N-CSR

The 12-month reporting period ended March 31, 2023 was challenging for the Active M Emerging Markets Equity Fund (the “Fund”), as it returned -12.09%, while emerging markets, as measured by the Fund’s benchmark, the MSCI Emerging Markets^® Index, returned -10.70% for the reporting period. Though China had the largest negative contribution to the Fund’s benchmark, given its heavy weighting in the index at 33%, it outperformed the overall index, falling 4.76%. Chinese stocks benefited from the reopening of its economy as the government reversed its zero-COVID policy and began implementing more supportive policies in specific sectors such as real estate, gaming and information technology. Meanwhile, during the reporting period, markets such as South Korea and Taiwan lagged with the decline in technology stocks, as both markets are heavily comprised of semiconductor-related companies. However, an underweight allocation to Taiwanese information technology also contributed to Fund performance. Other markets with significant drawdowns during the reporting period included Brazil, down 18.68%, and India, down 12.17%. More positive performing markets during the reporting period included Mexico, up 8.55%, due to optimism from the trend to move manufacturing from Asia closer to North America. Turkey had the largest gain, advancing 50% over the reporting period.

An underweight to financials in China, particularly banks, as well as weak stock selection among the Fund’s Chinese real estate and utilities holdings, were primary detractors from the Fund’s performance. Holdings in India also contributed to the Fund’s underperformance for the reporting period. Though stock selection lagged in Mexico, an overweight allocation to its stronger performing market, proved beneficial. In addition, for the Fund, stock selection in Brazil (financials, consumer staples and health care) and South Korea (consumer staples) added value.

Sub-adviser Axiom Investors, LLC (“Axiom”) posted the largest underperformance for the reporting period, partially as a result of their more growth oriented strategy, which was a style headwind as growth stocks underperformed value strategies. Stock selection in China and India also negatively impacted Axiom’s results. Ashmore Investment Management Limited lagged during the reporting period due to weak stock selection in South Korea and Saudi Arabia, as well as having an overweight allocation to Brazil. Westwood Global Investments, LLC’s (“Westwood”) more value oriented investment approach contributed positively. Their strong stock selection within South Korea and South Africa, and real estate exposure in United Arab Emirates helped. Overweight positions in Mexico and Turkey also had a positive impact on Westwood’s results.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 1.26% and 1.10%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The 12-month reporting period ended March 31, 2023 appeared to play out in two halves. During the first six months of the reporting period, the Active M International Equity Fund’s (the “Fund”) benchmark, the MSCI World^® ex USA IM Index, returned -22.28%, as markets were dealing with soaring inflation, rising interest rates, gas shortages, lockdowns in China, and the Russia-Ukraine war. In the second half of the reporting period, markets rebounded, rising 24.84%, as a mild winter, slowing inflation and signs from central banks that indicated interest rates may not rise as much as previously expected, led the rally. The Fund’s benchmark finished the reporting period with a return of -3.85%. On a regional basis, Europe performed better than the Pacific region and North America (as represented by Canada). Consumer discretionary, energy and consumer staples were the only sectors to post positive returns, while real estate, materials and financials were the largest drags on the Index. Value and large cap stocks fared better than growth and small cap stocks.

The Fund posted a positive return for the reporting period, returning 0.55% versus -3.85% for its benchmark. The Fund benefitted from both stock selection, and sector and country allocations. Holdings within financials, particularly European banks, did well as did those within consumer discretionary. A slight underweight allocation to real estate and overweight allocation to energy were also additive. An overweight allocation to Europe and underweight allocation to the Pacific region had a positive impact on the Fund’s performance. A non-benchmark allocation to the weaker performing emerging markets detracted from Fund performance, as did stock selection within information technology.

The Fund’s value strategy sub-advisers, Causeway Capital Management, LLC (“Causeway”) and Wellington Management Company, LLP (“Wellington”), were the largest contributors to the Fund’s relative outperformance during the reporting period. In addition to value stocks being in favor, both sub-advisers benefitted from holdings in European banks. Other areas of strength included Causeway’s exposure to aerospace & defense and consumer discretionary, and Wellington’s stock selection within, and sizable overweight to, energy. The Fund’s growth strategy sub-advisers, WCM Investment Management, LLC and Polen Capital Management, LLC, underperformed the Fund’s benchmark overall during the reporting period, which was weighted by performance during the first three quarters of the reporting period. Sub-adviser Victory Capital Management’s international small cap strategy performed well within its asset class, but lagged the Fund’s benchmark for the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.90% and 0.84%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Emerging Markets Equity Index Fund (“Fund”) returned -10.30% during the 12-month reporting period ended March 31, 2023, compared with a return of -10.70% for its benchmark, the MSCI Emerging Markets Index. Emerging market equities underperformed their developed market counterparts for the reporting period, as gauged by the -7.02% return of the MSCI World Index. Tracking difference between the Fund’s returns and the benchmark index’s total return for the reporting period was primarily due to fair value pricing of international securities included in the Fund’s portfolio, as well as the impact of foreign exchange differential and dividend withholding taxes.

The reporting period included a challenging macroeconomic backdrop with elevated inflation leading to considerable monetary policy tightening from many global central banks, on top of ongoing risks from the Russia-Ukraine war, and most recently, banking sector stability concerns. Economic growth slowed overall, but showed some resilience with pressures from central bank tightening and higher energy prices, which was offset, to an extent, by solid U.S. labor markets, a milder than expected winter in Europe, and China’s pivot away from its stringent COVID-19 policies.

Consumer staples and energy were the top performing sectors in the Fund’s benchmark, with returns of -0.28% and -3.93%, respectively. The real estate and materials sectors were the worst performers, returning -16.18% and -15.11%, respectively. At the country level, Turkey and the Cayman Islands led performance with returns of 53.29% and 15.79%, respectively. Colombia and the United Arab Emirates were the most notable laggards with returns of -38.36% and -28.43%, respectively.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.27% and 0.15%, respectively, as of the most recent prospectus dated July 29, 2022, as supplemented September 1, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Global Real Estate Index Fund (the “Fund”) returned -20.74% during the 12-month reporting period ended March 31, 2023, compared with a return of -21.64% for its benchmark, the MSCI^® ACWI^® IMI Core Real Estate Index. Global real estate equity securities underperformed the broader developed global equity market during the reporting period, as gauged by the -7.02% return of the MSCI World Index. Tracking difference between the Fund’s returns and the benchmark index’s total return for the reporting period was primarily due to fair value pricing of international securities included in the Fund’s portfolio, as well as the impact of foreign exchange differential and dividend withholding taxes.

Within the Fund’s benchmark, Mexico and Malaysia were the best performers at the country level, with returns of 38.40% and 9.18%, respectively. Conversely, Turkey and China were the most notable laggards with returns of -50.39% and -36.37%, respectively.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.48% and 0.47%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Global Sustainability Index Fund (the “Fund”) (Class I) returned -6.72% during the 12-month reporting period ended March 31, 2023, compared with a return of -7.18% for its benchmark, the MSCI World ESG Leaders Index. Environmental, social and governance (“ESG”) equities underperformed the broad developed market during the reporting period, as gauged by the -7.02% return of the MSCI World Index. Tracking difference between the Fund’s returns and the benchmark index’s total return for the reporting period was primarily due to fair value pricing of international securities included in the Fund’s portfolio, as well as the impact of foreign exchange differential and dividend withholding taxes.

Energy and consumer staples were the top-performing sectors in the benchmark with returns of 8.07% and 2.64%, respectively. The communication services and real estate sectors were the weakest performers, returning -22.58% and -19.08%, respectively. At the country level, Spain and Denmark led performance with returns of 25.07% and 16.70%, respectively. Conversely, Israel and Norway were the most notable laggards with returns of -32.05% and -21.48%, respectively.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.29% and 0.29% for Class I shares, and 0.24% and 0.24% for Class K shares, respectively, as of the most recent prospectus dated July 29, 2022.The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Global Tactical Asset Allocation Fund (the “Fund”) returned -6.27% during the 12-month reporting period ended March 31, 2023, modestly underperforming the -6.14% return of its blended benchmark (Blended Index**). Tactical positioning was the main detractor from Fund performance, but was partially offset by benefits from strategic positioning.

Overall, returns for most asset classes were negative for the reporting period as high inflation and substantial central bank tightening weighed on both equities and fixed income. Returns were negative across each major global equity region, although non-U.S. developed markets (-2.74%) fared better than the U.S. (-8.47%) and emerging markets (-10.70%), as measured by the MSCI World ex USA Index, MSCI US Index, and MSCI Emerging Markets Index, respectively. Investment grade fixed income (as measured by the Bloomberg U.S. Aggregate Bond Index) declined 4.78% with drag from higher interest rates.

The Fund shifted from a moderately overweight risk tactical stance to neutral throughout the reporting period with an ongoing preference for credit relative to interest rate risk. Stronger returns in high-yield fixed income and natural resources versus global equities was the main driver of the strategic positioning benefits. Tactical positioning headwinds were primarily driven by positioning in natural resources, cash and U.S. equities. Underlying investment product performance impacts were modestly negative as certain risk factor exposures (e.g., value and yield) were helpful but offset by less-favorable performance in fixed income.

Northern Trust Investments remains committed to broad global diversification and exposure to risk factors in the Fund’s portfolio that Northern Trust Investments believes have displayed long-term efficacy.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.70% and 0.57%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Income Equity Fund (the “Fund”) returned -6.78% during the 12-month reporting period ended March 31, 2023, outperforming the -7.73% return of its benchmark, the S&P 500^® Index. Equities were negatively impacted as the U.S. Federal Reserve embarked on a series of aggressive rate hikes seeking to bring down elevated levels of inflation. Tightening financial conditions led to slower economic growth, and put pressure on earnings estimates. Markets began to recover in the second half of the reporting period, as inflation pressures eased and expectations for future rate increases moderated. Energy was the best performing sector in the S&P 500^® Index as oil prices remained elevated throughout the reporting period. Consumer discretionary and communication services sectors were among the worst performing sectors in the S&P 500^® Index, driven by underperformance of several mega-cap growth names.

The Fund invests in high-quality, income-producing stocks, which Northern Trust Investments believes may generate above market returns over time. The Fund’s allocation to high-quality names and exposure to higher dividend yielding securities added to relative performance, as these stocks outperformed the market during the reporting period. Stock selection within the information technology and health care sectors added to performance, while stock selection within the real estate and energy sectors detracted from performance.

Northern Trust Investments continues to focus on identifying high-quality, dividend-paying companies. Northern Trust Investments believes well-managed and highly profitable companies are best positioned for a slowing economic environment. Further, Northern Trust Investments will seek to maintain exposure to companies that exhibit prudent use of shareholder capital, focusing on total return. Despite an ongoing slowdown in earnings, we believe S&P 500^® companies will continue to grow dividend payments to meet heightened investor demand for cash flow returns. Northern Trust Investments believes the Fund is well positioned to provide an elevated level of income, generated from a diversified basket of stocks that offer opportunities for long-term capital appreciation.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.67% and 0.49%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The International Equity Fund (the “Fund”) returned -0.02% during the 12-month reporting period ended March 31, 2023, outperforming the -2.74% return of its benchmark, the MSCI World ex USA Index. Equities were negatively impacted as central banks embarked on a series of aggressive rate hikes seeking to bring down elevated levels of inflation. Tightening financial conditions led to slower economic growth and put pressure on earnings estimates. Markets began to recover in the second half of the reporting period as inflation pressures eased and expectations for future rate increases moderated. Consumer discretionary and energy were the best performing sectors in the MSCI World ex USA Index, the latter supported by oil prices that remained elevated throughout the reporting period. Real estate and materials were among the worst performing sectors in the MSCI World ex USA Index.

Inexpensive stocks outperformed across a majority of the regions and sectors during the reporting period, which explains a significant portion of active returns for the reporting period. The Fund’s high quality posture, particularly its underweight to lower quality stocks, contributed to performance during the reporting period. The Fund’s exposure to price momentum stocks did not meaningfully impact performance. Stock selection was strongest within consumer discretionary and communication services sectors, and weakest among health care and energy sector stocks. From a regional perspective, positive stock selection in North America and Japan was slightly offset by weaker stock selection in the U.K.

Despite the large return dispersions across economic sectors, stock selection accounted for most of the Fund’s relative outperformance, with sector allocation returns being broadly neutral. The Fund invests in attractively valued, high quality stocks with positive sentiment. Northern Trust Investments’ process considers and ranks companies based on three general criteria to inform investment decisions: valuation, sentiment, and quality. By focusing on inexpensive, high quality securities and prudent risk management, Northern Trust Investments believes the Fund could deliver attractive long-term performance. Northern Trust Investments also believes the Fund is positioned to benefit from looking beyond the broad economic data and refocusing on individual company fundamentals.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.65% and 0.50%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The International Equity Index Fund (“Fund”) returned -0.11% during the 12-month reporting period ended March 31, 2023, compared with a return of -1.38% for its benchmark, the MSCI EAFE^® Index. Developed international market equities outperformed their U.S. counterparts, as gauged by the -7.73% return of the S&P 500^® Index. Tracking difference between the Fund’s returns and the benchmark index’s total return for the reporting period was primarily due to fair value pricing of international securities included in the Fund’s portfolio, as well as the impact of foreign exchange differential and dividend withholding taxes.

Energy and consumer discretionary were the top performing sectors in the benchmark with returns of 10.31% and 5.48%, respectively. The real estate and communication services sectors were the weakest performers, returning -18.91% and -6.46%, respectively. At the country level, Denmark and Ireland led performance with returns of 14.97% and 12.60%, respectively. Norway and Israel were the most notable laggards with returns of -20.37% and -20.09%, respectively.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.15% and 0.10%, respectively, as of the most recent prospectus dated July 29, 2022, as supplemented September 1, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Large Cap Core Fund (the “Fund”) returned -7.00% for the 12-month reporting period ended March 31, 2023, outperforming the -7.73% return of its benchmark, the S&P 500^® Index. Equities were negatively impacted as the U.S. Federal Reserve embarked on a series of aggressive interest rate hikes seeking to bring down elevated levels of inflation. Tightening financial conditions led to slower economic growth, and put pressure on corporate earnings estimates. Markets began to recover in the second half of the reporting period, as inflation pressures eased and expectations for future rate increases moderated. Energy was the best performing sector in the S&P 500^® Index, as oil prices remained elevated throughout the reporting period. Consumer discretionary and communication services sectors were among the worst performing sectors in the S&P 500^® Index, driven by underperformance of several of the largest growth stocks.

The Fund’s exposure to inexpensive stocks contributed to relative performance, as they outperformed the market during the reporting period. The Fund’s higher quality positioning also contributed to performance as lower quality stocks underperformed the benchmark. Stocks with low price change momentum, where the Fund had a modest underweight allocation, significantly outperformed the market, which detracted from performance. Stock selection was strongest within the energy and consumer discretionary sectors, but lagged within the health care sector.

Despite large differences in returns among economic sectors, stock selection accounted for most of the Fund’s relative outperformance, with sector allocation only modestly positive. The Fund invests in attractively valued, high quality stocks. Northern Trust Investments’ process considers and ranks companies based on three general criteria to inform investment decisions: valuation, sentiment, and quality. By focusing on inexpensive, high quality securities and prudent risk management, Northern Trust Investments believes the Fund could deliver attractive long-term performance. We believe the Fund’s focus on high quality securities is positioned to withstand and benefit from a slowing economic environment and volatile markets.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.55% and 0.45%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Large Cap Value Fund (the “Fund”) posted a total return of -5.18% for the 12-month reporting period ended March 31, 2023, compared with -5.91% for the Fund’s benchmark, the Russell 1000^® Value Index. Equities were negatively impacted as the U.S. Federal Reserve embarked on a series of aggressive rate hikes seeking to bring down elevated levels of inflation. Tightening financial conditions led to slower economic growth, and put pressure on corporate earnings estimates. Markets began to recover in the second half of the reporting period, as inflation pressures eased and expectations for future rate increases moderated. Energy was the best performing sector in the index, as oil prices remained elevated throughout the reporting period. Financials and real estate were the worst performing sectors in the index, driven by underperformance of several banks and office REITs.

During the reporting period, lower quality stocks in the Russell 1000^® Value Index, a segment of the index in which the Fund was underweight, lagged the benchmark and so contributed significantly to Fund performance. The Fund’s higher quality positioning explains nearly all of the benchmark relative performance over the reporting period. Stock selection was strongest within the consumer discretionary and energy sectors, but lagged within the real estate sector.

The Fund invests in attractively valued stocks, with strong peer-relative profitability and cash flows. Northern Trust Investments believes that focusing on inexpensive, well-managed, and highly profitable companies, will best position the Fund to deal with a slowing economic environment. Northern Trust Investments believes allocating to this segment of stocks is an effective way to avoid value traps and outperform the benchmark in the near term as well as over the full economic cycle.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.80% and 0.57%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Mid Cap Index Fund (the “Fund”) returned -5.28% during the 12-month reporting period ended March 31, 2023, compared with a return of -5.12% for its benchmark, the S&P Midcap 400^® Index. Mid-cap equities outperformed large cap stocks, as gauged by the -7.73% return of the S&P 500^® Index, and small cap stocks, as gauged by the -11.61% return of the Russell 2000^® Index. Tracking difference between the Fund’s returns and the benchmark index’s total return for the reporting period was primarily due to Fund fees and expenses.

The reporting period included a challenging macroeconomic backdrop for U.S. markets with elevated inflation leading to considerable monetary policy tightening from many global central banks, on top of ongoing risks from the Russia-Ukraine war, and most recently, banking sector stability concerns. Economic growth slowed overall, but showed some resilience with pressures from central bank tightening and higher energy prices offset to an extent by solid U.S. labor markets, a milder than expected winter in Europe, and China’s pivot away from its stringent COVID-19 policies. Despite posting positive returns for the second and third quarters of the reporting period, U.S. Mid Cap stocks finished the reporting period with negative returns after increased levels of volatility in the first half of the reporting period.

Consumer staples and industrials were the top-performing sectors in the S&P Midcap 400^® Index with returns of 5.74% and 3.61%, respectively. The real estate and communication services sectors were the most notable laggards, returning -25.98% and -13.64%, respectively.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.15% and 0.10%, respectively, as of the most recent prospectus dated July 29, 2022, as supplemented September 1, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Multi-Manager Global Listed Infrastructure Fund’s (the “Fund”) return of -4.43% modestly underperformed the -4.25% return of its benchmark, the S&P Global Infrastructure^® Index for the 12-month reporting period ended March 31, 2023. For the reporting period, the global listed infrastructure market as measured by the S&P Global Infrastructure^® Index outperformed the broader global equity market as gauged by the -7.44% return of the MSCI ACWI Index during the reporting period. The only segment within the S&P Global Infrastructure^® Index to post a positive return was transportation, driven by a strong rebound in airports. Both energy and utilities underperformed the broader market during the reporting period. Within utilities, the multi-utilities and water utilities industries were laggards to performance. The emerging markets region was the largest contributor to benchmark performance for the reporting period, followed by Japan. Canada, the U.K. and the U.S. underperformed the broader market in the reporting period.

The Fund’s sector and regional allocations were positive during the reporting period, while weak stock selection in some sectors and industries offset this contribution to relative performance. The Fund benefitted from strong stock selection within the utilities sector, and an underweight position in the energy sector. Weak stock selection in the airport industry detracted from performance during the reporting period. Regionally, underweight allocations in Canada and Europe ex-U.K. were positive contributors, while stock selection in the U.S. detracted from performance. An underweight position to, and stock selection within, emerging markets detracted from relative performance.

Sub-adviser Lazard Asset Management, LLC outperformed the Fund’s benchmark over the reporting period, due to an underweight position in energy and strong stock selection in utilities. An out-of-benchmark exposure to railroads also contributed to relative performance. Weak stock selection in transportation partially offset strong relative performance. Similarly, sub-adviser KBI Global Investors (North America), Ltd. outperformed over the reporting period due to strong stock selection in utilities and an underweight allocation to the energy sector. Social infrastructure positions were a detractor from performance over the reporting period. Sub-adviser First Sentier Investors (Australia) IM Ltd. benefited from an underweight position in energy and strong stock selection within the sector. Transportation was a detractor from performance, specifically due to an underweight position in airports.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.97% and 0.96%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Multi-Manager Global Real Estate Fund’s (the “Fund”) return of -19.64% outperformed the -21.40% return of its benchmark, the FTSE^® EPRA^®/NAREIT^® Developed^® Index for the 12-month reporting period ended March 31, 2023. Retail and data centers were the relatively better performing sectors in the Fund’s benchmark for the reporting period, as were markets in Hong Kong, Singapore, and Japan. The office, residential, and health care sectors lagged within the Fund’s benchmark, as did Western Europe and the United Kingdom.

Stock selection in the United States was the main contributor to the relative outperformance, with stock selection and an under-allocation to the office sector also contributing substantially. Poor stock selection in Hong Kong and an overweight to Germany detracted from performance during the reporting period, as did an underweight to retail and data centers.

Sub-adviser Massachusetts Financial Services Company outperformed the benchmark, and added significant value through stock selection in industrials and an underweight position in the office sector. Sub-adviser Janus Henderson Investors US, LLC outperformed the benchmark as well, adding value through an underweight position in the office sector, as well as stock selection in the United States, particularly in office and self-storage.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 1.00% and 0.91%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Northern Engage360^TM Fund (the “Fund”) returned -7.06% in the 12-month reporting period through March 31, 2023, outperforming its benchmark, the MSCI ACWI Index which returned -7.44%. The U.S. market, as measured by the S&P 500^® Index, fell by -7.73%, international developed markets as measured by the MSCI EAFE Index declined by -1.38%, and emerging markets as measured by the MSCI Emerging Markets Index returned -10.70%. From a style perspective, value investments outpaced growth investments over the reporting period, with the MSCI ACWI Value Index declining -5.50% versus -10.02% for the MSCI ACWI Growth Index, and large cap outperformed small cap companies with the MSCI ACWI Large Cap Index declining -7.09% versus the MSCI ACWI Small Cap Index return of -9.57%.

Sector allocation contributed positively to performance, outweighing the effects of negative stock selection. The Fund specifically benefitted from an overweight allocation to the industrials sector, an underweight allocation to the communication services sector, and holding a small cash position. From a factor-based attribution perspective, positive stock selection outweighed negative style headwinds, primarily due to the Fund’s slightly higher market sensitivity exposure.

In terms of the sub-advisers’ impact to the Fund’s performance, Boston Common Asset Management, LLC (“Boston Common”) and Aristotle Capital Management, LLC (“Aristotle”) added to performance over the reporting period, while Mar Vista Investment Partners, LLC (“Mar Vista”) and ARK Investment Management, LLC (“ARK”) detracted from performance. Sub-advisers EARNEST Partners, LLC and Ariel Investments, LLC did not have a significant impact on Fund returns. Boston Common and Aristotle benefitted from positive stock selection and country positioning. Mar Vista detracted from performance primarily due to its U.S. exposure and negative stock selection in financials. ARK detracted the most from performance primarily due to negative stock selection in information technology, healthcare, and communication services. ARK was removed as a sub-adviser to the Fund during the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.77% and 0.71%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

For the 12-month reporting period ended March 31, 2023, the Small Cap Core Fund (Class I) (the “Fund”) returned -8.18%, outperforming its benchmark, the Russell 2000^® Index, which had a return of -11.61%. Equities were negatively impacted as the U.S. Federal Reserve embarked on a series of aggressive rate hikes seeking to bring down elevated levels of inflation. Tightening financial conditions led to slower economic growth, and put pressure on earnings estimates. In the beginning of calendar year 2023, markets began to recover as inflation pressures eased and expectations for future rate increases moderated.

Energy was the best performing sector in the benchmark followed closely by consumer staples (both up approximately 3.9%), which were the only two sectors with positive returns. The sectors with the most negative returns during the reporting period were communication services and real estate (down approximately 32% and 24%, respectively). Despite these wide sector return differences, stock selection, rather than sector selection, accounted for the majority of the Fund’s relative outperformance, as intended. Stock selection was positive in all sectors, except within consumer staples, where weaker results among personal products stocks led to a modest negative impact on performance. Stock selection was particularly strong in the industrials and technology sectors where our avoidance of lower quality companies was well rewarded. Stocks with higher volatility and lower profitability underperformed during the reporting period, helping the Fund’s performance, as these characteristics are typically underweighted by our stock selection process. However, several periods during the year saw rebounds of these higher risk segments in which the Fund was underweight, particularly at the start of the calendar year, reducing the Fund’s relative outperformance. The smallest capitalization segment in the benchmark (companies less than $350 million capitalization) under-performed, and despite the Fund’s overweight exposure to this segment, strong selection within the segment added to performance.

Northern Trust Investments will continue to maintain our focus on higher quality companies. Further, Northern Trust Investments will continue to seek diverse exposure to domestic small-cap stocks, across the economic sectors represented within the Russell 2000^® Index, including those within the smallest segments of the market, while maintaining a disciplined process to seek to manage active risk and transaction costs.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.67% and 0.62% for Class I shares, and 0.57% and 0.52% for Class K shares, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Small Cap Index Fund returned -11.68% during the 12- month reporting period ended March 31, 2023, versus a return of -11.61% for its benchmark, the Russell 2000^® Index. Small-cap equities underperformed both large-cap equities as gauged by the -7.73% return of the S&P 500^® Index, and mid-cap equities as gauged by the -5.12% return of the S&P Midcap 400^® Index. Tracking difference between the Fund’s returns and the benchmark index’s total return for the reporting period was primarily due to Fund fees and expenses.

The reporting period included a challenging macroeconomic backdrop with elevated inflation leading to considerable tightening from many global central banks, on top of ongoing risks from the Russia-Ukraine war, and most recently, banking sector stability concerns. Economic growth slowed overall, but showed some resilience with pressures from central bank tightening and higher energy prices, which was offset, to an extent, by solid U.S. labor markets, a milder than expected winter in Europe, and China’s pivot away from its stringent COVID-19 policies. Despite posting positive returns for the second and third quarters of the reporting period, U.S. Small Cap stocks finished the reporting period with negative returns after increased levels of volatility in the first half of the reporting period.

For the reporting period, consumer staples and energy were the top-performing sectors in the Russell 2000^® Index with returns of 4.02% and 3.65%, respectively. The communication services and real estate sectors were the biggest laggards, returning -30.97% and -25.02%, respectively.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.15% and 0.10%, respectively, as of the most recent prospectus dated July 29, 2022, as supplemented September 1, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

For the 12-month reporting period ended March 31, 2023, the Small Cap Value Fund returned -7.50%, outperforming its benchmark, the Russell 2000^® Value Index, which had a return of -12.96%. Equities were negatively impacted as the U.S. Federal Reserve embarked on a series of aggressive rate hikes seeking to bring down elevated levels of inflation. Tightening financial conditions led to slower economic growth and put pressure on earnings estimates. In the beginning of calendar year 2023, markets began to recover as inflation pressures eased and expectations for future rate increases moderated.

Energy was the best performing sector over the reporting period, and the only one to have a positive return in the benchmark. Communications, health care and real estate were the worst performing index sectors. Consistent with the Fund’s investment strategy, stock selection, rather than sector selection, accounted for the majority of the Fund’s relative outperformance. Stock selection was strong within industrials, technology and financials, where lower rated stocks (as defined by our proprietary stock selection models) meaningfully underperformed. Weaker picks in the health care sector resulted in the only detracting stock selection results. Overall, our proprietary stock selection model contributed to relative outperformance, including within the banking industry during the regional bank turmoil in the first quarter of 2023. Model performance was less successful within energy, where strong performance across the sector lifted lower rated stocks more after several years of lagging returns. Performance of less profitable stocks (those without reported earnings, low return on equity, or low net profit margins) as well as more volatile stocks, lagged during the reporting period, despite a rebound for these characteristics at the start of the calendar year 2023.

Consistent with Northern Trust Investments’ long-term approach, Northern Trust Investments continues to seek reasonably priced, but more profitable, small-company stocks, and avoid lower quality companies. Northern Trust Investments continues to apply a disciplined investment strategy, seeking to balance return, risk, and transaction costs, to achieve the Fund’s investment objective.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 1.15% and 1.00%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Stock Index Fund returned -7.82% during the 12-month reporting period ended March 31, 2023, versus a return of -7.73% for its benchmark, the S&P 500^® Index. Large-cap stocks as measured by the S&P 500^® Index underperformed mid-cap stocks, as gauged by the -5.12% return of the S&P Midcap 400^® Index, and outperformed small caps, as gauged by the -11.61% return of the Russell 2000^® Index. Tracking difference between the Fund’s returns and the benchmark index’s total return for the reporting period was primarily due to Fund fees and expenses.

For the reporting period, energy and consumer staples were the top-performing sectors in the S&P 500^® Index with returns of 13.63% and 0.15%, respectively. The consumer discretionary and real estate sectors were the biggest laggards, returning -19.95% and -19.87%, respectively.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.09% and 0.05%, respectively, as of the most recent prospectus dated July 29, 2022, as supplemented September 1, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The U.S. Quality ESG Fund (Class K) (the “Fund”) returned -7.70% for the 12-month reporting period ended March 31, 2023, outperforming the Fund’s benchmark index, the Russell 1000^® Index, which had a return of -8.39%. Equities were negatively impacted as the U.S. Federal Reserve (the “Fed”) embarked on a series of aggressive rate hikes seeking to bring down elevated levels of inflation. Tightening financial conditions led to slower economic growth and put pressure on earnings estimates. Markets began to recover in the second half of the reporting period, as inflation pressures eased and expectations for future rate increases moderated. Energy was the best performing sector in the Russell 1000^® Index, as oil prices remained elevated throughout the reporting period. Consumer discretionary and communication services sectors were among the worst performing in the Russell 1000^® Index, driven by underperformance of several mega-cap growth names.

The Fund invests in high quality companies that Northern Trust Investments believes have favorable environmental, social, and governance (“ESG”) characteristics, a category Northern Trust Investments believes to have the potential to generate above-average returns over time. Stocks with these characteristics generally outperformed over the reporting period, benefiting the Fund. On the other hand, a modest underweight in the energy sector detracted from relative returns. As mentioned, equities were negatively impacted on an absolute basis as the Fed implemented a series of rate hikes.

The Fund will continue to invest in what Northern Trust Investments believes meets its proprietary financial quality methodology as well as certain criteria for ESG factors. Northern Trust Investments believes incorporating both a financial lens and a non-financial lens of ESG content into the portfolio construction process is well suited to helping us achieve the Fund’s goal of long-term capital appreciation.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.44% and 0.39% for Class K shares, and 0.54% and 0.49% for Class I shares, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.

The FTSE^® EPRA^®/NAREIT^® Developed^® Index is designed to track the performance of listed real estate companies and REITs worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs).

The MSCI All Country World Index (“MSCI ACWI”) captures large and mid-cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 2,888 constituents, as of March 31, 2023, the MSCI ACWI covers approximately 85% of the global investable equity opportunity set.

The MSCI ACWI Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 Developed Markets (DM) countries and 24 Emerging Markets (EM) countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend.

The MSCI^® ACWI^® IMI Core Real Estate Index is a free float-adjusted market capitalization index that consists of large, mid and small-cap stocks across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries engaged in the ownership, development and management of specific core property type real estate, as determined by the index provider. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties.

The MSCI ACWI Large Cap Index captures large cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 1,357 constituents, as of March 31, 2023 the MSCI ACWI Large Cap index covers about 70% of the free float-adjusted market capitalization in each country.

The MSCI ACWI Small Cap Index captures small cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 6,256 constituents, as of March 31, 2023, the MSCI ACWI Small Cap index covers about 14% of the free float-adjusted market capitalization in each country.

The MSCI ACWI Value Index captures large and mid cap securities exhibiting overall value style characteristics across 23 Developed Markets countries and 25 Emerging Markets (EM) countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

The MSCI EAFE^® Index is an equity index which captures large and mid-cap representation across 21 Developed Markets countries around the world, excluding the US and Canada as determined by the index provider. With 795 constituents as of March 31, 2023, the MSCI EAFE^® Index covers approximately 85% of the free float adjusted market capitalization in each country.

The MSCI Emerging Markets^® Index captures large and mid-cap representation across 24 Emerging Markets (EM) countries, as determined by the index provider. With 1,379 constituents and market capitalizations ranging from $118.5 million to $431.2 billion, as of March 31, 2023, the MSCI Emerging Markets^® Index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. With 626 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US.

The MSCI World Index captures large and mid cap representation across 23 Developed Markets (DM) countries. With 1,509 constituents, as of March 31, 2023, the MSCI World index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI World ESG Leaders Index^SM is a capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (ESG) performance relative to their sector peers. The MSCI World ESG Leaders Index is a member of the MSCI ESG Leaders Index series and is constructed by aggregating the following regional indexes: MSCI Pacific ESG Leaders Index, MSCI Europe & Middle East ESG Leaders Index, MSCI Canada ESG Leaders Index and MSCI USA ESG Leaders Index. The parent index is MSCI World Index, which consists of large and mid-cap companies in 23 Developed Markets Countries. Constituent selection is based on data from MSCI ESG Research.

The MSCI World ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries—excluding the United States. With 883 constituents as of March 31, 2023, the MSCI World^® Ex USA Index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI World^® ex USA IM Index captures large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries, as determined by the index provider—excluding the US. With 3,375 constituents as of March 31, 2023, the MSCI World^® ex USA IM Index covers approximately 99% of the free float-adjusted market capitalization in each country.

The Russell 1000^® Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000^® Index represents approximately 93% of the Russell 3000^® Index. The Russell 1000^® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are included.

The Russell 1000^® Value Index measures the performance of the large cap value segment of the US equity universe. The Russell 1000^® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The Russell 2000^® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 7% of the total market capitalization of that index, as of the most recent reconstitution. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

The Russell 2000^® Value Index measures the performance of the small cap value segment of the US equity universe. The Russell 2000^® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The S&P 500^® Index is a free float-adjusted market capitalization index and is a widely recognized measure of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization. As of March 31, 2023, the approximate market capitalization of the companies in the S&P 500^® Index was between approximately $2.59 billion and $2.61 trillion.

The S&P MidCap 400^® Index is a free float-adjusted market capitalization weighted index, which is distinct from the large-cap S&P 500^® Index, is designed to measure the performance of 400 mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment. As of March 31, 2023, the approximate market capitalization of the companies in the S&P Mid Cap 400^® Index was between approximately $1.14 billion to $16 billion.

The S&P Global Infrastructure^® Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: Utilities, Transportation, and Energy.



Amounts in thousands, except per share data	ACTIVE M EMERGING MARKETS EQUITY FUND			ACTIVE M INTERNATIONAL EQUITY FUND		EMERGING MARKETS EQUITY INDEX FUND			GLOBAL REAL ESTATE INDEX FUND
ASSETS:
Investments, at value		$169,759			$457,156		$1,455,939			$980,607
Investments in affiliates, at value		3,597			19,399		47,001			8,972
Cash held at broker		—			—		4,006	⁽¹⁾		1,893	⁽¹⁾
Foreign currencies held at broker, at value		—			—		—			183	⁽²⁾
Foreign currencies, at value		192			473		9,174			4,233
Interest income receivable		—			9		—			—
Dividend income receivable		544			1,488		4,563			4,370
Receivable for capital gains tax		270			—		154			1
Receivable for foreign tax reclaims		37			1,607		124			647
Receivable for securities sold		833			175		—			—
Receivable for variation margin on futures contracts		—			57		1			223
Receivable for fund shares sold		22			—		483			337
Receivable from investment adviser		1			9		36			10
Unrealized appreciation on forward foreign currency exchange contracts		—			—		—			5
Prepaid and other assets		3			10		18			4

Total Assets		175,258			480,383		1,521,499			1,001,485
LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		—			—		68			86
Payable for securities purchased		1,672			637		1			121
Payable for variation margin on futures contracts		—			16		156			19
Payable for fund shares redeemed		85			402		1,344			2,055
Payable to affiliates:
Management fees		50			73		40			75
Custody fees		34			19		70			33
Shareholder servicing fees		5			3		31			21
Transfer agent fees		6			15		46			32
Accrued Trustee fees		2			2		7			6
Outstanding options written, at value (premiums received $(19))		—			—		—			—
Deferred foreign capital gains tax payable		—			10		4,410			75
Accrued other liabilities		97			28		125			52

Total Liabilities		1,951			1,205		6,298			2,575

Net Assets		$173,307			$479,178		$1,515,201			$998,910
ANALYSIS OF NET ASSETS:
Capital stock		$190,776			$391,277		$1,564,686			$1,015,444
Distributable earnings (loss)		(17,469	)		87,901		(49,485	)		(16,534	)

Net Assets		$173,307			$479,178		$1,515,201			$998,910
Net Assets:
Shares		$173,307			$479,178		$1,515,201			$998,910
Class K		—			—		—			—
Class I		—			—		—			—
Total Shares Outstanding ($.001 par value, unlimited authorization):
Shares		12,936			42,257		142,413			111,371
Class K		—			—		—			—
Class I		—			—		—			—
Net Asset Value, Redemption and Offering Price Per Share:
Shares		$13.40			$11.34		$10.64			$8.97
Class K		—			—		—			—
Class I		—			—		—			—
Investments, at cost		$153,617			$368,364		$1,077,530			$792,554
Investments in affiliates, at cost		3,597			19,399		47,001			8,972
Foreign currencies held at broker, at cost		—			—		—			184
Foreign currencies, at cost		191			481		9,042			4,164

⁽¹⁾

Includes restricted cash held at broker of $2,026, $755, $1,299 and $4, respectively.

⁽²⁾

Includes restricted foreign currencies held at broker of $122, $705, $243 and $4,349, respectively.



GLOBAL SUSTAINABILITY INDEX FUND			GLOBAL TACTICAL ASSET ALLOCATION FUND			INCOME EQUITY FUND		INTERNATIONAL EQUITY FUND			INTERNATIONAL EQUITY INDEX FUND			LARGE CAP CORE FUND

	$1,490,049			$22,057			$136,867		$120,071			$4,413,022			$240,756
	22,522			80,004			1,520		1,249			6,457			1,908
	2,419	⁽¹⁾		—			—		4	⁽¹⁾		115			—
	1,694	⁽²⁾		—			—		346	⁽²⁾		6,392	⁽²⁾		—
	2,576			—			—		1,209			17,260			—
	—			—			—		—			—			—
	2,813			1			204		599			19,005			152
	—			—			—		—			—			—
	1,236			—			—		566			17,385			—
	—			—			—		—			8			—
	363			—			26		27			411			26
	6,378			—			6		60			1,035			5
	3			3			4		—			108			4
	174			—			—		—			463			—
	7			3			6		6			5			4

	1,530,234			102,068			138,633		124,137			4,481,666			242,855

	81			—			—		—			22			—
	90			—			—		—			—			—
	—			—			—		—			—			—
	626			191			16		22			1,445			168

	52			5			12		11			75			20
	9			—			2		4			42			3
	61			9			11		4			40			13
	46			3			4		4			136			7
	3			4			4		9			16			16
	—			—			20		—			—			—
	—			—			—		—			—			—
	37			21			21		21			84			22

	1,005			233			90		75			1,860			249

	$1,529,229			$101,835			$138,543		$124,062			$4,479,806			$242,606

	$1,252,126			$104,274			$97,260		$160,506			$3,779,978			$161,976
	277,103			(2,439	)		41,283		(36,444	)		699,828			80,630

	$1,529,229			$101,835			$138,543		$124,062			$4,479,806			$242,606

	—			101,835			138,543		124,062			4,479,806			242,606
	736,028			—			—		—			—			—
	793,201			—			—		—			—			—

	—			8,541			10,449		13,175			341,100			10,650
	41,075			—			—		—			—			—
	44,287			—			—		—			—			—

	—			11.92			13.26		9.42			13.13			22.78
	17.92			—			—		—			—			—
	17.91			—			—		—			—			—
	$1,186,386			$23,636			$97,835		$111,858			$2,916,207			$163,188
	22,476			77,579			1,520		1,249			6,457			1,908
	1,668			—			—		340			6,201			—
	2,567			—			—		1,196			17,157			—



Amounts in thousands, except per share data	LARGE CAP VALUE FUND		MID CAP INDEX FUND		MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND		MULTI-MANAGER GLOBAL REAL ESTATE FUND
ASSETS:
Investments, at value		$58,672		$1,966,322		$955,445		$115,956
Investments in affiliates, at value		314		30,202		27,995		4,738
Foreign currencies, at value		—		—		848		22
Dividend income receivable		46		2,466		1,616		447
Receivable for foreign tax reclaims		—		—		1,341		61
Receivable for securities sold		—		—		2,990		—
Receivable for variation margin on futures contracts		4		623		140		—
Receivable for fund shares sold		7		659		860		—
Receivable from investment adviser		2		30		29		5
Prepaid and other assets		4		4		3		3

Total Assets		59,049		2,000,306		991,267		121,232
LIABILITIES:
Payable for securities purchased		—		—		3,325		5
Payable for variation margin on futures contracts		—		—		—		—
Payable for fund shares redeemed		1		548		194		—
Payable to affiliates:
Management fees		6		33		167		20
Custody fees		3		15		14		2
Shareholder servicing fees		3		45		29		4
Transfer agent fees		2		62		31		4
Accrued Trustee fees		6		6		2		2
Accrued other liabilities		21		46		29		22

Total Liabilities		42		755		3,791		59

Net Assets		$59,007		$1,999,551		$987,476		$121,173
ANALYSIS OF NET ASSETS:
Capital stock		$55,784		$1,402,628		$948,795		$123,736
Distributable earnings (loss)		3,223		596,923		38,681		(2,563	)

Net Assets		$59,007		$1,999,551		$987,476		$121,173
Net Assets:
Shares		$59,007		$1,999,551		$987,476		$121,173
Class K		—		—		—		—
Class I		—		—		—		—
Total Shares Outstanding ($.001 par value, unlimited authorization):
Shares		3,172		103,975		82,539		12,099
Class K		—		—		—		—
Class I		—		—		—		—
Net Asset Value, Redemption and Offering Price Per Share:
Shares		$18.61		$19.23		$11.96		$10.02
Class K		—		—		—		—
Class I		—		—		—		—
Investments, at cost		$56,196		$1,400,113		$925,269		$112,584
Investments in affiliates, at cost		314		30,202		27,995		4,738
Foreign currencies, at cost		—		—		811		22



NORTHERN ENGAGE360^TM FUND		SMALL CAP CORE FUND		SMALL CAP INDEX FUND		SMALL CAP VALUE FUND		STOCK INDEX FUND		U.S. QUALITY ESG FUND

	$223,966		$413,485		$1,158,112		$1,540,770		$10,632,425		$390,270

	9,496		20,078		3,475		75,543		91,012		8,063

	347		—		—		—		—		—

	377		480		1,240		2,347		7,984		283

	332		—		—		—		—		—

	42		—		505		—		—		—

	34		409		187		1,465		1,334		139

	—		115		124		670		817		103

	3		6		25		73		119		3

	3		7		15		9		9		6

	234,600		434,580		1,163,683		1,620,877		10,733,700		398,867

	85		—		—		—		—		4,704
	2		—		48		—		30		63
	—		74		403		2,362		3,166		18

	30		38		20		288		80		25

	7		3		33		12		66		2

	—		31		19		407		81		2

	7		13		36		51		325		11

	—		4		6		11		25		—

	28		25		41		76		146		24

	159		188		606		3,207		3,919		4,849

	$234,441		$434,392		$1,163,077		$1,617,670		$10,729,781		$394,018

	$235,411		$279,536		$921,793		$968,728		$3,494,326		$365,146
	(970)		154,856		241,284		648,942		7,235,455		28,872

	$234,441		$434,392		$1,163,077		$1,617,670		$10,729,781		$394,018

	234,441		—		1,163,077		1,617,670		10,729,781		—
	—		240,538		—		—		—		375,837
	—		193,854		—		—		—		18,181

	24,561		—		97,261		89,381		245,594		—
	—		9,470		—		—		—		24,562
	—		7,641		—		—		—		1,190

	9.55		—		11.96		18.10		43.69		—
	—		25.40		—		—		—		15.30
	—		25.37		—		—		—		15.28

	$206,524		$273,441		$878,355		$916,300		$3,450,563		$337,685
	9,496		20,078		3,475		75,543		88,716		8,063
	336		—		—		—		—		—



Amounts in thousands	ACTIVE M EMERGING MARKETS EQUITY FUND			ACTIVE M INTERNATIONAL EQUITY FUND			EMERGING MARKETS EQUITY INDEX FUND			GLOBAL REAL ESTATE INDEX FUND
INVESTMENT INCOME:

Dividend income		$4,914	⁽¹⁾		$11,431	⁽¹⁾		$46,582	⁽¹⁾		$40,042	⁽¹⁾

Non-cash dividend income		325			—			3,612			—

Dividend income from investments in affiliates		134			405			920			310

Interest income (Note 6)		83			106			75			33

Total Investment Income		5,456			11,942			51,189			40,385
EXPENSES:

Management fees		2,316			3,906			2,665			4,699

Custody fees		271			174			1,430			244

Transfer agent fees		83			183			594			452

Registration fees		22			21			33			22

Printing fees		12			23			61			45

Professional fees		8			39			67			49

Shareholder servicing fees (Shares)		56			22			207			162

Shareholder servicing fees (Class I)		—			—			—			—

Trustee fees		7			7			21			14

Interest expense		—			—			1			—

Other		4			44			32			36

Total Expenses		2,779			4,419			5,111			5,723

Less expenses reimbursed by investment adviser		(412	)		(383	)		(1,737	)		(150	)

Net Expenses		2,367			4,036			3,374			5,573

Net Investment Income		3,089			7,906			47,815			34,812
NET REALIZED AND UNREALIZED GAINS (LOSSES):

Net realized gains (losses) on:

Investments		(19,143	)⁽²⁾		7,439			(47,250	)⁽²⁾		(9,425	)⁽²⁾

Investments in affiliates		—			—			—			—

Options written		—			—			—			—

Futures contracts		(630	)		222			(4,224	)		(1,742	)

Foreign currency transactions		(280	)		(288	)		(1,506	)		(612	)

Forward foreign currency exchange contracts		—			—			236			112

Net changes in unrealized appreciation (depreciation) on:

Investments		(26,476	)⁽³⁾		(24,168	)⁽³⁾		(211,043	)⁽³⁾		(333,702	)⁽³⁾

Investments in affiliates		—			—			—			—

Options written		—			—			—			—

Futures contracts		(174	)		285			(1,183	)		13

Foreign currency translations		(35	)		(16	)		460			107

Forward foreign currency exchange contracts		—			—			4			(88	)

Net Losses		(46,738	)		(16,526	)		(264,506	)		(345,337	)
Net Decrease in Net Assets Resulting from Operations		$(43,649	)		$(8,620	)		$(216,691	)		$(310,525	)

⁽¹⁾

Net of $616, $1,312, $5,800, $2,250, $1,515, $468 and $12,717, respectively, in foreign withholding taxes.

⁽²⁾

Net of foreign capital gains tax paid of $125, $3,875 and $1, respectively.

⁽³⁾

Net change in unrealized of deferred foreign capital gains tax of $226, $(10), $6,087 and $172, respectively.



GLOBAL SUSTAINABILITY INDEX FUND			GLOBAL TACTICAL ASSET ALLOCATION FUND			INCOME EQUITY FUND			INTERNATIONAL EQUITY FUND			INTERNATIONAL EQUITY INDEX FUND			LARGE CAP CORE FUND


	$27,876	⁽¹⁾		$537			$3,942			$4,286	⁽¹⁾		$129,749	⁽¹⁾		$4,436

	—			—			—			—			11,665			—

	485			3,021			22			23			242			42

	24			—			4			3			25			6

	28,385			3,558			3,968			4,312			141,681			4,484

	2,423			250			901			539			5,435			1,098
	147			2			19			50			549			29

	518			42			55			44			1,622			96
	42			19			21			18			28			22
	—			6			—			—			150			—

	48			37			40			40			100			37

	—			48			102			35			358			94

	329			—			—			—			—			—

	12			7			7			7			40			7

	—			2			—			—			2			—

	15			9			3			9			64			6

	3,534			422			1,148			742			8,348			1,389

	(24	)		(140	)		(195	)		(164	)		(1,392	)		(257	)

	3,510			282			953			578			6,956			1,132

	24,875			3,276			3,015			3,734			134,725			3,352

	(17,329	)		(1,633	)		5,315			(5,383	)		(47,046	)		5,411

	(33	)		(823	)		—			—			—			—

	—			—			207			—			—			—

	(2,853	)		—			(240	)		299			6,045			32

	(241	)		—			—			(95	)		(2,434	)		—

	(417	)		—			—			—			(2,321	)		—

	(90,978	)		(485	)		(20,056	)		948			(142,457	)		(29,974	)

	(246	)		(9,047	)		—			—			—			—

	—			—			71			—			—			—

	(88	)		—			16			40			(2,094	)		36

	41			—			—			20			228			—

	131			—			—			—			774			—

	(112,013	)		(11,988	)		(14,687	)		(4,171	)		(189,305	)		(24,495	)
	$(87,138	)		$(8,712	)		$(11,672	)		$(437	)		$(54,580	)		$(21,143	)



Amounts in thousands	LARGE CAP VALUE FUND			MID CAP INDEX FUND			MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND			MULTI-MANAGER GLOBAL REAL ESTATE FUND

INVESTMENT INCOME:

Dividend income		$1,557			$32,906			$32,046	⁽¹⁾		$4,431	⁽¹⁾

Dividend income from investments in affiliates		10			516			942			105

Interest income (Note 6)		3			74			103			—

Total Investment Income		1,570			33,496			33,091			4,536

EXPENSES:

Management fees		326			2,253			9,213			1,352

Custody fees		15			167			146			50

Transfer agent fees		24			807			394			58

Registration fees		18			30			26			21

Printing fees		—			67			42			8

Professional fees		37			61			37			37

Shareholder servicing fees (Shares)		34			337			249			49

Shareholder servicing fees (Class I)		—			—			—			—

Trustee fees		7			21			7			7

Interest expense		—			—			—			—

Other		—			17			40			31

Total Expenses		461			3,760			10,154			1,613

Less expenses reimbursed by investment adviser		(114	)		(1,168	)		(299	)		(215	)

Net Expenses		347			2,592			9,855			1,398

Net Investment Income		1,223			30,904			23,236			3,138
NET REALIZED AND UNREALIZED GAINS (LOSSES):

Net realized gains (losses) on:

Investments		735			93,488			3,771			(7,683	)

Investments in affiliates		—			—			—			—

Futures contracts		(52	)		(2,032	)		(3,504	)		—

Foreign currency transactions		—			—			(771	)		(12	)

Net changes in unrealized appreciation (depreciation) on:

Investments		(5,380	)		(256,787	)		(82,772	)		(35,527	)⁽²⁾

Investments in affiliates		—			—			—			—

Futures contracts		(26	)		(1,449	)		(12	)		—

Foreign currency translations		—			—			—			5

Net Losses		(4,723	)		(166,780	)		(83,288	)		(43,217	)

Net Decrease in Net Assets Resulting from Operations		$(3,500	)		$(135,876	)		$(60,052	)		$(40,079	)

⁽¹⁾

Net of $1,965, $142, $343, $2, $15 and $31, respectively, in foreign withholding taxes.

⁽²⁾

Net change in unrealized of deferred foreign capital gains tax of $6.



NORTHERN ENGAGE360^TM FUND			SMALL CAP CORE FUND			SMALL CAP INDEX FUND			SMALL CAP VALUE FUND			STOCK INDEX FUND			U.S. QUALITY ESG FUND


	$4,671	⁽¹⁾		$6,860	⁽¹⁾		$18,880	⁽¹⁾		$37,260			$178,691	⁽¹⁾		$6,732

	234			359			209			1,016			2,246			106

	15			34			93			127			414			10

	4,920			7,253			19,182			38,403			181,351			6,848

	1,812			2,105			1,373			17,552			6,132			1,435

	56			46			188			144			756			32

	103			173			491			711			4,111			149

	20			34			22			39			36			34

	18			—			48			13			334			5

	37			37			49			63			147			37

	—			—			128			2,310			476			—

	—			198			—			—			—			3

	7			7			14			22			68			7

	—			—			—			—			1			—

	23			5			19			48			52			14

	2,076			2,605			2,332			20,902			12,113			1,716

	(203	)		(201	)		(743	)		(2,373	)		(4,241	)		(193	)

	1,873			2,404			1,589			18,529			7,872			1,523

	3,047			4,849			17,593			19,874			173,479			5,325

	(18,545	)		13,840			7,183			91,749			337,223			(22,730	)

	—			—			—			—			167			—

	(649	)		(2,607	)		(991	)		(6,075	)		(11,381	)		(389	)

	(24	)		—			—			—			—			—

	(11,135	)		(56,082	)		(202,071	)		(269,025	)		(1,490,981	)		(24,400	)

	—			—			—			—			(2,047	)		—

	30			(471	)		(571	)		(954	)		(5,508	)		77

	4			—			—			—			—			—

	(30,319	)		(45,320	)		(196,450	)		(184,305	)		(1,172,527	)		(47,442	)

	$(27,272	)		$(40,471	)		$(178,857	)		$(164,431	)		$(999,048	)		$(42,117	)



	ACTIVE M EMERGING MARKETS EQUITY FUND						ACTIVE M INTERNATIONAL EQUITY FUND						EMERGING MARKETS EQUITY INDEX FUND

Amounts in thousands	2023			2022			2023			2022			2023			2022

OPERATIONS:

Net investment income (Note 6)		$3,089			$3,976			$7,906			$7,629			$47,815			$50,272

Net realized gains (losses)		(20,053	)		19,952			7,373			41,713			(52,744	)		(4,037	)

Net change in unrealized appreciation (depreciation)		(26,685	)		(58,978	)		(23,899	)		(53,748	)		(211,762	)		(349,196	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(43,649	)		(35,050	)		(8,620	)		(4,406	)		(216,691	)		(302,961	)

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		(94,964	)		(2,235	)		(89,396	)		(27,279	)		(185,373	)		(97,711	)

Net increase (decrease) in net assets resulting from Class K transactions		—			—			—			—			—			—

Net increase (decrease) in net assets resulting from Class I transactions		—			—			—			—			—			—

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(94,964	)		(2,235	)		(89,396	)		(27,279	)		(185,373	)		(97,711	)

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(1,445	)		(88,159	)		(6,821	)		(67,428	)		(31,842	)		(63,000	)

Return of Capital		—			—			—			—			—			—

Total Distributions to Shares Shareholders		(1,445	)		(88,159	)		(6,821	)		(67,428	)		(31,842	)		(63,000	)

DISTRIBUTIONS TO CLASS K SHAREHOLDERS:

Distributable earnings		—			—			—			—			—			—

Total Distributions to Class K Shareholders		—			—			—			—			—			—

DISTRIBUTIONS TO CLASS I SHAREHOLDERS:

Distributable earnings		—			—			—			—			—			—

Total Distributions to Class I Shareholders		—			—			—			—			—			—

Total Increase (Decrease) in Net Assets		(140,058	)		(125,444	)		(104,837	)		(99,113	)		(433,906	)		(463,672	)

NET ASSETS:

Beginning of year		313,365			438,809			584,015			683,128			1,949,107			2,412,779

End of year		$173,307			$313,365			$479,178			$584,015			$1,515,201			$1,949,107



GLOBAL REAL ESTATE INDEX FUND						GLOBAL SUSTAINABILITY INDEX FUND						GLOBAL TACTICAL ASSET ALLOCATION FUND						INCOME EQUITY FUND

2023			2022			2023			2022			2023			2022			2023			2022


	$34,812			$34,002			$24,875			$17,945			$3,276			$3,182			$3,015			$1,952

	(11,667	)		25,272			(20,873	)		18,231			(2,456	)		5,679			5,282			18,902

	(333,670	)		109,012			(91,140	)		62,620			(9,532	)		(4,208	)		(19,969	)		3,645

	(310,525	)		168,286			(87,138	)		98,796			(8,712	)		4,653			(11,672	)		24,499



	(154,309	)		(65,059	)		—			—			(10,086	)		8,975			(6,223	)		11,790

	—			—			47,247			210,310			—			—			—			—

	—			—			121,546			242,010			—			—			—			—

	(154,309	)		(65,059	)		168,793			452,320			(10,086	)		8,975			(6,223	)		11,790



	(17,271	)		(42,518	)		—			—			(7,486	)		(6,236	)		(8,028	)		(21,731	)

	(11,867	)		—			—			—			—			—			—			—

	(29,138	)		(42,518	)		—			—			(7,486	)		(6,236	)		(8,028	)		(21,731	)



	—			—			(13,541	)		(38,294	)		—			—			—			—

	—			—			(13,541	)		(38,294	)		—			—			—			—



	—			—			(11,600	)		(28,738	)		—			—			—			—

	—			—			(11,600	)		(28,738	)		—			—			—			—
	(493,972	)		60,709			56,514			484,084			(26,284	)		7,392			(25,923	)		14,558

	1,492,882			1,432,173			1,472,715			988,631			128,119			120,727			164,466			149,908

	$998,910			$1,492,882			$1,529,229			$1,472,715			$101,835			$128,119			$138,543			$164,466



	INTERNATIONAL EQUITY FUND						INTERNATIONAL EQUITY INDEX FUND						LARGE CAP CORE FUND

Amounts in thousands	2023			2022			2023			2022			2023			2022
OPERATIONS:

Net investment income (Note 6)		$3,734			$3,440			$134,725			$145,497			$3,352			$3,182

Net realized gains (losses)		(5,179	)		5,174			(45,756	)		48,322			5,443			34,685

Net change in unrealized appreciation (depreciation)		1,008			(5,575	)		(143,549	)		(185,923	)		(29,938	)		7,423

Net Increase (Decrease) in Net Assets Resulting from Operations		(437	)		3,039			(54,580	)		7,896			(21,143	)		45,290
CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		3,156			19,472			(206,477	)		(356,840	)		(14,024	)		13,672

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		3,156			19,472			(206,477	)		(356,840	)		(14,024	)		13,672
DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(3,200	)		(4,000	)		(110,518	)		(179,350	)		(11,564	)		(40,170	)

Total Distributions to Shares Shareholders		(3,200	)		(4,000	)		(110,518	)		(179,350	)		(11,564	)		(40,170	)
Total Increase (Decrease) in Net Assets		(481	)		18,511			(371,575	)		(528,294	)		(46,731	)		18,792

NET ASSETS:

Beginning of year		124,543			106,032			4,851,381			5,379,675			289,337			270,545

End of year		$124,062			$124,543			$4,479,806			$4,851,381			$242,606			$289,337



LARGE CAP VALUE FUND						MID CAP INDEX FUND						MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND						MULTI-MANAGER GLOBAL REAL ESTATE FUND

2023			2022			2023			2022			2023			2022			2023			2022

	$1,223			$1,048			$30,904			$28,887			$23,236			$26,895			$3,138			$2,472

	683			9,334			91,456			217,354			(504	)		100,401			(7,695	)		12,541

	(5,406	)		(2,231	)		(258,236	)		(131,923	)		(82,784	)		(2,583	)		(35,522	)		12,416

	(3,500	)		8,151			(135,876	)		114,318			(60,052	)		124,713			(40,079	)		27,429

	(410	)		1,039			(113,863	)		47,457			(15,996	)		(82,721	)		(40,995	)		2,161

	(410	)		1,039			(113,863	)		47,457			(15,996	)		(82,721	)		(40,995	)		2,161

	(4,797	)		(5,297	)		(190,111	)		(246,101	)		(39,799	)		(106,263	)		(2,646	)		(5,889	)

	(4,797	)		(5,297	)		(190,111	)		(246,101	)		(39,799	)		(106,263	)		(2,646	)		(5,889	)

	(8,707	)		3,893			(439,850	)		(84,326	)		(115,847	)		(64,271	)		(83,720	)		23,701

	67,714			63,821			2,439,401			2,523,727			1,103,323			1,167,594			204,893			181,192

	$59,007			$67,714			$1,999,551			$2,439,401			$987,476			$1,103,323			$121,173			$204,893



	NORTHERN ENGAGE360^TM FUND						SMALL CAP CORE FUND						SMALL CAP INDEX FUND

Amounts in thousands	2023			2022			2023			2022			2023			2022

OPERATIONS:

Net investment income (Note 6)		$3,047			$5,435			$4,849			$3,530			$17,593			$14,064

Net realized gains (losses)		(19,218	)		56,965			11,233			50,001			6,192			154,530

Net change in unrealized appreciation (depreciation)		(11,101	)		(60,779	)		(56,553	)		(56,067	)		(202,642	)		(259,077	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(27,272	)		1,621			(40,471	)		(2,536	)		(178,857	)		(90,483	)

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		(36,339	)		(32,714	)		—			—			(122,009	)		193,119

Net increase (decrease) in net assets resulting from Class K transactions		—			—			(15,416	)		33,955			—			—

Net increase (decrease) in net assets resulting from Class I transactions		—			—			(12,998	)		8,052			—			—

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(36,339	)		(32,714	)		(28,414	)		42,007			(122,009	)		193,119

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(38,548	)		(32,806	)		—			—			(71,471	)		(174,117	)

Total Distributions to Shares Shareholders		(38,548	)		(32,806	)		—			—			(71,471	)		(174,117	)

DISTRIBUTIONS TO CLASS K SHAREHOLDERS:

Distributable earnings		—			—			(1,616	)		(40,971	)		—			—

Total Distributions to Class K Shareholders		—			—			(1,616	)		(40,971	)		—			—

DISTRIBUTIONS TO CLASS I SHAREHOLDERS:

Distributable earnings		—			—			(1,028	)		(34,584	)		—			—

Total Distributions to Class I Shareholders		—			—			(1,028	)		(34,584	)		—			—

Total Increase (Decrease) in Net Assets		(102,159	)		(63,899	)		(71,529	)		(36,084	)		(372,337	)		(71,481	)

NET ASSETS:

Beginning of year		336,600			400,499			505,921			542,005			1,535,414			1,606,895

End of year		$234,441			$336,600			$434,392			$505,921			$1,163,077			$1,535,414

⁽¹⁾

See Note 6.



ACTIVE M EMERGING MARKETS EQUITY FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$15.38			$22.17			$14.61			$19.49			$22.55

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.22			0.24	⁽¹⁾		0.15	⁽²⁾		0.59			0.42

Net realized and unrealized gains (losses)		(2.09	)		(2.11	)		8.93	⁽³⁾		(3.84	)		(3.30	)

Total from Investment Operations		(1.87	)		(1.87	)		9.08			(3.25	)		(2.88	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽⁴⁾		(0.11	)		(0.36	)		(0.20	)		(0.88	)		(0.18	)

From net realized gains		—			(4.56	)		(1.32	)		(0.75	)		—

Total Distributions Paid		(0.11	)		(4.92	)		(1.52	)		(1.63	)		(0.18	)

Net Asset Value, End of Year		$13.40			$15.38			$22.17			$14.61			$19.49

Total Return⁽⁵⁾		(12.09	)%⁽⁶⁾		(9.64	)%		62.55	%		(18.77	)%		(12.71	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$173,307			$313,365			$438,809			$338,370			$816,363

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁷⁾		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%

Expenses, before reimbursements and credits		1.30	%		1.26	%		1.25	%		1.26	%		1.21	%

Net investment income, net of reimbursements and credits⁽⁷⁾		1.45	%		1.01	%		0.72	%		1.85	%		1.61	%

Net investment income, before reimbursements and credits		1.25	%		0.85	%		0.57	%		1.69	%		1.50	%

Portfolio Turnover Rate		115.02	%		99.51	%		134.29	%		81.32	%		80.98	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $14,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

The Northern Trust Company reimbursed the Fund approximately $41,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 62.53%.

⁽³⁾

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $3,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

⁽⁴⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽⁵⁾

Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

⁽⁶⁾

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽⁷⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $10,000, less than $1,000 and approximately $10,000, $17,000 and $42,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



ACTIVE M INTERNATIONAL EQUITY FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$11.45			$12.81			$8.09			$10.38			$11.70

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.21			0.16	⁽¹⁾		0.13	⁽²⁾		0.21			0.22

Net realized and unrealized gains (losses)		(0.16	)		(0.21	)		4.69	⁽³⁾		(1.85	)		(0.91	)

Total from Investment Operations		0.05			(0.05	)		4.82			(1.64	)		(0.69	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽⁴⁾		(0.16	)		(0.20	)		(0.10	)		(0.26	)		(0.29	)

From net realized gains		—			(1.11	)		—			(0.39	)		(0.34	)

Total Distributions Paid		(0.16	)		(1.31	)		(0.10	)		(0.65	)		(0.63	)

Net Asset Value, End of Year		$11.34			$11.45			$12.81			$8.09			$10.38

Total Return⁽⁵⁾		0.55	%		(1.04	)%		59.61	%		(17.49	)%		(5.32	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$479,178			$584,015			$683,128			$558,183			$915,696

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁶⁾		0.85	%		0.84	%		0.85	%		0.85	%		0.84	%

Expenses, before reimbursements and credits		0.93	%		0.90	%		0.92	%		0.93	%		0.94	%

Net investment income, net of reimbursements and credits⁽⁶⁾		1.66	%		1.10	%		0.93	%		1.86	%		1.75	%

Net investment income, before reimbursements and credits		1.58	%		1.04	%		0.86	%		1.78	%		1.65	%

Portfolio Turnover Rate		51.69	%		41.19	%		51.34	%		39.52	%		35.11	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $20,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

The Northern Trust Company reimbursed the Fund approximately $26,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 59.59%.

⁽³⁾

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $6,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

⁽⁴⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽⁵⁾

⁽⁶⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $23,000, less than $1,000 and approximately $17,000, $45,000 and $66,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



EMERGING MARKETS EQUITY INDEX FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$12.15			$14.32			$9.25			$11.70			$13.10

INCOME (LOSS) FROM INVESTMENT

OPERATIONS:

Net investment income		0.34			0.29	⁽¹⁾		0.20	⁽²⁾		0.37			0.30

Net realized and unrealized gains (losses)		(1.60	)		(2.08	)		5.20			(2.43	)		(1.41	)

Total from Investment Operations		(1.26	)		(1.79	)		5.40			(2.06	)		(1.11	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.25	)		(0.38	)		(0.33	)		(0.39	)		(0.29	)

Total Distributions Paid		(0.25	)		(0.38	)		(0.33	)		(0.39	)		(0.29	)

Net Asset Value, End of Year		$10.64			$12.15			$14.32			$9.25			$11.70

Total Return⁽⁴⁾		(10.30	)%⁽⁵⁾		(12.69	)%		58.51	%		(18.36	)%		(8.20	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$1,515,201			$1,949,107			$2,412,779			$1,594,038			$2,790,805

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁶⁾		0.22	%		0.30	%		0.30	%		0.30	%		0.30	%

Expenses, before reimbursements and credits		0.33	%		0.34	%		0.34	%		0.35	%		0.35	%

Net investment income, net of reimbursements and credits⁽⁶⁾		3.10	%		2.18	%		1.76	%		3.07	%		2.35	%

Net investment income, before reimbursements and credits		2.99	%		2.14	%		1.72	%		3.02	%		2.30	%

Portfolio Turnover Rate		57.68	%		20.35	%		74.68	%		45.08	%		54.69	%

⁽¹⁾

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $10,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

The Northern Trust Company reimbursed the Fund approximately $151,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 58.44%.

⁽³⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽⁴⁾

⁽⁵⁾

The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽⁶⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $15,000, $1,000, $21,000, $26,000 and $31,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



GLOBAL REAL ESTATE INDEX FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$11.62			$10.67			$8.22			$11.05			$10.35

INCOME (LOSS) FROM INVESTMENT
OPERATIONS:

Net investment income		0.26			0.24	⁽¹⁾		0.04			0.34			0.34

Net realized and unrealized gains (losses)		(2.67	)		1.03			2.64			(2.67	)		0.72

Total from Investment Operations		(2.41	)		1.27			2.68			(2.33	)		1.06

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.15	)		(0.32	)		(0.23	)		(0.50	)		(0.36	)

Return of capital		(0.09	)		—			—			—			—

Total Distributions Paid		(0.24	)		(0.32	)		(0.23	)		(0.50	)		(0.36	)

Net Asset Value, End of Year		$8.97			$11.62			$10.67			$8.22			$11.05

Total Return⁽³⁾		(20.74	)%⁽⁴⁾		11.84	%		33.25	%⁽⁵⁾		(22.11	)%		10.55	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$998,910			$1,492,882			$1,432,173			$1,780,428			$2,091,233

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁶⁾		0.47	%		0.48	%		0.48	%		0.49	%		0.50	%

Expenses, before reimbursements and credits		0.49	%		0.48	%		0.48	%		0.49	%		0.53	%

Net investment income, net of reimbursements and credits⁽⁶⁾		2.96	%		2.23	%		2.55	%		2.81	%		3.17	%

Net investment income, before reimbursements and credits		2.94	%		2.23	%		2.55	%		2.81	%		3.14	%

Portfolio Turnover Rate		7.48	%		5.75	%		7.27	%		6.91	%		27.17	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $7,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽³⁾

⁽⁴⁾

The Northern Trust Company reimbursed the Fund approximately $10,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽⁵⁾

During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 33.11%.

⁽⁶⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $18,000, $1,000, $8,000, $32,000 and $16,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



GLOBAL SUSTAINABILITY INDEX FUND	CLASS K

Selected per share data	YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$19.57			$18.67			$15.50

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.31			0.30	⁽²⁾		0.19

Net realized and unrealized gains (losses)		(1.64	)		1.70			3.27

Total from Investment Operations		(1.33	)		2.00			3.46

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.26	)		(0.28	)		(0.29	)

From net realized gains		(0.06	)		(0.82	)		—	⁽⁴⁾

Total Distributions Paid		(0.32	)		(1.10	)		(0.29	)

Net Asset Value, End of Period		$17.92			$19.57			$18.67

Total Return⁽⁵⁾		(6.67	)%		10.48	%		22.44	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$736,028			$740,470			$513,860

Ratio to average net assets of:⁽⁶⁾

Expenses, net of reimbursements and credits⁽⁷⁾		0.24	%		0.24	%		0.25	%

Expenses, before reimbursements and credits		0.24	%		0.24	%		0.27	%

Net investment income, net of reimbursements and credits⁽⁷⁾		1.86	%		1.49	%		1.62	%⁽⁸⁾

Net investment income, before reimbursements and credits		1.86	%		1.49	%		1.60	%⁽⁸⁾

Portfolio Turnover Rate		19.49	%		8.31	%		29.04	%

⁽¹⁾

For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

⁽²⁾

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽³⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽⁴⁾

Per share amounts were less than $0.01 per share.

⁽⁵⁾

Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

⁽⁶⁾

Annualized for periods less than one year.

⁽⁷⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $12,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

⁽⁸⁾

As the Fund commenced operation of Class K shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.



GLOBAL SUSTAINABILITY INDEX FUND	CLASS I

Selected per share data	YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$19.56			$18.66			$15.50

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.29			0.23	⁽²⁾		0.19

Net realized and unrealized gains (losses)		(1.62	)		1.77			3.26

Total from Investment Operations		(1.33	)		2.00			3.45

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.26	)		(0.28	)		(0.29	)

From net realized gains		(0.06	)		(0.82	)		—	⁽⁴⁾

Total Distributions Paid		(0.32	)		(1.10	)		(0.29	)

Net Asset Value, End of Period		$17.91			$19.56			$18.66

Total Return⁽⁵⁾		(6.72	)%		10.47	%		22.35	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$793,201			$732,245			$474,771

Ratio to average net assets of:⁽⁶⁾

Expenses, net of reimbursements and credits⁽⁷⁾		0.29	%		0.29	%		0.30	%

Expenses, before reimbursements and credits		0.29	%		0.29	%		0.31	%

Net investment income, net of reimbursements and credits⁽⁷⁾		1.83	%		1.48	%		1.57	%⁽⁸⁾

Net investment income, before reimbursements and credits		1.83	%		1.48	%		1.56	%⁽⁸⁾

Portfolio Turnover Rate		19.49	%		8.31	%		29.04	%

⁽¹⁾

For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

⁽²⁾

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽³⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽⁴⁾

Per share amounts were less than $0.01 per share.

⁽⁵⁾

⁽⁶⁾

Annualized for periods less than one year.

⁽⁷⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $12,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

⁽⁸⁾

As the Fund commenced operation of Class I shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.



GLOBAL TACTICAL ASSET ALLOCATION FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$13.68			$13.74			$11.11			$12.69			$13.02

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.38			0.33	⁽¹⁾		0.31			0.36			0.38

Net realized and unrealized gains (losses)		(1.26	)		0.22			3.18			(1.60	)		(0.25	)

Net increase from payment by affiliate on affiliate transactions (Note 6)		—			—			—			—			0.03	⁽²⁾

Total from Investment Operations		(0.88	)		0.55			3.49			(1.24	)		0.16

LESS DISTRIBUTIONS PAID:

From net investment income		(0.37	)		(0.31	)		(0.32	)		(0.34	)		(0.39	)

From net realized gains		(0.51	)		(0.30	)		(0.54	)		—			(0.10	)

Total Distributions Paid		(0.88	)		(0.61	)		(0.86	)		(0.34	)		(0.49	)

Net Asset Value, End of Year		$11.92			$13.68			$13.74			$11.11			$12.69

Total Return⁽³⁾		(6.27	)%		3.92	%		31.94	%		(10.14	)%		1.46	%⁽²⁾

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$101,835			$128,119			$120,727			$101,156			$91,468

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁴⁾		0.26	%⁽⁵⁾		0.26	%		0.26	%⁽⁵⁾		0.26	%⁽⁵⁾		0.28	%⁽⁵⁾

Expenses, before reimbursements and credits⁽⁴⁾		0.39	%		0.39	%		0.40	%		0.40	%		0.42	%

Net investment income, net of reimbursements and credits		3.01	%⁽⁵⁾		2.45	%		2.32	%⁽⁵⁾		2.85	%⁽⁵⁾		2.99	%⁽⁵⁾

Net investment income, before reimbursements and credits		2.88	%		2.32	%		2.18	%		2.71	%		2.85	%

Portfolio Turnover Rate		34.86	%		60.88	%		50.89	%		48.38	%		87.64	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

Northern Trust Investments, Inc. reimbursed the Fund approximately $209,000. Without this reimbursement the total return would have been 1.25%.

⁽³⁾

⁽⁴⁾

Expense ratios reflect only the direct expenses of the Fund and not any expenses associated with the underlying funds.

⁽⁵⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of less than $1,000, approximately $1,000 and less than $2,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



INCOME EQUITY FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$15.07			$14.81			$10.42			$12.95			$13.96

INCOME (LOSS) FROM INVESTMENT

OPERATIONS:

Net investment income		0.28			0.19			0.20			0.26			0.28

Net realized and unrealized gains (losses)		(1.33	)		2.24			5.28			(1.63	)		0.56

Total from Investment Operations		(1.05	)		2.43			5.48			(1.37	)		0.84

LESS DISTRIBUTIONS PAID:

From net investment income		(0.28	)		(0.18	)		(0.25	)		(0.26	)		(0.28	)

From net realized gains		(0.48	)		(1.99	)		(0.84	)		(0.90	)		(1.57	)

Total Distributions Paid		(0.76	)		(2.17	)		(1.09	)		(1.16	)		(1.85	)

Net Asset Value, End of Year		$13.26			$15.07			$14.81			$10.42			$12.95

Total Return⁽¹⁾		(6.78	)%		16.31	%		53.57	%		(12.44	)%⁽²⁾		7.66	%⁽³⁾

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$138,543			$164,466			$149,908			$115,562			$187,632

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁴⁾		0.66	%		1.01	%		1.01	%		1.02	%		1.01	%

Expenses, before reimbursements and credits		0.80	%		1.16	%		1.18	%		1.12	%		1.12	%

Net investment income, net of reimbursements and credits⁽⁴⁾		2.10	%		1.18	%		1.51	%		1.89	%		2.01	%

Net investment income, before reimbursements and credits		1.96	%		1.03	%		1.34	%		1.79	%		1.90	%

Portfolio Turnover Rate		34.87	%		30.55	%		27.94	%		76.34	%		40.94	%

⁽¹⁾

⁽²⁾

During the fiscal year ended March 31, 2020, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been (12.98)%.

⁽³⁾

During the fiscal year ended March 31, 2019, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 7.16%.

⁽⁴⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, $1,000, $1,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



INTERNATIONAL EQUITY FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$9.70			$9.68			$7.14			$9.36			$10.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.29			0.25	⁽¹⁾		0.45			0.37			0.37

Net realized and unrealized gains (losses)		(0.31	)		0.10			2.63			(2.23	)		(0.94	)

Total from Investment Operations		(0.02	)		0.35			3.08			(1.86	)		(0.57	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.26	)		(0.33	)		(0.54	)		(0.36	)		(0.23	)

Total Distributions Paid		(0.26	)		(0.33	)		(0.54	)		(0.36	)		(0.23	)

Net Asset Value, End of Year		$9.42			$9.70			$9.68			$7.14			$9.36

Total Return⁽³⁾		(0.02	)%		3.49	%⁽¹⁾		43.53	%		(20.78	)%		(5.36	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$124,062			$124,543			$106,032			$122,189			$203,688

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.51	%⁽⁴⁾		0.51	%		0.52	%⁽⁴⁾		0.55	%⁽⁴⁾		0.51	%⁽⁴⁾

Expenses, before reimbursements and credits		0.65	%		0.65	%		0.75	%		0.67	%		0.69	%

Net investment income, net of reimbursements and credits		3.28	%⁽⁴⁾		2.91	%		2.73	%⁽⁴⁾		3.14	%⁽⁴⁾		3.18	%⁽⁴⁾

Net investment income, before reimbursements and credits		3.14	%		2.77	%		2.50	%		3.02	%		3.00	%

Portfolio Turnover Rate		46.55	%		41.96	%		63.81	%		33.97	%		59.45	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 3.48%. See Note 6.

⁽²⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽³⁾

⁽⁴⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, $1,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



INTERNATIONAL EQUITY INDEX FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$13.50			$13.92			$9.84			$11.86			$12.77

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.40			0.37	⁽¹⁾		0.28			0.35	⁽²⁾		0.39

Net realized and unrealized gains (losses)		(0.44	)		(0.33	)		4.08			(1.98	)		(0.93	)

Total from Investment Operations		(0.04	)		0.04			4.36			(1.63	)		(0.54	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.33	)		(0.46	)		(0.28	)		(0.39	)		(0.37	)

Total Distributions Paid		(0.33	)		(0.46	)		(0.28	)		(0.39	)		(0.37	)

Net Asset Value, End of Year		$13.13			$13.50			$13.92			$9.84			$11.86

Total Return⁽⁴⁾		(0.11	)%		0.13	%		44.22	%		(14.46	)%		(3.89	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$4,479,806			$4,851,381			$5,379,675			$4,100,160			$5,333,685

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.17	%⁽⁵⁾		0.24	%		0.24	%⁽⁵⁾		0.25	%⁽⁵⁾		0.25	%⁽⁵⁾

Expenses, before reimbursements and credits		0.20	%		0.24	%		0.24	%		0.26	%		0.30	%

Net investment income, net of reimbursements and credits		3.20	%⁽⁵⁾		2.61	%		2.26	%⁽⁵⁾		2.85	%⁽⁵⁾		3.15	%⁽⁵⁾

Net investment income, before reimbursements and credits		3.17	%		2.61	%		2.26	%		2.84	%		3.10	%

Portfolio Turnover Rate		20.88	%		20.76	%		21.26	%		10.17	%		26.95	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $6,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

The Northern Trust Company reimbursed the Fund approximately $69,000. The reimbursement represents less than $0.01 per share and had no effect on the Fund’s total return.

⁽³⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽⁴⁾

⁽⁵⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $6,000, $12,000, $30,000 and $36,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



LARGE CAP CORE FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$25.71			$25.24			$16.46			$19.36			$18.88

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.31			0.30			0.31			0.39			0.34

Net realized and unrealized gains (losses)		(2.16	)		4.09			8.79			(2.44	)		0.65

Total from Investment Operations		(1.85	)		4.39			9.10			(2.05	)		0.99

LESS DISTRIBUTIONS PAID:

From net investment income		(0.31	)		(0.30	)		(0.32	)		(0.39	)		(0.34	)

From net realized gains		(0.77	)		(3.62	)		—			(0.46	)		(0.17	)

Total Distributions Paid		(1.08	)		(3.92	)		(0.32	)		(0.85	)		(0.51	)

Net Asset Value, End of Year		$22.78			$25.71			$25.24			$16.46			$19.36

Total Return⁽¹⁾		(7.00	)%		17.18	%		55.62	%		(11.28	)%		5.45	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$242,606			$289,337			$270,545			$164,695			$245,220

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.45	%		0.45	%		0.45	%		0.46	%		0.46	%

Expenses, before reimbursements and credits		0.56	%		0.55	%		0.57	%		0.56	%		0.56	%

Net investment income, net of reimbursements and credits⁽²⁾		1.35	%		1.10	%		1.47	%		1.85	%		1.76	%

Net investment income, before reimbursements and credits		1.24	%		1.00	%		1.35	%		1.75	%		1.66	%

Portfolio Turnover Rate		38.46	%		44.93	%		38.54	%		37.90	%		45.92	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $3,000 , less than $1,000 and approximately $2,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



LARGE CAP VALUE FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year	$	21.27		$	20.39		$	12.85		$	16.42		$	15.83

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.39			0.35			0.38			0.41			0.34

Net realized and unrealized gains (losses)		(1.49	)		2.28			7.42			(3.62	)		0.50

Total from Investment Operations		(1.10	)		2.63			7.80			(3.21	)		0.84

LESS DISTRIBUTIONS PAID:

From net investment income		(0.24	)		(0.43	)		(0.26	)		(0.36	)		(0.25	)

From net realized gains		(1.32	)		(1.32	)		—			—			—

Total Distributions Paid		(1.56	)		(1.75	)		(0.26	)		(0.36	)		(0.25	)

Net Asset Value, End of Year	$	18.61		$	21.27		$	20.39		$	12.85		$	16.42

Total Return⁽¹⁾		(5.18	)%		13.00	%		61.02	%		(20.16	)%		5.52	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year	$	59,007		$	67,714		$	63,821		$	45,786		$	85,581

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.56	%⁽²⁾		0.57	%		0.57	%⁽²⁾		0.55	%⁽²⁾		0.59	%⁽²⁾

Expenses, before reimbursements and credits		0.75	%		0.80	%		0.89	%		0.83	%		0.83	%

Net investment income, net of reimbursements and credits		1.99	%⁽²⁾		1.55	%		2.05	%⁽²⁾		2.04	%⁽²⁾		1.95	%⁽²⁾

Net investment income, before reimbursements and credits		1.80	%		1.32	%		1.73	%		1.76	%		1.71	%

Portfolio Turnover Rate		78.33	%		75.05	%		74.86	%		80.40	%		96.45	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of less than $1,000 and $1,000 and approximately $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



MID CAP INDEX FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$22.41			$23.76			$13.59			$17.95			$19.17

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.32			0.28			0.26			0.28			0.27

Net realized and unrealized gains (losses)		(1.57	)		0.80			10.91			(4.21	)		(0.04	)

Total from Investment Operations		(1.25	)		1.08			11.17			(3.93	)		0.23

LESS DISTRIBUTIONS PAID:

From net investment income		(0.30	)		(0.25	)		(0.26	)		(0.27	)		(0.28	)

From net realized gains		(1.63	)		(2.18	)		(0.74	)		(0.16	)		(1.17	)

Total Distributions Paid		(1.93	)		(2.43	)		(1.00	)		(0.43	)		(1.45	)

Net Asset Value, End of Year		$19.23			$22.41			$23.76			$13.59			$17.95

Total Return⁽¹⁾		(5.28	)%		4.44	%		83.26	%		(22.61	)%		2.38	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$1,999,551			$2,439,401			$2,523,727			$1,700,510			$2,294,736

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.12	%		0.15	%		0.15	%		0.15	%		0.15	%

Expenses, before reimbursements and credits		0.18	%		0.19	%		0.19	%		0.18	%		0.17	%

Net investment income, net of reimbursements and credits⁽²⁾		1.48	%		1.13	%		1.25	%		1.52	%		1.39	%

Net investment income, before reimbursements and credits		1.42	%		1.09	%		1.21	%		1.49	%		1.37	%

Portfolio Turnover Rate		13.39	%		15.17	%		18.73	%		18.15	%		20.59	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $15,000, $2,000, $17,000, $72,000 and $77,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$13.02			$12.92			$10.48			$12.09			$12.83

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.26			0.32	⁽¹⁾		0.21			0.31			0.36

Net realized and unrealized gains (losses)		(0.85	)		1.10			2.47	⁽²⁾		(1.61	)		0.08

Total from Investment Operations		(0.59	)		1.42			2.68			(1.30	)		0.44

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.33	)		(0.28	)		(0.20	)		(0.31	)		(0.43	)

From net realized gains		(0.14	)		(1.04	)		(0.04	)		—			(0.75	)

Total Distributions Paid		(0.47	)		(1.32	)		(0.24	)		(0.31	)		(1.18	)

Net Asset Value, End of Year		$11.96			$13.02			$12.92			$10.48			$12.09

Total Return⁽⁴⁾		(4.43	)%		11.46	%		25.81	%		(11.09	)%		4.24	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$987,476			$1,103,323			$1,167,594			$896,220			$1,009,594

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁵⁾		0.96	%		0.97	%		0.96	%		0.98	%		1.00	%

Expenses, before reimbursements and credits		0.99	%		0.97	%		0.96	%		0.98	%		1.02	%

Net investment income, net of reimbursements and credits⁽⁵⁾		2.27	%		2.38	%		1.78	%		2.45	%		2.81	%

Net investment income, before reimbursements and credits		2.24	%		2.38	%		1.78	%		2.45	%		2.79	%

Portfolio Turnover Rate		57.83	%		62.31	%		60.11	%		80.41	%		38.64	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $13,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $5,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

⁽³⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽⁴⁾

⁽⁵⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $57,000, $1,000, $41,000, $77,000 and $66,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



MULTI-MANAGER GLOBAL REAL ESTATE FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$12.72			$11.37			$8.67			$11.12			$10.38

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.24			0.15	⁽¹⁾		0.21			0.29			0.31

Net realized and unrealized gains (losses)		(2.74	)		1.56			2.68	⁽²⁾		(2.28	)		1.01

Total from Investment Operations		(2.50	)		1.71			2.89			(1.99	)		1.32

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.20	)		(0.20	)		(0.19	)		(0.46	)		(0.46	)

From net realized gains		—			(0.16	)		—			—			(0.12	)

Total Distributions Paid		(0.20	)		(0.36	)		(0.19	)		(0.46	)		(0.58	)

Net Asset Value, End of Year		$10.02			$12.72			$11.37			$8.67			$11.12

Total Return⁽⁴⁾		(19.64	)%		15.03	%⁽⁵⁾		33.59	%⁽⁶⁾		(18.86	)%		13.28	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$121,173			$204,893			$181,192			$98,568			$98,914

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁷⁾		0.92	%		0.91	%		0.92	%		0.94	%		0.94	%

Expenses, before reimbursements and credits		1.06	%		1.00	%		1.04	%		1.10	%		1.20	%

Net investment income, net of reimbursements and credits⁽⁷⁾		2.06	%		1.20	%		1.73	%		2.18	%		2.47	%

Net investment income, before reimbursements and credits		1.92	%		1.11	%		1.61	%		2.02	%		2.21	%

Portfolio Turnover Rate		59.41	%		42.01	%		81.36	%		62.47	%		66.43	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $1,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

⁽³⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽⁴⁾

⁽⁵⁾

During the fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 14.55%.

⁽⁶⁾

⁽⁷⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $7,000, less than $1,000 and approximately $6,000, $5,000 and $3,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



NORTHERN ENGAGE360^TMFUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Period		$12.40			$13.64			$8.78			$10.03			$10.17

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.12			0.23	⁽¹⁾		0.12			0.15			0.09

Net realized and unrealized gains (losses)		(1.08	)		(0.16	)		4.86	⁽²⁾		(1.24	)		(0.14	)

Total from Investment Operations		(0.96	)		0.07			4.98			(1.09	)		(0.05	)

LESS DISTRIBUTIONS PAID:

From net investment income		—			(0.29	)		(0.12	)		(0.16	)		(0.09	)

From net realized gains		(1.89	)		(1.02	)		—			—			—	⁽³⁾

Total Distributions Paid		(1.89	)		(1.31	)		(0.12	)		(0.16	)		(0.09	)

Net Asset Value, End of Period		$9.55			$12.40			$13.64			$8.78			$10.03

Total Return⁽⁴⁾		(7.06	)%		(0.10	)%		56.79	%		(11.22	)%		(0.36	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$234,441			$336,600			$400,499			$245,669			$229,838

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁵⁾		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%

Expenses, before reimbursements and credits		0.78	%		0.77	%		0.77	%		0.80	%		0.88	%

Net investment income, net of reimbursements and credits⁽⁵⁾		1.14	%		1.50	%		1.08	%		1.57	%		1.60	%

Net investment income, before reimbursements and credits		1.06	%		1.43	%		1.01	%		1.47	%		1.42	%

Portfolio Turnover Rate		18.79	%		85.19	%		41.71	%		32.99	%		48.63	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

⁽³⁾

Per share amounts from distributions paid from net realized gains were less than $0.01 per share.

⁽⁴⁾

⁽⁵⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $14,000, $1,000, $9,000, $16,000 and $11,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



SMALL CAP CORE FUND	CLASS K

Selected per share data	YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$27.82			$32.58			$23.46

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.28			0.24			0.13

Net realized and unrealized gains (losses)		(2.53	)		(0.33	)		10.42

Total from Investment Operations		(2.25	)		(0.09	)		10.55

LESS DISTRIBUTIONS PAID:

From net investment income		(0.09	)		(0.17	)		(0.21	)

From net realized gains		(0.08	)		(4.50	)		(1.22	)

Total Distributions Paid		(0.17	)		(4.67	)		(1.43	)

Net Asset Value, End of Period		$25.40			$27.82			$32.58

Total Return⁽²⁾		(8.08	)%		(0.54	)%		45.82	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$240,538			$279,376			$287,618

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits⁽⁴⁾		0.49	%		0.49	%		0.49	%

Expenses, before reimbursements and credits		0.54	%		0.54	%		0.57	%

Net investment income, net of reimbursements and credits⁽⁴⁾		1.13	%		0.70	%		0.67	%⁽⁵⁾

Net investment income, before reimbursements and credits		1.08	%		0.65	%		0.59	%⁽⁵⁾

Portfolio Turnover Rate		13.01	%		15.47	%		26.59	%

⁽¹⁾

For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

⁽²⁾

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $12,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

⁽⁵⁾

As the Fund commenced operation of Class K shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.



SMALL CAP CORE FUND	CLASS I

Selected per share data	YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$27.77			$32.56			$23.46

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.30			0.17			0.12

Net realized and unrealized gains (losses)		(2.56	)		(0.30	)		10.41

Total from Investment Operations		(2.26	)		(0.13	)		10.53

LESS DISTRIBUTIONS PAID:

From net investment income		(0.06	)		(0.16	)		(0.21	)

From net realized gains		(0.08	)		(4.50	)		(1.22	)

Total Distributions Paid		(0.14	)		(4.66	)		(1.43	)

Net Asset Value, End of Period		$25.37			$27.77			$32.56

Total Return⁽²⁾		(8.18	)%		(0.63	)%		45.72	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$193,854			$226,545			$254,387

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits⁽⁴⁾		0.59	%		0.59	%		0.59	%

Expenses, before reimbursements and credits		0.64	%		0.64	%		0.67	%

Net investment income, net of reimbursements and credits⁽⁴⁾		1.03	%		0.59	%		0.57	%⁽⁵⁾

Net investment income, before reimbursements and credits		0.98	%		0.54	%		0.49	%⁽⁵⁾

Portfolio Turnover Rate		13.01	%		15.47	%		26.59	%

⁽¹⁾

For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

⁽²⁾

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $10,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

⁽⁵⁾

As the Fund commenced operation of Class I shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.



SMALL CAP INDEX FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$14.40			$17.24			$9.18			$12.34			$13.60

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.18			0.15			0.12			0.14			0.16

Net realized and unrealized gains (losses)		(1.88	)		(1.10	)		8.48			(3.07	)		(0.11	)

Total from Investment Operations		(1.70	)		(0.95	)		8.60			(2.93	)		0.05

LESS DISTRIBUTIONS PAID:

From net investment income		(0.14	)		(0.13	)		(0.15	)		(0.14	)		(0.15	)

From net realized gains		(0.60	)		(1.76	)		(0.39	)		(0.09	)		(1.16	)

Total Distributions Paid		(0.74	)		(1.89	)		(0.54	)		(0.23	)		(1.31	)

Net Asset Value, End of Year		$11.96			$14.40			$17.24			$9.18			$12.34

Total Return⁽¹⁾		(11.68	)%		(5.88	)%		94.41	%		(24.28	)%		1.97	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$1,163,077			$1,535,414			$1,606,895			$887,429			$1,167,092

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.12	%		0.15	%		0.15	%		0.15	%		0.15	%

Expenses, before reimbursements and credits		0.18	%		0.19	%		0.19	%		0.19	%		0.18	%

Net investment income, net of reimbursements and credits⁽²⁾		1.38	%		0.88	%		0.93	%		1.13	%		1.13	%

Net investment income, before reimbursements and credits		1.32	%		0.84	%		0.89	%		1.09	%		1.10	%

Portfolio Turnover Rate		13.66	%		25.57	%		20.62	%		18.36	%		20.81	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $4,000, $1,000, $14,000, $32,000 and $32,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



SMALL CAP VALUE FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$20.71			$23.46			$13.49			$20.18			$22.71

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.22			0.18			0.20			0.22			0.21

Net realized and unrealized gains (losses)		(1.78	)		0.56			10.15			(5.45	)		(0.59	)

Total from Investment Operations		(1.56	)		0.74			10.35			(5.23	)		(0.38	)

LESS DISTRIBUTIONS PAID:

From net investment income		(0.16	)		(0.19	)		(0.22	)		(0.23	)		(0.16	)

From net realized gains		(0.89	)		(3.30	)		(0.16	)		(1.23	)		(1.99	)

Total Distributions Paid		(1.05	)		(3.49	)		(0.38	)		(1.46	)		(2.15	)

Net Asset Value, End of Year		$18.10			$20.71			$23.46			$13.49			$20.18

Total Return⁽¹⁾		(7.50	)%		3.29	%		77.32	%		(28.43	)%		(0.45	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$1,617,670			$2,293,215			$2,974,261			$2,076,900			$2,972,451

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%

Expenses, before reimbursements and credits		1.13	%		1.15	%		1.13	%		1.10	%		1.12	%

Net investment income, net of reimbursements and credits⁽²⁾		1.08	%		0.69	%		1.05	%		1.09	%		0.86	%

Net investment income, before reimbursements and credits		0.95	%		0.54	%		0.92	%		0.99	%		0.74	%

Portfolio Turnover Rate		13.25	%		20.41	%		27.79	%		14.18	%		16.02	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $63,000, $3,000, $59,000, $138,000 and $110,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



STOCK INDEX FUND	SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$49.65			$44.44			$29.61			$32.74			$31.35

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.71			0.62			0.61			0.65			0.61

Net realized and unrealized gains (losses)		(4.72	)		6.29			15.87			(2.87	)		2.18

Total from Investment Operations		(4.01	)		6.91			16.48			(2.22	)		2.79

LESS DISTRIBUTIONS PAID:

From net investment income		(0.71	)		(0.62	)		(0.61	)		(0.65	)		(0.61	)

From net realized gains		(1.24	)		(1.08	)		(1.04	)		(0.26	)		(0.79	)

Total Distributions Paid		(1.95	)		(1.70	)		(1.65	)		(0.91	)		(1.40	)

Net Asset Value, End of Year		$43.69			$49.65			$44.44			$29.61			$32.74

Total Return⁽¹⁾		(7.82	)%		15.51	%⁽²⁾		56.22	%		(7.10	)%		9.38	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$10,729,781			$12,467,719			$11,225,431			$7,933,222			$8,512,061

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽³⁾		0.07	%		0.10	%		0.10	%		0.10	%		0.10	%

Expenses, before reimbursements and credits		0.11	%		0.13	%		0.13	%		0.12	%		0.11	%

Net investment income, net of reimbursements and credits⁽³⁾		1.62	%		1.26	%		1.54	%		1.88	%		1.89	%

Net investment income, before reimbursements and credits		1.58	%		1.23	%		1.51	%		1.86	%		1.88	%

Portfolio Turnover Rate		2.96	%		3.11	%		4.66	%		5.15	%		6.68	%

⁽¹⁾

⁽²⁾

The Northern Trust Company reimbursed the Fund approximately $2,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽³⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $39,000, $7,000, $85,000, $205,000 and $185,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



U.S. QUALITY ESG FUND	CLASS K

Selected per share data	YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$17.26			$16.12			$13.00

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.22			0.16			0.10

Net realized and unrealized gains (losses)		(1.58	)		2.09			3.21

Total from Investment Operations		(1.36	)		2.25			3.31

LESS DISTRIBUTIONS PAID:

From net investment income		(0.22	)		(0.16	)		(0.11	)

From net realized gains		(0.38	)		(0.95	)		(0.08	)

Total Distributions Paid		(0.60	)		(1.11	)		(0.19	)

Net Asset Value, End of Period		$15.30			$17.26			$16.12

Total Return⁽²⁾		(7.70	)%		13.71	%		25.59	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$375,837			$482,259			$298,204

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits⁽⁴⁾		0.39	%		0.39	%		0.39	%

Expenses, before reimbursements and credits		0.44	%		0.44	%		0.51	%

Net investment income, net of reimbursements and credits⁽⁴⁾		1.37	%		0.95	%		1.06	%⁽⁵⁾

Net investment income, before reimbursements and credits		1.32	%		0.90	%		0.94	%⁽⁵⁾

Portfolio Turnover Rate		45.72	%		29.11	%		28.66	%

⁽¹⁾

For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

⁽²⁾

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $7,000, $3,000 and $3,000, which represent less than 0.01 percent of average net assets for fiscal years ended March 31, 2023 and 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

⁽⁵⁾

As the Fund commenced operation of Class K shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.



U.S. QUALITY ESG FUND	CLASS I

Selected per share data	YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$17.25			$16.12			$13.66

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.18			0.15			0.08

Net realized and unrealized gains (losses)		(1.56	)		2.09			2.56

Total from Investment Operations		(1.38	)		2.24			2.64

LESS DISTRIBUTIONS PAID:

From net investment income		(0.21	)		(0.16	)		(0.10	)

From net realized gains		(0.38	)		(0.95	)		(0.08	)

Total Distributions Paid		(0.59	)		(1.11	)		(0.18	)

Net Asset Value, End of Period		$15.28			$17.25			$16.12

Total Return⁽²⁾		(7.79	)%		13.62	%		19.46	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$18,181			$2,186			$83

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits		0.49	%⁽⁴⁾		0.49	%		0.49	%

Expenses, before reimbursements and credits		0.55	%		0.53	%		0.61	%

Net investment income, net of reimbursements and credits		1.27	%⁽⁴⁾		1.02	%		0.91	%⁽⁵⁾

Net investment income, before reimbursements and credits		1.21	%		0.98	%		0.79	%⁽⁵⁾

Portfolio Turnover Rate		45.72	%		29.11	%		28.66	%

⁽¹⁾

For the period from August 21, 2020 (commencement of class operations) through March 31, 2021.

⁽²⁾

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of less than $1,000, which represents less than 0.01 percent of average net assets for fiscal year ended March 31, 2023. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

⁽⁵⁾

As the Fund commenced operation of Class I shares on August 21, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.3% ⁽¹⁾

Austria – 0.4%

Erste Group Bank A.G.		20,998		$694

Brazil – 6.3%

Ambev S.A.*		51,100		145

Ambev S.A. ADR*		753,683		2,125

B3 S.A. - Brasil Bolsa Balcao		187,720		383

Banco do Brasil S.A.		34,800		269

BB Seguridade Participacoes S.A.		64,800		415

Cielo S.A.*		362,500		347

Hypera S.A.*		20,000		149

Localiza Rent a Car S.A.		21,000		221

Magazine Luiza S.A.*		850,900		556

MercadoLibre, Inc.*		1,794		2,365

Sao Martinho S/A		40,100		215

Suzano S.A.		216,253		1,778

TOTVS S.A.*		52,700		292

Vale S.A.		64,640		1,021

WEG S.A.		86,700		693

				10,974

China – 22.2%

Airtac International Group		8,200		322

Alibaba Group Holding Ltd.*		250,800		3,190

ANTA Sports Products Ltd.		52,600		765

Baidu, Inc. ADR*		14,927		2,253

Baidu, Inc., Class A*		99,950		1,895

BeiGene Ltd. ADR*		1,891		408

Bosideng International Holdings Ltd.		478,000		268

BYD Co. Ltd., Class H		9,600		282

Centre Testing International Group Co. Ltd., Class A		184,200		550

China International Capital Corp. Ltd., Class H		374,000		755

China Vanke Co. Ltd., Class H		638,400		1,008

Chongqing Brewery Co. Ltd., Class A		45,800		836

Dongfeng Motor Group Co. Ltd., Class H		1,487,464		700

Focus Media Information Technology Co. Ltd., Class A		366,700		368

Glodon Co. Ltd., Class A		21,400		232

JD.com, Inc. ADR		14,373		631

JD.com, Inc., Class A		38,345		840

Jiumaojiu International Holdings Ltd.		257,000		607

KE Holdings, Inc. ADR*		29,268		551

LONGi Green Energy Technology Co. Ltd., Class A		16,500		97



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.3% ⁽¹⁾ continued

China – 22.2% continued

Luzhou Laojiao Co. Ltd., Class A		32,900		$1,217

Meituan, Class B⁽²⁾*		89,920		1,633

NARI Technology Co. Ltd., Class A		67,580		267

Ping An Insurance Group Co. of China Ltd., Class H		296,500		1,922

Pony Testing International Group Co. Ltd., Class A		11,600		63

Proya Cosmetics Co. Ltd., Class A		9,900		263

Shenzhen Inovance Technology Co. Ltd., Class A		135,592		1,389

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		8,600		392

Tencent Holdings Ltd.		145,000		7,085

Topsports International Holdings Ltd.		707,620		642

Trip.com Group Ltd. ADR*		50,400		1,899

Want Want China Holdings Ltd.		1,523,969		979

Wuliangye Yibin Co. Ltd., Class A		2,700		77

Wuxi Biologics Cayman, Inc.*		26,500		164

Yadea Group Holdings Ltd.		170,000		437

Yifeng Pharmacy Chain Co. Ltd., Class A		34,600		292

Yum China Holdings, Inc.		35,177		2,230

Zijin Mining Group Co. Ltd., Class H		548,000		914

				38,423

Denmark – 0.2%

Novo Nordisk A/S, Class B		2,288		363

Egypt – 0.7%

Commercial International Bank Egypt S.A.E.		784,250		1,299

France – 0.7%

L’Oreal S.A.		513		229

LVMH Moet Hennessy Louis Vuitton S.E.		1,058		970

				1,199

Greece – 0.2%

OPAP S.A.		26,497		426

Hong Kong – 0.6%

AIA Group Ltd.		98,400		1,034

India – 11.7%

Asian Paints Ltd.		7,148		241

Axis Bank Ltd.		69,770		730

Bajaj Finance Ltd.		6,252		428

Bharat Electronics Ltd.		377,785		449

HDFC Bank Ltd.		91,896		1,807

HDFC Bank Ltd. ADR		30,562		2,038



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.3% ⁽¹⁾ continued

India – 11.7% continued

Hero MotoCorp Ltd.		57,822		$1,654

Hindalco Industries Ltd.		85,223		422

Housing Development Finance Corp. Ltd.		63,283		2,028

ICICI Bank Ltd.		69,934		750

ICICI Bank Ltd. ADR		16,444		355

Infosys Ltd.		7,592		133

Infosys Ltd. ADR		54,415		949

Larsen & Toubro Ltd.		43,280		1,140

Maruti Suzuki India Ltd.		8,956		904

Reliance Industries Ltd.		50,542		1,437

Sun Pharmaceutical Industries Ltd.		47,632		571

Tata Consultancy Services Ltd.		79,290		3,105

Titan Co. Ltd.		14,692		451

TVS Motor Co. Ltd.		16,958		222

Varun Beverages Ltd.		31,529		532

				20,346

Indonesia – 3.9%

Astra International Tbk PT		4,429,608		1,778

Bank Central Asia Tbk PT		2,427,900		1,419

Bank Mandiri Persero Tbk PT		1,497,600		1,029

Bank Rakyat Indonesia Persero Tbk PT		1,130,000		357

Sumber Alfaria Trijaya Tbk PT		2,290,600		441

Telkom Indonesia Persero Tbk PT		5,888,100		1,596

Vale Indonesia Tbk PT*		540,000		240

				6,860

Macau – 0.4%

Galaxy Entertainment Group Ltd.*		108,000		718

Mexico – 6.7%

Alfa S.A.B. de C.V., Class A		1,435,370		912

America Movil S.A.B. de C.V. ADR*		94,716		1,994

Arca Continental S.A.B. de C.V.		25,100		228

Corp. Inmobiliaria Vesta S.A.B. de C.V.		74,600		235

Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		46,400		518

Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		19,100		373

Grupo Aeroportuario del Sureste S.A.B.de C.V., Class B		7,060		216

Grupo Financiero Banorte S.A.B. de C.V., Class O		188,000		1,583

Grupo Mexico S.A.B. de C.V., Class B		50,400		238

Wal-Mart de Mexico S.A.B. de C.V.		1,317,075		5,262

				11,559



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.3% ⁽¹⁾ continued

Netherlands – 0.5%

ASML Holding N.V.		1,198		$819

Peru – 1.4%

Cia de Minas Buenaventura S.A.A. ADR		116,425		952

Credicorp Ltd.		10,986		1,455

				2,407

Philippines – 0.1%

BDO Unibank, Inc.		76,970		183

Poland – 0.2%

Dino Polska S.A.*		3,565		323

Russia – 0.0%

Gazprom PJSC⁽³⁾⁽⁴⁾		66,340		—

LUKOIL PJSC⁽³⁾⁽⁴⁾		9,885		—

Moscow Exchange MICEX-RTS PJSC⁽³⁾*		426,740		—

				—

Saudi Arabia – 1.8%

Alinma Bank		101,725		801

Elm Co.		3,317		391

Saudi Arabian Oil Co.		169,286		1,458

Saudi British Bank (The)		48,596		457

				3,107

Singapore – 0.5%

Sea Ltd. ADR*		9,312		806

South Africa – 4.9%

Anglo American PLC		22,408		742

Aspen Pharmacare Holdings Ltd.		32,657		336

Bid Corp. Ltd.		55,844		1,250

Bidvest Group (The) Ltd.		199,822		2,850

Capitec Bank Holdings Ltd.		681		65

Clicks Group Ltd.		29,437		425

Naspers Ltd., Class N		4,786		881

Standard Bank Group Ltd.		126,767		1,231

Truworths International Ltd.		218,327		654

				8,434

South Korea – 13.4%

Amorepacific Corp.		12,256		1,289

Coupang, Inc.*		26,000		416

Hyundai Mobis Co. Ltd.		4,573		763

Hyundai Motor Co.		20,516		2,927

Korea Aerospace Industries Ltd.		9,531		349

Korea Shipbuilding & Offshore Engineering Co. Ltd.*		10,729		642



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.3% ⁽¹⁾ continued

South Korea – 13.4% continued

LG Chem Ltd.		1,126	$	622

LG H&H Co. Ltd.		993		460

NAVER Corp.		3,019		475

Orion Corp.		15,812		1,661

POSCO Holdings, Inc.		6,667		1,901

Samsung Biologics Co. Ltd.*		2,189		1,331

Samsung Electronics Co. Ltd.		167,216		8,292

Samsung SDI Co. Ltd.		2,725		1,553

SK Hynix, Inc.		7,120		491

				23,172

Taiwan – 10.3%

ASPEED Technology, Inc.		2,100		182

Chailease Holding Co. Ltd.		143,000		1,058

Delta Electronics, Inc.		100,000		993

E Ink Holdings, Inc.		101,000		619

Hon Hai Precision Industry Co. Ltd.		635,796		2,181

MediaTek, Inc.		60,000		1,566

Realtek Semiconductor Corp.		48,000		617

Taiwan Semiconductor Manufacturing Co. Ltd.		574,100		10,171

Taiwan Semiconductor Manufacturing Co. Ltd. ADR		5,065		471

				17,858

Thailand – 1.8%

Bangkok Dusit Medical Services PCL NVDR		685,600		592

Bumrungrad Hospital PCL NVDR		130,100		859

Central Pattana PCL NVDR		181,800		366

CP ALL PCL (Registered)		428,500		777

PTT Exploration & Production PCL NVDR		107,600		475

				3,069

United Arab Emirates – 2.7%

Aldar Properties PJSC		338,563		429

Americana Restaurants International PLC*		330,044		343

Dubai Islamic Bank PJSC		639,481		913

Emaar Properties PJSC		1,969,264		3,005

				4,690

United Kingdom – 0.2%

BAE Systems PLC		32,506		394

United States – 2.5%

Globant S.A.*		4,310		707



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.3% ⁽¹⁾ continued

United States – 2.5% continued

Linde PLC		630	$	224

NVIDIA Corp.		2,853		793

Samsonite International S.A.*		251,200		772

Tenaris S.A. ADR		62,325		1,771

				4,267

Total Common Stocks

(Cost $147,777)				163,424



PREFERRED STOCKS – 1.8% ⁽¹⁾

Brazil – 1.5%

Gerdau S.A. ADR, 2.91%⁽⁵⁾		45,104		222

Itau Unibanco Holding S.A. ADR⁽⁵⁾*		504,169		2,455

				2,677

South Korea – 0.3%

Samsung Electronics Co. Ltd., 2.68%⁽⁵⁾		12,804		535

Total Preferred Stocks

(Cost $2,855)				3,212



RIGHTS – 0.0%

Brazil – 0.0%

Localiza Rent a Car S.A.*		93		—

Total Rights

(Cost $—)				—



INVESTMENT COMPANIES – 3.3%

iShares Core S&P 500 ETF		5,200		2,138

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁶⁾⁽⁷⁾		3,597,000		3,597

Total Investment Companies

(Cost $5,597)				5,735

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.6%

U.S. Treasury Bill, 4.46%, 5/11/23⁽⁸⁾⁽⁹⁾

$990

$985

Total Short-Term Investments

(Cost $985)

985

Total Investments – 100.0%

(Cost $157,214)

173,356

Liabilities less Other Assets – (0.0%)

(49

)

Net Assets – 100.0%

$173,307

⁽¹⁾

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

⁽²⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽³⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁴⁾

Restricted security that has been deemed illiquid. At March 31, 2023, the value of these restricted illiquid securities amounted to $0 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

Gazprom PJSC	11/29/21-12/21/21		$301

LUKOIL PJSC	4/26/21-1/18/22		785

⁽⁵⁾

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

⁽⁶⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁷⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁸⁾

Discount rate at the time of purchase.

⁽⁹⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

NVDR – Non-Voting Depositary Receipt

S&P – Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

MSCI Emerging Markets Index (United States Dollar)	56	$2,787	Long	6/23	$74

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		20.1	%

Hong Kong Dollar		15.4

Korean Won		13.4

Taiwan Dollar		10.2

Indian Rupee		9.8

Mexican Peso		5.5

All other currencies less than 5%		25.6

Total Investments		100.0

Liabilities less Other Assets		(0.0	)

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of March 31, 2023:



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks:

Brazil	$	10,974	$	—	$	—	$	10,974



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

China	$	7,972	$	30,451		$—	$	38,423

Egypt		1,299		—		—		1,299

India		3,342		17,004		—		20,346

Mexico		11,559		—		—		11,559

Peru		2,407		—		—		2,407

Singapore		806		—		—		806

South Korea		416		22,756		—		23,172

Taiwan		471		17,387		—		17,858

United States		3,495		772		—		4,267

All Other Countries⁽¹⁾		—		32,313		—		32,313

Total Common Stocks		42,741		120,683		—		163,424

Preferred Stocks:

Brazil		2,677		—		—		2,677

South Korea		—		535		—		535

Total Preferred Stocks		2,677		535		—		3,212

Investment Companies		5,735		—		—		5,735

Short-Term Investments		—		985		—		985

Total Investments	$	51,153	$	122,203		$—	$	173,356

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	74	$	—		$—	$	74

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾

Australia – 1.0%

Allkem Ltd.*		59,535	$	477

Bank of Queensland Ltd.		51,557		225

Beach Energy Ltd.		194,685		184

Charter Hall Group		22,435		167

CSR Ltd.		54,598		174

Elders Ltd.		27,681		160

Iluka Resources Ltd.		62,966		450

Incitec Pivot Ltd.		123,931		260

JB Hi-Fi Ltd.		8,651		247

OceanaGold Corp.		157,726		391

Region RE Ltd.		114,910		181

Rio Tinto PLC		14,817		1,004

Seven Group Holdings Ltd.		18,022		279

Super Retail Group Ltd.		31,386		264

Technology One Ltd.		35,423		347

				4,810

Austria – 0.5%

ams-OSRAM A.G.*		56,616		442

Erste Group Bank A.G.		33,442		1,106

Mondi PLC		43,516		690

				2,238

Belgium – 0.5%

Ageas S.A./N.V.		18,960		820

Anheuser-Busch InBev S.A./N.V.		12,137		809

Proximus S.A.DP		54,994		532

				2,161

Brazil – 0.8%

Atacadao S.A.		195,169		479

Cia de Saneamento Basico do Estado de Sao Paulo S.A.B.ESP*		55,008		549

MercadoLibre, Inc.*		1,164		1,534

Telefonica Brasil S.A.		113,798		869

Ultrapar Participacoes S.A.		195,275		538

				3,969

Burkina Faso – 0.2%

Endeavour Mining PLC		38,050		917

Canada – 4.5%

Alamos Gold, Inc., Class A		37,346		456

Alimentation Couche-Tard, Inc.		26,885		1,352

ARC Resources Ltd.		35,576		404

ATS Corp.*		11,139		466

Barrick Gold Corp.		62,303		1,157

Boardwalk Real Estate Investment Trust		9,570		390



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

Canada – 4.5% continued

Cameco Corp.		18,720	$	490

Canadian National Railway Co.		13,308		1,570

Canadian Pacific Railway Ltd.		82,320		6,334

Celestica, Inc.*		31,141		402

Descartes Systems Group (The), Inc.*		4,127		333

Dundee Precious Metals, Inc.		50,055		365

Element Fleet Management Corp.		29,942		393

Finning International, Inc.		18,986		473

Headwater Exploration, Inc.		60,648		283

Kinross Gold Corp.		40,040		189

Laurentian Bank of Canada		7,008		165

Nuvei Corp.*		5,471		238

NuVista Energy Ltd.*		25,160		204

Parex Resources, Inc.		21,467		399

Shopify, Inc., Class A*		26,271		1,259

Stella-Jones, Inc.		8,760		336

Thomson Reuters Corp.		23,052		2,999

TransAlta Corp.		20,516		179

Tricon Residential, Inc.		25,907		201

Vermilion Energy, Inc.		10,447		136

Whitecap Resources, Inc.		45,420		351

				21,524

China – 0.8%

Baidu, Inc., Class A*		8,879		168

Beijing Capital International Airport Co. Ltd., Class H*		664,000		489

Dongfeng Motor Group Co. Ltd., Class H		1,072,977		505

Li Ning Co. Ltd.		291,500		2,298

Tencent Holdings Ltd.		11,300		552

				4,012

Denmark – 2.4%

Bavarian Nordic A/S*		6,686		192

DSV A/S		19,123		3,691

ISS A/S*		11,583		236

Jyske Bank A/S (Registered)*		5,241		368

Novo Nordisk A/S, Class B		42,343		6,719

Pandora A/S		3,048		292

				11,498

Finland – 0.7%

Konecranes OYJ		8,518		286

Nokia OYJ		234,483		1,153

TietoEVRY OYJ		10,493		329



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

Finland – 0.7% continued

Valmet OYJ		14,602	$	474

Wartsila OYJ Abp		90,653		857

				3,099

France – 9.6%

Accor S.A.*		6,480		211

Air Liquide S.A.		6,474		1,085

Alstom S.A.		82,192		2,246

Arkema S.A.		3,952		391

AXA S.A.		122,064		3,732

BNP Paribas S.A.		34,449		2,060

Carrefour S.A.		107,924		2,182

Cie de Saint-Gobain		24,997		1,423

Danone S.A.		42,693		2,654

Dassault Aviation S.A.		1,920		380

Dassault Systemes S.E.		10,229		422

Edenred		3,372		200

Eiffage S.A.		4,685		507

Elis S.A.		21,157		405

Engie S.A.		121,448		1,921

Ipsen S.A.		1,946		215

Kering S.A.		2,933		1,914

Klepierre S.A.		18,037		409

La Francaise des Jeux S.A.E.M.⁽²⁾		4,597		192

LVMH Moet Hennessy Louis Vuitton S.E.		7,135		6,539

Nexans S.A.		2,779		277

Nexity S.A.		7,500		189

Orange S.A.		106,586		1,266

Pernod Ricard S.A.		14,839		3,362

Renault S.A.*		26,616		1,087

Rexel S.A.*		18,861		451

Societe Generale S.A.		44,833		1,012

SOITEC*		1,285		207

Sopra Steria Group S.A.CA		2,462		518

SPIE S.A.		13,818		401

Technip Energies N.V.		11,440		244

Teleperformance		7,803		1,885

TotalEnergies S.E.		55,921		3,299

Valeo		29,369		604

Vallourec S.A.*		26,450		334

Vinci S.A.		11,654		1,337

Vivendi S.E.		21,514		217

				45,778



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

Germany – 5.5%

AIXTRON S.E.		12,944	$	438

Allianz S.E. (Registered)		5,363		1,238

Aurubis A.G.		3,435		317

Bayer A.G. (Registered)		22,840		1,455

Bechtle A.G.		9,025		431

CECONOMY A.G.*		59,260		161

Continental A.G.		9,637		720

CTS Eventim A.G. & Co. KGaA*		4,371		272

Daimler Truck Holding A.G.*		43,527		1,470

Deutsche Pfandbriefbank A.G.		23,683		205

Deutsche Telekom A.G. (Registered)		80,817		1,958

Encavis A.G.		11,717		201

Evonik Industries A.G.		32,084		674

Freenet A.G.		13,233		344

Fresenius S.E. & Co. KGaA		40,443		1,090

GEA Group A.G.		8,837		402

Gerresheimer A.G.		5,179		512

HeidelbergCement A.G.		20,710		1,511

HUGO BOSS A.G.		5,411		388

LANXESS A.G.		1,971		81

Mercedes-Benz Group A.G.		9,833		755

Rheinmetall A.G.		1,328		395

RTL Group S.A.		11,404		562

RWE A.G.		33,163		1,426

SAP S.E.		45,219		5,688

Siemens Healthineers A.G.⁽²⁾		52,181		3,001

TAG Immobilien A.G.		28,205		195

VERBIO Vereinigte BioEnergie A.G.		2,920		137

Vitesco Technologies Group A.G.*		4,328		313

				26,340

Hong Kong – 1.7%

AIA Group Ltd.		287,511		3,021

China High Precision Automation Group Ltd.⁽³⁾*		982,000		—

CK Asset Holdings Ltd.		157,737		956

Hysan Development Co. Ltd.		73,000		208

Melco Resorts & Entertainment Ltd. ADR*		19,248		245

Pacific Basin Shipping Ltd.		643,000		250

Prudential PLC		188,809		2,582

United Laboratories International Holdings (The) Ltd.		254,000		176

WH Group Ltd.⁽²⁾		1,305,429		776

				8,214



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

India – 0.9%

HDFC Bank Ltd.		42,300	$	831

ICICI Bank Ltd. ADR		164,860		3,558

				4,389

Indonesia – 0.2%

Bank Mandiri Persero Tbk PT		1,076,740		740

Ireland – 1.1%

AIB Group PLC		179,248		721

AIB Group PLC (Tradegate Exchange)		338		1

Bank of Ireland Group PLC		65,434		662

Bank of Ireland Group PLC (London Stock Exchange)		88,261		898

Dalata Hotel Group PLC*		59,311		270

Glanbia PLC		24,636		357

Ryanair Holdings PLC ADR*		26,306		2,480

				5,389

Israel – 0.2%

Perion Network Ltd.*		18,589		736

Italy – 4.3%

Assicurazioni Generali S.p.A.		56,380		1,125

Banco BPM S.p.A.		87,828		344

BPER Banca		262,484		649

Buzzi Unicem S.p.A.		14,030		341

Coca-Cola HBC A.G. - CDI*		15,280		418

Enel S.p.A.		500,471		3,057

Eni S.p.A.		136,147		1,907

Ferrari N.V.		20,501		5,552

Iren S.p.A.		113,455		218

Leonardo S.p.A.		20,984		247

Reply S.p.A.		3,206		404

Saras S.p.A.*		127,122		198

UniCredit S.p.A.		324,443		6,145

				20,605

Japan – 12.1%

Alfresa Holdings Corp.		30,893		396

Alps Alpine Co. Ltd.		63,839		614

Amada Co. Ltd.		55,220		518

Asics Corp.		8,100		230

BayCurrent Consulting, Inc.		6,100		253

Benesse Holdings, Inc.		2,297		34

CKD Corp.		15,600		254

Credit Saison Co. Ltd.		16,400		209

Daido Steel Co. Ltd.		8,700		343

Daihen Corp.		7,600		255



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

Japan – 12.1% continued

Dai-ichi Life Holdings, Inc.		57,469	$	1,056

DeNA Co. Ltd.		29,300		400

Ebara Corp.		6,200		288

Eiken Chemical Co. Ltd.		15,000		177

Eisai Co. Ltd.		5,956		339

FANUC Corp.		81,500		2,939

Fuji Media Holdings, Inc.		19,470		176

Fuji Soft, Inc.		4,600		267

Fujikura Ltd.		41,000		291

FULLCAST Holdings Co. Ltd.		10,500		192

Fuyo General Lease Co. Ltd.		3,100		211

Goldwin, Inc.		2,600		248

H.U. Group Holdings, Inc.		12,800		257

Hakuhodo DY Holdings, Inc.		36,120		409

Hino Motors Ltd.*		110,494		463

Honda Motor Co. Ltd.		66,071		1,758

INFRONEER Holdings, Inc.		34,200		264

Inpex Corp.		71,808		764

Internet Initiative Japan, Inc.		28,800		600

Invincible Investment Corp.		595		250

Isuzu Motors Ltd.		75,504		904

J Front Retailing Co. Ltd.		29,700		296

Japan Airlines Co. Ltd.		31,743		619

Jeol Ltd.		6,400		207

JGC Holdings Corp.		57,470		713

Kaneka Corp.		11,500		300

Kenedix Office Investment Corp.		84		194

Keyence Corp.		8,620		4,226

Kirin Holdings Co. Ltd.		67,973		1,076

Komeri Co. Ltd.		9,400		194

Konica Minolta, Inc.		66,000		284

Lasertec Corp.		15,500		2,748

Makita Corp.		37,317		928

Mebuki Financial Group, Inc.		98,700		242

Mitsubishi Estate Co. Ltd.		70,440		841

Mitsubishi UFJ Financial Group, Inc.		239,514		1,537

Morinaga Milk Industry Co. Ltd.		4,700		169

MS&AD Insurance Group Holdings, Inc.		36,225		1,125

Murata Manufacturing Co. Ltd.		36,100		2,204

NET One Systems Co. Ltd.		8,600		206

Nextage Co. Ltd.		9,400		196

Nichicon Corp.		24,300		254

Nikon Corp.		60,916		624



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

Japan – 12.1% continued

Nippon Accommodations Fund, Inc.		46	$	207

Nippon Television Holdings, Inc.		36,372		314

Nissan Motor Co. Ltd.		268,398		1,021

Nissui Corp.		48,000		197

Nomura Holdings, Inc.		80,583		311

Ono Pharmaceutical Co. Ltd.		41,178		859

Organo Corp.		8,800		240

Rengo Co. Ltd.		53,400		346

Resona Holdings, Inc.		197,407		954

Resorttrust, Inc.		17,000		271

Round One Corp.		49,900		193

Sankyo Co. Ltd.		7,400		309

Sankyu, Inc.		6,800		252

Sanwa Holdings Corp.		26,200		281

Shimamura Co. Ltd.		3,000		305

Shinko Electric Industries Co. Ltd.		14,700		457

Stanley Electric Co. Ltd.		33,409		742

Starts Corp., Inc.		9,200		177

Subaru Corp.		50,932		815

Sumitomo Bakelite Co. Ltd.		3,400		133

Sumitomo Electric Industries Ltd.		80,593		1,035

Sumitomo Forestry Co. Ltd.		10,500		208

Sumitomo Heavy Industries Ltd.		23,983		588

Sumitomo Mitsui Financial Group, Inc.		26,600		1,067

Sumitomo Mitsui Trust Holdings, Inc.		36,107		1,237

Sumitomo Rubber Industries Ltd.		46,031		417

Suzuken Co. Ltd.		9,900		250

T&D Holdings, Inc.		117,691		1,462

Taiheiyo Cement Corp.		23,711		446

Takeda Pharmaceutical Co. Ltd.		84,972		2,791

Takeuchi Manufacturing Co. Ltd.		11,200		249

TechnoPro Holdings, Inc.		10,800		299

THK Co. Ltd.		31,916		739

Tokai Carbon Co. Ltd.		22,500		215

Tokyo Electron Ltd.		6,000		734

Tokyo Ohka Kogyo Co. Ltd.		4,300		250

Tokyo Seimitsu Co. Ltd.		6,200		240

Tokyo Tatemono Co. Ltd.		20,300		248

Toyo Suisan Kaisha Ltd.		5,300		222

Toyo Tire Corp.		20,600		241

Tsuruha Holdings, Inc.		8,527		570

Visional, Inc.*		2,600		146

YA-MAN Ltd.		20,500		185



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

Japan – 12.1% continued

Yamato Holdings Co. Ltd.		62,530	$	1,073

Zenkoku Hosho Co. Ltd.		5,700		215

				58,053

Macau – 0.1%

Sands China Ltd.*		108,400		378

Malaysia – 0.1%

CIMB Group Holdings Bhd.		460,271		554

Mexico – 0.1%

Fresnillo PLC		49,912		459

Netherlands – 5.9%

Aalberts N.V.		4,558		215

ABN AMRO Bank N.V. - C.V.A.		86,204		1,369

Adyen N.V.⁽²⁾*		2,255		3,576

Akzo Nobel N.V.		27,378		2,137

ASM International N.V.		9,220		3,744

ASML Holding N.V.		2,790		1,906

ASML Holding N.V. (Registered)		5,917		4,028

ASR Nederland N.V.		10,350		413

BE Semiconductor Industries N.V.		3,614		316

Fugro N.V.*		22,589		286

ING Groep N.V.		260,153		3,095

Koninklijke Philips N.V.		160,332		2,927

OCI N.V.		8,789		298

Pharming Group N.V.*		183,285		244

Shell PLC		126,431		3,621

VEON Ltd. ADR*		6,908		122

				28,297

Nigeria – 0.0%

Airtel Africa PLC		54,977		72

Norway – 0.0%

Norsk Hydro ASA		22,642		169

Peru – 0.0%

Credicorp Ltd.		1,439		191

Russia – 0.0%

Gazprom PJSC ADR⁽³⁾*		54,380		—

LUKOIL PJSC ADR⁽³⁾*		4,766		—

Mobile TeleSystems PJSC ADR⁽³⁾⁽⁴⁾ *		64,508		—

Sberbank of Russia PJSC⁽³⁾⁽⁵⁾ *		186,456		—

				—

Singapore – 0.3%

Frasers Logistics & Commercial Trust		225,600		223



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

Singapore – 0.3% continued

Sembcorp Industries Ltd.		180,500	$	596

United Overseas Bank Ltd.		33,300		747

				1,566

South Africa – 0.3%

Anglo American PLC		27,615		914

MTN Group Ltd.		19,961		143

Old Mutual Ltd.		613,833		407

				1,464

South Korea – 2.7%

Coway Co. Ltd.		12,615		510

Daeduck Electronics Co. Ltd./New		12,767		235

Dentium Co. Ltd.		3,808		411

Hankook Tire & Technology Co. Ltd.		17,551		472

HK inno N Corp.		7,393		195

Hyundai Mobis Co. Ltd.		5,837		974

JYP Entertainment Corp.		6,131		366

KB Financial Group, Inc.		35,056		1,288

KT Corp. ADR		80,883		917

LEENO Industrial, Inc.		1,862		207

LG Innotek Co. Ltd.		1,216		255

Lotte Chilsung Beverage Co. Ltd.		1,944		247

Medytox, Inc.		1,426		243

Samsung Electronics Co. Ltd.		69,922		3,467

Samsung Engineering Co. Ltd.*		18,491		453

Shinhan Financial Group Co. Ltd.		44,239		1,205

SK Hynix, Inc.		21,037		1,451

Youngone Corp.		5,955		210

				13,106

Spain – 2.0%

Acerinox S.A.		29,198		301

Aena S.M.E. S.A.*		10,210		1,653

Amadeus IT Group S.A.*		53,219		3,563

Applus Services S.A.		25,367		198

Bankinter S.A.		70,700		401

CaixaBank S.A.		113,693		443

Cia de Distribucion Integral Logista Holdings S.A.		10,680		267

Corp. ACCIONA Energias Renovables S.A.		6,231		242

Iberdrola S.A.		78,866		982

Industria de Diseno Textil S.A.		40,109		1,347

Merlin Properties Socimi S.A.		31,687		278

				9,675



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

Sweden – 3.0%

Atlas Copco AB, Class A		168,500	$	2,136

Avanza Bank Holding AB		11,285		266

Evolution AB		59,364		7,965

Hexatronic Group AB		15,611		178

Loomis AB		5,952		204

SKF AB, Class B		68,916		1,360

Storskogen Group AB, Class B		210,398		175

Swedbank AB, Class A		40,348		662

Telefonaktiebolaget LM Ericsson, Class B		157,025		922

Trelleborg AB, Class B		11,840		337

Wihlborgs Fastigheter AB		31,540		242

				14,447

Switzerland – 4.4%

Adecco Group A.G. (Registered)		31,569		1,149

Baloise Holding A.G. (Registered)		1,238		193

Bucher Industries A.G. (Registered)		929		434

Cie Financiere Richemont S.A., Class A (Registered)		3,150		505

Flughafen Zurich A.G. (Registered)*		575		105

Galenica A.G.		5,116		433

Julius Baer Group Ltd.		6,668		457

Lonza Group A.G. (Registered)		3,761		2,262

Novartis A.G. (Registered)		46,442		4,264

PSP Swiss Property A.G. (Registered)		4,057		461

Siegfried Holding A.G. (Registered)*		388		286

Sika A.G. (Registered)		15,358		4,311

Sulzer A.G. (Registered)		3,687		312

Swatch Group (The) A.G. (Bearer)		3,439		1,182

Swissquote Group Holding S.A. (Registered)		1,916		376

Tecan Group A.G. (Registered)		728		319

UBS Group A.G. (Registered)		136,930		2,891

Zurich Insurance Group A.G.		1,914		916

				20,856

Taiwan – 0.3%

Catcher Technology Co. Ltd.		101,388		633

Hon Hai Precision Industry Co. Ltd.		194,941		669

				1,302

Thailand – 0.2%

Kasikornbank PCL (Registered)		62,838		244

Kasikornbank PCL NVDR		186,617		726

				970



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

United Kingdom – 10.5%

4imprint Group PLC		4,951	$	295

Abcam PLC ADR*		19,733		266

AstraZeneca PLC		44,226		6,139

Babcock International Group PLC*		110,691		409

BAE Systems PLC		201,048		2,437

Balfour Beatty PLC		62,480		287

Barclays PLC		1,131,755		2,043

Beazley PLC		27,592		203

Berkeley Group Holdings PLC		13,493		700

BP PLC		528,170		3,344

British American Tobacco PLC		18,433		646

British Land (The) Co. PLC		93,346		448

BT Group PLC		450,418		810

Bunzl PLC		35,214		1,331

Compass Group PLC		75,211		1,891

Computacenter PLC		14,008		371

CVS Group PLC		12,504		287

Diageo PLC		21,636		966

Drax Group PLC		29,351		220

Dunelm Group PLC		13,352		183

easyJet PLC*		156,762		1,007

Harbour Energy PLC		54,734		186

Hays PLC		124,054		171

IG Group Holdings PLC		32,173		278

IMI PLC		12,345		234

Inchcape PLC		36,079		346

J Sainsbury PLC		193,068		665

Kingfisher PLC		140,413		454

Land Securities Group PLC		64,118		493

LondonMetric Property PLC		102,132		222

Man Group PLC/Jersey		92,387		269

Marks & Spencer Group PLC*		220,229		455

Moneysupermarket.com Group PLC		44,484		137

OSB Group PLC		64,190		383

Playtech PLC*		34,426		224

QinetiQ Group PLC		54,721		219

Reckitt Benckiser Group PLC		35,376		2,688

RELX PLC		29,978		970

RELX PLC (London Stock Exchange)		29,973		971

Rolls-Royce Holdings PLC*		2,593,781		4,790

RS GROUP PLC		26,558		300

Safestore Holdings PLC		31,378		368

Sage Group (The) PLC		329,950		3,161

Savills PLC		16,105		197



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.2% ⁽¹⁾ continued

United Kingdom – 10.5% continued

Serco Group PLC		175,338	$	332

Spectris PLC		5,593		253

Standard Chartered PLC		212,318		1,615

Tate & Lyle PLC		24,265		235

Unilever PLC		67,682		3,506

Virgin Money UK PLC		108,273		196

WPP PLC		126,143		1,497

				50,098

United States – 15.3%

Accenture PLC, Class A		13,781		3,939

Aon PLC, Class A		26,665		8,407

Arch Capital Group Ltd.*		41,920		2,845

Atlassian Corp., Class A*		9,946		1,702

BRP, Inc.		6,774		530

CSL Ltd.		26,249		5,065

EPAM Systems, Inc.*		3,212		960

Experian PLC		126,206		4,154

Ferguson PLC		19,850		2,619

Globant S.A.*		4,530		743

GSK PLC		178,854		3,190

Holcim A.G.*		19,378		1,250

ICON PLC*		37,835		8,081

IMAX Corp.*		10,994		211

Inmode Ltd.*		8,841		283

International Game Technology PLC		12,834		344

Linde PLC		7,911		2,812

Medtronic PLC		24,644		1,987

Mettler-Toledo International, Inc.*		2,054		3,143

Nestle S.A. (Registered)		32,965		4,024

ResMed, Inc.		11,175		2,447

Roche Holding A.G. (Genusschein)		8,259		2,364

Sanofi		14,337		1,561

Schneider Electric S.E.		28,199		4,714

Signify N.V.		9,830		328

STERIS PLC		17,293		3,308

Waste Connections, Inc.		18,010		2,505

				73,516

Total Common Stocks

(Cost $353,280)				441,592


PREFERRED STOCKS – 0.5% ⁽¹⁾

Brazil – 0.3%

Banco Bradesco S.A. ADR*		601,340		1,575

NUMBER

OF SHARES

VALUE

(000S)

PREFERRED STOCKS – 0.5% ⁽¹⁾ continued

Germany – 0.2%

Henkel A.G. & Co. KGaA,
2.57%⁽⁶⁾

11,973

$936

Total Preferred Stocks

(Cost $2,530)

2,511

INVESTMENT COMPANIES – 5.9%

iShares Core MSCI EAFE ETF

1,791

120

iShares MSCI ACWI ex U.S. ETF

58,500

2,853

iShares MSCI EAFE ETF

54,438

3,893

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁷⁾⁽⁸⁾

19,399,445

19,399

Vanguard FTSE Developed Markets ETF

38,713

1,749

Total Investment Companies

(Cost $27,515)

28,014

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.9%

U.S. Treasury Bill, 4.46%, 5/11/23⁽⁹⁾⁽¹⁰⁾

$4,460

$4,438

Total Short-Term Investments

(Cost $4,438)

4,438

Total Investments – 99.5%

(Cost $387,763)

476,555

Other Assets less Liabilities – 0.5%

2,623

Net Assets – 100.0%

$479,178

⁽¹⁾

Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.

⁽²⁾

⁽³⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁴⁾



SECURITY	ACQUISITION AND ENFORCEABLE DATE		COST (000S)

Mobile TeleSystems PJSC ADR		1/28/22-2/11/22		$498

⁽⁵⁾

Restricted security.

⁽⁶⁾

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

⁽⁷⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁸⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁹⁾

Discount rate at the time of purchase.

⁽¹⁰⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

EAFE – Europe, Australasia and the Far East

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange

MSCI – Morgan Stanley Capital International

NVDR – Non-Voting Depositary Receipt

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

MSCI EAFE Index (United States Dollar)	117	$12,265	Long	6/23	$320

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

Euro		29.1	%

United States Dollar		20.9

British Pound		14.5

Japanese Yen		12.1

Swiss Franc		6.0

All other currencies less than 5%		16.9

Total Investments		99.5

Other Assets less Liabilities		0.5

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks:

Australia		$391		$4,419		$—		$4,810

Brazil		3,969		—		—		3,969

Burkina Faso		917		—		—		917

Canada		21,524		—		—		21,524

Hong Kong		245		7,969		—		8,214

India		3,558		831		—		4,389

Ireland		2,481		2,908		—		5,389

Israel		736		—		—		736

Netherlands		4,150		24,147		—		28,297

Peru		191		—		—		191

South Korea		917		12,189		—		13,106

United Kingdom		266		49,832		—		50,098

United States		44,247		29,269		—		73,516

All Other Countries⁽¹⁾		—		226,436		—		226,436

Total Common Stocks		83,592		358,000		—		441,592

Preferred Stocks:

Brazil		1,575		—		—		1,575

Germany		—		936		—		936

Total Preferred Stocks		1,575		936		—		2,511

Investment Companies		28,014		—		—		28,014

Short-Term Investments		—		4,438		—		4,438

Total Investments		$113,181		$363,374		$—		$476,555

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts		$320		$—		$—		$320

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾

Australia – 0.1%

AngloGold Ashanti Ltd.		91,418		$2,215

Brazil – 3.5%

Ambev S.A.*		1,043,960		2,960

Atacadao S.A.		131,600		323

B3 S.A. - Brasil Bolsa Balcao		1,335,595		2,722

Banco Bradesco S.A.*		350,877		821

Banco BTG Pactual S.A*		253,600		981

Banco do Brasil S.A.		187,544		1,448

Banco Santander Brasil S.A.		79,636		422

BB Seguridade Participacoes S.A.		150,201		963

CCR S.A.		258,400		648

Centrais Eletricas Brasileiras S.A.		270,800		1,776

Cia de Saneamento Basico do Estado de Sao Paulo S.A.B.ESP*		75,871		757

Cia Siderurgica Nacional S.A.		139,590		425

Cosan S.A.		270,788		808

CPFL Energia S.A.		49,600		310

Energisa S/A		42,000		334

Eneva S.A.*		196,900		407

Engie Brasil Energia S.A.		44,747		354

Equatorial Energia S.A.		225,670		1,200

Hapvida Participacoes e Investimentos S.A.*		1,024,784		532

Hypera S.A.*		89,258		667

Klabin S.A.		173,241		619

Localiza Rent a Car S.A.		165,217		1,736

Lojas Renner S.A.*		220,046		721

Magazine Luiza S.A.*		670,100		438

Natura & Co. Holding S.A.		199,301		519

Petro Rio S.A.*		156,000		961

Petroleo Brasileiro S.A.		822,834		4,309

Raia Drogasil S.A.		240,792		1,159

Rede D’Or Sao Luiz S.A.*		123,500		520

Rumo S.A.		289,194		1,075

Sendas Distribuidora S/A		267,000		818

Suzano S.A.		164,285		1,351

Telefonica Brasil S.A.		112,473		859

TIM S.A.*		191,795		475

TOTVS S.A.*		112,755		625

Ultrapar Participacoes S.A.		162,848		449

Vale S.A.		842,413		13,313

Vibra Energia S.A.		259,800		745

WEG S.A.		368,548		2,945

				52,495



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Cayman Islands – 0.0%

China Huishan Dairy Holdings Co. Ltd.⁽²⁾ *		1,922,380		$—

Chile – 0.4%

Banco de Chile		10,133,353		984

Banco de Credito e Inversiones S.A.		12,619		370

Banco Santander Chile		14,020,156		622

Cencosud S.A.		316,529		612

Cia Cervecerias Unidas S.A.		28,500		219

Cia Sud Americana de Vapores S.A.		3,271,831		325

Empresas CMPC S.A.		239,852		401

Empresas Copec S.A.		83,005		586

Enel Americas S.A.		4,571,972		602

Enel Chile S.A.		6,038,163		329

Falabella S.A.		158,562		365

				5,415

China – 31.0%

360 DigiTech, Inc. ADR		26,488		514

360 Security Technology, Inc., Class A		113,900		289

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		24,100		100

3peak, Inc., Class A		1,475		52

3SBio, Inc.		326,500		325

AAC Technologies Holdings, Inc.*		152,500		374

Advanced Micro-Fabrication Equipment, Inc. China, Class A*		7,398		159

AECC Aero-Engine Control Co. Ltd., Class A		19,700		70

AECC Aviation Power Co. Ltd., Class A		34,100		215

Agricultural Bank of China Ltd., Class A		1,162,300		527

Agricultural Bank of China Ltd., Class H		6,456,367		2,393

Aier Eye Hospital Group Co. Ltd., Class A		91,671		416

Air China Ltd., Class A*		120,500		188

Air China Ltd., Class H*		406,705		365

Airtac International Group		30,765		1,208

Akeso, Inc.*		102,000		524

Alibaba Group Holding Ltd.*		3,261,680		41,481

Alibaba Health Information Technology Ltd.*		1,044,000		757

Aluminum Corp. of China Ltd., Class A		145,900		118

Aluminum Corp. of China Ltd., Class H		907,435		458

Amlogic Shanghai Co. Ltd., Class A*		6,175		76

Angel Yeast Co. Ltd., Class A		9,100		55

Anhui Conch Cement Co. Ltd., Class A		47,700		197



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Anhui Conch Cement Co. Ltd., Class H		278,075		$967

Anhui Gujing Distillery Co. Ltd., Class A		5,300		229

Anhui Gujing Distillery Co. Ltd., Class B		24,500		438

Anhui Honglu Steel Construction Group Co. Ltd., Class A		10,280		50

Anhui Kouzi Distillery Co. Ltd., Class A		9,600		98

Anhui Yingjia Distillery Co. Ltd., Class A		9,500		92

Anjoy Foods Group Co. Ltd., Class A		4,100		98

ANTA Sports Products Ltd.		267,432		3,890

Apeloa Pharmaceutical Co. Ltd., Class A		9,400		29

Asia - Potash International Investment Guangzhou Co. Ltd., Class A*		11,600		46

Asymchem Laboratories Tianjin Co. Ltd., Class A		4,340		85

Autobio Diagnostics Co. Ltd., Class A		8,000		71

Autohome, Inc. ADR		16,023		536

Avary Holding Shenzhen Co. Ltd., Class A		23,000		104

AVIC Industry-Finance Holdings Co. Ltd., Class A		127,300		76

AviChina Industry & Technology Co. Ltd., Class H		558,313		292

AVICOPTER PLC, Class A		9,300		57

Baidu, Inc., Class A*		485,882		9,212

Bank of Beijing Co. Ltd., Class A		267,900		172

Bank of Changsha Co. Ltd., Class A		50,200		58

Bank of Chengdu Co. Ltd., Class A		35,500		70

Bank of China Ltd., Class A		427,900		210

Bank of China Ltd., Class H		17,504,652		6,700

Bank of Communications Co. Ltd., Class A		544,600		406

Bank of Communications Co. Ltd., Class H		1,926,117		1,209

Bank of Hangzhou Co. Ltd., Class A		81,220		138

Bank of Jiangsu Co. Ltd., Class A		202,344		207

Bank of Nanjing Co. Ltd., Class A		129,396		169

Bank of Ningbo Co. Ltd., Class A		85,950		343

Bank of Shanghai Co. Ltd., Class A		168,471		147

Bank of Suzhou Co. Ltd., Class A		26,200		27

Baoshan Iron & Steel Co. Ltd., Class A		294,496		267

BBMG Corp., Class A		139,100		50

BeiGene Ltd.*		135,834		2,245

Beijing Capital International Airport Co. Ltd., Class H*		392,000		289



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Beijing Dabeinong Technology Group Co. Ltd., Class A*		40,700		$46

Beijing Easpring Material Technology Co. Ltd., Class A		6,500		55

Beijing Enlight Media Co. Ltd., Class A		44,100		57

Beijing Enterprises Holdings Ltd.		107,271		387

Beijing Enterprises Water Group Ltd.		833,886		209

Beijing Kingsoft Office Software, Inc., Class A		5,789		399

Beijing New Building Materials PLC, Class A		20,100		79

Beijing Shiji Information Technology Co. Ltd., Class A		13,600		51

Beijing Tongrentang Co. Ltd., Class A		17,800		143

Beijing United Information Technology Co. Ltd., Class A		5,655		68

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		7,970		135

Beijing Yanjing Brewery Co. Ltd., Class A		47,400		97

Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		2,400		27

Bethel Automotive Safety Systems Co. Ltd., Class A		5,800		60

Betta Pharmaceuticals Co. Ltd., Class A		6,800		58

BGI Genomics Co. Ltd., Class A		7,400		74

Bilibili, Inc., Class Z*		41,811		982

Bloomage Biotechnology Corp. Ltd., Class A		4,950		82

BOC Aviation Ltd.		44,800		346

BOC International China Co. Ltd., Class A		28,600		45

BOE Technology Group Co. Ltd., Class A		538,400		349

Bosideng International Holdings Ltd.		698,000		391

BTG Hotels Group Co. Ltd., Class A		18,600		63

BYD Co. Ltd., Class A		24,000		900

BYD Co. Ltd., Class H		181,699		5,339

BYD Electronic International Co. Ltd.		150,500		470

By-health Co. Ltd., Class A		24,200		75

C&D International Investment Group Ltd.		136,000		445

Caitong Securities Co. Ltd., Class A		91,810		101

Canmax Technologies Co. Ltd., Class A		8,800		66

CECEP Solar Energy Co. Ltd., Class A		45,600		45

CECEP Wind-Power Corp., Class A		100,620		57



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

CETC Cyberspace Security Technology Co. Ltd., Class A		12,900		$73

CGN Power Co. Ltd., Class H		2,311,000		554

Changchun High & New Technology Industry Group, Inc., Class A		5,100		122

Changjiang Securities Co. Ltd., Class A		97,000		79

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		4,200		73

Chaozhou Three-Circle Group Co. Ltd., Class A		27,200		119

Chengtun Mining Group Co. Ltd., Class A		38,900		32

Chengxin Lithium Group Co. Ltd., Class A		8,300		42

China Baoan Group Co. Ltd., Class A		38,400		64

China Cinda Asset Management Co. Ltd., Class H		1,881,000		238

China CITIC Bank Corp. Ltd., Class H		1,953,286		984

China Coal Energy Co. Ltd., Class H		440,000		334

China Communications Services Corp. Ltd., Class H		523,035		258

China Conch Venture Holdings Ltd.		348,000		605

China Construction Bank Corp., Class A		102,900		89

China Construction Bank Corp., Class H		21,189,693		13,707

China CSSC Holdings Ltd., Class A		57,000		195

China Eastern Airlines Corp. Ltd., Class A*		145,900		109

China Energy Engineering Corp. Ltd., Class A		430,300		151

China Everbright Bank Co. Ltd., Class A		562,500		246

China Everbright Bank Co. Ltd., Class H		715,000		217

China Everbright Environment Group Ltd.		782,629		337

China Evergrande Group⁽²⁾*		1,126,411		2

China Feihe Ltd.		835,000		632

China Galaxy Securities Co. Ltd., Class A		66,700		97

China Galaxy Securities Co. Ltd., Class H		766,500		387

China Gas Holdings Ltd.		661,095		935

China Great Wall Securities Co. Ltd., Class A		36,100		44

China Greatwall Technology Group Co. Ltd., Class A		30,000		54

China Hongqiao Group Ltd.		497,500		479



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

China International Capital Corp. Ltd., Class A		15,200		$86

China International Capital Corp. Ltd., Class H		326,000		658

China Jinmao Holdings Group Ltd.		1,199,791		235

China Jushi Co. Ltd., Class A		51,222		109

China Lesso Group Holdings Ltd.		232,000		208

China Life Insurance Co. Ltd., Class A		35,600		173

China Life Insurance Co. Ltd., Class H		1,648,544		2,715

China Literature Ltd.*		87,400		447

China Longyuan Power Group Corp. Ltd., Class H		733,473		840

China Medical System Holdings Ltd.		289,000		458

China Meheco Co. Ltd., Class A		22,960		46

China Meidong Auto Holdings Ltd.		150,000		325

China Mengniu Dairy Co. Ltd.*		695,870		2,854

China Merchants Bank Co. Ltd., Class A		268,179		1,334

China Merchants Bank Co. Ltd., Class H		862,933		4,397

China Merchants Energy Shipping Co. Ltd., Class A		111,600		114

China Merchants Port Holdings Co. Ltd.		293,907		452

China Merchants Securities Co. Ltd., Class A		108,810		219

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		94,300		187

China Minsheng Banking Corp. Ltd., Class A		498,440		251

China Minsheng Banking Corp. Ltd., Class H		1,360,154		466

China National Building Material Co. Ltd., Class H		860,000		705

China National Chemical Engineering Co. Ltd., Class A		73,800		100

China National Nuclear Power Co. Ltd., Class A		233,298		217

China National Software & Service Co. Ltd., Class A		8,000		80

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		46,900		179

China Oilfield Services Ltd., Class H		404,757		415

China Overseas Land & Investment Ltd.		834,195		2,020

China Overseas Property Holdings Ltd.		280,000		344

China Pacific Insurance Group Co. Ltd., Class A		95,800		361



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

China Pacific Insurance Group Co. Ltd., Class H		575,537		$1,538

China Petroleum & Chemical Corp., Class A		440,800		361

China Petroleum & Chemical Corp., Class H		5,588,628		3,293

China Power International Development Ltd.		1,155,000		458

China Railway Group Ltd., Class A		257,500		259

China Railway Group Ltd., Class H		899,827		552

China Railway Signal &

Communication Corp. Ltd., Class A		110,341		87

China Rare Earth Resources And

Technology Co. Ltd., Class A*		14,300		70

China Resources Beer Holdings Co. Ltd.		354,948		2,858

China Resources Cement Holdings Ltd.		518,000		255

China Resources Gas Group Ltd.		205,658		760

China Resources Land Ltd.		707,432		3,242

China Resources Microelectronics Ltd., Class A		12,584		111

China Resources Mixc Lifestyle Services Ltd.		151,600		798

China Resources Pharmaceutical Group Ltd.		318,000		253

China Resources Power Holdings Co. Ltd.		423,735		900

China Resources Sanjiu Medical &

Pharmaceutical Co. Ltd., Class A		15,200		127

China Ruyi Holdings Ltd.*		1,172,000		308

China Shenhua Energy Co. Ltd., Class A		90,700		372

China Shenhua Energy Co. Ltd., Class H		736,136		2,322

China Southern Airlines Co. Ltd., Class A*		149,900		172

China Southern Airlines Co. Ltd., Class H*		390,530		280

China State Construction Engineering Corp. Ltd., Class A		549,480		465

China State Construction International Holdings Ltd.		451,600		510

China Taiping Insurance Holdings Co. Ltd.		305,304		326

China Three Gorges Renewables Group Co. Ltd., Class A		375,300		300

China Tourism Group Duty Free Corp. Ltd., Class A		25,200		677



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

China Tourism Group Duty Free Corp. Ltd., Class H*		14,900		$367

China Tower Corp. Ltd., Class H		9,802,000		1,186

China Traditional Chinese Medicine

Holdings Co. Ltd.		594,000		310

China United Network Communications Ltd., Class A		425,200		336

China Vanke Co. Ltd., Class A		136,800		304

China Vanke Co. Ltd., Class H		461,072		728

China Yangtze Power Co. Ltd., Class A		295,600		915

China Zhenhua Group Science & Technology Co. Ltd., Class A		5,900		77

China Zheshang Bank Co. Ltd., Class A*		194,100		81

Chinasoft International Ltd.*		590,000		371

Chongqing Brewery Co. Ltd., Class A		5,300		97

Chongqing Changan Automobile Co. Ltd., Class A		108,268		189

Chongqing Fuling Zhacai Group Co. Ltd., Class A		7,500		28

Chongqing Rural Commercial Bank Co. Ltd., Class A		136,800		73

Chongqing Zhifei Biological Products Co. Ltd., Class A		19,300		231

Chow Tai Fook Jewellery Group Ltd.		442,400		874

CITIC Ltd.		1,284,803		1,507

CITIC Securities Co. Ltd., Class A		165,945		497

CITIC Securities Co. Ltd., Class H		465,400		997

CMOC Group Ltd., Class A		236,400		207

CMOC Group Ltd., Class H		798,000		486

CNGR Advanced Material Co. Ltd., Class A		7,502		79

CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		44,225		42

Contemporary Amperex Technology Co. Ltd., Class A		32,300		1,924

COSCO SHIPPING Development Co. Ltd., Class A		118,200		43

COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		35,700		71

COSCO SHIPPING Holdings Co. Ltd., Class A		180,380		290

COSCO SHIPPING Holdings Co. Ltd., Class H		693,650		782

COSCO SHIPPING Ports Ltd.		397,886		266

Country Garden Holdings Co. Ltd.		2,740,886		765



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Country Garden Services Holdings Co. Ltd.		479,000		$836

CRRC Corp. Ltd., Class A		360,100		321

CRRC Corp. Ltd., Class H		904,000		493

CSC Financial Co. Ltd., Class A		53,600		201

CSPC Pharmaceutical Group Ltd.		1,955,360		1,921

Daan Gene Co. Ltd., Class A		24,160		57

Dajin Heavy Industry Co. Ltd., Class A		10,500		54

Dali Foods Group Co. Ltd.		474,000		197

Daqin Railway Co. Ltd., Class A		194,400		203

Daqo New Energy Corp. ADR*		12,747		597

DaShenLin Pharmaceutical Group Co. Ltd., Class A		14,244		78

Datang International Power Generation Co. Ltd., Class A*		57,100		25

DHC Software Co. Ltd., Class A		58,000		70

Do-Fluoride New Materials Co. Ltd., Class A		11,200		54

Dong-E-E-Jiao Co. Ltd., Class A		11,200		86

Dongfang Electric Corp. Ltd., Class A		31,200		86

Dongfeng Motor Group Co. Ltd., Class H		599,169		282

Dongxing Securities Co. Ltd., Class A		59,000		72

Dongyue Group Ltd.		318,000		330

East Buy Holding Ltd.*		86,000		369

East Money Information Co. Ltd., Class A		173,020		507

Ecovacs Robotics Co. Ltd., Class A		8,100		98

ENN Energy Holdings Ltd.		173,579		2,371

ENN Natural Gas Co. Ltd., Class A		31,600		96

Eve Energy Co. Ltd., Class A		27,196		277

Everbright Securities Co. Ltd., Class A		44,198		98

Fangda Carbon New Material Co. Ltd., Class A*		55,582		52

Far East Horizon Ltd.		319,000		288

FAW Jiefang Group Co. Ltd., Class A		48,500		59

First Capital Securities Co. Ltd., Class A		72,300		63

Flat Glass Group Co. Ltd., Class A		23,600		118

Flat Glass Group Co. Ltd., Class H		88,000		251

Focus Media Information Technology Co. Ltd., Class A		172,400		173

Foshan Haitian Flavouring & Food Co. Ltd., Class A		49,965		556

Fosun International Ltd.		528,865		386

Foxconn Industrial Internet Co. Ltd., Class A		153,600		384



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Fujian Sunner Development Co. Ltd., Class A		20,900		$75

Fuyao Glass Industry Group Co. Ltd., Class A		24,792		126

Fuyao Glass Industry Group Co. Ltd., Class H		136,800		594

Ganfeng Lithium Group Co. Ltd., Class A		22,940		223

Ganfeng Lithium Group Co. Ltd., Class H		78,720		491

Gaona Aero Material Co. Ltd., Class A		9,300		51

G-bits Network Technology Xiamen Co. Ltd., Class A		1,300		90

GCL Technology Holdings Ltd.*		4,451,000		1,158

GD Power Development Co. Ltd., Class A*		242,200		134

GDS Holdings Ltd., Class A*		186,380		439

Geely Automobile Holdings Ltd.		1,321,641		1,701

GEM Co. Ltd., Class A		79,200		86

Gemdale Corp., Class A		56,900		70

Genscript Biotech Corp.*		256,000		545

GF Securities Co. Ltd., Class A		77,893		180

GF Securities Co. Ltd., Class H		250,000		353

GigaDevice Semiconductor, Inc., Class A		8,880		159

Ginlong Technologies Co. Ltd., Class A*		4,450		87

GoerTek, Inc., Class A		41,300		129

GoodWe Technologies Co. Ltd., Class A		1,424		60

Gotion High-tech Co. Ltd., Class A		24,200		105

Great Wall Motor Co. Ltd., Class A		34,400		140

Great Wall Motor Co. Ltd., Class H		655,296		816

Gree Electric Appliances, Inc. of Zhuhai, Class A		39,100		209

Greentown China Holdings Ltd.		192,000		250

Greentown Service Group Co. Ltd.		306,000		192

GRG Banking Equipment Co. Ltd., Class A		45,800		82

Guangdong Haid Group Co. Ltd., Class A		22,400		190

Guangdong HEC Technology Holding Co. Ltd., Class A		48,500		63

Guangdong Investment Ltd.		628,514		644

Guangdong Kinlong Hardware Products Co. Ltd., Class A		3,400		40



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Guanghui Energy Co. Ltd., Class A		80,900		$109

Guangzhou Automobile Group Co. Ltd., Class A		68,100		111

Guangzhou Automobile Group Co. Ltd., Class H		649,664		412

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		22,600		109

Guangzhou Great Power Energy &

Technology Co. Ltd., Class A		6,300		52

Guangzhou Haige Communications Group, Inc. Co., Class A		40,500		62

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		7,000		90

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		8,200		89

Guangzhou Tinci Materials Technology Co. Ltd., Class A		22,180		136

Guangzhou Yuexiu Capital Holdings

Group Co. Ltd., Class A		37,347		36

Guolian Securities Co. Ltd., Class A		44,000		68

Guosen Securities Co. Ltd., Class A		99,200		135

Guotai Junan Securities Co. Ltd., Class A		109,900		230

Guoyuan Securities Co. Ltd., Class A		39,160		39

H World Group Ltd. ADR		42,560		2,085

Haidilao International Holding Ltd.*		238,000		639

Haier Smart Home Co. Ltd., Class A		89,297		294

Haier Smart Home Co. Ltd., Class H		502,400		1,576

Haitian International Holdings Ltd.		137,000		356

Haitong Securities Co. Ltd., Class A		145,700		187

Haitong Securities Co. Ltd., Class H		627,233		393

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		40,800		54

Hangzhou Chang Chuan Technology Co. Ltd., Class A		8,600		61

Hangzhou First Applied Material Co. Ltd., Class A		17,684		151

Hangzhou Lion Electronics Co. Ltd., Class A		10,000		80

Hangzhou Oxygen Plant Group Co. Ltd., Class A		11,900		58

Hangzhou Robam Appliances Co. Ltd., Class A		7,600		31

Hangzhou Silan Microelectronics Co. Ltd., Class A		17,200		93



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Hangzhou Tigermed Consulting Co. Ltd., Class A		6,500		$91

Hangzhou Tigermed Consulting Co. Ltd., Class H		25,700		242

Hansoh Pharmaceutical Group Co. Ltd.		252,000		440

Heilongjiang Agriculture Co. Ltd., Class A		30,600		60

Henan Shenhuo Coal & Power Co. Ltd., Class A		34,200		89

Henan Shuanghui Investment &

Development Co. Ltd., Class A		48,100		182

Hengan International Group Co. Ltd.		136,398		630

Hengdian Group DMEGC Magnetics Co. Ltd., Class A		23,700		71

Hengli Petrochemical Co. Ltd., Class A		71,260		168

Hengtong Optic-electric Co. Ltd., Class A		37,800		83

Hengyi Petrochemical Co. Ltd., Class A		57,330		68

Hesteel Co. Ltd., Class A		142,400		48

Hithink RoyalFlush Information Network Co. Ltd., Class A		6,100		181

Hongfa Technology Co. Ltd., Class A		2,880		14

Hoshine Silicon Industry Co. Ltd., Class A		10,900		132

Hua Hong Semiconductor Ltd.*		125,000		558

Huadian Power International Corp. Ltd., Class A		84,100		71

Huadong Medicine Co. Ltd., Class A		22,720		154

Huafon Chemical Co. Ltd., Class A		83,600		91

Huaibei Mining Holdings Co. Ltd., Class A		38,100		75

Hualan Biological Engineering, Inc., Class A		26,070		83

Huaneng Power International, Inc., Class A*		98,100		122

Huaneng Power International, Inc., Class H*		886,501		467

Huatai Securities Co. Ltd., Class A		107,400		199

Huatai Securities Co. Ltd., Class H		331,200		379

Huaxi Securities Co. Ltd., Class A		44,400		53

Huaxia Bank Co. Ltd., Class A		156,390		123

Huaxin Cement Co. Ltd., Class A		10,700		24

Huayu Automotive Systems Co. Ltd., Class A		42,200		103

Hubei Feilihua Quartz Glass Co. Ltd., Class A		8,400		54



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		13,900		$58

Hubei Xingfa Chemicals Group Co. Ltd., Class A		10,600		47

Huizhou Desay Sv Automotive Co. Ltd., Class A		7,900		127

Humanwell Healthcare Group Co. Ltd., Class A		22,400		87

Hunan Changyuan Lico Co. Ltd., Class A		27,015		59

Hunan Valin Steel Co. Ltd., Class A		105,500		86

Hundsun Technologies, Inc., Class A		23,646		184

Hygeia Healthcare Holdings Co. Ltd.*		72,400		518

Iflytek Co. Ltd., Class A		31,400		293

Imeik Technology Development Co. Ltd., Class A		2,900		237

Industrial & Commercial Bank of China Ltd., Class A		852,800		554

Industrial & Commercial Bank of China Ltd., Class H		12,431,023		6,618

Industrial Bank Co. Ltd., Class A		271,000		668

Industrial Securities Co. Ltd., Class A		126,400		113

Ingenic Semiconductor Co. Ltd., Class A		4,200		55

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		580,400		160

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		29,200		57

Inner Mongolia ERDOS Resources Co. Ltd., Class A		18,200		41

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		130,200		86

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		84,300		357

Inner Mongolia Yitai Coal Co. Ltd., Class B		228,400		337

Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		53,900		68

Innovent Biologics, Inc.*		236,500		1,056

Inspur Electronic Information Industry Co. Ltd., Class A		25,656		131

iQIYI, Inc. ADR*		93,865		683

iRay Technology Co. Ltd., Class A		971		51

JA Solar Technology Co. Ltd., Class A		29,940		250

Jafron Biomedical Co. Ltd., Class A		13,500		60

Jason Furniture Hangzhou Co. Ltd., Class A		8,450		50



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

JCET Group Co. Ltd., Class A		25,900		$123

JD Health International, Inc.*		243,450		1,798

JD.com, Inc., Class A		475,166		10,414

Jiangsu Eastern Shenghong Co. Ltd., Class A		54,800		109

Jiangsu Expressway Co. Ltd., Class H		260,000		242

Jiangsu Hengli Hydraulic Co. Ltd., Class A		16,468		158

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		83,985		524

Jiangsu King’s Luck Brewery JSC Ltd., Class A		17,800		168

Jiangsu Pacific Quartz Co. Ltd., Class A		4,900		88

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		19,600		471

Jiangsu Yangnong Chemical Co. Ltd., Class A		4,700		66

Jiangsu Yoke Technology Co. Ltd., Class A		7,700		58

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		8,300		39

Jiangsu Zhongtian Technology Co. Ltd., Class A		40,200		100

Jiangxi Copper Co. Ltd., Class A		33,099		96

Jiangxi Copper Co. Ltd., Class H		246,000		415

Jiangxi Special Electric Motor Co. Ltd., Class A*		26,300		59

JiuGui Liquor Co. Ltd., Class A		3,200		61

Jiumaojiu International Holdings Ltd.		155,000		366

Jizhong Energy Resources Co. Ltd., Class A		54,400		54

Joincare Pharmaceutical Group

Industry Co. Ltd., Class A		34,700		67

Joinn Laboratories China Co. Ltd., Class A		5,108		39

Jointown Pharmaceutical Group Co. Ltd., Class A		23,300		51

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		8,400		45

JOYY, Inc. ADR		9,958		310

Juewei Food Co. Ltd., Class A		6,300		40

Juneyao Airlines Co. Ltd., Class A*		25,900		68

Kangmei Pharmaceutical Co. Ltd.⁽²⁾*		5,336		—

Kanzhun Ltd. ADR*		40,232		766

KE Holdings, Inc. ADR*		146,717		2,764



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Keda Industrial Group Co. Ltd., Class A		29,800		$63

Kingboard Holdings Ltd.		142,000		437

Kingdee International Software Group Co. Ltd.*		570,000		916

Kingsoft Corp. Ltd.		204,303		1,002

Kuaishou Technology*		389,000		2,971

Kuang-Chi Technologies Co. Ltd., Class A		32,000		77

Kunlun Energy Co. Ltd.		865,230		678

Kweichow Moutai Co. Ltd., Class A		16,595		4,387

LB Group Co. Ltd., Class A		29,400		87

Lenovo Group Ltd.		1,614,000		1,748

Lens Technology Co. Ltd., Class A		60,300		120

Lepu Medical Technology Beijing Co. Ltd., Class A		17,300		58

Li Auto, Inc., Class A*		245,330		3,073

Li Ning Co. Ltd.		523,000		4,122

Liaoning Port Co. Ltd., Class A		253,500		59

Lingyi iTech Guangdong Co., Class A*		113,200		102

Livzon Pharmaceutical Group, Inc., Class A		10,600		58

Longfor Group Holdings Ltd.		411,231		1,158

LONGi Green Energy Technology Co. Ltd., Class A		98,070		578

Lufax Holding Ltd. ADR		145,900		298

Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		4,080		27

Luxi Chemical Group Co. Ltd., Class A		17,200		34

Luxshare Precision Industry Co. Ltd., Class A		92,405		408

Luzhou Laojiao Co. Ltd., Class A		19,000		703

Mango Excellent Media Co. Ltd., Class A		22,070		120

Maxscend Microelectronics Co. Ltd., Class A		6,880		125

Meihua Holdings Group Co. Ltd., Class A		45,200		64

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		55,676		61

Meituan, Class B⁽³⁾*		1,091,418		19,824

Metallurgical Corp. of China Ltd., Class A		198,300		112

Microport Scientific Corp.*		136,700		324

Ming Yang Smart Energy Group Ltd., Class A		30,600		100

MINISO Group Holding Ltd. ADR		21,001		373



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Minth Group Ltd.		160,000		$482

Montage Technology Co. Ltd., Class A		13,959		142

Muyuan Foods Co. Ltd., Class A		69,078		493

Nanjing King-Friend Biochemical

Pharmaceutical Co. Ltd., Class A		27,175		65

NARI Technology Co. Ltd., Class A		88,422		349

NAURA Technology Group Co. Ltd., Class A		6,400		249

NavInfo Co. Ltd., Class A		33,500		66

NetEase, Inc.		434,075		7,672

New China Life Insurance Co. Ltd., Class A		29,300		131

New China Life Insurance Co. Ltd., Class H		192,352		460

New Hope Liuhe Co. Ltd., Class A*		63,200		122

New Oriental Education & Technology Group, Inc.*		333,720		1,291

Ninestar Corp., Class A		19,800		129

Ningbo Deye Technology Co. Ltd., Class A		2,300		86

Ningbo Joyson Electronic Corp., Class A*		10,600		24

Ningbo Orient Wires & Cables Co. Ltd., Class A		6,900		50

Ningbo Ronbay New Energy Technology Co. Ltd., Class A		7,198		72

Ningbo Shanshan Co. Ltd., Class A		25,600		64

Ningbo Tuopu Group Co. Ltd., Class A		13,100		123

Ningxia Baofeng Energy Group Co. Ltd., Class A		102,200		220

NIO, Inc. ADR*		301,573		3,170

Nongfu Spring Co. Ltd., Class H		386,200		2,217

North Industries Group Red Arrow Co. Ltd., Class A		21,100		70

Offcn Education Technology Co. Ltd., Class A*		84,800		61

Offshore Oil Engineering Co. Ltd., Class A		50,500		45

Oppein Home Group, Inc., Class A		6,220		109

Orient Securities Co. Ltd., Class A		102,839		147

Ovctek China, Inc., Class A		8,900		43

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		82,300		59

PDD Holdings, Inc. ADR*		111,441		8,458

People’s Insurance Co. Group of China (The) Ltd., Class A		157,800		120



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

People’s Insurance Co. Group of China (The) Ltd., Class H		1,822,535		$610

Perfect World Co. Ltd., Class A		15,050		37

PetroChina Co. Ltd., Class A		314,000		271

PetroChina Co. Ltd., Class H		4,635,438		2,750

Pharmaron Beijing Co. Ltd., Class A		12,750		91

Pharmaron Beijing Co. Ltd., Class H		42,950		179

PICC Property & Casualty Co. Ltd., Class H		1,503,359		1,536

Ping An Bank Co. Ltd., Class A		252,000		458

Ping An Healthcare and Technology Co. Ltd.*		107,500		272

Ping An Insurance Group Co. of China Ltd., Class A		144,735		958

Ping An Insurance Group Co. of China Ltd., Class H		1,394,406		9,038

Pingdingshan Tianan Coal Mining Co. Ltd., Class A		34,900		53

Poly Developments and Holdings Group Co. Ltd., Class A		154,200		317

Pop Mart International Group Ltd.		117,600		324

Porton Pharma Solutions Ltd., Class A		7,700		42

Postal Savings Bank of China Co. Ltd., Class A		329,200		223

Postal Savings Bank of China Co. Ltd., Class H		1,749,000		1,042

Power Construction Corp. of China Ltd., Class A		231,300		240

Proya Cosmetics Co. Ltd., Class A		1,700		45

Pylon Technologies Co. Ltd., Class A		2,023		73

Qinghai Salt Lake Industry Co. Ltd., Class A*		69,700		228

Raytron Technology Co. Ltd., Class A		7,223		52

Risen Energy Co. Ltd., Class A*		15,400		63

Riyue Heavy Industry Co. Ltd., Class A		15,700		51

Rongsheng Petrochemical Co. Ltd., Class A		127,900		282

SAIC Motor Corp. Ltd., Class A		120,693		253

Sailun Group Co. Ltd., Class A		48,300		76

Sangfor Technologies, Inc., Class A		4,400		95

Sany Heavy Equipment International Holdings Co. Ltd.		238,000		248

Sany Heavy Industry Co. Ltd., Class A		107,000		267

Satellite Chemical Co. Ltd., Class A		43,761		102

SDIC Capital Co. Ltd., Class A		96,000		97

Sealand Securities Co. Ltd., Class A		95,440		47



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Seazen Holdings Co. Ltd., Class A*		25,694		$61

SF Holding Co. Ltd., Class A		63,700		513

SG Micro Corp., Class A		4,500		102

Shaanxi Coal Industry Co. Ltd., Class A		128,700		382

Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		21,700		44

Shandong Buchang Pharmaceuticals Co. Ltd., Class A		6,956		20

Shandong Gold Mining Co. Ltd., Class A		45,337		145

Shandong Gold Mining Co. Ltd., Class H		156,500		317

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		27,340		140

Shandong Linglong Tyre Co. Ltd., Class A		17,500		50

Shandong Nanshan Aluminum Co. Ltd., Class A		171,500		85

Shandong Sun Paper Industry JSC Ltd., Class A		32,500		58

Shandong Weifang Rainbow Chemical Co. Ltd., Class A		4,000		40

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		532,516		854

Shanghai Aiko Solar Energy Co. Ltd., Class A*		17,500		84

Shanghai Bairun Investment Holding Group Co. Ltd., Class A		14,640		87

Shanghai Baosight Software Co. Ltd., Class A		17,000		144

Shanghai Baosight Software Co. Ltd., Class B		109,870		364

Shanghai Construction Group Co. Ltd., Class A		87,900		35

Shanghai Electric Group Co. Ltd., Class A*		161,200		104

Shanghai Electric Power Co. Ltd., Class A*		46,300		67

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		25,300		120

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		108,000		309

Shanghai Friendess Electronic Technology Corp. Ltd., Class A		2,163		58

Shanghai Fudan Microelectronics Group Co. Ltd., Class A		6,163		59



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Shanghai Fudan Microelectronics Group Co. Ltd., Class H		59,000		$218

Shanghai Industrial Urban Development Group Ltd.⁽⁴⁾		1		—

Shanghai International Airport Co. Ltd., Class A*		17,200		140

Shanghai International Port Group Co. Ltd., Class A		109,600		88

Shanghai Jinjiang International Hotels Co. Ltd., Class A		12,600		116

Shanghai Junshi Biosciences Co. Ltd., Class A*		9,421		66

Shanghai Lingang Holdings Corp. Ltd., Class A		41,280		76

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		220,601		171

Shanghai M&G Stationery, Inc., Class A		10,400		75

Shanghai Medicilon, Inc., Class A		1,218		28

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		37,200		110

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		172,947		322

Shanghai Pudong Development Bank Co. Ltd., Class A		391,192		410

Shanghai Putailai New Energy Technology Co. Ltd., Class A		17,760		129

Shanghai RAAS Blood Products Co. Ltd., Class A		94,600		89

Shanghai Rural Commercial Bank Co. Ltd., Class A		113,200		95

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		54,500		65

Shanxi Coking Coal Energy Group Co. Ltd., Class A		44,120		71

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		36,200		115

Shanxi Meijin Energy Co. Ltd., Class A		56,000		75

Shanxi Securities Co. Ltd., Class A		64,030		54

Shanxi Taigang Stainless Steel Co. Ltd., Class A		87,300		55

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		15,760		624

Shenghe Resources Holding Co. Ltd., Class A		26,000		54

Shengyi Technology Co. Ltd., Class A		26,300		71

Shennan Circuits Co. Ltd., Class A		7,480		101



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Shenwan Hongyuan Group Co. Ltd., Class A		355,200		$216

Shenzhen Capchem Technology Co. Ltd., Class A		10,260		73

Shenzhen Dynanonic Co. Ltd., Class A		2,400		66

Shenzhen Energy Group Co. Ltd., Class A		58,255		52

Shenzhen Inovance Technology Co. Ltd., Class A		35,500		364

Shenzhen International Holdings Ltd.		306,274		271

Shenzhen Kangtai Biological Products Co. Ltd., Class A		11,360		52

Shenzhen Kedali Industry Co. Ltd., Class A		3,500		66

Shenzhen Kstar Science And Technology Co. Ltd., Class A		9,300		63

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		15,800		720

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		9,800		87

Shenzhen Overseas Chinese Town Co. Ltd., Class A		112,400		79

Shenzhen S.C. New Energy Technology Corp., Class A		5,300		88

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		18,000		93

Shenzhen Senior Technology Material Co. Ltd., Class A		17,231		48

Shenzhen Sunlord Electronics Co. Ltd., Class A		13,800		52

Shenzhen Transsion Holdings Co. Ltd., Class A		10,391		153

Shenzhen YUTO Packaging Technology Co. Ltd., Class A		14,500		59

Shenzhou International Group Holdings Ltd.		182,100		1,902

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		18,940		80

Shimao Group Holdings Ltd.⁽²⁾*		354,903		152

Sichuan Chuantou Energy Co. Ltd., Class A		56,000		108

Sichuan Hebang Biotechnology Co. Ltd., Class A		135,700		59

Sichuan Kelun Pharmaceutical Co. Ltd., Class A		13,800		57

Sichuan New Energy Power Co. Ltd.*		18,700		43



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Sichuan Road and Bridge Group Co. Ltd., Class A		73,500		$148

Sichuan Swellfun Co. Ltd., Class A		4,700		51

Sichuan Yahua Industrial Group Co. Ltd., Class A		17,300		53

Sieyuan Electric Co. Ltd., Class A		11,000		73

Silergy Corp.		71,000		1,140

Sinoma Science & Technology Co. Ltd., Class A		26,300		93

Sinomine Resource Group Co. Ltd., Class A		7,000		72

Sinopec Shanghai Petrochemical Co. Ltd., Class A		115,300		57

Sinopharm Group Co. Ltd., Class H		299,114		904

Skshu Paint Co. Ltd., Class A*		6,700		114

Smoore International Holdings Ltd.		388,000		503

Songcheng Performance Development Co. Ltd., Class A		24,100		57

SooChow Securities Co. Ltd., Class A		45,943		46

Southwest Securities Co. Ltd., Class A		103,600		59

StarPower Semiconductor Ltd., Class A		1,900		76

Sunac China Holdings Ltd.⁽²⁾*		889,000		336

Sungrow Power Supply Co. Ltd., Class A		19,200		294

Sunny Optical Technology Group Co. Ltd.		156,825		1,905

Sunwoda Electronic Co. Ltd., Class A		17,800		52

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		25,700		114

Suzhou Maxwell Technologies Co. Ltd., Class A		2,280		101

TAL Education Group ADR*		96,065		616

Tangshan Jidong Cement Co. Ltd., Class A		41,000		52

TBEA Co. Ltd., Class A		51,300		163

TCL Technology Group Corp., Class A		245,100		158

TCL Zhonghuan Renewable Energy

Technology Co. Ltd., Class A		42,200		298

Tencent Holdings Ltd.		1,370,189		66,952

Tencent Music Entertainment Group ADR*		156,573		1,296

Thunder Software Technology Co. Ltd., Class A		6,900		109

Tianjin 712 Communication &

Broadcasting Co. Ltd., Class A		12,200		55



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Tianma Microelectronics Co. Ltd., Class A		25,400		$39

Tianqi Lithium Corp., Class A*		18,800		208

Tianshan Aluminum Group Co. Ltd., Class A		36,700		41

Tianshui Huatian Technology Co. Ltd., Class A		27,200		40

Tibet Summit Resources Co. Ltd., Class A*		13,100		44

Tingyi Cayman Islands Holding Corp.		420,435		703

Titan Wind Energy Suzhou Co. Ltd., Class A		26,600		57

Toly Bread Co. Ltd., Class A		18,032		41

Tongcheng Travel Holdings Ltd.*		261,200		571

TongFu Microelectronics Co. Ltd., Class A*		22,400		73

Tongkun Group Co. Ltd., Class A		24,900		52

Tongling Nonferrous Metals Group Co. Ltd., Class A		159,700		75

Tongwei Co. Ltd., Class A		58,300		332

Topchoice Medical Corp., Class A*		4,700		89

Topsports International Holdings Ltd.		398,000		361

TravelSky Technology Ltd., Class H		202,000		378

Trina Solar Co. Ltd., Class A		28,251		214

Trip.com Group Ltd. ADR*		120,119		4,525

Tsingtao Brewery Co. Ltd., Class A		8,300		146

Tsingtao Brewery Co. Ltd., Class H		137,767		1,505

Unigroup Guoxin Microelectronics Co. Ltd., Class A		10,479		170

Uni-President China Holdings Ltd.		278,000		281

Unisplendour Corp. Ltd., Class A		32,948		141

Vipshop Holdings Ltd. ADR*		91,468		1,388

Walvax Biotechnology Co. Ltd., Class A		20,500		103

Wanda Film Holding Co. Ltd., Class A*		31,200		65

Wanhua Chemical Group Co. Ltd., Class A		41,200		574

Want Want China Holdings Ltd.		1,011,870		650

Weibo Corp. ADR*		14,790		297

Weichai Power Co. Ltd., Class A		111,400		205

Weichai Power Co. Ltd., Class H		427,812		690

Weihai Guangwei Composites Co. Ltd., Class A		7,900		59

Wens Foodstuffs Group Co. Ltd., Class A		82,200		245

Western Mining Co. Ltd., Class A		37,500		69

Western Securities Co. Ltd., Class A		61,100		57



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Western Superconducting Technologies Co. Ltd., Class A		6,181		$73

Will Semiconductor Co. Ltd. Shanghai, Class A		15,835		211

Wingtech Technology Co. Ltd., Class A		14,600		118

Wuchan Zhongda Group Co. Ltd., Class A		54,900		39

Wuhan D.R. Laser Technology Corp. Ltd., Class A		3,400		54

Wuhan Guide Infrared Co. Ltd., Class A		32,943		58

Wuliangye Yibin Co. Ltd., Class A		52,300		1,495

WUS Printed Circuit Kunshan Co. Ltd., Class A		28,980		91

WuXi AppTec Co. Ltd., Class A		35,592		411

WuXi AppTec Co. Ltd., Class H		75,811		800

Wuxi Autowell Technology Co. Ltd., Class A		2,208		59

Wuxi Biologics Cayman, Inc.*		789,500		4,883

Wuxi Shangji Automation Co. Ltd., Class A		4,820		72

XCMG Construction Machinery Co. Ltd., Class A		159,500		161

Xiamen C & D, Inc., Class A		40,800		72

Xiamen Faratronic Co. Ltd., Class A		3,200		68

Xiamen Tungsten Co. Ltd., Class A		21,200		63

Xiaomi Corp., Class B*		3,355,400		5,158

Xinjiang Goldwind Science & Technology Co. Ltd., Class A		42,100		68

Xinjiang Zhongtai Chemical Co. Ltd., Class A		38,600		41

Xinyi Solar Holdings Ltd.		1,076,318		1,292

XPeng, Inc., Class A*		187,958		1,052

Xtep International Holdings Ltd.		284,500		364

Yadea Group Holdings Ltd.		262,000		673

Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		7,600		61

Yankuang Energy Group Co. Ltd., Class A		32,300		168

Yankuang Energy Group Co. Ltd., Class H		335,138		1,198

Yantai Jereh Oilfield Services Group Co. Ltd., Class A		15,500		64

Yealink Network Technology Corp. Ltd., Class A		13,600		151

Yifeng Pharmacy Chain Co. Ltd., Class A		7,756		66



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Yihai International Holding Ltd.*		101,000		$294

Yihai Kerry Arawana Holdings Co. Ltd., Class A		20,200		127

Yintai Gold Co. Ltd., Class A		38,800		74

YongXing Special Materials Technology Co. Ltd., Class A		4,400		54

Yonyou Network Technology Co. Ltd., Class A		42,835		157

Youngor Group Co. Ltd., Class A		48,800		46

Youngy Co. Ltd., Class A*		3,700		41

YTO Express Group Co. Ltd., Class A		41,800		112

Yuan Longping High-tech Agriculture Co. Ltd., Class A*		20,800		50

Yuexiu Property Co. Ltd.		298,600		452

Yum China Holdings, Inc.		92,210		5,845

Yunda Holding Co. Ltd., Class A		41,450		72

Yunnan Aluminium Co. Ltd., Class A		53,200		106

Yunnan Baiyao Group Co. Ltd., Class A		21,700		173

Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		2,700		50

Yunnan Energy New Material Co. Ltd., Class A		11,400		190

Yunnan Tin Co. Ltd., Class A		15,600		34

Yunnan Yuntianhua Co. Ltd., Class A*		20,000		62

Zai Lab Ltd. ADR*		18,766		624

Zangge Mining Co. Ltd., Class A		18,500		65

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		7,993		332

Zhaojin Mining Industry Co. Ltd., Class H*		258,000		391

Zhefu Holding Group Co. Ltd., Class A		87,100		52

Zhejiang Century Huatong Group Co. Ltd., Class A*		110,560		97

Zhejiang China Commodities City Group Co. Ltd., Class A		86,100		72

Zhejiang Chint Electrics Co. Ltd., Class A		28,994		118

Zhejiang Dahua Technology Co. Ltd., Class A		49,000		162

Zhejiang Dingli Machinery Co. Ltd., Class A		8,340		67

Zhejiang Expressway Co. Ltd., Class H		341,294		272

Zhejiang HangKe Technology, Inc. Co., Class A		6,423		42

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		23,210		68



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

China – 31.0% continued

Zhejiang Huayou Cobalt Co. Ltd., Class A		20,515		$165

Zhejiang Jingsheng Mechanical &

Electrical Co. Ltd., Class A		17,200		164

Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		7,700		37

Zhejiang Juhua Co. Ltd., Class A		32,100		83

Zhejiang NHU Co. Ltd., Class A		42,448		111

Zhejiang Supcon Technology Co. Ltd., Class A		5,780		87

Zhejiang Supor Co. Ltd., Class A		4,700		37

Zhejiang Weiming Environment Protection Co. Ltd., Class A		19,250		51

Zhejiang Weixing New Building Materials Co. Ltd., Class A		22,500		80

Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		3,900		27

Zhejiang Yongtai Technology Co. Ltd., Class A		13,500		41

Zheshang Securities Co. Ltd., Class A		41,500		61

ZhongAn Online P&C Insurance Co. Ltd., Class H*		151,200		480

Zhongji Innolight Co. Ltd., Class A		12,900		111

Zhongsheng Group Holdings Ltd.		134,000		665

Zhongtai Securities Co. Ltd., Class A		59,500		58

Zhuzhou CRRC Times Electric Co. Ltd.		117,874		514

Zhuzhou CRRC Times Electric Co. Ltd., Class A		8,479		59

Zhuzhou Hongda Electronics Corp. Ltd., Class A		5,400		36

Zhuzhou Kibing Group Co. Ltd., Class A		24,300		37

Zibo Qixiang Tengda Chemical Co. Ltd., Class A*		40,400		42

Zijin Mining Group Co. Ltd., Class A		288,700		519

Zijin Mining Group Co. Ltd., Class H		1,280,162		2,135

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		111,600		101

ZTE Corp., Class A		56,100		267

ZTE Corp., Class H		165,317		481

ZTO Express Cayman, Inc. ADR		92,583		2,653

				469,762

Colombia – 0.0%

Bancolombia S.A.		54,088		406

Interconexion Electrica S.A. ESP		94,263		307

				713



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Czech Republic – 0.2%

CEZ A.S.		35,797		$1,739

Komercni Banka A.S.		16,270		539

Moneta Money Bank A.S.		74,541		300

				2,578

Egypt – 0.1%

Commercial International Bank Egypt S.A.E.		559,867		927

Eastern Co. S.A.E.		208,647		119

Egyptian Financial Group-Hermes

Holding Co.*		171,045		93

				1,139

Greece – 0.4%

Alpha Services and Holdings S.A.*		474,617		583

Eurobank Ergasias Services and Holdings S.A.*		556,944		738

FF Group⁽²⁾*		18,664		—

Hellenic Telecommunications Organization S.A.		43,080		631

JUMBO S.A.		25,010		530

Motor Oil Hellas Corinth Refineries S.A.		13,711		352

Mytilineos S.A.		21,571		613

National Bank of Greece S.A.*		118,347		574

OPAP S.A.		45,106		725

Public Power Corp. S.A.*		44,843		389

Terna Energy S.A.		13,201		282

				5,417

Hong Kong – 0.2%

Kingboard Laminates Holdings Ltd.		194,500		203

Nine Dragons Paper Holdings Ltd.		351,923		263

Orient Overseas International Ltd.		28,000		536

Sino Biopharmaceutical Ltd.		2,274,750		1,272

Vinda International Holdings Ltd.		78,000		188

				2,462

Hungary – 0.2%

MOL Hungarian Oil & Gas PLC		91,242		668

OTP Bank Nyrt.		49,276		1,405

Richter Gedeon Nyrt.		31,333		655

				2,728

India – 12.4%

ABB India Ltd.		11,290		463

ACC Ltd.		16,019		327

Adani Enterprises Ltd.		37,705		813

Adani Green Energy Ltd.*		69,249		745



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

India – 12.4% continued

Adani Ports & Special Economic Zone Ltd.		117,354		$906

Adani Power Ltd.*		164,764		386

Adani Total Gas Ltd.		60,012		635

Adani Transmission Ltd.*		60,895		739

Ambuja Cements Ltd.		127,258		569

Apollo Hospitals Enterprise Ltd.		22,265		1,170

Asian Paints Ltd.		84,730		2,855

AU Small Finance Bank Ltd.⁽³⁾		37,408		264

Aurobindo Pharma Ltd.		55,152		348

Avenue Supermarts Ltd.*		35,631		1,477

Axis Bank Ltd.		502,036		5,253

Bajaj Auto Ltd.		15,155		717

Bajaj Finance Ltd.		60,042		4,115

Bajaj Finserv Ltd.		84,471		1,303

Bajaj Holdings & Investment Ltd.		6,118		441

Balkrishna Industries Ltd.		16,558		395

Bandhan Bank Ltd.*		132,767		318

Bank of Baroda		230,103		473

Berger Paints India Ltd.		51,928		368

Bharat Electronics Ltd.		811,062		964

Bharat Forge Ltd.		54,832		515

Bharat Petroleum Corp. Ltd.		192,969		809

Bharti Airtel Ltd.		493,454		4,503

Britannia Industries Ltd.		23,850		1,257

CG Power & Industrial Solutions Ltd.		135,384		495

Cholamandalam Investment and Finance Co. Ltd.		88,673		823

Cipla Ltd.		105,802		1,160

Coal India Ltd.		343,764		894

Colgate-Palmolive India Ltd.		28,172		517

Container Corp. of India Ltd.		58,847		416

Dabur India Ltd.		139,152		923

Divi’s Laboratories Ltd.		29,070		1,001

DLF Ltd.		145,171		632

Dr. Reddy’s Laboratories Ltd.		25,434		1,431

Eicher Motors Ltd.		30,183		1,084

GAIL India Ltd.		516,998		663

Godrej Consumer Products Ltd.*		90,286		1,065

Godrej Properties Ltd.*		28,075		354

Grasim Industries Ltd.		58,519		1,164

Havells India Ltd.		55,742		807

HCL Technologies Ltd.		209,409		2,778

HDFC Life Insurance Co. Ltd.		211,660		1,288



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

India – 12.4% continued

Hero MotoCorp Ltd.		24,514		$701

Hindalco Industries Ltd.		294,841		1,461

Hindustan Petroleum Corp. Ltd.		137,970		398

Hindustan Unilever Ltd.		181,627		5,672

Housing Development Finance Corp. Ltd.		380,110		12,180

ICICI Bank Ltd.		1,135,223		12,174

ICICI Lombard General Insurance Co. Ltd.		51,266		669

ICICI Prudential Life Insurance Co. Ltd.		76,289		405

Indian Hotels Co. Ltd.		182,224		720

Indian Oil Corp. Ltd.		600,075		570

Indian Railway Catering & Tourism Corp. Ltd.		51,408		359

Indraprastha Gas Ltd.		68,428		358

Indus Towers Ltd.		143,143		249

Info Edge India Ltd.		15,245		693

Infosys Ltd.		741,729		12,951

InterGlobe Aviation Ltd.*		20,631		480

ITC Ltd.		656,732		3,067

Jindal Steel & Power Ltd.		79,568		531

JSW Steel Ltd.		159,030		1,333

Jubilant Foodworks Ltd.		83,890		450

Kotak Mahindra Bank Ltd.		122,960		2,595

Larsen & Toubro Ltd.		153,255		4,039

LTIMindtree Ltd.		19,635		1,143

Lupin Ltd.		43,225		341

Mahindra & Mahindra Ltd.		190,726		2,695

Marico Ltd.		116,087		679

Maruti Suzuki India Ltd.		26,460		2,672

Mphasis Ltd.		19,177		421

MRF Ltd.		409		418

Muthoot Finance Ltd.		26,044		311

Nestle India Ltd.		7,424		1,781

NTPC Ltd.		856,992		1,830

Oil & Natural Gas Corp. Ltd.		557,504		1,029

Page Industries Ltd.		1,308		604

Petronet LNG Ltd.		160,008		446

PI Industries Ltd.		16,274		600

Pidilite Industries Ltd.		34,287		983

Power Grid Corp. of India Ltd.		696,501		1,914

Reliance Industries Ltd.		670,817		19,069

Samvardhana Motherson International Ltd.		429,537		351

SBI Cards & Payment Services Ltd.		50,623		456



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

India – 12.4% continued

SBI Life Insurance Co. Ltd.		98,802		$1,326

Shree Cement Ltd.		2,425		774

Shriram Finance Ltd.		49,935		767

Siemens Ltd.		15,134		613

SRF Ltd.		32,866		965

State Bank of India		395,310		2,526

Sun Pharmaceutical Industries Ltd.		212,004		2,540

Tata Consultancy Services Ltd.		201,566		7,895

Tata Consumer Products Ltd.		123,561		1,066

Tata Elxsi Ltd.		7,334		534

Tata Motors Ltd.*		362,677		1,865

Tata Power (The) Co. Ltd.		319,046		740

Tata Steel Ltd.		1,600,232		2,042

Tech Mahindra Ltd.		128,264		1,729

Titan Co. Ltd.		78,228		2,401

Torrent Pharmaceuticals Ltd.		22,592		423

Trent Ltd.		39,042		654

Tube Investments of India Ltd.		22,783		707

TVS Motor Co. Ltd.		45,857		602

UltraTech Cement Ltd.		22,135		2,057

United Spirits Ltd.*		65,281		601

UPL Ltd.		108,628		950

Varun Beverages Ltd.		48,997		828

Vedanta Ltd.		166,012		557

Wipro Ltd.		300,780		1,342

Yes Bank Ltd.*		2,453,204		449

Zomato Ltd.*		636,550		398

				187,772

Indonesia – 1.8%

Adaro Energy Indonesia Tbk PT		3,077,220		596

Aneka Tambang Tbk		1,790,200		250

Astra International Tbk PT		4,451,060		1,787

Bank Central Asia Tbk PT		12,269,060		7,169

Bank Mandiri Persero Tbk PT		4,089,910		2,812

Bank Negara Indonesia Persero Tbk PT		1,659,209		1,038

Bank Rakyat Indonesia Persero Tbk PT		15,049,165		4,755

Barito Pacific Tbk PT		6,043,895		333

Charoen Pokphand Indonesia Tbk PT		1,648,635		549

Indah Kiat Pulp & Paper Tbk PT		584,000		293

Indofood CBP Sukses Makmur Tbk PT		499,600		332

Indofood Sukses Makmur Tbk PT		934,171		386

Kalbe Farma Tbk PT		4,526,680		634

Merdeka Copper Gold Tbk PT*		2,674,063		750

Sarana Menara Nusantara Tbk PT		4,720,100		292



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Indonesia – 1.8% continued

Semen Indonesia Persero Tbk PT		717,368		$302

Sumber Alfaria Trijaya Tbk PT		3,564,100		686

Telkom Indonesia Persero Tbk PT		10,838,062		2,938

Unilever Indonesia Tbk PT		1,625,340		472

United Tractors Tbk PT		358,471		696

Vale Indonesia Tbk PT*		514,800		229

				27,299

Kuwait – 0.8%

Agility Public Warehousing Co. K.S.C.		313,828		639

Boubyan Bank K.S.C.P.		279,799		587

Gulf Bank K.S.C.P.		348,319		339

Kuwait Finance House K.S.C.P.		1,619,097		4,377

Mabanee Co. KPSC		144,019		343

Mobile Telecommunications Co. K.S.C.P.		504,780		890

National Bank of Kuwait S.A.K.P.		1,589,227		5,476

				12,651

Luxembourg – 0.0%

Reinet Investments S.C.A.		29,540		604

Malaysia – 1.4%

AMMB Holdings Bhd.		393,337		335

Axiata Group Bhd.		587,803		401

CELCOMDIGI Bhd.		669,400		659

CIMB Group Holdings Bhd.		1,538,317		1,853

Dialog Group Bhd.		794,144		425

Gamuda Bhd.		419,300		388

Genting Bhd.		481,800		510

Genting Malaysia Bhd.		685,700		413

HAP Seng Consolidated Bhd.		163,700		189

Hong Leong Bank Bhd.		140,298		644

Hong Leong Financial Group Bhd.		51,728		211

IHH Healthcare Bhd.		381,300		497

Inari Amertron Bhd.		638,800		358

IOI Corp. Bhd.		534,940		463

Kuala Lumpur Kepong Bhd.		92,792		437

Malayan Banking Bhd.		1,073,376		2,086

Malaysia Airports Holdings Bhd.*		163,293		252

Maxis Bhd.		503,551		472

MISC Bhd.		286,860		470

MR DIY Group M Bhd.		496,300		175

Nestle Malaysia Bhd.		15,100		469

Petronas Chemicals Group Bhd.		552,100		887

Petronas Dagangan Bhd.		70,500		341



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Malaysia – 1.4% continued

Petronas Gas Bhd.		180,600		$675

PPB Group Bhd.		154,300		579

Press Metal Aluminium Holdings Bhd.		822,700		910

Public Bank Bhd.		3,222,605		2,925

QL Resources Bhd.		236,550		312

RHB Bank Bhd.		322,456		408

Sime Darby Bhd.		586,128		286

Sime Darby Plantation Bhd.		442,365		429

Telekom Malaysia Bhd.		248,786		276

Tenaga Nasional Bhd.		595,450		1,246

Top Glove Corp. Bhd.*		1,078,700		230

YTL Corp. Bhd.⁽⁵⁾		—		—

				21,211

Mexico – 2.6%

Alfa S.A.B. de C.V., Class A		614,837		391

America Movil S.A.B. de C.V., Class B		6,082,949		6,414

Arca Continental S.A.B. de C.V.		95,041		862

Banco del Bajio S.A.		170,000		618

Cemex S.A.B. de C.V., Class CPO*		3,324,152		1,830

Coca-Cola Femsa S.A.B. de C.V.		122,722		986

Fibra Uno Administracion S.A. de C.V.		685,701		960

Fomento Economico Mexicano S.A.B.de C.V., Class UBD		429,643		4,090

Gruma S.A.B. de C.V., Class B		43,625		646

Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		79,932		1,559

Grupo Aeroportuario del Sureste S.A.B.de C.V., Class B		43,371		1,327

Grupo Bimbo S.A.B. de C.V., Class A		293,754		1,477

Grupo Carso S.A.B. de C.V., Class A1		96,706		481

Grupo Financiero Banorte S.A.B. de C.V., Class O		574,404		4,836

Grupo Financiero Inbursa S.A.B. de C.V., Class O*		459,833		988

Grupo Mexico S.A.B. de C.V., Class B		688,239		3,256

Grupo Televisa S.A.B., Class CPO		542,414		575

Industrias Penoles S.A.B. de C.V.*		29,614		441

Kimberly-Clark de Mexico S.A.B. de C.V., Class A		341,427		720

Operadora De Sites Mexicanos S.A.B.de C.V., Class A		277,400		277

Orbia Advance Corp. S.A.B. de C.V.		229,580		499

Promotora y Operadora de Infraestructura S.A.B. de C.V.		48,970		488



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Mexico – 2.6% continued

Southern Copper Corp.		18,733		$1,428

Wal-Mart de Mexico S.A.B. de C.V.		1,162,927		4,646

				39,795

Peru – 0.2%

Cia de Minas Buenaventura S.A.A. ADR		46,041		377

Credicorp Ltd.		15,668		2,074

				2,451

Philippines – 0.7%

Aboitiz Equity Ventures, Inc.		364,039		324

ACEN Corp.		212,631		24

Ayala Corp.		57,007		685

Ayala Land, Inc.		1,689,160		825

Bank of the Philippine Islands		421,719		793

BDO Unibank, Inc.		534,897		1,269

International Container Terminal Services, Inc.		218,950		860

JG Summit Holdings, Inc.		644,303		568

Jollibee Foods Corp.		95,443		394

Manila Electric Co.		63,420		364

Metropolitan Bank & Trust Co.		386,749		416

Monde Nissin Corp.		1,379,900		249

PLDT, Inc.		18,520		482

SM Investments Corp.		55,352		907

SM Prime Holdings, Inc.		2,586,413		1,563

Universal Robina Corp.		187,600		497

				10,220

Poland – 0.6%

Allegro.eu S.A.*		79,038		539

Bank Polska Kasa Opieki S.A.		39,232		780

CD Projekt S.A.		14,013		362

Cyfrowy Polsat S.A.		65,091		253

Dino Polska S.A.*		10,924		990

KGHM Polska Miedz S.A.		30,993		884

LPP S.A.		238		528

mBank S.A.*		3,231		230

PGE Polska Grupa Energetyczna S.A.*		194,506		284

Polski Koncern Naftowy ORLEN S.A.		140,461		1,901

Powszechna Kasa Oszczednosci Bank Polski S.A.		193,502		1,284

Powszechny Zaklad Ubezpieczen S.A.		136,451		1,109

Santander Bank Polska S.A.		7,648		517

				9,661



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Qatar – 0.9%

Barwa Real Estate Co.		515,830		$369

Commercial Bank PSQC (The)		711,605		1,136

Industries Qatar QSC		337,972		1,208

Masraf Al Rayan QSC		1,247,147		1,014

Mesaieed Petrochemical Holding Co.		942,905		499

Ooredoo QPSC		182,009		470

Qatar Electricity & Water Co. QSC		94,258		437

Qatar Fuel QSC		128,096		611

Qatar Gas Transport Co. Ltd.		537,409		511

Qatar International Islamic Bank QSC		212,101		579

Qatar Islamic Bank S.A.Q.		363,286		1,778

Qatar National Bank QPSC		1,020,407		4,510

				13,122

Romania – 0.0%

NEPI Rockcastle N.V.		103,074		595

Russia – 0.0%

Alrosa PJSC⁽²⁾⁽⁶⁾ *		695,290		—

Gazprom PJSC⁽²⁾		3,218,050		—

Gazprom PJSC ADR⁽²⁾*		134		—

Inter RAO UES PJSC⁽²⁾		10,354,623		—

LUKOIL PJSC⁽²⁾		112,883		—

Magnit PJSC⁽²⁾*		2,287		—

Magnit PJSC GDR (Registered)⁽²⁾*		82,678		—

MMC Norilsk Nickel PJSC⁽²⁾		17,106		—

Mobile TeleSystems PJSC ADR⁽²⁾*		121,420		—

Moscow Exchange MICEX-RTS PJSC⁽²⁾*		419,576		—

Novatek PJSC GDR (Registered)⁽²⁾*		24,702		—

Novolipetsk Steel PJSC⁽²⁾*		408,255		—

Ozon Holdings PLC ADR⁽²⁾*		13,658		—

PhosAgro PJSC⁽²⁾*		224		—

PhosAgro PJSC GDR (Registered)⁽²⁾*		34,779		—

Polymetal International PLC⁽²⁾*		97,434		—

Polyus PJSC⁽²⁾*		9,359		—

Rosneft Oil Co.PJSC⁽²⁾		318,005		—

Sberbank of Russia PJSC⁽²⁾⁽⁶⁾ *		2,882,082		—

Sberbank of Russia PJSC (NASDAQ Exchange)^(2) (6) *		56,000		—

Severstal PAO⁽²⁾⁽⁶⁾ *		55,330		—

Severstal PAO GDR (Registered)⁽²⁾⁽⁶⁾ *		1,839		—

Surgutneftegas PJSC⁽²⁾		1,902,467		—

Surgutneftegas PJSC ADR⁽²⁾*		4,629		—

Tatneft PJSC⁽²⁾		386,254		—



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Russia – 0.0% continued

TCS Group Holding PLC GDR (Registered)⁽²⁾ *		32,689		$—

United Co. RUSAL International PJSC⁽²⁾		832,063		—

VK Co.Ltd.GDR⁽²⁾*		30,900		—

VTB Bank PJSC^{(2) (4)}⁽⁶⁾ *		800,566,738		—

VTB Bank PJSC GDR⁽²⁾^(3) (6) *		11,036		—

VTB Bank PJSC GDR (Registered)⁽²⁾⁽⁶⁾ *		43,343		—

X5 Retail Group N.V. GDR (Registered)⁽²⁾ *		32,705		—

Yandex N.V., Class A⁽²⁾*		83,223		—

				—

Saudi Arabia – 3.7%

ACWA Power Co.		17,203		645

Advanced Petrochemical Co.		27,419		350

Al Rajhi Bank		431,881		8,489

Alinma Bank		214,535		1,688

Almarai Co. JSC		56,101		845

Arab National Bank		132,815		915

Arabian Internet & Communications Services Co.		4,988		331

Bank AlBilad*		108,089		1,151

Bank Al-Jazira		83,166		404

Banque Saudi Fransi		129,583		1,252

Bupa Arabia for Cooperative Insurance Co.		16,014		743

Dallah Healthcare Co.		7,557		310

Dar Al Arkan Real Estate Development Co.*		112,113		479

Dr. Sulaiman Al Habib Medical Services Group Co.		19,367		1,504

Elm Co.		5,540		653

Emaar Economic City*		81,326		175

Etihad Etisalat Co.		84,982		936

Jarir Marketing Co.		12,582		547

Mobile Telecommunications Co. Saudi Arabia*		94,314		327

Mouwasat Medical Services Co.		10,532		661

Nahdi Medical Co.		8,423		415

National Industrialization Co.*		69,290		226

Rabigh Refining & Petrochemical Co.*		89,699		241

Riyad Bank		294,680		2,340

SABIC Agri-Nutrients Co.		46,953		1,596

Sahara International Petrochemical Co.		79,987		811

Saudi Arabian Mining Co.*		189,825		3,249

Saudi Arabian Oil Co.		534,918		4,608



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Saudi Arabia – 3.7% continued

Saudi Basic Industries Corp.		198,995		$4,803

Saudi British Bank (The)		201,971		1,900

Saudi Electricity Co.		188,744		1,178

Saudi Industrial Investment Group		78,852		526

Saudi Investment Bank (The)		105,025		465

Saudi Kayan Petrochemical Co.*		156,782		507

Saudi National Bank (The)		483,903		5,928

Saudi Research & Media Group*		7,740		408

Saudi Tadawul Group Holding Co.		10,296		397

Saudi Telecom Co.		329,000		3,519

Savola Group (The)		56,517		422

Yanbu National Petrochemical Co.		57,116		642

				56,586

South Africa – 3.1%

Absa Group Ltd.		185,662		1,899

African Rainbow Minerals Ltd.		23,947		311

Anglo American Platinum Ltd.		11,739		631

Aspen Pharmacare Holdings Ltd.		84,345		869

Bid Corp. Ltd.		73,925		1,655

Bidvest Group (The) Ltd.		64,718		923

Capitec Bank Holdings Ltd.		19,016		1,805

Clicks Group Ltd.		56,979		823

Discovery Ltd.*		111,177		872

Exxaro Resources Ltd.		55,065		578

FirstRand Ltd.		1,108,764		3,765

Foschini Group (The) Ltd.		70,395		360

Gold Fields Ltd.		194,521		2,583

Growthpoint Properties Ltd.		774,583		567

Harmony Gold Mining Co. Ltd.		116,509		479

Impala Platinum Holdings Ltd.		185,754		1,709

Kumba Iron Ore Ltd.		13,731		347

Mr Price Group Ltd.		55,803		452

MTN Group Ltd.		371,129		2,652

MultiChoice Group		81,195		562

Naspers Ltd., Class N		47,981		8,836

Nedbank Group Ltd.		100,661		1,226

Northam Platinum Holdings Ltd.*		71,700		584

Old Mutual Ltd.		1,097,939		729

OUTsurance Group Ltd.		190,441		375

Pepkor Holdings Ltd.		455,897		442

Remgro Ltd.		121,452		917

Sanlam Ltd.		393,034		1,244

Sasol Ltd.		125,916		1,703

Shoprite Holdings Ltd.		110,990		1,386



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

South Africa – 3.1% continued

Sibanye Stillwater Ltd.		618,135		$1,274

Standard Bank Group Ltd.		296,571		2,879

Vodacom Group Ltd.		147,987		1,015

Woolworths Holdings Ltd.		209,012		750

				47,202

South Korea – 10.9%

Amorepacific Corp.		6,481		681

BGF retail Co. Ltd.		1,588		222

Celltrion Healthcare Co. Ltd.		20,086		937

Celltrion Pharm, Inc.*		3,826		246

Celltrion, Inc.		22,434		2,599

Cheil Worldwide, Inc.		15,028		216

CJ CheilJedang Corp.		1,760		442

CJ Corp.		3,234		259

Coway Co. Ltd.		11,921		482

DB Insurance Co. Ltd.		10,053		579

Doosan Bobcat, Inc.		10,668		360

Doosan Enerbility Co. Ltd.*		91,180		1,198

Ecopro B.M. Co. Ltd.		10,783		1,882

E-MART, Inc.		4,432		361

F&F Co. Ltd./New		3,693		399

GS Holdings Corp.		9,915		309

Hana Financial Group, Inc.		65,343		2,055

Hankook Tire & Technology Co. Ltd.		15,889		427

Hanmi Pharm Co. Ltd.		1,480		292

Hanon Systems		39,733		269

Hanwha Galleria Co. Ltd.*		25,612		42

Hanwha Solutions Corp.*		22,710		946

HD Hyundai Co. Ltd.		10,119		454

HLB, Inc.*		23,355		628

HMM Co. Ltd.		59,383		936

Hotel Shilla Co. Ltd.		6,731		421

HYBE Co. Ltd.*		3,981		578

Hyundai Engineering & Construction Co. Ltd.		16,606		469

Hyundai Glovis Co. Ltd.		4,179		511

Hyundai Heavy Industries Co. Ltd.*		3,820		295

Hyundai Mipo Dockyard Co. Ltd.*		4,921		267

Hyundai Mobis Co. Ltd.		13,420		2,239

Hyundai Motor Co.		30,609		4,368

Hyundai Steel Co.		19,750		529

Industrial Bank of Korea		55,191		430

Kakao Corp.		68,174		3,245

Kakao Games Corp.*		7,659		248



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

South Korea – 10.9% continued

KakaoBank Corp.		30,482		$574

Kakaopay Corp.*		5,888		253

Kangwon Land, Inc.		20,471		315

KB Financial Group, Inc.		86,043		3,160

Kia Corp.		58,259		3,649

Korea Aerospace Industries Ltd.		15,572		570

Korea Electric Power Corp.*		56,533		782

Korea Investment Holdings Co. Ltd.		9,058		386

Korea Shipbuilding & Offshore Engineering Co. Ltd.*		9,479		568

Korea Zinc Co. Ltd.		1,984		847

Korean Air Lines Co. Ltd.		41,339		742

Krafton, Inc.*		6,513		926

KT&G Corp.		24,043		1,551

Kumho Petrochemical Co. Ltd.		3,885		431

L&F Co. Ltd.		5,154		1,259

LG Chem Ltd.		10,909		6,024

LG Corp.		21,063		1,343

LG Display Co. Ltd.*		51,991		662

LG Electronics, Inc.		23,336		2,083

LG Energy Solution Ltd.*		7,732		3,497

LG H&H Co. Ltd.		2,058		953

LG Innotek Co. Ltd.		3,036		637

LG Uplus Corp.		47,599		397

Lotte Chemical Corp.		4,409		647

Lotte Energy Materials Corp.		4,892		261

Lotte Shopping Co. Ltd.		2,441		154

Meritz Financial Group, Inc.		15,370		457

Meritz Securities Co. Ltd.		52,656		248

Mirae Asset Securities Co. Ltd.		60,398		301

NAVER Corp.		28,920		4,552

NCSoft Corp.		3,630		1,044

Netmarble Corp.*		5,230		268

NH Investment & Securities Co. Ltd.		32,897		223

Orion Corp.		5,073		533

Pan Ocean Co. Ltd.		56,968		256

Pearl Abyss Corp.*		6,307		226

POSCO Chemical Co. Ltd.		5,981		1,263

POSCO Holdings, Inc.		15,898		4,532

S-1 Corp.		4,589		195

Samsung Biologics Co. Ltd.*		3,922		2,385

Samsung C&T Corp.		18,598		1,553

Samsung Electro-Mechanics Co. Ltd.		12,472		1,474

Samsung Electronics Co. Ltd.		1,050,815		52,108



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

South Korea – 10.9% continued

Samsung Engineering Co. Ltd.*		33,467		$820

Samsung Fire & Marine Insurance Co. Ltd.		6,720		1,066

Samsung Heavy Industries Co. Ltd.*		137,518		549

Samsung Life Insurance Co. Ltd.		17,889		864

Samsung SDI Co. Ltd.		12,141		6,920

Samsung SDS Co. Ltd.		7,901		708

Samsung Securities Co. Ltd.		13,653		334

SD Biosensor, Inc.		8,753		142

Shinhan Financial Group Co. Ltd.		101,097		2,753

SK Biopharmaceuticals Co. Ltd.*		6,710		327

SK Bioscience Co. Ltd.*		5,017		280

SK Hynix, Inc.		120,310		8,298

SK IE Technology Co. Ltd.*		5,368		297

SK Innovation Co. Ltd.*		12,255		1,703

SK Square Co. Ltd.*		22,189		683

SK, Inc.		8,226		1,097

SKC Co. Ltd.		4,483		397

S-Oil Corp.		10,042		622

Woori Financial Group, Inc.		119,077		1,049

Yuhan Corp.		11,548		450

				164,469

Taiwan – 14.4%

Accton Technology Corp.		112,000		1,185

Acer, Inc.		657,800		610

Advantech Co. Ltd.		95,793		1,175

ASE Technology Holding Co. Ltd.		721,928		2,671

Asia Cement Corp.		526,567		752

Asustek Computer, Inc.		156,546		1,407

AUO Corp.		1,447,172		881

Catcher Technology Co. Ltd.		145,111		906

Cathay Financial Holding Co. Ltd.		1,868,002		2,576

Chailease Holding Co. Ltd.		311,790		2,307

Chang Hwa Commercial Bank Ltd.		1,015,621		580

Cheng Shin Rubber Industry Co. Ltd.		414,184		499

China Airlines Ltd.		614,000		395

China Development Financial Holding Corp.		3,389,143		1,403

China Steel Corp.		2,609,156		2,655

Chunghwa Telecom Co. Ltd.		845,493		3,327

Compal Electronics, Inc.		985,759		820

CTBC Financial Holding Co. Ltd.		3,878,878		2,796

Delta Electronics, Inc.		427,343		4,245

E Ink Holdings, Inc.		189,000		1,158



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Taiwan – 14.4% continued

E.Sun Financial Holding Co. Ltd.		2,798,089		$2,329

Eclat Textile Co. Ltd.		41,182		673

eMemory Technology, Inc.		14,000		866

Eva Airways Corp.		549,000		486

Evergreen Marine Corp. Taiwan Ltd.		222,556		1,166

Far Eastern New Century Corp.		725,789		748

Far EasTone Telecommunications Co. Ltd.		358,345		887

Feng TAY Enterprise Co. Ltd.		93,928		600

First Financial Holding Co. Ltd.		2,349,286		2,049

Formosa Chemicals & Fibre Corp.		772,499		1,757

Formosa Petrochemical Corp.		257,487		722

Formosa Plastics Corp.		916,682		2,774

Fubon Financial Holding Co. Ltd.		1,630,224		3,042

Giant Manufacturing Co. Ltd.		66,857		389

Globalwafers Co. Ltd.		47,000		808

Hon Hai Precision Industry Co. Ltd.		2,748,942		9,430

Hotai Motor Co.Ltd.		66,900		1,417

Hua Nan Financial Holdings Co. Ltd.		1,935,210		1,424

Innolux Corp.		2,009,129		964

Inventec Corp.		534,314		563

Largan Precision Co. Ltd.		21,835		1,570

Lite-On Technology Corp.		445,964		1,080

MediaTek, Inc.		335,334		8,753

Mega Financial Holding Co. Ltd.		2,466,956		2,684

Micro-Star International Co. Ltd.		151,000		718

momo.com, Inc.		13,600		407

Nan Ya Plastics Corp.		1,043,951		2,670

Nan Ya Printed Circuit Board Corp.		49,000		461

Nanya Technology Corp.		264,071		581

Nien Made Enterprise Co. Ltd.		38,000		410

Novatek Microelectronics Corp.		126,850		1,805

Pegatron Corp.		438,594		1,008

PharmaEssentia Corp.*		43,000		605

Pou Chen Corp.		480,093		494

Powerchip Semiconductor Manufacturing Corp.		630,000		690

President Chain Store Corp.		125,220		1,114

Quanta Computer, Inc.		593,576		1,745

Realtek Semiconductor Corp.		102,457		1,317

Ruentex Development Co. Ltd.		367,983		430

Shanghai Commercial & Savings Bank (The) Ltd.		844,904		1,304

Shin Kong Financial Holding Co. Ltd.		2,971,907		824



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Taiwan – 14.4% continued

SinoPac Financial Holdings Co. Ltd.		2,516,579		$1,377

Synnex Technology International Corp.		285,940		578

Taishin Financial Holding Co. Ltd.		2,348,864		1,286

Taiwan Business Bank		1,290,000		571

Taiwan Cement Corp.		1,341,311		1,609

Taiwan Cooperative Financial Holding Co. Ltd.		2,141,500		1,842

Taiwan High Speed Rail Corp.		422,000		420

Taiwan Mobile Co. Ltd.		378,076		1,256

Taiwan Semiconductor Manufacturing Co. Ltd.		5,419,749		96,016

Unimicron Technology Corp.		277,000		1,358

Uni-President Enterprises Corp.		1,070,150		2,535

United Microelectronics Corp.*		2,599,043		4,559

Vanguard International Semiconductor Corp.		192,000		613

Voltronic Power Technology Corp.		15,000		853

Walsin Lihwa Corp.		575,986		930

Wan Hai Lines Ltd.		155,005		350

Win Semiconductors Corp.		72,000		436

Winbond Electronics Corp.		636,000		557

Wiwynn Corp.		19,000		706

WPG Holdings Ltd.		343,290		567

Ya Hsin Industrial Co. Ltd.⁽²⁾*		121,548		—

Yageo Corp.		76,525		1,342

Yang Ming Marine Transport Corp.		373,000		792

Yuanta Financial Holding Co. Ltd.		2,254,811		1,659

Zhen Ding Technology Holding Ltd.		140,850		531

				218,855

Thailand – 2.0%

Advanced Info Service PCL (Registered)		194,000		1,203

Advanced Info Service PCL NVDR		70,199		436

Airports of Thailand PCL NVDR*		949,400		1,974

Asset World Corp. PCL NVDR		1,691,900		287

B Grimm Power PCL NVDR (Registered)		211,600		250

Bangkok Dusit Medical Services PCL NVDR		2,276,000		1,964

Bangkok Expressway & Metro PCL NVDR (Registered)		1,628,898		422

Banpu PCL NVDR		1,787,900		565

Berli Jucker PCL NVDR		267,100		300

BTS Group Holdings PCL NVDR		1,706,900		355

Bumrungrad Hospital PCL NVDR		128,887		851

Carabao Group PCL NVDR		66,200		185



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Thailand – 2.0% continued

Central Pattana PCL NVDR		458,200		$924

Central Retail Corp. PCL NVDR (Registered)		395,758		519

Charoen Pokphand Foods PCL NVDR		888,657		552

CP ALL PCL (Registered)		905,200		1,641

CP ALL PCL NVDR		371,336		674

Delta Electronics Thailand PCL NVDR		68,100		2,289

Electricity Generating PCL NVDR		55,500		253

Energy Absolute PCL NVDR		372,300		828

Global Power Synergy PCL NVDR		152,500		303

Gulf Energy Development PCL NVDR (Registered)		656,250		1,014

Home Product Center PCL NVDR		1,277,704		539

Indorama Ventures PCL NVDR		360,547		364

Intouch Holdings PCL NVDR		243,400		528

JMT Network Services PCL NVDR		136,500		187

Kasikornbank PCL NVDR		129,200		502

Krung Thai Bank PCL (Registered)		699,750		338

Krung Thai Bank PCL NVDR		80,993		39

Krungthai Card PCL NVDR		185,600		295

Land & Houses PCL NVDR		1,845,000		532

Minor International PCL NVDR*		707,230		667

Muangthai Capital PCL NVDR (Registered)		142,000		144

Osotspa PCL NVDR		319,500		288

PTT Exploration & Production PCL (Registered)		242,500		1,067

PTT Exploration & Production PCL NVDR		63,243		279

PTT Global Chemical PCL (Registered)		189,814		254

PTT Global Chemical PCL NVDR		309,876		416

PTT Oil & Retail Business PCL NVDR (Registered)		638,600		398

PTT PCL (Registered)		1,835,000		1,690

PTT PCL NVDR		385,200		355

Ratch Group PCL NVDR		242,900		274

SCB X PCL (Registered)		161,300		483

SCB X PCL NVDR		20,776		62

SCG Packaging PCL NVDR		275,000		373

Siam Cement (The) PCL (Registered)		51,000		470

Siam Cement (The) PCL NVDR		123,898		1,144

Srisawad Corp. PCL NVDR		171,100		264

Thai Oil PCL (Registered)		106,110		163

Thai Oil PCL NVDR		176,808		273



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

Thailand – 2.0% continued

Thai Union Group PCL NVDR		614,600		$254

True Corp. PCL NVDR (Registered)		2,659,823		653

				31,084

Turkey – 0.6%

Akbank T.A.S.		668,255		587

Anadolu Efes Biracilik Ve Malt Sanayii A.S.⁽⁴⁾		1		—

Aselsan Elektronik Sanayi Ve Ticaret A.S.		146,782		396

BIM Birlesik Magazalar A.S.		97,456		753

Eregli Demir ve Celik Fabrikalari T.A.S.		299,156		550

Ford Otomotiv Sanayi A.S.		15,173		461

Haci Omer Sabanci Holding A.S.		236,114		485

Hektas Ticaret T.A.S.*		253,362		358

Is Gayrimenkul Yatirim Ortakligi A.S.⁽⁴⁾*		1		—

KOC Holding A.S.		163,981		651

Koza Altin Isletmeleri A.S.		211,000		237

Pegasus Hava Tasimaciligi A.S.*		10,277		242

Sasa Polyester Sanayi A.S.*		99,271		520

Turk Hava Yollari A.O.*		122,295		753

Turkcell Iletisim Hizmetleri A.S.		259,837		431

Turkiye Is Bankasi A.S., Class C*		750,777		505

Turkiye Petrol Rafinerileri A.S.		30,397		837

Turkiye Sise ve Cam Fabrikalari A.S.		298,964		657

Yapi ve Kredi Bankasi A.S.		669,056		332

				8,755

United Arab Emirates – 1.2%

Abu Dhabi Commercial Bank PJSC		639,515		1,445

Abu Dhabi Islamic Bank PJSC		312,354		849

Abu Dhabi National Oil Co. for Distribution PJSC		695,516		792

Aldar Properties PJSC		841,306		1,067

Dubai Islamic Bank PJSC		635,397		907

Emaar Properties PJSC		1,467,419		2,239

Emirates NBD Bank PJSC		411,214		1,472

Emirates Telecommunications Group Co. PJSC		769,946		4,626

First Abu Dhabi Bank PJSC		974,619		3,423

Multiply Group PJSC*		740,930		654

Q Holding PJSC*		436,599		302

				17,776

United Kingdom – 0.0%

Pepco Group N.V.*		38,834		374



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.5% ⁽¹⁾ continued

United States – 0.1%

JBS S/A		172,836		$607

Legend Biotech Corp. ADR*		12,945		624

Parade Technologies Ltd.		17,000		592

				1,823

Total Common Stocks

(Cost $1,042,789)				1,417,229


PREFERRED STOCKS – 2.0% ⁽¹⁾

Brazil – 1.2%

Banco Bradesco S.A.*		1,177,694		3,070

Centrais Eletricas Brasileiras S.A., Class B, 4.45%⁽⁷⁾		53,041		379

Cia Energetica de Minas Gerais, 2.01%⁽⁷⁾		298,209		675

Gerdau S.A., 3.01%⁽⁷⁾		255,739		1,277

Itau Unibanco Holding S.A.*		1,071,398		5,253

Itausa S.A.*		1,140,891		1,850

Petroleo Brasileiro S.A., 23.42%⁽⁷⁾		1,043,861		4,819

				17,323

Chile – 0.2%

Sociedad Quimica y Minera de Chile S.A., Class B, 4.18%⁽⁷⁾		31,381		2,519

Colombia – 0.0%

Bancolombia S.A., 12.12%⁽⁷⁾		103,993		651

Russia – 0.0%

Surgutneftegas PJSC, 14.87%⁽²⁾⁽⁷⁾		1,903,637		—

South Korea – 0.6%

Hyundai Motor Co., 7.47%⁽⁷⁾		5,082		370

Hyundai Motor Co. (2nd Preferred), 7.41%⁽⁷⁾		8,202		606

LG Chem Ltd., 3.24%⁽⁷⁾		1,654		397

Samsung Electronics Co. Ltd., 2.68%⁽⁷⁾		181,321		7,572
				8,945

Total Preferred Stocks

(Cost $25,427)				29,438


RIGHTS – 0.0%

Brazil – 0.0%

Localiza Rent a Car S.A.*		739		2

Total Rights

(Cost $—)				2

NUMBER

OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 3.7%

iShares Core MSCI Emerging Markets ETF

190,000

$9,270

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁸⁾⁽⁹⁾

47,000,884

47,001

Total Investment Companies

(Cost $56,315)

56,271

Total Investments – 99.2%

(Cost $1,124,531)

1,502,940

Other Assets less Liabilities – 0.8%

12,261

Net Assets – 100.0%

1,515,201

⁽¹⁾

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

⁽²⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽³⁾

⁽⁴⁾

Value rounds to less than one thousand.

⁽⁵⁾

Principal Amount and Value rounds to less than one thousand.

⁽⁶⁾



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)
Alrosa PJSC	5/30/14-8/20/20		$775
Sberbank of Russia PJSC	5/7/09-6/17/21		5,525
Sberbank of Russia PJSC (NASDAQ Exchange)	3/7/07-8/29/08		193
Severstal PAO	2/26/10-3/25/21		815
Severstal PAO GDR (Registered)	7/30/09		12
VTB Bank PJSC	4/21/16-8/20/20		818
VTB Bank PJSC GDR	5/11/07-10/28/09		80
VTB Bank PJSC GDR (Registered)	4/2/09-7/30/09		91

⁽⁷⁾

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

⁽⁸⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁹⁾

7-day current yield as of March 31, 2023 is disclosed.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR – American Depositary Receipt

CPO – Certificado de Participación Ordinario

ETF – Exchange-Traded Fund

GDR – Global Depositary Receipt

MSCI – Morgan Stanley Capital International

NVDR – Non-Voting Depositary Receipt

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had outstanding forward foreign currency exchange contracts as follows:



COUNTERPARTY	CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)		IN EXCHANGE FOR CURRENCY		AMOUNT (LOCAL CURRENCY) (000S)		SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) (000S)

Morgan Stanley	United States Dollar		424		Indian Rupee		35,000		6/21/23		$—	*

Subtotal Appreciation											—	*

Goldman Sachs	Brazilian Real		13,832		United States Dollar		2,650		6/21/23		(36	)

Morgan Stanley	South African Rand		1,583		United States Dollar		85		6/21/23		(4	)

Toronto-Dominion Bank	Hong Kong Dollar		12,254		United States Dollar		1,566		6/21/23		(1	)

Toronto-Dominion Bank	Indian Rupee		59,953		United States Dollar		727		6/21/23		—	*

Toronto-Dominion Bank	Korean Won		2,577,400		United States Dollar		1,967		6/21/23		(16	)

Toronto-Dominion Bank	Taiwan Dollar		51,809		United States Dollar		1,701		6/21/23		(11	)

Subtotal Depreciation											(68	)

Total											$(68	)

*	Amount rounds to less than one thousand.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

MSCI Emerging Markets Index (United States Dollar)	1,275	$63,463	Long	6/23	$2,229

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

Hong Kong Dollar		23.5	%

Taiwan Dollar		14.6

Indian Rupee		12.4

Korean Won		11.4

United States Dollar		6.6

Chinese Yuan Renminbi		5.0

All other currencies less than 5%		25.7

Total Investments		99.2

Other Assets less Liabilities		0.8

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks:

Brazil	$	52,495	$	—		$—	$	52,495

Chile		5,415		—		—		5,415

China		37,798		431,474		490		469,762

Colombia		713		—		—		713

Egypt		1,020		119		—		1,139

Hungary		668		2,060		—		2,728

Mexico		39,795		—		—		39,795

Peru		2,451		—		—		2,451

South Korea		42		164,427		—		164,469

Thailand		653		30,431		—		31,084

United States		1,231		592		—		1,823

All Other Countries⁽¹⁾		—		645,355		—		645,355

Total Common Stocks		142,281		1,274,458		490		1,417,229



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Preferred Stocks:

South Korea	$	—	$	8,945			$—	$	8,945

All Other Countries⁽¹⁾		20,493		—			—		20,493

Total Preferred Stocks		20,493		8,945			—		29,438
Rights		2		—			—		2
Investment Companies		56,271		—			—		56,271

Total Investments	$	219,047	$	1,283,403			$490	$	1,502,940

OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts	$	2,229	$	—		$	—	$	2,229
Liabilities

Forward Foreign
Currency Exchange
Contracts		—		(68	)		—		(68	)

Total Other Financial Instruments	$	2,229	$	(68)			$—	$	2,161

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾

Australia – 4.5%

Abacus Property Group		243,322		$426

Arena REIT		209,494		512

BWP Trust		287,718		730

Centuria Industrial REIT		327,359		661

Centuria Office REIT		233,215		223

Charter Hall Long Wale REIT		357,399		1,005

Charter Hall Retail REIT		297,796		753

Charter Hall Social Infrastructure REIT		198,969		399

Dexus		626,686		3,175

Dexus Industria REIT		128,147		228

Goodman Group		987,922		12,565

GPT Group (The)		1,113,769		3,189

Growthpoint Properties Australia Ltd.		163,784		335

HMC Capital Ltd.		64,846		158

HomeCo Daily Needs REIT		858,903		666

Ingenia Communities Group		218,175		554

Lifestyle Communities Ltd.		55,469		594

Mirvac Group		2,294,128		3,218

National Storage REIT		696,559		1,178

Region RE Ltd.		674,264		1,064

Scentre Group		3,022,882		5,609

Stockland		1,390,771		3,726

Vicinity Ltd.		2,252,085		2,950

Waypoint REIT Ltd.		395,001		687

				44,605

Austria – 0.1%

CA Immobilien Anlagen A.G.*		24,371		656

IMMOFINANZ A.G.*		19,853		278

				934

Belgium – 0.9%

Aedifica S.A.		23,089		1,861

Cofinimmo S.A.		17,843		1,579

Immobel S.A.		2,619		137

Intervest Offices & Warehouses N.V.		12,570		239

Montea N.V.		7,027		569

Retail Estates N.V.		6,172		437

Shurgard Self Storage Ltd.		16,227		776

Warehouses De Pauw - C.V.A.		94,835		2,820

Xior Student Housing N.V.		14,488		488

				8,906

Brazil – 0.3%

Aliansce Sonae Shopping Centers S.A.		246,359		856

BR Properties S.A.		2,741		125



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Brazil – 0.3% continued

Iguatemi S.A.		128,800		$63

Iguatemi S.A. (A Bolsa do Brasil Exchange)		129,400		493

JHSF Participacoes S.A.		200,963		148

LOG Commercial Properties e Participacoes S.A.		30,200		94

Multiplan Empreendimentos Imobiliarios S.A.*		170,872		829

				2,608

Canada – 1.5%

Allied Properties Real Estate Investment Trust		37,610		678

Artis Real Estate Investment Trust		32,666		184

Boardwalk Real Estate Investment Trust		13,384		546

BSR Real Estate Investment Trust		19,288		256

Canadian Apartment Properties REIT		48,903		1,715

Choice Properties Real Estate Investment Trust		94,037		1,010

Crombie Real Estate Investment Trust		28,281		319

CT Real Estate Investment Trust		32,051		380

Dream Industrial Real Estate Investment Trust		74,656		812

Dream Office Real Estate Investment Trust		13,959		150

First Capital Real Estate Investment Trust		59,848		697

Granite Real Estate Investment Trust		18,462		1,143

H&R Real Estate Investment Trust		75,012		699

InterRent Real Estate Investment Trust		41,739		414

Killam Apartment Real Estate Investment Trust		30,874		392

Minto Apartment Real Estate Investment Trust		10,902		119

Morguard North American Residential Real Estate Investment Trust		11,716		151

Nexus Industrial REIT		17,801		128

NorthWest Healthcare Properties Real Estate Investment Trust		65,543		411

Primaris Real Estate Investment Trust		29,782		298

RioCan Real Estate Investment Trust		86,308		1,302

Slate Grocery REIT, Class U		17,305		175

SmartCentres Real Estate Investment Trust		40,266		792

StorageVault Canada, Inc.		136,716		621

Tricon Residential, Inc.		151,790		1,177

				14,569



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Chile – 0.1%

Cencosud Shopping S.A.		307,357		$495

Parque Arauco S.A.		296,897		422

Plaza S.A.		238,274		313

				1,230

China – 3.4%

Agile Group Holdings Ltd.*		701,226		158

C&D International Investment Group Ltd.		380,744		1,246

China Aoyuan Group Ltd.⁽²⁾*		767,000		71

China Evergrande Group⁽²⁾*		2,512,000		3

China Jinmao Holdings Group Ltd.		3,450,000		675

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		278,600		551

China Overseas Grand Oceans Group Ltd.		1,054,500		465

China Overseas Land & Investment Ltd.		2,237,542		5,419

China Resources Land Ltd.		1,874,155		8,588

China SCE Group Holdings Ltd.		1,103,000		103

China South City Holdings Ltd.*		2,842,000		188

China Vanke Co. Ltd., Class A		331,440		736

China Vanke Co. Ltd., Class H		1,250,141		1,975

CIFI Holdings Group Co. Ltd.		2,512,632		243

Country Garden Holdings Co. Ltd.		7,263,672		2,026

Gemdale Corp., Class A		163,300		200

Gemdale Properties & Investment Corp. Ltd.		3,134,000		215

Greentown China Holdings Ltd.		533,000		694

Guangzhou R&F Properties Co. Ltd., Class H*		965,802		208

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		119,100		159

Hopson Development Holdings Ltd.		515,695		469

KWG Group Holdings Ltd.*		679,094		109

Longfor Group Holdings Ltd.		1,101,000		3,100

Midea Real Estate Holding Ltd.		201,600		247

Poly Developments and Holdings Group Co. Ltd., Class A		432,800		891

Poly Property Group Co. Ltd.		1,042,000		230

Powerlong Real Estate Holdings Ltd.		712,000		124

Radiance Holdings Group Co. Ltd.		498,000		282

Redco Properties Group Ltd.*		468,000		79

Seazen Group Ltd.*		1,165,904		304

Seazen Holdings Co. Ltd., Class A*		77,900		186

Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		172,216		164



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

China – 3.4% continued

Shanghai Lingang Holdings Corp. Ltd., Class A		76,200		$141

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		612,951		474

Shenzhen Investment Ltd.		1,551,191		274

Shimao Group Holdings Ltd.⁽²⁾*		817,369		349

Shui On Land Ltd.		2,102,777		255

Sino-Ocean Group Holding Ltd.		1,652,500		188

SOHO China Ltd.*		1,162,756		195

Sunac China Holdings Ltd.⁽²⁾*		2,210,050		836

Yanlord Land Group Ltd.		355,700		244

Yuexiu Property Co. Ltd.		831,288		1,260

				34,324

Egypt – 0.0%

Heliopolis Housing		248,106		72

Talaat Moustafa Group		571,552		161

				233

Finland – 0.1%

Citycon OYJ*		51,123		349

Kojamo OYJ		79,037		933

				1,282

France – 1.4%

Altarea S.C.A.		2,481		306

Carmila S.A.*		34,652		520

Covivio S.A./France		27,651		1,612

Gecina S.A.		26,672		2,772

ICADE		19,949		941

Klepierre S.A.		125,324		2,842

Mercialys S.A.		45,029		461

Nexity S.A.		23,660		595

Unibail-Rodamco-Westfield*		68,786		3,706

				13,755

Germany – 1.4%

Aroundtown S.A.		582,726		830

Deutsche EuroShop A.G.		9,487		198

DIC Asset A.G.		20,827		179

Grand City Properties S.A.		58,631		415

Hamborner REIT A.G.		40,802		324

Instone Real Estate Group S.E.		27,585		233

LEG Immobilien S.E.		43,613		2,388

Sirius Real Estate Ltd.		707,675		671



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Germany – 1.4% continued

TAG Immobilien A.G.		106,180		$734

Vonovia S.E.		418,237		7,865

				13,837

Greece – 0.0%

LAMDA Development S.A.*		40,165		254

Guernsey – 0.0%

Balanced Commercial Property Trust Ltd.		430,290		437

Hong Kong – 5.2%

Champion REIT		1,534,846		660

Chinese Estates Holdings Ltd.*		291,500		92

CK Asset Holdings Ltd.		1,157,500		7,013

Cosmopolitan International Holdings Ltd.*		990,000		181

Far East Consortium International Ltd.		762,506		187

Fortune Real Estate Investment Trust		881,000		730

Hang Lung Group Ltd.		474,000		837

Hang Lung Properties Ltd.		1,195,452		2,241

Henderson Land Development Co. Ltd.		845,555		2,927

Hongkong Land Holdings Ltd.		649,518		2,861

Hysan Development Co. Ltd.		356,045		1,014

K Wah International Holdings Ltd.		674,802		240

Kerry Properties Ltd.		334,599		859

Link REIT		1,477,126		9,473

Prosperity REIT		752,000		192

Shun Tak Holdings Ltd.*		630,000		115

Sino Land Co. Ltd.		2,029,744		2,749

Sun Hung Kai Properties Ltd.		845,925		11,898

Sunlight Real Estate Investment Trust		612,000		250

Swire Properties Ltd.		690,600		1,784

Wharf Real Estate Investment Co. Ltd.		975,317		5,641

Yuexiu Real Estate Investment Trust		1,415,940		364

				52,308

India – 0.7%

Brigade Enterprises Ltd.		70,659		411

Brookfield India Real Estate Trust		66,259		226

DLF Ltd.		362,822		1,581

Embassy Office Parks REIT		247,763		941

Godrej Properties Ltd.*		72,474		914

Indiabulls Real Estate Ltd.*		264,551		158

Mahindra Lifespace Developers Ltd.		45,500		195

Mindspace Business Parks REIT		88,137		351

NESCO Ltd.		10,038		63



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

India – 0.7% continued

Oberoi Realty Ltd.		73,336		$753

Phoenix Mills (The) Ltd.		58,784		931

Prestige Estates Projects Ltd.		85,823		423

Sunteck Realty Ltd.		31,233		108

				7,055

Indonesia – 0.1%

Ciputra Development Tbk PT		5,344,036		355

Lippo Karawaci Tbk PT*		19,216,210		118

Pakuwon Jati Tbk PT		9,567,540		290

Rimo International Lestari Tbk PT⁽²⁾*		42,545,100		71

Summarecon Agung Tbk PT		4,881,896		172

				1,006

Ireland – 0.0%

Irish Residential Properties REIT PLC		264,105		266

Israel – 0.7%

AFI Properties Ltd.*		3,029		80

Africa Israel Residences Ltd.		3,876		153

Amot Investments Ltd.		140,410		715

Azrieli Group Ltd.		24,794		1,429

Blue Square Real Estate Ltd.		2,832		154

Electra Real Estate Ltd.		15,939		142

Israel Canada T.R Ltd.		73,144		134

Israel Land Development (The) Co. Ltd.		10,105		84

Isras Investment Co. Ltd.		1,184		195

Mega Or Holdings Ltd.		14,554		312

Melisron Ltd.		13,734		865

Mivne Real Estate KD Ltd.		340,056		944

Prashkovsky Investments and Construction Ltd.		4,581		99

Property & Building Corp. Ltd.*		1,473		70

REIT 1 Ltd.		116,184		510

Sella Capital Real Estate Ltd.		127,414		258

Summit Real Estate Holdings Ltd.		21,387		237

YH Dimri Construction & Development Ltd.		4,381		250

				6,631

Italy – 0.0%

Cromwell European Real Estate Investment Trust		203,271		333

Japan – 9.7%

Activia Properties, Inc.		407		1,161

Advance Logistics Investment Corp.		373		372

Advance Residence Investment Corp.		776		1,852



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Japan – 9.7% continued

Aeon Mall Co. Ltd.		58,166		$763

AEON REIT Investment Corp.		956		1,046

Comforia Residential REIT, Inc.		372		886

CRE Logistics REIT, Inc.		328		419

Daiwa House Industry Co. Ltd.		349,400		8,231

Daiwa House REIT Investment Corp.		1,280		2,626

Daiwa Office Investment Corp.		180		823

Daiwa Securities Living Investments Corp.		1,134		931

Frontier Real Estate Investment Corp.		279		999

Fukuoka REIT Corp.		353		431

Global One Real Estate Investment Corp.		562		443

GLP J-REIT		2,607		2,816

Goldcrest Co. Ltd.		8,800		114

Hankyu Hanshin REIT, Inc.		362		379

Heiwa Real Estate Co. Ltd.		17,400		498

Heiwa Real Estate REIT, Inc.		540		621

Hoshino Resorts REIT, Inc.		140		729

Hulic Co. Ltd.		222,640		1,829

Hulic REIT, Inc.		755		852

Ichigo Office REIT Investment Corp.		740		540

Ichigo, Inc.		135,400		284

Industrial & Infrastructure Fund Investment Corp.		1,154		1,256

Invincible Investment Corp.		3,550		1,493

Japan Excellent, Inc.		685		619

Japan Hotel REIT Investment Corp.		2,610		1,480

Japan Logistics Fund, Inc.		489		1,086

Japan Metropolitan Fund Invest		4,066		2,967

Japan Prime Realty Investment Corp.		498		1,312

Japan Real Estate Investment Corp.		724		2,885

Katitas Co. Ltd.		30,400		596

Keihanshin Building Co. Ltd.		17,300		157

Kenedix Office Investment Corp.		504		1,166

Kenedix Residential Next Investment Corp.		571		882

Kenedix Retail REIT Corp.		352		623

LaSalle Logiport REIT		1,050		1,219

Leopalace21 Corp.*		102,200		276

Mirai Corp.		1,090		370

Mitsubishi Estate Co. Ltd.		656,980		7,844

Mitsubishi Estate Logistics REIT Investment Corp.		276		814

Mitsui Fudosan Co. Ltd.		529,162		9,944



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Japan – 9.7% continued

Mitsui Fudosan Logistics Park, Inc.		322		$1,130

Mori Hills REIT Investment Corp.		899		1,001

Mori Trust REIT, Inc.		1,462		755

Nippon Accommodations Fund, Inc.		297		1,339

Nippon Building Fund, Inc.		891		3,705

Nippon Prologis REIT, Inc.		1,245		2,639

NIPPON REIT Investment Corp.		259		626

Nomura Real Estate Holdings, Inc.		69,400		1,537

Nomura Real Estate Master Fund, Inc.		2,470		2,770

NTT UD REIT Investment Corp.		802		816

One REIT, Inc.		148		258

Orix JREIT, Inc.		1,523		1,932

SAMTY Co. Ltd.		13,400		223

Samty Residential Investment Corp.		218		184

Sekisui House REIT, Inc.		2,471		1,340

SOSiLA Logistics REIT, Inc.		393		385

Star Asia Investment Corp.		1,030		426

Starts Proceed Investment Corp.		130		223

Sumitomo Realty & Development Co. Ltd.		181,925		4,104

Sun Frontier Fudousan Co. Ltd.		14,800		143

Takara Leben Real Estate Investment Corp.		377		255

TKP Corp.*		10,400		225

TOC Co. Ltd.		19,100		92

Tokyo Tatemono Co. Ltd.		109,200		1,333

Tokyu REIT, Inc.		512		699

Tosei Corp.		16,100		179

United Urban Investment Corp.		1,731		1,868

				96,821

Kuwait – 0.2%

Mabanee Co. KPSC		368,241		877

National Real Estate Co. KPSC*		617,449		171

Salhia Real Estate Co. K.S.C.P.		243,358		419

				1,467

Malaysia – 0.2%

Axis Real Estate Investment Trust		801,000		342

IGB Real Estate Investment Trust		929,200		367

IOI Properties Group Bhd.		778,800		194

Matrix Concepts Holdings Bhd.		406,200		133

Sime Darby Property Bhd.		1,331,200		147

SP Setia Bhd. Group		969,669		131



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Malaysia – 0.2% continued

Sunway Real Estate Investment Trust		983,000		$357

Tropicana Corp. Bhd.*		394,100		130

				1,801

Mexico – 0.7%

Concentradora Fibra Danhos S.A. de C.V.		177,553		236

Corp. Inmobiliaria Vesta S.A.B. de C.V.		374,700		1,179

FIBRA Macquarie Mexico		450,420		715

Fibra Uno Administracion S.A. de C.V.		1,803,833		2,526

Prologis Property Mexico S.A. de C.V.		323,018		1,163

TF Administradora Industrial S de RL de C.V.		458,500		845

				6,664

Netherlands – 0.1%

Eurocommercial Properties N.V.		25,395		579

NSI N.V.		11,511		290

Vastned Retail N.V.		6,459		149

Wereldhave N.V.		19,576		302

				1,320

New Zealand – 0.2%

Goodman Property Trust		627,338		840

Kiwi Property Group Ltd.		878,046		501

Precinct Properties New Zealand Ltd.		783,092		622

				1,963

Norway – 0.0%

Entra ASA		38,456		373

Philippines – 0.7%

AREIT, Inc.		291,300		175

Ayala Land, Inc.		4,347,181		2,122

Megaworld Corp.		5,864,001		216

MREIT, Inc.		560,500		149

RL Commercial REIT, Inc.		2,488,000		265

Robinsons Land Corp.		1,009,896		274

SM Prime Holdings, Inc.		6,733,653		4,068

				7,269

Qatar – 0.1%

Barwa Real Estate Co.		1,226,908		879

United Development Co. QSC		1,052,633		317

				1,196

Romania – 0.2%

NEPI Rockcastle N.V.		268,231		1,548



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Russia – 0.0%

LSR Group PJSC⁽²⁾*		30,351		$—

Saudi Arabia – 0.3%

Arriyadh Development Co.		53,182		259

Dar Al Arkan Real Estate Development Co.*		307,212		1,313

Emaar Economic City*		236,287		509

Jadwa REIT Saudi Fund		104,692		361

Retal Urban Development Co.		7,238		229

Riyad REIT Fund		77,756		191

Saudi Real Estate Co.*		92,355		305

				3,167

Singapore – 3.1%

AIMS APAC REIT		325,200		323

CapitaLand Ascendas REIT		1,953,634		4,218

CapitaLand Ascott Trust		1,214,914		911

CapitaLand China Trust		670,027		565

Capitaland India Trust		543,700		446

CapitaLand Integrated Commercial Trust		3,089,514		4,613

CDL Hospitality Trusts		504,753		453

City Developments Ltd.		238,800		1,326

Digital Core REIT Management Pte Ltd.		487,600		217

ESR-LOGOS REIT		2,985,596		730

Far East Hospitality Trust		562,203		248

Frasers Centrepoint Trust		586,209		1,012

Frasers Hospitality Trust		431,800		146

Frasers Logistics & Commercial Trust		1,738,546		1,716

Keppel DC REIT		797,134		1,238

Keppel Pacific Oak U.S. REIT		498,700		189

Keppel REIT		1,057,420		706

Lendlease Global Commercial REIT		1,038,066		532

Manulife U.S. Real Estate Investment Trust		977,503		211

Mapletree Industrial Trust		1,174,532		2,097

Mapletree Logistics Trust		1,952,991		2,520

Mapletree Pan Asia Commercial Trust		1,366,861		1,857

OUE Commercial Real Estate Investment Trust		1,249,700		297

Parkway Life Real Estate Investment Trust		232,700		699

Prime U.S. REIT		364,100		117

Sasseur Real Estate Investment Trust		299,700		168

SPH REIT		651,900		463

Starhill Global REIT		871,690		341



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Singapore – 3.1% continued

Suntec Real Estate Investment Trust		1,334,991		$1,436

UOL Group Ltd.		266,797		1,395

				31,190

South Africa – 0.5%

Equites Property Fund Ltd.		445,061		384

Fortress Real Estate Investments Ltd.*		701,077		457

Fortress Real Estate Investments Ltd., Class B*		573,997		147

Growthpoint Properties Ltd.		2,008,361		1,470

Hyprop Investments Ltd.		199,804		334

Investec Property Fund Ltd.		340,836		158

Redefine Properties Ltd.		3,873,774		794

Resilient REIT Ltd.		177,520		465

Vukile Property Fund Ltd.		471,265		329

				4,538

South Korea – 0.1%

ESR Kendall Square REIT Co. Ltd.		80,276		240

JR Global REIT		79,639		271

LOTTE REIT Co. Ltd.		72,143		205

SK D&D Co. Ltd.		4,890		72

SK REITs Co. Ltd.		38,596		148

				936

Spain – 0.3%

Inmobiliaria Colonial Socimi S.A.		174,499		1,106

Lar Espana Real Estate Socimi S.A.		31,567		169

Merlin Properties Socimi S.A.		193,505		1,696

				2,971

Sweden – 1.5%

Atrium Ljungberg AB, Class B		26,854		439

Castellum AB		152,778		1,781

Catena AB		18,765		696

Cibus Nordic Real Estate AB		25,995		272

Corem Property Group AB, Class B		335,028		234

Dios Fastigheter AB		51,497		342

Fabege AB		154,193		1,187

Fastighets AB Balder, Class B*		367,420		1,512

Hufvudstaden AB, Class A		63,862		868

K-fast Holding AB*		30,895		61

NP3 Fastigheter AB		16,798		304

Nyfosa AB		98,071		683

Pandox AB*		55,512		694

Platzer Fastigheter Holding AB, Class B		34,742		270

Sagax AB, Class B		111,214		2,570



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Sweden – 1.5% continued

Samhallsbyggnadsbolaget i Norden AB		639,121		$876

Samhallsbyggnadsbolaget i Norden AB, Class D		81,168		126

Wallenstam AB, Class B		212,440		806

Wihlborgs Fastigheter AB		160,994		1,234

				14,955

Switzerland – 1.1%

Allreal Holding A.G. (Registered)		8,608		1,453

Intershop Holding A.G.		671		489

IWG PLC*		447,761		912

Mobimo Holding A.G. (Registered)		4,172		1,087

PSP Swiss Property A.G. (Registered)		26,697		3,034

Swiss Prime Site A.G. (Registered)		44,580		3,711

				10,686

Taiwan – 0.4%

Cathay Real Estate Development Co. Ltd.		278,000		157

Chong Hong Construction Co. Ltd.		98,000		253

Delpha Construction Co. Ltd.		237,000		143

Farglory Land Development Co. Ltd.		166,000		310

Highwealth Construction Corp.		613,268		830

Huaku Development Co. Ltd.		141,000		431

Kindom Development Co. Ltd.		207,900		205

Prince Housing & Development Corp.		502,000		193

Ruentex Development Co. Ltd.		1,005,950		1,174

Sakura Development Co. Ltd.		133,000		163

				3,859

Thailand – 0.7%

Amata Corp. PCL NVDR		458,235		305

AP Thailand PCL (Registered)		441,405		155

AP Thailand PCL NVDR		993,904		349

Central Pattana PCL (Registered)		581,626		1,169

Central Pattana PCL NVDR		594,598		1,199

Land & Houses PCL NVDR		4,956,600		1,429

Origin Property PCL NVDR		475,400		162

Pruksa Holding PCL NVDR		409,300		150

Quality Houses PCL NVDR		4,349,400		308

Sansiri PCL NVDR		6,961,466		355

SC Asset Corp. PCL (Registered)		747,984		94

SC Asset Corp. PCL NVDR		4,424		—

Singha Estate PCL NVDR		1,380,800		70

Supalai PCL (Registered)		280,445		182



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

Thailand – 0.7% continued

Supalai PCL NVDR		456,300		$296

WHA Corp. PCL NVDR		4,838,700		610

				6,833

Turkey – 0.0%

Is Gayrimenkul Yatirim Ortakligi A.S.*		241,574		114

Ziraat Gayrimenkul Yatirim Ortakligi A.S.		528,732		124

				238

United Arab Emirates – 0.3%

Aldar Properties PJSC		2,247,634		2,851

United Kingdom – 3.5%

Assura PLC		1,722,598		1,040

Big Yellow Group PLC		101,983		1,475

British Land (The) Co. PLC		516,872		2,482

Civitas Social Housing PLC		372,456		247

CLS Holdings PLC		109,776		182

Custodian Property Income REIT PLC		258,043		284

Derwent London PLC		59,040		1,720

Empiric Student Property PLC		356,347		396

Grainger PLC		431,986		1,243

Great Portland Estates PLC		124,238		779

Hammerson PLC		2,433,234		785

Helical PLC		65,209		241

Home REIT PLC⁽²⁾		484,349		230

Impact Healthcare REIT PLC		181,679		207

Land Securities Group PLC		410,011		3,152

LondonMetric Property PLC		542,110		1,178

LXI REIT PLC		946,441		1,152

Picton Property Income Ltd.		315,890		270

Primary Health Properties PLC		736,716		920

PRS REIT (The) PLC		317,619		317

Regional REIT Ltd.		244,492		164

Safestore Holdings PLC		123,673		1,450

Segro PLC		704,868		6,709

Shaftesbury Capital PLC		793,333		1,125

Supermarket Income REIT PLC		714,941		766

Target Healthcare REIT PLC		362,176		313

Tritax Big Box REIT PLC		1,090,454		1,886

UK Commercial Property REIT Ltd.		477,730		304

UNITE Group (The) PLC		199,580		2,368

Urban Logistics REIT PLC		284,949		450



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

United Kingdom – 3.5% continued

Warehouse REIT PLC		233,910		$295

Workspace Group PLC		84,035		454

				34,584

United States – 53.9%

Acadia Realty Trust		54,621		762

Agree Realty Corp.		51,534		3,536

Alexander’s, Inc.		1,333		258

Alexandria Real Estate Equities, Inc.		91,042		11,434

American Assets Trust, Inc.		31,179		580

American Homes 4 Rent, Class A		185,047		5,820

Americold Realty Trust, Inc.		157,288		4,475

Apartment Income REIT Corp.		87,280		3,126

Apartment Investment and Management Co., Class A		91,386		703

Apple Hospitality REIT, Inc.		126,197		1,959

AvalonBay Communities, Inc.		81,680		13,727

Boston Properties, Inc.		86,862		4,701

Brandywine Realty Trust		104,066		492

Brixmor Property Group, Inc.		174,145		3,748

Broadstone Net Lease, Inc.		100,503		1,710

Camden Property Trust		58,941		6,179

CareTrust REIT, Inc.		56,467		1,106

CBL & Associates Properties, Inc.		7,998		205

Centerspace		9,131		499

Chatham Lodging Trust		28,481		299

City Office REIT, Inc.		26,010		179

Community Healthcare Trust, Inc.		13,997		512

Corporate Office Properties Trust		65,701		1,558

Cousins Properties, Inc.		88,838		1,899

CubeSmart		131,052		6,057

DiamondRock Hospitality Co.		121,448		987

Digital Realty Trust, Inc.		167,945		16,511

DigitalBridge Group, Inc.		92,976		1,115

Douglas Emmett, Inc.		101,875		1,256

Eagle Hospitality Trust⁽²⁾*		496,400		—

Easterly Government Properties, Inc.		51,948		714

EastGroup Properties, Inc.		25,377		4,195

Elme Communities		50,762		907

Empire State Realty Trust, Inc., Class A		77,970		506

Equinix, Inc.		54,070		38,987

Equity Commonwealth		64,074		1,327

Equity Commonwealth - (Fractional Shares)⁽²⁾		75,000		—

Equity LifeStyle Properties, Inc.		102,990		6,914



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

United States – 53.9% continued

Equity Residential		209,586		$12,575

Essex Property Trust, Inc.		37,803		7,906

Extra Space Storage, Inc.		78,228		12,746

Federal Realty Investment Trust		42,492		4,199

First Industrial Realty Trust, Inc.		76,711		4,081

Four Corners Property Trust, Inc.		48,972		1,315

FRP Holdings, Inc.*		3,740		216

Getty Realty Corp.		23,847		859

Gladstone Commercial Corp.		23,642		299

Global Medical REIT, Inc.		37,295		340

Global Net Lease, Inc.		59,647		767

Healthcare Realty Trust, Inc.		221,820		4,288

Healthpeak Properties, Inc.		313,412		6,886

Highwoods Properties, Inc.		61,691		1,431

Host Hotels & Resorts, Inc.		417,475		6,884

Howard Hughes (The) Corp.*		21,786		1,743

Hudson Pacific Properties, Inc.		82,250		547

Independence Realty Trust, Inc.		131,815		2,113

Indus Realty Trust, Inc.		2,533		168

Innovative Industrial Properties, Inc.		16,302		1,239

InvenTrust Properties Corp.		40,420		946

Invitation Homes, Inc.		356,922		11,147

Iron Mountain, Inc.		169,759		8,982

JBG SMITH Properties		59,010		889

Kennedy-Wilson Holdings, Inc.		72,020		1,195

Kilroy Realty Corp.		62,229		2,016

Kimco Realty Corp.		360,490		7,040

Kite Realty Group Trust		128,718		2,693

Life Storage, Inc.		49,640		6,507

LTC Properties, Inc.		24,356		856

LXP Industrial Trust		162,319		1,673

Macerich (The) Co.		125,074		1,326

Medical Properties Trust, Inc.		348,948		2,868

Mid-America Apartment Communities, Inc.		67,337		10,171

National Health Investors, Inc.		25,206		1,300

National Retail Properties, Inc.		103,861		4,585

National Storage Affiliates Trust		50,259		2,100

Necessity Retail REIT (The), Inc.		79,545		499

NETSTREIT Corp.		31,284		572

NexPoint Residential Trust, Inc.		13,919		608

Office Properties Income Trust		29,730		366

Omega Healthcare Investors, Inc.		136,656		3,746

One Liberty Properties, Inc.		10,362		238



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

United States – 53.9% continued

Orion Office REIT, Inc.		34,394		$230

Paramount Group, Inc.		99,907		456

Park Hotels & Resorts, Inc.		130,822		1,617

Pebblebrook Hotel Trust		76,382		1,072

Phillips Edison & Co., Inc.		68,532		2,235

Physicians Realty Trust		132,470		1,978

Piedmont Office Realty Trust, Inc., Class A		71,135		519

Plymouth Industrial REIT, Inc.		24,533		515

Prologis, Inc.		539,387		67,299

Public Storage		92,347		27,902

Realty Income Corp.		366,258		23,191

Regency Centers Corp.		89,625		5,483

Retail Opportunity Investments Corp.		72,044		1,006

Rexford Industrial Realty, Inc.		107,065		6,386

RLJ Lodging Trust		94,332		1,000

RPT Realty		47,483		452

Ryman Hospitality Properties, Inc.		30,524		2,739

Sabra Health Care REIT, Inc.		135,176		1,554

Saul Centers, Inc.		8,383		327

Seritage Growth Properties, Class A*		22,147		174

Service Properties Trust		98,456		981

Simon Property Group, Inc.		190,973		21,383

SITE Centers Corp.		112,844		1,386

SL Green Realty Corp.		37,867		891

Spirit Realty Capital, Inc.		80,923		3,224

St. Joe (The) Co.		19,370		806

STAG Industrial, Inc.		104,278		3,527

Summit Hotel Properties, Inc.		63,363		443

Sun Communities, Inc.		72,309		10,187

Sunstone Hotel Investors, Inc.		125,435		1,239

Tanger Factory Outlet Centers, Inc.		60,752		1,193

Terreno Realty Corp.		44,771		2,892

UDR, Inc.		189,882		7,797

UMH Properties, Inc.		31,660		468

Universal Health Realty Income Trust		7,992		384

Urban Edge Properties		68,613		1,033

Urstadt Biddle Properties, Inc., Class A		17,618		309

Ventas, Inc.		233,403		10,118

Veris Residential, Inc.*		46,334		678

Vornado Realty Trust		94,794		1,457

Welltower, Inc.		276,033		19,789

WeWork,Inc.,Class A*		111,395		87

Whitestone REIT		28,830		265



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2% ⁽¹⁾ continued

United States – 53.9% continued

WP Carey, Inc.		121,340		$9,398

Xenia Hotels & Resorts, Inc.		66,128		866

				538,804
Total Common Stocks
(Cost $792,554)				980,607


INVESTMENT COMPANIES – 0.9%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽³⁾⁽⁴⁾		8,971,826		8,972
Total Investment Companies
(Cost $8,972)				8,972

Total Investments – 99.1%
(Cost $801,526)				989,579

Other Assets less Liabilities – 0.9%				9,331
Net Assets – 100.0%				$998,910

⁽¹⁾

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

⁽²⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽³⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁴⁾	7-day current yield as of March 31, 2023 is disclosed.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

EAFE – Europe, Australasia and the Far East

MSCI – Morgan Stanley Capital International

NVDR – Non-Voting Depositary Receipt

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had outstanding forward foreign currency exchange contracts as follows:



COUNTERPARTY	CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	IN EXCHANGE FOR CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) (000S)

Morgan Stanley	United States Dollar	16	Swedish Krona	169	6/21/23	$—	*

UBS	United States Dollar	243	Australian Dollar	366	6/21/23	2

UBS	United States Dollar	192	Singapore Dollar	259	6/21/23	3

Subtotal Appreciation						5

Citibank	British Pound	264	United States Dollar	315	6/21/23	(11	)

Citibank	Canadian Dollar	1,280	United States Dollar	932	6/21/23	(16	)

JPMorgan Chase	British Pound	380	United States Dollar	467	6/21/23	(3	)

Morgan Stanley	Japanese Yen	55,130	United States Dollar	411	6/21/23	(9	)

Morgan Stanley	Norwegian Krone	590	United States Dollar	56	6/21/23	(1	)

Morgan Stanley	Swiss Franc	490	United States Dollar	529	6/21/23	(12	)

Toronto-Dominion Bank	Euro	1,291	United States Dollar	1,374	6/21/23	(33	)

Toronto-Dominion Bank	Hong Kong Dollar	16,241	United States Dollar	2,076	6/21/23	(1	)

Subtotal Depreciation						(86	)
Total						$ (81	)

*	Amount rounds to less than one thousand.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

E-Mini S&P 500 (United States Dollar)	11		$2,276	Long	6/23	$126

E-Mini S&P MidCap 400 (United States Dollar)	31		7,842	Long	6/23	404

MSCI EAFE Index (United States Dollar)	46		4,822	Long	6/23	183

MSCI Emerging Markets Index (United States Dollar)	54		2,688	Long	6/23	84

S&P/TSX 60 Index (Canadian Dollar)	5		895	Long	6/23	29

Total						$826

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		55.3	%

Japanese Yen		9.7

Hong Kong Dollar		8.0

All other currencies less than 5%		26.1

Total Investments		99.1

Other Assets less Liabilities		0.9

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair

valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:

Brazil	$	2,608	$	—		$	—	$	2,608

Canada		14,569		—			—		14,569

Chile		1,230		—			—		1,230

China		—		33,065			1,259		34,324

Egypt		161		72			—		233

Indonesia		—		935			71		1,006

Mexico		6,664		—			—		6,664

United Kingdom		—		34,354			230		34,584

United States		538,804		—			—		538,804

All Other Countries⁽¹⁾		—		346,585			—		346,585
Total Common Stocks		564,036		415,011			1,560		980,607

Investment Companies		8,972		—			—		8,972
Total Investments	$	573,008	$	415,011		$	1,560	$	989,579

OTHER FINANCIAL INSTRUMENTS
Assets

Forward Foreign Currency Exchange Contracts	$	—	$	5		$	—	$	5

Futures Contracts		826		—			—		826
Liabilities

Forward Foreign Currency Exchange Contracts		—		(86	)		—		(86	)
Total Other Financial Instruments	$	826	$	(81	)	$	—	$	745

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾

Australia – 2.1%

ANZ Group Holdings Ltd.		165,575		$2,551

APA Group		63,332		430

Aristocrat Leisure Ltd.		32,604		815

ASX Ltd.		10,787		470

Aurizon Holdings Ltd.		108,512		244

BlueScope Steel Ltd.		25,768		349

Brambles Ltd.		78,123		703

Cochlear Ltd.		3,576		567

Coles Group Ltd.		73,464		886

Commonwealth Bank of Australia		93,983		6,188

Dexus		63,946		324

Endeavour Group Ltd.		80,748		366

Fortescue Metals Group Ltd.		93,770		1,410

Goodman Group		94,014		1,196

GPT Group (The)		113,736		326

IDP Education Ltd.		11,374		209

Lendlease Corp. Ltd.		36,322		177

Macquarie Group Ltd.		20,249		2,385

Mineral Resources Ltd.		9,545		517

Mirvac Group		203,222		285

Newcrest Mining Ltd.		49,144		880

Northern Star Resources Ltd.		63,679		521

Orica Ltd.		25,169		260

QBE Insurance Group Ltd.		85,265		833

Ramsay Health Care Ltd.		10,576		471

REA Group Ltd.		3,088		288

Santos Ltd.		175,662		811

Scentre Group		289,520		537

SEEK Ltd.		18,501		299

Sonic Healthcare Ltd.		26,281		614

Stockland		136,456		366

Suncorp Group Ltd.		68,101		552

Telstra Group Ltd.		225,878		638

Transurban Group		168,533		1,604

Vicinity Ltd.		207,672		272

Woodside Energy Group Ltd.		105,110		2,368

				31,712

Austria – 0.1%

Mondi PLC		26,062		413

OMV A.G.		8,495		389

Verbund A.G.		3,609		314

voestalpine A.G.		6,562		223

				1,339



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

Belgium – 0.1%

D’ieteren Group		1,421		$276

KBC Group N.V.		13,872		954

Solvay S.A., Class A		4,034		462

Umicore S.A.		11,719		398

				2,090

Brazil – 0.3%

MercadoLibre, Inc.*		2,511		3,310

Wheaton Precious Metals Corp.		24,729		1,191

				4,501

Canada – 3.2%

Agnico Eagle Mines Ltd.		27,310		1,392

Alimentation Couche-Tard, Inc.		44,942		2,260

Bank of Montreal		37,448		3,336

Bank of Nova Scotia (The)		65,997		3,324

Brookfield Corp.		78,367		2,553

CAE, Inc.*		16,897		382

Cameco Corp.		24,046		630

Canadian Apartment Properties REIT		4,271		150

Canadian National Railway Co.		31,822		3,755

Canadian Tire Corp. Ltd., Class A		3,245		423

Dollarama, Inc.		15,071		901

Enbridge, Inc.		112,180		4,277

FirstService Corp.		2,252		317

Fortis, Inc.		26,470		1,125

Gildan Activewear, Inc.		10,100		336

Hydro One Ltd.		17,806		507

Intact Financial Corp.		9,681		1,385

Ivanhoe Mines Ltd., Class A*		34,667		313

Keyera Corp.		12,803		280

Kinross Gold Corp.		75,131		354

Magna International, Inc.		15,624		837

Metro, Inc.		12,935		711

National Bank of Canada		18,724		1,339

Northland Power, Inc.		12,839		322

Nutrien Ltd.		28,829		2,129

Open Text Corp.		14,759		569

Parkland Corp.		7,890		189

Pembina Pipeline Corp.		30,968		1,003

Power Corp. of Canada		30,737		786

Ritchie Bros. Auctioneers, Inc.		10,242		576

Rogers Communications, Inc., Class B		19,380		898

Shopify, Inc., Class A*		65,980		3,164

TELUS Corp.		1,486		30



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

Canada – 3.2% continued

TELUS Corp. (Toronto Exchange)		24,769		$492

Thomson Reuters Corp.		9,464		1,231

Toromont Industries Ltd.		4,533		372

Toronto-Dominion Bank (The)		100,539		6,022

				48,670

Chile – 0.1%

Antofagasta PLC		21,987		430

Lundin Mining Corp.		39,697		270

				700

China – 0.5%

BOC Hong Kong Holdings Ltd.		207,500		645

NXP Semiconductors N.V.		14,369		2,679

Prosus N.V.*		44,462		3,477

				6,801

Denmark – 1.4%

AP Moller - Maersk A/S, Class A		173		306

AP Moller - Maersk A/S, Class B		281		509

Chr Hansen Holding A/S		5,727		435

Coloplast A/S, Class B		6,453		850

Demant A/S*		5,651		198

Genmab A/S*		3,639		1,374

Novo Nordisk A/S, Class B		91,816		14,571

Novozymes A/S, Class B		11,617		595

Orsted A/S⁽²⁾		10,829		924

Pandora A/S		5,053		484

Vestas Wind Systems A/S		55,816		1,617

				21,863

Finland – 0.5%

Elisa OYJ		7,568		456

Kesko OYJ, Class B		14,521		313

Neste OYJ		23,493		1,159

Nordea Bank Abp		182,128		1,944

Orion OYJ, Class B		5,925		265

Sampo OYJ, Class A		26,654		1,257

Stora Enso OYJ (Registered)		30,772		400

UPM-Kymmene OYJ		30,204		1,014

Wartsila OYJ Abp		25,411		240

				7,048

France – 3.8%

Accor S.A.*		9,639		314

Air Liquide S.A.		28,971		4,853

Alstom S.A.		17,158		469



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

France – 3.8% continued

AXA S.A.		104,113		$3,183

BioMerieux		2,338		247

BNP Paribas S.A.		61,500		3,678

Bouygues S.A.		12,784		431

Bureau Veritas S.A.		16,675		479

Carrefour S.A.		34,201		691

Cie Generale des Etablissements Michelin S.C.A.		37,492		1,147

Covivio S.A./France		2,618		153

Danone S.A.		35,488		2,206

Eiffage S.A.		4,304		466

EssilorLuxottica S.A.		16,111		2,908

Gecina S.A.		2,509		261

Kering S.A.		4,144		2,705

Klepierre S.A.		12,112		275

L’Oreal S.A.		13,397		5,994

LVMH Moet Hennessy Louis Vuitton S.E.		15,365		14,081

Orange S.A.		110,396		1,312

Publicis Groupe S.A.		12,704		992

SEB S.A.		1,587		181

Societe Generale S.A.		45,969		1,038

Teleperformance		3,274		791

TotalEnergies S.E.		138,004		8,143

Unibail-Rodamco-Westfield*		6,851		369

Valeo		11,904		245

Vivendi S.E.		41,312		417

Worldline S.A.⁽²⁾*		13,690		582

				58,611

Germany – 1.7%

adidas A.G.		8,956		1,581

Allianz S.E. (Registered)		22,318		5,152

Bayerische Motoren Werke A.G.		18,307		2,005

Beiersdorf A.G.		5,776		752

Brenntag S.E.		8,637		648

Carl Zeiss Meditec A.G. (Bearer)		2,270		315

Commerzbank A.G.*		59,039		621

Deutsche Boerse A.G.		10,520		2,047

Evonik Industries A.G.		10,751		226

GEA Group A.G.		8,673		395

HeidelbergCement A.G.		8,205		599

HelloFresh S.E.*		8,836		210

Henkel A.G. & Co. KGaA		5,957		433

LEG Immobilien S.E.		4,453		244

Merck KGaA		7,169		1,333



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

Germany – 1.7% continued

MTU Aero Engines A.G.		2,929		$733

Puma S.E.		5,779		356

SAP S.E.		57,873		7,280

Symrise A.G.		7,567		822

Telefonica Deutschland Holding A.G.		51,399		158

Zalando S.E.⁽²⁾*		12,219		511

				26,421

Hong Kong – 0.8%

AIA Group Ltd.		656,200		6,895

Hang Seng Bank Ltd.		41,478		588

HKT Trust & HKT Ltd.		220,000		293

Hong Kong & China Gas Co. Ltd.		620,462		548

MTR Corp. Ltd.		88,126		426

Prudential PLC		152,265		2,082

Sino Land Co. Ltd.		195,918		265

Swire Pacific Ltd., Class A		25,000		193

Swire Properties Ltd.		67,278		174

WH Group Ltd.⁽²⁾		468,500		279

				11,743

Ireland – 0.3%

CRH PLC		41,130		2,079

Kerry Group PLC, Class A		8,760		873

Kingspan Group PLC		8,862		608

Smurfit Kappa Group PLC		13,949		506

				4,066

Israel – 0.0%

Bank Leumi Le-Israel B.M.		86,668		655

Italy – 0.4%

Amplifon S.p.A.		6,813		237

Coca-Cola HBC A.G. - CDI*		10,760		294

Enel S.p.A.		450,035		2,749

Intesa Sanpaolo S.p.A.		892,151		2,296

Nexi S.p.A.*		34,837		284

Prysmian S.p.A.		14,509		611

				6,471

Japan – 6.2%

Aeon Co. Ltd.		36,600		710

Ajinomoto Co., Inc.		25,300		880

ANA Holdings, Inc.*		8,900		193

Asahi Kasei Corp.		70,800		497

Astellas Pharma, Inc.		101,300		1,441

Azbil Corp.		6,100		167

Bridgestone Corp.		31,600		1,284



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

Japan – 6.2% continued

Chugai Pharmaceutical Co. Ltd.		37,130		$918

Dai Nippon Printing Co. Ltd.		12,600		352

Daifuku Co. Ltd.		16,800		312

Dai-ichi Life Holdings, Inc.		55,700		1,023

Daiichi Sankyo Co. Ltd.		97,200		3,547

Daikin Industries Ltd.		13,800		2,474

Daiwa House Industry Co. Ltd.		33,000		777

Denso Corp.		24,100		1,360

Eisai Co. Ltd.		13,905		791

FANUC Corp.		53,000		1,911

Fast Retailing Co. Ltd.		9,700		2,121

FUJIFILM Holdings Corp.		19,800		1,006

Fujitsu Ltd.		10,900		1,473

Hankyu Hanshin Holdings, Inc.		12,300		365

Hikari Tsushin, Inc.		1,200		169

Hirose Electric Co. Ltd.		1,700		222

Hitachi Construction Machinery Co. Ltd.		6,500		151

Hoshizaki Corp.		6,400		236

Hoya Corp.		19,800		2,190

Hulic Co. Ltd.		21,500		177

Ibiden Co. Ltd.		6,500		261

Inpex Corp.		57,600		613

Isuzu Motors Ltd.		31,200		373

ITOCHU Corp.		65,800		2,143

Japan Real Estate Investment Corp.		74		295

JFE Holdings, Inc.		27,300		347

JSR Corp.		9,800		232

Kajima Corp.		23,800		287

Kao Corp.		25,700		1,004

KDDI Corp.		89,400		2,761

Keio Corp.		6,200		217

Kikkoman Corp.		8,000		408

Komatsu Ltd.		51,200		1,270

Kubota Corp.		55,600		842

Kurita Water Industries Ltd.		6,000		275

Lixil Corp.		17,000		280

Marubeni Corp.		85,500		1,162

Mazda Motor Corp.		31,100		290

McDonald’s Holdings Co. Japan Ltd.		4,900		204

MEIJI Holdings Co. Ltd.		11,800		281

Mitsubishi Chemical Group Corp.		71,400		425

Mitsubishi Estate Co. Ltd.		62,100		741

Mitsui & Co. Ltd.		79,400		2,474



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

Japan – 6.2% continued

Mitsui Chemicals, Inc.		10,900		$281

MS&AD Insurance Group Holdings, Inc.		23,600		733

Murata Manufacturing Co. Ltd.		31,845		1,945

Nintendo Co. Ltd.		61,300		2,376

Nippon Building Fund, Inc.		78		324

NIPPON EXPRESS HOLDINGS, Inc.		4,100		247

Nippon Paint Holdings Co. Ltd.		44,900		422

Nippon Prologis REIT, Inc.		115		244

Nippon Steel Corp.		44,800		1,057

Nippon Yusen K.K.		27,400		640

Nissin Foods Holdings Co. Ltd.		3,400		311

Nitori Holdings Co. Ltd.		4,400		530

Nitto Denko Corp.		7,900		511

Nomura Holdings, Inc.		163,000		629

Nomura Real Estate Holdings, Inc.		6,900		153

Nomura Research Institute Ltd.		22,076		513

NTT Data Corp.		34,400		452

Obayashi Corp.		38,100		292

Odakyu Electric Railway Co. Ltd.		15,600		203

Omron Corp.		10,200		597

Open House Group Co. Ltd.		4,000		150

Oriental Land Co. Ltd.		55,500		1,898

ORIX Corp.		65,800		1,085

Osaka Gas Co. Ltd.		20,700		340

Pan Pacific International Holdings Corp.		20,400		395

Panasonic Corp.		121,700		1,089

Rakuten Group, Inc.		49,800		232

Recruit Holdings Co. Ltd.		79,900		2,215

Rohm Co. Ltd.		4,800		400

SCSK Corp.		8,200		120

Sekisui Chemical Co. Ltd.		20,600		292

Sekisui House Ltd.		34,100		695

Seven & i Holdings Co. Ltd.		41,800		1,886

SG Holdings Co. Ltd.		15,800		234

Sharp Corp.		12,700		90

Shimadzu Corp.		13,100		411

Shimizu Corp.		30,700		174

Shin-Etsu Chemical Co. Ltd.		102,500		3,325

Shionogi & Co. Ltd.		14,500		656

SoftBank Corp.		159,500		1,840

Sompo Holdings, Inc.		17,300		687

Sony Group Corp.		69,900		6,355

Sumitomo Chemical Co. Ltd.		80,100		269



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

Japan – 6.2% continued

Sumitomo Electric Industries Ltd.		39,900		$513

Sumitomo Metal Mining Co. Ltd.		13,700		524

Sumitomo Mitsui Trust Holdings, Inc.		18,900		647

Sumitomo Realty & Development Co. Ltd.		17,300		390

Suntory Beverage & Food Ltd.		8,000		298

Sysmex Corp.		9,642		633

Taisei Corp.		10,000		309

TDK Corp.		21,400		768

Terumo Corp.		35,900		969

Tobu Railway Co. Ltd.		9,900		237

Tokyo Electron Ltd.		24,900		3,045

Tokyo Gas Co. Ltd.		21,000		395

Tokyu Corp.		31,000		412

Toray Industries, Inc.		78,100		446

Tosoh Corp.		14,500		197

TOTO Ltd.		8,100		271

Unicharm Corp.		22,400		921

USS Co. Ltd.		11,000		191

West Japan Railway Co.		12,500		515

Yamaha Corp.		8,000		309

Yamaha Motor Co. Ltd.		15,900		417

Yaskawa Electric Corp.		13,700		600

Yokogawa Electric Corp.		12,600		205

Z Holdings Corp.		156,300		444

ZOZO, Inc.		7,300		167

				95,053

Netherlands – 1.7%

Akzo Nobel N.V.		9,945		776

ASML Holding N.V.		22,374		15,288

IMCD N.V.		3,250		532

ING Groep N.V.		206,420		2,456

JDE Peet’s N.V.		5,933		173

Koninklijke Ahold Delhaize N.V.		57,913		1,981

Koninklijke DSM N.V.		9,700		1,146

Koninklijke KPN N.V.		184,270		651

NN Group N.V.		15,461		561

Randstad N.V.		6,535		388

Wolters Kluwer N.V.		14,258		1,799

				25,751

New Zealand – 0.1%

Auckland International Airport Ltd.*		68,258		371

Fisher & Paykel Healthcare Corp. Ltd.		31,294		523

Mercury NZ Ltd.		41,748		165



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

New Zealand – 0.1% continued

Meridian Energy Ltd.		74,704		$246

Spark New Zealand Ltd.		106,990		339

Xero Ltd.*		7,334		444

				2,088

Norway – 0.3%

Aker BP ASA		18,314		449

DNB Bank ASA		50,644		908

Equinor ASA		53,111		1,510

Gjensidige Forsikring ASA		11,590		190

Mowi ASA		22,362		414

Norsk Hydro ASA		73,083		547

Orkla ASA		40,972		291

Salmar ASA		3,653		160

Telenor ASA		40,355		474

				4,943

Portugal – 0.0%

Banco Espirito Santo S.A. (Registered)^{(3) *}		29,034		—

Galp Energia SGPS S.A.		26,945		306

Jeronimo Martins SGPS S.A.		15,757		369

				675

Singapore – 0.3%

CapitaLand Integrated Commercial Trust		302,173		451

Capitaland Investment Ltd.		139,258		387

City Developments Ltd.		21,100		117

Grab Holdings Ltd., Class A*		72,300		218

Keppel Corp. Ltd.		86,400		366

Singapore Airlines Ltd.		73,200		316

Singapore Exchange Ltd.		48,200		342

United Overseas Bank Ltd.		65,200		1,463

UOL Group Ltd.		25,982		136

				3,796

South Korea – 0.0%

Delivery Hero S.E.*		9,135		311

Spain – 0.7%

Banco Bilbao Vizcaya Argentaria S.A.		333,396		2,382

Iberdrola S.A.		340,969		4,247

Industria de Diseno Textil S.A.		60,256		2,023

Naturgy Energy Group S.A.		8,335		251

Red Electrica Corp. S.A.		23,011		405

Repsol S.A.		77,103		1,187

				10,495



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

Sweden – 0.9%

Alfa Laval AB		16,256		$581

Assa Abloy AB, Class B		55,898		1,342

Atlas Copco AB, Class A		146,479		1,857

Atlas Copco AB, Class B		88,058		1,013

Boliden AB		14,934		587

Electrolux AB, Class B		12,404		151

Epiroc AB, Class A		35,878		712

Epiroc AB, Class B		22,928		391

EQT AB		19,930		408

Essity AB, Class B		34,003		972

Hennes & Mauritz AB, Class B		42,106		601

Holmen AB, Class B		4,922		190

Husqvarna AB, Class B		25,223		219

Nibe Industrier AB, Class B		84,119		959

Sandvik AB		58,163		1,236

SKF AB, Class B		21,832		431

Svenska Cellulosa AB S.C.A., Class B		32,613		429

Tele2 AB, Class B		33,667		335

Telefonaktiebolaget LM Ericsson, Class B		161,542		949

Telia Co. AB		145,539		370

				13,733

Switzerland – 1.4%

ABB Ltd. (Registered)		87,070		2,986

Adecco Group A.G. (Registered)		9,480		345

Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate)		57		674

Chocoladefabriken Lindt & Spruengli A.G. (Registered)		6		708

Cie Financiere Richemont S.A., Class A (Registered)		28,951		4,641

Clariant A.G. (Registered)*		12,593		209

Geberit A.G. (Registered)		1,949		1,090

Givaudan S.A. (Registered)		511		1,665

Kuehne + Nagel International A.G. (Registered)		3,032		905

Lonza Group A.G. (Registered)		4,125		2,481

SGS S.A. (Registered)		352		773

Sika A.G. (Registered)		8,084		2,269

Sonova Holding A.G. (Registered)		2,911		859

Straumann Holding A.G. (Registered)		6,166		925

Swiss Life Holding A.G. (Registered)		1,711		1,055

Temenos A.G. (Registered)		3,648		254

				21,839



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

United Kingdom – 4.0%

abrdn PLC		117,272		$295

Ashtead Group PLC		24,256		1,486

Associated British Foods PLC		20,143		483

AstraZeneca PLC		85,990		11,935

Barratt Developments PLC		56,005		323

Berkeley Group Holdings PLC		6,195		321

British Land (The) Co. PLC		53,336		256

BT Group PLC		384,664		692

Bunzl PLC		18,291		691

Burberry Group PLC		20,953		670

CNH Industrial N.V.		58,096		889

Coca-Cola Europacific Partners PLC		11,574		685

Compass Group PLC		97,101		2,441

Croda International PLC		7,991		642

DCC PLC		5,191		303

HSBC Holdings PLC		1,108,060		7,544

Informa PLC		77,348		661

InterContinental Hotels Group PLC		10,002		657

Intertek Group PLC		9,149		459

J Sainsbury PLC		95,797		330

Johnson Matthey PLC		10,636		261

Kingfisher PLC		111,935		362

Land Securities Group PLC		40,138		309

Legal & General Group PLC		328,184		971

Lloyds Banking Group PLC		3,725,456		2,198

National Grid PLC		203,084		2,757

Next PLC		7,119		579

Ocado Group PLC*		32,122		213

Pearson PLC		35,260		368

Persimmon PLC		16,951		264

Reckitt Benckiser Group PLC		39,671		3,014

RELX PLC		105,901		3,428

Rentokil Initial PLC		141,101		1,032

Schroders PLC		45,462		259

Segro PLC		66,402		632

Spirax-Sarco Engineering PLC		4,209		618

St. James’s Place PLC		31,166		467

Taylor Wimpey PLC		195,835		288

Tesco PLC		410,133		1,345

Unilever PLC		140,655		7,287

Vodafone Group PLC		1,440,260		1,592

Whitbread PLC		11,416		422

WPP PLC		59,433		705

				61,134



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

United States – 66.5%

3M Co.		30,624		$3,219

A.O. Smith Corp.		7,173		496

Accenture PLC, Class A		34,970		9,995

Adobe, Inc.*		25,798		9,942

Advance Auto Parts, Inc.		3,273		398

Aflac, Inc.		32,737		2,112

Agilent Technologies, Inc.		16,335		2,260

Align Technology, Inc.*		4,108		1,373

Allegion PLC		4,813		514

Allstate (The) Corp.		14,713		1,630

Ally Financial, Inc.		16,189		413

Alphabet, Inc., Class A*		331,562		34,393

Alphabet, Inc., Class C*		303,979		31,614

Amcor PLC		81,794		931

American Express Co.		35,212		5,808

American International Group, Inc.		41,166		2,073

American Tower Corp.		25,828		5,278

American Water Works Co., Inc.		10,699		1,567

Ameriprise Financial, Inc.		5,899		1,808

AmerisourceBergen Corp.		8,520		1,364

Amgen, Inc.		29,611		7,158

Annaly Capital Management, Inc.		25,401		485

ANSYS, Inc.*		4,875		1,622

Applied Materials, Inc.		47,730		5,863

Aptiv PLC*		15,019		1,685

Arch Capital Group Ltd.*		20,555		1,395

Arthur J. Gallagher & Co.		11,690		2,236

Assurant, Inc.		2,910		349

Atmos Energy Corp.		8,104		911

Autodesk, Inc.*		11,961		2,490

Automatic Data Processing, Inc.		23,020		5,125

Baker Hughes Co.		55,416		1,599

Ball Corp.		17,418		960

Bank of New York Mellon (The) Corp.		42,425		1,928

Baxter International, Inc.		28,142		1,141

Best Buy Co., Inc.		11,570		906

Biogen, Inc.*		7,990		2,221

BioMarin Pharmaceutical, Inc.*		10,323		1,004

Bio-Techne Corp.		8,864		658

BlackRock, Inc.		8,331		5,574

BorgWarner, Inc.		13,146		646

Boston Properties, Inc.		8,230		445

Bristol-Myers Squibb Co.		117,984		8,177

Bunge Ltd.		8,248		788



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

United States – 66.5% continued

Burlington Stores, Inc.*		3,549		$717

C.H. Robinson Worldwide, Inc.		6,498		646

Cadence Design Systems, Inc.*		15,212		3,196

Campbell Soup Co.		11,675		642

Cardinal Health, Inc.		14,587		1,101

Carlyle Group (The), Inc.		11,764		365

CarMax, Inc.*		8,697		559

Carrier Global Corp.		46,200		2,114

Catalent, Inc.*		9,699		637

Caterpillar, Inc.		28,872		6,607

Cboe Global Markets, Inc.		6,004		806

CBRE Group, Inc., Class A*		17,459		1,271

Celanese Corp.		6,040		658

Charles Schwab (The) Corp.		80,606		4,222

Cheniere Energy, Inc.		12,397		1,954

Chubb Ltd.		23,036		4,473

Cigna Group (The)		16,959		4,334

Cisco Systems, Inc.		228,115		11,925

Citizens Financial Group, Inc.		27,137		824

Clorox (The) Co.		7,003		1,108

CME Group, Inc.		19,945		3,820

Coca-Cola (The) Co.		228,101		14,149

Cognex Corp.		9,467		469

Colgate-Palmolive Co.		44,039		3,310

Computershare Ltd.		29,700		431

Conagra Brands, Inc.		26,513		996

Consolidated Edison, Inc.		19,740		1,889

Copart, Inc.*		23,954		1,802

Crown Castle, Inc.		24,011		3,214

CSX Corp.		116,304		3,482

Cummins, Inc.		7,798		1,863

DaVita, Inc.*		2,749		223

Deere & Co.		15,909		6,569

Delta Air Lines, Inc.*		8,745		305

DENTSPLY SIRONA, Inc.		12,508		491

Dexcom, Inc.*		21,412		2,488

Discover Financial Services		15,120		1,494

Dover Corp.		7,688		1,168

Eaton Corp. PLC		22,063		3,780

eBay, Inc.		30,033		1,333

Ecolab, Inc.		14,209		2,352

Edison International		21,237		1,499

Edwards Lifesciences Corp.*		34,250		2,834

Elanco Animal Health, Inc.*		25,581		240



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

United States – 66.5% continued

Electronic Arts, Inc.		15,304		$1,843

Elevance Health, Inc.		13,250		6,093

Eli Lilly & Co.		44,833		15,397

Equinix, Inc.		5,133		3,701

Equitable Holdings, Inc.		21,649		550

Essential Utilities, Inc.		14,213		620

Estee Lauder (The) Cos., Inc., Class A		12,826		3,161

Eversource Energy		19,339		1,513

Exelon Corp.		55,172		2,311

Expeditors International of Washington, Inc.		9,064		998

FactSet Research Systems, Inc.		2,137		887

Fastenal Co.		31,761		1,713

First Republic Bank		10,133		142

Fortive Corp.		18,714		1,276

Fortune Brands Innovations, Inc.		7,358		432

Franklin Resources, Inc.		16,566		446

Gen Digital, Inc.		33,773		580

Generac Holdings, Inc.*		3,497		378

General Mills, Inc.		32,941		2,815

Genuine Parts Co.		7,852		1,314

Gilead Sciences, Inc.		69,624		5,777

GSK PLC		225,525		4,022

Halliburton Co.		50,212		1,589

Hartford Financial Services Group (The), Inc.		17,570		1,224

Hasbro, Inc.		7,222		388

HCA Healthcare, Inc.		11,755		3,100

Healthpeak Properties, Inc.		29,768		654

Hewlett Packard Enterprise Co.		71,383		1,137

HF Sinclair Corp.		8,380		405

Hilton Worldwide Holdings, Inc.		14,934		2,104

Hologic, Inc.*		13,633		1,100

Home Depot (The), Inc.		56,580		16,698

Hormel Foods Corp.		16,845		672

HP, Inc.		55,710		1,635

HubSpot, Inc.*		2,577		1,105

Humana, Inc.		7,020		3,408

Huntington Bancshares, Inc.		80,408		901

IDEX Corp.		4,213		973

IDEXX Laboratories, Inc.*		4,583		2,292

Illinois Tool Works, Inc.		17,029		4,146

Illumina, Inc.*		8,716		2,027

Ingersoll Rand, Inc.		22,673		1,319



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

United States – 66.5% continued

Insulet Corp.*		3,841		$1,225

Intel Corp.		229,026		7,482

Intercontinental Exchange, Inc.		30,903		3,223

International Business Machines Corp.		50,177		6,578

International Flavors & Fragrances, Inc.		14,116		1,298

International Paper Co.		18,525		668

Interpublic Group of (The) Cos., Inc.		21,225		790

Intuit, Inc.		14,793		6,595

Invesco Ltd.		18,806		308

James Hardie Industries PLC - CDI		24,878		534

Jazz Pharmaceuticals PLC*		3,536		517

JB Hunt Transport Services, Inc.		4,747		833

Johnson & Johnson		145,170		22,501

Johnson Controls International PLC		38,027		2,290

Kellogg Co.		14,191		950

Keurig Dr. Pepper, Inc.		43,093		1,520

KeyCorp		54,059		677

Keysight Technologies, Inc.*		9,948		1,606

Kimberly-Clark Corp.		18,725		2,513

Kinder Morgan, Inc.		111,761		1,957

Knight-Swift Transportation Holdings, Inc.		8,299		470

Kroger (The) Co.		37,702		1,861

Laboratory Corp. of America Holdings		4,886		1,121

Lam Research Corp.		7,565		4,010

Lear Corp.		3,259		455

Lennox International, Inc.		1,696		426

Linde PLC		27,406		9,741

LKQ Corp.		14,553		826

Loews Corp.		11,259		653

Lowe’s Cos., Inc.		33,545		6,708

LPL Financial Holdings, Inc.		4,527		916

Lululemon Athletica, Inc.*		6,446		2,348

Marathon Petroleum Corp.		25,993		3,505

MarketAxess Holdings, Inc.		2,138		837

Marsh & McLennan Cos., Inc.		27,543		4,587

Martin Marietta Materials, Inc.		3,420		1,214

Masco Corp.		12,537		623

Mastercard, Inc., Class A		47,638		17,312

McCormick & Co., Inc. (Non Voting)		13,919		1,158

McDonald’s Corp.		40,656		11,368

Merck & Co., Inc.		140,734		14,973

Mettler-Toledo International, Inc.*		1,234		1,888

Microsoft Corp.		393,080		113,325



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

United States – 66.5% continued

Moody’s Corp.		9,131		$2,794

Morgan Stanley		70,307		6,173

Mosaic (The) Co.		18,869		866

Motorola Solutions, Inc.		9,282		2,656

Nasdaq, Inc.		19,502		1,066

Newell Brands, Inc.		21,687		270

Newmont Corp.		43,945		2,154

NIKE, Inc., Class B		69,920		8,575

Norfolk Southern Corp.		12,812		2,716

Northern Trust Corp.⁽⁴⁾		10,838		955

Novocure Ltd.*		5,094		306

Nucor Corp.		14,230		2,198

NVIDIA Corp.		136,538		37,926

Old Dominion Freight Line, Inc.		5,200		1,772

ONEOK, Inc.		24,659		1,567

Otis Worldwide Corp.		23,018		1,943

Owens Corning		5,217		500

Pentair PLC		9,132		505

PepsiCo, Inc.		76,508		13,947

Phillips 66		26,210		2,657

Plug Power, Inc.*		27,743		325

PNC Financial Services Group (The), Inc.		22,383		2,845

Pool Corp.		2,238		766

PPG Industries, Inc.		13,023		1,740

Principal Financial Group, Inc.		13,620		1,012

Procter & Gamble (The) Co.		131,575		19,564

Progressive (The) Corp.		32,495		4,649

Prologis, Inc.		51,181		6,386

Prudential Financial, Inc.		20,356		1,684

Quanta Services, Inc.		7,903		1,317

Quest Diagnostics, Inc.		6,267		887

Raymond James Financial, Inc.		11,034		1,029

Regions Financial Corp.		52,054		966

Republic Services, Inc.		12,246		1,656

ResMed, Inc.		8,216		1,799

Rivian Automotive, Inc., Class A*		17,371		269

Robert Half International, Inc.		5,885		474

Roche Holding A.G. (Genusschein)		38,979		11,155

Rockwell Automation, Inc.		6,364		1,868

Rollins, Inc.		12,708		477

Roper Technologies, Inc.		5,875		2,589

S&P Global, Inc.		18,465		6,366

Salesforce, Inc.*		55,488		11,085



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

United States – 66.5% continued

SBA Communications Corp.		5,974		$1,560

Schlumberger N.V.		78,590		3,859

Schneider Electric S.E.		30,065		5,026

Sempra Energy		17,444		2,637

ServiceNow, Inc.*		11,219		5,214

Sherwin-Williams (The) Co.		13,656		3,069

Sirius XM Holdings, Inc.		44,052		175

Snap-on, Inc.		2,896		715

Splunk, Inc.*		9,293		891

State Street Corp.		20,297		1,536

Steel Dynamics, Inc.		9,699		1,097

STERIS PLC		5,490		1,050

Swiss Re A.G.		16,716		1,719

Synchrony Financial		25,550		743

T. Rowe Price Group, Inc.		12,312		1,390

Take-Two Interactive Software, Inc.*		9,322		1,112

Targa Resources Corp.		11,791		860

Target Corp.		25,526		4,228

Teleflex, Inc.		2,688		681

Tenaris S.A.		26,899		383

Tesla, Inc.*		148,977		30,907

Texas Instruments, Inc.		50,415		9,378

Thermo Fisher Scientific, Inc.		21,755		12,539

TJX (The) Cos., Inc.		64,414		5,048

Tractor Supply Co.		6,117		1,438

Trane Technologies PLC		12,743		2,344

Travelers (The) Cos., Inc.		13,007		2,230

Trimble, Inc.*		13,737		720

Truist Financial Corp.		73,545		2,508

U.S. Bancorp		78,260		2,821

UGI Corp.		11,287		392

U-Haul Holding Co. (Non Voting)		4,842		251

Ulta Beauty, Inc.*		2,837		1,548

Union Pacific Corp.		34,092		6,861

United Parcel Service, Inc., Class B		40,489		7,854

United Rentals, Inc.		3,838		1,519

Vail Resorts, Inc.		2,259		528

Valero Energy Corp.		21,383		2,985

Ventas, Inc.		22,114		959

Verizon Communications, Inc.		233,027		9,062

Vertex Pharmaceuticals, Inc.*		14,245		4,488

VF Corp.		17,459		400

Visa, Inc., Class A		90,356		20,372

VMware, Inc., Class A*		11,757		1,468



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.4% ⁽¹⁾ continued

United States – 66.5% continued

W.W. Grainger, Inc.		2,520		$1,736

Walt Disney (The) Co.*		101,128		10,126

Warner Bros. Discovery, Inc.*		127,824		1,930

Waters Corp.*		3,381		1,047

Webster Financial Corp.		9,529		376

Welltower, Inc.		26,119		1,873

West Pharmaceutical Services, Inc.		4,097		1,420

Westrock Co.		14,192		432

Weyerhaeuser Co.		40,530		1,221

Williams (The) Cos., Inc.		67,451		2,014

Willis Towers Watson PLC		6,006		1,396

Xylem, Inc.		10,251		1,073

Zebra Technologies Corp., Class A*		2,875		914

Zoetis, Inc.		25,841		4,301

ZoomInfo Technologies, Inc.*		14,251		352

				1,017,380

Total Common Stocks

(Cost $1,186,254)				1,489,889


PREFERRED STOCKS – 0.1% ⁽¹⁾

Germany – 0.1%

Bayerische Motoren Werke A.G., 9.04%⁽⁵⁾		3,365		344

Henkel A.G. & Co. KGaA, 2.57%⁽⁵⁾		9,860		771

				1,115

Total Preferred Stocks

(Cost $1,041)				1,115


RIGHTS – 0.0%

United States – 0.0%

Contra Abiomed, Inc. (Contingent Value Rights)⁽³⁾^(6) *		2,380		—

Total Rights

(Cost $—)				—

NUMBER
OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 1.4%

Northern Institutional Funds -

U.S. Government Portfolio (Shares), 4.61%⁽⁷⁾⁽⁸⁾

21,567,077

$21,567

Total Investment Companies

(Cost $21,567)

21,567

Total Investments – 98.9%

(Cost $1,208,862)

1,512,571

Other Assets less Liabilities – 1.1%

16,658

Net Assets – 100.0%

$1,529,229

⁽¹⁾

Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.

⁽²⁾

⁽³⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁴⁾

Investment in affiliate.

⁽⁵⁾

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

⁽⁶⁾

Restricted security that has been deemed illiquid. At March 31, 2023, the value of this restricted illiquid security amounted to $0 or 0.0% of net assets.

Additional information on this restricted illiquid security is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE		COST (000S)
Contra Abiomed, Inc. (Contingent Value Rights)		12/23/22	$	—

⁽⁷⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁸⁾

7-day current yield as of March 31, 2023 is disclosed.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

CDI – CREST Depository Interest

FTSE – Financial Times Stock Exchange

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had outstanding forward foreign currency exchange contracts as follows:



COUNTERPARTY	CONTRACTS TO DELIVER CURRENCY		AMOUNT (LOCAL CURRENCY) (000S)		IN EXCHANGE FOR CURRENCY		AMOUNT (LOCAL CURRENCY) (000S)		SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) (000S)

Citibank		United States Dollar		812		British Pound		680		6/21/23		$ 28

Citibank		United States Dollar		1,243		Canadian Dollar		1,707		6/21/23		22

JPMorgan Chase		United States Dollar		650		Euro		600		6/21/23		4

Morgan Stanley		Japanese Yen		65,800		United States Dollar		506		6/21/23		5

Morgan Stanley		United States Dollar		52		Danish Krone		361		6/21/23		1

Morgan Stanley		United States Dollar		2,028		Japanese Yen		272,191		6/21/23		48

Morgan Stanley		United States Dollar		31		Swedish Krona		332		6/21/23		1

Morgan Stanley		United States Dollar		94		Swiss Franc		87		6/21/23		2

Toronto-Dominion Bank		United States Dollar		2,632		Euro		2,473		6/21/23		63

Subtotal Appreciation												174

BNY Mellon		Euro		1,900		United States Dollar		2,016		6/21/23		(54	)

Citibank		Japanese Yen		72,400		United States Dollar		552		6/21/23		—	*

Citibank		United States Dollar		548		Euro		500		6/21/23		(3	)

JPMorgan Chase		United States Dollar		590		Japanese Yen		76,700		6/21/23		(5	)

Morgan Stanley		Euro		700		United States Dollar		759		6/21/23		(4	)

Morgan Stanley		Japanese Yen		158,900		United States Dollar		1,211		6/21/23		—	*

Toronto-Dominion Bank		Canadian Dollar		900		United States Dollar		654		6/21/23		(13	)

Toronto-Dominion Bank		Hong Kong Dollar		913		United States Dollar		117		6/21/23		—	*

UBS		Australian Dollar		391		United States Dollar		260		6/21/23		(2	)

Subtotal Depreciation												(81	)

Total												$ 93

*	Amount rounds to less than a thousand.

At March 31, 2023, the Fund had open futures contracts as follows:

TYPE

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT
(000S)

CONTRACT
POSITION

CONTRACT
EXP.

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)⁽¹⁾

E-Mini S&P
500 (United States Dollar)

112

$23,171

Long

6/23

$1,069

Euro Stoxx 50 (Euro)

108

4,991

Long

6/23

196



TYPE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT (000S)		CONTRACT POSITION		CONTRACT EXP.		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

FTSE 100 Index (British Pound)		20	$	1,885		Long		6/23		$ 37

SPI 200 Index (Australian Dollar)		9		1,082		Long		6/23		27

Topix Index (Japanese Yen)		15		2,263		Long		6/23		85

Total										$1,414

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS
United States Dollar		66.9	%

Euro		9.9

Japanese Yen		6.2

All other currencies less than 5%		15.9

Total Investments		98.9
Other Assets less Liabilities		1.1

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:

Brazil	$	4,501	$	—		$—	$	4,501



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)

Canada	$	48,670	$	—			$—	$	48,670

Chile		270		430			—		700

China		2,679		4,122			—		6,801

Singapore		218		3,578			—		3,796

United Kingdom		685		60,449			—		61,134

United States		994,110		23,270			—		1,017,380

All Other Countries⁽¹⁾		—		346,907			—		346,907
Total Common Stocks		1,051,133		438,756			—		1,489,889
Preferred Stocks		—		1,115			—		1,115
Investment Companies		21,567		—			—		21,567
Total Investments	$	1,072,700	$	439,871			$—	$	1,512,571

OTHER FINANCIAL INSTRUMENTS
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	174			$—	$	174
Futures Contracts		1,414		—			—		1,414
Liabilities
Forward Foreign Currency Exchange Contracts		—		(81	)		—		(81	)
Total Other Financial Instruments	$	1,414	$	93			$—	$	1,507

(1)

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 100.2%

FlexShares^® Credit-Scored U.S. Corporate Bond Index Fund⁽¹⁾		40,650	$	1,928

FlexShares^® Credit-Scored U.S. Long Corporate Bond Index Fund⁽¹⁾		4,606		205

FlexShares^® Developed Markets ex-U.S. Quality Low Volatility Index Fund⁽¹⁾		99,300		2,522

FlexShares^® Disciplined Duration MBS Index Fund⁽¹⁾		199,850		4,127

FlexShares^® Global Quality Real Estate Index Fund⁽¹⁾		38,232		2,026

FlexShares^® High Yield Value-Scored Bond Index Fund⁽¹⁾		222,511		9,063

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund⁽¹⁾		211,328		5,175

FlexShares^® International Quality Dividend Index Fund⁽¹⁾		250,931		5,541

FlexShares^® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund⁽¹⁾		86,731		5,589

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund⁽¹⁾		82,697		4,060

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund⁽¹⁾		137,195		5,802

FlexShares^® Morningstar U.S. Market Factor Tilt Index Fund⁽¹⁾		67,470		10,582

FlexShares^® Quality Dividend Index Fund⁽¹⁾		174,294		9,492

FlexShares^® STOXX Global Broad Infrastructure Index Fund⁽¹⁾		39,346		2,044

FlexShares^® U.S. Quality Low Volatility Index Fund⁽¹⁾		147,986		7,603

FlexShares^® Ultra-Short Income Fund⁽¹⁾*		54,858		4,103

iShares 10+ Year Investment Grade Corporate Bond ETF		54,499		2,855

iShares 1-3 Year Treasury Bond ETF		40,345		3,315

iShares 1-5 Year Investment Grade Corporate Bond ETF		47,836		2,418

iShares 20+ Year Treasury Bond ETF		23,734		2,525

iShares 3-7 Year Treasury Bond ETF		30,473		3,585

iShares 5-10 Year Investment Grade Corporate Bond ETF		22,533		1,155

iShares 7-10 Year Treasury Bond ETF		20,650		2,047

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES - 100.2% continued

iShares MBS ETF

43,883

$4,157

Northern Institutional Funds - U.S. Government Portfolio (Shares),
4.61%⁽¹⁾⁽²⁾

142,206

142

Total Investment Companies

(Cost $101,215)

102,061

Total Investments – 100.2%

(Cost $101,215)

102,061

Liabilities less Other Assets – (0.2%)

(226

)

NET ASSETS – 100.0%

101,835

⁽¹⁾

Investment in affiliated fund. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds and FlexShares Trust.

⁽²⁾

7-day current yield as of March 31, 2023 is disclosed.

*	Formerly known as FlexShares^® Ready Access Variable Income Fund.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ETF - Exchange-Traded Fund

MBS - Mortgage Backed Securities

TIPS - Treasury Inflation Protected Securities

Percentages shown are based on Net Assets.

At March 31, 2023, the asset class weightings for the Fund were:



ASSET CLASS	WEIGHT			INVESTMENT VEHICLE
U.S. Equity		10.4	%	FlexShares^® Morningstar U.S. Market Factor Tilt Index Fund

U.S. Equity		9.3		FlexShares^® Quality Dividend Index Fund

U.S. Equity		7.4		FlexShares^® U.S. Quality Low Volatility Index Fund

Non U.S. Equity - Developed		5.5		FlexShares^® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund

Non U.S. Equity - Developed		5.4		FlexShares^® International Quality Dividend Index Fund

Non U.S. Equity - Developed		2.5		FlexShares^® Developed Markets ex-U.S. Quality Low Volatility Index Fund

Non U.S. Equity - Emerging Markets		4.0		FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

Global Real Estate		2.0		FlexShares^® Global Quality Real Estate Index Fund

U.S. Bonds - High Yield		8.9		FlexShares^® High Yield Value-Scored Bond Index Fund

U.S. Bonds - Investment Grade		5.1		FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

U.S. Bonds - Investment Grade		4.1		iShares MBS ETF

U.S. Bonds - Investment Grade		4.0		FlexShares^® Ultra-Short Income Fund*

U.S. Bonds - Investment Grade		4.0		FlexShares^® Disciplined Duration MBS Index Fund

U.S. Bonds - Investment Grade		3.5		iShares 3-7 Year Treasury Bond ETF

U.S. Bonds - Investment Grade		3.2		iShares 1-3 Year Treasury Bond ETF

U.S. Bonds - Investment Grade		2.8		iShares 10+ Year Investment Grade Corporate Bond ETF

U.S. Bonds - Investment Grade		2.5		iShares 20+ Year Treasury Bond ETF

U.S. Bonds - Investment Grade		2.4		iShares 1-5 Year Investment Grade Corporate Bond ETF

U.S. Bonds - Investment Grade		2.0		iShares 7-10 Year Treasury Bond ETF

U.S. Bonds - Investment Grade		1.9		FlexShares^® Credit-Scored U.S. Corporate Bond Index Fund

U.S. Bonds - Investment Grade		1.1		iShares 5-10 Year Investment Grade Corporate Bond ETF

U.S. Bonds - Investment Grade		0.2		FlexShares^® Credit-Scored U.S. Long Corporate Bond Index Fund

Global Infrastructure		2.0		FlexShares^® STOXX Global Broad Infrastructure Index Fund

Commodities/Natural Resources		5.7		FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

Cash		0.1		Northern Institutional Funds - U.S. Government Portfolio (Shares)

Total		100.0	%

*	Formerly known as FlexShares^® Ready Access Variable Income Fund.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE	% OF NET ASSETS
Investment Companies		100.2	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Investment Companies	$	102,061		$—		$—	$	102,061



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.7%

Aerospace & Defense – 1.3%

Lockheed Martin Corp.		3,784	$	1,789

Air Freight & Logistics – 1.5%

United Parcel Service, Inc., Class B		10,551		2,047

Automobiles – 0.2%

Ford Motor Co.		736		9

Tesla, Inc.⁽¹⁾*		1,568		326

				335

Banks – 2.1%

Bank of America Corp.		8,462		242

Citigroup, Inc.		34,268		1,607

Cullen/Frost Bankers, Inc.		3,052		322

JPMorgan Chase & Co.		5,926		772

				2,943

Beverages – 1.5%

Coca-Cola (The) Co.		28,865		1,790

PepsiCo, Inc.		1,700		310

				2,100

Biotechnology – 4.3%

AbbVie, Inc.		16,147		2,574

Amgen, Inc.		6,486		1,568

Gilead Sciences, Inc.		21,071		1,748

				5,890

Broadline Retail – 2.3%

Amazon.com, Inc.⁽¹⁾*		24,003		2,479

eBay, Inc.		8,179		363

Nordstrom, Inc.		17,546		286

				3,128

Building Products – 1.1%

A.O. Smith Corp.		12,056		834

Carrier Global Corp.		15,748		720

				1,554

Capital Markets – 2.0%

Ameriprise Financial, Inc.		2,498		765

Bank of New York Mellon (The) Corp.		16,635		756

BlackRock, Inc.		87		58

Invesco Ltd.		37,741		619

Janus Henderson Group PLC		15,681		418

Jefferies Financial Group, Inc.		6,388		203

				2,819

Chemicals – 2.6%

CF Industries Holdings, Inc.		7,838		568

Chemours (The) Co.		12,263		367



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.7% continued

Chemicals – 2.6% continued

Dow, Inc.		14,655		$804

Huntsman Corp.		13,097		358

LyondellBasell Industries N.V., Class A		8,422		791

Mosaic (The) Co.		15,107		693

				3,581

Communications Equipment – 1.7%

Cisco Systems, Inc.		45,478		2,377

Ubiquiti, Inc.		39		11

				2,388

Consumer Finance – 1.2%

Ally Financial, Inc.		15,274		389

American Express Co.		6,063		1,000

OneMain Holdings, Inc.		7,767		288

				1,677

Consumer Staples Distribution & Retail – 0.0%

Target Corp.		228		38

Containers & Packaging – 0.4%

International Paper Co.		13,629		491

Diversified Telecommunication Services – 0.3%

AT&T, Inc.		23,188		446

Electric Utilities – 0.9%

Evergy, Inc.		8,511		520

Exelon Corp.		18,423		772

				1,292

Electrical Equipment – 0.5%

Emerson Electric Co.		8,554		745

Entertainment – 0.2%

Activision Blizzard, Inc.		1,114		95

World Wrestling Entertainment, Inc., Class A		1,633		149

				244

Financial Services – 3.1%

Berkshire Hathaway, Inc., Class B*		3,064		946

Equitable Holdings, Inc.		1,856		47

Fidelity National Information Services, Inc.		3,155		172

Mastercard, Inc., Class A		3,658		1,329

UWM Holdings Corp.		99,013		486

Visa, Inc., Class A		4,498		1,014

Western Union (The) Co.		28,695		320

				4,314



	NUMBER OF SHARES	VALUE (000S)

COMMON STOCKS - 98.7% continued

Food Products – 0.7%

General Mills, Inc.	11,880	$	1,015

Ground Transportation – 1.1%

Old Dominion Freight Line, Inc.	2,516		858

Union Pacific Corp.	3,584		721

			1,579

Health Care Equipment & Supplies – 1.0%

Abbott Laboratories	13,515		1,369

Health Care Providers & Services – 1.4%

Cardinal Health, Inc.	9,903		748

UnitedHealth Group, Inc.	2,441		1,153

			1,901

Health Care Real Estate Investment Trusts – 0.6%

Healthpeak Properties, Inc.	27,251		599

Medical Properties Trust, Inc.	29,985		246

			845

Hotel & Resort Real Estate Investment Trusts – 0.2%

Host Hotels & Resorts, Inc.	17,695		292

Hotels, Restaurants & Leisure – 1.3%

McDonald’s Corp.	464		130

Starbucks Corp.	12,360		1,287

Yum! Brands, Inc.	3,359		443

			1,860

Household Durables – 0.3%

Leggett & Platt, Inc.	11,956		381

Household Products – 1.8%

Clorox (The) Co.	2,550		404

Kimberly-Clark Corp.	5,926		795

Procter & Gamble (The) Co.	9,104		1,354

			2,553

Industrial Conglomerates – 0.9%

3M Co.	11,294		1,187

Industrial Real Estate Investment Trusts – 0.8%

Prologis, Inc.	8,319		1,038

Insurance – 3.1%

Aflac, Inc.	11,744		758

Allstate (The) Corp.	4,884		541

Lincoln National Corp.	22,904		515

MetLife, Inc.	13,468		780

Principal Financial Group, Inc.	8,601		639



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.7% continued

Insurance – 3.1% continued

Prudential Financial, Inc.		8,382		$693

Unum Group		10,050		398

				4,324

Interactive Media & Services – 2.6%

Alphabet, Inc., Class A⁽¹⁾*		34,122		3,539

IT Services – 1.8%

Accenture PLC, Class A		2,877		822

Cognizant Technology Solutions Corp., Class A		10,188		621

International Business Machines Corp.		8,079		1,059

				2,502

Life Sciences Tools & Services – 0.0%

Danaher Corp.		215		54

Machinery – 1.5%

Cummins, Inc.		2,651		633

Illinois Tool Works, Inc.		5,633		1,372

				2,005

Media – 2.8%

Comcast Corp., Class A		52,047		1,973

Interpublic Group of (The) Cos., Inc.		20,474		762

Nexstar Media Group, Inc.		482		83

Omnicom Group, Inc.		8,953		845

Sirius XM Holdings, Inc.		43,071		171

				3,834

Metals & Mining – 0.3%

Southern Copper Corp.		5,252		400

Mortgage Real Estate Investment Trusts – 0.5%

AGNC Investment Corp.		35,181		355

Rithm Capital Corp.		45,046		360

				715

Multi-Utilities – 0.6%

Public Service Enterprise Group, Inc.		12,324		770

Office Real Estate Investment Trusts – 0.7%

Boston Properties, Inc.		10,049		544

Cousins Properties, Inc.		7,902		169

Highwoods Properties, Inc.		3,030		70

Kilroy Realty Corp.		5,032		163

				946

Oil, Gas & Consumable Fuels – 5.6%

Antero Midstream Corp.		35,683		374

Chesapeake Energy Corp.		4,400		335

Coterra Energy, Inc.		24,303		596



	NUMBER OF SHARES	VALUE (000S)

COMMON STOCKS - 98.7% continued

Oil, Gas & Consumable Fuels – 5.6% continued

Devon Energy Corp.	10,995		$556

Diamondback Energy, Inc.	5,273		713

Exxon Mobil Corp.	28,808		3,159

ONEOK, Inc.	9,490		603

Pioneer Natural Resources Co.	4,855		992

Targa Resources Corp.	1,007		74

Texas Pacific Land Corp.	66		112

Williams (The) Cos., Inc.	7,336		219

			7,733

Pharmaceuticals – 6.0%

Bristol-Myers Squibb Co.	7,820		542

Eli Lilly & Co.	7,021		2,411

Johnson & Johnson	17,951		2,782

Merck & Co., Inc.	4,295		457

Pfizer, Inc.	51,114		2,086

			8,278

Professional Services – 0.9%

Paychex, Inc.	4,194		481

Robert Half International, Inc.	9,248		745

			1,226

Residential Real Estate Investment Trusts – 0.8%

Equity Residential	7,224		434

Mid-America Apartment Communities, Inc.	3,973		600

			1,034

Retail Real Estate Investment Trusts – 0.3%

Brixmor Property Group, Inc.	17,387		374

Semiconductors & Semiconductor Equipment – 8.1%

Applied Materials, Inc.	2,349		289

Broadcom, Inc.	4,022		2,580

KLA Corp.	2,147		857

Lam Research Corp.	2,584		1,370

Microchip Technology, Inc.	11,540		967

NVIDIA Corp.⁽¹⁾	3,284		912

QUALCOMM, Inc.	13,932		1,777

Skyworks Solutions, Inc.	4,413		521

Texas Instruments, Inc.	10,526		1,958

			11,231

Software – 7.2%

Intuit, Inc.	2,819		1,257



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.7% continued

Software – 7.2% continued

Microsoft Corp.		27,591		$7,955

Oracle Corp.		8,731		811

				10,023

Specialized Real Estate Investment Trusts – 0.9%

EPR Properties		8,324		317

Extra Space Storage, Inc.		1,865		304

Iron Mountain, Inc.		11,584		613

				1,234

Specialty Retail – 3.6%

Bath & Body Works, Inc.		15,999		585

Best Buy Co., Inc.		8,651		677

Dick’s Sporting Goods, Inc.		707		100

Home Depot (The), Inc.		8,097		2,390

Lowe’sCos., Inc.		4,178		836

Williams-Sonoma, Inc.		3,357		408

				4,996

Technology Hardware, Storage & Peripherals – 9.9%

Apple, Inc.⁽¹⁾		72,606		11,973

HP, Inc.		24,477		718

NetApp, Inc.		7,726		493

Seagate Technology Holdings PLC		8,720		577

				13,761

Textiles, Apparel & Luxury Goods – 1.0%

Hanesbrands, Inc.		50,317		264

Tapestry, Inc.		16,605		716

VF Corp.		20,116		461

				1,441

Tobacco – 2.6%

Altria Group, Inc.		36,621		1,634

Philip Morris International, Inc.		19,513		1,898

				3,532

Trading Companies & Distributors – 0.6%

Fastenal Co.		16,587		895
Total Common Stocks
(Cost $97,656)				136,688



INVESTMENT COMPANIES – 1.1%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽²⁾⁽³⁾		1,519,935		1,520

Total Investment Companies

(Cost $1,520)				1,520



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill, 4.34%, 5/11/23⁽⁴⁾⁽⁵⁾		$180		$179

Total Short-Term Investments

(Cost $179)				179



Total Investments – 99.9%

(Cost $99,355)				138,387

Other Assets less Liabilities – 0.1%				156

NET ASSETS – 100.0%			$	138,543

⁽¹⁾

Security represents underlying investment on open written option contracts.

⁽²⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽³⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁴⁾

Discount rate at the time of purchase.

⁽⁵⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

E-Mini S&P 500	9	$1,862	Long	6/23	$71

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund had open written call options as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)		VALUE (000S)

Alphabet, Inc., Exp. Date 4/21/23, Strike Price $120.00	(341)		$(3,537)		$ (1)

Amazon.com, Inc., Exp. Date 4/21/23, Strike Price $120.00	(240)		(2,479)		(2)

Apple, Inc., Exp. Date 4/21/23, Strike Price $175.00	(363)		(5,986)		(11)



TYPE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT (000S)			VALUE (000S)

NVIDIA Corp., Exp. Date 4/21/23, Strike Price $310.00		(32)	$	(889	)		$ (5)

Tesla, Inc., Exp. Date 4/21/23, Strike Price $280.00		(15)		(311	)		(1)

Total Written Options Contracts							$(20)

(Premiums Received (000s) $19)

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Common Stocks		98.7	%

Investment Companies		1.1	%

Short-Term Investments		0.1	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks⁽¹⁾	$	136,688			$—		$—	$	136,688

Investment Companies		1,520			—		—		1,520

Short-Term Investments		—			179		—		179
Total Investments	$	138,208		$	179		$—	$	138,387

OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts	$	71		$	—		$—	$	71

Liabilities

Written Options		(20	)		—		—		(20	)
Total Other Financial Instruments	$	51		$	—		$—	$	51

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.8% ⁽¹⁾

Australia – 6.3%

ANZ Group Holdings Ltd.		87,069		$1,341

Aristocrat Leisure Ltd.		26,270		657

BHP Group Ltd.		19,522		619

Coles Group Ltd.		35,142		424

Fortescue Metals Group Ltd.		68,186		1,026

Glencore PLC		57,655		332

National Australia Bank Ltd.		30,830		572

Origin Energy Ltd.		36,131		200

Rio Tinto PLC		7,465		506

Sonic Healthcare Ltd.		9,928		232

Stockland		187,881		503

Telstra Group Ltd.		288,604		815

Washington H Soul Pattinson & Co. Ltd.		5,383		109

Wesfarmers Ltd.		12,252		413

Woodside Energy Group Ltd.		1,518		34

				7,783

Austria – 0.4%

Erste Group Bank A.G.		6,829		226

voestalpine A.G.		7,106		242

				468

Belgium – 1.1%

Ageas S.A./N.V.		23,047		996

Warehouses De Pauw - C.V.A.		10,141		302

				1,298

Brazil – 0.8%

Yara International ASA		21,583		940

Canada – 9.5%

AltaGas Ltd.		7,056		118

Bank of Montreal		894		80

Canadian National Railway Co.		6,834		806

Canadian Natural Resources Ltd.		26,393		1,461

Canadian Utilities Ltd., Class A		5,511		154

CGI, Inc.*		9,811		946

Element Fleet Management Corp.		11,342		149

Fortis, Inc.		354		15

George Weston Ltd.		1,649		219

Gildan Activewear, Inc.		11,627		386

Hydro One Ltd.		6,512		185

IGM Financial, Inc.		34,047		1,018

Imperial Oil Ltd.		5,950		303

Loblaw Cos. Ltd.		2,681		244

Manulife Financial Corp.		66,891		1,227

National Bank of Canada		7,780		556



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.8% ⁽¹⁾ continued

Canada – 9.5% continued

Northland Power, Inc.		3,070		$77

Nutrien Ltd.		4,419		326

Royal Bank of Canada		11,787		1,127

Suncor Energy, Inc.		24,458		759

TFI International, Inc.		9,541		1,138

West Fraser Timber Co. Ltd.		6,990		499

				11,793

Chile – 0.3%

Lundin Mining Corp.		59,379		403

China – 0.9%

BOC Hong Kong Holdings Ltd.		283,687		882

SITC International Holdings Co. Ltd.		10,065		22

Xinyi Glass Holdings Ltd.		96,405		172

				1,076

Denmark – 2.1%

AP Moller - Maersk A/S, Class B		205		372

Carlsberg A/S, Class B		1,568		242

Novo Nordisk A/S, Class B		6,983		1,108

Pandora A/S		9,298		891

				2,613

Finland – 0.6%

Fortum OYJ		11,043		169

Kesko OYJ, Class B		12,235		263

Sampo OYJ, Class A		3,147		149

Wartsila OYJ Abp		18,604		176

				757

France – 8.3%

BioMerieux		2,477		261

BNP Paribas S.A.		25,091		1,501

Bureau Veritas S.A.		10,267		295

Capgemini S.E.		6,018		1,119

Carrefour S.A.		17,129		346

Cie de Saint-Gobain		18,210		1,037

Danone S.A.		5,340		332

Dassault Aviation S.A.		3,241		642

Eiffage S.A.		91		10

Engie S.A.		22,029		348

Eurazeo S.E.		3,740		266

Gecina S.A.		2,016		210

Ipsen S.A.		2,109		233

La Francaise des Jeux S.A.E.M.⁽²⁾		5,153		215

L’Oreal S.A.		2,979		1,333

LVMH Moet Hennessy Louis Vuitton S.E.		852		781



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.8% ⁽¹⁾ continued

France – 8.3% continued

Publicis Groupe S.A.		14,645		$1,144

Societe Generale S.A.		8,602		194

TotalEnergies S.E.		185		11

Veolia Environnement S.A.		171		5

				10,283

Germany – 6.2%

Bayerische Motoren Werke A.G.		9,228		1,011

Covestro A.G.⁽²⁾		13,935		576

Deutsche Bank A.G. (Registered)		78,234		793

Deutsche Post A.G. (Registered)		25,704		1,201

E.ON S.E.		5,929		74

Fresenius Medical Care A.G. & Co.

KGaA		2,278		97

GEA Group A.G.		16,046		730

Mercedes-Benz Group A.G.		20,436		1,570

Merck KGaA		5,832		1,084

RWE A.G.		2,403		103

SAP S.E.		4,041		508

				7,747

Hong Kong – 1.7%

CK Asset Holdings Ltd.		111,992		679

CK Infrastructure Holdings Ltd.		28,782		157

Futu Holdings Ltd. ADR*		9,228		478

Jardine Matheson Holdings Ltd.		1,300		63

Power Assets Holdings Ltd.		27,157		146

Sun Hung Kai Properties Ltd.		32,486		457

WH Group Ltd.⁽²⁾		252,115		150

				2,130

Ireland – 0.4%

CRH PLC		10,631		537

Israel – 1.5%

Bank Leumi Le-Israel B.M.		42,602		322

Check Point Software Technologies

Ltd.*		8,327		1,083

Wix.com Ltd.*		2,679		267

ZIM Integrated Shipping Services Ltd.		6,966		164

				1,836

Italy – 2.9%

Coca-Cola HBC A.G. - CDI*		28,827		789

Enel S.p.A.		74,913		457

Eni S.p.A.		80,078		1,122



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.8% ⁽¹⁾ continued

Italy – 2.9% continued

Poste Italiane S.p.A.		99,632		$1,020

Recordati Industria Chimica e Farmaceutica S.p.A.		4,331		183

				3,571

Japan – 18.9%

Astellas Pharma, Inc.		7,300		104

Bandai Namco Holdings, Inc.		5,700		123

Bridgestone Corp.		17,110		695

Brother Industries Ltd.		35,122		530

Canon, Inc.		5,500		123

Dai Nippon Printing Co. Ltd.		1,300		36

Daito Trust Construction Co. Ltd.		5,020		501

Daiwa House Industry Co. Ltd.		19,200		452

Disco Corp.		10,500		1,222

Hirose Electric Co. Ltd.		5,200		680

Honda Motor Co. Ltd.		18,000		479

Hoya Corp.		9,700		1,073

Isuzu Motors Ltd.		53,700		643

ITOCHU Corp.		41,627		1,355

Japan Post Holdings Co. Ltd.		55,100		448

Japan Post Insurance Co. Ltd.		44,600		696

KDDI Corp.		38,219		1,180

Marubeni Corp.		9,900		135

Mazda Motor Corp.		21,400		199

MEIJI Holdings Co. Ltd.		19,400		461

Mitsubishi Corp.		500		18

Mitsubishi Heavy Industries Ltd.		2,100		77

Mitsubishi UFJ Financial Group, Inc.		136,800		878

Mitsui & Co. Ltd.		14,800		461

NGK Insulators Ltd.		25,900		343

Nintendo Co. Ltd.		8,400		326

Nippon Telegraph & Telephone Corp.		20,034		598

Nippon Yusen K.K.		15,600		365

Nitto Denko Corp.		4,600		297

Olympus Corp.		2,900		51

Ono Pharmaceutical Co. Ltd.		37,700		787

Otsuka Corp.		10,200		363

Pan Pacific International Holdings Corp.		4,000		77

Persol Holdings Co. Ltd.		45,100		907

SCSK Corp.		12,200		178

Secom Co. Ltd.		100		6

Sekisui Chemical Co. Ltd.		40,800		579

Sekisui House Ltd.		17,600		359

SG Holdings Co. Ltd.		6,800		101



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.8% ⁽¹⁾ continued

Japan – 18.9% continued

Shin-Etsu Chemical Co. Ltd.		5,000		$162

Sumitomo Corp.		22,100		391

Sumitomo Mitsui Financial Group, Inc.		20,700		830

Suntory Beverage & Food Ltd.		22,876		853

Takeda Pharmaceutical Co. Ltd.		6,400		210

TIS, Inc.		5,100		135

Tokyo Electric Power Co. Holdings, Inc.*		800		3

Tokyo Gas Co. Ltd.		5,500		104

TOPPAN, Inc.		31,500		635

Tosoh Corp.		56,244		764

Trend Micro, Inc.		500		24

USS Co. Ltd.		17,200		298

Yakult Honsha Co. Ltd.		8,900		647

Yamaha Motor Co. Ltd.		18,800		493

				23,455

Jordan – 0.1%

Hikma Pharmaceuticals PLC		5,456		113

Netherlands – 5.9%

ASM International N.V.		1,024		416

ASML Holding N.V.		886		605

Heineken N.V.		12,276		1,322

Koninklijke Ahold Delhaize N.V.		18,392		629

NN Group N.V.		25,353		920

Randstad N.V.		15,573		925

Shell PLC		88,715		2,540

				7,357

New Zealand – 0.1%

Fisher & Paykel Healthcare Corp. Ltd.		7,884		132

Meridian Energy Ltd.		14,739		48

				180

Norway – 0.7%

Equinor ASA		10,358		294

Kongsberg Gruppen ASA		1,129		46

Norsk Hydro ASA		74,754		559

				899

Portugal – 0.6%

Jeronimo Martins SGPS S.A.		29,546		693

Singapore – 2.9%

Jardine Cycle & Carriage Ltd.		36,700		867



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.8% ⁽¹⁾ continued

Singapore – 2.9% continued

Oversea-Chinese Banking Corp. Ltd.		128,500	$	1,198

STMicroelectronics N.V.		28,673		1,534

				3,599

South Africa – 0.8%

Anglo American PLC		29,874		989

Spain – 2.8%

Banco Bilbao Vizcaya Argentaria S.A.		212,869		1,521

Endesa S.A.		8,571		186

Iberdrola S.A.		51,676		644

Industria de Diseno Textil S.A.		15,928		535

Naturgy Energy Group S.A.		5,827		175

Red Electrica Corp. S.A.		10,079		177

Repsol S.A.		13,170		203

				3,441

Sweden – 2.6%

Boliden AB		7,028		276

Getinge AB, Class B		44,920		1,098

Hennes & Mauritz AB, Class B		50,633		723

Securitas AB, Class B		6,883		61

Skanska AB, Class B		19,907		305

Swedbank AB, Class A		15,380		252

Swedish Orphan Biovitrum AB*		235		6

Telefonaktiebolaget LM Ericsson, Class B		44,612		262

Volvo AB, Class B		10,537		217

				3,200

Switzerland – 5.4%

ABB Ltd. (Registered)		46,704		1,602

Cie Financiere Richemont S.A., Class A (Registered)		11,700		1,876

Kuehne + Nagel International A.G. (Registered)		1,010		301

Novartis A.G. (Registered)		18,377		1,687

Sonova Holding A.G. (Registered)		351		103

Swisscom A.G. (Registered)		1,849		1,180

				6,749

United Kingdom – 7.9%

3i Group PLC		57,841		1,206

AstraZeneca PLC		2,771		385

BAE Systems PLC		14,393		175

Barclays PLC		549,299		992

British American Tobacco PLC		22,839		800

Bunzl PLC		2,858		108



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.8% ⁽¹⁾ continued

United Kingdom – 7.9% continued

CNH Industrial N.V.		48,814		$747

HSBC Holdings PLC		86,668		590

Imperial Brands PLC		32,563		749

InterContinental Hotels Group PLC		157		10

National Grid PLC		17,377		236

NatWest Group PLC		134,231		439

Next PLC		9,488		771

Persimmon PLC		9,268		144

RELX PLC		8,719		282

Rentokil Initial PLC		115,505		845

Sage Group (The) PLC		55,112		528

SSE PLC		5,628		125

Tesco PLC		26,624		87

United Utilities Group PLC		11,632		152

WPP PLC		35,346		419

				9,790

United States – 5.1%

CSL Ltd.		1,197		231

GSK PLC		75,115		1,340

Haleon PLC		85,516		341

Nestle S.A. (Registered)		9,660		1,179

Roche Holding A.G. (Genusschein)		6,907		1,977

Sanofi		11,963		1,303

				6,371

Total Common Stocks

(Cost $111,858)				120,071



INVESTMENT COMPANIES – 1.0%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽³⁾⁽⁴⁾		1,249,221		1,249

Total Investment Companies

(Cost $1,249)				1,249


Total Investments – 97.8%

(Cost $113,107)				121,320

Other Assets less Liabilities – 2.2%				2,742

Net Assets – 100.0%			$	124,062

⁽¹⁾

Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.

⁽²⁾

⁽³⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁴⁾

7-day current yield as of March 31, 2023 is disclosed.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

FTSE – Financial Times Stock Exchange

S&P – Standard & Poor’s

TSX – Toronto Stock Exchange

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT (000S)		CONTRACT POSITION		CONTRACT EXP.		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

Euro Stoxx 50 (Euro)		38		$1,756		Long		6/23		$61

FTSE 100 Index (British Pound)		6		565		Long		6/23		1

S&P/TSX 60 Index (Canadian Dollar)		2		358		Long		6/23		9

SPI 200 Index (Australian Dollar)		2		240		Long		6/23		5

Yen Denominated Nikkei 225 (Japanese Yen)		8		850		Long		6/23		13

Total										$89

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

Euro		29.3	%

Japanese Yen		18.9

British Pound		12.9

Canadian Dollar		9.8

Swiss Franc		8.0

Australian Dollar		5.8

All other currencies less than 5%		13.1

Total Investments		97.8

Other Assets less Liabilities		2.2

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks:

Canada	$	11,793	$	—		$—	$	11,793

Chile		403		—		—		403

Hong Kong		478		1,652		—		2,130

Israel		1,514		322		—		1,836

All Other Countries⁽¹⁾		—		103,909		—		103,909
Total Common Stocks		14,188		105,883		—		120,071
Investment Companies		1,249		—		—		1,249

Total Investments	$	15,437	$	105,883		$—	$	121,320
OTHER FINANCIAL INSTRUMENTS
Assets
Futures Contracts	$	89	$	—		$—	$	89

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾

Australia – 7.6%

Ampol Ltd.		69,317		$1,419

ANZ Group Holdings Ltd.		848,567		13,072

APA Group		335,224		2,275

Aristocrat Leisure Ltd.		172,014		4,301

ASX Ltd.		56,507		2,460

Aurizon Holdings Ltd.		490,793		1,105

BHP Group Ltd.		1,443,833		45,795

BlueScope Steel Ltd.		128,657		1,743

Brambles Ltd.		403,337		3,631

Cochlear Ltd.		18,971		3,007

Coles Group Ltd.		377,184		4,548

Commonwealth Bank of Australia		481,336		31,692

Dexus		308,968		1,566

EBOS Group Ltd.		48,130		1,402

Endeavour Group Ltd.		423,169		1,919

Flutter Entertainment PLC - CDI*		47,560		8,650

Fortescue Metals Group Ltd.		479,738		7,214

Glencore PLC		2,938,921		16,905

Goodman Group		478,925		6,091

GPT Group (The)		577,274		1,653

IDP Education Ltd.		56,902		1,044

IGO Ltd.		197,203		1,693

Insurance Australia Group Ltd.		704,806		2,213

Lendlease Corp. Ltd.		205,647		1,002

Lottery (The) Corp. Ltd.		625,554		2,149

Macquarie Group Ltd.		104,553		12,317

Medibank Pvt Ltd.		784,945		1,768

Mineral Resources Ltd.		47,511		2,575

Mirvac Group		1,084,666		1,522

National Australia Bank Ltd.		897,522		16,662

Newcrest Mining Ltd.		250,986		4,493

Northern Star Resources Ltd.		339,211		2,777

Orica Ltd.		124,071		1,282

Origin Energy Ltd.		497,771		2,758

Pilbara Minerals Ltd.		720,909		1,923

Qantas Airways Ltd.*		258,118		1,147

QBE Insurance Group Ltd.		415,791		4,061

Ramsay Health Care Ltd.		50,047		2,228

REA Group Ltd.		14,975		1,396

Reece Ltd.		67,484		789

Rio Tinto Ltd.		106,573		8,581

Rio Tinto PLC		318,941		21,616

Santos Ltd.		888,124		4,099

Scentre Group		1,457,060		2,704



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Australia – 7.6% continued

SEEK Ltd.		94,767		$1,531

Sonic Healthcare Ltd.		127,832		2,988

South32 Ltd.		1,307,233		3,877

Stockland		663,160		1,777

Suncorp Group Ltd.		367,302		2,978

Telstra Group Ltd.		1,196,388		3,380

Transurban Group		871,689		8,296

Treasury Wine Estates Ltd.		203,695		1,787

Vicinity Ltd.		1,163,414		1,524

Washington H Soul Pattinson & Co. Ltd.		64,896		1,315

Wesfarmers Ltd.		325,477		10,971

Westpac Banking Corp.		992,186		14,392

WiseTech Global Ltd.		40,815		1,793

Woodside Energy Group Ltd.		539,060		12,146

Woolworths Group Ltd.		343,544		8,712

				340,714

Austria – 0.2%

Erste Group Bank A.G.		95,110		3,146

Mondi PLC		137,329		2,177

OMV A.G.		40,241		1,843

Verbund A.G.		19,878		1,728

voestalpine A.G.		32,794		1,117

				10,011

Belgium – 0.9%

Ageas S.A./N.V.		45,658		1,974

Anheuser-Busch InBev S.A./N.V.		247,638		16,513

D’ieteren Group		7,417		1,443

Elia Group S.A./N.V.		9,800		1,294

Groupe Bruxelles Lambert N.V.		28,876		2,466

KBC Group N.V.		71,623		4,924

Sofina S.A.		4,582		1,032

Solvay S.A., Class A		21,631		2,477

UCB S.A.		35,432		3,168

Umicore S.A.		58,205		1,977

Warehouses De Pauw - C.V.A.		46,272		1,376

				38,644

Brazil – 0.0%

Yara International ASA		45,606		1,986

Chile – 0.1%

Antofagasta PLC		109,316		2,139

China – 0.6%

BOC Hong Kong Holdings Ltd.		1,034,108		3,214

Budweiser Brewing Co. APAC Ltd.		500,600		1,520



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

China – 0.6% continued

ESR Group Ltd.		554,800		$991

Prosus N.V.*		228,351		17,858

SITC International Holdings Co. Ltd.		360,000		774

Wilmar International Ltd.		524,700		1,665

Xinyi Glass Holdings Ltd.		543,000		971

				26,993

Denmark – 3.0%

AP Moller - Maersk A/S, Class A		880		1,558

AP Moller - Maersk A/S, Class B		1,418		2,570

Carlsberg A/S, Class B		28,166		4,355

Chr Hansen Holding A/S		28,779		2,184

Coloplast A/S, Class B		34,230		4,505

Danske Bank A/S*		195,787		3,938

Demant A/S*		25,272		887

DSV A/S		53,675		10,360

Genmab A/S*		18,613		7,028

Novo Nordisk A/S, Class B		471,288		74,790

Novozymes A/S, Class B		57,428		2,942

Orsted A/S⁽²⁾		53,780		4,587

Pandora A/S		26,312		2,522

ROCKWOOL A/S, Class B		2,523		617

Tryg A/S		105,104		2,295

Vestas Wind Systems A/S		288,813		8,368

				133,506

Finland – 1.2%

Elisa OYJ		39,269		2,367

Fortum OYJ		126,684		1,943

Kesko OYJ, Class B		78,296		1,684

Kone OYJ, Class B		97,447		5,083

Metso Outotec OYJ		192,644		2,101

Neste OYJ		119,211		5,880

Nokia OYJ		1,534,549		7,545

Nordea Bank Abp		933,352		9,961

Orion OYJ, Class B		29,837		1,334

Sampo OYJ, Class A		136,335		6,431

Stora Enso OYJ (Registered)		152,419		1,983

UPM-Kymmene OYJ		153,333		5,149

Wartsila OYJ Abp		126,018		1,192

				52,653

France – 10.4%

Accor S.A.*		49,672		1,616

Adevinta ASA*		83,749		594

Aeroports de Paris*		7,995		1,142



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

France – 10.4% continued

Air Liquide S.A.		149,182		$24,992

Airbus S.E.		167,535		22,444

Alstom S.A.		87,441		2,389

Amundi S.A.⁽²⁾		17,965		1,135

Arkema S.A.		16,887		1,670

AXA S.A.		535,256		16,366

BioMerieux		12,093		1,276

BNP Paribas S.A.		316,310		18,918

Bollore S.E.		259,867		1,604

Bouygues S.A.		64,547		2,177

Bureau Veritas S.A.		85,648		2,461

Capgemini S.E.		46,469		8,644

Carrefour S.A.		169,451		3,426

Cie de Saint-Gobain		139,872		7,964

Cie Generale des Etablissements Michelin S.C.A.		193,782		5,931

Covivio S.A./France		13,216		771

Credit Agricole S.A.		347,801		3,932

Danone S.A.		182,191		11,326

Dassault Aviation S.A.		7,105		1,407

Dassault Systemes S.E.		189,157		7,812

Edenred		70,600		4,177

Eiffage S.A.		24,227		2,623

Engie S.A.		520,445		8,231

EssilorLuxottica S.A.		82,501		14,894

Eurazeo S.E.		13,451		958

Gecina S.A.		13,585		1,412

Getlink S.E.		127,853		2,110

Hermes International		9,040		18,312

Ipsen S.A.		10,383		1,144

Kering S.A.		21,258		13,874

Klepierre S.A.		61,320		1,391

La Francaise des Jeux S.A.E.M.⁽²⁾		30,490		1,271

Legrand S.A.		75,664		6,921

L’Oreal S.A.		68,919		30,834

LVMH Moet Hennessy Louis Vuitton S.E.		78,849		72,262

Orange S.A.		563,947		6,701

Pernod Ricard S.A.		58,640		13,287

Publicis Groupe S.A.		65,032		5,081

Remy Cointreau S.A.		6,629		1,208

Renault S.A.*		55,589		2,270

Safran S.A.		97,219		14,438

Sartorius Stedim Biotech		7,684		2,361

SEB S.A.		7,739		883



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

France – 10.4% continued

Societe Generale S.A.		230,737		$5,208

Sodexo S.A.		24,373		2,381

Teleperformance		16,664		4,025

Thales S.A.		30,633		4,529

TotalEnergies S.E.		708,825		41,823

Unibail-Rodamco-Westfield*		32,891		1,772

Valeo		61,312		1,262

Veolia Environnement S.A.		186,996		5,778

Vinci S.A.		153,229		17,583

Vivendi S.E.		202,994		2,049

Wendel S.E.		7,692		815

Worldline S.A.⁽²⁾*		68,373		2,906

				466,771

Germany – 7.8%

adidas A.G.		46,456		8,202

Allianz S.E. (Registered)		114,602		26,455

Aroundtown S.A.		300,026		427

BASF S.E.		261,667		13,723

Bayer A.G. (Registered)		278,366		17,731

Bayerische Motoren Werke A.G.		93,710		10,261

Bechtle A.G.		24,288		1,159

Beiersdorf A.G.		27,910		3,631

Brenntag S.E.		44,895		3,370

Carl Zeiss Meditec A.G. (Bearer)		10,976		1,524

Commerzbank A.G.*		307,206		3,232

Continental A.G.		30,927		2,312

Covestro A.G.⁽²⁾		56,023		2,317

Daimler Truck Holding A.G.*		128,126		4,327

Deutsche Bank A.G. (Registered)		589,766		5,980

Deutsche Boerse A.G.		53,908		10,492

Deutsche Lufthansa A.G. (Registered)*		175,733		1,955

Deutsche Post A.G. (Registered)		283,621		13,248

Deutsche Telekom A.G. (Registered)		920,179		22,288

E.ON S.E.		642,080		8,009

Evonik Industries A.G.		62,685		1,316

Fresenius Medical Care A.G. & Co. KGaA		60,269		2,556

Fresenius S.E. & Co. KGaA		118,115		3,184

GEA Group A.G.		43,947		2,000

Hannover Rueck S.E.		16,871		3,300

HeidelbergCement A.G.		41,477		3,025

HelloFresh S.E.*		47,772		1,138

Henkel A.G. & Co. KGaA		29,981		2,180

Infineon Technologies A.G.		370,041		15,125



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Germany – 7.8% continued

Knorr-Bremse A.G.		21,731		$1,445

LEG Immobilien S.E.		20,293		1,111

Mercedes-Benz Group A.G.		228,004		17,515

Merck KGaA		36,832		6,848

MTU Aero Engines A.G.		14,849		3,713

Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered)		39,744		13,900

Nemetschek S.E.		17,415		1,194

Puma S.E.		29,826		1,840

Rational A.G.		1,462		979

Rheinmetall A.G.		12,565		3,733

RWE A.G.		182,475		7,844

SAP S.E.		297,640		37,442

Scout24 S.E.		22,205		1,317

Siemens A.G. (Registered)		217,914		35,274

Siemens Energy A.G.*		147,817		3,245

Siemens Healthineers A.G.⁽²⁾		80,182		4,612

Symrise A.G.		37,967		4,125

Telefonica Deutschland Holding A.G.		290,382		894

United Internet A.G. (Registered)		28,710		494

Volkswagen A.G.		8,561		1,467

Vonovia S.E.		203,470		3,826

Zalando S.E.⁽²⁾*		61,634		2,579

				349,864

Hong Kong – 2.5%

AIA Group Ltd.		3,370,286		35,413

CK Asset Holdings Ltd.		561,638		3,403

CK Infrastructure Holdings Ltd.		187,853		1,026

CLP Holdings Ltd.		465,014		3,361

Futu Holdings Ltd. ADR*		17,399		902

Hang Lung Properties Ltd.		551,501		1,034

Hang Seng Bank Ltd.		212,079		3,009

Henderson Land Development Co. Ltd.		437,929		1,516

HKT Trust & HKT Ltd.		1,102,220		1,467

Hong Kong & China Gas Co. Ltd.		3,082,005		2,723

Hong Kong Exchanges & Clearing Ltd.		344,296		15,281

Hongkong Land Holdings Ltd.		308,300		1,358

Jardine Matheson Holdings Ltd.		44,800		2,182

Link REIT		719,378		4,613

MTR Corp. Ltd.		443,636		2,146

New World Development Co. Ltd.		410,111		1,106

Power Assets Holdings Ltd.		401,317		2,150

Prudential PLC		778,605		10,648



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Hong Kong – 2.5% continued

Sino Land Co. Ltd.		974,549		$1,320

Sun Hung Kai Properties Ltd.		413,758		5,819

Swire Pacific Ltd., Class A		143,551		1,106

Swire Properties Ltd.		340,587		880

Techtronic Industries Co. Ltd.		394,833		4,311

WH Group Ltd.⁽²⁾		2,284,213		1,358

Wharf Real Estate Investment Co. Ltd.		465,766		2,694

				110,826

Ireland – 0.6%

AerCap Holdings N.V.*		47,215		2,655

AIB Group PLC		300,694		1,225

Bank of Ireland Group PLC		302,218		3,058

CRH PLC		214,608		10,846

Irish Bank Resolution Corp. Ltd.⁽³⁾*		99,788		—

Kerry Group PLC, Class A		45,687		4,553

Kingspan Group PLC		43,403		2,979

Smurfit Kappa Group PLC		72,024		2,615

				27,931

Israel – 0.6%

Azrieli Group Ltd.		10,176		586

Bank Hapoalim B.M.		363,934		3,031

Bank Leumi Le-Israel B.M.		442,040		3,343

Bezeq The Israeli Telecommunication Corp. Ltd.		520,774		710

Check Point Software Technologies Ltd.*		29,039		3,775

Elbit Systems Ltd.		7,084		1,203

First International Bank of Israel (The) Ltd.		19,129		677

ICL Group Ltd.		191,133		1,293

Israel Discount Bank Ltd., Class A		355,469		1,748

Mizrahi Tefahot Bank Ltd.		42,271		1,326

Nice Ltd.*		17,821		4,057

Teva Pharmaceutical Industries Ltd. ADR*		319,045		2,824

Tower Semiconductor Ltd.*		32,538		1,387

Wix.com Ltd.*		16,691		1,666

				27,626

Italy – 2.0%

Amplifon S.p.A.		36,670		1,275

Assicurazioni Generali S.p.A.		317,007		6,328

Coca-Cola HBC A.G. - CDI*		53,927		1,475

Davide Campari-Milano N.V.		141,593		1,727

DiaSorin S.p.A.		7,183		758



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Italy – 2.0% continued

Enel S.p.A.		2,306,766	$	14,088

Eni S.p.A.		718,473		10,064

Ferrari N.V.		18,769		5,083

Ferrari N.V. (New York Exchange)		16,988		4,603

FinecoBank Banca Fineco S.p.A.		171,590		2,639

Infrastrutture Wireless Italiane S.p.A.		96,117		1,267

Intesa Sanpaolo S.p.A.		4,614,428		11,876

Mediobanca Banca di Credito Finanziario S.p.A.		168,503		1,697

Moncler S.p.A.		57,197		3,954

Nexi S.p.A.*		165,879		1,353

Poste Italiane S.p.A.		138,949		1,422

Prysmian S.p.A.		72,878		3,068

Recordati Industria Chimica e Farmaceutica S.p.A.		27,580		1,167

Snam S.p.A.		579,367		3,075

Telecom Italia S.p.A.*		3,047,503		1,010

Terna - Rete Elettrica Nazionale		410,139		3,366

UniCredit S.p.A.		543,795		10,300

				91,595

Japan – 21.1%

Advantest Corp.		53,200		4,929

Aeon Co. Ltd.		183,400		3,555

AGC, Inc.		56,400		2,102

Aisin Corp.		40,200		1,108

Ajinomoto Co., Inc.		127,200		4,427

ANA Holdings, Inc.*		46,800		1,016

Asahi Group Holdings Ltd.		128,900		4,799

Asahi Intecc Co. Ltd.		59,600		1,055

Asahi Kasei Corp.		350,900		2,461

Astellas Pharma, Inc.		528,200		7,513

Azbil Corp.		32,700		895

Bandai Namco Holdings, Inc.		168,000		3,618

BayCurrent Consulting, Inc.		38,300		1,589

Bridgestone Corp.		164,500		6,683

Brother Industries Ltd.		63,000		950

Canon, Inc.		281,600		6,317

Capcom Co. Ltd.		47,000		1,681

Central Japan Railway Co.		42,100		5,026

Chiba Bank (The) Ltd.		154,000		994

Chubu Electric Power Co., Inc.		177,300		1,871

Chugai Pharmaceutical Co. Ltd.		190,165		4,700

Concordia Financial Group Ltd.		320,400		1,183

CyberAgent, Inc.		116,800		990



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Japan – 21.1% continued

Dai Nippon Printing Co. Ltd.		63,700		$1,780

Daifuku Co. Ltd.		87,900		1,630

Dai-ichi Life Holdings, Inc.		280,900		5,161

Daiichi Sankyo Co. Ltd.		496,600		18,124

Daikin Industries Ltd.		71,200		12,765

Daito Trust Construction Co. Ltd.		17,100		1,707

Daiwa House Industry Co. Ltd.		170,100		4,007

Daiwa House REIT Investment Corp.		640		1,313

Daiwa Securities Group, Inc.		405,200		1,904

Denso Corp.		123,100		6,949

Dentsu Group, Inc.		59,718		2,103

Disco Corp.		24,600		2,862

East Japan Railway Co.		84,412		4,668

Eisai Co. Ltd.		72,300		4,114

ENEOS Holdings, Inc.		868,597		3,047

FANUC Corp.		274,000		9,880

Fast Retailing Co. Ltd.		49,200		10,757

Fuji Electric Co. Ltd.		35,700		1,409

FUJIFILM Holdings Corp.		101,800		5,171

Fujitsu Ltd.		56,500		7,637

GLP J-REIT		1,264		1,365

GMO Payment Gateway, Inc.		11,400		981

Hakuhodo DY Holdings, Inc.		58,600		664

Hamamatsu Photonics K.K.		40,470		2,185

Hankyu Hanshin Holdings, Inc.		62,800		1,863

Hikari Tsushin, Inc.		5,800		816

Hirose Electric Co. Ltd.		7,928		1,037

Hitachi Construction Machinery Co. Ltd.		29,900		697

Hitachi Ltd.		275,300		15,132

Honda Motor Co. Ltd.		465,700		12,388

Hoshizaki Corp.		32,200		1,188

Hoya Corp.		101,200		11,191

Hulic Co. Ltd.		108,100		888

Ibiden Co. Ltd.		32,200		1,292

Idemitsu Kosan Co. Ltd.		64,988		1,421

Iida Group Holdings Co. Ltd.		41,264		673

Inpex Corp.		290,200		3,088

Isuzu Motors Ltd.		168,000		2,011

ITOCHU Corp.		340,500		11,088

Itochu Techno-Solutions Corp.		27,600		680

Japan Airlines Co. Ltd.		42,200		823

Japan Exchange Group, Inc.		151,700		2,315

Japan Metropolitan Fund Invest		1,909		1,393



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Japan – 21.1% continued

Japan Post Bank Co. Ltd.		419,700		$3,433

Japan Post Holdings Co. Ltd.		684,000		5,566

Japan Post Insurance Co. Ltd.		58,100		907

Japan Real Estate Investment Corp.		359		1,431

Japan Tobacco, Inc.		339,800		7,172

JFE Holdings, Inc.		134,100		1,704

JSR Corp.		48,700		1,151

Kajima Corp.		115,900		1,399

Kansai Electric Power (The) Co., Inc.		202,000		1,968

Kao Corp.		134,500		5,252

KDDI Corp.		459,200		14,181

Keio Corp.		27,500		964

Keisei Electric Railway Co. Ltd.		35,200		1,084

Keyence Corp.		55,656		27,286

Kikkoman Corp.		41,000		2,091

Kintetsu Group Holdings Co. Ltd.		47,100		1,515

Kirin Holdings Co. Ltd.		231,300		3,660

Kobayashi Pharmaceutical Co. Ltd.		14,300		874

Kobe Bussan Co. Ltd.		39,800		1,111

Koei Tecmo Holdings Co. Ltd.		31,440		568

Koito Manufacturing Co. Ltd.		56,328		1,067

Komatsu Ltd.		266,000		6,599

Konami Group Corp.		25,400		1,166

Kose Corp.		9,600		1,140

Kubota Corp.		288,800		4,375

Kurita Water Industries Ltd.		28,900		1,323

Kyocera Corp.		93,900		4,898

Kyowa Kirin Co. Ltd.		74,200		1,619

Lasertec Corp.		21,100		3,741

Lixil Corp.		81,600		1,346

M3, Inc.		125,100		3,147

Makita Corp.		65,000		1,617

Marubeni Corp.		444,200		6,038

MatsukiyoCocokara & Co.		33,700		1,785

Mazda Motor Corp.		154,800		1,441

McDonald’s Holdings Co. Japan Ltd.		26,800		1,114

MEIJI Holdings Co. Ltd.		65,452		1,557

MINEBEA MITSUMI, Inc.		99,700		1,903

MISUMI Group, Inc.		78,000		1,962

Mitsubishi Chemical Group Corp.		373,300		2,221

Mitsubishi Corp.		358,800		12,900

Mitsubishi Electric Corp.		546,500		6,527

Mitsubishi Estate Co. Ltd.		330,900		3,951

Mitsubishi HC Capital, Inc.		188,300		973



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Japan – 21.1% continued

Mitsubishi Heavy Industries Ltd.		90,800		$3,348

Mitsubishi UFJ Financial Group, Inc.		3,407,095		21,861

Mitsui & Co. Ltd.		408,600		12,734

Mitsui Chemicals, Inc.		55,200		1,425

Mitsui Fudosan Co. Ltd.		255,800		4,807

Mitsui OSK Lines Ltd.		100,000		2,502

Mizuho Financial Group, Inc.		685,018		9,715

MonotaRO Co. Ltd.		72,100		906

MS&AD Insurance Group Holdings, Inc.		124,943		3,880

Murata Manufacturing Co. Ltd.		164,291		10,032

NEC Corp.		67,800		2,618

Nexon Co. Ltd.		137,400		3,281

NGK Insulators Ltd.		66,100		875

Nidec Corp.		128,300		6,660

Nihon M&A Center Holdings, Inc.		86,700		650

Nintendo Co. Ltd.		313,700		12,161

Nippon Building Fund, Inc.		442		1,838

NIPPON EXPRESS HOLDINGS, Inc.		21,100		1,272

Nippon Paint Holdings Co. Ltd.		229,800		2,160

Nippon Prologis REIT, Inc.		596		1,263

Nippon Sanso Holdings Corp.		51,400		928

Nippon Shinyaku Co. Ltd.		14,100		622

Nippon Steel Corp.		233,061		5,500

Nippon Telegraph & Telephone Corp.		339,112		10,128

Nippon Yusen K.K.		134,700		3,148

Nissan Chemical Corp.		35,100		1,595

Nissan Motor Co. Ltd.		637,400		2,425

Nisshin Seifun Group, Inc.		56,505		661

Nissin Foods Holdings Co. Ltd.		17,100		1,564

Nitori Holdings Co. Ltd.		22,300		2,689

Nitto Denko Corp.		39,500		2,553

Nomura Holdings, Inc.		841,500		3,248

Nomura Real Estate Holdings, Inc.		32,700		724

Nomura Real Estate Master Fund, Inc.		1,254		1,406

Nomura Research Institute Ltd.		109,622		2,549

NTT Data Corp.		175,500		2,308

Obayashi Corp.		202,200		1,548

Obic Co. Ltd.		19,500		3,083

Odakyu Electric Railway Co. Ltd.		79,300		1,030

Oji Holdings Corp.		235,200		931

Olympus Corp.		350,800		6,161

Omron Corp.		52,500		3,072

Ono Pharmaceutical Co. Ltd.		103,100		2,151



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Japan – 21.1% continued

Open House Group Co. Ltd.		22,200		$832

Oracle Corp. Japan		10,900		787

Oriental Land Co. Ltd.		286,500		9,797

ORIX Corp.		343,500		5,665

Osaka Gas Co. Ltd.		102,400		1,684

Otsuka Corp.		31,000		1,102

Otsuka Holdings Co. Ltd.		115,315		3,677

Pan Pacific International Holdings Corp.		107,900		2,088

Panasonic Corp.		623,300		5,579

Persol Holdings Co. Ltd.		48,100		967

Rakuten Group, Inc.		249,700		1,164

Recruit Holdings Co. Ltd.		410,500		11,378

Renesas Electronics Corp.*		334,400		4,855

Resona Holdings, Inc.		603,010		2,915

Ricoh Co. Ltd.		169,800		1,274

Rohm Co. Ltd.		24,900		2,074

SBI Holdings, Inc.		66,960		1,329

SCSK Corp.		45,500		665

Secom Co. Ltd.		59,600		3,668

Seiko Epson Corp.		81,000		1,153

Sekisui Chemical Co. Ltd.		100,100		1,420

Sekisui House Ltd.		176,400		3,595

Seven & i Holdings Co. Ltd.		215,100		9,703

SG Holdings Co. Ltd.		79,500		1,178

Sharp Corp.		56,200		397

Shimadzu Corp.		66,700		2,092

Shimano, Inc.		20,700		3,591

Shimizu Corp.		164,100		930

Shin-Etsu Chemical Co. Ltd.		530,000		17,190

Shionogi & Co. Ltd.		74,700		3,379

Shiseido Co. Ltd.		112,700		5,289

Shizuoka Financial Group, Inc.		123,300		886

SMC Corp.		16,400		8,695

SoftBank Corp.		825,500		9,522

SoftBank Group Corp.		342,200		13,470

Sompo Holdings, Inc.		87,845		3,486

Sony Group Corp.		359,800		32,711

Square Enix Holdings Co. Ltd.		23,500		1,129

Subaru Corp.		174,400		2,792

SUMCO Corp.		100,100		1,506

Sumitomo Chemical Co. Ltd.		405,600		1,364

Sumitomo Corp.		314,800		5,576

Sumitomo Electric Industries Ltd.		198,700		2,553

Sumitomo Metal Mining Co. Ltd.		69,100		2,642



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Japan – 21.1% continued

Sumitomo Mitsui Financial Group, Inc.		370,442		$14,854

Sumitomo Mitsui Trust Holdings, Inc.		96,619		3,310

Sumitomo Realty & Development Co. Ltd.		85,800		1,935

Suntory Beverage & Food Ltd.		42,900		1,599

Suzuki Motor Corp.		103,300		3,760

Sysmex Corp.		48,798		3,203

T&D Holdings, Inc.		145,800		1,811

Taisei Corp.		51,200		1,583

Takeda Pharmaceutical Co. Ltd.		431,066		14,159

TDK Corp.		112,900		4,052

Terumo Corp.		186,300		5,029

TIS, Inc.		63,000		1,665

Tobu Railway Co. Ltd.		50,900		1,218

Toho Co. Ltd.		33,000		1,264

Tokio Marine Holdings, Inc.		525,600		10,134

Tokyo Electric Power Co. Holdings, Inc.*		426,000		1,520

Tokyo Electron Ltd.		127,200		15,553

Tokyo Gas Co. Ltd.		107,200		2,019

Tokyu Corp.		153,500		2,041

TOPPAN, Inc.		77,000		1,551

Toray Industries, Inc.		384,500		2,198

Toshiba Corp.		110,700		3,709

Tosoh Corp.		77,100		1,048

TOTO Ltd.		38,500		1,290

Toyota Industries Corp.		40,500		2,255

Toyota Motor Corp.		3,027,020		43,090

Toyota Tsusho Corp.		58,900		2,511

Trend Micro, Inc.		38,100		1,868

Unicharm Corp.		114,700		4,715

USS Co. Ltd.		56,800		985

Welcia Holdings Co. Ltd.		27,100		580

West Japan Railway Co.		61,000		2,513

Yakult Honsha Co. Ltd.		36,900		2,683

Yamaha Corp.		40,100		1,548

Yamaha Motor Co. Ltd.		83,000		2,175

Yamato Holdings Co. Ltd.		79,500		1,364

Yaskawa Electric Corp.		71,200		3,120

Yokogawa Electric Corp.		61,500		1,001

Z Holdings Corp.		751,200		2,132

ZOZO, Inc.		33,100		757

				944,919



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Jordan – 0.0%

Hikma Pharmaceuticals PLC		46,136		$955

Luxembourg – 0.2%

ArcelorMittal S.A.		148,606		4,506

Eurofins Scientific S.E.		37,240		2,499

				7,005

Macau – 0.2%

Galaxy Entertainment Group Ltd.*		626,148		4,162

Sands China Ltd.*		684,699		2,390

				6,552

Netherlands – 5.4%

ABN AMRO Bank N.V. - C.V.A.		114,741		1,823

Adyen N.V.⁽²⁾*		6,169		9,782

Aegon N.V.		504,527		2,168

Akzo Nobel N.V.		51,417		4,013

Argenx S.E.*		15,548		5,774

ASM International N.V.		13,366		5,428

ASML Holding N.V.		114,892		78,505

Euronext N.V.		23,431		1,794

EXOR N.V.*		31,421		2,589

Heineken Holding N.V.		32,778		3,011

Heineken N.V.		73,861		7,951

IMCD N.V.		16,387		2,682

ING Groep N.V.		1,067,986		12,706

JDE Peet’s N.V.		28,152		819

Koninklijke Ahold Delhaize N.V.		296,356		10,137

Koninklijke DSM N.V.		50,174		5,930

Koninklijke KPN N.V.		904,080		3,193

Koninklijke Philips N.V.		251,333		4,588

NN Group N.V.		77,191		2,801

OCI N.V.		31,429		1,067

Randstad N.V.		34,425		2,044

Shell PLC		2,009,278		57,537

Universal Music Group N.V.		208,065		5,260

Wolters Kluwer N.V.		73,486		9,273

				240,875

New Zealand – 0.2%

Auckland International Airport Ltd.*		358,943		1,954

Fisher & Paykel Healthcare Corp. Ltd.		166,283		2,777

Mercury NZ Ltd.		177,324		701

Meridian Energy Ltd.		386,420		1,272

Spark New Zealand Ltd.		528,543		1,676

Xero Ltd.*		37,337		2,260

				10,640



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Norway – 0.6%

Aker BP ASA		90,785		$2,227

DNB Bank ASA		265,352		4,760

Equinor ASA		270,994		7,707

Gjensidige Forsikring ASA		59,937		982

Kongsberg Gruppen ASA		24,750		1,000

Mowi ASA		115,702		2,143

Norsk Hydro ASA		379,550		2,838

Orkla ASA		200,960		1,427

Salmar ASA		19,696		860

Telenor ASA		200,808		2,357

				26,301

Portugal – 0.2%

Banco Espirito Santo S.A. (Registered)^{(3) *}		882,815		—

EDP - Energias de Portugal S.A.		788,780		4,298

Galp Energia SGPS S.A.		141,287		1,603

Jeronimo Martins SGPS S.A.		81,111		1,902

				7,803

Singapore – 1.7%

CapitaLand Ascendas REIT		959,992		2,073

CapitaLand Integrated Commercial Trust		1,567,516		2,341

Capitaland Investment Ltd.		717,062		1,993

City Developments Ltd.		123,700		687

DBS Group Holdings Ltd.		517,905		12,871

Genting Singapore Ltd.		1,705,280		1,438

Grab Holdings Ltd., Class A*		382,368		1,151

Jardine Cycle & Carriage Ltd.		27,300		645

Keppel Corp. Ltd.		404,250		1,713

Mapletree Logistics Trust		971,787		1,254

Mapletree Pan Asia Commercial Trust		683,900		929

Oversea-Chinese Banking Corp. Ltd.		971,351		9,057

Sea Ltd. ADR*		103,594		8,966

Sembcorp Marine Ltd.*		13,175,624		1,180

Singapore Airlines Ltd.		396,435		1,710

Singapore Exchange Ltd.		235,500		1,670

Singapore Technologies Engineering Ltd.		440,300		1,215

Singapore Telecommunications Ltd.		2,307,325		4,276

STMicroelectronics N.V.		192,837		10,316

United Overseas Bank Ltd.		334,449		7,504

UOL Group Ltd.		122,280		639

Venture Corp. Ltd.		81,100		1,080

				74,708



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

South Africa – 0.3%

Anglo American PLC		361,081		$11,951

South Korea – 0.0%

Delivery Hero S.E.*		46,850		1,594

Spain – 2.6%

Acciona S.A.		7,195		1,442

ACS Actividades de Construccion y Servicios S.A.		62,335		1,986

Aena S.M.E. S.A.*		20,934		3,390

Amadeus IT Group S.A.*		128,433		8,599

Banco Bilbao Vizcaya Argentaria S.A.		1,723,256		12,311

Banco Santander S.A.		4,770,647		17,772

CaixaBank S.A.		1,252,914		4,878

Cellnex Telecom S.A.*		162,499		6,325

Corp. ACCIONA Energias Renovables S.A.		19,010		737

EDP Renovaveis S.A.		81,192		1,862

Enagas S.A.		72,079		1,385

Endesa S.A.		86,581		1,880

Ferrovial S.A.		139,379		4,100

Grifols S.A.*		89,490		885

Iberdrola S.A.		1,738,603		21,657

Industria de Diseno Textil S.A.		308,323		10,354

Naturgy Energy Group S.A.		43,483		1,309

Red Electrica Corp. S.A.		115,063		2,024

Repsol S.A.		399,041		6,143

Telefonica S.A.		1,485,279		6,409

				115,448

Sweden – 3.1%

Alfa Laval AB		83,177		2,972

Assa Abloy AB, Class B		282,984		6,794

Atlas Copco AB, Class A		765,481		9,705

Atlas Copco AB, Class B		443,351		5,098

Boliden AB		78,163		3,074

Electrolux AB, Class B		56,656		688

Embracer Group AB*		188,740		885

Epiroc AB, Class A		188,177		3,737

Epiroc AB, Class B		111,843		1,907

EQT AB		102,844		2,104

Essity AB, Class B		172,949		4,946

Evolution AB		52,025		6,981

Fastighets AB Balder, Class B*		166,288		684

Getinge AB, Class B		65,425		1,599

Hennes & Mauritz AB, Class B		210,301		3,003

Hexagon AB, Class B		553,007		6,364



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Sweden – 3.1% continued

Holmen AB, Class B		28,056		$1,081

Husqvarna AB, Class B		123,626		1,074

Industrivarden AB, Class A		35,290		954

Industrivarden AB, Class C		48,426		1,307

Indutrade AB		76,366		1,622

Investment AB Latour, Class B		43,691		890

Investor AB, Class A		140,698		2,872

Investor AB, Class B		517,232		10,304

Kinnevik AB, Class B*		69,753		1,045

L E Lundbergforetagen AB, Class B		22,433		1,016

Lifco AB, Class B		68,727		1,480

Nibe Industrier AB, Class B		431,451		4,920

Sagax AB, Class B		51,523		1,191

Sandvik AB		304,992		6,482

Securitas AB, Class B		141,031		1,257

Skandinaviska Enskilda Banken AB, Class A		457,392		5,044

Skanska AB, Class B		97,142		1,488

SKF AB, Class B		103,242		2,037

Svenska Cellulosa AB S.C.A., Class B		168,216		2,212

Svenska Handelsbanken AB, Class A		414,387		3,587

Swedbank AB, Class A		256,050		4,202

Swedish Orphan Biovitrum AB*		50,667		1,181

Tele2 AB, Class B		168,297		1,677

Telefonaktiebolaget LM Ericsson,

Class B		829,075		4,870

Telia Co. AB		775,279		1,970

Volvo AB, Class A		55,885		1,204

Volvo AB, Class B		431,280		8,896

Volvo Car AB, Class B*		176,529		772

				137,176

Switzerland – 5.8%

ABB Ltd. (Registered)		445,233		15,268

Adecco Group A.G. (Registered)		48,284		1,757

Alcon, Inc.		142,678		10,123

Bachem Holding A.G.		9,370		943

Baloise Holding A.G. (Registered)		13,314		2,078

Banque Cantonale Vaudoise

(Registered)		8,446		797

Barry Callebaut A.G. (Registered)		997		2,117

BKW A.G.		5,956		936

Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate)		290		3,431



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

Switzerland – 5.8% continued

Chocoladefabriken Lindt & Spruengli A.G. (Registered)		31		$3,660

Cie Financiere Richemont S.A., Class A (Registered)		148,048		23,732

Clariant A.G. (Registered)*		61,024		1,013

Credit Suisse Group A.G. (Registered)		1,000,405		901

EMS-Chemie Holding A.G. (Registered)		1,925		1,591

Geberit A.G. (Registered)		10,239		5,726

Givaudan S.A. (Registered)		2,626		8,557

Julius Baer Group Ltd.		61,017		4,178

Kuehne + Nagel International A.G. (Registered)		15,469		4,617

Logitech International S.A. (Registered)		48,179		2,799

Lonza Group A.G. (Registered)		21,096		12,689

Novartis A.G. (Registered)		616,499		56,598

Partners Group Holding A.G.		6,417		6,050

Schindler Holding A.G. (Participation Certificate)		11,243		2,487

Schindler Holding A.G. (Registered)		6,971		1,472

SGS S.A. (Registered)		1,833		4,027

SIG Group A.G.*		87,468		2,250

Sika A.G. (Registered)		41,615		11,681

Sonova Holding A.G. (Registered)		15,221		4,488

Straumann Holding A.G. (Registered)		31,587		4,737

Swatch Group (The) A.G. (Bearer)		8,382		2,882

Swatch Group (The) A.G. (Registered)		12,980		822

Swiss Life Holding A.G. (Registered)		8,689		5,358

Swiss Prime Site A.G. (Registered)		23,007		1,915

Swisscom A.G. (Registered)		7,386		4,713

Temenos A.G. (Registered)		18,841		1,311

UBS Group A.G. (Registered)		953,918		20,143

VAT Group A.G.		7,731		2,793

Zurich Insurance Group A.G.		42,854		20,505

				261,145

United Kingdom – 11.1%

3i Group PLC		273,583		5,705

abrdn PLC		613,284		1,545

Admiral Group PLC		49,694		1,251

Ashtead Group PLC		125,404		7,683

Associated British Foods PLC		102,489		2,460

AstraZeneca PLC		440,821		61,186

Auto Trader Group PLC⁽²⁾		269,320		2,053

Aviva PLC		797,731		3,987

BAE Systems PLC		875,302		10,611



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

United Kingdom – 11.1% continued

Barclays PLC		4,558,462		$8,230

Barratt Developments PLC		289,258		1,670

Berkeley Group Holdings PLC		33,040		1,714

BP PLC		5,165,722		32,704

British American Tobacco PLC		605,644		21,225

British Land (The) Co. PLC		258,150		1,240

BT Group PLC		1,997,371		3,594

Bunzl PLC		96,873		3,660

Burberry Group PLC		110,114		3,523

CK Hutchison Holdings Ltd.		765,638		4,754

CNH Industrial N.V.		289,572		4,430

Coca-Cola Europacific Partners PLC		59,614		3,529

Compass Group PLC		504,216		12,678

Croda International PLC		39,449		3,169

DCC PLC		27,447		1,602

Diageo PLC		648,914		28,961

Entain PLC		166,013		2,584

Halma PLC		107,207		2,960

Hargreaves Lansdown PLC		93,117		922

HSBC Holdings PLC		5,679,903		38,669

Imperial Brands PLC		250,991		5,772

Informa PLC		417,171		3,565

InterContinental Hotels Group PLC		50,542		3,321

Intertek Group PLC		44,747		2,243

J Sainsbury PLC		494,001		1,701

JD Sports Fashion PLC		772,306		1,700

Johnson Matthey PLC		49,949		1,224

Just Eat Takeaway.com N.V.*		50,017		956

Kingfisher PLC		554,740		1,792

Land Securities Group PLC		194,068		1,492

Legal & General Group PLC		1,689,497		4,997

Lloyds Banking Group PLC		19,301,322		11,387

London Stock Exchange Group PLC		107,501		10,447

M&G PLC		669,951		1,641

Melrose Industries PLC		1,117,491		2,303

National Grid PLC		1,042,372		14,149

NatWest Group PLC		1,493,928		4,881

Next PLC		36,213		2,943

Ocado Group PLC*		159,465		1,058

Pearson PLC		192,369		2,008

Persimmon PLC		92,030		1,431

Phoenix Group Holdings PLC		215,294		1,454

Reckitt Benckiser Group PLC		202,472		15,383

RELX PLC		544,645		17,631



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.1% ⁽¹⁾ continued

United Kingdom – 11.1% continued

Rentokil Initial PLC		718,900		$5,256

Rolls-Royce Holdings PLC*		2,387,595		4,410

Sage Group (The) PLC		286,851		2,749

Schroders PLC		254,329		1,449

Segro PLC		336,916		3,207

Severn Trent PLC		72,519		2,576

Smith & Nephew PLC		250,610		3,487

Smiths Group PLC		105,654		2,239

Spirax-Sarco Engineering PLC		20,754		3,046

SSE PLC		306,734		6,832

St. James’s Place PLC		151,450		2,269

Standard Chartered PLC		696,783		5,302

Taylor Wimpey PLC		1,033,675		1,523

Tesco PLC		2,078,733		6,816

Unilever PLC		719,796		37,291

United Utilities Group PLC		196,781		2,573

Vodafone Group PLC		7,363,322		8,139

Whitbread PLC		57,265		2,115

WPP PLC		304,434		3,612

				498,669

United States – 7.1%

Computershare Ltd.		152,456		2,210

CSL Ltd.		137,431		26,517

CyberArk Software Ltd.*		11,069		1,638

Experian PLC		260,638		8,579

GSK PLC		1,156,077		20,619

Haleon PLC		1,440,985		5,749

Holcim A.G.*		157,006		10,128

James Hardie Industries PLC - CDI		124,119		2,664

Nestle S.A. (Registered)		783,651		95,666

QIAGEN N.V.*		65,583		2,981

Roche Holding A.G. (Bearer)		7,671		2,307

Roche Holding A.G. (Genusschein)		200,007		57,239

Sanofi		324,398		35,328

Schneider Electric S.E.		154,472		25,823

Stellantis N.V.		521,934		9,497

Stellantis N.V. (New York Exchange)		118,669		2,158

Swiss Re A.G.		85,849		8,830

Tenaris S.A.		130,622		1,858

				319,791

Total Common Stocks

(Cost $2,859,284)				4,346,791



	NUMBER OF SHARES		VALUE (000S)

PREFERRED STOCKS – 0.5% ⁽¹⁾

Germany – 0.5%

Bayerische Motoren Werke A.G., 9.04%⁽⁴⁾		17,343		$1,774

Dr. Ing hc F Porsche A.G.*		32,611		4,174

Henkel A.G. & Co. KGaA, 2.57%⁽⁴⁾		51,051		3,989

Porsche Automobil Holding S.E., 4.84%⁽⁴⁾		43,547		2,499

Sartorius A.G., 0.37%⁽⁴⁾		7,078		2,971

Volkswagen A.G., 6.98%⁽⁴⁾		52,851		7,212

				22,619

Total Preferred Stocks

(Cost $16,480)				22,619



INVESTMENT COMPANIES – 1.1%

iShares Core MSCI EAFE ETF		233,000		15,576

iShares MSCI EAFE ETF		392,000		28,036

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁵⁾⁽⁶⁾		6,456,551		6,457

Total Investment Companies

(Cost $46,900)				50,069



Total Investments – 98.7%

(Cost $2,922,664)				4,419,479

Other Assets less Liabilities – 1.3%				60,327

Net Assets – 100.0%			$	4,479,806

⁽¹⁾

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

⁽²⁾

⁽³⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁴⁾

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

⁽⁵⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾

7-day current yield as of March 31, 2023 is disclosed.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

EAFE – Europe, Australasia and the Far East

ETF – Exchange-Traded Fund

MSCI – Morgan Stanley Capital International

REIT – Real Estate Investment Trust

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had outstanding forward foreign currency exchange contracts as follows:



COUNTERPARTY	CONTRACTS TO DELIVER CURRENCY		AMOUNT (LOCAL CURRENCY) (000S)		IN EXCHANGE FOR CURRENCY		AMOUNT (LOCAL CURRENCY) (000S)		SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) (000S)

Citibank		United States Dollar		3,189		British Pound		2,670		6/21/23		$ 111

Citibank		United States Dollar		2,657		Euro		2,500		6/21/23		67

Goldman Sachs		United States Dollar		1,116		Japanese Yen		150,000		6/21/23		27

Morgan Stanley		United States Dollar		6,094		Japanese Yen		818,010		6/21/23		143

Toronto-Dominion		United States

Bank		Dollar		4,788		Euro		4,500		6/21/23		115
Subtotal Appreciation												463

Citibank		Japanese Yen		567,000		United States Dollar		4,320		6/21/23		(3	)

Citibank		United States Dollar		3,179		Euro		2,900		6/21/23		(19	)

Subtotal Depreciation												(22	)
Total												$441

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT (000S)		CONTRACT POSITION		CONTRACT EXP.		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾
Euro Stoxx 50 (Euro)		591		$27,310		Long		6/23		$768

FTSE 100 Index (British Pound)		144		13,570		Long		6/23		(23	)

Hang Seng Index (Hong Kong Dollar)		11		1,435		Long		4/23		40

SPI 200 Index (Australian Dollar)		59		7,090		Long		6/23		77

Topix Index (Japanese Yen)		100		15,089		Long		6/23		44

Total										$906

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

Euro		33.0	%

Japanese Yen		21.1

British Pound		14.4

Swiss Franc		9.7

Australian Dollar		7.2

All other currencies less than 5%		13.3

Total Investments		98.7

Other Assets less Liabilities		1.3

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:

Hong Kong	$	902	$	109,924		$—	$	110,826

Ireland		2,655		25,276		—		27,931

Israel		8,265		19,361		—		27,626

Italy		4,603		86,992		—		91,595

Singapore		10,117		64,591		—		74,708

United Kingdom		3,529		495,140		—		498,669

United States		3,796		315,995		—		319,791

All Other Countries⁽¹⁾		—		3,195,645		—		3,195,645
Total Common Stocks		33,867		4,312,924		—		4,346,791
Preferred Stocks		—		22,619		—		22,619

Investment Companies		50,069		—		—		50,069
Total Investments	$	83,936	$	4,335,543		$—	$	4,419,479



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1%

Aerospace & Defense – 1.4%

General Dynamics Corp.		7,661		$1,748

Lockheed Martin Corp.		3,480		1,645

				3,393

Air Freight & Logistics – 1.3%

Expeditors International of Washington, Inc.		14,571		1,604

United Parcel Service, Inc., Class B		8,648		1,678

				3,282

Automobiles – 1.2%

Tesla, Inc.*		12,515		2,597

Thor Industries, Inc.		3,255		259

				2,856

Banks – 3.2%

Bank of America Corp.		55,579		1,589

Bank OZK		37,188		1,272

Citigroup, Inc.		40,354		1,892

JPMorgan Chase & Co.		9,795		1,276

Prosperity Bancshares, Inc.		14,237		876

U.S. Bancorp		26		1

Wells Fargo & Co.		20,133		753

				7,659

Beverages – 1.1%

Coca-Cola (The) Co.		28,871		1,791

PepsiCo, Inc.		4,608		840

				2,631

Biotechnology – 2.1%

AbbVie, Inc.		3,273		522

Amgen, Inc.		9,349		2,260

Biogen, Inc.*		1,735		482

Gilead Sciences, Inc.		3,485		289

Moderna, Inc.*		291		45

Regeneron Pharmaceuticals, Inc.*		878		721

Vertex Pharmaceuticals, Inc.*		2,298		724

				5,043

Broadline Retail – 2.9%

Amazon.com, Inc.*		54,679		5,648

eBay, Inc.		33,029		1,466

Etsy, Inc.*		58		6

				7,120

Building Products – 0.1%

A.O. Smith Corp.		2,546		176



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.1% continued

Capital Markets – 2.5%

Affiliated Managers Group, Inc.		1,591		$227

Ameriprise Financial, Inc.		2,899		888

Bank of New York Mellon (The) Corp.		38,858		1,766

Goldman Sachs Group (The), Inc.		4,927		1,612

Jefferies Financial Group, Inc.		41,764		1,325

Robinhood Markets, Inc., Class A*		18,260		177

				5,995

Chemicals – 1.4%

CF Industries Holdings, Inc.		14,629		1,060

Chemours (The) Co.		5,341		160

Ginkgo Bioworks Holdings, Inc.*		81,750		109

LyondellBasell Industries N.V., Class A		15,289		1,436

Mosaic (The) Co.		874		40

Olin Corp.		12,528		695

				3,500

Communications Equipment – 1.3%

Cisco Systems, Inc.		59,865		3,129

Consumer Finance – 0.1%

Discover Financial Services		35		3

SLM Corp.		22,522		279

				282

Consumer Staples Distribution & Retail – 1.2%

Albertsons Cos., Inc., Class A		1,977		41

Kroger (The) Co.		32,328		1,596

Walmart, Inc.		7,884		1,163

				2,800

Diversified Consumer Services – 0.5%

Grand Canyon Education, Inc.*		1,014		115

H&R Block, Inc.		30,426		1,073

				1,188

Diversified Telecommunication Services – 1.0%

AT&T, Inc.		130,269		2,508

Electric Utilities – 1.8%

Constellation Energy Corp.		12,541		985

Edison International		898		63

Entergy Corp.		193		21

Exelon Corp.		37,624		1,576

FirstEnergy Corp.		20,318		814

IDACORP, Inc.		4,255		461

NRG Energy, Inc.		10,624		364

OGE Energy Corp.		1,968		74

				4,358



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.1% continued

Electrical Equipment – 0.9%

Acuity Brands, Inc.		8,197		$1,498

Emerson Electric Co.		7,275		634

				2,132

Entertainment – 0.7%

Activision Blizzard, Inc.		2,972		255

Electronic Arts, Inc.		1,761		212

Netflix, Inc.*		901		311

Playtika Holding Corp.*		65,803		741

World Wrestling Entertainment, Inc., Class A		1,063		97

				1,616

Financial Services – 4.3%

Berkshire Hathaway, Inc., Class B*		13,373		4,129

Mastercard, Inc., Class A		3,687		1,340

MGIC Investment Corp.		67,451		905

PayPal Holdings, Inc.*		6,088		462

Visa, Inc., Class A		15,552		3,507

				10,343

Food Products – 1.7%

Archer-Daniels-Midland Co.		19		1

Campbell Soup Co.		27,971		1,538

General Mills, Inc.		21,526		1,840

Kellogg Co.		10,284		689

				4,068

Ground Transportation – 0.6%

Landstar System, Inc.		8,794		1,576

Health Care Equipment & Supplies – 2.3%

Abbott Laboratories		25,938		2,627

Hologic, Inc.*		19,843		1,601

IDEXX Laboratories, Inc.*		1,548		774

Medtronic PLC		8,366		674

				5,676

Health Care Providers & Services – 3.3%

AmerisourceBergen Corp.		1,288		206

Cigna Group (The)		6,672		1,705

CVS Health Corp.		12,388		921

Elevance Health, Inc.		273		125

McKesson Corp.		1,932		688

UnitedHealth Group, Inc.		9,173		4,335

				7,980

Hotel & Resort Real Estate Investment Trusts – 0.6%

Host Hotels & Resorts, Inc.		91,127		1,503



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.1% continued

Hotels, Restaurants & Leisure – 1.4%

Booking Holdings, Inc.*		345		$915

Boyd Gaming Corp.		10,484		672

Expedia Group, Inc.*		1,904		185

McDonald’s Corp.		3,917		1,095

Starbucks Corp.		1,593		166

Yum! Brands, Inc.		2,262		299

				3,332

Household Durables – 0.4%

NVR, Inc.*		194		1,081

Household Products – 1.3%

Colgate-Palmolive Co.		10,613		798

Procter & Gamble (The) Co.		15,659		2,328

				3,126

Independent Power & Renewable Electricity Producers – 0.6%

AES (The) Corp.		56,466		1,360

Industrial Conglomerates – 0.7%

3M Co.		15,903		1,672

Insurance – 1.8%

Aflac, Inc.		25,552		1,649

Assured Guaranty Ltd.		18,237		917

Brighthouse Financial, Inc.*		12,220		539

MetLife, Inc.		15,138		877

Unum Group		10,946		433

				4,415

Interactive Media & Services – 5.4%

Alphabet, Inc., Class A*		96,011		9,959

Meta Platforms, Inc., Class A*		14,266		3,024

TripAdvisor, Inc.*		1,562		31

				13,014

IT Services – 2.1%

Accenture PLC, Class A		8,881		2,538

Amdocs Ltd.		16,871		1,620

Cognizant Technology Solutions Corp., Class A		6,106		372

Gartner, Inc.*		1,904		620

International Business Machines Corp.		561		74

				5,224

Life Sciences Tools & Services – 1.4%

Danaher Corp.		2,436		614

Mettler-Toledo International, Inc.*		825		1,262



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.1% continued

Life Sciences Tools & Services – 1.4% continued

Thermo Fisher Scientific, Inc.		90		$52

Waters Corp.*		4,822		1,493

				3,421

Machinery – 1.7%

Allison Transmission Holdings, Inc.		35,181		1,592

Lincoln Electric Holdings, Inc.		5,109		864

Snap-on, Inc.		6,871		1,696

				4,152

Media – 1.6%

Comcast Corp., Class A		31,518		1,195

Fox Corp., Class A		27,290		929

Interpublic Group of (The) Cos., Inc.		1,864		70

Nexstar Media Group, Inc.		2,113		365

Omnicom Group, Inc.		14,450		1,363

				3,922

Metals & Mining – 1.2%

Nucor Corp.		10,644		1,644

Steel Dynamics, Inc.		10,419		1,178

				2,822

Multi-Utilities – 0.4%

Ameren Corp.		2,149		185

Public Service Enterprise Group, Inc.		14,568		910

				1,095

Oil, Gas & Consumable Fuels – 4.9%

Chevron Corp.		3,901		637

EQT Corp.		1,521		49

Exxon Mobil Corp.		38,487		4,220

Marathon Oil Corp.		58,755		1,408

Marathon Petroleum Corp.		17,155		2,313

Occidental Petroleum Corp.		29,015		1,811

Valero Energy Corp.		10,469		1,461

Vitesse Energy, Inc.		4,915		94

				11,993

Personal Care Products – 0.1%

Olaplex Holdings, Inc.*		40,801		174

Pharmaceuticals – 4.3%

Bristol-Myers Squibb Co.		34,659		2,402

Eli Lilly & Co.		1,391		478

Johnson & Johnson		26,210		4,063

Merck & Co., Inc.		6,694		712

Pfizer, Inc.		67,309		2,746

				10,401



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.1% continued

Professional Services – 1.6%

Automatic Data Processing, Inc.		2,602		$579

Genpact Ltd.		3,774		175

Leidos Holdings, Inc.		5,729		527

Paychex, Inc.		9,983		1,144

Robert Half International, Inc.		11,902		959

Science Applications International Corp.		4,824		518

				3,902

Real Estate Management & Development – 0.4%

CBRE Group, Inc., Class A*		14,173		1,032

Residential Real Estate Investment Trusts – 0.0%

Equity Residential		60		4

Retail Real Estate Investment Trusts – 0.2%

Simon Property Group, Inc.		3,892		436

Semiconductors & Semiconductor Equipment – 6.4%

Analog Devices, Inc.		5,693		1,123

Applied Materials, Inc.		6,466		794

Broadcom, Inc.		5,480		3,515

KLA Corp.		4,725		1,886

Lam Research Corp.		79		42

Microchip Technology, Inc.		23,778		1,992

NVIDIA Corp.		9,072		2,520

QUALCOMM, Inc.		9,109		1,162

Texas Instruments, Inc.		13,433		2,499

				15,533

Software – 8.5%

Adobe, Inc.*		4,851		1,869

AppLovin Corp., Class A*		683		11

Fair Isaac Corp.*		1,454		1,022

Fortinet, Inc.*		6,297		419

Microsoft Corp.		56,931		16,413

Oracle Corp.		9,472		880

				20,614

Specialized Real Estate Investment Trusts – 1.3%

Lamar Advertising Co., Class A		14		2

Public Storage		5,227		1,579

Weyerhaeuser Co.		51,540		1,553

				3,134

Specialty Retail – 3.1%

AutoNation, Inc.*		3,819		513

AutoZone, Inc.*		779		1,915

Bath & Body Works, Inc.		3,027		111



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.1% continued

Specialty Retail – 3.1% continued

Dick’s Sporting Goods, Inc.		5,671		$805

Home Depot (The), Inc.		7,166		2,115

Lowe’s Cos., Inc.		3,062		612

O’Reilly Automotive, Inc.*		739		627

Williams-Sonoma, Inc.		6,234		758

				7,456

Technology Hardware, Storage & Peripherals – 7.9%

Apple, Inc.		116,966		19,288

Textiles, Apparel & Luxury Goods – 0.9%

Ralph Lauren Corp.		36		4

Tapestry, Inc.		41,540		1,791

Under Armour, Inc., Class A*		48,313		458

				2,253

Tobacco – 1.3%

Altria Group, Inc.		16,998		758

Philip Morris International, Inc.		24,119		2,346

				3,104

Trading Companies & Distributors – 0.7%

W.W. Grainger, Inc.		2,647		1,823

Total Common Stocks

(Cost $163,029)				240,597



INVESTMENT COMPANIES – 0.8%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽¹⁾⁽²⁾		1,908,364		1,908

Total Investment Companies

(Cost $1,908)				1,908



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill, 4.40%, 5/11/23⁽³⁾⁽⁴⁾		$160		$159

Total Short-Term Investments

(Cost $159)				159



Total Investments – 100.0%

(Cost $165,096)				242,664

Liabilities less Other Assets – (0.0%)				(58	)

NET ASSETS – 100.0%			$	242,606

⁽¹⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽²⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽³⁾

Discount rate at the time of purchase.

⁽⁴⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

E-Mini S&P 500	9	$1,862	Long	6/23	$68

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Common Stocks		99.1	%

Investment Companies		0.8	%

Short-Term Investments		0.1	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks⁽¹⁾	$	240,597		$ —		$—	$	240,597

Investment Companies		1,908		—		—		1,908

Short-Term Investments		—		159		—		159

Total Investments	$	242,505		$159		$—	$	242,664



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.4%

Aerospace & Defense – 1.8%

Curtiss-Wright Corp.		972		$172

General Dynamics Corp.		3,187		727

Raytheon Technologies Corp.		1,767		173

				1,072

Banks – 5.7%

Bank of America Corp.		33,754		965

Citigroup, Inc.		15,314		718

Comerica, Inc.		12		1

East West Bancorp, Inc.		964		54

JPMorgan Chase & Co.		5,966		777

Prosperity Bancshares, Inc.		4,519		278

U.S. Bancorp		10,690		385

Wells Fargo & Co.		5,101		191

				3,369

Beverages – 0.4%

Boston Beer (The) Co., Inc., Class A*		235		77

Molson Coors Beverage Co., Class B		3,217		166

				243

Biotechnology – 3.1%

Biogen, Inc.*		2,282		634

Gilead Sciences, Inc.		10,806		897

Vertex Pharmaceuticals, Inc.*		990		312

				1,843

Broadline Retail – 0.6%

eBay, Inc.		8,145		361

Building Products – 1.0%

Carlisle Cos., Inc.		1,306		295

Fortune Brands Innovations, Inc.		5,173		304

				599

Capital Markets – 2.8%

Affiliated Managers Group, Inc.		2,214		315

Bank of New York Mellon (The) Corp.		11,695		531

Goldman Sachs Group (The), Inc.		647		212

Invesco Ltd.		10,164		167

Jefferies Financial Group, Inc.		9,939		316

State Street Corp.		1,776		134

				1,675

Chemicals – 3.1%

Dow, Inc.		11,215		615

Huntsman Corp.		10,667		292

LyondellBasell Industries N.V., Class A		4,117		386



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Chemicals – 3.1% continued

Mosaic (The) Co.		4,612		$212

Olin Corp.		5,697		316

				1,821

Communications Equipment – 2.6%

Cisco Systems, Inc.		24,227		1,266

F5, Inc.*		1,826		266

				1,532

Consumer Finance – 0.4%

Ally Financial, Inc.		509		13

Capital One Financial Corp.		599		57

Synchrony Financial		4,980		145

				215

Consumer Staples Distribution & Retail – 1.4%

Casey’s General Stores, Inc.		1,476		320

Kroger (The) Co.		10,440		515

				835

Containers & Packaging – 0.2%

International Paper Co.		3,029		109

Diversified Telecommunication Services – 0.2%

Lumen Technologies, Inc.		43,626		116

Electric Utilities – 4.0%

Duke Energy Corp.		5,104		492

Entergy Corp.		3,317		357

Evergy, Inc.		5,373		328

Exelon Corp.		9,791		410

OGE Energy Corp.		8,464		319

Pinnacle West Capital Corp.		2,707		215

PPL Corp.		7,552		210

				2,331

Electrical Equipment – 0.5%

Acuity Brands, Inc.		1,635		299

Electronic Equipment, Instruments & Components – 0.8%

Amphenol Corp., Class A		3,113		254

Trimble, Inc.*		3,884		204

				458

Financial Services – 4.8%

Berkshire Hathaway, Inc., Class B*		4,800		1,482

Corebridge Financial, Inc.		18,125		290

Equitable Holdings, Inc.		13,079		332

Fidelity National Information Services, Inc.		1,342		73



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Financial Services – 4.8% continued

MGIC Investment Corp.		23,483		$315

Voya Financial, Inc.		4,736		339

				2,831

Food Products – 3.4%

Archer-Daniels-Midland Co.		763		61

Campbell Soup Co.		5,850		322

Flowers Foods, Inc.		11,065		303

General Mills, Inc.		8,899		760

J.M. Smucker (The) Co.		1,248		196

Kraft Heinz (The) Co.		5,937		230

Pilgrim’s Pride Corp.*		6,106		142

				2,014

Gas Utilities – 0.5%

UGI Corp.		8,640		300

Ground Transportation – 1.9%

Knight-Swift Transportation Holdings, Inc.		3,091		175

Norfolk Southern Corp.		3,125		663

XPO, Inc.*		9,065		289

				1,127

Health Care Equipment & Supplies – 1.9%

Abbott Laboratories		10,502		1,063

Medtronic PLC		692		56

				1,119

Health Care Providers & Services – 2.8%

Cigna Group (The)		2,576		658

CVS Health Corp.		3,610		268

Elevance Health, Inc.		1,595		734

				1,660

Hotel & Resort Real Estate Investment Trusts – 0.6%

Host Hotels & Resorts, Inc.		20,461		337

Hotels, Restaurants & Leisure – 4.1%

Airbnb, Inc., Class A*		1,600		199

Booking Holdings, Inc.*		114		302

Choice Hotels International, Inc.		87		10

Domino’s Pizza,Inc.		704		232

Expedia Group, Inc.*		1,470		143

McDonald’s Corp.		2,828		791

Starbucks Corp.		2,966		309

Wyndham Hotels & Resorts, Inc.		467		32

Yum! Brands, Inc.		2,997		396

				2,414



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Household Durables – 0.6%

Lennar Corp., Class A		298		$31

NVR, Inc.*		53		296

				327

Household Products – 0.3%

Procter & Gamble (The) Co.		1,387		206

Independent Power & Renewable Electricity Producers –0.8%

Brookfield Renewable Corp., Class A		9,361		327

Vistra Corp.		6,494		156

				483

Industrial Conglomerates – 1.3%

3M Co.		7,179		755

General Electric Co.		201		19

				774

Insurance – 5.4%

Aflac, Inc.		9,817		633

Allstate (The) Corp.		4,208		466

American International Group, Inc.		11,838		596

Assurant, Inc.		1,132		136

Assured Guaranty Ltd.		4,970		250

Brighthouse Financial, Inc.*		5,339		236

Chubb Ltd.		1,077		209

Cincinnati Financial Corp.		1,774		199

Loews Corp.		5,837		339

MetLife, Inc.		1,087		63

Principal Financial Group, Inc.		419		31

				3,158

Interactive Media & Services – 3.3%

Meta Platforms, Inc., Class A*		7,780		1,649

TripAdvisor, Inc.*		15,396		306

				1,955

IT Services – 1.2%

Accenture PLC, Class A		1,117		319

Cognizant Technology Solutions Corp., Class A		6,009		366

				685

Life Sciences Tools & Services – 2.8%

Danaher Corp.		3,955		997

QIAGEN N.V.*		6,760		310

Thermo Fisher Scientific, Inc.		585		337

				1,644

Machinery – 1.8%

Allison Transmission Holdings, Inc.		6,732		304



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Machinery – 1.8% continued

Dover Corp.		1,469		$223

Snap-on, Inc.		1,373		339

Westinghouse Air Brake Technologies Corp.		2,074		210

				1,076

Media – 3.3%

Comcast Corp., Class A		29,176		1,106

Fox Corp., Class A		3,919		134

Interpublic Group of (The) Cos., Inc.		9,516		354

Liberty Media Corp.-Liberty SiriusXM, Class A*		211		6

Nexstar Media Group, Inc.		1,859		321

				1,921

Metals & Mining – 2.2%

Nucor Corp.		4,082		631

Reliance Steel & Aluminum Co.		1,217		312

Steel Dynamics, Inc.		3,218		364

				1,307

Multi-Utilities – 0.6%

Dominion Energy, Inc.		6,630		371

Office Real Estate Investment Trusts – 0.3%

Boston Properties, Inc.		3,232		175

Oil, Gas & Consumable Fuels – 8.4%

Chevron Corp.		7,742		1,263

Exxon Mobil Corp.		18,729		2,054

Marathon Petroleum Corp.		5,229		705

Occidental Petroleum Corp.		5,154		322

Pioneer Natural Resources Co.		81		17

Range Resources Corp.		6,271		166

Valero Energy Corp.		2,867		400

				4,927

Pharmaceuticals – 6.5%

Bristol-Myers Squibb Co.		14,431		1,000

Jazz Pharmaceuticals PLC*		2,165		317

Johnson & Johnson		8,021		1,243

Pfizer, Inc.		29,596		1,208

Royalty Pharma PLC, Class A		1,726		62

				3,830

Professional Services – 2.3%

Genpact Ltd.		6,657		308

Leidos Holdings, Inc.		3,226		297

ManpowerGroup, Inc.		1,067		88



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Professional Services – 2.3% continued

Science Applications International Corp.		2,907		$312

SS&C Technologies Holdings, Inc.		5,887		333

				1,338

Real Estate Management & Development – 0.8%

Howard Hughes (The) Corp.*		1,987		159

Jones Lang LaSalle, Inc.*		2,061		300

				459

Residential Real Estate Investment Trusts – 1.2%

AvalonBay Communities, Inc.		2,224		374

Equity Residential		6,030		362

				736

Retail Real Estate Investment Trusts – 1.2%

Brixmor Property Group, Inc.		14,908		321

National Retail Properties, Inc.		1,623		71

Regency Centers Corp.		4,901		300

				692

Semiconductors & Semiconductor Equipment – 3.1%

Analog Devices, Inc.		1,006		198

Applied Materials, Inc.		2,278		280

Cirrus Logic, Inc.*		649		71

Intel Corp.		3,672		120

Microchip Technology, Inc.		3,708		310

Qorvo, Inc.*		2,580		262

Skyworks Solutions, Inc.		2,279		269

Teradyne, Inc.		2,704		291

				1,801

Software – 1.2%

ANSYS, Inc.*		1,029		343

Intuit, Inc.		675		301

Roper Technologies, Inc.		196		86

				730

Specialized Real Estate Investment Trusts – 0.6%

Weyerhaeuser Co.		11,905		359

Specialty Retail – 1.0%

AutoNation, Inc.*		925		124

Best Buy Co., Inc.		3,751		294

Williams-Sonoma, Inc.		1,654		201

				619

Textiles, Apparel & Luxury Goods – 0.5%

Tapestry, Inc.		7,496		323



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Trading Companies & Distributors – 0.1%

MSC Industrial Direct Co., Inc., Class A		787		$66

Total Common Stocks

(Cost $56,166)				58,642



INVESTMENT COMPANIES – 0.5%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽¹⁾⁽²⁾		314,125		314

Total Investment Companies

(Cost $314)				314



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill, 4.46%, 5/11/23⁽³⁾⁽⁴⁾		$30		$30

Total Short-Term Investments

(Cost $30)				30



Total Investments – 100.0%

(Cost $56,510)				58,986

Other Assets less Liabilities – 0.0%				21

NET ASSETS – 100.0%				$59,007

⁽¹⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽²⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽³⁾

Discount rate at the time of purchase.

⁽⁴⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

Micro E-Mini S&P 500 Index	14	$290	Long	6/23	$9

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Common Stocks		99.4	%

Investment Companies		0.5	%

Short-Term Investments		0.1	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks⁽¹⁾	$	58,642		$ —		$ —	$	58,642

Investment Companies		314		—		—		314

Short-Term Investments		—		30		—		30

Total Investments	$	58,956		$30		$ —	$	58,986

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	9		$ —		$ —	$	9

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.2%

Aerospace & Defense – 1.7%

Axon Enterprise, Inc.*		61,977		$13,935

Curtiss-Wright Corp.		35,175		6,200

Hexcel Corp.		77,424		5,284

Mercury Systems, Inc.*		52,853		2,702

Woodward, Inc.		54,563		5,313

				33,434

Air Freight & Logistics – 0.3%

GXO Logistics, Inc.*		108,247		5,462

Automobile Components – 1.9%

Adient PLC*		86,891		3,559

Autoliv, Inc.		71,210		6,648

Dana, Inc.		115,582		1,740

Fox Factory Holding Corp.*		38,843		4,714

Gentex Corp.		214,283		6,006

Goodyear Tire & Rubber (The) Co.*		257,329		2,836

Lear Corp.		54,011		7,534

Visteon Corp.*		25,875		4,058

				37,095

Automobiles – 0.4%

Harley-Davidson, Inc.		122,079		4,635

Thor Industries, Inc.		49,211		3,919

				8,554

Banks – 6.0%

Associated Banc-Corp		138,473		2,490

Bank of Hawaii Corp.		36,118		1,881

Bank OZK		100,384		3,433

Cadence Bank		166,237		3,451

Cathay General Bancorp		67,058		2,315

Columbia Banking System, Inc.		189,610		4,061

Commerce Bancshares, Inc.		104,428		6,093

Cullen/Frost Bankers, Inc.		58,767		6,191

East West Bancorp, Inc.		129,191		7,170

First Financial Bankshares, Inc.		119,154		3,801

First Horizon Corp.		492,380		8,755

FNB Corp.		331,428		3,845

Fulton Financial Corp.		152,631		2,109

Glacier Bancorp, Inc.		101,011		4,244

Hancock Whitney Corp.		78,909		2,872

Home BancShares, Inc.		172,439		3,744

International Bancshares Corp.		48,725		2,086

New York Community Bancorp, Inc.		621,269		5,616

Old National Bancorp		267,013		3,850

PacWest Bancorp		106,298		1,034



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Banks – 6.0% continued

Pinnacle Financial Partners, Inc.		69,740		$3,847

Prosperity Bancshares, Inc.		83,341		5,127

SouthState Corp.		69,532		4,955

Synovus Financial Corp.		132,626		4,089

Texas Capital Bancshares, Inc.*		43,850		2,147

UMB Financial Corp.		39,553		2,283

United Bankshares, Inc.		122,452		4,310

Valley National Bancorp		383,068		3,540

Webster Financial Corp.		158,872		6,263

Wintrust Financial Corp.		55,397		4,041

				119,643

Beverages – 0.4%

Boston Beer (The) Co., Inc., Class A*		8,577		2,819

Celsius Holdings, Inc.*		36,786		3,419

Coca-Cola Consolidated, Inc.		4,222		2,259

				8,497

Biotechnology – 1.6%

Arrowhead Pharmaceuticals, Inc.*		99,829		2,535

Exelixis, Inc.*		295,772		5,741

Halozyme Therapeutics, Inc.*		124,216		4,744

Neurocrine Biosciences, Inc.*		88,252		8,933

United Therapeutics Corp.*		41,651		9,328

				31,281

Broadline Retail – 0.6%

Kohl’s Corp.		101,881		2,398

Macy’s, Inc.		247,321		4,326

Nordstrom, Inc.		103,571		1,685

Ollie’s Bargain Outlet Holdings, Inc.*		52,675		3,052

				11,461

Building Products – 3.2%

Advanced Drainage Systems, Inc.		57,479		4,840

Builders FirstSource, Inc.*		134,959		11,982

Carlisle Cos., Inc.		47,424		10,721

Fortune Brands Innovations, Inc.		117,114		6,878

Lennox International, Inc.		29,482		7,408

Owens Corning		85,752		8,215

Simpson Manufacturing Co., Inc.		39,122		4,289

Trex Co., Inc.*		100,820		4,907

UFP Industries, Inc.		56,218		4,468

				63,708

Capital Markets – 2.0%

Affiliated Managers Group, Inc.		34,612		4,929



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Capital Markets – 2.0% continued

Evercore, Inc., Class A		32,861	$	3,792

Federated Hermes, Inc.		77,830		3,124

Interactive Brokers Group, Inc., Class A		94,407		7,794

Janus Henderson Group PLC		120,673		3,215

Jefferies Financial Group, Inc.		166,196		5,275

SEI Investments Co.		93,658		5,390

Stifel Financial Corp.		96,254		5,688

				39,207

Chemicals – 2.9%

Ashland, Inc.		45,782		4,702

Avient Corp.		77,824		3,203

Axalta Coating Systems Ltd.*		202,385		6,130

Cabot Corp.		51,800		3,970

Chemours (The) Co.		136,399		4,084

Ingevity Corp.*		31,927		2,283

NewMarket Corp.		6,179		2,255

Olin Corp.		112,985		6,271

RPM International, Inc.		118,389		10,328

Scotts Miracle-Gro (The) Co.		37,548		2,619

Sensient Technologies Corp.		38,726		2,965

Valvoline, Inc.		157,921		5,518

Westlake Corp.		31,686		3,675

				58,003

Commercial Services & Supplies – 1.2%

Brink’s (The) Co.		42,259		2,823

Clean Harbors, Inc.*		46,169		6,582

MSA Safety, Inc.		33,606		4,486

Stericycle, Inc.*		84,006		3,664

Tetra Tech, Inc.		48,852		7,177

				24,732

Communications Equipment – 0.7%

Calix, Inc.*		51,791		2,776

Ciena Corp.*		136,220		7,154

Lumentum Holdings, Inc.*		62,379		3,369

				13,299

Construction & Engineering – 1.9%

AECOM		127,420		10,744

EMCOR Group, Inc.		43,739		7,112

Fluor Corp.*		130,645		4,038

MasTec, Inc.*		54,054		5,105

MDU Resources Group, Inc.		186,751		5,692

Valmont Industries, Inc.		19,588		6,254

				38,945



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Construction Materials – 0.2%

Eagle Materials, Inc.		33,136		$4,863
Consumer Finance – 0.4%

FirstCash Holdings, Inc.		34,148		3,257

Navient Corp.		93,913		1,502

SLM Corp.		221,737		2,747

				7,506

Consumer Staples Distribution & Retail – 1.9%

BJ’s Wholesale Club Holdings, Inc.*		123,304		9,380

Casey’s General Stores, Inc.		34,194		7,402

Grocery Outlet Holding Corp.*		80,433		2,273

Performance Food Group Co.*		142,645		8,607

Sprouts Farmers Market, Inc.*		97,416		3,412

US Foods Holding Corp.*		187,843		6,939

				38,013

Containers & Packaging – 0.9%

AptarGroup, Inc.		59,755		7,062

Greif, Inc., Class A		23,584		1,494

Silgan Holdings, Inc.		76,927		4,129

Sonoco Products Co.		89,583		5,465

				18,150

Diversified Consumer Services – 1.0%

Graham Holdings Co., Class B		3,541		2,110

Grand Canyon Education, Inc.*		28,236		3,216

H&R Block, Inc.		139,902		4,932

Service Corp. International		141,075		9,703

				19,961

Diversified Real Estate Investment Trusts – 0.0%

Rayonier, Inc. - (Fractional Shares)⁽¹⁾		50,000		—

Diversified Telecommunication Services – 0.6%

Frontier Communications Parent, Inc.*		204,829		4,664

Iridium Communications, Inc.		115,311		7,141

				11,805

Electric Utilities – 1.4%

ALLETE, Inc.		52,068		3,352

Hawaiian Electric Industries, Inc.		100,580		3,862

IDACORP, Inc.		46,451		5,032

OGE Energy Corp.		183,249		6,901

PNM Resources, Inc.		78,931		3,842

Portland General Electric Co.		81,384		3,979

				26,968

Electrical Equipment – 2.1%

Acuity Brands, Inc.		29,435		5,379



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Electrical Equipment –2.1% continued

EnerSys		37,611		$3,268

Hubbell, Inc.		49,146		11,958

nVent Electric PLC		152,929		6,567

Regal Rexnord Corp.		60,686		8,540

SunPower Corp.*		79,373		1,098

Sunrun, Inc.*		194,251		3,914

Vicor Corp.*		20,808		977

				41,701

Electronic Equipment, Instruments & Components – 3.4%

Arrow Electronics, Inc.*		53,509		6,682

Avnet, Inc.		83,963		3,795

Belden, Inc.		39,399		3,419

Cognex Corp.		158,315		7,844

Coherent Corp.*		126,754		4,827

IPG Photonics Corp.*		29,581		3,648

Jabil, Inc.		122,230		10,776

Littelfuse, Inc.		22,598		6,058

National Instruments Corp.		119,882		6,283

Novanta, Inc.*		32,790		5,216

TD SYNNEX Corp.		38,231		3,700

Vishay Intertechnology, Inc.		119,423		2,701

Vontier Corp.		143,987		3,937

				68,886

Energy Equipment & Services – 0.8%

ChampionX Corp.		181,205		4,916

NOV, Inc.		360,571		6,674

Valaris Ltd.*		54,938		3,574

				15,164

Entertainment – 0.2%

World Wrestling Entertainment, Inc., Class A		39,888		3,640

Financial Services – 1.5%

Essent Group Ltd.		98,471		3,944

Euronet Worldwide, Inc.*		42,971		4,808

MGIC Investment Corp.		269,992		3,623

Voya Financial, Inc.		88,549		6,328

Western Union (The) Co.		340,359		3,795

WEX, Inc.*		40,009		7,357

				29,855

Food Products – 1.4%

Darling Ingredients, Inc.*		147,048		8,588

Flowers Foods, Inc.		176,525		4,838

Ingredion, Inc.		60,130		6,117



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Food Products – 1.4% continued

Lancaster Colony Corp.		18,189		$3,690

Pilgrim’s Pride Corp.*		40,942		949

Post Holdings, Inc.*		49,283		4,429

				28,611

Gas Utilities – 1.4%

National Fuel Gas Co.		83,736		4,835

New Jersey Resources Corp.		88,908		4,730

ONE Gas, Inc.		49,491		3,921

Southwest Gas Holdings, Inc.		59,501		3,716

Spire, Inc.		47,866		3,357

UGI Corp.		191,374		6,652

				27,211

Ground Transportation – 1.9%

Avis Budget Group, Inc.*		22,869		4,455

Hertz Global Holdings, Inc.*		148,644		2,421

Knight-Swift Transportation Holdings, Inc.		146,947		8,314

Landstar System, Inc.		32,991		5,914

Ryder System, Inc.		46,204		4,123

Saia, Inc.*		24,289		6,609

Werner Enterprises, Inc.		53,450		2,432

XPO, Inc.*		104,778		3,342

				37,610

Health Care Equipment & Supplies – 3.6%

Enovis Corp.*		43,307		2,317

Envista Holdings Corp.*		148,972		6,090

Globus Medical, Inc., Class A*		70,962		4,019

Haemonetics Corp.*		45,968		3,804

ICU Medical, Inc.*		18,334		3,024

Inari Medical, Inc.*		43,948		2,713

Integra LifeSciences Holdings Corp.*		66,207		3,801

Lantheus Holdings, Inc.*		63,155		5,214

LivaNova PLC*		48,597		2,118

Masimo Corp.*		44,373		8,189

Neogen Corp.*		196,965		3,648

Omnicell, Inc.*		40,574		2,380

Penumbra, Inc.*		34,837		9,709

QuidelOrtho Corp.*		48,780		4,346

Shockwave Medical, Inc.*		33,174		7,193

STAAR Surgical Co.*		43,860		2,805

				71,370

Health Care Providers & Services – 2.1%

Acadia Healthcare Co., Inc.*		83,308		6,019



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Health Care Providers & Services – 2.1% continued

Amedisys, Inc.*		29,531		$2,172

Chemed Corp.		13,647		7,339

Encompass Health Corp.		91,685		4,960

HealthEquity, Inc.*		77,190		4,532

Option Care Health, Inc.*		152,675		4,850

Patterson Cos., Inc.		78,915		2,113

Progyny, Inc.*		68,384		2,196

R1 RCM, Inc.*		124,602		1,869

Tenet Healthcare Corp.*		99,303		5,901

				41,951

Health Care Real Estate Investment Trusts – 1.1%

Healthcare Realty Trust, Inc.		347,569		6,719

Medical Properties Trust, Inc.		546,333		4,491

Omega Healthcare Investors, Inc.		213,877		5,862

Physicians Realty Trust		207,857		3,103

Sabra Health Care REIT, Inc.		209,987		2,415

				22,590

Hotel & Resort Real Estate Investment Trusts – 0.1%

Park Hotels & Resorts, Inc.		204,479		2,527

Hotels, Restaurants & Leisure – 3.3%

Aramark		239,015		8,557

Boyd Gaming Corp.		72,793		4,667

Choice Hotels International, Inc.		25,225		2,956

Churchill Downs, Inc.		30,205		7,764

Hilton Grand Vacations, Inc.*		73,077		3,247

Light & Wonder, Inc.*		85,457		5,132

Marriott Vacations Worldwide Corp.		35,210		4,748

Papa John’s International, Inc.		29,224		2,190

Penn Entertainment, Inc.*		141,384		4,193

Texas Roadhouse, Inc.		61,425		6,638

Travel + Leisure Co.		73,959		2,899

Wendy’s (The) Co.		155,216		3,381

Wingstop, Inc.		27,486		5,046

Wyndham Hotels & Resorts, Inc.		81,115		5,504

				66,922

Household Durables – 1.5%

Helen of Troy Ltd.*		21,794		2,074

KB Home		75,048		3,016

Leggett & Platt, Inc.		120,855		3,853

Taylor Morrison Home Corp.*		99,673		3,814

Tempur Sealy International, Inc.		156,016		6,161



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Household Durables – 1.5% continued

Toll Brothers, Inc.		94,441		$5,669

TopBuild Corp.*		29,362		6,111

				30,698

Household Products – 0.1%

Energizer Holdings, Inc.		60,309		2,093

Independent Power & Renewable Electricity Producers – 0.2%

Ormat Technologies, Inc.		48,047		4,073

Industrial Real Estate Investment Trusts – 1.2%

EastGroup Properties, Inc.		40,001		6,613

First Industrial Realty Trust, Inc.		121,300		6,453

Rexford Industrial Realty, Inc.		173,433		10,345

				23,411

Insurance – 3.8%

American Financial Group, Inc.		63,819		7,754

Brighthouse Financial, Inc.*		62,904		2,775

CNO Financial Group, Inc.		105,482		2,341

First American Financial Corp.		95,105		5,293

Hanover Insurance Group (The), Inc.		32,536		4,181

Kemper Corp.		58,860		3,217

Kinsale Capital Group, Inc.		19,905		5,974

Old Republic International Corp.		253,250		6,324

Primerica, Inc.		33,888		5,837

Reinsurance Group of America, Inc.		61,180		8,122

RenaissanceRe Holdings Ltd.		40,118		8,037

RLI Corp.		37,182		4,942

Selective Insurance Group, Inc.		55,426		5,284

Unum Group		171,658		6,791

				76,872

Interactive Media & Services – 0.3%

TripAdvisor, Inc.*		95,023		1,887

Ziff Davis, Inc.*		42,978		3,355

				5,242

IT Services – 0.1%

Kyndryl Holdings, Inc.*		186,226		2,749

Leisure Products – 1.1%

Brunswick Corp.		66,594		5,461

Mattel, Inc.*		323,421		5,954

Polaris, Inc.		50,038		5,536

Topgolf Callaway Brands Corp.*		126,141		2,727

YETI Holdings, Inc.*		78,529		3,141

				22,819



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Life Sciences Tools & Services – 1.4%

Azenta, Inc.*		62,846		$2,805

Bruker Corp.		91,339		7,201

Medpace Holdings, Inc.*		22,984		4,322

Repligen Corp.*		47,375		7,976

Sotera Health Co.*		89,450		1,602

Syneos Health, Inc.*		93,715		3,338

				27,244

Machinery – 4.7%

AGCO Corp.		56,702		7,666

Chart Industries, Inc.*		39,107		4,904

Crane Holdings Co.		43,844		4,976

Donaldson Co., Inc.		111,680		7,297

Esab Corp.		47,489		2,805

Flowserve Corp.		119,122		4,050

Graco, Inc.		154,046		11,247

ITT, Inc.		75,875		6,548

Lincoln Electric Holdings, Inc.		52,966		8,957

Middleby (The) Corp.*		49,455		7,251

Oshkosh Corp.		60,077		4,997

Terex Corp.		62,139		3,006

Timken (The) Co.		60,822		4,971

Toro (The) Co.		95,996		10,671

Watts Water Technologies, Inc., Class A		25,112		4,227

				93,573

Marine Transportation – 0.2%

Kirby Corp.*		54,589		3,805

Media – 1.0%

Cable One, Inc.		4,411		3,097

John Wiley & Sons, Inc., Class A		38,727		1,501

New York Times (The) Co., Class A		150,272		5,843

Nexstar Media Group, Inc.		34,419		5,943

TEGNA, Inc.		204,335		3,455

				19,839

Metals & Mining – 2.6%

Alcoa Corp.		161,601		6,878

Cleveland-Cliffs, Inc.*		470,832		8,630

Commercial Metals Co.		107,622		5,263

MP Materials Corp.*		83,918		2,366

Reliance Steel & Aluminum Co.		53,804		13,813

Royal Gold, Inc.		60,240		7,814

United States Steel Corp.		208,158		5,433

Worthington Industries, Inc.		27,542		1,780

				51,977



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Mortgage Real Estate Investment Trusts – 0.7%

Annaly Capital Management, Inc.		427,861		$8,176

Starwood Property Trust, Inc.		284,402		5,031

				13,207

Multi-Utilities – 0.3%

Black Hills Corp.		59,308		3,742

NorthWestern Corp.		52,603		3,044

				6,786

Office Real Estate Investment Trusts – 0.7%

Corporate Office Properties Trust		102,230		2,424

Cousins Properties, Inc.		137,934		2,949

Douglas Emmett, Inc.		159,581		1,968

Highwoods Properties, Inc.		95,577		2,217

Kilroy Realty Corp.		95,939		3,108

Vornado Realty Trust		146,471		2,251

				14,917

Oil, Gas & Consumable Fuels – 3.0%

Antero Midstream Corp.		304,961		3,199

Antero Resources Corp.*		252,042		5,820

Chord Energy Corp.		37,956		5,109

CNX Resources Corp.*		156,898		2,514

DT Midstream, Inc.		88,925		4,390

Equitrans Midstream Corp.		393,136		2,272

HF Sinclair Corp.		123,506		5,975

Matador Resources Co.		102,394		4,879

Murphy Oil Corp.		134,279		4,966

PBF Energy, Inc., Class A		104,212		4,519

PDC Energy, Inc.		84,653		5,433

Range Resources Corp.		221,930		5,874

Southwestern Energy Co.*		1,006,815		5,034

				59,984

Paper & Forest Products – 0.2%

Louisiana-Pacific Corp.		65,950		3,575

Passenger Airlines – 0.1%

JetBlue Airways Corp.*		294,092		2,141

Personal Care Products – 0.4%

BellRing Brands, Inc.*		122,850		4,177

Coty, Inc., Class A*		337,220		4,067

				8,244

Pharmaceuticals – 0.6%

Jazz Pharmaceuticals PLC*		57,524		8,417

Perrigo Co. PLC		122,797		4,405

				12,822



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Professional Services – 3.1%

ASGN, Inc.*		45,818		$3,788

CACI International, Inc., Class A*		21,463		6,359

Concentrix Corp.		39,126		4,756

ExlService Holdings, Inc.*		30,384		4,917

Exponent, Inc.		46,445		4,630

FTI Consulting, Inc.*		31,602		6,237

Genpact Ltd.		153,692		7,104

Insperity, Inc.		32,720		3,977

KBR, Inc.		125,933		6,932

ManpowerGroup, Inc.		46,425		3,831

Maximus, Inc.		55,640		4,379

Science Applications International Corp.		50,178		5,392

				62,302

Real Estate Management & Development – 0.3%

Jones Lang LaSalle, Inc.*		43,570		6,339

Residential Real Estate Investment Trusts – 0.4%

Apartment Income REIT Corp.		135,706		4,859

Independence Realty Trust, Inc.		203,912		3,269

				8,128

Retail Real Estate Investment Trusts – 1.5%

Agree Realty Corp.		80,848		5,547

Brixmor Property Group, Inc.		273,787		5,892

Kite Realty Group Trust		199,760		4,179

Macerich (The) Co.		195,357		2,071

National Retail Properties, Inc.		166,525		7,352

Spirit Realty Capital, Inc.		127,436		5,077

				30,118

Semiconductors & Semiconductor Equipment – 3.0%

Allegro MicroSystems, Inc.*		59,993		2,879

Amkor Technology, Inc.		91,602		2,384

Cirrus Logic, Inc.*		50,757		5,552

Lattice Semiconductor Corp.*		125,673		12,002

MACOM Technology Solutions Holdings, Inc.*		47,435		3,360

MKS Instruments, Inc.		52,172		4,623

Power Integrations, Inc.		51,971		4,399

Silicon Laboratories, Inc.*		29,306		5,131

SiTime Corp.*		14,590		2,075

Synaptics, Inc.*		35,908		3,991

Universal Display Corp.		39,869		6,185

Wolfspeed, Inc.*		113,641		7,381

				59,962



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.2% continued

Software – 2.6%

ACI Worldwide, Inc.*		102,142		$2,756

Aspen Technology, Inc.*		26,603		6,089

Blackbaud, Inc.*		40,530		2,809

CommVault Systems, Inc.*		40,482		2,297

Dynatrace, Inc.*		198,042		8,377

Envestnet, Inc.*		50,336		2,953

Manhattan Associates, Inc.*		57,338		8,879

NCR Corp.*		125,564		2,962

Paylocity Holding Corp.*		37,689		7,492

Qualys, Inc.*		31,510		4,097

Teradata Corp.*		93,657		3,772

				52,483

Specialized Real Estate Investment Trusts – 2.1%

CubeSmart		205,974		9,520

EPR Properties		68,248		2,600

Lamar Advertising Co., Class A		80,070		7,998

Life Storage, Inc.		77,678		10,183

National Storage Affiliates Trust		76,966		3,216

PotlatchDeltic Corp.		73,608		3,643

Rayonier, Inc.		134,324		4,468

				41,628

Specialty Retail – 2.9%

AutoNation, Inc.*		31,450		4,226

Dick’s Sporting Goods, Inc.		54,672		7,757

Five Below, Inc.*		50,911		10,486

Foot Locker, Inc.		73,034		2,899

GameStop Corp., Class A*		230,395		5,304

Gap (The), Inc.		192,120		1,929

Lithia Motors, Inc.		24,950		5,712

Murphy U.S.A., Inc.		18,390		4,745

RH*		17,035		4,149

Victoria’s Secret & Co.*		73,445		2,508

Williams-Sonoma, Inc.		61,088		7,432

				57,147

Technology Hardware, Storage & Peripherals – 0.3%

Super Micro Computer, Inc.*		42,707		4,551

Xerox Holdings Corp.		101,567		1,564

				6,115

Textiles, Apparel & Luxury Goods – 2.1%

Capri Holdings Ltd.*		114,687		5,390

Carter’s, Inc.		34,700		2,496

Columbia Sportswear Co.		32,217		2,907

Crocs, Inc.*		56,674		7,166

NUMBER
OF SHARES

VALUE
(000S)

COMMON STOCKS - 98.2% continued

Textiles, Apparel & Luxury Goods – 2.1% continued

Deckers Outdoor Corp.*

24,175

$10,868

PVH Corp.

58,256

5,194

Skechers U.S.A., Inc., Class A*

123,268

5,858

Under Armour, Inc., Class A*

170,680

1,620

Under Armour, Inc., Class C*

171,214

1,460

42,959

Trading Companies & Distributors – 1.1%

GATX Corp.

32,391

3,564

MSC Industrial Direct Co., Inc., Class A

43,112

3,621

Univar Solutions, Inc.*

149,874

5,250

Watsco, Inc.

30,510

9,707

22,142

Water Utilities – 0.5%

Essential Utilities, Inc.

218,139

9,522

Total Common Stocks

(Cost $1,397,332)

1,963,541

INVESTMENT COMPANIES – 1.5%

Northern Institutional Funds -
U.S. Government Portfolio (Shares), 4.61%^{(2) (3)}

30,201,529

30,202

Total Investment Companies

(Cost $30,202)

30,202

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill, 4.58%, 5/11/23^(4) (5)

$2,795

$2,781

Total Short-Term Investments

(Cost $2,781)

2,781

Total Investments – 99.8%

(Cost $1,430,315)

1,996,524

Other Assets less Liabilities – 0.2%

3,027

NET ASSETS – 100.0%

$1,999,551

⁽¹⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽²⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽³⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁴⁾

Discount rate at the time of purchase.

⁽⁵⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

REIT - Real Estate Investment Trust

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:

TYPE

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT
(000S)

CONTRACT
POSITION

CONTRACT
EXP.

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)⁽¹⁾

E-Mini S&P

MidCap 400

140

$35,416

Long

6/23

$1,106

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Common Stocks	98.2	%

Investment Companies	1.5	%

Short-Term Investments	0.1	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks⁽¹⁾	$	1,963,541	$	—		$—	$	1,963,541

Investment Companies		30,202		—		—		30,202

Short-Term Investments		—		2,781		—		2,781
Total Investments	$	1,993,743	$	2,781		$—	$	1,996,524

OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts	$	1,106	$	—		$—	$	1,106

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.8% ⁽¹⁾

Australia – 5.8%

Atlas Arteria Ltd.		4,729,614		$20,001

Aurizon Holdings Ltd.		2,335,440		5,258

Transurban Group		3,411,009		32,462

				57,721

Austria – 0.4%

ANDRITZ A.G.		54,596		3,694

Brazil – 1.0%

CCR S.A.		3,104,800		7,792

Cia de Saneamento de Minas Gerais Copasa MG*		517,469		1,607

				9,399

Canada – 3.8%

Ag Growth International, Inc.		80,682		3,661

AltaGas Ltd.		254,200		4,237

Canadian National Railway Co.		35,428		4,180

Emera, Inc.		231,808		9,523

Hydro One Ltd.		366,771		10,443

Northland Power, Inc.		224,457		5,627

				37,671

China – 3.6%

Beijing Capital International Airport Co. Ltd., Class H*		3,740,000		2,755

Beijing Enterprises Water Group Ltd.		4,676,000		1,171

China Everbright Environment Group Ltd.		6,272,000		2,705

China Water Affairs Group Ltd.		5,814,282		4,763

ENN Energy Holdings Ltd.		604,400		8,256

Guangdong Investment Ltd.		9,044,000		9,272

Jiangsu Expressway Co. Ltd., Class H		6,876,000		6,412

				35,334

Denmark – 0.9%

Orsted A/S⁽²⁾		108,704		9,272

France – 5.8%

Eutelsat Communications S.A.		519,950		3,472

Getlink S.E.		317,769		5,246

Rubis S.C.A.		255,961		6,853

Veolia Environnement S.A.		336,720		10,404

Vinci S.A.		272,125		31,226

				57,201

Germany – 2.2%

E.ON S.E.		785,172		9,794



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.8% ⁽¹⁾ continued

Germany – 2.2% continued

Friedrich Vorwerk Group S.E.		66,413		$707

RWE A.G.		248,839		10,697

				21,198

Hong Kong – 1.4%

Cadeler A/S*		407,348		1,652

CK Infrastructure Holdings Ltd.		883,500		4,824

Power Assets Holdings Ltd.		1,322,820		7,088

				13,564

Ireland – 0.7%

Greencoat Renewables PLC		6,053,363		7,158

Italy – 7.1%

Enel S.p.A.		2,544,671		15,541

Hera S.p.A.		3,893,052		11,017

Infrastrutture Wireless Italiane S.p.A.		238,694		3,146

Italgas S.p.A.		1,649,983		10,079

Snam S.p.A.		2,981,318		15,825

Terna - Rete Elettrica Nazionale		1,737,079		14,257

				69,865

Japan – 0.4%

Kurita Water Industries Ltd.		87,900		4,023

Luxembourg – 0.6%

SES S.A.		861,223		5,648

Mexico – 1.9%

Grupo Aeroportuario del Sureste S.A.B.de C.V., Class B		388,118		11,872

Promotora y Operadora de

Infraestructura S.A.B. de C.V.		669,606		6,680

				18,552

Netherlands – 0.2%

Arcadis N.V.		52,559		2,152

Portugal – 0.3%

REN - Redes Energeticas Nacionais SGPS S.A.		1,068,408		3,132

Spain – 5.7%

Aena S.M.E. S.A.*		118,197		19,138

Atlantica Sustainable Infrastructure PLC		117,693		3,479

Ferrovial S.A.		764,987		22,504

Iberdrola S.A.		671,304		8,362

Red Electrica Corp. S.A.		184,315		3,242

				56,725



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.8% ⁽¹⁾ continued

Switzerland – 1.6%

Flughafen Zurich A.G. (Registered)*		72,728		$13,347

Landis+Gyr Group A.G.*		35,446		2,723

				16,070

United Kingdom – 9.7%

Costain Group PLC*		1,279,344		860

National Grid PLC		2,572,018		34,912

Pennon Group PLC		836,742		9,040

Severn Trent PLC		387,083		13,748

SSE PLC		626,357		13,952

United Utilities Group PLC		1,536,841		20,097

VH Global Sustainable Energy Opportunities PLC		2,844,246		3,544

				96,153

United States – 41.7%

AECOM		39,676		3,345

Alexandria Real Estate Equities, Inc.		41,853		5,256

Alliant Energy Corp.		170,586		9,109

American Tower Corp.		72,264		14,766

American Water Works Co., Inc.		49,118		7,195

Bunge Ltd.		74,013		7,070

CenterPoint Energy, Inc.		238,573		7,028

ChargePoint Holdings, Inc.*		205,049		2,147

Cheniere Energy, Inc.		75,507		11,900

Consolidated Edison, Inc.		58,493		5,596

Crown Castle, Inc.		131,925		17,657

CSX Corp.		986,786		29,544

Dominion Energy, Inc.		216,668		12,114

DT Midstream, Inc.		159,521		7,876

Duke Energy Corp.		205,668		19,841

Edison International		66,709		4,709

Entergy Corp.		155,504		16,754

Equinix, Inc.		13,545		9,766

Essential Utilities, Inc.		202,734		8,849

Evergy, Inc.		109,353		6,684

Exelon Corp.		136,000		5,697

FirstEnergy Corp.		230,518		9,235

Gladstone Land Corp.		80,805		1,345

Hannon Armstrong Sustainable Infrastructure Capital, Inc.		143,929		4,116

Itron, Inc.*		61,970		3,436

NextEra Energy, Inc.		396,520		30,564

Norfolk Southern Corp.		95,847		20,320

Ormat Technologies, Inc.		89,263		7,567

Pinnacle West Capital Corp.		168,665		13,365



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.8% ⁽¹⁾ continued

United States – 41.7% continued

PPL Corp.		434,864		$12,085

Republic Services, Inc.		23,171		3,133

SBA Communications Corp.		47,580		12,422

SJW Group		27,533		2,096

Southern (The) Co.		223,898		15,579

Targa Resources Corp.		104,821		7,647

Trimble, Inc.*		115,737		6,067

Union Pacific Corp.		135,933		27,358

Waste Management, Inc.		18,066		2,948

Welltower, Inc.		84,465		6,055

Willdan Group, Inc.*		122,194		1,909

Xcel Energy, Inc.		171,480		11,565

				411,715

Total Common Stocks

(Cost $904,573)				936,247



INVESTMENT COMPANIES – 4.4%

International Public Partnerships Ltd.		3,411,139		6,099

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽³⁾⁽⁴⁾		27,994,588		27,995

Renewables Infrastructure Group (The) Ltd.		5,801,118		8,939

Total Investment Companies

(Cost $44,532)				43,033



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 0.4%

U.S. Treasury Bill, 4.46%, 5/11/23⁽⁵⁾⁽⁶⁾		$4,180		$4,160

Total Short-Term Investments

(Cost $4,159)				4,160



Total Investments – 99.6%

(Cost $953,264)				983,440

Other Assets less Liabilities – 0.4%				4,036

Net Assets – 100.0%			$	987,476

⁽¹⁾

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

⁽²⁾

⁽³⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁴⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁵)

Discount rate at the time of purchase.

⁽⁶⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

^*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

EAFE – Europe, Australasia and the Far East

MSCI – Morgan Stanley Capital International

S&P – Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:

TYPE

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT
(000S)

CONTRACT
POSITION

CONTRACT
EXP.

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)⁽¹⁾

E-Mini S&P 500 (United States Dollar)

$8,276

Long

6/23

$461

MSCI EAFE Index (United States Dollar)

6,604

Long

6/23

261

Total

$722

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		45.3	%

Euro		22.6

British Pound		11.3

Australian Dollar		5.8

All other currencies less than 5%		14.6

Total Investments		99.6

Other Assets less Liabilities		0.4

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks:

Brazil	$	9,399	$	—		$—	$	9,399

Canada		37,671		—		—		37,671

Mexico		18,552		—		—		18,552

Spain		3,479		53,246		—		56,725

United States		411,715		—		—		411,715

All Other Countries⁽¹⁾		—		402,185		—		402,185

Total Common Stocks		480,816		455,431		—		936,247

Investment Companies		27,995		15,038		—		43,033

Short-Term Investments		—		4,160		—		4,160

Total Investments	$	508,811	$	474,629		$—	$	983,440

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	722	$	—		$—	$	722

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 95.7% ⁽¹⁾

Australia – 5.4%

Goodman Group		229,782		$2,922

National Storage REIT		897,855		1,519

Region RE Ltd.		401,525		633

Rural Funds Group		98,244		131

Stockland		293,253		786

Vicinity Ltd.		451,759		592

				6,583

Belgium – 1.4%

Shurgard Self Storage Ltd.		26,781		1,281

VGP N.V.		4,509		404

				1,685

Canada – 4.1%

Brookfield Asset Management Ltd., Class A		14,484		475

Brookfield Corp.		20,646		673

Canadian Apartment Properties REIT		14,832		520

Chartwell Retirement Residences		101,029		639

Granite Real Estate Investment Trust		25,553		1,582

Tricon Residential, Inc.		134,376		1,042

				4,931

China – 0.9%

ESR Group Ltd.		605,400		1,082

France – 0.3%

Gecina S.A.		3,100		322

Germany – 1.4%

LEG Immobilien S.E.		9,775		535

Vonovia S.E.		62,737		1,180

				1,715

Hong Kong – 3.1%

Link REIT		126,380		810

Sino Land Co. Ltd.		571,683		774

Sun Hung Kai Properties Ltd.		71,500		1,006

Swire Properties Ltd.		429,600		1,110

				3,700

India – 0.4%

Embassy Office Parks REIT		142,890		543

Japan – 6.8%

Heiwa Real Estate Co. Ltd.		16,600		475

Industrial & Infrastructure Fund Investment Corp.		399		434

Japan Logistics Fund, Inc.		431		958

Japan Metropolitan Fund Invest		1,265		923



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 95.7% ⁽¹⁾ continued

Japan – 6.8% continued

Katitas Co. Ltd.		73,300		$1,436

LaSalle Logiport REIT		224		260

Mitsui Fudosan Co. Ltd.		82,300		1,547

Nomura Real Estate Master Fund, Inc.		377		423

Orix JREIT, Inc.		466		591

Star Asia Investment Corp.		1,233		510

Tokyu Fudosan Holdings Corp.		53,300		256

United Urban Investment Corp.		368		397

				8,210

Mexico – 1.0%

Corp. Inmobiliaria Vesta S.A.B. de C.V.		367,819		1,157

Netherlands – 0.2%

CTP N.V.		19,576		254

Singapore – 3.6%

CapitaLand Ascendas REIT		302,400		653

Capitaland India Trust		425,900		350

CapitaLand Integrated Commercial Trust		217,987		325

Capitaland Investment Ltd.		908,900		2,527

Parkway Life Real Estate Investment Trust		178,600		536

				4,391

Spain – 2.0%

Cellnex Telecom S.A.*		51,219		1,994

Merlin Properties Socimi S.A.		54,632		479

				2,473

Sweden – 0.2%

Fastighets AB Balder, Class B*		72,779		300

Tanzania, United Republic of – 0.8%

Helios Towers PLC*		728,645		939

United Kingdom – 7.4%

Big Yellow Group PLC		92,708		1,341

Grainger PLC		552,944		1,591

Helical PLC		68,716		254

Land Securities Group PLC		53,554		412

Safestore Holdings PLC		36,018		422

Segro PLC		200,799		1,911

Shaftesbury Capital PLC		1,022,885		1,451

UNITE Group (The) PLC		113,878		1,351

Workspace Group PLC		53,000		286

				9,019



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 95.7% ⁽¹⁾ continued

United States – 56.7%

Agree Realty Corp.		21,736		$1,491

Alexandria Real Estate Equities, Inc.		26,135		3,282

American Homes 4 Rent, Class A		38,035		1,196

American Tower Corp.		2,770		566

AvalonBay Communities, Inc.		10,214		1,717

Brixmor Property Group, Inc.		137,698		2,963

Camden Property Trust		15,828		1,659

CBRE Group, Inc., Class A*		8,160		594

CubeSmart		31,793		1,469

Douglas Emmett, Inc.		25,041		309

Encompass Health Corp.		23,210		1,256

Equinix, Inc.		5,645		4,070

Equity LifeStyle Properties, Inc.		31,802		2,135

Essex Property Trust, Inc.		8,044		1,682

Extra Space Storage, Inc.		15,129		2,465

Farmland Partners, Inc.		28,298		303

Healthpeak Properties, Inc.		58,781		1,291

Lamar Advertising Co., Class A		1,813		181

National Retail Properties, Inc.		72,185		3,187

NVR, Inc.*		108		602

Phillips Edison & Co., Inc.		49,251		1,607

Prologis, Inc.		91,057		11,361

Rayonier, Inc.		51,899		1,726

Rexford Industrial Realty, Inc.		20,286		1,210

SBA Communications Corp.		8,969		2,342

Simon Property Group, Inc.		27,131		3,038

SITE Centers Corp.		99,640		1,224

Spirit Realty Capital, Inc.		35,165		1,401

STAG Industrial, Inc.		39,061		1,321

Sun Communities, Inc.		24,194		3,408

Urban Edge Properties		79,918		1,204

VICI Properties, Inc.		73,621		2,402

Welltower, Inc.		30,993		2,222

Weyerhaeuser Co.		58,677		1,768

				68,652

Total Common Stocks

(Cost $112,584)				115,956

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 3.9%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽²⁾⁽³⁾

4,738,449

$4,738

Total Investment Companies

(Cost $4,738)

4,738

Total Investments – 99.6%

(Cost $117,322)

120,694

Other Assets less Liabilities - 0.4%

479

Net Assets – 100.0%

$121,173

⁽¹⁾

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

⁽²⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽³⁾

7-day current yield as of March 31, 2023 is disclosed.

^*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

REIT – Real Estate Investment Trust

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		60.6	%

British Pound		8.2

Japanese Yen		6.8

Australian Dollar		5.4

Euro		5.3

All other currencies less than 5%		13.3

Total Investments		99.6

Other Assets less Liabilities		0.4

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on March 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this procedure. The fair valuation of these securities resulted in their categorization as Level 2 investments.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks:

Canada	$	4,931	$	—		$—	$	4,931

Mexico		1,157		—		—		1,157

United States		68,652		—		—		68,652

All Other Countries⁽¹⁾		—		41,216		—		41,216

Total Common Stocks		74,740		41,216		—		115,956

Investment Companies		4,738		—		—		4,738

Total Investments	$	79,478	$	41,216		$—	$	120,694

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.9% ⁽¹⁾

Australia – 0.5%

Macquarie Group Ltd.		5,262		$620

Mirvac Group		376,323		528

				1,148

Austria – 0.3%

Erste Group Bank A.G.		19,000		628

Bermuda – 0.2%

RenaissanceRe Holdings Ltd.		2,752		551

Brazil – 0.4%

WEG S.A.		100,265		801

Canada – 2.0%

Brookfield Corp.		33,398		1,088

Cameco Corp.		52,900		1,385

Canadian Pacific Railway Ltd.		14,739		1,134

Magna International, Inc.		21,800		1,168

				4,775

China – 1.7%

Alibaba Group Holding Ltd. ADR*		8,566		875

BYD Co. Ltd., Class H		31,130		915

China Traditional Chinese Medicine Holdings Co. Ltd.		946,367		494

Ping An Insurance Group Co. of China Ltd., Class H		135,402		877

Trip.com Group Ltd. ADR*		23,758		895

				4,056

Denmark – 1.1%

Novo Nordisk A/S, Class B		8,762		1,390

Orsted A/S⁽²⁾		7,080		604

Vestas Wind Systems A/S		20,349		590

				2,584

Finland – 0.4%

Sampo OYJ, Class A		19,003		896

France – 3.0%

AXA S.A.		47,204		1,443

Cie Generale des Etablissements Michelin S.C.A.		38,700		1,185

L’Oreal S.A.		1,305		584

LVMH Moet Hennessy Louis Vuitton S.E.		1,700		1,558

TotalEnergies S.E.		27,000		1,593

Valeo		26,330		542

				6,905

Germany – 4.7%

BioNTech S.E. ADR		3,866		482



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.9% ⁽¹⁾ continued

Germany – 4.7% continued

Deutsche Telekom A.G. (Registered)		65,054		$1,576

Infineon Technologies A.G.		25,574		1,045

Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered)		4,600		1,609

Nemetschek S.E.		18,700		1,282

Rational A.G.		1,400		937

SAP S.E.		11,322		1,424

SAP S.E. ADR		15,025		1,902

Symrise A.G.		7,900		858

				11,115

Hong Kong – 0.5%

AIA Group Ltd.		113,000		1,187

India – 0.5%

HDFC Bank Ltd. ADR		18,454		1,230

Indonesia – 0.9%

Bank Rakyat Indonesia Persero Tbk PT		3,241,844		1,024

Telkom Indonesia Persero Tbk PT		3,922,749		1,064

				2,088

Ireland – 0.3%

Kerry Group PLC, Class A		7,288		726

Italy – 0.2%

Prysmian S.p.A.		12,585		530

Japan – 6.6%

Daikin Industries Ltd.		5,734		1,028

Eisai Co. Ltd.		11,033		628

FANUC Corp.		28,500		1,028

Hoya Corp.		8,017		887

KDDI Corp.		35,600		1,099

Kubota Corp.		64,700		980

Kurita Water Industries Ltd.		17,914		820

Mitsubishi UFJ Financial Group, Inc.		89,900		577

Nidec Corp.		12,800		664

ORIX Corp.		48,191		795

Otsuka Holdings Co. Ltd.		33,200		1,058

Pan Pacific International Holdings Corp.		39,300		760

Shimano, Inc.		3,728		647

Shiseido Co. Ltd.		14,400		676

Sony Group Corp.		29,217		2,656

TDK Corp.		18,626		668

Yamaha Corp.		12,609		487

				15,458



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.9% ⁽¹⁾ continued

Netherlands – 1.8%

Heineken N.V.		9,100		$980

ING Groep N.V.		93,626		1,114

Koninklijke Ahold Delhaize N.V.		32,174		1,100

Koninklijke DSM N.V.		9,100		1,076

				4,270

Philippines – 0.3%

BDO Unibank, Inc.		295,755		702

Russia – 0.0%

Moscow Exchange MICEX-RTS PJSC⁽³⁾*		51,540		—

Singapore – 1.2%

DBS Group Holdings Ltd.		58,700		1,459

Oversea-Chinese Banking Corp. Ltd.		149,470		1,394

				2,853

South Africa – 0.4%

Naspers Ltd., Class N		4,499		828

South Korea – 1.0%

LG Chem Ltd.		1,911		1,055

SK Hynix, Inc.		10,778		743

SK Telecom Co. Ltd. ADR		28,639		588

				2,386

Spain – 0.2%

Industria de Diseno Textil S.A.		16,575		557

Sweden – 1.0%

Assa Abloy AB, Class B		31,900		766

Atlas Copco AB, Class B		67,768		779

Essity AB, Class B		24,857		711

				2,256

Switzerland – 0.5%

Alcon, Inc.		16,800		1,192

Taiwan – 1.2%

Delta Electronics, Inc.		105,144		1,044

Taiwan Semiconductor Manufacturing Co. Ltd. ADR		18,234		1,696

				2,740

Thailand – 0.3%

Kasikornbank PCL (Registered)		188,626		733

United Kingdom – 3.3%

AstraZeneca PLC		4,245		589

Barratt Developments PLC		116,332		672

ConvaTec Group PLC		91,970		260

Croda International PLC		8,010		644



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.9% ⁽¹⁾ continued

United Kingdom – 3.3% continued

Dechra Pharmaceuticals PLC		16,571		$543

Manchester United PLC, Class A		19,056		422

Rentokil Initial PLC		203,800		1,490

Spirax-Sarco Engineering PLC		5,403		793

SSE PLC		39,299		875

Unilever PLC		26,470		1,369

				7,657

United States – 59.4%

Activision Blizzard, Inc.		10,192		872

Adobe, Inc.*		9,564		3,686

ADT, Inc.		20,337		147

Aflac, Inc.		7,374		476

Air Products and Chemicals, Inc.		7,206		2,070

Akamai Technologies, Inc.*		5,888		461

Albemarle Corp.		5,933		1,311

Alexandria Real Estate Equities, Inc.		3,090		388

Alphabet, Inc., Class C*		20,968		2,181

Amazon.com, Inc.*		23,113		2,387

American Tower Corp.		13,846		2,829

Amgen, Inc.		5,600		1,354

Amphenol Corp., Class A		18,175		1,485

Apple, Inc.		14,523		2,395

Applied Materials, Inc.		8,708		1,070

Autodesk, Inc.*		3,112		648

Automatic Data Processing, Inc.		4,079		908

Avnet, Inc.		21,710		981

Axalta Coating Systems Ltd.*		15,894		481

Bank of America Corp.		14,765		422

Becton Dickinson & Co.		2,809		695

Berkshire Hathaway, Inc., Class B*		6,290		1,942

BOK Financial Corp.		5,076		428

BorgWarner, Inc.		11,829		581

Broadridge Financial Solutions, Inc.		4,157		609

Cardinal Health, Inc.		2,090		158

CarMax, Inc.*		7,283		468

CBRE Group, Inc., Class A*		15,161		1,104

Charles River Laboratories International, Inc.*		5,163		1,042

Charles Schwab (The) Corp.		8,300		435

Coca-Cola (The) Co.		19,900		1,234

Core Laboratories N.V.		19,275		425

Corning, Inc.		13,350		471

D.R. Horton, Inc.		7,697		752

Danaher Corp.		6,200		1,563



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.9% ⁽¹⁾ continued

United States – 59.4% continued

Darden Restaurants, Inc.		5,843		$907

Dolby Laboratories, Inc., Class A		14,900		1,273

Duke Energy Corp.		4,618		445

EastGroup Properties, Inc.		4,011		663

Elevance Health, Inc.		2,719		1,250

Envista Holdings Corp.*		8,461		346

EverQuote, Inc., Class A*		44,219		615

Exxon Mobil Corp.		10,012		1,098

FactSet Research Systems, Inc.		2,247		933

First American Financial Corp.		5,916		329

FirstCash Holdings, Inc.		16,300		1,555

Flex Ltd.*		32,622		751

FMC Corp.		11,900		1,453

Fortive Corp.		19,818		1,351

Generac Holdings, Inc.*		2,723		294

General Dynamics Corp.		4,700		1,073

Gentex Corp.		11,925		334

Global Payments, Inc.		7,191		757

Goldman Sachs Group (The), Inc.		3,720		1,217

GSK PLC		52,600		938

GXO Logistics, Inc.*		43,481		2,194

Hackett Group (The), Inc.		35,206		651

Hexcel Corp.		19,182		1,309

Hologic, Inc.*		12,271		990

Honeywell International, Inc.		12,887		2,463

Humana, Inc.		1,415		687

Huntington Ingalls Industries, Inc.		2,798		579

Intel Corp.		7,394		242

Interpublic Group of (The) Cos., Inc.		13,495		503

Intuit, Inc.		5,582		2,489

J.M. Smucker (The) Co.		1,402		221

Johnson & Johnson		11,981		1,857

Jones Lang LaSalle, Inc.*		823		120

JPMorgan Chase & Co.		5,641		735

Kennametal, Inc.		18,143		500

Keysight Technologies, Inc.*		1,641		265

Kimball Electronics, Inc.*		31,869		768

KKR & Co., Inc.		7,394		388

Knowles Corp.*		20,647		351

Laboratory Corp. of America Holdings		2,471		567

Lazard Ltd., Class A		11,362		376

Lennar Corp., Class A		21,300		2,239

Linde PLC		4,415		1,569

Littelfuse, Inc.		1,196		321



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.9% ⁽¹⁾ continued

United States – 59.4% continued

Lumentum Holdings, Inc.*		9,282		$501

M&T Bank Corp.		2,525		302

Madison Square Garden Entertainment Corp.*		9,170		542

Madison Square Garden Sports Corp.		2,214		431

Markel Corp.*		1,899		2,426

Martin Marietta Materials, Inc.		4,500		1,598

Mattel, Inc.*		27,277		502

Medtronic PLC		11,900		959

Mettler-Toledo International, Inc.*		1,250		1,913

Microchip Technology, Inc.		49,689		4,163

Microsoft Corp.		19,168		5,526

Mohawk Industries, Inc.*		2,969		298

Molson Coors Beverage Co., Class B		4,574		236

Moody’s Corp.		6,435		1,969

Morgan Stanley		6,776		595

NIKE, Inc., Class B		10,903		1,337

Norfolk Southern Corp.		3,663		777

Norwegian Cruise Line Holdings Ltd.*		42,300		569

NOV, Inc.		7,935		147

nVent Electric PLC		10,724		460

Oracle Corp.		9,142		849

Oshkosh Corp.		14,500		1,206

Parsons Corp.*		22,598		1,011

PayPal Holdings, Inc.*		8,500		645

PepsiCo, Inc.		7,853		1,432

PPG Industries, Inc.		4,169		557

Procter & Gamble (The) Co.		6,900		1,026

Progressive (The) Corp.		8,562		1,225

QUALCOMM, Inc.		9,700		1,238

Raymond James Financial, Inc.		10,484		978

Resideo Technologies, Inc.*		17,314		316

Roche Holding A.G. (Genusschein)		4,915		1,407

Roper Technologies, Inc.		2,758		1,215

Royal Caribbean Cruises Ltd.*		8,371		547

RPM International, Inc.		12,900		1,125

Ryder System, Inc.		8,877		792

Salesforce, Inc.*		6,346		1,268

Schlumberger N.V.		20,204		992

Schneider Electric S.E.		7,655		1,280

Sealed Air Corp.		9,697		445

Snap-on, Inc.		848		209

Southern (The) Co.		7,090		493

Stanley Black & Decker, Inc.		4,998		403



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 93.9% ⁽¹⁾ continued

United States – 59.4% continued

Starbucks Corp.		7,127		$742

Stericycle, Inc.*		7,328		320

Stifel Financial Corp.		12,170		719

Syneos Health, Inc.*		17,894		637

Synopsys, Inc.*		4,101		1,584

Sysco Corp.		9,124		705

TechTarget, Inc.*		13,462		486

TJX (The) Cos., Inc.		11,799		925

TransDigm Group, Inc.		3,843		2,832

Union Pacific Corp.		4,270		859

Vail Resorts, Inc.		945		221

Visa, Inc., Class A		8,434		1,902

Vornado Realty Trust		37,690		579

Walgreens Boots Alliance, Inc.		9,341		323

Walt Disney (The) Co.*		17,516		1,754

Zimmer Biomet Holdings, Inc.		2,768		358

				139,281

Total Common Stocks

(Cost $202,595)				220,133



PREFERRED STOCKS – 1.3% ⁽¹⁾

Brazil – 0.3%

Itau Unibanco Holding S.A. ADR, 0.73%⁽⁴⁾		124,140		605

Chile – 0.4%

Sociedad Quimica y Minera de Chile S.A. ADR, 1.39%⁽⁴⁾		10,944		887

South Korea – 0.6%

Samsung Electronics Co. Ltd., 2.31%⁽⁴⁾		35,800		1,495

Total Preferred Stocks

(Cost $3,083)				2,987



INVESTMENT COMPANIES – 4.0%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁵⁾⁽⁶⁾		9,496,087		9,496

Total Investment Companies

(Cost $9,496)				9,496

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.4%

U.S. Treasury Bill,
4.43%, 5/11/23⁽⁷⁾⁽⁸⁾

$850

$846

Total Short-Term Investments

(Cost $846)

846

Total Investments – 99.6%

(Cost $216,020)

233,462

Other Assets less Liabilities – 0.4%

979

Net Assets – 100.0%

234,441

⁽¹⁾

Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities.

⁽²⁾

⁽³⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁴⁾

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

⁽⁵⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁷⁾

Discount rate at the time of purchase.

⁽⁸⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR – American Depositary Receipt

EAFE – Europe, Australasia and the Far East

MSCI – Morgan Stanley Capital International

S&P – Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:

TYPE

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT
(000S)

CONTRACT
POSITION

CONTRACT
EXP.

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)⁽¹⁾

E-Mini S&P 500 (United States Dollar)

$2,069

Long

6/23

$113

MSCI EAFE Index (United States Dollar)

1,363

Long

6/23

MSCI Emerging Markets Index (United States Dollar)

647

Long

6/23

Total

$183

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		67.6	%

Euro		11.0

Japanese Yen		6.6

All other currencies less than 5%		14.4

Total Investments		99.6

Other Assets less Liabilities		0.4

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks:

Bermuda	$	551	$	—		$—	$	551

Brazil		801		—		—		801

Canada		4,775		—		—		4,775

China		1,770		2,286		—		4,056

Germany		2,384		8,731		—		11,115

India		1,230		—		—		1,230

South Korea		588		1,798		—		2,386

Taiwan		1,696		1,044		—		2,740

United Kingdom		422		7,235		—		7,657

United States		135,656		3,625		—		139,281

All Other Countries⁽¹⁾		—		45,541		—		45,541

Total Common Stocks		149,873		70,260		—		220,133

Preferred Stocks:

South Korea		—		1,495		—		1,495

All Other Countries⁽¹⁾		1,492		—		—		1,492

Total Preferred Stocks		1,492		1,495		—		2,987

Investment Companies		9,496		—		—		9,496

Short-Term Investments		—		846		—		846

Total Investments	$	160,861	$	72,601		$—	$	233,462

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	183	$	—		$—	$	183

⁽¹⁾

Classifications as defined in the Schedule of Investments.


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7%

Aerospace & Defense – 0.7%

AAR Corp.*		7,305		$399

Aerojet Rocketdyne Holdings, Inc.*		14,390		808

Astronics Corp.*		2,474		33

Astronics Corp., Class B*		3,555		39

Ducommun, Inc.*		3,216		176

Kaman Corp.		5,299		121

Maxar Technologies, Inc.		12,340		630

Mercury Systems, Inc.*		188		10

Moog, Inc., Class A		4,978		502

National Presto Industries, Inc.		1,316		95

Park Aerospace Corp.		2,778		37

Parsons Corp.*		2,345		105

V2X, Inc.*		4,333		172

				3,127

Air Freight & Logistics – 0.2%

Air T, Inc.*		744		18

Air Transport Services Group, Inc.*		9,883		206

Forward Air Corp.		7,048		759

				983

Automobile Components – 1.4%

Adient PLC*		17,188		704

American Axle & Manufacturing

Holdings, Inc.*		6,985		55

Dana, Inc.		26,712		402

Dorman Products, Inc.*		7,032		607

Fox Factory Holding Corp.*		6,285		763

Gentherm, Inc.*		8,528		515

Goodyear Tire & Rubber (The) Co.*		54,991		606

LCI Industries		7,281		800

Modine Manufacturing Co.*		2,531		58

Motorcar Parts of America,Inc.*		5,169		38

Patrick Industries, Inc.		4,637		319

Standard Motor Products, Inc.		4,510		167

Stoneridge, Inc.*		4,654		87

Visteon Corp.*		5,147		807

XPEL, Inc.*		3,013		205

				6,133

Automobiles – 0.1%

Winnebago Industries, Inc.		8,743		504

Workhorse Group, Inc.*		409		1

				505

Banks – 7.6%

1st Source Corp.		5,311		229


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7% continued

Banks – 7.6% continued

Amalgamated Financial Corp.		6,098		$108

American National Bankshares, Inc.		2,573		82

Ameris Bancorp		14,126		517

Ames National Corp.		2,477		52

Arrow Financial Corp.		5,432		135

Associated Banc-Corp		21,882		393

Atlantic Union Bankshares Corp.		16,533		579

Axos Financial, Inc.*		13,654		504

Banc of California, Inc.		6,479		81

BancFirst Corp.		4,460		371

Bancorp (The), Inc.*		7,057		197

Bank First Corp.		3,309		243

Bank of Hawaii Corp.		6,788		354

Bank of Marin Bancorp		3,581		78

Bank of NT Butterfield & Son (The) Ltd.		9,762		264

Bank of South Carolina Corp.		5,301		84

Bank7 Corp.		8,940		219

BankFinancial Corp.		1,766		15

BankUnited, Inc.		270		6

Bankwell Financial Group, Inc.		7,600		189

Banner Corp.		8,580		466

Bar Harbor Bankshares		1,914		51

BCB Bancorp, Inc.		508		7

Brookline Bancorp, Inc.		22,775		239

Burke & Herbert Financial Services Corp.		791		58

C&F Financial Corp.		461		24

Cadence Bank		34,976		726

Cambridge Bancorp		889		58

Camden National Corp.		3,897		141

Capital City Bank Group, Inc.		2,064		60

Capitol Federal Financial, Inc.		24,536		165

Cathay General Bancorp		15,910		549

Central Pacific Financial Corp.		667		12

Citizens & Northern Corp.		765		16

City Holding Co.		3,848		350

Columbia Banking System, Inc.		32,254		691

Commercial National Financial Corp.		121		1

Community Bank System, Inc.		9,517		500

Community Financial (The) Corp.		3,414		113

Community Trust Bancorp, Inc.		2,904		110

ConnectOne Bancorp, Inc.		2,328		41

CVB Financial Corp.		20,628		344

Dime Community Bancshares, Inc.		4,597		104


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7% continued

Banks – 7.6% continued

Eagle Bancorp, Inc.		6,664		$223

Eagle Financial Services, Inc.		100		3

Eastern Bankshares, Inc.		499		6

Enterprise Bancorp, Inc.		1,998		63

Enterprise Financial Services Corp.		5,438		242

Equity Bancshares, Inc., Class A		3,378		82

ESSA Bancorp, Inc.		913		14

FB Financial Corp.		2,416		75

Financial Institutions, Inc.		4,376		84

Finward Bancorp		681		20

First Bancorp		7,758		276

First BanCorp (New York Exchange)		30,137		344

First Bancorp (The), Inc.		815		21

First Bancshares (The), Inc.		4,861		126

First Busey Corp.		11,356		231

First Commonwealth Financial Corp.		29,214		363

First Community Bankshares, Inc.		1,756		44

First Financial Bankshares, Inc.		27,596		880

First Financial Corp.		2,731		102

First Financial Northwest, Inc.		691		9

First Foundation, Inc.		5,247		39

First Hawaiian, Inc.		19,000		392

First Internet Bancorp		1,643		27

First Interstate BancSystem, Inc., Class A		17,967		536

First Merchants Corp.		10,550		348

First Mid Bancshares, Inc.		37		1

First Northwest Bancorp		521		6

First of Long Island (The) Corp.		3,593		48

First Savings Financial Group, Inc.		9,268		149

First United Corp.		7,866		133

Flushing Financial Corp.		4,362		65

FS Bancorp, Inc.		232		7

Fulton Financial Corp.		29,724		411

German American Bancorp, Inc.		5,390		180

Glacier Bancorp, Inc.		17,978		755

Great Southern Bancorp, Inc.		1,695		86

Hancock Whitney Corp.		15,846		577

Hanmi Financial Corp.		3,746		70

Hawthorn Bancshares, Inc.		1,440		34

Heartland Financial U.S.A., Inc.		5,842		224

Heritage Financial Corp.		8,209		176

Hilltop Holdings, Inc.		14,518		431

Hingham Institution For Savings (The)		682		159

Home Bancorp, Inc.		3,034		100


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7% continued

Banks – 7.6% continued

Home BancShares, Inc.		28,171		$612

HomeStreet, Inc.		4,225		76

HomeTrust Bancshares, Inc.		1,326		33

Hope Bancorp, Inc.		22,164		218

Independent Bank Corp.		9,478		622

Independent Bank Group, Inc.		10,477		486

International Bancshares Corp.		12,414		532

Investar Holding Corp.		10,308		144

Kearny Financial Corp.		21,180		172

Kentucky First Federal Bancorp		724		5

Lake Shore Bancorp, Inc.		300		3

Lakeland Bancorp, Inc.		7,452		117

Lakeland Financial Corp.		4,784		300

Landmark Bancorp, Inc.		1,445		30

Malvern Bancorp, Inc.⁽¹⁾*		9		—

Mercantile Bank Corp.		5,167		158

Metropolitan Bank Holding Corp.*		198		7

MidWestOne Financial Group, Inc.		557		14

NASB Financial, Inc.		896		29

National Bank Holdings Corp., Class A		6,350		212

National Bankshares, Inc.		1,735		55

NBT Bancorp, Inc.		10,611		358

New York Community Bancorp, Inc.		34,201		309

Nicolet Bankshares, Inc.*		3,063		193

Northeast Community Bancorp, Inc.		1,187		16

Northfield Bancorp, Inc.		16,062		189

Northrim BanCorp, Inc.		1,630		77

Norwood Financial Corp.		1,071		31

OceanFirst Financial Corp.		9,424		174

OFG Bancorp		6,867		171

Ohio Valley Banc Corp.		737		17

Old National Bancorp		27,712		400

Old Second Bancorp, Inc.		2,583		36

Pacific Premier Bancorp, Inc.		20,039		481

PacWest Bancorp		17,691		172

Park National Corp.		3,008		357

Peapack-Gladstone Financial Corp.		4,209		125

Penns Woods Bancorp, Inc.		150		3

Peoples Bancorp, Inc.		6,392		165

Peoples Financial Corp.		236		3

Peoples Financial Services Corp.		408		18

Preferred Bank		3,865		212

Premier Financial Corp.		10,103		209

Primis Financial Corp.		669		6


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7% continued

Banks – 7.6% continued

Provident Bancorp, Inc.⁽¹⁾		18		$—

QCR Holdings, Inc.		2,162		95

Renasant Corp.		12,151		372

Republic Bancorp, Inc., Class A		4,086		173

Republic First Bancorp, Inc.*		3,187		4

Sandy Spring Bancorp, Inc.		5,216		135

Seacoast Banking Corp. of Florida		10,694		253

ServisFirst Bancshares, Inc.		12,945		707

Shore Bancshares, Inc.		1,474		21

Sierra Bancorp		801		14

Simmons First National Corp., Class A		19,177		335

Southern BancShares NC, Inc.		5		27

Southern First Bancshares, Inc.*		4,536		139

Southside Bancshares, Inc.		4,996		166

Stellar Bancorp, Inc.		6,974		172

Stock Yards Bancorp, Inc.		6,298		347

Texas Capital Bancshares, Inc.*		7,059		346

Tompkins Financial Corp.		3,432		227

Towne Bank		10,169		271

TriCo Bancshares		5,013		208

TrustCo Bank Corp. NY		1,776		57

Trustmark Corp.		12,782		316

UMB Financial Corp.		8,765		506

Union Bankshares, Inc.		5,722		126

United Bancorp, Inc.		498		7

United Bankshares, Inc.		18,822		663

United Community Banks, Inc.		15,149		426

Univest Financial Corp.		5,267		125

Valley National Bancorp		1,168		11

Veritex Holdings, Inc.		8,190		150

Virginia National Bankshares Corp.		105		4

Washington Trust Bancorp, Inc.		3,223		112

WesBanco, Inc.		15,086		463

West BanCorp, Inc.		2,765		51

Westamerica BanCorp		6,121		271

Western New England Bancorp, Inc.		4,177		34

WSFS Financial Corp.		17,067		642

				33,211

Beverages – 0.5%

Celsius Holdings, Inc.*		6,421		597

Coca-Cola Consolidated, Inc.		1,574		842

MGP Ingredients, Inc.		3,414		330

National Beverage Corp.*		6,872		362

				2,131


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7% continued

Biotechnology – 4.8%

2seventy bio, Inc.*		3,712		$38

4D Molecular Therapeutics, Inc.*		9,209		158

ACADIA Pharmaceuticals, Inc.*		20,289		382

Acumen Pharmaceuticals, Inc.*		1,062		4

ADMA Biologics, Inc.*		22,060		73

Affimed N.V.*		9,789		7

Agios Pharmaceuticals, Inc.*		5,038		116

Akebia Therapeutics, Inc.*		23,610		13

Akero Therapeutics, Inc.*		4,104		157

Alector, Inc.*		6,618		41

Alkermes PLC*		26,469		746

Allogene Therapeutics, Inc.*		225		1

Allovir, Inc.*		2,033		8

Altimmune, Inc.*		13,190		56

Amicus Therapeutics, Inc.*		62,263		690

AnaptysBio, Inc.*		11,077		241

Anavex Life Sciences Corp.*		22,981		197

Anika Therapeutics, Inc.*		5,481		157

Anixa Biosciences, Inc.*		3,525		15

Arcellx, Inc.*		9,927		306

Arcus Biosciences, Inc.*		10,277		187

Arcutis Biotherapeutics, Inc.*		4,849		53

Ardelyx, Inc.*		9,192		44

Arrowhead Pharmaceuticals, Inc.*		17,370		441

Assembly Biosciences, Inc.⁽¹⁾*		549		—

Atara Biotherapeutics, Inc.*		233		1

Aurinia Pharmaceuticals, Inc.*		416		5

Avid Bioservices, Inc.*		1,530		29

Avidity Biosciences, Inc.*		4,859		75

Beam Therapeutics, Inc.*		197		6

Biohaven Ltd.*		10,671		146

Bioxcel Therapeutics, Inc.*		16,082		300

Bluebird Bio, Inc.*		222		1

Blueprint Medicines Corp.*		10,084		454

Calyxt, Inc.*		5,877		2

Capricor Therapeutics, Inc.*		23,303		98

Caribou Biosciences, Inc.*		15,829		84

CASI Pharmaceuticals Holdings, Inc.*		3,766		9

Catalyst Pharmaceuticals, Inc.*		34,129		566

Celcuity, Inc.*		9,086		93

Celldex Therapeutics, Inc.*		5,156		186

Cerevel Therapeutics Holdings, Inc.*		9,667		236

Chinook Therapeutics, Inc.*		8,555		198

Cogent Biosciences, Inc.*		10,803		117


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7% continued

Biotechnology – 4.8% continued

Coherus Biosciences, Inc.*		11,577		$79

Crinetics Pharmaceuticals, Inc.*		13,395		215

Cue Biopharma, Inc.*		1,743		6

Cullinan Oncology, Inc.*		11,367		116

CureVac N.V.*		29,482		205

Curis, Inc.*		11,480		7

Cytokinetics, Inc.*		11,932		420

Deciphera Pharmaceuticals, Inc.*		6,284		97

Denali Therapeutics, Inc.*		18,367		423

DermTech, Inc.*		7,034		26

DiaMedica Therapeutics, Inc.*		20,810		32

Dyadic International, Inc.*		16,268		29

Dynavax Technologies Corp.*		29,482		289

Eagle Pharmaceuticals, Inc.*		2,123		60

Eiger BioPharmaceuticals, Inc.*		19,806		18

Emergent BioSolutions, Inc.*		10,401		108

Enanta Pharmaceuticals, Inc.*		5,491		222

Essa Pharma, Inc.*		4,323		13

Evelo Biosciences, Inc.*		9,303		2

G1 Therapeutics, Inc.*		11,629		31

Geron Corp.*		61,490		133

GlycoMimetics, Inc.*		7,199		9

Gossamer Bio, Inc.*		11,915		15

Graphite Bio, Inc.*		8,931		22

Halozyme Therapeutics, Inc.*		23,299		890

Harpoon Therapeutics, Inc.*		5,932		4

Heron Therapeutics, Inc.*		7,719		12

Homology Medicines, Inc.*		7,850		8

Ideaya Biosciences, Inc.*		5,303		73

IGM Biosciences, Inc.*		9,071		125

Immatics N.V.*		10,113		70

ImmuCell Corp.*		2,485		13

Immuneering Corp., Class A*		567		6

Immunic, Inc.*		7,574		11

ImmunoGen, Inc.*		31,032		119

Inhibrx, Inc.*		9,610		181

Insmed, Inc.*		6,876		117

Ironwood Pharmaceuticals, Inc.*		42,775		450

iTeos Therapeutics, Inc.*		7,612		104

IVERIC bio, Inc.*		23,067		561

KalVista Pharmaceuticals, Inc.*		18,438		145

Karyopharm Therapeutics, Inc.*		11,896		46

Keros Therapeutics, Inc.*		2,621		112

Kronos Bio, Inc.*		6,053		9


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7% continued

Biotechnology – 4.8% continued

Krystal Biotech, Inc.*		3,058		$245

Kura Oncology, Inc.*		17,523		214

Lexicon Pharmaceuticals, Inc.*		3,347		8

MacroGenics, Inc.*		10,867		78

Magenta Therapeutics, Inc.*		10,083		8

MannKind Corp.*		37,671		154

MediciNova, Inc.*		27,640		60

MeiraGTx Holdings PLC*		13,641		71

Merrimack Pharmaceuticals, Inc.*		261		3

Mersana Therapeutics, Inc.*		9,921		41

Merus N.V.*		12,468		229

MiMedx Group, Inc.*		16,770		57

Mirati Therapeutics, Inc.*		255		9

Mirum Pharmaceuticals, Inc.*		13,383		321

Monopar Therapeutics, Inc.*		13,043		19

Myriad Genetics, Inc.*		6,349		147

Natera, Inc.*		13,639		757

Nkarta, Inc.⁽¹⁾*		124		—

Northwest Biotherapeutics, Inc.*		99,735		62

Omega Therapeutics, Inc.*		2,275		14

Omniab, Inc.⁽²⁾*		1,740		1

Omniab, Inc. (NASDAQ Exchange)⁽²⁾*		1,740		1

Organogenesis Holdings, Inc.*		8,779		19

ORIC Pharmaceuticals, Inc.*		6,813		39

PDL BioPharma, Inc.⁽²⁾*		24,608		32

Praxis Precision Medicines, Inc.*		17,051		14

Precision BioSciences, Inc.*		11,307		9

Prometheus Biosciences, Inc.*		5,872		630

Protagonist Therapeutics, Inc.*		5,762		133

Prothena Corp. PLC*		8,147		395

RAPT Therapeutics, Inc.*		4,983		91

REGENXBIO, Inc.*		127		2

Repare Therapeutics, Inc.*		3,930		39

Replimune Group, Inc.*		17,155		303

Rezolute, Inc.⁽¹⁾*		227		—

Rhythm Pharmaceuticals, Inc.*		9,154		163

Rigel Pharmaceuticals, Inc.*		23,215		31

Rocket Pharmaceuticals, Inc.*		9,640		165

Sage Therapeutics, Inc.*		11,832		496

Sangamo Therapeutics, Inc.*		1,278		2

Savara, Inc.*		3,683		7

Sinovac Biotech Ltd.⁽²⁾*		1,587		—

Spectrum Pharmaceuticals, Inc.*		15,731		12

Spero Therapeutics, Inc.*		6,584		10


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7% continued

Biotechnology – 4.8% continued

Sutro Biopharma, Inc.*		2,774		$13

Syndax Pharmaceuticals, Inc.*		12,487		264

TCR2 Therapeutics, Inc.*		5,608		8

Tenaya Therapeutics, Inc.⁽¹⁾*		131		—

Travere Therapeutics, Inc.*		10,384		234

uniQure N.V.*		7,417		149

UroGen Pharma Ltd.*		7,563		70

Vanda Pharmaceuticals, Inc.*		10,580		72

Vaxart, Inc.*		12,938		10

Vaxcyte, Inc.*		11,534		432

VBI Vaccines, Inc.*		28,979		9

Veracyte, Inc.*		12,383		276

Vericel Corp.*		8,316		244

Verve Therapeutics, Inc.*		7,891		114

Viking Therapeutics, Inc.*		2,868		48

Vir Biotechnology, Inc.*		5,756		134

Viridian Therapeutics, Inc.*		8,255		210

Voyager Therapeutics, Inc.*		10,337		80

XBiotech, Inc.*		6,888		24

Xencor, Inc.*		10,367		289

Xenon Pharmaceuticals, Inc.*		8,354		299

XOMA Corp.*		8,559		181

				20,621

Broadline Retail – 0.3%

Big Lots, Inc.		8,840		97

Dillard’s, Inc., Class A		1,520		468

Macy’s, Inc.		8,261		144

Ollie’s Bargain Outlet Holdings, Inc.*		9,487		550

				1,259

Building Products – 1.4%

AAON, Inc.		8,414		814

American Woodmark Corp.*		2,887		150

Apogee Enterprises, Inc.		6,904		299

AZEK (The) Co., Inc.*		19,272		454

AZZ, Inc.		4,905		202

Caesarstone Ltd.		6,098		25

CSW Industrials, Inc.		2,662		370

Gibraltar Industries, Inc.*		7,002		340

Griffon Corp.		10,708		343

Insteel Industries, Inc.		6,049		168

JELD-WEN Holding, Inc.*		13,333		169

Masonite International Corp.*		5,325		483

PGT Innovations, Inc.*		13,735		345


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.7% continued

Building Products – 1.4% continued

Quanex Building Products Corp.		6,012	$	129

Resideo Technologies, Inc.*		493		9

Simpson Manufacturing Co., Inc.		8,830		968

UFP Industries, Inc.		12,556		998

				6,266

Capital Markets – 2.2%

ArrowMark Financial Corp.		3,597		65

Artisan Partners Asset Management, Inc., Class A		8,609		275

Associated Capital Group, Inc., Class A		2,795		103

Avantax, Inc.*		6,807		179

B. Riley Financial, Inc.		1,707		48

BGC Partners, Inc., Class A		52,358		274

Cohen & Steers, Inc.		5,513		353

Diamond Hill Investment Group, Inc.		937		154

Donnelley Financial Solutions, Inc.⁽¹⁾*		1		—

Evercore, Inc., Class A		6,789		783

Federated Hermes, Inc.		16,933		680

Focus Financial Partners, Inc., Class A*		10,500		545

Freedom Holding Corp.*		5,276		379

GAMCO Investors, Inc., Class A		5,010		95

Hamilton Lane, Inc., Class A		5,368		397

Hercules Capital, Inc.		21,754		280

Houlihan Lokey, Inc.		7,966		697

Lazard Ltd., Class A		14,430		478

Main Street Capital Corp.		10,834		428

Moelis & Co., Class A		11,593		446

Piper Sandler Cos.		3,970		550

PJT Partners, Inc., Class A		4,493		324

Prospect Capital Corp.		51,023		355

Safeguard Scientifics, Inc.*		826		1

Siebert Financial Corp.*		919		2

Sixth Street Specialty Lending, Inc.		9,992		183

StoneX Group, Inc.*		4,211		436

Victory Capital Holdings, Inc., Class A		12,289		360

Virtu Financial, Inc., Class A		15,221		288

Virtus Investment Partners, Inc.		1,173		223

Westwood Holdings Group, Inc.		496		6

WisdomTree, Inc.		3,989		23

				9,410

Chemicals – 2.5%

Advanced Emissions Solutions, Inc.*		838		2

AdvanSix, Inc.		4,745		182

American Vanguard Corp.		3,955		86


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Chemicals – 2.5% continued

Aspen Aerogels, Inc.*		4,942		$37

Avient Corp.		15,855		653

Balchem Corp.		6,504		823

Cabot Corp.		11,497		881

Chase Corp.		2,545		266

Element Solutions, Inc.		33,075		639

FutureFuel Corp.		6,971		51

H.B. Fuller Co.		13,025		892

Hawkins, Inc.		8,154		357

Ingevity Corp.*		8,379		599

Innospec, Inc.		4,877		501

Koppers Holdings, Inc.		8,442		295

Kronos Worldwide, Inc.		700		6

Livent Corp.*		28,872		627

LSB Industries, Inc.⁽¹⁾*		24		—

Mativ Holdings, Inc.		15,861		340

Minerals Technologies, Inc.		7,748		468

NewMarket Corp.		1,052		384

Orion Engineered Carbons S.A.		8,637		225

Quaker Chemical Corp.		3,914		775

Sensient Technologies Corp.		9,050		693

Stepan Co.		4,928		508

Trinseo PLC		10,301		215

Tronox Holdings PLC		20,217		291

				10,796

Commercial Services & Supplies – 1.4%

ABM Industries, Inc.		12,741		573

ACCO Brands Corp.		20,519		109

Brady Corp., Class A		10,356		556

Brink’s (The) Co.		9,805		655

Casella Waste Systems, Inc., Class A*		8,842		731

CECO Environmental Corp.*		206		3

Cimpress PLC*		104		5

CompX International, Inc.⁽¹⁾		1		—

CoreCivic, Inc.*		22,243		205

Deluxe Corp.		7,275		116

Ennis, Inc.		4,719		100

Healthcare Services Group, Inc.		15,428		214

Heritage-Crystal Clean, Inc.*		502		18

HNI Corp.		8,245		230

Interface, Inc.		9,523		77

KAR Auction Services, Inc.*		26,380		361

Kimball International, Inc., Class B		3,639		45

Liquidity Services, Inc.*		5,174		68


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Commercial Services & Supplies – 1.4% continued

Matthews International Corp., Class A		5,289		$191

MillerKnoll, Inc.		16,349		334

NL Industries, Inc.		100		1

Pitney Bowes, Inc.		28,768		112

Quad/Graphics, Inc.*		254		1

SP Plus Corp.*		4,476		153

Steelcase, Inc., Class A		16,915		142

Tetra Tech, Inc.		1,439		211

UniFirst Corp.		2,998		528

Viad Corp.*		4,508		94

Virco Mfg. Corp.*		1,676		7

VSE Corp.		4,661		209

				6,049

Communications Equipment – 0.9%

ADTRAN Holdings, Inc.		9,709		154

Applied Optoelectronics, Inc.*		5,625		12

AudioCodes Ltd.		5,458		82

Aviat Networks, Inc.*		2,961		102

BK Technologies Corp.		1,835		5

CalAmp Corp.*		2,385		9

Calix, Inc.*		8,861		475

Clearfield, Inc.*		4,629		216

CommScope Holding Co., Inc.*		37,222		237

Comtech Telecommunications Corp.		7,086		88

Digi International, Inc.*		8,895		300

EMCORE Corp.*		12,304		14

Extreme Networks, Inc.*		19,946		381

Harmonic, Inc.*		12,930		189

Inseego Corp.*		3,235		2

Ituran Location and Control Ltd.		4,023		88

KVH Industries, Inc.*		6,106		69

NETGEAR, Inc.*		5,911		109

NetScout Systems, Inc.*		14,549		417

PCTEL, Inc.		13,856		59

Radware Ltd.*		7,432		160

Silicom Ltd.*		5,201		195

Viavi Solutions, Inc.*		39,804		431

				3,794

Construction & Engineering – 1.8%

Ameresco, Inc., Class A*		5,435		267

API Group Corp.⁽³⁾*		30,793		692

Arcosa, Inc.		10,110		638

Argan, Inc.		4,056		164


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Construction & Engineering – 1.8% continued

Comfort Systems U.S.A., Inc.		9,432		$1,377

Dycom Industries, Inc.*		5,690		533

EMCOR Group, Inc.		10,421		1,694

Fluor Corp.*		24,732		764

Granite Construction, Inc.		10,886		447

Great Lakes Dredge & Dock Corp.*		4,086		22

IES Holdings, Inc.*		1,459		63

Matrix Service Co.*		3,528		19

MYR Group, Inc.*		3,280		413

Northwest Pipe Co.*		5,173		162

Primoris Services Corp.		7,077		175

Sterling Infrastructure, Inc.*		7,672		291

Tutor Perini Corp.*		2,043		13

				7,734

Construction Materials – 0.2%

Summit Materials, Inc., Class A*		27,115		772

United States Lime & Minerals, Inc.		1,393		213

				985

Consumer Finance – 0.9%

Atlanticus Holdings Corp.*		1,345		36

Curo Group Holdings Corp.⁽¹⁾		193		—

Encore Capital Group, Inc.*		6,994		353

Enova International, Inc.*		5,014		223

EZCORP, Inc., Class A*		2,866		25

FirstCash Holdings, Inc.		8,212		783

Green Dot Corp., Class A*		11,486		197

LendingClub Corp.*		9,279		67

Navient Corp.		34,439		551

Nelnet, Inc., Class A		6,955		639

PRA Group, Inc.*		10,420		406

PROG Holdings, Inc.*		14,748		351

Regional Management Corp.		291		8

World Acceptance Corp.*		1,696		141

				3,780

Consumer Staples Distribution & Retail – 0.7%

Andersons (The), Inc.		4,117		170

Chefs’ Warehouse (The), Inc.*		1,556		53

Grocery Outlet Holding Corp.*		14,414		407

Ingles Markets, Inc., Class A		5,702		506

PriceSmart, Inc.		4,269		305

Rite Aid Corp.*		8,465		19

SpartanNash Co.		7,166		178

Sprouts Farmers Market, Inc.*		25,063		878


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Consumer Staples Distribution & Retail – 0.7% continued

United Natural Foods, Inc.*		7,241		$191

Village Super Market, Inc., Class A		1,454		33

Weis Markets, Inc.		4,817		408

				3,148

Containers & Packaging – 0.4%

Greif, Inc., Class A		5,019		318

Myers Industries, Inc.		3,605		77

O-I Glass, Inc.*		23,236		528

Silgan Holdings, Inc.		11,513		618

TriMas Corp.		9,792		273

				1,814

Distributors – 0.0%

Weyco Group, Inc.		3,189		81

Diversified Consumer Services – 1.0%

2U, Inc.*		235		2

Adtalem Global Education, Inc.*		13,081		505

Afya Ltd., Class A*		17,440		195

American Public Education, Inc.*		5,271		29

Chegg, Inc.*		18,680		304

Duolingo, Inc.*		4,200		599

Graham Holdings Co., Class B		949		565

Grand Canyon Education, Inc.*		7,600		866

Laureate Education, Inc.		20,511		241

Perdoceo Education Corp.*		9,865		132

Strategic Education, Inc.		4,350		391

Stride, Inc.*		6,530		256

WW International, Inc.*		7,900		33

				4,118

Diversified Real Estate Investment Trusts – 0.5%

Alexander & Baldwin, Inc.		12,554		237

American Assets Trust, Inc.		8,737		162

Armada Hoffler Properties, Inc.		5,321		63

Broadstone Net Lease, Inc.		31,271		532

CTO Realty Growth, Inc.		11,726		202

Empire State Realty Trust, Inc., Class A		25,074		163

Essential Properties Realty Trust, Inc.		16,390		407

Gladstone Commercial Corp.		7,129		90

Global Net Lease, Inc.		19,102		246

One Liberty Properties, Inc.		6,245		143

Star Holdings*		2,793		49

				2,294

Diversified Telecommunication Services – 0.6%

Anterix, Inc.*		5,005		165


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Diversified Telecommunication Services – 0.6% continued

ATN International, Inc.		2,855		$117

Bandwidth, Inc., Class A*		1,129		17

Cogent Communications Holdings, Inc.		7,860		501

Consolidated Communications

Holdings, Inc.*		11,941		31

IDT Corp., Class B*		5,141		175

Iridium Communications, Inc.		20,449		1,266

Liberty Latin America Ltd., Class C*		16,102		133

LICT Corp.*		6		113

Telesat Corp.*		2,910		25

				2,543

Electric Utilities – 0.9%

ALLETE, Inc.		12,496		805

MGE Energy, Inc.		8,733		678

Otter Tail Corp.		10,612		767

PNM Resources, Inc.		15,014		731

Portland General Electric Co.		19,355		946

				3,927

Electrical Equipment – 0.8%

Allied Motion Technologies, Inc.		4,328		167

Atkore, Inc.*		8,658		1,216

Encore Wire Corp.		4,048		750

EnerSys		8,242		716

GrafTech International Ltd.		582		3

Powell Industries, Inc.		4,583		195

Preformed Line Products Co.		1,970		252

Thermon Group Holdings, Inc.*		3,280		82

TPI Composites, Inc.*		120		2

Ultralife Corp.*		846		4

Vicor Corp.*		6,054		284

				3,671

Electronic Equipment, Instruments & Components – 3.1%

Advanced Energy Industries, Inc.		6,889		675

Arlo Technologies, Inc.*		3,113		19

Avnet, Inc.		15,593		705

Badger Meter, Inc.		5,637		687

Bel Fuse, Inc., Class B		2,820		106

Belden, Inc.		7,354		638

Benchmark Electronics, Inc.		9,135		216

Climb Global Solutions, Inc.		5,703		304

Coherent Corp.*		10,072		384

CTS Corp.		5,082		251

Daktronics, Inc.*		2,480		14


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Electronic Equipment, Instruments & Components – 3.1% continued

ePlus, Inc.*		10,168		$499

Fabrinet*		8,126		965

FARO Technologies, Inc.*		3,709		91

Frequency Electronics, Inc.		6,679		46

Hollysys Automation Technologies Ltd.		9,137		158

Insight Enterprises, Inc.*		9,006		1,288

Itron, Inc.*		8,754		485

Kimball Electronics, Inc.*		5,305		128

Knowles Corp.*		14,793		252

Methode Electronics, Inc.		7,158		314

nLight, Inc.*		11,471		117

Novanta, Inc.*		7,070		1,125

OSI Systems,Inc.*		5,378		551

PAR Technology Corp.*		3,587		122

PC Connection, Inc.		6,588		296

Plexus Corp.*		6,173		602

Rogers Corp.*		3,588		586

Sanmina Corp.*		13,313		812

ScanSource, Inc.*		4,744		144

TTM Technologies, Inc.*		12,705		171

Vishay Intertechnology, Inc.		21,414		484

Vishay Precision Group, Inc.*		6,864		287

				13,522

Energy Equipment & Services – 2.0%

Bristow Group, Inc.*		6,681		150

Cactus, Inc., Class A		11,124		459

ChampionX Corp.		32,773		889

DMC Global, Inc.*		5,519		121

Dril-Quip, Inc.*		6,462		185

Enerflex Ltd.		8,813		52

ENGlobal Corp.*		6,201		3

Geospace Technologies Corp.*		8,990		63

Gulf Island Fabrication, Inc.*		5,271		19

Helix Energy Solutions Group, Inc.*		37,713		292

Helmerich & Payne, Inc.		17,880		639

Liberty Energy, Inc.		24,808		318

MIND Technology, Inc.*		3,700		2

Nabors Industries Ltd.*		1,837		224

Natural Gas Services Group, Inc.*		6,450		66

Next Bridge Hydrocarbons, Inc.⁽²⁾⁽⁴⁾ *		2,700		4

NexTier Oilfield Solutions, Inc.*		21,064		167

Noble Corp. PLC*		13,168		520

Oceaneering International, Inc.*		17,402		307

Patterson-UTI Energy, Inc.		41,120		481


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Energy Equipment & Services – 2.0% continued

ProPetro Holding Corp.*		5,253		$38

Solaris Oilfield Infrastructure, Inc., Class A		7,046		60

TechnipFMC PLC*		73,246		1,000

TETRA Technologies, Inc.*		11,964		32

Tidewater, Inc.*		9,349		412

Transocean Ltd.*		99,148		631

U.S. Silica Holdings, Inc.*		8,927		107

Valaris Ltd.*		10,476		682

Weatherford International PLC*		13,200		783

				8,706

Entertainment – 0.3%

IMAX Corp.*		6,878		132

Liberty Media Corp.-Liberty Braves, Class C*		20,102		677

LiveOne, Inc.*		5,784		7

Marcus (The) Corp.		2,326		37

Reading International, Inc., Class A*		4,201		14

Sciplay Corp., Class A*		23,303		395

				1,262

Financial Services – 1.3%

A-Mark Precious Metals, Inc.		10,082		349

Banco Latinoamericano de Comercio Exterior S.A., Class E		7,675		133

BM Technologies, Inc.*		1,134		4

California First Leasing Corp.*		1,510		23

Cannae Holdings, Inc.*		13,235		267

Cass Information Systems, Inc.		3,047		132

Essent Group Ltd.		20,189		809

EVERTEC, Inc.		11,558		390

Federal Agricultural Mortgage Corp., Class C		1,308		174

I3 Verticals, Inc., Class A*		4,023		99

Jackson Financial, Inc., Class A		11,464		429

Marqeta, Inc., Class A*		7,502		34

Mr Cooper Group, Inc.*		10,730		440

NMI Holdings, Inc., Class A*		12,331		275

Ocwen Financial Corp.*		25		1

PennyMac Financial Services, Inc.		6,805		406

Radian Group, Inc.		35,254		779

Walker & Dunlop, Inc.		8,124		619

Waterstone Financial, Inc.		3,699		56

				5,419


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Food Products – 1.4%

Adecoagro S.A.		1,352		$11

Alico, Inc.		6,365		154

B&G Foods, Inc.		13,701		213

Bridgford Foods Corp.*		3,859		54

Calavo Growers, Inc.		2,955		85

Cal-Maine Foods, Inc.		7,638		465

Farmer Bros. Co.*		6,336		24

Fresh Del Monte Produce, Inc.		4,260		128

Hain Celestial Group (The), Inc.*		278		5

Hostess Brands, Inc.*		24,727		615

J&J Snack Foods Corp.		3,464		513

John B. Sanfilippo & Son, Inc.		1,405		136

Lancaster Colony Corp.		4,033		818

Lifecore Biomedical, Inc.*		3,023		11

Nomad Foods Ltd.*		29,482		553

Seaboard Corp.		132		498

Seneca Foods Corp., Class A*		3,795		198

Simply Good Foods (The) Co.*		16,869		671

Tootsie Roll Industries, Inc.		11,442		514

TreeHouse Foods, Inc.*		8,618		435

				6,101

Gas Utilities – 1.2%

Brookfield Infrastructure Corp., Class A		17,400		802

Chesapeake Utilities Corp.		4,417		565

New Jersey Resources Corp.		20,645		1,098

Northwest Natural Holding Co.		7,917		377

ONE Gas, Inc.		11,880		941

RGC Resources, Inc.		910		21

Southwest Gas Holdings, Inc.		11,981		748

Spire, Inc.		11,699		821

				5,373

Ground Transportation – 0.7%

ArcBest Corp.		5,319		491

Covenant Logistics Group, Inc.		4,539		161

Heartland Express, Inc.		15,041		239

Marten Transport Ltd.		10,532		221

P.A.M. Transportation Services, Inc.*		5,171		148

Patriot Transportation Holding, Inc.*		465		4

Saia, Inc.*		5,115		1,392

Universal Logistics Holdings, Inc.		4,394		128

Werner Enterprises, Inc.		9,493		432

				3,216


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Health Care Equipment & Supplies – 4.2%

Accuray, Inc.*		1,300		$4

Alphatec Holdings, Inc.*		18,450		288

AngioDynamics, Inc.*		11,172		116

Apollo Endosurgery, Inc.*		47,527		471

Apyx Medical Corp.*		4,122		12

Artivion, Inc.*		9,215		121

AtriCure, Inc.*		10,385		430

Atrion Corp.		260		163

Avanos Medical, Inc.*		12,492		372

Axogen, Inc.*		6,159		58

Axonics, Inc.*		8,031		438

Beyond Air, Inc.*		14,655		99

BioSig Technologies, Inc.*		500		1

Bioventus, Inc., Class A*		5,102		5

Cardiovascular Systems, Inc.*		12,430		247

Cerus Corp.*		49,370		147

Chembio Diagnostics, Inc.*		13,839		6

CONMED Corp.		5,969		620

Cutera, Inc.*		7,726		182

Daxor Corp.⁽¹⁾*		37		—

Electromed, Inc.*		4,983		52

Embecta Corp.		9,823		276

Enovis Corp.*		8,005		428

Establishment Labs Holdings, Inc.*		4,963		336

FONAR Corp.*		9,529		154

Glaukos Corp.*		7,153		358

Haemonetics Corp.*		8,079		669

Heska Corp.*		4,090		399

ICU Medical, Inc.*		63		10

Inari Medical, Inc.*		108		7

Inmode Ltd.*		12,503		400

Inogen, Inc.*		2,703		34

Inspire Medical Systems, Inc.*		4,140		969

Integer Holdings Corp.*		8,081		626

Invacare Corp.⁽¹⁾*		3,727		—

iRadimed Corp.		7,558		297

Kewaunee Scientific Corp.*		2,472		39

Lantheus Holdings, Inc.*		13,033		1,076

LeMaitre Vascular, Inc.		10,014		515

LENSAR, Inc.*		1,867		5

LivaNova PLC*		5,538		241

Merit Medical Systems, Inc.*		13,066		966

Mesa Laboratories, Inc.		807		141

Neogen Corp.*		37,128		688


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Health Care Equipment & Supplies – 4.2% continued

Nevro Corp.*		5,536		$200

NuVasive, Inc.*		9,334		386

Omnicell, Inc.*		9,264		544

OraSure Technologies, Inc.*		17,818		108

Orthofix Medical, Inc.*		13,484		226

OrthoPediatrics Corp.*		3,124		138

PROCEPT BioRobotics Corp.*		4,374		124

Pro-Dex, Inc.*		5,276		87

Pulse Biosciences, Inc.*		17,491		59

Retractable Technologies, Inc.*		16,526		29

Semler Scientific, Inc.*		3,903		105

Shockwave Medical, Inc.*		5,560		1,206

SI-BONE, Inc.*		6,526		128

Sientra, Inc.⁽¹⁾*		11		—

SmileDirectClub, Inc.*		20,605		9

STAAR Surgical Co.*		8,571		548

Surmodics, Inc.*		5,365		122

Tactile Systems Technology, Inc.*		1,967		32

TransMedics Group, Inc.*		9,875		748

UFP Technologies, Inc.*		3,770		490

Utah Medical Products, Inc.		3,259		309

Vapotherm, Inc.*		3,263		2

Varex Imaging Corp.*		5,984		109

ViewRay, Inc.*		21,672		75

Zynex, Inc.*		9,748		117

				18,367

Health Care Providers & Services – 2.8%

Acadia Healthcare Co., Inc.*		13,843		1,000

AdaptHealth Corp.*		11,371		141

Addus HomeCare Corp.*		3,973		424

Amedisys, Inc.*		102		7

AMN Healthcare Services, Inc.*		9,996		829

Apollo Medical Holdings, Inc.*		9,643		352

Brookdale Senior Living, Inc.*		39,872		118

CareMax, Inc.*		12,873		34

Castle Biosciences, Inc.*		2,638		60

Community Health Systems, Inc.*		411		2

CorVel Corp.*		5,063		963

Cross Country Healthcare, Inc.*		13,189		294

Cryo-Cell International, Inc.		750		2

Ensign Group (The), Inc.		12,562		1,200

Enzo Biochem, Inc.*		7,059		17

Fulgent Genetics, Inc.*		6,155		192

Global Cord Blood Corp.⁽²⁾*		6,346		19


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Health Care Providers & Services – 2.8% continued

HealthEquity, Inc.*		12,664		$744

Hims & Hers Health, Inc.*		20,481		203

Joint (The) Corp.*		3,792		64

ModivCare, Inc.*		3,394		285

National HealthCare Corp.		4,294		249

National Research Corp.		3,497		152

NeoGenomics, Inc.*		19,853		346

OPKO Health, Inc.*		93,134		136

Option Care Health, Inc.*		24,753		786

Owens & Minor, Inc.*		9,952		145

Patterson Cos., Inc.		22,973		615

Pediatrix Medical Group, Inc.*		13,804		206

Pennant Group (The), Inc.*		5,304		76

PetIQ, Inc.*		7,064		81

Premier, Inc., Class A		12,169		394

Progyny, Inc.*		206		7

R1 RCM, Inc.*		20,168		303

RadNet, Inc.*		9,173		230

Select Medical Holdings Corp.		24,073		622

Sonida Senior Living, Inc.⁽¹⁾^*		35		—

Surgery Partners, Inc.*		12,643		436

Tenet Healthcare Corp.*		3,022		180

U.S. Physical Therapy, Inc.		3,396		333

				12,247

Health Care Real Estate Investment Trusts – 0.6%

CareTrust REIT, Inc.		18,374		360

Community Healthcare Trust, Inc.		4,396		161

Diversified Healthcare Trust		36,640		49

Global Medical REIT, Inc.		9,651		88

LTC Properties, Inc.		8,150		286

National Health Investors, Inc.		8,184		422

Physicians Realty Trust		36,811		550

Sabra Health Care REIT, Inc.		39,801		458

				2,374

Health Care Technology – 0.7%

American Well Corp., Class A*		643		2

CareCloud, Inc.*		13,336		45

Certara, Inc.*		18,554		447

Computer Programs and Systems, Inc.*		9,113		275

Evolent Health, Inc., Class A*		19,841		644

GoodRx Holdings, Inc., Class A*		62,704		392

HealthStream, Inc.*		4,729		128

Multiplan Corp.*		1,286		1


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Health Care Technology – 0.7% continued

NextGen Healthcare, Inc.*		11,313		$197

OptimizeRx Corp.*		5,159		75

Schrodinger, Inc.*		9,107		240

Simulations Plus, Inc.		4,611		203

Veradigm, Inc.*		35,856		468

				3,117

Hotel & Resort Real Estate Investment Trusts – 1.0%

Apple Hospitality REIT, Inc.		40,884		634

Braemar Hotels & Resorts, Inc.		4,766		18

Chatham Lodging Trust		6,865		72

DiamondRock Hospitality Co.		43,377		353

Hersha Hospitality Trust, Class A		8,490		57

Park Hotels & Resorts, Inc.		38,911		481

Pebblebrook Hotel Trust		25,031		351

RLJ Lodging Trust		33,826		359

Ryman Hospitality Properties, Inc.		8,978		806

Service Properties Trust		31,801		317

Sotherly Hotels, Inc.*		2,334		5

Summit Hotel Properties, Inc.		13,325		93

Sunstone Hotel Investors, Inc.		44,161		436

Xenia Hotels & Resorts, Inc.		20,557		269

				4,251

Hotels, Restaurants & Leisure – 2.1%

Arcos Dorados Holdings, Inc., Class A		37,398		288

Biglari Holdings, Inc., Class B*		850		144

BJ’s Restaurants, Inc.*		5,480		160

Brinker International, Inc.*		5,700		217

Carrols Restaurant Group, Inc.*		300		1

Chuy’s Holdings, Inc.*		2,711		97

Cracker Barrel Old Country Store, Inc.		5,034		572

Dave & Buster’s Entertainment, Inc.*		10,669		393

Denny’s Corp.*		15,206		170

Despegar.com Corp.*		7,157		44

Dine Brands Global, Inc.		2,193		148

Drive Shack, Inc.*		8,625		3

El Pollo Loco Holdings, Inc.⁽¹⁾		15		—

Everi Holdings, Inc.*		11,945		205

Fiesta Restaurant Group, Inc.*		1,294		11

Golden Entertainment, Inc.*		1,664		72

Hilton Grand Vacations, Inc.*		14,580		648

International Game Technology PLC		15,336		411

Jack in the Box, Inc.		4,354		381

Light & Wonder, Inc.*		15,947		958


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Hotels, Restaurants & Leisure – 2.1% continued

Monarch Casino & Resort, Inc.		921		$68

Nathan’s Famous, Inc.		1,490		113

Papa John’s International, Inc.		5,075		380

Red Robin Gourmet Burgers, Inc.*		4,349		62

Red Rock Resorts, Inc., Class A		12,152		542

Ruth’s Hospitality Group, Inc.		3,010		49

Shake Shack, Inc., Class A*		4,822		268

Texas Roadhouse, Inc.		13,014		1,406

Town Sports International Holdings, Inc.^{(2) *}		1,105		—

Travel + Leisure Co.		15,368		602

Wingstop, Inc.		4,490		824

				9,237

Household Durables – 1.8%

Beazer Homes U.S.A., Inc.*		5,126		81

Cavco Industries, Inc.*		1,930		613

Century Communities, Inc.		3,677		235

Ethan Allen Interiors, Inc.		4,381		120

Flexsteel Industries, Inc.		4,632		89

GoPro, Inc., Class A*		15,437		78

Hamilton Beach Brands Holding Co., Class A		2,865		29

Helen of Troy Ltd.*		4,500		428

Hooker Furnishings Corp.		1,641		30

Installed Building Products, Inc.		4,734		540

iRobot Corp.*		5,815		254

KB Home		16,051		645

La-Z-Boy, Inc.		9,771		284

Lifetime Brands, Inc.		587		3

M/I Homes, Inc.*		4,183		264

MDC Holdings, Inc.		11,854		461

Meritage Homes Corp.		6,628		774

Nobility Homes, Inc.		849		23

Skyline Champion Corp.*		10,459		787

Sonos, Inc.*		17,341		340

Taylor Morrison Home Corp.*		24,412		934

Tri Pointe Homes, Inc.*		23,467		594

Universal Electronics, Inc.*		3,702		38

VOXX International Corp.*		1,429		18

				7,662

Household Products – 0.3%

Central Garden & Pet Co.*		200		8

Central Garden & Pet Co., Class A*		7,876		308

Energizer Holdings, Inc.		11,137		387


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Household Products – 0.3% continued

Oil-Dri Corp. of America		3,059		$127

WD-40 Co.		2,725		485

				1,315

Independent Power & Renewable Electricity Producers – 0.3%

Atlantica Sustainable Infrastructure PLC		383		11

Clearway Energy, Inc., Class A		1,117		34

Clearway Energy, Inc., Class C		17,536		549

Ormat Technologies, Inc.		8,230		698

				1,292

Industrial Real Estate Investment Trusts – 0.9%

EastGroup Properties, Inc.		7,456		1,233

Indus Realty Trust, Inc.		3,572		237

Industrial Logistics Properties Trust		10,873		33

LXP Industrial Trust		44,261		456

Plymouth Industrial REIT, Inc.		5,790		122

STAG Industrial, Inc.		27,532		931

Terreno Realty Corp.		13,408		866

				3,878

Insurance – 2.5%

Ambac Financial Group, Inc.*		8,342		129

American Equity Investment Life Holding Co.		21,710		792

AMERISAFE, Inc.		3,492		171

Argo Group International Holdings Ltd.		9,638		282

Assured Guaranty Ltd.		10,613		533

Atlantic American Corp.		6,583		16

Brighthouse Financial, Inc.*		12,579		555

Citizens, Inc.*		6,123		23

CNO Financial Group, Inc.		40,353		895

Donegal Group, Inc., Class A		5,336		82

Employers Holdings, Inc.		9,505		396

Enstar Group Ltd.*		1,737		403

Genworth Financial, Inc., Class A*		69,268		348

Greenlight Capital Re Ltd., Class A*		14,528		136

Investors Title Co.		684		103

Kansas City Life Insurance Co.		1,810		40

Kemper Corp.		9,784		535

Kinsale Capital Group, Inc.		3,861		1,159

MBIA, Inc.*		19,624		182

Mercury General Corp.		4,436		141

National Western Life Group, Inc., Class A		946		230

Palomar Holdings, Inc.*		3,664		202


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Insurance – 2.5% continued

ProAssurance Corp.		13,119		$242

RLI Corp.		8,150		1,083

Safety Insurance Group, Inc.		2,537		189

Selective Insurance Group, Inc.		10,634		1,014

SiriusPoint Ltd.*		15,726		128

Stewart Information Services Corp.		3,142		127

United Fire Group, Inc.		4,616		123

Universal Insurance Holdings, Inc.		4,888		89

White Mountains Insurance Group Ltd.		447		616

				10,964

Interactive Media & Services – 0.6%

Angi, Inc.*		82,918		188

Bumble, Inc., Class A*		639		13

Cargurus, Inc.*		15,849		296

Cars.com, Inc.*		6,219		120

EverQuote, Inc., Class A*		4,607		64

Liberty TripAdvisor Holdings, Inc., Class A*		6,201		5

QuinStreet, Inc.*		17,214		273

Shutterstock, Inc.		1,325		96

Travelzoo*		5,295		32

TripAdvisor, Inc.*		16,802		334

Yelp, Inc.*		15,964		490

Ziff Davis, Inc.*		8,611		672

ZipRecruiter, Inc., Class A*		13,046		208

				2,791

IT Services – 0.4%

Brightcove, Inc.*		9,154		41

Computer Task Group, Inc.*		140		1

Hackett Group (The), Inc.		7,214		133

Information Services Group, Inc.		10,894		55

Perficient, Inc.*		8,054		581

Tucows, Inc., Class A*		1,685		33

Unisys Corp.*		4,514		18

Wix.com Ltd.*		8,302		829

				1,691

Leisure Products – 0.5%

Acushnet Holdings Corp.		6,595		336

American Outdoor Brands, Inc.*		2,625		26

Clarus Corp.		5,350		50

Escalade, Inc.		5,150		75

Johnson Outdoors, Inc., Class A		3,310		209

Malibu Boats, Inc., Class A*		3,957		223


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Leisure Products – 0.5% continued

Marine Products Corp.		7,718		$102

Sturm Ruger & Co., Inc.		2,744		158

Topgolf Callaway Brands Corp.*		16,646		360

YETI Holdings, Inc.*		13,019		521

				2,060

Life Sciences Tools & Services – 0.5%

AbCellera Biologics, Inc.*		32,326		244

Adaptive Biotechnologies Corp.*		18,814		166

Alpha Teknova, Inc.*		2,159		6

BioLife Solutions, Inc.*		10,739		234

Champions Oncology, Inc.*		4,355		18

Codexis, Inc.*		9,887		41

CryoPort, Inc.*		5,879		141

Cytek Biosciences, Inc.*		19,269		177

Harvard Bioscience, Inc.*		17,007		71

Maravai LifeSciences Holdings, Inc., Class A*		344		5

Medpace Holdings, Inc.*		5,557		1,045

Nautilus Biotechnology, Inc.*		19,833		55

OmniAb, Inc.*		22,228		82

Personalis, Inc.*		7,474		21

Rapid Micro Biosystems, Inc., Class A*		2,571		3

Singular Genomics Systems, Inc.*		8,285		10

Standard BioTools, Inc.*		15,991		31

				2,350

Machinery – 4.1%

Alamo Group, Inc.		2,324		428

Albany International Corp., Class A		6,385		570

Astec Industries, Inc.		5,703		235

Barnes Group, Inc.		11,655		469

Chart Industries, Inc.*		8,683		1,089

CIRCOR International, Inc.*		2,438		76

Columbus McKinnon Corp.		3,238		120

Conrad Industries, Inc.*		100		1

Douglas Dynamics, Inc.		4,493		143

Eastern (The) Co.		1,646		32

Enerpac Tool Group Corp.		12,394		316

EnPro Industries, Inc.		3,983		414

Esab Corp.		8,598		508

ESCO Technologies, Inc.		5,640		538

Evoqua Water Technologies Corp.*		14,784		735

Federal Signal Corp.		15,897		862

Franklin Electric Co., Inc.		9,471		891

Gorman-Rupp (The) Co.		6,514		163


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Machinery – 4.1% continued

Graham Corp.*		2,483		$32

Greenbrier (The) Cos., Inc.		5,099		164

Helios Technologies, Inc.		3,954		259

Hillenbrand, Inc.		14,468		688

Hurco Cos., Inc.		1,110		28

Hyster-Yale Materials Handling, Inc.		2,363		118

John Bean Technologies Corp.		6,067		663

Kadant, Inc.		1,945		406

Kennametal, Inc.		17,686		488

L.B. Foster Co., Class A*		1,565		18

Lindsay Corp.		2,056		311

Miller Industries, Inc.		3,148		111

Mueller Industries, Inc.		11,741		863

Mueller Water Products, Inc., Class A		33,706		470

Omega Flex, Inc.		1,609		179

Proto Labs, Inc.*		5,629		187

RBC Bearings, Inc.*		4,914		1,144

Shyft Group (The), Inc.		3,464		79

SPX Technologies, Inc.*		10,723		757

Standex International Corp.		4,121		505

Taylor Devices, Inc.*		1,643		33

Tennant Co.		3,969		272

Terex Corp.		11,242		544

Titan International, Inc.*		11,767		123

Trinity Industries, Inc.		18,948		462

Twin Disc, Inc.*		356		3

Wabash National Corp.		6,679		164

Watts Water Technologies, Inc., Class A		6,052		1,019

				17,680

Marine Transportation – 0.5%

Danaos Corp.		3,643		199

Golden Ocean Group Ltd.		21,460		204

Kirby Corp.*		10,220		712

Matson, Inc.		10,381		620

Star Bulk Carriers Corp.		17,768		375

				2,110

Media – 0.5%

AMC Networks, Inc., Class A*		7,876		139

Boston Omaha Corp., Class A⁽¹⁾*		1		—

comScore, Inc.*		11,480		14

Cumulus Media, Inc., Class A*		300		1

Daily Journal Corp.*		329		94

EW Scripps (The) Co., Class A*		9,608		90


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Media – 0.5% continued

Gannett Co., Inc.*		12,048		$23

Gray Television, Inc.		23,495		205

iHeartMedia, Inc., Class A*		362		1

John Wiley & Sons, Inc., Class A		9,013		349

Magnite, Inc.*		12,017		111

Marchex, Inc., Class B⁽¹⁾^*		179		—

Quotient Technology, Inc.*		6,866		23

Saga Communications, Inc., Class A		1,380		31

Scholastic Corp.		7,086		243

Sinclair Broadcast Group, Inc., Class A		11,330		194

TechTarget, Inc.*		4,335		157

TEGNA, Inc.		41,108		695

				2,370

Metals & Mining – 1.6%

Alpha Metallurgical Resources, Inc.		4,248		663

Arconic Corp.*		17,885		469

Ascent Industries Co.*		108		1

Carpenter Technology Corp.		11,344		508

Coeur Mining, Inc.*		47,798		191

Commercial Metals Co.		22,183		1,085

Constellium S.E.*		27,396		419

Ferroglobe PLC*		22,392		111

Fortitude Gold Corp.		2,320		16

Gold Resource Corp.		7,994		8

Haynes International, Inc.		2,343		117

Hecla Mining Co.		92,659		586

Kaiser Aluminum Corp.		2,987		223

Materion Corp.		7,001		812

McEwen Mining, Inc.*		2,344		20

Nexa Resources S.A.		22,030		138

Olympic Steel, Inc.		3,192		167

Piedmont Lithium, Inc.*		1,778		107

Schnitzer Steel Industries, Inc., Class A		2,904		90

Tredegar Corp.		6,445		59

Universal Stainless & Alloy Products, Inc.*		1,487		14

Warrior Met Coal, Inc.		12,068		443

Worthington Industries, Inc.		12,381		800

				7,047

Mortgage Real Estate Investment Trusts – 0.6%

ACRES Commercial Realty Corp.*		136		1

Apollo Commercial Real Estate Finance, Inc.		32,827		306

Arbor Realty Trust, Inc.		25,682		295


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Mortgage Real Estate Investment Trusts – 0.6% continued

Arlington Asset Investment Corp., Class A^(1) *		10		$—

ARMOUR Residential REIT, Inc.		7,385		39

Blackstone Mortgage Trust, Inc., Class A		13,184		235

BrightSpire Capital, Inc.		11,779		70

Chimera Investment Corp.		34,585		195

Dynex Capital, Inc.		3,601		44

Ellington Residential Mortgage REIT		540		4

Franklin BSP Realty Trust, Inc.		8,725		104

Granite Point Mortgage Trust, Inc.		6,031		30

Invesco Mortgage Capital, Inc.		2,291		25

Ladder Capital Corp.		27,063		256

New York Mortgage Trust, Inc.		11,385		113

Ready Capital Corp.		4,509		46

Redwood Trust, Inc.		11,513		78

Rithm Capital Corp.		63,025		504

Two Harbors Investment Corp.		8,447		124

				2,469

Multi-Utilities – 0.5%

Avista Corp.		13,791		585

Black Hills Corp.		11,800		745

NorthWestern Corp.		11,740		679

Unitil Corp.		3,611		206

				2,215

Office Real Estate Investment Trusts – 0.3%

Brandywine Realty Trust		652		3

City Office REIT, Inc.		14,131		98

Corporate Office Properties Trust		18,738		444

Creative Media & Community Trust Corp.		934		4

Easterly Government Properties, Inc.		13,735		189

Equity Commonwealth		19,524		404

Franklin Street Properties Corp.		15,838		25

Hudson Pacific Properties, Inc.		490		3

JBG SMITH Properties		414		6

Paramount Group, Inc.		33,701		154

Piedmont Office Realty Trust, Inc., Class A		1,143		8

SL Green Realty Corp.		212		5

				1,343

Oil, Gas & Consumable Fuels – 4.0%

Adams Resources & Energy, Inc.		4,692		180

Alto Ingredients, Inc.*		9,824		15


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Oil, Gas & Consumable Fuels – 4.0% continued

Arch Resources, Inc.		2,340		$308

Ardmore Shipping Corp.		23,252		346

California Resources Corp.		13,629		525

Callon Petroleum Co.*		4,504		151

Chord Energy Corp.		7,163		964

Civitas Resources, Inc.		12,699		868

Clean Energy Fuels Corp.*		14,201		62

CNX Resources Corp.*		26,981		432

Comstock Resources, Inc.		16,334		176

CONSOL Energy, Inc.		5,351		312

Crescent Energy Co., Class A		2,178		25

CVR Energy, Inc.		7,311		240

Delek U.S. Holdings, Inc.		12,076		277

Denbury, Inc.*		8,124		712

DHT Holdings, Inc.		28,359		306

Dorian LPG Ltd.		1,318		26

Earthstone Energy, Inc., Class A*		13,273		173

Equitrans Midstream Corp.		66,002		381

Evolution Petroleum Corp.		17,614		111

Frontline PLC		25,127		416

Golar LNG Ltd.*		22,625		489

Green Plains, Inc.*		15,774		489

Gulfport Energy Corp.*		1,774		142

Hallador Energy Co.*		12,251		113

HighPeak Energy, Inc.		8,726		201

International Seaways, Inc.		10,091		421

Kosmos Energy Ltd.*		66,476		495

Magnolia Oil & Gas Corp., Class A		29,571		647

Matador Resources Co.		19,917		949

Murphy Oil Corp.		24,768		916

NACCO Industries, Inc., Class A		2,750		99

Navigator Holdings Ltd.*		15,550		218

Nordic American Tankers Ltd.		13,822		55

Northern Oil and Gas, Inc.		3,628		110

Par Pacific Holdings, Inc.*		304		9

PBF Energy, Inc., Class A		16,414		712

PDC Energy, Inc.		2,414		155

Peabody Energy Corp.*		20,891		535

Permian Resources Corp.		36,510		383

PrimeEnergy Resources Corp.*		1,540		129

Ranger Oil Corp., Class A		5,144		210

REX American Resources Corp.*		11,863		339

Riviera Resources, Inc.⁽²⁾*		6,246		—

Scorpio Tankers, Inc.		12,681		714


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Oil, Gas & Consumable Fuels – 4.0% continued

SFL Corp. Ltd.		20,740		$197

SM Energy Co.		21,522		606

Teekay Corp.*		6,712		41

Teekay Tankers Ltd., Class A*		989		42

Uranium Energy Corp.*		4,645		13

VAALCO Energy, Inc.		15,272		69

Vital Energy, Inc.*		2,769		126

Voc Energy Trust		2,470		20

W&T Offshore, Inc.*		42,012		213

World Fuel Services Corp.		12,480		319

				17,182

Paper & Forest Products – 0.1%

Clearwater Paper Corp.*		3,657		122

Glatfelter Corp.		7,861		25

Mercer International, Inc.		6,127		60

				207

Passenger Airlines – 0.2%

Copa Holdings S.A., Class A*		6,449		596

Hawaiian Holdings, Inc.*		1,440		13

SkyWest, Inc.*		11,586		257

				866

Personal Care Products – 0.8%

BellRing Brands, Inc.*		22,150		753

Edgewell Personal Care Co.		10,953		465

elf Beauty, Inc.*		8,900		733

Inter Parfums, Inc.		3,627		516

Mannatech, Inc.		3,905		65

Medifast, Inc.		3,757		389

Natural Alternatives International, Inc.*		729		7

Nature’s Sunshine Products, Inc.*		3,580		36

Nu Skin Enterprises, Inc., Class A		13,620		535

United-Guardian, Inc.		502		5

USANA Health Sciences, Inc.*		2,331		147

				3,651

Pharmaceuticals – 1.6%

Amneal Pharmaceuticals, Inc.*		35,067		49

Amphastar Pharmaceuticals, Inc.*		10,594		397

Amylyx Pharmaceuticals, Inc.*		8,510		250

ANI Pharmaceuticals, Inc.*		3,544		141

Arvinas, Inc.*		279		8

ATAI Life Sciences N.V.*		8,023		14

Atea Pharmaceuticals, Inc.*		206		1

Axsome Therapeutics, Inc.*		4,465		275


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Pharmaceuticals – 1.6% continued

Bausch Health Cos., Inc.*		57,419		$465

Cara Therapeutics, Inc.*		10,309		51

Collegium Pharmaceutical, Inc.*		15,612		375

Corcept Therapeutics, Inc.*		29,550		640

CorMedix, Inc.*		3,143		13

Cumberland Pharmaceuticals, Inc.⁽¹⁾^*		232		—

DICE Therapeutics, Inc.*		5,973		171

Endo International PLC⁽¹⁾^*		2,100		—

Esperion Therapeutics, Inc.*		6,054		10

Fulcrum Therapeutics, Inc.*		5,276		15

Harmony Biosciences Holdings, Inc.*		3,546		116

Harrow Health, Inc.*		16,708		354

Innoviva, Inc.*		27,058		304

Intra-Cellular Therapies, Inc.*		13,215		716

Kaleido Biosciences, Inc.⁽¹⁾^*		14,235		—

Ligand Pharmaceuticals, Inc.*		4,536		334

Ocular Therapeutix, Inc.*		395		2

Omeros Corp.*		15,541		72

Optinose, Inc.⁽¹⁾^*		249		—

Oramed Pharmaceuticals, Inc.*		4,337		9

Otonomy, Inc.⁽¹⁾^*		400		—

Pacira BioSciences, Inc.*		11,378		464

Paratek Pharmaceuticals, Inc.*		11,753		30

Phibro Animal Health Corp., Class A		9,467		145

Prestige Consumer Healthcare, Inc.*		12,229		766

Provention Bio, Inc.*		8,207		198

Relmada Therapeutics, Inc.*		2,076		5

Satsuma Pharmaceuticals, Inc.*		3,331		2

scPharmaceuticals, Inc.*		12,456		113

Supernus Pharmaceuticals, Inc.*		9,813		355

Tilray Brands, Inc.*		1,927		5

Ventyx Biosciences, Inc.*		4,208		141

Verrica Pharmaceuticals, Inc.*		7,914		51

WaVe Life Sciences Ltd.*		200		1

Zynerba Pharmaceuticals, Inc.*		16,116		7

				7,065

Professional Services – 2.6%

Alight, Inc., Class A*		57,419		529

ASGN, Inc.*		9,827		812

Barrett Business Services, Inc.		3,757		333

CBIZ, Inc.*		21,701		1,074

Conduent, Inc.*		27,840		95

CRA International, Inc.		3,895		420

CSG Systems International, Inc.		7,643		410


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Professional Services – 2.6% continued

ExlService Holdings, Inc.*		6,226		$1,008

Exponent, Inc.		11,539		1,150

Forrester Research, Inc.*		6,376		206

Franklin Covey Co.*		4,861		187

Heidrick & Struggles International, Inc.		6,489		197

Huron Consulting Group, Inc.*		3,799		305

ICF International, Inc.		3,788		416

Insperity, Inc.		7,499		911

KBR, Inc.		3,908		215

Kelly Services, Inc., Class A		4,883		81

Korn Ferry		11,126		576

Maximus, Inc.		15,674		1,234

Mistras Group, Inc.*		1,067		7

NV5 Global, Inc.*		2,723		283

Resources Connection, Inc.		7,751		132

TrueBlue, Inc.*		7,343		131

TTEC Holdings, Inc.		4,231		158

Verra Mobility Corp.*		25,646		434

Where Food Comes From, Inc.*		275		4

Willdan Group, Inc.*		2,886		45

				11,353

Real Estate Management & Development – 0.4%

Altisource Asset Management Corp.*		496		32

American Realty Investors, Inc.*		1,723		45

Anywhere Real Estate, Inc.*		12,505		66

Cushman & Wakefield PLC*		21,208		224

Douglas Elliman, Inc.		4,591		14

eXp World Holdings, Inc.		206		3

Forestar Group, Inc.*		10,586		165

FRP Holdings, Inc.*		1,118		65

Kennedy-Wilson Holdings, Inc.		20,295		337

Newmark Group, Inc., Class A		22,636		160

RE/MAX Holdings, Inc., Class A		5,990		112

RMR Group (The), Inc., Class A		81		2

St. Joe (The) Co.		6,127		255

Stratus Properties, Inc.		114		2

Tejon Ranch Co.*		8,049		147

Transcontinental Realty Investors, Inc.*		400		17

				1,646

Residential Real Estate Investment Trusts – 0.3%

Bluerock Homes Trust, Inc.*		1,114		22

BRT Apartments Corp.		3,024		60

Centerspace		1,982		108


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Residential Real Estate Investment Trusts – 0.3% continued

Elme Communities		14,573		$260

Independence Realty Trust, Inc.		16,868		270

NexPoint Residential Trust, Inc.		3,849		168

UMH Properties, Inc.		8,355		124

Veris Residential, Inc.*		14,620		214

				1,226

Retail Real Estate Investment Trusts – 1.2%

Acadia Realty Trust		16,725		233

Agree Realty Corp.		13,387		918

Alexander’s, Inc.		667		129

Getty Realty Corp.		7,230		261

InvenTrust Properties Corp.		12,155		284

Kite Realty Group Trust		37,329		781

Macerich (The) Co.		27,552		292

Necessity Retail REIT (The), Inc.		19,616		123

Phillips Edison & Co., Inc.		20,557		671

Retail Opportunity Investments Corp.		21,520		300

RPT Realty		16,018		152

Saul Centers, Inc.		2,351		92

SITE Centers Corp.		22,710		279

Tanger Factory Outlet Centers, Inc.		15,060		296

Urban Edge Properties		21,326		321

Urstadt Biddle Properties, Inc., Class A		8,881		156

Whitestone REIT		10,604		98

				5,386

Semiconductors & Semiconductor Equipment – 3.3%

ACM Research, Inc., Class A*		10,993		129

Alpha & Omega Semiconductor Ltd.*		5,453		147

Ambarella, Inc.*		6,089		471

Amkor Technology, Inc.		21,362		556

Axcelis Technologies, Inc.*		11,388		1,517

Canadian Solar, Inc.*		9,751		388

CEVA, Inc.*		4,785		146

Cohu, Inc.*		4,962		190

Diodes, Inc.*		8,731		810

FormFactor, Inc.*		14,244		454

Ichor Holdings Ltd.*		2,444		80

Impinj, Inc.*		3,033		411

Kopin Corp.*		13,987		15

Kulicke & Soffa Industries, Inc.		12,150		640

MACOM Technology Solutions

Holdings, Inc.*		10,005		709

MagnaChip Semiconductor Corp.*		1,751		16

MaxLinear, Inc.*		12,619		444


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Semiconductors & Semiconductor Equipment – 3.3% continued

Meta Materials, Inc.*		1,350		$1

Nova Ltd.*		3,058		319

NVE Corp.		1,962		163

Onto Innovation, Inc.*		9,055		796

PDF Solutions, Inc.*		15,027		637

Photronics, Inc.*		6,856		114

Power Integrations, Inc.		9,881		836

Rambus, Inc.*		19,967		1,024

Semtech Corp.*		12,532		303

Silicon Laboratories, Inc.*		7,734		1,354

SMART Global Holdings, Inc.*		15,159		261

Synaptics, Inc.*		6,773		753

Ultra Clean Holdings, Inc.*		12,694		421

Veeco Instruments, Inc.*		9,920		210

				14,315

Software – 3.6%

ACI Worldwide, Inc.*		21,870		590

Adeia, Inc.		18,154		161

Agilysys, Inc.*		5,532		456

Alarm.com Holdings, Inc.*		6,361		320

Altair Engineering, Inc., Class A*		7,392		533

Alteryx, Inc., Class A*		9,191		541

American Software, Inc., Class A		6,778		86

Appfolio, Inc., Class A*		3,463		431

Aware, Inc.*		683		1

Blackbaud, Inc.*		9,497		658

Blackline, Inc.*		9,084		610

Box, Inc., Class A*		25,074		672

Cerence, Inc.*		118		3

CommVault Systems, Inc.*		7,503		426

Consensus Cloud Solutions, Inc.*		2,870		98

Digimarc Corp.*		4,899		96

Digital Turbine, Inc.*		292		4

Domo, Inc., Class B*		5,266		75

Ebix, Inc.		6,789		90

eGain Corp.*		2,820		21

Envestnet, Inc.*		8,462		496

Everbridge, Inc.*		118		4

InterDigital, Inc.		7,347		536

LiveRamp Holdings, Inc.*		204		5

Model N, Inc.*		7,272		243

Momentive Global, Inc.*		22,806		213

NCR Corp.*		19,901		469

New Relic, Inc.*		8,647		651


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Software – 3.6% continued

Nutanix, Inc., Class A*		32,317		$840

OneSpan, Inc.*		12,302		215

Park City Group, Inc.⁽¹⁾		33		—

Progress Software Corp.		8,761		503

Q2 Holdings, Inc.*		5,505		136

Qualys, Inc.*		6,298		819

Rapid7, Inc.*		8,671		398

Sapiens International Corp. N.V.		9,956		216

SecureWorks Corp., Class A*		5,644		48

ShotSpotter, Inc.*		4,325		170

SPS Commerce, Inc.*		8,192		1,248

Synchronoss Technologies, Inc.*		1,500		1

Tenable Holdings, Inc.*		17,177		816

Upland Software, Inc.*		2,573		11

Varonis Systems, Inc.*		15,967		415

Verint Systems, Inc.*		12,402		462

VirnetX Holding Corp.*		398		1

Workiva, Inc.*		6,754		692

Xperi, Inc.*		7,261		79

				15,559

Specialized Real Estate Investment Trusts – 0.6%

EPR Properties		246		9

Four Corners Property Trust, Inc.		15,283		411

Gladstone Land Corp.		15,387		256

iStar, Inc.		4,318		127

National Storage Affiliates Trust		10,990		459

Outfront Media, Inc.		27,992		454

PotlatchDeltic Corp.		16,043		794

				2,510

Specialty Retail – 2.7%

1-800-Flowers.com, Inc., Class A*		8,667		100

Aaron’s (The) Co., Inc.		7,373		71

Abercrombie & Fitch Co., Class A*		2,046		57

Academy Sports & Outdoors, Inc.		10,220		667

American Eagle Outfitters, Inc.		30,274		407

America’s Car-Mart, Inc.*		2,087		165

Asbury Automotive Group, Inc.*		3,239		680

Big 5 Sporting Goods Corp.		6,520		50

Boot Barn Holdings, Inc.*		4,232		324

Buckle (The), Inc.		5,901		211

Build-A-Bear Workshop, Inc.		5,104		119

Caleres, Inc.		9,106		197

Camping World Holdings, Inc., Class A		7,075		148


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Specialty Retail – 2.7% continued

Cato (The) Corp., Class A		1,653		$15

Chico’s FAS, Inc.*		7,879		43

Children’s Place (The), Inc.*		1,346		54

Citi Trends, Inc.*		5,917		113

Conn’s, Inc.*		2,401		15

Designer Brands, Inc., Class A		7,054		62

Express, Inc.*		4,300		3

Farfetch Ltd., Class A*		1,150		6

Foot Locker, Inc.		12,452		494

Genesco, Inc.*		3,380		125

Group 1 Automotive, Inc.		3,872		877

GrowGeneration Corp.*		178		1

Guess?, Inc.		9,193		179

Haverty Furniture Cos., Inc.		4,511		144

Hibbett, Inc.		4,545		268

Leslie’s, Inc.*		23,917		263

LL Flooring Holdings, Inc.*		7,994		30

Monro, Inc.		6,724		332

Murphy U.S.A., Inc.		4,865		1,255

National Vision Holdings, Inc.*		12,745		240

ODP (The) Corp.*		6,589		296

Overstock.com, Inc.*		4,821		98

PetMed Express, Inc.		4,731		77

Revolve Group, Inc.*		240		6

Sally Beauty Holdings, Inc.*		24,399		380

Shoe Carnival, Inc.		11,147		286

Signet Jewelers Ltd.		8,697		676

Sleep Number Corp.*		4,009		122

Sonic Automotive, Inc., Class A		9,840		535

Upbound Group, Inc.		9,607		235

Urban Outfitters, Inc.*		9,779		271

Victoria’s Secret & Co.*		12,452		425

Winmark Corp.		1,014		325

Zumiez, Inc.*		7,114		131

				11,578

Technology Hardware, Storage & Peripherals – 0.3%

AstroNova, Inc.*		12,469		176

Avid Technology, Inc.*		5,718		183

Diebold Nixdorf, Inc.*		7,601		9

Immersion Corp.		7,758		69

Stratasys Ltd.*		8,886		147

Super Micro Computer, Inc.*		7,700		821

TransAct Technologies, Inc.*		376		2

				1,407


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Textiles, Apparel & Luxury Goods – 1.0%

Carter’s, Inc.		6,028		$434

Crocs, Inc.*		13,301		1,682

Culp, Inc.		198		1

Delta Apparel, Inc.*		5,445		60

Fossil Group, Inc.*		1,675		5

G-III Apparel Group Ltd.*		8,126		126

Kontoor Brands, Inc.		8,031		389

Movado Group, Inc.		3,246		93

Oxford Industries, Inc.		4,897		517

Rocky Brands, Inc.		4,425		102

Steven Madden Ltd.		16,411		591

Superior Group of Cos., Inc.		4,224		33

Unifi, Inc.*		692		6

Vera Bradley, Inc.*		5,594		34

Wolverine World Wide, Inc.		16,503		281

				4,354

Tobacco – 0.1%

Universal Corp.		5,702		302

Vector Group Ltd.		9,181		110

				412

Trading Companies & Distributors – 2.0%

Applied Industrial Technologies, Inc.		9,296		1,321

Beacon Roofing Supply, Inc.*		13,950		821

BlueLinx Holdings, Inc.*		3,320		226

Boise Cascade Co.		8,624		546

Distribution Solutions Group, Inc.*		4,177		190

EVI Industries, Inc.*		1,625		32

GATX Corp.		6,878		757

Global Industrial Co.		6,710		180

GMS, Inc.*		8,524		493

H&E Equipment Services, Inc.		3,296		146

Herc Holdings, Inc.		4,976		567

McGrath RentCorp		6,159		575

MRC Global, Inc.*		16,589		161

NOW, Inc.*		10,914		122

Rush Enterprises, Inc., Class A		15,960		871

Textainer Group Holdings Ltd.		3,189		102

Titan Machinery, Inc.*		778		24

Transcat, Inc.*		4,139		370

Triton International Ltd.		12,881		814

Veritiv Corp.		1,021		138


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.7% continued

Trading Companies & Distributors – 2.0% continued

WESCO International, Inc.		1,452		$224

Willis Lease Finance Corp.*		1,729		95

				8,775

Water Utilities – 0.7%

American States Water Co.		8,302		738

Artesian Resources Corp., Class A		4,306		238

California Water Service Group		10,790		628

Consolidated Water Co. Ltd.		9,781		161

Middlesex Water Co.		6,096		476

SJW Group		5,477		417

York Water (The) Co.		3,577		160

				2,818

Wireless Telecommunication Services – 0.1%

Shenandoah Telecommunications Co.		9,735		185

Spok Holdings, Inc.		13,182		134

Telephone and Data Systems, Inc.		6,880		72

				391

Total Common Stocks

(Cost $271,503)				411,510


MASTER LIMITED PARTNERSHIPS – 0.0%

Marine Transportation – 0.0%

Navios Maritime Partners L.P.		77		2

Total Master Limited Partnerships

(Cost $5)				2


PREFERRED STOCKS – 0.0%

Industrial Conglomerates – 0.0%

Steel Partners Holdings L.P., 6.00%		2,675		62

Real Estate Management & Development – 0.0%

Brookfield Property Preferred L.P., 6.25%		1,033		16

Total Preferred Stocks

(Cost $93)				78


RIGHTS – 0.1%

Biotechnology – 0.1%

Achillion Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾^(4) *		23,500		33

Adamas Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾⁽⁴⁾^*		15,090		—

Albireo Pharma, Inc. (Contingent Value Rights)⁽²⁾^*		7,485		—


	NUMBER OF SHARES		VALUE (000S)

RIGHTS - 0.1% continued

Biotechnology – 0.1% continued

Concert Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾^*		20,570		$—

Flexion Therapeutics, Inc. (Contingent Value Rights)⁽²⁾⁽⁴⁾^*		9,753		—

Progenics Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾^*		10,111		—

Radius Health, Inc. (Contingent Value Rights)⁽²⁾^*		8,494		1

Sinovac Biotech Ltd.⁽²⁾^*		1,587		—

Tobira Therapeutics, Inc. (Contingent Value Rights)⁽²⁾^(4) *		16,926		138

				172

Health Care Equipment & Supplies – 0.0%

American Medical Alert Corp.⁽²⁾^*		13,109		—

Paper & Forest Products – 0.0%

Resolute Forest Products, Inc. (Contingent Value Rights)⁽²⁾^(4) *		11,874		—

Pharmaceuticals – 0.0%

Opiant Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾^(4) *		9,938		—

Total Rights

(Cost $132)				172


OTHER – 0.0%

Escrow Fresh Market (The), Inc.⁽²⁾^*		1,136		—

Total Other

(Cost $—)				—

	NUMBER OF WARRANTS		VALUE (000S)

WARRANTS – 0.0%

Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67*		743		$14

Tidewater, Inc., Class A, Exp. 7/31/23, Strike $0.00⁽¹⁾*		10		—

Tidewater, Inc., Class B, Exp. 7/31/23, Strike $0.00⁽¹⁾^*		11		—

Total Warrants

(Cost $—)				14

	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 4.6%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁵⁾⁽⁶⁾		20,078,072		$20,078

Total Investment Companies

(Cost $20,078)				20,078



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 0.4%

U.S. Treasury Bill, 4.45%, 5/11/23⁽⁷⁾⁽⁸⁾		$1,717		$1,709

Total Short-Term Investments

(Cost $1,708)				1,709


Total Investments – 99.8%

(Cost $293,519)				433,563

Other Assets less Liabilities – 0.2%				829

NET ASSETS – 100.0%			$	434,392

⁽¹⁾

Value rounds to less than one thousand.

⁽²⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽³⁾

⁽⁴⁾

Restricted security that has been deemed illiquid. At March 31, 2023, the value of these restricted illiquid securities amounted to approximately $175,000 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE		COST (000S)

Achillion Pharmaceuticals, Inc. (Contingent Value Rights)		1/29/20		$—

Adamas Pharmaceuticals, Inc. (Contingent Value Rights)		11/26/21		—

Flexion Therapeutics, Inc. (Contingent Value Rights)		11/22/21		—

Next Bridge Hydrocarbons, Inc.		12/13/22		8

Opiant Pharmaceuticals, Inc. (Contingent Value Rights)		3/3/23		—

Resolute Forest Products, Inc. (Contingent Value Rights)		3/1/23		—

Tobira Therapeutics, Inc. (Contingent Value Rights)		11/2/16		131

⁽⁵⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁷⁾

Discount rate at the time of purchase.

⁽⁸⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

REIT - Real Estate Investment Trust

At March 31, 2023, the Fund had open futures contracts as follows:


TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

E-Mini Russell 2000 Index	245	$22,215	Long	6/23	$289

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:


SECURITY TYPE⁽¹⁾		% OF NET ASSETS

Common Stocks		94.7%

Master Limited Partnerships		0.0%

Preferred stocks		0.0%

Rights		0.1%

Other		0.0%

Warrants		0.0%

Investment Companies		4.6%

Short-Term Investments		0.4%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS		LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Banks	$	33,181	$	30	$	—	$	33,211

Biotechnology		20,587		—		34		20,621

Energy Equipment & Services		8,702		—		4		8,706

Financial Services		5,396		23		—		5,419

Health Care Providers &

Services		12,228		—		19		12,247

Insurance		10,924		40		—		10,964

All Other Industries⁽¹⁾		320,342		—		—		320,342

Total Common Stocks		411,360		93		57		411,510



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.4%

Aerospace & Defense – 1.1%

AAR Corp.*		16,420		$896

Aerojet Rocketdyne Holdings, Inc.*		39,589		2,224

AeroVironment, Inc.*		12,276		1,125

AerSale Corp.*		12,415		214

Archer Aviation, Inc., Class A*		72,452		207

Astra Space, Inc.*		76,757		33

Astronics Corp.*		12,603		168

Cadre Holdings, Inc.		9,608		207

Ducommun, Inc.*		5,548		304

Kaman Corp.		14,053		321

Kratos Defense & Security Solutions, Inc.*		61,890		834

Maxar Technologies, Inc.		36,720		1,875

Momentus, Inc.*		28,395		17

Moog, Inc., Class A		14,374		1,448

National Presto Industries, Inc.		2,556		184

Park Aerospace Corp.		9,790		132

Parsons Corp.*		16,904		756

Redwire Corp.*		9,777		30

Rocket Lab U.S.A., Inc.*		108,031		436

Terran Orbital Corp.*		20,931		38

Triumph Group, Inc.*		32,202		373

V2X, Inc.*		6,047		240

Virgin Galactic Holdings, Inc.*		121,453		492

				12,554

Air Freight & Logistics – 0.3%

Air Transport Services Group, Inc.*		29,031		605

Forward Air Corp.		13,497		1,455

Hub Group, Inc., Class A*		16,206		1,360

Radiant Logistics, Inc.*		18,609		122

				3,542

Automobile Components – 1.5%

Adient PLC*		47,295		1,937

American Axle & Manufacturing

Holdings, Inc.*		56,836		444

Dana, Inc.		64,829		976

Dorman Products, Inc.*		13,219		1,140

Fox Factory Holding Corp.*		21,177		2,570

Gentherm, Inc.*		16,631		1,005

Goodyear Tire & Rubber (The) Co.*		140,869		1,552

Holley, Inc.*		25,574		70

LCI Industries		12,472		1,370

Luminar Technologies, Inc.*		126,168		819

Modine Manufacturing Co.*		25,012		577



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Automobile Components – 1.5% continued

Motorcar Parts of America, Inc.*		9,496		$71

Patrick Industries, Inc.		10,868		748

Solid Power, Inc.*		66,210		199

Standard Motor Products, Inc.		10,106		373

Stoneridge, Inc.*		13,237		248

Visteon Corp.*		13,875		2,176

XPEL, Inc.*		10,801		734

				17,009

Automobiles – 0.2%

Canoo, Inc.*		134,474		88

Cenntro Electric Group Ltd.*		91,811		42

Faraday Future Intelligent Electric, Inc.*		245,967		87

Fisker, Inc.*		88,983		546

Lordstown Motors Corp., Class A*		87,807		58

Mullen Automotive, Inc.*		507,848		67

Winnebago Industries, Inc.		14,937		862

Workhorse Group, Inc.*		76,573		102

				1,852

Banks – 8.4%

1st Source Corp.		8,114		350

ACNB Corp.		4,135		135

Amalgamated Financial Corp.		8,911		158

Amerant Bancorp, Inc.		13,920		303

American National Bankshares, Inc.		5,224		166

Ameris Bancorp		32,953		1,205

Arrow Financial Corp.		7,080		176

Associated Banc-Corp		74,908		1,347

Atlantic Union Bankshares Corp.		37,536		1,316

Axos Financial, Inc.*		28,724		1,061

Banc of California, Inc.		25,424		319

BancFirst Corp.		9,876		821

Bancorp (The), Inc.*		27,083		754

Bank First Corp.		3,893		286

Bank of Marin Bancorp		7,847		172

Bank of NT Butterfield & Son (The) Ltd.		24,908		673

BankUnited, Inc.		37,675		851

Bankwell Financial Group, Inc.		2,826		70

Banner Corp.		17,148		932

Bar Harbor Bankshares		7,394		196

BayCom Corp.		6,102		104

BCB Bancorp, Inc.		7,184		94

Berkshire Hills Bancorp, Inc.		21,123		529

Blue Foundry Bancorp*		12,807		122



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Banks – 8.4% continued

Blue Ridge Bankshares, Inc.		8,473		$86

Bridgewater Bancshares, Inc.*		10,175		110

Brookline Bancorp, Inc.		42,592		447

Business First Bancshares, Inc.		11,874		203

Byline Bancorp, Inc.		12,342		267

Cadence Bank		90,561		1,880

Cambridge Bancorp		3,415		221

Camden National Corp.		7,187		260

Capital Bancorp, Inc.		4,468		74

Capital City Bank Group, Inc.		6,822		200

Capitol Federal Financial, Inc.		62,869		423

Capstar Financial Holdings, Inc.		10,149		154

Carter Bankshares, Inc.*		11,910		167

Cathay General Bancorp		34,862		1,203

Central Pacific Financial Corp.		13,341		239

Citizens & Northern Corp.		7,514		161

City Holding Co.		7,369		670

Civista Bancshares, Inc.		7,700		130

CNB Financial Corp.		10,104		194

Coastal Financial Corp.*		5,259		189

Colony Bankcorp, Inc.		8,223		84

Columbia Financial, Inc.*		16,413		300

Community Bank System, Inc.		26,574		1,395

Community Trust Bancorp, Inc.		7,869		299

ConnectOne Bancorp, Inc.		18,626		329

CrossFirst Bankshares, Inc.*		22,414		235

Customers Bancorp, Inc.*		15,312		284

CVB Financial Corp.		66,402		1,108

Dime Community Bancshares, Inc.		16,323		371

Eagle Bancorp, Inc.		15,282		512

Eastern Bankshares, Inc.		76,492		965

Enterprise Bancorp, Inc.		4,649		146

Enterprise Financial Services Corp.		17,671		788

Equity Bancshares, Inc., Class A		7,638		186

Esquire Financial Holdings, Inc.		3,487		136

Farmers & Merchants Bancorp, Inc.		6,322		154

Farmers National Banc Corp.		17,519		221

FB Financial Corp.		17,923		557

Financial Institutions, Inc.		7,551		146

First Bancorp		18,990		675

First BanCorp (New York Exchange)		89,669		1,024

First Bancorp (The), Inc.		4,858		126

First Bancshares (The), Inc.		12,086		312

First Bank		7,778		79



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Banks – 8.4% continued

First Busey Corp.		25,941		$528

First Business Financial Services, Inc.		4,058		124

First Commonwealth Financial Corp.		50,338		626

First Community Bankshares, Inc.		7,934		199

First Financial Bancorp		46,292		1,008

First Financial Bankshares, Inc.		64,851		2,069

First Financial Corp.		5,533		207

First Foundation, Inc.		25,614		191

First Guaranty Bancshares, Inc.		3,046		48

First Internet Bancorp		4,350		72

First Interstate BancSystem, Inc., Class A		44,842		1,339

First Merchants Corp.		28,704		946

First Mid Bancshares, Inc.		9,308		253

First of Long Island (The) Corp.		10,356		140

First Western Financial, Inc.*		3,958		78

Five Star Bancorp		6,284		134

Flushing Financial Corp.		13,551		202

Fulton Financial Corp.		80,667		1,115

FVCBankcorp, Inc.*		7,450		79

German American Bancorp, Inc.		13,855		462

Glacier Bancorp, Inc.		55,545		2,333

Great Southern Bancorp, Inc.		4,684		237

Greene County Bancorp, Inc.		3,448		78

Guaranty Bancshares, Inc.		4,068		113

Hancock Whitney Corp.		43,264		1,575

Hanmi Financial Corp.		15,236		283

HarborOne Bancorp, Inc.		21,862		267

HBT Financial, Inc.		5,696		112

Heartland Financial U.S.A., Inc.		20,580		789

Heritage Commerce Corp.		29,526		246

Heritage Financial Corp.		17,397		372

Hilltop Holdings, Inc.		24,704		733

Hingham Institution For Savings (The)		729		170

Home Bancorp, Inc.		3,645		120

Home BancShares, Inc.		93,908		2,039

HomeStreet, Inc.		9,034		163

HomeTrust Bancshares, Inc.		7,092		174

Hope Bancorp, Inc.		58,111		571

Horizon Bancorp, Inc.		20,226		224

Independent Bank Corp.		22,852		1,500

Independent Bank Corp. (NASDAQ Exchange)		10,147		180

Independent Bank Group, Inc.		17,756		823

International Bancshares Corp.		26,913		1,152



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Banks – 8.4% continued

John Marshall Bancorp, Inc.		5,842		$126

Kearny Financial Corp.		29,698		241

Lakeland Bancorp, Inc.		31,149		487

Lakeland Financial Corp.		12,169		762

Live Oak Bancshares, Inc.		16,459		401

Luther Burbank Corp.		7,473		71

Macatawa Bank Corp.		13,119		134

Mercantile Bank Corp.		7,701		236

Metrocity Bankshares, Inc.		8,834		151

Metropolitan Bank Holding Corp.*		5,192		176

Mid Penn Bancorp, Inc.		7,212		185

Midland States Bancorp, Inc.		10,569		226

MidWestOne Financial Group, Inc.		7,063		172

MVB Financial Corp.		5,137		106

National Bank Holdings Corp., Class A		14,630		490

NBT Bancorp, Inc.		20,719		698

Nicolet Bankshares, Inc.*		6,182		390

Northeast Bank		3,277		110

Northfield Bancorp, Inc.		21,335		251

Northwest Bancshares, Inc.		60,908		733

OceanFirst Financial Corp.		29,065		537

OFG Bancorp		23,328		582

Old National Bancorp		146,507		2,113

Old Second Bancorp, Inc.		21,321		300

Origin Bancorp, Inc.		11,243		361

Orrstown Financial Services, Inc.		5,150		102

Pacific Premier Bancorp, Inc.		46,671		1,121

Park National Corp.		7,120		844

Parke Bancorp, Inc.		5,059		90

Pathward Financial, Inc.		13,460		558

PCB Bancorp		5,711		83

Peapack-Gladstone Financial Corp.		8,616		255

Peoples Bancorp, Inc.		13,927		359

Peoples Financial Services Corp.		3,491		151

Pioneer Bancorp, Inc.*		5,843		58

Preferred Bank		6,683		366

Premier Financial Corp.		17,818		369

Primis Financial Corp.		11,176		108

Provident Bancorp, Inc.		7,327		50

Provident Financial Services, Inc.		36,624		702

QCR Holdings, Inc.		7,919		348

RBB Bancorp		7,376		114

Red River Bancshares, Inc.		2,176		105

Renasant Corp.		27,154		830



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Banks – 8.4% continued

Republic Bancorp, Inc., Class A		4,338		$184

Republic First Bancorp, Inc.*		28,343		39

S&T Bancorp, Inc.		19,627		617

Sandy Spring Bancorp, Inc.		21,902		569

Seacoast Banking Corp. of Florida		36,190		858

ServisFirst Bancshares, Inc.		25,184		1,376

Shore Bancshares, Inc.		8,853		126

Sierra Bancorp		6,835		118

Simmons First National Corp., Class A		60,971		1,066

SmartFinancial, Inc.		7,786		180

South Plains Financial, Inc.		4,871		104

Southern First Bancshares, Inc.*		3,784		116

Southern Missouri Bancorp, Inc.		3,921		147

Southside Bancshares, Inc.		14,820		492

SouthState Corp.		37,413		2,666

Stellar Bancorp, Inc.		22,482		553

Sterling Bancorp, Inc.*		8,600		49

Stock Yards Bancorp, Inc.		14,368		792

Summit Financial Group, Inc.		5,605		116

Texas Capital Bancshares, Inc.*		24,282		1,189

Third Coast Bancshares, Inc.*		6,411		101

Tompkins Financial Corp.		6,945		460

Towne Bank		34,306		914

TriCo Bancshares		15,645		651

Triumph Financial, Inc.*		11,363		660

TrustCo Bank Corp. NY		9,441		302

Trustmark Corp.		30,368		750

UMB Financial Corp.		22,073		1,274

United Bankshares, Inc.		65,246		2,297

United Community Banks, Inc.		53,367		1,501

Unity Bancorp, Inc.		3,558		81

Univest Financial Corp.		14,439		343

USCB Financial Holdings, Inc.*		5,367		53

Valley National Bancorp		215,187		1,988

Veritex Holdings, Inc.		26,391		482

Washington Federal, Inc.		32,493		979

Washington Trust Bancorp, Inc.		8,544		296

WesBanco, Inc.		28,751		883

West BanCorp, Inc.		8,183		150

Westamerica BanCorp		13,044		578

WSFS Financial Corp.		30,505		1,147

				97,823

Beverages – 0.6%

Celsius Holdings, Inc.*		27,757		2,580



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Beverages – 0.6% continued

Coca-Cola Consolidated, Inc.		2,335		$1,249

Duckhorn Portfolio (The), Inc.*		20,999		334

MGP Ingredients, Inc.		7,054		682

National Beverage Corp.*		11,845		625

Primo Water Corp.		78,962		1,212

Vintage Wine Estates, Inc.*		16,170		17

Vita Coco (The) Co., Inc.*		14,035		275

				6,974

Biotechnology – 6.6%

2seventy bio, Inc.*		18,657		190

4D Molecular Therapeutics, Inc.*		15,035		258

Aadi Bioscience, Inc.*		7,323		53

Absci Corp.*		26,251		46

ACADIA Pharmaceuticals, Inc.*		60,233		1,134

Acrivon Therapeutics, Inc.*		4,097		52

Adicet Bio, Inc.*		15,070		87

ADMA Biologics, Inc.*		104,554		346

Aerovate Therapeutics, Inc.*		4,597		93

Affimed N.V.*		73,386		55

Agenus, Inc.*		152,301		231

Agios Pharmaceuticals, Inc.*		27,330		628

Akero Therapeutics, Inc.*		17,459		668

Alector, Inc.*		31,230		193

Alkermes PLC*		81,270		2,291

Allogene Therapeutics, Inc.*		40,006		198

Allovir, Inc.*		15,650		62

Alpine Immune Sciences, Inc.*		11,204		86

ALX Oncology Holdings, Inc.*		10,749		49

Amicus Therapeutics, Inc.*		137,294		1,523

AnaptysBio, Inc.*		10,112		220

Anavex Life Sciences Corp.*		34,561		296

Anika Therapeutics, Inc.*		7,326		210

Apellis Pharmaceuticals, Inc.*		46,784		3,086

Arbutus Biopharma Corp.*		56,566		171

Arcellx, Inc.*		14,795		456

Arcturus Therapeutics Holdings, Inc.*		11,587		278

Arcus Biosciences, Inc.*		25,705		469

Arcutis Biotherapeutics, Inc.*		20,743		228

Arrowhead Pharmaceuticals, Inc.*		51,589		1,310

Atara Biotherapeutics, Inc.*		46,375		134

Aura Biosciences, Inc.*		11,164		104

Aurinia Pharmaceuticals, Inc.*		67,143		736

Avid Bioservices, Inc.*		30,555		573

Avidity Biosciences, Inc.*		32,383		497



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Biotechnology – 6.6% continued

Beam Therapeutics, Inc.*		31,847		$975

BioCryst Pharmaceuticals, Inc.*		92,911		775

Biohaven Ltd.*		31,650		432

Bioxcel Therapeutics, Inc.*		9,552		178

Bluebird Bio, Inc.*		50,083		159

Blueprint Medicines Corp.*		29,944		1,347

Bridgebio Pharma, Inc.*		52,968		878

C4 Therapeutics, Inc.*		21,031		66

CareDx, Inc.*		25,454		233

Caribou Biosciences, Inc.*		28,025		149

Catalyst Pharmaceuticals, Inc.*		48,582		805

Celldex Therapeutics, Inc.*		22,957		826

Celularity, Inc.*		31,464		20

Century Therapeutics, Inc.*		9,920		34

Cerevel Therapeutics Holdings, Inc.*		28,697		700

Chimerix, Inc.*		42,374		53

Chinook Therapeutics, Inc.*		25,376		587

Cogent Biosciences, Inc.*		32,022		346

Coherus Biosciences, Inc.*		36,868		252

Crinetics Pharmaceuticals, Inc.*		26,330		423

CTI BioPharma Corp.*		49,998		210

Cullinan Oncology, Inc.*		12,490		128

Cytokinetics, Inc.*		40,881		1,439

Day One Biopharmaceuticals, Inc.*		13,830		185

Deciphera Pharmaceuticals, Inc.*		25,495		394

Denali Therapeutics, Inc.*		54,547		1,257

Design Therapeutics, Inc.*		16,899		98

Dynavax Technologies Corp.*		59,850		587

Dyne Therapeutics, Inc.*		15,804		182

Eagle Pharmaceuticals, Inc.*		5,104		145

Editas Medicine, Inc.*		34,661		251

Eiger BioPharmaceuticals, Inc.*		21,600		19

Emergent BioSolutions, Inc.*		25,223		261

Enanta Pharmaceuticals, Inc.*		10,023		405

Enochian Biosciences, Inc.*		8,848		8

EQRx, Inc.*		101,093		196

Erasca, Inc.*		35,516		107

Fate Therapeutics, Inc.*		41,774		238

FibroGen, Inc.*		43,807		817

Foghorn Therapeutics, Inc.*		9,955		62

Gelesis Holdings, Inc.*		9,317		2

Generation Bio Co.*		24,063		103

Geron Corp.*		212,131		460

Gossamer Bio, Inc.*		31,074		39



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Biotechnology – 6.6% continued

GreenLight Biosciences Holdings PBC*		44,774		$19

Halozyme Therapeutics, Inc.*		66,528		2,541

Heron Therapeutics, Inc.*		51,158		77

HilleVax, Inc.*		8,719		144

Humacyte, Inc.*		29,355		91

Icosavax, Inc.*		11,177		65

Ideaya Biosciences, Inc.*		22,141		304

IGM Biosciences, Inc.*		5,280		73

ImmunityBio, Inc.*		40,739		74

ImmunoGen, Inc.*		107,413		412

Immunovant, Inc.*		22,224		345

Inhibrx, Inc.*		16,292		307

Inovio Pharmaceuticals, Inc.*		123,618		101

Insmed, Inc.*		67,741		1,155

Instil Bio, Inc.*		33,778		22

Intellia Therapeutics, Inc.*		41,282		1,539

Intercept Pharmaceuticals, Inc.*		12,197		164

Invivyd, Inc.*		25,777		31

Iovance Biotherapeutics, Inc.*		75,469		461

Ironwood Pharmaceuticals, Inc.*		68,444		720

iTeos Therapeutics, Inc.*		11,741		160

IVERIC bio, Inc.*		68,050		1,656

Janux Therapeutics, Inc.*		8,551		103

Jounce Therapeutics, Inc.*		20,428		38

KalVista Pharmaceuticals, Inc.*		12,225		96

Karuna Therapeutics, Inc.*		16,213		2,945

Karyopharm Therapeutics, Inc.*		38,786		151

Keros Therapeutics, Inc.*		9,629		411

Kezar Life Sciences, Inc.*		26,402		83

Kiniksa Pharmaceuticals Ltd., Class A*		15,573		168

Kinnate Biopharma, Inc.*		14,660		92

Kodiak Sciences, Inc.*		16,566		103

Kronos Bio, Inc.*		20,568		30

Krystal Biotech, Inc.*		10,685		855

Kura Oncology, Inc.*		32,507		398

Kymera Therapeutics, Inc.*		18,931		561

Lexicon Pharmaceuticals, Inc.*		42,028		102

Lyell Immunopharma, Inc.*		86,905		205

MacroGenics, Inc.*		30,157		216

Madrigal Pharmaceuticals, Inc.*		6,339		1,536

MannKind Corp.*		127,435		522

MeiraGTx Holdings PLC*		16,876		87

Mersana Therapeutics, Inc.*		46,235		190

MiMedx Group, Inc.*		56,262		192



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Biotechnology – 6.6% continued

Mineralys Therapeutics, Inc.*		5,713		$89

Mirum Pharmaceuticals, Inc.*		9,177		220

Monte Rosa Therapeutics, Inc.*		14,957		117

Morphic Holding, Inc.*		12,869		484

Myriad Genetics, Inc.*		39,823		925

Nkarta, Inc.*		16,487		59

Nurix Therapeutics, Inc.*		23,255		207

Nuvalent, Inc., Class A*		10,073		263

Ocugen, Inc.*		108,796		93

Omniab, Inc.^{(1) *}		3,016		1

Omniab, Inc. (NASDAQ Exchange)^{(1) *}		3,016		2

Organogenesis Holdings, Inc.*		35,868		76

Outlook Therapeutics, Inc.*		70,651		77

Pardes Biosciences, Inc.*		16,706		22

PepGen, Inc.*		7,512		92

PMV Pharmaceuticals, Inc.*		18,429		88

Point Biopharma Global, Inc.*		42,738		311

Praxis Precision Medicines, Inc.*		19,393		16

Precigen, Inc.*		59,612		63

Prime Medicine, Inc.*		5,179		64

Prometheus Biosciences, Inc.*		17,353		1,862

Protagonist Therapeutics, Inc.*		23,241		535

Prothena Corp. PLC*		19,524		946

PTC Therapeutics, Inc.*		34,990		1,695

Rallybio Corp.*		9,112		52

RAPT Therapeutics, Inc.*		14,871		273

Recursion Pharmaceuticals, Inc., Class A*		68,389		456

REGENXBIO, Inc.*		20,089		380

Relay Therapeutics, Inc.*		42,632		702

Replimune Group, Inc.*		23,164		409

REVOLUTION Medicines, Inc.*		43,614		945

Rigel Pharmaceuticals, Inc.*		86,138		114

Rocket Pharmaceuticals, Inc.*		27,541		472

Sage Therapeutics, Inc.*		26,098		1,095

Sana Biotechnology, Inc.*		44,615		146

Sangamo Therapeutics, Inc.*		67,169		118

Seres Therapeutics, Inc.*		35,205		200

SpringWorks Therapeutics, Inc.*		18,023		464

Stoke Therapeutics, Inc.*		11,303		94

Sutro Biopharma, Inc.*		27,097		125

Syndax Pharmaceuticals, Inc.*		29,806		630

Talaris Therapeutics, Inc.*		12,419		23

Tango Therapeutics, Inc.*		23,333		92



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Biotechnology – 6.6% continued

Tenaya Therapeutics, Inc.*		19,081		$54

TG Therapeutics, Inc.*		66,723		1,004

Travere Therapeutics, Inc.*		30,804		693

Twist Bioscience Corp.*		28,109		424

Tyra Biosciences, Inc.*		6,510		105

Vanda Pharmaceuticals, Inc.*		27,681		188

Vaxart, Inc.*		64,888		49

Vaxcyte, Inc.*		35,685		1,337

VBI Vaccines, Inc.*		96,377		29

Vera Therapeutics, Inc.*		9,907		77

Veracyte, Inc.*		35,889		800

Vericel Corp.*		23,623		693

Verve Therapeutics, Inc.*		23,396		337

Vir Biotechnology, Inc.*		36,328		845

Viridian Therapeutics, Inc.*		18,934		482

VistaGen Therapeutics, Inc.*		98,454		12

Xencor, Inc.*		28,754		802

Y-mAbs Therapeutics, Inc.*		18,580		93

Zentalis Pharmaceuticals, Inc.*		23,495		404

				76,912

Broadline Retail – 0.1%

1stdibs.com, Inc.*		11,754		47

Big Lots, Inc.		14,154		155

ContextLogic, Inc., Class A*		289,376		129

Dillard’s, Inc., Class A		1,996		614

Groupon, Inc.*		10,955		46

Qurate Retail, Inc., Class A*		175,319		173

				1,164

Building Products – 1.4%

AAON, Inc.		21,855		2,113

American Woodmark Corp.*		8,294		432

Apogee Enterprises, Inc.		11,167		483

AZZ, Inc.		12,281		507

Caesarstone Ltd.		11,410		47

CSW Industrials, Inc.		7,324		1,018

Gibraltar Industries, Inc.*		15,575		755

Griffon Corp.		21,985		704

Insteel Industries, Inc.		9,382		261

Janus International Group, Inc.*		40,884		403

JELD-WEN Holding, Inc.*		41,844		530

Masonite International Corp.*		11,172		1,014

PGT Innovations, Inc.*		28,923		726

Quanex Building Products Corp.		16,601		357



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Building Products – 1.4% continued

Resideo Technologies, Inc.*		72,570		$1,327

Simpson Manufacturing Co., Inc.		21,453		2,352

UFP Industries, Inc.		29,860		2,373

View, Inc.*		58,747		29

Zurn Elkay Water Solutions Corp.		61,779		1,320

				16,751

Capital Markets – 1.6%

Artisan Partners Asset Management,

Inc., Class A		30,111		963

Assetmark Financial Holdings, Inc.*		10,790		339

Associated Capital Group, Inc., Class A		858		32

Avantax, Inc.*		23,912		629

B. Riley Financial, Inc.		10,395		295

Bakkt Holdings, Inc.*		28,600		49

BGC Partners, Inc., Class A		157,914		826

Brightsphere Investment Group, Inc.		16,158		381

Cohen & Steers, Inc.		12,724		814

Diamond Hill Investment Group, Inc.		1,434		236

Donnelley Financial Solutions, Inc.*		12,693		519

Federated Hermes, Inc.		42,803		1,718

Focus Financial Partners, Inc., Class A*		28,897		1,499

GCM Grosvenor, Inc., Class A		20,565		161

Hamilton Lane, Inc., Class A		18,012		1,332

Houlihan Lokey, Inc.		25,332		2,216

MarketWise, Inc.*		8,007		15

Moelis & Co., Class A		31,945		1,228

Open Lending Corp., Class A*		52,785		372

Oppenheimer Holdings, Inc., Class A		3,931		154

Perella Weinberg Partners		18,456		168

Piper Sandler Cos.		8,727		1,210

PJT Partners, Inc., Class A		11,834		854

Sculptor Capital Management, Inc.		12,906		111

Silvercrest Asset Management Group, Inc., Class A		4,847		88

StepStone Group, Inc., Class A		27,287		662

StoneX Group, Inc.*		8,792		910

Value Line, Inc.		469		23

Victory Capital Holdings, Inc., Class A		7,854		230

Virtus Investment Partners, Inc.		3,478		662

WisdomTree, Inc.		68,128		399

				19,095

Chemicals – 2.2%

AdvanSix, Inc.		13,381		512

American Vanguard Corp.		14,059		308



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Chemicals – 2.2% continued

Amyris, Inc.*		101,240		$138

Aspen Aerogels, Inc.*		24,868		185

Avient Corp.		45,633		1,878

Balchem Corp.		15,879		2,008

Cabot Corp.		27,884		2,137

Chase Corp.		3,780		396

Danimer Scientific, Inc.*		45,160		156

Diversey Holdings Ltd.*		38,990		315

Ecovyst, Inc.*		41,592		460

FutureFuel Corp.		12,879		95

H.B. Fuller Co.		26,796		1,834

Hawkins, Inc.		9,708		425

Ingevity Corp.*		18,808		1,345

Innospec, Inc.		12,409		1,274

Intrepid Potash, Inc.*		5,552		153

Koppers Holdings, Inc.		10,164		356

Kronos Worldwide, Inc.		11,006		101

Livent Corp.*		81,285		1,766

LSB Industries, Inc.*		37,169		384

Mativ Holdings, Inc.		27,246		585

Minerals Technologies, Inc.		16,241		981

Origin Materials, Inc.*		52,489		224

Orion Engineered Carbons S.A.		30,280		790

Perimeter Solutions S.A.*		58,913		476

PureCycle Technologies, Inc.*		53,266		373

Quaker Chemical Corp.		6,789		1,344

Rayonier Advanced Materials, Inc.*		31,158		195

Sensient Technologies Corp.		20,883		1,599

Stepan Co.		10,703		1,103

Trinseo PLC		17,542		366

Tronox Holdings PLC		58,636		843

Valhi, Inc.		1,195		21

				25,126

Commercial Services & Supplies – 1.5%

ABM Industries, Inc.		33,299		1,496

ACCO Brands Corp.		46,080		245

ACV Auctions, Inc., Class A*		59,047		762

Aris Water Solutions, Inc., Class A		10,974		86

Brady Corp., Class A		22,450		1,206

BrightView Holdings, Inc.*		19,377		109

Brink’s (The) Co.		22,714		1,517

Casella Waste Systems, Inc., Class A*		24,884		2,057

Cimpress PLC*		8,869		389

CompX International, Inc.		741		13



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Commercial Services & Supplies – 1.5% continued

CoreCivic, Inc.*		57,377		$528

Deluxe Corp.		21,660		347

Ennis, Inc.		12,786		270

GEO Group (The), Inc.*		59,483		469

Harsco Corp.*		39,435		269

Healthcare Services Group, Inc.		37,085		514

Heritage-Crystal Clean, Inc.*		7,832		279

HNI Corp.		20,620		574

Interface, Inc.		28,814		234

KAR Auction Services, Inc.*		54,146		741

Kimball International, Inc., Class B		18,242		226

Li-Cycle Holdings Corp.*		68,538		386

Liquidity Services, Inc.*		12,238		161

Matthews International Corp., Class A		14,952		539

MillerKnoll, Inc.		38,145		780

Montrose Environmental Group, Inc.*		13,790		492

NL Industries, Inc.		4,134		25

Pitney Bowes, Inc.		86,851		338

Quad/Graphics, Inc.*		16,146		69

SP Plus Corp.*		10,071		345

Steelcase, Inc., Class A		43,646		368

UniFirst Corp.		7,506		1,323

Viad Corp.*		10,199		213

VSE Corp.		5,327		239

				17,609

Communications Equipment – 0.8%

ADTRAN Holdings, Inc.		38,515		611

Aviat Networks, Inc.*		5,611		193

Calix, Inc.*		28,864		1,547

Cambium Networks Corp.*		5,767		102

Casa Systems, Inc.*		17,507		22

Clearfield, Inc.*		6,357		296

CommScope Holding Co., Inc.*		102,860		655

Comtech Telecommunications Corp.		13,024		163

Digi International, Inc.*		17,475		589

DZS, Inc.*		9,954		78

Extreme Networks, Inc.*		63,301		1,210

Harmonic, Inc.*		46,095		672

Infinera Corp.*		96,865		752

Inseego Corp.*		43,492		25

NETGEAR, Inc.*		14,140		262

NetScout Systems, Inc.*		33,672		965

Ondas Holdings, Inc.*		18,356		20



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Communications Equipment – 0.8% continued

Ribbon Communications, Inc.*		36,179		$124

Viavi Solutions, Inc.*		111,622		1,209

				9,495

Construction & Engineering – 1.7%

Ameresco, Inc., Class A*		15,966		786

API Group Corp.^{(2) *}		103,138		2,319

Arcosa, Inc.		24,110		1,522

Argan, Inc.		6,237		252

Comfort Systems U.S.A., Inc.		17,675		2,580

Concrete Pumping Holdings, Inc.*		13,218		90

Construction Partners, Inc., Class A*		20,051		540

Dycom Industries, Inc.*		14,499		1,358

EMCOR Group, Inc.		23,576		3,833

Fluor Corp.*		71,103		2,198

Granite Construction, Inc.		22,163		910

Great Lakes Dredge & Dock Corp.*		32,604		177

IES Holdings, Inc.*		4,340		187

MYR Group, Inc.*		8,219		1,036

Northwest Pipe Co.*		4,909		153

Primoris Services Corp.		26,560		655

Sterling Infrastructure, Inc.*		14,725		558

Tutor Perini Corp.*		21,137		130

				19,284

Construction Materials – 0.2%

Summit Materials, Inc., Class A*		59,677		1,700

United States Lime & Minerals, Inc.		1,012		155

				1,855

Consumer Finance – 0.7%

Atlanticus Holdings Corp.*		2,113		57

Bread Financial Holdings, Inc.		25,151		763

Consumer Portfolio Services, Inc.*		4,826		52

Curo Group Holdings Corp.		11,044		19

Encore Capital Group, Inc.*		11,598		585

Enova International, Inc.*		15,453		687

EZCORP, Inc., Class A*		23,700		204

FirstCash Holdings, Inc.		18,761		1,789

Green Dot Corp., Class A*		23,535		404

LendingClub Corp.*		52,156		376

LendingTree, Inc.*		5,230		139

Moneylion, Inc.*		72,042		41

Navient Corp.		50,622		809

Nelnet, Inc., Class A		7,309		672

NerdWallet, Inc., Class A*		13,030		211



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Consumer Finance – 0.7% continued

Oportun Financial Corp.*		14,187		$55

OppFi, Inc.*		6,868		14

PRA Group, Inc.*		19,292		752

PROG Holdings, Inc.*		25,023		595

Regional Management Corp.		3,823		100

Sunlight Financial Holdings, Inc.*		11,774		4

World Acceptance Corp.*		1,950		162

				8,490

Consumer Staples Distribution & Retail – 0.6%

Andersons (The), Inc.		16,078		664

Boxed, Inc.*		27,914		5

Chefs’ Warehouse (The), Inc.*		17,087		582

HF Foods Group, Inc.*		18,262		72

Ingles Markets, Inc., Class A		7,119		632

Natural Grocers by Vitamin Cottage, Inc.		4,522		53

PriceSmart, Inc.		12,750		911

Rite Aid Corp.*		27,837		62

SpartanNash Co.		17,446		433

Sprouts Farmers Market, Inc.*		52,784		1,849

United Natural Foods, Inc.*		29,839		786

Village Super Market, Inc., Class A		4,243		97

Weis Markets, Inc.		8,230		697

				6,843

Containers & Packaging – 0.3%

Cryptyde, Inc.*		9,770		1

Greif, Inc., Class A		12,317		781

Greif, Inc., Class B		2,697		206

Myers Industries, Inc.		18,183		390

O-I Glass, Inc.*		76,827		1,745

Pactiv Evergreen, Inc.		21,738		174

Ranpak Holdings Corp.*		21,715		113

TriMas Corp.		20,968		584

				3,994

Distributors – 0.0%

Funko, Inc., Class A*		16,001		151

Weyco Group, Inc.		2,942		74

				225

Diversified Consumer Services – 1.0%

2U, Inc.*		38,018		260

Adtalem Global Education, Inc.*		22,475		868

American Public Education, Inc.*		9,396		51

Beachbody (The) Co., Inc.*		51,881		25



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Diversified Consumer Services – 1.0% continued

Carriage Services, Inc.		6,625		$202

Chegg, Inc.*		61,780		1,007

Coursera, Inc.*		57,203		659

Duolingo, Inc.*		11,991		1,710

European Wax Center, Inc., Class A		12,248		233

Frontdoor, Inc.*		41,477		1,156

Graham Holdings Co., Class B		1,847		1,101

Laureate Education, Inc.		67,330		792

Nerdy, Inc.*		28,079		117

OneSpaWorld Holdings Ltd.*		33,319		400

Perdoceo Education Corp.*		33,649		452

Rover Group, Inc.*		47,158		214

Strategic Education, Inc.		11,376		1,022

Stride, Inc.*		20,963		823

Udemy, Inc.*		36,620		323

Universal Technical Institute, Inc.*		16,441		121

WW International, Inc.*		26,938		111

				11,647

Diversified Real Estate Investment Trusts – 0.6%

Alexander & Baldwin, Inc.		36,272		686

American Assets Trust, Inc.		24,751		460

Armada Hoffler Properties, Inc.		33,594		397

Broadstone Net Lease, Inc.		86,145		1,465

CTO Realty Growth, Inc.		10,616		183

Empire State Realty Trust, Inc., Class A		66,583		432

Essential Properties Realty Trust, Inc.		70,150		1,743

Gladstone Commercial Corp.		19,723		249

Global Net Lease, Inc.		52,188		671

One Liberty Properties, Inc.		8,142		187

Star Holdings*		6,257		109

				6,582

Diversified Telecommunication Services – 0.7%

Anterix, Inc.*		9,197		304

ATN International, Inc.		5,459		223

Bandwidth, Inc., Class A*		11,635		177

Charge Enterprises, Inc.*		65,415		72

Cogent Communications Holdings, Inc.		21,558		1,374

Consolidated Communications Holdings, Inc.*		36,978		95

EchoStar Corp., Class A*		16,820		308

Globalstar, Inc.*		342,861		398

IDT Corp., Class B*		7,748		264

Iridium Communications, Inc.		62,409		3,865

Liberty Latin America Ltd., Class A*		19,058		158



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Diversified Telecommunication Services – 0.7% continued

Liberty Latin America Ltd., Class C*		73,096		$604

Ooma, Inc.*		11,532		144

Radius Global Infrastructure, Inc., Class A*		38,500		565

				8,551

Electric Utilities – 0.8%

ALLETE, Inc.		28,556		1,838

MGE Energy, Inc.		18,115		1,407

Otter Tail Corp.		20,470		1,479

PNM Resources, Inc.		42,596		2,074

Portland General Electric Co.		44,604		2,181

Via Renewables, Inc.		1,196		22

				9,001

Electrical Equipment – 1.5%

Allied Motion Technologies, Inc.		6,697		259

Array Technologies, Inc.*		75,141		1,644

Atkore, Inc.*		19,725		2,771

Babcock & Wilcox Enterprises, Inc.*		30,483		185

Blink Charging Co.*		20,562		178

Bloom Energy Corp., Class A*		89,722		1,788

Encore Wire Corp.		8,888		1,647

Energy Vault Holdings, Inc.*		40,989		88

EnerSys		20,479		1,779

Enovix Corp.*		53,736		801

ESS Tech, Inc.*		40,851		57

Fluence Energy, Inc.*		18,035		365

FTC Solar, Inc.*		21,511		48

FuelCell Energy, Inc.*		204,833		584

GrafTech International Ltd.		97,040		472

Heliogen, Inc.*		46,415		11

NEXTracker, Inc., Class A*		15,224		552

NuScale Power Corp.*		15,814		144

Powell Industries, Inc.		4,552		194

Preformed Line Products Co.		1,260		161

Shoals Technologies Group, Inc., Class A*		81,111		1,848

Stem, Inc.*		72,413		411

SunPower Corp.*		41,117		569

Thermon Group Holdings, Inc.*		16,559		413

TPI Composites, Inc.*		18,253		238

Vicor Corp.*		11,025		517

				17,724



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Electronic Equipment, Instruments & Components – 2.6%

908 Devices, Inc.*		11,018		$95

Advanced Energy Industries, Inc.		18,847		1,847

Aeva Technologies, Inc.*		48,352		57

AEye, Inc.*		50,492		16

Akoustis Technologies, Inc.*		31,800		98

Arlo Technologies, Inc.*		43,658		264

Badger Meter, Inc.		14,573		1,775

Belden, Inc.		21,321		1,850

Benchmark Electronics, Inc.		17,473		414

Cepton, Inc.*		23,721		11

CTS Corp.		15,876		785

ePlus, Inc.*		13,275		651

Evolv Technologies Holdings, Inc.*		41,761		130

Fabrinet*		18,407		2,186

FARO Technologies, Inc.*		9,454		233

Focus Universal, Inc.*		13,475		34

Identiv, Inc.*		11,084		68

Insight Enterprises, Inc.*		15,750		2,252

Itron, Inc.*		22,622		1,254

Kimball Electronics, Inc.*		11,981		289

Knowles Corp.*		44,876		763

Lightwave Logic, Inc.*		56,649		296

Methode Electronics, Inc.		17,555		770

MicroVision, Inc.*		83,193		222

Mirion Technologies, Inc.*		68,588		586

Napco Security Technologies, Inc.*		15,539		584

nLight, Inc.*		22,183		226

Novanta, Inc.*		17,734		2,821

OSI Systems, Inc.*		8,020		821

Ouster, Inc.*		134,770		113

PAR Technology Corp.*		13,270		451

PC Connection, Inc.		5,649		254

Plexus Corp.*		13,785		1,345

Rogers Corp.*		9,409		1,538

Sanmina Corp.*		28,630		1,746

ScanSource, Inc.*		12,639		385

SmartRent, Inc.*		60,969		155

TTM Technologies, Inc.*		50,771		685

Vishay Intertechnology, Inc.		65,190		1,475

Vishay Precision Group, Inc.*		6,202		259

				29,804

Energy Equipment & Services – 2.0%

Archrock, Inc.		67,776		662

Borr Drilling Ltd.*		101,046		766



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Energy Equipment & Services – 2.0% continued

Bristow Group, Inc.*		11,676		$262

Cactus, Inc., Class A		31,089		1,282

ChampionX Corp.		99,882		2,710

Diamond Offshore Drilling, Inc.*		50,647		610

DMC Global, Inc.*		9,423		207

Dril-Quip, Inc.*		16,766		481

Expro Group Holdings N.V.*		43,032		790

Helix Energy Solutions Group, Inc.*		71,731		555

Helmerich & Payne, Inc.		51,593		1,844

Liberty Energy, Inc.		66,755		855

Nabors Industries Ltd.*		4,546		554

National Energy Services Reunited Corp.*		19,186		101

Newpark Resources, Inc.*		43,051		166

NexTier Oilfield Solutions, Inc.*		88,237		701

Noble Corp. PLC*		42,270		1,668

Oceaneering International, Inc.*		50,137		884

Oil States International, Inc.*		31,602		263

Patterson-UTI Energy, Inc.		107,681		1,260

ProFrac Holding Corp., Class A*		11,796		149

ProPetro Holding Corp.*		43,874		315

RPC, Inc.		37,164		286

Select Energy Services, Inc., Class A		35,766		249

Solaris Oilfield Infrastructure, Inc., Class A		15,790		135

TETRA Technologies, Inc.*		62,119		165

Tidewater, Inc.*		23,334		1,029

U.S. Silica Holdings, Inc.*		37,277		445

Valaris Ltd.*		30,541		1,987

Weatherford International PLC*		35,432		2,103

				23,484

Entertainment – 0.4%

Cinemark Holdings, Inc.*		54,658		808

IMAX Corp.*		23,563		452

Liberty Media Corp.-Liberty Braves, Class A*		5,057		175

Liberty Media Corp.-Liberty Braves, Class C*		18,931		638

Lions Gate Entertainment Corp., Class A*		29,394		325

Lions Gate Entertainment Corp., Class B*		57,756		600

Madison Square Garden Entertainment Corp.*		13,062		772

Marcus (The) Corp.		11,896		190



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Entertainment – 0.4% continued

Playstudios, Inc.*		39,864		$147

Reservoir Media, Inc.*		10,208		67

Skillz, Inc.*		157,544		93

Vivid Seats, Inc., Class A*		12,877		98

				4,365

Financial Services – 1.8%

Alerus Financial Corp.		7,629		122

A-Mark Precious Metals, Inc.		9,206		319

AvidXchange Holdings, Inc.*		73,514		573

Banco Latinoamericano de Comercio Exterior S.A., Class E		13,726		239

Cannae Holdings, Inc.*		34,775		702

Cantaloupe, Inc.*		29,422		168

Cass Information Systems, Inc.		6,741		292

Compass Diversified Holdings		31,004		592

Enact Holdings, Inc.		15,018		343

Essent Group Ltd.		52,860		2,117

EVERTEC, Inc.		30,613		1,033

Federal Agricultural Mortgage Corp., Class C		4,558		607

Finance of America Cos., Inc., Class A*		19,003		24

Flywire Corp.*		28,614		840

Home Point Capital, Inc.		3,894		7

I3 Verticals, Inc., Class A*		11,454		281

International Money Express, Inc.*		15,727		405

Jackson Financial, Inc., Class A		37,253		1,394

Marqeta, Inc., Class A*		217,882		996

Merchants Bancorp		7,914		206

MoneyGram International, Inc.*		47,120		491

Mr Cooper Group, Inc.*		34,544		1,415

NMI Holdings, Inc., Class A*		41,135		919

Payoneer Global, Inc.*		110,633		695

Paysafe Ltd.*		14,092		243

PennyMac Financial Services, Inc.		13,447		802

Priority Technology Holdings, Inc.*		9,147		33

Radian Group, Inc.		78,417		1,733

Remitly Global, Inc.*		50,208		851

Repay Holdings Corp.*		43,897		288

StoneCo Ltd., Class A*		139,042		1,326

SWK Holdings Corp.*		1,828		33

Velocity Financial, Inc.*		4,313		39

Walker & Dunlop, Inc.		15,385		1,172

Waterstone Financial, Inc.		9,513		144

				21,444



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Food Products – 1.3%

Alico, Inc.		3,553		$86

AppHarvest, Inc.*		52,467		32

B&G Foods, Inc.		35,408		550

Benson Hill, Inc.*		86,114		99

Beyond Meat, Inc.*		30,773		499

BRC, Inc., Class A*		13,625		70

Calavo Growers, Inc.		8,670		249

Cal-Maine Foods, Inc.		18,836		1,147

Fresh Del Monte Produce, Inc.		15,263		460

Hain Celestial Group (The), Inc.*		44,872		770

Hostess Brands, Inc.*		66,483		1,654

J&J Snack Foods Corp.		7,617		1,129

John B. Sanfilippo & Son, Inc.		4,464		433

Lancaster Colony Corp.		9,688		1,965

Lifecore Biomedical, Inc.*		13,155		50

Local Bounti Corp.*		32,500		26

Mission Produce, Inc.*		20,003		222

Seneca Foods Corp., Class A*		2,547		133

Simply Good Foods (The) Co.*		44,233		1,759

Sovos Brands, Inc.*		19,177		320

SunOpta, Inc.*		49,090		378

Tattooed Chef, Inc.*		24,553		35

Tootsie Roll Industries, Inc.		8,038		361

TreeHouse Foods, Inc.*		25,289		1,275

Utz Brands, Inc.		32,889		542

Vital Farms, Inc.*		14,912		228

Whole Earth Brands, Inc.*		20,368		52

				14,524

Gas Utilities – 1.1%

Brookfield Infrastructure Corp., Class A		48,818		2,249

Chesapeake Utilities Corp.		8,724		1,117

New Jersey Resources Corp.		48,011		2,554

Northwest Natural Holding Co.		17,367		826

ONE Gas, Inc.		26,959		2,136

Southwest Gas Holdings, Inc.		33,392		2,085

Spire, Inc.		25,400		1,781

				12,748

Ground Transportation – 0.7%

ArcBest Corp.		12,026		1,111

Bird Global, Inc., Class A*		83,176		23

Covenant Logistics Group, Inc.		4,704		167

Daseke, Inc.*		20,315		157

Heartland Express, Inc.		23,358		372



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Ground Transportation – 0.7% continued

Marten Transport Ltd.		29,195		$612

P.A.M. Transportation Services, Inc.*		3,319		95

Saia, Inc.*		13,258		3,607

TuSimple Holdings, Inc., Class A*		70,106		103

Universal Logistics Holdings, Inc.		3,587		104

Werner Enterprises, Inc.		31,757		1,445

				7,796

Health Care Equipment & Supplies – 3.9%

Alphatec Holdings, Inc.*		36,366		567

AngioDynamics, Inc.*		18,589		192

Artivion, Inc.*		19,501		256

AtriCure, Inc.*		22,837		947

Atrion Corp.		679		426

Avanos Medical, Inc.*		23,179		689

Axogen, Inc.*		20,216		191

Axonics, Inc.*		24,419		1,332

Bioventus, Inc., Class A*		16,315		18

Butterfly Network, Inc.*		66,837		126

Cardiovascular Systems, Inc.*		20,490		407

Cerus Corp.*		86,774		258

CONMED Corp.		14,588		1,515

Cue Health, Inc.*		54,690		100

Cutera, Inc.*		8,359		197

Embecta Corp.		28,582		804

Figs, Inc., Class A*		63,926		396

Glaukos Corp.*		22,922		1,148

Haemonetics Corp.*		25,092		2,076

Heska Corp.*		4,827		471

Inari Medical, Inc.*		24,018		1,483

Inogen, Inc.*		11,475		143

Inspire Medical Systems, Inc.*		14,327		3,354

Integer Holdings Corp.*		16,509		1,279

iRadimed Corp.		3,541		139

iRhythm Technologies, Inc.*		15,038		1,865

Lantheus Holdings, Inc.*		34,128		2,818

LeMaitre Vascular, Inc.		9,746		502

LivaNova PLC*		26,906		1,173

Merit Medical Systems, Inc.*		27,849		2,059

Mesa Laboratories, Inc.		2,555		446

Nano-X Imaging Ltd.*		22,859		132

Neogen Corp.*		108,110		2,002

Nevro Corp.*		17,500		633

NuVasive, Inc.*		26,235		1,084

Omnicell, Inc.*		22,242		1,305



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Health Care Equipment & Supplies – 3.9% continued

OraSure Technologies, Inc.*		35,930		$217

Orthofix Medical, Inc.*		17,185		288

OrthoPediatrics Corp.*		7,579		336

Outset Medical, Inc.*		24,297		447

Owlet, Inc.*		38,225		12

Paragon 28, Inc.*		23,986		409

PROCEPT BioRobotics Corp.*		13,029		370

Pulmonx Corp.*		17,122		191

RxSight, Inc.*		11,421		191

Senseonics Holdings, Inc.*		236,620		168

Shockwave Medical, Inc.*		17,783		3,856

SI-BONE, Inc.*		17,061		336

Sight Sciences, Inc.*		10,949		96

Silk Road Medical, Inc.*		18,836		737

STAAR Surgical Co.*		23,872		1,527

Surmodics, Inc.*		6,853		156

Tactile Systems Technology, Inc.*		9,877		162

Tenon Medical, Inc.*		3,780		7

TransMedics Group, Inc.*		15,178		1,149

Treace Medical Concepts, Inc.*		18,126		457

UFP Technologies, Inc.*		3,423		444

Utah Medical Products, Inc.		1,718		163

Varex Imaging Corp.*		19,315		351

Vicarious Surgical, Inc.*		27,264		62

ViewRay, Inc.*		74,250		257

Zimvie, Inc.*		10,392		75

Zynex, Inc.*		10,742		129

				45,126

Health Care Providers & Services – 2.5%

23andMe Holding Co., Class A*		129,586		296

Accolade, Inc.*		32,963		474

AdaptHealth Corp.*		36,176		450

Addus HomeCare Corp.*		7,740		826

Agiliti, Inc.*		13,937		223

AirSculpt Technologies, Inc.		5,984		30

Alignment Healthcare, Inc.*		49,230		313

AMN Healthcare Services, Inc.*		21,579		1,790

Apollo Medical Holdings, Inc.*		19,494		711

ATI Physical Therapy, Inc.*		34,572		9

Aveanna Healthcare Holdings, Inc.*		21,313		22

Brookdale Senior Living, Inc.*		93,132		275

Cano Health, Inc.*		81,738		74

CareMax, Inc.*		29,350		78

Castle Biosciences, Inc.*		12,279		279



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Health Care Providers & Services – 2.5% continued

Clover Health Investments Corp.*		192,774		$163

Community Health Systems, Inc.*		62,570		307

CorVel Corp.*		4,331		824

Cross Country Healthcare, Inc.*		17,958		401

DocGo, Inc.*		41,339		358

Ensign Group (The), Inc.		26,860		2,566

Fulgent Genetics, Inc.*		10,491		328

GeneDx Holdings Corp.*		128,940		47

HealthEquity, Inc.*		41,478		2,435

Hims & Hers Health, Inc.*		60,769		603

Innovage Holding Corp.*		9,519		76

Invitae Corp.*		122,409		165

Joint (The) Corp.*		6,992		118

LifeStance Health Group, Inc.*		36,117		268

ModivCare, Inc.*		6,333		533

National HealthCare Corp.		6,287		365

National Research Corp.		7,042		306

NeoGenomics, Inc.*		63,050		1,098

Nutex Health, Inc.*		125,158		126

Oncology Institute (The), Inc.*		17,754		12

OPKO Health, Inc.*		201,636		294

Option Care Health, Inc.*		83,357		2,648

Owens & Minor, Inc.*		36,999		538

P3 Health Partners, Inc.*		12,727		14

Patterson Cos., Inc.		43,680		1,169

Pediatrix Medical Group, Inc.*		40,947		611

Pennant Group (The), Inc.*		12,952		185

PetIQ, Inc.*		13,491		154

Privia Health Group, Inc.*		25,798		712

Progyny, Inc.*		37,872		1,217

R1 RCM, Inc.*		75,328		1,130

RadNet, Inc.*		24,977		625

Select Medical Holdings Corp.		52,184		1,349

Surgery Partners, Inc.*		25,531		880

U.S. Physical Therapy, Inc.		6,434		630

				29,105

Health Care Real Estate Investment Trusts – 0.6%

CareTrust REIT, Inc.		49,171		963

Community Healthcare Trust, Inc.		11,864		434

Diversified Healthcare Trust		119,541		161

Global Medical REIT, Inc.		30,501		278

LTC Properties, Inc.		20,017		703

National Health Investors, Inc.		20,758		1,071

Physicians Realty Trust		113,538		1,695



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Health Care Real Estate Investment Trusts – 0.6% continued

Sabra Health Care REIT, Inc.		114,827		$1,321

Universal Health Realty Income Trust		6,425		309

				6,935

Health Care Technology – 0.5%

American Well Corp., Class A*		114,766		271

Babylon Holdings Ltd., Class A*		2,074		11

Computer Programs and Systems, Inc.*		6,990		211

Evolent Health, Inc., Class A*		41,096		1,334

Health Catalyst, Inc.*		27,494		321

HealthStream, Inc.*		12,072		327

Multiplan Corp.*		189,550		201

NextGen Healthcare, Inc.*		27,076		471

OptimizeRx Corp.*		8,441		123

Pear Therapeutics, Inc.*		34,025		9

Phreesia, Inc.*		24,642		796

Schrodinger, Inc.*		27,054		712

Sharecare, Inc.*		149,416		212

Simulations Plus, Inc.		7,804		343

Veradigm, Inc.*		53,974		704

				6,046

Hotel & Resort Real Estate Investment Trusts – 0.9%

Apple Hospitality REIT, Inc.		107,143		1,663

Ashford Hospitality Trust, Inc.*		17,304		56

Braemar Hotels & Resorts, Inc.		30,584		118

Chatham Lodging Trust		24,046		252

DiamondRock Hospitality Co.		105,240		856

Hersha Hospitality Trust, Class A		15,864		107

Pebblebrook Hotel Trust		65,133		914

RLJ Lodging Trust		80,357		852

Ryman Hospitality Properties, Inc.		26,894		2,413

Service Properties Trust		82,413		821

Summit Hotel Properties, Inc.		52,503		367

Sunstone Hotel Investors, Inc.		106,295		1,050

Xenia Hotels & Resorts, Inc.		57,347		751

				10,220

Hotels, Restaurants & Leisure – 2.7%

Accel Entertainment, Inc.*		28,011		255

Bally’s Corp.*		18,049		352

Biglari Holdings, Inc., Class B*		374		63

BJ’s Restaurants, Inc.*		11,413		333

Bloomin’ Brands, Inc.		43,422		1,114

Bluegreen Vacations Holding Corp.		4,716		129

Bowlero Corp.*		14,882		252



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Hotels, Restaurants & Leisure – 2.7% continued

Brinker International, Inc.*		21,546		$819

Century Casinos, Inc.*		13,637		100

Cheesecake Factory (The), Inc.		24,282		851

Chuy’s Holdings, Inc.*		8,995		322

Cracker Barrel Old Country Store, Inc.		11,095		1,260

Dave & Buster’s Entertainment, Inc.*		21,276		783

Denny’s Corp.*		27,931		312

Dine Brands Global, Inc.		7,430		503

El Pollo Loco Holdings, Inc.		9,679		93

Everi Holdings, Inc.*		43,331		743

F45 Training Holdings, Inc.*		18,260		21

First Watch Restaurant Group, Inc.*		7,590		122

Full House Resorts, Inc.*		16,497		119

Golden Entertainment, Inc.*		10,119		440

Hilton Grand Vacations, Inc.*		42,856		1,904

Inspirato, Inc.*		10,211		10

Inspired Entertainment, Inc.*		10,684		137

International Game Technology PLC		48,852		1,309

Jack in the Box, Inc.		10,327		905

Krispy Kreme, Inc.		35,964		559

Kura Sushi U.S.A., Inc., Class A*		2,332		153

Life Time Group Holdings, Inc.*		21,038		336

Light & Wonder, Inc.*		47,105		2,829

Lindblad Expeditions Holdings, Inc.*		16,810		161

Monarch Casino & Resort, Inc.		6,682		495

NEOGAMES S.A.*		6,508		99

Noodles & Co.*		20,356		99

ONE Group Hospitality (The), Inc.*		11,314		92

Papa John’s International, Inc.		16,251		1,218

Portillo’s, Inc., Class A*		15,859		339

RCI Hospitality Holdings, Inc.		4,330		338

Red Rock Resorts, Inc., Class A		25,471		1,135

Rush Street Interactive, Inc.*		30,162		94

Ruth’s Hospitality Group, Inc.		15,871		261

Sabre Corp.*		163,639		702

SeaWorld Entertainment, Inc.*		19,780		1,213

Shake Shack, Inc., Class A*		18,791		1,043

Sonder Holdings, Inc.*		95,767		72

Sweetgreen, Inc., Class A*		44,555		349

Target Hospitality Corp.*		14,741		194

Texas Roadhouse, Inc.		33,552		3,626

Vacasa, Inc., Class A*		58,040		56



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Hotels, Restaurants & Leisure – 2.7% continued

Wingstop, Inc.		14,988		$2,751

Xponential Fitness, Inc., Class A*		10,184		309

				31,774

Household Durables – 1.9%

Aterian, Inc.*		33,250		29

Beazer Homes U.S.A., Inc.*		14,613		232

Cavco Industries, Inc.*		4,355		1,384

Century Communities, Inc.		14,159		905

Dream Finders Homes, Inc., Class A*		10,447		138

Ethan Allen Interiors, Inc.		11,330		311

GoPro, Inc., Class A*		64,724		326

Green Brick Partners, Inc.*		13,579		476

Helen of Troy Ltd.*		11,928		1,135

Hovnanian Enterprises, Inc., Class A*		2,348		159

Installed Building Products, Inc.		11,939		1,361

iRobot Corp.*		13,479		588

KB Home		37,743		1,516

Landsea Homes Corp.*		4,568		28

La-Z-Boy, Inc.		21,519		626

Legacy Housing Corp.*		4,385		100

LGI Homes, Inc.*		10,281		1,172

Lifetime Brands, Inc.		6,394		38

Lovesac (The) Co.*		7,005		202

M/I Homes, Inc.*		13,340		842

MDC Holdings, Inc.		28,986		1,127

Meritage Homes Corp.		18,116		2,115

Purple Innovation, Inc.*		30,679		81

Skyline Champion Corp.*		26,603		2,001

Snap One Holdings Corp.*		8,951		84

Sonos, Inc.*		64,052		1,257

Taylor Morrison Home Corp.*		52,239		1,999

Traeger, Inc.*		16,757		69

Tri Pointe Homes, Inc.*		50,548		1,280

Tupperware Brands Corp.*		22,275		56

Universal Electronics, Inc.*		6,072		62

Vizio Holding Corp., Class A*		34,591		317

Vuzix Corp.*		29,532		122

				22,138

Household Products – 0.3%

Central Garden & Pet Co.*		4,913		202

Central Garden & Pet Co., Class A*		20,090		785



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Household Products – 0.3% continued

Energizer Holdings, Inc.		35,451		$1,230

WD-40 Co.		6,845		1,219

				3,436

Independent Power & Renewable Electricity Producers – 0.5%

Altus Power, Inc.*		45,974		252

Clearway Energy, Inc., Class A		17,506		526

Clearway Energy, Inc., Class C		40,799		1,278

Montauk Renewables, Inc.*		32,344		255

Ormat Technologies, Inc.		26,230		2,223

Sunnova Energy International, Inc.*		49,867		779

				5,313

Industrial Conglomerates – 0.0%

Brookfield Business Corp., Class A		13,000		258

Industrial Real Estate Investment Trusts – 0.8%

Indus Realty Trust, Inc.		2,688		178

Industrial Logistics Properties Trust		32,427		100

Innovative Industrial Properties, Inc.		13,945		1,060

LXP Industrial Trust		136,400		1,406

Plymouth Industrial REIT, Inc.		18,911		397

STAG Industrial, Inc.		90,011		3,044

Terreno Realty Corp.		40,232		2,599

				8,784

Insurance – 2.2%

Ambac Financial Group, Inc.*		22,174		343

American Equity Investment Life Holding Co.		35,233		1,286

AMERISAFE, Inc.		9,563		468

Argo Group International Holdings Ltd.		15,904		466

Bright Health Group, Inc.*		97,368		22

BRP Group, Inc., Class A*		30,468		776

CNO Financial Group, Inc.		56,892		1,262

Crawford & Co., Class A		7,563		63

Donegal Group, Inc., Class A		7,781		119

eHealth, Inc.*		12,260		115

Employers Holdings, Inc.		13,605		567

Enstar Group Ltd.*		5,632		1,305

Genworth Financial, Inc., Class A*		246,414		1,237

Goosehead Insurance, Inc., Class A*		9,579		500

Greenlight Capital Re Ltd., Class A*		12,981		122

HCI Group, Inc.		3,136		168

Hippo Holdings, Inc.*		8,583		139

Horace Mann Educators Corp.		20,585		689

Investors Title Co.		652		99



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Insurance – 2.2% continued

James River Group Holdings Ltd.		18,408		$380

Kinsale Capital Group, Inc.		10,822		3,248

Lemonade, Inc.*		23,537		336

MBIA, Inc.*		24,008		222

Mercury General Corp.		13,387		425

National Western Life Group, Inc., Class A		1,135		275

NI Holdings, Inc.*		4,220		55

Oscar Health, Inc., Class A*		60,284		394

Palomar Holdings, Inc.*		12,155		671

ProAssurance Corp.		26,978		499

RLI Corp.		19,500		2,592

Root, Inc., Class A*		3,802		17

Safety Insurance Group, Inc.		7,124		531

Selective Insurance Group, Inc.		29,815		2,842

Selectquote, Inc.*		67,623		147

SiriusPoint Ltd.*		46,105		375

Skyward Specialty Insurance Group, Inc.*		4,819		105

Stewart Information Services Corp.		13,432		542

Tiptree, Inc.		12,421		181

Trean Insurance Group, Inc.*		11,420		70

Trupanion, Inc.*		19,382		831

United Fire Group, Inc.		10,705		284

Universal Insurance Holdings, Inc.		12,889		235

				25,003

Interactive Media & Services – 0.7%

Arena Group Holdings (The), Inc.*		5,759		24

Bumble, Inc., Class A*		50,241		982

Cargurus, Inc.*		51,161		956

Cars.com, Inc.*		33,119		639

DHI Group, Inc.*		20,857		81

Eventbrite, Inc., Class A*		39,217		336

EverQuote, Inc., Class A*		10,079		140

fuboTV, Inc.*		93,995		114

Leafly Holdings, Inc.*		13,684		5

MediaAlpha, Inc., Class A*		12,292		184

Outbrain, Inc.*		18,166		75

QuinStreet, Inc.*		25,433		404

Shutterstock, Inc.		12,005		872

TrueCar, Inc.*		43,878		101

Vimeo, Inc.*		71,814		275

Vinco Ventures, Inc.*		117,483		38

Wejo Group Ltd.*		29,245		14



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Interactive Media & Services – 0.7% continued

Yelp, Inc.*		33,904		$1,041

Ziff Davis, Inc.*		22,753		1,776

ZipRecruiter, Inc., Class A*		36,555		583

				8,640

IT Services – 0.5%

BigCommerce Holdings, Inc., Class 1*		32,578		291

Brightcove, Inc.*		20,898		93

Cerberus Cyber Sentinel Corp.*		23,498		8

Cyxtera Technologies, Inc.*		18,216		6

DigitalOcean Holdings, Inc.*		35,027		1,372

Edgio, Inc.*		69,068		55

Fastly, Inc., Class A*		56,940		1,011

Grid Dynamics Holdings, Inc.*		26,915		308

Hackett Group (The), Inc.		11,057		204

Information Services Group, Inc.		17,613		90

Perficient, Inc.*		17,010		1,228

PFSweb, Inc.		8,524		36

Rackspace Technology, Inc.*		29,057		55

Squarespace, Inc., Class A*		15,307		486

Tucows, Inc., Class A*		4,957		96

Unisys Corp.*		33,157		129

				5,468

Leisure Products – 0.5%

Acushnet Holdings Corp.		16,673		849

AMMO, Inc.*		44,207		87

Clarus Corp.		14,387		136

Johnson Outdoors, Inc., Class A		2,669		168

Latham Group, Inc.*		21,451		61

Malibu Boats, Inc., Class A*		10,190		575

Marine Products Corp.		4,196		55

MasterCraft Boat Holdings, Inc.*		8,795		268

Smith & Wesson Brands, Inc.		22,815		281

Solo Brands, Inc., Class A*		11,032		79

Sturm Ruger & Co., Inc.		8,626		496

Topgolf Callaway Brands Corp.*		70,157		1,517

Vista Outdoor, Inc.*		27,986		776

				5,348

Life Sciences Tools & Services – 0.7%

AbCellera Biologics, Inc.*		103,750		782

Adaptive Biotechnologies Corp.*		55,782		493

Akoya Biosciences, Inc.*		7,822		64

Alpha Teknova, Inc.*		2,998		9

BioLife Solutions, Inc.*		16,879		367



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Life Sciences Tools & Services – 0.7% continued

Bionano Genomics, Inc.*		150,388		$167

Codexis, Inc.*		30,588		127

CryoPort, Inc.*		22,159		532

Cytek Biosciences, Inc.*		57,165		525

Inotiv, Inc.*		10,606		46

MaxCyte, Inc.*		43,431		215

Medpace Holdings, Inc.*		12,659		2,381

NanoString Technologies, Inc.*		23,183		229

Nautilus Biotechnology, Inc.*		23,302		65

OmniAb, Inc.*		38,686		142

Pacific Biosciences of California, Inc.*		123,801		1,434

PhenomeX, Inc.*		28,706		33

Quanterix Corp.*		16,939		191

Quantum-Si, Inc.*		46,101		81

Science 37 Holdings, Inc.*		32,193		9

Seer, Inc.*		25,986		100

Singular Genomics Systems, Inc.*		28,532		34

SomaLogic, Inc.*		74,769		191

				8,217

Machinery – 4.0%

3D Systems Corp.*		63,436		680

Alamo Group, Inc.		5,040		928

Albany International Corp., Class A		15,652		1,399

Astec Industries, Inc.		11,458		473

Barnes Group, Inc.		24,549		989

Berkshire Grey, Inc.*		24,781		34

Blue Bird Corp.*		8,794		180

Chart Industries, Inc.*		21,325		2,674

CIRCOR International, Inc.*		9,315		290

Columbus McKinnon Corp.		14,019		521

Desktop Metal, Inc., Class A*		134,264		309

Douglas Dynamics, Inc.		11,248		359

Energy Recovery, Inc.*		27,603		636

Enerpac Tool Group Corp.		28,719		732

EnPro Industries, Inc.		10,338		1,074

ESCO Technologies, Inc.		12,913		1,233

Evoqua Water Technologies Corp.*		58,804		2,924

Fathom Digital Manufacturing C*		5,150		3

Federal Signal Corp.		29,941		1,623

Franklin Electric Co., Inc.		23,115		2,175

Gorman-Rupp (The) Co.		11,414		285

Greenbrier (The) Cos., Inc.		16,012		515

Helios Technologies, Inc.		16,303		1,066

Hillenbrand, Inc.		34,751		1,652



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Machinery – 4.0% continued

Hillman Solutions Corp.*		67,378		$567

Hydrofarm Holdings Group, Inc.*		22,128		38

Hyliion Holdings Corp.*		68,763		136

Hyster-Yale Materials Handling, Inc.		5,449		272

Hyzon Motors, Inc.*		43,853		36

John Bean Technologies Corp.		15,861		1,733

Kadant, Inc.		5,815		1,213

Kennametal, Inc.		40,774		1,125

Lightning eMotors, Inc.*		22,104		6

Lindsay Corp.		5,455		824

Luxfer Holdings PLC		13,552		229

Manitowoc (The) Co., Inc.*		17,329		296

Markforged Holding Corp.*		56,454		54

Microvast Holdings, Inc.*		86,760		108

Miller Industries, Inc.		5,531		196

Mueller Industries, Inc.		28,066		2,062

Mueller Water Products, Inc., Class A		78,121		1,089

Nikola Corp.*		170,451		206

Omega Flex, Inc.		1,632		182

Proterra, Inc.*		112,175		170

Proto Labs, Inc.*		13,608		451

RBC Bearings, Inc.*		14,267		3,320

REV Group, Inc.		16,552		198

Sarcos Technology & Robotics Corp.*		56,295		27

Shyft Group (The), Inc.		17,302		394

SPX Technologies, Inc.*		21,965		1,550

Standex International Corp.		5,847		716

Tennant Co.		9,276		636

Terex Corp.		33,473		1,619

Titan International, Inc.*		25,740		270

Trinity Industries, Inc.		41,255		1,005

Velo3D, Inc.*		28,712		65

Wabash National Corp.		23,872		587

Watts Water Technologies, Inc., Class A		13,722		2,310

Xos, Inc.*		27,914		15

				46,459

Marine Transportation – 0.2%

Costamare, Inc.		26,539		250

Eagle Bulk Shipping, Inc.		6,753		307

Eneti, Inc.		11,173		105

Genco Shipping & Trading Ltd.		18,413		288

Golden Ocean Group Ltd.		61,708		587



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Marine Transportation – 0.2% continued

Matson, Inc.		18,762		$1,120

Safe Bulkers, Inc.		35,796		132

				2,789

Media – 0.7%

AdTheorent Holding Co., Inc.*		18,383		31

Advantage Solutions, Inc.*		41,222		65

AMC Networks, Inc., Class A*		15,199		267

Audacy, Inc.*		60,557		8

Boston Omaha Corp., Class A*		11,026		261

Cardlytics, Inc.*		16,078		55

Clear Channel Outdoor Holdings, Inc.*		184,765		222

Cumulus Media, Inc., Class A*		8,904		33

Daily Journal Corp.*		610		174

Entravision Communications Corp., Class A		29,719		180

EW Scripps (The) Co., Class A*		29,418		277

Gambling.com Group Ltd.*		4,504		45

Gannett Co., Inc.*		72,026		135

Gray Television, Inc.		41,214		359

iHeartMedia, Inc., Class A*		60,605		236

Innovid Corp.*		38,001		54

Integral Ad Science Holding Corp.*		19,193		274

John Wiley & Sons, Inc., Class A		21,522		834

Magnite, Inc.*		66,461		615

PubMatic, Inc., Class A*		21,650		299

Quotient Technology, Inc.*		45,461		149

Scholastic Corp.		14,537		498

Sinclair Broadcast Group, Inc., Class A		20,069		344

Stagwell, Inc.*		38,585		286

TechTarget, Inc.*		13,555		490

TEGNA, Inc.		111,019		1,877

Thryv Holdings, Inc.*		12,690		293

Urban One, Inc.*		3,977		30

Urban One, Inc. (NASDAQ Exchange)*		5,627		31

WideOpenWest, Inc.*		26,853		285

				8,707

Metals & Mining – 1.8%

5E Advanced Materials, Inc.*		19,203		104

Alpha Metallurgical Resources, Inc.		7,574		1,182

Arconic Corp.*		50,501		1,325

ATI, Inc.*		62,021		2,447

Carpenter Technology Corp.		23,968		1,073

Century Aluminum Co.*		26,111		261



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Metals & Mining – 1.8% continued

Coeur Mining, Inc.*		139,552		$557

Commercial Metals Co.		58,422		2,857

Compass Minerals International, Inc.		17,191		590

Constellium S.E.*		63,322		968

Dakota Gold Corp.*		26,096		94

Haynes International, Inc.		6,111		306

Hecla Mining Co.		275,418		1,743

Hycroft Mining Holding Corp.*		76,658		33

Ivanhoe Electric, Inc.*		22,888		278

Kaiser Aluminum Corp.		7,930		592

Materion Corp.		10,145		1,177

Novagold Resources, Inc.*		119,764		745

Olympic Steel, Inc.		4,789		250

Piedmont Lithium, Inc.*		8,701		523

PolyMet Mining Corp.*		14,498		31

Ramaco Resources, Inc.		11,266		99

Ryerson Holding Corp.		9,765		355

Schnitzer Steel Industries, Inc., Class A		12,698		395

SunCoke Energy, Inc.		41,662		374

TimkenSteel Corp.*		22,232		408

Tredegar Corp.		13,691		125

Warrior Met Coal, Inc.		25,809		947

Worthington Industries, Inc.		15,764		1,019

				20,858

Mortgage Real Estate Investment Trusts – 1.1%

AFC Gamma, Inc.		8,181		99

Angel Oak Mortgage REIT, Inc.		6,087		44

Apollo Commercial Real Estate Finance, Inc.		70,682		658

Arbor Realty Trust, Inc.		82,058		943

Ares Commercial Real Estate Corp.		25,851		235

ARMOUR Residential REIT, Inc.		79,754		419

Blackstone Mortgage Trust, Inc., Class A		86,525		1,544

BrightSpire Capital, Inc.		47,036		277

Broadmark Realty Capital, Inc.		65,031		306

Chicago Atlantic Real Estate Finance, Inc.		2,650		36

Chimera Investment Corp.		116,469		657

Claros Mortgage Trust, Inc.		46,139		537

Dynex Capital, Inc.		25,802		313

Ellington Financial, Inc.		31,533		385

Franklin BSP Realty Trust, Inc.		41,642		497

Granite Point Mortgage Trust, Inc.		26,120		130



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Mortgage Real Estate Investment Trusts – 1.1% continued

Hannon Armstrong Sustainable

Infrastructure Capital, Inc.		43,314		$1,239

Invesco Mortgage Capital, Inc.		17,844		198

KKR Real Estate Finance Trust, Inc.		28,576		325

Ladder Capital Corp.		57,030		539

MFA Financial, Inc.		51,502		511

New York Mortgage Trust, Inc.		46,453		463

Nexpoint Real Estate Finance, Inc.		4,000		63

Orchid Island Capital, Inc.		18,025		193

PennyMac Mortgage Investment Trust		44,628		550

Ready Capital Corp.		35,993		366

Redwood Trust, Inc.		56,930		384

TPG RE Finance Trust, Inc.		34,471		250

Two Harbors Investment Corp.		47,996		706

				12,867

Multi-Utilities – 0.5%

Avista Corp.		37,042		1,573

Black Hills Corp.		32,398		2,044

NorthWestern Corp.		29,124		1,685

PNM Resources, Inc. - (Fractional Shares)⁽¹⁾		50,000		—

Unitil Corp.		7,960		454

				5,756

Office Real Estate Investment Trusts – 0.4%

Brandywine Realty Trust		84,949		402

City Office REIT, Inc.		19,472		134

Corporate Office Properties Trust		56,471		1,339

Easterly Government Properties, Inc.		45,656		627

Equity Commonwealth		52,522		1,088

Franklin Street Properties Corp.		49,533		78

Office Properties Income Trust		23,997		295

Orion Office REIT, Inc.		28,487		191

Paramount Group, Inc.		93,747		427

Piedmont Office Realty Trust, Inc., Class A		61,544		449

Postal Realty Trust, Inc., Class A		9,034		138

				5,168

Oil, Gas & Consumable Fuels – 4.4%

Aemetis, Inc.*		15,133		35

Alto Ingredients, Inc.*		35,840		54

Amplify Energy Corp.*		18,004		124

Arch Resources, Inc.		7,449		979

Ardmore Shipping Corp.		20,593		306

Battalion Oil Corp.*		1,162		8



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Oil, Gas & Consumable Fuels – 4.4% continued

Berry Corp.		38,208		$300

California Resources Corp.		37,115		1,429

Callon Petroleum Co.*		24,672		825

Centrus Energy Corp., Class A*		5,348		172

Chord Energy Corp.		20,720		2,789

Civitas Resources, Inc.		36,984		2,528

Clean Energy Fuels Corp.*		84,964		370

CNX Resources Corp.*		83,622		1,340

Comstock Resources, Inc.		46,087		497

CONSOL Energy, Inc.		17,031		992

Crescent Energy Co., Class A		19,700		223

CVR Energy, Inc.		14,817		486

Delek U.S. Holdings, Inc.		34,824		799

Denbury, Inc.*		24,974		2,188

DHT Holdings, Inc.		68,771		743

Dorian LPG Ltd.		15,453		308

Earthstone Energy, Inc., Class A*		21,954		286

Empire Petroleum Corp.*		5,123		64

Energy Fuels, Inc.*		78,186		436

Equitrans Midstream Corp.		206,063		1,191

Excelerate Energy, Inc., Class A		9,358		207

FLEX LNG Ltd.		14,342		482

Frontline PLC		62,019		1,027

Gevo, Inc.*		98,270		151

Golar LNG Ltd.*		50,157		1,083

Green Plains, Inc.*		26,956		835

Gulfport Energy Corp.*		5,492		439

HighPeak Energy, Inc.		3,495		80

International Seaways, Inc.		24,458		1,019

Kinetik Holdings, Inc.		8,339		261

Kosmos Energy Ltd.*		226,416		1,685

Magnolia Oil & Gas Corp., Class A		87,542		1,915

Matador Resources Co.		56,259		2,681

Murphy Oil Corp.		73,506		2,718

NACCO Industries, Inc., Class A		2,042		74

NextDecade Corp.*		18,109		90

Nordic American Tankers Ltd.		103,132		408

Northern Oil and Gas, Inc.		33,168		1,007

Par Pacific Holdings, Inc.*		24,481		715

PBF Energy, Inc., Class A		59,147		2,565

Peabody Energy Corp.*		58,574		1,500

Permian Resources Corp.		117,914		1,238

Ranger Oil Corp., Class A		9,653		394

REX American Resources Corp.*		7,907		226



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Oil, Gas & Consumable Fuels – 4.4% continued

Riley Exploration Permian, Inc.		5,292		$201

Ring Energy, Inc.*		46,765		89

SandRidge Energy, Inc.*		16,019		231

Scorpio Tankers, Inc.		23,438		1,320

SFL Corp. Ltd.		57,490		546

SilverBow Resources, Inc.*		5,933		136

Sitio Royalties Corp., Class A		35,650		806

SM Energy Co.		60,304		1,698

Talos Energy, Inc.*		34,525		512

Teekay Corp.*		34,355		212

Teekay Tankers Ltd., Class A*		11,508		494

Tellurian, Inc.*		256,202		315

Uranium Energy Corp.*		180,232		519

Ur-Energy, Inc.*		105,179		112

VAALCO Energy, Inc.		53,198		241

Vertex Energy, Inc.*		27,182		269

Vital Energy, Inc.*		8,318		379

W&T Offshore, Inc.*		47,467		241

World Fuel Services Corp.		30,715		785

				51,378

Paper & Forest Products – 0.1%

Clearwater Paper Corp.*		8,419		281

Glatfelter Corp.		22,208		71

Sylvamo Corp.		16,914		783

				1,135

Passenger Airlines – 0.3%

Allegiant Travel Co.*		7,885		725

Blade Air Mobility, Inc.*		28,386		96

Frontier Group Holdings, Inc.*		18,742		184

Hawaiian Holdings, Inc.*		25,497		234

Joby Aviation, Inc.*		129,171		561

SkyWest, Inc.*		25,053		555

Spirit Airlines, Inc.		54,160		930

Sun Country Airlines Holdings, Inc.*		16,624		341

Wheels Up Experience, Inc.*		80,982		51

				3,677

Personal Care Products – 0.9%

Beauty Health (The) Co.*		43,212		546

BellRing Brands, Inc.*		66,990		2,278

Edgewell Personal Care Co.		25,818		1,095

elf Beauty, Inc.*		24,551		2,022

Herbalife Nutrition Ltd.*		49,058		790

Honest (The) Co., Inc.*		33,061		60



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Personal Care Products – 0.9% continued

Inter Parfums, Inc.		8,994		$1,279

Medifast, Inc.		5,449		565

Nature’s Sunshine Products, Inc.*		6,611		67

Nu Skin Enterprises, Inc., Class A		24,625		968

Thorne HealthTech, Inc.*		6,731		31

USANA Health Sciences, Inc.*		5,613		353

Veru, Inc.*		32,664		38

				10,092

Pharmaceuticals – 1.7%

Aclaris Therapeutics, Inc.*		32,329		262

Amneal Pharmaceuticals, Inc.*		51,068		71

Amphastar Pharmaceuticals, Inc.*		19,168		719

Amylyx Pharmaceuticals, Inc.*		25,260		741

AN2 Therapeutics, Inc.*		5,608		55

ANI Pharmaceuticals, Inc.*		6,397		254

Arvinas, Inc.*		24,357		665

Atea Pharmaceuticals, Inc.*		38,079		128

Athira Pharma, Inc.*		16,897		42

Axsome Therapeutics, Inc.*		16,056		990

Cara Therapeutics, Inc.*		22,440		110

Cassava Sciences, Inc.*		19,085		460

Collegium Pharmaceutical, Inc.*		16,817		403

Corcept Therapeutics, Inc.*		43,277		937

DICE Therapeutics, Inc.*		17,713		507

Edgewise Therapeutics, Inc.*		18,908		126

Esperion Therapeutics, Inc.*		36,933		59

Evolus, Inc.*		17,668		149

EyePoint Pharmaceuticals, Inc.*		12,815		38

Fulcrum Therapeutics, Inc.*		25,100		72

Harmony Biosciences Holdings, Inc.*		13,125		429

Innoviva, Inc.*		31,638		356

Intra-Cellular Therapies, Inc.*		45,663		2,473

Ligand Pharmaceuticals, Inc.*		7,567		557

Liquidia Corp.*		23,909		165

Nektar Therapeutics*		90,791		64

NGM Biopharmaceuticals, Inc.*		20,033		82

Nuvation Bio, Inc.*		58,219		97

Ocular Therapeutix, Inc.*		38,751		204

Pacira BioSciences, Inc.*		22,502		918

Phathom Pharmaceuticals, Inc.*		12,257		88

Phibro Animal Health Corp., Class A		10,255		157

Prestige Consumer Healthcare, Inc.*		24,791		1,553

Provention Bio, Inc.*		31,646		763

Reata Pharmaceuticals, Inc., Class A*		13,838		1,258



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Pharmaceuticals – 1.7% continued

Relmada Therapeutics, Inc.*		13,534		$31

Revance Therapeutics, Inc.*		40,456		1,303

Scilex Holding Co.*		32,903		270

SIGA Technologies, Inc.		23,512		135

Supernus Pharmaceuticals, Inc.*		24,850		900

Tarsus Pharmaceuticals, Inc.*		9,163		115

Theravance Biopharma, Inc.*		32,636		354

Theseus Pharmaceuticals, Inc.*		8,503		76

Third Harmonic Bio, Inc.*		6,367		26

Ventyx Biosciences, Inc.*		12,478		418

Xeris Biopharma Holdings, Inc.*		66,988		109

				19,689

Professional Services – 2.4%

Alight, Inc., Class A*		191,899		1,767

ASGN, Inc.*		24,614		2,035

Atlas Technical Consultants, Inc.*		9,700		118

Barrett Business Services, Inc.		3,446		306

CBIZ, Inc.*		23,502		1,163

Conduent, Inc.*		84,954		291

CRA International, Inc.		3,494		377

CSG Systems International, Inc.		15,575		836

ExlService Holdings, Inc.*		16,184		2,619

Exponent, Inc.		25,362		2,528

First Advantage Corp.*		29,456		411

Forrester Research, Inc.*		5,651		183

Franklin Covey Co.*		6,104		235

Heidrick & Struggles International, Inc.		9,814		298

HireRight Holdings Corp.*		10,630		113

Huron Consulting Group, Inc.*		9,768		785

IBEX Holdings Ltd.*		4,513		110

ICF International, Inc.		9,165		1,005

Insperity, Inc.		17,908		2,177

Kelly Services, Inc., Class A		16,906		281

Kforce, Inc.		9,905		626

Korn Ferry		26,064		1,349

Legalzoom.com, Inc.*		48,138		452

Maximus, Inc.		30,262		2,382

NV5 Global, Inc.*		6,793		706

Planet Labs PBC*		96,338		379

Red Violet, Inc.*		4,898		86

Resources Connection, Inc.		16,170		276

Skillsoft Corp.*		40,417		81

Spire Global, Inc.*		62,856		42

Sterling Check Corp.*		11,964		133



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Professional Services – 2.4% continued

TriNet Group, Inc.*		18,767		$1,513

TrueBlue, Inc.*		16,147		287

TTEC Holdings, Inc.		9,431		351

Upwork, Inc.*		60,942		690

Verra Mobility Corp.*		70,293		1,189

Willdan Group, Inc.*		5,847		91

				28,271

Real Estate Management & Development – 0.6%

American Realty Investors, Inc.*		789		21

Anywhere Real Estate, Inc.*		53,761		284

Compass, Inc., Class A*		136,878		442

Cushman & Wakefield PLC*		79,772		841

DigitalBridge Group, Inc.		79,222		950

Doma Holdings, Inc.*		67,913		28

Douglas Elliman, Inc.		37,666		117

eXp World Holdings, Inc.		34,885		443

Forestar Group, Inc.*		9,204		143

FRP Holdings, Inc.*		3,342		193

Kennedy-Wilson Holdings, Inc.		59,170		982

Marcus & Millichap, Inc.		12,590		404

Newmark Group, Inc., Class A		67,931		481

Offerpad Solutions, Inc.*		32,969		17

RE/MAX Holdings, Inc., Class A		8,885		167

Redfin Corp.*		53,308		483

RMR Group (The), Inc., Class A		7,636		200

St. Joe (The) Co.		17,269		718

Stratus Properties, Inc.		2,908		58

Tejon Ranch Co.*		10,380		190

Transcontinental Realty Investors, Inc.*		610		26

				7,188

Residential Real Estate Investment Trusts – 0.5%

Apartment Investment and

Management Co., Class A		75,183		578

Bluerock Homes Trust, Inc.*		1,956		39

BRT Apartments Corp.		6,014		119

Centerspace		7,536		412

Clipper Realty, Inc.		5,941		34

Elme Communities		43,787		782

Independence Realty Trust, Inc.		112,120		1,797

NexPoint Residential Trust, Inc.		11,358		496

UMH Properties, Inc.		26,164		387

Veris Residential, Inc.*		43,240		633

				5,277



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Retail Real Estate Investment Trusts – 1.5%

Acadia Realty Trust		46,646		$651

Agree Realty Corp.		43,778		3,004

Alexander’s, Inc.		1,070		207

CBL & Associates Properties, Inc.		13,353		342

Getty Realty Corp.		21,165		763

InvenTrust Properties Corp.		33,979		795

Kite Realty Group Trust		108,855		2,277

Macerich (The) Co.		107,126		1,135

Necessity Retail REIT (The), Inc.		66,866		420

NETSTREIT Corp.		27,581		504

Phillips Edison & Co., Inc.		58,415		1,905

Retail Opportunity Investments Corp.		59,786		835

RPT Realty		42,500		404

Saul Centers, Inc.		5,942		232

SITE Centers Corp.		95,492		1,173

Tanger Factory Outlet Centers, Inc.		50,335		988

Urban Edge Properties		57,317		863

Urstadt Biddle Properties, Inc., Class A		13,898		244

Whitestone REIT		23,345		215

				16,957

Semiconductors & Semiconductor Equipment – 3.0%

ACM Research, Inc., Class A*		24,001		281

Alpha & Omega Semiconductor Ltd.*		11,059		298

Ambarella, Inc.*		18,550		1,436

Amkor Technology, Inc.		50,924		1,325

Atomera, Inc.*		10,235		65

Axcelis Technologies, Inc.*		16,387		2,184

AXT, Inc.*		20,511		82

CEVA, Inc.*		11,424		348

Cohu, Inc.*		23,586		905

Credo Technology Group Holding Ltd.*		48,351		455

Diodes, Inc.*		22,329		2,071

FormFactor, Inc.*		38,630		1,230

Ichor Holdings Ltd.*		14,035		460

Impinj, Inc.*		10,775		1,460

indie Semiconductor, Inc., Class A*		52,732		556

Kulicke & Soffa Industries, Inc.		27,734		1,461

MACOM Technology Solutions Holdings, Inc.*		27,024		1,914

MaxLinear, Inc.*		36,510		1,286

Meta Materials, Inc.⁽³⁾*		1		—

Onto Innovation, Inc.*		24,711		2,172

PDF Solutions, Inc.*		15,091		640

Photronics, Inc.*		30,038		498



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Semiconductors & Semiconductor Equipment – 3.0% continued

Power Integrations, Inc.		28,434		$2,407

Rambus, Inc.*		53,380		2,736

Rigetti Computing, Inc.*		40,297		29

Semtech Corp.*		31,714		766

Silicon Laboratories, Inc.*		15,788		2,764

SiTime Corp.*		8,135		1,157

SkyWater Technology, Inc.*		5,643		64

SMART Global Holdings, Inc.*		24,119		416

Synaptics, Inc.*		19,891		2,211

Transphorm, Inc.*		11,400		46

Ultra Clean Holdings, Inc.*		22,359		741

Veeco Instruments, Inc.*		25,407		537

				35,001

Software – 5.0%

8x8, Inc.*		55,989		233

A10 Networks, Inc.		32,099		497

ACI Worldwide, Inc.*		56,199		1,516

Adeia, Inc.		52,308		463

Agilysys, Inc.*		9,825		811

Alarm.com Holdings, Inc.*		24,126		1,213

Alkami Technology, Inc.*		18,139		230

Altair Engineering, Inc., Class A*		26,046		1,878

American Software, Inc., Class A		15,696		198

Amplitude, Inc., Class A*		28,027		349

Appfolio, Inc., Class A*		9,861		1,228

Appian Corp., Class A*		20,078		891

Applied Digital Corp.*		34,068		76

Arteris, Inc.*		8,820		37

Asana, Inc., Class A*		36,549		772

AvePoint, Inc.*		65,490		270

Blackbaud, Inc.*		23,129		1,603

Blackline, Inc.*		27,723		1,862

Blend Labs, Inc., Class A*		94,844		94

Box, Inc., Class A*		69,795		1,870

C3.ai, Inc., Class A*		29,789		1,000

Cerence, Inc.*		20,080		564

Cipher Mining, Inc.*		19,005		44

Cleanspark, Inc.*		34,967		97

Clear Secure, Inc., Class A		32,537		852

CommVault Systems, Inc.*		22,169		1,258

Consensus Cloud Solutions, Inc.*		9,407		321

Couchbase, Inc.*		14,248		200

CS Disco, Inc.*		11,270		75

Cvent Holding Corp.*		22,517		188



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Software – 5.0% continued

Digimarc Corp.*		6,864		$135

Digital Turbine, Inc.*		47,114		582

Domo, Inc., Class B*		15,589		221

E2open Parent Holdings, Inc.*		99,777		581

Ebix, Inc.		13,279		175

eGain Corp.*		10,594		80

Enfusion, Inc., Class A*		13,405		141

EngageSmart, Inc.*		17,807		343

Envestnet, Inc.*		27,576		1,618

Everbridge, Inc.*		20,088		696

EverCommerce, Inc.*		12,006		127

ForgeRock, Inc., Class A*		21,734		448

Greenidge Generation Holdings, Inc.*		6,811		3

Instructure Holdings, Inc.*		8,691		225

Intapp, Inc.*		7,236		324

InterDigital, Inc.		14,877		1,085

IronNet, Inc.*		31,007		11

Kaleyra, Inc.*		4,166		7

Latch, Inc.*		53,753		41

LivePerson, Inc.*		35,279		156

LiveRamp Holdings, Inc.*		31,514		691

LiveVox Holdings, Inc.*		11,373		35

Marathon Digital Holdings, Inc.*		58,686		512

Matterport, Inc.*		112,383		307

MeridianLink, Inc.*		11,453		198

MicroStrategy, Inc., Class A*		4,832		1,412

Mitek Systems, Inc.*		21,296		204

Model N, Inc.*		18,730		627

Momentive Global, Inc.*		65,346		609

N-able, Inc.*		34,237		452

NextNav, Inc.*		33,637		68

Olo, Inc., Class A*		44,970		367

ON24, Inc.*		20,841		183

OneSpan, Inc.*		19,920		349

PagerDuty, Inc.*		43,056		1,506

Porch Group, Inc.*		41,203		59

PowerSchool Holdings, Inc., Class A*		22,928		454

Progress Software Corp.		21,530		1,237

PROS Holdings, Inc.*		20,580		564

Q2 Holdings, Inc.*		27,984		689

Qualys, Inc.*		19,229		2,500

Rapid7, Inc.*		29,400		1,350

Rimini Street, Inc.*		24,539		101

Riot Platforms, Inc.*		79,453		794



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Software – 5.0% continued

Sapiens International Corp. N.V.		16,027		$348

SecureWorks Corp., Class A*		4,891		42

ShotSpotter, Inc.*		4,479		176

SolarWinds Corp.*		24,119		207

Sprout Social, Inc., Class A*		23,488		1,430

SPS Commerce, Inc.*		18,123		2,760

Sumo Logic, Inc.*		59,026		707

Telos Corp.*		27,153		69

Tenable Holdings, Inc.*		55,907		2,656

Terawulf, Inc.*		28,559		27

Upland Software, Inc.*		14,782		64

Varonis Systems, Inc.*		53,514		1,392

Verint Systems, Inc.*		32,214		1,200

Veritone, Inc.*		15,654		91

Viant Technology, Inc., Class A*		7,009		30

Weave Communications, Inc.*		15,780		78

WM Technology, Inc.*		37,681		32

Workiva, Inc.*		23,820		2,439

Xperi, Inc.*		21,029		230

Yext, Inc.*		55,543		534

Zeta Global Holdings Corp., Class A*		55,847		605

Zuora, Inc., Class A*		63,239		625

				58,699

Specialized Real Estate Investment Trusts – 0.5%

Farmland Partners, Inc.		24,945		267

Four Corners Property Trust, Inc.		41,928		1,126

Gladstone Land Corp.		16,187		269

iStar, Inc.		20,052		589

Outfront Media, Inc.		72,787		1,181

PotlatchDeltic Corp.		39,653		1,963

Uniti Group, Inc.		119,050		423

				5,818

Specialty Retail – 2.7%

1-800-Flowers.com, Inc., Class A*		12,272		141

Aaron’s (The) Co., Inc.		15,204		147

Abercrombie & Fitch Co., Class A*		24,396		677

Academy Sports & Outdoors, Inc.		38,049		2,483

aka Brands Holding Corp.*		5,265		3

American Eagle Outfitters, Inc.		76,588		1,029

America’s Car-Mart, Inc.*		2,962		235

Arko Corp.		41,819		355

Asbury Automotive Group, Inc.*		11,062		2,323

BARK, Inc.*		50,980		74



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Specialty Retail – 2.7% continued

Bed Bath & Beyond, Inc.*		38,498		$16

Big 5 Sporting Goods Corp.		10,778		83

Boot Barn Holdings, Inc.*		14,801		1,134

Buckle (The), Inc.		15,178		542

Build-A-Bear Workshop, Inc.		6,802		158

Caleres, Inc.		16,798		363

Camping World Holdings, Inc., Class A		19,557		408

CarParts.com, Inc.*		25,517		136

Cato (The) Corp., Class A		8,967		79

Chico’s FAS, Inc.*		61,495		338

Children’s Place (The), Inc.*		5,780		233

Citi Trends, Inc.*		4,064		77

Conn’s, Inc.*		6,440		39

Container Store Group (The), Inc.*		16,363		56

Designer Brands, Inc., Class A		24,218		212

Destination XL Group, Inc.*		28,794		159

Duluth Holdings, Inc., Class B*		6,586		42

EVgo, Inc.*		33,978		265

Express, Inc.*		32,097		25

Foot Locker, Inc.		40,451		1,605

Franchise Group, Inc.		13,053		356

Genesco, Inc.*		5,866		216

Group 1 Automotive, Inc.		7,036		1,593

GrowGeneration Corp.*		28,950		99

Guess?, Inc.		15,593		303

Haverty Furniture Cos., Inc.		7,266		232

Hibbett, Inc.		6,379		376

JOANN, Inc.		5,420		9

Lands’ End, Inc.*		7,650		74

LL Flooring Holdings, Inc.*		14,496		55

Lulu’s Fashion Lounge Holdings, Inc.*		8,326		20

MarineMax, Inc.*		10,607		305

Monro, Inc.		15,634		773

Murphy U.S.A., Inc.		10,097		2,605

National Vision Holdings, Inc.*		39,385		742

ODP (The) Corp.*		20,067		903

OneWater Marine, Inc., Class A*		5,670		159

Overstock.com, Inc.*		21,371		433

PetMed Express, Inc.		10,066		163

RealReal (The), Inc.*		44,453		56

Rent the Runway, Inc., Class A*		23,705		68

Revolve Group, Inc.*		20,509		539

RumbleON, Inc., Class B*		5,305		32

Sally Beauty Holdings, Inc.*		53,642		836



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Specialty Retail – 2.7% continued

Shoe Carnival, Inc.		8,224		$211

Signet Jewelers Ltd.		22,320		1,736

Sleep Number Corp.*		10,687		325

Sonic Automotive, Inc., Class A		9,037		491

Sportsman’s Warehouse Holdings, Inc.*		17,849		151

Stitch Fix, Inc., Class A*		41,834		214

ThredUp, Inc., Class A*		29,208		74

Tile Shop Holdings, Inc.*		15,694		74

Tilly’s, Inc., Class A*		11,385		88

Torrid Holdings, Inc.*		7,235		32

TravelCenters of America, Inc.*		6,341		548

Upbound Group, Inc.		25,050		614

Urban Outfitters, Inc.*		31,991		887

Warby Parker, Inc., Class A*		41,802		443

Winmark Corp.		1,407		451

Zumiez, Inc.*		7,800		144

				30,867

Technology Hardware, Storage & Peripherals – 0.4%

Avid Technology, Inc.*		17,430		558

CompoSecure, Inc.*		3,906		29

Corsair Gaming, Inc.*		19,856		364

Diebold Nixdorf, Inc.*		36,318		44

Eastman Kodak Co.*		28,380		116

IonQ, Inc.*		59,473		366

Super Micro Computer, Inc.*		23,475		2,501

Turtle Beach Corp.*		7,717		77

Xerox Holdings Corp.		57,281		882

				4,937

Textiles, Apparel & Luxury Goods – 0.8%

Allbirds, Inc., Class A*		48,629		58

Crocs, Inc.*		30,361		3,839

Ermenegildo Zegna N.V.		29,938		408

Fossil Group, Inc.*		23,510		75

G-III Apparel Group Ltd.*		21,587		336

Kontoor Brands, Inc.		27,853		1,348

Movado Group, Inc.		7,365		212

Oxford Industries, Inc.		7,424		784

PLBY Group, Inc.*		19,126		38

Rocky Brands, Inc.		3,419		79

Steven Madden Ltd.		38,572		1,388

Superior Group of Cos., Inc.		5,816		46



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Textiles, Apparel & Luxury Goods – 0.8% continued

Unifi, Inc.*		7,143		$58

Wolverine World Wide, Inc.		38,749		661

				9,330

Tobacco – 0.1%

22nd Century Group, Inc.*		81,219		62

Turning Point Brands, Inc.		7,411		156

Universal Corp.		12,099		640

Vector Group Ltd.		72,017		865

				1,723

Trading Companies & Distributors – 1.7%

Alta Equipment Group, Inc.		10,326		164

Applied Industrial Technologies, Inc.		19,118		2,717

Beacon Roofing Supply, Inc.*		25,792		1,518

BlueLinx Holdings, Inc.*		4,402		299

Boise Cascade Co.		19,833		1,254

Custom Truck One Source, Inc.*		29,915		203

Distribution Solutions Group, Inc.*		2,500		114

DXP Enterprises, Inc.*		7,642		206

GATX Corp.		17,490		1,924

Global Industrial Co.		6,476		174

GMS, Inc.*		20,785		1,203

H&E Equipment Services, Inc.		16,028		709

Herc Holdings, Inc.		12,610		1,436

Hudson Technologies, Inc.*		21,759		190

Karat Packaging, Inc.		2,790		37

McGrath RentCorp		12,166		1,135

MRC Global, Inc.*		41,712		405

NOW, Inc.*		55,418		618

Rush Enterprises, Inc., Class A		20,860		1,139

Rush Enterprises, Inc., Class B		3,310		198

Textainer Group Holdings Ltd.		21,837		701

Titan Machinery, Inc.*		10,181		310

Transcat, Inc.*		3,567		319

Triton International Ltd.		29,036		1,836

Veritiv Corp.		6,479		876

Xometry, Inc., Class A*		17,140		257

				19,942

Water Utilities – 0.5%

American States Water Co.		18,402		1,636

Artesian Resources Corp., Class A		4,100		227

California Water Service Group		27,028		1,573

Global Water Resources, Inc.		6,816		85

Middlesex Water Co.		8,702		680



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.4% continued

Water Utilities – 0.5% continued

Pure Cycle Corp.*		9,801		$92

SJW Group		13,420		1,021

York Water (The) Co.		7,088		317

				5,631

Wireless Telecommunication Services – 0.1%

Gogo, Inc.*		24,739		359

KORE Group Holdings, Inc.*		20,758		25

Shenandoah Telecommunications Co.		24,229		461

Telephone and Data Systems, Inc.		50,488		530

United States Cellular Corp.*		7,328		152

				1,527

Total Common Stocks

(Cost $876,066)				1,155,821



RIGHTS – 0.0%

Biotechnology – 0.0%

Chinook Therapeutics, Inc. (Contingent Value Rights)⁽¹⁾^*		7,412		—

Oncternal Therapeutics, Inc. (Contingent Value Rights)⁽¹⁾^(4) *		398		—

Tobira Therapeutics, Inc. (Contingent Value Rights)⁽¹⁾^(4) *		5,175		42

				42

Metals & Mining – 0.0%

PolyMet Mining Corp.⁽³⁾^*		14,498		—

Total Rights

(Cost $40)				42



OTHER – 0.0%

Escrow DLB Oil & Gas, Inc.⁽¹⁾^*		1,200		—

Escrow Fresh Market (The), Inc.⁽¹⁾^*		24,619		—

Escrow Petrocorp, Inc.⁽¹⁾^*		420		—

Total Other

(Cost $—)				—



INVESTMENT COMPANIES – 0.3%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁵⁾⁽⁶⁾		3,474,552		3,475

Total Investment Companies

(Cost $3,475)				3,475

PRINCIPAL
AMOUNT
(000S)

VALUE

(000S)

SHORT-TERM INVESTMENTS – 0.2%

U.S. Treasury Bill, 4.46%, 5/11/23⁽⁷⁾⁽⁸⁾

$2,260

$2,249

Total Short-Term Investments

(Cost $2,249)

2,249

Total Investments – 99.9%

(Cost $881,830)

1,161,587

Other Assets less Liabilities – 0.1%

1,490

NET ASSETS – 100.0%

$1,163,077

⁽¹⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽²⁾

⁽³⁾

Value rounds to less than one thousand.

⁽⁴⁾

Restricted security that has been deemed illiquid. At March 31, 2023, the value of this restricted illiquid security amounted to approximately $42,000 or 0.0% of net assets. Additional information on this restricted illiquid security is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

Oncternal Therapeutics, Inc. (Contingent Value Rights)	6/10/19		$	—

Tobira Therapeutics, Inc. (Contingent Value Rights)	11/2/16			40

⁽⁵⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁷⁾

Discount rate at the time of purchase.

⁽⁸⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

REIT - Real Estate Investment Trust

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:


TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

E-Mini Russell 2000 Index	75	$6,801	Long	6/23	$229

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Common Stocks		99.4	%

Rights		0.0	%

Other		0.0	%

Investment Companies		0.3	%

Short-Term Investments		0.2	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)			TOTAL (000S)

Common Stocks:

Biotechnology		$	76,909		$	—		$	3		$	76,912

All Other Industries⁽¹⁾			1,078,909			—			—			1,078,909

Total Common Stocks			1,155,818			—			3			1,155,821

Rights⁽¹⁾			—			—			42			42

Investment Companies			3,475			—			—			3,475

Short-Term Investments			—			2,249			—			2,249

Total Investments		$	1,159,293		$	2,249		$	45		$	1,161,587
OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts		$	229		$	—		$	—		$	229

⁽¹⁾

Classifications as defined in the Schedule of Investments.


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.9%

Aerospace & Defense – 1.0%

AAR Corp.*		54,999		$3,000

Moog, Inc., Class A		134,917		13,593

				16,593

Automobile Components – 0.8%

Adient PLC*		131,290		5,378

Dana, Inc.		41,622		626

Modine Manufacturing Co.*		44,230		1,019

Standard Motor Products, Inc.		129,572		4,783

Visteon Corp.*		3,640		571

				12,377

Banks – 15.5%

1st Source Corp.		15,496		669

Amalgamated Financial Corp.		45,494		805

Atlantic Union Bankshares Corp.		132,849		4,656

Axos Financial, Inc.*		160,171		5,913

BancFirst Corp.		98,081		8,151

Bancorp (The), Inc.*		89,217		2,485

Bank of NT Butterfield & Son (The) Ltd.		47,309		1,277

Banner Corp.		56,848		3,091

Berkshire Hills Bancorp, Inc.		68,789		1,724

Brookline Bancorp, Inc.		166,926		1,753

Cadence Bank		208,698		4,333

Cathay General Bancorp		184,369		6,364

Central Pacific Financial Corp.		71,236		1,275

City Holding Co.		104,356		9,484

Civista Bancshares, Inc.		22,966		388

CNB Financial Corp.		29,482		566

Columbia Banking System, Inc.		349,917		7,495

Community Trust Bancorp, Inc.		134,603		5,108

ConnectOne Bancorp, Inc.		56,228		994

CVB Financial Corp.		206,439		3,443

Dime Community Bancshares, Inc.		27,972		636

Eagle Bancorp, Inc.		77,018		2,578

Enterprise Financial Services Corp.		85,316		3,804

Financial Institutions, Inc.		61,256		1,181

First Bancorp		75,244		2,673

First BanCorp (New York Exchange)		765,393		8,741

First Business Financial Services, Inc.		28,087		857

First Commonwealth Financial Corp.		264,016		3,282

First Community Bankshares, Inc.		25,345		635

First Financial Bancorp		195,193		4,249

First Financial Corp.		98,776		3,702

First Merchants Corp.		89,052		2,934


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.9% continued

Banks – 15.5% continued

First Mid Bancshares, Inc.		23,675		$644

Fulton Financial Corp.		205,109		2,835

Glacier Bancorp, Inc.		55,711		2,340

Great Southern Bancorp, Inc.		36,154		1,832

Hancock Whitney Corp.		213,545		7,773

Heritage Financial Corp.		68,156		1,459

Hilltop Holdings, Inc.		127,873		3,794

Home Bancorp, Inc.		12,898		426

Home BancShares, Inc.		376,102		8,165

HomeStreet, Inc.		65,695		1,182

Horizon Bancorp, Inc.		62,047		686

Independent Bank Corp.		149,558		9,814

Independent Bank Corp. (NASDAQ Exchange)		31,347		557

International Bancshares Corp.		134,622		5,764

Lakeland Bancorp, Inc.		270,565		4,232

Lakeland Financial Corp.		131,867		8,260

Luther Burbank Corp.		75,058		712

Mercantile Bank Corp.		22,971		702

Metropolitan Bank Holding Corp.*		11,758		398

NBT Bancorp, Inc.		209,996		7,079

OFG Bancorp		116,566		2,907

Old Second Bancorp, Inc.		42,503		598

Pacific Premier Bancorp, Inc.		130,084		3,125

Park National Corp.		33,525		3,975

Peapack-Gladstone Financial Corp.		32,068		950

Pinnacle Financial Partners, Inc.		44,536		2,457

Preferred Bank		33,580		1,841

Premier Financial Corp.		29,786		617

QCR Holdings, Inc.		22,359		982

Renasant Corp.		90,950		2,781

Republic Bancorp, Inc., Class A		26,503		1,125

Sandy Spring Bancorp, Inc.		93,135		2,420

Sierra Bancorp		112,928		1,945

Southern Missouri Bancorp, Inc.		13,070		489

Southside Bancshares, Inc.		72,252		2,399

SouthState Corp.		102,967		7,337

Summit Financial Group, Inc.		18,576		385

Texas Capital Bancshares, Inc.*		48,957		2,397

TriCo Bancshares		121,179		5,040

TrustCo Bank Corp. NY		49,852		1,592

Trustmark Corp.		156,962		3,877

United Community Banks, Inc.		287,535		8,085

Univest Financial Corp.		63,697		1,512


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.9% continued

Banks – 15.5% continued

Veritex Holdings, Inc.		73,575		$1,343

Washington Federal, Inc.		186,239		5,610

WesBanco, Inc.		156,687		4,810

WSFS Financial Corp.		173,955		6,542

				251,041

Biotechnology – 2.6%

Adicet Bio, Inc.*		7,329		42

Agios Pharmaceuticals, Inc.*		131,767		3,027

Akero Therapeutics, Inc.*		38,916		1,489

Allogene Therapeutics, Inc.*		42,340		209

Allovir, Inc.*		120,642		475

Altimmune, Inc.*		8,420		36

AnaptysBio, Inc.*		115,916		2,522

Arcus Biosciences, Inc.*		9,586		175

Ardelyx, Inc.*		32,099		154

ARS Pharmaceuticals, Inc.*		6,147		40

Bioxcel Therapeutics, Inc.*		4,799		90

Bluebird Bio, Inc.*		14,197		45

Catalyst Pharmaceuticals, Inc.*		275,227		4,563

Celldex Therapeutics, Inc.*		50,215		1,807

Chimerix, Inc.*		15,656		20

Chinook Therapeutics, Inc.*		89,437		2,071

Cogent Biosciences, Inc.*		11,966		129

Cytokinetics, Inc.*		71,312		2,510

Dyne Therapeutics, Inc.*		8,891		102

Editas Medicine, Inc.*		11,778		85

Emergent BioSolutions, Inc.*		18,656		193

Erasca, Inc.*		20,730		62

FibroGen, Inc.*		16,090		300

Geron Corp.*		65,297		142

Ideaya Biosciences, Inc.*		8,237		113

Inovio Pharmaceuticals, Inc.*		42,734		35

iTeos Therapeutics, Inc.*		6,094		83

Kezar Life Sciences, Inc.*		441,853		1,383

Kiniksa Pharmaceuticals Ltd., Class A*		11,909		128

Kura Oncology, Inc.*		11,270		138

Lyell Immunopharma, Inc.*		323,938		765

MacroGenics, Inc.*		174,661		1,252

Mersana Therapeutics, Inc.*		16,886		69

Myriad Genetics, Inc.*		122,814		2,853

Omniab, Inc.^{(1) *}		6,939		2

Omniab, Inc. (NASDAQ Exchange)^{(1) *}		6,939		4

PDL BioPharma, Inc.^{(1) *}		1,029,654		1,360

REGENXBIO, Inc.*		7,415		140


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.9% continued

Biotechnology – 2.6% continued

Relay Therapeutics, Inc.*		104,983		$1,729

Replimune Group, Inc.*		8,520		150

Rhythm Pharmaceuticals, Inc.*		9,551		170

Rocket Pharmaceuticals, Inc.*		11,620		199

Sage Therapeutics, Inc.*		77,818		3,265

Sutro Biopharma, Inc.*		9,358		43

Syndax Pharmaceuticals, Inc.*		10,298		218

Travere Therapeutics, Inc.*		79,439		1,787

Vanda Pharmaceuticals, Inc.*		9,693		66

Vir Biotechnology, Inc.*		97,286		2,264

Vor BioPharma, Inc.*		6,713		36

Voyager Therapeutics, Inc.*		6,735		52

Xencor, Inc.*		95,979		2,677

XOMA Corp.*		2,002		42

				41,311

Broadline Retail – 0.2%

Dillard’s, Inc., Class A		8,215		2,528

Building Products – 0.7%

Apogee Enterprises, Inc.		37,639		1,628

AZZ, Inc.		39,426		1,626

Gibraltar Industries, Inc.*		10,765		522

UFP Industries, Inc.		76,577		6,086

Zurn Elkay Water Solutions Corp.		34,898		745

				10,607

Capital Markets – 0.4%

Donnelley Financial Solutions, Inc.*		48,623		1,987

Raymond James Financial, Inc.		10,575		986

StoneX Group, Inc.*		26,535		2,747

				5,720

Chemicals – 2.2%

American Vanguard Corp.		150,045		3,283

Hawkins, Inc.		30,134		1,319

Innospec, Inc.		104,224		10,701

Mativ Holdings, Inc.		14,748		316

Minerals Technologies, Inc.		224,607		13,571

Sensient Technologies Corp.		94,277		7,218

				36,408

Commercial Services & Supplies – 1.2%

ABM Industries, Inc.		118,244		5,314

Ennis, Inc.		225,291		4,751

Matthews International Corp., Class A		26,256		947


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.9% continued

Commercial Services & Supplies – 1.2% continued

NL Industries, Inc.		41,262		$250

UniFirst Corp.		47,504		8,372

				19,634

Communications Equipment – 0.5%

ADTRAN Holdings, Inc.		52,870		838

Digi International, Inc.*		125,569		4,229

NETGEAR, Inc.*		26,895		498

NetScout Systems, Inc.*		115,772		3,317

				8,882

Construction & Engineering – 1.2%

Arcosa, Inc.		108,976		6,878

Dycom Industries, Inc.*		10,248		960

EMCOR Group, Inc.		48,163		7,831

Primoris Services Corp.		77,021		1,899

Sterling Infrastructure, Inc.*		39,659		1,502

				19,070

Construction Materials – 0.6%

Summit Materials, Inc., Class A*		321,844		9,169

Consumer Finance – 1.6%

Encore Capital Group, Inc.*		127,974		6,456

Enova International, Inc.*		106,328		4,724

Navient Corp.		274,053		4,382

Nelnet, Inc., Class A		77,988		7,166

PROG Holdings, Inc.*		37,613		895

Regional Management Corp.		16,008		418

World Acceptance Corp.*		20,439		1,703

				25,744

Consumer Staples Distribution & Retail – 1.7%

Andersons (The), Inc.		279,442		11,547

Ingles Markets, Inc., Class A		49,491		4,390

Performance Food Group Co.*		30,033		1,812

PriceSmart, Inc.		11,690		836

SpartanNash Co.		66,944		1,660

United Natural Foods, Inc.*		90,758		2,391

Weis Markets, Inc.		62,754		5,313

				27,949

Containers & Packaging – 0.3%

Myers Industries, Inc.		249,919		5,356

Diversified Consumer Services – 0.1%

Laureate Education, Inc.		177,697		2,090

Diversified Real Estate Investment Trusts – 0.7%

Armada Hoffler Properties, Inc.		110,281		1,303


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.9% continued

Diversified Real Estate Investment Trusts – 0.7% continued

Broadstone Net Lease, Inc.		130,287		$2,216

Essential Properties Realty Trust, Inc.		171,565		4,263

One Liberty Properties, Inc.		136,510		3,130

				10,912

Diversified Telecommunication Services – 0.9%

Iridium Communications, Inc.		228,128		14,128

Electric Utilities – 1.9%

MGE Energy, Inc.		61,088		4,745

Otter Tail Corp.		177,354		12,817

PNM Resources, Inc.		187,415		9,123

Portland General Electric Co.		74,309		3,633

				30,318

Electrical Equipment – 1.4%

Encore Wire Corp.		78,938		14,630

EnerSys		84,547		7,345

Preformed Line Products Co.		11,345		1,453

				23,428

Electronic Equipment, Instruments & Components – 3.8%

Arlo Technologies, Inc.*		58,997		358

Belden, Inc.		19,590		1,700

Benchmark Electronics, Inc.		355,157		8,414

CTS Corp.		35,732		1,767

ePlus, Inc.*		24,920		1,222

Insight Enterprises, Inc.*		79,913		11,424

Kimball Electronics, Inc.*		35,778		862

Methode Electronics, Inc.		52,578		2,307

PC Connection, Inc.		216,458		9,732

Plexus Corp.*		17,726		1,730

Sanmina Corp.*		162,857		9,933

ScanSource, Inc.*		35,815		1,090

TTM Technologies, Inc.*		159,030		2,145

Vishay Intertechnology, Inc.		344,715		7,797

Vishay Precision Group, Inc.*		17,962		750

				61,231

Energy Equipment & Services – 1.0%

Archrock, Inc.		215,334		2,104

ChampionX Corp.		350,195		9,501

Nabors Industries Ltd.*		84		10

National Energy Services Reunited Corp.*		124,027		652

Newpark Resources, Inc.*		370,679		1,427

ProPetro Holding Corp.*		256,945		1,848

				15,542


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.9% continued

Financial Services – 1.6%

Alerus Financial Corp.		24,496		$393

Essent Group Ltd.		32,927		1,319

Finance of America Cos., Inc., Class A*		72,532		90

Mr Cooper Group, Inc.*		130,369		5,341

NMI Holdings, Inc., Class A*		21,999		491

PennyMac Financial Services, Inc.		112,312		6,695

Radian Group, Inc.		313,790		6,935

Walker & Dunlop, Inc.		54,020		4,115

				25,379

Food Products – 0.7%

Alico, Inc.		10,718		259

B&G Foods, Inc.		31,130		483

Fresh Del Monte Produce, Inc.		71,971		2,167

Hostess Brands, Inc.*		218,271		5,431

Seneca Foods Corp., Class A*		10,767		563

Simply Good Foods (The) Co.*		70,004		2,784

				11,687

Gas Utilities – 0.9%

Chesapeake Utilities Corp.		28,838		3,691

New Jersey Resources Corp.		4,501		239

Northwest Natural Holding Co.		51,387		2,444

Southwest Gas Holdings, Inc.		30,870		1,928

Spire, Inc.		84,976		5,960

				14,262

Ground Transportation – 1.0%

ArcBest Corp.		133,896		12,375

Werner Enterprises, Inc.		86,050		3,914

				16,289

Health Care Equipment & Supplies – 1.2%

AngioDynamics, Inc.*		272,049		2,813

Artivion, Inc.*		6,908		91

Avanos Medical, Inc.*		66,174		1,968

Butterfly Network, Inc.*		34,343		65

Co-Diagnostics, Inc.*		5,498		8

Figs, Inc., Class A*		28,416		176

Integer Holdings Corp.*		45,952		3,561

Lantheus Holdings, Inc.*		92,337		7,623

LivaNova PLC*		9,168		400

Merit Medical Systems, Inc.*		9,749		721

Neogen Corp.*		18,471		342

Neuronetics, Inc.*		4,812		14

Orthofix Medical, Inc.*		3,427		57

Sight Sciences, Inc.*		8,236		72


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.9% continued

Health Care Equipment & Supplies – 1.2% continued

UFP Technologies, Inc.*		1,298		$169

Utah Medical Products, Inc.		621		59

Varex Imaging Corp.*		61,260		1,114

ViewRay, Inc.*		31,016		107

				19,360

Health Care Providers & Services – 1.7%

Accolade, Inc.*		71,876		1,034

AdaptHealth Corp.*		78,954		981

Addus HomeCare Corp.*		2,756		294

ATI Physical Therapy, Inc.*		724,037		184

CareMax, Inc.*		14,970		40

Castle Biosciences, Inc.*		4,513		103

Cross Country Healthcare, Inc.*		5,391		120

Fulgent Genetics, Inc.*		5,084		159

Innovage Holding Corp.*		192,988		1,540

LifeStance Health Group, Inc.*		114,510		851

National HealthCare Corp.		64,629		3,753

NeoGenomics, Inc.*		197,694		3,442

Option Care Health, Inc.*		188,069		5,975

Owens & Minor, Inc.*		98,856		1,438

Patterson Cos., Inc.		240,558		6,440

PetIQ, Inc.*		5,061		58

Premier, Inc., Class A		20,340		658

Select Medical Holdings Corp.		21,778		563

Surgery Partners, Inc.*		15,408		531

				28,164

Health Care Real Estate Investment Trusts – 1.4%

CareTrust REIT, Inc.		200,321		3,922

Healthcare Realty Trust, Inc.		184,072		3,558

LTC Properties, Inc.		105,485		3,706

National Health Investors, Inc.		108,054		5,573

Physicians Realty Trust		186,700		2,788

Sabra Health Care REIT, Inc.		329,528		3,790

				23,337

Health Care Technology – 0.8%

American Well Corp., Class A*		47,146		111

Computer Programs and Systems, Inc.*		23,050		696

Evolent Health, Inc., Class A*		102,451		3,324

HealthStream, Inc.*		5,237		142

Multiplan Corp.*		109,470		116

NextGen Healthcare, Inc.*		159,607		2,779

Veradigm, Inc.*		395,061		5,156

				12,324


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.9% continued

Hotel & Resort Real Estate Investment Trusts – 1.3%

Apple Hospitality REIT, Inc.		431,664		$6,700

DiamondRock Hospitality Co.		370,476		3,012

Pebblebrook Hotel Trust		274,297		3,851

Sunstone Hotel Investors, Inc.		475,208		4,695

Xenia Hotels & Resorts, Inc.		172,426		2,257

				20,515

Hotels, Restaurants & Leisure – 0.8%

Boyd Gaming Corp.		35,698		2,289

International Game Technology PLC		188,463		5,051

Monarch Casino & Resort, Inc.		54,371		4,032

RCI Hospitality Holdings, Inc.		12,935		1,011

Red Rock Resorts, Inc., Class A		31,537		1,405

				13,788

Household Durables – 3.4%

Beazer Homes U.S.A., Inc.*		169,598		2,693

Century Communities, Inc.		75,774		4,843

Ethan Allen Interiors, Inc.		164,049		4,505

Hooker Furnishings Corp.		91,647		1,667

KB Home		153,476		6,166

M/I Homes, Inc.*		39,893		2,517

Meritage Homes Corp.		72,523		8,468

Taylor Morrison Home Corp.*		279,244		10,684

Tri Pointe Homes, Inc.*		520,130		13,170

				54,713

Household Products – 0.0%

Central Garden & Pet Co., Class A*		21,605		844

Independent Power & Renewable Electricity Producers – 0.1%

Ormat Technologies, Inc.		17,014		1,442

Industrial Real Estate Investment Trusts – 1.8%

LXP Industrial Trust		570,357		5,880

STAG Industrial, Inc.		466,159		15,766

Terreno Realty Corp.		106,150		6,857

				28,503

Insurance – 4.4%

American Equity Investment Life Holding Co.		413,874		15,102

AMERISAFE, Inc.		94,055		4,604

Argo Group International Holdings Ltd.		36,020		1,055

CNO Financial Group, Inc.		595,482		13,214

Donegal Group, Inc., Class A		33,582		513

Employers Holdings, Inc.		262,661		10,950

Enstar Group Ltd.*		30,633		7,101

Hanover Insurance Group (The), Inc.		14,265		1,833


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.9% continued

Insurance – 4.4% continued

Kemper Corp.		59,775		$3,267

Safety Insurance Group, Inc.		24,706		1,841

Selective Insurance Group, Inc.		86,196		8,217

Stewart Information Services Corp.		33,604		1,356

United Fire Group, Inc.		53,672		1,425

				70,478

Interactive Media & Services – 0.5%

DHI Group, Inc.*		76,030		295

Ziff Davis, Inc.*		103,824		8,103

				8,398

Leisure Products – 0.7%

Acushnet Holdings Corp.		89,701		4,569

Topgolf Callaway Brands Corp.*		183,175		3,960

Vista Outdoor, Inc.*		81,970		2,272

				10,801

Life Sciences Tools & Services – 0.4%

AbCellera Biologics, Inc.*		225,906		1,703

BioLife Solutions, Inc.*		7,315		159

Bionano Genomics, Inc.*		50,855		56

Harvard Bioscience, Inc.*		56,842		239

Inotiv, Inc.*		4,537		20

OmniAb, Inc.*		86,375		318

Pacific Biosciences of California, Inc.*		296,717		3,436

Singular Genomics Systems, Inc.*		16,470		20

				5,951

Machinery – 2.1%

Alamo Group, Inc.		26,762		4,928

Barnes Group, Inc.		109,078		4,394

Chart Industries, Inc.*		24,049		3,016

Columbus McKinnon Corp.		62,111		2,308

EnPro Industries, Inc.		7,322		761

Kadant, Inc.		32,445		6,765

Standex International Corp.		77,464		9,485

Watts Water Technologies, Inc., Class A		18,593		3,129

				34,786

Marine Transportation – 0.2%

Costamare, Inc.		100,475		945

Matson, Inc.		52,517		3,134

				4,079

Media – 1.7%

EW Scripps (The) Co., Class A*		413,448		3,891

Gray Television, Inc.		130,880		1,141


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.9% continued

Media – 1.7% continued

Scholastic Corp.		120,575		$4,126

Sinclair Broadcast Group, Inc., Class A		88,410		1,517

TEGNA, Inc.		984,247		16,644

				27,319

Metals & Mining – 2.4%

Arconic Corp.*		215,639		5,656

Commercial Metals Co.		403,618		19,737

Materion Corp.		61,881		7,178

Ryerson Holding Corp.		54,031		1,966

Schnitzer Steel Industries, Inc., Class A		68,629		2,134

Warrior Met Coal, Inc.		73,726		2,707

				39,378

Mortgage Real Estate Investment Trusts – 0.4%

Hannon Armstrong Sustainable Infrastructure Capital, Inc.		158,604		4,536

KKR Real Estate Finance Trust, Inc.		166,106		1,892

				6,428

Multi-Utilities – 1.2%

Avista Corp.		99,426		4,221

Black Hills Corp.		140,606		8,872

NorthWestern Corp.		84,694		4,900

Unitil Corp.		31,059		1,772

				19,765

Office Real Estate Investment Trusts – 0.3%

City Office REIT, Inc.		65,682		453

Corporate Office Properties Trust		192,633		4,568

				5,021

Oil, Gas & Consumable Fuels – 4.9%

Berry Corp.		267,362		2,099

California Resources Corp.		140,275		5,401

Civitas Resources, Inc.		154,286		10,544

Clean Energy Fuels Corp.*		284,817		1,242

CNX Resources Corp.*		280,519		4,494

Delek U.S. Holdings, Inc.		121,921		2,798

DHT Holdings, Inc.		698,886		7,555

Earthstone Energy, Inc., Class A*		42,747		556

Frontline PLC		652,742		10,809

Green Plains, Inc.*		190,191		5,894

International Seaways, Inc.		58,965		2,458

Matador Resources Co.		102,735		4,895

Peabody Energy Corp.*		314,257		8,045

REX American Resources Corp.*		40,589		1,160

Scorpio Tankers, Inc.		77,340		4,355


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 94.9% continued

Oil, Gas & Consumable Fuels – 4.9% continued

SM Energy Co.		23		$1

Southwestern Energy Co.*		779,287		3,896

Teekay Tankers Ltd., Class A*		90,396		3,881

				80,083

Pharmaceuticals – 1.4%

Amneal Pharmaceuticals, Inc.*		25,937		36

Amphastar Pharmaceuticals, Inc.*		8,326		312

Amylyx Pharmaceuticals, Inc.*		58,219		1,708

ANI Pharmaceuticals, Inc.*		2,994		119

Atea Pharmaceuticals, Inc.*		14,266		48

Cara Therapeutics, Inc.*		212,702		1,044

Intra-Cellular Therapies, Inc.*		58,489		3,167

Ligand Pharmaceuticals, Inc.*		20,521		1,510

Phibro Animal Health Corp., Class A		6,937		106

Prestige Consumer Healthcare, Inc.*		146,140		9,153

Reata Pharmaceuticals, Inc., Class A*		6,273		570

Supernus Pharmaceuticals, Inc.*		148,102		5,366

Theravance Biopharma, Inc.*		11,539		125

				23,264

Professional Services – 2.3%

Barrett Business Services, Inc.		26,426		2,342

CBIZ, Inc.*		187,937		9,301

ICF International, Inc.		64,639		7,091

KBR, Inc.		173,095		9,529

Kforce, Inc.		62,759		3,969

Korn Ferry		67,950		3,516

Resources Connection, Inc.		45,861		782

				36,530

Real Estate Management & Development – 0.3%

Marcus & Millichap, Inc.		33,627		1,080

St. Joe (The) Co.		97,451		4,055

				5,135

Residential Real Estate Investment Trusts – 0.1%

BRT Apartments Corp.		16,551		327

Centerspace		16,478		900

				1,227

Retail Real Estate Investment Trusts – 1.4%

Agree Realty Corp.		56,263		3,860

Getty Realty Corp.		81,935		2,952

InvenTrust Properties Corp.		165,163		3,865

Kite Realty Group Trust		294,948		6,170


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.9% continued

Retail Real Estate Investment Trusts – 1.4% continued

SITE Centers Corp.		278,091		$3,415

Urban Edge Properties		163,368		2,461

				22,723

Semiconductors & Semiconductor Equipment – 3.3%

Amkor Technology, Inc.		460,636		11,986

AXT, Inc.*		58,487		233

Canadian Solar, Inc.*		83,058		3,306

Cohu, Inc.*		91,689		3,520

Diodes, Inc.*		73,136		6,784

Onto Innovation, Inc.*		56,416		4,958

Photronics, Inc.*		413,266		6,852

Rambus, Inc.*		307,446		15,760

				53,399

Software – 0.0%

Ebix, Inc.		49,682		655

WM Technology, Inc.*		70,236		60

				715

Specialized Real Estate Investment Trusts – 1.0%

Farmland Partners, Inc.		42,765		458

Four Corners Property Trust, Inc.		128,598		3,454

PotlatchDeltic Corp.		232,410		11,504

				15,416

Specialty Retail – 3.3%

Aaron’s (The) Co., Inc.		72,531		701

Boot Barn Holdings, Inc.*		67,396		5,165

Buckle (The), Inc.		69,775		2,490

Children’s Place (The), Inc.*		854		34

Citi Trends, Inc.*		5,127		98

Dick’s Sporting Goods, Inc.		27,755		3,938

Genesco, Inc.*		98,634		3,638

Group 1 Automotive, Inc.		40,773		9,232

Haverty Furniture Cos., Inc.		158,943		5,072

Lands’ End, Inc.*		46,368		451

Lithia Motors, Inc.		19,099		4,372

ODP (The) Corp.*		172,836		7,774

Shoe Carnival, Inc.		148,882		3,819

Sonic Automotive, Inc., Class A		110,698		6,015

				52,799

Textiles, Apparel & Luxury Goods – 0.3%

Movado Group, Inc.		96,766		2,784


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.9% continued

Textiles, Apparel & Luxury Goods – 0.3% continued

Oxford Industries, Inc.		24,148		$2,550

Rocky Brands, Inc.		10,694		246

				5,580

Tobacco – 0.6%

Universal Corp.		197,763		10,460

Trading Companies & Distributors – 4.3%

Applied Industrial Technologies, Inc.		26,893		3,822

Beacon Roofing Supply, Inc.*		57,669		3,394

Boise Cascade Co.		131,772		8,335

DXP Enterprises, Inc.*		88,546		2,384

GATX Corp.		59,515		6,548

GMS, Inc.*		59,775		3,460

Herc Holdings, Inc.		42,622		4,855

McGrath RentCorp		88,159		8,226

Rush Enterprises, Inc., Class A		72,111		3,937

Textainer Group Holdings Ltd.		45,970		1,476

Triton International Ltd.		230,658		14,582

WESCO International, Inc.		52,704		8,145

				69,164

Water Utilities – 0.3%

Artesian Resources Corp., Class A		13,272		735

SJW Group		45,390		3,455

				4,190

Wireless Telecommunication Services – 0.1%

Telephone and Data Systems, Inc.		13,918		146

United States Cellular Corp.*		45,650		947

				1,093

Total Common Stocks

(Cost $910,490)				1,534,827


OTHER – 0.0%

Escrow DLB Oil & Gas, Inc.^{(1) *}		2,100		—

Escrow Spirit MTA REIT^{(1) *}		17,083		4

Total Other

(Cost $—)				4


	NUMBER OF WARRANTS		VALUE (000S)

WARRANTS – 0.0%

Nabors Industries Ltd., Exp. 06/11/26, Strike $166.67*		6,861		$129

Total Warrants

(Cost $—)				129

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 4.6%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽²⁾⁽³⁾

75,542,577

$75,543

Total Investment Companies

(Cost $75,543)

75,543

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.4%

U.S. Treasury Bill,

4.45%, 5/11/23⁽⁴⁾⁽⁵⁾

$5,839

$5,810

Total Short-Term Investments

(Cost $5,810)

5,810

Total Investments – 99.9%

(Cost $991,843)

1,616,313

Other Assets less Liabilities – 0.1%

1,357

NET ASSETS – 100.0%

$1,617,670

⁽¹⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽²⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽³⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁴⁾

Discount rate at the time of purchase.

⁽⁵⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

REIT - Real Estate Investment Trust

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:


TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

E-Mini Russell 2000 Index	736	$66,737	Long	6/23	$1,307

E-Mini S&P 500	80	16,551	Long	6/23	809

Total					$2,116

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:


SECURITY TYPE⁽¹⁾		% OF NET ASSETS

Common Stocks		94.9%

Other		0.0%

Warrants		0.0%

Investment Companies		4.6%

Short-Term Investments		0.4%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS		LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:

Biotechnology	$	39,945	$	—	$	1,366	$	41,311

All Other Industries⁽¹⁾		1,493,516		—		—		1,493,516

Total Common Stocks		1,533,461		—		1,366		1,534,827
Other		—		—		4		4

Warrants		129		—		—		129

Investment Companies		75,543		—		—		75,543

Short-Term Investments		—		5,810		—		5,810

Total Investments	$	1,609,133	$	5,810	$	1,370	$	1,616,313


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0%

Aerospace & Defense – 1.7%

Boeing (The) Co.*		174,547		$37,079

General Dynamics Corp.		69,180		15,788

Howmet Aerospace, Inc.		116,510		4,937

Huntington Ingalls Industries, Inc.		11,845		2,452

L3Harris Technologies, Inc.		59,429		11,662

Lockheed Martin Corp.		70,533		33,343

Northrop Grumman Corp.		44,376		20,489

Raytheon Technologies Corp.		452,335		44,297

Textron, Inc.		63,091		4,456

TransDigm Group, Inc.		16,197		11,938

				186,441

Air Freight & Logistics – 0.7%

C.H. Robinson Worldwide, Inc.		37,461		3,723

Expeditors International of Washington, Inc.		50,203		5,528

FedEx Corp.		72,380		16,538

United Parcel Service, Inc., Class B		226,416		43,922

				69,711

Automobile Components – 0.1%

Aptiv PLC*		82,930		9,304

BorgWarner, Inc.		74,653		3,666

				12,970

Automobiles – 1.9%

Ford Motor Co.		1,203,150		15,160

General Motors Co.		428,691		15,724

Tesla, Inc.*		832,920		172,798

				203,682

Banks – 3.1%

Bank of America Corp.		2,163,605		61,879

Citigroup, Inc.		601,677		28,213

Citizens Financial Group, Inc.		149,226		4,532

Comerica, Inc.		38,377		1,666

Fifth Third Bancorp		210,895		5,618

First Republic Bank		54,268		759

Huntington Bancshares, Inc.		437,335		4,898

JPMorgan Chase & Co.		908,575		118,396

KeyCorp		280,286		3,509

M&T Bank Corp.		51,846		6,199

PNC Financial Services Group (The), Inc.		123,300		15,672

Regions Financial Corp.		286,938		5,326

Truist Financial Corp.		407,501		13,896

U.S. Bancorp		434,021		15,647


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Banks – 3.1% continued

Wells Fargo & Co.		1,181,890		$44,179

Zions Bancorp N.A.		43,027		1,288

				331,677

Beverages – 1.8%

Brown-Forman Corp., Class B		54,968		3,533

Coca-Cola (The) Co.		1,206,223		74,822

Constellation Brands, Inc., Class A		49,782		11,245

Keurig Dr. Pepper, Inc.		260,105		9,176

Molson Coors Beverage Co., Class B		60,115		3,107

Monster Beverage Corp.*		237,718		12,839

PepsiCo, Inc.		426,812		77,808

				192,530

Biotechnology – 2.3%

AbbVie, Inc.		547,976		87,331

Amgen, Inc.		165,687		40,055

Biogen, Inc.*		44,950		12,497

Gilead Sciences, Inc.		384,667		31,916

Incyte Corp.*		55,885		4,039

Moderna, Inc.*		101,580		15,601

Regeneron Pharmaceuticals, Inc.*		33,404		27,447

Vertex Pharmaceuticals, Inc.*		79,241		24,966

				243,852

Broadline Retail – 2.8%

Amazon.com, Inc.*		2,760,163		285,097

eBay, Inc.		170,412		7,561

Etsy, Inc.*		37,938		4,224

				296,882

Building Products – 0.4%

A.O. Smith Corp.		40,774		2,819

Allegion PLC		26,218		2,798

Carrier Global Corp.		255,847		11,705

Johnson Controls International PLC		211,585		12,742

Masco Corp.		67,691		3,366

Trane Technologies PLC		71,459		13,147

				46,577

Capital Markets – 2.8%

Ameriprise Financial, Inc.		32,612		9,996

Bank of New York Mellon (The) Corp.		225,352		10,240

BlackRock, Inc.		46,188		30,905

Cboe Global Markets, Inc.		33,654		4,518

Charles Schwab (The) Corp.		470,374		24,638

CME Group, Inc.		111,881		21,428


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Capital Markets – 2.8% continued

FactSet Research Systems, Inc.		11,590		$4,811

Franklin Resources, Inc.		84,525		2,277

Goldman Sachs Group (The), Inc.		105,126		34,388

Intercontinental Exchange, Inc.		173,994		18,146

Invesco Ltd.		134,472		2,205

MarketAxess Holdings, Inc.		11,913		4,661

Moody’s Corp.		49,104		15,027

Morgan Stanley		405,524		35,605

MSCI, Inc.		24,934		13,955

Nasdaq, Inc.		106,858		5,842

Northern Trust Corp.⁽¹⁾		63,316		5,580

Raymond James Financial, Inc.		58,829		5,487

S&P Global, Inc.		102,185		35,230

State Street Corp.		108,999		8,250

T. Rowe Price Group, Inc.		68,474		7,731

				300,920

Chemicals – 1.8%

Air Products and Chemicals, Inc.		68,369		19,636

Albemarle Corp.		35,993		7,956

Celanese Corp.		29,889		3,255

CF Industries Holdings, Inc.		62,107		4,502

Corteva, Inc.		222,380		13,412

Dow, Inc.		220,145		12,068

DuPont de Nemours, Inc.		143,267		10,282

Eastman Chemical Co.		38,023		3,207

Ecolab, Inc.		76,059		12,590

FMC Corp.		38,884		4,749

International Flavors & Fragrances, Inc.		77,691		7,144

Linde PLC		152,737		54,289

LyondellBasell Industries N.V., Class A		77,410		7,268

Mosaic (The) Co.		107,624		4,938

PPG Industries, Inc.		73,540		9,824

Sherwin-Williams (The) Co.		72,519		16,300

				191,420

Commercial Services & Supplies – 0.5%

Cintas Corp.		26,500		12,261

Copart, Inc.*		131,883		9,919

Republic Services, Inc.		64,327		8,698

Rollins, Inc.		68,924		2,587

Waste Management, Inc.		114,300		18,650

				52,115

Communications Equipment – 0.9%

Arista Networks, Inc.*		77,257		12,968


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Communications Equipment – 0.9% continued

Cisco Systems, Inc.		1,273,458		$66,570

F5, Inc.*		17,907		2,609

Juniper Networks, Inc.		96,983		3,338

Motorola Solutions, Inc.		52,136		14,918

				100,403

Construction & Engineering – 0.1%

Quanta Services, Inc.		44,874		7,478

Construction Materials – 0.1%

Martin Marietta Materials, Inc.		18,907		6,713

Vulcan Materials Co.		40,515		6,951

				13,664

Consumer Finance – 0.5%

American Express Co.		184,885		30,497

Capital One Financial Corp.		119,091		11,452

Discover Financial Services		83,679		8,271

Synchrony Financial		138,740		4,034

				54,254

Consumer Staples Distribution & Retail – 2.0%

Costco Wholesale Corp.		137,536		68,338

Dollar General Corp.		68,984		14,518

Dollar Tree, Inc.*		63,722		9,147

Kroger (The) Co.		203,684		10,056

Sysco Corp.		158,439		12,236

Target Corp.		143,093		23,700

Walgreens Boots Alliance, Inc.		218,554		7,558

Walmart, Inc.		434,302		64,038

				209,591

Containers & Packaging – 0.3%

Amcor PLC		450,459		5,126

Avery Dennison Corp.		25,647		4,589

Ball Corp.		95,551		5,266

International Paper Co.		112,995		4,075

Packaging Corp. of America		27,855		3,867

Sealed Air Corp.		43,706		2,006

Westrock Co.		75,156		2,290

				27,219

Distributors – 0.2%

Genuine Parts Co.		44,243		7,402

LKQ Corp.		80,439		4,566

Pool Corp.		12,377		4,238

				16,206


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Diversified Telecommunication Services – 0.9%

AT&T, Inc.		2,211,524		$42,572

Verizon Communications, Inc.		1,302,527		50,655

				93,227

Electric Utilities – 1.8%

Alliant Energy Corp.		75,793		4,047

American Electric Power Co., Inc.		157,947		14,372

Constellation Energy Corp.		100,860		7,917

Duke Energy Corp.		237,266		22,889

Edison International		116,708		8,238

Entergy Corp.		62,225		6,704

Evergy, Inc.		69,369		4,240

Eversource Energy		106,486		8,334

Exelon Corp.		309,956		12,984

FirstEnergy Corp.		165,569		6,633

NextEra Energy, Inc.		616,335		47,507

NRG Energy, Inc.		69,753		2,392

PG&E Corp.*		504,632		8,160

Pinnacle West Capital Corp.		34,855		2,762

PPL Corp.		224,186		6,230

Southern (The) Co.		335,443		23,340

Xcel Energy, Inc.		167,898		11,323

				198,072

Electrical Equipment – 0.6%

AMETEK, Inc.		71,826		10,439

Eaton Corp. PLC		123,715		21,197

Emerson Electric Co.		178,091		15,519

Generac Holdings, Inc.*		18,721		2,022

Rockwell Automation, Inc.		35,887		10,531

				59,708

Electronic Equipment, Instruments & Components – 0.6%

Amphenol Corp., Class A		185,346		15,147

CDW Corp.		42,435		8,270

Corning, Inc.		232,523		8,203

Keysight Technologies, Inc.*		55,847		9,018

TE Connectivity Ltd.		97,127		12,738

Teledyne Technologies, Inc.*		14,258		6,379

Trimble, Inc.*		74,271		3,893

Zebra Technologies Corp., Class A*		15,940		5,069

				68,717

Energy Equipment & Services – 0.4%

Baker Hughes Co.		307,596		8,877


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Energy Equipment & Services – 0.4% continued

Halliburton Co.		276,492		$8,748

Schlumberger N.V.		437,309		21,472

				39,097

Entertainment – 1.4%

Activision Blizzard, Inc.		221,683		18,974

Electronic Arts, Inc.		79,723		9,603

Live Nation Entertainment, Inc.*		42,617		2,983

Netflix, Inc.*		138,161		47,732

Take-Two Interactive Software, Inc.*		49,959		5,960

Walt Disney (The) Co.*		566,455		56,719

Warner Bros. Discovery, Inc.*		676,501		10,215

				152,186

Financial Services – 4.3%

Berkshire Hathaway, Inc., Class B*		557,948		172,278

Fidelity National Information Services, Inc.		181,692		9,871

Fiserv, Inc.*		197,454		22,318

FleetCor Technologies, Inc.*		22,293		4,701

Global Payments, Inc.		82,435		8,675

Jack Henry & Associates, Inc.		21,898		3,300

Mastercard, Inc., Class A		261,410		94,999

PayPal Holdings, Inc.*		351,508		26,694

Visa, Inc., Class A		503,368		113,489

				456,325

Food Products – 1.1%

Archer-Daniels-Midland Co.		168,001		13,383

Bunge Ltd.		45,321		4,329

Campbell Soup Co.		63,949		3,516

Conagra Brands, Inc.		150,331		5,646

General Mills, Inc.		181,473		15,509

Hershey (The) Co.		45,296		11,524

Hormel Foods Corp.		87,077		3,473

J.M. Smucker (The) Co.		33,439		5,262

Kellogg Co.		77,674		5,201

Kraft Heinz (The) Co.		244,524		9,456

Lamb Weston Holdings, Inc.		45,553		4,761

McCormick & Co., Inc. (Non Voting)		76,215		6,342

Mondelez International, Inc., Class A		423,442		29,522

Tyson Foods, Inc., Class A		87,749		5,205

				123,129

Gas Utilities – 0.0%

Atmos Energy Corp.		45,192		5,078


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Ground Transportation – 0.8%

CSX Corp.		647,196		$19,377

JB Hunt Transport Services, Inc.		26,282		4,611

Norfolk Southern Corp.		70,216		14,886

Old Dominion Freight Line, Inc.		28,341		9,660

Union Pacific Corp.		188,843		38,007

				86,541

Health Care Equipment & Supplies – 2.8%

Abbott Laboratories		540,643		54,745

Align Technology, Inc.*		22,166		7,407

Baxter International, Inc.		153,557		6,228

Becton Dickinson & Co.		87,435		21,644

Boston Scientific Corp.*		445,380		22,282

Cooper (The) Cos., Inc.		15,186		5,670

DENTSPLY SIRONA, Inc.		63,808		2,506

Dexcom, Inc.*		118,705		13,791

Edwards Lifesciences Corp.*		192,610		15,935

GE HealthCare Technologies, Inc.*		111,062		9,110

Hologic, Inc.*		77,590		6,262

IDEXX Laboratories, Inc.*		25,489		12,747

Insulet Corp.*		21,167		6,751

Intuitive Surgical, Inc.*		108,011		27,594

Medtronic PLC		412,958		33,293

ResMed, Inc.		45,950		10,063

STERIS PLC		30,157		5,768

Stryker Corp.		104,715		29,893

Teleflex, Inc.		14,070		3,564

Zimmer Biomet Holdings, Inc.		65,750		8,495

				303,748

Health Care Providers & Services – 3.0%

AmerisourceBergen Corp.		49,404		7,910

Cardinal Health, Inc.		81,275		6,136

Centene Corp.*		168,867		10,674

Cigna Group (The)		92,809		23,715

CVS Health Corp.		396,082		29,433

DaVita, Inc.*		18,333		1,487

Elevance Health, Inc.		73,716		33,895

HCA Healthcare, Inc.		66,031		17,411

Henry Schein, Inc.*		43,249		3,527

Humana, Inc.		38,551		18,715

Laboratory Corp. of America Holdings		27,880		6,396

McKesson Corp.		42,681		15,197

Molina Healthcare, Inc.*		17,688		4,731

Quest Diagnostics, Inc.		35,111		4,968


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Health Care Providers & Services – 3.0% continued

UnitedHealth Group, Inc.		289,386		$136,761

Universal Health Services, Inc., Class B		19,000		2,415

				323,371

Health Care Real Estate Investment Trusts – 0.2%

Healthpeak Properties, Inc.		173,897		3,820

Ventas, Inc.		121,612		5,272

Welltower, Inc.		144,827		10,383

				19,475

Hotel & Resort Real Estate Investment Trusts – 0.0%

Host Hotels & Resorts, Inc.		214,906		3,544

Hotels, Restaurants & Leisure – 2.1%

Booking Holdings, Inc.*		12,046		31,951

Caesars Entertainment, Inc.*		64,135		3,130

Carnival Corp.*		298,618		3,031

Chipotle Mexican Grill, Inc.*		8,533		14,577

Darden Restaurants, Inc.		38,347		5,950

Domino’s Pizza, Inc.		10,634		3,508

Expedia Group, Inc.*		44,653		4,333

Hilton Worldwide Holdings, Inc.		81,722		11,512

Las Vegas Sands Corp.*		99,814		5,734

Marriott International, Inc., Class A		82,635		13,721

McDonald’s Corp.		227,054		63,487

MGM Resorts International		99,831		4,434

Norwegian Cruise Line Holdings Ltd.*		122,620		1,649

Royal Caribbean Cruises Ltd.*		66,312		4,330

Starbucks Corp.		356,707		37,144

Wynn Resorts Ltd.*		32,873		3,679

Yum! Brands, Inc.		87,448		11,550

				223,720

Household Durables – 0.3%

D.R. Horton, Inc.		97,756		9,550

Garmin Ltd.		47,186		4,762

Lennar Corp., Class A		79,472		8,353

Mohawk Industries, Inc.*		15,256		1,529

Newell Brands, Inc.		108,234		1,346

NVR, Inc.*		955		5,321

PulteGroup, Inc.		71,662		4,177

Whirlpool Corp.		17,649		2,330

				37,368

Household Products – 1.4%

Church & Dwight Co., Inc.		76,642		6,776

Clorox (The) Co.		38,873		6,151

Colgate-Palmolive Co.		257,108		19,322


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Household Products – 1.4% continued

Kimberly-Clark Corp.		103,672		$13,915

Procter & Gamble (The) Co.		729,416		108,457

				154,621

Independent Power & Renewable Electricity Producers – 0.0%

AES (The) Corp.		203,465		4,899

Industrial Conglomerates – 0.8%

3M Co.		169,394		17,805

General Electric Co.		335,999		32,121

Honeywell International, Inc.		206,246		39,418

				89,344

Industrial Real Estate Investment Trusts – 0.3%

Prologis, Inc.		286,526		35,750

Insurance – 2.1%

Aflac, Inc.		174,643		11,268

Allstate (The) Corp.		82,305		9,120

American International Group, Inc.		227,830		11,474

Aon PLC, Class A		63,317		19,963

Arch Capital Group Ltd.*		116,075		7,878

Arthur J. Gallagher & Co.		66,209		12,666

Assurant, Inc.		17,256		2,072

Brown & Brown, Inc.		70,863		4,069

Chubb Ltd.		127,913		24,838

Cincinnati Financial Corp.		47,704		5,347

Everest Re Group Ltd.		12,419		4,446

Globe Life, Inc.		28,932		3,183

Hartford Financial Services Group (The), Inc.		99,060		6,904

Lincoln National Corp.		52,156		1,172

Loews Corp.		58,512		3,395

Marsh & McLennan Cos., Inc.		152,543		25,406

MetLife, Inc.		202,186		11,715

Principal Financial Group, Inc.		71,870		5,341

Progressive (The) Corp.		181,764		26,003

Prudential Financial, Inc.		112,636		9,320

Travelers (The) Cos., Inc.		71,484		12,253

W.R. Berkley Corp.		64,712		4,029

Willis Towers Watson PLC		33,510		7,787

				229,649

Interactive Media & Services – 4.7%

Alphabet, Inc., Class A*		1,842,260		191,098

Alphabet, Inc., Class C*		1,607,951		167,227


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Interactive Media & Services – 4.7% continued

Match Group, Inc.*		83,684		$3,212

Meta Platforms, Inc., Class A*		689,355		146,102

				507,639

IT Services – 1.2%

Accenture PLC, Class A		194,520		55,596

Akamai Technologies, Inc.*		50,064		3,920

Cognizant Technology Solutions Corp., Class A		159,293		9,706

DXC Technology Co.*		66,150		1,691

EPAM Systems, Inc.*		17,435		5,213

Gartner, Inc.*		24,133		7,862

International Business Machines Corp.		279,134		36,591

VeriSign, Inc.*		28,877		6,102

				126,681

Leisure Products – 0.0%

Hasbro, Inc.		38,054		2,043

Life Sciences Tools & Services – 1.8%

Agilent Technologies, Inc.		92,316		12,771

Bio-Rad Laboratories, Inc., Class A*		6,453		3,091

Bio-Techne Corp.		47,291		3,509

Charles River Laboratories International, Inc.*		15,230		3,074

Danaher Corp.		203,275		51,233

Illumina, Inc.*		48,241		11,219

IQVIA Holdings, Inc.*		57,987		11,533

Mettler-Toledo International, Inc.*		6,911		10,575

PerkinElmer, Inc.		38,272		5,100

Thermo Fisher Scientific, Inc.		121,565		70,066

Waters Corp.*		18,719		5,796

West Pharmaceutical Services, Inc.		22,822		7,907

				195,874

Machinery – 1.8%

Caterpillar, Inc.		161,523		36,963

Cummins, Inc.		43,294		10,342

Deere & Co.		83,947		34,660

Dover Corp.		43,957		6,679

Fortive Corp.		107,655		7,339

IDEX Corp.		23,808		5,500

Illinois Tool Works, Inc.		86,287		21,007

Ingersoll Rand, Inc.		123,418		7,180

Nordson Corp.		16,147		3,589

Otis Worldwide Corp.		127,157		10,732

PACCAR, Inc.		162,976		11,930


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Machinery – 1.8% continued

Parker-Hannifin Corp.		40,018		$13,450

Pentair PLC		48,962		2,706

Snap-on, Inc.		16,864		4,163

Stanley Black & Decker, Inc.		44,525		3,588

Westinghouse Air Brake Technologies Corp.		55,240		5,583

Xylem, Inc.		55,327		5,793

				191,204

Media – 0.8%

Charter Communications, Inc., Class A*		32,892		11,763

Comcast Corp., Class A		1,304,698		49,461

DISH Network Corp., Class A*		67,603		631

Fox Corp., Class A		88,797		3,024

Fox Corp., Class B		39,284		1,230

Interpublic Group of (The) Cos., Inc.		117,214		4,365

News Corp., Class A		112,014		1,934

News Corp., Class B		30,187		526

Omnicom Group, Inc.		63,912		6,029

Paramount Global, Class B		151,217		3,374

				82,337

Metals & Mining – 0.4%

Freeport-McMoRan, Inc.		439,524		17,981

Newmont Corp.		243,469		11,935

Nucor Corp.		78,995		12,202

Steel Dynamics, Inc.		52,609		5,948

				48,066

Multi-Utilities – 0.8%

Ameren Corp.		81,190		7,014

CenterPoint Energy, Inc.		198,293		5,842

CMS Energy Corp.		91,775		5,633

Consolidated Edison, Inc.		110,878		10,608

Dominion Energy, Inc.		256,088		14,318

DTE Energy Co.		59,037		6,467

NiSource, Inc.		129,307		3,615

Public Service Enterprise Group, Inc.		156,136		9,751

Sempra Energy		96,594		14,601

WEC Energy Group, Inc.		98,686		9,354

				87,203

Office Real Estate Investment Trusts – 0.1%

Alexandria Real Estate Equities, Inc.		49,540		6,222

Boston Properties, Inc.		42,316		2,290

				8,512


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Oil, Gas & Consumable Fuels – 4.2%

APA Corp.		102,644		$3,701

Chevron Corp.		551,216		89,936

ConocoPhillips		379,825		37,682

Coterra Energy, Inc.		241,357		5,923

Devon Energy Corp.		200,081		10,126

Diamondback Energy, Inc.		57,697		7,799

EOG Resources, Inc.		180,798		20,725

EQT Corp.		110,105		3,514

Exxon Mobil Corp.		1,275,460		139,867

Hess Corp.		86,737		11,479

Kinder Morgan, Inc.		606,171		10,614

Marathon Oil Corp.		191,811		4,596

Marathon Petroleum Corp.		141,328		19,055

Occidental Petroleum Corp.		226,810		14,160

ONEOK, Inc.		136,673		8,684

Phillips 66		145,296		14,730

Pioneer Natural Resources Co.		72,980		14,905

Targa Resources Corp.		71,537		5,219

Valero Energy Corp.		120,124		16,769

Williams (The) Cos., Inc.		373,458		11,152

				450,636

Passenger Airlines – 0.2%

Alaska Air Group, Inc.*		36,977		1,552

American Airlines Group, Inc.*		194,104		2,863

Delta Air Lines, Inc.*		195,426		6,824

Southwest Airlines Co.		180,539		5,875

United Airlines Holdings, Inc.*		98,847		4,374

				21,488

Personal Care Products – 0.2%

Estee Lauder (The) Cos., Inc., Class A		71,276		17,567

Pharmaceuticals – 4.1%

Bristol-Myers Squibb Co.		659,511		45,711

Catalent, Inc.*		54,294		3,568

Eli Lilly & Co.		244,382		83,926

Johnson & Johnson		809,802		125,519

Merck & Co., Inc.		783,738		83,382

Organon & Co.		74,045		1,741

Pfizer, Inc.		1,739,749		70,982

Viatris, Inc.		364,716		3,509

Zoetis, Inc.		143,628		23,905

				442,243

Professional Services – 0.8%

Automatic Data Processing, Inc.		127,765		28,444


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Professional Services – 0.8% continued

Broadridge Financial Solutions, Inc.		35,685		$5,230

CoStar Group, Inc.*		124,371		8,563

Equifax, Inc.		38,417		7,793

Jacobs Solutions, Inc.		38,344		4,506

Leidos Holdings, Inc.		41,954		3,862

Paychex, Inc.		98,348		11,270

Robert Half International, Inc.		31,995		2,578

Verisk Analytics, Inc.		47,968		9,203

				81,449

Real Estate Management & Development – 0.1%

CBRE Group, Inc., Class A*		96,420		7,020

Residential Real Estate Investment Trusts – 0.3%

AvalonBay Communities, Inc.		42,950		7,218

Camden Property Trust		35,025		3,672

Equity Residential		103,729		6,224

Essex Property Trust, Inc.		19,920		4,166

Invitation Homes, Inc.		176,563		5,514

Mid-America Apartment Communities, Inc.		35,161		5,311

UDR, Inc.		93,229		3,828

				35,933

Retail Real Estate Investment Trusts – 0.3%

Federal Realty Investment Trust		21,624		2,137

Kimco Realty Corp.		186,022		3,633

Realty Income Corp.		192,500		12,189

Regency Centers Corp.		45,983		2,813

Simon Property Group, Inc.		100,268		11,227

				31,999

Semiconductors & Semiconductor Equipment – 6.4%

Advanced Micro Devices, Inc.*		500,126		49,017

Analog Devices, Inc.		157,416		31,046

Applied Materials, Inc.		261,772		32,153

Broadcom, Inc.		129,491		83,074

Enphase Energy, Inc.*		41,621		8,752

First Solar, Inc.*		30,726		6,683

Intel Corp.		1,283,892		41,945

KLA Corp.		43,130		17,216

Lam Research Corp.		41,968		22,248

Microchip Technology, Inc.		168,286		14,099

Micron Technology, Inc.		339,565		20,489

Monolithic Power Systems, Inc.		14,061		7,038

NVIDIA Corp.		761,755		211,593

NXP Semiconductors N.V.		79,623		14,848


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Semiconductors & Semiconductor Equipment – 6.4% continued

ON Semiconductor Corp.*		134,979		$11,111

Qorvo, Inc.*		31,984		3,249

QUALCOMM, Inc.		344,207		43,914

Skyworks Solutions, Inc.		50,102		5,911

SolarEdge Technologies, Inc.*		17,169		5,218

Teradyne, Inc.		49,185		5,288

Texas Instruments, Inc.		281,037		52,276

				687,168

Software – 9.4%

Adobe, Inc.*		141,985		54,717

ANSYS, Inc.*		26,641		8,866

Autodesk, Inc.*		66,263		13,793

Cadence Design Systems, Inc.*		85,393		17,940

Ceridian HCM Holding, Inc.*		46,151		3,379

Fair Isaac Corp.*		7,936		5,577

Fortinet, Inc.*		202,346		13,448

Gen Digital, Inc.		169,738		2,913

Intuit, Inc.		86,695		38,651

Microsoft Corp.		2,304,143		664,285

Oracle Corp.		476,853		44,309

Paycom Software, Inc.*		14,561		4,427

PTC, Inc.*		32,084		4,114

Roper Technologies, Inc.		33,061		14,570

Salesforce, Inc.*		310,038		61,939

ServiceNow, Inc.*		63,064		29,307

Synopsys, Inc.*		47,446		18,326

Tyler Technologies, Inc.*		12,580		4,461

				1,005,022

Specialized Real Estate Investment Trusts – 1.2%

American Tower Corp.		143,602		29,344

Crown Castle, Inc.		134,767		18,037

Digital Realty Trust, Inc.		88,028		8,654

Equinix, Inc.		28,784		20,754

Extra Space Storage, Inc.		41,314		6,731

Iron Mountain, Inc.		91,905		4,863

Public Storage		48,573		14,676

SBA Communications Corp.		33,142		8,652

VICI Properties, Inc.		313,812		10,237

Weyerhaeuser Co.		224,628		6,768

				128,716

Specialty Retail – 2.1%

Advance Auto Parts, Inc.		17,512		2,130

AutoZone, Inc.*		5,855		14,393


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Specialty Retail – 2.1% continued

Bath & Body Works, Inc.		67,825		$2,481

Best Buy Co., Inc.		62,193		4,868

CarMax, Inc.*		50,608		3,253

Home Depot (The), Inc.		315,076		92,985

Lowe’s Cos., Inc.		187,655		37,525

O’Reilly Automotive, Inc.*		19,420		16,487

Ross Stores, Inc.		106,745		11,329

TJX (The) Cos., Inc.		356,257		27,916

Tractor Supply Co.		34,622		8,138

Ulta Beauty, Inc.*		15,939		8,697

				230,202

Technology Hardware, Storage & Peripherals – 7.3%

Apple, Inc.		4,603,550		759,126

Hewlett Packard Enterprise Co.		396,283		6,313

HP, Inc.		271,086		7,956

NetApp, Inc.		68,366		4,365

Seagate Technology Holdings PLC		57,749		3,818

Western Digital Corp.*		95,899		3,613

				785,191

Textiles, Apparel & Luxury Goods – 0.5%

NIKE, Inc., Class B		386,370		47,385

Ralph Lauren Corp.		13,621		1,589

Tapestry, Inc.		75,545		3,257

VF Corp.		97,521		2,234

				54,465

Tobacco – 0.7%

Altria Group, Inc.		554,748		24,753

Philip Morris International, Inc.		480,824		46,760

				71,513

Trading Companies & Distributors – 0.3%

Fastenal Co.		178,618		9,634

United Rentals, Inc.		21,722		8,597

W.W. Grainger, Inc.		14,069		9,691

				27,922

Water Utilities – 0.1%

American Water Works Co., Inc.		59,294		8,686

Wireless Telecommunication Services – 0.3%

T-Mobile U.S., Inc.*		184,007		26,652
Total Common Stocks
(Cost $3,444,434)				10,628,592

NUMBER

OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 0.8%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽²⁾⁽³⁾

85,431,707

$85,432

Total Investment Companies

(Cost $85,432)

85,432

PRINCIPAL
AMOUNT
(000S)

VALUE

(000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill,

4.46%, 5/11/23⁽⁴⁾⁽⁵⁾

$9,460

$9,413

Total Short-Term Investments

(Cost $9,413)

9,413

Total Investments – 99.9%

(Cost $3,539,279)

10,723,437

Other Assets less Liabilities – 0.1%

6,344

NET ASSETS – 100.0%

$10,729,781

⁽¹⁾

Investment in affiliate.

⁽²⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽³⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁴⁾

Discount rate at the time of purchase.

⁽⁵⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:


TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

E-Mini S&P 500	462	$95,582	Long	6/23	$5,211

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Common Stocks		99.0	%

Investment Companies		0.8	%

Short-Term Investments		0.1	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks⁽¹⁾	$	10,628,592	$	—		$—	$	10,628,592
Investment Companies		85,432		—		—		85,432
Short-Term Investments		—		9,413		—		9,413
Total Investments	$	10,714,024	$	9,413		$—	$	10,723,437
OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts	$	5,211	$	—		$—	$	5,211

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.0%

Air Freight & Logistics – 1.2%

C.H. Robinson Worldwide, Inc.		21,512		$2,138

Expeditors International of Washington, Inc.		19,011		2,094

United Parcel Service, Inc., Class B		3,394		658

				4,890

Automobiles – 2.7%

Tesla, Inc.*		50,314		10,438

Banks – 1.6%

Citigroup, Inc.		72,024		3,377

First Hawaiian, Inc.		72,371		1,493

JPMorgan Chase & Co.		11,593		1,511

				6,381

Beverages – 2.5%

Brown-Forman Corp., Class B		28,723		1,846

Coca-Cola (The) Co.		128,391		7,964

				9,810

Biotechnology – 4.0%

AbbVie, Inc.		15,655		2,495

Amgen, Inc.		22,020		5,323

Biogen, Inc.*		8,295		2,306

Gilead Sciences, Inc.		51,761		4,295

Moderna, Inc.*		1,911		294

Vertex Pharmaceuticals, Inc.*		2,854		899

				15,612

Broadline Retail – 1.4%

Amazon.com, Inc.*		46,600		4,814

Etsy, Inc.*		7,619		848

				5,662

Building Products – 2.2%

Allegion PLC		3,788		404

Carrier Global Corp.		52,532		2,403

Johnson Controls International PLC		5,977		360

Masco Corp.		18,633		927

Owens Corning		21,629		2,072

Trane Technologies PLC		12,959		2,384

				8,550

Capital Markets – 2.4%

Affiliated Managers Group, Inc.		7,011		999

Ameriprise Financial, Inc.		6,996		2,144

Bank of New York Mellon (The) Corp.		46,480		2,112



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Capital Markets – 2.4% continued

BlackRock, Inc.		3,451		$2,309

Janus Henderson Group PLC		76,105		2,027

				9,591

Chemicals – 1.1%

Dow, Inc.		42,535		2,332

Mosaic (The) Co.		5,100		234

Sherwin-Williams (The) Co.		8,580		1,928

				4,494

Commercial Services & Supplies – 0.3%

Rollins, Inc.		29,102		1,092

Communications Equipment – 0.5%

Cisco Systems, Inc.		41,069		2,147

Construction & Engineering – 0.5%

AECOM		23,295		1,964

Consumer Finance – 0.5%

Ally Financial, Inc.		20,429		521

Discover Financial Services		1,821		180

SLM Corp.		106,400		1,318

				2,019

Diversified Telecommunication Services – 0.2%

Lumen Technologies, Inc.		236,879		628

Electric Utilities – 1.0%

Edison International		2,779		196

Exelon Corp.		52,458		2,197

Hawaiian Electric Industries, Inc.		41,715		1,602

				3,995

Electrical Equipment – 0.5%

Acuity Brands, Inc.		11,081		2,025

Electronic Equipment, Instruments & Components – 0.1%

Trimble, Inc.*		4,821		253

Entertainment – 0.7%

Electronic Arts, Inc.		2,647		319

World Wrestling Entertainment, Inc., Class A		26,625		2,430

				2,749

Financial Services – 5.3%

Berkshire Hathaway, Inc., Class B*		6,965		2,151

Equitable Holdings, Inc.		65,975		1,675

Jack Henry & Associates, Inc.		1,874		282

Mastercard, Inc., Class A		24,396		8,866

MGIC Investment Corp.		143,307		1,923

Rocket Cos., Inc., Class A*		151,943		1,377



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Financial Services – 5.3% continued

Visa, Inc., Class A		10,343		$2,332

Voya Financial, Inc.		27,568		1,970

Western Union (The) Co.		27,564		307

				20,883

Food Products – 1.1%

General Mills, Inc.		28,154		2,406

Kellogg Co.		28,713		1,923

				4,329

Ground Transportation – 0.5%

Landstar System, Inc.		11,492		2,060

Health Care Equipment & Supplies – 1.9%

Abbott Laboratories		14,452		1,463

Edwards Lifesciences Corp.*		8,796		728

Hologic, Inc.*		26,122		2,108

IDEXX Laboratories, Inc.*		5,217		2,609

ResMed, Inc.		2,469		541

				7,449

Health Care Providers & Services – 2.6%

Cardinal Health, Inc.		26,663		2,013

Cigna Group (The)		12,405		3,170

McKesson Corp.		5,822		2,073

Quest Diagnostics, Inc.		13,107		1,854

UnitedHealth Group, Inc.		2,379		1,124

				10,234

Hotel & Resort Real Estate Investment Trusts – 0.3%

Host Hotels & Resorts, Inc.		73,839		1,218

Hotels, Restaurants & Leisure – 2.6%

Airbnb, Inc., Class A*		4,663		580

Booking Holdings, Inc.*		1,372		3,639

Domino’s Pizza, Inc.		1,522		502

Hilton Worldwide Holdings, Inc.		17,185		2,421

Starbucks Corp.		17,490		1,821

Travel + Leisure Co.		32,705		1,282

				10,245

Household Products – 3.1%

Clorox (The) Co.		14,008		2,217

Colgate-Palmolive Co.		34,134		2,565

Kimberly-Clark Corp.		16,966		2,277

Procter & Gamble (The) Co.		35,712		5,310

				12,369

Industrial Conglomerates – 0.6%

3M Co.		22,844		2,401



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Industrial Real Estate Investment Trusts – 0.6%

Prologis, Inc.		19,354		$2,415

Insurance – 3.1%

Aflac, Inc.		32,028		2,066

Allstate (The) Corp.		13,795		1,529

American International Group, Inc.		8,605		433

Hartford Financial Services Group (The), Inc.		22,345		1,557

Lincoln National Corp.		29,873		671

MetLife, Inc.		32,042		1,857

Principal Financial Group, Inc.		9,524		708

Prudential Financial, Inc.		22,041		1,824

Travelers (The) Cos., Inc.		8,514		1,459

				12,104

Interactive Media & Services – 4.4%

Alphabet, Inc., Class A*		108,318		11,236

Alphabet, Inc., Class C*		55,686		5,791

Match Group, Inc.*		6,238		240

				17,267

IT Services – 2.2%

Accenture PLC, Class A		12,175		3,480

Cognizant Technology Solutions Corp., Class A		3,177		194

International Business Machines Corp.		37,015		4,852

				8,526

Life Sciences Tools & Services – 2.1%

Agilent Technologies, Inc.		15,223		2,106

Mettler-Toledo International, Inc.*		1,465		2,242

Waters Corp.*		5,884		1,822

West Pharmaceutical Services, Inc.		6,045		2,094

				8,264

Machinery – 1.0%

Cummins, Inc.		2,228		532

Illinois Tool Works, Inc.		12,662		3,083

Otis Worldwide Corp.		5,076		428

				4,043

Media – 1.7%

Comcast Corp., Class A		83,663		3,172

Interpublic Group of (The) Cos., Inc.		57,166		2,129

Sirius XM Holdings, Inc.		317,773		1,261

				6,562

Metals & Mining – 0.3%

Steel Dynamics, Inc.		9,010		1,019



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Multi-Utilities – 0.2%

Public Service Enterprise Group, Inc.		15,348		$958

Office Real Estate Investment Trusts – 0.4%

Boston Properties, Inc.		29,269		1,584

Oil, Gas & Consumable Fuels – 3.3%

Cheniere Energy, Inc.		10,453		1,648

ConocoPhillips		22,851		2,267

Exxon Mobil Corp.		8,166		896

Marathon Petroleum Corp.		21,525		2,902

ONEOK, Inc.		33,221		2,111

Texas Pacific Land Corp.		956		1,626

Valero Energy Corp.		11,292		1,576

				13,026

Personal Care Products – 0.1%

Olaplex Holdings, Inc.*		47,207		202

Pharmaceuticals – 4.8%

Bristol-Myers Squibb Co.		86,045		5,964

Eli Lilly & Co.		16,306		5,600

Johnson & Johnson		19,851		3,077

Merck & Co., Inc.		6,923		736

Pfizer, Inc.		8,127		331

Zoetis, Inc.		19,513		3,248

				18,956

Professional Services – 1.5%

Automatic Data Processing, Inc.		17,304		3,853

Robert Half International, Inc.		25,521		2,056

				5,909

Real Estate Management & Development – 1.4%

CBRE Group, Inc., Class A*		26,397		1,922

Howard Hughes (The) Corp.*		22,909		1,833

Jones Lang LaSalle, Inc.*		11,657		1,696

				5,451

Residential Real Estate Investment Trusts – 0.2%

AvalonBay Communities, Inc.		3,613		607

Semiconductors & Semiconductor Equipment – 4.5%

Applied Materials, Inc.		35,587		4,371

Enphase Energy, Inc.*		1,515		319

Lam Research Corp.		1,241		658

NVIDIA Corp.		21,193		5,887

Texas Instruments, Inc.		35,558		6,614

				17,849

Software – 11.0%

Adobe, Inc.*		19,132		7,373



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.0% continued

Software – 11.0% continued

Autodesk, Inc.*		12,066		$2,512

Cadence Design Systems, Inc.*		12,201		2,563

Intuit, Inc.		2,405		1,072

Manhattan Associates, Inc.*		1,630		252

Microsoft Corp.		95,856		27,635

Teradata Corp.*		45,666		1,840

				43,247

Specialized Real Estate Investment Trusts – 1.3%

American Tower Corp.		15,568		3,181

Weyerhaeuser Co.		64,283		1,937

				5,118

Specialty Retail – 4.0%

Best Buy Co., Inc.		15,257		1,194

Home Depot (The), Inc.		24,062		7,101

Lowe’s Cos., Inc.		22,986		4,596

Ulta Beauty, Inc.*		2,136		1,166

Williams-Sonoma, Inc.		14,040		1,708

				15,765

Technology Hardware, Storage & Peripherals – 7.1%

Apple, Inc.		163,456		26,954

HP, Inc.		36,203		1,062

				28,016

Textiles, Apparel & Luxury Goods – 1.0%

Deckers Outdoor Corp.*		819		368

NIKE, Inc., Class B		10,398		1,275

PVH Corp.		19,070		1,700

Tapestry, Inc.		8,676		374

Under Armour, Inc., Class A*		32,527		309

				4,026

Trading Companies & Distributors – 1.3%

Fastenal Co.		44,405		2,395

W.W. Grainger, Inc.		3,795		2,614

				5,009

Water Utilities – 0.1%

American Water Works Co., Inc.		3,354		491
Total Common Stocks
(Cost $337,317)				389,902



	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 2.0%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽¹⁾⁽²⁾		8,063,048		$8,063

Total Investment Companies

(Cost $8,063)				8,063


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill, 4.42%, 5/11/23⁽³⁾⁽⁴⁾		$370		$368

Total Short-Term Investments

(Cost $368)				368


Total Investments – 101.1%

(Cost $345,748)				398,333

Liabilities less Other Assets – (1.1%)				(4,315	)

NET ASSETS – 100.0%				$394,018

⁽¹⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽²⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽³⁾

Discount rate at the time of purchase.

⁽⁴⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

E-Mini S&P 500	19	$3,931	Long	6/23	$187

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Common Stocks		99.0	%

Investment Companies		2.0	%

Short-Term Investments		0.1	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Common Stocks⁽¹⁾	$	389,902	$	—		$—	$	389,902

Investment Companies		8,063		—		—		8,063

Short-Term Investments		—		368		—		368

Total Investments	$	397,965	$	368		$—	$	398,333

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	187	$	—		$—	$	187

⁽¹⁾

Classifications as defined in the Schedule of Investments.

1. ORGANIZATION

Northern Funds (the “Trust”) is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust offers 41 funds as of March 31, 2023, each with its own investment objective (e.g., long-term capital appreciation, total return or income consistent with preservation of capital). The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, Global Tactical Asset Allocation, Income Equity, International Equity, International Equity Index, Large Cap Core, Large Cap Value, Mid Cap Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, Northern Engage360^TM, Small Cap Core, Small Cap Index, Small Cap Value, Stock Index and U.S. Quality ESG Funds (each a “Fund” and collectively, the “Funds”) are separate, diversified investment portfolios of the Trust. Each of the Funds is presented herein.

The Global Tactical Asset Allocation Fund seeks to provide long-term capital appreciation and current income by investing primarily in shares of a combination of underlying mutual funds and exchange-traded funds (“ETFs”). The Fund also may invest in other unaffiliated mutual funds and ETFs (together with affiliated underlying funds and ETFs, the “Underlying Funds”) and other securities and investments not issued by mutual funds. References to the “Fund” or “Funds” herein may include references to the “Underlying Funds”, as applicable.

Except for the Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds, each Fund is authorized to issue one class of shares designated as the “Shares” class. The Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds are authorized to issue two classes of shares designated as Class K shares and Class I shares.

Northern Trust Investments, Inc. (“NTI”), an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser and administrator for the Funds. The Northern Trust Company (“Northern Trust”), an affiliate of NTI, serves as transfer agent, custodian and sub-administrator to the Funds. Northern Funds Distributors, LLC, not an affiliate of NTI, is the Trust’s distributor.

2. SIGNIFICANT ACCOUNTING POLICIES

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services-Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make

estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

A) VALUATION OF SECURITIES AND DERIVATIVE CONTRACTS Securities are valued at their fair value. Securities traded on United States (“U.S.”) securities exchanges or in the NASDAQ National Market System are principally valued at the last quoted sale price, or the official closing price (generally, 3:00 P.M. Central Time) on the exchange or market in which such securities are principally traded. If any such security is not traded on a valuation date, it is valued at the most recent quoted bid price. Over-the-counter securities not reported in the NASDAQ National Market System are also generally valued at the most recent quoted bid price. Fixed income securities, however, may be valued on the basis of evaluated prices provided by the Funds’ approved independent third-party pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities’ prices, yields, maturities, call features, ratings, institutional size trading in similar groups of securities and developments related to specific securities.

The values of securities of foreign issuers are generally based upon market quotations, which depending upon local convention or regulation, may be the last sale price, the last bid price or the mean between the last bid and asked price as of, in each case, the close of the appropriate exchange. Foreign fixed income securities, however, may, like domestic fixed income securities, be valued based on evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities.

Shares of open-end investment companies, other than exchange-traded funds, are valued at their closing NAV. Shares of closed-end funds and exchange-traded funds are valued at their closing market price. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded futures and options are valued at the settlement price as established each day by the exchange on which they are traded. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. Short-term investments with a maturity of 60 days or less are valued at their amortized cost.

The Board of Trustees (“Board”) has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Accordingly, any securities for which market

quotations are not readily available or for which the available price has been determined to not represent a reliable, current market value are valued at fair value as determined in good faith by NTI. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. NTI, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of fair values normally used on behalf of a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and U.S. GAAP. This may occur particularly with respect to certain foreign securities held by a Fund, in which case NTI may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of those securities as of the time the Fund’s NAV is calculated.

The use of fair valuation involves the risk that the values used by NTI to price a Fund’s investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

B) FUTURES CONTRACTS Certain Funds invest in long or short exchange-traded futures contracts for hedging purposes, to increase total return or to seek exposure to certain countries or currencies (i.e., for speculative purposes) or to maintain liquidity to meet potential shareholder redemptions, to invest cash balances or dividends or to minimize trading costs. When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the fair value of its portfolio securities that might otherwise result from a market decline. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines occurring prior to sales of securities in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchases of securities. In addition, a Fund may utilize futures contracts in anticipation of changes in the composition of its portfolio holdings. A Fund bears the market risk arising from changes in the value of these financial instruments. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized gains or losses. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts.

The futures contract position and investment strategy utilized during the fiscal year ended March 31, 2023, was as follows:



	CONTRACT POSITION	INVESTMENT STRATEGY

Active M Emerging Markets Equity	Long	Liquidity

Active M International Equity	Long	Liquidity

Emerging Markets Equity Index	Long	Liquidity

Global Real Estate Index	Long	Liquidity

Global Sustainability Index	Long	Liquidity

Income Equity	Long	Liquidity

International Equity	Long	Liquidity

International Equity Index	Long	Liquidity

Large Cap Core	Long	Liquidity

Large Cap Value	Long	Liquidity

Mid Cap Index	Long	Liquidity

Multi-Manager Global Listed Infrastructure	Long	Liquidity

Northern Engage360^TM	Long	Liquidity

Small Cap Core	Long	Liquidity

Small Cap Index	Long	Liquidity

Small Cap Value	Long	Liquidity

Stock Index	Long	Liquidity

U.S. Quality ESG	Long	Liquidity

At March 31, 2023, the aggregate fair value of securities pledged to cover margin requirements for open positions for the Active M Emerging Markets Equity, Active M International Equity, Income Equity, Large Cap Core, Large Cap Value, Mid Cap Index, Multi-Manager Global Listed Infrastructure, Northern Engage360^TM, Small Cap Core, Small Cap Index, Small Cap Value, Stock Index and U.S. Quality ESG Funds was approximately $985,000, $4,438,000, $179,000, $159,000, $30,000, $2,781,000, $4,160,000, $846,000, $1,709,000, $2,249,000, $5,810,000, $9,413,000 and $368,000, respectively. At March 31, 2023, the aggregate fair value of cash and foreign currencies to cover margin requirements for open positions for the Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, International Equity and International Equity Index Funds was approximately $2,026,000, $877,000, $2,004,000, $247,000 and $4,349,000, respectively. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 10.

C) OPTIONS CONTRACTS Certain Funds buy put options and call options and write covered call options and secured put options for hedging purposes or to earn additional income. When used as a hedge, a Fund may enter into option contracts in order to hedge against adverse price movements of securities which a Fund intends to trade upon. These options may relate to particular securities, foreign and domestic securities indices, financial instruments or foreign currencies. The gains or losses on purchased options contracts are included with Net realized and unrealized gains (losses) on investments on the Statements of

Operations. The gains or losses on written options contracts are included with Net realized and unrealized gains (losses) on options written on the Statements of Operations, if applicable.

The risks associated with purchasing an option include risk of loss of premium, change in fair value and counterparty nonperformance under the contract. Credit risk is mitigated to the extent that the exchange on which a particular options contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. Put and call options purchased are accounted for in the same manner as Fund securities.

The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

In writing an option, a Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by a Fund could result in a Fund selling or buying a security or currency at a price different from the current fair value. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 10.

D) FOREIGN CURRENCY TRANSLATION Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot rates on the NYSE, generally at 3:00 P.M. Central Time. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot rates on the NYSE, generally at 3:00 P.M. Central Time. The gains or losses, if any, on investments from the original purchase date to subsequent sales trade date resulting from changes in foreign exchange rates are included in the Statements of Operations in Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments. The gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies and between the trade and settlement dates on investment transactions are included in Net realized gains (losses) on foreign currency transactions and Net change in unrealized appreciation (depreciation) on foreign currency translations in the Statements of Operations.

E) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS Certain Funds and certain of the Underlying Funds for the Global Tactical Asset Allocation Fund may enter into forward foreign currency exchange contracts for hedging and/or speculative purposes. The objective of a Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are “marked-to-market” daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange

contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until the settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations.

Forward foreign currency exchange contracts are privately negotiated transactions, and can have substantial price volatility. As a result, these contracts offer less protection against default by the other party than is available for instruments traded on an exchange. When used for hedging purposes, forward foreign currency exchange contracts tend to limit any potential gain that may be realized if the value of the Fund’s or an Underlying Fund’s foreign holdings increase because of currency fluctuations. When used for speculative purposes, the contracts may result in additional losses that are not otherwise related to the changes in value of the securities held by a Fund or an Underlying Fund. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 10.

F) INVESTMENT TRANSACTIONS AND INCOME Investment transactions are recorded as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method. The interest rates reflected in the Schedules of Investments represent either the stated coupon rate, annualized yield on the date of purchase for discount notes, the current reset rate for floating rate securities, the 7-day yield for money market funds or, for interest-only or principal-only securities, the current effective yield. Cost of investments includes amortization of premiums and accretion of discounts, if any. Dividend income, if any, is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as the information is available. Other non-cash dividends are recognized as investment income at the fair value of the property received. Distributions received from a Fund’s investments in real estate investment trusts (“REITs”) are comprised of return of capital, capital gains and income. The actual character of the amounts received during the year is not known until the fiscal year-end. A Fund records the character of distributions received from the REITs during the year based on estimates available. A

Fund’s characterization may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

The Funds allocate all income and realized and unrealized gains or losses on a daily basis to each class of shares based upon the relative proportion of the value of shares outstanding of each class, if applicable.

G) EXPENSES Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses arising in connection with a specific class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual fund generally are allocated among all funds in the Trust in proportion to each Fund’s relative net assets. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the Underlying Funds. Expenses are recognized on an accrual basis.

H) REDEMPTION FEES The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and Northern Engage360^TM Funds charge a 2 percent redemption fee on the redemption of shares (including by exchange) held for 30 days or less. For the purpose of applying the fee, the Funds use a first-in, first-out (“FIFO”) method so that shares held longest are treated as being redeemed first and shares held shortest are treated as being redeemed last. The redemption fee is paid to the Fund from which the redemption is made and is intended to offset the trading, market impact and other costs associated with short-term money movements in and out of the Funds. The redemption fee may be collected by deduction from the redemption proceeds or, if assessed after the redemption transaction, through a separate billing. The Funds are authorized to waive the redemption fee for certain types of redemptions as described in the Funds’ prospectus.

Redemption fees for the fiscal year ended March 31, 2023, were as follows:



Amounts in thousands	REDEMPTION FEES

Emerging Markets Equity Index		$ 1

Global Real Estate Index		1

Global Sustainability Index		7

International Equity		–*

International Equity Index		–*

Multi-Manager Global Listed Infrastructure		27

^* Amounts round to less than $1,000.

Redemption fees for the fiscal year ended March 31, 2022, were as follows:



Amounts in thousands	REDEMPTION FEES

Active M Emerging Markets Equity		$–*

Active M International Equity		–*

Emerging Markets Equity Index		3

Global Real Estate Index		2

Global Sustainability Index		20

International Equity		2

International Equity Index		–*

Multi-Manager Global Listed Infrastructure		2

^* Amounts round to less than $1,000.

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to each Fund was less than $0.001 per share for both fiscal years. There were no redemption fees for the fiscal years ended March 31, 2023, for the Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Real Estate, and Northern Engage360^TM Funds, and for the fiscal year ended March 31, 2022, for the Multi-Manager Global Real Estate and Northern Engage360^TM Funds.

I) DISTRIBUTIONS TO SHAREHOLDERS Distributions of dividends from net investment income, if any, are declared and paid as follows:



		DECLARATION AND PAYMENT FREQUENCY

Active M Emerging Markets Equity		Annually

Active M International Equity		Annually

Emerging Markets Equity Index		Annually

Global Real Estate Index		Quarterly

Global Sustainability Index		Annually

Global Tactical Asset Allocation		Quarterly

Income Equity		Monthly

International Equity		Annually

International Equity Index		Annually

Large Cap Core		Quarterly

Large Cap Value		Annually

Mid Cap Index		Annually

Multi-Manager Global Listed Infrastructure		Quarterly

Multi-Manager Global Real Estate		Quarterly

Northern Engage360^TM		Annually

Small Cap Core		Annually

Small Cap Index		Annually

Small Cap Value		Annually

Stock Index		Quarterly



		DECLARATION AND PAYMENT FREQUENCY

U.S. Quality ESG		Quarterly

Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications relate to net operating losses, Section 988 currency gains and losses, Passive Foreign Investment Companies (“PFICs”) gains and losses, recharacterization of distributions received from investments in Master Limited Partnerships (“MLPs”), recharacterization of dividends received from investments in REITs, capital loss carryforwards, and gains or losses on in-kind transactions. These reclassifications have no impact on the net assets or the NAVs per share of the Funds. At March 31, 2023, the following reclassifications were recorded:



Amounts in thousands	UNDISTRIBUTED NET INVESTMENT INCOME (LOSS)				ACCUMULATED UNDISTRIBUTED NET REALIZED GAINS (LOSSES)				CAPITAL STOCK

Active M Emerging Markets Equity		$	(1,512	)		$	1,247			$	265

Active M International Equity			76				(76	)			–

Emerging Markets Equity Index			(2,835	)			2,559				275

Global Real Estate Index			2,960				(2,960	)			–

Global Sustainability Index			(663	)			663				–

International Equity			166				(166	)			–

International Equity Index			(5,933	)			2,216				3,717

Large Cap Value			(190	)			190				–

Multi-Manager Global Listed Infrastructure			(83	)			83				–

Multi-Manager Global Real Estate			328				(382	)			53

Northern Engage360^TM			290				(290	)			–

Small Cap Core			(33	)			33				–

Small Cap Index			(101	)			(63	)			164

Stock Index			–				(1,064	)			1,064

J) FEDERAL INCOME TAXES No provision for federal income taxes has been made since each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income and capital gains to its shareholders. Certain Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are recorded. Taxes accrued on unrealized gains are reflected as a liability on the Statements of Assets and Liabilities under the caption Deferred foreign capital gains tax payable and as a reduction in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. When assets subject to capital gains tax are sold, accrued taxes are relieved, and the actual amount of the taxes paid is reflected on the Statements of Operations as a reduction in Net realized gains (losses) on Investments. Certain Funds seek to recover a portion of foreign withholding taxes applied to income earned in jurisdictions where favorable treaty rates for US investors are available. The portion of such taxes believed to be recoverable, if any, is reflected as an asset on the Statements of Assets and Liabilities under the caption Receivable for foreign tax reclaims.

For the period from November 1, 2022, through the fiscal year ended March 31, 2023, the following Funds incurred net capital losses and/or late year ordinary losses for which each Fund intends to treat as having been incurred in the following fiscal year:



Amounts in thousands

Global Sustainability Index	$	10,192

Small Cap Index		6,788

Capital losses incurred that will be carried forward indefinitely are as follows:



Amounts in thousands	SHORT-TERM CAPITAL LOSS CARRYFORWARD		LONG-TERM CAPITAL LOSS CARRYFORWARD

Active M Emerging Markets Equity		$23,140		$ –

Emerging Markets Equity Index		49,446		321,488

Global Tactical Asset Allocation		908		1,388

International Equity		18,992		27,065

International Equity Index		13,434		602,473

Northern Engage360^TM		17,855		2,561

U.S. Quality ESG		11,696		9,242

At November 30, 2022, the Global Real Estate Index Fund and Multi-Manager Global Real Estate Fund’s most recent tax year end, the non-expiring short-term capital losses were approximately $3,503,000 and $643,000, respectively, and for the

Global Real Estate Index Fund long-term capital losses were approximately $126,106,000. The Funds may offset future capital gains with these capital loss carryforwards.

At March 31, 2023, the tax components of undistributed net investment income, undistributed realized gains and unrealized gains (losses) were as follows:



	UNDISTRIBUTED

Amounts in thousands	ORDINARY INCOME*			LONG-TERM CAPITAL GAINS			UNREALIZED GAINS (LOSSES)

Active M Emerging Markets Equity		$	206		$	–		$	5,467

Active M International Equity			7,715			4,600			75,589

Emerging Markets Equity Index			17,663			–			303,793

Global Sustainability Index			8,959			–			278,339

Global Tactical Asset Allocation			274			–			(412	)

Income Equity			109			2,335			38,843

International Equity			3,767			–			5,850

International Equity Index			42,165			–			1,273,581

Large Cap Core			104			3,687			76,849

Large Cap Value			1,033			–			2,197

Mid Cap Index			8,508			41,739			546,681

Northern Engage360^TM			3,326			–			16,122

Small Cap Core			4,846			10,980			139,033

Small Cap Index			4,897			–			243,178

Small Cap Value			6,406			22,411			620,135

Stock Index			5,763			124,237			7,105,472

U.S. Quality ESG			135			–			49,675

*	Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax components of undistributed net ordinary income, net long-term capital gains and unrealized gains (losses) at November 30, 2022, the Global Real Estate Index, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate Funds’ last tax year end, were as follows:



	UNDISTRIBUTED

Amounts in thousands	ORDINARY INCOME*			LONG-TERM CAPITAL GAINS			UNREALIZED GAINS (LOSSES)

Global Real Estate Index		$	–		$	–		$	146,307

Multi-Manager Global Listed Infrastructure			3,794			12,532			18,115

Multi-Manager Global Real Estate			363			–			(148	)

*	Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the fiscal year ended March 31, 2023, was as follows:



	DISTRIBUTIONS FROM

Amounts in thousands	ORDINARY INCOME*			LONG-TERM CAPITAL GAINS

Active M Emerging Markets Equity		$	1,445		$	–

Active M International Equity			6,821			–

Emerging Markets Equity Index			31,842			–

Global Sustainability Index			20,558			4,583

Global Tactical Asset Allocation			3,244			4,242

Income Equity			3,036			4,992

International Equity			3,200			–

International Equity Index			110,518			–

Large Cap Core			4,345			7,220

Large Cap Value			1,998			2,798

Mid Cap Index			29,760			160,351

Northern Engage360^TM			–			38,548

Small Cap Core			1,349			1,295

Small Cap Index			13,925			57,546

Small Cap Value			14,152			79,925

Stock Index			172,621			300,253

U.S. Quality ESG			5,527			8,279

*	Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the fiscal year ended March 31, 2022, was as follows:



	DISTRIBUTIONS FROM

Amounts in thousands	ORDINARY INCOME*			LONG-TERM CAPITAL GAINS

Active M Emerging Markets Equity		$	26,918		$	61,241

Active M International Equity			12,650			54,777

Emerging Markets Equity Index			63,000			–

Global Sustainability Index			21,028			46,004

Global Tactical Asset Allocation			2,949			3,287

Income Equity			5,331			16,400

International Equity			4,000			–

International Equity Index			179,350			–

Large Cap Core			15,244			24,926

Large Cap Value			3,869			1,428

Mid Cap Index			72,709			173,392

Northern Engage360^TM			8,986			23,820

Small Cap Core			5,041			70,514

Small Cap Index			29,796			144,322

Small Cap Value			31,556			340,449

Stock Index			177,611			241,617



	DISTRIBUTIONS FROM

Amounts in thousands	ORDINARY INCOME*			LONG-TERM CAPITAL GAINS

U.S. Quality ESG		$	11,897		$	15,406

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the Global Real Estate Index, the Multi-Manager Global Listed Infrastructure and the Multi-Manager Global Real Estate Funds’ tax years ended November 30, 2022 and November 30, 2021 was designated for the purpose of the dividends paid deductions as follows:



	NOVEMBER 30, 2022 AND NOVEMBER 30, 2021 DISTRIBUTIONS FROM
Amounts in thousands	ORDINARY INCOME*			LONG-TERM CAPITAL GAINS			RETURN OF CAPITAL

Global Real Estate Index (2022)		$	29,218		$	–		$	11,867

Global Real Estate Index (2021)			29,859			–			–

Multi-Manager Global Listed Infrastructure (2022)			38,851			69,703			–

Multi-Manager Global Listed Infrastructure (2021)			18,097			9,732			–

Multi-Manager Global Real Estate (2022)			4,400			1,507			–

Multi-Manager Global Real Estate (2021)			3,548			–			–

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The Global Real Estate Index, the Multi-Manager Global Listed Infrastructure and the Multi-Manager Global Real Estate Funds have a tax year end of November 30th, as such, the information in this section is as of each Fund’s tax year end. The tax character of distributions paid for the period December 1, 2022 through March 31, 2023 will be determined at the end of its tax year ending November 30, 2023.

Above figures may differ from those cited elsewhere in this report due to differences in the timing and amounts determined in accordance with federal income tax regulations versus financial statement amounts determined in accordance with U.S. GAAP. The final tax character of the Funds’ distributions is reported on IRS Form 1099-DIV.

As of March 31, 2023, no Fund had uncertain tax positions that would require financial statement recognition or disclosure. The Funds’ federal tax returns remain subject to examination by the Internal Revenue Service for three years after they are filed. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as Interest expense and Other expenses, respectively, on the Statements of Operations.

K) OTHER RISKS Certain Funds may invest in emerging market securities. Additional risks are involved when a Fund invests its assets in countries with emerging economies or securities markets. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may lack the social, political and economic stability characteristics of more developed countries. In general, the securities markets of these countries are less liquid, subject to greater price volatility and have smaller market capitalizations. As a result, the risks presented by investments in these countries are heightened.

The Multi-Manager Global Listed Infrastructure Fund invests in MLPs. The benefits derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Fund must include its allocable share of an MLP’s taxable income in its reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Fund may have to liquidate securities to make required distributions to shareholders.

3. SERVICE PLAN

The Trust has adopted a Service Plan pursuant to which the Trust may enter into agreements with Northern Trust, its affiliates or other institutions (together “Service Organizations”) under which the Service Organizations agree to provide certain administrative support services and, in some cases, personal and account maintenance services for their customers, who are beneficial owners of shares of the Funds. As compensation for services provided pursuant to the Service Plan, the Service Organizations receive a fee at an annual rate of up to 0.15 percent of the average daily net assets of the Shares class or Class I shares of the Funds, as applicable, beneficially owned by their customers.

NTI has contractually agreed to limit payments of service fees from Class I shares of the Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds to an annual rate of 0.05 percent, 0.10 percent and 0.10 percent, respectively, of the average daily net assets of the Class I shares of these Funds. There is no service fee permitted by Class K shares of the Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds.

There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the fiscal year ended March 31, 2023.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the fiscal year ended March 31, 2023.

4. BANK BORROWINGS

The Trust and Northern Institutional Funds, a registered investment company also advised by NTI, jointly entered into a $250,000,000 senior unsecured revolving credit facility on November 15, 2021, which was administered by Citibank, N.A., for liquidity and other purposes (the “Credit Facility”). The interest rate charged under the Credit Facility was equal to the sum of (i) the Federal Funds Rate plus (ii) if Adjusted Term Secured Overnight Financing Rate (SOFR) (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there was an annual commitment fee of 0.15 percent on the average unused portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations. The Credit Facility expired on November 14, 2022.

At a meeting held on August 18, 2022, the Board approved the terms of an agreement to replace the Credit Facility (as replaced, the “New Credit Facility”). The Board approved the New Credit Facility at a meeting held on November 16, 2022. The New Credit Facility is also in the amount of $250,000,000 and is also administered by Citibank, N.A. The interest rate charged under the New Credit Facility is equal to the sum of (i) the Federal Funds Rate plus (ii) if Adjusted Term SOFR (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there is an annual commitment fee of 0.15 percent on the average unused portion of the credit line under the New Credit Facility, payable quarterly in arrears. The New Credit Facility went into effect on November 14, 2022 and will expire on November 13, 2023, unless renewed.

During the fiscal year ended March 31, 2023, the following Funds had borrowings with the average loan amounts and weighted average interest rates as disclosed below:



Amounts in thousands	DOLLAR AMOUNT	RATE

Emerging Markets Equity Index	$2,800	4.05%

Global Tactical Asset Allocation	316	3.49

International Equity Index	4,050	4.32

Large Cap Core	240	3.42

Large Cap Value	300	5.29

Small Cap Index	2,300	4.90

Stock Index	3,100	5.34

U.S. Quality ESG	300	1.41

No other Funds had any borrowings or incurred any interest expense during the fiscal year ended March 31, 2023. There were no outstanding loan amounts at March 31, 2023.

5. MANAGEMENT AND OTHER AGREEMENTS

As compensation for advisory services (asset allocation services for the Global Tactical Asset Allocation Fund), administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of each Fund’s respective average daily net assets).

With respect to the Global Sustainability Index, Small Cap Core, and U.S. Quality ESG Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth set forth below, excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Trustee of the Trust that is not an “interested person” (as defined in the 1940 Act); (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

With respect to the Emerging Markets Equity Index, International Equity Index, Mid Cap Index, Small Cap Index, and Stock Index Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses, including any acquired fund fees and expenses, of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding extraordinary expenses. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

Prior to September 1, 2022, NTI contractually agreed to reimburse a portion of the operating expenses of each Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets did not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses; (ii) service fees (for the Global Sustainability Index, Small Cap Core and U.S. Quality ESG Funds); (iii) the compensation paid to each Trustee of the Trust that is not an “interested person” (as defined in the 1940 Act); (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest. NTI contractually agreed to first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeded the management fees payable by the Fund or Class.

Prior to July 29, 2022, NTI contractually agreed to reimburse a portion of operating expenses of Northern Engage360^TM Fund and U.S. Quality ESG Fund (other than acquired fund fees and extraordinary expenses for the Northern Engage360^TM Fund and other than service fees and extraordinary expenses for the U.S. Quality ESG Fund), to the extent the total annual fund operating expenses of the Funds exceeded their expense limitations.

The total annual fund operating expenses after expense reimbursement for each Fund may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed. The amount of the reimbursement, if any, is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations.

At March 31, 2023, the annual management fees and contractual expense limitations for the Funds were based on the following annual rates as set forth in the table below.



	CONTRACTUAL
	ANNUAL MANAGEMENT FEES	EXPENSE LIMITATIONS

Emerging Markets Equity Index	0.1400%	0.1549%

Global Real Estate Index	0.4000%	0.4700%



	CONTRACTUAL
	ANNUAL MANAGEMENT FEES	EXPENSE LIMITATIONS

Global Sustainability Index	0.1800%	0.2400%

Global Tactical Asset Allocation	0.2300%	0.2500%

Income Equity	0.4600%	0.4800%

International Equity	0.4700%	0.4900%

International Equity Index	0.0900%	0.1049%

Large Cap Core	0.4400%	0.4500%

Large Cap Value	0.5300%	0.5500%

Mid Cap Index	0.0900%	0.1049%

Small Cap Core	0.4700%	0.4900%

Small Cap Index	0.0900%	0.1049%

Small Cap Value	0.9500%	1.0000%

Stock Index	0.0400%	0.0549%

U.S. Quality ESG	0.3700%	0.3900%



	CONTRACTUAL ANNUAL
	MANAGEMENT FEES
				CONTRACTUAL EXPENSE LIMITATIONS
	FIRST	NEXT	OVER
	$1 BILLION	$1 BILLION	$2 BILLION

Active M Emerging Markets Equity	1.08%	1.048%	1.017%	1.10%

Active M International Equity	0.82%	0.795%	0.771%	0.84%

Multi-Manager Global Listed Infrastructure	0.90%	0.873%	0.847%	0.96%

Multi-Manager Global Real Estate	0.89%	0.863%	0.837%	0.91%

Northern Engage360^TM	0.68%	0.660%	0.640%	0.70%

Prior to September 1, 2022, the annual management fees and contractual expense limitations for the Funds below were based on the following annual rates as set forth in the table below.



	CONTRACTUAL
	ANNUAL MANAGEMENT FEES	EXPENSE LIMITATIONS

Emerging Markets Equity Index	0.21%	0.30%

International Equity Index	0.18%	0.24%

Mid Cap Index	0.13%	0.15%

Small Cap Index	0.13%	0.15%

Stock Index	0.08%	0.10%

Prior to July 29, 2022, the annual management fees and contractual expense limitations for the Funds below were based on the following annual rates as set forth in the table below.



	CONTRACTUAL
	ANNUAL MANAGEMENT FEES	EXPENSE LIMITATIONS

Global Real Estate Index	0.40%	0.50%

Global Sustainability Index	0.18%	0.25%

International Equity	0.48%	0.50%

International Equity Index	0.18%	0.25%



	CONTRACTUAL ANNUAL
	MANAGEMENT FEES
				CONTRACTUAL EXPENSE LIMITATIONS
	FIRST	NEXT	OVER
	$1 BILLION	$1 BILLION	$2 BILLION

Income Equity	0.95%	0.922%	0.894%	1.00%

Multi-Manager Global Listed Infrastructure	0.90%	0.873%	0.847%	1.00%

The contractual reimbursement arrangements described above may not be terminated before July 31, 2023 without the approval of the Board of Trustees. The contractual reimbursement arrangements will continue automatically thereafter for periods of one year (each such one-year period, a “Renewal Year”). The arrangements may be terminated, as to any succeeding Renewal Year, by NTI or a Fund upon 60 days’ written notice prior to the end of the current Renewal Year.

Amounts waived or reimbursed by the Investment Adviser pursuant to voluntary or contractual agreements may not be recouped by the Investment Adviser.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

The Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and Northern Engage360^TM Funds are managed by NTI and one or more investment sub-advisers unaffiliated with NTI (each a “Sub-Adviser” and together, the “Sub-Advisers”). In addition to selecting the overall investment strategies of the Funds, NTI oversees and monitors the selection and performance of any Sub-Advisers and allocates resources among the Sub-Advisers. The Sub-Advisers manage each sub-advised Fund’s investment portfolio pursuant to Sub-Advisory Agreements with NTI.

As of March 31, 2023, Axiom Investors LLC, Ashmore Investment Management Limited and Westwood Global Investments, LLC are the Sub-Advisers for the Active M Emerging Markets Equity Fund.

As of March 31, 2023, Causeway Capital Management LLC, Polen Capital Management, LLC, Victory Capital Management Inc., WCM Investment Management, LLC and Wellington Management Company LLP are the Sub-Advisers for the Active M International Equity Fund.

As of March 31, 2023, First Sentier Investors (Australia) IM Ltd., Lazard Asset Management LLC and KBI Global Investors (North America), Ltd. are the Sub-Advisers for the Multi-Manager Global Listed Infrastructure Fund.

As of March 31, 2023, Janus Henderson Investors US LLC (formerly Janus Capital Management, LLC) and Massachusetts Financial Services Company are the Sub-Advisers for the Multi-Manager Global Real Estate Fund.

As of March 31, 2023, Ariel Investments, LLC, Aristotle Capital Management, LLC, EARNEST Partners, LLC, Mar Vista Investment Partners, LLC and Boston Common Asset Management, LLC are the Sub-Advisers for the Northern Engage360^TM Fund.

NTI is responsible for payment of sub-advisory fees to these Sub-Advisers.

NTI has entered into a sub-administration agreement with Northern Trust, pursuant to which Northern Trust performs certain administrative services for the Funds. NTI pays Northern Trust for its sub-administration services out of NTI’s management fees. Northern Trust also performs certain administrative services for certain Sub-Advisers pursuant to separate agreements with such Sub-Advisers.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board. The Funds have entered into an expense offset arrangement with the custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Funds’ custodian expenses, unless such uninvested cash balances receive a separate type of return.

Northern Funds Distributors, LLC, the distributor for the Funds, received no compensation from the Funds under its distribution agreement. However, it received compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

Northern Institutional Funds U.S. Government Portfolio (the “Portfolio”) and/or the Global Tactical Asset Allocation Fund and/or, at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed-income instruments selected by the Trust that are “eligible securities” as defined by that rule. The net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee’s account as provided in the plan.

6. RELATED PARTY TRANSACTIONS

Each Fund may invest its uninvested cash in a money market fund advised by NTI or its affiliates. Accordingly, each Fund bears indirectly a proportionate share of that money market fund’s operating expenses. These operating expenses include the management, transfer agent and custody fees that the money market fund pays to NTI and/or its affiliates. At March 31, 2023, the uninvested cash of the Funds is invested in the Northern Institutional Funds U.S. Government Portfolio. The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Portfolio’s prospectus) on any assets invested in the Portfolio is 0.25 percent. For the fiscal year ended March 31, 2023, NTI reimbursed each Fund for a portion of the management fees attributable to and payable by the Funds for advisory services on any assets invested in an affiliated money market fund. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This reimbursement’s impact on each Fund’s net expense and net investment income ratios is included in each Fund’s Financial Highlights.

The Funds are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specific conditions outlined in Rule 17a-7 Procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures. For the fiscal year ended March 31, 2023, there were no Funds engaged in purchases and/or sales of securities from an affiliated entity.

NTI or the Sub-Advisers may, from time to time, effect trades on behalf of and for the account of the Funds with brokers or dealers that are affiliated with NTI, in conformity with Rule 17e-1 under the 1940 Act and SEC rules and regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged by other brokers or dealers in comparable transactions.

For the fiscal year ended March 31, 2023, Northern Engage 360^TM paid Northern Trust Securities, Inc., an affiliate of NTI approximately $24,000 in brokerage commissions.

During the fiscal year ended March 31, 2023, the Active M Emerging Markets Equity, Emerging Markets Equity Index and Global Real Estate Index Funds received reimbursements from Northern Trust of less than $1,000 and approximately $5,000 and $10,000, respectively, in connection with errors. The reimbursements are included in Capital share transactions on the Statements of Changes in Net Assets. The cash contribution represents less than $0.01 per share and had no effect on each Fund’s total return.

During the fiscal year ended March 31, 2022, the Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Tactical Asset Allocation, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure and Multi-Manager Global Real Estate Funds received reimbursements from Northern Trust of approximately $14,000, $20,000, $10,000, $7,000, $1,000, $5,000, $6,000, $13,000 and $1,000, respectively, in connection with errors. The Global Sustainability Index and Northern Engage360^TM Funds each received reimbursements of less than $1,000 in connection with errors. These reimbursements are included in Net investment income in the Statements of Changes in Net Assets and Financial Highlights. These cash contributions represent less than $0.01 per share for each of the Funds.

During the fiscal year ended March 31, 2022, the Stock Index Fund received reimbursements from Northern Trust of approximately $2,000 in connection with an error. This reimbursement is included in Capital share transactions in the Statements of Changes in Net Assets. The cash contribution represents less than $0.01 per share and had no effect on the Fund’s total return.

Certain uninvested foreign currency balances of the Funds may pay/receive a return to/from Northern Trust based on a market return it pays/receives less an administrative fee. For the fiscal year ended March 31, 2023, the Active M International Equity, Global Real Estate Index, Global Sustainability Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure and Northern Engage 360^TM Funds paid Northern Trust approximately $4,000, $5,000, $9,000, $2,000, $31,000, $3,000 and $1,000, respectively. The Active M Emerging Markets Equity, Emerging Markets Equity Index and Multi-Manager Global Real Estate Funds each paid amounts to Northern Trust of less than $1,000. The Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, International Equity, International Equity Index and Multi-Manager Global Listed Infrastructure Funds received amounts from Northern Trust of approximately $9,000, $4,000, $3,000, $2,000, $31,000 and $8,000, respectively. The Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Real Estate and

Northern Engage 360^TM Funds each received amounts from Northern Trust of less than $1,000. These amounts are included in Dividend income or Interest income on the Funds’ Statements of Operations.

7. INVESTMENT TRANSACTIONS

For the fiscal year ended March 31, 2023, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:

PURCHASES

SALES

Amounts in thousands

U.S.
GOVERNMENT

OTHER

U.S.
GOVERNMENT

OTHER

Active M Emerging Markets Equity

$–

$238,099

$–

$322,442

Active M International Equity

–

235,331

–

318,418

Emerging Markets Equity Index

–

875,842

–

1,066,427

Global Real Estate Index

–

86,504

–

217,219

Global Sustainability Index

–

413,579

–

259,805

Global Tactical Asset Allocation

–

38,047

–

52,194

Income Equity

–

49,923

–

60,953

International Equity

–

55,570

–

52,164

International Equity Index

–

875,413

–

1,061,105

Large Cap Core

–

95,741

–

118,667

Large Cap Value

–

47,936

–

51,780

Mid Cap Index

–

278,914

–

532,649

Multi-Manager Global Listed Infrastructure

–

562,074

–

586,509

Multi-Manager Global Real Estate

–

87,460

–

125,937

Northern Engage360^TM

–

47,951

–

118,298

Small Cap Core

–

56,392

–

87,058

Small Cap Index

–

173,462

–

341,417

Small Cap Value

–

239,438

–

720,156

Stock Index

–

315,472

–

845,753

U.S. Quality ESG

–

177,016

–

220,179

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain foreign currency contracts, the deferral of post-October currency and capital losses for tax purposes and the timing of income recognition on investments in REITs and PFICs.

At March 31, 2023, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:



Amounts in thousands	UNREALIZED APPRECIATION			UNREALIZED DEPRECIATION				NET APPRECIATION (DEPRECIATION)				COST BASIS OF INVESTMENTS

Active M Emerging Markets Equity		$	12,676		$	(7,173	)		$	5,503			$	167,927

Active M International Equity			86,562			(10,906	)			75,656				401,219

Emerging Markets Equity Index			443,853			(136,439	)			307,414				1,197,687

Global Real Estate Index			221,578			(115,600	)			105,978				884,346

Global Sustainability Index			325,315			(47,020	)			278,295				1,235,783

Global Tactical Asset Allocation			4,155			(4,567	)			(412	)			102,473

Income Equity			43,559			(4,716	)			38,843				99,595

International Equity			11,112			(5,274	)			5,838				115,571

International Equity Index			1,489,734			(216,153	)			1,273,581				3,147,245

Large Cap Core			82,380			(5,531	)			76,849				165,883

Large Cap Value			4,805			(2,608	)			2,197				56,797

Mid Cap Index			668,675			(121,994	)			546,681				1,450,949

Multi-Manager Global Listed Infrastructure			64,253			(53,114	)			11,139				973,023

Multi-Manager Global Real Estate			7,928			(8,096	)			(168	)			120,862

Northern Engage360^TM			31,114			(14,997	)			16,117				217,528

Small Cap Core			165,758			(26,723	)			139,035				294,816

Small Cap Index			423,435			(180,257	)			243,178				918,638

Small Cap Value			653,479			(33,344	)			620,135				998,294

Stock Index			7,206,682			(101,210	)			7,105,472				3,623,177

U.S. Quality ESG			64,502			(14,827	)			49,675				348,845

8. CAPITAL SHARE TRANSACTIONS

Transactions in Shares class for the fiscal year ended March 31, 2023, were as follows:



Amounts in thousands	SHARES SOLD		PROCEEDS FROM SHARES SOLD		SHARES FROM REINVESTED DIVIDENDS		REINVESTMENTS OF DIVIDENDS		SHARES REDEEMED			PAYMENTS FOR SHARES REDEEMED			NET INCREASE (DECREASE) IN SHARES			NET INCREASE (DECREASE) IN NET ASSETS

Active M Emerging Markets Equity		4,307		$ 59,233		28		$ 355		(11,772	)		$ (154,552	)		(7,437	)		$ (94,964	)

Active M International Equity		2,264		23,798		57		584		(11,079	)		(113,778	)		(8,758	)		(89,396	)

Emerging Markets Equity Index		63,649		672,010		550		5,581		(82,198	)		(862,964	)		(17,999	)		(185,373	)

Global Real Estate Index		17,771		167,103		617		5,579		(35,502	)		(326,991	)		(17,114	)		(154,309	)

Global Tactical Asset Allocation		456		5,513		565		6,678		(1,843	)		(22,277	)		(822	)		(10,086	)

Income Equity		358		4,934		582		7,621		(1,404	)		(18,778	)		(464	)		(6,223	)

International Equity		3,411		29,755		179		1,555		(3,256	)		(28,154	)		334			3,156

International Equity Index		53,934		653,559		1,760		21,314		(73,873	)		(881,350	)		(18,179	)		(206,477	)

Large Cap Core		642		14,613		489		10,671		(1,733	)		(39,308	)		(602	)		(14,024	)

Large Cap Value		242		4,756		249		4,624		(502	)		(9,790	)		(11	)		(410	)

Mid Cap Index		12,058		239,064		8,280		154,003		(25,229	)		(506,930	)		(4,891	)		(113,863	)

Multi-Manager Global Listed Infrastructure		27,838		335,875		1,856		21,590		(31,866	)		(373,461	)		(2,172	)		(15,996	)

Multi-Manager Global Real Estate		699		7,581		117		1,150		(4,819	)		(49,726	)		(4,003	)		(40,995	)

Northern Engage360^TM		102		936		4,132		37,812		(6,823	)		(75,087	)		(2,589	)		(36,339	)

Small Cap Index		11,100		138,237		4,720		55,315		(25,207	)		(315,561	)		(9,387	)		(122,009	)

Small Cap Value		10,657		202,425		5,110		92,187		(37,116	)		(711,649	)		(21,349	)		(417,037	)

Stock Index		22,464		963,025		7,124		295,053		(35,095	)		(1,524,094	)		(5,507	)		(266,016	)

Transactions in Shares class for the fiscal year ended March 31, 2022, were as follows:



Amounts in thousands	SHARES SOLD		PROCEEDS FROM SHARES SOLD		SHARES FROM REINVESTED DIVIDENDS		REINVESTMENTS OF DIVIDENDS		SHARES REDEEMED			PAYMENTS FOR SHARES REDEEMED			NET INCREASE (DECREASE) IN SHARES			NET INCREASE (DECREASE) IN NET ASSETS

Active M Emerging Markets Equity		4,789		$ 83,852		3,643		$ 59,348		(7,854	)		$ (145,435	)		578			$ (2,235	)

Active M International Equity		3,398		44,169		3,632		44,598		(9,327	)		(116,046	)		(2,297	)		(27,279	)

Emerging Markets Equity Index		30,388		410,080		720		9,354		(39,139	)		(517,145	)		(8,031	)		(97,711	)

Global Real Estate Index		15,557		180,254		704		8,196		(21,938	)		(253,509	)		(5,677	)		(65,059	)

Global Tactical Asset Allocation		3,659		52,171		342		4,768		(3,427	)		(47,964	)		574			8,975

Income Equity		993		15,451		1,342		20,546		(1,542	)		(24,207	)		793			11,790

International Equity		3,095		31,587		141		1,399		(1,350	)		(13,514	)		1,886			19,472

International Equity Index		41,169		600,791		2,110		30,029		(70,587	)		(987,660	)		(27,308	)		(356,840	)

Large Cap Core		874		23,694		1,409		36,999		(1,749	)		(47,021	)		534			13,672

Large Cap Value		259		5,546		241		5,090		(447	)		(9,597	)		53			1,039

Mid Cap Index		13,814		328,739		9,174		207,702		(20,355	)		(488,984	)		2,633			47,457

Multi-Manager Global Listed Infrastructure		9,565		124,082		6,773		85,437		(22,004	)		(292,240	)		(5,666	)		(82,721	)

Multi-Manager Global Real Estate		1,420		18,175		281		3,656		(1,541	)		(19,670	)		160			2,161

Northern Engage360^TM		245		2,929		2,418		32,114		(4,872	)		(67,757	)		(2,209	)		(32,714	)

Small Cap Index		17,574		275,905		9,911		147,872		(14,056	)		(230,658	)		13,429			193,119

Small Cap Value		24,236		540,597		17,810		365,098		(58,070	)		(1,303,052	)		(16,024	)		(397,357	)

Stock Index		20,853		1,020,833		5,102		259,846		(27,450	)		(1,346,130	)		(1,495	)		(65,451	)

Transactions in Class K shares for the fiscal year ended March 31, 2023, were as follows:



Amounts in thousands	SHARES SOLD		PROCEEDS FROM SHARES SOLD		SHARES FROM REINVESTED DIVIDENDS		REINVESTMENTS OF DIVIDENDS		SHARES REDEEMED			PAYMENTS FOR SHARES REDEEMED			NET INCREASE (DECREASE) IN SHARES			NET INCREASE (DECREASE) IN NET ASSETS

Global Sustainability Index		10,815		$182,966		349		$5,855		(7,920	)		$(141,574	)		3,244			$ 47,247

Small Cap Core		897		22,179		43		1,054		(1,513	)		(38,649	)		(573	)		(15,416	)

U.S. Quality ESG		4,928		74,346		627		9,247		(8,937	)		(133,929	)		(3,382	)		(50,336	)

Transactions in Class K shares for the fiscal year ended March 31, 2022, were as follows:



Amounts in thousands	SHARES SOLD		PROCEEDS FROM SHARES SOLD		SHARES FROM REINVESTED DIVIDENDS		REINVESTMENTS OF DIVIDENDS		SHARES REDEEMED			PAYMENTS FOR SHARES REDEEMED			NET INCREASE (DECREASE) IN SHARES		NET INCREASE (DECREASE) IN NET ASSETS

Global Sustainability Index		10,270		$209,121		1,413		$28,906		(1,382	)		$(27,717	)		10,301		$210,310

Small Cap Core		833		25,573		1,320		37,447		(938	)		(29,065	)		1,215		33,955

U.S. Quality ESG		9,764		175,461		1,270		22,998		(1,594	)		(28,083	)		9,440		170,376

Transactions in Class I shares for the fiscal year ended March 31, 2023, were as follows:



Amounts in thousands	SHARES SOLD		PROCEEDS FROM SHARES SOLD		SHARES FROM REINVESTED DIVIDENDS		REINVESTMENTS OF DIVIDENDS		SHARES REDEEMED			PAYMENTS FOR SHARES REDEEMED			NET INCREASE (DECREASE) IN SHARES			NET INCREASE (DECREASE) IN NET ASSETS

Global Sustainability Index		17,772		$306,546		667		$11,197		(11,583	)		$(196,197	)		6,856			$121,546

Small Cap Core		1,013		25,628		41		1,014		(1,570	)		(39,640	)		(516	)		(12,998	)

U.S. Quality ESG		1,143		17,036		13		184		(93	)		(1,388	)		1,063			15,832

Transactions in Class I shares for the fiscal year ended March 31, 2022, were as follows:



Amounts in thousands	SHARES SOLD		PROCEEDS FROM SHARES SOLD		SHARES FROM REINVESTED DIVIDENDS		REINVESTMENTS OF DIVIDENDS		SHARES REDEEMED			PAYMENTS FOR SHARES REDEEMED			NET INCREASE (DECREASE) IN SHARES		NET INCREASE (DECREASE) IN NET ASSETS

Global Sustainability Index		21,466		$432,325		1,326		$27,109		(10,801	)		$(217,424	)		11,991		$242,010

Small Cap Core		865		27,714		1,204		34,088		(1,725	)		(53,750	)		344		8,052

U.S. Quality ESG		134		2,341		3		47		(15	)		(267	)		122		2,121

9. INVESTMENTS IN AFFILIATES

Transactions in affiliated investments for the fiscal year ended March 31, 2023, were as follows:



Amounts in thousands except shares	AFFILIATE	VALUE, BEGINNING OF YEAR		PURCHASES			SALES PROCEEDS			NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET REALIZED GAINS (LOSSES)			DIVIDEND INCOME			VALUE, END OF YEAR			SHARES, END OF YEAR

Active M Emerging Markets Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$ 17,729		$	229,653		$	243,785		$	–		$	–		$	134		$	3,597		3,597,000

Active M International Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		35,464			240,402			256,467			–			–			405			19,399		19,399,445



Amounts in thousands except shares	AFFILIATE	VALUE, BEGINNING OF YEAR		PURCHASES		SALES PROCEEDS		NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET REALIZED GAINS (LOSSES)			DIVIDEND INCOME		VALUE, END OF YEAR		SHARES, END OF YEAR

Emerging Markets Equity Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$ 41,401		$583,497		$ 577,897		$ –			$ –			$ 920		$47,001		47,000,884

Global Real Estate Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		23,490		208,783		223,301		–			–			310		8,972		8,971,826

Global Sustainability Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		14,982		340,957		334,372		–			–			455		21,567		21,567,077

	Northern Trust Corp.		1,112		209		87		(246	)		(33	)		30		955		10,838

	Total		$ 16,094		$ 341,166		$ 334,459		$ (246	)		$ (33	)		$ 485		$22,522		21,577,915

Global Tactical Asset Allocation	FlexShares^® Credit-Scored U.S. Corporate Bond Index Fund		$ 6,315		$ 815		$ 5,031		$ 253			$ (424)			$ 62		$ 1,928		40,650

	FlexShares^® Credit-Scored U.S. Long Corporate Bond Index Fund		910		130		697		113			(251	)		21		205		4,606

	FlexShares^® Developed Markets ex-U.S. Quality Low Volatility Index Fund		2,567		347		278		(69	)		(45	)		59		2,522		99,300

	FlexShares^® Disciplined Duration MBS Index Fund		5,418		3,494		4,405		69			(449	)		169		4,127		199,850

	FlexShares^® Global Quality Real Estate Index Fund		2,546		248		138		(628	)		(2	)		57		2,026		38,232

	FlexShares^® High Yield Value-Scored Bond Index Fund		15,424		247		4,781		(816	)		(1,011	)		952		9,063		222,511

	FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund		3,851		2,656		867		(364	)		(101	)		254		5,175		211,328

	FlexShares^® International Quality Dividend Index Fund		6,435		1,153		1,575		(314	)		(158	)		268		5,541		250,931

	FlexShares^® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund		6,423		1,184		1,699		(374	)		55			141		5,589		86,731

	FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		5,139		2,278		2,648		(571	)		(138	)		115		4,060		82,697

	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		7,655		2,043		2,913		(1,271	)		288			212		5,802		137,195



Amounts in thousands except shares	AFFILIATE	VALUE, BEGINNING OF YEAR		PURCHASES		SALES PROCEEDS		NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET REALIZED GAINS (LOSSES)			DIVIDEND INCOME		VALUE, END OF YEAR		SHARES, END OF YEAR

	FlexShares^® Morningstar U.S. Market Factor Tilt Index Fund		$ 15,919		$ 841		$ 4,585		$(2,260	)		$ 667			$ 179		$10,582		67,470

	FlexShares^® Quality Dividend Index Fund		11,778		490		1,786		(1,211	)		221			232		9,492		174,294

	FlexShares^® STOXX Global Broad Infrastructure Index Fund		2,557		2,360		2,489		(590	)		206			79		2,044		39,346

	FlexShares^® U.S. Quality Low Volatility Index Fund		10,538		77		2,297		(1,039	)		324			137		7,603		147,986

	FlexShares^® Ultra-Short Income Fund*		2,548		4,615		3,080		25			(5	)		74		4,103		54,858

	Northern Institutional Funds - U.S. Government Portfolio (Shares)		16		38,963		38,837		–			–			10		142		142,206

	Total		$106,039		$ 61,941		$ 78,106		$(9,047	)		$ (823	)		$3,021		$80,004		2,000,191

Income Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$ 1,445		$ 14,455		$ 14,380		$ –			$ –			$ 22		$ 1,520		1,519,935

International Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		1,627		25,447		25,825		–			–			23		1,249		1,249,221

International Equity Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		9,601		375,302		378,446		–			–			242		6,457		6,456,551

Large Cap Core	Northern Institutional Funds - U.S. Government Portfolio (Shares)		811		28,327		27,230		–			–			42		1,908		1,908,364

Large Cap Value	Northern Institutional Funds - U.S. Government Portfolio (Shares)		403		7,823		7,912		–			–			10		314		314,125

Mid Cap Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		52,517		271,709		294,024		–			–			516		30,202		30,201,529

Multi-Manager Global Listed Infrastructure	Northern Institutional Funds - U.S. Government Portfolio (Shares)		39,055		607,339		618,399		–			–			942		27,995		27,994,588

Multi-Manager Global Real Estate	Northern Institutional Funds - U.S. Government Portfolio (Shares)		6,523		95,040		96,825		–			–			105		4,738		4,738,449



Amounts in thousands except shares	AFFILIATE	VALUE, BEGINNING OF YEAR		PURCHASES		SALES PROCEEDS		NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)			NET REALIZED GAINS (LOSSES)		DIVIDEND INCOME		VALUE, END OF YEAR		SHARES, END OF YEAR

Northern Engage360^TM	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$ 11,672		$154,466		$ 156,642		$ –			$ –		$ 234		$9,496		9,496,087

Small Cap Core	Northern Institutional Funds - U.S. Government Portfolio (Shares)		17,127		79,270		76,319		–			–		359		20,078		20,078,072

Small Cap Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		9,745		162,862		169,132		–			–		209		3,475		3,474,552

Small Cap Value	Northern Institutional Funds - U.S. Government Portfolio (Shares)		88,840		430,771		444,068		–			–		1,016		75,543		75,542,577

Stock Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		122,922		994,209		1,031,699		–			–		2,054		85,432		85,431,707

	Northern Trust Corp.		7,937		96		573		(2,047	)		167		192		5,580		63,316

	Total		$130,859		$994,305		$1,032,272		$(2,047	)		$ 167		$2,246		$91,012		85,495,023

U.S. Quality ESG	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$ 3,516		$ 78,154		$ 73,607		$ –			$ –		$ 106		$8,063		8,063,048

Formerly known as FlexShares^® Ready Access Variable Income Fund.

10. DERIVATIVE INSTRUMENTS

Information concerning the types of derivatives in which the Funds invest, the objectives for using them and their related risks can be found in Note 2.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of March 31, 2023:

ASSETS

LIABILITIES

Amounts in thousands

CONTRACT TYPE

STATEMENTS OF

ASSETS LOCATION

VALUE

STATEMENTS OF

LIABILITIES LOCATION

VALUE

Active M Emerging Markets Equity

Equity contracts

Net Assets - Net unrealized appreciation

Net Assets - Net unrealized depreciation

–

Active M International Equity

Equity contracts

Net Assets - Net unrealized appreciation

320

Net Assets - Net unrealized depreciation

–

Emerging Markets Equity Index

Equity contracts

Net Assets - Net unrealized appreciation

2,229

Net Assets - Net unrealized depreciation

–

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

–

Unrealized depreciation on forward foreign currency exchange contracts

(68

)

Global Real Estate Index

Equity contracts

Net Assets - Net unrealized appreciation

826

Net Assets - Net unrealized depreciation

–

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts

(86

)

Global Sustainability Index

Equity contracts

Net Assets - Net unrealized appreciation

1,414

Net Assets - Net unrealized depreciation

–

ASSETS

LIABILITIES

Amounts in thousands

CONTRACT TYPE

STATEMENTS OF

ASSETS LOCATION

VALUE

STATEMENTS OF

LIABILITIES LOCATION

VALUE

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

174

Unrealized depreciation on forward foreign currency exchange contracts

(81

)

Income Equity

Equity contracts

Net Assets - Net unrealized appreciation

Net Assets - Net unrealized depreciation

–

Equity contracts

Outstanding options written, at value

(20

)

International Equity

Equity contracts

Net Assets - Net unrealized appreciation

Net Assets - Net unrealized depreciation

–

International Equity Index

Equity contracts

Net Assets - Net unrealized appreciation

929

Net Assets - Net unrealized depreciation

(23

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

463

Unrealized depreciation on forward foreign currency exchange contracts

(22

)

Large Cap Core

Equity contracts

Net Assets - Net unrealized appreciation

Net Assets - Net unrealized depreciation

–

Large Cap Value

Equity contracts

Net Assets - Net unrealized appreciation

Net Assets - Net unrealized depreciation

–

Mid Cap Index

Equity contracts

Net Assets - Net unrealized appreciation

1,106

Net Assets - Net unrealized depreciation

–

Multi-Manager Global Listed Infrastructure

Equity contracts

Net Assets - Net unrealized appreciation

722

Net Assets - Net unrealized depreciation

–

Northern Engage360^TM

Equity contracts

Net Assets - Net unrealized appreciation

183

Net Assets - Net unrealized depreciation

–

Small Cap Core

Equity contracts

Net Assets - Net unrealized appreciation

289

Net Assets - Net unrealized depreciation

–

Small Cap Index

Equity contracts

Net Assets - Net unrealized appreciation

229

Net Assets - Net unrealized depreciation

–

Small Cap Value

Equity contracts

Net Assets - Net unrealized appreciation

2,116

Net Assets - Net unrealized depreciation

–

Stock Index

Equity contracts

Net Assets - Net unrealized appreciation

5,211

Net Assets - Net unrealized depreciation

–

U.S. Quality ESG

Equity contracts

Net Assets - Net unrealized appreciation

187

Net Assets - Net unrealized depreciation

–

*	Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments’ footnotes. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

**	Amount rounds to less than one thousand.

The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. In the event of default where the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the defaulting party, realization of collateral by the Funds may be delayed or limited. In addition, the netting agreements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral.

As of March 31, 2023, gross amounts of assets and liabilities for forward foreign exchange contracts not offset in the Statements of Assets and Liabilities, related collateral and net amounts after taking into account netting agreements, by counterparty, are as follows:



					GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES
Amounts in Thousands	Counterparty	GROSS AMOUNTS OF ASSETS PRESENTED IN STATEMENTS OF ASSETS AND LIABILITIES			FINANCIAL INSTRUMENTS			CASH COLLATERAL RECEIVED		NET AMOUNT

Emerging Markets Equity Index Fund	Morgan Stanley	$	–	*	$	–	*	$	–	$	–

Global Real Estate Index Fund	Morgan Stanley		–	*		–	*		–		–

	UBS		5			–			–		5

	Total	$	5		$	–		$	–	$	5

Global Sustainability Index Fund	Citibank		50			(3)			–		47

	JPMorgan Chase		4			(4)			–		–

	Morgan Stanley		57			(4)			–		53

	Toronto-Dominion Bank		63			(13)			–		50

	Total	$	174		$	(24)		$	–	$	150

International Equity Index Fund	Citibank		178			(22)			–		156

	Goldman Sachs		27			–			–		27

	Morgan Stanley		143			–			–		143

	Toronto-Dominion Bank		115			–			–		115

	Total	$	463		$	(22)		$	–	$	441

					GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES
Amounts in Thousands	Counterparty	GROSS AMOUNTS OF LIABILITIES PRESENTED IN STATEMENTS OF ASSETS AND LIABILITIES			FINANCIAL INSTRUMENTS			CASH COLLATERAL PLEDGED		NET AMOUNT

Emerging Markets Equity Index Fund	Goldman Sachs	$	(36	)	$	–		$	–	$	(36)

	Morgan Stanley		(4	)		–	*		–		(4)

	Toronto-Dominion Bank		(28	)		–			–		(28)

	Total	$	(68	)	$	–		$	–	$	(68)

Global Real Estate Index Fund	Citibank		(27	)		–			–		(27)

	JPMorgan Chase		(3	)		–			–		(3)

	Morgan Stanley		(22	)		–	*		–		(22)

	Toronto-Dominion Bank		(34	)		–			–		(34)

	Total	$	(86	)	$	–		$	–	$	(86)

Global Sustainability Index Fund	BNY Mellon		(54	)		–			–		(54)

	Citibank		(3	)		3			–		–

	JPMorgan Chase		(5	)		4			–		(1)

	Morgan Stanley		(4	)		4			–		–

	Toronto-Dominion Bank		(13	)		13			–		–

	UBS		(2	)		–			–		(2)

	Total	$	(81	)	$	24		$	–	$	(57)

International Equity Index Fund	Citibank		(22	)		22			–		–

*	Amount rounds to less than one thousand.

The following tables set forth, by primary risk exposure, the Funds’ realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the fiscal year ended March 31, 2023:


		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVE CONTRACTS
Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE

Income Equity	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$	16

	Equity contracts	Net change in unrealized appreciation (depreciation) on options written		71

International Equity	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		40

International Equity Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(2,094	)

	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		774

Large Cap Core	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		36

Large Cap Value	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(26	)

Mid Cap Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(1,449	)

Multi-Manager Global Listed Infrastructure	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(12	)

Northern Engage360^TM	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		30

Small Cap Core	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(471	)

Small Cap Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(571	)

Small Cap Value	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(954	)

Stock Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(5,508	)

U.S. Quality ESG	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		77

Volume of derivative activity for the fiscal year ended March 31, 2023*:



	FOREIGN EXCHANGE CONTRACTS				EQUITY CONTRACTS
	NUMBER OF TRADES		AVERAGE NOTIONAL AMOUNT**		NUMBER OF TRADES		AVERAGE NOTIONAL AMOUNT**

Active M Emerging Markets Equity		–	$	–		79	$	1,406

Active M International Equity		–		–		54		2,778

Emerging Markets Equity Index		67		1,178		118		4,282

Global Real Estate Index		90		412		399		700

Global Sustainability Index		135		529		587		663

Income Equity		–		–		118		515

International Equity		–		–		215		207

International Equity Index		102		2,110		205		1,561

Large Cap Core		–		–		34		901

Large Cap Value		–		–		28		317

Mid Cap Index		–		–		82		4,139

Multi-Manager Global Listed Infrastructure		–		–		245		1,324

FOREIGN EXCHANGE

CONTRACTS

EQUITY

CONTRACTS

NUMBER

TRADES

AVERAGE

NOTIONAL

AMOUNT**

NUMBER

TRADES

AVERAGE

NOTIONAL

AMOUNT**

Northern Engage360^TM

–

672

Small Cap Core

–

2,130

Small Cap Index

–

2,480

Small Cap Value

–

161

4,358

Stock Index

–

23,644

U.S. Quality ESG

–

862

*	Activity for the fiscal year is measured by number of trades during the fiscal year and average notional amount for foreign currency exchange and futures and written options equity contracts.

**	Amounts in thousands.

11. INDEMNIFICATIONS AND WARRANTIES

In the ordinary course of their business, the Funds may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Funds. The maximum exposure to the Funds under these provisions is unknown, as this would involve future claims that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

12. LEGAL PROCEEDINGS

On or about February 14, 2020, Marc S. Kirschner, as Trustee for NWHI Litigation Trust (“Litigation Trustee”) and Wilmington Savings Fund Society, FSB, as indenture Trustee (“Indenture Trustee”) for several series of notes issued by Nine West Holdings, Inc. (“Nine West”), filed separate complaints (docket nos. 20-cv-01129 and 20-cv-01136, respectively) in the United States District Court for the Northern District of Illinois against a group of defendants that includes three Northern Funds that had invested in The Jones Group Inc. (“Jones Group”) including the Small Cap Core Fund, Small Cap Index Fund and Small Cap Value Fund (together, the “Small Cap Funds”). The claim stems from a series of merger transactions (“Transactions”) entered into by Jones Group, Nine West and others in 2014 that allegedly rendered Jones Group insolvent. The matters in these proceedings were transferred from the United States District Court for the Northern District of Illinois to the United States District Court for the Southern District of New York to centralize the litigation, and were assigned to the Honorable Jed S. Rakoff for coordinated or consolidated pretrial proceedings. The Small Cap Funds allegedly received the following amounts as a result of the Transactions: Small Cap Core Fund ($134,265), Small Cap Index Fund ($683,610) and Small Cap Value Fund ($4,010,685). The Litigation Trustee and Indenture Trustee seek to clawback these proceeds for the benefit of the Trust and the noteholders, respectively, on the basis that they were fraudulent conveyances. On June 29, 2020, the former public shareholder defendants,

including the Small Cap Funds, filed a motion to dismiss on the basis that the payments allegedly made to them in connection with the Transactions were shielded from the fraudulent conveyance claims under Section 546(e) of the Bankruptcy Code. On August 27, 2020, all fraudulent conveyance claims against the former public shareholder defendants were dismissed. Plaintiffs appealed from that decision and the actions are currently on appeal before the U.S. Court of Appeals for the Second Circuit. The Small Cap Funds intend to continue to vigorously defend themselves against this action.

13. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”) to provide temporary, optional expedients related to the accounting for contract modifications and hedging transactions as a result of the global markets’ anticipated transition away from the use of London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Preceding the issuance of ASU 2020-04, which established ASC 848, the United Kingdom’s Financial Conduct Authority (FCA) announced that it would no longer need to persuade or compel banks to submit to LIBOR after December 31, 2021. In response, the FASB established a December 31, 2022, expiration date for ASC 848.

In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The effective date for compliance with Rule 2a-5 was September 8, 2022. Management believes the adoption of Rule 2a-5 did not have a material impact on the financial statements.

In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 defers the expiration date of ASC 848

to December 31, 2024. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.

14. LIBOR TRANSITION

Certain of the Funds’ investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the FCA, which regulates LIBOR, announced that the FCA will no longer persuade nor compel banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Although many LIBOR rates were phased out as of December 31, 2021 as originally contemplated, a majority of U.S. dollar LIBOR rates will continue to be published until June 30, 2023. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the SOFR that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Uncertainty related to the liquidity and value impact of the change to alternative rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts, and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled. Until then, the Funds may continue to invest in instruments that reference such rates or otherwise use such Reference Rates due to favorable liquidity or pricing.

15. EUROPEAN INSTABILITY

other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian or other Eastern European investments, the Fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or adjoining geographic regions. Funds that track an index (an Index Fund) may experience challenges liquidating positions in Russian securities that have been removed from its underlying index and/or sampling the underlying index to continue to seek the Index Fund’s respective investment goal. Such circumstances may lead to increased tracking error between an Index Fund’s performance and the performance of its respective underlying index.

16. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure.

We have audited the accompanying statements of assets and liabilities of twenty separate portfolios of Northern Funds, comprising the Active M Emerging Markets Equity Fund, Active M International Equity Fund, Emerging Markets Equity Index Fund, Global Real Estate Index Fund, Global Sustainability Index Fund, Global Tactical Asset Allocation Fund, Income Equity Fund, International Equity Fund, International Equity Index Fund, Large Cap Core Fund, Large Cap Value Fund, Mid Cap Index Fund, Multi-Manager Global Listed Infrastructure Fund, Multi-Manager Global Real Estate Fund, Northern Engage360^TM Fund, Small Cap Core Fund, Small Cap Index Fund, Small Cap Value Fund, Stock Index Fund, and U.S. Quality ESG Fund (collectively, the “Funds”), including the schedules of investments, as of March 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for Active M Emerging Markets Equity Fund, Active M International Equity Fund, Emerging Markets Equity Index Fund, Global Real Estate Index Fund, Global Tactical Asset Allocation Fund, Income Equity Fund, International Equity Fund, International Equity Index Fund, Large Cap Core Fund, Large Cap Value Fund, Mid Cap Index Fund, Multi-Manager Global Listed Infrastructure Fund, Multi-Manager Global Real Estate Fund, Northern Engage360^TM Fund, Small Cap Index Fund, Small Cap Value Fund, and Stock Index Fund; the related statements of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2023, March 31, 2022, and for the period from July 30, 2020 (commencement of operations) to March 31, 2021, for Global Sustainability Index Fund, Small Cap Core Fund, and U.S. Quality ESG Fund; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Active M Emerging Markets Equity Fund, Active M International Equity Fund, Emerging Markets Equity Index Fund, Global Real Estate Index Fund, Global Tactical Asset Allocation Fund, Income Equity Fund, International Equity Fund, International Equity Index Fund, Large Cap Core Fund, Large Cap Value Fund, Mid Cap Index Fund, Multi-Manager Global Listed Infrastructure Fund, Multi-Manager Global Real Estate Fund, Northern Engage360^TM Fund, Small Cap Index Fund, Small Cap Value Fund, and Stock Index Fund as of March 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Global Sustainability Index Fund, Small Cap Core Fund, and U.S. Quality ESG Fund as of March 31, 2023, and the results of their operations for the year ended March 31, 2023, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the years ended March 31, 2023, March 31, 2022 and for the period from July 30, 2020 (commencement of operations) through March 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

CAPITAL GAIN DISTRIBUTION — The following Funds made capital gain distributions in December 2022, and hereby designated these long-term capital gain distributions as follows (per share):



	LONG-TERM CAPITAL GAIN

Global Sustainability Index		$0.058472

Global Tactical Asset Allocation		0.506389

Income Equity		0.479603

Large Cap Core		0.672588

Large Cap Value		0.969473

Mid Cap Index		1.629689

Multi-Manager Global Listed Infrastructure		0.135250

Multi-Manager Global Real Estate		0.013658

Northern Engage360^TM		1.892337

Small Cap Core		0.075093

Small Cap Index		0.598769

Small Cap Value		0.895205

Stock Index		1.243605

U.S. Quality ESG		0.370263

CORPORATE DIVIDENDS-RECEIVED DEDUCTION (DRD) — A percentage of the dividends distributed during the fiscal year ended March 31, 2023 for the following Funds qualifies for the dividends-received deduction for corporate shareholders:



	CORPORATE DRD PERCENTAGE

Active M Emerging Markets Equity		1.16%

Active M International Equity		0.48%

Emerging Markets Equity Index		0.37%

Global Sustainability Index		64.25%

Income Equity		100.00%

Large Cap Core		96.75%

Large Cap Value		76.52%

Mid Cap Index		86.26%

Small Cap Core		100.00%

Small Cap Index		98.60%

Small Cap Value		100.00%

Stock Index		94.89%

U.S. Quality ESG		100.00%

A percentage of the dividends distributed during the calendar year ended December 31, 2022 for the following Fund qualifies for the dividends-received deduction for corporate shareholders:



	CORPORATE DRD PERCENTAGE

Global Real Estate Index		0.15%



	CORPORATE DRD PERCENTAGE

Multi-Manager Global Listed Infrastructure		26.85%

Multi-Manager Global Real Estate		0.77%

FOREIGN TAX CREDIT — The Fund below intends to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. The amounts per share which represent income from sources within, and taxes paid to, foreign countries are as follows:



	TAXES		INCOME

Active M Emerging Markets Equity		$0.0430		$0.4515

Active M International Equity		0.0293		0.2982

Emerging Markets Equity Index		0.0380		0.3886

International Equity		0.0352		0.3530

International Equity Index		0.0359		0.4283

Multi-Manager Global Listed Infrastructure		0.0182		0.2908

LONG-TERM CAPITAL GAIN — The following Funds designated the below amount as long-term capital gains, pursuant to Section 852 of the Internal Revenue Code, for the fiscal year ended March 31, 2023:



Amounts in thousands	LONG-TERM CAPITAL GAIN

Active M International Equity		$4,600

Income Equity		2,335

Large Cap Core		3,687

Mid Cap Index		41,739

Multi-Manager Global Listed Infrastructure		12,532

Small Cap Core		10,980

Small Cap Value		22,411

Stock Index		124,237

QUALIFIED DIVIDEND INCOME (QDI) — Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2023, are designated as “qualified dividend income,” as defined in the Act, subject to reduced tax rates in 2022:



	QDI PERCENTAGE

Active M Emerging Markets Equity		100.00%

Active M International Equity		100.00%

Emerging Markets Equity Index		70.89%

Global Sustainability Index		100.00%

Global Tactical Asset Allocation		35.20%

Income Equity		100.00%

International Equity		100.00%

Each Fund has adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by rule 22e-4 under the Investment Company Act of 1940. The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interest in the Fund.

The Board has appointed Northern Trust Investments, Inc. (“NTI”), the investment adviser to the Funds, as the program administrator for the Program. NTI has delegated oversight of the Program to the Northern Trust Asset Management Credit & Liquidity Risk Committee (the “Committee”).

At a meeting held on November 16, 2022, the Board received and reviewed the annual written report of the Committee, on behalf of NTI, (the “Report”) concerning the operation of the Program for the period from October 1, 2021 to September 30, 2022 (the “Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation.

The Report summarized the operation of the Program and the information and factors considered by the Committee in reviewing the adequacy and effectiveness of the Program’s implementation with respect to each Fund. Such information and factors included, among other things: (i) the liquidity risk framework used to assess, manage, and periodically review each Fund’s liquidity risk and the results of this assessment; (ii) the methodology and inputs used to classify the liquidity of each Fund’s portfolio investments and the Committee’s assessment that each Fund’s strategy is appropriate for an open-end mutual fund; (iii) that each Fund held primarily highly liquid assets (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value); (iv) that none of the Funds required the establishment of a highly liquid investment minimum and the methodology for that determination; (v) confirmation that none of the Funds had breached the 15% maximum illiquid security threshold (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment) and the procedures for monitoring compliance with the limit; and (vi) historical information regarding redemptions and shareholder concentration in each Fund. The Report also summarized the changes made to the Program over the course of the year.

Based on the review, the Report concluded that the Program was being effectively implemented and that the Program was reasonably designed to assess and manage each Fund’s liquidity risk.

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, if any, including redemption fees on certain exchanges and redemptions; and (2) ongoing costs, including management fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, October 1, 2022 through March 31, 2023.

ACTUAL EXPENSES

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled Expenses Paid 10/1/2022 - 3/31/2023 to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the tables below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5 percent per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5 percent hypothetical example with the 5 percent hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees or other costs such as advisory fees related to affiliated money market fund investments, but shareholders of other funds may incur such costs. For example, the information does not reflect redemption fees (See page 243), if any, in the Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, International Equity, International Equity Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and Northern Engage360^TM Funds. If these fees were included, your costs would have been higher. The information also does not reflect reimbursements of advisory fees incurred in connection with the investment of uninvested cash in affiliated money market funds (See page 250),

which may result in different expense ratios in the Financial Highlights. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

ACTIVE M EMERGING MARKETS EQUITY



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	1.10%	$1,000.00	$1,140.00	$5.87

Hypothetical (5% return before expenses)	1.10%	$1,000.00	$1,019.45	$5.54

ACTIVE M INTERNATIONAL EQUITY



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.85%	$1,000.00	$1,293.70	$4.86

Hypothetical (5% return before expenses)	0.85%	$1,000.00	$1,020.69	$4.28

EMERGING MARKETS EQUITY INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.15%	$1,000.00	$1,148.50	$0.80

Hypothetical (5% return before expenses)	0.15%	$1,000.00	$1,024.18	$0.76

GLOBAL REAL ESTATE INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.47%	$1,000.00	$1,083.30	$2.44

Hypothetical (5% return before expenses)	0.47%	$1,000.00	$1,022.59	$2.37

Expenses are calculated using the Funds’ annualized expense ratios, which represent ongoing expenses as a percentage of net assets for the six months ended March 31, 2023. Expenses are equal to the Funds’ annualized expense ratio for the period October 1, 2022 through March 31, 2023, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expense ratios for the most recent half year may differ from expense ratios based on one-year data in the Financial Highlights.

GLOBAL SUSTAINABILITY INDEX



	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID 10/1/2022- 3/31/2023

Class K

Actual	0.23%	$1,000.00	$1,196.90	$1.26

Hypothetical (5% return before expenses)	0.23%	$1,000.00	$1,023.78	$1.16

Class I

Actual	0.28%	$1,000.00	$1,196.40	$1.53

Hypothetical (5% return before expenses)	0.28%	$1,000.00	$1,023.54	$1.41

GLOBAL TACTICAL ASSET ALLOCATION



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.26%	$1,000.00	$1,107.00	$1.37

Hypothetical (5% return before expenses)	0.26%	$1,000.00	$1,023.64	$1.31

INCOME EQUITY



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.48%	$1,000.00	$1,149.20	$2.57

Hypothetical (5% return before expenses)	0.48%	$1,000.00	$1,022.54	$2.42

INTERNATIONAL EQUITY



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.50%	$1,000.00	$1,269.30	$2.83

Hypothetical (5% return before expenses)	0.50%	$1,000.00	$1,022.44	$2.52

INTERNATIONAL EQUITY INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.10%	$1,000.00	$1,269.30	$0.57

Hypothetical (5% return before expenses)	0.10%	$1,000.00	$1,024.43	$0.50

LARGE CAP CORE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.45%	$1,000.00	$1,148.50	$2.41

Hypothetical (5% return before expenses)	0.45%	$1,000.00	$1,022.69	$2.27

LARGE CAP VALUE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.56%	$1,000.00	$1,144.60	$2.99

Hypothetical (5% return before expenses)	0.56%	$1,000.00	$1,022.14	$2.82

MID CAP INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.10%	$1,000.00	$1,149.30	$0.54

Hypothetical (5% return before expenses)	0.10%	$1,000.00	$1,024.43	$0.50

MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.96%	$1,000.00	$1,172.90	$5.20

Hypothetical (5% return before expenses)	0.96%	$1,000.00	$1,020.14	$4.84

MULTI-MANAGER GLOBAL REAL ESTATE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.92%	$1,000.00	$1,085.50	$4.78

Hypothetical (5% return before expenses)	0.92%	$1,000.00	$1,020.34	$4.63

NORTHERN ENGAGE360^TM



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.70%	$1,000.00	$1,176.00	$3.80

Hypothetical (5% return before expenses)	0.70%	$1,000.00	$1,021.44	$3.53

SMALL CAP CORE



	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID 10/1/2022- 3/31/2023

Class K

Actual	0.49%	$1,000.00	$1,119.60	$2.59

Hypothetical (5% return before expenses)	0.49%	$1,000.00	$1,022.49	$2.47

Class I

Actual	0.59%	$1,000.00	$1,119.30	$3.12

Hypothetical (5% return before expenses)	0.59%	$1,000.00	$1,021.99	$2.97

SMALL CAP INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.10%	$1,000.00	$1,091.60	$0.52

Hypothetical (5% return before expenses)	0.10%	$1,000.00	$1,024.43	$0.50

SMALL CAP VALUE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	1.00%	$1,000.00	$1,104.20	$5.25

Hypothetical (5% return before expenses)	1.00%	$1,000.00	$1,019.95	$5.04

STOCK INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.05%	$1,000.00	$1,155.60	$0.27

Hypothetical (5% return before expenses)	0.05%	$1,000.00	$1,024.68	$0.25

Set forth below is information about the Trustees and Officers of Northern Funds. Each Trustee has served in that capacity since he or she was originally elected or appointed to the Board of Trustees. Each Trustee oversees a total of 46 portfolios in the Northern Funds Complex—Northern Funds offers 41 portfolios and Northern Institutional Funds consists of 5 portfolios. The Northern Funds’ Statement of Additional Information contains additional information about the Trustees and is available upon request and without charge by calling 800-595-9111.

(1) Each Trustee may be contacted by writing to the Trustee, c/o the Secretary of the Trust, The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603.

(2) Each Trustee will hold office for an indefinite term until the earliest of: (i) the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor, if any, elected at such meeting; (ii) the date a Trustee resigns or retires, or a Trustee is removed by the Board or shareholders, in accordance with the Trust’s Agreement and Declaration of Trust; or (iii) in accordance with the current resolutions of the Board (which may be changed without shareholder vote) on the earlier of the completion of 15 years of service on the Board and the last day of the calendar year in which he or she attains the age of seventy-five years. For Trustees who joined the Board prior to July 1, 2016, the 15 year service limit is measured from July 1, 2016.

(3) This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended (i.e., public companies) or other investment companies registered under the 1940 Act.

(4) An “interested person,” as defined by the 1940 Act. Mr. Wojnar is deemed to be an “interested” Trustee because he is an officer, director, employee, and a shareholder of Northern Trust Corporation and/or its affiliates.

(1) Each Officer serves until his or her resignation, removal, or retirement, or election of his or her successor. Each Officer also holds the same office with Northern Institutional Funds.

¹ Affiliated Fund Risk: The Fund’s investment adviser may select investments for the Fund based on its own financial interests rather than the Fund’s interests. The Fund’s investment adviser may be subject to potential conflicts of interest in selecting the Underlying Funds. However, the Fund’s investment adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.

² Asset Allocation Risk: The selection by the Fund’s portfolio manager of Underlying Funds and the allocation of the Fund’s assets among the various asset classes and market segments may cause the Fund to underperform other funds with similar investment objectives.

³ Depositary Receipts Risk: Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with nonuniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market and liquidity risks. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depository receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depository receipts.

⁴ Emerging Markets Risk: Markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed markets.

⁵ Environmental, Social and Governance (ESG) Investing Risk: The risk stemming from the environmental, social and governance factors that the Fund applies in selecting securities. This may affect the Fund’s exposure to certain companies or industries and cause the Fund to forgo certain investment opportunities. The Fund’s results may be lower than other funds that do not seek to invest in companies based on ESG ratings and/or screen out certain companies or industries. The Fund seeks to identify companies that it believes may have a societal impact outcome, but investors may differ in their views of what constitutes positive or negative societal impact outcomes. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor.

⁶ Market Risk: The value of the Fund’s investments may decline, at times sharply and unpredictably, including in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. Securities may fluctuate in value due to economic changes or other events, including but not limited to local or regional events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events or adverse investor sentiment, that affect individual issuers or large portions of the market.

⁷ Foreign Securities Risk: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial and regulatory factors. Foreign governments may also impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline.

⁸ Frontier Markets Risk: Frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.

⁹ High-Yield Risk: The Fund’s non-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility and risk of loss than investment grade securities, which can adversely impact the Fund’s return and net asset value (“NAV”). High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments.

¹⁰ Infrastructure Company Risk: Infrastructure companies are subject to the risks that: the potential for realized revenue volumes is significantly lower than projected and/or there will be cost overruns; project sponsors will alter their terms making a project no longer economical; macroeconomic factors such as low gross domestic product (“GDP”) growth or high nominal interest rates will raise the average cost of funding; government regulation may affect rates charged to customers; government budgetary constraints will impact projects; special tariffs will be imposed; and changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include environmental damage due to a company’s operations or an accident, changes in market sentiment towards infrastructure and terrorist acts.

¹¹ Interest Rate/Maturity Risk: Securities with longer maturities tend to be more sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities. Securities with shorter maturities tend to provide lower returns and be less volatile than securities with longer maturities. Changing interest rates may have unpredictable effects on the markets and an Underlying Fund’s or the Fund’s investments. A low or declining interest rate environment poses risks to the Fund’s performance, including the risk that proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Underlying Funds or the Fund.

¹² Mid Cap Risk: Stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent on a particular niche of the market.

¹³ Non-Diversification Risk: The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund invests in fewer securities than diversified funds and may be more susceptible to adverse financial, economic or other developments affecting any single issuer, and more susceptible to greater losses because of these developments, than if it were diversified.

¹⁴ REIT/Real Estate Risk: Investments in securities of real estate companies will make the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. Real estate companies may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of mortgage funds and unexpected vacancies of properties, increases in property taxes and fluctuations in interest rates. REITs that invest in real estate mortgages are also subject to prepayment risks.

¹⁵ Small Cap Risk: The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.

¹⁶ Technology Sector Risk: Securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

¹⁷ Tracking Risk: The Fund’s performance may vary substantially from the performance of the benchmark index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions may have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track its index. During periods of market disruption, a Fund’s benchmark index may postpone periodic rebalancing, causing the index, and in turn the Fund, to deviate from the index stated methodology and experience returns different from those that would have been achieved under a normal rebalancing or reconstitution schedule.

¹⁸ Underlying Fund Risk: The Fund’s investment performance and its ability to achieve its investment objective are directly tied to the performance of the Underlying Funds in which it invests. There can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

* Because Global Tactical Asset Allocation Fund invests in a combination of underlying mutual funds and exchange-traded funds (“ETFs”, and together with the underlying mutual funds, the “Underlying Funds”), the risks described for this Fund are in reference to the Underlying Funds, and to the extent that the Fund invests directly in securities and other instruments, the risks described for this Fund are also directly applicable to the Fund.

Protecting your privacy is important at Northern Funds, which is why we wanted you to know:

If our information sharing practices change, we will send you a revised notice. You can also visit our Web site, northerntrust.com/funds, for an online version of our current privacy notice.

In order to help reduce expenses and reduce the amount of mail that you receive, we generally send a single copy of all materials, including prospectuses, financial reports, proxy statements and information statements to all investors who share the same mailing address, even if more than one person in a household holds shares of a fund.

If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the Northern Funds Center either by telephone at 800-595-9111; by mail at Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986; or by sending an e-mail to northern-funds@ntrs.com.

Surging inflation and the aggressive U.S. Federal Reserve (the “Fed”) response were the key themes of the 12-month reporting period ended March 31, 2023. The Fed raised rates at every meeting during the reporting period, for a total increase of 4.50%. In response, U.S. Treasury yields increased, and the yield curve inverted. The municipal bond market saw a record $111 billion in outflows during the reporting period. The municipal bond curve moved higher in tandem with the Treasury curve during the sell-off, as well as in response to municipal fund outflow-driven selling pressure. Short-end (1-3 years) municipal bond yields increased 0.42%-0.94% during the reporting period. Increased inflation expectations drove long-end (15-30 years) yields higher by 0.54%-0.77%. Only the intermediate part of the curve (5-10 years) outperformed on strong investor demand, selling off only 0.09%-0.25%. Investment grade municipal bonds outperformed high yield municipal bonds during the reporting period (0.26% vs -4.49%). High yield municipals suffered a greater impact given its longer maturity profile. Within investment grade municipals, higher quality bonds (AAA/AA) outperformed lower quality bonds (A/BBB) (0.55% and 0.58% vs. -0.04% and -1.32%, respectively).

The Arizona Tax-Exempt Fund (the “Fund”) returned -0.82% for the reporting period, underperforming the -0.28% return for its benchmark, the Bloomberg Arizona Municipal Bond Index. The Fund’s security selection and curve positioning were the largest contributors to underperformance. The Fund was overweight in lower coupon bonds which underperformed higher coupon bonds. The Fund’s position of approximately half of the holdings in short-term instruments and the other half in long-term instruments along the yield curve, which was under-weighted 5-10 year municipal bonds, underperformed the benchmark given the 10-30 year portion of the yield curve steepened. The Fund’s sector/quality selection and duration position were positive contributors to performance in the final quarter of the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.61% and 0.47%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

U.S. Treasury yields rose substantially during the 12-month reporting period ended March 31, 2023. At the beginning of the reporting period, market participants expected the U.S. Federal Reserve (the “Fed”) to raise the Fed’s target rate by 2.50% over the course of the reporting period. By its March 2023 meeting, the Federal Open Market Committee had raised the rate by 4.50%, a full 2% higher than initial expectations. This was a result of persistently high inflation data, a strong labor market, and a resilient U.S. economy. This higher than expected policy tightening resulted in higher Treasury rates, which negatively impacted fixed income returns. Credit spreads over the reporting period were volatile, as market participants assessed the impact of monetary policy tightening on the economy and corporate profitability. Further, in March of 2023, the Federal Deposit Insurance Corporation was appointed receiver of, and took action to protect depositors of, U.S.-based Silicon Valley Bank and Signature Bank, and in Europe, Swiss regulators arranged an emergency purchase of Credit Suisse by UBS Group AG. The stress in the financial sector caused credit spreads to move higher in the first quarter of 2023.

In combination, these developments led to negative returns for virtually all segments of the bond market. Short-dated issues, which are most sensitive to changes in Fed policy, were hit particularly hard in the sell-off. The yield on the 2-year U.S. Treasury note rose from 2.34% to 4.03% over the reporting period. Longer-term yields also rose, but to a lesser extent: the yield on the 10-year Treasury note rose from 2.34% to 3.47%. The front end of the yield curve inverted as a result of these shifts. Mortgage-backed securities and investment-grade corporates lagged U.S. Treasuries and the broader fixed income market for the reporting period.

The Bond Index Fund (the “Fund”) returned -4.77% during the reporting period. The Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, returned -4.78%. The Fund remains positioned to replicate the risk and return characteristics of its benchmark index. Sector, curve, and security selection strategies are driven by the index allocation, and the Fund seeks to replicate as closely as possible (before deduction of fees, expenses, and taxes) the investment performance of the Bloomberg U.S. Aggregate Bond Index. Tracking difference between the Fund’s returns and the benchmark index’s total return for the reporting period was primarily due to the Fund’s duration/curve position and fees/expenses.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.12% and 0.07%, respectively, as of the most recent prospectus dated July 29, 2022, as supplemented September 1, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The California Intermediate Tax-Exempt Fund (the “Fund”) returned -0.39% for the reporting period, underperforming the 2.37% return for its benchmark, the Bloomberg California Intermediate Municipal Bond Index. The Fund’s security selection and curve positioning were the largest detractors to relative performance. The Fund was overweight lower coupon bonds which underperformed higher coupon bonds. The Fund’s position of approximately half of the holdings in short-term instruments and the other half in long-term instruments along the yield curve, which was under-weighted 5-10 year municipal bonds, underperformed the benchmark given the 10-30 year portion of the yield curve steepened. The Fund’s duration position was a positive contributor to performance in the final quarter of the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.51% and 0.45%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Surging inflation and the aggressive U.S. Federal Reserve (the “Fed”) response were the key themes of the 12-month reporting period ended March 31, 2023. The Fed raised rates at every meeting during the reporting period, for a total increase of 4.50%. In response, U.S. Treasury yields increased, and the yield curve inverted. The municipal bond market saw a record $111 billion in outflows during the reporting period. The municipal bond curve moved higher in tandem with the Treasury curve during the sell-off, as well as in response to municipal fund outflow-driven selling pressure. Short-end (1-3 years) municipal bond yields increased 0.42%-0.94% during the reporting period. Increased inflation expectations drove long-end (15-30 years) yields higher by 0.54%-0.77%. Only the intermediate part of the curve (5-10 years) outperformed on strong investor demand, selling off only 0.09%-0.25%. Investment grade municipal bonds outperformed high yield municipal bonds during the reporting period (0.26% vs -4.49%). High yield municipal bonds suffered a greater impact given its longer maturity profile. Within investment grade municipals, higher quality bonds (AAA/AA) outperformed lower quality bonds (A/BBB) (0.55% and 0.58% vs. -0.04% and -1.32%, respectively).

The California Tax-Exempt Fund (the “Fund”) returned -1.02% for the reporting period, underperforming the 0.71% return for its benchmark, the Bloomberg California Municipal Bond Index. The Fund’s security selection and sector/quality selection were the largest detractors to performance. The Fund was overweight in lower coupon bonds which underperformed higher coupon bonds. The Fund’s curve and duration position were positive contributors to relative performance during the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.56% and 0.47%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The U.S. bond market experienced continued uncertainty, periods of high volatility, and a significant change in the shape of the yield curve during the 12-month reporting period ended March 31, 2023. U.S. Treasury yields rose substantially, particularly in the one-year to three-year maturities which created a deep inversion of the yield curve. At the beginning of the reporting period, market participants expected the U.S. Federal Reserve (the “Fed”) to raise their target rate by 2.5% over the course of the reporting period. By the March 2023 Federal Open Market Committee meeting, the Fed had raised rates by 4.5%, a full 2.0% higher than initial expectations. This was a result of persistently high inflation data, a strong labor market, and a resilient U.S. economy. In the final month of the reporting period, markets entered a period of intense volatility following the collapse of Silicon Valley Bank, Signature Bank, and Credit Suisse, which introduced fears regarding banking sector stability. These developments negatively impacted fixed income returns. Spreads across risk assets were volatile over the reporting period as market participants assessed the impact of monetary policy tightening on the economy, corporate profitability, and consumer strength. During March 2023, investment grade credit spreads moved wider due to financial sector stress. Mortgage-backed securities also experienced spread widening and elevated volatility as uncertainty around failed banks and their need to unwind their portfolios took hold. Lastly, fundamental headwinds were top of mind for investors in the commercial mortgage-backed space due to both looming refinance risks and office vacancies in hard-hit markets.

In the fall of 2022, Northern Trust Investments reduced the Core Bond Fund’s (the “Fund”) allocation to investment grade credit, and increased the Fund’s allocation to U.S. Treasuries to position the portfolio for anticipated weaker economic growth as the Fed persisted in its efforts to reduce inflation. Northern Trust Investments also maintained neutral positioning in securitized products, or products made of pools of assets.

The Fund returned -4.92% for the reporting period, underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -4.78%. The Fund’s neutral duration positioning added to performance during the reporting period, while asset allocation to both investment grade credit and U.S. Treasuries also was a significant contributor. The Fund’s negative performance was driven primarily by security selection in both the banking and banking-related credit sectors as these securities came under heavy stress in March 2023.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.48% and 0.42%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The U.S. bond market experienced continued uncertainty, periods of high volatility, and a significant change in the shape of the yield curve during the 12-month reporting period ended March 31, 2023. U.S. Treasury yields rose substantially, particularly in the one-year to three-year maturities which created a deep inversion of the yield curve. At the beginning of the reporting period, market participants expected the Federal Reserve (the “Fed”) to raise their target rate by 2.5% over the reporting period. By the March 2023 Federal Open Market Committee meeting, the Fed had raised rates by 4.5%, a full 2.0% higher than initial expectations. This was a result of persistently high inflation data, a strong labor market, and a resilient U.S. economy. In the final month of the reporting period, markets entered a period of intense volatility following the collapse of Silicon Valley Bank, Signature Bank, and Credit Suisse, which introduced fears regarding banking sector stability. These developments negatively impacted fixed income returns. Spreads across risk assets were volatile over the reporting period as market participants assessed the impact of monetary policy tightening on the economy, corporate profitability, and consumer strength. During March 2023, both investment grade and high yield credit spreads moved wider due to financial sector stress. Mortgage-backed securities also experienced spread widening and elevated volatility as uncertainty around failed banks and their need to unwind their portfolios took hold. Lastly, fundamental headwinds were top of mind for investors in the commercial mortgage-backed space due to both looming refinance risks and office vacancies in hard-hit markets.

In the fall of 2022, Northern Trust Investments reduced the Fixed Income Fund’s (the “Fund”) allocation to investment grade and high yield credit, and increased the Fund’s allocation to U.S. Treasuries, to position the portfolio for anticipated weaker economic growth as the Fed persisted in its efforts to reduce inflation. Northern Trust Investments also maintained neutral positioning in securitized products, or products made of pools of assets.

The Fund returned -5.23% for the reporting period, underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned -4.78%. The Fund’s neutral duration and curve positioning added to performance during the reporting period. Security selection, particularly within the banking and communications credit sectors negatively impacted performance during the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.49% and 0.45%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The high yield market posted a negative return in the 12-month reporting period ended March 31, 2023, with the High Yield Fixed Income Fund (the “Fund”) returning -4.08% for the reporting period, underperforming its benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index which returned -3.35%.

The 12-month reporting period was characterized by inflation that was more persistent than initially suspected. Commodity supplies grew scarce from the war in Ukraine, further fueling inflation concerns following the COVID-19 supply bottlenecks faced during the previous year. An increase in interest rate volatility quickly turned into growth concerns as the U.S. Federal Reserve (the “Fed”) rushed to control inflation by raising the target rate by 0.75% to close the quarter ended March 31, 2023. High yield spreads ended up sharply widening 2.44% from the end of March to the end of June 2022, which was the third largest absolute move in high yield spreads since 2008, and the second worst quarterly return following the global financial crisis of 2008. The beginning of July 2022 marked the widest spreads for the reporting period, as the market began to consider a possible easing of the Fed rate hikes; early indications from economic data suggested inflation was peaking, while commentary from Fed Chair Jerome Powell was interpreted as dovish, driving positive performance. In response to the easing of financial conditions, Powell used the Federal Reserve Bank of Kansas City’s Economic Policy Symposium as an opportunity to re-assert the Fed’s commitment to reining in inflation, causing financial conditions to tighten. High yield spreads continued to trade directionless due to pulls between both inflation and growth cooling, with cash balances hovering at decade highs for high yield mutual funds, and high yield supply down nearly 80%. High yield spreads sharply increased in March 2023 largely driven by a flight to quality due to instability among U.S regional banks, and the Swiss regulators arrangement of an emergency purchase of Credit Suisse by UBS. Interest rate volatility hit its highest level since the global financial crisis. However, quick action by regulators helped calm investors’ fears, creating a good entry point resulting from the recent spread widening.

High yield bond performance ended the reporting period with BB rated credits providing the best performance. BB rated bonds returned -1.91%, ahead of B rated securities with a -3.75% return. CCC rated bonds generated a -8.59% return, consolidated C and D rated bonds returned -10.26% Throughout the reporting period the Fund carried an overweight to B rated securities along with a modest overweight to CCC rated securities. This was offset by a material underweight to BB rated securities. The Fund’s performance was negatively impacted by the overweight to B and CCC rated securities during the reporting period. Overweight positions in other financial institutions and retailers along with underweights in consumer cyclicals, midstream, and healthcare issuers contributed to performance. An overweight to media and entertainment, transportation services, and banking detracted from performance during the reporting period along with underweights to gaming.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.64% and 0.60%, respectively, as of the most recent prospectus dated July 29, 2022, as supplemented September 1, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Surging inflation and the aggressive U.S. Federal Reserve (the “Fed”) response were the key themes of the 12-month reporting period ended March 31, 2023. The Fed raised rates at every meeting during the reporting period, for a total increase of 4.50%. In response, U.S. Treasury yields increased, and the yield curve inverted. The municipal bond market saw a record $111 billion in outflows during the reporting period. The municipal bond curve moved higher in tandem with the Treasury curve during the sell-off, as well as in response to municipal fund outflow-driven selling pressure. Short-end (1-3 years) municipal bond yields increased 0.42%-0.94% during the reporting period. Increased inflation expectations drove long-end (15-30 years) yields higher by 0.54%-0.77%. Only the intermediate part of the curve (5-10 years) outperformed on strong investor demand, selling off only 0.09%-0.25%. Investment grade municipal bonds outperformed high-yield municipal bonds during the reporting period (0.26% vs -4.49%). High-yield municipal bonds suffered a greater impact given its longer maturity profile. Within investment grade municipals, higher quality bonds (AAA/AA) outperformed lower quality bonds (A/BBB) (0.55% and 0.58% vs. -0.04% and -1.32%, respectively).

The High Yield Municipal Fund (the “Fund”) returned -7.48% for the reporting period, underperforming the -2.60% return for its benchmark, the Bloomberg Municipal Bond 60% High Yield/40% Investment Grade Index. The Fund’s sector/quality selection, curve positioning, security selection, and duration positioning were all detractors from performance. The Fund was overweight credit risk, overweight the long end of the yield curve, and long duration, all of which underperformed the benchmark, as both inflation fears and credit concerns impacted the municipal market, along with selling pressure from mutual fund outflows. The Fund’s coupon position was a positive contributor to performance in the final quarter of the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.63% and 0.59%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Surging inflation and the aggressive U.S. Federal Reserve (the “Fed”) response were the key themes of the 12-month reporting period ended March 31, 2023. The Fed raised rates at every meeting during the reporting period, for a total increase of 4.50%. In response, U.S. Treasury yields increased, and the yield curve inverted. The municipal bond market saw a record $111 billion in outflows during the reporting period. The municipal bond curve moved higher in tandem with the Treasury curve during the sell-off, as well as in response to municipal fund outflow-driven selling pressure. Short-end (1-3 years) municipal bond yields increased 0.42%-0.94% during the reporting period. Increased inflation expectations drove long-end (15-30 years) yields higher by 0.54%-0.77%. Only the intermediate part of the curve (5-10 years) outperformed on strong investor demand, selling off only 0.09%-0.25%. Investment grade municipal bonds outperformed high-yield municipal bonds during the reporting period (0.26% vs -4.49%). High-yield municipal bonds suffered a greater impact given its longer maturity profile. Within investment grade, higher quality bonds (AAA/AA) outperformed lower quality bonds (A/BBB) (0.55% and 0.58% vs. -0.04% and -1.32%, respectively).

The Intermediate Tax-Exempt Fund (the “Fund”) returned -0.29% for the reporting period, underperforming the 1.60% return for its benchmark, the Bloomberg Municipal 1-15 Year Index. The Fund’s security selection and curve positioning were the largest detractors from relative performance during the reporting period. The Fund was overweight in lower coupon bonds which underperformed higher coupon bonds. The Fund’s position of approximately half of the holdings in short-term instruments and the other half in long-term instruments along the yield curve, which was under-weighted 5-10 year municipal bonds, underperformed the benchmark given the 10-30 year portion of the yield curve steepened. The Fund’s duration position was a positive contributor to performance in the final quarter of the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.49% and 0.46%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Surging inflation and the aggressive U.S. Federal Reserve (the “Fed”) response were the key themes of the 12-month reporting period ended March 31, 2023. The Fed raised rates at every meeting during the reporting period, for a total increase of 4.50%. In response, U.S. Treasury yields increased, and the yield curve inverted. The municipal bond market saw a record $111 billion in outflows during the reporting period. The municipal bond curve moved higher in tandem with the Treasury curve during the sell-off, as well as in response to municipal fund outflow-driven selling pressure. Short-end (1-3 years) municipal bond yields increased 0.42%-0.94% during the reporting period. Increased inflation expectations drove long-end (15-30 years) yields higher by 0.54%-0.77%. Only the intermediate part of the curve (5-10 years) outperformed on strong investor demand, selling off only 0.09%-0.25%. Investment grade municipal bonds outperformed high-yield municipal bonds during the reporting period (0.26% vs -4.49%). High-yield municipals suffered a greater impact given its longer maturity profile. Within investment grade municipals, higher quality bonds (AAA/AA) outperformed lower quality bonds (A/BBB) (0.55% and 0.58% vs. -0.04% and -1.32%, respectively).

The Limited Term Tax-Exempt Fund (the “Fund”) returned 1.59% for the reporting period, matching the 1.59% return of its benchmark, the Bloomberg 1-5 Year Blend Municipal Bond Index. The Fund’s duration and curve positioning were the largest contributors to relative performance during the reporting period. The Fund’s coupon and security selection were the largest detractors from Fund performance during the reporting period. The Fund was overweight in lower coupon bonds which underperformed higher coupon bonds.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.51% and 0.46%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The U.S. bond market experienced weak returns and high volatility in the 12-month reporting period ended March 31, 2023. U.S Treasury yields rose substantially, particularly in the one to three year maturity range during the reporting period. At the beginning of the reporting period, market participants expected the U.S. Federal Reserve (the “Fed”) to raise the Fed’s target rate by 2.50% over the reporting period. By its March 2023 meeting, the Federal Open Market Committee had raised the rate by 4.50%, a full 2% higher than initial expectations. This was a result of persistently high inflation data, a strong labor market and a resilient U.S. economy. This higher than expected policy tightening resulted in higher U.S. Treasury rates, which negatively impacted fixed income returns.

Additionally, in March of 2023, the Federal Deposit Insurance Corporation was appointed receiver of, and took action to protect depositors of, U.S.-based Silicon Valley Bank and Signature Bank, and in Europe Swiss regulators arranged an emergency purchase of Credit Suisse by UBS Group AG. The stress in the financial sector caused volatility to spike and interest rates to rally across the curve towards the end of the first quarter of 2023. Short-dated issues, which are most sensitive to changes in Fed policy, were hit particularly hard in the sell-off. The yield on the two-year U.S. Treasury note rose from 2.44% to 4.06% over the course of the reporting period, reflecting a decline in its price. Mortgage-backed securities also posted losses over the reporting period.

The Limited Term U.S. Government Fund (the “Fund”) returned -0.58%, and underperformed the -0.35% return of its benchmark, the Bloomberg 1-5 Year U.S. Government Index, for the reporting period. Asset allocation was the primary detractor from performance, mainly attributed to relative overweights in Treasury Inflation-Protected Securities (TIPS) and mortgage-backed securities at various points during the reporting period. Positioning with respect to duration (interest-rate sensitivity) and the yield curve had a neutral effect on results.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.59% and 0.43%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Multi-Manager Emerging Markets Debt Opportunity Fund (the “Fund”) is constructed to provide exposure to a blend of debt issuers based in or economically tied to emerging or frontier markets. For the 12-month reporting period ended March 31, 2023, external debt, i.e., hard currency debt, typically denominated in US dollars, issued by emerging market sovereign and quasi-sovereign entities, posted a return of -6.92%, as measured by the JP Morgan Emerging Markets Bond (EMBI) Global Diversified Index. Emerging market local bonds, as measured by the JP Morgan GBI-EM Global Diversified Index, posted a return of -0.71%. Emerging markets corporate bonds, as measured by the JP Morgan CEMBI Broad Diversified Index, returned -1.62%. The Fund is benchmarked to a blended index that is equally divided between the JP Morgan Emerging Markets Bond (EMBI) Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index.

The Fund returned -5.53% for the reporting period, compared with the blended benchmark (50% JP Morgan EMBI Global Diversified Index/50% JP Morgan GBI-EM Global Diversified Index) return of -3.83. The Fund’s underperformance was driven by sub-adviser Ashmore Investment Management Limited (“Ashmore”), where an overweight to Brazil was the primary detractor of performance for the reporting period. Overweight positions in Ecuador and Pakistan, as well as an allocation to corporates which has mostly focused on the China real estate sector, also detracted from performance. Underweight positioning in Russia, and overweight exposures in Venezuela and Argentina, were positive contributors for Ashmore. Sub-adviser Global Evolution USA, LLC (“Global Evolution”) contributed positively over the reporting period, where an underweight to Russia drove the majority of relative outperformance. Underweights to China, and overweight positioning in Hungary and El Salvador also contributed to Global Evolution’s results. Conversely, asset allocation and holdings in Argentina and Sri Lanka detracted from Global Evolution’s returns for the reporting period. A third sub-adviser, MetLife Investment Management, LLC (“MetLife”), was added to the Fund in June 2022. During the reporting period, MetLife’s corporate debt focus detracted from performance, primarily driven by corporate debt allocations in China and Latin America.



TOTAL RETURN	ONE YEAR		THREE YEAR		FIVE YEAR		SINCE INCEPTION 12/03/13
MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND		-5.53%		0.01%		-3.43%	-0.84%
JP MORGAN EMBI GLOBAL DIVERSIFIED INDEX		-6.92		-0.02		-0.60	2.61
JP MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX		-0.71		0.87		-2.37	-0.63
50% JP MORGAN EMBI GLOBAL DIVERSIFIED INDEX AND 50% JP MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX		-3.83		0.46		-1.44	1.03

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 1.00% and 0.89%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

For the 12-month reporting period ended March 31, 2023, the high yield market returned a negative -3.58% as measured by the ICE BofA U.S. High Yield Constrained Index. Over the reporting period, lower quality securities drove the ICE BofA U.S. High Yield Constrained Index’s performance. For the reporting period, CCC rated & lower securities declined -8.84%, followed by B rated securities returning -3.76%, and BB rated securities at -2.33%. From a sector perspective, gaming (1.38%), energy (0.74%), and capital goods (0.67%) outperformed the ICE BofA U.S. High Yield Constrained Index, while consumer products (-2.28%), media (-11.01%), and retail (-13.40%) lagged the ICE BofA U.S. High Yield Constrained Index for the reporting period.

The Multi-Manager High Yield Opportunity Fund (the “Fund”) returned -3.80% for the reporting period, compared to -3.58% for its benchmark, the ICE BofA U.S. High Yield Constrained Index. The Fund’s underperformance was mostly driven by former sub-adviser Neuberger Berman Investment Advisers LLC’s (“Neuberger”) poor sector allocation and security selection. Neuberger was replaced by BlackRock Investment Management, LLC during the first quarter of 2023. Sub-advisers Polen Capital Credit, LLC (“Polen”) and Nomura Corporate Research and Asset Management Inc. (“Nomura”) both positively contributed to Fund performance during the reporting period. Polen’s duration effect, driven by an overweight to loans, income advantage, and security selection drove positive relative returns. Nomura’s overweight to energy and gaming, along with positive sector and security selection, contributed to relative outperformance.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.96% and 0.87%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

U.S Treasury yields rose substantially in the one to three year maturity range during the 12-month reporting period ended March 31, 2023. At the beginning of the reporting period, market participants expected the U.S. Federal Reserve (the “Fed”) to raise the Fed’s target rate by 2.50% over the reporting period. By its March 2023 meeting, the Federal Open Market Committee had raised the rate by 4.50%, a full 2% higher than initial expectations. This was a result of persistently high inflation data, a strong labor market and a resilient U.S. economy. This higher than expected policy tightening resulted in higher Treasury rates, which negatively impacted fixed income returns.

Credit spreads over the reporting period were volatile as market participants assessed the impact of monetary policy tightening on the economy and corporate profitability. Further, in March of 2023, the Federal Deposit Insurance Corporation was appointed receiver of, and took action to protect depositors of, U.S.-based Silicon Valley Bank and Signature Bank, and in Europe Swiss regulators arranged an emergency purchase of Credit Suisse by UBS Group AG. The stress in the financial sector caused credit spreads to move in higher in the first quarter of 2023.

The Short Bond Fund (the “Fund”) returned 0.20% over the reporting period, slightly under the 0.26% return for its benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index. Towards the fall of 2022, Northern Trust Investments reduced the Fund’s overweight to corporate bonds and securitized investments, and increased the Fund’s allocation to U.S. Treasuries. The reason for this reallocation was to position the portfolio for anticipated weaker economic growth as the Fed persisted in its efforts to reduce inflation. The Fund’s portfolio duration was about 5% short of the benchmark’s duration. Overall, Northern Trust Investments sought to reduce credit risk in the Fund’s portfolio by allocating a higher share to U.S. Treasuries and reducing corporate bonds. The Fund’s largely neutral risk allocation resulted in performance that was close to that of the benchmark.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.45% and 0.40%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Surging inflation and the aggressive U.S. Federal Reserve (the “Fed”) response were the key themes of the 12-month reporting period ended March 31, 2023. The Fed raised rates at every meeting during the reporting period, for a total increase of 4.50%. In response, U.S. Treasury yields increased, and the yield curve inverted. The municipal bond market saw a record $111 billion in outflows during the reporting period. The municipal bond curve moved higher in tandem with the Treasury curve during the sell-off, as well as in response to municipal fund outflow-driven selling pressure. Short-end (1-3 years) municipal bond yields increased 0.42%-0.94% during the reporting period. Increased inflation expectations drove long-end (15-30 years) yields higher by 0.54%-0.77%. Only the intermediate part of the curve (5-10 years) outperformed on strong investor demand, selling off only 0.09%-0.25%. Investment grade municipal bonds outperformed high-yield municipal bonds during the reporting period (0.26% vs -4.49%). High-yield municipals suffered a greater impact given its longer maturity profile. Within investment grade municipals, higher quality bonds (AAA/AA) outperformed lower quality bonds (A/BBB) (0.55% and 0.58% vs. -0.04% and -1.32%, respectively).

The Tax-Advantaged Ultra-Short Fixed Income Fund (the “Fund”) returned 1.58% for the reporting period, underperforming the 1.67% return for its benchmark, the 75% ICE BofA 6-12 Month Municipal Securities Index/25% ICE BofA 1-3 Year Municipal Securities Index. The Fund’s curve positioning was the largest contributor to performance during the reporting period. The Fund’s duration position had the largest negative impact on performance during the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.27% and 0.25%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Surging inflation and the aggressive U.S. Federal Reserve (the “Fed”) response were the key themes of the 12-month reporting period ended March 31, 2023. The Fed raised rates at every meeting during the reporting period, for a total increase of 4.50%. In response, U.S. Treasury yields increased, and the yield curve inverted. The municipal bond market saw a record $111 billion in outflows during the reporting period. The municipal bond curve moved higher in tandem with the Treasury curve during the sell-off, as well as in response to municipal fund outflow-driven selling pressure. Short-end (1-3 years) municipal bond yields increased 0.42%-0.94% during the reporting period. Increased inflation expectations drove long-end (15-30 years) yields higher by 0.54%-0.77%. Only the intermediate part of the curve (5-10 years) outperformed on strong investor demand, selling off only 0.09%-0.25%. Investment grade municipal bonds outperformed high-yield municipal bonds during the reporting period (0.26% vs -4.49%). High-yield municipals suffered a greater impact given its longer maturity profile. Within investment grade municipals, higher quality bonds (AAA/AA) outperformed lower quality bonds (A/BBB) (0.55% and 0.58% vs. -0.04% and -1.32%, respectively).

The Tax-Exempt Fund (the “Fund”) returned -2.10% for the reporting period, underperforming the 0.26% return for its benchmark, the Bloomberg U.S. Municipal Index. The Fund’s security selection and curve positioning were the largest detractors from performance. The Fund was overweight in lower coupon bonds which underperformed higher coupon bonds. The Fund’s position of approximately half of the holdings in short-term instruments and the other half in long-term instruments along the yield curve, which was under-weighted 5-10 year municipal bonds, underperformed the benchmark given the 10-30 year portion of the yield curve steepened. The Fund’s duration position was a positive contributor to performance in the final quarter of the reporting period.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.49% and 0.45%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

U.S Treasury yields rose substantially in the one-to three year maturity range during the 12-month reporting period ended March 31, 2023. At the beginning of the reporting period, market participants expected the U.S. Federal Reserve (the “Fed”) to raise the Fed’s target rate by 2.50% over the reporting period. By its March 2023 meeting, the Federal Open Market Committee had raised the rate by 4.50%, a full 2% higher than initial expectations. This was a result of persistently high inflation data, a strong labor market and a resilient U.S. economy. This higher than expected policy tightening resulted in higher Treasury rates, which negatively impacted fixed income returns.

Credit spreads over the reporting period were volatile as market participants assessed the impact of monetary policy tightening on the economy and corporate profitability. Further, in March 2023, the Federal Deposit Insurance Corporation was appointed receiver of, and took action to protect depositors of, U.S.-based Silicon Valley Bank and Signature Bank in the U.S., and in Europe Swiss regulators arranged an emergency purchase of Credit Suisse by UBS Group AG. The stress in the financial sector caused credit spreads to move in higher in the first quarter of 2023.

Northern Trust Investments reduced the duration of the Fund’s portfolio during the reporting period, as it became clear that inflation was persistent and the Fed would continue in its rate hiking cycle. Northern Trust Investments reduced the Fund’s portfolio duration from about 0.75 years to about 0.60 years. The Ultra-Short Fixed Income Fund (Shares Class) (the “Fund”) returned 1.77% over the reporting period, outperforming the return of 1.02% for its benchmark, the ICE BofA 1-Year U.S. Treasury Note Index. The Fund was overweight in investment grade bonds which detracted from performance and credit spreads were wider. The Fund’s short duration contributed to performance during the reporting period.

¹ Siebert Williams Shank Shares commenced operations on September 13, 2022. Performance of Siebert Williams Shank Shares prior to that date is for the Fund’s Shares class.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.28% and 0.25% for Shares, and 0.35% and 0.25% for Siebert Williams Shank Shares, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The U.S. bond market experienced weak returns and high volatility in the 12-month reporting period ended March 31, 2023. U.S Treasury yields rose substantially, particularly in the one to three year maturity range during the reporting period. At the beginning of the reporting period, market participants expected the U.S. Federal Reserve (the “Fed”) to raise the Fed’s target rate by 2.50% over the reporting period. By its March 2023 meeting, the Federal Open Market Committee had raised the rate by 4.50%, a full 2% higher than initial expectations. This was a result of persistently high inflation data, a strong labor market and a resilient U.S. economy. This higher than expected policy tightening resulted in higher Treasury rates, which negatively impacted fixed income returns.

Additionally, in March 2023, the Federal Deposit Insurance Corporation was appointed receiver of, and took action to protect depositors of, U.S.-based Silicon Valley Bank and Signature Bank, and in Europe Swiss regulators arranged an emergency purchase of Credit Suisse by UBS Group AG. The stress in the financial sector caused interest rates to rally across the curve towards the end of the first quarter of 2023. Short-dated issues, which are most sensitive to changes in Fed policy, were hit particularly hard in the sell-off. The yield on the two-year U.S. Treasury note rose from 2.44% to 4.06% over the course of the reporting period, reflecting a decline in its price. Mortgage-backed securities also posted losses over the reporting period.

The U.S. Government Fund (the “Fund”) returned -1.72%, and underperformed the -1.52% return of its benchmark, the Bloomberg Intermediate U.S. Government Bond Index, for the reporting period. Asset allocation was the primary detractor from performance, mainly attributed to relative overweights in Treasury Inflation-Protected Securities (TIPS) at various points during the reporting period. Positioning with respect to duration (interest-rate sensitivity) and the yield curve had a neutral effect on results.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.62% and 0.44%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

U.S Treasury yields rose substantially during the 12-month reporting period ended March 31, 2023. At the beginning of the reporting period, market participants expected the U.S. Federal Reserve (the “Fed”) to raise the Fed’s target rate by 2.50% over the reporting period. By its March 2023 meeting, the Federal Open Market Committee raised the rate by 4.50%, a full 2% higher than initial expectations. This was a result of persistently high inflation data, a strong labor market and a resilient U.S. economy. This higher than expected policy tightening resulted in higher Treasury rates, which negatively impacted fixed income returns. Credit spreads over the reporting period were volatile as market participants assessed the impact of monetary policy tightening on the economy and corporate profitability. Further, in March 2023, the Federal Deposit Insurance Corporation was appointed receiver of, and took action to protect depositors of, U.S.-based Silicon Valley Bank and Signature Bank, and in Europe Swiss regulators arranged an emergency purchase of Credit Suisse by UBS Group AG. The stress in the financial sector caused credit spreads to move in higher in the first quarter of 2023.

In combination, these developments led to negative returns for U.S. Treasuries. The yield on the 2-year U.S. Treasury note rose from 2.34% to 4.03% over the reporting period. Longer-term yields also rose, but to a lesser extent: the yield on the 10-year Treasury note rose from 2.34% to 3.47%, and the yield on the 30-year Treasury bond rose from 2.45% to 3.65%. The front end of the yield curve inverted as a result of these shifts.

The U.S. Treasury Index Fund (the “Fund”) returned -4.65% during the reporting period, slightly underperforming the Fund’s benchmark, the Bloomberg U.S. Treasury Index, which returned -4.51%. The Fund remains positioned to replicate the risk and return characteristics of its benchmark index. Curve and security selection strategies are driven by the index allocation and the Fund seeks to approximate (before deduction of expenses) the investment performance of the Bloomberg U.S. Treasury Index. Tracking difference between the Fund’s returns and the benchmark index’s total return for the reporting period was primarily due to fees/expenses.

Fund Performance reflects contractual expense reimbursements in effect. In their absence, performance would be reduced. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.27% and 0.16%, respectively, as of the most recent prospectus dated July 29, 2022. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2023. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

The Bloomberg 1-3 Year U.S. Government/Credit Index is an unmanaged index of securities issued by the U.S. government and corporate bonds with maturities of one to three years.

The Bloomberg 1-5 Year Blend Municipal Bond Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt bonds with maturities of at least one year and less than six years.

The Bloomberg 1-5 Year U.S. Government Index is an unmanaged index of debt securities including all public obligations of the U.S. Treasury and all publicly issued debt of U.S. government agencies with maturities of one to five years.

The Bloomberg Arizona Municipal Bond Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt Arizona bonds with a remaining maturity of at least one year.

The Bloomberg California Municipal Bond Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt California bonds with a remaining maturity of at least one year.

The Bloomberg California Intermediate Municipal Bond Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt California bonds with maturities of five to ten years.

The Bloomberg Intermediate U.S. Government Bond Index is an unmanaged index of debt securities including all public obligations of the U.S. Treasury and all publicly issued debt of U.S. government agencies with maturities of up to 10 years.

The Bloomberg Municipal 1 - 15 Year Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt bonds with maturities of one to seventeen years.

The Bloomberg Municipal Bond 60% High Yield/40% Investment Grade Index is an unmanaged index of investment and non-investment grade bonds with a 60% weighting in the Bloomberg Municipal High Yield Index and a 40% weighting to the Bloomberg Municipal Bond Index.

The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged index that measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. It is a version of the Bloomberg High Yield Corporate Bond Index except that it limits its exposure of each issuer to 2% of the total market value and redistributes any excess market value Index-wide on a pro-rata basis.

The Bloomberg U.S. Municipal Index is an unmanaged index of investment grade (Baa3 or better) tax-exempt bonds with a remaining maturity of at least one year.

The Bloomberg U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of one to thirty years.

The ICE BofA 6-12 Month Municipal Securities Index tracks the performance of U.S. dollar-denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have at least six months and less than twelve months remaining term to final maturity, at least 18 months to final maturity at issuance, a fixed coupon schedule and an investment grade rating (based on an average of Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings (“Fitch”)). Index constituents are market capitalization weighted.

The ICE BofA 1-3 Year U.S. Municipal Securities Index tracks the performance of U.S. dollar denominated, investment grade, tax-exempt, general obligations publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have one to three years remaining term to maturity, a fixed coupon schedule and an investment grade rating (based on an average of Moody’s, S&P and Fitch).

The ICE BofA 1-Year U.S. Treasury Note Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding two-year Treasury note that matures closest to, but not beyond, one year from the rebalancing date. In order to qualify for inclusion, securities must be auctioned on or before the third business day before the last business day of the month and settle before the following calendar month end.

The ICE BofA U.S. High Yield Constrained Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $250 million. Index constituents are capitalization weighted, provided the total allocation to an individual issuer does not exceed 2%.

The JP Morgan CEMBI Broad Diversified Core Index (CEMBI CORE) tracks the performance of US dollar-denominated bonds issued by emerging market corporate entities.

The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) is a uniquely weighted USD-denominated emerging markets sovereign bond index. The EMBI Global Diversified has the same instrument composition as the market-capitalization weighted EMBI Global, which includes USD-denominated fixed and floating rate instruments issued by sovereign and quasi-sovereign entities (defined as 100% owned or guaranteed by the national government). The EMBI Global Diversified opts for an alternative weighting scheme by limiting concentration in larger countries and thus targets a more diversified exposure.

The JP Morgan Government Bond-Emerging Market Index Global Diversified (GBI-EM Global Diversified) tracks the performance of local currency sovereign debt issued by emerging market governments. The GBI-EM Global Diversified has the same instrument composition as the market-capitalization weighted GBI-EM Global, which includes local currency and dual currency (Global bonds: offshore settled, local ccy. linked) sovereign instruments. The index incorporates a constrained market-capitalization methodology in which individual issuer exposures are capped at 10% (with the excess distributed to smaller issuers), for greater diversification among issuing governments.


FIXED INCOME AND MONEY MARKET FUNDS


STATEMENTS OF ASSETS AND LIABILITIES



Amounts in thousands, except per share data	ARIZONA TAX-EXEMPT FUND			BOND INDEX FUND			CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND			CALIFORNIA TAX-EXEMPT FUND			CORE BOND FUND

ASSETS:

Investments, at value		$74,947			$2,156,882			$267,941			$157,821			$112,330

Investments in affiliates, at value		2,527			47,883			2,633			2,746			3,291

Foreign currencies, at value		—			—			—			—			—

Interest income receivable		781			12,945			3,114			2,017			687

Dividend income receivable		15			97			13			7			11

Receivable for foreign tax reclaims		—			—			—			—			14

Receivable for securities sold		—			12,914			—			—			5,694

Receivable for variation margin on futures contracts		—			—			—			—			6

Receivable for fund shares sold		10			240			—			—			7

Receivable from investment adviser		2			12			3			3			1

Prepaid and other assets		3			5			3			4			4

Total Assets		78,285			2,230,978			273,707			162,598			122,045
LIABILITIES:
Payable for securities purchased		—			28,177			—			—			74

Payable for when-issued securities		511			18,890			—			—			3,278

Payable for variation margin on futures contracts		—			—			—			—			30

Payable for fund shares redeemed		—			1,135			55			56			6,330

Distributions payable to shareholders		57			1,417			149			100			89

Payable to affiliates:

Management fees		6			25			23			14			9

Custody fees		1			16			2			1			1

Shareholder servicing fees		6			8			6			6			—

Transfer agent fees		2			67			9			5			4

Accrued Trustee fees		4			10			4			4			4

Accrued other liabilities		20			36			22			20			20

Total Liabilities		607			49,781			270			206			9,839

Net Assets		$77,678			$2,181,197			$273,437			$162,392			$112,206

ANALYSIS OF NET ASSETS:

Capital stock		$90,029			$2,482,883			$307,461			$175,519			$141,071

Distributable loss		(12,351	)		(301,686	)		(34,024	)		(13,127	)		(28,865	)

Net Assets		$77,678			$2,181,197			$273,437			$162,392			$112,206

Net Assets:

Shares		$77,678			$2,181,197			$273,437			$162,392			$112,206

Total Shares Outstanding ($.001 par value, unlimited authorization):

Shares		7,974			234,336			27,659			15,433			12,379

Net Asset Value, Redemption and Offering Price Per Share:

Shares		$9.74			$9.31			$9.89			$10.52			$9.06

Investments, at cost		$80,817			$2,369,887			$288,700			$166,705			$119,652

Investments in affiliates, at cost		2,527			47,883			2,633			2,746			3,291

Foreign currencies, at cost		—			—			—			—			—

MARCH 31, 2023



FIXED INCOME FUND			HIGH YIELD FIXED INCOME FUND			HIGH YIELD MUNICIPAL FUND			INTERMEDIATE TAX-EXEMPT FUND			LIMITED TERM TAX-EXEMPT FUND			LIMITED TERM U.S. GOVERNMENT FUND

	$481,963			$2,732,948			$374,415			$1,517,882			$530,074			$53,702

	12,483			60,479			4,884			3,750			20,468			280

	—			150			—			—			—			—

	3,581			49,432			5,735			18,015			6,304			428

	46			138			12			33			63			1

	5			—			—			—			—			—

	1,454			12,370			—			—			—			1,553

	8			—			—			—			—			—

	1			94			1,005			7			3			—

	6			23			3			13			6			2

	7			6			4			8			3			4

	499,554			2,855,640			386,058			1,539,708			556,921			55,970

	2,162			3,024			—			—			—			1,427

	14,405			—			—			—			—			—

	17			—			—			—			—			—

	617			1,460			141			2,779			349			—

	376			4,276			391			919			245			35

	40			316			41			127			46			4

	4			27			4			14			5			1

	6			27			4			20			6			—

	15			92			13			48			18			2

	14			19			4			13			4			8

	23			44			21			36			22			20

	17,679			9,285			619			3,956			695			1,497

	$481,875			$2,846,355			$385,439			$1,535,752			$556,226			$54,473

	$580,241			$3,942,058			$520,287			$1,711,291			$582,227			$62,357

	(98,366	)		(1,095,703	)		(134,848	)		(175,539	)		(26,001	)		(7,884	)

	$481,875			$2,846,355			$385,439			$1,535,752			$556,226			$54,473

	481,875			2,846,355			385,439			1,535,752			556,226			54,473

	53,407			495,282			52,305			155,948			56,087			5,865

	9.02			5.75			7.37			9.85			9.92			9.29

	$517,113			$3,101,136			$447,969			$1,605,684			$541,310			$54,536

	12,483			60,479			4,884			3,750			20,468			280

	—			153			—			—			—			—


FIXED INCOME AND MONEY MARKET FUNDS


STATEMENTS OF ASSETS AND LIABILITIES continued



Amounts in thousands, except per share data	MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND			MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND			SHORT BOND FUND			TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND			TAX-EXEMPT FUND

ASSETS:

Investments, at value		$77,802			$203,547			$336,726			$2,264,686			$770,222

Investments in affiliates, at value		5,597			11,170			1,288			91,209			10,292

Repurchase agreements, at cost, which approximates value		—			—			—			—			—

Cash		—			—			—			—			—

Cash held at broker		—			121	⁽¹⁾		—			—			—

Foreign currencies, at value		273			—			—			—			—

Due from broker (Note 2)		120			90			—			—			—

Interest income receivable		1,337			3,599			2,278			16,897			9,906

Dividend income receivable		27			49			4			216			21

Receivable for foreign tax reclaims		54			—			—			—			—

Receivable for securities sold		123			1,044			—			—			—

Receivable for variation margin on futures contracts		—			—			36			—			—

Receivable for fund shares sold		—			318			3			13,000			61

Receivable from investment adviser		1			4			3			12			5

Receivable for variation margin on credit default swap		—			6			—			—			—

Unrealized appreciation on forward foreign currency exchange contracts		25			—			—			—			—

Prepaid and other assets		3			3			3			6			7

Total Assets		85,362			219,951			340,341			2,386,026			790,514

LIABILITIES:

Unrealized depreciation on forward foreign currency exchange contracts		54			—			—			—			—

Payable for securities purchased		634			5,101			—			2,591			—

Unfunded loan commitments (Note 2)		—			5			—			—			—

Payable for variation margin on futures contracts		—			27			42			—			—

Payable for fund shares redeemed		—			—			301			1,952			785

Distributions payable to shareholders		—			—			208			1,355			592

Due to broker (Note 2)		—			12			—			—			—

Payable to affiliates:

Management fees		17			34			25			104			65

Custody fees		1			3			2			21			8

Shareholder servicing fees		—			1			1			5			11

Transfer agent fees		3			7			11			75			25

Accrued Trustee fees		1			2			4			8			7

Accrued other liabilities		22			23			22			48			24

Total Liabilities		732			5,215			616			6,159			1,517

Net Assets		$84,630			$214,736			$339,725			$2,379,867			$788,997

ANALYSIS OF NET ASSETS:

Capital stock		$128,137			$289,203			$371,939			$2,452,696			$959,087

Distributable loss		(43,507	)		(74,467	)		(32,214	)		(72,829	)		(170,090	)

Net Assets		$84,630			$214,736			$339,725			$2,379,867			$788,997

Net Assets:

Shares		$84,630			$214,736			$339,725			$2,379,867			$788,997

Siebert Williams Shank Shares		——						—			—			—

Total Shares Outstanding ($.001 par value, unlimited authorization):

Shares		11,918			26,163			18,900			237,831			81,693

Siebert Williams Shank Shares		—			—			—			—			—

Net Asset Value, Redemption and Offering Price Per Share:

Shares		$7.10			$8.21			$17.98			$10.01			$9.66

Siebert Williams Shank Shares		—			—			—			—			—

Investments, at cost		$90,516			$216,827			$347,363			$2,305,437			$843,248

Investments in affiliates, at cost		5,597			11,170			1,288			91,209			10,292

Foreign currencies, at cost		302			—			—			—			—

⁽¹⁾

Includes restricted cash held at broker of $119.



MARCH 31, 2023



ULTRA-SHORT FIXED INCOME FUND	U.S. GOVERNMENT FUND			U.S. GOVERNMENT MONEY MARKET FUND			U.S. GOVERNMENT SELECT MONEY MARKET FUND			U.S. TREASURY INDEX FUND


$2,322,898		$47,727			$5,169,600			$985,398			$80,536

69,179		2,039			—			—			1,789

—		—			13,491,000			2,534,000			—

—		—			69,882			18,651			—

—		—			—			—			—

—		—			—			—			—

—					—			—			—

13,516		379			21,426			4,913			432

234		6			—			—			2

—		—			—			—			—

—		194			—			—			1,165

—		—			—			—			—

151		2			516			—			11

23		—			20			7			1

—		—			—			—			—

—		—			—			—			—

7		6			17			8			3

2,406,008		50,353			18,752,461			3,542,977			83,939


—		—			—			—			—

—		1,542			100,000			20,000			2,725

—		—			—			—			—

—		—			—			—			—

678		—			—			—			—

1,893		31			66,199			12,644			40

—		—			—			—			—

106		4			1,174			225			2

22		1			104			18			1

21		—			—			—			—

78		1			279			52			2

5		3			23			19			4

34		20			107			41			20

2,837		1,602			167,886			32,999			2,794

$2,403,171		$48,751			$18,584,575			$3,509,978			$81,145


$2,480,198		$53,783			$18,584,675			$3,509,995			$90,547

(77,027)		(5,032	)		(100	)		(17	)		(9,402	)

$2,403,171		$48,751			$18,584,575			$3,509,978			$81,145



2,372,561		48,751			18,584,575			3,509,978			81,145

30,610		—			—			—			—

236,589		5,499			18,584,662			3,510,034			4,126

3,052		—			—			—			—

10.03		8.87			1.00			1.00			19.67

10.03		—			—			—			—

$2,377,311		$48,563			$5,169,600			$985,398			$88,459

69,179		2,039			—			—			1,789

—		—			—			—			—


FIXED INCOME AND MONEY MARKET FUNDS


STATEMENTS OF OPERATIONS



Amounts in thousands	ARIZONA TAX-EXEMPT FUND				BOND INDEX FUND				CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND				CALIFORNIA TAX-EXEMPT FUND

INVESTMENT INCOME:

Interest Income (Note 6)			$3,283				$59,888				$9,816				$5,193

Dividend income from investments in affiliates			71				560				181				157

Total Investment Income			3,354				60,448				9,997				5,350

EXPENSES:

Management fees			413				2,110				1,523				753

Custody fees			9				213				27				14

Transfer agent fees			37				881				136				67

Blue sky fees			14				27				9				12

Printing fees			6				9				8				6

Audit fee			22				40				22				22

Legal fees			15				33				15				15

Shareholder servicing fees			67				64				66				54

Trustee fees			7				28				7				7

Other			9				22				9				9

Total Expenses			599				3,427				1,822				959

Less expenses reimbursed by investment adviser			(158	)			(935	)			(220	)			(163	)

Net Expenses			441				2,492				1,602				796
Net Investment Income			2,913				57,956				8,395				4,554
NET REALIZED AND UNREALIZED GAINS (LOSSES):

Net realized gains (losses) on:

Investments			(4,034	)			(83,367	)			(12,591	)			(3,634	)

Futures contracts			—				—				—				—

Net changes in unrealized appreciation (depreciation) on:

Investments			(1,754	)			(108,548	)			(4,330	)			(4,001	)

Futures contracts			—				—				—				—

Foreign currency translations			—				—				—				—

Net Gains (Losses)			(5,788	)			(191,915	)			(16,921	)			(7,635	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(2,875	)		$	(133,959	)		$	(8,526	)		$	(3,081	)

⁽¹⁾

Net of $2 in foreign withholding taxes.



CORE BOND FUND				FIXED INCOME FUND				HIGH YIELD FIXED INCOME FUND				HIGH YIELD MUNICIPAL FUND				INTERMEDIATE TAX-EXEMPT FUND				LIMITED TERM TAX-EXEMPT FUND			LIMITED TERM U.S. GOVERNMENT FUND



		$4,570				$19,887	⁽¹⁾			$231,760				$27,137				$59,993			$12,600				$1,306

		68				279				2,513				197				737			438				54

		4,638				20,166				234,273				27,334				60,730			13,038				1,360



		544				2,395				22,766				3,712				8,637			2,662				198

		20				49				261				43				144			46				7

		55				215				1,320				222				780			238				20

		18				23				27				23				35			25				19

		3				6				12				12				20			11				4

		22				22				47				22				40			22				21

		15				15				37				15				33			15				15

		6				37				227				32				160			60				4

		7				7				33				7				27			7				7
		8				8				26				9				21			10				9
		698				2,777				24,756				4,097				9,897			3,096				304
		(117	)			(262	)			(1,397	)			(694	)			(755	)		(302	)			(88	)

		581				2,515				23,359				3,403				9,142			2,794				216
		4,057				17,651				210,914				23,931				51,588			10,244				1,144





		(16,030	)			(53,972	)			(171,251	)			(56,331	)			(77,495	)		(11,425	)			(1,966	)

		273				1,910				—				—				—			—				—



		2,228				(1,953	)			(216,740	)			(32,110	)			(11,464	)		10,191				600

		(122	)			(47	)			—				—				—			—				—

		—				—				(12	)			—				—			—				—

		(13,651	)			(54,062	)			(388,003	)			(88,441	)			(88,959	)		(1,234	)			(1,366	)
	$	(9,594	)		$	(36,411	)		$	(177,089	)		$	(64,510	)		$	(37,371	)		$9,010			$	(222	)



Amounts in thousands	MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND				MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND				SHORT BOND FUND				TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND
INVESTMENT INCOME:

Interest Income (Note 6)		$	5,123	⁽²⁾		$	12,589			$	8,514			$	52,315

Dividend income			—				61				—				—

Dividend income from investments in affiliates			127				308				212				965

Income from affiliates (Note 6)			—				—				—				—

Total Investment Income			5,250				12,958				8,726				53,280

EXPENSES:

Management fees			646				1,616				1,466				6,942

Custody fees			45				34				32				218

Transfer agent fees			29				75				148				1,187

Blue sky fees			19				19				21				24

Printing fees			7				9				5				17

Audit fee			22				47				20				46

Legal fees			15				16				15				35

Shareholder servicing fees			—				6				3				46

Trustee fees			7				7				7				33

Other			4				10				8				26

Total Expenses			794				1,839				1,725				8,574

Less expenses voluntarily reimbursed by investment adviser			—				—				—				—

Less expenses reimbursed by investment adviser			(102	)			(176	)			(184	)			(825	)

Less custodian credits			—				—				—				—

Net Expenses			692				1,663				1,541				7,749
Net Investment Income			4,558				11,295				7,185				45,531
NET REALIZED AND UNREALIZED GAINS (LOSSES):

Net realized gains (losses) on:

Investments			(16,551	)⁽³⁾			(13,189	)			(10,143	)			(26,934	)

Investments in affiliates			—				—				(641	)			—

Credit default swap agreements			—				6				—				—

Interest rate swap agreements			(41	)			—				—				—

Futures contracts			—				26				(118	)			—

Foreign currency transactions			(2,546	)			—				—				—

Forward foreign currency exchange contracts			(483	)			—				—				—

Net changes in unrealized appreciation (depreciation) on:

Investments			8,414				(3,446	)			2,673				16,613

Investments in affiliates			—				—				213				—

Credit default swap agreements			—				13				—				—

Interest rate swap agreements			4				—				—				—

Futures contracts			—				(125	)			152				—

Foreign currency translations			(9	)			—				—				—

Forward foreign currency exchange contracts			193				—				—				—

Net Gains (Losses)			(11,019	)			(16,715	)			(7,864	)			(10,321	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(6,461	)		$	(5,420	)		$	(679	)		$	35,210

⁽²⁾

Net of $23 in foreign withholding taxes.

⁽³⁾

Net of foreign capital gains tax paid of $9.

See Notes to the Financial Statements.



TAX-EXEMPT FUND				ULTRA-SHORT FIXED INCOME FUND			U.S. GOVERNMENT FUND				U.S. GOVERNMENT MONEY MARKET FUND				U.S. GOVERNMENT SELECT MONEY MARKET FUND			U.S. TREASURY INDEX FUND



		$40,672			$69,071				$1,133				$465,357			$89,183				$1,610

		—			—				—				—			—				—

		343			1,469				76				—			—				9

		—			—				—				1,160			224				—

		41,015			70,540				1,209				466,517			89,407				1,619



		4,906			6,650				172				60,307			11,443				104

		82			214				7				1,302			249				8

		439			1,136				17				3,472			659				31

		24			41				18				25			27				18

		11			11				2				85			19				3

		28			40				22				109			47				21

		24			35				15				101			39				15

		116			114				1				—			—				—

		15			29				7				105			34				7

		13			25				9				64			26				9

		5,658			8,295				270				65,570			12,543				216

		—			—				—				(1,833	)		(338	)			—

		(506	)		(889	)			(81	)			(1,415	)		(352	)			(89	)

		—			—				—				(78	)		(15	)			—
		5,152			7,406				189				62,244			11,838				127
		35,863			63,134				1,020				404,273			77,569				1,492





		(90,008	)		(16,958	)			(2,426	)			3			3				(1,263	)

		—			—				—				—			—				—

		—			—				—				—			—				—

		—			—				—				—			—				—
		—			—				—				—			—				—
		—			—				—				—			—				—
		—			—				—				—			—				—


		(3,751	)		(751	)			650				—			—				(4,302	)
		—			—				—				—			—				—
		—			—				—				—			—				—
		—			—				—				—			—				—
		—			—				—				—			—				—
		—			—				—				—			—				—
		—			—				—				—			—				—
		(93,759	)		(17,709	)			(1,776	)			3			3				(5,565	)
	$	(57,896	)		$45,425			$	(756	)		$	404,276			$77,572			$	(4,073	)



	ARIZONA TAX-EXEMPT FUND						BOND INDEX FUND						CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND
Amounts in thousands	2023			2022			2023			2022			2023			2022

OPERATIONS:

Net investment income (Note 6)		$2,913			$3,484			$57,956			$55,071			$8,395			$10,557

Net realized gains (losses)		(4,034	)		(1,197	)		(83,367	)		13,608			(12,591	)		(38	)

Net change in unrealized appreciation (depreciation)		(1,754	)		(9,706	)		(108,548	)		(187,169	)		(4,330	)		(38,376	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(2,875	)		(7,419	)		(133,959	)		(118,490	)		(8,526	)		(27,857	)

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		(58,635	)		(15,500	)		(302,187	)		(377,725	)		(193,041	)		(11,784	)

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(58,635	)		(15,500	)		(302,187	)		(377,725	)		(193,041	)		(11,784	)

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(2,913	)		(3,484	)		(60,367	)		(78,293	)		(8,406	)		(10,566	)

Total Distributions to Shares Shareholders		(2,913	)		(3,484	)		(60,367	)		(78,293	)		(8,406	)		(10,566	)

Total Increase (Decrease) in Net Assets		(64,423	)		(26,403	)		(496,513	)		(574,508	)		(209,973	)		(50,207	)

NET ASSETS:

Beginning of year		142,101			168,504			2,677,710			3,252,218			483,410			533,617

End of year		$77,678			$142,101			$2,181,197			$2,677,710			$273,437			$483,410



CALIFORNIA TAX-EXEMPT FUND						CORE BOND FUND						FIXED INCOME FUND						HIGH YIELD FIXED INCOME FUND
2023			2022			2023			2022			2023			2022			2023			2022



	$4,554			$4,398			$4,057			$2,771			$17,651			$15,678			$210,914			$191,033

	(3,634	)		(321	)		(15,757	)		(3,182	)		(52,062	)		(4,914	)		(171,251	)		28,941

	(4,001	)		(15,656	)		2,106			(7,930	)		(2,000	)		(37,234	)		(216,752	)		(255,483	)

	(3,081	)		(11,579	)		(9,594	)		(8,341	)		(36,411	)		(26,470	)		(177,089	)		(35,509	)



	(29,878	)		(1,410	)		(63,093	)		(51,984	)		(160,041	)		(80,138	)		(638,313	)		780,567

	(29,878	)		(1,410	)		(63,093	)		(51,984	)		(160,041	)		(80,138	)		(638,313	)		780,567



	(4,558	)		(5,144	)		(4,219	)		(3,655	)		(18,414	)		(18,912	)		(217,378	)		(196,193	)

	(4,558	)		(5,144	)		(4,219	)		(3,655	)		(18,414	)		(18,912	)		(217,378	)		(196,193	)

	(37,517	)		(18,133	)		(76,906	)		(63,980	)		(214,866	)		(125,520	)		(1,032,780	)		548,865



	199,909			218,042			189,112			253,092			696,741			822,261			3,879,135			3,330,270

	$162,392			$199,909			$112,206			$189,112			$481,875			$696,741			$2,846,355			$3,879,135



	HIGH YIELD MUNICIPAL FUND						INTERMEDIATE TAX-EXEMPT FUND						LIMITED TERM TAX-EXEMPT FUND
Amounts in thousands	2023			2022			2023			2022			2023			2022

OPERATIONS:

Net investment income (Note 6)		$23,931			$22,775			$51,588			$52,175			$10,244			$7,638

Net realized gains (losses)		(56,331	)		1,248			(77,495	)		(2,248	)		(11,425	)		417

Net change in unrealized appreciation (depreciation)		(32,110	)		(65,281	)		(11,464	)		(175,073	)		10,191			(32,692	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(64,510	)		(41,258	)		(37,371	)		(125,146	)		9,010			(24,637	)

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		(299,304	)		238,282			(1,059,928	)		(198,706	)		(169,066	)		(150,789	)

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(299,304	)		238,282			(1,059,928	)		(198,706	)		(169,066	)		(150,789	)

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(23,932	)		(22,776	)		(52,067	)		(64,396	)		(10,258	)		(15,658	)

Total Distributions to Shares Shareholders		(23,932	)		(22,776	)		(52,067	)		(64,396	)		(10,258	)		(15,658	)

Total Increase (Decrease) in Net Assets		(387,746	)		174,248			(1,149,366	)		(388,248	)		(170,314	)		(191,084	)

NET ASSETS:

Beginning of year		773,185			598,937			2,685,118			3,073,366			726,540			917,624

End of year		$385,439			$773,185			$1,535,752			$2,685,118			$556,226			$726,540

See Notes to the Financial Statements.



	TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND						TAX-EXEMPT FUND						ULTRA-SHORT FIXED INCOME FUND
Amounts in thousands	2023			2022			2023			2022			2023			2022

OPERATIONS:

Net investment income (Note 6)		$45,531			$21,225			$35,863			$37,499			$63,134			$19,619

Net realized gains (losses)		(26,934	)		(4,668	)		(90,008	)		(2,722	)		(16,958	)		(1,519	)

Net change in unrealized appreciation (depreciation)		16,613			(77,029	)		(3,751	)		(119,453	)		(751	)		(68,007	)

Net Increase (Decrease) in Net Assets Resulting from Operations		35,210			(60,472	)		(57,896	)		(84,676	)		45,425			(49,907	)

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		(1,603,675	)		(782,409	)		(778,369	)		(227,903	)		(788,218	)		(432,702	)

Net increase in net assets resulting from Siebert Williams Shank Shares transactions		—			—			—			—			30,459			—

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(1,603,675	)		(782,409	)		(778,369	)		(227,903	)		(757,759	)		(432,702	)

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(45,535	)		(24,356	)		(35,875	)		(46,575	)		(63,582	)		(28,557	)

Total Distributions to Shares Shareholders		(45,535	)		(24,356	)		(35,875	)		(46,575	)		(63,582	)		(28,557	)

DISTRIBUTIONS TO SIEBERT WILLIAMS SHANK SHARES SHAREHOLDERS:

Distributable earnings		—			—			—			—			(494	)		—

Total Distributions to Siebert Williams Shank Shares Shareholders		—			—			—			—			(494	)		—

Total Increase (Decrease) in Net Assets		(1,614,000	)		(867,237	)		(872,140	)		(359,154	)		(776,410	)		(511,166	)

NET ASSETS:

Beginning of year		3,993,867			4,861,104			1,661,137			2,020,291			3,179,581			3,690,747

End of year		$2,379,867			$3,993,867			$788,997			$1,661,137			$2,403,171			$3,179,581

See Notes to the Financial Statements.



U.S. GOVERNMENT FUND						U.S. GOVERNMENT MONEY MARKET FUND						U.S. GOVERNMENT SELECT MONEY MARKET FUND						U.S. TREASURY INDEX FUND
2023			2022			2023			2022			2023			2022			2023			2022



	$1,020			$169			$404,273			$1,056			$77,569			$8,416			$1,492			$1,306

	(2,426	)		(928	)		3			137			3			32			(1,263	)		121

	650			(1,222	)		—			—			—			—			(4,302	)		(4,608	)

	(756	)		(1,981	)		404,276			1,193			77,572			8,448			(4,073	)		(3,181	)



	6,236			(6,848	)		(1,628,734	)		2,695,375			(217,291	)		(183,950	)		(408	)		(7,972	)

	—			—			—			—			—			—			—			—

	6,236			(6,848	)		(1,628,734	)		2,695,375			(217,291	)		(183,950	)		(408	)		(7,972	)



	(1,021	)		(222	)		(404,410	)		(1,534	)		(77,642	)		(8,411	)		(1,491	)		(2,104	)

	(1,021	)		(222	)		(404,410	)		(1,534	)		(77,642	)		(8,411	)		(1,491	)		(2,104	)



	—			—			—			—			—			—			—			—

	—			—			—			—			—			—			—			—

	4,459			(9,051	)		(1,628,868	)		2,695,034			(217,361	)		(183,913	)		(5,972	)		(13,257	)



	44,292			53,343			20,213,443			17,518,409			3,727,339			3,911,252			87,117			100,374

	$48,751			$44,292			$18,584,575			$20,213,443			$3,509,978			$3,727,339			$81,145			$87,117



ARIZONA TAX-EXEMPT FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$10.13			$10.86			$10.77			$10.65			$10.43

INCOME (LOSS) FROM INVESTMENT

OPERATIONS:

Net investment income		0.30			0.23			0.25			0.28			0.31

Net realized and unrealized gains (losses)		(0.39	)		(0.73	)		0.09			0.12			0.22

Total from Investment Operations		(0.09	)		(0.50	)		0.34			0.40			0.53

LESS DISTRIBUTIONS PAID:

From net investment income		(0.30	)		(0.23	)		(0.25	)		(0.28	)		(0.31	)

Total Distributions Paid		(0.30	)		(0.23	)		(0.25	)		(0.28	)		(0.31	)

Net Asset Value, End of Year		$9.74			$10.13			$10.86			$10.77			$10.65

Total Return⁽¹⁾		(0.82	)%		(4.74	)%		3.19	%		3.86	%		5.15	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$77,678			$142,101			$168,504			$135,533			$118,657

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.46	%		0.46	%		0.46	%		0.46	%		0.47	%

Expenses, before reimbursements and credits		0.62	%		0.60	%		0.58	%		0.60	%		0.60	%

Net investment income, net of reimbursements and credits⁽²⁾		3.03	%		2.09	%		2.29	%		2.56	%		3.03	%

Net investment income, before reimbursements and credits		2.87	%		1.95	%		2.17	%		2.42	%		2.90	%

Portfolio Turnover Rate		16.84	%		32.67	%		17.20	%		63.33	%		52.94	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $5,000, $500, $5,000, $10,000 and $9,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



BOND INDEX FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$10.04			$10.75			$11.05			$10.45			$10.31

INCOME (LOSS) FROM INVESTMENT

OPERATIONS:

Net investment income		0.24			0.19			0.22			0.28			0.28

Net realized and unrealized gains (losses)		(0.72	)		(0.63	)		(0.17	)		0.65			0.15

Total from Investment Operations		(0.48	)		(0.44	)		0.05			0.93			0.43

LESS DISTRIBUTIONS PAID:

From net investment income		(0.25	)		(0.22	)		(0.25	)		(0.30	)		(0.29	)

From net realized gains		—			(0.05	)		(0.10	)		(0.03	)		—

Total Distributions Paid		(0.25	)		(0.27	)		(0.35	)		(0.33	)		(0.29	)

Net Asset Value, End of Year		$9.31			$10.04			$10.75			$11.05			$10.45

Total Return⁽¹⁾		(4.77	)%		(4.22	)%		0.36	%		9.01	%		4.33	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$2,181,197			$2,677,710			$3,252,218			$2,936,072			$3,020,198

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.11	%		0.15	%		0.15	%		0.15	%		0.15	%

Expenses, before reimbursements and credits		0.15	%		0.19	%		0.19	%		0.18	%		0.17	%

Net investment income, net of reimbursements and credits⁽²⁾		2.53	%		1.77	%		1.91	%		2.63	%		2.78	%

Net investment income, before reimbursements and credits		2.49	%		1.73	%		1.87	%		2.60	%		2.76	%

Portfolio Turnover Rate		45.33	%		48.74	%		75.38	%		53.74	%		70.72	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $27,000, $1,000, $92,000, $83,000 and $109,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$10.17			$10.94			$10.74			$10.68			$10.47

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.23			0.21			0.24			0.27			0.28

Net realized and unrealized gains (losses)		(0.28	)		(0.77	)		0.22			0.06			0.21

Total from Investment Operations		(0.05	)		(0.56	)		0.46			0.33			0.49

LESS DISTRIBUTIONS PAID:

From net investment income		(0.23	)		(0.21	)		(0.24	)		(0.27	)		(0.28	)

From net realized gains		—			—			(0.02	)		—	⁽¹⁾		—

Total Distributions Paid		(0.23	)		(0.21	)		(0.26	)		(0.27	)		(0.28	)

Net Asset Value, End of Year		$9.89			$10.17			$10.94			$10.74			$10.68

Total Return⁽²⁾		(0.39	)%		(5.20	)%		4.29	%		3.11	%		4.78	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$273,437			$483,410			$533,617			$493,284			$498,887

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽³⁾		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

Expenses, before reimbursements and credits		0.51	%		0.51	%		0.50	%		0.50	%		0.49	%

Net investment income, net of reimbursements and credits⁽³⁾		2.37	%		1.95	%		2.18	%		2.48	%		2.69	%

Net investment income, before reimbursements and credits		2.31	%		1.89	%		2.13	%		2.43	%		2.65	%

Portfolio Turnover Rate		4.49	%		19.44	%		16.87	%		31.63	%		28.54	%

⁽¹⁾

Per share amounts from distributions paid from net realized gains were less than $0.01 per share.

⁽²⁾

⁽³⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $17,000, less than $1,000 and approximately $19,000, $26,000 and $22,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



CALIFORNIA TAX-EXEMPT FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$10.91			$11.80			$11.65			$11.56			$11.40

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.27			0.24			0.29			0.33			0.40

Net realized and unrealized gains (losses)		(0.39	)		(0.85	)		0.21			0.16			0.16

Total from Investment Operations		(0.12	)		(0.61	)		0.50			0.49			0.56

LESS DISTRIBUTIONS PAID:

From net investment income		(0.27	)		(0.24	)		(0.29	)		(0.33	)		(0.40	)

From net realized gains		—			(0.04	)		(0.06	)		(0.07	)		—

Total Distributions Paid		(0.27	)		(0.28	)		(0.35	)		(0.40	)		(0.40	)

Net Asset Value, End of Year		$10.52			$10.91			$11.80			$11.65			$11.56

Total Return⁽¹⁾		(1.02	)%		(5.35	)%		4.32	%		4.27	%		5.01	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$162,392			$199,909			$218,042			$193,318			$179,416

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.45	%		0.46	%		0.45	%		0.46	%		0.46	%

Expenses, before reimbursements and credits		0.55	%		0.55	%		0.55	%		0.55	%		0.56	%

Net investment income, net of reimbursements and credits⁽²⁾		2.60	%		2.00	%		2.46	%		2.78	%		3.50	%

Net investment income, before reimbursements and credits		2.50	%		1.91	%		2.36	%		2.69	%		3.40	%

Portfolio Turnover Rate		23.45	%		30.33	%		28.48	%		55.08	%		34.83	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $13,000, less than $1,000 and approximately $9,000, $16,000 and $11,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



CORE BOND FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$9.82			$10.43			$10.47			$10.08			$10.02

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.25			0.13			0.15			0.23			0.28

Net realized and unrealized gains (losses)		(0.74	)		(0.56	)		0.18			0.43			0.08

Total from Investment Operations		(0.49	)		(0.43	)		0.33			0.66			0.36

LESS DISTRIBUTIONS PAID:

From net investment income		(0.27	)		(0.18	)		(0.19	)		(0.27	)		(0.30	)

From net realized gains		—			—			(0.18	)		—			—

Total Distributions Paid		(0.27	)		(0.18	)		(0.37	)		(0.27	)		(0.30	)

Net Asset Value, End of Year		$9.06			$9.82			$10.43			$10.47			$10.08

Total Return⁽¹⁾		(4.92	)%		(4.18	)%		3.08	%		6.57	%		3.75	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$112,206			$189,112			$253,092			$194,834			$255,171

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.41	%		0.41	%		0.40	%		0.41	%		0.41	%

Expenses, before reimbursements and credits		0.49	%		0.47	%		0.47	%		0.47	%		0.46	%

Net investment income, net of reimbursements and credits⁽²⁾		2.84	%		1.32	%		1.26	%		2.33	%		2.91	%

Net investment income, before reimbursements and credits		2.76	%		1.26	%		1.19	%		2.27	%		2.86	%

Portfolio Turnover Rate		247.32	%		319.16	%		326.11	%		485.45	%		327.61	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $6,000, $1,000, $10,000, $15,000 and $11,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



FIXED INCOME FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$9.84			$10.45			$10.18			$9.97			$9.94

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.28			0.20	⁽¹⁾		0.19			0.27			0.32

Net realized and unrealized gains (losses)		(0.80	)		(0.56	)		0.38			0.24			0.06

Total from Investment Operations		(0.52	)		(0.36	)		0.57			0.51			0.38

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.30	)		(0.25	)		(0.24	)		(0.30	)		(0.35	)

From net realized gains		—			—			(0.06	)		—			—

Total Distributions Paid		(0.30	)		(0.25	)		(0.30	)		(0.30	)		(0.35	)

Net Asset Value, End of Year		$9.02			$9.84			$10.45			$10.18			$9.97

Total Return⁽³⁾		(5.23	)%		(3.58	)%		5.63	%⁽⁴⁾		5.11	%		3.98	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$481,875			$696,741			$822,261			$841,826			$848,130

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁵⁾		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

Expenses, before reimbursements and credits		0.50	%		0.49	%		0.49	%		0.49	%		0.48	%

Net investment income, net of reimbursements and credits⁽⁵⁾		3.17	%		1.95	%		1.83	%		2.66	%		3.41	%

Net investment income, before reimbursements and credits		3.12	%		1.91	%		1.79	%		2.62	%		3.38	%

Portfolio Turnover Rate		188.84	%		248.30	%		261.29	%		439.40	%		283.15	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share. Without theses reimbursements, the total return would have been -3.59%. See Note 6.

⁽²⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽³⁾

⁽⁴⁾

During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 5.62%.

⁽⁵⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $18,000, less than $1,000 and approximately $25,000, $55,000 and $32,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



HIGH YIELD FIXED INCOME FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$6.39			$6.78			$5.57			$6.60			$6.72

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.35			0.35	⁽¹⁾		0.36			0.40			0.42

Net realized and unrealized gains (losses)		(0.62	)		(0.38	)		1.21			(1.02	)		(0.12	)

Total from Investment Operations		(0.27	)		(0.03	)		1.57			(0.62	)		0.30

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.37	)		(0.36	)		(0.36	)		(0.41	)		(0.42	)

Total Distributions Paid		(0.37	)		(0.36	)		(0.36	)		(0.41	)		(0.42	)

Net Asset Value, End of Year		$5.75			$6.39			$6.78			$5.57			$6.60

Total Return⁽³⁾		(4.08	)%		(0.61	)%		28.40	%		(9.96	)%		4.64	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$2,846,355			$3,879,135			$3,330,270			$3,153,247			$3,795,975

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁴⁾		0.68	%		0.78	%		0.78	%		0.78	%		0.78	%

Expenses, before reimbursements and credits		0.72	%		0.83	%		0.83	%		0.82	%		0.81	%

Net investment income, net of reimbursements and credits⁽⁴⁾		6.15	%		5.17	%		5.62	%		6.10	%		6.34	%

Net investment income, before reimbursements and credits		6.11	%		5.12	%		5.57	%		6.06	%		6.31	%

Portfolio Turnover Rate		20.68	%		30.32	%		54.82	%		47.65	%		52.19	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $8,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽³⁾

⁽⁴⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $186,000, $9,000, $70,000, $94,000 and $198,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



HIGH YIELD MUNICIPAL FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$8.31			$8.95			$8.31			$8.70			$8.69

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.31			0.28			0.32			0.34			0.37

Net realized and unrealized gains (losses)		(0.94	)		(0.64	)		0.64			(0.39	)		0.01

Total from Investment Operations		(0.63	)		(0.36	)		0.96			(0.05	)		0.38

LESS DISTRIBUTIONS PAID:

From net investment income		(0.31	)		(0.28	)		(0.32	)		(0.34	)		(0.37	)

Total Distributions Paid		(0.31	)		(0.28	)		(0.32	)		(0.34	)		(0.37	)

Net Asset Value, End of Year		$7.37			$8.31			$8.95			$8.31			$8.70

Total Return⁽¹⁾		(7.48	)%		(4.27	)%		11.75	%		(0.68	)%		4.47	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$385,439			$773,185			$598,937			$509,834			$443,469

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.59	%		0.60	%		0.60	%		0.60	%		0.61	%

Expenses, before reimbursements and credits		0.71	%		0.83	%		0.84	%		0.84	%		0.83	%

Net investment income, net of reimbursements and credits⁽²⁾		4.14	%		3.05	%		3.71	%		3.87	%		4.27	%

Net investment income, before reimbursements and credits		4.02	%		2.82	%		3.47	%		3.63	%		4.05	%

Portfolio Turnover Rate		11.97	%		21.90	%		33.75	%		47.62	%		51.81	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $19,000, $1,000, $18,000, $24,000 and $16,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



INTERMEDIATE TAX-EXEMPT FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$10.14			$10.83			$10.68			$10.57			$10.37

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.25			0.19			0.21			0.24			0.25

Net realized and unrealized gains (losses)		(0.29	)		(0.65	)		0.22			0.15			0.20

Total from Investment Operations		(0.04	)		(0.46	)		0.43			0.39			0.45

LESS DISTRIBUTIONS PAID:

From net investment income		(0.25	)		(0.19	)		(0.21	)		(0.24	)		(0.25	)

From net realized gains		—			(0.04	)		(0.07	)		(0.04	)		—

Total Distributions Paid		(0.25	)		(0.23	)		(0.28	)		(0.28	)		(0.25	)

Net Asset Value, End of Year		$9.85			$10.14			$10.83			$10.68			$10.57

Total Return⁽¹⁾		(0.29	)%		(4.35	)%		4.01	%		3.72	%		4.47	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$1,535,752			$2,685,118			$3,073,366			$3,017,951			$2,774,081

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.45	%⁽²⁾		0.45	%		0.45	%⁽²⁾		0.45	%⁽²⁾		0.45	%⁽²⁾

Expenses, before reimbursements and credits		0.49	%		0.48	%		0.48	%		0.47	%		0.47	%

Net investment income, net of reimbursements and credits		2.55	%⁽²⁾		1.73	%		1.90	%⁽²⁾		2.23	%⁽²⁾		2.46	%⁽²⁾

Net investment income, before reimbursements and credits		2.51	%		1.70	%		1.87	%		2.21	%		2.44	%

Portfolio Turnover Rate		16.89	%		79.63	%		82.72	%		127.62	%		115.01	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $46,000, $104,000, $267,000 and $380,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



LIMITED TERM TAX-EXEMPT FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$9.93			$10.43			$10.35			$10.37			$10.20

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.16			0.09			0.12			0.18			0.16

Net realized and unrealized gains (losses)		(0.01	)		(0.41	)		0.24			0.04			0.17

Total from Investment Operations		0.15			(0.32	)		0.36			0.22			0.33

LESS DISTRIBUTIONS PAID:

From net investment income		(0.16	)		(0.09	)		(0.12	)		(0.18	)		(0.16	)

From net realized gains		—			(0.09	)		(0.16	)		(0.06	)		—

Total Distributions Paid		(0.16	)		(0.18	)		(0.28	)		(0.24	)		(0.16	)

Net Asset Value, End of Year		$9.92			$9.93			$10.43			$10.35			$10.37

Total Return⁽¹⁾		1.59	%		(3.08	)%		3.47	%		2.07	%		3.29	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$556,226			$726,540			$917,624			$880,475			$962,980

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.45	%⁽²⁾		0.45	%		0.45	%⁽²⁾		0.45	%⁽²⁾		0.45	%⁽²⁾

Expenses, before reimbursements and credits		0.50	%		0.50	%		0.50	%		0.49	%		0.48	%

Net investment income, net of reimbursements and credits		1.66	%⁽²⁾		0.87	%		1.11	%⁽²⁾		1.71	%⁽²⁾		1.59	%⁽²⁾

Net investment income, before reimbursements and credits		1.61	%		0.82	%		1.06	%		1.67	%		1.56	%

Portfolio Turnover Rate		49.86	%		94.18	%		98.82	%		126.29	%		135.35	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $30,000, $46,000, $63,000 and $79,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



LIMITED TERM U.S. GOVERNMENT FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$9.55			$10.02			$10.06			$9.60			$9.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.20			0.01			0.01			0.14			0.21

Net realized and unrealized gains (losses)		(0.26	)		(0.46	)		(0.03	)		0.47			0.02

Total from Investment Operations		(0.06	)		(0.45	)		(0.02	)		0.61			0.23

LESS DISTRIBUTIONS PAID:

From net investment income		(0.20	)		(0.02	)		(0.02	)		(0.15	)		(0.24	)

Total Distributions Paid		(0.20	)		(0.02	)		(0.02	)		(0.15	)		(0.24	)

Net Asset Value, End of Year		$9.29			$9.55			$10.02			$10.06			$9.60

Total Return⁽¹⁾		(0.58	)%		(4.43	)%		(0.26	)%		6.34	%		2.47	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$54,473			$47,975			$63,809			$58,501			$60,828

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.42	%⁽²⁾		0.42	%		0.41	%⁽²⁾		0.42	%⁽²⁾		0.42	%⁽²⁾

Expenses, before reimbursements and credits		0.58	%		0.58	%		0.54	%		0.62	%		0.57	%

Net investment income, net of reimbursements and credits		2.20	%⁽²⁾		0.17	%		0.02	%⁽²⁾		1.41	%⁽²⁾		2.30	%⁽²⁾

Net investment income (loss), before reimbursements and credits		2.04	%		0.01	%		(0.11	)%		1.21	%		2.15	%

Portfolio Turnover Rate		335.99	%		411.02	%		445.85	%		838.97	%		739.25	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $4,000, $4,000, $8,000 and $8,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND		SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$7.68			$8.91			$7.62			$9.05			$9.68

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.40			0.43	⁽¹⁾		0.44	⁽²⁾		0.52			0.51

Net realized and unrealized gains (losses)		(0.83	)		(1.29	)		0.93	⁽³⁾		(1.70	)		(0.85	)

Total from Investment Operations		(0.43	)		(0.86	)		1.37			(1.18	)		(0.34	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽⁴⁾		(0.15	)		(0.37	)		(0.08	)		(0.25	)		(0.29	)

Total Distributions Paid		(0.15	)		(0.37	)		(0.08	)		(0.25	)		(0.29	)

Net Asset Value, End of Year		$7.10			$7.68			$8.91			$7.62			$9.05

Total Return⁽⁵⁾		(5.53	)%		(10.10	)%		17.93	%		(13.20	)%		(3.39	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$84,630			$94,854			$145,064			$132,714			$174,193

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁶⁾		0.91	%		0.94	%		0.94	%		0.94	%		0.95	%

Expenses, before reimbursements and credits		1.04	%		1.00	%		1.03	%		1.02	%		1.05	%

Net investment income, net of reimbursements and credits⁽⁶⁾		6.00	%		4.76	%		4.45	%		5.44	%		5.67	%

Net investment income, before reimbursements and credits		5.87	%		4.70	%		4.36	%		5.36	%		5.57	%

Portfolio Turnover Rate		120.02	%		40.50	%		71.26	%		73.25	%		82.84	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $4,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

The Northern Trust Company reimbursed the Fund approximately $56,000. The reimbursement represents less than $0.01 per share and had no effect on the Fund’s total return.

⁽³⁾

The Northern Trust Company reimbursed the Fund approximately $58,000. The reimbursement represents less than $0.01 per share and had no effect on the Fund’s total return.

⁽⁴⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽⁵⁾

⁽⁶⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $8,000, less than $1,000 and approximately $6,000, $9,000 and $11,000, which represent 0.01 percent of average net assets for the fiscal year ended March 31, 2023 and less than 0.01 percent of average net assets for the fiscal years ended March 31, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$9.05			$9.41			$7.97			$9.56			$9.81

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.48			0.44	⁽¹⁾		0.58			0.63			0.60

Net realized and unrealized gains (losses)		(0.84	)		(0.33	)		1.46			(1.59	)		(0.25	)

Total from Investment Operations		(0.36	)		0.11			2.04			(0.96	)		0.35

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.48	)		(0.47	)		(0.60	)		(0.63	)		(0.60	)

From net realized gains		—			—			—			—			—

Total Distributions Paid		(0.48	)		(0.47	)		(0.60	)		(0.63	)		(0.60	)

Net Asset Value, End of Year		$8.21			$9.05			$9.41			$7.97			$9.56

Total Return⁽³⁾		(3.80	)%		1.06	%		26.25	%		(10.79	)%		3.75	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$214,736			$180,833			$174,617			$214,288			$365,996

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁴⁾		0.85	%		0.86	%		0.85	%		0.86	%		0.86	%

Expenses, before reimbursements and credits		0.94	%		0.95	%		0.95	%		0.95	%		0.98	%

Net investment income, net of reimbursements and credits⁽⁴⁾		5.80	%		4.68	%		6.27	%		6.57	%		6.23	%

Net investment income, before reimbursements and credits		5.71	%		4.59	%		6.17	%		6.48	%		6.11	%

Portfolio Turnover Rate		67.37	%		64.94	%		91.41	%		63.55	%		80.62	%

⁽¹⁾

The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return. See Note 6.

⁽²⁾

Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

⁽³⁾

⁽⁴⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $16,000, less than $1,000 and approximately $7,000, $18,000 and $31,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



SHORT BOND FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$18.30			$19.06			$18.59			$18.67			$18.60

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.33			0.20			0.32			0.45			0.49

Net realized and unrealized gains (losses)		(0.31	)		(0.74	)		0.49			(0.07	)		0.07

Total from Investment Operations		0.02			(0.54	)		0.81			0.38			0.56

LESS DISTRIBUTIONS PAID:

From net investment income		(0.34	)		(0.22	)		(0.34	)		(0.46	)		(0.49	)

Total Distributions Paid		(0.34	)		(0.22	)		(0.34	)		(0.46	)		(0.49	)

Net Asset Value, End of Year		$17.98			$18.30			$19.06			$18.59			$18.67

Total Return⁽¹⁾		0.20	%		(2.88	)%		4.34	%		2.04	%		3.07	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$339,725			$425,415			$437,099			$371,803			$424,702

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%

Expenses, before reimbursements and credits		0.45	%		0.45	%		0.45	%		0.44	%		0.43	%

Net investment income, net of reimbursements and credits⁽²⁾		1.86	%		1.05	%		1.64	%		2.40	%		2.65	%

Net investment income, before reimbursements and credits		1.81	%		1.00	%		1.59	%		2.36	%		2.62	%

Portfolio Turnover Rate		76.98	%		45.52	%		57.85	%		95.09	%		125.76	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $16,000, $10,000, $6,000, $10,000 and $11,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$10.01			$10.21			$10.14			$10.14			$10.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.15			0.05			0.08			0.16			0.15

Net realized and unrealized gains (losses)		—			(0.19	)		0.08			0.01			0.05

Total from Investment Operations		0.15			(0.14	)		0.16			0.17			0.20

LESS DISTRIBUTIONS PAID:

From net investment income		(0.15	)		(0.05	)		(0.08	)		(0.16	)		(0.15	)

From net realized gains		—			(0.01	)		(0.01	)		(0.01	)		—

Total Distributions Paid		(0.15	)		(0.06	)		(0.09	)		(0.17	)		(0.15	)

Net Asset Value, End of Year		$10.01			$10.01			$10.21			$10.14			$10.14

Total Return⁽¹⁾		1.58	%		(1.41	)%		1.59	%		1.61	%		2.06	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$2,379,867			$3,993,867			$4,861,104			$3,737,559			$4,008,207

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.25	%⁽²⁾		0.25	%		0.25	%⁽²⁾		0.25	%⁽²⁾		0.25	%⁽²⁾

Expenses, before reimbursements and credits		0.28	%		0.27	%		0.27	%		0.27	%		0.26	%

Net investment income, net of reimbursements and credits		1.48	%⁽²⁾		0.48	%		0.74	%⁽²⁾		1.52	%⁽²⁾		1.55	%⁽²⁾

Net investment income, before reimbursements and credits		1.45	%		0.46	%		0.72	%		1.50	%		1.54	%

Portfolio Turnover Rate		43.43	%		84.82	%		79.08	%		70.19	%		62.06	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $66,000, $139,000, $175,000 and $81,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



TAX-EXEMPT FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$10.19			$10.96			$10.76			$10.63			$10.49

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.31			0.21			0.24			0.30			0.35

Net realized and unrealized gains (losses)		(0.53	)		(0.72	)		0.24			0.16			0.14

Total from Investment Operations		(0.22	)		(0.51	)		0.48			0.46			0.49

LESS DISTRIBUTIONS PAID:

From net investment income		(0.31	)		(0.21	)		(0.24	)		(0.30	)		(0.35	)

From net realized gains		—			(0.05	)		(0.04	)		(0.03	)		—

Total Distributions Paid		(0.31	)		(0.26	)		(0.28	)		(0.33	)		(0.35	)

Net Asset Value, End of Year		$9.66			$10.19			$10.96			$10.76			$10.63

Total Return⁽¹⁾		(2.10	)%		(4.76	)%		4.46	%		4.33	%		4.78	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$788,997			$1,661,137			$2,020,291			$1,639,701			$1,168,191

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.45	%⁽²⁾		0.45	%		0.45	%⁽²⁾		0.45	%⁽²⁾		0.45	%⁽²⁾

Expenses, before reimbursements and credits		0.50	%		0.49	%		0.49	%		0.49	%		0.47	%

Net investment income, net of reimbursements and credits		3.15	%⁽²⁾		1.93	%		2.13	%⁽²⁾		2.73	%⁽²⁾		3.35	%⁽²⁾

Net investment income, before reimbursements and credits		3.10	%		1.89	%		2.09	%		2.69	%		3.33	%

Portfolio Turnover Rate		19.52	%		86.00	%		91.58	%		122.55	%		116.37	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $26,000, $118,000, $183,000 and $84,000, which represent less than 0.01 percent of average net assets for the fiscal year ended March 31, 2023 and 0.02 percent of average net assets for the fiscal years ended March 31, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



ULTRA-SHORT FIXED INCOME FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$10.08			$10.31			$10.10			$10.19			$10.15

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.21			0.06			0.11			0.24			0.23

Net realized and unrealized gains (losses)		(0.04	)		(0.21	)		0.23			(0.09	)		0.04

Total from Investment Operations		0.17			(0.15	)		0.34			0.15			0.27

LESS DISTRIBUTIONS PAID:

From net investment income		(0.22	)		(0.06	)		(0.11	)		(0.24	)		(0.23	)

From net realized gains		—			(0.02	)		(0.02	)		—			—	⁽¹⁾

Total Distributions Paid		(0.22	)		(0.08	)		(0.13	)		(0.24	)		(0.23	)

Net Asset Value, End of Year		$10.03			$10.08			$10.31			$10.10			$10.19

Total Return⁽²⁾		1.77	%		(1.44	)%		3.29	%		1.45	%		2.75	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$2,372,561			$3,179,581			$3,690,747			$2,189,187			$2,424,799

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽³⁾		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Expenses, before reimbursements and credits		0.28	%		0.28	%		0.28	%		0.28	%		0.27	%

Net investment income, net of reimbursements and credits⁽³⁾		2.14	%		0.55	%		0.94	%		2.33	%		2.30	%

Net investment income, before reimbursements and credits		2.11	%		0.52	%		0.91	%		2.30	%		2.28	%

Portfolio Turnover Rate		25.09	%		76.61	%		73.99	%		75.95	%		59.63	%

⁽¹⁾

Per share amounts were less than $0.01 per share.

⁽²⁾

⁽³⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $118,000, $7,000, $142,000, $43,000 and $44,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



ULTRA-SHORT FIXED INCOME FUND		SIEBERT WILLIAMS SHANK

Selected per share data	PERIOD ENDED MARCH 31, 2023⁽¹⁾

Net Asset Value, Beginning of Period		$9.98

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.15

Net realized and unrealized gains		0.06

Total from Investment Operations		0.21

LESS DISTRIBUTIONS PAID:

From net investment income		(0.16	)

Total Distributions Paid		(0.16	)

Net Asset Value, End of Period		$10.03

Total Return⁽²⁾		2.15	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$30,610

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits⁽⁴⁾		0.25	%

Expenses, before reimbursements and credits		0.28	%

Net investment income, net of reimbursements and credits⁽⁴⁾		2.94	%⁽⁵⁾

Net investment income, before reimbursements and credits		2.91	%⁽⁵⁾

Portfolio Turnover Rate		25.09	%

⁽¹⁾

For the period from September 13, 2022 (commencement of class operations) through March 31, 2023.

⁽²⁾

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of less than $1,000, which represents less than 0.01 percent of average net assets for the period from September 13, 2022 (commencement of operations) through March 31, 2023. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

⁽⁵⁾

As the Fund commenced operations of Siebert Williams Shank shares on September 13, 2022, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.



U.S. GOVERNMENT FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$9.23			$9.71			$10.17			$9.50			$9.43

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.19			0.04			0.01			0.14			0.21

Net realized and unrealized gains (losses)		(0.35	)		(0.47	)		(0.16	)		0.68			0.09

Total from Investment Operations		(0.16	)		(0.43	)		(0.15	)		0.82			0.30

LESS DISTRIBUTIONS PAID:

From net investment income		(0.20	)		(0.04	)		(0.03	)		(0.15	)		(0.23	)

From net realized gains		—			(0.01	)		(0.28	)		—			—

Total Distributions Paid		(0.20	)		(0.05	)		(0.31	)		(0.15	)		(0.23	)

Net Asset Value, End of Year		$8.87			$9.23			$9.71			$10.17			$9.50

Total Return⁽¹⁾		(1.72	)%		(4.48	)%		(1.58	)%		8.66	%		3.29	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$48,751			$44,292			$53,343			$39,379			$36,008

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.42	%⁽²⁾		0.43	%		0.42	%⁽²⁾		0.43	%⁽²⁾		0.47	%⁽²⁾

Expenses, before reimbursements and credits		0.60	%		0.61	%		0.57	%		0.73	%		0.93	%

Net investment income, net of reimbursements and credits		2.25	%⁽²⁾		0.36	%		0.11	%⁽²⁾		1.43	%⁽²⁾		2.33	%⁽²⁾

Net investment income (loss), before reimbursements and credits		2.07	%		0.18	%		(0.04	)%		1.13	%		1.87	%

Portfolio Turnover Rate		344.21	%		492.24	%		517.52	%		854.95	%		1,074.68	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $5,000, $2,000, $4,000 and $4,000, which represent less than 0.01, less than 0.01, less than 0.01 and 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

See Notes to the Financial Statements.



U.S. GOVERNMENT MONEY MARKET FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$1.00			$1.00			$1.00			$1.00			$1.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.02			—	⁽¹⁾		—	⁽¹⁾		0.02			0.02

Net realized and unrealized gains (losses)⁽²⁾		—			—			—			—			—

Total from Investment Operations		0.02			—			—			0.02			0.02

LESS DISTRIBUTIONS PAID:

From net investment income		(0.02	)		—	⁽³⁾		—	⁽³⁾		(0.02	)		(0.02	)

Total Distributions Paid		(0.02	)		—			—			(0.02	)		(0.02	)

Net Asset Value, End of Year		$1.00			$1.00			$1.00			$1.00			$1.00

Total Return⁽⁴⁾		2.26	%⁽⁵⁾		0.01	%⁽⁶⁾⁽⁷⁾		0.03	%⁽⁸⁾		1.70	%		1.79	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$18,584,575			$20,213,443			$17,518,409			$16,586,659			$19,213,579

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁹⁾		0.34	%		0.09	%		0.22	%		0.35	%		0.35	%

Expenses, before reimbursements and credits		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%

Net investment income, net of reimbursements and credits⁽⁹⁾		2.21	%		0.01	%		0.03	%		1.70	%		1.80	%

Net investment income (loss), before reimbursements and credits		2.19	%		(0.26	)%		(0.11	)%		1.69	%		1.79	%

⁽¹⁾

Per share amounts from net investment income were less than $0.01 per share.

⁽²⁾

Per share amounts from net realized and unrealized gains (losses) were less than $0.01 per share.

⁽³⁾

Per share amounts from distributions paid from net investment income were less than $0.01 per share.

⁽⁴⁾

⁽⁵⁾

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $1,833,000. Total return excluding the voluntary reimbursement would have been 2.25%. See Note 5.

⁽⁶⁾

During the fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 0.00% and the net investment income ratio and gross investment income ratio would have been 0.00% and -0.27%, respectively.

⁽⁷⁾

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $47,814,000. Total return excluding the voluntary reimbursement would have been -0.25%

⁽⁸⁾

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $22,397,000. Total return excluding the voluntary reimbursement would have been -0.10%.

(9)

The impact on Net Assets due to any custody credits is less than 0.005%.



U.S. GOVERNMENT SELECT MONEY MARKET FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$1.00			$1.00			$1.00			$1.00			$1.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.02			—	⁽¹⁾		—	⁽¹⁾		0.02			0.02

Net realized and unrealized gains (losses)⁽²⁾		—			—			—			—			—

Total from Investment Operations		0.02			—			—			0.02			0.02

LESS DISTRIBUTIONS PAID:

From net investment income		(0.02	)		—	⁽³⁾		—	⁽³⁾		(0.02	)		(0.02	)

Total Distributions Paid		(0.02	)		—			—			(0.02	)		(0.02	)

Net Asset Value, End of Year		$1.00			$1.00			$1.00			$1.00			$1.00

Total Return⁽⁴⁾		2.29	%⁽⁵⁾		0.25	%⁽⁶⁾⁽⁷⁾		0.03	%⁽⁸⁾		1.69	%		1.79	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$3,509,978			$3,727,339			$3,911,252			$3,602,443			$3,791,180

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁹⁾		0.34	%		0.09	%		0.23	%		0.35	%		0.35	%

Expenses, before reimbursements and credits		0.36	%		0.36	%		0.36	%		0.37	%		0.37	%

Net investment income, net of reimbursements and credits⁽⁹⁾		2.24	%		0.23	%		0.02	%		1.69	%		1.78	%

Net investment income (loss), before reimbursements and credits		2.22	%		(0.04	)%		(0.11	)%		1.67	%		1.76	%

⁽¹⁾

Per share amounts from net investment income were less than $0.01 per share.

⁽²⁾

Per share amounts from net realized and unrealized gains (losses) were less than $0.01 per share.

⁽³⁾

Per share amounts from distributions paid from net investment income were less than $0.01 per share.

⁽⁴⁾

⁽⁵⁾

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $338,000. Total return excluding the voluntary reimbursement would have been 2.28%. See Note 5.

⁽⁶⁾

⁽⁷⁾

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $9,653,000. Total return excluding the voluntary reimbursement would have been -0.01%.

⁽⁸⁾

Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $4,729,000. Total return excluding the voluntary reimbursement would have been -0.10%.

⁽⁹⁾

The impact on Net Assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.



U.S. TREASURY INDEX FUND								SHARES

Selected per share data	2023			2022			2021			2020			2019

Net Asset Value, Beginning of Year		$21.02			$22.31			$23.79			$21.43			$21.03

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.36			0.31			0.33			0.45			0.43

Net realized and unrealized gains (losses)		(1.35	)		(1.10	)		(1.48	)		2.36			0.40

Total from Investment Operations		(0.99	)		(0.79	)		(1.15	)		2.81			0.83

LESS DISTRIBUTIONS PAID:

From net investment income		(0.36	)		(0.31	)		(0.33	)		(0.45	)		(0.43	)

From net realized gains		—			(0.19	)		—			—			—

Total Distributions Paid		(0.36	)		(0.50	)		(0.33	)		(0.45	)		(0.43	)

Net Asset Value, End of Year		$19.67			$21.02			$22.31			$23.79			$21.43

Total Return⁽¹⁾		(4.65	)%		(3.65	)%		(4.89	)%		13.29	%		4.03	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$81,145			$87,117			$100,374			$103,045			$84,809

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.16	%		0.16	%		0.16	%		0.16	%		0.18	%

Expenses, before reimbursements and credits		0.27	%		0.27	%		0.26	%		0.28	%		0.32	%

Net investment income, net of reimbursements and credits⁽²⁾		1.86	%		1.38	%		1.40	%		2.04	%		2.08	%

Net investment income, before reimbursements and credits		1.75	%		1.27	%		1.30	%		1.92	%		1.94	%

Portfolio Turnover Rate		28.48	%		32.19	%		59.23	%		50.28	%		37.64	%

⁽¹⁾

⁽²⁾

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, less than $1,000 and approximately $1,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS – 96.5%

Arizona – 96.5%

Arizona Board of Regents Revenue Bonds, Series A, Green Bonds,

5.00%, 7/1/43		$850		$950

Arizona Board of Regents State University System Revenue Bonds, Series A,

5.00%, 7/1/34		750		767

5.00%, 7/1/35		750		767

Arizona Board of Regents State University System Revenue Refunding Bonds, Series A, Green Bonds,

5.00%, 7/1/35		1,000		1,044

5.00%, 7/1/41		1,000		1,036

Arizona Board of Regents State University System Revenue Refunding Bonds, Series B,

5.00%, 7/1/36		495		533

Arizona Board of Regents University System Revenue Refunding Bonds,

5.00%, 6/1/33		1,710		1,825

Arizona Board of Regents University System Revenue Refunding Bonds, Stimulus Plan For Economic,

3.13%, 8/1/39		430		377

Arizona IDA Hospital Revenue Bonds, Phoenix Children’s Hospital,

4.00%, 2/1/50		1,000		941

Arizona IDA Hospital Variable Revenue Refunding Bonds, Phoenix Childrens Hospital, JPMorgan Chase Bank N.A. LOC,

3.05%, 4/3/23⁽¹⁾^{(2) (3)}		400		400

Arizona State IDA Lease Revenue Bonds, Series A,

3.00%, 9/1/50		1,030		737

Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds,

4.00%, 11/1/33		1,175		1,199

Bullhead City Excise TRB,

4.00%, 7/1/52		1,000		952

Bullhead City Excise TRB, Second Series,

2.70%, 7/1/51		2,500		1,758



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.5% continued

Arizona – 96.5% continued

Chandler IDA IDR Bonds, Series 1 (AMT), Intel Corp. Project,

5.00%, 9/1/27⁽¹⁾^{(3) (4)}	$	425	$	445

Gilbert Water Resource Municipal Property Corp. Utility System Revenue Bonds,

5.00%, 7/1/28		500		539

5.00%, 7/1/29		750		808

5.00%, 7/1/30		500		537

5.00%, 7/1/31		600		643

Gilbert Water Resource Municipal Property Corp. Utility System Senior Lien Revenue Bonds, Green Bonds,

5.00%, 7/15/36		200		235

Glendale IDA Revenue Refunding Bonds, Midwestern University,

5.00%, 5/15/32		500		572

Goodyear McDowell Road Commercial Corridor Improvement District Special Assessment Refunding Bonds (BAM Insured),

3.35%, 1/1/28		810		844

Maricopa County Arizona Unified School District No. 69 Paradise Valley G.O. Unlimited Bonds, School Improvement Project,

4.00%, 7/1/39		275		281

Maricopa County Buckeye Elementary School District No. 33 G.O. Unlimited Bonds, Series 2020, School Improvement Bonds Projects of 2015 & 2019 (AGM Insured),

4.00%, 7/1/33		300		322

4.00%, 7/1/36		305		319

Maricopa County Elementary School District No. 1 Phoenix G.O. Unlimited Bonds, Series C, School Improvement Project of 2006 (BAM Insured),

5.00%, 7/1/34		1,100		1,196

Maricopa County Elementary School District No. 28 Kyrene Elementary G.O. Unlimited Bonds, Series A, School Improvement Project of 2017,

5.00%, 7/1/31		275		310

5.00%, 7/1/32		250		282



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.5% continued

Arizona – 96.5% continued

Maricopa County Elementary School District No. 28 Kyrene Elementary G.O. Unlimited Bonds, Series B, School Improvement Project of 2010,

5.50%, 7/1/29⁽⁵⁾		$485		$488

5.50%, 7/1/30⁽⁵⁾		375		378

Maricopa County Elementary School District No. 33 Buckeye G.O. Unlimited Bonds, Series B, School Improvement Project of 2015 (BAM Insured),

5.00%, 7/1/38		1,000		1,075

Maricopa County Elementary School District No. 8 G.O. Unlimited Bonds, Series B, Osborn School Improvement Project of 2017 (AGM Insured),

5.00%, 7/1/35		625		693

5.00%, 7/1/36		1,175		1,295

Maricopa County Elementary School District No. 92 Pendergast Elementary G.O. Unlimited Bonds, Series B,

5.00%, 7/1/24		250		257

5.00%, 7/1/25		450		473

5.00%, 7/1/26		390		421

Maricopa County IDA Education Revenue Bonds, Legacy Traditional Schools Project,

4.00%, 7/1/51		250		185

Maricopa County IDA Educational Facilities Revenue Bonds, Creighton University Project,

5.00%, 7/1/39		1,285		1,391

5.00%, 7/1/47		1,000		1,060

Maricopa County IDA Hospital Revenue Refunding Bonds, Series A, Honorhealth,

5.00%, 9/1/42		4,000		4,126

Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group,

5.00%, 1/1/38		1,250		1,318



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.5% continued

Arizona – 96.5% continued

Maricopa County School District No. 31 Balsz G.O. Unlimited Bonds, Series A, School Improvement Project of 2018 (AGM Insured),

4.00%, 7/1/37		$500		$516

Maricopa County Special Health Care District G.O. Unlimited Bonds,

5.00%, 7/1/35		1,000		1,099

4.00%, 7/1/38		2,500		2,523

Maricopa County Unified School District No. 41 Gilbert G.O. Unlimited Bonds, Series B, School Improvement Project of 2015,

5.00%, 7/1/28		525		581

5.00%, 7/1/31		500		550

Maricopa County Unified School District No. 69 Paradise Valley G.O. Unlimited Bonds, Series D, School Improvement Project of 2015,

5.00%, 7/1/27		1,000		1,110

Maricopa County Unified School District No. 95 Queen Creek G.O. Limited Refunding Bonds,

5.00%, 7/1/26		400		422

Maricopa County Unified School District No. 95 Queen Creek G.O. Unlimited Bonds, School Improvement,

5.00%, 7/1/37		650		689

Mesa Utility System Revenue Bonds,

3.00%, 7/1/44		500		405

Mesa Utility Systems Revenue Bonds, Series A (BAM Insured),

5.00%, 7/1/46		1,000		1,103

Peoria G.O. Unlimited Bonds, 4.00%, 7/15/23		640		643

Phoenix Civic Airport Improvement Corp. Junior Lien Airport Revenue Bonds,

4.00%, 7/1/44		1,000		991

5.00%, 7/1/44		1,545		1,644

Phoenix Civic Airport Improvement Corp. Revenue Refunding Bonds, Series B,

5.00%, 7/1/34		3,000		3,253



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.5% continued

Arizona – 96.5% continued

Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Bonds,

5.00%, 7/1/45		$1,000		$1,117

Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Refunding Bonds, Series A,

4.00%, 7/1/45		1,000		999

Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Refunding Bonds, Series B,

5.00%, 7/1/24		500		515

Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds,

3.00%, 7/1/49		1,150		885

Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds, Series B (AMT),

3.25%, 7/1/49		1,330		1,037

Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Bonds, Series A,

5.00%, 7/1/44		2,850		3,138

5.00%, 7/1/45		1,000		1,110

Phoenix IDA Healthcare Facilities Revenue Bonds, Mayo Clinic,

4.00%, 11/15/57		1,000		972

Pima County IDA Revenue Refunding Bonds, Tucson Medical Center,

3.00%, 4/1/51		1,000		717

Pima County Sewer System Revenue Bonds,

5.00%, 7/1/25		1,000		1,006

Pima County Unified School District No. 10 Amphitheater G.O. Unlimited Bonds, Series D, School Improvement Project of 2007,

5.00%, 7/1/24		1,005		1,011

Pima County Unified School District No. 20 G.O. Unlimited Bonds, Vail School Improvement (BAM Insured),

5.00%, 7/1/26		1,000		1,076

Pima County Unified School District No. 6 Marana G.O. Unlimited Bonds, Series A (AGM Insured),

7/1/24⁽⁶⁾		500		514



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.5% continued

Arizona – 96.5% continued

Prescott Valley Pledged Revenue Refunding Bonds, Series A,

5.00%, 1/1/25		$625		$649

Queen Creek Excise Tax & State Shared Revenue Bonds, 4.00%, 8/1/45		1,250		1,246

Queen Creek Excise Tax & State Shared Revenue Bonds, Series B,

5.00%, 8/1/47		2,540		2,551

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds,

5.00%, 1/1/31		1,000		1,118

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A,

5.00%, 12/1/36		1,105		1,152

Scottsdale G.O. Unlimited Bonds, Series C, Projects of 2015,

5.00%, 7/1/24		100		103

Scottsdale Municipal Property Corp. Excise Tax Revenue Refunding Bonds,

5.00%, 7/1/30		1,675		1,913

Sedona Excise TRB (BAM Insured),

4.00%, 7/1/38		350		360

Vistancia Community Facilities District G.O. Unlimited Refunding Bonds (BAM Insured),

4.00%, 7/15/26		450		471

Yavapai County IDA Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical,

3.13%, 8/1/43		2,450		1,979

				74,947

Total Municipal Bonds

(Cost $80,817)				74,947

NUMBER

OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 3.2%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

4.61%⁽⁷⁾⁽⁸⁾

2,526,624

$2,527

Total Investment Companies

(Cost $2,527)

2,527

Total Investments – 99.7%

(Cost $83,344)

77,474

Other Assets less Liabilities – 0.3%

204

NET ASSETS – 100.0%

$77,678

⁽¹⁾

Maturity date represents the puttable date.

⁽²⁾

Rate is determined by a remarketing agent which, in its judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

⁽³⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁴⁾

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

⁽⁵⁾

Security has converted to a fixed rate as of July 1, 2015, and is a fixed rate going forward.

⁽⁶⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2023.

⁽⁷⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁸⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

G.O. - General Obligation

IDA - Industrial Development Authority

IDR - Industrial Development Revenue

LOC - Letter of Credit

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾			% OF NET ASSETS

Municipal Bonds			96.5%

Investment Companies			3.2%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)	LEVEL 2 (000S)	LEVEL 3 (000S)	TOTAL (000S)

Municipal Bonds	$ —	$74,947	$—	$74,947

Investment Companies	2,527	—	—	2,527

Total Investments	$2,527	$74,947	$—	$77,474



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 0.4%

Auto Floor Plan – 0.0%

Ford Credit Floorplan Master Owner Trust, Series 2018-4, Class A

4.06%, 11/15/30		$100		$97

Ford Credit Floorplan Master Owner Trust, Series 2019-4, Class A

2.44%, 9/15/26		400		384

				481

Automobile – 0.2%

Ally Auto Receivables Trust, Series 2022-1, Class A3

3.31%, 11/15/26		100		98

AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C

1.06%, 8/18/26		100		94

BMW Vehicle Owner Trust, Series 2022-A, Class A3

3.21%, 8/25/26		50		49

Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3

0.77%, 9/15/26		100		95

Capital One Prime Auto Receivables Trust, Series 2022-2, Class A3

3.66%, 5/17/27		100		98

Capital One Prime Auto Receivables Trust, Series 2023-1, Class A3

4.87%, 2/15/28		100		101

CarMax Auto Owner Trust, Series 2021-4, Class A3

0.56%, 9/15/26		200		190

CarMax Auto Owner Trust, Series 2022-1, Class A3

1.47%, 12/15/26		100		95

CarMax Auto Owner Trust, Series 2022-2, Class A3

3.49%, 2/16/27		200		196

CarMax Auto Owner Trust, Series 2023-1, Class A3

4.75%, 10/15/27		100		100

Carvana Auto Receivables Trust, Series 2022-P1, Class A3

3.35%, 2/10/27		175		169

Ford Credit Auto Lease Trust, Series 2023-A, Class A3

4.94%, 3/15/26		100		100



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.4% continued

Automobile – 0.2% continued

Ford Credit Auto Owner Trust, Series 2020-C, Class A4

0.51%, 8/15/26		$100		$94

Ford Credit Auto Owner Trust, Series 2020-C, Class B

0.79%, 8/15/26		100		93

Ford Credit Auto Owner Trust, Series 2022-C, Class B

5.03%, 2/15/28		25		25

Ford Credit Auto Owner Trust, Series 2022-C, Class C

5.22%, 3/15/30		25		25

Ford Credit Auto Owner Trust, Series 2023-A, Class A3

4.65%, 2/15/28⁽¹⁾		100		100

GM Financial Automobile Leasing Trust, Series 2022-2, Class A3

3.42%, 6/20/25		100		98

GM Financial Automobile Leasing Trust, Series 2022-2, Class A4

3.54%, 5/20/26		100		98

GM Financial Automobile Leasing Trust, Series 2023-1, Class A3

5.16%, 4/20/26		50		50

GM Financial Consumer Automobile Receivables Trust, Series 2021-4, Class A3

0.68%, 9/16/26		200		190

Harley-Davidson Motorcycle Trust, Series 2023-A, Class A3

5.05%, 12/15/27		50		50

Honda Auto Receivables Owner Trust, Series 2021-1, Class A4

0.42%, 1/21/28		100		94

Honda Auto Receivables Owner Trust, Series 2021-4, Class A3

0.88%, 1/21/26		200		191

Honda Auto Receivables Owner Trust, Series 2022-2, Class A4

3.76%, 12/18/28		100		98

Honda Auto Receivables Owner Trust, Series 2023-1, Class A3

5.04%, 4/21/27		100		101

Hyundai Auto Receivables Trust, Series 2021-B, Class A4

0.60%, 2/16/27		100		92



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.4% continued

Automobile – 0.2% continued

Hyundai Auto Receivables Trust, Series 2021-C, Class A3

0.74%, 5/15/26		$150		$143

Hyundai Auto Receivables Trust, Series 2022-C, Class A3

5.39%, 6/15/27		100		101

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3

4.51%, 11/15/27		150		150

Nissan Auto Receivables Owner Trust, Series 2022-B, Class A3

4.46%, 5/17/27		100		99

Santander Drive Auto Receivables Trust, Series 2022-3, Class B

4.13%, 8/16/27		50		49

Santander Drive Auto Receivables Trust, Series 2022-3, Class C

4.49%, 8/15/29		50		49

Santander Drive Auto Receivables Trust, Series 2023-1, Class B

4.98%, 2/15/28		150		149

Santander Drive Auto Receivables Trust, Series 2023-1, Class C

5.09%, 5/15/30		100		99

Toyota Auto Receivables Owner Trust, Series 2021-C, Class A4

0.72%, 1/15/27		100		91

Toyota Auto Receivables Owner Trust, Series 2021-D, Class A3

0.71%, 4/15/26		100		95

Toyota Auto Receivables Owner Trust, Series 2022-A, Class A3

1.23%, 6/15/26		100		95

Toyota Auto Receivables Owner Trust, Series 2022-C, Class A3

3.76%, 4/15/27		100		98

Toyota Auto Receivables Owner Trust, Series 2022-C, Class A4

3.77%, 2/15/28		100		97

Volkswagen Auto Loan Enhanced Trust, Series 2021-1, Class A3

1.02%, 6/22/26		100		96

World Omni Auto Receivables Trust, Series 2022-C, Class A3

3.66%, 10/15/27		100		98



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.4% continued

Automobile – 0.2% continued

World Omni Auto Receivables Trust, Series 2022-C, Class A4

3.68%, 9/15/28		$100		$97

World Omni Auto Receivables Trust, Series 2023-A, Class A3

4.83%, 5/15/28		50		50

				4,440

Credit Card – 0.2%

American Express Credit Account Master Trust, Series 2021-1, Class A

0.90%, 11/15/26		225		212

American Express Credit Account Master Trust, Series 2022-2, Class A

3.39%, 5/15/27		200		195

American Express Credit Account Master Trust, Series 2022-3, Class A

3.75%, 8/15/27		200		196

American Express Credit Account Master Trust, Series 2022-4, Class A

4.95%, 10/15/27		200		202

BA Credit Card Trust, Series 2022-A2, Class A2

5.00%, 4/15/28		150		152

Barclays Dryrock Issuance Trust, Series 2021-1, Class A

0.63%, 7/15/27		200		188

Barclays Dryrock Issuance Trust, Series 2022-1, Class A

3.07%, 2/15/28		100		97

Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3

2.06%, 8/15/28		150		139

Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1

0.55%, 7/15/26		150		142

Capital One Multi-Asset Execution Trust, Series 2021-A2, Class A2

1.39%, 7/15/30		150		129

Capital One Multi-Asset Execution Trust, Series 2022-A1, Class A1

2.80%, 3/15/27		200		193

Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A

3.49%, 5/15/27		300		293



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.4% continued

Credit Card – 0.2% continued

Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A

4.95%, 10/15/27		$150		$152

Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3

6.15%, 6/15/39		50		56

Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7

3.96%, 10/13/30		100		97

Discover Card Execution Note Trust, Series 2021-A1, Class A1

0.58%, 9/15/26		150		141

Discover Card Execution Note Trust, Series 2021-A2, Class A2

1.03%, 9/15/28		100		89

Discover Card Execution Note Trust, Series 2022-A2, Class A

3.32%, 5/15/27		150		146

Discover Card Execution Note Trust, Series 2022-A3, Class A3

3.56%, 7/15/27		200		195

Synchrony Card Funding LLC, Series 2022-A1, Class A

3.37%, 4/15/28		100		97

Synchrony Card Funding LLC, Series 2022-A2, Class A

3.86%, 7/15/28		100		98

				3,209

Other – 0.0%

AEP Texas Central Transition Funding III LLC, Series 2012-1, Class A3

2.85%, 3/1/26		46		45

CNH Equipment Trust, Series 2022-B, Class A3

3.89%, 8/16/27		100		98

John Deere Owner Trust, Series 2021-B, Class A4

0.74%, 5/15/28		75		70

John Deere Owner Trust, Series 2023-A, Class A3

5.01%, 11/15/27		125		126

PSNH Funding LLC 3, Series 2018-1, Class A3

3.81%, 2/1/35		100		95



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.4% continued

Other – 0.0% continued

Verizon Master Trust, Series 2021-1, Class A

0.50%, 5/20/27		$200		$190

Verizon Master Trust, Series 2021-2, Class A

0.99%, 4/20/28		150		141

Verizon Master Trust, Series 2022-2, Class A

1.53%, 7/20/28		100		94

				859

Total Asset-Backed Securities

(Cost $9,304)				8,989


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.1%

Non Agency – 1.1%

Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2016-UB10, Class A4

3.17%, 7/15/49		300		280

BANK, Series 2017-BNK7, Class A5

3.44%, 9/15/60		250		232

BANK, Series 2017-BNK9, Class A4

3.54%, 11/15/54		250		232

BANK, Series 2018-BN10, Class A5

3.69%, 2/15/61		100		93

BANK, Series 2018-BN11, Class A3

4.05%, 3/15/61		200		190

BANK, Series 2018-BN12, Class A4

4.26%, 5/15/61		300		287

BANK, Series 2018-BN13, Class A5

4.22%, 8/15/61		100		95

BANK, Series 2018-BN14, Class A4

4.23%, 9/15/60		200		190

BANK, Series 2018-BN15, Class A4

4.41%, 11/15/61		300		289

BANK, Series 2019-BN18, Class A3

3.33%, 5/15/62		200		179

BANK, Series 2019-BN19, Class A3

3.18%, 8/15/61		300		266

BANK, Series 2020-BN26, Class A4

2.40%, 3/15/63		400		336

BANK, Series 2020-BN28, Class A4

1.84%, 3/15/63		500		399



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1% continued

Non Agency – 1.1% continued

BANK, Series 2021-BN31, Class A4

2.04%, 2/15/54		$200		$160

Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4

3.58%, 5/15/52		200		183

BBCMS Mortgage Trust, Series 2018-C2, Class A5

4.31%, 12/15/51		150		143

BBCMS Mortgage Trust, Series 2020-C6, Class A4

2.64%, 2/15/53		200		171

Benchmark Mortgage Trust, Series 2018-B2, Class A5

3.88%, 2/15/51		150		141

Benchmark Mortgage Trust, Series 2018-B3, Class A5

4.03%, 4/10/51		100		94

Benchmark Mortgage Trust, Series 2018-B5, Class A4

4.21%, 7/15/51		200		189

Benchmark Mortgage Trust, Series 2018-B8, Class A5

4.23%, 1/15/52		100		95

Benchmark Mortgage Trust, Series 2019-B12, Class A5

3.12%, 8/15/52		125		110

Benchmark Mortgage Trust, Series 2020-B16, Class A5

2.73%, 2/15/53		200		171

Benchmark Mortgage Trust, Series 2020-B18, Class A5

1.93%, 7/15/53		500		400

Benchmark Mortgage Trust, Series 2020-B19, Class A5

1.85%, 9/15/53		500		398

Benchmark Mortgage Trust, Series 2020-IG1, Class A3

2.69%, 9/15/43		100		84

Benchmark Mortgage Trust, Series 2021-B23, Class A5

2.07%, 2/15/54		200		159

CD Mortgage Trust, Series 2017-CD4, Class A4

3.51%, 5/10/50		250		233



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1% continued

Non Agency – 1.1% continued

CD Mortgage Trust, Series 2017-CD5, Class A4

3.43%, 8/15/50		$250		$231

CD Mortgage Trust, Series 2017-CD6, Class A5

3.46%, 11/13/50		200		184

CD Mortgage Trust, Series 2018-CD7, Class A4

4.28%, 8/15/51		200		190

CD Mortgage Trust, Series 2019-CD8, Class A4

2.91%, 8/15/57		150		131

CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3

3.87%, 1/10/48		300		287

CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4

3.28%, 5/10/58		250		235

CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4

3.46%, 8/15/50		250		231

Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class AS

4.65%, 9/10/46		100		97

Citigroup Commercial Mortgage Trust, Series 2015-GC27,Class A5

3.14%, 2/10/48		200		192

Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5

3.72%, 9/15/48		200		192

Citigroup Commercial Mortgage Trust, Series 2016-C1, Class A4

3.21%, 5/10/49		250		234

Citigroup Commercial Mortgage Trust, Series 2016-C3, Class A4

3.15%, 11/15/49		150		139

Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5

3.62%, 2/10/49		300		285

Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4

3.31%, 4/10/49		250		236

Citigroup Commercial Mortgage Trust, Series 2016-P3, Class A4

3.33%, 4/15/49		250		235



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1% continued

Non Agency – 1.1% continued

Citigroup Commercial Mortgage Trust, Series 2017-P8, Class A4

3.47%, 9/15/50		$250		$232

Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A4

4.01%, 3/10/51		100		94

Citigroup Commercial Mortgage Trust, Series 2018-C5, Class A4

4.23%, 6/10/51		200		191

Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A4

4.41%, 11/10/51		200		192

Commercial Mortgage Trust, Series 2014-UBS6, Class A5

3.64%, 12/10/47		250		241

Commercial Mortgage Trust, Series 2015-CR24, Class A5

3.70%, 8/10/48		500		479

Commercial Mortgage Trust, Series 2015-DC1, Class A5

3.35%, 2/10/48		200		191

Commercial Mortgage Trust, Series 2015-LC19, Class A4

3.18%, 2/10/48		500		478

Commercial Mortgage Trust, Series 2015-PC1, Class A5

3.90%, 7/10/50		200		193

Commercial Mortgage Trust, Series 2018-COR3, Class A3

4.23%, 5/10/51		200		190

CSAIL Commercial Mortgage Trust, Series 2015-C1, Class A4

3.51%, 4/15/50		225		215

CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4

3.72%, 8/15/48		500		480

CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5

3.09%, 1/15/49		100		93

CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5

3.50%, 11/15/49		200		188

CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A4

4.42%, 11/15/51		300		287



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1% continued

Non Agency – 1.1% continued

CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A5

4.03%, 4/15/51		$100		$94

DBJPM Mortgage Trust, Series 2017-C6, Class A5

3.33%, 6/10/50		250		231

DBJPM Mortgage Trust, Series 2020-C9, Class A5

1.93%, 8/15/53		100		80

GS Mortgage Securities Trust, Series 2014-GC26, Class A5

3.63%, 11/10/47		250		241

GS Mortgage Securities Trust, Series 2016-GS3, Class A4

2.85%, 10/10/49		200		184

GS Mortgage Securities Trust, Series 2017-GS7, Class A4

3.43%, 8/10/50		250		231

GS Mortgage Securities Trust, Series 2017-GS8, Class A4

3.47%, 11/10/50		200		185

GS Mortgage Securities Trust, Series 2018-GS9, Class A4

3.99%, 3/10/51		150		141

GS Mortgage Securities Trust, Series 2019-GC40, Class A4

3.16%, 7/10/52		150		134

GS Mortgage Securities Trust, Series 2020-GC45, Class A5

2.91%, 2/13/53		300		259

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-C4, Class A3

3.14%, 12/15/49		150		139

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class A5

2.87%, 8/15/49		200		184

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class AS

3.14%, 8/15/49		100		89

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-C5, Class A5

3.69%, 3/15/50		300		282



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1% continued

Non Agency – 1.1% continued

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5

3.45%, 9/15/50		$100		$92

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4

3.39%, 6/13/52		200		180

JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A5

3.82%, 7/15/48		200		191

JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A4

3.14%, 6/15/49		100		94

JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5

3.41%, 10/15/50		200		185

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A5

3.53%, 10/15/48		100		95

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4

3.33%, 5/15/49		250		235

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A5

2.86%, 9/15/49		100		92

Morgan Stanley Capital I Trust, Series 2018-H3, Class A5

4.18%, 7/15/51		150		142

Morgan Stanley Capital I Trust, Series 2018-H4, Class A4

4.31%, 12/15/51		100		95

Morgan Stanley Capital I Trust, Series 2018-L1, Class A4

4.41%, 10/15/51		200		191

Morgan Stanley Capital I Trust, Series 2019-H7, Class A4

3.26%, 7/15/52		250		223

Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4

2.04%, 7/15/53		500		403



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1% continued

Non Agency – 1.1% continued

Morgan Stanley Capital I Trust, Series 2020-L4, Class A3

2.70%, 2/15/53		$200		$170

Morgan Stanley Capital I, Series 2017-HR2, Class A4

3.59%, 12/15/50		200		185

UBS Commercial Mortgage Trust, Series 2017-C1,Class A4

3.46%, 6/15/50		250		232

UBS Commercial Mortgage Trust, Series 2017-C2, Class A4

3.49%, 8/15/50		250		231

UBS Commercial Mortgage Trust, Series 2017-C3, Class A4

3.43%, 8/15/50		175		161

UBS Commercial Mortgage Trust, Series 2017-C6, Class A5

3.58%, 12/15/50		100		93

UBS Commercial Mortgage Trust, Series 2017-C7, Class A4

3.68%, 12/15/50		150		139

UBS Commercial Mortgage Trust, Series 2018-C10, Class A4

4.31%, 5/15/51		200		191

UBS Commercial Mortgage Trust, Series 2018-C11, Class A5

4.24%, 6/15/51		150		142

UBS Commercial Mortgage Trust, Series 2018-C13, Class A4

4.33%, 10/15/51		200		190

UBS Commercial Mortgage Trust, Series 2018-C14, Class A4

4.45%, 12/15/51		100		96

UBS Commercial Mortgage Trust, Series 2018-C8, Class A4

3.98%, 2/15/51		150		140

UBS Commercial Mortgage Trust, Series 2018-C9, Class A4

4.12%, 3/15/51		100		95

Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class A4

3.17%, 2/15/48		100		95

Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4

3.66%, 9/15/58		250		242



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1% continued

Non Agency – 1.1% continued

Wells Fargo Commercial Mortgage Trust, Series 2015-LC20, Class A5

3.18%, 4/15/50		$200		$191

Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class A5

3.77%, 7/15/58		300		288

Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class A4

3.72%, 12/15/48		350		335

Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A4

3.56%, 1/15/59		200		189

Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4

3.43%, 3/15/59		250		236

Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class A4

2.93%, 7/15/48		100		92

Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class A4

3.07%, 11/15/59		250		229

Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class A4

2.94%, 10/15/49		200		184

Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4

2.92%, 11/15/49		150		138

Wells Fargo Commercial Mortgage Trust, Series 2017-C39, Class A5

3.42%, 9/15/50		250		231

Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4

3.58%, 10/15/50		100		93

Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class A4

3.59%, 12/15/50		100		92

Wells Fargo Commercial Mortgage Trust, Series 2018-C43, Class A4

4.01%, 3/15/51		150		142

Wells Fargo Commercial Mortgage Trust, Series 2018-C48, Class A5

4.30%, 1/15/52		100		95

Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A5

3.73%, 5/15/52		200		183



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1% continued

Non Agency – 1.1% continued

Wells Fargo Commercial Mortgage Trust, Series 2020-C55, Class A5

2.73%, 2/15/53		$100		$85

Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A5

2.45%, 6/15/53		500		417

WFRBS Commercial Mortgage Trust, Series 2014-C25, Class A5

3.63%, 11/15/47		250		241

				23,197

Total Commercial Mortgage-Backed Securities

(Cost $25,670)				23,197


CORPORATE BONDS – 20.5%

Advertising & Marketing – 0.0%

Interpublic Group of (The) Cos., Inc.,

4.75%, 3/30/30		300		295

Omnicom Group, Inc./Omnicom Capital, Inc.,

3.60%, 4/15/26		525		509

				804

Aerospace & Defense – 0.5%

Boeing (The) Co.,

2.85%, 10/30/24		110		106

4.88%, 5/1/25		240		240

2.20%, 2/4/26		329		305

2.70%, 2/1/27		219		202

3.25%, 2/1/28		66		61

3.25%, 3/1/28		55		51

3.20%, 3/1/29		159		145

2.95%, 2/1/30		250		221

5.15%, 5/1/30		43		43

6.13%, 2/15/33		135		144

6.63%, 2/15/38		100		109

5.81%, 5/1/50		1,060		1,067

General Dynamics Corp.,

2.63%, 11/15/27		104		96

3.75%, 5/15/28		246		240

4.25%, 4/1/40		100		94

2.85%, 6/1/41		160		125

L3Harris Technologies, Inc.,

4.40%, 6/15/28		449		440



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Aerospace & Defense – 0.5% continued

Lockheed Martin Corp.,

3.55%, 1/15/26		$298		$295

5.25%, 1/15/33		1,500		1,602

3.60%, 3/1/35		135		126

4.07%, 12/15/42		168		154

3.80%, 3/1/45		230		199

4.09%, 9/15/52		20		18

Northrop Grumman Corp.,

3.25%, 1/15/28		500		475

5.05%, 11/15/40		250		249

4.75%, 6/1/43		250		241

3.85%, 4/15/45		8		7

4.03%, 10/15/47		52		45

Precision Castparts Corp.,

3.90%, 1/15/43		100		88

4.38%, 6/15/45		350		323

Raytheon Technologies Corp.,

4.13%, 11/16/28		1,111		1,095

1.90%, 9/1/31		71		58

2.38%, 3/15/32		68		57

4.70%, 12/15/41		100		96

4.50%, 6/1/42		450		426

4.80%, 12/15/43		1,000		952

3.75%, 11/1/46		750		620

				10,815

Apparel & Textile Products – 0.1%

NIKE, Inc.,

2.85%, 3/27/30		1,250		1,149

3.25%, 3/27/40		75		63

				1,212

Asset Management – 0.2%

Ameriprise Financial, Inc.,

3.70%, 10/15/24		500		489

3.00%, 4/2/25		250		240

2.88%, 9/15/26		435		406

Ares Capital Corp.,

3.88%, 1/15/26		620		572

BlackRock, Inc.,

1.90%, 1/28/31		720		598

Charles Schwab (The) Corp.,

3.63%, 4/1/25		250		240

3.45%, 2/13/26		280		265

3.20%, 3/2/27		500		461



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Asset Management – 0.2% continued

Franklin Resources, Inc.,

2.95%, 8/12/51		$270		$175

Owl Rock Capital Corp.,

3.75%, 7/22/25		300		274

				3,720

Automotive – 0.3%

American Honda Finance Corp.,

2.40%, 6/27/24		80		78

Aptiv PLC/Aptiv Corp.,

4.15%, 5/1/52		500		392

BorgWarner, Inc.,

4.38%, 3/15/45		170		137

General Motors Co.,

6.80%, 10/1/27		118		125

5.00%, 10/1/28		227		224

5.60%, 10/15/32		183		179

6.25%, 10/2/43		350		336

6.75%, 4/1/46		145		147

5.40%, 4/1/48		267		229

General Motors Financial Co., Inc.,

2.70%, 8/20/27		658		589

2.40%, 4/10/28		119		104

2.40%, 10/15/28		254		217

5.65%, 1/17/29		84		85

4.30%, 4/6/29		82		76

3.60%, 6/21/30		99		87

2.35%, 1/8/31		33		26

3.10%, 1/12/32		33		27

Lear Corp.,

3.55%, 1/15/52		200		131

Toyota Motor Credit Corp.,

0.80%, 10/16/25		750		684

3.05%, 3/22/27		1,500		1,423

4.70%, 1/12/33		700		712

				6,008

Banking – 2.8%

Bank of America Corp.,

4.00%, 1/22/25		1,503		1,468

(Variable, ICE LIBOR USD 3M + 0.97%), 3.46%, 3/15/25 ⁽²⁾		28		27

3.95%, 4/21/25		1,375		1,330

(Variable, ICE LIBOR USD 3M + 0.87%), 2.46%, 10/22/25 ⁽²⁾		21		20



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Banking – 2.8% continued

(Variable, U.S. SOFR + 0.65%), 1.53%, 12/6/25 ⁽²⁾		$405		$379

(Variable, ICE LIBOR USD 3M + 0.81%), 3.37%, 1/23/26 ⁽²⁾		1,000		962

(Variable, ICE LIBOR USD 3M + 0.64%), 2.02%, 2/13/26 ⁽²⁾		760		712

4.45%, 3/3/26		500		488

3.50%, 4/19/26		76		73

4.25%, 10/22/26		47		46

(Variable, U.S. SOFR + 1.01%), 1.20%, 10/24/26 ⁽²⁾		2,000		1,796

(Variable, U.S. SOFR + 0.91%), 1.66%, 3/11/27 ⁽²⁾		72		65

(Variable, U.S. SOFR + 0.96%), 1.73%, 7/22/27 ⁽²⁾		1,208		1,083

4.18%, 11/25/27		146		141

(Variable, U.S. SOFR + 1.05%), 2.55%, 2/4/28 ⁽²⁾		18		16

(Variable, ICE LIBOR USD 3M + 1.51%), 3.71%, 4/24/28 ⁽²⁾		106		100

(Variable, ICE LIBOR USD 3M + 1.04%), 3.42%, 12/20/28 ⁽²⁾		983		913

(Variable, ICE LIBOR USD 3M + 1.07%), 3.97%, 3/5/29 ⁽²⁾		7		7

(Variable, U.S. SOFR + 1.06%), 2.09%, 6/14/29 ⁽²⁾		129		111

(Variable, ICE LIBOR USD 3M + 1.21%), 3.97%, 2/7/30 ⁽²⁾		199		186

(Variable, ICE LIBOR USD 3M + 1.18%), 3.19%, 7/23/30 ⁽²⁾		132		117

(Variable, ICE LIBOR USD 3M + 0.99%), 2.50%, 2/13/31 ⁽²⁾		500		423

(Variable, U.S. SOFR + 2.15%), 2.59%, 4/29/31 ⁽²⁾		52		44

(Variable, U.S. SOFR + 1.53%), 1.90%, 7/23/31 ⁽²⁾		336		269

(Variable, U.S. SOFR + 1.32%), 2.69%, 4/22/32 ⁽²⁾		380		317

(Variable, U.S. SOFR + 1.33%), 2.97%, 2/4/33 ⁽²⁾		336		283

(Variable, U.S. SOFR + 2.16%), 5.02%, 7/22/33 ⁽²⁾		1,828		1,808

6.11%, 1/29/37		150		158

(Variable, U.S. SOFR + 1.93%), 2.68%, 6/19/41 ⁽²⁾		390		276

(Variable, ICE LIBOR USD 3M + 1.19%), 3.95%, 1/23/49 ⁽²⁾		790		640



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Banking – 2.8% continued

(Variable, ICE LIBOR USD 3M + 1.52%), 4.33%, 3/15/50 ⁽²⁾		$755		$647

(Variable, ICE LIBOR USD 3M + 3.15%), 4.08%, 3/20/51 ⁽²⁾		810		664

Bank of America N.A.,

6.00%, 10/15/36		250		270

Citigroup, Inc.,

3.75%, 6/16/24		382		375

3.88%, 3/26/25		1,730		1,675

(Variable, CME Term SOFR 3M + 1.16%), 3.35%, 4/24/25 ⁽²⁾		31		30

4.40%, 6/10/25		105		102

5.50%, 9/13/25		126		126

(Variable, U.S. SOFR + 0.53%), 1.28%, 11/3/25 ⁽²⁾		49		46

(Variable, U.S. SOFR + 0.69%), 2.01%, 1/25/26 ⁽²⁾		1,464		1,378

4.60%, 3/9/26		205		201

(Variable, U.S. SOFR + 1.53%), 3.29%, 3/17/26 ⁽²⁾		17		16

(Variable, U.S. SOFR + 2.84%), 3.11%, 4/8/26 ⁽²⁾		884		845

(Variable, U.S. SOFR + 1.55%), 5.61%, 9/29/26 ⁽²⁾		722		727

3.20%, 10/21/26		719		678

4.30%, 11/20/26		505		488

(Variable, U.S. SOFR + 0.77%), 1.46%, 6/9/27 ⁽²⁾		28		25

4.45%, 9/29/27		328		318

(Variable, U.S. SOFR + 1.28%), 3.07%, 2/24/28 ⁽²⁾		88		82

(Variable, CME Term SOFR 3M + 1.65%), 3.67%, 7/24/28 ⁽²⁾		28		27

(Variable, U.S. SOFR + 3.91%), 4.41%, 3/31/31 ⁽²⁾		1,950		1,852

(Variable, U.S. SOFR + 1.17%), 2.56%, 5/1/32 ⁽²⁾		1,000		830

6.63%, 6/15/32		100		107

5.88%, 2/22/33		350		358

6.13%, 8/25/36		125		129

8.13%, 7/15/39		332		428

(Variable, U.S. SOFR + 4.55%), 5.32%, 3/26/41 ⁽²⁾		180		178

5.88%, 1/30/42		30		32

(Variable, U.S. SOFR + 1.38%), 2.90%, 11/3/42 ⁽²⁾		168		120



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Banking – 2.8% continued

Citizens Bank N.A.,

(Variable, U.S. SOFR + 2.00%), 4.58%, 8/9/28 ⁽²⁾		$500		$454

Discover Bank,

2.70%, 2/6/30		250		203

Fifth Third Bancorp,

8.25%, 3/1/38		275		310

HSBC Bank U.S.A. N.A.,

7.00%, 1/15/39		350		383

HSBC U.S.A., Inc.,

3.50%, 6/23/24		1,000		974

Huntington Bancshares, Inc.,

(Variable, U.S. SOFR + 1.97%), 4.44%, 8/4/28 ⁽²⁾		500		459

JPMorgan Chase & Co.,

3.88%, 9/10/24		1,126		1,107

3.90%, 7/15/25		128		126

7.75%, 7/15/25		54		57

(Variable, U.S. SOFR + 1.07%), 5.55%, 12/15/25 ⁽²⁾		330		332

(Variable, CME Term SOFR 3M + 1.59%), 2.01%, 3/13/26 ⁽²⁾		40		38

3.30%, 4/1/26		111		107

(Variable, U.S. SOFR + 1.85%), 2.08%, 4/22/26 ⁽²⁾		2,024		1,894

3.20%, 6/15/26		285		273

2.95%, 10/1/26		59		56

(Variable, CME Term SOFR 3M + 0.70%), 1.04%, 2/4/27 ⁽²⁾		121		108

(Variable, U.S. SOFR + 0.89%), 1.58%, 4/22/27 ⁽²⁾		297		267

8.00%, 4/29/27		658		745

(Variable, U.S. SOFR + 0.77%), 1.47%, 9/22/27 ⁽²⁾		1,310		1,155

4.25%, 10/1/27		299		294

3.63%, 12/1/27		1,292		1,235

(Variable, ICE LIBOR USD 3M + 1.34%), 3.78%, 2/1/28 ⁽²⁾		500		478

(Variable, U.S. SOFR + 1.17%), 2.95%, 2/24/28 ⁽²⁾		204		189

(Variable, U.S. SOFR + 1.56%), 4.32%, 4/26/28 ⁽²⁾		176		172

(Variable, U.S. SOFR + 1.99%), 4.85%, 7/25/28 ⁽²⁾		51		51



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Banking – 2.8% continued

(Variable, ICE LIBOR USD 3M + 0.95%), 3.51%, 1/23/29 ⁽²⁾		$310		$290

(Variable, ICE LIBOR USD 3M + 1.12%), 4.01%, 4/23/29 ⁽²⁾		34		33

(Variable, U.S. SOFR + 1.02%), 2.07%, 6/1/29 ⁽²⁾		719		624

(Variable, ICE LIBOR USD 3M + 1.33%), 4.45%, 12/5/29 ⁽²⁾		41		40

(Variable, U.S. SOFR + 2.52%), 2.96%, 5/13/31 ⁽²⁾		545		471

(Variable, U.S. SOFR + 2.58%), 5.72%, 9/14/33 ⁽²⁾		700		717

(Variable, ICE LIBOR USD 3M + 1.36%), 3.88%, 7/24/38 ⁽²⁾		359		316

(Variable, U.S. SOFR + 2.46%), 3.11%, 4/22/41 ⁽²⁾		100		76

5.60%, 7/15/41		405		421

(Variable, U.S. SOFR + 1.51%), 2.53%, 11/19/41 ⁽²⁾		785		542

5.63%, 8/16/43		150		155

(Variable, ICE LIBOR USD 3M + 1.58%), 4.26%, 2/22/48 ⁽²⁾		114		99

(Variable, ICE LIBOR USD 3M + 1.46%), 4.03%, 7/24/48 ⁽²⁾		85		71

(Variable, ICE LIBOR USD 3M + 1.38%), 3.96%, 11/15/48 ⁽²⁾		400		331

(Variable, U.S. SOFR + 2.44%), 3.11%, 4/22/51 ⁽²⁾		1,500		1,062

KeyBank N.A.,

4.15%, 8/8/25		250		236

5.00%, 1/26/33		500		465

PNC Financial Services Group (The), Inc.,

3.15%, 5/19/27		455		425

2.55%, 1/22/30		545		465

(Variable, U.S. SOFR + 1.93%), 5.07%, 1/24/34 ⁽²⁾		500		493

Regions Financial Corp.,

2.25%, 5/18/25		500		460

Synchrony Bank,

5.40%, 8/22/25		293		275

Truist Bank,

3.63%, 9/16/25		128		122

4.05%, 11/3/25		600		578

3.30%, 5/15/26		122		112

3.80%, 10/30/26		543		503



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Banking – 2.8% continued

Truist Financial Corp.,

2.85%, 10/26/24		$131		$125

3.70%, 6/5/25		213		203

(Variable, U.S. SOFR + 0.61%), 1.27%, 3/2/27 ⁽²⁾		85		75

1.13%, 8/3/27		221		187

(Variable, U.S. SOFR + 1.44%), 4.87%, 1/26/29 ⁽²⁾		500		488

(Variable, U.S. SOFR + 0.86%), 1.89%, 6/7/29 ⁽²⁾		57		48

U.S. Bancorp,

3.60%, 9/11/24		350		339

2.38%, 7/22/26		133		122

(Variable, U.S. SOFR + 0.73%), 2.22%, 1/27/28 ⁽²⁾		322		289

3.90%, 4/26/28		402		384

1.38%, 7/22/30		143		112

(Variable, U.S. SOFR + 1.60%), 4.84%, 2/1/34 ⁽²⁾		500		485

U.S. Bank N.A.,

2.80%, 1/27/25		250		239

Wells Fargo & Co.,

3.00%, 2/19/25		452		435

3.00%, 4/22/26		832		786

(Variable, U.S. SOFR + 1.32%), 3.91%, 4/25/26 ⁽²⁾		736		714

(Variable, U.S. SOFR + 2.00%), 2.19%, 4/30/26 ⁽²⁾		119		112

(Variable, U.S. SOFR + 1.56%), 4.54%, 8/15/26 ⁽²⁾		2,000		1,963

3.00%, 10/23/26		542		507

(Variable, ICE LIBOR USD 3M + 1.17%), 3.20%, 6/17/27 ⁽²⁾		15		14

4.30%, 7/22/27		110		107

(Variable, U.S. SOFR + 1.51%), 3.53%, 3/24/28 ⁽²⁾		275		259

(Variable, ICE LIBOR USD 3M + 1.31%), 3.58%, 5/22/28 ⁽²⁾		585		551

(Variable, U.S. SOFR + 2.10%), 2.39%, 6/2/28 ⁽²⁾		833		750

(Variable, U.S. SOFR + 4.50%), 5.01%, 4/4/51 ⁽²⁾		1,500		1,411

(Variable, U.S. SOFR + 2.13%), 4.61%, 4/25/53 ⁽²⁾		1,000		887



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Banking – 2.8% continued

Wells Fargo Bank N.A.,

5.85%, 2/1/37		$500		$522

6.60%, 1/15/38		50		56

				60,031

Beverages – 0.3%

Brown-Forman Corp.,

4.50%, 7/15/45		200		185

Coca-Cola (The) Co.,

3.38%, 3/25/27		133		131

1.50%, 3/5/28		81		72

2.13%, 9/6/29		243		218

1.65%, 6/1/30		179		151

2.00%, 3/5/31		1,204		1,031

3.00%, 3/5/51		1,000		779

Constellation Brands, Inc.,

4.65%, 11/15/28		44		44

3.15%, 8/1/29		334		305

2.88%, 5/1/30		256		225

2.25%, 8/1/31		284		233

5.25%, 11/15/48		167		161

Keurig Dr. Pepper, Inc.,

2.55%, 9/15/26		185		172

4.42%, 12/15/46		450		393

Molson Coors Beverage Co.,

3.00%, 7/15/26		170		161

5.00%, 5/1/42		275		260

4.20%, 7/15/46		300		245

PepsiCo, Inc.,

2.75%, 4/30/25		380		368

2.63%, 7/29/29		120		110

2.75%, 3/19/30		483		442

1.63%, 5/1/30		77		65

1.95%, 10/21/31		500		422

				6,173

Biotechnology & Pharmaceuticals – 1.2%

AbbVie, Inc.,

3.80%, 3/15/25		1,413		1,390

3.60%, 5/14/25		155		152

3.20%, 5/14/26		56		54

2.95%, 11/21/26		663		631

4.25%, 11/14/28		271		269

3.20%, 11/21/29		467		433

4.25%, 11/21/49		800		706



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Biotechnology & Pharmaceuticals – 1.2% continued

Amgen, Inc.,

2.45%, 2/21/30		$250		$218

2.00%, 1/15/32		1,000		814

5.15%, 11/15/41		126		122

5.65%, 3/2/53		1,200		1,249

2.77%, 9/1/53		1,876		1,199

Baxalta, Inc.,

4.00%, 6/23/25		225		220

Biogen, Inc.,

4.05%, 9/15/25		55		54

2.25%, 5/1/30		40		34

3.15%, 5/1/50		25		17

3.25%, 2/15/51		87		62

Bristol-Myers Squibb Co.,

3.20%, 6/15/26		132		128

3.90%, 2/20/28		726		712

3.40%, 7/26/29		286		272

4.35%, 11/15/47		1,083		1,007

4.25%, 10/26/49		462		419

3.70%, 3/15/52		538		449

Gilead Sciences, Inc.,

3.65%, 3/1/26		2,000		1,958

1.20%, 10/1/27		250		218

1.65%, 10/1/30		100		82

4.80%, 4/1/44		185		179

4.50%, 2/1/45		150		140

4.75%, 3/1/46		168		162

4.15%, 3/1/47		60		53

2.80%, 10/1/50		42		29

Johnson & Johnson,

0.55%, 9/1/25		1,467		1,349

2.45%, 3/1/26		361		347

0.95%, 9/1/27		1,000		885

2.90%, 1/15/28		1,139		1,091

4.38%, 12/5/33		332		341

3.55%, 3/1/36		519		481

5.95%, 8/15/37		32		37

3.70%, 3/1/46		770		690

Merck & Co., Inc.,

2.75%, 2/10/25		186		182

1.70%, 6/10/27		263		239

1.90%, 12/10/28		279		247

3.40%, 3/7/29		389		374



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Biotechnology & Pharmaceuticals – 1.2% continued

2.15%, 12/10/31		$688		$582

3.60%, 9/15/42		25		22

3.70%, 2/10/45		60		52

2.45%, 6/24/50		1,000		674

Mylan, Inc.,

4.55%, 4/15/28		171		164

5.40%, 11/29/43		585		488

Pfizer, Inc.,

3.40%, 5/15/24		126		124

3.45%, 3/15/29		24		23

2.63%, 4/1/30		1,000		903

7.20%, 3/15/39		311		392

5.60%, 9/15/40		194		210

4.13%, 12/15/46		519		477

Pharmacia LLC,

6.60%, 12/1/28		125		140

Royalty Pharma PLC,

3.55%, 9/2/50		500		345

Sanofi,

3.63%, 6/19/28		250		244

Shire Acquisitions Investments Ireland DAC,

3.20%, 9/23/26		225		214

Utah Acquisition Sub, Inc.,

3.95%, 6/15/26		114		109

Wyeth LLC,

5.95%, 4/1/37		725		814

Zoetis, Inc.,

3.95%, 9/12/47		450		376

4.45%, 8/20/48		40		36

				26,084

Cable & Satellite – 0.5%

Charter Communications Operating LLC/Charter Communications Operating Capital,

3.75%, 2/15/28		1,451		1,347

2.25%, 1/15/29		484		404

2.80%, 4/1/31		1,500		1,207

5.75%, 4/1/48		520		449

4.80%, 3/1/50		980		747

3.90%, 6/1/52		1,000		661

Comcast Corp.,

2.65%, 2/1/30		2,003		1,784

3.40%, 4/1/30		1,370		1,281



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Cable & Satellite – 0.5% continued

4.25%, 1/15/33		$775		$755

7.05%, 3/15/33		140		166

2.89%, 11/1/51		1,544		1,054

2.99%, 11/1/63		500		324

TCI Communications, Inc.,

7.88%, 2/15/26		755		823

Time Warner Cable LLC,

6.55%, 5/1/37		68		67

7.30%, 7/1/38		705		732

6.75%, 6/15/39		130		128

				11,929

Chemicals – 0.3%

Dow Chemical (The) Co.,

7.38%, 11/1/29		46		53

4.25%, 10/1/34		470		437

9.40%, 5/15/39		174		234

5.25%, 11/15/41		400		388

DuPont de Nemours, Inc.,

5.32%, 11/15/38		208		209

5.42%, 11/15/48		1,000		1,001

Eastman Chemical Co.,

4.80%, 9/1/42		200		178

4.65%, 10/15/44		100		87

Ecolab, Inc.,

2.70%, 11/1/26		70		66

2.75%, 8/18/55		500		320

International Flavors & Fragrances, Inc.,

5.00%, 9/26/48		67		57

Lubrizol (The) Corp.,

6.50%, 10/1/34		50		60

LYB International Finance B.V.,

4.00%, 7/15/23		105		104

5.25%, 7/15/43		565		518

LYB International Finance III LLC,

4.20%, 5/1/50		35		27

Mosaic (The) Co.,

5.45%, 11/15/33		250		251

4.88%, 11/15/41		100		90

RPM International, Inc.,

3.75%, 3/15/27		100		95

Sherwin-Williams (The) Co.,

3.45%, 6/1/27		205		196

2.95%, 8/15/29		167		150



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Chemicals – 0.3% continued

2.30%, 5/15/30		$153		$130

2.20%, 3/15/32		475		383

4.55%, 8/1/45		30		27

Westlake Corp.,

3.60%, 8/15/26		701		670

3.38%, 6/15/30		249		220

				5,951

Commercial Support Services – 0.0%

Republic Services, Inc.,

3.38%, 11/15/27		296		283

3.95%, 5/15/28		432		420

2.30%, 3/1/30		118		102

				805

Construction Materials – 0.1%

Carlisle Cos., Inc.,

2.75%, 3/1/30		500		426

Martin Marietta Materials, Inc.,

3.45%, 6/1/27		500		474

Owens Corning,

3.40%, 8/15/26		400		382

3.88%, 6/1/30		500		463

				1,745

Consumer Services – 0.1%

California Institute of Technology,

4.70%, 11/1/11 ⁽³⁾		110		100

Duke University,

2.68%, 10/1/44		200		152

Emory University,

2.97%, 9/1/50		500		361

Johns Hopkins University,

4.08%, 7/1/53		100		90

Massachusetts Institute of Technology,

5.60%, 7/1/11 ⁽³⁾		190		212

4.68%, 7/1/14 ⁽⁴⁾		15		14

3.89%, 7/1/16 ⁽⁵⁾		300		236

Northwestern University,

4.64%, 12/1/44		50		49

President and Fellows of Harvard College,

2.52%, 10/15/50		1,000		685

Trustees of the University of Pennsylvania (The),

4.67%, 9/1/12 ⁽⁶⁾		100		92



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Consumer Services – 0.1% continued

University of Southern California,

2.81%, 10/1/50		$500		$351

				2,342

Containers & Packaging – 0.1%

International Paper Co.,

6.00%, 11/15/41		480		500

Packaging Corp. of America,

3.65%, 9/15/24		250		246

WestRock MWV LLC,

7.95%, 2/15/31		100		115

WRKCo, Inc.,

4.90%, 3/15/29		350		344

				1,205

Diversified Industrials – 0.2%

3M Co.,

2.00%, 2/14/25		100		95

2.25%, 9/19/26		165		152

3.05%, 4/15/30		2,000		1,829

Dover Corp.,

2.95%, 11/4/29		10		9

GE Capital Funding LLC,

4.55%, 5/15/32		40		39

Honeywell International, Inc.,

2.50%, 11/1/26		461		438

1.10%, 3/1/27		182		163

2.70%, 8/15/29		137		126

3.81%, 11/21/47		125		109

Illinois Tool Works, Inc.,

3.90%, 9/1/42		700		630

Parker-Hannifin Corp.,

3.30%, 11/21/24		500		486

3.25%, 6/14/29		500		460

4.20%, 11/21/34		200		190

4.45%, 11/21/44		500		464

				5,190

E-Commerce Discretionary – 0.2%

Amazon.com, Inc.,

2.80%, 8/22/24		320		313

5.20%, 12/3/25		103		105

1.20%, 6/3/27		544		483

1.65%, 5/12/28		533		473

3.88%, 8/22/37		150		139



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

E-Commerce Discretionary – 0.2% continued

2.88%, 5/12/41		$1,199		$944

4.95%, 12/5/44		156		161

3.10%, 5/12/51		1,000		757

4.25%, 8/22/57		500		455

eBay, Inc.,

1.40%, 5/10/26		24		22

2.70%, 3/11/30		373		327

2.60%, 5/10/31		167		142

4.00%, 7/15/42		235		193

				4,514

Electric & Gas Marketing & Trading – 0.1%

Consolidated Edison Co. of New York, Inc.,

5.30%, 3/1/35		150		152

5.85%, 3/15/36		100		105

6.75%, 4/1/38		100		116

5.50%, 12/1/39		85		86

3.95%, 3/1/43		120		101

4.45%, 3/15/44		100		90

3.85%, 6/15/46		100		80

6.15%, 11/15/52		500		564

Evergy Metro, Inc.,

5.30%, 10/1/41		50		49

Southern Power Co.,

5.25%, 7/15/43		60		56

				1,399

Electric Utilities – 1.9%

AEP Transmission Co. LLC,

4.00%, 12/1/46		200		171

3.65%, 4/1/50		500		396

Alabama Power Co.,

3.85%, 12/1/42		60		50

Ameren Illinois Co.,

3.25%, 3/1/25		500		486

3.85%, 9/1/32		700		661

Appalachian Power Co.,

7.00%, 4/1/38		75		87

Arizona Public Service Co.,

3.15%, 5/15/25		500		480

4.50%, 4/1/42		230		199

4.20%, 8/15/48		250		202

Baltimore Gas and Electric Co.,

2.40%, 8/15/26		130		121



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Electric Utilities – 1.9% continued

3.75%, 8/15/47		$475		$378

Berkshire Hathaway Energy Co.,

5.15%, 11/15/43		500		491

CenterPoint Energy Houston Electric LLC,

2.40%, 9/1/26		50		46

3.00%, 2/1/27		150		143

3.55%, 8/1/42		40		33

4.25%, 2/1/49		500		445

CMS Energy Corp.,

3.00%, 5/15/26		40		38

3.45%, 8/15/27		500		476

4.88%, 3/1/44		500		460

Commonwealth Edison Co.,

6.45%, 1/15/38		200		230

3.80%, 10/1/42		90		76

4.60%, 8/15/43		100		94

Connecticut Light and Power (The) Co.,

4.00%, 4/1/48		250		215

Constellation Energy Generation LLC,

5.75%, 10/1/41		430		423

Dominion Energy South Carolina, Inc.,

6.05%, 1/15/38		265		290

5.10%, 6/1/65		50		50

Dominion Energy, Inc.,

4.25%, 6/1/28		1,000		973

5.25%, 8/1/33		250		252

5.95%, 6/15/35		750		792

7.00%, 6/15/38		20		23

4.90%, 8/1/41		35		32

4.05%, 9/15/42		100		81

DTE Electric Co.,

4.05%, 5/15/48		500		427

Duke Energy Carolinas LLC,

6.45%, 10/15/32		106		117

6.10%, 6/1/37		150		162

4.25%, 12/15/41		210		186

3.75%, 6/1/45		350		284

Duke Energy Corp.,

3.75%, 4/15/24		100		99

2.65%, 9/1/26		1,249		1,168

3.40%, 6/15/29		751		694

3.75%, 9/1/46		120		93



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Electric Utilities – 1.9% continued

Duke Energy Florida LLC,

6.35%, 9/15/37		$340		$379

3.40%, 10/1/46		290		221

Duke Energy Indiana LLC,

6.12%, 10/15/35		500		537

6.35%, 8/15/38		25		29

6.45%, 4/1/39		225		251

4.90%, 7/15/43		1,000		963

Duke Energy Progress LLC,

4.10%, 3/15/43		200		172

Duke Energy Progress NC Storm Funding LLC,

2.39%, 7/1/37		100		83

Entergy Louisiana LLC,

5.40%, 11/1/24		150		151

3.05%, 6/1/31		950		833

Entergy Texas, Inc.,

4.50%, 3/30/39		250		228

Evergy Kansas Central, Inc.,

4.13%, 3/1/42		275		237

Eversource Energy,

3.15%, 1/15/25		100		97

1.65%, 8/15/30		165		133

Exelon Corp.,

5.63%, 6/15/35		75		78

4.70%, 4/15/50		100		91

4.10%, 3/15/52		950		780

Florida Power & Light Co.,

5.65%, 2/1/37		335		355

5.95%, 2/1/38		150		165

5.96%, 4/1/39		250		276

5.69%, 3/1/40		30		32

4.13%, 2/1/42		250		220

4.05%, 6/1/42		100		89

Georgia Power Co.,

4.30%, 3/15/42		60		53

4.30%, 3/15/43		100		86

Indiana Michigan Power Co.,

6.05%, 3/15/37		200		217

5.63%, 4/1/53		500		521

ITC Holdings Corp.,

3.35%, 11/15/27		200		188

MidAmerican Energy Co.,

3.50%, 10/15/24		100		98



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Electric Utilities – 1.9% continued

4.80%, 9/15/43		$100		$96

4.40%, 10/15/44		150		137

3.15%, 4/15/50		200		147

National Grid U.S.A.,

5.80%, 4/1/35		425		435

National Rural Utilities Cooperative Finance Corp.,

2.85%, 1/27/25		1,000		968

8.00%, 3/1/32		50		60

4.30%, 3/15/49		125		109

Nevada Power Co.,

6.65%, 4/1/36		100		114

5.90%, 5/1/53		600		666

NextEra Energy Capital Holdings, Inc.,

2.25%, 6/1/30		1,561		1,319

2.44%, 1/15/32		439		364

Northern States Power Co.,

4.13%, 5/15/44		200		175

Oglethorpe Power Corp.,

5.38%, 11/1/40		150		143

Oklahoma Gas and Electric Co.,

4.15%, 4/1/47		200		168

Oncor Electric Delivery Co. LLC,

7.50%, 9/1/38		145		180

4.60%, 6/1/52		500		462

Pacific Gas and Electric Co.,

4.55%, 7/1/30		1,909		1,789

5.90%, 6/15/32		1,091		1,090

4.50%, 7/1/40		500		410

PacifiCorp,

6.10%, 8/1/36		200		216

6.25%, 10/15/37		275		308

4.13%, 1/15/49		50		43

PG&E Energy Recovery Funding LLC,

2.82%, 7/15/46		50		37

PG&E Recovery Funding LLC,

5.05%, 7/15/32		25		25

5.26%, 1/15/38		25		26

5.54%, 7/15/47		50		53

PG&E Wildfire Recovery Funding LLC,

3.59%, 6/1/30		42		40

4.02%, 6/1/31		80		78

4.72%, 6/1/37		100		100

4.45%, 12/1/47		135		125



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Electric Utilities – 1.9% continued

5.21%, 12/1/47		$100		$102

4.67%, 12/1/51		100		94

5.10%, 6/1/52		100		102

PPL Electric Utilities Corp.,

6.25%, 5/15/39		275		305

4.13%, 6/15/44		100		87

Public Service Co. of Colorado,

4.10%, 6/1/32		500		481

Public Service Electric and Gas Co.,

3.00%, 5/15/25		500		483

3.95%, 5/1/42		50		43

3.65%, 9/1/42		30		25

3.00%, 3/1/51		500		360

Puget Energy, Inc.,

3.65%, 5/15/25		500		483

Puget Sound Energy, Inc.,

6.27%, 3/15/37		75		82

5.64%, 4/15/41		340		343

San Diego Gas & Electric Co.,

4.50%, 8/15/40		150		139

5.35%, 4/1/53		300		309

Sempra Energy,

3.25%, 6/15/27		150		140

6.00%, 10/15/39		250		263

Southern (The) Co.,

3.70%, 4/30/30		900		842

4.40%, 7/1/46		1,000		871

Southern California Edison Co.,

6.65%, 4/1/29		300		323

6.00%, 1/15/34		100		108

5.35%, 7/15/35		586		593

5.55%, 1/15/37		275		281

5.95%, 2/1/38		710		756

6.05%, 3/15/39		50		53

5.50%, 3/15/40		150		151

3.90%, 3/15/43		150		122

4.13%, 3/1/48		90		74

Southwestern Electric Power Co.,

2.75%, 10/1/26		130		121

4.10%, 9/15/28		250		242

3.90%, 4/1/45		170		134

Tampa Electric Co.,

4.10%, 6/15/42		50		42



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Electric Utilities – 1.9% continued

Union Electric Co.,

3.90%, 9/15/42		$50		$42

4.00%, 4/1/48		250		207

Virginia Electric and Power Co.,

6.00%, 5/15/37		15		16

6.35%, 11/30/37		40		44

8.88%, 11/15/38		300		415

4.65%, 8/15/43		150		136

4.45%, 2/15/44		75		66

3.80%, 9/15/47		125		100

Wisconsin Public Service Corp.,

4.75%, 11/1/44		100		92

3.30%, 9/1/49		150		111

Xcel Energy, Inc.,

4.60%, 6/1/32		1,000		971

6.50%, 7/1/36		100		111

				40,435

Electrical Equipment – 0.1%

Carrier Global Corp.,

2.72%, 2/15/30		1,000		875

Fortive Corp.,

4.30%, 6/15/46		105		85

Johnson Controls International PLC,

5.13%, 9/14/45		35		34

4.95%, 7/2/64		110		99

Otis Worldwide Corp.,

3.36%, 2/15/50		500		371

Rockwell Automation, Inc.,

4.20%, 3/1/49		100		91

Trane Technologies Global Holding Co. Ltd.,

5.75%, 6/15/43		150		156

Trane Technologies Luxembourg Finance S.A.,

3.50%, 3/21/26		250		243

4.65%, 11/1/44		35		32

Tyco Electronics Group S.A.,

7.13%, 10/1/37		50		59

				2,045

Entertainment Content – 0.3%

Discovery Communications LLC,

4.90%, 3/11/26		45		45

4.13%, 5/15/29		467		435



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Entertainment Content – 0.3% continued

5.30%, 5/15/49		$145		$121

Fox Corp.,

5.58%, 1/25/49		500		478

NBCUniversal Media LLC,

4.45%, 1/15/43		297		271

Paramount Global,

4.75%, 5/15/25		199		197

4.20%, 5/19/32		1,000		858

5.85%, 9/1/43		197		170

5.25%, 4/1/44		30		24

Walt Disney (The) Co.,

3.70%, 3/23/27		297		291

6.40%, 12/15/35		31		36

4.13%, 12/1/41		105		95

2.75%, 9/1/49		1,696		1,179

3.60%, 1/13/51		1,304		1,059

Warnermedia Holdings, Inc.,

4.28%, 3/15/32 ⁽⁷⁾		1,000		893

5.14%, 3/15/52 ⁽⁷⁾		600		486

				6,638

Food – 0.2%

Conagra Brands, Inc.,

1.38%, 11/1/27		85		73

7.00%, 10/1/28		200		217

4.85%, 11/1/28		100		100

5.30%, 11/1/38		500		489

General Mills, Inc.,

2.88%, 4/15/30		218		195

2.25%, 10/14/31		432		359

Hershey (The) Co.,

2.30%, 8/15/26		365		346

Ingredion, Inc.,

3.20%, 10/1/26		250		238

J.M. Smucker (The) Co.,

3.50%, 3/15/25		500		488

4.38%, 3/15/45		250		221

Kraft Heinz Foods Co.,

4.88%, 10/1/49		1,000		929

				3,655

Forestry, Paper & Wood Products – 0.0%

Georgia-Pacific LLC,

7.75%, 11/15/29		500		588



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Gas & Water Utilities – 0.1%

American Water Capital Corp.,

3.40%, 3/1/25		$35		$34

2.95%, 9/1/27		1,000		942

6.59%, 10/15/37		105		119

4.30%, 12/1/42		75		66

3.45%, 5/1/50		12		9

3.25%, 6/1/51		58		42

Atmos Energy Corp.,

4.15%, 1/15/43		250		221

4.13%, 10/15/44		75		65

CenterPoint Energy Resources Corp.,

5.85%, 1/15/41		50		52

NiSource, Inc.,

5.95%, 6/15/41		77		81

5.25%, 2/15/43		100		99

4.80%, 2/15/44		580		535

Southern California Gas Co.,

3.75%, 9/15/42		250		205

4.30%, 1/15/49		125		106

Southern Co. Gas Capital Corp.,

5.88%, 3/15/41		300		313

Southwest Gas Corp.,

3.80%, 9/29/46		250		189

				3,078

Health Care Facilities & Services – 1.0%

Advocate Health & Hospitals Corp.,

3.01%, 6/15/50		265		188

Aetna, Inc.,

6.63%, 6/15/36		40		44

6.75%, 12/15/37		150		165

4.50%, 5/15/42		100		90

3.88%, 8/15/47		143		113

AHS Hospital Corp.,

5.02%, 7/1/45		100		99

AmerisourceBergen Corp.,

3.25%, 3/1/25		135		131

4.25%, 3/1/45		60		51

4.30%, 12/15/47		500		430

Ascension Health,

2.53%, 11/15/29		750		660

Cardinal Health, Inc.,

3.75%, 9/15/25		250		242

4.50%, 11/15/44		710		613



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Health Care Facilities & Services – 1.0% continued

Cigna Group (The),

2.38%, 3/15/31		$845		$713

4.80%, 7/15/46		580		533

4.90%, 12/15/48		348		327

3.40%, 3/15/50		362		267

CommonSpirit Health,

3.82%, 10/1/49		1,000		781

CVS Health Corp.,

1.30%, 8/21/27		39		34

4.30%, 3/25/28		234		230

3.25%, 8/15/29		1,391		1,272

3.75%, 4/1/30		386		361

4.78%, 3/25/38		130		124

4.13%, 4/1/40		40		34

5.30%, 12/5/43		750		737

5.13%, 7/20/45		686		651

5.05%, 3/25/48		319		298

Dignity Health,

5.27%, 11/1/64		200		186

Elevance Health, Inc.,

2.38%, 1/15/25		492		471

3.65%, 12/1/27		563		544

4.10%, 3/1/28		245		240

6.38%, 6/15/37		500		557

4.63%, 5/15/42		525		490

3.60%, 3/15/51		300		233

HCA, Inc.,

4.50%, 2/15/27		1,426		1,392

5.63%, 9/1/28		236		239

2.38%, 7/15/31		368		297

5.50%, 6/15/47		330		310

5.25%, 6/15/49		170		153

Humana, Inc.,

3.13%, 8/15/29		85		77

5.50%, 3/15/53		300		305

Kaiser Foundation Hospitals,

3.27%, 11/1/49		500		373

Laboratory Corp. of America Holdings,

4.70%, 2/1/45		300		268

Memorial Sloan-Kettering Cancer Center,

4.13%, 7/1/52		100		87

NYU Langone Hospitals,

4.37%, 7/1/47		500		439



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Health Care Facilities & Services – 1.0% continued

Quest Diagnostics, Inc.,

3.45%, 6/1/26		$56		$54

4.20%, 6/30/29		59		58

Sutter Health,

4.09%, 8/15/48		500		420

UnitedHealth Group, Inc.,

3.75%, 7/15/25		188		186

3.45%, 1/15/27		300		292

3.70%, 5/15/27		55		54

3.88%, 12/15/28		218		214

4.00%, 5/15/29		600		587

2.88%, 8/15/29		538		493

2.00%, 5/15/30		216		185

2.30%, 5/15/31		200		171

5.80%, 3/15/36		250		273

6.63%, 11/15/37		640		751

6.88%, 2/15/38		170		205

4.38%, 3/15/42		219		202

4.75%, 7/15/45		281		275

5.05%, 4/15/53		750		758

3.13%, 5/15/60		1,000		700

				21,727

Home & Office Products – 0.0%

Leggett & Platt, Inc.,

3.50%, 11/15/27		818		765

Whirlpool Corp.,

3.70%, 5/1/25		250		244

4.50%, 6/1/46		60		49

				1,058

Home Construction – 0.0%

D.R. Horton, Inc.,

2.60%, 10/15/25		510		477

Household Products – 0.1%

Church & Dwight Co., Inc.,

3.95%, 8/1/47		100		83

Estee Lauder (The) Cos., Inc.,

6.00%, 5/15/37		100		112

4.38%, 6/15/45		150		139

4.15%, 3/15/47		70		63

Kimberly-Clark Corp.,

6.63%, 8/1/37		350		426

3.20%, 7/30/46		125		97



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Household Products – 0.1% continued

Procter & Gamble (The) Co.,

3.00%, 3/25/30		$794		$745

1.20%, 10/29/30		706		577

				2,242

Industrial Support Services – 0.0%

WW Grainger, Inc.,

4.60%, 6/15/45		300		286

Institutional Financial Services – 1.1%

Bank of New York Mellon (The) Corp.,

1.60%, 4/24/25		285		265

3.25%, 5/16/27		500		473

(Variable, ICE LIBOR USD 3M + 1.07%), 3.44%, 2/7/28 ⁽²⁾		1,000		954

(Variable, U.S. SOFR + 1.51%), 4.71%, 2/1/34 ⁽²⁾		500		495

Citigroup Global Markets Holdings, Inc.,

0.75%, 6/7/24		60		56

CME Group, Inc.,

3.75%, 6/15/28		300		294

5.30%, 9/15/43		45		48

Goldman Sachs Group (The), Inc.,

3.75%, 5/22/25		1,956		1,900

(Variable, ICE LIBOR USD 3M + 1.20%), 3.27%, 9/29/25 ⁽²⁾		123		119

(Variable, U.S. SOFR + 0.61%), 0.86%, 2/12/26 ⁽²⁾		245		224

3.75%, 2/25/26		1,362		1,324

(Variable, U.S. SOFR + 0.79%), 1.09%, 12/9/26 ⁽²⁾		46		41

5.95%, 1/15/27		613		631

3.85%, 1/26/27		623		601

(Variable, U.S. SOFR + 0.80%), 1.43%, 3/9/27 ⁽²⁾		348		311

(Variable, U.S. SOFR + 1.51%), 4.39%, 6/15/27 ⁽²⁾		299		292

(Variable, U.S. SOFR + 0.82%), 1.54%, 9/10/27 ⁽²⁾		108		95

(Variable, U.S. SOFR + 0.91%), 1.95%, 10/21/27 ⁽²⁾		445		398

(Variable, U.S. SOFR + 1.11%), 2.64%, 2/24/28 ⁽²⁾		1,013		924

(Variable, ICE LIBOR USD 3M + 1.51%), 3.69%, 6/5/28 ⁽²⁾		579		548



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Institutional Financial Services – 1.1% continued

(Variable, ICE LIBOR USD 3M + 1.16%), 3.81%, 4/23/29 ⁽²⁾		$70		$66

(Variable, U.S. SOFR + 1.09%), 1.99%, 1/27/32 ⁽²⁾		2,000		1,598

6.25%, 2/1/41		300		330

(Variable, U.S. SOFR + 1.51%), 3.21%, 4/22/42 ⁽²⁾		1,000		753

4.80%, 7/8/44		350		325

Intercontinental Exchange, Inc.,

5.20%, 6/15/62		750		753

Invesco Finance PLC,

3.75%, 1/15/26		1,000		962

Morgan Stanley,

(Variable, U.S. SOFR + 0.53%), 0.79%, 5/30/25 ⁽²⁾		106		100

4.00%, 7/23/25		1,925		1,884

(Variable, U.S. SOFR + 0.56%), 1.16%, 10/21/25 ⁽²⁾		89		83

3.88%, 1/27/26		164		160

(Variable, U.S. SOFR + 1.99%), 2.19%, 4/28/26 ⁽²⁾		167		157

6.25%, 8/9/26		100		104

(Variable, U.S. SOFR + 0.72%), 0.99%, 12/10/26 ⁽²⁾		57		51

3.63%, 1/20/27		27		26

3.95%, 4/23/27		1,190		1,151

(Variable, U.S. SOFR + 0.88%), 1.59%, 5/4/27 ⁽²⁾		980		878

(Variable, U.S. SOFR + 0.86%), 1.51%, 7/20/27 ⁽²⁾		164		146

(Variable, U.S. SOFR + 1.00%), 2.48%, 1/21/28 ⁽²⁾		590		539

(Variable, ICE LIBOR USD 3M + 1.34%), 3.59%, 7/22/28 ⁽²⁾		760		718

(Variable, U.S. SOFR + 3.12%), 3.62%, 4/1/31 ⁽²⁾		36		33

(Variable, U.S. SOFR + 1.02%), 1.93%, 4/28/32 ⁽²⁾		66		52

(Variable, U.S. SOFR + 1.18%), 2.24%, 7/21/32 ⁽²⁾		29		23

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.43%), 5.95%, 1/19/38 ⁽²⁾		1,000		994

(Variable, U.S. SOFR + 1.49%), 3.22%, 4/22/42 ⁽²⁾		1,031		795

6.38%, 7/24/42		300		338



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Institutional Financial Services – 1.1% continued

4.30%, 1/27/45		$784		$693

State Street Corp.,

3.30%, 12/16/24		227		220

3.55%, 8/18/25		103		99

(Variable, U.S. SOFR + 0.94%), 2.35%, 11/1/25 ⁽²⁾		65		62

(Variable, U.S. SOFR + 1.57%), 4.82%, 1/26/34 ⁽²⁾		500		497

				24,583

Insurance – 0.7%

Aflac, Inc.,

3.60%, 4/1/30		1,000		941

Allstate (The) Corp.,

4.50%, 6/15/43		45		41

(Variable, ICE LIBOR USD 3M + 2.12%), 6.50%, 5/15/57 ⁽²⁾		225		213

American International Group, Inc.,

4.50%, 7/16/44		9		8

4.80%, 7/10/45		6		5

4.38%, 6/30/50		1,000		854

Aon Global Ltd.,

3.50%, 6/14/24		500		491

Arch Capital Group Ltd.,

3.64%, 6/30/50		500		373

Assurant, Inc.,

4.90%, 3/27/28		215		211

Berkshire Hathaway Finance Corp.,

1.45%, 10/15/30		522		428

2.88%, 3/15/32		178		160

4.40%, 5/15/42		100		96

4.30%, 5/15/43		440		406

Berkshire Hathaway, Inc.,

3.13%, 3/15/26		745		726

4.50%, 2/11/43		255		244

Chubb (The) Corp.,

6.00%, 5/11/37		50		55

6.50%, 5/15/38		85		98

Chubb INA Holdings, Inc.,

3.15%, 3/15/25		295		288

3.35%, 5/3/26		1,000		967

6.70%, 5/15/36		50		57

4.15%, 3/13/43		100		87

Equitable Holdings, Inc.,

5.00%, 4/20/48		500		429



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Insurance – 0.7% continued

Hanover Insurance Group (The), Inc.,

4.50%, 4/15/26		$200		$198

Hartford Financial Services Group (The), Inc.,

5.95%, 10/15/36		285		300

Lincoln National Corp.,

3.63%, 12/12/26		148		135

3.80%, 3/1/28		117		106

6.30%, 10/9/37		100		98

Loews Corp.,

4.13%, 5/15/43		75		64

Marsh & McLennan Cos., Inc.,

3.50%, 6/3/24		75		74

3.50%, 3/10/25		385		375

3.75%, 3/14/26		75		73

2.25%, 11/15/30		255		215

5.88%, 8/1/33		100		108

MetLife, Inc.,

3.00%, 3/1/25		830		803

6.38%, 6/15/34		485		541

6.40%, 12/15/36		150		145

4.13%, 8/13/42		460		385

4.72%, 12/15/44		370		338

Principal Financial Group, Inc.,

4.63%, 9/15/42		40		35

Progressive (The) Corp.,

2.45%, 1/15/27		250		232

4.20%, 3/15/48		500		435

Prudential Financial, Inc.,

(Variable, ICE LIBOR USD 3M + 3.04%), 5.20%, 3/15/44⁽²⁾		275		261

3.91%, 12/7/47		344		272

3.94%, 12/7/49		335		265

Transatlantic Holdings, Inc.,

8.00%, 11/30/39		70		89

Travelers (The) Cos., Inc.,

6.25%, 6/15/37		375		425

5.35%, 11/1/40		10		11

4.00%, 5/30/47		1,015		870

3.05%, 6/8/51		80		57

Voya Financial, Inc.,

4.80%, 6/15/46		500		423



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Insurance – 0.7% continued

Willis North America, Inc.,

2.95%, 9/15/29		$2,000		$1,762

				16,273

Internet Media & Services – 0.1%

Alphabet, Inc.,

2.05%, 8/15/50		75		48

2.25%, 8/15/60		1,000		616

Booking Holdings, Inc.,

4.63%, 4/13/30		200		200

Expedia Group, Inc.,

4.63%, 8/1/27		300		294

				1,158

Leisure Facilities & Services – 0.1%

Marriott International, Inc.,

3.13%, 6/15/26		130		123

McDonald’s Corp.,

3.63%, 5/1/43		209		171

4.88%, 12/9/45		200		194

4.45%, 3/1/47		350		320

4.45%, 9/1/48		112		104

4.20%, 4/1/50		288		254

Starbucks Corp.,

3.50%, 11/15/50		1,000		775

				1,941

Leisure Products – 0.0%

Hasbro, Inc.,

3.90%, 11/19/29		110		100

6.35%, 3/15/40		250		253

				353

Machinery – 0.2%

Caterpillar Financial Services Corp.,

1.45%, 5/15/25		115		108

0.90%, 3/2/26		95		86

1.70%, 1/8/27		186		170

Caterpillar, Inc.,

3.40%, 5/15/24		790		781

3.80%, 8/15/42		185		165

4.30%, 5/15/44		235		224

3.25%, 9/19/49		220		175

Deere & Co.,

5.38%, 10/16/29		99		105

2.88%, 9/7/49		667		503



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Machinery – 0.2% continued

3.75%, 4/15/50		$833		$739

Eaton Corp.,

3.10%, 9/15/27		250		236

John Deere Capital Corp.,

4.15%, 9/15/27		118		117

3.05%, 1/6/28		132		125

2.00%, 6/17/31		151		126

				3,660

Medical Equipment & Devices – 0.3%

Abbott Laboratories,

2.95%, 3/15/25		1,000		977

1.15%, 1/30/28		565		495

4.75%, 11/30/36		353		367

6.15%, 11/30/37		202		234

4.75%, 4/15/43		650		659

Baxter International, Inc.,

3.50%, 8/15/46		350		244

Becton Dickinson & Co.,

4.69%, 12/15/44		210		195

Boston Scientific Corp.,

7.38%, 1/15/40		540		661

DH Europe Finance II S.a.r.l.,

2.60%, 11/15/29		2,000		1,789

Medtronic, Inc.,

4.63%, 3/15/45		406		399

Stryker Corp.,

3.50%, 3/15/26		1,000		969

3.65%, 3/7/28		152		146

1.95%, 6/15/30		98		83

4.10%, 4/1/43		50		43

4.38%, 5/15/44		200		179

Thermo Fisher Scientific, Inc.,

1.75%, 10/15/28		38		33

				7,473

Metals & Mining – 0.0%

Newmont Corp.,

5.88%, 4/1/35		100		106

4.88%, 3/15/42		150		143

				249

Oil & Gas Producers – 1.5%

Boardwalk Pipelines L.P.,

4.45%, 7/15/27		1,650		1,608



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Oil & Gas Producers – 1.5% continued

BP Capital Markets America, Inc.,

3.80%, 9/21/25		$460		$456

3.12%, 5/4/26		397		382

3.02%, 1/16/27		712		676

3.54%, 4/6/27		300		291

4.23%, 11/6/28		428		424

3.63%, 4/6/30		142		135

2.72%, 1/12/32		110		96

3.38%, 2/8/61		500		361

Chevron Corp.,

3.33%, 11/17/25		140		137

2.95%, 5/16/26		1,465		1,411

Chevron U.S.A., Inc.,

1.02%, 8/12/27		31		27

ConocoPhillips Co.,

3.76%, 3/15/42		100		85

4.03%, 3/15/62		405		332

Coterra Energy, Inc.,

4.38%, 3/15/29		200		190

Devon Energy Corp.,

5.85%, 12/15/25		660		671

Diamondback Energy, Inc.,

6.25%, 3/15/53		500		518

Enbridge Energy Partners L.P.,

7.50%, 4/15/38		50		58

5.50%, 9/15/40		141		136

Energy Transfer L.P.,

5.95%, 12/1/25		175		178

3.90%, 7/15/26		98		94

4.40%, 3/15/27		90		87

4.20%, 4/15/27		560		537

5.50%, 6/1/27		266		269

4.95%, 6/15/28		27		27

5.25%, 4/15/29		212		211

4.15%, 9/15/29		183		171

7.50%, 7/1/38		310		348

4.95%, 1/15/43		691		584

5.15%, 2/1/43		309		269

5.30%, 4/1/44		15		13

5.35%, 5/15/45		80		71

Enterprise Products Operating LLC,

3.95%, 2/15/27		729		712

3.13%, 7/31/29		538		493



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Oil & Gas Producers – 1.5% continued

2.80%, 1/31/30		$472		$419

6.88%, 3/1/33		50		57

7.55%, 4/15/38		515		602

5.95%, 2/1/41		40		42

4.20%, 1/31/50		1,000		848

EOG Resources, Inc.,

3.15%, 4/1/25		145		141

Exxon Mobil Corp.,

2.44%, 8/16/29		580		530

3.48%, 3/19/30		125		119

2.61%, 10/15/30		1,010		908

3.00%, 8/16/39		200		162

4.33%, 3/19/50		500		462

Hess Corp.,

7.13%, 3/15/33		690		765

HF Sinclair Corp.,

4.50%, 10/1/30		250		226

Kinder Morgan Energy Partners L.P.,

4.30%, 5/1/24		170		168

7.30%, 8/15/33		175		196

6.55%, 9/15/40		205		211

7.50%, 11/15/40		305		343

6.38%, 3/1/41		35		36

5.63%, 9/1/41		310		294

5.40%, 9/1/44		250		232

Magellan Midstream Partners L.P.,

5.00%, 3/1/26		500		504

5.15%, 10/15/43		20		18

Marathon Oil Corp.,

6.80%, 3/15/32		175		184

Marathon Petroleum Corp.,

3.63%, 9/15/24		88		87

4.70%, 5/1/25		217		217

5.13%, 12/15/26		172		174

3.80%, 4/1/28		38		36

6.50%, 3/1/41		466		497

MPLX L.P.,

2.65%, 8/15/30		355		301

5.20%, 12/1/47		407		361

4.70%, 4/15/48		593		498

ONEOK Partners L.P.,

4.90%, 3/15/25		40		40

6.65%, 10/1/36		80		83



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Oil & Gas Producers – 1.5% continued

ONEOK, Inc.,

4.55%, 7/15/28		$23		$22

4.35%, 3/15/29		12		11

7.15%, 1/15/51		1,000		1,065

Phillips 66,

4.65%, 11/15/34		395		379

5.88%, 5/1/42		140		148

4.88%, 11/15/44		165		154

Phillips 66 Co.,

3.61%, 2/15/25⁽⁷⁾		76		74

3.55%, 10/1/26⁽⁷⁾		470		448

Plains All American Pipeline L.P./PAA Finance Corp.,

4.50%, 12/15/26		139		136

3.55%, 12/15/29		1,054		942

3.80%, 9/15/30		137		122

Sabine Pass Liquefaction LLC,

5.63%, 3/1/25		340		342

5.00%, 3/15/27		268		267

4.50%, 5/15/30		787		759

Southern Union Co.,

8.25%, 11/15/29		25		28

Spectra Energy Partners L.P.,

3.38%, 10/15/26		360		341

5.95%, 9/25/43		89		90

4.50%, 3/15/45		110		93

Targa Resources Corp.,

6.13%, 3/15/33		500		518

Tennessee Gas Pipeline Co. LLC,

7.00%, 3/15/27		408		434

7.00%, 10/15/28		545		592

7.63%, 4/1/37		5		6

Valero Energy Corp.,

7.50%, 4/15/32		765		880

Williams (The) Cos., Inc.,

4.55%, 6/24/24		1,452		1,441

3.75%, 6/15/27		548		526

4.65%, 8/15/32		1,500		1,446

5.80%, 11/15/43		200		197

				33,280

Oil & Gas Services & Equipment – 0.0%

Baker Hughes Holdings LLC,

5.13%, 9/15/40		100		97



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Oil & Gas Services & Equipment – 0.0% continued

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.,

4.08%, 12/15/47		$110		$89

Halliburton Co.,

3.80%, 11/15/25		49		48

4.85%, 11/15/35		275		264

7.45%, 9/15/39		160		186

4.75%, 8/1/43		15		13

				697

Real Estate Investment Trusts – 0.8%

Alexandria Real Estate Equities, Inc.,

2.75%, 12/15/29		2,000		1,717

American Tower Corp.,

3.38%, 10/15/26		26		25

3.13%, 1/15/27		128		119

3.60%, 1/15/28		79		74

1.50%, 1/31/28		39		33

3.95%, 3/15/29		134		125

3.80%, 8/15/29		1,519		1,412

AvalonBay Communities, Inc.,

3.90%, 10/15/46		500		395

Boston Properties L.P.,

2.75%, 10/1/26		30		26

4.50%, 12/1/28		312		273

2.90%, 3/15/30		126		97

Brandywine Operating Partnership L.P.,

4.55%, 10/1/29		235		173

Crown Castle, Inc.,

3.30%, 7/1/30		1,000		902

5.20%, 2/15/49		500		467

CubeSmart L.P.,

3.13%, 9/1/26		250		237

Digital Realty Trust L.P.,

3.60%, 7/1/29		500		449

Equinix, Inc.,

2.15%, 7/15/30		2,000		1,635

ERP Operating L.P.,

3.50%, 3/1/28		1,000		939

4.50%, 6/1/45		55		47

Essex Portfolio L.P.,

3.88%, 5/1/24		200		197

4.00%, 3/1/29		146		137

3.00%, 1/15/30		154		134



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Real Estate Investment Trusts – 0.8% continued

Healthpeak OP LLC,

3.40%, 2/1/25		$13		$13

3.25%, 7/15/26		353		335

3.50%, 7/15/29		277		254

Host Hotels & Resorts L.P.,

4.00%, 6/15/25		97		93

3.50%, 9/15/30		118		100

Kilroy Realty L.P.,

4.38%, 10/1/25		88		80

4.75%, 12/15/28		112		95

Kimco Realty OP LLC,

4.25%, 4/1/45		759		595

Mid-America Apartments L.P.,

3.75%, 6/15/24		100		98

National Retail Properties, Inc.,

3.10%, 4/15/50		500		318

Piedmont Operating Partnership L.P.,

4.45%, 3/15/24		100		95

Prologis L.P.,

1.75%, 7/1/30		500		406

Realty Income Corp.,

3.00%, 1/15/27		56		52

3.40%, 1/15/28		61		57

3.10%, 12/15/29		123		110

Simon Property Group L.P.,

3.30%, 1/15/26		106		101

2.45%, 9/13/29		1,001		859

2.65%, 7/15/30		585		495

2.20%, 2/1/31		183		147

2.25%, 1/15/32		735		576

6.75%, 2/1/40		542		600

4.25%, 10/1/44		148		120

Ventas Realty L.P.,

3.75%, 5/1/24		60		59

3.50%, 2/1/25		150		144

5.70%, 9/30/43		100		97

VICI Properties L.P.,

5.63%, 5/15/52		200		180

Welltower OP LLC,

2.05%, 1/15/29		442		369

4.13%, 3/15/29		260		242

3.10%, 1/15/30		218		190



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Real Estate Investment Trusts – 0.8% continued

Weyerhaeuser Co.,

4.00%, 3/9/52		$300		$242

				16,735

Retail - Consumer Staples – 0.4%

Costco Wholesale Corp.,

2.75%, 5/18/24		750		736

Dollar General Corp.,

5.50%, 11/1/52		200		203

Dollar Tree, Inc.,

2.65%, 12/1/31		200		168

Kroger (The) Co.,

2.65%, 10/15/26		1,135		1,066

7.50%, 4/1/31		200		231

6.90%, 4/15/38		100		114

5.40%, 7/15/40		400		394

Target Corp.,

2.25%, 4/15/25		1,000		961

4.80%, 1/15/53		700		687

Walgreens Boots Alliance, Inc.,

3.45%, 6/1/26		68		65

3.20%, 4/15/30		564		496

Walmart, Inc.,

3.30%, 4/22/24		374		369

3.70%, 6/26/28		251		249

2.38%, 9/24/29		147		132

1.80%, 9/22/31		2,000		1,691

4.50%, 9/9/52		300		300

				7,862

Retail - Discretionary – 0.3%

Advance Auto Parts, Inc.,

1.75%, 10/1/27		175		151

AutoNation, Inc.,

3.85%, 3/1/32		300		256

AutoZone, Inc.,

3.75%, 4/18/29		121		113

4.00%, 4/15/30		129		123

Home Depot (The), Inc.,

2.70%, 4/15/30		66		60

1.88%, 9/15/31		71		59

5.40%, 9/15/40		680		714

5.95%, 4/1/41		405		451

3.13%, 12/15/49		512		378

3.63%, 4/15/52		643		517



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Retail - Discretionary – 0.3% continued

Lowe’s Cos., Inc.,

3.13%, 9/15/24		$359		$351

3.35%, 4/1/27		115		110

3.65%, 4/5/29		76		72

3.75%, 4/1/32		1,000		923

2.80%, 9/15/41		200		142

4.05%, 5/3/47		94		76

3.00%, 10/15/50		906		601

O’Reilly Automotive, Inc.,

3.90%, 6/1/29		500		477

TJX (The) Cos., Inc.,

2.25%, 9/15/26		31		29

1.15%, 5/15/28		74		64

				5,667

Semiconductors – 0.5%

Applied Materials, Inc.,

3.90%, 10/1/25		500		493

1.75%, 6/1/30		500		420

5.85%, 6/15/41		100		111

Broadcom Corp./Broadcom Cayman Finance Ltd.,

3.88%, 1/15/27		1,203		1,163

Broadcom, Inc.,

2.45%, 2/15/31⁽⁷⁾		1,024		838

4.15%, 4/15/32⁽⁷⁾		1,500		1,367

4.93%, 5/15/37		200		182

Intel Corp.,

3.70%, 7/29/25		98		97

1.60%, 8/12/28		623		544

4.00%, 8/5/29		94		91

2.00%, 8/12/31		50		41

4.80%, 10/1/41		80		77

3.73%, 12/8/47		741		588

3.25%, 11/15/49		438		312

4.75%, 3/25/50		399		366

3.10%, 2/15/60		356		234

3.20%, 8/12/61		119		79

KLA Corp.,

4.65%, 11/1/24		87		87

Lam Research Corp.,

1.90%, 6/15/30		1,000		843

NVIDIA Corp.,

3.50%, 4/1/50		1,000		819



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Semiconductors – 0.5% continued

QUALCOMM, Inc.,

3.25%, 5/20/27		$539		$521

2.15%, 5/20/30		181		159

4.80%, 5/20/45		795		792

Texas Instruments, Inc.,

2.25%, 9/4/29		1,000		894

				11,118

Software – 0.6%

Adobe, Inc.,

1.90%, 2/1/25		96		92

2.15%, 2/1/27		419		389

Autodesk, Inc.,

3.50%, 6/15/27		135		129

Microsoft Corp.,

2.70%, 2/12/25		22		21

3.30%, 2/6/27		1,525		1,496

2.53%, 6/1/50		700		495

2.92%, 3/17/52		674		512

2.68%, 6/1/60		723		499

3.04%, 3/17/62		1,178		883

Oracle Corp.,

2.50%, 4/1/25		130		125

2.95%, 5/15/25		135		130

2.65%, 7/15/26		1,941		1,813

2.80%, 4/1/27		7		7

3.25%, 11/15/27		336		316

2.30%, 3/25/28		1,124		1,006

2.95%, 4/1/30		6		5

2.88%, 3/25/31		909		778

3.90%, 5/15/35		336		293

3.80%, 11/15/37		5		4

5.38%, 7/15/40		590		565

3.60%, 4/1/50		1,000		709

4.38%, 5/15/55		25		20

3.85%, 4/1/60		1,000		698

Roper Technologies, Inc.,

1.00%, 9/15/25		2,000		1,829

3.85%, 12/15/25		220		215

3.80%, 12/15/26		235		228

				13,257

Specialty Finance – 0.5%

Air Lease Corp.,

4.25%, 9/15/24		131		128



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Specialty Finance – 0.5% continued

2.88%, 1/15/26		$101		$94

1.88%, 8/15/26		78		69

3.63%, 12/1/27		163		151

2.10%, 9/1/28		131		109

4.63%, 10/1/28		651		618

3.25%, 10/1/29		500		439

Ally Financial, Inc.,

5.80%, 5/1/25		2,000		1,931

American Express Co.,

3.00%, 10/30/24		220		213

3.63%, 12/5/24		1,125		1,096

3.13%, 5/20/26		656		623

1.65%, 11/4/26		84		75

5.85%, 11/5/27		500		525

4.05%, 5/3/29		72		70

Capital One Financial Corp.,

3.75%, 4/24/24		856		830

3.30%, 10/30/24		777		742

3.75%, 7/28/26		150		136

3.75%, 3/9/27		250		228

3.65%, 5/11/27		144		131

(Variable, U.S. SOFR + 0.86%), 1.88%, 11/2/27 ⁽²⁾		355		306

(Variable, U.S. SOFR + 2.08%), 5.47%, 2/1/29 ⁽²⁾		700		682

Discover Financial Services,

4.50%, 1/30/26		500		482

GATX Corp.,

3.50%, 3/15/28		500		461

5.20%, 3/15/44		35		32

Synchrony Financial,

3.95%, 12/1/27		681		577

2.88%, 10/28/31		231		164

				10,912

Steel – 0.1%

Nucor Corp.,

2.98%, 12/15/55		1,275		848

Steel Dynamics, Inc.,

3.45%, 4/15/30		500		455

				1,303

Technology Hardware – 0.7%

Apple, Inc.,

2.85%, 5/11/24		1,570		1,543



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Technology Hardware – 0.7% continued

2.75%, 1/13/25		$828		$806

2.50%, 2/9/25		55		53

1.13%, 5/11/25		107		100

2.45%, 8/4/26		225		214

2.05%, 9/11/26		308		288

3.35%, 2/9/27		645		630

3.20%, 5/11/27		201		196

2.90%, 9/12/27		993		950

1.20%, 2/8/28		888		781

3.25%, 8/8/29		37		35

2.20%, 9/11/29		188		168

1.65%, 5/11/30		1,038		884

1.25%, 8/20/30		632		517

1.70%, 8/5/31		38		32

3.35%, 8/8/32		1,000		943

2.38%, 2/8/41		15		11

3.85%, 5/4/43		305		277

3.45%, 2/9/45		25		21

4.38%, 5/13/45		160		155

4.65%, 2/23/46		206		207

3.85%, 8/4/46		20		18

4.25%, 2/9/47		11		11

3.75%, 9/12/47		8		7

3.75%, 11/13/47		25		22

2.95%, 9/11/49		700		529

2.65%, 5/11/50		200		141

Arrow Electronics, Inc.,

3.88%, 1/12/28		250		237

Cisco Systems, Inc.,

2.95%, 2/28/26		375		363

5.90%, 2/15/39		600		677

5.50%, 1/15/40		90		98

Corning, Inc.,

5.75%, 8/15/40		170		179

5.35%, 11/15/48		500		491

Dell International LLC/EMC Corp.,

6.02%, 6/15/26		667		685

4.90%, 10/1/26		364		363

5.30%, 10/1/29		150		151

5.75%, 2/1/33		121		122

8.35%, 7/15/46		223		272

Dell, Inc.,

7.10%, 4/15/28		1,000		1,068



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Technology Hardware – 0.7% continued

Hewlett Packard Enterprise Co.,

1.75%, 4/1/26		$160		$147

6.35%, 10/15/45		200		211

HP, Inc.,

6.00%, 9/15/41		275		282

Juniper Networks, Inc.,

5.95%, 3/15/41		100		101

NetApp, Inc.,

3.30%, 9/29/24		160		156

				15,142

Technology Services – 0.5%

Equifax, Inc.,

2.35%, 9/15/31		980		789

Fiserv, Inc.,

3.85%, 6/1/25		45		44

3.50%, 7/1/29		1,865		1,731

International Business Machines Corp.,

3.00%, 5/15/24		1,203		1,181

7.00%, 10/30/25		197		209

3.45%, 2/19/26		196		190

1.70%, 5/15/27		401		359

6.50%, 1/15/28		226		246

3.50%, 5/15/29		470		442

1.95%, 5/15/30		797		666

4.00%, 6/20/42		320		272

4.25%, 5/15/49		500		430

Mastercard, Inc.,

3.35%, 3/26/30		2,000		1,902

3.80%, 11/21/46		500		437

PayPal Holdings, Inc.,

2.85%, 10/1/29		1,500		1,351

S&P Global, Inc.,

2.45%, 3/1/27		300		281

Visa, Inc.,

3.15%, 12/14/25		1,250		1,214

4.15%, 12/14/35		100		98

3.65%, 9/15/47		125		109

				11,951

Telecommunications – 0.7%

AT&T, Inc.,

1.65%, 2/1/28		331		291

2.75%, 6/1/31		359		309

2.25%, 2/1/32		587		480



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Telecommunications – 0.7% continued

4.50%, 5/15/35		$859		$805

4.35%, 6/15/45		52		45

4.75%, 5/15/46		68		61

4.50%, 3/9/48		574		497

3.65%, 6/1/51		691		523

3.30%, 2/1/52		2,750		1,978

3.80%, 12/1/57		200		149

3.85%, 6/1/60		148		111

T-Mobile U.S.A., Inc.,

4.75%, 2/1/28		1,066		1,052

3.88%, 4/15/30		1,258		1,180

4.50%, 4/15/50		2,000		1,742

Verizon Communications, Inc.,

2.63%, 8/15/26		66		62

3.00%, 3/22/27		210		200

4.33%, 9/21/28		1,187		1,173

4.02%, 12/3/29		909		870

3.15%, 3/22/30		1,352		1,232

1.68%, 10/30/30		818		660

1.75%, 1/20/31		227		183

2.36%, 3/15/32		395		324

3.55%, 3/22/51		1,000		763

3.70%, 3/22/61		1,000		746

				15,436

Tobacco & Cannabis – 0.1%

Altria Group, Inc.,

3.40%, 5/6/30		304		270

2.45%, 2/4/32		441		347

4.25%, 8/9/42		295		231

4.50%, 5/2/43		410		328

5.95%, 2/14/49		517		489

3.70%, 2/4/51		85		57

Philip Morris International, Inc.,

3.38%, 8/11/25		69		67

1.75%, 11/1/30		181		145

3.88%, 8/21/42		314		249

4.13%, 3/4/43		591		482

4.88%, 11/15/43		100		91

				2,756

Transportation & Logistics – 0.5%

Burlington Northern Santa Fe LLC,

3.75%, 4/1/24		355		350

3.40%, 9/1/24		80		78



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Transportation & Logistics – 0.5% continued

3.65%, 9/1/25		$200		$196

3.25%, 6/15/27		325		313

6.20%, 8/15/36		455		512

5.15%, 9/1/43		280		285

4.45%, 1/15/53		200		187

CSX Corp.,

3.35%, 11/1/25		25		24

2.60%, 11/1/26		25		23

2.40%, 2/15/30		770		672

6.00%, 10/1/36		100		108

6.15%, 5/1/37		190		210

6.22%, 4/30/40		365		405

5.50%, 4/15/41		50		51

3.35%, 9/15/49		1,000		753

FedEx Corp.,

3.40%, 2/15/28		276		261

3.10%, 8/5/29		180		165

4.25%, 5/15/30		95		93

2.40%, 5/15/31		229		195

3.90%, 2/1/35		100		90

4.10%, 4/15/43		50		42

4.10%, 2/1/45		550		455

Norfolk Southern Corp.,

3.80%, 8/1/28		100		96

3.95%, 10/1/42		20		17

4.45%, 6/15/45		275		242

3.94%, 11/1/47		524		429

3.16%, 5/15/55		137		94

Ryder System, Inc.,

3.35%, 9/1/25		500		477

Union Pacific Corp.,

3.25%, 8/15/25		15		15

3.00%, 4/15/27		15		14

2.40%, 2/5/30		300		264

3.25%, 2/5/50		1,500		1,140

5.15%, 1/20/63		500		503

United Airlines Pass Through Trust, Series 2019-1, Class AA,

4.15%, 8/25/31		1,500		1,347

United Parcel Service, Inc.,

5.20%, 4/1/40		30		31

3.63%, 10/1/42		105		90

3.75%, 11/15/47		180		154

4.25%, 3/15/49		73		67



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.5% continued

Transportation & Logistics – 0.5% continued

3.40%, 9/1/49		$290		$234

5.30%, 4/1/50		377		404

				11,086

Transportation Equipment – 0.0%

Cummins, Inc.,

1.50%, 9/1/30		500		409

4.88%, 10/1/43		90		87

				496

Wholesale - Consumer Staples – 0.1%

Archer-Daniels-Midland Co.,

2.50%, 8/11/26		305		288

3.75%, 9/15/47		295		251

Bunge Ltd. Finance Corp.,

3.25%, 8/15/26		615		583

Sysco Corp.,

3.30%, 7/15/26		597		574

3.25%, 7/15/27		523		496

5.38%, 9/21/35		250		256

				2,448

Total Corporate Bonds

(Cost $495,968)				447,992



FOREIGN ISSUER BONDS – 7.2%

Advertising & Marketing – 0.0%

WPP Finance 2010,

3.75%, 9/19/24	150	146

Automotive – 0.1%

Honda Motor Co. Ltd.,

2.27%, 3/10/25	2,000	1,911

2.53%, 3/10/27	1,000	936

Mercedes-Benz Finance North America LLC,

8.50%, 1/18/31	175	222

		3,069

Banking – 1.9%

Banco Santander S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 4.18%, 3/24/28 ⁽²⁾	200	188

3.31%, 6/27/29	1,400	1,248

Bank of Montreal,

4.25%, 9/14/24	26	26



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Banking – 1.9% continued

2.65%, 3/8/27		$1,000		$923

Bank of Nova Scotia (The),

4.75%, 2/2/26		1,000		996

2.70%, 8/3/26		1,000		929

Barclays PLC,

(Variable, ICE LIBOR USD 3M + 1.61%), 3.93%, 5/7/25 ⁽²⁾		550		535

(Variable, U.S. SOFR + 2.71%), 2.85%, 5/7/26 ⁽²⁾		155		145

5.20%, 5/12/26		345		330

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.05%), 2.28%, 11/24/27 ⁽²⁾		528		464

4.34%, 1/10/28		161		153

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.50%), 7.44%, 11/2/33 ⁽²⁾		500		553

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.30%), 3.33%, 11/24/42 ⁽²⁾		586		421

5.25%, 8/17/45		144		138

Canadian Imperial Bank of Commerce,

3.45%, 4/7/27		500		473

Cooperatieve Rabobank U.A.,

3.38%, 5/21/25		500		482

5.75%, 12/1/43		250		254

Credit Suisse A.G.,

1.25%, 8/7/26		366		309

Deutsche Bank A.G.,

(Variable, U.S. SOFR + 2.58%), 3.96%, 11/26/25 ⁽²⁾		2,000		1,892

(Variable, U.S. SOFR + 3.65%), 7.08%, 2/10/34 ⁽²⁾		500		464

HSBC Holdings PLC, (Variable, ICE LIBOR USD 3M +

1.21%), 3.80%, 3/11/25 ⁽²⁾		1,000		978

(Variable, U.S. SOFR + 0.71%), 0.98%, 5/24/25 ⁽²⁾		225		212

(Variable, U.S. SOFR + 1.40%), 2.63%, 11/7/25 ⁽²⁾		636		602

4.30%, 3/8/26		306		296

(Variable, U.S. SOFR + 1.43%), 3.00%, 3/10/26 ⁽²⁾		54		51

(Variable, ICE LIBOR USD 3M + 1.35%), 4.29%, 9/12/26 ⁽²⁾		909		870



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Banking – 1.9% continued

(Variable, U.S. SOFR + 1.10%), 2.25%, 11/22/27 ⁽²⁾		$874		$775

(Variable, ICE LIBOR USD 3M + 1.55%), 4.04%, 3/13/28 ⁽²⁾		200		188

(Variable, U.S. SOFR + 1.73%), 2.01%, 9/22/28 ⁽²⁾		446		382

(Variable, U.S. SOFR + 1.97%), 6.16%, 3/9/29 ⁽²⁾		1,000		1,028

(Variable, U.S. SOFR + 1.29%), 2.21%, 8/17/29 ⁽²⁾		150		126

(Variable, U.S. SOFR + 1.95%), 2.36%, 8/18/31 ⁽²⁾		1,300		1,048

(Variable, U.S. SOFR + 2.87%), 5.40%, 8/11/33 ⁽²⁾		1,000		988

6.80%, 6/1/38		150		156

ING Groep N.V.,

(Variable, U.S. SOFR + 1.64%), 3.87%, 3/28/26 ⁽²⁾		1,000		967

Lloyds Banking Group PLC,

4.58%, 12/10/25		2,095		1,977

4.34%, 1/9/48		500		389

Mitsubishi UFJ Financial Group, Inc.,

2.19%, 2/25/25		1,566		1,475

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.75%), 1.54%, 7/20/27 ⁽²⁾		934		827

3.29%, 7/25/27		678		633

3.96%, 3/2/28		72		69

3.74%, 3/7/29		1,500		1,403

Mizuho Financial Group, Inc.,

(Variable, ICE LIBOR USD 3M + 1.07%), 2.59%, 5/25/31 ⁽²⁾		1,000		833

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.80%), 5.75%, 5/27/34 ⁽²⁾		500		511

National Australia Bank Ltd.,

3.38%, 1/14/26		1,000		967

NatWest Group PLC,

(Variable, ICE LIBOR USD 3M + 1.76%), 4.27%, 3/22/25 ⁽²⁾		250		245

(Variable, ICE LIBOR USD 3M + 1.75%), 4.89%, 5/18/29 ⁽²⁾		1,000		960

Royal Bank of Canada,

0.65%, 7/29/24		208		196

4.65%, 1/27/26		600		591

3.88%, 5/4/32		1,000		924



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Banking – 1.9% continued

Sumitomo Mitsui Banking Corp.,

3.65%, 7/23/25		$500		$481

Sumitomo Mitsui Financial Group, Inc.,

2.70%, 7/16/24		2,000		1,930

3.54%, 1/17/28		1,250		1,157

2.13%, 7/8/30		1,000		815

Toronto-Dominion Bank (The),

1.95%, 1/12/27		2,052		1,837

Westpac Banking Corp.,

2.85%, 5/13/26		692		656

2.70%, 8/19/26		1,000		938

3.35%, 3/8/27		500		476

5.46%, 11/18/27		500		518

1.95%, 11/20/28		308		268

				40,666

Beverages – 0.3%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,

4.90%, 2/1/46		1,980		1,935

Anheuser-Busch InBev Worldwide, Inc.,

4.75%, 1/23/29		643		657

3.50%, 6/1/30		2,357		2,222

8.00%, 11/15/39		310		396

4.95%, 1/15/42		190		188

Diageo Capital PLC,

3.88%, 4/29/43		175		152

				5,550

Biotechnology & Pharmaceuticals – 0.2%

Astrazeneca Finance LLC,

1.20%, 5/28/26		38		35

AstraZeneca PLC,

3.13%, 6/12/27		31		29

1.38%, 8/6/30		1,031		840

6.45%, 9/15/37		450		531

4.00%, 9/18/42		250		228

GlaxoSmithKline Capital, Inc.,

3.88%, 5/15/28		1,000		981

5.38%, 4/15/34		150		160

6.38%, 5/15/38		274		323

4.20%, 3/18/43		276		249

Novartis Capital Corp.,

3.40%, 5/6/24		24		24



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Biotechnology & Pharmaceuticals – 0.2% continued

1.75%, 2/14/25		$51		$49

2.00%, 2/14/27		70		64

3.10%, 5/17/27		121		116

2.20%, 8/14/30		1,524		1,335

3.70%, 9/21/42		36		32

4.40%, 5/6/44		214		211

Takeda Pharmaceutical Co. Ltd.,

3.18%, 7/9/50		204		146

				5,353

Cable & Satellite – 0.0%

Grupo Televisa S.A.B.,

6.63%, 1/15/40		570		588

Chemicals – 0.0%

Nutrien Ltd.,

4.00%, 12/15/26		180		174

4.13%, 3/15/35		23		20

5.88%, 12/1/36		27		28

5.63%, 12/1/40		250		250

				472

E-Commerce Discretionary – 0.0%

Alibaba Group Holding Ltd.,

3.40%, 12/6/27		161		152

2.13%, 2/9/31		174		144

4.40%, 12/6/57		600		479

				775

Governmental Banks – 0.6%

Export-Import Bank of Korea,

2.63%, 5/26/26		1,000		937

Japan Bank for International Cooperation,

2.50%, 5/23/24		2,000		1,951

2.75%, 11/16/27		1,373		1,292

3.50%, 10/31/28		301		291

1.88%, 4/15/31		1,076		911

Kreditanstalt fuer Wiederaufbau,

1.38%, 8/5/24		3,000		2,881

0.38%, 7/18/25		1,500		1,381

2.88%, 4/3/28		1,215		1,169

0.00%, 4/18/36⁽⁸⁾		500		305



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Governmental Banks – 0.6% continued

Landwirtschaftliche Rentenbank,

2.00%, 1/13/25		$1,000		$962

2.38%, 6/10/25		1,000		963

				13,043

Household Products – 0.1%

Unilever Capital Corp.,

2.00%, 7/28/26		674		630

2.90%, 5/5/27		326		309

5.90%, 11/15/32		125		140

				1,079

Institutional Financial Services – 0.2%

Brookfield Finance, Inc.,

4.35%, 4/15/30		2,000		1,863

Credit Suisse Group A.G.,

4.55%, 4/17/26		1,413		1,304

Nomura Holdings, Inc.,

5.39%, 7/6/27		1,200		1,178

				4,345

Insurance – 0.0%

Fairfax Financial Holdings Ltd.,

3.38%, 3/3/31		250		210

XL Group Ltd.,

5.25%, 12/15/43		250		248

				458

Medical Equipment & Devices – 0.0%

Koninklijke Philips N.V.,

6.88%, 3/11/38		225		259

5.00%, 3/15/42		100		93

				352

Metals & Mining – 0.1%

Barrick North America Finance LLC,

5.70%, 5/30/41		500		525

BHP Billiton Finance U.S.A. Ltd.,

4.13%, 2/24/42		310		280

Rio Tinto Alcan, Inc.,

6.13%, 12/15/33		100		111

5.75%, 6/1/35		100		106

Rio Tinto Finance U.S.A. PLC,

4.75%, 3/22/42		150		146

4.13%, 8/21/42		300		270

Southern Copper Corp.,

3.88%, 4/23/25		100		97



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Metals & Mining – 0.1% continued

7.50%, 7/27/35		$300		$350

6.75%, 4/16/40		90		101

				1,986

Oil & Gas Producers – 0.5%

BP Capital Markets PLC,

3.28%, 9/19/27		138		133

Canadian Natural Resources Ltd.,

3.85%, 6/1/27		1,695		1,623

7.20%, 1/15/32		15		16

6.45%, 6/30/33		135		140

6.75%, 2/1/39		200		212

Equinor ASA,

3.25%, 11/10/24		25		24

1.75%, 1/22/26		48		45

3.00%, 4/6/27		52		49

3.13%, 4/6/30		1,000		938

2.38%, 5/22/30		1,370		1,210

4.25%, 11/23/41		350		326

Shell International Finance B.V.,

2.88%, 5/10/26		33		31

2.50%, 9/12/26		1,131		1,065

3.88%, 11/13/28		9		9

2.38%, 11/7/29		287		254

4.13%, 5/11/35		100		96

3.63%, 8/21/42		430		362

4.55%, 8/12/43		60		57

4.38%, 5/11/45		390		360

3.75%, 9/12/46		230		194

3.13%, 11/7/49		290		216

Suncor Energy, Inc.,

7.15%, 2/1/32		200		221

5.95%, 12/1/34		50		52

6.80%, 5/15/38		130		143

TotalEnergies Capital International S.A.,

3.75%, 4/10/24		330		328

2.83%, 1/10/30		2,000		1,824

TransCanada PipeLines Ltd.,

4.75%, 5/15/38		100		93

6.10%, 6/1/40		375		387

				10,408

Regional – 0.2%

Province of British Columbia Canada,

7.25%, 9/1/36		175		230



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Regional – 0.2% continued

Province of Ontario Canada,

3.20%, 5/16/24		$3,374		$3,319

2.50%, 4/27/26		260		248

1.13%, 10/7/30		426		348

2.13%, 1/21/32		60		52

Province of Quebec Canada,

2.50%, 4/9/24		91		89

2.88%, 10/16/24		250		244

7.50%, 9/15/29		375		447

				4,977

Retail - Consumer Staples – 0.0%

Koninklijke Ahold Delhaize N.V.,

5.70%, 10/1/40		116		121

Semiconductors – 0.1%

NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,

3.40%, 5/1/30		2,000		1,798

Sovereign Government – 1.0%

Canada Government International Bond,

0.75%, 5/19/26		2,000		1,818

Chile Government International Bond,

3.13%, 1/21/26		500		484

2.75%, 1/31/27		1,000		942

3.50%, 1/25/50		210		157

3.10%, 1/22/61		500		325

Indonesia Government International Bond,

3.50%, 1/11/28		500		479

5.35%, 2/11/49		1,000		1,006

Israel Government International Bond,

4.50%, 1/30/43		200		189

3.88%, 7/3/50		1,500		1,250

Korea International Bond,

2.75%, 1/19/27		200		192

3.50%, 9/20/28		500		488

Mexico Government International Bond,

5.40%, 2/9/28		1,000		1,029

3.25%, 4/16/30		742		664

4.88%, 5/19/33		258		247

3.50%, 2/12/34 ⁽⁹⁾		1		—

4.75%, 3/8/44		1,000		848



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Sovereign Government – 1.0% continued

5.55%, 1/21/45		$500		$470

4.60%, 1/23/46		500		410

4.35%, 1/15/47		500		395

Panama Government International Bond,

3.75%, 3/16/25		300		292

3.88%, 3/17/28		565		541

3.16%, 1/23/30		33		29

2.25%, 9/29/32		102		78

4.50%, 5/15/47		250		196

4.50%, 4/1/56		1,000		743

Peruvian Government International Bond,

7.35%, 7/21/25		500		528

6.55%, 3/14/37		500		543

5.63%, 11/18/50		600		603

Philippine Government International Bond,

10.63%, 3/16/25		500		556

5.50%, 3/30/26		200		205

7.75%, 1/14/31		500		589

6.38%, 10/23/34		500		560

5.00%, 1/13/37		500		500

3.70%, 2/2/42		500		408

Republic of Italy Government International Bond,

2.88%, 10/17/29		2,000		1,727

5.38%, 6/15/33		175		176

Uruguay Government International Bond,

7.63%, 3/21/36		250		313

4.13%, 11/20/45		400		367

5.10%, 6/18/50		750		750

				21,097

Specialty Finance – 0.1%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

3.50%, 1/15/25		83		79

6.50%, 7/15/25		183		184

3.88%, 1/23/28		123		114

3.30%, 1/30/32		1,000		828

				1,205



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Supranationals – 1.3%

Asian Development Bank,

2.50%, 11/2/27		$500		$473

1.88%, 1/24/30		500		444

4.00%, 1/12/33		2,000		2,047

Asian Infrastructure Investment Bank (The),

0.50%, 5/28/25		2,000		1,849

European Investment Bank,

2.25%, 6/24/24		2,000		1,949

2.50%, 10/15/24		1,000		974

2.13%, 4/13/26		1,500		1,426

3.75%, 2/14/33		1,500		1,517

4.88%, 2/15/36		200		222

Inter-American Development Bank,

2.13%, 1/15/25		500		483

2.00%, 6/2/26		803		756

1.13%, 7/20/28		197		172

3.13%, 9/18/28		1,000		970

1.13%, 1/13/31		1,000		828

3.88%, 10/28/41		200		192

International Bank for Reconstruction & Development,

2.50%, 11/25/24		600		583

2.13%, 3/3/25		700		673

0.63%, 4/22/25		3,000		2,796

0.38%, 7/28/25		5,000		4,602

2.50%, 7/29/25		500		484

0.50%, 10/28/25		3,000		2,749

2.50%, 3/29/32		1,000		912

4.75%, 2/15/35		25		27

Nordic Investment Bank,

2.25%, 5/21/24		1,000		975

				28,103

Technology Services – 0.0%

Thomson Reuters Corp.,

5.50%, 8/15/35		150		151

5.65%, 11/23/43		285		274

				425

Telecommunications – 0.3%

America Movil S.A.B. de C.V.,

6.13%, 11/15/37		505		549



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Telecommunications – 0.3% continued

Bell Telephone Co. of Canada or Bell Canada (The),

4.46%, 4/1/48		$500		$440

British Telecommunications PLC,

9.63%, 12/15/30		100		125

Deutsche Telekom International Finance B.V.,

8.75%, 6/15/30		400		489

Orange S.A.,

9.00%, 3/1/31		610		766

Rogers Communications, Inc.,

3.63%, 12/15/25		1,000		963

4.50%, 3/15/43		45		38

5.45%, 10/1/43		49		46

5.00%, 3/15/44		81		73

Telefonica Emisiones S.A.,

4.10%, 3/8/27		1,010		977

5.21%, 3/8/47		570		499

5.52%, 3/1/49		250		226

Vodafone Group PLC,

4.13%, 5/30/25		895		885

7.88%, 2/15/30		15		17

6.15%, 2/27/37		165		176

4.38%, 2/19/43		95		81

				6,350

Tobacco & Cannabis – 0.1%

BAT Capital Corp.,

4.70%, 4/2/27		141		138

4.91%, 4/2/30		1,104		1,066

4.74%, 3/16/32		136		126

Reynolds American, Inc.,

7.25%, 6/15/37		250		272

6.15%, 9/15/43		65		62

5.85%, 8/15/45		795		717

				2,381

Transportation & Logistics – 0.1%

Canadian National Railway Co.,

2.75%, 3/1/26		250		239

6.90%, 7/15/28		25		28

6.25%, 8/1/34		15		17

6.20%, 6/1/36		40		45

6.38%, 11/15/37		20		23



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Transportation & Logistics – 0.1% continued

Canadian Pacific Railway Co.,

5.95%, 5/15/37		$710		$762

				1,114

Total Foreign Issuer Bonds

(Cost $167,815)				155,861


U.S. GOVERNMENT AGENCIES – 29.1% ⁽¹⁰⁾

Fannie Mae – 13.0%

1.75%, 7/2/24		2,000		1,930

2.63%, 9/6/24		1,000		976

0.50%, 6/17/25		4,000		3,696

2.13%, 4/24/26		1,000		950

1.88%, 9/24/26		1,000		936

7.13%, 1/15/30		1,500		1,797

0.88%, 8/5/30		1,000		816

6.63%, 11/15/30		200		237

5.63%, 7/15/37		500		580

Fannie Mae-Aces, Series 2014-M3, Class A2,

3.50%, 1/25/24		55		54

Fannie Mae-Aces, Series 2015-M1, Class A2,

2.53%, 9/25/24		100		97

Fannie Mae-Aces, Series 2015-M11, Class A2,

2.85%, 4/25/25⁽¹¹⁾		450		435

Fannie Mae-Aces, Series 2016-M3, Class A2,

2.70%, 2/25/26		81		77

Fannie Mae-Aces, Series 2016-M4, Class A2,

2.58%, 3/25/26		85		81

Fannie Mae-Aces, Series 2016-M7, Class AV2,

2.16%, 10/25/23		26		26

Fannie Mae-Aces, Series 2016-M9, Class A2,

2.29%, 6/25/26		98		92

Fannie Mae-Aces, Series 2017-M1, Class A2,

2.42%, 10/25/26⁽¹¹⁾		76		71

Fannie Mae-Aces, Series 2017-M11, Class A2,

2.98%, 8/25/29		125		117



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Fannie Mae-Aces, Series 2017-M14, Class A2,

2.87%, 11/25/27⁽¹¹⁾		$247		$233

Fannie Mae-Aces, Series 2017-M2, Class A2,

2.82%, 2/25/27⁽¹¹⁾		65		62

Fannie Mae-Aces, Series 2017-M4, Class A2,

2.55%, 12/25/26⁽¹¹⁾		106		99

Fannie Mae-Aces, Series 2017-M8, Class A2,

3.06%, 5/25/27		261		249

Fannie Mae-Aces, Series 2018-M1, Class A2,

2.99%, 12/25/27⁽¹¹⁾		178		169

Fannie Mae-Aces, Series 2018-M10, Class A2,

3.36%, 7/25/28⁽¹¹⁾		200		192

Fannie Mae-Aces, Series 2018-M12, Class A2,

3.63%, 8/25/30⁽¹¹⁾		110		106

Fannie Mae-Aces, Series 2018-M13, Class A2,

3.74%, 9/25/30⁽¹¹⁾		158		154

Fannie Mae-Aces, Series 2018-M2, Class A2,

2.91%, 1/25/28⁽¹¹⁾		119		112

Fannie Mae-Aces, Series 2018-M3, Class A2,

3.07%, 2/25/30⁽¹¹⁾		88		82

Fannie Mae-Aces, Series 2018-M4, Class A2,

3.09%, 3/25/28⁽¹¹⁾		80		76

Fannie Mae-Aces, Series 2018-M8, Class A2,

3.30%, 6/25/28⁽¹¹⁾		91		87

Fannie Mae-Aces, Series 2019-M18, Class A2,

2.47%, 8/25/29		193		174

Fannie Mae-Aces, Series 2019-M4, Class A2,

3.61%, 2/25/31		147		141

Fannie Mae-Aces, Series 2019-M7, Class A2,

3.14%, 4/25/29		166		157



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Fannie Mae-Aces, Series 2019-M9, Class A2,

2.94%, 6/25/29		$171		$159

Fannie Mae-Aces, Series 2020-M20, Class A2,

1.44%, 10/25/29		500		417

Fannie Mae-Aces, Series 2020-M42, Class A2,

1.27%, 7/25/30		200		163

Fannie Mae-Aces, Series 2020-M46, Class A2,

1.32%, 5/25/30		500		413

Fannie Mae-Aces, Series 2020-M52, Class A2,

1.32%, 10/25/30⁽¹¹⁾		350		284

Fannie Mae-Aces, Series 2021-M11, Class A2,

1.46%, 3/25/31⁽¹¹⁾		200		160

Fannie Mae-Aces, Series 2022-M1, Class A2,

1.67%, 10/25/31⁽¹¹⁾		200		163

Fannie Mae-Aces, Series 2022-M10, Class A2,

1.94%, 1/25/32⁽¹¹⁾		250		207

Pool #256925,

6.00%, 10/1/37		6		6

Pool #256959,

6.00%, 11/1/37		37		39

Pool #257042,

6.50%, 1/1/38		76		81

Pool #257106,

4.50%, 1/1/28		1		1

Pool #257237,

4.50%, 6/1/28		7		7

Pool #707791,

5.00%, 6/1/33		39		39

Pool #725425,

5.50%, 4/1/34		17		17

Pool #730811,

4.50%, 8/1/33		31		31

Pool #735222,

5.00%, 2/1/35		9		10

Pool #735358,

5.50%, 2/1/35		40		42



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #735502,

6.00%, 4/1/35		$6		$6

Pool #737853,

5.00%, 9/1/33		77		78

Pool #745336,

5.00%, 3/1/36		199		203

Pool #745418,

5.50%, 4/1/36		14		15

Pool #745754,

5.00%, 9/1/34		142		145

Pool #745826,

6.00%, 7/1/36		58		60

Pool #747383,

5.50%, 10/1/33		47		47

Pool #755632,

5.00%, 4/1/34		28		29

Pool #772730,

5.00%, 4/1/34		26		26

Pool #790406,

6.00%, 9/1/34		22		23

Pool #793666,

5.50%, 9/1/34		15		15

Pool #796250,

5.50%, 11/1/34		22		23

Pool #800471,

5.50%, 10/1/34		31		31

Pool #817795,

6.00%, 8/1/36		8		8

Pool #826057,

5.00%, 7/1/35		26		26

Pool #826585,

5.00%, 8/1/35		45		46

Pool #828523,

5.00%, 7/1/35		18		19

Pool #831676,

6.50%, 8/1/36		4		4

Pool #833067,

5.50%, 9/1/35		82		85

Pool #833163,

5.00%, 9/1/35		30		30

Pool #845425,

6.00%, 2/1/36		12		13



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #868435,

6.00%, 4/1/36		$60		$62

Pool #869710,

6.00%, 4/1/36		16		16

Pool #871135,

6.00%, 1/1/37		17		18

Pool #881818,

6.50%, 8/1/36		11		11

Pool #885866,

6.00%, 6/1/36		64		66

Pool #888100,

5.50%, 9/1/36		73		76

Pool #888205,

6.50%, 2/1/37		17		18

Pool #889224,

5.50%, 1/1/37		77		80

Pool #889401,

6.00%, 3/1/38		33		35

Pool #889415,

6.00%, 5/1/37		148		154

Pool #889579,

6.00%, 5/1/38		71		74

Pool #889630,

6.50%, 3/1/38		7		8

Pool #889970,

5.00%, 12/1/36		54		55

Pool #890234,

6.00%, 10/1/38		32		34

Pool #890796,

3.50%, 12/1/45		593		562

Pool #893363,

5.00%, 6/1/36		11		11

Pool #893366,

5.00%, 4/1/35		27		27

Pool #898417,

6.00%, 10/1/36		10		10

Pool #899079,

5.00%, 3/1/37		19		19

Pool #902414,

5.50%, 11/1/36		52		54

Pool #906090,

5.50%, 1/1/37		57		58



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #918515,

5.00%, 6/1/37		$31		$32

Pool #923123,

5.00%, 4/1/36		8		8

Pool #923166,

7.50%, 1/1/37		5		5

Pool #928261,

4.50%, 3/1/36		36		36

Pool #928584,

6.50%, 8/1/37		102		107

Pool #928909,

6.00%, 12/1/37⁽¹²⁾		—		—

Pool #928915,

6.00%, 11/1/37		3		3

Pool #930606,

4.00%, 2/1/39		157		154

Pool #931195,

4.50%, 5/1/24		8		8

Pool #932023,

5.00%, 1/1/38		26		26

Pool #932741,

4.50%, 4/1/40		134		135

Pool #934466,

5.50%, 9/1/23		2		2

Pool #940623,

5.50%, 8/1/37		10		10

Pool #943388,

6.00%, 6/1/37		37		38

Pool #943617,

6.00%, 8/1/37		21		22

Pool #945876,

5.50%, 8/1/37		4		4

Pool #947216,

6.00%, 10/1/37		22		23

Pool #953018,

6.50%, 10/1/37		33		35

Pool #953910,

6.00%, 11/1/37		20		21

Pool #955771,

6.50%, 10/1/37		11		12

Pool #959604,

6.50%, 11/1/37		5		5



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #959880,

5.50%, 11/1/37		$5		$5

Pool #962687,

5.00%, 4/1/38		40		41

Pool #963735,

4.50%, 6/1/23		1		1

Pool #965389,

6.00%, 10/1/23		1		1

Pool #968037,

6.00%, 1/1/38		24		24

Pool #969632,

6.50%, 1/1/38		16		16

Pool #970013,

4.50%, 6/1/38		68		68

Pool #972452,

5.50%, 3/1/38		44		45

Pool #975365,

5.00%, 6/1/23⁽¹²⁾		—		—

Pool #981704,

5.00%, 6/1/23		1		1

Pool #981854,

5.50%, 7/1/38		15		15

Pool #984075,

4.50%, 6/1/23⁽¹²⁾		—		—

Pool #986760,

5.50%, 7/1/38		106		109

Pool #992472,

6.00%, 10/1/38		8		9

Pool #992491,

4.50%, 10/1/23		1		1

Pool #995018,

5.50%, 6/1/38		23		24

Pool #995203,

5.00%, 7/1/35		165		167

Pool #995266,

5.00%, 12/1/23		1		1

Pool #995879,

6.00%, 4/1/39		31		33

Pool #AA0649,

5.00%, 12/1/38		122		125

Pool #AA2939,

4.50%, 4/1/39		209		210



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #AA4482,

4.00%, 4/1/39		$144		$141

Pool #AA4562,

4.50%, 9/1/39		190		190

Pool #AA8978,

4.50%, 7/1/39		34		34

Pool #AA9357,

4.50%, 8/1/39		125		126

Pool #AB1048,

4.50%, 5/1/40		183		184

Pool #AB2067,

3.50%, 1/1/41		315		302

Pool #AB2092,

4.00%, 1/1/41		186		182

Pool #AB2272,

4.50%, 2/1/41		248		249

Pool #AB2693,

4.50%, 4/1/41		164		165

Pool #AB2768,

4.50%, 4/1/41		181		182

Pool #AB3035,

5.00%, 5/1/41		320		327

Pool #AB3246,

5.00%, 7/1/41		65		67

Pool #AB4057,

4.00%, 12/1/41		622		608

Pool #AB4293,

3.50%, 1/1/42		343		328

Pool #AB5049,

4.00%, 4/1/42		430		421

Pool #AB6016,

3.50%, 8/1/42		210		200

Pool #AB6472,

2.00%, 10/1/27		133		127

Pool #AB7076,

3.00%, 11/1/42		1,022		943

Pool #AB7503,

3.00%, 1/1/43		371		342

Pool #AB7733,

3.00%, 1/1/43		807		744

Pool #AB8787,

2.00%, 3/1/28		298		284



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #AB9019,

3.00%, 4/1/43		$416		$383

Pool #AB9136,

2.50%, 4/1/43		45		40

Pool #AB9990,

3.00%, 7/1/33		94		89

Pool #AC3263,

4.50%, 9/1/29		54		54

Pool #AC4861,

4.50%, 11/1/24		17		17

Pool #AC5040,

4.00%, 10/1/24		14		14

Pool #AC6118,

4.50%, 11/1/39		75		76

Pool #AC8518,

5.00%, 12/1/39		117		119

Pool #AD0119,

6.00%, 7/1/38		93		97

Pool #AD0585,

4.50%, 12/1/39		197		198

Pool #AD0639,

6.00%, 12/1/38		38		39

Pool #AD0969,

5.50%, 8/1/37		122		126

Pool #AD5241,

4.50%, 7/1/40		87		88

Pool #AD5525,

5.00%, 6/1/40		134		136

Pool #AD5556,

4.00%, 6/1/25		16		16

Pool #AD7859,

5.00%, 6/1/40		64		65

Pool #AE0949,

4.00%, 2/1/41		305		295

Pool #AE0971,

4.00%, 5/1/25		6		6

Pool #AE0981,

3.50%, 3/1/41		230		219

Pool #AE1807,

4.00%, 10/1/40		342		335

Pool #AE3873,

4.50%, 10/1/40		77		78



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #AE5436,

4.50%, 10/1/40		$88		$89

Pool #AE7758,

3.50%, 11/1/25		26		25

Pool #AH0525,

4.00%, 12/1/40		315		308

Pool #AH1295,

3.50%, 1/1/26		55		54

Pool #AH3226,

5.00%, 2/1/41		38		39

Pool #AH4158,

4.00%, 1/1/41		61		60

Pool #AH4450,

3.00%, 1/1/26		28		27

Pool #AH5573,

4.00%, 2/1/41		345		338

Pool #AH5614,

3.50%, 2/1/26		52		51

Pool #AH8854,

4.50%, 4/1/41		83		84

Pool #AI1247,

4.00%, 4/1/26		25		25

Pool #AI3470,

4.50%, 6/1/41		111		112

Pool #AI4361,

(Floating, ICE LIBOR USD 1Y + 1.80%, 1.80% Floor, 8.09% Cap), 4.05%, 9/1/41⁽¹³⁾		2		2

Pool #AI4380,

(Floating, ICE LIBOR USD 1Y + 1.80%, 1.80% Floor, 7.93% Cap), 4.05%, 11/1/41⁽¹³⁾		5		5

Pool #AI5603,

4.50%, 7/1/41		76		76

Pool #AI7743,

4.00%, 8/1/41		60		59

Pool #AI9555,

4.00%, 9/1/41		175		172

Pool #AI9828,

(Floating, ICE LIBOR USD 1Y + 1.82%, 1.82% Floor, 7.91% Cap), 4.07%, 11/1/41⁽¹³⁾		4		4

Pool #AJ4093,

3.50%, 10/1/26		15		15



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #AJ4408,

4.50%, 10/1/41		$71		$70

Pool #AJ6086,

3.00%, 12/1/26		51		50

Pool #AJ9152,

3.50%, 12/1/26		204		200

Pool #AJ9218,

4.00%, 2/1/42		284		278

Pool #AJ9326,

3.50%, 1/1/42		595		567

Pool #AJ9355,

3.00%, 1/1/27		112		109

Pool #AK4813,

3.50%, 3/1/42		204		194

Pool #AK4945,

3.50%, 2/1/42		160		153

Pool #AK7766,

2.50%, 3/1/27		138		134

Pool #AK9444,

4.00%, 3/1/42		35		34

Pool #AL0442,

5.50%, 6/1/40		37		38

Pool #AL1849,

6.00%, 2/1/39		154		161

Pool #AL1939,

3.50%, 6/1/42		521		498

Pool #AL2243,

4.00%, 3/1/42		374		366

Pool #AL2303,

4.50%, 6/1/26		15		15

Pool #AL2397,

(Floating, ICE LIBOR USD 1Y + 1.72%, 1.72% Floor, 7.78% Cap), 4.00%, 8/1/42⁽¹³⁾		5		5

Pool #AL3396,

2.50%, 3/1/28		143		138

Pool #AL3803,

3.00%, 6/1/28		239		233

Pool #AL4408,

4.50%, 11/1/43		499		499

Pool #AL4462,

2.50%, 6/1/28		270		259

Pool #AL4908,

4.00%, 2/1/44		418		411



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #AL5167,

3.50%, 1/1/34		$97		$95

Pool #AL5254,

3.00%, 11/1/27		167		162

Pool #AL5377,

4.00%, 6/1/44		1,229		1,209

Pool #AL5734,

3.50%, 9/1/29		264		257

Pool #AL5785,

4.00%, 9/1/44		705		695

Pool #AL6488,

3.50%, 8/1/43		276		263

Pool #AL7807,

3.00%, 11/1/30		244		234

Pool #AL8469,

3.50%, 4/1/31		171		167

Pool #AL8908,

3.00%, 8/1/46		395		364

Pool #AL8951,

3.00%, 8/1/46		345		317

Pool #AL9582,

3.00%, 12/1/31		429		409

Pool #AO0752,

3.00%, 4/1/42		226		209

Pool #AO0800,

3.00%, 4/1/27		111		108

Pool #AO2973,

3.50%, 5/1/42		729		696

Pool #AO4136,

3.50%, 6/1/42		294		281

Pool #AO7970,

2.50%, 6/1/27		79		76

Pool #AO8629,

3.50%, 7/1/42		122		117

Pool #AP6273,

3.00%, 10/1/42		294		271

Pool #AQ6784,

3.50%, 12/1/42		277		265

Pool #AQ8185,

2.50%, 1/1/28		58		56

Pool #AQ8647,

3.50%, 12/1/42		461		440



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #AR1706,

2.50%, 1/1/28		$825		$794

Pool #AR3054,

3.00%, 1/1/28		213		206

Pool #AR3792,

3.00%, 2/1/43		239		221

Pool #AR8151,

3.00%, 3/1/43		524		483

Pool #AR9188,

2.50%, 3/1/43		70		62

Pool #AR9582,

3.00%, 3/1/43		194		179

Pool #AS0018,

3.00%, 7/1/43		211		195

Pool #AS0275,

3.00%, 8/1/33		126		119

Pool #AS3294,

4.00%, 9/1/44		416		406

Pool #AS3600,

3.00%, 10/1/29		542		520

Pool #AS3657,

4.50%, 10/1/44		250		250

Pool #AS4085,

4.00%, 12/1/44		203		199

Pool #AS4306,

3.00%, 1/1/45		283		260

Pool #AS4458,

3.50%, 2/1/45		1,148		1,086

Pool #AS4715,

3.00%, 4/1/45		417		384

Pool #AS5090,

2.50%, 6/1/30		136		129

Pool #AS5324,

2.50%, 7/1/30		245		232

Pool #AS5500,

3.00%, 7/1/35		127		119

Pool #AS5666,

4.00%, 8/1/45		281		274

Pool #AS5892,

3.50%, 10/1/45		317		299

Pool #AS6192,

3.50%, 11/1/45		943		891



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #AS6262,

3.50%, 11/1/45		$402		$379

Pool #AS6332,

3.50%, 12/1/45		470		444

Pool #AS6398,

3.50%, 12/1/45		335		316

Pool #AS6730,

3.50%, 2/1/46		513		486

Pool #AS6887,

2.50%, 3/1/31		277		262

Pool #AS7149,

3.00%, 5/1/46		654		601

Pool #AS7157,

3.00%, 5/1/46		228		209

Pool #AS7247,

4.00%, 5/1/46		118		115

Pool #AS7343,

3.00%, 6/1/46		225		206

Pool #AS7480,

2.00%, 7/1/31		72		66

Pool #AS7580,

3.00%, 7/1/46		268		246

Pool #AS8067,

3.00%, 10/1/46		610		559

Pool #AS8074,

3.00%, 10/1/46		200		183

Pool #AS8178,

3.00%, 10/1/36		73		68

Pool #AS8194,

2.50%, 10/1/31		975		920

Pool #AS8424,

3.00%, 12/1/36		122		114

Pool #AS8483,

3.00%, 12/1/46		399		366

Pool #AS8591,

2.00%, 1/1/32		162		150

Pool #AS8699,

4.00%, 1/1/47		680		662

Pool #AS8960,

4.00%, 3/1/47		237		229

Pool #AS9505,

3.00%, 4/1/32		257		246



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #AS9615,

4.50%, 5/1/47		$152		$152

Pool #AT0666,

3.50%, 4/1/43		257		245

Pool #AT2720,

3.00%, 5/1/43		532		491

Pool #AT3180,

3.00%, 5/1/43		258		238

Pool #AU1657,

2.50%, 7/1/28		148		142

Pool #AU1689,

3.50%, 8/1/43		1,150		1,097

Pool #AU3164,

3.00%, 8/1/33		117		111

Pool #AU5918,

3.00%, 9/1/43		628		579

Pool #AU5919,

3.50%, 9/1/43		411		392

Pool #AV2339,

4.00%, 12/1/43		204		200

Pool #AW8167,

3.50%, 2/1/42		187		178

Pool #AW8595,

3.00%, 8/1/29		132		127

Pool #AX2163,

3.50%, 11/1/44		217		206

Pool #AX4413,

4.00%, 11/1/44		325		317

Pool #AX4839,

3.50%, 11/1/44		344		326

Pool #AX6139,

4.00%, 11/1/44		541		528

Pool #AY0544,

2.50%, 8/1/27		302		292

Pool #AY3062,

3.00%, 11/1/26		109		106

Pool #AY9555,

3.00%, 5/1/45		340		313

Pool #AZ1449,

3.00%, 7/1/45		223		205

Pool #AZ2936,

3.00%, 9/1/45		166		153



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #AZ2947,

4.00%, 9/1/45		$314		$306

Pool #AZ4775,

3.50%, 10/1/45		219		207

Pool #AZ6684,

3.00%, 2/1/31		352		337

Pool #BA2911,

3.00%, 11/1/30		125		119

Pool #BC0326,

3.50%, 12/1/45		165		155

Pool #BC0822,

3.50%, 4/1/46		1,392		1,314

Pool #BC1105,

3.50%, 2/1/46		627		592

Pool #BC1510,

3.00%, 8/1/46		208		190

Pool #BC9096,

3.50%, 12/1/46		284		269

Pool #BE3171,

2.50%, 2/1/32		294		276

Pool #BH1130,

3.50%, 4/1/32		186		181

Pool #BH7032,

3.50%, 12/1/47		128		120

Pool #BH7106,

3.50%, 1/1/48		296		279

Pool #BH9215,

3.50%, 1/1/48		541		509

Pool #BJ0648,

3.50%, 3/1/48		298		281

Pool #BJ9181,

5.00%, 5/1/48		261		264

Pool #BJ9260,

4.00%, 4/1/48		242		235

Pool #BJ9977,

4.00%, 5/1/48		180		175

Pool #BK0276,

4.00%, 9/1/48		94		92

Pool #BK0920,

4.00%, 7/1/48		420		408

Pool #BK0922,

4.50%, 7/1/48		72		72



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #BK3044,

2.50%, 9/1/50		$483		$417

Pool #BK4740,

4.00%, 8/1/48		125		122

Pool #BK4764,

4.00%, 8/1/48		119		115

Pool #BK4816,

4.00%, 9/1/48		179		173

Pool #BM1787,

4.00%, 9/1/47		669		652

Pool #BM2001,

3.50%, 12/1/46		84		79

Pool #BM3286,

4.50%, 11/1/47		51		52

Pool #BM5288,

3.50%, 1/1/34		150		146

Pool #BM5466,

2.50%, 10/1/43		380		333

Pool #BM5804,

5.00%, 1/1/49		239		241

Pool #BN1176,

4.50%, 11/1/48		104		103

Pool #BN1628,

4.50%, 11/1/48		80		80

Pool #BN5947,

3.50%, 6/1/49		183		172

Pool #BN6097,

4.00%, 6/1/49		725		701

Pool #BN6683,

3.50%, 6/1/49		272		255

Pool #BN8985,

2.00%, 3/1/51		350		290

Pool #BN9007,

2.00%, 3/1/51		2,270		1,882

Pool #BO1012,

3.50%, 8/1/49		104		98

Pool #BO1021,

3.50%, 8/1/49		130		122

Pool #BO1169,

3.50%, 7/1/49		87		82

Pool #BO1444,

3.00%, 10/1/49		221		201



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #BO1461,

3.00%, 10/1/49		$129		$116

Pool #BO3181,

2.50%, 10/1/49		475		412

Pool #BO4708,

3.00%, 11/1/49		398		360

Pool #BO8620,

3.00%, 12/1/49		433		393

Pool #BP3454,

5/1/36⁽¹⁴⁾		485		437

Pool #BP4660,

2.50%, 5/1/50		139		120

Pool #BP6496,

2.00%, 7/1/35		753		681

Pool #BP6626,

2.00%, 8/1/50		884		734

Pool #BP6683,

2.50%, 9/1/50		613		529

Pool #BP7273,

2.50%, 8/1/50		370		320

Pool #BP7585,

2.00%, 9/1/50		2,950		2,447

Pool #BQ0202,

2.50%, 8/1/50		488		425

Pool #BQ1147,

2.50%, 10/1/50		684		591

Pool #BQ1351,

2.50%, 8/1/50		601		519

Pool #BQ4077,

2.00%, 12/1/50		900		746

Pool #BQ5056,

2.00%, 10/1/50		344		286

Pool #BQ5979,

2.00%, 11/1/50		1,514		1,255

Pool #BR1035,

2.00%, 5/1/51		5,893		4,874

Pool #BR4450,

1.50%, 2/1/36		750		659

Pool #BR6042,

2.00%, 2/1/51		2,058		1,706

Pool #BR9755,

2.00%, 4/1/51		1,483		1,243



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #BR9761,

2.00%, 4/1/51		$1,072		$888

Pool #BT1034,

2.00%, 7/1/51		2,019		1,674

Pool #BT4528,

2.50%, 9/1/51		10,126		8,871

Pool #BT8308,

4.50%, 8/1/52		869		852

Pool #BT9031,

2.00%, 8/1/41		885		761

Pool #BU0066,

2.50%, 10/1/51		1,060		914

Pool #BX1915,

6.00%, 1/1/53		995		1,025

Pool #CA0110,

3.50%, 8/1/47		246		232

Pool #CA0619,

4.00%, 10/1/47		74		72

Pool #CA0620,

4.00%, 10/1/47		937		910

Pool #CA0656,

3.50%, 11/1/47		746		703

Pool #CA0859,

3.50%, 12/1/47		531		500

Pool #CA0917,

3.50%, 12/1/47		442		417

Pool #CA1370,

4.00%, 3/1/48		251		244

Pool #CA1378,

4.00%, 3/1/48		189		184

Pool #CA1564,

4.50%, 4/1/48		86		86

Pool #CA1711,

4.50%, 5/1/48		256		255

Pool #CA1902,

4.50%, 6/1/48		271		270

Pool #CA1909,

4.50%, 6/1/48		130		129

Pool #CA1951,

4.00%, 7/1/48		140		136

Pool #CA1952,

4.50%, 6/1/48		61		61



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #CA2056,

4.50%, 7/1/48		$74		$74

Pool #CA2208,

4.50%, 8/1/48		79		79

Pool #CA2256,

3.50%, 8/1/33		147		143

Pool #CA2366,

3.50%, 9/1/48		83		78

Pool #CA2375,

4.00%, 9/1/48		359		349

Pool #CA2559,

4.00%, 11/1/33		156		154

Pool #CA2729,

4.50%, 11/1/48		351		349

Pool #CA3640,

4.00%, 6/1/49		343		332

Pool #CA4029,

4.00%, 8/1/49		874		845

Pool #CA4143,

3.00%, 9/1/49		2,665		2,415

Pool #CA4420,

3.00%, 10/1/49		401		364

Pool #CA4792,

3.00%, 12/1/49		227		206

Pool #CA5020,

3.50%, 1/1/50		476		446

Pool #CA5452,

3.00%, 3/1/50		739		668

Pool #CA5508,

3.00%, 4/1/50		908		820

Pool #CA5700,

2.50%, 5/1/50		14,812		12,948

Pool #CA6072,

2.50%, 6/1/50		377		327

Pool #CA6074,

2.50%, 6/1/50		532		461

Pool #CA6144,

2.50%, 6/1/50		623		539

Pool #CA6290,

3.00%, 7/1/50		478		433

Pool #CA6305,

2.50%, 7/1/50		1,068		923



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #CA6339,

2.50%, 7/1/50		$1,066		$921

Pool #CA6346,

2.50%, 7/1/50		624		539

Pool #CA6563,

2.50%, 8/1/35		547		509

Pool #CA6601,

2.50%, 8/1/50		461		400

Pool #CA6951,

2.50%, 9/1/50		434		376

Pool #CA6962,

2.50%, 9/1/50		637		555

Pool #CA6986,

2.00%, 9/1/50		2,167		1,806

Pool #CA7019,

2.00%, 9/1/50		1,202		997

Pool #CA7216,

2.00%, 10/1/50		2,633		2,184

Pool #CA7232,

2.50%, 10/1/50		1,256		1,085

Pool #CA7600,

2.50%, 11/1/50		1,240		1,071

Pool #CA7697,

1.50%, 11/1/50		3,278		2,581

Pool #CA7736,

2.50%, 11/1/50		1,253		1,088

Pool #CA8043,

2.50%, 12/1/50		769		667

Pool #CA9143,

2.00%, 2/1/36		938		846

Pool #CA9355,

2.00%, 3/1/41		496		429

Pool #CA9418,

1.50%, 3/1/36		544		479

Pool #CB0325,

2.00%, 4/1/51		1,691		1,401

Pool #CB1903,

2.50%, 10/1/51		1,711		1,492

Pool #CB2049,

2.50%, 11/1/51		1,797		1,550

Pool #CB2079,

2.00%, 11/1/51		5,466		4,527



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #CB3597,

3.50%, 5/1/52		$1,628		$1,513

Pool #CB3705,

5/1/37⁽¹⁴⁾		277		263

Pool #CB4377,

4.00%, 8/1/52		576		551

Pool #FM1496,

3.50%, 9/1/49		1,336		1,254

Pool #FM1708,

3.00%, 12/1/45		262		242

Pool #FM1742,

3.00%, 10/1/49		246		223

Pool #FM1938,

4.50%, 9/1/49		420		418

Pool #FM2305,

3.50%, 2/1/50		658		617

Pool #FM2715,

3.00%, 3/1/50		163		148

Pool #FM2778,

3.00%, 3/1/50		1,058		959

Pool #FM2963,

3.00%, 2/1/50		4,551		4,130

Pool #FM3125,

3.50%, 3/1/50		959		905

Pool #FM3225,

3.00%, 5/1/50		603		546

Pool #FM3610,

4.00%, 6/1/50		319		309

Pool #FM3747,

2.50%, 8/1/50		994		862

Pool #FM3969,

2.50%, 8/1/43		388		340

Pool #FM4055,

2.50%, 8/1/50		6,573		5,681

Pool #FM4149,

3.00%, 9/1/50		3,091		2,791

Pool #FM4193,

2.50%, 9/1/50		707		618

Pool #FM4476,

2.00%, 10/1/50		1,762		1,462

Pool #FM4544,

2.00%, 10/1/50		939		779



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #FM4598,

2.00%, 11/1/40		$215		$186

Pool #FM4633,

2.00%, 10/1/50		941		782

Pool #FM4734,

2.00%, 11/1/35		1,186		1,073

Pool #FM4762,

2.00%, 11/1/50		1,440		1,209

Pool #FM4799,

2.00%, 11/1/50		775		643

Pool #FM4868,

2.00%, 11/1/50		1,341		1,115

Pool #FM4934,

2.00%, 11/1/35		732		664

Pool #FM4951,

1.50%, 11/1/35		588		517

Pool #FM5026,

2.00%, 12/1/50		1,310		1,089

Pool #FM5087,

2.00%, 12/1/50		508		422

Pool #FM5210,

2.00%, 12/1/50		2,427		2,040

Pool #FM5534,

2.00%, 1/1/41		319		276

Pool #FM5570,

2.00%, 1/1/36		731		661

Pool #FM5580,

1.50%, 1/1/36		746		656

Pool #FM5849,

2.00%, 12/1/50		976		809

Pool #FM6055,

2.00%, 2/1/51		2,006		1,663

Pool #FM6099,

2.00%, 2/1/51		1,958		1,624

Pool #FM6338,

2.00%, 2/1/51		1,246		1,034

Pool #FM6496,

2.00%, 2/1/51		582		488

Pool #FM6511,

2.00%, 3/1/36		2,044		1,849

Pool #FM6550,

2.00%, 3/1/51		406		338



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #FM6943,

2.00%, 4/1/51		$1,376		$1,151

Pool #FM6964,

2.00%, 5/1/51		1,112		932

Pool #FM6991,

2.00%, 4/1/51		1,620		1,343

Pool #FM7078,

2.00%, 4/1/51		1,324		1,111

Pool #FM7080,

2.00%, 4/1/51		686		575

Pool #FM7360,

2.00%, 5/1/41		427		369

Pool #FM7411,

2.00%, 5/1/51		3,277		2,710

Pool #FM7429,

1.50%, 5/1/36		1,712		1,505

Pool #FM7622,

2.00%, 5/1/51		866		726

Pool #FM8146,

2.00%, 7/1/36		1,624		1,466

Pool #FM8848,

2.50%, 9/1/41		883		788

Pool #FS0153,

2.00%, 12/1/36		2,632		2,376

Pool #FS1096,

2.00%, 1/1/51		1,425		1,182

Pool #FS2039,

2.00%, 2/1/51		941		781

Pool #FS2442,

4.00%, 7/1/52		897		862

Pool #FS2815,

4.00%, 9/1/52		486		469

Pool #FS3086,

5.50%, 10/1/52		1,872		1,902

Pool #FS3402,

5.00%, 11/1/52		395		396

Pool #FS3421,

5.00%, 12/1/52		394		393

Pool #FS3452,

5.00%, 12/1/52		694		706

Pool #FS3747,

5.50%, 12/1/52		783		791



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #FS3762,

5.00%, 12/1/52		$498		$499

Pool #MA0361,

4.00%, 3/1/30		45		44

Pool #MA0711,

3.50%, 4/1/31		81		80

Pool #MA0976,

3.50%, 2/1/32		180		177

Pool #MA1138,

3.50%, 8/1/32		139		135

Pool #MA1141,

3.00%, 8/1/32		65		61

Pool #MA1200,

3.00%, 10/1/32		374		353

Pool #MA1511,

2.50%, 7/1/33		125		116

Pool #MA2320,

3.00%, 7/1/35		288		271

Pool #MA2473,

3.50%, 12/1/35		116		112

Pool #MA2512,

4.00%, 1/1/46		142		139

Pool #MA2670,

3.00%, 7/1/46		634		581

Pool #MA2672,

3.00%, 7/1/36		144		135

Pool #MA2705,

3.00%, 8/1/46		459		421

Pool #MA2737,

3.00%, 9/1/46		210		193

Pool #MA2771,

3.00%, 10/1/46		229		209

Pool #MA2775,

2.50%, 10/1/31		145		137

Pool #MA2781,

2.50%, 10/1/46		169		148

Pool #MA2804,

3.00%, 11/1/36		278		261

Pool #MA2817,

2.50%, 11/1/36		112		102

Pool #MA2841,

2.50%, 12/1/36		45		41



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #MA2863,

3.00%, 1/1/47		$3,762		$3,447

Pool #MA2895,

3.00%, 2/1/47		232		213

Pool #MA3028,

3.50%, 6/1/37		214		206

Pool #MA3057,

3.50%, 7/1/47		362		342

Pool #MA3058,

4.00%, 7/1/47		135		131

Pool #MA3059,

3.50%, 7/1/37		36		34

Pool #MA3073,

4.50%, 7/1/47		285		284

Pool #MA3127,

3.00%, 9/1/37		88		82

Pool #MA3150,

4.50%, 10/1/47		158		157

Pool #MA3181,

3.50%, 11/1/37		57		55

Pool #MA3182,

3.50%, 11/1/47		437		412

Pool #MA3184,

4.50%, 11/1/47		51		51

Pool #MA3185,

3.00%, 11/1/37		96		90

Pool #MA3188,

3.00%, 11/1/32		313		299

Pool #MA3211,

4.00%, 12/1/47		83		81

Pool #MA3239,

4.00%, 1/1/48		357		347

Pool #MA3276,

3.50%, 2/1/48		359		338

Pool #MA3281,

4.00%, 2/1/38		202		197

Pool #MA3334,

4.50%, 4/1/48		273		272

Pool #MA3385,

4.50%, 6/1/48		95		94

Pool #MA3413,

4.00%, 7/1/38		36		35



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #MA3443,

4.00%, 8/1/48		$86		$84

Pool #MA3444,

4.50%, 8/1/48		83		82

Pool #MA3467,

4.00%, 9/1/48		83		80

Pool #MA3492,

4.00%, 10/1/38		30		29

Pool #MA3547,

3.00%, 12/1/33		178		170

Pool #MA3590,

4.00%, 2/1/39		31		30

Pool #MA3685,

3.00%, 6/1/49		140		127

Pool #MA3692,

3.50%, 7/1/49		109		102

Pool #MA3695,

3.00%, 7/1/34		67		64

Pool #MA3744,

3.00%, 8/1/49		157		142

Pool #MA3765,

2.50%, 9/1/49		326		283

Pool #MA3870,

2.50%, 12/1/49		167		145

Pool #MA3871,

3.00%, 12/1/49		158		143

Pool #MA3896,

2.50%, 1/1/35		1,010		937

Pool #MA3898,

3.50%, 1/1/35		334		324

Pool #MA3902,

2.50%, 1/1/50		162		140

Pool #MA3934,

3.00%, 2/1/40		104		97

Pool #MA3958,

3.00%, 3/1/40		109		102

Pool #MA4013,

2.50%, 5/1/35		217		202

Pool #MA4014,

3.00%, 5/1/35		350		332

Pool #MA4016,

2.50%, 5/1/40		390		348



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #MA4053,

2.50%, 6/1/35		$890		$828

Pool #MA4071,

2.00%, 7/1/40		285		246

Pool #MA4072,

2.50%, 7/1/40		240		214

Pool #MA4078,

2.50%, 7/1/50		1,373		1,188

Pool #MA4093,

2.00%, 8/1/40		155		134

Pool #MA4094,

2.50%, 8/1/40		264		236

Pool #MA4096,

2.50%, 8/1/50		859		743

Pool #MA4099,

2.50%, 8/1/35		896		834

Pool #MA4100,

2.00%, 8/1/50		1,682		1,395

Pool #MA4119,

2.00%, 9/1/50		1,977		1,641

Pool #MA4122,

1.50%, 9/1/35		309		272

Pool #MA4123,

2.00%, 9/1/35		1,093		989

Pool #MA4128,

2.00%, 9/1/40		446		374

Pool #MA4129,

2.50%, 9/1/40		275		246

Pool #MA4153,

2.50%, 10/1/40		128		114

Pool #MA4154,

1.50%, 10/1/35		467		411

Pool #MA4155,

2.00%, 10/1/35		1,191		1,077

Pool #MA4176,

2.00%, 11/1/40		784		678

Pool #MA4181,

1.50%, 11/1/50		2,503		1,971

Pool #MA4232,

2.00%, 1/1/41		381		327

Pool #MA4254,

1.50%, 2/1/51		551		433



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Fannie Mae – 13.0% continued

Pool #MA4266,

1.50%, 2/1/41		$1,050		$875

Pool #MA4278,

1.50%, 3/1/36		2,075		1,825

Pool #MA4280,

1.50%, 3/1/51		953		750

Pool #MA4310,

1.50%, 4/1/41		337		280

Pool #MA4333,

2.00%, 5/1/41		586		507

Pool #MA4342,

1.50%, 5/1/41		172		143

Pool #MA4496,

1.50%, 12/1/36		1,327		1,166

Pool #MA4692,

8/1/37⁽¹⁴⁾		185		171

Pool #MA4805,

4.50%, 11/1/52		2,637		2,584

Pool #MA4823,

4.50%, 10/1/37		274		273

Pool TBA,

4/1/53⁽¹⁴⁾		17,000		16,791

				283,613

Federal Farm Credit Bank – 0.2%

0.73%, 5/27/25		2,000		1,859

Federal Farm Credit Banks Funding Corp.,

3.32%, 2/25/26		520		510

4.75%, 3/9/26		1,180		1,203

				3,572

Federal Home Loan Bank – 0.1%

1.10%, 8/20/26		2,000		1,814

3.25%, 11/16/28		1,000		974

5.50%, 7/15/36		500		571

				3,359

Freddie Mac – 9.8%

Federal Home Loan Mortgage Corp.,

5.65%, 3/7/25		1,100		1,101

0.38%, 7/21/25		500		460

0.38%, 9/23/25		2,500		2,284

6.75%, 3/15/31		700		841



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K046, Class A2,

3.21%, 3/25/25		$250		$243

Freddie Mac Multifamily Structured Pass Through Certificates, Series K053, Class A2,

3.00%, 12/25/25		300		289

Freddie Mac Multifamily Structured Pass Through Certificates, Series K054, Class A2,

2.75%, 1/25/26		250		239

Freddie Mac Multifamily Structured Pass Through Certificates, Series K056, Class A2,

2.53%, 5/25/26		400		379

Freddie Mac Multifamily Structured Pass Through Certificates, Series K058, Class A2,

2.65%, 8/25/26		250		237

Freddie Mac Multifamily Structured Pass Through Certificates, Series K059, Class A2,

3.12%, 9/25/26		100		96

Freddie Mac Multifamily Structured Pass Through Certificates, Series K065, Class A2,

3.24%, 4/25/27		350		337

Freddie Mac Multifamily Structured Pass Through Certificates, Series K067, Class A2,

3.19%, 7/25/27		250		240

Freddie Mac Multifamily Structured Pass Through Certificates, Series K068, Class A2,

3.24%, 8/25/27		150		144

Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2,

3.19%, 9/25/27		200		192

Freddie Mac Multifamily Structured Pass Through Certificates, Series K072, Class A2,

3.44%, 12/25/27		150		145



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K074, Class A2,

3.60%, 1/25/28		$150		$146

Freddie Mac Multifamily Structured Pass Through Certificates, Series K075, Class A2,

3.65%, 2/25/28		150		146

Freddie Mac Multifamily Structured Pass Through Certificates, Series K076, Class A2,

3.90%, 4/25/28		200		197

Freddie Mac Multifamily Structured Pass Through Certificates, Series K077, Class A2,

3.85%, 5/25/28		200		197

Freddie Mac Multifamily Structured Pass Through Certificates, Series K078, Class A2,

3.85%, 6/25/28		150		148

Freddie Mac Multifamily Structured Pass Through Certificates, Series K079, Class A2,

3.93%, 6/25/28		200		197

Freddie Mac Multifamily Structured Pass Through Certificates, Series K080, Class A2,

3.93%, 7/25/28		200		197

Freddie Mac Multifamily Structured Pass Through Certificates, Series K081, Class A2,

3.90%, 8/25/28		200		197

Freddie Mac Multifamily Structured Pass Through Certificates, Series K082, Class A2,

3.92%, 9/25/28		350		345

Freddie Mac Multifamily Structured Pass Through Certificates, Series K083, Class A2,

4.05%, 9/25/28		200		199

Freddie Mac Multifamily Structured Pass Through Certificates, Series K086, Class A2,

3.86%, 11/25/28		200		197



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K088, Class A2,

3.69%, 1/25/29		$100		$97

Freddie Mac Multifamily Structured Pass Through Certificates, Series K090, Class A2,

3.42%, 2/25/29		500		480

Freddie Mac Multifamily Structured Pass Through Certificates, Series K091, Class A2,

3.51%, 3/25/29		150		145

Freddie Mac Multifamily Structured Pass Through Certificates, Series K092, Class A2,

3.30%, 4/25/29		300		286

Freddie Mac Multifamily Structured Pass Through Certificates, Series K093, Class A2,

2.98%, 5/25/29		200		187

Freddie Mac Multifamily Structured Pass Through Certificates, Series K094, Class A2,

2.90%, 6/25/29		300		279

Freddie Mac Multifamily Structured Pass Through Certificates, Series K102, Class A2,

2.54%, 10/25/29		250		226

Freddie Mac Multifamily Structured Pass Through Certificates, Series K104, Class A2,

2.25%, 1/25/30		250		222

Freddie Mac Multifamily Structured Pass Through Certificates, Series K105, Class A2,

1.87%, 1/25/30		200		173

Freddie Mac Multifamily Structured Pass Through Certificates, Series K110, Class A2,

1.48%, 4/25/30		500		419

Freddie Mac Multifamily Structured Pass Through Certificates, Series K111, Class A2,

1.35%, 5/25/30		500		413



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K112, Class A2,

1.31%, 5/25/30		$500		$412

Freddie Mac Multifamily Structured Pass Through Certificates, Series K113, Class A2,

1.34%, 6/25/30		500		412

Freddie Mac Multifamily Structured Pass Through Certificates, Series K117, Class A2,

1.41%, 8/25/30		100		82

Freddie Mac Multifamily Structured Pass Through Certificates, Series K119, Class A2,

1.57%, 9/25/30		250		208

Freddie Mac Multifamily Structured Pass Through Certificates, Series K122, Class A2,

1.52%, 11/25/30		200		165

Freddie Mac Multifamily Structured Pass Through Certificates, Series K129, Class A2,

1.91%, 5/25/31		300		254

Freddie Mac Multifamily Structured Pass Through Certificates, Series K141, Class A2,

2.25%, 2/25/32		200		171

Freddie Mac Multifamily Structured Pass Through Certificates, Series K144, Class A2,

2.45%, 4/25/32		500		433

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1510, Class A2,

3.72%, 1/25/31		100		97

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1510, Class A3,

3.79%, 1/25/34		100		96

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1511, Class A2,

3.47%, 3/25/31		100		95



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1511, Class A3,

3.54%, 3/25/34		$100		$93

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1512, Class A2,

2.99%, 5/25/31		100		91

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1512, Class A3,

3.06%, 4/25/34		100		88

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1515, Class A2,

1.94%, 2/25/35		100		77

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1517, Class A2,

1.72%, 7/25/35		200		151

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1518, Class A2,

1.86%, 10/25/35		150		114

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1519, Class A2,

2.01%, 12/25/35		150		115

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1520, Class A2,

2.44%, 2/25/36		150		121

Freddie Mac Multifamily Structured Pass Through Certificates, Series K1522, Class A2,

2.36%, 10/25/36		100		77

Freddie Mac Multifamily Structured Pass Through Certificates, Series K154, Class A2,

3.42%, 4/25/32		100		95

Freddie Mac Multifamily Structured Pass Through Certificates, Series K155, Class A3,

3.75%, 4/25/33		100		96



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A2,

3.99%, 5/25/33		$100		$98

Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A3,

3.99%, 8/25/33		100		98

Freddie Mac Multifamily Structured Pass Through Certificates, Series K732, Class A2,

3.70%, 5/25/25		392		385

Freddie Mac Multifamily Structured Pass Through Certificates, Series K733, Class A2,

3.75%, 8/25/25		500		491

Freddie Mac Multifamily Structured Pass Through Certificates, Series K734, Class A2,

3.21%, 2/25/26		200		194

Freddie Mac Multifamily Structured Pass Through Certificates, Series K735, Class A2,

2.86%, 5/25/26		149		142

Pool #QA0127,

3.50%, 6/1/49		631		593

Pool #QA1132,

3.50%, 7/1/49		181		170

Pool #QA1263,

3.50%, 7/1/49		238		224

Pool #QA1752,

3.50%, 8/1/49		1,234		1,158

Pool #QA1883,

4.00%, 8/1/49		396		384

Pool #QA3149,

3.00%, 10/1/49		365		331

Pool #QA4699,

3.00%, 11/1/49		216		195

Pool #QA8043,

3.00%, 3/1/50		1,696		1,537

Pool #QB0211,

2.50%, 6/1/50		524		452

Pool #QB2516,

2.50%, 8/1/50		390		337



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #QB2545,

2.00%, 8/1/50		$2,142		$1,777

Pool #QB2682,

2.50%, 8/1/50		451		390

Pool #QB2966,

2.50%, 9/1/50		154		134

Pool #QB3199,

2.00%, 9/1/50		751		623

Pool #QB4467,

2.00%, 10/1/50		1,426		1,186

Pool #QB5079,

2.00%, 11/1/50		1,719		1,441

Pool #QB5128,

2.00%, 10/1/50		1,130		937

Pool #QB5507,

2.00%, 11/1/50		783		651

Pool #QB6246,

2.00%, 12/1/50		378		318

Pool #QB6448,

2.00%, 12/1/50		1,170		970

Pool #QB8131,

2.00%, 2/1/51		3,761		3,119

Pool #QB8132,

2.00%, 1/1/51		5,042		4,181

Pool #QB9266,

2.00%, 3/1/51		522		434

Pool #QB9410,

2.00%, 1/1/51		1,526		1,265

Pool #QC1443,

2.00%, 5/1/51		2,057		1,722

Pool #QC1809,

2.00%, 5/1/51		504		418

Pool #QC2062,

2.00%, 5/1/51		818		676

Pool #QC3259,

2.00%, 6/1/51		3,128		2,608

Pool #QC9442,

2.50%, 10/1/51		4,467		3,856

Pool #QD0822,

3.00%, 11/1/51		1,279		1,160

Pool #QD2146,

2.00%, 12/1/51		2,584		2,141



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #QE9161,

4.50%, 9/1/52		$853		$835

Pool #QF7121,

5.50%, 2/1/53		998		1,009

Pool #QK0622,

1.50%, 2/1/41		561		468

Pool #QN0818,

2.50%, 10/1/34		273		255

Pool #QN4614,

1.50%, 12/1/35		229		201

Pool #QN5018,

2.00%, 1/1/36		1,415		1,280

Pool #QN5866,

2.00%, 4/1/36		763		689

Pool #QN6394,

1.50%, 5/1/36		1,814		1,596

Pool #QN8899,

2.00%, 12/1/36		875		790

Pool #RA1196,

4.00%, 8/1/49		829		803

Pool #RA1343,

3.00%, 9/1/49		2,396		2,171

Pool #RA1493,

3.00%, 10/1/49		3,451		3,127

Pool #RA1501,

3.00%, 10/1/49		138		125

Pool #RA2010,

3.50%, 1/1/50		273		256

Pool #RA2117,

3.00%, 2/1/50		339		307

Pool #RA2386,

3.00%, 4/1/50		847		767

Pool #RA2457,

3.00%, 4/1/50		529		479

Pool #RA2677,

2.00%, 6/1/50		2,041		1,697

Pool #RA2730,

2.50%, 6/1/50		311		271

Pool #RA2790,

2.50%, 6/1/50		493		426

Pool #RA2853,

2.50%, 6/1/50		637		551



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #RA2959,

2.50%, 7/1/50		$576		$499

Pool #RA3086,

2.50%, 7/1/50		435		378

Pool #RA3306,

2.50%, 8/1/50		398		344

Pool #RA3517,

2.00%, 9/1/50		1,043		867

Pool #RA3524,

2.00%, 9/1/50		2,125		1,764

Pool #RA3563,

2.00%, 9/1/50		1,052		873

Pool #RA3578,

2.00%, 9/1/50		1,369		1,135

Pool #RA3580,

2.00%, 9/1/50		1,307		1,085

Pool #RA3653,

1.50%, 10/1/50		654		515

Pool #RA3662,

2.50%, 10/1/50		650		562

Pool #RA3663,

2.50%, 10/1/50		669		581

Pool #RA3723,

2.00%, 10/1/50		1,350		1,120

Pool #RA3765,

2.50%, 10/1/50		654		568

Pool #RA3908,

1.50%, 11/1/50		598		471

Pool #RA3913,

2.50%, 11/1/50		7,527		6,592

Pool #RA4209,

1.50%, 12/1/50		1,897		1,494

Pool #RA4218,

2.50%, 12/1/50		8,191		7,074

Pool #RA5204,

2.00%, 5/1/51		1,649		1,364

Pool #RA5373,

2.00%, 6/1/51		789		655

Pool #RA6333,

2.00%, 11/1/51		4,087		3,380

Pool #RA6340,

2.50%, 11/1/51		2,759		2,381



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #RA7097,

3.50%, 4/1/52		$940		$874

Pool #RA7099,

2.00%, 1/1/51		2,984		2,475

Pool #RB0452,

2.00%, 2/1/41		877		758

Pool #RB5032,

2.50%, 2/1/40		78		69

Pool #RB5033,

3.00%, 2/1/40		288		269

Pool #RB5043,

2.50%, 4/1/40		142		127

Pool #RB5048,

2.50%, 5/1/40		78		70

Pool #RB5059,

2.50%, 7/1/40		99		88

Pool #RB5066,

2.50%, 8/1/40		267		238

Pool #RB5072,

2.50%, 9/1/40		275		245

Pool #RB5076,

2.00%, 8/1/40		563		483

Pool #RB5078,

2.50%, 10/1/40		186		166

Pool #RB5085,

2.00%, 11/1/40		504		436

Pool #RB5090,

2.00%, 12/1/40		595		515

Pool #RB5095,

2.00%, 1/1/41		380		327

Pool #RB5100,

2.00%, 2/1/41		312		270

Pool #RB5110,

1.50%, 5/1/41		1,201		1,000

Pool #RB5111,

2.00%, 5/1/41		503		435

Pool #RB5131,

2.00%, 10/1/41		888		763

Pool #RC1857,

1.50%, 2/1/36		1,320		1,161

Pool #RC2045,

2.00%, 6/1/36		301		272



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #SB0048,

3.00%, 8/1/34		$513		$486

Pool #SB0330,

2.00%, 5/1/35		427		387

Pool #SB0434,

2.00%, 10/1/35		723		654

Pool #SB0507,

2.00%, 3/1/36		1,330		1,204

Pool #SB0571,

2.00%, 10/1/36		1,331		1,201

Pool #SB0726,

4.00%, 8/1/37		403		397

Pool #SB8045,

2.50%, 5/1/35		185		172

Pool #SB8046,

3.00%, 5/1/35		326		309

Pool #SB8049,

2.50%, 6/1/35		615		572

Pool #SB8057,

2.00%, 8/1/35		628		568

Pool #SB8058,

2.50%, 8/1/35		730		679

Pool #SB8061,

2.00%, 9/1/35		1,109		1,003

Pool #SB8067,

1.50%, 9/1/35		283		249

Pool #SB8068,

1.50%, 10/1/35		307		270

Pool #SB8069,

2.00%, 10/1/35		884		799

Pool #SB8073,

1.50%, 11/1/35		396		348

Pool #SB8078,

1.50%, 12/1/35		836		736

Pool #SB8083,

1.50%, 1/1/36		483		424

Pool #SB8092,

1.50%, 3/1/36		862		758

Pool #SB8122,

1.50%, 10/1/36		1,804		1,587

Pool #SB8206,

1/1/38⁽¹⁴⁾		189		191



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #SB8208,

1/1/38⁽¹⁴⁾		$93		$95

Pool #SB8501,

2.00%, 8/1/35		722		653

Pool #SD0163,

3.00%, 12/1/49		645		585

Pool #SD0261,

3.00%, 2/1/50		255		231

Pool #SD0262,

3.50%, 2/1/50		426		403

Pool #SD0410,

2.50%, 8/1/50		1,318		1,148

Pool #SD0414,

2.50%, 8/1/50		242		210

Pool #SD0467,

2.00%, 12/1/50		605		501

Pool #SD0537,

2.00%, 3/1/51		3,303		2,738

Pool #SD0608,

2.50%, 5/1/51		3,287		2,887

Pool #SD0764,

2.50%, 10/1/51		2,600		2,243

Pool #SD1592,

4.00%, 8/1/52		774		740

Pool #SD1596,

4.00%, 9/1/52		677		653

Pool #SD1855,

5.00%, 9/1/52		582		582

Pool #SD1958,

5.00%, 11/1/52		396		401

Pool #SD2236,

5.50%, 11/1/52		1,271		1,292

Pool #SD2258,

5.00%, 1/1/53		698		697

Pool #SD2266,

5.00%, 1/1/53		698		698

Pool #SD7512,

3.00%, 2/1/50		545		496

Pool #SD7536,

2.50%, 2/1/51		6,160		5,385

Pool #SD7537,

2.00%, 3/1/51		3,290		2,728



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #SD7539,

2.00%, 4/1/51		$3,261		$2,733

Pool #SD7541,

2.00%, 5/1/51		2,229		1,866

Pool #SD8019,

4.50%, 10/1/49		380		378

Pool #SD8023,

2.50%, 11/1/49		306		265

Pool #SD8029,

2.50%, 12/1/49		344		298

Pool #SD8037,

2.50%, 1/1/50		349		302

Pool #SD8083,

2.50%, 8/1/50		786		679

Pool #SD8090,

2.00%, 9/1/50		2,429		2,015

Pool #SD8097,

2.00%, 8/1/50		2,134		1,770

Pool #SD8104,

1.50%, 11/1/50		4,146		3,265

Pool #SD8112,

1.50%, 12/1/50		1,232		970

Pool #SD8139,

1.50%, 4/1/51		2,362		1,855

Pool #SD8266,

4.50%, 11/1/52		2,642		2,589

Pool #ZA1036,

4.50%, 2/1/40		78		79

Pool #ZA1159,

3.50%, 4/1/42		234		223

Pool #ZA1165,

3.50%, 4/1/42		326		311

Pool #ZA1254,

3.00%, 10/1/42		1,028		948

Pool #ZA1334,

3.50%, 7/1/42		115		110

Pool #ZA1361,

3.50%, 5/1/43		167		159

Pool #ZA1375,

4.00%, 9/1/44		92		89

Pool #ZA1378,

3.50%, 10/1/44		154		146



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #ZA2773,

2.50%, 8/1/27		$66		$63

Pool #ZA3862,

2.50%, 5/1/31		278		262

Pool #ZA4194,

3.00%, 4/1/43		243		224

Pool #ZA4214,

3.00%, 5/1/43		374		344

Pool #ZA4715,

4.00%, 9/1/46		922		899

Pool #ZA5107,

4.00%, 11/1/47		173		168

Pool #ZA5642,

4.00%, 9/1/48		175		170

Pool #ZA5950,

4.50%, 11/1/48		456		454

Pool #ZI6135,

5.00%, 9/1/34		391		399

Pool #ZI6854,

4.50%, 12/1/37		45		45

Pool #ZI7645,

5.00%, 6/1/38		91		93

Pool #ZI8519,

4.50%, 2/1/39		18		18

Pool #ZI9349,

4.50%, 10/1/39		273		273

Pool #ZI9657,

4.50%, 1/1/40		343		343

Pool #ZI9862,

4.50%, 3/1/40		180		181

Pool #ZI9939,

4.50%, 4/1/40		114		114

Pool #ZJ0631,

4.50%, 10/1/40		136		136

Pool #ZJ1046,

4.00%, 1/1/41		182		178

Pool #ZJ1052,

4.00%, 1/1/41		156		153

Pool #ZJ1228,

4.00%, 2/1/41		229		224

Pool #ZJ1359,

4.50%, 3/1/41		121		121



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #ZK5468,

2.00%, 5/1/28		$309		$293

Pool #ZK7259,

2.50%, 4/1/30		280		264

Pool #ZK7533,

2.50%, 7/1/30		188		177

Pool #ZL1714,

4.50%, 7/1/41		163		163

Pool #ZL1806,

4.50%, 8/1/41		438		440

Pool #ZL1922,

4.00%, 9/1/41		53		52

Pool #ZL2350,

3.50%, 11/1/41		81		77

Pool #ZL3211,

3.50%, 6/1/42		315		300

Pool #ZL3245,

4.00%, 6/1/42		506		495

Pool #ZL3535,

3.50%, 8/1/42		591		564

Pool #ZL3551,

3.50%, 8/1/42		453		432

Pool #ZL4634,

3.00%, 1/1/43		1,517		1,399

Pool #ZL4709,

3.00%, 1/1/43		320		295

Pool #ZL5074,

3.00%, 2/1/43		145		134

Pool #ZL5915,

3.50%, 5/1/43		690		658

Pool #ZL5927,

3.00%, 5/1/43		211		194

Pool #ZL6381,

3.00%, 6/1/43		327		301

Pool #ZL6467,

3.00%, 7/1/43		246		227

Pool #ZL6676,

3.00%, 8/1/43		502		463

Pool #ZL6920,

3.50%, 8/1/43		97		93

Pool #ZL7780,

4.00%, 2/1/44		268		263



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #ZL8299,

3.50%, 7/1/44		$636		$605

Pool #ZL8300,

4.00%, 7/1/44		524		511

Pool #ZL8709,

4.00%, 11/1/44		163		160

Pool #ZM0489,

4.00%, 11/1/45		203		198

Pool #ZM0617,

3.50%, 12/1/45		236		223

Pool #ZM1194,

3.00%, 6/1/46		286		263

Pool #ZM1933,

3.00%, 10/1/46		316		290

Pool #ZM2167,

3.00%, 11/1/46		505		463

Pool #ZM2286,

3.50%, 12/1/46		835		788

Pool #ZM3525,

3.50%, 6/1/47		119		113

Pool #ZM3933,

3.50%, 8/1/47		467		441

Pool #ZM4305,

3.50%, 9/1/47		466		440

Pool #ZM4601,

3.50%, 10/1/47		589		557

Pool #ZM4711,

4.00%, 11/1/47		753		733

Pool #ZM4736,

3.50%, 11/1/47		176		166

Pool #ZM4908,

3.50%, 11/1/47		326		308

Pool #ZM5133,

3.50%, 12/1/47		137		129

Pool #ZM5397,

3.50%, 1/1/48		275		260

Pool #ZM5659,

3.50%, 2/1/48		277		261

Pool #ZM5917,

4.00%, 3/1/48		196		191

Pool #ZM6682,

4.50%, 5/1/48		195		194



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #ZM7370,

4.00%, 7/1/48		$127		$123

Pool #ZM7378,

5.00%, 7/1/48		168		170

Pool #ZM7849,

4.00%, 8/1/48		51		49

Pool #ZM8045,

4.00%, 9/1/48		180		175

Pool #ZM8575,

4.50%, 10/1/48		133		132

Pool #ZN1506,

3.50%, 11/1/48		771		725

Pool #ZN3447,

3.50%, 2/1/49		119		112

Pool #ZS0932,

4.50%, 8/1/34		9		9

Pool #ZS1567,

5.00%, 8/1/37		12		12

Pool #ZS2391,

5.00%, 9/1/38		23		24

Pool #ZS2499,

5.00%, 3/1/38		56		57

Pool #ZS2533,

4.50%, 2/1/39		57		57

Pool #ZS2827,

4.50%, 11/1/39		138		138

Pool #ZS2905,

4.50%, 4/1/40		203		204

Pool #ZS3554,

3.50%, 7/1/42		216		206

Pool #ZS3596,

4.00%, 6/1/42		547		535

Pool #ZS3613,

4.00%, 8/1/42		304		298

Pool #ZS3792,

2.50%, 7/1/43		284		249

Pool #ZS4078,

3.50%, 1/1/45		302		287

Pool #ZS4100,

3.50%, 3/1/45		547		518

Pool #ZS4127,

4.50%, 7/1/44		130		130



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #ZS4472,

3.50%, 2/1/42		$207		$198

Pool #ZS4536,

3.50%, 10/1/43		295		281

Pool #ZS4584,

3.00%, 9/1/44		103		95

Pool #ZS4600,

4.00%, 1/1/45		306		299

Pool #ZS4607,

3.50%, 3/1/45		388		366

Pool #ZS4617,

3.00%, 6/1/45		200		184

Pool #ZS4618,

3.50%, 6/1/45		318		300

Pool #ZS4621,

3.00%, 7/1/45		482		444

Pool #ZS4627,

4.00%, 8/1/45		107		104

Pool #ZS4629,

3.00%, 9/1/45		1,473		1,355

Pool #ZS4630,

3.50%, 9/1/45		215		203

Pool #ZS4634,

4.00%, 10/1/45		128		124

Pool #ZS4639,

4.00%, 11/1/45		129		126

Pool #ZS4642,

3.50%, 12/1/45		438		414

Pool #ZS4655,

3.50%, 3/1/46		214		202

Pool #ZS4667,

3.00%, 6/1/46		307		282

Pool #ZS4671,

3.00%, 8/1/46		690		633

Pool #ZS4677,

3.00%, 9/1/46		193		177

Pool #ZS4682,

3.00%, 10/1/46		253		233

Pool #ZS4703,

3.00%, 2/1/47		200		183

Pool #ZS4722,

3.50%, 6/1/47		196		185



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #ZS4730,

3.50%, 8/1/47		$73		$69

Pool #ZS4740,

4.00%, 10/1/47		348		336

Pool #ZS4743,

3.50%, 11/1/47		477		450

Pool #ZS4745,

4.50%, 11/1/47		331		330

Pool #ZS4747,

3.50%, 12/1/47		133		125

Pool #ZS4748,

4.00%, 12/1/47		364		354

Pool #ZS4749,

4.50%, 12/1/47		110		110

Pool #ZS4752,

4.00%, 1/1/48		286		279

Pool #ZS4759,

3.50%, 3/1/48		285		269

Pool #ZS4769,

4.00%, 5/1/48		154		150

Pool #ZS4773,

4.50%, 6/1/48		48		48

Pool #ZS4781,

4.50%, 7/1/48		120		120

Pool #ZS4785,

4.00%, 8/1/48		118		115

Pool #ZS6948,

2.50%, 11/1/28		158		152

Pool #ZS8023,

2.00%, 8/1/32		53		49

Pool #ZS8495,

2.50%, 8/1/28		686		658

Pool #ZS8628,

2.00%, 11/1/31		86		80

Pool #ZS8639,

2.00%, 1/1/32		30		28

Pool #ZS9449,

3.50%, 8/1/45		322		305

Pool #ZS9495,

3.50%, 10/1/45		520		491

Pool #ZS9580,

3.50%, 12/1/45		461		435



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac – 9.8% continued

Pool #ZS9805,

3.00%, 9/1/46		$485		$445

Pool #ZS9813,

3.00%, 9/1/46		510		468

Pool #ZS9827,

3.00%, 10/1/46		435		399

Pool #ZS9828,

3.00%, 10/1/46		420		385

Pool #ZT0495,

4.50%, 8/1/48		53		53

Pool #ZT0524,

4.50%, 9/1/48		272		271

Pool #ZT0542,

4.00%, 7/1/48		531		520

Pool #ZT0712,

4.00%, 10/1/48		168		163

Pool #ZT0787,

4.00%, 10/1/48		153		149

Pool #ZT1702,

4.00%, 1/1/49		287		279

Pool #ZT2091,

3.00%, 6/1/34		76		72

				213,110

Freddie Mac Gold – 0.4%

Pool #A16753,

5.00%, 11/1/33		26		26

Pool #A17665,

5.00%, 1/1/34		28		29

Pool #A27950,

5.50%, 11/1/34		87		89

Pool #A31136,

5.50%, 1/1/35		122		124

Pool #A39306,

5.50%, 11/1/35		34		34

Pool #A46224,

5.00%, 7/1/35		8		8

Pool #A48104,

5.00%, 1/1/36		33		34

Pool #A57604,

5.00%, 3/1/37		48		49

Pool #A58718,

5.50%, 3/1/37		5		5



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac Gold – 0.4% continued

Pool #A59081,

5.50%, 4/1/37		$35		$35

Pool #A61560,

5.50%, 10/1/36		82		85

Pool #A64474,

5.50%, 9/1/37		7		7

Pool #A67116,

7.00%, 10/1/37		13		14

Pool #A68761,

5.50%, 9/1/37		107		109

Pool #A69303,

6.00%, 11/1/37		9		9

Pool #A73778,

5.00%, 2/1/38		37		38

Pool #A74134,

7.00%, 2/1/38		18		18

Pool #A81606,

6.00%, 9/1/38		15		15

Pool #A83008,

5.50%, 11/1/38		89		91

Pool #A91541,

5.00%, 3/1/40		78		80

Pool #C91009,

5.00%, 11/1/26		2		2

Pool #C91247,

5.00%, 4/1/29		35		36

Pool #C91370,

4.50%, 5/1/31		70		70

Pool #C91388,

3.50%, 2/1/32		83		81

Pool #C91485,

3.50%, 8/1/32		124		121

Pool #C91826,

3.00%, 5/1/35		91		86

Pool #C91858,

3.00%, 12/1/35		92		86

Pool #C91879,

3.00%, 6/1/36		108		101

Pool #C91891,

3.00%, 9/1/36		134		126

Pool #C91904,

2.50%, 11/1/36		81		74



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac Gold – 0.4% continued

Pool #C91908,

3.00%, 1/1/37		$52		$49

Pool #C91949,

3.00%, 9/1/37		104		98

Pool #C91955,

3.00%, 10/1/37		94		88

Pool #C91970,

3.50%, 1/1/38		119		115

Pool #D97564,

5.00%, 1/1/28		63		64

Pool #D99094,

3.00%, 3/1/32		84		79

Pool #E04044,

3.50%, 8/1/27		175		172

Pool #G02064,

5.00%, 2/1/36		44		45

Pool #G02069,

5.50%, 3/1/36		7		7

Pool #G02386,

6.00%, 11/1/36		66		69

Pool #G02391,

6.00%, 11/1/36		2		2

Pool #G02540,

5.00%, 11/1/34		23		24

Pool #G02649,

6.00%, 1/1/37		4		4

Pool #G02789,

6.00%, 4/1/37		319		334

Pool #G02911,

6.00%, 4/1/37		5		5

Pool #G02973,

6.00%, 6/1/37		9		9

Pool #G03121,

5.00%, 6/1/36		36		37

Pool #G03134,

5.50%, 8/1/36		17		18

Pool #G03218,

6.00%, 9/1/37		7		7

Pool #G03351,

6.00%, 9/1/37		19		20

Pool #G03513,

6.00%, 11/1/37		20		21



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac Gold – 0.4% continued

Pool #G03600,

7.00%, 11/1/37		$10		$11

Pool #G03737,

6.50%, 11/1/37		137		146

Pool #G03992,

6.00%, 3/1/38		28		29

Pool #G04287,

5.00%, 5/1/38		38		39

Pool #G04459,

5.50%, 6/1/38		34		35

Pool #G04611,

6.00%, 7/1/38		72		76

Pool #G04650,

6.50%, 9/1/38		28		29

Pool #G05733,

5.00%, 11/1/39		106		109

Pool #G05969,

5.00%, 8/1/40		53		55

Pool #G06767,

5.00%, 10/1/41		211		216

Pool #G06947,

6.00%, 5/1/40		76		80

Pool #G08189,

7.00%, 3/1/37		14		14

Pool #G08192,

5.50%, 4/1/37		16		17

Pool #G08341,

5.00%, 4/1/39		282		288

Pool #G13136,

4.50%, 5/1/23⁽¹²⁾		—		—

Pool #G13201,

4.50%, 7/1/23⁽¹²⁾		—		—

Pool #G13433,

5.50%, 1/1/24⁽⁹⁾		1		—

Pool #G14168,

5.50%, 12/1/24		1		1

Pool #G14554,

4.50%, 7/1/26		7		7

Pool #G14891,

3.00%, 10/1/28		96		93

Pool #G15134,

3.00%, 5/1/29		72		70



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac Gold – 0.4% continued

Pool #G16562,

3.50%, 8/1/33		$250		$243

Pool #G16774,

3.50%, 2/1/34		123		120

Pool #G16786,

4.00%, 4/1/34		145		144

Pool #G18438,

2.50%, 6/1/27		80		77

Pool #G18571,

2.50%, 10/1/30		139		132

Pool #G18601,

3.00%, 5/1/31		182		174

Pool #G18664,

3.50%, 10/1/32		109		107

Pool #G18681,

3.00%, 3/1/33		352		337

Pool #G30327,

4.50%, 1/1/27		7		7

Pool #G31020,

2.50%, 2/1/37		29		27

Pool #G31057,

3.00%, 2/1/38		171		161

Pool #G67713,

4.00%, 6/1/48		579		565

Pool #J08202,

5.00%, 7/1/23⁽¹²⁾		—		—

Pool #J08454,

5.00%, 8/1/23⁽⁹⁾		1		—

Pool #J08913,

5.50%, 10/1/23		1		1

Pool #J09148,

5.00%, 12/1/23		3		3

Pool #J09305,

5.00%, 2/1/24		4		4

Pool #J09463,

5.00%, 3/1/24		7		7

Pool #J11136,

4.00%, 11/1/24		3		3

Pool #J12098,

4.50%, 4/1/25		54		54

Pool #J14808,

3.50%, 3/1/26		93		91



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Freddie Mac Gold – 0.4% continued

Pool #J16932,

3.00%, 10/1/26		$65		$63

Pool #J17055,

3.00%, 11/1/26		51		50

Pool #J17232,

3.00%, 11/1/26		58		56

Pool #J20834,

2.50%, 10/1/27		152		147

Pool #J22069,

2.50%, 1/1/28		42		40

Pool #J22986,

2.50%, 3/1/28		319		307

Pool #J30435,

3.00%, 1/1/30		180		173

Pool #J32244,

3.00%, 7/1/30		769		737

Pool #K90071,

3.00%, 2/1/33		245		231

Pool #K90641,

3.50%, 6/1/33		33		33

Pool #K90791,

3.00%, 7/1/33		135		127

Pool #K92325,

3.00%, 1/1/35		170		160

Pool #V60886,

2.50%, 8/1/30		93		88

Pool #V60902,

2.50%, 8/1/30		78		73

Pool #V61347,

2.50%, 10/1/31		308		291

				9,097

Government National Mortgage Association I – 0.2%

Pool #510835,

5.50%, 2/15/35		9		9

Pool #553463,

3.50%, 1/15/42		278		270

Pool #597889,

5.50%, 6/15/33		61		62

Pool #614169,

5.00%, 7/15/33		16		17

Pool #616879,

3.50%, 2/15/42		212		206



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association I – 0.2% continued

Pool #617739,

6.00%, 10/15/37		$4		$4

Pool #634431,

6.00%, 9/15/34		10		10

Pool #641416,

5.50%, 4/15/35		64		65

Pool #646341,

6.00%, 11/15/36		9		9

Pool #648538,

5.00%, 12/15/35		50		51

Pool #651753,

5.50%, 3/15/36		4		5

Pool #670030,

3.00%, 7/15/45		190		175

Pool #675211,

6.50%, 3/15/38		5		5

Pool #675484,

5.50%, 6/15/38		17		17

Pool #676360,

6.50%, 10/15/37		2		2

Pool #682899,

6.00%, 9/15/40		99		102

Pool #687824,

5.50%, 8/15/38		43		45

Pool #687900,

5.00%, 9/15/38		73		75

Pool #687901,

5.00%, 9/15/38		18		19

Pool #692309,

6.00%, 1/15/39		19		20

Pool #697645,

5.50%, 10/15/38		20		21

Pool #698236,

5.00%, 6/15/39		114		117

Pool #698336,

4.50%, 5/15/39		107		108

Pool #699277,

6.00%, 9/15/38		4		4

Pool #700918,

5.50%, 11/15/38		27		28

Pool #700972,

5.50%, 11/15/38		9		9



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association I – 0.2% continued

Pool #701196,

6.00%, 10/15/38		$5		$5

Pool #703677,

5.50%, 6/15/39		76		79

Pool #704185,

5.50%, 1/15/39		16		17

Pool #704514,

4.50%, 5/15/39		225		227

Pool #717175,

4.50%, 6/15/39		119		120

Pool #719262,

5.00%, 8/15/40		69		71

Pool #720202,

4.50%, 7/15/39		93		94

Pool #723231,

4.00%, 10/15/39		91		88

Pool #723339,

5.00%, 9/15/39		51		53

Pool #726085,

4.00%, 11/15/24		12		12

Pool #728629,

4.50%, 1/15/40		166		168

Pool #736768,

3.00%, 11/15/42		477		445

Pool #737286,

4.50%, 5/15/40		130		131

Pool #737416,

3.50%, 9/15/25		13		12

Pool #738134,

3.50%, 4/15/26		32		31

Pool #738247,

4.50%, 4/15/41		63		64

Pool #745215,

4.00%, 7/15/25		13		12

Pool #747643,

4.50%, 8/15/40		181		182

Pool #760874,

3.50%, 2/15/26		32		31

Pool #768800,

4.50%, 6/15/41		31		31

Pool #773939,

4.00%, 11/15/41		196		190



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association I – 0.2% continued

Pool #778957,

3.50%, 3/15/42		$285		$277

Pool #782131,

5.50%, 12/15/36		17		18

Pool #782150,

5.50%, 4/15/37		24		25

Pool #782259,

5.00%, 2/15/36		47		49

Pool #782272,

5.50%, 2/15/38		41		43

Pool #782498,

6.00%, 12/15/38		20		21

Pool #782584,

5.00%, 3/15/39		24		25

Pool #782675,

4.50%, 6/15/24		7		7

Pool #782696,

5.00%, 6/15/39		108		111

Pool #782831,

6.00%, 12/15/39		14		15

Pool #783176,

4.00%, 11/15/40		290		279

Pool #783740,

2.50%, 12/15/27		51		49

Pool #AA5391,

3.50%, 6/15/42		16		16

Pool #AA6089,

3.00%, 2/15/43		209		195

Pool #AB2761,

3.50%, 8/15/42		55		54

Pool #AB2891,

3.00%, 9/15/42		73		69

Pool #AD8781,

3.00%, 3/15/43		172		161

Pool #AD9016,

3.00%, 4/15/43		140		131

Pool #AL1763,

3.50%, 1/15/45		75		72

				5,135

Government National Mortgage Association II – 5.3%

Pool #3570,

6.00%, 6/20/34		22		23



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #3665,

5.50%, 1/20/35		$56		$57

Pool #3852,

6.00%, 5/20/36		10		10

Pool #3879,

6.00%, 7/20/36		26		27

Pool #3910,

6.00%, 10/20/36		14		14

Pool #3994,

5.00%, 6/20/37		8		9

Pool #4018,

6.50%, 8/20/37		35		38

Pool #4026,

5.00%, 9/20/37		13		13

Pool #4027,

5.50%, 9/20/37		5		6

Pool #4040,

6.50%, 10/20/37		8		8

Pool #4098,

5.50%, 3/20/38		41		43

Pool #4116,

6.50%, 4/20/38		17		18

Pool #4170,

6.00%, 6/20/38		32		34

Pool #4194,

5.50%, 7/20/38		72		75

Pool #4243,

5.00%, 9/20/38		18		19

Pool #4244,

5.50%, 9/20/38		21		22

Pool #4245,

6.00%, 9/20/38		11		12

Pool #4269,

6.50%, 10/20/38		16		17

Pool #4290,

5.50%, 11/20/38		14		15

Pool #4344,

6.00%, 1/20/39		25		26

Pool #4345,

6.50%, 1/20/39		18		19

Pool #4425,

5.50%, 4/20/39		42		44



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #4559,

5.00%, 10/20/39		$87		$89

Pool #4561,

6.00%, 10/20/39		53		56

Pool #4617,

4.50%, 1/20/40		25		26

Pool #4619,

5.50%, 1/20/40		99		103

Pool #4713,

4.50%, 6/20/40		72		73

Pool #4747,

5.00%, 7/20/40		66		68

Pool #4881,

3.50%, 12/20/40		278		265

Pool #4882,

4.00%, 12/20/40		627		619

Pool #4923,

4.50%, 1/20/41		67		68

Pool #5050,

4.00%, 5/20/26		30		30

Pool #5081,

4.00%, 6/20/41		106		104

Pool #5082,

4.50%, 6/20/41		108		109

Pool #5114,

4.00%, 7/20/41		402		397

Pool #5141,

5.00%, 8/20/41		65		66

Pool #5175,

4.50%, 9/20/41		64		65

Pool #5202,

3.50%, 10/20/41		169		162

Pool #5203,

4.00%, 10/20/41		101		100

Pool #5232,

3.50%, 11/20/41		319		305

Pool #5264,

5.50%, 12/20/41		7		8

Pool #5280,

4.00%, 1/20/42		116		114

Pool #5304,

3.50%, 2/20/42		118		113



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #5317,

5.50%, 2/20/42		$54		$57

Pool #5331,

3.50%, 3/20/42		187		178

Pool #626951,

3.00%, 6/20/45		508		456

Pool #737602,

4.00%, 11/20/40		155		152

Pool #752757,

4.50%, 11/20/40		201		201

Pool #755677,

4.00%, 12/20/40		90		89

Pool #766711,

4.00%, 5/20/42		467		461

Pool #782433,

6.00%, 10/20/38		46		49

Pool #783976,

3.50%, 4/20/43		1,383		1,307

Pool #784345,

3.50%, 7/20/47		398		387

Pool #AA5970,

3.00%, 1/20/43		552		509

Pool #AA6149,

3.00%, 3/20/43		557		525

Pool #AA6160,

3.50%, 3/20/43		180		172

Pool #AA6243,

3.50%, 4/20/43		55		52

Pool #AB9443,

3.50%, 11/20/42		229		216

Pool #AD1755,

3.50%, 2/20/43		339		320

Pool #AD8825,

3.50%, 3/20/43		176		166

Pool #AF5097,

4.00%, 8/20/43		465		456

Pool #AJ0645,

3.50%, 7/20/44		147		140

Pool #AJ3643,

4.00%, 10/20/44		353		344

Pool #AO7682,

4.00%, 8/20/45		352		344



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #BB6965,

3.50%, 7/20/47		$286		$271

Pool #BE9902,

4.50%, 6/20/48		94		93

Pool #MA0006,

2.50%, 4/20/27		32		31

Pool #MA0022,

3.50%, 4/20/42		184		176

Pool #MA0088,

3.50%, 5/20/42		418		399

Pool #MA0220,

3.50%, 7/20/42		218		208

Pool #MA0318,

3.50%, 8/20/42		402		384

Pool #MA0321,

5.00%, 8/20/42		94		97

Pool #MA0391,

3.00%, 9/20/42		932		867

Pool #MA0392,

3.50%, 9/20/42		181		173

Pool #MA0698,

3.00%, 1/20/43		218		203

Pool #MA0826,

3.00%, 3/20/28		44		43

Pool #MA0850,

2.50%, 3/20/43		91		82

Pool #MA0851,

3.00%, 3/20/43		315		294

Pool #MA0933,

3.00%, 4/20/43		382		356

Pool #MA0934,

3.50%, 4/20/43		125		120

Pool #MA1011,

3.00%, 5/20/43		369		344

Pool #MA1012,

3.50%, 5/20/43		337		323

Pool #MA1089,

3.00%, 6/20/43		389		363

Pool #MA1224,

3.50%, 8/20/43		273		262

Pool #MA1285,

3.50%, 9/20/43		162		155



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #MA1839,

4.00%, 4/20/44		$82		$81

Pool #MA1920,

4.00%, 5/20/44		87		86

Pool #MA2224,

4.00%, 9/20/44		490		484

Pool #MA2444,

3.00%, 12/20/44		58		54

Pool #MA2521,

3.50%, 1/20/45		244		233

Pool #MA2522,

4.00%, 1/20/45		106		104

Pool #MA2677,

3.00%, 3/20/45		117		109

Pool #MA2753,

3.00%, 4/20/45		323		301

Pool #MA2754,

3.50%, 4/20/45		129		123

Pool #MA2891,

3.00%, 6/20/45		358		333

Pool #MA2892,

3.50%, 6/20/45		123		117

Pool #MA2960,

3.00%, 7/20/45		294		273

Pool #MA3034,

3.50%, 8/20/45		357		340

Pool #MA3104,

3.00%, 9/20/45		419		390

Pool #MA3106,

4.00%, 9/20/45		307		300

Pool #MA3172,

3.00%, 10/20/45		78		72

Pool #MA3174,

4.00%, 10/20/45		171		168

Pool #MA3244,

3.50%, 11/20/45		272		258

Pool #MA3245,

4.00%, 11/20/45		631		618

Pool #MA3310,

3.50%, 12/20/45		1,020		967

Pool #MA3378,

4.50%, 1/20/46		405		409



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #MA3521,

3.50%, 3/20/46		$506		$481

Pool #MA3522,

4.00%, 3/20/46		146		143

Pool #MA3596,

3.00%, 4/20/46		289		267

Pool #MA3597,

3.50%, 4/20/46		511		486

Pool #MA3662,

3.00%, 5/20/46		482		446

Pool #MA3663,

3.50%, 5/20/46		305		290

Pool #MA3664,

4.00%, 5/20/46		139		136

Pool #MA3735,

3.00%, 6/20/46		580		538

Pool #MA3736,

3.50%, 6/20/46		393		374

Pool #MA3777,

2.50%, 7/20/31		54		50

Pool #MA3778,

3.00%, 7/20/31		71		68

Pool #MA3802,

3.00%, 7/20/46		684		634

Pool #MA3803,

3.50%, 7/20/46		578		550

Pool #MA3873,

3.00%, 8/20/46		262		242

Pool #MA3874,

3.50%, 8/20/46		273		259

Pool #MA3912,

2.50%, 9/20/31		79		74

Pool #MA3936,

3.00%, 9/20/46		600		556

Pool #MA4002,

2.50%, 10/20/46		45		40

Pool #MA4003,

3.00%, 10/20/46		400		370

Pool #MA4067,

2.50%, 11/20/46		373		334

Pool #MA4101,

2.50%, 12/20/31		42		39



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #MA4125,

2.50%, 12/20/46		$25		$22

Pool #MA4196,

3.50%, 1/20/47		410		390

Pool #MA4322,

4.00%, 3/20/47		159		155

Pool #MA4382,

3.50%, 4/20/47		130		123

Pool #MA4509,

3.00%, 6/20/47		631		583

Pool #MA4512,

4.50%, 6/20/47		230		229

Pool #MA4624,

3.00%, 8/20/32		58		55

Pool #MA4652,

3.50%, 8/20/47		539		512

Pool #MA4718,

3.00%, 9/20/47		1,467		1,353

Pool #MA4719,

3.50%, 9/20/47		840		800

Pool #MA4778,

3.50%, 10/20/47		528		501

Pool #MA4838,

4.00%, 11/20/47		75		73

Pool #MA4900,

3.50%, 12/20/47		532		506

Pool #MA4962,

3.50%, 1/20/48		491		467

Pool #MA4963,

4.00%, 1/20/48		183		179

Pool #MA5021,

4.50%, 2/20/48		249		249

Pool #MA5077,

3.50%, 3/20/48		573		544

Pool #MA5137,

4.00%, 4/20/48		78		76

Pool #MA5191,

3.50%, 5/20/48		333		317

Pool #MA5264,

4.00%, 6/20/48		194		189

Pool #MA5265,

4.50%, 6/20/48		195		194



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENTAGEN CIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #MA5266,

5.00%, 6/20/48		$263		$267

Pool #MA5330,

4.00%, 7/20/48		256		250

Pool #MA5331,

4.50%, 7/20/48		396		394

Pool #MA5398,

4.00%, 8/20/48		181		176

Pool #MA5399,

4.50%, 8/20/48		197		196

Pool #MA5466,

4.00%, 9/20/48		439		426

Pool #MA5467,

4.50%, 9/20/48		228		228

Pool #MA5528,

4.00%, 10/20/48		252		246

Pool #MA5529,

4.50%, 10/20/48		223		222

Pool #MA5595,

4.00%, 11/20/48		88		86

Pool #MA5653,

5.00%, 12/20/48		293		297

Pool #MA5818,

4.50%, 3/20/49		229		228

Pool #MA5931,

4.00%, 5/20/49		457		443

Pool #MA5985,

3.50%, 6/20/49		482		457

Pool #MA6040,

4.00%, 7/20/49		546		530

Pool #MA6217,

2.50%, 10/20/49		211		187

Pool #MA6218,

3.00%, 10/20/49		786		722

Pool #MA6282,

2.50%, 11/20/49		560		496

Pool #MA6283,

3.00%, 11/20/49		1,191		1,095

Pool #MA6310,

3.00%, 12/20/34		49		47

Pool #MA6337,

2.50%, 12/20/49		166		147



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #MA6338,

3.00%, 12/20/49		$1,780		$1,637

Pool #MA6339,

3.50%, 12/20/49		924		872

Pool #MA6408,

2.50%, 1/20/50		436		386

Pool #MA6409,

3.00%, 1/20/50		511		469

Pool #MA6410,

3.50%, 1/20/50		922		865

Pool #MA6655,

2.50%, 5/20/50		365		323

Pool #MA6709,

2.50%, 6/20/50		1,692		1,497

Pool #MA6765,

2.50%, 7/20/50		1,950		1,730

Pool #MA6819,

2.50%, 8/20/50		1,081		952

Pool #MA6820,

3.00%, 8/20/50		853		783

Pool #MA6865,

2.50%, 9/20/50		838		746

Pool #MA6866,

3.00%, 9/20/50		5,475		5,026

Pool #MA6930,

2.00%, 10/20/50		1,273		1,089

Pool #MA6931,

2.50%, 10/20/50		2,721		2,406

Pool #MA6994,

2.00%, 11/20/50		1,659		1,419

Pool #MA6995,

2.50%, 11/20/50		1,336		1,181

Pool #MA7051,

2.00%, 12/20/50		2,211		1,890

Pool #MA7052,

2.50%, 12/20/50		1,528		1,351

Pool #MA7135,

2.00%, 1/20/51		2,776		2,371

Pool #MA7136,

2.50%, 1/20/51		1,755		1,551

Pool #MA7164,

2.00%, 2/20/36		405		366



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #MA7192,

2.00%, 2/20/51		$3,506		$2,991

Pool #MA7193,

2.50%, 2/20/51		803		710

Pool #MA7254,

2.00%, 3/20/51		3,887		3,319

Pool #MA7311,

2.00%, 4/20/51		2,387		2,037

Pool #MA7312,

2.50%, 4/20/51		1,504		1,329

Pool #MA7367,

2.50%, 5/20/51		853		753

Pool #MA7417,

2.00%, 6/20/51		4,111		3,508

Pool #MA7418,

2.50%, 6/20/51		1,621		1,430

Pool #MA7471,

2.00%, 7/20/51		3,227		2,752

Pool #MA7472,

2.50%, 7/20/51		2,520		2,218

Pool #MA7588,

2.00%, 9/20/51		1,755		1,494

Pool #MA7589,

2.50%, 9/20/51		3,483		3,066

Pool #MA7648,

2.00%, 10/20/51		1,344		1,145

Pool #MA7649,

2.50%, 10/20/51		1,684		1,482

Pool #MA7704,

2.00%, 11/20/51		1,814		1,544

Pool #MA7705,

2.50%, 11/20/51		1,791		1,577

Pool #MA7880,

2.00%, 2/20/52		1,871		1,591

Pool #MA7881,

2.50%, 2/20/52		1,397		1,229

Pool #MA7988,

3.00%, 4/20/52		1,900		1,732

Pool #MA8042,

2.50%, 5/20/52		1,902		1,673

Pool #MA8267,

4.00%, 9/20/52		1,972		1,898



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGEN CIES - 29.1% ⁽¹⁰⁾ continued

Government National Mortgage Association II – 5.3% continued

Pool #MA8268,

4.50%, 9/20/52		$986		$971

Pool #MA8489,

4.50%, 12/20/52		1,987		1,957

Pool #MA8490,

5.00%, 12/20/52		1,988		1,991

				115,475

Tennessee Valley Authority – 0.1%

5.25%, 9/15/39		1,650		1,761

Total U.S. Government Agencies

(Cost $718,236)				635,122


U.S. GOVERNMENT OBLIGATIONS – 39.9%

U.S. Treasury Bonds – 8.4%

4.50%, 5/15/38		1,000		1,109

4.25%, 5/15/39		1,100		1,186

4.50%, 8/15/39		1,000		1,110

4.38%, 11/15/39		1,200		1,311

4.63%, 2/15/40		1,000		1,125

1.13%, 5/15/40		4,000		2,662

4.38%, 5/15/40		2,000		2,182

1.13%, 8/15/40		4,500		2,974

1.38%, 11/15/40		5,000		3,444

1.88%, 2/15/41		7,000		5,235

2.25%, 5/15/41		5,000		3,971

1.75%, 8/15/41		7,000		5,068

3.75%, 8/15/41		4,000		3,994

2.00%, 11/15/41		5,000		3,774

2.38%, 2/15/42		4,000		3,217

3.13%, 2/15/42		2,000		1,815

3.25%, 5/15/42		3,000		2,768

2.75%, 8/15/42		3,000		2,553

3.38%, 8/15/42		3,500		3,286

2.75%, 11/15/42		4,000		3,392

4.00%, 11/15/42		4,000		4,109

3.88%, 2/15/43		2,500		2,522

2.88%, 5/15/43		3,000		2,592

3.63%, 2/15/44		5,000		4,836

3.38%, 5/15/44		3,000		2,790

3.13%, 8/15/44		2,500		2,230

3.00%, 11/15/44		2,500		2,181

2.50%, 2/15/45		3,000		2,394

3.00%, 5/15/45		1,500		1,306



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 39.9% continued

U.S. Treasury Bonds – 8.4% continued

2.88%, 8/15/45		$2,000		$1,704

3.00%, 11/15/45		1,500		1,305

2.50%, 2/15/46		2,500		1,986

2.50%, 5/15/46		2,500		1,985

2.25%, 8/15/46		3,000		2,264

2.88%, 11/15/46		1,500		1,278

3.00%, 2/15/47		3,000		2,611

3.00%, 5/15/47		2,500		2,176

2.75%, 8/15/47		3,000		2,494

2.75%, 11/15/47		3,000		2,496

3.00%, 2/15/48		3,500		3,053

3.13%, 5/15/48		3,500		3,124

3.00%, 8/15/48		4,000		3,493

3.38%, 11/15/48		4,000		3,742

3.00%, 2/15/49		4,500		3,939

2.88%, 5/15/49		4,000		3,423

2.25%, 8/15/49		4,000		3,008

2.38%, 11/15/49		4,000		3,090

2.00%, 2/15/50		4,500		3,189

1.25%, 5/15/50		5,500		3,197

1.38%, 8/15/50		6,000		3,603

1.63%, 11/15/50		6,000		3,848

1.88%, 2/15/51		6,500		4,440

2.38%, 5/15/51		6,500		4,991

2.00%, 8/15/51		6,500		4,572

1.88%, 11/15/51		6,000		4,086

2.25%, 2/15/52		5,500		4,101

2.88%, 5/15/52		5,500		4,705

3.00%, 8/15/52		5,000		4,392

4.00%, 11/15/52		4,500		4,776

3.63%, 2/15/53		4,000		3,971

				182,178

U.S. Treasury Notes – 31.5%

2.50%, 4/30/24		10,000		9,780

2.50%, 5/15/24		10,000		9,780

2.00%, 5/31/24		5,000		4,860

2.50%, 5/31/24		5,000		4,888

2.00%, 6/30/24		10,000		9,703

0.38%, 7/15/24		5,000		4,749

3.00%, 7/31/24		5,000		4,909

0.38%, 8/15/24		5,000		4,736

2.38%, 8/15/24		5,000		4,867

3.25%, 8/31/24		5,000		4,924



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 39.9% continued

U.S. Treasury Notes – 31.5% continued

1.50%, 9/30/24		$5,000		$4,797

4.25%, 9/30/24		5,000		4,994

0.63%, 10/15/24		5,000		4,729

0.75%, 11/15/24		5,000		4,727

2.25%, 11/15/24		5,000		4,843

1.50%, 11/30/24		5,000		4,782

4.50%, 11/30/24		5,000		5,020

1.00%, 12/15/24		10,000		9,476

4.25%, 12/31/24		5,000		5,004

1.38%, 1/31/25		10,000		9,517

4.13%, 1/31/25		5,000		4,999

2.00%, 2/15/25		5,000		4,807

2.75%, 2/28/25		5,000		4,877

4.63%, 2/28/25		5,000		5,049

1.75%, 3/15/25		10,000		9,565

3.88%, 3/31/25		10,000		9,970

2.63%, 4/15/25		5,000		4,859

0.38%, 4/30/25		5,000		4,638

2.13%, 5/15/25		5,000		4,807

2.75%, 5/15/25		5,000		4,869

2.75%, 6/30/25		10,000		9,732

0.25%, 7/31/25		5,000		4,592

2.00%, 8/15/25		5,000		4,783

3.13%, 8/15/25		5,000		4,906

0.25%, 8/31/25		10,000		9,161

3.00%, 9/30/25		5,000		4,890

4.25%, 10/15/25		10,000		10,077

4.50%, 11/15/25		10,000		10,148

2.88%, 11/30/25		5,000		4,873

2.63%, 12/31/25		10,000		9,679

3.88%, 1/15/26		5,000		5,002

0.38%, 1/31/26		5,000		4,539

1.63%, 2/15/26		5,000		4,702

4.00%, 2/15/26		10,000		10,041

0.50%, 2/28/26		5,000		4,544

4.63%, 3/15/26		5,000		5,114

0.75%, 3/31/26		5,000		4,574

0.75%, 4/30/26		5,000		4,558

1.63%, 5/15/26		5,000		4,681

0.88%, 6/30/26		10,000		9,118

0.63%, 7/31/26		10,000		9,020

1.50%, 8/15/26		10,000		9,282

1.63%, 9/30/26		10,000		9,307



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 39.9% continued

U.S. Treasury Notes – 31.5% continued

1.13%, 10/31/26		$10,000		$9,121

2.00%, 11/15/26		10,000		9,405

2.25%, 2/15/27		10,000		9,474

1.13%, 2/28/27		10,000		9,075

2.50%, 3/31/27		10,000		9,551

2.75%, 4/30/27		5,000		4,819

0.50%, 5/31/27		10,000		8,775

3.25%, 6/30/27		10,000		9,827

2.75%, 7/31/27		10,000		9,630

2.25%, 8/15/27		10,000		9,433

0.50%, 8/31/27		5,000		4,358

4.13%, 9/30/27		5,000		5,094

4.13%, 10/31/27		5,000		5,096

0.63%, 11/30/27		5,000		4,358

0.63%, 12/31/27		5,000		4,348

0.75%, 1/31/28		5,000		4,367

3.50%, 1/31/28		5,000		4,974

2.75%, 2/15/28		5,000		4,803

4.00%, 2/29/28		10,000		10,180

1.25%, 3/31/28		5,000		4,460

2.88%, 5/15/28		10,000		9,646

1.25%, 6/30/28		5,000		4,438

1.00%, 7/31/28		5,000		4,370

2.88%, 8/15/28		5,000		4,815

1.13%, 8/31/28		5,000		4,390

1.25%, 9/30/28		5,000		4,412

3.13%, 11/15/28		5,000		4,874

1.50%, 11/30/28		5,000		4,460

1.38%, 12/31/28		5,000		4,429

2.63%, 2/15/29		5,000		4,741

1.88%, 2/28/29		5,000		4,542

2.38%, 3/31/29		5,000		4,668

2.38%, 5/15/29		5,000		4,665

2.75%, 5/31/29		5,000		4,765

2.63%, 7/31/29		5,000		4,729

1.63%, 8/15/29		5,000		4,460

3.88%, 9/30/29		5,000		5,082

4.00%, 10/31/29		5,000		5,121

3.88%, 11/30/29		5,000		5,087

3.88%, 12/31/29		5,000		5,090

1.50%, 2/15/30		5,000		4,383

0.63%, 5/15/30		5,000		4,093

0.63%, 8/15/30		10,000		8,149



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 39.9% continued

U.S. Treasury Notes – 31.5% continued

0.88%, 11/15/30		$10,000		$8,278

1.13%, 2/15/31		10,000		8,421

1.63%, 5/15/31		10,000		8,691

1.25%, 8/15/31		10,000		8,388

1.38%, 11/15/31		10,000		8,441

1.88%, 2/15/32		10,000		8,777

2.88%, 5/15/32		10,000		9,516

2.75%, 8/15/32		14,000		13,175

4.13%, 11/15/32		10,000		10,508

3.50%, 2/15/33		10,000		10,016

				687,616

Total U.S. Government Obligations

(Cost $937,341)				869,794


MUNICIPAL BONDS – 0.7%

Arizona – 0.0%

Salt River Project Agricultural Improvement & Power District Electric Revenue Bonds, Build America Bonds,

4.84%, 1/1/41		110		112

California – 0.3%

Bay Area Toll Authority Toll Bridge Subordinate Revenue Bonds, Series S1, Build America Bonds,

7.04%, 4/1/50		150		194

Bay Area Toll Authority Toll Bridge Taxable Revenue Bonds, Series S3, Build America Bonds,

6.91%, 10/1/50		150		194

California State G.O. Unlimited Bonds, Build America Bonds,

7.30%, 10/1/39		920		1,142

7.63%, 3/1/40		405		523

7.60%, 11/1/40		400		527

California State Various Purpose Taxable G.O. Unlimited Bonds, Build America Bonds,

7.55%, 4/1/39		585		757

East Bay Municipal Utility District Water System Subordinated Revenue Bonds, Build America Bonds,

5.87%, 6/1/40		300		337

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 0.7% continued

California – 0.3% continued

Los Angeles Community College District G.O. Unlimited Bonds, Build America Bonds,

6.75%, 8/1/49

$150

$193

Los Angeles Unified School District G.O. Unlimited Bonds, Series RY, Build America Bonds,

6.76%, 7/1/34

290

336

Los Angeles Unified School District Taxable G.O. Unlimited Bonds, Series KR, Build America Bonds,

5.75%, 7/1/34

335

363

San Diego County Water Authority Financing Agency Water Revenue Bonds, Build America Bonds,

6.14%, 5/1/49

100

116

San Francisco City & County Public Utilities Commission Water Revenue Bonds, Build America Bonds,

6.95%, 11/1/50

University of California Revenue Bonds, Build America Bonds,

5.95%, 5/15/45

150

166

University of California Taxable General Revenue Bonds, Series AD,

4.86%, 5/15/12⁽⁶⁾

1,000

931

5,871

Connecticut – 0.0%

Connecticut State Taxable G.O. Unlimited Bonds, Series A,

5.85%, 3/15/32

300

323

District of Columbia – 0.0%

District of Columbia Income Tax Secured Revenue Bonds, Series E, Build America Bonds,

5.59%, 12/1/34

Georgia – 0.0%

Municipal Electric Authority of Georgia Revenue Bonds, Build America Bonds,

6.66%, 4/1/57

106

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 0.7% continued

Georgia – 0.0% continued

Municipal Electric Authority of Georgia Taxable Revenue Bonds, Build America Bonds,

6.64%, 4/1/57

$66

$73

7.06%, 4/1/57

289

299

478

Illinois – 0.1%

Chicago Transit Authority Sales & Transfer Tax Receipts Pension Funding Taxable Revenue Bonds, Series A,

6.90%, 12/1/40

290

335

Chicago Transit Authority Sales Tax Receipts Revenue Bonds, Series B, Build America Bonds,

6.20%, 12/1/40

140

157

Illinois State Taxable Pension G.O. Unlimited Bonds,

5.10%, 6/1/33

705

703

1,195

Massachusetts – 0.0%

Massachusetts State G.O. Limited Bonds, Series D, Build America Bonds,

4.50%, 8/1/31

250

252

Massachusetts State School Building Authority Sales TRB, Build America Bonds,

5.72%, 8/15/39

100

110

362

Mississippi – 0.0%

Mississippi State G.O. Unlimited Bonds, Series F, Build America Bonds,

5.25%, 11/1/34

100

105

Nevada – 0.0%

Clark County Airport System Taxable Revenue Bonds, Series C, Build America Bonds,

6.82%, 7/1/45

200

248

New Jersey – 0.0%

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series B, Build America Bonds,

6.56%, 12/15/40

200

232



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 0.7% continued

New Jersey – 0.0% continued

New Jersey State Turnpike Authority Taxable Revenue Bonds, Build America Bonds,

7.41%, 1/1/40		$125		$159

Rutgers State University Revenue Bonds, Build America Bonds,

5.67%, 5/1/40		145		155

				546

New York – 0.1%

Metropolitan Transportation Authority Dedicated Tax Fund Taxable Revenue Bonds, Build America Bonds,

7.34%, 11/15/39		75		95

Metropolitan Transportation Authority Taxable Revenue Bonds, Build America Bonds,

6.81%, 11/15/40		60		65

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Build America Bonds,

5.75%, 6/15/41		200		224

5.72%, 6/15/42		250		280

New York City Transitional Finance Authority Future Taxable Revenue Bonds, Build America Bonds,

5.77%, 8/1/36		290		304

New York G.O. Unlimited Bonds, Build America Bonds,

5.52%, 10/1/37		100		108

New York State Dormitory Authority Personal Income TRB, Series D, Build America Bonds,

5.60%, 3/15/40		250		265

New York State Dormitory Authority State Personal Income Tax Build America Revenue Bonds, Unrefunded Balance,

5.63%, 3/15/39		75		79

New York State Urban Development Corp. Taxable Revenue Bonds, Build America Bonds,

5.77%, 3/15/39		100		105

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 0.7% continued

New York – 0.1% continued

Port Authority of New York & New Jersey Consolidated 164th Taxable Revenue Bonds,

5.65%, 11/1/40

$350

$378

Port Authority of New York & New Jersey Consolidated 165th Taxable Revenue Bonds,

5.65%, 11/1/40

200

216

Port Authority of New York & New Jersey Consolidated 168th Revenue Bonds,

4.93%, 10/1/51

250

254

2,373

Ohio – 0.1%

American Municipal Power-Ohio, Inc., Revenue Bonds, Subseries B, Build America Bonds,

6.45%, 2/15/44

200

228

American Municipal Power-Ohio, Inc., Taxable Revenue Bonds, Series B, Build America Bonds, Combined Hydroelectric Projects,

8.08%, 2/15/50

300

415

Ohio State University Revenue Bonds, Series C, Build America Bonds,

4.91%, 6/1/40

190

194

Ohio State University Taxable Revenue Bonds, Series A,

4.80%, 6/1/11⁽³⁾

200

184

Ohio State Water Quality Development Authority Pollution Control Taxable Revenue Bonds, Series B-2, Loan Fund,

4.88%, 12/1/34

1,112

Oregon – 0.0%

Oregon State Department of Transportation Highway Subordinate Lien User Taxable Revenue Bonds, Series A, Build America Bonds,

5.83%, 11/15/34

200

222

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 0.7% continued

Pennsylvania – 0.0%

State Public School Building Authority Taxable Revenue Bonds, Series A, Qualified School Construction Bonds,

5.00%, 9/15/27

$200

$202

Tennessee – 0.0%

Metropolitan Government of Nashville & Davidson County Convention Center Authority Subordinate Taxable Revenue Bonds, Series B, Build America Bonds,

6.73%, 7/1/43

100

117

Texas – 0.1%

Dallas Area Rapid Transit Sales TRB, Build America Bonds,

5.02%, 12/1/48

180

183

Dallas Independent School District Taxable G.O. Unlimited Bonds, Series C, Build America Bonds (PSF, Gtd.),

6.45%, 2/15/35

200

203

Houston Pension Taxable G.O. Limited Refunding Bonds, Series A,

6.29%, 3/1/32

215

229

North Texas Tollway Authority Revenue Bonds, Build America Bonds,

6.72%, 1/1/49

125

157

San Antonio Electric & Gas Revenue Bonds, Build America Bonds,

5.99%, 2/1/39

200

221

Texas State Taxable G.O. Unlimited Bonds, Build America Bonds,

5.52%, 4/1/39

200

220

Texas Transportation Commission State Highway Fund Taxable Revenue Bonds, Series B, First Tier,

5.18%, 4/1/30

300

310

University of Texas Revenue Bonds, Series C, Build America Bonds,

4.79%, 8/15/46

100

103

1,626

Utah – 0.0%

Utah State G.O. Unlimited Bonds, Series B, Build America Bonds,

3.54%, 7/1/25

PRINCIPAL
AMOUNT
(000S)

VALUE

(000S)

MUNICIPAL BONDS - 0.7% continued

Virginia – 0.0%

University of Virginia University Taxable Revenue Refunding Bonds,

2.26%, 9/1/50

$1,000

$638

Washington – 0.0%

Central Puget Sound Regional Transportation Authority Sales & Use TRB, Build America Bonds,

5.49%, 11/1/39

Washington State Convention Center Public Facilities District Revenue Bonds, Build America Bonds,

6.79%, 7/1/40

105

Washington State G.O. Unlimited Bonds, Series F, Build America Bonds,

5.14%, 8/1/40

100

103

296

Total Municipal Bonds

(Cost $15,514)

15,927

NUMBER

OF SHARES

VALUE

(000S)

OTHER – 0.0%

Escrow Lehman Brothers Holdings Capital Trust VII^(1)
(15)

50,000

$—

Total Other

(Cost $39)

—

INVES TMENT COMPANIES – 2.2%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

4.61%⁽¹⁶⁾(17)

47,882,947

47,883

Total Investment Companies

(Cost $47,883)

47,883

Total Investments – 101.1%

(Cost $2,417,770)

2,204,765

Liabilities less Other Assets – (1.1%)

(23,568

)

NET ASSETS – 100.0%

$2,181,197

⁽¹⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽²⁾

Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of March 31, 2023.

⁽³⁾

Century bond maturing in 2111.

⁽⁴⁾

Century bond maturing in 2114.

⁽⁵⁾

Century bond maturing in 2116.

⁽⁶⁾

Century bond maturing in 2112.

⁽⁷⁾

⁽⁸⁾

Zero coupon bond.

⁽⁹⁾

Value rounds to less than one thousand.

⁽¹⁰⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽¹¹⁾

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

⁽¹²⁾

Principal Amount and Value rounds to less than one thousand.

⁽¹³⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽¹⁴⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2023.

⁽¹⁵⁾

Issuer has defaulted on terms of debt obligation.

⁽¹⁶⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹⁷⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

Gtd. - Guaranteed

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

PSF - Permanent School Fund

SOFR - Secured Overnight Financing Rate

TBA - To be announced

TRB - Tax Revenue Bonds

USD - United States Dollar

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		0.4	%

Commercial Mortgage-Backed Securities		1.1	%

Corporate Bonds		20.5	%

Foreign Issuer Bonds		7.2	%

U.S. Government Agencies		29.1	%

U.S. Government Obligations		39.9	%

Municipal Bonds		0.7	%

Other		0.0	%

Investment Companies		2.2	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Asset-Backed Securities⁽¹⁾	$	—	$	8,889		$100	$	8,989

Commercial Mortgage-Backed Securities		—		23,197		—		23,197

Corporate Bonds⁽¹⁾		—		447,992		—		447,992

Foreign Issuer Bonds⁽¹⁾		—		155,861		—		155,861

U.S. Government Agencies⁽¹⁾		—		635,122		—		635,122

U.S. Government Obligations⁽¹⁾		—		869,794		—		869,794

Municipal Bonds⁽¹⁾		—		15,927		—		15,927

Investment Companies		47,883		—		—		47,883

Total Investments	$	47,883	$	2,156,782		$100	$	2,204,765

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS – 97.6%

California – 97.6%

Alameda County Joint Powers Authority Lease Revenue Bonds, Series A, Multiple Capital Projects,

4.00%, 12/1/24		$850		$858

Alameda County Unified School District G.O. Unlimited Bonds, Series B, Election of 2014,

5.00%, 8/1/42		2,000		2,135

Albany Unified School District G.O. Unlimited Bonds, Series B, Measure B, Election of 2016,

5.00%, 8/1/43		1,000		1,059

Anaheim Housing & Public Improvement Authority Revenue Refunding Bonds, Series B, Prerefunded,

5.00%, 4/1/23⁽¹⁾		2,000		2,000

Azusa Unified School District G.O. Unlimited Bonds, Series C, Election of 2014,

5.00%, 8/1/44		1,700		1,836

Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area,

2.95%, 4/1/26^{(2) (3) (4)}		13,535		13,467

Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area Toll,

2.13%, 4/1/25^{(2) (3) (4)}		13,000		12,750

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,

4.00%, 8/1/31^{(2) (3) (4)}		3,500		3,454

California Community Choice Financing Authority Revenue Bonds, Clean Energy Project, Green Bonds,

4.00%, 12/1/27^{(2) (3) (4)}		1,400		1,397

California Community Choice Financing Authority Variable Revenue Bonds, Clean Energy Project, Green Bonds,

5.00%, 8/1/29^{(2) (3) (4)}		750		784

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Sonoma County Securitization,

5.00%, 6/1/27		325		345



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

California HFA Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,

3.50%, 11/20/35		$1,699		$1,617

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured),

3.75%, 3/25/35		1,963		1,947

California School Finance Authority Educational Facilities Revenue Bonds, Series A,

4.00%, 7/1/40		800		754

California School Finance Authority Educational Facilities Revenue Bonds, Series A, Kipp Socal Public School Projects,

5.00%, 7/1/39		1,000		1,040

California School Finance Authority School Facility Revenue Refunding Bonds, Granada Hills Charter Obligated Group,

4.00%, 7/1/38		465		431

California State Department of VA Home Purchase Taxable Revenue Refunding Bonds, Series A,

0.59%, 6/1/24		1,350		1,285

0.92%, 12/1/25		1,000		906

California State Educational Facilities Authority Revenue Bonds, Art Center College of Design,

4.00%, 12/1/46		2,350		2,035

California State Enterprise Development Authority Lease Revenue Bonds, Riverside County Library Facilities Project,

3.00%, 11/1/44		3,000		2,366

4.00%, 11/1/49		1,900		1,819

California State G.O. Unlimited Refunding Bonds,

5.00%, 8/1/28		4,000		4,463

California State G.O. Unlimited Refunding Bonds, Bid Group C,

5.00%, 8/1/28		5,000		5,440

California State G.O. Unlimited Various Purpose Refunding Bonds,

5.00%, 10/1/26		2,750		2,857



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

California State Health Facilities Financing Authority Revenue Bonds, Series A, Sutter Health, Prerefunded,

5.00%, 11/15/25⁽¹⁾		$1,200		$1,282

California State Health Facilities Financing Authority Revenue Refunding Bonds, Cedars-Sinai Medical Center,

5.00%, 11/15/27		250		267

California State Health Facilities Financing Authority Revenue Refunding Bonds, Providence St. Joseph Health,

2.00%, 10/1/25^{(2) (3) (4)}		2,450		2,383

California State Health Facilities Financing Authority Revenue Refunding Bonds, Series B, Sutter Health,

5.00%, 11/15/35		2,500		2,679

California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Prerefunded,

5.00%, 11/15/26⁽¹⁾		1,215		1,323

California State Health Facilities Financing Authority Variable Revenue Refunding Bonds, Stanford Health Care,

3.00%, 8/15/25^{(2) (3) (4)}		600		602

California State Infrastructure & Economic Development Bank National Charter Equitable School Revolving Fund Revenue Bonds,

5.00%, 11/1/33		200		222

5.00%, 11/1/35		670		735

California State Infrastructure & Economic Development Bank Revenue Bonds, Equitable School Revolving Fund,

5.00%, 11/1/39		550		577

California State Infrastructure & Economic Development Bank Revenue Bonds, UCSF 2130 Third Street,

5.00%, 5/15/36		1,000		1,103



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Los Angeles Museum of Art Project,

1.20%, 6/1/28^{(2) (3) (4)}		$3,000		$2,664

California State Municipal Finance Authority MFH Revenue Bonds, Pass-Through Park Western Apartments (FNMA Insured),

2.65%, 8/1/36		3,357		2,850

California State Municipal Finance Authority Revenue Bonds, California Institute of the Arts,

4.00%, 10/1/46		500		436

California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,

3.00%, 10/1/46		1,000		738

California State Municipal Finance Authority Revenue Bonds, Samuel Merritt University,

5.25%, 6/1/53		1,000		1,089

California State Municipal Finance Authority Revenue Bonds, Series A, National University,

5.00%, 4/1/36		2,245		2,457

California State Municipal Finance Authority Revenue Refunding Bonds, Southwestern Law School,

4.00%, 11/1/41		400		360

California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,

5.00%, 5/15/39		1,500		1,532

California State Statewide Communities Development Authority Student Housing Revenue Refunding Bonds, CHF-Irvine, LLC-Phase I (BAM Insured),

5.00%, 5/15/33		6,630		7,548

California State Various Purpose G.O. Unlimited Bonds,

5.25%, 10/1/39		1,500		1,603



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

Centinela Valley Union High School District G.O. Unlimited Bonds, Series B, Election of 2008, Prerefunded,

5.75%, 8/1/23⁽¹⁾		$1,000		$1,010

Central Unified School District G.O. Unlimited Bonds, Series B, Election of 2016,

4.00%, 8/1/48		1,000		982

Contra Costa Community College District G.O. Unlimited Bonds, Series B-2,

3.00%, 8/1/35		775		761

CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Crescent West Hollywood,

3.25%, 7/1/43		1,000		776

CSCDA Taxable Revenue Refunding Bonds, Front Porch Community,

1.51%, 4/1/26		1,000		900

Desert Community College District G.O. Unlimited Bonds, Riverside & Imperial County, Prerefunded,

5.00%, 8/1/23⁽¹⁾		1,125		1,134

Desert Sands Unified School District G.O. Unlimited Bonds, Election of 2014,

5.00%, 8/1/39		1,330		1,445

Evergreen School District G.O. Unlimited Bonds, Election of 2014,

5.00%, 8/1/46		1,000		1,081

Fremont Unified School District Alameda County G.O. Unlimited Bonds, Series D,

2.00%, 8/1/35		3,985		3,180

Fremont Union High School District Santa Clara County G.O. Unlimited Bonds, Series A,

3.00%, 8/1/39		2,000		1,796

Golden State Tobacco Securitization Corp. Tobacco Settlement Taxable Revenue Refunding Bonds, Series A-1,

2.16%, 6/1/26		1,000		917

2.53%, 6/1/28		1,500		1,325



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

Hartnell Community College District G.O. Unlimited Bonds, Series B,

3.00%, 8/1/45		$2,500		$2,038

Imperial Irrigation District Electric Revenue Bonds, Series B-1,

5.00%, 11/1/46		2,500		2,645

Kern Community College District G.O. Unlimited CABS-BANS,

0.00%, 8/1/23⁽⁵⁾		2,250		2,229

Long Beach Community College District G.O. Unlimited Refunding Bonds, Series F,

5.00%, 6/1/27		1,100		1,166

Long Beach Harbor Revenue Bonds, Series A (AMT),

5.00%, 5/15/30		1,300		1,402

Long Beach Harbor Revenue Refunding Bonds, Series C,

5.00%, 5/15/47		3,000		3,180

Los Angeles Community College District G.O. Unlimited Bonds, Series K, Election of 2008,

3.00%, 8/1/39		2,200		1,976

Los Angeles Community College District G.O. Unlimited Bonds, Series L, Election of 2008,

5.00%, 8/1/35		650		789

Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series D,

5.00%, 12/1/29		1,665		1,782

Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series E-1,

5.00%, 12/1/44		3,405		3,737

Los Angeles County Public Works Financing Authority Lease Revenue Refunding Bonds, Series B,

5.00%, 12/1/29		2,630		2,815

Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Green Bond,

5.00%, 5/15/33		1,000		1,135

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International,

5.00%, 5/15/30		1,465		1,599



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,

5.25%, 5/15/31		$2,000		$2,193

5.00%, 5/15/44		1,500		1,564

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Prerefunded,

5.00%, 11/15/31⁽¹⁾		160		184

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds (AMT), Unrefunded Balance,

5.00%, 5/15/32		2,840		3,208

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds, Series A (AMT), P3 Project,

5.00%, 5/15/46		1,000		1,051

Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),

5.00%, 5/15/27		3,435		3,696

Los Angeles Department of Airports Senior Revenue Bonds, Series B,

5.00%, 5/15/27		640		678

Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series B,

5.00%, 7/1/43		1,850		2,000

Los Angeles Harbor Department Revenue Refunding Bonds, Series A (AMT), Private Activity,

5.00%, 8/1/25		6,750		7,070

Los Angeles Unified School District G.O. Unlimited Bonds, Series B-1, Election of 2008,

5.00%, 7/1/30		190		214

Los Rios Community College District G.O. Unlimited Bonds, Series D,

3.00%, 8/1/44		2,000		1,660

Menifee Special Tax, Community Facilities District McCall,

3.00%, 9/1/42		385		292

4.00%, 9/1/51		1,000		872



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

Modesto Irrigation District Financing Authority Electric System Revenue Bonds, Series A,

5.00%, 10/1/27		$1,130		$1,205

5.00%, 10/1/28		2,770		2,954

Monterey County Public Facilities Financing COPS,

5.00%, 10/1/27		1,000		1,068

5.00%, 10/1/28		670		717

Moulton-Niguel Water District COPS,

2.25%, 9/1/45		2,800		1,946

Natomas Unified School District G.O. Unlimited Bonds (AGM Insured),

3.00%, 8/1/39		1,655		1,469

3.00%, 8/1/40		2,325		2,012

3.00%, 8/1/41		2,590		2,206

Natomas Unified School District G.O. Unlimited Bonds, Election of 2014 (BAM Insured),

5.00%, 8/1/33		1,185		1,284

Natomas Unified School District G.O. Unlimited Bonds, Series A (AGM Insured),

4.00%, 8/1/45		3,000		3,009

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

4.00%, 7/1/24⁽²⁾^{(3) (4)}		3,195		3,200

Orange County Community Facilities District No. 2021-1 Rienda Special Tax Bonds, Series A,

5.00%, 8/15/37		1,000		1,064

Oxnard Union High School District G.O. Unlimited Bonds, Series A, Election of 2018, Prerefunded,

5.00%, 8/1/26⁽¹⁾		3,000		3,266

Oxnard Union High School District G.O. Unlimited Bonds, Series B,

5.00%, 8/1/45		2,000		2,156

Palm Springs Unified School District G.O. Unlimited Bonds, Series D, Election of 2008,

2.00%, 8/1/27		1,970		1,906

Perris Union High School District G.O. Unlimited Bonds, Series C, Election of 2012,

3.00%, 9/1/39		800		710



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

3.00%, 9/1/40		$875		$757

Redlands Unified School District G.O. Unlimited Refunding Bonds, San Bernandino County,

3.00%, 7/1/30		2,295		2,317

Redwood City Public Facilities & Infrastructure Authority Lease Revenue Bonds, Veterans Memorial Building,

3.00%, 6/1/41		2,230		1,919

Richmond Joint Powers Financing Authority Revenue Refunding Bonds, Series A, Civic Center Project (AGM Insured),

5.00%, 11/1/24		600		621

5.00%, 11/1/25		1,000		1,055

5.00%, 11/1/26		750		809

Riverside County Asset Leasing Corp. Lease Revenue Bonds, Series 2013 A, Public Defender & Probation Building, Prerefunded,

5.25%, 11/1/23⁽¹⁾		150		152

Riverside Public Financing Authority Local Measure A Sales Tax Revenue COPS, Riverside Payment Rehabilitation (AGM Insured),

5.25%, 6/1/24		615		618

Sacramento City Unified School District G.O. Unlimited Bonds, Measure Q, Election of 2021 (AGM Insured),

4.00%, 8/1/41		850		857

Sacramento County Airport System Revenue Refunding Bonds, Series A,

5.00%, 7/1/29		565		645

5.00%, 7/1/31		500		570

Sacramento County Airport System Revenue Refunding Bonds, Series B,

5.00%, 7/1/29		680		776

Sacramento County Special Refunding Tax Bonds, Metro Air Park Community Facilities,

5.00%, 9/1/27		1,000		1,062

San Diego Association of Governments South Bay Expressway Toll Senior Lien Revenue Bonds, Series A,

5.00%, 7/1/29		850		938

5.00%, 7/1/37		1,000		1,074



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

San Diego Unified School District G.O. Unlimited Bonds, Series I, Election of 2012,

5.00%, 7/1/41		$3,380		$3,622

San Francisco Bay Area Rapid Transit District Sales TRB, Series A,

3.00%, 7/1/44		2,000		1,685

San Francisco City & County Airports Commission International Airport Revenue Bonds, Second Series B,

5.00%, 5/1/43		1,000		1,002

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),

5.00%, 5/1/38		3,000		3,184

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT),

5.00%, 5/1/50		1,355		1,398

San Francisco City & County COPS, Multiple Capital Projects,

2.00%, 10/1/33		2,800		2,445

San Francisco City & County G.O. Unlimited Bonds, Series C,

3.00%, 6/15/30		5,415		5,445

San Francisco City & County Infrastructure & Revitalization Tax Allocation Bonds, Facilities Increment, Treasure Island,

5.00%, 9/1/37		375		387

San Francisco City & County Unified School District G.O. Unlimited Bonds, Proposition A, Series F&C,

3.25%, 6/15/32		1,500		1,510

San Francisco County Transportation Authority Sales TRB,

3.00%, 2/1/30		5,000		5,090

San Francisco Municipal Transportation Agency Taxable Revenue Refunding Bonds, Series A,

1.30%, 3/1/28		725		616

San Jacinto Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),

5.00%, 8/1/26		1,055		1,087



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

San Joaquin Hills Transportation Corridor Agency Toll Road Senior Lien Revenue Refunding Bonds,

4.00%, 1/15/34		$1,000		$1,051

San Jose Financing Authority Wastewater Revenue Bonds, Series B, Green Bonds,

5.00%, 11/1/36		1,000		1,190

San Mateo-Foster City School District G.O. Unlimited Bonds, Series A,

3.00%, 8/1/40		500		442

San Rafael Elementary School District G.O. Unlimited Bonds, Series B, Election of 2015,

4.50%, 8/1/42		1,750		1,814

Santa Clara County Financing Authority Revenue Refunding Bonds, Series Q,

3.00%, 5/15/35		2,500		2,403

Santa Clarita Community College District G.O. Unlimited Bonds,

3.00%, 8/1/44		1,000		824

Santa Rosa Elementary School District G.O. Unlimited Bonds, Series D, Election of 2014 (AGM Insured), Prerefunded,

5.00%, 8/1/26⁽¹⁾		1,145		1,208

Santa Rosa High School District G.O. Unlimited Bonds, Series C, Election of 2014 (AGM Insured),

5.00%, 8/1/43		1,000		1,055

Silicon Valley Clean Water Wastewater Revenue Bonds, Series B,

0.50%, 3/1/26		3,000		2,781

Southern California Financing Authority Water Replenishment Assessment Revenue Bonds,

5.00%, 8/1/43		2,000		2,185

Stockton Public Financing Authority Parking Revenue Refunding Bonds,

5.00%, 3/1/32		555		581

5.00%, 3/1/33		600		627

5.00%, 3/1/47		1,125		1,082

Tobacco Securitization Authority Tobacco Settlement Senior Revenue Refunding Bonds, Sacramento County,

4.00%, 6/1/35		500		508



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.6% continued

California – 97.6% continued

Transbay Joint Powers Authority Senior Tax Allocation Bonds, Green Bonds,

5.00%, 10/1/29		$465		$517

5.00%, 10/1/34		600		653

Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds,

5.00%, 1/1/28		625		643

University of California General Revenue Bonds, Series AF, Prerefunded,

5.00%, 5/15/23⁽¹⁾		1,220		1,223

University of California Regents Medical Center Pooled Taxable Revenue Refunding Bonds, Series M,

2.46%, 5/15/26		1,785		1,686

Ventura County Public Financing Authority Lease Revenue Bonds, Series B,

5.00%, 11/1/24		1,060		1,075

Ventura Unified School District G.O. Unlimited Refunding Bonds,

5.00%, 8/1/31		710		823

Vernon Electric System Revenue Bonds, Series A,

5.00%, 4/1/28		700		759

Visalia Unified School District COPS (AGM Insured),

3.00%, 5/1/27		1,525		1,526

Western Placer Waste Management Authority Solid Waste Revenue Bonds, Material Recovery Facility Project,

5.00%, 6/1/37		650		765

5.00%, 6/1/40		575		665

Yucaipa Valley Water District Water System Revenue Refunding Bonds, Series A, Prerefunded,

5.00%, 9/1/25⁽¹⁾		1,000		1,062

				266,938

Total Municipal Bonds

(Cost $287,698)				266,938

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 1.0%

Northern Institutional Funds - U.S. Government Portfolio (Shares),
4.61%⁽⁶⁾⁽⁷⁾

2,632,694

$2,633

Total Investment Companies

(Cost $2,633)

2,633

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.4%

University of California General Revenue Bonds, Series AK,
5.00%, 5/15/23⁽²⁾^{(3) (4)}

$1,000

$1,003

Total Short-Term Investments

(Cost $1,002)

1,003

Total Investments – 99.0%

(Cost $291,333)

270,574

Other Assets less Liabilities – 1.0%

2,863

NET ASSETS – 100.0%

$273,437

⁽¹⁾

Maturity date represents the prerefunded date.

⁽²⁾

Maturity date represents the puttable date.

⁽³⁾

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

⁽⁴⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁵⁾

Zero coupon bond.

⁽⁶⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁷⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

CABS - Capital Appreciation Bonds

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CSCDA - California Statewide Communities Development Authority

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

G.O. - General Obligation

HFA - Housing Finance Authority

MFH - Multi-Family Housing

TRB - Tax Revenue Bonds

VA - Veterans Affairs

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Municipal Bonds		97.6	%

Investment Companies		1.0	%

Short-Term Investments		0.4	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Municipal Bonds		$ —		$266,938		$—		$266,938

Investment Companies		2,633		—		—		2,633

Short-Term Investments		—		1,003		—		1,003

Total Investments		$2,633		$267,941		$—		$270,574



		SCHEDULE OF INVESTMENTS


CALIFORNIA TAX-EXEMPT FUND		MARCH 31, 2023


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS – 96.3%

California – 96.3%

Alameda County Unified School District G.O. Unlimited Bonds, Series B, Election of 2014,

5.00%, 8/1/42		$500		$534

Albany Unified School District G.O. Unlimited Bonds, Series B, Measure B, Election of 2016,

4.00%, 8/1/46		1,000		1,002

Bay Area Toll Authority Subordinate Toll Bridge Revenue Bonds, Series S-4, Prerefunded,

5.25%, 4/1/23⁽¹⁾		1,250		1,250

Bay Area Toll Authority Subordinate Toll Bridge Revenue Refunding Bonds, Series S-H, Prerefunded,

5.00%, 4/1/29⁽¹⁾		1,000		1,158

Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area,

2.95%, 4/1/26^{(2) (3) (4)}		3,845		3,826

Beaumont Unified School District G.O. Unlimited Bonds, Series D, Election of 2008 (BAM Insured), Prerefunded,

5.25%, 2/15/27⁽¹⁾		1,500		1,669

Berkeley TRANS,

4.00%, 7/25/23		2,000		2,009

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,

4.00%, 8/1/31^{(2) (3) (4)}		1,500		1,480

California Community Choice Financing Authority Revenue Bonds, Clean Energy Project, Green Bonds,

4.00%, 12/1/23		400		401

4.00%, 12/1/27^{(2) (3) (4)}		600		598

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Series A,

4.00%, 6/1/35		885		893

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Sonoma County Securitization,

5.00%, 6/1/29		310		337


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

California HFA Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,

3.50%, 11/20/35		$1,213		$1,155

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured),

3.75%, 3/25/35		491		487

California School Finance Authority Educational Facilities Revenue Bonds, Granada Hills Charter Obligated Group,

5.00%, 7/1/54		1,200		1,207

California School Finance Authority Educational Facilities Revenue Bonds, Series A,

4.00%, 7/1/50		1,135		989

California State Educational Facilities Authority Revenue Bonds, Art Center College of Design,

4.00%, 12/1/46		400		346

3.00%, 12/1/51		600		399

California State Enterprise Development Authority Lease Revenue Bonds, Riverside County Library Facilities Project,

4.00%, 11/1/49		1,000		957

California State G.O. Unlimited Bonds,

3.00%, 12/1/46		300		250

California State G.O. Unlimited Refunding Bonds,

5.00%, 12/1/26		2,000		2,197

5.00%, 10/1/28		3,000		3,439

5.00%, 9/1/42		1,000		1,142

California State G.O. Unlimited Refunding Bonds, Group B,

5.00%, 10/1/28		790		906

California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Prerefunded,

5.00%, 11/15/26⁽¹⁾		410		446


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

California State Infrastructure & Economic Development Bank National Charter Equitable School Revolving Fund Revenue Bonds,

5.00%, 11/1/47		$1,000		$1,047

California State Infrastructure & Economic Development Bank Revenue Bonds, Equitable School Revolving Fund,

5.00%, 11/1/44		625		647

California State Infrastructure & Economic Development Bank Revenue Bonds, UCSF 2130 Third Street,

5.00%, 5/15/42		1,000		1,080

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds,

1.75%, 8/1/26⁽²⁾^{(3) (4)}		3,500		3,279

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Los Angeles Museum of Art Project,

1.20%, 6/1/28⁽²⁾^{(3) (4)}		2,000		1,776

California State Municipal Finance Authority Revenue Bonds, California Institute of the Arts,

4.00%, 10/1/51		250		212

California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,

3.00%, 10/1/49		1,000		699

California State Municipal Finance Authority Revenue Bonds, Samuel Merritt University,

5.25%, 6/1/53		500		544

California State Municipal Finance Authority Revenue Bonds, Series A, National University,

5.00%, 4/1/40		1,000		1,068

California State Municipal Finance Authority Revenue Refunding Bonds, Southwestern Law School,

4.00%, 11/1/41		175		158


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,

5.00%, 5/15/39		$1,000		$1,021

5.00%, 5/15/43		1,000		1,010

California State School Finance Authority Charter School Revenue Bonds, Aspire Public Schools Obligated Group,

4.00%, 8/1/51		800		672

California State Statewide Communities Development Authority Student Housing Revenue Refunding Bonds, CHF-Irvine, LLC-Phase I (BAM Insured),

5.00%, 5/15/33		1,500		1,708

3.00%, 5/15/51		1,225		918

California State University Systemwide Revenue Refunding Bonds, Prerefunded,

5.00%, 11/1/24⁽¹⁾		180		187

Carlsbad Unified School District G.O. Unlimited Bonds, Series A, Election of 2018,

3.00%, 8/1/42		550		469

Centinela Valley Union High School District G.O. Unlimited Bonds, Series B, Election of 2008, Prerefunded,

5.75%, 8/1/23⁽¹⁾		570		576

6.00%, 8/1/23⁽¹⁾		1,000		1,011

Chino Valley Unified School District G.O. Limited Bonds, Series B,

5.00%, 8/1/38		1,150		1,301

Coachella Valley Water District Revenue COPS, Series A, Oasis Project,

4.00%, 8/1/46		1,750		1,760

Corona-Norco Unified School District G.O. Unlimited Bonds, Series C,

4.00%, 8/1/49		1,000		1,001

CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Crescent West Hollywood,

4.30%, 7/1/59		500		418


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

CSCDA Taxable Revenue Refunding Bonds, Front Porch Community,

1.51%, 4/1/26		$625		$562

Desert Sands Unified School District G.O. Unlimited Bonds, Election of 2014,

4.00%, 8/1/44		500		503

Evergreen School District G.O. Unlimited Bonds, Election of 2014,

5.00%, 8/1/46		1,300		1,405

Foothill Eastern Transportation Corridor Agency Toll Road Senior Lien Revenue Bonds, Series A,

4.00%, 1/15/46		250		234

Fremont Unified School District Alameda County G.O. Unlimited Bonds, Series D,

2.00%, 8/1/35		1,610		1,285

Hartnell Community College District G.O. Unlimited Bonds, Series B,

3.00%, 8/1/45		1,500		1,223

Imperial Irrigation District Electric Revenue Bonds, Series B-1,

5.00%, 11/1/46		1,500		1,587

Los Angeles Community College District G.O. Unlimited Bonds, Series K, Election of 2008,

3.00%, 8/1/39		800		718

Los Angeles Community College District G.O. Unlimited Bonds, Series L, Election of 2008,

5.00%, 8/1/35		350		425

Los Angeles County Community Facilities District No. 2021-01 Special TRB, Valencia Facilities,

5.00%, 9/1/52		500		505

Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series F, Green Bonds,

2.63%, 12/1/51		1,600		1,125

Los Angeles County TRANS,

4.00%, 6/29/23		2,825		2,834

4.00%, 6/30/23		3,500		3,512


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Private Activity,

5.50%, 5/15/47		$1,000		$1,105

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International,

5.00%, 5/15/31		1,000		1,090

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,

5.00%, 5/15/44		500		521

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds, Series A (AMT), P3 Project,

5.00%, 5/15/46		500		525

Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),

5.00%, 5/15/29		4,000		4,357

5.00%, 5/15/31		5,000		5,439

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B,

5.00%, 7/1/40		1,000		1,117

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series C,

5.00%, 7/1/52		500		550

Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series B,

5.00%, 7/1/39		525		591

5.00%, 7/1/51		1,000		1,093

Los Angeles Unified School District G.O. Unlimited Bonds, Series RYQ,

5.00%, 7/1/33		1,000		1,175

Los Rios Community College District G.O. Unlimited Bonds, Series D,

3.00%, 8/1/44		1,000		830

Lucia Mar Unified School District G.O. Unlimited Bonds, Series B, Election of 2016,

5.00%, 8/1/42		1,450		1,578



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

Manteca Redevelopment Agency Successor Agency Tax Allocation Refunding Bonds, Series A (BAM Insured),

4.00%, 10/1/39		$500		$506

Menifee Special Tax, Community Facilities District McCall,

3.00%, 9/1/42		165		125

4.00%, 9/1/51		430		375

Mesa Water District COPS,

4.00%, 3/15/45		1,150		1,163

Metropolitan Water District of Southern California Subordinate Revenue Refunding Bonds, Series B,

4.00%, 8/1/23		395		396

Metropolitan Water District of Southern California Waterworks Revenue Bonds, Series A,

5.00%, 10/1/38		405		470

Monterey County Financing Authority Revenue Refunding Bonds,

5.00%, 9/1/37		1,170		1,287

Mountain View-Whisman School District G.O. Unlimited Bonds, Series B,

4.25%, 9/1/45		500		514

New Haven Unified School District G.O. Unlimited Bonds, Series C, Alameda County,

3.00%, 8/1/49		1,520		1,187

Newport Mesa Unified School District G.O. Unlimited CABS, Election of 2005,

0.00%, 8/1/33⁽⁵⁾		10,000		7,288

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

4.00%, 7/1/24⁽²⁾^{(3) (4)}		3,500		3,505

Orange County Community Facilities District No. 2021-1 Rienda Special Tax Bonds, Series A,

5.00%, 8/15/42		1,000		1,039

Oxnard Union High School District G.O. Unlimited Bonds, Series B,

5.00%, 8/1/45		1,000		1,078



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

Palm Springs Unified School District G.O. Unlimited Bonds, Series A,

2.00%, 8/1/24		$1,000		$988

Palomar Pomerado Health G.O. Unlimited Convertible CABS, Series A, Election of 2004 (AGC Insured),

7.00%, 8/1/38		5,000		5,832

Perris Union High School District G.O. Unlimited Bonds, Series C, Election of 2012,

3.00%, 9/1/45		1,865		1,514

Redwood City Public Facilities & Infrastructure Authority Lease Revenue Bonds, Veterans Memorial Building,

3.00%, 6/1/51		1,750		1,360

Riverside County TRANS,

5.00%, 6/30/23		2,100		2,111

Riverside County Transportation Commission Toll Senior Lien Revenue Refunding Bonds, RCTC 91 Express Lanes,

4.00%, 6/1/46		750		716

Ross Valley Public Financing Authority Revenue Bonds, Sanitary District No. 1 of Marin County,

5.00%, 1/1/36		275		286

5.00%, 1/1/37		215		223

Sacramento County Special Refunding Tax Bonds, Metro Air Park Community Facilities,

5.00%, 9/1/34		1,000		1,078

Sacramento Municipal Utility District Revenue Bonds, Series A,

5.00%, 8/15/37		55		55

San Diego Association of Governments Capital Grant Receipts Revenue Bonds, Mid Coast Corridor, Green Bonds,

1.80%, 11/15/27		1,000		962

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),

5.00%, 5/1/38		1,000		1,061

5.00%, 5/1/42		1,500		1,546

5.00%, 5/1/49		1,000		1,033



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT),

5.00%, 5/1/45		$1,000		$1,039

5.00%, 5/1/50		1,500		1,548

San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds, Second Series A (AMT),

5.00%, 5/1/30		915		1,022

San Francisco City & County COPS, Multiple Capital Projects,

2.00%, 10/1/33		1,200		1,048

San Francisco City & County G.O. Unlimited Bonds, Series C,

3.00%, 6/15/30		1,000		1,006

San Francisco City & County Infrastructure & Revitalization Tax Allocation Bonds, Facilities Increment, Treasure Island,

5.00%, 9/1/52		1,000		975

San Francisco City & County Public Utilities Commission Water Revenue Bonds, Series D, Hetch Hetchy Water,

3.00%, 11/1/50		600		480

San Francisco City & County Unified School District G.O. Unlimited Bonds, Proposition A, Series F&C,

3.25%, 6/15/32		2,500		2,517

San Francisco Community College District G.O. Unlimited Bonds, Series A, Election of 2020,

3.00%, 6/15/45		1,000		792

San Joaquin Hills Transportation Corridor Agency Toll Road Senior Lien Revenue Refunding Bonds,

4.00%, 1/15/34		500		526

San Jose Financing Authority Wastewater Revenue Bonds, Series B, Green Bonds,

5.00%, 11/1/41		500		578

San Jose G.O. Unlimited Bonds, Series A-1,

5.00%, 9/1/42		1,310		1,429



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

San Mateo-Foster City School District G.O. Unlimited Bonds, Series A,

3.00%, 8/1/41		$300		$261

Santa Clarita Community College District G.O. Unlimited Bonds, Election of 2016,

5.25%, 8/1/48		1,000		1,132

Santa Rosa High School District G.O. Unlimited Bonds, Series C, Election of 2014 (AGM Insured),

5.00%, 8/1/43		500		528

Silicon Valley Clean Water Wastewater Revenue Bonds, Series B,

0.50%, 3/1/26		2,000		1,854

Sonoma County Junior College District G.O. Unlimited Bonds, Series B,

3.00%, 8/1/36		900		853

South Bayside Waste Management Authority Solid Waste Enterprise Revenue Refunding Bonds, Shoreway Environmental Center, Green Bonds, Escrowed to Maturity (AGM Insured),

5.00%, 9/1/32		15		17

Southwestern Community College District G.O. Unlimited Bonds, Series D,

4.00%, 8/1/33		650		714

Stockton Public Financing Authority Parking Revenue Refunding Bonds,

5.00%, 3/1/32		250		262

5.00%, 3/1/33		245		256

5.00%, 3/1/47		500		481

Tobacco Securitization Authority Tobacco Settlement Senior Revenue Refunding Bonds, Sacramento County,

4.00%, 6/1/37		700		695

Transbay Joint Powers Authority Senior Tax Allocation Bonds, Green Bonds,

5.00%, 10/1/45		1,000		1,036

Turlock Irrigation District Revenue Refunding Bonds,

5.00%, 1/1/37		805		904

University of California General Revenue Bonds, Series A,

5.00%, 5/15/38		600		602

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 96.3% continued

California – 96.3% continued

University of California General Revenue Bonds, Series AF, Prerefunded,

5.00%, 5/15/23⁽¹⁾

$430

$431

University Of California Revenue Refunding Bonds, Series B,

5.00%, 5/15/35

1,500

1,830

University of California Revenue Refunding Bonds, Series O, Limited Project,

5.00%, 5/15/58

2,500

2,667

Upper Santa Clara Valley Joint Powers Authority Revenue Refunding Bonds, Series A,

4.00%, 8/1/45

1,200

1,203

Ventura Unified School District G.O. Unlimited Refunding Bonds,

5.00%, 8/1/27

585

651

5.00%, 8/1/28

620

706

Vernon Electric System Revenue Bonds, Series A,

5.00%, 4/1/28

300

325

Western Placer Waste Management Authority Solid Waste Revenue Bonds, Material Recovery Facility Project,

5.00%, 6/1/40

625

722

156,316

Total Municipal Bonds

(Cost $165,199)

156,316

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 1.7%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

4.61%⁽⁶⁾⁽⁷⁾

2,746,324

$2,746

Total Investment Companies

(Cost $2,746)

2,746

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.9%

San Diego Unified School District TRANS, Series A,

4.00%, 6/30/23

$1,000

$1,004

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS - 0.9% continued

University of California General Revenue Bonds, Series AK,
5.00%, 5/15/23⁽²⁾^{(3) (4)}

$500

$501

Total Short-Term Investments

(Cost $1,506)

1,505

Total Investments – 98.9%

(Cost $169,451)

160,567

Other Assets less Liabilities – 1.1%

1,825

NET ASSETS – 100.0%

$162,392

⁽¹⁾

Maturity date represents the prerefunded date.

⁽²⁾

Maturity date represents the puttable date.

⁽³⁾

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

⁽⁴⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁵⁾

Zero coupon bond.

⁽⁶⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁷⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGC - Assured Guaranty Corporation

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

CABS - Capital Appreciation Bonds

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CSCDA - California Statewide Communities Development Authority

FHLMC - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

HFA - Housing Finance Authority

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY T YPE⁽¹⁾	% OF NET ASSETS

Municipal Bonds		96.3	%

Investment Companies		1.7	%

Short-Term Investments		0.9	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Municipal Bonds		$ —		$156,316		$—		$156,316

Investment Companies		2,746		—		—		2,746

Short-Term Investments		—		1,505		—		1,505

Total Investments		$2,746		$157,821		$—		$160,567



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 3.5%

Auto Loan – 0.7%

Exeter Automobile Receivables Trust, Series 2022-6A, Class A2

5.73%, 11/17/25		$84		$84

GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3

4.66%, 2/16/28		80		80

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3

4.51%, 11/15/27		140		140

Westlake Automobile Receivables Trust, Series 2022-3A, Class A2

5.24%, 7/15/25⁽¹⁾		490		489

				793

Other – 0.3%

Dell Equipment Finance Trust, Series 2023-1, Class A3

5.65%, 9/22/28⁽¹⁾		280		281

Whole Loan – 2.5%

Angel Oak Mortgage Trust, Series 2023-1, Class A1 (Step to 4.84% on 2/25/27),

4.75%, 9/26/67^{(1) (2)}		276		266

J.P. Morgan Mortgage Trust, Series 2022-4, Class A3

3.00%, 10/25/52^{(1) (3)}		288		245

J.P. Morgan Mortgage Trust, Series 2022-6, Class A3

3.00%, 11/25/52^{(1) (3)}		291		247

J.P. Morgan Mortgage Trust, Series 2022-7, Class 1A2

3.00%, 12/25/52^{(1) (3)}		286		243

J.P. Morgan Mortgage Trust, Series 2023-1, Class A3A

5.00%, 6/25/53^{(1) (3)}		244		237

JP Morgan Mortgage Trust, Series 2022-LTV1, Class XS

0.22%, 7/25/52⁽¹⁾		23,284		224

Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A1

2.50%, 6/25/51^{(1) (3)}		294		237

Sequoia Mortgage Trust, Series 2023-1, Class A1

5.00%, 1/25/53⁽¹⁾		98		96

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

ASSET-BACKED SECURITIES - 3.5% continued

Whole Loan – 2.5% continued

Towd Point Mortgage Trust, Series 2022-1, Class A1

3.75%, 7/25/62⁽¹⁾

$775

$724

Towd Point Mortgage Trust, Series 2022-4, Class A1

3.75%, 9/25/62⁽¹⁾

361

337

2,856

Total Asset-Backed Securities

(Cost $4,034)

3,930

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.6%

Non Agency – 1.6%

BANK, Series 2019-BN16, Class A4

4.01%, 2/15/52

1,000

940

Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5

3.14%, 2/10/48

920

881

1,821

Total Commercial Mortgage-Backed Securities

(Cost $2,001)

1,821

CORPORATE BONDS – 20.8%

Aerospace & Defense – 0.2%

Boeing (The) Co.,

5.81%, 5/1/50

Huntington Ingalls Industries, Inc.,

2.04%, 8/16/28

Lockheed Martin Corp.,

2.80%, 6/15/50

Northrop Grumman Corp.,

5.25%, 5/1/50

Raytheon Technologies Corp.,

1.90%, 9/1/31

220

Asset Management – 0.9%

Ameriprise Financial, Inc.,

4.50%, 5/13/32

176

168

Ares Capital Corp.,

4.25%, 3/1/25

215

203

Charles Schwab (The) Corp., (Variable, ICE LIBOR USD 3M + 2.58%), 5.00%, 12/1/27 ⁽⁴⁾



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Asset Management – 0.9% continued

FS KKR Capital Corp.,

4.13%, 2/1/25		$635		$601

Oaktree Specialty Lending Corp.,

2.70%, 1/15/27		30		26

				1,070

Banking – 3.2%

Bank of America Corp.,

(Variable, U.S. SOFR + 2.15%),

2.59%, 4/29/31 ⁽⁴⁾		100		85

(Variable, U.S. SOFR + 1.22%),

2.65%, 3/11/32 ⁽⁴⁾		120		100

(Variable, U.S. SOFR + 1.32%),

2.69%, 4/22/32 ⁽⁴⁾		510		426

(Variable, U.S. SOFR + 1.21%),

2.57%, 10/20/32 ⁽⁴⁾		294		240

Citigroup, Inc.,

(Variable, CME Term SOFR 3M + 1.41%),

3.52%, 10/27/28 ⁽⁴⁾		190		178

(Variable, U.S. SOFR + 3.91%),

4.41%, 3/31/31 ⁽⁴⁾		192		182

(Variable, U.S. SOFR + 1.17%),

2.56%, 5/1/32 ⁽⁴⁾		275		228

JPMorgan Chase & Co.,

(Variable, U.S. SOFR + 1.07%),

5.55%, 12/15/25 ⁽⁴⁾		180		181

(Variable, U.S. SOFR + 1.85%),

2.08%, 4/22/26 ⁽⁴⁾		300		281

(Variable, U.S. SOFR + 1.07%),

1.95%, 2/4/32 ⁽⁴⁾		217		174

(Variable, U.S. SOFR + 2.08%),

4.91%, 7/25/33 ⁽⁴⁾		370		368

PNC Financial Services Group (The), Inc.,

(Variable, U.S. SOFR Compounded Index + 1.85%), 4.63%, 6/6/33 ⁽⁴⁾		110		101

Santander Holdings U.S.A., Inc.,

(Variable, U.S. SOFR + 2.36%),

6.50%, 3/9/29 ⁽⁴⁾		270		270

Truist Financial Corp.,

3.70%, 6/5/25		170		162

U.S. Bancorp,

(Variable, U.S. SOFR + 2.09%),

5.85%, 10/21/33 ⁽⁴⁾		400		418



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Banking – 3.2% continued

Wells Fargo & Co.,

(Variable, U.S. SOFR + 2.10%), 2.39%, 6/2/28 ⁽⁴⁾		$220		$198

				3,592

Beverages – 0.2%

Constellation Brands, Inc.,

2.88%, 5/1/30		95		83

Pernod Ricard International Finance LLC,

1.25%, 4/1/28 ⁽¹⁾		200		173

				256

Biotechnology & Pharmaceuticals – 0.7%

AbbVie, Inc.,

4.25%, 11/21/49		35		31

Amgen, Inc.,

2.20%, 2/21/27		96		88

5.25%, 3/2/33		180		185

Bristol-Myers Squibb Co.,

2.95%, 3/15/32		220		198

Gilead Sciences, Inc.,

2.60%, 10/1/40		55		41

Pfizer, Inc.,

3.45%, 3/15/29		220		213

				756

Cable & Satellite – 0.5%

Charter Communications Operating LLC/Charter Communications Operating Capital,

5.05%, 3/30/29		63		61

6.38%, 10/23/35		175		174

5.50%, 4/1/63		53		43

Comcast Corp.,

4.15%, 10/15/28		130		129

1.50%, 2/15/31		148		118

Time Warner Cable LLC,

5.88%, 11/15/40		100		91

				616

Chemicals – 0.4%

Bayport Polymers LLC,

4.74%, 4/14/27 ⁽¹⁾		350		329

NewMarket Corp.,

2.70%, 3/18/31		65		54



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Chemicals – 0.4% continued

RPM International, Inc.,

4.55%, 3/1/29		$30		$28

				411

Commercial Support Services – 0.0%

Waste Connections, Inc.,

3.20%, 6/1/32		40		36

Construction Materials – 0.0%

Martin Marietta Materials, Inc.,

2.50%, 3/15/30		40		34

Consumer Services – 0.0%

President and Fellows of Harvard College,

4.88%, 10/15/40		50		52

Diversified Industrials – 0.2%

Honeywell International, Inc.,

4.95%, 2/15/28		160		165

Parker-Hannifin Corp.,

4.50%, 9/15/29		44		44

				209

E-Commerce Discretionary – 0.0%

Amazon.com, Inc.,

4.70%, 12/1/32		50		51

Electric & Gas Marketing & Trading – 0.3%

Consolidated Edison Co. of New York, Inc.,

3.35%, 4/1/30		330		304

Electric Utilities – 2.7%

AES (The) Corp.,

1.38%, 1/15/26		90		81

Ameren Corp.,

3.50%, 1/15/31		250		228

Appalachian Power Co.,

4.50%, 3/1/49		160		138

Avangrid, Inc.,

3.80%, 6/1/29		132		124

Berkshire Hathaway Energy Co.,

1.65%, 5/15/31		170		136

CenterPoint Energy, Inc.,

2.95%, 3/1/30		207		182

Duke Energy Progress LLC,

3.40%, 4/1/32		152		138

5.25%, 3/15/33		235		244



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Electric Utilities – 2.7% continued

Entergy Louisiana LLC,

2.90%, 3/15/51		$300		$204

Entergy Texas, Inc.,

1.75%, 3/15/31		145		117

Eversource Energy,

1.65%, 8/15/30		167		134

Florida Power & Light Co.,

5.10%, 4/1/33		240		249

National Rural Utilities Cooperative Finance Corp.,

4.15%, 12/15/32		100		95

NextEra Energy Capital Holdings, Inc.,

2.25%, 6/1/30		155		131

NRG Energy, Inc.,

2.45%, 12/2/27 ⁽¹⁾		90		77

Oncor Electric Delivery Co. LLC,

3.70%, 11/15/28		100		97

Pacific Gas and Electric Co.,

4.55%, 7/1/30		118		110

San Diego Gas & Electric Co.,

1.70%, 10/1/30		200		163

Southern (The) Co.,

3.70%, 4/30/30		155		145

Virginia Electric and Power Co.,

2.40%, 3/30/32		130		108

Xcel Energy, Inc.,

2.60%, 12/1/29		115		100

				3,001

Electrical Equipment – 0.2%

Acuity Brands Lighting, Inc.,

2.15%, 12/15/30		107		87

Hubbell, Inc.,

2.30%, 3/15/31		30		25

Keysight Technologies, Inc.,

3.00%, 10/30/29		100		89

Vontier Corp.,

2.40%, 4/1/28		25		21

				222

Entertainment Content – 0.3%

Discovery Communications LLC,

3.63%, 5/15/30		150		133

Walt Disney (The) Co.,

2.00%, 9/1/29		100		87



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Entertainment Content – 0.3% continued

Warnermedia Holdings, Inc.,

5.14%, 3/15/52 ⁽¹⁾		$110		$89

				309

Food – 0.7%

Campbell Soup Co.,

2.38%, 4/24/30		110		95

Flowers Foods, Inc.,

2.40%, 3/15/31		80		67

Hormel Foods Corp.,

1.80%, 6/11/30		115		96

McCormick & Co., Inc.,

1.85%, 2/15/31		140		112

Nestle Holdings, Inc.,

4.70%, 1/15/53 ⁽¹⁾		286		289

Smithfield Foods, Inc.,

2.63%, 9/13/31 ⁽¹⁾		105		79

Tyson Foods, Inc.,

4.35%, 3/1/29		105		102

				840

Funds & Trusts – 0.2%

Blackstone Private Credit Fund,

2.63%, 12/15/26		320		269

Gas & Water Utilities – 0.5%

NiSource, Inc.,

3.60%, 5/1/30		200		185

Southern California Gas Co.,

2.60%, 6/15/26		200		188

Southern Co. Gas Capital Corp.,

1.75%, 1/15/31		190		151

				524

Health Care Facilities & Services – 1.0%

Cigna Group (The),

1.25%, 3/15/26		330		299

2.38%, 3/15/31		120		101

Elevance Health, Inc.,

4.55%, 5/15/52		216		195

Humana, Inc.,

3.70%, 3/23/29		130		122

3.95%, 8/15/49		110		90

UnitedHealth Group, Inc.,

4.00%, 5/15/29		190		186

2.30%, 5/15/31		105		90



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Health Care Facilities & Services – 1.0% continued

Universal Health Services, Inc.,

2.65%, 1/15/32		$105		$82

				1,165

Home Construction – 0.2%

D.R. Horton, Inc.,

1.30%, 10/15/26		45		40

Masco Corp.,

1.50%, 2/15/28		70		59

MDC Holdings, Inc.,

6.00%, 1/15/43		85		74

				173

Household Products – 0.5%

Clorox (The) Co.,

4.60%, 5/1/32		174		173

Haleon U.S. Capital LLC,

3.38%, 3/24/27		11		11

4.00%, 3/24/52		174		144

Kenvue, Inc.,

4.90%, 3/22/33 ⁽¹⁾		40		41

Kimberly-Clark Corp.,

2.00%, 11/2/31		220		185

				554

Institutional Financial Services – 1.1%

CME Group, Inc.,

2.65%, 3/15/32		136		118

Morgan Stanley,

(Variable, U.S. SOFR + 1.99%), 2.19%, 4/28/26 ⁽⁴⁾		275		258

(Variable, U.S. SOFR + 0.88%), 1.59%, 5/4/27 ⁽⁴⁾		187		168

(Variable, U.S. SOFR + 1.14%), 2.70%, 1/22/31 ⁽⁴⁾		270		233

(Variable, U.S. SOFR + 1.29%), 2.94%, 1/21/33 ⁽⁴⁾		183		155

(Variable, U.S. SOFR + 2.08%), 4.89%, 7/20/33 ⁽⁴⁾		150		147

Nasdaq, Inc.,

1.65%, 1/15/31		160		126

				1,205

Insurance – 0.6%

Brighthouse Financial Global Funding,

1.55%, 5/24/26 ⁽¹⁾		315		283



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Insurance – 0.6% continued

Brown & Brown, Inc.,

2.38%, 3/15/31		$135		$108

Chubb INA Holdings, Inc.,

3.35%, 5/3/26		100		97

Corebridge Financial, Inc.,

4.40%, 4/5/52 ⁽¹⁾		106		83

Primerica, Inc.,

2.80%, 11/19/31		130		109

				680

Internet Media & Services – 0.3%

Meta Platforms, Inc.,

3.85%, 8/15/32		200		187

Netflix, Inc.,

4.88%, 4/15/28		100		100

				287

Machinery – 0.0%

Eaton Corp.,

4.15%, 3/15/33		20		19

Xylem, Inc.,

2.25%, 1/30/31		30		25

				44

Medical Equipment & Devices – 0.5%

Agilent Technologies, Inc.,

2.30%, 3/12/31		340		285

GE HealthCare Technologies, Inc.,

5.91%, 11/22/32 ⁽¹⁾		230		245

				530

Oil & Gas Producers – 0.6%

EOG Resources, Inc.,

4.38%, 4/15/30		230		229

ONEOK, Inc.,

6.10%, 11/15/32		140		145

Phillips 66,

2.15%, 12/15/30		200		165

Western Midstream Operating L.P.,

6.15%, 4/1/33		90		91

				630

Oil & Gas Services & Equipment – 0.1%

Schlumberger Investment S.A.,

2.65%, 6/26/30		100		88



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Real Estate Investment Trusts – 0.9%

AvalonBay Communities, Inc.,

2.30%, 3/1/30		$40		$34

Boston Properties L.P.,

2.55%, 4/1/32		90		64

Brixmor Operating Partnership L.P.,

4.05%, 7/1/30		55		50

Corporate Office Properties L.P.,

2.90%, 12/1/33		121		84

Equinix, Inc.,

3.20%, 11/18/29		93		83

2.50%, 5/15/31		100		82

Essex Portfolio L.P.,

2.65%, 3/15/32		70		57

Healthpeak OP LLC,

3.25%, 7/15/26		65		62

Kimco Realty Corp.,

3.20%, 4/1/32		81		68

Office Properties Income Trust,

2.65%, 6/15/26		275		186

Omega Healthcare Investors, Inc.,

3.38%, 2/1/31		40		32

Safehold Operating Partnership L.P.,

2.85%, 1/15/32		64		50

Simon Property Group L.P.,

2.45%, 9/13/29		45		39

STORE Capital Corp.,

2.75%, 11/18/30		40		29

Welltower OP LLC,

2.70%, 2/15/27		40		36

3.85%, 6/15/32		40		35

				991

Retail - Discretionary – 0.2%

Advance Auto Parts, Inc.,

1.75%, 10/1/27		95		82

O’Reilly Automotive, Inc.,

4.70%, 6/15/32		67		66

Tractor Supply Co.,

1.75%, 11/1/30		45		36

				184

Semiconductors – 0.3%

Intel Corp.,

5.13%, 2/10/30		260		265



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Semiconductors – 0.3% continued

KLA Corp.,

5.65%, 11/1/34		$85		$89

				354

Software – 0.7%

Fortinet, Inc.,

1.00%, 3/15/26		90		81

2.20%, 3/15/31		145		120

Oracle Corp.,

5.80%, 11/10/25		90		92

2.30%, 3/25/28		100		89

Roper Technologies, Inc.,

3.80%, 12/15/26		70		68

2.00%, 6/30/30		55		45

ServiceNow, Inc.,

1.40%, 9/1/30		100		81

VMware, Inc.,

1.80%, 8/15/28		130		110

Workday, Inc.,

3.70%, 4/1/29		100		94

				780

Specialty Finance – 0.1%

Air Lease Corp.,

1.88%, 8/15/26		25		22

Ally Financial, Inc.,

2.20%, 11/2/28		138		110

GATX Corp.,

4.00%, 6/30/30		20		18

				150

Technology Hardware – 0.5%

CDW LLC/CDW Finance Corp.,

4.25%, 4/1/28		110		102

Dell International LLC/EMC Corp.,

8.10%, 7/15/36		44		51

3.45%, 12/15/51 ⁽¹⁾		133		87

Jabil, Inc.,

1.70%, 4/15/26		180		162

Motorola Solutions, Inc.,

2.30%, 11/15/30		100		81

Teledyne Technologies, Inc.,

2.25%, 4/1/28		70		63

				546



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Technology Services – 0.8%

Broadridge Financial Solutions, Inc.,

2.90%, 12/1/29		$98		$86

Global Payments, Inc.,

2.90%, 5/15/30		95		80

Moody’s Corp.,

4.25%, 2/1/29		157		154

3.75%, 2/25/52		106		85

PayPal Holdings, Inc.,

4.40%, 6/1/32		240		235

S&P Global, Inc.,

2.90%, 3/1/32		240		214

Western Union (The) Co.,

2.75%, 3/15/31		130		104

				958

Telecommunications – 0.5%

AT&T, Inc.,

4.30%, 2/15/30		164		159

3.55%, 9/15/55		96		69

T-Mobile U.S.A., Inc.,

3.40%, 10/15/52		133		96

3.60%, 11/15/60		129		92

Verizon Communications, Inc.,

2.55%, 3/21/31		115		98

				514

Tobacco & Cannabis – 0.1%

Philip Morris International, Inc.,

1.75%, 11/1/30		110		88

Transportation & Logistics – 0.6%

Burlington Northern Santa Fe LLC,

2.88%, 6/15/52		190		133

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

6.50%, 6/20/27 ⁽¹⁾		153		153

Norfolk Southern Corp.,

3.70%, 3/15/53		66		51

Ryder System, Inc.,

4.30%, 6/15/27		100		97

Southwest Airlines Co.,

5.13%, 6/15/27		105		105



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.8% continued

Transportation & Logistics – 0.6% continued

Union Pacific Corp.,

2.38%, 5/20/31		$67		$58

3.50%, 2/14/53		89		70

				667

Total Corporate Bonds

(Cost $26,200)				23,360



FOREIGN ISSUER BONDS – 7.2%

Asset Management – 0.3%

UBS Group A.G.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.75%), 4.75%, 5/12/28⁽¹⁾⁽⁴⁾		360		345

Banking – 4.4%

ANZ Bank New Zealand Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.70%), 5.55%, 8/11/32 ^{(1) (4)}		200		197

Australia & New Zealand Banking Group Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.29%), 2.95%, 7/22/30 ⁽¹⁾⁽⁴⁾		322		298

Banco Santander S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 4.18%, 3/24/28 ⁽⁴⁾		200		188

Barclays PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.65%), 5.50%, 8/9/28 ⁽⁴⁾		200		197

BPCE S.A.,

3.50%, 10/23/27 ⁽¹⁾		185		169

Credit Agricole S.A.,

3.25%, 1/14/30 ⁽¹⁾		125		105

Danske Bank A/S,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 6.47%, 1/9/26 ^{(1) (4)}		220		220

Deutsche Bank A.G.,

(Variable, U.S. SOFR + 1.32%), 2.55%, 1/7/28 ⁽⁴⁾		139		118

(Variable, U.S. SOFR + 3.65%), 7.08%, 2/10/34 ⁽⁴⁾		200		185



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.2% continued

Banking – 4.4% continued

Federation des Caisses Desjardins du Quebec,

(Variable, U.S. SOFR Compounded Index + 1.09%), 5.28%, 1/23/26 ⁽¹⁾⁽⁴⁾		$310		$310

HSBC Holdings PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%), 4.00%, 3/9/26 ⁽⁴⁾		165		134

ING Groep N.V.,

(Variable, U.S. SOFR + 1.83%), 4.02%, 3/28/28 ⁽⁴⁾		200		189

KBC Group N.V.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 5.80%, 1/19/29 ⁽¹⁾⁽⁴⁾		200		201

Lloyds Banking Group PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%), 2.44%, 2/5/26 ⁽⁴⁾		190		178

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.70%), 5.87%, 3/6/29 ⁽⁴⁾		200		202

Macquarie Group Ltd.,

(Variable, U.S. SOFR + 2.13%), 4.10%, 6/21/28 ⁽¹⁾⁽⁴⁾		400		382

Mitsubishi UFJ Financial Group, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.53%), 5.48%, 2/22/31 ⁽⁴⁾		215		216

NatWest Group PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.55%), 3.07%, 5/22/28 ⁽⁴⁾		250		226

Santander UK Group Holdings PLC,

(Variable, U.S. SOFR + 0.99%), 1.67%, 6/14/27 ⁽⁴⁾		226		197

Societe Generale S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.30%), 2.89%, 6/9/32 ^{(1) (4)}		120		95

Sumitomo Mitsui Financial Group, Inc.,

5.46%, 1/13/26		310		313

3.04%, 7/16/29		200		177

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 7.2% continued

Banking – 4.4% continued

Westpac Banking Corp.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.00%), 4.11%, 7/24/34 ⁽⁴⁾

$135

$121

Westpac New Zealand Ltd.,

4.90%, 2/15/28 ⁽¹⁾

300

299

4,917

Beverages – 0.3%

Coca-Cola Europacific Partners PLC,

1.50%, 1/15/27 ⁽¹⁾

161

144

Coca-Cola Femsa S.A.B. de C.V.,

1.85%, 9/1/32

205

159

303

Biotechnology & Pharmaceuticals – 0.4%

Astrazeneca Finance LLC,

1.75%, 5/28/28

220

195

GlaxoSmithKline Capital, Inc.,

3.88%, 5/15/28

220

216

411

Institutional Financial Services – 0.1%

Credit Suisse Group A.G.,

(Variable, U.S. SOFR + 3.73%), 4.19%, 4/1/31^{(1) (4)}

117

104

Medical Equipment & Devices – 0.2%

Alcon Finance Corp.,

2.60%, 5/27/30 ⁽¹⁾

210

181

Smith & Nephew PLC,

2.03%, 10/14/30

256

Metals & Mining – 0.1%

Barrick PD Australia Finance Pty. Ltd.,

5.95%, 10/15/39

Oil & Gas Producers – 0.2%

Qatar Energy,

3.13%, 7/12/41 ⁽¹⁾

Santos Finance Ltd.,

3.65%, 4/29/31 ⁽¹⁾

210

176

200

Semiconductors – 0.2%

NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,

5.00%, 1/15/33

236

231

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 7.2% continued

Sovereign Government – 0.4%

Indonesia Government International Bond,

3.85%, 10/15/30

$200

$190

Peruvian Government International Bond,

2.84%, 6/20/30

150

131

Philippine Government International Bond,

3.75%, 1/14/29

125

120

441

Specialty Finance – 0.1%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

1.75%, 1/30/26

4.63%, 10/15/27

3.40%, 10/29/33

Avolon Holdings Funding Ltd.,

3.25%, 2/15/27 ⁽¹⁾

129

Technology Services – 0.1%

RELX Capital, Inc.,

4.75%, 5/20/32

140

139

Telecommunications – 0.2%

British Telecommunications PLC,

3.25%, 11/8/29 ⁽¹⁾

165

149

Orange S.A.,

5.38%, 1/13/42

100

103

252

Tobacco & Cannabis – 0.2%

BAT Capital Corp.,

4.70%, 4/2/27

Imperial Brands Finance PLC,

6.13%, 7/27/27 ⁽¹⁾

113

116

212

Transportation & Logistics – 0.0%

Canadian Pacific Railway Co.,

3.10%, 12/2/51

Total Foreign Issuer Bonds

(Cost $8,704)

8,038



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 31.7% ⁽⁵⁾

Fannie Mae – 19.3%

Pool #889641,

5.50%, 8/1/37		$120		$124

Pool #995802,

5.50%, 12/1/35		118		122

Pool #AB5209,

3.00%, 5/1/32		236		223

Pool #AD0248,

5.50%, 11/1/37		214		221

Pool #AD0494,

5.50%, 8/1/37		125		129

Pool #AD0925,

5.00%, 4/1/40		104		107

Pool #AL5119,

4.00%, 4/1/34		132		130

Pool #AL6041,

4.00%, 8/1/33		687		673

Pool #AL7497,

3.50%, 9/1/40		227		216

Pool #AL8352,

3.00%, 10/1/44		264		244

Pool #AQ5150,

2.50%, 11/1/42		689		603

Pool #AS3655,

4.50%, 10/1/44		137		137

Pool #AS6520,

3.50%, 1/1/46		249		234

Pool #AS6730,

3.50%, 2/1/46		308		292

Pool #AS7088,

2.50%, 5/1/31		103		97

Pool #AS7568,

4.50%, 7/1/46		423		423

Pool #AS8576,

4.50%, 12/1/46		157		157

Pool #AS8984,

4.50%, 3/1/47		94		94

Pool #BD7081,

4.00%, 3/1/47		364		351

Pool #BH6175,

3.50%, 7/1/47		82		77

Pool #BJ0686,

4.00%, 4/1/48		130		126



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.7% ⁽⁵⁾ continued

Fannie Mae – 19.3% continued

Pool #BM1761,

4.00%, 8/1/44		$127		$124

Pool #BM4056,

4.00%, 3/1/45		158		155

Pool #BM5168,

2.50%, 6/1/46		309		271

Pool #BM5969,

3.00%, 11/1/46		953		879

Pool #BM5984,

5.00%, 5/1/49		73		74

Pool #BM5996,

5.00%, 12/1/48		47		47

Pool #BR4694,

2.00%, 3/1/51		620		514

Pool #BW9921,

5.00%, 10/1/52		550		550

Pool #BX4910,

1/1/53⁽⁶⁾		299		300

Pool #BX7768,

3/1/53⁽⁶⁾		300		299

Pool #CA5700,

2.50%, 5/1/50		737		644

Pool #CA6422,

3.00%, 7/1/50		363		327

Pool #FM1303,

3.00%, 1/1/48		484		444

Pool #FM1472,

3.50%, 3/1/34		59		57

Pool #FM1534,

4.50%, 9/1/49		241		240

Pool #FM1572,

3.00%, 9/1/48		128		117

Pool #FM2053,

3.50%, 8/1/44		698		666

Pool #FM2671,

4.00%, 1/1/48		107		105

Pool #FM2921,

2.50%, 4/1/50		639		555

Pool #FM3173,

3.50%, 7/1/47		392		374

Pool #FM3201,

3.50%, 4/1/34		156		152



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.7% ⁽⁵⁾ continued

Fannie Mae – 19.3% continued

Pool #FM3266,

3.00%, 4/1/48		$845		$780

Pool #FM3727,

3.00%, 7/1/50		296		267

Pool #FM4491,

3.50%, 12/1/36		891		868

Pool #FM5237,

5.00%, 7/1/47		171		175

Pool #FM5383,

4.00%, 6/1/45		488		478

Pool #FM6555,

2.00%, 4/1/51		610		506

Pool #FS1251,

3.50%, 4/1/52		611		571

Pool #FS3063,

4.50%, 10/1/52		428		421

Pool #FS3120,

5.00%, 9/1/52		763		762

Pool #FS3231,

2.00%, 3/1/52		676		567

Pool #FS3384,

4.50%, 10/1/50		606		604

Pool #FS3662,

5.00%, 1/1/53		299		299

Pool #FS4040,

2/1/53⁽⁶⁾		298		298

Pool #FS4045,

2/1/53⁽⁶⁾		284		287

Pool #FS4267,

4.50%, 3/1/38		400		400

Pool #MA2232,

3.50%, 4/1/35		207		201

Pool #MA2864,

3.50%, 1/1/47		306		290

Pool #MA3088,

4.00%, 8/1/47		218		212

Pool #MA3183,

4.00%, 11/1/47		427		416

Pool #MA3184,

4.50%, 11/1/47		411		410

Pool #MA3211,

4.00%, 12/1/47		443		432



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.7% ⁽⁵⁾ continued

Fannie Mae – 19.3% continued

Pool #MA3448,

5.00%, 8/1/48		$114		$115

Pool #MA4186,

3.00%, 10/1/35		132		126

Pool #MA4305,

2.00%, 4/1/51		610		505

				21,664

Freddie Mac – 8.6%

Freddie Mac Multifamily Structured Pass Through Certificates, Series K730, Class A2,

3.59%, 1/25/25		442		433

Freddie Mac REMICS, Series 3013, Class HZ,

5.00%, 8/15/35		227		228

Pool #1B3575,

(Floating, ICE LIBOR USD 1Y + 1.80%, 1.80% Floor, 11.42% Cap), 4.05%, 9/1/37⁽⁷⁾		4		4

Pool #1G2296,

(Floating, ICE LIBOR USD 1Y + 2.09%, 2.09% Floor, 11.34% Cap), 4.34%, 11/1/37⁽⁷⁾		9		9

Pool #QF3725,

11/1/52⁽⁶⁾		292		292

Pool #QF8053,

5.50%, 2/1/53		420		425

Pool #QF8924,

3/1/53⁽⁶⁾		300		303

Pool #RA3913,

2.50%, 11/1/50		706		618

Pool #RD5026,

3.00%, 4/1/30		69		65

Pool #SB0084,

3.00%, 2/1/32		358		343

Pool #SB0216,

3.00%, 12/1/32		99		95

Pool #SB0328,

3.00%, 6/1/34		300		286

Pool #SB8502,

2.00%, 8/1/35		1,117		1,011

Pool #SD0033,

3.00%, 12/1/47		165		152



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.7% ⁽⁵⁾ continued

Freddie Mac – 8.6% continued

Pool #SD1518,

4.50%, 8/1/52		$288		$285

Pool #SD1694,

4.50%, 10/1/52		653		641

Pool #SD1703,

5.00%, 9/1/52		908		907

Pool #SD1710,

5.00%, 10/1/52		644		644

Pool #SD1959,

6.50%, 12/1/52		435		451

Pool #SD2334,

2/1/53⁽⁶⁾		297		297

Pool #SD2477,

5.50%, 3/1/53		300		307

Pool #SD2511,

4/1/53⁽⁶⁾		300		304

Pool #ZK7457,

3.50%, 2/1/29		121		119

Pool #ZM4714,

3.50%, 11/1/47		496		468

Pool #ZM5332,

3.00%, 1/1/48		248		226

Pool #ZS4687,

2.50%, 11/1/46		159		140

Pool #ZT1333,

2.50%, 10/1/31		643		607

				9,660

Freddie Mac Gold – 1.0%

Pool #G16396,

3.50%, 2/1/33		78		77

Pool #G60948,

3.00%, 1/1/47		190		174

Pool #Q15842,

3.00%, 2/1/43		357		330

Pool #Q42460,

4.00%, 6/1/46		60		59

Pool #Q44452,

3.00%, 11/1/46		459		420

Pool #Q63667,

4.50%, 5/1/49		94		93

				1,153



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.7% ⁽⁵⁾ continued

Government National Mortgage Association – 0.2%

Government National Mortgage Association, Series 2017-95, Class QG,

2.50%, 8/20/46		$225		$207

Government National Mortgage Association I – 0.5%

Pool #604183,

5.50%, 4/15/33		2		2

Pool #633627,

5.50%, 9/15/34		2		2

Pool #757013,

3.50%, 12/15/40		291		282

Pool #786440,

4.50%, 9/15/47		245		248

				534

Government National Mortgage Association II – 2.1%

Pool #784801,

3.50%, 6/20/47		295		274

Pool #MA0089,

4.00%, 5/20/42		441		435

Pool #MA0782,

3.00%, 2/20/43		364		339

Pool #MA1287,

4.50%, 9/20/43		78		79

Pool #MA1996,

4.00%, 6/20/44		78		77

Pool #MA2755,

4.00%, 4/20/45		60		59

Pool #MA3666,

5.00%, 5/20/46		151		155

Pool #MA8346,

10/20/52⁽⁶⁾		296		284

Pool #MA8724,

3/20/53⁽⁶⁾		299		295

Pool #MA8725,

3/20/53⁽⁶⁾		299		300

				2,297

Total U.S. Government Agencies

(Cost $37,716)				35,515

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS – 33.9%

U.S. Treasury Bonds – 11.3%

3.38%, 8/15/42

$10,990

$10,319

3.00%, 8/15/52

2,692

2,365

12,684

U.S. Treasury Notes – 20.1%

4.50%, 11/30/24

1,635

1,641

4.00%, 2/15/26

6,816

6,844

3.88%, 11/30/27

7,796

7,877

3.50%, 2/15/33

6,178

6,188

22,550

U.S. Treasury Strips – 2.5%

1.47%, 2/15/51⁽⁸⁾

7,762

2,821

Total U.S. Government Obligations

(Cost $39,377)

38,055

MUNICIPAL BONDS – 0.3%

Florida – 0.0%

Miami-Dade County Seaport Subordinate Taxable Revenue Refunding Bonds, Series B-3,

1.86%, 10/1/30

100

Texas – 0.3%

Texas Natural Gas Securitization Finance Corp. Taxable Customer Rate Relief Revenue Bonds,

5.10%, 4/1/35

300

308

Total Municipal Bonds

(Cost $400)

391

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 2.9%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

4.61%^{(9) (10)}

3,291,078

$3,291

Total Investment Companies

(Cost $3,291)

3,291

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 1.1%

U.S. Treasury Bill,

4.47%, 5/4/23⁽⁸⁾

$1,000

$996

4.46%, 5/11/23⁽⁸⁾⁽¹¹⁾

225

224

Total Short-Term Investments

(Cost $1,220)

1,220

Total Investments – 103.0%

(Cost $122,943)

115,621

Liabilities less Other Assets – (3.0%)

(3,415

)

NET ASSETS – 100.0%

$112,206

⁽¹⁾

⁽²⁾

Step coupon bond. Rate as of March 31, 2023 is disclosed.

⁽³⁾

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

⁽⁴⁾

Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of March 31, 2023.

⁽⁵⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽⁶⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2023.

⁽⁷⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁸⁾

Discount rate at the time of purchase.

⁽⁹⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹⁰⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽¹¹⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS			NOTIONAL AMOUNT (000S)			CONTRACT POSITION		CONTRACT EXP.		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾
2-Year U.S. Treasury Note		41			$ 8,465			Long		6/23		$ 86
Ultra 10-Year U.S. Treasury Note		(54	)		(6,542	)		Short		6/23		(208	)

Total												$(122	)

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		3.5	%

Commercial Mortgage-Backed Securities		1.6	%

Corporate Bonds		20.8	%

Foreign Issuer Bonds		7.2	%

U.S. Government Agencies		31.7	%

U.S. Government Obligations		33.9	%

Municipal Bonds		0.3	%

Investment Companies		2.9	%

Short-Term Investments		1.1	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Asset-Backed Securities⁽¹⁾	$	—		$	3,930		$—	$	3,930
Commercial Mortgage-Backed Securities		—			1,821		—		1,821
Corporate Bonds⁽¹⁾		—			23,360		—		23,360
Foreign Issuer Bonds⁽¹⁾		—			8,038		—		8,038
U.S. Government Agencies⁽¹⁾		—			35,515		—		35,515
U.S. Government Obligations⁽¹⁾		—			38,055		—		38,055
Municipal Bonds⁽¹⁾		—			391		—		391
Investment Companies		3,291			—		—		3,291
Short-Term Investments		—			1,220		—		1,220

Total Investments	$	3,291		$	112,330		$—	$	115,621
OTHER FINANCIAL INSTRUMENTS
Assets
Futures Contracts	$	86		$	—		$—	$	86
Liabilities
Futures Contracts		(208	)		—		—		(208	)
Total Other Financial
Instruments	$	(122	)	$	—		$—	$	(122	)

⁽¹⁾

Classifications as defined in the Schedule of Investments.


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 3.3%

Auto Loan – 0.7%

Exeter Automobile Receivables Trust,

Series 2022-6A, Class A2

5.73%, 11/17/25		$354		$354

GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3

4.66%, 2/16/28		380		381

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3

4.51%, 11/15/27		550		549

Westlake Automobile Receivables Trust, Series 2022-3A, Class A2

5.24%, 7/15/25⁽¹⁾		1,950		1,947

				3,231

Other – 0.2%

Dell Equipment Finance Trust, Series 2023-1, Class A3

5.65%, 9/22/28⁽¹⁾		1,130		1,134

Whole Loan – 2.4%

Angel Oak Mortgage Trust, Series 2023-1, Class A1

(Step to 4.84% on 2/25/27),

4.75%, 9/26/67⁽¹⁾⁽²⁾		1,115		1,073

J.P. Morgan Mortgage Trust, Series 2022-4, Class A3

3.00%, 10/25/52⁽¹⁾⁽³⁾		1,321		1,122

J.P. Morgan Mortgage Trust, Series 2022-6, Class A3

3.00%, 11/25/52⁽¹⁾⁽³⁾		1,264		1,074

J.P. Morgan Mortgage Trust, Series 2022-7, Class 1A2

3.00%, 12/25/52⁽¹⁾⁽³⁾		1,241		1,052

J.P. Morgan Mortgage Trust, Series 2023-1, Class A3A

5.00%, 6/25/53⁽¹⁾⁽³⁾		1,025		997

JP Morgan Mortgage Trust, Series 2022-LTV1, Class XS

0.22%, 7/25/52⁽¹⁾		98,718		949

Mello Mortgage Capital Acceptance,

Series 2021-MTG2, Class A1

2.50%, 6/25/51⁽¹⁾⁽³⁾		1,249		1,009

Sequoia Mortgage Trust, Series 2023-1, Class A1

5.00%, 1/25/53⁽¹⁾		690		674

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

ASSET-BACKED SECURITIES - 3.3% continued

Whole Loan – 2.4% continued

Towd Point Mortgage Trust, Series 2022-1, Class A1

3.75%, 7/25/62⁽¹⁾

$2,418

$2,258

Towd Point Mortgage Trust, Series 2022-4, Class A1

3.75%, 9/25/62⁽¹⁾

1,193

1,115

11,323

Total Asset-Backed Securities

(Cost $16,109)

15,688

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.7%

Non Agency – 1.7%

BANK, Series 2019-BN16, Class A4

4.01%, 2/15/52

3,900

3,663

Citigroup Commercial Mortgage Trust,

Series 2015-GC27,Class A5

3.14%, 2/10/48

4,530

4,340

8,003

Total Commercial Mortgage-Backed Securities

(Cost $8,628)

8,003

CORPORATE BONDS – 26.6%

Aerospace & Defense – 0.7%

Boeing (The) Co.,

5.81%, 5/1/50

350

352

Howmet Aerospace, Inc.,

6.88%, 5/1/25

1,854

1,925

Huntington Ingalls Industries, Inc.,

2.04%, 8/16/28

575

493

Lockheed Martin Corp.,

2.80%, 6/15/50

350

254

Northrop Grumman Corp.,

5.25%, 5/1/50

240

248

3,272

Asset Management – 1.2%

Ameriprise Financial, Inc.,

4.50%, 5/13/32

214

205

Ares Capital Corp.,

4.25%, 3/1/25

925

874

Charles Schwab (The) Corp.,

(Variable, ICE LIBOR USD 3M +

2.58%), 5.00%, 12/1/27 ⁽⁴⁾⁽⁵⁾

116


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Asset Management – 1.2% continued

FMR LLC,

6.45%, 11/15/39 ⁽¹⁾		$435		$465

FS KKR Capital Corp.,

4.13%, 2/1/25		2,620		2,478

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

5.25%, 5/15/27		1,465		1,375

Oaktree Specialty Lending Corp.,

2.70%, 1/15/27		200		171

Prospect Capital Corp.,

3.71%, 1/22/26		330		291

				5,950

Automotive – 0.1%

Ford Motor Credit Co. LLC,

4.95%, 5/28/27		613		584

Banking – 3.1%

Bank of America Corp.,

(Variable, U.S. SOFR + 2.15%), 2.59%, 4/29/31 ⁽⁴⁾		1,095		927

(Variable, U.S. SOFR + 1.32%), 2.69%, 4/22/32 ⁽⁴⁾		1,880		1,569

(Variable, U.S. SOFR + 1.21%), 2.57%, 10/20/32 ⁽⁴⁾		1,134		927

Citigroup, Inc.,

(Variable, CME Term SOFR 3M + 1.41%), 3.52%, 10/27/28 ⁽⁴⁾		1,200		1,122

(Variable, U.S. SOFR + 1.17%), 2.56%, 5/1/32 ⁽⁴⁾		1,080		896

First-Citizens Bank & Trust Co.,

(Variable, CME Term SOFR 3M + 1.72%), 2.97%, 9/27/25 ⁽⁴⁾		750		682

JPMorgan Chase & Co.,

(Variable, U.S. SOFR + 1.07%), 5.55%, 12/15/25 ⁽⁴⁾		770		775

(Variable, U.S. SOFR + 1.85%), 2.08%, 4/22/26 ⁽⁴⁾		1,275		1,193

(Variable, U.S. SOFR + 1.07%), 1.95%, 2/4/32 ⁽⁴⁾		700		563

PNC Financial Services Group (The), Inc.,

(Variable, U.S. SOFR Compounded Index + 1.85%), 4.63%, 6/6/33 ⁽⁴⁾		307		283


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Banking – 3.1% continued

Santander Holdings U.S.A., Inc.,

(Variable, U.S. SOFR + 2.36%),

6.50%, 3/9/29 ⁽⁴⁾		$1,070		$1,069

U.S. Bancorp,

(Variable, U.S. SOFR + 2.09%),

5.85%, 10/21/33 ⁽⁴⁾		1,600		1,671

Wells Fargo & Co.,

3.00%, 10/23/26		2,540		2,376

(Variable, U.S. SOFR + 2.10%),

2.39%, 6/2/28 ⁽⁴⁾		960		865

				14,918

Beverages – 0.1%

Pernod Ricard International Finance LLC,

1.63%, 4/1/31 ⁽¹⁾		530		423

Biotechnology & Pharmaceuticals – 0.8%

AbbVie, Inc.,

4.25%, 11/21/49		305		269

Amgen, Inc.,

2.20%, 2/21/27		935		862

5.25%, 3/2/33		665		683

Bristol-Myers Squibb Co.,

2.95%, 3/15/32		850		766

Gilead Sciences, Inc.,

2.60%, 10/1/40		480		354

Pfizer, Inc.,

3.45%, 3/15/29		850		822

				3,756

Cable & Satellite – 1.0%

Charter Communications Operating LLC/Charter Communications Operating Capital,

5.05%, 3/30/29		335		323

6.38%, 10/23/35		1,000		996

5.50%, 4/1/63		330		268

Comcast Corp.,

4.15%, 10/15/28		960		950

1.50%, 2/15/31		503		403

CSC Holdings LLC,

4.63%, 12/1/30 ⁽¹⁾		1,580		779

DISH DBS Corp.,

7.75%, 7/1/26		1,120		739

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 26.6% continued

Cable & Satellite – 1.0% continued

LCPR Senior Secured Financing DAC,

6.75%, 10/15/27 ⁽¹⁾

$440

$416

4,874

Chemicals – 0.5%

Bayport Polymers LLC,

4.74%, 4/14/27 ⁽¹⁾

1,390

1,306

LYB International Finance III LLC,

2.25%, 10/1/30

300

248

NewMarket Corp.,

2.70%, 3/18/31

530

441

RPM International, Inc.,

4.55%, 3/1/29

447

426

2,421

Commercial Support Services – 0.1%

Waste Connections, Inc.,

3.20%, 6/1/32

350

312

Construction Materials – 0.1%

Martin Marietta Materials, Inc.,

2.50%, 3/15/30

327

278

Consumer Services – 0.0%

President and Fellows of Harvard

College,

4.88%, 10/15/40

200

209

Containers & Packaging – 0.3%

Packaging Corp. of America,

3.40%, 12/15/27

585

555

Sealed Air Corp.,

6.13%, 2/1/28 ⁽¹⁾

1,040

1,052

1,607

Diversified Industrials – 0.2%

Honeywell International, Inc.,

4.95%, 2/15/28

1,000

1,033

Parker-Hannifin Corp.,

4.50%, 9/15/29

158

156

1,189

E-Commerce Discretionary – 0.3%

Amazon.com, Inc.,

4.70%, 12/1/32

1,180

1,210

Electric & Gas Marketing & Trading – 0.2%

Consolidated Edison Co. of New York, Inc.,

3.35%, 4/1/30

820

755


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Electric Utilities – 2.6%

AES (The) Corp.,

1.38%, 1/15/26		$975		$877

Appalachian Power Co.,

4.50%, 3/1/49		485		418

Avangrid, Inc.,

3.80%, 6/1/29		430		404

Berkshire Hathaway Energy Co.,

1.65%, 5/15/31		445		357

CenterPoint Energy, Inc.,

2.95%, 3/1/30		292		256

Duke Energy Progress LLC,

3.40%, 4/1/32		798		725

5.25%, 3/15/33		880		914

Entergy Louisiana LLC,

2.90%, 3/15/51		800		545

Entergy Texas, Inc.,

1.75%, 3/15/31		437		352

Eversource Energy,

1.65%, 8/15/30		150		121

Exelon Corp.,

5.63%, 6/15/35		1,080		1,126

Florida Power & Light Co.,

5.10%, 4/1/33		940		974

National Rural Utilities Cooperative

Finance Corp.,

4.15%, 12/15/32		270		257

NextEra Energy Capital Holdings, Inc.,

2.25%, 6/1/30		205		173

NRG Energy, Inc.,

2.45%, 12/2/27 ⁽¹⁾		315		269

3.63%, 2/15/31 ⁽¹⁾		825		661

Oncor Electric Delivery Co. LLC,

3.70%, 11/15/28		820		794

Pacific Gas and Electric Co.,

4.55%, 7/1/30		233		218

Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,

4.50%, 8/15/28 ⁽¹⁾		460		421

Public Service Co. of Colorado,

3.70%, 6/15/28		820		793

San Diego Gas & Electric Co.,

1.70%, 10/1/30		565		461

Southern (The) Co.,

3.70%, 4/30/30		375		351


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Electric Utilities – 2.6% continued

Virginia Electric and Power Co.,

2.40%, 3/30/32		$820		$682

Xcel Energy, Inc.,

2.60%, 12/1/29		205		179

				12,328

Electrical Equipment – 0.2%

Acuity Brands Lighting, Inc.,

2.15%, 12/15/30		452		368

Hubbell, Inc.,

2.30%, 3/15/31		225		187

Keysight Technologies, Inc.,

3.00%, 10/30/29		275		245

Vontier Corp.,

2.40%, 4/1/28		400		336

				1,136

Entertainment Content – 0.5%

Discovery Communications LLC,

3.63%, 5/15/30		430		381

Take-Two Interactive Software, Inc.,

3.70%, 4/14/27		258		250

Walt Disney (The) Co.,

2.20%, 1/13/28		442		406

2.00%, 9/1/29		1,130		981

Warnermedia Holdings, Inc.,

5.14%, 3/15/52 ⁽¹⁾		341		276

				2,294

Food – 0.8%

Campbell Soup Co.,

2.38%, 4/24/30		445		382

Conagra Brands, Inc.,

1.38%, 11/1/27		585		502

Flowers Foods, Inc.,

2.40%, 3/15/31		285		238

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

5.50%, 1/15/30 ⁽¹⁾		1,205		1,150

McCormick & Co., Inc.,

1.85%, 2/15/31		535		429

Nestle Holdings, Inc.,

4.70%, 1/15/53 ⁽¹⁾		877		885


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Food – 0.8% continued

Smithfield Foods, Inc.,

2.63%, 9/13/31 ⁽¹⁾		$480		$363

				3,949

Funds & Trusts – 0.2%

Blackstone Private Credit Fund,

2.63%, 12/15/26		1,240		1,041

Gas & Water Utilities – 0.4%

NiSource, Inc.,

3.60%, 5/1/30		500		461

Southern California Gas Co.,

2.60%, 6/15/26		650		611

Southern Co. Gas Capital Corp.,

1.75%, 1/15/31		1,160		924

				1,996

Health Care Facilities & Services – 1.2%

Cigna Group (The),

1.25%, 3/15/26		1,050		951

2.38%, 3/15/31		385		325

DaVita, Inc.,

4.63%, 6/1/30 ⁽¹⁾		1,000		854

Elevance Health, Inc.,

4.55%, 5/15/52		1,094		988

Humana, Inc.,

3.70%, 3/23/29		720		677

3.95%, 8/15/49		590		482

UnitedHealth Group, Inc.,

4.00%, 5/15/29		910		890

2.30%, 5/15/31		568		486

Universal Health Services, Inc.,

2.65%, 1/15/32		475		371

				6,024

Home Construction – 0.2%

D.R. Horton, Inc.,

1.30%, 10/15/26		678		598

Masco Corp.,

1.50%, 2/15/28		200		170

MDC Holdings, Inc.,

6.00%, 1/15/43		387		336

				1,104

Household Products – 1.0%

Clorox (The) Co.,

4.60%, 5/1/32		691		687


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Household Products – 1.0% continued

Haleon U.S. Capital LLC,

3.38%, 3/24/27		$720		$683

4.00%, 3/24/52		389		323

Kenvue, Inc.,

4.90%, 3/22/33 ⁽¹⁾		2,210		2,283

Kimberly-Clark Corp.,

2.00%, 11/2/31		850		716

				4,692

Institutional Financial Services – 1.4%

CME Group, Inc.,

2.65%, 3/15/32		171		148

Goldman Sachs Group (The), Inc.,

(Variable, U.S. SOFR + 1.41%), 3.10%, 2/24/33 ⁽⁴⁾		1,880		1,615

Jane Street Group/JSG Finance, Inc.,

4.50%, 11/15/29 ⁽¹⁾		1,920		1,719

Jefferies Financial Group, Inc.,

2.63%, 10/15/31		246		188

Morgan Stanley,

(Variable, U.S. SOFR + 1.99%), 2.19%, 4/28/26 ⁽⁴⁾		1,160		1,088

(Variable, U.S. SOFR + 0.88%), 1.59%, 5/4/27 ⁽⁴⁾		722		647

(Variable, U.S. SOFR + 1.29%), 2.94%, 1/21/33 ⁽⁴⁾		689		584

(Variable, U.S. SOFR + 2.08%), 4.89%, 7/20/33 ⁽⁴⁾		390		383

Nasdaq, Inc.,

1.65%, 1/15/31		180		142

				6,514

Insurance – 1.6%

Brighthouse Financial Global Funding,

1.55%, 5/24/26 ⁽¹⁾		1,235		1,111

Brown & Brown, Inc.,

2.38%, 3/15/31		577		461

Chubb INA Holdings, Inc.,

3.35%, 5/3/26		400		387

Corebridge Financial, Inc.,

4.40%, 4/5/52 ⁽¹⁾		394		308

Global Atlantic Fin Co.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.80%), 4.70%, 10/15/51 ⁽¹⁾⁽⁴⁾		1,291		1,035


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Insurance – 1.6% continued

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,

7.63%, (100% Cash), 10/15/25 ^(1) (6)		$2,146		$1,982

Ohio National Financial Services, Inc.,

6.80%, 1/24/30 ⁽¹⁾		2,095		1,992

Primerica, Inc.,

2.80%, 11/19/31		425		357

				7,633

Internet Media & Services – 0.3%

Meta Platforms, Inc.,

3.85%, 8/15/32		810		758

Netflix, Inc.,

4.88%, 4/15/28		520		517

				1,275

Machinery – 0.1%

Eaton Corp.,

4.15%, 3/15/33		340		329

Medical Equipment & Devices – 0.5%

Agilent Technologies, Inc.,

2.30%, 3/12/31		1,260		1,056

Bio-Rad Laboratories, Inc.,

3.30%, 3/15/27		102		96

GE HealthCare Technologies, Inc.,

5.91%, 11/22/32 ⁽¹⁾		1,163		1,239

				2,391

Oil & Gas Producers – 1.1%

Apache Corp.,

5.10%, 9/1/40		1,200		1,017

EQM Midstream Partners L.P.,

6.50%, 7/15/48		2,160		1,669

ONEOK, Inc.,

6.10%, 11/15/32		560		580

Phillips 66,

2.15%, 12/15/30		500		412

Western Midstream Operating L.P.,

6.15%, 4/1/33		345		350

WPX Energy, Inc.,

4.50%, 1/15/30		1,593		1,512

				5,540


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Oil & Gas Services & Equipment – 0.1%

Schlumberger Investment S.A.,

2.65%, 6/26/30		$400		$354

Real Estate Investment Trusts – 1.4%

American Tower Corp.,

3.13%, 1/15/27		765		712

AvalonBay Communities, Inc.,

2.30%, 3/1/30		130		110

Brixmor Operating Partnership L.P.,

4.05%, 7/1/30		310		280

Corporate Office Properties L.P.,

2.90%, 12/1/33		618		431

Crown Castle, Inc.,

1.05%, 7/15/26		1,030		908

EPR Properties,

4.50%, 4/1/25		780		753

Equinix, Inc.,

3.20%, 11/18/29		397		354

2.50%, 5/15/31		430		354

Healthpeak OP LLC,

3.25%, 7/15/26		335		318

Kimco Realty Corp.,

3.20%, 4/1/32		402		338

Office Properties Income Trust,

2.65%, 6/15/26		1,090		736

Realty Income Corp.,

2.20%, 6/15/28		400		353

Safehold Operating Partnership L.P.,

2.85%, 1/15/32		304		236

Simon Property Group L.P.,

2.45%, 9/13/29		245		210

STORE Capital Corp.,

2.75%, 11/18/30		390		287

VICI Properties L.P.,

5.13%, 5/15/32		346		326

Welltower OP LLC,

3.85%, 6/15/32		167		148

				6,854

Retail - Consumer Staples – 0.1%

Dollar Tree, Inc.,

3.38%, 12/1/51		570		402

Retail – Discretionary – 0.1%

Advance Auto Parts, Inc.,

1.75%, 10/1/27		410		354


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Retail - Discretionary – 0.1% continued

O’Reilly Automotive, Inc.,

4.70%, 6/15/32		$307		$303

				657

Semiconductors – 0.3%

Broadcom, Inc.,

3.50%, 2/15/41 ⁽¹⁾		350		264

Intel Corp.,

5.13%, 2/10/30		1,070		1,090

				1,354

Software – 0.8%

Fortinet, Inc.,

1.00%, 3/15/26		280		251

2.20%, 3/15/31		590		490

Oracle Corp.,

5.80%, 11/10/25		400		410

Roper Technologies, Inc.,

3.80%, 12/15/26		266		258

2.00%, 6/30/30		400		330

ServiceNow, Inc.,

1.40%, 9/1/30		580		467

VMware, Inc.,

1.80%, 8/15/28		570		481

4.70%, 5/15/30		880		854

Workday, Inc.,

3.70%, 4/1/29		345		324

				3,865

Specialty Finance – 0.6%

Air Lease Corp.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.08%), 4.65%, 6/15/26 ⁽⁴⁾⁽⁵⁾		750		623

1.88%, 8/15/26		125		111

Ally Financial, Inc.,

2.20%, 11/2/28		537		428

GATX Corp.,

4.00%, 6/30/30		30		28

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

4.25%, 2/1/27 ⁽¹⁾		950		750

Synchrony Financial,

7.25%, 2/2/33		1,000		882

				2,822


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 26.6% continued

Technology Hardware – 0.5%

CDW LLC/CDW Finance Corp.,

4.25%, 4/1/28		$800		$746

Dell International LLC/EMC Corp.,

8.10%, 7/15/36		560		653

3.45%, 12/15/51 ⁽¹⁾		500		325

Jabil, Inc.,

1.70%, 4/15/26		795		714

Teledyne Technologies, Inc.,

2.25%, 4/1/28		200		179

				2,617

Technology Services – 0.7%

Global Payments, Inc.,

2.90%, 5/15/30		780		661

Moody’s Corp.,

4.25%, 2/1/29		440		429

3.75%, 2/25/52		392		313

PayPal Holdings, Inc.,

4.40%, 6/1/32		870		851

S&P Global, Inc.,

2.90%, 3/1/32		870		777

Western Union (The) Co.,

2.75%, 3/15/31		460		368

				3,399

Telecommunications – 0.5%

AT&T, Inc.,

4.30%, 2/15/30		352		342

3.55%, 9/15/55		330		237

Level 3 Financing, Inc.,

4.63%, 9/15/27 ⁽¹⁾		850		511

T-Mobile U.S.A., Inc.,

3.40%, 10/15/52		525		378

3.60%, 11/15/60		895		638

Verizon Communications, Inc.,

2.55%, 3/21/31		600		511

				2,617

Tobacco & Cannabis – 0.1%

Philip Morris International, Inc.,

1.75%, 11/1/30		380		305

Transportation & Logistics – 0.6%

Burlington Northern Santa Fe LLC,

2.88%, 6/15/52		710		496

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 26.6% continued

Transportation & Logistics – 0.6% continued

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

6.50%, 6/20/27 ⁽¹⁾

$684

$682

Norfolk Southern Corp.,

3.70%, 3/15/53

252

194

Ryder System, Inc.,

4.30%, 6/15/27

260

253

Southwest Airlines Co.,

5.13%, 6/15/27

485

483

Union Pacific Corp.,

2.38%, 5/20/31

255

220

3.50%, 2/14/53

379

300

United Airlines Pass Through Trust, Series 2020-1, Class B,

4.88%, 1/15/26

434

420

3,048

Total Corporate Bonds

(Cost $143,746)

128,298

FOREIGN ISSUER BONDS – 7.9%

Asset Management – 0.2%

UBS Group A.G.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.75%), 4.75%, 5/12/28⁽¹⁾⁽⁴⁾

820

786

Banking – 3.8%

ANZ Bank New Zealand Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.70%), 5.55%, 8/11/32 ⁽¹⁾⁽⁴⁾

200

197

Australia & New Zealand Banking Group Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.29%), 2.95%, 7/22/30 ⁽¹⁾⁽⁴⁾

1,100

1,016

Banco Santander S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 4.18%, 3/24/28 ⁽⁴⁾

800

751

Barclays PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%), 4.38%, 3/15/28 ⁽⁴⁾⁽⁵⁾

1,221

835



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.9% continued

Banking – 3.8% continued

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.65%), 5.50%, 8/9/28 ⁽⁴⁾		$200		$197

BNP Paribas S.A.,

(Variable, U.S. SOFR + 1.22%), 2.16%, 9/15/29 ^(1) (4)		630		525

BPCE S.A.,

3.50%, 10/23/27 ⁽¹⁾		575		525

Credit Agricole S.A.,

3.25%, 1/14/30 ⁽¹⁾		500		420

Danske Bank A/S,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 6.47%, 1/9/26 ^(1) (4)		800		801

Deutsche Bank A.G.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.52%), 6.00%, 10/30/25 ^(4) (5)		800		591

(Variable, U.S. SOFR + 1.32%), 2.55%, 1/7/28 ⁽⁴⁾		529		449

(Variable, U.S. SOFR + 3.65%), 7.08%, 2/10/34 ⁽⁴⁾		700		649

Federation des Caisses Desjardins du Quebec,

(Variable, U.S. SOFR Compounded Index + 1.09%), 5.28%, 1/23/26 ^(1) (4)		1,290		1,289

HSBC Holdings PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%), 4.00%, 3/9/26 ^(4) (5)		545		443

ING Groep N.V.,

(Variable, U.S. SOFR + 1.83%), 4.02%, 3/28/28 ⁽⁴⁾		200		189

KBC Group N.V.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 5.80%, 1/19/29 ^(1) (4)		820		825

Lloyds Banking Group PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%), 2.44%, 2/5/26 ⁽⁴⁾		800		750

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.70%), 5.87%, 3/6/29 ⁽⁴⁾		500		504



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.9% continued

Banking – 3.8% continued

Macquarie Group Ltd.,

(Variable, U.S. SOFR + 2.13%), 4.10%, 6/21/28 ^(1) (4)		$1,600		$1,527

Mitsubishi UFJ Financial Group, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.53%), 5.48%, 2/22/31 ⁽⁴⁾		720		725

NatWest Group PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.10%), 4.60%, 6/28/31 ^(4) (5)		650		458

Santander UK Group Holdings PLC,

(Variable, U.S. SOFR + 0.99%), 1.67%, 6/14/27 ⁽⁴⁾		847		737

Societe Generale S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.30%), 2.89%, 6/9/32 ^{(1) (4) (7)}		1		—

Sumitomo Mitsui Financial Group, Inc.,

5.46%, 1/13/26		1,310		1,323

3.04%, 7/16/29		600		532

Toronto-Dominion Bank (The),

5.10%, 1/9/26		750		755

Westpac Banking Corp.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.00%), 4.11%, 7/24/34 ⁽⁴⁾		135		121

Westpac New Zealand Ltd.,

4.90%, 2/15/28 ⁽¹⁾		1,080		1,076

				18,210

Beverages – 0.2%

Coca-Cola Europacific Partners PLC,

1.50%, 1/15/27 ⁽¹⁾		429		383

Coca-Cola Femsa S.A.B. de C.V.,

1.85%, 9/1/32		645		502

				885

Biotechnology & Pharmaceuticals – 0.3%

Astrazeneca Finance LLC,

1.75%, 5/28/28		850		754

GlaxoSmithKline Capital, Inc.,

3.88%, 5/15/28		850		834

				1,588

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 7.9% continued

Chemicals – 0.1%

Nutrien Ltd.,

4.00%, 12/15/26

$300

$290

E-Commerce Discretionary – 0.1%

Alibaba Group Holding Ltd.,

2.70%, 2/9/41

895

601

Food – 0.4%

NBM U.S. Holdings, Inc.,

7.00%, 5/14/26

1,825

1,812

Leisure Facilities & Services – 0.0%

Sands China Ltd.,

3.35%, 3/8/29⁽⁸⁾

—

Medical Equipment & Devices – 0.2%

Alcon Finance Corp.,

2.60%, 5/27/30 ⁽¹⁾

550

474

Smith & Nephew PLC,

2.03%, 10/14/30

415

336

810

Metals & Mining – 0.4%

Barrick PD Australia Finance Pty. Ltd.,

5.95%, 10/15/39

250

267

Glencore Funding LLC,

1.63%, 4/27/26 ⁽¹⁾

1,240

1,122

3.88%, 10/27/27 ⁽¹⁾

630

595

1,984

Oil & Gas Producers – 0.2%

Qatar Energy,

3.13%, 7/12/41 ⁽¹⁾

123

Santos Finance Ltd.,

3.65%, 4/29/31 ⁽¹⁾

830

693

789

Semiconductors – 0.2%

NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,

5.00%, 1/15/33

883

866

Sovereign Government – 0.3%

Indonesia Government International Bond,

3.85%, 10/15/30

800

761

Peruvian Government International Bond,

2.84%, 6/20/30

600

524

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 7.9% continued

Sovereign Government – 0.3% continued

Philippine Government International Bond,

3.75%, 1/14/29

$375

$360

1,645

Specialty Finance – 0.3%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

1.75%, 1/30/26

130

116

4.63%, 10/15/27

170

164

Avolon Holdings Funding Ltd.,

3.25%, 2/15/27 ⁽¹⁾

210

186

goeasy Ltd.,

4.38%, 5/1/26 ⁽¹⁾

1,300

1,138

1,604

Technology Services – 0.1%

RELX Capital, Inc.,

4.75%, 5/20/32

533

528

Telecommunications – 0.8%

British Telecommunications PLC,

3.25%, 11/8/29 ⁽¹⁾

540

487

Connect Finco S.a.r.l./Connect U.S. Finco LLC,

6.75%, 10/1/26 ⁽¹⁾

1,685

1,584

NTT Finance Corp.,

4.37%, 7/27/27 ⁽¹⁾

1,220

1,209

Orange S.A.,

5.38%, 1/13/42

210

216

Rogers Communications, Inc.,

2.90%, 11/15/26

510

478

3,974

Tobacco & Cannabis – 0.3%

BAT Capital Corp.,

4.70%, 4/2/27

1,555

1,526

Imperial Brands Finance PLC,

6.13%, 7/27/27 ⁽¹⁾

203

208

1,734

Transportation & Logistics – 0.0%

Canadian Pacific Railway Co.,

3.10%, 12/2/51

256

183

Total Foreign Issuer Bonds

(Cost $41,886)

38,289



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 31.3% ⁽⁹⁾

Fannie Mae – 18.7%

Pool #545003,

8.00%, 5/1/31⁽¹⁰⁾		$—		$1

Pool #545437,

7.00%, 2/1/32		20		20

Pool #545556,

7.00%, 4/1/32		10		11

Pool #555189,

7.00%, 12/1/32		78		81

Pool #581806,

7.00%, 7/1/31		27		27

Pool #585617,

7.00%, 5/1/31⁽⁸⁾		—		—

Pool #889641,

5.50%, 8/1/37		514		531

Pool #995802,

5.50%, 12/1/35		506		522

Pool #AB5209,

3.00%, 5/1/32		2,044		1,931

Pool #AB9546,

3.50%, 6/1/28		52		51

Pool #AD0248,

5.50%, 11/1/37		919		949

Pool #AD0494,

5.50%, 8/1/37		537		553

Pool #AD0925,

5.00%, 4/1/40		52		53

Pool #AK9457,

3.50%, 3/1/32		101		100

Pool #AL3063,

3.50%, 1/1/28		188		184

Pool #AL5119,

4.00%, 4/1/34		865		851

Pool #AL7497,

3.50%, 9/1/40		1,103		1,053

Pool #AL8352,

3.00%, 10/1/44		2,238		2,064

Pool #AL8876,

3.00%, 10/1/44		324		301

Pool #AO2961,

4.00%, 5/1/42		174		171

Pool #AQ9360,

2.50%, 1/1/28		56		53



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.3% ⁽⁹⁾ continued

Fannie Mae – 18.7% continued

Pool #AS1991,

3.50%, 3/1/29		$271		$264

Pool #AS3655,

4.50%, 10/1/44		517		516

Pool #AS6520,

3.50%, 1/1/46		1,084		1,021

Pool #AS7088,

2.50%, 5/1/31		1,199		1,131

Pool #AS7568,

4.50%, 7/1/46		649		648

Pool #AS8576,

4.50%, 12/1/46		754		752

Pool #AS8984,

4.50%, 3/1/47		619		617

Pool #BH6175,

3.50%, 7/1/47		444		419

Pool #BJ0686,

4.00%, 4/1/48		519		504

Pool #BJ3524,

4.00%, 11/1/47		1,214		1,180

Pool #BM1761,

4.00%, 8/1/44		181		177

Pool #BM1762,

3.00%, 11/1/45		2,109		1,945

Pool #BM1901,

3.00%, 6/1/45		2,435		2,246

Pool #BM4056,

4.00%, 3/1/45		539		527

Pool #BM5168,

2.50%, 6/1/46		549		482

Pool #BM5969,

3.00%, 11/1/46		4,386		4,045

Pool #BM5984,

5.00%, 5/1/49		131		133

Pool #BM5996,

5.00%, 12/1/48		84		86

Pool #BR4694,

2.00%, 3/1/51		2,550		2,114

Pool #BW9921,

5.00%, 10/1/52		2,162		2,162

Pool #BX4910,

1/1/53⁽¹¹⁾		1,395		1,401



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.3% ⁽⁹⁾ continued

Fannie Mae – 18.7% continued

Pool #BX7768,

3/1/53⁽¹¹⁾		$1,398		$1,394

Pool #CA5700,

2.50%, 5/1/50		4,687		4,097

Pool #CA6422,

3.00%, 7/1/50		1,470		1,327

Pool #FM1303,

3.00%, 1/1/48		2,060		1,892

Pool #FM1438,

3.00%, 8/1/38		442		415

Pool #FM1472,

3.50%, 3/1/34		46		45

Pool #FM1534,

4.50%, 9/1/49		1,019		1,015

Pool #FM1572,

3.00%, 9/1/48		660		605

Pool #FM2671,

4.00%, 1/1/48		345		337

Pool #FM2921,

2.50%, 4/1/50		2,797		2,429

Pool #FM3173,

3.50%, 7/1/47		1,650		1,575

Pool #FM3201,

3.50%, 4/1/34		847		825

Pool #FM3266,

3.00%, 4/1/48		2,723		2,511

Pool #FM3727,

3.00%, 7/1/50		1,479		1,336

Pool #FM4491,

3.50%, 12/1/36		2,662		2,592

Pool #FM5383,

4.00%, 6/1/45		1,936		1,895

Pool #FM6555,

2.00%, 4/1/51		2,507		2,080

Pool #FS1251,

3.50%, 4/1/52		5,692		5,315

Pool #FS3063,

4.50%, 10/1/52		1,236		1,217

Pool #FS3120,

5.00%, 9/1/52		2,975		2,971

Pool #FS3231,

2.00%, 3/1/52		2,755		2,309



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.3% ⁽⁹⁾ continued

Fannie Mae – 18.7% continued

Pool #FS3384,

4.50%, 10/1/50		$2,610		$2,601

Pool #FS3662,

5.00%, 1/1/53		1,196		1,196

Pool #FS4040,

2/1/53⁽¹¹⁾		1,291		1,290

Pool #FS4045,

2/1/53⁽¹¹⁾		1,230		1,245

Pool #FS4267,

4.50%, 3/1/38		1,300		1,299

Pool #MA0878,

4.00%, 10/1/31		396		387

Pool #MA2522,

3.50%, 2/1/46		1,357		1,281

Pool #MA2642,

3.50%, 6/1/46		1,534		1,448

Pool #MA2864,

3.50%, 1/1/47		858		813

Pool #MA3004,

4.00%, 5/1/37		367		358

Pool #MA3088,

4.00%, 8/1/47		674		656

Pool #MA3183,

4.00%, 11/1/47		1,693		1,649

Pool #MA3184,

4.50%, 11/1/47		1,365		1,360

Pool #MA3211,

4.00%, 12/1/47		1,772		1,727

Pool #MA3448,

5.00%, 8/1/48		490		497

Pool #MA4186,

3.00%, 10/1/35		487		462

Pool #MA4305,

2.00%, 4/1/51		2,507		2,078

				90,406

Freddie Mac – 8.5%

Freddie Mac Multifamily Structured Pass Through Certificates, Series K730, Class A2,

3.59%, 1/25/25		1,720		1,685

Freddie Mac REMICS, Series 3013, Class HZ,

5.00%, 8/15/35		775		779



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.3% ⁽⁹⁾ continued

Freddie Mac – 8.5% continued

Pool #1B3575,

(Floating, ICE LIBOR USD 1Y + 1.80%, 1.80% Floor, 11.42% Cap), 4.05%, 9/1/37⁽¹²⁾		$46		$45

Pool #1G2296,

(Floating, ICE LIBOR USD 1Y + 2.09%, 2.09% Floor, 11.34% Cap), 4.34%, 11/1/37⁽¹²⁾		96		94

Pool #QF3725,

11/1/52⁽¹¹⁾		1,266		1,264

Pool #QF8053,

5.50%, 2/1/53		1,729		1,750

Pool #QF8924,

3/1/53⁽¹¹⁾		1,298		1,314

Pool #RA3913,

2.50%, 11/1/50		2,810		2,461

Pool #RD5026,

3.00%, 4/1/30		452		432

Pool #SB0084,

3.00%, 2/1/32		1,416		1,357

Pool #SB0216,

3.00%, 12/1/32		563		538

Pool #SB0328,

3.00%, 6/1/34		1,214		1,160

Pool #SB8502,

2.00%, 8/1/35		6,874		6,219

Pool #SD0033,

3.00%, 12/1/47		741		681

Pool #SD1518,

4.50%, 8/1/52		1,249		1,235

Pool #SD1694,

4.50%, 10/1/52		2,826		2,776

Pool #SD1703,

5.00%, 9/1/52		3,575		3,572

Pool #SD1710,

5.00%, 10/1/52		1,485		1,487

Pool #SD1959,

6.50%, 12/1/52		1,916		1,986

Pool #SD2334,

2/1/53⁽¹¹⁾		1,288		1,286

Pool #SD2477,

5.50%, 3/1/53		1,300		1,330

Pool #SD2511,

4/1/53⁽¹¹⁾		1,298		1,318



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.3% ⁽⁹⁾ continued

Freddie Mac – 8.5% continued

Pool #ZK7457,

3.50%, 2/1/29		$1,416		$1,386

Pool #ZM4714,

3.50%, 11/1/47		1,621		1,529

Pool #ZM5332,

3.00%, 1/1/48		596		543

Pool #ZS4687,

2.50%, 11/1/46		554		486

Pool #ZT1333,

2.50%, 10/1/31		2,326		2,193

				40,906

Freddie Mac Gold – 1.5%

Pool #A87842,

4.50%, 8/1/39		191		191

Pool #C00910,

7.50%, 1/1/30		63		66

Pool #G07068,

5.00%, 7/1/41		287		293

Pool #G08731,

2.50%, 11/1/46		1,181		1,037

Pool #G15612,

3.50%, 12/1/29		53		51

Pool #G16396,

3.50%, 2/1/33		921		898

Pool #G18643,

2.50%, 5/1/32		82		77

Pool #G60948,

3.00%, 1/1/47		334		307

Pool #G61723,

3.50%, 1/1/43		96		92

Pool #Q15842,

3.00%, 2/1/43		1,533		1,416

Pool #Q42460,

4.00%, 6/1/46		243		236

Pool #Q44452,

3.00%, 11/1/46		2,279		2,087

Pool #Q63667,

4.50%, 5/1/49		310		309

				7,060



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 31.3% ⁽⁹⁾ continued

Government National Mortgage Association – 0.2%

Government National Mortgage Association, Series 2017-95, Class QG,

2.50%, 8/20/46		$954		$875

Government National Mortgage Association I – 0.4%

Pool #757013,

3.50%, 12/15/40		1,164		1,130

Pool #786440,

4.50%, 9/15/47		1,020		1,030

				2,160

Government National Mortgage Association II – 2.0%

Pool #784801,

3.50%, 6/20/47		603		560

Pool #MA0089,

4.00%, 5/20/42		1,316		1,300

Pool #MA0782,

3.00%, 2/20/43		2,713		2,526

Pool #MA1996,

4.00%, 6/20/44		246		243

Pool #MA3666,

5.00%, 5/20/46		571		586

Pool #MA4008,

5.50%, 10/20/46		85		89

Pool #MA6870,

5.00%, 9/20/50		483		491

Pool #MA8346,

10/20/52⁽¹¹⁾		1,281		1,233

Pool #MA8724,

3/20/53⁽¹¹⁾		1,298		1,278

Pool #MA8725,

3/20/53⁽¹¹⁾		1,297		1,300

				9,606

Total U.S. Government Agencies

(Cost $160,596)				151,013


U.S. GOVERNMENT OBLIGATIONS – 28.4%

U.S. Treasury Bonds – 11.3%

3.38%, 8/15/42		44,296		41,590

3.00%, 8/15/52		14,353		12,608

				54,198

U.S. Treasury Notes – 14.9%

4.50%, 11/30/24		27,100		27,206

4.00%, 2/15/26		15,830		15,895

PRINCIPAL
AMOUNT

(000S)

VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 28.4% continued

U.S. Treasury Notes – 14.9% continued

3.88%, 11/30/27

$22,256

$22,487

3.50%, 2/15/33

6,159

6,169

71,757

U.S. Treasury Strips – 2.2%

1.47%, 2/15/51⁽¹³⁾

29,423

10,695

Total U.S. Government Obligations

(Cost $142,084)

136,650

MUNICIPAL BONDS – 0.3%

Florida – 0.1%

Miami-Dade County Seaport Subordinate Taxable Revenue Refunding Bonds, Series B-3,

1.86%, 10/1/30

400

331

Texas – 0.2%

Texas Natural Gas Securitization Finance Corp. Taxable Customer Rate Relief Revenue Bonds,

5.10%, 4/1/35

1,000

1,027

Total Municipal Bonds

(Cost $1,400)

1,358

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 2.6%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽¹⁴⁾⁽¹⁵⁾

12,483,057

$12,483

Total Investment Companies

(Cost $12,483)

12,483

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.5%

U.S. Treasury Bills,

4.47%, 5/4/23⁽¹³⁾

$2,500

$2,490

4.14%, 5/11/23⁽¹³⁾⁽¹⁶⁾

175

174

Total Short-Term Investments

(Cost $2,664)

2,664

Total Investments – 102.6%

(Cost $529,596)

494,446

Liabilities less Other Assets – (2.6%)

(12,571

)

NET ASSETS – 100.0%

481,875

⁽¹⁾	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽²⁾	Step coupon bond. Rate as of March 31, 2023 is disclosed.

⁽³⁾	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

⁽⁴⁾	Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of March 31, 2023.

⁽⁵⁾	Perpetual bond. Maturity date represents next call date.

⁽⁶⁾	Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁷⁾	Value rounds to less than one thousand.

⁽⁸⁾	Principal Amount and Value rounds to less than one thousand.

⁽⁹⁾	The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽¹⁰⁾	Principal amount is less than one thousand.

⁽¹¹⁾	When-Issued Security. Coupon rate is not in effect at March 31, 2023.

⁽¹²⁾	Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽¹³⁾	Discount rate at the time of purchase.

⁽¹⁴⁾	Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹⁵⁾	7-day current yield as of March 31, 2023 is disclosed.

⁽¹⁶⁾	Security pledged as collateral to cover margin requirements for open futures contracts.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS			NOTIONAL AMOUNT (000S)				CONTRACT POSITION		CONTRACT EXP.		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

10-Year U.S. Treasury Note		(51	)		$	(5,861	)		Short		6/23		$	(161	)

2-Year U.S. Treasury Note		54				11,148			Long		6/23			114

Total													$	(47	)

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		3.3	%

Commercial Mortgage-Backed Securities		1.7	%

Corporate Bonds		26.6	%

Foreign Issuer Bonds		7.9	%

U.S. Government Agencies		31.3	%

U.S. Government Obligations		28.4	%

Municipal Bonds		0.3	%

Investment Companies		2.6	%

Short-Term Investments		0.5	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Asset-Backed Securities⁽¹⁾	$	—		$	15,688		$—	$	15,688

Commercial Mortgage-Backed Securities		—			8,003		—		8,003

Corporate Bonds⁽¹⁾		—			128,298		—		128,298

Foreign Issuer Bonds⁽¹⁾		—			38,289		—		38,289

U.S. Government Agencies⁽¹⁾		—			151,013		—		151,013

U.S. Government Obligations⁽¹⁾		—			136,650		—		136,650

Municipal Bonds⁽¹⁾		—			1,358		—		1,358

Investment Companies		12,483			—		—		12,483

Short-Term Investments		—			2,664		—		2,664

Total Investments	$	12,483		$	481,963		$—	$	494,446
OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts	$	114		$	—		$—	$	114
Liabilities

Futures Contracts		(161	)		—		—		(161	)
Total Other Financial Instruments	$	(47	)	$	—		$—	$	(47	)

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 81.8%

Advertising & Marketing – 0.6%

Advantage Sales & Marketing, Inc.,

6.50%, 11/15/28 ⁽¹⁾		$7,295		$5,558

CMG Media Corp.,

8.88%, 12/15/27 ⁽¹⁾		10,040		7,590

Outfront Media Capital LLC/Outfront Media Capital Corp.,

4.25%, 1/15/29 ⁽¹⁾		3,645		3,026

				16,174

Aerospace & Defense – 1.7%

Howmet Aerospace, Inc.,

6.88%, 5/1/25		4,685		4,864

Spirit AeroSystems, Inc.,

9.38%, 11/30/29 ⁽¹⁾		5,475		5,975

TransDigm UK Holdings PLC,

6.88%, 5/15/26		10,465		10,308

TransDigm, Inc.,

5.50%, 11/15/27		8,690		8,194

6.75%, 8/15/28 ⁽¹⁾		5,250		5,302

Triumph Group, Inc.,

7.75%, 8/15/25		9,545		8,759

9.00%, 3/15/28 ⁽¹⁾		5,110		5,115

				48,517

Asset Management – 1.1%

Advisor Group Holdings, Inc.,

10.75%, 8/1/27 ⁽¹⁾		9,525		9,668

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

5.25%, 5/15/27		7,785		7,305

4.38%, 2/1/29		6,680		5,745

NFP Corp.,

6.88%, 8/15/28 ⁽¹⁾		8,420		7,225

				29,943

Automotive – 2.8%

American Axle & Manufacturing, Inc.,

6.88%, 7/1/28		4,050		3,661

Dana, Inc.,

4.25%, 9/1/30		3,325		2,665

Ford Motor Co.,

9.63%, 4/22/30		3,175		3,686

6.10%, 8/19/32		6,930		6,716

4.75%, 1/15/43		3,540		2,715

Ford Motor Credit Co. LLC,

5.58%, 3/18/24		3,858		3,819



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Automotive – 2.8% continued

4.06%, 11/1/24		$2,395		$2,313

5.13%, 6/16/25		1,710		1,674

4.13%, 8/4/25		7,305		6,949

4.39%, 1/8/26		7,755		7,357

4.95%, 5/28/27		7,040		6,715

4.13%, 8/17/27		9,250		8,475

7.35%, 11/4/27		6,175		6,360

5.11%, 5/3/29		6,993		6,565

4.00%, 11/13/30		4,680		3,977

General Motors Financial Co., Inc.,

(Variable, ICE LIBOR USD 3M + 3.60%), 5.75%, 9/30/27 ^{(2) (3)}		3,475		2,812

Real Hero Merger Sub 2, Inc.,

6.25%, 2/1/29 ⁽¹⁾		6,110		4,517

				80,976

Beverages – 0.1%

Triton Water Holdings, Inc.,

6.25%, 4/1/29⁽¹⁾		3,570		2,835

Biotechnology & Pharmaceuticals – 1.2%

Bausch Health Americas, Inc.,

8.50%, 1/31/27 ⁽¹⁾		7,270		3,321

Bausch Health Cos., Inc.,

6.13%, 2/1/27 ⁽¹⁾		3,385		2,191

5.00%, 1/30/28 ⁽¹⁾		5,440		2,067

4.88%, 6/1/28 ⁽¹⁾		5,355		3,159

7.25%, 5/30/29 ⁽¹⁾		3,975		1,499

5.25%, 1/30/30 ⁽¹⁾		11,235		4,193

Organon & Co./Organon Foreign Debt Co-Issuer B.V.,

5.13%, 4/30/31 ⁽¹⁾		7,340		6,515

Par Pharmaceutical, Inc.,

7.50%, 4/1/27 ^{(1) (4)}		8,813		6,556

Perrigo Finance Unlimited Co.,

4.40%, 6/15/30		3,825		3,434

				32,935

Cable & Satellite – 4.8%

CCO Holdings LLC/CCO Holdings Capital Corp.,

5.00%, 2/1/28 ⁽¹⁾		24,467		22,571

6.38%, 9/1/29 ⁽¹⁾		3,455		3,300

4.75%, 2/1/32 ⁽¹⁾		15,955		13,400

4.50%, 5/1/32		5,560		4,547

4.50%, 6/1/33 ⁽¹⁾		5,430		4,371



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Cable & Satellite – 4.8% continued

4.25%, 1/15/34 ⁽¹⁾		$5,516		$4,314

CSC Holdings LLC,

6.50%, 2/1/29 ⁽¹⁾		13,820		11,478

5.75%, 1/15/30 ⁽¹⁾		9,580		5,044

4.63%, 12/1/30 ⁽¹⁾		5,415		2,670

Directv Financing LLC/Directv Financing Co-Obligor, Inc.,

5.88%, 8/15/27 ⁽¹⁾		11,880		10,760

DISH DBS Corp.,

7.75%, 7/1/26		18,572		12,258

5.25%, 12/1/26 ⁽¹⁾		5,170		4,125

5.75%, 12/1/28 ⁽¹⁾		7,395		5,518

DISH Network Corp.,

11.75%, 11/15/27 ⁽¹⁾		2,995		2,905

GCI LLC,

4.75%, 10/15/28 ⁽¹⁾		2,840		2,450

LCPR Senior Secured Financing DAC,

6.75%, 10/15/27 ⁽¹⁾		5,938		5,608

Midcontinent Communications/Midcontinent Finance Corp.,

5.38%, 8/15/27 ⁽¹⁾		3,965		3,588

Radiate Holdco LLC/Radiate Finance, Inc.,

6.50%, 9/15/28 ⁽¹⁾		2,860		1,173

Sirius XM Radio, Inc.,

3.88%, 9/1/31 ⁽¹⁾		19,875		15,453

				135,533

Chemicals – 1.6%

ASP Unifrax Holdings, Inc.,

5.25%, 9/30/28 ⁽¹⁾		3,240		2,589

CVR Partners L.P./CVR Nitrogen Finance Corp.,

6.13%, 6/15/28 ⁽¹⁾		4,150		3,679

Diamond BC B.V.,

4.63%, 10/1/29 ⁽¹⁾		4,550		4,434

Illuminate Buyer LLC/Illuminate Holdings IV, Inc.,

9.00%, 7/1/28 ⁽¹⁾		5,185		4,596

LSB Industries, Inc.,

6.25%, 10/15/28 ⁽¹⁾		5,225		4,650

LSF11 A5 HoldCo LLC,

6.63%, 10/15/29 ⁽¹⁾		6,255		5,260



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Chemicals – 1.6% continued

Mativ Holdings, Inc.,

6.88%, 10/1/26 ⁽¹⁾		$8,570		$7,842

Olympus Water U.S. Holding Corp.,

7.13%, 10/1/27 ⁽¹⁾		4,750		4,460

SK Invictus Intermediate II S.a.r.l.,

5.00%, 10/30/29 ⁽¹⁾		5,330		4,425

WR Grace Holdings LLC,

5.63%, 8/15/29 ⁽¹⁾		4,315		3,657

				45,592

Commercial Support Services – 1.8%

ADT Security (The) Corp.,

4.13%, 8/1/29 ⁽¹⁾		4,180		3,728

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

6.63%, 7/15/26 ⁽¹⁾		4,680		4,498

6.00%, 6/1/29 ⁽¹⁾		5,803		4,332

APX Group, Inc.,

6.75%, 2/15/27 ⁽¹⁾		6,770		6,736

5.75%, 7/15/29 ⁽¹⁾		5,290		4,735

Clean Harbors, Inc.,

6.38%, 2/1/31 ⁽¹⁾		2,295		2,341

Covanta Holding Corp.,

5.00%, 9/1/30		6,580		5,660

Prime Security Services Borrower LLC/Prime Finance, Inc.,

6.25%, 1/15/28 ⁽¹⁾		11,645		10,888

Stericycle, Inc.,

3.88%, 1/15/29 ⁽¹⁾		3,455		3,016

ZipRecruiter, Inc.,

5.00%, 1/15/30 ⁽¹⁾		4,530		3,873

				49,807

Construction Materials – 0.6%

Eco Material Technologies, Inc.,

7.88%, 1/31/27 ⁽¹⁾		7,700		7,304

Standard Industries, Inc.,

3.38%, 1/15/31 ⁽¹⁾		5,260		4,227

Summit Materials LLC/Summit Materials Finance Corp.,

6.50%, 3/15/27 ⁽¹⁾		6,398		6,338

				17,869

Consumer Services – 0.4%

PROG Holdings, Inc.,

6.00%, 11/15/29 ⁽¹⁾		7,815		6,643



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Consumer Services – 0.4% continued

StoneMor, Inc.,

8.50%, 5/15/29 ⁽¹⁾		$6,900		$5,304

				11,947

Containers & Packaging – 1.8%

Ardagh Packaging Finance PLC/Ardagh Holdings U.S.A., Inc.,

5.25%, 8/15/27 ⁽¹⁾		11,220		8,846

Ball Corp.,

6.88%, 3/15/28		6,850		7,090

2.88%, 8/15/30		3,100		2,582

Clydesdale Acquisition Holdings, Inc.,

6.63%, 4/15/29 ⁽¹⁾		3,485		3,354

Crown Americas LLC,

5.25%, 4/1/30		3,845		3,702

Graham Packaging Co., Inc.,

7.13%, 8/15/28 ⁽¹⁾		7,545		6,525

Mauser Packaging Solutions Holding Co.,

7.88%, 8/15/26 ⁽¹⁾		5,310		5,310

9.25%, 4/15/27 ⁽¹⁾		5,637		5,209

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,

4.38%, 10/15/28 ⁽¹⁾		3,320		2,902

Sealed Air Corp.,

6.13%, 2/1/28 ⁽¹⁾		6,085		6,153

				51,673

Electric Utilities – 1.4%

Calpine Corp.,

5.13%, 3/15/28		9,037		8,274

5.00%, 2/1/31 ⁽¹⁾		4,050		3,428

NRG Energy, Inc.,

5.75%, 1/15/28		9,190		9,012

3.88%, 2/15/32 ⁽¹⁾		4,932		3,946

Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,

4.50%, 8/15/28 ⁽¹⁾		4,120		3,769

Vistra Operations Co. LLC,

5.63%, 2/15/27 ⁽¹⁾		6,550		6,356

4.38%, 5/1/29 ⁽¹⁾		5,415		4,795

				39,580



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Electrical Equipment – 0.4%

WESCO Distribution, Inc.,

7.13%, 6/15/25 ⁽¹⁾		$5,800		$5,895

7.25%, 6/15/28 ⁽¹⁾		4,250		4,364

				10,259

Engineering & Construction – 0.5%

Brundage-Bone Concrete Pumping Holdings, Inc.,

6.00%, 2/1/26 ⁽¹⁾		7,295		6,839

Dycom Industries, Inc.,

4.50%, 4/15/29 ⁽¹⁾		4,435		4,002

VM Consolidated, Inc.,

5.50%, 4/15/29 ⁽¹⁾		4,190		3,701

				14,542

Entertainment Content – 1.0%

Allen Media LLC/Allen Media Co-Issuer, Inc.,

10.50%, 2/15/28 ⁽¹⁾		22,150		12,127

TEGNA, Inc.,

5.00%, 9/15/29		9,334		8,068

Univision Communications, Inc.,

4.50%, 5/1/29		4,780		4,015

7.38%, 6/30/30 ⁽¹⁾		4,800		4,538

				28,748

Food – 0.4%

Post Holdings, Inc.,

4.50%, 9/15/31 ⁽¹⁾		5,596		4,925

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,

4.63%, 3/1/29 ⁽¹⁾		6,950		5,648

				10,573

Forestry, Paper & Wood Products – 0.2%

Glatfelter Corp.,

4.75%, 11/15/29⁽¹⁾		6,520		4,305

Health Care Facilities & Services – 3.3%

AdaptHealth LLC,

6.13%, 8/1/28 ⁽¹⁾		4,225		3,879

5.13%, 3/1/30 ⁽¹⁾		5,085		4,314

CHS/Community Health Systems, Inc.,

6.88%, 4/15/29 ⁽¹⁾		5,300		3,281

6.13%, 4/1/30 ⁽¹⁾		7,445		4,486

5.25%, 5/15/30 ⁽¹⁾		15,150		11,884



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Health Care Facilities & Services – 3.3% continued

DaVita, Inc.,

4.63%, 6/1/30 ⁽¹⁾		$8,705		$7,431

3.75%, 2/15/31 ⁽¹⁾		4,933		3,891

Encompass Health Corp.,

4.75%, 2/1/30		6,710		6,101

IQVIA, Inc.,

5.00%, 10/15/26 ⁽¹⁾		4,475		4,374

Legacy LifePoint Health LLC,

6.75%, 4/15/25 ⁽¹⁾		3,113		2,954

LifePoint Health, Inc.,

5.38%, 1/15/29 ⁽¹⁾		3,990		2,439

Prime Healthcare Services, Inc.,

7.25%, 11/1/25 ⁽¹⁾		7,370		6,521

Surgery Center Holdings, Inc.,

6.75%, 7/1/25 ⁽¹⁾		1,936		1,915

10.00%, 4/15/27 ⁽¹⁾		3,131		3,192

Tenet Healthcare Corp.,

6.13%, 10/1/28		13,865		13,288

4.38%, 1/15/30		15,595		13,997

				93,947

Home & Office Products – 0.5%

CD&R Smokey Buyer, Inc.,

6.75%, 7/15/25 ⁽¹⁾		5,315		4,558

Newell Brands, Inc.,

5.88%, 4/1/36		11,025		9,767

				14,325

Home Construction – 1.7%

Beazer Homes U.S.A., Inc.,

5.88%, 10/15/27		6,965		6,345

Forestar Group, Inc.,

5.00%, 3/1/28 ⁽¹⁾		2,962		2,651

Interface, Inc.,

5.50%, 12/1/28 ⁽¹⁾		4,050		3,264

KB Home,

7.25%, 7/15/30		4,910		4,980

LGI Homes, Inc.,

4.00%, 7/15/29 ⁽¹⁾		7,180		5,832

M/I Homes, Inc.,

3.95%, 2/15/30		9,915		8,405

MIWD Holdco II LLC/MIWD Finance Corp.,

5.50%, 2/1/30 ⁽¹⁾		2,740		2,315



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Home Construction – 1.7% continued

PGT Innovations, Inc.,

4.38%, 10/1/29 ⁽¹⁾		$10,765		$9,728

Taylor Morrison Communities, Inc.,

5.13%, 8/1/30 ⁽¹⁾		4,995		4,611

				48,131

Household Products – 0.1%

Edgewell Personal Care Co.,

5.50%, 6/1/28⁽¹⁾		2,505		2,400

Industrial Intermediate Products – 0.8%

Anagram International, Inc./Anagram Holdings LLC,

10.00%, 8/15/26 ^{(1) (5)}		2,693		2,182

Chart Industries, Inc.,

7.50%, 1/1/30 ⁽¹⁾		7,610		7,863

9.50%, 1/1/31 ⁽¹⁾		3,770		3,977

FXI Holdings, Inc.,

12.25%, 11/15/26 ⁽¹⁾		11,270		10,002

				24,024

Industrial Support Services – 0.9%

APi Group DE, Inc.,

4.13%, 7/15/29 ⁽¹⁾		3,810		3,269

NESCO Holdings II, Inc.,

5.50%, 4/15/29 ⁽¹⁾		4,270		3,863

PECF USS Intermediate Holding III Corp.,

8.00%, 11/15/29 ⁽¹⁾		8,260		5,485

Resideo Funding, Inc.,

4.00%, 9/1/29 ⁽¹⁾		8,225		6,838

United Rentals North America, Inc.,

6.00%, 12/15/29 ⁽¹⁾		6,765		6,858

				26,313

Institutional Financial Services – 0.8%

Aretec Escrow Issuer, Inc.,

7.50%, 4/1/29 ⁽¹⁾		3,792		3,100

Armor Holdco, Inc.,

8.50%, 11/15/29 ⁽¹⁾		5,660		4,599

Coinbase Global, Inc.,

3.63%, 10/1/31 ⁽¹⁾		7,860		4,402

Jane Street Group/JSG Finance, Inc.,

4.50%, 11/15/29 ⁽¹⁾		11,405		10,208

				22,309



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Insurance – 0.9%

Acrisure LLC/Acrisure Finance, Inc.,

4.25%, 2/15/29 ⁽¹⁾		$5,360		$4,570

AmWINS Group, Inc.,

4.88%, 6/30/29 ⁽¹⁾		7,295		6,456

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,

7.63%, (100% Cash), 10/15/25 ^{(1) (5)}		9,270		8,559

NMI Holdings, Inc.,

7.38%, 6/1/25 ⁽¹⁾		5,160		5,167

				24,752

Internet Media & Services – 1.0%

Endurance International Group Holdings, Inc.,

6.00%, 2/15/29 ⁽¹⁾		4,910		3,317

GrubHub Holdings, Inc.,

5.50%, 7/1/27 ⁽¹⁾		5,550		4,159

Millennium Escrow Corp.,

6.63%, 8/1/26 ⁽¹⁾		4,445		2,889

TripAdvisor, Inc.,

7.00%, 7/15/25 ⁽¹⁾		7,490		7,506

Uber Technologies, Inc.,

6.25%, 1/15/28 ⁽¹⁾		8,770		8,748

4.50%, 8/15/29 ⁽¹⁾		3,035		2,766

				29,385

Leisure Facilities & Services – 7.3%

Affinity Interactive,

6.88%, 12/15/27 ⁽¹⁾		4,860		4,335

AMC Entertainment Holdings, Inc.,

10.00%, 6/15/26 ⁽¹⁾		7,065		4,480

Boyne U.S.A., Inc.,

4.75%, 5/15/29 ⁽¹⁾		4,910		4,384

Caesars Entertainment, Inc.,

6.25%, 7/1/25 ⁽¹⁾		5,755		5,755

8.13%, 7/1/27 ⁽¹⁾		4,835		4,932

4.63%, 10/15/29 ⁽¹⁾		7,980		6,978

Caesars Resort Collection LLC/CRC Finco, Inc.,

5.75%, 7/1/25 ⁽¹⁾		6,870		6,871

Carnival Corp.,

7.63%, 3/1/26 ⁽¹⁾		7,270		6,634

5.75%, 3/1/27 ⁽¹⁾		9,980		8,187

4.00%, 8/1/28 ⁽¹⁾		6,370		5,483



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Leisure Facilities & Services – 7.3% continued

Carnival Holdings Bermuda Ltd.,

10.38%, 5/1/28 ⁽¹⁾		$6,745		$7,256

Carrols Restaurant Group, Inc.,

5.88%, 7/1/29 ⁽¹⁾		4,765		3,836

Everi Holdings, Inc.,

5.00%, 7/15/29 ⁽¹⁾		6,700		5,963

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,

4.63%, 1/15/29 ⁽¹⁾		3,115		2,734

6.75%, 1/15/30 ⁽¹⁾		6,950		5,718

Full House Resorts, Inc.,

8.25%, 2/15/28 ⁽¹⁾		4,165		3,790

GPS Hospitality Holding Co. LLC/GPS Finco, Inc.,

7.00%, 8/15/28 ⁽¹⁾		7,900		4,819

Hilton Domestic Operating Co., Inc.,

5.75%, 5/1/28 ⁽¹⁾		6,575		6,575

International Game Technology PLC,

5.25%, 1/15/29 ⁽¹⁾		8,840		8,464

Jacobs Entertainment, Inc.,

6.75%, 2/15/29 ⁽¹⁾		4,935		4,312

Lindblad Expeditions LLC,

6.75%, 2/15/27 ⁽¹⁾		9,255		8,960

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,

4.88%, 5/1/29 ⁽¹⁾		5,225		4,542

NCL Corp. Ltd.,

5.88%, 3/15/26 ⁽¹⁾		5,050		4,298

5.88%, 2/15/27 ⁽¹⁾		5,205		4,854

8.38%, 2/1/28 ⁽¹⁾		3,685		3,698

NCL Finance Ltd.,

6.13%, 3/15/28 ⁽¹⁾		3,030		2,455

Penn Entertainment, Inc.,

4.13%, 7/1/29 ⁽¹⁾		3,645		3,039

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,

5.88%, 9/1/31 ⁽¹⁾		2,640		1,898

Raptor Acquisition Corp./Raptor Co-Issuer LLC,

4.88%, 11/1/26 ⁽¹⁾		3,765		3,501

Royal Caribbean Cruises Ltd.,

4.25%, 7/1/26 ⁽¹⁾		1,990		1,786

5.50%, 8/31/26 ⁽¹⁾		4,115		3,850



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Leisure Facilities & Services – 7.3% continued

11.63%, 8/15/27 ⁽¹⁾		$5,635		$6,052

8.25%, 1/15/29 ⁽¹⁾		4,895		5,115

7.25%, 1/15/30 ⁽¹⁾		3,025		3,044

Scientific Games Holdings L.P./Scientific Games U.S. FinCo, Inc.,

6.63%, 3/1/30 ⁽¹⁾		3,260		2,881

Scientific Games International, Inc.,

7.00%, 5/15/28 ⁽¹⁾		8,993		8,903

Station Casinos LLC,

4.50%, 2/15/28 ⁽¹⁾		4,405		3,976

Travel + Leisure Co.,

6.63%, 7/31/26 ⁽¹⁾		5,390		5,411

Viking Cruises Ltd.,

13.00%, 5/15/25 ⁽¹⁾		3,825		4,040

5.88%, 9/15/27 ⁽¹⁾		8,801		7,578

Yum! Brands, Inc.,

5.38%, 4/1/32		7,710		7,464

				208,851

Leisure Products – 0.3%

Thor Industries, Inc.,

4.00%, 10/15/29 ⁽¹⁾		8,310		6,870

Vista Outdoor, Inc.,

4.50%, 3/15/29 ⁽¹⁾		3,690		2,978

				9,848

Machinery – 0.8%

Amsted Industries, Inc.,

5.63%, 7/1/27 ⁽¹⁾		4,875		4,741

GrafTech Finance, Inc.,

4.63%, 12/15/28 ⁽¹⁾		5,345		4,457

Madison IAQ LLC,

4.13%, 6/30/28 ⁽¹⁾		5,795		5,013

5.88%, 6/30/29 ⁽¹⁾		4,005		3,094

Titan International, Inc.,

7.00%, 4/30/28		6,545		5,897

				23,202

Medical Equipment & Devices – 0.6%

Embecta Corp.,

5.00%, 2/15/30 ⁽¹⁾		3,985		3,428

Medline Borrower L.P.,

3.88%, 4/1/29 ⁽¹⁾		4,500		3,904

5.25%, 10/1/29 ⁽¹⁾		11,630		10,090

				17,422



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Metals & Mining – 0.9%

Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp.,

7.50%, 5/1/25 ⁽¹⁾		$4,692		$4,662

Arconic Corp.,

6.13%, 2/15/28 ⁽¹⁾		5,030		4,948

Coeur Mining, Inc.,

5.13%, 2/15/29 ⁽¹⁾		4,735		4,013

Constellium S.E.,

3.75%, 4/15/29 ⁽¹⁾		3,405		2,949

Kaiser Aluminum Corp.,

4.50%, 6/1/31 ⁽¹⁾		5,970		4,903

Novelis Corp.,

4.75%, 1/30/30 ⁽¹⁾		4,695		4,314

				25,789

Oil & Gas Producers – 10.8%

Apache Corp.,

4.25%, 1/15/30		3,325		3,034

5.10%, 9/1/40		9,640		8,170

Berry Petroleum Co. LLC,

7.00%, 2/15/26 ⁽¹⁾		11,825		11,094

California Resources Corp.,

7.13%, 2/1/26 ⁽¹⁾		5,615		5,684

Citgo Holding, Inc.,

9.25%, 8/1/24 ⁽¹⁾		5,415		5,425

CITGO Petroleum Corp.,

7.00%, 6/15/25 ⁽¹⁾		9,295		9,170

CNX Resources Corp.,

7.38%, 1/15/31 ⁽¹⁾		3,405		3,354

Comstock Resources, Inc.,

6.75%, 3/1/29 ⁽¹⁾		4,095		3,747

Crescent Energy Finance LLC,

9.25%, 2/15/28 ⁽¹⁾		2,235		2,143

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.,

5.63%, 5/1/27 ⁽¹⁾		9,361		9,018

CrownRock L.P./CrownRock Finance, Inc.,

5.00%, 5/1/29 ⁽¹⁾		3,680		3,428

CVR Energy, Inc.,

5.75%, 2/15/28 ⁽¹⁾		7,325		6,722



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Oil & Gas Producers – 10.8% continued

Delek Logistics Partners L.P./Delek Logistics Finance Corp.,

7.13%, 6/1/28 ⁽¹⁾		$2,810		$2,572

Earthstone Energy Holdings LLC,

8.00%, 4/15/27 ⁽¹⁾		5,360		5,201

Energy Ventures Gom LLC/EnVen Finance Corp.,

11.75%, 4/15/26 ⁽¹⁾		4,159		4,320

EnLink Midstream LLC,

6.50%, 9/1/30 ⁽¹⁾		3,455		3,494

EnLink Midstream Partners L.P.,

(Variable, ICE LIBOR USD 3M + 4.11%), 8.98%, 5/4/23 ^(3) (6)		8,389		7,197

EQM Midstream Partners L.P.,

6.00%, 7/1/25 ⁽¹⁾		2,672		2,641

4.50%, 1/15/29 ⁽¹⁾		2,440		2,074

7.50%, 6/1/30 ⁽¹⁾		3,415		3,308

4.75%, 1/15/31 ⁽¹⁾		7,835		6,503

FTAI Infra Escrow Holdings LLC,

10.50%, 6/1/27 ⁽¹⁾		8,950		8,843

Genesis Energy L.P./Genesis Energy Finance Corp.,

8.00%, 1/15/27		3,855		3,812

Global Partners L.P./GLP Finance Corp.,

6.88%, 1/15/29		4,695		4,365

Harvest Midstream I L.P.,

7.50%, 9/1/28 ⁽¹⁾		3,415		3,406

Hess Midstream Operations L.P.,

5.50%, 10/15/30 ⁽¹⁾		5,950		5,533

Hilcorp Energy I L.P./Hilcorp Finance Co.,

6.25%, 11/1/28 ⁽¹⁾		6,867		6,517

Holly Energy Partners L.P./Holly Energy Finance Corp.,

5.00%, 2/1/28 ⁽¹⁾		4,435		4,140

ITT Holdings LLC,

6.50%, 8/1/29 ⁽¹⁾		7,535		6,362

Martin Midstream Partners L.P./Martin Midstream Finance Corp.,

11.50%, 2/15/28 ⁽¹⁾		6,825		6,535

Murphy Oil Corp.,

6.38%, 7/15/28		5,450		5,370



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Oil & Gas Producers – 10.8% continued

NGL Energy Operating LLC/NGL Energy Finance Corp.,

7.50%, 2/1/26 ⁽¹⁾		$7,435		$7,174

NGL Energy Partners L.P./NGL Energy Finance Corp.,

7.50%, 4/15/26		5,215		4,511

Northern Oil and Gas, Inc.,

8.13%, 3/1/28 ⁽¹⁾		4,470		4,434

NuStar Logistics L.P.,

6.00%, 6/1/26		5,060		4,960

Occidental Petroleum Corp.,

5.55%, 3/15/26		7,810		7,869

6.38%, 9/1/28		5,400		5,592

3.50%, 8/15/29		13,040		11,801

6.63%, 9/1/30		19,540		20,579

PBF Holding Co. LLC/PBF Finance Corp.,

6.00%, 2/15/28		10,100		9,710

Permian Resources Operating LLC,

5.88%, 7/1/29 ⁽¹⁾		4,835		4,578

Plains All American Pipeline L.P.,

(Variable, ICE LIBOR USD 3M + 4.11%), 8.97%, 5/5/23 ^(3) (6)		4,680		4,143

Range Resources Corp.,

8.25%, 1/15/29		4,825		5,085

4.75%, 2/15/30 ⁽¹⁾		3,075		2,803

SM Energy Co.,

5.63%, 6/1/25		10,160		9,851

Southwestern Energy Co.,

5.70%, 1/23/25		10,543		10,548

5.38%, 2/1/29		8,430		7,945

Sunoco L.P./Sunoco Finance Corp.,

4.50%, 5/15/29		3,313		3,041

4.50%, 4/30/30		4,470		4,043

Venture Global Calcasieu Pass LLC,

4.13%, 8/15/31 ⁽¹⁾		7,935		6,972

Vital Energy, Inc.,

9.50%, 1/15/25		9,105		9,169

				307,990

Oil & Gas Services & Equipment – 1.6%

Nabors Industries Ltd.,

7.25%, 1/15/26 ⁽¹⁾		6,805		6,490

Nabors Industries, Inc.,

7.38%, 5/15/27 ⁽¹⁾		2,495		2,444



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Oil & Gas Services & Equipment – 1.6% continued

Oceaneering International, Inc.,

6.00%, 2/1/28		$7,330		$6,887

Transocean Poseidon Ltd.,

6.88%, 2/1/27 ⁽¹⁾		6,715		6,581

Transocean Titan Financing Ltd.,

8.38%, 2/1/28 ⁽¹⁾		1,495		1,538

Transocean, Inc.,

7.50%, 1/15/26		1,455		1,321

8.75%, 2/15/30 ⁽¹⁾		7,450		7,599

U.S.A. Compression Partners L.P./U.S.A. Compression Finance Corp.,

6.88%, 4/1/26		6,856		6,664

Weatherford International Ltd.,

6.50%, 9/15/28 ⁽¹⁾		4,720		4,728

				44,252

Publishing & Broadcasting – 2.6%

Beasley Mezzanine Holdings LLC,

8.63%, 2/1/26 ⁽¹⁾		14,770		9,768

Clear Channel Outdoor Holdings, Inc.,

5.13%, 8/15/27 ⁽¹⁾		6,265		5,623

7.75%, 4/15/28 ⁽¹⁾		3,785		2,839

7.50%, 6/1/29 ⁽¹⁾		3,315		2,356

Cumulus Media New Holdings, Inc.,

6.75%, 7/1/26 ⁽¹⁾		7,525		5,719

Gannett Holdings LLC,

6.00%, 11/1/26 ⁽¹⁾		3,965		3,330

Gray Escrow II, Inc.,

5.38%, 11/15/31 ⁽¹⁾		6,840		4,542

Gray Television, Inc.,

7.00%, 5/15/27 ⁽¹⁾		6,040		5,057

iHeartCommunications, Inc.,

8.38%, 5/1/27		3,895		2,834

5.25%, 8/15/27 ⁽¹⁾		4,450		3,638

McGraw-Hill Education, Inc.,

5.75%, 8/1/28 ⁽¹⁾		4,985		4,337

Nexstar Media, Inc.,

5.63%, 7/15/27 ⁽¹⁾		5,270		4,870

Sinclair Television Group, Inc.,

4.13%, 12/1/30 ⁽¹⁾		3,200		2,580

Townsquare Media, Inc.,

6.88%, 2/1/26 ⁽¹⁾		7,644		7,231



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Publishing & Broadcasting – 2.6% continued

Urban One, Inc.,

7.38%, 2/1/28 ⁽¹⁾		$9,255		$8,408

				73,132

Real Estate Investment Trusts – 2.2%

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL,

4.50%, 4/1/27 ⁽¹⁾		6,605		5,301

Diversified Healthcare Trust,

4.38%, 3/1/31		5,712		4,091

HAT Holdings I LLC/HAT Holdings II LLC,

6.00%, 4/15/25 ⁽¹⁾		6,760		6,494

IIP Operating Partnership L.P.,

5.50%, 5/25/26		4,515		3,881

Iron Mountain, Inc.,

4.88%, 9/15/29 ⁽¹⁾		9,834		8,838

5.25%, 7/15/30 ⁽¹⁾		11,220		10,117

Necessity Retail REIT (The), Inc./American Finance Operating Partner L.P.,

4.50%, 9/30/28 ⁽¹⁾		6,660		4,980

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

4.88%, 5/15/29 ⁽¹⁾		3,515		3,024

Service Properties Trust,

5.50%, 12/15/27		8,745		7,827

Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC,

10.50%, 2/15/28 ⁽¹⁾		4,140		4,016

6.50%, 2/15/29 ⁽¹⁾		3,705		2,260

XHR L.P.,

6.38%, 8/15/25 ⁽¹⁾		2,450		2,403

				63,232

Real Estate Owners & Developers – 0.1%

Kennedy-Wilson, Inc.,

5.00%, 3/1/31		4,860		3,566



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Retail - Consumer Staples – 0.4%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,

4.63%, 1/15/27 ⁽¹⁾		$5,080		$4,913

5.88%, 2/15/28 ⁽¹⁾		5,075		5,044

				9,957

Retail - Discretionary – 4.2%

Academy Ltd.,

6.00%, 11/15/27 ⁽¹⁾		7,175		6,999

Bath & Body Works, Inc.,

9.38%, 7/1/25 ⁽¹⁾		1,420		1,517

5.25%, 2/1/28		2,580		2,464

6.63%, 10/1/30 ⁽¹⁾		5,100		4,972

6.75%, 7/1/36		9,090		8,125

Carvana Co.,

5.88%, 10/1/28 ⁽¹⁾		4,905		2,182

Evergreen Acqco 1 L.P./TVI, Inc.,

9.75%, 4/26/28 ⁽¹⁾		8,175		7,766

Ken Garff Automotive LLC,

4.88%, 9/15/28 ⁽¹⁾		7,995		6,797

LBM Acquisition LLC,

6.25%, 1/15/29 ⁽¹⁾		3,360		2,572

LCM Investments Holdings II LLC,

4.88%, 5/1/29 ⁽¹⁾		4,460		3,731

Lithia Motors, Inc.,

3.88%, 6/1/29 ⁽¹⁾		4,160		3,598

LSF9 Atlantis Holdings LLC/Victra Finance Corp.,

7.75%, 2/15/26 ⁽¹⁾		10,595		9,624

Macy’s Retail Holdings LLC,

5.88%, 3/15/30 ⁽¹⁾		3,405		3,022

4.50%, 12/15/34		6,435		4,682

Metis Merger Sub LLC,

6.50%, 5/15/29 ⁽¹⁾		5,465		4,552

Michaels (The) Cos., Inc.,

5.25%, 5/1/28 ⁽¹⁾		3,670		3,059

7.88%, 5/1/29 ⁽¹⁾		2,910		2,037

NMG Holding Co., Inc./Neiman Marcus Group LLC,

7.13%, 4/1/26 ⁽¹⁾		3,660		3,436

Patrick Industries, Inc.,

7.50%, 10/15/27 ⁽¹⁾		5,695		5,599

4.75%, 5/1/29 ⁽¹⁾		3,855		3,345



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Retail - Discretionary – 4.2% continued

PetSmart, Inc./PetSmart Finance Corp.,

4.75%, 2/15/28 ⁽¹⁾		$1,650		$1,549

7.75%, 2/15/29 ⁽¹⁾		4,030		3,956

Sonic Automotive, Inc.,

4.63%, 11/15/29 ⁽¹⁾		2,580		2,161

4.88%, 11/15/31 ⁽¹⁾		7,092		5,715

Staples, Inc.,

7.50%, 4/15/26 ⁽¹⁾		12,066		10,571

Victoria’s Secret & Co.,

4.63%, 7/15/29 ⁽¹⁾		6,480		5,250

				119,281

Semiconductors – 0.2%

Coherent Corp.,

5.00%, 12/15/29⁽¹⁾		5,096		4,626

Software – 1.3%

AthenaHealth Group, Inc.,

6.50%, 2/15/30 ⁽¹⁾		4,715		3,823

Castle U.S. Holding Corp.,

9.50%, 2/15/28 ⁽¹⁾		8,280		3,364

Central Parent, Inc./CDK Global, Inc.,

7.25%, 6/15/29 ⁽¹⁾		3,495		3,435

Cloud Software Group Holdings, Inc.,

6.50%, 3/31/29 ⁽¹⁾		9,885		8,744

Condor Merger Sub, Inc.,

7.38%, 2/15/30 ⁽¹⁾		2,305		1,933

Consensus Cloud Solutions, Inc.,

6.00%, 10/15/26 ⁽¹⁾		2,720		2,363

6.50%, 10/15/28 ⁽¹⁾		3,890		3,226

Gen Digital, Inc.,

7.13%, 9/30/30 ⁽¹⁾		4,850		4,826

GoTo Group, Inc.,

5.50%, 9/1/27 ⁽¹⁾		7,570		3,874

Rocket Software, Inc.,

6.50%, 2/15/29 ⁽¹⁾		2,685		2,114

				37,702

Specialty Finance – 5.9%

Ally Financial, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.87%), 4.70%, 5/15/26 ^{(2) (3)}		4,725		3,390

(Variable, U.S. Treasury Yield Curve Rate CMT 7Y + 3.48%), 4.70%, 5/15/28 ^{(2) (3)}		1,830		1,221



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Specialty Finance – 5.9% continued

Burford Capital Global Finance LLC,

6.88%, 4/15/30 ⁽¹⁾		$8,695		$7,484

Credit Acceptance Corp.,

6.63%, 3/15/26		7,718		7,200

Curo Group Holdings Corp.,

7.50%, 8/1/28 ⁽¹⁾		15,380		6,136

Discover Financial Services,

(Variable, ICE LIBOR USD 3M + 3.08%), 5.50%, 10/30/27 ^(2) (3)		7,480		5,348

Enova International, Inc.,

8.50%, 9/15/25 ⁽¹⁾		10,490		9,946

Finance of America Funding LLC,

7.88%, 11/15/25 ⁽¹⁾		5,140		3,662

FirstCash, Inc.,

4.63%, 9/1/28 ⁽¹⁾		6,990		6,200

5.63%, 1/1/30 ⁽¹⁾		6,550		6,042

Fortress Transportation and Infrastructure Investors LLC,

9.75%, 8/1/27 ⁽¹⁾		8,630		9,105

Freedom Mortgage Corp.,

8.13%, 11/15/24 ⁽¹⁾		4,681		4,506

Jefferies Finance LLC/JFIN Co-Issuer Corp.,

5.00%, 8/15/28 ⁽¹⁾		9,275		7,852

Jefferson Capital Holdings LLC,

6.00%, 8/15/26 ⁽¹⁾		13,900		11,770

JPR Royalty Sub LLC,

14.00%, 9/1/20 ^{(1) (4) (7) (8)}		8,000		—

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

4.25%, 2/1/27 ⁽¹⁾		10,815		8,544

LFS Topco LLC,

5.88%, 10/15/26 ⁽¹⁾		8,295		7,230

Midcap Financial Issuer Trust,

6.50%, 5/1/28 ⁽¹⁾		4,075		3,467

Nationstar Mortgage Holdings, Inc.,

5.13%, 12/15/30 ⁽¹⁾		4,990		3,834

Navient Corp.,

5.00%, 3/15/27		13,050		11,496

OneMain Finance Corp.,

5.38%, 11/15/29		13,095		11,016

4.00%, 9/15/30		5,515		4,136



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Specialty Finance – 5.9% continued

PennyMac Financial Services, Inc.,

5.75%, 9/15/31 ⁽¹⁾		$2,480		$1,964

PRA Group, Inc.,

7.38%, 9/1/25 ⁽¹⁾		8,390		8,346

Provident Funding Associates L.P./PFG Finance Corp.,

6.38%, 6/15/25 ⁽¹⁾		4,212		3,721

Synchrony Financial,

7.25%, 2/2/33		3,200		2,823

United Wholesale Mortgage LLC,

5.50%, 4/15/29 ⁽¹⁾		2,740		2,288

Voyager Aviation Holdings LLC,

8.50%, 5/9/26 ⁽¹⁾		5,679		4,659

World Acceptance Corp.,

7.00%, 11/1/26 ⁽¹⁾		7,055		5,256

				168,642

Steel – 0.3%

Carpenter Technology Corp.,

6.38%, 7/15/28		5,475		5,340

TMS International Corp.,

6.25%, 4/15/29 ⁽¹⁾		2,830		2,182

United States Steel Corp.,

6.88%, 3/1/29		1,244		1,244

				8,766

Technology Hardware – 2.2%

CommScope, Inc.,

6.00%, 3/1/26 ⁽¹⁾		2,475		2,389

7.13%, 7/1/28 ⁽¹⁾		4,330		3,194

Imola Merger Corp.,

4.75%, 5/15/29 ⁽¹⁾		4,205		3,762

Likewize Corp.,

9.75%, 10/15/25 ⁽¹⁾		8,265		7,512

Maxar Technologies, Inc.,

7.75%, 6/15/27 ⁽¹⁾		12,415		12,973

NCR Corp.,

6.13%, 9/1/29 ⁽¹⁾		9,710		9,577

Seagate HDD Cayman,

3.38%, 7/15/31		2,745		2,039

TTM Technologies, Inc.,

4.00%, 3/1/29 ⁽¹⁾		5,330		4,637

Viasat, Inc.,

5.63%, 4/15/27 ⁽¹⁾		7,845		7,366

6.50%, 7/15/28 ⁽¹⁾		6,295		4,650



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Technology Hardware – 2.2% continued

Viavi Solutions, Inc.,

3.75%, 10/1/29 ⁽¹⁾		$4,095		$3,502

				61,601

Technology Services – 1.4%

Acuris Finance U.S., Inc./Acuris Finance S.a.r.l.,

5.00%, 5/1/28 ⁽¹⁾		4,795		3,764

Ahead DB Holdings LLC,

6.63%, 5/1/28 ⁽¹⁾		2,175		1,801

CPI Acquisition, Inc.,

8.63%, 3/15/26 ⁽¹⁾		6,634		6,568

HealthEquity, Inc.,

4.50%, 10/1/29 ⁽¹⁾		7,505		6,668

Neptune Bidco U.S., Inc.,

9.29%, 4/15/29 ⁽¹⁾		5,315		4,927

Sabre GLBL, Inc.,

9.25%, 4/15/25 ⁽¹⁾		5,735		5,402

7.38%, 9/1/25 ⁽¹⁾		4,780		4,271

Vericast Corp.,

11.00%, 9/15/26 ⁽¹⁾		3,820		4,021

Virtusa Corp.,

7.13%, 12/15/28 ⁽¹⁾		3,455		2,715

				40,137

Telecommunications – 2.6%

Cablevision Lightpath LLC,

5.63%, 9/15/28 ⁽¹⁾		2,850		1,967

Consolidated Communications, Inc.,

6.50%, 10/1/28 ⁽¹⁾		3,557		2,578

Frontier Communications Holdings LLC,

5.88%, 10/15/27 ⁽¹⁾		7,270		6,609

6.75%, 5/1/29 ⁽¹⁾		7,255		5,750

8.75%, 5/15/30 ⁽¹⁾		3,380		3,366

Hughes Satellite Systems Corp.,

6.63%, 8/1/26		4,880		4,621

Level 3 Financing, Inc.,

4.25%, 7/1/28 ⁽¹⁾		6,605		3,726

3.75%, 7/15/29 ⁽¹⁾		6,335		3,378

3.88%, 11/15/29 ⁽¹⁾		3,865		2,797

Lumen Technologies, Inc.,

4.00%, 2/15/27 ⁽¹⁾		3,865		2,551

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,

6.00%, 2/15/28 ⁽¹⁾		2,325		1,720



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 81.8% continued

Telecommunications – 2.6% continued

Sprint Capital Corp.,

6.88%, 11/15/28		$11,943		$12,833

8.75%, 3/15/32		10,580		12,881

Windstream Escrow LLC/Windstream Escrow Finance Corp.,

7.75%, 8/15/28 ⁽¹⁾		7,385		6,048

Zayo Group Holdings, Inc.,

6.13%, 3/1/28 ⁽¹⁾		5,445		3,312

				74,137

Tobacco & Cannabis – 0.3%

Vector Group Ltd.,

5.75%, 2/1/29⁽¹⁾		11,120		9,894

Transportation & Logistics – 3.2%

Allegiant Travel Co.,

7.25%, 8/15/27 ⁽¹⁾		4,850		4,828

American Airlines Group, Inc.,

3.75%, 3/1/25 ⁽¹⁾		9,218		8,458

American Airlines, Inc.,

7.25%, 2/15/28 ⁽¹⁾		3,040		2,956

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

5.50%, 4/20/26 ⁽¹⁾		8,440		8,306

5.75%, 4/20/29 ⁽¹⁾		8,440		8,096

Cargo Aircraft Management, Inc.,

4.75%, 2/1/28 ⁽¹⁾		11,320		10,122

Delta Air Lines, Inc./SkyMiles IP Ltd.,

4.75%, 10/20/28 ⁽¹⁾		6,010		5,797

First Student Bidco, Inc./First Transit Parent, Inc.,

4.00%, 7/31/29 ⁽¹⁾		7,590		6,602

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

5.75%, 1/20/26 ⁽¹⁾		6,850		6,503

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

6.50%, 6/20/27 ⁽¹⁾		5,895		5,876

Rand Parent LLC,

8.50%, 2/15/30 ⁽¹⁾		7,765		7,299

United Airlines, Inc.,

4.63%, 4/15/29 ⁽¹⁾		8,755		7,919

Western Global Airlines LLC,

10.38%, 8/15/25 ⁽¹⁾		12,980		5,293

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 81.8% continued

Transportation & Logistics – 3.2% continued

XPO Escrow Sub LLC,

7.50%, 11/15/27 ⁽¹⁾

$3,475

$3,614

91,669

Transportation Equipment – 0.2%

Allison Transmission, Inc.,

5.88%, 6/1/29⁽¹⁾

5,635

5,486

Total Corporate Bonds

(Cost $2,643,120)

2,326,576

FOREIGN ISSUER BONDS – 13.5%

Aerospace & Defense – 0.7%

Bombardier, Inc.,

6.00%, 2/15/28 ⁽¹⁾

8,085

7,873

7.50%, 2/1/29 ⁽¹⁾

3,710

3,790

Rolls-Royce PLC,

5.75%, 10/15/27 ⁽¹⁾

7,965

7,934

19,597

Automotive – 0.3%

IHO Verwaltungs GmbH,

6.00%, (100% Cash),
5/15/27⁽¹⁾ ⁽⁵⁾

7,915

7,250

Banking – 1.2%

Barclays PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.67%), 8.00%, 6/15/24 ⁽²⁾ ⁽³⁾

9,475

8,527

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%), 4.38%, 3/15/28 ⁽²⁾ ⁽³⁾

4,920

3,363

BNP Paribas S.A.,

(Variable, USD Swap 5Y + 5.15%), 7.38%, 8/19/25 ⁽¹⁾ ⁽²⁾ ⁽³⁾

5,620

5,334

Credit Agricole S.A.,

(Variable, USD Swap 5Y + 4.90%), 7.88%, 1/23/24 ⁽¹⁾ ⁽²⁾ ⁽³⁾

4,503

4,400

Deutsche Bank A.G.,

(Variable, USD Swap 5Y + 5.00%), 7.50%, 4/30/25 ⁽²⁾ ⁽³⁾

5,270

4,288

(Variable, U.S. Treasury Yield Curve

Rate CMT 5Y + 4.52%), 6.00%, 10/30/25 ⁽²⁾ ⁽³⁾

4,315

3,190

ING Groep N.V.,

(Variable, USD Swap 5Y + 4.45%), 6.50%, 4/16/25 ⁽²⁾ ⁽³⁾

3,031

2,731

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 13.5% continued

Banking – 1.2% continued

NatWest Group PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.10%),
4.60%, 6/28/31 ⁽²⁾ ⁽³⁾

$3,880

$2,731

34,564

Biotechnology & Pharmaceuticals – 0.7%

Cheplapharm Arzneimittel GmbH,

5.50%, 1/15/28 ⁽¹⁾

11,345

10,100

Teva Pharmaceutical Finance

Netherlands III B.V.,

6.75%, 3/1/28

3,995

7.88%, 9/15/29

5,370

5,618

19,713

Cable & Satellite – 0.8%

Altice Financing S.A.,

5.00%, 1/15/28 ⁽¹⁾

7,240

5,888

5.75%, 8/15/29 ⁽¹⁾

8,630

6,861

VTR Comunicaciones S.p.A.,

4.38%, 4/15/29 ⁽¹⁾

3,425

2,079

Ziggo Bond Co. B.V.,

6.00%, 1/15/27 ⁽¹⁾

8,875

8,188

23,016

Chemicals – 0.4%

Methanex Corp.,

5.13%, 10/15/27

5,310

5,005

Nufarm Australia Ltd./Nufarm

Americas, Inc.,

5.00%, 1/27/30 ⁽¹⁾

4,660

4,105

SPCM S.A.,

3.38%, 3/15/30 ⁽¹⁾

1,450

1,196

10,306

Electric Utilities – 0.4%

Atlantica Sustainable Infrastructure PLC,

4.13%, 6/15/28 ⁽¹⁾

4,265

3,828

Drax Finco PLC,

6.63%, 11/1/25 ⁽¹⁾

8,492

8,354

12,182

Electrical Equipment – 0.1%

TK Elevator Holdco GmbH,
7.63%, 7/15/28⁽¹⁾

3,730

3,224

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 13.5% continued

Food – 0.7%

Minerva Luxembourg S.A.,

4.38%, 3/18/31 ⁽¹⁾

$4,350

$3,572

NBM U.S. Holdings, Inc.,

7.00%, 5/14/26

9,690

9,620

Sigma Holdco B.V.,

7.88%, 5/15/26

7,265

5,757

18,949

Household Products – 0.1%

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,

5.00%, 12/31/26⁽¹⁾

4,190

3,832

Insurance – 0.5%

Ardonagh Midco 2 PLC,

11.50%, 1/15/27^{(1) (5)}

10,913

9,931

Jones Deslauriers Insurance Management, Inc.,

10.50%, 12/15/30 ⁽¹⁾

4,520

4,552

14,483

Leisure Facilities & Services – 0.8%

1011778 B.C. ULC/New Red Finance, Inc.,

4.00%, 10/15/30 ⁽¹⁾

5,695

4,883

Melco Resorts Finance Ltd.,

5.63%, 7/17/27 ⁽¹⁾

9,335

8,215

Studio City Finance Ltd.,

5.00%, 1/15/29⁽¹⁾

8,455

6,490

Wynn Macau Ltd.,

5.50%, 10/1/27 ⁽¹⁾

5,227

4,561

24,149

Machinery – 0.2%

Husky III Holding Ltd.,

13.00%, (100% Cash), 2/15/25^(1) (5)

6,915

5,843

Metals & Mining – 0.7%

First Quantum Minerals Ltd.,

6.88%, 10/15/27 ⁽¹⁾

7,640

7,365

FMG Resources Pty. Ltd., Series 2006,

4.38%, 4/1/31 ⁽¹⁾

8,705

7,634

Taseko Mines Ltd.,

7.00%, 2/15/26 ⁽¹⁾

4,260

3,865

18,864

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 13.5% continued

Oil & Gas Producers – 0.8%

eG Global Finance PLC,

6.75%, 2/7/25 ⁽¹⁾

$7,910

$7,321

MEG Energy Corp.,

5.88%, 2/1/29 ⁽¹⁾

5,205

5,014

Parkland Corp.,

4.50%, 10/1/29 ⁽¹⁾

6,830

6,069

Strathcona Resources Ltd.,

6.88%, 8/1/26 ⁽¹⁾

5,825

4,630

23,034

Oil & Gas Services & Equipment – 0.2%

Shelf Drilling Holdings Ltd.,

8.88%, 11/15/24⁽¹⁾

4,715

4,676

Publishing & Broadcasting – 0.2%

Clear Channel International B.V.,

6.63%, 8/1/25⁽¹⁾

5,790

5,634

Semiconductors – 0.3%

ams-OSRAM A.G.,

7.00%, 7/31/25⁽¹⁾

8,695

8,156

Software – 0.4%

Open Text Holdings, Inc.,

4.13%, 2/15/30⁽¹⁾

13,010

11,161

Specialty Finance – 0.7%

AerCap Holdings N.V.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.54%), 5.88%, 10/10/79 ⁽²⁾

4,305

3,921

VistaJet Malta Finance PLC/XO Management Holding, Inc.,

7.88%, 5/1/27 ⁽¹⁾

3,865

3,737

6.38%, 2/1/30 ⁽¹⁾

15,410

13,734

21,392

Technology Services – 0.6%

CA Magnum Holdings,

5.38%, 10/31/26 ⁽¹⁾

5,220

4,571

ION Trading Technologies S.a.r.l.,

5.75%, 5/15/28 ⁽¹⁾

5,145

4,109

Sixsigma Networks Mexico S.A. de C.V.,

7.50%, 5/2/25 ⁽¹⁾

10,270

9,008

17,688

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 13.5% continued

Telecommunications – 2.3%

Altice France Holding S.A.,

10.50%, 5/15/27 ⁽¹⁾

$9,125

$6,981

Altice France S.A.,

5.13%, 7/15/29 ⁽¹⁾

6,905

5,196

5.50%, 10/15/29 ⁽¹⁾

9,965

7,620

C&W Senior Financing DAC,

6.88%, 9/15/27 ⁽¹⁾

6,281

5,619

Connect Finco S.a.r.l./Connect U.S. Finco LLC,

6.75%, 10/1/26 ⁽¹⁾

10,545

9,912

Iliad Holding SASU,

7.00%, 10/15/28 ⁽¹⁾

4,560

4,327

Telecom Italia Capital S.A.,

6.38%, 11/15/33

7,656

6,932

Telesat Canada/Telesat LLC,

5.63%, 12/6/26 ⁽¹⁾

5,600

2,889

6.50%, 10/15/27 ⁽¹⁾

11,735

3,638

Vmed O2 UK Financing I PLC,

4.25%, 1/31/31 ⁽¹⁾

7,740

6,585

4.75%, 7/15/31 ⁽¹⁾

5,880

5,040

64,739

Transportation & Logistics – 0.4%

Air Canada,

3.88%, 8/15/26 ⁽¹⁾

9,380

8,517

Promontoria Holding 264 B.V.,

7.88%, 3/1/27 ⁽¹⁾

4,370

4,217

12,734

Total Foreign Issuer Bonds

(Cost $439,054)

385,186

TERM LOANS – 0.5%

Biotechnology & Pharmaceuticals – 0.5%

Alvogen Pharma U.S., Inc., June 2022 Loan,

(Floating, CME Term SOFR USD 3M + 7.50%, 1.00% Floor), 12.55%, 6/30/25⁽⁶⁾

17,403

15,141

Total Term Loans

(Cost $17,386)

15,141

NUMBER
OF SHARES

VALUE
(000S)

COMMON STOCKS – 0.0%

Passenger Airlines – 0.0%

Voyager Aviation Holdings LLC^{(7) (8)} *

2,621

$—

Total Common Stocks

(Cost $3)

—

PREFERRED STOCKS – 0.2%

Specialized Finance – 0.2%

Cayenne Aviation LLC^{(7) (8) *}

15,725

6,045

Total Preferred Stocks

(Cost $1,573)

6,045

INVESTMENT COMPANIES – 2.1%

Northern Institutional Funds -

U.S. Government Portfolio (Shares), 4.61%^{(9) (10)}

60,478,894

60,479

Total Investment Companies

(Cost $60,479)

60,479

Total Investments – 98.1%

(Cost $3,161,615)

2,793,427

Other Assets less Liabilities – 1.9%

52,928

NET ASSETS – 100.0%

$2,846,355

⁽¹⁾

⁽²⁾

Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of March 31, 2023.

⁽³⁾

Perpetual bond. Maturity date represents next call date.

⁽⁴⁾

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽⁵⁾

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁶⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁷⁾

Restricted security that has been deemed illiquid. At March 31, 2023, the value of these restricted illiquid securities amounted to approximately $6,045,000 or 0.2% of net assets. Additional information on these restricted illiquid securities is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

Cayenne Aviation LLC	5/18/21		$1,573

JPR Royalty Sub LLC, 14.00%, 9/1/20	3/10/11		8,000

Voyager Aviation Holdings LLC	5/18/21		3

⁽⁸⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁹⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹⁰⁾

7-day current yield as of March 31, 2023 is disclosed.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

3M - 3 Month

5Y - 5 Year

7Y - 7 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Corporate Bonds		81.8	%

Foreign Issuer Bonds		13.5	%

Term Loans		0.5	%

Preferred stocks		0.2	%

Investment Companies		2.1	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 0.5%

Consumer Services – 0.3%

Grand Canyon University,

4.13%, 10/1/24		$1,000		$945

5.13%, 10/1/28		500		451

				1,396

Real Estate Owners & Developers – 0.2%

Benloch Ranch Improvement Association No. 2,

10.00%, 12/1/51⁽¹⁾^{(2) (3)}		1,000		742

Total Corporate Bonds

(Cost $2,477)				2,138


MUNICIPAL BONDS – 96.6%

Alabama – 0.8%

Hoover IDB Environmental Improvement Revenue Bonds (AMT), United States Steel Corp., 5.75%, 10/1/49		1,000		1,019

Lower Alabama Gas District Gas Project Revenue Bonds, Series A, 5.00%, 9/1/46		2,000		2,062

				3,081

Arizona – 8.0%

Arizona State IDA Economic Development Revenue Bonds, Legacy Cares, Inc., Project, 7.75%, 7/1/50⁽⁴⁾		2,000		1,300

Arizona State IDA Economic Development Revenue Bonds, Series A, Legacy Cares, Inc., Project, 5.50%, 7/1/31⁽⁴⁾		100		65

6.00%, 7/1/51⁽⁴⁾		400		260

Arizona State IDA Education Revenue Bonds, Academies of Math & Science Project, 5.63%, 7/1/48⁽¹⁾⁽²⁾		2,000		2,005

Arizona State IDA Education Revenue Bonds, Candeo Schools, Inc., Project (School District Credit Program), 4.00%, 7/1/47		700		642

Arizona State IDA Education Revenue Bonds, Christian University Project, 5.63%, 10/1/49⁽¹⁾		1,300		1,218



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Arizona – 8.0% continued

Arizona State IDA Education Revenue Bonds, Doral Academy of Nevada - Fire Mesa, 5.00%, 7/15/49		$1,675		$1,535

Arizona State IDA Education Revenue Bonds, Odyssey Preparatory Academy Project, 4.38%, 7/1/39		1,000		867

5.00%, 7/1/49		1,000		906

Arizona State IDA Education Revenue Bonds, Pinecrest Academy of Northern, 4.50%, 7/15/29⁽¹⁾		1,800		1,728

Arizona State IDA Education Revenue Bonds, Series A, Cadence Campus Project, 4.00%, 7/15/50		1,000		747

Arizona State IDA Education Revenue Bonds, Series A-Social, Macombs Facility Project, 4.00%, 7/1/51		1,000		822

Arizona State IDA Education Revenue Bonds, Somerset Academy of Las Vegas-Aliante & Skye Canyon Campus Projects, 4.00%, 12/15/51		700		509

Arizona State IDA Education Revenue Refunding Bonds, Doral Academy of Northern, 4.00%, 7/15/51⁽¹⁾		500		374

Glendale IDA Senior Living Facilities Revenue Bonds, Royal Oaks Inspirata Pointe Project, 5.00%, 5/15/56		1,000		831

La Paz County IDA Education Facility Lease Revenue Bonds, Charter School Solutions-Harmony Public Schools, 5.00%, 2/15/36		1,400		1,427

5.00%, 2/15/46		3,500		3,506

Maricopa County IDA Education Revenue Bonds, Social Bonds, Arizona Autism Charter, 4.00%, 7/1/61⁽¹⁾		1,250		875



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Arizona – 8.0% continued

Maricopa County IDA Education Revenue Refunding Bonds, Choice Academies, Inc., Project, 5.75%, 9/1/45		$2,325		$2,262

Maricopa County IDA Educational Revenue Bonds, Arizona Autism Chart Schools Project, 5.00%, 7/1/50		750		679

Maricopa County IDA Exempt Facilities Revenue Bonds (AMT), Commercial Metals Company, 4.00%, 10/15/47		1,000		826

Phoenix IDA Education Facility Revenue Refunding Bonds, Great Hearts Academies, 5.00%, 7/1/46		2,650		2,643

Phoenix IDA Hotel Senior Lien Revenue Bonds, Falcon Properties LLC Project, 4.00%, 12/1/51⁽¹⁾		2,500		1,952

Phoenix IDA Student Housing Revenue Bonds, Downtown Phoenix Student Housing II LLC, 5.00%, 7/1/59		1,000		971

Tempe IDA Revenue Bonds, Friendship Village of Tempe Project, 5.00%, 12/1/50		1,500		1,256

Tempe IDA Revenue Refunding Bonds, Friendship Village Project, 4.00%, 12/1/46		1,000		723

				30,929

Arkansas – 0.3%

Arkansas Development Finance Authority Environmental Revenue Bonds (AMT), Green Bonds, 5.45%, 9/1/52		1,000		996

California – 13.3%

Antelope Valley Healthcare District, Revenue Refunding Bonds, Series A, 5.25%, 3/1/36		1,020		1,048

California Community Housing Agency Essential Housing Revenue Bonds, Summit at Sausalito Apartments, 4.00%, 2/1/50⁽¹⁾		1,000		754



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

California – 13.3% continued

California Community Housing Agency Essential Housing Revenue Bonds, Verdant at Green Valley Project, 5.00%, 8/1/49⁽¹⁾		$2,000		$1,900

California Community Housing Agency Essential Housing Subordinate Revenue Bonds, Series A, Glendale Properties, 4.00%, 8/1/47		1,000		767

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Merced County Tobacco Funding, 5.00%, 6/1/50		500		502

California PFA Educational Facilities Revenue Bonds, Crossroads Christian Schools Project, 5.00%, 1/1/56		500		392

California PFA Senior Living Revenue Bonds, Enso Village Project, Green Bonds, 5.00%, 11/15/56		245		206

California State Community College Financing Authority Student Housing Revenue Bonds, Series A, Napa Valley College Project, 5.75%, 7/1/60		2,000		1,872

California State Municipal Finance Authority Charter School Lease Revenue Refunding Bonds, Santa Rosa Academy Project, 5.00%, 7/1/52		1,245		1,136

California State Municipal Finance Authority Educational Revenue Bonds, Stream Charter School Project, 5.00%, 6/15/51		1,000		881

California State Municipal Finance Authority MFH Sustainability Revenue Bonds, Cityview, 4.00%, 11/1/36⁽¹⁾		1,500		1,386

California State Municipal Finance Authority Revenue Bonds, Series A, Baptist University, 5.00%, 11/1/46		3,000		2,896



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

California – 13.3% continued

California State Municipal Finance Authority Revenue Refunding Bonds, The Master’s University, 5.00%, 8/1/48		$510		$507

California State Municipal Finance Authority Senior Lien Revenue Bonds (AMT), LINXS APM Project, 5.00%, 12/31/43		5,000		5,064

California State Municipal Finance Authority Special Facility Revenue Bonds (AMT), United Airlines, Inc., Project, 4.00%, 7/15/29		3,000		2,909

California State Municipal Finance Authority Special TRB, Community Facilities District No. 2021-11 Otay Ranch, 5.00%, 9/1/52		1,000		1,008

California State Municipal Finance Authority Student Housing Revenue Bonds, Series A, Claremont Collegiate Project, 5.00%, 7/1/52⁽¹⁾		1,000		893

California State Pollution Control Financing Authority Solid Waste Disposal Subordinate Green Revenue Bonds (AMT), Calplant I Project, 7.50%, 12/1/39⁽⁴⁾		3,000		150

California State Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds, San Diego County Water Authority, 5.00%, 11/21/45		1,000		1,007

California State School Finance Authority Charter School Revenue Bonds, River Springs Charter School, 5.00%, 7/1/42		2,215		1,999

California State School Finance Authority Charter School Revenue Bonds, Series A, Classical Academies Project, 5.00%, 10/1/50		1,000		1,005

California State School Finance Authority Charter School Revenue Refunding Bonds, Classical Academies Oceanside, 5.00%, 10/1/42		500		518



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

California – 13.3% continued

California State School Finance Authority Charter School Revenue Refunding Bonds, Ivy Academia Project, Series A, 4.00%, 6/1/61		$1,000		$697

CSCDA College Housing Revenue Bonds, NCCD-Hooper Street, LLC-California College, 5.25%, 7/1/49		1,700		1,543

CSCDA Community Improvement Authority Essential Housing Mezzanine Revenue Bonds, Crescent West Hollywood, 5.50%, 7/1/59		1,000		861

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Altana Glendale Social Bonds, 4.00%, 10/1/56		1,000		745

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, City of Orange Portfolio, 4.00%, 3/1/57⁽¹⁾		1,500		1,052

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Series A, 5.00%, 1/1/54		1,500		1,191

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Social Bonds, Series A-2, 4.00%, 10/1/56		1,000		733

CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Crescent West Hollywood, 4.30%, 7/1/59		500		418

CSCDA Revenue Refunding Bonds, Series A, California Baptist University, 5.00%, 11/1/32		500		512

5.00%, 11/1/41		1,000		995

CSCDA Special TRB, Community Facilities District No. 2016-02 Delta Coves, 4.00%, 9/1/50		1,000		876

CSCDA Special TRB, Delta Coves, 5.50%, 9/1/52		1,000		1,023



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

California – 13.3% continued

CSCDA Special TRB, Improvement Area No. 1, 4.00%, 9/1/51		$1,000		$861

CSCDA Statewide Revenue Special Assessment Bonds, 4.00%, 9/2/50		500		441

Foothill Eastern Transportation Corridor Agency Toll Road Senior Lien Revenue Bonds, Series A, 4.00%, 1/15/46		750		701

Ontario Special Tax Bonds, Tevelde Facilities, 4.00%, 9/1/51		1,000		873

River Islands PFA Special Tax Bonds, Community Facilities District No. 2003-1 Improvement Area No. 2, 5.50%, 9/1/37		1,000		1,005

River Islands PFA Special Tax Bonds, Community Facilities District No. 2021-1, 4.00%, 9/1/51		990		798

River Islands PFA Special Tax Refunding Bonds, Phase 2 Public Improvement, 4.00%, 9/1/51		1,000		802

Roseville Special Tax Bonds, The Ranch at Sierra Vista Community, 4.00%, 9/1/51		1,500		1,310

Roseville Special Tax Bonds, The Ranch At Sierra Vista Community Facilities District No. 1 (Public Facilities), 4.00%, 9/1/50		150		131

Sacramento County Special Refunding Tax Bonds, Metro Air Park Community Facilities, 5.00%, 9/1/42		800		811

Sacramento Special Tax Bonds, Railyards Community Facilities District No. 2018-01, 5.25%, 9/1/42		1,000		1,030

San Francisco City & County Community Facilities District 2016-1 Special Tax Bonds, Series 2021, 4.00%, 9/1/51		1,000		866



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

California – 13.3% continued

San Francisco City & County Community Facilities District 2016-1 Special Tax Bonds, Treasure Island, Series 2022, 4.00%, 9/1/52		$1,000		$859

San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds, 4.00%, 9/1/51		695		607

Santa Paula Special Tax Bonds, Harvest Community Facilities District No. 1 Improvement, 4.00%, 9/1/50		1,000		882

				51,423

Colorado – 5.3%

Brighton Crossing Metropolitan District No. 6 G.O. Limited Bonds, Series A, 5.00%, 12/1/50		1,000		850

Cascade Ridge Metropolitan District G.O. Limited Bonds, 5.00%, 12/1/51		1,205		999

Chambers Highpoint Metropolitan District No. 2 G.O. Limited Bonds, 5.00%, 12/1/51		500		431

Clear Creek Transit Metropolitan District No. 2 G.O. Limited Bonds, Series A, 5.00%, 12/1/50		570		491

Colorado Educational & Cultural Authority Revenue Bonds, Aspen View Academy Project, 4.00%, 5/1/61		500		389

Colorado Educational & Cultural Authority Revenue Bonds, Golden View Classical Academy, 4.00%, 1/1/52		1,350		1,098

Colorado Educational & Cultural Authority Revenue Refunding Bonds, Science Technology English & Math, 5.00%, 11/1/54		1,500		1,453

Colorado State Health Facilities Authority Hospital Revenue and Improvement Refunding Bonds, Christian Living Neighborhoods, 4.00%, 1/1/42		1,000		733



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Colorado – 5.3% continued

Colorado State Health Facilities Authority Hospital Revenue Bonds, Series A, Aberdeen Ridge, 5.00%, 5/15/58		$1,500		$1,111

Fiddler’s Business Improvement District G.O. Unlimited Refunding Bonds, 5.55%, 12/1/47		1,000		1,006

Legato Community Authority Limited Tax Supported Revenue Bonds, Senior Series A-1, 5.00%, 12/1/51		750		625

Nine Mile Metropolitan District Revenue Bonds, 5.13%, 12/1/40		1,000		938

Riverwalk Metropolitan District No. 2 Revenue Bonds, Series A, 4.50%, 12/1/32		1,465		1,318

Rudolph Farms Metropolitan District No. 6 Revenue Supported G.O. Limited Bonds, 6.50%, 6/1/52		500		485

Silver Peaks Metropolitan District No. 3 Senior Lien G.O. Limited Bonds, Series A, 5.00%, 12/1/50		500		433

Transport Metropolitan District No. 3 MDD G.O. Limited Bonds, Series 2021-A-1, 5.00%, 12/1/51		1,500		1,199

Tree Farm Metropolitan District G.O. Limited Bonds, 4.50%, 12/1/41⁽¹⁾		1,500		1,323

Waterfront at Foster Lake Metropolitan District No. 2 Senior Lien G.O. Limited Bonds, Series A3-1, 5.00%, 12/1/51		3,000		2,416

Westerly Metropolitan District No. 4 Senior G.O. Limited Bonds, Series A, 5.00%, 12/1/50		1,000		865

Windler Public Improvement Authority Limited Tax Supported Revenue Bonds, Series A-1, 4.13%, 12/1/51		3,500		2,403

				20,566



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Connecticut – 0.1%

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series A, Mclean Issue, 5.00%, 1/1/55		$500		$432

District of Columbia – 0.5%

District of Columbia Revenue Bonds, Inspired Teaching Social Bonds, 5.00%, 7/1/52		500		503

District of Columbia Revenue Bonds, Latin American Montessori Bilingual Public Charter School Issue, 5.00%, 6/1/50		1,000		910

District of Columbia Rocketship DC Obligated Group Revenue Bonds, 5.00%, 6/1/61		500		432

				1,845

Florida – 11.4%

Capital Trust Agency Air Cargo Revenue Refunding Bonds, Series A, Aero Miami FX, 5.35%, 7/1/29		2,175		2,180

Capital Trust Agency Educational Facilities Educational Facilities Revenue Bonds, Liza Jackson Preparatory School, 5.00%, 8/1/55		1,000		995

Capital Trust Agency Educational Facilities Educational Facilities Revenue Bonds, Pepin Academies, Inc., Project, 5.75%, 7/1/55⁽¹⁾		1,000		899

Capital Trust Agency Educational Facilities Educational Facilities Revenue Bonds, Team Success A School of Excellence, 5.00%, 6/1/55		2,000		1,648

Capital Trust Agency Educational Facilities Revenue Bonds, Academir Charter Schools, Inc., Project, 4.00%, 7/1/51		750		554

Capital Trust Agency Educational Facilities Revenue Bonds, New Springs, Inc., Project, 4.75%, 6/1/56		1,500		1,095



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Florida – 11.4% continued

Capital Trust Agency Educational Facilities Revenue Bonds, Tallahassee Classical School, 4.25%, 7/1/51		$2,500		$1,752

Capital Trust Agency Educational Facilities Revenue Bonds, Team Success A School of Excellence, 5.50%, 6/1/57		1,000		856

Capital Trust Agency Revenue Bonds, Sustainability Bonds, 4.00%, 6/15/41		1,510		1,210

4.00%, 6/15/51		2,000		1,455

Capital Trust Agency Revenue Bonds, Wonderful Foundations Charter, 5.00%, 1/1/55		1,060		802

Capital Trust Agency Student Housing Revenue Bonds, University Bridge, LLC Student Housing Project, 5.25%, 12/1/43		3,000		2,841

Charlotte County IDA Utility System Revenue Bonds (AMT), Town & Country Utilities Project, 4.00%, 10/1/51		1,000		772

Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project, 5.00%, 4/1/48		2,000		2,059

Florida Development Finance Corp. Surface Transportation Facilities Revenue Refunding Bonds (AMT), Virgin Trains U.S.A. Pass, 6.38%, 1/1/26⁽⁵⁾^{(6) (7)}		4,000		3,778

Florida State Development Finance Corp. Educational Facilities Revenue Bonds, 2017 Foundation for Global Understanding, Inc., Project, 4.00%, 7/1/51		750		631

Florida State Development Finance Corp. Educational Facilities Revenue Bonds, Cornerstone Charter Academy Project, 5.25%, 10/1/56		1,025		951

Florida State Development Finance Corp. Educational Facilities Revenue Refunding Bonds, Central Charter School Project, 5.00%, 8/15/32		410		408



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Florida – 11.4% continued

5.25%, 8/15/37		$690		$662

Florida State Development Finance Corp. Educational Facility Revenue Bonds, Pepin Academics of Pasco County, Inc., Project, 5.00%, 1/1/50⁽¹⁾		1,000		897

Florida State Development Finance Corp. Educational Facility Revenue Refunding Bonds, Renaissance Charter School, 5.00%, 9/15/50		1,500		1,197

Florida State Development Finance Corp. Senior Living Revenue Refunding Bonds, Glenridge on Palmer Ranch, 5.00%, 6/1/51		2,000		1,597

Florida State Development Finance Corp. Solid Waste Disposal Revenue Bonds (AMT), Waste Pro U.S.A., Inc., Project, 5.00%, 5/1/29		1,500		1,393

Lake County Retirement Facility Revenue Refunding Bonds, Lakeside at Waterman Village Project, 5.75%, 8/15/55		1,000		841

Miami-Dade County IDA Educational Facilities Revenue Bonds, Academir Charter Schools, Inc., Project, 5.50%, 7/1/61		2,000		1,751

Ocean Highway & Port Authority Florida Port Facilities Revenue Bonds (AMT), Worldwide Terminals Fenandina Project, 5.50%, 12/1/49⁽¹⁾		1,500		1,165

Palm Beach County Revenue Bonds, Series A, Lynn University Housing Project, 5.00%, 6/1/57		1,500		1,283

Pinellas County Educational Facilities Authority Lease Revenue Bonds, Discovery Academy of Science Project, 5.00%, 6/1/56⁽¹⁾		1,000		863

Pinellas County IDA Revenue Bonds, 2017 Foundation for Global Understanding Project, 5.00%, 7/1/39		4,000		3,930



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Florida – 11.4% continued

Saint Johns County IDA Senior Living Revenue Refunding Bonds, Series A, Vicar’s Landing Project, 4.00%, 12/15/50		$500		$355

Seminole County IDA Educational Facilities Revenue Bonds, Galileo Schools for Gifted Learning, 4.00%, 6/15/51⁽¹⁾		665		500

Sterling Hill Community Development District Capital Improvement Special Assessment Bonds, Series B, 5.50%, 11/1/10⁽⁴⁾		143		77

Venice Retirement Community Revenue Improvement Bonds, Village on the Isle Project, 5.00%, 1/1/47		1,000		870

Village Community Development District No. 13 Special Assessment Revenue Bonds, 3.50%, 5/1/51⁽¹⁾		970		697

Village Community Development District No. 14 Revenue Special Assessment Bonds, 5.13%, 5/1/37		1,000		998

				43,962

Georgia – 2.5%

Atlanta Development Authority Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center, 6.75%, 1/1/35⁽²⁾⁽⁴⁾		3,000		1,350

La Grange Development Authority Revenue Refunding Bonds, La Grange College Project, 5.00%, 10/15/52		2,000		1,770

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A, 5.00%, 5/15/49		4,000		4,045

Oconee County IDA Taxable Revenue Bonds, Economic Development Project, 6.00%, 3/1/48		1,500		1,201



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Georgia – 2.5% continued

White County Development Authority Revenue Bonds, Truett McConnell University Project, 5.25%, 10/1/49		$1,500		$1,276

				9,642

Guam – 0.5%

Guam Government Business Privilege Tax Revenue Refunding Bonds, Series F, 4.00%, 1/1/36		1,000		977

Guam Government Department of Education Revenue Refunding COPS, John F. Kennedy High School Refunding & Energy Efficiency Project, 5.00%, 2/1/40		1,000		1,010

				1,987

Idaho – 0.7%

Idaho State Housing & Finance Association Nonprofit Facilities Revenue Bonds, Series A, Future Public School Project, 4.00%, 5/1/52		3,410		2,511

Illinois – 1.2%

Chicago Board of Education Dedicated Capital Improvement Tax Revenue Bonds, 5.75%, 4/1/48		1,000		1,089

Illinois Finance Authority Revenue Refunding Bonds, Plymouth Place, Inc., 5.00%, 5/15/51		410		327

5.00%, 5/15/56		440		342

Illinois State Finance Authority Revenue Bonds, Series A, Plymouth Place, Inc., 6.63%, 5/15/52		1,000		1,017

Illinois State Finance Authority Revenue Refunding Bonds, Friendship Village Schaumburg, 5.13%, 2/15/45⁽²⁾⁽⁴⁾		1,500		675

Illinois State Finance Authority Revenue Refunding Bonds, Rosalind Franklin University, 5.00%, 8/1/42		1,100		1,106



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Illinois – 1.2% continued

Upper Illinois River Valley Development Authority Revenue Refunding Bonds, Prairie Crossing Charter, 5.00%, 1/1/45		$250		$231

				4,787

Indiana – 1.9%

Finance Authority Educational Facilities Revenue Bonds, Seven Oaks Classical School Project, 5.00%, 6/1/51		520		435

5.00%, 6/1/56		455		371

Goshen MFH Revenue Bonds, Green Oaks of Goshen Project, Housing Choice Voucher Program (HUD Sector 8 Program), 5.00%, 8/1/41⁽¹⁾		1,000		763

Housing & Community Development Authority Multifamily Revenue Bonds, Series A, Vita of Marion Project, 5.25%, 4/1/41		1,000		796

Indiana Finance Authority Educational Facilities Revenue Bonds, Seven Oaks Classical School Project, 5.00%, 6/1/41		420		372

Indiana State Finance Authority Exempt Facilities Revenue Bonds (AMT), Res Polyflow Indiana, Green Bonds, 7.00%, 3/1/39		3,900		2,937

Indiana State Finance Authority Revenue Bonds, Kipp Indianapolis, Inc., Project, 5.00%, 7/1/55		510		464

Valparaiso MFH Revenue Bonds, Green Oaks of Valparaiso Project, 5.38%, 12/1/41		1,500		1,165

				7,303

Iowa – 0.4%

Iowa State Finance Authority Revenue Refunding Bonds, Lifespace Communities, Inc., 4.00%, 5/15/53		1,000		616



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Iowa – 0.4% continued

Iowa State Finance Authority Senior Living Facilities Revenue Refunding Bonds, Sunrise Retirement Community Project, 5.00%, 9/1/51		$1,000		$769

				1,385

Kansas – 1.2%

Prairie Village Special Obligation Tax Increment Tax Allocation Revenue Refunding Bonds, Meadowbrook TIF Project, 3.13%, 4/1/36		800		643

Shawnee Education Facilities Revenue Bonds, Maranatha Christian Academy Project, Series A, 5.00%, 8/1/56⁽¹⁾		2,000		1,685

Wyandotte County and Kansas City Unified Government Special Obligation Revenue Refunding Bonds, Village East Project Areas 2B, 5.75%, 9/1/39		2,500		2,398

				4,726

Kentucky – 0.1%

Henderson Exempt Facilities Revenue Bonds (AMT), Pratt Paper LLC Project, 4.70%, 1/1/52		500		458

Louisiana – 2.2%

Calcasieu Parish Memorial Hospital Service District Revenue Refunding Bonds, Lake Charles Memorial Hospital Project, 5.00%, 12/1/34		2,000		1,944

Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project, 2.50%, 4/1/36		2,000		1,658

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Prerefunded, 5.00%, 5/15/26⁽⁸⁾		50		54

Louisiana Public Facilities Authority Revenue Bonds, BBR Schools-Materra Campus Project, 4.00%, 6/1/51⁽¹⁾		2,000		1,514



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Louisiana – 2.2% continued

Louisiana Public Facilities Authority Revenue Bonds, Jefferson Rise Charter School Project, 6.25%, 6/1/52⁽¹⁾		$440		$418

Louisiana Public Facilities Authority Revenue Bonds, Series A, Lincoln School Project, 6.38%, 6/1/52		1,000		961

Saint James Parish Revenue Bonds, Series 2, Nustar Logistics L.P. Project, 6.35%, 7/1/40		1,000		1,077

Saint John The Baptist Parish Variable Revenue Refunding Bonds, Marathon Oil Corp. Project, 2.38%, 7/1/26⁽⁵⁾^{(6) (7)}		1,000		944

				8,570

Maryland – 1.0%

Baltimore Senior Lien Special Obligation Tax Allocation Refunding Bonds, Harbor Point Project, 3.63%, 6/1/46		1,750		1,362

Frederick County Subordinate Special Tax Obligation Revenue Bonds, Series C, 4.00%, 7/1/50		1,000		868

Gaithersburg Economic Development Revenue Bonds, Asbury Maryland Obligated Group, 5.13%, 1/1/42		1,000		946

Maryland Economic Development Corp. Senior Student Housing Revenue Bonds, Morgan State University Project, 5.00%, 7/1/56		250		245

Maryland Economic Development Corp. Special Obligation Tax Allocation, Port Covington Project, 4.00%, 9/1/50		500		407

				3,828

Massachusetts – 1.8%

Lowell Massachusetts Collegiate Charter Revenue Bonds, 5.00%, 6/15/49		1,250		1,151



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Massachusetts – 1.8% continued

Massachusetts State Development Finance Agency Revenue Bonds, Series A, UMASS Boston Student Housing, 5.00%, 10/1/41		$5,000		$4,900

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Salem Community Corp., 5.25%, 1/1/50		1,000		874

				6,925

Michigan – 1.6%

Detroit G.O. Unlimited Bonds, Series A, Social Bonds, 5.00%, 4/1/46		1,000		974

Grand Rapids Charter Township Revenue Refunding Bonds, Porter Hills Presbyterian, 5.00%, 5/15/44		1,000		890

Holt Public Schools G.O. Unlimited Bonds, Series I (Q-SBLF Insured), 2.00%, 5/1/41		1,285		889

Kalamazoo County G.O. Limited Bonds, 2.13%, 5/1/42		1,000		695

Michigan Mathematics & Science Initiative Revenue Refunding Bonds, 4.00%, 1/1/51		1,000		781

Michigan State Finance Authority Ltd. Obligation Revenue Refunding Bonds, Kettering University Project, 4.00%, 9/1/50		650		584

Michigan State Strategic Fund Limited Obligation Variable Revenue Bonds (AMT), Green Bonds, Recycle, 4.00%, 10/1/26⁽⁵⁾^{(6) (7)}		500		493

Tipton Academy Public School Academy Revenue Bonds, 4.00%, 6/1/51		1,000		690

				5,996

Minnesota – 1.0%

Apple Valley Senior Housing Revenue Bonds, Orchard Path Phase II Project, 4.00%, 9/1/61		500		367



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Minnesota – 1.0% continued

Duluth EDA Health Care Facilities Revenue Refunding Bonds, St. Luke’s Hospital of Duluth, 3.00%, 6/15/44		$300		$214

Duluth EDA Revenue Refunding Bonds, Benedictine Health System, 4.00%, 7/1/41		550		436

Minneapolis Charter School Lease Revenue Bonds, Series A, Kipp North Star Project, 5.75%, 7/1/55		1,000		981

Saint Paul Housing & Redevelopment Authority Charter School Lease Revenue Refunding Bonds, Hmong College Preparatory Academy Project, 5.00%, 9/1/55		1,000		883

Woodbury Charter School Lease Revenue Bonds, Woodbury Leadership Project, 4.00%, 7/1/51		1,320		970

				3,851

Mississippi – 0.4%

Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc., Project, 2.38%, 6/1/44		1,000		644

Tunica County Urban Renewal Revenue Refunding Bonds, Utility Districts Project, 6.00%, 10/1/40		1,000		888

				1,532

Missouri – 1.7%

Cape Girardeau County IDA Health Care Facilities Revenue Bonds, Southeasthealth, 4.00%, 3/1/46		650		545

Joplin IDA Sales TRB, 32nd Street Place Community Improvement District, 4.25%, 11/1/50		1,000		813

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Bethesda Health Group, Inc., 4.00%, 8/1/41		410		330



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Missouri – 1.7% continued

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Wright Memorial Hospital, 5.00%, 9/1/32		$1,145		$1,192

5.00%, 9/1/34		1,315		1,359

Missouri State Health & Educational Facilities Authority Revenue Refunding Bonds, Series C, Lutheran Senior Services Project, 4.00%, 2/1/48		2,000		1,531

Plaza At Noah’s Ark Community Improvement District Tax Increment & Improvement District Revenue Refunding Bonds, 3.00%, 5/1/30		500		452

3.13%, 5/1/35		400		334

				6,556

Nevada – 0.4%

Henderson Local Improvement District No. T-21 Special Assessment Bonds, Black Mountain, 4.00%, 9/1/51		500		391

Las Vegas Special Improvement District No. 616 and Special Improvement District No. 81 Special Assessment Bonds, 3.13%, 6/1/51		500		319

Las Vegas Special Improvement District No. 814 Summerlin Village 21 & 24A Special Assessment Bonds, 4.00%, 6/1/49		530		445

Las Vegas Special Improvement District No. 815 Special Assessment Bonds, 5.00%, 12/1/49		250		236

				1,391

New Hampshire – 0.1%

National Finance Authority Revenue Refunding Bonds, Series B (AMT), Green Bonds, 3.75%, 7/2/40⁽¹⁾^{(5) (6) (7)}		600		452

New Jersey – 1.0%

New Jersey State EDA Revenue Bonds, Provident Group Rowan Properties LLC, 5.00%, 1/1/48		1,000		906


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

New Jersey – 1.0% continued

New Jersey State EDA Special Facility Revenue Bonds (AMT), Continental Airlines, Inc., Project, 5.63%, 11/15/30		$2,000		$2,015

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series A, 4.00%, 6/15/41		1,000		987

				3,908

New Mexico – 1.1%

Farmington PCR Refunding Bonds, Public Service Company of New Mexico San Juan, 1.15%, 6/1/24⁽⁵⁾^{(6) (7)}		1,000		967

Los Ranchos de Albuquerque Educational Facilities Revenue Refunding Bonds, Albuquerque Academy Project, 4.00%, 9/1/40		1,000		982

New Mexico Hospital Equipment Loan Council First Mortgage Revenue Bonds, La Vida Expansion Project, 5.00%, 7/1/49		3,000		2,322

				4,271

New York – 4.4%

Allegany County Capital Resource Corp. Revenue Refunding Bonds, Houghton College Project, 5.00%, 12/1/52		1,185		1,162

Build NYC Resource Corp. Revenue Bonds, New Dawn Charter Schools Project, 5.75%, 2/1/49		1,000		1,001

Build NYC Resource Corp. Revenue Bonds, Seton Education Partners-Brill, 4.00%, 11/1/51		505		388

Build NYC Resource Corp. Revenue Bonds, Whin Music Community Charter School Project, 6.50%, 7/1/52		1,500		1,480

Dutchess County Local Development Corp. Revenue Refunding Bonds, The Culinary Institute of America Project, 4.00%, 7/1/39		100		93

4.00%, 7/1/40		100		92


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

New York – 4.4% continued

Metropolitan Transportation Authority Revenue Bonds, Series C-1, Green Bonds, 5.00%, 11/15/50		$1,000		$1,030

Metropolitan Transportation Authority Revenue Refunding Bonds, Climate Bond Certified, 4.00%, 11/15/45		1,000		927

New York State Transportation Development Corp. Special Facilities Revenue Bonds (AMT), Delta Air Lines, Inc., Laguardia Airport Terminals, 5.00%, 1/1/34		4,000		4,110

New York State Transportation Development Corp. Special Facilities Revenue Bonds (AMT), LaGuardia Airport Terminal B Redevelopment, 5.00%, 7/1/46		3,000		3,006

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds (AMT), John F. Kennedy International Airport, 5.25%, 8/1/31		865		891

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport, 4.00%, 12/1/42		1,000		955

New York Transportation Development Corp. Special Facility Revenue Refunding Bonds (AMT), American Airlines, Inc., 3.00%, 8/1/31		500		437

Western Regional Off-Track Betting Corp. Revenue Refunding Bonds, 4.13%, 12/1/41⁽¹⁾		500		368

Yonkers Economic Development Corp. Educational Revenue Bonds, Charter School Educational Excellence Project, 5.00%, 10/15/49		1,155		1,038

				16,978


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

North Carolina – 0.1%

North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, Series A, Sharon Towers, 5.00%, 7/1/49		$600		$516

Ohio – 2.2%

Franklin County Health Care Facilities Revenue Refunding Bonds, Wesley Communities Obligated Group Project, 5.25%, 11/15/55		1,000		853

Jefferson County Port Authority Economic Development Revenue Bonds (AMT), JSW Steel U.S.A., Ohio, Inc., Project, 3.50%, 12/1/51		1,000		695

Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A, 3.00%, 12/1/40		475		377

Ohio State Air Quality Development Authority Exempt Facilities Revenue Bonds (AMT), 5.00%, 7/1/49⁽¹⁾		2,000		1,800

Ohio State Air Quality Development Authority Exempt Facilities Revenue Bonds (AMT), Pratt Paper LLC Project, 4.50%, 1/15/48		2,000		1,827

Ohio State Higher Educational Facility Commission Revenue Bonds, Cleveland Institute of Music, 5.38%, 12/1/52		350		359

Ohio State Higher Educational Facility Revenue Refunding Bonds, Judson Obligated Group, 5.00%, 12/1/50		1,000		894

Port of Greater Cincinnati Development Authority Revenue Bonds, 4.25%, 12/1/50		2,190		1,664

				8,469

Oregon – 0.3%

Mccandless IDA University Revenue Refunding Bonds, La Roche University Project, 6.75%, 12/1/46		1,000		989


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Pennsylvania – 3.0%

Allegheny County IDA Revenue Bonds, Penn Hills Charter Social Bonds, 4.00%, 6/15/51		$1,000		$745

Allentown Neighborhood Improvement Zone Development Authority Tax Subordinate Revenue Bonds, City Center Project, 5.25%, 5/1/42		500		490

Berks County Municipal Authority University Revenue Bonds, Alvernia University Project, 5.00%, 10/1/49		1,000		886

Franklin County IDA Revenue Bonds, Menno-Haven, Inc., Project, 5.00%, 12/1/39		755		663

Lancaster County Hospital Authority Revenue Refunding Bonds, Saint Anne’s Retirement Community, Inc., Project, 5.00%, 3/1/40		500		430

5.00%, 3/1/50		500		400

Lancaster Higher Education Authority Revenue Refunding Bonds, Elizabeth College Project, 5.00%, 10/1/51		1,235		1,218

Lehigh County IDA Charter School Revenue Bonds, Seven Generations Project, 4.00%, 5/1/51		1,000		718

Mercer County IDA College Revenue Refunding Bonds, Thiel College Project, 6.13%, 10/1/50		975		763

Northampton County IDA Revenue Refunding Bonds, Morningstar Senior, 5.00%, 11/1/49		1,000		846

Philadelphia Authority For Industrial Development Charter School Revenue Refunding Bonds, Green Woods Charter School Project, 5.38%, 6/15/57		300		274

Philadelphia Authority for Industrial Development Revenue Refunding Bonds, Unrefunded Balance, 5.00%, 3/15/45		950		791


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Pennsylvania – 3.0% continued

Philadelphia Authority For Industrial Development University of the Arts Revenue Bonds, Independence Charter School West Project, 5.00%, 6/15/50		$1,350		$1,217

Philadelphia Authority for Industrial Development University of the Arts Revenue Refunding Bonds, Prerefunded, 5.00%, 3/15/28⁽¹⁾⁽⁸⁾		50		56

Westmoreland County IDA Revenue Refunding Bonds, Redstone Presbyterian Senior Care, 4.00%, 5/15/47		2,000		1,445

Wilkes-Barre Finance Authority Revenue Refunding Bonds, Wilkes University Project, 4.00%, 3/1/42		500		426

				11,368

South Carolina – 1.6%

Berkeley County Assessment Revenue Special Assessment Bonds, Nexton Improvement District, 4.38%, 11/1/49		1,000		817

Hardeeville Assessment Revenue Special Assessment Bonds, 4.00%, 5/1/52		1,000		694

South Carolina State EDA Educational Facilities Revenue Refunding Bonds, Green Charter Schools, 4.00%, 6/1/56⁽¹⁾		1,065		739

South Carolina State Jobs EDA Economic Development Revenue Bonds, Hilton Head Christian Academy, 5.00%, 1/1/55		1,500		1,267

South Carolina State Jobs EDA Economic Development Revenue Bonds, Series 2019A, Bishop Gadsden Episcopal Retirement Community, 5.00%, 4/1/54		1,000		864

South Carolina State Jobs EDA Educational Facilities Revenue Bonds, Polaris Tech Charter School Project, 5.13%, 6/15/42		1,000		927


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

South Carolina – 1.6% continued

South Carolina State Jobs EDA Educational Facilities Revenue Bonds, Series A, Virtus Academy Project, 5.00%, 6/15/51⁽¹⁾		$500		$413

5.00%, 6/15/56⁽¹⁾		500		402

				6,123

Tennessee – 0.9%

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue Bonds, Trevecca Nazarene University Project, 4.00%, 10/1/51		1,000		795

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Belmont University, 4.00%, 5/1/51		1,500		1,372

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Trevecca Nazarene University, 5.00%, 10/1/48		1,115		1,082

				3,249

Texas – 7.6%

Arlington Higher Education Finance Corp. Revenue Bonds, Basis Texas Charter Schools, Inc., 4.00%, 6/15/50		1,000		756

Arlington Higher Education Finance Corp. Revenue Bonds, Newman International Academy, 5.00%, 8/15/51		500		423

Arlington Higher Education Finance Corp. Revenue Refunding Bonds, Series A, 4.00%, 8/15/46		500		379

Austin Convention Enterprises, Inc., Convention Center Revenue Refunding Bonds, First Tier, 5.00%, 1/1/34		1,000		1,032

Baytown Municipal Development District Revenue Bonds, First Line Hotel, 4.00%, 10/1/50		1,000		822


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Texas – 7.6% continued

Baytown Municipal Development District Revenue Bonds, Second Line Hotel, 5.00%, 10/1/50		$500		$422

Board of Managers Joint Guadalupe County-City of Seguin Hospital Mortgage Revenue Refunding Bonds, 5.00%, 12/1/40		1,500		1,441

5.00%, 12/1/45		2,000		1,860

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Revenue Bonds (AMT), Gladieux Metals Recycling, 7.00%, 3/1/39		300		277

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Subordinate Revenue Bonds (AMT), Gladieux Metals Recycling, 8.50%, 3/1/39		1,900		1,708

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Variable Revenue Bonds (AMT), Aleon Renewable Metals, 10.00%, 6/1/23⁽⁵⁾^{(6) (7)}		1,000		991

Conroe Local Government Corp. Hotel Revenue Bonds, Conroe Convention Center Hotel, 4.00%, 10/1/50		500		406

5.00%, 10/1/50⁽¹⁾		1,000		828

Edinburg Economic Development Corp. Sales TRB, Series A, 3.38%, 8/15/46		355		261

Hidalgo County Regional Mobility Authority Toll & Vehicle Registration Junior Lien Revenue Refunding Bonds, Series B, 5.00%, 12/1/35		1,000		1,019

5.00%, 12/1/36		1,000		1,010

Houston Airport System Revenue Bonds, United Airlines, Inc., Terminal (AMT), 4.00%, 7/15/41		1,000		848

Houston Higher Education Finance Corp. University Revenue Bonds, Houston Baptist University Project, 4.00%, 10/1/51		500		409


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Texas – 7.6% continued

Mission Economic Development Corp. Senior Lien Revenue Refunding Bonds (AMT), Natgasoline, 4.63%, 10/1/31		$2,000		$1,951

New Hope Cultural Education Facilities Finance Corp. Retirement Facility Revenue Bonds, Morningside Ministries Project, 5.00%, 1/1/55		1,000		806

New Hope Cultural Education Facilities Finance Corp. Revenue Refunding Bonds, Jubilee Academic Center, 4.00%, 8/15/56		2,000		1,368

New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue Refunding Bonds, Wichita Falls Retirement Foundation, 4.00%, 1/1/41		1,270		970

New Hope Cultural Education Facilities Finance Corp. Student Housing Revenue Bonds, Series A, Blinn College Project, 5.00%, 7/1/57		1,000		827

Newark Higher Education Finance Corp. Education Revenue Bonds, Series A, TLC Academy, 4.00%, 8/15/51		1,095		819

4.00%, 8/15/56		1,130		820

San Antonio Education Facilities Corp. Revenue Bonds, Series A, Hallmark University Project, 5.00%, 10/1/51		1,500		1,179

Tarrant County Cultural Educational Facilities Finance Corp. Retirement Facilities Revenue Bonds, Series B, Buckner Retirement Services, 5.00%, 11/15/46		4,000		3,914

Texas State Private Activity Bond Surface Transportation Corp. Revenue Refunding Bonds, LBJ Infrastructure Group, 4.00%, 6/30/40		500		472


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Texas – 7.6% continued

Texas State Private Activity Bond Surface Transportation Corp. Senior Lien Revenue Bonds (AMT), Blueridge Transportation, 5.00%, 12/31/45		$1,250		$1,255

				29,273

Utah – 2.4%

Black Desert Public Infrastructure District Senior G.O. Limited Bonds, Series A, 4.00%, 3/1/51		2,500		1,881

Downtown East Streetcar Sewer Public Infrastructure District Senior Lien G.O. Limited Bonds, Series A, 5.75%, 3/1/42		1,000		1,009

6.00%, 3/1/53		1,000		1,005

Uipa Crossroads Public Infrastructure District Utility Tax Allocation Bonds, 4.38%, 6/1/52		2,000		1,696

Utah Infrastructure Agency Tax-Exempt Telecommunications Revenue Bonds, 4.00%, 10/15/42		1,000		809

3.00%, 10/15/45		1,000		630

Utah Infrastructure Agency Telecommunications Revenue Bonds, 5.00%, 10/15/46		1,500		1,411

Utah State Charter School Finance Authority Charter School Revenue Bonds, Mountain West Montessori Academy, 5.00%, 6/15/49		825		753

				9,194

Virgin Islands, U.S. – 1.3%

Matching Fund Special Purpose Securitization Corp. Revenue Refunding Bonds, Series A, 5.00%, 10/1/39		5,000		4,892

Virginia – 1.6%

Virginia College Building Authority Educational Facilities Revenue Refunding Bonds, Regent University Project, 3.00%, 6/1/41		400		293


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Virginia – 1.6% continued

Virginia Small Business Financing Authority Private Activity Senior Revenue Bonds (AMT), Transform 66-P3 Project, 5.00%, 6/30/27⁽⁹⁾		$1,000		$985

Virginia State College Building Authority Educational Facilities Revenue Bonds, Marymount University Project, Green Bonds, 5.25%, 7/1/35		270		267

5.00%, 7/1/45		2,515		2,376

Virginia State Small Business Financing Authority Senior Lien Revenue Refunding Bonds (AMT), 95 Express, 4.00%, 1/1/48		500		433

Virginia State Small Business Financing Authority Solid Waste Disposal Facilities Revenue Bonds (AMT), Covanta Project, 5.00%, 7/1/38⁽⁵⁾^{(6) (7)}		1,000		912

West Falls Community Development Authority Revenue Bonds, Series A, 5.38%, 9/1/52		1,000		999

				6,265

Washington – 1.0%

Washington State Housing Finance Commission Nonprofit Housing Revenue Refunding Bonds, The Hearthstone Project, 5.00%, 7/1/48⁽¹⁾		525		386

5.00%, 7/1/53⁽¹⁾		500		358

Washington State Housing Finance Commission Nonprofit Revenue Bonds, Series A, Spokane International Academy Project, 5.00%, 7/1/50		710		650

Washington State Housing Finance Commission Revenue Bonds, Rockwood Retirement Communities Project, 5.00%, 1/1/55		2,000		1,414

Washington State Housing Finance Commission Revenue Bonds, Series A, Transforming Age Project, 5.00%, 1/1/55		1,000		725


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Washington – 1.0% continued

Washington State Housing Finance Commission Social Certificate Revenue Bonds, Series A-1, 3.50%, 12/20/35		$487		$456

				3,989

West Virginia – 1.3%

South Charleston Special District Excise Tax Revenue Refunding Bonds, South Charleston Park Place, 4.50%, 6/1/50		1,500		1,152

West Virginia State EDA Solid Waste Disposal Facilities Variable Revenue Bonds (AMT), Senior-Arch Resources, 5.00%, 7/1/25⁽⁵⁾^{(6) (7)}		1,000		999

West Virginia State Hospital Finance Authority, Revenue Refunding Bonds, Cabell Huntington Hospital, 5.00%, 1/1/43		3,000		3,010

				5,161

Wisconsin – 7.7%

Gillett Solid Waste Disposal Revenue Bonds (AMT), North LLC Renewable, 5.50%, 12/1/32⁽¹⁾		1,500		1,232

PFA Charter School Revenue Bonds, Coral Academy of Science Reno, 5.88%, 6/1/52⁽¹⁾		580		567

PFA Charter School Revenue Bonds, Freedom Classical Academy, Inc., 5.00%, 1/1/56⁽¹⁾		1,000		841

PFA Charter School Revenue Bonds, Series A, Eno River Project, 5.00%, 6/15/54⁽¹⁾		1,375		1,223

PFA Education Revenue Bonds, Guildford Preparatory Academy, 5.00%, 4/1/47⁽¹⁾		500		432

5.00%, 4/1/57⁽¹⁾		1,000		831

PFA Education Revenue Bonds, North Carolina Leadership Academy, 5.00%, 6/15/49⁽¹⁾		520		462

PFA Education Revenue Bonds, The Franklin School of Innovation, 5.00%, 1/1/42⁽¹⁾		600		550

5.00%, 1/1/57		1,000		852


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Wisconsin – 7.7% continued

PFA Education Revenue Bonds, Uwharrie Charter Academy Project, 5.00%, 6/15/52		$1,000		$874

PFA Educational Facilities Revenue Bonds, Charter Day School, Inc., Project, 5.00%, 12/1/55		2,500		2,009

PFA Educational Facilities Revenue Bonds, Series A, Kipp Charlotte, Inc., 5.00%, 10/15/50⁽¹⁾		1,000		930

PFA Educational Facility Revenue Refunding Bonds, Estancia Valley Classical, 4.25%, 7/1/51⁽¹⁾		1,345		965

PFA Educational Facility Revenue Refunding Bonds, Lenoir Rhyne University, 5.13%, 4/1/52		1,000		967

PFA Educational Facility Revenue Refunding Bonds, Queens University of Charlotte, 4.75%, 3/1/52		1,000		915

PFA Hotel Senior Lien Revenue Bonds, Grand Hyatt San Antonio Project, 5.00%, 2/1/52		1,000		1,000

PFA Retirement Facilities First Mortgage Revenue Bonds, Series A, 5.25%, 3/1/55⁽¹⁾		1,000		853

PFA Retirement Facilities Revenue Refunding Bonds, Friend’s Homes, 5.00%, 9/1/54		1,500		1,289

PFA Revenue Bonds, College Achieve Central Charter School, 5.00%, 6/15/51⁽¹⁾		1,500		1,319

PFA Revenue Bonds, Series A, Viticus Group Project, 4.25%, 12/1/51⁽¹⁾		2,805		2,178

PFA Revenue Bonds, Texas Biomedical Research Institute, 3.00%, 6/1/48		1,000		681

PFA Revenue Refunding Bonds, Roseman University of Health, 4.00%, 4/1/52		1,255		938

PFA Revenue Refunding Bonds, Ultimate Medical Academy, 5.00%, 10/1/34		1,000		971


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 96.6% continued

Wisconsin – 7.7% continued

PFA Senior Revenue Bonds (AMT), Fargo-Moorhead Metropolitan Area Flood Risk Management Project, Green Bonds, 4.00%, 9/30/51		$1,500		$1,235

PFA Special Facility Revenue Bonds (AMT), Sky Harbour Capital LLC AV, 4.25%, 7/1/54		1,500		1,103

PFA Student Housing Revenue Bonds, NC A&T Real Estate Foundation, LLC Project, 5.00%, 6/1/49		1,000		925

PFA Student Housing Sustainability Revenue Bonds, University of Hawaii Foundation Project, 4.00%, 7/1/61		500		360

PFA Student Housing Taxable Sustainability Revenue Bonds, University of Hawaii Foundation Project, 5.35%, 7/1/40		600		504

Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Hope Christian Schools, 4.00%, 12/1/51		850		596

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Oakwood Lutheran Senior, 4.00%, 1/1/57		2,000		1,366

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, St. Camillus Health System, 5.00%, 11/1/46		1,000		807

				29,775

Wyoming – 0.7%

Campbell County Solid Waste Facilities Revenue Refunding Bonds, Basin Electric Power Cooperative, 3.63%, 7/15/39		3,000		2,723

Total Municipal Bonds

(Cost $445,492)				372,277

NUMBER

OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 1.3%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

4.61%⁽¹⁰⁾⁽¹¹⁾

4,883,737

$4,884

Total Investment Companies

(Cost $4,884)

4,884

Total Investments – 98.4%

(Cost $452,853)

379,299

Other Assets less Liabilities – 1.6%

6,140

NET ASSETS – 100.0%

$385,439

⁽¹⁾

⁽²⁾

Restricted security that has been deemed illiquid. At March 31, 2023, the value of these restricted illiquid securities amounted to approximately $4,772,000 or 1.2% of net assets. Additional information on these restricted illiquid securities is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

Arizona State IDA Education Revenue Bonds, Academies of Math & Science Project, 5.63%, 7/1/48	11/8/18		$1,993

Atlanta Development Authority Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center, 6.75%, 1/1/35	6/21/17		2,917

Benloch Ranch Improvement Association No. 2, 10.00%, 12/1/51	3/22/22		977

Illinois State Finance Authority Revenue Refunding Bonds, Friendship Village Schaumburg, 5.13%, 2/15/45	9/9/19		1,480

⁽³⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁴⁾

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽⁵⁾

Maturity date represents the puttable date.

⁽⁶⁾

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

⁽⁷⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁸⁾

Maturity date represents the prerefunded date.

⁽⁹⁾

Perpetual bond. Maturity date represents next call date.

⁽¹⁰⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹¹⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AMT - Alternative Minimum Tax

COPS - Certificates of Participation

CSCDA - California Statewide Communities Development Authority

EDA - Economic Development Authority

G.O. - General Obligation

HUD - Housing and Urban Development

IDA - Industrial Development Authority

IDB - Industrial Development Board

MFH - Multi-Family Housing

NCCD - National Campus and Community Development Corporation

PCR - Pollution Control Revenue

PFA - Public Finance Authority

Q-SBLF - Qualified School Bond Loan Fund

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Corporate Bonds		0.5	%

Municipal Bonds		96.6	%

Investment Companies		1.3	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Corporate Bonds:

Consumer Services		$ —	$	1,396		$ —	$	1,396

Real Estate Owners & Developers		—		—		742		742
Total Corporate Bonds		—		1,396		742		2,138

Municipal Bonds⁽¹⁾		—		372,277		—		372,277

Investment Companies		4,884		—		—		4,884

Total Investments		$4,884	$	373,673		$742	$	379,299

⁽¹⁾

Classifications as defined in the Schedule of Investments.


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 0.4%

Engineering & Construction – 0.1%

Nature Conservancy (The), 1.30%, 7/1/28		$1,350		$1,109

Health Care Facilities & Services – 0.3%

Bon Secours Mercy Health, Inc., 3.46%, 6/1/30		500		451

Seattle Children’s Hospital, 1.21%, 10/1/27		5,000		4,315

				4,766
Total Corporate Bonds
(Cost $6,850)				5,875





MUNICIPAL BONDS – 94.9%

Alabama – 1.0%

Alabama State Corrections Institution Finance Authority Revenue Bonds, 5.00%, 7/1/35		2,900		3,327

Black Belt Energy Gas District Revenue Bonds, Series A, Gas Project No. 8, 4.00%, 12/1/29⁽¹⁾^{(2) (3)}		7,500		7,270

Southeast Energy Authority Revenue Bonds, A Cooperative District Commodity Supply Project No. 2, Series B, 4.00%, 12/1/31⁽¹⁾^(2) (3)		5,000		4,859

				15,456

Alaska – 1.0%

Alaska State Housing Finance Corp. Revenue Refunding Bonds, Series A, 5.00%, 6/1/30		5,000		5,443

Alaska State Housing Finance Corp. Revenue Refunding Bonds, State Capital, Prerefunded, 4.00%, 6/1/25⁽⁴⁾		1,445		1,491

Alaska State Housing Finance Corp. Revenue Refunding Bonds, State Capital, Unrefunded Balance, 4.00%, 6/1/36		3,555		3,568

Anchorage Electric Utility Senior Lien Revenue Refunding Bonds, Series A, Prerefunded, 5.00%, 12/1/24⁽⁴⁾		5,000		5,194

				15,696



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Arizona – 3.0%

Arizona State IDA Education Revenue Bonds, Series A-Social, Macombs Facility Project, 4.00%, 7/1/36		$315		$299

4.00%, 7/1/41		800		714

Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds, 4.00%, 11/1/46		1,000		905

Arizona State Transportation Board Excise Tax Revenue Refunding Bonds, 5.00%, 7/1/25		10,000		10,290

Arizona State Transportation Board Highway Revenue Refunding Bonds, 5.00%, 7/1/28		12,000		12,344

Maricopa County High School District No. 210 Phoenix G.O. Unlimited Bonds, School Improvement Project of 2011 & 2017, 5.00%, 7/1/35		1,775		1,927

Maricopa County IDA Educational Facilities Revenue Bonds, Creighton University Project, 5.00%, 7/1/47		1,500		1,590

Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group, 4.00%, 1/1/36		180		183

Maricopa County Special Health Care District G.O. Unlimited Bonds, 4.00%, 7/1/38		2,500		2,523

Maricopa County Unified School District No. 69 Paradise Valley School Improvement Project 2015 G.O. Unlimited Bonds, Series C, 5.00%, 7/1/26		1,500		1,625

Phoenix Civic Airport Improvement Corp. Junior Lien Airport Revenue Bonds, 4.00%, 7/1/44		1,000		991

Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Bonds, 5.00%, 7/1/40		3,165		3,602



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Arizona – 3.0% continued

Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds, Series B (AMT), 3.25%, 7/1/49		$2,000		$1,560

Phoenix Civic Improvement Corp. Wastewater System Junior Lien Revenue Refunding Bonds, 5.00%, 7/1/30		2,000		2,161

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A, 5.00%, 12/1/35		5,000		5,216

				45,930

Arkansas – 0.3%

Little Rock School District G.O. Limited Refunding Bonds, Series A (AGM Insured State Aid Withholding), 2.00%, 2/1/34		4,000		3,458

2.25%, 2/1/41		1,485		1,121

				4,579

California – 8.4%

Anaheim Housing & Public Improvements Authority Revenue Refunding Bonds, Electric Utility Distribution System, 5.00%, 10/1/34		1,250		1,385

5.00%, 10/1/52		5,000		5,284

Burbank Unified School District G.O. Unlimited Convertible CABS, Series A, Prerefunded, (Step to 5.00% on 8/1/23), 0.00%, 2/1/25⁽⁴⁾⁽⁵⁾		3,500		3,595

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1, 4.00%, 8/1/31⁽¹⁾^{(2) (3)}		15,000		14,803

California Community Choice Financing Authority Revenue Bonds, Clean Energy Project, Green Bonds, 4.00%, 12/1/27⁽¹⁾^{(2) (3)}		5,000		4,988

California HFA Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates, 3.50%, 11/20/35		3,397		3,235



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

California – 8.4% continued

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured), 3.75%, 3/25/35		$4,909		$4,869

California State G.O. Unlimited Bonds, Series 2007, Unrefunded Balance, 5.75%, 5/1/30		80		80

California State G.O. Unlimited Various Purpose Refunding Bonds, 5.00%, 4/1/33		5,000		5,748

5.00%, 4/1/33		9,000		9,185

Carlsbad Unified School District G.O. Unlimited Convertible CABS, Series C, Election, (Step to 6.63% on 8/1/26), 0.00%, 8/1/35⁽⁵⁾		11,850		12,913

Glendale Electric Works Revenue Bonds, 5.00%, 2/1/43		5,000		5,027

Los Angeles California Department of Airports Subordinate Revenue Bonds, Series C (AMT), 5.00%, 5/15/32		1,000		1,071

Los Angeles Community College District G.O. Unlimited Refunding Bonds, Series A, Prerefunded, 5.00%, 8/1/24⁽⁴⁾		10,000		10,327

Los Angeles County Development Authority General Revenue Refunding Bonds, 4.00%, 9/1/39		1,410		1,438

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport, 5.00%, 5/15/35		600		625

Los Angeles Department of Airports Revenue Bonds (AMT), Los Angeles International, 5.00%, 5/15/26		2,500		2,506

Los Angeles Department of Airports Subordinate Revenue Bonds, Los Angeles International, 5.00%, 5/15/34		4,135		4,146



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

California – 8.4% continued

Los Angeles Department of Airports Subordinate Revenue Bonds, Series C (AMT), 5.00%, 5/15/35		$10,000		$10,593

Sacramento County Airport System Revenue Refunding Bonds, Series C (AMT), 5.00%, 7/1/35		6,000		6,424

San Francisco California City & County Airport Commission International Revenue Refunding Bonds, Series H (AMT), 5.00%, 5/1/27		5,000		5,361

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT), 5.00%, 5/1/35		3,500		3,791

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT), 5.00%, 5/1/39		2,355		2,490

San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds, Second Series A (AMT), 5.00%, 5/1/30		5,000		5,583

San Francisco City & County Public Utilities Commission Water Revenue Refunding Bonds, 4.00%, 11/1/33		2,500		2,564

Santa Clara Valley Water District COPS, Series C, 5.00%, 6/1/24		650		669

				128,700

Colorado – 3.9%

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), 5.25%, 12/1/40		4,775		5,119

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), Prerefunded, 5.25%, 12/1/26⁽⁴⁾		225		248

Arvada Sales & Use TRB, 5.00%, 12/1/31		3,000		3,417



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Colorado – 3.9% continued

Colorado State COPS, Series A, 4.00%, 12/15/36		$5,000		$5,132

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Adventist Health System Sunbelt, 4.00%, 11/15/41		1,000		984

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Series A, Commonspirit Health, 5.00%, 8/1/34		1,000		1,084

Colorado State Health Facilities Authority Revenue Refunding Bonds, Intermountain Healthcare, 5.00%, 5/15/32		2,000		2,407

Colorado State School of Mines Institutional Enterprise Revenue Bonds, Series B, 5.00%, 12/1/42		1,000		1,067

Denver City & County Airport Revenue Bonds, Series A (AMT), 5.00%, 11/15/32		10,000		11,506

5.50%, 11/15/35		10,000		11,689

Denver City & County Airport System Subordinate Revenue Bonds, Series B, 5.25%, 11/15/28		1,500		1,523

5.25%, 11/15/29		1,740		1,766

Denver City & County Airport System Subordinate Revenue Refunding Bonds (AMT), Series A, 5.00%, 12/1/43		3,000		3,113

Denver City & County Airport System Subordinate Revenue Refunding Bonds, Series B, 5.00%, 12/1/43		5,000		5,305

Denver City & County Dedicated TRB, Series A-1, 5.00%, 8/1/48		2,750		2,854

Larimer & Weld Counties School District No. RE-5J G.O. Unlimited Bonds (State Aid Withholding), 4.00%, 12/1/34		1,850		1,967

				59,181



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Connecticut – 1.4%

Connecticut State G.O. Unlimited Bonds, Series 2021 A, 3.00%, 1/15/33		$5,005		$4,954

Connecticut State Special Tax Obligation Revenue Bonds, Series A, Transportation Infrastructure, 5.00%, 9/1/31		1,000		1,032

5.00%, 7/1/39		875		995

Connecticut State Special Tax Obligation Revenue Bonds, Series B, 5.00%, 10/1/35		5,000		5,555

University of Connecticut Revenue Bonds, Series A, 5.25%, 11/15/47		8,000		8,612

				21,148

District of Columbia – 1.6%

District of Columbia G.O. Unlimited Bonds, Series C, 5.00%, 6/1/34		2,500		2,565

District of Columbia Water & Sewer Authority Public Utility Subordinate Lien Revenue Refunding Bonds, Series C, Prerefunded, 5.00%, 10/1/24⁽⁴⁾		5,000		5,181

Metropolitan Washington Airports Authority System Revenue Refunding Bonds (AMT), 5.00%, 10/1/30		2,630		2,818

Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/1/28		3,000		3,018

5.00%, 10/1/30		2,500		2,812

5.00%, 10/1/43		2,000		2,074

Washington Metropolitan Area Transit Authority Gross Revenue Bonds, 5.00%, 7/1/38		3,000		3,212

5.00%, 7/1/43		2,000		2,120

				23,800

Florida – 3.7%

Broward County Airport System Revenue Bonds (AMT), 5.00%, 10/1/37		1,500		1,563



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Florida – 3.7% continued

Broward County Airport System Revenue Bonds, Series A (AMT), 5.00%, 10/1/30		$2,000		$2,202

Central Florida Expressway Authority Senior Lien Revenue Refunding Bonds, Series B, 4.00%, 7/1/35		6,500		6,595

Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project, 5.00%, 4/1/48		2,000		2,059

Florida State Atlantic University Finance Corp. Capital Improvement Revenue Refunding Bonds, Series A, 5.00%, 7/1/27		2,000		2,190

Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series E, 5.00%, 6/1/26		2,095		2,217

Florida State Municipal Power Agency Revenue Refunding Bonds, Series A, 5.00%, 10/1/31		1,000		1,067

Florida State Turnpike Authority Revenue Bonds, Series C, Department of Transportation, 4.50%, 7/1/43		5,000		5,022

Hillsborough County Aviation Authority Customer Facilities Charge Revenue Bonds, Series A, Tampa International Airport, 5.00%, 10/1/44		2,500		2,528

Hillsborough County Aviation Authority Subordinate Revenue Bonds, Series B, Tampa International Airport, Prerefunded, 5.00%, 10/1/24⁽⁴⁾		4,000		4,145

Lee County Airport Revenue Bonds, Series B (AMT), 5.00%, 10/1/31		1,840		2,069

Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/1/27		1,320		1,345

Miami-Dade County Aviation Revenue Refunding Bonds, Series B, 5.00%, 10/1/37		650		663



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Florida – 3.7% continued

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-1 (AGM Insured) (AMT), 4.00%, 10/1/45		$2,325		$2,236

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-2 (AGM Insured), 3.00%, 10/1/50		11,430		8,457

Miami-Dade County Water & Sewer System Revenue Bonds, Series A, 4.00%, 10/1/37		2,500		2,529

Orlando Utilities Commission Utility System Revenue Bonds, Series B, 1.25%, 10/1/28⁽¹⁾^{(2) (3)}		1,000		867

Pasco County School Board COPS, Series A (BAM Insured), 5.00%, 8/1/43		5,000		5,437

South Broward Hospital District Revenue Refunding Bonds, Series A, 4.00%, 5/1/44		4,000		3,930

				57,121

Georgia – 3.8%

Atlanta Airport Passenger Facility Charge Subordinate Revenue Bonds, 5.00%, 7/1/37		5,000		5,538

Atlanta Airport Revenue Bonds, Series A, 4.00%, 7/1/49		2,500		2,456

Burke County Development Authority PCR Bonds, Go Power Company Plant Vogtle Project-FIF, 2.20%, 10/1/32		650		529

Downtown Savannah Authority Revenue Bonds, Chatham County Judicial Complex, 5.00%, 6/1/32		1,250		1,344

Georgia State G.O. Unlimited Bonds, Series A, 5.00%, 7/1/31		10,965		12,430

4.00%, 7/1/36		5,000		5,259

Gwinnett County School District G.O. Unlimited Bonds, Series A, 1.75%, 8/1/25		9,700		9,434

Main Street Natural Gas Inc., Gas Supply Revenue Bonds, Series B, 5.00%, 3/1/30⁽¹⁾^{(2) (3)}		5,000		5,292



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Georgia – 3.8% continued

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A, 4.00%, 9/1/27⁽¹⁾^{(2) (3)}		$10,000		$9,997

Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 & 4 Project, 5.50%, 7/1/60		2,500		2,538

Paulding County Hospital Authority Revenue Refunding Bonds, Wellstar Health System, Inc., 5.00%, 4/1/43		1,500		1,564

Walton Industrial Building Authority Revenue Bonds, Walton County Jail Facility Project, 4.00%, 2/1/52		2,500		2,442

				58,823

Hawaii – 1.6%

Hawaii State Airports System Revenue Bonds, Series A (AMT), 5.00%, 7/1/28		1,025		1,111

5.00%, 7/1/30		1,250		1,349

5.00%, 7/1/43		5,000		5,176

Honolulu City & County G.O. Unlimited Bonds, Series A, 5.00%, 10/1/35		4,825		5,066

Honolulu City & County Wastewater System Revenue Refunding Bonds, Senior Series B, First Bond Resolution, 5.00%, 7/1/27		11,755		12,387

				25,089

Idaho – 0.1%

Idaho State Housing & Finance Association Sales TRB, Transportation Expansion & Mitigation, 5.00%, 8/15/42		1,750		1,967

Illinois – 4.5%

Champaign County Community Unit School District No. 4 G.O. Unlimited Bonds, Series A, 5.00%, 1/1/32		2,300		2,544

Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series A (AMT), 5.50%, 1/1/30		2,025		2,028



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Illinois – 4.5% continued

Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series B, 5.25%, 1/1/34		$2,500		$2,504

Chicago O’Hare International Airport Revenue Refunding Bonds, Series B, 5.00%, 1/1/29		5,000		5,181

Cook County Community Consolidated School District No. 34 G.O. Unlimited Bonds, Series A, 2.00%, 12/1/38		5,000		3,707

Cook County Sales Tax Revenue Refunding Bonds, 5.00%, 11/15/33		5,000		5,407

5.25%, 11/15/35		5,000		5,404

Cook Kane Lake & Mchenry Counties Community College District No. 512 G.O. Unlimited Bonds, 4.00%, 12/15/30		5,000		5,332

Illinois Finance Authority Revenue Refunding Bonds, Series A, University of Chicago, 5.00%, 10/1/31		4,150		4,976

Illinois State Finance Authority Academic Facilities Lease Revenue Bonds, University of Illinois at Urbana-Champaign, 5.00%, 10/1/44		1,030		1,073

Illinois State Finance Authority Revenue Bonds, Township High School District, 4.00%, 12/1/32		1,940		2,056

Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center, 5.00%, 11/15/38		1,955		1,988

Illinois State Finance Authority Variable Revenue Bonds, Series B, The Carle Foundation, 5.00%, 8/15/31⁽¹⁾^{(2) (3)}		3,850		4,345

Illinois State G.O. Unlimited Refunding Bonds, Series B, 5.00%, 3/1/25		4,000		4,145

Illinois State Municipal Electric Agency Power Supply Revenue Refunding Bonds, Series A, 4.00%, 2/1/33		7,000		7,141



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Illinois – 4.5% continued

Illinois State Toll Highway Authority Senior Revenue Bonds, Series B, 5.00%, 1/1/33		$1,720		$1,828

Joliet Waterworks & Sewage Senior Lien Revenue BANS, 5.00%, 1/1/24		2,265		2,289

Lake County Community Consolidated School District No. 41 Lake Villa G.O. Unlimited Bonds (BAM Insured), 4.00%, 11/1/31		1,000		1,079

Lake County Forest Preservation District G.O. Unlimited Refunding Bonds, 2.00%, 12/15/31		1,765		1,609

Regional Transportation Authority Revenue Bonds, Series B (NATL Insured), 5.75%, 6/1/33		2,000		2,412

University of Illinois Revenues Auxiliary Facilities System Revenue Bonds, Series A, 5.00%, 4/1/33		1,885		1,909

				68,957

Indiana – 1.1%

Indiana Finance Authority Wastewater Utility First Lien Revenue Bonds, Series A, CWA Authority, 4.25%, 10/1/44		9,000		9,020

Indiana State Finance Authority Hospital Revenue Refunding Bonds, Series A, University Health Obligated Group, 5.00%, 12/1/40		6,500		6,656

Logansport Renovation School Building Corp. First Mortgage Revenue Bonds (State Intercept Program), 5.00%, 7/15/27		1,025		1,118

				16,794

Iowa – 0.2%

Pefa, Inc., Iowa Gas Project Revenue Bonds, 5.00%, 9/1/26⁽¹⁾^{(2) (3)}		2,500		2,550

Kansas – 0.3%

Manhattan G.O. Unlimited Temporary Notes, Series 2021-01, 0.20%, 6/15/24		4,875		4,655



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Kentucky – 5.4%

Carroll County Environmental Facilities Revenue Refunding Bonds (AMT), Kentucky Utilities Company, 2.00%, 2/1/32		$5,250		$4,426

Fayette County School District Finance Corp. Revenue Bonds, Series A (State Intercept Program), 4.00%, 5/1/38		5,000		5,021

Jefferson County School District Finance Corp. School Building Revenue Bonds, Series A (State Intercept Program), 4.00%, 6/1/31		3,935		4,087

Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Series A, Commonspirit Health, 5.00%, 8/1/34		750		813

5.00%, 8/1/35		550		591

5.00%, 8/1/36		750		798

Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series A-1, 4.00%, 8/1/30		6,175		6,067

Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series C-1, Gas Supply, 4.00%, 6/1/25⁽¹⁾^(2) (3)		15,000		14,932

Kentucky State Public Energy Authority Gas Supply Variable Revenue Bonds, Series C, Gas Supply, 4.00%, 2/1/28⁽¹⁾^{(2) (3)}		5,000		4,936

Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply, 4.00%, 1/1/25⁽¹⁾^{(2) (3)}		24,725		24,711

Louisville & Jefferson County Metro Government Health System Revenue Refunding Bonds, Norton Healthcare, Inc., 4.00%, 10/1/36		1,315		1,315

Louisville & Jefferson County Metro Government PCR Refunding Bonds (AMT), Gas & Electric, 1.35%, 11/1/27		2,500		2,257



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Kentucky – 5.4% continued

Louisville & Jefferson County Metro Government PCR Refunding Bonds, Gas & Electric, 2.00%, 10/1/33		$14,500		$11,906

Trimble County Pollution Control Variable Revenue Bonds (AMT), Louisville Gas and Electric Co., 1.30%, 9/1/27⁽¹⁾^{(2) (3)}		1,000		844

				82,704

Louisiana – 2.1%

East Baton Rouge Parish Sewerage Commission Variable Revenue Refunding Bonds, Series A, 1.30%, 2/1/28⁽¹⁾^{(2) (3)}		2,500		2,131

Lake Charles Harbor & Terminal District Variable Revenue Bonds (AMT), Big Lake Fuels, 1.00%, 12/1/24⁽¹⁾^{(2) (3)}		7,000		6,623

Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project, 2.50%, 4/1/36		7,500		6,217

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic Foundation Project, 5.00%, 5/15/28		400		437

5.00%, 5/15/30		700		777

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Unrefunded Balance, 5.00%, 5/15/47		2,925		2,983

Louisiana State Gas & Fuels Tax Second Lien Revenue Refunding Bonds, Series C, 5.00%, 5/1/45		4,000		4,202

Louisiana State Highway Improvement Revenue Bonds, Series A, Prerefunded, 5.00%, 6/15/24⁽⁴⁾		5,390		5,542

Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds, Series A, Woman’s Hospital Foundation Project, 5.00%, 10/1/30		1,505		1,620



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Louisiana – 2.1% continued

Saint John The Baptist Parish Revenue Refunding Bonds, Marathon Oil Corp. Project, 2.20%, 7/1/26⁽¹⁾^{(2) (3)}		$1,000		$939

				31,471

Maine – 0.3%

Maine State Housing Authority Energy Housing & Economic Revenue Fund Revenue Refunding Bonds, Series 1, 5.00%, 6/15/35		3,730		4,293

Maryland – 3.4%

Howard County G.O. Unlimited Refunding Bonds, Series D, 5.00%, 2/15/31		10,000		11,234

Maryland State & Local Facilities Loan G.O. Unlimited Bonds, Series 2, 5.00%, 8/1/30		10,000		11,362

Maryland State Department of Transportation Consolidated Revenue Bonds, Series A, 3.00%, 10/1/31		10,000		10,096

3.00%, 10/1/32		5,000		5,040

Maryland State Department of Transportation Consolidated Transportation Revenue Bonds, 2.50%, 10/1/33		5,000		4,693

Saint Mary’s County G.O. Unlimited Bonds, 5.00%, 8/1/24		500		516

Washington Suburban Sanitary District Consolidated Public Improvement G.O. Unlimited Revenue Bonds, Second Series (County Gtd.), 5.00%, 6/1/37		5,000		5,300

Washington Suburban Sanitary District Revenue Bonds (County Gtd.), 4.00%, 12/1/32		4,205		4,667

				52,908

Massachusetts – 1.4%

Lincoln School G.O. Unlimited Bonds, 3.50%, 3/1/44		2,000		1,835

Massachusetts State Bay Transportation Authority Sales Tax Revenue Refunding CABS, Series A, 0.00%, 7/1/29⁽⁶⁾		3,000		2,453



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Massachusetts – 1.4% continued

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Northeastern University, Series A, 5.00%, 10/1/32		$1,715		$2,016

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Partners Healthcare System, 5.00%, 7/1/29		1,625		1,781

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Series A-2, 5.00%, 7/1/39		1,500		1,601

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Suffolk University, 5.00%, 7/1/29		500		547

Massachusetts State G.O. Limited Bonds, 4.00%, 5/1/40		1,000		1,000

Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Mass Institute Technology, 5.50%, 7/1/32		785		999

Massachusetts State Port Authority Revenue Bonds, Series C (AMT), 5.00%, 7/1/30		3,000		3,320

Massachusetts State School Building Authority Senior Lien Sales TRB, Series B, 5.00%, 11/15/39		5,000		5,309

				20,861

Michigan – 2.0%

Battle Creek School District G.O. Unlimited Refunding Bonds (Q-SBLF Insured), 5.00%, 5/1/27		1,540		1,654

Chippewa Valley Schools G.O. Unlimited Refunding Bonds, Series A (Q-SBLF Insured), 5.00%, 5/1/27		400		424

Grosse Pointe Public School System G.O. Unlimited Bonds, 3.00%, 5/1/34		1,815		1,738



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Michigan – 2.0% continued

Holt Public Schools G.O. Unlimited Bonds, Series I (Q-SBLF Insured), 3.00%, 5/1/34		$1,175		$1,125

Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series I-A, 5.00%, 10/15/29		5,000		5,064

Michigan State Finance Authority Limited Obligation Revenue Refunding Bonds, Lawrence Technology University, 4.00%, 2/1/42		745		616

Michigan State Finance Authority Variable Revenue Refunding Bonds, Mclaren Healthcare, 1.20%, 4/13/28⁽¹⁾^{(2) (3)}		1,250		1,136

Michigan State G.O. Unlimited Refunding Bonds, Series A, Environmental Program, 1.00%, 12/1/25		1,000		960

Michigan State HDA SFM Revenue Bonds, Series A, Social Bonds, 4.00%, 12/1/37		2,505		2,466

Walled Lake Consolidated School District G.O. Unlimited Bonds (Q-SBLF Insured), 5.00%, 5/1/50		1,635		1,755

Wayne County Airport Authority Revenue Bonds, Series D, 5.00%, 12/1/34		3,400		3,544

Wayne County Airport Authority Revenue Bonds, Series D (AGM Insured), 5.00%, 12/1/32		9,690		10,216

				30,698

Minnesota – 0.7%

Minnesota Municipal Gas Agency Commodity Supply Revenue Bonds, Series A, 4.00%, 12/1/27⁽¹⁾^{(2) (3)}		10,000		10,123

Minnesota State Municipal Power Agency Electric Revenue Refunding Bonds, Series A, 5.00%, 10/1/29		1,000		1,034

				11,157



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Mississippi – 0.0%

Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc., Project, 2.38%, 6/1/44		$1,000		$644

Missouri – 1.4%

Curators of the University of Missouri System Facilities Revenue Bonds, Series B, 5.00%, 11/1/30		10,015		11,884

Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Revenue Refunding Bonds, Series B, 5.00%, 1/1/26		1,480		1,560

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, Mercy Health, 5.00%, 6/1/30		2,500		2,779

Platte County School District No. 3 G.O. Unlimited Bonds, 5.25%, 3/1/34		2,710		3,261

Wentzville School District No. R-4 G.O. Unlimited Refunding CABS, Missouri Direct Deposit Program (State Aid Direct Deposit Program), 0.00%, 3/1/27⁽⁶⁾		2,100		1,870

				21,354

Nebraska – 0.6%

Lancaster County School District No. 1 G.O. Unlimited Refunding Bonds, 5.00%, 1/15/27		3,760		3,967

Omaha Public Power District Electric Revenue Bonds, Series A, 5.00%, 2/1/30		4,740		5,427

				9,394

Nevada – 0.7%

Clark County Airport System Subordinate Lien Revenue Refunding Bonds Series A-2, 4.25%, 7/1/34		2,500		2,531

Clark County School District G.O. Limited Bonds, Series B (AGM Insured), 5.00%, 6/15/31		1,000		1,138



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Nevada – 0.7% continued

Clark County School District G.O. Limited Bonds, Various Purpose-Medium Term Project, 3.00%, 6/15/26		$1,265		$1,265

Washoe County School District G.O. Limited Bonds, Series C, School Improvement Bonds (AGM Insured), 3.25%, 10/1/42		6,500		5,660

				10,594

New Jersey – 0.4%

New Jersey State EDA Revenue School Facilities Construction Revenue Bonds, 5.00%, 6/15/28		1,440		1,579

5.00%, 6/15/34		500		552

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program, 5.00%, 6/15/34		1,000		1,091

5.25%, 6/15/43		2,500		2,647

				5,869

New Mexico – 0.2%

Albuquerque Bernalillo County Water Utility Authority Joint Water & Sewer Senior Lien Revenue Bonds, 4.00%, 7/1/31		1,300		1,406

Central New Mexico Community College G.O. Limited Bonds, Series A, 4.00%, 8/15/28		2,100		2,240

				3,646

New York – 18.1%

New York City Housing Development Corp. MFH Adjustable Revenue Bonds, Sustainable Development, 1.13%, 11/1/24⁽¹⁾^{(2) (3)}		1,000		962

New York City Housing Development Corp. MFH Revenue Refunding Bonds, Sustainable Neighborhood Bonds (FNMA Insured), 2.95%, 2/1/26⁽¹⁾^{(2) (3)}		4,000		3,985

New York City Housing Development Corp. MFH Sustainable Development Revenue Bonds, 2.75%, 11/1/33		2,870		2,653



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

New York – 18.1% continued

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution, Fiscal 2014, 5.00%, 6/15/46		$5,000		$5,023

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution, Series BB, 5.00%, 6/15/49		3,865		4,137

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Series CC-1, 5.00%, 6/15/52		7,480		8,152

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series DD-2 Block 5, 5.00%, 6/15/40		5,000		5,386

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series EE, 5.00%, 6/15/29		3,500		3,731

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series GG, 5.00%, 6/15/31		4,765		5,012

5.00%, 6/15/39		8,000		8,297

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Sub-Series EE, 4.00%, 6/15/45		10,000		9,873

New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution Revenue Bonds, Series GG, 5.00%, 6/15/50		5,000		5,392

New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-3 (State Aid Withholding), 5.00%, 7/15/43		3,000		3,203


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

New York – 18.1% continued

New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Subseries C-2, 5.00%, 5/1/36		$1,575		$1,721

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, 5.00%, 8/1/40		2,000		2,149

5.00%, 8/1/42		1,500		1,610

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series A-1, 5.00%, 8/1/44		2,500		2,762

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series B-1, 4.00%, 8/1/45		5,000		4,922

2.50%, 8/1/48		2,500		1,687

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series C-3, 5.00%, 5/1/41		5,000		5,352

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series E-1, 4.00%, 2/1/46		1,500		1,469

4.00%, 2/1/49		10,000		9,686

New York City Transitional Finance Authority Subordinate Taxable Revenue Bonds, Series B-2, 1.55%, 8/1/28		5,000		4,306

New York G.O. Unlimited Bonds, Series A-1, 4.00%, 8/1/50		4,350		4,201

New York G.O. Unlimited Bonds, Series D, Subseries D1, 5.00%, 12/1/39		10,000		10,894

New York G.O. Unlimited Bonds, Series E, Unrefunded Balance, 5.00%, 11/1/25		5		5

New York G.O. Unlimited Bonds, Series E-1, 5.25%, 3/1/34		2,750		3,088

5.00%, 3/1/37		3,700		4,025


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

New York – 18.1% continued

New York G.O. Unlimited Bonds, Series H, 5.00%, 8/1/30		$5,000		$5,036

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program, Unrefunded Balance (AGC State Aid Withholding), 5.25%, 10/1/23		170		170

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series C, 5.00%, 10/1/31		665		747

5.00%, 10/8/32		575		645

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series A, 3.50%, 3/15/52		2,500		2,105

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series B, Education (AMBAC Insured), 5.50%, 3/15/30		7,040		8,471

New York State Dormitory Authority Sales TRB, Series A, Group C, 5.00%, 3/15/44		3,755		3,960

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A, 5.25%, 3/15/39		2,000		2,196

4.00%, 3/15/47		4,000		3,894

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series D, 4.00%, 2/15/47		5,000		4,868

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series E, 3.25%, 3/15/36		3,000		2,892

New York State Dormitory Authority State Personal Income TRB, Series A, Unrefunded Balance, 5.00%, 2/15/43		2,000		2,115

New York State HFA Revenue Bonds, Series F, 1.10%, 11/1/26		1,500		1,369



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

New York – 18.1% continued

New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series K-2 (SonyMA Insured), 1.00%, 11/1/26⁽¹⁾^(2) (3)		$5,250		$4,831

New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series M-2 (SonyMA, FHA Insured), 0.75%, 11/1/25		3,000		2,796

New York State Housing Finance Agency Affordable Housing Variable Climate Bond Certified Revenue Bonds (SonyMA Insured), 0.65%, 11/1/25⁽¹⁾^{(2) (3)}		2,500		2,314

New York State Housing Finance Agency Affordable Housing Variable Sustainability Revenue Bonds, Series J (SonyMA Insured), 1.10%, 5/1/27⁽¹⁾^{(2) (3)}		8,000		7,271

New York State Mortgage Agency Homeowner Mortgage Revenue Refunding Bonds, Series 220, 2.60%, 10/1/39		3,300		2,607

New York State Mortgage Agency Homeowner Revenue Bonds, Series 242, Social Bonds (SonyMA Insured), 3.25%, 10/1/47		5,000		4,087

New York State Mortgage Agency Homeowner Revenue Bonds, Series 244, Social Bonds (SonyMA Insured), 2.75%, 4/1/35		3,150		2,760

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds, 2.05%, 4/1/33		3,000		2,526

New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A, Bidding Group 5, 4.00%, 3/15/51		5,000		4,801

New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A-1, Group 3, 4.00%, 3/15/45		10,030		9,847



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

New York – 18.1% continued

4.00%, 3/15/46		$3,150		$3,081

3.00%, 3/15/48		5,000		3,925

New York State Transportation Development Corp. Special Facilities Revenue Bonds (AMT), Terminal 4 John F. Kennedy International Airport Project, 4.00%, 12/1/42		500		457

5.00%, 12/1/42		255		264

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds (AMT), Terminal 4 John F. Kennedy International Airport, 5.00%, 12/1/30		350		384

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport, 5.00%, 12/1/31		550		621

New York State Urban Development Corp. General Purpose Personal Income TRB, 5.00%, 3/15/37		5,000		5,463

5.00%, 3/15/40		2,500		2,695

New York State Urban Development Corp. Personal Income TRB, Series A-1, 5.00%, 3/15/43		1,500		1,501

New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax, 3.00%, 3/15/48		5,000		3,976

Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 185 (AMT), 5.00%, 9/1/26		1,130		1,160

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 207 (AMT), 5.00%, 9/15/28		2,000		2,164

5.00%, 9/15/29		5,000		5,405

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 227 (AMT), 2.00%, 10/1/34		1,500		1,212



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

New York – 18.1% continued

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 277 (AMT), 2.00%, 10/1/32		$12,550		$10,638

Sales Tax Asset Receivable Corp. Revenue Refunding Bonds, Series A, Fiscal 2015, Prerefunded, 4.00%, 10/15/24⁽⁴⁾		1,000		1,023

5.00%, 10/15/24⁽⁴⁾		5,000		5,187

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, MTA Bridges & Tunnels, 5.00%, 5/15/47		5,000		5,448

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, Series A-1, 5.00%, 5/15/51		5,655		6,082

Triborough Bridge and Tunnel Authority Payroll Mobility Tax Senior Lien Revenue Bonds, MTA Bridges and Tunnels, 5.00%, 5/15/32		5,000		6,076

Troy Capital Resource Corp. Revenue Refunding Bonds, Rensselaer Polytechnic Institute, 5.00%, 9/1/38		1,300		1,387

Utility Debt Securitization Authority Restructuring Revenue Refunding Bonds, 5.00%, 12/15/37		2,500		2,644

Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds, Series TE, 5.00%, 12/15/41		1,000		1,013

				277,797

North Carolina – 1.5%

Charlotte Water & Sewer System Revenue Refunding Bonds, 5.00%, 7/1/31		5,000		5,681

4.00%, 7/1/36		6,790		6,894

Charlotte-Mecklenburg Hospital Authority Health Care System Revenue Refunding Bonds, Series A, Atrium Health, 5.00%, 1/15/35		5,000		5,502



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

North Carolina – 1.5% continued

Charlotte-Mecklenburg Hospital Authority Health Care System Variable Revenue Bonds, Series B, Atrium Health, 1.95%, 11/1/29⁽¹⁾^(2) (3)		$4,500		$4,296

				22,373

Ohio – 0.8%

Akron Income Tax Revenue Refunding Bonds, 4.00%, 12/1/32		1,285		1,380

Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A, 5.00%, 12/1/29		100		109

4.00%, 12/1/35		300		299

Ohio State Higher Educational Facility Revenue Bonds, Denison University Project, 5.00%, 11/1/39		1,365		1,489

Ohio State Turnpike Commission Revenue Refunding Bonds, Series A, 5.00%, 2/15/28		2,000		2,196

Ohio State University Revenue Bonds, Series A, 5.00%, 12/1/39		5,000		5,144

Ohio State Water Development Authority Water PCR Bonds, Series A, Loan Fund, 5.00%, 12/1/38		1,630		1,838

				12,455

Oregon – 0.8%

Clackamas Community College District G.O. Unlimited Bonds, Series B, 5.00%, 6/15/36		1,600		1,737

Marion and Polk Counties School District No. 24J Salem-Keizer G.O. Unlimited Convertible CABS, Series B (School Board Guaranty Program), 5.00%, 6/15/34		3,000		3,487

Medford Hospital Facilities Authority Revenue Refunding Bonds, Series A, Asante Project (AGM Insured), 2.50%, 8/15/35		2,500		2,193

Metropolitan Dedicated TRB, Oregon Convention Center Hotel, 5.00%, 6/15/42		2,065		2,211



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Oregon – 0.8% continued

Salem Hospital Facility Authority Revenue Refunding Bonds, Capital Manor Project, 4.00%, 5/15/30		$190		$180

4.00%, 5/15/31		200		189

4.00%, 5/15/32		160		150

Tri-County Metropolitan Transportation District Sustainability Revenue Bonds, Series A, 5.00%, 9/1/31		1,800		2,164

				12,311

Pennsylvania – 2.6%

Commonwealth Financing Authority Taxable Revenue Bonds, Series A, 3.81%, 6/1/41		2,000		1,739

Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds, 5.00%, 6/1/25		1,000		1,042

5.00%, 6/1/26		1,500		1,597

5.00%, 6/1/31		2,000		2,184

Lehigh County IDA Revenue Refunding Bonds, Series A, PPL Electric Utilities Corp. Project, 3.00%, 9/1/29		7,000		7,048

Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, University of Pennsylvania Health System, 5.00%, 8/15/29		4,500		5,129

5.00%, 8/15/37		5,000		5,330

Pennsylvania State Housing Finance Agency SFM Revenue Bonds, Series 137, Social Bonds, 2.20%, 10/1/33		2,420		2,066

Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds, Series 136, Social Bonds, 5.00%, 4/1/31		1,845		2,105

Pennsylvania State Turnpike Commission Revenue Bonds, Series A, 5.00%, 12/1/38		5,000		5,108



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Pennsylvania – 2.6% continued

Pennsylvania State Turnpike Commission Revenue Bonds, Series A-2, 5.00%, 12/1/37		$5,000		$5,443

Southeastern Transportation Authority Revenue Bonds, Asset Improvement Program, 5.00%, 6/1/36		1,325		1,544

				40,335

Rhode Island – 0.1%

Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds, Series 77-A, Social Bonds, 3.80%, 4/1/33		1,535		1,578

South Carolina – 0.5%

Beaufort-Jasper Water & Sewer Authority South Carolina Waterworks & Sewer System Revenue Bonds, Series A, 5.00%, 3/1/30		1,000		1,148

Piedmont Municipal Power Agency Electric Revenue Bonds, Series 2004 (BHAC-CR MBIA Insured), 5.38%, 1/1/25		4,690		4,892

SCAGO Educational Facilities Corp. Cherokee School District No. 1 Revenue Refunding Bonds, 5.00%, 12/1/25		500		523

South Carolina State G.O. Unlimited Bonds, Series A, Clemson University, 5.00%, 4/1/39		1,545		1,797

				8,360

Tennessee – 1.9%

Knox County G.O. Unlimited Bonds, 4.00%, 6/1/28		1,000		1,027

Memphis Sanitary Sewerage System Revenue Refunding Bonds, Series B, 5.00%, 10/1/31		1,000		1,178

Metropolitan Government Nashville & Davidson County G.O. Unlimited & Improvement Bonds, 5.00%, 7/1/29		5,000		5,650



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Tennessee – 1.9% continued

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Belmont University, 4.00%, 5/1/46		$3,125		$2,954

Tennergy Corp. Gas Revenue Bonds, Series A, 5.00%, 10/1/24⁽¹⁾^{(2) (3)}		10,000		10,170

4.00%, 9/1/28⁽¹⁾^{(2) (3)}		5,000		4,925

Tennessee State Energy Acquisition Corp. Gas Revenue Bonds, 4.00%, 11/1/25⁽¹⁾^{(2) (3)}		2,500		2,498

				28,402

Texas – 5.5%

Central Regional Mobility Authority Senior Lien Revenue Bonds, 5.00%, 1/1/43		1,930		2,020

Clifton Higher Education Finance Corp. Revenue Bonds, Series A, Idea Public Schools, 4.00%, 8/15/37		780		764

Dallas & Fort Worth International Airport Revenue Refunding Bonds, Series B, 5.00%, 11/1/37		2,000		2,282

Dallas Area Rapid Transit Sales Tax Senior Lien Revenue Refunding Bonds, Series B, 5.00%, 12/1/47		10,100		10,985

Forney Independent School District G.O. Unlimited Refunding CABS, Series C, 0.00%, 8/15/39⁽⁶⁾		1,000		490

Frisco Improvement G.O. Limited Refunding Bonds, 5.00%, 2/15/28		5,755		6,128

Harlandale Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.), 0.75%, 8/15/25⁽¹⁾^{(2) (3)}		5,000		4,784

Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center, 0.90%, 5/15/25⁽¹⁾^{(2) (3)}		2,500		2,359



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Texas – 5.5% continued

Harris County Cultural Educational Facilities Finance Corp. Revenue Bonds, Series A, Memorial Hermann Health System, Prerefunded, 5.00%, 12/1/24⁽⁴⁾		$3,500		$3,636

Hidalgo County Regional Mobility Authority Toll & Vehicle Registration Senior Lien Revenue Bonds, Series A, 5.00%, 12/1/32		445		472

5.00%, 12/1/33		500		528

5.00%, 12/1/34		1,000		1,047

4.00%, 12/1/41		1,000		898

Little Elm Independent School District Variable G.O. Unlimited Bonds, School Building (PSF, Gtd.), 0.68%, 8/15/25⁽¹⁾^{(2) (3)}		445		425

Lower Colorado River Authority Junior Lien Revenue Bonds, Seventh Supplemental Series, Escrowed to Maturity (AGM Insured), 4.75%, 1/1/28		2,050		2,174

North Texas Tollway Authority Revenue Refunding Bonds, Series A, First Tier, 5.00%, 1/1/38		3,000		3,191

5.00%, 1/1/39		5,000		5,303

Northside Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.), 2.00%, 6/1/27⁽¹⁾^{(2) (3)}		5,000		4,783

Northside Texas Independent School District G.O. Unlimited Refunding Bonds, Series B (PSF, Gtd.), 5.00%, 2/15/30		1,640		1,823

Pasadena Independent School District Variable G.O. Unlimited Bonds, Series B, School Building (PSF, Gtd.), 1.50%, 8/15/24⁽¹⁾^{(2) (3)}		1,500		1,462

San Antonio Electric & Gas Junior Lien Variable Revenue Bonds, 1.75%, 12/1/25⁽¹⁾^{(2) (3)}		1,000		960

Tarrant County Cultural Education Facilities Finance Corp. Hospital Revenue Bonds, Methodist Hospitals of Dallas, 5.00%, 10/1/30		1,000		1,162

5.00%, 10/1/31		1,000		1,178



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Texas – 5.5% continued

Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds, Series A, Christus Health, 5.00%, 7/1/32⁽¹⁾^{(2) (3)}		$5,000		$5,660

Texas State A&M University Revenue Refunding Bonds, Series C, 4.00%, 5/15/31		1,655		1,717

Texas State G.O. Unlimited Refunding Bonds, Series B, 2.00%, 8/1/35		1,000		823

Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds, 5.00%, 12/15/30		2,750		2,871

5.00%, 12/15/31		2,200		2,306

Texas State Transportation Commission Mobility Fund G.O. Unlimited Refunding Bonds, Prerefunded, 4.00%, 4/1/24⁽⁴⁾		5,000		5,069

5.00%, 4/1/24⁽⁴⁾		1,500		1,535

Texas State Transportation Commission Mobility Variable G.O. Unlimited Bonds, 0.65%, 4/1/26⁽¹⁾^{(2) (3)}		5,000		4,571

Wylie Independent School District G.O. Unlimited Bonds, Series B, Collin County (PSF, Gtd.), 2.25%, 8/15/41⁽²⁾⁽³⁾		1,750		1,729

				85,135

Utah – 0.5%

Salt Lake City International Airport Revenue Bonds, Series A (AMT), 5.00%, 7/1/46		5,000		5,237

Utah State Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Prerefunded, 5.00%, 6/15/25⁽⁴⁾		2,000		2,113

				7,350

Virginia – 2.2%

Albemarle County EDA Residential Care Facility Revenue Refunding Bonds, Westminster-Canterbury of the Blue Ridge, 4.00%, 6/1/49		1,905		1,554



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Virginia – 2.2% continued

Henrico County G.O. Unlimited Bonds (State Aid Withholding), 5.00%, 8/1/31		$3,550		$4,108

Henrico County Water & Sewer System Revenue Bonds, 4.00%, 5/1/46		10,000		10,028

Lynchburg EDA Hospital Revenue Refunding Bonds, Centra Health Obligated Group, 4.00%, 1/1/47		750		712

Roanoke EDA Hospital Variable Revenue Refunding Bonds, Carilion Clinic Obligated Group, 5.00%, 7/1/30⁽¹⁾^{(2) (3)}		4,425		5,013

Virginia State HDA Revenue Bonds, Series D, 1.60%, 5/1/31		880		756

Virginia State HDA Revenue Bonds, Series K Non-AMT (GNMA, FNMA, FHLMC Insured), 1.95%, 12/1/32		1,440		1,219

Virginia State Public School Authority Special Obligation Prince William County Revenue Bonds (State Aid Withholding), 5.00%, 3/1/30		5,365		6,048

Virginia State Small Business Financing Authority Revenue Refunding Bonds, National Senior Campuses, 4.00%, 1/1/45		2,000		1,791

3.38%, 1/1/51		1,000		719

Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Elizabeth River, 3.00%, 1/1/41		1,810		1,403

				33,351

Washington – 3.9%

King County School District No. 401 Highline G.O. Unlimited Bonds (School Board Guaranty Program), 5.00%, 12/1/30		10,000		10,863

Seattle Solid Waste Revenue Refunding & Improvement Bonds, 4.00%, 6/1/31		1,865		1,950



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Washington – 3.9% continued

Snohomish County G.O. Limited Refunding Bonds, Series A, 5.00%, 12/1/32		$2,870		$3,457

Spokane County School District No. 81 G.O. Unlimited Bonds (School Board Guaranty Program), 4.50%, 12/1/33		11,540		11,842

Washington State G.O. Unlimited Bonds, Series A, Bid Group 2, 5.00%, 8/1/44		7,000		7,772

Washington State G.O. Unlimited Bonds, Series C, 5.00%, 2/1/32		10,000		11,156

Washington State G.O. Unlimited Refunding Bonds, Series D, 4.00%, 7/1/37		5,030		5,245

Washington State G.O. Unlimited Refunding Bonds, Series R-2018C, 5.00%, 8/1/33		4,000		4,398

Washington State Housing Finance Commission Social Certificate Revenue Bonds, Series A-1, 3.50%, 12/20/35		973		912

Washington State Motor Fuel Tax G.O. Unlimited Bonds, Series E, 5.00%, 2/1/38		3,000		3,044

				60,639

Wisconsin – 2.0%

PFA Healthcare Facilities Revenue Bonds, Appalachian Regional Healthcare System Obligated, 5.00%, 7/1/40		325		338

5.00%, 7/1/41		375		390

PFA Hospital Revenue Refunding Bonds, Renown Regional Medical Center Project, 3.00%, 6/1/45		2,500		1,916

PFA Hospital Taxable Revenue Bonds, Series 2021A, UNC Health Southeastern, 2.35%, 2/1/29		2,000		1,676

Wisconsin State G.O. Unlimited Bonds, Series A, 5.00%, 5/1/32		2,500		2,988

5.00%, 5/1/40		5,000		5,267



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 94.9% continued

Wisconsin – 2.0% continued

Wisconsin State G.O. Unlimited Refunding Bonds, Series 1, 5.00%, 5/1/24		$3,250		$3,335

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Ascension Health Credit Group, 4.00%, 11/15/36		3,000		3,037

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Marquette University, 5.00%, 10/1/28		670		721

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Milwaukee Regional Medical Center, 5.00%, 4/1/36		3,875		4,231

4.00%, 4/1/39		5,000		5,006

Wisconsin State Housing & EDA Home Ownership Revenue Refunding Bonds, Series A, 3.00%, 3/1/39		165		154

Wisconsin State Housing & EDA Variable Revenue Refunding Bonds, Series B (HUD Sector 8 Program), 0.50%, 11/1/24⁽¹⁾^(2) (3)		2,000		1,891

				30,950

Wyoming – 0.0%

Laramie County Hospital Revenue Refunding Bonds, Cheyenne Regional Medical Center, 4.00%, 5/1/36		200		205

4.00%, 5/1/38		425		427

				632

Total Municipal Bonds

(Cost $1,544,519)				1,457,707


	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 0.3%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁷⁾⁽⁸⁾		3,749,755		$3,750

Total Investment Companies

(Cost $3,750)				3,750



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 3.5%

Central Plains Energy Project Gas Project Revenue Bonds, Project No. 4, 5.00%, 1/1/24^{(1) (2) (3)}		$7,500		$7,552

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Subseries C, 4.00%, 12/1/23^{(1) (2) (3)}		9,755		9,773

Miami-Dade County HFA MFH Variable Revenue Bonds, Platform 3750 II LLC, 0.25%, 8/1/23^{(1) (2) (3)}		2,500		2,469

Miami-Dade County School Board COPS, Series A, Prerefunded, 5.00%, 5/1/23⁽⁴⁾		5,000		5,007

Missouri State Environmental Improvement & Energy Resources Authority Water Pollution State Revolving Funds Revenue Refunding Bonds, Escrowed to Maturity, 5.00%, 7/1/23		125		126

New York State Dormitory Authority State Supported Debt Department of Health Revenue Refunding Bonds, Series A, 5.00%, 7/1/23		645		649

Orange County HFA Multifamily Variable Revenue Bonds, Dunwoodie Place Apartments, 0.20%, 9/1/23^{(1) (2) (3)}		2,200		2,162

Patriots Energy Group Financing Agency South Carolina Gas Supply Revenue Bonds, Series A, 4.00%, 2/1/24^{(1) (2) (3)}		10,000		10,017

Pittsburgh Water & Sewer Authority Revenue Refunding Bonds, Series C (AGM Insured), (Floating, SIFMA Municipal Swap Index Yield + 0.65%), 4.62%, 12/1/23^{(1) (3)}		3,500		3,501

Porter County Jail Building Corp. First Mortgage Revenue Refunding Bonds (AGM Insured), 5.50%, 1/10/24		470		476

Reedy Creek Improvement District G.O. Limited Bonds, Series A, Prerefunded, 5.25%, 6/1/23⁽⁴⁾		5,000		5,021

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS - 3.5% continued

Texas State A&M University Financing System Revenue Bonds, Series D, Prerefunded,

5.00%, 5/15/23⁽⁴⁾

$5,000

$5,013

Texas State G.O. Unlimited Refunding Bonds, Series A, Transportation Commission,

5.00%, 10/1/23

Triborough Bridge & Tunnel Authority General Variable Revenue Refunding Bonds, Subseries B-4A-R,

(Floating, U.S. SOFR + 0.38%), 3.64%, 2/1/24⁽¹⁾⁽³⁾

1,470

1,459

University of Colorado Enterprise Revenue Bonds, Series A, Prerefunded,

5.00%, 6/1/23⁽⁴⁾

1,000

1,004

Total Short-Term Investments

(Cost $54,315)

54,300

Total Investments – 99.1%

(Cost $1,609,434)

1,521,632

Other Assets less Liabilities – 0.9%

14,120

NET ASSETS – 100.0%

1,535,752

⁽¹⁾

Maturity date represents the puttable date.

⁽²⁾

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

⁽³⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁴⁾

Maturity date represents the prerefunded date.

⁽⁵⁾

Step coupon bond. Rate as of March 31, 2023 is disclosed.

⁽⁶⁾

Zero coupon bond.

⁽⁷⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁸⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGC - Assured Guaranty Corporation

AGM - Assured Guaranty Municipal Corporation

AMBAC - American Municipal Bond Assurance Corporation

AMT - Alternative Minimum

Tax BAM - Build America Mutual

BANS - Bond Anticipation Notes

BHAC - Berkshire Hathaway Assurance Corporation

CABS - Capital Appreciation Bonds

COPS - Certificates of Participation

CR - Custody Receipt

CWA - Clean Water Act

EDA - Economic Development Authority

FHA - Federal Housing Administration

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

G.O. - General Obligation

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

HDA - Housing Development Authority

HFA - Housing Finance Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

MBIA - Municipal Bonds Insurance Association

MFH - Multi-Family Housing

NATL - National Public Finance Guarantee Corporation

PCR - Pollution Control Revenue

PFA - Public Finance Authority

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

SFM - Single Family Mortgage

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

SonyMA - State of New York Mortgage Agency

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Corporate Bonds		0.4	%


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Municipal Bonds		94.9	%

Investment Companies		0.3	%

Short-Term Investments		3.5	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Corporate Bonds⁽¹⁾		$ —	$	5,875		$—	$	5,875

Municipal Bonds⁽¹⁾		—		1,457,707		—		1,457,707

Investment Companies		3,750		—		—		3,750

Short-Term Investments		—		54,300		—		54,300
Total Investments		$3,750	$	1,517,882		$—	$	1,521,632

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS – 93.1%

Alabama – 3.8%

Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds,

4.00%, 6/1/24	$	400	$	401

4.00%, 6/1/25		470		472

Black Belt Energy Gas District Revenue Bonds, Gas Project No.7-S,

4.00%, 12/1/26^{(1) (2) (3)}		2,500		2,468

Black Belt Energy Gas District Revenue Bonds, Series C-1,

5.25%, 6/1/29^{(1) (2) (3)}		3,000		3,160

Black Belt Energy Gas District Revenue Bonds, Series E, Gas Project,

5.00%, 6/1/28^{(1) (2) (3)}		8,000		8,460

Limestone County Water & Sewer Authority Water Revenue Refunding Bonds (BAM Insured), Prerefunded,

5.00%, 12/1/26⁽⁴⁾		3,000		3,285

Lower Gas District Gas Project Revenue Bonds,

4.00%, 12/1/25^{(1) (2) (3)}		1,500		1,487

South East Alabama State Gas Supply District Gas Supply Revenue Bonds, Series C, SIFMA Index-Project No. 1,

(Floating, SIFMA Municipal Swap Index Yield + 0.65%), 4.62%, 4/1/24^{(1) (3)}		1,625		1,620

				21,353

Arizona – 1.2%

Arizona State Health Facilities Authority Revenue Refunding Bonds, Scottsdale Lincoln Hospitals Project,

5.00%, 12/1/27		1,355		1,403

Arizona State IDA Revenue Bonds, Lincoln South Beltway Project,

5.00%, 8/1/23		1,250		1,259

Chandler IDA IDR Bonds, Series 1 (AMT), Intel Corp. Project,

5.00%, 9/1/27^{(1) (2) (3)}		2,575		2,698

Maricopa County Unified School District No. 97 G.O. Unlimited Bonds, Deer Valley Improvement Bonds Project of 2019,

5.00%, 7/1/24		1,075		1,107

				6,467



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Arkansas – 0.2%

Bryant School District No. 25 G.O. Limited Refunding Bonds (State Aid Withholding),

1.00%, 2/1/25	$	1,070	$	1,021

California – 8.7%

Bay Area Toll Authority Subordinate Toll Bridge Revenue Refunding Bonds, Series S-H, Prerefunded,

5.00%, 4/1/29⁽⁴⁾		2,000		2,316

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,

4.00%, 2/1/27		1,125		1,144

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bonds, Series A-1,

4.00%, 2/1/25		1,000		1,009

4.00%, 8/1/28^{(1) (2) (3)}		3,150		3,146

California Community Choice Financing Authority Variable Revenue Bonds, Clean Energy Project, Green Bonds,

5.00%, 10/1/26		630		642

5.00%, 10/1/27		675		689

5.00%, 10/1/28		475		485

5.00%, 10/1/29		650		663

California State G.O. Unlimited Refunding Bonds,

5.00%, 4/1/26		1,570		1,696

California State G.O. Unlimited Various Purpose Refunding Bonds,

5.00%, 4/1/33		5,000		5,103

California State Health Facilities Financing Authority Revenue Bonds, Series A, Sutter Health, Prerefunded,

5.00%, 11/15/25⁽⁴⁾		5,000		5,341

California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Series A, Waste Management, Inc.,

4.13%, 10/1/25^{(1) (2) (3)}		1,000		1,006

California State Various Purpose G.O. Unlimited Bonds,

5.00%, 10/1/26		2,605		2,849



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

California – 8.7% continued

East Bay Municipal Utility District Water System Revenue Refunding Bonds, Series B-2,

5.00%, 6/1/25	$	1,000	$	1,057

Glendale Community College District G.O. Unlimited Bonds, Series A, Election of 2016, Prerefunded,

5.00%, 8/1/27⁽⁴⁾		1,750		1,952

Golden State Tobacco Securitization Corp. Tobacco Settlement Asset Backed Revenue Refunding Bonds, Series A (State Appropriation Insured), Prerefunded,

5.00%, 6/1/25⁽⁴⁾		5,000		5,287

Local Public Schools Funding Authority School Facilities Improvement District No. 2016-1 G.O. Unlimited Bonds, Series B (AGM Insured),

3.00%, 8/1/26		805		814

4.00%, 8/1/28		935		1,003

Los Angeles County Development Authority MFH Variable Revenue Bonds, West Los Angeles VA Campus (HUD Sector 8 Program),

3.38%, 7/1/26^{(1) (2) (3)}		1,000		1,003

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series A,

5.00%, 7/1/27		1,500		1,675

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series E,

5.00%, 7/1/27		1,000		1,117

Los Angeles Department of Water & Power System Revenue Bonds,

4.00%, 7/1/26		1,645		1,733

Los Angeles Unified School District Sustainability G.O. Unlimited Bonds, Series QRR,

5.00%, 7/1/26		2,000		2,174

Metropolitan Water District of Southern California Waterworks Revenue Refunding Bonds, Series A,

5.00%, 10/1/28		2,720		3,135



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

California – 8.7% continued

Santa Clara County G.O. Unlimited Refunding Bonds, Series D, Election of 2008,

5.00%, 8/1/27	$	1,010	$	1,130

				48,169

Colorado – 2.0%

Arapahoe County School District No. 6 Littleton G.O. Unlimited Bonds, Series A (State Aid Withholding),

5.50%, 12/1/43		3,825		4,293

Colorado Health Facilities Authority Variable Revenue Refunding Bonds, Adventhealth Obligated Group, Prerefunded,

5.00%, 11/19/26^{(2) (3) (4)}		95		104

Colorado Health Facilities Authority Variable Revenue Refunding Bonds, Adventhealth Obligated Group, Unrefunded Balance,

5.00%, 11/19/26^{(1) (2) (3)}		905		965

Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds, Prerefunded,

5.00%, 3/1/27⁽⁴⁾		1,000		1,102

Colorado State Health Facilities Authority Hospital Revenue Bonds, Adventist Health System/Sunbel,

5.00%, 11/20/25^{(1) (2) (3)}		3,000		3,159

Denver City & County Airport Revenue Refunding Bonds, Series C,

5.00%, 11/15/29		1,500		1,736

				11,359

Connecticut – 1.6%

Connecticut State G.O. Unlimited Bonds, Series A,

4.00%, 1/15/28		3,300		3,541

5.00%, 3/15/31		1,000		1,065

Connecticut State G.O. Unlimited Bonds, Series C,

4.00%, 6/1/27		1,000		1,066

Greenwich G.O. Unlimited Bonds,

5.00%, 1/15/26		3,095		3,331

				9,003



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

District of Columbia – 1.8%

District of Columbia Income Tax Secured Revenue Refunding Bonds, Series C,

5.00%, 12/1/25	$	4,040	$	4,314

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/26		5,405		5,519

				9,833

Florida – 4.8%

Broward County Airport System Revenue Refunding Bonds, Series B (AMT),

5.00%, 10/1/27		3,500		3,752

Duval County School Board COPS, Series A (AGM Insured),

5.00%, 7/1/26		1,750		1,885

Florida State Board of Education G.O. Unlimited Refunding Bonds, Series C,

5.00%, 6/1/27		3,115		3,453

Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series A,

5.00%, 6/1/26		1,950		2,113

Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series E,

5.00%, 6/1/26		3,110		3,369

Florida State Board of Education Public Education G.O. Unlimited Refunding Bonds, Series B,

5.00%, 6/1/28		5,000		5,665

Jacksonville Special Revenue Refunding Bonds, Series A,

5.00%, 10/1/25		1,500		1,588

Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/34		5,000		5,057

				26,882

Georgia – 6.1%

Atlanta Airport Revenue Refunding Bonds, Series A,

5.00%, 7/1/28		1,000		1,127

Atlanta G.O. Unlimited Bonds, Series A-1, Social Bonds,

5.00%, 12/1/26		1,000		1,095



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Georgia – 6.1% continued

Atlanta G.O. Unlimited Bonds, Series A-2,

5.00%, 12/1/26	$	1,050	$	1,150

Atlanta Water & Wastewater Revenue Refunding Bonds, Prerefunded,

5.00%, 5/1/25⁽⁴⁾		4,650		4,893

Franklin County School District G.O. Unlimited Bonds (State Aid Withholding),

5.00%, 3/1/27		1,750		1,924

Georgia State G.O. Unlimited Bonds, Series A-1,

5.00%, 2/1/26		1,245		1,337

Georgia State G.O. Unlimited Refunding Bonds, Series E,

5.00%, 12/1/27		2,000		2,191

Georgia State Road & Tollway Authority Federal Highway Reimbursement GARVEE Bonds,

5.00%, 6/1/25		1,625		1,711

5.00%, 6/1/26		1,230		1,329

Gwinnett County School District G.O. Unlimited Bonds, Series A,

1.75%, 8/1/25		3,125		3,039

Gwinnett County Water & Sewerage Authority Revenue Refunding Bonds,

4.00%, 8/1/25		2,700		2,796

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A,

4.00%, 9/1/27^{(1) (2) (3)}		2,000		1,999

Main Street Natural Gas, Inc., Gas Supply Variable Revenue Bonds, Series B,

4.00%, 12/2/24^{(1) (2) (3)}		5,000		5,027

Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue Refunding Bonds, Series C,

5.00%, 7/1/26		1,700		1,843

Sandy Springs Public Facilities Authority Revenue Bonds, City Center Project, Prerefunded,

5.00%, 5/1/26⁽⁴⁾		2,000		2,159

				33,620



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Hawaii – 0.1%

Honolulu City & County G.O. Unlimited Refunding Bonds, Series F,

5.00%, 7/1/26	$	725	$	786

Illinois – 3.0%

Champaign Coles Et al. Counties Community College District No. 505 G.O. Unlimited Refunding Bonds, Series B, Parkland College,

5.00%, 12/1/24		1,315		1,365

Chicago O’Hare International Airport Senior Lien Revenue Refunding Bonds,

5.00%, 1/1/26		1,000		1,066

Illinois State G.O. Unlimited Bonds, Series B,

5.00%, 10/1/29		3,000		3,342

Illinois State HDA Multifamily Sustainability Revenue Bonds, Series B (FHA Insured, HUD Sector 8 Program),

2.85%, 11/1/25		3,000		2,976

Schaumburg G.O. Unlimited Refunding Bonds, Series A,

4.00%, 12/1/31		8,020		8,037

				16,786

Indiana – 1.6%

Carmel Clay School Building Corp. First Mortgage Revenue Bonds (State Intercept Program),

4.00%, 7/15/25		1,825		1,879

MSD of Washington Township School Building Corp. Revenue Bonds, 2016 Refferendum Projects (State Intercept Program),

5.00%, 1/15/26		2,040		2,177

5.00%, 1/15/27		1,100		1,202

5.00%, 7/15/27		3,270		3,615

				8,873

Iowa – 0.3%

Ankeny Community School District G.O. Unlimited Refunding Bonds, Series A,

5.00%, 6/1/25		1,815		1,907



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Kansas – 2.0%

Kansas Department of Transportation Highway Revenue Bonds,

5.00%, 9/1/33	$	2,240	$	2,363

Manhattan G.O. Unlimited Bonds, Series 01,

1.88%, 6/15/23		1,355		1,352

Manhattan G.O. Unlimited Temporary Notes, Series 2020-03,

0.75%, 6/15/24		5,525		5,392

Scott County Unified School District No. 466 G.O. Unlimited Bonds, Series A, Prerefunded,

5.00%, 9/1/25⁽⁴⁾		1,000		1,059

Wichita G.O. Unlimited Bonds, Series 811,

3.00%, 6/1/27		1,185		1,186

				11,352

Kentucky – 2.1%

Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply,

4.00%, 1/1/25^{(1) (2) (3)}		8,725		8,720

Louisville Regional Airport Authority Airplort System Revenue Refunding Bonds, Series A (AMT),

5.00%, 7/1/25		2,990		3,043

				11,763

Louisiana – 0.8%

Louisiana Public Facilities Authority Revenue Refunding Bonds, Tulane University, Escrowed to Maturity,

5.00%, 4/1/26		270		289

Louisiana State Local Government Environmental Facilities & Community Development Authority Insurance Revenue Bonds, Louisiana Insurance Guaranty Association,

5.00%, 8/15/26		1,500		1,611

Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Bonds, LCTCS Act 360 Project (BAM Insured),

5.00%, 10/1/25		2,495		2,629

				4,529



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Maryland –1.6%

Maryland State G.O. Unlimited Bonds, First Series,

5.00%, 6/1/26	$	3,000	$	3,091

Maryland State G.O. Unlimited Refunding Bonds, Series B,

5.00%, 8/1/26		2,435		2,648

Montgomery County G.O. Unlimited Refunding Bonds, Series D,

4.00%, 11/1/29		2,925		3,132

				8,871

Massachusetts – 5.9%

Brookline G.O. Limited Bonds,

5.00%, 3/15/26		1,905		2,058

Massachusetts State Bay Transportation Authority Sales Tax Subordinate Revenue BANS, Sustainability Bonds,

4.00%, 5/1/25		1,500		1,546

Massachusetts State Clean Water Trust Revenue Bonds, Series 22, Green Bonds,

5.00%, 8/1/27		2,000		2,230

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Series A, Harvard University Issue,

5.00%, 10/15/26		2,000		2,183

Massachusetts State G.O. Limited Refunding Bonds, Series A,

5.00%, 9/1/27		5,000		5,582

Massachusetts State G.O. Limited Refunding Bonds, Series B,

5.00%, 7/1/25		1,810		1,913

5.00%, 7/1/26		1,040		1,129

Massachusetts State HFA Sustainability Revenue Bonds, Series A-2 (HUD Sector 8 Program),

0.45%, 12/1/24		725		693

Massachusetts State School Building Authority Sales Tax Subordinate Revenue Bonds, Series A, Prerefunded,

5.00%, 2/15/26⁽⁴⁾		2,500		2,684

Massachusetts State Transportation Fund Rail Enhancement Program Revenue Bonds, Series A,

5.00%, 6/1/28		4,500		4,749



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Massachusetts – 5.9% continued

Massachusetts State Water Resources Authority Revenue Refunding Bonds, Series C, Green Bonds, Escrowed to Maturity,

5.00%, 8/1/25	$	165	$	174

Massachusetts State Water Resources Authority Revenue Refunding Bonds, Series C, Green Bonds, Unrefunded Balance,

5.00%, 8/1/25		835		884

MWRA General Revenue Refunding Bonds, Series C, Green Bonds, Prerefunded,

5.00%, 8/1/26⁽⁴⁾		3,340		3,639

University Of Massachusetts Building Authority Revenue Refunding Bonds, Series 2,

5.00%, 11/1/29		3,370		3,567

				33,031

Michigan – 1.8%

Brandon School District G.O. Unlimited Refunding Bonds, Series A (Q-SBLF Insured), Prerefunded,

5.00%, 5/1/25⁽⁴⁾		1,100		1,156

Michigan State Finance Authority Adjustable Revenue Refunding Bonds, Trinity Health,

5.00%, 2/1/25^{(1) (2) (3)}		3,000		3,117

Michigan State Finance Authority Revenue Refunding Bonds, Ascension Health Credit Group,

4.00%, 7/1/24^{(1) (2) (3)}		5,000		5,055

Michigan State HDA Rental Housing Revenue Bonds, Series A,

3.38%, 10/1/26		465		474

				9,802

Minnesota – 2.3%

Minnesota Municipal Gas Agency Commodity Supply Revenue Bonds, Series A,

4.00%, 12/1/27^{(1) (2) (3)}		2,000		2,025

Minnesota State G.O. Unlimited Bonds, Series A,

5.00%, 8/1/27		1,020		1,137



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Minnesota – 2.3% continued

Minnesota State G.O. Unlimited Bonds, Series A, Bidding Group 1,

5.00%, 9/1/27	$	6,000	$	6,701

Minnesota State G.O. Unlimited Refunding Bonds, Series D,

5.00%, 10/1/26		2,710		2,960

				12,823

Missouri – 1.7%

Columbia School District G.O. Unlimited Refunding Bonds,

5.00%, 3/1/26		2,825		2,955

Curators of the University of Missouri

System Facilities Revenue Refunding Bonds, Series A,

5.00%, 11/1/26		2,320		2,408

Fort Zumwalt School District G.O. Unlimited Refunding Bonds (State Aid Direct Deposit Program),

4.00%, 3/1/24		1,480		1,497

Kansas City IDA Airport Special Obligation Revenue Bonds (AMT), Kansas City International,

5.00%, 3/1/25		1,040		1,072

Missouri State Health & Educational Facilities Authority Health Variable Revenue Refunding Bonds, Series B, BJC Health System,

4.00%, 5/1/26^{(1) (2) (3)}		1,500		1,552

				9,484

Nevada – 1.1%

Clark County School District G.O. Limited Bonds, Series A (AGM Insured),

5.00%, 6/15/27		1,000		1,102

Nevada State System of Higher Education University Revenue Bonds, Series B,

5.00%, 7/1/26		5,000		5,023

				6,125

New Jersey – 2.4%

Clifton Board of Education G.O. Unlimited Bonds (AGM School Board Resource Fund Insured),

2.00%, 8/15/26		1,200		1,169



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

New Jersey – 2.4% continued

New Jersey State EDA Revenue Bonds, Series WW, Prerefunded,

5.25%, 6/15/25⁽⁴⁾	$	3,500	$	3,708

New Jersey State EDA Revenue Refunding Bonds, School Facilities Construction (State Appropriation Insured),

(Floating, SIFMA Municipal Swap Index Yield + 1.60%), 5.57%, 3/1/28⁽³⁾		2,500		2,495

New Jersey State EDA Revenue Refunding Bonds, Series BBB, Prerefunded,

5.50%, 12/15/26⁽⁴⁾		2,500		2,780

New Jersey State G.O. Unlimited Bonds, Covid-19 Go Emergency Bonds,

5.00%, 6/1/27		2,750		3,030

				13,182

New York – 13.1%

Metropolitan Transportation Authority Revenue Refunding Bonds, Series E, Green Bonds,

5.00%, 11/15/29		2,190		2,382

New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution Revenue Refunding Bonds,

5.00%, 6/15/25		1,535		1,619

New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds,

5.00%, 11/1/27		1,000		1,119

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds,

5.00%, 2/1/29		3,295		3,360

New York City Transitional Finance Authority Revenue Future Tax Secured Subordinate Revenue Bonds, Series G,

5.00%, 11/1/25		3,620		3,626

New York G.O. Limited Bonds, Series F-4, Fiscal 2015,

5.00%, 12/1/25^{(1) (2) (3)}		3,750		3,910



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

New York – 13.1% continued

New York G.O. Unlimited Bonds, Series J-10, Fiscal 2008,

5.00%, 8/1/26	$	605	$	657

New York G.O. Unlimited Bonds, Series J-5, Fiscal 2008,

5.00%, 8/1/28		1,000		1,137

New York G.O. Unlimited Refunding Bonds, Series C,

5.00%, 8/1/27		1,795		1,996

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, General Purpose, Unrefunded Balance,

5.00%, 2/15/28		3,000		3,270

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series E,

5.00%, 3/15/32		5,000		5,307

New York State Dormitory Authority Sales Tax Revenue Refunding Bonds, Group 2, Unrefunded Balance,

5.00%, 3/15/31		2,000		2,264

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A, Escrowed to Maturity,

5.00%, 3/15/24		645		660

New York State HFA Affordable Housing Variable Revenue Bonds, Series F, Sustainability Bonds (SonyMA, FHA Insured),

3.85%, 5/1/27^{(1) (2) (3)}		4,000		4,042

New York State HFA Revenue Bonds, Series E, Sustainability Bonds,

1.10%, 5/1/26		2,500		2,312

New York State HFA Revenue Bonds, Series F,

1.10%, 11/1/26		1,350		1,232

New York State Housing Finance Agency Affordable Housing Revenue Bonds, Series E (SonyMA Insured),

2.13%, 11/1/23		1,000		995

New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series M-2 (SonyMA, FHA Insured),

0.75%, 11/1/25		4,000		3,727



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

New York – 13.1% continued

New York State Housing Finance Agency Affordable Housing Sustainability Variable Revenue Bonds, Series B (SonyMA Insured, HUD Sector 8 Program),

3.60%, 5/1/27^{(1) (2) (3)}	$	1,500	$	1,505

New York State Liberty Development Corp. Revenue Refunding Bonds, Four World Trade, Green Bonds,

1.20%, 11/15/28		2,000		1,700

New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A, Bidding Group 1,

5.00%, 3/15/29		5,000		5,754

New York State Urban Development Corp. Personal Income TRB, Series E,

5.00%, 3/15/28		2,175		2,177

5.00%, 3/15/29		2,675		2,678

New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax,

5.00%, 9/15/28		5,000		5,701

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, MTA Bridges & Tunnels, Green Bonds,

5.00%, 11/15/25		525		559

5.00%, 11/15/27		1,700		1,900

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue Bonds, MTA Bridges & Tunnels,

5.00%, 5/15/27		5,000		5,525

Utility Debt Securitization Authority Revenue Refunding Restructuring Bonds, Series A,

5.00%, 12/15/27		1,450		1,544

				72,658

North Carolina – 0.4%

Charlotte Water & Sewer System Revenue Refunding Bonds,

5.00%, 7/1/26		2,115		2,296



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Ohio – 2.0%

Akron Income Tax Revenue Refunding Bonds,

4.00%, 12/1/26	$	1,120	$	1,173

Columbus G.O. Unlimited Refunding Bonds, Series 1, Various Purpose,

5.00%, 7/1/26		1,300		1,409

Ohio State Highway Capital Improvements G.O. Unlimited Bonds, Series S,

5.00%, 5/1/28		5,085		5,481

Ohio State Infrastructure Improvement G.O. Limited Bonds, Series A,

3.00%, 9/1/27		3,000		3,012

				11,075

Oklahoma – 0.5%

Oklahoma County Finance Authority Educational Facilities Lease Revenue Bonds, Midwest City-Del City Public School,

5.00%, 10/1/25		1,000		1,054

Oklahoma County Independent School District No. 89 G.O. Unlimited Bonds, Series A,

1.00%, 7/1/24		2,000		1,936

				2,990

Oregon – 1.1%

Multnomah County G.O. Limited Bonds,

5.00%, 6/1/28		1,000		1,105

Oregon State G.O. Unlimited Refunding Bonds, Series B,

5.00%, 8/1/33		1,450		1,532

Portland G.O. Limited Bonds, Series A, Transportation Projects,

5.00%, 10/1/27		1,730		1,933

Portland Water System Second Lien Revenue Refunding Bonds,

5.00%, 10/1/27		1,640		1,642

				6,212

Pennsylvania – 1.9%

Delaware Valley Regional Financial Authority Revenue Bonds, Series A,

2.00%, 10/1/29		2,275		2,052



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Pennsylvania – 1.9% continued

Lehigh County IDA Revenue Refunding Bonds, Series A, PPL Electric Utilities Corp. Project,

3.00%, 9/1/29	$	3,000	$	3,021

Pennsylvania State Turnpike Commission Revenue Refunding Bonds, Series B,

5.00%, 12/1/25		425		453

5.00%, 12/1/26		275		300

Pennsylvania State Turnpike Commission Subordinate Revenue Refunding Bonds, Series B,

5.00%, 6/1/24		2,700		2,764

Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, Series B,

5.00%, 12/1/25		1,700		1,810

				10,400

Tennessee – 1.1%

Gallatin Water & Sewer Revenue Refunding Bonds, Prerefunded,

5.00%, 1/1/25⁽⁴⁾		1,500		1,564

Tennergy Corp. Gas Revenue Bonds, Series A,

5.00%, 10/1/24^{(1) (2) (3)}		4,500		4,576

				6,140

Texas – 7.5%

Austin Water & Wastewater System Revenue Refunding Bonds,

5.00%, 11/15/26		1,000		1,093

Bexar County Certificates of Obligation G.O. Limited Bonds, Series B,

5.00%, 6/15/26		1,125		1,216

Central Regional Mobility Authority Senior Lien Revenue Bonds, Series A, Prerefunded,

5.00%, 7/1/25⁽⁴⁾		1,215		1,280

Central Regional Mobility Authority Subordinate Revenue BANS, Series F,

5.00%, 1/1/25		2,000		2,044

Dallas & Fort Worth International Airport Revenue Refunding Bonds, Series A,

5.00%, 11/1/26		1,500		1,632



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Texas – 7.5% continued

Dallas County Certificates of Obligation G.O. Limited Bonds,

5.00%, 8/15/25	$	1,615	$	1,709

Fort Bend Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.),

0.88%, 8/1/25^{(1) (2) (3)}		1,175		1,112

Harlingen Consolidated Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),

5.00%, 8/15/26		1,105		1,196

Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center,

0.90%, 5/15/25^{(1) (2) (3)}		2,000		1,887

Laredo Public Property Finance Contractual Obligation G.O. Limited Bonds,

5.00%, 2/15/27		800		873

McAllen Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.),

4.00%, 2/15/26		1,000		1,043

North Central Texas State Housing Finance Corp. Variable Revenue Bonds, Bluebonnet Ridge Apartment,

0.38%, 8/1/24^{(1) (2) (3)}		1,750		1,666

Northside Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),

1.60%, 8/1/24^{(1) (2) (3)}		1,470		1,434

Northside Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.),

2.00%, 6/1/27^{(1) (2) (3)}		1,000		957

Pecos Barstow Toyah Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

5.00%, 2/15/27		1,000		1,096

San Antonio Electric & Gas Junior Lien Variable Revenue Bonds,

1.13%, 12/1/26^{(1) (2) (3)}		3,500		3,134

2.00%, 12/1/27^{(1) (2) (3)}		3,150		2,984

San Antonio Electric & Gas Revenue Refunding Bonds,

5.00%, 2/1/25		1,350		1,409



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Texas – 7.5% continued

Texas State G.O. Unlimited Refunding Bonds, Series B,

4.00%, 8/1/26	$	2,355	$	2,437

4.00%, 8/1/27		2,135		2,206

Texas State G.O. Unlimited Refunding Bonds, Transportation Commission Mobility Fund,

5.00%, 10/1/29		5,000		5,295

Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,

5.00%, 12/15/26		1,400		1,439

Texas State Public Finance Authority G.O. Unlimited Refunding Bonds,

5.00%, 10/1/26		2,110		2,299

				41,441

Utah – 2.1%

Davis County School District G.O. Unlimited Refunding Bonds, Utah School Bond Guaranty (School Board Guaranty Program),

3.00%, 6/1/28		4,095		4,121

Murray City School District G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

5.00%, 2/1/28		1,685		1,891

Utah County Hospital Revenue Bonds, Series B, IHC Health Services, Inc.,

5.00%, 8/1/24^{(1) (2) (3)}		3,850		3,960

Utah State Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Prerefunded,

5.00%, 6/15/25⁽⁴⁾		1,735		1,833

				11,805

Virginia – 0.8%

Peninsula Ports Authority Coal Terminal Variable Revenue Refunding Bonds, Dominion Terminal Associates Project,

3.80%, 10/1/24^{(1) (2) (3)}		1,000		1,004

Upper Occoquan Sewage Authority Regional Revenue Refunding Bonds, Prerefunded,

5.00%, 7/1/25⁽⁴⁾		3,000		3,172

				4,176



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.1% continued

Washington – 3.7%

Benton County School District No. 17 Kennewick G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

4.00%, 12/1/28	$	1,000	$	1,036

Central Puget Sound Regional Transit Authority Sales & Use Tax Improvement Revenue Refunding Bonds, Series S-1, Green Bonds, Prerefunded,

5.00%, 11/1/25⁽⁴⁾		1,000		1,064

Franklin County School District No. 1 Pasco G.O. Unlimited Bonds (School Board Guaranty Program),

4.00%, 12/1/28		1,500		1,503

Franklin County School District No. 1 Pasco G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

5.00%, 12/1/26		1,340		1,392

Pierce County School District No. 320 G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

4.00%, 12/1/28		650		661

Pierce County School District No. 83 University Place G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

5.00%, 12/1/26		3,205		3,330

Port of Seattle Revenue Refunding Bonds, Series B,

5.00%, 3/1/31		2,800		2,875

Seattle G.O. Limited Refunding Bonds, Series A,

4.00%, 4/1/27		2,775		2,901

Washington State G.O. Unlimited Bonds, Series 2017-A,

5.00%, 8/1/29		2,400		2,597

Washington State G.O. Unlimited Bonds, Series A-1,

5.00%, 8/1/26		1,255		1,325

Washington State Various Purpose G.O. Unlimited Refunding Bonds, Series R-C,

4.00%, 7/1/27		1,840		1,846

				20,530

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 93.1% continued

Wisconsin – 2.0%

Wisconsin State G.O. Unlimited Refunding Bonds, Series 2021-2,

5.00%, 5/1/27

6,000

6,644

Wisconsin State Transportation Revenue Bonds, Series A,

5.00%, 7/1/28

4,000

4,304

10,948

Total Municipal Bonds

(Cost $528,839)

517,692

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 3.7%

Northern Institutional Funds - U.S. Government Portfolio (Shares),
4.61%^{(5) (6)}

20,468,304

20,468

Total Investment Companies

(Cost $20,468)

20,468

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 2.2%

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A,

4.00%, 9/1/23^{(1) (2) (3)}

5,000

5,006

Massachusetts State Housing Finance Agency Revenue Notes (GNMA, FNMA, FHLMC Insured),

2.80%, 6/1/23

1,000

New York City Housing Development Corp. MFH Revenue Bonds, Series L, Sustainable Neighborhood Bonds,

2.75%, 12/29/23^{(1) (2) (3)}

3,000

2,987

Northwest Housing Authority MFH Revenue Bonds, Spring Grove Apartments Project (HUD Sector 8 Program),

0.25%, 10/1/23^{(1) (2) (3)}

1,450

1,422

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS - 2.2% continued

Wisconsin State Housing & EDA Variable Revenue Refunding Bonds, Series B (HUD Sector 8 Program),

0.40%, 11/1/23⁽¹⁾^{(2) (3)}

$2,010

$1,967

Total Short-Term Investments

(Cost $12,471)

12,382

Total Investments – 99.0%

(Cost $561,778)

550,542

Other Assets less
Liabilities – 1.0%

5,684

NET ASSETS – 100.0%

$556,226

⁽¹⁾

Maturity date represents the puttable date.

⁽²⁾

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

⁽³⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁴⁾

Maturity date represents the prerefunded date.

⁽⁵⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

COPS - Certificates of Participation

EDA - Economic Development Authority

FHA - Federal Housing Administration

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

G.O. - General Obligation

GARVEE - Grant Anticipation Revenue Vehicle

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

HDA - Housing Develoment Authority

HFA - Housing Finance Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

IDR - Industrial Development Revenue

LCTCS - Louisiana Community and Technical College System

MFH - Multi-Family Housing

MWRA - Massachusetts Water Resources Authority

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

SIFMA - Securities Industry and Financial Markets Association

SonyMA - State of New York Mortgage Agency

TRB - Tax Revenue Bonds

VA - Veterans Affairs

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Municipal Bonds		93.1	%

Investment Companies		3.7	%

Short-Term Investments		2.2	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Municipal Bonds⁽¹⁾	$	—		$517,692		$—		$517,692

Investment Companies		20,468		—		—		20,468

Short-Term Investments		—		12,382		—		12,382

Total Investments	$	20,468		$530,074		$—		$550,542

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 0.8% ⁽¹⁾

Fannie Mae – 0.3%

Pool #555649,

7.50%, 10/1/32		$13		$13

Pool #BH9277,

3.50%, 2/1/48		130		123

				136

Freddie Mac – 0.0%

Pool #ZS7735,

2.00%, 1/1/32		3		2

Freddie Mac Gold – 0.3%

Pool #D99701,

3.00%, 11/1/32		165		156

Government National Mortgage Association – 0.2%

Government National Mortgage Association, Series 2017-95, Class QG,

2.50%, 8/20/46		108		99

Government National Mortgage Association I – 0.0%

Pool #676682,

4.50%, 6/15/25		15		15

Pool #782618,

4.50%, 4/15/24		3		3

Pool #783245,

5.00%, 9/15/24		3		3

Pool #783489,

5.00%, 6/15/25		1		1

				22

Total U.S. Government Agencies

(Cost $454)				415



U.S. GOVERNMENT OBLIGATIONS – 97.8%

U.S. Treasury Bonds – 0.9%

6.00%, 2/15/26		470		498

U.S. Treasury Inflation Indexed Notes – 2.1%

0.50%, 4/15/24		141		165

0.13%, 7/15/24		134		166

0.13%, 10/15/24		145		165

0.25%, 1/15/25		135		166

0.38%, 7/15/25		135		167

0.13%, 4/15/26		153		167

0.13%, 4/15/27		166		168

				1,164



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 97.8% continued

U.S. Treasury Notes – 94.8%

0.38%, 4/15/24		$577		$552

2.00%, 4/30/24		554		539

0.25%, 5/15/24		579		552

1.75%, 6/30/24		453		438

1.75%, 7/31/24		1,574		1,520

1.88%, 8/31/24		554		535

0.38%, 9/15/24		579		547

2.13%, 9/30/24		550		533

2.25%, 11/15/24		550		533

4.50%, 11/30/24		11,445		11,490

2.50%, 1/31/25		541		525

2.75%, 2/28/25		538		525

2.88%, 4/30/25		537		524

0.25%, 5/31/25		588		543

2.88%, 5/31/25		285		278

0.25%, 6/30/25		587		541

0.25%, 7/31/25		589		541

2.88%, 7/31/25		532		519

0.25%, 10/31/25		591		539

0.38%, 11/30/25		883		806

2.88%, 11/30/25		158		154

1.63%, 2/15/26		558		525

4.00%, 2/15/26		13,151		13,205

0.50%, 2/28/26		587		534

2.13%, 5/31/26		549		522

1.88%, 6/30/26		550		518

0.63%, 7/31/26		586		529

1.88%, 7/31/26		551		518

0.75%, 8/31/26		582		526

0.88%, 9/30/26		487		441

3.88%, 11/30/27		10,044		10,148

4.00%, 2/29/28		1,400		1,425

				51,625

Total U.S. Government Obligations

(Cost $54,082)				53,287

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 0.5%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

4.61%⁽²⁾⁽³⁾

279,797

$280

Total Investment Companies

(Cost $280)

280

Total Investments – 99.1%

(Cost $54,816)

53,982

Other Assets less Liabilities – 0.9%

491

NET ASSETS – 100.0%

$54,473

⁽¹⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽²⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽³⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

U.S. Government Agencies		0.8	%

U.S. Government Obligations		97.8	%

Investment Companies		0.5	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
U.S. Government Agencies⁽¹⁾		$ —		$ 415		$—		$415

U.S. Government Obligations⁽¹⁾		—		53,287		—		53,287

Investment Companies		280		—		—		280

Total Investments		$280		$53,702		$—		$53,982

⁽¹⁾

Classifications as defined in the Schedule of Investments.


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 1.0%

United States – 1.0%

AES Panama Generation Holdings S.R.L.,

4.38%, 5/31/30 ⁽¹⁾		$200		$172

Hyundai Capital America,

5.50%, 3/30/26 ⁽¹⁾		145		145

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

3.75%, 12/1/31 ⁽¹⁾		120		99

5.50%, 1/15/30 ⁽¹⁾		180		172

New Fortress Energy, Inc.,

6.50%, 9/30/26 ⁽¹⁾		160		147

Resorts World Las Vegas LLC/RWLV Capital, Inc.,

4.63%, 4/16/29 ⁽¹⁾		50		39

4.63%, 4/6/31 ⁽¹⁾		100		74

				848

Total Corporate Bonds

(Cost $864)				848


FOREIGN ISSUER BONDS – 90.9%

Angola – 1.0%

Angolan Government International Bond,

9.50%, 11/12/25 ⁽¹⁾		150		149

8.25%, 5/9/28 ⁽²⁾		400		354

9.38%, 5/8/48 ⁽²⁾		400		315

				818

Argentina – 2.0%

Argentine Republic Government International Bond,

1.00%, 7/9/29		194		54

(Step to 0.75% on 7/9/23), 0.50%, 7/9/30 ⁽³⁾		1,840		533

(Step to 3.63% on 7/9/23), 1.50%, 7/9/35 ⁽³⁾		703		183

(Step to 4.25% on 7/9/23), 3.88%, 1/9/38 ⁽³⁾		755		236

(Step to 4.88% on 7/9/29), 3.50%, 7/9/41 ⁽³⁾		150		42

Genneia S.A.,

8.75%, 9/2/27 ⁽¹⁾		153		147

Pampa Energia S.A.,

7.50%, 1/24/27 ⁽²⁾		100		89

Transportadora de Gas del Sur S.A.,

6.75%, 5/2/25 ⁽²⁾		235		212

YPF S.A.,


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Argentina – 2.0% continued

9.00%, 2/12/26 ⁽²⁾		$92		$90

9.00%, 6/30/29 ⁽²⁾		120		96

				1,682

Azerbaijan – 0.4%

Republic of Azerbaijan International Bond,

3.50%, 9/1/32 ⁽²⁾		200		171

Southern Gas Corridor CJSC,

6.88%, 3/24/26 ⁽²⁾		200		204

				375

Bahrain – 0.5%

Bahrain Government International Bond,

5.63%, 5/18/34 ⁽²⁾		260		228

7.50%, 9/20/47 ⁽²⁾		200		181

				409

Brazil – 6.3%

Banco do Estado do Rio Grande do Sul S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.93%), 5.38%, 1/28/31 ⁽¹⁾⁽⁴⁾		75		67

Braskem Netherlands Finance B.V.,

7.25%, 2/13/33 ⁽¹⁾		210		202

Brazil Letras do Tesouro Nacional,

0.00%, 7/1/25 (BRL)⁽⁵⁾		1,790		274

0.00%, 1/1/26 (BRL)⁽⁵⁾		3,199		462

Brazil Notas do Tesouro Nacional, Serie F,

10.00%, 1/1/25 (BRL)		3,600		689

10.00%, 1/1/27 (BRL)		5,140		952

10.00%, 1/1/29 (BRL)		2,950		525

Brazilian Government International Bond,

2.88%, 6/6/25		200		191

8.25%, 1/20/34		78		90

CSN Resources S.A.,

4.63%, 6/10/31 ⁽¹⁾		215		166

Embraer Netherlands Finance B.V.,

6.95%, 1/17/28 ⁽¹⁾		120		121

Gol Finance S.A.,

8.00%, 6/30/26 ⁽²⁾		200		100

Guara Norte S.a.r.l.,

5.20%, 6/15/34 ⁽¹⁾		182		157

JSM Global S.a.r.l,

4.75%, 10/20/30 ⁽²⁾⁽⁶⁾		200		41

MC Brazil Downstream Trading S.a.r.l.,



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Brazil – 6.3% continued

7.25%, 6/30/31 ⁽¹⁾		$106		$83

Movida Europe S.A.,

5.25%, 2/8/31 ⁽¹⁾		125		91

MV24 Capital B.V.,

6.75%, 6/1/34 ⁽¹⁾		142		130

Nexa Resources S.A.,

6.50%, 1/18/28 ⁽¹⁾		130		127

Oi S.A.,

10.00%, 7/27/25 ⁽²⁾⁽⁷⁾		873		66

Raizen Fuels Finance S.A.,

5.30%, 1/20/27 ⁽¹⁾		100		97

Simpar Europe S.A.,

5.20%, 1/26/31 ⁽¹⁾		175		128

Sitios Latinoamerica S.A.B. de C.V.,

5.38%, 4/4/32 ⁽¹⁾		265		237

Suzano Austria GmbH,

6.00%, 1/15/29		200		201

Vale Overseas Ltd.,

6.88%, 11/21/36		135		141

				5,338

Chile – 2.9%

Agrosuper S.A.,

4.60%, 1/20/32 ⁽¹⁾		175		149

Alfa Desarrollo S.p.A.,

4.55%, 9/27/51 ⁽¹⁾		349		255

Bonos de la Tesoreria de la Republica en pesos,

5.00%, 3/1/35 (CLP)		105,000		132

Celulosa Arauco y Constitucion S.A.,

3.88%, 11/2/27		280		257

Chile Government International Bond,

3.10%, 5/7/41		200		150

3.10%, 1/22/61		246		160

Cia Cervecerias Unidas S.A.,

3.35%, 1/19/32 ⁽¹⁾		125		106

Empresa Nacional de Telecomunicaciones S.A.,

4.75%, 8/1/26 ⁽¹⁾		115		111

Enel Chile S.A.,

4.88%, 6/12/28		150		146

Enel Generacion Chile S.A.,

4.25%, 4/15/24		70		68

Inversiones CMPC S.A.,



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Chile – 2.9% continued

4.75%, 9/15/24 ⁽²⁾		$200		$197

Kenbourne Invest S.A.,

6.88%, 11/26/24 ⁽¹⁾		105		80

4.70%, 1/22/28 ⁽²⁾		100		58

Sociedad Concesionaria Autopista Central S.A.,

6.22%, 12/15/26 ⁽¹⁾		119		117

Sociedad de Transmision Austral S.A.,

4.00%, 1/27/32 ⁽¹⁾		150		124

Telefonica Moviles Chile S.A.,

3.54%, 11/18/31 ⁽¹⁾		150		120

Transelec S.A.,

4.63%, 7/26/23 ⁽²⁾		200		199

				2,429

China – 4.0%

Agile Group Holdings Ltd.,

5.75%, 1/2/25 ⁽²⁾		245		133

Alibaba Group Holding Ltd.,

4.50%, 11/28/34		125		118

BOC Aviation Ltd.,

2.75%, 12/2/23 ⁽²⁾		200		197

Central China Real Estate Ltd.,

7.25%, 4/24/23 ⁽²⁾		200		61

7.75%, 5/24/24 ⁽²⁾		200		44

CFLD Cayman Investment Ltd.,

2.50%, 1/31/31 ⁽¹⁾		413		54

0.00%, 1/31/31 ⁽¹⁾⁽⁵⁾		21		2

China Evergrande Group,

8.25%, 3/23/22 ⁽²⁾^{(7) (8)}		305		25

7.50%, 6/28/23 ⁽²⁾^{(7) (8)}		200		16

10.50%, 4/11/24 ⁽²⁾^{(7) (8)}		200		16

China Government Bond,

3.29%, 10/18/23 (CNH)		520		76

3.02%, 10/22/25 (CNY)		1,040		154

3.27%, 11/19/30 (CNH)		1,200		181

2.75%, 2/17/32 (CNY)		1,780		257

3.72%, 4/12/51 (CNY)		630		99

China Overseas Grand Oceans Finance IV Cayman Ltd.,

2.45%, 2/9/26 ⁽²⁾		200		174

China SCE Group Holdings Ltd.,

5.95%, 9/29/24 ⁽²⁾		200		106

CIFI Holdings Group Co. Ltd.,


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

China – 4.0% continued

5.25%, 5/13/26 ⁽²⁾		$630		$129

Country Garden Holdings Co. Ltd.,

4.80%, 8/6/30 ⁽²⁾		200		97

Fantasia Holdings Group Co. Ltd.,

15.00%, 12/18/21 ⁽²⁾⁽⁷⁾		335		34

7.95%, 7/5/22 ⁽²⁾⁽⁷⁾		335		34

12.25%, 10/18/22 ⁽²⁾⁽⁷⁾		200		20

10.88%, 1/9/23 ⁽²⁾⁽⁷⁾		200		20

Golden Eagle Retail Group Ltd.,

4.63%, 5/21/23 ⁽²⁾		200		198

Kaisa Group Holdings Ltd.,

8.50%, 6/30/22 ⁽²⁾⁽⁷⁾		200		24

11.95%, 10/22/22 ⁽²⁾⁽⁷⁾		200		24

11.50%, 1/30/23 ⁽²⁾⁽⁷⁾		200		24

10.88%, 7/23/23 ⁽²⁾⁽⁷⁾		200		24

9.38%, 6/30/24 ⁽²⁾⁽⁷⁾		200		24

Longfor Group Holdings Ltd.,

3.85%, 1/13/32 ⁽²⁾		200		139

Prosus N.V.,

4.19%, 1/19/32 ⁽¹⁾		215		183

4.03%, 8/3/50 ⁽¹⁾		100		66

Scenery Journey Ltd.,

11.50%, 10/24/22 ⁽²⁾⁽⁷⁾		200		17

12.00%, 10/24/23 ⁽²⁾⁽⁷⁾		200		17

Shimao Group Holdings Ltd.,

4.75%, 7/3/22 ⁽²⁾⁽⁷⁾		200		29

Sunac China Holdings Ltd.,

7.25%, 6/14/22 ⁽²⁾⁽⁷⁾		200		47

7.95%, 8/8/22 ⁽²⁾⁽⁷⁾		200		47

7.95%, 10/11/23 ⁽²⁾⁽⁷⁾		200		47

Yuzhou Group Holdings Co. Ltd.,

8.50%, 2/4/23 ⁽²⁾⁽⁷⁾		200		18

9.95%, 6/8/23 ⁽²⁾^{(7) (8)}		200		18

6.00%, 10/25/23 ⁽²⁾⁽⁷⁾		250		22

7.38%, 1/13/26 ⁽²⁾⁽⁷⁾		530		47

6.35%, 1/13/27 ⁽²⁾^{(7) (8)}		200		18

Zhenro Properties Group Ltd.,

8.00%, 3/6/23 ⁽²⁾⁽⁸⁾		150		11

14.72%, 5/3/23 ⁽²⁾^{(7) (9)}		200		14

8.30%, 9/15/23 ⁽²⁾⁽⁷⁾		200		14

7.88%, 4/14/24 ⁽²⁾⁽⁷⁾		200		14

7.35%, 2/5/25 ⁽²⁾⁽⁷⁾		400		28

6.63%, 1/7/26 ⁽²⁾		200		14


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

China – 4.0% continued

6.70%, 8/4/26 ⁽²⁾⁽⁷⁾		$200		$14

ZhongAn Online P&C Insurance Co. Ltd.,

3.50%, 3/8/26 ⁽²⁾		200		163

				3,352

Colombia – 3.0%

AI Candelaria Spain S.A.,

5.75%, 6/15/33 ⁽¹⁾		250		177

Banco GNB Sudameris S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 6.66%), 7.50%, 4/16/31 ⁽¹⁾⁽⁴⁾		100		74

Banistmo S.A.,

4.25%, 7/31/27 ⁽¹⁾		100		92

Canacol Energy Ltd.,

5.75%, 11/24/28 ⁽¹⁾		80		65

Colombia Government International Bond,

7.38%, 9/18/37		100		96

5.00%, 6/15/45		250		174

Colombian TES,

10.00%, 7/24/24 (COP)		850,000		181

7.50%, 8/26/26 (COP)		274,800		53

5.75%, 11/3/27 (COP)		886,700		154

6.00%, 4/28/28 (COP)		2,113,100		364

7.00%, 3/26/31 (COP)		330,000		55

7.00%, 6/30/32 (COP)		800,000		127

13.25%, 2/9/33 (COP)		551,800		129

7.25%, 10/18/34 (COP)		166,600		26

Ecopetrol S.A.,

5.38%, 6/26/26		225		215

5.88%, 11/2/51		110		74

Empresas Publicas de Medellin ESP,

4.25%, 7/18/29 ⁽¹⁾		100		77

Frontera Energy Corp.,

7.88%, 6/21/28 ⁽¹⁾		90		72

Oleoducto Central S.A.,

4.00%, 7/14/27 ⁽¹⁾		165		141

SierraCol Energy Andina LLC,

6.00%, 6/15/28 ⁽²⁾		200		154

				2,500

Costa Rica – 0.4%

Costa Rica Government International Bond,

5.63%, 4/30/43 ⁽²⁾		200		174


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Costa Rica – 0.4% continued

Liberty Costa Rica Senior Secured Finance,

10.88%, 1/15/31 ⁽¹⁾		$200		$188

				362

Croatia – 0.1%

Croatia Government International Bond,

1.50%, 6/17/31 (EUR)⁽²⁾		100		91

Czech Republic – 2.5%

Czech Republic Government Bond,

0.45%, 10/25/23 (CZK)⁽²⁾		6,000		269

5.70%, 5/25/24 (CZK)		4,620		214

0.00%, 12/12/24 (CZK)⁽⁵⁾		1,510		64

1.00%, 6/26/26 (CZK)		1,860		76

2.50%, 8/25/28 (CZK)		4,690		194

5.50%, 12/12/28 (CZK)		2,970		142

2.75%, 7/23/29 (CZK)		2,020		83

0.05%, 11/29/29 (CZK)		760		26

0.95%, 5/15/30 (CZK)⁽²⁾		90		3

1.75%, 6/23/32 (CZK)		6,730		246

2.00%, 10/13/33 (CZK)		1,900		69

3.50%, 5/30/35 (CZK)		11,700		487

4.20%, 12/4/36 (CZK)⁽²⁾		220		10

Energo-Pro AS,

8.50%, 2/4/27 ⁽¹⁾		200		193

				2,076

Dominican Republic – 1.7%

Dominican Republic Central Bank Notes,

13.00%, 12/5/25 (DOP)⁽²⁾		13,000		237

13.00%, 1/30/26 (DOP)⁽¹⁾		3,100		57

Dominican Republic International Bond,

5.50%, 1/27/25 ⁽²⁾		250		247

5.30%, 1/21/41 ⁽²⁾		370		288

6.85%, 1/27/45 ⁽²⁾		300		267

5.88%, 1/30/60 ⁽²⁾		266		203

Empresa Generadora de Electricidad Haina S.A.,

5.63%, 11/8/28 ⁽¹⁾		200		178

				1,477

Ecuador – 0.3%

Ecuador Government International Bond,

(Step to 3.50% on 7/31/23), 2.50%, 7/31/35 ⁽¹⁾⁽³⁾		535		178


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Ecuador – 0.3% continued

(Step to 2.50% on 7/31/23), 1.50%, 7/31/40 ⁽²⁾⁽³⁾		$126		$38

(Step to 2.50% on 7/31/23), 1.50%, 7/31/40 ⁽¹⁾⁽³⁾		240		71

				287

Egypt – 1.1%

Egypt Government International Bond,

5.63%, 4/16/30 (EUR)⁽²⁾		575		375

8.50%, 1/31/47 ⁽²⁾		400		233

8.70%, 3/1/49 ⁽²⁾		200		118

Energean PLC,

6.50%, 4/30/27 ⁽¹⁾		190		173

				899

El Salvador – 0.3%

El Salvador Government International Bond,

6.38%, 1/18/27 ⁽²⁾		23		13

8.63%, 2/28/29 ⁽²⁾		299		158

8.25%, 4/10/32		11		6

7.65%, 6/15/35 ⁽²⁾		66		31

7.12%, 1/20/50 ⁽²⁾		150		68

				276

Georgia – 0.1%

Silknet JSC,

8.38%, 1/31/27 ⁽¹⁾		100		97

Ghana – 0.8%

Ghana Government International Bond,

7.63%, 5/16/29 ⁽²⁾		200		71

7.88%, 2/11/35 ⁽²⁾⁽⁷⁾		600		211

8.95%, 3/26/51 ⁽²⁾⁽⁷⁾		215		73

Kosmos Energy Ltd.,

7.50%, 3/1/28 ⁽¹⁾		230		187

Tullow Oil PLC,

10.25%, 5/15/26 ⁽¹⁾		225		174

				716

Guatemala – 0.8%

Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L.,

5.25%, 4/27/29 ⁽¹⁾		250		232

CT Trust,

5.13%, 2/3/32 ⁽¹⁾		185		155

Guatemala Government Bond,

4.50%, 5/3/26 ⁽²⁾		235		230


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Guatemala – 0.8% continued

Millicom International Cellular S.A.,

5.13%, 1/15/28 ⁽¹⁾		$86		$76

				693

Hong Kong – 0.8%

AIA Group Ltd.,

5.63%, 10/25/27 ⁽¹⁾		210		219

4.95%, 4/4/33 ⁽¹⁾		200		201

Melco Resorts Finance Ltd.,

5.75%, 7/21/28 ⁽¹⁾		40		34

5.75%, 7/21/28 ⁽²⁾		225		194

				648

Hungary – 1.2%

Hungary Government Bond,

1.50%, 8/23/23 (HUF)		74,000		202

6.00%, 11/24/23 (HUF)		46,500		126

3.00%, 6/26/24 (HUF)		60,830		155

3.00%, 10/27/27 (HUF)		203,190		442

4.50%, 3/23/28 (HUF)		14,730		34

6.75%, 10/22/28 (HUF)		3,290		8

3.00%, 10/27/38 (HUF)		7,850		12

Hungary Government International Bond,

5.38%, 3/25/24		68		68

				1,047

India – 1.8%

Adani International Container Terminal Pvt Ltd.,

3.00%, 2/16/31 ⁽¹⁾		110		83

Adani Ports & Special Economic Zone Ltd.,

3.10%, 2/2/31 ⁽¹⁾		230		148

Export-Import Bank of India,

5.50%, 1/18/33 ⁽²⁾		200		199

Greenko Wind Projects Mauritius Ltd.,

5.50%, 4/6/25 ⁽¹⁾		120		113

IIFL Finance Ltd.,

5.88%, 4/20/23 ⁽²⁾		200		199

Power Finance Corp. Ltd.,

3.75%, 12/6/27 ⁽²⁾		200		185

Reliance Industries Ltd.,

3.63%, 1/12/52 ⁽¹⁾		150		106

ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries,

4.50%, 7/14/28 ⁽¹⁾		150		126

Shriram Finance Ltd.,


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

India – 1.8% continued

4.40%, 3/13/24 ⁽²⁾		$200		$193

Vedanta Resources Finance II PLC,

13.88%, 1/21/24 ⁽²⁾		200		160

				1,512

Indonesia – 7.4%

Freeport Indonesia PT,

4.76%, 4/14/27 ⁽¹⁾		150		146

6.20%, 4/14/52 ⁽¹⁾		200		183

Indofood CBP Sukses Makmur Tbk PT,

3.40%, 6/9/31 ⁽²⁾		300		251

Indonesia Asahan Aluminium Persero PT,

5.45%, 5/15/30 ⁽²⁾		200		196

Indonesia Government International Bond,

4.75%, 1/8/26 ⁽²⁾		200		201

4.55%, 1/11/28		200		200

4.85%, 1/11/33		275		273

8.50%, 10/12/35 ⁽²⁾		100		130

6.63%, 2/17/37 ⁽²⁾		650		745

7.75%, 1/17/38 ⁽²⁾		100		126

Indonesia Treasury Bond,

8.38%, 3/15/24 (IDR)		1,457,000		99

8.13%, 5/15/24 (IDR)		1,087,000		74

6.50%, 6/15/25 (IDR)		1,255,000		84

8.38%, 9/15/26 (IDR)		7,000,000		496

7.00%, 5/15/27 (IDR)		881,000		60

6.38%, 8/15/28 (IDR)		1,273,000		85

9.00%, 3/15/29 (IDR)		220,000		16

8.25%, 5/15/29 (IDR)		1,210,000		88

10.50%, 8/15/30 (IDR)		600,000		49

7.00%, 9/15/30 (IDR)		1,816,000		124

6.50%, 2/15/31 (IDR)		7,000,000		464

7.75%, 4/15/31 (IDR)		655,000		47

8.75%, 5/15/31 (IDR)		5,651,000		424

9.50%, 7/15/31 (IDR)		4,400,000		346

7.00%, 2/15/33 (IDR)		1,167,000		79

8.38%, 3/15/34 (IDR)		1,389,000		103

7.50%, 6/15/35 (IDR)		536,000		37

7.50%, 5/15/38 (IDR)		654,000		46

8.38%, 4/15/39 (IDR)		1,976,000		148

LLPL Capital Pte. Ltd.,

6.88%, 2/4/39 ⁽¹⁾		165		147

Medco Laurel Tree Pte. Ltd.,

6.95%, 11/12/28 ⁽¹⁾		275		243


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Indonesia – 7.4% continued

Minejesa Capital B.V.,

5.63%, 8/10/37 ⁽²⁾		$200		$156

Perusahaan Gas Negara Tbk PT,

5.13%, 5/16/24 ⁽¹⁾		240		238

Star Energy Geothermal Darajat II/Star Energy Geothermal Salak,

4.85%, 10/14/38 ⁽²⁾		200		170

				6,274

Ireland – 0.1%

C&W Senior Financing DAC,

6.88%, 9/15/27 ⁽¹⁾		100		89

Israel – 2.2%

Bank Hapoalim B.M.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.16%), 3.26%, 1/21/32 ⁽⁴⁾		200		167

Bank Leumi Le-Israel B.M.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.47%), 7.13%, 7/18/33 ⁽⁴⁾		200		195

Delek Overriding Royalty Leviathan Ltd.,

7.49%, 12/30/23		150		149

Energean Israel Finance Ltd.,

4.88%, 3/30/26		200		186

5.88%, 3/30/31		75		66

ICL Group Ltd.,

6.38%, 5/31/38		150		149

Leviathan Bond Ltd.,

6.50%, 6/30/27		100		96

6.75%, 6/30/30		120		112

Teva Pharmaceutical Finance Netherlands III B.V.,

3.15%, 10/1/26		550		498

8.13%, 9/15/31		200		210

				1,828

Ivory Coast – 0.4%

Ivory Coast Government International Bond,

4.88%, 1/30/32 (EUR)⁽²⁾		435		361

Kazakhstan – 0.6%

Kazakhstan Government International Bond,

8.05%, 5/20/24 (KZT)⁽²⁾		100,000		206

Tengizchevroil Finance Co. International Ltd.,


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Kazakhstan – 0.6% continued

4.00%, 8/15/26 ⁽¹⁾		$125		$110

3.25%, 8/15/30 ⁽²⁾		220		166

				482

Kuwait – 0.4%

MEGlobal Canada ULC,

5.00%, 5/18/25 ⁽¹⁾		200		198

Nbk Tier 2 Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.11%), 2.50%, 11/24/30 ⁽²⁾⁽⁴⁾		200		179

				377

Lebanon – 0.1%

Lebanon Government International Bond,

6.38%, 3/9/20 ⁽²⁾⁽⁷⁾		67		5

5.80%, 4/14/20 ⁽⁷⁾		79		5

6.15%, 6/19/20 ⁽⁷⁾		102		7

8.25%, 4/12/21 ⁽²⁾⁽⁷⁾		115		7

6.10%, 10/4/22 ⁽²⁾⁽⁷⁾		321		21

6.00%, 1/27/23 ⁽²⁾⁽⁷⁾		50		3

6.60%, 11/27/26 ⁽²⁾⁽⁷⁾		22		1

6.85%, 3/23/27 ⁽²⁾⁽⁷⁾		88		6

7.00%, 3/23/32 ⁽²⁾⁽⁷⁾		33		2

7.05%, 11/2/35 ⁽²⁾⁽⁷⁾		11		1

7.25%, 3/23/37 ⁽²⁾⁽⁷⁾		35		2

				60

Macau – 0.9%

MGM China Holdings Ltd.,

5.38%, 5/15/24 ⁽¹⁾		80		78

4.75%, 2/1/27 ⁽¹⁾		110		99

Sands China Ltd.,

5.90%, 8/8/28		215		204

4.88%, 6/18/30		175		155

Studio City Finance Ltd.,

6.00%, 7/15/25 ⁽¹⁾		200		183

				719

Malaysia – 4.0%

Malaysia Government Bond,

3.48%, 6/14/24 (MYR)		901		205

3.90%, 11/30/26 (MYR)		2,363		543

3.90%, 11/16/27 (MYR)		1,834		422

3.73%, 6/15/28 (MYR)		1,600		363

4.50%, 4/30/29 (MYR)		709		166


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Malaysia – 4.0% continued

3.89%, 8/15/29 (MYR)		$238		$54

4.50%, 4/15/30 (MYR)		182		43

3.58%, 7/15/32 (MYR)		2,375		525

3.83%, 7/5/34 (MYR)		718		159

4.25%, 5/31/35 (MYR)		599		137

4.76%, 4/7/37 (MYR)		187		45

4.70%, 10/15/42 (MYR)		1,100		266

4.92%, 7/6/48 (MYR)		234		57

4.07%, 6/15/50 (MYR)		550		117

Malaysia Government Investment Issue, 3.47%,

10/15/30 (MYR)		253		56

4.19%, 10/7/32 (MYR)		29		7

3.45%, 7/15/36 (MYR)		91		19

Petronas Capital Ltd.,

4.55%, 4/21/50 ⁽²⁾		200		184

				3,368

Mauritius – 0.2%

Axian Telecom,

7.38%, 2/16/27 ⁽¹⁾		200		181

Mexico – 8.3%

Alsea S.A.B. de C.V.,

7.75%, 12/14/26 ⁽¹⁾		120		117

Banco Mercantil del Norte S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.76%), 8.38%, 10/14/30 ⁽¹⁾^(4) (9)		100		93

(Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.03%), 6.63%, 1/24/32 ⁽¹⁾^(4) (9)		120		97

Braskem Idesa SAPI,

7.45%, 11/15/29 ⁽¹⁾		150		120

Cemex S.A.B. de C.V.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.91%), 9.13%, 3/14/28 ⁽¹⁾^{(4) (9)}		165		165

CIBANCO S.A. Institucion de Banca Multiple Trust CIB,

4.38%, 7/22/31 ⁽¹⁾		150		111

Comision Federal de Electricidad,

8.18%, 12/23/27 (MXN)		750		37

Corp. Inmobiliaria Vesta S.A.B. de C.V.,

3.63%, 5/13/31 ⁽¹⁾		125		101

FEL Energy VI S.a.r.l.,

5.75%, 12/1/40 ⁽²⁾		185		152


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Mexico – 8.3% continued

Fomento Economico Mexicano S.A.B. de C.V.,

2.88%, 5/10/23		$150		$150

Infraestructura Energetica Nova S.A.P.I. de C.V.,

4.88%, 1/14/48 ⁽¹⁾		300		223

Mexican Bonos,

10.00%, 12/5/24 (MXN)		3,500		193

7.50%, 6/3/27 (MXN)		6,700		353

8.50%, 5/31/29 (MXN)		7,600		415

7.75%, 5/29/31 (MXN)		8,670		452

7.75%, 11/23/34 (MXN)		2,410		123

10.00%, 11/20/36 (MXN)		10,520		638

8.50%, 11/18/38 (MXN)		6,010		319

7.75%, 11/13/42 (MXN)		8,000		387

Mexico City Airport Trust,

5.50%, 7/31/47 ⁽¹⁾		125		96

Mexico Government International Bond,

4.75%, 4/27/32		400		384

6.05%, 1/11/40		30		30

4.75%, 3/8/44		38		32

5.55%, 1/21/45		40		38

3.77%, 5/24/61		200		135

5.75%, 10/12/10 ⁽¹⁰⁾		206		184

Mexico Remittances Funding Fiduciary Estate Management S.a.r.l.,

4.88%, 1/15/28 ⁽¹⁾		150		134

Petroleos Mexicanos,

7.19%, 9/12/24 (MXN)⁽²⁾		170		9

6.50%, 3/13/27		135		123

5.95%, 1/28/31		415		318

6.70%, 2/16/32		164		131

6.75%, 9/21/47		670		435

6.35%, 2/12/48		62		38

7.69%, 1/23/50		232		164

6.95%, 1/28/60		190		123

Sigma Alimentos S.A. de C.V.,

4.13%, 5/2/26 ⁽¹⁾		175		167

Total Play Telecomunicaciones S.A. de C.V.,

6.38%, 9/20/28 ⁽¹⁾		135		66

Trust Fibra Uno,

4.87%, 1/15/30 ⁽¹⁾		155		131

6.39%, 1/15/50 ⁽¹⁾		85		64

				7,048


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Mongolia – 0.2%

Development Bank of Mongolia LLC,

7.25%, 10/23/23 ⁽²⁾		$200		$194

Morocco – 0.4%

Morocco Government International Bond,

5.95%, 3/8/28 ⁽¹⁾		200		205

OCP S.A.,

5.13%, 6/23/51 ⁽²⁾		200		146

				351

Mozambique – 0.2%

Mozambique International Bond,

(Step to 9.00% on 9/15/23), 5.00%, 9/15/31 ⁽²⁾⁽³⁾		200		145

Nigeria – 1.0%

Access Bank PLC,

6.13%, 9/21/26 ⁽¹⁾		125		99

IHS Netherlands Holdco B.V.,

8.00%, 9/18/27 ⁽²⁾		250		222

8.00%, 9/18/27 ⁽¹⁾		50		44

Nigeria Government International Bond,

7.14%, 2/23/30 ⁽²⁾		220		169

7.70%, 2/23/38 ⁽²⁾		200		135

8.25%, 9/28/51 ⁽²⁾		200		133

SEPLAT Energy PLC,

7.75%, 4/1/26 ⁽¹⁾		100		78

				880

Oman – 1.5%

Oman Government International Bond,

6.75%, 10/28/27 ⁽²⁾		200		209

5.63%, 1/17/28 ⁽²⁾		200		200

6.75%, 1/17/48 ⁽²⁾		711		674

OQ SAOC, 5.13%,

5/6/28 ⁽¹⁾		130		124

Oryx Funding Ltd.,

5.80%, 2/3/31 ⁽¹⁾		100		96

				1,303

Pakistan – 0.1%

Pakistan Government International Bond,

7.38%, 4/8/31 ⁽²⁾		250		90

Panama – 0.9%

Panama Government International Bond,

9.38%, 4/1/29		28		34

6.40%, 2/14/35		200		208


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Panama – 0.9% continued

6.70%, 1/26/36		$34		$36

4.50%, 4/16/50		200		152

4.30%, 4/29/53		200		146

4.50%, 4/1/56		200		149

				725

Paraguay – 0.5%

Paraguay Government International Bond,

2.74%, 1/29/33 ⁽²⁾		285		231

5.40%, 3/30/50 ⁽²⁾		200		172

				403

Peru – 2.5%

Consorcio Transmantaro S.A.,

5.20%, 4/11/38 ⁽¹⁾		130		120

Fondo MIVIVIENDA S.A.,

4.63%, 4/12/27 ⁽¹⁾		100		95

Hunt Oil Co. of Peru LLC Sucursal Del Peru,

6.38%, 6/1/28 ⁽²⁾		175		165

Intercorp Peru Ltd.,

3.88%, 8/15/29 ⁽²⁾		200		166

Lima Metro Line 2 Finance Ltd.,

4.35%, 4/5/36 ⁽¹⁾		201		175

Peru Government Bond,

5.94%, 2/12/29 (PEN)		351		88

6.15%, 8/12/32 (PEN)		1,500		365

5.40%, 8/12/34 (PEN)		215		48

Peruvian Government International Bond,

6.35%, 8/12/28 (PEN)⁽²⁾		175		45

6.95%, 8/12/31 (PEN)⁽²⁾		440		114

1.86%, 12/1/32		288		218

8.75%, 11/21/33		70		88

3.30%, 3/11/41		11		8

5.63%, 11/18/50		70		70

2.78%, 12/1/60		31		18

Petroleos del Peru S.A.,

5.63%, 6/19/47 ⁽²⁾		485		314

				2,097

Philippines – 0.5%

Philippine Government International Bond,

10.63%, 3/16/25		68		75

3.75%, 1/14/29		200		192


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Philippines – 0.5% continued

9.50%, 2/2/30		$62		$79

6.38%, 10/23/34		100		112

				458

Poland – 2.9%

Bank Gospodarstwa Krajowego,

0.38%, 10/13/28 (EUR)⁽²⁾		250		217

Republic of Poland Government Bond,

2.50%, 4/25/24 (PLN)		1,902		425

3.25%, 7/25/25 (PLN)		372		81

2.50%, 7/25/26 (PLN)		2,234		465

0.25%, 10/25/26 (PLN)		62		12

3.75%, 5/25/27 (PLN)		451		96

2.50%, 7/25/27 (PLN)		2,371		478

2.75%, 4/25/28 (PLN)		1,400		280

2.75%, 10/25/29 (PLN)		1,043		201

1.75%, 4/25/32 (PLN)		30		5

Republic of Poland Government International Bond,

5.50%, 11/16/27		29		30

4.88%, 10/4/33		85		85

5.50%, 4/4/53		107		108

				2,483

Qatar – 2.1%

Qatar Government International Bond,

3.25%, 6/2/26 ⁽²⁾		200		195

4.00%, 3/14/29 ⁽²⁾		775		771

5.10%, 4/23/48 ⁽²⁾		425		433

4.82%, 3/14/49 ⁽²⁾		200		196

QNB Finance Ltd.,

3.50%, 3/28/24 ⁽²⁾		200		197

				1,792

Romania – 2.4%

Romania Government Bond,

4.75%, 2/24/25 (RON)		310		65

3.50%, 11/25/25 (RON)		1,750		352

5.80%, 7/26/27 (RON)		750		156

2.50%, 10/25/27 (RON)		345		62

8.75%, 10/30/28 (RON)		1,600		373

8.00%, 4/29/30 (RON)		180		41

4.15%, 10/24/30 (RON)		440		79

6.70%, 2/25/32 (RON)		70		15

4.75%, 10/11/34 (RON)		250		43

Romanian Government International Bond,


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Romania – 2.4% continued

3.00%, 2/27/27 ⁽²⁾		$18		$16

1.75%, 7/13/30 (EUR)⁽²⁾		300		240

3.00%, 2/14/31 ⁽²⁾		14		12

3.63%, 3/27/32 ⁽²⁾		60		51

7.13%, 1/17/33 ⁽¹⁾		130		138

2.00%, 4/14/33 (EUR)⁽²⁾		200		148

2.88%, 4/13/42 (EUR)⁽²⁾		275		176

4.00%, 2/14/51 ⁽²⁾		100		70

				2,037

Russia – 0.0%

Russian Federal Bond - OFZ,

7.25%, 5/10/34 (RUB)⁽⁷⁾⁽⁸⁾		3,917		3

Saudi Arabia – 1.8%

EIG Pearl Holdings S.a.r.l.,

3.55%, 8/31/36 ⁽¹⁾		200		171

Gaci First Investment Co.,

5.25%, 10/13/32 ⁽²⁾		200		208

Greensaif Pipelines Bidco S.a.r.l.,

6.13%, 2/23/38 ⁽¹⁾		300		309

SA Global Sukuk Ltd.,

0.95%, 6/17/24 ⁽¹⁾		100		95

Saudi Government International Bond,

4.75%, 1/18/28 ⁽²⁾		200		202

4.50%, 10/26/46 ⁽²⁾		350		308

5.00%, 4/17/49 ⁽²⁾		200		187

				1,480

Serbia – 0.4%

Serbia International Bond,

1.50%, 6/26/29 (EUR)⁽²⁾		300		249

6.50%, 9/26/33 ⁽¹⁾		100		99

				348

Singapore – 0.2%

United Overseas Bank Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.50%), 3.75%, 4/15/29 ⁽²⁾⁽⁴⁾		200		196

South Africa – 3.5%

Gold Fields Orogen Holdings BVI Ltd.,

6.13%, 5/15/29 ⁽¹⁾		125		126

Liquid Telecommunications Financing PLC,

5.50%, 9/4/26 ⁽¹⁾		150		101

Republic of South Africa Government Bond,


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

South Africa – 3.5% continued

8.00%, 1/31/30 (ZAR)		$639		$33

7.00%, 2/28/31 (ZAR)		2,329		108

8.25%, 3/31/32 (ZAR)		18,422		903

8.88%, 2/28/35 (ZAR)		5,979		289

6.25%, 3/31/36 (ZAR)		1,288		49

8.50%, 1/31/37 (ZAR)		14,630		662

9.00%, 1/31/40 (ZAR)		728		33

6.50%, 2/28/41 (ZAR)		901		32

8.75%, 1/31/44 (ZAR)		708		31

8.75%, 2/28/48 (ZAR)		3,659		158

Republic of South Africa Government International Bond,

5.75%, 9/30/49		200		146

Sasol Financing U.S.A. LLC,

4.38%, 9/18/26		125		113

5.50%, 3/18/31		225		188

				2,972

South Korea – 1.5%

Export-Import Bank of Korea,

4.25%, 9/15/27		195		193

Hana Bank,

4.38%, 9/30/24 ⁽¹⁾		200		196

Hyundai Capital Services, Inc.,

1.25%, 2/8/26 ⁽²⁾		200		180

Korea Treasury Bond,

4.25%, 12/10/32 (KRW)		197,040		163

Kyobo Life Insurance Co. Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.89%), 5.90%, 6/15/27 ⁽⁴⁾⁽⁹⁾⁽¹¹⁾		140		131

POSCO,

4.38%, 8/4/25 ⁽¹⁾		200		197

Tongyang Life Insurance Co. Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.98%), 5.25%, 9/22/25 ⁽²⁾^(4) (9)		200		172

				1,232

St. Lucia – 0.1%

Digicel International Finance Ltd./Digicel international Holdings Ltd.,

8.75%, 5/25/24 ⁽¹⁾		100		90

Tanzania, United Republic of – 0.3%

HTA Group Ltd.,

7.00%, 12/18/25 ⁽²⁾		275		262


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Thailand – 4.5%

Bangkok Bank PCL,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.15%), 3.47%, 9/23/36 ⁽¹⁾⁽⁴⁾		$375		$306

GC Treasury Center Co. Ltd.,

4.40%, 3/30/32 ⁽¹⁾		200		179

Thailand Government Bond,

2.40%, 12/17/23 (THB)		36,510		1,075

0.75%, 9/17/24 (THB)		6,248		180

2.35%, 6/17/26 (THB)		3,633		108

2.13%, 12/17/26 (THB)		15,669		462

2.88%, 12/17/28 (THB)		732		22

1.60%, 12/17/29 (THB)		7,000		198

2.00%, 12/17/31 (THB)		2,048		58

3.78%, 6/25/32 (THB)		7,585		249

1.59%, 12/17/35 (THB)		2,563		67

3.40%, 6/17/36 (THB)		2,700		86

3.30%, 6/17/38 (THB)		17,682		551

2.00%, 6/17/42 (THB)		1,877		48

2.88%, 6/17/46 (THB)		644		19

3.60%, 6/17/67 (THB)		598		18

TMBThanachart Bank PCL,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.26%), 4.90%, 12/2/24 ⁽²⁾^{(4) (9)}		200		183

				3,809

Turkey – 1.4%

Turk Telekomunikasyon A.S.,

6.88%, 2/28/25 ⁽²⁾		200		192

Turkcell Iletisim Hizmetleri A.S.,

5.80%, 4/11/28 ⁽²⁾		200		178

Turkey Government International Bond,

4.88%, 4/16/43		545		360

5.75%, 5/11/47		200		141

Turkiye Ihracat Kredi Bankasi A.S.,

9.38%, 1/31/26 ⁽¹⁾		100		101

Ulker Biskuvi Sanayi AS,

6.95%, 10/30/25 ⁽²⁾		200		175

				1,147

Ukraine – 0.7%

Metinvest B.V.,

7.75%, 10/17/29		200		109

MHP Lux S.A.,


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Ukraine – 0.7% continued

6.95%, 4/3/26 ⁽²⁾⁽⁷⁾		$200		$102

State Agency of Roads of Ukraine,

6.25%, 6/24/28 ⁽²⁾^{(6) (8)}		200		35

Ukraine Government International Bond,

15.84%, 2/26/25 (UAH)⁽²⁾⁽⁸⁾		8,000		164

7.75%, 9/1/26 ⁽²⁾^{(7) (8)}		150		28

6.88%, 5/21/29 ⁽²⁾^{(7) (8)}		200		36

VF Ukraine PAT via VFU Funding PLC,

6.20%, 2/11/25 ⁽²⁾		200		119

				593

United Arab Emirates – 1.5%

Abu Dhabi Government International Bond,

3.13%, 9/30/49 ⁽²⁾		200		150

2.70%, 9/2/70 ⁽²⁾		200		125

Emirate of Dubai Government International Bonds,

3.90%, 9/9/50 ⁽²⁾		507		369

European Investment Bank,

8.50%, 9/17/24 (ZAR)⁽²⁾		4,000		226

Galaxy Pipeline Assets Bidco Ltd.,

1.75%, 9/30/27 ⁽¹⁾		219		204

International Finance Corp.,

16.00%, 2/21/25 (UZS)		1,000,000		89

Sweihan PV Power Co. PJSC,

3.63%, 1/31/49 ⁽¹⁾		146		119

				1,282

United Kingdom – 0.4%

Standard Chartered PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.05%), 6.17%, 1/9/27 ⁽¹⁾⁽⁴⁾		355		356

Uruguay – 0.5%

Uruguay Government International Bond,

8.50%, 3/15/28 (UYU)⁽²⁾		509		12

4.38%, 12/15/28 (UYU)		240		16

8.25%, 5/21/31 (UYU)		2,618		60

7.88%, 1/15/33		51		63

5.75%, 10/28/34		29		32

7.63%, 3/21/36		34		43

3.88%, 7/2/40 (UYU)		2,233		75

4.13%, 11/20/45		33		30

5.10%, 6/18/50		36		36

4.98%, 4/20/55		55		54


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 90.9% continued

Uruguay – 0.5% continued

Uruguay Monetary Regulation Bill,

0.00%, 10/26/23 (UYU)⁽⁵⁾		$972		$24

				445

Uzbekistan – 0.6%

Republic of Uzbekistan International Bond,

3.70%, 11/25/30 ⁽²⁾		430		347

Uzauto Motors AJ,

4.85%, 5/4/26 ⁽¹⁾		150		128

				475

Venezuela – 0.8%

Petroleos de Venezuela S.A.,

8.50%, 10/27/20 ⁽²⁾^{(7) (8)}		1,480		385

9.00%, 11/17/21 ⁽²⁾^{(7) (8)}		172		7

12.75%, 2/17/22 ⁽²⁾^{(7) (8)}		92		4

5.38%, 4/12/27 ⁽²⁾^{(7) (8)}		77		3

9.75%, 5/17/35 ⁽²⁾^{(7) (8)}		222		10

Venezuela Government International Bond,

7.75%, 10/13/19 ⁽²⁾^{(7) (8)}		72		5

12.75%, 8/23/22 ⁽²⁾^{(7) (8)}		151		16

9.00%, 5/7/23 ⁽²⁾^{(7) (8)}		62		6

8.25%, 10/13/24 ⁽²⁾^{(7) (8)}		141		14

11.75%, 10/21/26 ⁽²⁾^{(7) (8)}		632		65

9.25%, 9/15/27 ⁽⁷⁾⁽⁸⁾		186		19

9.25%, 5/7/28 ⁽²⁾^{(7) (8)}		102		11

11.95%, 8/5/31 ⁽²⁾^{(7) (8)}		1,045		107

				652

Vietnam – 0.5%

Mong Duong Finance Holdings B.V.,

5.13%, 5/7/29 ⁽¹⁾		250		211

Viet Nam Debt & Asset Trading Corp.,

1.00%, 10/10/25 ⁽²⁾		300		252

				463

Zambia – 0.4%

First Quantum Minerals Ltd.,

7.50%, 4/1/25 ⁽¹⁾		150		150

Zambia Government International Bond,

5.38%, 9/20/22 ⁽²⁾⁽⁷⁾		400		170

				320

Total Foreign Issuer Bonds

(Cost $89,652)				76,954

NUMBER

OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 6.6%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽¹²⁾⁽¹³⁾

5,597,338

5,597

Total Investment Companies

(Cost $5,597)

5,597

Total Investments – 98.5%

(Cost $96,113)

83,399

Other Assets less Liabilities – 1.5%

1,231

Net Assets – 100.0%

84,630

⁽¹⁾

⁽²⁾

Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

⁽³⁾

Step coupon bond. Rate as of March 31, 2023 is disclosed.

⁽⁴⁾

Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of March 31, 2023.

⁽⁵⁾

Zero coupon bond.

⁽⁶⁾

Issuer has defaulted on terms of debt obligation.

⁽⁷⁾

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽⁸⁾

Restricted security that has been deemed illiquid. At March 31, 2023, the value of these restricted illiquid securities amounted to approximately $1,187,000 or 1.4% of net assets. Additional information on these restricted illiquid securities is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

China Evergrande Group, 8.25%, 3/23/22	8/10/21	$187

China Evergrande Group, 7.50%, 6/28/23	9/9/21	50

China Evergrande Group, 10.50%, 4/11/24	4/28/20	173

Petroleos de Venezuela S.A., 8.50%, 10/27/20	4/4/17-11/14/18	1,199

Petroleos de Venezuela S.A., 9.00%, 11/17/21	1/19/16-6/14/17	100

Petroleos de Venezuela S.A., 12.75%, 2/17/22	3/10/16-6/14/17	51

Petroleos de Venezuela S.A., 5.38%, 4/12/27	7/19/16-6/14/17	30

Petroleos de Venezuela S.A., 9.75%, 5/17/35	6/20/16-6/14/17	105

Russian Federal Bond - OFZ, 7.25%, 5/10/34	10/7/19-10/9/19	61



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

State Agency of Roads of Ukraine, 6.25%, 6/24/28	6/17/21	$200

Ukraine Government International Bond, 15.84%, 2/26/25	6/12/19	303

Ukraine Government International Bond, 7.75%, 9/1/26	1/5/21	165

Ukraine Government International Bond, 6.88%, 5/21/29	6/18/21	206

Venezuela Government International Bond, 7.75%, 10/13/19	6/14/17-8/11/17	43

Venezuela Government International Bond, 12.75%, 8/23/22	4/29/16-7/27/18	49

Venezuela Government International Bond, 9.00%, 5/7/23	6/14/17-8/11/17	29

Venezuela Government International Bond, 8.25%, 10/13/24	6/14/17-8/11/17	63

Venezuela Government International Bond, 11.75%, 10/21/26	3/3/17-11/13/17	333

Venezuela Government International Bond, 9.25%, 9/15/27	11/17/16-11/13/17	84

Venezuela Government International Bond, 9.25%, 5/7/28	8/11/17-5/15/18	31

Venezuela Government International Bond, 11.95%, 8/5/31	3/3/17-7/27/18	480

Yuzhou Group Holdings Co. Ltd., 9.95%, 6/8/23	11/17/21	114

Yuzhou Group Holdings Co. Ltd., 6.35%, 1/13/27	4/15/21	165

Zhenro Properties Group Ltd., 8.00%, 3/6/23	2/13/23	13

⁽⁹⁾

Perpetual bond. Maturity date represents next call date.

⁽¹⁰⁾

Century bond maturing in 2110.

⁽¹¹⁾

Restricted security.

⁽¹²⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹³⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

10Y – 10 Year

1Y – 1 Year

5Y – 5 Year

CIB – Corporate and Investment Bank

CMT – Constant Maturity

BRL - Brazilian Real

CLP - Chilean Peso

CNH - Chinese Offshore Yuan

CNY - Chinese Yuan Renminbi

COP - Colombian Peso

CZK - Czech Koruna

DOP - Dominican Peso

EUR - Euro

HUF - Hungarian Forint

IDR - Indonesian Rupiah

KRW - Korean Won

KZT - Kazakhstan Tenge

MXN - Mexican Peso

MYR - Malaysian Ringgit

PEN - Peruvian Nuevo Sol

PLN - Polish Zloty

RON - Romanian Leu

RUB - Russian Ruble

THB - Thai Baht

UAH - Ukraine Hryvnia

UYU - Uruguayan Peso

UZS - Uzbekistan Som

ZAR - South African Rand

At March 31, 2023, the Fund had outstanding forward foreign currency exchange contracts as follows:

COUNTERPARTY

CONTRACTS
TO
DELIVER
CURRENCY

AMOUNT
(LOCAL
CURRENCY)
(000S)

IN
EXCHANGE
FOR
CURRENCY

AMOUNT
(LOCAL
CURRENCY)
(000S)

SETTLEMENT
DATE

UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)

Barclays

United States Dollar

Chilean Peso

9,955

4/28/23

$ 1

BNP

United States Dollar

215

Czech Koruna

4,735

4/28/23

BNP

United States Dollar

Philippine Peso

561

4/28/23

—

Citibank

Egyptian Pound

259

United States Dollar

8/7/23

—

Citibank

United States Dollar

Chilean Peso

30,056

4/28/23



COUNTERPARTY	CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	IN EXCHANGE FOR CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)		SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) (000S)

JPMorgan Chase	United States Dollar	43	Chilean Peso		35,961	4/28/23		$ 2

Merrill Lynch	United States Dollar	41	Czech Koruna		908	4/28/23		1

Merrill Lynch	United States Dollar	73	Hungarian Forint		29,129	1/12/24		4

Merrill Lynch	United States Dollar	82	Polish Zloty		359	4/28/23		1

Morgan Stanley	Egyptian Pound	434	United States Dollar		12	1/16/24		1

Morgan Stanley	United States Dollar	12	Chilean Peso		9,998	4/28/23		—	*

Morgan Stanley	United States Dollar	52	Czech Koruna		1,146	4/28/23		1

Morgan Stanley	United States Dollar	108	Indian Rupee		8,885	4/12/23		—	*

Morgan Stanley	United States Dollar	51	Mexican Peso		987	4/28/23		3

Morgan Stanley	United States Dollar	6	Polish Zloty		24	4/28/23		—	*

Standard Chartered Bank	United States Dollar	24	Chilean Peso		19,811	4/28/23		1

Standard Chartered Bank	United States Dollar	99	Hungarian Forint		36,863	4/28/23		5

Standard Chartered Bank	United States Dollar	42	Peruvian Nuevo Sol		161	4/28/23		1

Subtotal Appreciation								25

Barclays	Chilean Peso	9,955	United States Dollar		12	4/28/23		—	*

Barclays	Indian Rupee	6,970	United States Dollar		84	4/12/23		(1	)

Barclays	South African Rand	776	United States Dollar		42	4/28/23		(1	)

Barclays	United States Dollar	85	Indian Rupee		6,970	4/12/23		(1	)

Barclays	United States Dollar	44	South African Rand		775	4/28/23		(1	)

BNP	Chinese Offshore Yuan	424	United States Dollar		61	4/28/23		—	*

BNP	Czech Koruna	4,735	United States Dollar		213	4/28/23		(5	)

BNP	Philippine Peso	561	United States Dollar		10	4/28/23		—	*

BNP	Romanian Leu	919	United States Dollar		198	4/28/23		(3	)

BNP	United States Dollar	63	Chinese Offshore Yuan		424	4/28/23		(1	)

BNP	United States Dollar	204	Romanian Leu		919	4/28/23		(2	)

Citibank	Chilean Peso	30,056	United States Dollar		37	4/28/23		(1	)

Citibank	United States Dollar	8	Egyptian Pound		259	8/7/23		(1	)

JPMorgan Chase	Chilean Peso	35,961	United States Dollar		45	4/28/23		(1	)

JPMorgan Chase	Euro	75	United States Dollar		81	4/26/23		(1	)



COUNTERPARTY	CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)	IN EXCHANGE FOR CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)		SETTLEMENT DATE	UNREALIZED APPRECIATION (DEPRECIATION) (000S)

Merrill Lynch	Czech Koruna	908	United States Dollar		40	4/28/23		$ (1	)

Merrill Lynch	Hungarian Forint	29,129	United States Dollar		75	1/12/24		(3	)

Merrill Lynch	Polish Zloty	359	United States Dollar		80	4/28/23		(3	)

Merrill Lynch	South African Rand	777	United States Dollar		42	4/28/23		(1	)

Merrill Lynch	United States Dollar	45	South African Rand		777	4/28/23		(1	)

Morgan Stanley	Chilean Peso	9,998	United States Dollar		12	4/28/23		—	*

Morgan Stanley	Czech Koruna	1,146	United States Dollar		51	4/28/23		(2	)

Morgan Stanley	Egyptian Pound	218	United States Dollar		7	4/6/23		—	*

Morgan Stanley	Indian Rupee	8,884	United States Dollar		107	4/12/23		(1	)

Morgan Stanley	Mexican Peso	987	United States Dollar		53	4/28/23		(1	)

Morgan Stanley	Polish Zloty	24	United States Dollar		5	4/28/23		—	*

Morgan Stanley	South African Rand	1,085	United States Dollar		59	4/28/23		(2	)

Morgan Stanley	United States Dollar	7	Egyptian Pound		218	4/6/23		—	*

Morgan Stanley	United States Dollar	13	Egyptian Pound		434	1/16/24		(2	)

Morgan Stanley	United States Dollar	63	South African Rand		1,085	4/28/23		(2	)

Standard Chartered Bank	Chilean Peso	19,811	United States Dollar		25	4/28/23		—	*

Standard Chartered Bank	Colombian Peso	190,721	United States Dollar		39	4/28/23		(2	)

Standard Chartered Bank	Euro	1,750	United States Dollar		1,900	5/11/23		(3	)

Standard Chartered Bank	Hungarian Forint	36,863	United States Dollar		101	4/28/23		(4	)

Standard Chartered Bank	Malaysian Ringgit	700	United States Dollar		158	4/28/23		(1	)

Standard Chartered Bank	Peruvian Nuevo Sol	161	United States Dollar		42	4/28/23		(1	)

Standard Chartered Bank	United States Dollar	41	Colombian Peso		190,721	4/28/23		—	*

Standard Chartered Bank	United States Dollar	164	Malaysian Ringgit		700	4/28/23		(5	)

Subtotal Depreciation								(54	)

Total								$ (29)

*	Amount rounds to less than one thousand.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		64.0	%

All other currencies less than 5%		34.5

Total Investments		98.5

Other Assets less Liabilities		1.5

Net Assets		100.0	%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).


INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)

Corporate Bonds	$	—	$	848		$	—	$	848

Foreign Issuer Bonds⁽¹⁾		—		76,954			—		76,954

Investment Companies		5,597		—			—		5,597
Total Investments	$	5,597	$	77,802		$	—	$	83,399
OTHER FINANCIAL INSTRUMENTS
Assets

Forward Foreign Currency Exchange Contracts	$	—	$	25		$	—	$	25

Liabilities

Forward Foreign Currency Exchange Contracts		—		(54	)		—		(54	)
Total Other Financial Instruments	$	—	$	(29	)	$	—	$	(29	)

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CONVERTIBLE BONDS – 0.0%

Oil & Gas Producers – 0.0%

Gulfport Energy Corp., 10.00%, (100% Cash), 5/19/23^{(1) (2) (3) (4)}		$—		$19

Telecommunications – 0.0%

Digicel Group Holdings Ltd.,

7.00%, (100% Cash), 4/19/23⁽¹⁾⁽³⁾		9		1

Total Convertible Bonds

(Cost $5)				20



CORPORATE BONDS – 78.1%

Advertising & Marketing – 0.2%

Outfront Media Capital LLC/Outfront Media Capital Corp.,

6.25%, 6/15/25 ⁽¹⁾		60		60

5.00%, 8/15/27 ⁽¹⁾		266		240

4.25%, 1/15/29 ⁽¹⁾		174		144

4.63%, 3/15/30 ⁽¹⁾		100		83

				527

Aerospace & Defense – 2.7%

Boeing (The) Co.,

5.15%, 5/1/30		79		80

5.81%, 5/1/50		205		206

Howmet Aerospace, Inc.,

5.90%, 2/1/27		25		26

5.95%, 2/1/37		100		101

Spirit AeroSystems, Inc.,

7.50%, 4/15/25 ⁽¹⁾		75		75

4.60%, 6/15/28		25		21

9.38%, 11/30/29 ⁽¹⁾		311		339

TransDigm, Inc.,

6.25%, 3/15/26 ⁽¹⁾		1,364		1,365

6.38%, 6/15/26		930		909

7.50%, 3/15/27		100		100

5.50%, 11/15/27		400		377

6.75%, 8/15/28 ⁽¹⁾		702		709

4.63%, 1/15/29		100		89

4.88%, 5/1/29		1,200		1,062

Triumph Group, Inc.,

7.75%, 8/15/25		75		69

9.00%, 3/15/28 ⁽¹⁾		286		286

				5,814



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Apparel & Textile Products – 0.2%

Crocs, Inc.,

4.25%, 3/15/29 ⁽¹⁾		$25		$22

4.13%, 8/15/31 ⁽¹⁾		199		164

Hanesbrands, Inc.,

9.00%, 2/15/31 ⁽¹⁾		146		150

Kontoor Brands, Inc.,

4.13%, 11/15/29 ⁽¹⁾		25		21

Levi Strauss & Co.,

3.50%, 3/1/31 ⁽¹⁾		97		83

				440

Asset Management – 1.7%

AG Issuer LLC,

6.25%, 3/1/28 ⁽¹⁾		75		67

AG TTMT Escrow Issuer LLC,

8.63%, 9/30/27 ⁽¹⁾		25		25

Blackstone Holdings Finance Co. LLC,

6.20%, 4/22/33 ⁽¹⁾		115		120

Compass Group Diversified Holdings LLC,

5.25%, 4/15/29 ⁽¹⁾		96		85

5.00%, 1/15/32 ⁽¹⁾		25		20

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

4.75%, 9/15/24		250		244

6.38%, 12/15/25		25		25

6.25%, 5/15/26		250		246

5.25%, 5/15/27		375		352

4.38%, 2/1/29		88		76

NFP Corp.,

4.88%, 8/15/28 ⁽¹⁾		270		244

6.88%, 8/15/28 ⁽¹⁾		2,186		1,876

7.50%, 10/1/30 ⁽¹⁾		25		24

Owl Rock Capital Corp.,

3.75%, 7/22/25		85		77

OWL Rock Core Income Corp.,

7.75%, 9/16/27 ⁽¹⁾		116		114

				3,595

Automotive – 3.5%

Adient Global Holdings Ltd.,

7.00%, 4/15/28 ⁽¹⁾		25		26

8.25%, 4/15/31 ⁽¹⁾		25		26

Clarios Global L.P.,

6.75%, 5/15/25 ⁽¹⁾		107		108



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Automotive – 3.5% continued

Clarios Global L.P./Clarios U.S. Finance Co.,

6.25%, 5/15/26 ⁽¹⁾		$153		$153

8.50%, 5/15/27 ⁽¹⁾		650		652

Dealer Tire LLC/DT Issuer LLC,

8.00%, 2/1/28 ⁽¹⁾		25		22

Dornoch Debt Merger Sub, Inc.,

6.63%, 10/15/29 ⁽¹⁾		1,015		685

Ford Motor Co.,

9.63%, 4/22/30		930		1,080

7.45%, 7/16/31		800		846

3.25%, 2/12/32		281		221

6.10%, 8/19/32		100		97

4.75%, 1/15/43		100		77

5.29%, 12/8/46		300		246

Ford Motor Credit Co. LLC,

4.69%, 6/9/25		200		192

5.13%, 6/16/25		400		392

4.13%, 8/4/25		200		190

4.39%, 1/8/26		195		185

6.95%, 3/6/26		240		244

4.13%, 8/17/27		135		124

5.11%, 5/3/29		525		493

4.00%, 11/13/30		200		170

3.63%, 6/17/31		200		165

General Motors Co.,

5.40%, 4/1/48		112		96

Goodyear Tire & Rubber (The) Co.,

9.50%, 5/31/25		122		125

5.00%, 5/31/26		50		48

5.00%, 7/15/29		157		140

5.25%, 4/30/31		25		22

5.25%, 7/15/31 ⁽¹⁾		100		86

5.63%, 4/30/33		50		43

PM General Purchaser LLC,

9.50%, 10/1/28 ⁽¹⁾		50		46

Real Hero Merger Sub 2, Inc.,

6.25%, 2/1/29 ⁽¹⁾		800		591

Wheel Pros, Inc.,

6.50%, 5/15/29 ⁽¹⁾		25		11

				7,602



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Banking – 0.2%

Bank of America Corp.,

(Variable, ICE LIBOR USD 3M + 2.93%), 5.88%, 3/15/28 ⁽⁵⁾⁽⁶⁾		$75		$67

Citigroup, Inc.,

(Variable, ICE LIBOR USD 3M + 4.07%), 8.87%, 7/30/23 ⁽⁶⁾⁽⁷⁾		50		50

(Variable, U.S. SOFR + 3.23%), 4.70%, 1/30/25 ⁽⁵⁾⁽⁶⁾		75		66

JPMorgan Chase & Co.,

(Variable, ICE LIBOR USD 3M + 3.30%), 6.00%, 8/1/23 ⁽⁵⁾⁽⁶⁾		50		49

(Variable, ICE LIBOR USD 3M + 3.33%), 6.13%, 4/30/24 ⁽⁵⁾⁽⁶⁾		50		49

(Variable, ICE LIBOR USD 3M + 3.33%), 6.10%, 10/1/24 ⁽⁵⁾⁽⁶⁾		50		49

(Variable, CME Term SOFR 3M + 3.13%), 4.60%, 2/1/25 ⁽⁵⁾⁽⁶⁾		25		23

PNC Financial Services Group (The), Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 7Y + 2.81%), 6.25%, 3/15/30 ⁽⁵⁾⁽⁶⁾		125		116

				469

Beverages – 0.0%

Triton Water Holdings, Inc.,

6.25%, 4/1/29⁽¹⁾		50		40

Biotechnology & Pharmaceuticals – 0.5%

Bausch Health Americas, Inc.,

8.50%, 1/31/27 ⁽¹⁾		175		80

Bausch Health Cos., Inc.,

9.00%, 12/15/25 ⁽¹⁾		75		60

6.13%, 2/1/27 ⁽¹⁾		50		32

7.00%, 1/15/28 ⁽¹⁾		25		10

5.00%, 1/30/28 ⁽¹⁾		75		29

7.25%, 5/30/29 ⁽¹⁾		50		19

5.25%, 1/30/30 ⁽¹⁾		75		28

5.25%, 2/15/31 ⁽¹⁾		50		19

Endo Dac/Endo Finance LLC/Endo Finco, Inc.,

9.50%, 7/31/27 ⁽¹⁾⁽⁸⁾		125		10

6.00%, 6/30/28 ⁽¹⁾⁽⁸⁾		16		1

Endo Luxembourg Finance Co. I S.a.r.l./Endo U.S., Inc.,

6.13%, 4/1/29 ⁽¹⁾⁽⁹⁾		50		37



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Biotechnology & Pharmaceuticals – 0.5% continued

Jazz Securities DAC,

4.38%, 1/15/29 ⁽¹⁾		$200		$184

Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,

10.00%, 4/15/25 ⁽¹⁾⁽⁸⁾		50		42

10.00%, 6/15/29 ⁽¹⁾		43		23

Organon & Co./Organon Foreign Debt Co-Issuer B.V.,

5.13%, 4/30/31 ⁽¹⁾		385		342

P&L Development LLC/PLD Finance Corp.,

7.75%, 11/15/25 ⁽¹⁾		50		39

Par Pharmaceutical, Inc.,

7.50%, 4/1/27 ⁽¹⁾(9)		161		120

Prestige Brands, Inc.,

5.13%, 1/15/28 ⁽¹⁾		25		24

3.75%, 4/1/31 ⁽¹⁾		25		21

				1,120

Cable & Satellite – 3.0%

Cable One, Inc.,

4.00%, 11/15/30 ⁽¹⁾		102		83

CCO Holdings LLC/CCO Holdings Capital Corp.,

5.00%, 2/1/28 ⁽¹⁾		180		166

6.38%, 9/1/29 ⁽¹⁾		355		339

4.75%, 3/1/30 ⁽¹⁾		455		394

4.50%, 8/15/30 ⁽¹⁾		425		359

4.25%, 2/1/31 ⁽¹⁾		402		329

7.38%, 3/1/31 ⁽¹⁾		75		74

4.75%, 2/1/32 ⁽¹⁾		550		462

4.50%, 5/1/32		333		272

4.50%, 6/1/33 ⁽¹⁾		325		262

4.25%, 1/15/34 ⁽¹⁾		357		279

Charter Communications Operating LLC/Charter Communications Operating Capital,

5.50%, 4/1/63		52		42

CSC Holdings LLC,

5.25%, 6/1/24		25		24

5.75%, 1/15/30 ⁽¹⁾		275		145

4.13%, 12/1/30 ⁽¹⁾		505		363

4.50%, 11/15/31 ⁽¹⁾		200		144



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Cable & Satellite – 3.0% continued

Directv Financing LLC/Directv Financing Co-Obligor, Inc.,

5.88%, 8/15/27 ⁽¹⁾		$298		$270

DISH DBS Corp.,

5.88%, 11/15/24		75		67

5.25%, 12/1/26 ⁽¹⁾		444		354

7.38%, 7/1/28		150		86

5.75%, 12/1/28 ⁽¹⁾		25		19

5.13%, 6/1/29		242		129

DISH Network Corp.,

11.75%, 11/15/27 ⁽¹⁾		300		291

GCI LLC,

4.75%, 10/15/28 ⁽¹⁾		72		62

Midcontinent Communications/Midcontinent Finance Corp.,

5.38%, 8/15/27 ⁽¹⁾		50		45

Radiate Holdco LLC/Radiate Finance, Inc.,

4.50%, 9/15/26 ⁽¹⁾		87		68

6.50%, 9/15/28 ⁽¹⁾		660		271

Sirius XM Radio, Inc.,

3.13%, 9/1/26 ⁽¹⁾		355		320

5.00%, 8/1/27 ⁽¹⁾		378		354

4.00%, 7/15/28 ⁽¹⁾		175		150

5.50%, 7/1/29 ⁽¹⁾		50		46

3.88%, 9/1/31 ⁽¹⁾		200		155

				6,424

Chemicals – 1.2%

Avient Corp.,

5.75%, 5/15/25 ⁽¹⁾		50		50

7.13%, 8/1/30 ⁽¹⁾		125		129

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.,

4.75%, 6/15/27 ⁽¹⁾		150		143

Chemours (The) Co.,

5.38%, 5/15/27		25		23

5.75%, 11/15/28 ⁽¹⁾		50		45

4.63%, 11/15/29 ⁽¹⁾		50		41

Cornerstone Chemical Co.,

10.25%, (100% Cash), 9/1/27 ⁽¹⁾⁽³⁾		25		23



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Chemicals – 1.2% continued

Element Solutions, Inc.,

3.88%, 9/1/28 ⁽¹⁾		$449		$394

HB Fuller Co.,

4.25%, 10/15/28		130		115

Illuminate Buyer LLC/Illuminate Holdings IV, Inc.,

9.00%, 7/1/28 ⁽¹⁾		157		139

Innophos Holdings, Inc.,

9.38%, 2/15/28 ⁽¹⁾		50		51

Iris Holdings, Inc.,

8.75%, (100% Cash), 2/15/26 ⁽¹⁾⁽³⁾		25		23

LSB Industries, Inc.,

6.25%, 10/15/28 ⁽¹⁾		25		22

Minerals Technologies, Inc.,

5.00%, 7/1/28 ⁽¹⁾		112		102

Olin Corp.,

5.63%, 8/1/29		125		121

Olympus Water U.S. Holding Corp.,

6.25%, 10/1/29 ⁽¹⁾		200		148

Polar U.S. Borrower LLC/Schenectady International Group, Inc.,

6.75%, 5/15/26 ⁽¹⁾		50		26

SCIH Salt Holdings, Inc.,

4.88%, 5/1/28 ⁽¹⁾		50		45

6.63%, 5/1/29 ⁽¹⁾		100		83

SK Invictus Intermediate II S.a.r.l.,

5.00%, 10/30/29 ⁽¹⁾		151		125

Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc.,

5.38%, 9/1/25 ⁽¹⁾		100		81

5.13%, 4/1/29 ⁽¹⁾		100		61

Tronox, Inc.,

4.63%, 3/15/29 ⁽¹⁾		100		84

WR Grace Holdings LLC,

4.88%, 6/15/27 ⁽¹⁾		75		72

5.63%, 8/15/29 ⁽¹⁾		410		347

7.38%, 3/1/31 ⁽¹⁾		25		25

				2,518

Commercial Support Services – 1.9%

ADT Security (The) Corp.,

4.13%, 6/15/23		3		3

4.13%, 8/1/29 ⁽¹⁾		165		147



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Commercial Support Services – 1.9% continued

4.88%, 7/15/32 ⁽¹⁾		$75		$66

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

6.63%, 7/15/26 ⁽¹⁾		290		279

9.75%, 7/15/27 ⁽¹⁾		246		219

6.00%, 6/1/29 ⁽¹⁾		325		243

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.,

4.63%, 6/1/28 ⁽¹⁾		340		285

4.63%, 6/1/28 ⁽¹⁾		385		326

AMN Healthcare, Inc.,

4.63%, 10/1/27 ⁽¹⁾		50		46

4.00%, 4/15/29 ⁽¹⁾		297		263

APX Group, Inc.,

6.75%, 2/15/27 ⁽¹⁾		51		51

5.75%, 7/15/29 ⁽¹⁾		217		194

Aramark Services, Inc.,

5.00%, 4/1/25 ⁽¹⁾		140		138

6.38%, 5/1/25 ⁽¹⁾		200		201

5.00%, 2/1/28 ⁽¹⁾		151		143

ASGN, Inc.,

4.63%, 5/15/28 ⁽¹⁾		100		93

Clean Harbors, Inc.,

6.38%, 2/1/31 ⁽¹⁾		106		108

Covanta Holding Corp.,

5.00%, 9/1/30		50		43

Korn Ferry,

4.63%, 12/15/27 ⁽¹⁾		140		132

Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.,

5.00%, 2/1/26 ⁽¹⁾		115		103

Prime Security Services Borrower LLC/Prime Finance, Inc.,

5.25%, 4/15/24 ⁽¹⁾		25		25

5.75%, 4/15/26 ⁽¹⁾		129		128

6.25%, 1/15/28 ⁽¹⁾		211		197

Sotheby’s,

7.38%, 10/15/27 ⁽¹⁾		200		189

Sotheby’s/Bidfair Holdings, Inc.,

5.88%, 6/1/29 ⁽¹⁾		200		166

TKC Holdings, Inc.,

10.50%, 5/15/29 ⁽¹⁾		25		16



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Commercial Support Services – 1.9% continued

WASH Multifamily Acquisition, Inc.,

5.75%, 4/15/26 ⁽¹⁾	$	100	$	95

Waste Pro U.S.A., Inc.,

5.50%, 2/15/26 ⁽¹⁾		272		250

				4,149

Construction Materials – 1.0%

Advanced Drainage Systems, Inc.,

5.00%, 9/30/27 ⁽¹⁾		119		113

6.38%, 6/15/30 ⁽¹⁾		145		142

New Enterprise Stone & Lime Co., Inc.,

5.25%, 7/15/28 ⁽¹⁾		94		83

9.75%, 7/15/28 ⁽¹⁾		116		111

Oscar AcquisitionCo LLC/Oscar Finance, Inc.,

9.50%, 4/15/30 ⁽¹⁾		1,290		1,110

Smyrna Ready Mix Concrete LLC,

6.00%, 11/1/28 ⁽¹⁾		275		258

Standard Industries, Inc.,

5.00%, 2/15/27 ⁽¹⁾		135		128

4.75%, 1/15/28 ⁽¹⁾		25		23

4.38%, 7/15/30 ⁽¹⁾		195		170

3.38%, 1/15/31 ⁽¹⁾		11		9

Summit Materials LLC/Summit Materials Finance Corp.,

5.25%, 1/15/29 ⁽¹⁾		50		47

				2,194

Consumer Services – 0.2%

Adtalem Global Education, Inc.,

5.50%, 3/1/28 ⁽¹⁾		40		38

Carriage Services, Inc.,

4.25%, 5/15/29 ⁽¹⁾		25		21

Graham Holdings Co.,

5.75%, 6/1/26 ⁽¹⁾		25		24

PROG Holdings, Inc.,

6.00%, 11/15/29 ⁽¹⁾		25		21

Service Corp. International,

3.38%, 8/15/30		50		43

4.00%, 5/15/31		298		262

				409



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Containers & Packaging – 3.0%

Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC,

6.00%, 6/15/27 ⁽¹⁾	$	420	$	416

3.25%, 9/1/28 ⁽¹⁾		430		370

4.00%, 9/1/29 ⁽¹⁾		348		272

Ardagh Packaging Finance PLC/Ardagh Holdings U.S.A., Inc.,

5.25%, 8/15/27 ⁽¹⁾		200		158

Ball Corp.,

6.88%, 3/15/28		75		78

2.88%, 8/15/30		105		87

3.13%, 9/15/31		193		160

Berry Global, Inc.,

4.88%, 7/15/26 ⁽¹⁾		50		49

5.63%, 7/15/27 ⁽¹⁾		25		25

Clydesdale Acquisition Holdings, Inc.,

6.63%, 4/15/29 ⁽¹⁾		154		148

8.75%, 4/15/30 ⁽¹⁾		128		116

Crown Americas LLC,

5.25%, 4/1/30		75		72

Crown Americas LLC/Crown Americas Capital Corp. VI,

4.75%, 2/1/26		77		75

Graphic Packaging International LLC,

3.50%, 3/15/28 ⁽¹⁾		45		41

LABL, Inc.,

6.75%, 7/15/26 ⁽¹⁾		680		656

10.50%, 7/15/27 ⁽¹⁾		50		46

5.88%, 11/1/28 ⁽¹⁾		115		102

9.50%, 11/1/28 ⁽¹⁾		62		63

8.25%, 11/1/29 ⁽¹⁾		25		21

Mauser Packaging Solutions Holding Co.,

7.88%, 8/15/26 ⁽¹⁾		837		837

9.25%, 4/15/27 ⁽¹⁾		35		32

OI European Group B.V.,

4.75%, 2/15/30 ⁽¹⁾		125		114

Owens-Brockway Glass Container, Inc.,

5.38%, 1/15/25 ⁽¹⁾		25		25

6.38%, 8/15/25 ⁽¹⁾		50		50

6.63%, 5/13/27 ⁽¹⁾		119		119

Sealed Air Corp.,

4.00%, 12/1/27 ⁽¹⁾		100		93



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Containers & Packaging – 3.0% continued

6.13%, 2/1/28 ⁽¹⁾	$	135	$	137

5.00%, 4/15/29 ⁽¹⁾		50		47

6.88%, 7/15/33 ⁽¹⁾		25		25

Silgan Holdings, Inc.,

4.13%, 2/1/28		25		24

Trident TPI Holdings, Inc.,

9.25%, 8/1/24 ⁽¹⁾⁽¹⁰⁾		1,070		1,059

6.63%, 11/1/25 ⁽¹⁾⁽¹⁰⁾		865		798

TriMas Corp.,

4.13%, 4/15/29 ⁽¹⁾		50		44

				6,359

Electric Utilities – 0.8%

Calpine Corp.,

4.50%, 2/15/28 ⁽¹⁾		30		28

5.13%, 3/15/28		226		207

4.63%, 2/1/29 ⁽¹⁾		25		22

5.00%, 2/1/31 ⁽¹⁾		50		42

Clearway Energy Operating LLC,

4.75%, 3/15/28 ⁽¹⁾		25		24

3.75%, 1/15/32 ⁽¹⁾		175		145

Edison International,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.70%), 5.38%, 3/15/26 ⁽⁵⁾⁽⁶⁾		149		132

FirstEnergy Transmission LLC,

5.45%, 7/15/44 ⁽¹⁾		127		122

Leeward Renewable Energy Operations LLC,

4.25%, 7/1/29 ⁽¹⁾		25		22

NextEra Energy Operating Partners L.P.,

3.88%, 10/15/26 ⁽¹⁾		50		46

NRG Energy, Inc.,

6.63%, 1/15/27		16		16

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.92%), 10.25%, 3/15/28 ⁽¹⁾^(5) (6)		162		155

3.38%, 2/15/29 ⁽¹⁾		25		21

3.88%, 2/15/32 ⁽¹⁾		50		40

7.00%, 3/15/33 ⁽¹⁾		100		104

Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,

4.50%, 8/15/28 ⁽¹⁾		71		65

PG&E Corp.,

5.00%, 7/1/28		100		94



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Electric Utilities – 0.8% continued

Talen Energy Supply LLC,

6.63%, 1/15/28 ⁽¹⁾⁽⁸⁾	$	50	$	51

TerraForm Power Operating LLC,

5.00%, 1/31/28 ⁽¹⁾		50		47

4.75%, 1/15/30 ⁽¹⁾		50		45

Vistra Corp.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.74%), 7.00%, 12/15/26 ⁽¹⁾^(5) (6)		179		157

Vistra Operations Co. LLC,

5.50%, 9/1/26 ⁽¹⁾		50		48

5.00%, 7/31/27 ⁽¹⁾		50		47

4.38%, 5/1/29 ⁽¹⁾		56		50

				1,730

Electrical Equipment – 0.5%

BWX Technologies, Inc.,

4.13%, 6/30/28 ⁽¹⁾		132		119

4.13%, 4/15/29 ⁽¹⁾		25		22

Sensata Technologies B.V.,

5.63%, 11/1/24 ⁽¹⁾		49		49

5.00%, 10/1/25 ⁽¹⁾		25		25

4.00%, 4/15/29 ⁽¹⁾		400		361

5.88%, 9/1/30 ⁽¹⁾		145		144

Sensata Technologies, Inc.,

4.38%, 2/15/30 ⁽¹⁾		14		13

Vertiv Group Corp.,

4.13%, 11/15/28 ⁽¹⁾		141		124

WESCO Distribution, Inc.,

7.25%, 6/15/28 ⁽¹⁾		177		182

				1,039

Engineering & Construction – 0.2%

Arcosa, Inc.,

4.38%, 4/15/29 ⁽¹⁾		117		104

Dycom Industries, Inc.,

4.50%, 4/15/29 ⁽¹⁾		74		67

IEA Energy Services LLC,

6.63%, 8/15/29 ⁽¹⁾		220		209

Installed Building Products, Inc.,

5.75%, 2/1/28 ⁽¹⁾		25		23

TopBuild Corp.,

4.13%, 2/15/32 ⁽¹⁾		25		21

				424



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Entertainment Content – 1.2%

Allen Media LLC/Allen Media Co-Issuer, Inc.,

10.50%, 2/15/28 ⁽¹⁾⁽¹⁰⁾	$	100	$	55

AMC Networks, Inc.,

4.75%, 8/1/25		50		44

4.25%, 2/15/29		185		114

Diamond Sports Group LLC/Diamond Sports Finance Co.,

5.38%, 8/15/26 ⁽¹⁾^(8) (10)		75		4

Lions Gate Capital Holdings LLC,

5.50%, 4/15/29 ⁽¹⁾		66		43

Playtika Holding Corp.,

4.25%, 3/15/29 ⁽¹⁾		75		62

Sterling Entertainment Group LLC,

10.25%, 1/15/24 ⁽²⁾⁽¹⁰⁾		1,110		1,074

TEGNA, Inc.,

4.63%, 3/15/28		100		87

5.00%, 9/15/29		75		65

Univision Communications, Inc.,

5.13%, 2/15/25 ⁽¹⁾		50		49

6.63%, 6/1/27 ⁽¹⁾		200		190

4.50%, 5/1/29		175		147

7.38%, 6/30/30 ⁽¹⁾		204		193

Warnermedia Holdings, Inc.,

6.41%, 3/15/26		25		25

5.14%, 3/15/52 ⁽¹⁾		339		275

5.39%, 3/15/62 ⁽¹⁾		147		119

WMG Acquisition Corp.,

3.00%, 2/15/31 ⁽¹⁾		25		21

				2,567

Food – 1.1%

B&G Foods, Inc.,

5.25%, 4/1/25		680		633

BellRing Brands, Inc.,

7.00%, 3/15/30 ⁽¹⁾		125		127

Chobani LLC/Chobani Finance Corp., Inc.,

7.50%, 4/15/25 ⁽¹⁾		339		330

4.63%, 11/15/28 ⁽¹⁾		206		188

Darling Ingredients, Inc.,

5.25%, 4/15/27 ⁽¹⁾		50		49

6.00%, 6/15/30 ⁽¹⁾		202		201



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Food – 1.1% continued

Herbalife Nutrition Ltd./HLF Financing, Inc.,

7.88%, 9/1/25 ⁽¹⁾	$	75	$	71

HLF Financing S.a.r.l. LLC/Herbalife International, Inc.,

4.88%, 6/1/29 ⁽¹⁾		25		19

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

5.50%, 1/15/30 ⁽¹⁾		50		48

Lamb Weston Holdings, Inc.,

4.88%, 5/15/28 ⁽¹⁾		126		122

4.13%, 1/31/30 ⁽¹⁾		50		46

4.38%, 1/31/32 ⁽¹⁾		190		172

Nathan’s Famous, Inc.,

6.63%, 11/1/25 ⁽¹⁾		26		26

Pilgrim’s Pride Corp.,

3.50%, 3/1/32		29		24

Post Holdings, Inc.,

5.75%, 3/1/27 ⁽¹⁾		27		26

5.63%, 1/15/28 ⁽¹⁾		25		24

5.50%, 12/15/29 ⁽¹⁾		175		165

4.63%, 4/15/30 ⁽¹⁾		50		45

4.50%, 9/15/31 ⁽¹⁾		25		22

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,

4.63%, 3/1/29 ⁽¹⁾		75		61

				2,399

Forestry, Paper & Wood Products – 0.0%

Domtar Corp.,

6.75%, 10/1/28 ⁽¹⁾		42		37

Glatfelter Corp.,

4.75%, 11/15/29 ⁽¹⁾		25		17

				54

Gas & Water Utilities – 0.2%

AmeriGas Partners L.P./AmeriGas Finance Corp.,

5.50%, 5/20/25		25		24

5.75%, 5/20/27		50		47

Ferrellgas L.P./Ferrellgas Finance Corp.,

5.38%, 4/1/26 ⁽¹⁾		150		140

5.88%, 4/1/29 ⁽¹⁾		100		86



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Gas & Water Utilities – 0.2% continued

Suburban Propane Partners

L.P./Suburban Energy Finance Corp.,

5.00%, 6/1/31 ⁽¹⁾		$25		$22

				319

Health Care Facilities & Services – 4.4%

Acadia Healthcare Co., Inc.,

5.50%, 7/1/28 ⁽¹⁾		126		122

5.00%, 4/15/29 ⁽¹⁾		50		47

AdaptHealth LLC,

6.13%, 8/1/28 ⁽¹⁾		43		40

AHP Health Partners, Inc.,

5.75%, 7/15/29 ⁽¹⁾		137		115

Air Methods Corp.,

8.00%, 5/15/25 ⁽¹⁾		50		3

Cano Health LLC,

6.25%, 10/1/28 ⁽¹⁾		720		394

Catalent Pharma Solutions, Inc.,

3.13%, 2/15/29 ⁽¹⁾		80		70

3.50%, 4/1/30 ⁽¹⁾		45		40

Centene Corp.,

2.63%, 8/1/31		42		34

Charles River Laboratories International, Inc.,

4.25%, 5/1/28 ⁽¹⁾		87		81

3.75%, 3/15/29 ⁽¹⁾		50		44

4.00%, 3/15/31 ⁽¹⁾		25		22

CHS/Community Health Systems, Inc.,

8.00%, 3/15/26 ⁽¹⁾		200		193

5.63%, 3/15/27 ⁽¹⁾		385		338

8.00%, 12/15/27 ⁽¹⁾		121		117

6.00%, 1/15/29 ⁽¹⁾		120		102

6.88%, 4/15/29 ⁽¹⁾		50		31

6.13%, 4/1/30 ⁽¹⁾		125		75

5.25%, 5/15/30 ⁽¹⁾		240		188

4.75%, 2/15/31 ⁽¹⁾		125		92

DaVita, Inc.,

4.63%, 6/1/30 ⁽¹⁾		275		235

3.75%, 2/15/31 ⁽¹⁾		25		20

Encompass Health Corp.,

4.50%, 2/1/28		165		154

4.75%, 2/1/30		75		68

Envision Healthcare Corp.,

8.75%, 10/15/26 ⁽¹⁾		50		9



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Health Care Facilities & Services – 4.4% continued

HCA, Inc.,

5.38%, 2/1/25		$250		$250

5.88%, 2/15/26		150		152

4.63%, 3/15/52 ⁽¹⁾		20		17

IQVIA, Inc.,

5.00%, 5/15/27 ⁽¹⁾		215		211

Legacy LifePoint Health LLC,

6.75%, 4/15/25 ⁽¹⁾		116		110

4.38%, 2/15/27 ⁽¹⁾		48		39

LifePoint Health, Inc.,

5.38%, 1/15/29 ⁽¹⁾		25		15

ModivCare Escrow Issuer, Inc.,

5.00%, 10/1/29 ⁽¹⁾		50		42

ModivCare, Inc.,

5.88%, 11/15/25 ⁽¹⁾		35		34

Molina Healthcare, Inc.,

4.38%, 6/15/28 ⁽¹⁾		187		174

3.88%, 11/15/30 ⁽¹⁾		75		65

3.88%, 5/15/32 ⁽¹⁾		210		177

Option Care Health, Inc.,

4.38%, 10/31/29 ⁽¹⁾		1,073		948

Owens & Minor, Inc.,

4.50%, 3/31/29 ⁽¹⁾		75		59

6.63%, 4/1/30 ⁽¹⁾		50		43

Pediatrix Medical Group, Inc.,

5.38%, 2/15/30 ⁽¹⁾		25		23

Prime Healthcare Services, Inc.,

7.25%, 11/1/25 ⁽¹⁾		75		66

RP Escrow Issuer LLC,

5.25%, 12/15/25 ⁽¹⁾		25		19

Select Medical Corp.,

6.25%, 8/15/26 ⁽¹⁾		75		73

Surgery Center Holdings, Inc.,

6.75%, 7/1/25 ⁽¹⁾		830		821

10.00%, 4/15/27 ⁽¹⁾		426		434

Tenet Healthcare Corp.,

4.63%, 9/1/24		75		74

4.88%, 1/1/26		280		275

6.25%, 2/1/27		220		216

5.13%, 11/1/27		688		661

6.13%, 10/1/28		1,537		1,473

4.25%, 6/1/29		50		45

4.38%, 1/15/30		100		90



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Health Care Facilities & Services – 4.4% continued

6.13%, 6/15/30 ⁽¹⁾		$198		$195

6.88%, 11/15/31		25		24

				9,459

Home & Office Products – 0.5%

CD&R Smokey Buyer, Inc.,

6.75%, 7/15/25 ⁽¹⁾		505		433

Newell Brands, Inc.,

4.70%, 4/1/26		225		217

6.38%, 9/15/27		25		25

6.63%, 9/15/29		50		50

5.88%, 4/1/36		50		44

6.00%, 4/1/46		25		21

Scotts Miracle-Gro (The) Co.,

4.00%, 4/1/31		50		40

4.38%, 2/1/32		25		20

SWF Escrow Issuer Corp.,

6.50%, 10/1/29 ⁽¹⁾		121		74

Tempur Sealy International, Inc.,

4.00%, 4/15/29 ⁽¹⁾		143		126

3.88%, 10/15/31 ⁽¹⁾		50		42

				1,092

Home Construction – 0.7%

Adams Homes, Inc.,

7.50%, 2/15/25 ⁽¹⁾		50		44

Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.,

6.63%, 1/15/28 ⁽¹⁾		50		45

4.63%, 8/1/29 ⁽¹⁾		97		79

4.63%, 4/1/30 ⁽¹⁾		50		41

Beazer Homes U.S.A., Inc.,

6.75%, 3/15/25		50		49

7.25%, 10/15/29		50		47

Camelot Return Merger Sub, Inc.,

8.75%, 8/1/28 ⁽¹⁾		104		96

Century Communities, Inc.,

3.88%, 8/15/29 ⁽¹⁾		25		21

Cornerstone Building Brands, Inc.,

6.13%, 1/15/29 ⁽¹⁾		25		18

Forestar Group, Inc.,

3.85%, 5/15/26 ⁽¹⁾		25		22

5.00%, 3/1/28 ⁽¹⁾		50		45

Griffon Corp.,

5.75%, 3/1/28		100		93



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Home Construction – 0.7% continued

JELD-WEN, Inc.,

6.25%, 5/15/25 ⁽¹⁾		$50		$50

4.63%, 12/15/25 ⁽¹⁾		7		6

KB Home,

6.88%, 6/15/27		25		25

7.25%, 7/15/30		150		152

4.00%, 6/15/31		25		22

Masonite International Corp.,

5.38%, 2/1/28 ⁽¹⁾		75		72

Meritage Homes Corp.,

6.00%, 6/1/25		75		76

3.88%, 4/15/29 ⁽¹⁾		75		67

MIWD Holdco II LLC/MIWD Finance Corp.,

5.50%, 2/1/30 ⁽¹⁾		25		21

PGT Innovations, Inc.,

4.38%, 10/1/29 ⁽¹⁾		50		45

Shea Homes L.P./ Shea Homes Funding Corp.,

4.75%, 2/15/28		50		45

4.75%, 4/1/29		25		22

STL Holding Co. LLC,

7.50%, 2/15/26 ⁽¹⁾		50		44

Taylor Morrison Communities, Inc.,

5.88%, 6/15/27 ⁽¹⁾		85		83

5.75%, 1/15/28 ⁽¹⁾		25		25

Toll Brothers Finance Corp.,

4.38%, 4/15/23		75		75

4.88%, 3/15/27		25		24

Tri Pointe Homes, Inc.,

5.25%, 6/1/27		110		104

Weekley Homes LLC/Weekley Finance Corp.,

4.88%, 9/15/28 ⁽¹⁾		50		42

				1,600

Household Products – 0.2%

Central Garden & Pet Co.,

4.13%, 10/15/30		25		22

4.13%, 4/30/31 ⁽¹⁾		124		107

Coty, Inc.,

5.00%, 4/15/26 ⁽¹⁾		25		24

Edgewell Personal Care Co.,

4.13%, 4/1/29 ⁽¹⁾		50		44



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Household Products – 0.2% continued

Energizer Holdings, Inc.,

6.50%, 12/31/27 ⁽¹⁾		$25		$24

Spectrum Brands, Inc.,

5.50%, 7/15/30 ⁽¹⁾		25		22

3.88%, 3/15/31 ⁽¹⁾		105		86

				329

Industrial Intermediate Products – 1.0%

Chart Industries, Inc.,

7.50%, 1/1/30 ⁽¹⁾		298		308

9.50%, 1/1/31 ⁽¹⁾		190		200

EnPro Industries, Inc.,

5.75%, 10/15/26		82		80

FXI Holdings, Inc.,

7.88%, 11/1/24 ⁽¹⁾		75		70

12.25%, 11/15/26 ⁽¹⁾		123		109

Gates Global LLC/Gates Corp.,

6.25%, 1/15/26 ⁽¹⁾		93		91

New Star Metals, Inc.,

8.00%, 1/9/24 ⁽²⁾		1,298		1,292

Park-Ohio Industries, Inc.,

6.63%, 4/15/27		75		58

Roller Bearing Co. of America, Inc.,

4.38%, 10/15/29 ⁽¹⁾		25		22

				2,230

Industrial Support Services – 0.8%

Alta Equipment Group, Inc.,

5.63%, 4/15/26 ⁽¹⁾		50		47

APi Group DE, Inc.,

4.13%, 7/15/29 ⁽¹⁾		110		94

4.75%, 10/15/29 ⁽¹⁾		130		114

BCPE Empire Holdings, Inc.,

7.63%, 5/1/27 ⁽¹⁾		203		186

Herc Holdings, Inc.,

5.50%, 7/15/27 ⁽¹⁾		118		114

NESCO Holdings II, Inc.,

5.50%, 4/15/29 ⁽¹⁾		138		125

PECF USS Intermediate Holding III Corp.,

8.00%, 11/15/29 ⁽¹⁾		50		33

Resideo Funding, Inc.,

4.00%, 9/1/29 ⁽¹⁾		84		70

United Rentals North America, Inc.,

4.88%, 1/15/28		25		24



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Industrial Support Services – 0.8% continued

6.00%, 12/15/29 ⁽¹⁾		$465		$471

5.25%, 1/15/30		75		72

4.00%, 7/15/30		100		90

3.88%, 2/15/31		100		88

3.75%, 1/15/32		50		43

Williams Scotsman International, Inc.,

6.13%, 6/15/25 ⁽¹⁾		19		19

4.63%, 8/15/28 ⁽¹⁾		88		80

				1,670

Institutional Financial Services – 0.1%

Coinbase Global, Inc.,

3.38%, 10/1/28 ⁽¹⁾		50		31

3.63%, 10/1/31 ⁽¹⁾		125		70

Goldman Sachs Group (The), Inc., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%), 4.95%,

2/10/25 ⁽⁵⁾⁽⁶⁾		50		46

Jane Street Group/JSG Finance, Inc.,

4.50%, 11/15/29 ⁽¹⁾		100		89

				236

Insurance – 2.6%

Acrisure LLC/Acrisure Finance, Inc.,

7.00%, 11/15/25 ⁽¹⁾		150		141

4.25%, 2/15/29 ⁽¹⁾		150		128

6.00%, 8/1/29 ⁽¹⁾		49		40

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer,

4.25%, 10/15/27 ⁽¹⁾		311		279

6.75%, 10/15/27 ⁽¹⁾		540		501

6.75%, 4/15/28 ⁽¹⁾		164		162

5.88%, 11/1/29 ⁽¹⁾		355		299

AmWINS Group, Inc.,

4.88%, 6/30/29 ⁽¹⁾		110		97

AssuredPartners, Inc.,

7.00%, 8/15/25 ⁽¹⁾		865		842

5.63%, 1/15/29 ⁽¹⁾		25		22

GTCR AP Finance, Inc.,

8.00%, 5/15/27 ⁽¹⁾		943		900

HUB International Ltd.,

7.00%, 5/1/26 ⁽¹⁾		1,955		1,921

5.63%, 12/1/29 ⁽¹⁾		25		22



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Insurance – 2.6% continued

NMI Holdings, Inc.,

7.38%, 6/1/25 ⁽¹⁾		$100		$100

Ryan Specialty Group LLC,

4.38%, 2/1/30 ⁽¹⁾		120		105

				5,559

Internet Media & Services – 1.5%

ANGI Group LLC,

3.88%, 8/15/28 ⁽¹⁾		108		82

Arches Buyer, Inc.,

4.25%, 6/1/28 ⁽¹⁾		25		21

6.13%, 12/1/28 ⁽¹⁾		620		511

Endurance International Group Holdings, Inc.,

6.00%, 2/15/29 ⁽¹⁾		25		17

Go Daddy Operating Co. LLC/GD Finance Co., Inc.,

5.25%, 12/1/27 ⁽¹⁾		75		73

3.50%, 3/1/29 ⁽¹⁾		144		125

Match Group Holdings II LLC,

5.00%, 12/15/27 ⁽¹⁾		50		47

4.63%, 6/1/28 ⁽¹⁾		50		46

5.63%, 2/15/29 ⁽¹⁾		75		71

4.13%, 8/1/30 ⁽¹⁾		50		43

Millennium Escrow Corp.,

6.63%, 8/1/26 ⁽¹⁾		25		16

Netflix, Inc.,

5.88%, 11/15/28		25		26

Uber Technologies, Inc.,

7.50%, 5/15/25 ⁽¹⁾		125		127

8.00%, 11/1/26 ⁽¹⁾		285		292

7.50%, 9/15/27 ⁽¹⁾		353		364

6.25%, 1/15/28 ⁽¹⁾		157		157

4.50%, 8/15/29 ⁽¹⁾		1,391		1,268

Ziff Davis, Inc.,

4.63%, 10/15/30 ⁽¹⁾		22		19

				3,305

Leisure Facilities & Services – 7.4%

Affinity Interactive,

6.88%, 12/15/27 ⁽¹⁾		100		89

AMC Entertainment Holdings, Inc.,

10.00%, 6/15/26 ⁽¹⁾		367		233

5.88%, 11/15/26		25		10



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Leisure Facilities & Services – 7.4% continued

Boyd Gaming Corp.,

4.75%, 6/15/31 ⁽¹⁾		$786		$714

Boyne U.S.A., Inc.,

4.75%, 5/15/29 ⁽¹⁾		121		108

Caesars Entertainment, Inc.,

6.25%, 7/1/25 ⁽¹⁾		366		366

8.13%, 7/1/27 ⁽¹⁾		262		267

4.63%, 10/15/29 ⁽¹⁾		569		498

7.00%, 2/15/30 ⁽¹⁾		532		541

Caesars Resort Collection LLC/CRC Finco, Inc.,

5.75%, 7/1/25 ⁽¹⁾		140		140

Carnival Corp.,

7.63%, 3/1/26 ⁽¹⁾		465		424

5.75%, 3/1/27 ⁽¹⁾		1,095		898

9.88%, 8/1/27 ⁽¹⁾		196		202

6.65%, 1/15/28		50		38

4.00%, 8/1/28 ⁽¹⁾		90		77

6.00%, 5/1/29 ⁽¹⁾		644		512

10.50%, 6/1/30 ⁽¹⁾		475		456

Carnival Holdings Bermuda Ltd.,

10.38%, 5/1/28 ⁽¹⁾		523		563

Carnival PLC,

7.88%, 6/1/27		125		123

Carrols Restaurant Group, Inc.,

5.88%, 7/1/29 ⁽¹⁾		25		20

CCM Merger, Inc.,

6.38%, 5/1/26 ⁽¹⁾		82		80

CDI Escrow Issuer, Inc.,

5.75%, 4/1/30 ⁽¹⁾		260		251

CEC Entertainment LLC,

6.75%, 5/1/26 ⁽¹⁾		25		24

Cedar Fair L.P.,

5.25%, 7/15/29		25		23

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp./Millennium Op,

5.50%, 5/1/25 ⁽¹⁾		99		99

6.50%, 10/1/28		125		121

Churchill Downs, Inc.,

5.50%, 4/1/27 ⁽¹⁾		295		289

4.75%, 1/15/28 ⁽¹⁾		52		49

Cinemark U.S.A., Inc.,

5.88%, 3/15/26 ⁽¹⁾		150		141



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Leisure Facilities & Services – 7.4% continued

5.25%, 7/15/28 ⁽¹⁾		$225		$195

Everi Holdings, Inc.,

5.00%, 7/15/29 ⁽¹⁾		50		45

Fertitta Entertainment LLC/Fertitta

Entertainment Finance Co., Inc.,

4.63%, 1/15/29 ⁽¹⁾		70		61

6.75%, 1/15/30 ⁽¹⁾		145		119

Full House Resorts, Inc.,

8.25%, 2/15/28 ⁽¹⁾		100		91

Golden Entertainment, Inc.,

7.63%, 4/15/26 ⁽¹⁾		125		126

GPS Hospitality Holding Co. LLC/GPS Finco, Inc.,

7.00%, 8/15/28 ⁽¹⁾		125		76

Hilton Domestic Operating Co., Inc.,

5.38%, 5/1/25 ⁽¹⁾		75		75

5.75%, 5/1/28 ⁽¹⁾		118		118

3.75%, 5/1/29 ⁽¹⁾		71		64

4.88%, 1/15/30		181		173

4.00%, 5/1/31 ⁽¹⁾		325		285

3.63%, 2/15/32 ⁽¹⁾		100		84

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow,

5.00%, 6/1/29 ⁽¹⁾		150		133

4.88%, 7/1/31 ⁽¹⁾		100		85

International Game Technology PLC,

4.13%, 4/15/26 ⁽¹⁾		200		193

IRB Holding Corp.,

7.00%, 6/15/25 ⁽¹⁾		25		25

Jacobs Entertainment, Inc.,

6.75%, 2/15/29 ⁽¹⁾		125		109

Life Time, Inc.,

5.75%, 1/15/26 ⁽¹⁾		309		300

8.00%, 4/15/26 ⁽¹⁾		275		262

Lindblad Expeditions LLC,

6.75%, 2/15/27 ⁽¹⁾		105		102

Live Nation Entertainment, Inc.,

4.88%, 11/1/24 ⁽¹⁾		65		64

5.63%, 3/15/26 ⁽¹⁾		104		101

6.50%, 5/15/27 ⁽¹⁾		454		459

4.75%, 10/15/27 ⁽¹⁾		222		205

3.75%, 1/15/28 ⁽¹⁾		25		22



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Leisure Facilities & Services – 7.4% continued

MGM Resorts International,

6.75%, 5/1/25		$25		$25

5.75%, 6/15/25		50		50

5.50%, 4/15/27		83		81

4.75%, 10/15/28		50		47

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,

4.88%, 5/1/29 ⁽¹⁾		129		112

Mohegan Tribal Gaming Authority,

7.88%, 10/15/24 ⁽¹⁾		50		49

8.00%, 2/1/26 ⁽¹⁾		100		91

NCL Corp. Ltd.,

3.63%, 12/15/24 ⁽¹⁾		25		23

5.88%, 3/15/26 ⁽¹⁾		405		345

5.88%, 2/15/27 ⁽¹⁾		25		23

8.38%, 2/1/28 ⁽¹⁾		50		50

7.75%, 2/15/29 ⁽¹⁾		25		21

NCL Finance Ltd.,

6.13%, 3/15/28 ⁽¹⁾		132		107

Penn Entertainment, Inc.,

4.13%, 7/1/29 ⁽¹⁾		125		104

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,

5.63%, 9/1/29 ⁽¹⁾		75		55

5.88%, 9/1/31 ⁽¹⁾		130		93

Raptor Acquisition Corp./Raptor Co-Issuer LLC,

4.88%, 11/1/26 ⁽¹⁾		102		95

Royal Caribbean Cruises Ltd.,

4.25%, 7/1/26 ⁽¹⁾		155		139

5.50%, 8/31/26 ⁽¹⁾		87		81

5.38%, 7/15/27 ⁽¹⁾		150		134

11.63%, 8/15/27 ⁽¹⁾		136		146

7.50%, 10/15/27		50		47

3.70%, 3/15/28		75		61

5.50%, 4/1/28 ⁽¹⁾		362		320

8.25%, 1/15/29 ⁽¹⁾		126		132

9.25%, 1/15/29 ⁽¹⁾		224		238

7.25%, 1/15/30 ⁽¹⁾		25		25

Scientific Games Holdings L.P./Scientific Games U.S. FinCo, Inc.,

6.63%, 3/1/30 ⁽¹⁾		150		133



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Leisure Facilities & Services – 7.4% continued

Scientific Games International, Inc.,

8.63%, 7/1/25 ⁽¹⁾		$25		$26

7.00%, 5/15/28 ⁽¹⁾		231		229

SeaWorld Parks & Entertainment, Inc.,

5.25%, 8/15/29 ⁽¹⁾		175		158

Six Flags Entertainment Corp.,

5.50%, 4/15/27 ⁽¹⁾		25		24

Six Flags Theme Parks, Inc.,

7.00%, 7/1/25 ⁽¹⁾		124		125

Sizzling Platter LLC/Sizzling Platter Finance Corp.,

8.50%, 11/28/25 ⁽¹⁾		75		67

Station Casinos LLC,

4.50%, 2/15/28 ⁽¹⁾		25		23

4.63%, 12/1/31 ⁽¹⁾		123		104

Travel + Leisure Co.,

6.63%, 7/31/26 ⁽¹⁾		75		75

4.63%, 3/1/30 ⁽¹⁾		50		43

Viking Cruises Ltd.,

6.25%, 5/15/25 ⁽¹⁾		150		141

5.88%, 9/15/27 ⁽¹⁾		150		129

7.00%, 2/15/29 ⁽¹⁾		50		43

Viking Ocean Cruises Ship VII Ltd.,

5.63%, 2/15/29 ⁽¹⁾		48		41

VOC Escrow Ltd.,

5.00%, 2/15/28 ⁽¹⁾		100		89

Wyndham Hotels & Resorts, Inc.,

4.38%, 8/15/28 ⁽¹⁾		54		50

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,

5.50%, 3/1/25 ⁽¹⁾		175		172

5.25%, 5/15/27 ⁽¹⁾		50		47

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,

5.13%, 10/1/29 ⁽¹⁾		277		252

7.13%, 2/15/31 ⁽¹⁾		35		36

Yum! Brands, Inc.,

4.75%, 1/15/30 ⁽¹⁾		25		24

4.63%, 1/31/32		50		47

5.38%, 4/1/32		100		97

				15,797

Leisure Products – 0.2%

MajorDrive Holdings IV LLC,

6.38%, 6/1/29 ⁽¹⁾		75		55



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Leisure Products – 0.2% continued

Mattel, Inc.,

3.38%, 4/1/26 ⁽¹⁾		$25		$24

5.88%, 12/15/27 ⁽¹⁾		25		25

5.45%, 11/1/41		190		160

Thor Industries, Inc.,

4.00%, 10/15/29 ⁽¹⁾		75		62

Winnebago Industries, Inc.,

6.25%, 7/15/28 ⁽¹⁾		75		72

				398

Machinery – 0.7%

Amsted Industries, Inc.,

5.63%, 7/1/27 ⁽¹⁾		83		81

GrafTech Finance, Inc.,

4.63%, 12/15/28 ⁽¹⁾		98		82

Madison IAQ LLC,

5.88%, 6/30/29 ⁽¹⁾		745		575

Manitowoc (The) Co., Inc.,

9.00%, 4/1/26 ⁽¹⁾		25		25

Regal Rexnord Corp.,

6.05%, 2/15/26 ⁽¹⁾		125		126

6.05%, 4/15/28 ⁽¹⁾		272		272

6.30%, 2/15/30 ⁽¹⁾		25		25

6.40%, 4/15/33 ⁽¹⁾		77		77

Terex Corp.,

5.00%, 5/15/29 ⁽¹⁾		170		158

Werner FinCo L.P./Werner FinCo, Inc.,

8.75%, 7/15/25 ⁽¹⁾		75		61

				1,482

Medical Equipment & Devices – 0.7%

Avantor Funding, Inc.,

4.63%, 7/15/28 ⁽¹⁾		139		132

3.88%, 11/1/29 ⁽¹⁾		386		346

Garden Spinco Corp.,

8.63%, 7/20/30 ⁽¹⁾		75		80

Medline Borrower L.P.,

3.88%, 4/1/29 ⁽¹⁾		390		338

5.25%, 10/1/29 ⁽¹⁾		559		485

Teleflex, Inc.,

4.25%, 6/1/28 ⁽¹⁾		200		190

				1,571



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Metals & Mining – 1.9%

Alcoa Nederland Holding B.V.,

6.13%, 5/15/28 ⁽¹⁾		$200		$200

Arconic Corp.,

6.00%, 5/15/25 ⁽¹⁾		120		120

6.13%, 2/15/28 ⁽¹⁾		110		108

Century Aluminum Co.,

7.50%, 4/1/28 ⁽¹⁾		1,940		1,843

Coeur Mining, Inc.,

5.13%, 2/15/29 ⁽¹⁾		25		21

Compass Minerals International, Inc.,

6.75%, 12/1/27 ⁽¹⁾		25		24

Constellium S.E.,

5.88%, 2/15/26 ⁽¹⁾		250		250

3.75%, 4/15/29 ⁽¹⁾		500		433

Freeport-McMoRan, Inc.,

4.13%, 3/1/28		50		47

4.38%, 8/1/28		75		71

Kaiser Aluminum Corp.,

4.63%, 3/1/28 ⁽¹⁾		75		67

4.50%, 6/1/31 ⁽¹⁾		174		143

Murray Energy Corp.,

12.00%, 4/15/24 ⁽¹⁾^{(2) (8) (10)}		486		—

Northwest Acquisitions ULC/Dominion Finco, Inc.,

7.13%, 11/1/22 ⁽¹⁾^{(8) (10) (11)}		1,905		—

Novelis Corp.,

3.25%, 11/15/26 ⁽¹⁾		252		230

4.75%, 1/30/30 ⁽¹⁾		343		315

3.88%, 8/15/31 ⁽¹⁾		150		127

				3,999

Oil & Gas Producers – 7.9%

Aethon United BR L.P./Aethon United Finance Corp.,

8.25%, 2/15/26 ⁽¹⁾		282		277

Antero Midstream Partners L.P./Antero Midstream Finance Corp.,

7.88%, 5/15/26 ⁽¹⁾		185		188

5.75%, 3/1/27 ⁽¹⁾		197		192

Antero Resources Corp.,

5.38%, 3/1/30 ⁽¹⁾		75		70

Apache Corp.,

4.25%, 1/15/30		50		46

5.10%, 9/1/40		125		106

4.25%, 1/15/44		25		18



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Oil & Gas Producers – 7.9% continued

5.35%, 7/1/49		$201		$155

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,

7.00%, 11/1/26 ⁽¹⁾		115		111

9.00%, 11/1/27 ⁽¹⁾		108		131

8.25%, 12/31/28 ⁽¹⁾		390		377

5.88%, 6/30/29 ⁽¹⁾		245		216

Blue Racer Midstream LLC/Blue Racer Finance Corp.,

7.63%, 12/15/25 ⁽¹⁾		25		25

Buckeye Partners L.P.,

5.60%, 10/15/44		85		60

Callon Petroleum Co.,

8.25%, 7/15/25		16		16

6.38%, 7/1/26		11		10

8.00%, 8/1/28 ⁽¹⁾		296		293

7.50%, 6/15/30 ⁽¹⁾		200		188

Cheniere Energy Partners L.P.,

4.00%, 3/1/31		443		394

3.25%, 1/31/32		83		69

Chesapeake Energy Corp.,

5.50%, 2/1/26 ⁽¹⁾		50		49

6.75%, 4/15/29 ⁽¹⁾		227		225

Chord Energy Corp.,

6.38%, 6/1/26 ⁽¹⁾		25		25

Citgo Holding, Inc.,

9.25%, 8/1/24 ⁽¹⁾		250		250

CITGO Petroleum Corp.,

7.00%, 6/15/25 ⁽¹⁾		75		74

6.38%, 6/15/26 ⁽¹⁾		197		192

Civitas Resources, Inc.,

5.00%, 10/15/26 ⁽¹⁾		75		71

CNX Midstream Partners L.P.,

4.75%, 4/15/30 ⁽¹⁾		77		66

CNX Resources Corp.,

7.25%, 3/14/27 ⁽¹⁾		55		55

6.00%, 1/15/29 ⁽¹⁾		50		47

7.38%, 1/15/31 ⁽¹⁾		133		131

Comstock Resources, Inc.,

6.75%, 3/1/29 ⁽¹⁾		210		192

5.88%, 1/15/30 ⁽¹⁾		330		284

CQP Holdco L.P./BIP-V Chinook Holdco LLC,

5.50%, 6/15/31 ⁽¹⁾		515		463



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Oil & Gas Producers – 7.9% continued

Crescent Energy Finance LLC,

7.25%, 5/1/26 ⁽¹⁾		$154		$145

9.25%, 2/15/28 ⁽¹⁾		70		67

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.,

5.75%, 4/1/25		15		15

5.63%, 5/1/27 ⁽¹⁾		65		63

6.00%, 2/1/29 ⁽¹⁾		175		167

8.00%, 4/1/29 ⁽¹⁾		10		10

7.38%, 2/1/31 ⁽¹⁾		101		101

CrownRock L.P./CrownRock Finance, Inc.,

5.63%, 10/15/25 ⁽¹⁾		216		212

5.00%, 5/1/29 ⁽¹⁾		96		89

DCP Midstream Operating L.P.,

6.75%, 9/15/37 ⁽¹⁾		75		81

Delek Logistics Partners L.P./Delek Logistics Finance Corp.,

6.75%, 5/15/25		25		24

7.13%, 6/1/28 ⁽¹⁾		50		46

Diamondback Energy, Inc.,

6.25%, 3/15/33		93		98

4.25%, 3/15/52		55		43

DT Midstream, Inc.,

4.13%, 6/15/29 ⁽¹⁾		113		99

Earthstone Energy Holdings LLC,

8.00%, 4/15/27 ⁽¹⁾		82		80

Energy Transfer L.P.,

(Variable, ICE LIBOR USD 3M + 4.03%), 8.89%, 4/19/23 ⁽⁶⁾⁽⁷⁾		25		22

5.00%, 5/15/50		145		124

EnLink Midstream LLC,

5.63%, 1/15/28 ⁽¹⁾		25		25

5.38%, 6/1/29		93		90

6.50%, 9/1/30 ⁽¹⁾		259		262

EnLink Midstream Partners L.P.,

4.85%, 7/15/26		75		72

5.60%, 4/1/44		105		86

5.05%, 4/1/45		25		19

5.45%, 6/1/47		134		107

EQM Midstream Partners L.P.,

4.00%, 8/1/24		25		24

6.00%, 7/1/25 ⁽¹⁾		139		137



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Oil & Gas Producers – 7.9% continued

4.13%, 12/1/26		$115		$104

7.50%, 6/1/27 ⁽¹⁾		75		75

6.50%, 7/1/27 ⁽¹⁾		102		99

5.50%, 7/15/28		75		68

4.50%, 1/15/29 ⁽¹⁾		75		64

7.50%, 6/1/30 ⁽¹⁾		25		24

4.75%, 1/15/31 ⁽¹⁾		50		41

EQT Corp.,

6.13%, 2/1/25		25		25

3.13%, 5/15/26 ⁽¹⁾		25		23

3.90%, 10/1/27		50		47

7.00%, 2/1/30		25		26

Genesis Energy L.P./Genesis Energy Finance Corp.,

6.50%, 10/1/25		100		97

8.00%, 1/15/27		25		25

7.75%, 2/1/28		77		75

8.88%, 4/15/30		99		100

Gulfport Energy Corp.,

8.00%, 5/17/26 ⁽¹⁾		69		68

Harvest Midstream I L.P.,

7.50%, 9/1/28 ⁽¹⁾		125		125

Hess Midstream Operations L.P.,

5.13%, 6/15/28 ⁽¹⁾		100		95

4.25%, 2/15/30 ⁽¹⁾		95		85

5.50%, 10/15/30 ⁽¹⁾		75		70

Hilcorp Energy I L.P./Hilcorp Finance Co.,

6.25%, 11/1/28 ⁽¹⁾		70		66

5.75%, 2/1/29 ⁽¹⁾		82		75

6.00%, 4/15/30 ⁽¹⁾		50		46

6.00%, 2/1/31 ⁽¹⁾		191		176

Holly Energy Partners L.P./Holly Energy Finance Corp.,

6.38%, 4/15/27 ⁽¹⁾		75		74

5.00%, 2/1/28 ⁽¹⁾		25		23

Howard Midstream Energy Partners LLC,

6.75%, 1/15/27 ⁽¹⁾		75		71

ITT Holdings LLC,

6.50%, 8/1/29 ⁽¹⁾		192		162

Kinetik Holdings L.P.,

5.88%, 6/15/30 ⁽¹⁾		195		188



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Oil & Gas Producers – 7.9% continued

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.,

6.00%, 8/1/26 ⁽¹⁾		$75		$73

Martin Midstream Partners L.P./Martin Midstream Finance Corp.,

11.50%, 2/15/28 ⁽¹⁾		75		72

Matador Resources Co.,

5.88%, 9/15/26		131		129

Moss Creek Resources Holdings, Inc.,

7.50%, 1/15/26 ⁽¹⁾		50		46

MPLX L.P.,

4.95%, 3/14/52		103		90

Murphy Oil Corp.,

5.88%, 12/1/27		41		40

6.38%, 7/15/28		50		49

7.05%, 5/1/29		25		25

Murphy Oil U.S.A., Inc.,

4.75%, 9/15/29		50		46

New Fortress Energy, Inc.,

6.75%, 9/15/25 ⁽¹⁾		145		140

6.50%, 9/30/26 ⁽¹⁾		465		428

NGL Energy Operating LLC/NGL Energy Finance Corp.,

7.50%, 2/1/26 ⁽¹⁾		302		291

Northern Oil and Gas, Inc.,

8.13%, 3/1/28 ⁽¹⁾		427		424

NuStar Logistics L.P.,

5.75%, 10/1/25		135		131

6.00%, 6/1/26		25		25

6.38%, 10/1/30		25		24

Occidental Petroleum Corp.,

5.88%, 9/1/25		25		25

5.50%, 12/1/25		125		125

8.50%, 7/15/27		50		55

8.88%, 7/15/30		81		94

6.63%, 9/1/30		241		254

6.13%, 1/1/31		7		7

7.50%, 5/1/31		315		347

7.88%, 9/15/31		150		168

6.45%, 9/15/36		147		155

6.20%, 3/15/40		294		296

4.63%, 6/15/45		5		4

6.60%, 3/15/46		142		149



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Oil & Gas Producers – 7.9% continued

4.40%, 4/15/46		$19		$15

4.20%, 3/15/48		6		5

Ovintiv, Inc.,

8.13%, 9/15/30		25		28

PBF Holding Co. LLC/PBF Finance Corp.,

7.25%, 6/15/25		50		50

6.00%, 2/15/28		125		120

PDC Energy, Inc.,

5.75%, 5/15/26		60		58

Permian Resources Operating LLC,

5.38%, 1/15/26 ⁽¹⁾		100		95

7.75%, 2/15/26 ⁽¹⁾		38		38

6.88%, 4/1/27 ⁽¹⁾		93		91

5.88%, 7/1/29 ⁽¹⁾		236		223

Plains All American Pipeline L.P., (Variable, ICE LIBOR USD 3M + 4.11%), 8.97%, 5/5/23 ⁽⁶⁾⁽⁷⁾		175		155

Plains All American Pipeline L.P./PAA Finance Corp.,

5.15%, 6/1/42		96		81

Range Resources Corp.,

8.25%, 1/15/29		75		79

Rockcliff Energy II LLC,

5.50%, 10/15/29 ⁽¹⁾		100		89

Rockies Express Pipeline LLC,

3.60%, 5/15/25 ⁽¹⁾		25		23

4.95%, 7/15/29 ⁽¹⁾		25		22

4.80%, 5/15/30 ⁽¹⁾		25		22

6.88%, 4/15/40 ⁽¹⁾		50		42

SM Energy Co.,

5.63%, 6/1/25		89		86

6.50%, 7/15/28		89		85

Southwestern Energy Co.,

5.70%, 1/23/25		14		14

5.38%, 2/1/29		115		108

5.38%, 3/15/30		50		47

4.75%, 2/1/32		50		44

Sunoco L.P./Sunoco Finance Corp.,

6.00%, 4/15/27		75		74

4.50%, 4/30/30		100		90

Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,

7.50%, 10/1/25 ⁽¹⁾		28		28



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Oil & Gas Producers – 7.9% continued

6.00%, 3/1/27 ⁽¹⁾		$5		$5

6.00%, 12/31/30 ⁽¹⁾		135		121

6.00%, 9/1/31 ⁽¹⁾		50		44

Talos Production, Inc.,

12.00%, 1/15/26		25		27

Tap Rock Resources LLC,

7.00%, 10/1/26 ⁽¹⁾		338		296

Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,

4.00%, 1/15/32		81		71

Venture Global Calcasieu Pass LLC,

3.88%, 8/15/29 ⁽¹⁾		25		23

4.13%, 8/15/31 ⁽¹⁾		176		155

3.88%, 11/1/33 ⁽¹⁾		622		522

Western Midstream Operating L.P.,

4.50%, 3/1/28		50		47

4.75%, 8/15/28		25		24

6.15%, 4/1/33		20		20

5.45%, 4/1/44		143		125

5.30%, 3/1/48		100		85

5.50%, 8/15/48		25		22

5.50%, 2/1/50		301		255

				16,957

Oil & Gas Services & Equipment – 1.5%

Archrock Partners L.P./Archrock Partners Finance Corp.,

6.88%, 4/1/27 ⁽¹⁾		54		53

6.25%, 4/1/28 ⁽¹⁾		419		402

Bristow Group, Inc.,

6.88%, 3/1/28 ⁽¹⁾		75		70

Global Marine, Inc.,

7.00%, 6/1/28		50		39

Nabors Industries Ltd.,

7.25%, 1/15/26 ⁽¹⁾		95		91

7.50%, 1/15/28 ⁽¹⁾		62		57

Nabors Industries, Inc.,

5.75%, 2/1/25		328		318

7.38%, 5/15/27 ⁽¹⁾		272		266

Nine Energy Service, Inc.,

13.00%, 2/1/28		50		47

Noble Finance Co.,

11.00%, (100% Cash), 2/15/28 ⁽¹⁾⁽³⁾		1		2

11.00%, (100% Cash), 2/15/28 ⁽³⁾		10		11



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Oil & Gas Services & Equipment – 1.5% continued

Solaris Midstream Holdings LLC,

7.63%, 4/1/26 ⁽¹⁾		$75		$72

Transocean Titan Financing Ltd.,

8.38%, 2/1/28 ⁽¹⁾		75		77

Transocean, Inc.,

7.25%, 11/1/25 ⁽¹⁾		100		95

7.50%, 1/15/26		161		146

11.50%, 1/30/27 ⁽¹⁾		127		131

8.00%, 2/1/27 ⁽¹⁾		75		67

8.75%, 2/15/30 ⁽¹⁾		381		389

7.50%, 4/15/31		75		57

6.80%, 3/15/38		25		17

U.S.A. Compression Partners L.P./U.S.A. Compression Finance Corp.,

6.88%, 4/1/26		244		237

6.88%, 9/1/27		82		78

Valaris Ltd.,

8.25%, (100% Cash), 4/30/28 ⁽³⁾		25		25

Weatherford International Ltd.,

11.00%, 12/1/24 ⁽¹⁰⁾		4		4

6.50%, 9/15/28 ⁽¹⁾		53		53

8.63%, 4/30/30 ⁽¹⁾		329		337

				3,141

Publishing & Broadcasting – 1.6%

Audacy Capital Corp.,

6.75%, 3/31/29 ⁽¹⁾		25		2

Clear Channel Outdoor Holdings, Inc.,

5.13%, 8/15/27 ⁽¹⁾		538		483

7.75%, 4/15/28 ⁽¹⁾		909		682

7.50%, 6/1/29 ⁽¹⁾		790		561

Gray Escrow II, Inc.,

5.38%, 11/15/31 ⁽¹⁾		150		100

Gray Television, Inc.,

5.88%, 7/15/26 ⁽¹⁾		25		22

4.75%, 10/15/30 ⁽¹⁾		150		99

iHeartCommunications, Inc.,

6.38%, 5/1/26		27		23

8.38%, 5/1/27		75		55

5.25%, 8/15/27 ⁽¹⁾		100		82

Lamar Media Corp.,

4.00%, 2/15/30		75		66



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Publishing & Broadcasting – 1.6% continued

McGraw-Hill Education, Inc.,

8.00%, 8/1/29 ⁽¹⁾		$50		$41

News Corp.,

3.88%, 5/15/29 ⁽¹⁾		125		111

5.13%, 2/15/32 ⁽¹⁾		125		117

Nexstar Media, Inc.,

5.63%, 7/15/27 ⁽¹⁾		100		92

4.75%, 11/1/28 ⁽¹⁾		75		67

Scripps Escrow II, Inc.,

5.38%, 1/15/31 ⁽¹⁾		705		485

Scripps Escrow, Inc.,

5.88%, 7/15/27 ⁽¹⁾		25		18

Sinclair Television Group, Inc.,

5.13%, 2/15/27 ⁽¹⁾		50		44

5.50%, 3/1/30 ⁽¹⁾		25		20

4.13%, 12/1/30 ⁽¹⁾		270		218

				3,388

Real Estate Investment Trusts – 1.9%

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL,

4.50%, 4/1/27 ⁽¹⁾		47		38

Diversified Healthcare Trust,

9.75%, 6/15/25		88		85

GLP Capital L.P./GLP Financing II, Inc.,

3.25%, 1/15/32		95		77

HAT Holdings I LLC/HAT Holdings II LLC,

3.38%, 6/15/26 ⁽¹⁾		149		129

3.75%, 9/15/30 ⁽¹⁾		25		19

Iron Mountain Information Management Services, Inc.,

5.00%, 7/15/32 ⁽¹⁾		200		172

Iron Mountain, Inc.,

5.25%, 3/15/28 ⁽¹⁾		50		48

5.00%, 7/15/28 ⁽¹⁾		25		23

4.88%, 9/15/29 ⁽¹⁾		50		45

5.25%, 7/15/30 ⁽¹⁾		182		164

4.50%, 2/15/31 ⁽¹⁾		100		86

5.63%, 7/15/32 ⁽¹⁾		57		52

MPT Operating Partnership L.P./MPT Finance Corp.,

5.25%, 8/1/26		108		97

5.00%, 10/15/27		150		123



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Real Estate Investment Trusts – 1.9% continued

4.63%, 8/1/29		$245		$181

3.50%, 3/15/31		100		67

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

7.50%, 6/1/25 ⁽¹⁾		75		75

5.88%, 10/1/28 ⁽¹⁾		75		69

4.88%, 5/15/29 ⁽¹⁾		75		65

RHP Hotel Properties L.P./RHP Finance Corp.,

4.75%, 10/15/27		243		228

4.50%, 2/15/29 ⁽¹⁾		93		84

RLJ Lodging Trust L.P.,

3.75%, 7/1/26 ⁽¹⁾		75		69

4.00%, 9/15/29 ⁽¹⁾		266		222

SBA Communications Corp.,

3.88%, 2/15/27		164		155

3.13%, 2/1/29		159		138

Service Properties Trust,

4.35%, 10/1/24		25		24

5.25%, 2/15/26		50		44

4.75%, 10/1/26		100		83

4.95%, 10/1/29		200		151

Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC,

6.00%, 1/15/30 ⁽¹⁾		25		15

Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC,

10.50%, 2/15/28 ⁽¹⁾		307		298

4.75%, 4/15/28 ⁽¹⁾		50		39

6.50%, 2/15/29 ⁽¹⁾		25		15

VICI Properties L.P.,

5.63%, 5/15/52		89		80

VICI Properties L.P./VICI Note Co., Inc.,

5.63%, 5/1/24 ⁽¹⁾		25		25

4.25%, 12/1/26 ⁽¹⁾		93		87

5.75%, 2/1/27 ⁽¹⁾		50		49

3.75%, 2/15/27 ⁽¹⁾		75		69

4.50%, 1/15/28 ⁽¹⁾		50		46

4.63%, 12/1/29 ⁽¹⁾		338		308

4.13%, 8/15/30 ⁽¹⁾		165		146



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Real Estate Investment Trusts – 1.9% continued

XHR L.P.,

6.38%, 8/15/25 ⁽¹⁾		$50		$49

4.88%, 6/1/29 ⁽¹⁾		50		42

				4,081

Real Estate Owners & Developers – 0.2%

Greystar Real Estate Partners LLC,

5.75%, 12/1/25 ⁽¹⁾		50		49

Howard Hughes (The) Corp.,

5.38%, 8/1/28 ⁽¹⁾		150		137

4.13%, 2/1/29 ⁽¹⁾		50		42

4.38%, 2/1/31 ⁽¹⁾		100		80

Kennedy-Wilson, Inc.,

4.75%, 2/1/30		25		18

				326

Real Estate Services – 0.2%

Cushman & Wakefield U.S. Borrower LLC,

6.75%, 5/15/28 ⁽¹⁾		109		98

Realogy Group LLC/Realogy Co-Issuer Corp.,

5.75%, 1/15/29 ⁽¹⁾		129		96

5.25%, 4/15/30 ⁽¹⁾		217		158

				352

Retail - Consumer Staples – 0.4%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,

3.25%, 3/15/26 ⁽¹⁾		87		82

7.50%, 3/15/26 ⁽¹⁾		25		26

4.63%, 1/15/27 ⁽¹⁾		104		100

5.88%, 2/15/28 ⁽¹⁾		35		35

6.50%, 2/15/28 ⁽¹⁾		140		140

3.50%, 3/15/29 ⁽¹⁾		108		94

4.88%, 2/15/30 ⁽¹⁾		115		107

Arko Corp.,

5.13%, 11/15/29 ⁽¹⁾		25		21

Ingles Markets, Inc.,

4.00%, 6/15/31 ⁽¹⁾		100		87

Rite Aid Corp.,

8.00%, 11/15/26 ⁽¹⁾		75		36

SEG Holding LLC/SEG Finance Corp.,

5.63%, 10/15/28 ⁽¹⁾		100		95

				823



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Retail – Discretionary – 3.2%

Abercrombie & Fitch Management Co.,

8.75%, 7/15/25 ⁽¹⁾		$25		$25

American Builders & Contractors Supply Co., Inc.,

4.00%, 1/15/28 ⁽¹⁾		25		23

3.88%, 11/15/29 ⁽¹⁾		96		82

Asbury Automotive Group, Inc.,

4.63%, 11/15/29 ⁽¹⁾		25		22

4.75%, 3/1/30		25		22

5.00%, 2/15/32 ⁽¹⁾		35		31

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,

5.75%, 7/15/27 ⁽¹⁾		50		48

4.75%, 4/1/28 ⁽¹⁾		100		91

5.38%, 3/1/29 ⁽¹⁾		50		46

Bath & Body Works, Inc.,

9.38%, 7/1/25 ⁽¹⁾		15		16

6.63%, 10/1/30 ⁽¹⁾		150		146

6.88%, 11/1/35		25		23

6.75%, 7/1/36		100		89

BCPE Ulysses Intermediate, Inc.,

7.75%, (100% Cash), 4/1/27 ⁽¹⁾⁽³⁾		25		20

Beacon Roofing Supply, Inc.,

4.50%, 11/15/26 ⁽¹⁾		25		24

4.13%, 5/15/29 ⁽¹⁾		25		22

Builders FirstSource, Inc.,

5.00%, 3/1/30 ⁽¹⁾		75		69

4.25%, 2/1/32 ⁽¹⁾		225		196

6.38%, 6/15/32 ⁽¹⁾		100		100

Evergreen Acqco 1 L.P./TVI, Inc.,

9.75%, 4/26/28 ⁽¹⁾		25		24

Foundation Building Materials, Inc.,

6.00%, 3/1/29 ⁽¹⁾		25		20

Gap (The), Inc.,

3.63%, 10/1/29 ⁽¹⁾		25		18

3.88%, 10/1/31 ⁽¹⁾		50		35

GYP Holdings III Corp.,

4.63%, 5/1/29 ⁽¹⁾		108		92

Hertz (The) Corp.,

5.00%, 12/1/29 ⁽¹⁾		269		223

Ken Garff Automotive LLC,

4.88%, 9/15/28 ⁽¹⁾		25		21

Kohl’s Corp.,

3.63%, 5/1/31		25		17



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Retail - Discretionary – 3.2% continued

5.55%, 7/17/45		$25		$15

LBM Acquisition LLC,

6.25%, 1/15/29 ⁽¹⁾		50		38

LCM Investments Holdings II LLC,

4.88%, 5/1/29 ⁽¹⁾		204		171

Lithia Motors, Inc.,

4.63%, 12/15/27 ⁽¹⁾		125		116

3.88%, 6/1/29 ⁽¹⁾		98		85

LSF9 Atlantis Holdings LLC/Victra Finance Corp.,

7.75%, 2/15/26 ⁽¹⁾		150		136

Macy’s Retail Holdings LLC,

5.88%, 4/1/29 ⁽¹⁾		50		46

6.13%, 3/15/32 ⁽¹⁾		25		22

4.50%, 12/15/34		50		36

5.13%, 1/15/42		150		100

Metis Merger Sub LLC,

6.50%, 5/15/29 ⁽¹⁾		150		125

Michaels (The) Cos., Inc.,

7.88%, 5/1/29 ⁽¹⁾		25		18

NMG Holding Co., Inc./Neiman Marcus Group LLC,

7.13%, 4/1/26 ⁽¹⁾		58		55

Nordstrom, Inc.,

4.38%, 4/1/30		25		19

Patrick Industries, Inc.,

7.50%, 10/15/27 ⁽¹⁾		50		49

4.75%, 5/1/29 ⁽¹⁾		75		65

PetSmart, Inc./PetSmart Finance Corp.,

4.75%, 2/15/28 ⁽¹⁾		250		235

7.75%, 2/15/29 ⁽¹⁾		250		245

QVC, Inc.,

4.45%, 2/15/25		50		30

4.75%, 2/15/27		50		21

Sonic Automotive, Inc.,

4.63%, 11/15/29 ⁽¹⁾		25		21

4.88%, 11/15/31 ⁽¹⁾		75		60

Specialty Building Products Holdings LLC/SBP Finance Corp.,

6.38%, 9/30/26 ⁽¹⁾		530		487

SRS Distribution, Inc.,

4.63%, 7/1/28 ⁽¹⁾		683		607

6.13%, 7/1/29 ⁽¹⁾		190		160

6.00%, 12/1/29 ⁽¹⁾		1,146		946



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Retail - Discretionary – 3.2% continued

Staples, Inc.,

7.50%, 4/15/26 ⁽¹⁾		$246		$216

10.75%, 4/15/27 ⁽¹⁾		50		36

Victoria’s Secret & Co.,

4.63%, 7/15/29 ⁽¹⁾		50		41

White Cap Buyer LLC,

6.88%, 10/15/28 ⁽¹⁾		1,217		1,056

White Cap Parent LLC,

8.25%, 3/15/26 ⁽¹⁾⁽³⁾		172		156

				6,958

Semiconductors – 0.5%

Amkor Technology, Inc.,

6.63%, 9/15/27 ⁽¹⁾		25		25

Broadcom, Inc.,

4.30%, 11/15/32		89		82

3.42%, 4/15/33 ⁽¹⁾		98		82

3.14%, 11/15/35 ⁽¹⁾		54		42

Coherent Corp.,

5.00%, 12/15/29 ⁽¹⁾		121		110

Entegris Escrow Corp.,

4.75%, 4/15/29 ⁽¹⁾		445		421

5.95%, 6/15/30 ⁽¹⁾		85		82

Synaptics, Inc.,

4.00%, 6/15/29 ⁽¹⁾		135		116

				960

Software – 2.5%

Alteryx, Inc.,

8.75%, 3/15/28 ⁽¹⁾		56		56

AthenaHealth Group, Inc.,

6.50%, 2/15/30 ⁽¹⁾		577		468

Black Knight InfoServ LLC,

3.63%, 9/1/28 ⁽¹⁾		90		82

Boxer Parent Co., Inc.,

7.13%, 10/2/25 ⁽¹⁾		101		100

9.13%, 3/1/26 ⁽¹⁾		227		220

Camelot Finance S.A.,

4.50%, 11/1/26 ⁽¹⁾		152		144

Castle U.S. Holding Corp.,

9.50%, 2/15/28 ⁽¹⁾		50		20

Central Parent, Inc./CDK Global, Inc.,

7.25%, 6/15/29 ⁽¹⁾		165		162

Clarivate Science Holdings Corp.,

3.88%, 7/1/28 ⁽¹⁾		264		236



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Software – 2.5% continued

4.88%, 7/1/29 ⁽¹⁾		$169		$153

Cloud Software Group Holdings, Inc.,

6.50%, 3/31/29 ⁽¹⁾		956		846

Condor Merger Sub, Inc.,

7.38%, 2/15/30 ⁽¹⁾		311		261

Consensus Cloud Solutions, Inc.,

6.00%, 10/15/26 ⁽¹⁾		51		44

6.50%, 10/15/28 ⁽¹⁾		78		65

CWT Travel Group, Inc.,

8.50%, 11/19/26 ⁽¹⁰⁾		641		500

Elastic N.V.,

4.13%, 7/15/29 ⁽¹⁾		122		104

Gen Digital, Inc.,

6.75%, 9/30/27 ⁽¹⁾		50		50

7.13%, 9/30/30 ⁽¹⁾		75		75

GoTo Group, Inc.,

5.50%, 9/1/27 ⁽¹⁾		150		77

MicroStrategy, Inc.,

6.13%, 6/15/28 ⁽¹⁾		95		84

Oracle Corp.,

6.25%, 11/9/32		130		140

6.90%, 11/9/52		182		204

SS&C Technologies, Inc.,

5.50%, 9/30/27 ⁽¹⁾		355		344

Twilio, Inc.,

3.63%, 3/15/29		22		19

3.88%, 3/15/31		876		743

Veritas U.S., Inc./Veritas Bermuda Ltd.,

7.50%, 9/1/25 ⁽¹⁾		123		93

ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,

3.88%, 2/1/29 ⁽¹⁾		193		167

				5,457

Specialty Finance – 2.0%

Ally Financial, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.87%), 4.70%, 5/15/26 ⁽⁵⁾⁽⁶⁾		25		18

6.70%, 2/14/33		25		22

Blackstone Mortgage Trust, Inc.,

3.75%, 1/15/27 ⁽¹⁾		75		59

Carnelian Point Holdings LP,

5.00%, 6/30/28 ⁽¹⁾⁽¹⁰⁾		5		53



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Specialty Finance – 2.0% continued

Curo Group Holdings Corp.,

7.50%, 8/1/28 ⁽¹⁾		$25		$10

Enact Holdings, Inc.,

6.50%, 8/15/25 ⁽¹⁾		219		214

FirstCash, Inc.,

4.63%, 9/1/28 ⁽¹⁾		50		44

5.63%, 1/1/30 ⁽¹⁾		25		23

Fortress Transportation and Infrastructure Investors LLC,

6.50%, 10/1/25 ⁽¹⁾		204		204

9.75%, 8/1/27 ⁽¹⁾		68		72

5.50%, 5/1/28 ⁽¹⁾		185		169

Freedom Mortgage Corp.,

7.63%, 5/1/26 ⁽¹⁾		75		60

6.63%, 1/15/27 ⁽¹⁾		100		77

Jefferies Finance LLC/JFIN Co-Issuer Corp.,

5.00%, 8/15/28 ⁽¹⁾		200		169

Jefferson Capital Holdings LLC,

6.00%, 8/15/26 ⁽¹⁾		50		42

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

5.25%, 10/1/25		10		9

4.25%, 2/1/27 ⁽¹⁾		72		57

4.75%, 6/15/29 ⁽¹⁾		25		18

MGIC Investment Corp.,

5.25%, 8/15/28		175		166

Midcap Financial Issuer Trust,

6.50%, 5/1/28 ⁽¹⁾		200		170

Nationstar Mortgage Holdings, Inc.,

6.00%, 1/15/27 ⁽¹⁾		25		23

5.50%, 8/15/28 ⁽¹⁾		75		64

5.13%, 12/15/30 ⁽¹⁾		25		19

5.75%, 11/15/31 ⁽¹⁾		85		66

Navient Corp.,

6.13%, 3/25/24		150		148

5.88%, 10/25/24		25		24

6.75%, 6/25/25		200		194

6.75%, 6/15/26		75		73

5.00%, 3/15/27		50		44

5.50%, 3/15/29		218		184

5.63%, 8/1/33		25		19



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Specialty Finance – 2.0% continued

OneMain Finance Corp.,

6.13%, 3/15/24		$61		$59

6.88%, 3/15/25		155		150

7.13%, 3/15/26		224		215

3.50%, 1/15/27		117		98

6.63%, 1/15/28		75		69

5.38%, 11/15/29		145		122

4.00%, 9/15/30		25		19

PennyMac Financial Services, Inc.,

4.25%, 2/15/29 ⁽¹⁾		50		40

5.75%, 9/15/31 ⁽¹⁾		100		79

PRA Group, Inc.,

8.38%, 2/1/28 ⁽¹⁾		50		50

Provident Funding Associates L.P./PFG Finance Corp.,

6.38%, 6/15/25 ⁽¹⁾		50		44

Radian Group, Inc.,

4.50%, 10/1/24		75		72

4.88%, 3/15/27		100		94

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,

2.88%, 10/15/26 ⁽¹⁾		138		124

3.88%, 3/1/31 ⁽¹⁾		75		62

4.00%, 10/15/33 ⁽¹⁾		200		159

SLM Corp.,

3.13%, 11/2/26		222		189

Starwood Property Trust, Inc.,

3.75%, 12/31/24 ⁽¹⁾		109		101

Synchrony Financial,

7.25%, 2/2/33		50		44

United Wholesale Mortgage LLC,

5.75%, 6/15/27 ⁽¹⁾		25		22

5.50%, 4/15/29 ⁽¹⁾		50		42

World Acceptance Corp.,

7.00%, 11/1/26 ⁽¹⁾		25		19

				4,387

Steel – 2.7%

ATI, Inc.,

5.88%, 12/1/27		741		724

4.88%, 10/1/29		140		127

5.13%, 10/1/31		75		68

Big River Steel LLC/BRS Finance Corp.,

6.63%, 1/31/29 ⁽¹⁾		1,553		1,541



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Steel – 2.7% continued

Carpenter Technology Corp.,

6.38%, 7/15/28		$100		$98

7.63%, 3/15/30		143		148

Cleveland-Cliffs, Inc.,

6.75%, 3/15/26 ⁽¹⁾		295		300

5.88%, 6/1/27		75		74

4.63%, 3/1/29 ⁽¹⁾		25		23

4.88%, 3/1/31 ⁽¹⁾		50		46

Commercial Metals Co.,

4.13%, 1/15/30		25		22

4.38%, 3/15/32		25		22

Specialty Steel Supply, Inc.,

11.00%, 11/15/26 ⁽²⁾⁽¹⁰⁾		2,670		2,670

TMS International Corp.,

6.25%, 4/15/29 ⁽¹⁾		25		19

				5,882

Technology Hardware – 1.6%

CDW LLC/CDW Finance Corp.,

3.25%, 2/15/29		100		88

Ciena Corp.,

4.00%, 1/31/30 ⁽¹⁾		50		43

CommScope Technologies LLC,

6.00%, 6/15/25 ⁽¹⁾		214		202

5.00%, 3/15/27 ⁽¹⁾		25		18

CommScope, Inc.,

6.00%, 3/1/26 ⁽¹⁾		50		48

8.25%, 3/1/27 ⁽¹⁾		225		184

7.13%, 7/1/28 ⁽¹⁾		125		92

4.75%, 9/1/29 ⁽¹⁾		250		208

Diebold Nixdorf, Inc.,

9.38%, 7/15/25 ⁽¹⁾		25		13

8.50%, (100% Cash),

10/15/26 ⁽¹⁾⁽³⁾		25		6

Imola Merger Corp.,

4.75%, 5/15/29 ⁽¹⁾		552		494

Likewize Corp.,

9.75%, 10/15/25 ⁽¹⁾		25		23

NCR Corp.,

5.75%, 9/1/27 ⁽¹⁾		75		74

5.00%, 10/1/28 ⁽¹⁾		50		44

5.13%, 4/15/29 ⁽¹⁾		100		87

6.13%, 9/1/29 ⁽¹⁾		214		211



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Technology Hardware – 1.6% continued

Seagate HDD Cayman,

4.13%, 1/15/31		$105		$88

9.63%, 12/1/32 ⁽¹⁾		148		166

TTM Technologies, Inc.,

4.00%, 3/1/29 ⁽¹⁾		75		65

Viasat, Inc.,

5.63%, 9/15/25 ⁽¹⁾		751		712

6.50%, 7/15/28 ⁽¹⁾		600		443

Viavi Solutions, Inc.,

3.75%, 10/1/29 ⁽¹⁾		84		72

Xerox Holdings Corp.,

5.00%, 8/15/25 ⁽¹⁾		50		47

5.50%, 8/15/28 ⁽¹⁾		50		43

				3,471

Technology Services – 2.3%

Acuris Finance U.S., Inc./Acuris Finance S.a.r.l.,

5.00%, 5/1/28 ⁽¹⁾		200		157

Ahead DB Holdings LLC,

6.63%, 5/1/28 ⁽¹⁾		114		94

Block, Inc.,

2.75%, 6/1/26		102		93

3.50%, 6/1/31		359		295

CoreLogic, Inc.,

4.50%, 5/1/28 ⁽¹⁾		189		143

Dun & Bradstreet (The) Corp.,

5.00%, 12/15/29 ⁽¹⁾		1,311		1,135

Exela Intermediate LLC/Exela Finance, Inc.,

11.50%, 7/15/26 ⁽¹⁾		98		13

Fair Isaac Corp.,

5.25%, 5/15/26 ⁽¹⁾		65		65

4.00%, 6/15/28 ⁽¹⁾		25		23

Gartner, Inc.,

4.50%, 7/1/28 ⁽¹⁾		88		83

Global Payments, Inc.,

5.40%, 8/15/32		186		182

5.95%, 8/15/52		43		41

HealthEquity, Inc.,

4.50%, 10/1/29 ⁽¹⁾		254		226

KBR, Inc.,

4.75%, 9/30/28 ⁽¹⁾		87		78



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Technology Services – 2.3% continued

MPH Acquisition Holdings LLC,

5.50%, 9/1/28 ⁽¹⁾		$50		$40

5.75%, 11/1/28 ⁽¹⁾		100		72

MSCI, Inc.,

4.00%, 11/15/29 ⁽¹⁾		150		137

3.63%, 9/1/30 ⁽¹⁾		100		87

3.88%, 2/15/31 ⁽¹⁾		130		116

3.63%, 11/1/31 ⁽¹⁾		50		43

3.25%, 8/15/33 ⁽¹⁾		75		61

Neptune Bidco U.S., Inc.,

9.29%, 4/15/29 ⁽¹⁾		273		253

Paysafe Finance PLC/Paysafe Holdings U.S. Corp.,

4.00%, 6/15/29 ⁽¹⁾		50		39

Presidio Holdings, Inc.,

4.88%, 2/1/27 ⁽¹⁾		87		83

8.25%, 2/1/28 ⁽¹⁾		490		466

Sabre GLBL, Inc.,

9.25%, 4/15/25 ⁽¹⁾		120		113

11.25%, 12/15/27 ⁽¹⁾		78		73

Science Applications International Corp.,

4.88%, 4/1/28 ⁽¹⁾		135		126

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,

4.63%, 11/1/26 ⁽¹⁾		133		125

Vericast Corp.,

11.00%, 9/15/26 ⁽¹⁾		51		53

Verscend Escrow Corp.,

9.75%, 8/15/26 ⁽¹⁾		493		493

				5,008

Telecommunications – 2.1%

Cogent Communications Group, Inc.,

7.00%, 6/15/27 ⁽¹⁾		75		74

Embarq Corp.,

8.00%, 6/1/36		50		21

Frontier Communications Holdings LLC,

5.88%, 10/15/27 ⁽¹⁾		35		32

5.00%, 5/1/28 ⁽¹⁾		145		126

6.75%, 5/1/29 ⁽¹⁾		75		59

5.88%, 11/1/29		15		12

6.00%, 1/15/30 ⁽¹⁾		50		38

8.75%, 5/15/30 ⁽¹⁾		520		518



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Telecommunications – 2.1% continued

Hughes Satellite Systems Corp.,

6.63%, 8/1/26		$50		$47

Intelsat Jackson Holdings S.A.,

8.50%, 10/15/24 ⁽²⁾⁽¹⁰⁾		75		–

Level 3 Financing, Inc.,

3.40%, 3/1/27 ⁽¹⁾		125		99

4.63%, 9/15/27 ⁽¹⁾		64		38

4.25%, 7/1/28 ⁽¹⁾		125		71

3.63%, 1/15/29 ⁽¹⁾		240		133

3.75%, 7/15/29 ⁽¹⁾		100		53

3.88%, 11/15/29 ⁽¹⁾		63		46

10.50%, 5/15/30 ⁽¹⁾		100		96

Lumen Technologies, Inc.,

4.00%, 2/15/27 ⁽¹⁾		215		142

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,

4.75%, 4/30/27 ⁽¹⁾		151		129

6.00%, 2/15/28 ⁽¹⁾		5		4

Sprint Capital Corp.,

6.88%, 11/15/28		382		410

8.75%, 3/15/32		488		594

Sprint LLC,

7.88%, 9/15/23		275		277

7.13%, 6/15/24		150		153

7.63%, 2/15/25		25		26

7.63%, 3/1/26		125		132

T-Mobile U.S.A., Inc.,

2.63%, 4/15/26		75		70

4.75%, 2/1/28		150		148

3.38%, 4/15/29		200		182

Zayo Group Holdings, Inc.,

4.00%, 3/1/27 ⁽¹⁾		553		420

6.13%, 3/1/28 ⁽¹⁾		399		243

				4,393

Transportation & Logistics – 1.1%

Allegiant Travel Co.,

7.25%, 8/15/27 ⁽¹⁾		50		50

American Airlines, Inc.,

11.75%, 7/15/25 ⁽¹⁾		492		538

7.25%, 2/15/28 ⁽¹⁾		71		69

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

5.50%, 4/20/26 ⁽¹⁾		202		199



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Transportation & Logistics – 1.1% continued

5.75%, 4/20/29 ⁽¹⁾		$441		$423

Cargo Aircraft Management, Inc.,

4.75%, 2/1/28 ⁽¹⁾		50		45

Delta Air Lines, Inc.,

7.38%, 1/15/26		25		26

4.38%, 4/19/28		25		23

Delta Air Lines, Inc./SkyMiles IP Ltd.,

4.75%, 10/20/28 ⁽¹⁾		50		48

First Student Bidco, Inc./First Transit Parent, Inc.,

4.00%, 7/31/29 ⁽¹⁾		25		22

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

5.75%, 1/20/26 ⁽¹⁾		112		106

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

6.50%, 6/20/27 ⁽¹⁾		173		173

Rand Parent LLC,

8.50%, 2/15/30 ⁽¹⁾		75		70

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.,

8.00%, 9/20/25 ⁽¹⁾		30		30

8.00%, 9/20/25 ⁽¹⁾		80		81

United Airlines Pass Through Trust,

Series 2020-1, Class A,

5.88%, 10/15/27		19		19

United Airlines Pass Through Trust,

Series 2020-1, Class B,

4.88%, 1/15/26		32		31

United Airlines, Inc.,

4.38%, 4/15/26 ⁽¹⁾		205		196

4.63%, 4/15/29 ⁽¹⁾		210		190

Western Global Airlines LLC,

10.38%, 8/15/25 ⁽¹⁾		50		20

				2,359

Transportation Equipment – 0.1%

Allison Transmission, Inc.,

4.75%, 10/1/27		25		24

3.75%, 1/30/31 ⁽¹⁾		25		21

Wabash National Corp.,

4.50%, 10/15/28 ⁽¹⁾		115		100

				145



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.1% continued

Wholesale - Consumer Staples – 0.3%

C&S Group Enterprises LLC,

5.00%, 12/15/28 ⁽¹⁾		$25		$19

Performance Food Group, Inc.,

5.50%, 10/15/27 ⁽¹⁾		50		49

4.25%, 8/1/29 ⁽¹⁾		180		162

U.S. Foods, Inc.,

6.25%, 4/15/25 ⁽¹⁾		180		182

4.75%, 2/15/29 ⁽¹⁾		236		218

United Natural Foods, Inc.,

6.75%, 10/15/28 ⁽¹⁾		25		23

				653

Wholesale - Discretionary – 0.0%

KAR Auction Services, Inc.,

5.13%, 6/1/25⁽¹⁾		25		25

Total Corporate Bonds

(Cost $177,808)				167,685



FOREIGN ISSUER BONDS – 9.2%

Aerospace & Defense – 0.7%

Bombardier, Inc.,

7.50%, 3/15/25 ⁽¹⁾		20		20

7.13%, 6/15/26 ⁽¹⁾		455		457

7.88%, 4/15/27 ⁽¹⁾		265		268

6.00%, 2/15/28 ⁽¹⁾		253		246

7.50%, 2/1/29 ⁽¹⁾		223		228

Rolls-Royce PLC,

5.75%, 10/15/27 ⁽¹⁾		208		207

				1,426

Automotive – 0.1%

Jaguar Land Rover Automotive PLC,

7.75%, 10/15/25⁽¹⁾		200		196

Banking – 0.1%

Barclays PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%), 4.38%, 3/15/28 ⁽⁵⁾		200		137

Intesa Sanpaolo S.p.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.60%), 4.20%, 6/1/32 ⁽¹⁾⁽⁵⁾		200		145

				282



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Beverages – 0.0%

Primo Water Holdings, Inc.,

4.38%, 4/30/29⁽¹⁾		$125		$109

Biotechnology & Pharmaceuticals – 0.1%

Teva Pharmaceutical Finance Netherlands III B.V.,

3.15%, 10/1/26		164		148

Cable & Satellite – 0.4%

Altice Financing S.A.,

5.00%, 1/15/28 ⁽¹⁾		200		163

5.75%, 8/15/29 ⁽¹⁾		323		257

UPC Broadband Finco B.V.,

4.88%, 7/15/31 ⁽¹⁾		200		173

Videotron Ltd.,

5.13%, 4/15/27 ⁽¹⁾		50		48

3.63%, 6/15/29 ⁽¹⁾		50		43

Ziggo B.V.,

4.88%, 1/15/30 ⁽¹⁾		200		170

				854

Chemicals – 0.1%

Herens Holdco S.a.r.l.,

4.75%, 5/15/28 ⁽¹⁾		200		161

Methanex Corp.,

5.13%, 10/15/27		25		24

NOVA Chemicals Corp.,

5.25%, 6/1/27 ⁽¹⁾		25		23

4.25%, 5/15/29 ⁽¹⁾		25		20

				228

Commercial Support Services – 0.4%

Garda World Security Corp.,

4.63%, 2/15/27 ⁽¹⁾		200		179

7.75%, 2/15/28 ⁽¹⁾		90		89

6.00%, 6/1/29 ⁽¹⁾		75		60

GFL Environmental, Inc.,

4.25%, 6/1/25 ⁽¹⁾		4		4

3.75%, 8/1/25 ⁽¹⁾		45		43

5.13%, 12/15/26 ⁽¹⁾		165		161

3.50%, 9/1/28 ⁽¹⁾		14		13

4.75%, 6/15/29 ⁽¹⁾		228		213

				762

Construction Materials – 0.1%

Cemex S.A.B. de C.V.,

5.45%, 11/19/29⁽¹⁾		250		235



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Containers & Packaging – 0.6%

ARD Finance S.A.,

6.50%, 6/30/27 ⁽¹⁾⁽³⁾		$400		$306

Intelligent Packaging Holdco Issuer L.P.,

9.00%, (100% Cash), 1/15/26 ⁽¹⁾⁽³⁾		25		17

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC,

6.00%, 9/15/28 ⁽¹⁾		595		512

Trivium Packaging Finance B.V.,

5.50%, 8/15/26 ⁽¹⁾		35		34

8.50%, 8/15/27 ⁽¹⁾		345		314

				1,183

Electric Utilities – 0.1%

TransAlta Corp.,

7.75%, 11/15/29		145		152

Electrical Equipment – 0.2%

TK Elevator Holdco GmbH,

7.63%, 7/15/28 ⁽¹⁾		200		173

TK Elevator U.S. Newco, Inc.,

5.25%, 7/15/27 ⁽¹⁾		200		189

				362

Forestry, Paper & Wood Products – 0.0%

Mercer International, Inc.,

5.13%, 2/1/29		50		43

Gas & Water Utilities – 0.0%

Superior Plus L.P./Superior General Partner, Inc.,

4.50%, 3/15/29⁽¹⁾		50		45

Home Construction – 0.1%

Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC,

5.00%, 6/15/29 ⁽¹⁾		151		115

4.88%, 2/15/30 ⁽¹⁾		25		19

Empire Communities Corp.,

7.00%, 12/15/25 ⁽¹⁾		25		22

Mattamy Group Corp.,

5.25%, 12/15/27 ⁽¹⁾		40		38

4.63%, 3/1/30 ⁽¹⁾		140		122

				316

Household Products – 0.0%

Edgewell Personal Care Co.,

5.50%, 6/1/28 ⁽¹⁾		75		72



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Household Products – 0.0% continued

Kronos Acquisition Holdings, Inc./KIK

Custom Products, Inc.,

7.00%, 12/31/27 ⁽¹⁾		$25		$22

				94

Industrial Support Services – 0.0%

Ritchie Bros. Holdings, Inc.,

6.75%, 3/15/28 ⁽¹⁾		69		71

7.75%, 3/15/31 ⁽¹⁾		25		26

				97

Insurance – 0.3%

Jones Deslauriers Insurance Management, Inc.,

8.50%, 3/15/30 ⁽¹⁾		618		641

10.50%, 12/15/30 ⁽¹⁾		72		72

				713

Leisure Facilities & Services – 0.6%

1011778 B.C. ULC/New Red Finance, Inc.,

3.88%, 1/15/28 ⁽¹⁾		86		80

4.38%, 1/15/28 ⁽¹⁾		25		23

4.00%, 10/15/30 ⁽¹⁾		425		364

Melco Resorts Finance Ltd.,

4.88%, 6/6/25 ⁽¹⁾		200		188

Merlin Entertainments Ltd.,

5.75%, 6/15/26 ⁽¹⁾		200		190

MGM China Holdings Ltd.,

5.38%, 5/15/24 ⁽¹⁾		200		195

Wynn Macau Ltd.,

5.50%, 10/1/27 ⁽¹⁾		200		175

				1,215

Machinery – 0.8%

Husky III Holding Ltd.,

13.00%, 2/15/25 ⁽¹⁾⁽³⁾		110		93

Titan Acquisition Ltd./Titan Co-Borrower LLC,

7.75%, 4/15/26 ⁽¹⁾		1,825		1,528

				1,621

Metals & Mining – 1.1%

Baffinland Iron Mines Corp./Baffinland Iron Mines L.P.,

8.75%, 7/15/26 ⁽¹⁾		1,710		1,631

FMG Resources Pty. Ltd., Series 2006,

5.88%, 4/15/30 ⁽¹⁾		100		96



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Metals & Mining – 1.1% continued

4.38%, 4/1/31 ⁽¹⁾		$150		$132

6.13%, 4/15/32 ⁽¹⁾		100		96

Hudbay Minerals, Inc.,

4.50%, 4/1/26 ⁽¹⁾		25		23

IAMGOLD Corp.,

5.75%, 10/15/28 ⁽¹⁾		25		19

Mineral Resources Ltd.,

8.13%, 5/1/27 ⁽¹⁾		50		51

8.00%, 11/1/27 ⁽¹⁾		50		51

8.50%, 5/1/30 ⁽¹⁾		75		77

New Gold, Inc.,

7.50%, 7/15/27 ⁽¹⁾		154		148

				2,324

Oil & Gas Producers – 0.8%

Athabasca Oil Corp.,

9.75%, 11/1/26 ⁽¹⁾		84		88

eG Global Finance PLC,

6.75%, 2/7/25 ⁽¹⁾		400		370

Energean Israel Finance Ltd.,

5.38%, 3/30/28		25		22

5.88%, 3/30/31		25		22

Ithaca Energy North Sea PLC,

9.00%, 7/15/26 ⁽¹⁾		200		191

Leviathan Bond Ltd.,

6.13%, 6/30/25		25		24

6.50%, 6/30/27		25		24

OGX Austria GmbH,

8.50%, 6/1/18 ⁽¹⁾^{(2) (8) (10)}		2,420		–

8.38%, 4/1/22 ⁽¹⁾^{(2) (8) (10)}		1,800		–

Parkland Corp.,

5.88%, 7/15/27 ⁽¹⁾		50		49

4.50%, 10/1/29 ⁽¹⁾		200		178

4.63%, 5/1/30 ⁽¹⁾		50		44

Teine Energy Ltd.,

6.88%, 4/15/29 ⁽¹⁾		810		741

Vermilion Energy, Inc.,

6.88%, 5/1/30 ⁽¹⁾		50		46

				1,799

Oil & Gas Services & Equipment – 0.2%

Enerflex Ltd.,

9.00%, 10/15/27 ⁽¹⁾		115		112

Ensign Drilling, Inc.,

9.25%, 4/15/24 ⁽¹⁾		50		48



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Oil & Gas Services & Equipment – 0.2% continued

Precision Drilling Corp.,

7.13%, 1/15/26 ⁽¹⁾		$75		$73

6.88%, 1/15/29 ⁽¹⁾		25		23

Shelf Drilling Holdings Ltd.,

8.88%, 11/15/24 ⁽¹⁾		25		25

8.25%, 2/15/25 ⁽¹⁾		250		222

Shelf Drilling North Sea Holdings Ltd.,

10.25%, 10/31/25 ⁽¹⁾		25		25

				528

Software – 0.3%

Open Text Corp.,

6.90%, 12/1/27 ⁽¹⁾		252		260

3.88%, 2/15/28 ⁽¹⁾		75		67

3.88%, 12/1/29 ⁽¹⁾		50		42

Open Text Holdings, Inc.,

4.13%, 2/15/30 ⁽¹⁾		150		129

4.13%, 12/1/31 ⁽¹⁾		125		103

				601

Specialty Finance – 0.2%

Global Aircraft Leasing Co. Ltd.,

6.50%, 9/15/24 ⁽¹⁾⁽³⁾		318		287

VistaJet Malta Finance PLC/XO Management Holding, Inc.,

7.88%, 5/1/27 ⁽¹⁾		75		72

6.38%, 2/1/30 ⁽¹⁾		131		117

				476

Technology Services – 0.1%

CA Magnum Holdings,

5.38%, 10/31/26⁽¹⁾		200		175

Telecommunications – 1.7%

Altice France Holding S.A.,

10.50%, 5/15/27 ⁽¹⁾		200		153

6.00%, 2/15/28 ⁽¹⁾		560		357

Altice France S.A.,

8.13%, 2/1/27 ⁽¹⁾		200		185

5.50%, 1/15/28 ⁽¹⁾		370		304

5.13%, 7/15/29 ⁽¹⁾		315		237

5.50%, 10/15/29 ⁽¹⁾		200		153

Connect Finco S.a.r.l./Connect U.S. Finco LLC,

6.75%, 10/1/26 ⁽¹⁾		900		846

Digicel Group Holdings Ltd.,

8.00%, (100% Cash), 4/1/25 ⁽¹⁾⁽³⁾		50		20



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Telecommunications – 1.7% continued

Iliad Holding SASU,

6.50%, 10/15/26 ⁽¹⁾		$237		$226

7.00%, 10/15/28 ⁽¹⁾		130		123

Telecom Italia Capital S.A.,

6.38%, 11/15/33		175		158

6.00%, 9/30/34		75		64

7.20%, 7/18/36		45		41

Telecom Italia S.p.A.,

5.30%, 5/30/24 ⁽¹⁾		25		25

Telesat Canada/Telesat LLC,

5.63%, 12/6/26 ⁽¹⁾		25		13

4.88%, 6/1/27 ⁽¹⁾		50		26

6.50%, 10/15/27 ⁽¹⁾		25		8

Vmed O2 UK Financing I PLC,

4.25%, 1/31/31 ⁽¹⁾		200		170

4.75%, 7/15/31 ⁽¹⁾		400		343

Vodafone Group PLC,

(Variable, USD Swap 5Y + 4.87%), 7.00%, 4/4/79 ⁽⁵⁾		125		124

				3,576

Transportation & Logistics – 0.1%

Air Canada,

3.88%, 8/15/26 ⁽¹⁾		150		136

Seaspan Corp.,

5.50%, 8/1/29 ⁽¹⁾		75		59

				195

Total Foreign Issuer Bonds

(Cost $24,943)				19,755



TERM LOANS – 4.4% ⁽⁷⁾

Apparel & Textile Products – 0.0%

Crocs, Inc., Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.41%, 2/20/29		68		68

Biotechnology & Pharmaceuticals – 0.0%

Amneal Pharmaceuticals LLC, Initial Term Loan,

5/4/25⁽¹²⁾		17		17



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.4% ⁽⁷⁾ continued

Cable & Satellite – 0.1%

DIRECTV Financing LLC, Closing Date Term Loan,

8/2/27 ⁽¹²⁾		$289		$277

(Floating, ICE LIBOR USD 1M + 5.00%, 0.75% Floor), 9.84%, 8/2/27		14		14

				291

Chemicals – 0.1%

Consolidated Energy Finance S.A., Initial Term Loan,

5/7/25 ⁽¹²⁾⁽¹³⁾		—		—

(Floating, ICE LIBOR USD 1M + 2.50%), 7.34%, 5/7/25		22		21

Discovery Purchaser Corp., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.38%, 0.50% Floor), 8.96%, 10/4/29		176		166

Momentive Performance Materials, Inc., Initial Term Loan,

3/29/28 ⁽¹²⁾		56		55

				242

Consumer Services – 0.0%

Raptor Acquisition Corp., Term B Loan,

(Floating, ICE LIBOR USD 3M + 4.00%, 0.75% Floor), 8.95%, 11/1/26		25		25

Electric Utilities – 0.0%

Lightstone Holdco LLC, Extended Term B Loan,

(Floating, ICE CME Term SOFR USD 1M + 5.75%, 1.00% Floor), 10.07%, 1/29/27		1		1

Lightstone Holdco LLC, Extended Term C Loan,

(Floating, ICE CME Term SOFR USD 1M + 5.75%, 1.00% Floor), 10.56%, 1/29/27 ⁽¹³⁾		—		—

				1

Electrical Equipment – 0.0%

Indicor LLC, Initial Dollar Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.50%, 0.50% Floor), 9.40%, 11/22/29		98		97

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

TERM LOANS - 4.4% ⁽⁷⁾ continued

Engineering & Construction – 0.2%

Brand Industrial Services, Inc., Initial Term Loan,

6/21/24⁽¹²⁾

$547

$509

Entertainment Content – 0.0%

Allen Media LLC, Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 5.50%), 10.55%, 2/10/27

Diamond Sports Group LLC, Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.25%), 8.03%, 8/24/26

Health Care Facilities & Services – 0.1%

Gainwell Acquisition Corp., Term B Loan,

10/1/27⁽¹²⁾

127

121

Home & Office Products – 0.1%

Hunter Douglas Holding B.V., Tranche B-1 Term Loan,

2/26/29 ⁽¹²⁾

SWF Holdings I Corp., Initial Term Loan,

10/6/28 ⁽¹²⁾

129

108

183

Industrial Support Services – 0.1%

PECF USS Intermediate Holding III Corp., Initial Term Loan,

12/15/28⁽¹²⁾

153

128

Institutional Financial Services – 0.0%

Deerfield Dakota Holding LLC, 2021 Replacement Term Loan,

4/7/28⁽¹²⁾

Insurance – 0.9%

Asurion LLC, New B-11 Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.25%), 9.16%, 8/19/28

589

545

Asurion LLC, New B-4 Term Loan,

(Floating, ICE LIBOR USD 1M + 5.25%), 10.09%, 1/20/29

1,500

1,233

Hub International Ltd., B-3 Incremental Term Loan,

(Floating, ICE LIBOR USD 3M + 3.25%, 0.75% Floor), 8.06%, 4/25/25

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

TERM LOANS - 4.4% ⁽⁷⁾ continued

Insurance – 0.9% continued

Hub International Ltd., Initial Term Loan,

(Floating, ICE LIBOR USD 3M + 3.00%), 7.82%, 4/25/25

$25

1,899

Internet Media & Services – 0.0%

Endurance International Group Holdings, Inc., Initial Term Loan,

(Floating, ICE LIBOR USD 1M + 3.50%, 0.75% Floor), 8.22%, 2/10/28

Leisure Facilities & Services – 0.1%

Fertitta Entertainment LLC, Initial B Term Loan,

1/27/29 ⁽¹²⁾

111

109

Scientific Games Holdings L.P., Initial Dollar Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.50%, 0.50% Floor), 8.10%, 4/4/29

UFC Holdings LLC, Term B-3 Loan,

(Floating, ICE LIBOR USD 3M + 2.75%, 0.75% Floor), 7.57%, 4/29/26

246

Machinery – 0.2%

Husky Injection Molding Systems Ltd., Initial Term Loan,

(Floating, ICE LIBOR USD 3M + 3.00%), 8.15%, 3/28/25

292

276

SPX Flow, Inc., Term Loan,

4/5/29 ⁽¹²⁾

352

Medical Equipment & Devices – 0.0%

Avantor Funding, Inc., 2021 Incremental B-5 Dollar Term Loan,

(Floating, ICE LIBOR USD 1M + 2.25%, 0.50% Floor), 7.09%, 11/8/27

Metals & Mining – 0.1%

Banff Guarantor, Inc., Initial Term Loan,

2/27/26⁽¹²⁾

162

155

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

TERM LOANS - 4.4% ⁽⁷⁾ continued

Oil & Gas Producers – 0.1%

Ascent Resources Utica Holdings LLC/Aru Finance Corp., Term Loan,

(Floating, ICE LIBOR USD 3M + 9.00%, 1.00% Floor), 13.82%, 11/1/25

$101

$107

Freeport LNG investments LLLP, Initial Term B Loan,

(Floating, ICE LIBOR USD 3M + 3.50%, 0.50% Floor), 8.31%, 12/21/28

Parker Drilling Co., Initial Loan,

(Floating, ICE LIBOR USD 3M + 11.00% Cash, 2.00% PIK), 11.00%, 3/26/24 ⁽³⁾

218

Oil & Gas Services & Equipment – 0.0%

WaterBridge Midstream Operating LLC, Initial Term Loan,

(Floating, ICE LIBOR USD 3M + 5.75%, 1.00% Floor), 10.57%, 6/22/26⁽¹³⁾

—

Publishing & Broadcasting – 0.1%

Clear Channel Outdoor Holdings, Inc., Term B Loan,

8/21/26 ⁽¹²⁾

322

299

(Floating, ICE LIBOR USD 3M + 3.50%), 8.33%, 8/21/26

321

Retail - Discretionary – 0.1%

Staples, Inc., 2019 Refinancing New Term B-1 Loan,

(Floating, ICE LIBOR USD 3M + 5.00%), 9.81%, 4/16/26

White Cap Supply Holdings LLC, Initial Closing Date Term Loan,

10/19/27 ⁽¹²⁾

150

Software – 1.3%

athenahealth Group, Inc., Initial Delayed Draw Term Loan,

2/15/29 ⁽¹²⁾⁽¹⁴⁾



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.4% ⁽⁷⁾ continued

Software – 1.3% continued

athenahealth Group, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.26%, 2/15/29		$505		$472

Cloud Software Group, Inc., Dollar Term B Loan,

3/30/29 ⁽¹²⁾		201		182

Cloud Software Group, Inc., Term A Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.50%, 0.50% Floor), 9.50%, 9/29/28		50		45

Cloudera, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.50% Floor), 8.66%, 10/8/28		63		60

10/8/29 ⁽¹²⁾		147		130

Magenta Buyer LLC, Initial Term Loan,

(Floating, ICE LIBOR USD 3M + 4.75%, 0.75% Floor), 9.58%, 7/27/28		281		231

McAfee Corp., Tranche B-1 Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.50% Floor), 8.52%, 3/1/29		255		239

Polaris Newco LLC, Dollar Term Loan,

(Floating, ICE LIBOR USD 3M + 4.00%, 0.50% Floor), 9.16%, 6/2/28		39		36

RealPage, Inc., Initial Loan,

4/23/29 ⁽¹²⁾		317		298

Sophia L.P., Term Loan B,

10/7/27 ⁽¹²⁾		208		205

UKG, Inc., 2021 Incremental Term Loan,

5/3/27 ⁽¹²⁾		791		756

(Floating, ICE LIBOR USD 3M + 5.25%, 0.50% Floor), 10.03%, 5/3/27		50		48

				2,760

Technology Services – 0.4%

Peraton Corp., Term B Loan,

(Floating, ICE LIBOR USD 1M + 3.75%, 0.75% Floor), 8.59%, 2/1/28		243		240

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

TERM LOANS - 4.4% ⁽⁷⁾ continued

Technology Services – 0.4% continued

Peraton Corp., Term B-1 Loan,

2/1/29 ⁽¹²⁾

$191

$185

Verscend Holding Corp.,
Term B-1 Loan,

(Floating, ICE LIBOR USD 1M + 4.00%), 8.84%, 8/27/25

400

399

824

Telecommunications – 0.2%

Consolidated Communications, Inc., Term B-1 Loan,

(Floating, ICE LIBOR USD 1M + 3.50%), 8.38%, 10/2/27

Intelsat Jackson Holdings S.A., Term B Loan,

2/1/29 ⁽¹²⁾

113

112

Numericable U.S. LLC, USD TLB-14 Loan,

(Floating, ICE CME Term SOFR USD 3M + 5.50%), 10.17%, 8/15/28

Zayo Group Holdings, Inc., Initial Dollar Term Loan,

(Floating, ICE LIBOR USD 1M + 3.00%), 7.84%, 3/9/27

207

168

362

Transportation & Logistics – 0.2%

AAdvantage Loyality IP Ltd., Initial Term Loan,

4/20/28 ⁽¹²⁾

252

255

SkyMiles IP Ltd., Initial Term Loan,

10/20/27 ⁽¹²⁾

343

Total Term Loans

(Cost $9,807)

9,469

NUMBER
OF SHARES

VALUE
(000S)

COMMON STOCKS – 2.9%

Biotechnology & Pharmaceuticals – 0.0%

Mallinckrodt PLC*

1,484

$11

Chemicals – 0.1%

Element Solutions, Inc.

2,344

Utex Industries, Inc.^(2) (10) *

2,200

218

263



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 2.9% continued

Construction Materials – 0.0%

Hardwood Holdings LLC⁽²⁾*		187		$16

Distributors – 0.6%

ATD New Holdings, Inc.⁽¹⁰⁾*		22,076		1,209

Energy Equipment & Services – 0.0%

Parker Drilling Co.*		265		3

Gas Utilities – 0.0%

Ferrellgas Partners L.P., Class B		182		25

Hotels, Restaurants & Leisure – 0.1%

CWT Travel Group, Inc.⁽¹⁰⁾*		15,685		131

Internet Media & Services – 0.0%

Uber Technologies, Inc.*		697		22

Media – 0.0%

iHeartMedia, Inc., Class A*		419		2

Metals & Mining – 1.9%

Constellium S.E.*		7,501		115

Real Alloy Parent, Inc.⁽²⁾(10) *		48		4,026

				4,141

Oil, Gas & Consumable Fuels – 0.1%

Athabasca Oil Corp.*		11,232		27

Bruin Blocker LLC^{(2) (10) (11) *}		9,827		—

Chaparral Energy, Inc.⁽²⁾*		2,378		98

Cloud Peak Energy, Inc.⁽²⁾*		20		—

Superior Energy Services^{(2) (10) *}		1,213		82

				207

Professional Services – 0.1%

Skillsoft Corp.*		36,863		74

Software – 0.0%

Informatica, Inc., Class A*		2,799		46

Twilio, Inc., Class A*		108		7

				53

Specialty Finance – 0.0%

Carnelian Point Holdings LP⁽²⁾⁽¹⁰⁾ *		50		60

Technology Services – 0.0%

Block, Inc.*		203		14

Wireless Telecommunication Services – 0.0%

Intelsat S.A./Luxembourg⁽²⁾*		1,199		29

Total Common Stocks

(Cost $3,915)				6,260



	NUMBER OF SHARES		VALUE (000S)

MASTER LIMITED PARTNERSHIPS – 0.0%

Oil, Gas & Consumable Fuels – 0.0%

Summit Midstream Partners L.P.*		4,025		$62

Total Master Limited Partnerships

(Cost $117)				62


PREFERRED STOCKS – 0.1%

Hotels, Restaurants & Leisure – 0.1%

CWT Travel Group, Inc.⁽¹⁰⁾*		784		65

Oil, Gas & Consumable Fuels – 0.0%

Global Partners L.P./MA, 9.50%		1,375		35

Total Preferred Stocks

(Cost $102)				100


RIGHTS – 0.0%

Wireless Telecommunication Services – 0.0%

Intelsat Jackson Holdings S.A.⁽²⁾*		248		2

Total Rights

(Cost $—)				2


OTHER – 0.0%

Basic Energy Services, Inc.^(11) (15) *		25,000		—

Escrow Appvion, Inc.⁽²⁾⁽¹⁰⁾ *		225,000		—

Escrow Cloud Peak Energy, Inc.⁽²⁾⁽¹⁰⁾ *		250,000		—

Escrow GenOn Energy, Inc.⁽²⁾*		25,000		—

Escrow Gulfport Energy Operating Corp.^(10) (11⁾ *		150,000		—

Escrow Hertz (The) Corp.⁽¹⁾⁽¹⁰⁾ *		125,000		5

Escrow Washington Mutual Bank^{(2) (10) *}		250,000		3

Intelsat Jackson Holdings S.A.^(2) (10) *		50,000		—

RP Escrow Issuer LLC^(2) (10) *		1,100,000		12

Total Other

(Cost $112)				20

	NUMBER OF WARRANTS		VALUE (000S)

WARRANTS – 0.1%

California Resources Corp., Exp. 10/27/24, Strike $36.00*		66		$1

CWT Travel Holdings, Inc., Class A, Exp. 11/19/26, Strike $57.00^{(2) (10) (11) *}		2,018		—

CWT Travel Holdings, Inc., Class B, Exp. 11/19/28, Strike $67.69^{(2) (10) (11) *}		2,124		—

NUMBER
OF WARRANTS

VALUE
(000S)

WARRANTS - 0.1% continued

Denbury, Inc., Exp. 9/18/25, Strike $32.59*

1,236

$70

Utex Industries, Inc., Exp. 12/31/49, Strike $0.00^(2) (10) *

5,500

103

Total Warrants

(Cost $18)

174

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 5.2%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽¹⁶⁾⁽¹⁷⁾

11,169,740

11,170

Total Investment Companies

(Cost $11,170)

11,170

Total Investments – 100.0%

(Cost $227,997)

214,717

Other Assets less Liabilities – 0.0%

NET ASSETS – 100.0%

214,736

⁽¹⁾

⁽²⁾

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽³⁾

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁴⁾

Principal amount is less than one thousand.

⁽⁵⁾

Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of March 31, 2023.

⁽⁶⁾

Perpetual bond. Maturity date represents next call date.

⁽⁷⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁸⁾

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽⁹⁾

Issuer has defaulted on terms of debt obligation.

⁽¹⁰⁾

Restricted security that has been deemed illiquid. At March 31, 2023, the value of these restricted illiquid securities amounted to approximately $12,131,000 or 5.6% of net assets. Additional information on these restricted illiquid securities is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, 2/15/28	6/3/20-1/20/23	$	54

ATD New Holdings, Inc., 0.00%	1/9/19		469

Bruin Blocker LLC, 0.00%	9/29/20		220



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

Carnelian Point Holdings LP, 0.00%	9/21/22		$115

Carnelian Point Holdings LP, 5.00%, 6/30/28	7/5/22		53

CWT Travel Group, Inc., 0.00%	11/19/21		246

CWT Travel Group, Inc., 0.00%	1/30/23		68

CWT Travel Group, Inc., 8.50%, 11/19/26	11/19/21-8/3/22		624

CWT Travel Holdings, Inc., Class A, Exp. 11/19/26, Strike $ 57.00, 0.00%	11/19/21		—

CWT Travel Holdings, Inc., Class B, Exp. 11/19/28, Strike $ 67.69, 0.00%	11/19/21		—

Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26	3/26/20-12/2/20		64

Escrow Appvion, Inc., 0.00%	8/24/18		—

Escrow Cloud Peak Energy, Inc., 0.00%	7/29/16-12/11/18		110

Escrow Gulfport Energy Operating Corp., 0.00%	5/18/21		—

Escrow Hertz (The) Corp., 0.00%	7/1/21		—

Escrow Washington Mutual Bank, 0.00%	10/11/17		—

Intelsat Jackson Holdings S.A., 0.00%	3/21/22		—

Intelsat Jackson Holdings S.A., 8.50%, 10/15/24	3/21/22		—

Murray Energy Corp., 12.00%, 4/15/24	7/3/18-4/18/19		397

Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/1/22	10/6/17-11/18/19		1,733

OGX Austria GmbH, 8.38%, 4/1/22	5/30/12-4/18/13		1,497

OGX Austria GmbH, 8.50%, 6/1/18	5/26/11-4/17/13		2,265

Real Alloy Parent, Inc., 0.00%	5/31/18		1,738

RP Escrow Issuer LLC, 0.00%	12/18/20		—



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

Specialty Steel Supply, Inc., 11.00%, 11/15/26	6/2/21	$	2,670

Sterling Entertainment Group LLC, 10.25%, 1/15/24	12/27/17		1,107

Superior Energy Services, 0.00%	9/19/17-2/1/21		76

Trident TPI Holdings, Inc., 6.63%, 11/1/25	10/12/17-1/11/19		832

Trident TPI Holdings, Inc., 9.25%, 8/1/24	7/19/19-1/24/23		1,060

Utex Industries, Inc., 0.00%	12/3/20		108

Utex Industries, Inc., Exp. 12/31/49, Strike $0.00, 0.00%	12/3/20		—

Weatherford International Ltd., 11.00%, 12/1/24	6/8/21		4

⁽¹¹⁾

Value rounds to less than one thousand.

⁽¹²⁾

Position is unsettled. Contract rate was not determined at March 31, 2023 and does not take effect until settlement date.

⁽¹³⁾

Principal Amount and Value rounds to less than one thousand.

⁽¹⁴⁾

Unfunded loan commitment. An unfunded loan commitment is a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement. See Note 2.

⁽¹⁵⁾

Restricted security.

⁽¹⁶⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹⁷⁾

7-day current yield as of March 31, 2023 is disclosed.

*	Non-Income Producing Security

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1M - 1 Month

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

7Y - 7 Year

CDI - CREST Depository Interest

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

PIK - Payment In-Kind

REIT - Real Estate Investment Trust

S&P - Standard & Poor’s

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)				CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾

10-Year U.S. Treasury Note (United States Dollar)	(3)		$	(345	)	Short	6/23		$	(10	)

E-Mini S&P 500 (United States Dollar)	(5)			(1,034	)	Short	6/23			(61	)

U.S. Treasury Long Bond (United States Dollar)	(1)			(131	)	Short	6/23			(6	)

Ultra Long U.S. Treasury Bond (United States Dollar)	(8)			(1,129	)	Short	6/23			(48	)


Total									$	(125	)

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

As of March 31, 2023, the Fund had the following centrally cleared credit default swap agreement outstanding:

Buy/Sell
Protection

IMPLIED CREDIT
SPREAD

(PAY)/
RECEIVE
FIXED RATE

REFERENCE
ENTITY/SECURITY

CURRENCY

NOTIONAL
AMOUNT

MATURITY
DATE

MARKET
VALUE
(000S)

UPFRONT
PREMIUMS
PAID/
(RECEIVED)
(000S)

UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)

Sell

0.0462%

5.00

%⁽¹⁾

Markit CDX N.A. High Yield Index Series 40⁽¹⁾

USD

787,597

6/20/28

–

Total

—

⁽¹⁾

Payment frequency is quarterly.

*	Amount rounds to less than one thousand.

At March 31, 2023, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		100.0	%

All other currencies less than 5%		—*

Total Investments		100.0

Other Assets less Liabilities		0.0

Net Assets		100.0	%

*	Amount rounds to less than 0.05%

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Convertible Bonds:

Oil & Gas Producers	$	—	$	—	$	19	$	19

Telecommunications		—		1		—		1

Total Convertible Bonds		—		1		19		20

Corporate Bonds:

Entertainment Content		—		1,493		1,074		2,567

Industrial Intermediate Products		—		938		1,292		2,230

Steel		—		3,212		2,670		5,882

All Other Industries⁽¹⁾		—		157,006		—		157,006

Total Corporate Bonds		—		162,649		5,036		167,685

Foreign Issuer Bonds		—		19,755		—		19,755

Term Loans⁽¹⁾		—		9,469		—		9,469

Common Stocks:

Chemicals		45		—		218		263

Construction Materials		—		—		16		16

Distributors		—		1,209		—		1,209

Gas Utilities		—		25		—		25

Hotels, Restaurants & Leisure		—		131		—		131

Metals & Mining		115		—		4,026		4,141

Oil, Gas & Consumable Fuels		27		—		180		207

Specialty Finance		—		—		60		60

Wireless Telecommunication Services		—		—		29		29

All Other Industries⁽¹⁾		179		—		—		179

Total Common Stocks		366		1,365		4,529		6,260

Master Limited Partnerships		62		—		—		62

Preferred Stocks:

Hotels, Restaurants & Leisure		—		65		—		65

Oil, Gas & Consumable Fuels		35		—		—		35

Tota Preferred Stocks		35		65		—		100

Rights		—		—		2		2

Other		—		5		15		20

Warrants		71		—		103		174

Investment Companies		11,170		—		—		11,170

Total Investments	$	11,704	$	193,309	$	9,704	$	214,717

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Securities valued at $248 included in the Balance as of 3/31/23 above were valued using evaluated prices provided by a third party provider. Securities valued at $9,456 included in the Balance as of 3/31/23 above were valued using prices provided by the Fund’s investment adviser’s pricing and valuation committee.


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 5.0%

Auto Floor Plan – 0.1%

GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A

0.69%, 10/15/25⁽¹⁾		$500		$487

Auto Loan – 0.2%

GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A2A

5.19%, 3/16/26		210		210

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3

4.51%, 11/15/27		410		409

				619

Automobile – 1.0%

CarMax Auto Owner Trust, Series 2020-1, Class A3

1.89%, 12/16/24		119		119

Enterprise Fleet Financing LLC, Series 2020-1, Class A3

1.86%, 12/22/25⁽¹⁾		2,250		2,230

Ford Credit Auto Lease Trust, Series 2022-A, Class A2A

2.78%, 10/15/24		306		304
GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A3
1.84%, 9/16/24		50		49

Hyundai Auto Receivables Trust, Series 2022-A, Class A2A

1.81%, 2/18/25⁽¹⁾		582		575

Tesla Auto Lease Trust, Series 2021-A, Class A2

0.36%, 3/20/25⁽¹⁾		58		58

				3,335

Credit Card – 2.9%

American Express Credit Account Master Trust, Series 2022-1, Class A

2.21%, 3/15/27		1,900		1,814

American Express Credit Account Master Trust, Series 2022-2, Class A

3.39%, 5/15/27		2,100		2,051

Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1

0.55%, 7/15/26		5,000		4,734

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

ASSET-BACKED SECURITIES – 5.0% continued

Credit Card – 2.9% continued

Discover Card Execution Note Trust, Series 2021-A1, Class A1

0.58%, 9/15/26

$1,300

$1,221

9,820

Other – 0.8%

Verizon Master Trust, Series 2021-1,
Class A

0.50%, 5/20/27

2,760

2,624

Verizon Owner Trust, Series 2020-A,
Class A1A

1.85%, 7/22/24

2,670

Total Asset-Backed Securities

(Cost $17,591)

16,931

COMMERCIAL MORTGAGE-BACKED SECURITIES – 3.4%

Non Agency – 3.4%

Benchmark Mortgage Trust, Series
2019-B12, Class A2

3.00%, 8/15/52

668

642

JPMBB Commercial Mortgage
Securities Trust, Series 2015-C28,
Class A4

3.23%, 10/15/48

4,090

3,892

Morgan Stanley Bank of America
Merrill Lynch Trust, Series 2013-C12, Class A4

4.26%, 10/15/46

575

570

Wells Fargo Commercial Mortgage
Trust, Series 2015-C27, Class A5

3.45%, 2/15/48

4,415

4,224

Wells Fargo Commercial Mortgage
Trust, Series 2016-NXS5, Class A6

3.64%, 1/15/59

2,225

2,105

11,433

Total Commercial Mortgage-Backed Securities

(Cost $12,464)

11,433

CORPORATE BONDS – 28.9%

Aerospace & Defense – 0.0%

Howmet Aerospace, Inc.,

5.13%, 10/1/24

172

173



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 28.9% continued

Asset Management – 1.2%

Ares Capital Corp.,

4.20%, 6/10/24		$950		$918

FS KKR Capital Corp.,

1.65%, 10/12/24		980		901

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

4.75%, 9/15/24		950		927

OWL Rock Core Income Corp.,

5.50%, 3/21/25		1,200		1,169

				3,915

Automotive – 2.4%

Aptiv PLC/Aptiv Corp.,

2.40%, 2/18/25		570		543

Ford Motor Credit Co. LLC,

3.38%, 11/13/25		800		750

General Motors Financial Co., Inc., (Floating, U.S. SOFR + 0.76%), 5.57%, 3/8/24 ⁽²⁾		2,000		1,985

3.50%, 11/7/24		1,050		1,023

Hyundai Capital America,

0.80%, 1/8/24 ⁽¹⁾		800		771

0.88%, 6/14/24 ⁽¹⁾		700		662

Nissan Motor Acceptance Co. LLC, (Floating, ICE LIBOR USD 3M + 0.64%), 5.65%, 3/8/24 ⁽¹⁾⁽²⁾		1,300		1,284

Toyota Motor Credit Corp.,

4.40%, 9/20/24		990		987

				8,005

Banking – 1.6%

Bank of America Corp.,

(Floating, Bloomberg Short-Term Bank Yield Index 3M + 0.43%), 5.27%, 5/28/24 ⁽²⁾		900		896

Citigroup, Inc.,

(Variable, U.S. SOFR + 0.67%), 0.98%, 5/1/25 ⁽³⁾		1,200		1,140

Citizens Financial Group, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.50%), 4.30%, 2/11/31 ⁽³⁾		30		27

Fifth Third Bancorp,

2.38%, 1/28/25		265		246

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 28.9% continued

Banking – 1.6% continued

First-Citizens Bank & Trust Co.,

(Variable, CME Term SOFR 3M + 1.72%),
2.97%, 9/27/25 ⁽³⁾

450

409

JPMorgan Chase & Co.,

(Floating, U.S. SOFR + 0.58%), 5.44%, 6/23/25 ⁽²⁾

500

495

(Variable, CME Term SOFR 3M + 0.70%), 1.04%, 2/4/27 ⁽³⁾

Truist Financial Corp.,

(Variable, U.S. SOFR + 1.46%), 4.26%, 7/28/26 ⁽³⁾

1,000

964

Wells Fargo & Co.,

(Variable, U.S. SOFR + 0.51%), 0.81%, 5/19/25 ⁽³⁾

380

361

(Floating, U.S. SOFR + 1.32%), 5.96%, 4/25/26 ⁽²⁾

700

699

5,291

Beverages – 0.2%

Keurig Dr. Pepper, Inc.,

0.75%, 3/15/24

700

670

Biotechnology & Pharmaceuticals – 0.3%

Roche Holdings, Inc.,

1.88%, 3/8/24⁽¹⁾

1,000

973

Chemicals – 0.4%

Avery Dennison Corp.,

0.85%, 8/15/24

730

690

Sherwin-Williams (The) Co.,

4.05%, 8/8/24

400

395

Westlake Corp.,

0.88%, 8/15/24

400

379

1,464

Commercial Support Services – 0.5%

Republic Services, Inc.,

2.50%, 8/15/24

1,680

1,627

Containers & Packaging – 0.3%

Graphic Packaging International LLC,

4.75%, 7/15/27⁽¹⁾

1,180

1,123

Diversified Industrials – 0.3%

Parker-Hannifin Corp.,

2.70%, 6/14/24

900

875

E-Commerce Discretionary – 0.4%

eBay, Inc.,

1.90%, 3/11/25

1,300

1,229



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 28.9% continued

Electric Utilities – 2.8%

Ameren Corp.,

2.50%, 9/15/24		$420		$403

American Electric Power Co., Inc.,

1.00%, 11/1/25		675		613

Black Hills Corp.,

1.04%, 8/23/24		1,020		960

Calpine Corp.,

4.50%, 2/15/28 ⁽¹⁾		900		835

CenterPoint Energy, Inc.,

(Floating, U.S. SOFR Compounded Index + 0.65%), 5.38%, 5/13/24 ⁽²⁾		740		733

DTE Energy Co.,

1.05%, 6/1/25		1,660		1,525

Duke Energy Corp.,

3.75%, 4/15/24		1,000		988

Mississippi Power Co.,

(Floating, U.S. SOFR + 0.30%), 5.17%, 6/28/24 ⁽²⁾		1,000		990

NRG Energy, Inc.,

3.75%, 6/15/24 ⁽¹⁾		300		291

Vistra Operations Co. LLC,

5.13%, 5/13/25 ⁽¹⁾		1,400		1,364

WEC Energy Group, Inc.,

0.80%, 3/15/24		810		776

				9,478

Electrical Equipment – 0.7%

Amphenol Corp.,

2.05%, 3/1/25		780		743

Keysight Technologies, Inc.,

4.55%, 10/30/24		850		841

Otis Worldwide Corp.,

2.06%, 4/5/25		815		769

				2,353

Entertainment Content – 0.2%

Take-Two Interactive Software, Inc.,

3.30%, 3/28/24		290		284

3.55%, 4/14/25		160		156

Warnermedia Holdings, Inc.,

3.43%, 3/15/24 ⁽¹⁾		420		410

				850



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 28.9% continued

Finance Companies – 0.3%

Blackstone Private Credit Fund,

7.05%, 9/29/25⁽¹⁾		$900		$888

Food – 1.3%

Cargill, Inc.,

0.40%, 2/2/24 ⁽¹⁾		900		860

General Mills, Inc.,

5.24%, 11/18/25		230		231

Hershey (The) Co.,

0.90%, 6/1/25		590		545

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

5.50%, 1/15/30 ⁽¹⁾		600		573

Lamb Weston Holdings, Inc.,

4.88%, 5/15/28 ⁽¹⁾		660		640

Mondelez International, Inc.,

2.13%, 3/17/24		390		379

Nestle Holdings, Inc.,

0.61%, 9/14/24 ⁽¹⁾		1,300		1,228

				4,456

Forestry, Paper & Wood Products – 0.6%

Georgia-Pacific LLC,

0.63%, 5/15/24⁽¹⁾		2,100		2,000

Health Care Facilities & Services – 1.3%

Cigna Group (The),

1.25%, 3/15/26		580		526

CVS Health Corp.,

2.63%, 8/15/24		1,200		1,163

Elevance Health, Inc.,

2.38%, 1/15/25		1,180		1,129

HCA, Inc.,

5.00%, 3/15/24		500		497

UnitedHealth Group, Inc.,

2.38%, 8/15/24		1,170		1,133

				4,448

Home Construction – 0.5%

D.R. Horton, Inc.,

2.50%, 10/15/24		750		717

Forestar Group, Inc.,

5.00%, 3/1/28 ⁽¹⁾		1,100		985

				1,702



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 28.9% continued

Household Products – 0.9%

Colgate-Palmolive Co.,

4.80%, 3/2/26		$570		$582

Haleon UK Capital PLC,

3.13%, 3/24/25		1,500		1,450

Kenvue, Inc.,

5.35%, 3/22/26 ⁽¹⁾		1,080		1,108

				3,140

Industrial Support Services – 0.2%

WW Grainger, Inc.,

1.85%, 2/15/25		650		618

Institutional Financial Services – 0.5%

Coinbase Global, Inc.,

3.38%, 10/1/28 ⁽¹⁾		600		370

Goldman Sachs Group (The), Inc.,

(Variable, U.S. SOFR + 0.61%), 0.86%, 2/12/26 ⁽³⁾		10		9

Morgan Stanley,

3.70%, 10/23/24		1,000		979

(Variable, U.S. SOFR + 1.15%), 2.72%, 7/22/25 ⁽³⁾		230		222

				1,580

Insurance – 2.4%

Brighthouse Financial Global Funding, (Floating, U.S. SOFR + 0.76%), 5.33%, 4/12/24 ⁽¹⁾⁽²⁾		400		395

Brown & Brown, Inc.,

4.20%, 9/15/24		500		491

Corebridge Financial, Inc.,

3.50%, 4/4/25 ⁽¹⁾		300		288

GA Global Funding Trust,

(Floating, U.S. SOFR + 0.50%), 5.32%, 9/13/24 ⁽¹⁾⁽²⁾		2,400		2,334

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,

7.63%, (100% Cash), 10/15/25 ⁽¹⁾⁽⁴⁾		621		573

Jackson National Life Global Funding,

1.75%, 1/12/25 ⁽¹⁾		850		796

New York Life Global Funding,

(Floating, U.S. SOFR Compounded Index + 0.33%), 4.91%, 1/14/25 ⁽¹⁾⁽²⁾		1,300		1,285



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 28.9% continued

Insurance – 2.4% continued

Principal Life Global Funding II,

2.25%, 11/21/24 ⁽¹⁾		$930		$892

Protective Life Global Funding,

0.78%, 7/5/24 ⁽¹⁾		500		474

Security Benefit Global Funding,

1.25%, 5/17/24		700		664

				8,192

Leisure Facilities & Services – 0.4%

Hyatt Hotels Corp.,

1.80%, 10/1/24		1,500		1,420

Machinery – 0.2%

CNH Industrial Capital LLC,

3.95%, 5/23/25		460		448

Stanley Black & Decker, Inc.,

6.27%, 3/6/26		400		405

				853

Medical Equipment & Devices – 0.8%

Baxter International, Inc.,

(Floating, U.S. SOFR Compounded Index + 0.44%), 5.22%, 11/29/24 ⁽²⁾		540		531

DH Europe Finance II S.a.r.l.,

2.20%, 11/15/24		840		806

GE HealthCare Technologies, Inc.,

5.55%, 11/15/24 ⁽¹⁾		1,300		1,308

				2,645

Oil & Gas Producers – 1.5%

Continental Resources, Inc.,

2.27%, 11/15/26 ⁽¹⁾		100		89

EQT Corp.,

6.13%, 2/1/25		1,100		1,106

ONEOK, Inc.,

2.20%, 9/15/25		500		463

Phillips 66,

3.85%, 4/9/25		1,900		1,859

Pioneer Natural Resources Co.,

1.13%, 1/15/26		1,160		1,054

Plains All American Pipeline L.P.,

(Variable, ICE LIBOR USD 3M + 4.11%), 8.97%, 5/5/23 ⁽²⁾⁽⁵⁾		525		465

				5,036



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 28.9% continued

Real Estate Investment Trusts – 1.2%

American Tower Corp.,

2.40%, 3/15/25		$945		$898

1.30%, 9/15/25		940		860

Equinix, Inc.,

2.63%, 11/18/24		975		939

Healthpeak OP LLC,

3.25%, 7/15/26		50		47

Simon Property Group L.P.,

2.00%, 9/13/24		870		831

Welltower OP LLC,

3.63%, 3/15/24		650		636

				4,211

Retail - Consumer Staples – 0.0%

Dollar General Corp.,

4.25%, 9/20/24		170		168

Retail - Discretionary – 0.8%

Carvana Co.,

5.50%, 4/15/27 ⁽¹⁾		750		333

Home Depot (The), Inc.,

4.00%, 9/15/25		1,260		1,251

Lowe’s Cos., Inc.,

4.40%, 9/8/25		990		985

				2,569

Semiconductors – 0.4%

Analog Devices, Inc.,

(Floating, U.S. SOFR + 0.25%), 5.12%, 10/1/24 ⁽²⁾		200		198

Intel Corp.,

4.88%, 2/10/26		65		66

Microchip Technology, Inc.,

0.98%, 9/1/24		920		868

Texas Instruments, Inc.,

4.70%, 11/18/24		210		212

				1,344

Software – 0.7%

Oracle Corp.,

2.95%, 11/15/24		2,000		1,942

Roper Technologies, Inc.,

2.35%, 9/15/24		470		453

				2,395



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 28.9% continued

Specialty Finance – 1.4%

Air Lease Corp.,

0.80%, 8/18/24		$980		$914

Ally Financial, Inc.,

3.88%, 5/21/24		1,000		961

American Express Co.,

2.50%, 7/30/24		540		522

Aviation Capital Group LLC,

1.95%, 1/30/26 ⁽¹⁾		1,100		978

Synchrony Financial,

4.88%, 6/13/25		870		805

7.25%, 2/2/33		695		613

				4,793

Steel – 0.1%

Nucor Corp.,

3.95%, 5/23/25		410		403

Technology Services – 0.9%

Fidelity National Information Services, Inc.,

0.60%, 3/1/24		340		325

4.50%, 7/15/25		340		336

Fiserv, Inc.,

2.75%, 7/1/24		260		252

Global Payments, Inc.,

1.50%, 11/15/24		240		226

2.65%, 2/15/25		500		475

International Business Machines Corp.,

4.00%, 7/27/25		985		974

PayPal Holdings, Inc.,

2.40%, 10/1/24		660		639

				3,227

Telecommunications – 0.7%

T-Mobile U.S.A., Inc.,

3.50%, 4/15/25		1,700		1,653

Verizon Communications, Inc.,

0.85%, 11/20/25		790		719

				2,372

Transportation & Logistics – 0.1%

United Airlines Pass Through Trust, Series 2020-1, Class B,

4.88%, 1/15/26		347		336

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 28.9% continued

Wholesale - Consumer Staples – 0.4%

Bunge Ltd. Finance Corp.,
1.63%, 8/17/25

1,310

$1,212

Total Corporate Bonds

(Cost $103,079)

98,034

FOREIGN ISSUER BONDS – 17.4%

Asset Management – 0.4%

UBS A.G.,

0.70%, 8/9/24 ⁽¹⁾

400

374

UBS Group A.G.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.83%), 1.01%, 7/30/24 ^{(1) (3)}

1,000

980

1,354

Automotive – 0.6%

Kia Corp.,

2.38%, 2/14/25 ⁽¹⁾

410

389

Mercedes-Benz Finance North America LLC,

0.75%, 3/1/24 ⁽¹⁾

600

576

Volkswagen Group of America Finance LLC,

(Floating, U.S. SOFR + 0.95%), 5.76%, 6/7/24 ^{(1) (2)}

1,050

1,047

2,012

Banking – 9.7%

ANZ New Zealand International Ltd.,

(Floating, U.S. SOFR + 0.60%), 5.35%, 2/18/25 ^(1)
(2)

810

802

Australia & New Zealand Banking Group Ltd.,

5.09%, 12/8/25

250

252

Banco Santander S.A.,

(Floating, U.S. SOFR + 1.24%), 5.99%, 5/24/24 ⁽²⁾

2,800

2,793

Bank of Montreal,

(Floating, U.S. SOFR Compounded Index + 0.62%), 5.46%, 9/15/26 ⁽²⁾

100

Bank of New Zealand,

2.00%, 2/21/25 ⁽¹⁾

1,170

1,113

Bank of Nova Scotia (The),

4.50%, 12/16/25

300

294


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 17.4% continued

Banking – 9.7% continued

Barclays PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.80%), 1.01%, 12/10/24 ⁽³⁾		$685		$660

BNP Paribas S.A.,

4.25%, 10/15/24		1,000		968

(Variable, ICE LIBOR USD 3M + 1.11%), 2.82%, 11/19/25 ^(1) (3)		1,110		1,055

BPCE S.A.,

1.00%, 1/20/26 ⁽¹⁾		490		437

Cooperatieve Rabobank U.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%), 1.34%, 6/24/26 ^{(1) (3)}		1,950		1,781

Credit Agricole S.A.,

3.25%, 10/4/24 ⁽¹⁾		800		772

Danske Bank A/S,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 6.47%, 1/9/26 ^{(1) (3)}		565		565

Deutsche Bank A.G.,

0.96%, 11/8/23		560		535

Federation des Caisses Desjardins du Quebec, 2.05%, 2/10/25 ⁽¹⁾		1,500		1,411

(Variable, U.S. SOFR Compounded Index + 1.09%), 5.28%, 1/23/26 ^{(1) (3)}		930		929

HSBC Holdings PLC,

(Variable, U.S. SOFR + 0.53%), 0.73%, 8/17/24 ⁽³⁾		1,490		1,459

Lloyds Banking Group PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%), 2.44%, 2/5/26 ⁽³⁾		1,110		1,041

Macquarie Bank Ltd.,

2.30%, 1/22/25 ⁽¹⁾		1,000		954

Mitsubishi UFJ Financial Group, Inc., 2.80%, 7/18/24		1,000		965

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.55%), 0.95%, 7/19/25 ⁽³⁾		1,450		1,365

Mizuho Financial Group, Inc.,

(Floating, ICE LIBOR USD 3M + 0.61%), 5.62%, 9/8/24 ⁽²⁾		1,500		1,489


	PRINCIPAL AMOUNT (000S)			VALUE (000S)

FOREIGN ISSUER BONDS - 17.4% continued

Banking – 9.7% continued

National Bank of Canada,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.40%), 0.55%, 11/15/24 ⁽³⁾		$	1,200		$1,164

NatWest Markets PLC,

0.80%, 8/12/24 ⁽¹⁾			1,400		1,310

Nordea Bank Abp,

0.63%, 5/24/24 ⁽¹⁾			1,300		1,235

(Floating, U.S. SOFR + 0.96%), 5.76%, 6/6/25 ^(1) (2)			800		792

Royal Bank of Canada,

1.15%, 6/10/25			550		506

Skandinaviska Enskilda Banken AB,

0.65%, 9/9/24 ⁽¹⁾			900		843

Societe Generale S.A.,

2.63%, 10/16/24 ⁽¹⁾			1,000		945

Standard Chartered PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.05%), 6.17%, 1/9/27 ^{(1) (3)}			900		903

Sumitomo Mitsui Financial Group, Inc.,

2.45%, 9/27/24			1,200		1,150

Svenska Handelsbanken AB,

0.55%, 6/11/24 ⁽¹⁾			1,700		1,609

Toronto-Dominion Bank (The),

0.55%, 3/4/24			800		764

					32,959

Cable & Satellite – 0.4%

Sky Ltd.,

3.75%, 9/16/24⁽¹⁾			1,490		1,461

Electric Utilities – 0.5%

Drax Finco PLC,

6.63%, 11/1/25 ⁽¹⁾			1,200		1,180

Enel Finance International N.V., 4.25%, 6/15/25 ⁽¹⁾			400		392

					1,572

Governmental Banks – 0.5%

Kreditanstalt fuer Wiederaufbau,

0.50%, 9/20/24			1,860		1,758

Industrial Support Services – 0.2%

Element Fleet Management Corp.,

1.60%, 4/6/24⁽¹⁾			700		671

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 17.4% continued

Institutional Financial Services – 1.1%

Credit Suisse Group A.G.,

(Variable, U.S. SOFR + 3.34%),
6.37%, 7/15/26 ^(1)
(3)

1,000

$966

LSEGA Financing PLC,

0.65%, 4/6/24 ⁽¹⁾

900

857

Sumitomo Mitsui Trust Bank Ltd.,

(Floating, U.S. SOFR + 0.44%),
5.27%, 9/16/24 ^{(1) (2)}

1,900

1,886

3,709

Local – 0.3%

Japan Finance Organization for Municipalities,

1.75%, 9/5/24⁽¹⁾

1,020

979

Metals & Mining – 0.1%

FMG Resources Pty. Ltd., Series 2006,

5.13%, 5/15/24⁽¹⁾

500

495

Oil & Gas Producers – 0.2%

Enbridge, Inc.,

2.50%, 1/15/25

510

489

Saudi Arabian Oil Co.,

1.25%, 11/24/23 ⁽¹⁾

200

195

684

Sovereign Agencies – 0.3%

Kommunalbanken AS,

0.38%, 9/11/25⁽¹⁾

1,100

1,005

Specialty Finance – 0.7%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

1.75%, 1/30/26

1,100

985

Avolon Holdings Funding Ltd.,

2.88%, 2/15/25 ⁽¹⁾

1,000

938

goeasy Ltd.,

4.38%, 5/1/26 ⁽¹⁾

500

438

2,361

Supranationals – 0.8%

European Investment Bank,

0.38%, 7/24/24

3,000

2,849

Telecommunications – 0.6%

Bell Telephone Co. of Canada or Bell Canada (The),

0.75%, 3/17/24

2,000

1,911


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 17.4% continued

Telecommunications – 0.6% continued

NTT Finance Corp.,

0.58%, 3/1/24 ⁽¹⁾		$200		$192

				2,103

Transportation & Logistics – 1.0%

Air Canada,

3.88%, 8/15/26 ⁽¹⁾		980		890

Canadian Pacific Railway Co.,

1.35%, 12/2/24		2,550		2,402

				3,292

Total Foreign Issuer Bonds

(Cost $62,004)				59,264



U.S. GOVERNMENT AGENCIES – 7.2% ⁽⁶⁾

Fannie Mae – 2.6%

Pool #555649,

7.50%, 10/1/32		7		7

Pool #AD0915,

5.50%, 12/1/38		18		19

Pool #AI3471,

5.00%, 6/1/41		53		54

Pool #BA6574,

3.00%, 1/1/31		555		531

Pool #BC0266,

3.50%, 2/1/31		495		482

Pool #BC1465,

2.50%, 7/1/31		314		295

Pool #BE0514,

2.50%, 11/1/31		942		889

Pool #BM1239,

3.50%, 2/1/32		522		508

Pool #BM4485,

3.00%, 9/1/30		951		922

Pool #BM5017,

3.00%, 3/1/30		506		486

Pool #BM5525,

4.00%, 3/1/31		139		138

Pool #BM5708,

3.00%, 12/1/29		76		74

Pool #FM1534,

4.50%, 9/1/49		751		748

Pool #FM1773,

3.00%, 12/1/31		446		432


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 7.2% ⁽⁶⁾ continued

Fannie Mae – 2.6% continued

Pool #FM1849,

3.50%, 12/1/33		$482		$470

Pool #FM1852,

3.00%, 7/1/33		620		594

Pool #FM1897,

3.00%, 9/1/32		476		455

Pool #FM3308,

3.00%, 4/1/32		1,441		1,394

Pool #MA3090,

3.00%, 8/1/32		233		222

				8,720

Freddie Mac – 4.3%

Federal Home Loan Mortgage Corp.,

0.25%, 8/24/23		4,300		4,224

Freddie Mac REMICS, Series 4835, Class CA,

3.50%, 1/15/47		385		373

Pool #1B3617,

(Floating, ICE LIBOR USD 1Y + 1.92%, 1.92% Floor, 11.14% Cap), 4.17%, 10/1/37⁽²⁾		55		54

Pool #SB0084,

3.00%, 2/1/32		1,522		1,460

Pool #SB0093,

2.50%, 12/1/31		2,825		2,665

Pool #SB0215,

3.00%, 2/1/32		521		504

Pool #SB0216,

3.00%, 12/1/32		955		913

Pool #SB0329,

3.00%, 9/1/32		1,184		1,134

Pool #SD1959,

6.50%, 12/1/52		899		932

Pool #ZA2807,

2.50%, 2/1/28		78		75

Pool #ZK9070,

3.00%, 11/1/32		474		454

Pool #ZS6689,

2.50%, 4/1/28		244		234

Pool #ZS8598,

3.00%, 2/1/31		631		603

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 7.2% ⁽⁶⁾ continued

Freddie Mac – 4.3% continued

Pool #ZS8675,

2.50%, 11/1/32

$970

$910

14,535

Freddie Mac Gold – 0.2%

Pool #A92650,

5.50%, 6/1/40

Pool #E04360,

2.50%, 4/1/28

288

277

Pool #G18641,

3.00%, 4/1/32

179

171

Pool #G18647,

3.00%, 6/1/32

428

409

892

Government National Mortgage Association – 0.1%

Government National Mortgage Association, Series 2017-95, Class QG,

2.50%, 8/20/46

423

388

Total U.S. Government Agencies

(Cost $26,093)

24,535

U.S. GOVERNMENT OBLIGATIONS – 34.4%

U.S. Treasury Notes – 34.4%

4.50%, 11/30/24

59,950

60,184

4.00%, 2/15/26

56,597

56,832

117,016

Total U.S. Government Obligations

(Cost $116,463)

117,016

MUNICIPAL BONDS – 1.3%

Florida – 0.4%

Florida State Board of Administration Finance Corp. Taxable Revenue Bonds, Series A,

1.26%, 7/1/25

1,100

1,023

Miami-Dade County Aviation Taxable Revenue Refunding Bonds, Series B,

1.23%, 10/1/25

500

460

1,483

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 1.3% continued

New York – 0.9%

New York State Thruway Authority Taxable Revenue Refunding Bonds, Series M,

2.12%, 1/1/24

$640

$626

New York Taxable G.O. Unlimited Refunding Bonds, Series D, Fiscal 2021,

0.59%, 8/1/23

500

493

Port Authority of New York & New Jersey Consolidated Taxable Revenue Bonds, Series AAA,

1.09%, 7/1/23

2,000

1,981

3,100

Total Municipal Bonds

(Cost $4,740)

4,583

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 0.4%

Northern Institutional Funds -

U.S. Government Portfolio (Shares), 4.61%⁽⁷⁾⁽⁸⁾

1,288,092

$1,288

Total Investment Companies

(Cost $1,288)

1,288

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 1.5%

U.S. Treasury Bill,

4.47%, 5/4/23⁽⁹⁾

$4,500

$4,482

4.15%, 5/11/23^(9)
(10)

450

448

Total Short-Term Investments

(Cost $4,929)

4,930

Total Investments – 99.5%

(Cost $348,651)

338,014

Other Assets less Liabilities – 0.5%

1,711

NET ASSETS – 100.0%

$339,725

⁽¹⁾

⁽²⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽³⁾

Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of March 31, 2023.

⁽⁴⁾

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁵⁾

Perpetual bond. Maturity date represents next call date.

⁽⁶⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽⁷⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁸⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁹⁾

Discount rate at the time of purchase.

⁽¹⁰⁾

Security pledged as collateral to cover margin requirements for open futures contracts.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At March 31, 2023, the Fund had open futures contracts as follows:



TYPE	NUMBER OF CONTRACTS			NOTIONAL AMOUNT (000S)			CONTRACT POSITION		CONTRACT EXP.		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)⁽¹⁾
2-Year U.S. Treasury Note		257			$53,058			Long		6/23		$540
5-Year U.S. Treasury Note		(185	)		(20,259	)		Short		6/23		(388	)

Total												$152

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

At March 31, 2023, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		5.0	%

Commercial Mortgage-Backed Securities		3.4	%

Corporate Bonds		28.9	%

Foreign Issuer Bonds		17.4	%

U.S. Government Agencies		7.2	%

U.S. Government Obligations		34.4	%

Municipal Bonds		1.3	%

Investment Companies		0.4	%

Short-Term Investments		1.5	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Asset-Backed Securities⁽¹⁾	$	—		$	16,931		$ —	$	16,931
Commercial Mortgage-Backed Securities		—			11,433		—		11,433
Corporate Bonds⁽¹⁾		—			98,034		—		98,034
Foreign Issuer Bonds⁽¹⁾		—			59,264		—		59,264
U.S. Government Agencies⁽¹⁾		—			24,535		—		24,535
U.S. Government Obligations		—			117,016		—		117,016
Municipal Bonds⁽¹⁾		—			4,583		—		4,583
Investment Companies		1,288			—		—		1,288
Short-Term Investments		—			4,930		—		4,930

Total Investments	$	1,288		$	336,726		$—	$	338,014
OTHER FINANCIAL INSTRUMENTS
Assets
Futures Contracts	$	540		$	—		$—	$	540
Liabilities
Futures Contracts		(388	)		—		—		(388	)
Total Other Financial
Instruments	$	152		$	—		$—	$	152

⁽¹⁾

Classifications as defined in the Schedule of Investments.

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS – 9.0%

Aerospace & Defense – 0.2%

Boeing (The) Co.,

1.43%, 2/4/24

$5,000

$4,831

Asset Management – 0.4%

FS KKR Capital Corp.,

1.65%, 10/12/24

10,000

9,196

Automotive – 0.5%

General Motors Financial Co., Inc.,

(Floating, U.S. SOFR + 0.62%), 5.20%, 10/15/24 ⁽¹⁾

2,000

1,970

Hyundai Capital America,

1.25%, 9/18/23 ⁽²⁾

5,000

4,896

Nissan Motor Acceptance Co. LLC,

1.13%, 9/16/24 ⁽²⁾

4,500

4,207

11,073

Banking – 2.1%

Bank of America Corp.,

(Variable, U.S. SOFR + 1.29%), 5.08%, 1/20/27 ⁽³⁾

10,000

9,969

Citizens Bank N.A.,

(Variable, U.S. SOFR + 1.40%), 4.12%, 5/23/25 ⁽³⁾

5,000

4,720

Huntington National Bank (The),

(Variable, U.S. SOFR + 1.21%), 4.01%, 5/16/25 ⁽³⁾

5,000

4,788

JPMorgan Chase & Co.,

(Variable, U.S. SOFR + 0.98%), 3.85%, 6/14/25 ⁽³⁾

5,000

4,903

(Floating, U.S. SOFR + 0.77%), 5.62%, 9/22/27 ⁽¹⁾

11,400

11,157

KeyBank N.A.,

4.70%, 1/26/26

1,250

1,200

Santander Holdings U.S.A., Inc.,

(Variable, U.S. SOFR Compounded Index + 1.38%), 4.26%, 6/9/25 ⁽³⁾

9,500

9,175

Truist Financial Corp.,

(Floating, U.S. SOFR + 0.40%), 5.22%, 6/9/25 ⁽¹⁾

5,000

4,787

50,699

Electric Utilities – 0.2%

Black Hills Corp.,

1.04%, 8/23/24

5,700

5,363


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 9.0% continued

Insurance – 3.6%

Athene Global Funding,

1.20%, 10/13/23 ⁽²⁾		$15,000		$14,572

0.95%, 1/8/24 ⁽²⁾		20,700		19,813

Corebridge Financial, Inc.,

3.50%, 4/4/25 ⁽²⁾		10,000		9,606

Jackson Financial, Inc.,

1.13%, 11/22/23		9,540		9,254

Metropolitan Life Global Funding I,

(Floating, U.S. SOFR + 0.30%), 5.17%, 9/27/24 ^(1) (2)		5,000		4,950

New York Life Global Funding,

0.90%, 10/29/24 ⁽²⁾		8,600		8,106

(Floating, U.S. SOFR + 0.48%), 5.30%, 6/9/26 ^(1) (2)		10,000		9,776

Security Benefit Global Funding,

1.25%, 5/17/24		9,300		8,819

				84,896

Medical Equipment & Devices – 0.5%

Baxter International, Inc.,

1.32%, 11/29/24		5,000		4,705

Zimmer Biomet Holdings, Inc.,

1.45%, 11/22/24		7,600		7,183

				11,888

Semiconductors – 0.0%

Intel Corp.,

4.88%, 2/10/26		795		805

Specialty Finance – 1.3%

Air Lease Corp.,

0.80%, 8/18/24		10,000		9,326

Capital One Financial Corp.,

(Variable, U.S. SOFR + 0.69%), 1.34%, 12/6/24 ⁽³⁾		9,490		9,164

(Floating, U.S. SOFR + 0.69%), 5.50%, 12/6/24 ⁽¹⁾		3,700		3,620

Synchrony Financial,

4.88%, 6/13/25		10,000		9,257

				31,367

Technology Services – 0.2%

Global Payments, Inc.,

1.50%, 11/15/24		3,450		3,250

Total Corporate Bonds

(Cost $222,456)				213,368


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 12.3%

Banking – 10.0%

Banco Santander S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.45%), 0.70%, 6/30/24 ⁽³⁾		$5,000		$4,927

5.15%, 8/18/25		5,000		4,908

Bank of Montreal,

(Floating, U.S. SOFR Compounded Index + 0.62%), 5.46%, 9/15/26 ⁽¹⁾		14,600		14,244

Bank of Nova Scotia (The),

(Floating, U.S. SOFR + 0.61%), 5.45%, 9/15/26 ⁽¹⁾		14,770		14,423

Banque Federative du Credit Mutuel S.A.,

(Floating, U.S. SOFR Compounded Index + 0.41%), 5.12%, 2/4/25 ^{(1) (2)}		18,000		17,708

Commonwealth Bank of Australia,

(Floating, U.S. SOFR + 0.40%), 5.27%, 7/7/25 ^(1) (2)		5,000		4,937

Cooperatieve Rabobank U.A.,

1.38%, 1/10/25		5,000		4,697

Credit Suisse A.G.,

3.63%, 9/9/24		5,000		4,758

DBS Group Holdings Ltd.,

1.17%, 11/22/24 ⁽²⁾		15,000		14,142

(Floating, U.S. SOFR Compounded Index + 0.30%), 5.05%, 11/22/24 ^{(1) (2)}		5,000		4,943

Deutsche Bank A.G.,

(Floating, U.S. SOFR + 1.22%), 5.96%, 11/16/27 ⁽¹⁾		7,500		6,638

Federation des Caisses Desjardins du Quebec,

4.40%, 8/23/25 ⁽²⁾		5,000		4,877

HSBC Holdings PLC,

(Variable, U.S. SOFR + 0.53%), 0.73%, 8/17/24 ⁽³⁾		5,000		4,896

(Variable, U.S. SOFR + 0.58%), 1.16%, 11/22/24 ⁽³⁾		10,000		9,704

ING Groep N.V.,

(Floating, U.S. SOFR Compounded Index + 1.01%), 5.88%, 4/1/27 ⁽¹⁾		23,800		23,141

PRINCIPAL

AMOUNT

(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 12.3% continued

Banking – 10.0% continued

Macquarie Group Ltd.,

(Floating, U.S. SOFR + 0.71%), 5.29%, 10/14/25 ^(1)
(2)

$15,740

$15,285

Mizuho Financial Group, Inc.,

(Floating, U.S. SOFR + 0.96%), 5.71%, 5/22/26 ⁽¹⁾

10,000

9,824

National Bank of Canada,

(Variable, U.S. SOFR + 1.01%),
3.75%, 6/9/25 ⁽³⁾

9,160

8,970

Nationwide Building Society,

(Floating, U.S. SOFR + 1.29%), 6.03%, 2/16/28 ^(1)
(2)

9,300

8,882

NatWest Markets PLC,

(Floating, U.S. SOFR + 0.76%), 5.63%, 9/29/26 ^(1)
(2)

7,800

7,547

Royal Bank of Canada,

(Floating, U.S. SOFR Compounded Index + 0.59%), 5.28%, 11/2/26 ⁽¹⁾

10,000

9,748

Sumitomo Mitsui Financial Group, Inc.,

5.46%, 1/13/26

10,000

10,096

(Floating, U.S. SOFR + 0.88%), 5.44%, 1/14/27 ⁽¹⁾

9,880

9,639

Toronto-Dominion Bank (The),

(Floating, U.S. SOFR + 0.35%), 5.17%, 9/10/24 ⁽¹⁾

5,000

4,959

5.10%, 1/9/26

5,000

5,031

Westpac Banking Corp.,

1.02%, 11/18/24

8,880

8,348

237,272

Institutional Financial Services – 0.4%

Nomura Holdings, Inc.,

5.71%, 1/9/26

10,000

10,028

Oil & Gas Producers – 0.3%

TransCanada PipeLines Ltd.,

1.00%, 10/12/24

7,910

7,417

Specialty Finance – 0.4%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

1.65%, 10/29/24

10,000

9,354

Transportation & Logistics – 0.8%

Canadian Pacific Railway Co.,

1.35%, 12/2/24

20,000

18,844


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 12.3% continued

Transportation Equipment – 0.4%

Daimler Truck Finance North America LLC,

1.63%, 12/13/24 ⁽²⁾		$5,350		$5,063

(Floating, U.S. SOFR + 0.75%), 5.59%, 12/13/24 ^{(1) (2)}		5,000		4,933

				9,996

Total Foreign Issuer Bonds

(Cost $302,371)				292,911



MUNICIPAL BONDS – 65.1%

Alabama – 3.7%

Alabama Federal Aid Highway Finance Authority Special Obligation Revenue Refunding GARVEE Bonds, Series B, Escrowed to Maturity,

5.00%, 9/1/25		7,425		7,876

Black Belt Energy Gas District Gas Supply Revenue Bonds, Subseries D2,

(Floating, U.S. SOFR + 1.40%), 4.64%, 6/1/27^(1) (4)		20,000		19,872

Black Belt Energy Gas District Revenue Bonds, Gas Project No. 7-S,

4.00%, 12/1/23		2,100		2,101

4.00%, 12/1/24		3,000		2,998

Black Belt Energy Gas District Revenue Bonds, Series A, Gas Project No. 8,

4.00%, 12/1/23		1,600		1,602

Black Belt Energy Gas District Variable Revenue Bonds, Gas Project,

(Floating, SIFMA Municipal Swap Index Yield + 0.35%), 4.32%, 12/1/26^{(1) (4)}		29,000		27,928

South East Alabama State Gas Supply District Gas Supply Revenue Bonds, Series C, SIFMA Index-Project No. 1,

(Floating, SIFMA Municipal Swap Index Yield + 0.65%), 4.62%, 4/1/24^{(1) (4)}		26,000		25,911

Southeast Energy Authority Revenue Bonds, A Cooperative District Commodity Supply Project No. 1, Series A,

4.00%, 10/1/23		425		426
				88,714


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Alaska – 0.6%

Alaska State International Airports Revenue Refunding Bonds, Series C (AMT),

5.00%, 10/1/23		$1,525		$1,538

Alaska State Municipal Bond Bank Authority Revenue Refunding Bonds, Series One,

5.00%, 12/1/23		1,495		1,516

North Slope Borough G.O. Unlimited Bonds, Series C,

4.00%, 6/30/24		9,360		9,510

Northern Tobacco Securitization Corp. Settlement Revenue Refunding Senior Bonds, Series A, Class 1,

4.00%, 6/1/23		500		500

5.00%, 6/1/24		580		590

				13,654

Arizona – 0.9%

Arizona State Health Facilities Authority Variable Revenue Bonds, Series B-RMK, Banner Health,

(Floating, SIFMA Municipal Swap Index Yield + 0.25%), 4.22%, 11/4/26^{(1) (4)}		9,130		8,923

Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds,

4.00%, 11/1/23		600		602

Arizona State Sports & Tourism Authority Senior Lien Revenue Refunding Bonds, Multipurpose Stadium Facility Project (BAM Insured),

5.00%, 7/1/25		2,500		2,622

Arizona State Transportation Board Revenue GARVEE Bonds GANS, Series A,

5.00%, 7/1/25		1,055		1,113

Maricopa County IDA Variable Revenue Refunding Bonds, Series B, Banner Health,

(Floating, SIFMA Municipal Swap Index Yield + 0.57%), 4.54%, 10/18/24⁽¹⁾(4)		7,495		7,468


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Arizona – 0.9% continued

Maricopa County Individual Development Authority Solid Waste Disposal Revenue Bonds (AMT), Waste Management, Inc., Project,

3.38%, 6/3/24^{(1) (4) (5)}		$1,000		$991

				21,719

California – 4.9%

Bay Area Toll Authority Toll Bridge Variable Revenue Bonds, San Francisco Bay Area Toll,

(Floating, SIFMA Municipal Swap Index Yield + 0.30%), 4.27%, 4/1/27^{(1) (4)}		8,500		8,298

Bay Area Toll Authority Toll Bridge Variable Revenue Refunding Bonds, San Francisco Bay Area,

(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 4.42%, 4/1/26^{(1) (4)}		8,750		8,668

California State G.O. Unlimited Refunding Bonds,

5.00%, 9/1/25		7,000		7,438

California State Infrastructure & Economic Development Bank Sustainability Variable Revenue Refunding Bonds, California Academy of Sciences,

(Floating, SIFMA Municipal Swap Index Yield + 0.35%), 4.32%, 8/1/24^{(1) (4)}		12,000		11,864

California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Series A, Waste Management, Inc.,

4.13%, 10/1/25^{(1) (4) (5)}		4,000		4,026

California State Municipal Finance Authority Student Housing Revenue Bonds, Orchard Park Student Housing Project, Green Bonds (BAM Insured),

5.00%, 5/15/24		500		510

California State Public Works Board Lease Revenue Bonds, Various Capital Projects, Series D,

4.00%, 11/1/23		3,000		3,027

4.00%, 11/1/24		3,020		3,097


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

California – 4.9% continued

Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Green Bond,

5.00%, 5/15/25		$420		$437

Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Private Activity,

5.00%, 5/15/25		1,890		1,968

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B,

5.00%, 7/1/23		1,250		1,258

Los Angeles Unified School District Sustainability G.O. Unlimited Bonds, Series QRR,

5.00%, 7/1/25		4,000		4,223

Metropolitan Water District of Southern California Variable Subordinate Revenue Bonds, Series C,

(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 4.11%, 5/21/24^{(1) (4)}		7,000		6,974

Metropolitan Water District of Southern California Variable Subordinate Revenue Refunding Bonds, Series D,

(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 4.11%, 5/21/24^{(1) (4)}		3,880		3,866

Metropolitan Water District of Southern California Variable Subordinate Revenue Refunding Bonds, Series E,

(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 4.11%, 5/21/24^{(1) (4)}		13,625		13,575

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

4.00%, 7/1/24^{(1) (4) (5)}		7,000		7,011

Orange County Transportation Authority Revenue BANS, I-405 Improvement Project, Escrowed to Maturity,

5.00%, 10/15/24		10,000		10,395

Sacramento City Unified School District G.O. Unlimited Bonds, Measure H, Election of 2020 (BAM Insured),

5.00%, 8/1/24		3,000		3,095


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

California – 4.9% continued

Sacramento City Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),

4.00%, 7/1/24		$1,000		$1,017

San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds, Series H (AMT),

5.00%, 5/1/25		8,500		8,802

Southern California Public Power Authority Revenue Refunding Bonds, Green Bond, Milford Wind Corridor Phase II Project,

5.00%, 7/1/23		1,105		1,112

University Of California Revenue Refunding Bonds, Series B,

5.00%, 5/15/25		4,000		4,219

Vernon Electric System Revenue Bonds, Series A,

5.00%, 10/1/23		1,250		1,261

5.00%, 10/1/24		1,100		1,128

				117,269

Colorado – 1.7%

Colorado State COPS, Series A,

5.00%, 9/1/23		1,000		1,010

5.00%, 12/15/25		1,350		1,437

Colorado State Health Facilities Authority Variable Revenue Bonds, Intermountain Healthcare,

(Floating, SIFMA Municipal Swap Index Yield + 0.55%), 4.52%, 8/17/26^{(1) (4)}		22,100		21,870

Denver City & County Airport Revenue Bonds, Series A (AMT),

5.00%, 11/15/24		1,375		1,419

Denver City & County Airport Revenue Refunding Bonds, Series C,

5.00%, 11/15/25		9,000		9,580

E-470 Public Highway Authority Variable Revenue Refunding Bonds, Series B,

(Floating, U.S. SOFR + 0.35%), 3.59%, 9/1/24^{(1) (4)}		5,880		5,856

				41,172


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Connecticut – 3.6%

Connecticut State Forward Delivery G.O. Unlimited Bonds, Social Bonds,

5.00%, 7/15/23		$4,500		$4,531

5.00%, 7/15/24		1,525		1,573

Connecticut State G.O. Unlimited Bonds, Series B, Social Bonds,

4.00%, 6/1/24		2,350		2,389

Connecticut State G.O. Unlimited Refunding Bonds, Series D,

5.00%, 9/15/23		6,500		6,571

5.00%, 9/15/24		4,000		4,142

Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series A,

2.80%, 2/10/26^{(1) (4) (5)}		5,000		4,974

Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series B, Yale New Haven,

1.80%, 7/1/24^{(1) (4) (5)}		4,000		3,902

Connecticut State Health & Educational Facilities Authority Variable Revenue Refunding Bonds, Series 2015-A,

0.38%, 7/12/24^{(1) (4) (5)}		14,790		14,269

Connecticut State HFA Housing Mortgage Finance Program Variable Revenue Bonds, Series A4, Social Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.30%), 4.27%, 11/15/24^{(1) (4)}		10,000		9,930

Connecticut State HFA Housing Mortgage Finance Program Variable Revenue Refunding Bonds, Series C, Social Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.63%), 4.60%, 11/15/24^{(1) (4)}		10,800		10,777

Connecticut State HFA Mortgage Finance Program Revenue Refunding Bonds (AMT), Series E-5, Social Bond,

5.00%, 5/15/24		2,775		2,830

5.00%, 11/15/24		2,335		2,404

Connecticut State Special Tax Obligation Revenue Bonds, Series B,

5.00%, 10/1/23		3,500		3,542

5.00%, 10/1/24		700		726


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Connecticut – 3.6% continued

Connecticut State Special Tax Obligation Revenue Bonds, Series D,

5.00%, 11/1/23		$3,485		$3,534

5.00%, 11/1/24		2,475		2,571

Greenwich G.O. Unlimited Bonds,

5.00%, 1/15/24		6,315		6,440

				85,105

District of Columbia – 0.8%

District of Columbia Income Tax Secured Revenue Refunding Bonds, Series C,

5.00%, 12/1/24		3,740		3,891

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/23		1,720		1,735

5.00%, 10/1/24		2,000		2,052

Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/24		10,000		10,263

				17,941

Florida – 1.9%

Duval County School Board COPS, Series A (AGM Insured),

5.00%, 7/1/25		3,000		3,153

Florida State Board of Education Lottery Revenue Refunding Bonds, Series A,

5.00%, 7/1/25		3,000		3,164

Florida State Department of Transportation Financing Corp. Revenue Bonds,

5.00%, 7/1/25		4,945		5,220

Hillsborough County Aviation Authority Revenue Bonds, Series A (AMT), Tampa International Airport,

5.00%, 10/1/25		1,500		1,572

Lee County Airport Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/23		2,250		2,266

Miami-Dade County Aviation Revenue Refunding Bonds, Series A,

5.00%, 10/1/23		2,500		2,524


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Florida – 1.9% continued

Miami-Dade County G.O. Unlimited Bonds, Building Better Communities Program,

5.00%, 7/1/24		$7,000		$7,212

Miami-Dade County HFA MFH Revenue Variable Revenue Bonds, Quail Roost Transit Village I (HUD Sector 8 Program),

5.00%, 9/1/25^{(1) (4) (5)}		2,500		2,591

Miami-Dade County IDA Solid Waste Disposal Revenue Bonds (AMT), Waste Management, Inc., Florida Project,

0.40%, 8/1/23⁽⁶⁾		2,500		2,469

Miami-Dade County IDA Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management, Inc., Florida Project,

(Floating, SIFMA Municipal Swap Index Yield + 0.38%), 4.35%, 7/1/24^{(1) (4)}		10,000		9,752

Orange County Water & Wastewater Revenue Bonds,

5.00%, 10/1/23		4,840		4,898

				44,821

Georgia – 0.5%

Atlanta G.O. Unlimited Bonds, Series A-1, Social Bonds,

5.00%, 12/1/25		775		828

Atlanta G.O. Unlimited Bonds, Series A-2,

5.00%, 12/1/25		1,575		1,684

Douglas County School District G.O. Unlimited Bonds (State Aid Withholding),

5.00%, 4/1/24		1,000		1,024

Georgia State G.O. Unlimited Bonds, Series A, Tranche No.1,

5.00%, 7/1/23		1,600		1,609

Georgia State Road & Tollway Authority Federal Highway Reimbursement GARVEE Bonds,

5.00%, 6/1/23		1,000		1,004

Georgia State Road & Tollway Authority GARVEE Bonds,

5.00%, 6/1/23		2,000		2,008


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Georgia – 0.5% continued

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series B,

5.00%, 6/1/24		$600		$607

5.00%, 6/1/25		700		714

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series C,

4.00%, 12/1/23		750		751

Monroe County Development Authority Pollution Control Variable Revenue Refunding Bonds, Georgia Power Company Plant Scherer,

3.88%, 3/6/26^{(1) (4) (5)}		1,000		1,014

				11,243

Illinois – 0.9%

Chicago Midway Airport Revenue Refunding Bonds, Series A (AMT),

5.00%, 1/1/26		3,500		3,649

Chicago O’Hare International Airport Senior Lien Revenue Refunding Bonds (AMT),

5.00%, 1/1/24		2,000		2,026

5.00%, 1/1/25		1,000		1,031

Elgin Corporate Purpose G.O. Unlimited Refunding Bonds, Series A,

5.00%, 12/15/23		1,000		1,016

Illinois State Finance Authority Green Revenue Bonds,

5.00%, 7/1/23		1,305		1,312

Illinois State Finance Authority Variable Revenue Refunding Bonds, Field Museum of Natural History,

(Floating, U.S. SOFR + 1.20%), 4.59%, 9/1/25^(1) (4)		9,860		9,840

Illinois State G.O. Unlimited Bonds, Series D,

5.00%, 11/1/24		1,020		1,051

Metropolitan Water Reclamation District of Greater Chicago G.O. Limited Refunding Bonds, Series C,

5.00%, 12/1/24		2,210		2,295

				22,220


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Indiana – 0.9%

Decatur Township Multi-School Building Corp. First Mortgage Multipurpose Revenue Refunding Bonds (State Intercept Program),

5.00%, 7/15/25		$1,545		$1,625

Indiana State Finance Authority Health System Revenue Bonds, Indiana University Health,

2.25%, 7/1/25^{(1) (4) (5)}		10,000		9,819

Indiana State Finance Authority Revenue Refunding Bonds, Series A, Stadium Project,

5.00%, 2/1/25		1,025		1,069

Indiana State Finance Authority Variable Revenue Refunding Bonds, Deaconess Health System,

(Floating, SIFMA Municipal Swap Index Yield + 0.30%), 4.27%, 3/1/27^{(1) (4)}		6,935		6,769

Indiana State Housing & Community Development Authority Collateralized Variable Revenue Bonds, RD Moving Forward Biggs Project,

2.00%, 4/1/24^{(1) (4) (5)}		1,000		988

Indianapolis Local Public Improvement Bond Bank Revenue Refunding Bonds, Series A,

5.00%, 6/1/23		1,400		1,405

				21,675

Iowa – 0.4%

Ames G.O. Unlimited Refunding Bonds, Series A,

5.00%, 6/1/24		1,840		1,891

Des Moines Independent Community School District School Infrastructure Sales Revenue Refunding Bonds,

5.00%, 6/1/24		7,155		7,337

Iowa State Special Obligation Revenue Refunding Bonds, Series A,

5.00%, 6/1/23		1,045		1,049

				10,277

Kansas – 0.5%

Maize G.O. Unlimited Bonds, Series A,

0.45%, 9/1/24		3,520		3,355


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Kansas – 0.5% continued

Topeka Utility Revenue Refunding Bonds, Series A (BAM Insured),

4.00%, 8/1/23		$7,900		$7,937

				11,292

Kentucky – 0.5%

Asset/Liability Commission General Revenue Refunding Bonds, Series A,

5.00%, 11/1/23		4,350		4,402

Campbell & Kenton Counties Sanitation District No. 1 Revenue Bonds, Series B,

5.00%, 8/1/23		1,650		1,663

Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply,

4.00%, 1/1/25^{(1) (4) (5)}		5,410		5,407

				11,472

Louisiana – 1.3%

Louisiana Stadium & Exposition District Revenue BANS,

4.00%, 7/3/23		4,825		4,828

Louisiana State G.O. Unlimited Refunding Bonds, Series C,

5.00%, 8/1/23		5,000		5,039

Louisiana State GARVEE Bonds,

5.00%, 9/1/23		4,600		4,645

Louisiana State Gas & Fuels Tax Second Lien Variable Revenue Refunding Bonds, Series A,

(Floating, U.S. SOFR + 0.50%), 3.89%, 5/1/26^(1) (4)		12,405		12,169

Louisiana State Local Government Environmental Facilities & Community Development Authority Insurance Revenue Bonds, Louisiana Insurance Guaranty Association,

5.00%, 8/15/25		3,000		3,156

				29,837

Maine – 0.5%

Maine State Housing Authority Mortgage Purchase Revenue Bonds, Series A, Social Bonds,

0.40%, 11/15/23		1,035		1,019


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Maine – 0.5% continued

Maine State Housing Authority Mortgage Purchase Variable Revenue Bonds, Series B, Social Bonds,

3.13%, 5/1/24^{(1) (4) (5)}		$10,000		$10,000

Portland G.O. Unlimited Refunding Bonds,

4.00%, 4/1/24		700		709

South Portland G.O. Limited Refunding Bonds,

4.00%, 7/15/24		900		917

				12,645

Maryland – 0.2%

Maryland Department of Transportation Consolidated Transportation Revenue Bonds, Second Issue,

5.00%, 6/1/23		1,000		1,004

Maryland State Community Development Administration Department Housing & Community Development Revenue Bonds, Series B,

0.25%, 9/1/23		445		440

0.35%, 3/1/24		500		487

0.40%, 9/1/24		1,100		1,059

Maryland Transportation Authority Revenue Refunding Bonds, Series A, Transportation Facilities Project,

5.00%, 7/1/23		1,000		1,006

Washington Suburban Sanitary District Revenue Bonds (County Gtd.),

5.00%, 6/1/24		1,000		1,028

				5,024

Michigan – 1.7%

Michigan State Finance Authority Variable Revenue Refunding Bonds, Beaumont-Spectrum Consolidation,

(Floating, SIFMA Municipal Swap Index Yield + 0.75%), 4.72%, 4/15/27⁽¹⁾⁽⁴⁾		15,000		14,672

Michigan State HDA Rental Housing Revenue Bonds, Series A,

3.35%, 4/1/26		655		666


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Michigan – 1.7% continued

Michigan State Strategic Fund Exempt Facilities Adjustable Revenue Bonds (AMT), Waste Management, Inc., Project,

0.58%, 8/1/24^{(1) (4) (5)}		$3,000		$2,863

Romulus Community School G.O. Unlimited Refunding Bonds, Series A (Q-SBLF Insured),

4.00%, 5/1/24		1,270		1,287

Traverse City Area Public Schools G.O. Unlimited Bonds, Series II,

3.00%, 5/1/23		4,425		4,426

3.00%, 5/1/24		3,375		3,386

Wayne County Airport Authority Revenue Refunding Bonds (AMT),

4.00%, 12/1/24⁽²⁾		11,730		11,868

West Bloomfield School District Building and Site G.O. Unlimited Bonds (AGM Insured),

3.00%, 5/1/23		1,000		1,000

				40,168

Minnesota – 2.8%

Metropolitan Council Minneapolis-Saint Paul Area G.O. Unlimited GANS, Series C,

0.45%, 12/1/23		8,160		7,993

Minnesota Housing Finance Agency Residential Housing Variable Revenue Refunding Bonds (GNMA, FNMA, FHLMC Insured),

(Floating, SIFMA Municipal Swap Index Yield + 0.55%), 4.52%, 12/12/23^{(1) (4)}		4,445		4,444

Minnesota Municipal Gas Agency Commodity Supply Variable Revenue Bonds, Series B,

(Floating, U.S. SOFR + 1.00%), 4.24%, 12/1/27^(1) (4)		40,000		39,173

Minnesota State G.O. Unlimited Bonds, Series E,

2.00%, 8/1/23		11,500		11,472

Minnesota State Rural Water Finance Authority Public Projects Construction Revenue Notes,

2.63%, 12/1/23		4,000		3,971

				67,053


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Missouri – 0.0%

Saint Louis County Special Obligation Revenue Refunding Bonds, Series F,

5.00%, 12/1/23		$715		$726

Nevada – 0.7%

Clark County Airport Revenue Refunding Bonds (AMT), Jet Aviation Fuel Tax,

5.00%, 7/1/24		1,500		1,533

5.00%, 7/1/25		2,550		2,639

Clark County Airport Subordinate Revenue Refunding Bonds, Series B (AMT),

5.00%, 7/1/24		2,000		2,043

Clark County School District G.O. Limited Bonds, Series A,

5.00%, 6/15/23		3,300		3,315

5.00%, 6/15/24		6,935		7,127

				16,657

New Hampshire – 0.0%

Manchester Public Improvement G.O. Unlimited Bonds, Series A,

4.00%, 6/15/23		1,000		1,003

New Jersey – 1.7%

Clifton General Improvement G.O. Unlimited Refunding Bonds (BAM Insured),

2.00%, 8/15/23		750		748

3.00%, 8/15/24		500		502

Essex County G.O. Unlimited Bonds, Series A and C,

2.00%, 8/15/24		2,280		2,257

Fair Lawn G.O. Unlimited Bonds,

2.00%, 9/1/23		2,020		2,013

2.00%, 9/1/24		1,980		1,955

Gloucester County Improvement Authority Revenue Bonds, Rowan University Student Center Project,

0.60%, 3/1/24		2,400		2,326

Hudson County Improvement Authority Secured Lease Revenue Bonds, Hudson County Courthouse Project,

4.00%, 10/1/23		1,000		1,007


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

New Jersey – 1.7% continued

Jersey City Redevelopment Agency Revenue Bonds, Bayfront Redevelopment Project (Municipal Government Gtd.),

4.00%, 12/15/24		$5,350		$5,469

New Jersey State EDA Revenue Refunding Bonds, School Facilities Construction (State Appropriation Insured),

(Floating, SIFMA Municipal Swap Index Yield + 1.60%), 5.57%, 3/1/28⁽¹⁾		5,000		4,989

New Jersey State Educational Facilities Authority Revenue Bonds, Series B,

5.00%, 3/1/24		5,000		5,111

New Jersey State G.O. Unlimited Bonds, Covid-19 Go Emergency Bonds,

4.00%, 6/1/23		10,000		10,023

River Vale Township School District G.O. Unlimited Bonds (School Board Resource Fund Insured),

1.00%, 6/15/23		1,625		1,617

1.00%, 6/15/24		1,130		1,096

Waldwick New Jersey District G.O. Unlimited Bonds (School Board Resource Fund Insured),

1.00%, 7/15/23		970		963

1.00%, 7/15/24		595		574

				40,650

New Mexico – 0.0%

New Mexico Mortgage Finance Authority SFM Program Revenue Bonds, Series A (GNMA, FNMA, FHLMC Insured),

0.25%, 7/1/23		555		551

New York – 6.1%

Erie County Industrial Development Agency School Facility Revenue Refunding Bonds, School District & Buffalo City Project (State Aid Withholding),

5.00%, 5/1/24		2,350		2,411


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

New York – 6.1% continued

Long Island Power Authority Electric System Variable Revenue Refunding Bonds, Series C,

(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 4.42%, 9/1/25^{(1) (4)}		$11,500		$11,539

Metropolitan Transportation Authority Revenue Refunding Bonds, Green Bonds, Series C-1,

5.00%, 11/15/23		3,000		3,034

Metropolitan Transportation Authority Variable Revenue Bonds, Subseries D-1,

(Floating, U.S. SOFR + 0.33%), 3.57%, 4/1/24^(1) (4)		4,490		4,451

Metropolitan Transportation Authority Variable Revenue Refunding Bonds, Subseries G-1,

(Floating, U.S. SOFR + 0.43%), 3.67%, 11/1/26⁽¹⁾		1,320		1,305

Metropolitan Transportation Authority Variable Revenue Tender Notes,

(Floating, U.S. SOFR + 0.65%), 3.91%, 4/1/26^(1) (4)		40,000		38,695

Monroe County G.O. Limited Bonds,

5.00%, 6/1/25		3,360		3,541

Monroe County Industrial Development Corp. Revenue Bonds, University of Rochester Project,

5.00%, 7/1/23		1,000		1,006

New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Subseries D,

5.00%, 11/1/23		8,000		8,108

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Refunding Bonds,

5.00%, 11/1/23		4,500		4,561

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series E, Bidding Group

1, 5.00%, 3/15/24		16,000		16,381


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

New York – 6.1% continued

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 235 (AMT), Social Bonds,

0.40%, 4/1/23		$480		$480

0.55%, 10/1/23		760		750

0.65%, 4/1/24		710		692

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds (AMT), Terminal 4 John F. Kennedy International Airport,

5.00%, 12/1/23		1,000		1,010

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,

5.00%, 12/1/23		1,000		1,012

Oneida County G.O. Limited BANS,

5.00%, 3/1/24		7,000		7,146

Triborough Bridge & Tunnel Authority General Variable Revenue Refunding Bonds, Subseries B-4A-R,

(Floating, U.S. SOFR + 0.38%), 3.64%, 2/1/24⁽¹⁾⁽⁴⁾		3,915		3,885

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, MTA Bridges & Tunnels, Green Bonds,

5.00%, 11/15/24		11,000		11,431

5.00%, 11/15/25		3,500		3,727

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue Bonds, Series C-1A,

5.00%, 5/15/23		3,000		3,008

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Variable Revenue Refunding Bonds, Series E, Green Bonds,

(Floating, U.S. SOFR + 1.05%), 4.31%, 4/1/26⁽¹⁾		15,560		15,707

				143,880

North Carolina – 5.8%

Charlotte Airport Revenue Refunding Bonds, Series A,

5.00%, 7/1/24		4,000		4,116


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

North Carolina – 5.8% continued

Charlotte-Mecklenburg Hospital Authority Health Care System Variable Revenue Bonds, Series D, Atrium Health,

(Floating, SIFMA Municipal Swap Index Yield + 0.60%), 4.57%, 12/1/23^{(1) (4)}		$37,000		$37,015

North Carolina State Capital Facilities Finance Agency Educational Facilities Taxable Revenue Bonds, Series B, Campbell University,

1.05%, 10/1/23		950		928

North Carolina Turnpike Authority Triangle Expressway System Revenue BANS, Escrowed to Maturity,

5.00%, 2/1/24		30,340		30,877

University of North Carolina at Chapel Hill Revenue Bonds, Series B,

(Floating, U.S. SOFR + 0.65%), 3.89%, 6/1/25⁽¹⁾⁽⁴⁾		30,000		29,943

University of North Carolina at Chapel Hill Variable Revenue Refunding Bonds, Series 2019A, Remarketing Supplement,

(Floating, U.S. SOFR + 0.65%), 3.89%, 6/1/25^(1) (4)		11,500		11,478

University of North Carolina at Chapel Hill Variable Revenue Refunding Bonds, Series 2019B, Remarketing Supplement,

(Floating, U.S. SOFR + 0.65%), 3.89%, 6/1/25^{(1) (4)}		23,925		23,879

				138,236

North Dakota – 0.6%

Cass County Joint Water Resource District G.O. Unlimited Bonds, Series A,

0.48%, 5/1/24		12,990		12,477

University of North Dakota COPS, Series A (AGM Insured),

5.00%, 6/1/24		1,000		1,026

				13,503

Ohio – 1.7%

American Municipal Power-Ohio, Inc., Revenue Refunding Bonds, Combined Hydroelectric Projects,

5.00%, 2/15/24		1,190		1,212


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Ohio – 1.7% continued

Cincinnati G.O. Unlimited Bonds, Series A,

5.00%, 12/1/24		$4,000		$4,164

Columbus G.O. Unlimited Bonds, Series A,

5.00%, 7/1/24		3,500		3,606

Cuyahoga Metropolitan Housing Authority Multifamily Housing Variable Revenue Bonds, Carver Park Phase III (FHA Insured, HUD Sector 8 Program),

4.00%, 6/1/25^{(1) (4) (5)}		3,150		3,189

Cuyahoga Metropolitan Housing Authority Multifamily Housing Variable Revenue Bonds, Wade Park Apartments (FHA Insured, HUD Sector 8 Program),

4.75%, 12/1/25^{(1) (4) (5)}		2,000		2,064

Ohio State Common Schools G.O. Unlimited Bonds, Series A,

5.00%, 6/15/23		700		703

Ohio State Common Schools G.O. Unlimited Refunding Bonds, Series A,

5.00%, 9/15/23		1,000		1,011

Ohio State HFA MFH Variable Revenue Bonds, Post Oak Station (HUD Sector 8 Program),

3.35%, 7/1/24^{(1) (4) (5)}		2,000		1,992

Ohio State Hospital Variable Revenue Bonds, Cleveland Clinic Health,

(Floating, SIFMA Municipal Swap Index Yield + 0.40%), 4.37%, 6/1/23^{(1) (4)}		15,000		14,999

Ohio State Mental Health Capital Facilities Revenue Bonds, Mental Health Facilities Improvement,

5.00%, 2/1/25		2,000		2,088

Ohio State Water Development Authority Water PCR Bonds, Series B,

5.00%, 6/1/23		5,300		5,320

				40,348

Oklahoma – 0.6%

Oklahoma County Independent School District No. 12 G.O. Unlimited Bonds, Edmond School District,

1.25%, 6/1/24		13,000		12,664


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Oklahoma – 0.6% continued

Oklahoma Municipal Power Authority Power Supply System Revenue Bonds, Series A (AGM Insured),

5.00%, 1/1/24		$1,815		$1,846

				14,510

Oregon – 0.1%

Port of Portland Airport Revenue Bonds, Series 28 (AMT),

5.00%, 7/1/25		2,500		2,593

Union County Hospital Facility Authority Revenue Bonds, Grand Ronde Hospital Project,

5.00%, 7/1/24		125		127

5.00%, 7/1/25		125		129

				2,849

Pennsylvania – 5.4%

Allegheny County Higher Education Building Authority College Variable Revenue Refunding Bonds, Carnegie Mellon University,

(Floating, U.S. SOFR + 0.29%), 3.68%, 8/1/27^(1) (4)		5,000		4,861

Allegheny County Hospital Development Authority UPMC Variable Revenue Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.70%), 4.67%, 5/15/27^{(1) (4)}		40,000		39,005

Bethlehem Area School District Authority Variable Revenue Refunding Bonds, Bethlehem Area School (State Aid Withholding),

(Floating, U.S. SOFR + 0.35%), 3.61%, 11/1/25^(1) (4)		4,480		4,370

Centre County Hospital Authority Revenue Refunding Bonds, Mount Nittany Medical Center Project, Prerefunded,

5.00%, 11/15/25⁽⁷⁾		6,250		6,649

Delaware Valley Regional Financial Authority Variable Revenue Bonds, Series B,

(Floating, SIFMA Municipal Swap Index Yield + 0.40%), 4.37%, 3/1/26^{(1) (4)}		7,000		6,896


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Pennsylvania – 5.4% continued

Delaware Valley Regional Financial Authority Variable Revenue Bonds, Series C,

(Floating, U.S. SOFR + 0.49%), 3.73%, 3/1/27^(1) (4)		$11,000		$10,642

Montgomery County IDA Health System Revenue Refunding Bonds, Albert Einstein Healthcare, Prerefunded,

5.25%, 1/15/25⁽⁷⁾		5,215		5,446

Pennsylvania State Economic Development Financing Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management, Inc., Project,

(Floating, SIFMA Municipal Swap Index Yield + 0.40%), 4.37%, 6/3/24^{(1) (4)}		13,165		12,867

Pennsylvania State G.O. Unlimited Bonds,

5.00%, 10/1/24		6,010		6,229

Pennsylvania State Housing Finance Agency SFM Floating Revenue Bonds, Series 127 C,

(Floating, ICE LIBOR USD 1M + 0.57%), 3.97%, 10/1/23^(1) (4)		7,000		6,974

Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds, Series 136, Social Bonds,

0.16%, 4/1/23		750		750

0.18%, 10/1/23		750		739

5.00%, 4/1/24		750		765

Pennsylvania State Turnpike Commission Revenue Refunding Bonds, Series C,

4.00%, 12/1/23		6,000		6,047

Philadelphia Airport Revenue Refunding Bonds (AMT), Private Activity,

5.00%, 7/1/24		1,200		1,224

Philadelphia G.O. Unlimited Bonds, Series A,

5.00%, 5/1/23		5,145		5,154

Philadelphia School District G.O. Limited Bonds, Series A (State Aid Withholding),

5.00%, 9/1/23		590		595

5.00%, 9/1/24		630		649

PRINCIPAL

AMOUNT

(000S)

VALUE
(000S)

MUNICIPAL BONDS - 65.1% continued

Pennsylvania – 5.4% continued

Philadelphia School District G.O. Limited Bonds, Series B, Green Bonds (State Aid Withholding),

5.00%, 9/1/23

$700

$706

5.00%, 9/1/24

600

618

Philadelphia State G.O. Unlimited Refunding Bonds,

5.00%, 8/1/23

750

756

Pittsburgh Water & Sewer Authority Revenue Refunding Bonds, Series C (AGM Insured),

(Floating, SIFMA Municipal Swap Index Yield + 0.65%),
4.62%, 12/1/23^{(1) (4)}

6,800

6,802

128,744

Puerto Rico – 0.2%

Puerto Rico HFA Multifamily Collateralized Variable Revenue Bonds, Mirador Las Casas Project (HUD Sector 8 Program),

5.00%, 3/1/26^{(1) (4)
(5)}

4,250

4,493

Rhode Island – 0.7%

Rhode Island Health & Educational Building Corp. Higher Education Facility Variable Taxable Revenue Refunding Bonds, Bryant University,

1.50%, 7/1/24^{(1) (4)
(5)}

16,480

15,714

Tennessee – 0.8%

Bedford County G.O. Unlimited Refunding Bonds,

5.00%, 6/1/23

1,135

1,139

Knox County Health Educational & Housing Facility Board Multifamily Housing Variable Revenue Bonds, Westview Towers Project (HUD Sector 8 Program),

3.95%, 12/1/25^{(1) (4) (5)}

3,500

3,540

Memphis Health Educational & Housing Facility Board MFH Variable Revenue Bonds, Tillman Cove Apartment (HUD Sector 8 Program),

0.55%, 6/1/24^{(1) (4) (5)}

10,000

9,596

Memphis Sanitary Sewerage System Revenue Refunding Bonds, Series B,

5.00%, 10/1/23

1,100

1,113


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Tennessee – 0.8% continued

Metropolitan Nashville Airport Authority Subordinate Revenue Bonds, Series B (AMT),

5.00%, 7/1/25		$1,200		$1,241

Morristown G.O. Unlimited Refunding Bonds, Series A,

2.00%, 3/1/24		2,350		2,328

Tennergy Corp. Gas Revenue Bonds, Series A,

4.00%, 3/1/24		350		351

				19,308

Texas – 6.0%

Alvarado Independent School District Variable G.O. Unlimited Bonds (PSF, Gtd.),

2.75%, 8/15/25^{(1) (4) (5)}		2,000		2,002

Austin Community College District G.O. Limited Bonds, Maintenance Tax Notes,

5.00%, 8/1/23		2,000		2,015

Austin G.O. Limited Refunding & Improvement Bonds, Escrowed to Maturity,

5.00%, 9/1/23		5		5

Austin Independent School District G.O. Unlimited Bonds,

5.00%, 8/1/25		5,000		5,284

Austin Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

5.00%, 8/1/24		1,750		1,807

Austin Water & Wastewater System Revenue Refunding Bonds,

5.00%, 11/15/25		1,000		1,066

Canadian River Municipal Water Authority Subordinate Lien Revenue Refunding Bonds, Conjunctive Use,

5.00%, 2/15/24		1,400		1,428

Carrollton-Farmers Branch Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

2.00%, 2/15/24		910		903

Central Texas Regional Mobility Authority Taxable Senior Lien Revenue Refunding Bonds, Series E,

0.84%, 1/1/24		500		484


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Texas – 6.0% continued

Dallas & Fort Worth International Airport Revenue Refunding Bonds, Series A,

5.00%, 11/1/24		$1,000		$1,036

Dallas Certificates of Obligation G.O. Limited Bonds,

5.00%, 2/15/24		5,105		5,214

Dallas Equipment Acquisition Contract G.O. Limited Bonds,

5.00%, 2/15/24		5,375		5,490

Dallas Hotel Occupancy Tax Revenue Refunding Bonds,

5.00%, 8/15/23		1,500		1,511

5.00%, 8/15/24		1,500		1,540

Dallas Improvement G.O. Limited Refunding Bonds,

5.00%, 2/15/26		4,000		4,265

Denton County Housing Finance Corp. Variable Revenue Bonds, Pathway on Woodrow Apartments,

5.00%, 2/1/25^{(1) (4) (5)}		3,500		3,605

Fort Bend Independent School District Variable G.O. Unlimited Bonds, Series A (PSF, Gtd.),

2.38%, 8/1/24^{(1) (4) (5)}		8,500		8,391

Fort Worth Independent School District G.O. Unlimited Bonds, Series A (PSF, Gtd.),

5.00%, 2/15/24		1,000		1,020

Frisco G.O. Limited Refunding Bonds,

2.00%, 2/15/24		6,320		6,279

Harris County Cultural Education Facilities Finance Corp. Medical Facilities Revenue Refunding Bonds, Baylor College of Medicine,

5.00%, 11/15/24		3,200		3,312

Harris County Flood Control District G.O. Limited Bonds, Series A, Sustainability Bond,

5.00%, 10/1/25		375		398

Harris County G.O. Limited Refunding Bonds, Series A,

5.00%, 10/1/23		8,060		8,157


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Texas – 6.0% continued

Houston Hotel Occupancy Tax & Special Revenue Refunding Bonds, Convention & Entertainment,

5.00%, 9/1/24		$2,315		$2,382

Houston Housing Finance Corp. MFH Variable Revenue Bonds, Sunset Gardens Apartments (FHA Insured, HUD Sector 8 Program),

4.00%, 10/1/24^{(1) (4) (5)}		2,500		2,530

Las Varas Public Facility Corp. MFH Variable Revenue Bonds, Horizon Pointe Apartments,

0.40%, 5/1/24^{(1) (4) (5)}		20,000		18,971

Las Varas Public Facility Corp. Texas MFH Variable Revenue Bonds, Palo Alto Apartments,

3.10%, 11/1/24^{(1) (4) (5)}		8,000		7,881

Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds (AMT),

5.00%, 11/1/23		1,650		1,665

Lower Colorado River Authority Transmission Contract Revenue Bonds, LCRA Transmission Services,

5.00%, 5/15/23		1,000		1,003

Lubbock Electric Light & Power System Revenue Bonds,

5.00%, 4/15/23		1,375		1,376

5.00%, 4/15/24		875		895

San Antonio Electric & Gas Junior Lien Variable Revenue Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.87%), 4.84%, 12/1/25^{(1) (4)}		10,000		10,000

San Antonio Housing Trust Public Facility Corp. MFH Variable Revenue Bonds, Country Club Village,

4.00%, 8/1/25^{(1) (4) (5)}		1,500		1,527

San Antonio Tax Notes G.O. Limited Bonds,

5.00%, 8/1/23		11,490		11,582

Sherman Independent School District Variable G.O. Unlimited Bonds, School Building (PSF, Gtd.), Prerefunded, 2.00%,

8/1/23^{(1) (4) (5) (7)}		5,180		5,167


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Texas – 6.0% continued

Sinton Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

5.00%, 8/15/25		$1,000		$1,057

Texas State A & M Permanent University Fund Revenue Refunding Bonds, Series A, Board of Regents,

5.00%, 7/1/24		2,000		2,061

Texas State G.O. Unlimited Bonds (AMT),

6.00%, 8/1/24		1,420		1,475

Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,

5.00%, 12/15/23		2,000		2,011

Texas State Municipal Power Agency Revenue Refunding Bonds (AGM Insured),

3.00%, 9/1/23		750		751

Texas State Water Development Board Revenue Bonds, Master Trust,

4.00%, 4/15/23		985		985

4.00%, 10/15/23		2,000		2,015

University of North Texas Revenue Refunding Bonds, Series A,

5.00%, 4/15/23		1,850		1,851

				142,397

Utah – 0.1%

Salt Lake City Airport Revenue Bonds, Series A (AMT),

5.00%, 7/1/24		1,000		1,022

Utah State G.O. Unlimited Bonds,

5.00%, 7/1/24		2,000		2,060

				3,082

Virginia – 1.3%

Alexandria G.O. Unlimited Bonds, Series A (State Aid Withholding),

5.00%, 12/15/24		6,525		6,801

Harrisonburg G.O. Unlimited Refunding Bonds, Series A (State Aid Withholding),

5.00%, 7/15/23		3,360		3,383

Loudoun County G.O. Unlimited Bonds, Series A (State Aid Withholding),

5.00%, 12/1/23		5,315		5,400

5.00%, 12/1/24		4,400		4,580


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Virginia – 1.3% continued

Peninsula Ports Authority Coal Terminal Variable Revenue Refunding Bonds, Dominion Terminal Associates Project,

3.80%, 10/1/24^{(1) (4) (5)}		$3,000		$3,012

Virginia State Public School Authority School Technology & Security Notes Revenue Bonds, Series VIII,

5.00%, 4/15/23		5,970		5,974

Virginia State Resources Authority Infrastructure Subordinate Revenue Refunding Bonds, Virginia Pooled Financing (Moral Obligation Insured),

5.00%, 11/1/23		1,000		1,014

				30,164

Washington – 3.1%

Central Puget Sound Regional Transit Authority Sales & Use Tax Variable Revenue Bonds, Series 2015S, Green Bond,

(Floating, SIFMA Municipal Swap Index Yield + 0.20%), 4.17%, 11/1/26⁽¹⁾⁽⁴⁾		24,000		23,410

Central Puget Sound Regional Transit Authority Sales Tax & Motor Vehicle Revenue Refunding Bonds, Series S-1, Green Bond,

5.00%, 11/1/23		4,300		4,361

5.00%, 11/1/24		8,000		8,316

Central Puget Sound Regional Transit Authority Variable Sales & Use TRB, Series S-2B, Green Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 4.42%, 11/1/23⁽¹⁾⁽⁴⁾		7,500		7,501

Port of Seattle First Lien Revenue Refunding Bonds (AMT), Private Activity,

5.00%, 9/1/23		2,000		2,015

Seattle Municipal Light & Power Variable Revenue Refunding Bonds, Series B,

(Floating, SIFMA Municipal Swap Index Yield + 0.25%), 4.22%, 11/1/26⁽¹⁾⁽⁴⁾		7,520		7,382


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Washington – 3.1% continued

Washington Federal Highway Grant Anticipation Revenue Bonds, Senior 520 Corridor Program,

5.00%, 9/1/23		$3,000		$3,026

Washington State G.O. Unlimited Refunding Bonds, Series R 2022-C, Bid Group 1,

5.00%, 7/1/25		7,000		7,389

Washington State G.O. Unlimited Refunding Bonds, Series R-2021C,

5.00%, 8/1/23		10,000		10,079

				73,479

Wisconsin – 1.9%

Madison G.O. Unlimited Promissory Notes, Series A,

2.00%, 10/1/23		8,130		8,098

Madison G.O. Unlimited Refunding Promissory Notes, Series A,

4.00%, 10/1/23		7,100		7,151

Milwaukee Area Technical College District G.O. Unlimited Bonds, Series C,

2.00%, 6/1/23		2,475		2,472

2.00%, 6/1/24		2,580		2,556

Milwaukee G.O. Unlimited Refunding Promissory Notes, Series N4,

5.00%, 4/1/23		1,725		1,725

PFA Hospital Revenue Refunding Bonds, Renown Regional Medical Center Project,

5.00%, 6/1/23		345		346

Wisconsin G.O. Unlimited Refunding Bonds, Series

2, 5.00%, 11/1/23		1,100		1,115

Wisconsin State G.O. Unlimited Bonds, Series B,

5.00%, 5/1/23		4,720		4,729

Wisconsin State Health & Educational Facilities Authority Variable Revenue Refunding Bonds, Advocate Aurora Health,

(Floating, SIFMA Municipal Swap Index Yield + 0.65%), 4.62%, 7/31/24⁽¹⁾⁽⁴⁾		5,000		5,002


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 65.1% continued

Wisconsin – 1.9% continued

Wisconsin State Housing & EDA Home Ownership Revenue Bonds, Social Bonds, Series A, 0.35%, 9/1/23		$1,295	$	1,281

0.45%, 3/1/24		525		511

Wisconsin State Variable G.O. Unlimited Bonds, Series A,

(Floating, SIFMA Municipal Swap Index Yield + 0.42%), 4.39%, 5/1/25⁽¹⁾		10,500		10,470

				45,456

Total Municipal Bonds

(Cost $1,569,292)				1,549,051


	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 3.8%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁸⁾⁽⁹⁾		91,208,913		$91,209

Total Investment Companies

(Cost $91,209)				91,209


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 8.8%

Ann Arbor School District G.O. Unlimited Bonds, 4.00%, 5/1/23		$5,800		$5,806

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, J Paul Getty Trust, 0.39%, 1/1/24⁽¹⁾^{(4) (5)}		1,000		983

California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management, 0.70%, 12/1/23⁽¹⁾^{(4) (5)}		20,000		19,589

Cameron County Housing Finance Corp. MFH Variable Revenue Bonds, Sunfield Country Apartments, 0.28%, 8/1/23⁽¹⁾^{(4) (5)}		6,000		5,925

Central Plains Energy Project Gas Project Revenue Bonds, Project No. 4, 5.00%, 1/1/24⁽¹⁾^{(4) (5)}		3,000		3,021


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS - 8.8% continued

Chattanooga Health Educational & Housing Facility Board MFH Variable Revenue Bonds, Battery Heights Apartments Project, 0.20%, 8/1/23⁽¹⁾^{(4) (5)}		$2,000		$1,974

Clear Creek Independent School District Variable G.O. Unlimited Bonds (PSF, Gtd.), 0.50%, 8/15/23⁽¹⁾^{(4) (5)}		5,000		4,938

Colorado State Education Loan Program TRANS, 5.00%, 6/29/23		4,000		4,021

Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series X-2, Yale University, 0.25%, 2/9/24⁽¹⁾^{(4) (5)}		8,500		8,278

Dickinson Independent School District Variable G.O. Unlimited Refunding Bonds (PSF, Gtd.), 0.25%, 8/1/23⁽¹⁾^{(4) (5)}		6,940		6,863

District of Columbia Housing Finance Agency MFH Variable Revenue Bonds, 218 Vine Street Apartments Project, 0.30%, 7/1/23⁽¹⁾^{(4) (5)}		5,000		4,953

El Paso Independent School District Adjustable G.O. Unlimited Bonds, Maintenance Tax Notes, 2.00%, 8/1/23⁽¹⁾^{(4) (5)}		3,600		3,567

Farmington Pollution Control Variable Revenue Refunding Bonds, Public Service Company of New Mexico San Juan, 1.10%, 6/1/23⁽¹⁾^{(4) (5)}		9,000		8,959

Hamilton County G.O. Unlimited Bonds, Series A, 5.00%, 4/1/23		1,400		1,400

Hayward Area Recreation & Park District G.O. Unlimited Bonds, Series B, 5.00%, 8/1/23		10,000		10,079

Indiana State Finance Authority Environmental Variable Revenue Refunding Bonds (AMT), Fulcrum Centerpoint LLC, 4.50%, 11/15/23⁽¹⁾^{(4) (5)}		20,000		20,003


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS - 8.8% continued

Kentucky State Housing Corp. Multifamily Variable Revenue Bonds, Cambridge Square Project, 0.30%, 2/1/24⁽¹⁾^{(4) (5)}		$4,000		$3,875

King George County IDA Waste Management, Inc., King George Land Revenue Bonds (AMT), 2.50%, 6/1/23⁽¹⁾⁽⁵⁾		2,000		1,994

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A, 4.00%, 9/1/23⁽¹⁾^{(4) (5)}		4,850		4,856

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Subseries C, 4.00%, 12/1/23⁽¹⁾^{(4) (5)}		2,500		2,505

Matagorda County Navigation District No. 1 Variable Revenue Bonds (AMT), Central Power & Light Company Project, 0.90%, 9/1/23⁽¹⁾^{(4) (5)}		4,250		4,188

Michigan State Finance Authority Revenue Notes, Series A-1 (State Aid Withholding), 5.00%, 7/20/23		2,000		2,013

Mobile IDB Pollution Control Variable Revenue Bonds, Alabama Power Barry Plant, 2.90%, 12/12/23⁽¹⁾^{(4) (5)}		1,000		997

Nassau County Local Economic Assistance Corp. MFH Variable Revenue Bonds, Park Lake Hempstead, 0.30%, 11/1/23⁽¹⁾^{(4) (5)}		10,000		9,845

Oregon State Housing & Community Services Department Housing Development Variable Revenue Bonds, Baldwin Apartments Project, 0.25%, 9/1/23⁽¹⁾^{(4) (5)}		8,630		8,494

Oregon State Housing & Community Services Department Housing Development Variable Revenue Bonds, Yaquina-Southfair Apartment Project (HUD Sector 8 Program), 0.47%, 12/1/23⁽¹⁾^{(4) (5)}		5,000		4,861

Patriots Energy Group Financing Agency South Carolina Gas Supply Revenue Bonds, Series A, 4.00%, 2/1/24⁽¹⁾^{(4) (5)}		8,200		8,214


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS - 8.8% continued

Pennsylvania State Turnpike Commission Turnpike Variable Revenue Refunding Bonds, Series A-1,

(Floating, SIFMA Municipal Swap Index Yield + 0.60%), 4.57%, 12/1/23⁽¹⁾		$10,000		$10,005

Sacramento Municipal Utility District Adjustable Subordinate Revenue Bonds, Series A, 5.00%, 10/17/23⁽¹⁾^{(4) (5)}		1,950		1,952

Sherman Independent School District Variable G.O. Unlimited Bonds, School Building, Unrefunded Balance (PSF, Gtd.), 2.00%, 8/1/23⁽¹⁾^{(4) (5)}		6,265		6,245

Sinton Independent School District Variable G.O. Unlimited Bonds (PSF, Gtd.), 2.75%, 8/15/23⁽¹⁾^(4) (5)		10,000		9,987

Texas State Department of Multi-family Housing & Community Affairs Variable Revenue Bonds, Corona Del Valle (HUD Sector 8 Program), 0.37%, 8/1/23⁽¹⁾^{(4) (5)}		3,000		2,963

Washington State Economic Development Finance Authority Environmental Facilities Variable Revenue Refunding Bonds (AMT), Mura Cascade, 3.90%, 12/8/23⁽¹⁾^{(4) (5)}		16,000		16,003

Total Short-Term Investments

(Cost $211,318)				209,356



Total Investments – 99.0%

(Cost $2,396,646)				2,355,895

Other Assets less Liabilities – 1.0%				23,972

NET ASSETS – 100.0%			$	2,379,867

(1)

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

(2)

(3)

Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of March 31, 2023.

(4)

Maturity date represents the puttable date.

(5)

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

(6)

Security has converted to a fixed rate as of August 2, 2021, and will be going forward.

(7)

Maturity date represents the prerefunded date.

(8)

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

(9)

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1M - 1 Month

1Y - 1 Year

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

CMT - Constant Maturity

COPS - Certificates of Participation

EDA - Economic Development Authority

FHA - Federal Housing Administration

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

G.O. - General Obligation

GANS - Grant Anticipation Notes

GARVEE - Grant Anticipation Revenue Vehicle

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

HDA - Housing Develoment Authority

HFA - Housing Finance Authority

HUD - Housing and Urban Development

ICE - Intercontinental Exchange

IDA - Industrial Development Authority

IDB - Industrial Development Board

LCRA - Lower Colorado River Authority

LIBOR - London Interbank Offered Rate

MFH - Multi-Family Housing

PCR - Pollution Control Revenue

PFA - Public Finance Authority

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

SFM - Single Family Mortgage

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

USD - United States Dollar

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Corporate Bonds		9.0%

Foreign Issuer Bonds		12.3%

Municipal Bonds		65.1%

Investment Companies		3.8%

Short-Term Investments		8.8%

(1)

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Corporate Bonds⁽¹⁾		$ —		$ 213,368		$—		$ 213,368

Foreign Issuer Bonds⁽¹⁾		—		292,911		—		292,911

Municipal Bonds⁽¹⁾		—		1,549,051		—		1,549,051

Investment Companies		91,209		—		—		91,209

Short-Term Investments		—		209,356		—		209,356

Total Investments		$91,209		$2,264,686		$—		$2,355,895

(1)

Classifications as defined in the Schedule of Investments.


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS – 97.0%

Alabama – 0.7%

Alabama State Public School & College Authority Revenue Refunding Bonds, Series A, Social Bonds, 5.00%, 11/1/35		$1,540		$1,768

Black Belt Energy Gas District Alabama Gas Prepay Revenue Bonds, Series A-1, Project No. 5, 4.00%, 10/1/26⁽¹⁾^{(2) (3)}		2,500		2,481

Southeast Energy Authority Commodity Supply Variable Revenue Bonds, Series A-1, Project No. 3, 5.50%, 12/1/29⁽¹⁾^{(2) (3)}		1,000		1,069

				5,318

Arizona – 2.0%

Arizona Board of Regents State University System Revenue Refunding Bonds, Series B, 5.00%, 7/1/43		2,000		2,114

Arizona State IDA Education Revenue Bonds, Series A-Social, Macombs Facility Project, 4.00%, 7/1/61		1,250		981

Arizona State IDA Lease Revenue Bonds, Series A, 3.00%, 9/1/50		1,600		1,145

Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds, 4.00%, 11/1/46		1,000		905

Arizona State University Revenue Bonds, Series A, Green Bonds, 5.00%, 7/1/43		1,000		1,087

Maricopa County IDA Education Revenue Bonds, Legacy Traditional Schools Project, 4.00%, 7/1/51		1,000		737

Phoenix Civic Airport Improvement Corp. Junior Lien Airport Revenue Bonds, 4.00%, 7/1/44		5,000		4,954

Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds, Series B (AMT), 3.25%, 7/1/49		1,670		1,303


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Arizona – 2.0% continued

Student & Academic Services LLC Lease Revenue Bonds, Northern Arizona Capital Facilities (BAM Insured), 5.00%, 6/1/44		$2,000		$2,035

Yavapai County IDA Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical, 3.13%, 8/1/43		1,000		808

				16,069

Arkansas – 0.4%

Little Rock School District G.O. Limited Refunding Bonds, Series A (AGM Insured State Aid Withholding), 2.00%, 2/1/34 2,610				2,257

2.25%, 2/1/41		1,000		754

				3,011

California – 8.9%

Alameda Corridor Transportation Authority Senior Lien Convertible Revenue Refunding CABS, Series A, (Step to 5.40% on 10/1/37), 1.94%, 10/1/50⁽⁴⁾⁽⁵⁾		1,500		760

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1, 4.00%, 8/1/31⁽¹⁾^{(2) (3)}		5,000		4,934

California HFA Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates, 3.50%, 11/20/35		3,397		3,235

California School Finance Authority Educational Facilities Revenue Bonds, Series A, 4.00%, 7/1/55		1,075		919

California State G.O. Unlimited Bonds, Series 2007, Unrefunded Balance, 5.75%, 5/1/30		75		75

California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group, 3.00%, 10/1/46		1,000		738



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

California – 8.9% continued

California State Municipal Finance Authority Senior Living Revenue Bonds, Mt. San Antonio Gardens Project,

4.00%, 11/15/56		$750		$525

California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,

5.00%, 5/15/43		2,000		2,019

California State Municipal Finance Authority Student Housing Revenue Bonds, Orchard Park Student Housing Project, Green Bonds (BAM Insured),

3.00%, 5/15/54		1,000		758

California State Various Purpose G.O. Unlimited Bonds,

5.25%, 10/1/39		5,000		5,344

Carlsbad Unified School District G.O. Unlimited Convertible CABS, Series B, Election,

6.00%, 5/1/34		2,500		2,588

Central Unified School District G.O. Unlimited Bonds, Series B, Election of 2016,

5.00%, 8/1/43		1,000		1,055

Coachella Valley Water District Revenue COPS, Series A, Oasis Project,

4.00%, 8/1/46		3,385		3,404

5.00%, 8/1/51		1,100		1,199

Los Angeles Department of Airports Airport Subordinated Revenue Refunding Bonds,

5.00%, 5/15/36		2,745		3,104

5.00%, 5/15/43		5,000		5,446

Los Angeles Department of Airports Revenue Bonds, Subseries B,

4.00%, 5/15/48		5,250		5,281

Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),

5.00%, 5/15/34		3,000		3,244

Los Angeles Department Of Water & Power System Revenue Bonds,

5.00%, 7/1/46		1,000		1,107



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

California – 8.9% continued

Los Angeles Department of Water & Power System Revenue Bonds, Series C,

5.00%, 7/1/39		$1,000		$1,111

Los Angeles Department of Water & Power System Revenue Refunding Bonds, Series D,

5.00%, 7/1/43		5,000		5,396

Newport Mesa Unified School District G.O. Unlimited Refunding CABS Bonds,

0.00%, 8/1/41⁽⁶⁾		2,000		977

Riverside County Transportation Commission Toll Senior Lien Revenue Refunding Bonds, RCTC 91 Express Lanes,

3.00%, 6/1/49		2,750		2,067

San Diego County Regional Airport Authority Subordinate Revenue Refunding Bonds, Series A,

5.00%, 7/1/49		4,135		4,406

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),

5.00%, 5/1/42		1,500		1,546

San Francisco City & County Public Utilities Commission Water Revenue Bonds, Series B, Regional Water,

5.00%, 11/1/50		5,000		5,304

Solano County Community College G.O. Unlimited Bonds, Series A, District Election of 2012,

(Step to 5.13% on 8/1/23), 1.42%, 8/1/41⁽⁴⁾⁽⁵⁾		3,200		3,543

				70,085

Colorado – 7.4%

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding),

5.25%, 12/1/40		4,775		5,119

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), Prerefunded,

5.25%, 12/1/26⁽⁷⁾		225		248



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Colorado – 7.4% continued

Arapahoe County School District No. 6 Littleton G.O. Unlimited Bonds, Series A (State Aid Withholding),

5.50%, 12/1/43		$5,000		$5,612

Colorado State COPS,

6.00%, 12/15/39		5,000		6,128

Colorado State COPS, Series A,

4.00%, 12/15/37		10,000		10,162

Colorado State Educational & Cultural Facilities Authority Revenue Bonds, Series A, University of Denver Project,

5.00%, 3/1/40		2,500		2,643

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Adventist Health System Sunbelt,

4.00%, 11/15/41		1,000		984

Colorado State School of Mines Institutional Enterprise Revenue Bonds, Series B,

5.00%, 12/1/42		3,400		3,628

Denver City & County Airport Revenue Bonds, Series A (AMT),

5.00%, 11/15/37		2,000		2,206

5.00%, 11/15/47		1,500		1,592

4.13%, 11/15/53		1,000		955

Denver City & County Airport System Subordinate Revenue Refunding Bonds (AMT), Series A,

5.00%, 12/1/43		2,000		2,076

Denver City & County Dedicated Tax Revenue CABS, Series A-2,

0.00%, 8/1/37⁽⁶⁾		2,750		1,504

0.00%, 8/1/39⁽⁶⁾		2,805		1,370

Denver City & County Dedicated Tax Revenue Refunding & Improvement Bonds, Series A,

5.00%, 8/1/42		1,500		1,575

Denver City & County Dedicated TRB, Series A,

4.00%, 8/1/51		5,000		4,900

Jefferson County School District No. R-001 G.O. Unlimited Bonds (State Aid Withholding),

5.00%, 12/15/37		5,000		5,497



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Colorado – 7.4% continued

Windy Gap Firming Project Water Activity Enterprise Revenue Bonds,

5.00%, 7/15/46		$2,000		$2,201

				58,400

Connecticut – 0.8%

Connecticut State Special Tax Obligation Revenue Bonds, Series A, Transportation Infrastructure,

5.00%, 8/1/34		3,000		3,137

University of Connecticut Revenue Bonds, Series A,

5.25%, 11/15/47		3,000		3,230

				6,367

District of Columbia – 3.0%

District of Columbia G.O. Unlimited Bonds, Series A,

5.00%, 6/1/43		5,000		5,360

District of Columbia G.O. Unlimited Bonds, Series C,

5.00%, 6/1/38		1,000		1,020

District of Columbia Income Tax Secured Revenue Bonds, Series A,

5.00%, 7/1/47		3,000		3,341

District of Columbia Water & Sewer Authority Public Utility Subordinate Revenue Bonds, Series A, Green Bonds,

5.00%, 10/1/45		2,500		2,593

Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding Bonds, Series A, Dulles Metrorail & Capital Improvement,

5.00%, 10/1/44		2,000		2,110

Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/43		4,000		4,147

Washington Metropolitan Area Transit Authority Gross Revenue Bonds,

5.00%, 7/1/38		1,800		1,927

5.00%, 7/1/43		3,000		3,181

				23,679



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Florida – 7.0%

Broward County Airport System Revenue Bonds (AMT),

5.00%, 10/1/42		$2,500		$2,572

Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project,

5.00%, 4/1/48		2,000		2,060

Florida State Development Finance Corp. Educational Facility Revenue Bonds, Mater Academy Project, Series A,

5.00%, 6/15/50		2,000		1,895

Florida State Turnpike Authority Revenue Bonds, Series C, Department of Transportation,

4.50%, 7/1/43		3,000		3,013

Greater Orlando Aviation Authority Airport Facilities Priority Subordinated Revenue Bonds, Series A (AMT),

5.00%, 10/1/42		1,965		2,022

Hillsborough County Aviation Authority Customer Facilities Charge Revenue Bonds, Series A, Tampa International Airport,

5.00%, 10/1/44		2,500		2,528

Hillsborough County IDA Hospital Revenue Bonds, Series A, Tampa General Hospital Project,

3.50%, 8/1/55		1,150		905

Lee County Local Optional Gas TRB,

5.25%, 8/1/49		3,500		3,829

Miami Beach Health Facilities Authority Mt. Sinai Medical Center of Florida Revenue Bonds,

3.00%, 11/15/51		3,500		2,463

Miami-Dade County Aviation Revenue Refunding Bonds,

5.00%, 10/1/41		450		464

Miami-Dade County Aviation Revenue Refunding Bonds (AMT),

5.00%, 10/1/27		2,000		2,039

Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/38		5,000		5,081



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Florida – 7.0% continued

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-2 (AGM Insured),

3.00%, 10/1/50		$10,500		$7,769

Miami-Dade County Water & Sewer System Revenue Bonds, Series A,

4.00%, 10/1/37		2,500		2,529

Orange County HFA Revenue Bonds, Orlando Health Obligated Group,

4.00%, 10/1/52		2,500		2,294

Pasco County School Board COPS, Series A (BAM Insured),

5.00%, 8/1/43		3,000		3,262

South Broward Hospital District Revenue Refunding Bonds, Series A,

4.00%, 5/1/44		3,500		3,439

Tampa Bay Water Regional Water Supply Authority Utility System Revenue Bonds,

5.00%, 10/1/38		5,000		5,052

Tampa Bay Water Regional Water Supply Authority Utility System Revenue Refunding Bonds, Series A,

5.00%, 10/1/36		1,750		1,868

				55,084

Georgia – 2.7%

Georgia State Ports Authority Revenue Bonds,

2.63%, 7/1/51		1,000		693

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A,

4.00%, 9/1/27⁽¹⁾^(2) (3)		10,000		9,997

5.00%, 5/15/43		500		503

5.00%, 5/15/49		1,000		1,011

Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 &4 Project,

5.00%, 7/1/52		1,500		1,555

5.50%, 7/1/60		2,500		2,537

Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 & 4 Project (AGM Insured),

5.00%, 7/1/52		2,500		2,636

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 97.0% continued

Georgia – 2.7% continued

Walton Industrial Building Authority Revenue Bonds, Walton County Jail Facility Project,

4.00%, 2/1/52

$2,500

$2,442

21,374

Hawaii – 0.8%

Hawaii State Airports System Revenue Bonds, Series A (AMT),

5.00%, 7/1/48

4,000

4,118

Honolulu City & County G.O. Unlimited Bonds, Series A,

5.00%, 9/1/43

2,000

2,155

6,273

Idaho – 0.3%

Idaho State Housing & Finance Association Sales TRB, Transportation Expansion & Mitigation,

5.00%, 8/15/47

2,500

2,752

Illinois – 3.7%

Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series B,

5.25%, 1/1/34

2,500

2,503

Chicago O’Hare International Airport Senior Lien General Revenue Refunding Bonds, Series B,

5.00%, 1/1/41

3,100

3,187

Cook County Community Consolidated School District No. 34 G.O. Unlimited Bonds, Series A,

2.00%, 12/1/38

2,425

1,798

Du Page County Revenue Refunding Bonds, Morton Abroretum Project,

3.00%, 5/15/47

1,500

1,108

Illinois State Educational Facilities Authority Revenue Bonds, Field Museum of Natural History,

3.90%, 11/1/36

1,740

1,763

Illinois State Finance Authority Academic Facilities Lease Revenue Bonds, University of Illinois at Urbana-Champaign,

5.00%, 10/1/49

1,250

1,294

Illinois State Finance Authority Revenue Refunding Bonds, Northshore University Health System,

3.25%, 8/15/49

2,500

1,956



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Illinois – 3.7% continued

Illinois State Finance Authority Revenue Refunding Bonds, OSF Healthcare System,

3.00%, 5/15/50		$2,500		$1,754

Illinois State Finance Authority Revenue Refunding Bonds, Series A, Lake Forest College,

5.25%, 10/1/52		500		476

Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center,

5.00%, 11/15/38		1,500		1,525

Illinois State Municipal Electric Agency Power Supply Revenue Refunding Bonds, Series A,

4.00%, 2/1/33		4,750		4,845

Joliet Waterworks & Sewage Senior Lien Revenue BANS,

5.00%, 1/1/24		2,000		2,022

Schaumburg G.O. Unlimited Refunding Bonds, Series A,

4.00%, 12/1/41		5,000		5,001

				29,232

Indiana – 0.7%

Fishers Sewage Works Revenue Bonds (BAM Insured),

3.00%, 7/1/51		1,000		754

Indiana Finance Authority Environmental Facilities Variable Revenue Refunding Bonds (AMT), Indianapolis Power & Light Co. Project,

0.95%, 4/1/26⁽¹⁾(2) (3)		1,500		1,350

Indiana Finance Authority Environmental Facilities Variable Revenue Refunding Bonds, Indianapolis Power & Light Co. Project,

0.75%, 4/1/26⁽¹⁾^(2) (3)		1,125		1,003

Indianapolis Local Public Improvement Bond Bank Revenue Bonds, Indianapolis Airport Authority Project,

5.00%, 1/1/44		2,000		2,146

				5,253

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 97.0% continued

Iowa – 0.3%

Pefa, Inc., Iowa Gas Project Revenue Bonds,

5.00%, 9/1/26⁽¹⁾^{(2) (3)}

$2,500

$2,550

Kansas – 0.1%

Manhattan G.O. Unlimited Temporary Notes,
Series 2021-01,

0.20%, 6/15/24

890

850

Kentucky – 3.6%

Carroll County Environmental Facilities Revenue Bonds (AMT), Kentucky Utilities Co. Project,

1.75%, 9/1/26⁽¹⁾^{(2) (3)}

1,500

1,379

Carroll County Environmental Facilities Revenue Refunding Bonds (AMT), Kentucky Utilities Company,

2.13%, 10/1/34

5,200

4,173

Fayette County School District Finance Corp. Revenue Bonds, Series A (State Intercept Program),

4.00%, 5/1/38

5,000

5,021

Kentucky State Public Energy Authority Gas Supply Variable Revenue Bonds, Series C, Gas Supply,

4.00%, 2/1/28⁽¹⁾^{(2) (3)}

10,000

9,871

Louisville & Jefferson County Metro Government PCR Refunding Bonds, Gas & Electric,

2.00%, 10/1/33

10,000

8,211

28,655

Louisiana – 2.9%

Lake Charles Harbor & Terminal District Variable Revenue Bonds (AMT), Big Lake Fuels,

1.00%, 12/1/24⁽¹⁾^{(2) (3)}

5,000

4,731

Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project,

2.50%, 4/1/36

7,250

6,009

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Unrefunded Balance,

5.00%, 5/15/47

2,000

2,040


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Louisiana – 2.9% continued

Louisiana State Gas & Fuels First Lien Revenue Refunding Bonds, Series A, Prerefunded,

4.50%, 5/1/25⁽⁷⁾		$2,500		$2,598

Louisiana State Gas & Fuels Tax Second Lien Revenue Refunding Bonds, Series C,

5.00%, 5/1/45		1,000		1,050

Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Refunding Bonds, Series A, Woman’s Hospital Foundation Project,

5.00%, 10/1/31		1,010		1,085

Shreveport Water & Sewer Revenue Bonds, Series B (BAM Insured),

5.00%, 12/1/41		5,000		5,251

				22,764

Maryland – 0.4%

Maryland State Department of Transportation Consolidated Transportation Revenue Bonds,

2.50%, 10/1/33		1,850		1,737

Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Lifebridge Health,

5.00%, 7/1/44		1,100		1,131

				2,868

Massachusetts – 4.0%

Lincoln School G.O. Unlimited Bonds,

3.50%, 3/1/44		3,810		3,496

Massachusetts State Bay Transportation Authority Sales Tax Revenue Refunding CABS, Series A,

0.00%, 7/1/29⁽⁶⁾		2,500		2,044

Massachusetts State Bay Transportation Authority Sales TRB, Senior Series B,

5.25%, 7/1/33		1,900		2,300

Massachusetts State Housing Finance Agency Revenue Bonds, Series H,

4.40%, 12/1/46		1,000		973

Massachusetts State Port Authority Revenue Bonds, Series A,

5.00%, 7/1/40		2,725		2,818


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Massachusetts – 4.0% continued

Massachusetts State Port Authority Revenue Bonds, Series C (AMT),

5.00%, 7/1/44		$2,000		$2,091

Massachusetts State School Building Authority Senior Lien Sales TRB, Series B,

5.00%, 11/15/36		1,500		1,605

5.00%, 11/15/39		2,500		2,654

Massachusetts State School Building Authority Subordinated Sales TRB, Series A,

5.00%, 2/15/44		4,000		4,312

Massachusetts State Transportation Fund Rail Enhancement & Accelerated Revenue Bonds,

5.00%, 6/1/42		5,000		5,312

Massachusetts State Transportation Fund Sustainability Revenue Bonds, Rail Enhancement Program,

5.00%, 6/1/50		2,500		2,729

Massachusetts State Water Resources Authority General Revenue Bonds, Series B,

5.00%, 8/1/43		1,455		1,566

				31,900

Michigan – 1.8%

Detroit City School District G.O. Unlimited Refunding Bonds, Series A (Q-SBLF Insured),

5.00%, 5/1/33		1,000		1,139

Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series I,

5.00%, 4/15/38		2,000		2,083

Michigan State Finance Authority Revenue Refunding Bonds, Series H-1, Partially Prerefunded,

5.00%, 10/1/39		5,000		5,103

Michigan State HDA SFM Revenue Bonds, Series A, Social Bonds,

4.10%, 6/1/43		1,875		1,795

Walled Lake Consolidated School District G.O. Unlimited Bonds (Q-SBLF Insured),

5.00%, 5/1/50		1,000		1,073

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 97.0% continued

Michigan – 1.8% continued

Wayne County Airport Authority Revenue Refunding Bonds, Series G,

5.00%, 12/1/34

$2,625

$2,736

13,929

Minnesota – 0.7%

Minneapolis Special School District No. 1 G.O. Unlimited Bonds, Series B, Long-Term Facilities Maintenance (School District Credit Program),

5.00%, 2/1/28

275

302

Minnesota Municipal Gas Agency Commodity Supply Revenue Bonds, Series A,

4.00%, 12/1/27⁽¹⁾^{(2) (3)}

5,000

5,062

5,364

Mississippi – 0.1%

Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc., Project,

2.38%, 6/1/44

1,000

644

Missouri – 1.3%

Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series B,

5.00%, 5/1/33

1,000

1,043

5.00%, 5/1/45

3,395

3,542

Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series B, Prerefunded,

5.00%, 5/1/25⁽⁷⁾

1,605

1,686

Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds, Series A, Saint Louis University,

5.00%, 10/1/38

2,500

2,624

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, St. Luke’s Health System,

5.00%, 11/15/43

1,280

1,328

10,223

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 97.0% continued

Montana – 0.0%

Montana Board of Housing Single Family Program Revenue Refunding Bonds, Series A (FHA INS HUD VA Insured),

3.90%, 12/1/48

$60

$57

Nebraska – 1.0%

Douglas County Hospital Authority No. 2 Health Facilities Revenue Bonds, Children’s Hospital Obligated Group,

5.00%, 11/15/36

1,000

1,062

5.00%, 11/15/37

1,000

1,058

Omaha Public Power District Electric Revenue Refunding Bonds, Series A,

5.00%, 2/1/42

4,250

4,565

Omaha Public Power District Electric System Revenue Refunding Bonds, Series C,

5.00%, 2/1/43

1,000

1,026

7,711

Nevada – 0.9%

Clark County Airport System Subordinate Lien Revenue Refunding Bonds
Series A-2,

4.25%, 7/1/36

5,000

5,046

Clark County School District Building G.O. Limited Bonds, Series A,

4.00%, 6/15/36

2,000

2,032

7,078

New Jersey – 1.0%

New Jersey State EDA Revenue Bonds, Transit Transportation Project,

5.00%, 11/1/34

2,000

2,200

New Jersey State EDA Revenue School Facilities Construction Revenue Bonds,

5.00%, 6/15/34

500

552

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program,

5.25%, 6/15/43

4,500

4,765

7,517


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

New Mexico – 0.2%

New Mexico State Mortgage Finance Authority Revenue Bonds, Series C (GNMA, FNMA, FHLMC Insured),

4.00%, 9/1/52		$990		$901

New Mexico State Mortgage Finance Authority Revenue Bonds, Series D, Class I (GNMA, FNMA, FHLMC Insured),

4.30%, 9/1/52		1,000		951

				1,852

New York – 20.0%

New York City Housing Development Corp. MFH Revenue Bonds, Sustainable Neighborhood Bonds,

3.00%, 11/1/39		1,750		1,496

New York City Housing Development Corp. MFH Revenue Refunding Bonds, Sustainable Neighborhood Bonds,

3.00%, 11/1/44		1,535		1,211

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution, Fiscal 2014,

5.00%, 6/15/46		2,000		2,009

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Series AA-1,

5.00%, 6/15/48		5,000		5,455

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Series CC-1,

5.00%, 6/15/52		2,500		2,725

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Second General Resolution,

5.00%, 6/15/40		5,000		5,411

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series EE,

5.00%, 6/15/39		1,800		1,930


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

New York – 20.0% continued

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series GG,

5.00%, 6/15/39		$2,000		$2,074

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Sub-Series EE,

5.00%, 6/15/45		5,000		5,545

New York City Municipal Water Finance Authority Water & Sewer System Subordinate Revenue Refunding Bonds, Subseries FF-2,

5.00%, 6/15/40		3,500		3,829

New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-3 (State Aid Withholding),

5.00%, 7/15/43		3,000		3,203

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds,

5.00%, 8/1/40		250		269

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, Fiscal 2017,

5.00%, 2/1/43		8,310		8,807

New York City Transitional Finance Authority Future Tax Subordinate Revenue Bonds,

3.00%, 5/1/48		4,750		3,699

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series A-3,

3.00%, 5/1/45		5,000		4,006

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series B-1,

2.50%, 8/1/48		2,500		1,687

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series C-3,

5.00%, 5/1/41		5,000		5,352


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

New York – 20.0% continued

New York City Transitional Finance Authority Subordinate Revenue Bonds, Subseries B-1,

5.00%, 11/1/34		$500		$529

New York G.O. Unlimited Bonds, Series A-1,

4.00%, 8/1/50		5,000		4,828

New York G.O. Unlimited Bonds, Series F-1,

5.00%, 3/1/37		80		80

New York G.O. Unlimited Bonds, Subseries A-1,

4.75%, 8/1/38		3,500		3,518

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program (AGM Insured), Prerefunded,

5.00%, 10/1/28⁽⁷⁾		5		6

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program, Unrefunded Balance (AGC State Aid Withholding),

5.25%, 10/1/23		165		165

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program, Unrefunded Balance (AGM Insured),

5.00%, 10/1/33		995		1,119

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series A-2, Columbia University,

5.00%, 10/1/46		500		583

New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Series B, Columbia University,

5.00%, 10/1/38		4,500		4,924

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series A,

3.50%, 3/15/52		2,500		2,105


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

New York – 20.0% continued

New York State Dormitory Authority Sales Tax Revenue Refunding Bonds, Series E, Group 2,

5.00%, 3/15/36		$600		$663

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A,

5.25%, 3/15/38		5,000		5,517

5.25%, 3/15/39		2,500		2,746

5.00%, 3/15/49		5,000		5,383

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series D,

4.00%, 2/15/47		7,000		6,814

New York State Dormitory Authority State Personal Income TRB, Series A, Unrefunded Balance,

5.00%, 2/15/43		2,000		2,115

New York State Environmental Facilities Corp. State Clean Water & Drinking Water Subordinated Revenue Refunding SRF Bonds,

4.00%, 6/15/46		5,000		5,000

New York State Housing Finance Agency Affordable Housing Revenue Bonds, Series E (SonyMA, FNMA Insured),

4.15%, 11/1/47		1,000		946

New York State Liberty Development Corp. Liberty Revenue Refunding Bonds, Series 1,

2.25%, 2/15/41		7,055		5,126

2.75%, 2/15/44		5,000		3,677

New York State Mortgage Agency Homeowner Revenue Bonds, Series 242, Social Bonds (SonyMA Insured),

3.25%, 10/1/47		5,000		4,087

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds,

2.05%, 4/1/33		1,555		1,309

New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A, Bidding Group 5,

4.00%, 3/15/51		5,000		4,801


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

New York – 20.0% continued

New York State Thruway Authority Revenue Bonds, Series J,

5.00%, 1/1/27		$50		$51

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,

5.00%, 12/1/31		550		621

New York State Urban Development Corp. Personal Income TRB, Series A-1,

5.00%, 3/15/43		3,000		3,002

New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax,

5.00%, 3/15/47		5,500		5,918

Port Authority of New York & New Jersey Consolidated Revenue Refunding Bonds, Series 186 (AMT),

5.00%, 10/15/44		3,000		3,044

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 207 (AMT),

5.00%, 9/15/28		1,000		1,082

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 277 (AMT),

2.00%, 10/1/32		2,000		1,695

Sales Tax Asset Receivable Corp. Revenue Refunding Bonds, Series A, Fiscal 2015, Prerefunded,

5.00%, 10/15/24⁽⁷⁾		500		519

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, Series A-1,

5.00%, 5/15/51		750		807

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue Bonds, Series C-3,

2.50%, 5/15/51		6,250		4,113

Triborough Bridge & Tunnel Authority Sales TRB, MTA Bridges & Tunnels, TBTA Capital,

5.25%, 5/15/62		3,000		3,281


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

New York – 20.0% continued

Utility Debt Securitization Authority Restructuring Revenue Refunding Bonds,

5.00%, 12/15/37		$2,500		$2,644

Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds,

5.00%, 12/15/39		2,500		2,724

Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds, Series TE,

5.00%, 12/15/41		3,500		3,546

				157,796

North Carolina – 0.3%

North Carolina Capital Facilities Finance Agency Educational Revenue Bonds, Wake Forest University,

5.00%, 1/1/48		1,000		1,064

North Carolina State Housing Finance Agency Home Ownership Revenue Bonds, Series 44,

3.00%, 7/1/46		915		739

North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway (AGM Insured),

5.00%, 1/1/49		500		521

				2,324

North Dakota – 0.1%

Grand Forks Health Care System Revenue Refunding Bonds, Altru Health System (AGM Insured),

3.00%, 12/1/46		1,500		1,164

Ohio – 0.3%

Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A,

4.00%, 12/1/45		225		202

Ohio State Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System,

4.00%, 1/1/36		1,000		1,027

Washington Local School District Lucas County G.O. Unlimited Bonds, Series A (School District Credit Program),

3.13%, 12/1/51		2,000		1,519

				2,748


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Oregon – 2.7%

Clackamas County School District No. 12 North Clackamas G.O. Unlimited CABS, Series A, (School Board Guaranty Program),

0.00%, 6/15/38⁽⁶⁾		$7,500		$3,886

Clackamas County School District No. 62C Oregon City G.O. Unlimited CABS, Series A (School Board Guaranty Program),

0.00%, 6/15/37⁽⁶⁾		1,000		560

Marion and Polk Counties School District No. 24J Salem-Keizer G.O. Unlimited Convertible CABS, Series B (School Board Guaranty Program),

5.00%, 6/15/34		3,000		3,487

Oregon State Health & Science University Revenue Refunding Bonds, Series A,

4.00%, 7/1/44		1,000		1,007

Oregon State Health & Science University Revenue Refunding Bonds, Series B,

5.00%, 7/1/38		2,035		2,128

Port of Portland International Airport Revenue Bonds,

5.00%, 7/1/49		2,010		2,125

Salem Hospital Facility Authority Revenue Refunding Bonds, Multi Model Salem Health Projects,

5.00%, 5/15/44		3,500		3,628

Union County Hospital Facility Authority Revenue Bonds, Grand Ronde Hospital Project,

5.00%, 7/1/52		750		757

Washington County School District No. 48J Beaverton G.O. Unlimited CABS, Series A (School Board Guaranty Program),

0.00%, 6/15/48⁽⁶⁾		5,000		1,485

Washington Multnomah & Yamhill Counties Hillsboro School District No. 1J G.O. Unlimited Bonds (School Board Guaranty Program),

5.00%, 6/15/35		2,000		2,179

				21,242



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Pennsylvania – 3.0%

Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds (AGM Insured),

4.00%, 6/1/39		$5,000		$4,932

Delaware County Regional Water Quality Control Authority Sewer Revenue Bonds,

5.00%, 5/1/32		820		860

5.00%, 5/1/35		865		903

Franklin County G.O. Unlimited Refunding Bonds,

4.00%, 11/1/33		1,075		1,113

Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, University of Pennsylvania Health System,

5.00%, 8/15/49		5,000		5,201

Pennsylvania State Turnpike Commission Oil Franchise Tax Subordinate Revenue Bonds, Series B,

5.00%, 12/1/43		2,500		2,639

Pennsylvania State Turnpike Commission Revenue Bonds, Series A-2,

5.00%, 12/1/48		2,000		2,094

Pennsylvania State Turnpike Commission Turnpike Revenue Bonds, Series B,

5.00%, 12/1/40		1,525		1,582

Pennsylvania State University Revenue Bonds, Series A,

5.00%, 9/1/45		2,000		2,178

Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, Series B,

5.00%, 12/1/46		1,700		1,827

				23,329

Rhode Island – 0.6%

Rhode Island Turnpike & Bridge Authority Motor Fuel TRB, Series A,

4.00%, 10/1/44		5,265		5,036

South Carolina – 1.4%

Patriots Energy Group Gas System Revenue Refunding Bonds, Series A,

4.00%, 6/1/51		2,500		2,313



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

South Carolina – 1.4% continued

Piedmont Municipal Power Agency Electric Revenue Bonds, Series 2004 (BHAC-CR MBIA Insured),

5.38%, 1/1/25		$5,605		$5,847

University of South Carolina Athletic Facilities Revenue Refunding Bonds, Series A,

5.00%, 5/1/52		1,000		1,085

University of South Carolina Higher Education Revenue Bonds, Series A, Campus Village Project,

5.00%, 5/1/46		2,000		2,184

				11,429

Tennessee – 1.5%

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Belmont University,

4.00%, 5/1/51		3,500		3,201

Tennergy Corp. Gas Revenue Bonds, Series A,

4.00%, 9/1/28⁽¹⁾^(2) (3)		5,000		4,925

Tennessee Housing Development Agency Residential Financing Program Revenue Bonds, Series 1B,

3.38%, 7/1/38		50		49

Tennessee Housing Development Agency Residential Financing Program Revenue Bonds, Series 2B,

3.95%, 1/1/38		75		75

Tennessee State Energy Acquisition Corp. Variable Revenue Refunding Bonds, Series A-1, Gas Project,

5.00%, 5/1/28⁽¹⁾^(2) (3)		3,270		3,365

				11,615

Texas – 3.6%

Austin Electric Utility System Revenue Refunding Bonds, Series A,

5.00%, 11/15/28		500		530

Clifton Higher Education Finance Corp. Revenue Bonds, Series A, Idea Public Schools,

4.00%, 8/15/51		1,200		1,079



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Texas – 3.6% continued

Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center,

0.90%, 5/15/25⁽¹⁾^(2) (3)		$2,500		$2,359

Lower Colorado River Authority Revenue Refunding Bonds,

5.00%, 5/15/39		2,500		2,502

Lower Colorado River Authority Transmission Contract Revenue Bonds, LCRA Transmission Services Corp.,

5.00%, 5/15/51		3,435		3,692

Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services,

5.00%, 5/15/46		2,500		2,684

North Texas Tollway Authority Revenue Refunding Bonds,

4.25%, 1/1/49		1,500		1,474

Port Houston Authority Revenue Bonds,

5.00%, 10/1/51		2,500		2,722

Rockwall Independent School District G.O. Unlimited Bonds, Series A (PSF, Gtd.),

5.00%, 2/15/52		2,445		2,674

San Antonio Education Facilities Corp. Revenue Refunding Bonds, University of the Incarnated Word,

4.00%, 4/1/51		2,510		2,077

Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds, Series A, Christus Health,

4.00%, 7/1/53		2,000		1,879

University of Texas Permanent University Fund Revenue Bonds, Series B,

4.00%, 7/1/41		5,000		5,027

				28,699

Utah – 0.4%

Salt Lake City Airport Revenue Bonds, Series A (AMT),

5.00%, 7/1/42		3,000		3,085



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Virginia – 1.3%

Arlington County IDA Revenue Refunding Bonds, Virginia Hospital Center,

4.00%, 7/1/45		$2,000		$1,969

Fairfax County Sewer Revenue Bonds, Series A,

5.00%, 7/15/46		2,415		2,720

Lynchburg EDA Hospital Revenue Refunding Bonds, Centra Health Obligated Group,

4.00%, 1/1/47		750		712

Rockingham County EDA Facilities Revenue Refunding Bonds, Sentara RMH Medical Center,

3.00%, 11/1/46		2,000		1,552

Virginia State Small Business Financing Authority Revenue Refunding Bonds, National Senior Campuses,

3.38%, 1/1/51		3,000		2,157

Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Elizabeth River,

3.00%, 1/1/41		1,000		775

				9,885

Washington – 3.1%

Snohomish County Public Utility District No. 1 Electric System Revenue Bonds,

5.00%, 12/1/40		560		585

Snohomish County Public Utility District No. 1 Electric System Revenue Bonds, Series A,

5.00%, 12/1/47		5,000		5,560

Washington State G.O. Unlimited Bonds, Series B,

5.00%, 2/1/37		5,000		5,167

Washington State G.O. Unlimited Bonds, Series C, Bidding Group 3,

5.00%, 2/1/45		2,000		2,225

Washington State Health Care Facilities Authority Revenue Refunding Bonds, Providence Health & Services,

5.00%, 10/1/38		5,000		5,009



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.0% continued

Washington – 3.1% continued

Washington State Housing Finance Commission Social Certificate Revenue Bonds, Series A-1,

3.50%, 12/20/35		$973		$912

Washington State Motor Fuel Tax G.O. Unlimited Bonds, Series E,

5.00%, 2/1/38		2,000		2,029

Washington State University Revenue Refunding Bonds,

5.00%, 4/1/40		1,320		1,362

Washington State Various Purpose G.O. Unlimited Bonds, Series A,

5.00%, 8/1/39		1,500		1,633

				24,482

Wisconsin – 2.0%

Milwaukee Corp. G.O. Unlimited Purpose Bonds, Series B4 (BAM Insured),

3.00%, 4/1/33		2,000		1,954

PFA Hospital Revenue Refunding Bonds, Renown Regional Medical Center Project,

3.00%, 6/1/45		2,500		1,916

PFA Revenue Bonds, Texas Biomedical Research Institute,

3.00%, 6/1/48		2,000		1,362

University Hospitals & Clinics Authority Revenue Refunding Bonds, Series A,

4.25%, 4/1/48		2,775		2,757

Wisconsin State G.O. Unlimited Bonds, Series A,

5.00%, 5/1/40		3,000		3,160

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Marquette University,

5.00%, 10/1/35		1,025		1,083

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Milwaukee Regional Medical Center,

4.13%, 4/1/46		1,500		1,500

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 97.0% continued

Wisconsin – 2.0% continued

Wisconsin State Housing & EDA Revenue Bonds, Series A,

4.45%, 5/1/57

$2,305

$2,276

16,008

Total Municipal Bonds

(Cost $838,751)

765,701

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 1.3%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 4.61%⁽⁸⁾⁽⁹⁾

10,291,652

$10,292

Total Investment Companies

(Cost $10,292)

10,292

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

SHORT-TERM INVESTMENTS – 0.6%

Central Plains Energy Project Gas Project Revenue Bonds, Project No. 4,

5.00%, 1/1/24⁽¹⁾^(2) (3)

$2,500

$2,518

Patriots Energy Group Financing Agency South Carolina Gas Supply Revenue Bonds, Series A,

4.00%, 2/1/24⁽¹⁾^(2) (3)

2,000

2,003

Total Short-Term Investments

(Cost $4,497)

4,521

Total Investments – 98.9%

(Cost $853,540)

780,514

Other Assets less Liabilities – 1.1%

8,483

NET ASSETS – 100.0%

$788,997

⁽¹⁾

Maturity date represents the puttable date.

⁽²⁾

These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

⁽³⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽⁴⁾

Discount rate at the time of purchase.

⁽⁵⁾

Step coupon bond. Rate as of March 31, 2023 is disclosed.

⁽⁶⁾

Zero coupon bond.

⁽⁷⁾

Maturity date represents the prerefunded date.

⁽⁸⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁹⁾

7-day current yield as of March 31, 2023 is disclosed.

AGC - Assured Guaranty Corporation

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

BHAC - Berkshire Hathaway Assurance Corporation

CABS - Capital Appreciation Bonds

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CR - Custody Receipt

EDA - Economic Development Authority

FHA - Federal Housing Administration

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

G.O. - General Obligation

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

HDA - Housing Develoment Authority

HFA - Housing Finance Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

INS - Insured

LCRA - Lower Colorado River Authority

MBIA - Municipal Bonds Insurance Association

MFH - Multi-Family Housing

PCR - Pollution Control Revenue

PFA - Public Finance Authority

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

SFM - Single Family Mortgage

SonyMA - State of New York Mortgage Agency

SRF - Special Revenue Fund

TRB - Tax Revenue Bonds

VA - Veterans Affairs

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

Municipal Bonds		97.0	%

Investment Companies		1.3	%

Short-Term Investments		0.6	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Municipal Bonds⁽¹⁾		$ —		$765,701		$ —		$765,701

Investment Companies		10,292		—		—		10,292

Short-Term Investments		—		4,521		—		4,521

Total Investments		$10,292		$770,222		$ —		$780,514

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 8.9%

Automobile – 2.3%

CarMax Auto Owner Trust, Series 2019-4, Class B

2.32%, 7/15/25		$1,700		$1,662

Ford Credit Auto Lease Trust, Series 2022-A, Class A3

3.23%, 5/15/25		1,400		1,376

Ford Credit Auto Owner Trust, Series 2020-A, Class A4

1.35%, 7/15/25		800		780

Ford Credit Auto Owner Trust, Series 2022-D, Class A2A

5.37%, 8/15/25		5,950		5,948

Ford Credit Auto Owner Trust, Series 2023-A, Class A2A

5.14%, 3/15/26		1,750		1,751

GM Financial Automobile Leasing Trust, Series 2022-2, Class A3

3.42%, 6/20/25		2,072		2,035

GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4

1.90%, 3/17/25		940		924

GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class A3

0.51%, 4/16/26		3,897		3,753

GM Financial Consumer Automobile Receivables Trust, Series 2021-3, Class A3

0.48%, 6/16/26		7,956		7,632

Hyundai Auto Receivables Trust, Series 2021-C, Class A2A

0.36%, 10/15/24		235		233

Hyundai Auto Receivables Trust, Series 2022-A, Class A2A

1.81%, 2/18/25⁽¹⁾		2,647		2,612

Hyundai Auto Receivables Trust, Series 2022-C, Class A2A

5.35%, 11/17/25		5,500		5,497

Mercedes-Benz Auto Receivables Trust, Series 2022-1, Class A2

5.26%, 10/15/25		5,000		4,996

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A2

5.09%, 1/15/26		1,100		1,098



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 8.9% continued

Automobile – 2.3% continued

Nissan Auto Lease Trust, Series 2021-A, Class A3

0.52%, 8/15/24		$3,417		$3,364

Santander Drive Auto Receivables Trust, Series 2022-2, Class A2

2.12%, 10/15/26		13		13

Santander Drive Auto Receivables Trust, Series 2023-1, Class A2

5.36%, 5/15/26		6,000		5,987

Tesla Auto Lease Trust, Series 2021-A, Class A2

0.36%, 3/20/25⁽¹⁾		816		814

Toyota Auto Receivables Owner Trust, Series 2022-D, Class A2A

5.27%, 1/15/26		2,550		2,550

World Omni Auto Receivables Trust, Series 2021-B, Class A3

0.42%, 6/15/26		3,161		3,032

World Omni Auto Receivables Trust, Series 2021-D, Class A3

0.81%, 10/15/26		600		572

				56,629

Credit Card – 5.3%

American Express Credit Account Master Trust, Series 2022-1, Class A

2.21%, 3/15/27		13,900		13,268

American Express Credit Account Master Trust, Series 2022-2, Class A

3.39%, 5/15/27		16,050		15,674

BA Credit Card Trust, Series 2021-A1, Class A

0.44%, 9/15/26		4,500		4,295

Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1

0.55%, 7/15/26		34,140		32,326

Discover Card Execution Note Trust, Series 2021-A1, Class A1

0.58%, 9/15/26		14,400		13,530

Golden Credit Card Trust, Series 2022-2A, Class A

(Floating, U.S. SOFR + 0.25%), 4.97%, 1/15/26^(1) (2)		22,600		22,536

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

ASSET-BACKED SECURITIES - 8.9% continued

Credit Card – 5.3% continued

Trillium Credit Card Trust II, Series 2021-2A, Class A

(Floating, U.S. 30 Day Average SOFR + 0.22%),
4.78%, 10/26/26^{(1) (2)}

$25,000

$24,959

126,588

Other – 1.3%

Dell Equipment Finance Trust, Series 2021-2, Class A3

0.53%, 12/22/26⁽¹⁾

5,400

5,236

Hpefs Equipment Trust, Series 2022-3A, Class A2

5.26%, 8/20/29⁽¹⁾

3,500

3,496

MMAF Equipment Finance LLC, Series 2022-B, Class A2

5.57%, 9/9/25⁽¹⁾

2,000

Verizon Master Trust, Series 2021-1, Class A

0.50%, 5/20/27

20,640

19,621

30,353

Total Asset-Backed Securities

(Cost $218,604)

213,570

CORPORATE BONDS – 43.6%

Aerospace & Defense – 0.3%

Boeing (The) Co.,
1.95%, 2/1/24

7,958

7,725

Asset Management – 1.2%

Charles Schwab (The) Corp.,

(Floating, U.S. SOFR Compounded Index + 1.05%), 5.85%, 3/3/27⁽²⁾

20,000

19,066

FS KKR Capital Corp.,
1.65%, 10/12/24

9,830

9,040

28,106

Automotive – 2.7%

American Honda Finance Corp.,

(Floating, ICE LIBOR USD 3M + 0.28%), 5.09%, 1/12/24 ⁽²⁾

6,000

5,968

Aptiv PLC/Aptiv Corp.,
2.40%, 2/18/25

4,830

4,601

General Motors Financial Co., Inc.,
3.70%, 5/9/23

620

619

1.70%, 8/18/23

3,160

3,111



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 43.6% continued

Automotive – 2.7% continued

(Floating, U.S. SOFR + 0.76%), 5.57%, 3/8/24 ⁽²⁾		$7,400		$7,345

1.20%, 10/15/24		1,000		936

(Floating, U.S. SOFR + 0.62%), 5.20%, 10/15/24 ⁽²⁾		250		246

3.50%, 11/7/24		4,000		3,897

Hyundai Capital America, 1.25%, 9/18/23 ⁽¹⁾		18,180		17,803

0.80%, 1/8/24 ⁽¹⁾		7,400		7,129

0.88%, 6/14/24 ⁽¹⁾		9,900		9,372

Nissan Motor Acceptance Co. LLC, 1.13%, 9/16/24 ⁽¹⁾		4,200		3,926

				64,953

Banking – 8.7%

Bank of America Corp.,

(Floating, Bloomberg Short-Term Bank Yield Index 3M + 0.43%), 5.27%, 5/28/24 ⁽²⁾		25,100		24,981

(Floating, U.S. SOFR + 0.73%), 5.38%, 10/24/24 ⁽²⁾		8,652		8,573

BNP Paribas S.A., 4.25%, 10/15/24		13,084		12,664

Citigroup, Inc.,

(Floating, ICE LIBOR USD 3M + 1.10%), 5.98%, 5/17/24 ⁽²⁾		110		110

(Floating, U.S. SOFR + 0.67%), 5.35%, 5/1/25 ⁽²⁾		3,418		3,373

(Floating, U.S. SOFR + 0.69%), 5.34%, 1/25/26 ⁽²⁾		12,100		11,860

(Floating, U.S. SOFR + 1.28%), 6.06%, 2/24/28 ⁽²⁾		21,000		20,744

Fifth Third Bank N.A.,

(Variable, U.S. SOFR + 1.23%), 5.85%, 10/27/25 ⁽³⁾		15,900		15,672

JPMorgan Chase & Co.,

(Floating, ICE LIBOR USD 3M + 0.89%), 5.71%, 7/23/24 ⁽²⁾		20,925		20,909

(Floating, ICE LIBOR USD 3M + 0.85%), 5.66%, 1/10/25 ⁽²⁾		1,305		1,298

(Variable, U.S. SOFR + 0.49%), 0.77%, 8/9/25 ⁽³⁾		9,000		8,450

(Floating, U.S. SOFR + 0.77%), 5.62%, 9/22/27 ⁽²⁾		15,100		14,778

(Floating, U.S. SOFR + 1.18%), 5.95%, 2/24/28 ⁽²⁾		13,000		12,845



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 43.6% continued

Banking – 8.7% continued

KeyBank N.A.,

(Variable, U.S. SOFR Compounded Index + 0.32%), 0.43%, 6/14/24 ⁽³⁾		$3,700		$3,580

4.15%, 8/8/25		3,800		3,593

KeyCorp,

(Variable, U.S. SOFR + 1.25%), 3.88%, 5/23/25 ⁽³⁾		7,700		7,422

Truist Financial Corp.,

(Floating, U.S. SOFR + 0.40%), 5.22%, 6/9/25 ⁽²⁾		25,000		23,937

Wells Fargo & Co.,

(Floating, U.S. SOFR + 1.32%), 5.96%, 4/25/26 ⁽²⁾		14,700		14,685

				209,474

Beverages – 0.3%

Keurig Dr. Pepper, Inc., 0.75%, 3/15/24		6,700		6,416

Biotechnology & Pharmaceuticals – 0.4%

Amgen, Inc., 5.25%, 3/2/25		5,050		5,106

Shire Acquisitions Investments Ireland DAC,

2.88%, 9/23/23		3,985		3,936

				9,042

Cable & Satellite – 0.1%

Cox Communications, Inc., 2.95%, 6/30/23⁽¹⁾		2,755		2,739

Chemicals – 0.3%

Ecolab, Inc., 0.90%, 12/15/23		1,500		1,456

Sherwin-Williams (The) Co., 4.05%, 8/8/24		2,700		2,666

Westlake Corp., 0.88%, 8/15/24		2,375		2,250

				6,372

Commercial Support Services – 0.0%

Republic Services, Inc., 4.75%, 5/15/23		841		840

Construction Materials – 0.4%

Martin Marietta Materials, Inc., 0.65%, 7/15/23		8,790		8,663



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 43.6% continued

Containers & Packaging – 0.1%

Graphic Packaging International LLC, 0.82%, 4/15/24⁽¹⁾		$2,022		$1,927

Diversified Industrials – 0.3%

Parker-Hannifin Corp., 3.65%, 6/15/24		8,240		8,116

Electric Utilities – 4.8%

Ameren Illinois Co., 0.38%, 6/15/23		7,150		7,080

American Electric Power Co., Inc.,

(Floating, ICE LIBOR USD 3M + 0.48%), 5.29%, 11/1/23 ⁽²⁾		15,000		14,933

Black Hills Corp., 1.04%, 8/23/24		3,180		2,992

Consolidated Edison, Inc., 0.65%, 12/1/23		8,100		7,857

Dominion Energy, Inc.,

(Floating, ICE LIBOR USD 3M + 0.53%), 5.40%, 9/15/23 ⁽²⁾		11,640		11,597

DTE Energy Co., 4.22%, 11/1/24		3,300		3,263

Entergy Louisiana LLC, 0.62%, 11/17/23		6,876		6,673

Eversource Energy,

(Floating, U.S. SOFR Compounded Index + 0.25%), 4.99%, 8/15/23 ⁽²⁾		9,400		9,353

Mississippi Power Co.,

(Floating, U.S. SOFR + 0.30%), 5.17%, 6/28/24 ⁽²⁾		8,000		7,919

NextEra Energy Capital Holdings, Inc.,

(Floating, U.S. SOFR Compounded Index + 0.40%), 5.10%, 11/3/23 ⁽²⁾		17,160		17,065

OGE Energy Corp., 0.70%, 5/26/23		5,780		5,740

Public Service Enterprise Group, Inc., 0.84%, 11/8/23		350		340

Southern (The) Co., 0.60%, 2/26/24		1,580		1,511

Vistra Operations Co. LLC, 5.13%, 5/13/25 ⁽¹⁾		15,600		15,203

WEC Energy Group, Inc., 0.80%, 3/15/24		4,420		4,232

				115,758



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 43.6% continued

Entertainment Content – 0.8%

Take-Two Interactive Software, Inc., 3.30%, 3/28/24		$13,113		$12,826

3.55%, 4/14/25		1,400		1,364

Warnermedia Holdings, Inc., 3.43%, 3/15/24 ⁽¹⁾		6,200		6,057

				20,247

Food – 0.2%

Cargill, Inc., 1.38%, 7/23/23 ⁽¹⁾		500		494

0.40%, 2/2/24 ⁽¹⁾		175		167

General Mills, Inc., 5.24%, 11/18/25		1,940		1,946

Mondelez International, Inc., 2.13%, 3/17/24		2,050		1,992

				4,599

Health Care Facilities & Services – 0.3%

Cigna Group (The),

(Floating, ICE LIBOR USD 3M + 0.89%), 5.68%, 7/15/23 ⁽²⁾		1,109		1,109

HCA, Inc., 5.00%, 3/15/24		2,100		2,087

Humana, Inc., 0.65%, 8/3/23		4,275		4,215

				7,411

Home Construction – 0.1%

Lennar Corp., 4.88%, 12/15/23		2,850		2,834

Household Products – 0.6%

Colgate-Palmolive Co., 4.80%, 3/2/26		9,675		9,885

Kenvue, Inc., 5.50%, 3/22/25 ⁽¹⁾		4,080		4,147

				14,032

Institutional Financial Services – 2.7%

Blackstone Private Credit Fund, 2.70%, 1/15/25		7,920		7,292

Goldman Sachs Group (The), Inc.,

(Floating, U.S. SOFR + 0.81%), 5.63%, 3/9/27 ⁽²⁾		25,000		24,188

Morgan Stanley,

(Variable, U.S. SOFR + 0.62%), 0.73%, 4/5/24 ⁽³⁾		7,000		6,998



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 43.6% continued

Institutional Financial Services – 2.7% continued

(Variable, U.S. SOFR + 0.56%), 1.16%, 10/21/25 ⁽³⁾		$3,385		$3,161

(Floating, U.S. SOFR + 0.95%), 5.71%, 2/18/26 ⁽²⁾		20,000		19,696

National Securities Clearing Corp., 0.40%, 12/7/23 ⁽¹⁾		3,000		2,896

				64,231

Insurance – 8.1%

Athene Global Funding, 1.20%, 10/13/23 ⁽¹⁾		16,900		16,417

(Floating, ICE LIBOR USD 3M + 0.73%), 5.95%, 1/8/24 ^(1) (2)		35,000		34,669

Brighthouse Financial Global Funding, 0.60%, 6/28/23 ⁽¹⁾		8,650		8,545

(Floating, U.S. SOFR + 0.76%), 5.33%, 4/12/24 ^(1) (2)		1,300		1,284

1.75%, 1/13/25 ⁽¹⁾		700		655

Corebridge Financial, Inc., 3.50%, 4/4/25 ⁽¹⁾		12,900		12,391

Corebridge Global Funding, 0.45%, 12/8/23 ⁽¹⁾		13,230		12,770

GA Global Funding Trust,

(Floating, U.S. SOFR + 0.50%), 5.32%, 9/13/24 ^(1) (2)		20,000		19,450

Jackson Financial, Inc., 1.13%, 11/22/23		11,450		11,107

Jackson National Life Global Funding, 1.75%, 1/12/25 ⁽¹⁾		15,220		14,249

MassMutual Global Funding II, 0.85%, 6/9/23 ⁽¹⁾		1,000		992

Metropolitan Life Global Funding I,

(Floating, U.S. SOFR + 0.32%), 5.19%, 1/7/24 ^(1) (2)		14,700		14,626

Northwestern Mutual Global Funding,

(Floating, U.S. SOFR + 0.33%), 5.20%, 3/25/24 ^(1) (2)		11,030		10,922

Protective Life Global Funding, 0.63%, 10/13/23 ⁽¹⁾		15,800		15,398

0.78%, 7/5/24 ⁽¹⁾		13,300		12,599

Security Benefit Global Funding, 1.25%, 5/17/24		9,300		8,819

				194,893



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 43.6% continued

Leisure Facilities & Services – 0.2%

Starbucks Corp., 4.75%, 2/15/26		$3,730		$3,751

Machinery – 0.7%

Caterpillar Financial Services Corp.,

(Floating, ICE LIBOR USD 3M + 0.51%), 5.37%, 5/15/23 ⁽²⁾		40		40

CNH Industrial Capital LLC, 1.95%, 7/2/23		5,850		5,793

3.95%, 5/23/25		6,090		5,931

Stanley Black & Decker, Inc., 6.27%, 3/6/26		5,870		5,940

				17,704

Medical Equipment & Devices – 2.1%

Baxter International, Inc., 0.87%, 12/1/23		14,200		13,816

(Floating, U.S. SOFR Compounded Index + 0.44%), 5.22%, 11/29/24 ⁽²⁾		11,570		11,376

GE HealthCare Technologies, Inc., 5.55%, 11/15/24 ⁽¹⁾		11,000		11,065

Stryker Corp., 0.60%, 12/1/23		4,660		4,521

Thermo Fisher Scientific, Inc.,

(Floating, U.S. SOFR Compounded Index + 0.35%), 4.94%, 4/18/23 ⁽²⁾		3,239		3,239

Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24		6,600		6,238

				50,255

Oil & Gas Producers – 0.7%

ConocoPhillips Co., 2.13%, 3/8/24		3,000		2,919

Continental Resources, Inc., 4.50%, 4/15/23		10,050		10,037

3.80%, 6/1/24		1,000		980

Enterprise Products Operating LLC,

5.05%, 1/10/26		2,230		2,261

Exxon Mobil Corp., 1.57%, 4/15/23		55		55

				16,252



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 43.6% continued

Oil & Gas Services & Equipment – 0.2%

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.,

1.23%, 12/15/23		$4,790		$4,650

Retail - Consumer Staples – 1.1%

7-Eleven, Inc., 0.80%, 2/10/24 ⁽¹⁾		14,000		13,405

Dollar General Corp., 4.25%, 9/20/24		3,360		3,320

Walgreens Boots Alliance, Inc., 0.95%, 11/17/23		9,920		9,653

				26,378

Retail - Discretionary – 0.2%

AutoNation, Inc., 4.50%, 10/1/25		1,000		977

Ross Stores, Inc., 3.38%, 9/15/24		5,000		4,889

				5,866

Semiconductors – 0.2%

Analog Devices, Inc.,

(Floating, U.S. SOFR + 0.25%), 5.12%, 10/1/24 ⁽²⁾		3,320		3,287

Intel Corp., 4.88%, 2/10/26		795		805

				4,092

Software – 0.6%

Oracle Corp., 2.40%, 9/15/23		9,990		9,856

5.80%, 11/10/25		4,030		4,130

				13,986

Specialty Finance – 2.8%

Air Lease Corp., 3.88%, 7/3/23		800		796

4.25%, 2/1/24		7,500		7,375

0.80%, 8/18/24		5,100		4,756

Ally Financial, Inc., 3.05%, 6/5/23		1,300		1,288

3.88%, 5/21/24		2,646		2,542

American Express Co.,

(Floating, U.S. SOFR Compounded Index + 0.65%), 5.36%, 11/4/26 ⁽²⁾		27,996		27,442

Aviation Capital Group LLC, 5.50%, 12/15/24 ⁽¹⁾		10,000		9,871



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 43.6% continued

Specialty Finance – 2.8% continued

Synchrony Financial, 4.25%, 8/15/24		$6,063		$5,731

4.88%, 6/13/25		9,047		8,375

				68,176

Steel – 0.2%

Nucor Corp., 3.95%, 5/23/25		5,340		5,254

Technology Hardware – 0.5%

Dell International LLC/EMC Corp., 5.45%, 6/15/23		4,886		4,884

Hewlett Packard Enterprise Co., 2.25%, 4/1/23		1,600		1,600

4.45%, 10/2/23		5,601		5,569

				12,053

Technology Services – 1.1%

Equifax, Inc., 3.95%, 6/15/23		2,100		2,091

Fidelity National Information Services, Inc.,

0.60%, 3/1/24		2,300		2,199

4.50%, 7/15/25		5,990		5,921

Global Payments, Inc., 1.50%, 11/15/24		7,630		7,187

International Business Machines Corp.,

4.00%, 7/27/25		8,720		8,622

				26,020

Telecommunications – 0.6%

AT&T, Inc.,

(Floating, ICE LIBOR USD 3M + 1.18%), 6.33%, 6/12/24 ⁽²⁾		3,619		3,634

Verizon Communications, Inc.,

(Floating, U.S. SOFR Compounded Index + 0.79%), 5.64%, 3/20/26 ⁽²⁾		12,000		11,915

				15,549

Total Corporate Bonds

(Cost $1,074,743)				1,048,364



FOREIGN ISSUER BONDS – 38.3%

Asset Management – 0.4%

UBS A.G., 0.38%, 6/1/23 ⁽¹⁾		670		665



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 38.3% continued

Asset Management – 0.4% continued

0.45%, 2/9/24 ⁽¹⁾		$455		$434

(Floating, U.S. SOFR + 0.36%), 5.08%, 2/9/24 ^{(1) (2)}		9,000		8,954

				10,053

Automotive – 2.4%

BMW U.S. Capital LLC, 3.80%, 4/6/23 ⁽¹⁾		3,700		3,700

(Floating, U.S. SOFR Compounded Index + 0.53%), 5.67%, 4/1/24 ^{(1) (2)}		7,633		7,605

(Floating, U.S. SOFR Compounded Index + 0.38%), 5.11%, 8/12/24 ^{(1) (2)}		20,200		20,037

Kia Corp., 2.38%, 2/14/25 ⁽¹⁾		7,080		6,723

Nissan Motor Co. Ltd., 3.04%, 9/15/23 ⁽¹⁾		10,000		9,850

Volkswagen Group of America Finance LLC,

(Floating, U.S. SOFR + 0.95%), 5.76%, 6/7/24 ^{(1) (2)}		10,860		10,829

				58,744

Banking – 29.4%

Australia & New Zealand Banking Group Ltd.,

5.09%, 12/8/25		5,140		5,181

Banco Santander S.A., 3.89%, 5/24/24		400		391

(Floating, U.S. SOFR + 1.24%), 5.99%, 5/24/24 ⁽²⁾		21,400		21,345

5.15%, 8/18/25		6,200		6,086

Bank of Montreal,

(Floating, U.S. SOFR Compounded Index + 0.62%), 5.46%, 9/15/26 ⁽²⁾		25,800		25,171

Bank of New Zealand,

(Floating, U.S. SOFR + 0.81%), 5.47%, 1/27/27 ^(1) (2)		21,000		20,656

Bank of Nova Scotia (The),

(Floating, U.S. SOFR + 0.38%), 5.05%, 7/31/24 ⁽²⁾		20,000		19,834

(Floating, U.S. SOFR Compounded Index + 0.55%), 5.34%, 3/2/26 ⁽²⁾		30,000		29,293



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 38.3% continued

Banking – 29.4% continued

Banque Federative du Credit Mutuel S.A.,

(Floating, ICE LIBOR USD 3M + 0.96%), 5.77%, 7/20/23 ^(1) (2)		$1,050		$1,048

(Floating, U.S. SOFR Compounded Index + 0.41%), 5.12%, 2/4/25 ^{(1) (2)}		35,000		34,433

Commonwealth Bank of Australia,

(Floating, U.S. SOFR + 0.40%), 5.27%, 7/7/25 ^(1) (2)		7,800		7,701

(Floating, U.S. SOFR + 0.52%), 5.36%, 6/15/26 ^(1) (2)		29,500		29,111

Cooperatieve Rabobank U.A.,

(Floating, U.S. SOFR Compounded Index + 0.38%), 5.25%, 1/10/25 ⁽²⁾		9,700		9,602

Credit Agricole S.A., 3.75%, 4/24/23 ⁽¹⁾		5,710		5,703

3.25%, 10/4/24 ⁽¹⁾		5,000		4,824

Danske Bank A/S,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 6.47%, 1/9/26 ⁽¹⁾⁽³⁾		4,135		4,139

DBS Group Holdings Ltd.,

(Floating, U.S. SOFR Compounded Index + 0.30%), 5.05%, 11/22/24 ^{(1) (2)}		15,000		14,830

Deutsche Bank A.G., 0.96%, 11/8/23		7,300		6,970

(Variable, U.S. SOFR + 2.16%), 2.22%, 9/18/24 ⁽³⁾		7,513		7,306

(Floating, U.S. SOFR + 1.22%), 5.96%, 11/16/27 ⁽²⁾		7,500		6,638

Federation des Caisses Desjardins du Quebec,

(Floating, U.S. SOFR + 0.43%), 5.20%, 5/21/24 ^(1) (2)		22,400		22,218

(Variable, U.S. SOFR Compounded Index + 1.09%), 5.28%, 1/23/26 ^{(1) (3)}		14,030		14,017

HSBC Holdings PLC,

(Variable, U.S. SOFR + 0.53%), 0.73%, 8/17/24 ⁽³⁾		8,020		7,854

(Floating, ICE LIBOR USD 3M + 1.38%), 6.53%, 9/12/26 ⁽²⁾		22,816		22,622



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 38.3% continued

Banking – 29.4% continued

ING Groep N.V.,

(Floating, U.S. SOFR Compounded Index + 1.01%), 5.88%, 4/1/27 ⁽²⁾		$27,000		$26,253

Lloyds Banking Group PLC, 4.05%, 8/16/23		2,939		2,918

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.75%), 4.72%, 8/11/26 ⁽³⁾		7,700		7,496

Macquarie Group Ltd.,

(Floating, U.S. SOFR + 0.71%), 5.29%, 10/14/25 ^(1) (2)		12,960		12,585

(Floating, U.S. SOFR + 0.92%), 5.78%, 9/23/27 ^(1) (2)		13,000		12,580

Mitsubishi UFJ Financial Group, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.70%), 4.79%, 7/18/25 ⁽³⁾		10,000		9,902

(Floating, U.S. SOFR + 0.94%), 5.69%, 2/20/26 ⁽²⁾		3,000		2,954

Mizuho Financial Group, Inc.,

(Floating, ICE LIBOR USD 3M + 0.61%), 5.62%, 9/8/24 ⁽²⁾		20,100		19,951

National Australia Bank Ltd.,

(Floating, U.S. SOFR + 0.86%), 5.68%, 6/9/25 ^(1) (2)		14,200		14,160

National Bank of Canada, 0.75%, 8/6/24		12,500		11,779

(Variable, U.S. SOFR + 1.01%), 3.75%, 6/9/25 ⁽³⁾		7,070		6,923

Nationwide Building Society, 0.55%, 1/22/24 ⁽¹⁾		5,000		4,815

(Floating, U.S. SOFR + 1.29%), 6.03%, 2/16/28 ^(1) (2)		10,700		10,219

NatWest Markets PLC,

(Floating, U.S. SOFR + 0.53%), 5.26%, 8/12/24 ^(1) (2)		10,700		10,536

(Floating, U.S. SOFR + 0.76%), 5.63%, 9/29/26 ^(1) (2)		32,900		31,831

Nordea Bank Abp, 1.00%, 6/9/23 ⁽¹⁾		3,685		3,653

3.75%, 8/30/23 ⁽¹⁾		5,000		4,961

(Floating, ICE LIBOR USD 3M + 0.94%), 5.89%, 8/30/23 ^(1) (2)		200		200

(Floating, U.S. SOFR + 0.96%), 5.76%, 6/6/25 ^(1) (2)		12,200		12,083



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 38.3% continued

Banking – 29.4% continued

Royal Bank of Canada,

(Floating, U.S. SOFR Compounded Index + 0.57%), 5.23%, 4/27/26 ⁽²⁾		$20,900		$20,471

(Floating, U.S. SOFR Compounded Index + 0.59%), 5.28%, 11/2/26 ⁽²⁾		15,000		14,622

Skandinaviska Enskilda Banken AB,

(Floating, ICE LIBOR USD 3M + 0.32%), 5.28%, 9/1/23 ^(1) (2)		9,520		9,486

(Floating, U.S. SOFR + 0.96%), 5.78%, 6/9/25 ^(1) (2)		20,000		19,933

Societe Generale S.A., 2.63%, 10/16/24 ⁽¹⁾		14,505		13,707

Sumitomo Mitsui Financial Group, Inc.,

0.51%, 1/12/24		2,500		2,404

(Floating, U.S. SOFR + 0.88%), 5.44%, 1/14/27 ⁽²⁾		5,840		5,697

Svenska Handelsbanken AB,

(Floating, U.S. SOFR Compounded Index + 0.91%), 5.73%, 6/10/25 ^{(1) (2)}		27,484		27,323

Swedbank AB, 1.30%, 6/2/23 ⁽¹⁾		2,480		2,460

0.60%, 9/25/23 ⁽¹⁾		7,500		7,340

Toronto-Dominion Bank (The), 0.55%, 3/4/24		1,000		955

(Floating, U.S. SOFR + 0.36%), 5.16%, 3/4/24 ⁽²⁾		5,000		4,971

3.77%, 6/6/25		7,700		7,497

(Floating, U.S. SOFR + 0.59%), 5.41%, 9/10/26 ⁽²⁾		20,000		19,521

Westpac Banking Corp., 1.02%, 11/18/24		280		263

(Floating, U.S. SOFR + 1.00%), 5.78%, 8/26/25 ⁽²⁾		13,230		13,255

(Floating, U.S. SOFR + 0.52%), 5.32%, 6/3/26 ⁽²⁾		4,200		4,135

				706,812

Beverages – 0.4%

Coca-Cola Europacific Partners PLC, 0.50%, 5/5/23⁽¹⁾		8,500		8,459

Biotechnology & Pharmaceuticals – 0.0%

GlaxoSmithKline Capital PLC, 0.53%, 10/1/23		1,015		993



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 38.3% continued

Cable & Satellite – 0.3%

Sky Ltd., 3.75%, 9/16/24⁽¹⁾		$6,000		$5,884

Electric Utilities – 0.2%

Enel Finance International N.V., 4.25%, 6/15/25⁽¹⁾		4,400		4,308

Governmental Banks – 0.2%

BNG Bank N.V., 0.75%, 4/17/23 ⁽¹⁾		4,200		4,193

Svensk Exportkredit AB, 0.75%, 4/6/23		1,300		1,300

				5,493

Industrial Support Services – 0.2%

Element Fleet Management Corp., 1.60%, 4/6/24⁽¹⁾		5,800		5,556

Institutional Financial Services – 1.4%

LSEGA Financing PLC, 0.65%, 4/6/24 ⁽¹⁾		14,900		14,179

Sumitomo Mitsui Trust Bank Ltd., 0.80%, 9/12/23 ⁽¹⁾		5,000		4,896

0.85%, 3/25/24 ⁽¹⁾		7,200		6,892

(Floating, U.S. SOFR + 0.44%), 5.27%, 9/16/24 ^{(1) (2)}		7,855		7,796

				33,763

Metals & Mining – 0.3%

Glencore Funding LLC, 4.13%, 3/12/24⁽¹⁾		7,000		6,924

Oil & Gas Producers – 1.3%

Enbridge, Inc.,

(Floating, U.S. SOFR Compounded Index + 0.63%), 5.37%, 2/16/24 ⁽²⁾		14,180		14,075

Saudi Arabian Oil Co., 1.25%, 11/24/23 ⁽¹⁾		8,196		7,986

TotalEnergies Capital International S.A.,

2.43%, 1/10/25		5,122		4,951

TransCanada PipeLines Ltd., 1.00%, 10/12/24		5,160		4,839

				31,851

Specialty Finance – 1.1%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

(Floating, U.S. SOFR + 0.68%), 5.55%, 9/29/23 ⁽²⁾		2,100		2,081

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 38.3% continued

Specialty Finance – 1.1% continued

3.15%, 2/15/24

$5,000

$4,848

1.65%, 10/29/24

9,100

8,512

Avolon Holdings Funding Ltd.,
5.25%, 5/15/24 ⁽¹⁾

4,957

4,907

SMBC Aviation Capital Finance DAC,

4.13%, 7/15/23 ⁽¹⁾

5,927

5,888

26,236

Telecommunications – 0.5%

Bell Telephone Co. of Canada or Bell Canada (The),

0.75%, 3/17/24

6,800

6,497

Rogers Communications, Inc.,
4.10%, 10/1/23

4,900

4,863

11,360

Transportation & Logistics – 0.2%

Canadian Pacific Railway Co.,
1.35%, 12/2/24

4,060

3,825

Total Foreign Issuer Bonds

(Cost $940,450)

920,261

U.S. GOVERNMENT AGENCIES – 1.0% ⁽⁴⁾

Fannie Mae – 0.4%

Fannie Mae REMICS,
Series 2021-47, Class A,

3.00%, 11/25/32

6,388

6,216

Pool #FM3019,
3.50%, 2/1/35

2,340

2,267

Pool #MA3932,
3.50%, 2/1/35

2,085

2,021

10,504

Federal Farm Credit Bank – 0.4%

0.25%, 2/26/24

9,150

8,799

Freddie Mac – 0.1%

Pool #ZS8641,
2.50%, 2/1/32

3,475

3,276

Government National Mortgage Association – 0.1%

Government National Mortgage Association, Series 2013-149, Class MA,

2.50%, 5/20/40

1,718

1,656

Total U.S. Government Agencies

(Cost $25,443)

24,235

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS – 2.8%

U.S. Treasury Notes – 2.8%

0.25%, 9/30/23

$5,000

$4,893

2.13%, 11/30/23

10,000

9,832

2.25%, 12/31/23

10,000

9,819

2.50%, 4/30/24

25,000

24,449

3.00%, 6/30/24

5,000

4,910

3.00%, 7/31/24

10,000

9,818

0.75%, 11/15/24

5,000

4,727

68,448

Total U.S. Government Obligations

(Cost $69,874)

68,448

MUNICIPAL BONDS – 0.6%

New York – 0.6%

New York Taxable G.O. Unlimited Refunding Bonds, Series E, Fiscal 2021,

0.59%, 8/1/23

4,000

3,944

Port Authority of New York & New Jersey Consolidated Taxable Revenue Bonds, Series AAA,

1.09%, 7/1/23

10,000

9,903

13,847

Total Municipal Bonds

(Cost $14,000)

13,847

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 2.9%

Northern Institutional Funds - U.S. Government Portfolio (Shares),
4.61%^{(5) (6)}

69,178,793

$69,179

Total Investment Companies

(Cost $69,179)

69,179

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 1.4%

U.S. Treasury Bill,
4.40%, 10/5/23⁽⁷⁾

$35,000

$34,173

Total Short-Term Investments

(Cost $34,197)

34,173

Total Investments – 99.5%

(Cost $2,446,490)

2,392,077

Other Assets less Liabilities – 0.5%

11,094

NET ASSETS – 100.0%

$2,403,171

⁽¹⁾

⁽²⁾

Variable or floating rate security. Rate as of March 31, 2023 is disclosed.

⁽³⁾

Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of March 31, 2023.

⁽⁴⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽⁵⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾

7-day current yield as of March 31, 2023 is disclosed.

⁽⁷⁾

Discount rate at the time of purchase.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

1Y - 1 Year

3M - 3 Month

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		8.9	%

Corporate Bonds		43.6	%

Foreign Issuer Bonds		38.3	%

U.S. Government Agencies		1.0	%

U.S. Government Obligations		2.8	%

Municipal Bonds		0.6	%

Investment Companies		2.9	%

Short-Term Investments		1.4	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

Asset-Backed Securities⁽¹⁾	$	—	$	213,570		$—	$	213,570

Corporate Bonds⁽¹⁾		—		1,048,364		—		1,048,364

Foreign Issuer Bonds⁽¹⁾		—		920,261		—		920,261

U.S. Government Agencies⁽¹⁾		—		24,235		—		24,235

U.S. Government Obligations⁽¹⁾		—		68,448		—		68,448

Municipal Bonds		—		13,847		—		13,847

Investment Companies		69,179		—		—		69,179

Short-Term Investments		—		34,173		—		34,173

Total Investments	$	69,179	$	2,322,898		$—	$	2,392,077

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 1.3% ⁽¹⁾

Fannie Mae – 0.7%

Pool #555649,

7.50%, 10/1/32		$14		$14

Pool #BH9277,

3.50%, 2/1/48		127		120

Pool #FS3063,

4.50%, 10/1/52		190		187

				321

Freddie Mac – 0.4%

Pool #SD1710,

5.00%, 10/1/52		198		198

Pool #ZS7735,

2.00%, 1/1/32		1		2

				200

Government National Mortgage Association – 0.2%

Government National Mortgage

Association, Series 2017-95, Class QG,

2.50%, 8/20/46		81		74

Government National Mortgage Association I – 0.0%

Pool #676682,

4.50%, 6/15/25		15		15

Pool #782618,

4.50%, 4/15/24		3		3

Pool #783245,

5.00%, 9/15/24		3		3

Pool #783489,

5.00%, 6/15/25		1		1

				22

Total U.S. Government Agencies

(Cost $630)				617



U.S. GOVERNMENT OBLIGATIONS – 96.6%

U.S. Treasury Inflation Indexed Notes – 2.0%

0.50%, 4/15/24		116		136

0.13%, 7/15/24		111		137

0.13%, 10/15/24		120		137

0.25%, 1/15/25		111		137

0.38%, 7/15/25		111		137

0.13%, 4/15/26		126		138

0.13%, 4/15/27		137		138

0.13%, 7/15/30		2		2

				962



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 96.6% continued

U.S. Treasury Notes – 94.6%

2.25%, 4/30/24		$369		$360

0.25%, 5/15/24		374		357

1.75%, 6/30/24		225		218

1.75%, 7/31/24		638		616

1.88%, 8/31/24		637		615

2.13%, 9/30/24		633		613

2.25%, 10/31/24		632		612

2.25%, 11/15/24		675		654

4.50%, 11/30/24		7,333		7,362

2.50%, 1/31/25		623		605

2.75%, 2/28/25		618		603

2.88%, 4/30/25		618		603

0.25%, 5/31/25		145		134

2.88%, 5/31/25		587		573

0.25%, 7/31/25		677		622

0.25%, 9/30/25		133		122

0.38%, 11/30/25		128		117

0.38%, 12/31/25		159		145

2.63%, 12/31/25		119		115

4.00%, 2/15/26		6,785		6,813

0.75%, 3/31/26		320		293

2.25%, 3/31/26		371		355

0.88%, 6/30/26		302		275

1.88%, 6/30/26		295		278

0.63%, 7/31/26		299		270

0.75%, 8/31/26		293		265

1.13%, 10/31/26		211		192

1.50%, 1/31/27		265		244

0.63%, 3/31/27		92		81

0.50%, 5/31/27		257		225

0.38%, 9/30/27		311		269

2.25%, 11/15/27		226		212

0.63%, 11/30/27		236		206

3.88%, 11/30/27		8,838		8,930

0.75%, 1/31/28		229		200

1.25%, 5/31/28		215		191

2.88%, 8/15/28		595		573

1.13%, 8/31/28		208		183

3.13%, 11/15/28		588		573

2.88%, 4/30/29		2,129		2,044

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 96.6% continued

U.S. Treasury Notes – 94.6% continued

4.00%, 2/28/30

$1,500

$1,539

3.50%, 2/15/33

6,880

6,891

46,148

Total U.S. Government Obligations

(Cost $47,933)

47,110

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 4.2%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

4.61%⁽²⁾⁽³⁾

2,039,074

$2,039

Total Investment Companies

(Cost $2,039)

2,039

Total Investments – 102.1%

(Cost $50,602)

49,766

Liabilities less Other Assets – (2.1%)

(1,015

)

NET ASSETS – 100.0%

$48,751

⁽¹⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽²⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽³⁾

7-day current yield as of March 31, 2023 is disclosed.

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

U.S. Government Agencies		1.3	%

U.S. Government Obligations		96.6	%

Investment Companies		4.2	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 23.9% ⁽¹⁾

Federal Farm Credit Bank – 9.5%
FFCB Bonds,
2.03%, 5/2/23		$60,000		$59,994
FFCB Discount Notes,
4.68%, 4/10/23⁽²⁾		110,000		109,873
4.85%, 5/24/23⁽²⁾		9,000		8,937
5.20%, 8/1/23⁽²⁾		21,000		20,635
5.25%, 8/31/23⁽²⁾		11,000		10,759
5.05%, 9/12/23⁽²⁾		7,000		6,841
5.07%, 9/28/23⁽²⁾		10,000		9,750
5.22%, 10/23/23⁽²⁾		20,000		19,413

FFCB Notes,

(Floating, U.S. SOFR + 0.02%), 4.84%, 4/3/23⁽³⁾		75,000		74,999

(Floating, U.S. SOFR + 0.03%), 4.85%, 4/3/23⁽³⁾		320,000		319,990

(Floating, U.S. Federal Funds + 0.02%), 4.85%, 4/3/23⁽³⁾		45,000		45,000

(Floating, U.S. SOFR + 0.04%), 4.86%, 4/3/23⁽³⁾		326,000		326,000

(Floating, U.S. SOFR + 0.05%), 4.87%, 4/3/23⁽³⁾		383,000		383,000

(Floating, U.S. SOFR + 0.06%), 4.88%, 4/3/23⁽³⁾		145,000		145,000

(Floating, U.S. SOFR + 0.05%), 4.89%, 4/3/23⁽³⁾		10,000		10,000

(Floating, U.S. Federal Funds + 0.13%), 4.96%, 4/3/23⁽³⁾		120,000		119,977

(Floating, U.S. SOFR + 0.15%), 4.96%, 4/3/23⁽³⁾		30,000		30,000

(Floating, U.S. SOFR + 0.15%), 4.97%, 4/3/23⁽³⁾		70,000		70,000

				1,770,168

Federal Home Loan Bank – 14.4%

FHLB Bonds,

5.40%, 3/27/24		60,000		60,000

5.54%, 4/24/24		25,000		25,000

5.33%, 4/26/24		45,000		45,000

5.35%, 4/26/24		55,000		55,000

FHLB Discount Notes,

4.68%, 5/24/23⁽²⁾		225,000		223,417

4.81%, 5/31/23⁽²⁾		210,000		208,322

4.91%, 6/12/23⁽²⁾		310,000		306,962

4.85%, 6/14/23⁽²⁾		150,000		148,508

4.99%, 8/23/23⁽²⁾		55,000		53,911

5.01%, 8/30/23⁽²⁾		220,000		215,419



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 23.9% ⁽¹⁾ continued

Federal Home Loan Bank – 14.4% continued

5.03%, 9/1/23⁽²⁾		$110,000		$107,667

FHLB Notes,

(Floating, U.S. SOFR + 0.08%), 4.92%, 4/3/23⁽³⁾		725,000		725,000

(Floating, U.S. SOFR + 0.12%), 4.94%, 4/3/23⁽³⁾		70,000		70,000

(Floating, U.S. SOFR + 0.12%), 4.96%, 4/3/23⁽³⁾		435,000		435,000

				2,679,206

Total U.S. Government Agencies

(Cost $4,449,374)				4,449,374



U.S. GOVERNMENT OBLIGATIONS – 3.9%

U.S. Treasury Floating Rate Notes – 2.8%

(Floating, U.S. Treasury 3M Bill MMY + 0.08%), 4.66%, 4/3/23⁽³⁾		50,000		49,959

(Floating, U.S. Treasury 3M Bill MMY + 0.03%), 4.76%, 4/3/23⁽³⁾		60,540		60,540

(Floating, U.S. Treasury 3M Bill MMY + 0.03%), 4.77%, 4/3/23⁽³⁾		235,000		235,001

(Floating, U.S. Treasury 3M Bill MMY + 0.04%), 4.77%, 4/3/23⁽³⁾		175,000		174,998

				520,498

U.S. Treasury Notes – 1.1%

0.13%, 4/30/23		165,000		164,742

1.63%, 4/30/23		35,000		34,986

				199,728

Total U.S. Government Obligations

(Cost $720,226)				720,226



Investments, at Amortized Cost

($5,169,600)				5,169,600



REPURCHASE AGREEMENTS – 72.6% ⁽⁴⁾

Bank of America Securities LLC,dated 3/31/23, repurchase price $843,338,

4.82%, 4/3/23		843,000		843,000



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

REPURCHASE AGREEMENTS - 72.6% ⁽⁴⁾continued

Canadian Imperial Bank of Commerce, dated 3/31/23, repurchase price $550,661,

4.81%, 4/10/23		$550,000		$550,000

Citigroup Global Markets, Inc., dated 3/31/23, repurchase price

$1,070,429,

4.81%, 4/3/23		1,070,000		1,070,000

Federal Reserve Bank of New York, dated 3/31/23, repurchase price

$7,671,067,

4.80%, 4/3/23		7,668,000		7,668,000

Goldman Sachs & Co., dated 3/31/23, repurchase price

$1,000,401,

4.81%, 4/3/23		1,000,000		1,000,000

JPMorgan Securities LLC, dated 3/31/23, repurchase price $660,264,

4.80%, 4/3/23		660,000		660,000

JPMorgan Securities LLC, dated 3/31/23, repurchase price $752,991,

4.83%, 4/10/23		750,000		750,000

NatWest Markets PLC, dated 3/31/23, repurchase price $500,201,

4.82%, 4/3/23		500,000		500,000

Royal Bank of Canada, New York Branch, dated 3/31/23, repurchase price $450,541,

4.81%, 4/10/23		450,000		450,000

				13,491,000

Total Repurchase Agreements

(Cost $13,491,000)				13,491,000



Total Investments – 100.4%

(Cost $18,660,600)				18,660,600

Liabilities less Other Assets – (0.4%)				(76,025	)

NET ASSETS – 100.0%				$18,584,575

⁽¹⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽²⁾

Discount rate at the time of purchase.

⁽³⁾

Variable rate security. Rate as of March 31, 2023 is disclosed. Maturity date represents the next interest reset date. The security’s legal final maturity date is longer than the reset date. Securities with longer maturity dates have a greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.

⁽⁴⁾

The nature and terms of the collateral received for the repurchase agreements are as follows:



NAME	FAIR VALUE (000S)		COUPON RATES		MATURITY DATES
FHLB		$1,504		2.70%		1/28/37
FHLMC		$769,392		2.00%—6.00%		10/1/38—4/1/53
FNMA		$1,854,534		1.50%—7.50%		8/1/24—7/1/61
GNMA		$268,566		1.50%—7.50%		8/20/29—12/20/62
U.S. Treasury Bills		$197,327		0.00%		4/4/23—2/22/24
U.S. Treasury Bonds		$429,940		0.13%—6.50%		11/15/26—2/15/52
U.S. Treasury Notes		$10,117,348		0.13%—4.87%		5/15/23—5/15/32

Total		$13,638,611

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

3M – 3 Month

FFCB – Federal Farm Credit Bank

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

MMY – Money Market Yield

SOFR – Secured Overnight Financing Rate

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

U.S. Government Agencies		23.9	%

U.S. Government Obligations		3.9	%

Repurchase Agreements		72.6	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 23.2% ⁽¹⁾

Federal Farm Credit Bank – 8.6%

FFCB Bonds,

2.03%, 5/2/23		$10,000		$9,999

FFCB Discount Notes,

4.68%, 4/10/23⁽²⁾		20,000		19,977

4.85%, 5/24/23⁽²⁾		2,000		1,986

4.79%, 6/22/23⁽²⁾		10,000		9,890

5.09%, 8/1/23⁽²⁾		4,000		3,930

5.07%, 8/29/23⁽²⁾		10,000		9,792

5.25%, 8/31/23⁽²⁾		2,000		1,956

5.05%, 9/12/23⁽²⁾		1,000		977

5.07%, 9/28/23⁽²⁾		2,000		1,950

5.22%, 10/23/23⁽²⁾		5,000		4,853

FFCB Notes,

(Floating, U.S. SOFR + 0.02%), 4.84%, 4/3/23⁽³⁾		10,000		10,000

(Floating, U.S. SOFR + 0.03%), 4.85%, 4/3/23⁽³⁾		10,000		10,000

(Floating, U.S. Federal Funds + 0.02%), 4.85%, 4/3/23⁽³⁾		5,000		5,000

(Floating, U.S. SOFR + 0.03%), 4.85%, 4/3/23⁽³⁾		45,000		44,997

(Floating, U.S. SOFR + 0.04%), 4.86%, 4/3/23⁽³⁾		10,000		10,000

(Floating, U.S. SOFR + 0.04%), 4.86%, 4/3/23⁽³⁾		5,000		5,000

(Floating, U.S. SOFR + 0.04%), 4.86%, 4/3/23⁽³⁾		10,000		10,000

(Floating, U.S. SOFR + 0.05%), 4.87%, 4/3/23⁽³⁾		5,000		5,000

(Floating, U.S. SOFR + 0.05%), 4.87%, 4/3/23⁽³⁾		5,000		5,000

(Floating, U.S. SOFR + 0.05%), 4.87%, 4/3/23⁽³⁾		10,000		10,000

(Floating, U.S. SOFR + 0.05%), 4.87%, 4/3/23⁽³⁾		20,000		20,000

(Floating, U.S. SOFR + 0.05%), 4.87%, 4/3/23⁽³⁾		10,000		10,000

(Floating, U.S. SOFR + 0.05%), 4.87%, 4/3/23⁽³⁾		10,000		10,000

(Floating, U.S. SOFR + 0.06%), 4.88%, 4/3/23⁽³⁾		5,000		5,000

(Floating, U.S. SOFR + 0.06%), 4.88%, 4/3/23⁽³⁾		10,000		10,000

(Floating, U.S. SOFR + 0.06%), 4.88%, 4/3/23⁽³⁾		25,000		25,003



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 23.2% ⁽¹⁾ continued

Federal Farm Credit Bank – 8.6% continued

(Floating, U.S. Federal Funds + 0.13%), 4.96%, 4/3/23⁽³⁾		$5,000		$4,997

(Floating, U.S. Federal Funds + 0.13%), 4.96%, 4/3/23⁽³⁾		15,000		15,000

(Floating, U.S. SOFR + 0.15%), 4.96%, 4/3/23⁽³⁾		5,000		5,000

(Floating, U.S. SOFR + 0.15%), 4.97%, 4/3/23⁽³⁾		15,000		15,000

				300,307

Federal Home Loan Bank – 14.6%

FHLB Bonds,

5.40%, 3/27/24		10,000		10,000

5.54%, 4/24/24		5,000		5,000

5.33%, 4/26/24		10,000		10,000

5.35%, 4/26/24		10,000		10,000

FHLB Discount Notes,

4.68%, 5/24/23⁽²⁾		30,000		29,789

4.79%, 5/24/23⁽²⁾		10,000		9,930

4.81%, 5/31/23⁽²⁾		40,000		39,680

4.91%, 6/12/23⁽²⁾		60,000		59,412

4.85%, 6/14/23⁽²⁾		30,000		29,701

4.99%, 8/23/23⁽²⁾		10,000		9,802

5.01%, 8/30/23⁽²⁾		40,000		39,167

5.03%, 9/1/23⁽²⁾		25,000		24,470

FHLB Notes,

(Floating, U.S. SOFR + 0.08%), 4.92%, 4/3/23⁽³⁾		135,000		135,000

(Floating, U.S. SOFR + 0.12%), 4.94%, 4/3/23⁽³⁾		15,000		15,000

(Floating, U.S. SOFR + 0.12%), 4.96%, 4/3/23⁽³⁾		85,000		85,000

				511,951

Total U.S. Government Agencies

(Cost $812,258)				812,258



U.S. GOVERNMENT OBLIGATIONS – 4.9%

U.S. Treasury Floating Rate Notes – 4.5%

(Floating, U.S. Treasury 3M Bill MMY + 0.08%), 4.66%, 4/3/23⁽³⁾		20,000		19,988

(Floating, U.S. Treasury 3M Bill MMY + 0.03%), 4.76%, 4/3/23⁽³⁾		68,170		68,170



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS—4.9% continued

U.S. Treasury Floating Rate Notes – 4.5% continued

(Floating, U.S. Treasury 3M Bill MMY + 0.03%), 4.77%, 4/3/23⁽³⁾		$45,000		$45,000

(Floating, U.S. Treasury 3M Bill MMY + 0.04%), 4.77%, 4/3/23⁽³⁾		25,000		25,000

				158,158

U.S. Treasury Notes – 0.4%

0.13%, 4/30/23		10,000		9,984

1.63%, 4/30/23		5,000		4,998

				14,982

Total U.S. Government Obligations

(Cost $173,140)				173,140



Investments, at Amortized Cost

( $985,398)				985,398



REPURCHASE AGREEMENTS – 72.2% ⁽⁴⁾

Bank of America Securities LLC,dated 3/31/23, repurchase price $100,040, 4.82%, 4/3/23		100,000		100,000

Bank of America Securities LLC,dated 3/31/23, repurchase price $50,059, 4.86%, 4/10/23		50,000		50,000

Citigroup Global Markets, Inc.,dated 3/31/23, repurchase price $356,142, 4.81%, 4/3/23		356,000		356,000

Federal Reserve Bank of New York,dated 3/31/23, repurchase price $1,278,511, 4.80%, 4/3/23		1,278,000		1,278,000

JPMorgan Securities LLC, dated 3/31/23, repurchase price $150,598, 4.83%, 4/10/23		150,000		150,000

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

REPURCHASE AGREEMENTS - 72.2% ⁽⁴⁾ continued

JPMorgan Securities LLC, dated 3/31/23, repurchase price $450,180,
4.80%, 4/3/23

450,000

Royal Bank of Canada, New York Branch, dated 3/31/23,repurchase price $150,505,
4.85%, 4/10/23

150,000

2,534,000

Total Repurchase Agreements

(Cost $2,534,000)

2,534,000

Total Investments – 100.3%

(Cost $3,519,398)

3,519,398

Liabilities less Other Assets – (0.3%)

(9,420

)

NET ASSETS – 100.0%

3,509,978

⁽¹⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽²⁾

Discount rate at the time of purchase.

⁽³⁾

⁽⁴⁾

The nature and terms of the collateral received for the repurchase agreements are as follows:



Name	FAIR VALUE (000S)		COUPON RATES		MATURITY DATES

FHLB		$35,725		2.65%—4.03%		6/6/33—11/5/41

FHLMC		$145,309		0.00%—5.00%		3/15/28—9/1/52

FNMA		$378,555		0.00%—6.50%		6/1/28—9/1/61

GNMA		$201,614		2.00%—6.50%		10/15/28—3/15/65

U.S. Treasury Bills		$57,098		0.00%		7/6/23—7/25/23

U.S. Treasury Bonds		$311,311		2.13%—2.25%		2/15/41—5/15/41

U.S. Treasury Notes		$1,436,968		0.63%—4.76%		5/31/23—5/15/32
Total		$2,566,580

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

3M –3 Month

FFCB – Federal Farm Credit Bank

FHLB – Federal Home Loan Bank

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

MMY – Money Market Yield

SOFR – Secured Overnight Financing Rate

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

U.S. Government Agencies		23.2	%

U.S. Government Obligations		4.9	%

Repurchase Agreements		72.2	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



	LEVEL 1 (000S)	LEVEL 2 (000S)	LEVEL 3 (000S)	TOTAL (000S)
Investments held by U.S. Government Select Money Market Fund⁽¹⁾	$—	$3,519,398	$—	$3,519,398

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS – 99.3%

U.S. Treasury Bonds – 20.5%

6.00%, 2/15/26		$10		$11

6.50%, 11/15/26		35		38

6.38%, 8/15/27		65		72

6.13%, 11/15/27		75		83

5.50%, 8/15/28		50		54

5.25%, 11/15/28		100		108

6.13%, 8/15/29		50		57

6.25%, 5/15/30		75		88

5.38%, 2/15/31		100		113

4.50%, 2/15/36		60		67

4.75%, 2/15/37		25		28

5.00%, 5/15/37		50		58

4.38%, 2/15/38		50		55

4.50%, 5/15/38		95		105

3.50%, 2/15/39		50		49

4.25%, 5/15/39		100		108

4.50%, 8/15/39		100		111

4.38%, 11/15/39		100		109

4.63%, 2/15/40		100		113

1.13%, 5/15/40		300		200

4.38%, 5/15/40		115		125

1.13%, 8/15/40		450		297

3.88%, 8/15/40		100		103

1.38%, 11/15/40		525		362

4.25%, 11/15/40		100		107

1.88%, 2/15/41		550		411

4.75%, 2/15/41		145		165

2.25%, 5/15/41		535		425

4.38%, 5/15/41		140		152

1.75%, 8/15/41		550		398

3.75%, 8/15/41		100		100

2.00%, 11/15/41		400		302

3.13%, 11/15/41		145		132

2.38%, 2/15/42		400		322

3.13%, 2/15/42		100		91

3.00%, 5/15/42		155		138

3.25%, 5/15/42		225		208

2.75%, 8/15/42		130		111

3.38%, 8/15/42		150		141

2.75%, 11/15/42		165		140

4.00%, 11/15/42		300		308

3.13%, 2/15/43		205		184

3.88%, 2/15/43		250		252



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 99.3% continued

U.S. Treasury Bonds – 20.5% continued

2.88%, 5/15/43		$225		$194

3.63%, 8/15/43		100		97

3.75%, 11/15/43		230		227

3.63%, 2/15/44		150		145

3.38%, 5/15/44		150		140

3.13%, 8/15/44		225		201

3.00%, 11/15/44		255		222

2.50%, 2/15/45		150		120

3.00%, 5/15/45		125		109

2.88%, 8/15/45		175		149

3.00%, 11/15/45		80		70

2.50%, 2/15/46		150		119

2.50%, 5/15/46		250		199

2.25%, 8/15/46		275		208

2.88%, 11/15/46		100		85

3.00%, 2/15/47		200		174

3.00%, 5/15/47		150		131

2.75%, 8/15/47		300		249

2.75%, 11/15/47		200		166

3.00%, 2/15/48		290		253

3.13%, 5/15/48		325		290

3.00%, 8/15/48		300		262

3.38%, 11/15/48		300		281

3.00%, 2/15/49		350		306

2.88%, 5/15/49		400		342

2.25%, 8/15/49		350		263

2.38%, 11/15/49		325		251

2.00%, 2/15/50		415		294

1.25%, 5/15/50		450		262

1.38%, 8/15/50		550		330

1.63%, 11/15/50		500		321

1.88%, 2/15/51		675		461

2.38%, 5/15/51		650		499

2.00%, 8/15/51		525		369

1.88%, 11/15/51		450		306

2.25%, 2/15/52		500		373

2.88%, 5/15/52		425		364

3.00%, 8/15/52		380		334

4.00%, 11/15/52		400		425

3.63%, 2/15/53		425		422

				16,614

U.S. Treasury Notes – 78.8%

0.38%, 4/15/24		300		287



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS – 99.3% continued

U.S. Treasury Notes – 78.8% continued

2.00%, 4/30/24		$250		$243

2.25%, 4/30/24		300		293

2.50%, 4/30/24		250		244

0.25%, 5/15/24		450		429

2.50%, 5/15/24		375		367

2.00%, 5/31/24		300		292

2.50%, 5/31/24		750		733

1.75%, 6/30/24		275		266

2.00%, 6/30/24		200		194

3.00%, 6/30/24		375		368

0.38%, 7/15/24		300		285

1.75%, 7/31/24		250		241

2.13%, 7/31/24		250		243

3.00%, 7/31/24		250		245

0.38%, 8/15/24		100		95

2.38%, 8/15/24		525		511

1.25%, 8/31/24		200		192

1.88%, 8/31/24		250		242

3.25%, 8/31/24		350		345

0.38%, 9/15/24		250		236

1.50%, 9/30/24		200		192

2.13%, 9/30/24		300		291

4.25%, 9/30/24		350		350

0.63%, 10/15/24		500		473

1.50%, 10/31/24		300		287

2.25%, 10/31/24		150		145

0.75%, 11/15/24		500		473

2.25%, 11/15/24		550		533

1.50%, 11/30/24		300		287

2.13%, 11/30/24		200		193

4.50%, 11/30/24		500		502

1.00%, 12/15/24		250		237

1.75%, 12/31/24		200		192

2.25%, 12/31/24		250		242

4.25%, 12/31/24		250		250

1.13%, 1/15/25		450		426

1.38%, 1/31/25		200		190

2.50%, 1/31/25		200		194

4.13%, 1/31/25		250		250

1.50%, 2/15/25		500		476

2.00%, 2/15/25		325		312

1.13%, 2/28/25		250		236

2.75%, 2/28/25		215		210



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 99.3% continued

U.S. Treasury Notes – 78.8% continued

4.63%, 2/28/25		$500		$505

1.75%, 3/15/25		400		383

0.50%, 3/31/25		400		373

2.63%, 3/31/25		150		146

3.88%, 3/31/25		500		498

2.63%, 4/15/25		350		340

0.38%, 4/30/25		300		278

2.88%, 4/30/25		200		195

2.13%, 5/15/25		400		385

2.75%, 5/15/25		375		365

0.25%, 5/31/25		300		277

2.88%, 5/31/25		175		171

2.88%, 6/15/25		350		342

0.25%, 6/30/25		400		369

2.75%, 6/30/25		150		146

0.25%, 7/31/25		350		321

2.88%, 7/31/25		225		220

2.00%, 8/15/25		550		526

3.13%, 8/15/25		350		343

0.25%, 8/31/25		250		229

2.75%, 8/31/25		150		146

3.50%, 9/15/25		300		297

0.25%, 9/30/25		500		458

3.00%, 9/30/25		200		196

4.25%, 10/15/25		250		252

0.25%, 10/31/25		350		319

3.00%, 10/31/25		200		196

2.25%, 11/15/25		445		427

4.50%, 11/15/25		300		304

0.38%, 11/30/25		355		324

2.88%, 11/30/25		150		146

0.38%, 12/31/25		400		365

2.63%, 12/31/25		300		290

3.88%, 1/15/26		300		300

0.38%, 1/31/26		350		318

2.63%, 1/31/26		150		145

1.63%, 2/15/26		550		517

4.00%, 2/15/26		500		502

0.50%, 2/28/26		500		454

2.50%, 2/28/26		100		96

4.63%, 3/15/26		500		511

0.75%, 3/31/26		500		457

2.25%, 3/31/26		250		239



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS – 99.3% continued

U.S. Treasury Notes – 78.8% continued

0.75%, 4/30/26		$250		$228

2.38%, 4/30/26		225		216

1.63%, 5/15/26		450		421

0.75%, 5/31/26		300		273

2.13%, 5/31/26		175		166

0.88%, 6/30/26		500		456

1.88%, 6/30/26		225		212

0.63%, 7/31/26		550		496

1.88%, 7/31/26		200		188

1.50%, 8/15/26		520		483

0.75%, 8/31/26		150		136

1.38%, 8/31/26		200		185

0.88%, 9/30/26		450		408

1.63%, 9/30/26		150		140

1.13%, 10/31/26		500		456

1.63%, 10/31/26		200		186

2.00%, 11/15/26		415		390

1.25%, 11/30/26		475		435

1.63%, 11/30/26		250		232

1.25%, 12/31/26		350		320

1.75%, 12/31/26		200		186

1.50%, 1/31/27		575		529

2.25%, 2/15/27		410		388

1.13%, 2/28/27		200		182

1.88%, 2/28/27		300		280

0.63%, 3/31/27		180		160

2.50%, 3/31/27		350		334

0.50%, 4/30/27		275		242

2.75%, 4/30/27		350		337

2.38%, 5/15/27		250		237

0.50%, 5/31/27		250		219

2.63%, 5/31/27		450		431

0.50%, 6/30/27		200		175

3.25%, 6/30/27		400		393

0.38%, 7/31/27		250		217

2.75%, 7/31/27		375		361

2.25%, 8/15/27		350		330

0.50%, 8/31/27		250		218

3.13%, 8/31/27		350		342

0.38%, 9/30/27		400		346

4.13%, 9/30/27		350		357

0.50%, 10/31/27		400		347

4.13%, 10/31/27		250		255



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 99.3% continued

U.S. Treasury Notes – 78.8% continued

2.25%, 11/15/27		$300		$282

0.63%, 11/30/27		400		349

3.88%, 11/30/27		350		354

0.63%, 12/31/27		450		391

3.88%, 12/31/27		250		253

0.75%, 1/31/28		500		437

3.50%, 1/31/28		250		249

2.75%, 2/15/28		400		384

1.13%, 2/29/28		550		488

4.00%, 2/29/28		500		509

1.25%, 3/31/28		400		357

3.63%, 3/31/28		500		501

1.25%, 4/30/28		500		445

2.88%, 5/15/28		525		506

1.25%, 5/31/28		450		400

1.25%, 6/30/28		550		488

1.00%, 7/31/28		450		393

2.88%, 8/15/28		590		568

1.13%, 8/31/28		200		176

1.25%, 9/30/28		450		397

1.38%, 10/31/28		500		444

3.13%, 11/15/28		475		463

1.50%, 11/30/28		350		312

1.38%, 12/31/28		450		399

1.75%, 1/31/29		300		271

2.63%, 2/15/29		600		569

1.88%, 2/28/29		300		273

2.38%, 3/31/29		400		373

2.88%, 4/30/29		250		240

2.38%, 5/15/29		400		373

2.75%, 5/31/29		300		286

3.25%, 6/30/29		325		319

2.63%, 7/31/29		300		284

1.63%, 8/15/29		450		401

3.13%, 8/31/29		300		292

3.88%, 9/30/29		275		280

4.00%, 10/31/29		200		205

1.75%, 11/15/29		225		202

3.88%, 11/30/29		300		305

3.88%, 12/31/29		250		255

3.50%, 1/31/30		250		249

1.50%, 2/15/30		425		373

4.00%, 2/28/30		300		308



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS – 99.3% continued

U.S. Treasury Notes – 78.8% continued

3.63%, 3/31/30		$500		$502

0.63%, 5/15/30		600		491

0.63%, 8/15/30		735		599

0.88%, 11/15/30		875		724

1.13%, 2/15/31		750		632

1.63%, 5/15/31		840		730

1.25%, 8/15/31		900		755

1.38%, 11/15/31		800		675

1.88%, 2/15/32		850		746

2.88%, 5/15/32		800		761

2.75%, 8/15/32		700		659

4.13%, 11/15/32		750		788

3.50%, 2/15/33		600		601

				63,922

Total U.S. Government Obligations

(Cost $88,459)				80,536


	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 2.2%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

4.61%⁽¹⁾⁽²⁾		1,788,712		$1,789

Total Investment Companies

(Cost $1,789)				1,789



Total Investments – 101.5%

(Cost $90,248)				82,325

Liabilities less Other Assets – (1.5%)				(1,180	)

NET ASSETS – 100.0%				$81,145

⁽¹⁾

Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽²⁾

7-day current yield as of March 31, 2023 is disclosed.

Percentages shown are based on Net Assets.

At March 31, 2023, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

U.S. Government Obligations		99.3	%

Investment Companies		2.2	%

⁽¹⁾

Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).



INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)

U.S. Government Obligations⁽¹⁾		$ —		$80,536		$—		$80,536

Investment Companies		1,789		—		—		1,789

Total Investments		$1,789		$80,536		$—		$82,325

⁽¹⁾

Classifications as defined in the Schedule of Investments.

1. ORGANIZATION

Northern Funds (the “Trust”) is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust offers 41 funds as of March 31, 2023, each with its own investment objective (e.g., long-term capital appreciation, total return or income consistent with preservation of capital). The Arizona Tax-Exempt, Bond Index, California Intermediate Tax-Exempt, California Tax-Exempt, Core Bond, Fixed Income, High Yield Fixed Income, High Yield Municipal, Intermediate Tax-Exempt, Limited Term Tax-Exempt, Limited Term U.S. Government, Multi-Manager Emerging Markets Debt Opportunity, Multi-Manager High Yield Opportunity, Short Bond, Tax-Advantaged Ultra-Short Fixed Income, Tax-Exempt, Ultra-Short Fixed Income, U.S. Government, U.S. Government Money Market, U.S. Government Select Money Market and U.S. Treasury Index Funds (each a “Fund” and collectively, the “Funds”) are separate, diversified investment portfolios of the Trust, except for the Arizona Tax-Exempt Fund, which is a non-diversified portfolio. Non-diversified portfolios may invest a relatively high percentage of their net assets in obligations of a limited number of issuers. Each of the Funds is presented herein.

Each Fund is authorized to issue one class of shares designated as the “Shares” class. The Ultra-Short Fixed Income Fund is authorized to issue a second class of shares designated as Siebert Williams Shank Shares, which commenced operations on September 13, 2022.

The U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund seek to qualify as government money market funds under Rule 2a-7 of the 1940 Act.

2. SIGNIFICANT ACCOUNTING POLICIES

liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The net asset value (“NAV”) of each class of each Fund is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), generally 3:00 P.M. Central Time on each day the NYSE is open for trading. The NAV calculation time and cut-off time for submitting purchase, redemption and exchange requests is at 4:00 P.M. Central time with respect to the U.S. Government Money Market Fund and U.S. Government Select Money Market Fund.

A) VALUATION OF SECURITIES AND DERIVATIVE CONTRACTS Securities for the Funds other than the U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund are valued at their fair value. Securities traded on United States (“U.S.”) securities exchanges or in the NASDAQ National Market System are principally valued at the last quoted sale price, or the official closing price (generally, 3:00 P.M. Central Time) on the exchange or market in which such securities are principally traded. If any such security is not traded on a valuation date, it is valued at the most recent quoted bid price. Over-the-counter securities not reported in the NASDAQ National Market System are also generally valued at the most recent quoted bid price. Fixed income securities and term loans, however, may be valued on the basis of evaluated prices provided by the Funds’ approved independent third-party pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities’ prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities.

Shares of open-end investment companies, other than exchange traded funds, are valued at their closing NAV. Shares of closed-end funds and exchange-traded funds are valued at their closing market price. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded futures and options are valued at the settlement price as established each day by the exchange on which they are traded. Centrally cleared and bilateral swap agreements are generally valued using an independent pricing service. The foregoing prices may be obtained from one or more independent

pricing services or, as needed or applicable, independent broker-dealers. Short-term investments with a maturity of 60 days or less are valued at their amortized cost.

The investments held by U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund are valued at amortized cost, which approximates fair value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity. Where the Trust’s Board of Trustees (“Board”) believes the extent of any deviation from a Fund’s amortized cost price per share may result in material dilution or other unfair results to investors or existing shareholders, the Board will consider what action should be initiated, which may include fair valuing securities in accordance with policies and procedures established by, and subject to oversight of, the Board.

The Board has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Accordingly, any securities for which market quotations are not readily available or for which the available price has been determined to not represent a reliable, current market value are valued at fair value as determined in good faith by NTI. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. NTI, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of fair values normally used on behalf of a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and U.S. GAAP. This may occur particularly with respect to certain foreign securities held by a Fund, in which case NTI may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of those securities as of the time the Fund’s NAV is calculated.

B) CREDIT ENHANCEMENTS Certain investments owned by the Funds are covered by insurance issued by private insurers, are backed by an escrow or trust containing U.S. government securities or U.S. government agency securities, or are otherwise supported by letters of credit, standby purchase agreements or other liquidity facilities. Such enhancements may ensure the timely payment of the security’s principal and interest or may shorten the security’s maturity. However, such enhancements do not guarantee the market value of the securities or the value of a Fund’s shares. Additionally, there is no guarantee that an insurer will meet its obligations. For example, exposure to securities

involving sub-prime mortgages may cause a municipal bond insurer’s rating to be downgraded or may cause the bond insurer to become insolvent, which may affect the prices and liquidity of municipal obligations insured by the insurer.

C) FUTURES CONTRACTS Certain Funds invest in long or short exchange-traded futures contracts for hedging purposes, to increase total return or to seek exposure to certain countries or currencies (i.e., for speculative purposes) or to maintain liquidity to meet potential shareholder redemptions, to invest cash balances or dividends or to minimize trading costs. When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the fair value of its portfolio securities that might otherwise result from a market decline. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines occurring prior to sales of securities in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchases of securities. In addition, a Fund may utilize futures contracts in anticipation of changes in the composition of its portfolio holdings. A Fund bears the market risk arising from changes in the value of these financial instruments. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized gains or losses. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts in Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts in Net change in unrealized appreciation (depreciation) on futures contracts.

The futures contract positions and investment strategies utilized during the fiscal year ended March 31, 2023, were as follows:



	CONTRACT POSITION	INVESTMENT STRATEGY

Core Bond	Long and Short	Hedging/Liquidity

Fixed Income	Long and Short	Hedging/Liquidity

Multi-Manager High Yield Opportunity	Short	Hedging/Liquidity/Speculation

Short Bond	Long and Short	Hedging/Liquidity

At March 31, 2023, the aggregate market value of assets pledged related to each Fund’s investment in futures contracts for the Core Bond, Fixed Income and Short Bond Funds was approximately $224,000, $174,000 and $448,000, respectively. At March 31, 2023, the aggregate fair value of cash to cover margin requirements for open positions for the Multi-Manager High Yield Opportunity

Fund was approximately $121,000. Further information on the impact of these positions, if any, on the Funds’ financial statements can be found in Note 10.

D) FOREIGN CURRENCY TRANSLATION Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot rates on the NYSE at generally 3:00 P.M. Central Time. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot rates on the NYSE at generally 3:00 P.M. Central Time. The gains or losses, if any, on investments from the original purchase date to subsequent sales trade date resulting from changes in foreign exchange rates are included in the Statements of Operations in Net realized gains (losses) on investments and Net change in unrealized appreciation (depreciation) on investments. The gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies and between the trade and settlement dates on investment transactions are included in Net realized gains (losses) on foreign currency transactions and Net change in unrealized appreciation (depreciation) on foreign currency translations in the Statements of Operations.

E) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS Certain Funds may enter into forward foreign currency exchange contracts for hedging and/or speculative purposes. The objective of a Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. A Fund records realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Gains or losses are recorded for financial statement purposes as unrealized until the settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign currency exchange contracts in the Statements of Operations.

foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. A Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 10. With respect to forward foreign currency exchange transactions that were outstanding as of March 31, 2023 for the Multi-Manager Emerging Markets Debt Opportunity Fund, approximately $120,000 was pledged by the Fund and is included in Due from broker on the Statements of Assets and Liabilities.

F) CREDIT DEFAULT SWAP AGREEMENTS To the extent consistent with their investment objectives and strategies, certain Funds may invest in credit default swap (“CDS”) agreements for hedging purposes or to gain credit exposure. A Fund may enter into CDS agreements either as a buyer or seller of protection. The buyer of protection in a swap agreement is the party that makes a periodic stream of payments to the counterparty based on the fixed rate of the agreement to the party that is the seller of protection. In exchange for the fixed rate payments received, the seller of protection agrees to provide credit protection to the buyer in the form of payment in the event of a credit default event on the referenced obligation or an underlying security comprising the referenced index. In the event of a credit default event, as defined under the terms of each particular swap agreement, if a Fund is the seller of protection, the Fund will either a) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation or underlying securities comprising the referenced index or b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is the buyer of protection and a credit default event should occur, the Fund will either a) receive from the seller of protection in the swap agreement an amount equal to the notional amount of the swap agreement and deliver the referenced obligation or underlying securities comprising the referenced index or b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a credit default event should occur, the maximum potential amount of future payments the seller of protection could be required to make under a CDS agreement would be an amount equal to the notional amount of the swap.

The implied credit spreads are disclosed in the Schedule of Investments for those agreements for which a Fund is the protection seller, if any, and serve as an indicator of the current

status of the payment/performance risk and represent the likelihood or risk of default for each swap. The wider the credit spread, the greater the likelihood or risk of default or other credit event occurring for the referenced entity. Events or circumstances that would require the seller to perform under the derivative agreement are credit events as defined under the terms of that particular swap agreement, such as bankruptcy, cross acceleration, failure to pay, repudiation and restructuring.

The resulting values for CDS agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit default agreement should the notional amount of the swap agreement be closed/sold as of the period end. When compared to the notional amount of the swap, decreasing market values for CDS sold and, conversely, increasing market values for CDS purchased, 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.

When entering into a CDS agreement as a buyer of protection, a Fund may pay an upfront premium to enter into the agreement. When selling protection, a Fund may receive this upfront premium paid from the buyer. During the term of the CDS agreement, the discounted value of the estimated stream of fixed rate payments from buyer to seller yet to be made is recorded as unrealized gain or loss on CDS agreements, with any interest payments already having been made being recognized as realized gain or loss on CDS agreements. This treatment will occur until the CDS is sold or reaches its expiration. Any upfront payments made or received upon entering into a CDS agreement are treated as part of the cost and are reflected as part of the unrealized appreciation (depreciation) on valuation. Upon termination of the swap agreement, the amount included in the cost is reversed and becomes part of the realized gain (loss) on CDS agreements. Unrealized appreciation (depreciation) on CDS agreements, if any, is included in the Statements of Assets and Liabilities of the Multi-Manager High Yield Opportunity Fund, with corresponding changes in unrealized appreciation (depreciation) included in the Statements of Operations.

Counterparty credit risk may arise as a result of the failure of the swap counterparty to comply with the terms of the swap agreement. Additionally, risks may arise with respect to the underlying issuer of the referenced security. Therefore, the sub-adviser considers the creditworthiness of each underlying issuer of the referenced security in addition to the creditwor-thiness of the counterparty. In addition, the sub-advisers of the Multi-Manager High Yield Opportunity Fund may use different counterparties to minimize credit risk and limit the exposure to any individual counterparty. As stipulated in each swap agreement, collateral may be posted between a Fund and its counterparties to mitigate credit risk. Further information on the impact of these positions on the Funds’ financial statements can be found in Note 10. With respect to CDS agreements that were

outstanding as of March 31, 2023 for the Multi-Manager High Yield Opportunity Fund, approximately $90,000 was pledged by the Fund and is included in Due from broker on the Statements of Assets and Liabilities and approximately $12,000 received by the Fund and is included in Due to broker on the Statements of Assets and Liabilities.

G) INTEREST RATE SWAP AGREEMENTS The Multi-Manager Emerging Markets Debt Opportunity Fund may invest in interest rate swap agreements for hedging purposes or to gain exposure to certain countries or currencies. An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals at agreed upon fixed rates or at rates based upon, or calculated by, reference to changes in specified prices or interest rates for a specified notional amount.

Interest payments earned or charged under the terms of the interest rate swap agreements are recorded as realized gain (loss) on interest rate swap agreements. The swap interest receivable or payable as of March 31, 2023, if any, is included as unrealized appreciation (depreciation) on bilateral interest rate swap agreements on the Statements of Assets and Liabilities. Unrealized appreciation (depreciation) on bilateral interest rate swap agreements and variation margin on centrally cleared interest rate swap agreements, if any, is included in the Statements of Assets and Liabilities of the Multi-Manager Emerging Markets Debt Opportunity Fund, with corresponding changes in unrealized appreciation (depreciation) included in the Statements of Operations.

Risks may arise as a result of the failure of the counterparty to the interest rate swap agreement to comply with the terms of the agreement. The loss incurred by the failure of the counterparty is generally limited to the swap interest payment to be received by the Fund and/or the termination value at the end of the agreement. Therefore, the sub-advisers of the Multi-Manager Emerging Markets Debt Opportunity Fund consider the creditworthiness of each counterparty to a swap agreement in evaluating potential credit risk. The sub-advisers may use different counterparties to minimize credit risk and limit the exposure to any individual counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying counterparties used to minimize credit risk and limit the exposure to any individual counterparty. As stipulated in each interest rate swap agreement, collateral may be posted between the Fund and its counterparties to mitigate credit risk.

Swap agreements are privately negotiated in the over-the-counter market and may be entered in to as a bilateral contract or centrally cleared (“centrally cleared swaps”). Bilateral swap agreements are traded between counterparties and, as such, are subject to the risk that a party to the agreement will not be able to meet its obligations. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, the

Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Subsequent payments, known as “variation margin,” are made or received by the Fund based on the daily change in the value of the centrally cleared swap agreement. For centrally cleared swaps, the Fund’s counterparty credit risk is reduced as the CCP stands between the Fund and the counterparty. There were no outstanding bilateral interest rate swap or centrally cleared interest rate swap agreements at March 31, 2023. Further information on the impact of these positions on the Fund’s financial statements can be found in Note 10.

H) WHEN-ISSUED/DELAYED DELIVERY SECURITIES Certain Funds purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into the commitment to purchase a security, the transaction is recorded and the value of the commitment is reflected in the NAV. The value of the commitment may vary with market fluctuations. No interest accrues to a Fund until settlement takes place. When-issued securities at March 31, 2023, if any, are noted in each Fund’s Schedule of Investments and in aggregate as Payable for when-issued securities, in each Fund’s Statement of Assets and Liabilities.

Certain Funds have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with certain counterparties, pursuant to which each party has agreed to pledge cash and/or securities as collateral to secure the repayment of its obligations to the other party under the MSFTA. No collateral has been pledged to or received by the Funds as of March 31, 2023.

I) MORTGAGE DOLLAR ROLLS Certain Funds enter into mortgage “dollar rolls” in which a Fund sells securities for delivery in the future (generally within 30 days) and simultaneously contracts with the same counterparty to repurchase other mortgage securities on a specified future date. During the roll period, a Fund loses the right to receive principal and interest paid on the securities sold. However, a Fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase.

For financial reporting and tax purposes, the Funds treat mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

J) TERM LOANS The High Yield Municipal, High Yield Fixed Income and Multi-Manager High Yield Opportunity Funds may purchase assignments of, and participations in, term loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, the Fund succeeds to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning

Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender. The Fund may also enter into lending arrangements involving unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Funds to supply additional cash to the borrower on demand. Unfunded loan commitments, if any, represent a future obligation, in full, and are recorded as a liability on the Statements of Assets and Liabilities at fair value. The High Yield Municipal Fund may purchase the securities of distressed companies, including companies engaged in restructurings or bankruptcy proceedings. Investments in distressed companies may include senior obligations of an issuer issued in connection with a restructuring under Chapter 11 of the U.S. Bankruptcy Code (commonly known as “debtor-in-possession” or “DIP” financings). DIP financings generally allow the issuer to continue its operations while reorganizing. Such financings constitute senior liens on unencumbered collateral (i.e., collateral not subject to other creditors’ claims). There is risk that the issuer under a DIP financing will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund’s only recourse would be against the collateral securing the DIP financing.

K) REPURCHASE AGREEMENTS The U.S. Government Money Market Fund and U.S. Government Select Money Market Fund may enter into repurchase agreements under the terms of a master repurchase agreement by which the Funds purchase securities for cash from a seller and agree to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and liquidity feature, which allows the Funds to resell the securities quarterly. The interest rate on such repurchase agreements resets daily. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the repurchase agreement. The underlying collateral for tri-party repurchase agreements is held in accounts for Northern Trust, as agent of the Funds, at The Bank of New York Mellon, State Street Bank and Trust Company or JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The underlying collateral for other repurchase agreements is held in a customer-only account for Northern Trust, as custodian for the Funds, at the Federal Reserve Bank of Chicago. The Funds are subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Funds may be delayed or limited. The U.S. Government Money Market Fund and

The following table presents the repurchase agreements, which are subject to Netting Arrangements, as well as the collateral delivered related to those repurchase agreements.

Additional information about netting arrangements under the Netting Arrangements can be found in Note 10.

M) EXPENSES Each Fund is charged for those expenses that are directly attributable to that Fund. Expenses arising in connection with a specific class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual fund generally are allocated among all funds in the Trust in proportion to each Fund’s relative net assets. Expenses are recognized on an accrual basis.

N) REDEMPTION FEES The High Yield Fixed Income, Multi-Manager Emerging Markets Debt Opportunity and Multi-Manager High Yield Opportunity Funds each charge a 2 percent redemption fee on the redemption of shares (including by exchange) held for 30 days or less. For the purpose of applying the fee, the Funds use a first-in, first-out (“FIFO”) method so that shares held longest are treated as being redeemed first and shares held shortest are treated as being redeemed last. The redemption fee is paid to the Fund from which the redemption is made and is intended to offset the trading, market impact and other costs associated with short-term money movements in and out of the Fund. The redemption fee may be collected by deduction from the redemption proceeds or, if assessed after the redemption transaction, through a separate billing. The Funds are authorized to waive the redemption fee for certain types of redemptions as described in the Funds’ prospectus.

Redemption fees for the fiscal year ended March 31, 2023, were as follows:



Amounts in thousands	REDEMPTION FEES

High Yield Fixed Income		$	17

Redemption fees for the fiscal year ended March 31, 2022, were as follows:



Amounts in thousands	REDEMPTION FEES

High Yield Fixed Income		$	99

Multi-Manager High Yield Opportunity			–*

*Amounts round to less than $1,000.

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to each Fund was less than $0.001 per share for both fiscal years. There were no redemption fees for the fiscal year ended March 31, 2023 for the Multi-Manager Emerging Markets Debt Opportunity and Multi-Manager High Yield Opportunity Funds and for the fiscal year ended March 31, 2022 for the Multi-Manager Emerging Markets Debt Opportunity Fund.

O) DISTRIBUTIONS TO SHAREHOLDERS Distributions of dividends from net investment income, if any, are declared and paid as follows:



	DECLARATION FREQUENCY	PAYMENT FREQUENCY

Arizona Tax-Exempt	Daily	Monthly

Bond Index	Daily	Monthly

California Intermediate Tax-Exempt	Daily	Monthly

California Tax-Exempt	Daily	Monthly

Core Bond	Daily	Monthly

Fixed Income	Daily	Monthly

High Yield Fixed Income	Daily	Monthly

High Yield Municipal	Daily	Monthly

Intermediate Tax-Exempt	Daily	Monthly

Limited Term Tax-Exempt	Daily	Monthly

Limited Term U.S. Government	Daily	Monthly

Multi-Manager Emerging Markets Debt Opportunity	Quarterly	Quarterly

Multi-Manager High Yield Opportunity	Monthly	Monthly

Short Bond	Daily	Monthly

Tax-Advantaged Ultra-Short Fixed Income	Daily	Monthly

Tax-Exempt	Daily	Monthly

Ultra-Short Fixed Income	Daily	Monthly

U.S. Government	Daily	Monthly

U.S. Government Money Market	Daily	Monthly

U.S. Government Select Money Market	Daily	Monthly

U.S. Treasury Index	Daily	Monthly

Distributions of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications relate to net operating losses, Section 988 currency gains and losses, deferral of certain realized losses, capital loss carryforwards and paydowns. These reclassifications have no impact on the net assets or the NAVs per share of the Funds.

At March 31, 2023, the following reclassifications were recorded:



Amounts in thousands	UNDISTRIBUTED NET INVESTMENT INCOME (LOSS)			ACCUMULATED UNDISTRIBUTED NET REALIZED GAINS (LOSSES)		CAPITAL STOCK

Bond Index		$2,432			$(2,432)		$—

Core Bond		194			(194)		—

Fixed Income		928			(928)		—

High Yield Fixed Income		2,124			(2,124)		—

Intermediate Tax-Exempt		2			—		(2	)

Limited Term Tax-Exempt		1			(1)		—

Limited Term U.S. Government		4			(4)		—

Multi-Manager Emerging Markets Debt Opportunity		(2,784	)		2,784		—

Multi-Manager High Yield Opportunity		276			(276)		—

Short Bond		290			(290)		—

Tax-Advantaged Ultra-Short Fixed Income		17			(17)		—

Ultra-Short Fixed Income		1,161			(1,161)		—

U.S. Government		1			(1)		—

U.S. Government Money Market		137			(137)		—

U.S. Government Select Money Market		32			(32)		—

P) FEDERAL INCOME TAXES No provision for federal income taxes has been made since each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute, each year, substantially all of its taxable income, tax-exempt income and capital gains to its shareholders.

Capital losses incurred that will be carried forward indefinitely are as follows:



Amounts in thousands	SHORT-TERM CAPITAL LOSS CARRYFORWARD		LONG-TERM CAPITAL LOSS CARRYFORWARD

Arizona Tax-Exempt		$ 3,067		$ 3,405

Bond Index		23,235		61,573

California Intermediate Tax-Exempt		4,970		8,240

California Tax-Exempt		1,961		2,268

Core Bond		13,566		7,166

Fixed Income		31,980		27,739

High Yield Fixed Income		146,372		575,498

High Yield Municipal		15,097		46,235

Intermediate Tax-Exempt		47,934		38,426

Limited Term Tax-Exempt		9,254		5,340

Limited Term U.S. Government		5,349		1,677



Amounts in thousands	SHORT-TERM CAPITAL LOSS CARRYFORWARD		LONG-TERM CAPITAL LOSS CARRYFOWARD

Multi-Manager Emerging Markets Debt Opportunity		$ 7,102		$ 22,833

Multi-Manager High Yield Opportunity		2,309		58,450

Short Bond		3,170		18,140

Tax-Advantaged Ultra-Short Fixed Income		19,324		12,479

Tax-Exempt		50,667		46,114

Ultra-Short Fixed Income		11,770		10,754

U.S. Government		4,112		141

U.S. Treasury Index		367		912

At March 31, 2023, the tax components of undistributed net investment income, undistributed realized gains and unrealized gains (losses) were as follows:



	UNDISTRIBUTED
Amounts in thousands	TAX-EXEMPT INCOME		ORDINARY INCOME*		LONG-TERM CAPITAL GAINS		UNREALIZED GAINS (LOSSES)

Arizona Tax-Exempt		$ 51		$ —		$ —		$ (5,870)

Bond Index		—		1,322		—		(216,774)

California Intermediate Tax-Exempt		127		—		—		(20,788)

California Tax-Exempt		89		—		—		(8,884)

Core Bond		—		39		—		(8,080)

Fixed Income		—		276		—		(38,541)

High Yield Fixed Income		—		4,751		—		(374,290)

High Yield Municipal		623		—		—		(73,745)

Intermediate Tax-Exempt		—		—		—		(88,248)

Limited Term Tax-Exempt		81		—		—		(11,242)

Limited Term U.S. Government		—		36		—		(855)

Multi-Manager Emerging Markets Debt Opportunity		—		291		—		(13,448)

Multi-Manager High Yield Opportunity		—		517		—		(14,224)

Short Bond		—		111		—		(10,803)

Tax-Advantaged Ultra-Short Fixed Income		1,135		—		—		(40,800)

Tax-Exempt		317		—		—		(73,026)

Ultra-Short Fixed Income		—		2,009		—		(54,617)

U.S. Government		—		105		—		(851)

U.S. Government Money Market		—		66,120		—		—



	UNDISTRIBUTED
Amounts in thousands	TAX-EXEMPT INCOME		ORDINARY INCOME*		LONG-TERM CAPITAL GAINS		UNREALIZED GAINS (LOSSES)

U.S. Government Select Money Market		$—		$12,645		$—		$—

U.S. Treasury Index		—		38		—		(8,118	)

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the fiscal year ended March 31, 2023, was as follows:



	DISTRIBUTIONS FROM
Amounts in thousands	TAX-EXEMPT INCOME		ORDINARY INCOME*		LONG-TERM CAPITAL GAINS

Arizona Tax-Exempt		$2,857		$63		$—

Bond Index		—		60,053		—

California Intermediate Tax-Exempt		8,199		264		—

California Tax-Exempt		4,390		151		—

Core Bond		—		4,214		—

Fixed Income		—		18,411		—

High Yield Fixed Income		—		216,986		—

High Yield Municipal		23,481		465		—

Intermediate Tax-Exempt		50,999		1,202		—

Limited Term Tax-Exempt		9,809		353		—

Limited Term U.S. Government		—		1,126		—

Multi-Manager Emerging Markets Debt Opportunity		—		1,582		—

Multi-Manager High Yield Opportunity		—		11,421		—

Short Bond		—		7,357		—

Tax-Advantaged Ultra-Short Fixed Income		25,115		19,456		—

Tax-Exempt		35,509		534		—

Ultra-Short Fixed Income		—		62,599		—

U.S. Government		—		1,001		—

U.S. Government Money Market		—		338,661		—

U.S. Government Select Money Market		—		65,084		—

U.S. Treasury Index		—		1,476		—

Ordinary income includes taxable market discount income and short-term capital gains, if any.

The tax character of distributions paid during the fiscal year ended March 31, 2022, was as follows:


	DISTRIBUTIONS FROM
Amounts in thousands	TAX-EXEMPT INCOME		ORDINARY INCOME*		LONG-TERM CAPITAL GAINS

Arizona Tax-Exempt		$ 3,476		$ 12		$ —

Bond Index		—		64,057		14,456

California Intermediate Tax-Exempt		10,468		93		—

California Tax-Exempt		4,388		93		674

Core Bond		—		3,651		—

Fixed Income		—		18,928		—

High Yield Fixed Income		—		195,599		—

High Yield Municipal		22,557		195		—

Intermediate Tax-Exempt		51,349		8,785		4,226

Limited Term Tax-Exempt		7,450		4,642		3,566

Limited Term U.S. Government		—		134		—

Multi-Manager Emerging Markets Debt Opportunity		—		5,912		—

Multi-Manager High Yield Opportunity		—		8,578		—

Short Bond		—		5,291		—

Tax-Advantaged Ultra-Short Fixed Income		12,110		11,860		438

Tax-Exempt		36,804		9,760		—

Ultra-Short Fixed Income		—		23,404		5,175

U.S. Government		—		191		23

U.S. Government Money Market		—		1,084		—

U.S. Government Select Money Market		—		8,325		—

U.S. Treasury Index		—		1,310		798

Ordinary income includes taxable market discount income and short-term capital gains, if any.

As of March 31, 2023, no Fund had uncertain tax positions that would require financial statement recognition or disclosure. The Funds’ federal tax returns remain subject to examination by the Internal Revenue Service for the three years after they are filed. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as Interest expense and Other expenses, respectively, on the Statements of Operations.

Q) OTHER RISKS Certain Funds may invest in emerging market securities. Additional risks are involved when a Fund invests its assets in countries with emerging economies or securities markets. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Political and economic structures in many of these countries may lack the social, political and economic stability characteristics of more developed countries. In general, the securities markets of these countries are less liquid, subject to

greater price volatility and have smaller market capitalizations. As a result, the risks presented by investments in these countries are heightened.

3. SERVICE PLAN

The Trust has adopted a Service Plan pursuant to which the Trust may enter into agreements with Northern Trust, its affiliates or other institutions (together “Service Organizations”) under which the Service Organizations agree to provide certain administrative support services and, in some cases, personal and account maintenance services for their customers, who are beneficial owners of shares of the Funds. As compensation for services provided pursuant to the Service Plan, the Service Organizations receive a fee at an annual rate of up to 0.15 percent of the average daily net assets of the Funds beneficially owned by their customers. There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the fiscal year ended March 31, 2023.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the fiscal year ended March 31, 2023.

4. BANK BORROWINGS

line under the New Credit Facility, payable quarterly in arrears. The New Credit Facility went into effect on November 14, 2022 and will expire on November 13, 2023, unless renewed.

During the fiscal year ended March 31, 2023, the following Fund had borrowings with the average loan amounts and weighted average interest rates as disclosed below:



Amounts in thousands	DOLLAR AMOUNT	RATE

Multi-Manager Emerging Markets Debt Opportunity	$800	4.91%

No other Funds had any borrowings or incurred any interest expense for the fiscal year ended March 31, 2023. There were no outstanding loan amounts at March 31, 2023.

5. MANAGEMENT AND OTHER AGREEMENTS

As compensation for advisory services, administration services and the assumption of related expenses, NTI is entitled to a management fee, computed daily and payable monthly, at annual rates set forth in the table below (expressed as a percentage of each Fund’s respective average daily net assets).

With respect to the Limited Term U.S. Government, U.S. Government and Short Bond Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses, except for acquired fund fees and expenses arising from the Fund’s investment in other non-money market mutual funds or exchange-traded funds managed by NTI; (ii) the compensation paid to each Trustee of the Trust that is not an “interested person” (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

With respect to the Bond Index Fund, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses, including any acquired fund fees and expenses, of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding extraordinary expenses. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or

Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

For all other Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Trustee of the Trust that is not an “interested person” (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

Prior to September 1, 2022, NTI contractually agreed to reimburse a portion of the operating expenses of each Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets did not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses (except for acquired fund fees and expenses arising from investments in other non-money market mutual funds or exchange-traded funds managed by NTI for the Limited Term U.S. Government, Short Bond and U.S. Government Funds); (ii) the compensation paid to each Trustee of the Trust that is not an “interested person” (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI contractually agreed to first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeded the management fees payable by the Fund or Class.

At March 31, 2023, the annual management fees and contractual expense limitations for the Funds were based on the following annual rates as set forth in the table below.


	CONTRACTUAL

	ANNUAL MANAGEMENT FEES	EXPENSE LIMITATIONS

Bond Index	0.0600%	0.0749%

High Yield Fixed Income	0.5800%	0.6000%

U.S. Government Money Market	0.3300%	0.3500%

U.S. Government Select Money Market	0.3300%	0.3500%

U.S. Treasury Index	0.1300%	0.1500%



	CONTRACTUAL ANNUAL MANAGEMENT FEES			CONTRACTUAL EXPENSE LIMITATIONS
	FIRST $1.5 BILLION	NEXT $1 BILLION	OVER $2.5 BILLION	CONTRACTUAL EXPENSE LIMITATIONS

Arizona Tax-Exempt	0.43%	0.417%	0.404%	0.45%

California Intermediate Tax-Exempt	0.43%	0.417%	0.404%	0.45%

California Tax-Exempt	0.43%	0.417%	0.404%	0.45%

Core Bond	0.38%	0.369%	0.358%	0.40%

Fixed Income	0.43%	0.417%	0.404%	0.45%

High Yield Municipal	0.56%	0.543%	0.527%	0.58%

Intermediate Tax-Exempt	0.43%	0.417%	0.404%	0.45%

Limited Term Tax-Exempt	0.43%	0.417%	0.404%	0.45%

Limited Term U.S. Government	0.38%	0.369%	0.358%	0.40%

Multi-Manager Emerging Markets Debt Opportunity	0.85%	0.825%	0.80%	0.88%

Multi-Manager High Yield

Opportunity	0.83%	0.805%	0.781%	0.85%

Short Bond	0.38%	0.369%	0.358%	0.40%

Tax-Advantaged Ultra-Short Fixed Income	0.23%	0.223%	0.216%	0.25%

Tax-Exempt	0.43%	0.417%	0.404%	0.45%

Ultra-Short Fixed Income	0.23%	0.223%	0.216%	0.25%

U.S. Government	0.38%	0.369%	0.358%	0.40%

Prior to September 1, 2022, the annual management fees and contractual expense limitations for the Funds below were based on the following annual rates as set forth in the table below.



	CONTRACTUAL

	ANNUAL MANAGEMENT FEES	EXPENSE LIMITATIONS

Bond Index	0.13%	0.15%



	CONTRACTUAL ANNUAL MANAGEMENT FEES			CONTRACTUAL EXPENSE LIMITATIONS
	FIRST $1.5 BILLION	NEXT $1 BILLION	OVER $2.5 BILLION	CONTRACTUAL EXPENSE LIMITATIONS

High Yield Fixed Income	0.79%	0.766%	0.743%	0.78%

Prior to July 29, 2022, the annual management fees and contractual expense limitations for the Funds below were based on the following annual rates as set forth in the table below.



	CONTRACTUAL ANNUAL MANAGEMENT FEES			CONTRACTUAL EXPENSE LIMITATIONS
	FIRST $1.5 BILLION	NEXT $1 BILLION	OVER $2.5 BILLION	CONTRACTUAL EXPENSE LIMITATIONS

High Yield Municipal	0.77%	0.747%	0.725%	0.60%

Multi-Manager Emerging Markets Debt Opportunity	0.85%	0.825%	0.800%	0.93%

The contractual reimbursement arrangements described above may not be terminated before July 31, 2023 without the approval of the Board of Trustees. The contractual reimbursement arrangements will continue automatically for periods of one-year (each such one-year period, a “Renewal Year”). The arrangements may be terminated, as to any succeeding Renewal Year, by NTI or a Fund upon 60 days’ written notice prior to the end of the current Renewal Year.

NTI may reimburse additional expenses or waive all or a portion of the management fees for the Funds, including, from time to time to avoid a negative yield for the U.S. Government Money Market and U.S. Government Select Money Market Funds. Any such additional expense reimbursement or waiver would be voluntary and could be implemented, increased or decreased or discontinued at any time. There is no guarantee that a Fund will be able to avoid a negative yield. During the fiscal year ended March 31, 2023, NTI reimbursed additional expenses in order to avoid a negative yield for the U.S. Government Money Market and U.S. Government Select Money Market Funds. The amounts voluntarily reimbursed by NTI are shown as Less expenses voluntarily reimbursed by investment adviser in the Statements of Operations. There were no outstanding voluntary expense reimbursement receivables at March 31, 2023 for the U.S. Government Money Market and U.S. Government Select Money Market Funds.

Amounts waived or reimbursed by NTI pursuant to voluntary or contractual agreements may not be recouped by NTI.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

The Multi-Manager Emerging Markets Debt Opportunity and Multi-Manager High Yield Opportunity Funds are managed by NTI and the Sub-Advisers. In addition to selecting the overall investment strategies of the Funds, NTI oversees and monitors the selection and performance of any Sub-Advisers and allocates resources among the Sub-Advisers. The Sub-Advisers manage each sub-advised Fund’s investment portfolio pursuant to Sub-Advisory Agreements with NTI.

As of March 31, 2023, Ashmore Investment Management Limited, Global Evolution USA, LLC and MetLife Investment Management, LLC are the Sub-Advisers for the Multi-Manager Emerging Markets Debt Opportunity Fund.

As of March 31, 2023, BlackRock Investment Management, LLC, Nomura Corporate Research and Asset Management Inc. and Polen Capital Credit, LLC are the Sub-Advisers for Multi-Manager High Yield Opportunity Fund.

NTI is responsible for payment of sub-advisory fees to the Sub-Advisers.

As compensation for services rendered as transfer agent, including the assumption by Northern Trust of the expenses related thereto, Northern Trust receives a fee, computed daily and payable monthly, at an annual rate of 0.0385 percent of the average daily net assets of each Fund, except for the U.S. Government Money Market and U.S. Select Government Money Market Funds, which is computed daily and payable monthly, at an annual rate of 0.019 percent of the average daily net assets of each Fund.

Certain officers of the Trust are also officers of Northern Trust and NTI. All officers serve without compensation from the Funds. The Trust provided a deferred compensation plan for its Trustees who are not officers of Northern Trust or NTI. Prior to August 22, 2013, under the deferred compensation plan, Trustees may have elected to defer all or a portion of their compensation. Effective August 22, 2013, the Trustees may no longer defer their compensation. Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan. Each Trustee’s account shall be deemed to be invested in shares of the Northern Institutional Funds U.S. Government Portfolio (the Portfolio ) and/or the Global Tactical Asset Allocation Fund of the Trust and/or at the discretion of the Trust, another money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed income instruments selected by the Trust that are “eligible securities” as defined by that rule. The net investment income, gains and losses achieved by such deemed investment shall be credited to the Trustee’s account as provided in the plan.

6. RELATED PARTY TRANSACTIONS

Each Fund, excluding the U.S. Government Money Market and U.S. Government Select Money Market Funds, may invest its uninvested cash in a money market fund advised by NTI or its affiliates. Accordingly, each Fund bears indirectly a proportionate share of that money market fund’s operating expenses. These operating expenses include the management, transfer agent and custody fees that the money market fund pays to NTI or its affiliates. At March 31, 2023, the uninvested cash of the Funds is invested in the Portfolio. The total annual portfolio operating expenses after expense reimbursement (other than certain excepted expenses as described in the fees and expenses table of the Portfolio’s prospectus) on any assets invested in the Portfolio is 0.25%. For the fiscal year ended March 31, 2023, NTI reimbursed each Fund for a portion of the management fees attributable to and payable by the Funds for advisory services on any assets invested in an affiliated money market fund. This reimbursement is included in Less expenses reimbursed by the investment adviser as a reduction to Total Expenses in the Statements of Operations. This reimbursement’s impact on each Fund’s net expense and net investment income ratios is included in each Fund’s Financial Highlights.

The Funds are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specified conditions outlined in Rule 17a-7 Procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price as defined in the

Rule 17a-7 Procedures. For the fiscal year ended March 31, 2023, the following Fund engaged in purchases and/or sales of securities from an affiliated entity.



Amount in thousands	PURCHASES	SALES

Multi-Manager Emerging Markets Debt Opportunity	$290	$-

During the fiscal year ended March 31, 2022, the Multi-Manager Emerging Markets Debt Opportunity Fund received reimbursements from Northern Trust of approximately $4,000 and the Fixed Income, High Yield Fixed Income and Multi-Manager High Yield Opportunity Funds each received approximately $1,000 in connection with errors. In addition, Northern Trust reimbursed expenses of the High Yield Fixed Income Fund of approximately $7,000. These reimbursements are included in Net investment income in the Statements of Changes in Net Assets and in Net investment income in the Financial Highlights. These cash contributions represent less than $0.01 per share for each of the Funds.

Certain uninvested cash balances of U.S. Government Money Market Fund and U.S. Government Select Money Market Fund may receive a return from Northern Trust based on a market return it receives less an administrative fee. These amounts, if any, are shown on the Funds’ Statements of Operations as Income from affiliates.

Certain uninvested foreign currency balances of the Funds may pay/receive a return to/from Northern Trust based on a market return it pays/receives less an administrative fee. For the fiscal year ended March 31, 2023, the Multi-Manager Emerging Markets Debt Opportunity Fund paid Northern Trust an amount of less than $1,000 and received an amount from Northern Trust of less than $1,000. This amount is included in Interest income on the Fund’s Statements of Operations.

7. INVESTMENT TRANSACTIONS

For the fiscal year ended March 31, 2023, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:



	PURCHASES				SALES

Amounts in thousands	U.S. GOVERNMENT		OTHER		U.S. GOVERNMENT		OTHER

Arizona Tax-Exempt		$ –		$ 15,570		$ –		$ 66,155

Bond Index		858,355		169,458		1,087,194		238,604

California Intermediate Tax-Exempt		–		15,213		–		189,110

California Tax-Exempt		–		35,442		–		50,413

Core Bond		306,064		35,637		322,681		76,178

Fixed Income		893,611		134,069		846,545		318,267



	PURCHASES				SALES

Amounts in thousands	U.S. GOVERNMENT		OTHER		U.S. GOVERNMENT		OTHER

High Yield Fixed Income		$ –		$669,493		$ –		$1,201,205

High Yield Municipal		–		66,410		–		332,702

Intermediate Tax-Exempt		–		324,818		–		1,131,303

Limited Term Tax-Exempt		–		292,447		–		437,671

Limited Term U.S. Government		177,420		–		168,331		–

Multi-Manager Emerging Markets Debt Opportunity		–		83,352		–		85,782

Multi-Manager High Yield Opportunity		–		171,938		–		122,151

Short Bond		253,550		33,671		176,628		174,591

Tax-Advantaged Ultra-Short Fixed Income		55,397		911,037		97,309		2,383,030

Tax-Exempt		–		211,565		–		794,625

Ultra-Short Fixed Income		110,523		554,200		245,081		1,039,138

U.S. Government		149,233		6,183		140,430		7,963

U.S. Treasury Index		22,666		–		22,658		—

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain foreign currency contracts, the deferral of post-October currency and capital losses for tax purposes, and the timing of income recognition on investments in real estate investment trusts and passive foreign investment companies.

At March 31, 2023, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:



Amounts in thousands	UNREALIZED APPRECIATION		UNREALIZED DEPRECIATION		NET APPRECIATION (DEPRECIATION)		COST BASIS OF INVESTMENTS

Arizona Tax-Exempt		$ 451		$ (6,321)		$ (5,870)		$ 83,344



Amounts in thousands	UNREALIZED APPRECIATION		UNREALIZED DEPRECIATION		NET APPRECIATION (DEPRECIATION)		COST BASIS OF INVESTMENTS

Bond Index		$ 8,454		$(225,228)		$(216,774)		$ 2,421,539

California Intermediate Tax-Exempt		391		(21,179)		(20,788)		291,362

California Tax-Exempt		3,535		(12,419)		(8,884)		169,451

Core Bond		652		(8,732)		(8,080)		123,579

Fixed Income		2,204		(40,745)		(38,541)		532,940

High Yield Fixed Income		27,975		(402,262)		(374,287)		3,167,714

High Yield Municipal		925		(74,670)		(73,745)		453,044

Intermediate Tax-Exempt		8,955		(97,203)		(88,248)		1,609,880

Limited Term Tax-Exempt		2,804		(14,046)		(11,242)		561,784

Limited Term U.S. Government		234		(1,089)		(855)		54,837

Multi-Manager Emerging Markets Debt Opportunity		1,263		(14,672)		(13,409)		96,794

Multi-Manager High Yield Opportunity		4,845		(19,069)		(14,224)		228,829

Short Bond		630		(11,433)		(10,803)		348,969

Tax-Advantaged Ultra-Short Fixed Income		2,322		(43,122)		(40,800)		2,396,695

Tax-Exempt		1,948		(74,974)		(73,026)		853,540

Ultra-Short Fixed Income		817		(55,434)		(54,617)		2,446,694

U.S. Government		279		(1,130)		(851)		50,617

U.S. Government Money Market		–		–		–		18,660,600

U.S. Government Select Money Market		–		–		–		3,519,398

U.S. Treasury Index		176		(8,294)		(8,118)		90,443

8. CAPITAL SHARE TRANSACTIONS

Transactions in Shares class for the fiscal year ended March 31, 2023, were as follows:



Amounts in thousands	SHARES SOLD		PROCEEDS FROM SHARES SOLD		SHARES FROM REINVESTED DIVIDENDS		REINVESTMENTS OF DIVIDENDS		SHARES REDEEMED			PAYMENTS FOR SHARES REDEEMED		NET INCREASE (DECREASE) IN SHARES			NET INCREASE (DECREASE) IN NET ASSETS

Arizona Tax-Exempt		2,718		$ 26,442		166		$ 1,604		(8,943	)		$ (86,681)		(6,059	)		$ (58,635)

Bond Index		65,462		617,405		1,123		10,488		(99,064	)		(930,080)		(32,479	)		(302,187)

California Intermediate Tax-Exempt		11,463		112,322		159		1,550		(31,492	)		(306,913)		(19,870	)		(193,041)

California Tax-Exempt		7,310		75,845		139		1,442		(10,339	)		(107,165)		(2,890	)		(29,878)

Core Bond		2,317		20,723		119		1,082		(9,314	)		(84,898)		(6,878	)		(63,093)

Fixed Income		21,000		189,506		625		5,650		(39,057	)		(355,197)		(17,432	)		(160,041)

High Yield Fixed Income		237,153		1,374,742		4,011		23,142		(353,138	)		(2,036,197)		(111,974	)		(638,313)

High Yield Municipal		41,174		313,462		390		2,920		(82,302	)		(615,686)		(40,738	)		(299,304)

Intermediate Tax-Exempt		79,732		776,959		618		6,013		(189,134	)		(1,842,900)		(108,784	)		(1,059,928)

Limited Term Tax-Exempt		39,207		383,789		167		1,643		(56,420	)		(554,498)		(17,046	)		(169,066)

Limited Term U.S. Government		2,455		22,826		23		213		(1,634	)		(15,171)		844			7,868

Multi-Manager Emerging Markets Debt Opportunity		2,673		19,139		226		1,582		(3,329	)		(22,902)		(430	)		(2,181)

Multi-Manager High Yield Opportunity		18,738		154,529		360		2,960		(12,910	)		(106,745)		6,188			50,744

Short Bond		4,682		83,930		126		2,247		(9,150	)		(163,718)		(4,342	)		(77,541)

Tax-Advantaged Ultra-Short Fixed Income		103,113		1,025,105		757		7,534		(265,015	)		(2,636,314)		(161,145	)		(1,603,675)

Tax-Exempt		43,629		422,181		652		6,251		(125,530	)		(1,206,801)		(81,249	)		(778,369)

Ultra-Short Fixed Income		113,250		1,132,193		2,669		26,669		(194,879	)		(1,947,080)		(78,960	)		(788,218)

U.S. Government		1,376		12,202		69		612		(746	)		(6,578)		699			6,236

U.S. Government Money Market		88,606,747		88,606,747		30,721		30,721		(90,266,202	)		(90,266,202)		(1,628,734	)		(1,628,734)

U.S. Government Select Money Market		17,304,789		17,304,789		7,084		7,084		(17,529,164	)		(17,529,164)		(217,291	)		(217,291)

U.S. Treasury Index		846		16,711		75		1,471		(940	)		(18,590)		(19	)		(408)

Transactions in Shares class for the fiscal year ended March 31, 2022, were as follows:



Amounts in thousands	SHARES SOLD		PROCEEDS FROM SHARES SOLD		SHARES FROM REINVESTED DIVIDENDS		REINVESTMENTS OF DIVIDENDS		SHARES REDEEMED			PAYMENTS FOR SHARES REDEEMED			NET INCREASE (DECREASE) IN SHARES			NET INCREASE (DECREASE) IN NET ASSETS

Arizona Tax-Exempt		3,042	$	32,918		177	$	1,906		(4,699	)	$	(50,324	)		(1,480	)	$	(15,500	)

Bond Index		42,472		454,677		2,379		25,531		(80,680	)		(857,933	)		(35,829	)		(377,725	)

California Intermediate Tax-Exempt		9,732		106,230		158		1,716		(11,134	)		(119,730	)		(1,244	)		(11,784	)

California Tax-Exempt		2,299		27,243		168		1,974		(2,626	)		(30,627	)		(159	)		(1,410	)

Core Bond		3,928		41,122		87		906		(9,031	)		(94,012	)		(5,016	)		(51,984	)

Fixed Income		8,993		94,435		430		4,504		(17,266	)		(179,077	)		(7,843	)		(80,138	)

High Yield Fixed Income		198,044		1,329,164		3,126		21,020		(84,961	)		(569,617	)		116,209			780,567

High Yield Municipal		45,614		411,591		244		2,194		(19,761	)		(175,503	)		26,097			238,282

Intermediate Tax-Exempt		41,867		450,145		1,339		14,455		(62,209	)		(663,306	)		(19,003	)		(198,706	)

Limited Term Tax-Exempt		16,401		169,275		803		8,274		(32,033	)		(328,338	)		(14,829	)		(150,789	)

Limited Term U.S. Government		1,072		10,732		3		33		(2,424	)		(24,067	)		(1,349	)		(13,302	)

Multi-Manager Emerging Markets Debt Opportunity		1,193		10,644		630		5,557		(5,749	)		(48,203	)		(3,926	)		(32,002	)

Multi-Manager High Yield Opportunity		6,292		59,138		288		2,702		(5,164	)		(48,617	)		1,416			13,223



Amounts in thousands	SHARES SOLD		PROCEEDS FROM SHARES SOLD		SHARES FROM REINVESTED DIVIDENDS		REINVESTMENTS OF DIVIDENDS		SHARES REDEEMED			PAYMENTS FOR SHARES REDEEMED			NET INCREASE (DECREASE) IN SHARES			NET INCREASE (DECREASE) IN NET ASSETS

Short Bond		10,125	$	191,256		99		$ 1,874		(9,916	)	$	(186,787	)		308		$	6,343

Tax-Advantaged Ultra-Short Fixed Income		223,481		2,275,739		570		5,796		(301,101	)		(3,063,944	)		(77,050	)		(782,409	)

Tax-Exempt		25,707		281,151		1,129		12,375		(48,150	)		(521,429	)		(21,314	)		(227,903	)

Ultra-Short Fixed Income		176,871		1,817,701		1,706		17,503		(220,845	)		(2,267,906	)		(42,268	)		(432,702	)

U.S. Government		1,175		11,366		14		137		(1,881	)		(18,351	)		(692	)		(6,848	)

U.S. Government Money Market		74,768,261		74,768,307		113		113		(72,073,045	)		(72,073,045	)		2,695,329			2,695,375

U.S. Government Select Money Market		12,231,380		12,231,380		850		850		(12,416,180	)		(12,416,180	)		(183,950	)		(183,950	)

U.S. Treasury Index		1,488		33,328		94		2,092		(1,936	)		(43,392	)		(354	)		(7,972	)

Transactions in Siebert Williams Shank Shares for the fiscal year ended March 31, 2023, were as follows:

Transactions in affiliated investments for the fiscal year ended March 31, 2023, were as follows:


Amounts in thousands except shares	AFFILIATE	VALUE, BEGINNING OF YEAR		PURCHASES		SALES PROCEEDS		NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)		NET REALIZED GAINS (LOSSES)			DIVIDEND INCOME		VALUE, END OF YEAR		SHARES, END OF YEAR

High Yield Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$190,682		$1,123,232		$1,253,435		$ –		$ –			$ 2,513		$ 60,479		60,478,894

High Yield Municipal	Northern Institutional Funds - U.S. Government Portfolio (Shares)		42,137		255,732		292,985		–		–			197		4,884		4,883,737

Intermediate Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		72,206		759,239		827,695		–		–			737		3,750		3,749,755

Limited Term Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		24,998		427,043		431,573		–		–			438		20,468		20,468,304

Limited Term U.S. Government	Northern Institutional Funds - U.S. Government Portfolio (Shares)		92		115,704		115,516		–		–			54		280		279,797

Multi-Manager Emerging Markets Debt Opportunity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		5,265		150,203		149,871		–		–			127		5,597		5,597,338

Multi-Manager High Yield Opportunity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		11,179		221,672		221,681		–		–			308		11,170		11,169,740

Short Bond	FlexShares^® Disciplined Duration MBS Index Fund		4,447		–		4,019		213		(641	)		83		–		–

	Northern Institutional Funds - U.S. Government Portfolio (Shares)		7,664		202,953		209,329		–		–			129		1,288		1,288,092

	Total		$12,111		$202,953		$213,348		$213		$	(641)		$212		$1,288		1,288,092

Tax-Advantaged Ultra-Short Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$ 9,967		$2,027,853		$1,946,611		$–		$–			$965		$91,209		91,208,913

Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		73,582		457,729		521,019		–		–			343		10,292		10,291,652

Ultra-Short Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)		204,346		1,698,771		1,833,938		–		–			1,469		69,179		69,178,793

U.S. Government	Northern Institutional Funds - U.S. Government Portfolio (Shares)		391		102,829		101,181		–		–			76		2,039		2,039,074

Information concerning the types of derivatives in which the Funds invest, the objectives for using them and their related risks can be found in Note 2.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of March 31, 2023:

ASSETS

LIABILITIES

Amounts in thousands

CONTRACT TYPE

STATEMENTS OF

ASSETS LOCATION

VALUE

STATEMENTS OF

LIABILITIES LOCATION

VALUE

Core Bond

Interest rate contracts

Net Assets - Net unrealized appreciation

Net Assets - Net unrealized depreciation

(208

Fixed Income

Interest rate contracts

Net Assets - Net unrealized appreciation

114

Net Assets - Net unrealized depreciation

(161

Multi-Manager Emerging Markets Debt Opportunity

Foreign exchange
contracts

Unrealized appreciation on forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts

(54

)

Multi-Manager High Yield Opportunity

Interest rate contracts

Net Assets - Net unrealized appreciation

–

Net Assets - Net unrealized depreciation

(125

Credit contracts

Unrealized appreciation on credit default swap agreements

Unrealized depreciation on credit default swap agreements

–

Short Bond

Interest rate contracts

Net Assets - Net unrealized appreciation

540

Net Assets - Net unrealized depreciation

(388



			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES

Amounts in Thousands	Counterparty	GROSS AMOUNTS OF ASSETS PRESENTED IN STATEMENTS OF ASSETS AND LIABILITIES	FINANCIAL INSTRUMENTS	CASH COLLATERAL RECEIVED	NET AMOUNT

	JPMorgan Chase	$ 2	$ (2)	$ –	$ –

	Merrill Lynch	6	(6)	–	–

	Morgan Stanley	5	(5)	–	–

	Standard Chartered Bank	7	(7)	–	–


	Total	$25	$(25)	$ –	$ –

			GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES

Amounts in Thousands	Counterparty	GROSS AMOUNTS OF LIABILITIES PRESENTED IN STATEMENTS OF ASSETS AND LIABILITIES	FINANCIAL INSTRUMENTS	CASH COLLATERAL PLEDGED	NET AMOUNT

Multi-Manager Emerging Markets Debt Opportunity Fund	Barclays	$ (4)	$ 1	$ –	$(3)

	BNP	(11)	3	–	(8)

	Citibank	(2)	1	–	(1)

	JPMorgan Chase	(2)	2	–	–

	Merrill Lynch	(9)	6	–	(3)

	Morgan Stanley	(10)	5	–	(5)

	Standard Chartered Bank	(16)	7	–	(9)


	Total	$(54)	$25	$ –	$(29)



		AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS

Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE

Core Bond	Interest rate contracts	Net realized gains (losses) on futures contracts	$273

Fixed Income	Interest rate contracts	Net realized gains (losses) on futures contracts	1,910

Multi-Manager Emerging Markets Debt Opportunity	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts	(483)

	Interest rate contracts	Net realized gains (losses) on interest rate swap agreements	(41)

Multi-Manager High Yield Opportunity	Interest rate contracts	Net realized gains (losses) on futures contracts	26

	Credit contracts	Net realized gains (losses) on credit default swap agreements	6

Short Bond	Interest rate contracts	Net realized gains (losses) on futures contracts	(118)



		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVE CONTRACTS

Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE

Core Bond	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$(122)

Fixed Income	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts	(47)

Multi-Manager Emerging Markets Debt Opportunity	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts	193

	Interest rate contracts	Net change in unrealized appreciation (depreciation) on interest rate swap agreements	4

Multi-Manager High Yield Opportunity	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts	(125)

11. INDEMNIFICATIONS AND WARRANTIES

12. NEW ACCOUNTING PRONOUNCEMENTS

In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 defers the expiration date of ASC 848 to December 31, 2024. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.

13. LIBOR TRANSITION

intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Uncertainty related to the liquidity and value impact of the change to alternative rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts, and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled. Until then, the Funds may continue to invest in instruments that reference such rates or otherwise use such Reference Rates due to favorable liquidity or pricing.

14. EUROPEAN INSTABILITY

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to Russia’s invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian or other Eastern European investments, the Fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or adjoining geographic regions. Funds that track an index (an Index Fund) may experience challenges liquidating positions in Russian securities that have been removed from its underlying index and/or sampling the underlying index to continue to seek

We have audited the accompanying statements of assets and liabilities of twenty-one separate portfolios of Northern Funds, comprising the Arizona Tax-Exempt Fund, Bond Index Fund, California Intermediate Tax-Exempt Fund, California Tax-Exempt Fund, Core Bond Fund, Fixed Income Fund, High Yield Fixed Income Fund, High Yield Municipal Fund, Intermediate Tax-Exempt Fund, Limited Term Tax-Exempt Fund, Limited Term U.S. Government Fund, Multi-Manager Emerging Markets Debt Opportunity Fund, Multi-Manager High Yield Opportunity Fund, Short Bond Fund, Tax-Advantaged Ultra-Short Fixed Income Fund, Tax-Exempt Fund, Ultra-Short Fixed Income Fund, U.S. Government Fund, U.S. Government Money Market Fund, U.S. Government Select Money Market Fund, and U.S. Treasury Index Fund (collectively, the “Funds”), including the schedules of investments, as of March 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the twenty-one portfolios constituting the Northern Funds as of March 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Northern Trust investment companies since 2002.

Each Fund (except the U.S. Government Money Market Fund and U.S. Government Select Money Market Fund) has adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by rule 22e-4 under the Investment Company Act of 1940. The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interest in the Fund.

Based on the review, the Report concluded that the Program was being effectively implemented and that the Program was reasonably designed to assess and manage each Fund’s liquidity risk.

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, if any, including redemption fees on exchanges and redemptions; and (2) ongoing costs, including management fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, October 1, 2022 through March 31, 2023.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees or other costs such as advisory fees related to affiliated money market fund investments, but shareholders of other funds may incur such costs. For example, the information does not reflect redemption fees (See page 368), if any, in the High Yield Fixed Income, Multi-Manager Emerging Markets Debt Opportunity and Multi-Manager High Yield Opportunity Funds. If these fees were included, your costs would have been higher. The information also does not reflect reimbursements of advisory fees incurred in connection with the investment of uninvested cash in affiliated money market funds (See page 374), which may result in different expense ratios in the Financial Highlights.

Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

ARIZONA TAX-EXEMPT



SHARES	EXPENSE RATIO		BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID* 10/1/2022- 3/31/2023

Actual		0.46%		$1,000.00		$1,065.90		$2.37

Hypothetical (5% return before expenses)		0.46%		$1,000.00		$1,022.64		$2.32

BOND INDEX

SHARES	EXPENSE RATIO		BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID* 10/1/2022- 3/31/2023

Actual		0.07%		$1,000.00		$1,049.40		$0.36

Hypothetical (5% return before expenses)		0.07%		$1,000.00		$1,024.58		$0.35

CALIFORNIA INTERMEDIATE TAX-EXEMPT

SHARES	EXPENSE RATIO		BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID* 10/1/2022- 3/31/2023

Actual		0.45%		$1,000.00		$1,062.00		$2.31

Hypothetical (5% return before expenses)		0.45%		$1,000.00		$1,022.69		$2.27

CALIFORNIA TAX-EXEMPT

SHARES	EXPENSE RATIO		BEGINNING ACCOUNT VALUE 10/1/2022		ENDING ACCOUNT VALUE 3/31/2023		EXPENSES PAID* 10/1/2022- 3/31/2023

Actual		0.45%		$1,000.00		$1,072.30		$2.32

Hypothetical (5% return before expenses)		0.45%		$1,000.00		$1,022.69		$2.27

CORE BOND



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.41%	$1,000.00	$1,055.00	$2.10

Hypothetical (5% return before expenses)	0.41%	$1,000.00	$1,022.89	$2.07

FIXED INCOME

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.45%	$1,000.00	$ 1,055.10	$2.31

Hypothetical (5% return before expenses)	0.45%	$1,000.00	$1,022.69	$2.27

HIGH YIELD FIXED INCOME

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.60%	$1,000.00	$1,081.80	$3.11

Hypothetical (5% return before expenses)	0.60%	$1,000.00	$1,021.94	$3.02

HIGH YIELD MUNICIPAL

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.58%	$1,000.00	$ 1,060.10	$2.98

Hypothetical (5% return before expenses)	0.58%	$1,000.00	$1,022.04	$2.92

INTERMEDIATE TAX-EXEMPT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.45%	$1,000.00	$1,060.50	$2.31

Hypothetical (5% return before expenses)	0.45%	$1,000.00	$1,022.69	$2.27

LIMITED TERM TAX-EXEMPT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.45%	$1,000.00	$1,036.00	$2.28

Hypothetical (5% return before expenses)	0.45%	$1,000.00	$1,022.69	$2.27


LIMITED TERM U.S. GOVERNMENT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.41%	$1,000.00	$1,025.10	$2.07

Hypothetical (5% return before expenses)	0.41%	$1,000.00	$1,022.89	$2.07

MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.89%	$1,000.00	$1,117.90	$4.70

Hypothetical (5% return before expenses)	0.89%	$1,000.00	$1,020.49	$4.48

MULTI-MANAGER HIGH YIELD OPPORTUNITY

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.85%	$1,000.00	$1,071.90	$4.39

Hypothetical (5% return before expenses)	0.85%	$1,000.00	$1,020.69	$4.28

SHORT BOND

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.40%	$1,000.00	$1,030.60	$2.03

Hypothetical (5% return before expenses)	0.40%	$1,000.00	$1,022.94	$2.02

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.25%	$1,000.00	$1,024.00	$1.26

Hypothetical (5% return before expenses)	0.25%	$1,000.00	$1,023.68	$1.26

TAX-EXEMPT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.45%	$1,000.00	$1,067.10	$2.32

Hypothetical (5% return before expenses)	0.45%	$1,000.00	$1,022.69	$2.27

ULTRA-SHORT FIXED INCOME



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.25%	$1,000.00	$1,024.60	$1.26

Hypothetical (5% return before expenses)	0.25%	$1,000.00	$1,023.68	$1.26

Siebert Williams Shank Shares

Actual	0.25%	$1,000.00	$1,024.60	$1.26

Hypothetical (5% return before expenses)	0.25%	$1,000.00	$1,023.68	$1.26

U.S. GOVERNMENT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.41%	$1,000.00	$1,030.50	$2.08

Hypothetical (5% return before expenses)	0.41%	$1,000.00	$1,022.89	$2.07

U.S. GOVERNMENT MONEY MARKET

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.35%	$1,000.00	$1,017.60	$1.76

Hypothetical (5% return before expenses)	0.35%	$1,000.00	$1,023.19	$1.77

U.S. GOVERNMENT SELECT MONEY MARKET

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.35%	$1,000.00	$1,017.70	$1.76

Hypothetical (5% return before expenses)	0.35%	$1,000.00	$1,023.19	$1.77

U.S. TREASURY INDEX

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2022	ENDING ACCOUNT VALUE 3/31/2023	EXPENSES PAID* 10/1/2022- 3/31/2023

Actual	0.16%	$1,000.00	$1,036.60	$0.81

Hypothetical (5% return before expenses)	0.16%	$1,000.00	$1,024.13	$0.81

(1) Each Trustee may be contacted by writing to the Trustee, c/o the Secretary of the Trust, The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603.

(1) Each Officer serves until his or her resignation, removal, or retirement, or election of his or her successor. Each Officer also holds the same office with Northern Institutional Funds.

Multi-Manager High Yield Opportunity Fund

At meetings held on November 16-17, 2022 and December 13, 2022 (collectively, the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of Northern Funds (the “Trust”) reviewed and approved an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with respect to Multi-Manager High Yield Opportunity Fund (the “Fund”) between Northern Trust Investments, Inc. (“Northern”) and BlackRock Investment Management, LLC (“BIM”), including the separate review and approval of the Trustees who are not parties to the Sub-Advisory Agreement or “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of any such party (“Independent Trustees”).

At the Meeting, the Trustees, including the Independent Trustees, reviewed and discussed information and written materials from Northern about BIM, including: (i) the nature, extent, and quality of the investment advisory services to be provided by BIM and the experience and qualifications of the personnel proposed to provide such services; (ii) BIM’s financial condition, history of operations and organizational structure; (iii) BIM’s brokerage and soft dollar practices; (iv) BIM’s proposed investment strategy and investment process for the Fund and style of investing; (v) composite performance for BIM’s proposed strategy for the Fund and hypothetical Fund performance based on simulated portfolio characteristics with BIM as a sub-adviser to the Fund; (vi) information with respect to BIM’s compliance policies and procedures, including BIM’s code of ethics and cybersecurity program, and the Trust’s Chief Compliance Officer’s (the “CCO”) evaluation of BIM’s compliance policies and procedures; (vii) material litigation, investigations, proceedings or actions by securities regulators involving BIM (if any); (viii) any potential conflicts of interest in managing the Fund, including BIM’s financial or business relationships with Northern and its affiliates, if any; and (ix) the proposed terms of the Sub-Advisory Agreement. The Trustees also considered Northern’s discussion of the reasons that Northern was proposing BIM be added as a sub-adviser to the Fund, including reasons Northern believes that BIM may contribute to the performance of the Fund. The Trustees also discussed the proposed allocation of assets among BIM and the other sub-advisers to the Fund.

In evaluating the Sub-Advisory Agreement, the Trustees gave weight to various factors but did not identify any single factor as controlling their decision, and each Trustee may have attributed different weight to different factors. However, the Trustees relied upon the information and performance evaluations provided by Northern with respect to BIM.

Nature, Extent and Quality of Services

The Trustees considered the information and evaluations provided by Northern with respect to BIM’s operations, qualifications, performance and experience in managing the type of strategy for which BIM was proposed to be engaged in

connection with the Fund. The Trustees also considered Northern’s evaluation of BIM’s potential to contribute to the Fund’s returns. The Trustees also reviewed the CCO’s evaluation of BIM’s compliance program and code of ethics, noting that the CCO believed the program to be reasonably designed to prevent the violation of federal securities laws. The Trustees concluded that BIM was able to provide quality services to the Fund.

Fees, Expenses and Performance

The Trustees considered that BIM’s sub-advisory fees would be paid by Northern out of Northern’s management fees and not by the Fund. The Trustees also believed, based on Northern’s representations, that the Sub-Advisory Agreement had been negotiated at arm’s-length between Northern and BIM. The Trustees considered BIM’s proposed fee, including in relation to the other sub-advisers to the Fund. The Trustees also compared BIM’s fees to its standard fee schedule for accounts in the strategy. Finally, the Trustees considered Northern’s representations that the fees to be paid to BIM were reasonable in light of the anticipated quality of the services to be performed by BIM.

The Trustees considered the expected impact on profitability to Northern of the Fund before and after the proposed sub-adviser changes presented at the Meeting (including as a result of any re-allocation of managed assets among the remaining sub-advisers). These comparisons showed that Northern’s profitability would slightly increase at current asset levels after such changes. The Trustees did not consider BIM’s projected profitability because Northern would be paying BIM out of the management fee that Northern received from the Fund. The Trustees therefore believed that Northern had an incentive to negotiate the lowest possible sub-advisory fees.

The Trustees considered and evaluated BIM’s composite performance for BIM’s proposed strategy for the Fund, and Northern’s evaluation of that performance. The Trustees reviewed reports prepared by Northern showing the hypothetical performance of BIM over various time periods if BIM had been a sub-adviser to the Fund along with the other sub-advisers to the Fund. The Trustees also considered BIM’s performance record in the strategy for which it was being engaged against other relevant performance benchmarks. The Trustees considered BIM’s proposed positioning and exposures for the sleeve proposed to be managed by it. The Trustees further considered how BIM’s investment style compares with those of the Fund’s other sub-advisers, and how BIM’s investment style is expected to perform in various market environments.

Based upon the information provided, the Trustees concluded that the compensation payable by Northern to BIM under the Sub-Advisory Agreement is fair and reasonable in light of the services to be provided.

Economies of Scale

The Trustees considered information prepared by Northern that showed the impact on Northern’s net management fee (after payment of sub-advisory fees) at various asset levels. The Trustees generally considered economies of scale with respect to the Fund primarily at the management fee level given that Northern would be paying BIM out of its management fee. Accordingly, the Trustees concluded that the proposed fee arrangement with BIM would be appropriate.

Fall Out and Other Benefits

The Trustees considered other potential benefits to be derived by BIM and Northern as a result of BIM’s relationship with the Fund. For example, the Trustees noted that BIM may obtain reputational benefits from the success of the Fund. The Trustees also considered the other relationships that BIM had with Northern or its affiliates, including those where affiliates of Northern act as service provider to BIM or its affiliates. The Trustees concluded that, based on the information provided, any such potential benefits were immaterial to its consideration and approval of the Sub-Advisory Agreement.

Conclusion

The Trustees reviewed with independent legal counsel to the Independent Trustees the legal standards applicable to their consideration of the Sub-Advisory Agreement.

Based on the Trustees’ review and deliberations, which included consideration of each of the factors referenced above, and the information, evaluations and representations by Northern, the Trustees, including the Independent Trustees, concluded that the proposed fee to be paid to BIM was fair and reasonable in light of the services to be provided by BIM and the Trustees unanimously approved the Sub-Advisory Agreement.

¹ Asset-Backed Securities Risk: Asset-backed securities are subject to credit, interest rate, prepayment, extension, valuation and liquidity risk. These securities, in most cases, are not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn. Those asset-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed securities.

² Credit (or Default) Risk: The inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund’s liquidity or cause a deterioration in the Fund’s NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty.

³ Emerging Markets Risk: Markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed markets.

⁴ Financial Services Industry Risk: The Fund will invest under normal market conditions at least 25% of its total assets in the financial services industry. As a result, the Fund will be subject to greater risk of loss by economic, business, political or other developments which generally affect this industry. Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector, including the price of their securities or their ability to meet their payment obligations.

⁵ Market Risk: The market values of Fund’s investments may decline, at times sharply and unpredictably, including in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. Securities may experience increased volatility, illiquidity or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, or lack of liquidity in markets, which may be caused by numerous factors, including but not limited to local or regional events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events or adverse investor sentiment.

⁶ Foreign Securities Risk: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial and regulatory factors. Foreign governments may also impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund’s investments to decline.

⁷ Frontier Markets Risk: Frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.

⁸ High-Yield Risk: The Fund’s non-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility and risk of loss than investment grade securities, which can adversely impact the Fund’s return and net asset value (“NAV”). High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments.

⁹ Interest Rate/Maturity Risk: Securities with longer maturities tend to be more sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities. Securities with shorter maturities tend to provide lower returns and be less volatile than securities with longer maturities. Changing interest rates may have unpredictable effects on the markets and the Fund’s investments. During periods of rising interest rates, the Fund’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund’s yield (and the market value of its securities) will tend to be higher. A low or declining interest rate environment poses risks to the Fund’s performance, including the risk that proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. Future declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price.

¹⁰ Money Market Risk: You could lose money by investing in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time

¹¹ Municipal Investments Risk: The municipal market can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.

¹² Non-Diversification Risk: The Fund invests in fewer securities than diversified funds and may be more susceptible to adverse financial, economic or other developments affecting any single issuer, and more susceptible to greater losses because of these developments, than if it were diversified.

¹³ Non-Diversification Risk (Index Funds): The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund invests in fewer securities than diversified funds and may be more susceptible to adverse financial, economic or other developments affecting any single issuer, and more susceptible to greater losses because of these developments, than if it were diversified.

¹⁴ Stable NAV Risk: The Fund may be unable to maintain a NAV per share price of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the Fund, especially at a time when the Fund needs to sell securities to meet shareholder redemption requests, could cause the value of the Fund’s shares to decrease to a price less than $1.00 per share.

¹⁵ State-Specific Risk: The Fund will be more exposed to negative political or economic factors in the state where it concentrates its investments than a fund that invests more widely.

¹⁶ Tax Risk: Future legislative or administrative changes or court decisions may materially affect the value of municipal instruments or the ability of the Fund to pay tax-exempt dividends.

¹⁸ U.S. Government Securities Risk: There is a risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities purchased by the Fund are not backed by the full faith and credit of the United States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

PORTFOLIO HOLDINGS

Each of the Funds, except the U.S. Government Money Market and U.S. Government Select Money Market Funds, files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s web site at sec.gov.

The U.S. Government Money Market and U.S. Government Select Money Market Funds file detailed month-end portfolio holdings information on Form N-MFP with the SEC each month and post their complete schedules of portfolio holdings on the Northern Funds’ web site at northerntrust.com as of the last business day of each month for the previous six months. The U.S. Government Money Market and U.S. Government Select Money Market Funds’ Forms N-MFP are available electronically on the SEC’s web site at sec.gov.

PROXY VOTING

Northern Funds’ Proxy Voting Policies and Procedures and each Fund’s portfolio securities voting record for the 12-month period ended June 30 are available upon request and without charge by visiting Northern Funds’ web site at northerntrust.com/funds or the SEC’s web site at sec.gov or by calling the Northern Funds Center at 800-595-9111.

The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). The registrant has not amended its Code of Ethics during the period covered by this report. The registrant has not granted any waivers, including an implicit waiver, from any provisions of its Code of Ethics during the period covered by this report.

The registrant’s Board of Trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR), serving on its audit committee. David R. Martin is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the registrant’s Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the registrant’s Audit Committee or Board of Trustees.

Fees for the fiscal year ended March 31, 2023 were billed by the principal accountant related to the registrant. The principal accountant billed the registrant aggregate fees for services rendered to the registrant for the fiscal years ended March 31, 2023 and March 31, 2022, respectively, as follows:

“Service affiliates” as it relates to the aggregate “Audit Fees,” “Audit-Related Fees,” “Tax Fees” and “All Other Fees” that were billed by the principal accountant for the fiscal years ended March 31, 2023 and March 31, 2022, respectively, are Northern Trust Investments, Inc. (“NTI”) and entities controlling, controlled by or under common control with NTI that provide ongoing services to the registrant for assurance and related services that relate directly to the operations and financial reporting of the registrant. “Audit-Related Fees” are fees that are reasonably related to the performance of the audit or review of the registrant’s financial statements, but not reported as “Audit Fees.” “Tax Fees” are fees for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning. “All Other Fees” are for products and services provided by the principal accountant other than those reported as Audit, Audit-Related or Tax Fees.

Pursuant to the Northern Funds’ Amended and Restated Audit Committee Charter adopted on August 3, 2006, as amended, to the extent required by applicable regulations, all audit and non-audit services provided by the independent registered public accountants shall either be: (a) pre-approved by the Audit Committee as a whole; or (b) between meetings of the Audit Committee by either the Chairman of the Audit Committee, the designated Audit Committee Financial Expert (if any), or another member of the Audit Committee, provided that, in each case, such pre-approvals must be reported to the full Audit Committee at its next meeting.

Item 4(e)(2): Percentage of Fees Pre-Approved Pursuant to Waiver Provision of Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X

No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

The aggregate non-audit fees and services billed by the principal accountant for services rendered to the registrant and service affiliates for the last two fiscal years were $5,494,068 and $2,460,963 for 2023 and 2022, respectively.

The registrant’s Audit Committee has considered whether the provision of non-audit services to service affiliates, not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the registered public accountant’s independence in performing audit services.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that would require disclosure herein.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



2		PORTFOLIO MANAGEMENT COMMENTARY

22		BENCHMARK INFORMATION

24		STATEMENTS OF ASSETS AND LIABILITIES

28		STATEMENTS OF OPERATIONS

32		STATEMENTS OF CHANGES IN NET ASSETS

38		FINANCIAL HIGHLIGHTS

61		SCHEDULES OF INVESTMENTS

61		ACTIVE M EMERGING MARKETS EQUITY FUND (Ticker Symbol: NMMEX)

66		ACTIVE M INTERNATIONAL EQUITY FUND (Ticker Symbol: NMIEX)

74		EMERGING MARKETS EQUITY INDEX FUND (Ticker Symbol: NOEMX)

98		GLOBAL REAL ESTATE INDEX FUND (Ticker Symbol: NGREX)

108		GLOBAL SUSTAINABILITY INDEX FUND (Ticker Symbols: Class I: NSRIX, Class K: NSRKX)

119		GLOBAL TACTICAL ASSET ALLOCATION FUND (Ticker Symbol: BBALX)

121		INCOME EQUITY FUND (Ticker Symbol: NOIEX)

125		INTERNATIONAL EQUITY FUND (Ticker Symbol: NOIGX)

130		INTERNATIONAL EQUITY INDEX FUND (Ticker Symbol: NOINX)

142		LARGE CAP CORE FUND (Ticker Symbol: NOLCX)

147		LARGE CAP VALUE FUND (Ticker Symbol: NOLVX)

151		MID CAP INDEX FUND (Ticker Symbol: NOMIX)

159		MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (Ticker Symbol: NMFIX)

162		MULTI-MANAGER GLOBAL REAL ESTATE FUND (Ticker Symbol: NMMGX)

165		NORTHERN ENGAGE360^TMFUND (Ticker Symbol: NENGX)

170		SMALL CAP CORE FUND (Ticker Symbols: Class I: NSGRX, Class K: NSCKX)

192		SMALL CAP INDEX FUND (Ticker Symbol: NSIDX)

218		SMALL CAP VALUE FUND (Ticker Symbol: NOSGX)

227		STOCK INDEX FUND (Ticker Symbol: NOSIX)

236		U.S. QUALITY ESG FUND (Ticker Symbols: Class I: NUEIX, Class K: NUESK)

240		NOTES TO THE FINANCIAL STATEMENTS

263		REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

265		TAX INFORMATION

267		LIQUIDITY RISK MANAGEMENT PROGRAM

268		FUND EXPENSES

271		TRUSTEES AND OFFICERS

275		INVESTMENT CONSIDERATIONS

280		FOR MORE INFORMATION



TOTAL RETURN	ONE YEAR	FIVE YEAR	TEN YEAR

GLOBAL SUSTAINABILITY INDEX FUND (CLASS I SHARES)¹	-6.72%	8.46%	8.90%

GLOBAL SUSTAINABILITY INDEX FUND (CLASS K SHARES)¹	-6.67	8.49	8.92

MSCI WORLD ESG LEADERS INDEX^SM	-7.18	8.38	8.79



GROWTH OF A $ 10,000 INVESTMENT (Class I shares)⁽²⁾⁽³⁾				The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Index, the Fund’s total returns are reduced by operating expenses, such as transaction costs and management fees. A direct investment in an Index is not possible.


² Class I shares commenced operations on July 30, 2020. Performance prior to that date is the performance of the Fund’s Shares class, which is no longer offered by the Fund. ³ Index returns may not be visible due to high correlation with the Fund’s returns.				Information about Benchmarks and Investment Considerations can be found on pages 22 to 23 and 275 to 277.



GROWTH OF A $ 10,000 INVESTMENT				The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Index, the Fund’s total returns are reduced by operating expenses, such as transaction costs and management fees. A direct investment in an Index is not possible.


** The Blended Index consists of 60% MSCI All Country World Index and 40% Bloomberg U.S. Aggregate Bond Index.				Information about Benchmarks and Investment Considerations can be found on pages 22 to 23 and 275 to 277.



GROWTH OF A $ 10,000 INVESTMENT ⁽¹⁾				The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Index, the Fund’s total returns are reduced by operating expenses, such as transaction costs and management fees. A direct investment in an Index is not possible.


¹ Index returns may not be visible due to high correlation with the Fund’s returns.				Information about Benchmarks and Investment Considerations can be found on pages 22 to 23 and 275 to 277.


		This report has been prepared for the general information of Northern Funds shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Northern Funds summary prospectus or prospectus, which contains more complete information about a fund’s investment objectives, risks, fees and expenses. Investors are reminded to read a summary prospectus or prospectus carefully before investing or sending money. This report contains certain forward-looking statements about factors that may affect the performance of the Funds in the future. These statements are based on Northern Funds’ management predictions and expectations concerning certain future events, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in Northern Funds’ management strategies from those currently expected to be employed.

		Northern Funds are distributed by Northern Funds Distributors, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101, not affiliated with Northern Trust. NOT FDIC INSURED

		May lose value / No bank guarantee



EQUITY FUNDS


ACTIVE M EMERGING MARKETS EQUITY FUND		(UNAUDITED)



		EQUITY FUNDS


ACTIVE M INTERNATIONAL EQUITY FUND		(UNAUDITED)



EQUITY FUNDS


EMERGING MARKETS EQUITY INDEX FUND		(UNAUDITED)



		EQUITY FUNDS


GLOBAL TACTICAL ASSET ALLOCATION FUND		(UNAUDITED)



EQUITY FUNDS


INTERNATIONAL EQUITY INDEX FUND		(UNAUDITED)



		EQUITY FUNDS


MULTI-MANAGER GLOBAL REAL ESTATE FUND		(UNAUDITED)



EQUITY FUNDS


NORTHERN ENGAGE360^TM FUND		(UNAUDITED)



GROWTH OF A $ 10,000 INVESTMENT (Class K shares)⁽²⁾				The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Unlike the Index, the Fund’s total returns are reduced by operating expenses, such as transaction costs and management fees. A direct investment in an Index is not possible.


² Class K shares commenced operations on July 30, 2020. Performance prior to that date is the performance of the Fund’s Shares class, which is no longer offered by the Fund.
				Information about Benchmarks and Investment Considerations can be found on pages 22 to 23 and 275 to 277.


EQUITY FUNDS


STATEMENTS OF CHANGES IN NET ASSETS continued



		EQUITY FUNDS


TABLE OF CONTENTS



EQUITY FUNDS


FINANCIAL HIGHLIGHTS continued		FOR THE FISCAL YEARS ENDED MARCH 31,



SCHEDULE OF INVESTMENTS


ACTIVE M INTERNATIONAL EQUITY FUND continued


SCHEDULE OF INVESTMENTS


EMERGING MARKETS EQUITY INDEX FUND continued


SCHEDULE OF INVESTMENTS


GLOBAL REAL ESTATE INDEX FUND continued


SCHEDULE OF INVESTMENTS


GLOBAL SUSTAINABILITY INDEX FUND continued


SCHEDULE OF INVESTMENTS


INCOME EQUITY FUND continued		MARCH 31, 2023


SCHEDULE OF INVESTMENTS


INTERNATIONAL EQUITY FUND continued


SCHEDULE OF INVESTMENTS


INTERNATIONAL EQUITY INDEX FUND continued


SCHEDULE OF INVESTMENTS


LARGE CAP CORE FUND continued


SCHEDULE OF INVESTMENTS


LARGE CAP VALUE FUND continued


SCHEDULE OF INVESTMENTS


LARGE CAP VALUE FUND continued		MARCH 31, 2023


SCHEDULE OF INVESTMENTS


MID CAP INDEX FUND continued		MARCH 31, 2023


SCHEDULE OF INVESTMENTS


NORTHERN ENGAGE360^TM FUND continued


SCHEDULE OF INVESTMENTS


SMALL CAP CORE FUND continued


SCHEDULE OF INVESTMENTS


SMALL CAP INDEX FUND continued


SCHEDULE OF INVESTMENTS


SMALL CAP VALUE FUND continued


SCHEDULE OF INVESTMENTS


U.S. QUALITY ESG FUND continued


EQUITY FUNDS


NOTES TO THE FINANCIAL STATEMENTS continued



		EQUITY FUNDS


TAX INFORMATION		MARCH 31, 2023 (UNAUDITED)



	QDI PERCENTAGE

Global Real Estate Index		39.81%

Multi-Manager Global Listed Infrastructure		97.51%

Multi-Manager Global Real Estate		45.59%