N-CSR

Emerging markets, as measured by the MSCI Emerging Markets Index (the “Index”), gained 8.15% for the 12-month reporting period ended March 31, 2024. China, the largest market in the Index during the reporting period, was the worst performing market as it fell just over 17%. A slow economic recovery after reopening from COVID restrictions, geopolitical tensions and near defaults in the property developers industry detracted from the performance of the China market. In contrast, markets such as Taiwan and South Korea outperformed the Index for the reporting period, as those markets are heavily weighted toward the information technology sector and semiconductor chip-related companies, which benefited from the artificial intelligence developments during the reporting period. India, another large Index weighting, posted one of the better returns, rising over 36% during the reporting period. Economic reforms, a stable political environment and growing economy all contributed to that market’s performance. In Latin America, Brazil and Mexico also performed well and rose double digits over the reporting period, as Brazil was earliest to lower interest rates while Mexico benefited from the onshoring theme (bringing business operations and productions back to Mexico).

The Active M Emerging Markets Equity Fund (the “Fund”) generated a strong return over the reporting period of 10.51%, compared with 8.15% for its benchmark, the MSCI Emerging Markets Index. An underweight to China was a significant contributor to performance, while stock selection within that market also detracted. Holdings in India added value as exposure to auto-related names were particularly helpful. An overweight along with strong stock selection in South Korea proved beneficial. Additional value came from the Fund’s holdings in Taiwan, Thailand, Saudi Arabia and the United Arab Emirates. Conversely, holdings in Brazil, Mexico and Poland detracted from the Fund’s performance. An underweight to Taiwan also had a negative impact on the Fund’s results.

Sub-advisers Axiom Investors, LLC (“Axiom”) and Westwood Global Investments, LLC (“Westwood”) were strong contributors to the Fund’s performance for the reporting period. Axiom benefited from holdings in India, South Korea, and exposure to semiconductor stocks within the information technology sector. An underweight to China contributed to both Axiom and Westwood’s performance. Westwood’s overweight allocation to, and strong stock selection within, South Korea also proved beneficial, as was stock selection in Thailand and United Arab Emirates. Sub-adviser Ashmore Investment Management Limited’s (“Ashmore”) macro focused strategy entered the period with a positive view on a Chinese recovery expressed through exposure to communication services, consumer discretionary and consumer staples as well as real estate. Ashmore’s holdings underperformed in these segments 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. The one year total return will differ from the total return in the Financial Highlights. The Financial Highlights’ total return has been adjusted to reflect performance in conformity with U.S. GAAP principles. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 1.32% and 1.10%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

International developed markets experienced a significant turnaround during the 12-month reporting period ended March 31, 2024. During the first seven months of the reporting period, the Active M International Equity Fund’s (the “Fund”) benchmark, the MSCI World ex USA IM Index (the “Index”), returned -5.84%, as markets were dealing with inflation, rising interest rates, slowing economic growth and a stronger U.S. dollar. During the final five months of the reporting period, markets rebounded and the Index rose 21.66%, as optimism grew over interest rate cuts amid steeper-than-expected drops in inflation and a strong rally in Japan. The Index finished the reporting period with a return of 14.56%. Information technology, financials and industrials were the best performing sectors, while consumer staples, utilities and communication services lagged the overall Index. Value and large cap stocks fared better than growth and small cap stocks during the reporting period.

The Fund performed well for the reporting period, returning 17.01% compared with 14.56% for the Index. The Fund benefitted from stock selection and sector allocations, while country allocations detracted slightly from the Fund’s performance. Holdings within industrials, particularly within the aerospace & defense industry, did well as did those within healthcare and financials. An overweight allocation to information technology and an underweight allocation to consumer staples were also additive to the Fund’s performance. Conversely, an underweight allocation to, and stock selection within, the better performing Japanese market had a negative impact on the Fund’s performance.

All of the Fund’s sub-advisers outpaced the Index for the reporting period. Growth strategy sub-advisers, WCM Investment Management, LLC (“WCM”) and Polen Capital Management, LLC (“Polen”), were the largest contributors to the Fund’s performance. In addition to being overweight information technology, both sub-advisers benefitted from stock selection, as WCM added value within industrials and financials, while Polen added value within healthcare and information technology. Both sub-advisers, however, were underweight Japan which detracted somewhat from results. The Fund’s value strategy sub-advisers, Causeway Capital Management, LLC and Wellington Management Company, LLP both outperformed the Index due to favorable stock selection, particularly within European banks, and the market style tailwinds. Sub-adviser Victory Capital Management’s international small cap strategy also outpaced the Index despite small cap stocks lagging large cap stocks.

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. The one year total return will differ from the total return in the Financial Highlights. The Financial Highlights’ total return has been adjusted to reflect performance in conformity with U.S. GAAP principles. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.94% and 0.85%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Financial markets performed well in the 12-month reporting period ended March 31, 2024, driven by continued U.S. economic resilience, a healthy labor market backdrop and ongoing moderation in inflation. U.S. markets had robust returns in a narrow set of mega cap technology and technology adjacent stocks, helped by optimism on artificial intelligence developments. Early in the fiscal year, two key near-term risks in the form of the debt ceiling negotiations that were resolved and an acute regional banking crisis that dissipated further supported U.S. equities. This combination of factors led to both interest rates and investor expectations for central bank activity shifting from “higher-for-longer” to expecting a potential series of rate cuts in 2024. U.S. equities were further boosted by the decline in long-term rates, with many areas of the equity markets posting double-digit gains for Q4 2023 and Q1 2024. The non-U.S. equity environment was more challenged with Europe facing a slowing economy as its central bank continued to tighten monetary policy, while China’s economic recovery continued to underwhelm investors. The fiscal year ended with an improving global macroeconomic outlook in Q1 2024, with recession concerns diminishing and signs of a rebound in the global manufacturing backdrop.

The Emerging Markets Equity Index Fund (the “Fund”) returned 6.98% during the 12-month reporting period ended March 31, 2024, compared with a return of 8.15% for its benchmark, the MSCI Emerging Markets Index. Emerging market equities underperformed their developed market counterparts for the reporting period, as gauged by the 25.11% 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, dividend withholding taxes and Fund fees and expenses.

Energy and information technology were the top performing sectors in the Fund’s benchmark, with returns of 35.78% and 26.94%, respectively. Communications services and real estate sectors were the worst performers, returning -11.51% and -11.38%, respectively. At the country level, Poland and Colombia led performance with returns of 55.27% and 48.32%, respectively. China and Thailand were the most notable laggards with returns of -17.33% and -16.41%, 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. The one year total return will differ from the total return in the Financial Highlights. The Financial Highlights’ total return has been adjusted to reflect performance in conformity with U.S. GAAP principles. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.31% and 0.15%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Financial markets performed well in the 12-month reporting period ended March 31, 2024, driven by continued U.S. economic resilience, a healthy labor market backdrop and ongoing moderation in inflation. U.S. markets had robust returns in a narrow set of mega cap technology and technology adjacent stocks helped by optimism on artificial intelligence developments. Early in the fiscal year, two key near-term risks in the form of the debt ceiling negotiations that were resolved and an acute regional banking crisis that dissipated further supported U.S. equities. This combination of factors led to both interest rates and investor expectations for central bank activity shifting from “higher-for-longer” to expecting a potential series of rate cuts in 2024. U.S. equities were further boosted by the decline in long-term rates, with many areas of the equity markets posting double-digit gains for Q4 2023 and Q1 2024. The non-U.S. equity environment was more challenged with Europe facing a slowing economy as its central bank continued to tighten monetary policy, while China’s economic recovery continued to underwhelm investors. The fiscal year ended with an improving global macroeconomic outlook Q1 2024, with recession concerns diminishing and signs of a rebound in the global manufacturing backdrop.

The Global Real Estate Index Fund (the “Fund”) returned 8.74% during the 12-month reporting period ended March 31, 2024, compared with a return of 8.48% for its benchmark, the MSCI^® ACWI^® IMI Core Real Estate Index. Global real estate equity securities underper-formed the broader developed global equity market during the reporting period, as gauged by the 25.11% 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, dividend withholding taxes, and Fund fees and expenses.

Within the Fund’s benchmark, Egypt and India were the best performers at the country level, with returns of 229.80% and 95.46%, respectively. Conversely, Hong Kong and China were the most notable laggards with returns of -28.82% and -43.04%, 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. The one year total return will differ from the total return in the Financial Highlights. The Financial Highlights’ total return has been adjusted to reflect performance in conformity with U.S. GAAP principles. 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 0.47%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Financial markets performed well in the 12-month reporting period ended March 31, 2024, driven by continued U.S. economic resilience, a healthy labor market backdrop and ongoing moderation in inflation. U.S. markets had robust returns in a narrow set of mega cap technology and technology adjacent stocks helped by optimism on artificial intelligence developments. Early in the fiscal year, two key near-term risks in the form of the debt ceiling negotiations that were resolved and an acute regional banking crisis that dissipated further supported U.S. equities. This combination of factors led to both interest rates and investor expectations for central bank activity shifting from “higher-for-longer” to expecting a potential series of rate cuts in 2024. U.S. equities were further boosted by the decline in long-term rates, with many areas of the equity markets posting double-digit gains for Q4 2023 and Q1 2024. The non-U.S. equity environment was more challenged with Europe facing a slowing economy as its central bank continued to tighten monetary policy, while China’s economic recovery continued to underwhelm investors. The fiscal year ended with an improving global macroeconomic outlook Q1 2024, with recession concerns diminishing and signs of a rebound in the global manufacturing backdrop.

The Global Sustainability Index Fund (the “Fund”) (Class I) returned 27.11% during the 12-month reporting period ended March 31, 2024, compared with a return of 27.14% for its benchmark, the MSCI World ESG Leaders Index. Environmental, social and governance (“ESG”) equities outperformed the broad developed market during the reporting period, as gauged by the 25.11% 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, dividend withholding taxes, and Fund fees and expenses.

Information technology and communication services were the top-performing sectors in the Fund’s benchmark with returns of 64.42% and 30.78%, respectively. The consumer staples and utilities sectors were the weakest performers, returning 1.49% and -1.73%, respectively. At the country level, Ireland and Denmark led performance with returns of 43.19% and 35.98%, respectively. Conversely, Hong Kong and Finland were the most notable laggards with returns of -26.36% and -10.20%, 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 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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, 2024 included a firm economic growth backdrop with moderating-but-still-elevated inflation as many global central banks ended tightening campaigns and began to pivot towards rate cuts. Economic resilience was a key theme with recession concerns steadily waning – though with a more favorable growth environment in the U.S. relative to Europe and China. Geopolitical risk remained elevated with the ongoing Russia-Ukraine war and the Israel-Hamas war.

Asset class returns were mostly positive for the reporting period, bolstered by strong U.S. equity performance especially in technology-related areas of the market. Returns were positive across each major global equity region with the U.S. (30.30%) consistently outpacing both non-U.S. developed markets (15.30%) and emerging markets (8.10%), as measured by the MSCI USA Index, MSCI World ex-USA Index, and MSCI Emerging Markets Index, respectively. Investment grade fixed income (as measured by the Bloomberg U.S. Aggregate Index) managed a 1.70% gain with some drag from higher interest rates amid favorable credit market dynamics.

The Global Tactical Asset Allocation Fund (the “Fund”) returned 9.95% during the reporting period, underperforming the 14.27% return of its blended benchmark (Blended Index**). While the Fund’s absolute return was positive, strategic positioning and fund selection were the main source of headwinds to relative performance, in addition to modest drag from tactical positioning. The Fund transitioned from a moderately underweight risk tactical stance to slightly overweight risk by the end of the reporting period. Strategic positioning headwinds were driven by weaker performance in real assets and high yield fixed income relative to global equities. Tactical positioning modestly weighed on performance given the Fund’s prior U.S. equities underweight and prior natural resources overweight (both currently equal weight). Fund selection performance impacts were negative with the headwinds concentrated in U.S. equities as certain risk factor exposures (e.g., value, yield, small size) lagged broader equity markets.

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

** The Blended Index consists of 60% MSCI All Country World Index and 40% Bloomberg U.S. Aggregate Bond Index.

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 0.68% and 0.55%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Equities rallied sharply in the 12-month reporting period ended March 31, 2024, as demonstrated by the 29.88% return of the S&P 500^® Index (the “Index”) and as investor risk appetite was bolstered by expectations that the U.S. Federal Reserve was near the end of the tightening cycle in short term interest rates. Slowing inflation data coupled with continued strength in the labor market led to easing financial conditions and tighter credit spreads. Communication services and information technology were among the best performing sectors in the Index, led by companies benefitting from the increased use of artificial intelligence technology. Utilities and consumer staples were among the worst performing sectors in the Index, as more defensive sectors underperformed in the “risk on” rally.

The Income Equity Fund (the “Fund”) posted a total return of 26.54% in the period, underperforming the Fund’s benchmark, the S&P 500^® Index which returned 29.88%. The Fund invests in high-quality, income-producing stocks, which NTI believes may generate above-market returns over time. The Fund’s exposure to higher-dividend-yielding securities detracted from relative performance, as these stocks underperformed the market in the 12-month reporting period. During the period, allocation to high-quality names also detracted from relative returns. Stock selection within the financials and health care sectors added to performance, while selection within the information technology and industrials sectors detracted from performance.

NTI seeks to continue to focus on identifying high-quality, dividend-paying companies, which may be better positioned for an uncertain economic environment. NTI seeks to maintain exposure to companies that exhibit prudent use of shareholder capital, focusing on total return. As earnings have remained resilient, NTI believes capacity remains for S&P 500^® companies to continue to grow dividend payments to meet heightened investor demand for cash flow returns. NTI believes the Fund is well positioned to provide an elevated level of income, generated from a diversified basket of stocks that offer opportunities to grow capital over the long term.

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 0.49%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Global equity markets posted significant gains in the 12-month reporting period ended March 31, 2024, as investor risk appetite was buoyed by continued improvement in inflation data and expectations of more accommodative monetary policy in the future. The market was relatively stable over the first half of the reporting period before climbing during Q4 2023 and Q1 2024. All global developed regions posted gains in the period, while Japan in particular led markets higher with gains of more than 25% during the reporting period. Information technology was the best performing sector, followed by financials. Within information technology, semiconductor and software stocks led the gains. Defensive sectors consumer staples, which was the only sector with negative returns, and utilities were the reporting period’s worst performing sectors.

The International Equity Fund (the “Fund”) posted a total return of 15.07% for the reporting period, compared with 15.29% for the Fund’s benchmark, the MSCI World ex USA Index. The Fund invests in stocks that Northern Trust Investments, Inc. (“NTI”) believes are attractively valued and of higher quality with positive sentiment. Value stocks slightly outperformed during the reporting period across the globe, adding to the Fund’s relative performance. During the reporting period, the portfolio’s higher quality posture added slightly to performance as the factor narrowly outperformed. The Fund’s momentum exposure also added to performance as high momentum names led high market returns. Stock selection detracted from performance, negating some of the positive benefit from the targeted factor exposures. It was weakest in information technology, where value also performed particularly poorly, and in industrials. Stock selection was negative within Europe and Japan, but positive in all other regions.

NTI believes the outlook for high-quality, inexpensive securities to remain positive given current valuation levels. NTI also believes the Fund’s focus on high quality securities is positioned well as economic conditions remain challenged and market uncertainty remains high.

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 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Financial markets performed well in the 12-month reporting period ended March 31, 2024, driven by continued U.S. economic resilience, a healthy labor market backdrop and ongoing moderation in inflation. U.S. markets had robust returns in a narrow set of mega cap technology and technology adjacent stocks helped by optimism on artificial intelligence developments. Early in the fiscal year, two key near-term risks in the form of the debt ceiling negotiations that were resolved and an acute regional banking crisis that dissipated further supported U.S. equities. This combination of factors led to both interest rates and investor expectations for central bank activity shifting from “higher-for-longer” to expecting a potential series of rate cuts in 2024. U.S. equities were further boosted by the decline in long-term rates, with many areas of the equity markets posting double-digit gains for Q4 2023 and Q1 2024. The non-U.S. equity environment was more challenged with Europe facing a slowing economy as its central bank continued to tighten monetary policy, while China’s economic recovery continued to underwhelm investors. The fiscal year ended with an improving global macroeconomic outlook in Q1 2024, with recession concerns diminishing and signs of a rebound in the global manufacturing backdrop.

The International Equity Index Fund (the “Fund”) returned 15.30% during the 12-month reporting period ended March 31, 2024, compared with a return of 15.32% for its benchmark, the MSCI EAFE^® Index. Developed international market equities underperformed their U.S. counterparts, as gauged by the 29.88% return of the S&P 500^® Index. Tracking difference (0.02%) 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, dividend withholding taxes and Fund fees and expenses.

Information technology and financials were the top performing sectors in the Fund’s benchmark with returns of 31.15% and 25.91%, respectively. The utilities and consumer staples sectors were the weakest performers, returning -2.69% and -5.85%, respectively. At the country level, Italy and Denmark led performance with returns of 35.92% and 34.38% respectively. Hong Kong and Portugal were the most notable laggards with returns of –22.86% and -14.62%, 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. The one year total return will differ from the total return in the Financial Highlights. The Financial Highlights’ total return has been adjusted to reflect performance in conformity with U.S. GAAP principles. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.16% and 0.10%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 31.46% for the period, outperforming the Fund’s benchmark, the S&P 500^® Index which returned 29.88%. The Fund focuses on investing in high-quality stocks that Northern Trust Investments, Inc. (“NTI”) believes are attractively valued and have a positive market sentiment. During the reporting period, the Fund’s performance was negatively impacted by its exposure to inexpensive stocks, which underperformed the overall market. Additionally, the Fund’s emphasis on higher quality stocks also detracted from performance, as lower quality stocks outperformed the Index. The Fund’s overweight position to high momentum stocks, which significantly outperformed the market, offset the underperformance in value and quality stocks. The Fund’s stock selection was particularly strong in consumer discretionary and financials sectors, but lagged in information technology and communication services sectors.

Despite large differences in returns among economic sectors, by design, stock selection accounted for most of the Fund’s outperformance, with sector allocation only modestly positive. Looking ahead, NTI seeks to continue to focus on identifying inexpensive and high-quality stocks with positive sentiment relative to peers. Allocation to stocks with these characteristics, NTI believes, may be an effective way to outperform the benchmark in the near term as well as 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 0.56% and 0.45%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Equities rallied sharply in the 12-month reporting period ended March 31, 2024 as investor risk appetite was bolstered by expectations that the U.S. Federal Reserve was near the end of the tightening cycle in short term interest rates. Slowing inflation data coupled with continued strength in the labor market led to easing financial conditions and tighter credit spreads.

The Large Cap Value Fund (the “Fund”) posted a total return of 21.04% for the 12-month reporting period ended March 31, 2024, outperforming the Fund’s benchmark, the Russell 1000^® Value Index which returned 20.27%. During the reporting period, lower quality stocks in the Russell 1000^® Value Index, a segment of the benchmark in which the Fund was underweight, slightly lagged the benchmark and contributed modestly to Fund performance. Stocks that fit in the Fund’s definition of value outperformed those that failed the Fund’s value screen, and also outperformed the Russell 1000^® Value Index during the reporting period. Stock selection was strongest within the industrials and financialssectors, but lagged within the information technology sector. Financials and Industrials sectors were among the best performing sectors in the benchmark, led by companies with improving fundamentals and attractive valuations. Utilities and consumer staples were among the worst performing sectors in the benchmark index, as more defensive sectors underperformed in the “risk on” rally.

The Fund invests in stocks that Northern Trust Investments, Inc. (“NTI”) believes are attractively valued, with strong peer-relative profitability and cash flows. NTI believes investors will continue to favor inexpensive, well-managed, highly profitable companies with sustainable and efficient cash flow. NTI believes allocating to this segment of stocks may be 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 0.75% and 0.56%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Financial markets performed well in the 12-month reporting period ended March 31, 2024, driven by continued U.S. economic resilience, a healthy labor market backdrop and ongoing moderation in inflation. U.S. markets had robust returns in a narrow set of mega cap technology and technology adjacent stocks helped by optimism on artificial intelligence developments. Early in the fiscal year, two key near-term risks in the form of the debt ceiling negotiations that were resolved and an acute regional banking crisis that dissipated further supported U.S. equities. This combination of factors led to both interest rates and investor expectations for central bank activity shifting from “higher-for-longer” to expecting a potential series of rate cuts in 2024. U.S. equities were further boosted by the decline in long-term rates, with many areas of the equity markets posting double-digit gains for Q4 2023 and Q1 2024. The non-U.S. equity environment was more challenged with Europe facing a slowing economy as its central bank continued to tighten monetary policy, while China’s economic recovery continued to underwhelm investors. The fiscal year ended with an improving global macroeconomic outlook in Q1 2024, with recession concerns diminishing and signs of a rebound in the global manufacturing backdrop.

The Mid Cap Index Fund (the “Fund”) returned 23.25% during the 12-month reporting period ended March 31, 2024, compared with a return of 23.33% for its benchmark, the S&P Midcap 400^® Index. Mid-cap equities underperformed large cap stocks, as gauged by the 29.88% return of the S&P 500^® Index, and outperformed small cap stocks, as gauged by the 19.71% return of the Russell 2000^® Index for the reporting period. 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.

Energy and industrials were the top-performing sectors in the S&P Midcap 400^® Index, with returns of 36.03% and 35.31%, respectively. The communications services and utilities sectors were the most notable laggards, returning -19.01% and 0.66%, 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 0.16% and 0.10%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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, 2024, the global listed infrastructure market as measured by the S&P Global Infrastructure Index posted a positive return of 3.12%, underperforming the broader global equity market as gauged by the 11.44% return of the MSCI ACWI Index. Oil and gas storage and transportation had the strongest performance during the reporting period, outper-forming all of the other infrastructure industries, in a reversal of the previous 12-month period. Renewable infrastructure and power generation lagged considerably, as these names fell out of favor in the rising interest rate environment. North America was the top performing region for the reporting period, given its exposure to oil and gas infrastructure. Hong Kong and Japan underperformed and

The Multi-Manager Global Listed Infrastructure Fund’s (the “Fund”) return of 2.17% underperformed its benchmark, the S&P Global Infrastructure^® Index for the reporting period. The major detractors for the reporting period were the overweight to renewable infrastructure and power generation, and the underweight to oil and gas infrastructure. Performance also suffered from an overweight to water utilities and communications towers. The primary contributors to performance for the reporting period were an allocation to, and stock selection in, rail and toll roads. Regionally, stock selection in the United Kingdom detracted from relative performance. Underweight positioning in Mexico and stock selection in Japan contributed to relative performance.

Sub-adviser performance yielded mixed results for the reporting period. Lazard Asset Management, LLC significantly outperformed the Fund’s benchmark over the 12-month reporting period, due to overweights in rail transportation and construction and engineering, as well as an underweight to airports. KBI Global Investors (North America), Ltd.’s sustainable infrastructure strategy underperformed during the period due to an overweight in renewable infrastructure and power generation, as well as an underweight to the traditional energy infrastructure industry. Stock selection in multi-utilities contributed to relative performance during the reporting period. First Sentier Investors (Australia) IM Ltd. (“First Sentier”) underperformed due to its positioning in United States electric utilities and communications towers, two areas of the market that sold off aggressively on expectations of higher interest rates. First Sentier’s overweight to rail transportation contributed to the Fund’s relative performance for the 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 1.00% and 0.96%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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, 2024, global listed real estate returned 7.41% as measured by the FTSE^® EPRA^®/NAREIT^® Developed^®Index (the “Index”). Data centers and lodging were relatively better performing areas as were names in Germany, Australia and Japan. Within global listed real estate, the residential and industrial sectors lagged the Index, as did Hong Kong and Singapore.

The Multi-Manager Global Real Estate Fund (the “Fund”) returned 7.47% for the 12-month period ended March 31, 2024, outperforming the Index by 0.06%. Stock selection in Australia and in the industrials sector, as well as an underweight to Hong Kong were the main contributors to the Fund’s performance. Poor stock selection in the United States detracted from performance during the period as did the Fund’s underweight to data centers and lodging.

Sub-adviser performance yielded mix results over the period. Massachusetts Financial Services Company outperformed the Index, and added significant value through stock selection in the industrial sector and an underweight to the diversified sector. Sub-adviser Janus Capital Management, LLC (“Janus”) underperformed relative to the Index during the reporting period, primarily driven by an underweight to data centers and poor stock selection in the United States, especially in the retail sector. Janus’s stock selection in Australia, Canada, and Japan contributed positively 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 1.07% and 0.92%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Equities rallied sharply in the period as investor risk appetite was bolstered by expectations that the U.S. Federal Reserve was near the end of the tightening cycle in short term interest rates. Slowing inflation data coupled with continued strength in the labor market led to easing financial conditions and tighter credit spreads.

For the 12-month reporting period ended March 31, 2024, the Small Cap Core Fund (Class I) (the “Fund”) returned 20.62%, outperforming its benchmark, the Russell 2000^® Index, which had a return of 19.71%. The Russell 2000^® Index had strong returns but trailed larger capitalization indexes, in part, reflecting the success of a select group of larger companies that dominated the top end of the market. Energy was the best performing sector in the Russell 2000^® Index during the reporting period. Industrials, technology and discretionary sectors also had strong returns. Only utilities and communications sectors saw negative returns during the reporting period.

Despite wide sector return differences, and consistent with Northern Trust Investment, Inc.’s objectives, stock selection rather than sector allocation accounted for the majority of the Fund’s relative outperformance. Stock selection was particularly strong in the industrials sector, but also within the consumer discretionary and materials sectors, more than offsetting weaker picks among technology and health care stocks. Overall, Northern Trust Investments, Inc.’s stock selection models’ ratings were successful in identifying underperforming, lower quality stocks, and the Fund’s underweight of these companies helped excess returns. Sensitivity to changes in interest rate expectations was high in the small cap, and as a result, the Fund’s underweights to stocks with high volatility or the most negative returns-on-equity were detractors, as these characteristics were strong performers in periods of declining interest rate expectations. The smallest capitalization segment in the benchmark (companies less than $350 million in market capitalization) under-performed, and despite the Fund’s overweight exposure to this segment, strong stock selection within the segment resulted in positive net contribution.

NTI seeks to continue to maintain focus on what it believes are higher quality companies. Further, NTI seeks to 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 0.68% and 0.62% for Class I shares, and 0.58% and 0.52% for Class K shares, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023.The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Financial markets performed well in the 12-month reporting period ended March 31, 2024, driven by continued U.S. economic resilience, a healthy labor market backdrop and ongoing moderation in inflation. U.S. markets had robust returns in a narrow set of mega cap technology and technology adjacent stocks helped by optimism on artificial intelligence developments. Early in the fiscal year, two key near-term risks in the form of the debt ceiling negotiations that were resolved and an acute regional banking crisis that dissipated further supported U.S. equities. This combination of factors led to both interest rates and investor expectations for central bank activity shifting from “higher-for-longer” to expecting a potential series of rate cuts in 2024. U.S. equities were further boosted by the decline in long-term rates, with many areas of the equity markets posting double-digit gains for Q4 2023 and Q1 2024. The non-U.S. equity environment was more challenged with Europe facing a slowing economy as its central bank continued to tighten monetary policy, while China’s economic recovery continued to underwhelm investors. The fiscal year ended with an improving global macroeconomic outlook in Q1 2024, with recession concerns diminishing and signs of a rebound in the global manufacturing backdrop.

The Small Cap Index Fund (the “Fund”) returned 19.59% during the 12-month reporting period ended March 31, 2024, compared with a return of 19.71% for its benchmark, the Russell 2000^® Index. Small-cap equities underperformed both large-cap equities as gauged by the 29.88% return of the S&P 500^® Index, and mid-cap equities as gauged by the 23.33% 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.

For the reporting period, energy and industrials were the top-performing sectors in the Russell 2000^® Index with returns of 29.89% and 28.32%, respectively. The communication services and utilities sectors were the biggest laggards, returning -4.31% and -11.48%, 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 0.17% and 0.10%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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, 2024, the Small Cap Value Fund returned 18.78%, outperforming its benchmark, the Russell 2000^® Value Index (the “Index”), which had a return of 18.75%. The Index had strong returns but trailed larger capitalization indexes, as well as its growth oriented small cap counterpart. Performance differences in financials, particularly banks, had a significant impact on the performance of the Index versus the larger capitalization indexes. Nevertheless, since the end of Q1 2020 (the bottom of the market at the pandemic onset) the Index has more than doubled.

As intended, stock selection, rather than sector allocation, accounted for the majority of the Fund’s relative outperformance. Stock selection was particularly strong within industrials, where highly rated stocks in Northern Trust Investments, Inc.’s (“NTI”) proprietary stock selection models performed well. Less successful were stock picks in the health care sector, notably among bio-techs and pharmaceuticals, in which lower rated stocks were the best performers. Overall, NTI’s top rated stocks did outperform, as did stocks with higher profit margins and higher returns on equity. Valuation was not a consistent predictor of returns; both the highest and lowest valuation groups outperformed, whether measured by price-to-book* or price-to-trailing earnings**, while weighting differences in the Fund to these groups effectively neutralized any performance impact. However, stocks with higher volatility, to which the strategy is typically underweighted, outperformed during the year, particularly in periods where expectations of lower interest rates and easier credit conditions were evident, reducing excess returns.

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

* Price-to-book ratio is a valuation used to compare the current market price of a stock to its book value.

** Price-to-earnings ratio is calculated by taking the current stock price and dividing it by the trailing earnings per share for the previous 12 months.

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 1.14% and 1.00%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

Financial markets performed well in the 12-month reporting period ended March 31, 2024, driven by continued U.S. economic resilience, a healthy labor market backdrop and ongoing moderation in inflation. U.S. markets had robust returns in a narrow set of mega cap technology and technology adjacent stocks helped by optimism on artificial intelligence developments. Early in the fiscal year, two key near-term risks in the form of the debt ceiling negotiations that were resolved and an acute regional banking crisis that dissipated further supported U.S. equities. This combination of factors led to both interest rates and investor expectations for central bank activity shifting from “higher-for-longer” to expecting a potential series of rate cuts in 2024. U.S. equities were further boosted by the decline in long-term rates, with many areas of the equity markets posting double-digit gains for Q4 2023 and Q1 2024. The non-U.S. equity environment was more challenged with Europe facing a slowing economy as its central bank continued to tighten monetary policy, while China’s economic recovery continued to underwhelm investors. The fiscal year ended with an improving global macroeconomic outlook Q1 2024, with recession concerns diminishing and signs of a rebound in the global manufacturing backdrop.

The Stock Index Fund (the “Fund”) returned 29.82% during the 12-month reporting period ended March 31, 2024, compared with a return of 29.88% for its benchmark, the S&P 500^® Index. Large-cap stocks as measured by the S&P 500^® Index outperformed mid-cap stocks, as gauged by the 23.33% return of the S&P Midcap 400^® Index, and outperformed small cap stocks, as gauged by the 19.71% 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, communication services and information technology were the top-performing sectors in the S&P 500^® Index with returns of 50.10% and 46.02%, respectively. The consumer staples and utilities sectors were the biggest laggards, returning 7.19% and 0.42%, 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 0.10% and 0.05%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 28.06% for the 12-month reporting period ended March 31, 2024, underperforming the Fund’s benchmark index, the Russell 1000^® Index, which had a return of 29.87%. Communication services and information technology were among the best performing sectors in the benchmark index, led by companies benefitting from the increased use of artificial intelligence technology. Utilities and consumer staples were among the worst performing sectors in the benchmark index, as more defensive sectors underperformed in the “risk on” rally.

The Fund invests in high quality companies that Northern Trust Investments, Inc. (“NTI”) believes have favorable environmental, social, and governance (“ESG”) characteristics, a category NTI believes to have the potential to generate above-average returns over time. Stocks with these characteristics generally underperformed over the reporting period, providing a headwind to relative returns for the Fund. The Fund benefitted from sector allocation, as an underweight to utilities contributed positively to relative returns, as the rate-sensitive sector lagged the broad market. Also, an underweight to the energy sector also provided a positive relative allocation effect. Ultimately, stock selection caused the Fund to lag the benchmark index as NTI’s high-quality bias was out of favor during the period.

The Fund seeks to continue to invest in what NTI believes meets its proprietary financial quality methodology as well as certain criteria for ESG factors. NTI believes incorporating both a financial lens and a non-financial lens of ESG content into the portfolio construction process is well suited to helping 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 0.55% and 0.49% for Class I shares, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023.The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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^® 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 and 24 Emerging Markets 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 All Country World Index (“MSCI ACWI”) captures large and mid-cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 2,841 constituents, as of March 29, 2024, the MSCI ACWI covers approximately 85% of the global investable equity opportunity set.

The MSCI EAFE^® Index is an equity index which captures large and mid-cap representation across 21 Developed Markets countries around the world as determined by the index provider, excluding the US and Canada. With 768 constituents as of March 29, 2024, 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 countries, as determined by the index provider. With 1,376 constituents and market capitalizations ranging from $108.44 million to $599.65 billion, as of March 29, 2024, the MSCI Emerging Markets^® Index covers approximately 85% of the free float-adjusted market capitalization in each country.

The MSCI World Ex-USA Index captures large and mid-cap representation across 22 of 23 Developed Markets countries—excluding the United States. With 855 constituents as of March 29, 2024, 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 countries, as determined by the index provider—excluding the United States. With 3,226 constituents as of March 29, 2024, the MSCI World^® ex-USA IM Index covers approximately 99% 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 610 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US.

The MSCI World ESG Leaders Index is a free float-adjusted market capitalization weighted index that provides exposure to companies with high Environmental, Social and Governance (ESG) performance relative to their sector peers as determined by the index provider. 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 Index captures large and mid-cap free float-adjusted market representation across 23 Developed Markets countries. With 1,465 constituents, as of March 29, 2024, the MSCI World Index covers approximately 85% 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, as of the most recent reconstitution.

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^® 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 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, 2024, the approximate market capitalization of the companies in the S&P 500 Index was between approximately $5.17 billion and $3.13 trillion.

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.

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^®, 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, 2024, the approximate market capitalization of the companies in the S&P Mid Cap 400 Index was between approximately $1.39 billion to $24.90 billion.



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		$150,887			$466,870		$1,556,383			$979,817
Investments in affiliates, at value		7,902			15,408		59,840			3,966
Cash		167			204		—			779
Cash held at broker		—			—		2,609	⁽¹⁾		823	⁽¹⁾
Foreign currencies held at broker, at value		—			—		—			106	⁽²⁾
Foreign currencies, at value		163			651		6,053			2,133
Dividend income receivable		476			1,602		4,548			4,106
Receivable for capital gains tax		1			—		—			—
Receivable for foreign tax reclaims		31			1,490		82			764
Receivable for securities sold		285			1,458		1			—
Receivable for variation margin on futures contracts		15			—		293			32
Receivable for fund shares sold		381			554		768			486
Receivable from investment adviser		20			11		55			6
Unrealized appreciation on forward foreign currency exchange contracts		—			—		59			58
Prepaid and other assets		2			2		21			3

Total Assets		160,330			488,250		1,630,712			993,079
LIABILITIES:
Cash overdraft		—			—		313			—
Unrealized depreciation on forward foreign currency exchange contracts		—			—		—			8
Payable for securities purchased		522			1,344		1			—
Payable for variation margin on futures contracts		—			16		—			5
Payable for fund shares redeemed		9			73		418			3,861
Payable to affiliates:
Management fees		33			76		43			75
Custody fees		17			21		57			17
Shareholder servicing fees		10			6		31			24
Transfer agent fees		5			15		51			32
Line of credit		—			—		—			—
Accrued Trustee fees		2			2		7			6
Outstanding options written, at value (premiums received $(171))		—			—		—			—
Deferred foreign capital gains tax payable		655			13		10,823			652
Accrued other liabilities		137			21		175			50

Total Liabilities		1,390			1,587		11,919			4,730

Net Assets		$158,940			$486,663		$1,618,793			$988,349
ANALYSIS OF NET ASSETS:
Capital stock		$163,614			$356,480		$1,616,073			$949,244
Distributable earnings (loss)		(4,674	)		130,183		2,720			39,105

Net Assets		$158,940			$486,663		$1,618,793			$988,349
Net Assets:
Shares		$158,940			$486,663		$1,618,793			$988,349
Class K		—			—		—			—
Class I		—			—		—			—
Total Shares Outstanding ($.001 par value, unlimited authorization):
Shares		10,909			39,223		147,576			103,962
Class K		—			—		—			—
Class I		—			—		—			—
Net Asset Value, Redemption and Offering Price Per Share:
Shares		$14.57			$12.41		$10.97			$9.51
Class K		—			—		—			—
Class I		—			—		—			—
Investments, at cost		$122,200			$349,291		$1,108,658			$724,918
Investments in affiliates, at cost		7,902			15,408		59,840			3,966
Foreign currencies held at broker, at cost		—			—		—			107
Foreign currencies, at cost		99			657		6,069			2,148

⁽¹⁾

Includes restricted cash held at broker of $2,120, $664 and $968, respectively.

⁽²⁾

Includes restricted foreign currencies held at broker of $100, $193, $232 and $4,186, respectively.



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

	$2,115,575			$19,832		$165,719		$135,689			$4,823,508			$284,825
	14,792			71,178		4,033		574			14,563			889
	2,012			34		47		—			—			—
	2,408	⁽¹⁾		—		—		13			3			—
	2,075	⁽²⁾		—		—		498	⁽²⁾		4,864	⁽²⁾		—
	2,671			—		—		1,816			17,946			—
	3,165			2		216		560			20,014			234
	—			—		—		—			—			—
	1,791			—		—		590			20,603			—
	—			6,426		—		—			2			470
	30			—		—		2			213			—
	3,423			2		91		11			4,400			1
	6			3		5		3			46			3
	17			—		—		—			49			—
	9			3		3		4			12			2

	2,147,974			97,480		170,114		139,760			4,906,223			286,424

	—			—		—		8			722			294
	72			—		—		—			225			—
	—			—		—		—			9,585			—
	25			—		—		2			82			—
	1,001			6		191		19			830			116

	75			4		15		13			101			24
	13			—		1		8			42			3
	135			11		20		10			77			15
	70			3		5		5			152			9
	—			6,000		—		—			—			—
	3			4		4		9			16			16
	—			—		41		—			—			—
	—			—		—		—			—			—
	26			20		17		17			59			17

	1,420			6,048		294		91			11,891			494

	$2,146,554			$91,432		$169,820		$139,669			$4,894,332			$285,930

	$1,443,208			$88,031		$103,111		$164,941			$3,701,462			$155,867
	703,346			3,401		66,709		(25,272	)		1,192,870			130,063

	$2,146,554			$91,432		$169,820		$139,669			$4,894,332			$285,930

	$—			$91,432		$169,820		$139,669			$4,894,332			$285,930
	857,489			—		—		—			—			—
	1,289,065			—		—		—			—			—

	—			7,233		10,839		13,644			334,196			10,404
	38,235			—		—		—			—			—
	57,512			—		—		—			—			—

	$—			$12.64		$15.67		$10.24			$14.65			$27.48
	22.43			—		—		—			—			—
	22.41			—		—		—			—			—
	$1,394,408			$20,373		$99,964		$114,703			$2,840,887			$162,093
	14,645			60,767		4,033		574			14,563			889
	2,095			—		—		505			4,900			—
	2,679			—		—		1,832			17,939			—



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		$64,771		$2,108,319		$938,124		$122,552
Investments in affiliates, at value		340		33,265		27,638		3,270
Cash		—		—		106		125
Foreign currencies, at value		—		—		499		242
Interest income receivable		—		—		—		—
Dividend income receivable		66		2,297		1,826		443
Receivable for foreign tax reclaims		—		—		1,092		69
Receivable for securities sold		—		4,119		575		—
Receivable for variation margin on futures contracts		—		130		—		—
Receivable for fund shares sold		1		796		454		—
Receivable from investment adviser		2		19		14		8
Prepaid and other assets		2		3		3		2

Total Assets		65,182		2,148,948		970,331		126,711
LIABILITIES:
Cash overdraft		3		61		—		—
Payable for securities purchased		—		6,639		1,198		288
Payable for variation margin on futures contracts		—		1		12		—
Payable for fund shares redeemed		14		1,930		94		—
Payable to affiliates:
Management fees		7		37		166		21
Custody fees		1		15		13		6
Shareholder servicing fees		5		60		72		7
Transfer agent fees		2		66		31		4
Accrued Trustee fees		7		6		3		2
Accrued other liabilities		16		36		26		30

Total Liabilities		55		8,851		1,615		358

Net Assets		$65,127		$2,140,097		$968,716		$126,353
ANALYSIS OF NET ASSETS:
Capital stock		$53,514		$1,283,451		$944,672		$122,618
Distributable earnings (loss)		11,613		856,646		24,044		3,735

Net Assets		$65,127		$2,140,097		$968,716		$126,353
Net Assets:
Shares		$65,127		$2,140,097		$968,716		$126,353
Class K		—		—		—		—
Class I		—		—		—		—
Total Shares Outstanding ($.001 par value, unlimited authorization):
Shares		3,053		97,541		81,592		11,972
Class K		—		—		—		—
Class I		—		—		—		—
Net Asset Value, Redemption and Offering Price Per Share:
Shares		$21.33		$21.94		$11.87		$10.55
Class K		—		—		—		—
Class I		—		—		—		—
Investments, at cost		$53,365		$1,336,189		$897,220		$109,512
Investments in affiliates, at cost		340		33,265		27,638		3,270
Foreign currencies, at cost		—		—		498		242



SMALL CAP CORE FUND		SMALL CAP INDEX FUND		SMALL CAP VALUE FUND		STOCK INDEX FUND		U.S. QUALITY ESG FUND

	$476,863		$1,149,802		$1,083,903		$13,087,286		$452,747
	7,317		30,996		20,375		193,147		2,697
	294		346		—		3,163		83
	—		—		—		—		—
	—		—		2		4		—
	441		1,235		1,604		8,911		305
	—		—		—		—		—
	—		931		—		—		45
	—		—		63		9		—
	77		639		367		3,437		25
	2		9		66		204		4
	4		11		5		11		4

	484,998		1,183,969		1,106,385		13,296,172		455,910

	—		—		122		—		—
	—		1		—		520		156
	—		5		—		30		—
	262		372		471		4,100		10

	43		20		198		101		32
	3		11		9		57		3
	55		31		480		101		5
	15		37		35		421		14
	4		6		11		26		—
	18		27		37		119		18

	400		510		1,363		5,475		238

	$484,598		$1,183,459		$1,105,022		$13,290,697		$455,672

	$275,174		$763,806		$365,526		$3,550,680		$333,000
	209,424		419,653		739,496		9,740,017		122,672

	$484,598		$1,183,459		$1,105,022		$13,290,697		$455,672

	$—		$1,183,459		$1,105,022		$13,290,697		$—
	264,729		—		—		—		427,431
	219,869		—		—		—		28,241

	—		84,406		54,999		246,213		—
	9,234		—		—		—		22,084
	7,683		—		—		—		1,461

	$—		$14.02		$20.09		$53.98		$—
	28.67		—		—		—		19.35
	28.62		—		—		—		19.33
	$271,250		$695,739		$508,942		$3,370,560		$321,149
	7,317		30,996		20,375		190,950		2,697
	—		—		—		—		—



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		$3,488	⁽¹⁾		$10,580	⁽¹⁾		$37,923	⁽¹⁾		$34,158	⁽¹⁾

Dividend income from investments in affiliates		262			892			1,853			784

Interest income (Note 6)		36			773			146			119

Total Investment Income		3,786			12,245			39,922			35,061

EXPENSES:

Management fees		1,601			3,780			1,982			3,849

Custody fees		185			149			1,144			175

Transfer agent fees		57			177			545			370

Registration fees		22			22			24			21

Printing fees		13			18			43			34

Professional fees		28			31			47			41

Shareholder servicing fees (Shares)		62			29			160			119

Shareholder servicing fees (Class I)		—			—			—			—

Tax agent fees		111			—			137			—

Trustee fees		7			7			16			15

Interest expense		—			—			—			—

Other		7			57			74			42

Total Expenses		2,093			4,270			4,172			4,666

Less expenses reimbursed by investment adviser		(451	)		(337	)		(2,122	)		(129	)

Less custodian credits		(1	)		(7	)		—			—

Net Expenses		1,641			3,926			2,050			4,537

Net Investment Income		2,145			8,319			37,872			30,524
NET REALIZED AND UNREALIZED GAINS (LOSSES):

Net realized gains (losses) on:

Investments		1,292	⁽²⁾		35,020	⁽²⁾		3,832	⁽²⁾		(18,853	)⁽²⁾

Investments in affiliates		—			—			—			—

Options written		—			—			—			—

Futures contracts		325			840			5,504			3,620

Foreign currency transactions		(301	)		(95	)		(486	)		(189	)

Forward foreign currency exchange contracts		—			—			(25	)		(21	)

Net changes in unrealized appreciation (depreciation) on:

Investments		11,890	⁽³⁾		28,784	⁽³⁾		62,903	⁽³⁾		66,269	⁽³⁾

Investments in affiliates		—			—			—			—

Options written		—			—			—			—

Futures contracts		(74	)		(265	)		(2,330	)		(610	)

Foreign currency translations		95			20			(162	)		(107	)

Forward foreign currency exchange contracts		—			—			127			131

Net Gains (Losses)		13,227			64,304			69,363			50,240

Net Increase in Net Assets Resulting from Operations		$15,372			$72,623			$107,235			$80,764

⁽¹⁾

Net of $459, $1,134, $4,934, $1,516, $1,593, $1, $503 and $12,919, respectively, in foreign withholding taxes.

⁽²⁾

Net of foreign capital gains tax paid of $309, $7, $2,154 and $204, respectively.

⁽³⁾

Net change in unrealized of deferred foreign capital gains tax of $(655), $(3), $(6,413) and $(577), respectively.


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

	$32,620	⁽¹⁾		$841			$3,808	⁽¹⁾		$4,360	⁽¹⁾		$130,554	⁽¹⁾		$4,292
	1,605			3,022			79			40			640			85
	205			—			2			171			7,636			5

	34,430			3,863			3,889			4,571			138,830			4,382

	3,247			231			680			611			3,957			1,117
	183			3			14			46			551			28
	694			38			57			50			1,693			98
	42			20			20			22			22			21
	39			12			10			9			98			13
	35			28			28			28			83			28
	—			46			107			53			400			82
	493			—			—			—			—			—
	—			—			—			—			—			—
	15			7			7			7			38			7
	—			9			—			1			1			1
	86			10			7			18			137			9
	4,834			404			930			845			6,980			1,404
	(61)			(134	)		(210	)		(188	)		(2,364	)		(251	)
	(3)			—			—			—			(3	)		—

	4,770			270			720			657			4,613			1,153

	29,660			3,593			3,169			3,914			134,217			3,229
	2,611			(1,731	)		5,472			1,582			12,401			22,247
	(52)			(1,429	)		—			—			—			—
	—			—			(192	)		—			—			—
	8,800			—			333			600			9,078			404
	(444)			—			—			(28	)		(405	)		—
	106			—			—			—			(178	)		—
	417,504			1,038			26,723			12,773			485,806			45,164
	101			7,986			—			—			—			—
	—			—			131			—			—			—
	(836)			—			3			8			1,060			(44	)
	(84)			—			—			(48	)		(328	)		—
	(148)			—			—			—			(617	)		—

	427,558			5,864			32,470			14,887			506,817			67,771
	$457,218			$9,457			$35,639			$18,801			$641,034			$71,000



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		$1,494	⁽¹⁾		$30,083			$34,614	⁽¹⁾		$3,450	⁽¹⁾

Dividend income from investments in affiliates		26			984			1,928			242

Interest income (Note 6)		2			63			90			—

Total Investment Income		1,522			31,130			36,632			3,692

EXPENSES:

Management fees		315			1,708			8,943			1,060

Custody fees		10			155			143			43

Transfer agent fees		23			730			383			46

Registration fees		18			33			28			20

Printing fees		8			54			30			10

Professional fees		28			55			37			28

Shareholder servicing fees (Shares)		31			275			422			35

Shareholder servicing fees (Class I)		—			—			—			—

Trustee fees		7			22			13			7

Interest expense		—			6			—			—

Other		10			20			46			44

Total Expenses		450			3,058			10,045			1,293

Less expenses reimbursed by investment adviser		(112	)		(1,110	)		(461	)		(191	)

Less custodian credits		—			(1	)		(8	)		(1	)

Net Expenses		338			1,947			9,576			1,101

Net Investment Income		1,184			29,183			27,056			2,591

NET REALIZED AND UNREALIZED GAINS (LOSSES):

Net realized gains (losses) on:

Investments		1,373			166,248			(25,877	)		(3,479	)

Investments in affiliates		—			—			—			—

Futures contracts		113			2,782			3,187			—

Foreign currency transactions		—			—			(38	)		(19	)

Net changes in unrealized appreciation (depreciation) on:

Investments		8,930			205,921			10,728			9,668

Investments in affiliates		—			—			—			—

Futures contracts		(2	)		(18	)		(617	)		—

Foreign currency translations		—			—			(17	)		(3	)

Net Gains (Losses)		10,414			374,933			(12,634	)		6,167

Net Increase in Net Assets Resulting from Operations		$11,598			$404,116			$14,422			$8,758

⁽¹⁾

Net of $1, $1,850, $118, $3, $1, $1, $12 and $5, respectively, in foreign withholding taxes.



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

Amounts in thousands	2024			2023			2024			2023			2024			2023

OPERATIONS:

Net investment income (Note 6)		$2,145			$3,089			$8,319			$7,906			$37,872			$47,815

Net realized gains (losses)		1,316			(20,053	)		35,765			7,373			8,825			(52,744	)

Net change in unrealized appreciation (depreciation)		11,911			(26,685	)		28,539			(23,899	)		60,538			(211,762	)

Net Increase (Decrease) in Net Assets Resulting from Operations		15,372			(43,649	)		72,623			(8,620	)		107,235			(216,691	)

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		(27,162	)		(94,964	)		(34,797	)		(89,396	)		51,387			(185,373	)

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		(27,162	)		(94,964	)		(34,797	)		(89,396	)		51,387			(185,373	)

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(2,577	)		(1,445	)		(30,341	)		(6,821	)		(55,030	)		(31,842	)

Return of Capital		—			—			—			—			—			—

Total Distributions to Shares Shareholders		(2,577	)		(1,445	)		(30,341	)		(6,821	)		(55,030	)		(31,842	)

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		(14,367	)		(140,058	)		7,485			(104,837	)		103,592			(433,906	)

NET ASSETS:

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

End of year		$158,940			$173,307			$486,663			$479,178			$1,618,793			$1,515,201



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

2024			2023			2024			2023			2024			2023			2024			2023


	$30,524			$34,812			$29,660			$24,875			$3,593			$3,276			$3,169			$3,015

	(15,443	)		(11,667	)		11,021			(20,873	)		(3,160	)		(2,456	)		5,613			5,282

	65,683			(333,670	)		416,537			(91,140	)		9,024			(9,532	)		26,857			(19,969	)

	80,764			(310,525	)		457,218			(87,138	)		9,457			(8,712	)		35,639			(11,672	)



	(66,200	)		(154,309	)		—			—			(16,243	)		(10,086	)		5,851			(6,223	)

	—			—			(67,589	)		47,247			—			—			—			—

	—			—			258,671			121,546			—			—			—			—

	(66,200	)		(154,309	)		191,082			168,793			(16,243	)		(10,086	)		5,851			(6,223	)



	(25,125	)		(17,271	)		—			—			(3,617	)		(7,486	)		(10,213	)		(8,028	)

	—			(11,867	)		—			—			—			—			—			—

	(25,125	)		(29,138	)		—			—			(3,617	)		(7,486	)		(10,213	)		(8,028	)



	—			—			(13,913	)		(13,541	)		—			—			—			—

	—			—			(13,913	)		(13,541	)		—			—			—			—



	—			—			(17,062	)		(11,600	)		—			—			—			—

	—			—			(17,062	)		(11,600	)		—			—			—			—
	(10,561	)		(493,972	)		617,325			56,514			(10,403	)		(26,284	)		31,277			(25,923	)



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

	$988,349			$998,910			$2,146,554			$1,529,229			$91,432			$101,835			$169,820			$138,543



	INTERNATIONAL EQUITY FUND						INTERNATIONAL EQUITY INDEX FUND						LARGE CAP CORE FUND

Amounts in thousands	2024			2023			2024			2023			2024			2023
OPERATIONS:

Net investment income (Note 6)		$3,914			$3,734			$134,217			$134,725			$3,229			$3,352

Net realized gains (losses)		2,154			(5,179	)		20,896			(45,756	)		22,651			5,443

Net change in unrealized appreciation (depreciation)		12,733			1,008			485,921			(143,549	)		45,120			(29,938	)

Net Increase (Decrease) in Net Assets Resulting from Operations		18,801			(437	)		641,034			(54,580	)		71,000			(21,143	)
CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		4,435			3,156			(78,971	)		(206,477	)		(6,109	)		(14,024	)

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		4,435			3,156			(78,971	)		(206,477	)		(6,109	)		(14,024	)
DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(7,629	)		(3,200	)		(147,537	)		(110,518	)		(21,567	)		(11,564	)

Total Distributions to Shares Shareholders		(7,629	)		(3,200	)		(147,537	)		(110,518	)		(21,567	)		(11,564	)
Total Increase (Decrease) in Net Assets		15,607			(481	)		414,526			(371,575	)		43,324			(46,731	)

NET ASSETS:

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

End of year		$139,669			$124,062			$4,894,332			$4,479,806			$285,930			$242,606



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

2024			2023			2024			2023			2024			2023			2024			2023

	$1,184			$1,223			$29,183			$30,904			$27,056			$23,236			$2,591			$3,138

	1,486			683			169,030			91,456			(22,728	)		(504	)		(3,498	)		(7,695	)

	8,928			(5,406	)		205,903			(258,236	)		10,094			(82,784	)		9,665			(35,522	)

	11,598			(3,500	)		404,116			(135,876	)		14,422			(60,052	)		8,758			(40,079	)

	(2,270	)		(410	)		(119,177	)		(113,863	)		(4,123	)		(15,996	)		(1,118	)		(40,995	)

	(2,270	)		(410	)		(119,177	)		(113,863	)		(4,123	)		(15,996	)		(1,118	)		(40,995	)

	(3,208	)		(4,797	)		(144,393	)		(190,111	)		(29,059	)		(39,799	)		(2,460	)		(2,646	)

	(3,208	)		(4,797	)		(144,393	)		(190,111	)		(29,059	)		(39,799	)		(2,460	)		(2,646	)

	6,120			(8,707	)		140,546			(439,850	)		(18,760	)		(115,847	)		5,180			(83,720	)

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

	$65,127			$59,007			$2,140,097			$1,999,551			$968,716			$987,476			$126,353			$121,173



	SMALL CAP CORE FUND						SMALL CAP INDEX FUND						SMALL CAP VALUE FUND

Amounts in thousands	2024			2023			2024			2023			2024			2023

OPERATIONS:

Net investment income (Note 6)		$4,734			$4,849			$14,686			$17,593			$17,095			$19,874

Net realized gains (losses)		14,670			11,233			11,239			6,192			277,250			85,674

Net change in unrealized appreciation (depreciation)		65,443			(56,553	)		174,803			(202,642	)		(51,175	)		(269,979	)

Net Increase (Decrease) in Net Assets Resulting from Operations		84,847			(40,471	)		200,728			(178,857	)		243,170			(164,431	)

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		—			—			(158,056	)		(122,009	)		(646,827	)		(417,037	)

Net increase (decrease) in net assets resulting from Class K transactions		(5,606	)		(15,416	)		—			—			—			—

Net increase (decrease) in net assets resulting from Class I transactions		1,244			(12,998	)		—			—			—			—

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(4,362	)		(28,414	)		(158,056	)		(122,009	)		(646,827	)		(417,037	)

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		—			—			(22,290	)		(71,471	)		(108,991	)		(94,077	)

Total Distributions to Shares Shareholders		—			—			(22,290	)		(71,471	)		(108,991	)		(94,077	)

DISTRIBUTIONS TO CLASS K SHAREHOLDERS:

Distributable earnings		(16,654	)		(1,616	)		—			—			—			—

Total Distributions to Class K Shareholders		(16,654	)		(1,616	)		—			—			—			—

DISTRIBUTIONS TO CLASS I SHAREHOLDERS:

Distributable earnings		(13,625	)		(1,028	)		—			—			—			—

Total Distributions to Class I Shareholders		(13,625	)		(1,028	)		—			—			—			—

Total Increase (Decrease) in Net Assets		50,206			(71,529	)		20,382			(372,337	)		(512,648	)		(675,545	)

NET ASSETS:

Beginning of year		434,392			505,921			1,163,077			1,535,414			1,617,670			2,293,215

End of year		$484,598			$434,392			$1,183,459			$1,163,077			$1,105,022			$1,617,670



ACTIVE M EMERGING MARKETS EQUITY FUND	SHARES

Selected per share data	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.20			0.22			0.24	⁽¹⁾		0.15	⁽²⁾		0.59

Net realized and unrealized gains (losses)		1.22			(2.09	)		(2.11	)		8.93	⁽³⁾		(3.84	)

Total from Investment Operations		1.42			(1.87	)		(1.87	)		9.08			(3.25	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽⁴⁾		(0.25	)		(0.11	)		(0.36	)		(0.20	)		(0.88	)

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

Total Distributions Paid		(0.25	)		(0.11	)		(4.92	)		(1.52	)		(1.63	)

Net Asset Value, End of Year		$14.57			$13.40			$15.38			$22.17			$14.61

Total Return⁽⁵⁾		10.74	%		(12.09	)%⁽⁶⁾		(9.64	)%		62.55	%		(18.77	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$158,940			$173,307			$313,365			$438,809			$338,370

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁷⁾		1.11	%⁽⁸⁾		1.10	%		1.10	%		1.10	%		1.10	%

Expenses, before reimbursements and credits		1.41	%		1.30	%		1.26	%		1.25	%		1.26	%

Net investment income, net of reimbursements and credits⁽⁷⁾		1.45	%⁽⁸⁾		1.45	%		1.01	%		0.72	%		1.85	%

Net investment income, before reimbursements and credits		1.15	%		1.25	%		0.85	%		0.57	%		1.69	%

Portfolio Turnover Rate		97.82	%		115.02	%		99.51	%		134.29	%		81.32	%

⁽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.

⁽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.

⁽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, $10,000, less than $1,000 and approximately $10,000 and $17,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



ACTIVE M INTERNATIONAL EQUITY FUND	SHARES

Selected per share data	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.24			0.21			0.16	⁽¹⁾		0.13	⁽²⁾		0.21

Net realized and unrealized gains (losses)		1.63			(0.16	)		(0.21	)		4.69	⁽³⁾		(1.85	)

Total from Investment Operations		1.87			0.05			(0.05	)		4.82			(1.64	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽⁴⁾		(0.37	)		(0.16	)		(0.20	)		(0.10	)		(0.26	)

From net realized gains		(0.43	)		—			(1.11	)		—			(0.39	)

Total Distributions Paid		(0.80	)		(0.16	)		(1.31	)		(0.10	)		(0.65	)

Net Asset Value, End of Year		$12.41			$11.34			$11.45			$12.81			$8.09

Total Return⁽⁵⁾		17.10	%		0.55	%		(1.04	)%		59.61	%		(17.49	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$486,663			$479,178			$584,015			$683,128			$558,183

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁶⁾		0.85	%⁽⁷⁾		0.85	%		0.84	%		0.85	%		0.85	%

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

Net investment income, net of reimbursements and credits⁽⁶⁾		1.81	%⁽⁷⁾		1.66	%		1.10	%		0.93	%		1.86	%

Net investment income, before reimbursements and credits		1.73	%		1.58	%		1.04	%		0.86	%		1.78	%

Portfolio Turnover Rate		37.54	%		51.69	%		41.19	%		51.34	%		39.52	%

⁽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.

⁽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 $34,000, $23,000, less than $1,000 and approximately $17,000 and $45,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽⁷⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



EMERGING MARKETS EQUITY INDEX FUND	SHARES

Selected per share data	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

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

Net realized and unrealized gains (losses)		0.44			(1.60	)		(2.08	)		5.20			(2.43	)

Total from Investment Operations		0.74			(1.26	)		(1.79	)		5.40			(2.06	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.41	)		(0.25	)		(0.38	)		(0.33	)		(0.39	)

Total Distributions Paid		(0.41	)		(0.25	)		(0.38	)		(0.33	)		(0.39	)

Net Asset Value, End of Year		$10.97			$10.64			$12.15			$14.32			$9.25

Total Return⁽⁴⁾		7.17	%		(10.30	)%⁽⁵⁾		(12.69	)%		58.51	%		(18.36	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year	$	1,618,793		$	1,515,201		$	1,949,107		$	2,412,779		$	1,594,038

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.14	%⁽⁶⁾		0.22	%⁽⁷⁾		0.30	%⁽⁷⁾		0.30	%⁽⁷⁾		0.30	%⁽⁷⁾

Expenses, before reimbursements and credits		0.29	%		0.33	%		0.34	%		0.34	%		0.35	%

Net investment income, net of reimbursements and credits		2.67	%⁽⁶⁾		3.10	%⁽⁷⁾		2.18	%⁽⁷⁾		1.76	%⁽⁷⁾		3.07	%⁽⁷⁾

Net investment income, before reimbursements and credits		2.52	%		2.99	%		2.14	%		1.72	%		3.02	%

Portfolio Turnover Rate		44.18	%		57.68	%		20.35	%		74.68	%		45.08	%

⁽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.

⁽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.

⁽⁶⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $15,000, $1,000, $21,000 and $26,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021 and 2020, 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	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.28			0.26			0.24	⁽¹⁾		0.04			0.34

Net realized and unrealized gains (losses)		0.50			(2.67	)		1.03			2.64			(2.67	)

Total from Investment Operations		0.78			(2.41	)		1.27			2.68			(2.33	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.24	)		(0.15	)		(0.32	)		(0.23	)		(0.50	)

Return of capital		—			(0.09	)		—			—			—

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

Net Asset Value, End of Year		$9.51			$8.97			$11.62			$10.67			$8.22

Total Return⁽³⁾		8.85	%		(20.74	)%⁽⁴⁾		11.84	%		33.25	%⁽⁵⁾		(22.11	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$988,349			$998,910			$1,492,882			$1,432,173			$1,780,428

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁶⁾		0.47	%⁽⁷⁾		0.47	%		0.48	%		0.48	%		0.49	%

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

Net investment income, net of reimbursements and credits⁽⁶⁾		3.18	%⁽⁷⁾		2.96	%		2.23	%		2.55	%		2.81	%

Net investment income, before reimbursements and credits		3.17	%		2.94	%		2.23	%		2.55	%		2.81	%

Portfolio Turnover Rate		5.96	%		7.48	%		5.75	%		7.27	%		6.91	%

⁽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.

⁽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.

⁽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 $30,000, $18,000, $1,000, $8,000 and $32,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽⁷⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



GLOBAL SUSTAINABILITY INDEX FUND	CLASS K

Selected per share data	YEAR ENDED MARCH 31, 2024			YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$17.92			$19.57			$18.67			$15.50

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.31			0.31			0.30	⁽²⁾		0.19

Net realized and unrealized gains (losses)		4.53			(1.64	)		1.70			3.27

Total from Investment Operations		4.84			(1.33	)		2.00			3.46

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.33	)		(0.26	)		(0.28	)		(0.29	)

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

Total Distributions Paid		(0.33	)		(0.32	)		(1.10	)		(0.29	)

Net Asset Value, End of Period		$22.43			$17.92			$19.57			$18.67

Total Return⁽⁵⁾		27.20	%		(6.67	)%		10.48	%		22.44	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$857,489			$736,028			$740,470			$513,860

Ratio to average net assets of:⁽⁶⁾

Expenses, net of reimbursements and credits⁽⁷⁾		0.24	%⁽⁸⁾		0.24	%		0.24	%		0.25	%

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

Net investment income, net of reimbursements and credits⁽⁷⁾		1.67	%⁽⁸⁾		1.86	%		1.49	%		1.62	%⁽⁹⁾

Net investment income, before reimbursements and credits		1.67	%		1.86	%		1.49	%		1.60	%⁽⁹⁾

Portfolio Turnover Rate		15.57	%		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.

⁽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 $28,000, $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, 2024, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽⁹⁾

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, 2024			YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$17.91			$19.56			$18.66			$15.50

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.24			0.29			0.23	⁽²⁾		0.19

Net realized and unrealized gains (losses)		4.58			(1.62	)		1.77			3.26

Total from Investment Operations		4.82			(1.33	)		2.00			3.45

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.32	)		(0.26	)		(0.28	)		(0.29	)

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

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

Net Asset Value, End of Period		$22.41			$17.91			$19.56			$18.66

Total Return⁽⁵⁾		27.11	%		(6.72	)%		10.47	%		22.35	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$1,289,065			$793,201			$732,245			$474,771

Ratio to average net assets of:⁽⁶⁾

Expenses, net of reimbursements and credits⁽⁷⁾		0.29	%⁽⁸⁾		0.29	%		0.29	%		0.30	%

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

Net investment income, net of reimbursements and credits⁽⁷⁾		1.62	%⁽⁸⁾		1.83	%		1.48	%		1.57	%⁽⁹⁾

Net investment income, before reimbursements and credits		1.62	%		1.83	%		1.48	%		1.56	%⁽⁹⁾

Portfolio Turnover Rate		15.57	%		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.

⁽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 $34,000, $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, 2024, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽⁹⁾

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	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.44			0.38			0.33	⁽¹⁾		0.31			0.36

Net realized and unrealized gains (losses)		0.72			(1.26	)		0.22			3.18			(1.60	)

Total from Investment Operations		1.16			(0.88	)		0.55			3.49			(1.24	)

LESS DISTRIBUTIONS PAID:

From net investment income		(0.44	)		(0.37	)		(0.31	)		(0.32	)		(0.34	)

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

Total Distributions Paid		(0.44	)		(0.88	)		(0.61	)		(0.86	)		(0.34	)

Net Asset Value, End of Year		$12.64			$11.92			$13.68			$13.74			$11.11

Total Return⁽²⁾		9.95	%		(6.27	)%		3.92	%		31.94	%		(10.14	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$91,432			$101,835			$128,119			$120,727			$101,156

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽³⁾		0.27	%⁽⁴⁾⁽⁵⁾		0.26	%⁽⁵⁾		0.26	%		0.26	%⁽⁵⁾		0.26	%⁽⁵⁾

Expenses, before reimbursements and credits⁽³⁾		0.40	%		0.39	%		0.39	%		0.40	%		0.40	%

Net investment income, net of reimbursements and credits		3.58	%⁽⁴⁾⁽⁵⁾		3.01	%⁽⁵⁾		2.45	%		2.32	%⁽⁵⁾		2.85	%⁽⁵⁾

Net investment income, before reimbursements and credits		3.45	%		2.88	%		2.32	%		2.18	%		2.71	%

Portfolio Turnover Rate		38.30	%		34.86	%		60.88	%		50.89	%		48.38	%

⁽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.

⁽²⁾

⁽³⁾

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

⁽⁴⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $1,000, less than $1,000, approximately $1,000 and less than $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2021 and 2020, 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	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM

INVESTMENT OPERATIONS:

Net investment income		0.30			0.28			0.19			0.20			0.26

Net realized and unrealized gains (losses)		3.10			(1.33	)		2.24			5.28			(1.63	)

Total from Investment Operations		3.40			(1.05	)		2.43			5.48			(1.37	)

LESS DISTRIBUTIONS PAID:

From net investment income		(0.31	)		(0.28	)		(0.18	)		(0.25	)		(0.26	)

From net realized gains		(0.68	)		(0.48	)		(1.99	)		(0.84	)		(0.90	)

Total Distributions Paid		(0.99	)		(0.76	)		(2.17	)		(1.09	)		(1.16	)

Net Asset Value, End of Year		$15.67			$13.26			$15.07			$14.81			$10.42

Total Return⁽¹⁾		26.54	%		(6.78	)%		16.31	%		53.57	%		(12.44	)%⁽²⁾

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$169,820			$138,543			$164,466			$149,908			$115,562

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽³⁾		0.49	%⁽⁴⁾		0.66	%		1.01	%		1.01	%		1.02	%

Expenses, before reimbursements and credits		0.63	%		0.80	%		1.16	%		1.18	%		1.12	%

Net investment income, net of reimbursements and credits⁽³⁾		2.14	%⁽⁴⁾		2.10	%		1.18	%		1.51	%		1.89	%

Net investment income, before reimbursements and credits		2.00	%		1.96	%		1.03	%		1.34	%		1.79	%

Portfolio Turnover Rate		25.40	%		34.87	%		30.55	%		27.94	%		76.34	%

⁽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⁾

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, $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, 2024, 2023, 2022, 2021 and 2020, 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.

⁽⁴⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



INTERNATIONAL EQUITY FUND							SHARES

Selected per share data	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.29			0.29			0.25	⁽¹⁾		0.45			0.37

Net realized and unrealized gains (losses)		1.10			(0.31	)		0.10			2.63			(2.23	)

Total from Investment Operations		1.39			(0.02	)		0.35			3.08			(1.86	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.57	)		(0.26	)		(0.33	)		(0.54	)		(0.36	)

Total Distributions Paid		(0.57	)		(0.26	)		(0.33	)		(0.54	)		(0.36	)

Net Asset Value, End of Year		$10.24			$9.42			$9.70			$9.68			$7.14

Total Return⁽³⁾		15.07	%		(0.02	)%		3.49	%		43.53	%		(20.78	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$139,669			$124,062			$124,543			$106,032			$122,189

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.51	%⁽⁴⁾⁽⁵⁾		0.51	%⁽⁵⁾		0.51	%		0.52	%⁽⁵⁾		0.55	%⁽⁵⁾

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

Net investment income, net of reimbursements and credits		3.01	%⁽⁴⁾⁽⁵⁾		3.28	%⁽⁵⁾		2.91	%		2.73	%⁽⁵⁾		3.14	%⁽⁵⁾

Net investment income, before reimbursements and credits		2.87	%		3.14	%		2.77	%		2.50	%		3.02	%

Portfolio Turnover Rate		47.19	%		46.55	%		41.96	%		63.81	%		33.97	%

⁽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%.

⁽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 impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $2,000, $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, 2024, 2023, 2021 and 2020, 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	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.43			0.40			0.37	⁽¹⁾		0.28			0.35	⁽²⁾

Net realized and unrealized gains (losses)		1.56			(0.44	)		(0.33	)		4.08			(1.98	)

Total from Investment Operations		1.99			(0.04	)		0.04			4.36			(1.63	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.47	)		(0.33	)		(0.46	)		(0.28	)		(0.39	)

Total Distributions Paid		(0.47	)		(0.33	)		(0.46	)		(0.28	)		(0.39	)

Net Asset Value, End of Year		$14.65			$13.13			$13.50			$13.92			$9.84

Total Return⁽⁴⁾		15.38	%		(0.11	)%		0.13	%		44.22	%		(14.46	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$4,894,332			$4,479,806			$4,851,381			$5,379,675			$4,100,160

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.10	%⁽⁵⁾		0.17	%⁽⁶⁾		0.24	%		0.24	%⁽⁶⁾		0.25	%⁽⁶⁾

Expenses, before reimbursements and credits		0.16	%		0.20	%		0.24	%		0.24	%		0.26	%

Net investment income, net of reimbursements and credits		3.06	%⁽⁵⁾		3.20	%⁽⁶⁾		2.61	%		2.26	%⁽⁶⁾		2.85	%⁽⁶⁾

Net investment income, before reimbursements and credits		3.00	%		3.17	%		2.61	%		2.26	%		2.84	%

Portfolio Turnover Rate		21.42	%		20.88	%		20.76	%		21.26	%		10.17	%

⁽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.

⁽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 impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $6,000, $12,000 and $30,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021 and 2020, 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	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.32			0.31			0.30			0.31			0.39

Net realized and unrealized gains (losses)		6.56			(2.16	)		4.09			8.79			(2.44	)

Total from Investment Operations		6.88			(1.85	)		4.39			9.10			(2.05	)

LESS DISTRIBUTIONS PAID:

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

From net realized gains		(1.87	)		(0.77	)		(3.62	)		—			(0.46	)

Total Distributions Paid		(2.18	)		(1.08	)		(3.92	)		(0.32	)		(0.85	)

Net Asset Value, End of Year		$27.48			$22.78			$25.71			$25.24			$16.46

Total Return⁽¹⁾		31.46	%		(7.00	)%		17.18	%		55.62	%		(11.28	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$285,930			$242,606			$289,337			$270,545			$164,695

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.45	%⁽³⁾		0.45	%		0.45	%		0.45	%		0.46	%

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

Net investment income, net of reimbursements and credits⁽²⁾		1.27	%⁽³⁾		1.35	%		1.10	%		1.47	%		1.85	%

Net investment income, before reimbursements and credits		1.17	%		1.24	%		1.00	%		1.35	%		1.75	%

Portfolio Turnover Rate		44.46	%		38.46	%		44.93	%		38.54	%		37.90	%

⁽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, $3,000, less than $1,000 and approximately $2,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



LARGE CAP VALUE FUND	SHARES

Selected per share data	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.42			0.39			0.35			0.38			0.41

Net realized and unrealized gains (losses)		3.38			(1.49	)		2.28			7.42			(3.62	)

Total from Investment Operations		3.80			(1.10	)		2.63			7.80			(3.21	)

LESS DISTRIBUTIONS PAID:

From net investment income		(0.65	)		(0.24	)		(0.43	)		(0.26	)		(0.36	)

From net realized gains		(0.43	)		(1.32	)		(1.32	)		—			—

Total Distributions Paid		(1.08	)		(1.56	)		(1.75	)		(0.26	)		(0.36	)

Net Asset Value, End of Year		$21.33			$18.61			$21.27			$20.39			$12.85

Total Return⁽¹⁾		21.04	%		(5.18	)%		13.00	%		61.02	%		(20.16	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$65,127			$59,007			$67,714			$63,821			$45,786

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.57	%⁽²⁾⁽³⁾		0.56	%⁽³⁾		0.57	%		0.57	%⁽³⁾		0.55	%⁽³⁾

Expenses, before reimbursements and credits		0.76	%		0.75	%		0.80	%		0.89	%		0.83	%

Net investment income, net of reimbursements and credits		1.99	%⁽²⁾⁽³⁾		1.99	%⁽³⁾		1.55	%		2.05	%⁽³⁾		2.04	%⁽³⁾

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

Portfolio Turnover Rate		38.42	%		78.33	%		75.05	%		74.86	%		80.40	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $1,000, less than $1,000, $1,000 and approximately $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2021 and 2020, 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	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.33			0.32			0.28			0.26			0.28

Net realized and unrealized gains (losses)		3.98			(1.57	)		0.80			10.91			(4.21	)

Total from Investment Operations		4.31			(1.25	)		1.08			11.17			(3.93	)

LESS DISTRIBUTIONS PAID:

From net investment income		(0.34	)		(0.30	)		(0.25	)		(0.26	)		(0.27	)

From net realized gains		(1.26	)		(1.63	)		(2.18	)		(0.74	)		(0.16	)

Total Distributions Paid		(1.60	)		(1.93	)		(2.43	)		(1.00	)		(0.43	)

Net Asset Value, End of Year		$21.94			$19.23			$22.41			$23.76			$13.59

Total Return⁽¹⁾		23.25	%		(5.28	)%		4.44	%		83.26	%		(22.61	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$2,140,097			$1,999,551			$2,439,401			$2,523,727			$1,700,510

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.10	%⁽²⁾		0.12	%⁽³⁾		0.15	%⁽³⁾		0.15	%⁽³⁾		0.15	%⁽³⁾

Expenses, before reimbursements and credits		0.16	%		0.18	%		0.19	%		0.19	%		0.18	%

Net investment income, net of reimbursements and credits		1.54	%⁽²⁾		1.48	%⁽³⁾		1.13	%⁽³⁾		1.25	%⁽³⁾		1.52	%⁽³⁾

Net investment income, before reimbursements and credits		1.48	%		1.42	%		1.09	%		1.21	%		1.49	%

Portfolio Turnover Rate		21.60	%		13.39	%		15.17	%		18.73	%		18.15	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $15,000, $2,000, $17,000 and $72,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021 and 2020, 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	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.32			0.26			0.32	⁽¹⁾		0.21			0.31

Net realized and unrealized gains (losses)		(0.07	)		(0.85	)		1.10			2.47	⁽²⁾		(1.61	)

Total from Investment Operations		0.25			(0.59	)		1.42			2.68			(1.30	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.34	)		(0.33	)		(0.28	)		(0.20	)		(0.31	)

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

Total Distributions Paid		(0.34	)		(0.47	)		(1.32	)		(0.24	)		(0.31	)

Net Asset Value, End of Year		$11.87			$11.96			$13.02			$12.92			$10.48

Total Return⁽⁴⁾		2.17	%		(4.43	)%		11.46	%		25.81	%		(11.09	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$968,716			$987,476			$1,103,323			$1,167,594			$896,220

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁵⁾		0.96	%⁽⁶⁾		0.96	%		0.97	%		0.96	%		0.98	%

Expenses, before reimbursements and credits		1.01	%		0.99	%		0.97	%		0.96	%		0.98	%

Net investment income, net of reimbursements and credits⁽⁵⁾		2.72	%⁽⁶⁾		2.27	%		2.38	%		1.78	%		2.45	%

Net investment income, before reimbursements and credits		2.67	%		2.24	%		2.38	%		1.78	%		2.45	%

Portfolio Turnover Rate		48.35	%		57.83	%		62.31	%		60.11	%		80.41	%

⁽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.

⁽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 $72,000, $57,000, $1,000, $41,000 and $77,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽⁶⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



MULTI-MANAGER GLOBAL REAL ESTATE FUND	SHARES

Selected per share data	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.22			0.24			0.15	⁽¹⁾		0.21			0.29

Net realized and unrealized gains (losses)		0.52			(2.74	)		1.56			2.68	⁽²⁾		(2.28	)

Total from Investment Operations		0.74			(2.50	)		1.71			2.89			(1.99	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽³⁾		(0.21	)		(0.20	)		(0.20	)		(0.19	)		(0.46	)

From net realized gains		—			—			(0.16	)		—			—

Total Distributions Paid		(0.21	)		(0.20	)		(0.36	)		(0.19	)		(0.46	)

Net Asset Value, End of Year		$10.55			$10.02			$12.72			$11.37			$8.67

Total Return⁽⁴⁾		7.47	%		(19.64	)%		15.03	%⁽⁵⁾		33.59	%⁽⁶⁾		(18.86	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$126,353			$121,173			$204,893			$181,192			$98,568

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁷⁾		0.92	%⁽⁸⁾		0.92	%		0.91	%		0.92	%		0.94	%

Expenses, before reimbursements and credits		1.08	%		1.06	%		1.00	%		1.04	%		1.10	%

Net investment income, net of reimbursements and credits⁽⁷⁾		2.17	%⁽⁸⁾		2.06	%		1.20	%		1.73	%		2.18	%

Net investment income, before reimbursements and credits		2.01	%		1.92	%		1.11	%		1.61	%		2.02	%

Portfolio Turnover Rate		56.04	%		59.41	%		42.01	%		81.36	%		62.47	%

⁽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.

⁽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 $9,000, $7,000, less than $1,000 and approximately $6,000 and $5,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



SMALL CAP CORE FUND	CLASS K

Selected per share data	YEAR ENDED MARCH 31, 2024			YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$25.40			$27.82			$32.58			$23.46

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.31			0.28			0.24			0.13

Net realized and unrealized gains (losses)		4.84			(2.53	)		(0.33	)		10.42

Total from Investment Operations		5.15			(2.25	)		(0.09	)		10.55

LESS DISTRIBUTIONS PAID:

From net investment income		(0.56	)		(0.09	)		(0.17	)		(0.21	)

From net realized gains		(1.32	)		(0.08	)		(4.50	)		(1.22	)

Total Distributions Paid		(1.88	)		(0.17	)		(4.67	)		(1.43	)

Net Asset Value, End of Period		$28.67			$25.40			$27.82			$32.58

Total Return⁽²⁾		20.74	%		(8.08	)%		(0.54	)%		45.82	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$264,729			$240,538			$279,376			$287,618

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits⁽⁴⁾		0.49	%⁽⁵⁾		0.49	%		0.49	%		0.49	%

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

Net investment income, net of reimbursements and credits⁽⁴⁾		1.12	%⁽⁵⁾		1.13	%		0.70	%		0.67	%⁽⁶⁾

Net investment income, before reimbursements and credits		1.07	%		1.08	%		0.65	%		0.59	%⁽⁶⁾

Portfolio Turnover Rate		15.33	%		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, $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, 2024, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽⁶⁾

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, 2024			YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$25.37			$27.77			$32.56			$23.46

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.29			0.30			0.17			0.12

Net realized and unrealized gains (losses)		4.83			(2.56	)		(0.30	)		10.41

Total from Investment Operations		5.12			(2.26	)		(0.13	)		10.53

LESS DISTRIBUTIONS PAID:

From net investment income		(0.55	)		(0.06	)		(0.16	)		(0.21	)

From net realized gains		(1.32	)		(0.08	)		(4.50	)		(1.22	)

Total Distributions Paid		(1.87	)		(0.14	)		(4.66	)		(1.43	)

Net Asset Value, End of Period		$28.62			$25.37			$27.77			$32.56

Total Return⁽²⁾		20.62	%		(8.18	)%		(0.63	)%		45.72	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$219,869			$193,854			$226,545			$254,387

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits⁽⁴⁾		0.59	%⁽⁵⁾		0.59	%		0.59	%		0.59	%

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

Net investment income, net of reimbursements and credits⁽⁴⁾		1.02	%⁽⁵⁾		1.03	%		0.59	%		0.57	%⁽⁶⁾

Net investment income, before reimbursements and credits		0.97	%		0.98	%		0.54	%		0.49	%⁽⁶⁾

Portfolio Turnover Rate		15.33	%		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, $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, 2024, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽⁶⁾

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	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.18			0.18			0.15			0.12			0.14

Net realized and unrealized gains (losses)		2.15			(1.88	)		(1.10	)		8.48			(3.07	)

Total from Investment Operations		2.33			(1.70	)		(0.95	)		8.60			(2.93	)

LESS DISTRIBUTIONS PAID:

From net investment income		(0.21	)		(0.14	)		(0.13	)		(0.15	)		(0.14	)

From net realized gains		(0.06	)		(0.60	)		(1.76	)		(0.39	)		(0.09	)

Total Distributions Paid		(0.27	)		(0.74	)		(1.89	)		(0.54	)		(0.23	)

Net Asset Value, End of Year		$14.02			$11.96			$14.40			$17.24			$9.18

Total Return⁽¹⁾		19.59	%		(11.68	)%		(5.88	)%		94.41	%		(24.28	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$1,183,459			$1,163,077			$1,535,414			$1,606,895			$887,429

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.10	%⁽²⁾		0.12	%⁽³⁾		0.15	%⁽³⁾		0.15	%⁽³⁾		0.15	%⁽³⁾

Expenses, before reimbursements and credits		0.16	%		0.18	%		0.19	%		0.19	%		0.19	%

Net investment income, net of reimbursements and credits		1.34	%⁽²⁾		1.38	%⁽³⁾		0.88	%⁽³⁾		0.93	%⁽³⁾		1.13	%⁽³⁾

Net investment income, before reimbursements and credits		1.28	%		1.32	%		0.84	%		0.89	%		1.09	%

Portfolio Turnover Rate		11.87	%		13.66	%		25.57	%		20.62	%		18.36	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $4,000, $1,000, $14,000 and $32,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021 and 2020, 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	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.22			0.22			0.18			0.20			0.22

Net realized and unrealized gains (losses)		3.13			(1.78	)		0.56			10.15			(5.45	)

Total from Investment Operations		3.35			(1.56	)		0.74			10.35			(5.23	)

LESS DISTRIBUTIONS PAID:

From net investment income		(0.30	)		(0.16	)		(0.19	)		(0.22	)		(0.23	)

From net realized gains		(1.06	)		(0.89	)		(3.30	)		(0.16	)		(1.23	)

Total Distributions Paid		(1.36	)		(1.05	)		(3.49	)		(0.38	)		(1.46	)

Net Asset Value, End of Year		$20.09			$18.10			$20.71			$23.46			$13.49

Total Return⁽¹⁾		18.78	%		(7.50	)%		3.29	%		77.32	%		(28.43	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$1,105,022			$1,617,670			$2,293,215			$2,974,261			$2,076,900

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		1.00	%⁽³⁾		1.00	%		1.00	%		1.00	%		1.00	%

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

Net investment income, net of reimbursements and credits⁽²⁾		1.14	%⁽³⁾		1.08	%		0.69	%		1.05	%		1.09	%

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

Portfolio Turnover Rate		18.61	%		13.25	%		20.41	%		27.79	%		14.18	%

⁽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 $85,000, $63,000, $3,000, $59,000 and $138,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



STOCK INDEX FUND	SHARES

Selected per share data	2024			2023			2022			2021			2020

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

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.75			0.71			0.62			0.61			0.65

Net realized and unrealized gains (losses)		11.99			(4.72	)		6.29			15.87			(2.87	)

Total from Investment Operations		12.74			(4.01	)		6.91			16.48			(2.22	)

LESS DISTRIBUTIONS PAID:

From net investment income		(0.75	)		(0.71	)		(0.62	)		(0.61	)		(0.65	)

From net realized gains		(1.70	)		(1.24	)		(1.08	)		(1.04	)		(0.26	)

Total Distributions Paid		(2.45	)		(1.95	)		(1.70	)		(1.65	)		(0.91	)

Net Asset Value, End of Year		$53.98			$43.69			$49.65			$44.44			$29.61

Total Return⁽¹⁾		29.82	%		(7.82	)%		15.51	%⁽²⁾		56.22	%		(7.10	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$13,290,697			$10,729,781			$12,467,719			$11,225,431			$7,933,222

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.05	%⁽³⁾		0.07	%⁽⁴⁾		0.10	%⁽⁴⁾		0.10	%⁽⁴⁾		0.10	%⁽⁴⁾

Expenses, before reimbursements and credits		0.09	%		0.11	%		0.13	%		0.13	%		0.12	%

Net investment income, net of reimbursements and credits		1.55	%⁽³⁾		1.62	%⁽⁴⁾		1.26	%⁽⁴⁾		1.54	%⁽⁴⁾		1.88	%⁽⁴⁾

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

Portfolio Turnover Rate		2.74	%		2.96	%		3.11	%		4.66	%		5.15	%

⁽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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $39,000, $7,000, $85,000 and $205,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021 and 2020, 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, 2024			YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$15.30			$17.26			$16.12			$13.00

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.22			0.22			0.16			0.10

Net realized and unrealized gains (losses)		4.05			(1.58	)		2.09			3.21

Total from Investment Operations		4.27			(1.36	)		2.25			3.31

LESS DISTRIBUTIONS PAID:

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

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

Total Distributions Paid		(0.22	)		(0.60	)		(1.11	)		(0.19	)

Net Asset Value, End of Period		$19.35			$15.30			$17.26			$16.12

Total Return⁽²⁾		28.06	%		(7.70	)%		13.71	%		25.59	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$427,431			$375,837			$482,259			$298,204

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits⁽⁴⁾		0.39	%⁽⁵⁾		0.39	%		0.39	%		0.39	%

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

Net investment income, net of reimbursements and credits⁽⁴⁾		1.27	%⁽⁵⁾		1.37	%		0.95	%		1.06	%⁽⁶⁾

Net investment income, before reimbursements and credits		1.22	%		1.32	%		0.90	%		0.94	%⁽⁶⁾

Portfolio Turnover Rate		36.53	%		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 $6,000, $7,000, $3,000 and $3,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽⁶⁾

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, 2024			YEAR ENDED MARCH 31, 2023			YEAR ENDED MARCH 31, 2022			PERIOD ENDED MARCH 31, 2021⁽¹⁾

Net Asset Value, Beginning of Period		$15.28			$17.25			$16.12			$13.66

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.21			0.18			0.15			0.08

Net realized and unrealized gains (losses)		4.04			(1.56	)		2.09			2.56

Total from Investment Operations		4.25			(1.38	)		2.24			2.64

LESS DISTRIBUTIONS PAID:

From net investment income		(0.20	)		(0.21	)		(0.16	)		(0.10	)

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

Total Distributions Paid		(0.20	)		(0.59	)		(1.11	)		(0.18	)

Net Asset Value, End of Period		$19.33			$15.28			$17.25			$16.12

Total Return⁽²⁾		28.01	%		(7.79	)%		13.62	%		19.46	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$28,241			$18,181			$2,186			$83

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits		0.49	%⁽⁴⁾⁽⁵⁾		0.49	%⁽⁵⁾		0.49	%		0.49	%

Expenses, before reimbursements and credits		0.54	%		0.55	%		0.53	%		0.61	%

Net investment income, net of reimbursements and credits		1.17	%⁽⁴⁾⁽⁵⁾		1.27	%⁽⁵⁾		1.02	%		0.91	%⁽⁶⁾

Net investment income, before reimbursements and credits		1.12	%		1.21	%		0.98	%		0.79	%⁽⁶⁾

Portfolio Turnover Rate		36.53	%		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 impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 and $1,000 which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024 and 2023, 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.

⁽⁶⁾

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 – 90.2% ⁽¹⁾

Austria – 0.2%

Erste Group Bank A.G.		5,638		$251

Brazil – 6.0%

Ambev S.A. ADR*		650,174		1,612

Arcos Dorados Holdings, Inc., Class A		32,400		360

Banco BTG Pactual S.A.*		120,300		876

Embraer S.A.*		198,400		1,320

Localiza Rent a Car S.A.*		3,300		36

MercadoLibre, Inc.*		1,008		1,524

NU Holdings Ltd., Class A*		103,300		1,232

Petroleo Brasileiro S.A. ADR (New York Exchange)		45,722		696

Raia Drogasil S.A.		81,500		447

Smartfit Escola de Ginastica e Danca S.A.*		42,900		222

TIM S.A.		132,700		471

Vale S.A.		51,500		627

WEG S.A.		21,800		167

				9,590

Canada – 0.1%

Celestica, Inc.*		3,320		149

China – 10.6%

Aier Eye Hospital Group Co. Ltd., Class A		33,300		59

Alibaba Group Holding Ltd.		129,000		1,164

ANTA Sports Products Ltd.		47,000		502

Baidu, Inc., Class A*		87,250		1,143

Dongfeng Motor Group Co. Ltd., Class H		1,034,352		433

Eastroc Beverage Group Co. Ltd., Class A		16,100		416

H World Group Ltd. ADR		7,776		301

JD.com, Inc., Class A		9,150		124

KE Holdings, Inc. ADR		56,712		779

Kuaishou Technology*		28,600		179

Meituan, Class B*		96,620		1,194

MINISO Group Holding Ltd. ADR		9,280		190

NARI Technology Co. Ltd., Class A		171,939		576

NetEase, Inc.		18,600		386

New Oriental Education & Technology Group, Inc. ADR*		3,600		313

Nongfu Spring Co. Ltd., Class H		30,600		165

PDD Holdings, Inc. ADR*		1,168		136

Shenzhen Inovance Technology Co. Ltd., Class A		64,592		544



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 90.2% ⁽¹⁾ continued

China – 10.6% continued

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,200		$125

Tencent Holdings Ltd.		120,900		4,718

Tencent Music Entertainment Group ADR*		21,500		241

Topsports International Holdings Ltd.		499,394		334

Trip.com Group Ltd. ADR*		28,830		1,265

Want Want China Holdings Ltd.		929,740		549

Weichai Power Co. Ltd., Class H		280,000		534

Zijin Mining Group Co. Ltd., Class H		238,000		478

				16,848

Denmark – 0.2%

Novo Nordisk A/S, Class B		2,189		280

Egypt – 0.8%

Commercial International Bank - Egypt (CIB)		734,017		1,192

France – 0.1%

Hermes International S.C.A.		66		169

Greece – 1.0%

National Bank of Greece S.A.*		100,841		789

OPAP S.A.		25,713		463

Piraeus Financial Holdings S.A.*		68,626		287

				1,539

Hong Kong – 0.4%

Techtronic Industries Co. Ltd.		43,500		590

India – 16.5%

ABB India Ltd.		7,969		608

Adani Ports & Special Economic Zone Ltd.		53,698		868

Apollo Hospitals Enterprise Ltd.		2,929		224

Ashok Leyland Ltd.		12,241		25

Asian Paints Ltd.		1,619		55

Axis Bank Ltd.		15,134		190

Bajaj Finance Ltd.		1,824		159

Bharat Electronics Ltd.		315,555		763

Bharti Airtel Ltd.		24,524		361

Central Depository Services India Ltd.		6,891		142

Cipla Ltd.		3,800		68

CreditAccess Grameen Ltd.*		5,950		103

DLF Ltd.		54,752		589

HDFC Bank Ltd.		91,089		1,585

HDFC Bank Ltd. ADR		10,058		563

Hero MotoCorp Ltd.		45,936		2,608



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 90.2% ⁽¹⁾ continued

India – 16.5% continued

ICICI Bank Ltd. ADR		27,652		$730

Indian Hotels Co. Ltd.		162,826		1,155

Larsen & Toubro Ltd.		30,885		1,394

Macrotech Developers Ltd.		26,533		362

MakeMyTrip Ltd.*		6,500		462

Maruti Suzuki India Ltd.		6,550		990

Max Healthcare Institute Ltd.		76,656		754

PB Fintech Ltd.*		24,584		332

Polycab India Ltd.		12,317		749

Reliance Industries Ltd.		50,000		1,786

Siemens Ltd.		8,393		542

Sona Blw Precision Forgings Ltd.		26,363		223

Sun Pharmaceutical Industries Ltd.		7,080		138

Tata Consultancy Services Ltd.		101,931		4,746

Titan Co. Ltd.		6,575		300

Triveni Turbine Ltd.		36,999		238

TVS Motor Co. Ltd.		24,780		639

Varun Beverages Ltd.		54,443		914

Zomato Ltd.*		415,900		908

				26,273

Indonesia – 3.2%

Astra International Tbk PT		3,803,754		1,236

Bank Central Asia Tbk PT		896,900		570

Bank Mandiri Persero Tbk PT		1,457,900		668

Bank Rakyat Indonesia Persero Tbk PT		2,894,100		1,106

Sumber Alfaria Trijaya Tbk PT		120,900		22

Telkom Indonesia Persero Tbk PT		6,612,000		1,450

				5,052

Italy – 0.3%

Ferrari N.V. (New York Exchange)		935		408

Japan – 0.5%

Disco Corp.		2,050		775

Mexico – 4.9%

Alfa S.A.B. de C.V., Class A		978,170		728

America Movil S.A.B. de C.V. ADR		79,404		1,482

BBB Foods, Inc., Class A*		7,960		189

Cemex S.A.B. de C.V. ADR (Participation Certificate)*		61,200		552

Corp. Inmobiliaria Vesta S.A.B. de C.V.		134,400		527

Fomento Economico Mexicano S.A.B. de C.V. ADR		5,460		711



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 90.2% ⁽¹⁾ continued

Mexico – 4.9% continued

Grupo Financiero Banorte S.A.B. de C.V., Class O		130,900		$1,406

Wal-Mart de Mexico S.A.B. de C.V.		557,175		2,263

				7,858

Netherlands – 0.8%

ASM International N.V.		743		453

ASML Holding N.V.		863		828

				1,281

Peru – 1.9%

Cia de Minas Buenaventura S.A.A. ADR		74,081		1,176

Credicorp Ltd.		10,570		1,791

				2,967

Philippines – 0.5%

BDO Unibank, Inc.		175,078		481

International Container Terminal Services, Inc.		68,480		393

				874

Poland – 0.4%

Dino Polska S.A.*		2,081		202

Powszechny Zaklad Ubezpieczen S.A.		37,954		464

				666

Russia – 0.0%

Gazprom PJSC⁽²⁾⁽³⁾ *		66,340		—

LUKOIL PJSC⁽²⁾⁽³⁾		9,885		—

Moscow Exchange MICEX-RTS PJSC⁽²⁾		426,740		—

				—

Saudi Arabia – 1.8%

Aldrees Petroleum and Transport Services Co.		2,876		127

Alinma Bank		46,858		532

Arabian Contracting Services Co.		855		52

Dr. Sulaiman Al Habib Medical Services Group Co.		3,593		293

Elm Co.		1,600		415

Leejam Sports Co. JSC		5,680		330

Riyadh Cables Group Co.		18,015		474

Saudi Arabian Oil Co.		84,273		693

				2,916

South Africa – 3.9%

Anglo American Platinum Ltd.		24,658		1,000

Bid Corp. Ltd.		46,545		1,133

Bidvest Group (The) Ltd.		132,500		1,697



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 90.2% ⁽¹⁾ continued

South Africa – 3.9% continued

Naspers Ltd., Class N		3,645		$645

Standard Bank Group Ltd.		100,364		982

Truworths International Ltd.		186,730		752

				6,209

South Korea – 14.3%

Amorepacific Corp.		8,004		722

DB Insurance Co. Ltd.		2,941		207

Hanmi Semiconductor Co. Ltd.		5,307		527

Hanwha Aerospace Co. Ltd.		2,111		321

Hyundai Mobis Co. Ltd.		4,372		828

Hyundai Motor Co.		18,309		3,169

KB Financial Group, Inc.		11,429		590

Kia Corp.		7,212		590

LG Chem Ltd.		1,084		353

NAVER Corp.		3,656		509

NCSoft Corp.		4,927		728

Samsung Biologics Co. Ltd.*		1,595		985

Samsung C&T Corp.		1,691		199

Samsung Electronics Co. Ltd.		147,007		8,998

SK Hynix, Inc.		24,170		3,285

SK Square Co. Ltd.*		11,409		669

				22,680

Taiwan – 11.7%

Accton Technology Corp.		60,800		880

Alchip Technologies Ltd.		11,570		1,208

E Ink Holdings, Inc.		5,000		36

Gigabyte Technology Co. Ltd.		21,000		207

Hon Hai Precision Industry Co. Ltd.		436,796		2,047

MediaTek, Inc.		32,900		1,228

Nien Made Enterprise Co. Ltd.		22,100		243

Phison Electronics Corp.		10,400		230

Realtek Semiconductor Corp.		35,000		612

Taiwan Semiconductor Manufacturing Co. Ltd.		441,500		10,747

Voltronic Power Technology Corp.		900		46

Wistron Corp.		93,000		363

Wiwynn Corp.		11,300		802

				18,649

Thailand – 1.5%

Airports of Thailand PCL (Registered)		410,000		736

Bangkok Dusit Medical Services PCL NVDR		128,300		100

Bumrungrad Hospital PCL NVDR		35,700		219



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 90.2% ⁽¹⁾ continued

Thailand – 1.5% continued

CP ALL PCL (Registered)		540,400		$811

PTT Exploration & Production PCL NVDR		120,000		503

WHA Corp. PCL NVDR		377,700		50

				2,419

United Arab Emirates – 2.9%

Aldar Properties PJSC		636,904		968

Emaar Properties PJSC		1,437,033		3,197

Salik Co. PJSC		425,581		433

				4,598

United Kingdom – 0.2%

BAE Systems PLC		21,082		359

United States – 5.3%

Cadence Design Systems, Inc.*		1,033		322

Cognizant Technology Solutions Corp., Class A		4,000		293

Globant S.A.*		4,700		949

Linde PLC		224		104

Meta Platforms, Inc., Class A		2,394		1,162

Microsoft Corp.		2,380		1,001

NVIDIA Corp.		2,695		2,435

Parade Technologies Ltd.		10,000		292

Tenaris S.A. ADR		47,339		1,859

				8,417

Zambia – 0.2%

First Quantum Minerals Ltd.		31,300		336

Total Common Stocks

(Cost $115,885)				143,345


PREFERRED STOCKS – 3.3% ⁽¹⁾

Brazil – 3.0%

Gerdau S.A., 1.80%⁽⁴⁾		176,000		779

Itau Unibanco Holding S.A. ADR, 3.25%⁽⁴⁾		528,489		3,662

Petroleo Brasileiro S.A., 5.88%⁽⁴⁾		41,800		313

				4,754

South Korea – 0.3%

Samsung Electronics Co. Ltd., 2.13%⁽⁴⁾		10,251		518

Total Preferred Stocks

(Cost $4,303)				5,272

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 6.3%

iShares Core S&P 500 ETF

4,100

$2,155

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽⁵⁾⁽⁶⁾

7,902,031

7,902

Total Investment Companies

(Cost $9,799)

10,057

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill,
5.21%, 4/11/24⁽⁷⁾⁽⁸⁾

$115

Total Short-Term Investments

(Cost $115)

115

Total Investments – 99.9%

(Cost $130,102)

158,789

Other Assets less Liabilities – 0.1%

151

Net Assets – 100.0%

$158,940

⁽¹⁾

Adjustment factors were provided by an independent evaluation service 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⁾

Restricted security that has been deemed illiquid. At March 31, 2024, 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

⁽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, 2024 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

ETF – Exchange-Traded Fund

MSCI – Morgan Stanley Capital International

NVDR – Non-Voting Depositary Receipt

S&P – Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2024, 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)	70	$3,672	Long	6/24	$ —*

⁽¹⁾

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

*	Amount rounds to less than one thousand.

At March 31, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		24.4	%

Indian Rupee		15.4

Korean Won		14.6

Taiwan Dollar		11.9

Hong Kong Dollar		7.9

All other currencies less than 5%		25.7

Total Investments		99.9

Other Assets less Liabilities		0.1

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, 2024 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, 2024:



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

Common Stocks:

Austria		$ —			$ 251		$ —		$ 251

China		4,945			11,903		—		16,848

Denmark		—			280		—		280

France		—			169		—		169

Greece		—			1,539		—		1,539

Hong Kong		—			590		—		590

India		1,755			24,518		—		26,273

Indonesia		—			5,052		—		5,052

Mexico		2,934			4,924		—		7,858

Netherlands		—			1,281		—		1,281

Philippines		—			874		—		874

Poland		—			666		—		666

South Africa		—			6,209		—		6,209

Thailand		872			1,547		—		2,419

United Kingdom		—			359		—		359

All Other Countries⁽¹⁾		72,677			—		—		72,677

Total Common Stocks		83,183			60,162		—		143,345

Preferred Stocks⁽¹⁾		5,272			—		—		5,272

Investment Companies		10,057			—		—		10,057

Short-Term Investments		—			115		—		115

Total Investments		$98,512			$60,277		$ —		$158,789

OTHER FINANCIAL INSTRUMENTS

Liabilities

Futures Contracts		$ —	*		$ —		$—		$ —	*

⁽¹⁾

Classifications as defined in the Schedule of Investments.

*	Amount rounds to less than one thousand.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾

Australia – 0.7%

AGL Energy Ltd.		35,313		$192

ALS Ltd.		21,953		188

Beach Energy Ltd.		179,474		215

Champion Iron Ltd.		53,541		259

Charter Hall Group		24,376		219

JB Hi-Fi Ltd.		7,722		323

Magellan Financial Group Ltd.		32,513		210

OceanaGold Corp.		140,759		318

Rio Tinto PLC		6,031		383

Seven Group Holdings Ltd.		13,946		371

Super Retail Group Ltd.		28,009		294

Technology One Ltd.		31,611		350

Ventia Services Group Pty. Ltd.		102,574		258

				3,580

Austria – 0.5%

ams-OSRAM A.G.*		191,787		222

Erste Group Bank A.G.		29,918		1,332

Mondi PLC		49,453		872

				2,426

Belgium – 0.6%

Ageas S.A./N.V.		20,127		932

Anheuser-Busch InBev S.A./N.V.		28,544		1,736

Proximus S.A.DP		47,888		388

				3,056

Brazil – 2.3%

Atacadao S.A.		233,282		627

Cia de Saneamento Basico do Estado de Sao Paulo S.A.B.ESP*		50,264		850

MercadoLibre, Inc.*		3,438		5,198

NU Holdings Ltd., Class A*		282,830		3,374

Telefonica Brasil S.A.		88,464		891

Ultrapar Participacoes S.A.		53,885		307

				11,247

Burkina Faso – 0.1%

Endeavour Mining PLC		28,644		582

Canada – 5.0%

Alamos Gold, Inc., Class A		30,630		452

Alimentation Couche-Tard, Inc.		10,551		602

ARC Resources Ltd.		32,137		573

Barrick Gold Corp.		55,915		930

Boardwalk Real Estate Investment Trust		8,055		464

Bombardier, Inc., Class B*		4,999		215

Boralex, Inc., Class A		7,256		153



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

Canada – 5.0% continued

Canadian Natural Resources Ltd.		37,388		$2,852

Canadian Pacific Kansas City Ltd.		82,658		7,288

Canadian Pacific Kansas City Ltd. (Toronto Exchange)		16,347		1,441

Celestica, Inc.*		22,936		1,030

CI Financial Corp.		14,122		180

Docebo, Inc.*		4,131		202

Dundee Precious Metals, Inc.		51,766		394

EQB, Inc.		3,668		230

Finning International, Inc.		16,231		477

Headwater Exploration, Inc.		64,758		367

Linamar Corp.		3,854		205

NuVista Energy Ltd.*		29,859		262

Parex Resources, Inc.		15,764		252

Shopify, Inc., Class A*		22,701		1,752

SNC-Lavalin Group, Inc.		5,649		231

Stella-Jones, Inc.		7,368		430

Superior Plus Corp.		27,906		208

Thomson Reuters Corp.		18,920		2,944

Whitecap Resources, Inc.		40,534		307

				24,441

Chile – 0.1%

Lundin Mining Corp.		27,764		284

China – 0.4%

Alibaba Group Holding Ltd.		64,582		583

Baidu, Inc., Class A*		20,631		270

Dongfeng Motor Group Co. Ltd., Class H		480,440		201

Tencent Holdings Ltd.		26,700		1,042

				2,096

Denmark – 2.4%

Ascendis Pharma A/S ADR*		1,736		262

Bavarian Nordic A/S*		9,093		206

ISS A/S		10,338		189

Jyske Bank A/S (Registered)		4,679		396

Novo Nordisk A/S, Class B		76,134		9,752

Pandora A/S		2,722		440

ROCKWOOL A/S, Class B		849		280

				11,525

Finland – 0.3%

Konecranes OYJ		7,604		394



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

Finland – 0.3% continued

Nokia OYJ		210,159		$744

TietoEVRY OYJ (Cboe DXE Exchange)		7,383		156

				1,294

France – 9.5%

Accor S.A.		10,012		467

Air Liquide S.A.		6,815		1,420

Alstom S.A.		154,364		2,352

Arkema S.A.		4,992		525

AXA S.A.		92,501		3,473

BNP Paribas S.A.		33,569		2,389

Carrefour S.A.		120,942		2,070

Cie de Saint-Gobain S.A.		25,469		1,975

Danone S.A.		22,308		1,441

Dassault Systemes S.E.		8,839		391

Eiffage S.A.		4,183		474

Elis S.A.		18,881		429

Engie S.A.		108,844		1,829

Ipsen S.A.		2,199		261

Kering S.A.		6,394		2,527

Klepierre S.A.		16,097		417

La Francaise des Jeux S.A.E.M.		5,960		243

L’Oreal S.A.		6,600		3,130

LVMH Moet Hennessy Louis Vuitton S.E.		4,739		4,286

Orange S.A.		95,942		1,127

Renault S.A.		26,637		1,345

Rexel S.A.		9,280		250

Safran S.A.		20,635		4,673

Societe Generale S.A.		52,900		1,423

Sopra Steria Group		2,199		532

SPIE S.A.		12,334		463

Technip Energies N.V.		12,638		320

Teleperformance S.E.		9,645		935

TotalEnergies S.E.		38,643		2,657

Valeo S.E.		58,168		727

Vallourec SACA*		21,441		397

Verallia S.A.		5,235		204

Vinci S.A.		7,186		921

Virbac S.A.CA		575		215

				46,288

Germany – 6.1%

adidas A.G.		7,330		1,637

AIXTRON S.E.		12,558		332

Allianz S.E. (Registered)		4,952		1,484



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

Germany – 6.1% continued

Aurubis A.G.		3,067		$216

BASF S.E.		23,765		1,357

Bechtle A.G.		7,039		372

CECONOMY A.G.*		49,899		100

Continental A.G.		8,797		635

CTS Eventim A.G. & Co. KGaA		4,868		433

Daimler Truck Holding A.G.		33,808		1,713

Deutsche Telekom A.G. (Registered)		89,409		2,170

Encavis A.G.*		5,246		95

Evonik Industries A.G.		45,002		890

Freenet A.G.		11,809		332

Fresenius S.E. & Co. KGaA		36,230		977

GEA Group A.G.		7,888		333

Gerresheimer A.G.		2,921		329

Heidelberg Materials A.G.		17,080		1,879

HUGO BOSS A.G.		4,355		257

Infineon Technologies A.G.		37,473		1,274

KION Group A.G.		4,504		237

Mercedes-Benz Group A.G.		8,977		715

Rheinmetall A.G.		480		270

RTL Group S.A.		10,301		348

RWE A.G.		33,149		1,125

SAP S.E.		30,388		5,916

Scout24 S.E.		4,169		314

Siemens Healthineers A.G.⁽²⁾*		49,001		2,999

SMA Solar Technology A.G.*		2,360		136

TAG Immobilien A.G.*		31,186		427

TeamViewer S.E.*		11,644		173

				29,475

Hong Kong – 1.2%

CK Asset Holdings Ltd.		143,922		593

Kerry Properties Ltd.		79,500		146

Link REIT		111,600		481

Prudential PLC		362,546		3,410

United Laboratories International

Holdings (The) Ltd.		252,000		288

WH Group Ltd.⁽²⁾		1,054,354		696

				5,614

India – 1.2%

Canara Bank		119,689		834

HDFC Bank Ltd.		73,922		1,286



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

India – 1.2% continued

ICICI Bank Ltd. ADR		135,308		$3,574

Oil & Natural Gas Corp. Ltd.		66,820		215

				5,909

Ireland – 0.6%

AIB Group PLC		11,122		56

AIB Group PLC		291		1

AIB Group PLC (London Exchange)		152,541		760

Bank of Ireland Group PLC		47,944		489

Bank of Ireland Group PLC (London Stock Exchange)		79,525		813

Dalata Hotel Group PLC		52,930		258

Glanbia PLC		21,986		434

Smurfit Kappa Group PLC		4,444		203

				3,014

Israel – 0.1%

Perion Network Ltd.*		11,055		248

Italy – 4.4%

Azimut Holding S.p.A.		9,131		248

Banco BPM S.p.A.		78,380		521

BPER Banca		239,636		1,132

Brunello Cucinelli S.p.A.		2,134		244

Buzzi S.p.A.		12,522		492

Coca-Cola HBC A.G. - CDI*		13,636		431

Enel S.p.A.		320,565		2,116

Eni S.p.A.		122,027		1,935

ERG S.p.A.		6,964		175

Ferrari N.V.		16,206		7,063

Iren S.p.A.		101,250		207

Iveco Group N.V.*		14,080		210

Leonardo S.p.A.		10,639		267

Ryanair Holdings PLC ADR		7,402		1,078

Saras S.p.A.		131,295		252

UniCredit S.p.A.		134,458		5,102

				21,473

Japan – 11.6%

Adastria Co. Ltd.		9,500		242

Advantest Corp.		76,300		3,437

Alfresa Holdings Corp.		23,643		347

Alps Alpine Co. Ltd.		34,909		276

Amada Co. Ltd.		60,070		682

Asics Corp.		7,100		342

BIPROGY, Inc.		8,000		239

Citizen Watch Co. Ltd.		36,100		236



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

Japan – 11.6% continued

Credit Saison Co. Ltd.		21,900		$459

Daicel Corp.		37,300		373

Daido Steel Co. Ltd.		46,500		558

Daihen Corp.		6,700		411

Dai-ichi Life Holdings, Inc.		51,459		1,310

DeNA Co. Ltd.		24,690		247

Dentsu Group, Inc.		21,520		596

DMG Mori Co. Ltd.		10,000		268

Ebara Corp.		5,600		510

Eisai Co. Ltd.		5,386		221

FANUC Corp.		63,700		1,761

Fuji Soft, Inc.		8,100		322

Fujikura Ltd.		24,500		369

Fuyo General Lease Co. Ltd.		2,800		255

Hakuhodo DY Holdings, Inc.		52,580		481

Hino Motors Ltd.*		70,774		238

Hitachi Zosen Corp.		29,300		255

Honda Motor Co. Ltd.		33,873		423

Horiba Ltd.		3,400		360

INFRONEER Holdings, Inc.		30,500		291

Invincible Investment Corp.		663		298

Isuzu Motors Ltd.		67,344		914

J Front Retailing Co. Ltd.		26,400		295

Japan Airlines Co. Ltd.		28,943		558

Jeol Ltd.		7,400		306

JGC Holdings Corp.		51,660		509

Kaneka Corp.		6,800		171

KDX Realty Investment Corp.		153		160

Keyence Corp.		7,020		3,225

Kirin Holdings Co. Ltd.		61,433		851

Kubota Corp.		89,100		1,403

Lasertec Corp.		2,015		556

Makita Corp.		28,627		808

Mebuki Financial Group, Inc.		98,400		333

Mitsubishi Estate Co. Ltd.		44,230		814

Mitsubishi Gas Chemical Co., Inc.		49,290		843

Mitsubishi UFJ Financial Group, Inc.		21,184		218

Morinaga Milk Industry Co. Ltd.		10,200		211

MS&AD Insurance Group Holdings, Inc.		86,625		1,551

Murata Manufacturing Co. Ltd.		87,200		1,627

Nakanishi, Inc.		13,700		213

Nankai Electric Railway Co. Ltd.		9,100		192

Nichicon Corp.		21,600		183



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

Japan – 11.6% continued

Nikon Corp.		35,776		$362

Nippon Accommodations Fund, Inc.		41		175

Nippon Electric Glass Co. Ltd.		8,100		207

Nippon Television Holdings, Inc.		32,892		504

Nissan Motor Co. Ltd.		242,368		974

Nissui Corp.		57,000		362

Nitto Boseki Co. Ltd.		5,600		221

Ono Pharmaceutical Co. Ltd.		37,578		609

Park24 Co. Ltd.*		22,600		274

Persol Holdings Co. Ltd.		243,890		344

Renesas Electronics Corp.		28,000		494

Rengo Co. Ltd.		47,500		367

Resona Holdings, Inc.		150,707		946

Resorttrust, Inc.		11,400		200

Round One Corp.		55,300		288

Sankyo Co. Ltd.		33,500		370

Sankyu, Inc.		6,000		207

Santen Pharmaceutical Co. Ltd.		33,300		338

Sanwa Holdings Corp.		23,200		411

Sawai Group Holdings Co. Ltd.		4,800		191

Sega Sammy Holdings, Inc.		43,780		582

Seven & i Holdings Co. Ltd.		100,800		1,469

Shimamura Co. Ltd.		5,600		321

Socionext, Inc.		8,500		238

Stanley Electric Co. Ltd.		28,489		530

Subaru Corp.		38,002		866

Sumitomo Bakelite Co. Ltd.		9,200		281

Sumitomo Electric Industries Ltd.		60,713		942

Sumitomo Forestry Co. Ltd.		9,200		299

Sumitomo Heavy Industries Ltd.		17,963		560

Sumitomo Mitsui Trust Holdings, Inc.		64,894		1,418

Sumitomo Rubber Industries Ltd.		41,621		516

T&D Holdings, Inc.		95,921		1,646

Taiheiyo Cement Corp.		17,021		396

Takeda Pharmaceutical Co. Ltd.		74,062		2,047

Takeuchi Manufacturing Co. Ltd.		9,900		399

THK Co. Ltd.		30,406		709

Tokyo Seimitsu Co. Ltd.		6,200		499

Tokyo Tatemono Co. Ltd.		18,000		313

Tokyu Fudosan Holdings Corp.		36,800		304

Toyo Suisan Kaisha Ltd.		6,400		401

Toyo Tire Corp.		18,300		342

Toyoda Gosei Co. Ltd.		13,200		283

Tsuruha Holdings, Inc.		6,647		472



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

Japan – 11.6% continued

Yamaguchi Financial Group, Inc.		33,500		$345

Yamato Holdings Co. Ltd.		53,760		766

				56,536

Jersey – 0.0%

Arcadium Lithium PLC - CDI*		29,903		132

Jordan – 0.1%

Hikma Pharmaceuticals PLC		12,353		299

Macau – 0.1%

MGM China Holdings Ltd.*		193,600		324

Malaysia – 0.1%

CIMB Group Holdings Bhd.		415,785		583

Mexico – 0.1%

Fresnillo PLC		61,409		365

Netherlands – 7.4%

ABN AMRO Bank N.V. - C.V.A.		77,597		1,331

Adyen N.V.*		2,980		5,048

Akzo Nobel N.V.		24,345		1,816

ASM International N.V.		7,568		4,610

ASML Holding N.V.		1,911		1,835

ASML Holding N.V. (Registered)		4,857		4,713

ASR Nederland N.V.		9,239		452

BE Semiconductor Industries N.V.		3,010		459

Euronext N.V.		3,907		372

Fugro N.V.*		20,160		494

Heineken N.V.		4,558		439

ING Groep N.V.		194,158		3,198

Koninklijke Philips N.V.*		164,785		3,304

NN Group N.V.		27,586		1,276

OCI N.V.		7,844		215

Pharming Group N.V.*		163,568		180

Shell PLC		109,672		3,639

Shell PLC (CBOE Exchange)		71,610		2,396

VEON Ltd. ADR*		6,908		166

				35,943

Norway – 0.1%

Norsk Hydro ASA		20,455		113

Seadrill Ltd.*		4,997		247

				360

Russia – 0.0%

Gazprom PJSC ADR⁽³⁾*		54,380		—

LUKOIL PJSC ADR⁽³⁾*		4,766		—



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

Russia – 0.0% continued

Mobile TeleSystems PJSC ADR⁽³⁾⁽⁴⁾ *		64,508		$—

Sberbank of Russia PJSC (Moscow Exchange)⁽³⁾⁽⁴⁾		186,456		—

				—

Singapore – 0.3%

Frasers Logistics & Commercial Trust		201,200		158

Sembcorp Industries Ltd.		97,500		390

United Overseas Bank Ltd.		44,800		974

				1,522

South Africa – 0.4%

Anglo American PLC		45,194		1,117

MTN Group Ltd.		76,924		381

Old Mutual Ltd.		756,827		469

				1,967

South Korea – 3.3%

AfreecaTV Co. Ltd.		2,074		181

Classys, Inc.		10,235		268

Coupang, Inc.*		156,582		2,786

Coway Co. Ltd.		11,337		472

Dentium Co. Ltd.		2,813		284

Hankook Tire & Technology Co. Ltd.		12,878		518

Hanmi Pharm Co. Ltd.		1,018		252

HD Hyundai Electric Co. Ltd.		3,381		451

Hyundai Mobis Co. Ltd.		5,799		1,098

KB Financial Group, Inc.		27,384		1,414

KT Corp. ADR		72,494		1,016

LEENO Industrial, Inc.		1,221		232

LOTTE Fine Chemical Co. Ltd.		4,592		160

NongShim Co. Ltd.		503		138

Samsung Electronics Co. Ltd.		67,463		4,129

Samsung Engineering Co. Ltd.*		12,228		227

Shinhan Financial Group Co. Ltd.		45,657		1,560

SK Hynix, Inc.		4,038		549

SOLUM Co. Ltd.*		11,265		207

Youngone Corp.		5,315		160

				16,102

Spain – 1.3%

Acerinox S.A.		26,056		286

Aena S.M.E. S.A.		7,196		1,417

Amadeus IT Group S.A.		33,381		2,141

Bankinter S.A.		63,094		461

Cia de Distribucion Integral Logista Holdings S.A.		9,532		266



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

Spain – 1.3% continued

Iberdrola S.A.		73,724		$915

Indra Sistemas S.A.		14,412		299

Laboratorios Farmaceuticos Rovi S.A.		3,823		333

Merlin Properties Socimi S.A.		38,704		416

				6,534

Sweden – 2.2%

AFRY AB		12,058		192

Assa Abloy AB, Class B		19,981		573

Avanza Bank Holding AB		10,072		217

Axfood AB		7,951		231

Evolution AB		49,732		6,175

Loomis AB		6,471		181

NCC AB, Class B		15,045		207

SKF AB, Class B		73,112		1,490

Telefonaktiebolaget LM Ericsson, Class B		167,209		921

Trelleborg AB, Class B		8,736		312

Wihlborgs Fastigheter AB		28,147		260

				10,759

Switzerland – 3.3%

Accelleron Industries A.G.		7,039		263

Adecco Group A.G. (Registered)		29,559		1,169

Baloise Holding A.G. (Registered)		1,286		201

Bucher Industries A.G. (Registered)		471		207

Cie Financiere Richemont S.A., Class A (Registered)		3,622		554

Flughafen Zurich A.G. (Registered)		1,241		282

Galenica A.G.		4,567		381

Julius Baer Group Ltd.		8,895		514

Logitech International S.A. (Registered)		1,845		165

Novartis A.G. (Registered)		38,832		3,761

PSP Swiss Property A.G. (Registered)		3,623		475

Siegfried Holding A.G. (Registered)*		396		404

Sulzer A.G. (Registered)		3,292		400

Swatch Group (The) A.G. (Bearer)		4,568		1,060

Swissquote Group Holding S.A. (Registered)		1,711		480

Temenos A.G. (Registered)		17,762		1,272

UBS Group A.G. (Registered)		146,320		4,497

				16,085



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

Taiwan – 0.2%

Catcher Technology Co. Ltd.		91,589	$627

Hon Hai Precision Industry Co. Ltd.		111,852	524

			1,151

Thailand – 0.3%

Kasikornbank PCL (Registered)		179,231	609

Kasikornbank PCL NVDR		174,267	592

			1,201

United Kingdom – 13.7%

4imprint Group PLC		5,874	471

AstraZeneca PLC		42,238	5,687

Babcock International Group PLC		79,824	524

BAE Systems PLC		291,586	4,967

Balfour Beatty PLC		62,567	302

Barclays PLC		1,306,144	3,035

Beazley PLC		37,387	314

Berkeley Group Holdings PLC		13,294	799

BP PLC		779,164	4,896

British American Tobacco PLC		126,191	3,836

British Land (The) Co. PLC		137,719	688

BT Group PLC		621,905	861

Bunzl PLC		41,686	1,605

Burberry Group PLC		52,049	798

CK Hutchison Holdings Ltd.		150,613	728

Compass Group PLC		123,999	3,634

Computacenter PLC		12,503	425

ConvaTec Group PLC		83,527	302

CVS Group PLC		11,159	137

DCC PLC		2,662	194

Diageo PLC		61,058	2,255

Dowlais Group PLC		134,686	133

Drax Group PLC		31,859	202

Dunelm Group PLC		11,916	171

easyJet PLC		174,249	1,254

Harbour Energy PLC		48,846	170

IMI PLC		11,017	252

Inchcape PLC		32,198	295

Intermediate Capital Group PLC		11,611	302

Investec PLC		38,811	260

J Sainsbury PLC		131,664	450

JET2 PLC		13,730	250

Kingfisher PLC		422,102	1,328

Land Securities Group PLC		57,920	481

Legal & General Group PLC		308,039	988



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

United Kingdom – 13.7% continued

LondonMetric Property PLC		116,840		$300

Man Group PLC/Jersey		102,631		347

Marks & Spencer Group PLC		123,086		412

Moneysupermarket.com Group PLC		98,926		275

NatWest Group PLC		221,159		741

Nomad Foods Ltd.		9,805		192

OSB Group PLC		44,609		212

Playtech PLC*		30,723		179

QinetiQ Group PLC		48,834		225

Reckitt Benckiser Group PLC		42,715		2,430

RELX PLC		10,863		469

RELX PLC (London Stock Exchange)		23,912		1,036

Rolls-Royce Holdings PLC*		1,086,895		5,845

Safestore Holdings PLC		20,791		198

Sage Group (The) PLC		285,150		4,554

Segro PLC		62,978		717

Serco Group PLC		156,475		375

Spectris PLC		4,909		205

Standard Chartered PLC		190,290		1,613

Tate & Lyle PLC		63,060		491

Taylor Wimpey PLC		137,456		238

Tritax Big Box REIT PLC		104,933		209

Unilever PLC		17,689		888

Weir Group (The) PLC		9,074		232

WPP PLC		131,385		1,243

				66,620

United States – 14.5%

Accenture PLC, Class A		11,436		3,964

Aon PLC, Class A		22,273		7,433

Arch Capital Group Ltd.*		42,429		3,922

Atlassian Corp., Class A*		23,002		4,488

CSL Ltd.		3,519		661

EPAM Systems, Inc.*		6,971		1,925

Experian PLC		105,306		4,597

Ferguson PLC		20,267		4,436

Globant S.A.*		3,920		792

GSK PLC		206,006		4,424

Holcim A.G.*		11,302		1,029

ICON PLC*		36,914		12,401

IMAX Corp.*		11,876		192

Linde PLC		6,493		3,015

Medtronic PLC		27,925		2,434

Monday.com Ltd.*		9,286		2,097

Roche Holding A.G. (Genusschein)		9,038		2,307



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.5% ⁽¹⁾ continued

United States – 14.5% continued

Sanofi S.A.		13,391		$1,314

Schneider Electric S.E.		12,666		2,864

STERIS PLC		14,193		3,191

Waste Connections, Inc.		19,139		3,292

				70,778

Total Common Stocks

(Cost $342,619)				459,813


PREFERRED STOCKS – 1.0% ⁽¹⁾

Brazil – 0.5%

Banco Bradesco S.A. ADR*		570,852		1,633

Raizen S.A., 0.46%⁽⁵⁾		744,500		525

				2,158

Germany – 0.5%

Henkel A.G. & Co. KGaA, 2.49%⁽⁵⁾		10,932		879

Volkswagen A.G., 7.41%⁽⁵⁾		11,860		1,573

				2,452

Total Preferred Stocks

(Cost $4,308)				4,610


INVESTMENT COMPANIES – 3.6%

iShares Core MSCI EAFE ETF		6,657		494

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽⁶⁾⁽⁷⁾		15,407,579		15,408

Vanguard FTSE Developed Markets ETF		34,965		1,754

Total Investment Companies

(Cost $17,572)				17,656


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 0.0%

U.S. Treasury Bill, 5.27%, 4/11/24⁽⁸⁾⁽⁹⁾		$200		$199

Total Short-Term Investments

(Cost $200)				199


Total Investments – 99.1%

(Cost $364,699)				482,278

Other Assets less Liabilities – 0.9%				4,385

Net Assets – 100.0%			$	486,663

⁽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. At March 31, 2024, the value of these securities amounted to approximately $3,695,000 or 0.8% of net assets.

⁽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
Sberbank of Russia PJSC (Moscow Exchange)		1/3/19-11/25/20		625

⁽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, 2024 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

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

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s

TSX – Toronto Stock Exchange

Percentages shown are based on Net Assets.

At March 31, 2024, 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)	52	$6,128	Long	6/24	$55

⁽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, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

Euro		29.9	%

United States Dollar		20.6

British Pound		18.4

Japanese Yen		11.6

All other currencies less than 5%		18.6

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 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	$	318	$	3,262		$—	$	3,580

Brazil		11,247		—		—		11,247

Burkina Faso		582		—		—		582

Canada		24,441		—		—		24,441

Chile		284		—		—		284



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

Denmark	$	262	$	11,263		$—	$	11,525

India		3,574		2,335		—		5,909

Ireland		1		3,013		—		3,014

Israel		248		—		—		248

Italy		17,281		4,192		—		21,473

Japan		56,536		—		—		56,536

Malaysia		583		—		—		583

Netherlands		4,879		31,064		—		35,943

South Korea		16,102		—		—		16,102

Taiwan		1,151		—		—		1,151

Thailand		1,201		—		—		1,201

United Kingdom		192		66,428		—		66,620

United States		49,146		21,632		—		70,778

All Other Countries⁽¹⁾		—		128,596		—		128,596

Total Common Stocks		188,028		271,785		—		459,813

Preferred Stocks:

Brazil		2,158		—		—		2,158

Germany		—		2,452		—		2,452

Total Preferred Stocks		2,158		2,452		—		4,610

Investment Companies		17,656		—		—		17,656

Short-Term Investments		—		199		—		199

Total Investments	$	207,842	$	274,436		$—	$	482,278

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	55	$	—		$—	$	55

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾

Brazil – 3.5%

Ambev S.A.*		1,012,060		$2,526

Atacadao S.A.		128,900		346

B3 S.A. - Brasil Bolsa Balcao		1,205,595		2,885

Banco Bradesco S.A.*		330,777		842

Banco BTG Pactual S.A.*		257,000		1,872

Banco do Brasil S.A.		179,244		2,026

Banco Santander Brasil S.A.		78,836		448

BB Seguridade Participacoes S.A.		145,901		948

Caixa Seguridade Participacoes S/A		130,500		409

CCR S.A.		224,000		619

Centrais Eletricas Brasileiras S.A.		257,600		2,140

Cia de Saneamento Basico do Estado de Sao Paulo S.A.B.ESP*		71,871		1,216

Cia Siderurgica Nacional S.A.		146,490		459

Cosan S.A.		255,888		825

CPFL Energia S.A.		50,400		350

Energisa S/A		55,700		533

Eneva S.A.*		124,200		317

Engie Brasil Energia S.A.		40,147		322

Equatorial Energia S.A.(A Bolsa do Brasil Exchange)		217,107		1,416

Hapvida Participacoes e Investimentos S/A*		1,023,784		757

Hypera S.A.*		86,258		568

Klabin S.A.		158,341		796

Localiza Rent a Car S.A.*		192,105		2,106

Lojas Renner S.A.*		192,346		649

Magazine Luiza S.A.*		835,862		300

Natura & Co. Holding S.A.		193,901		688

Petroleo Brasileiro S.A.		790,034		6,038

PRIO S.A.		175,000		1,695

Raia Drogasil S.A.		269,827		1,478

Rede D’Or Sao Luiz S.A.*		125,300		632

Rumo S.A.		272,694		1,206

Sendas Distribuidora S/A		271,154		801

Suzano S.A.*		172,685		2,203

Telefonica Brasil S.A.		87,873		885

TIM S.A.		178,695		634

TOTVS S.A.*		123,355		701

Ultrapar Participacoes S.A.		152,248		867

Vale S.A.		721,713		8,784

Vibra Energia S.A.*		244,400		1,218

WEG S.A.		360,648		2,755

				56,260



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Chile – 0.4%

Banco de Chile		9,439,051		$1,050

Banco de Credito e Inversiones S.A.*		16,371		468

Banco Santander Chile		14,256,023		710

Cencosud S.A.		260,964		453

Cia Sud Americana de Vapores S.A.		3,271,831		246

Empresas CMPC S.A.		239,237		486

Empresas Copec S.A.		88,849		638

Enel Americas S.A.		4,777,703		466

Enel Chile S.A.		5,939,190		357

Falabella S.A.*		177,706		467

Latam Airlines Group S.A.*		37,532,161		468

				5,809

China – 23.9%

360 Security Technology, Inc., Class A*		89,800		108

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		24,100		58

AAC Technologies Holdings, Inc.		151,500		509

Accelink Technologies Co. Ltd., Class A		11,600		62

ACM Research Shanghai, Inc., Class A		3,200		38

Advanced Micro-Fabrication Equipment, Inc. China, Class A		7,398		153

AECC Aero-Engine Control Co. Ltd., Class A		19,700		50

AECC Aviation Power Co. Ltd., Class A		36,300		171

Agricultural Bank of China Ltd., Class A		1,136,900		665

Agricultural Bank of China Ltd., Class H		5,837,367		2,463

Aier Eye Hospital Group Co. Ltd., Class A		124,676		221

AIMA Technology Group Co. Ltd., Class A		12,600		54

Air China Ltd., Class A*		125,200		126

Air China Ltd., Class H*		406,705		198

Airtac International Group		29,765		1,042

Akeso, Inc.*		112,000		668

Alibaba Group Holding Ltd.		3,470,480		31,320

Alibaba Health Information Technology Ltd.*		1,204,000		490

Aluminum Corp. of China Ltd., Class A		145,900		149

Aluminum Corp. of China Ltd., Class H		949,435		604

Amlogic Shanghai Co. Ltd., Class A		6,175		41

Angel Yeast Co. Ltd., Class A		9,100		36

Anhui Conch Cement Co. Ltd., Class A		47,700		147

Anhui Conch Cement Co. Ltd., Class H		269,575		561

Anhui Gujing Distillery Co. Ltd., Class A		5,400		194



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Anhui Gujing Distillery Co. Ltd., Class B		21,200		$300

Anhui Jianghuai Automobile Group Corp. Ltd., Class A*		21,800		50

Anhui Kouzi Distillery Co. Ltd., Class A		9,600		54

Anhui Yingjia Distillery Co. Ltd., Class A		9,500		86

Anjoy Foods Group Co. Ltd., Class A		4,100		47

Anker Innovations Technology Co. Ltd., Class A		4,100		44

ANTA Sports Products Ltd.		274,632		2,931

Asia - Potash International Investment Guangzhou Co. Ltd., Class A*		11,600		31

ASR Microelectronics Co. Ltd., Class A*		11,485		65

Asymchem Laboratories Tianjin Co. Ltd., Class A		4,340		52

Autobio Diagnostics Co. Ltd., Class A		8,000		63

Autohome, Inc. ADR		15,870		416

Avary Holding Shenzhen Co. Ltd., Class A		23,000		74

AVIC Industry-Finance Holdings Co. Ltd., Class A		128,200		54

AviChina Industry & Technology Co. Ltd., Class H		554,313		218

AVICOPTER PLC, Class A		9,300		53

BAIC BluePark New Energy Technology Co. Ltd., Class A*		53,800		56

Baidu, Inc., Class A*		477,882		6,259

Bank of Beijing Co. Ltd., Class A		267,900		210

Bank of Changsha Co. Ltd., Class A		50,200		54

Bank of Chengdu Co. Ltd., Class A		35,500		67

Bank of China Ltd., Class A		427,900		261

Bank of China Ltd., Class H		16,918,652		6,988

Bank of Communications Co. Ltd., Class A		467,300		410

Bank of Communications Co. Ltd., Class H		1,862,117		1,224

Bank of Hangzhou Co. Ltd., Class A		81,220		125

Bank of Jiangsu Co. Ltd., Class A		202,344		221

Bank of Nanjing Co. Ltd., Class A		129,396		160

Bank of Ningbo Co. Ltd., Class A		72,850		208

Bank of Shanghai Co. Ltd., Class A		168,471		157

Bank of Suzhou Co. Ltd., Class A		26,200		26

Baoshan Iron & Steel Co. Ltd., Class A		269,496		248

BeiGene Ltd.*		144,334		1,739

Beijing Dabeinong Technology Group Co. Ltd., Class A		40,700		28

Beijing Enlight Media Co. Ltd., Class A		44,400		66



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Beijing Enterprises Holdings Ltd.		109,771		$319

Beijing Enterprises Water Group Ltd.		833,886		185

Beijing Kingsoft Office Software, Inc., Class A		5,789		233

Beijing New Building Materials PLC, Class A		20,100		79

Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		15,500		34

Beijing Roborock Technology Co. Ltd., Class A		1,353		64

Beijing Tiantan Biological Products Corp. Ltd., Class A		25,000		93

Beijing Tongrentang Co. Ltd., Class A		17,800		101

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		11,158		104

Beijing Yanjing Brewery Co. Ltd., Class A		23,100		29

Beijing-Shanghai High Speed Railway Co. Ltd., Class A		589,000		409

Beiqi Foton Motor Co. Ltd., Class A*		157,200		59

Bethel Automotive Safety Systems Co. Ltd., Class A		5,800		45

Bilibili, Inc., Class Z*		38,611		438

Bloomage Biotechnology Corp. Ltd., Class A		4,950		38

BOC Aviation Ltd.		45,100		347

BOC International China Co. Ltd., Class A		28,600		40

BOE Technology Group Co. Ltd., Class A		535,700		301

Bosideng International Holdings Ltd.		816,000		408

Brilliance China Automotive Holdings Ltd.		636,000		439

BYD Co. Ltd., Class A		22,900		643

BYD Co. Ltd., Class H		224,699		5,745

BYD Electronic International Co. Ltd.		165,500		611

By-health Co. Ltd., Class A		24,200		56

C&D International Investment Group Ltd.		138,327		242

Caitong Securities Co. Ltd., Class A		58,910		61

Cambricon Technologies Corp. Ltd., Class A*		4,731		114

Canmax Technologies Co. Ltd., Class A		11,440		31

Cathay Biotech, Inc., Class A		7,200		44

CECEP Solar Energy Co. Ltd., Class A		45,600		33

CGN Power Co. Ltd., Class A		120,800		68



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

CGN Power Co. Ltd., Class H		2,339,000		$693

Changchun High & New Technology Industry Group, Inc., Class A		5,100		85

Changjiang Securities Co. Ltd., Class A		97,000		69

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		4,100		79

Chaozhou Three-Circle Group Co. Ltd., Class A		27,200		93

Chengxin Lithium Group Co. Ltd., Class A		8,300		22

Chifeng Jilong Gold Mining Co. Ltd., Class A*		25,500		58

China Baoan Group Co. Ltd., Class A		38,400		56

China Cinda Asset Management Co. Ltd., Class H		1,881,000		157

China CITIC Bank Corp. Ltd., Class H		1,881,286		1,003

China Coal Energy Co. Ltd., Class H		423,000		412

China Communications Services Corp. Ltd., Class H		527,035		246

China Construction Bank Corp., Class A		102,900		98

China Construction Bank Corp., Class H		20,540,693		12,399

China CSSC Holdings Ltd., Class A		56,000		287

China Eastern Airlines Corp. Ltd., Class A*		279,200		141

China Energy Engineering Corp. Ltd., Class A		430,300		126

China Everbright Bank Co. Ltd., Class A		562,500		243

China Everbright Bank Co. Ltd., Class H		712,000		205

China Feihe Ltd.		788,000		371

China Film Co. Ltd., Class A*		28,100		47

China Galaxy Securities Co. Ltd., Class A		66,700		111

China Galaxy Securities Co. Ltd., Class H		723,500		355

China Gas Holdings Ltd.		600,895		542

China Great Wall Securities Co. Ltd., Class A		36,100		37

China Greatwall Technology Group Co. Ltd., Class A		30,000		41

China Hongqiao Group Ltd.		506,000		570

China Huishan Dairy Holdings Co. Ltd.⁽²⁾ *		1,922,380		—

China International Capital Corp. Ltd., Class A		32,300		144

China International Capital Corp. Ltd., Class H		294,800		350



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

China Jushi Co. Ltd., Class A		51,222		$76

China Life Insurance Co. Ltd., Class A		35,600		140

China Life Insurance Co. Ltd., Class H		1,617,544		1,944

China Literature Ltd.*		87,600		293

China Longyuan Power Group Corp. Ltd., Class H		765,473		539

China Medical System Holdings Ltd.		286,000		300

China Mengniu Dairy Co. Ltd.*		662,870		1,426

China Merchants Bank Co. Ltd., Class A		257,679		1,148

China Merchants Bank Co. Ltd., Class H		838,433		3,321

China Merchants Energy Shipping Co. Ltd., Class A		109,700		121

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		49,900		78

China Merchants Port Holdings Co. Ltd.		288,067		346

China Merchants Securities Co. Ltd., Class A		91,910		178

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		94,300		123

China Minsheng Banking Corp. Ltd., Class A		466,840		262

China Minsheng Banking Corp. Ltd., Class H		1,378,654		477

China National Building Material Co. Ltd., Class H		804,000		278

China National Chemical Engineering Co. Ltd., Class A		73,800		69

China National Medicines Corp. Ltd., Class A		11,400		52

China National Nuclear Power Co. Ltd., Class A		233,298		297

China National Software & Service Co. Ltd., Class A		10,400		45

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		46,900		126

China Oilfield Services Ltd., Class H		358,757		413

China Overseas Land & Investment Ltd.		808,695		1,166

China Overseas Property Holdings Ltd.		235,000		130

China Pacific Insurance Group Co. Ltd., Class A		85,800		273

China Pacific Insurance Group Co. Ltd., Class H		553,737		971

China Petroleum & Chemical Corp., Class A		389,100		344



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

China Petroleum & Chemical Corp., Class H		5,174,628	$	2,938

China Power International Development Ltd.		1,016,000		417

China Railway Group Ltd., Class A		257,500		250

China Railway Group Ltd., Class H		843,827		417

China Railway Signal & Communication Corp. Ltd., Class A		110,341		86

China Rare Earth Resources And Technology Co. Ltd., Class A		14,300		54

China Resources Beer Holdings Co. Ltd.		342,948		1,591

China Resources Gas Group Ltd.		204,458		652

China Resources Land Ltd.		697,432		2,210

China Resources Microelectronics Ltd., Class A		19,967		108

China Resources Mixc Lifestyle Services Ltd.		136,600		433

China Resources Pharmaceutical Group Ltd.		318,000		203

China Resources Power Holdings Co. Ltd.		413,735		965

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		14,700		106

China Ruyi Holdings Ltd.*		1,180,000		300

China Shenhua Energy Co. Ltd., Class A		89,300		483

China Shenhua Energy Co. Ltd., Class H		710,636		2,794

China Southern Airlines Co. Ltd., Class A*		149,900		116

China State Construction Engineering Corp. Ltd., Class A		487,180		353

China State Construction International Holdings Ltd.		429,600		469

China Taiping Insurance Holdings Co. Ltd.		334,304		293

China Three Gorges Renewables Group Co. Ltd., Class A		420,000		273

China Tourism Group Duty Free Corp. Ltd., Class A		21,900		259

China Tourism Group Duty Free Corp. Ltd., Class H		24,100		240

China Tower Corp. Ltd., Class H		9,380,000		1,070

China United Network Communications Ltd., Class A		436,900		282

China Vanke Co. Ltd., Class A		108,300		135

China Vanke Co. Ltd., Class H		501,372		348



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

China XD Electric Co. Ltd., Class A		84,400		$64

China Yangtze Power Co. Ltd., Class A		309,700		1,068

China Zhenhua Group Science & Technology Co. Ltd., Class A		5,900		44

China Zheshang Bank Co. Ltd., Class A		252,330		104

Chongqing Brewery Co. Ltd., Class A		5,300		47

Chongqing Changan Automobile Co. Ltd., Class A		104,368		243

Chongqing Rural Commercial Bank Co. Ltd., Class A		136,800		88

Chongqing Taiji Industry Group Co. Ltd., Class A*		6,900		32

Chongqing Zhifei Biological Products Co. Ltd., Class A		28,850		179

Chow Tai Fook Jewellery Group Ltd.		427,400		631

CITIC Ltd.		1,226,803		1,181

CITIC Securities Co. Ltd., Class A		162,045		430

CITIC Securities Co. Ltd., Class H		372,400		614

CMOC Group Ltd., Class A		236,400		272

CMOC Group Ltd., Class H		735,000		625

CNGR Advanced Material Co. Ltd., Class A		7,502		55

CNPC Capital Co. Ltd., Class A		68,400		54

Contemporary Amperex Technology Co. Ltd., Class A		55,440		1,459

COSCO SHIPPING Development Co. Ltd., Class A		118,200		38

COSCO SHIPPING Energy Transportation Co. Ltd., Class A		35,700		83

COSCO SHIPPING Energy Transportation Co. Ltd., Class H		266,000		275

COSCO SHIPPING Holdings Co. Ltd., Class A		191,780		275

COSCO SHIPPING Holdings Co. Ltd., Class H		611,150		642

COSCO SHIPPING Ports Ltd.		293,886		161

Country Garden Holdings Co. Ltd.*		2,548,886		158

Country Garden Services Holdings Co. Ltd.		452,000		290

CRRC Corp. Ltd., Class A		287,200		271

CRRC Corp. Ltd., Class H		956,000		516

CSC Financial Co. Ltd., Class A		53,600		163

CSPC Innovation Pharmaceutical Co. Ltd., Class A		12,600		65

CSPC Pharmaceutical Group Ltd.		1,863,360		1,468



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

CSSC Science & Technology Co. Ltd., Class A		19,600		$44

Daqin Railway Co. Ltd., Class A		194,400		198

DaShenLin Pharmaceutical Group Co. Ltd., Class A		17,092		50

Datang International Power Generation Co. Ltd., Class A		57,100		23

Dong-E-E-Jiao Co. Ltd., Class A		3,800		32

Dongfang Electric Corp. Ltd., Class A		31,200		68

Dongfeng Motor Group Co. Ltd., Class H		491,169		205

Dongxing Securities Co. Ltd., Class A		55,700		62

East Buy Holding Ltd.*		90,000		239

East Money Information Co. Ltd., Class A		203,124		362

Eastroc Beverage Group Co. Ltd., Class A		2,600		67

Ecovacs Robotics Co. Ltd., Class A		8,100		40

Empyrean Technology Co. Ltd., Class A		3,700		43

ENN Energy Holdings Ltd.		165,479		1,278

ENN Natural Gas Co. Ltd., Class A		31,600		85

Eoptolink Technology, Inc. Ltd., Class A		7,700		71

Eve Energy Co. Ltd., Class A		27,496		149

Everbright Securities Co. Ltd., Class A		44,198		100

Everdisplay Optronics Shanghai Co. Ltd., Class A*		140,978		42

Fangda Carbon New Material Co. Ltd., Class A*		55,582		37

Far East Horizon Ltd.		415,000		308

FAW Jiefang Group Co. Ltd., Class A*		48,500		61

First Capital Securities Co. Ltd., Class A		72,300		54

Flat Glass Group Co. Ltd., Class A		23,600		93

Flat Glass Group Co. Ltd., Class H		97,000		236

Focus Media Information Technology Co. Ltd., Class A		172,400		156

Foshan Haitian Flavouring & Food Co. Ltd., Class A		61,158		333

Fosun International Ltd.		546,865		285

Founder Securities Co. Ltd., Class A		91,300		103

Foxconn Industrial Internet Co. Ltd., Class A		172,600		544

Fujian Sunner Development Co. Ltd., Class A		23,000		52

Fuyao Glass Industry Group Co. Ltd., Class A		24,792		148



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Fuyao Glass Industry Group Co. Ltd., Class H		129,600		$653

GalaxyCore, Inc., Class A		40,726		94

Ganfeng Lithium Group Co. Ltd., Class A		27,140		137

Ganfeng Lithium Group Co. Ltd., Class H		78,720		241

GCL Technology Holdings Ltd.		4,660,000		763

GD Power Development Co. Ltd., Class A		242,200		169

Geely Automobile Holdings Ltd.		1,273,641		1,500

GEM Co. Ltd., Class A		131,300		114

Genscript Biotech Corp.*		260,000		482

GF Securities Co. Ltd., Class A		77,893		144

GF Securities Co. Ltd., Class H		223,000		231

Giant Biogene Holding Co. Ltd.*		66,000		359

Giant Network Group Co. Ltd., Class A		20,700		34

GigaDevice Semiconductor, Inc., Class A		8,880		88

Ginlong Technologies Co. Ltd., Class A		4,450		37

GoerTek, Inc., Class A		41,300		91

Goldwind Science & Technology Co. Ltd., Class A		42,100		44

Goneo Group Co. Ltd., Class A		4,500		64

GoodWe Technologies Co. Ltd., Class A		1,993		28

Gotion High-tech Co. Ltd., Class A*		24,200		68

Great Wall Motor Co. Ltd., Class A		35,500		112

Great Wall Motor Co. Ltd., Class H		472,296		526

Gree Electric Appliances, Inc. of Zhuhai, Class A		38,800		211

Greenland Holdings Corp. Ltd., Class A*		107,900		29

GRG Banking Equipment Co. Ltd., Class A		43,100		72

Guangdong Haid Group Co. Ltd., Class A		22,400		137

Guangdong HEC Technology Holding Co. Ltd., Class A*		48,500		59

Guangdong Investment Ltd.		646,514		277

Guanghui Energy Co. Ltd., Class A		80,900		83

Guangzhou Automobile Group Co. Ltd., Class A		68,100		83

Guangzhou Automobile Group Co. Ltd., Class H		683,664		280



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Guangzhou Baiyun International Airport Co. Ltd., Class A*		21,600		$30

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		22,500		90

Guangzhou Haige Communications Group, Inc. Co., Class A		40,500		62

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		7,100		55

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		8,200		39

Guangzhou Tinci Materials Technology Co. Ltd., Class A		22,180		68

Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		37,347		29

Guolian Securities Co. Ltd., Class A*		13,800		22

Guosen Securities Co. Ltd., Class A		81,200		94

Guotai Junan Securities Co. Ltd., Class A		105,500		202

Guoyuan Securities Co. Ltd., Class A		120,360		109

H World Group Ltd. ADR		45,365		1,756

Haidilao International Holding Ltd.		363,000		821

Haier Smart Home Co. Ltd., Class A		78,097		270

Haier Smart Home Co. Ltd., Class H		514,000		1,601

Hainan Airlines Holding Co. Ltd., Class A*		459,200		87

Hainan Airport Infrastructure Co. Ltd., Class A*		122,100		59

Haitian International Holdings Ltd.		122,000		355

Haitong Securities Co. Ltd., Class A		119,900		144

Haitong Securities Co. Ltd., Class H		686,033		328

Hang Zhou Great Star Industrial Co. Ltd., Class A		15,800		55

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		40,800		38

Hangzhou Chang Chuan Technology Co. Ltd., Class A		8,600		40

Hangzhou First Applied Material Co. Ltd., Class A		24,757		97

Hangzhou Oxygen Plant Group Co. Ltd., Class A		11,900		48

Hangzhou Robam Appliances Co. Ltd., Class A		7,600		25

Hangzhou Silan Microelectronics Co. Ltd., Class A		17,200		46

Hangzhou Tigermed Consulting Co. Ltd., Class A		1,200		9



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Hansoh Pharmaceutical Group Co. Ltd.		244,000		$483

Haohua Chemical Science & Technology Co. Ltd., Class A		11,700		54

Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		10,500		37

Heilongjiang Agriculture Co. Ltd., Class A		30,600		52

Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A		34,200		94

Henan Shuanghui Investment & Development Co. Ltd., Class A		47,600		173

Hengan International Group Co. Ltd.		141,398		446

Hengdian Group DMEGC Magnetics Co. Ltd., Class A		23,700		48

Hengli Petrochemical Co. Ltd., Class A*		104,160		201

Hengtong Optic-electric Co. Ltd., Class A		37,800		65

Hengyi Petrochemical Co. Ltd., Class A*		57,330		52

Hesteel Co. Ltd., Class A		142,400		42

Hisense Visual Technology Co. Ltd., Class A		15,100		50

Hithink RoyalFlush Information Network Co. Ltd., Class A		6,100		111

HLA Group Corp. Ltd., Class A		53,800		67

Hongfa Technology Co. Ltd., Class A		2,880		10

Hoshine Silicon Industry Co. Ltd., Class A		10,900		74

Hoymiles Power Electronics, Inc., Class A		1,601		48

Hua Hong Semiconductor Ltd.*		127,000		248

Huadian Power International Corp. Ltd., Class A		84,100		80

Huadong Medicine Co. Ltd., Class A		22,720		97

Huafon Chemical Co. Ltd., Class A		111,100		103

Huagong Tech Co. Ltd., Class A		10,600		50

Huaibei Mining Holdings Co. Ltd., Class A		35,200		81

Hualan Biological Engineering, Inc., Class A		26,070		73

Huaneng Power International, Inc., Class A*		148,100		192

Huaneng Power International, Inc., Class H*		872,501		514

Huatai Securities Co. Ltd., Class A		106,100		206

Huatai Securities Co. Ltd., Class H		261,000		298

Huaxia Bank Co. Ltd., Class A		156,390		140



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Huayu Automotive Systems Co. Ltd., Class A		42,200		$98

Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		13,900		72

Huizhou Desay Sv Automotive Co. Ltd., Class A		5,200		90

Humanwell Healthcare Group Co. Ltd., Class A		22,400		60

Hunan Valin Steel Co. Ltd., Class A		101,900		75

Hundsun Technologies, Inc., Class A		23,645		74

Hwatsing Technology Co. Ltd., Class A		1,706		41

Hygeia Healthcare Holdings Co. Ltd.		70,800		289

Hygon Information Technology Co. Ltd., Class A		24,003		257

IEIT Systems Co. Ltd., Class A		17,856		106

Iflytek Co. Ltd., Class A		24,300		164

Imeik Technology Development Co. Ltd., Class A		3,000		143

Industrial & Commercial Bank of China Ltd., Class A		786,800		575

Industrial & Commercial Bank of China Ltd., Class H		13,974,023		7,041

Industrial Bank Co. Ltd., Class A		275,200		601

Industrial Securities Co. Ltd., Class A		126,400		95

Ingenic Semiconductor Co. Ltd., Class A		4,200		36

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		580,400		128

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		29,200		68

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		190,600		97

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		77,100		298

Inner Mongolia Yitai Coal Co. Ltd., Class B		224,800		429

Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		53,900		43

Innovent Biologics, Inc.*		252,500		1,219

iQIYI, Inc. ADR*		99,912		423

iRay Technology Co. Ltd., Class A		1,359		41

Isoftstone Information Technology Group Co. Ltd., Class A*		10,100		65

JA Solar Technology Co. Ltd., Class A		41,916		101

Jason Furniture Hangzhou Co. Ltd., Class A		8,450		43

JCET Group Co. Ltd., Class A		14,600		57



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

JD Health International, Inc.*		233,950		$830

JD Logistics, Inc.*		467,500		477

JD.com, Inc., Class A		498,216		6,778

Jiangsu Eastern Shenghong Co. Ltd., Class A		89,900		125

Jiangsu Expressway Co. Ltd., Class H		260,000		266

Jiangsu Hengli Hydraulic Co. Ltd., Class A		16,468		114

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		84,285		536

Jiangsu King’s Luck Brewery JSC Ltd., Class A		21,600		175

Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		13,100		41

Jiangsu Pacific Quartz Co. Ltd., Class A		4,900		61

Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		34,400		52

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		18,800		254

Jiangsu Yangnong Chemical Co. Ltd., Class A		6,110		43

Jiangsu Yoke Technology Co. Ltd., Class A		7,700		59

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		23,400		111

Jiangsu Zhongtian Technology Co. Ltd., Class A		40,200		78

Jiangxi Copper Co. Ltd., Class A		33,099		107

Jiangxi Copper Co. Ltd., Class H		240,000		409

Jiangxi Special Electric Motor Co. Ltd., Class A*		26,300		34

Jinduicheng Molybdenum Co. Ltd., Class A		33,100		52

Jinko Solar Co. Ltd., Class A		139,783		160

JiuGui Liquor Co. Ltd., Class A		3,200		25

Jizhong Energy Resources Co. Ltd., Class A		54,400		57

Joincare Pharmaceutical Group Industry Co. Ltd., Class A		34,700		52

Jointown Pharmaceutical Group Co. Ltd., Class A		48,603		54

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*		8,400		31

Juneyao Airlines Co. Ltd., Class A*		25,900		44

Kangmei Pharmaceutical Co. Ltd., Class A⁽²⁾ *		4,952		—



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Kanzhun Ltd. ADR		48,386		$848

KE Holdings, Inc. ADR		142,339		1,954

Keda Industrial Group Co. Ltd., Class A		29,800		43

Kingboard Holdings Ltd.		139,500		284

Kingdee International Software Group Co. Ltd.*		655,000		741

Kingnet Network Co. Ltd., Class A		29,000		44

Kingsoft Corp. Ltd.		194,303		601

Kuaishou Technology*		497,600		3,124

Kuang-Chi Technologies Co. Ltd., Class A*		32,000		99

Kunlun Energy Co. Ltd.		837,230		699

Kunlun Tech Co. Ltd., Class A*		13,900		77

Kweichow Moutai Co. Ltd., Class A		16,095		3,792

LB Group Co. Ltd., Class A		29,400		77

Lenovo Group Ltd.		1,720,000		1,994

Lens Technology Co. Ltd., Class A		60,300		114

Lepu Medical Technology Beijing Co. Ltd., Class A		17,300		33

Li Auto, Inc., Class A*		243,430		3,732

Li Ning Co. Ltd.		498,000		1,325

Liaoning Port Co. Ltd., Class A		253,500		49

Lingyi iTech Guangdong Co., Class A		107,200		81

Livzon Pharmaceutical Group, Inc., Class A		10,600		54

Longfor Group Holdings Ltd.		445,169		632

LONGi Green Energy Technology Co. Ltd., Class A		97,669		264

Luxshare Precision Industry Co. Ltd., Class A		85,305		347

Luzhou Laojiao Co. Ltd., Class A		18,900		483

Mango Excellent Media Co. Ltd., Class A		22,070		74

Maxscend Microelectronics Co. Ltd., Class A		6,780		95

Meihua Holdings Group Co. Ltd., Class A		45,200		64

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		55,676		39

Meituan, Class B*		1,083,018		13,379

Metallurgical Corp. of China Ltd., Class A		198,300		92

MGI Tech Co. Ltd., Class A		7,450		61

Midea Group Co. Ltd., Class A		45,700		406

Ming Yang Smart Energy Group Ltd., Class A		30,600		40



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

MINISO Group Holding Ltd., Class A		82,636		$426

Montage Technology Co. Ltd., Class A		13,959		89

Muyuan Foods Co. Ltd., Class A		65,378		390

Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		23,775		37

Nanjing Securities Co. Ltd., Class A		49,300		53

NARI Technology Co. Ltd., Class A		96,306		324

National Silicon Industry Group Co. Ltd., Class A*		53,705		98

NAURA Technology Group Co. Ltd., Class A		6,400		271

NetEase, Inc.		413,875		8,601

New China Life Insurance Co. Ltd., Class A		18,600		77

New China Life Insurance Co. Ltd., Class H		169,852		301

New Hope Liuhe Co. Ltd., Class A*		63,200		83

New Oriental Education & Technology Group, Inc.*		310,020		2,702

Ninestar Corp., Class A		19,800		64

Ningbo Deye Technology Co. Ltd., Class A		4,140		52

Ningbo Joyson Electronic Corp., Class A		10,600		25

Ningbo Orient Wires & Cables Co. Ltd., Class A		6,900		42

Ningbo Sanxing Medical Electric Co. Ltd., Class A		23,000		91

Ningbo Shanshan Co. Ltd., Class A		25,600		42

Ningbo Tuopu Group Co. Ltd., Class A		13,100		115

Ningxia Baofeng Energy Group Co. Ltd., Class A		79,400		180

NIO, Inc. ADR*		285,650		1,285

Nongfu Spring Co. Ltd., Class H		436,000		2,356

Offcn Education Technology Co. Ltd., Class A*		84,800		35

Offshore Oil Engineering Co. Ltd., Class A		50,500		47

OFILM Group Co. Ltd., Class A*		34,800		50

Oppein Home Group, Inc., Class A		6,220		55

Orient Securities Co. Ltd., Class A		102,839		117

Oriental Pearl Group Co. Ltd., Class A		44,100		44

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		82,300		35

PDD Holdings, Inc. ADR*		127,424		14,813

People.cn Co. Ltd., Class A		12,400		45



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

People’s Insurance Co. Group of China (The) Ltd., Class A		69,700		$50

People’s Insurance Co. Group of China (The) Ltd., Class H		1,931,535		617

Perfect World Co. Ltd., Class A		15,050		22

PetroChina Co. Ltd., Class A		269,900		369

PetroChina Co. Ltd., Class H		4,491,438		3,842

Pharmaron Beijing Co. Ltd., Class A		19,125		54

PICC Property & Casualty Co. Ltd., Class H		1,499,359		1,977

Ping An Bank Co. Ltd., Class A		252,400		367

Ping An Insurance Group Co. of China Ltd., Class A		133,035		751

Ping An Insurance Group Co. of China Ltd., Class H		1,426,906		6,070

Piotech, Inc., Class A		2,839		74

Poly Developments and Holdings Group Co. Ltd., Class A		158,200		200

Pop Mart International Group Ltd.		95,200		350

Postal Savings Bank of China Co. Ltd., Class A		329,200		216

Postal Savings Bank of China Co. Ltd., Class H		1,726,000		903

Power Construction Corp. of China Ltd., Class A		233,100		160

Qi An Xin Technology Group, Inc., Class A*		7,306		32

Qifu Technology, Inc. ADR		25,791		475

Qinghai Salt Lake Industry Co. Ltd., Class A*		69,700		155

Range Intelligent Computing Technology Group Co. Ltd., Class A		13,700		59

Risen Energy Co. Ltd., Class A		15,400		31

Rockchip Electronics Co. Ltd., Class A		5,300		37

Rongsheng Petrochemical Co. Ltd., Class A		129,100		197

SAIC Motor Corp. Ltd., Class A		97,593		203

Sailun Group Co. Ltd., Class A		48,300		98

Sanan Optoelectronics Co. Ltd., Class A		54,200		91

Sangfor Technologies, Inc., Class A*		4,400		38

Sany Heavy Equipment International Holdings Co. Ltd.		202,000		130

Sany Heavy Industry Co. Ltd., Class A		116,800		236

Satellite Chemical Co. Ltd., Class A*		43,761		112

SDIC Capital Co. Ltd., Class A		96,000		86



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

SDIC Power Holdings Co. Ltd., Class A		78,900		$164

Seazen Holdings Co. Ltd., Class A*		25,694		34

Seres Group Co. Ltd., Class A*		16,300		196

SF Holding Co. Ltd., Class A		64,900		327

SG Micro Corp., Class A		5,850		53

Shaanxi Coal Industry Co. Ltd., Class A		128,700		447

Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		32,550		42

Shandong Gold Mining Co. Ltd., Class A		45,337		177

Shandong Gold Mining Co. Ltd., Class H		160,500		327

Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		11,800		58

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		27,340		99

Shandong Linglong Tyre Co. Ltd., Class A		17,500		50

Shandong Nanshan Aluminum Co. Ltd., Class A		171,500		81

Shandong Sun Paper Industry JSC Ltd., Class A		32,500		65

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		500,516		313

Shanghai Aiko Solar Energy Co. Ltd., Class A		24,500		46

Shanghai Bairun Investment Holding Group Co. Ltd., Class A		14,640		36

Shanghai Baosight Software Co. Ltd., Class A		20,400		107

Shanghai Baosight Software Co. Ltd., Class B		133,444		272

Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		2,162		82

Shanghai Construction Group Co. Ltd., Class A		87,900		28

Shanghai Electric Group Co. Ltd., Class A*		161,200		94

Shanghai Electric Power Co. Ltd., Class A		45,700		55

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		25,300		81

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		113,000		185

Shanghai International Airport Co. Ltd., Class A*		17,200		86



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Shanghai International Port Group Co. Ltd., Class A		109,600		$81

Shanghai Jinjiang International Hotels Co. Ltd., Class A		12,600		48

Shanghai Junshi Biosciences Co. Ltd., Class A*		9,421		35

Shanghai Lingang Holdings Corp. Ltd., Class A		52,380		71

Shanghai M&G Stationery, Inc., Class A		10,400		52

Shanghai Moons’ Electric Co. Ltd., Class A		4,700		37

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		37,200		87

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		181,747		263

Shanghai Pudong Development Bank Co. Ltd., Class A		418,692		413

Shanghai Putailai New Energy Technology Co. Ltd., Class A		25,752		69

Shanghai RAAS Blood Products Co. Ltd., Class A		94,600		93

Shanghai Rural Commercial Bank Co. Ltd., Class A		113,200		106

Shanghai United Imaging Healthcare Co. Ltd., Class A		10,770		193

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		54,500		46

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		16,700		46

Shanxi Coal International Energy Group Co. Ltd., Class A		20,300		48

Shanxi Coking Coal Energy Group Co. Ltd., Class A		79,120		113

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		36,200		104

Shanxi Meijin Energy Co. Ltd., Class A*		56,000		51

Shanxi Taigang Stainless Steel Co. Ltd., Class A		87,300		43

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		14,960		507

Shede Spirits Co. Ltd., Class A		3,500		37

Shenergy Co. Ltd., Class A		41,700		46

Shengyi Technology Co. Ltd., Class A		26,300		63

Shennan Circuits Co. Ltd., Class A		7,480		92

Shenwan Hongyuan Group Co. Ltd., Class A		312,200		193



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Shenzhen Capchem Technology Co. Ltd., Class A		10,260		$49

Shenzhen Energy Group Co. Ltd., Class A		58,255		57

Shenzhen Goodix Technology Co. Ltd., Class A*		4,900		40

Shenzhen Inovance Technology Co. Ltd., Class A		18,900		160

Shenzhen Kaifa Technology Co. Ltd., Class A		16,100		31

Shenzhen Kangtai Biological Products Co. Ltd., Class A		11,360		34

Shenzhen Kedali Industry Co. Ltd., Class A		3,500		40

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		16,000		623

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		9,800		90

Shenzhen Overseas Chinese Town Co. Ltd., Class A*		112,400		42

Shenzhen S.C. New Energy Technology Corp., Class A		6,000		49

Shenzhen S.E.D Industry Co. Ltd., Class A		10,300		26

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		18,000		73

Shenzhen Transsion Holdings Co. Ltd., Class A		10,391		242

Shenzhen YUTO Packaging Technology Co. Ltd., Class A		14,500		50

Shenzhou International Group Holdings Ltd.		173,300		1,644

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		18,940		53

Sichuan Changhong Electric Co. Ltd., Class A		61,100		46

Sichuan Chuantou Energy Co. Ltd., Class A		56,000		129

Sichuan Hebang Biotechnology Co. Ltd., Class A		135,700		43

Sichuan Kelun Pharmaceutical Co. Ltd., Class A		13,800		58

Sichuan Road and Bridge Group Co. Ltd., Class A		101,600		107

Sichuan Swellfun Co. Ltd., Class A		4,700		31

Sieyuan Electric Co. Ltd., Class A		11,000		91

Silergy Corp.		70,000		717



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Sinolink Securities Co. Ltd., Class A		36,600		$43

Sinoma International Engineering Co., Class A		22,900		36

Sinoma Science & Technology Co. Ltd., Class A		26,300		56

Sinomine Resource Group Co. Ltd., Class A		9,800		50

Sinopharm Group Co. Ltd., Class H		282,714		725

Sinotruk Hong Kong Ltd.		148,500		365

Skshu Paint Co. Ltd., Class A*		3,080		14

Smoore International Holdings Ltd.		422,000		360

Songcheng Performance Development Co. Ltd., Class A		24,100		34

SooChow Securities Co. Ltd., Class A		45,943		44

Southwest Securities Co. Ltd., Class A		103,600		56

Spring Airlines Co. Ltd., Class A*		10,100		77

StarPower Semiconductor Ltd., Class A		1,900		37

Sungrow Power Supply Co. Ltd., Class A		20,000		287

Sunny Optical Technology Group Co. Ltd.		149,625		765

Sunresin New Materials Co. Ltd., Class A		4,800		30

Sunwoda Electronic Co. Ltd., Class A		17,800		34

SUPCON Technology Co. Ltd., Class A		8,381		54

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		25,700		52

Suzhou Maxwell Technologies Co. Ltd., Class A		3,648		53

Suzhou TFC Optical Communication Co. Ltd., Class A		4,500		94

TAL Education Group ADR*		91,914		1,043

TBEA Co. Ltd., Class A		66,690		141

TCL Technology Group Corp., Class A*		266,410		172

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		52,750		86

Tencent Holdings Ltd.		1,410,089		55,028

Tencent Music Entertainment Group ADR*		156,935		1,756

Thunder Software Technology Co. Ltd., Class A		6,900		49

Tianfeng Securities Co. Ltd., Class A*		107,300		43

Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		11,300		38

Tianma Microelectronics Co. Ltd., Class A*		25,400		29



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Tianqi Lithium Corp., Class A		18,800		$125

Tianshan Aluminum Group Co. Ltd., Class A		36,700		33

Tianshui Huatian Technology Co. Ltd., Class A		27,200		30

Tingyi Cayman Islands Holding Corp.		422,435		463

Tongcheng Travel Holdings Ltd.*		264,800		700

TongFu Microelectronics Co. Ltd., Class A		22,400		70

Tongkun Group Co. Ltd., Class A*		24,900		47

Tongling Nonferrous Metals Group Co. Ltd., Class A		159,700		88

Tongwei Co. Ltd., Class A		62,300		214

Topchoice Medical Corp., Class A*		4,700		39

Topsports International Holdings Ltd.		402,000		269

TravelSky Technology Ltd., Class H		194,000		235

Trina Solar Co. Ltd., Class A		28,251		93

Trip.com Group Ltd.*		118,423		5,226

Tsinghua Tongfang Co. Ltd., Class A*		42,000		38

Tsingtao Brewery Co. Ltd., Class A		8,300		96

Tsingtao Brewery Co. Ltd., Class H		133,767		921

Unigroup Guoxin Microelectronics Co. Ltd., Class A*		10,479		94

Unisplendour Corp. Ltd., Class A*		32,948		99

Universal Scientific Industrial Shanghai Co. Ltd., Class A		23,900		46

Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		5,183		25

Vipshop Holdings Ltd. ADR		76,726		1,270

Walvax Biotechnology Co. Ltd., Class A		20,500		44

Wanda Film Holding Co. Ltd., Class A*		31,200		66

Wanhua Chemical Group Co. Ltd., Class A		41,300		473

Want Want China Holdings Ltd.		1,002,870		592

Weichai Power Co. Ltd., Class A		93,300		215

Weichai Power Co. Ltd., Class H		403,812		770

Weihai Guangwei Composites Co. Ltd., Class A		12,640		53

Wens Foodstuffs Group Co. Ltd., Class A		82,200		216

Western Mining Co. Ltd., Class A		37,500		100

Western Securities Co. Ltd., Class A		61,100		59

Western Superconducting Technologies Co. Ltd., Class A		8,653		44

Will Semiconductor Co. Ltd. Shanghai, Class A		13,935		190



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Wingtech Technology Co. Ltd., Class A*		14,600		$74

Wintime Energy Group Co. Ltd., Class A*		307,400		57

Wuchan Zhongda Group Co. Ltd., Class A		54,900		33

Wuhan Guide Infrared Co. Ltd., Class A		42,825		43

Wuliangye Yibin Co. Ltd., Class A		49,300		1,047

WUS Printed Circuit Kunshan Co. Ltd., Class A		28,180		118

WuXi AppTec Co. Ltd., Class A		33,892		217

WuXi AppTec Co. Ltd., Class H		74,611		354

Wuxi Biologics Cayman, Inc.*		813,000		1,461

XCMG Construction Machinery Co. Ltd., Class A		159,500		140

Xiamen C & D, Inc., Class A		40,800		58

Xiamen Faratronic Co. Ltd., Class A		3,200		44

Xiamen Tungsten Co. Ltd., Class A		21,200		57

Xiaomi Corp., Class B*		3,251,600		6,741

Xinjiang Daqo New Energy Co. Ltd., Class A		19,509		73

Xinyi Solar Holdings Ltd.		1,052,318		820

XPeng, Inc., Class A*		246,458		968

Yadea Group Holdings Ltd.		264,000		428

Yangzhou Yangjie Electronic

Technology Co. Ltd., Class A		7,600		39

Yankuang Energy Group Co. Ltd., Class A		55,550		183

Yankuang Energy Group Co. Ltd., Class H		464,707		977

Yantai Jereh Oilfield Services Group Co. Ltd., Class A		15,500		65

Yealink Network Technology Corp. Ltd., Class A		8,540		31

Yifeng Pharmacy Chain Co. Ltd., Class A		10,858		60

Yihai Kerry Arawana Holdings Co. Ltd., Class A		20,200		84

Yintai Gold Co. Ltd., Class A		38,800		97

Yonghui Superstores Co. Ltd., Class A*		116,100		37

YongXing Special Materials Technology Co. Ltd., Class A		5,720		38

Yonyou Network Technology Co. Ltd., Class A		42,835		71

Youngor Fashion Co. Ltd., Class A		48,800		48

YTO Express Group Co. Ltd., Class A		41,800		90



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Yuexiu Property Co. Ltd.		298,180		$165

Yum China Holdings, Inc.		86,288		3,433

Yunda Holding Co. Ltd., Class A		41,450		42

Yunnan Aluminium Co. Ltd., Class A		72,700		139

Yunnan Baiyao Group Co. Ltd., Class A		21,700		153

Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		2,700		22

Yunnan Chihong Zinc&Germanium Co. Ltd., Class A		68,200		54

Yunnan Energy New Material Co. Ltd., Class A		11,400		66

Yunnan Tin Co. Ltd., Class A		15,600		33

Yunnan Yuntianhua Co. Ltd., Class A		20,000		53

Yutong Bus Co. Ltd., Class A		27,900		77

Zai Lab Ltd.*		187,160		302

Zangge Mining Co. Ltd., Class A		18,500		81

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		9,693		306

Zhaojin Mining Industry Co. Ltd., Class H		257,500		353

Zhejiang Century Huatong Group Co. Ltd., Class A*		110,860		72

Zhejiang China Commodities City Group Co. Ltd., Class A		86,100		103

Zhejiang Chint Electrics Co. Ltd., Class A		28,994		81

Zhejiang Dahua Technology Co. Ltd., Class A		31,600		83

Zhejiang Dingli Machinery Co. Ltd., Class A		8,340		66

Zhejiang Expressway Co. Ltd., Class H		380,625		244

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		23,210		41

Zhejiang Huayou Cobalt Co. Ltd., Class A		20,515		77

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		17,200		82

Zhejiang Juhua Co. Ltd., Class A		32,100		105

Zhejiang Leapmotor Technology Co. Ltd.*		101,500		341

Zhejiang Longsheng Group Co. Ltd., Class A		50,300		59

Zhejiang NHU Co. Ltd., Class A		42,448		98

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		18,600		61

Zhejiang Supor Co. Ltd., Class A		4,700		38



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

China – 23.9% continued

Zhejiang Weiming Environment

Protection Co. Ltd., Class A		19,250		$49

Zhejiang Weixing New Building

Materials Co. Ltd., Class A		22,500		48

Zhejiang Zheneng Electric Power Co. Ltd., Class A*		112,600		104

Zheshang Securities Co. Ltd., Class A		41,500		65

ZhongAn Online P&C Insurance Co. Ltd., Class H*		153,100		245

Zhongji Innolight Co. Ltd., Class A		12,100		262

Zhongjin Gold Corp. Ltd., Class A		45,400		83

Zhongsheng Group Holdings Ltd.		181,500		314

Zhongtai Securities Co. Ltd., Class A		59,500		55

Zhuzhou CRRC Times Electric Co. Ltd., Class A		17,880		118

Zhuzhou CRRC Times Electric Co. Ltd., Class H		87,274		277

Zijin Mining Group Co. Ltd., Class A		243,400		566

Zijin Mining Group Co. Ltd., Class H		1,192,162		2,393

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		111,600		127

ZTE Corp., Class A		60,800		235

ZTE Corp., Class H		145,317		290

ZTO Express Cayman, Inc. ADR		92,904		1,945

				386,310

Colombia – 0.1%

Bancolombia S.A.		52,736		470

Interconexion Electrica S.A. ESP		92,541		474

				944

Czech Republic – 0.1%

CEZ A.S.		33,981		1,212

Komercni Banka A.S.		15,052		539

Moneta Money Bank A.S.		71,263		310

				2,061

Egypt – 0.1%

Commercial International Bank - Egypt (CIB)		528,860		859

Eastern Co. S.A.E.		208,358		112

EFG Holding S.A.E.*		213,806		78

				1,049

Greece – 0.5%

Alpha Services and Holdings S.A.*		472,239		830

Eurobank Ergasias Services and Holdings S.A.*		548,752		1,055



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Greece – 0.5% continued

FF Group⁽²⁾*		18,664		$—

Hellenic Telecommunications

Organization S.A.		41,364		610

JUMBO S.A.		24,890		717

Motor Oil Hellas Corinth Refineries S.A.		13,583		405

Mytilineos S.A.		21,152		816

National Bank of Greece S.A.*		163,092		1,277

OPAP S.A.		39,529		711

Piraeus Financial Holdings S.A.*		230,588		964

Public Power Corp. S.A.*		45,139		566

				7,951

Hong Kong – 0.1%

Orient Overseas International Ltd.		28,000		334

Sino Biopharmaceutical Ltd.		2,163,750		836

Vinda International Holdings Ltd.		73,000		219

				1,389

Hungary – 0.2%

MOL Hungarian Oil & Gas PLC		94,692		768

OTP Bank Nyrt.		48,066		2,212

Richter Gedeon Nyrt.		29,538		749

				3,729

India – 16.8%

ABB India Ltd.		11,770		898

Adani Enterprises Ltd.		35,632		1,372

Adani Green Energy Ltd.*		65,999		1,461

Adani Ports & Special Economic Zone Ltd.		114,862		1,856

Adani Power Ltd.*		164,517		1,058

Ambuja Cements Ltd.		124,516		914

APL Apollo Tubes Ltd.		35,699		642

Apollo Hospitals Enterprise Ltd.		21,835		1,667

Ashok Leyland Ltd.		311,443		640

Asian Paints Ltd.		81,592		2,785

Astral Ltd.		28,763		687

AU Small Finance Bank Ltd.		34,993		237

Aurobindo Pharma Ltd.		53,780		702

Avenue Supermarts Ltd.*		34,024		1,849

Axis Bank Ltd.		489,259		6,156

Bajaj Auto Ltd.		14,962		1,644

Bajaj Finance Ltd.		59,296		5,159

Bajaj Finserv Ltd.		82,926		1,638

Bajaj Holdings & Investment Ltd.		5,995		596

Balkrishna Industries Ltd.		16,366		455



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued
India – 16.8% continued

Bandhan Bank Ltd.		180,435		$390

Bank of Baroda		225,154		713

Berger Paints India Ltd.		65,609		451

Bharat Electronics Ltd.		787,013		1,902

Bharat Forge Ltd.		53,941		733

Bharat Heavy Electricals Ltd.		223,506		663

Bharat Petroleum Corp. Ltd.		158,444		1,145

Bharti Airtel Ltd.		482,187		7,104

Britannia Industries Ltd.		22,636		1,333

CG Power & Industrial Solutions Ltd.		131,135		851

Cholamandalam Investment and Finance Co. Ltd.		87,605		1,217

Cipla Ltd.		113,060		2,029

Coal India Ltd.		321,851		1,676

Colgate-Palmolive India Ltd.		28,569		931

Container Corp. of India Ltd.		52,152		552

Cummins India Ltd.		29,624		1,070

Dabur India Ltd.		139,430		876

Divi’s Laboratories Ltd.		24,999		1,035

DLF Ltd.		158,631		1,707

Dr. Reddy’s Laboratories Ltd.		24,883		1,839

Eicher Motors Ltd.		28,701		1,383

GAIL India Ltd.		483,423		1,050

GMR Airports Infrastructure Ltd.*		515,939		505

Godrej Consumer Products Ltd.		90,498		1,362

Godrej Properties Ltd.*		26,469		730

Grasim Industries Ltd.		55,519		1,527

Havells India Ltd.		54,058		983

HCL Technologies Ltd.		200,953		3,721

HDFC Asset Management Co. Ltd.		20,548		927

HDFC Bank Ltd.		598,873		10,419

HDFC Life Insurance Co. Ltd.		209,597		1,592

Hero MotoCorp Ltd.		25,615		1,454

Hindalco Industries Ltd.		287,866		1,934

Hindustan Aeronautics Ltd.		41,927		1,679

Hindustan Petroleum Corp. Ltd.		121,599		694

Hindustan Unilever Ltd.		176,967		4,810

ICICI Bank Ltd.		1,106,643		14,532

ICICI Lombard General Insurance Co. Ltd.		50,449		1,019

ICICI Prudential Life Insurance Co. Ltd.		75,440		551

IDFC First Bank Ltd.*		723,053		654

Indian Hotels Co. Ltd.		178,310		1,264

Indian Oil Corp. Ltd.		598,823		1,205



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued
India – 16.8% continued

Indian Railway Catering & Tourism Corp. Ltd.		52,015		$580

Indraprastha Gas Ltd.		73,339		379

IndusInd Bank Ltd.		60,244		1,124

Info Edge India Ltd.		14,949		1,003

Infosys Ltd.		707,688		12,744

InterGlobe Aviation Ltd.*		33,008		1,405

ITC Ltd.		634,302		3,259

Jindal Steel & Power Ltd.		76,574		780

Jio Financial Services Ltd.*		610,967		2,596

JSW Steel Ltd.		128,546		1,281

Jubilant Foodworks Ltd.		84,046		452

Kotak Mahindra Bank Ltd.		231,858		4,965

Larsen & Toubro Ltd.		144,703		6,532

LTIMindtree Ltd.		18,581		1,101

Lupin Ltd.		48,613		944

Macrotech Developers Ltd.		50,738		692

Mahindra & Mahindra Ltd.		197,931		4,561

Marico Ltd.		111,053		663

Maruti Suzuki India Ltd.		30,180		4,560

Max Healthcare Institute Ltd.		169,617		1,668

Mphasis Ltd.		17,176		492

MRF Ltd.		499		798

Muthoot Finance Ltd.		26,992		481

Nestle India Ltd.		72,109		2,270

NMDC Ltd.		219,796		532

NTPC Ltd.		930,229		3,759

Oil & Natural Gas Corp.Ltd.		675,420		2,171

One 97 Communications Ltd.*		59,995		291

Page Industries Ltd.		1,334		551

Persistent Systems Ltd.		20,902		1,001

Petronet LNG Ltd.		153,593		485

PI Industries Ltd.		17,566		815

Pidilite Industries Ltd.		32,313		1,168

Polycab India Ltd.		9,900		602

Power Finance Corp. Ltd.		309,229		1,448

Power Grid Corp. of India Ltd.		992,112		3,295

Punjab National Bank		470,382		702

REC Ltd.		274,345		1,493

Reliance Industries Ltd.		648,562		23,172

Samvardhana Motherson International Ltd.		530,835		746

SBI Cards & Payment Services Ltd.		63,831		522

SBI Life Insurance Co. Ltd.		97,401		1,755



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

India – 16.8% continued

Shree Cement Ltd.		1,900		$585

Shriram Finance Ltd.		61,403		1,738

Siemens Ltd.		18,721		1,209

Sona Blw Precision Forgings Ltd.		92,099		780

SRF Ltd.		31,187		958

State Bank of India		379,296		3,431

Sun Pharmaceutical Industries Ltd.		204,502		3,974

Supreme Industries Ltd.		14,292		727

Suzlon Energy Ltd.*		1,839,967		892

Tata Communications Ltd.		25,879		624

Tata Consultancy Services Ltd.		192,199		8,949

Tata Consumer Products Ltd.		121,628		1,599

Tata Elxsi Ltd.		7,695		719

Tata Motors Ltd.		357,321		4,255

Tata Motors Ltd., Class A		89,738		709

Tata Power (The) Co. Ltd.		300,773		1,422

Tata Steel Ltd.		1,572,706		2,940

Tech Mahindra Ltd.		117,050		1,752

Titan Co. Ltd.		75,440		3,440

Torrent Pharmaceuticals Ltd.		22,040		687

Trent Ltd.		37,902		1,799

Tube Investments of India Ltd.		22,217		996

TVS Motor Co. Ltd.		49,774		1,284

UltraTech Cement Ltd.		24,565		2,872

Union Bank of India Ltd.		316,940		584

United Spirits Ltd.		60,392		823

UPL Ltd.		95,401		522

Varun Beverages Ltd.		99,105		1,664

Vedanta Ltd.		200,192		654

Wipro Ltd.		285,073		1,650

Yes Bank Ltd.*		2,700,028		754

Zomato Ltd.*		1,300,616		2,841

				272,299

Indonesia – 1.8%

Adaro Energy Indonesia Tbk PT		3,030,020		516

Amman Mineral Internasional PT*		1,398,800		772

Aneka Tambang Tbk		1,863,800		188

Astra International Tbk PT		4,234,060		1,376

Bank Central Asia Tbk PT		11,787,960		7,491

Bank Mandiri Persero Tbk PT		7,931,520		3,631

Bank Negara Indonesia Persero Tbk PT		3,308,918		1,233

Bank Rakyat Indonesia Persero Tbk PT		14,461,965		5,528

Barito Pacific Tbk PT		6,338,295		378

Charoen Pokphand Indonesia Tbk PT		1,455,135		482



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Indonesia – 1.8% continued

GoTo Gojek Tokopedia Tbk PT*		175,433,200		$765

Indah Kiat Pulp & Paper Tbk PT		484,000		292

Indofood CBP Sukses Makmur Tbk PT		496,300		363

Indofood Sukses Makmur Tbk PT		931,571		375

Kalbe Farma Tbk PT		4,953,980		461

Merdeka Copper Gold Tbk PT*		1,969,563		284

Sarana Menara Nusantara Tbk PT		4,931,800		268

Semen Indonesia Persero Tbk PT		729,268		272

Sumber Alfaria Trijaya Tbk PT		4,112,300		755

Telkom Indonesia Persero Tbk PT		10,617,862		2,329

Unilever Indonesia Tbk PT		1,408,940		240

United Tractors Tbk PT		315,671		481

				28,480

Kazakhstan – 0.0%

Polymetal International PLC⁽²⁾*		97,434		—

Kuwait – 0.8%

Agility Public Warehousing Co. K.S.C.*		342,797		728

Boubyan Bank K.S.C.P.		308,077		619

Gulf Bank K.S.C.P.		394,124		378

Kuwait Finance House K.S.C.P.		1,834,626		4,746

Mabanee Co. KPSC		158,641		404

Mobile Telecommunications Co. K.S.C.P.		419,940		673

National Bank of Kuwait S.A.K.P.		1,600,706		4,942

				12,490

Luxembourg – 0.0%

Reinet Investments S.C.A.		28,805		697

Malaysia – 1.3%

AMMB Holdings Bhd.		389,937		345

Axiata Group Bhd.		597,503		340

CELCOMDIGI Bhd.		763,300		676

CIMB Group Holdings Bhd.		1,341,217		1,882

Gamuda Bhd.		375,740		418

Genting Bhd.		474,000		471

Genting Malaysia Bhd.		658,700		378

Hong Leong Bank Bhd.		130,098		533

IHH Healthcare Bhd.		475,500		608

Inari Amertron Bhd.		569,500		389

IOI Corp. Bhd.		503,140		423

Kuala Lumpur Kepong Bhd.		106,712		506

Malayan Banking Bhd.		1,172,176		2,400

Malaysia Airports Holdings Bhd.		202,696		426

Maxis Bhd.		541,051		385



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Malaysia – 1.3% continued

MISC Bhd.		273,360		$443

MR DIY Group M Bhd.		781,600		246

Nestle Malaysia Bhd.		14,800		370

Petronas Chemicals Group Bhd.		593,200		841

Petronas Dagangan Bhd.		58,700		268

Petronas Gas Bhd.		179,500		668

PPB Group Bhd.		138,700		451

Press Metal Aluminium Holdings Bhd.		789,700		776

Public Bank Bhd.		3,106,905		2,770

QL Resources Bhd.		226,450		282

RHB Bank Bhd.		321,756		385

Sime Darby Bhd.		556,428		306

Sime Darby Plantation Bhd.		444,065		404

Telekom Malaysia Bhd.		235,186		300

Tenaga Nasional Bhd.		551,250		1,325

YTL Corp. Bhd.		708,500		394

YTL Power International Bhd.		524,000		428

				20,837

Mexico – 2.7%

Alfa S.A.B. de C.V., Class A		716,437		533

America Movil S.A.B. de C.V., Class B		4,016,249		3,755

Arca Continental S.A.B. de C.V.		108,941		1,189

Banco del Bajio S.A.		157,300		613

Cemex S.A.B. de C.V., Class CPO*		3,170,852		2,859

Coca-Cola Femsa S.A.B. de C.V.		110,922		1,077

Fibra Uno Administracion S.A. de C.V.		608,501		1,011

Fomento Economico Mexicano S.A.B.de C.V., Class UBD		418,743		5,462

Gruma S.A.B. de C.V., Class B		39,050		731

Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		57,600		570

Grupo Aeroportuario del Pacifico

S.A.B. de C.V., Class B		82,132		1,341

Grupo Aeroportuario del Sureste S.A.B.de C.V., Class B		38,101		1,214

Grupo Bimbo S.A.B. de C.V., Class A		278,054		1,323

Grupo Carso S.A.B. de C.V., Class A1		118,306		1,054

Grupo Financiero Banorte S.A.B. de C.V., Class O		558,104		5,996

Grupo Financiero Inbursa S.A.B. de C.V., Class O*		407,933		1,254

Grupo Mexico S.A.B. de C.V., Class B		662,839		3,926

Industrias Penoles S.A.B. de C.V.*		45,294		640

Kimberly-Clark de Mexico S.A.B. de C.V., Class A		300,727		725



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Mexico – 2.7% continued

Operadora De Sites Mexicanos S.A.B.de C.V., Class A		269,300		$327

Orbia Advance Corp. S.A.B. de C.V.		198,580		415

Prologis Property Mexico S.A. de C.V.		150,798		662

Promotora y Operadora de Infraestructura S.A.B. de C.V.		37,320		396

Southern Copper Corp.		17,813		1,897

Wal-Mart de Mexico S.A.B. de C.V.		1,114,627		4,527

				43,497

Peru – 0.2%

Cia de Minas Buenaventura S.A.A. ADR		43,939		698

Credicorp Ltd.		14,549		2,465

				3,163

Philippines – 0.6%

Aboitiz Equity Ventures, Inc.		350,529		292

Ayala Corp.		60,507		696

Ayala Land, Inc.		1,414,960		813

Bank of the Philippine Islands		415,965		874

BDO Unibank, Inc.		496,906		1,366

International Container Terminal Services, Inc.		213,940		1,228

JG Summit Holdings, Inc.		570,783		369

Jollibee Foods Corp.		88,723		399

Manila Electric Co.		60,360		383

Metropolitan Bank & Trust Co.		382,379		444

PLDT, Inc.		14,985		367

SM Investments Corp.		52,372		910

SM Prime Holdings, Inc.		2,143,713		1,249

Universal Robina Corp.		187,340		352

				9,742

Poland – 0.9%

Allegro.eu S.A.*		110,860		919

Bank Polska Kasa Opieki S.A.		40,016		1,819

Budimex S.A.		2,643		463

CD Projekt S.A.		14,880		436

Dino Polska S.A.*		10,277		997

KGHM Polska Miedz S.A.		29,940		856

LPP S.A.		234		896

mBank S.A.*		3,050		566

ORLEN S.A.		125,275		2,040

PGE Polska Grupa Energetyczna S.A.*		185,380		334

Powszechna Kasa Oszczednosci Bank Polski S.A.		187,345		2,780



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Poland – 0.9% continued

Powszechny Zaklad Ubezpieczen S.A.		131,530		$1,608

Santander Bank Polska S.A.		7,508		1,070

				14,784

Qatar – 0.8%

Barwa Real Estate Co.		506,468		378

Commercial Bank PSQC (The)		691,000		915

Dukhan Bank		413,701		439

Industries Qatar QSC		317,494		1,042

Masraf Al Rayan QSC		1,167,821		744

Mesaieed Petrochemical Holding Co.		1,229,392		670

Ooredoo QPSC		181,848		529

Qatar Electricity & Water Co. QSC		102,123		457

Qatar Fuel QSC		131,058		528

Qatar Gas Transport Co. Ltd.		525,306		573

Qatar International Islamic Bank QSC		208,649		617

Qatar Islamic Bank S.A.Q.		380,127		1,916

Qatar National Bank QPSC		981,563		3,836

				12,644

Romania – 0.0%

NEPI Rockcastle N.V.*		121,805		841

Russia – 0.0%

Alrosa PJSC⁽²⁾(3)		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		—

MMC Norilsk Nickel PJSC⁽²⁾⁽³⁾		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		—

Polyus PJSC⁽²⁾(3) *		9,359		—

Rosneft Oil Co.PJSC⁽²⁾		318,005		—

Sberbank of Russia PJSC⁽²⁾⁽³⁾		2,882,082		—

Sberbank of Russia PJSC (Moscow

Exchange)⁽²⁾(3)		56,000		—

Severstal PAO⁽²⁾⁽³⁾ *		55,330		—

Severstal PAO GDR (Registered)⁽²⁾⁽³⁾ *		1,839		—

Surgutneftegas PJSC⁽²⁾		1,902,467		—



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Russia – 0.0% continued

Surgutneftegas PJSC ADR⁽²⁾*		4,629		$—

Tatneft PJSC⁽²⁾		386,254		—

TCS Group Holding PLC GDR (Registered)⁽²⁾(3) *		32,689		—

United Co. RUSAL International PJSC⁽²⁾*		832,063		—

VK IPJSC⁽²⁾*		30,900		—

VTB Bank PJSC⁽²⁾⁽³⁾ *		800,566,738		—

VTB Bank PJSC GDR⁽²⁾^(3) (4) *		11,036		—

VTB Bank PJSC GDR (Registered)⁽²⁾(3) *		43,343		—

X5 Retail Group N.V. GDR

(Registered)⁽²⁾ *		32,705		—

Yandex N.V., Class A⁽²⁾*		83,223		—

				—

Saudi Arabia – 4.0%

ACWA Power Co.		19,842		1,730

Ades Holding Co.*		73,467		395

Advanced Petrochemical Co.		28,529		310

Al Rajhi Bank		418,473		9,183

Alinma Bank		209,448		2,376

Almarai Co. JSC		52,508		806

Arab National Bank		141,150		1,099

Arabian Internet & Communications Services Co.		4,926		499

Bank AlBilad		102,266		1,303

Bank Al-Jazira*		83,390		439

Banque Saudi Fransi		128,603		1,306

Bupa Arabia for Cooperative Insurance Co.		17,196		1,178

Co for Cooperative Insurance (The)		16,155		677

Dallah Healthcare Co.		7,196		321

Dar Al Arkan Real Estate Development Co.*		115,654		422

Dr. Sulaiman Al Habib Medical Services Group Co.		18,279		1,491

Elm Co.		5,019		1,302

Etihad Etisalat Co.		79,209		1,107

Jarir Marketing Co.		129,200		500

Mobile Telecommunications Co. Saudi Arabia		92,294		311

Mouwasat Medical Services Co.		21,228		780

Nahdi Medical Co.		8,295		325

Power & Water Utility Co. for Jubail & Yanbu		17,721		317

Riyad Bank		315,496		2,473



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Saudi Arabia – 4.0% continued

SABIC Agri-Nutrients Co.		50,972		$1,645

Sahara International Petrochemical Co.		79,921		668

Saudi Arabian Mining Co.*		274,079		3,581

Saudi Arabian Oil Co.		573,300		4,716

Saudi Aramco Base Oil Co.		11,293		466

Saudi Awwal Bank		217,153		2,316

Saudi Basic Industries Corp.		192,596		4,021

Saudi Electricity Co.		177,577		935

Saudi Industrial Investment Group		75,278		465

Saudi Investment Bank (The)		103,131		454

Saudi Kayan Petrochemical Co.*		154,954		377

Saudi National Bank (The)		629,403		6,746

Saudi Research & Media Group*		7,616		526

Saudi Tadawul Group Holding Co.		10,056		719

Saudi Telecom Co.		424,692		4,484

Savola Group (The)		54,811		823

Yanbu National Petrochemical Co.		62,162		626

				64,218

South Africa – 2.4%

Absa Group Ltd.		185,118		1,444

Anglo American Platinum Ltd.		14,335		581

Aspen Pharmacare Holdings Ltd.		79,553		921

Bid Corp. Ltd.		73,806		1,797

Bidvest Group (The) Ltd.		62,209		797

Capitec Bank Holdings Ltd.		18,700		2,069

Clicks Group Ltd.		50,471		790

Discovery Ltd.		113,496		726

Exxaro Resources Ltd.		54,905		490

FirstRand Ltd.		1,072,616		3,496

Gold Fields Ltd.		191,894		3,052

Harmony Gold Mining Co. Ltd.		121,915		1,005

Impala Platinum Holdings Ltd.		189,436		786

Kumba Iron Ore Ltd.		13,180		322

MTN Group Ltd.		363,958		1,801

Naspers Ltd., Class N		39,047		6,903

Nedbank Group Ltd.		92,793		1,120

Northam Platinum Holdings Ltd.		79,157		472

Old Mutual Ltd.		1,011,369		628

OUTsurance Group Ltd.		179,951		399

Pepkor Holdings Ltd.		450,244		448

Remgro Ltd.		108,364		699

Sanlam Ltd.		384,813		1,410

Sasol Ltd.		120,283		930

Shoprite Holdings Ltd.		105,474		1,378



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

South Africa – 2.4% continued

Sibanye Stillwater Ltd.		573,850		$662

Standard Bank Group Ltd.		287,116		2,809

Vodacom Group Ltd.		132,477		689

Woolworths Holdings Ltd.		206,381		645

				39,269

South Korea – 11.5%

Amorepacific Corp.		6,331		571

Celltrion Pharm, Inc.*		3,790		296

Celltrion, Inc.		32,714		4,646

CJ CheilJedang Corp.		1,760		384

CosmoAM&T Co. Ltd.*		5,382		640

Coway Co. Ltd.		12,355		514

DB Insurance Co. Ltd.		10,259		722

Doosan Bobcat, Inc.		11,694		463

Doosan Enerbility Co. Ltd.*		94,421		1,208

Ecopro B.M. Co. Ltd.*		10,458		2,129

Ecopro Co. Ltd.*		4,297		2,020

Ecopro Materials Co. Ltd.*		2,995		291

GS Holdings Corp.		9,250		332

Hana Financial Group, Inc.		62,983		2,699

Hanjin Kal Corp.		5,741		254

Hankook Tire & Technology Co. Ltd.		15,729		633

Hanmi Pharm Co. Ltd.		1,464		362

Hanmi Semiconductor Co. Ltd.		9,653		959

Hanon Systems		39,733		173

Hanwha Aerospace Co. Ltd.		7,420		1,127

Hanwha Ocean Co. Ltd.*		16,504		338

Hanwha Solutions Corp.		23,466		494

HD Hyundai Co. Ltd.		9,577		511

HD Hyundai Heavy Industries Co. Ltd.*		4,987		437

HD Korea Shipbuilding & Offshore

Engineering Co. Ltd.*		8,955		788

HLB, Inc.*		25,224		1,971

HMM Co. Ltd.		51,174		598

HYBE Co. Ltd.		4,356		744

Hyundai Engineering & Construction

Co. Ltd.		17,925		439

Hyundai Glovis Co. Ltd.		4,226		547

Hyundai Mobis Co. Ltd.		13,285		2,516

Hyundai Motor Co.		29,520		5,109

Hyundai Steel Co.		19,435		459

Industrial Bank of Korea		61,725		619

Kakao Corp.		66,654		2,659

KakaoBank Corp.		36,797		753



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

South Korea – 11.5% continued

Kakaopay Corp.*		5,888		$168

Kangwon Land, Inc.		18,510		224

KB Financial Group, Inc.		81,511		4,208

Kia Corp.		55,433		4,538

Korea Aerospace Industries Ltd.		16,214		620

Korea Electric Power Corp.*		54,506		891

Korea Investment Holdings Co. Ltd.		8,202		406

Korea Zinc Co. Ltd.		1,697		570

Korean Air Lines Co. Ltd.		39,387		635

Krafton, Inc.*		6,084		1,116

KT Corp.		12,506		350

KT&G Corp.		21,630		1,502

Kum Yang Co. Ltd.*		7,450		640

Kumho Petrochemical Co. Ltd.		3,208		324

L&F Co. Ltd.*		5,318		688

LG Chem Ltd.		10,511		3,428

LG Corp.		20,175		1,311

LG Display Co. Ltd.*		81,265		649

LG Electronics, Inc.		23,273		1,644

LG Energy Solution Ltd.*		10,031		2,943

LG H&H Co. Ltd.		1,926		544

LG Innotek Co. Ltd.		3,250		475

LG Uplus Corp.		47,600		353

Lotte Chemical Corp.		3,780		335

Meritz Financial Group, Inc.		21,765		1,321

Mirae Asset Securities Co. Ltd.		47,497		284

NAVER Corp.		27,821		3,873

NCSoft Corp.		3,324		491

Netmarble Corp.*		5,232		241

NH Investment & Securities Co. Ltd.		31,852		277

Orion Corp.		5,064		342

POSCO Chemical Co. Ltd.		6,459		1,456

Posco DX Co. Ltd.		10,822		393

POSCO Holdings, Inc.		15,227		4,773

Posco International Corp.		10,470		411

Samsung Biologics Co. Ltd.*		3,830		2,364

Samsung C&T Corp.		17,671		2,081

Samsung Electro-Mechanics Co. Ltd.		11,787		1,302

Samsung Electronics Co. Ltd.		1,017,842		62,299

Samsung Engineering Co. Ltd.*		34,820		647

Samsung Fire & Marine Insurance Co. Ltd.		6,436		1,463

Samsung Heavy Industries Co. Ltd.*		138,813		883

Samsung Life Insurance Co. Ltd.		16,845		1,155



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

South Korea – 11.5% continued

Samsung SDI Co. Ltd.		11,754		$4,112

Samsung SDS Co. Ltd.		8,145		989

Samsung Securities Co. Ltd.		13,719		409

Shinhan Financial Group Co. Ltd.		93,865		3,207

SK Biopharmaceuticals Co. Ltd.*		6,317		430

SK Bioscience Co. Ltd.*		5,017		228

SK Hynix, Inc.		116,435		15,827

SK IE Technology Co. Ltd.*		5,586		304

SK Innovation Co. Ltd.*		12,641		1,089

SK Square Co. Ltd.*		20,721		1,216

SK Telecom Co. Ltd.		12,357		482

SK, Inc.		7,773		1,031

SKC Co. Ltd.*		3,696		305

S-Oil Corp.		9,685		565

Woori Financial Group, Inc.		127,411		1,355

Yuhan Corp.		11,499		655

				186,227

Taiwan – 16.6%

Accton Technology Corp.		109,000		1,577

Acer, Inc.		602,800		882

Advantech Co. Ltd.		99,661		1,258

Alchip Technologies Ltd.		15,873		1,657

ASE Technology Holding Co. Ltd.		655,928		3,300

Asia Cement Corp.		517,567		668

Asustek Computer, Inc.		152,546		2,047

AUO Corp.*		1,374,172		769

Catcher Technology Co. Ltd.		124,111		849

Cathay Financial Holding Co. Ltd.*		2,040,002		3,101

Chailease Holding Co. Ltd.		319,804		1,719

Chang Hwa Commercial Bank Ltd.		1,122,012		642

Cheng Shin Rubber Industry Co. Ltd.		412,184		644

China Airlines Ltd.		611,000		372

China Development Financial Holding Corp.*		3,331,143		1,452

China Steel Corp.		2,476,156		1,849

Chunghwa Telecom Co. Ltd.		808,493		3,183

Compal Electronics, Inc.		872,759		987

CTBC Financial Holding Co. Ltd.		3,752,878		3,876

Delta Electronics, Inc.		413,343		4,404

E Ink Holdings, Inc.		179,000		1,281

E.Sun Financial Holding Co. Ltd.		3,024,254		2,575

Eclat Textile Co. Ltd.		37,182		642

eMemory Technology, Inc.		14,000		1,089

Eva Airways Corp.		538,000		537



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Taiwan – 16.6% continued

Evergreen Marine Corp. Taiwan Ltd.		211,556		$1,137

Far Eastern New Century Corp.		650,789		676

Far EasTone Telecommunications Co. Ltd.		370,345		943

Feng TAY Enterprise Co. Ltd.		119,199		598

First Financial Holding Co. Ltd.		2,344,034		2,029

Formosa Chemicals & Fibre Corp.		741,499		1,279

Formosa Petrochemical Corp.		241,487		524

Formosa Plastics Corp.		804,682		1,732

Fubon Financial Holding Co. Ltd.		1,664,085		3,624

Gigabyte Technology Co. Ltd.		106,000		1,047

Global Unichip Corp.		20,000		778

Globalwafers Co. Ltd.		46,000		834

Hon Hai Precision Industry Co. Ltd.		2,667,942		12,505

Hotai Motor Co. Ltd.		64,118		1,288

Hua Nan Financial Holdings Co. Ltd.		1,842,210		1,333

Innolux Corp.*		1,805,822		849

Inventec Corp.		560,314		1,045

Largan Precision Co. Ltd.		21,835		1,668

Lite-On Technology Corp.		419,964		1,325

MediaTek, Inc.		325,334		12,148

Mega Financial Holding Co. Ltd.		2,445,350		3,098

Micro-Star International Co. Ltd.		151,000		800

Nan Ya Plastics Corp.		1,035,951		1,813

Nan Ya Printed Circuit Board Corp.		46,000		288

Nanya Technology Corp.		250,071		529

Nien Made Enterprise Co. Ltd.		34,000		373

Novatek Microelectronics Corp.		124,850		2,356

Pegatron Corp.		420,594		1,340

PharmaEssentia Corp.*		50,000		503

Pou Chen Corp.		477,093		539

Powerchip Semiconductor Manufacturing Corp.*		604,000		487

President Chain Store Corp.		128,220		1,068

Quanta Computer, Inc.		572,576		5,251

Realtek Semiconductor Corp.		101,457		1,775

Ruentex Development Co. Ltd.*		332,784		366

Shanghai Commercial & Savings Bank

(The) Ltd.		802,904		1,213

Shin Kong Financial Holding Co. Ltd.*		2,747,907		693

SinoPac Financial Holdings Co. Ltd.		2,306,290		1,560

Synnex Technology International Corp.		273,940		675

Taishin Financial Holding Co. Ltd.		2,336,418		1,314

Taiwan Business Bank		1,279,400		646



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Taiwan – 16.6% continued

Taiwan Cement Corp.		1,432,310		$1,439

Taiwan Cooperative Financial Holding Co. Ltd.		2,213,675		1,812

Taiwan High Speed Rail Corp.		395,000		372

Taiwan Mobile Co. Ltd.		396,076		1,275

Taiwan Semiconductor Manufacturing Co. Ltd.		5,251,749		127,833

Unimicron Technology Corp.		287,000		1,713

Uni-President Enterprises Corp.		1,032,150		2,499

United Microelectronics Corp.		2,394,043		3,905

Vanguard International Semiconductor Corp.		210,000		561

Voltronic Power Technology Corp.		15,000		769

Walsin Lihwa Corp.		622,986		731

Wan Hai Lines Ltd.		148,005		204

Winbond Electronics Corp.		682,984		580

Wistron Corp.		560,000		2,187

Wiwynn Corp.		20,000		1,419

WPG Holdings Ltd.		333,290		999

Ya Hsin Industrial Co. Ltd.⁽²⁾*		121,548		—

Yageo Corp.		74,525		1,376

Yang Ming Marine Transport Corp.		366,000		508

Yuanta Financial Holding Co. Ltd.		2,205,108		2,095

Zhen Ding Technology Holding Ltd.		141,850		554

				268,240

Thailand – 1.4%

Advanced Info Service PCL (Registered)		194,000		1,090

Advanced Info Service PCL NVDR		55,799		313

Airports of Thailand PCL NVDR		903,400		1,622

Asset World Corp. PCL NVDR		1,691,900		190

Bangkok Dusit Medical Services PCL NVDR		2,314,300		1,808

Bangkok Expressway & Metro PCL NVDR (Registered)		1,618,998		359

BTS Group Holdings PCL NVDR		1,706,000		264

Bumrungrad Hospital PCL NVDR		125,287		769

Central Pattana PCL NVDR		438,700		757

Central Retail Corp. PCL NVDR

(Registered)		358,858		352

Charoen Pokphand Foods PCL NVDR		759,057		385

CP ALL PCL (Registered)		905,200		1,358

CP ALL PCL NVDR		358,236		538

CP Axtra PCL NVDR		415,100		355

Delta Electronics Thailand PCL NVDR		650,700		1,329

Energy Absolute PCL NVDR		382,700		359



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Thailand – 1.4% continued

Global Power Synergy PCL NVDR		152,500		$220

Gulf Energy Development PCL NVDR

(Registered)		628,950		754

Home Product Center PCL NVDR		1,185,904		345

Indorama Ventures PCL NVDR		367,647		239

Intouch Holdings PCL NVDR		189,700		359

Kasikornbank PCL NVDR		124,900		424

Krung Thai Bank PCL (Registered)		563,250		262

Krung Thai Bank PCL NVDR		185,193		86

Krungthai Card PCL NVDR		223,900		281

Land & Houses PCL NVDR		1,916,600		389

Minor International PCL NVDR		738,030		673

Muangthai Capital PCL NVDR

(Registered)		142,000		184

PTT Exploration & Production PCL

(Registered)		242,500		1,017

PTT Exploration & Production PCL

NVDR		68,243		286

PTT Global Chemical PCL (Registered)		189,814		199

PTT Global Chemical PCL NVDR		322,576		338

PTT Oil & Retail Business PCL NVDR (Registered)		637,600		313

PTT PCL (Registered)		1,835,000		1,710

PTT PCL NVDR		325,900		304

SCB X PCL (Registered)		145,800		456

SCB X PCL NVDR		21,776		68

SCG Packaging PCL NVDR		276,000		216

Siam Cement (The) PCL (Registered)		51,000		358

Siam Cement (The) PCL NVDR		113,798		798

Thai Oil PCL (Registered)		106,110		173

Thai Oil PCL NVDR		155,908		254

TMBThanachart Bank PCL NVDR		4,932,700		246

True Corp. PCL NVDR (Registered)*		2,069,223		431

				23,231

Turkey – 0.6%

Akbank T.A.S.		650,976		942

Anadolu Efes Biracilik Ve Malt Sanayii A.S.⁽⁵⁾		1		—

Aselsan Elektronik Sanayi Ve Ticaret A.S.		283,863		493

BIM Birlesik Magazalar A.S.		95,203		1,063

Coca-Cola Icecek A.S.		16,714		299

Eregli Demir ve Celik Fabrikalari T.A.S.*		308,252		403

Ford Otomotiv Sanayi A.S.		14,626		512



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 92.6% ⁽¹⁾ continued

Turkey – 0.6% continued

Haci Omer Sabanci Holding A.S.		225,669		$576

Is Gayrimenkul Yatirim Ortakligi A.S.*		1		—

KOC Holding A.S.		164,633		1,014

Pegasus Hava Tasimaciligi A.S.*		10,754		270

Sasa Polyester Sanayi A.S.*		263,390		348

Tofas Turk Otomobil Fabrikasi A.S.		30,420		261

Turk Hava Yollari A.O.*		115,712		1,066

Turkcell Iletisim Hizmetleri A.S.		253,888		532

Turkiye Is Bankasi A.S., Class C		1,825,747		643

Turkiye Petrol Rafinerileri A.S.		201,723		1,104

Turkiye Sise ve Cam Fabrikalari A.S.		292,369		418

Yapi ve Kredi Bankasi A.S.		741,010		627

				10,571

United Arab Emirates – 1.1%

Abu Dhabi Commercial Bank PJSC		642,730		1,456

Abu Dhabi Islamic Bank PJSC		291,091		873

Abu Dhabi National Oil Co. for

Distribution PJSC		660,125		660

Aldar Properties PJSC		809,869		1,231

Americana Restaurants International PLC		514,145		462

Dubai Islamic Bank PJSC		600,047		953

Emaar Properties PJSC		1,413,390		3,144

Emirates NBD Bank PJSC		407,398		1,941

Emirates Telecommunications Group Co. PJSC		738,031		3,690

First Abu Dhabi Bank PJSC		936,651		3,372

Multiply Group PJSC*		859,027		524

				18,306

United Kingdom – 0.1%

Anglogold Ashanti PLC		87,764		1,969

Pepco Group N.V.*		33,446		150

				2,119

United States – 0.1%

JBS S/A		162,636		695

Legend Biotech Corp. ADR*		15,312		859

Parade Technologies Ltd.		17,000		496

				2,050

Total Common Stocks

(Cost $1,063,667)				1,499,207



	NUMBER OF SHARES		VALUE (000S)

PREFERRED STOCKS – 2.2% ⁽¹⁾

Brazil – 1.4%

Banco Bradesco S.A.*		1,136,994		$3,242

Centrais Eletricas Brasileiras S.A.,

Class B, 3.91%⁽⁶⁾		57,341		534

Cia Energetica de Minas Gerais,

1.93%⁽⁶⁾		298,709		749

Companhia Paranaense de Energia,

Class B, 0.48%⁽⁶⁾		239,800		459

Gerdau S.A., 1.80%⁽⁶⁾		243,239		1,077

Itau Unibanco Holding S.A., 3.25%⁽⁶⁾		1,033,298		7,159

Itausa S.A.*		1,174,953		2,458

Petroleo Brasileiro S.A., 5.88%⁽⁶⁾		1,018,161		7,613

				23,291

Chile – 0.1%

Sociedad Quimica y Minera de Chile S.A., Class B, 1.75%⁽⁶⁾		29,863		1,454

Colombia – 0.0%

Bancolombia S.A., 10.75%⁽⁶⁾		102,606		877

Russia – 0.0%

Surgutneftegas PJSC, 1.19%⁽²⁾⁽⁶⁾		1,903,637		—

South Korea – 0.7%

Hyundai Motor Co., 21.67%⁽⁶⁾		5,132		595

Hyundai Motor Co. (2nd Preferred), 22.14%⁽⁶⁾		7,300		833

LG Chem Ltd., 1.20%⁽⁶⁾		1,600		352

Samsung Electronics Co. Ltd., 2.13%⁽⁶⁾		175,732		8,876

				10,656

Total Preferred Stocks

(Cost $25,692)				36,278

INVESTMENT COMPANIES – 5.0%

iShares Core MSCI Emerging Markets

ETF

405,000

20,898

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽⁷⁾(8)

59,839,731

59,840

Total Investment Companies

(Cost $79,139)

80,738

Total Investments – 99.8%

(Cost $1,168,498)

1,616,223

Other Assets less Liabilities – 0.2%

2,570

Net Assets – 100.0%

$1,618,793

⁽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⁾



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)
Alrosa PJSC	5/30/14 - 8/20/20		$775
MMC Norilsk Nickel PJSC	2/26/10 - 6/17/21		3,018
Polyus PJSC	11/30/17 - 3/25/21		1,046
Sberbank of Russia PJSC	5/7/09 - 6/17/21		5,525
Sberbank of Russia PJSC (Moscow 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
TCS Group Holding PLC GDR (Registered)	2/26/21		1,696
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

⁽⁴⁾

⁽⁵⁾

Value rounds to less than one thousand.

⁽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, 2024 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, 2024, the Fund had outstanding forward foreign currency exchange contracts as follows:

COUNTERPARTY

CONTRACTS

DELIVER

CURRENCY

AMOUNT

(LOCAL

CURRENCY)

(000S)

EXCHANGE

FOR

CURRENCY

AMOUNT

(LOCAL

CURRENCY)

(000S)

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)

BNY Mellon

Hong Kong
Dollar

13,242

United States
Dollar

1,697

6/20/24

Citibank

Taiwan Dollar

19,049

United States
Dollar

609

6/20/24

Goldman Sachs

Brazilian Real

6,964

United States
Dollar

1,392

6/20/24

JPMorgan Chase

Indian Rupee

24,953

United States
Dollar

300

6/20/24

Morgan Stanley

South African
Rand

1,583

United States
Dollar

6/20/24

Toronto-Dominion Bank

Korean Won

1,577,400

United States
Dollar

1,204

6/20/24

Subtotal Appreciation

Total

$59

At March 31, 2024, 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)	1,380	$72,381	Long	6/24	$(101)

⁽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, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

Hong Kong Dollar		17.8	%

Indian Rupee		16.8

Taiwan Dollar		16.7

Korean Won		12.2

United States Dollar		7.3

Brazilian Real		5.0

All other currencies less than 5%		24.0

Total Investments		99.8

Other Assets less Liabilities		0.2

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.



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

Common Stocks:

China	$	99,720	$	286,590		$—	$	386,310

Colombia		—		944		—		944

Czech Republic		—		2,061		—		2,061

Greece		—		7,951		—		7,951

Hong Kong		—		1,389		—		1,389

Hungary		—		3,729		—		3,729

India		—		272,299		—		272,299

Indonesia		—		28,480		—		28,480

Luxembourg		—		697		—		697

Mexico		1,897		41,600		—		43,497

Philippines		—		9,742		—		9,742

Poland		—		14,784		—		14,784

Romania		—		841		—		841

South Africa		—		39,269		—		39,269

Thailand		16,608		6,623		—		23,231

United Kingdom		—		2,119		—		2,119

All Other Countries⁽¹⁾		661,864		—		—		661,864
Total Common Stocks		780,089		719,118		—		1,499,207
Preferred Stocks:

Colombia		—		877		—		877

All Other Countries⁽¹⁾		35,401		—		—		35,401
Total Preferred Stocks		35,401		877		—		36,278
Investment Companies		80,738		—		—		80,738
Total Investments	$	896,228	$	719,995	$	—	$	1,616,223



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾

Australia – 5.4%

Abacus Group		244,463		$199

Abacus Storage King		311,189		254

Arena REIT		184,733		479

BWP Trust		271,281		638

Centuria Industrial REIT		295,770		682

Centuria Office REIT		229,252		200

Charter Hall Long Wale REIT		357,000		891

Charter Hall Retail REIT		285,786		693

Charter Hall Social Infrastructure REIT		186,023		330

Dexus		578,176		2,988

Dexus Industria REIT		128,147		258

Goodman Group		932,517		20,549

GPT Group (The)		1,046,377		3,124

Growthpoint Properties Australia Ltd.		138,415		230

HealthCo REIT		239,465		198

HomeCo Daily Needs REIT		898,077		743

Ingenia Communities Group		224,779		768

Lifestyle Communities Ltd.		48,152		494

Mirvac Group		2,120,969		3,272

National Storage REIT		699,279		1,097

Region RE Ltd.		615,641		959

Scentre Group		2,830,203		6,270

Stockland		1,307,838		4,145

Vicinity Ltd.		2,103,047		2,920

Waypoint REIT Ltd.		333,354		554

				52,935

Austria – 0.1%

CA Immobilien Anlagen A.G.		20,149		712

IMMOFINANZ A.G.*		19,853		484

				1,196

Belgium – 0.8%

Aedifica S.A.		25,888		1,589

Cofinimmo S.A.		20,021		1,308

Montea N.V.		9,113		821

Retail Estates N.V.		6,171		433

Shurgard Self Storage Ltd.		19,209		857

Warehouses De Pauw - C.V.A.		94,357		2,691

Xior Student Housing N.V.		17,498		529

				8,228

Brazil – 0.3%

Allos S.A.		229,259		1,097

Iguatemi S.A.		120,900		560

JHSF Participacoes S.A.		200,963		196



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Brazil – 0.3% continued

LOG Commercial Properties e Participacoes S.A.		20,500		$93

Multiplan Empreendimentos Imobiliarios S.A.*		154,372		790

				2,736

Canada – 1.3%

Allied Properties Real Estate Investment Trust		35,057		457

Artis Real Estate Investment Trust		22,970		108

Boardwalk Real Estate Investment Trust		13,650		787

BSR Real Estate Investment Trust		19,288		213

Canadian Apartment Properties REIT		43,885		1,506

Choice Properties Real Estate Investment Trust		87,132		886

Crombie Real Estate Investment Trust		28,281		286

CT Real Estate Investment Trust		29,047		306

Dream Industrial Real Estate Investment Trust		70,673		688

First Capital Real Estate Investment Trust		54,303		630

Granite Real Estate Investment Trust		17,086		975

H&R Real Estate Investment Trust		71,072		485

InterRent Real Estate Investment Trust		37,739		378

Killam Apartment Real Estate Investment Trust		30,874		424

Minto Apartment Real Estate Investment Trust		10,902		128

Morguard North American Residential Real Estate Investment Trust		9,382		110

Nexus Industrial REIT		17,801		101

NorthWest Healthcare Properties Real Estate Investment Trust		65,543		227

Primaris Real Estate Investment Trust		22,543		232

RioCan Real Estate Investment Trust		80,719		1,101

Slate Grocery REIT, Class U		17,305		146

SmartCentres Real Estate Investment Trust		39,842		683

StorageVault Canada, Inc.		135,058		515

Tricon Residential, Inc.		142,465		1,588

				12,960

Chile – 0.1%

Parque Arauco S.A.		348,898		515

Plaza S.A.*		207,684		285

				800

China – 1.8%

Agile Group Holdings Ltd.*		1,231,226		99



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

China – 1.8% continued

C&D International Investment Group Ltd.		406,162		$710

China Jinmao Holdings Group Ltd.		3,410,042		240

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		299,800		392

China Overseas Grand Oceans Group Ltd.		1,007,500		224

China Overseas Land & Investment Ltd.		2,062,042		2,973

China Resources Land Ltd.		1,753,898		5,559

China South City Holdings Ltd.		3,132,000		57

China Vanke Co. Ltd., Class A		328,140		409

China Vanke Co. Ltd., Class H		1,211,341		840

Country Garden Holdings Co. Ltd.*		6,916,672		429

Gemdale Properties & Investment Corp. Ltd.		3,134,000		99

Greentown China Holdings Ltd.		616,500		492

Guangzhou R&F Properties Co. Ltd., Class H*		927,802		103

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		102,100		94

Hopson Development Holdings Ltd.*		638,873		290

Longfor Group Holdings Ltd.		1,079,071		1,532

Midea Real Estate Holding Ltd.		149,000		76

Poly Developments and Holdings Group Co. Ltd., Class A		401,600		507

Poly Property Group Co. Ltd.		1,154,000		210

Radiance Holdings Group Co. Ltd.*		424,000		107

Redco Properties Group Ltd.⁽²⁾*		468,000		22

Sasseur Real Estate Investment Trust		299,700		152

Seazen Group Ltd.*		1,361,904		183

Seazen Holdings Co. Ltd., Class A*		77,900		102

Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		142,216		129

Shanghai Lingang Holdings Corp. Ltd., Class A		76,200		103

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		48,400		133

Shenzhen Investment Ltd.		1,551,191		202

Shui On Land Ltd.		2,128,277		182

SOHO China Ltd.*		1,142,256		94

Yanlord Land Group Ltd.*		305,600		110

Yuexiu Property Co. Ltd.		877,674		485

				17,339



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Egypt – 0.1%

Heliopolis Housing*		248,106		$48

Talaat Moustafa Group		492,541		639

				687

Finland – 0.1%

Citycon OYJ*		45,854		189

Kojamo OYJ*		67,925		806

				995

France – 1.5%

Altarea S.C.A.		2,345		198

Carmila S.A.*		38,791		674

Covivio S.A./France		27,247		1,404

Gecina S.A.		24,715		2,523

ICADE		19,026		515

Klepierre S.A.		117,548		3,043

Mercialys S.A.		48,104		560

Nexity S.A.		23,241		237

Unibail-Rodamco-Westfield*		64,662		5,195

				14,349

Germany – 2.0%

Aroundtown S.A.*		501,850		1,058

Grand City Properties S.A.*		37,729		431

Hamborner REIT A.G.		40,802		302

LEG Immobilien S.E.*		39,875		3,423

Sirius Real Estate Ltd.		730,712		903

TAG Immobilien A.G.*		95,520		1,306

VIB Vermoegen A.G.*		4,594		56

Vonovia S.E.		400,573		11,847

				19,326

Greece – 0.0%

LAMDA Development S.A.*		40,165		292

Guernsey – 0.0%

Balanced Commercial Property Trust Ltd.		397,624		409

Hong Kong – 3.2%

CK Asset Holdings Ltd.		1,067,500		4,398

Cosmopolitan International Holdings Ltd.*		210,600		23

Fortune Real Estate Investment Trust		832,000		405

Hang Lung Properties Ltd.		959,452		985

Henderson Land Development Co. Ltd.		779,555		2,225

Hongkong Land Holdings Ltd.		591,518		1,816

Hysan Development Co. Ltd.		340,045		548

Kerry Properties Ltd.		320,099		586



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Hong Kong – 3.2% continued

Link REIT		1,412,126		$6,083

Sino Land Co. Ltd.		2,113,959		2,198

Sun Hung Kai Properties Ltd.		792,425		7,636

Swire Properties Ltd.		623,200		1,311

Wharf Real Estate Investment Co. Ltd.		898,317		2,926

Yuexiu Real Estate Investment Trust		1,285,477		166

				31,306

India – 1.5%

Anant Raj Ltd.		45,792		172

Brigade Enterprises Ltd.		64,554		725

Brookfield India Real Estate Trust		107,237		328

DLF Ltd.		405,539		4,363

Embassy Office Parks REIT		461,695		2,048

Godrej Properties Ltd.*		68,872		1,900

Indiabulls Real Estate Ltd.*		216,203		301

Macrotech Developers Ltd.		131,281		1,791

Mahindra Lifespace Developers Ltd.		41,022		289

Mindspace Business Parks REIT		115,484		478

NESCO Ltd.		10,038		100

Nexus Select Trust		254,338		390

Phoenix Mills (The) Ltd.		52,448		1,751

Sunteck Realty Ltd.		22,794		106

TARC Ltd.*		47,673		80

				14,822

Indonesia – 0.1%

Ciputra Development Tbk PT		4,956,636		407

Lippo Karawaci Tbk PT*		17,425,210		75

Pakuwon Jati Tbk PT		9,567,540		256

Rimo International Lestari Tbk PT⁽²⁾*		42,545,100		—

Summarecon Agung Tbk PT		6,194,296		207

				945

Ireland – 0.0%

Irish Residential Properties REIT PLC		220,316		245

Israel – 0.8%

Africa Israel Residences Ltd.		3,169		214

Amot Investments Ltd.		129,626		617

Aura Investments Ltd.		81,989		346

Azrieli Group Ltd.		23,376		1,692

Blue Square Real Estate Ltd.		2,832		193

Electra Real Estate Ltd.		13,026		137

Israel Canada T.R Ltd.		86,852		348

Isras Investment Co. Ltd.		902		184

Mega Or Holdings Ltd.		12,566		335



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Israel – 0.8% continued

Melisron Ltd.		14,630	$	1,070

Mivne Real Estate KD Ltd.		327,449		808

Prashkovsky Investments and

Construction Ltd.		3,627		93

REIT 1 Ltd.		107,944		460

Sella Capital Real Estate Ltd.		123,208		259

Summit Real Estate Holdings Ltd.		22,951		294

YH Dimri Construction & Development Ltd.		4,381		341

				7,391

Italy – 0.0%

Cromwell European Real Estate

Investment Trust		163,271		243

Japan – 10.2%

Activia Properties, Inc.		380		1,025

Advance Logistics Investment Corp.		343		275

Advance Residence Investment Corp.		740		1,633

Aeon Mall Co. Ltd.		49,566		587

AEON REIT Investment Corp.		922		848

Comforia Residential REIT, Inc.		368		791

CRE Logistics REIT, Inc.		298		296

Daiwa House Industry Co. Ltd.		324,300		9,700

Daiwa House REIT Investment Corp.		1,266		2,164

Daiwa Office Investment Corp.		158		616

Daiwa Securities Living Investments Corp.		1,106		770

Frontier Real Estate Investment Corp.		271		814

Fukuoka REIT Corp.		353		400

Global One Real Estate Investment Corp.		562		402

GLP J-REIT		2,565		2,128

Goldcrest Co. Ltd.		8,800		152

Hankyu Hanshin REIT, Inc.		357		329

Heiwa Real Estate Co. Ltd.		16,000		431

Heiwa Real Estate REIT, Inc.		557		523

Hoshino Resorts REIT, Inc.		131		499

Hulic Co. Ltd.		209,540		2,175

Hulic REIT, Inc.		717		729

Ichigo Office REIT Investment Corp.		521		280

Ichigo, Inc.		138,500		424

Industrial & Infrastructure Fund

Investment Corp.		1,308		1,172

Invincible Investment Corp.		3,596		1,615

Japan Excellent, Inc.		650		550



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Japan – 10.2% continued

Japan Hotel REIT Investment Corp.		2,472		$1,302

Japan Logistics Fund, Inc.		488		884

Japan Metropolitan Fund Invest		3,822		2,391

Japan Prime Realty Investment Corp.		466		1,022

Japan Real Estate Investment Corp.		699		2,484

Katitas Co. Ltd.		28,800		380

KDX Realty Investment Corp.		2,224		2,332

Keihanshin Building Co. Ltd.		15,300		165

LaSalle Logiport REIT		1,013		1,031

Leopalace21 Corp.		101,200		346

Mirai Corp.		992		301

Mitsubishi Estate Co. Ltd.		615,380		11,319

Mitsubishi Estate Logistics REIT Investment Corp.		258		653

Mitsui Fudosan Co. Ltd.		1,459,686		15,886

Mitsui Fudosan Logistics Park, Inc.		314		936

Mori Hills REIT Investment Corp.		844		763

Mori Trust REIT, Inc.		1,376		656

Nippon Accommodations Fund, Inc.		268		1,142

Nippon Building Fund, Inc.		824		3,255

Nippon Prologis REIT, Inc.		1,240		2,203

NIPPON REIT Investment Corp.		247		575

Nomura Real Estate Holdings, Inc.		58,700		1,706

Nomura Real Estate Master Fund, Inc.		2,320		2,303

NTT UD REIT Investment Corp.		770		624

One REIT, Inc.		130		230

Orix JREIT, Inc.		1,429		1,552

SAMTY Co. Ltd.		15,000		278

Samty Residential Investment Corp.		194		139

Sekisui House REIT, Inc.		2,284		1,215

SOSiLA Logistics REIT, Inc.		366		297

Star Asia Investment Corp.		1,272		497

Starts Proceed Investment Corp.		130		183

Sumitomo Realty & Development Co. Ltd.		156,225		5,983

Sun Frontier Fudousan Co. Ltd.		14,800		192

Takara Leben Real Estate Investment Corp.		375		252

TKP Corp.*		10,400		123

Tokyo Tatemono Co. Ltd.		100,500		1,747

Tokyu REIT, Inc.		484		511

Tosei Corp.		14,000		229

United Urban Investment Corp.		1,489		1,507

				100,922



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Kuwait – 0.2%

Commercial Real Estate Co. K.S.C.		811,647		$335

Kuwait Real Estate Co. K.S.C.		399,828		299

Mabanee Co. KPSC		369,450		940

National Real Estate Co. KPSC*		617,449		202

Salhia Real Estate Co. K.S.C.P.		233,404		349

				2,125

Malaysia – 0.2%

Axis Real Estate Investment Trust		762,314		292

Eco World Development Group Bhd.		603,800		191

IOI Properties Group Bhd.		778,800		367

Matrix Concepts Holdings Bhd.		350,900		133

Pavilion Real Estate Investment Trust		786,700		213

Sime Darby Property Bhd.		1,306,100		252

SP Setia Bhd. Group		897,869		279

Sunway Real Estate Investment Trust		983,000		316

UEM Sunrise Bhd.		637,700		163

				2,206

Mexico – 0.8%

Concentradora Fibra Danhos S.A. de C.V.		177,553		217

Corp. Inmobiliaria Vesta S.A.B. de C.V.		451,200		1,768

FIBRA Macquarie Mexico		431,726		837

Fibra Uno Administracion S.A. de C.V.		1,555,633		2,583

Prologis Property Mexico S.A. de C.V.		387,137		1,699

TF Administradora Industrial S de RL de C.V.		418,400		1,144

				8,248

Netherlands – 0.1%

Eurocommercial Properties N.V.		24,705		563

NSI N.V.		10,980		225

Vastned Retail N.V.		6,166		149

Wereldhave N.V.		17,629		275

				1,212

New Zealand – 0.1%

Goodman Property Trust		610,943		832

Kiwi Property Group Ltd.		805,646		405

				1,237

Norway – 0.0%

Entra ASA		38,977		403

Philippines – 0.6%

AREIT, Inc.		414,300		259

Ayala Land, Inc.		3,669,981		2,108

Megaworld Corp.		4,879,001		167



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Philippines – 0.6% continued

Robinsons Land Corp.		1,027,296		$305

SM Prime Holdings, Inc.		5,437,453		3,168

				6,007

Qatar – 0.1%

Barwa Real Estate Co.		1,173,054		875

United Development Co. QSC		944,423		298

				1,173

Romania – 0.2%

NEPI Rockcastle N.V.*		305,943		2,113

Russia – 0.0%

LSR Group PJSC⁽²⁾		30,351		—

Saudi Arabia – 0.4%

Al Rajhi REIT		124,450		290

Alandalus Property Co.		26,751		195

Arriyadh Development Co.		45,456		285

Dar Al Arkan Real Estate Development Co.*		291,450		1,063

Emaar Economic City*		224,250		487

Jadwa REIT Saudi Fund		97,268		327

Retal Urban Development Co.		121,164		307

Riyad REIT Fund		77,756		165

Saudi Real Estate Co.*		83,604		461

				3,580

Singapore – 2.7%

AIMS APAC REIT		346,182		328

CapitaLand Ascendas REIT		2,044,834		4,203

CapitaLand Ascott Trust		1,429,314		1,000

CapitaLand China Trust		637,827		347

Capitaland India Trust		590,355		459

CapitaLand Integrated Commercial Trust		2,916,114		4,286

CDL Hospitality Trusts		465,652		352

City Developments Ltd.		266,600		1,157

Digital Core REIT Management Pte Ltd.		502,800		302

ESR-LOGOS REIT		3,750,974		820

Far East Hospitality Trust		562,203		266

Frasers Centrepoint Trust		562,009		912

Frasers Hospitality Trust		431,800		147

Frasers Logistics & Commercial Trust		1,634,547		1,284

Hong Fok Corp. Ltd.		164,700		101

Keppel DC REIT		730,434		937

Keppel REIT		1,374,520		886

Lendlease Global Commercial REIT		953,066		409



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Singapore – 2.7% continued

Mapletree Industrial Trust		1,159,432		$2,013

Mapletree Logistics Trust		1,917,226		2,074

Mapletree Pan Asia Commercial Trust		1,259,961		1,197

Parkway Life Real Estate Investment Trust		212,200		551

SPH REIT		606,500		375

Starhill Global REIT		778,590		277

Suntec Real Estate Investment Trust		1,110,991		888

UOL Group Ltd.		253,397		1,081

				26,652

South Africa – 0.4%

Burstone Group Limited		338,251		135

Equites Property Fund Ltd.		436,589		294

Fortress Real Estate Investments Ltd., Class B*		640,694		530

Growthpoint Properties Ltd.		1,826,052		1,085

Hyprop Investments Ltd.		207,192		321

Redefine Properties Ltd.		3,729,870		778

Resilient REIT Ltd.		180,035		441

Vukile Property Fund Ltd.		458,011		367

				3,951

South Korea – 0.1%

ESR Kendall Square REIT Co. Ltd.		76,209		247

JR Global REIT		98,449		303

LOTTE REIT Co. Ltd.		62,016		149

SK D&D Co. Ltd.⁽²⁾		3,763		69

SK Eternix Co. Ltd.*		5,633		53

SK REITs Co. Ltd.		66,981		204

				1,025

Spain – 0.3%

Aedas Homes S.A.		6,611		124

Inmobiliaria Colonial Socimi S.A.		150,086		889

Lar Espana Real Estate Socimi S.A.		26,044		203

Merlin Properties Socimi S.A.		176,111		1,894

				3,110

Sweden – 1.8%

Atrium Ljungberg AB, Class B		33,193		649

Castellum AB*		211,858		2,783

Catena AB		19,694		963

Cibus Nordic Real Estate AB publ		26,662		349

Corem Property Group AB, Class B		330,728		337

Dios Fastigheter AB		54,262		436

Fabege AB		125,920		1,178



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Sweden – 1.8% continued

Fastighets AB Balder, Class B*		355,809		$2,610

Hufvudstaden AB, Class A		58,953		716

NP3 Fastigheter AB		15,353		317

Nyfosa AB		77,194		761

Pandox AB		49,898		836

Platzer Fastigheter Holding AB, Class B		30,788		265

Sagax AB, Class B		112,086		2,952

Samhallsbyggnadsbolaget i Norden AB		565,812		223

Wallenstam AB, Class B		188,077		919

Wihlborgs Fastigheter AB		150,556		1,393

				17,687

Switzerland – 1.1%

Allreal Holding A.G. (Registered)		8,236		1,413

Intershop Holding A.G.		569		409

IWG PLC*		420,869		1,023

Mobimo Holding A.G. (Registered)		4,021		1,155

PSP Swiss Property A.G. (Registered)		24,680		3,233

Swiss Prime Site A.G. (Registered)		42,173		3,977

				11,210

Taiwan – 0.4%

Cathay Real Estate Development Co. Ltd.		278,000		186

Chong Hong Construction Co. Ltd.		98,000		271

Farglory Land Development Co. Ltd.		164,462		294

Highwealth Construction Corp.		678,194		851

Huaku Development Co. Ltd.		128,000		496

Kindom Development Co. Ltd.		174,900		228

Prince Housing & Development Corp.		502,000		164

Ruentex Development Co. Ltd.*		829,955		911

Sakura Development Co. Ltd.		140,053		314

				3,715

Thailand – 0.5%

Amata Corp. PCL NVDR		458,235		300

AP Thailand PCL (Registered)		441,405		131

AP Thailand PCL NVDR		861,304		255

Central Pattana PCL (Registered)		581,626		1,004

Central Pattana PCL NVDR		500,998		865

Land & Houses PCL NVDR		4,592,100		931

Origin Property PCL NVDR		475,400		92

Pruksa Holding PCL NVDR		239,100		77

Quality Houses PCL NVDR		4,349,400		262

Sansiri PCL NVDR		6,961,466		326



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

Thailand – 0.5% continued

SC Asset Corp. PCL (Registered)		747,984		$75

SC Asset Corp. PCL NVDR		4,424		1

Supalai PCL (Registered)		280,445		161

Supalai PCL NVDR		397,500		228

WHA Corp. PCL NVDR		4,536,500		592

				5,300

Turkey – 0.0%

Is Gayrimenkul Yatirim Ortakligi A.S.*		181,528		83

Peker Gayrimenkul Yatirim Ortakligi A.S.*		230,333		98

Torunlar Gayrimenkul Yatirim Ortakligi A.S.		101,903		130

Ziraat Gayrimenkul Yatirim Ortakligi A.S.		528,732		99

				410

United Arab Emirates – 0.4%

Aldar Properties PJSC		2,071,492		3,148

Deyaar Development PJSC*		598,845		132

RAK Properties PJSC		524,294		178

				3,458

United Kingdom – 3.5%

Assura PLC		1,682,786		898

Big Yellow Group PLC		101,490		1,362

British Land (The) Co. PLC		476,781		2,383

CLS Holdings PLC		96,008		104

Custodian Property Income REIT PLC		223,786		230

Derwent London PLC		51,969		1,422

Empiric Student Property PLC		320,747		384

Grainger PLC		386,136		1,255

Great Portland Estates PLC		112,346		551

Hammerson PLC		2,176,324		818

Home REIT PLC⁽²⁾*		484,349		157

Impact Healthcare REIT PLC		181,679		193

Land Securities Group PLC		383,713		3,185

LondonMetric Property PLC		1,071,374		2,752

Picton Property Income Ltd.		315,890		260

Primary Health Properties PLC		732,282		868

PRS REIT (The) PLC		287,116		288

Safestore Holdings PLC		119,748		1,143

Segro PLC		693,912		7,904

Shaftesbury Capital PLC		804,540		1,465

Supermarket Income REIT PLC		687,417		674

Target Healthcare REIT PLC		315,312		336

Tritax Big Box REIT PLC		1,026,809		2,041



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

United Kingdom – 3.5% continued

UK Commercial Property REIT Ltd.		421,383		$372

UNITE Group (The) PLC		202,243		2,498

Urban Logistics REIT PLC		252,612		365

Warehouse REIT PLC		188,728		197

Workspace Group PLC		78,625		509

				34,614

United States – 55.9%

Acadia Realty Trust		55,706		948

Agree Realty Corp.		55,171		3,151

Alexander & Baldwin, Inc.		40,044		660

Alexander’s, Inc.		1,251		272

Alexandria Real Estate Equities, Inc.		90,298		11,640

American Assets Trust, Inc.		25,397		556

American Homes 4 Rent, Class A		177,298		6,521

Americold Realty Trust, Inc.		154,830		3,858

Apartment Income REIT Corp.		81,483		2,646

Apartment Investment and Management Co., Class A*		74,286		608

Apple Hospitality REIT, Inc.		116,459		1,908

AvalonBay Communities, Inc.		77,637		14,406

Boston Properties, Inc.		81,325		5,311

Brandywine Realty Trust		94,616		454

Brixmor Property Group, Inc.		165,335		3,877

Broadstone Net Lease, Inc.		101,332		1,588

Camden Property Trust		58,491		5,756

CareTrust REIT, Inc.		66,157		1,612

CBL & Associates Properties, Inc.		6,148		141

Centerspace		8,351		477

Chatham Lodging Trust		25,684		260

Community Healthcare Trust, Inc.		13,997		372

COPT Defense Properties		62,076		1,500

Cousins Properties, Inc.		83,483		2,007

CubeSmart		122,646		5,546

DiamondRock Hospitality Co.		116,491		1,120

Digital Realty Trust, Inc.		165,257		23,804

DigitalBridge Group, Inc.		88,990		1,715

Diversified Healthcare Trust		93,414		230

Douglas Emmett, Inc.		90,795		1,259

Eagle Hospitality Trust⁽²⁾*		496,400		—

Easterly Government Properties, Inc.		50,793		585

EastGroup Properties, Inc.		25,354		4,558

Elme Communities		48,433		674

Empire State Realty Trust, Inc., Class A		73,530		745

Equinix, Inc.		51,249		42,297



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

United States – 55.9% continued

Equity Commonwealth*		58,678		$1,108

Equity Commonwealth - (Fractional Shares)^{(2) *}		75,000		—

Equity LifeStyle Properties, Inc.		96,497		6,214

Equity Residential		197,071		12,437

Essex Property Trust, Inc.		35,104		8,594

Extra Space Storage, Inc.		115,337		16,955

Federal Realty Investment Trust		40,143		4,099

First Industrial Realty Trust, Inc.		72,462		3,807

Four Corners Property Trust, Inc.		49,239		1,205

FRP Holdings, Inc.*		4,284		263

Getty Realty Corp.		26,114		714

Gladstone Commercial Corp.		19,169		265

Global Medical REIT, Inc.		33,803		296

Global Net Lease, Inc.		105,767		822

Healthcare Realty Trust, Inc.		207,637		2,938

Healthpeak Properties, Inc.		387,936		7,274

Highwoods Properties, Inc.		56,395		1,476

Host Hotels & Resorts, Inc.		384,123		7,944

Howard Hughes Holdings, Inc.*		19,248		1,398

Hudson Pacific Properties, Inc.		70,705		456

Independence Realty Trust, Inc.		121,448		1,959

Innovative Industrial Properties, Inc.		15,387		1,593

InvenTrust Properties Corp.		37,275		958

Invitation Homes, Inc.		334,374		11,907

Iron Mountain, Inc.		159,201		12,770

JBG SMITH Properties		52,016		835

Kennedy-Wilson Holdings, Inc.		61,796		530

Kilroy Realty Corp.		59,755		2,177

Kimco Realty Corp.		369,184		7,240

Kite Realty Group Trust		117,856		2,555

LTC Properties, Inc.		22,889		744

LXP Industrial Trust		161,345		1,455

Macerich (The) Co.		115,395		1,988

Medical Properties Trust, Inc.		323,292		1,520

Mid-America Apartment Communities, Inc.		63,819		8,397

National Health Investors, Inc.		23,913		1,502

National Storage Affiliates Trust		46,242		1,811

NETSTREIT Corp.		36,131		664

NexPoint Residential Trust, Inc.		12,949		417

NNN REIT, Inc.		99,903		4,270

Omega Healthcare Investors, Inc.		134,157		4,249

One Liberty Properties, Inc.		10,362		234



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

United States – 55.9% continued

Paramount Group, Inc.		88,073		$413

Park Hotels & Resorts, Inc.		116,034		2,029

Peakstone Realty Trust		19,914		321

Pebblebrook Hotel Trust		65,286		1,006

Phillips Edison & Co., Inc.		65,874		2,363

Piedmont Office Realty Trust, Inc., Class A		68,062		479

Plymouth Industrial REIT, Inc.		21,256		478

Prologis, Inc.		504,279		65,667

Public Storage		86,433		25,071

Realty Income Corp.		453,868		24,554

Regency Centers Corp.		96,033		5,816

Retail Opportunity Investments Corp.		68,779		882

Rexford Industrial Realty, Inc.		115,594		5,814

RLJ Lodging Trust		84,240		996

Ryman Hospitality Properties, Inc.		30,993		3,583

Sabra Health Care REIT, Inc.		127,326		1,881

Saul Centers, Inc.		7,283		280

Seritage Growth Properties, Class A*		20,043		193

Service Properties Trust		91,338		619

Simon Property Group, Inc.		178,166		27,881

SITE Centers Corp.		100,486		1,472

SL Green Realty Corp.		34,409		1,897

St. Joe (The) Co.		19,251		1,116

STAG Industrial, Inc.		98,896		3,802

Summit Hotel Properties, Inc.		58,686		382

Sun Communities, Inc.		68,039		8,748

Sunstone Hotel Investors, Inc.		108,932		1,214

Tanger, Inc.		59,402		1,754

Terreno Realty Corp.		46,892		3,114

UDR, Inc.		171,371		6,411

UMH Properties, Inc.		36,210		588

Universal Health Realty Income Trust		7,322		269

Urban Edge Properties		64,864		1,120

Ventas, Inc.		219,942		9,576

Veris Residential, Inc.		41,887		637

Vornado Realty Trust		88,361		2,542

Welltower, Inc.		302,246		28,242

Whitestone REIT		25,455		319



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.1% ⁽¹⁾ continued

United States – 55.9% continued

WP Carey, Inc.		119,801		$6,762

Xenia Hotels & Resorts, Inc.		57,444		862

				552,255
Total Common Stocks
(Cost $724,918)				979,817


INVESTMENT COMPANIES – 0.4%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽³⁾⁽⁴⁾		3,965,954		3,966
Total Investment Companies
(Cost $3,966)				3,966

Total Investments – 99.5%
(Cost $728,884)				983,783

Other Assets less Liabilities – 0.5%				4,566
Net Assets – 100.0%				$988,349

⁽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, 2024 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, 2024, 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)
BNY Mellon	Canadian Dollar		240	United States Dollar		178		6/20/24		$—	*

BNY Mellon	Hong Kong Dollar		1,818	United States Dollar		233		6/20/24		—	*

Citibank	British Pound		356	United States Dollar		453		6/20/24		4

Citibank	Norwegian Krone		860	United States Dollar		81		6/20/24		2

Citibank	Taiwan Dollar		17,120	United States Dollar		547		6/20/24		10

Goldman Sachs	Brazilian Real		1,400	United States Dollar		280		6/20/24		3

JPMorgan Chase	Indian Rupee		25,000	United States Dollar		301		6/20/24		2

Morgan Stanley	Euro		1,111	United States Dollar		1,214		6/20/24		12

Morgan Stanley	Swiss Franc		546	United States Dollar		625		6/20/24		14

Toronto-Dominion Bank	Korean Won		570,170	United States Dollar		435		6/20/24		11

Subtotal Appreciation										58

BNP	United States Dollar		195	Singapore Dollar		259		6/20/24		(2	)

Citibank	United States Dollar		241	Australian Dollar		366		6/20/24		(2	)

Citibank	United States Dollar		183	Japanese Yen		26,798		6/20/24		(4	)

Citibank	United States Dollar		13	Swedish Krona		129		6/20/24		—	*

Subtotal Depreciation										(8	)

Total										$ 50

*	Amount rounds to less than one thousand.

At March 31, 2024, 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 (United States Dollar)	17	$5,232	Long	6/24	$180

MSCI EAFE Index (United States Dollar)	17	2,004	Long	6/24	21

MSCI Emerging Markets Index (United States Dollar)	21	1,101	Long	6/24	3

S&P/TSX 60 Index (Canadian Dollar)	4	792	Long	6/24	12

Total					$216

⁽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, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		56.5	%

Japanese Yen		10.2

Australian Dollar		5.4

All other currencies less than 5%		27.4

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 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	$	2,736	$	—		$	—	$	2,736

Canada		12,960		—			—		12,960

Chile		800		—			—		800

China		1,869		15,448			22		17,339

Egypt		687		—			—		687

Israel		7,391		—			—		7,391

Japan		100,922		—			—		100,922

Kuwait		2,125		—			—		2,125

Malaysia		2,206		—			—		2,206

Qatar		1,173		—			—		1,173

Saudi Arabia		3,580		—			—		3,580

South Korea		956		—			69		1,025

Taiwan		3,715		—			—		3,715

Thailand		3,929		1,371			—		5,300

Turkey		410		—			—		410

United Arab Emirates		3,458		—			—		3,458

United Kingdom		—		34,457			157		34,614

United States		552,255		—			—		552,255

All Other Countries⁽¹⁾		—		227,121			—		227,121

Total Common Stocks		701,172		278,397			248		979,817

Investment Companies		3,966		—			—		3,966

Total Investments	$	705,138	$	278,397			$248	$	983,783

OTHER FINANCIAL INSTRUMENTS

Assets

Forward Foreign Currency Exchange Contracts	$	—	$	58		$	—	$	58

Futures Contracts		216		—			—		216

Liabilities

Forward Foreign Currency Exchange Contracts		—		(8	)		—		(8	)

Total Other Financial Instruments	$	216	$	50		$	—	$	266

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾

Australia – 1.5%

ANZ Group Holdings Ltd.		186,993		$3,583

APA Group		71,022		389

Aristocrat Leisure Ltd.		37,237		1,043

ASX Ltd.		10,601		459

Aurizon Holdings Ltd.		101,742		265

BlueScope Steel Ltd.		30,987		482

Brambles Ltd.		92,551		976

Cochlear Ltd.		4,344		956

Coles Group Ltd.		84,923		939

Computershare Ltd.		33,398		568

Dexus		51,288		265

EBOS Group Ltd.		9,854		202

Endeavour Group Ltd.		75,373		271

Fortescue Ltd.		108,348		1,816

Goodman Group		110,753		2,441

GPT Group (The)		129,003		385

IDP Education Ltd.		19,279		225

Macquarie Group Ltd.		22,934		2,985

Mineral Resources Ltd.		12,162		563

Mirvac Group		298,685		461

Northern Star Resources Ltd.		79,315		757

Orica Ltd.		33,995		405

Pilbara Minerals Ltd.		194,561		488

QBE Insurance Group Ltd.		99,344		1,174

Ramsay Health Care Ltd.		11,562		426

REA Group Ltd.		3,439		416

Scentre Group		368,108		815

SEEK Ltd.		21,392		349

Sonic Healthcare Ltd.		26,717		512

Stockland		142,149		450

Suncorp Group Ltd.		84,768		906

Telstra Group Ltd.		263,986		665

Transurban Group		200,307		1,741

Vicinity Ltd.		299,796		416

Woodside Energy Group Ltd.		119,673		2,391

				31,185

Austria – 0.1%

Mondi PLC		25,679		452

OMV A.G.		8,739		414

Verbund A.G.		4,435		325

				1,191

Belgium – 0.1%

KBC Group N.V.		16,064		1,207



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

Belgium – 0.1% continued

Liberty Global Ltd., Class C*		14,780		$261

Umicore S.A.		9,833		212

				1,680

Brazil – 0.3%

MercadoLibre, Inc.*		2,893		4,374

Wheaton Precious Metals Corp.		29,200		1,375

				5,749

Burkina Faso – 0.0%

Endeavour Mining PLC		6,575		134

Canada – 2.9%

Agnico Eagle Mines Ltd.		31,842		1,899

Alimentation Couche-Tard, Inc.		48,699		2,779

Bank of Montreal		45,903		4,482

Bank of Nova Scotia (The)		75,461		3,904

Brookfield Corp.		88,281		3,694

CAE, Inc.*		19,336		399

Cameco Corp.		27,004		1,169

Canadian Apartment Properties REIT		5,947		204

Canadian National Railway Co.		35,379		4,659

Canadian Tire Corp. Ltd., Class A		3,203		319

Dollarama, Inc.		17,796		1,356

Enbridge, Inc.		135,425		4,894

FirstService Corp.		2,595		430

Fortis, Inc.		29,580		1,169

Gildan Activewear, Inc.		9,731		361

Hydro One Ltd.		20,953		611

Intact Financial Corp.		11,244		1,827

Ivanhoe Mines Ltd., Class A*		41,953		500

Keyera Corp.		16,050		413

Kinross Gold Corp.		69,388		426

Magna International, Inc.		16,654		907

Metro, Inc.		15,481		831

National Bank of Canada		22,486		1,893

Nutrien Ltd.		31,375		1,705

Open Text Corp.		18,226		707

Parkland Corp.		9,169		292

Pembina Pipeline Corp.		37,106		1,310

RB Global, Inc.		11,450		872

RioCan Real Estate Investment Trust		16,062		219

Rogers Communications, Inc., Class B		22,774		933

Shopify, Inc., Class A*		76,687		5,916

Sun Life Financial, Inc.		38,106		2,079

TELUS Corp. (Toronto Exchange)		34,397		550



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

Canada – 2.9% continued

Thomson Reuters Corp.		10,048		$1,564

Toromont Industries Ltd.		5,312		511

Toronto-Dominion Bank (The)		112,626		6,797

West Fraser Timber Co. Ltd.		3,666		317

				62,898

Chile – 0.1%

Antofagasta PLC		26,368		681

Lundin Mining Corp.		41,440		424

				1,105

China – 0.4%

BOC Hong Kong Holdings Ltd.		212,000		568

NXP Semiconductors N.V.		16,462		4,079

Prosus N.V.*		93,243		2,922

				7,569

Denmark – 1.7%

AP Moller - Maersk A/S, Class A		130		166

AP Moller - Maersk A/S, Class B		293		381

Coloplast A/S, Class B		7,821		1,059

DSV A/S		11,408		1,854

Genmab A/S*		4,246		1,270

Novo Nordisk A/S, Class B		208,060		26,652

Novonesis (Novozymes), Class B		23,753		1,394

Orsted A/S*		11,623		654

Pandora A/S		5,239		846

ROCKWOOL A/S, Class B		671		221

Vestas Wind Systems A/S*		64,652		1,796

				36,293

Finland – 0.2%

Elisa OYJ		7,751		346

Kesko OYJ, Class B		15,553		290

Metso OYJ		45,844		544

Neste OYJ		26,010		705

Nokia OYJ		361,050		1,277

Stora Enso OYJ (Registered)		34,664		482

UPM-Kymmene OYJ		34,433		1,146

Wartsila OYJ Abp		29,135		443

				5,233

France – 2.9%

Aeroports de Paris S.A.		2,499		343

AXA S.A.		115,918		4,353

BNP Paribas S.A.		66,199		4,711

Bouygues S.A.		10,980		448



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

France – 2.9% continued

Carrefour S.A.		38,410		$657

Cie Generale des Etablissements Michelin S.C.A.		41,987		1,610

Credit Agricole S.A.		72,909		1,086

Danone S.A.		40,662		2,627

Dassault Systemes S.E.		42,674		1,888

Eiffage S.A.		5,276		598

Gecina S.A.		2,476		253

Getlink S.E.		25,210		429

Hermes International S.C.A.		2,043		5,238

Kering S.A.		4,671		1,846

Klepierre S.A.		15,561		403

L’Oreal S.A.		15,391		7,299

LVMH Moet Hennessy Louis Vuitton S.E.		17,672		15,983

Orange S.A.		110,236		1,295

SEB S.A.⁽²⁾		1		—

Societe Generale S.A.		46,457		1,250

Teleperformance S.E.		3,450		335

TotalEnergies S.E.		137,985		9,488

Worldline S.A.⁽³⁾*		7,380		91

				62,231

Germany – 1.2%

adidas A.G.		10,210		2,281

Bayerische Motoren Werke A.G.		20,426		2,357

Beiersdorf A.G.		6,268		913

Brenntag S.E.		9,053		763

Commerzbank A.G.		70,772		972

Covestro A.G.*		12,256		670

Deutsche Boerse A.G.		12,607		2,580

Deutsche Lufthansa A.G. (Registered)*		42,796		336

Deutsche Post A.G.		63,812		2,748

Evonik Industries A.G.		14,631		289

GEA Group A.G.		11,968		506

Heidelberg Materials A.G.		8,734		961

Henkel A.G. & Co. KGaA		7,679		553

Knorr-Bremse A.G.		5,388		407

LEG Immobilien S.E.*		4,319		371

Merck KGaA		8,259		1,458

Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered)		8,494		4,144

Puma S.E.		5,427		246

Symrise A.G.		8,147		975



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

Germany – 1.2% continued

Vonovia S.E.		48,906		$1,446

Zalando S.E.⁽³⁾*		13,080		374

				25,350

Hong Kong – 0.4%

AIA Group Ltd.		732,800		4,918

CK Infrastructure Holdings Ltd.		43,500		255

Hang Seng Bank Ltd.		42,778		469

HKT Trust & HKT Ltd.		236,000		275

Hong Kong & China Gas Co. Ltd.		676,463		513

MTR Corp. Ltd.		76,126		251

Prudential PLC		171,612		1,614

Sino Land Co. Ltd.		309,603		322

Swire Pacific Ltd., Class A		27,500		226

Swire Properties Ltd.		68,078		143

WH Group Ltd.⁽³⁾		525,500		347

				9,333

Ireland – 0.1%

Kerry Group PLC, Class A		9,623		826

Kingspan Group PLC		9,770		889

Smurfit Kappa Group PLC		18,084		825

				2,540

Israel – 0.0%

Bank Leumi Le-Israel B.M.		95,257		803

Italy – 0.5%

Assicurazioni Generali S.p.A.		65,200		1,651

Coca-Cola HBC A.G. - CDI*		15,145		478

Enel S.p.A.		512,901		3,386

FinecoBank Banca Fineco S.p.A.		40,171		601

Mediobanca Banca di Credito Finanziario S.p.A.		34,696		517

Moncler S.p.A.		13,774		1,028

Nexi S.p.A.*		35,288		224

Poste Italiane S.p.A.		33,292		417

Prysmian S.p.A.		16,445		859

Terna - Rete Elettrica Nazionale		89,643		743

				9,904

Japan – 6.5%

Advantest Corp.		48,800		2,198

Aeon Co. Ltd.		41,100		976

Ajinomoto Co., Inc.		29,900		1,118

ANA Holdings, Inc.		14,400		305

Asahi Kasei Corp.		81,600		599

Astellas Pharma, Inc.		116,600		1,266



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

Japan – 6.5% continued

Azbil Corp.		7,100		$197

Bandai Namco Holdings, Inc.		41,300		772

Bridgestone Corp.		36,300		1,596

Brother Industries Ltd.		16,100		300

Dai Nippon Printing Co. Ltd.		13,200		407

Daifuku Co. Ltd.		18,400		436

Daiichi Sankyo Co. Ltd.		119,000		3,755

Daikin Industries Ltd.		16,600		2,259

Daiwa House Industry Co. Ltd.		38,200		1,143

Daiwa Securities Group, Inc.		85,700		652

Denso Corp.		125,300		2,386

Eisai Co. Ltd.		15,905		653

FANUC Corp.		62,300		1,722

Fast Retailing Co. Ltd.		11,300		3,519

Fuji Electric Co. Ltd.		7,600		515

FUJIFILM Holdings Corp.		72,900		1,623

Fujitsu Ltd.		113,000		1,859

Hankyu Hanshin Holdings, Inc.		13,800		401

Hirose Electric Co. Ltd.		2,500		256

Hitachi Construction Machinery Co. Ltd.		7,400		221

Hitachi Ltd.		59,500		5,465

Hoya Corp.		22,100		2,736

Hulic Co. Ltd.		27,300		283

Ibiden Co. Ltd.		7,300		321

Inpex Corp.		62,100		960

Isuzu Motors Ltd.		37,200		505

ITOCHU Corp.		75,800		3,238

JFE Holdings, Inc.		36,600		614

JSR Corp.*		12,300		352

Kao Corp.		28,000		1,043

KDDI Corp.		97,600		2,890

Kikkoman Corp.		41,000		533

Koito Manufacturing Co. Ltd.		15,600		261

Komatsu Ltd.		59,800		1,747

Kubota Corp.		58,700		924

Kyowa Kirin Co. Ltd.		18,800		334

LY Corp.		143,100		366

Marubeni Corp.		92,100		1,600

MatsukiyoCocokara & Co.		22,100		356

Mazda Motor Corp.		36,400		422

McDonald’s Holdings Co. Japan Ltd.		5,600		254

MEIJI Holdings Co. Ltd.		17,000		380

Mitsubishi Chemical Group Corp.		74,700		452



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

Japan – 6.5% continued

Mitsubishi Estate Co. Ltd.		71,200		$1,310

Mitsui Chemicals, Inc.		12,300		352

Mitsui Fudosan Co. Ltd.		171,900		1,871

Mizuho Financial Group, Inc.		155,900		3,137

MS&AD Insurance Group Holdings, Inc.		81,600		1,461

NEC Corp.		15,400		1,118

Nintendo Co. Ltd.		66,200		3,584

NIPPON EXPRESS HOLDINGS, Inc.		4,700		240

Nippon Paint Holdings Co. Ltd.		51,800		367

Nippon Prologis REIT, Inc.		87		155

Nissin Foods Holdings Co. Ltd.		10,800		300

Nitori Holdings Co. Ltd.		4,700		733

Nitto Denko Corp.		9,100		828

Nomura Holdings, Inc.		193,600		1,250

Nomura Real Estate Holdings, Inc.		7,800		227

Nomura Research Institute Ltd.		21,576		605

NTT Data Group Corp.		41,100		659

Omron Corp.		10,500		375

Ono Pharmaceutical Co. Ltd.		23,400		379

Oriental Land Co. Ltd.		69,600		2,229

ORIX Corp.		76,100		1,658

Osaka Gas Co. Ltd.		21,500		482

Pan Pacific International Holdings Corp.		25,500		681

Panasonic Corp.		141,700		1,353

Rakuten Group, Inc.*		100,700		565

Recruit Holdings Co. Ltd.		91,300		4,045

Renesas Electronics Corp.		94,000		1,658

Ricoh Co. Ltd.		35,500		317

SCSK Corp.		10,100		189

Secom Co. Ltd.		14,500		1,050

Seiko Epson Corp.		20,000		350

Sekisui Chemical Co. Ltd.		23,900		352

Sekisui House Ltd.		40,800		947

Seven & i Holdings Co. Ltd.		143,800		2,096

SG Holdings Co. Ltd.		19,400		244

Sharp Corp.*		10,300		57

Shimadzu Corp.		13,300		372

Shimizu Corp.		31,000		205

Shin-Etsu Chemical Co. Ltd.		115,500		5,023

Shionogi & Co. Ltd.		14,900		763

SoftBank Corp.		184,000		2,371

Sompo Holdings, Inc.		56,400		1,189

Sony Group Corp.		80,500		6,905



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

Japan – 6.5% continued

Subaru Corp.		40,100		$913

Sumitomo Electric Industries Ltd.		47,200		732

Sumitomo Metal Mining Co. Ltd.		13,700		415

Sumitomo Mitsui Financial Group, Inc.		81,900		4,820

Sumitomo Mitsui Trust Holdings, Inc.		44,800		979

Suntory Beverage & Food Ltd.		8,800		293

Sysmex Corp.		28,326		498

T&D Holdings, Inc.		30,100		517

TDK Corp.		24,700		1,221

Terumo Corp.		85,000		1,532

TIS, Inc.		12,500		272

Tobu Railway Co. Ltd.		11,900		297

Tokio Marine Holdings, Inc.		116,100		3,607

Tokyo Electron Ltd.		30,000		7,842

Tokyo Gas Co. Ltd.		23,800		552

Tokyu Corp.		26,900		328

Toray Industries, Inc.		77,700		380

TOTO Ltd.		7,100		200

Unicharm Corp.		26,000		830

USS Co. Ltd.		26,800		224

West Japan Railway Co.		25,800		535

Yamaha Corp.		5,400		116

Yamaha Motor Co. Ltd.		61,400		577

Yamato Holdings Co. Ltd.		16,300		232

Yaskawa Electric Corp.		16,600		696

Yokogawa Electric Corp.		13,000		300

ZOZO, Inc.		7,600		191

				140,321

Netherlands – 1.7%

Akzo Nobel N.V.		10,361		773

ASML Holding N.V.		25,711		24,685

ING Groep N.V.		213,857		3,522

JDE Peet’s N.V.		5,694		120

Koninklijke Ahold Delhaize N.V.		61,322		1,833

Koninklijke KPN N.V.		225,269		842

NN Group N.V.		17,071		790

Universal Music Group N.V.		53,148		1,598

Wolters Kluwer N.V.		15,773		2,470

				36,633

New Zealand – 0.1%

Mercury NZ Ltd.		49,203		204

Meridian Energy Ltd.		94,730		335



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

New Zealand – 0.1% continued

Spark New Zealand Ltd.		133,935		$381

Xero Ltd.*		8,795		764

				1,684

Norway – 0.2%

Aker BP ASA		17,923		448

DNB Bank ASA		62,678		1,244

Equinor ASA		56,954		1,528

Gjensidige Forsikring ASA		9,170		133

Mowi ASA		28,776		529

Norsk Hydro ASA		95,013		524

Orkla ASA		43,055		304

Salmar ASA		3,969		262

Telenor ASA		34,439		383

				5,355

Portugal – 0.0%

Galp Energia SGPS S.A.		30,665		508

Jeronimo Martins SGPS S.A.		20,068		398

				906

Singapore – 0.3%

CapitaLand Integrated Commercial Trust		355,473		522

CapitaLand Investment Ltd.		192,558		383

City Developments Ltd.		46,700		203

Keppel Ltd.		89,300		486

Singapore Exchange Ltd.		51,800		354

STMicroelectronics N.V.		43,718		1,882

United Overseas Bank Ltd.		81,300		1,767

				5,597

South Africa – 0.1%

Anglo American PLC		82,493		2,038

Spain – 0.4%

ACS Actividades de Construccion y Servicios S.A.		14,072		589

Amadeus IT Group S.A.		30,371		1,948

Iberdrola S.A.		395,581		4,911

Redeia Corp. S.A.		21,829		373

Repsol S.A.		77,244		1,289

				9,110

Sweden – 0.8%

Alfa Laval AB		18,539		729

Assa Abloy AB, Class B		67,158		1,926

Atlas Copco AB, Class A		170,943		2,885

Atlas Copco AB, Class B		99,612		1,471



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

Sweden – 0.8% continued

Beijer Ref AB		25,449		$377

Boliden AB		15,917		441

Epiroc AB, Class A		42,023		792

Epiroc AB, Class B		28,903		489

EQT AB		25,223		797

Essity AB, Class B		38,239		908

Hennes & Mauritz AB, Class B		39,974		653

Holmen AB, Class B		3,611		147

Husqvarna AB, Class B		27,802		238

Nibe Industrier AB, Class B		87,506		430

Sandvik AB		66,860		1,484

SKF AB, Class B		21,406		436

Svenska Cellulosa AB S.C.A., Class B		43,269		664

Svenska Handelsbanken AB, Class A		92,970		940

Tele2 AB, Class B		26,167		215

Telia Co. AB		114,582		294

				16,316

Switzerland – 2.1%

ABB Ltd. (Registered)		101,618		4,716

Baloise Holding A.G. (Registered)		3,142		492

Banque Cantonale Vaudoise (Registered)		1,734		202

Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate)		65		778

Chocoladefabriken Lindt & Spruengli A.G. (Registered)		7		844

Clariant A.G. (Registered)*		14,320		194

DSM-Firmenich A.G.		11,444		1,300

Geberit A.G. (Registered)		2,026		1,197

Givaudan S.A. (Registered)		579		2,587

Julius Baer Group Ltd.		13,926		804

Kuehne + Nagel International A.G. (Registered)		3,384		942

Logitech International S.A. (Registered)		10,320		924

Lonza Group A.G. (Registered)		4,760		2,850

Novartis A.G. (Registered)		130,807		12,668

SGS S.A. (Registered)*		9,487		920

SIG Group A.G.*		21,484		476

Sika A.G. (Registered)		9,765		2,908

Sonova Holding A.G. (Registered)		3,104		898

Swiss Life Holding A.G. (Registered)		1,925		1,349

Swisscom A.G. (Registered)		1,775		1,085

Temenos A.G. (Registered)		3,818		273



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

Switzerland – 2.1% continued

VAT Group A.G.		1,767		$914

Zurich Insurance Group A.G.		9,318		5,024

				44,345

United Kingdom – 3.0%

3i Group PLC		61,800		2,189

abrdn PLC		108,778		194

Admiral Group PLC		16,359		585

Ashtead Group PLC		28,011		1,991

Associated British Foods PLC		21,470		678

AstraZeneca PLC		98,938		13,321

Auto Trader Group PLC⁽³⁾		61,310		541

Barratt Developments PLC		59,115		355

Berkeley Group Holdings PLC		7,504		451

BT Group PLC		379,609		525

Burberry Group PLC		19,804		304

Coca-Cola Europacific Partners PLC		12,733		891

Croda International PLC		8,028		498

DCC PLC		6,149		448

HSBC Holdings PLC		1,228,216		9,600

Informa PLC		93,543		981

Intertek Group PLC		9,552		602

J Sainsbury PLC		94,773		324

Kingfisher PLC		118,051		371

Legal & General Group PLC		387,369		1,243

Lloyds Banking Group PLC		4,083,259		2,673

National Grid PLC		237,444		3,194

Ocado Group PLC*		31,638		182

Phoenix Group Holdings PLC		59,758		417

Reckitt Benckiser Group PLC		45,155		2,569

RELX PLC		120,161		5,192

Sage Group (The) PLC		63,530		1,015

Schroders PLC		63,459		302

Segro PLC		79,874		910

Spirax-Sarco Engineering PLC		5,119		651

St. James’s Place PLC		24,512		144

Taylor Wimpey PLC		209,831		364

Tesco PLC		450,842		1,687

Unilever PLC		159,925		8,031

Vodafone Group PLC		1,389,983		1,231

WPP PLC		76,771		727

				65,381

United States – 71.0%

3M Co.		34,790		3,690



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

United States – 71.0% continued

Accenture PLC, Class A		39,737		$13,773

Adobe, Inc.*		28,805		14,535

AECOM		9,140		896

Aflac, Inc.		34,915		2,998

Agilent Technologies, Inc.		18,849		2,743

Akamai Technologies, Inc.*		9,559		1,040

Align Technology, Inc.*		4,613		1,513

Allegion PLC		5,554		748

Allstate (The) Corp.		16,677		2,885

Ally Financial, Inc.		17,040		692

Alphabet, Inc., Class A*		376,963		56,895

Alphabet, Inc., Class C*		329,408		50,156

Amcor PLC		95,552		909

American Express Co.		37,390		8,513

American Tower Corp.		29,640		5,857

American Water Works Co., Inc.		12,529		1,531

Ameriprise Financial, Inc.		6,511		2,855

Amgen, Inc.		34,194		9,722

Annaly Capital Management, Inc.		27,312		538

ANSYS, Inc.*		5,754		1,998

Applied Materials, Inc.		53,024		10,935

Aptiv PLC*		17,667		1,407

Arch Capital Group Ltd.*		23,335		2,157

Assurant, Inc.		3,207		604

Atmos Energy Corp.		10,363		1,232

Autodesk, Inc.*		13,642		3,553

Automatic Data Processing, Inc.		26,173		6,536

AutoZone, Inc.*		1,112		3,505

Avantor, Inc.*		45,449		1,162

Avery Dennison Corp.		5,122		1,143

Axon Enterprise, Inc.*		4,558		1,426

Baker Hughes Co.		64,191		2,150

Ball Corp.		19,792		1,333

Bank of New York Mellon (The) Corp.		48,674		2,805

Best Buy Co., Inc.		12,469		1,023

Biogen, Inc.*		9,347		2,016

Bio-Techne Corp.		9,788		689

BlackRock, Inc.		9,481		7,904

Booking Holdings, Inc.		2,233		8,101

BorgWarner, Inc.		13,666		475

Boston Properties, Inc.		8,520		556

Bristol-Myers Squibb Co.		128,905		6,991

Broadridge Financial Solutions, Inc.		7,368		1,509

Brookfield Renewable Corp., Class A		6,866		168



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

United States – 71.0% continued

Builders FirstSource, Inc.*		8,108		$1,691

Bunge Global S.A.		9,328		956

Burlington Stores, Inc.*		4,078		947

C.H. Robinson Worldwide, Inc.		7,033		536

Cadence Design Systems, Inc.*		17,380		5,410

Campbell Soup Co.		13,348		593

CarMax, Inc.*		9,808		854

Carrier Global Corp.		51,366		2,986

Caterpillar, Inc.		32,482		11,902

Cboe Global Markets, Inc.		6,586		1,210

CBRE Group, Inc., Class A*		19,767		1,922

Cencora, Inc.		10,722		2,605

Charles Schwab (The) Corp.		95,857		6,934

Cheniere Energy, Inc.		14,792		2,386

Church & Dwight Co., Inc.		15,737		1,642

Cigna Group (The)		18,673		6,782

Cintas Corp.		5,851		4,020

Citizens Financial Group, Inc.		29,466		1,069

Clorox (The) Co.		7,905		1,210

CMS Energy Corp.		20,202		1,219

Coca-Cola (The) Co.		262,893		16,084

Colgate-Palmolive Co.		49,831		4,487

Comcast Corp., Class A		257,039		11,143

Conagra Brands, Inc.		30,920		916

Consolidated Edison, Inc.		22,602		2,052

Cooper (The) Cos., Inc.		12,920		1,311

CRH PLC		43,912		3,788

Crown Castle, Inc.		27,210		2,880

CSX Corp.		126,282		4,681

Cummins, Inc.		9,050		2,667

Danaher Corp.		44,995		11,236

Darling Ingredients, Inc.*		9,200		428

DaVita, Inc.*		3,334		460

Dayforce, Inc.*		10,132		671

Deckers Outdoor Corp.*		1,648		1,551

Delta Air Lines, Inc.		9,891		473

Dexcom, Inc.*		24,696		3,425

Digital Realty Trust, Inc.		19,462		2,803

Discover Financial Services		16,089		2,109

DocuSign, Inc.*		12,814		763

Dover Corp.		8,961		1,588

Eaton Corp. PLC		25,496		7,972

eBay, Inc.		33,241		1,754

Ecolab, Inc.		16,430		3,794



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

United States – 71.0% continued

Edison International		25,669		$1,816

Edwards Lifesciences Corp.*		38,498		3,679

Electronic Arts, Inc.		16,437		2,181

Elevance Health, Inc.		14,972		7,764

Eli Lilly & Co.		51,469		40,041

Emerson Electric Co.		36,533		4,144

Equinix, Inc.		6,015		4,964

Equitable Holdings, Inc.		21,822		829

Essential Utilities, Inc.		19,391		718

Eversource Energy		21,610		1,292

Exelon Corp.		64,474		2,422

Expeditors International of Washington, Inc.		9,341		1,136

FactSet Research Systems, Inc.		2,365		1,075

Fair Isaac Corp.*		1,574		1,967

Fastenal Co.		35,955		2,774

Ferguson PLC		12,913		2,821

Fidelity National Information Services, Inc.		38,335		2,844

Fiserv, Inc.*		38,421		6,140

Fortive Corp.		22,860		1,966

Fortune Brands Innovations, Inc.		7,840		664

Fox Corp., Class A		18,185		569

Fox Corp., Class B		6,451		185

Franklin Resources, Inc.		18,263		513

Gartner, Inc.*		4,949		2,359

Gen Digital, Inc.		36,460		817

General Mills, Inc.		35,204		2,463

Genuine Parts Co.		8,944		1,386

Gilead Sciences, Inc.		79,502		5,824

Graco, Inc.		10,657		996

Halliburton Co.		57,792		2,278

Hartford Financial Services Group (The), Inc.		19,080		1,966

Hasbro, Inc.		7,768		439

HCA Healthcare, Inc.		12,884		4,297

Healthpeak Properties, Inc.		40,372		757

Hewlett Packard Enterprise Co.		81,365		1,443

HF Sinclair Corp.		10,279		621

Hilton Worldwide Holdings, Inc.		16,642		3,550

Hologic, Inc.*		15,545		1,212

Home Depot (The), Inc.		63,459		24,343

Hormel Foods Corp.		16,911		590

HP, Inc.		60,110		1,817



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

United States – 71.0% continued

HubSpot, Inc.*		3,081		$1,930

Humana, Inc.		7,771		2,694

Huntington Bancshares, Inc.		92,665		1,293

IDEX Corp.		4,784		1,167

IDEXX Laboratories, Inc.*		5,304		2,864

Illinois Tool Works, Inc.		19,101		5,125

Illumina, Inc.*		9,858		1,354

Ingersoll Rand, Inc.		25,884		2,458

Insulet Corp.*		4,409		756

Intel Corp.		268,622		11,865

Intercontinental Exchange, Inc.		36,437		5,008

International Business Machines Corp.		58,290		11,131

International Flavors & Fragrances, Inc.		15,979		1,374

International Paper Co.		18,603		726

Interpublic Group of (The) Cos., Inc.		24,675		805

Intuit, Inc.		17,853		11,604

Iron Mountain, Inc.		18,533		1,487

J.M. Smucker (The) Co.		6,604		831

James Hardie Industries PLC - CDI*		27,326		1,097

Jazz Pharmaceuticals PLC*		3,598		433

JB Hunt Transport Services, Inc.		5,386		1,073

Johnson & Johnson		153,915		24,348

Johnson Controls International PLC		43,175		2,820

Kellanova		17,399		997

Keurig Dr. Pepper, Inc.		70,416		2,160

Keysight Technologies, Inc.*		11,176		1,748

Kimberly-Clark Corp.		21,608		2,795

Kinder Morgan, Inc.		126,925		2,328

Knight-Swift Transportation Holdings, Inc.		10,954		603

Kroger (The) Co.		44,055		2,517

Laboratory Corp. of America Holdings		5,406		1,181

Lam Research Corp.		8,401		8,162

Lamb Weston Holdings, Inc.		9,656		1,029

Lear Corp.		4,025		583

Lennox International, Inc.		1,993		974

Linde PLC		31,033		14,409

LKQ Corp.		18,005		962

Lowe’s Cos., Inc.		36,750		9,361

LPL Financial Holdings, Inc.		4,811		1,271

Lululemon Athletica, Inc.*		7,282		2,845

LyondellBasell Industries N.V., Class A		17,525		1,792

Marathon Petroleum Corp.		24,306		4,898

MarketAxess Holdings, Inc.		2,229		489



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

United States – 71.0% continued

Marsh & McLennan Cos., Inc.		31,112		$6,408

Martin Marietta Materials, Inc.		3,957		2,429

Marvell Technology, Inc.		55,282		3,918

Masco Corp.		14,026		1,106

Mastercard, Inc., Class A		53,468		25,749

McCormick & Co., Inc. (Non Voting)		15,837		1,216

McDonald’s Corp.		46,293		13,052

Merck & Co., Inc.		161,913		21,364

Mettler-Toledo International, Inc.*		1,407		1,873

Microsoft Corp.		450,527		189,546

Molina Healthcare, Inc.*		3,784		1,555

Moody’s Corp.		10,519		4,134

Morgan Stanley		78,819		7,422

Nasdaq, Inc.		21,889		1,381

NetApp, Inc.		13,132		1,378

Newmont Corp.		72,561		2,601

NIKE, Inc., Class B		77,321		7,267

Norfolk Southern Corp.		14,400		3,670

Northern Trust Corp.⁽⁴⁾		13,266		1,180

NRG Energy, Inc.		14,855		1,006

Nucor Corp.		15,896		3,146

NVIDIA Corp.		157,610		142,410

NVR, Inc.*		213		1,725

Old Dominion Freight Line, Inc.		12,540		2,750

Omnicom Group, Inc.		13,275		1,284

ONEOK, Inc.		37,733		3,025

Otis Worldwide Corp.		26,350		2,616

Owens Corning		5,858		977

Paychex, Inc.		21,063		2,587

Paylocity Holding Corp.*		3,060		526

Pentair PLC		10,283		879

PepsiCo, Inc.		87,820		15,369

Phillips 66		28,069		4,585

PNC Financial Services Group (The), Inc.		25,016		4,043

Pool Corp.		2,340		944

PPG Industries, Inc.		15,213		2,204

Principal Financial Group, Inc.		15,616		1,348

Procter & Gamble (The) Co.		150,314		24,388

Progressive (The) Corp.		37,240		7,702

Prologis, Inc.		58,993		7,682

Prudential Financial, Inc.		22,573		2,650

PTC, Inc.*		7,493		1,416

PulteGroup, Inc.		13,574		1,637



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

United States – 71.0% continued

Quanta Services, Inc.		9,191		$2,388

Quest Diagnostics, Inc.		7,011		933

Raymond James Financial, Inc.		12,947		1,663

Regions Financial Corp.		60,420		1,271

Repligen Corp.*		3,564		656

Rivian Automotive, Inc., Class A*		39,865		437

Robert Half, Inc.		6,121		485

Rockwell Automation, Inc.		7,339		2,138

S&P Global, Inc.		20,642		8,782

Salesforce, Inc.		61,747		18,597

SBA Communications Corp.		6,846		1,484

Schlumberger N.V.		90,853		4,980

Schneider Electric S.E.		34,636		7,832

Seagate Technology Holdings PLC		12,545		1,167

Sempra		40,024		2,875

ServiceNow, Inc.*		13,090		9,980

Sherwin-Williams (The) Co.		15,455		5,368

Sirius XM Holdings, Inc.		43,635		169

Snap, Inc., Class A*		69,211		795

State Street Corp.		20,028		1,549

Steel Dynamics, Inc.		9,897		1,467

STERIS PLC		6,226		1,400

Swiss Re A.G.		19,252		2,475

Synchrony Financial		27,587		1,190

Synopsys, Inc.*		9,681		5,533

T. Rowe Price Group, Inc.		13,840		1,687

Take-Two Interactive Software, Inc.*		10,651		1,582

Targa Resources Corp.		14,040		1,572

Target Corp.		29,350		5,201

Teleflex, Inc.		2,653		600

Tenaris S.A.		32,360		639

Tesla, Inc.*		182,467		32,076

Texas Instruments, Inc.		57,867		10,081

TJX (The) Cos., Inc.		72,936		7,397

Toro (The) Co.		7,020		643

Tractor Supply Co.		6,982		1,827

Trane Technologies PLC		14,589		4,380

TransUnion		12,857		1,026

Travelers (The) Cos., Inc.		14,451		3,326

Trimble, Inc.*		16,012		1,031

Truist Financial Corp.		83,683		3,262

Twilio, Inc., Class A*		11,575		708

U.S. Bancorp		99,001		4,425

Ulta Beauty, Inc.*		3,095		1,618



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.6% ⁽¹⁾ continued

United States – 71.0% continued

Union Pacific Corp.		38,850		$9,554

United Parcel Service, Inc., Class B		46,163		6,861

United Rentals, Inc.		4,335		3,126

Vail Resorts, Inc.		2,400		535

Valero Energy Corp.		21,730		3,709

Verizon Communications, Inc.		267,321		11,217

Visa, Inc., Class A		100,971		28,179

W.W. Grainger, Inc.		2,848		2,897

Walt Disney (The) Co.		116,716		14,281

Waste Management, Inc.		25,800		5,499

Waters Corp.*		3,763		1,295

Welltower, Inc.		35,480		3,315

West Pharmaceutical Services, Inc.		4,714		1,865

Western Digital Corp.*		20,683		1,411

Westrock Co.		16,004		791

Weyerhaeuser Co.		47,055		1,690

Williams (The) Cos., Inc.		78,683		3,066

Willis Towers Watson PLC		6,589		1,812

Workday, Inc., Class A*		13,345		3,640

Xylem, Inc.		15,243		1,970

Yum! Brands, Inc.		18,167		2,519

Zimmer Biomet Holdings, Inc.		13,583		1,793

Zoetis, Inc.		29,308		4,959

Zscaler, Inc.*		5,629		1,084

				1,524,697

Total Common Stocks

(Cost $1,394,462)				2,115,581


PREFERRED STOCKS – 0.1% ⁽¹⁾

Germany – 0.0%

Bayerische Motoren Werke A.G., 6.07%⁽⁵⁾		3,614		388

Henkel A.G. & Co. KGaA, 2.49%⁽⁵⁾		9,781		786

				1,174

Total Preferred Stocks

(Cost $979)				1,174


RIGHTS – 0.0%

United States – 0.0%

Contra Abiomed, Inc. (Contingent Value Rights)⁽⁶⁾⁽⁷⁾ *		2,380		—

Total Rights

(Cost $—)				—

NUMBER
OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 0.6%

Northern Institutional Funds -

U.S. Government Portfolio (Shares), 5.13%⁽⁸⁾⁽⁹⁾

13,611,994

$13,612

Total Investment Companies

(Cost $13,612)

13,612

Total Investments – 99.2%

(Cost $1,409,053)

2,130,367

Other Assets less Liabilities – 0.8%

16,187

Net Assets – 100.0%

2,146,554

⁽¹⁾

Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.

⁽²⁾

Value rounds to less than one thousand.

⁽³⁾

⁽⁴⁾

Investment in affiliate.

⁽⁵⁾

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

⁽⁶⁾

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

⁽⁷⁾

Restricted security that has been deemed illiquid. At March 31, 2024, 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)		12/23/2022	$	—

⁽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, 2024 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, 2024, 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)

BNY Mellon		Hong Kong Dollar		913		United States Dollar		117		6/20/24		$—	*

Citibank		Australian Dollar		391		United States Dollar		257		6/20/24		2

Morgan Stanley		British Pound		500		United States Dollar		632		6/20/24		1

Morgan Stanley		Euro		1,600		United States Dollar		1,740		6/20/24		8

Morgan Stanley		Swiss Franc		274		United States Dollar		313		6/20/24		6

Subtotal Appreciation												17

BNY Mellon		United States Dollar		367		Canadian Dollar		495		6/20/24		(1	)

Citibank		United States Dollar		985		British Pound		773		6/20/24		(10	)

Citibank		United States Dollar		2,209		Japanese Yen		324,304		6/20/24		(40	)

Citibank		United States Dollar		178		Swedish Krona		1,832		6/20/24		(6	)

Morgan Stanley		Japanese Yen		360,300		United States Dollar		2,410		6/20/24		(1	)

Morgan Stanley		United States Dollar		156		Danish Krone		1,061		6/20/24		(1	)

Morgan Stanley		United States Dollar		1,374		Euro		1,257		6/20/24		(13	)

Subtotal Depreciation												(72	)

Total												$(55)

*	Amount rounds to less than one thousand.

At March 31, 2024, 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)	75	$	19,907		Long		6/24		$384
Euro Stoxx 50 (Euro)	60		3,266		Long		6/24		88
FTSE 100 Index (British Pound)	9		907		Long		6/24		24

TYPE

NUMBER OF

CONTRACTS

NOTIONAL

AMOUNT

(000S)

CONTRACT

POSITION

CONTRACT

EXP.

VALUE AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

(000S)⁽¹⁾

SPI 200 Index (Australian Dollar)

648

Long

6/24

$ 16

Topix Index (Japanese Yen)

2,013

Long

6/24

Total

$578

⁽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, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS
United States Dollar		71.4	%

Euro		7.9

Japanese Yen		6.5

All other currencies less than 5%		13.4

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, 2024 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:

Belgium	$	261	$	1,419		$—	$	1,680

Brazil		5,749		—		—		5,749

Canada		62,898		—		—		62,898

Chile		424		681		—		1,105

China		4,079		3,490		—		7,569



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

Israel	$	803	$	—			$—	$	803

Italy		4,320		5,584			—		9,904

Japan		140,321		—			—		140,321

United Kingdom		891		64,490			—		65,381

United States		1,509,505		15,192			—		1,524,697

All Other Countries⁽¹⁾		—		295,474			—		295,474
Total Common Stocks		1,729,251		386,330			—		2,115,581
Preferred Stocks		—		1,174			—		1,174
Investment Companies		13,612		—			—		13,612
Total Investments	$	1,742,863	$	387,504			$—	$	2,130,367

OTHER FINANCIAL INSTRUMENTS
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	17			$—	$	17
Futures Contracts		578		—			—		578
Liabilities
Forward Foreign Currency Exchange Contracts		—		(72	)		—		(72	)
Total Other Financial Instruments	$	578	$	(55	)		$—	$	523

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 99.5%

FlexShares^® Credit-Scored U.S. Corporate Bond Index Fund⁽¹⁾		40,211		$1,921

FlexShares^® Credit-Scored U.S. Long Corporate Bond Index Fund⁽¹⁾		2,090		92

FlexShares^® Developed Markets ex-U.S. Quality Low Volatility Index Fund⁽¹⁾		89,169		2,378

FlexShares^® Disciplined Duration MBS Index Fund⁽¹⁾		161,589		3,292

FlexShares^® Global Quality Real Estate Index Fund⁽¹⁾		32,189		1,829

FlexShares^® High Yield Value-Scored Bond Index Fund⁽¹⁾		222,247		9,137

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund⁽¹⁾		270,625		6,400

FlexShares^® International Quality Dividend Index Fund⁽¹⁾		197,446		4,759

FlexShares^® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund⁽¹⁾		66,385		4,757

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund⁽¹⁾		89,185		4,578

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund⁽¹⁾		89,333		3,669

FlexShares^® Morningstar U.S. Market Factor Tilt Index Fund⁽¹⁾		51,680		10,253

FlexShares^® Quality Dividend Index Fund⁽¹⁾		155,370		10,240

FlexShares^® STOXX Global Broad Infrastructure Index Fund⁽¹⁾		33,590		1,834

FlexShares^® U.S. Quality Low Volatility Index Fund⁽¹⁾		84,076		5,125

FlexShares^® Ultra-Short Income Fund⁽¹⁾		12,120		914

iShares 1-3 Year Treasury Bond ETF		43,601		3,566

iShares 1-5 Year Investment Grade Corporate Bond ETF		42,775		2,194

iShares 20+ Year Treasury Bond ETF		34,762		3,289

iShares 3-7 Year Treasury Bond ETF		14,204		1,645

iShares 5-10 Year Investment Grade Corporate Bond ETF		17,702		913

NUMBER
OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 99.5% continued

iShares 7-10 Year Treasury Bond ETF

17,390

$1,646

iShares MBS ETF

71,192

6,579

Total Investment Companies

(Cost $81,140)

91,010

Total Investments – 99.5%

(Cost $81,140)

91,010

Other Assets less Liabilities – 0.5%

422

NET ASSETS – 100.0%

91,432

⁽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.

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, 2024, the asset class weightings for the Fund were:



ASSET CLASS	WEIGHT			INVESTMENT VEHICLE
U.S. Equity		11.3	%	FlexShares^® Morningstar U.S. Market Factor Tilt Index Fund

U.S. Equity		11.3		FlexShares^® Quality Dividend Index Fund

U.S. Equity		5.7		FlexShares^® U.S. Quality Low Volatility Index Fund

Non U.S. Equity - Developed		5.2		FlexShares^® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund

Non U.S. Equity - Developed		5.2		FlexShares^® International Quality Dividend Index Fund

Non U.S. Equity - Developed		2.6		FlexShares^® Developed Markets ex-U.S. Quality Low Volatility Index Fund

Non U.S. Equity - Emerging Markets		5.0		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		10.1		FlexShares^® High Yield Value-Scored Bond Index Fund

U.S. Bonds - Investment Grade		7.2		iShares MBS ETF

U.S. Bonds - Investment Grade		3.9		iShares 1-3 Year Treasury Bond ETF

U.S. Bonds - Investment Grade		3.6		FlexShares^® Disciplined Duration MBS Index Fund

U.S. Bonds - Investment Grade		3.6		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		2.1		FlexShares^® Credit-Scored U.S. Corporate Bond Index Fund

U.S. Bonds - Investment Grade		1.8		iShares 7-10 Year Treasury Bond ETF

U.S. Bonds - Investment Grade		1.8		iShares 3-7 Year Treasury Bond ETF

U.S. Bonds - Investment Grade		1.0		FlexShares^® Ultra-Short Income Fund

U.S. Bonds - Investment Grade		1.0		iShares 5-10 Year Investment Grade Corporate Bond ETF

U.S. Bonds - Investment Grade		0.1		FlexShares^® Credit-Scored U.S. Long Corporate Bond Index Fund

U.S. Bonds - Inflation Protected		7.1		FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

Global Infrastructure		2.0		FlexShares^® STOXX Global Broad Infrastructure Index Fund

Commodities/Natural Resources		4.0		FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

Total		100.0	%

At March 31, 2024, the security types for the Fund were:



SECURITY TYPE	% OF NET ASSETS
Investment Companies		99.5	%

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	$	91,010		$—		$—	$	91,010



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.5%

Aerospace & Defense – 1.0%

Lockheed Martin Corp.		3,676		$1,672

Automobiles – 0.4%

Tesla, Inc.⁽¹⁾*		4,278		752

Banks – 2.0%

Citigroup, Inc.		33,283		2,105

JPMorgan Chase & Co.		6,374		1,277

				3,382

Beverages – 1.2%

Coca-Cola (The) Co.		28,035		1,715

PepsiCo, Inc.		1,651		289

				2,004

Biotechnology – 3.7%

AbbVie, Inc.		16,219		2,954

Amgen, Inc.		6,299		1,791

Gilead Sciences, Inc.		20,333		1,489

				6,234

Broadline Retail – 2.9%

Amazon.com, Inc.⁽¹⁾*		24,640		4,445

eBay, Inc.		7,944		419

				4,864

Building Products – 0.5%

A.O. Smith Corp.		9,697		868

Capital Markets – 3.5%

Ameriprise Financial, Inc.		1,971		864

Bank of New York Mellon (The) Corp.		17,627		1,016

Blue Owl Capital, Inc.		33,591		634

Janus Henderson Group PLC		14,740		485

Jefferies Financial Group, Inc.		12,072		532

Lazard, Inc.		13,619		570

State Street Corp.		10,964		848

TPG, Inc.		11,753		525

Virtu Financial, Inc., Class A		22,486		461

				5,935

Chemicals – 1.3%

CF Industries Holdings, Inc.		7,614		634

Linde PLC		119		55

LyondellBasell Industries N.V., Class A		8,180		837

NewMarket Corp.		284		180

Scotts Miracle-Gro (The) Co.		7,299		544

				2,250

Communications Equipment – 1.3%

Cisco Systems, Inc.		42,939		2,143



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.5% continued

Consumer Finance – 0.6%

Ally Financial, Inc.		14,669		$596

OneMain Holdings, Inc.		9,813		501

				1,097

Consumer Staples Distribution & Retail – 0.2%

Costco Wholesale Corp.		504		369

Containers & Packaging – 0.5%

Packaging Corp. of America		4,873		925

Distributors – 0.0%

Pool Corp.		26		10

Diversified Consumer Services – 0.1%

H&R Block, Inc.		4,047		199

Diversified Telecommunication Services – 0.6%

AT&T, Inc.		60,953		1,073

Electric Utilities – 1.2%

Constellation Energy Corp.		4,682		866

Exelon Corp.		17,894		672

OGE Energy Corp.		12,459		427

				1,965

Electrical Equipment – 0.9%

Rockwell Automation, Inc.		3,018		879

Vertiv Holdings Co., Class A		8,902		727

				1,606

Financial Services – 2.4%

Berkshire Hathaway, Inc., Class B*		2,839		1,194

Corebridge Financial, Inc.		21,146		607

Equitable Holdings, Inc.		7,675		292

Fidelity National Information Services, Inc.		14,911		1,106

MGIC Investment Corp.		13,302		297

Visa, Inc., Class A		400		112

Western Union (The) Co.		37,041		518

				4,126

Food Products – 0.5%

General Mills, Inc.		11,218		785

Gas Utilities – 0.3%

UGI Corp.		19,912		489

Ground Transportation – 1.0%

Old Dominion Freight Line, Inc.		3,744		821

Union Pacific Corp.		3,482		856

				1,677

Health Care Equipment & Supplies – 0.5%

Abbott Laboratories		7,581		862



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.5% continued

Health Care Providers & Services – 1.4%

Cardinal Health, Inc.		7,754		$868

Cencora, Inc.		1,515		368

UnitedHealth Group, Inc.		2,144		1,060

				2,296

Health Care Real Estate Investment Trusts – 0.3%

Omega Healthcare Investors, Inc.		14,218		450

Hotel & Resort Real Estate Investment Trusts – 0.5%

Host Hotels & Resorts, Inc.		17,186		356

Park Hotels & Resorts, Inc.		28,538		499

				855

Hotels, Restaurants & Leisure – 1.3%

McDonald’s Corp.		451		127

Starbucks Corp.		18,197		1,663

Yum! Brands, Inc.		3,262		452

				2,242

Household Products – 2.5%

Clorox (The) Co.		4,989		764

Kimberly-Clark Corp.		7,296		944

Procter & Gamble (The) Co.		15,599		2,531

				4,239

Industrial Conglomerates – 0.7%

3M Co.		10,392		1,102

Insurance – 3.2%

Aflac, Inc.		10,730		921

Allstate (The) Corp.		4,325		748

First American Financial Corp.		4,486		274

MetLife, Inc.		13,080		969

Old Republic International Corp.		7,827		241

Principal Financial Group, Inc.		8,964		774

Prudential Financial, Inc.		8,545		1,003

Unum Group		9,228		495

				5,425

Interactive Media & Services – 4.1%

Alphabet, Inc., Class A⁽¹⁾*		32,060		4,839

Meta Platforms, Inc., Class A⁽¹⁾		4,492		2,181

				7,020

IT Services – 1.4%

Accenture PLC, Class A		2,794		968

Cognizant Technology Solutions Corp., Class A		8,925		654

International Business Machines Corp.		4,125		788

				2,410



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.5% continued

Machinery – 1.2%

Illinois Tool Works, Inc.		5,182		$1,391

Otis Worldwide Corp.		6,470		642

				2,033

Media – 2.0%

Comcast Corp., Class A		49,875		2,162

Interpublic Group of (The) Cos., Inc.		18,581		606

Nexstar Media Group, Inc.		469		81

Omnicom Group, Inc.		5,366		519

				3,368

Metals & Mining – 0.4%

Southern Copper Corp.		5,881		626

Mortgage Real Estate Investment Trusts – 0.5%

Rithm Capital Corp.		41,790		466

Starwood Property Trust, Inc.		21,434		436

				902

Multi-Utilities – 1.5%

Consolidated Edison, Inc.		8,298		754

Dominion Energy, Inc.		18,543		912

Public Service Enterprise Group, Inc.		13,617		909

				2,575

Office Real Estate Investment Trusts – 0.2%

Highwoods Properties, Inc.		10,001		262

Oil, Gas & Consumable Fuels – 3.6%

Coterra Energy, Inc.		12,482		348

Devon Energy Corp.		17,352		871

Diamondback Energy, Inc.		2,228		442

Exxon Mobil Corp.		27,979		3,252

Pioneer Natural Resources Co.		4,389		1,152

Texas Pacific Land Corp.		153		88

				6,153

Pharmaceuticals – 5.4%

Bristol-Myers Squibb Co.		36,907		2,001

Eli Lilly & Co.		4,256		3,311

Johnson & Johnson		18,527		2,931

Merck & Co., Inc.		4,935		651

Pfizer, Inc.		10,731		298

				9,192

Professional Services – 2.4%

Automatic Data Processing, Inc.		7,749		1,935

Broadridge Financial Solutions, Inc.		2,757		565



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.5% continued

Professional Services – 2.4% continued

Paychex, Inc.		7,003		$860

Robert Half, Inc.		8,982		712

				4,072

Residential Real Estate Investment Trusts – 0.6%

Equity Residential		7,016		443

Mid-America Apartment Communities, Inc.		3,859		508

				951

Retail Real Estate Investment Trusts – 1.2%

Brixmor Property Group, Inc.		19,362		454

NNN REIT, Inc.		10,873		465

Simon Property Group, Inc.		6,685		1,046

				1,965

Semiconductors & Semiconductor Equipment – 11.9%

Applied Materials, Inc.		607		125

Broadcom, Inc.		3,021		4,004

KLA Corp.		2,085		1,457

Lam Research Corp.		2,509		2,438

Microchip Technology, Inc.		10,269		921

NVIDIA Corp.⁽¹⁾		7,889		7,128

QUALCOMM, Inc.		13,532		2,291

Skyworks Solutions, Inc.		4,286		464

Texas Instruments, Inc.		8,064		1,405

				20,233

Software – 8.7%

Bentley Systems, Inc., Class B		8,710		455

Dolby Laboratories, Inc., Class A		1,145		96

Intuit, Inc.		3,524		2,290

Microsoft Corp.		26,799		11,275

Oracle Corp.		5,590		702

				14,818

Specialized Real Estate Investment Trusts – 1.6%

Digital Realty Trust, Inc.		1,960		282

EPR Properties		9,132		388

Iron Mountain, Inc.		9,929		796

Lamar Advertising Co., Class A		2,399		287

Public Storage		3,050		885

				2,638

Specialty Retail – 3.3%

Bath & Body Works, Inc.		6,652		333

Best Buy Co., Inc.		4,879		400

Dick’s Sporting Goods, Inc.		687		154



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.5% continued

Specialty Retail – 3.3% continued

Home Depot (The), Inc.		7,864		$3,017

Lowe’s Cos., Inc.		4,058		1,034

Williams-Sonoma, Inc.		2,321		737

				5,675

Technology Hardware, Storage & Peripherals – 7.3%

Apple, Inc.⁽¹⁾		63,899		10,957

HP, Inc.		23,774		719

NetApp, Inc.		7,504		788

				12,464

Textiles, Apparel & Luxury Goods – 0.9%

Carter’s, Inc.		6,117		518

Tapestry, Inc.		22,727		1,079

				1,597

Tobacco – 1.9%

Altria Group, Inc.		33,414		1,458

Philip Morris International, Inc.		18,952		1,736

				3,194

Trading Companies & Distributors – 0.9%

Fastenal Co.		13,632		1,051

MSC Industrial Direct Co., Inc., Class A		4,417		429

				1,480

Total Common Stocks

(Cost $99,769)				165,524



INVESTMENT COMPANIES – 2.4%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽²⁾⁽³⁾		4,033,253		4,033

Total Investment Companies

(Cost $4,033)				4,033

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

SHORT-TERM INVESTMENTS – 0 . 1%

U.S. Treasury Bill,
5.26%, 4/11/24⁽⁴⁾⁽⁵⁾

$195

$195

Total Short-Term Investments

(Cost $195)

195

Total Investments – 100.0%

(Cost $103,997)

169,752

Other Assets less Liabilities – 0.0%

NET ASSETS – 100.0%

$169,820

⁽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, 2024 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, 2024, 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	16	$4,247	Long	6/24	$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, 2024, the Fund had open written call options as follows:



TYPE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT (000S)			VALUE (000S)

Alphabet, Inc., Class A, Exp. Date 4/19/24, Strike Price $160.00	(320)		$(4,830	)		$(23)

Amazon.com, Inc., Exp. Date 4/19/24, Strike Price $200.00	(246)		(4,437	)		(4)

Apple, Inc., Exp. Date 4/19/24, Strike Price $200.00	(318)		(5,453	)		(2)



TYPE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT (000S)			VALUE (000S)

Meta Platforms, Inc., Class A, Exp. Date 4/19/24, Strike Price $575.00		(44)		$(2,137	)		$(1)

NVIDIA Corp., Exp. Date 4/19/24, Strike Price $1,200.00		(78)		(7,048	)		(8)

Tesla, Inc., Exp. Date 4/19/24, Strike Price $225.00		(42)		(738	)		(3)

Total Written Options Contracts							$(41)

(Premiums Received (000s) $171)

At March 31, 2024, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

Common Stocks		97.5	%

Investment Companies		2.4	%

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⁾		$165,524			$ —		$—		$165,524

Investment Companies		4,033			—		—		4,033

Short-Term Investments		—			195		—		195
Total Investments		$169,557			$195		$—		$169,752

OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts		$ 74			$ —		$—		$ 74

Liabilities

Written Options		(41	)		—		—		(41	)
Total Other Financial Instruments		$ 33			$ —		$—		$ 33

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.4% ⁽¹⁾

Australia – 6.1%

ANZ Group Holdings Ltd.		88,093		$1,688

Aristocrat Leisure Ltd.		19,420		544

BHP Group Ltd.		15,681		453

Cochlear Ltd.		72		16

Coles Group Ltd.		1,835		20

Fortescue Ltd.		68,989		1,156

Glencore PLC		190,418		1,048

National Australia Bank Ltd.		31,193		704

Origin Energy Ltd.		38,165		229

Rio Tinto PLC		7,552		479

Sonic Healthcare Ltd.		12,367		237

Stockland		200,677		636

Telstra Group Ltd.		291,997		735

Wesfarmers Ltd.		12,105		540

Woodside Energy Group Ltd.		1,078		21

				8,506

Austria – 0.5%

Erste Group Bank A.G.		6,909		308

voestalpine A.G.		12,839		360

				668

Belgium – 0.8%

Ageas S.A./N.V.		19,082		884

Sofina S.A.		825		185

				1,069

Brazil – 0.5%

Yara International ASA		21,837		692

Canada – 9.6%

AltaGas Ltd.		8,843		195

Brookfield Asset Management Ltd., Class A		20,100		844

Canadian National Railway Co.		6,893		908

Canadian Natural Resources Ltd.		26,383		2,013

Canadian Utilities Ltd., Class A		2,655		61

CGI, Inc.*		8,970		990

Empire Co. Ltd., Class A		945		23

Fairfax Financial Holdings Ltd.		1,125		1,213

Fortis, Inc.		7,272		287

IGM Financial, Inc.		44,298		1,142

Imperial Oil Ltd.		4,347		300

Loblaw Cos. Ltd.		2,492		276

Magna International, Inc.		2,291		125

Manulife Financial Corp.		65,028		1,624

Nutrien Ltd.		3,110		169



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.4% ⁽¹⁾ continued

Canada – 9.6% continued

Suncor Energy, Inc.		22,387		$826

Teck Resources Ltd., Class B		3,658		167

TFI International, Inc.		8,237		1,314

West Fraser Timber Co. Ltd.		11,226		969

				13,446

Chile – 0.4%

Lundin Mining Corp.		60,077		615

China – 0.6%

BOC Hong Kong Holdings Ltd.		300,302		805

SITC International Holdings Co. Ltd.		10,065		18

				823

Denmark – 2.6%

AP Moller - Maersk A/S, Class B		137		178

Demant A/S*		8,590		428

Novo Nordisk A/S, Class B		13,938		1,786

Pandora A/S		7,517		1,214

				3,606

Finland – 1.1%

Kone OYJ, Class B		6,878		320

Wartsila OYJ Abp		77,552		1,178

				1,498

France – 8.8%

BNP Paribas S.A.		25,387		1,807

Bureau Veritas S.A.		733		22

Capgemini S.E.		5,697		1,314

Carrefour S.A.		17,330		297

Cie de Saint-Gobain S.A.		18,425		1,429

Dassault Aviation S.A.		3,835		844

Eiffage S.A.		2,507		284

Engie S.A.		22,160		372

Hermes International S.C.A.		257		659

Ipsen S.A.		6,656		791

Klepierre S.A.		11,645		301

La Francaise des Jeux S.A.E.M.		4,130		168

L’Oreal S.A.		3,159		1,498

LVMH Moet Hennessy Louis Vuitton S.E.		507		459

Publicis Groupe S.A.		12,444		1,356

Safran S.A.		2,153		488

Teleperformance S.E.		2,105		204

Veolia Environnement S.A.		275		9

				12,302



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.4% ⁽¹⁾ continued

Germany – 5.7%

Allianz S.E. (Registered)		148		$44

Bayerische Motoren Werke A.G.		9,336		1,077

Deutsche Bank A.G. (Registered)		39,239		617

Deutsche Post A.G.		26,007		1,120

E.ON S.E.		15,358		214

Fresenius Medical Care A.G.		16,536		636

Heidelberg Materials A.G.		5,458		600

Mercedes-Benz Group A.G.		20,677		1,647

Merck KGaA		1,311		231

Nemetschek S.E.		1,364		135

RWE A.G.		8,838		300

SAP S.E.		441		86

Scout24 S.E.		3,699		279

Siemens A.G. (Registered)		4,965		948

				7,934

Hong Kong – 1.4%

CK Asset Holdings Ltd.		112,992		465

CK Infrastructure Holdings Ltd.		28,239		165

CLP Holdings Ltd.		19,289		154

Futu Holdings Ltd. ADR*		11,381		616

Sun Hung Kai Properties Ltd.		32,986		318

Swire Pacific Ltd., Class A		2,851		24

WH Group Ltd.⁽²⁾		255,615		169

				1,911

Israel – 1.6%

Bank Leumi Le-Israel B.M.		77,828		656

Check Point Software Technologies Ltd.*		7,862		1,290

ICL Group Ltd.		64,317		341

				2,287

Italy – 3.0%

Enel S.p.A.		80,921		534

Eni S.p.A.		87,729		1,391

Intesa Sanpaolo S.p.A.		190,197		690

Poste Italiane S.p.A.		95,766		1,199

Recordati Industria Chimica e Farmaceutica S.p.A.		4,382		242

UniCredit S.p.A.		5,279		201

				4,257

Japan – 20.3%

Astellas Pharma, Inc.		9,200		100

Bridgestone Corp.		17,410		766

Canon, Inc.		13,200		393



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.4% ⁽¹⁾ continued

Japan – 20.3% continued

Chubu Electric Power Co., Inc.		2,800		$37

Daito Trust Construction Co. Ltd.		5,020		579

Daiwa House Industry Co. Ltd.		19,500		583

Denso Corp.		28,100		535

Hirose Electric Co. Ltd.		7,800		798

Honda Motor Co. Ltd.		54,900		686

Hoya Corp.		9,700		1,201

Isuzu Motors Ltd.		46,000		624

ITOCHU Corp.		38,627		1,650

Japan Post Insurance Co. Ltd.		11,500		221

Japan Tobacco, Inc.		9,400		252

KDDI Corp.		51,419		1,522

Komatsu Ltd.		31,200		912

Marubeni Corp.		9,900		172

Mazda Motor Corp.		21,500		249

MEIJI Holdings Co. Ltd.		19,700		441

Mitsubishi Corp.		15,000		346

Mitsubishi UFJ Financial Group, Inc.		85,500		879

Mitsui & Co. Ltd.		17,200		807

Nintendo Co. Ltd.		9,800		531

Nippon Yusen K.K.		37,400		1,006

Nissin Foods Holdings Co. Ltd.		16,200		449

Nitto Denko Corp.		13,200		1,202

Ono Pharmaceutical Co. Ltd.		38,000		616

Oracle Corp. Japan		13,500		1,022

ORIX Corp.		7,800		170

Pan Pacific International Holdings Corp.		4,100		110

Recruit Holdings Co. Ltd.		3,500		155

Renesas Electronics Corp.		18,800		332

SCSK Corp.		12,400		232

Secom Co. Ltd.		100		7

Shin-Etsu Chemical Co. Ltd.		6,700		291

Sompo Holdings, Inc.		62,700		1,321

Subaru Corp.		36,700		836

Sumitomo Corp.		22,300		538

Sumitomo Electric Industries Ltd.		31,300		485

Sumitomo Mitsui Financial Group, Inc.		21,600		1,271

Suntory Beverage & Food Ltd.		23,176		771

TIS, Inc.		5,300		115

Tokyo Electric Power Co. Holdings, Inc.*		7,600		47

Tokyo Electron Ltd.		7,300		1,908

Tokyo Gas Co. Ltd.		3,900		90

TOPPAN Holdings, Inc.		5,300		136



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.4% ⁽¹⁾ continued

Japan – 20.3% continued

Toyota Motor Corp.		22,700		$569

USS Co. Ltd.		46,200		385

				28,348

Jordan – 0.1%

Hikma Pharmaceuticals PLC		5,520		133

Netherlands – 4.9%

Aegon Ltd.		20,434		125

ASM International N.V.		902		549

ASML Holding N.V.		1,537		1,476

BE Semiconductor Industries N.V.		3,372		515

Koninklijke Ahold Delhaize N.V.		18,608		556

OCI N.V.		7,746		212

Randstad N.V.		15,757		831

Shell PLC		77,967		2,587

				6,851

New Zealand – 0.1%

Fisher & Paykel Healthcare Corp. Ltd.		4,936		76

Meridian Energy Ltd.		9,105		32

				108

Norway – 0.2%

Equinor ASA		2,940		79

Telenor ASA		25,095		279

				358

Portugal – 0.6%

Jeronimo Martins SGPS S.A.		41,565		825

Singapore – 2.1%

Jardine Cycle & Carriage Ltd.		37,000		662

Oversea-Chinese Banking Corp. Ltd.		130,000		1,301

Singapore Airlines Ltd.		157,800		749

Singapore Telecommunications Ltd.		118,600		222

				2,934

South Africa – 0.2%

Anglo American PLC		9,137		226

Spain – 3.4%

Acciona S.A.		1,245		151

ACS Actividades de Construccion y Servicios S.A.		6,993		293

Aena S.M.E. S.A.		3,075		605

Banco Bilbao Vizcaya Argentaria S.A.		171,428		2,042

Endesa S.A.		10,595		196



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 96.4% ⁽¹⁾ continued

Spain – 3.4% continued

Iberdrola S.A.		31,623		$393

Industria de Diseno Textil S.A.		21,740		1,095

				4,775

Sweden – 2.7%

Fastighets AB Balder, Class B*		37,094		272

Hennes & Mauritz AB, Class B		46,122		754

Investor AB, Class B		19,443		487

Skandinaviska Enskilda Banken AB, Class A		87,453		1,183

Swedbank AB, Class A		39,872		791

Volvo AB, Class B		10,661		289

				3,776

Switzerland – 5.0%

ABB Ltd. (Registered)		40,695		1,889

Cie Financiere Richemont S.A., Class A (Registered)		3,589		549

Logitech International S.A. (Registered)		12,103		1,083

Novartis A.G. (Registered)		24,567		2,379

Sonova Holding A.G. (Registered)		2,619		758

Temenos A.G. (Registered)		4,198		301

				6,959

United Kingdom – 9.1%

3i Group PLC		42,706		1,513

Associated British Foods PLC		21,737		686

AstraZeneca PLC		2,804		378

BAE Systems PLC		14,563		248

Barclays PLC		555,756		1,291

Centrica PLC		75,972		122

Coca-Cola Europacific Partners PLC		12,774		894

DCC PLC		3,391		247

HSBC Holdings PLC		88,762		694

Imperial Brands PLC		54,160		1,211

InterContinental Hotels Group PLC		5,008		521

Legal & General Group PLC		1,634		5

National Grid PLC		31,875		429

NatWest Group PLC		98,847		331

Next PLC		7,468		872

Persimmon PLC		20,280		336

RELX PLC		28,396		1,227

Rolls-Royce Holdings PLC*		41,815		225

Sage Group (The) PLC		36,894		589

SSE PLC		915		19

Tesco PLC		220,875		827

NUMBER
OF SHARES

VALUE

(000S)

COMMON STOCKS – 96.4% ⁽¹⁾ continued

United Kingdom – 9.1% continued

United Utilities Group PLC

804

$10

WPP PLC

4,833

12,721

United States – 5.0%

CSL Ltd.

1,212

228

GSK PLC

75,998

1,632

Holcim A.G.*

16,241

1,478

Nestle S.A. (Registered)

6,405

680

Roche Holding A.G. (Genusschein)

6,988

1,784

Sanofi S.A.

12,103

1,187

6,989

Total Common Stocks

(Cost $113,703)

134,617

PREFERRED STOCKS – 0.8% ⁽¹⁾

Germany – 0.8%

Henkel A.G. & Co. KGaA,
2.49%⁽³⁾

13,343

1,072

Total Preferred Stocks

(Cost $1,000)

1,072

INVESTMENT COMPANIES – 0.4%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽⁴⁾⁽⁵⁾

574,305

574

Total Investment Companies

(Cost $574)

574

Total Investments – 97.6%

(Cost $115,277)

136,263

Other Assets less Liabilities – 2.4%

3,406

Net Assets – 100.0%

$139,669

⁽¹⁾

Adjustment factors were provided by an independent evaluation service 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. At March 31, 2024, the value of this security amounted to approximately $169,000 or 0.1% of net assets.

⁽³⁾

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

⁽⁴⁾

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

⁽⁵⁾

7-day current yield as of March 31, 2024 is disclosed.

*	Non-Income Producing Security

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

ADR – American Depositary Receipt

FTSE – Financial Times Stock Exchange

S&P – Standard & Poor’s

TSX – Toronto Stock Exchange

Percentages shown are based on Net Assets.

At March 31, 2024, 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)		34		$1,851		Long		6/24		$52

FTSE 100 Index (British Pound)		5		504		Long		6/24		18

S&P/TSX 60 Index (Canadian Dollar)		2		396		Long		6/24		6

SPI 200 Index (Australian Dollar)		2		259		Long		6/24		7

Yen Denominated Nikkei 225 (Japanese Yen)		7		933		Long		6/24		14

Total										$97

⁽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, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

Euro		28.5	%

Japanese Yen		20.3

British Pound		12.8

Canadian Dollar		10.1

Swiss Franc		7.8

Australian Dollar		5.2

All other currencies less than 5%		12.9

Total Investments		97.6

Other Assets less Liabilities		2.4

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:

Canada	$	13,446	$	—	$	—	$	13,446

Chile		615		—		—		615

Hong Kong		616		1,295		—		1,911

Israel		2,287		—		—		2,287

Italy		2,624		1,633		—		4,257

Japan		28,348		—		—		28,348

United Kingdom		894		11,827		—		12,721

All Other Countries⁽¹⁾		—		71,032		—		71,032
Total Common Stocks		48,830		85,787		—		134,617

Preferred Stocks		—		1,072		—		1,072

Investment Companies		574		—		—		574
Total Investments	$	49,404	$	86,859	$	—	$	136,263



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾

Australia – 7.2%

Ampol Ltd.		69,745		$1,809

ANZ Group Holdings Ltd.		861,290		16,502

APA Group		387,293		2,124

Aristocrat Leisure Ltd.		165,389		4,635

ASX Ltd.		52,932		2,291

Aurizon Holdings Ltd.		490,793		1,280

BHP Group Ltd.		1,442,378		41,655

BlueScope Steel Ltd.		128,657		2,002

Brambles Ltd.		381,578		4,023

CAR Group Ltd.		105,838		2,489

Cochlear Ltd.		17,980		3,955

Coles Group Ltd.		383,676		4,244

Commonwealth Bank of Australia		477,228		37,526

Computershare Ltd.		159,931		2,722

Dexus		327,620		1,693

EBOS Group Ltd.		41,463		848

Endeavour Group Ltd.		390,715		1,403

Fortescue Ltd.		473,088		7,928

Glencore PLC		2,970,349		16,341

Goodman Group		482,985		10,643

GPT Group (The)		587,927		1,756

IDP Education Ltd.		72,654		848

Insurance Australia Group Ltd.		653,794		2,727

Lottery (The) Corp. Ltd.		625,554		2,100

Macquarie Group Ltd.		104,948		13,659

Medibank Pvt Ltd.		784,945		1,923

Mineral Resources Ltd.		47,511		2,199

Mirvac Group		1,084,666		1,673

National Australia Bank Ltd.		884,318		19,964

Northern Star Resources Ltd.		313,470		2,992

Orica Ltd.		149,446		1,782

Origin Energy Ltd.		473,004		2,837

Pilbara Minerals Ltd.		800,211		2,006

Qantas Airways Ltd.*		258,118		918

QBE Insurance Group Ltd.		412,809		4,878

Ramsay Health Care Ltd.		50,296		1,852

REA Group Ltd.		14,975		1,810

Reece Ltd.		67,484		1,237

Rio Tinto Ltd.		103,582		8,235

Rio Tinto PLC		319,240		20,258

Santos Ltd.		909,778		4,595

Scentre Group		1,511,450		3,348

SEEK Ltd.		108,656		1,774

Seven Group Holdings Ltd.		44,044		1,171



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97. 7% ⁽¹⁾ continued

Australia – 7.2% continued

Sonic Healthcare Ltd.		131,700		$2,524

South32 Ltd.		1,245,646		2,446

Stockland		663,160		2,102

Suncorp Group Ltd.		349,232		3,732

Telstra Group Ltd.		1,096,171		2,760

Transurban Group		876,666		7,621

Treasury Wine Estates Ltd.		225,250		1,836

Vicinity Ltd.		1,191,507		1,654

Washington H Soul Pattinson & Co. Ltd.		64,896		1,421

Wesfarmers Ltd.		324,755		14,488

Westpac Banking Corp.		1,002,264		17,070

WiseTech Global Ltd.		48,137		2,948

Woodside Energy Group Ltd.		542,359		10,834

Woolworths Group Ltd.		347,424		7,510

				351,601

Austria – 0.2%

Erste Group Bank A.G.		94,601		4,212

Mondi PLC		132,563		2,336

OMV A.G.		40,241		1,907

Verbund A.G.		18,052		1,322

voestalpine A.G.		32,794		920

				10,697

Belgium – 0.8%

Ageas S.A./N.V.		42,129		1,951

Anheuser-Busch InBev S.A./N.V.		246,805		15,013

D’ieteren Group		6,713		1,488

Elia Group S.A./N.V.		7,920		856

Groupe Bruxelles Lambert N.V.		24,854		1,880

KBC Group N.V.		70,501		5,297

Lotus Bakeries N.V.		113		1,091

Sofina S.A.		4,917		1,102

Syensqo S.A.*		20,291		1,921

UCB S.A.		35,527		4,382

Umicore S.A.		58,205		1,255

Warehouses De Pauw - C.V.A.		54,996		1,568

				37,804

Brazil – 0.0%

Yara International ASA		45,606		1,445

Burkina Faso – 0.0%

Endeavour Mining PLC		50,037		1,018

Chile – 0.1%

Antofagasta PLC		109,316		2,821



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾ continued

China – 0.4%

BOC Hong Kong Holdings Ltd.		1,034,108		$2,771

ESR Group Ltd.		554,800		594

Prosus N.V.*		411,264		12,888

SITC International Holdings Co. Ltd.		360,000		658

Wharf Holdings (The) Ltd.		290,000		953

Wilmar International Ltd.		524,700		1,331

				19,195

Denmark – 3.6%

AP Moller - Maersk A/S, Class A		880		1,125

AP Moller - Maersk A/S, Class B		1,193		1,551

Carlsberg A/S, Class B		27,074		3,709

Coloplast A/S, Class B		36,526		4,943

Danske Bank A/S		191,381		5,735

Demant A/S*		27,804		1,386

DSV A/S		49,623		8,063

Genmab A/S*		18,727		5,603

Novo Nordisk A/S, Class B		927,420		118,799

Novonesis (Novozymes), Class B		107,019		6,281

Orsted A/S*		53,418		3,008

Pandora A/S		24,017		3,879

ROCKWOOL A/S, Class B		2,523		833

Tryg A/S		98,025		2,018

Vestas Wind Systems A/S*		283,521		7,876

				174,809

Finland – 1.0%

Elisa OYJ		39,269		1,752

Fortum OYJ		126,684		1,564

Kesko OYJ, Class B		78,296		1,462

Kone OYJ, Class B		99,575		4,632

Metso OYJ		180,411		2,141

Neste OYJ		123,205		3,340

Nokia OYJ		1,521,112		5,382

Nordea Bank Abp		914,126		10,329

Orion OYJ, Class B		29,837		1,112

Sampo OYJ, Class A		127,005		5,414

Stora Enso OYJ (Registered)		155,639		2,164

UPM-Kymmene OYJ		147,434		4,907

Wartsila OYJ Abp		142,896		2,171

				46,370

France – 10.2%

Accor S.A.		51,736		2,415

Adevinta ASA*		83,749		880

Aeroports de Paris S.A.		10,000		1,370



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97. 7% ⁽¹⁾ continued

France – 10.2% continued

Air Liquide S.A.		148,287		$30,903

Airbus S.E.		167,650		30,924

Alstom S.A.		82,195		1,252

Amundi S.A.		17,965		1,233

Arkema S.A.		17,756		1,868

AXA S.A.		514,925		19,335

BioMerieux		13,084		1,441

BNP Paribas S.A.		292,776		20,836

Bollore S.E.		187,146		1,249

Bouygues S.A.		57,784		2,358

Bureau Veritas S.A.		80,006		2,439

Capgemini S.E.		43,706		10,078

Carrefour S.A.		158,773		2,717

Cie de Saint-Gobain S.A.		128,620		9,974

Cie Generale des Etablissements Michelin S.C.A.		194,885		7,472

Covivio S.A./France		14,320		738

Credit Agricole S.A.		313,229		4,666

Danone S.A.		185,003		11,954

Dassault Aviation S.A.		5,208		1,146

Dassault Systemes S.E.		187,417		8,290

Edenred S.E.		68,666		3,661

Eiffage S.A.		20,004		2,268

Engie S.A.		512,416		8,611

EssilorLuxottica S.A.		83,644		18,970

Eurazeo S.E.		11,571		1,014

Gecina S.A.		12,218		1,247

Getlink S.E.		97,801		1,665

Hermes International S.C.A.		8,968		22,991

Ipsen S.A.		10,383		1,234

Kering S.A.		20,941		8,277

Klepierre S.A.		61,320		1,587

La Francaise des Jeux S.A.E.M.		30,490		1,243

Legrand S.A.		75,638		8,002

L’Oreal S.A.		68,609		32,539

LVMH Moet Hennessy Louis Vuitton S.E.		78,539		71,034

Orange S.A.		527,901		6,202

Pernod Ricard S.A.		57,494		9,296

Publicis Groupe S.A.		65,450		7,133

Remy Cointreau S.A.		6,629		668

Renault S.A.		51,698		2,610

Rexel S.A.		60,145		1,623

Safran S.A.		97,665		22,115

Sartorius Stedim Biotech		8,086		2,304



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾ continued

France – 10.2% continued

SEB S.A.		6,307		$809

Societe Generale S.A.		203,979		5,488

Sodexo S.A.		24,373		2,090

Teleperformance S.E.		15,701		1,522

Thales S.A.		27,508		4,689

TotalEnergies S.E.		618,361		42,518

Unibail-Rodamco-Westfield*		32,891		2,642

Veolia Environnement S.A.		195,706		6,349

Vinci S.A.		143,266		18,351

Vivendi S.E.		198,646		2,167

Worldline S.A.⁽²⁾*		63,761		789

				499,246

Germany – 8.0%

adidas A.G.		45,491		10,161

Allianz S.E. (Registered)		110,733		33,185

BASF S.E.		255,869		14,612

Bayer A.G. (Registered)		282,976		8,678

Bayerische Motoren Werke A.G.		90,977		10,497

Bechtle A.G.		20,667		1,092

Beiersdorf A.G.		29,036		4,228

Brenntag S.E.		36,511		3,076

Carl Zeiss Meditec A.G. (Bearer)		10,976		1,371

Commerzbank A.G.		298,526		4,100

Continental A.G.		33,234		2,399

Covestro A.G.*		52,638		2,880

Daimler Truck Holding A.G.		149,924		7,595

Deutsche Bank A.G. (Registered)		555,028		8,730

Deutsche Boerse A.G.		54,649		11,182

Deutsche Lufthansa A.G. (Registered)*		162,487		1,276

Deutsche Post A.G.		279,500		12,036

Deutsche Telekom A.G. (Registered)		926,105		22,481

E.ON S.E.		642,097		8,925

Evonik Industries A.G.		67,654		1,338

Fresenius Medical Care A.G.		56,790		2,184

Fresenius S.E. & Co. KGaA		119,802		3,231

GEA Group A.G.		45,630		1,929

Hannover Rueck S.E.		16,690		4,568

Heidelberg Materials A.G.		38,339		4,217

Henkel A.G. & Co. KGaA		31,181		2,246

Infineon Technologies A.G.		374,534		12,733

Knorr-Bremse A.G.		19,782		1,496

LEG Immobilien S.E.*		20,293		1,742

Mercedes-Benz Group A.G.		229,567		18,286

Merck KGaA		36,263		6,400



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97. 7% ⁽¹⁾ continued

Germany – 8.0% continued

MTU Aero Engines A.G.		15,727		$3,991

Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered)		38,699		18,882

Nemetschek S.E.		15,821		1,566

Puma S.E.		29,826		1,352

Rational A.G.		1,462		1,260

Rheinmetall A.G.		12,219		6,867

RWE A.G.		178,863		6,070

SAP S.E.		297,141		57,851

Scout24 S.E.		19,880		1,498

Siemens A.G. (Registered)		216,314		41,295

Siemens Energy A.G.*		143,156		2,626

Siemens Healthineers A.G.⁽²⁾*		79,821		4,885

Symrise A.G.		37,714		4,515

Talanx A.G.		17,775		1,407

Volkswagen A.G.		7,782		1,189

Vonovia S.E.		207,484		6,136

Zalando S.E.⁽²⁾*		61,634		1,761

				392,025

Hong Kong – 1.6%

AIA Group Ltd.		3,245,086		21,778

CK Asset Holdings Ltd.		565,638		2,330

CK Infrastructure Holdings Ltd.		169,353		991

CLP Holdings Ltd.		462,514		3,687

Futu Holdings Ltd. ADR*		16,716		905

Hang Lung Properties Ltd.		465,501		478

Hang Seng Bank Ltd.		208,179		2,281

Henderson Land Development Co. Ltd.		379,929		1,085

HKT Trust & HKT Ltd.		1,001,220		1,168

Hong Kong & China Gas Co. Ltd.		3,116,005		2,364

Hong Kong Exchanges & Clearing Ltd.		343,496		10,019

Hongkong Land Holdings Ltd.		278,700		856

Jardine Matheson Holdings Ltd.		47,000		1,753

Link REIT		744,478		3,207

MTR Corp. Ltd.		445,136		1,467

Power Assets Holdings Ltd.		395,317		2,313

Prudential PLC		776,485		7,304

Sino Land Co. Ltd.		1,200,627		1,248

Sun Hung Kai Properties Ltd.		410,258		3,953

Swire Pacific Ltd., Class A		119,051		980

Swire Properties Ltd.		340,587		717

Techtronic Industries Co. Ltd.		388,833		5,272



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾ continued

Hong Kong – 1.6% continued

WH Group Ltd.⁽²⁾		2,284,213		$1,507

Wharf Real Estate Investment Co. Ltd.		454,766		1,481

				79,144

Ireland – 0.4%

AerCap Holdings N.V.*		57,995		5,040

AIB Group PLC		423,441		2,148

Bank of Ireland Group PLC		311,948		3,183

Irish Bank Resolution Corp. Ltd.⁽³⁾*		99,788		—

Kerry Group PLC, Class A		43,900		3,768

Kingspan Group PLC		44,381		4,040

Smurfit Kappa Group PLC		72,024		3,286

				21,465

Israel – 0.6%

Azrieli Group Ltd.		13,152		952

Bank Hapoalim B.M.		348,624		3,319

Bank Leumi Le-Israel B.M.		421,627		3,555

Check Point Software Technologies Ltd.*		26,295		4,313

Elbit Systems Ltd.		7,084		1,493

Global-e Online Ltd.*		26,517		964

ICL Group Ltd.		224,099		1,189

Israel Discount Bank Ltd., Class A		365,397		1,934

Mizrahi Tefahot Bank Ltd.		42,271		1,609

Nice Ltd.*		18,226		4,717

Teva Pharmaceutical Industries Ltd. ADR*		315,696		4,454

Wix.com Ltd.*		16,025		2,203

				30,702

Italy – 2.4%

Amplifon S.p.A.		32,098		1,171

Assicurazioni Generali S.p.A.		293,435		7,430

Banco BPM S.p.A.		339,245		2,257

Coca-Cola HBC A.G. - CDI*		58,121		1,837

Davide Campari-Milano N.V.		164,559		1,654

DiaSorin S.p.A.		7,714		744

Enel S.p.A.		2,323,576		15,339

Eni S.p.A.		631,583		10,014

Ferrari N.V.		35,979		15,682

FinecoBank Banca Fineco S.p.A.		176,146		2,638

Infrastrutture Wireless Italiane S.p.A.		96,117		1,092

Intesa Sanpaolo S.p.A.		4,156,680		15,081

Leonardo S.p.A.		109,455		2,750

Mediobanca Banca di Credito Finanziario S.p.A.		153,436		2,286



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97. 7% ⁽¹⁾ continued

Italy – 2.4% continued

Moncler S.p.A.		59,844		$4,465

Nexi S.p.A.*		165,879		1,052

Poste Italiane S.p.A.		128,609		1,610

Prysmian S.p.A.		74,701		3,901

Recordati Industria Chimica e Farmaceutica S.p.A.		27,580		1,524

Snam S.p.A.		553,450		2,612

Telecom Italia S.p.A.*		2,541,794		615

Terna - Rete Elettrica Nazionale		382,995		3,176

UniCredit S.p.A.		437,701		16,610

				115,540

Japan – 23.1%

Advantest Corp.		214,400		9,658

Aeon Co. Ltd.		187,900		4,462

AGC, Inc.		56,900		2,078

Aisin Corp.		40,200		1,652

Ajinomoto Co., Inc.		134,000		5,010

ANA Holdings, Inc.		42,900		910

Asahi Group Holdings Ltd.		134,600		4,963

Asahi Intecc Co. Ltd.		59,600		1,037

Asahi Kasei Corp.		369,100		2,711

Astellas Pharma, Inc.		522,300		5,670

Azbil Corp.		37,900		1,050

Bandai Namco Holdings, Inc.		174,200		3,254

Bridgestone Corp.		162,400		7,141

Brother Industries Ltd.		63,000		1,174

Canon, Inc.		286,300		8,513

Capcom Co. Ltd.		94,000		1,736

Central Japan Railway Co.		222,800		5,484

Chiba Bank (The) Ltd.		139,500		1,163

Chubu Electric Power Co., Inc.		191,700		2,519

Chugai Pharmaceutical Co. Ltd.		188,065		7,173

Concordia Financial Group Ltd.		289,900		1,474

Dai Nippon Printing Co. Ltd.		61,400		1,895

Daifuku Co. Ltd.		82,100		1,944

Dai-ichi Life Holdings, Inc.		264,300		6,727

Daiichi Sankyo Co. Ltd.		528,200		16,668

Daikin Industries Ltd.		74,200		10,097

Daito Trust Construction Co. Ltd.		16,400		1,890

Daiwa House Industry Co. Ltd.		170,200		5,091

Daiwa Securities Group, Inc.		367,800		2,797

Denso Corp.		539,900		10,282

Dentsu Group, Inc.		54,918		1,522

Disco Corp.		26,300		9,936



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾ continued

Japan – 23.1% continued

East Japan Railway Co.		253,236		$4,883

Eisai Co. Ltd.		71,900		2,952

ENEOS Holdings, Inc.		824,097		3,981

FANUC Corp.		273,100		7,550

Fast Retailing Co. Ltd.		50,000		15,570

Fuji Electric Co. Ltd.		35,300		2,390

FUJIFILM Holdings Corp.		322,200		7,173

Fujitsu Ltd.		495,000		8,142

GLP J-REIT		1,264		1,049

Hamamatsu Photonics K.K.		37,870		1,339

Hankyu Hanshin Holdings, Inc.		62,800		1,825

Hikari Tsushin, Inc.		6,500		1,214

Hirose Electric Co. Ltd.		7,928		811

Hitachi Construction Machinery Co. Ltd.		29,900		893

Hitachi Ltd.		264,600		24,305

Honda Motor Co. Ltd.		1,319,900		16,488

Hoshizaki Corp.		29,200		1,085

Hoya Corp.		100,500		12,441

Hulic Co. Ltd.		108,100		1,122

Ibiden Co. Ltd.		29,900		1,313

Idemitsu Kosan Co. Ltd.		278,840		1,919

Iida Group Holdings Co. Ltd.		41,264		543

Inpex Corp.		266,600		4,122

Isuzu Motors Ltd.		155,300		2,108

ITOCHU Corp.		339,000		14,480

Japan Airlines Co. Ltd.		42,200		813

Japan Exchange Group, Inc.		139,000		3,774

Japan Metropolitan Fund Invest		1,909		1,194

Japan Post Bank Co. Ltd.		410,700		4,411

Japan Post Holdings Co. Ltd.		585,500		5,925

Japan Post Insurance Co. Ltd.		61,200		1,175

Japan Real Estate Investment Corp.		359		1,276

Japan Tobacco, Inc.		339,300		9,087

JFE Holdings, Inc.		170,500		2,861

JSR Corp.*		48,700		1,394

Kajima Corp.		115,900		2,393

Kansai Electric Power (The) Co., Inc.		199,900		2,898

Kao Corp.		133,500		4,972

Kawasaki Kisen Kaisha Ltd.		115,500		1,544

KDDI Corp.		421,600		12,483

KDX Realty Investment Corp.		1,132		1,187

Keisei Electric Railway Co. Ltd.		37,600		1,530

Keyence Corp.		55,456		25,475



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97. 7% ⁽¹⁾ continued

Japan – 23.1% continued

Kikkoman Corp.		198,500		$2,582

Kintetsu Group Holdings Co. Ltd.		48,800		1,435

Kirin Holdings Co. Ltd.		230,800		3,199

Kobe Bussan Co. Ltd.		39,800		983

Koito Manufacturing Co. Ltd.		55,528		930

Komatsu Ltd.		265,300		7,752

Konami Group Corp.		27,300		1,851

Kubota Corp.		288,100		4,537

Kyocera Corp.		367,300		4,907

Kyowa Kirin Co. Ltd.		74,200		1,319

Lasertec Corp.		21,200		5,854

LY Corp.		751,200		1,923

M3, Inc.		125,700		1,774

Makita Corp.		67,500		1,904

Marubeni Corp.		405,000		7,034

MatsukiyoCocokara & Co.		93,900		1,513

Mazda Motor Corp.		154,800		1,795

McDonald’s Holdings Co. Japan Ltd.		23,600		1,069

MEIJI Holdings Co. Ltd.		61,052		1,366

MINEBEA MITSUMI, Inc.		99,700		1,944

MISUMI Group, Inc.		78,000		1,064

Mitsubishi Chemical Group Corp.		347,600		2,103

Mitsubishi Corp.		977,300		22,512

Mitsubishi Electric Corp.		552,000		9,160

Mitsubishi Estate Co. Ltd.		323,900		5,958

Mitsubishi HC Capital, Inc.		249,000		1,760

Mitsubishi Heavy Industries Ltd.		901,000		8,621

Mitsubishi UFJ Financial Group, Inc.		3,139,095		32,287

Mitsui & Co. Ltd.		368,800		17,312

Mitsui Chemicals, Inc.		45,400		1,299

Mitsui Fudosan Co. Ltd.		765,900		8,335

Mitsui OSK Lines Ltd.		99,800		3,039

Mizuho Financial Group, Inc.		689,918		13,882

MonotaRO Co. Ltd.		69,800		838

MS&AD Insurance Group Holdings, Inc.		359,229		6,433

Murata Manufacturing Co. Ltd.		492,373		9,185

NEC Corp.		68,300		4,958

Nexon Co. Ltd.		93,400		1,549

Nidec Corp.		119,600		4,843

Nintendo Co. Ltd.		296,500		16,053

Nippon Building Fund, Inc.		410		1,620

NIPPON EXPRESS HOLDINGS, Inc.		18,400		940

Nippon Paint Holdings Co. Ltd.		286,100		2,029



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾ continued

Japan – 23.1% continued

Nippon Prologis REIT, Inc.		596		$1,059

Nippon Sanso Holdings Corp.		49,200		1,543

Nippon Steel Corp.		241,261		5,846

Nippon Telegraph & Telephone Corp.		8,493,700		10,088

Nippon Yusen K.K.		133,000		3,578

Nissan Chemical Corp.		37,600		1,422

Nissan Motor Co. Ltd.		652,900		2,624

Nissin Foods Holdings Co. Ltd.		56,100		1,556

Nitori Holdings Co. Ltd.		22,800		3,555

Nitto Denko Corp.		42,000		3,823

Nomura Holdings, Inc.		850,600		5,493

Nomura Real Estate Holdings, Inc.		27,800		808

Nomura Real Estate Master Fund, Inc.		1,149		1,141

Nomura Research Institute Ltd.		113,822		3,190

NTT Data Group Corp.		181,900		2,917

Obayashi Corp.		177,300		2,181

Obic Co. Ltd.		20,400		3,069

Odakyu Electric Railway Co. Ltd.		84,900		1,164

Olympus Corp.		341,600		4,993

Omron Corp.		47,800		1,709

Ono Pharmaceutical Co. Ltd.		100,500		1,630

Oracle Corp. Japan		12,400		938

Oriental Land Co. Ltd.		307,300		9,843

ORIX Corp.		333,400		7,266

Osaka Gas Co. Ltd.		102,400		2,294

Otsuka Corp.		62,000		1,309

Otsuka Holdings Co. Ltd.		118,815		4,953

Pan Pacific International Holdings Corp.		110,100		2,941

Panasonic Corp.		624,600		5,964

Rakuten Group, Inc.*		432,500		2,428

Recruit Holdings Co. Ltd.		410,900		18,205

Renesas Electronics Corp.		414,300		7,309

Resona Holdings, Inc.		614,610		3,858

Ricoh Co. Ltd.		149,800		1,337

Rohm Co. Ltd.		102,100		1,638

SBI Holdings, Inc.		66,960		1,748

SCREEN Holdings Co. Ltd.		23,600		3,113

SCSK Corp.		45,500		853

Secom Co. Ltd.		60,300		4,366

Seiko Epson Corp.		79,500		1,389

Sekisui Chemical Co. Ltd.		115,900		1,707

Sekisui House Ltd.		172,400		4,003

Seven & i Holdings Co. Ltd.		644,700		9,395

SG Holdings Co. Ltd.		87,200		1,096



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97. 7% ⁽¹⁾ continued

Japan – 23.1% continued

Sharp Corp.*		84,800		$466

Shimadzu Corp.		71,600		2,001

Shimano, Inc.		22,400		3,381

Shimizu Corp.		143,500		948

Shin-Etsu Chemical Co. Ltd.		510,200		22,190

Shionogi & Co. Ltd.		67,800		3,471

Shiseido Co. Ltd.		115,800		3,131

Shizuoka Financial Group, Inc.		123,300		1,179

SMC Corp.		16,100		9,022

SoftBank Corp.		815,000		10,504

SoftBank Group Corp.		292,800		17,334

Sompo Holdings, Inc.		249,735		5,263

Sony Group Corp.		359,100		30,803

Square Enix Holdings Co. Ltd.		23,500		913

Subaru Corp.		165,300		3,765

SUMCO Corp.		92,700		1,474

Sumitomo Corp.		300,900		7,259

Sumitomo Electric Industries Ltd.		208,400		3,232

Sumitomo Metal Mining Co. Ltd.		74,800		2,267

Sumitomo Mitsui Financial Group, Inc.		360,042		21,189

Sumitomo Mitsui Trust Holdings, Inc.		187,938		4,107

Sumitomo Realty & Development Co. Ltd.		78,500		3,006

Suntory Beverage & Food Ltd.		37,700		1,255

Suzuki Motor Corp.		450,400		5,173

Sysmex Corp.		138,294		2,431

T&D Holdings, Inc.		143,800		2,467

Taisei Corp.		46,700		1,734

Takeda Pharmaceutical Co. Ltd.		445,666		12,318

TDK Corp.		110,300		5,451

Terumo Corp.		379,000		6,832

TIS, Inc.		58,000		1,260

Tobu Railway Co. Ltd.		50,900		1,271

Toho Co. Ltd.		30,500		997

Tokio Marine Holdings, Inc.		514,800		15,994

Tokyo Electric Power Co. Holdings, Inc.*		426,000		2,657

Tokyo Electron Ltd.		134,100		35,053

Tokyo Gas Co. Ltd.		109,200		2,533

Tokyu Corp.		151,500		1,845

TOPPAN Holdings, Inc.		66,900		1,714

Toray Industries, Inc.		384,500		1,880

TOTO Ltd.		39,600		1,118

Toyota Industries Corp.		42,700		4,414



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾ continued

Japan – 23.1% continued

Toyota Motor Corp.		3,011,720		$75,442

Toyota Tsusho Corp.		61,900		4,197

Trend Micro, Inc.		39,000		2,018

Unicharm Corp.		116,100		3,707

USS Co. Ltd.		113,600		947

West Japan Railway Co.		130,200		2,698

Yakult Honsha Co. Ltd.		70,600		1,455

Yamaha Corp.		36,700		791

Yamaha Motor Co. Ltd.		264,400		2,486

Yamato Holdings Co. Ltd.		69,500		991

Yaskawa Electric Corp.		68,300		2,862

Yokogawa Electric Corp.		61,500		1,419

Zensho Holdings Co. Ltd.		26,400		1,123

ZOZO, Inc.		37,000		930

				1,130,932

Jordan – 0.0%

Hikma Pharmaceuticals PLC		46,136		1,116

Luxembourg – 0.1%

ArcelorMittal S.A.		147,015		4,039

Eurofins Scientific S.E.		37,240		2,371

				6,410

Macau – 0.1%

Galaxy Entertainment Group Ltd.		629,148		3,163

Sands China Ltd.*		716,299		2,020

				5,183

Netherlands – 5.9%

ABN AMRO Bank N.V. - C.V.A.		129,669		2,224

Adyen N.V.*		6,182		10,472

Aegon Ltd.		436,194		2,658

Akzo Nobel N.V.		46,755		3,487

Argenx S.E.*		16,591		6,549

ASM International N.V.		13,187		8,034

ASML Holding N.V.		114,533		109,961

ASR Nederland N.V.		42,673		2,089

BE Semiconductor Industries N.V.		22,228		3,394

Euronext N.V.		23,431		2,229

EXOR N.V.		27,621		3,070

Heineken Holding N.V.		38,306		3,090

Heineken N.V.		82,250		7,925

IMCD N.V.		15,570		2,744

ING Groep N.V.		951,731		15,674

JDE Peet’s N.V.		28,301		594

Koninklijke Ahold Delhaize N.V.		267,737		8,005



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97. 7% ⁽¹⁾ continued

Netherlands – 5.9% continued

Koninklijke KPN N.V.		969,712		$3,626

Koninklijke Philips N.V.*		218,071		4,373

NN Group N.V.		79,960		3,699

OCI N.V.		31,429		860

Randstad N.V.		30,011		1,583

Shell PLC		1,850,093		61,383

Universal Music Group N.V.		231,127		6,950

Wolters Kluwer N.V.		71,450		11,190

				285,863

New Zealand – 0.2%

Auckland International Airport Ltd.		406,365		2,025

Fisher & Paykel Healthcare Corp. Ltd.		172,097		2,637

Mercury NZ Ltd.		181,821		753

Meridian Energy Ltd.		336,212		1,187

Spark New Zealand Ltd.		528,543		1,505

Xero Ltd.*		39,294		3,415

				11,522

Norway – 0.5%

Aker BP ASA		93,489		2,336

DNB Bank ASA		267,701		5,314

Equinor ASA		253,252		6,795

Gjensidige Forsikring ASA		59,937		870

Kongsberg Gruppen ASA		24,750		1,712

Mowi ASA		131,489		2,417

Norsk Hydro ASA		395,504		2,181

Orkla ASA		200,960		1,418

Salmar ASA		18,128		1,198

Telenor ASA		186,054		2,069

				26,310

Portugal – 0.2%

EDP - Energias de Portugal S.A.		909,384		3,548

Galp Energia SGPS S.A.		129,798		2,148

Jeronimo Martins SGPS S.A.		75,085		1,490

				7,186

Singapore – 1.4%

CapitaLand Ascendas REIT		1,050,992		2,160

CapitaLand Integrated Commercial Trust		1,438,716		2,115

CapitaLand Investment Ltd.		717,062		1,426

City Developments Ltd.		170,700		741

DBS Group Holdings Ltd.		510,005		13,641

Genting Singapore Ltd.		1,570,780		1,028

Grab Holdings Ltd., Class A*		579,335		1,819



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾ continued

Singapore – 1.4% continued

Jardine Cycle & Carriage Ltd.		27,300		$489

Keppel Ltd.		435,850		2,372

Mapletree Logistics Trust		983,455		1,064

Mapletree Pan Asia Commercial Trust		683,900		650

Oversea-Chinese Banking Corp. Ltd.		967,151		9,675

Sea Ltd. ADR*		105,442		5,663

Seatrium Ltd.*		12,063,224		706

Sembcorp Industries Ltd.		231,700		927

Singapore Airlines Ltd.		452,835		2,149

Singapore Exchange Ltd.		235,500		1,608

Singapore Technologies Engineering Ltd.		440,300		1,312

Singapore Telecommunications Ltd.		2,379,225		4,459

STMicroelectronics N.V.		192,492		8,286

United Overseas Bank Ltd.		358,749		7,797

				70,087

South Africa – 0.2%

Anglo American PLC		355,725		8,790

South Korea – 0.0%

Delivery Hero S.E.*		51,375		1,470

Spain – 2.5%

Acciona S.A.		7,195		876

ACS Actividades de Construccion y Servicios S.A.		60,915		2,549

Aena S.M.E. S.A.		21,607		4,253

Amadeus IT Group S.A.		129,010		8,274

Banco Bilbao Vizcaya Argentaria S.A.		1,652,687		19,689

Banco Santander S.A.		4,586,447		22,410

CaixaBank S.A.		1,052,854		5,104

Cellnex Telecom S.A.*		130,319		4,608

EDP Renovaveis S.A.		97,491		1,322

Enagas S.A.		72,079		1,071

Endesa S.A.		86,581		1,605

Grifols S.A.*		79,441		714

Iberdrola S.A.		1,753,716		21,774

Industria de Diseno Textil S.A.		312,512		15,737

Redeia Corp. S.A.		115,354		1,969

Repsol S.A.		342,556		5,718

Telefonica S.A.		1,384,426		6,117

				123,790

Sweden – 3.0%

Alfa Laval AB		79,274		3,116

Assa Abloy AB, Class B		283,967		8,146



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97. 7% ⁽¹⁾ continued

Sweden – 3.0% continued

Atlas Copco AB, Class A		763,928		$12,892

Atlas Copco AB, Class B		443,856		6,552

Beijer Ref AB		117,474		1,742

Boliden AB		80,272		2,224

Epiroc AB, Class A		192,560		3,631

Epiroc AB, Class B		116,644		1,975

EQT AB		102,873		3,250

Essity AB, Class B		167,095		3,968

Evolution AB		52,648		6,537

Fastighets AB Balder, Class B*		200,895		1,473

Getinge AB, Class B		59,570		1,198

Hennes & Mauritz AB, Class B		187,850		3,070

Hexagon AB, Class B		601,243		7,117

Holmen AB, Class B		24,912		1,013

Husqvarna AB, Class B		88,459		757

Industrivarden AB, Class A		35,290		1,214

Industrivarden AB, Class C		40,743		1,399

Indutrade AB		76,366		2,080

Investment AB Latour, Class B		43,691		1,148

Investor AB, Class B		486,864		12,204

L E Lundbergforetagen AB, Class B		22,433		1,215

Lifco AB, Class B		62,523		1,630

Nibe Industrier AB, Class B		437,307		2,147

Saab AB, Class B		21,715		1,931

Sagax AB, Class B		59,463		1,566

Sandvik AB		303,144		6,726

Securitas AB, Class B		141,031		1,453

Skandinaviska Enskilda Banken AB, Class A		460,714		6,231

Skanska AB, Class B		97,142		1,726

SKF AB, Class B		92,471		1,885

Svenska Cellulosa AB S.C.A., Class B		168,216		2,582

Svenska Handelsbanken AB, Class A		408,846		4,135

Swedbank AB, Class A		237,616		4,715

Swedish Orphan Biovitrum AB*		50,700		1,265

Tele2 AB, Class B		155,872		1,280

Telefonaktiebolaget LM Ericsson, Class B		829,546		4,566

Telia Co. AB		660,738		1,693

Volvo AB, Class A		55,885		1,539

Volvo AB, Class B		423,986		11,483

Volvo Car AB, Class B*		208,487		789

				147,263



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾ continued

Switzerland – 6.1%

ABB Ltd. (Registered)		457,159		$21,218

Adecco Group A.G. (Registered)		48,338		1,911

Alcon, Inc.		143,567		11,886

Avolta A.G.*		28,300		1,177

Bachem Holding A.G.		9,370		897

Baloise Holding A.G. (Registered)		12,252		1,919

Banque Cantonale Vaudoise (Registered)		8,446		982

Barry Callebaut A.G. (Registered)		997		1,447

BKW A.G.		5,956		914

Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate)		262		3,134

Chocoladefabriken Lindt & Spruengli A.G. (Registered)		31		3,739

Cie Financiere Richemont S.A., Class A (Registered)		152,155		23,276

Clariant A.G. (Registered)*		61,024		825

DSM-Firmenich A.G.		52,365		5,950

EMS-Chemie Holding A.G. (Registered)		1,925		1,476

Geberit A.G. (Registered)		9,731		5,750

Givaudan S.A. (Registered)		2,653		11,854

Helvetia Holding A.G. (Registered)		9,945		1,371

Julius Baer Group Ltd.		58,582		3,382

Kuehne + Nagel International A.G. (Registered)		15,443		4,298

Logitech International S.A. (Registered)		46,282		4,142

Lonza Group A.G. (Registered)		21,237		12,715

Novartis A.G. (Registered)		583,307		56,490

Partners Group Holding A.G.		6,521		9,318

Sandoz Group A.G.*		112,341		3,389

Schindler Holding A.G. (Participation Certificate)		11,243		2,831

Schindler Holding A.G. (Registered)		6,375		1,555

SGS S.A. (Registered)*		41,293		4,006

SIG Group A.G.*		93,263		2,068

Sika A.G. (Registered)		42,815		12,748

Sonova Holding A.G. (Registered)		14,364		4,157

Straumann Holding A.G. (Registered)		32,287		5,154

Swatch Group (The) A.G. (Bearer)		8,858		2,055

Swatch Group (The) A.G. (Registered)		12,980		589

Swiss Life Holding A.G. (Registered)		8,412		5,896

Swiss Prime Site A.G. (Registered)		20,924		1,973

Swisscom A.G. (Registered)		7,461		4,561

Temenos A.G. (Registered)		17,485		1,252

UBS Group A.G. (Registered)		930,094		28,585



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97. 7% ⁽¹⁾ continued

Switzerland – 6.1% continued

VAT Group A.G.		7,451		$3,854

Zurich Insurance Group A.G.		41,448		22,348

				297,092

United Kingdom – 10.7%

3i Group PLC		280,286		9,929

abrdn PLC		540,002		963

Admiral Group PLC		72,263		2,586

Ashtead Group PLC		122,853		8,734

Associated British Foods PLC		95,876		3,026

AstraZeneca PLC		441,101		59,390

Auto Trader Group PLC⁽²⁾		250,806		2,215

Aviva PLC		784,083		4,921

BAE Systems PLC		869,206		14,805

Barclays PLC		4,334,454		10,072

Barratt Developments PLC		266,036		1,600

Berkeley Group Holdings PLC		28,723		1,727

BP PLC		4,840,107		30,412

British American Tobacco PLC		576,134		17,512

BT Group PLC		1,759,148		2,434

Bunzl PLC		93,526		3,602

Burberry Group PLC		95,047		1,458

Centrica PLC		1,530,383		2,464

CK Hutchison Holdings Ltd.		773,138		3,738

Coca-Cola Europacific Partners PLC		56,718		3,967

Compass Group PLC		490,137		14,364

Croda International PLC		37,662		2,336

DCC PLC		27,447		1,998

Diageo PLC		631,495		23,322

Entain PLC		183,507		1,845

Flutter Entertainment PLC - CDI*		50,674		10,118

Halma PLC		111,860		3,342

Hargreaves Lansdown PLC		93,117		866

HSBC Holdings PLC		5,456,092		42,648

Imperial Brands PLC		237,009		5,299

Informa PLC		379,521		3,979

InterContinental Hotels Group PLC		46,609		4,848

Intertek Group PLC		44,747		2,820

J Sainsbury PLC		452,361		1,546

JD Sports Fashion PLC		705,144		1,196

Kingfisher PLC		485,289		1,526

Land Securities Group PLC		194,068		1,611

Legal & General Group PLC		1,666,898		5,348

Lloyds Banking Group PLC		18,217,172		11,925

London Stock Exchange Group PLC		119,399		14,301



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7% ⁽¹⁾ continued

United Kingdom – 10.7% continued

M&G PLC		605,565		$1,687

Melrose Industries PLC		370,230		3,142

National Grid PLC		1,066,556		14,349

NatWest Group PLC		1,599,527		5,357

Next PLC		34,588		4,038

Ocado Group PLC*		159,465		919

Pearson PLC		176,835		2,325

Persimmon PLC		98,517		1,635

Phoenix Group Holdings PLC		215,294		1,503

Reckitt Benckiser Group PLC		204,509		11,634

RELX PLC		533,903		23,069

Rentokil Initial PLC		711,520		4,246

Rolls-Royce Holdings PLC*		2,395,170		12,881

Sage Group (The) PLC		289,977		4,631

Schroders PLC		218,976		1,043

Segro PLC		370,875		4,225

Severn Trent PLC		77,766		2,427

Smith & Nephew PLC		241,027		3,048

Smiths Group PLC		95,141		1,974

Spirax-Sarco Engineering PLC		22,021		2,799

SSE PLC		308,194		6,426

St. James’s Place PLC		151,450		891

Standard Chartered PLC		652,138		5,526

Taylor Wimpey PLC		941,616		1,632

Tesco PLC		1,987,457		7,437

Unilever PLC		712,613		35,785

United Utilities Group PLC		183,065		2,380

Vodafone Group PLC		6,626,032		5,867

Whitbread PLC		52,678		2,207

Wise PLC, Class A*		182,515		2,142

WPP PLC		318,196		3,011

				521,029
United States – 7.2%

CRH PLC		196,947		16,991

CSL Ltd.		137,912		25,921

CyberArk Software Ltd.*		12,161		3,230

Experian PLC		257,726		11,251

Ferrovial S.E.		150,781		5,967

GSK PLC		1,162,711		24,972

Haleon PLC		1,948,691		8,178

Holcim A.G.*		149,414		13,598

James Hardie Industries PLC - CDI*		123,431		4,956

Monday.com Ltd.*		8,569		1,936

Nestle S.A. (Registered)		759,245		80,617



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.7%⁽¹⁾ continued

United States – 7.2% continued

QIAGEN N.V.*		61,172		$2,616

Roche Holding A.G. (Bearer)		8,813		2,372

Roche Holding A.G. (Genusschein)		199,995		51,054

Sanofi S.A.		324,612		31,850

Schneider Electric S.E.		155,079		35,068

Stellantis N.V.		630,729		17,927

Swiss Re A.G.		86,735		11,151

Tenaris S.A.		130,622		2,581

				352,236

Total Common Stocks

(Cost $2,803,833)				4,780,161



PREFERRED STOCKS – 0.4% ⁽¹⁾
Germany – 0.4%

Bayerische Motoren Werke A.G., 6.07%⁽⁴⁾		15,732		1,687

Dr. Ing hc F Porsche A.G., 2.50%⁽⁴⁾		31,153		3,101

Henkel A.G. & Co. KGaA, 2.49%⁽⁴⁾		48,818		3,923

Porsche Automobil Holding S.E., 5.22%⁽⁴⁾		41,009		2,174

Sartorius A.G., 0.20%⁽⁴⁾		7,210		2,868

Volkswagen A.G., 7.41%⁽⁴⁾		59,176		7,848

				21,601

Total Preferred Stocks

(Cost $16,548)				21,601



INVESTMENT COMPANIES – 0.8%

iShares Core MSCI EAFE ETF		293,000		21,746

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(5) (6)}		14,563,481		14,563

Total Investment Companies

(Cost $35,069)				36,309



Total Investments – 98.9%

(Cost $2,855,450)				4,838,071

Other Assets less Liabilities – 1.1%				56,261

Net Assets – 100.0%			$	4,894,332

⁽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, 2024 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

FTSE – Financial Times Stock Exchange

MSCI – Morgan Stanley Capital International

REIT – Real Estate Investment Trust

Percentages shown are based on Net Assets.

At March 31, 2024, 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		Swiss Franc		2,000		United States Dollar		2,287		6/20/24		$ 49
Subtotal Appreciation												49

Citibank		United States Dollar		1,448		Australian Dollar		2,200		6/20/24		(11	)

Citibank		United States Dollar		4,042		British Pound		3,170		6/20/24		(39	)

Citibank		United States Dollar		8,220		Japanese Yen		1,206,610		6/20/24		(149	)

JPMorgan Chase		Swiss Franc		1,000		United States Dollar		1,118		6/20/24		(1	)

Morgan Stanley		Japanese Yen		400,000		United States Dollar		2,675		6/20/24		(1	)

Morgan Stanley		United States Dollar		2,405		Euro		2,200		6/20/24		(24	)
Subtotal Depreciation												(225	)

Total												$(176)

At March 31, 2024, 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)		509		$27,704		Long		6/24		$758

FTSE 100 Index (British Pound)		149		15,022		Long		6/24		493

Hang Seng Index (Hong Kong Dollar)		10		1,059		Long		4/24		(6	)

SPI 200 Index (Australian Dollar)		58		7,513		Long		6/24		183

Topix Index (Japanese Yen)		97		17,749		Long		6/24		538

Total										$1,966

⁽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, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

Euro		33.1	%

Japanese Yen		23.1

British Pound		14.3

Swiss Franc		9.2

Australian Dollar		7.1

All other currencies less than 5%		12.1

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 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	$	905		$	78,239			$—	$	79,144

Ireland		5,040			16,425			—		21,465

Israel		30,702			—			—		30,702

Italy		71,690			43,850			—		115,540

Japan		1,130,932			—			—		1,130,932

Singapore		7,482			62,605			—		70,087

United Kingdom		3,967			517,062			—		521,029

United States		25,674			326,562			—		352,236

All Other Countries⁽¹⁾		—			2,459,026			—		2,459,026
Total Common Stocks		1,276,392			3,503,769			—		4,780,161
Preferred Stocks		—			21,601			—		21,601

Investment Companies		36,309			—			—		36,309
Total Investments	$	1,312,701		$	3,525,370			$—	$	4,838,071

OTHER FINANCIAL INSTRUMENTS
Assets

Forward Foreign
Currency Exchange
Contracts	$	—		$	49			$—	$	49

Futures Contracts		1,972			—			—		1,972
Liabilities

Forward Foreign
Currency Exchange
Contracts		—			(225	)		—		(225	)

Futures Contracts		(6	)		—			—		(6	)
Total Other Financial Instruments	$	1,966		$	(176	)		$—	$	1,790

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.6%

Aerospace & Defense – 0.8%

General Dynamics Corp.		2,825		$798

Lockheed Martin Corp.		3,257		1,482

				2,280

Air Freight & Logistics – 0.3%

Expeditors International of Washington, Inc.		7,258		882

Automobiles – 0.6%

Tesla, Inc.*		7,381		1,298

Thor Industries, Inc.		3,046		357

				1,655

Banks – 3.3%

Bank of America Corp.		27,531		1,044

Citigroup, Inc.		41,932		2,652

JPMorgan Chase & Co.		27,727		5,554

Wells Fargo & Co.		1,215		70

				9,320

Beverages – 0.6%

Coca-Cola (The) Co.		24,653		1,508

PepsiCo, Inc.		1,945		341

				1,849

Biotechnology – 1.7%

AbbVie, Inc.		9,380		1,708

Amgen, Inc.		8,737		2,484

Gilead Sciences, Inc.		11,016		807

				4,999

Broadline Retail – 4.1%

Amazon.com, Inc.*		54,267		9,789

eBay, Inc.		38,308		2,022

				11,811

Building Products – 0.2%

Masco Corp.		8,054		635

Capital Markets – 2.7%

Affiliated Managers Group, Inc.		6,112		1,023

Bank of New York Mellon (The) Corp.		36,639		2,111

Franklin Resources, Inc.		7,758		218

Goldman Sachs Group (The), Inc.		2,370		990

Jefferies Financial Group, Inc.		30,947		1,365

State Street Corp.		25,890		2,002

				7,709
Chemicals – 1.1%

Celanese Corp.		4,607		792



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.6% continued

Chemicals – 1.1% continued

CF Industries Holdings, Inc.		3,869		$322

LyondellBasell Industries N.V., Class A		19,606		2,005

				3,119

Communications Equipment – 0.9%

Cisco Systems, Inc.		52,970		2,644

Construction & Engineering – 0.1%

EMCOR Group, Inc.		656		230

Construction Materials – 0.1%

Eagle Materials, Inc.		1,088		296

Consumer Finance – 0.6%

Capital One Financial Corp.		7,139		1,063

SLM Corp.		24,778		540

Synchrony Financial		5,674		244

				1,847

Consumer Staples Distribution & Retail – 1.2%

Costco Wholesale Corp.		419		307

Kroger (The) Co.		28,172		1,610

Target Corp.		1,896		336

Walmart, Inc.		18,753		1,128

				3,381

Diversified Consumer Services – 0.5%

H&R Block, Inc.		26,589		1,306

Diversified Telecommunication Services – 0.3%

Verizon Communications, Inc.		18,717		785

Electric Utilities – 1.7%

Constellation Energy Corp.		10,885		2,012

Edison International		839		59

Entergy Corp.		194		20

Exelon Corp.		34,377		1,292

FirstEnergy Corp.		18,566		717

NRG Energy, Inc.		9,707		657

OGE Energy Corp.		1,825		63

				4,820

Electrical Equipment – 0.4%

Acuity Brands, Inc.		4,611		1,239

Electronic Equipment, Instruments & Components – 0.6%

CDW Corp.		1,636		418

Jabil, Inc.		4,492		602

Vontier Corp.		13,686		621

				1,641



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.6% continued

Entertainment – 0.6%

Electronic Arts, Inc.		3,577		$474

Netflix, Inc.*		2,038		1,238

				1,712

Financial Services – 4.2%

Berkshire Hathaway, Inc., Class B*		12,219		5,138

Corebridge Financial, Inc.		18,191		523

Fidelity National Information Services, Inc.		28,982		2,150

Fiserv, Inc.*		3,432		549

Mastercard, Inc., Class A		1,610		775

MGIC Investment Corp.		82,962		1,855

Visa, Inc., Class A		3,957		1,104

				12,094

Food Products – 1.2%

General Mills, Inc.		16,395		1,147

Ingredion, Inc.		15,659		1,830

Kellanova		9,396		538

				3,515

Ground Transportation – 0.4%

Landstar System, Inc.		6,069		1,170

Health Care Equipment & Supplies – 3.3%

Abbott Laboratories		24,763		2,815

GE HealthCare Technologies, Inc.		22,549		2,050

Hologic, Inc.*		2,040		159

IDEXX Laboratories, Inc.*		1,415		764

Medtronic PLC		18,691		1,629

Stryker Corp.		5,701		2,040

				9,457

Health Care Providers & Services – 3.4%

Cardinal Health, Inc.		2,949		330

Cencora, Inc.		7,531		1,830

Centene Corp.*		11,430		897

Cigna Group (The)		4,543		1,650

DaVita, Inc.*		3,885		537

HCA Healthcare, Inc.		1,317		439

McKesson Corp.		3,602		1,934

UnitedHealth Group, Inc.		4,104		2,030

				9,647

Hotel & Resort Real Estate Investment Trusts – 0.8%

Host Hotels & Resorts, Inc.		90,500		1,871

Park Hotels & Resorts, Inc.		17,601		308

				2,179



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.6% continued

Hotels, Restaurants & Leisure – 1.3%

Booking Holdings, Inc.		641		$2,326

Domino’s Pizza, Inc.		346		172

Expedia Group, Inc.*		4,850		668

McDonald’s Corp.		883		249

Royal Caribbean Cruises Ltd.*		2,247		312

				3,727

Household Durables – 0.9%

NVR, Inc.*		124		1,005

PulteGroup, Inc.		4,571		551

Toll Brothers, Inc.		8,054		1,042

				2,598

Household Products – 1.9%

Kimberly-Clark Corp.		15,331		1,983

Procter & Gamble (The) Co.		21,406		3,473

				5,456

Industrial Conglomerates – 1.5%

3M Co.		11,689		1,240

General Electric Co.		17,321		3,040

				4,280

Insurance – 2.0%

Aflac, Inc.		24,780		2,128

American International Group, Inc.		1,813		142

Assurant, Inc.		1,070		201

Assured Guaranty Ltd.		19,824		1,730

Brighthouse Financial, Inc.*		23,965		1,235

Old Republic International Corp.		431		13

Willis Towers Watson PLC		1,282		352

				5,801

Interactive Media & Services – 6.9%

Alphabet, Inc., Class A*		82,501		12,452

Meta Platforms, Inc., Class A		14,951		7,260

				19,712

IT Services – 1.5%

Accenture PLC, Class A		6,940		2,406

Amdocs Ltd.		7,392		668

Cognizant Technology Solutions Corp., Class A		5,580		409

International Business Machines Corp.		2,860		546

Kyndryl Holdings, Inc.*		8,238		179

				4,208

Life Sciences Tools & Services – 0.7%

ICON PLC*		1,779		598



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.6% continued

Life Sciences Tools & Services – 0.7% continued

Medpace Holdings, Inc.*		2,663		$1,076

Mettler-Toledo International, Inc.*		175		233

				1,907

Machinery – 2.6%

Allison Transmission Holdings, Inc.		23,164		1,880

Caterpillar, Inc.		8,275		3,032

PACCAR, Inc.		8,024		994

Snap-on, Inc.		5,041		1,494

				7,400

Media – 1.1%

Comcast Corp., Class A		67,977		2,947

Omnicom Group, Inc.		3,271		316

				3,263

Metals & Mining – 1.2%

Nucor Corp.		10,268		2,032

Steel Dynamics, Inc.		8,705		1,290

				3,322

Mortgage Real Estate Investment Trusts – 0.1%

Rithm Capital Corp.		16,326		182

Multi-Utilities – 0.6%

Consolidated Edison, Inc.		7,973		724

Public Service Enterprise Group, Inc.		13,311		889

				1,613

Oil, Gas & Consumable Fuels – 3.9%

Exxon Mobil Corp.		23,331		2,712

HF Sinclair Corp.		26,015		1,570

Marathon Petroleum Corp.		11,502		2,318

Phillips 66		14,204		2,320

Valero Energy Corp.		12,830		2,190

				11,110

Pharmaceuticals – 3.5%

Bristol-Myers Squibb Co.		25,129		1,363

Eli Lilly & Co.		2,791		2,171

Johnson & Johnson		27,221		4,306

Merck & Co., Inc.		15,758		2,079

				9,919

Professional Services – 1.4%

Automatic Data Processing, Inc.		5,240		1,309

Leidos Holdings, Inc.		292		38



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.6% continued

Professional Services – 1.4% continued

Robert Half, Inc.		10,296		$816

Science Applications International Corp.		14,224		1,855

				4,018

Real Estate Management & Development – 0.2%

CBRE Group, Inc., Class A*		7,441		724

Retail Real Estate Investment Trusts – 0.8%

Simon Property Group, Inc.		13,772		2,155

Semiconductors & Semiconductor Equipment – 9.9%

Advanced Micro Devices, Inc.*		265		48

Applied Materials, Inc.		13,998		2,887

Broadcom, Inc.		2,772		3,674

KLA Corp.		3,423		2,391

Lam Research Corp.		2,697		2,620

Microchip Technology, Inc.		8,277		742

NVIDIA Corp.		14,363		12,978

QUALCOMM, Inc.		17,848		3,022

				28,362

Software – 9.9%

Adobe, Inc.*		5,698		2,875

AppLovin Corp., Class A*		10,649		737

Fair Isaac Corp.*		438		547

Intuit, Inc.		1,626		1,057

Microsoft Corp.		52,233		21,976

Oracle Corp.		8,654		1,087

Salesforce, Inc.		359		108

				28,387

Specialized Real Estate Investment Trusts – 0.7%

Rayonier, Inc.		5,876		195

Weyerhaeuser Co.		49,902		1,792

				1,987

Specialty Retail – 2.6%

AutoZone, Inc.*		422		1,330

Home Depot (The), Inc.		8,492		3,258

Lowe’s Cos., Inc.		2,583		658

Murphy U.S.A., Inc.		1,293		542

Williams-Sonoma, Inc.		5,099		1,619

				7,407

Technology Hardware, Storage & Peripherals – 6.5%

Apple, Inc.		104,375		17,898

NetApp, Inc.		7,970		837

				18,735

NUMBER
OF SHARES

VALUE
(000S)

COMMON STOCKS - 99.6% continued

Textiles, Apparel & Luxury Goods – 0.4%

Tapestry, Inc.

22,441

$1,065

Tobacco – 0.8%

Altria Group, Inc.

51,830

2,261

Trading Companies & Distributors – 1.0%

Core & Main, Inc., Class A*

24,218

1,386

MSC Industrial Direct Co., Inc., Class A

11,600

1,126

W.W. Grainger, Inc.

434

442

2,954

Total Common Stocks

(Cost $162,043)

284,775

INVESTMENT COMPANIES – 0.3%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(1) (2)}

889,186

889

Total Investment Companies

(Cost $889)

889

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.0%

U.S. Treasury Bill,
5.30%, 4/11/24^{(3) (4)}

$50

$50

Total Short-Term Investments

(Cost $50)

Total Investments – 99.9%

(Cost $162,982)

285,714

Other Assets less Liabilities – 0.1%

216

NET ASSETS – 100.0%

$285,930

⁽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, 2024 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, 2024, 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	4	$1,062	Long	6/24	$24

⁽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, 2024, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

Common Stocks		99.6	%

Investment Companies		0.3	%

Short-Term Investments		0.0	%

⁽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⁾	$	284,775		$—		$—	$	284,775

Investment Companies		889		—		—		889

Short-Term Investments		—		50		—		50

Total Investments	$	285,664		$50		$—	$	285,714

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	24		$—		$—	$	24

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.5%

Aerospace & Defense – 1.3%

Curtiss-Wright Corp.		1,411		$361

General Dynamics Corp.		1,774		501

				862

Banks – 6.2%

Bank of America Corp.		10,936		415

Citigroup, Inc.		14,384		909

Comerica, Inc.		12		1

East West Bancorp, Inc.		4,657		368

First Hawaiian, Inc.		10,199		224

JPMorgan Chase & Co.		8,901		1,783

Truist Financial Corp.		2,103		82

Wells Fargo & Co.		4,256		247

				4,029

Beverages – 0.7%

Boston Beer (The) Co., Inc., Class A*		830		253

Molson Coors Beverage Co., Class B		2,704		182

				435

Biotechnology – 3.0%

Gilead Sciences, Inc.		11,066		811

Regeneron Pharmaceuticals, Inc.*		821		790

Vertex Pharmaceuticals, Inc.*		857		358

				1,959

Broadline Retail – 0.7%

eBay, Inc.		8,182		432

Capital Markets – 4.2%

Bank of New York Mellon (The) Corp.		11,378		656

Goldman Sachs Group (The), Inc.		777		325

Invesco Ltd.		9,549		158

Jefferies Financial Group, Inc.		8,569		378

Morgan Stanley		7,566		712

State Street Corp.		4,913		380

Virtu Financial, Inc., Class A		7,259		149

				2,758

Chemicals – 2.2%

CF Industries Holdings, Inc.		4,231		352

Huntsman Corp.		6,059		158

LyondellBasell Industries N.V., Class A		3,774		386

Mosaic (The) Co.		4,333		140

Olin Corp.		6,289		370

				1,406

Commercial Services & Supplies – 0.1%

Republic Services, Inc.		214		41



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.5% continued

Communications Equipment – 2.3%

Cisco Systems, Inc.		23,565		$1,176

F5, Inc.*		1,715		325

				1,501

Construction & Engineering – 1.1%

EMCOR Group, Inc.		1,355		474

Valmont Industries, Inc.		1,011		231

				705

Consumer Finance – 0.9%

Ally Financial, Inc.		509		21

Capital One Financial Corp.		563		84

SLM Corp.		15,286		333

Synchrony Financial		4,163		179

				617

Consumer Staples Distribution & Retail – 1.2%

Kroger (The) Co.		9,521		544

Walmart, Inc.		4,524		272

				816

Diversified Real Estate Investment Trusts – 0.5%

WP Carey, Inc.		5,316		300

Diversified Telecommunication Services – 0.7%

AT&T, Inc.		24,346		428

Electric Utilities – 3.9%

Duke Energy Corp.		5,306		513

Edison International		5,295		375

Entergy Corp.		1,985		210

Evergy, Inc.		5,047		269

Exelon Corp.		10,000		376

OGE Energy Corp.		8,537		293

Pinnacle West Capital Corp.		2,214		165

PPL Corp.		12,743		351

				2,552

Electrical Equipment – 0.7%

Acuity Brands, Inc.		1,614		434

Electronic Equipment, Instruments & Components – 0.9%

Amphenol Corp., Class A		4,196		484

Keysight Technologies, Inc.*		50		8

Vontier Corp.		1,864		84

				576

Entertainment – 0.5%

Walt Disney (The) Co.		2,419		296

Financial Services – 4.1%

Berkshire Hathaway, Inc., Class B*		3,039		1,278



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.5% continued

Financial Services – 4.1% continued

Corebridge Financial, Inc.		13,929		$400

Fidelity National Information Services, Inc.		8,637		641

MGIC Investment Corp.		16,608		371

				2,690

Food Products – 2.8%

Archer-Daniels-Midland Co.		3,896		245

Campbell Soup Co.		7,363		327

General Mills, Inc.		8,506		595

J.M. Smucker (The) Co.		2,216		279

Kellanova		6,050		347

				1,793

Ground Transportation – 0.6%

Norfolk Southern Corp.		1,658		423

Health Care Equipment & Supplies – 1.2%

Medtronic PLC		8,748		762

Health Care Providers & Services – 4.6%

Centene Corp.*		7,894		620

Cigna Group (The)		2,731		992

CVS Health Corp.		3,391		270

Elevance Health, Inc.		1,497		776

Laboratory Corp. of America Holdings		1,565		342

				3,000

Health Care Real Estate Investment Trusts – 0.3%

Healthpeak Properties, Inc.		9,886		185

Hotel & Resort Real Estate Investment Trusts – 0.6%

Host Hotels & Resorts, Inc.		18,003		372

Hotels, Restaurants & Leisure – 3.4%

Airbnb, Inc., Class A*		1,502		248

Booking Holdings, Inc.		89		323

Domino’s Pizza, Inc.		661		328

Expedia Group, Inc.*		1,143		157

McDonald’s Corp.		2,159		609

Starbucks Corp.		2,715		248

Yum! Brands, Inc.		2,211		307

				2,220

Household Durables – 0.9%

NVR, Inc.*		50		405

PulteGroup, Inc.		1,432		173

				578



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.5% continued

Household Products – 1.2%

Procter & Gamble (The) Co.		2,825		$458

Reynolds Consumer Products, Inc.		10,821		309

				767

Industrial Conglomerates – 2.1%

General Electric Co.		7,796		1,368

Insurance – 6.3%

American International Group, Inc.		10,560		825

Assurant, Inc.		1,063		200

Assured Guaranty Ltd.		4,234		369

Brighthouse Financial, Inc.*		5,016		259

Cincinnati Financial Corp.		1,667		207

First American Financial Corp.		5,025		307

Loews Corp.		4,556		357

MetLife, Inc.		8,971		665

Old Republic International Corp.		10,322		317

Prudential Financial, Inc.		5,355		629

				4,135

Interactive Media & Services – 0.3%

TripAdvisor, Inc.*		7,647		213

IT Services – 2.2%

Accenture PLC, Class A		836		290

Amdocs Ltd.		3,260		294

Cognizant Technology Solutions Corp., Class A		5,646		414

International Business Machines Corp.		2,295		438

				1,436

Life Sciences Tools & Services – 2.0%

Avantor, Inc.*		3,423		88

Danaher Corp.		4,447		1,111

Thermo Fisher Scientific, Inc.		209		121

				1,320

Machinery – 4.8%

AGCO Corp.		1,278		157

Allison Transmission Holdings, Inc.		5,377		436

Crane Co.		1,403		190

Cummins, Inc.		2,069		610

Dover Corp.		2,405		426

Gates Industrial Corp. PLC*		7,384		131

ITT, Inc.		2,776		378

PACCAR, Inc.		3,740		463

Snap-on, Inc.		1,166		345

				3,136



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.5% continued

Media – 3.2%

Comcast Corp., Class A		25,148		$1,090

Fox Corp., Class A		9,611		301

Interpublic Group of (The) Cos., Inc.		4,091		133

New York Times (The) Co., Class A		6,532		282

Nexstar Media Group, Inc.		1,683		290

				2,096

Metals & Mining – 2.4%

Nucor Corp.		3,674		727

Reliance, Inc.		1,173		392

Steel Dynamics, Inc.		2,879		427

				1,546

Mortgage Real Estate Investment Trusts – 0.9%

Rithm Capital Corp.		26,065		291

Starwood Property Trust, Inc.		14,985		305

				596

Multi-Utilities – 1.2%

Consolidated Edison, Inc.		4,077		370

Dominion Energy, Inc.		8,363		412

				782

Oil, Gas & Consumable Fuels – 8.5%

Chevron Corp.		7,272		1,147

Coterra Energy, Inc.		64		2

Exxon Mobil Corp.		17,114		1,989

HF Sinclair Corp.		843		51

Marathon Petroleum Corp.		4,929		993

Occidental Petroleum Corp.		4,842		315

Phillips 66		876		143

Valero Energy Corp.		5,138		877

				5,517

Pharmaceuticals – 4.1%

Bristol-Myers Squibb Co.		17,474		947

Jazz Pharmaceuticals PLC*		2,034		245

Johnson & Johnson		4,280		677

Merck & Co., Inc.		1,941		256

Pfizer, Inc.		7,277		202

Royalty Pharma PLC, Class A		11,321		344

				2,671

Professional Services – 1.8%

Genpact Ltd.		8,694		286

Leidos Holdings, Inc.		1,699		223



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.5% continued

Professional Services – 1.8% continued

Science Applications International Corp.		2,543		$332

SS&C Technologies Holdings, Inc.		5,599		360

				1,201

Residential Real Estate Investment Trusts – 1.6%

Apartment Income REIT Corp.		9,558		310

Camden Property Trust		3,449		340

Equity Residential		6,006		379

				1,029

Retail Real Estate Investment Trusts – 0.5%

NNN REIT, Inc.		7,477		320

Semiconductors & Semiconductor Equipment – 3.6%

Analog Devices, Inc.		1,173		232

Applied Materials, Inc.		2,141		442

Cirrus Logic, Inc.*		524		48

Microchip Technology, Inc.		3,848		345

Qorvo, Inc.*		1,613		185

QUALCOMM, Inc.		2,585		438

Skyworks Solutions, Inc.		3,401		368

Teradyne, Inc.		2,664		301

				2,359

Software – 1.0%

ANSYS, Inc.*		893		310

Dolby Laboratories, Inc., Class A		2,652		222

Roper Technologies, Inc.		183		103

				635

Specialized Real Estate Investment Trusts – 0.1%

EPR Properties		1,675		71

Specialty Retail – 0.4%

Best Buy Co., Inc.		3,523		289

Textiles, Apparel & Luxury Goods – 0.5%

Tapestry, Inc.		7,021		333

Trading Companies & Distributors – 1.2%

Core & Main, Inc., Class A*		8,297		475

MSC Industrial Direct Co., Inc., Class A		2,948		286

				761
Total Common Stocks
(Cost $53,345)				64,751

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 0.5%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(1) (2)}

339,533

$340

Total Investment Companies

(Cost $340)

340

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.0%

U.S. Treasury Bill,
5.30%, 4/11/24^{(3) (4)}

$20

$20

Total Short-Term Investments

(Cost $20)

Total Investments – 100.0%

(Cost $53,705)

65,111

Other Assets less Liabilities – 0.0%

NET ASSETS – 100.0%

$65,127

⁽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, 2024 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:

REIT - Real Estate Investment Trust

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At March 31, 2024, 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	12	$319	Long	6/24	$7

⁽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, 2024, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

Common Stocks	99.5	%

Investment Companies	0.5	%

Short-Term Investments	0.0	%

⁽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⁾	$	64,751		$—		$—	$	64,751

Investment Companies		340		—		—		340

Short-Term Investments		—20				—		20
Total Investments	$	65,091		$20		$—	$	65,111

OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts	$	7		$—		$—	$	7

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.4%

Aerospace & Defense – 1.3%

BWX Technologies, Inc.		70,697		$7,255

Curtiss-Wright Corp.		29,541		7,561

Hexcel Corp.		65,162		4,747

Woodward, Inc.		46,575		7,178

				26,741

Air Freight & Logistics – 0.2%

GXO Logistics, Inc.*		91,801		4,935

Automobile Components – 1.4%

Adient PLC*		70,378		2,317

Autoliv, Inc.		56,813		6,842

Fox Factory Holding Corp.*		32,856		1,711

Gentex Corp.		180,156		6,507

Goodyear Tire & Rubber (The) Co.*		218,967		3,006

Lear Corp.		44,044		6,381

Visteon Corp.*		21,448		2,523

				29,287

Automobiles – 0.4%

Harley-Davidson, Inc.		97,878		4,281

Thor Industries, Inc.		41,172		4,831

				9,112

Banks – 5.2%

Associated Banc-Corp		114,743		2,468

Bank OZK		81,267		3,694

Cadence Bank		141,099		4,092

Columbia Banking System, Inc.		161,074		3,117

Commerce Bancshares, Inc.		91,494		4,868

Cullen/Frost Bankers, Inc.		49,588		5,582

East West Bancorp, Inc.		108,853		8,611

First Financial Bankshares, Inc.		99,184		3,254

First Horizon Corp.		431,569		6,646

FNB Corp.		277,215		3,909

Glacier Bancorp, Inc.		85,635		3,449

Hancock Whitney Corp.		66,504		3,062

Home BancShares, Inc.		144,751		3,557

International Bancshares Corp.		41,220		2,314

New York Community Bancorp, Inc.		557,540		1,795

Old National Bancorp		226,102		3,937

Pinnacle Financial Partners, Inc.		58,739		5,045

Prosperity Bancshares, Inc.		72,403		4,763

SouthState Corp.		58,694		4,991

Synovus Financial Corp.		112,957		4,525

Texas Capital Bancshares, Inc.*		36,446		2,243

UMB Financial Corp.		33,733		2,934



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Banks – 5.2% continued

United Bankshares, Inc.		103,969		$3,721

Valley National Bancorp		329,258		2,621

Webster Financial Corp.		132,859		6,745

Wintrust Financial Corp.		47,296		4,937

Zions Bancorp N.A.		114,422		4,966

				111,846

Beverages – 0.7%

Boston Beer (The) Co., Inc., Class A*		7,265		2,212

Celsius Holdings, Inc.*		114,523		9,496

Coca-Cola Consolidated, Inc.		3,620		3,064

				14,772

Biotechnology – 1.8%

Arrowhead Pharmaceuticals, Inc.*		95,682		2,737

Cytokinetics, Inc.*		75,730		5,309

Exelixis, Inc.*		234,185		5,557

Halozyme Therapeutics, Inc.*		102,020		4,150

Neurocrine Biosciences, Inc.*		76,856		10,600

Roivant Sciences Ltd.*		260,784		2,749

United Therapeutics Corp.*		36,296		8,338

				39,440

Broadline Retail – 0.4%

Macy’s, Inc.		211,646		4,231

Nordstrom, Inc.		75,671		1,534

Ollie’s Bargain Outlet Holdings, Inc.*		47,564		3,784

				9,549

Building Products – 3.6%

Advanced Drainage Systems, Inc.		52,753		9,086

Carlisle Cos., Inc.		37,506		14,697

Fortune Brands Innovations, Inc.		97,387		8,246

Lennox International, Inc.		24,735		12,089

Owens Corning		68,645		11,450

Simpson Manufacturing Co., Inc.		32,959		6,763

Trex Co., Inc.*		83,872		8,366

UFP Industries, Inc.		47,732		5,871

				76,568

Capital Markets – 2.9%

Affiliated Managers Group, Inc.		26,111		4,373

Carlyle Group (The), Inc.		167,209		7,844

Evercore, Inc., Class A		26,772		5,156

Federated Hermes, Inc.		63,370		2,289

Houlihan Lokey, Inc.		40,251		5,160

Interactive Brokers Group, Inc., Class A		82,652		9,233



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Capital Markets – 2.9% continued

Janus Henderson Group PLC		102,362		$3,367

Jefferies Financial Group, Inc.		130,962		5,775

Morningstar, Inc.		20,120		6,204

SEI Investments Co.		77,003		5,536

Stifel Financial Corp.		78,752		6,156

				61,093

Chemicals – 2.3%

Arcadium Lithium PLC*		796,137		3,431

Ashland, Inc.		38,690		3,767

Avient Corp.		70,357		3,054

Axalta Coating Systems Ltd.*		169,964		5,845

Cabot Corp.		42,813		3,948

Chemours (The) Co.		114,623		3,010

NewMarket Corp.		5,334		3,385

Olin Corp.		92,826		5,458

RPM International, Inc.		99,545		11,841

Scotts Miracle-Gro (The) Co.		32,403		2,417

Westlake Corp.		24,739		3,780

				49,936

Commercial Services & Supplies – 1.3%

Brink’s (The) Co.		34,797		3,215

Clean Harbors, Inc.*		38,852		7,821

MSA Safety, Inc.		28,546		5,526

Stericycle, Inc.*		71,479		3,770

Tetra Tech, Inc.		41,296		7,628

				27,960

Communications Equipment – 0.4%

Ciena Corp.*		111,992		5,538

Lumentum Holdings, Inc.*		52,045		2,464

				8,002

Construction & Engineering – 2.3%

AECOM		105,067		10,305

Comfort Systems U.S.A., Inc.		27,508		8,740

EMCOR Group, Inc.		36,339		12,726

Fluor Corp.*		131,567		5,563

MasTec, Inc.*		46,683		4,353

MDU Resources Group, Inc.		157,361		3,965

Valmont Industries, Inc.		16,128		3,682

				49,334



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Construction Materials – 0.5%

Eagle Materials, Inc.		26,607		$7,230

Knife River Corp.*		43,691		3,543

				10,773

Consumer Finance – 0.7%

Ally Financial, Inc.		209,672		8,510

FirstCash Holdings, Inc.		28,569		3,644

SLM Corp.		170,132		3,707

				15,861

Consumer Staples Distribution & Retail – 2.0%

BJ’s Wholesale Club Holdings, Inc.*		103,022		7,794

Casey’s General Stores, Inc.		28,665		9,128

Grocery Outlet Holding Corp.*		76,636		2,205

Performance Food Group Co.*		120,147		8,968

Sprouts Farmers Market, Inc.*		78,461		5,059

U.S. Foods Holding Corp.*		174,684		9,428

				42,582

Containers & Packaging – 1.7%

AptarGroup, Inc.		50,986		7,336

Berry Global Group, Inc.		89,495		5,413

Crown Holdings, Inc.		92,445		7,327

Graphic Packaging Holding Co.		236,371		6,897

Greif, Inc., Class A		19,849		1,371

Silgan Holdings, Inc.		62,472		3,034

Sonoco Products Co.		75,633		4,375

				35,753

Diversified Consumer Services – 0.9%

Graham Holdings Co., Class B		2,763		2,121

Grand Canyon Education, Inc.*		22,832		3,110

H&R Block, Inc.		107,765		5,293

Service Corp. International		114,124		8,469

				18,993

Diversified Real Estate Investment Trusts – 0.4%

Rayonier, Inc. - (Fractional Shares)⁽¹⁾		50,000		—

WP Carey, Inc.		168,885		9,532

				9,532

Diversified Telecommunication Services – 0.3%

Frontier Communications Parent, Inc.*		170,820		4,185

Iridium Communications, Inc.		95,547		2,500

				6,685

Electric Utilities – 0.8%

ALLETE, Inc.		44,371		2,646

IDACORP, Inc.		39,112		3,633



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Electric Utilities – 0.8% continued

OGE Energy Corp.		154,797		$5,310

PNM Resources, Inc.		66,259		2,494

Portland General Electric Co.		78,121		3,281

				17,364

Electrical Equipment – 1.5%

Acuity Brands, Inc.		23,571		6,334

EnerSys		31,198		2,947

nVent Electric PLC		128,160		9,663

Regal Rexnord Corp.		51,207		9,223

Sensata Technologies Holding PLC		116,895		4,295

				32,462

Electronic Equipment, Instruments & Components – 2.3%

Arrow Electronics, Inc.*		41,557		5,380

Avnet, Inc.		69,772		3,459

Belden, Inc.		32,193		2,981

Cognex Corp.		132,935		5,639

Coherent Corp.*		102,008		6,184

Crane NXT Co.		37,282		2,308

IPG Photonics Corp.*		22,820		2,070

Littelfuse, Inc.		19,227		4,660

Novanta, Inc.*		27,662		4,834

TD SYNNEX Corp.		44,043		4,981

Vishay Intertechnology, Inc.		97,401		2,209

Vontier Corp.		119,222		5,408

				50,113

Energy Equipment & Services – 1.0%

ChampionX Corp.		147,552		5,295

NOV, Inc.		304,145		5,937

Valaris Ltd.*		48,420		3,644

Weatherford International PLC*		55,863		6,448

				21,324

Entertainment – 0.2%

TKO Group Holdings, Inc.		46,267		3,998

Financial Services – 1.9%

Equitable Holdings, Inc.		242,338		9,211

Essent Group Ltd.		82,340		4,900

Euronet Worldwide, Inc.*		33,834		3,720

MGIC Investment Corp.		210,517		4,707

Voya Financial, Inc.		79,543		5,880

Western Union (The) Co.		270,756		3,785

WEX, Inc.*		33,009		7,841

				40,044



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Food Products – 1.1%

Darling Ingredients, Inc.*		123,169		$5,729

Flowers Foods, Inc.		148,346		3,523

Ingredion, Inc.		50,354		5,884

Lancaster Colony Corp.		15,727		3,265

Pilgrim’s Pride Corp.*		31,588		1,084

Post Holdings, Inc.*		38,894		4,134

				23,619

Gas Utilities – 0.9%

National Fuel Gas Co.		71,172		3,823

New Jersey Resources Corp.		75,901		3,257

ONE Gas, Inc.		42,820		2,763

Southwest Gas Holdings, Inc.		46,427		3,534

Spire, Inc.		42,442		2,605

UGI Corp.		161,839		3,972

				19,954

Ground Transportation – 2.0%

Avis Budget Group, Inc.		14,314		1,753

Hertz Global Holdings, Inc.*		102,336		801

Knight-Swift Transportation Holdings, Inc.		124,588		6,855

Landstar System, Inc.		27,744		5,348

Ryder System, Inc.		34,220		4,113

Saia, Inc.*		20,504		11,995

Werner Enterprises, Inc.		49,065		1,919

XPO, Inc.*		89,681		10,944

				43,728

Health Care Equipment & Supplies – 2.2%

Enovis Corp.*		38,348		2,395

Envista Holdings Corp.*		132,345		2,830

Globus Medical, Inc., Class A*		89,084		4,778

Haemonetics Corp.*		39,224		3,348

Integra LifeSciences Holdings Corp.*		52,584		1,864

Lantheus Holdings, Inc.*		52,891		3,292

LivaNova PLC*		41,603		2,327

Masimo Corp.*		34,278		5,034

Neogen Corp.*		152,109		2,400

Penumbra, Inc.*		29,806		6,652

QuidelOrtho Corp.*		38,221		1,832

Shockwave Medical, Inc.*		28,498		9,280

				46,032

Health Care Providers & Services – 2.1%

Acadia Healthcare Co., Inc.*		71,204		5,641

Amedisys, Inc.*		25,174		2,320



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Health Care Providers & Services – 2.1% continued

Chemed Corp.		11,633		$7,468

Encompass Health Corp.		77,397		6,392

HealthEquity, Inc.*		66,276		5,410

Option Care Health, Inc.*		136,740		4,586

Progyny, Inc.*		64,335		2,454

R1 RCM, Inc.*		152,191		1,960

Tenet Healthcare Corp.*		78,426		8,243

				44,474

Health Care Real Estate Investment Trusts – 0.6%

Healthcare Realty Trust, Inc.		294,113		4,162

Omega Healthcare Investors, Inc.		189,458		6,000

Sabra Health Care REIT, Inc.		178,614		2,638

				12,800

Health Care Technology – 0.1%

Doximity, Inc., Class A*		94,324		2,538

Hotel & Resort Real Estate Investment Trusts – 0.1%

Park Hotels & Resorts, Inc.		162,189		2,837

Hotels, Restaurants & Leisure – 3.6%

Aramark		202,685		6,591

Boyd Gaming Corp.		53,623		3,610

Choice Hotels International, Inc.		19,094		2,412

Churchill Downs, Inc.		52,424		6,487

Hilton Grand Vacations, Inc.*		55,022		2,598

Hyatt Hotels Corp., Class A		34,166		5,454

Light & Wonder, Inc.*		69,537		7,099

Marriott Vacations Worldwide Corp.		25,505		2,748

Penn Entertainment, Inc.*		114,987		2,094

Planet Fitness, Inc., Class A*		65,974		4,132

Texas Roadhouse, Inc.		51,586		7,968

Travel + Leisure Co.		55,933		2,738

Vail Resorts, Inc.		29,325		6,534

Wendy’s (The) Co.		128,964		2,430

Wingstop, Inc.		22,720		8,325

Wyndham Hotels & Resorts, Inc.		64,075		4,918

				76,138

Household Durables – 2.2%

Helen of Troy Ltd.*		18,323		2,112

KB Home		56,751		4,023

Leggett & Platt, Inc.		102,946		1,971

Taylor Morrison Home Corp.*		82,931		5,156

Tempur Sealy International, Inc.		133,028		7,559

Toll Brothers, Inc.		80,560		10,422



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Household Durables – 2.2% continued

TopBuild Corp.*		24,410		$10,758

Whirlpool Corp.		42,467		5,080

				47,081

Independent Power & Renewable Electricity Producers – 1.0%

Ormat Technologies, Inc.		41,455		2,744

Vistra Corp.		259,618		18,082

				20,826

Industrial Real Estate Investment Trusts – 1.2%

EastGroup Properties, Inc.		36,848		6,624

First Industrial Realty Trust, Inc.		102,158		5,367

Rexford Industrial Realty, Inc.		162,747		8,186

STAG Industrial, Inc.		140,281		5,393

				25,570

Insurance – 4.7%

American Financial Group, Inc.		50,385		6,877

Brighthouse Financial, Inc.*		49,514		2,552

CNO Financial Group, Inc.		84,834		2,331

Erie Indemnity Co., Class A		19,265		7,736

Fidelity National Financial, Inc.		199,701		10,604

First American Financial Corp.		79,674		4,864

Hanover Insurance Group (The), Inc.		27,643		3,764

Kemper Corp.		46,696		2,891

Kinsale Capital Group, Inc.		17,003		8,922

Old Republic International Corp.		201,442		6,188

Primerica, Inc.		27,056		6,844

Reinsurance Group of America, Inc.		50,911		9,820

RenaissanceRe Holdings Ltd.		40,698		9,565

RLI Corp.		31,027		4,607

Selective Insurance Group, Inc.		46,840		5,114

Unum Group		140,404		7,534

				100,213

Interactive Media & Services – 0.3%

Ziff Davis, Inc.*		35,484		2,237

ZoomInfo Technologies, Inc.*		228,741		3,667

				5,904

IT Services – 0.8%

GoDaddy, Inc., Class A*		108,769		12,909

Kyndryl Holdings, Inc.*		177,724		3,867

				16,776

Leisure Products – 0.8%

Brunswick Corp.		53,131		5,128

Mattel, Inc.*		272,728		5,403



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Leisure Products – 0.8% continued

Polaris, Inc.		40,974		$4,102

YETI Holdings, Inc.*		67,040		2,585

				17,218

Life Sciences Tools & Services – 1.2%

Azenta, Inc.*		43,056		2,596

Bruker Corp.		71,632		6,729

Medpace Holdings, Inc.*		18,011		7,279

Repligen Corp.*		40,101		7,375

Sotera Health Co.*		97,500		1,171

				25,150

Machinery – 4.8%

AGCO Corp.		47,991		5,904

Chart Industries, Inc.*		32,429		5,342

Crane Co.		37,739		5,100

Donaldson Co., Inc.		92,816		6,931

Esab Corp.		43,770		4,840

Flowserve Corp.		101,332		4,629

Graco, Inc.		130,369		12,184

ITT, Inc.		63,419		8,627

Lincoln Electric Holdings, Inc.		44,181		11,285

Middleby (The) Corp.*		41,383		6,654

Oshkosh Corp.		50,523		6,301

RBC Bearings, Inc.*		22,386		6,052

Terex Corp.		51,744		3,332

Timken (The) Co.		50,120		4,382

Toro (The) Co.		80,622		7,387

Watts Water Technologies, Inc., Class A		21,138		4,493

				103,443

Marine Transportation – 0.2%

Kirby Corp.*		45,641		4,351

Media – 0.6%

Cable One, Inc.		3,532		1,494

New York Times (The) Co., Class A		126,360		5,461

Nexstar Media Group, Inc.		24,888		4,288

TEGNA, Inc.		151,855		2,269

				13,512

Metals & Mining – 2.3%

Alcoa Corp.		137,800		4,656

Cleveland-Cliffs, Inc.*		384,806		8,751

Commercial Metals Co.		89,874		5,282

MP Materials Corp.*		111,797		1,599

Reliance, Inc.		44,389		14,834



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Metals & Mining – 2.3% continued

Royal Gold, Inc.		50,714		$6,177

United States Steel Corp.		172,787		7,046

				48,345

Mortgage Real Estate Investment Trusts – 0.6%

Annaly Capital Management, Inc.		386,297		7,606

Starwood Property Trust, Inc.		229,878		4,674

				12,280

Multi-Utilities – 0.3%

Black Hills Corp.		52,475		2,865

Northwestern Energy Group, Inc.		47,242		2,406

				5,271

Office Real Estate Investment Trusts – 0.5%

COPT Defense Properties		86,613		2,093

Cousins Properties, Inc.		117,213		2,818

Kilroy Realty Corp.		82,454		3,004

Vornado Realty Trust		123,480		3,553

				11,468

Oil, Gas & Consumable Fuels – 4.3%

Antero Midstream Corp.		263,104		3,699

Antero Resources Corp.*		218,195		6,328

Chesapeake Energy Corp.		85,873		7,628

Chord Energy Corp.		31,889		5,684

Civitas Resources, Inc.		66,290		5,032

CNX Resources Corp.*		117,283		2,782

DT Midstream, Inc.		74,918		4,578

Equitrans Midstream Corp.		334,625		4,179

HF Sinclair Corp.		120,489		7,274

Matador Resources Co.		85,562		5,713

Murphy Oil Corp.		112,047		5,121

Ovintiv, Inc.		195,147		10,128

PBF Energy, Inc., Class A		83,997		4,836

Permian Resources Corp.		355,515		6,278

Range Resources Corp.		186,350		6,416

Southwestern Energy Co.*		850,427		6,446

				92,122

Paper & Forest Products – 0.2%

Louisiana-Pacific Corp.		49,577		4,160

Personal Care Products – 0.8%

BellRing Brands, Inc.*		101,165		5,972

Coty, Inc., Class A*		290,231		3,471

elf Beauty, Inc.*		42,873		8,404

				17,847



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Pharmaceuticals – 0.4%

Jazz Pharmaceuticals PLC*		48,618		$5,854

Perrigo Co. PLC		104,653		3,369

				9,223

Professional Services – 2.7%

ASGN, Inc.*		36,457		3,819

CACI International, Inc., Class A*		17,214		6,521

Concentrix Corp.		36,297		2,404

ExlService Holdings, Inc.*		127,374		4,050

Exponent, Inc.		39,094		3,233

FTI Consulting, Inc.*		26,900		5,657

Genpact Ltd.		127,477		4,200

Insperity, Inc.		27,357		2,999

KBR, Inc.		104,284		6,639

ManpowerGroup, Inc.		37,681		2,925

Maximus, Inc.		47,144		3,955

Paylocity Holding Corp.*		33,497		5,757

Science Applications International Corp.		40,210		5,243

				57,402

Real Estate Management & Development – 0.3%

Jones Lang LaSalle, Inc.*		36,739		7,167

Residential Real Estate Investment Trusts – 1.2%

American Homes 4 Rent, Class A		245,703		9,037

Apartment Income REIT Corp.		111,560		3,623

Equity LifeStyle Properties, Inc.		143,995		9,273

Independence Realty Trust, Inc.		173,273		2,795

				24,728

Retail Real Estate Investment Trusts – 0.9%

Agree Realty Corp.		77,501		4,427

Brixmor Property Group, Inc.		232,141		5,444

Kite Realty Group Trust		169,399		3,673

NNN REIT, Inc.		140,955		6,024

				19,568

Semiconductors & Semiconductor Equipment – 2.7%

Allegro MicroSystems, Inc.*		55,483		1,496

Amkor Technology, Inc.		79,716		2,570

Cirrus Logic, Inc.*		41,653		3,855

Lattice Semiconductor Corp.*		106,602		8,339

MACOM Technology Solutions Holdings, Inc.*		42,310		4,047

MKS Instruments, Inc.		48,556		6,458

Onto Innovation, Inc.*		37,909		6,865

Power Integrations, Inc.		43,894		3,141



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Semiconductors & Semiconductor Equipment – 2.7% continued

Rambus, Inc.*		83,036		$5,132

Silicon Laboratories, Inc.*		24,630		3,540

Synaptics, Inc.*		30,345		2,960

Universal Display Corp.		33,647		5,668

Wolfspeed, Inc.*		97,135		2,865

				56,936

Software – 2.4%

Appfolio, Inc., Class A*		15,770		3,891

Aspen Technology, Inc.*		21,598		4,606

Blackbaud, Inc.*		32,444		2,405

CommVault Systems, Inc.*		33,738		3,422

Dolby Laboratories, Inc., Class A		45,968		3,851

Dropbox, Inc., Class A*		197,854		4,808

Dynatrace, Inc.*		185,162		8,599

Manhattan Associates, Inc.*		47,551		11,899

Qualys, Inc.*		28,411		4,741

Teradata Corp.*		75,527		2,921

				51,143

Specialized Real Estate Investment Trusts – 1.7%

CubeSmart		173,684		7,854

EPR Properties		58,146		2,468

Gaming and Leisure Properties, Inc.		206,224		9,501

Lamar Advertising Co., Class A		67,653		8,079

National Storage Affiliates Trust		59,624		2,335

PotlatchDeltic Corp.		61,294		2,882

Rayonier, Inc.		105,362		3,502

				36,621

Specialty Retail – 4.2%

AutoNation, Inc.*		20,025		3,316

Burlington Stores, Inc.*		49,382		11,466

Dick’s Sporting Goods, Inc.		44,932		10,103

Five Below, Inc.*		42,623		7,731

Floor & Decor Holdings, Inc., Class A*		82,308		10,669

GameStop Corp., Class A*		207,379		2,596

Gap (The), Inc.		166,122		4,577

Lithia Motors, Inc.		21,250		6,393

Murphy U.S.A., Inc.		14,645		6,139

Penske Automotive Group, Inc.		15,046		2,437

RH*		11,816		4,115

Valvoline, Inc.*		100,132		4,463

Williams-Sonoma, Inc.		49,544		15,732

				89,737



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Technology Hardware, Storage & Peripherals – 0.6%

Pure Storage, Inc., Class A*		229,407		$11,927

Textiles, Apparel & Luxury Goods – 1.4%

Capri Holdings Ltd.*		90,018		4,078

Carter’s, Inc.		28,400		2,405

Columbia Sportswear Co.		26,565		2,157

Crocs, Inc.*		46,776		6,726

PVH Corp.		46,055		6,476

Skechers U.S.A., Inc., Class A*		103,157		6,319

Under Armour, Inc., Class A*		148,668		1,097

Under Armour, Inc., Class C*		149,521		1,068

				30,326

Trading Companies & Distributors – 1.7%

Applied Industrial Technologies, Inc.		29,866		5,900

Core & Main, Inc., Class A*		131,784		7,544

GATX Corp.		27,417		3,675

MSC Industrial Direct Co., Inc., Class A		35,282		3,424

Watsco, Inc.		24,159		10,436

WESCO International, Inc.		33,923		5,810

				36,789

Water Utilities – 0.3%

Essential Utilities, Inc.		194,175		7,194
Total Common Stocks
(Cost $1,334,347)				2,106,477


INVESTMENT COMPANIES – 1.6%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽²⁾⁽³⁾		33,264,604		33,265
Total Investment Companies
(Cost $33,265)				33,265

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0 .1%

U.S. Treasury Bill,
5.24%, 4/11/24⁽⁴⁾⁽⁵⁾

$1,845

$1,842

Total Short-Term Investments

(Cost $1,842)

1,842

Total Investments – 100.1%

(Cost $1,369,454)

2,141,584

Liabilities less Other Assets – (0.1%)

(1,487

)

NET ASSETS – 100.0%

$2,140,097

⁽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, 2024 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, 2024, 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	110	$33,851	Long	6/24	$1,088

⁽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, 2024, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

Common Stocks	98.4	%

Investment Companies	1.6	%

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⁾	$	2,106,477	$	—		$—	$	2,106,477

Investment Companies		33,265		—		—		33,265

Short-Term Investments		—		1,842		—		1,842
Total Investments	$	2,139,742	$	1,842		$—	$	2,141,584

OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts	$	1,088	$	—		$—	$	1,088

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.6% ⁽¹⁾

Australia – 5.2%

Atlas Arteria Ltd.		5,828,615	$	20,246

Transurban Group		3,450,157		29,992

				50,238

Austria – 0.3%

ANDRITZ A.G.		44,837		2,796

Brazil – 1.2%

CCR S.A.		3,692,700		10,197

Cia de Saneamento de Minas Gerais

Copasa MG		310,769		1,347

				11,544

Canada – 3.5%

Ag Growth International, Inc.		50,136		2,271

Algonquin Power & Utilities Corp.		998,555		6,310

AltaGas Ltd.		255,600		5,646

Hydro One Ltd.		251,116		7,323

Northland Power, Inc.		739,391		12,080

				33,630

China – 2.0%

Beijing Capital International Airport Co. Ltd., Class H*		7,164,000		2,169

Beijing Enterprises Water Group Ltd.		4,676,000		1,040

China Water Affairs Group Ltd.		3,768,282		2,211

ENN Energy Holdings Ltd.		678,300		5,238

Guangdong Investment Ltd.		10,644,000		4,554

Jiangsu Expressway Co. Ltd., Class H		3,946,000		4,039

				19,251

Denmark – 0.8%

Cadeler A/S*		675,601		3,301

Orsted A/S*		79,113		4,454

				7,755

France – 5.0%

Eutelsat Communications S.A.CA*		524,748		2,288

Getlink S.E.		442,512		7,532

Veolia Environnement S.A.		230,134		7,466

Vinci S.A.		243,312		31,165

				48,451

Germany – 2.6%

E.ON S.E.		518,863		7,212

RWE A.G.		463,226		15,721

Siemens A.G. (Registered)		14,913		2,847

				25,780



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.6% ⁽¹⁾ continued

Hong Kong – 1.2%

CK Infrastructure Holdings Ltd.		794,500	$	4,649

Power Assets Holdings Ltd.		1,225,320		7,171

				11,820

Ireland – 0.6%

Greencoat Renewables PLC		5,983,109		5,644

Italy – 5.7%

Enel S.p.A.		977,072		6,450

Hera S.p.A.		3,868,116		13,629

Infrastrutture Wireless Italiane S.p.A.		402,103		4,568

Italgas S.p.A.		1,492,083		8,693

Snam S.p.A.		2,808,239		13,255

Terna - Rete Elettrica Nazionale		1,038,455		8,612

				55,207

Japan – 1.1%

Kurita Water Industries Ltd.		99,100		4,125

West Japan Railway Co.		318,600		6,602

				10,727

Luxembourg – 0.6%

SES S.A.		861,223		5,740

Mexico – 2.9%

Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		617,960		10,090

Grupo Aeroportuario del Sureste S.A.B.de C.V., Class B		348,373		11,098

Promotora y Operadora de Infraestructura S.A.B. de C.V.		633,006		6,721

				27,909

Netherlands – 0.3%

Arcadis N.V.		41,398		2,533

Portugal – 0.3%

REN - Redes Energeticas Nacionais SGPS S.A.		1,068,408		2,536

Spain – 1.7%

Aena S.M.E. S.A.		17,484		3,442

Atlantica Sustainable Infrastructure PLC		359,063		6,635

Iberdrola S.A.		536,871		6,666

				16,743

Switzerland – 1.9%

Flughafen Zurich A.G. (Registered)		76,759		17,411

Landis+Gyr Group A.G.*		19,047		1,462

				18,873



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.6% ⁽¹⁾ continued

United Kingdom – 9.6%

National Grid PLC		2,507,493	$	33,734

Pennon Group PLC		1,015,331		8,307

Severn Trent PLC		627,331		19,576

SSE PLC		632,034		13,179

United Utilities Group PLC		1,423,739		18,512

				93,308

United States – 48.1%

AECOM		36,340		3,564

Alexandria Real Estate Equities, Inc.		47,458		6,118

Alliant Energy Corp.		185,259		9,337

American Electric Power Co., Inc.		300,703		25,891

American Tower Corp.		120,945		23,898

American Water Works Co., Inc.		52,838		6,457

Bunge Global S.A.		75,193		7,709

Cheniere Energy, Inc.		88,619		14,293

Crown Castle, Inc.		95,022		10,056

CSX Corp.		359,440		13,325

Dominion Energy, Inc.		239,221		11,767

DT Midstream, Inc.		137,647		8,410

Duke Energy Corp.		172,999		16,731

Edison International		75,221		5,320

Enphase Energy, Inc.*		14,536		1,759

Entergy Corp.		120,111		12,693

Equinix, Inc.		13,012		10,739

Essential Utilities, Inc.		237,764		8,809

Evergy, Inc.		133,360		7,119

Eversource Energy		217,663		13,010

Exelon Corp.		756,547		28,424

Ferrovial S.E.		593,787		23,500

Gladstone Land Corp.		109,364		1,459

Hannon Armstrong Sustainable Infrastructure Capital, Inc.		175,540		4,985

Itron, Inc.*		20,443		1,891

NextEra Energy, Inc.		637,290		40,729

Norfolk Southern Corp.		125,121		31,890

Ormat Technologies, Inc.		120,115		7,950

Pinnacle West Capital Corp.		121,600		9,087

PPL Corp.		325,900		8,972

SBA Communications Corp.		74,023		16,041

SJW Group		27,533		1,558

Southern (The) Co.		204,366		14,661

Targa Resources Corp.		74,069		8,295

Trimble, Inc.*		70,355		4,528

UGI Corp.		182,064		4,468



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 94.6% ⁽¹⁾ continued

United States – 48.1% continued

Union Pacific Corp.		51,076	$	12,561

Valmont Industries, Inc.		12,508		2,855

Waste Management, Inc.		44,445		9,474

Willdan Group, Inc.*		122,194		3,542

Xcel Energy, Inc.		223,167		11,995

				465,870

Total Common Stocks

(Cost $873,379)				916,355



INVESTMENT COMPANIES – 5 .1%

International Public Partnerships Ltd.		4,879,678		7,642

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽²⁾⁽³⁾		27,638,010		27,638

Renewables Infrastructure Group (The) Ltd.		8,142,805		10,359

VH Global Sustainable Energy Opportunities PLC		3,876,478		3,359

Total Investment Companies

(Cost $51,069)				48,998



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 0.0%

U.S. Treasury Bill, 5.29%, 4/11/24⁽⁴⁾⁽⁵⁾		$410		$409

Total Short-Term Investments

(Cost $410)				409



Total Investments – 99.7%

(Cost $924,858)				965,762

Other Assets less Liabilities – 0.3%				2,954

Net Assets – 100.0%				$968,716

⁽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, 2024 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:

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, 2024, 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)

$11,148

Long

6/24

$93

MSCI EAFE Index (United States Dollar)

8,957

Long

6/24

Total

$105

⁽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, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		49.2	%

Euro		18.8

British Pound		11.8

Australian Dollar		5.2

All other currencies less than 5%		14.7

Total Investments		99.7

Other Assets less Liabilities		0.3

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.

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	$	11,544	$	—		$—	$	11,544

Canada		33,630		—		—		33,630

Italy		28,772		26,435		—		55,207

Japan		10,727		—		—		10,727

Spain		6,635		10,108		—		16,743

United States		442,370		23,500		—		465,870

All Other Countries⁽¹⁾		—		322,634		—		322,634

Total Common Stocks		533,678		382,677		—		916,355

Investment Companies		27,638		21,360		—		48,998

Short-Term Investments		—		409		—		409

Total Investments	$	561,316	$	404,446		$—	$	965,762

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	105	$	—		$—	$	105

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.0% ⁽¹⁾

Australia – 5.2%

Goodman Group		177,652		$3,915

Mirvac Group		392,662		606

National Storage REIT		620,268		972

NEXTDC Ltd.*		26,604		308

Rural Funds Group		111,569		152

Scentre Group		293,272		650

				6,603

Belgium – 1.1%

Shurgard Self Storage Ltd.		20,318		907

VGP N.V.		4,095		469

				1,376

Canada – 3.5%

Canadian Apartment Properties REIT		54,346		1,865

Chartwell Retirement Residences		129,148		1,179

Granite Real Estate Investment Trust		23,634		1,349

				4,393

Germany – 2.4%

LEG Immobilien S.E.*		9,852		846

Vonovia S.E.		74,586		2,206

				3,052

Hong Kong – 1.4%

Sino Land Co. Ltd.		463,683		482

Sun Hung Kai Properties Ltd.		81,500		785

Swire Properties Ltd.		228,400		481

				1,748

Japan – 10.3%

Industrial & Infrastructure Fund Investment Corp.		387		347

Japan Hotel REIT Investment Corp.		737		388

Japan Logistics Fund, Inc.		392		710

Japan Metropolitan Fund Invest		1,967		1,230

Katitas Co. Ltd.		26,800		354

KDX Realty Investment Corp.		729		764

Keisei Electric Railway Co. Ltd.		7,500		305

Mitsubishi Estate Co. Ltd.		127,200		2,340

Mitsui Fudosan Co. Ltd.		412,800		4,493

Nippon Prologis REIT, Inc.		224		398

Nomura Real Estate Holdings, Inc.		21,800		634

Orix JREIT, Inc.		315		342

Star Asia Investment Corp.		989		386

United Urban Investment Corp.		338		342

				13,033



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.0% ⁽¹⁾ continued

Mexico – 1.3%

Corp. Inmobiliaria Vesta S.A.B. de C.V.		239,904		$940

Corp. Inmobiliaria Vesta S.A.B. de C.V. ADR		16,721		656

				1,596

Netherlands – 0.3%

CTP N.V.		24,895		443

Singapore – 2.4%

CapitaLand Ascendas REIT		339,300		697

Capitaland India Trust		540,194		420

CapitaLand Integrated Commercial Trust		312,000		459

CapitaLand Investment Ltd.		361,100		718

Frasers Logistics & Commercial Trust		438,000		344

Parkway Life Real Estate Investment Trust		142,200		369

				3,007

Spain – 1.6%

Cellnex Telecom S.A.*		39,598		1,400

Merlin Properties Socimi S.A.		57,688		620

				2,020

Sweden – 0.3%

Fastighets AB Balder, Class B*		44,977		330

Switzerland – 0.9%

PSP Swiss Property A.G. (Registered)		8,342		1,093

Tanzania, United Republic of – 0.6%

Helios Towers PLC*		679,764		814

United Kingdom – 6.4%

Big Yellow Group PLC		74,305		997

British Land (The) Co. PLC		67,466		337

Derwent London PLC		13,652		374

Grainger PLC		324,556		1,055

Helical PLC		63,230		166

Safestore Holdings PLC		40,577		387

Segro PLC		195,441		2,226

Shaftesbury Capital PLC		408,955		745

Tritax Big Box REIT PLC		160,000		318

UNITE Group (The) PLC		100,619		1,243

Workspace Group PLC		34,466		223

				8,071

United States – 59.3%

Agree Realty Corp.		16,835		962

Alexandria Real Estate Equities, Inc.		13,632		1,757

American Homes 4 Rent, Class A		73,140		2,690



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.0% ⁽¹⁾ continued

United States – 59.3% continued

Americold Realty Trust, Inc.		48,747		$1,215

AvalonBay Communities, Inc.		14,598		2,709

Boston Properties, Inc.		20,652		1,349

Brixmor Property Group, Inc.		102,392		2,401

CBRE Group, Inc., Class A*		10,809		1,051

CubeSmart		73,614		3,329

Digital Realty Trust, Inc.		5,394		777

Douglas Emmett, Inc.		58,464		811

Encompass Health Corp.		14,374		1,187

Equinix, Inc.		9,833		8,115

Equity LifeStyle Properties, Inc.		36,910		2,377

Essex Property Trust, Inc.		6,432		1,575

Extra Space Storage, Inc.		30,937		4,548

Farmland Partners, Inc.		33,217		369

Federal Realty Investment Trust		18,339		1,873

Kilroy Realty Corp.		33,872		1,234

Kimco Realty Corp.		110,356		2,164

Lamar Advertising Co., Class A		6,944		829

Mid-America Apartment Communities, Inc.		13,945		1,835

NNN REIT, Inc.		55,159		2,357

Phillips Edison & Co., Inc.		20,413		732

Prologis, Inc.		76,203		9,923

Rayonier, Inc.		34,968		1,162

Rexford Industrial Realty, Inc.		25,318		1,273

Sabra Health Care REIT, Inc.		102,941		1,520

SBA Communications Corp.		11,801		2,557

STAG Industrial, Inc.		32,172		1,237

Sun Communities, Inc.		15,909		2,046

UDR, Inc.		35,768		1,338

Universal Health Services, Inc., Class B		7,312		1,334

Welltower, Inc.		27,073		2,530

Weyerhaeuser Co.		28,900		1,038

Wyndham Hotels & Resorts, Inc.		10,016		769

				74,973

Total Common Stocks

(Cost $109,512)				122,552

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 2.6%

Northern Institutional Funds -
U.S. Government Portfolio (Shares), 5.13%⁽²⁾⁽³⁾

3,270,187

$3,270

Total Investment Companies

(Cost $3,270)

3,270

Total Investments – 99.6%

(Cost $112,782)

125,822

Other Assets less Liabilities – 0.4%

531

Net Assets – 100.0%

$126,353

⁽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, 2024 is disclosed.

*	Non-Income Producing Security

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

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Percentages shown are based on Net Assets.

At March 31, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		62.4	%

Japanese Yen		10.3

British Pound		7.0

Euro		5.5

Australian Dollar		5.2

All other currencies less than 5%		9.2

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.

March 31, 2024 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	$	4,393	$	—		$—	$	4,393

Japan		13,033		—		—		13,033

Mexico		656		940		—		1,596

United States		74,973		—		—		74,973

All Other Countries⁽¹⁾		—		28,557		—		28,557

Total Common Stocks		93,055		29,497		—		122,552

Investment Companies		3,270		—		—		3,270

Total Investments	$	96,325	$	29,497		$—	$	125,822

⁽¹⁾

Classifications as defined in the Schedule of Investments.


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.3%

Aerospace & Defense – 0.4%

AAR Corp.*		7,112		$426

Astronics Corp.*		2,474		47

Astronics Corp., Class B*		3,555		64

Ducommun, Inc.*		4,079		209

Kaman Corp.		5,054		232

Moog, Inc., Class A		5,024		802

National Presto Industries, Inc.		1,257		105

Park Aerospace Corp.		4,710		78

V2X, Inc.*		4,333		203

				2,166

Air Freight & Logistics – 0.0%

Forward Air Corp.		6,723		209

Automobile Components – 1.2%

Adient PLC*		18,079		595

American Axle & Manufacturing Holdings, Inc.*		12,826		94

Cooper-Standard Holdings, Inc.*		2,163		36

Dana, Inc.		25,253		321

Dorman Products, Inc.*		6,931		668

Gentherm, Inc.*		8,131		468

Goodyear Tire & Rubber (The) Co.*		55,404		761

LCI Industries		7,177		883

Modine Manufacturing Co.*		5,155		491

Motorcar Parts of America, Inc.*		5,169		42

Patrick Industries, Inc.		4,422		528

Standard Motor Products, Inc.		4,303		144

Stoneridge, Inc.*		4,436		82

Strattec Security Corp.*		1,566		37

Superior Industries International, Inc.*		7,712		22

Visteon Corp.*		4,910		578

XPEL, Inc.*		3,039		164

				5,914

Automobiles – 0.1%

Winnebago Industries, Inc.		8,609		637

Banks – 6.8%

1st Source Corp.		6,084		319

Amalgamated Financial Corp.		5,817		140

American National Bankshares, Inc.		4,140		198

AmeriServ Financial, Inc.		2,916		8

Ames National Corp.		1,620		33

Arrow Financial Corp.		5,336		134

Associated Banc-Corp		22,067		475

Atlantic Union Bankshares Corp.		15,763		557


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Banks – 6.8% continued

Axos Financial, Inc.*		13,018		$704

BancFirst Corp.		4,254		374

Bancorp (The), Inc.*		6,729		225

Bank First Corp.		3,158		274

Bank of Hawaii Corp.		6,474		404

Bank of Marin Bancorp		3,581		60

Bank of South Carolina Corp.		5,601		71

Bank7 Corp.		8,523		240

BankFinancial Corp.		3,374		35

Bankwell Financial Group, Inc.		7,252		188

Banner Corp.		8,182		393

Bar Harbor Bankshares		1,914		51

BCB Bancorp, Inc.		2,039		21

Brookline Bancorp, Inc.		21,716		216

Business First Bancshares, Inc.		3,069		68

C&F Financial Corp.		1,568		77

Cadence Bank		33,833		981

Cambridge Bancorp		1,439		98

Camden National Corp.		3,768		126

Capital City Bank Group, Inc.		2,064		57

Capitol Federal Financial, Inc.		23,394		139

Cathay General Bancorp		15,170		574

CB Financial Services, Inc.		346		7

Central Pacific Financial Corp.		667		13

Citizens & Northern Corp.		1,065		20

Citizens Community Bancorp, Inc.		1,470		18

Citizens Financial Services, Inc.		262		13

City Holding Co.		3,670		382

Civista Bancshares, Inc.		670		10

Colony Bankcorp, Inc.		1,264		15

Community Bank System, Inc.		8,996		432

Community Trust Bancorp, Inc.		2,765		118

ConnectOne Bancorp, Inc.		2,328		45

CVB Financial Corp.		20,802		371

Eagle Bancorp, Inc.		6,458		152

Eagle Financial Services, Inc.		100		3

Eastern Bankshares, Inc.		25,103		346

Enterprise Bancorp, Inc.		3,196		83

Enterprise Financial Services Corp.		5,191		211

Equity Bancshares, Inc., Class A		3,378		116

ESSA Bancorp, Inc.		913		17

FB Financial Corp.		2,416		91

Financial Institutions, Inc.		4,376		82

First Bancorp		7,800		282


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Banks – 6.8% continued

First BanCorp (New York Exchange)		29,678		$521

First Bancorp (The), Inc.		815		20

First Bancshares (The), Inc.		4,861		126

First Bank⁽¹⁾		6		—

First Busey Corp.		10,829		260

First Business Financial Services, Inc.		1,190		45

First Commonwealth Financial Corp.		27,853		388

First Community Bankshares, Inc.		1,756		61

First Financial Bankshares, Inc.		27,825		913

First Financial Corp.		2,604		100

First Financial Northwest, Inc.		1,914		39

First Foundation, Inc.		5,703		43

First Guaranty Bancshares, Inc.		631		6

First Hawaiian, Inc.		19,157		421

First Internet Bancorp		1,643		57

First Merchants Corp.		10,063		351

First Mid Bancshares, Inc.		207		7

First of Long Island (The) Corp.		3,593		40

First Savings Financial Group, Inc.		10,473		175

First United Corp.		7,500		172

Flushing Financial Corp.		6,616		83

FS Bancorp, Inc.		2,366		82

German American Bancorp, Inc.		5,142		178

Glacier Bancorp, Inc.		18,128		730

Great Southern Bancorp, Inc.		1,695		93

Hancock Whitney Corp.		15,976		736

Hanmi Financial Corp.		4,890		78

Harleysville Financial Corp.		239		5

Hawthorn Bancshares, Inc.		1,002		20

Heartland Financial U.S.A., Inc.		6,042		212

Heritage Financial Corp.		7,826		152

Hilltop Holdings, Inc.		14,638		458

Home Bancorp, Inc.		3,034		116

Home BancShares, Inc.		26,858		660

HomeStreet, Inc.		4,633		70

HomeTrust Bancshares, Inc.		3,760		103

Hope Bancorp, Inc.		19,889		229

Horizon Bancorp, Inc.		2,787		36

Independent Bank Corp.		9,332		485

Independent Bank Group, Inc.		9,989		456

International Bancshares Corp.		11,836		664

Investar Holding Corp.		10,694		175

Jeffersonville Bancorp		620		11

Kentucky First Federal Bancorp		942		4


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Banks – 6.8% continued

Lake Shore Bancorp, Inc.*		737		$9

Lakeland Financial Corp.		4,632		307

Landmark Bancorp, Inc.		1,517		29

Magyar Bancorp, Inc.		1,337		15

Mercantile Bank Corp.		5,612		216

Mid Penn Bancorp, Inc.		979		20

MidWestOne Financial Group, Inc.		1,413		33

NASB Financial, Inc.		896		29

National Bank Holdings Corp., Class A		6,406		231

National Bankshares, Inc.		842		28

NBT Bancorp, Inc.		10,119		371

Nicolet Bankshares, Inc.		2,918		251

Northeast Bank		2,191		121

Northeast Community Bancorp, Inc.		2,633		41

Northfield Bancorp, Inc.		15,316		149

Northrim BanCorp, Inc.		1,630		82

Norwood Financial Corp.		1,071		29

OceanFirst Financial Corp.		8,982		147

OFG Bancorp		10,244		377

Ohio Valley Banc Corp.		1,602		39

Old Point Financial Corp.		1,094		19

Old Second Bancorp, Inc.		2,583		36

Pacific Premier Bancorp, Inc.		19,735		474

Park National Corp.		2,869		390

Penns Woods Bancorp, Inc.		2,026		39

Peoples Bancorp of North Carolina, Inc.		1,527		43

Peoples Bancorp, Inc.		6,266		186

Peoples Financial Corp.		236		4

Peoples Financial Services Corp.		1,025		44

Preferred Bank		3,685		283

Premier Financial Corp.		9,636		196

Primis Financial Corp.		669		8

Provident Bancorp, Inc.⁽¹⁾*		18		—

Provident Financial Holdings, Inc.		1,656		22

Renasant Corp.		11,587		363

Republic Bancorp, Inc., Class A		3,114		159

Sandy Spring Bancorp, Inc.		4,976		115

Seacoast Banking Corp. of Florida		10,198		259

ServisFirst Bancshares, Inc.		12,343		819

Shore Bancshares, Inc.		8,587		99

Sierra Bancorp		933		19

Simmons First National Corp., Class A		18,287		356

Southern First Bancshares, Inc.*		4,326		137


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Banks – 6.8% continued

Southern Missouri Bancorp, Inc.		670		$29

Southside Bancshares, Inc.		4,768		139

SouthState Corp.		10,200		867

Stellar Bancorp, Inc.		6,754		165

Stock Yards Bancorp, Inc.		6,007		294

Texas Capital Bancshares, Inc.*		7,121		438

Timberland Bancorp, Inc.		1,794		48

Towne Bank		12,404		348

TriCo Bancshares		4,784		176

TrustCo Bank Corp. NY		2,496		70

Trustmark Corp.		12,189		343

UMB Financial Corp.		8,361		727

Union Bankshares, Inc.		6,092		186

United Bancorp, Inc.		1,456		21

United Bankshares, Inc.		17,796		637

United Community Banks, Inc.		14,443		380

Unity Bancorp, Inc.		2,327		64

Univest Financial Corp.		5,267		110

Virginia National Bankshares Corp.		105		3

Washington Trust Bancorp, Inc.		4,127		111

WesBanco, Inc.		14,383		429

West BanCorp, Inc.		1,135		20

Westamerica BanCorp		5,843		286

Western New England Bancorp, Inc.		8,551		66

WSFS Financial Corp.		16,443		742

				32,941

Beverages – 0.4%

Coca-Cola Consolidated, Inc.		1,561		1,321

MGP Ingredients, Inc.		3,257		281

National Beverage Corp.*		6,555		311

				1,913

Biotechnology – 5.7%

2seventy bio, Inc.*		3,712		20

4D Molecular Therapeutics, Inc.*		9,288		296

89bio, Inc.*		7,009		82

Abeona Therapeutics, Inc.*		23,500		170

ACADIA Pharmaceuticals, Inc.*		20,000		370

Achieve Life Sciences, Inc.*		14,700		67

Acumen Pharmaceuticals, Inc.*		1,062		4

Adaptimmune Therapeutics PLC ADR*		20,820		33

ADMA Biologics, Inc.*		42,064		278

Agios Pharmaceuticals, Inc.*		5,038		147

Alector, Inc.*		15,947		96


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Biotechnology – 5.7% continued

Alkermes PLC*		27,612		$747

Allogene Therapeutics, Inc.*		28,137		126

Allovir, Inc.*		2,033		2

Altimmune, Inc.*		12,327		125

Alvotech S.A.*		43,400		530

ALX Oncology Holdings, Inc.*		7,964		89

Amicus Therapeutics, Inc.*		68,028		801

AnaptysBio, Inc.*		11,172		252

Anavex Life Sciences Corp.*		23,171		118

Anika Therapeutics, Inc.*		5,077		129

Annexon, Inc.*		6,085		44

Aravive, Inc.⁽²⁾*		8,839		—

Arbutus Biopharma Corp.*		7,627		20

Arcellx, Inc.*		10,010		696

Arcturus Therapeutics Holdings, Inc.*		4,300		145

Arcutis Biotherapeutics, Inc.*		4,849		48

Ardelyx, Inc.*		6,416		47

Astria Therapeutics, Inc.*		10,865		153

Atara Biotherapeutics, Inc.*		13,007		9

Avid Bioservices, Inc.*		9,647		65

Avidity Biosciences, Inc.*		13,160		336

Beyondspring, Inc.*		6,729		24

Biohaven Ltd.*		9,500		520

Biomea Fusion, Inc.*		9,800		146

Bioxcel Therapeutics, Inc.*		16,214		46

Bluebird Bio, Inc.*		11,008		14

C4 Therapeutics, Inc.*		6,094		50

Capricor Therapeutics, Inc.*		22,220		151

Caribou Biosciences, Inc.*		15,829		81

Catalyst Pharmaceuticals, Inc.*		36,098		575

Celcuity, Inc.*		17,458		377

Cibus, Inc.*		118		3

Coherus Biosciences, Inc.*		23,083		55

Crinetics Pharmaceuticals, Inc.*		13,503		632

Cue Biopharma, Inc.*		4,064		8

Cullinan Oncology, Inc.*		11,367		194

Day One Biopharmaceuticals, Inc.*		6,800		112

Deciphera Pharmaceuticals, Inc.*		12,940		204

DermTech, Inc.*		7,034		5

Design Therapeutics, Inc.*		24,879		100

DiaMedica Therapeutics, Inc.*		20,810		58

Disc Medicine, Inc.*		2,300		143

Dyadic International, Inc.*		16,268		27

Dynavax Technologies Corp.*		29,723		369


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Biotechnology – 5.7% continued

Dyne Therapeutics, Inc.*		16,100		$457

Eagle Pharmaceuticals, Inc.*		5,071		27

Editas Medicine, Inc.*		8,247		61

Emergent BioSolutions, Inc.*		10,401		26

Enanta Pharmaceuticals, Inc.*		5,241		91

Entrada Therapeutics, Inc.*		7,200		102

Foghorn Therapeutics, Inc.*		10,665		72

G1 Therapeutics, Inc.*		11,629		50

Galectin Therapeutics, Inc.*		7,609		18

Genelux Corp.*		3,371		22

Geron Corp.*		26,760		88

GlycoMimetics, Inc.*		11,161		33

Gritstone bio, Inc.*		6,339		16

Halozyme Therapeutics, Inc.*		24,153		983

HilleVax, Inc.*		7,400		123

Ideaya Biosciences, Inc.*		5,303		233

IGM Biosciences, Inc.*		9,071		88

Immatics N.V.*		10,113		106

ImmuCell Corp.*		2,485		13

Immuneering Corp., Class A*		1,340		4

Immunic, Inc.*		20,019		26

Immunome, Inc.*		12,800		316

Inhibrx, Inc.*		9,691		339

Inozyme Pharma, Inc.*		15,000		115

Insmed, Inc.*		23,561		639

Iovance Biotherapeutics, Inc.*		37,600		557

Ironwood Pharmaceuticals, Inc.*		43,111		375

iTeos Therapeutics, Inc.*		7,612		104

Janux Therapeutics, Inc.*		6,800		256

KalVista Pharmaceuticals, Inc.*		18,438		219

Keros Therapeutics, Inc.*		2,621		173

Krystal Biotech, Inc.*		2,913		518

Kura Oncology, Inc.*		17,673		377

Larimar Therapeutics, Inc.*		441		3

LENZ Therapeutics, Inc.		1,276		28

Lexicon Pharmaceuticals, Inc.*		11,207		27

MacroGenics, Inc.*		8,808		130

MannKind Corp.*		39,452		179

MediciNova, Inc.*		25,731		37

MeiraGTx Holdings PLC*		13,641		83

Mereo Biopharma Group PLC ADR*		1,007		3

Merrimack Pharmaceuticals, Inc.*		7,861		116

Mersana Therapeutics, Inc.*		9,921		44

Merus N.V.*		11,886		535


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Biotechnology – 5.7% continued

MiMedx Group, Inc.*		14,336		$110

Mirum Pharmaceuticals, Inc.*		13,491		339

Monte Rosa Therapeutics, Inc.*		12,800		90

Myriad Genetics, Inc.*		20,011		427

Natera, Inc.*		13,781		1,260

Nkarta, Inc.*		25,420		275

Olema Pharmaceuticals, Inc.*		20,842		236

Omega Therapeutics, Inc.*		2,488		9

Omniab, Inc.⁽²⁾*		1,740		—

Omniab, Inc. (NASDAQ Exchange)⁽²⁾*		1,740		—

Organogenesis Holdings, Inc.*		8,779		25

ORIC Pharmaceuticals, Inc.*		6,813		94

PDL BioPharma, Inc.⁽²⁾*		24,608		29

PMV Pharmaceuticals, Inc.*		7,964		14

Praxis Precision Medicines, Inc.*		1,136		69

ProKidney Corp.*		7,800		13

ProQR Therapeutics N.V.*		6,172		14

Protagonist Therapeutics, Inc.*		5,762		167

Protalix BioTherapeutics, Inc.*		503		1

RAPT Therapeutics, Inc.*		11,711		105

REGENXBIO, Inc.*		6,344		134

Replimune Group, Inc.*		17,297		141

Rhythm Pharmaceuticals, Inc.*		8,730		378

Rocket Pharmaceuticals, Inc.*		9,719		262

Sage Therapeutics, Inc.*		11,929		224

Savara, Inc.*		7,188		36

Scholar Rock Holding Corp.*		15,000		266

Shattuck Labs, Inc.*		4,666		42

Solid Biosciences, Inc.*		372		5

Spero Therapeutics, Inc.*		9,073		16

Stoke Therapeutics, Inc.*		13,577		183

Sutro Biopharma, Inc.*		3,101		18

Syndax Pharmaceuticals, Inc.*		6,600		157

Tenaya Therapeutics, Inc.*		6,573		34

Travere Therapeutics, Inc.*		10,384		80

Twist Bioscience Corp.*		9,300		319

UroGen Pharma Ltd.*		17,713		266

Vanda Pharmaceuticals, Inc.*		10,580		43

Vaxcyte, Inc.*		11,631		795

Vera Therapeutics, Inc.*		7,600		328

Veracyte, Inc.*		12,475		276

Vericel Corp.*		8,383		436

Viking Therapeutics, Inc.*		11,294		926

Viridian Therapeutics, Inc.*		8,323		146


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Biotechnology – 5.7% continued

Vor BioPharma, Inc.*		19,000		$45

Voyager Therapeutics, Inc.*		11,281		105

XBiotech, Inc.*		6,888		56

Xencor, Inc.*		5,500		122

Xenon Pharmaceuticals, Inc.*		7,965		343

XOMA Corp.*		9,637		232

Y-mAbs Therapeutics, Inc.*		11,500		187

Zymeworks, Inc.*		7,177		75

				27,704

Broadline Retail – 0.2%

Big Lots, Inc.*		9,268		40

Dillard’s, Inc., Class A		1,535		724

				764

Building Products – 2.3%

AAON, Inc.		12,031		1,060

American Woodmark Corp.*		2,909		296

Apogee Enterprises, Inc.		6,294		373

AZEK (The) Co., Inc.*		19,387		974

AZZ, Inc.		4,316		334

CSW Industrials, Inc.		2,682		629

Gibraltar Industries, Inc.*		7,066		569

Griffon Corp.		10,210		749

Insteel Industries, Inc.		7,591		290

JELD-WEN Holding, Inc.*		12,711		270

Masonite International Corp.*		5,250		690

Quanex Building Products Corp.		6,012		231

Resideo Technologies, Inc.*		24,838		557

Simpson Manufacturing Co., Inc.		8,697		1,784

UFP Industries, Inc.		12,660		1,557

Zurn Elkay Water Solutions Corp.		26,300		880

				11,243

Capital Markets – 2.4%

ArrowMark Financial Corp.		3,007		57

Artisan Partners Asset Management, Inc., Class A		8,678		397

Associated Capital Group, Inc., Class A		2,664		87

B. Riley Financial, Inc.		2,436		52

BGC Group, Inc., Class A		49,897		388

Cohen & Steers, Inc.		5,110		393

Diamond Hill Investment Group, Inc.		1,298		200

Donnelley Financial Solutions, Inc.*		602		37

Evercore, Inc., Class A		6,848		1,319

Federated Hermes, Inc.		16,681		603


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Capital Markets – 2.4% continued

Freedom Holding Corp.*		5,033		$355

GAMCO Investors, Inc., Class A		7,410		159

Golub Capital BDC, Inc.		22,900		381

Hamilton Lane, Inc., Class A		5,121		577

Hercules Capital, Inc.		21,754		401

Houlihan Lokey, Inc.		7,598		974

Lazard, Inc.		14,539		609

Main Street Capital Corp.		10,834		513

Moelis & Co., Class A		11,052		627

Patria Investments Ltd., Class A		19,800		294

Piper Sandler Cos.		3,786		752

PJT Partners, Inc., Class A		4,132		389

Siebert Financial Corp.*		7,123		15

Sixth Street Specialty Lending, Inc.		9,992		214

StoneX Group, Inc.*		6,022		423

TPG, Inc.		10,100		451

Victory Capital Holdings, Inc., Class A		12,099		513

Virtus Investment Partners, Inc.		1,173		291

Westwood Holdings Group, Inc.		2,368		29

WisdomTree, Inc.		16,510		152

				11,652

Chemicals – 2.3%

AdvanSix, Inc.		4,745		136

Alto Ingredients, Inc.*		9,824		21

American Vanguard Corp.		4,085		53

Arcadium Lithium PLC*		66,220		285

Arq, Inc.*		838		5

Aspen Aerogels, Inc.*		4,942		87

Avient Corp.		15,986		694

Balchem Corp.		6,201		961

Cabot Corp.		10,961		1,011

Element Solutions, Inc.		34,139		853

H.B. Fuller Co.		12,418		990

Hawkins, Inc.		7,939		610

Ingevity Corp.*		7,988		381

Innospec, Inc.		4,649		600

Intrepid Potash, Inc.*		880		18

Koppers Holdings, Inc.		8,218		453

Kronos Worldwide, Inc.		5,149		61

LSB Industries, Inc.*		6,515		57

Mativ Holdings, Inc.		14,773		277

Minerals Technologies, Inc.		7,390		556

NewMarket Corp.		1,060		673

Orion S.A.		8,234		194


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Chemicals – 2.3% continued

Quaker Chemical Corp.		3,947		$810

Sensient Technologies Corp.		8,631		597

Stepan Co.		4,700		423

Tronox Holdings PLC		20,393		354

				11,160

Commercial Services & Supplies – 1.7%

ABM Industries, Inc.		12,846		573

ACCO Brands Corp.		20,519		115

ACV Auctions, Inc., Class A*		21,700		407

ARC Document Solutions, Inc.		7,087		20

Brady Corp., Class A		9,873		585

Brink’s (The) Co.		9,348		864

Casella Waste Systems, Inc., Class A*		8,429		833

CECO Environmental Corp.*		2,043		47

Cimpress PLC*		5,146		456

Civeo Corp.		306		8

CompX International, Inc.		2,952		101

CoreCivic, Inc.*		21,210		331

Deluxe Corp.		8,605		177

Ennis, Inc.		6,193		127

HNI Corp.		9,134		412

Interface, Inc.		9,001		151

Liquidity Services, Inc.*		4,841		90

Matthews International Corp., Class A		7,118		221

MillerKnoll, Inc.		16,349		405

NL Industries, Inc.		8,463		62

Odyssey Marine Exploration, Inc.*		377		2

OPENLANE, Inc.*		25,152		435

Perma-Fix Environmental Services, Inc.*		1,434		17

Pitney Bowes, Inc.		28,768		125

Quad/Graphics, Inc.		2,395		13

SP Plus Corp.*		5,046		264

Steelcase, Inc., Class A		18,977		248

UniFirst Corp.		2,950		512

Viad Corp.*		4,178		165

Virco Mfg. Corp.		4,606		50

VSE Corp.		4,661		373

				8,189

Communications Equipment – 0.5%

ADTRAN Holdings, Inc.		9,255		50

Applied Optoelectronics, Inc.*		8,255		114

Aviat Networks, Inc.*		2,961		114

BK Technologies Corp.*		367		5


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Communications Equipment – 0.5% continued

Calix, Inc.*		8,933		$296

Clearfield, Inc.*		4,804		148

CommScope Holding Co., Inc.*		35,482		47

Comtech Telecommunications Corp.*		7,611		26

Digi International, Inc.*		10,554		337

DZS, Inc.*		670		1

Extreme Networks, Inc.*		20,110		232

Harmonic, Inc.*		18,567		250

Ituran Location and Control Ltd.		4,023		113

KVH Industries, Inc.*		8,079		41

NETGEAR, Inc.*		5,911		93

NetScout Systems, Inc.*		14,342		313

Ribbon Communications, Inc.*		4,866		16

Viavi Solutions, Inc.*		37,937		345

				2,541

Construction & Engineering – 2.1%

API Group Corp.*		31,044		1,219

Arcosa, Inc.		10,720		921

Argan, Inc.		3,568		180

Comfort Systems U.S.A., Inc.		9,510		3,022

Dycom Industries, Inc.*		5,741		824

Fluor Corp.*		27,256		1,152

Granite Construction, Inc.		10,722		613

Great Lakes Dredge & Dock Corp.*		8,219		72

IES Holdings, Inc.*		1,656		202

INNOVATE Corp.*		1,551		1

Matrix Service Co.*		10,608		138

MYR Group, Inc.*		3,129		553

Northwest Pipe Co.*		5,173		179

Orion Group Holdings, Inc.*		2,825		23

Primoris Services Corp.		5,846		249

Sterling Infrastructure, Inc.*		7,736		853

Tutor Perini Corp.*		5,422		78

				10,279

Construction Materials – 0.3%

Summit Materials, Inc., Class A*		25,849		1,152

United States Lime & Minerals, Inc.		1,317		393

				1,545

Consumer Finance – 0.9%

Atlanticus Holdings Corp.*		1,345		40

Encore Capital Group, Inc.*		6,669		304

Enova International, Inc.*		4,784		301

EZCORP, Inc., Class A*		7,224		82


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Consumer Finance – 0.9% continued

FirstCash Holdings, Inc.		8,083		$1,031

Green Dot Corp., Class A*		10,950		102

LendingClub Corp.*		8,598		76

Medallion Financial Corp.		1,166		9

Navient Corp.		32,833		571

Nelnet, Inc., Class A		6,632		628

PRA Group, Inc.*		9,935		259

PROG Holdings, Inc.		14,061		484

World Acceptance Corp.*		1,712		248

				4,135

Consumer Staples Distribution & Retail – 0.8%

Andersons (The), Inc.		3,897		224

Chefs’ Warehouse (The), Inc.*		3,129		118

Grocery Outlet Holding Corp.*		14,534		418

Ingles Markets, Inc., Class A		5,441		417

Natural Grocers by Vitamin Cottage, Inc.		1,755		32

PriceSmart, Inc.		4,074		342

SpartanNash Co.		6,838		138

Sprouts Farmers Market, Inc.*		23,893		1,541

United Natural Foods, Inc.*		8,380		96

Village Super Market, Inc., Class A		1,860		53

Weis Markets, Inc.		4,597		296

				3,675

Containers & Packaging – 0.3%

Greif, Inc., Class A		4,786		330

Myers Industries, Inc.		6,822		158

O-I Glass, Inc.*		22,880		380

Silgan Holdings, Inc.		10,976		533

TriMas Corp.		9,336		250

				1,651

Distributors – 0.0%

Weyco Group, Inc.		4,106		131

Diversified Consumer Services – 1.0%

2U, Inc.*		11,890		5

Adtalem Global Education, Inc.*		12,470		641

American Public Education, Inc.*		5,687		81

Duolingo, Inc.*		5,100		1,125

Graham Holdings Co., Class B		904		694

Grand Canyon Education, Inc.*		7,665		1,044

Laureate Education, Inc.		20,511		299

Perdoceo Education Corp.		9,865		173

Strategic Education, Inc.		4,284		446


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Diversified Consumer Services – 1.0% continued

Stride, Inc.*		6,530		$412

Universal Technical Institute, Inc.*		3,322		53

WW International, Inc.*		7,900		14

				4,987

Diversified Real Estate Investment Trusts – 0.5%

Alexander & Baldwin, Inc.		12,659		208

American Assets Trust, Inc.		8,499		186

Armada Hoffler Properties, Inc.		5,916		62

Broadstone Net Lease, Inc.		23,782		373

CTO Realty Growth, Inc.		11,410		193

Empire State Realty Trust, Inc., Class A		25,074		254

Essential Properties Realty Trust, Inc.		15,628		417

Gladstone Commercial Corp.		5,550		77

Global Net Lease, Inc.		29,233		227

One Liberty Properties, Inc.		8,239		186

				2,183

Diversified Telecommunication Services – 0.4%

Anterix, Inc.*		5,005		168

ATN International, Inc.		2,337		74

Bandwidth, Inc., Class A*		2,992		55

Cogent Communications Holdings, Inc.		7,494		490

Consolidated Communications Holdings, Inc.*		14,553		63

IDT Corp., Class B		5,188		196

Iridium Communications, Inc.		20,618		539

Liberty Latin America Ltd., Class C*		16,237		113

LICT Corp.*		7		118

Shenandoah Telecommunications Co.		8,886		154

				1,970

Electric Utilities – 0.7%

ALLETE, Inc.		11,912		710

MGE Energy, Inc.		8,326		655

Otter Tail Corp.		10,120		874

PNM Resources, Inc.		14,784		557

Portland General Electric Co.		19,517		820

				3,616

Electrical Equipment – 1.3%

Allient, Inc.		4,129		147

American Superconductor Corp.*		696		9

Array Technologies, Inc.*		25,900		386

Atkore, Inc.		8,730		1,662

Babcock & Wilcox Enterprises, Inc.*		6,843		8

Encore Wire Corp.		3,861		1,015


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Electrical Equipment – 1.3% continued

EnerSys		8,117		$767

GrafTech International Ltd.		29,328		40

LSI Industries, Inc.		4,822		73

NEXTracker, Inc., Class A*		8,500		478

Orion Energy Systems, Inc.*		2,963		3

Powell Industries, Inc.		4,145		590

Preformed Line Products Co.		1,859		239

Shoals Technologies Group, Inc., Class A*		29,300		327

Thermon Group Holdings, Inc.*		3,280		107

TPI Composites, Inc.*		6,081		18

Ultralife Corp.*		2,573		23

Vicor Corp.*		5,780		221

				6,113

Electronic Equipment, Instruments & Components – 3.4%

Advanced Energy Industries, Inc.		6,791		693

Arlo Technologies, Inc.*		11,556		146

Avnet, Inc.		15,724		780

Badger Meter, Inc.		5,378		870

Bel Fuse, Inc., Class A		1,647		117

Bel Fuse, Inc., Class B		5,159		311

Belden, Inc.		7,014		650

Benchmark Electronics, Inc.		9,135		274

Climb Global Solutions, Inc.		5,443		386

Crane NXT Co.		8,200		508

CTS Corp.		5,126		240

Daktronics, Inc.*		7,972		79

ePlus, Inc.*		10,255		805

Fabrinet*		7,944		1,502

FARO Technologies, Inc.*		3,709		80

Frequency Electronics, Inc.*		6,679		73

Hollysys Automation Technologies Ltd.*		8,712		223

Identiv, Inc.*		260		2

Insight Enterprises, Inc.*		9,079		1,684

Itron, Inc.*		8,348		772

Kimball Electronics, Inc.*		5,059		109

Knowles Corp.*		14,106		227

Methode Electronics, Inc.		8,105		99

nLight, Inc.*		12,099		157

Novanta, Inc.*		6,962		1,217

OSI Systems, Inc.*		5,129		732

PAR Technology Corp.*		4,690		213

PC Connection, Inc.		6,492		428

Plexus Corp.*		5,889		558


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Electronic Equipment, Instruments & Components – 3.4% continued

Powerfleet, Inc. NJ*		2,030		$11

Rogers Corp.*		3,422		406

Sanmina Corp.*		12,693		789

ScanSource, Inc.*		4,523		199

TTM Technologies, Inc.*		16,103		252

Vishay Intertechnology, Inc.		20,416		463

Vishay Precision Group, Inc.*		5,648		200

				16,255

Energy Equipment & Services – 2.4%

Archrock, Inc.		25,800		507

Bristow Group, Inc.*		6,681		182

Cactus, Inc., Class A		10,603		531

ChampionX Corp.		36,508		1,310

DMC Global, Inc.*		5,519		108

Dril-Quip, Inc.*		6,216		140

Expro Group Holdings N.V.*		17,463		349

Forum Energy Technologies, Inc.*		555		11

Geospace Technologies Corp.*		6,342		84

Gulf Island Fabrication, Inc.*		5,271		39

Helix Energy Solutions Group, Inc.*		35,950		390

Helmerich & Payne, Inc.		17,048		717

KLX Energy Services Holdings, Inc.*		590		5

Liberty Energy, Inc.		24,989		518

Mammoth Energy Services, Inc.*		2,233		8

Nabors Industries Ltd.*		1,755		151

Natural Gas Services Group, Inc.*		3,731		73

Newpark Resources, Inc.*		14,371		104

Next Bridge Hydrocarbons, Inc.^{(1) (2) (3) *}		2,700		—

Nine Energy Service, Inc.*		2,833		6

Noble Corp. PLC		20,075		973

Oceaneering International, Inc.*		17,547		411

Oil States International, Inc.*		6,147		38

Patterson-UTI Energy, Inc.		61,311		732

ProPetro Holding Corp.*		10,571		85

SEACOR Marine Holdings, Inc.*		10,551		147

Solaris Oilfield Infrastructure, Inc., Class A		5,362		46

TETRA Technologies, Inc.*		11,964		53

Tidewater, Inc.*		9,210		847

Transocean Ltd.*		94,479		593

U.S. Silica Holdings, Inc.*		8,927		111


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Energy Equipment & Services – 2.4% continued

Valaris Ltd.*		10,602		$798

Weatherford International PLC*		11,600		1,339

				11,406

Entertainment – 0.3%

Atlanta Braves Holdings, Inc., Class C*		20,273		792

IMAX Corp.*		6,562		106

Madison Square Garden Entertainment Corp.*		4,215		165

Marcus (The) Corp.		5,193		74

Reading International, Inc., Class A*		4,201		8

Sphere Entertainment Co.*		4,215		207

				1,352

Financial Services – 2.3%

Acacia Research Corp.*		7,413		40

A-Mark Precious Metals, Inc.		9,618		295

Banco Latinoamericano de Comercio Exterior S.A., Class E		8,816		261

California First Leasing Corp.*		1,510		28

Cannae Holdings, Inc.*		13,633		303

Cass Information Systems, Inc.		2,156		104

Enact Holdings, Inc.		21,900		683

Essent Group Ltd.		19,248		1,145

EVERTEC, Inc.		11,024		440

Federal Agricultural Mortgage Corp., Class C		1,249		246

Flywire Corp.*		14,900		370

I3 Verticals, Inc., Class A*		3,838		88

Jackson Financial, Inc., Class A		11,512		761

Lesaka Technologies, Inc.*		5,996		23

Marqeta, Inc., Class A*		66,765		398

Mr Cooper Group, Inc.*		10,820		843

NCR Atleos Corp.*		10,032		198

NMI Holdings, Inc., Class A*		12,143		393

Ocwen Financial Corp.*		25		1

Pagseguro Digital Ltd., Class A*		43,700		624

Paymentus Holdings, Inc., Class A*		19,600		446

PennyMac Financial Services, Inc.		6,490		591

Radian Group, Inc.		33,612		1,125

Security National Financial Corp., Class A*		8,012		63

StoneCo Ltd., Class A*		42,100		699

Walker & Dunlop, Inc.		7,748		783

Waterstone Financial, Inc.		4,897		60

				11,011


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Food Products – 1.0%

Alico, Inc.		6,072		$178

B&G Foods, Inc.		13,065		149

Bridgford Foods Corp.*		5,585		63

Calavo Growers, Inc.		2,955		82

Cal-Maine Foods, Inc.		7,286		429

Farmer Bros. Co.*		4,093		15

Fresh Del Monte Produce, Inc.		5,851		151

Hain Celestial Group (The), Inc.*		14,002		110

J&J Snack Foods Corp.		3,493		505

John B. Sanfilippo & Son, Inc.		1,342		142

Lancaster Colony Corp.		3,846		798

Lifeway Foods, Inc.*		2,244		39

Limoneira Co.		2,794		55

Nomad Foods Ltd.		29,834		583

Seneca Foods Corp., Class A*		5,077		289

Simply Good Foods (The) Co.*		16,085		547

Tootsie Roll Industries, Inc.		11,233		360

TreeHouse Foods, Inc.*		8,618		336

				4,831

Gas Utilities – 0.9%

Chesapeake Utilities Corp.		4,365		468

New Jersey Resources Corp.		19,684		845

Northwest Natural Holding Co.		7,551		281

ONE Gas, Inc.		15,178		979

RGC Resources, Inc.		1,688		34

Southwest Gas Holdings, Inc.		11,425		870

Spire, Inc.		11,153		685

				4,162

Ground Transportation – 0.4%

ArcBest Corp.		5,074		723

Covenant Logistics Group, Inc.		4,573		212

Heartland Express, Inc.		15,041		180

Marten Transport Ltd.		10,532		195

P.A.M. Transportation Services, Inc.*		7,575		123

Universal Logistics Holdings, Inc.		5,328		196

Werner Enterprises, Inc.		9,055		354

				1,983

Health Care Equipment & Supplies – 3.2%

Accuray, Inc.*		11,551		29

Alphatec Holdings, Inc.*		17,593		243

AngioDynamics, Inc.*		10,315		61

Apyx Medical Corp.*		4,122		6

Artivion, Inc.*		9,927		210


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Health Care Equipment & Supplies – 3.2% continued

AtriCure, Inc.*		10,472		$319

Atrion Corp.		247		114

Avanos Medical, Inc.*		11,909		237

Axogen, Inc.*		9,884		80

Axonics, Inc.*		7,660		528

Beyond Air, Inc.*		13,973		24

BioSig Technologies, Inc.*		1		—

Bioventus, Inc., Class A*		6,777		35

Cerus Corp.*		47,049		89

CONMED Corp.		5,697		456

Cutera, Inc.*		7,790		11

Daxor Corp.⁽¹⁾*		37		—

Electromed, Inc.*		6,224		100

Embecta Corp.		9,610		128

Enovis Corp.*		8,026		501

Establishment Labs Holdings, Inc.*		5,206		265

FONAR Corp.*		9,083		194

Glaukos Corp.*		7,153		674

Globus Medical, Inc., Class A*		6,674		358

Haemonetics Corp.*		8,079		690

ICU Medical, Inc.*		3,300		354

Inari Medical, Inc.*		8,600		413

Inmode Ltd.*		12,579		272

Inogen, Inc.*		2,703		22

Inspire Medical Systems, Inc.*		4,711		1,012

Integer Holdings Corp.*		7,708		899

iRadimed Corp.		6,572		289

Kewaunee Scientific Corp.*		2,472		84

Lantheus Holdings, Inc.*		13,142		818

LeMaitre Vascular, Inc.		10,101		670

LivaNova PLC*		10,063		563

Merit Medical Systems, Inc.*		12,459		944

Neogen Corp.*		36,017		568

Nevro Corp.*		11,881		172

Omnicell, Inc.*		9,341		273

OraSure Technologies, Inc.*		18,886		116

Orthofix Medical, Inc.*		14,025		204

OrthoPediatrics Corp.*		2,983		87

Pro-Dex, Inc.*		5,477		96

Pulse Biosciences, Inc.*		18,445		161

Retractable Technologies, Inc.*		16,526		20

Semler Scientific, Inc.*		4,393		128

SI-BONE, Inc.*		5,669		93

STAAR Surgical Co.*		8,647		331


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Health Care Equipment & Supplies – 3.2% continued

Stereotaxis, Inc.*		818		$2

Surmodics, Inc.*		4,874		143

Tactile Systems Technology, Inc.*		2,763		45

UFP Technologies, Inc.*		3,672		926

Utah Medical Products, Inc.		2,974		211

Varex Imaging Corp.*		11,327		205

Zynex, Inc.*		9,748		121

				15,594

Health Care Providers & Services – 2.9%

AdaptHealth Corp.*		11,465		132

Addus HomeCare Corp.*		4,007		414

Agiliti, Inc.*		18,800		190

Amedisys, Inc.*		5,150		475

AMN Healthcare Services, Inc.*		10,081		630

Astrana Health, Inc.*		9,723		408

Brookdale Senior Living, Inc.*		39,872		264

CareMax, Inc.*		429		2

Castle Biosciences, Inc.*		2,638		58

Community Health Systems, Inc.*		20,665		72

CorVel Corp.*		4,986		1,311

Cross Country Healthcare, Inc.*		13,265		248

Cryo-Cell International, Inc.*		750		6

DocGo, Inc.*		12,475		50

Ensign Group (The), Inc.		12,665		1,576

Fulgent Genetics, Inc.*		5,871		127

Great Elm Group, Inc.*		1,997		4

HealthEquity, Inc.*		12,771		1,043

Joint (The) Corp.*		3,792		50

LifeStance Health Group, Inc.*		52,600		325

ModivCare, Inc.*		3,422		80

National HealthCare Corp.		4,097		387

National Research Corp.		3,334		132

NeoGenomics, Inc.*		20,065		315

OPKO Health, Inc.*		88,752		107

Option Care Health, Inc.*		27,835		934

Owens & Minor, Inc.*		10,036		278

Patterson Cos., Inc.		21,909		606

Pennant Group (The), Inc.*		5,304		104

PetIQ, Inc.*		7,064		129

Premier, Inc., Class A		19,600		433

Privia Health Group, Inc.*		16,100		315

Progyny, Inc.*		10,437		398

R1 RCM, Inc.*		19,766		255

RadNet, Inc.*		10,255		499


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Health Care Providers & Services – 2.9% continued

Select Medical Holdings Corp.		24,275		$732

Sonida Senior Living, Inc.*		345		10

Surgery Partners, Inc.*		12,052		360

U.S. Physical Therapy, Inc.		3,344		377

				13,836

Health Care Real Estate Investment Trusts – 0.4%

CareTrust REIT, Inc.		17,521		427

Community Healthcare Trust, Inc.		3,869		103

Diversified Healthcare Trust		36,640		90

Global Medical REIT, Inc.		9,651		84

LTC Properties, Inc.		7,185		234

National Health Investors, Inc.		8,330		523

Sabra Health Care REIT, Inc.		37,934		560

				2,021

Health Care Technology – 0.5%

American Well Corp., Class A*		32,363		26

Certara, Inc.*		18,709		334

Evolent Health, Inc., Class A*		21,670		710

GoodRx Holdings, Inc., Class A*		66,000		469

HealthStream, Inc.		5,846		156

Multiplan Corp.*		63,759		52

OptimizeRx Corp.*		5,159		63

Schrodinger, Inc.*		10,000		270

Simulations Plus, Inc.		4,611		190

TruBridge, Inc.*		8,689		80

Veradigm, Inc.*		35,303		272

				2,622

Hotel & Resort Real Estate Investment Trusts – 1.0%

Apple Hospitality REIT, Inc.		38,973		638

Braemar Hotels & Resorts, Inc.		13,844		28

Chatham Lodging Trust		6,865		69

DiamondRock Hospitality Co.		42,698		410

Park Hotels & Resorts, Inc.		39,372		689

Pebblebrook Hotel Trust		23,864		368

RLJ Lodging Trust		34,101		403

Ryman Hospitality Properties, Inc.		9,086		1,050

Service Properties Trust		30,317		206

Sotherly Hotels, Inc.*		2,334		3

Summit Hotel Properties, Inc.		13,325		87

Sunstone Hotel Investors, Inc.		41,741		465

Xenia Hotels & Resorts, Inc.		20,751		312

				4,728


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Hotels, Restaurants & Leisure – 2.3%

Arcos Dorados Holdings, Inc., Class A		36,820		$409

Biglari Holdings, Inc., Class B*		810		154

BJ’s Restaurants, Inc.*		5,529		200

Bloomin’ Brands, Inc.		13,900		399

Brinker International, Inc.*		5,700		283

Canterbury Park Holding Corp.		1,418		32

Carrols Restaurant Group, Inc.		6,821		65

Chuy’s Holdings, Inc.*		4,380		148

Cracker Barrel Old Country Store, Inc.		4,801		349

Dave & Buster’s Entertainment, Inc.*		10,759		674

Denny’s Corp.*		14,497		130

Dine Brands Global, Inc.		3,158		147

Dutch Bros., Inc., Class A*		11,400		376

El Pollo Loco Holdings, Inc.^{(1) *}		15		—

Everi Holdings, Inc.*		14,612		147

Golden Entertainment, Inc.		717		26

Hilton Grand Vacations, Inc.*		13,783		651

International Game Technology PLC		15,464		349

Jack in the Box, Inc.		4,152		284

Light & Wonder, Inc.*		16,082		1,642

Monarch Casino & Resort, Inc.		1,545		116

Nathan’s Famous, Inc.		1,574		112

Papa John’s International, Inc.		4,999		333

Red Robin Gourmet Burgers, Inc.*		4,349		33

Red Rock Resorts, Inc., Class A		12,252		733

Shake Shack, Inc., Class A*		4,941		514

Texas Roadhouse, Inc.		12,826		1,981

Town Sports International Holdings, Inc.^{(2) *}		1,105		—

Travel + Leisure Co.		15,020		735

				11,022

Household Durables – 2.3%

Beazer Homes U.S.A., Inc.*		5,126		168

Cavco Industries, Inc.*		1,903		759

Century Communities, Inc.		3,677		355

Ethan Allen Interiors, Inc.		5,251		182

Flexsteel Industries, Inc.		4,401		164

GoPro, Inc., Class A*		15,437		34

Hamilton Beach Brands Holding Co., Class A		2,865		70

Hooker Furnishings Corp.		1,641		39

Hovnanian Enterprises, Inc., Class A*		350		55

Installed Building Products, Inc.		4,667		1,207

iRobot Corp.*		5,549		49


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Household Durables – 2.3% continued

KB Home		15,811		$1,121

La-Z-Boy, Inc.		9,318		351

Lifetime Brands, Inc.		587		6

M/I Homes, Inc.*		4,222		575

MDC Holdings, Inc.		11,304		711

Meritage Homes Corp.		6,684		1,173

Nobility Homes, Inc.		849		27

Skyline Champion Corp.*		9,974		848

Sonos, Inc.*		16,531		315

Taylor Morrison Home Corp.*		23,275		1,447

Tri Pointe Homes, Inc.*		22,494		870

Universal Electronics, Inc.*		3,848		38

VOXX International Corp.*		3,638		30

Worthington Enterprises, Inc.		12,047		750

				11,344

Household Products – 0.5%

Central Garden & Pet Co., Class A*		9,383		346

Energizer Holdings, Inc.		11,229		330

Oil-Dri Corp. of America		4,005		299

Spectrum Brands Holdings, Inc.		6,900		614

WD-40 Co.		2,600		659

				2,248

Independent Power & Renewable Electricity Producers – 0.2%

Clearway Energy, Inc., Class C		16,720		386

Ormat Technologies, Inc.		8,328		551

				937

Industrial Real Estate Investment Trusts – 0.6%

Industrial Logistics Properties Trust		10,873		46

Innovative Industrial Properties, Inc.		4,800		497

LXP Industrial Trust		41,933		378

Plymouth Industrial REIT, Inc.		5,058		114

STAG Industrial, Inc.		27,757		1,067

Terreno Realty Corp.		12,782		849

				2,951

Insurance – 2.5%

Ambac Financial Group, Inc.*		6,406		100

American Coastal Insurance Corp.*		4,767		51

American Equity Investment Life Holding Co.*		20,702		1,164

AMERISAFE, Inc.		3,696		185

Assured Guaranty Ltd.		10,702		934

Atlantic American Corp.		6,583		18

Brighthouse Financial, Inc.*		12,683		654


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Insurance – 2.5% continued

Citizens, Inc.*		6,123		$13

CNO Financial Group, Inc.		40,668		1,118

Donegal Group, Inc., Class A		5,336		75

Employers Holdings, Inc.		9,062		411

Enstar Group Ltd.*		1,712		532

F&G Annuities & Life, Inc.		17,000		689

Genworth Financial, Inc., Class A*		69,798		449

Greenlight Capital Re Ltd., Class A*		13,849		173

Investors Title Co.		684		112

Kansas City Life Insurance Co.		1,810		67

Kemper Corp.		9,845		610

Maiden Holdings Ltd.*		5,035		11

MBIA, Inc.*		18,710		127

Mercury General Corp.		4,228		218

National Western Life Group, Inc., Class A		1,099		541

ProAssurance Corp.*		13,230		170

RLI Corp.		8,024		1,191

Safety Insurance Group, Inc.		2,420		199

Selective Insurance Group, Inc.		10,722		1,171

SiriusPoint Ltd.*		13,161		167

Stewart Information Services Corp.		2,999		195

United Fire Group, Inc.		4,371		95

Universal Insurance Holdings, Inc.		4,645		94

White Mountains Insurance Group Ltd.		450		807

				12,341

Interactive Media & Services – 0.7%

Angi, Inc.*		83,590		219

Bumble, Inc., Class A*		14,235		162

Cargurus, Inc.*		15,111		349

Cars.com, Inc.*		10,506		180

EverQuote, Inc., Class A*		4,607		85

QuinStreet, Inc.*		16,414		290

Shutterstock, Inc.		3,768		173

Travelzoo*		5,295		54

TripAdvisor, Inc.*		16,964		471

Yelp, Inc.*		15,222		600

Ziff Davis, Inc.*		8,479		535

ZipRecruiter, Inc., Class A*		13,176		151

				3,269

IT Services – 0.6%

Brightcove, Inc.*		9,154		18

CSP, Inc.		2,758		51

Fastly, Inc., Class A*		20,100		261


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

IT Services – 0.6% continued

Hackett Group (The), Inc.		7,274		$177

Information Services Group, Inc.		4,074		16

Kyndryl Holdings, Inc.*		35,100		764

Perficient, Inc.*		8,073		454

Tucows, Inc., Class A*		1,685		31

Unisys Corp.*		6,134		30

Wix.com Ltd.*		8,328		1,145

				2,947

Leisure Products – 0.3%

Acushnet Holdings Corp.		6,294		415

American Outdoor Brands, Inc.*		2,625		23

Clarus Corp.		5,350		36

Escalade, Inc.		5,150		71

JAKKS Pacific, Inc.*		577		14

Johnson Outdoors, Inc., Class A		3,310		153

Malibu Boats, Inc., Class A*		3,775		163

Marine Products Corp.		7,360		86

Sturm Ruger & Co., Inc.		2,744		127

Topgolf Callaway Brands Corp.*		15,867		257

				1,345

Life Sciences Tools & Services – 0.5%

Alpha Teknova, Inc.*		2,804		7

Azenta, Inc.*		12,306		742

BioLife Solutions, Inc.*		10,242		190

Champions Oncology, Inc.*		6,756		33

Codexis, Inc.*		9,887		35

CryoPort, Inc.*		5,879		104

Fortrea Holdings, Inc.*		14,500		582

Harvard Bioscience, Inc.*		25,069		106

Lifecore Biomedical, Inc.*		4,362		23

Maravai LifeSciences Holdings, Inc., Class A*		17,419		151

Mesa Laboratories, Inc.		771		85

Nautilus Biotechnology, Inc.*		19,833		58

OmniAb, Inc.*		22,228		120

Quanterix Corp.*		4,200		99

Standard BioTools, Inc.*		16,964		46

				2,381

Machinery – 4.1%

Alamo Group, Inc.		2,218		506

Albany International Corp., Class A		6,090		569

Astec Industries, Inc.		5,443		238

Barnes Group, Inc.		11,111		413


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Machinery – 4.1% continued

Columbus McKinnon Corp.		3,238		$144

Conrad Industries, Inc.*		100		1

Douglas Dynamics, Inc.		4,284		103

Eastern (The) Co.		1,646		56

Enerpac Tool Group Corp.		12,059		430

Enpro, Inc.		3,675		620

Esab Corp.		8,634		955

ESCO Technologies, Inc.		5,557		595

Federal Signal Corp.		15,155		1,286

Franklin Electric Co., Inc.		9,027		964

FreightCar America, Inc.*		1,784		7

Gorman-Rupp (The) Co.		6,209		246

Graham Corp.*		4,347		119

Greenbrier (The) Cos., Inc.		4,822		251

Helios Technologies, Inc.		3,771		169

Hillenbrand, Inc.		14,586		734

Hurco Cos., Inc.		1,724		35

Hyster-Yale Materials Handling, Inc.		3,571		229

John Bean Technologies Corp.		6,121		642

Kadant, Inc.		1,916		629

Kennametal, Inc.		16,861		420

L.B. Foster Co., Class A*		2,046		56

Lindsay Corp.		2,072		244

Miller Industries, Inc.		3,148		158

Mueller Industries, Inc.		22,384		1,207

Mueller Water Products, Inc., Class A		32,132		517

Omega Flex, Inc.		1,609		114

Proto Labs, Inc.*		5,111		183

RBC Bearings, Inc.*		4,960		1,341

Shyft Group (The), Inc.		3,464		43

SPX Technologies, Inc.*		10,224		1,259

Standex International Corp.		3,929		716

Stratasys Ltd.*		8,886		103

Taylor Devices, Inc.*		1,387		69

Tennant Co.		3,864		470

Terex Corp.		10,720		690

Titan International, Inc.*		11,865		148

Trinity Industries, Inc.		18,066		503

Twin Disc, Inc.		3,295		54

Wabash National Corp.		6,370		191

Watts Water Technologies, Inc., Class A		5,778		1,228

				19,655

Marine Transportation – 0.6%

Golden Ocean Group Ltd.		21,641		280


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Marine Transportation – 0.6% continued

Kirby Corp.*		10,304		$982

Matson, Inc.		9,901		1,113

Star Bulk Carriers Corp.		19,675		470

				2,845

Media – 0.4%

AMC Networks, Inc., Class A*		7,507		91

Boston Omaha Corp., Class A^(1) *		1		—

Cumulus Media, Inc., Class A*		6,290		23

Emerald Holding, Inc.*		9,135		62

EW Scripps (The) Co., Class A*		9,608		38

Gannett Co., Inc.*		22,903		56

Gray Television, Inc.		22,400		142

Harte Hanks, Inc.*		929		7

iHeartMedia, Inc., Class A*		18,232		38

John Wiley & Sons, Inc., Class A		9,086		346

Magnite, Inc.*		11,459		123

Marchex, Inc., Class B*		8,009		11

Saga Communications, Inc., Class A		1,380		31

Scholastic Corp.		6,760		255

Sinclair, Inc.		10,802		145

TechTarget, Inc.*		4,137		137

TEGNA, Inc.		39,078		584

				2,089

Metals & Mining – 1.8%

Alpha Metallurgical Resources, Inc.		4,284		1,419

Ampco-Pittsburgh Corp.*		2,028		4

Arch Resources, Inc.		2,360		380

Ascent Industries Co.*		108		1

ATI, Inc.*		23,900		1,223

Carpenter Technology Corp.		10,816		773

Coeur Mining, Inc.*		45,552		172

Commercial Metals Co.		22,366		1,314

Constellium S.E.*		26,118		578

Contango ORE, Inc.*		272		5

Fortitude Gold Corp.		4,544		25

Haynes International, Inc.		2,238		135

Kaiser Aluminum Corp.		2,987		267

Materion Corp.		6,677		880

Olympic Steel, Inc.		3,220		228

Piedmont Lithium, Inc.*		1,820		24

Radius Recycling, Inc.		2,904		61

SunCoke Energy, Inc.		2,592		29

Tredegar Corp.		6,616		43


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Metals & Mining – 1.8% continued

Universal Stainless & Alloy Products, Inc.*		3,404		$76

Warrior Met Coal, Inc.		11,506		698

Worthington Steel, Inc.		12,047		432

				8,767

Mortgage Real Estate Investment Trusts – 0.5%

ACRES Commercial Realty Corp.*		3,111		44

AG Mortgage Investment Trust, Inc.		2,480		15

Apollo Commercial Real Estate Finance, Inc.		32,327		360

Arbor Realty Trust, Inc.		24,485		325

ARMOUR Residential REIT, Inc.		1,477		29

Blackstone Mortgage Trust, Inc., Class A		25,379		505

BrightSpire Capital, Inc.		11,779		81

Cherry Hill Mortgage Investment Corp.		4,069		14

Dynex Capital, Inc.		3,601		45

Ellington Financial, Inc.		1,443		17

Ellington Residential Mortgage REIT		4,656		32

Franklin BSP Realty Trust, Inc.		8,320		111

Granite Point Mortgage Trust, Inc.		6,031		29

Hannon Armstrong Sustainable

Infrastructure Capital, Inc.		12,300		349

Invesco Mortgage Capital, Inc.		2,291		22

Ladder Capital Corp.		27,287		304

New York Mortgage Trust, Inc.		10,850		78

Orchid Island Capital, Inc.		1,187		11

Ready Capital Corp.		4,882		45

Redwood Trust, Inc.		11,513		73

Two Harbors Investment Corp.		8,447		112

				2,601

Multi-Utilities – 0.4%

Avista Corp.		13,579		475

Black Hills Corp.		12,600		688

Northwestern Energy Group, Inc.		11,190		570

Unitil Corp.		3,611		189

				1,922

Office Real Estate Investment Trusts – 0.7%

Brandywine Realty Trust		32,018		154

City Office REIT, Inc.		13,469		70

COPT Defense Properties		18,894		457

Creative Media & Community Trust Corp.		934		4

Douglas Emmett, Inc.		28,500		395


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Office Real Estate Investment Trusts – 0.7% continued

Easterly Government Properties, Inc.		15,210		$175

Equity Commonwealth*		19,688		372

Franklin Street Properties Corp.		15,838		36

Highwoods Properties, Inc.		18,200		477

Hudson Pacific Properties, Inc.		24,706		159

Paramount Group, Inc.		33,701		158

Piedmont Office Realty Trust, Inc., Class A		22,914		161

SL Green Realty Corp.		11,200		617

				3,235

Oil, Gas & Consumable Fuels – 4.6%

Adams Resources & Energy, Inc.		4,178		121

Ardmore Shipping Corp.		22,169		364

Baytex Energy Corp.		38,895		141

California Resources Corp.		13,742		757

Callon Petroleum Co.*		4,297		154

Centrus Energy Corp., Class A*		836		35

Chord Energy Corp.		7,224		1,288

Civitas Resources, Inc.		12,833		974

Clean Energy Fuels Corp.*		14,201		38

CNX Resources Corp.*		25,724		610

Comstock Resources, Inc.		16,468		153

CONSOL Energy, Inc.		6,440		539

Crescent Energy Co., Class A		3,431		41

CVR Energy, Inc.		7,311		261

Delek U.S. Holdings, Inc.		11,537		355

DHT Holdings, Inc.		28,591		329

Dorian LPG Ltd.		729		28

Equitrans Midstream Corp.		66,496		830

Evolution Petroleum Corp.		17,614		108

Frontline PLC		25,332		592

FutureFuel Corp.		6,971		56

Golar LNG Ltd.		22,813		549

Green Plains, Inc.*		15,906		368

Gulfport Energy Corp.*		1,717		275

Hallador Energy Co.*		12,251		65

International Seaways, Inc.		9,621		512

Kosmos Energy Ltd.*		65,395		390

Magnolia Oil & Gas Corp., Class A		29,811		774

Matador Resources Co.		20,081		1,341

Murphy Oil Corp.		26,328		1,203

NACCO Industries, Inc., Class A		3,869		117

Navigator Holdings Ltd.		12,607		193

Nordic American Tankers Ltd.		12,347		48


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Oil, Gas & Consumable Fuels – 4.6% continued

Northern Oil & Gas, Inc.		14,035		$557

Par Pacific Holdings, Inc.*		4,770		177

PBF Energy, Inc., Class A		15,648		901

Peabody Energy Corp.		21,062		511

Permian Resources Corp.		62,090		1,096

PHX Minerals, Inc.		6,954		24

PrimeEnergy Resources Corp.*		1,540		154

REX American Resources Corp.*		11,686		686

Riviera Resources, Inc.^(2) *		6,246		—

SandRidge Energy, Inc.		4,615		67

Scorpio Tankers, Inc.		12,090		865

SFL Corp. Ltd.		19,774		261

SilverBow Resources, Inc.*		3,101		106

Sitio Royalties Corp., Class A		15,000		371

SM Energy Co.		21,701		1,082

Teekay Corp.*		14,628		106

Teekay Tankers Ltd., Class A		1,797		105

Uranium Energy Corp.*		68,183		460

VAALCO Energy, Inc.		17,007		119

Viper Energy, Inc.		13,300		511

Vital Energy, Inc.*		2,769		145

W&T Offshore, Inc.		40,627		108

World Kinect Corp.		11,899		315

				22,336

Paper & Forest Products – 0.0%

Clearwater Paper Corp.*		3,487		152

Glatfelter Corp.*		7,861		16

				168

Passenger Airlines – 0.3%

Copa Holdings S.A., Class A		6,149		641

Hawaiian Holdings, Inc.*		10,006		133

SkyWest, Inc.*		11,275		779

				1,553

Personal Care Products – 0.9%

BellRing Brands, Inc.*		22,415		1,323

Edgewell Personal Care Co.		10,444		404

elf Beauty, Inc.*		8,500		1,666

Inter Parfums, Inc.		3,659		514

Medifast, Inc.		3,789		145

Natural Alternatives International, Inc.*		1,413		9

Nature’s Sunshine Products, Inc.*		3,580		74


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Personal Care Products – 0.9% continued

Nu Skin Enterprises, Inc., Class A		12,987		$180

USANA Health Sciences, Inc.*		2,223		108

				4,423

Pharmaceuticals – 1.3%

Aclaris Therapeutics, Inc.*		2,913		4

Amneal Pharmaceuticals, Inc.*		38,479		233

Amphastar Pharmaceuticals, Inc.*		10,685		469

ANI Pharmaceuticals, Inc.*		3,544		245

Arvinas, Inc.*		4,700		194

Assertio Holdings, Inc.*		2,602		2

Atea Pharmaceuticals, Inc.*		10,102		41

Axsome Therapeutics, Inc.*		4,497		359

Cara Therapeutics, Inc.*		10,309		9

Cassava Sciences, Inc.*		4,800		97

Collegium Pharmaceutical, Inc.*		15,612		606

Corcept Therapeutics, Inc.*		28,170		710

Enliven Therapeutics, Inc.*		8,800		155

Fulcrum Therapeutics, Inc.*		5,276		50

Harmony Biosciences Holdings, Inc.*		3,546		119

Harrow, Inc.*		15,928		211

Innoviva, Inc.*		25,801		393

Ligand Pharmaceuticals, Inc.*		4,573		334

Ocular Therapeutix, Inc.*		395		3

Omeros Corp.*		15,541		54

Optinose, Inc.^{(1) *}		249		—

Otonomy, Inc.^{(2) *}		400		—

Pacira BioSciences, Inc.*		10,849		317

Phibro Animal Health Corp., Class A		8,190		106

Prestige Consumer Healthcare, Inc.*		11,659		846

Relmada Therapeutics, Inc.*		2,076		10

scPharmaceuticals, Inc.*		11,831		59

SIGA Technologies, Inc.		6,742		58

Supernus Pharmaceuticals, Inc.*		10,507		358

Theravance Biopharma, Inc.*		9,440		85

Tilray Brands, Inc.*		119,800		296

Verrica Pharmaceuticals, Inc.*		7,914		47

WaVe Life Sciences Ltd.*		7,253		45

				6,515

Professional Services – 2.6%

Alight, Inc., Class A*		57,835		570

ASGN, Inc.*		9,688		1,015

Asure Software, Inc.*		1,184		9

Barrett Business Services, Inc.		4,368		553


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Professional Services – 2.6% continued

CBIZ, Inc.*		21,881		$1,718

Conduent, Inc.*		27,840		94

CRA International, Inc.		3,683		551

CSG Systems International, Inc.		7,048		363

DLH Holdings Corp.*		1,207		16

ExlService Holdings, Inc.*		30,680		976

Exponent, Inc.		11,363		940

Forrester Research, Inc.*		6,084		131

Franklin Covey Co.*		4,635		182

Heidrick & Struggles International, Inc.		6,193		208

Huron Consulting Group, Inc.*		3,742		361

ICF International, Inc.		3,732		562

Insperity, Inc.		7,741		848

Kelly Services, Inc., Class A		4,627		116

Korn Ferry		10,828		712

Maximus, Inc.		15,433		1,295

NV5 Global, Inc.*		2,680		263

Parsons Corp.*		2,239		186

Resources Connection, Inc.		7,367		97

Steel Connect, Inc.*		1,157		11

TrueBlue, Inc.*		7,409		93

TTEC Holdings, Inc.		4,036		42

Verra Mobility Corp.*		24,453		610

Where Food Comes From, Inc.*		275		3

Willdan Group, Inc.*		2,886		84

				12,609

Real Estate Management & Development – 0.4%

American Realty Investors, Inc.*		1,723		31

AMREP Corp.*		1,659		39

Anywhere Real Estate, Inc.*		17,547		108

Cushman & Wakefield PLC*		20,219		211

Douglas Elliman, Inc.*		6,298		10

eXp World Holdings, Inc.		10,437		108

Forestar Group, Inc.*		10,093		406

FRP Holdings, Inc.*		1,047		64

Kennedy-Wilson Holdings, Inc.		22,451		193

Newmark Group, Inc., Class A		22,825		253

RE/MAX Holdings, Inc., Class A		5,990		53

RMR Group (The), Inc., Class A		81		2

St. Joe (The) Co.		6,211		360

Star Holdings*		2,793		36

Stratus Properties, Inc.*		1,457		33


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Real Estate Management & Development – 0.4% continued

Tejon Ranch Co.*		7,674		$118

Transcontinental Realty Investors, Inc.*		400		15

				2,040

Residential Real Estate Investment Trusts – 0.2%

Bluerock Homes Trust, Inc.		1,644		28

BRT Apartments Corp.		3,024		51

Centerspace		1,615		92

Elme Communities		14,573		203

Independence Realty Trust, Inc.		16,417		265

NexPoint Residential Trust, Inc.		3,672		118

UMH Properties, Inc.		7,967		129

Veris Residential, Inc.		16,778		255

				1,141

Retail Real Estate Investment Trusts – 1.1%

Acadia Realty Trust		16,725		284

Agree Realty Corp.		13,477		770

Alexander’s, Inc.		629		137

Getty Realty Corp.		7,230		198

InvenTrust Properties Corp.		12,267		315

Kite Realty Group Trust		39,835		864

Macerich (The) Co.		26,267		452

Phillips Edison & Co., Inc.		20,751		744

Retail Opportunity Investments Corp.		24,474		314

Saul Centers, Inc.		1,935		74

SITE Centers Corp.		22,363		328

Tanger, Inc.		14,827		438

Urban Edge Properties		21,000		363

Whitestone REIT		15,441		194

				5,475

Semiconductors & Semiconductor Equipment – 3.3%

ACM Research, Inc., Class A*		10,478		305

Alpha & Omega Semiconductor Ltd.*		5,201		115

Ambarella, Inc.*		5,807		295

Amkor Technology, Inc.		23,112		745

Amtech Systems, Inc.*		597		3

Axcelis Technologies, Inc.*		10,859		1,211

Camtek Ltd.*		7,600		637

Canadian Solar, Inc.*		9,489		187

CEVA, Inc.*		4,196		95

Cohu, Inc.*		4,732		158

Credo Technology Group Holding Ltd.*		16,100		341

Diodes, Inc.*		8,596		606

FormFactor, Inc.*		13,579		619


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Semiconductors & Semiconductor Equipment – 3.3% continued

Ichor Holdings Ltd.*		3,988		$154

inTEST Corp.*		4,758		63

Kopin Corp.*		13,987		25

Kulicke & Soffa Industries, Inc.		11,971		602

MACOM Technology Solutions Holdings, Inc.*		9,543		913

MagnaChip Semiconductor Corp.*		3,723		21

MaxLinear, Inc.*		11,885		222

Meta Materials, Inc.⁽¹⁾*		1		—

Nova Ltd.*		2,913		517

NVE Corp.		1,962		177

Onto Innovation, Inc.*		8,914		1,614

PDF Solutions, Inc.*		14,323		482

Photronics, Inc.*		6,856		194

Power Integrations, Inc.		9,738		697

Rambus, Inc.*		19,039		1,177

Silicon Laboratories, Inc.*		7,801		1,121

SMART Global Holdings, Inc.*		14,454		380

Synaptics, Inc.*		6,835		667

Tower Semiconductor Ltd.*		18,500		619

Ultra Clean Holdings, Inc.*		12,099		556

Veeco Instruments, Inc.*		13,241		466

				15,984

Software – 4.1%

ACI Worldwide, Inc.*		21,538		715

Adeia, Inc.		18,154		198

Agilysys, Inc.*		5,578		470

Alarm.com Holdings, Inc.*		6,684		484

Altair Engineering, Inc., Class A*		7,050		607

American Software, Inc., Class A		6,778		78

Appfolio, Inc., Class A*		3,625		894

Blackbaud, Inc.*		9,353		693

BlackLine, Inc.*		9,161		592

Box, Inc., Class A*		25,999		736

Cerence, Inc.*		5,949		94

CommVault Systems, Inc.*		7,159		726

Consensus Cloud Solutions, Inc.*		2,870		46

Daily Journal Corp.*		329		119

Digimarc Corp.*		5,846		159

Digital Turbine, Inc.*		14,235		37

Domo, Inc., Class B*		6,129		55

Ebix, Inc.*		7,147		7

eGain Corp.*		5,931		38

Envestnet, Inc.*		8,655		501


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Software – 4.1% continued

Everbridge, Inc.*		5,949		$207

Freshworks, Inc., Class A*		27,500		501

InterDigital, Inc.		7,411		789

JFrog Ltd.*		17,700		783

LiveRamp Holdings, Inc.*		10,304		356

Marathon Digital Holdings, Inc.*		28,500		644

Model N, Inc.*		6,936		198

NCR Voyix Corp.*		20,065		253

OneSpan, Inc.*		11,730		136

PagerDuty, Inc.*		14,700		333

Progress Software Corp.		8,141		434

Q2 Holdings, Inc.*		9,016		474

Qualys, Inc.*		6,201		1,035

Rapid7, Inc.*		8,725		428

ReposiTrak, Inc.		33		1

RingCentral, Inc., Class A*		14,300		497

Sapiens International Corp. N.V.		9,493		305

SecureWorks Corp., Class A*		7,508		50

Smith Micro Software, Inc.⁽¹⁾*		1,210		—

SoundThinking, Inc.*		4,745		75

SPS Commerce, Inc.*		8,261		1,528

Synchronoss Technologies, Inc.⁽¹⁾*		1		—

Tenable Holdings, Inc.*		17,318		856

Upland Software, Inc.*		2,573		8

Varonis Systems, Inc.*		16,100		759

Verint Systems, Inc.*		11,826		392

Vertex, Inc., Class A*		25,900		823

Workiva, Inc.*		6,440		546

Xperi, Inc.*		7,261		88

				19,748

Specialized Real Estate Investment Trusts – 0.6%

EPR Properties		12,420		527

Four Corners Property Trust, Inc.		14,571		357

Gladstone Land Corp.		14,667		196

National Storage Affiliates Trust		10,478		410

Outfront Media, Inc.		26,685		448

PotlatchDeltic Corp.		15,293		719

Safehold, Inc.		4,092		84

				2,741

Specialty Retail – 3.2%

1-800-Flowers.com, Inc., Class A*		8,232		89

Aaron’s (The) Co., Inc.		7,373		55

Abercrombie & Fitch Co., Class A*		10,826		1,357


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Specialty Retail – 3.2% continued

Academy Sports & Outdoors, Inc.		12,418		$839

American Eagle Outfitters, Inc.		30,525		787

America’s Car-Mart, Inc.*		1,991		127

Asbury Automotive Group, Inc.*		3,264		770

Barnes & Noble Education, Inc.*		1,400		1

Beyond, Inc.*		4,821		173

Boot Barn Holdings, Inc.*		5,058		481

Buckle (The), Inc.		5,627		227

Build-A-Bear Workshop, Inc.		5,147		154

Caleres, Inc.		9,106		374

Camping World Holdings, Inc., Class A		7,136		199

Cato (The) Corp., Class A		5,547		32

Children’s Place (The), Inc.*		4,923		57

Citi Trends, Inc.*		5,970		162

Conn’s, Inc.*		3,783		13

Designer Brands, Inc., Class A		11,447		125

Express, Inc.⁽¹⁾*		215		—

Foot Locker, Inc.		12,571		358

Genesco, Inc.*		4,552		128

Group 1 Automotive, Inc.		3,692		1,079

GrowGeneration Corp.*		8,774		25

Guess?, Inc.		8,692		274

Haverty Furniture Cos., Inc.		4,303		147

Hibbett, Inc.		4,586		352

LL Flooring Holdings, Inc.*		10,052		18

Monro, Inc.		6,624		209

Murphy U.S.A., Inc.		4,908		2,057

National Vision Holdings, Inc.*		12,150		269

ODP (The) Corp.*		7,409		393

PetMed Express, Inc.		4,731		23

Revolve Group, Inc.*		12,155		257

Sally Beauty Holdings, Inc.*		27,072		336

Shoe Carnival, Inc.		10,626		389

Signet Jewelers Ltd.		8,772		878

Sleep Number Corp.*		4,009		64

Sonic Automotive, Inc., Class A		9,387		534

Upbound Group, Inc.		8,792		310

Urban Outfitters, Inc.*		11,493		499

Victoria’s Secret & Co.*		12,571		244

Winmark Corp.		1,025		371

Zumiez, Inc.*		6,783		103

				15,339

Technology Hardware, Storage & Peripherals – 1.6%

AstroNova, Inc.*		14,370		256


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Technology Hardware, Storage & Peripherals – 1.6% continued

Immersion Corp.		9,021		$68

Intevac, Inc.*		8,605		33

Super Micro Computer, Inc.*		7,346		7,420

TransAct Technologies, Inc.*		4,267		22

				7,799

Textiles, Apparel & Luxury Goods – 1.0%

Carter’s, Inc.		6,061		513

Crocs, Inc.*		13,301		1,913

Culp, Inc.*		4,085		20

Delta Apparel, Inc.*		5,445		16

Fossil Group, Inc.*		6,434		7

G-III Apparel Group Ltd.*		7,193		209

Kontoor Brands, Inc.		7,660		461

Movado Group, Inc.		3,799		106

Oxford Industries, Inc.		4,672		525

Rocky Brands, Inc.		4,222		114

Steven Madden Ltd.		15,648		662

Superior Group of Cos., Inc.		4,224		70

Unifi, Inc.*		692		4

Vera Bradley, Inc.*		3,778		26

				4,646

Tobacco – 0.1%

Turning Point Brands, Inc.		257		8

Universal Corp.		5,441		281

Vector Group Ltd.		12,291		135

				424

Total Broadband and Communications – 0.0%

Machten, Inc.*		1,050		7

Trading Companies & Distributors – 2.4%

Applied Industrial Technologies, Inc.		9,047		1,787

Beacon Roofing Supply, Inc.*		13,300		1,304

BlueLinx Holdings, Inc.*		3,348		436

Boise Cascade Co.		8,224		1,261

Distribution Solutions Group, Inc.*		7,972		283

DNOW, Inc.*		17,129		260

DXP Enterprises, Inc.*		1,812		97

EVI Industries, Inc.		2,683		67

GATX Corp.		6,562		880

Global Industrial Co.		7,804		349

GMS, Inc.*		8,128		791

H&E Equipment Services, Inc.		4,635		297

Herc Holdings, Inc.		4,745		799

McGrath RentCorp		5,874		725


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.3% continued

Trading Companies & Distributors – 2.4% continued

MRC Global, Inc.*		16,589		$209

Rush Enterprises, Inc., Class A		23,397		1,252

Titan Machinery, Inc.*		2,039		51

Transcat, Inc.*		3,947		440

Willis Lease Finance Corp.*		2,420		120

				11,408

Water Utilities – 0.5%

American States Water Co.		8,177		591

Artesian Resources Corp., Class A		4,106		152

Cadiz, Inc.*		14,802		43

California Water Service Group		10,288		478

Consolidated Water Co. Ltd.		9,781		287

Middlesex Water Co.		6,147		323

SJW Group		5,528		313

York Water (The) Co.		4,310		156

				2,343

Wireless Telecommunication Services – 0.1%

Gogo, Inc.*		7,250		64

Spok Holdings, Inc.		13,807		220

Telephone and Data Systems, Inc.		17,713		284

				568

Total Common Stocks

(Cost $270,553)				476,285


MASTER LIMITED PARTNERSHIPS – 0.0%

Marine Transportation – 0.0%

Navios Maritime Partners L.P.		205		9

Total Master Limited Partnerships

(Cost $8)				9


PREFERRED STOCKS – 0.0%

Industrial Conglomerates – 0.0%

Steel Partners Holdings L.P., 6.00%		2,675		65

Real Estate Management & Development – 0.0%

Brookfield Property Preferred L.P., 6.25%		1,033		16

Total Preferred Stocks

(Cost $93)				81


RIGHTS – 0.0%

Biotechnology – 0.0%

Achillion Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾⁽³⁾ *		23,500		9


	NUMBER OF SHARES		VALUE (000S)

RIGHTS - 0.0% continued

Biotechnology – 0.0% continued

Adamas Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾⁽³⁾ *		15,090		$—

Albireo Pharma, Inc. (Contingent Value Rights)^(2) (3) *		7,485		—

Concert Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾⁽³⁾ *		20,570		—

Flexion Therapeutics, Inc. (Contingent Value Rights)⁽²⁾⁽³⁾ *		9,753		—

Radius Health, Inc. (Contingent Value Rights)^(2) (3) *		8,494		1

Sinovac Biotech Ltd.⁽²⁾*		1,587		—

Tobira Therapeutics, Inc. (Contingent Value Rights)⁽²⁾⁽³⁾ *		16,926		—

				10

Financial Services – 0.0%

Gurnet Point Capital LLC (Contigent Value Rights)⁽²⁾⁽³⁾ *		13,493		—

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⁾⁽³⁾ *		11,874		—

Pharmaceuticals – 0.0%

Harmony Biosciences Holdings, Inc. (Contingent Value Rights)⁽²⁾*		16,116		—

Opiant Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾⁽³⁾ *		9,938		—

Satsuma Pharmaceuticals, Inc. (Contingent Value Rights)⁽²⁾⁽³⁾ *		3,331		—

				—

Total Rights

(Cost $132)				10

	NUMBER OF WARRANTS		VALUE (000S)

WARRANTS – 0.0%

Cassava Sciences, Inc., Exp. 11/15/24, Strike $33.00*		1,920		$8

Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67*		743		6

Total Warrants

(Cost $—)				14

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 1.5%

Northern Institutional Funds -
U.S. Government Portfolio (Shares), 5.13%^(4) (5)

7,317,245

$7,317

Total Investment Companies

(Cost $7,317)

7,317

PRINCIPAL

AMOUNT

(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill,
5.28%, 4/11/24⁽⁶⁾⁽⁷⁾

$465

$464

Total Short-Term Investments

(Cost $464)

464

Total Investments – 99.9%

(Cost $278,567)

484,180

Other Assets less Liabilities – 0.1%

418

NET ASSETS – 100.0%

484,598

⁽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⁾

Restricted security that has been deemed illiquid. At March 31, 2024, the value of these restricted illiquid securities amounted to approximately $10,000 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		—

Albireo Pharma, Inc. (Contingent Value Rights)		3/3/23		—

Concert Pharmaceuticals, Inc. (Contingent Value Rights)		3/7/23		—

Flexion Therapeutics, Inc. (Contingent Value Rights)		11/22/21		—

Gurnet Point Capital LLC (Contigent Value Rights)		9/22/23		—

Next Bridge Hydrocarbons, Inc.		12/13/22		8

Opiant Pharmaceuticals, Inc. (Contingent Value Rights)		3/3/23		—

Radius Health, Inc. (Contingent Value Rights)		8/16/22		1



SECURITY	ACQUISITION AND ENFORCEABLE DATE		COST (000S)

Resolute Forest Products, Inc. (Contingent Value Rights)		3/1/23		$—

Satsuma Pharmaceuticals, Inc. (Contingent Value Rights)		6/9/23		—

Tobira Therapeutics, Inc. (Contingent Value Rights)		11/2/16		131

⁽⁴⁾

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

⁽⁵⁾

7-day current yield as of March 31, 2024 is disclosed.

⁽⁶⁾

Discount rate at the time of purchase.

⁽⁷⁾

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

REIT - Real Estate Investment Trust

Percentages shown are based on Net Assets.

At March 31, 2024, 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)*

E-Mini Russell 2000 Index	76	$8,154	Long	6/24	$163

*	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, 2024, the security types for the Fund were:


SECURITY TYPE⁽¹⁾		% OF NET ASSETS

Common Stocks		98.3%

Master Limited Partnerships		0.0%

Preferred stocks		0.0%

Rights		0.0%

Warrants		0.0%

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:
Aerospace & Defense	$	2,102	$ 64	$ —	$	2,166

Banks		32,908	33	—		32,941

Biotechnology		27,675	—	29		27,704

Household Durables		11,317	27	—		11,344

Machinery		19,654	1	—		19,655

All Other Industries⁽¹⁾		382,475	—	—		382,475

Total Common Stocks		476,131	125	29		476,285

Master Limited Partnerships		9	—	—		9

Preferred Stocks⁽¹⁾		81	—	—		81

Rights⁽¹⁾		—	—	10		10

Warrants		14	—	—		14

Investment Companies		7,317	—	—		7,317

Short-Term Investments		—	464	—		464

Total Investments	$	483,552	$589	$ 39	$	484,180

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	163	$ —	$ —	$	163

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 97.0%

Aerospace & Defense – 0.8%

AAR Corp.*		14,665		$878

AeroVironment, Inc.*		11,582		1,775

AerSale Corp.*		15,404		111

Archer Aviation, Inc., Class A*		66,210		306

Astronics Corp.*		11,703		223

Cadre Holdings, Inc.		8,458		306

Ducommun, Inc.*		5,793		297

Eve Holding, Inc.*		6,540		35

Kaman Corp.		12,004		551

Kratos Defense & Security Solutions, Inc.*		61,868		1,137

Leonardo DRS, Inc.*		29,481		651

Moog, Inc., Class A		12,387		1,978

National Presto Industries, Inc.		2,175		182

Park Aerospace Corp.		7,862		131

Redwire Corp.*		3,962		17

Rocket Lab U.S.A., Inc.*		123,467		508

Terran Orbital Corp.*		35,663		47

Triumph Group, Inc.*		28,202		424

V2X, Inc.*		4,950		231

Virgin Galactic Holdings, Inc.*		158,644		235

				10,023

Air Freight & Logistics – 0.2%

Air Transport Services Group, Inc.*		22,292		307

Forward Air Corp.		10,848		337

Hub Group, Inc., Class A		26,897		1,163

Radiant Logistics, Inc.*		14,247		77

				1,884

Automobile Components – 1.2%

Adient PLC*		39,538		1,302

American Axle & Manufacturing Holdings, Inc.*		50,069		368

Cooper-Standard Holdings, Inc.*		7,714		128

Dana, Inc.		56,668		720

Dorman Products, Inc.*		11,319		1,091

Fox Factory Holding Corp.*		18,501		963

Gentherm, Inc.*		14,146		814

Goodyear Tire & Rubber (The) Co.*		121,709		1,671

Holley, Inc.*		21,151		94

LCI Industries		10,655		1,311

Luminar Technologies, Inc.*		121,326		239

Modine Manufacturing Co.*		22,173		2,111

Patrick Industries, Inc.		9,112		1,089

Solid Power, Inc.*		62,358		127



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Automobile Components – 1.2% continued

Standard Motor Products, Inc.		8,642		$290

Stoneridge, Inc.*		11,767		217

Visteon Corp.*		11,934		1,403

XPEL, Inc.*		9,606		519

				14,457

Automobiles – 0.1%

Livewire Group, Inc.*		9,269		67

Winnebago Industries, Inc.		12,252		907

Workhorse Group, Inc.*		130,163		30

				1,004

Banks – 8.2%

1st Source Corp.		7,159		375

ACNB Corp.		3,605		136

Amalgamated Financial Corp.		7,323		176

Amerant Bancorp, Inc.		11,409		266

American National Bankshares, Inc.		4,472		214

Ameris Bancorp		28,573		1,382

Ames National Corp.		3,789		76

Arrow Financial Corp.		6,618		166

Associated Banc-Corp		64,836		1,395

Atlantic Union Bankshares Corp.		32,526		1,148

Axos Financial, Inc.*		23,594		1,275

Banc of California, Inc.		58,603		891

BancFirst Corp.		9,407		828

Bancorp (The), Inc.*		22,319		747

Bank First Corp.		3,936		341

Bank of Hawaii Corp.		16,993		1,060

Bank of Marin Bancorp		6,351		106

Bank of NT Butterfield & Son (The) Ltd.		20,673		661

Bank7 Corp.		1,620		46

BankUnited, Inc.		32,271		904

Bankwell Financial Group, Inc.		2,271		59

Banner Corp.		14,883		714

Bar Harbor Bankshares		6,159		163

BayCom Corp.		4,360		90

BCB Bancorp, Inc.		5,833		61

Berkshire Hills Bancorp, Inc.		18,409		422

Blue Foundry Bancorp*		10,151		95

Blue Ridge Bankshares, Inc.		5,097		14

Bridgewater Bancshares, Inc.*		8,222		96

Brookline Bancorp, Inc.		38,285		381

Burke & Herbert Financial Services Corp.		2,642		148

Business First Bancshares, Inc.		10,637		237



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Banks – 8.2% continued

Byline Bancorp, Inc.		10,982		$239

C&F Financial Corp.		1,237		61

Cadence Bank		78,378		2,273

Cambridge Bancorp		3,375		230

Camden National Corp.		5,974		200

Capital Bancorp, Inc.		3,760		78

Capital City Bank Group, Inc.		5,435		151

Capitol Federal Financial, Inc.		55,243		329

Capstar Financial Holdings, Inc.		7,987		161

Carter Bankshares, Inc.*		9,219		117

Cathay General Bancorp		30,109		1,139

Central Pacific Financial Corp.		11,079		219

Central Valley Community Bancorp		4,400		87

Chemung Financial Corp.		1,550		66

ChoiceOne Financial Services, Inc.		3,116		85

Citizens & Northern Corp.		6,062		114

Citizens Financial Services, Inc.		1,481		73

City Holding Co.		6,364		663

Civista Bancshares, Inc.		6,203		95

CNB Financial Corp.		9,170		187

Coastal Financial Corp.*		4,837		188

Codorus Valley Bancorp, Inc.		4,308		98

Colony Bankcorp, Inc.		6,501		75

Columbia Financial, Inc.*		12,366		213

Community Bank System, Inc.		23,072		1,108

Community Trust Bancorp, Inc.		6,586		281

ConnectOne Bancorp, Inc.		16,117		314

CrossFirst Bankshares, Inc.*		19,620		272

Customers Bancorp, Inc.*		12,422		659

CVB Financial Corp.		57,673		1,029

Dime Community Bancshares, Inc.		15,412		297

Eagle Bancorp, Inc.		12,380		291

Eastern Bankshares, Inc.		67,216		926

Enterprise Bancorp, Inc.		4,434		115

Enterprise Financial Services Corp.		15,447		627

Equity Bancshares, Inc., Class A		6,090		209

Esquire Financial Holdings, Inc.		3,026		144

ESSA Bancorp, Inc.		3,757		68

Evans Bancorp, Inc.		2,454		73

Farmers & Merchants Bancorp, Inc.		5,795		129

Farmers National Banc Corp.		15,148		202

FB Financial Corp.		15,199		572

Fidelity D&D Bancorp, Inc.		2,149		104

Financial Institutions, Inc.		6,898		130



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Banks – 8.2% continued

First Bancorp		17,323		$626

First BanCorp (New York Exchange)		72,275		1,268

First Bancorp (The), Inc.		4,500		111

First Bancshares (The), Inc.		12,933		336

First Bank		8,267		114

First Busey Corp.		22,171		533

First Business Financial Services, Inc.		3,481		131

First Commonwealth Financial Corp.		44,093		614

First Community Bankshares, Inc.		7,456		258

First Community Corp.		2,784		49

First Financial Bancorp		40,865		916

First Financial Bankshares, Inc.		56,329		1,848

First Financial Corp.		4,743		182

First Foundation, Inc.		21,087		159

First Interstate BancSystem, Inc., Class A		35,820		975

First Merchants Corp.		25,650		895

First Mid Bancshares, Inc.		9,372		306

First of Long Island (The) Corp.		8,547		95

First Western Financial, Inc.*		2,984		43

Five Star Bancorp		5,209		117

Flushing Financial Corp.		11,355		143

FS Bancorp, Inc.		2,922		101

Fulton Financial Corp.		69,624		1,106

FVCBankcorp, Inc.*		6,331		77

German American Bancorp, Inc.		12,016		416

Glacier Bancorp, Inc.		48,193		1,941

Great Southern Bancorp, Inc.		3,839		210

Greene County Bancorp, Inc.		3,225		93

Guaranty Bancshares, Inc.		3,450		105

Hancock Whitney Corp.		37,513		1,727

Hanmi Financial Corp.		13,243		211

HarborOne Bancorp, Inc.		17,316		185

HBT Financial, Inc.		5,363		102

Heartland Financial U.S.A., Inc.		17,992		632

Heritage Commerce Corp.		26,307		226

Heritage Financial Corp.		15,298		297

Hilltop Holdings, Inc.		20,320		636

Hingham Institution For Savings (The)		681		119

Home Bancorp, Inc.		3,112		119

Home BancShares, Inc.		81,563		2,004

HomeStreet, Inc.		8,236		124

HomeTrust Bancshares, Inc.		6,586		180

Hope Bancorp, Inc.		49,410		569

Horizon Bancorp, Inc.		18,128		233



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Banks – 8.2% continued

Independent Bank Corp.		19,156		$996

Independent Bank Corp. (NASDAQ Exchange)		8,663		220

Independent Bank Group, Inc.		15,420		704

International Bancshares Corp.		23,140		1,299

John Marshall Bancorp, Inc.		5,746		103

Kearny Financial Corp.		22,730		146

Lakeland Bancorp, Inc.		26,289		318

Lakeland Financial Corp.		10,794		716

LCNB Corp.		4,648		74

Live Oak Bancshares, Inc.		14,618		607

Macatawa Bank Corp.		10,624		104

MainStreet Bancshares, Inc.		2,623		48

Mercantile Bank Corp.		6,879		265

Metrocity Bankshares, Inc.		8,120		203

Metropolitan Bank Holding Corp.*		4,631		178

Mid Penn Bancorp, Inc.		5,785		116

Middlefield Banc Corp.		3,100		74

Midland States Bancorp, Inc.		8,824		222

MidWestOne Financial Group, Inc.		6,174		145

MVB Financial Corp.		5,199		116

National Bank Holdings Corp., Class A		15,789		569

National Bankshares, Inc.		2,548		85

NBT Bancorp, Inc.		19,707		723

Nicolet Bankshares, Inc.		5,588		480

Northeast Bank		2,876		159

Northeast Community Bancorp, Inc.		5,438		86

Northfield Bancorp, Inc.		17,795		173

Northrim BanCorp, Inc.		2,426		123

Northwest Bancshares, Inc.		54,246		632

Norwood Financial Corp.		2,884		78

Oak Valley Bancorp		2,612		65

OceanFirst Financial Corp.		24,647		404

OFG Bancorp		20,039		738

Old National Bancorp		126,021		2,194

Old Second Bancorp, Inc.		18,288		253

Orange County Bancorp, Inc.		2,261		104

Origin Bancorp, Inc.		12,783		399

Orrstown Financial Services, Inc.		4,363		117

Pacific Premier Bancorp, Inc.		41,138		987

Park National Corp.		6,146		835

Parke Bancorp, Inc.		4,099		71

Pathward Financial, Inc.		11,215		566

PCB Bancorp		4,269		70



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Banks – 8.2% continued

Peapack-Gladstone Financial Corp.		7,549		$184

Penns Woods Bancorp, Inc.		2,781		54

Peoples Bancorp, Inc.		14,782		438

Peoples Financial Services Corp.		2,785		120

Pioneer Bancorp, Inc.*		4,296		42

Plumas Bancorp		2,412		89

Ponce Financial Group, Inc.*		9,140		81

Preferred Bank		5,480		421

Premier Financial Corp.		15,204		309

Primis Financial Corp.		8,718		106

Princeton Bancorp, Inc.		2,205		68

Provident Financial Services, Inc.		31,151		454

QCR Holdings, Inc.		7,157		435

RBB Bancorp		7,456		134

Red River Bancshares, Inc.		1,910		95

Renasant Corp.		23,988		751

Republic Bancorp, Inc., Class A		3,739		191

S&T Bancorp, Inc.		16,634		534

Sandy Spring Bancorp, Inc.		19,180		445

Seacoast Banking Corp. of Florida		36,530		927

ServisFirst Bancshares, Inc.		22,036		1,462

Shore Bancshares, Inc.		13,424		154

Sierra Bancorp		6,162		124

Simmons First National Corp., Class A		53,797		1,047

SmartFinancial, Inc.		7,154		151

South Plains Financial, Inc.		5,080		136

Southern First Bancshares, Inc.*		3,167		101

Southern Missouri Bancorp, Inc.		4,240		185

Southern States Bancshares, Inc.		3,297		85

Southside Bancshares, Inc.		12,123		354

SouthState Corp.		32,856		2,794

Stellar Bancorp, Inc.		20,665		503

Sterling Bancorp, Inc.*		8,003		41

Stock Yards Bancorp, Inc.		11,534		564

Summit Financial Group, Inc.		4,852		132

Texas Capital Bancshares, Inc.*		20,374		1,254

Third Coast Bancshares, Inc.*		5,200		104

Timberland Bancorp, Inc.		3,452		93

Tompkins Financial Corp.		6,106		307

Towne Bank		30,454		855

TriCo Bancshares		13,179		485

Triumph Financial, Inc.*		9,649		765

TrustCo Bank Corp. NY		8,252		232

Trustmark Corp.		25,939		729



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Banks – 8.2% continued

UMB Financial Corp.		19,023		$1,655

United Bankshares, Inc.		56,533		2,023

United Community Banks, Inc.		50,035		1,317

Unity Bancorp, Inc.		3,006		83

Univest Financial Corp.		12,824		267

USCB Financial Holdings, Inc.		3,926		45

Valley National Bancorp		186,707		1,486

Veritex Holdings, Inc.		22,238		456

Virginia National Bankshares Corp.		1,803		54

WaFd, Inc.		29,468		855

Washington Trust Bancorp, Inc.		7,018		189

WesBanco, Inc.		25,072		747

West BanCorp, Inc.		7,369		131

Westamerica BanCorp		11,108		543

WSFS Financial Corp.		26,034		1,175

				96,622

Beverages – 0.4%

Coca-Cola Consolidated, Inc.		2,061		1,744

Duckhorn Portfolio (The), Inc.*		22,197		207

MGP Ingredients, Inc.		6,745		581

National Beverage Corp.*		10,292		488

Primo Water Corp.		67,465		1,229

Vita Coco (The) Co., Inc.*		15,951		390

Zevia PBC, Class A*		4,609		5

				4,644

Biotechnology – 7.7%

2seventy bio, Inc.*		20,293		109

4D Molecular Therapeutics, Inc.*		17,273		550

89bio, Inc.*		33,425		389

Aadi Bioscience, Inc.*		3,890		9

ACADIA Pharmaceuticals, Inc.*		53,127		982

ACELYRIN, Inc.*		30,268		204

Acrivon Therapeutics, Inc.*		4,164		30

Actinium Pharmaceuticals, Inc.*		12,652		99

Adicet Bio, Inc.*		19,898		47

ADMA Biologics, Inc.*		92,016		607

Aerovate Therapeutics, Inc.*		4,547		134

Agenus, Inc.*		176,242		102

Agios Pharmaceuticals, Inc.*		23,667		692

Akero Therapeutics, Inc.*		26,737		675

Aldeyra Therapeutics, Inc.*		17,712		58

Alector, Inc.*		29,994		181

Alkermes PLC*		71,620		1,939



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Biotechnology – 7.7% continued

Allakos, Inc.*		23,914		$30

Allogene Therapeutics, Inc.*		42,223		189

Allovir, Inc.*		30,838		23

Alpine Immune Sciences, Inc.*		16,481		653

Altimmune, Inc.*		23,922		244

ALX Oncology Holdings, Inc.*		11,919		133

Amicus Therapeutics, Inc.*		125,422		1,477

AnaptysBio, Inc.*		8,369		188

Anavex Life Sciences Corp.*		29,648		151

Anika Therapeutics, Inc.*		6,560		167

Annexon, Inc.*		29,403		211

Apogee Therapeutics, Inc.*		17,772		1,181

Arbutus Biopharma Corp.*		51,805		134

Arcellx, Inc.*		16,501		1,148

Arcturus Therapeutics Holdings, Inc.*		10,228		345

Arcus Biosciences, Inc.*		23,544		445

Arcutis Biotherapeutics, Inc.*		34,718		344

Ardelyx, Inc.*		100,042		730

ArriVent Biopharma, Inc.*		3,861		69

Arrowhead Pharmaceuticals, Inc.*		50,200		1,436

ARS Pharmaceuticals, Inc.*		11,337		116

Astria Therapeutics, Inc.*		20,996		296

Atara Biotherapeutics, Inc.*		32,012		22

Aura Biosciences, Inc.*		14,544		114

Aurinia Pharmaceuticals, Inc.*		56,895		285

Avid Bioservices, Inc.*		27,321		183

Avidity Biosciences, Inc.*		31,533		805

Avita Medical, Inc.*		10,384		166

Beam Therapeutics, Inc.*		31,883		1,053

BioAtla, Inc.*		16,234		56

BioCryst Pharmaceuticals, Inc.*		80,189		407

Biohaven Ltd.*		29,476		1,612

Biomea Fusion, Inc.*		8,122		121

BioVie, Inc.*		17,322		9

Bioxcel Therapeutics, Inc.*		6,609		19

Bluebird Bio, Inc.*		77,455		99

Blueprint Medicines Corp.*		26,232		2,488

Bridgebio Pharma, Inc.*		50,405		1,559

Cabaletta Bio, Inc.*		15,006		256

CareDx, Inc.*		23,095		245

Cargo Therapeutics, Inc.*		9,509		212

Caribou Biosciences, Inc.*		33,928		174

Carisma Therapeutics, Inc.*		8,711		20

Cartesian Therapeutics, Inc.*		39,633		26



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Biotechnology – 7.7% continued

Catalyst Pharmaceuticals, Inc.*		47,516		$757

Celcuity, Inc.*		8,087		175

Celldex Therapeutics, Inc.*		26,573		1,115

Century Therapeutics, Inc.*		8,556		36

Cerevel Therapeutics Holdings, Inc.*		30,964		1,309

CG oncology, Inc.*		10,171		447

Cogent Biosciences, Inc.*		34,675		233

Coherus Biosciences, Inc.*		42,264		101

Compass Therapeutics, Inc.*		42,412		84

Crinetics Pharmaceuticals, Inc.*		28,333		1,326

Cue Biopharma, Inc.*		11,938		23

Cullinan Oncology, Inc.*		10,716		183

Cytokinetics, Inc.*		41,195		2,888

Day One Biopharmaceuticals, Inc.*		27,381		452

Deciphera Pharmaceuticals, Inc.*		22,547		355

Denali Therapeutics, Inc.*		51,019		1,047

Design Therapeutics, Inc.*		12,325		50

Disc Medicine, Inc.*		3,993		249

Dynavax Technologies Corp.*		56,299		699

Dyne Therapeutics, Inc.*		25,670		729

Eagle Pharmaceuticals, Inc.*		3,119		16

Editas Medicine, Inc.*		34,483		256

Emergent BioSolutions, Inc.*		19,577		50

Enanta Pharmaceuticals, Inc.*		8,253		144

Entrada Therapeutics, Inc.*		9,694		137

Erasca, Inc.*		31,580		65

Fate Therapeutics, Inc.*		37,472		275

Fennec Pharmaceuticals, Inc.*		8,063		90

FibroGen, Inc.*		37,111		87

Foghorn Therapeutics, Inc.*		7,686		52

Genelux Corp.*		7,125		46

Generation Bio Co.*		21,499		87

Geron Corp.*		222,408		734

Gritstone bio, Inc.*		41,234		106

Halozyme Therapeutics, Inc.*		56,027		2,279

Heron Therapeutics, Inc.*		46,803		130

HilleVax, Inc.*		11,679		194

Humacyte, Inc.*		28,374		88

Ideaya Biosciences, Inc.*		28,156		1,235

IGM Biosciences, Inc.*		5,062		49

Immuneering Corp., Class A*		6,992		20

ImmunityBio, Inc.*		55,921		300

Immunovant, Inc.*		23,418		757

Inhibrx, Inc.*		14,580		510



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Biotechnology – 7.7% continued

Inozyme Pharma, Inc.*		21,695		$166

Insmed, Inc.*		59,714		1,620

Intellia Therapeutics, Inc.*		38,310		1,054

Iovance Biotherapeutics, Inc.*		102,521		1,519

Ironwood Pharmaceuticals, Inc.*		58,853		513

iTeos Therapeutics, Inc.*		11,261		154

Janux Therapeutics, Inc.*		7,609		286

KalVista Pharmaceuticals, Inc.*		12,901		153

Karyopharm Therapeutics, Inc.*		43,876		66

Keros Therapeutics, Inc.*		11,145		738

Kezar Life Sciences, Inc.*		23,793		21

Kiniksa Pharmaceuticals Ltd., Class A*		14,009		276

Kodiak Sciences, Inc.*		12,874		68

Krystal Biotech, Inc.*		9,322		1,659

Kura Oncology, Inc.*		30,666		654

Kymera Therapeutics, Inc.*		17,373		698

Larimar Therapeutics, Inc.*		11,666		89

LENZ Therapeutics, Inc.		2,138		48

Lexeo Therapeutics, Inc.*		4,874		76

Lexicon Pharmaceuticals, Inc.*		36,872		88

Lineage Cell Therapeutics, Inc.*		51,781		77

Lyell Immunopharma, Inc.*		71,141		159

MacroGenics, Inc.*		26,643		392

Madrigal Pharmaceuticals, Inc.*		6,392		1,707

MannKind Corp.*		113,555		514

MeiraGTx Holdings PLC*		12,969		79

Merrimack Pharmaceuticals, Inc.*		4,958		73

Mersana Therapeutics, Inc.*		46,257		207

MiMedx Group, Inc.*		48,805		376

Mineralys Therapeutics, Inc.*		7,831		101

Mirum Pharmaceuticals, Inc.*		10,387		261

Monte Rosa Therapeutics, Inc.*		12,434		88

Morphic Holding, Inc.*		16,203		570

Mural Oncology PLC*		5,645		28

Myriad Genetics, Inc.*		37,425		798

Nkarta, Inc.*		13,760		149

Novavax, Inc.*		47,297		226

Nurix Therapeutics, Inc.*		19,974		294

Nuvalent, Inc., Class A*		11,344		852

Nuvectis Pharma, Inc.*		3,944		32

Ocean Biomedical, Inc.*		2,146		8

Olema Pharmaceuticals, Inc.*		12,147		138

Omega Therapeutics, Inc.*		8,504		31

Organogenesis Holdings, Inc.*		27,637		78



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Biotechnology – 7.7% continued

ORIC Pharmaceuticals, Inc.*		17,273		$237

Outlook Therapeutics, Inc.*		2,602		31

Ovid therapeutics, Inc.*		27,751		85

PDS Biotechnology Corp.*		10,721		42

PepGen, Inc.*		4,774		70

PMV Pharmaceuticals, Inc.*		13,664		23

Poseida Therapeutics, Inc.*		29,980		96

Precigen, Inc.*		61,447		89

Prelude Therapeutics, Inc.*		6,792		32

Prime Medicine, Inc.*		16,045		112

ProKidney Corp.*		14,550		24

Protagonist Therapeutics, Inc.*		24,328		704

Protalix BioTherapeutics, Inc.*		23,784		30

Prothena Corp. PLC*		18,409		456

PTC Therapeutics, Inc.*		31,224		908

Rallybio Corp.*		8,945		17

RAPT Therapeutics, Inc.*		11,897		107

Recursion Pharmaceuticals, Inc., Class A*		59,284		591

REGENXBIO, Inc.*		17,984		379

Relay Therapeutics, Inc.*		39,884		331

Reneo Pharmaceuticals, Inc.*		1,472		2

Replimune Group, Inc.*		20,447		167

REVOLUTION Medicines, Inc.*		60,217		1,941

Rhythm Pharmaceuticals, Inc.*		23,136		1,002

Rigel Pharmaceuticals, Inc.*		68,871		102

Rocket Pharmaceuticals, Inc.*		27,232		734

Sage Therapeutics, Inc.*		22,391		420

Sagimet Biosciences, Inc., Class A*		8,961		49

Sana Biotechnology, Inc.*		40,537		405

Sangamo Therapeutics, Inc.*		54,511		37

Savara, Inc.*		38,797		193

Scholar Rock Holding Corp.*		24,382		433

Seres Therapeutics, Inc.*		33,558		26

SpringWorks Therapeutics, Inc.*		29,589		1,456

Stoke Therapeutics, Inc.*		10,923		147

Summit Therapeutics, Inc.*		51,840		215

Sutro Biopharma, Inc.*		24,231		137

Syndax Pharmaceuticals, Inc.*		33,594		800

Tango Therapeutics, Inc.*		20,072		159

Tenaya Therapeutics, Inc.*		18,557		97

TG Therapeutics, Inc.*		60,082		914

Travere Therapeutics, Inc.*		32,188		248

Turnstone Biologics Corp.*		4,397		12



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Biotechnology – 7.7% continued

Twist Bioscience Corp.*		25,074		$860

Tyra Biosciences, Inc.*		6,418		105

UroGen Pharma Ltd.*		12,353		185

Vanda Pharmaceuticals, Inc.*		22,569		93

Vaxcyte, Inc.*		45,758		3,126

Vaxxinity, Inc., Class A*		8,848		6

Vera Therapeutics, Inc.*		17,101		737

Veracyte, Inc.*		31,632		701

Vericel Corp.*		20,630		1,073

Verve Therapeutics, Inc.*		27,819		369

Vigil Neuroscience, Inc.*		4,559		16

Viking Therapeutics, Inc.*		43,951		3,604

Vir Biotechnology, Inc.*		35,354		358

Viridian Therapeutics, Inc.*		21,023		368

Vor BioPharma, Inc.*		12,931		31

Voyager Therapeutics, Inc.*		17,676		165

X4 Pharmaceuticals, Inc.*		49,273		68

Xencor, Inc.*		25,246		559

XOMA Corp.*		3,416		82

Y-mAbs Therapeutics, Inc.*		15,411		251

Zentalis Pharmaceuticals, Inc.*		24,557		387

Zura Bio Ltd.*		4,046		10

Zymeworks, Inc.*		24,689		260

				91,071

Broadline Retail – 0.1%

Big Lots, Inc.*		10,461		45

ContextLogic, Inc., Class A*		8,628		49

Dillard’s, Inc., Class A		1,480		698

Qurate Retail, Inc., Class B*		2,193		10

Savers Value Village, Inc.*		10,767		208

				1,010

Building Products – 2.0%

AAON, Inc.		29,187		2,571

American Woodmark Corp.*		6,927		704

Apogee Enterprises, Inc.		9,594		568

AZZ, Inc.		10,763		832

CSW Industrials, Inc.		6,649		1,560

Gibraltar Industries, Inc.*		13,138		1,058

Griffon Corp.		16,971		1,245

Insteel Industries, Inc.		8,130		311

Janus International Group, Inc.*		36,869		558

JELD-WEN Holding, Inc.*		36,832		782

Masonite International Corp.*		9,443		1,241



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Building Products – 2.0% continued

Masterbrand, Inc.*		55,179		$1,034

Quanex Building Products Corp.		14,331		551

Resideo Technologies, Inc.*		63,159		1,416

Simpson Manufacturing Co., Inc.		18,510		3,798

UFP Industries, Inc.		25,871		3,182

Zurn Elkay Water Solutions Corp.		63,754		2,134

				23,545

Capital Markets – 1.3%

AlTi Global, Inc.*		11,334		64

Artisan Partners Asset Management, Inc., Class A		26,449		1,211

Assetmark Financial Holdings, Inc.*		9,349		331

B. Riley Financial, Inc.		9,133		193

Bakkt Holdings, Inc.*		18,129		8

BGC Group, Inc., Class A		154,904		1,204

Brightsphere Investment Group, Inc.		14,315		327

Cohen & Steers, Inc.		11,152		858

Diamond Hill Investment Group, Inc.		1,190		183

Donnelley Financial Solutions, Inc.*		10,598		657

Forge Global Holdings, Inc.*		50,153		97

GCM Grosvenor, Inc., Class A		17,554		170

Hamilton Lane, Inc., Class A		15,773		1,779

MarketWise, Inc.		10,067		17

Moelis & Co., Class A		28,824		1,636

Open Lending Corp.*		41,884		262

P10, Inc., Class A		17,989		151

Patria Investments Ltd., Class A		23,391		347

Perella Weinberg Partners		18,254		258

Piper Sandler Cos.		7,502		1,489

PJT Partners, Inc., Class A		10,282		969

Silvercrest Asset Management Group, Inc., Class A		4,498		71

StepStone Group, Inc., Class A		23,596		843

StoneX Group, Inc.*		11,635		818

Value Line, Inc.		538		22

Victory Capital Holdings, Inc., Class A		11,501		488

Virtus Investment Partners, Inc.		2,968		736

WisdomTree, Inc.		59,913		551

				15,740

Chemicals – 1.9%

AdvanSix, Inc.		11,470		328

American Vanguard Corp.		11,879		154

Arcadium Lithium PLC*		441,946		1,905

Aspen Aerogels, Inc.*		22,413		394



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Chemicals – 1.9% continued

Avient Corp.		39,028		$1,694

Balchem Corp.		13,781		2,135

Cabot Corp.		23,436		2,161

Core Molding Technologies, Inc.*		2,787		53

Danimer Scientific, Inc.*		31,846		35

Ecovyst, Inc.*		39,177		437

H.B. Fuller Co.		23,370		1,864

Hawkins, Inc.		8,403		645

Ingevity Corp.*		15,613		745

Innospec, Inc.		10,753		1,386

Intrepid Potash, Inc.*		4,211		88

Koppers Holdings, Inc.		8,761		483

Kronos Worldwide, Inc.		9,345		110

LSB Industries, Inc.*		23,945		210

Mativ Holdings, Inc.		23,490		440

Minerals Technologies, Inc.		13,994		1,053

Origin Materials, Inc.*		36,999		19

Orion S.A.		24,045		566

Perimeter Solutions S.A.*		63,860		474

PureCycle Technologies, Inc.*		48,872		304

Quaker Chemical Corp.		6,012		1,234

Rayonier Advanced Materials, Inc.*		25,880		124

Sensient Technologies Corp.		18,055		1,249

Stepan Co.		9,246		833

Trinseo PLC		13,194		50

Tronox Holdings PLC		49,995		867

Valhi, Inc.		641		11

				22,051

Commercial Services & Supplies – 1.5%

ABM Industries, Inc.		27,156		1,212

ACCO Brands Corp.		39,145		220

ACV Auctions, Inc., Class A*		54,836		1,029

Aris Water Solutions, Inc., Class A		12,972		184

BrightView Holdings, Inc.*		17,266		205

Brink’s (The) Co.		19,261		1,779

Casella Waste Systems, Inc., Class A*		24,323		2,405

CECO Environmental Corp.*		12,841		296

Cimpress PLC*		7,730		684

CompX International, Inc.		741		25

CoreCivic, Inc.*		48,522		757

Deluxe Corp.		18,403		379

Ennis, Inc.		10,743		220

Enviri Corp.*		34,777		318

GEO Group (The), Inc.*		51,386		726



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Commercial Services & Supplies – 1.5% continued

Healthcare Services Group, Inc.*		32,584		$407

HNI Corp.		19,820		894

Interface, Inc.		24,449		411

LanzaTech Global, Inc.*		11,109		34

Li-Cycle Holdings Corp.*		54,033		56

Liquidity Services, Inc.*		10,120		188

Matthews International Corp., Class A		12,558		390

MillerKnoll, Inc.		31,538		781

Montrose Environmental Group, Inc.*		11,954		468

NL Industries, Inc.		2,923		21

OPENLANE, Inc.*		46,233		800

Performant Financial Corp.*		27,122		80

Pitney Bowes, Inc.		77,102		334

Quad/Graphics, Inc.		14,410		77

SP Plus Corp.*		8,494		444

Steelcase, Inc., Class A		40,226		526

UniFirst Corp.		6,439		1,117

Viad Corp.*		8,887		351

VSE Corp.		5,664		453

				18,271

Communications Equipment – 0.5%

ADTRAN Holdings, Inc.		34,839		190

Aviat Networks, Inc.*		4,957		190

Calix, Inc.*		25,584		848

Cambium Networks Corp.*		3,687		16

Clearfield, Inc.*		5,779		178

CommScope Holding Co., Inc.*		95,210		125

Comtech Telecommunications Corp.*		9,900		34

Digi International, Inc.*		15,096		482

DZS, Inc.*		4,155		6

Extreme Networks, Inc.*		54,890		634

Harmonic, Inc.*		46,883		630

Infinera Corp.*		87,076		525

KVH Industries, Inc.*		6,724		34

NETGEAR, Inc.*		12,006		189

NetScout Systems, Inc.*		29,685		648

Ribbon Communications, Inc.*		40,423		129

Viavi Solutions, Inc.*		95,918		872

				5,730

Construction & Engineering – 1.9%

Ameresco, Inc., Class A*		13,499		326

API Group Corp.*		90,219		3,543

Arcosa, Inc.		20,943		1,798



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Construction & Engineering – 1.9% continued

Argan, Inc.		5,500		$278

Bowman Consulting Group Ltd.*		4,635		161

Comfort Systems U.S.A., Inc.		15,244		4,843

Concrete Pumping Holdings, Inc.*		11,669		92

Construction Partners, Inc., Class A*		18,416		1,034

Dycom Industries, Inc.*		12,376		1,776

Fluor Corp.*		61,445		2,598

Granite Construction, Inc.		19,017		1,087

Great Lakes Dredge & Dock Corp.*		28,162		247

IES Holdings, Inc.*		3,548		432

INNOVATE Corp.*		22,172		16

Limbach Holdings, Inc.*		3,978		165

MYR Group, Inc.*		7,074		1,250

Northwest Pipe Co.*		4,185		145

Primoris Services Corp.		22,978		978

Southland Holdings, Inc.*		420		2

Sterling Infrastructure, Inc.*		12,911		1,424

Tutor Perini Corp.*		17,785		257

				22,452

Construction Materials – 0.4%

Knife River Corp.*		24,439		1,981

Summit Materials, Inc., Class A*		51,466		2,294

United States Lime & Minerals, Inc.		894		267

				4,542

Consumer Finance – 0.7%

Atlanticus Holdings Corp.*		1,876		56

Bread Financial Holdings, Inc.		21,574		803

Consumer Portfolio Services, Inc.*		2,787		21

Encore Capital Group, Inc.*		10,089		460

Enova International, Inc.*		12,308		773

FirstCash Holdings, Inc.		16,272		2,075

Green Dot Corp., Class A*		19,239		180

LendingClub Corp.*		47,523		418

LendingTree, Inc.*		4,742		201

Navient Corp.		36,302		632

Nelnet, Inc., Class A		5,586		529

NerdWallet, Inc., Class A*		14,985		220

OppFi, Inc.*		2,155		5

PRA Group, Inc.*		16,889		440

PROG Holdings, Inc.		19,218		662

Regional Management Corp.		3,296		80



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Consumer Finance – 0.7% continued

Upstart Holdings, Inc.*		31,684		$852

World Acceptance Corp.*		1,701		247

				8,654

Consumer Staples Distribution & Retail – 0.6%

Andersons (The), Inc.		13,886		797

Chefs’ Warehouse (The), Inc.*		15,146		570

HF Foods Group, Inc.*		19,186		67

Ingles Markets, Inc., Class A		6,036		463

Natural Grocers by Vitamin Cottage, Inc.		4,135		75

PriceSmart, Inc.		10,941		919

SpartanNash Co.		14,686		297

Sprouts Farmers Market, Inc.*		43,963		2,835

United Natural Foods, Inc.*		24,932		286

Village Super Market, Inc., Class A		3,821		109

Weis Markets, Inc.		6,999		451

				6,869

Containers & Packaging – 0.3%

Greif, Inc., Class A		10,434		720

Greif, Inc., Class B		2,149		149

Myers Industries, Inc.		15,605		361

O-I Glass, Inc.*		67,312		1,117

Pactiv Evergreen, Inc.		16,951		243

Ranpak Holdings Corp.*		19,542		154

TriMas Corp.		17,612		471

				3,215

Distributors – 0.0%

Weyco Group, Inc.		2,609		83

Diversified Consumer Services – 1.0%

2U, Inc.*		15,824		6

Adtalem Global Education, Inc.*		16,870		867

Carriage Services, Inc.		6,009		163

Chegg, Inc.*		48,141		364

Coursera, Inc.*		56,465		792

Duolingo, Inc.*		12,740		2,810

European Wax Center, Inc., Class A*		15,218		198

Frontdoor, Inc.*		34,900		1,137

Graham Holdings Co., Class B		1,506		1,156

Laureate Education, Inc.		56,252		820

Lincoln Educational Services Corp.*		10,278		106

Nerdy, Inc.*		30,184		88

OneSpaWorld Holdings Ltd.*		36,408		482

Perdoceo Education Corp.		28,361		498



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Diversified Consumer Services – 1.0% continued

Strategic Education, Inc.		9,729		$1,013

Stride, Inc.*		18,255		1,151

Udemy, Inc.*		39,175		430

Universal Technical Institute, Inc.*		16,899		269

WW International, Inc.*		20,040		37

				12,387

Diversified Real Estate Investment Trusts – 0.5%

Alexander & Baldwin, Inc.		30,799		507

Alpine Income Property Trust, Inc.		5,896		90

American Assets Trust, Inc.		20,688		454

Armada Hoffler Properties, Inc.		29,639		308

Broadstone Net Lease, Inc.		81,373		1,275

CTO Realty Growth, Inc.		9,857		167

Empire State Realty Trust, Inc., Class A		56,168		569

Essential Properties Realty Trust, Inc.		67,336		1,795

Gladstone Commercial Corp.		16,605		230

Global Net Lease, Inc.		84,667		658

NexPoint Diversified Real Estate Trust		12,576		83

One Liberty Properties, Inc.		7,214		163

				6,299

Diversified Telecommunication Services – 0.4%

Anterix, Inc.*		5,338		179

AST SpaceMobile, Inc.*		46,899		136

ATN International, Inc.		4,846		153

Bandwidth, Inc., Class A*		9,722		178

Cogent Communications Holdings, Inc.		18,795		1,228

Consolidated Communications Holdings, Inc.*		33,909		146

Globalstar, Inc.*		306,807		451

IDT Corp., Class B		6,670		252

Liberty Latin America Ltd., Class A*		15,881		111

Liberty Latin America Ltd., Class C*		58,181		407

Lumen Technologies, Inc.*		429,598		670

Ooma, Inc.*		9,584		82

Shenandoah Telecommunications Co.		21,091		366

				4,359

Electric Utilities – 0.6%

ALLETE, Inc.		24,848		1,482

Genie Energy Ltd., Class B		8,616		130

MGE Energy, Inc.		15,713		1,237

Otter Tail Corp.		17,806		1,538



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Electric Utilities – 0.6% continued

PNM Resources, Inc.		37,088		$1,396

Portland General Electric Co.		43,600		1,831

				7,614

Electrical Equipment – 1.4%

Allient, Inc.		5,767		206

Amprius Technologies, Inc.*		4,844		13

Array Technologies, Inc.*		65,687		979

Atkore, Inc.		16,040		3,053

Babcock & Wilcox Enterprises, Inc.*		20,200		23

Blink Charging Co.*		21,403		64

Bloom Energy Corp., Class A*		83,596		940

Encore Wire Corp.		6,482		1,703

Energy Vault Holdings, Inc.*		38,560		69

EnerSys		17,491		1,652

Enovix Corp.*		60,468		484

Eos Energy Enterprises, Inc.*		72,672		75

ESS Tech, Inc.*		28,335		21

Fluence Energy, Inc.*		25,659		445

FTC Solar, Inc.*		16,447		9

FuelCell Energy, Inc.*		189,810		226

GrafTech International Ltd.		88,049		122

LSI Industries, Inc.		12,160		184

NEXTracker, Inc., Class A*		54,274		3,054

NuScale Power Corp.*		22,494		120

Powell Industries, Inc.		3,959		563

Preformed Line Products Co.		1,064		137

SES AI Corp.*		57,995		97

Shoals Technologies Group, Inc., Class A*		74,362		831

SKYX Platforms Corp.*		21,706		28

Stem, Inc.*		64,660		142

SunPower Corp.*		40,019		120

Thermon Group Holdings, Inc.*		14,514		475

TPI Composites, Inc.*		15,324		45

Vicor Corp.*		9,367		358

				16,238

Electronic Equipment, Instruments & Components – 2.6%

908 Devices, Inc.*		8,527		64

Advanced Energy Industries, Inc.		16,232		1,655

Aeva Technologies, Inc.*		8,590		34

Akoustis Technologies, Inc.*		29,156		17

Arlo Technologies, Inc.*		38,853		492

Badger Meter, Inc.		12,676		2,051

Bel Fuse, Inc., Class B		4,509		272



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Electronic Equipment, Instruments & Components – 2.6% continued

Belden, Inc.		17,957		$1,663

Benchmark Electronics, Inc.		15,436		463

Climb Global Solutions, Inc.		1,804		128

CTS Corp.		13,313		623

Daktronics, Inc.*		16,356		163

ePlus, Inc.*		11,418		897

Evolv Technologies Holdings, Inc.*		50,989		227

Fabrinet*		15,877		3,001

FARO Technologies, Inc.*		7,848		169

Insight Enterprises, Inc.*		12,139		2,252

Iteris, Inc.*		18,535		92

Itron, Inc.*		19,683		1,821

Kimball Electronics, Inc.*		10,058		218

Knowles Corp.*		38,658		622

Lightwave Logic, Inc.*		52,023		244

Luna Innovations, Inc.*		12,281		39

Methode Electronics, Inc.		15,063		183

MicroVision, Inc.*		86,090		158

Mirion Technologies, Inc.*		85,975		978

Napco Security Technologies, Inc.		14,236		572

nLight, Inc.*		19,797		257

Novanta, Inc.*		15,450		2,700

OSI Systems, Inc.*		6,967		995

PAR Technology Corp.*		11,565		525

PC Connection, Inc.		4,971		328

Plexus Corp.*		11,760		1,115

Presto Automation, Inc.*		31,404		5

Richardson Electronics Ltd.		4,439		41

Rogers Corp.*		7,510		891

Sanmina Corp.*		23,822		1,481

ScanSource, Inc.*		10,711		472

SmartRent, Inc.*		78,351		210

TTM Technologies, Inc.*		44,279		693

Vishay Intertechnology, Inc.		55,044		1,248

Vishay Precision Group, Inc.*		5,526		195

Vuzix Corp.*		20,371		25

				30,279

Energy Equipment & Services – 2.5%

Archrock, Inc.		59,839		1,177

Atlas Energy Solutions, Inc.		7,724		175

Borr Drilling Ltd.*		94,927		650

Bristow Group, Inc.*		10,424		284

Cactus, Inc., Class A		28,064		1,406

ChampionX Corp.		84,481		3,032



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Energy Equipment & Services – 2.5% continued

Core Laboratories, Inc.		19,772		$338

Diamond Offshore Drilling, Inc.*		44,171		602

DMC Global, Inc.*		8,040		157

Dril-Quip, Inc.*		14,918		336

Expro Group Holdings N.V.*		38,888		777

Forum Energy Technologies, Inc.*		3,803		76

Helix Energy Solutions Group, Inc.*		61,289		664

Helmerich & Payne, Inc.		41,792		1,758

KLX Energy Services Holdings, Inc.*		4,523		35

Kodiak Gas Services, Inc.		6,883		188

Liberty Energy, Inc.		70,845		1,468

Mammoth Energy Services, Inc.*		8,208		30

Nabors Industries Ltd.*		4,021		346

Newpark Resources, Inc.*		31,537		228

Noble Corp. PLC		48,438		2,349

Oceaneering International, Inc.*		43,551		1,019

Oil States International, Inc.*		26,023		160

Patterson-UTI Energy, Inc.		152,782		1,824

ProFrac Holding Corp., Class A*		10,347		87

ProPetro Holding Corp.*		41,496		335

Ranger Energy Services, Inc.		6,432		73

RPC, Inc.		37,466		290

SEACOR Marine Holdings, Inc.*		10,180		142

Seadrill Ltd.*		20,203		1,016

Select Water Solutions, Inc.		33,963		313

Solaris Oilfield Infrastructure, Inc., Class A		13,360		116

TETRA Technologies, Inc.*		54,391		241

Tidewater, Inc.*		20,047		1,844

U.S. Silica Holdings, Inc.*		31,905		396

Valaris Ltd.*		25,647		1,930

Weatherford International PLC*		30,665		3,539

				29,401

Entertainment – 0.4%

Atlanta Braves Holdings, Inc., Class A*		4,340		182

Atlanta Braves Holdings, Inc., Class C*		19,765		772

Cinemark Holdings, Inc.*		47,684		857

Eventbrite, Inc., Class A*		32,093		176

IMAX Corp.*		19,753		319

Lions Gate Entertainment Corp., Class A*		25,788		257

Lions Gate Entertainment Corp., Class B*		52,607		490



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Entertainment – 0.4% continued

Madison Square Garden Entertainment Corp.*		16,927		$664

Marcus (The) Corp.		10,900		155

Playstudios, Inc.*		34,697		96

Reservoir Media, Inc.*		9,433		75

Sphere Entertainment Co.*		11,411		560

Vivid Seats, Inc., Class A*		30,902		185

				4,788

Financial Services – 2.4%

Acacia Research Corp.*		16,675		89

Alerus Financial Corp.		7,490		164

A-Mark Precious Metals, Inc.		8,317		255

AvidXchange Holdings, Inc.*		65,278		858

Banco Latinoamericano de Comercio Exterior S.A., Class E		11,852		351

Cannae Holdings, Inc.*		28,556		635

Cantaloupe, Inc.*		24,668		159

Cass Information Systems, Inc.		5,940		286

Compass Diversified Holdings		27,251		656

Enact Holdings, Inc.		12,856		401

Essent Group Ltd.		45,141		2,686

EVERTEC, Inc.		28,304		1,129

Federal Agricultural Mortgage Corp., Class C		3,916		771

Finance of America Cos., Inc., Class A*		13,236		10

Flywire Corp.*		46,012		1,142

I3 Verticals, Inc., Class A*		9,391		215

International Money Express, Inc.*		13,403		306

Jackson Financial, Inc., Class A		34,394		2,275

Marqeta, Inc., Class A*		204,112		1,217

Merchants Bancorp		6,888		298

Mr Cooper Group, Inc.*		27,790		2,166

NewtekOne, Inc.		9,378		103

NMI Holdings, Inc., Class A*		34,363		1,111

Ocwen Financial Corp.*		2,507		68

Pagseguro Digital Ltd., Class A*		85,941		1,227

Payoneer Global, Inc.*		115,490		561

Paysafe Ltd.*		13,507		213

Paysign, Inc.*		16,090		59

PennyMac Financial Services, Inc.		10,963		999

Priority Technology Holdings, Inc.*		5,501		18

Radian Group, Inc.		66,209		2,216

Remitly Global, Inc.*		58,216		1,207

Repay Holdings Corp.*		36,311		399



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Financial Services – 2.4% continued

Security National Financial Corp., Class A*		4,600		$36

StoneCo Ltd., Class A*		125,668		2,087

SWK Holdings Corp.*		1,242		22

Velocity Financial, Inc.*		3,952		71

Walker & Dunlop, Inc.		13,712		1,386

Waterstone Financial, Inc.		8,066		98

				27,950

Food Products – 0.9%

Alico, Inc.		2,830		83

B&G Foods, Inc.		32,856		376

Benson Hill, Inc.*		43,928		9

Beyond Meat, Inc.*		26,358		218

BRC, Inc., Class A*		16,022		69

Calavo Growers, Inc.		7,204		200

Cal-Maine Foods, Inc.		17,697		1,041

Dole PLC		30,219		360

Forafric Global PLC*		1,986		21

Fresh Del Monte Produce, Inc.		14,385		373

Hain Celestial Group (The), Inc.*		37,656		296

J&J Snack Foods Corp.		6,465		935

John B. Sanfilippo & Son, Inc.		3,902		413

Lancaster Colony Corp.		8,434		1,751

Limoneira Co.		7,597		149

Mission Produce, Inc.*		20,473		243

Seneca Foods Corp., Class A*		2,086		119

Simply Good Foods (The) Co.*		38,877		1,323

SunOpta, Inc.*		41,351		284

TreeHouse Foods, Inc.*		21,798		849

Utz Brands, Inc.		30,878		569

Vital Farms, Inc.*		13,088		304

Westrock Coffee Co.*		12,895		133

				10,118

Gas Utilities – 0.9%

Brookfield Infrastructure Corp., Class A		51,797		1,867

Chesapeake Utilities Corp.		9,349		1,003

New Jersey Resources Corp.		41,683		1,789

Northwest Natural Holding Co.		15,620		581

ONE Gas, Inc.		23,870		1,540

RGC Resources, Inc.		3,146		64

Southwest Gas Holdings, Inc.		26,849		2,044

Spire, Inc.		22,387		1,374

				10,262



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Ground Transportation – 0.4%

ArcBest Corp.		10,260		$1,462

Covenant Logistics Group, Inc.		3,673		170

Daseke, Inc.*		20,456		170

FTAI Infrastructure, Inc.		42,419		266

Heartland Express, Inc.		20,743		248

Marten Transport Ltd.		24,929		461

P.A.M. Transportation Services, Inc.*		3,076		50

RXO, Inc.*		49,695		1,087

Universal Logistics Holdings, Inc.		2,943		109

Werner Enterprises, Inc.		27,082		1,059

				5,082

Health Care Equipment & Supplies – 2.5%

Accuray, Inc.*		43,283		107

Alphatec Holdings, Inc.*		40,182		554

AngioDynamics, Inc.*		15,230		89

Artivion, Inc.*		17,195		364

AtriCure, Inc.*		19,803		602

Atrion Corp.		607		281

Avanos Medical, Inc.*		19,561		390

Axogen, Inc.*		16,757		135

Axonics, Inc.*		21,499		1,483

Beyond Air, Inc.*		17,334		30

Butterfly Network, Inc.*		54,353		59

Cerus Corp.*		72,711		138

ClearPoint Neuro, Inc.*		10,884		74

CONMED Corp.		13,281		1,064

Cutera, Inc.*		3,675		5

CVRx, Inc.*		4,919		90

Embecta Corp.		25,402		337

Glaukos Corp.*		20,462		1,929

Haemonetics Corp.*		21,605		1,844

Inari Medical, Inc.*		23,169		1,112

Inmode Ltd.*		33,657		727

Inogen, Inc.*		9,073		73

Integer Holdings Corp.*		14,305		1,669

iRadimed Corp.		3,138		138

iRhythm Technologies, Inc.*		13,264		1,539

KORU Medical Systems, Inc.*		11,573		27

Lantheus Holdings, Inc.*		29,363		1,828

LeMaitre Vascular, Inc.		8,570		569

LivaNova PLC*		23,462		1,313

Merit Medical Systems, Inc.*		24,374		1,846

Neogen Corp.*		94,191		1,486

Nevro Corp.*		14,973		216



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Health Care Equipment & Supplies – 2.5% continued

Omnicell, Inc.*		19,099		$558

OraSure Technologies, Inc.*		29,903		184

Orchestra BioMed Holdings, Inc.*		4,988		26

Orthofix Medical, Inc.*		14,627		212

OrthoPediatrics Corp.*		7,089		207

Outset Medical, Inc.*		18,126		40

Paragon 28, Inc.*		19,606		242

PROCEPT BioRobotics Corp.*		17,492		865

Pulmonx Corp.*		15,289		142

Pulse Biosciences, Inc.*		7,698		67

RxSight, Inc.*		12,336		636

Sanara Medtech, Inc.*		1,479		55

Semler Scientific, Inc.*		2,202		64

SI-BONE, Inc.*		16,670		273

Sight Sciences, Inc.*		7,987		42

Silk Road Medical, Inc.*		16,167		296

STAAR Surgical Co.*		20,942		802

Surmodics, Inc.*		6,167		181

Tactile Systems Technology, Inc.*		9,714		158

Tela Bio, Inc.*		5,786		33

TransMedics Group, Inc.*		13,552		1,002

Treace Medical Concepts, Inc.*		18,897		247

UFP Technologies, Inc.*		3,050		769

Utah Medical Products, Inc.		1,509		107

Varex Imaging Corp.*		16,479		298

Vicarious Surgical, Inc.*		24,112		7

Zimvie, Inc.*		11,525		190

Zynex, Inc.*		8,367		104

				29,925

Health Care Providers & Services – 2.5%

23andMe Holding Co., Class A*		117,049		62

Accolade, Inc.*		29,149		306

AdaptHealth Corp.*		41,782		481

Addus HomeCare Corp.*		6,798		703

Agiliti, Inc.*		12,091		122

AirSculpt Technologies, Inc.*		4,130		25

Alignment Healthcare, Inc.*		35,183		175

AMN Healthcare Services, Inc.*		16,488		1,031

Astrana Health, Inc.*		18,496		777

Aveanna Healthcare Holdings, Inc.*		19,103		48

BrightSpring Health Services, Inc.*		23,900		260

Brookdale Senior Living, Inc.*		81,250		537

Castle Biosciences, Inc.*		10,355		229

Community Health Systems, Inc.*		52,025		182



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Health Care Providers & Services – 2.5% continued

CorVel Corp.*		3,743		$984

Cross Country Healthcare, Inc.*		14,808		277

DocGo, Inc.*		31,716		128

Enhabit, Inc.*		22,271		259

Ensign Group (The), Inc.		23,523		2,927

Fulgent Genetics, Inc.*		9,115		198

Guardant Health, Inc.*		48,980		1,010

HealthEquity, Inc.*		36,630		2,990

Hims & Hers Health, Inc.*		53,697		831

InfuSystem Holdings, Inc.*		7,172		61

Innovage Holding Corp.*		6,694		30

Joint (The) Corp.*		5,606		73

LifeStance Health Group, Inc.*		46,788		289

ModivCare, Inc.*		5,753		135

Nano-X Imaging Ltd.*		21,234		207

National HealthCare Corp.		5,421		512

National Research Corp.		6,364		252

NeoGenomics, Inc.*		55,256		869

OPKO Health, Inc.*		180,476		217

Option Care Health, Inc.*		72,344		2,426

Owens & Minor, Inc.*		31,878		883

P3 Health Partners, Inc.*		11,033		11

Patterson Cos., Inc.		35,699		987

Pediatrix Medical Group, Inc.*		35,488		356

Pennant Group (The), Inc.*		12,609		248

PetIQ, Inc.*		12,142		222

Privia Health Group, Inc.*		48,789		956

Progyny, Inc.*		34,369		1,311

Quipt Home Medical Corp.*		16,075		70

RadNet, Inc.*		25,921		1,261

Select Medical Holdings Corp.		44,967		1,356

Surgery Partners, Inc.*		32,773		978

U.S. Physical Therapy, Inc.		6,460		729

Viemed Healthcare, Inc.*		13,949		132

				29,113

Health Care Real Estate Investment Trusts – 0.5%

CareTrust REIT, Inc.		51,679		1,259

Community Healthcare Trust, Inc.		11,227		298

Diversified Healthcare Trust		105,426		259

Global Medical REIT, Inc.		27,054		237

LTC Properties, Inc.		17,446		567

National Health Investors, Inc.		17,961		1,129



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Health Care Real Estate Investment Trusts – 0.5% continued

Sabra Health Care REIT, Inc.		99,517		$1,470

Universal Health Realty Income Trust		5,349		196

				5,415

Health Care Technology – 0.3%

American Well Corp., Class A*		100,711		82

Definitive Healthcare Corp.*		21,388		173

Evolent Health, Inc., Class A*		48,562		1,592

Health Catalyst, Inc.*		23,701		178

HealthStream, Inc.		10,427		278

Multiplan Corp.*		172,973		140

OptimizeRx Corp.*		6,273		76

Phreesia, Inc.*		23,088		553

Schrodinger, Inc.*		23,191		626

Sharecare, Inc.*		137,899		106

Simulations Plus, Inc.		6,979		287

TruBridge, Inc.*		5,423		50

				4,141

Hotel & Resort Real Estate Investment Trusts – 0.8%

Apple Hospitality REIT, Inc.		93,225		1,527

Braemar Hotels & Resorts, Inc.		24,735		49

Chatham Lodging Trust		21,408		216

DiamondRock Hospitality Co.		91,218		877

Pebblebrook Hotel Trust		51,603		795

RLJ Lodging Trust		66,571		787

Ryman Hospitality Properties, Inc.		25,180		2,911

Service Properties Trust		72,006		488

Summit Hotel Properties, Inc.		44,040		287

Sunstone Hotel Investors, Inc.		89,093		993

Xenia Hotels & Resorts, Inc.		45,892		689

				9,619

Hotels, Restaurants & Leisure – 2.1%

Accel Entertainment, Inc.*		23,147		273

Bally’s Corp.*		12,194		170

Biglari Holdings, Inc., Class B*		321		61

BJ’s Restaurants, Inc.*		9,753		353

Bloomin’ Brands, Inc.		37,709		1,082

Bowlero Corp., Class A		7,322		100

Brinker International, Inc.*		18,840		936

Carrols Restaurant Group, Inc.		15,736		150

Century Casinos, Inc.*		9,303		29

Cheesecake Factory (The), Inc.		20,719		749

Chuy’s Holdings, Inc.*		7,495		253

Cracker Barrel Old Country Store, Inc.		9,598		698



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Hotels, Restaurants & Leisure – 2.1% continued

Dave & Buster’s Entertainment, Inc.*		14,674		$919

Denny’s Corp.*		22,852		205

Dine Brands Global, Inc.		6,507		302

El Pollo Loco Holdings, Inc.*		11,216		109

Everi Holdings, Inc.*		35,735		359

First Watch Restaurant Group, Inc.*		9,709		239

Full House Resorts, Inc.*		12,807		71

Global Business Travel Group I*		13,004		78

Golden Entertainment, Inc.		8,519		314

Hilton Grand Vacations, Inc.*		34,097		1,610

Inspired Entertainment, Inc.*		8,885		88

International Game Technology PLC		47,056		1,063

Jack in the Box, Inc.		8,577		587

Krispy Kreme, Inc.		37,141		566

Kura Sushi U.S.A., Inc., Class A*		2,533		292

Life Time Group Holdings, Inc.*		19,665		305

Light & Wonder, Inc.*		38,918		3,973

Lindblad Expeditions Holdings, Inc.*		15,761		147

Monarch Casino & Resort, Inc.		5,761		432

Mondee Holdings, Inc.*		16,964		39

Nathan’s Famous, Inc.		1,144		81

Noodles & Co.*		13,107		25

ONE Group Hospitality (The), Inc.*		7,592		42

Papa John’s International, Inc.		14,055		936

PlayAGS, Inc.*		17,039		153

Portillo’s, Inc., Class A*		20,007		284

Potbelly Corp.*		11,325		137

RCI Hospitality Holdings, Inc.		3,885		225

Red Robin Gourmet Burgers, Inc.*		5,570		43

Red Rock Resorts, Inc., Class A		20,584		1,231

Rush Street Interactive, Inc.*		26,784		174

Sabre Corp.*		139,615		338

Shake Shack, Inc., Class A*		16,301		1,696

Six Flags Entertainment Corp.*		31,672		834

Super Group SGHC Ltd.*		60,672		209

Sweetgreen, Inc., Class A*		42,014		1,061

Target Hospitality Corp.*		12,696		138

United Parks & Resorts, Inc.*		15,779		887

Xponential Fitness, Inc., Class A*		10,441		173

				25,219

Household Durables – 2.4%

Beazer Homes U.S.A., Inc.*		12,768		419

Cavco Industries, Inc.*		3,611		1,441

Century Communities, Inc.		12,240		1,181



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Household Durables – 2.4% continued

Cricut, Inc., Class A		21,955		$104

Dream Finders Homes, Inc., Class A*		10,530		460

Ethan Allen Interiors, Inc.		9,916		343

GoPro, Inc., Class A*		57,185		128

Green Brick Partners, Inc.*		11,324		682

Helen of Troy Ltd.*		10,242		1,180

Hooker Furnishings Corp.		4,533		109

Hovnanian Enterprises, Inc., Class A*		2,117		332

Installed Building Products, Inc.		10,211		2,642

iRobot Corp.*		10,979		96

KB Home		29,436		2,086

Landsea Homes Corp.*		8,451		123

La-Z-Boy, Inc.		18,863		710

Legacy Housing Corp.*		4,818		104

LGI Homes, Inc.*		9,019		1,050

Lovesac (The) Co.*		6,467		146

M/I Homes, Inc.*		11,621		1,584

MDC Holdings, Inc.		25,883		1,628

Meritage Homes Corp.		15,691		2,753

Purple Innovation, Inc.		28,009		49

Skyline Champion Corp.*		23,266		1,978

Snap One Holdings Corp.*		7,032		61

Sonos, Inc.*		53,652		1,023

Taylor Morrison Home Corp.*		44,629		2,775

Traeger, Inc.*		12,737		32

Tri Pointe Homes, Inc.*		41,476		1,603

United Homes Group, Inc.*		1,357		9

Vizio Holding Corp., Class A*		33,657		368

VOXX International Corp.*		4,197		34

Worthington Enterprises, Inc.		13,212		822

				28,055

Household Products – 0.3%

Central Garden & Pet Co.*		4,184		179

Central Garden & Pet Co., Class A*		22,146		818

Energizer Holdings, Inc.		31,083		915

Oil-Dri Corp. of America		2,127		158

WD-40 Co.		5,857		1,484

				3,554

Independent Power & Renewable Electricity Producers – 0.2%

Altus Power, Inc.*		26,085		125

Montauk Renewables, Inc.*		27,016		113



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Independent Power & Renewable Electricity Producers – 0.2% continued

Ormat Technologies, Inc.		23,374		$1,547

Sunnova Energy International, Inc.*		44,584		273

				2,058

Industrial Conglomerates – 0.0%

Brookfield Business Corp., Class A		11,029		266

Industrial Real Estate Investment Trusts – 0.4%

Innovative Industrial Properties, Inc.		12,086		1,251

LXP Industrial Trust		125,483		1,132

Plymouth Industrial REIT, Inc.		19,340		435

Terreno Realty Corp.		36,203		2,404

				5,222

Insurance – 1.8%

Ambac Financial Group, Inc.*		18,598		291

American Coastal Insurance Corp.*		9,171		98

American Equity Investment Life Holding Co.*		33,960		1,909

AMERISAFE, Inc.		8,201		411

BRP Group, Inc., Class A*		25,975		752

CNO Financial Group, Inc.		48,459		1,332

Crawford & Co., Class A		5,501		52

Donegal Group, Inc., Class A		6,578		93

eHealth, Inc.*		10,856		65

Employers Holdings, Inc.		10,999		499

Enstar Group Ltd.*		5,148		1,600

F&G Annuities & Life, Inc.		8,212		333

Fidelis Insurance Holdings Ltd.		25,964		506

Genworth Financial, Inc., Class A*		194,797		1,253

GoHealth, Inc., Class A*		2,452		26

Goosehead Insurance, Inc., Class A*		9,179		611

Greenlight Capital Re Ltd., Class A*		11,033		138

Hamilton Insurance Group Ltd., Class B*		6,699		93

HCI Group, Inc.		3,120		362

Hippo Holdings, Inc.*		4,191		77

Horace Mann Educators Corp.		17,500		647

Investors Title Co.		540		88

James River Group Holdings Ltd.		16,708		155

Kingsway Financial Services, Inc.*		4,115		34

Lemonade, Inc.*		22,235		365

Maiden Holdings Ltd.*		35,433		80

MBIA, Inc.*		18,339		124

Mercury General Corp.		11,547		596



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Insurance – 1.8% continued

National Western Life Group, Inc., Class A		988		$486

NI Holdings, Inc.*		3,020		46

Oscar Health, Inc., Class A*		69,807		1,038

Palomar Holdings, Inc.*		10,493		880

ProAssurance Corp.*		22,506		289

Safety Insurance Group, Inc.		6,122		503

Selective Insurance Group, Inc.		25,983		2,837

Selectquote, Inc.*		62,603		125

SiriusPoint Ltd.*		30,333		385

Skyward Specialty Insurance Group, Inc.*		12,767		478

Stewart Information Services Corp.		11,627		756

Tiptree, Inc.		10,418		180

Trupanion, Inc.*		16,769		463

United Fire Group, Inc.		9,358		204

Universal Insurance Holdings, Inc.		10,381		211

				21,471

Interactive Media & Services – 0.6%

Bumble, Inc., Class A*		42,935		487

Cargurus, Inc.*		41,567		959

Cars.com, Inc.*		28,236		485

DHI Group, Inc.*		15,572		40

EverQuote, Inc., Class A*		8,979		167

fuboTV, Inc.*		117,412		185

Grindr, Inc.*		17,796		180

MediaAlpha, Inc., Class A*		9,573		195

Nextdoor Holdings, Inc.*		67,508		152

Outbrain, Inc.*		19,140		76

QuinStreet, Inc.*		22,887		404

Shutterstock, Inc.		10,471		480

System1, Inc.*		9,799		19

TrueCar, Inc.*		36,513		124

Vimeo, Inc.*		65,046		266

Yelp, Inc.*		28,645		1,129

Ziff Davis, Inc.*		19,597		1,235

ZipRecruiter, Inc., Class A*		28,540		328

				6,911

IT Services – 0.4%

Applied Digital Corp.*		39,147		168

BigBear.ai Holdings, Inc.*		18,927		39

BigCommerce Holdings, Inc., Class 1*		30,440		210

Brightcove, Inc.*		15,235		30

Couchbase, Inc.*		15,100		397



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

IT Services – 0.4% continued

DigitalOcean Holdings, Inc.*		26,530		$1,013

Fastly, Inc., Class A*		52,108		676

Grid Dynamics Holdings, Inc.*		23,689		291

Hackett Group (The), Inc.		10,854		264

Information Services Group, Inc.		13,434		54

Perficient, Inc.*		14,891		838

Rackspace Technology, Inc.*		31,584		50

Squarespace, Inc., Class A*		24,372		888

Thoughtworks Holding, Inc.*		42,766		108

Tucows, Inc., Class A*		3,903		72

Unisys Corp.*		27,240		134

				5,232

Leisure Products – 0.4%

Acushnet Holdings Corp.		13,070		862

AMMO, Inc.*		36,319		100

Clarus Corp.		11,941		81

Escalade, Inc.		3,777		52

Funko, Inc., Class A*		17,060		106

JAKKS Pacific, Inc.*		3,183		79

Johnson Outdoors, Inc., Class A		2,180		101

Latham Group, Inc.*		14,863		59

Malibu Boats, Inc., Class A*		8,622		373

Marine Products Corp.		2,995		35

MasterCraft Boat Holdings, Inc.*		7,390		175

Smith & Wesson Brands, Inc.		19,773		343

Solo Brands, Inc., Class A*		11,671		25

Sturm Ruger & Co., Inc.		7,483		345

Topgolf Callaway Brands Corp.*		62,371		1,009

Vista Outdoor, Inc.*		24,965		818

				4,563

Life Sciences Tools & Services – 0.2%

Adaptive Biotechnologies Corp.*		50,938		164

Akoya Biosciences, Inc.*		8,568		40

BioLife Solutions, Inc.*		14,891		276

Codexis, Inc.*		28,037		98

CryoPort, Inc.*		18,495		327

Cytek Biosciences, Inc.*		51,093		343

Harvard Bioscience, Inc.*		15,825		67

MaxCyte, Inc.*		39,114		164

Mesa Laboratories, Inc.		2,284		251

Nautilus Biotechnology, Inc.*		19,176		56

Omniab, Inc.⁽¹⁾*		3,016		—

OmniAb, Inc.*		40,115		217



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Life Sciences Tools & Services – 0.2% continued

Omniab, Inc. (NASDAQ Exchange)⁽¹⁾*		3,016		$—

Pacific Biosciences of California, Inc.*		110,257		413

Quanterix Corp.*		15,048		355

Quantum-Si, Inc.*		40,005		79

Seer, Inc.*		21,679		41

				2,891

Machinery – 3.6%

374Water, Inc.*		21,071		27

3D Systems Corp.*		54,690		243

Alamo Group, Inc.		4,373		998

Albany International Corp., Class A		13,411		1,254

Astec Industries, Inc.		9,805		429

Atmus Filtration Technologies, Inc.*		36,462		1,176

Barnes Group, Inc.		21,220		788

Blue Bird Corp.*		11,963		459

Chart Industries, Inc.*		18,529		3,052

Columbus McKinnon Corp.		11,985		535

Commercial Vehicle Group, Inc.*		12,920		83

Desktop Metal, Inc., Class A*		113,195		100

Douglas Dynamics, Inc.		9,420		227

Energy Recovery, Inc.*		23,532		372

Enerpac Tool Group Corp.		23,559		840

Enpro, Inc.		9,034		1,525

ESCO Technologies, Inc.		10,993		1,177

Federal Signal Corp.		25,821		2,191

Franklin Electric Co., Inc.		19,900		2,126

Gencor Industries, Inc.*		4,932		82

Gorman-Rupp (The) Co.		9,733		385

Greenbrier (The) Cos., Inc.		13,254		691

Helios Technologies, Inc.		14,198		634

Hillenbrand, Inc.		30,064		1,512

Hillman Solutions Corp.*		83,868		892

Hyliion Holdings Corp.*		59,721		105

Hyster-Yale Materials Handling, Inc.		4,832		310

John Bean Technologies Corp.		13,772		1,445

Kadant, Inc.		5,053		1,658

Kennametal, Inc.		34,588		863

Lindsay Corp.		4,817		567

Luxfer Holdings PLC		12,101		125

Manitowoc (The) Co., Inc.*		15,496		219

Mayville Engineering Co., Inc.*		4,889		70

Microvast Holdings, Inc.*		85,459		72

Miller Industries, Inc.		4,836		242

Mueller Industries, Inc.		48,290		2,604



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Machinery – 3.6% continued

Mueller Water Products, Inc., Class A		66,745		$1,074

Nikola Corp.*		327,956		341

Omega Flex, Inc.		1,504		107

Park-Ohio Holdings Corp.		3,674		98

Proto Labs, Inc.*		11,362		406

REV Group, Inc.		13,462		297

Shyft Group (The), Inc.		14,249		177

SPX Technologies, Inc.*		19,017		2,342

Standex International Corp.		5,066		923

Tennant Co.		7,996		972

Terex Corp.		28,704		1,849

Titan International, Inc.*		22,657		282

Trinity Industries, Inc.		34,880		971

Velo3D, Inc.*		27,069		12

Wabash National Corp.		19,996		599

Watts Water Technologies, Inc., Class A		11,783		2,504

				43,032

Marine Transportation – 0.3%

Costamare, Inc.		20,007		227

Eagle Bulk Shipping, Inc.		3,997		250

Genco Shipping & Trading Ltd.		17,922		364

Golden Ocean Group Ltd.		52,949		686

Himalaya Shipping Ltd.*		12,459		96

Matson, Inc.		14,892		1,674

Pangaea Logistics Solutions Ltd.		15,556		109

Safe Bulkers, Inc.		28,085		139

				3,545

Media – 0.6%

Advantage Solutions, Inc.*		35,896		155

AMC Networks, Inc., Class A*		13,873		168

Boston Omaha Corp., Class A*		9,692		150

Cardlytics, Inc.*		15,298		222

Clear Channel Outdoor Holdings, Inc.*		165,630		273

EchoStar Corp., Class A*		52,861		753

Emerald Holding, Inc.*		6,665		45

Entravision Communications Corp., Class A		21,764		36

EW Scripps (The) Co., Class A*		23,665		93

Gambling.com Group Ltd.*		5,833		53

Gannett Co., Inc.*		59,033		144

Gray Television, Inc.		37,542		237

iHeartMedia, Inc., Class A*		41,159		86

Integral Ad Science Holding Corp.*		28,292		282

John Wiley & Sons, Inc., Class A		15,674		598



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Media – 0.6% continued

Magnite, Inc.*		58,876		$633

PubMatic, Inc., Class A*		18,012		427

Scholastic Corp.		11,019		416

Sinclair, Inc.		14,880		201

Stagwell, Inc.*		34,619		215

TechTarget, Inc.*		10,957		363

TEGNA, Inc.		85,443		1,277

Thryv Holdings, Inc.*		13,033		290

Townsquare Media, Inc., Class A		4,406		48

Urban One, Inc.*		1,094		3

Urban One, Inc. (NASDAQ Exchange)*		1,418		3

WideOpenWest, Inc.*		19,357		70

				7,241

Metals & Mining – 1.8%

5E Advanced Materials, Inc.*		11,532		15

Alpha Metallurgical Resources, Inc.		4,983		1,650

Arch Resources, Inc.		7,756		1,247

ATI, Inc.*		55,654		2,848

Caledonia Mining Corp. PLC		6,433		71

Carpenter Technology Corp.		21,093		1,507

Century Aluminum Co.*		22,807		351

Coeur Mining, Inc.*		152,369		574

Commercial Metals Co.		50,389		2,961

Compass Minerals International, Inc.		14,360		226

Constellium S.E.*		55,446		1,226

Contango ORE, Inc.*		3,018		60

Dakota Gold Corp.*		23,668		56

Haynes International, Inc.		5,392		324

Hecla Mining Co.		264,613		1,273

i-80 Gold Corp.*		79,676		107

Ivanhoe Electric, Inc.*		26,774		262

Kaiser Aluminum Corp.		6,838		611

Materion Corp.		8,841		1,165

Metallus, Inc.*		18,408		410

NioCorp. Developments Ltd.*		3,710		10

Novagold Resources, Inc.*		101,563		305

Olympic Steel, Inc.		4,316		306

Perpetua Resources Corp.*		17,880		74

Piedmont Lithium, Inc.*		7,175		96

Radius Recycling, Inc.		10,942		231

Ramaco Resources, Inc., Class A		9,674		163

Ramaco Resources, Inc., Class B		2,458		31

Ryerson Holding Corp.		12,316		413



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Metals & Mining – 1.8% continued

SunCoke Energy, Inc.		36,284		$409

Tredegar Corp.		10,364		68

Warrior Met Coal, Inc.		22,277		1,352

Worthington Steel, Inc.		13,286		476

				20,878

Mortgage Real Estate Investment Trusts – 1.0%

AFC Gamma, Inc.		6,534		81

Angel Oak Mortgage REIT, Inc.		4,468		48

Apollo Commercial Real Estate Finance, Inc.		60,519		674

Arbor Realty Trust, Inc.		79,759		1,057

Ares Commercial Real Estate Corp.		23,245		173

ARMOUR Residential REIT, Inc.		21,508		425

Blackstone Mortgage Trust, Inc., Class A		74,085		1,475

BrightSpire Capital, Inc.		56,425		389

Chicago Atlantic Real Estate Finance, Inc.		6,625		105

Chimera Investment Corp.		96,408		444

Claros Mortgage Trust, Inc.		39,757		388

Dynex Capital, Inc.		23,746		296

Ellington Financial, Inc.		31,770		375

Franklin BSP Realty Trust, Inc.		35,280		471

Granite Point Mortgage Trust, Inc.		23,378		112

Hannon Armstrong Sustainable Infrastructure Capital, Inc.		47,021		1,335

Invesco Mortgage Capital, Inc.		20,318		197

KKR Real Estate Finance Trust, Inc.		24,687		248

Ladder Capital Corp.		48,139		536

MFA Financial, Inc.		43,638		498

New York Mortgage Trust, Inc.		38,199		275

Nexpoint Real Estate Finance, Inc.		2,973		43

Orchid Island Capital, Inc.		22,955		205

PennyMac Mortgage Investment Trust		36,952		542

Ready Capital Corp.		68,201		623

Redwood Trust, Inc.		55,626		354

TPG RE Finance Trust, Inc.		28,872		223

Two Harbors Investment Corp.		44,171		585

				12,177

Multi-Utilities – 0.4%

Avista Corp.		33,576		1,176

Black Hills Corp.		29,559		1,614

Northwestern Energy Group, Inc.		26,500		1,350



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Multi-Utilities – 0.4% continued

PNM Resources, Inc. - (Fractional Shares)⁽¹⁾		50,000		$—

Unitil Corp.		6,955		364

				4,504

Office Real Estate Investment Trusts – 0.6%

Brandywine Realty Trust		71,772		344

City Office REIT, Inc.		15,390		80

COPT Defense Properties		48,266		1,166

Douglas Emmett, Inc.		69,916		970

Easterly Government Properties, Inc.		41,852		482

Equity Commonwealth*		43,586		823

Hudson Pacific Properties, Inc.		59,967		387

JBG SMITH Properties		40,785		655

Office Properties Income Trust		17,466		36

Orion Office REIT, Inc.		22,210		78

Paramount Group, Inc.		81,087		380

Peakstone Realty Trust		15,157		244

Piedmont Office Realty Trust, Inc., Class A		54,176		381

Postal Realty Trust, Inc., Class A		8,304		119

SL Green Realty Corp.		27,939		1,540

				7,685

Oil, Gas & Consumable Fuels – 4.5%

Amplify Energy Corp.*		14,537		96

Ardmore Shipping Corp.		17,735		291

Berry Corp.		31,925		257

California Resources Corp.		30,063		1,656

Centrus Energy Corp., Class A*		5,333		222

Chord Energy Corp.		18,025		3,213

Civitas Resources, Inc.		34,833		2,644

Clean Energy Fuels Corp.*		70,257		188

CNX Resources Corp.*		67,557		1,602

Comstock Resources, Inc.		40,365		375

CONSOL Energy, Inc.		13,144		1,101

Crescent Energy Co., Class A		32,573		388

CVR Energy, Inc.		12,574		448

Delek U.S. Holdings, Inc.		27,455		844

DHT Holdings, Inc.		58,695		675

Dorian LPG Ltd.		14,664		564

Empire Petroleum Corp.*		4,345		22

Encore Energy Corp.*		69,735		305

Energy Fuels, Inc.*		70,076		441

Equitrans Midstream Corp.		188,180		2,350

Evolution Petroleum Corp.		12,434		76



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Oil, Gas & Consumable Fuels – 4.5% continued

Excelerate Energy, Inc., Class A		7,364		$118

FLEX LNG Ltd.		12,553		319

FutureFuel Corp.		10,393		84

Gevo, Inc.*		91,040		70

Golar LNG Ltd.		42,695		1,027

Granite Ridge Resources, Inc.		13,405		87

Green Plains, Inc.*		25,085		580

Gulfport Energy Corp.*		4,721		756

Hallador Energy Co.*		8,494		45

HighPeak Energy, Inc.		4,745		75

International Seaways, Inc.		17,444		928

Kinetik Holdings, Inc.		15,489		618

Kosmos Energy Ltd.*		197,656		1,178

Magnolia Oil & Gas Corp., Class A		76,205		1,978

Matador Resources Co.		48,747		3,255

Murphy Oil Corp.		62,624		2,862

NACCO Industries, Inc., Class A		1,580		48

NextDecade Corp.*		34,815		198

Nordic American Tankers Ltd.		86,616		340

Northern Oil & Gas, Inc.		37,833		1,501

Overseas Shipholding Group, Inc., Class A		25,156		161

Par Pacific Holdings, Inc.*		23,728		879

PBF Energy, Inc., Class A		47,524		2,736

Peabody Energy Corp.		48,859		1,185

Permian Resources Corp.		196,195		3,465

PrimeEnergy Resources Corp.*		325		33

REX American Resources Corp.*		6,722		395

Riley Exploration Permian, Inc.		3,765		124

Ring Energy, Inc.*		55,209		108

SandRidge Energy, Inc.		13,449		196

Scorpio Tankers, Inc.		20,597		1,474

SFL Corp. Ltd.		49,049		646

SilverBow Resources, Inc.*		9,965		340

Sitio Royalties Corp., Class A		35,298		873

SM Energy Co.		49,915		2,488

Talos Energy, Inc.*		60,380		841

Teekay Corp.*		26,895		196

Teekay Tankers Ltd., Class A		10,382		606

Tellurian, Inc.*		239,397		158

Uranium Energy Corp.*		165,796		1,119

VAALCO Energy, Inc.		44,279		309

Verde Clean Fuels, Inc.*		2,193		9

Vertex Energy, Inc.*		23,263		33



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Oil, Gas & Consumable Fuels – 4.5% continued

Vital Energy, Inc.*		10,184		$535

Vitesse Energy, Inc.		10,881		258

W&T Offshore, Inc.		39,640		105

World Kinect Corp.		25,466		674

				53,771

Paper & Forest Products – 0.1%

Clearwater Paper Corp.*		7,018		307

Glatfelter Corp.*		15,217		30

Sylvamo Corp.		15,386		950

				1,287

Passenger Airlines – 0.4%

Allegiant Travel Co.		6,724		506

Blade Air Mobility, Inc.*		23,414		67

Frontier Group Holdings, Inc.*		15,615		127

Hawaiian Holdings, Inc.*		22,221		296

JetBlue Airways Corp.*		145,615		1,080

Joby Aviation, Inc.*		121,240		650

SkyWest, Inc.*		17,439		1,205

Spirit Airlines, Inc.		45,790		221

Sun Country Airlines Holdings, Inc.*		18,919		285

				4,437

Personal Care Products – 1.0%

Beauty Health (The) Co.*		33,265		148

BellRing Brands, Inc.*		56,896		3,358

Edgewell Personal Care Co.		21,401		827

elf Beauty, Inc.*		23,260		4,560

Herbalife Ltd.*		41,792		420

Inter Parfums, Inc.		7,897		1,110

Medifast, Inc.		4,527		173

Nature’s Sunshine Products, Inc.*		5,832		121

Nu Skin Enterprises, Inc., Class A		20,908		289

USANA Health Sciences, Inc.*		5,032		244

Waldencast PLC, Class A*		13,018		85

				11,335

Pharmaceuticals – 1.6%

Aclaris Therapeutics, Inc.*		24,024		30

Amneal Pharmaceuticals, Inc.*		51,782		314

Amphastar Pharmaceuticals, Inc.*		16,400		720

Amylyx Pharmaceuticals, Inc.*		19,391		55

ANI Pharmaceuticals, Inc.*		6,360		440

Arvinas, Inc.*		21,534		889

Assertio Holdings, Inc.*		32,696		31

Atea Pharmaceuticals, Inc.*		31,316		127



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Pharmaceuticals – 1.6% continued

Axsome Therapeutics, Inc.*		15,418		$1,230

Biote Corp., Class A*		4,954		29

Bright Green Corp.*		56,843		14

Cara Therapeutics, Inc.*		12,501		11

Cassava Sciences, Inc.*		16,967		344

Citius Pharmaceuticals, Inc.*		66,399		60

Collegium Pharmaceutical, Inc.*		14,112		548

Corcept Therapeutics, Inc.*		35,195		887

CorMedix, Inc.*		25,357		107

Edgewise Therapeutics, Inc.*		25,217		460

Enliven Therapeutics, Inc.*		9,676		170

Evolus, Inc.*		17,557		246

Eyenovia, Inc.*		19,382		19

EyePoint Pharmaceuticals, Inc.*		16,343		338

Harmony Biosciences Holdings, Inc.*		13,664		459

Harrow, Inc.*		13,624		180

Ikena Oncology, Inc.*		8,769		12

Innoviva, Inc.*		24,974		381

Intra-Cellular Therapies, Inc.*		40,335		2,791

Ligand Pharmaceuticals, Inc.*		7,341		537

Liquidia Corp.*		21,493		317

Longboard Pharmaceuticals, Inc.*		11,057		239

Marinus Pharmaceuticals, Inc.*		22,786		206

Neumora Therapeutics, Inc.*		6,908		95

NGM Biopharmaceuticals, Inc.*		14,406		23

Nuvation Bio, Inc.*		59,749		217

Ocular Therapeutix, Inc.*		49,127		447

Omeros Corp.*		28,165		97

Optinose, Inc.*		33,981		50

Pacira BioSciences, Inc.*		19,361		566

Phathom Pharmaceuticals, Inc.*		14,402		153

Phibro Animal Health Corp., Class A		9,355		121

Pliant Therapeutics, Inc.*		25,041		373

Prestige Consumer Healthcare, Inc.*		21,495		1,560

Revance Therapeutics, Inc.*		39,022		192

Scilex Holding Co.*		32,903		52

scPharmaceuticals, Inc.*		11,120		56

SIGA Technologies, Inc.		19,993		171

Supernus Pharmaceuticals, Inc.*		21,338		728

Taro Pharmaceutical Industries Ltd.*		3,548		150

Tarsus Pharmaceuticals, Inc.*		12,503		454

Terns Pharmaceuticals, Inc.*		17,631		116

Theravance Biopharma, Inc.*		21,650		194

Third Harmonic Bio, Inc.*		8,453		80



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Pharmaceuticals – 1.6% continued

Trevi Therapeutics, Inc.*		20,004		$69

Ventyx Biosciences, Inc.*		21,134		116

Verrica Pharmaceuticals, Inc.*		7,637		45

WaVe Life Sciences Ltd.*		32,670		202

Xeris Biopharma Holdings, Inc.*		59,679		132

Zevra Therapeutics, Inc.*		16,811		97

				18,747

Professional Services – 2.4%

Alight, Inc., Class A*		178,085		1,754

ASGN, Inc.*		19,912		2,086

Asure Software, Inc.*		9,013		70

Barrett Business Services, Inc.		2,786		353

BlackSky Technology, Inc.*		47,155		64

CBIZ, Inc.*		20,676		1,623

Conduent, Inc.*		76,107		257

CRA International, Inc.		2,946		441

CSG Systems International, Inc.		12,613		650

ExlService Holdings, Inc.*		69,380		2,206

Exponent, Inc.		21,765		1,800

First Advantage Corp.		22,838		370

FiscalNote Holdings, Inc.*		30,543		41

Forrester Research, Inc.*		5,377		116

Franklin Covey Co.*		5,114		201

Heidrick & Struggles International, Inc.		8,528		287

HireQuest, Inc.		1,761		23

HireRight Holdings Corp.*		5,509		79

Huron Consulting Group, Inc.*		8,069		780

IBEX Holdings Ltd.*		4,394		68

ICF International, Inc.		8,065		1,215

Innodata, Inc.*		10,238		68

Insperity, Inc.		15,285		1,675

Kelly Services, Inc., Class A		13,381		335

Kforce, Inc.		8,175		576

Korn Ferry		22,484		1,478

Legalzoom.com, Inc.*		57,463		766

Maximus, Inc.		26,263		2,203

Mistras Group, Inc.*		9,180		88

NV5 Global, Inc.*		5,915		580

Parsons Corp.*		17,844		1,480

Planet Labs PBC*		72,583		185

Resources Connection, Inc.		13,437		177

Skillsoft Corp.*		1,122		10

Sterling Check Corp.*		12,725		205

TriNet Group, Inc.		13,822		1,831



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Professional Services – 2.4% continued

TrueBlue, Inc.*		12,526		$157

TTEC Holdings, Inc.		9,041		94

Upwork, Inc.*		54,367		666

Verra Mobility Corp.*		58,982		1,473

Willdan Group, Inc.*		5,236		152

				28,683

Real Estate Management & Development – 0.6%

American Realty Investors, Inc.*		369		7

Anywhere Real Estate, Inc.*		47,625		294

Compass, Inc., Class A*		124,514		448

Cushman&WakefieldPLC*		70,814		741

DigitalBridge Group, Inc.		70,004		1,349

Douglas Elliman, Inc.*		30,849		49

eXp World Holdings, Inc.		29,989		310

Forestar Group, Inc.*		7,907		318

FRP Holdings, Inc.*		2,805		172

Kennedy-Wilson Holdings, Inc.		50,698		435

Marcus & Millichap, Inc.		10,001		342

Maui Land & Pineapple Co., Inc.*		3,124		68

Newmark Group, Inc., Class A		59,001		654

Opendoor Technologies, Inc.*		243,738		738

RE/MAX Holdings, Inc., Class A		6,680		59

Redfin Corp.*		46,481		309

RMR Group (The), Inc., Class A		6,339		152

St. Joe (The) Co.		14,768		856

Star Holdings*		5,050		65

Stratus Properties, Inc.*		2,123		48

Tejon Ranch Co.*		8,574		132

Transcontinental Realty Investors, Inc.*		600		23

				7,569

Residential Real Estate Investment Trusts – 0.4%

Apartment Investment and Management Co., Class A*		62,516		512

BRT Apartments Corp.		4,799		80

Centerspace		6,387		365

Clipper Realty, Inc.		3,453		17

Elme Communities		37,334		520

Independence Realty Trust, Inc.		97,550		1,573

NexPoint Residential Trust, Inc.		9,935		320

UMH Properties, Inc.		26,361		428

Veris Residential, Inc.		33,602		511

				4,326



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Retail Real Estate Investment Trusts – 1.1%

Acadia Realty Trust		42,819		$728

Alexander’s, Inc.		893		194

CBL & Associates Properties, Inc.		11,884		272

Getty Realty Corp.		20,799		569

InvenTrust Properties Corp.		28,995		746

Kite Realty Group Trust		94,046		2,039

Macerich (The) Co.		93,428		1,610

NETSTREIT Corp.		30,162		554

Phillips Edison & Co., Inc.		51,606		1,851

Retail Opportunity Investments Corp.		52,447		672

Saul Centers, Inc.		4,835		186

SITE Centers Corp.		82,530		1,209

Tanger, Inc.		44,809		1,323

Urban Edge Properties		49,858		861

Whitestone REIT		20,687		260

				13,074

Semiconductors & Semiconductor Equipment – 2.9%

ACM Research, Inc., Class A*		20,883		609

Aehr Test Systems*		12,344		153

Alpha & Omega Semiconductor Ltd.*		10,289		227

Ambarella, Inc.*		16,460		836

Amkor Technology, Inc.		48,243		1,555

Atomera, Inc.*		10,743		66

Axcelis Technologies, Inc.*		14,047		1,566

CEVA, Inc.*		10,294		234

Cohu, Inc.*		20,314		677

Credo Technology Group Holding Ltd.*		53,383		1,131

Diodes, Inc.*		19,539		1,377

FormFactor, Inc.*		33,362		1,522

Ichor Holdings Ltd.*		12,480		482

Impinj, Inc.*		10,092		1,296

indie Semiconductor, Inc., Class A*		65,894		466

inTEST Corp.*		4,424		59

Kulicke & Soffa Industries, Inc.		24,025		1,209

MACOM Technology Solutions Holdings, Inc.*		23,828		2,279

Maxeon Solar Technologies Ltd.*		10,484		35

MaxLinear, Inc.*		33,106		618

Navitas Semiconductor Corp.*		47,139		225

NVE Corp.		1,995		180

Onto Innovation, Inc.*		21,091		3,819

PDF Solutions, Inc.*		13,123		442

Photronics, Inc.*		26,223		743

Power Integrations, Inc.		24,545		1,756



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Semiconductors & Semiconductor Equipment – 2.9% continued

Rambus, Inc.*		46,396		$2,868

Semtech Corp.*		27,227		748

Silicon Laboratories, Inc.*		13,719		1,972

SiTime Corp.*		7,571		706

SkyWater Technology, Inc.*		8,707		89

SMART Global Holdings, Inc.*		22,129		582

Synaptics, Inc.*		17,058		1,664

Transphorm, Inc.*		14,264		70

Ultra Clean Holdings, Inc.*		19,196		882

Veeco Instruments, Inc.*		21,857		769

				33,912

Software – 6.1%

8x8, Inc.*		55,628		150

A10 Networks, Inc.		29,903		409

ACI Worldwide, Inc.*		46,785		1,554

Adeia, Inc.		45,413		496

Agilysys, Inc.*		8,620		726

Alarm.com Holdings, Inc.*		20,669		1,498

Alkami Technology, Inc.*		17,316		425

Altair Engineering, Inc., Class A*		23,586		2,032

American Software, Inc., Class A		13,317		152

Amplitude, Inc., Class A*		28,985		315

Appfolio, Inc., Class A*		8,294		2,046

Appian Corp., Class A*		17,482		698

Asana, Inc., Class A*		35,290		547

Aurora Innovation, Inc.*		150,775		425

AvePoint, Inc.*		64,466		511

Bit Digital, Inc.*		36,144		104

Blackbaud, Inc.*		18,837		1,397

BlackLine, Inc.*		24,616		1,590

Box, Inc., Class A*		60,550		1,715

Braze, Inc., Class A*		23,143		1,025

C3.ai, Inc., Class A*		35,285		955

Cerence, Inc.*		17,331		273

Cipher Mining, Inc.*		19,005		98

Cleanspark, Inc.*		83,319		1,767

Clear Secure, Inc., Class A		36,092		768

CommVault Systems, Inc.*		19,034		1,931

Consensus Cloud Solutions, Inc.*		8,714		138

CoreCard Corp.*		2,487		27

CS Disco, Inc.*		9,026		73

CXApp, Inc.*		3,755		9

Daily Journal Corp.*		583		211

Digimarc Corp.*		5,871		160



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Software – 6.1% continued

Digital Turbine, Inc.*		44,235		$116

Domo, Inc., Class B*		13,215		118

E2open Parent Holdings, Inc.*		72,440		322

eGain Corp.*		7,897		51

Enfusion, Inc., Class A*		16,289		151

Envestnet, Inc.*		21,684		1,256

Everbridge, Inc.*		17,976		626

EverCommerce, Inc.*		10,787		102

Expensify, Inc., Class A*		20,321		37

Freshworks, Inc., Class A*		70,090		1,276

Instructure Holdings, Inc.*		8,078		173

Intapp, Inc.*		17,338		595

InterDigital, Inc.		11,089		1,181

Jamf Holding Corp.*		30,808		565

Kaltura, Inc.*		31,956		43

LivePerson, Inc.*		27,138		27

LiveRamp Holdings, Inc.*		27,987		966

Marathon Digital Holdings, Inc.*		96,756		2,185

Matterport, Inc.*		107,825		244

MeridianLink, Inc.*		10,614		198

MicroStrategy, Inc., Class A*		6,392		10,896

Mitek Systems, Inc.*		18,200		257

Model N, Inc.*		16,863		480

N-able, Inc.*		29,966		392

NextNav, Inc.*		24,420		161

Olo, Inc., Class A*		45,798		251

ON24, Inc.		11,652		83

OneSpan, Inc.*		16,643		194

PagerDuty, Inc.*		38,712		878

PowerSchool Holdings, Inc., Class A*		24,161		514

Progress Software Corp.		18,855		1,005

PROS Holdings, Inc.*		19,406		705

Q2 Holdings, Inc.*		24,464		1,286

Qualys, Inc.*		16,051		2,678

Rapid7, Inc.*		26,236		1,287

Red Violet, Inc.*		5,170		101

Rimini Street, Inc.*		20,355		66

Riot Platforms, Inc.*		84,503		1,034

Sapiens International Corp. N.V.		13,163		423

SEMrush Holdings, Inc., Class A*		14,194		188

SolarWinds Corp.*		22,205		280

SoundHound AI, Inc., Class A*		58,285		343

SoundThinking, Inc.*		4,675		74

Sprinklr, Inc., Class A*		44,960		552



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Software – 6.1% continued

Sprout Social, Inc., Class A*		20,779		$1,241

SPS Commerce, Inc.*		15,761		2,914

Tenable Holdings, Inc.*		50,224		2,483

Terawulf, Inc.*		67,952		179

Varonis Systems, Inc.*		46,922		2,213

Verint Systems, Inc.*		26,137		866

Veritone, Inc.*		10,011		53

Viant Technology, Inc., Class A*		5,732		61

Weave Communications, Inc.*		14,503		167

Workiva, Inc.*		21,478		1,821

Xperi, Inc.*		19,299		233

Yext, Inc.*		47,155		284

Zeta Global Holdings Corp., Class A*		60,809		665

Zuora, Inc., Class A*		57,606		525

				72,290

Specialized Real Estate Investment Trusts – 0.4%

Farmland Partners, Inc.		18,988		211

Four Corners Property Trust, Inc.		39,224		960

Gladstone Land Corp.		14,946		199

Outfront Media, Inc.		63,943		1,074

PotlatchDeltic Corp.		34,205		1,608

Safehold, Inc.		21,268		438

Uniti Group, Inc.		101,420		598

				5,088

Specialty Retail – 2.7%

1-800-Flowers.com, Inc., Class A*		11,301		122

Aaron’s (The) Co., Inc.		12,394		93

Abercrombie & Fitch Co., Class A*		21,028		2,635

Academy Sports & Outdoors, Inc.		31,227		2,109

American Eagle Outfitters, Inc.		78,910		2,035

America’s Car-Mart, Inc.*		2,414		154

Arko Corp.		33,253		190

Asbury Automotive Group, Inc.*		8,903		2,099

BARK, Inc.*		52,105		65

Beyond, Inc.*		19,581		703

Big 5 Sporting Goods Corp.		7,387		26

Boot Barn Holdings, Inc.*		13,063		1,243

Buckle (The), Inc.		12,999		524

Build-A-Bear Workshop, Inc.		5,767		172

Caleres, Inc.		14,750		605

Camping World Holdings, Inc., Class A		17,726		494

CarParts.com, Inc.*		19,262		31

Carvana Co.*		44,370		3,901



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Specialty Retail – 2.7% continued

Cato (The) Corp., Class A		6,257		$36

Children’s Place (The), Inc.*		5,662		65

Designer Brands, Inc., Class A		17,507		191

Destination XL Group, Inc.*		22,173		80

Duluth Holdings, Inc., Class B*		4,420		22

Envela Corp.*		4,824		22

EVgo, Inc.*		47,482		119

Foot Locker, Inc.		35,621		1,015

Genesco, Inc.*		4,598		129

Group 1 Automotive, Inc.		5,890		1,721

GrowGeneration Corp.*		22,296		64

Guess?, Inc.		12,213		384

Haverty Furniture Cos., Inc.		6,352		217

Hibbett, Inc.		5,089		391

J Jill, Inc.*		1,974		63

Lands’ End, Inc.*		5,451		59

Lazydays Holdings, Inc.*		1,610		7

Leslie’s, Inc.*		77,376		503

MarineMax, Inc.*		9,600		319

Monro, Inc.		12,995		410

National Vision Holdings, Inc.*		33,122		734

ODP (The) Corp.*		13,764		730

OneWater Marine, Inc., Class A*		5,297		149

PetMed Express, Inc.		7,408		36

Rent the Runway, Inc., Class A*		3,046		1

Revolve Group, Inc.*		17,446		369

Sally Beauty Holdings, Inc.*		46,764		581

Shoe Carnival, Inc.		7,903		290

Signet Jewelers Ltd.		18,869		1,888

Sleep Number Corp.*		9,693		155

Sonic Automotive, Inc., Class A		6,366		363

Sportsman’s Warehouse Holdings, Inc.*		13,903		43

Stitch Fix, Inc., Class A*		35,753		94

ThredUp, Inc., Class A*		28,226		57

Tile Shop Holdings, Inc.*		12,503		88

Tilly’s, Inc., Class A*		8,585		58

Torrid Holdings, Inc.*		6,708		33

Upbound Group, Inc.		22,968		809

Urban Outfitters, Inc.*		27,471		1,193

Warby Parker, Inc., Class A*		36,509		497

Winmark Corp.		1,240		449

Zumiez, Inc.*		6,393		97

				31,732



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Technology Hardware, Storage & Peripherals – 2.1%

CompoSecure, Inc., Class A*		8,161		$59

Corsair Gaming, Inc.*		16,458		203

CPI Card Group, Inc.*		1,419		25

Eastman Kodak Co.*		25,974		129

Immersion Corp.		13,960		104

Intevac, Inc.*		11,604		45

IonQ, Inc.*		70,822		708

Super Micro Computer, Inc.*		21,891		22,111

Turtle Beach Corp.*		6,921		119

Xerox Holdings Corp.		50,747		908

				24,411

Textiles, Apparel & Luxury Goods – 0.5%

Allbirds, Inc., Class A*		31,862		22

Figs, Inc., Class A*		56,379		281

Fossil Group, Inc.*		13,083		13

G-III Apparel Group Ltd.*		17,942		521

Hanesbrands, Inc.*		151,920		881

Kontoor Brands, Inc.		24,237		1,460

Movado Group, Inc.		6,652		186

Oxford Industries, Inc.		6,417		721

Rocky Brands, Inc.		2,741		75

Steven Madden Ltd.		31,960		1,351

Vera Bradley, Inc.*		11,595		79

Wolverine World Wide, Inc.		34,081		382

				5,972

Tobacco – 0.1%

Ispire Technology, Inc.*		6,417		39

Turning Point Brands, Inc.		7,213		212

Universal Corp.		10,350		535

Vector Group Ltd.		62,220		682

				1,468

Trading Companies & Distributors – 2.1%

Alta Equipment Group, Inc.		9,399		122

Applied Industrial Technologies, Inc.		16,623		3,284

Beacon Roofing Supply, Inc.*		27,198		2,666

BlueLinx Holdings, Inc.*		3,673		478

Boise Cascade Co.		17,116		2,625

Custom Truck One Source, Inc.*		25,285		147

Distribution Solutions Group, Inc.*		4,411		157

DNOW, Inc.*		45,387		690

DXP Enterprises, Inc.*		5,688		306

EVI Industries, Inc.		2,715		68

FTAI Aviation Ltd.		42,886		2,886



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 97.0% continued

Trading Companies & Distributors – 2.1% continued

GATX Corp.		15,336		$2,055

Global Industrial Co.		5,724		256

GMS, Inc.*		17,268		1,681

H&E Equipment Services, Inc.		13,821		887

Herc Holdings, Inc.		12,180		2,050

Hudson Technologies, Inc.*		19,026		209

Karat Packaging, Inc.		2,996		86

McGrath RentCorp		10,644		1,313

MRC Global, Inc.*		35,953		452

Rush Enterprises, Inc., Class A		26,156		1,400

Rush Enterprises, Inc., Class B		3,957		211

Titan Machinery, Inc.*		9,143		227

Transcat, Inc.*		3,513		391

Willis Lease Finance Corp.*		1,313		65

Xometry, Inc., Class A*		14,217		240

				24,952

Water Utilities – 0.4%

American States Water Co.		16,046		1,159

Artesian Resources Corp., Class A		3,748		139

Cadiz, Inc.*		14,878		43

California Water Service Group		25,025		1,163

Consolidated Water Co. Ltd.		6,528		191

Global Water Resources, Inc.		4,396		57

Middlesex Water Co.		7,475		392

Pure Cycle Corp.*		9,649		92

SJW Group		13,862		785

York Water (The) Co.		6,322		229

				4,250

Wireless Telecommunication Services – 0.1%

Gogo, Inc.*		29,323		258

Spok Holdings, Inc.		7,714		123

Telephone and Data Systems, Inc.		43,017		689

				1,070

Total Common Stocks

(Cost $693,632)				1,147,735



RIGHTS – 0.0%

Biotechnology – 0.0%

Aduro Biotech, Inc. (Contingent Value Rights)⁽¹⁾ *		7,412		—

Cartesian Therapeutics, Inc. (Contingent Value Rights)⁽¹⁾ *		50,322		—

Chinook Therapeutics, Inc. (Contingent Value Rights)^(1) (2) *		26,398		—

NUMBER
OF SHARES

VALUE
(000S)

RIGHTS - 0.0% continued

Biotechnology – 0.0% continued

Oncternal Therapeutics, Inc. (Contingent Value Rights)^(1) (2) *

398

$—

Tobira Therapeutics, Inc. (Contingent Value Rights)^(1) (2) *

5,175

—

Oil, Gas & Consumable Fuels – 0.0%

Empire Petroleum Corp.⁽¹⁾*

5,664

—

Total Rights

(Cost $40)

—

OTHER – 0.0%

Escrow DLB Oil & Gas, Inc.⁽¹⁾*

1,200

—

Escrow Petrocorp, Inc.⁽¹⁾*

420

—

Total Other

(Cost $—)

—

INVESTMENT COMPANIES – 2.6%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽³⁾⁽⁴⁾

30,995,941

30,996

Total Investment Companies

(Cost $30,996)

30,996

PRINCIPAL
AMOUNT
(000S)

VALUE

(000S)

SHORT-TERM INVESTMENTS – 0.2%

U.S. Treasury Bill,
5.23%, 4/11/24⁽⁵⁾⁽⁶⁾

$2,070

$2,067

Total Short-Term Investments

(Cost $2,067)

2,067

Total Investments – 99.8%

(Cost $726,735)

1,180,798

Other Assets less Liabilities – 0.2%

2,661

NET ASSETS – 100.0%

$1,183,459

⁽¹⁾

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

⁽²⁾

Restricted security that has been deemed illiquid. At March 31, 2024, 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)

Chinook Therapeutics, Inc. (Contingent Value Rights)	8/14/23		$	—

Oncternal Therapeutics, Inc. (Contingent Value Rights)	6/10/19			—

Tobira Therapeutics, Inc. (Contingent Value Rights)	11/2/16			40

⁽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, 2024 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:

REIT - Real Estate Investment Trust

Percentages shown are based on Net Assets.

At March 31, 2024, 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	330	$35,407	Long	6/24	$726

⁽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, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Common Stocks		97.0	%

Rights		0.0	%

Other		0.0	%

Investment Companies		2.6	%

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⁽¹⁾		$	1,147,735		$	—		$—		$	1,147,735

Rights⁽¹⁾			—			—		—			—

Investment Companies			30,996			—		—			30,996

Short-Term Investments			—			2,067		—			2,067

Total Investments		$	1,178,731		$	2,067		$—		$	1,180,798
OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts		$	726		$	—		$—		$	726

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.0%

Aerospace & Defense – 1.0%

AAR Corp.*		44,682		$2,675

Moog, Inc., Class A		50,351		8,039

Triumph Group, Inc.*		7,838		118

				10,832

Automobile Components – 1.3%

Adient PLC*		97,991		3,226

American Axle & Manufacturing Holdings, Inc.*		12,078		89

Dana, Inc.		31,066		394

Goodyear Tire & Rubber (The) Co.*		269,312		3,698

Modine Manufacturing Co.*		38,508		3,665

Standard Motor Products, Inc.		96,710		3,245

				14,317

Banks – 16.2%

Amalgamated Financial Corp.		37,183		892

Atlantic Union Bankshares Corp.		107,032		3,779

Axos Financial, Inc.*		119,547		6,460

BancFirst Corp.		73,205		6,444

Bancorp (The), Inc.*		66,589		2,228

Banner Corp.		46,036		2,210

Berkshire Hills Bancorp, Inc.		51,341		1,177

Brookline Bancorp, Inc.		124,590		1,241

Cadence Bank		155,767		4,517

Cathay General Bancorp		145,279		5,496

Central Pacific Financial Corp.		56,018		1,106

City Holding Co.		77,889		8,118

Civista Bancshares, Inc.		18,803		289

CNB Financial Corp.		24,226		494

Community Trust Bancorp, Inc.		102,347		4,365

ConnectOne Bancorp, Inc.		41,967		818

Customers Bancorp, Inc.*		12,619		670

CVB Financial Corp.		154,081		2,749

Dime Community Bancshares, Inc.		20,877		402

Financial Institutions, Inc.		45,720		860

First BanCorp (New York Exchange)		590,525		10,358

First Business Financial Services, Inc.		21,838		819

First Commonwealth Financial Corp.		197,055		2,743

First Financial Bancorp		155,687		3,491

First Financial Corp.		25,927		994

First Hawaiian, Inc.		13,429		295

First Merchants Corp.		72,758		2,539

Fulton Financial Corp.		153,088		2,433

Glacier Bancorp, Inc.		41,581		1,675

Hancock Whitney Corp.		103,252		4,754



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Banks – 16.2% continued

Heritage Financial Corp.		50,871		$986

Home BancShares, Inc.		280,713		6,897

Horizon Bancorp, Inc.		46,310		594

Independent Bank Corp.		111,627		5,807

Independent Bank Corp. (NASDAQ Exchange)		25,625		650

International Bancshares Corp.		100,478		5,641

Lakeland Bancorp, Inc.		201,944		2,444

Lakeland Financial Corp.		98,423		6,527

Mercantile Bank Corp.		18,832		725

Metropolitan Bank Holding Corp.*		8,776		338

NBT Bancorp, Inc.		156,736		5,749

OFG Bancorp		92,018		3,387

Old Second Bancorp, Inc.		31,724		439

Pacific Premier Bancorp, Inc.		97,091		2,330

Park National Corp.		25,023		3,399

Peapack-Gladstone Financial Corp.		23,935		582

Preferred Bank		26,577		2,040

Premier Financial Corp.		22,231		451

Renasant Corp.		67,883		2,126

S&T Bancorp, Inc.		4,112		132

Sandy Spring Bancorp, Inc.		69,514		1,611

Sierra Bancorp		85,866		1,735

Southern Missouri Bancorp, Inc.		10,949		479

SouthState Corp.		76,852		6,535

Summit Financial Group, Inc.		15,411		419

Texas Capital Bancshares, Inc.*		41,625		2,562

TriCo Bancshares		93,946		3,455

TrustCo Bank Corp. NY		39,215		1,104

Trustmark Corp.		117,153		3,293

United Community Banks, Inc.		226,728		5,968

Univest Financial Corp.		50,644		1,054

Veritex Holdings, Inc.		54,914		1,125

WaFd, Inc.		164,685		4,781

WesBanco, Inc.		116,948		3,486

WSFS Financial Corp.		129,836		5,861

				179,128

Biotechnology – 2.4%

4D Molecular Therapeutics, Inc.*		12,964		413

ADMA Biologics, Inc.*		23,434		155

Agios Pharmaceuticals, Inc.*		35,866		1,049

Akero Therapeutics, Inc.*		29,046		734

Arcellx, Inc.*		5,060		352

Arcturus Therapeutics Holdings, Inc.*		13,154		444



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Biotechnology – 2.4% continued

Ardelyx, Inc.*		23,957		$175

Bluebird Bio, Inc.*		41,477		53

Bridgebio Pharma, Inc.*		62,561		1,934

Caribou Biosciences, Inc.*		23,918		123

Catalyst Pharmaceuticals, Inc.*		205,424		3,274

Celldex Therapeutics, Inc.*		6,022		253

Chimerix, Inc.*		358,565		380

Cogent Biosciences, Inc.*		8,931		60

Crinetics Pharmaceuticals, Inc.*		5,697		267

Cytokinetics, Inc.*		53,226		3,732

Editas Medicine, Inc.*		35,684		265

Geron Corp.*		48,737		161

Ideaya Biosciences, Inc.*		34,519		1,515

Intellia Therapeutics, Inc.*		38,720		1,065

iTeos Therapeutics, Inc.*		3,823		52

Janux Therapeutics, Inc.*		16,306		614

KalVista Pharmaceuticals, Inc.*		16,921		201

Kiniksa Pharmaceuticals Ltd., Class A*		12,574		248

Kura Oncology, Inc.*		8,412		179

MacroGenics, Inc.*		154,467		2,274

Myriad Genetics, Inc.*		26,267		560

Nurix Therapeutics, Inc.*		18,493		272

Nuvalent, Inc., Class A*		20,029		1,504

PDL BioPharma, Inc.⁽¹⁾*		1,029,654		1,225

REGENXBIO, Inc.*		10,100		213

Rhythm Pharmaceuticals, Inc.*		7,129		309

Rocket Pharmaceuticals, Inc.*		8,673		233

Twist Bioscience Corp.*		22,275		764

Tyra Biosciences, Inc.*		16,589		272

Veracyte, Inc.*		7,636		169

Verve Therapeutics, Inc.*		24,140		320

Xencor, Inc.*		36,456		807

				26,620

Building Products – 0.7%

American Woodmark Corp.*		1,753		178

JELD-WEN Holding, Inc.*		8,960		191

UFP Industries, Inc.		63,655		7,830

				8,199

Capital Markets – 0.3%

BGC Group, Inc., Class A		35,688		277

Brightsphere Investment Group, Inc.		4,368		100

Donnelley Financial Solutions, Inc.*		39,359		2,441

				2,818



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Chemicals – 2.1%

AdvanSix, Inc.		2,906		$83

Ecovyst, Inc.*		12,669		141

Innospec, Inc.		77,790		10,030

Mativ Holdings, Inc.		11,007		206

Minerals Technologies, Inc.		96,368		7,255

Sensient Technologies Corp.		70,366		4,869

Tronox Holdings PLC		16,525		287

				22,871

Commercial Services & Supplies – 1.1%

ABM Industries, Inc.		95,224		4,249

Ennis, Inc.		54,805		1,124

GEO Group (The), Inc.*		13,089		185

NL Industries, Inc.		30,797		226

UniFirst Corp.		35,456		6,149

				11,933

Communications Equipment – 0.3%

Digi International, Inc.*		93,721		2,992

Construction & Engineering – 2.2%

Arcosa, Inc.		86,434		7,421

EMCOR Group, Inc.		35,948		12,589

Granite Construction, Inc.		4,610		264

Sterling Infrastructure, Inc.*		32,846		3,623

				23,897

Construction Materials – 1.0%

Summit Materials, Inc., Class A*		252,745		11,265

Consumer Finance – 2.0%

Encore Capital Group, Inc.*		97,982		4,469

Enova International, Inc.*		82,652		5,193

Navient Corp.		204,546		3,559

Nelnet, Inc., Class A		58,208		5,509

PROG Holdings, Inc.		33,349		1,149

Regional Management Corp.		12,965		314

World Acceptance Corp.*		15,864		2,300

				22,493

Consumer Staples Distribution & Retail – 1.4%

Andersons (The), Inc.		212,060		12,166

Ingles Markets, Inc., Class A		36,938		2,832

				14,998

Containers & Packaging – 0.0%

O-I Glass, Inc.*		16,275		270

Pactiv Evergreen, Inc.		18,797		269

				539


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Diversified Real Estate Investment Trusts – 1.2%

American Assets Trust, Inc.		103,995		$2,279

Broadstone Net Lease, Inc.		104,443		1,637

Empire State Realty Trust, Inc., Class A		279,849		2,835

Essential Properties Realty Trust, Inc.		173,079		4,614

One Liberty Properties, Inc.		104,136		2,352

				13,717

Diversified Telecommunication Services – 0.3%

Bandwidth, Inc., Class A*		9,198		168

IDT Corp., Class B		2,525		95

Iridium Communications, Inc.		120,490		3,152

				3,415

Electric Utilities – 1.0%

Otter Tail Corp.		132,373		11,437

Electrical Equipment – 2.1%

Encore Wire Corp.		60,852		15,991

EnerSys		63,103		5,961

Preformed Line Products Co.		8,467		1,089

Thermon Group Holdings, Inc.*		3,533		115

				23,156

Electronic Equipment, Instruments & Components – 3.2%

Insight Enterprises, Inc.*		59,646		11,066

PC Connection, Inc.		164,588		10,851

Sanmina Corp.*		121,552		7,558

Vishay Intertechnology, Inc.		257,286		5,835

				35,310

Energy Equipment & Services – 1.5%

Archrock, Inc.		160,721		3,161

DMC Global, Inc.*		5,989		117

Helmerich & Payne, Inc.		95,458		4,015

Liberty Energy, Inc.		72,160		1,495

Nabors Industries Ltd.*		2,962		255

Newpark Resources, Inc.*		302,755		2,186

Oil States International, Inc.*		44,504		274

Patterson-UTI Energy, Inc.		123,104		1,470

ProFrac Holding Corp., Class A*		48,755		408

ProPetro Holding Corp.*		271,556		2,194

RPC, Inc.		87,921		681

Solaris Oilfield Infrastructure, Inc., Class A		9,851		85

U.S. Silica Holdings, Inc.*		23,216		288

				16,629


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Financial Services – 2.6%

Alerus Financial Corp.		18,283		$399

Finance of America Cos., Inc., Class A*		55,177		40

Merchants Bancorp		4,559		197

Mr Cooper Group, Inc.*		97,304		7,585

Pagseguro Digital Ltd., Class A*		22,052		315

PennyMac Financial Services, Inc.		83,827		7,636

Radian Group, Inc.		250,765		8,393

Walker & Dunlop, Inc.		40,319		4,075

				28,640

Food Products – 0.1%

Adecoagro S.A.		11,301		125

Seneca Foods Corp., Class A*		8,036		457

				582

Ground Transportation – 1.3%

ArcBest Corp.		102,491		14,605

Universal Logistics Holdings, Inc.		2,773		102

				14,707

Health Care Equipment & Supplies – 1.0%

Artivion, Inc.*		5,156		109

Avanos Medical, Inc.*		10,846		216

Lantheus Holdings, Inc.*		68,918		4,289

LivaNova PLC*		12,486		699

Neogen Corp.*		281,796		4,447

Varex Imaging Corp.*		49,951		904

Zimvie, Inc.*		54,160		893

				11,557

Health Care Providers & Services – 2.3%

Accolade, Inc.*		61,410		644

AdaptHealth Corp.*		14,206		163

ATI Physical Therapy, Inc.⁽²⁾*		1		—

Brookdale Senior Living, Inc.*		93,206		616

Castle Biosciences, Inc.*		6,182		137

Community Health Systems, Inc.*		52,509		184

Cross Country Healthcare, Inc.*		7,956		149

Fulgent Genetics, Inc.*		6,899		150

Innovage Holding Corp.*		146,741		652

LifeStance Health Group, Inc.*		125,192		772

National HealthCare Corp.		48,237		4,559

NeoGenomics, Inc.*		147,553		2,320

OPKO Health, Inc.*		301,165		361

Option Care Health, Inc.*		140,370		4,708

Owens & Minor, Inc.*		81,821		2,267

Patterson Cos., Inc.		189,781		5,247


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Health Care Providers & Services – 2.3% continued

PetIQ, Inc.*		6,849		$125

Premier, Inc., Class A		15,181		335

Select Medical Holdings Corp.		29,643		894

Surgery Partners, Inc.*		24,835		741

				25,024

Health Care Real Estate Investment Trusts – 0.8%

CareTrust REIT, Inc.		149,515		3,644

National Health Investors, Inc.		80,649		5,067

				8,711

Health Care Technology – 0.5%

Evolent Health, Inc., Class A*		76,467		2,508

Multiplan Corp.*		81,706		66

TruBridge, Inc.*		15,272		141

Veradigm, Inc.*		306,383		2,359

				5,074

Hotel & Resort Real Estate Investment Trusts – 1.9%

Apple Hospitality REIT, Inc.		121,082		1,983

Chatham Lodging Trust		32,971		333

DiamondRock Hospitality Co.		341,946		3,286

RLJ Lodging Trust		107,508		1,271

Ryman Hospitality Properties, Inc.		49,262		5,695

Service Properties Trust		293,878		1,993

Summit Hotel Properties, Inc.		72,210		470

Sunstone Hotel Investors, Inc.		376,865		4,198

Xenia Hotels & Resorts, Inc.		88,908		1,335

				20,564

Hotels, Restaurants & Leisure – 0.6%

Brinker International, Inc.*		6,225		310

International Game Technology PLC		161,717		3,653

Life Time Group Holdings, Inc.*		20,563		319

RCI Hospitality Holdings, Inc.		9,654		560

Red Rock Resorts, Inc., Class A		29,674		1,775

				6,617

Household Durables – 6.2%

Beazer Homes U.S.A., Inc.*		129,889		4,261

Century Communities, Inc.		59,906		5,781

Ethan Allen Interiors, Inc.		125,115		4,325

Hooker Furnishings Corp.		68,403		1,642

KB Home		124,113		8,797

M/I Homes, Inc.*		32,668		4,452

Meritage Homes Corp.		57,986		10,174

Taylor Morrison Home Corp.*		219,845		13,668


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Household Durables – 6.2% continued

Tri Pointe Homes, Inc.*		398,850		$15,420

Worthington Enterprises, Inc.		5,241		326

				68,846

Industrial Real Estate Investment Trusts – 1.1%

Innovative Industrial Properties, Inc.		42,035		4,352

LXP Industrial Trust		193,133		1,742

Terreno Realty Corp.		96,960		6,438

				12,532

Insurance – 4.6%

American Equity Investment Life Holding Co.*		308,905		17,367

CNO Financial Group, Inc.		444,449		12,214

Employers Holdings, Inc.		196,044		8,898

Genworth Financial, Inc., Class A*		477,234		3,069

James River Group Holdings Ltd.		4,025		37

Selective Insurance Group, Inc.		64,335		7,023

Stewart Information Services Corp.		27,942		1,818

				50,426

Interactive Media & Services – 0.0%

Cars.com, Inc.*		7,023		120

DHI Group, Inc.*		56,746		145

				265

Leisure Products – 0.8%

Acushnet Holdings Corp.		66,950		4,415

Topgolf Callaway Brands Corp.*		136,718		2,211

Vista Outdoor, Inc.*		61,180		2,006

				8,632

Life Sciences Tools & Services – 0.2%

BioLife Solutions, Inc.*		5,460		101

CryoPort, Inc.*		127		2

Harvard Bioscience, Inc.*		42,425		180

Nautilus Biotechnology, Inc.*		48,671		143

Omniab, Inc.⁽¹⁾*		6,939		—

Omniab, Inc. (NASDAQ Exchange)⁽¹⁾*		6,939		—

Pacific Biosciences of California, Inc.*		221,461		831

Quanterix Corp.*		18,525		436

Standard BioTools, Inc.*		103,312		280

				1,973

Machinery – 2.1%

Alamo Group, Inc.		19,975		4,561

Barnes Group, Inc.		86,745		3,222

Chart Industries, Inc.*		17,950		2,957


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Machinery – 2.1% continued

Enpro, Inc.		7,659		$1,293

Kennametal, Inc.		8,491		212

Standex International Corp.		57,818		10,536

Terex Corp.		7,117		458

Wabash National Corp.		5,026		150

				23,389

Marine Transportation – 0.6%

Costamare, Inc.		74,992		851

Golden Ocean Group Ltd.		21,138		274

Matson, Inc.		43,180		4,853

Star Bulk Carriers Corp.		10,847		259

				6,237

Media – 1.4%

PubMatic, Inc., Class A*		4,500		107

Scholastic Corp.		93,349		3,520

Sinclair, Inc.		4,139		56

Stagwell, Inc.*		288		2

TEGNA, Inc.		758,124		11,326

Thryv Holdings, Inc.*		3,634		81

				15,092

Metals & Mining – 2.9%

Alpha Metallurgical Resources, Inc.		1,526		505

Arch Resources, Inc.		1,968		317

Carpenter Technology Corp.		5,114		365

Commercial Metals Co.		313,599		18,430

Ferroglobe PLC		19,762		99

Materion Corp.		46,186		6,085

Radius Recycling, Inc.		51,223		1,082

Ryerson Holding Corp.		44,098		1,477

Warrior Met Coal, Inc.		60,473		3,671

Worthington Steel, Inc.		5,241		188

				32,219

Mortgage Real Estate Investment Trusts – 0.7%

Blackstone Mortgage Trust, Inc., Class A		167,796		3,341

Hannon Armstrong Sustainable Infrastructure Capital, Inc.		25,698		730

Ladder Capital Corp.		283,384		3,154

				7,225

Multi-Utilities – 0.3%

Northwestern Energy Group, Inc.		63,213		3,219

Office Real Estate Investment Trusts – 0.6%

Brandywine Realty Trust		115,897		556


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Office Real Estate Investment Trusts – 0.6% continued

COPT Defense Properties		70,940		$1,715

Equity Commonwealth*		167,102		3,155

Paramount Group, Inc.		146,729		688

Piedmont Office Realty Trust, Inc., Class A		83,521		587

				6,701

Oil, Gas & Consumable Fuels – 8.5%

Amplify Energy Corp.*		27,140		179

Ardmore Shipping Corp.		17,804		292

Berry Corp.		223,189		1,797

California Resources Corp.		112,136		6,179

Callon Petroleum Co.*		42,907		1,534

Civitas Resources, Inc.		124,129		9,423

Clean Energy Fuels Corp.*		212,580		570

CNX Resources Corp.*		227,309		5,392

Comstock Resources, Inc.		85,096		790

CONSOL Energy, Inc.		14,319		1,199

Delek U.S. Holdings, Inc.		97,929		3,010

DHT Holdings, Inc.		521,626		5,999

Dorian LPG Ltd.		4,254		164

Green Plains, Inc.*		141,954		3,282

Hallador Energy Co.*		13,654		73

Kinetik Holdings, Inc.		15,044		600

Matador Resources Co.		125,370		8,371

Murphy Oil Corp.		145,394		6,644

Nordic American Tankers Ltd.		22,014		86

Northern Oil & Gas, Inc.		28,181		1,118

Overseas Shipholding Group, Inc., Class A		23,998		154

Par Pacific Holdings, Inc.*		24,856		921

PBF Energy, Inc., Class A		92,604		5,331

Peabody Energy Corp.		294,182		7,137

Permian Resources Corp.		361,429		6,383

REX American Resources Corp.*		30,294		1,779

Riley Exploration Permian, Inc.		8,317		274

Ring Energy, Inc.*		59,839		117

Scorpio Tankers, Inc.		63,782		4,564

SM Energy Co.		85,535		4,264

Talos Energy, Inc.*		25,319		353

Teekay Corp.*		39,571		288

Teekay Tankers Ltd., Class A		70,562		4,121

Uranium Energy Corp.*		115,112		777


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Oil, Gas & Consumable Fuels – 8.5% continued

Vital Energy, Inc.*		5,156		$271

W&T Offshore, Inc.		101,999		270

				93,706

Pharmaceuticals – 1.4%

Amneal Pharmaceuticals, Inc.*		95,294		577

Amphastar Pharmaceuticals, Inc.*		6,214		273

ANI Pharmaceuticals, Inc.*		4,075		282

Fulcrum Therapeutics, Inc.*		24,073		227

Intra-Cellular Therapies, Inc.*		43,655		3,021

Ligand Pharmaceuticals, Inc.*		17,097		1,250

Phibro Animal Health Corp., Class A		7,322		95

Prestige Consumer Healthcare, Inc.*		109,076		7,914

Supernus Pharmaceuticals, Inc.*		61,059		2,083

Theravance Biopharma, Inc.*		14,705		132

				15,854

Professional Services – 1.2%

Barrett Business Services, Inc.		19,725		2,499

ICF International, Inc.		48,245		7,267

Korn Ferry		56,275		3,701

				13,467

Real Estate Management & Development – 0.2%

Marcus & Millichap, Inc.		25,098		858

Newmark Group, Inc., Class A		103,499		1,148

RMR Group (The), Inc., Class A		4,842		116

				2,122

Residential Real Estate Investment Trusts – 0.2%

BRT Apartments Corp.		26,143		439

Veris Residential, Inc.		150,760		2,293

				2,732

Retail Real Estate Investment Trusts – 1.6%

Getty Realty Corp.		61,154		1,672

Kimco Realty Corp.		86,435		1,695

Kite Realty Group Trust		220,142		4,773

Phillips Edison & Co., Inc.		90,434		3,244

SITE Centers Corp.		271,811		3,982

Urban Edge Properties		121,934		2,106

Whitestone REIT		47,804		600

				18,072

Semiconductors & Semiconductor Equipment – 3.7%

Amkor Technology, Inc.		343,807		11,084

Diodes, Inc.*		54,587		3,849

Onto Innovation, Inc.*		42,107		7,625


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.0% continued

Semiconductors & Semiconductor Equipment – 3.7% continued

Photronics, Inc.*		308,451		$8,735

Rambus, Inc.*		161,734		9,997

				41,290

Specialized Real Estate Investment Trusts – 0.4%

Farmland Partners, Inc.		31,919		354

PotlatchDeltic Corp.		85,356		4,014

				4,368

Specialty Retail – 3.1%

Aaron’s (The) Co., Inc.		54,136		406

American Eagle Outfitters, Inc.		19,759		510

Buckle (The), Inc.		52,078		2,097

Destination XL Group, Inc.*		24,408		88

Foot Locker, Inc.		9,840		280

Genesco, Inc.*		5,633		159

Group 1 Automotive, Inc.		31,969		9,342

Guess?, Inc.		5,741		181

Haverty Furniture Cos., Inc.		120,198		4,101

Lands’ End, Inc.*		34,607		377

ODP (The) Corp.*		133,832		7,100

Shoe Carnival, Inc.		113,986		4,176

Signet Jewelers Ltd.		4,791		479

Sleep Number Corp.*		8,576		137

Sonic Automotive, Inc., Class A		82,623		4,705

Torrid Holdings, Inc.*		40,470		198

				34,336

Textiles, Apparel & Luxury Goods – 0.3%

Figs, Inc., Class A*		100,253		499

Movado Group, Inc.		73,881		2,064

Rocky Brands, Inc.		7,164		194

				2,757

Trading Companies & Distributors – 3.5%

Beacon Roofing Supply, Inc.*		43,042		4,219

BlueLinx Holdings, Inc.*		958		125

Boise Cascade Co.		102,510		15,722

DNOW, Inc.*		11,644		177

DXP Enterprises, Inc.*		68,068		3,657

GATX Corp.		44,421		5,953

GMS, Inc.*		49,002		4,770

Rush Enterprises, Inc., Class A		80,732		4,321

				38,944

NUMBER
OF SHARES

VALUE
(000S)

COMMON STOCKS - 98.0% continued

Wireless Telecommunication Services – 0.0%

Gogo, Inc.*

13,419

$118

Total Common Stocks

(Cost $507,659)

1,082,564

RIGHTS – 0.0%

Biotechnology – 0.0%

Chinook Therapeutics, Inc. (Contingent Value Rights)⁽¹⁾ ⁽³⁾ *

89,437

—

Pharmaceuticals – 0.0%

AstraZeneca PLC⁽¹⁾*

28,202

—

Total Rights

(Cost $—)

—

OTHER – 0.0%

Escrow DLB Oil & Gas, Inc.⁽¹⁾*

2,100

—

Escrow Spirit MTA REIT⁽¹⁾*

17,083

—

Total Other

(Cost $—)

—

NUMBER
OF WARRANTS

VALUE
(000S)

WARRANTS – 0.0%

Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67*

6,861

$56

Total Warrants

(Cost $—)

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 1.8%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽⁴⁾⁽⁵⁾

20,375,445

$20,375

Total Investment Companies

(Cost $20,375)

20,375

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill,

5.28%, 4/11/24⁽⁶⁾⁽⁷⁾

$1,285

$1,283

Total Short-Term Investments

(Cost $1,283)

1,283

Total Investments – 99.9%

(Cost $529,317)

1,104,278

Other Assets less Liabilities – 0.1%

744

NET ASSETS – 100.0%

$1,105,022

⁽¹⁾

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

⁽²⁾

Value rounds to less than one thousand.

⁽³⁾

Restricted security that has been deemed illiquid. At March 31, 2024, 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)

Chinook Therapeutics, Inc. (Contingent Value Rights)	8/14/23	$—

⁽⁴⁾

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

⁽⁵⁾

7-day current yield as of March 31, 2024 is disclosed.

⁽⁶⁾

Discount rate at the time of purchase.

⁽⁷⁾

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, 2024, 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		167		$	17,918		Long		6/24		$	369

E-Mini S&P 500		16			4,247		Long		6/24			81

Total											$	450

⁽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, 2024, the security types for the Fund were:


SECURITY TYPE⁽¹⁾		% OF NET ASSETS

Common Stocks		98.0%

Rights		0.0%

Other		0.0%

Warrants		0.0%

Investment Companies		1.8%

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:

Biotechnology	$	25,395	$	—	$	1,225	$	26,620

All Other Industries⁽¹⁾		1,055,944		—		—		1,055,944

Total Common Stocks		1,081,339		—		1,225		1,082,564
Warrants		56		—		—		56

Investment Companies		20,375		—		—		20,375

Short-Term Investments		—		1,283		—		1,283

Total Investments	$	1,101,770	$	1,283	$	1,225	$	1,104,278


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 98.4%

Aerospace & Defense – 1.5%

Axon Enterprise, Inc.*		20,281		$6,345

Boeing (The) Co.*		170,462		32,897

General Dynamics Corp.		66,690		18,839

Howmet Aerospace, Inc.		113,149		7,743

Huntington Ingalls Industries, Inc.		12,421		3,620

L3Harris Technologies, Inc.		55,995		11,933

Lockheed Martin Corp.		64,277		29,238

Northrop Grumman Corp.		41,967		20,088

RTX Corp.		395,959		38,618

Textron, Inc.		60,294		5,784

TransDigm Group, Inc.		16,339		20,123

				195,228

Air Freight & Logistics – 0.4%

C.H. Robinson Worldwide, Inc.		32,051		2,440

Expeditors International of Washington, Inc.		44,575		5,419

FedEx Corp.		68,999		19,992

United Parcel Service, Inc., Class B		215,896		32,089

				59,940

Automobile Components – 0.1%

Aptiv PLC*		80,345		6,400

BorgWarner, Inc.		62,218		2,161

				8,561

Automobiles – 1.3%

Ford Motor Co.		1,142,261		15,169

General Motors Co.		347,593		15,763

Tesla, Inc.*		823,447		144,754

				175,686

Banks – 3.3%

Bank of America Corp.		2,038,010		77,281

Citigroup, Inc.		563,785		35,654

Citizens Financial Group, Inc.		132,654		4,814

Comerica, Inc.		40,643		2,235

Fifth Third Bancorp		207,458		7,720

Huntington Bancshares, Inc.		415,378		5,795

JPMorgan Chase & Co.		858,285		171,915

KeyCorp		277,379		4,385

M&T Bank Corp.		48,009		6,982

PNC Financial Services Group (The), Inc.		116,844		18,882

Regions Financial Corp.		265,517		5,586

Truist Financial Corp.		394,970		15,396


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Banks – 3.3% continued

U.S. Bancorp		457,825		$20,465

Wells Fargo & Co.		1,071,503		62,104

				439,214

Beverages – 1.4%

Brown-Forman Corp., Class B		50,085		2,585

Coca-Cola (The) Co.		1,151,637		70,457

Constellation Brands, Inc., Class A		48,486		13,176

Keurig Dr. Pepper, Inc.		302,468		9,277

Molson Coors Beverage Co., Class B		57,690		3,880

Monster Beverage Corp.*		222,198		13,172

PepsiCo, Inc.		406,742		71,184

				183,731

Biotechnology – 1.9%

AbbVie, Inc.		522,928		95,225

Amgen, Inc.		158,552		45,079

Biogen, Inc.*		42,149		9,089

Gilead Sciences, Inc.		367,216		26,899

Incyte Corp.*		51,928		2,958

Moderna, Inc.*		100,214		10,679

Regeneron Pharmaceuticals, Inc.*		31,555		30,371

Vertex Pharmaceuticals, Inc.*		76,897		32,144

				252,444

Broadline Retail – 3.8%

Amazon.com, Inc.*		2,711,866		489,166

eBay, Inc.		157,859		8,332

Etsy, Inc.*		32,816		2,255

				499,753

Building Products – 0.5%

A.O. Smith Corp.		38,427		3,438

Allegion PLC		24,593		3,313

Builders FirstSource, Inc.*		35,634		7,431

Carrier Global Corp.		246,305		14,318

Johnson Controls International PLC		202,758		13,244

Masco Corp.		63,933		5,043

Trane Technologies PLC		68,214		20,478

				67,265

Capital Markets – 2.8%

Ameriprise Financial, Inc.		30,210		13,245

Bank of New York Mellon (The) Corp.		228,900		13,189

BlackRock, Inc.		41,694		34,760

Blackstone, Inc.		211,929		27,841

Cboe Global Markets, Inc.		32,289		5,933


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Capital Markets – 2.8% continued

Charles Schwab (The) Corp.		438,769		$31,741

CME Group, Inc.		107,494		23,142

FactSet Research Systems, Inc.		10,899		4,952

Franklin Resources, Inc.		82,093		2,308

Goldman Sachs Group (The), Inc.		97,194		40,597

Intercontinental Exchange, Inc.		168,908		23,213

Invesco Ltd.		120,921		2,006

MarketAxess Holdings, Inc.		10,376		2,275

Moody’s Corp.		47,128		18,523

Morgan Stanley		374,057		35,221

MSCI, Inc.		23,271		13,042

Nasdaq, Inc.		112,776		7,116

Northern Trust Corp.⁽¹⁾		58,476		5,200

Raymond James Financial, Inc.		54,368		6,982

S&P Global, Inc.		95,814		40,764

State Street Corp.		92,030		7,116

T. Rowe Price Group, Inc.		66,445		8,101

				367,267

Chemicals – 1.5%

Air Products and Chemicals, Inc.		65,183		15,792

Albemarle Corp.		33,545		4,419

Celanese Corp.		30,093		5,172

CF Industries Holdings, Inc.		57,281		4,766

Corteva, Inc.		204,755		11,808

Dow, Inc.		211,811		12,270

DuPont de Nemours, Inc.		130,355		9,994

Eastman Chemical Co.		36,928		3,701

Ecolab, Inc.		76,156		17,584

FMC Corp.		40,075		2,553

International Flavors & Fragrances, Inc.		73,370		6,309

Linde PLC		144,184		66,948

LyondellBasell Industries N.V., Class A		76,971		7,873

Mosaic (The) Co.		90,799		2,947

PPG Industries, Inc.		69,576		10,082

Sherwin-Williams (The) Co.		70,422		24,460

				206,678

Commercial Services & Supplies – 0.6%

Cintas Corp.		25,884		17,783

Copart, Inc.*		259,234		15,015

Republic Services, Inc.		61,709		11,814

Rollins, Inc.		80,309		3,716


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Commercial Services & Supplies – 0.6% continued

Veralto Corp.		63,454		$5,626

Waste Management, Inc.		109,676		23,377

				77,331

Communications Equipment – 0.8%

Arista Networks, Inc.*		74,524		21,611

Cisco Systems, Inc.		1,202,135		59,999

F5, Inc.*		17,244		3,269

Juniper Networks, Inc.		90,261		3,345

Motorola Solutions, Inc.		49,747		17,659

				105,883

Construction & Engineering – 0.1%

Quanta Services, Inc.		43,776		11,373

Construction Materials – 0.2%

Martin Marietta Materials, Inc.		18,667		11,461

Vulcan Materials Co.		39,610		10,810

				22,271

Consumer Finance – 0.5%

American Express Co.		170,598		38,843

Capital One Financial Corp.		113,049		16,832

Discover Financial Services		75,776		9,934

Synchrony Financial		125,261		5,401

				71,010

Consumer Staples Distribution & Retail – 1.8%

Costco Wholesale Corp.		131,554		96,380

Dollar General Corp.		63,939		9,978

Dollar Tree, Inc.*		60,130		8,006

Kroger (The) Co.		192,922		11,022

Sysco Corp.		150,182		12,192

Target Corp.		138,170		24,485

Walgreens Boots Alliance, Inc.		203,295		4,410

Walmart, Inc.		1,267,309		76,254

				242,727

Containers & Packaging – 0.2%

Amcor PLC		408,469		3,885

Avery Dennison Corp.		24,362		5,439

Ball Corp.		90,609		6,103

International Paper Co.		108,081		4,217

Packaging Corp. of America		25,764		4,890

Westrock Co.		72,119		3,566

				28,100

Distributors – 0.1%

Genuine Parts Co.		40,346		6,251


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Distributors – 0.1% continued

LKQ Corp.		78,751		$4,206

Pool Corp.		11,961		4,826

				15,283

Diversified Telecommunication Services – 0.7%

AT&T, Inc.		2,133,399		37,548

Verizon Communications, Inc.		1,245,350		52,255

				89,803

Electric Utilities – 1.4%

Alliant Energy Corp.		71,747		3,616

American Electric Power Co., Inc.		154,051		13,264

Constellation Energy Corp.		95,947		17,736

Duke Energy Corp.		230,877		22,328

Edison International		111,040		7,854

Entergy Corp.		60,871		6,433

Evergy, Inc.		64,385		3,437

Eversource Energy		100,425		6,002

Exelon Corp.		290,184		10,902

FirstEnergy Corp.		158,410		6,118

NextEra Energy, Inc.		605,533		38,700

NRG Energy, Inc.		66,944		4,531

PG&E Corp.		621,294		10,413

Pinnacle West Capital Corp.		30,908		2,310

PPL Corp.		226,003		6,222

Southern (The) Co.		325,318		23,338

Xcel Energy, Inc.		160,028		8,601

				191,805

Electrical Equipment – 0.7%

AMETEK, Inc.		69,178		12,653

Eaton Corp. PLC		119,138		37,252

Emerson Electric Co.		167,919		19,045

Generac Holdings, Inc.*		16,545		2,087

Hubbell, Inc.		15,935		6,614

Rockwell Automation, Inc.		34,376		10,015

				87,666

Electronic Equipment, Instruments & Components – 0.6%

Amphenol Corp., Class A		178,236		20,560

CDW Corp.		39,431		10,086

Corning, Inc.		225,147		7,421

Jabil, Inc.		36,554		4,896

Keysight Technologies, Inc.*		50,973		7,971

TE Connectivity Ltd.		91,549		13,297

Teledyne Technologies, Inc.*		14,048		6,031


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Electronic Equipment, Instruments & Components – 0.6% continued

Trimble, Inc.*		70,765		$4,554

Zebra Technologies Corp., Class A*		15,925		4,800

				79,616

Energy Equipment & Services – 0.3%

Baker Hughes Co.		290,878		9,744

Halliburton Co.		269,472		10,623

Schlumberger N.V.		419,871		23,013

				43,380

Entertainment – 1.3%

Electronic Arts, Inc.		73,637		9,769

Live Nation Entertainment, Inc.*		40,202		4,252

Netflix, Inc.*		128,760		78,200

Take-Two Interactive Software, Inc.*		47,988		7,126

Walt Disney (The) Co.		543,851		66,546

Warner Bros. Discovery, Inc.*		636,657		5,558

				171,451

Financial Services – 4.2%

Berkshire Hathaway, Inc., Class B*		539,522		226,880

Corpay, Inc.*		21,460		6,621

Fidelity National Information Services, Inc.		173,049		12,837

Fiserv, Inc.*		179,270		28,651

Global Payments, Inc.		78,588		10,504

Jack Henry & Associates, Inc.		20,495		3,561

Mastercard, Inc., Class A		245,277		118,118

PayPal Holdings, Inc.*		320,023		21,438

Visa, Inc., Class A		470,094		131,194

				559,804

Food Products – 0.8%

Archer-Daniels-Midland Co.		155,513		9,768

Bunge Global S.A.		41,044		4,208

Campbell Soup Co.		53,870		2,395

Conagra Brands, Inc.		135,028		4,002

General Mills, Inc.		169,041		11,828

Hershey (The) Co.		43,733		8,506

Hormel Foods Corp.		91,714		3,200

J.M. Smucker (The) Co.		30,175		3,798

Kellanova		74,664		4,277

Kraft Heinz (The) Co.		230,997		8,524

Lamb Weston Holdings, Inc.		44,388		4,729

McCormick & Co., Inc. (Non Voting)		71,805		5,515


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Food Products – 0.8% continued

Mondelez International, Inc., Class A		402,340		$28,164

Tyson Foods, Inc., Class A		88,497		5,197

				104,111

Gas Utilities – 0.0%

Atmos Energy Corp.		46,438		5,520

Ground Transportation – 1.1%

CSX Corp.		591,247		21,918

JB Hunt Transport Services, Inc.		25,076		4,996

Norfolk Southern Corp.		66,295		16,897

Old Dominion Freight Line, Inc.		53,984		11,839

Uber Technologies, Inc.*		608,279		46,831

Union Pacific Corp.		181,505		44,638

				147,119

Health Care Equipment & Supplies – 2.5%

Abbott Laboratories		514,017		58,423

Align Technology, Inc.*		21,513		7,054

Baxter International, Inc.		151,130		6,459

Becton Dickinson & Co.		84,927		21,015

Boston Scientific Corp.*		432,653		29,632

Cooper (The) Cos., Inc.		57,352		5,819

DENTSPLY SIRONA, Inc.		57,090		1,895

Dexcom, Inc.*		115,856		16,069

Edwards Lifesciences Corp.*		177,866		16,997

GE HealthCare Technologies, Inc.		125,692		11,427

Hologic, Inc.*		72,240		5,632

IDEXX Laboratories, Inc.*		24,892		13,440

Insulet Corp.*		19,655		3,369

Intuitive Surgical, Inc.*		104,855		41,847

Medtronic PLC		392,366		34,195

ResMed, Inc.		43,651		8,644

STERIS PLC		28,495		6,406

Stryker Corp.		100,849		36,091

Teleflex, Inc.		13,089		2,960

Zimmer Biomet Holdings, Inc.		60,507		7,986

				335,360

Health Care Providers & Services – 2.6%

Cardinal Health, Inc.		73,873		8,266

Cencora, Inc.		48,956		11,896

Centene Corp.*		156,097		12,250

Cigna Group (The)		86,258		31,328

CVS Health Corp.		370,915		29,584

DaVita, Inc.*		17,385		2,400

Elevance Health, Inc.		70,031		36,314


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Health Care Providers & Services – 2.6% continued

HCA Healthcare, Inc.		59,387		$19,807

Henry Schein, Inc.*		35,951		2,715

Humana, Inc.		35,901		12,448

Laboratory Corp. of America Holdings		25,986		5,677

McKesson Corp.		39,368		21,135

Molina Healthcare, Inc.*		16,843		6,920

Quest Diagnostics, Inc.		32,040		4,265

UnitedHealth Group, Inc.		274,116		135,605

Universal Health Services, Inc., Class B		19,220		3,507

				344,117

Health Care Real Estate Investment Trusts – 0.2%

Healthpeak Properties, Inc.		198,917		3,730

Ventas, Inc.		114,965		5,006

Welltower, Inc.		164,260		15,348

				24,084

Hotel & Resort Real Estate Investment Trusts – 0.0%

Host Hotels & Resorts, Inc.		218,658		4,522

Hotels, Restaurants & Leisure – 2.0%

Airbnb, Inc., Class A*		128,104		21,132

Booking Holdings, Inc.		10,397		37,719

Caesars Entertainment, Inc.*		59,416		2,599

Carnival Corp.*		287,041		4,690

Chipotle Mexican Grill, Inc.*		8,210		23,865

Darden Restaurants, Inc.		36,570		6,113

Domino’s Pizza, Inc.		10,171		5,054

Expedia Group, Inc.*		39,461		5,436

Hilton Worldwide Holdings, Inc.		75,780		16,165

Las Vegas Sands Corp.		111,613		5,770

Marriott International, Inc., Class A		73,962		18,661

McDonald’s Corp.		215,671		60,808

MGM Resorts International*		85,650		4,044

Norwegian Cruise Line Holdings Ltd.*		116,317		2,435

Royal Caribbean Cruises Ltd.*		69,132		9,610

Starbucks Corp.		333,926		30,517

Wynn Resorts Ltd.		30,170		3,084

Yum! Brands, Inc.		84,489		11,714

				269,416

Household Durables – 0.4%

D.R. Horton, Inc.		89,892		14,792

Garmin Ltd.		46,179		6,875

Lennar Corp., Class A		74,529		12,817

Mohawk Industries, Inc.*		14,061		1,840


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Household Durables – 0.4% continued

NVR, Inc.*		944		$7,646

PulteGroup, Inc.		64,689		7,803

				51,773

Household Products – 1.2%

Church & Dwight Co., Inc.		74,341		7,754

Clorox (The) Co.		36,537		5,594

Colgate-Palmolive Co.		243,753		21,950

Kimberly-Clark Corp.		100,433		12,991

Procter & Gamble (The) Co.		697,730		113,207

				161,496

Independent Power & Renewable Electricity Producers – 0.0%

AES (The) Corp.		210,949		3,782

Industrial Conglomerates – 0.9%

3M Co.		166,010		17,609

General Electric Co.		322,461		56,602

Honeywell International, Inc.		194,686		39,959

				114,170

Industrial Real Estate Investment Trusts – 0.3%

Prologis, Inc.		275,676		35,899

Insurance – 2.1%

Aflac, Inc.		158,584		13,616

Allstate (The) Corp.		78,612		13,601

American International Group, Inc.		210,811		16,479

Aon PLC, Class A		59,896		19,989

Arch Capital Group Ltd.*		112,253		10,377

Arthur J. Gallagher & Co.		64,551		16,140

Assurant, Inc.		16,490		3,104

Brown & Brown, Inc.		70,235		6,148

Chubb Ltd.		121,037		31,364

Cincinnati Financial Corp.		44,953		5,582

Everest Group Ltd.		12,473		4,958

Globe Life, Inc.		26,814		3,120

Hartford Financial Services Group (The), Inc.		90,560		9,332

Loews Corp.		54,531		4,269

Marsh & McLennan Cos., Inc.		146,962		30,271

MetLife, Inc.		184,153		13,648

Principal Financial Group, Inc.		67,352		5,813

Progressive (The) Corp.		174,536		36,098

Prudential Financial, Inc.		108,767		12,769

Travelers (The) Cos., Inc.		66,852		15,385


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Insurance – 2.1% continued

W R Berkley Corp.		60,126		$5,318

Willis Towers Watson PLC		31,140		8,564

				285,945

Interactive Media & Services – 6.1%

Alphabet, Inc., Class A*		1,750,420		264,191

Alphabet, Inc., Class C*		1,465,714		223,169

Match Group, Inc.*		74,872		2,716

Meta Platforms, Inc., Class A		653,354		317,256

				807,332

IT Services – 1.1%

Accenture PLC, Class A		186,600		64,677

Akamai Technologies, Inc.*		46,255		5,031

Cognizant Technology Solutions Corp., Class A		150,328		11,017

EPAM Systems, Inc.*		16,805		4,641

Gartner, Inc.*		23,173		11,046

International Business Machines Corp.		270,588		51,671

VeriSign, Inc.*		26,709		5,062

				153,145

Leisure Products – 0.0%

Hasbro, Inc.		42,378		2,395

Life Sciences Tools & Services – 1.4%

Agilent Technologies, Inc.		85,657		12,464

Bio-Rad Laboratories, Inc., Class A*		6,789		2,348

Bio-Techne Corp.		44,029		3,099

Charles River Laboratories

International, Inc.*		14,488		3,926

Danaher Corp.		194,417		48,550

Illumina, Inc.*		48,597		6,673

IQVIA Holdings, Inc.*		54,916		13,888

Mettler-Toledo International, Inc.*		6,526		8,688

Revvity, Inc.		38,415		4,034

Thermo Fisher Scientific, Inc.		114,348		66,460

Waters Corp.*		17,944		6,177

West Pharmaceutical Services, Inc.		22,351		8,844

				185,151

Machinery – 1.8%

Caterpillar, Inc.		151,671		55,577

Cummins, Inc.		40,450		11,919

Deere & Co.		77,805		31,958

Dover Corp.		40,923		7,251

Fortive Corp.		101,859		8,762

IDEX Corp.		21,637		5,280


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Machinery – 1.8% continued

Illinois Tool Works, Inc.		81,441		$21,853

Ingersoll Rand, Inc.		122,283		11,611

Nordson Corp.		15,815		4,342

Otis Worldwide Corp.		122,334		12,144

PACCAR, Inc.		156,904		19,439

Parker-Hannifin Corp.		38,473		21,383

Pentair PLC		49,872		4,261

Snap-on, Inc.		16,281		4,823

Stanley Black & Decker, Inc.		47,631		4,664

Westinghouse Air Brake Technologies Corp.		53,888		7,850

Xylem, Inc.		70,036		9,051

				242,168

Media – 0.6%

Charter Communications, Inc., Class A*		29,970		8,710

Comcast Corp., Class A		1,180,531		51,176

Fox Corp., Class A		64,417		2,014

Fox Corp., Class B		31,903		913

Interpublic Group of (The) Cos., Inc.		107,696		3,514

News Corp., Class A		108,016		2,828

News Corp., Class B		40,064		1,084

Omnicom Group, Inc.		60,269		5,832

Paramount Global, Class B		126,403		1,488

				77,559

Metals & Mining – 0.4%

Freeport-McMoRan, Inc.		430,419		20,238

Newmont Corp.		336,312		12,054

Nucor Corp.		73,971		14,639

Steel Dynamics, Inc.		44,649		6,618

				53,549

Multi-Utilities – 0.6%

Ameren Corp.		75,351		5,573

CenterPoint Energy, Inc.		180,428		5,140

CMS Energy Corp.		90,664		5,471

Consolidated Edison, Inc.		100,296		9,108

Dominion Energy, Inc.		244,216		12,013

DTE Energy Co.		63,029		7,068

NiSource, Inc.		129,954		3,594

Public Service Enterprise Group, Inc.		150,937		10,079

Sempra		184,040		13,220

WEC Energy Group, Inc.		91,218		7,491

				78,757


	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Office Real Estate Investment Trusts – 0.1%

Alexandria Real Estate Equities, Inc.		45,192		$5,826

Boston Properties, Inc.		39,793		2,599

				8,425

Oil, Gas & Consumable Fuels – 3.6%

APA Corp.		107,201		3,686

Chevron Corp.		513,496		80,999

ConocoPhillips		351,347		44,719

Coterra Energy, Inc.		230,268		6,420

Devon Energy Corp.		194,334		9,752

Diamondback Energy, Inc.		52,936		10,490

EOG Resources, Inc.		171,466		21,920

EQT Corp.		116,445		4,317

Exxon Mobil Corp.		1,180,371		137,206

Hess Corp.		83,023		12,673

Kinder Morgan, Inc.		563,102		10,327

Marathon Oil Corp.		174,076		4,933

Marathon Petroleum Corp.		110,294		22,224

Occidental Petroleum Corp.		194,782		12,659

ONEOK, Inc.		170,393		13,660

Phillips 66		128,916		21,057

Pioneer Natural Resources Co.		68,539		17,991

Targa Resources Corp.		68,022		7,618

Valero Energy Corp.		102,336		17,468

Williams (The) Cos., Inc.		361,347		14,082

				474,201

Passenger Airlines – 0.2%

American Airlines Group, Inc.*		180,248		2,767

Delta Air Lines, Inc.		194,605		9,316

Southwest Airlines Co.		170,322		4,972

United Airlines Holdings, Inc.*		92,740		4,440

				21,495

Personal Care Products – 0.2%

Estee Lauder (The) Cos., Inc., Class A		70,412		10,854

Kenvue, Inc.		501,865		10,770

				21,624

Pharmaceuticals – 3.8%

Bristol-Myers Squibb Co.		607,483		32,944

Catalent, Inc.*		55,126		3,112

Eli Lilly & Co.		236,737		184,172

Johnson & Johnson		713,274		112,833

Merck & Co., Inc.		750,500		99,028

Pfizer, Inc.		1,682,776		46,697



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Pharmaceuticals – 3.8% continued

Viatris, Inc.		345,613		$4,127

Zoetis, Inc.		137,051		23,190

				506,103

Professional Services – 0.7%

Automatic Data Processing, Inc.		121,126		30,250

Broadridge Financial Solutions, Inc.		34,291		7,025

Dayforce, Inc.*		43,485		2,879

Equifax, Inc.		35,869		9,596

Jacobs Solutions, Inc.		36,487		5,609

Leidos Holdings, Inc.		39,282		5,149

Paychex, Inc.		94,484		11,603

Paycom Software, Inc.		13,219		2,631

Robert Half, Inc.		29,659		2,351

Verisk Analytics, Inc.		43,727		10,308

				87,401

Real Estate Management & Development – 0.1%

CBRE Group, Inc., Class A*		90,337		8,784

CoStar Group, Inc.*		122,102		11,795

				20,579

Residential Real Estate Investment Trusts – 0.3%

AvalonBay Communities, Inc.		41,042		7,616

Camden Property Trust		29,708		2,923

Equity Residential		105,562		6,662

Essex Property Trust, Inc.		19,864		4,863

Invitation Homes, Inc.		176,256		6,276

Mid-America Apartment Communities, Inc.		33,171		4,365

UDR, Inc.		95,062		3,556

				36,261

Retail Real Estate Investment Trusts – 0.3%

Federal Realty Investment Trust		19,879		2,030

Kimco Realty Corp.		187,654		3,680

Realty Income Corp.		243,149		13,154

Regency Centers Corp.		45,552		2,759

Simon Property Group, Inc.		98,021		15,339

				36,962

Semiconductors & Semiconductor Equipment – 10.1%

Advanced Micro Devices, Inc.*		480,331		86,695

Analog Devices, Inc.		148,140		29,301

Applied Materials, Inc.		247,902		51,125

Broadcom, Inc.		130,455		172,906

Enphase Energy, Inc.*		38,685		4,680

First Solar, Inc.*		31,975		5,397



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Semiconductors & Semiconductor Equipment – 10.1% continued

Intel Corp.		1,250,550		$55,237

KLA Corp.		40,415		28,233

Lam Research Corp.		39,115		38,003

Microchip Technology, Inc.		162,402		14,569

Micron Technology, Inc.		327,418		38,599

Monolithic Power Systems, Inc.		13,990		9,477

NVIDIA Corp.		732,873		662,195

NXP Semiconductors N.V.		75,895		18,804

ON Semiconductor Corp.*		129,185		9,502

Qorvo, Inc.*		27,370		3,143

QUALCOMM, Inc.		330,670		55,982

Skyworks Solutions, Inc.		49,334		5,344

Teradyne, Inc.		44,201		4,987

Texas Instruments, Inc.		268,759		46,821

				1,341,000

Software – 10.5%

Adobe, Inc.*		134,487		67,862

ANSYS, Inc.*		26,304		9,132

Autodesk, Inc.*		64,157		16,708

Cadence Design Systems, Inc.*		81,311		25,310

Fair Isaac Corp.*		7,480		9,347

Fortinet, Inc.*		191,894		13,108

Gen Digital, Inc.		157,568		3,530

Intuit, Inc.		83,377		54,195

Microsoft Corp.		2,204,851		927,625

Oracle Corp.		471,678		59,247

Palo Alto Networks, Inc.*		92,896		26,395

PTC, Inc.*		34,447		6,508

Roper Technologies, Inc.		31,998		17,946

Salesforce, Inc.		287,933		86,720

ServiceNow, Inc.*		60,834		46,380

Synopsys, Inc.*		45,405		25,949

Tyler Technologies, Inc.*		12,082		5,135

				1,401,097

Specialized Real Estate Investment Trusts – 1.0%

American Tower Corp.		139,309		27,526

Crown Castle, Inc.		126,964		13,437

Digital Realty Trust, Inc.		88,555		12,755

Equinix, Inc.		27,646		22,817

Extra Space Storage, Inc.		61,414		9,028

Iron Mountain, Inc.		89,067		7,144

Public Storage		47,638		13,818

SBA Communications Corp.		31,822		6,896



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 98.4% continued

Specialized Real Estate Investment Trusts – 1.0% continued

VICI Properties, Inc.		300,460		$8,951

Weyerhaeuser Co.		222,232		7,980

				130,352

Specialty Retail – 2.0%

AutoZone, Inc.*		5,196		16,376

Bath & Body Works, Inc.		70,784		3,541

Best Buy Co., Inc.		57,253		4,696

CarMax, Inc.*		45,631		3,975

Home Depot (The), Inc.		295,909		113,511

Lowe’s Cos., Inc.		171,491		43,684

O’Reilly Automotive, Inc.*		17,710		19,993

Ross Stores, Inc.		101,249		14,859

TJX (The) Cos., Inc.		340,252		34,508

Tractor Supply Co.		32,219		8,432

Ulta Beauty, Inc.*		14,763		7,719

				271,294

Technology Hardware, Storage & Peripherals – 5.9%

Apple, Inc.		4,309,218		738,945

Hewlett Packard Enterprise Co.		381,710		6,768

HP, Inc.		257,400		7,779

NetApp, Inc.		63,047		6,618

Seagate Technology Holdings PLC		55,694		5,182

Super Micro Computer, Inc.*		14,945		15,095

Western Digital Corp.*		97,014		6,620

				787,007

Textiles, Apparel & Luxury Goods – 0.5%

Deckers Outdoor Corp.*		7,406		6,971

Lululemon Athletica, Inc.*		34,371		13,427

NIKE, Inc., Class B		361,451		33,969

Ralph Lauren Corp.		10,854		2,038

Tapestry, Inc.		63,955		3,037

VF Corp.		85,601		1,313

				60,755

Tobacco – 0.5%

Altria Group, Inc.		518,868		22,633

Philip Morris International, Inc.		461,433		42,276

				64,909

Trading Companies & Distributors – 0.3%

Fastenal Co.		172,193		13,283

United Rentals, Inc.		20,230		14,588

W.W. Grainger, Inc.		13,311		13,541

				41,412

NUMBER
OF SHARES

VALUE
(000S)

COMMON STOCKS - 98.4% continued

Water Utilities – 0.0%

American Water Works Co., Inc.

56,155

$6,863

Wireless Telecommunication Services – 0.2%

T-Mobile U.S., Inc.

153,804

25,104

Total Common Stocks

(Cost $3,364,561)

13,083,484

INVESTMENT COMPANIES – 1.4%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽²⁾⁽³⁾

187,947,370

187,947

Total Investment Companies

(Cost $187,947)

187,947

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bills,
5.29%, 4/11/24⁽⁴⁾⁽⁵⁾

$9,015

$9,002

Total Short-Term Investments

(Cost $9,002)

9,002

Total Investments – 99.9%

(Cost $3,561,510)

13,280,433

Other Assets less Liabilities – 0.1%

10,264

NET ASSETS – 100.0%

$13,290,697

⁽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, 2024 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, 2024, 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	757	$200,927	Long	6/24	$4,038

⁽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, 2024, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

Common Stocks		98.4	%

Investment Companies		1.4	%

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⁾	$	13,083,484	$	—		$—	$	13,083,484
Investment Companies		187,947		—		—		187,947
Short-Term Investments		—		9,002		—		9,002
Total Investments	$	13,271,431	$	9,002		$—	$	13,280,433
OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts	$	4,038	$	—		$—	$	4,038

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 99.3%

Air Freight & Logistics – 1.1%

C.H. Robinson Worldwide, Inc.		30,435		$2,317

Expeditors International of Washington, Inc.		19,662		2,390

United Parcel Service, Inc., Class B		3,125		465

				5,172

Automobiles – 0.0%

Tesla, Inc.*		1,252		220

Banks – 2.9%

Citigroup, Inc.		71,574		4,526

Commerce Bancshares, Inc.		18,372		978

First Hawaiian, Inc.		66,632		1,463

JPMorgan Chase & Co.		31,333		6,276

				13,243

Beverages – 2.1%

Coca-Cola (The) Co.		106,277		6,502

PepsiCo, Inc.		18,148		3,176

				9,678

Biotechnology – 1.6%

AbbVie, Inc.		14,413		2,625

Gilead Sciences, Inc.		46,778		3,426

Vertex Pharmaceuticals, Inc.*		2,627		1,098

				7,149

Broadline Retail – 2.5%

Amazon.com, Inc.*		58,964		10,636

eBay, Inc.		4,445		235

Etsy, Inc.*		7,014		482

				11,353

Building Products – 1.7%

Advanced Drainage Systems, Inc.		4,461		768

Builders FirstSource, Inc.*		1,113		232

Masco Corp.		17,156		1,353

Owens Corning		14,758		2,462

Trane Technologies PLC		9,852		2,958

				7,773

Capital Markets – 3.0%

Bank of New York Mellon (The) Corp.		47,514		2,738

Invesco Ltd.		133,769		2,219

Janus Henderson Group PLC		71,279		2,344

Morgan Stanley		44,997		4,237

State Street Corp.		30,330		2,345

				13,883



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.3% continued

Chemicals – 0.6%

Sherwin-Williams (The) Co.		7,900		$2,744

Commercial Services & Supplies – 0.6%

Rollins, Inc.		6,716		311

Veralto Corp.		27,180		2,410

				2,721

Communications Equipment – 0.5%

Cisco Systems, Inc.		38,516		1,922

F5, Inc.*		1,455		276

				2,198

Construction & Engineering – 0.8%

AECOM		14,349		1,407

EMCOR Group, Inc.		1,044		366

WillScot Mobile Mini Holdings Corp.*		41,356		1,923

				3,696

Consumer Finance – 0.6%

Ally Financial, Inc.		18,808		763

SLM Corp.		97,962		2,135

				2,898

Consumer Staples Distribution & Retail – 0.1%

Sysco Corp.		2,772		225

Distributors – 0.5%

Pool Corp.		5,841		2,357

Diversified Consumer Services – 0.1%

H&R Block, Inc.		4,651		228

Diversified Telecommunication Services – 0.3%

Iridium Communications, Inc.		45,962		1,202

Electric Utilities – 0.2%

Exelon Corp.		29,721		1,117

Electrical Equipment – 0.8%

Acuity Brands, Inc.		8,887		2,388

Rockwell Automation, Inc.		4,064		1,184

				3,572

Entertainment – 0.8%

Electronic Arts, Inc.		18,867		2,503

Netflix, Inc.*		1,755		1,066

				3,569

Financial Services – 4.3%

Berkshire Hathaway, Inc., Class B*		6,161		2,591

Equitable Holdings, Inc.		60,742		2,309

Fidelity National Information Services, Inc.		37,485		2,781



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.3% continued

Financial Services – 4.3% continued

Mastercard, Inc., Class A		4,949		$2,383

MGIC Investment Corp.		108,736		2,431

Visa, Inc., Class A		10,230		2,855

Voya Financial, Inc.		25,381		1,876

Western Union (The) Co.		156,323		2,185

				19,411

Food Products – 1.2%

General Mills, Inc.		39,248		2,746

Kellanova		43,692		2,503

				5,249

Ground Transportation – 0.5%

Landstar System, Inc.		10,767		2,076

Health Care Equipment & Supplies – 2.3%

Abbott Laboratories		13,307		1,512

Dexcom, Inc.*		3,185		442

Edwards Lifesciences Corp.*		26,083		2,493

GE HealthCare Technologies, Inc.		10,104		919

Hologic, Inc.*		29,178		2,275

IDEXX Laboratories, Inc.*		4,833		2,609

				10,250

Health Care Providers & Services – 4.1%

Cardinal Health, Inc.		21,525		2,409

Cencora, Inc.		10,870		2,641

Cigna Group (The)		10,927		3,969

DaVita, Inc.*		16,467		2,273

Humana, Inc.		4,025		1,395

Laboratory Corp. of America Holdings		10,306		2,251

McKesson Corp.		5,362		2,879

UnitedHealth Group, Inc.		1,463		724

				18,541

Health Care Real Estate Investment Trusts – 0.2%

Healthpeak Properties, Inc.		57,763		1,083

Health Care Technology – 0.3%

Doximity, Inc., Class A*		52,998		1,426

Hotel & Resort Real Estate Investment Trusts – 0.3%

Host Hotels & Resorts, Inc.		67,983		1,406

Hotels, Restaurants & Leisure – 2.6%

Airbnb, Inc., Class A*		4,294		708

Booking Holdings, Inc.		1,263		4,582

Domino’s Pizza, Inc.		1,402		697

Hilton Worldwide Holdings, Inc.		13,063		2,786



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.3% continued

Hotels, Restaurants & Leisure – 2.6% continued

Starbucks Corp.		16,102		$1,472

Travel + Leisure Co.		30,110		1,474

				11,719

Household Products – 2.7%

Clorox (The) Co.		14,144		2,166

Colgate-Palmolive Co.		31,350		2,823

Kimberly-Clark Corp.		15,620		2,020

Procter & Gamble (The) Co.		32,880		5,335

				12,344

Independent Power & Renewable Electricity Producers – 0.3%

Clearway Energy, Inc., Class C		63,173		1,456

Industrial Conglomerates – 0.4%

3M Co.		18,539		1,966

Insurance – 2.6%

Aflac, Inc.		29,487		2,532

Allstate (The) Corp.		1,781		308

American International Group, Inc.		7,921		619

Hartford Financial Services Group (The), Inc.		19,673		2,027

Lincoln National Corp.		27,505		878

MetLife, Inc.		29,501		2,187

Principal Financial Group, Inc.		8,768		757

Prudential Financial, Inc.		23,280		2,733

				12,041

Interactive Media & Services – 6.3%

Alphabet, Inc., Class A*		87,691		13,235

Alphabet, Inc., Class C*		45,019		6,855

Match Group, Inc.*		6,626		240

Meta Platforms, Inc., Class A		17,464		8,480

				28,810

IT Services – 2.6%

Accenture PLC, Class A		16,463		5,706

Cognizant Technology Solutions Corp., Class A		2,925		214

Gartner, Inc.*		467		223

International Business Machines Corp.		30,971		5,914

				12,057

Life Sciences Tools & Services – 1.1%

Agilent Technologies, Inc.		17,763		2,584

Mettler-Toledo International, Inc.*		1,928		2,567

				5,151



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.3% continued

Machinery – 1.1%

Donaldson Co., Inc.		21,047		$1,572

Illinois Tool Works, Inc.		11,254		3,020

Otis Worldwide Corp.		4,675		464

				5,056

Media – 0.7%

Comcast Corp., Class A		77,029		3,339

Metals & Mining – 1.7%

Nucor Corp.		11,785		2,332

Reliance, Inc.		7,457		2,492

Royal Gold, Inc.		12,927		1,575

Steel Dynamics, Inc.		8,296		1,230

				7,629

Multi-Utilities – 0.2%

Public Service Enterprise Group, Inc.		14,131		944

Oil, Gas & Consumable Fuels – 2.4%

Cheniere Energy, Inc.		10,536		1,699

ConocoPhillips		21,315		2,713

Exxon Mobil Corp.		2,747		319

Marathon Petroleum Corp.		15,813		3,187

Texas Pacific Land Corp.		423		245

Valero Energy Corp.		16,704		2,851

				11,014

Pharmaceuticals – 2.4%

Bristol-Myers Squibb Co.		72,953		3,956

Eli Lilly & Co.		2,032		1,581

Johnson & Johnson		15,500		2,452

Zoetis, Inc.		17,322		2,931

				10,920

Professional Services – 2.6%

Automatic Data Processing, Inc.		15,479		3,866

Broadridge Financial Solutions, Inc.		11,987		2,455

Paychex, Inc.		11,155		1,370

Paylocity Holding Corp.*		10,503		1,805

Robert Half, Inc.		27,600		2,188

				11,684

Real Estate Management & Development – 0.6%

CBRE Group, Inc., Class A*		26,544		2,581

Residential Real Estate Investment Trusts – 0.5%

AvalonBay Communities, Inc.		11,511		2,136

Semiconductors & Semiconductor Equipment – 8.5%

Applied Materials, Inc.		29,502		6,084

Broadcom, Inc.		2,764		3,664



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.3% continued

Semiconductors & Semiconductor Equipment – 8.5% continued

Enphase Energy, Inc.*		13,349		$1,615

Lam Research Corp.		4,925		4,785

NVIDIA Corp.		24,820		22,426

QUALCOMM, Inc.		1,882		319

				38,893

Software – 11.8%

Adobe, Inc.*		11,961		6,035

Autodesk, Inc.*		10,466		2,726

Cadence Design Systems, Inc.*		10,116		3,149

Fair Isaac Corp.*		167		209

Intuit, Inc.		9,262		6,020

Manhattan Associates, Inc.*		1,500		375

Microsoft Corp.		80,339		33,800

Teradata Corp.*		41,266		1,596

				53,910

Specialized Real Estate Investment Trusts – 1.1%

SBA Communications Corp.		11,087		2,403

Weyerhaeuser Co.		66,777		2,398

				4,801

Specialty Retail – 4.2%

Bath & Body Works, Inc.		4,874		244

Best Buy Co., Inc.		16,147		1,325

Home Depot (The), Inc.		21,223		8,141

Lowe’s Cos., Inc.		21,615		5,506

Ulta Beauty, Inc.*		1,965		1,027

Williams-Sonoma, Inc.		9,814		3,116

				19,359

Technology Hardware, Storage & Peripherals – 5.9%

Apple, Inc.		150,493		25,807

HP, Inc.		33,332		1,007

				26,814

Textiles, Apparel & Luxury Goods – 1.6%

Crocs, Inc.*		11,145		1,603

Deckers Outdoor Corp.*		2,673		2,516

Lululemon Athletica, Inc.*		4,529		1,769

NIKE, Inc., Class B		9,573		900

Tapestry, Inc.		7,988		379

				7,167

Trading Companies & Distributors – 1.4%

Core & Main, Inc., Class A*		16,531		946



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 99.3% continued

Trading Companies & Distributors – 1.4% continued

Fastenal Co.		34,864		$2,690

W.W. Grainger, Inc.		2,698		2,745

				6,381
Total Common Stocks
(Cost $321,014)				452,612


INVESTMENT COMPANIES – 0.6%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%⁽¹⁾⁽²⁾		2,697,110		2,697

Total Investment Companies

(Cost $2,697)				2,697


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 0.0%

U.S. Treasury Bill, 5.26%, 4/11/24⁽³⁾⁽⁴⁾		$135		$135

Total Short-Term Investments

(Cost $135)				135


Total Investments – 99.9%

(Cost $323,846)				455,444

Other Assets less Liabilities – 0.1%				228

NET ASSETS – 100.0%			$	455,672

⁽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, 2024 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, 2024, 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	11	$2,920	Long	6/24	$64

⁽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, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Common Stocks		99.3	%

Investment Companies		0.6	%

Short-Term Investments		0.0	%

⁽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⁾	$	452,612		$ —		$—	$	452,612

Investment Companies		2,697		—		—		2,697

Short-Term Investments		—		135		—		135

Total Investments	$	455,309		$135		$—	$	455,444

OTHER FINANCIAL INSTRUMENTS

Assets

Futures Contracts	$	64		$ —		$—	$	64

⁽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 39 funds as of March 31, 2024, 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, 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”), including mutual funds and ETFs for which Northern Trust Investments, Inc. ( NTI ), the Fund’s investment adviser, or an affiliate acts as investment adviser (collectively, 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.

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.

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 equity 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, 2024, 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 and Short	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

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, 2024, 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, Small Cap Core, Small Cap Index, Small Cap Value, Stock Index and U.S. Quality ESG Funds was approximately $115,000, $199,000, $195,000, $50,000, $20,000, $1,842,000, $409,000, $464,000, $2,067,000, $1,283,000, $9,002,000 and $135,000, respectively. At March 31, 2024, 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 $2,120,000, $764,000, $1,161,000, $232,000 and $4,186,000, 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 nonperfor-mance 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 and Multi-Manager Global Real Estate 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, 2024, were as follows:



Amounts in thousands	REDEMPTION FEES

Active M International Equity		$1

Emerging Markets Equity Index		2

Global Real Estate Index		1

Global Sustainability Index		3

International Equity		–*

International Equity Index		37

Multi-Manager Global Listed Infrastructure		8

* Amounts round to less than $1,000.

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.

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 paid for the fiscal years ended March 31, 2024 and 2023, for the Active M Emerging Markets Equity and Multi-Manager Global Real Estate Funds, and for the fiscal year ended March 31, 2023, for the Active M International Equity Fund.

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

Small Cap Core		Annually

Small Cap Index		Annually

Small Cap Value		Annually

Stock Index		Quarterly

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”), and recharacterization of dividends received from investments in REITs. These reclassifications have no impact on the net assets or the NAVs per share of the Funds. At March 31, 2024, 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		$	(312	)		$	312			$	–

Active M International Equity			546				(546	)			–

Emerging Markets Equity Index			3,709				(3,709	)			–

Global Real Estate Index			636				(636	)			–

Global Sustainability Index			530				(530	)			–

International Equity			839				(839	)			–

International Equity Index			3,981				(4,436	)			455

Multi-Manager Global Listed Infrastructure			27,519				(27,519	)			–

Multi-Manager Global Real Estate			(3	)			3				–

Small Cap Core			(58	)			58				–

Small Cap Index			65				(134	)			69

Small Cap Value			289				(43,912	)			43,623

Stock Index			–	*			(580	)			580

* Amount rounds to less than one thousand.

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, 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, 2023, through the fiscal year ended March 31, 2024, the following Fund incurred net capital losses and/or late year ordinary losses for which the Fund intends to treat as having been incurred in the following fiscal year:



Amounts in thousands

Small Cap Index				$2,857

During the fiscal year ended March 31, 2024, the International Equity Fund and U.S. Quality ESG Fund utilized approximately $1,032,000 and $14,859,000, respectively, in capital loss carry forwards.

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		$25,923		$ –

Emerging Markets Equity Index		50,643		322,813

Global Tactical Asset Allocation		921		4,187

International Equity		18,301		26,859

International Equity Index		749		621,156

U.S. Quality ESG		6,080		–

At November 30, 2023, the Global Real Estate Index, the Multi-Manager Global Listed Infrastructure and the Multi-Manager Global Real Estate Funds’ most recent tax year end, the non-expiring short-term capital losses were approximately $4,699,000, $4,045,000 and $1,992,000, respectively, and for the Global Real Estate Index, the Multi-Manager Global Listed Infrastructure and the Multi-Manager Global Real Estate Funds’ long-term capital losses were approximately $146,730,000, $5,881,000 and $5,305,000, respectively.

At March 31, 2024, 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		$	47		$	–		$	21,205

Active M International Equity			2,679			20,685			106,821

Emerging Markets Equity Index			13,069			–			363,114

Global Sustainability Index			9,048			2,834			691,466

Global Tactical Asset Allocation			250			–			8,263

Income Equity			105			1,342			65,819

International Equity			1,962			–			17,930

International Equity Index			56,205			–			1,758,582

Large Cap Core			142			7,829			122,101

Large Cap Value			404			–			11,217

Mid Cap Index			10,610			88,445			757,596

Small Cap Core			792			3,978			204,658

Small Cap Index			4,079			–			418,433

Small Cap Value			–			167,029			572,479

Stock Index			24,853			73,685			9,641,497

U.S. Quality ESG			113			–			128,638

Ordinary income includes 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, 2023, the Global Real Estate Index, the Multi-Manager Global Listed Infrastructure and the 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

$ 735

$ –

$111,409

Multi-Manager Global Listed Infrastructure

7,878

–

(11,331

)

Multi-Manager Global Real Estate

414

–

1,458

Ordinary income includes short-term capital gains, if any.

The tax character of distributions paid during the fiscal year ended March 31, 2024, was as follows:



	DISTRIBUTIONS FROM

Amounts in thousands	ORDINARY INCOME*			LONG-TERM CAPITAL GAINS

Active M Emerging Markets Equity		$	2,577		$	–



	DISTRIBUTIONS FROM

Amounts in thousands	ORDINARY INCOME*			LONG-TERM CAPITAL GAINS

Active M International Equity		$	14,004		$	16,337

Emerging Markets Equity Index			55,030			–

Global Sustainability Index			30,975			–

Global Tactical Asset Allocation			3,617			–

Income Equity			3,173			7,040

International Equity			7,629			–

International Equity Index			147,537			–

Large Cap Core			3,191			18,376

Large Cap Value			3,208			–

Mid Cap Index			31,630			112,763

Small Cap Core			10,590			19,689

Small Cap Index			17,534			4,756

Small Cap Value**			23,501			85,490

Stock Index			179,092			407,763

U.S. Quality ESG			5,056			–

*	Ordinary income includes short-term capital gains, if any.

**	This amount does not include tax equalization utilized of $43,623,000 which the Fund designated as being distributed to shareholders on their redemption of shares.

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

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 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, 2023 and November 30, 2022 was designated for the purpose of the dividends paid deductions as follows:



	NOVEMBER 30, 2023 AND NOVEMBER 30, 2022 DISTRIBUTIONS FROM
Amounts in thousands	ORDINARY INCOME*			LONG-TERM CAPITAL GAINS			RETURN OF CAPITAL

Global Real Estate Index (2023)		$	25,366		$	–		$	–

Global Real Estate Index (2022)			29,218			–			11,867

Multi-Manager Global Listed Infrastructure (2023)			23,014			12,532			–

Multi-Manager Global Listed Infrastructure (2022)			38,851			69,703			–

Multi-Manager Global Real Estate (2023)			2,518			–			–

Multi-Manager Global Real Estate (2022)			4,400			1,507			–

Ordinary income includes 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, 2023 through March 31, 2024 will be determined at the end of its tax year ending November 30, 2024.

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, 2024, 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.

On a daily basis a Fund may hold a cash surplus. Maintaining cash positions may also subject the Funds to additional risks, such as increased counterparty risk exposure to the custodian bank holding the assets held in cash.

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, 2024.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the fiscal year ended March 31, 2024.

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 14, 2022, which is administered by Citibank, N.A., for liquidity and other purposes (the “Credit Facility”). The interest rate charged under the Credit Facility is 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 is an annual commitment fee of 0.15 percent on the average undrawn portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations, and on maturity or termination of the Credit Facility. The Credit Facility expired on November 13, 2023.

At a meeting held on August 17, 2023, the Board approved an agreement to replace the Credit Facility (as replaced, the “New Credit Facility”). The New Credit Facility is a $220,000,000 senior unsecured revolving credit facility and is also administered by Citibank, N.A. The interest rate charged under the New Credit Facility and the annual commitment fee are the same as they were for the Credit Facility. The New Credit Facility went into effect on November 13, 2023 and will expire on November 11, 2024, unless renewed.

As of March 31, 2024, the Global Tactical Asset Allocation Fund had an outstanding loan of $6,000,000. This amount is included in “Line of credit” on the Fund’s Statements of Assets and Liabilities. The effective interest rate for the outstanding loan was 6.43 percent.

During the fiscal year ended March 31, 2024, the following Funds had borrowings with the average loan amounts on days the Fund had borrowings and weighted average interest rates as disclosed below:



Amounts in thousands	DOLLAR AMOUNT		RATE

Global Sustainability Index		$ 5,100		6.43	%

Global Tactical Asset Allocation		784		6.40

International Equity		971		6.41

International Equity Index		1,100		6.05

Large Cap Core		857		6.42

Large Cap Value		100		6.36

Mid Cap Index		33,600		6.15

Small Cap Index		700		6.41

No other Funds had any borrowings or incurred any interest expense during the fiscal year ended March 31, 2024. No other Funds had any outstanding loan amounts at March 31, 2024.

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 below, excluding (i) acquired fund fees and expenses (except as further described below); (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.

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 (except as further described below); (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.

NTI has contractually agreed to reimburse the management fees payable by each Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market mutual funds managed by NTI.

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, 2024, 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%

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%



	CONTRACTUAL ANNUAL
	MANAGEMENT FEES
				CONTRACTUAL EXPENSE LIMITATIONS
	FIRST	NEXT	OVER
	$1 BILLION	$1 BILLION	$2 BILLION

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%

The contractual reimbursement arrangements described above may not be terminated before July 31, 2024 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 NTI pursuant to voluntary or contractual agreements may not be recouped by NTI at any time in the future for prior fiscal years.

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 and Multi-Manager Global Real Estate 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, 2024, 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, 2024, 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, 2024, 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, 2024, Janus Henderson Investors US LLC and Massachusetts Financial Services Company are the Sub-Advisers for the Multi-Manager Global Real Estate 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. During the period, 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. Custodian credits, if any, are shown as Less custodian credits in the Funds’ Statements of Operations.

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.

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 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, 2024, the Funds held an investment 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. Prior to August 1, 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. Effective August 1, 2023, NTI reimbursed each Fund the management fees payable to the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in money market mutual funds managed by NTI, as described in Note 5. 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, 2024, 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, 2024, there were no Funds that paid Northern Trust Securities, Inc., an affiliate of NTI, 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 the correction of 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.

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, 2024, the International Equity, International Equity Index and Multi-Manager Global Listed Infrastructure Funds paid Northern Trust approximately $1,000, $9,000 and $1,000, respectively. The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, and Multi-Manager Global Real Estate Funds each paid amounts to Northern Trust of less than $1,000. The Active M International Equity, 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 $7,000, $28,000, $43,000, $43,000, $14,000, $160,000 and $41,000, respectively. The Active M Emerging Markets Equity and Multi-Manager Global Real Estate 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, 2024, 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		$—		$140,593		$—		$172,569

Active M International Equity		—		165,441		—		215,244

Emerging Markets Equity Index		—		634,291		—		609,206

Global Real Estate Index		—		55,895		—		101,194

Global Sustainability Index		—		478,953		—		273,019

Global Tactical Asset Allocation		—		38,104		—		54,876

Income Equity		—		37,135		—		40,312

International Equity		—		60,930		—		59,644

International Equity Index		—		930,917		—		1,018,641

Large Cap Core		—		111,717		—		134,863

Large Cap Value		—		22,684		—		26,828

Mid Cap Index		—		407,524		—		634,025



	PURCHASES				SALES

Amounts in thousands	U.S. GOVERNMENT		OTHER		U.S. GOVERNMENT		OTHER

Multi-Manager Global Listed Infrastructure		$—		$460,290		$—		$457,582

Multi-Manager Global Real Estate		—		65,008		—		64,098

Small Cap Core		—		65,428		—		78,756

Small Cap Index		—		130,186		—		319,566

Small Cap Value		—		265,027		—		931,416

Stock Index		—		311,796		—		717,904

U.S. Quality ESG		—		143,882		—		174,247

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, 2024, 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		$	27,365		$	(5,565	)		$	21,800		$	136,989

Active M International Equity			119,514			(12,641	)			106,873			375,460

Emerging Markets Equity Index			517,559			(144,249	)			373,310			1,242,871

Global Real Estate Index			265,507			(89,916	)			175,591			808,458

Global Sustainability Index			719,325			(27,817	)			691,508			1,439,382

Global Tactical Asset Allocation			9,833			(1,570	)			8,263			82,747

Income Equity			66,865			(1,046	)			65,819			104,137

International Equity			21,589			(3,622	)			17,967			118,394

International Equity Index			1,902,413			(143,503	)			1,758,910			3,080,951

Large Cap Core			123,536			(1,435	)			122,101			163,637

8. CAPITAL SHARE TRANSACTIONS

Transactions in Shares class for the fiscal year ended March 31, 2024, 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		3,772		$ 51,281		37		$ 512		(5,836	)		$ (78,955)			(2,027	)		$ (27,162)

Active M International Equity		3,060		36,463		1,217		14,037		(7,311	)		(85,297	)		(3,034	)		(34,797	)

Emerging Markets Equity Index		43,065		454,427		870		9,118		(38,772	)		(412,158	)		5,163			51,387

Global Real Estate Index		17,956		160,250		538		4,778		(25,903	)		(231,228	)		(7,409	)		(66,200	)

Global Tactical Asset Allocation		901		10,735		242		2,908		(2,451	)		(29,886	)		(1,308	)		(16,243	)

Income Equity		1,095		15,786		688		9,745		(1,393	)		(19,680	)		390			5,851

International Equity		2,082		20,016		441		4,283		(2,054	)		(19,864	)		469			4,435

International Equity Index		45,884		632,146		2,250		30,758		(55,038	)		(741,875	)		(6,904	)		(78,971	)

Large Cap Core		736		17,829		806		19,736		(1,788	)		(43,674	)		(246	)		(6,109	)

Large Cap Value		78		1,507		161		3,090		(358	)		(6,867	)		(119	)		(2,270	)

Mid Cap Index		13,643		275,895		5,620		111,901		(25,697	)		(506,973	)		(6,434	)		(119,177	)

Multi-Manager Global Listed Infrastructure		20,179		235,495		1,285		14,966		(22,411	)		(254,584	)		(947	)		(4,123	)

Multi-Manager Global Real Estate		1,464		14,494		115		1,152		(1,706	)		(16,764	)		(127	)		(1,118	)

Small Cap Index		9,304		117,754		677		8,975		(22,836	)		(284,785	)		(12,855	)		(158,056	)

Small Cap Value		7,568		141,018		5,495		106,766		(47,445	)		(894,611	)		(34,382	)		(646,827	)

Stock Index		22,522		1,081,254		8,026		390,943		(29,929	)		(1,416,423	)		619			55,774

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	)



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

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	)

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 Class K shares for the fiscal year ended March 31, 2024, 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		6,423		$125,241		253		$ 5,119		(9,516	)		$(197,949	)		(2,840	)		$(67,589	)

Small Cap Core		144		3,864		481		12,974		(861	)		(22,444	)		(236	)		(5,606	)

U.S. Quality ESG		1,989		36,143		66		1,146		(4,533	)		(73,869	)		(2,478	)		(36,580	)

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 I shares for the fiscal year ended March 31, 2024, 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		23,765		$463,532		820		$16,620		(11,360	)		$(221,481	)		13,225		$258,671

Small Cap Core		1,050		27,526		500		13,463		(1,508	)		(39,745	)		42		1,244

U.S. Quality ESG		463		7,659		16		285		(208	)		(3,510	)		271		4,434

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

9. INVESTMENTS IN AFFILIATES

Transactions in affiliated investments for the fiscal year ended March 31, 2024, 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)			$ 3,597		$	141,379		$	137,074		$	–		$	–			$	262		$	7,902		7,902,031

Active M International Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)			19,399			205,112			209,103			–			–				892			15,408		15,407,579

Emerging Markets Equity Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)			47,001			485,491			472,652			–			–				1,853			59,840		59,839,731

Global Real Estate Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)			8,972			169,729			174,735			–			–				784			3,966		3,965,954

Global Sustainability Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)			21,567			352,417			360,372			–			–				1,567			13,612		13,611,994

	Northern Trust Corp.			955			297			121			101			(52	)			38			1,180		13,266

	Total		$	22,522		$	352,714		$	360,493			$ 101		$	(52	)			$1,605		$	14,792		13,625,260

Global Tactical Asset Allocation	FlexShares^® Credit-Scored U.S. Corporate Bond Index Fund		$	1,928		$	458		$	479		$	74		$	(60)			$	93		$	1,921		40,211

	FlexShares^® Credit-Scored U.S. Long Corporate Bond Index Fund			205			9			121			36			(37	)			6			92		2,090

	FlexShares^® Developed Markets ex-U.S. Quality Low Volatility Index Fund			2,522			656			901			156			(55	)			71			2,378		89,169

	FlexShares^® Disciplined Duration MBS Index Fund			4,127			2,491			3,403			240			(163	)			98			3,292		161,589

	FlexShares^® Global Quality Real Estate Index Fund			2,026			268			616			317			(166	)			58			1,829		32,189

	FlexShares^® High Yield Value-Scored Bond Index Fund			9,063			3,294			3,320			781			(681	)			964			9,137		222,247

	FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			5,175			2,798			1,393			43			(223	)			232			6,400		270,625

	FlexShares^® International Quality Dividend Index Fund			5,541			1,417			2,566			511			(144	)			257			4,759		197,446



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 Developed Markets ex-U.S. Factor Tilt Index Fund		$ 5,589		$ 1,456		$ 2,762		$ 630			$ (156	)		$ 153		$ 4,757		66,385

	FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		4,060		3,265		2,959		485			(273	)		139		4,578		89,185

	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		5,802		2,232		4,025		(285	)		(55	)		220		3,669		89,333

	FlexShares^® Morningstar U.S. Market Factor Tilt Index Fund		10,582		1,851		4,721		2,462			79			163		10,253		51,680

	FlexShares^® Quality Dividend Index Fund		9,492		2,732		3,946		1,832			130			228		10,240		155,370

	FlexShares^® STOXX Global Broad Infrastructure Index Fund		2,044		180		490		121			(21	)		54		1,834		33,590

	FlexShares^® U.S. Quality Low Volatility Index Fund		7,603		522		3,959		593			366			94		5,125		84,076

	FlexShares^® Ultra-Short Income Fund		4,103		315		3,524		(10	)		30			166		914		12,120

	Northern Institutional Funds - U.S. Government Portfolio (Shares)		142		47,975		48,117		–			–			26		–		–

	Total		$80,004		$ 71,919		$ 87,302		$7,986			$(1,429)			$3,022		$ 71,178		1,597,305

Income Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$ 1,520		$ 13,636		$ 11,123		$ –			$ –			$ 79		$4,033		4,033,253

International Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		1,249		19,189		19,864		–			–			40		574		574,305

International Equity Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		6,457		560,527		552,421		–			–			640		14,563		14,563,481

Large Cap Core	Northern Institutional Funds - U.S. Government Portfolio (Shares)		1,908		38,739		39,758		–			–			85		889		889,186

Large Cap Value	Northern Institutional Funds - U.S. Government Portfolio (Shares)		314		5,922		5,896		–			–			26		340		339,533



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

Mid Cap Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$	30,202		$	396,637		$	393,574		$	–			$	–		$	984		$	33,265		33,264,604

Multi-Manager Global Listed Infrastructure	Northern Institutional Funds - U.S. Government Portfolio (Shares)			27,995			503,128			503,485			–				–			1,928			27,638		27,638,010

Multi-Manager Global Real Estate	Northern Institutional Funds - U.S. Government Portfolio (Shares)			4,738			45,748			47,216			–				–			242			3,270		3,270,187

Small Cap Core	Northern Institutional Funds - U.S. Government Portfolio (Shares)			20,078			52,328			65,089			–				–			613			7,317		7,317,245

Small Cap Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)			3,475			139,246			111,725			–				–			360			30,996		30,995,941

Small Cap Value	Northern Institutional Funds - U.S. Government Portfolio (Shares)			75,543			264,513			319,681			–				–			2,245			20,375		20,375,445

Stock Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)			85,432			926,063			823,548			–				–			7,275			187,947		187,947,370

	Northern Trust Corp.			5,580			396			741			(99	)			64			183			5,200		58,476

	Total		$	91,012		$	926,459		$	824,289			$ (99)			$	64		$	7,458		$	193,147		188,005,846

U.S. Quality ESG	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$	8,063		$	58,072		$	63,438		$	–			$	–		$	158		$	2,697		2,697,110

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, 2024:

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

Net Assets - Net unrealized depreciation

–

Emerging Markets Equity Index

Equity contracts

Net Assets - Net unrealized appreciation

–

Net Assets - Net unrealized depreciation

(101

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts

–

ASSETS

LIABILITIES

Amounts in thousands

CONTRACT TYPE

STATEMENTS OF

ASSETS LOCATION

VALUE

STATEMENTS OF

LIABILITIES LOCATION

VALUE

Global Real Estate Index

Equity contracts

Net Assets - Net unrealized appreciation

216

Net Assets - Net unrealized depreciation

–

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts

)

Global Sustainability Index

Equity contracts

Net Assets - Net unrealized appreciation

578

Net Assets - Net unrealized depreciation

–

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts

(72

)

Income Equity

Equity contracts

Net Assets - Net unrealized appreciation

Net Assets - Net unrealized depreciation

–

Equity contracts

Outstanding options written, at value

(41

)

International Equity

Equity contracts

Net Assets - Net unrealized appreciation

Net Assets - Net unrealized depreciation

–

International Equity Index

Equity contracts

Net Assets - Net unrealized appreciation

1,972

Net Assets - Net unrealized depreciation

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts

(225

)

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

1,088

Net Assets - Net unrealized depreciation

–

Multi-Manager Global Listed Infrastructure

Equity contracts

Net Assets - Net unrealized appreciation

105

Net Assets - Net unrealized depreciation

–

Small Cap Core

Equity contracts

Net Assets - Net unrealized appreciation

163

Net Assets - Net unrealized depreciation

–

Small Cap Index

Equity contracts

Net Assets - Net unrealized appreciation

726

Net Assets - Net unrealized depreciation

–

Small Cap Value

Equity contracts

Net Assets - Net unrealized appreciation

450

Net Assets - Net unrealized depreciation

–

Stock Index

Equity contracts

Net Assets - Net unrealized appreciation

4,038

Net Assets - Net unrealized depreciation

–

U.S. Quality ESG

Equity contracts

Net Assets - Net unrealized appreciation

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, 2024, 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

ASSETS AND LIABILITIES

FINANCIAL
INSTRUMENTS

CASH
COLLATERAL
RECEIVED

NET
AMOUNT

Emerging Markets Equity Index Fund

BNY Mellon

$ 1

$ –

$ 1

Citibank

–

Goldman Sachs

–

JPMorgan Chase

–

Morgan Stanley

–

Toronto-Dominion Bank

–

Total

$59

$ –

$59

Global Real Estate Index Fund

BNY Mellon

–*

–

Citibank

(6)

–

Goldman Sachs

–

JPMorgan Chase

–

Morgan Stanley

–

Toronto-Dominion Bank

–

Total

$58

$ (6)

$ –

$52

Global Sustainability Index Fund

BNY Mellon

–*

–

Citibank

(2)

–

Morgan Stanley

(15)

–

Total

$17

$(17)

$ –

International Equity Index Fund

Morgan Stanley

(25)

–

Total

$49

$(25)

$ –

$24

GROSS AMOUNTS NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES

Amounts in thousands

COUNTERPARTY

GROSS AMOUNTS OF

LIABILITIES
PRESENTED IN STATEMENTS

ASSETS AND LIABILITIES

FINANCIAL
INSTRUMENTS

CASH
COLLATERAL
PLEDGED

NET
AMOUNT

Global Real Estate Index Fund

BNP

$ (2)

$ –

$ (2)

Citibank

(6)

–

Total

$ (8)

$ 6

$ –

$ (2)

Global Sustainability Index Fund

BNY Mellon

(1)

–

(1)

Citibank

(56)

–

(54)

Morgan Stanley

(15)

–

Total

$ (72)

$17

$ –

$ (55)

International Equity Index Fund

Citibank

(199)

–

(199)

JPMorgan Chase

(1)

–

(1)

Morgan Stanley

(25)

–

Total

$(225)

$25

$ –

$(200)

*	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, 2024:



		AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS

Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE

Active M Emerging Markets Equity	Equity contracts	Net realized gains (losses) on futures contracts		$ 325

Active M International Equity	Equity contracts	Net realized gains (losses) on futures contracts		840

Emerging Markets Equity Index	Equity contracts	Net realized gains (losses) on futures contracts		5,504

	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		(25	)

Global Real Estate Index	Equity contracts	Net realized gains (losses) on futures contracts		3,620

	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		(21	)

Global Sustainability Index	Equity contracts	Net realized gains (losses) on futures contracts		8,800

	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		106

Income Equity	Equity contracts	Net realized gains (losses) on futures contracts		333

	Equity contracts	Net realized gains (losses) on options written		(192	)

International Equity	Equity contracts	Net realized gains (losses) on futures contracts		600

International Equity Index	Equity contracts	Net realized gains (losses) on futures contracts		9,078

	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		(178	)

Large Cap Core	Equity contracts	Net realized gains (losses) on futures contracts		404

Large Cap Value	Equity contracts	Net realized gains (losses) on futures contracts		113

Mid Cap Index	Equity contracts	Net realized gains (losses) on futures contracts		2,782

Multi-Manager Global Listed Infrastructure	Equity contracts	Net realized gains (losses) on futures contracts		3,187

Small Cap Core	Equity contracts	Net realized gains (losses) on futures contracts		1,367

Small Cap Index	Equity contracts	Net realized gains (losses) on futures contracts		1,915

Small Cap Value	Equity contracts	Net realized gains (losses) on futures contracts		10,806

Stock Index	Equity contracts	Net realized gains (losses) on futures contracts		50,654

U.S. Quality ESG	Equity contracts	Net realized gains (losses) on futures contracts		738

		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVE CONTRACTS
Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE

Active M Emerging Markets Equity	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		$ (74)

Active M International Equity	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(265	)

Emerging Markets Equity Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(2,330	)

	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		127

Global Real Estate Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(610	)

	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		131

Global Sustainability Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(836	)


		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVE CONTRACTS
Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE

	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts	$	(148	)

Income Equity	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		3

	Equity contracts	Net change in unrealized appreciation (depreciation) on options written		131

International Equity	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		8

International Equity Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		1,060

	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		(617	)

Large Cap Core	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(44	)

Large Cap Value	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(2	)

Mid Cap Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(18	)

Multi-Manager Global Listed Infrastructure	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(617	)

Small Cap Core	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(126	)

Small Cap Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		497

Small Cap Value	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(1,666	)

Stock Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(1,173	)

U.S. Quality ESG	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(123	)

Volume of derivative activity for the fiscal year ended March 31, 2024*:



	FOREIGN EXCHANGE CONTRACTS				EQUITY CONTRACTS
	NUMBER OF TRADES		AVERAGE NOTIONAL AMOUNT**		NUMBER OF TRADES		AVERAGE NOTIONAL AMOUNT**

Active M Emerging Markets Equity		–	$	–		106	$	627

Active M International Equity		–		–		56		1,336

Emerging Markets Equity Index		62		931		105		3,514

Global Real Estate Index		133		462		314		801

Global Sustainability Index		194		672		749		663

Income Equity		–		–		133		361

International Equity		–		–		161		227

International Equity Index		60		3,519		245		2,065

Large Cap Core		–		–		40		919

Large Cap Value		–		–		14		459

Mid Cap Index		–		–		98		3,586

Multi-Manager Global Listed Infrastructure		–		–		208		1,253

FOREIGN
EXCHANGE

CONTRACTS

EQUITY

CONTRACTS

NUMBER

TRADES

AVERAGE

NOTIONAL

AMOUNT**

NUMBER

TRADES

AVERAGE

NOTIONAL

AMOUNT**

Small Cap Core

–

$ –

$ 1,532

Small Cap Index

–

2,381

Small Cap Value

–

109

3,628

Stock Index

–

43,872

U.S. Quality ESG

–

740

*	Activity for the fiscal year is measured by number of trades during the fiscal year and average notional amount for foreign currency exchange, 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 (the “District Court”) 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 (collectively, the “Trustees”) sought 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, the District Court dismissed all fraudulent conveyance claims against the former public shareholder defendants, including the claims against the Small Cap Funds. The Trustees appealed from that decision to the U.S. Court of Appeals for the Second Circuit. On November 27, 2023, the Second Circuit affirmed the District Court’s dismissal of the Trustees’ claims against the former Jones Group shareholders, except the claims against certain former Jones Group directors, officers, and employees who received payment for their shares through Nine West’s payroll provider. Although certain of these former Jones Group employees petitioned the Second Circuit for rehearing of the appeal, the Trustees did not seek rehearing. On January 3, 2024, the Second Circuit denied the employee shareholders’ petition for rehearing. On April 2, 2024, the employee shareholders filed a petition with the Supreme Court of the United States for a writ of certiorari. The Trustees elected not to oppose the petition or file a cross-petition. On May 13, 2024, the Supreme Court of the United States denied the employee shareholders’ petition. On May 15, 2024, the Second Circuit filed a mandate formally closing the appeal. As a result, all claims against the Small Cap Funds in this action remain dismissed and this action is closed.

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”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021.

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 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. FOREIGN INSTABILITY

Unexpected political, regulatory and diplomatic events and military conflicts around the world may affect investor and consumer confidence and may adversely impact global financial markets and the broader economy. Foreign conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally. The hostilities and sanctions resulting from those conflicts have, and could continue to have, a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters.

15. 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 nineteen 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, 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, 2024, 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, Small Cap Index Fund, Small Cap Value Fund, and Stock Index Fund; the related statements of operations for the year ended March 31, 2024, 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, 2024, March 31, 2023, March 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, Small Cap Index Fund, Small Cap Value Fund, and Stock Index Fund as of March 31, 2024, 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, 2024, 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 the years ended March 31, 2024, 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 2023, and hereby designated these long-term capital gain distributions as follows (per share):



	LONG-TERM CAPITAL GAIN

Active M International Equity		$0.434841

Income Equity		0.681326

Large Cap Core		1.865371

Mid Cap Index		1.248669

Small Cap Core		2.433558

Small Cap Index		0.057030

Small Cap Value		1.064978

Stock Index		1.697952

CORPORATE DIVIDENDS-RECEIVED DEDUCTION (DRD) — A percentage of the dividends distributed during the fiscal year ended March 31, 2024 for the following Funds qualifies for the dividends-received deduction for corporate shareholders:



	CORPORATE DRD PERCENTAGE

Active M Emerging Markets Equity		1.66%

Active M International Equity		0.07%

Emerging Markets Equity Index		0.20%

Global Sustainability Index		51.80%

Global Tactical Asset Allocation		12.46%

Income Equity		100.00%

Large Cap Core		100.00%

Large Cap Value		40.85%

Mid Cap Index		71.63%

Small Cap Core		46.10%

Small Cap Index		64.10%

Small Cap Value		92.29%

Stock Index		90.45%

U.S. Quality ESG		100.00%

A percentage of the dividends distributed during the calendar year ended December 31, 2023 for the following Fund qualifies for the dividends-received deduction for corporate shareholders:



	CORPORATE DRD PERCENTAGE

Global Real Estate Index		0.03%

Multi-Manager Global Listed Infrastructure		35.86%

Multi-Manager Global Real Estate		0.49%

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		$0.0376		$0.3690

Active M International Equity		0.0089		0.2974

Emerging Markets Equity Index		0.0315		0.2940

International Equity		0.0265		0.3552

International Equity Index		0.0161		0.4337

Multi-Manager Global Listed Infrastructure		0.0226		0.7384

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, 2024:



Amounts in thousands	LONG-TERM CAPITAL GAIN

Active M International Equity		$20,685

Global Sustainability Index		2,834

Income Equity		1,342

Large Cap Core		7,829

Mid Cap Index		88,445

Small Cap Core		3,978

Small Cap Value		167,029

Stock Index		73,685

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, 2024, are designated as “qualified dividend income,” as defined in the Act, subject to reduced tax rates in 2023:



	QDI PERCENTAGE

Active M Emerging Markets Equity		100.00%

Active M International Equity		77.21%

Emerging Markets Equity Index		35.36%

Global Sustainability Index		100.00%

Global Tactical Asset Allocation		26.22%

Income Equity		100.00%

International Equity		57.92%

International Equity Index		88.82%

Large Cap Core		100.00%

Large Cap Value		43.04%

Mid Cap Index		74.96%

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 Management Committee (the “Committee”).

At a meeting held on November 15, 2023, 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, 2022 to September 30, 2023. 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 Committee’s assessment that each Fund’s strategy is appropriate for an open-end mutual fund; (ii) confirmation that the Program remains reasonably designed to assess and manage each Fund’s liquidity risk and that each Fund was able to meet redemption requests without signification dilution to remaining investors’ interests in the Fund; (iii) that none of the Funds required the establishment of a highly liquid investment minimum and the methodology for that determination; (iv) 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 (v) 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.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

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, 2023 through March 31, 2024.

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 10/1/2023 - 3/31/2024 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 234), 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, and Multi-Manager Global Real Estate. 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 240), 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 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	1.11%	$1,000.00	$1,122.70	$5.89

Hypothetical (5% return before expenses)	1.11%	$1,000.00	$1,019.45	$5.60

ACTIVE M INTERNATIONAL EQUITY



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.86%	$1,000.00	$1,180.50	$4.69

Hypothetical (5% return before expenses)	0.86%	$1,000.00	$1,020.70	$4.34

EMERGING MARKETS EQUITY INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.15%	$1,000.00	$1,101.90	$0.79

Hypothetical (5% return before expenses)	0.15%	$1,000.00	$1,024.25	$0.76

GLOBAL REAL ESTATE INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.47%	$1,000.00	$1,142.80	$2.52

Hypothetical (5% return before expenses)	0.47%	$1,000.00	$1,022.65	$2.38

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, 2024. Expenses are equal to the Funds’ annualized expense ratio for the period October 1, 2023 through March 31, 2024, multiplied by the average account value over the period, multiplied by 183/366 (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 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Class K

Actual	0.24%	$1,000.00	$1,230.10	$1.34

Hypothetical (5% return before expenses)	0.24%	$1,000.00	$1,023.80	$1.21

Class I

Actual	0.29%	$1,000.00	$1,229.20	$1.62

Hypothetical (5% return before expenses)	0.29%	$1,000.00	$1,023.55	$1.47

GLOBAL TACTICAL ASSET ALLOCATION



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.27%	$1,000.00	$1,108.50	$1.42

Hypothetical (5% return before expenses)	0.27%	$1,000.00	$1,023.65	$1.37

INCOME EQUITY



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.49%	$1,000.00	$1,217.70	$2.72

Hypothetical (5% return before expenses)	0.49%	$1,000.00	$1,022.55	$2.48

INTERNATIONAL EQUITY



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.51%	$1,000.00	$1,149.50	$2.74

Hypothetical (5% return before expenses)	0.51%	$1,000.00	$1,022.45	$2.58

INTERNATIONAL EQUITY INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.11%	$1,000.00	$1,174.50	$0.60

Hypothetical (5% return before expenses)	0.11%	$1,000.00	$1,024.45	$0.56

LARGE CAP CORE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.45%	$1,000.00	$1,248.20	$2.53

Hypothetical (5% return before expenses)	0.45%	$1,000.00	$1,022.75	$2.28

LARGE CAP VALUE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.57%	$1,000.00	$1,192.50	$3.12

Hypothetical (5% return before expenses)	0.57%	$1,000.00	$1,022.15	$2.88

MID CAP INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.10%	$1,000.00	$1,227.50	$0.56

Hypothetical (5% return before expenses)	0.10%	$1,000.00	$1,024.50	$0.51

MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.97%	$1,000.00	$1,120.60	$5.14

Hypothetical (5% return before expenses)	0.97%	$1,000.00	$1,020.15	$4.90

MULTI-MANAGER GLOBAL REAL ESTATE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.93%	$1,000.00	$1,142.70	$4.98

Hypothetical (5% return before expenses)	0.93%	$1,000.00	$1,020.35	$4.70

SMALL CAP CORE



	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID 10/1/2023- 3/31/2024

Class K

Actual	0.49%	$1,000.00	$1,201.70	$2.70

Hypothetical (5% return before expenses)	0.49%	$1,000.00	$1,022.55	$2.48

Class I

Actual	0.59%	$1,000.00	$1,201.00	$3.25

Hypothetical (5% return before expenses)	0.59%	$1,000.00	$1,022.05	$2.98

SMALL CAP INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.10%	$1,000.00	$1,198.90	$0.55

Hypothetical (5% return before expenses)	0.10%	$1,000.00	$1,024.50	$0.51

SMALL CAP VALUE



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	1.00%	$1,000.00	$1,178.70	$5.45

Hypothetical (5% return before expenses)	1.00%	$1,000.00	$1,020.00	$5.05

STOCK INDEX



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.05%	$1,000.00	$1,234.50	$0.28

Hypothetical (5% return before expenses)	0.05%	$1,000.00	$1,024.75	$0.25

U.S. QUALITY ESG



	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID 10/1/2023- 3/31/2024

Class K

Actual	0.39%	$1,000.00	$1,215.80	$2.16

Hypothetical (5% return before expenses)	0.39%	$1,000.00	$1,023.05	$1.97

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 44 portfolios in the Northern Funds Complex—Northern Funds offers 39 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, IL 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 of Trustees or shareholders, in accordance with the Trust’s Agreement and Declaration of Trust; or (iii) in accordance with the current resolutions of the Board of Trustees (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 Investment Company Act of 1940, as amended (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.

(2) Effective May 15, 2024, Michael J. Pryszcz resigned and effective May 16, 2024, the Board of Trustees approved the appointment of Michael L. Brainerd, Jr. as Assistant Treasurer of the Trust.

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.

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.

You could lose money by investing in the U.S. Government Money Market and U.S. Government Select Money Market Funds. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.

An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The U.S. Government Money Market and U.S. Government Select Money Market Funds’ sponsor is not required to reimburse the Funds for losses, and you should not expect that the sponsor will provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time, including during periods of market stress.

NOT FDIC INSURED

May lose value / No bank guarantee

Normalizing inflation and economic growth were key themes of the 12-month reporting period ended March 31, 2024, as the world moved past the disruptions of the pandemic. The U.S. Federal Reserve (the “Fed”), after aggressively raising rates in 2022 and early 2023, responded to the changing economy by slowing and eventually ceasing its rate-raising campaign. The Fed raised rates 0.25% each in May and July 2023 and has since held steady. Investors have long expected that the economy would slow and the Fed would turn to cuts, but the timing of that expectation pushed later as the period went on and the economy maintained its strength, and inflation eased. Treasury and municipal rates rose over the 12-month reporting period. Although the rise in treasury rates was sharper, municipal yields increased the most in short maturities, as the inversion in the yield curve increased. Benchmark municipal yields were up 0.74% in 1-year, and 0.59% in 2-year, but just 0.13% and 0.28% in 6-year and 20-year maturities, respectively. Municipals outperformed treasuries over the period, as inflows returned to the municipal market. Municipal new issue supply improved as the period went on, yet supply remained muted by historic standards. The nation’s economic strength continued to bolster municipal fundamental credit quality, pushing credit spreads tighter and contributing to outperformance for lower-rated credits and particularly high yield.

The Arizona Tax-Exempt Fund (the “Fund”) returned 2.62% for the 12-month reporting period ended March 31, 2024, underperforming the 2.94% return for its benchmark, the Bloomberg Arizona Municipal Bond Index. The Fund’s curve positioning and security selection were positive drivers of performance. Duration differences between the Fund and the benchmark detracted from Fund performance relative to the benchmark. The Fund’s underweight to BBB-rated credits also detracted from performance, given outperformance by lower-rated credits. The Fund’s duration was reduced from a long position as the 12-month reporting period began, to just below neutral as it ended.

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 0.46%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

During the 12-month reporting period ended March 31, 2024, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The calendar year-over-year Consumer Price Index (“CPI”) decreased from 5.6% to 3.2% while the unemployment rate remained below 4%. Despite this, in November 2023 the U.S. Federal Reserve turned dovish, noting interest rate cuts were likely during 2024. This event drove yields and spreads across risk assets to rally during the second half of the reporting period which positively impacted fixed income returns. Investment grade credit index spreads tightened by 0.40% while high yield index spreads tightened by 1.11% during this period. Securitized index spreads also tightened by 0.22%.

Short U.S. Treasury yields surged over the reporting period ended March 31, 2024, and the curve steepened (became less inverted), as long yields rose more than short yields over the year. The spread between 2-year and 30-year yields ended the period at -0.28%. Generic 2-year yields rose 0.59% to 4.62%, while 5-year yields rose 0.64% to 4.21%. Generic 10-year yields rose 0.73% in the reporting period to 4.20%, and 30-year bond yields rose 0.69% to 4.34%.

The Bond Index Fund (the “Fund”) returned 1.60% during the 12-month reporting period ended March 31, 2024. The Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, returned 1.70%. The Fund remains positioned to track the risk and return characteristics of its benchmark index. Sector, curve, and security selection strategies are driven by the composition of the benchmark, and the Fund seeks to track 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 use of a sampling methodology to seek to track the index and Fund fees and 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 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 2.29% for the 12-month reporting period ended March 31, 2024, outperforming the 2.04% return for its benchmark, the Bloomberg California Intermediate Municipal Bond Index. The Fund’s curve positioning, security selection and sector allocation added to performance. An overweight to cash and an underweight to AA-rated bonds also added to performance. Duration positioning detracted from Fund performance relative to the benchmark index. The Fund’s duration started the year long duration relative to the benchmark index, but moved to near the benchmark index starting in October 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 0.52% and 0.45%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 Tax-Exempt Fund (the “Fund”) returned 3.25% for the 12-month reporting period ended March 31, 2024, outperforming the 3.15% return for its benchmark, the Bloomberg California Municipal Bond Index. The Fund’s security selection and curve positioning were the largest contributors to performance. The Fund’s cash position also added to performance over the reporting period compared to the benchmark index. Duration, which was reduced from long to neutral over the reporting period, detracted from relative performance.

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 0.45%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

During the 12-month reporting period ended March 31, 2024, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The calendar year-over-year Consumer Price Index (“CPI”) decreased from 5.6% to 3.2% while the unemployment rate remained below 4%. Despite this, in November 2023 the U.S. Federal Reserve (the “Fed”) turned dovish, noting interest rate cuts were likely during 2024. This event drove yields and spreads across risk assets to rally during the second half of the reporting period which positively impacted fixed income returns. Investment grade credit index spreads tightened by 0.40% while high yield index spreads tightened by 1.11% during this period. Securitized index spreads also tightened by 0.22%.

During 2023, Northern Trust Investments, Inc. increased the Core Bond Fund’s (the “Fund”) allocation to agency mortgage backed securities (“MBS”), while maintaining its neutral positioning in investment grade corporate credit and its underweight in U.S. Treasuries. We believe this portfolio positioning aims to benefit from declining rate volatility, as the macro environment and the Fed’s monetary response becomes more certain.

The Fund achieved a total return of 1.77% for the reporting period, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 1.70%. The Fund’s neutral duration and sector allocation decisions added to performance during the reporting period. Security selection within investment grade credit was a positive driver of performance, while security selection within agency MBS and U.S. Treasuries detracted from performance.

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 0.50% and 0.41%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

During the 12-month reporting period ended March 31, 2024, the U.S. economy was characterized by moderating inflation and a relatively stable, low level of unemployment. The calendar year-over-year Consumer Price Index (“CPI”) decreased from 5.6% to 3.2% while the unemployment rate remained below 4%. Despite this, in November 2023 the U.S. Federal Reserve (the “Fed”) turned dovish, noting interest rate cuts were likely during 2024. This event drove yields and spreads across risk assets to rally during the second half of the reporting period which positively impacted fixed income returns. Investment grade credit index spreads tightened by 0.40% while high yield index spreads tightened by 1.11% during this period. Securitized index spreads also tightened by 0.22%.

During 2023, Northern Trust Investments, Inc. increased the Fixed Income Fund’s (the “Fund”) allocation to agency mortgage backed securities (“MBS”) and high yield, while maintaining its neutral positioning in investment grade corporate credit and its underweight in U.S. Treasuries. We believe this portfolio positioning aims to benefit from declining rate volatility as the macro environment and the Fed’s monetary response becomes more certain.

The Fund achieved a total return of 2.20% for the reporting period, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 1.70%. The Fund’s neutral duration and sector allocation decisions added to performance during the reporting period. Security selection within investment grade and high yield credit were positive drivers of performance, while security selection within agency MBS and U.S. Treasuries detracted from performance.

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 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 strong positive returns in the 12-month reporting period ended March 31, 2024, with the High Yield Fixed Income Fund (the “Fund”) returning 11.28% for the reporting period, outperforming its benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, which returned 11.15%. Going into the reporting period, the market was in the process of recovering from a short lived regional banking crisis, and the Swiss regulators’ arrangement of an emergency purchase of Credit Suisse by UBS. Quick action by regulators calmed fears and provided an opportune entry point for high yield given wider spreads – especially in financials. Interest rates oscillated during the period, and ended higher. Rates increased into October 2023 as growth remained robust and inflation continued to come in above the U.S Federal Reserve’s (the “Fed”) target. Rates were little impacted by an increase in geopolitical tensions including the continuation of the war in Ukraine, the onset of the Israel-Hamas war, and heightened tensions between China and Taiwan. While inflation remained above target, the market shifted to anticipating a “soft landing”, and started pricing in rate cuts after the October 2023 Federal Open Market Committee meeting. The decline in rates accelerated after the December 2023 meeting when the Fed struck a more dovish tone, and the Fed’s median estimates implied three quarter point rate cuts in 2024. In Q1 of 2024, anticipated cuts receded as inflation continued to come in higher than the 2% target with an annual rate of 3.2% for headline inflation, and 3.8% for core inflation.

High yield spreads ended the 12-month reporting period ended March 31, 2024 significantly tighter than where they began. In aggregate, high yield tightened 1.58% to end the period at 2.99%, as represented by the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index. While spread tightening happened across industries, financials, including banking and other sectors, were the best performers after the industry regained confidence. Transportation had the least improvement during the period. Given the risk-on nature of the reporting period, the lower quality portions of the market generally outperformed the higher quality portions. BB rated bonds returned 9.11%, B rated securities returned 11.46%, CCC rated bonds generated a 16.63% return, and consolidated C and D rated bonds returned 36.71%. Over the reporting period, the high yield market had $20 billion in inflows. While spreads tightened, as rates increased into September 2023, spreads widened, and then shifted back to a tightening path as yields declined. For Q1 of 2024, spreads continued to tighten even though rates went back up. Throughout the reporting period the Fund carried an overweight to B rated securities along with a modest overweight to CCC rated securities, which positively impacted relative performance. Overweight positions in financials including banking and brokerage, as well as energy were the largest contributors to relative performance; this was slightly offset by overweights to transportation and communication. Underweights to technology and consumer non-cyclicals benefited relative performance. This was offset by an underweight to consumer cyclicals.

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 0.60%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 Municipal Fund (the “Fund”) returned 5.47% for the reporting period, compared with the 5.98% performance of its benchmark, the Bloomberg Municipal Bond 60% High Yield/40% Investment Grade Index. The Fund’s sector allocation was a key contributor to relative performance. Duration, which was long at the start of the period and gradually came down to neutral by the end of the period, detracted from Fund performance relative to the index.

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 0.58%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 Intermediate Tax-Exempt Fund (the “Fund”) returned 2.29% for the reporting period, compared with the 2.62% return for its benchmark, the Bloomberg Municipal 1-15 Year Index. Duration was the largest detractor to the Fund’s performance, as the Fund was long duration at the beginning of the period, but reduced to near neutral starting in October 2023. An overweight to cash and curve positioning were additive to relative performance.

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 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 Limited Term Tax-Exempt Fund (the “Fund”) returned 1.74% for the reporting period, compared with the 2.01% return for its benchmark, the Bloomberg 1-5 Year Blend Municipal Bond Index. Duration positioning and sector allocation detracted from the Fund’s performance. The Fund’s overweight to cash relative to the benchmark index added to relative performance. The Fund was neutral to short duration over the course of the reporting period relative to the benchmark index, and overweight highly rated bonds. Both of these factors modestly reduced relative performance.

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 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 Limited Term U.S. Government Fund (the “Fund”) returned 2.11%, underperforming its benchmark, the Bloomberg 1-5 Year U.S. Government Index, which returned 2.44% during the reporting period ended March 31, 2024. The Fund’s allocation to U.S. mortgage backed securities and its tactical positioning in duration were positive contributors to Fund performance. The Fund’s allocation to U.S. Treasury Inflation-Protected Securities and its underweight to U.S. Agencies detracted from performance.

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 0.42%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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, 2024, the high yield market returned 11.06% as measured by the Fund’s benchmark index, the ICE BofA U.S. High Yield Constrained Index. Over the reporting period, lower quality securities outperformed higher quality securities: securities rated CCC and lower returned 18.49%, followed by B rated securities returning 11.37% and BB rated securities returning 9.07%. From a sector perspective, retail, leisure and energy were stronger performing areas in the benchmark, while telecommunications, media and technology lagged the overall benchmark return for the reporting period.

The Multi-Manager High Yield Opportunity Fund (the “Fund”) returned 10.97% during the 12-month reporting period ended March 31, 2024, underperforming its benchmark, the ICE BofA U.S. High Yield Constrained Index, which returned 11.06%. The Fund’s sub-advisers all performed well for the reporting period. BlackRock Investment Management, LLC’s tactical beta adjustments, underweights to BB-rated securities, and allocations to loans drove positive performance. An overweight to technology was a drag from a sector perspective, as was an underweight to the most distressed part of the benchmark index, which rallied during the trailing year. Polen Capital Credit, LLC’s (“Polen”) positive performance for the reporting period was driven by a higher income yield (due to a lower quality bias) and shorter duration versus the benchmark. From a sector perspective, Polen’s capital goods overweight was additive. Its security selection within the automotive and healthcare sectors detracted from relative performance for the reporting period. Nomura Corporate Research and Asset Management Inc.’s ( Nomura ) overweight to credit and higher income yield versus the benchmark as well as sector positioning and security selection within recreation and travel contributed positively to relative performance. Specialty retail and an overall underweight to select distressed issues detracted from Nomura’s relative performance 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. The one year total return will differ from the total return in the Financial Highlights. The Financial Highlights’ total return has been adjusted to reflect performance in conformity with U.S. GAAP principles. Performance data current to the most recent month-end is available at northerntrust.com/funds. The gross and net expense ratios are 0.78% and 0.68%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. Please read the current prospectus for more complete information on fees and expenses. These ratios may differ from those presented in the Financial Highlights.

This event drove spreads and yields to tighten during the second half of the reporting period. Following the November 1, 2023 Federal Open Market Committee meeting, 1-3 Corporate Option Adjusted Spreads (measurement of the spread of a fixed-income security rate and the risk-free rate of return) tightened from 0.96% to 0.57% on March 31, 2024. 1-3 Corporate Option Adjusted Spreads had begun the reporting period at 1.01%. Over the course of the fiscal year, Treasury rates increased across the curve. 1-year, 2-year and 3-year Treasury rates increased by 0.43%, 0.60% and 0.62%, respectively.

The Short Bond Fund (the “Fund”) returned 3.78% for the 12-month reporting period, outperforming its benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, which returned 3.49%. This outperformance can be attributed mainly to sector allocation. During the reporting period, the Fund was overweight to securitized investments, including mortgage backed securities, pass-through asset backed securities and commercial mortgage backed securities as compared to the Bloomberg 1-3 Year U.S. Government/Credit Index, which does not contain these asset classes. As of March 31, 2024, the Fund is about 50% Treasuries, almost 30% corporate bonds, and close to 20% securitized investments. The largest changes in the Fund were a 15% increase in Treasury exposure, a similar-sized decrease in corporate bond exposure, and a slight increase in securitized investments exposure over the course of the reporting period. The Fund’s duration was consistent with the duration of the benchmark as of March 31, 2024.

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 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 Tax-Advantaged Ultra-Short Fixed Income Fund (the “Fund”) returned 4.23% for the 12-month reporting period, outperforming the 2.68% 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 security selection and curve positioning were the largest contributors to performance, and an overweight to corporate bonds added significantly to performance. Duration positioning, which was generally short throughout the year, was modestly positive. An underweight to California municipal bonds was modestly negative to relative performance.

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%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 Tax-Exempt Fund (the “Fund”) returned 2.73% for the 12-month reporting period, underperforming the 3.13% return for its benchmark, the Bloomberg U.S. Municipal Index. The Fund’s curve positioning and security selection were the largest contributors to performance. Duration detracted from Fund performance as the Fund began the year significantly long relative to the benchmark index, but reached neutral by October 2023. The Fund’s overweight cash position relative to the benchmark index, added to relative Fund performance. An overweight to A-rated bonds added to relative performance, but an underweight to BBB detracted.

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 0.50% and 0.45%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 Ultra-Short Fixed Income Fund (the “Fund”) returned 6.59% outperforming the 4.31% return of its benchmark, the ICE BofA 1-Year U.S. Treasury Note Index, for the reporting period. This outperformance can be attributed mainly to security selection and sector allocation. During the reporting period, the Fund was heavily overweight to corporate bonds as compared to the ICE BofA 1-Year U.S. Treasury Note Index. As of March 31, 2024, the Fund is allocated more than 80% to corporate bonds, and less than 10% to each of the categories of securitized investments, Treasury and cash securities, compared with its all-Treasury benchmark. Financial institutions account for a majority of the Fund’s corporate bond exposure. The Fund’s overall credit quality remained relatively constant throughout the course of the year. The Fund’s duration was shorter than that of the ICE BofA 1-Year U.S. Treasury Note Index, which contributed to its relative outperformance as yields rose throughout most of the year. The Fund’s sector overweight to REITs detracted from relative performance.

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 0.29% and 0.25% for Shares, and 0.29% and 0.25% for Siebert Williams Shank Shares, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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. Government Fund (the “Fund”) returned 1.60%, underperforming its benchmark, the Bloomberg Intermediate U.S. Government Bond Index, which returned 1.65%. The Fund’s allocation to U.S. mortgage backed securities, and its tactical positioning in yield curve and duration, were positive contributors to Fund performance. The Fund’s allocation to U.S. Treasury Inflation-Protected Securities, and its underweight to U.S. Agencies detracted from performance.

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 0.42%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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. Treasury Index returned 0.05% during the 12-month reporting period ended March 31, 2024. As designed, the U.S. Treasury Index Fund (the “Fund”) performed in line with the benchmark index, with a return of -0.10%. 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. Northern Trust Investments, Inc. seeks to continue to invest with the goal of tracking the risk and return characteristics 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 0.27% and 0.16%, respectively, as of the most recent prospectus dated July 31, 2023, as amended September 22, 2023. The net expense ratio includes contractual expense reimbursements by the adviser, if any, through at least July 31, 2024. 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 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 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 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 Barclays 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. As of March 31, 2024, the duration of the Index was approximately 6.06.

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 1-3 Year U.S. Municipal Securities Index is a subset of ICE BofA US Municipal Securities Index including all securities with a remaining term to final maturity less than 3 years. ICE BofA US 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 one year remaining term to final maturity, at least 18 months to final maturity at the time of 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 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 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 market capitalization weighted, provided the total allocation to an individual issuer does not exceed 2%.


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		$62,095			$2,328,753			$246,343			$147,969			$86,323

Investments in affiliates, at value		879			27,962			534			1,151			5,893

Cash		64			1,444			—			—			—

Foreign currencies, at value		—			—			—			—			—

Interest income receivable		652			16,704			2,724			1,567			537

Dividend income receivable		3			129			8			6			23

Receivable for foreign tax reclaims		—			—			—			—			14

Receivable for securities sold		—			24,686			4			—			1,020

Receivable for fund shares sold		32			2,929			17			1			7

Receivable from investment adviser		3			25			3			4			2

Prepaid and other assets		4			4			5			6			3

Total Assets		63,732			2,402,636			249,638			150,704			93,822
LIABILITIES:

Cash overdraft		—			—			62			9			1

Payable for securities purchased		—			29,944			—			—			1,023

Payable for when-issued securities		309			12,781			—			—			991

Payable for variation margin on futures contracts		—			—			—			—			8

Payable for fund shares redeemed		60			1,164			40			19			1

Distributions payable to shareholders		34			1,385			104			75			61

Payable to affiliates:

Management fees		5			34			20			12			7

Custody fees		1			16			2			1			1

Shareholder servicing fees		10			27			8			10			—

Transfer agent fees		2			77			8			5			3

Accrued Trustee fees		4			10			4			4			4

Accrued other liabilities		16			32			17			16			16

Total Liabilities		441			45,470			265			151			2,116

Net Assets		$63,291			$2,357,166			$249,373			$150,553			$91,706

ANALYSIS OF NET ASSETS:

Capital stock		$76,517			$2,699,067			$285,152			$163,515			$123,167

Distributable loss		(13,226	)		(341,901	)		(35,779	)		(12,962	)		(31,461	)

Net Assets		$63,291			$2,357,166			$249,373			$150,553			$91,706

Net Assets:

Shares		$63,291			$2,357,166			$249,373			$150,553			$91,706

Total Shares Outstanding ($.001 par value, unlimited authorization):

Shares		6,546			257,895			25,305			14,299			10,336

Net Asset Value, Redemption and Offering Price Per Share:

Shares		$9.67			$9.14			$9.85			$10.53			$8.87

Investments, at cost		$67,528			$2,539,422			$262,674			$154,799			$91,657

Investments in affiliates, at cost		879			27,962			534			1,151			5,893

Foreign currencies, at cost		—			—			—			—			—

MARCH 31, 2024



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

	$340,047		$2,605,855		$288,053		$1,243,461		$421,814		$29,238

	10,598		37,595		49,072		4,860		8,628		67

	29		10,693		—		3,819		—		—

	—		166		—		—		—		—

	2,373		46,039		4,153		15,182		4,872		221

	33		255		191		58		47		1

	1		18		—		—		—		—

	3,998		3,958		—		—		—		98

	80		1,873		772		953		70		—

	4		27		10		12		5		4

	3		4		2		3		2		2

	357,166		2,706,483		342,253		1,268,348		435,438		29,631

	—		—		4		—		15		1

	3,504		6,069		2,198		—		—		—

	5,191		25,748		—		4,065		5,599		—

	11		62		—		—		—		—

	620		1,592		205		1,903		229		121

	229		2,346		241		569		152		14

	29		298		36		104		35		2

	4		13		2		8		4		—

	7		43		5		24		8		13

	11		88		11		41		14		1

	14		19		4		13		4		8

	17		36		17		30		16		16

	9,637		36,314		2,723		6,757		6,076		176

	$347,529		$2,670,169		$339,530		$1,261,591		$429,362		$29,455

	$455,309		$3,663,127		$474,448		$1,449,044		$458,159		$37,733

	(107,780)		(992,958)		(134,918)		(187,453)		(28,797)		(8,278)

	$347,529		$2,670,169		$339,530		$1,261,591		$429,362		$29,455

	$347,529		$2,670,169		$339,530		$1,261,591		$429,362		$29,455

	39,206		446,857		45,732		128,903		43,464		3,194

	$8.86		$5.98		$7.42		$9.79		$9.88		$9.22

	$360,128		$2,771,474		$329,453		$1,306,647		$431,708		$30,071

	10,598		37,595		49,072		4,860		8,628		67

	—		170		—		—		—		—


FIXED INCOME AND MONEY MARKET FUNDS


STATEMENTS OF ASSETS AND LIABILITIES continued



Amounts in thousands, except per share data	MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND			SHORT BOND FUND			TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND			TAX-EXEMPT FUND			ULTRA-SHORT FIXED INCOME FUND

ASSETS:

Investments, at value		$182,037			$269,524			$2,368,666			$727,052			$1,552,122

Investments in affiliates, at value		7,277			6,701			132,151			21,307			67,955

Repurchase agreements, at cost, which approximates value		—			—			—			—			—

Cash		—			40			4,207			—			—

Foreign currencies, at value		5			—			—			—			—

Due from broker (Note 2)		62			—			—			—			—

Interest income receivable		3,289			2,387			21,678			9,471			11,647

Dividend income receivable		36			29			452			118			242

Receivable for securities sold		1,642			1,286			—			—			—

Receivable for variation margin on futures contracts		—			7			—			—			—

Receivable for fund shares sold		—			6			1,711			1,129			40

Receivable from investment adviser		5			3			28			14			18

Unrealized appreciation on forward foreign currency exchange contracts		4			—			—			—			—

Prepaid and other assets		2			2			4			3			5

Total Assets		194,359			279,985			2,528,897			759,094			1,632,029

LIABILITIES:

Cash overdraft		106			—			—			137			394

Payable for securities purchased		2,387			7,729			16,426			1,100			2,996

Payable for when-issued securities		1,500			—			1,839			—			—

Payable for variation margin on futures contracts		—			34			—			—			—

Payable for fund shares redeemed		702			250			3,225			1,193			757

Distributions payable to shareholders		—			169			1,378			428			1,221

Due to broker (Note 2)		1			—			—			—			—

Payable to affiliates:

Management fees		23			19			109			62			72

Custody fees		4			2			15			5			12

Shareholder servicing fees		1			1			5			20			12

Transfer agent fees		6			9			79			24			55

Accrued Trustee fees		2			4			8			7			5

Accrued other liabilities		16			17			34			24			37

Total Liabilities		4,748			8,234			23,118			3,000			5,561

Net Assets		$189,611			$271,751			$2,505,779			$756,094			$1,626,468

ANALYSIS OF NET ASSETS:

Capital stock		$258,960			$302,972			$2,548,623			$931,103			$1,659,721

Distributable loss		(69,349	)		(31,221	)		(42,844	)		(175,009	)		(33,253	)

Net Assets		$189,611			$271,751			$2,505,779			$756,094			$1,626,468

Net Assets:

Shares		$189,611			$271,751			$2,505,779			$756,094			$1,593,840

Siebert Williams Shank Shares		—			—			—			—			32,628

Total Shares Outstanding ($.001 par value, unlimited authorization):

Shares		22,499			15,048			247,252			78,889			155,525

Siebert Williams Shank Shares		—			—			—			—			3,184

Net Asset Value, Redemption and Offering Price Per Share:

Shares		$8.43			$18.06			$10.13			$9.58			$10.25

Siebert Williams Shank Shares		—			—			—			—			10.25

Investments, at cost		$185,622			$272,852			$2,378,721			$774,629			$1,557,859

Investments in affiliates, at cost		7,277			6,701			132,151			21,307			67,955

Foreign currencies, at cost		5			—			—			—			—



MARCH 31, 2024



U.S. GOVERNMENT FUND	U.S. GOVERNMENT MONEY MARKET FUND			U.S. GOVERNMENT SELECT MONEY MARKET FUND			U.S. TREASURY INDEX FUND



$24,411		$6,941,865			$1,439,178			$70,259

122		—			—			540

—		13,233,000			3,000,000			—

1		36,606			35,527			1

—		—			—			—

—		—			—			—

176		65,010			13,506			548

—		—			—			1

—		—			—			635

—		—			—			—

—		347,356			20,056			—

1		53			10			1

—		—			—			—

3		18			4			2

24,714		20,623,908			4,508,281			71,987


—		—			—			—

—		57,397			12,862			896

—		—			—			—

—		—			—			—

—		44,535			13,855			175

12		85,585			18,119			32

—		—			—			—

2		1,266			280			2

—		124			22			1

—		—			—			—

1		319			67			2

3		26			19			4

16		132			39			16

34		189,384			45,263			1,128

$24,680		$20,434,524			$4,463,018			$70,859



$30,800		$20,434,613			$4,463,047			$82,494

(6,120)		(89	)		(29	)		(11,635)

$24,680		$20,434,524			$4,463,018			$70,859



$24,680		$20,434,524			$4,463,018			$70,859

—		—			—			—



2,821		20,434,600			4,463,086			3,699

—		—			—			—



$8.75		$1.00			$1.00			$19.16

—		—			—			—

$25,078		$6,941,865			$1,439,178			$78,033

122		—			—			540

—		—			—			—


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)		$2,534			$76,388	⁽¹⁾		$7,492			$5,130

Dividend income from investments in affiliates		71			1,980			494			360

Total Investment Income		2,605			78,368			7,986			5,490

EXPENSES:

Management fees		298			1,365			1,104			666

Custody fees		7			222			20			13

Transfer agent fees		27			876			99			60

Blue sky fees		15			26			12			14

Printing fees		8			29			10			9

Audit fee		20			36			19			20

Legal fees		8			23			8			8

Shareholder servicing fees		57			82			46			49

Trustee fees		7			23			7			7

Other		10			28			10			10

Total Expenses		457			2,710			1,335			856

Less expenses reimbursed by investment adviser		(135	)		(1,101	)		(169	)		(149	)

Less custodian credits		—			(2	)		—			—

Net Expenses		322			1,607			1,166			707
Net Investment Income		2,283			76,761			6,820			4,783
NET REALIZED AND UNREALIZED GAINS (LOSSES):

Net realized gains (losses) on:

Investments		(1,312	)		(41,390	)		(6,175	)		(1,887	)

Futures contracts		—			—			—			—

Foreign currency transactions		—			—			—			—

Net changes in unrealized appreciation (depreciation) on:

Investments		437			2,336			4,428			2,054

Futures contracts		—			—			—			—

Net Gains (Losses)		(875	)		(39,054	)		(1,747	)		167
Net Increase (Decrease) in Net Assets Resulting from Operations		$1,408			$37,707			$5,073			$4,950

⁽¹⁾

Net of $4 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



	$4,038			$16,918			$190,355			$16,500			$44,299			$12,028			$1,365

	135			324			3,184			1,001			1,654			558			11

	4,173			17,242			193,539			17,501			45,953			12,586			1,376



	379			1,736			15,373			1,878			5,950			2,110			161

	17			42			185			24			95			36			6

	38			155			1,020			129			533			189			16

	19			21			31			22			25			24			18

	10			15			25			10			23			13			8

	20			20			43			20			33			20			20

	8			8			33			8			17			8			8

	3			37			238			27			139			57			15

	7			7			36			7			18			7			7
	10			11			40			11			22			10			9
	511			2,052			17,024			2,136			6,855			2,474			268
	(102	)		(223	)		(1,060	)		(180	)		(599	)		(254	)		(89	)
	—			(2	)		(9	)		—			(2	)		(2	)		—

	409			1,827			15,955			1,956			6,254			2,218			179
	3,764			15,415			177,584			15,545			39,699			10,368			1,197





	(4,897	)		(24,756	)		(104,531	)		(32,223	)		(36,879	)		(4,151	)		(471	)

	263			684			5,901			—			—			—			79



	3			—			—			—			—			—			—

	1,988			15,069			202,569			32,154			24,616			1,342			1

	116			39			689			—			—			—			—

	(2,527	)		(8,964	)		104,628			(69	)		(12,263	)		(2,809	)		(391	)
	$1,237			$6,451			$282,212			$15,476			$27,436			$7,559			$806



Amounts in thousands	MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND			SHORT BOND FUND			TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND			TAX-EXEMPT FUND
INVESTMENT INCOME:

Interest Income (Note 6)		$15,386			$10,828			$70,257			$29,186

Dividend income		1,713			—			—			—

Dividend income from investments in affiliates		364			218			5,243			1,017

Income from affiliates (Note 6)		—			—			—			—

Total Investment Income		17,463			11,046			75,500			30,203

EXPENSES:

Management fees		1,462			1,173			5,347			3,271

Custody fees		44			26			162			53

Transfer agent fees		79			119			905			293

Blue sky fees		19			20			21			25

Printing fees		13			10			28			15

Audit fee		45			20			39			26

Legal fees		8			8			24			12

Shareholder servicing fees		5			2			25			114

Trustee fees		7			7			31			9

Other		14			10			36			11

Total Expenses		1,696			1,395			6,618			3,829

Less expenses reimbursed by investment adviser		(180	)		(149	)		(683	)		(394	)

Less custodian credits		(3	)		(1	)		(13	)		—

Net Expenses		1,513			1,245			5,922			3,435
Net Investment Income		15,950			9,801			69,578			26,768
NET REALIZED AND UNREALIZED GAINS (LOSSES):

Net realized gains (losses) on:

Investments		(4,356	)		(5,767	)		(697	)		(30,362	)

Credit default swap agreements		46			—			—			—

Futures contracts		(208	)		(141	)		—			—

Forward foreign currency exchange contracts		9			—			—			—

Short positions		1			—			—			—

Net changes in unrealized appreciation (depreciation) on:

Investments		9,695			7,309			30,696			25,449

Credit default swap agreements		(13	)		—			—			—

Futures contracts		125			(195	)		—			—

Forward foreign currency exchange contracts		4			—			—			—

Net Gains (Losses)		5,303			1,206			29,999			(4,913	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$21,253			$11,007			$99,577			$21,855

See Notes to the Financial Statements.



	ARIZONA TAX-EXEMPT FUND						BOND INDEX FUND						CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND
Amounts in thousands	2024			2023			2024			2023			2024			2023

OPERATIONS:

Net investment income (Note 6)		$2,283			$2,913			$76,761			$57,956			$6,820			$8,395

Net realized losses		(1,312	)		(4,034	)		(41,390	)		(83,367	)		(6,175	)		(12,591	)

Net change in unrealized appreciation (depreciation)		437			(1,754	)		2,336			(108,548	)		4,428			(4,330	)

Net Increase (Decrease) in Net Assets Resulting from Operations		1,408			(2,875	)		37,707			(133,959	)		5,073			(8,526	)

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		(13,512	)		(58,635	)		216,184			(302,187	)		(22,309	)		(193,041	)

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(13,512	)		(58,635	)		216,184			(302,187	)		(22,309	)		(193,041	)

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(2,283	)		(2,913	)		(77,922	)		(60,367	)		(6,828	)		(8,406	)

Total Distributions to Shares Shareholders		(2,283	)		(2,913	)		(77,922	)		(60,367	)		(6,828	)		(8,406	)

Total Increase (Decrease) in Net Assets		(14,387	)		(64,423	)		175,969			(496,513	)		(24,064	)		(209,973	)

NET ASSETS:

Beginning of year		77,678			142,101			2,181,197			2,677,710			273,437			483,410

End of year		$63,291			$77,678			$2,357,166			$2,181,197			$249,373			$273,437

See Notes to the Financial Statements.



	HIGH YIELD MUNICIPAL FUND						INTERMEDIATE TAX-EXEMPT FUND						LIMITED TERM TAX-EXEMPT FUND
Amounts in thousands	2024			2023			2024			2023			2024			2023

OPERATIONS:

Net investment income (Note 6)		$15,545			$23,931			$39,699			$51,588			$10,368			$10,244

Net realized losses		(32,223	)		(56,331	)		(36,879	)		(77,495	)		(4,151	)		(11,425	)

Net change in unrealized appreciation (depreciation)		32,154			(32,110	)		24,616			(11,464	)		1,342			10,191

Net Increase (Decrease) in Net Assets Resulting from Operations		15,476			(64,510	)		27,436			(37,371	)		7,559			9,010

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		(45,839	)		(299,304	)		(261,879	)		(1,059,928	)		(124,056	)		(169,066	)

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(45,839	)		(299,304	)		(261,879	)		(1,059,928	)		(124,056	)		(169,066	)

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(15,546	)		(23,932	)		(39,718	)		(52,067	)		(10,367	)		(10,258	)

Total Distributions to Shares Shareholders		(15,546	)		(23,932	)		(39,718	)		(52,067	)		(10,367	)		(10,258	)

Total Increase (Decrease) in Net Assets		(45,909	)		(387,746	)		(274,161	)		(1,149,366	)		(126,864	)		(170,314	)

NET ASSETS:

Beginning of year		385,439			773,185			1,535,752			2,685,118			556,226			726,540

End of year		$339,530			$385,439			$1,261,591			$1,535,752			$429,362			$556,226



LIMITED TERM U.S. GOVERNMENT FUND						MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND						SHORT BOND FUND						TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND
2024			2023			2024			2023			2024			2023			2024			2023



	$1,197			$1,144			$15,950			$11,295			$9,801			$7,185			$69,578			$45,531

	(392	)		(1,966	)		(4,508	)		(13,157	)		(5,908	)		(10,902	)		(697	)		(26,934	)

	1			600			9,811			(3,558	)		7,114			3,038			30,696			16,613

	806			(222	)		21,253			(5,420	)		11,007			(679	)		99,577			35,210



	(24,624	)		7,868			(30,243	)		50,744			(68,967	)		(77,541	)		95,927			(1,603,675	)

	(24,624	)		7,868			(30,243	)		50,744			(68,967	)		(77,541	)		95,927			(1,603,675	)



	(1,200	)		(1,148	)		(16,135	)		(11,421	)		(10,014	)		(7,470	)		(69,592	)		(45,535	)

	(1,200	)		(1,148	)		(16,135	)		(11,421	)		(10,014	)		(7,470	)		(69,592	)		(45,535	)

	(25,018	)		6,498			(25,125	)		33,903			(67,974	)		(85,690	)		125,912			(1,614,000	)



	54,473			47,975			214,736			180,833			339,725			425,415			2,379,867			3,993,867

	$29,455			$54,473			$189,611			$214,736			$271,751			$339,725			$2,505,779			$2,379,867



	TAX-EXEMPT FUND						ULTRA-SHORT FIXED INCOME FUND						U.S. GOVERNMENT FUND
Amounts in thousands	2024			2023			2024			2023			2024			2023

OPERATIONS:

Net investment income (Note 6)		$26,768			$35,863			$84,898			$63,134			$1,015			$1,020

Net realized gains (losses)		(30,362	)		(90,008	)		(4,240	)		(16,958	)		(1,206	)		(2,426	)

Net change in unrealized appreciation (depreciation)		25,449			(3,751	)		48,676			(751	)		169			650

Net Increase (Decrease) in Net Assets Resulting from Operations		21,855			(57,896	)		129,334			45,425			(22	)		(756	)

CAPITAL SHARE TRANSACTIONS:

Net increase (decrease) in net assets resulting from Shares transactions		(27,984	)		(778,369	)		(821,734	)		(788,218	)		(22,983	)		6,236

Net increase in net assets resulting from Siebert Williams Shank Shares transactions		—			—			1,257			30,459			—			—

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(27,984	)		(778,369	)		(820,477	)		(757,759	)		(22,983	)		6,236

DISTRIBUTIONS TO SHARES SHAREHOLDERS:

Distributable earnings		(26,774	)		(35,875	)		(84,225	)		(63,582	)		(1,066	)		(1,021	)

Total Distributions to Shares Shareholders		(26,774	)		(35,875	)		(84,225	)		(63,582	)		(1,066	)		(1,021	)

DISTRIBUTIONS TO SIEBERT WILLIAMS SHANK SHARES SHAREHOLDERS:

Distributable earnings		—			—			(1,335	)		(494	)		—			—

Total Distributions to Siebert Williams Shank Shares Shareholders		—			—			(1,335	)		(494	)		—			—

Total Increase (Decrease) in Net Assets		(32,903	)		(872,140	)		(776,703	)		(776,410	)		(24,071	)		4,459

NET ASSETS:

Beginning of year		788,997			1,661,137			2,403,171			3,179,581			48,751			44,292

End of year		$756,094			$788,997			$1,626,468			$2,403,171			$24,680			$48,751



ARIZONA TAX-EXEMPT FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$9.74			$10.13			$10.86			$10.77			$10.65

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.32			0.30			0.23			0.25			0.28

Net realized and unrealized gains (losses)		(0.07	)		(0.39	)		(0.73	)		0.09			0.12

Total from Investment Operations		0.25			(0.09	)		(0.50	)		0.34			0.40

LESS DISTRIBUTIONS PAID:

From net investment income		(0.32	)		(0.30	)		(0.23	)		(0.25	)		(0.28	)

Total Distributions Paid		(0.32	)		(0.30	)		(0.23	)		(0.25	)		(0.28	)

Net Asset Value, End of Year		$9.67			$9.74			$10.13			$10.86			$10.77

Total Return⁽¹⁾		2.62	%		(0.82	)%		(4.74	)%		3.19	%		3.86	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$63,291			$77,678			$142,101			$168,504			$135,533

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.47	%⁽³⁾		0.46	%		0.46	%		0.46	%		0.46	%

Expenses, before reimbursements and credits		0.66	%		0.62	%		0.60	%		0.58	%		0.60	%

Net investment income, net of reimbursements and credits⁽²⁾		3.29	%⁽³⁾		3.03	%		2.09	%		2.29	%		2.56	%

Net investment income, before reimbursements and credits		3.10	%		2.87	%		1.95	%		2.17	%		2.42	%

Portfolio Turnover Rate		5.51	%		16.84	%		32.67	%		17.20	%		63.33	%

⁽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, $5,000, $500, $5,000 and $10,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.



BOND INDEX FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$9.31			$10.04			$10.75			$11.05			$10.45

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.31			0.24			0.19			0.22			0.28

Net realized and unrealized gains (losses)		(0.17	)		(0.72	)		(0.63	)		(0.17	)		0.65

Total from Investment Operations		0.14			(0.48	)		(0.44	)		0.05			0.93

LESS DISTRIBUTIONS PAID:

From net investment income		(0.31	)		(0.25	)		(0.22	)		(0.25	)		(0.30	)

From net realized gains		—			—			(0.05	)		(0.10	)		(0.03	)

Total Distributions Paid		(0.31	)		(0.25	)		(0.27	)		(0.35	)		(0.33	)

Net Asset Value, End of Year		$9.14			$9.31			$10.04			$10.75			$11.05

Total Return⁽¹⁾		1.60	%		(4.77	)%		(4.22	)%		0.36	%		9.01	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$2,357,166			$2,181,197			$2,677,710			$3,252,218			$2,936,072

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.07	%⁽²⁾		0.11	%⁽³⁾		0.15	%⁽³⁾		0.15	%⁽³⁾		0.15	%⁽³⁾

Expenses, before reimbursements and credits		0.12	%		0.15	%		0.19	%		0.19	%		0.18	%

Net investment income, net of reimbursements and credits		3.37	%⁽²⁾		2.53	%⁽³⁾		1.77	%⁽³⁾		1.91	%⁽³⁾		2.63	%⁽³⁾

Net investment income, before reimbursements and credits		3.32	%		2.49	%		1.73	%		1.87	%		2.60	%

Portfolio Turnover Rate		47.00	%		45.33	%		48.74	%		75.38	%		53.74	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $27,000, $1,000, $92,000 and $83,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021 and 2020, 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	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$9.89			$10.17			$10.94			$10.74			$10.68

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.26			0.23			0.21			0.24			0.27

Net realized and unrealized gains (losses)		(0.04	)		(0.28	)		(0.77	)		0.22			0.06

Total from Investment Operations		0.22			(0.05	)		(0.56	)		0.46			0.33

LESS DISTRIBUTIONS PAID:

From net investment income		(0.26	)		(0.23	)		(0.21	)		(0.24	)		(0.27	)

From net realized gains		—			—			—			(0.02	)		—	⁽¹⁾

Total Distributions Paid		(0.26	)		(0.23	)		(0.21	)		(0.26	)		(0.27	)

Net Asset Value, End of Year		$9.85			$9.89			$10.17			$10.94			$10.74

Total Return⁽²⁾		2.29	%		(0.39	)%		(5.20	)%		4.29	%		3.11	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$249,373			$273,437			$483,410			$533,617			$493,284

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽³⁾		0.45	%⁽⁴⁾		0.45	%		0.45	%		0.45	%		0.45	%

Expenses, before reimbursements and credits		0.52	%		0.51	%		0.51	%		0.50	%		0.50	%

Net investment income, net of reimbursements and credits⁽³⁾		2.66	%⁽⁴⁾		2.37	%		1.95	%		2.18	%		2.48	%

Net investment income, before reimbursements and credits		2.59	%		2.31	%		1.89	%		2.13	%		2.43	%

Portfolio Turnover Rate		14.35	%		4.49	%		19.44	%		16.87	%		31.63	%

⁽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 $19,000, $17,000, less than $1,000 and approximately $19,000 and $26,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽⁴⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.



CALIFORNIA TAX-EXEMPT FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$10.52			$10.91			$11.80			$11.65			$11.56

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.32			0.27			0.24			0.29			0.33

Net realized and unrealized gains (losses)		0.01			(0.39	)		(0.85	)		0.21			0.16

Total from Investment Operations		0.33			(0.12	)		(0.61	)		0.50			0.49

LESS DISTRIBUTIONS PAID:

From net investment income		(0.32	)		(0.27	)		(0.24	)		(0.29	)		(0.33	)

From net realized gains		—			—			(0.04	)		(0.06	)		(0.07	)

Total Distributions Paid		(0.32	)		(0.27	)		(0.28	)		(0.35	)		(0.40	)

Net Asset Value, End of Year		$10.53			$10.52			$10.91			$11.80			$11.65

Total Return⁽¹⁾		3.25	%		(1.02	)%		(5.35	)%		4.32	%		4.27	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$150,553			$162,392			$199,909			$218,042			$193,318

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.46	%⁽³⁾		0.45	%		0.46	%		0.45	%		0.46	%

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

Net investment income, net of reimbursements and credits⁽²⁾		3.09	%⁽³⁾		2.60	%		2.00	%		2.46	%		2.78	%

Net investment income, before reimbursements and credits		3.00	%		2.50	%		1.91	%		2.36	%		2.69	%

Portfolio Turnover Rate		20.78	%		23.45	%		30.33	%		28.48	%		55.08	%

⁽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 $14,000, $13,000, less than $1,000 and approximately $9,000 and $16,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



CORE BOND FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$9.06			$9.82			$10.43			$10.47			$10.08

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.33			0.25			0.13			0.15			0.23

Net realized and unrealized gains (losses)		(0.18	)		(0.74	)		(0.56	)		0.18			0.43

Total from Investment Operations		0.15			(0.49	)		(0.43	)		0.33			0.66

LESS DISTRIBUTIONS PAID:

From net investment income		(0.34	)		(0.27	)		(0.18	)		(0.19	)		(0.27	)

From net realized gains		—			—			—			(0.18	)		—

Total Distributions Paid		(0.34	)		(0.27	)		(0.18	)		(0.37	)		(0.27	)

Net Asset Value, End of Year		$8.87			$9.06			$9.82			$10.43			$10.47

Total Return⁽¹⁾		1.77	%		(4.92	)%		(4.18	)%		3.08	%		6.57	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$91,706			$112,206			$189,112			$253,092			$194,834

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.41	%⁽³⁾		0.41	%		0.41	%		0.40	%		0.41	%

Expenses, before reimbursements and credits		0.51	%		0.49	%		0.47	%		0.47	%		0.47	%

Net investment income, net of reimbursements and credits⁽²⁾		3.78	%⁽³⁾		2.84	%		1.32	%		1.26	%		2.33	%

Net investment income, before reimbursements and credits		3.68	%		2.76	%		1.26	%		1.19	%		2.27	%

Portfolio Turnover Rate		78.68	%		247.32	%		319.16	%		326.11	%		485.45	%

⁽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 approximately $6,000, $6,000, $1,000, $10,000 and $15,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.



FIXED INCOME FUND								SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$9.02			$9.84			$10.45			$10.18			$9.97

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.34			0.28			0.20	⁽¹⁾		0.19			0.27

Net realized and unrealized gains (losses)		(0.15	)		(0.80	)		(0.56	)		0.38			0.24

Total from Investment Operations		0.19			(0.52	)		(0.36	)		0.57			0.51

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.35	)		(0.30	)		(0.25	)		(0.24	)		(0.30	)

From net realized gains		—			—			—			(0.06	)		—

Total Distributions Paid		(0.35	)		(0.30	)		(0.25	)		(0.30	)		(0.30	)

Net Asset Value, End of Year		$8.86			$9.02			$9.84			$10.45			$10.18

Total Return⁽³⁾		2.20	%		(5.23	)%		(3.58	)%		5.63	%⁽⁴⁾		5.11	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$347,529			$481,875			$696,741			$822,261			$841,826

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁵⁾		0.45	%⁽⁶⁾		0.45	%		0.45	%		0.45	%		0.45	%

Expenses, before reimbursements and credits		0.51	%		0.50	%		0.49	%		0.49	%		0.49	%

Net investment income, net of reimbursements and credits⁽⁵⁾		3.82	%⁽⁶⁾		3.17	%		1.95	%		1.83	%		2.66	%

Net investment income, before reimbursements and credits		3.76	%		3.12	%		1.91	%		1.79	%		2.62	%

Portfolio Turnover Rate		81.39	%		188.84	%		248.30	%		261.29	%		439.40	%

⁽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%.

⁽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 $13,000, $18,000, less than $1,000 and approximately $25,000 and $55,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽⁶⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



HIGH YIELD FIXED INCOME FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$5.75			$6.39			$6.78			$5.57			$6.60

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.39			0.35			0.35	⁽¹⁾		0.36			0.40

Net realized and unrealized gains (losses)		0.24			(0.62	)		(0.38	)		1.21			(1.02	)

Total from Investment Operations		0.63			(0.27	)		(0.03	)		1.57			(0.62	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.40	)		(0.37	)		(0.36	)		(0.36	)		(0.41	)

Total Distributions Paid		(0.40	)		(0.37	)		(0.36	)		(0.36	)		(0.41	)

Net Asset Value, End of Year		$5.98			$5.75			$6.39			$6.78			$5.57

Total Return⁽³⁾		11.28	%		(4.08	)%		(0.61	)%		28.40	%		(9.96	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$2,670,169			$2,846,355			$3,879,135			$3,330,270			$3,153,247

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁴⁾		0.60	%⁽⁵⁾		0.68	%		0.78	%		0.78	%		0.78	%

Expenses, before reimbursements and credits		0.64	%		0.72	%		0.83	%		0.83	%		0.82	%

Net investment income, net of reimbursements and credits⁽⁴⁾		6.70	%⁽⁵⁾		6.15	%		5.17	%		5.62	%		6.10	%

Net investment income, before reimbursements and credits		6.66	%		6.11	%		5.12	%		5.57	%		6.06	%

Portfolio Turnover Rate		33.79	%		20.68	%		30.32	%		54.82	%		47.65	%

⁽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.

⁽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 $126,000, $186,000, $9,000, $70,000 and $94,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.



HIGH YIELD MUNICIPAL FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$7.37			$8.31			$8.95			$8.31			$8.70

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.34			0.31			0.28			0.32			0.34

Net realized and unrealized gains (losses)		0.05			(0.94	)		(0.64	)		0.64			(0.39	)

Total from Investment Operations		0.39			(0.63	)		(0.36	)		0.96			(0.05	)

LESS DISTRIBUTIONS PAID:

From net investment income		(0.34	)		(0.31	)		(0.28	)		(0.32	)		(0.34	)

Total Distributions Paid		(0.34	)		(0.31	)		(0.28	)		(0.32	)		(0.34	)

Net Asset Value, End of Year		$7.42			$7.37			$8.31			$8.95			$8.31

Total Return⁽¹⁾		5.47	%		(7.48	)%		(4.27	)%		11.75	%		(0.68	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$339,530			$385,439			$773,185			$598,937			$509,834

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.58	%⁽³⁾		0.59	%		0.60	%		0.60	%		0.60	%

Expenses, before reimbursements and credits		0.64	%		0.71	%		0.83	%		0.84	%		0.84	%

Net investment income, net of reimbursements and credits⁽²⁾		4.64	%⁽³⁾		4.14	%		3.05	%		3.71	%		3.87	%

Net investment income, before reimbursements and credits		4.58	%		4.02	%		2.82	%		3.47	%		3.63	%

Portfolio Turnover Rate		14.76	%		11.97	%		21.90	%		33.75	%		47.62	%

⁽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 $41,000, $19,000, $1,000, $18,000 and $24,000, which represent 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



INTERMEDIATE TAX-EXEMPT FUND								SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$9.85			$10.14			$10.83			$10.68			$10.57

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.28			0.25			0.19			0.21			0.24

Net realized and unrealized gains (losses)		(0.06	)		(0.29	)		(0.65	)		0.22			0.15

Total from Investment Operations		0.22			(0.04	)		(0.46	)		0.43			0.39

LESS DISTRIBUTIONS PAID:

From net investment income		(0.28	)		(0.25	)		(0.19	)		(0.21	)		(0.24	)

From net realized gains		—			—			(0.04	)		(0.07	)		(0.04	)

Total Distributions Paid		(0.28	)		(0.25	)		(0.23	)		(0.28	)		(0.28	)

Net Asset Value, End of Year		$9.79			$9.85			$10.14			$10.83			$10.68

Total Return⁽¹⁾		2.29	%		(0.29	)%		(4.35	)%		4.01	%		3.72	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$1,261,591			$1,535,752			$2,685,118			$3,073,366			$3,017,951

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.45	%⁽²⁾⁽³⁾		0.45	%⁽³⁾		0.45	%		0.45	%⁽³⁾		0.45	%⁽³⁾

Expenses, before reimbursements and credits		0.50	%		0.49	%		0.48	%		0.48	%		0.47	%

Net investment income, net of reimbursements and credits		2.88	%⁽²⁾⁽³⁾		2.55	%⁽³⁾		1.73	%		1.90	%⁽³⁾		2.23	%⁽³⁾

Net investment income, before reimbursements and credits		2.83	%		2.51	%		1.70	%		1.87	%		2.21	%

Portfolio Turnover Rate		18.08	%		16.89	%		79.63	%		82.72	%		127.62	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $64,000, $46,000, $104,000 and $267,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2021 and 2020, 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	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$9.92			$9.93			$10.43			$10.35			$10.37

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.21			0.16			0.09			0.12			0.18

Net realized and unrealized gains (losses)		(0.04	)		(0.01	)		(0.41	)		0.24			0.04

Total from Investment Operations		0.17			0.15			(0.32	)		0.36			0.22

LESS DISTRIBUTIONS PAID:

From net investment income		(0.21	)		(0.16	)		(0.09	)		(0.12	)		(0.18	)

From net realized gains		—			—			(0.09	)		(0.16	)		(0.06	)

Total Distributions Paid		(0.21	)		(0.16	)		(0.18	)		(0.28	)		(0.24	)

Net Asset Value, End of Year		$9.88			$9.92			$9.93			$10.43			$10.35

Total Return⁽¹⁾		1.74	%		1.59	%		(3.08	)%		3.47	%		2.07	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$429,362			$556,226			$726,540			$917,624			$880,475

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.45	%⁽²⁾⁽³⁾		0.45	%⁽³⁾		0.45	%		0.45	%⁽³⁾		0.45	%⁽³⁾

Expenses, before reimbursements and credits		0.50	%		0.50	%		0.50	%		0.50	%		0.49	%

Net investment income, net of reimbursements and credits		2.11	%⁽²⁾⁽³⁾		1.66	%⁽³⁾		0.87	%		1.11	%⁽³⁾		1.71	%⁽³⁾

Net investment income, before reimbursements and credits		2.06	%		1.61	%		0.82	%		1.06	%		1.67	%

Portfolio Turnover Rate		16.10	%		49.86	%		94.18	%		98.82	%		126.29	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $21,000, $30,000, $46,000 and $63,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2021 and 2020, 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	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$9.29			$9.55			$10.02			$10.06			$9.60

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.26			0.20			0.01			0.01			0.14

Net realized and unrealized gains (losses)		(0.07	)		(0.26	)		(0.46	)		(0.03	)		0.47

Total from Investment Operations		0.19			(0.06	)		(0.45	)		(0.02	)		0.61

LESS DISTRIBUTIONS PAID:

From net investment income		(0.26	)		(0.20	)		(0.02	)		(0.02	)		(0.15	)

Total Distributions Paid		(0.26	)		(0.20	)		(0.02	)		(0.02	)		(0.15	)

Net Asset Value, End of Year		$9.22			$9.29			$9.55			$10.02			$10.06

Total Return⁽¹⁾		2.11	%		(0.58	)%		(4.43	)%		(0.26	)%		6.34	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$29,455			$54,473			$47,975			$63,809			$58,501

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.42	%⁽²⁾⁽³⁾		0.42	%⁽³⁾		0.42	%		0.41	%⁽³⁾		0.42	%⁽³⁾

Expenses, before reimbursements and credits		0.64	%		0.58	%		0.58	%		0.54	%		0.62	%

Net investment income, net of reimbursements and credits		2.83	%⁽²⁾⁽³⁾		2.20	%⁽³⁾		0.17	%		0.02	%⁽³⁾		1.41	%⁽³⁾

Net investment income (loss), before reimbursements and credits		2.61	%		2.04	%		0.01	%		(0.11	)%		1.21	%

Portfolio Turnover Rate		46.49	%		335.99	%		411.02	%		445.85	%		838.97	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 less than $1,000, approximately $4,000, $4,000 and $8,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2021 and 2020, 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 HIGH YIELD OPPORTUNITY FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$8.21			$9.05			$9.41			$7.97			$9.56

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.64			0.48			0.44	⁽¹⁾		0.58			0.63

Net realized and unrealized gains (losses)		0.23			(0.84	)		(0.33	)		1.46			(1.59	)

Total from Investment Operations		0.87			(0.36	)		0.11			2.04			(0.96	)

LESS DISTRIBUTIONS PAID:

From net investment income⁽²⁾		(0.65	)		(0.48	)		(0.47	)		(0.60	)		(0.63	)

From net realized gains		—			—			—			—			—

Total Distributions Paid		(0.65	)		(0.48	)		(0.47	)		(0.60	)		(0.63	)

Net Asset Value, End of Year		$8.43			$8.21			$9.05			$9.41			$7.97

Total Return⁽³⁾		11.11	%		(3.80	)%		1.06	%		26.25	%		(10.79	)%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$189,611			$214,736			$180,833			$174,617			$214,288

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽⁴⁾		0.74	%⁽⁵⁾		0.85	%		0.86	%		0.85	%		0.86	%

Expenses, before reimbursements and credits		0.83	%		0.94	%		0.95	%		0.95	%		0.95	%

Net investment income, net of reimbursements and credits⁽⁴⁾		7.76	%⁽⁵⁾		5.80	%		4.68	%		6.27	%		6.57	%

Net investment income, before reimbursements and credits		7.67	%		5.71	%		4.59	%		6.17	%		6.48	%

Portfolio Turnover Rate		44.77	%		67.37	%		64.94	%		91.41	%		63.55	%

⁽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.

⁽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 $14,000, $16,000, less than $1,000 and approximately $7,000 and $18,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



SHORT BOND FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$17.98			$18.30			$19.06			$18.59			$18.67

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.57			0.33			0.20			0.32			0.45

Net realized and unrealized gains (losses)		0.10			(0.31	)		(0.74	)		0.49			(0.07	)

Total from Investment Operations		0.67			0.02			(0.54	)		0.81			0.38

LESS DISTRIBUTIONS PAID:

From net investment income		(0.59	)		(0.34	)		(0.22	)		(0.34	)		(0.46	)

Total Distributions Paid		(0.59	)		(0.34	)		(0.22	)		(0.34	)		(0.46	)

Net Asset Value, End of Year		$18.06			$17.98			$18.30			$19.06			$18.59

Total Return⁽¹⁾		3.78	%		0.20	%		(2.88	)%		4.34	%		2.04	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$271,751			$339,725			$425,415			$437,099			$371,803

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.40	%⁽³⁾		0.40	%		0.40	%		0.40	%		0.40	%

Expenses, before reimbursements and credits		0.45	%		0.45	%		0.45	%		0.45	%		0.44	%

Net investment income, net of reimbursements and credits⁽²⁾		3.18	%⁽³⁾		1.86	%		1.05	%		1.64	%		2.40	%

Net investment income, before reimbursements and credits		3.13	%		1.81	%		1.00	%		1.59	%		2.36	%

Portfolio Turnover Rate		78.89	%		76.98	%		45.52	%		57.85	%		95.09	%

⁽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 $8,000, $16,000, $10,000, $6,000 and $10,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.



TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$10.01			$10.01			$10.21			$10.14			$10.14

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.30			0.15			0.05			0.08			0.16

Net realized and unrealized gains (losses)		0.12			—			(0.19	)		0.08			0.01

Total from Investment Operations		0.42			0.15			(0.14	)		0.16			0.17

LESS DISTRIBUTIONS PAID:

From net investment income		(0.30	)		(0.15	)		(0.05	)		(0.08	)		(0.16	)

From net realized gains		—			—			(0.01	)		(0.01	)		(0.01	)

Total Distributions Paid		(0.30	)		(0.15	)		(0.06	)		(0.09	)		(0.17	)

Net Asset Value, End of Year		$10.13			$10.01			$10.01			$10.21			$10.14

Total Return⁽¹⁾		4.23	%		1.58	%		(1.41	)%		1.59	%		1.61	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$2,505,779			$2,379,867			$3,993,867			$4,861,104			$3,737,559

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.25	%⁽²⁾⁽³⁾		0.25	%⁽³⁾		0.25	%		0.25	%⁽³⁾		0.25	%⁽³⁾

Expenses, before reimbursements and credits		0.28	%		0.28	%		0.27	%		0.27	%		0.27	%

Net investment income, net of reimbursements and credits		2.96	%⁽²⁾⁽³⁾		1.48	%⁽³⁾		0.48	%		0.74	%⁽³⁾		1.52	%⁽³⁾

Net investment income, before reimbursements and credits		2.93	%		1.45	%		0.46	%		0.72	%		1.50	%

Portfolio Turnover Rate		43.74	%		43.43	%		84.82	%		79.08	%		70.19	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $215,000, $66,000, $139,000 and $175,000, which represent 0.01 percent of average net assets for the fiscal year ended March 31, 2024 and less than 0.01 percent of average net assets for the fiscal years ended 2023, 2021 and 2020, 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-EXEMPT FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$9.66			$10.19			$10.96			$10.76			$10.63

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.34			0.31			0.21			0.24			0.30

Net realized and unrealized gains (losses)		(0.08	)		(0.53	)		(0.72	)		0.24			0.16

Total from Investment Operations		0.26			(0.22	)		(0.51	)		0.48			0.46

LESS DISTRIBUTIONS PAID:

From net investment income		(0.34	)		(0.31	)		(0.21	)		(0.24	)		(0.30	)

From net realized gains		—			—			(0.05	)		(0.04	)		(0.03	)

Total Distributions Paid		(0.34	)		(0.31	)		(0.26	)		(0.28	)		(0.33	)

Net Asset Value, End of Year		$9.58			$9.66			$10.19			$10.96			$10.76

Total Return⁽¹⁾		2.73	%		(2.10	)%		(4.76	)%		4.46	%		4.33	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$756,094			$788,997			$1,661,137			$2,020,291			$1,639,701

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.45	%⁽²⁾⁽³⁾		0.45	%⁽³⁾		0.45	%		0.45	%⁽³⁾		0.45	%⁽³⁾

Expenses, before reimbursements and credits		0.50	%		0.50	%		0.49	%		0.49	%		0.49	%

Net investment income, net of reimbursements and credits		3.52	%⁽²⁾⁽³⁾		3.15	%⁽³⁾		1.93	%		2.13	%⁽³⁾		2.73	%⁽³⁾

Net investment income, before reimbursements and credits		3.47	%		3.10	%		1.89	%		2.09	%		2.69	%

Portfolio Turnover Rate		31.74	%		19.52	%		86.00	%		91.58	%		122.55	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $40,000, $26,000, $118,000 and $183,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024 and 2023 and 0.02 percent of average net assets for the fiscal years ended 2021 and 2020, 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								SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$10.03			$10.08			$10.31			$10.10			$10.19

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.42			0.21			0.06			0.11			0.24

Net realized and unrealized gains (losses)		0.23			(0.04	)		(0.21	)		0.23			(0.09	)

Total from Investment Operations		0.65			0.17			(0.15	)		0.34			0.15

LESS DISTRIBUTIONS PAID:

From net investment income		(0.43	)		(0.22	)		(0.06	)		(0.11	)		(0.24	)

From net realized gains		—			—			(0.02	)		(0.02	)		—

Total Distributions Paid		(0.43	)		(0.22	)		(0.08	)		(0.13	)		(0.24	)

Net Asset Value, End of Year		$10.25			$10.03			$10.08			$10.31			$10.10

Total Return⁽¹⁾		6.59	%		1.77	%		(1.44	)%		3.29	%		1.45	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$1,593,840			$2,372,561			$3,179,581			$3,690,747			$2,189,187

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.25	%⁽³⁾		0.25	%		0.25	%		0.25	%		0.25	%

Expenses, before reimbursements and credits		0.29	%		0.28	%		0.28	%		0.28	%		0.28	%

Net investment income, net of reimbursements and credits⁽²⁾		4.14	%⁽³⁾		2.14	%		0.55	%		0.94	%		2.33	%

Net investment income, before reimbursements and credits		4.10	%		2.11	%		0.52	%		0.91	%		2.30	%

Portfolio Turnover Rate		21.16	%		25.09	%		76.61	%		73.99	%		75.95	%

⁽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 $133,000, $118,000, $7,000, $142,000 and $43,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



ULTRA-SHORT FIXED INCOME FUND		SIEBERT WILLIAMS SHANK

Selected per share data	YEAR ENDED MARCH 31, 2024			PERIOD ENDED MARCH 31, 2023⁽¹⁾

Net Asset Value, Beginning of Period		$10.03			$9.98

INCOME FROM INVESTMENT OPERATIONS:

Net investment income		0.43			0.15

Net realized and unrealized gains		0.22			0.06

Total from Investment Operations		0.65			0.21

LESS DISTRIBUTIONS PAID:

From net investment income		(0.43	)		(0.16	)

Total Distributions Paid		(0.43	)		(0.16	)

Net Asset Value, End of Period		$10.25			$10.03

Total Return⁽²⁾		6.59	%		2.15	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of period		$32,628			$30,610

Ratio to average net assets of:⁽³⁾

Expenses, net of reimbursements and credits⁽⁴⁾		0.25	%⁽⁵⁾		0.25	%

Expenses, before reimbursements and credits		0.28	%		0.28	%

Net investment income, net of reimbursements and credits⁽⁴⁾		4.19	%⁽⁵⁾		2.94	%⁽⁶⁾

Net investment income, before reimbursements and credits		4.16	%		2.91	%⁽⁶⁾

Portfolio Turnover Rate		21.16	%		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 approximately $2,000 and less than $1,000, which represent less than 0.01 percent of average net assets for the fiscal year ended March 31, 2024 and the period from September 13, 2022 (commencement of operations) through March 31, 2023, 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⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽⁶⁾

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.

See Notes to the Financial Statements.



U.S. GOVERNMENT FUND		SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$8.87			$9.23			$9.71			$10.17			$9.50

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.25			0.19			0.04			0.01			0.14

Net realized and unrealized gains (losses)		(0.11	)		(0.35	)		(0.47	)		(0.16	)		0.68

Total from Investment Operations		0.14			(0.16	)		(0.43	)		(0.15	)		0.82

LESS DISTRIBUTIONS PAID:

From net investment income		(0.26	)		(0.20	)		(0.04	)		(0.03	)		(0.15	)

From net realized gains		—			—			(0.01	)		(0.28	)		—

Total Distributions Paid		(0.26	)		(0.20	)		(0.05	)		(0.31	)		(0.15	)

Net Asset Value, End of Year		$8.75			$8.87			$9.23			$9.71			$10.17

Total Return⁽¹⁾		1.60	%		(1.72	)%		(4.48	)%		(1.58	)%		8.66	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$24,680			$48,751			$44,292			$53,343			$39,379

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.43	%⁽²⁾⁽³⁾		0.42	%⁽³⁾		0.43	%		0.42	%⁽³⁾		0.43	%⁽³⁾

Expenses, before reimbursements and credits		0.63	%		0.60	%		0.61	%		0.57	%		0.73	%

Net investment income, net of reimbursements and credits		2.75	%⁽²⁾⁽³⁾		2.25	%⁽³⁾		0.36	%		0.11	%⁽³⁾		1.43	%⁽³⁾

Net investment income (loss), before reimbursements and credits		2.55	%		2.07	%		0.18	%		(0.04	)%		1.13	%

Portfolio Turnover Rate		59.75	%		344.21	%		492.24	%		517.52	%		854.95	%

⁽¹⁾

⁽²⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

⁽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 $1,000, $5,000, $2,000 and $4,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2021 and 2020, 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. GOVERNMENT MONEY MARKET FUND								SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$1.00			$1.00			$1.00			$1.00			$1.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.05			0.02			—	⁽¹⁾		—	⁽¹⁾		0.02

Net realized and unrealized gains (losses)⁽²⁾		—			—			—			—			—

Total from Investment Operations		0.05			0.02			—			—			0.02

LESS DISTRIBUTIONS PAID:

From net investment income		(0.05	)		(0.02	)		—	⁽³⁾		—	⁽³⁾		(0.02	)

Total Distributions Paid		(0.05	)		(0.02	)		—			—			(0.02	)

Net Asset Value, End of Year		$1.00			$1.00			$1.00			$1.00			$1.00

Total Return⁽⁴⁾		5.07	%⁽⁵⁾		2.26	%⁽⁶⁾		0.01	%⁽⁷⁾⁽⁸⁾		0.03	%⁽⁹⁾		1.70	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$20,434,524			$18,584,575			$20,213,443			$17,518,409			$16,586,659

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.35	%		0.34	%⁽¹⁰⁾		0.09	%⁽¹⁰⁾		0.22	%⁽¹⁰⁾		0.35	%⁽¹⁰⁾

Expenses, before reimbursements and credits		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%

Net investment income, net of reimbursements and credits		4.95	%		2.21	%⁽¹⁰⁾		0.01	%⁽¹⁰⁾		0.03	%⁽¹⁰⁾		1.70	%⁽¹⁰⁾

Net investment income (loss), before reimbursements and credits		4.94	%		2.19	%		(0.26	)%		(0.11	)%		1.69	%

⁽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⁾

During the fiscal year ended March 31, 2024, the Fund received monies related to certain nonrecurring litigation proceeds. The nonrecurring litigation proceeds had no effect on the Fund’s total return, net investment income ratio and gross investment income ratio.

⁽⁶⁾

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%.

⁽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⁾

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.

⁽⁹⁾

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%.

⁽¹⁰⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.



U.S. GOVERNMENT SELECT MONEY MARKET FUND								SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$1.00			$1.00			$1.00			$1.00			$1.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.05			0.02			—	⁽¹⁾		—	⁽¹⁾		0.02

Net realized and unrealized gains (losses)⁽²⁾		—			—			—			—			—

Total from Investment Operations		0.05			0.02			—			—			0.02

LESS DISTRIBUTIONS PAID:

From net investment income		(0.05	)		(0.02	)		—	⁽³⁾		—	⁽³⁾		(0.02	)

Total Distributions Paid		(0.05	)		(0.02	)		—			—			(0.02	)

Net Asset Value, End of Year		$1.00			$1.00			$1.00			$1.00			$1.00

Total Return⁽⁴⁾		5.10	%⁽⁵⁾		2.29	%⁽⁶⁾		0.25	%⁽⁷⁾⁽⁸⁾		0.03	%⁽⁹⁾		1.69	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$4,463,018			$3,509,978			$3,727,339			$3,911,252			$3,602,443

Ratio to average net assets of:

Expenses, net of reimbursements and credits		0.35	%		0.34	%⁽¹⁰⁾		0.09	%⁽¹⁰⁾		0.23	%⁽¹⁰⁾		0.35	%⁽¹⁰⁾

Expenses, before reimbursements and credits		0.36	%		0.36	%		0.36	%		0.36	%		0.37	%

Net investment income, net of reimbursements and credits		4.98	%		2.24	%⁽¹⁰⁾		0.23	%⁽¹⁰⁾		0.02	%⁽¹⁰⁾		1.69	%⁽¹⁰⁾

Net investment income (loss), before reimbursements and credits		4.97	%		2.22	%		(0.04	)%		(0.11	)%		1.67	%

⁽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⁾

During the fiscal year ended March 31, 2024, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 5.07% and the net investment income ratio and gross investment income ratio would have been 4.95% and 4.94%, respectively.

⁽⁶⁾

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%.

⁽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⁾

⁽⁹⁾

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%.

⁽¹⁰⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.



U.S. TREASURY INDEX FUND								SHARES

Selected per share data	2024			2023			2022			2021			2020

Net Asset Value, Beginning of Year		$19.67			$21.02			$22.31			$23.79			$21.43

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income		0.48			0.36			0.31			0.33			0.45

Net realized and unrealized gains (losses)		(0.51	)		(1.35	)		(1.10	)		(1.48	)		2.36

Total from Investment Operations		(0.03	)		(0.99	)		(0.79	)		(1.15	)		2.81

LESS DISTRIBUTIONS PAID:

From net investment income		(0.48	)		(0.36	)		(0.31	)		(0.33	)		(0.45	)

From net realized gains		—			—			(0.19	)		—			—

Total Distributions Paid		(0.48	)		(0.36	)		(0.50	)		(0.33	)		(0.45	)

Net Asset Value, End of Year		$19.16			$19.67			$21.02			$22.31			$23.79

Total Return⁽¹⁾		(0.10	)%		(4.65	)%		(3.65	)%		(4.89	)%		13.29	%

SUPPLEMENTAL DATA AND RATIOS:

Net assets, in thousands, end of year		$70,859			$81,145			$87,117			$100,374			$103,045

Ratio to average net assets of:

Expenses, net of reimbursements and credits⁽²⁾		0.16	%⁽³⁾		0.16	%		0.16	%		0.16	%		0.16	%

Expenses, before reimbursements and credits		0.27	%		0.27	%		0.27	%		0.26	%		0.28	%

Net investment income, net of reimbursements and credits⁽²⁾		2.51	%⁽³⁾		1.86	%		1.38	%		1.40	%		2.04	%

Net investment income, before reimbursements and credits		2.40	%		1.75	%		1.27	%		1.30	%		1.92	%

Portfolio Turnover Rate		24.25	%		28.48	%		32.19	%		59.23	%		50.28	%

⁽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, $1,000, less than $1,000 and approximately $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2024, 2023, 2022, 2021 and 2020, 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.

⁽³⁾

The impact on ratios to average net assets due to any custody credits is less than 0.005%.

See Notes to the Financial Statements.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.5%

Arizona – 95.8%

Arizona Board of Regents Revenue Bonds, Series A, Green Bonds,

5.00%, 7/1/43		$850		$938

Arizona Board of Regents State University System Revenue Bonds, Series A,

5.00%, 7/1/34		750		751

5.00%, 7/1/35		750		751

Arizona Board of Regents State University System Revenue Refunding Bonds, Series A, Green Bonds,

5.00%, 7/1/35		1,000		1,017

5.00%, 7/1/41		1,000		1,015

Arizona Board of Regents State University System Revenue Refunding Bonds, Series B,

5.00%, 7/1/36		495		522

Arizona Board of Regents University System Revenue Refunding Bonds, Stimulus Plan For Economic,

3.13%, 8/1/39		430		380

Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds,

4.00%, 11/1/33		1,175		1,214

Bullhead City Excise TRB,

4.00%, 7/1/52		1,000		938

Bullhead City Excise TRB, Second Series,

2.70%, 7/1/51		2,500		1,740

Chandler IDA IDR Bonds, Series 1 (AMT), Intel Corp. Project,

5.00%, 9/1/27^{(1) (2)}		425		438

Gilbert Water Resource Municipal Property Corp. Utility System Revenue Bonds,

5.00%, 7/1/28		500		521

5.00%, 7/1/29		750		781

5.00%, 7/1/30		500		520

5.00%, 7/1/31		600		623

Glendale IDA Revenue Refunding Bonds, Midwestern University,

5.00%, 5/15/32		500		556



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.5% continued

Arizona – 95.8% continued

Goodyear McDowell Road Commercial Corridor Improvement District Special Assessment Refunding Bonds (BAM Insured),

3.35%, 1/1/28		$785		$798

Marana Pledged Excise Tax Revenue Refunding Bonds,

5.00%, 7/1/25		875		892

Maricopa County Arizona Unified School District No. 69 Paradise Valley G.O. Unlimited Bonds, School Improvement Project,

4.00%, 7/1/39		275		279

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%, 7/1/36		305		317

Maricopa County Elementary School District No. 28 Kyrene Elementary G.O. Unlimited Bonds, Series A, School Improvement Project of 2017,

5.00%, 7/1/32		250		272

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		1,043

Maricopa County Elementary School District No. 66 Roosevelt Elementary G.O. Unlimited Bonds, Series C, Project of 2020 (AGM Insured),

7/1/30⁽³⁾		275		309

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		675

Maricopa County Elementary School District No. 92 Pendergast Elementary G.O. Unlimited Bonds, Series B,

5.00%, 7/1/24		250		251

5.00%, 7/1/25		450		459

5.00%, 7/1/26		390		406



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.5% continued

Arizona – 95.8% continued

Maricopa County IDA Educational Facilities Revenue Bonds, Creighton University Project,

5.00%, 7/1/39		$1,285		$1,380

5.00%, 7/1/47		1,000		1,048

Maricopa County IDA Hospital Revenue Refunding Bonds, Series A, Honorhealth,

5.00%, 9/1/42		4,000		4,163

Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group,

5.00%, 1/1/38		1,250		1,294

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		507

Maricopa County Special Health Care District G.O. Unlimited Bonds,

5.00%, 7/1/35		1,000		1,071

4.00%, 7/1/38		2,500		2,527

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		559

Maricopa County Unified School District No. 41 Gilbert G.O. Unlimited Bonds, Series C, Project of 2019,

5.00%, 7/1/24		775		778

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		1,066

Maricopa County Unified School District No. 95 Queen Creek G.O. Limited Refunding Bonds,

5.00%, 7/1/26		400		408

Maricopa County Unified School District No. 95 Queen Creek G.O. Unlimited Bonds, School Improvement,

5.00%, 7/1/37		650		672



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.5% continued

Arizona - 95.8% continued

Mesa Utility System Revenue Bonds,

3.00%, 7/1/44		$500		$409

Phoenix Civic Airport Improvement Corp. Revenue Refunding Bonds, Series B,

5.00%, 7/1/34		1,000		1,063

Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Refunding Bonds, Series A,

4.00%, 7/1/45		1,000		986

Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Refunding Bonds, Series B,

5.00%, 7/1/24		500		502

Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds,

5.00%, 7/1/44		1,545		1,647

3.00%, 7/1/49		1,150		892

Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds, Series B (AMT),

3.25%, 7/1/49		1,330		1,071

Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Bonds, Series A,

5.00%, 7/1/44		2,850		3,090

Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Bonds, Series A, Prerefunded,

5.00%, 7/1/24⁽⁴⁾		575		576

Phoenix IDA Healthcare Facilities Revenue Bonds, Mayo Clinic,

4.00%, 11/15/57		1,000		934

Pima County IDA Revenue Refunding Bonds, Tucson Medical Center,

3.00%, 4/1/51		1,000		714

Pima County Sewer System Revenue Bonds,

5.00%, 7/1/25		1,000		1,001

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		1,006



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 97.5% continued

Arizona – 95.8% continued

Pima County Unified School District No. 20 G.O. Unlimited Bonds, Vail School Improvement (BAM Insured),

5.00%, 7/1/26		$1,000		$1,038

Pima County Unified School District No. 6 Marana G.O. Unlimited Bonds, Series A (AGM Insured),

5.00%, 7/1/24		500		501

Prescott Valley Pledged Revenue Refunding Bonds, Series A,

5.00%, 1/1/25		625		631

Queen Creek Excise Tax & State Shared Revenue Bonds,

4.00%, 8/1/45		1,250		1,231

Queen Creek Excise Tax & State Shared Revenue Bonds, Series B,

5.00%, 8/1/47		2,540		2,540

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds,

5.00%, 1/1/31		1,000		1,078

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A,

5.00%, 12/1/36		1,105		1,123

Scottsdale G.O. Unlimited Bonds, Series C, Projects of 2015,

5.00%, 7/1/24		100		100

Scottsdale Municipal Property Corp. Excise Tax Revenue Refunding Bonds,

5.00%, 7/1/30		1,675		1,845

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		458

Yavapai County IDA Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical,

3.13%, 8/1/43		2,450		1,939

				60,614

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 97.5% continued

New Jersey – 1.7%

Monmouth County Improvement Authority Revenue Notes, Governmental Pooled Loan Project (County Gtd.),

4.00%, 3/14/25

$1,075

$1,081

Total Municipal Bonds

(Cost $67,128)

61,695

NUMBER

OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 1. 4 %

Northern Institutional Funds - U.S. Government Portfolio (Shares),

5.13%^{(5) (6)}

879,453

$879

Total Investment Companies

(Cost $879)

879

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.6%

Arizona IDA Hospital Variable Revenue Refunding Bonds, Phoenix Childrens Hospital, JPMorgan Chase Bank N.A. LOC,

3.75%, 4/1/24^{(1) (2)}

$400

$400

Total Short-Term Investments

(Cost $400)

400

Total Investments – 99.5%

(Cost $68,407)

62,974

Other Assets less Liabilities – 0.5%

317

NET ASSETS – 100.0%

$63,291

⁽¹⁾

Maturity date represents the puttable date.

⁽²⁾

Variable or floating rate security. These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. Rate as of March 31, 2024 is disclosed.

⁽³⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2024.

⁽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, 2024 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

Gtd. - Guaranteed

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, 2024, the security types for the Fund were:



SECURITY TYPE^{( 1 )}			% OF NET ASSETS

Municipal Bonds			97.5%

Investment Companies			1.4%

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	$ —	$61,695	$—	$61,695

Investment Companies	879	—	—	879

Short-Term Investments	—	400	—	400

Total Investments	$879	$62,095	$—	$62,974



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 0.5%

Auto Loan – 0.3%

Ally Auto Receivables Trust, Series 2023-1, Class A3

5.46%, 5/15/28		$100		$101

AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A3

5.81%, 5/18/28		100		100

AmeriCredit Automobile Receivables Trust, Series 2023-2, Class B

5.84%, 7/18/29		50		51

AmeriCredit Automobile Receivables Trust, Series 2023-2, Class C

6.00%, 7/18/29		50		51

BMW Vehicle Lease Trust, Series 2024-1, Class A4

5.00%, 6/25/27		100		100

BMW Vehicle Owner Trust, Series 2023-A, Class A3

5.47%, 2/25/28		50		50

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		99

Carmax Auto Owner Trust, Series 2023-2, Class A3

5.05%, 1/18/28		100		100

CarMax Auto Owner Trust, Series 2023-4, Class A4

5.96%, 5/15/29		250		257

CarMax Auto Owner Trust, Series 2024-1, Class A3

4.92%, 10/16/28		100		100

Exeter Automobile Receivables Trust, Series 2024-1A, Class B

5.29%, 8/15/28		50		50

Exeter Automobile Receivables Trust, Series 2024-2A, Class B

4/17/28^{(1) (2)}		100		100

Exeter Automobile Receivables Trust, Series 2024-2A, Class C

5/15/29^{(1) (2)}		50		50

Exeter Automobile Receivables Trust, Series 2024-2A, Class D

2/15/30^{(1) (2)}		50		50



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.5% continued

Auto Loan – 0.3% continued

Ford Credit Auto Lease Trust, Series 2023-B, Class A3

5.91%, 10/15/26		$100		$101

Ford Credit Auto Owner Trust, Series 2020-C, Class B

0.79%, 8/15/26		100		96

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		100		99

Ford Credit Auto Owner Trust, Series 2023-B, Class A3

5.23%, 5/15/28		100		100

Ford Credit Auto Owner Trust, Series 2023-C, Class A3

5.53%, 9/15/28		100		101

Ford Credit Auto Owner Trust, Series 2024-A, Class A4

5.01%, 9/15/29		100		100

Ford Credit Floorplan Master Owner Trust, Series 2018-4, Class A

4.06%, 11/15/30		100		96

GM Financial Automobile Leasing Trust, Series 2024-1, Class A3

5.09%, 3/22/27		150		150

GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class A3

4.47%, 2/16/28		200		198

GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3

5.45%, 6/16/28		175		176

Harley-Davidson Motorcycle Trust, Series 2023-A, Class A3

5.05%, 12/15/27		50		50

Honda Auto Receivables Owner Trust, Series 2022-2, Class A4

3.76%, 12/18/28		100		97



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.5% continued

Auto Loan – 0.3% continued

Honda Auto Receivables Owner Trust, Series 2023-2, Class A3

4.93%, 11/15/27		$100		$100

Honda Auto Receivables Owner Trust, Series 2023-3, Class A3

5.41%, 2/18/28		100		100

Honda Auto Receivables Owner Trust, Series 2024-1, Class A4

5.17%, 5/15/30		100		101

Hyundai Auto Receivables Trust, Series 2021-B, Class A4

0.60%, 2/16/27		100		95

Hyundai Auto Receivables Trust, Series 2022-C, Class A3

5.39%, 6/15/27		100		100

Hyundai Auto Receivables Trust, Series 2023-A, Class A3

4.58%, 4/15/27		100		99

Hyundai Auto Receivables Trust, Series 2023-B, Class A3

5.48%, 4/17/28		100		101

Hyundai Auto Receivables Trust, Series 2023-C, Class A3

5.54%, 10/16/28		100		101

Hyundai Auto Receivables Trust, Series 2024-A, Class A3

4.99%, 2/15/29		100		100

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3

4.51%, 11/15/27		150		149

Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3

5.95%, 11/15/28		100		102

Mercedes-Benz Auto Receivables Trust, Series 2024-1, Class A3

4.80%, 4/16/29		100		100

Nissan Auto Receivables Owner Trust, Series 2022-B, Class A3

4.46%, 5/17/27		100		99

Nissan Auto Receivables Owner Trust, Series 2023-A, Class A3

4.91%, 11/15/27		100		100

Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3

5.93%, 3/15/28		100		101



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.5% continued

Auto Loan – 0.3% continued

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 C

5.09%, 5/15/30		100		99

Santander Drive Auto Receivables Trust, Series 2023-4, Class A3

5.73%, 4/17/28		100		100

Santander Drive Auto Receivables Trust, Series 2023-4, Class B

5.77%, 12/15/28		50		50

Santander Drive Auto Receivables Trust, Series 2023-4, Class C

6.04%, 12/15/31		50		51

Santander Drive Auto Receivables Trust, Series 2024-1, Class A3

5.25%, 4/17/28		100		100

Santander Drive Auto Receivables Trust, Series 2024-1, Class B

5.23%, 12/15/28		50		50

Santander Drive Auto Receivables Trust, Series 2024-1, Class C

5.45%, 3/15/30		50		50

Toyota Auto Receivables Owner Trust, Series 2021-C, Class A4

0.72%, 1/15/27		100		94

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

Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3

4.71%, 2/15/28		100		99

Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3

5.16%, 4/17/28		100		100

Toyota Auto Receivables Owner Trust, Series 2023-D, Class A3

5.54%, 8/15/28		100		101

Volkswagen Auto Lease Trust, Series 2023-A, Class A3

5.81%, 10/20/26		150		151



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.5% continued

Auto Loan – 0.3% continued

Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A3

5.02%, 6/20/28		$100		$100

Volkswagen Auto Loan Enhanced Trust, Series 2023-2, Class A3

5.48%, 12/20/28		100		101

World Omni Auto Receivables Trust, Series 2022-C, Class A3

3.66%, 10/15/27		100		98

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

World Omni Auto Receivables Trust, Series 2023-B, Class A3

4.66%, 5/15/28		75		74

World Omni Auto Receivables Trust, Series 2023-C, Class A3

5.15%, 11/15/28		100		100

World Omni Auto Receivables Trust, Series 2024-A, Class A3

4.86%, 3/15/29		100		100

				6,328

Credit Card – 0.2%

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		199

American Express Credit Account Master Trust, Series 2023-1, Class A

4.87%, 5/15/28		150		150

American Express Credit Account Master Trust, Series 2023-2, Class A

4.80%, 5/15/30		100		100

American Express Credit Account Master Trust, Series 2023-3, Class A

5.23%, 9/15/28		125		126

American Express Credit Account Master Trust, Series 2023-4, Class A

5.15%, 9/15/30		100		102



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.5% continued

Credit Card – 0.2% continued

BA Credit Card Trust, Series 2022-A1, Class A1

3.53%, 11/15/27		$100		$98

BA Credit Card Trust, Series 2022-A2, Class A2

5.00%, 4/15/28		150		150

BA Credit Card Trust, Series 2023-A1, Class A1

4.79%, 5/15/28		150		149

BA Credit Card Trust, Series 2023-A2, Class A2

4.98%, 11/15/28		100		100

Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3

2.06%, 8/15/28		150		140

Capital One Multi-Asset Execution Trust, Series 2021-A2, Class A2

1.39%, 7/15/30		150		130

Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A

4.95%, 10/15/27		150		149

Capital One Multi-Asset Execution Trust, Series 2023-A1, Class A

4.42%, 5/15/28		150		148

Chase Issuance Trust, Series 2022-A1, Class A

3.97%, 9/15/27		150		147

Chase Issuance Trust, Series 2023-A1, Class A

5.16%, 9/15/28		150		151

Chase Issuance Trust, Series 2023-A2, Class A

5.08%, 9/15/30		100		101

Chase Issuance Trust, Series 2024-A1, Class A

4.60%, 1/16/29		100		100

Chase Issuance Trust, Series 2024-A2, Class A

4.63%, 1/15/31		100		99

Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3

6.15%, 6/15/39		50		54

Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7

3.96%, 10/13/30		100		97


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.5% continued

Credit Card – 0.2% continued

Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1

5.23%, 12/8/27		$100		$100

Discover Card Execution Note Trust, Series 2021-A2, Class A2

1.03%, 9/15/28		100		91

Discover Card Execution Note Trust, Series 2022-A3, Class A3

3.56%, 7/15/27		200		196

Discover Card Execution Note Trust, Series 2022-A4, Class A

5.03%, 10/15/27		200		200

Discover Card Execution Note Trust, Series 2023-A1, Class A

4.31%, 3/15/28		85		84

Discover Card Execution Note Trust, Series 2023-A2, Class A

4.93%, 6/15/28		100		100

First National Master Note Trust, Series 2023-2, Class A

5.77%, 9/15/29		100		101

Synchrony Card Funding LLC, Series 2022-A2, Class A

3.86%, 7/15/28		100		98

Synchrony Card Funding LLC, Series 2023-A1, Class A

5.54%, 7/15/29		100		101

Synchrony Card Funding LLC, Series 2023-A2, Class A

5.74%, 10/15/29		100		102

WF Card Issuance Trust, Series 2024-A1, Class A

4.94%, 2/15/29		100		100

				3,959

Other – 0.0%

AEP Texas Central Transition Funding III LLC, Series 2012-1, Class A3

2.84%, 3/1/26		23		23

CNH Equipment Trust, Series 2022-B, Class A3

3.89%, 8/16/27		100		98

CNH Equipment Trust, Series 2022-C, Class A3

5.15%, 4/17/28		75		75


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 0.5% continued

Other – 0.0% continued

CNH Equipment Trust, Series 2023-A, Class A3

4.81%, 8/15/28		$100		$99

John Deere Owner Trust, Series 2021-B, Class A4

0.74%, 5/15/28		75		71

John Deere Owner Trust, Series 2023-A, Class A3

5.01%, 11/15/27		125		125

John Deere Owner Trust, Series 2023-B, Class A3

5.18%, 3/15/28		100		100

John Deere Owner Trust, Series 2024-A, Class A3

4.96%, 11/15/28		50		50

PSNH Funding LLC 3, Series 2018-1, Class A3

3.81%, 2/1/35		100		94

Verizon Master Trust, Series 2022-2, Class A

1.53%, 7/20/28		100		97

Verizon Master Trust, Series 2022-6, Class A

3.67%, 1/22/29		100		98

Verizon Master Trust, Series 2023-1, Class A

4.49%, 1/22/29		100		99

Verizon Master Trust, Series 2023-2, Class A

4.89%, 4/13/28		125		124

Verizon Master Trust, Series 2023-7, Class A1A

5.67%, 11/20/29		100		102

Verizon Master Trust, Series 2024-1, Class A1

5.00%, 12/20/28		100		100

				1,355

Total Asset-Backed Securities

(Cost $11,725)				11,642



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8%

Non Agency – 0.8%

Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2016-UB10, Class A4

3.17%, 7/15/49		$300		$285

BANK, Series 2017-BNK7, Class A5

3.44%, 9/15/60		250		236

BANK, Series 2017-BNK9, Class A4

3.54%, 11/15/54		250		236

BANK, Series 2018-BN10, Class A5

3.69%, 2/15/61		200		190

BANK, Series 2018-BN11, Class A3

4.05%, 3/15/61		200		192

BANK, Series 2018-BN12, Class A4

4.26%, 5/15/61		300		290

BANK, Series 2018-BN13, Class A5

4.22%, 8/15/61		100		96

BANK, Series 2018-BN14, Class A4

4.23%, 9/15/60		200		193

BANK, Series 2018-BN15, Class A4

4.41%, 11/15/61		300		291

BANK, Series 2019-BN18, Class A3

3.33%, 5/15/62		200		182

BANK, Series 2019-BN19, Class A3

3.18%, 8/15/61		300		264

BANK, Series 2020-BN26, Class A4

2.40%, 3/15/63		400		343

BANK, Series 2020-BN28, Class A4

1.84%, 3/15/63		500		413

BANK, Series 2021-BN31, Class A4

2.04%, 2/15/54		200		165

BANK, Series 2021-BN37, Class A5

2.62%, 11/15/64		200		169

BANK, Series 2022-BNK42, Class A5

4.49%, 6/15/55		200		192

Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4

3.58%, 5/15/52		200		186

BBCMS Mortgage Trust, Series 2018-C2, Class A5

4.31%, 12/15/51		150		145

BBCMS Mortgage Trust, Series 2020-C6, Class A4

2.64%, 2/15/53		200		175



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8% continued

Non Agency – 0.8% continued

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		95

Benchmark Mortgage Trust, Series 2018-B5, Class A4

4.21%, 7/15/51		200		192

Benchmark Mortgage Trust, Series 2018-B8, Class A5

4.23%, 1/15/52		100		94

Benchmark Mortgage Trust, Series 2020-B16, Class A5

2.73%, 2/15/53		200		176

Benchmark Mortgage Trust, Series 2020-B18, Class A5

1.93%, 7/15/53		500		407

Benchmark Mortgage Trust, Series 2020-B19, Class A5

1.85%, 9/15/53		500		404

Benchmark Mortgage Trust, Series 2020-IG1, Class A3

2.69%, 9/15/43		100		82

Benchmark Mortgage Trust, Series 2021-B23, Class A5

2.07%, 2/15/54		200		161

CD Mortgage Trust, Series 2017-CD4, Class A4

3.51%, 5/10/50		250		233

CD Mortgage Trust, Series 2017-CD5, Class A4

3.43%, 8/15/50		250		235

CD Mortgage Trust, Series 2017-CD6, Class A5

3.46%, 11/13/50		200		187

CD Mortgage Trust, Series 2018-CD7, Class A4

4.28%, 8/15/51		200		189

CD Mortgage Trust, Series 2019-CD8, Class A4

2.91%, 8/15/57		150		131

CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4

3.28%, 5/10/58		250		239



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8% continued

Non Agency – 0.8% continued

CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4

3.46%, 8/15/50		$250		$233

Citigroup Commercial Mortgage Trust, Series 2016-C1, Class A4

3.21%, 5/10/49		250		239

Citigroup Commercial Mortgage Trust, Series 2016-C3, Class A4

3.15%, 11/15/49		150		141

Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5

3.62%, 2/10/49		300		287

Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4

3.31%, 4/10/49		250		238

Citigroup Commercial Mortgage Trust, Series 2016-P3, Class A4

3.33%, 4/15/49		250		238

Citigroup Commercial Mortgage Trust, Series 2017-P8, Class A4
3.47%, 9/15/50		250		235
Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A4
4.01%, 3/10/51		100		95
Citigroup Commercial Mortgage Trust, Series 2018-C5, Class A4
4.23%, 6/10/51		200		192
Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A4
4.41%, 11/10/51		200		189
Commercial Mortgage Trust, Series 2018-COR3, Class A3
4.23%, 5/10/51		200		189
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5
3.09%, 1/15/49		100		95
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		286
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A5
4.03%, 4/15/51		100		95



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8% continued

Non Agency – 0.8% continued

DBJPM Mortgage Trust, Series 2017-C6, Class A5

3.33%, 6/10/50		$250		$233

DBJPM Mortgage Trust, Series 2020-C9, Class A5

1.93%, 8/15/53		100		83

GS Mortgage Securities Trust, Series 2016-GS3, Class A4

2.85%, 10/10/49		200		187

GS Mortgage Securities Trust, Series 2017-GS7, Class A4

3.43%, 8/10/50		250		234

GS Mortgage Securities Trust, Series 2017-GS8, Class A4

3.47%, 11/10/50		200		186

GS Mortgage Securities Trust, Series 2018-GS9, Class A4

3.99%, 3/10/51		150		140

GS Mortgage Securities Trust, Series 2019-GC40, Class A4

3.16%, 7/10/52		150		136

GS Mortgage Securities Trust, Series 2020-GC45, Class A5

2.91%, 2/13/53		300		265

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		187

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class AS

3.14%, 8/15/49		100		88

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-C5, Class A5

3.69%, 3/15/50		300		281

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5

3.45%, 9/15/50		100		92



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8% continued

Non Agency – 0.8% continued

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4

3.39%, 6/13/52		$200		$180

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		186

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4

3.33%, 5/15/49		250		238

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A5

2.86%, 9/15/49		100		94

Morgan Stanley Capital I Trust, Series 2018-H4, Class A4

4.31%, 12/15/51		100		96

Morgan Stanley Capital I Trust, Series 2018-L1, Class A4

4.41%, 10/15/51		200		194

Morgan Stanley Capital I Trust, Series 2019-H7, Class A4

3.26%, 7/15/52		250		227

Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4

2.04%, 7/15/53		500		419

Morgan Stanley Capital I Trust, Series 2020-L4, Class A3

2.70%, 2/15/53		200		176

Morgan Stanley Capital I, Series 2017-HR2, Class A4

3.59%, 12/15/50		200		188

MSWF Commercial Mortgage Trust, Series 2023-1, Class A5

5.75%, 5/15/56		250		262

UBS Commercial Mortgage Trust, Series 2017-C2, Class A4

3.49%, 8/15/50		250		235



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8% continued

Non Agency – 0.8% continued

UBS Commercial Mortgage Trust, Series 2017-C3, Class A4

3.43%, 8/15/50		$175		$163

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		141

UBS Commercial Mortgage Trust, Series 2018-C10, Class A4

4.31%, 5/15/51		200		189

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		94

UBS Commercial Mortgage Trust, Series 2018-C8, Class A4

3.98%, 2/15/51		150		142

UBS Commercial Mortgage Trust, Series 2018-C9, Class A4

4.12%, 3/15/51		100		94

Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A4

3.56%, 1/15/59		200		193

Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4

3.43%, 3/15/59		250		239

Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class A4

2.93%, 7/15/48		100		94

Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class A4

3.07%, 11/15/59		250		235

Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class A4

2.94%, 10/15/49		200		188

Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4

2.92%, 11/15/49		150		142



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8% continued

Non Agency – 0.8% continued

Wells Fargo Commercial Mortgage Trust, Series 2017-C39, Class A5

3.42%, 9/15/50		$250		$234

Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4

3.58%, 10/15/50		100		95

Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class A4

3.47%, 11/15/50		200		188

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		143

Wells Fargo Commercial Mortgage Trust, Series 2018-C48, Class A5

4.30%, 1/15/52		100		97

Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A5

3.73%, 5/15/52		200		185

Wells Fargo Commercial Mortgage Trust, Series 2020-C55, Class A5

2.73%, 2/15/53		100		88

Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A5

2.45%, 6/15/53		500		429

Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A5

2.63%, 4/15/54		500		425

				19,304

Total Commercial Mortgage-Backed Securities

(Cost $21,162)				19,304


CORPORATE BONDS – 21.1%
Advertising & Marketing – 0.0%

Interpublic Group of (The) Cos., Inc.,

4.75%, 3/30/30		300		294

Omnicom Group, Inc./Omnicom Capital, Inc.,

3.60%, 4/15/26		525		510

				804



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Aerospace & Defense – 0.6%

Boeing (The) Co.,

4.88%, 5/1/25		$240		$237

2.20%, 2/4/26		2,829		2,649

2.70%, 2/1/27		219		202

3.25%, 2/1/28		1,366		1,257

3.25%, 3/1/28		55		50

3.20%, 3/1/29		159		142

2.95%, 2/1/30		250		216

5.15%, 5/1/30		43		42

6.13%, 2/15/33		135		138

6.63%, 2/15/38		100		104

5.81%, 5/1/50		1,060		1,007

General Dynamics Corp.,

2.63%, 11/15/27		104		96

3.75%, 5/15/28		246		238

4.25%, 4/1/40		100		90

2.85%, 6/1/41		160		118

Huntington Ingalls Industries, Inc.,

2.04%, 8/16/28		200		175

L3Harris Technologies, Inc.,

5.40%, 1/15/27		1,000		1,008

4.40%, 6/15/28		449		437

Lockheed Martin Corp.,

3.55%, 1/15/26		298		291

5.25%, 1/15/33		1,500		1,542

3.60%, 3/1/35		135		120

4.07%, 12/15/42		168		146

3.80%, 3/1/45		230		189

4.09%, 9/15/52		20		17

Northrop Grumman Corp.,

3.25%, 1/15/28		500		473

5.05%, 11/15/40		250		243

4.75%, 6/1/43		250		230

3.85%, 4/15/45		8		6

4.03%, 10/15/47		252		206

Precision Castparts Corp.,

4.38%, 6/15/45		350		310

RTX Corp.,

1.90%, 9/1/31		71		57

2.38%, 3/15/32		68		56

4.70%, 12/15/41		100		91

4.50%, 6/1/42		250		223

4.80%, 12/15/43		1,000		912



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Aerospace & Defense – 0.6% continued

3.75%, 11/1/46		$750		$581

6.40%, 3/15/54		300		340

Textron, Inc.,

2.45%, 3/15/31		250		211

				14,450

Apparel & Textile Products – 0.1%

NIKE, Inc.,

2.85%, 3/27/30		1,250		1,130

3.25%, 3/27/40		75		60

Ralph Lauren Corp.,

2.95%, 6/15/30		100		90

				1,280

Asset Management – 0.3%

Ameriprise Financial, Inc.,

3.00%, 4/2/25		250		244

2.88%, 9/15/26		435		414

Ares Capital Corp.,

3.88%, 1/15/26		620		600

Barings BDC, Inc.,

3.30%, 11/23/26		200		183

BlackRock Funding, Inc.,

4.70%, 3/14/29		500		501

BlackRock, Inc.,

1.90%, 1/28/31		720		600

Blackstone Private Credit Fund,

3.25%, 3/15/27		300		277

Blue Owl Capital Corp.,

3.75%, 7/22/25		300		291

Blue Owl Credit Income Corp.,

7.75%, 9/16/27		200		205

Charles Schwab (The) Corp.,

3.63%, 4/1/25		250		246

3.45%, 2/13/26		280		271

3.20%, 3/2/27		500		476

(Variable, U.S. SOFR + 2.21%), 5.64%, 5/19/29⁽³⁾		400		406

(Variable, U.S. SOFR + 2.50%), 5.85%, 5/19/34⁽³⁾		400		410

(Variable, U.S. SOFR + 2.01%), 6.14%, 8/24/34⁽³⁾		300		313

Franklin Resources, Inc.,

2.95%, 8/12/51		270		169



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Asset Management – 0.3% continued

FS KKR Capital Corp.,

3.25%, 7/15/27		$200		$182

Raymond James Financial, Inc.,

3.75%, 4/1/51		100		76

Voya Financial, Inc.,

4.80%, 6/15/46		500		430

				6,294

Automotive – 0.4%

Aptiv PLC/Aptiv Corp.,

4.15%, 5/1/52		500		383

BorgWarner, Inc.,

4.38%, 3/15/45		170		140

Ford Motor Credit Co. LLC,

7.12%, 11/7/33		2,000		2,154

General Motors Co.,

6.80%, 10/1/27		118		124

5.00%, 10/1/28		227		226

5.60%, 10/15/32		183		185

6.25%, 10/2/43		350		358

6.75%, 4/1/46		145		157

5.40%, 4/1/48		267		245

General Motors Financial Co., Inc.,

2.70%, 8/20/27		658		607

6.00%, 1/9/28		500		513

2.40%, 4/10/28		119		107

5.80%, 6/23/28		500		510

2.40%, 10/15/28		254		225

5.65%, 1/17/29		84		85

4.30%, 4/6/29		82		78

3.60%, 6/21/30		99		89

2.35%, 1/8/31		33		27

3.10%, 1/12/32		33		28

Lear Corp.,

3.55%, 1/15/52		200		140

Toyota Motor Credit Corp.,

0.80%, 10/16/25		750		703

3.05%, 3/22/27		500		476

4.70%, 1/12/33		700		694

				8,254

Banking – 2.7%

Bank of America Corp.,

3.95%, 4/21/25		1,375		1,353

4.45%, 3/3/26		500		493



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Banking – 2.7% continued

3.50%, 4/19/26		$76		$74

4.25%, 10/22/26		47		46

(Variable, U.S. SOFR + 1.01%), 1.20%, 10/24/26 ⁽³⁾		2,000		1,871

(Variable, U.S. SOFR + 1.29%), 5.08%, 1/20/27 ⁽³⁾		1,500		1,493

(Variable, U.S. SOFR + 0.91%), 1.66%, 3/11/27 ⁽³⁾		72		67

(Variable, U.S. SOFR + 1.34%), 5.93%, 9/15/27 ⁽³⁾		1,500		1,521

4.18%, 11/25/27		146		142

(Variable, U.S. SOFR + 1.05%), 2.55%, 2/4/28 ⁽³⁾		18		17

(Variable, CME Term SOFR 3M + 1.77%), 3.71%, 4/24/28 ⁽³⁾		106		101

(Variable, CME Term SOFR 3M + 1.30%), 3.42%, 12/20/28 ⁽³⁾		983		922

(Variable, CME Term SOFR 3M + 1.33%), 3.97%, 3/5/29 ⁽³⁾		7		7

(Variable, U.S. SOFR + 1.06%), 2.09%, 6/14/29 ⁽³⁾		129		114

(Variable, CME Term SOFR 3M + 1.25%), 2.50%, 2/13/31 ⁽³⁾		300		258

(Variable, U.S. SOFR + 2.15%), 2.59%, 4/29/31 ⁽³⁾		52		45

(Variable, U.S. SOFR + 1.53%), 1.90%, 7/23/31 ⁽³⁾		336		276

(Variable, U.S. SOFR + 1.32%), 2.69%, 4/22/32 ⁽³⁾		380		322

(Variable, U.S. SOFR + 1.33%), 2.97%, 2/4/33 ⁽³⁾		336		286

(Variable, U.S. SOFR + 1.83%), 4.57%, 4/27/33 ⁽³⁾		425		404

(Variable, U.S. SOFR + 2.16%), 5.02%, 7/22/33 ⁽³⁾		1,403		1,381

(Variable, U.S. SOFR + 1.91%), 5.29%, 4/25/34 ⁽³⁾		1,000		997

(Variable, U.S. SOFR + 1.84%), 5.87%, 9/15/34 ⁽³⁾		400		415

(Variable, U.S. SOFR + 1.65%), 5.47%, 1/23/35 ⁽³⁾		600		605

6.11%, 1/29/37		150		159

(Variable, U.S. SOFR + 1.93%), 2.68%, 6/19/41 ⁽³⁾		390		278

(Variable, CME Term SOFR 3M + 1.45%), 3.95%, 1/23/49 ⁽³⁾		790		647



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Banking – 2.7% continued

(Variable, CME Term SOFR 3M + 1.78%), 4.33%, 3/15/50 ⁽³⁾		$755		$649

(Variable, CME Term SOFR 3M + 3.41%), 4.08%, 3/20/51 ⁽³⁾		810		666

Bank of America N.A.,

6.00%, 10/15/36		250		265

BankUnited, Inc.,

5.13%, 6/11/30		100		93

Citigroup, Inc.,

4.40%, 6/10/25		105		104

5.50%, 9/13/25		126		126

4.60%, 3/9/26		205		202

(Variable, U.S. SOFR + 2.84%), 3.11%, 4/8/26 ⁽³⁾		884		862

(Variable, U.S. SOFR + 1.55%), 5.61%, 9/29/26 ⁽³⁾		722		723

3.20%, 10/21/26		719		685

4.30%, 11/20/26		505		493

(Variable, U.S. SOFR + 0.77%), 1.46%, 6/9/27 ⁽³⁾		28		26

4.45%, 9/29/27		328		319

(Variable, U.S. SOFR + 1.28%), 3.07%, 2/24/28 ⁽³⁾		88		83

(Variable, CME Term SOFR 3M + 1.65%), 3.67%, 7/24/28 ⁽³⁾		28		27

(Variable, U.S. SOFR + 3.91%), 4.41%, 3/31/31 ⁽³⁾		1,450		1,382

(Variable, U.S. SOFR + 1.17%), 2.56%, 5/1/32 ⁽³⁾		1,000		833

6.63%, 6/15/32		100		107

5.88%, 2/22/33		350		361

(Variable, U.S. SOFR + 2.66%), 6.17%, 5/25/34 ⁽³⁾		1,700		1,724

6.13%, 8/25/36		125		130

8.13%, 7/15/39		332		425

(Variable, U.S. SOFR + 4.55%), 5.32%, 3/26/41 ⁽³⁾		180		179

5.88%, 1/30/42		30		32

(Variable, U.S. SOFR + 1.38%), 2.90%, 11/3/42 ⁽³⁾		168		120

4.65%, 7/23/48		300		272

Citizens Bank N.A.,

(Variable, U.S. SOFR + 2.00%), 4.58%, 8/9/28 ⁽³⁾		500		479



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Banking – 2.7% continued

Comerica Bank,

(Variable, U.S. SOFR + 2.61%), 5.33%, 8/25/33 ⁽³⁾		$250		$228

Discover Bank,

2.70%, 2/6/30		250		215

Fifth Third Bancorp,

8.25%, 3/1/38		275		330

First Horizon Corp.,

4.00%, 5/26/25		200		195

FNB Corp.,

5.15%, 8/25/25		200		198

HSBC Bank U.S.A. N.A.,

7.00%, 1/15/39		350		405

Huntington Bancshares, Inc.,

(Variable, U.S. SOFR + 1.97%), 4.44%, 8/4/28 ⁽³⁾		500		483

(Variable, U.S. SOFR + 2.02%), 6.21%, 8/21/29 ⁽³⁾		500		512

JPMorgan Chase & Co.,

3.90%, 7/15/25		128		126

7.75%, 7/15/25		54		56

3.30%, 4/1/26		111		107

(Variable, U.S. SOFR + 1.85%), 2.08%, 4/22/26 ⁽³⁾		2,024		1,951

2.95%, 10/1/26		59		56

(Variable, CME Term SOFR 3M + 0.70%), 1.04%, 2/4/27 ⁽³⁾		121		112

(Variable, U.S. SOFR + 0.89%), 1.58%, 4/22/27 ⁽³⁾		297		275

8.00%, 4/29/27		658		716

4.25%, 10/1/27		299		292

3.63%, 12/1/27		1,292		1,233

(Variable, U.S. SOFR + 1.17%), 2.95%, 2/24/28 ⁽³⁾		204		192

(Variable, U.S. SOFR + 1.56%), 4.32%, 4/26/28 ⁽³⁾		176		172

(Variable, U.S. SOFR + 1.99%), 4.85%, 7/25/28 ⁽³⁾		33		33

(Variable, CME Term SOFR 3M + 1.21%), 3.51%, 1/23/29 ⁽³⁾		310		293

(Variable, CME Term SOFR 3M + 1.38%), 4.01%, 4/23/29 ⁽³⁾		34		33

(Variable, U.S. SOFR + 1.02%), 2.07%, 6/1/29 ⁽³⁾		719		638



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Banking – 2.7% continued

(Variable, U.S. SOFR + 1.45%), 5.30%, 7/24/29 ⁽³⁾		$800		$806

(Variable, CME Term SOFR 3M + 1.59%), 4.45%, 12/5/29 ⁽³⁾		59		57

(Variable, CME Term SOFR 3M + 2.52%), 2.96%, 5/13/31 ⁽³⁾		545		476

(Variable, U.S. SOFR + 2.58%), 5.72%, 9/14/33 ⁽³⁾		700		713

(Variable, U.S. SOFR + 1.85%), 5.35%, 6/1/34 ⁽³⁾		200		201

(Variable, U.S. SOFR + 1.81%), 6.25%, 10/23/34 ⁽³⁾		1,000		1,069

(Variable, CME Term SOFR 3M + 1.62%), 3.88%, 7/24/38 ⁽³⁾		359		310

(Variable, CME Term SOFR 3M + 2.46%), 3.11%, 4/22/41 ⁽³⁾		100		76

5.60%, 7/15/41		405		425

(Variable, CME Term SOFR 3M + 1.51%), 2.53%, 11/19/41 ⁽³⁾		785		549

5.63%, 8/16/43		150		156

(Variable, CME Term SOFR 3M + 1.84%), 4.26%, 2/22/48 ⁽³⁾		114		98

(Variable, CME Term SOFR 3M + 1.72%), 4.03%, 7/24/48 ⁽³⁾		85		71

(Variable, CME Term SOFR 3M + 1.64%), 3.96%, 11/15/48 ⁽³⁾		400		327

(Variable, CME Term SOFR 3M + 1.48%), 3.90%, 1/23/49 ⁽³⁾		200		163

(Variable, U.S. SOFR + 2.44%), 3.11%, 4/22/51 ⁽³⁾		1,500		1,038

KeyBank N.A.,

4.15%, 8/8/25		250		243

5.00%, 1/26/33		500		464

Manufacturers & Traders Trust Co., 4.70%, 1/27/28		500		482

Morgan Stanley Bank N.A., 4.75%, 4/21/26		2,000		1,987

PNC Financial Services Group (The), Inc.,

(Variable, U.S. SOFR + 1.32%), 5.81%, 6/12/26 ⁽³⁾		500		502

3.15%, 5/19/27		455		431

2.55%, 1/22/30		545		476

(Variable, U.S. SOFR + 1.93%), 5.07%, 1/24/34 ⁽³⁾		500		485



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Banking – 2.7% continued

(Variable, U.S. SOFR + 2.28%), 6.88%, 10/20/34 ⁽³⁾		$400		$438

Regions Financial Corp.,

2.25%, 5/18/25		500		481

Santander Holdings U.S.A., Inc.,

(Variable, U.S. SOFR + 2.36%), 6.50%, 3/9/29 ⁽³⁾		300		307

Synchrony Bank,

5.40%, 8/22/25		293		290

Synovus Bank,

5.63%, 2/15/28		250		243

Truist Bank,

3.63%, 9/16/25		128		125

4.05%, 11/3/25		600		589

3.30%, 5/15/26		122		117

Truist Financial Corp.,

3.70%, 6/5/25		213		209

(Variable, U.S. SOFR + 0.61%), 1.27%, 3/2/27 ⁽³⁾		85		79

1.13%, 8/3/27		221		194

(Variable, U.S. SOFR + 1.44%), 4.87%, 1/26/29 ⁽³⁾		1,000		984

(Variable, U.S. SOFR + 0.86%), 1.89%, 6/7/29 ⁽³⁾		57		50

(Variable, U.S. SOFR + 1.62%), 5.44%, 1/24/30 ⁽³⁾		800		799

U.S. Bancorp,

2.38%, 7/22/26		133		125

(Variable, U.S. SOFR + 1.88%), 6.79%, 10/26/27 ⁽³⁾		1,000		1,036

(Variable, U.S. SOFR + 0.73%), 2.22%, 1/27/28 ⁽³⁾		322		297

3.90%, 4/26/28		402		387

(Variable, U.S. SOFR + 2.02%), 5.78%, 6/12/29 ⁽³⁾		500		509

1.38%, 7/22/30		143		115

(Variable, U.S. SOFR + 1.60%), 4.84%, 2/1/34 ⁽³⁾		500		475

Wells Fargo & Co.,

(Variable, U.S. SOFR + 1.32%), 3.91%, 4/25/26 ⁽³⁾		736		722

(Variable, U.S. SOFR + 2.00%), 2.19%, 4/30/26 ⁽³⁾		119		115

(Variable, U.S. SOFR + 1.56%), 4.54%, 8/15/26 ⁽³⁾		1,000		987



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Banking – 2.7% continued

3.00%, 10/23/26		$542		$513

(Variable, CME Term SOFR 3M + 1.43%), 3.20%, 6/17/27⁽³⁾		15		14

4.30%, 7/22/27		110		107

(Variable, U.S. SOFR + 1.51%), 3.53%, 3/24/28⁽³⁾		275		262

(Variable, CME Term SOFR 3M + 1.57%), 3.58%, 5/22/28⁽³⁾		585		556

(Variable, U.S. SOFR + 2.10%), 2.39%, 6/2/28⁽³⁾		833		763

(Variable, U.S. SOFR + 1.99%), 5.56%, 7/25/34⁽³⁾		700		703

(Variable, U.S. SOFR + 2.06%), 6.49%, 10/23/34⁽³⁾		300		322

(Variable, U.S. SOFR + 1.78%), 5.50%, 1/23/35⁽³⁾		600		602

(Variable, U.S. SOFR + 2.53%), 3.07%, 4/30/41⁽³⁾		400		300

(Variable, CME Term SOFR 3M + 4.50%), 5.01%, 4/4/51⁽³⁾		1,500		1,411

(Variable, U.S. SOFR + 2.13%), 4.61%, 4/25/53⁽³⁾		1,000		881

Wells Fargo Bank N.A.,

5.25%, 12/11/26		1,200		1,204

5.85%, 2/1/37		500		519

6.60%, 1/15/38		50		55

Zions Bancorp N.A.,

3.25%, 10/29/29		250		205

				64,207

Beverages – 0.3%

Brown-Forman Corp.,

4.50%, 7/15/45		200		180

Coca-Cola (The) Co.,

3.38%, 3/25/27		133		129

1.50%, 3/5/28		81		72

2.13%, 9/6/29		243		216

1.65%, 6/1/30		179		151

2.00%, 3/5/31		1,204		1,019

3.00%, 3/5/51		300		214

Constellation Brands, Inc.,

4.65%, 11/15/28		44		43

3.15%, 8/1/29		334		304

2.88%, 5/1/30		256		227

2.25%, 8/1/31		284		235

5.25%, 11/15/48		167		160



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Beverages – 0.3% continued

Keurig Dr. Pepper, Inc.,

2.55%, 9/15/26		$185		$174

5.05%, 3/15/29		500		501

4.42%, 12/15/46		450		384

Molson Coors Beverage Co.,

3.00%, 7/15/26		170		162

4.20%, 7/15/46		300		251

PepsiCo, Inc.,

2.75%, 4/30/25		380		371

2.63%, 7/29/29		120		109

2.75%, 3/19/30		483		435

1.63%, 5/1/30		77		65

1.95%, 10/21/31		500		414

3.88%, 3/19/60		700		567

				6,383

Biotechnology & Pharmaceuticals – 1.1%

AbbVie, Inc.,

3.60%, 5/14/25		155		152

3.20%, 5/14/26		56		54

2.95%, 11/21/26		663		632

4.80%, 3/15/29		500		501

3.20%, 11/21/29		467		430

4.05%, 11/21/39		500		446

4.85%, 6/15/44		950		907

4.25%, 11/21/49		600		521

5.40%, 3/15/54		800		823

Amgen, Inc.,

2.00%, 1/15/32		1,000		810

5.15%, 11/15/41		126		121

5.65%, 3/2/53		1,200		1,225

2.77%, 9/1/53		1,376		853

5.75%, 3/2/63		200		204

Baxalta, Inc.,

4.00%, 6/23/25		225		221

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		387		268

Bristol-Myers Squibb Co.,

3.20%, 6/15/26		132		127

3.90%, 2/20/28		726		705

3.40%, 7/26/29		286		269



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Biotechnology & Pharmaceuticals – 1.1% continued

4.35%, 11/15/47		$1,083		$936

3.70%, 3/15/52		100		77

5.55%, 2/22/54		800		826

6.40%, 11/15/63		300		343

Eli Lilly & Co.,

5.00%, 2/9/54		500		498

4.95%, 2/27/63		400		389

Gilead Sciences, Inc.,

3.65%, 3/1/26		2,000		1,949

1.20%, 10/1/27		1,050		930

1.65%, 10/1/30		100		82

2.60%, 10/1/40		300		212

4.80%, 4/1/44		185		172

4.50%, 2/1/45		150		133

4.75%, 3/1/46		168		154

4.15%, 3/1/47		60		51

2.80%, 10/1/50		42		27

Johnson & Johnson,

4.38%, 12/5/33		332		331

3.55%, 3/1/36		100		89

5.95%, 8/15/37		32		36

3.70%, 3/1/46		770		644

2.45%, 9/1/60		300		179

Merck & Co., Inc.,

1.70%, 6/10/27		263		240

1.90%, 12/10/28		279		248

3.40%, 3/7/29		389		368

2.15%, 12/10/31		688		576

3.60%, 9/15/42		25		20

3.70%, 2/10/45		60		49

2.45%, 6/24/50		1,000		621

5.15%, 5/17/63		200		198

Mylan, Inc.,

4.55%, 4/15/28		171		165

5.40%, 11/29/43		585		512

Pfizer Investment Enterprises Pte. Ltd.,

4.75%, 5/19/33		1,000		985

5.30%, 5/19/53		800		797

Pfizer, Inc.,

3.45%, 3/15/29		24		23

2.63%, 4/1/30		1,000		891

7.20%, 3/15/39		311		376

5.60%, 9/15/40		194		202



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Biotechnology & Pharmaceuticals – 1.1% continued

4.30%, 6/15/43		$100		$89

4.13%, 12/15/46		262		224

Pharmacia LLC,

6.60%, 12/1/28		125		134

Regeneron Pharmaceuticals, Inc.,

1.75%, 9/15/30		300		246

Royalty Pharma PLC,

3.55%, 9/2/50		500		345

Sanofi S.A.,

3.63%, 6/19/28		250		242

Shire Acquisitions Investments Ireland DAC,

3.20%, 9/23/26		225		215

Utah Acquisition Sub, Inc.,

3.95%, 6/15/26		114		110

Wyeth LLC,

5.95%, 4/1/37		725		783

Zoetis, Inc.,

3.95%, 9/12/47		450		365

4.45%, 8/20/48		40		35

				26,491

Cable & Satellite – 0.6%

Charter Communications Operating LLC/Charter Communications Operating Capital,

6.15%, 11/10/26		1,000		1,008

3.75%, 2/15/28		1,451		1,345

2.25%, 1/15/29		484		412

2.80%, 4/1/31		1,100		900

5.75%, 4/1/48		520		439

3.90%, 6/1/52		1,000		637

Comcast Corp.,

4.55%, 1/15/29		3,700		3,672

3.40%, 4/1/30		1,370		1,269

4.25%, 1/15/33		775		734

7.05%, 3/15/33		140		159

2.89%, 11/1/51		544		354

5.35%, 5/15/53		700		695

2.99%, 11/1/63		500		308

5.50%, 5/15/64		450		451

TCI Communications, Inc.,

7.88%, 2/15/26		755		792

Time Warner Cable LLC,

6.55%, 5/1/37		68		64



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Cable & Satellite – 0.6% continued

7.30%, 7/1/38		$705		$714

6.75%, 6/15/39		130		124

				14,077

Chemicals – 0.3%

Air Products and Chemicals, Inc.,

2.80%, 5/15/50		300		201

Albemarle Corp.,

4.65%, 6/1/27		300		295

Celanese U.S. Holdings LLC,

6.17%, 7/15/27		700		713

Dow Chemical (The) Co.,

4.25%, 10/1/34		470		433

9.40%, 5/15/39		174		234

5.25%, 11/15/41		400		381

DuPont de Nemours, Inc.,

5.42%, 11/15/48		500		500

Eastman Chemical Co.,

4.80%, 9/1/42		200		176

4.65%, 10/15/44		100		85

Ecolab, Inc.,

2.75%, 8/18/55		500		318

FMC Corp.,

6.38%, 5/18/53		200		199

International Flavors & Fragrances, Inc.,

5.00%, 9/26/48		67		57

Linde, Inc.,

2.00%, 8/10/50		200		113

Lubrizol (The) Corp.,

6.50%, 10/1/34		50		57

LYB International Finance B.V.,

5.25%, 7/15/43		565		528

LYB International Finance III LLC,

4.20%, 5/1/50		35		27

Mosaic (The) Co.,

5.45%, 11/15/33		250		250

NewMarket Corp.,

2.70%, 3/18/31		100		84

RPM International, Inc.,

3.75%, 3/15/27		100		96

Sherwin-Williams (The) Co.,

3.45%, 6/1/27		205		196

2.95%, 8/15/29		167		151

2.30%, 5/15/30		153		132



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Chemicals – 0.3% continued

2.20%, 3/15/32		$475		$387

4.55%, 8/1/45		30		26

Westlake Corp.,

3.60%, 8/15/26		701		674

3.38%, 6/15/30		249		224

				6,537

Commercial Support Services – 0.1%

Block Financial LLC,

3.88%, 8/15/30		200		182

Republic Services, Inc.,

3.38%, 11/15/27		296		281

3.95%, 5/15/28		432		418

2.30%, 3/1/30		118		102

Waste Connections, Inc.,

2.95%, 1/15/52		300		201

Waste Management, Inc.,

2.50%, 11/15/50		500		312

				1,496

Construction Materials – 0.1%

Carlisle Cos., Inc.,

2.75%, 3/1/30		500		440

Martin Marietta Materials, Inc.,

3.45%, 6/1/27		500		479

Owens Corning,

3.40%, 8/15/26		400		383

3.88%, 6/1/30		500		467

Vulcan Materials Co.,

3.50%, 6/1/30		200		183

				1,952

Consumer Services – 0.1%

California Institute of Technology,

4.70%, 11/1/11⁽⁴⁾		110		99

Duke University,

2.68%, 10/1/44		200		147

Emory University,

2.97%, 9/1/50		500		351

Johns Hopkins University,

4.08%, 7/1/53		100		87

Massachusetts Institute of Technology,

5.60%, 7/1/11⁽⁴⁾		190		208

4.68%, 7/1/14⁽⁵⁾		15		14

3.89%, 7/1/16⁽⁶⁾		300		228



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Consumer Services – 0.1% continued

Northwestern University,

4.64%, 12/1/44		$50		$48

President and Fellows of Harvard College,

2.52%, 10/15/50		300		198

Trustees of the University of Pennsylvania (The),

4.67%, 9/1/12⁽⁷⁾		100		94

University of Southern California,

2.81%, 10/1/50		500		347

				1,821

Containers & Packaging – 0.1%

Amcor Finance U.S.A., Inc.,

3.63%, 4/28/26		300		289

International Paper Co.,

6.00%, 11/15/41		480		498

Packaging Corp. of America,

3.05%, 10/1/51		200		136

Sonoco Products Co.,

2.85%, 2/1/32		500		425

WestRock MWV LLC,

7.95%, 2/15/31		100		114

WRKCo, Inc.,

4.90%, 3/15/29		350		347

				1,809

Diversified Industrials – 0.2%

3M Co.,

2.25%, 9/19/26		165		154

3.05%, 4/15/30		1,500		1,347

Dover Corp.,

2.95%, 11/4/29		10		9

Emerson Electric Co.,

2.80%, 12/21/51		500		327

GE Capital Funding LLC,

4.55%, 5/15/32		540		524

Honeywell International, Inc.,

2.50%, 11/1/26		461		436

1.10%, 3/1/27		182		165

2.70%, 8/15/29		137		124

3.81%, 11/21/47		425		344

Illinois Tool Works, Inc.,

3.90%, 9/1/42		300		259



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Diversified Industrials – 0.2% continued

Parker-Hannifin Corp.,

4.20%, 11/21/34		$200		$185

4.45%, 11/21/44		300		263

				4,137

E-Commerce Discretionary – 0.2%

Amazon.com, Inc.,

4.60%, 12/1/25		1,500		1,494

5.20%, 12/3/25		103		104

1.20%, 6/3/27		544		489

1.65%, 5/12/28		533		476

3.88%, 8/22/37		150		136

2.88%, 5/12/41		1,199		914

4.95%, 12/5/44		156		156

3.10%, 5/12/51		1,000		716

4.25%, 8/22/57		500		436

eBay, Inc.,

1.40%, 5/10/26		24		22

2.60%, 5/10/31		167		144

4.00%, 7/15/42		235		192

				5,279

Electric & Gas Marketing & Trading – 0.0%

Evergy Metro, Inc.,

5.30%, 10/1/41		50		48

4.20%, 3/15/48		300		247

Southern Power Co.,

5.25%, 7/15/43		60		57

				352

Electric Utilities – 1.8%

AEP Transmission Co. LLC,

4.00%, 12/1/46		200		165

3.65%, 4/1/50		500		378

AES (The) Corp.,

5.45%, 6/1/28		350		349

Alabama Power Co.,

3.85%, 12/1/42		60		49

4.30%, 7/15/48		300		256

Ameren Illinois Co.,

3.85%, 9/1/32		700		641

Appalachian Power Co.,

7.00%, 4/1/38		75		84

Arizona Public Service Co.,

3.15%, 5/15/25		500		487



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Electric Utilities – 1.8% continued

4.50%, 4/1/42		$230		$198

4.20%, 8/15/48		250		199

Avangrid, Inc.,

3.80%, 6/1/29		200		188

Avista Corp.,

4.00%, 4/1/52		100		77

Baltimore Gas and Electric Co.,

2.40%, 8/15/26		130		123

3.75%, 8/15/47		475		369

5.40%, 6/1/53		200		199

Berkshire Hathaway Energy Co.,

5.15%, 11/15/43		300		293

Black Hills Corp.,

2.50%, 6/15/30		500		419

CenterPoint Energy Houston Electric LLC,

2.40%, 9/1/26		50		47

3.00%, 2/1/27		150		143

3.55%, 8/1/42		40		32

4.25%, 2/1/49		500		423

Cleco Corporate Holdings LLC,

4.97%, 5/1/46		200		167

CMS Energy Corp.,

3.00%, 5/15/26		40		38

3.45%, 8/15/27		500		475

4.88%, 3/1/44		500		465

Commonwealth Edison Co.,

6.45%, 1/15/38		200		220

3.80%, 10/1/42		90		73

4.60%, 8/15/43		100		90

Connecticut Light and Power (The) Co.,

4.00%, 4/1/48		250		205

5.25%, 1/15/53		500		497

Consolidated Edison Co. of New York, Inc.,

5.30%, 3/1/35		150		151

5.85%, 3/15/36		100		105

6.75%, 4/1/38		100		113

5.50%, 12/1/39		85		86

3.95%, 3/1/43		120		100

4.45%, 3/15/44		100		88

3.85%, 6/15/46		100		80

4.65%, 12/1/48		300		266

6.15%, 11/15/52		500		550



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Electric Utilities – 1.8% continued

Constellation Energy Generation LLC,

5.75%, 10/1/41		$430		$429

Consumers 2023 Securitization Funding LLC,

5.21%, 9/1/30		100		101

Dominion Energy South Carolina, Inc.,

6.05%, 1/15/38		265		281

5.10%, 6/1/65		50		47

Dominion Energy, Inc.,

4.25%, 6/1/28		500		485

5.25%, 8/1/33		250		247

5.95%, 6/15/35		750		773

7.00%, 6/15/38		20		22

3.30%, 4/15/41		300		225

4.90%, 8/1/41		35		32

4.05%, 9/15/42		100		81

DTE Electric Co.,

4.05%, 5/15/48		800		657

Duke Energy Carolinas LLC,

6.45%, 10/15/32		106		115

6.10%, 6/1/37		150		158

3.75%, 6/1/45		350		273

Duke Energy Corp.,

2.65%, 9/1/26		449		424

4.50%, 8/15/32		751		713

3.75%, 9/1/46		120		91

Duke Energy Florida LLC,

6.35%, 9/15/37		340		367

3.40%, 10/1/46		290		213

Duke Energy Indiana LLC,

6.12%, 10/15/35		500		531

6.35%, 8/15/38		25		27

4.90%, 7/15/43		1,000		934

Duke Energy Progress NC Storm Funding LLC,

2.39%, 7/1/37		100		81

Entergy Louisiana LLC,

3.05%, 6/1/31		950		832

4.75%, 9/15/52		300		267

Entergy Texas, Inc.,

4.50%, 3/30/39		250		226

Evergy Kansas Central, Inc.,

4.13%, 3/1/42		275		233



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Electric Utilities – 1.8% continued

Eversource Energy,

1.65%, 8/15/30		$165		$133

Exelon Corp.,

5.63%, 6/15/35		75		76

4.70%, 4/15/50		100		88

4.10%, 3/15/52		950		757

Florida Power & Light Co.,

5.65%, 2/1/37		335		349

5.95%, 2/1/38		150		162

5.96%, 4/1/39		250		272

5.69%, 3/1/40		30		31

4.13%, 2/1/42		250		217

4.05%, 6/1/42		100		87

Georgia Power Co.,

4.30%, 3/15/42		60		52

4.30%, 3/15/43		100		85

Idaho Power Co.,

5.50%, 3/15/53		100		99

Indiana Michigan Power Co.,

6.05%, 3/15/37		200		209

5.63%, 4/1/53		500		506

Interstate Power and Light Co.,

3.10%, 11/30/51		500		327

ITC Holdings Corp.,

3.35%, 11/15/27		200		189

MidAmerican Energy Co.,

4.80%, 9/15/43		100		94

4.40%, 10/15/44		150		131

3.65%, 8/1/48		300		230

3.15%, 4/15/50		200		139

National Grid U.S.A.,

5.80%, 4/1/35		425		424

National Rural Utilities Cooperative Finance Corp.,

8.00%, 3/1/32		50		58

4.30%, 3/15/49		125		106

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.53%), 7.13%, 9/15/53 ⁽³⁾		400		415

Nevada Power Co.,

6.65%, 4/1/36		100		109

5.90%, 5/1/53		600		626

NextEra Energy Capital Holdings, Inc.,

2.25%, 6/1/30		1,561		1,329



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Electric Utilities – 1.8% continued

2.44%, 1/15/32		$439		$363

Northern States Power Co.,

4.13%, 5/15/44		200		168

Oglethorpe Power Corp.,

5.38%, 11/1/40		150		142

4.50%, 4/1/47		300		250

Oklahoma Gas and Electric Co.,

4.15%, 4/1/47		200		162

Oncor Electric Delivery Co. LLC,

7.50%, 9/1/38		145		174

4.10%, 11/15/48		300		247

4.60%, 6/1/52		500		440

Pacific Gas and Electric Co.,

4.55%, 7/1/30		1,909		1,815

5.90%, 6/15/32		1,091		1,110

4.50%, 7/1/40		500		428

PacifiCorp,

6.10%, 8/1/36		200		208

6.25%, 10/15/37		275		290

4.13%, 1/15/49		50		39

PG&E Energy Recovery Funding LLC,

2.82%, 7/15/46		50		36

PG&E Recovery Funding LLC,

5.05%, 7/15/32		23		23

5.26%, 1/15/38		25		25

5.54%, 7/15/47		50		52

PG&E Wildfire Recovery Funding LLC,

3.59%, 6/1/30		37		35

4.02%, 6/1/31		71		69

4.72%, 6/1/37		100		97

4.45%, 12/1/47		135		122

5.21%, 12/1/47		100		99

4.67%, 12/1/51		100		93

5.10%, 6/1/52		100		99

PPL Electric Utilities Corp.,

6.25%, 5/15/39		275		300

4.13%, 6/15/44		100		85

4.15%, 6/15/48		300		254

Public Service Co. of Colorado,

4.10%, 6/1/32		500		466

4.10%, 6/15/48		300		237

Public Service Electric and Gas Co.,

3.00%, 5/15/25		500		488



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Electric Utilities – 1.8% continued

3.95%, 5/1/42		$50		$42

3.65%, 9/1/42		30		24

4.05%, 5/1/48		300		253

3.00%, 3/1/51		500		342

Puget Energy, Inc.,

3.65%, 5/15/25		500		488

Puget Sound Energy, Inc.,

6.27%, 3/15/37		75		79

5.64%, 4/15/41		340		342

San Diego Gas & Electric Co.,

4.50%, 8/15/40		150		135

5.35%, 4/1/53		300		296

SCE Recovery Funding LLC,

5.11%, 12/15/47		100		98

Sempra,

3.25%, 6/15/27		150		141

6.00%, 10/15/39		250		255

Southern (The) Co.,

3.70%, 4/30/30		900		835

4.40%, 7/1/46		1,000		862

Southern California Edison Co.,

6.00%, 1/15/34		100		106

5.35%, 7/15/35		586		586

5.55%, 1/15/37		275		277

5.95%, 2/1/38		710		734

6.05%, 3/15/39		50		52

5.50%, 3/15/40		150		149

3.90%, 3/15/43		150		121

4.13%, 3/1/48		90		73

Southwestern Electric Power Co.,

4.10%, 9/15/28		250		240

3.90%, 4/1/45		170		131

Tampa Electric Co.,

4.10%, 6/15/42		50		42

4.30%, 6/15/48		300		251

Tucson Electric Power Co.,

5.50%, 4/15/53		300		297

Union Electric Co.,

3.90%, 9/15/42		50		41

4.00%, 4/1/48		250		200

Virginia Electric and Power Co.,

6.00%, 5/15/37		15		16

6.35%, 11/30/37		40		43



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Electric Utilities – 1.8% continued

8.88%, 11/15/38		$100		$134

4.65%, 8/15/43		150		135

4.45%, 2/15/44		75		66

3.80%, 9/15/47		125		97

Virginia Power Fuel Securitization LLC,

4.88%, 5/1/31		100		100

Wisconsin Electric Power Co.,

4.30%, 10/15/48		300		255

Wisconsin Public Service Corp.,

4.75%, 11/1/44		100		90

3.30%, 9/1/49		150		106

Xcel Energy, Inc.,

4.60%, 6/1/32		1,000		942

6.50%, 7/1/36		100		107

				43,052

Electrical Equipment – 0.1%

Amphenol Corp.,

4.75%, 3/30/26		500		496

Carrier Global Corp.,

2.72%, 2/15/30		1,000		884

Fortive Corp.,

4.30%, 6/15/46		105		88

Johnson Controls International PLC,

5.13%, 9/14/45		21		20

4.95%, 7/2/64		110		99

Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A.,

4.90%, 12/1/32		500		492

Lennox International, Inc.,

5.50%, 9/15/28		200		203

Otis Worldwide Corp.,

3.36%, 2/15/50		300		218

Rockwell Automation, Inc.,

4.20%, 3/1/49		100		86

2.80%, 8/15/61		200		121

Trane Technologies Financing Ltd.,

3.50%, 3/21/26		250		242

4.65%, 11/1/44		35		32

Trane Technologies Global Holding Co. Ltd.,

5.75%, 6/15/43		150		156

Trimble, Inc.,

6.10%, 3/15/33		200		209



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Electrical Equipment – 0.1% continued

Tyco Electronics Group S.A.,

7.13%, 10/1/37		$50		$58

				3,404

Entertainment Content – 0.3%

Discovery Communications LLC,

4.90%, 3/11/26		45		45

4.13%, 5/15/29		467		438

Electronic Arts, Inc.,

1.85%, 2/15/31		300		246

Fox Corp.,

5.58%, 1/25/49		300		280

Paramount Global,

4.20%, 5/19/32		1,000		832

5.85%, 9/1/43		197		160

5.25%, 4/1/44		30		22

Take-Two Interactive Software, Inc.,

4.95%, 3/28/28		400		399

Walt Disney (The) Co.,

3.70%, 3/23/27		297		289

6.40%, 12/15/35		31		35

4.13%, 12/1/41		105		92

4.95%, 10/15/45		1,200		1,144

3.60%, 1/13/51		604		468

Warnermedia Holdings, Inc.,

4.28%, 3/15/32		1,000		893

5.14%, 3/15/52		800		664

5.39%, 3/15/62		700		582

				6,589

Food – 0.3%

Campbell Soup Co.,

3.13%, 4/24/50		350		234

Conagra Brands, Inc.,

1.38%, 11/1/27		85		74

7.00%, 10/1/28		200		215

4.85%, 11/1/28		100		99

5.30%, 11/1/38		500		476

General Mills, Inc.,

2.88%, 4/15/30		218		194

2.25%, 10/14/31		432		358

Hershey (The) Co.,

2.30%, 8/15/26		365		344

4.25%, 5/4/28		200		198



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Food – 0.3% continued

Hormel Foods Corp.,

1.70%, 6/3/28		$500		$443

3.05%, 6/3/51		100		69

Ingredion, Inc.,

3.20%, 10/1/26		250		238

J.M. Smucker (The) Co.,

4.38%, 3/15/45		250		215

6.50%, 11/15/53		300		333

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS Luxembourg S.a.r.l,

7.25%, 11/15/53⁽⁸⁾		400		428

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

3.63%, 1/15/32		1,000		856

Kellanova,

5.25%, 3/1/33		500		502

Kraft Heinz Foods Co.,

3.88%, 5/15/27		400		388

4.88%, 10/1/49		800		725

McCormick & Co., Inc.,

4.95%, 4/15/33		200		198

Mondelez International, Inc.,

3.00%, 3/17/32		500		434

Pilgrim’s Pride Corp.,

6.88%, 5/15/34		350		373

Tyson Foods, Inc.,

5.10%, 9/28/48		500		451

				7,845

Forestry, Paper & Wood Products – 0.0%

Georgia-Pacific LLC,

7.75%, 11/15/29		500		570

Gas & Water Utilities – 0.1%

American Water Capital Corp.,

2.95%, 9/1/27		1,000		936

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		219

4.13%, 10/15/44		75		65

CenterPoint Energy Resources Corp.,

5.85%, 1/15/41		50		52



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Gas & Water Utilities – 0.1% continued

NiSource, Inc.,

4.80%, 2/15/44		$580		$517

ONE Gas, Inc.,

4.25%, 9/1/32		150		144

Piedmont Natural Gas Co., Inc.,

5.05%, 5/15/52		200		183

Southern California Gas Co.,

3.75%, 9/15/42		250		200

4.30%, 1/15/49		125		104

Southern Co. Gas Capital Corp.,

5.88%, 3/15/41		300		303

Southwest Gas Corp.,

3.80%, 9/29/46		250		185

Washington Gas Light Co.,

3.65%, 9/15/49		100		74

				3,218

Health Care Facilities & Services – 0.9%

Advocate Health & Hospitals Corp.,

3.01%, 6/15/50		265		185

Aetna, Inc.,

6.63%, 6/15/36		40		44

6.75%, 12/15/37		150		167

4.50%, 5/15/42		100		87

3.88%, 8/15/47		143		109

AHS Hospital Corp.,

5.02%, 7/1/45		100		97

Ascension Health,

2.53%, 11/15/29		750		669

Cardinal Health, Inc.,

3.75%, 9/15/25		250		244

4.50%, 11/15/44		200		172

Cencora, Inc.,

4.25%, 3/1/45		60		53

4.30%, 12/15/47		100		87

Centene Corp.,

2.63%, 8/1/31		1,000		821

Cigna Group (The),

2.38%, 3/15/31		845		712

4.80%, 7/15/46		880		799

3.40%, 3/15/50		362		258

CommonSpirit Health,

3.82%, 10/1/49		200		156



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Health Care Facilities & Services – 0.9% continued

CVS Health Corp.,

1.30%, 8/21/27		$39		$35

4.30%, 3/25/28		234		229

3.25%, 8/15/29		591		542

3.75%, 4/1/30		386		360

4.78%, 3/25/38		130		120

4.13%, 4/1/40		40		34

5.30%, 12/5/43		350		331

5.13%, 7/20/45		686		633

5.05%, 3/25/48		319		290

6.00%, 6/1/63		700		722

Dignity Health,

5.27%, 11/1/64		200		190

Elevance Health, Inc.,

3.65%, 12/1/27		563		539

4.10%, 3/1/28		245		238

6.38%, 6/15/37		500		545

4.63%, 5/15/42		525		478

3.60%, 3/15/51		300		225

HCA, Inc.,

4.50%, 2/15/27		1,426		1,399

5.63%, 9/1/28		236		239

5.50%, 6/1/33		500		502

5.50%, 6/15/47		330		314

5.25%, 6/15/49		170		155

4.63%, 3/15/52		250		209

6.00%, 4/1/54		300		305

Humana, Inc.,

5.75%, 12/1/28		500		513

3.13%, 8/15/29		85		77

5.50%, 3/15/53		300		292

Kaiser Foundation Hospitals,

3.27%, 11/1/49		500		368

Laboratory Corp. of America Holdings,

4.70%, 2/1/45		300		271

Memorial Sloan-Kettering Cancer Center,

4.13%, 7/1/52		100		85

Novant Health, Inc.,

3.32%, 11/1/61		120		80

NYU Langone Hospitals,

4.37%, 7/1/47		200		179

Quest Diagnostics, Inc.,

3.45%, 6/1/26		56		54



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Health Care Facilities & Services – 0.9% continued

4.20%, 6/30/29		$59		$57

6.40%, 11/30/33		400		433

Sutter Health,

4.09%, 8/15/48		500		424

UnitedHealth Group, Inc.,

3.75%, 7/15/25		188		185

3.45%, 1/15/27		300		290

3.70%, 5/15/27		55		53

3.88%, 12/15/28		218		210

4.25%, 1/15/29		500		490

4.00%, 5/15/29		600		580

2.00%, 5/15/30		216		184

2.30%, 5/15/31		200		170

5.80%, 3/15/36		250		268

6.63%, 11/15/37		640		727

6.88%, 2/15/38		170		200

4.38%, 3/15/42		219		199

4.75%, 7/15/45		281		264

5.05%, 4/15/53		750		730

3.13%, 5/15/60		1,000		659

				21,336

Home & Office Products – 0.0%

Leggett & Platt, Inc.,

3.50%, 11/15/27		818		766

Whirlpool Corp.,

3.70%, 5/1/25		250		245

4.50%, 6/1/46		60		49

				1,060

Home Construction – 0.1%

D.R. Horton, Inc.,

2.60%, 10/15/25		510		489

Fortune Brands Innovations, Inc.,

4.50%, 3/25/52		250		205

Masco Corp.,

1.50%, 2/15/28		500		438

NVR, Inc.,

3.00%, 5/15/30		100		89

Toll Brothers Finance Corp.,

3.80%, 11/1/29		150		140

				1,361



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Household Products – 0.2%

Church & Dwight Co., Inc.,

3.95%, 8/1/47		$100		$81

Colgate-Palmolive Co.,

4.60%, 3/1/33		500		502

Estee Lauder (The) Cos., Inc.,

6.00%, 5/15/37		100		108

4.38%, 6/15/45		150		130

4.15%, 3/15/47		70		59

5.15%, 5/15/53		300		292

Haleon U.S. Capital LLC,

3.63%, 3/24/32		1,000		902

Kenvue, Inc.,

4.90%, 3/22/33		500		500

5.05%, 3/22/53		200		196

Kimberly-Clark Corp.,

6.63%, 8/1/37		350		407

3.20%, 7/30/46		125		93

Procter & Gamble (The) Co.,

3.00%, 3/25/30		794		731

1.20%, 10/29/30		706		579

				4,580

Industrial Support Services – 0.0%

WW Grainger, Inc.,

4.60%, 6/15/45		300		280

Institutional Financial Services – 1.1%

Bank of New York Mellon (The) Corp.,

1.60%, 4/24/25		285		274

3.25%, 5/16/27		500		477

(Variable, CME Term SOFR 3M + 1.33%), 3.44%, 2/7/28⁽³⁾		1,000		959

(Variable, U.S. SOFR + 1.09%), 4.98%, 3/14/30⁽³⁾		500		500

(Variable, U.S. SOFR + 1.51%), 4.71%, 2/1/34⁽³⁾		500		483

CME Group, Inc.,

3.75%, 6/15/28		300		291

5.30%, 9/15/43		45		46

Goldman Sachs Group (The), Inc.,

3.75%, 5/22/25		956		938

3.75%, 2/25/26		1,362		1,330

(Variable, U.S. SOFR + 0.79%), 1.09%, 12/9/26⁽³⁾		46		43

5.95%, 1/15/27		613		626

3.85%, 1/26/27		623		604



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Institutional Financial Services – 1.1% continued

(Variable, U.S. SOFR + 0.80%), 1.43%, 3/9/27 ⁽³⁾		$348		$322

(Variable, U.S. SOFR + 1.51%), 4.39%, 6/15/27 ⁽³⁾		299		293

(Variable, U.S. SOFR + 0.82%), 1.54%, 9/10/27 ⁽³⁾		108		99

(Variable, U.S. SOFR + 0.91%), 1.95%, 10/21/27 ⁽³⁾		445		409

(Variable, CME Term SOFR 3M + 1.77%), 3.69%, 6/5/28 ⁽³⁾		579		554

(Variable, CME Term SOFR 3M + 1.42%), 3.81%, 4/23/29 ⁽³⁾		70		66

(Variable, U.S. SOFR + 1.09%), 1.99%, 1/27/32 ⁽³⁾		2,000		1,618

(Variable, U.S. SOFR + 1.95%), 6.56%, 10/24/34 ⁽³⁾		400		437

6.25%, 2/1/41		192		208

(Variable, U.S. SOFR + 1.51%), 3.21%, 4/22/42 ⁽³⁾		1,108		833

(Variable, U.S. SOFR + 1.63%), 3.44%, 2/24/43 ⁽³⁾		400		310

4.80%, 7/8/44		350		323

Intercontinental Exchange, Inc.,

5.20%, 6/15/62		750		736

Invesco Finance PLC,

3.75%, 1/15/26		1,000		976

Jefferies Financial Group, Inc.,

2.63%, 10/15/31		400		330

Morgan Stanley,

4.00%, 7/23/25		1,925		1,894

3.88%, 1/27/26		164		160

(Variable, U.S. SOFR + 1.99%), 2.19%, 4/28/26 ⁽³⁾		167		161

6.25%, 8/9/26		100		102

(Variable, U.S. SOFR + 0.72%), 0.99%, 12/10/26 ⁽³⁾		57		53

3.63%, 1/20/27		27		26

3.95%, 4/23/27		1,190		1,149

(Variable, U.S. SOFR + 0.88%), 1.59%, 5/4/27 ⁽³⁾		980		907

(Variable, U.S. SOFR + 0.86%), 1.51%, 7/20/27 ⁽³⁾		164		151

(Variable, U.S. SOFR + 1.00%), 2.48%, 1/21/28 ⁽³⁾		590		549

3.59%, 7/22/28 ⁽³⁾		760		722



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Institutional Financial Services – 1.1% continued

(Variable, U.S. SOFR + 1.03%), 1.79%, 2/13/32⁽³⁾		$36		$29

(Variable, U.S. SOFR + 1.02%), 1.93%, 4/28/32⁽³⁾		66		53

(Variable, U.S. SOFR + 1.18%), 2.24%, 7/21/32⁽³⁾		29		24

(Variable, U.S. SOFR + 1.88%), 5.42%, 7/21/34⁽³⁾		500		502

(Variable, U.S. SOFR + 1.73%), 5.47%, 1/18/35⁽³⁾		700		707

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.43%), 5.95%, 1/19/38⁽³⁾		1,000		998

(Variable, U.S. SOFR + 1.49%), 3.22%, 4/22/42⁽³⁾		1,031		789

6.38%, 7/24/42		300		339

4.30%, 1/27/45		784		688

Nasdaq, Inc.,

5.95%, 8/15/53		500		528

State Street Corp.,

3.55%, 8/18/25		103		101

(Variable, U.S. SOFR + 1.57%), 4.82%, 1/26/34⁽³⁾		500		487

(Variable, U.S. SOFR + 1.89%), 5.16%, 5/18/34⁽³⁾		400		398

				25,602

Insurance – 0.7%

Aflac, Inc.,

3.60%, 4/1/30		500		465

Allstate (The) Corp.,

4.50%, 6/15/43		45		40

4.20%, 12/15/46		300		249

(Variable, ICE LIBOR USD 3M + 2.12%), 6.50%, 5/15/57⁽³⁾		225		229

American International Group, Inc.,

4.50%, 7/16/44		9		8

4.80%, 7/10/45		6		6

4.38%, 6/30/50		500		434

Aon Corp./Aon Global Holdings PLC,

3.90%, 2/28/52		500		385

Aon North America, Inc.,

5.13%, 3/1/27		2,000		2,011

Arch Capital Group Ltd.,

3.64%, 6/30/50		200		149



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Insurance – 0.7% continued

Arthur J Gallagher & Co.,

5.75%, 3/2/53		$250		$251

Assurant, Inc.,

4.90%, 3/27/28		215		212

Athene Holding Ltd.,

6.65%, 2/1/33		300		318

Berkshire Hathaway Finance Corp.,

1.45%, 10/15/30		522		431

2.88%, 3/15/32		178		158

4.40%, 5/15/42		100		94

4.30%, 5/15/43		440		402

4.25%, 1/15/49		300		268

Berkshire Hathaway, Inc.,

3.13%, 3/15/26		745		721

4.50%, 2/11/43		255		244

Brighthouse Financial, Inc.,

3.85%, 12/22/51		250		164

Brown & Brown, Inc.,

4.95%, 3/17/52		200		176

Chubb (The) Corp.,

6.00%, 5/11/37		50		54

6.50%, 5/15/38		85		96

Chubb INA Holdings LLC,

3.35%, 5/3/26		1,000		966

6.70%, 5/15/36		50		57

4.15%, 3/13/43		100		87

CNA Financial Corp.,

5.50%, 6/15/33		200		203

Corebridge Financial, Inc.,

4.40%, 4/5/52		300		245

Equitable Holdings, Inc.,

5.00%, 4/20/48		300		273

Everest Reinsurance Holdings, Inc.,

3.13%, 10/15/52		200		130

F&G Annuities & Life, Inc.,

7.40%, 1/13/28		100		104

Hanover Insurance Group (The), Inc.,

4.50%, 4/15/26		200		196

Hartford Financial Services Group (The), Inc.,

5.95%, 10/15/36		285		300

Lincoln National Corp.,

3.63%, 12/12/26		148		142

3.80%, 3/1/28		117		112



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Insurance – 0.7% continued

6.30%, 10/9/37		$100		$103

Loews Corp.,

4.13%, 5/15/43		75		64

Markel Group, Inc.,

3.45%, 5/7/52		300		208

Marsh & McLennan Cos., Inc.,

3.75%, 3/14/26		75		73

2.25%, 11/15/30		255		217

5.88%, 8/1/33		100		106

5.15%, 3/15/34		500		504

5.45%, 3/15/53		200		201

MetLife, Inc.,

6.38%, 6/15/34		485		530

4.13%, 8/13/42		260		221

4.72%, 12/15/44		370		333

Principal Financial Group, Inc.,

4.63%, 9/15/42		40		36

5.50%, 3/15/53		200		197

Progressive (The) Corp.,

2.45%, 1/15/27		250		234

4.20%, 3/15/48		500		434

Prudential Financial, Inc.,

3.00%, 3/10/40		300		228

3.91%, 12/7/47		344		275

3.94%, 12/7/49		335		265

Reinsurance Group of America, Inc.,

6.00%, 9/15/33		200		207

Transatlantic Holdings, Inc.,

8.00%, 11/30/39		70		90

Travelers (The) Cos., Inc.,

6.25%, 6/15/37		375		413

4.00%, 5/30/47		315		262

Unum Group,

4.13%, 6/15/51		200		151

W R Berkley Corp.,

3.55%, 3/30/52		200		139

Willis North America, Inc.,

2.95%, 9/15/29		500		448

				16,319

Internet Media & Services – 0.2%

Alphabet, Inc.,

2.05%, 8/15/50		75		45

2.25%, 8/15/60		600		344



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Internet Media & Services – 0.2% continued

Booking Holdings, Inc.,

4.63%, 4/13/30		$200		$198

Expedia Group, Inc.,

4.63%, 8/1/27		300		294

Meta Platforms, Inc.,

4.60%, 5/15/28		700		700

4.95%, 5/15/33		1,800		1,823

Netflix, Inc.,

6.38%, 5/15/29		600		640

				4,044

Leisure Facilities & Services – 0.1%

Hyatt Hotels Corp.,

5.75%, 1/30/27		300		305

Marriott International, Inc.,

3.13%, 6/15/26		130		124

2.85%, 4/15/31		500		431

McDonald’s Corp.,

4.80%, 8/14/28		700		703

3.63%, 5/1/43		209		166

4.88%, 12/9/45		200		186

4.45%, 3/1/47		350		305

4.45%, 9/1/48		112		99

4.20%, 4/1/50		288		241

Starbucks Corp.,

3.50%, 11/15/50		800		593

				3,153

Leisure Products – 0.0%

Brunswick Corp.,

5.10%, 4/1/52		200		164

Hasbro, Inc.,

3.90%, 11/19/29		110		102

6.35%, 3/15/40		250		257

				523

Machinery – 0.2%

Caterpillar Financial Services Corp.,

1.45%, 5/15/25		115		110

0.90%, 3/2/26		95		88

1.70%, 1/8/27		186		171

3.60%, 8/12/27		500		482

Caterpillar, Inc.,

3.80%, 8/15/42		185		156

4.30%, 5/15/44		235		214



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Machinery – 0.2% continued

3.25%, 9/19/49		$220		$163

Deere & Co.,

3.75%, 4/15/50		633		525

Eaton Corp.,

3.10%, 9/15/27		250		237

Flowserve Corp.,

2.80%, 1/15/32		100		82

John Deere Capital Corp.,

4.15%, 9/15/27		118		116

3.05%, 1/6/28		132		125

4.95%, 7/14/28		1,000		1,008

Regal Rexnord Corp.,

6.05%, 4/15/28⁽⁸⁾		500		507

Stanley Black & Decker, Inc.,

2.75%, 11/15/50		300		178

				4,162

Medical Equipment & Devices – 0.3%

Abbott Laboratories,

1.15%, 1/30/28		400		354

4.75%, 11/30/36		353		350

6.15%, 11/30/37		202		226

4.75%, 4/15/43		100		96

Agilent Technologies, Inc.,

2.30%, 3/12/31		300		252

Baxter International, Inc.,

3.50%, 8/15/46		350		255

Becton Dickinson & Co.,

4.69%, 2/13/28		800		792

4.69%, 12/15/44		210		190

Boston Scientific Corp.,

7.38%, 1/15/40		240		283

DH Europe Finance II S.a.r.l.,

2.60%, 11/15/29		1,100		985

GE HealthCare Technologies, Inc.,

5.91%, 11/22/32		1,000		1,051

Medtronic, Inc.,

4.63%, 3/15/45		406		381

Revvity, Inc.,

2.25%, 9/15/31		300		246

Solventum Corp.,

5.90%, 4/30/54⁽⁸⁾		500		500

Stryker Corp.,

3.50%, 3/15/26		400		388



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Medical Equipment & Devices – 0.3% continued

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		177

Thermo Fisher Scientific, Inc.,

5.00%, 12/5/26		500		502

1.75%, 10/15/28		38		34

2.80%, 10/15/41		500		366

Zimmer Biomet Holdings, Inc.,

2.60%, 11/24/31		400		337

				8,037

Metals & Mining – 0.0%

Freeport-McMoRan, Inc.,

4.63%, 8/1/30		500		480

Newmont Corp.,

5.88%, 4/1/35		100		105

4.88%, 3/15/42		150		140

				725

Oil & Gas Producers – 1.6%

Apache Corp.,

5.35%, 7/1/49		300		253

Boardwalk Pipelines L.P.,

4.45%, 7/15/27		150		146

BP Capital Markets America, Inc.,

3.80%, 9/21/25		460		452

3.12%, 5/4/26		397		382

3.02%, 1/16/27		712		680

3.54%, 4/6/27		300		289

4.23%, 11/6/28		428		419

3.63%, 4/6/30		142		134

2.72%, 1/12/32		110		95

4.99%, 4/10/34		500		500

3.38%, 2/8/61		800		555

Cheniere Corpus Christi Holdings LLC,

2.74%, 12/31/39		300		243

Cheniere Energy Partners L.P.,

5.95%, 6/30/33		500		512

Chevron Corp.,

3.33%, 11/17/25		140		137

2.95%, 5/16/26		465		448

Chevron U.S.A., Inc.,

1.02%, 8/12/27		31		28

2.34%, 8/12/50		400		244



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1 % continued

Oil & Gas Producers – 1.6% continued

ConocoPhillips Co.,

5.05%, 9/15/33		$500		$505

3.76%, 3/15/42		100		83

5.30%, 5/15/53		300		299

4.03%, 3/15/62		405		321

Coterra Energy, Inc.,

4.38%, 3/15/29		200		192

DCP Midstream Operating L.P.,

5.63%, 7/15/27		300		302

Devon Energy Corp.,

5.85%, 12/15/25		660		663

5.25%, 10/15/27		1,000		1,001

Diamondback Energy, Inc.,

6.25%, 3/15/53		300		323

Enbridge Energy Partners L.P.,

7.50%, 4/15/38		50		59

Energy Transfer L.P.,

5.95%, 12/1/25		175		176

3.90%, 7/15/26		98		95

4.40%, 3/15/27		90		88

4.20%, 4/15/27		560		545

5.50%, 6/1/27		266		268

4.95%, 6/15/28		27		27

5.25%, 4/15/29		212		212

4.15%, 9/15/29		183		174

7.50%, 7/1/38		310		357

4.95%, 1/15/43		691		607

5.15%, 2/1/43		309		276

5.30%, 4/1/44		15		14

5.35%, 5/15/45		80		74

6.25%, 4/15/49		400		411

Enterprise Products Operating LLC,

3.95%, 2/15/27		729		712

3.13%, 7/31/29		138		127

6.88%, 3/1/33		50		56

7.55%, 4/15/38		515		617

5.95%, 2/1/41		40		42

4.20%, 1/31/50		1,000		847

EOG Resources, Inc.,

3.15%, 4/1/25		145		142

4.95%, 4/15/50		100		95

EQT Corp.,

5.75%, 2/1/34		300		299



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1 % continued

Oil & Gas Producers – 1.6% continued

Exxon Mobil Corp.,

2.44%, 8/16/29		$580		$521

3.48%, 3/19/30		125		118

2.61%, 10/15/30		1,010		895

3.00%, 8/16/39		200		156

4.33%, 3/19/50		500		442

Hess Corp.,

7.13%, 3/15/33		690		782

HF Sinclair Corp.,

4.50%, 10/1/30		250		234

Kinder Morgan Energy Partners L.P.,

7.30%, 8/15/33		175		197

6.55%, 9/15/40		205		215

7.50%, 11/15/40		305		347

6.38%, 3/1/41		35		36

5.63%, 9/1/41		310		298

5.40%, 9/1/44		250		233

Kinder Morgan, Inc.,

5.45%, 8/1/52		300		283

Marathon Oil Corp.,

6.80%, 3/15/32		175		189

Marathon Petroleum Corp.,

4.70%, 5/1/25		217		215

5.13%, 12/15/26		172		172

3.80%, 4/1/28		38		36

6.50%, 3/1/41		466		507

MPLX L.P.,

2.65%, 8/15/30		355		305

5.20%, 12/1/47		407		376

4.70%, 4/15/48		593		507

Occidental Petroleum Corp.,

6.13%, 1/1/31		1,500		1,553

ONEOK Partners L.P.,

6.65%, 10/1/36		80		86

ONEOK, Inc.,

5.00%, 3/1/26		500		497

4.55%, 7/15/28		23		23

4.35%, 3/15/29		12		12

6.05%, 9/1/33		500		522

5.15%, 10/15/43		20		18

5.20%, 7/15/48		300		276

7.15%, 1/15/51		400		451



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Oil & Gas Producers – 1.6% continued

Ovintiv, Inc.,

7.10%, 7/15/53		$50		$56

Phillips 66,

4.65%, 11/15/34		395		377

5.88%, 5/1/42		140		147

4.88%, 11/15/44		165		154

Phillips 66 Co.,

3.55%, 10/1/26		470		454

4.90%, 10/1/46		200		183

Pioneer Natural Resources Co.,

5.10%, 3/29/26		1,000		999

Plains All American Pipeline L.P./PAA Finance Corp.,

4.50%, 12/15/26		139		137

3.55%, 12/15/29		1,054		967

3.80%, 9/15/30		137		126

Sabine Pass Liquefaction LLC,

5.00%, 3/15/27		268		267

4.50%, 5/15/30		787		757

Spectra Energy Partners L.P.,

3.38%, 10/15/26		360		345

5.95%, 9/25/43		89		89

4.50%, 3/15/45		110		93

Targa Resources Corp.,

6.13%, 3/15/33		500		522

6.50%, 2/15/53		200		215

Tennessee Gas Pipeline Co. LLC,

7.00%, 3/15/27		408		427

7.00%, 10/15/28		545		583

7.63%, 4/1/37		5		6

Valero Energy Corp.,

7.50%, 4/15/32		765		879

Western Midstream Operating L.P.,

6.15%, 4/1/33		700		718

Williams (The) Cos., Inc.,

3.75%, 6/15/27		548		527

4.65%, 8/15/32		1,100		1,062

5.15%, 3/15/34		500		495

5.80%, 11/15/43		200		198

				36,811

Oil & Gas Services & Equipment – 0.1%

Baker Hughes Holdings LLC,

5.13%, 9/15/40		100		99



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Oil & Gas Services & Equipment – 0.1% continued

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.,

2.06%, 12/15/26		$500		$462

4.08%, 12/15/47		110		91

Halliburton Co.,

3.80%, 11/15/25		49		48

2.92%, 3/1/30		500		449

4.85%, 11/15/35		275		267

7.45%, 9/15/39		160		193

4.75%, 8/1/43		15		14

NOV, Inc.,

3.60%, 12/1/29		150		138

Schlumberger Investment S.A.,

4.50%, 5/15/28		500		498

				2,259

Real Estate Investment Trusts – 0.9%

Alexandria Real Estate Equities, Inc.,

2.75%, 12/15/29		2,000		1,754

American Homes 4 Rent L.P.,

4.30%, 4/15/52		200		157

American Tower Corp.,

3.38%, 10/15/26		26		25

3.13%, 1/15/27		128		121

3.60%, 1/15/28		79		75

1.50%, 1/31/28		39		34

3.95%, 3/15/29		134		127

3.80%, 8/15/29		1,519		1,418

5.90%, 11/15/33		300		311

AvalonBay Communities, Inc.,

3.90%, 10/15/46		500		397

Boston Properties L.P.,

2.75%, 10/1/26		30		28

4.50%, 12/1/28		312		297

2.90%, 3/15/30		126		108

6.50%, 1/15/34		500		520

Brixmor Operating Partnership L.P.,

2.50%, 8/16/31		300		246

Camden Property Trust,

5.85%, 11/3/26		500		510

COPT Defense Properties L.P.,

2.90%, 12/1/33		200		157

Crown Castle, Inc.,

3.30%, 7/1/30		500		445



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Real Estate Investment Trusts – 0.9% continued

5.80%, 3/1/34		$300		$307

5.20%, 2/15/49		350		324

CubeSmart L.P.,

3.13%, 9/1/26		250		237

Digital Realty Trust L.P.,

3.60%, 7/1/29		500		461

EPR Properties,

3.60%, 11/15/31		250		209

Equinix, Inc.,

2.15%, 7/15/30		1,000		829

ERP Operating L.P.,

3.50%, 3/1/28		1,000		948

4.50%, 6/1/45		55		47

Essex Portfolio L.P.,

4.00%, 3/1/29		146		139

3.00%, 1/15/30		154		137

Extra Space Storage L.P.,

5.70%, 4/1/28		700		713

Federal Realty OP L.P.,

5.38%, 5/1/28		250		251

GLP Capital L.P./GLP Financing II, Inc.,

3.25%, 1/15/32		300		253

Healthpeak OP LLC,

3.25%, 7/15/26		353		338

3.50%, 7/15/29		277		256

Host Hotels & Resorts L.P.,

4.00%, 6/15/25		97		95

3.50%, 9/15/30		118		105

Invitation Homes Operating Partnership L.P.,

2.30%, 11/15/28		200		177

Kilroy Realty L.P.,

4.38%, 10/1/25		88		86

4.75%, 12/15/28		112		107

Kimco Realty OP LLC,

4.25%, 4/1/45		559		452

Mid-America Apartments L.P.,

2.88%, 9/15/51		200		128

NNN REIT, Inc.,

3.10%, 4/15/50		500		328

Omega Healthcare Investors, Inc.,

3.25%, 4/15/33		300		243

Piedmont Operating Partnership L.P.,

9.25%, 7/20/28		100		106



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Real Estate Investment Trusts – 0.9% continued

Prologis L.P.,

1.75%, 7/1/30		$200		$166

4.75%, 6/15/33		300		294

5.25%, 6/15/53		300		296

Public Storage Operating Co.,

5.13%, 1/15/29		500		508

2.25%, 11/9/31		200		166

Realty Income Corp.,

3.00%, 1/15/27		56		53

3.40%, 1/15/28		61		58

2.10%, 3/15/28		800		716

3.10%, 12/15/29		123		112

4.90%, 7/15/33		300		290

Regency Centers L.P.,

3.70%, 6/15/30		400		369

Rexford Industrial Realty L.P.,

5.00%, 6/15/28		200		199

Simon Property Group L.P.,

3.30%, 1/15/26		106		102

2.45%, 9/13/29		1,001		880

2.20%, 2/1/31		183		152

6.75%, 2/1/40		242		270

4.25%, 10/1/44		148		123

Store Capital LLC,

2.70%, 12/1/31		200		157

Sun Communities Operating L.P.,

2.30%, 11/1/28		300		262

UDR, Inc.,

2.10%, 6/15/33		300		229

Ventas Realty L.P.,

4.00%, 3/1/28		200		191

5.70%, 9/30/43		100		96

VICI Properties L.P.,

5.63%, 5/15/52		200		185

Welltower OP LLC,

2.05%, 1/15/29		442		385

4.13%, 3/15/29		260		249

3.10%, 1/15/30		218		196

Weyerhaeuser Co.,

4.00%, 3/9/52		200		159

				20,869



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Real Estate Services – 0.0%

CBRE Services, Inc.,

5.95%, 8/15/34		$300		$308

Retail - Consumer Staples – 0.2%

Costco Wholesale Corp.,

1.75%, 4/20/32		500		405

Dollar General Corp.,

5.50%, 11/1/52		200		190

Dollar Tree, Inc.,

2.65%, 12/1/31		200		167

Kroger (The) Co.,

2.65%, 10/15/26		135		127

6.90%, 4/15/38		100		113

5.40%, 7/15/40		100		98

4.65%, 1/15/48		300		264

Target Corp.,

2.25%, 4/15/25		1,000		971

4.80%, 1/15/53		700		659

Walmart, Inc.,

3.70%, 6/26/28		251		245

1.80%, 9/22/31		2,000		1,663

4.50%, 9/9/52		300		279

4.50%, 4/15/53		300		278

				5,459

Retail - Discretionary – 0.3%

AutoNation, Inc.,

3.85%, 3/1/32		300		267

AutoZone, Inc.,

5.05%, 7/15/26		500		501

3.75%, 4/18/29		121		115

4.00%, 4/15/30		129		122

Dick’s Sporting Goods, Inc.,

4.10%, 1/15/52		200		145

Home Depot (The), Inc.,

2.70%, 4/15/30		66		59

1.88%, 9/15/31		71		58

3.30%, 4/15/40		400		320

5.40%, 9/15/40		680		693

5.95%, 4/1/41		405		436

3.13%, 12/15/49		512		359

3.63%, 4/15/52		643		492

Lowe’s Cos., Inc.,

4.80%, 4/1/26		1,000		994

3.35%, 4/1/27		115		110



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Retail - Discretionary – 0.3% continued

3.65%, 4/5/29		$76		$72

3.75%, 4/1/32		1,000		919

2.80%, 9/15/41		200		142

4.05%, 5/3/47		94		76

3.00%, 10/15/50		906		595

5.85%, 4/1/63		200		207

O’Reilly Automotive, Inc.,

3.90%, 6/1/29		500		479

Ross Stores, Inc.,

1.88%, 4/15/31		200		164

TJX (The) Cos., Inc.,

2.25%, 9/15/26		31		29

1.15%, 5/15/28		74		64

				7,418

Semiconductors – 0.6%

Advanced Micro Devices, Inc.,

4.39%, 6/1/52		150		133

Analog Devices, Inc.,

2.80%, 10/1/41		300		218

Applied Materials, Inc.,

3.90%, 10/1/25		500		492

1.75%, 6/1/30		500		421

5.85%, 6/15/41		100		109

Broadcom Corp./Broadcom Cayman Finance Ltd.,

3.88%, 1/15/27		1,203		1,166

Broadcom, Inc.,

2.45%, 2/15/31⁽⁸⁾		1,024		863

4.15%, 4/15/32⁽⁸⁾		1,500		1,393

4.93%, 5/15/37		400		380

Intel Corp.,

3.70%, 7/29/25		98		96

1.60%, 8/12/28		200		176

2.00%, 8/12/31		50		41

5.20%, 2/10/33		300		304

4.80%, 10/1/41		80		76

3.73%, 12/8/47		741		576

3.25%, 11/15/49		200		141

4.75%, 3/25/50		399		362

5.70%, 2/10/53		700		724

3.10%, 2/15/60		356		226

3.20%, 8/12/61		119		78



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Semiconductors – 0.6% continued

KLA Corp.,

5.25%, 7/15/62		$350		$347

Lam Research Corp.,

1.90%, 6/15/30		700		592

Marvell Technology, Inc.,

5.75%, 2/15/29		300		307

Micron Technology, Inc.,

5.38%, 4/15/28		1,000		1,010

NVIDIA Corp.,

3.50%, 4/1/50		400		319

QUALCOMM, Inc.,

3.25%, 5/20/27		539		517

4.80%, 5/20/45		795		762

Texas Instruments, Inc.,

2.25%, 9/4/29		500		443


4.90%, 3/14/33		1,000		1,010

				13,282

Software – 0.6%

Adobe, Inc.,

2.15%, 2/1/27		419		391

Autodesk, Inc.,

3.50%, 6/15/27		135		129

Concentrix Corp.,

6.85%, 8/2/33		200		199

Intuit, Inc.,

5.25%, 9/15/26		1,500		1,515

Microsoft Corp.,

2.53%, 6/1/50		150		99

2.50%, 9/15/50⁽⁸⁾		400		258

2.92%, 3/17/52		674		477

2.68%, 6/1/60		523		338

3.04%, 3/17/62		1,178		822

Oracle Corp.,

2.50%, 4/1/25		130		126


2.95%, 5/15/25		135		132


2.65%, 7/15/26		1,441		1,364


2.80%, 4/1/27		7		7


3.25%, 11/15/27		336		316


2.30%, 3/25/28		1,124		1,015


4.50%, 5/6/28		600		591


2.88%, 3/25/31		509		443


3.90%, 5/15/35		336		295


3.80%, 11/15/37		5		4



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Software – 0.6% continued

5.38%, 7/15/40		$590		$572

3.60%, 4/1/50		1,000		722

5.55%, 2/6/53		500		490

4.38%, 5/15/55		25		20

3.85%, 4/1/60		1,000		713

Roper Technologies, Inc.,

1.00%, 9/15/25		1,400		1,317

Salesforce, Inc.,

1.50%, 7/15/28		1,300		1,144

1.95%, 7/15/31		300		249

VMware LLC,

2.20%, 8/15/31		500		407

Workday, Inc.,

3.80%, 4/1/32		300		273

				14,428

Specialty Finance – 0.4%

Air Lease Corp.,

2.88%, 1/15/26		101		97

1.88%, 8/15/26		78		72

3.63%, 12/1/27		163		154

2.10%, 9/1/28		131		115

4.63%, 10/1/28		651		634

3.25%, 10/1/29		500		452

Ally Financial, Inc.,

5.80%, 5/1/25		1,000		998

(Variable, U.S. SOFR + 2.82%), 6.85%, 1/3/30⁽³⁾		1,000		1,030

American Express Co.,

3.13%, 5/20/26		656		631

1.65%, 11/4/26		84		77

5.85%, 11/5/27		500		515

4.05%, 5/3/29		72		70

(Variable, U.S. SOFR Compounded Index + 1.28%), 5.28%, 7/27/29⁽³⁾		400		402
		400		402

(Variable, U.S. SOFR + 1.93%), 5.63%, 7/28/34⁽³⁾		300		303
(Variable, U.S. SOFR + 1.93%), 5.63%, 7/28/34⁽³⁾		300		303

Capital One Financial Corp.,

3.75%, 7/28/26		150		144
3.75%, 7/28/26		150		144

3.75%, 3/9/27		250		240
3.75%, 3/9/27		250		240

3.65%, 5/11/27		144		138
3.65%, 5/11/27		144		138

(Variable, U.S. SOFR + 0.86%), 1.88%, 11/2/27⁽³⁾		355		325



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Specialty Finance – 0.4% continued

(Variable, U.S. SOFR + 2.08%), 5.47%, 2/1/29⁽³⁾		$700		$698

(Variable, U.S. SOFR + 2.64%), 6.31%, 6/8/29⁽³⁾		500		514

(Variable, U.S. SOFR + 2.86%), 6.38%, 6/8/34⁽³⁾		400		415

Fidelity National Financial, Inc.,

3.20%, 9/17/51		200		128

GATX Corp.,

3.50%, 3/15/28		500		471

5.20%, 3/15/44		35		33

Synchrony Financial,

3.95%, 12/1/27		681		637

2.88%, 10/28/31		231		184

				9,477

Steel – 0.0%

Nucor Corp.,

2.98%, 12/15/55		475		307

Steel Dynamics, Inc.,

3.45%, 4/15/30		500		459

				766

Technology Hardware – 0.6%

Apple, Inc.,

1.13%, 5/11/25		107		102

2.05%, 9/11/26		308		289

3.35%, 2/9/27		345		333

3.20%, 5/11/27		201		193

2.90%, 9/12/27		993		940

1.20%, 2/8/28		888		785

4.00%, 5/10/28		500		492

3.25%, 8/8/29		37		35

2.20%, 9/11/29		188		167

1.65%, 5/11/30		1,038		877

1.25%, 8/20/30		632		516

1.70%, 8/5/31		38		31

3.35%, 8/8/32		1,000		919

2.38%, 2/8/41		15		11

3.85%, 5/4/43		305		265

3.45%, 2/9/45		25		20

4.38%, 5/13/45		160		148

4.65%, 2/23/46		206		198

3.85%, 8/4/46		20		17

4.25%, 2/9/47		11		10



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Technology Hardware – 0.6% continued

3.75%, 9/12/47		$8		$7

3.75%, 11/13/47		25		21

2.95%, 9/11/49		700		496

2.65%, 5/11/50		200		133

4.85%, 5/10/53		600		597

Arrow Electronics, Inc.,

3.88%, 1/12/28		250		237

Cisco Systems, Inc.,

5.90%, 2/15/39		400		435

5.50%, 1/15/40		90		94

5.35%, 2/26/64		500		513

Corning, Inc.,

5.35%, 11/15/48		500		485

Dell International LLC/EMC Corp.,

6.02%, 6/15/26		248		251

5.75%, 2/1/33		121		125

8.35%, 7/15/46		223		288

Dell, Inc.,

7.10%, 4/15/28		1,000		1,074

Flex Ltd.,

6.00%, 1/15/28		300		305

Hewlett Packard Enterprise Co.,

1.75%, 4/1/26		160		149

6.35%, 10/15/45		200		214

HP, Inc.,

6.00%, 9/15/41		275		286

Jabil, Inc.,

3.00%, 1/15/31		300		257

Juniper Networks, Inc.,

5.95%, 3/15/41		100		101

Motorola Solutions, Inc.,

5.60%, 6/1/32		400		406

TD SYNNEX Corp.,

2.65%, 8/9/31		150		121

Western Digital Corp.,

3.10%, 2/1/32		250		201

				13,144

Technology Services – 0.5%

Automatic Data Processing, Inc.,

1.70%, 5/15/28		300		269

Equifax, Inc.,

2.35%, 9/15/31		380		314



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Technology Services – 0.5% continued

Fiserv, Inc.,

3.85%, 6/1/25		$45		$44

5.38%, 8/21/28		500		505

3.50%, 7/1/29		1,165		1,085

Global Payments, Inc.,

4.95%, 8/15/27		1,000		992

IBM International Capital Pte. Ltd.,

5.30%, 2/5/54		300		293

International Business Machines Corp.,

7.00%, 10/30/25		197		203

3.45%, 2/19/26		195		190

1.70%, 5/15/27		401		364

6.50%, 1/15/28		226		241

3.50%, 5/15/29		470		443

1.95%, 5/15/30		797		673

4.00%, 6/20/42		320		271

4.25%, 5/15/49		500		425

Kyndryl Holdings, Inc.,

2.70%, 10/15/28		500		443

Leidos, Inc.,

5.75%, 3/15/33		300		308

Mastercard, Inc.,

3.35%, 3/26/30		200		186

3.80%, 11/21/46		500		416

Moody’s Corp.,

4.25%, 8/8/32		500		476

PayPal Holdings, Inc.,

2.85%, 10/1/29		1,000		905

S&P Global, Inc.,

2.45%, 3/1/27		300		281

2.90%, 3/1/32		300		261

5.25%, 9/15/33⁽⁸⁾		500		511
5.25%, 9/15/33⁽⁸⁾		500		511

Verisk Analytics, Inc.,

5.75%, 4/1/33		300		312
5.75%, 4/1/33		300		312

Visa, Inc.,

3.15%, 12/14/25		1,250		1,216
3.15%, 12/14/25		1,250		1,216

4.15%, 12/14/35		100		95
4.15%, 12/14/35		100		95

3.65%, 9/15/47		125		101
3.65%, 9/15/47		125		101

2.00%, 8/15/50		500		294

				12,117

Telecommunications – 0.9%

AT&T, Inc.,

1.65%, 2/1/28		331		293



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Telecommunications – 0.9% continued

2.75%, 6/1/31		$359		$309

2.25%, 2/1/32		587		478

5.40%, 2/15/34		1,700		1,724

4.50%, 5/15/35		859		803

4.35%, 6/15/45		52		44

4.75%, 5/15/46		68		61

4.50%, 3/9/48		574		489

3.30%, 2/1/52		1,050		728

3.80%, 12/1/57		1,200		870

3.65%, 9/15/59		500		349

3.85%, 6/1/60		148		107

Sprint LLC,

7.63%, 3/1/26		1,000		1,033

T-Mobile U.S.A., Inc.,

4.75%, 2/1/28		1,066		1,052

4.80%, 7/15/28		3,500		3,472

3.88%, 4/15/30		1,258		1,178

4.50%, 4/15/50		1,000		868

6.00%, 6/15/54		200		214

Verizon Communications, Inc.,

2.63%, 8/15/26		66		63

3.00%, 3/22/27		210		199

4.33%, 9/21/28		1,187		1,161

3.15%, 3/22/30		1,352		1,224

1.68%, 10/30/30		818		667

1.75%, 1/20/31		227		185

2.36%, 3/15/32		395		325

3.55%, 3/22/51		900		670

3.88%, 3/1/52		300		236

2.99%, 10/30/56		950		609

3.70%, 3/22/61		1,000		733

				20,144

Tobacco & Cannabis – 0.2%

Altria Group, Inc.,

3.40%, 5/6/30		304		276
3.40%, 5/6/30		304		276

2.45%, 2/4/32		441		359
2.45%, 2/4/32		441		359

4.25%, 8/9/42		295		242
4.25%, 8/9/42		295		242

4.50%, 5/2/43		410		345
4.50%, 5/2/43		410		345

5.95%, 2/14/49		517		526
5.95%, 2/14/49		517		526

3.70%, 2/4/51		85		60

Philip Morris International, Inc.,

3.38%, 8/11/25		69		67

5.25%, 9/7/28		800		810



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Tobacco & Cannabis – 0.2% continued

4.88%, 2/13/29		$1,000		$995

1.75%, 11/1/30		181		148

4.13%, 3/4/43		591		489

4.88%, 11/15/43		100		91

				4,408

Transportation & Logistics – 0.5%

American Airlines Pass Through Trust, Series 2021-1, Class A, 2.88%, 7/11/34		460		391

Burlington Northern Santa Fe LLC,

3.65%, 9/1/25		200		196

3.25%, 6/15/27		325		311

6.20%, 8/15/36		455		501

5.15%, 9/1/43		280		276

4.45%, 1/15/53		200		178

5.20%, 4/15/54		400		397

CSX Corp.,

3.35%, 11/1/25		25		24

2.60%, 11/1/26		25		24

6.00%, 10/1/36		100		107

6.15%, 5/1/37		190		208

6.22%, 4/30/40		365		399

5.50%, 4/15/41		50		51

4.75%, 11/15/48		200		184

3.35%, 9/15/49		500		360

FedEx Corp.,

3.40%, 2/15/28		276		262

3.10%, 8/5/29		180		165

4.25%, 5/15/30		95		92

2.40%, 5/15/31		229		194

3.90%, 2/1/35		100		89

4.10%, 4/15/43		50		41

4.10%, 2/1/45		550		446

4.95%, 10/17/48		200		182

JetBlue Pass Through Trust, Series 2020-1, Class A, 4.00%, 11/15/32		160		149

Norfolk Southern Corp.,

3.80%, 8/1/28		100		96

3.95%, 10/1/42		20		17

4.45%, 6/15/45		275		240

3.94%, 11/1/47		524		418

3.16%, 5/15/55		137		91



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 21.1% continued

Transportation & Logistics – 0.5% continued

5.95%, 3/15/64		$300		$320

Ryder System, Inc.,

3.35%, 9/1/25		500		486

Southwest Airlines Co.,

5.13%, 6/15/27		400		399

Union Pacific Corp.,

3.25%, 8/15/25		15		15

3.00%, 4/15/27		15		14

2.40%, 2/5/30		300		263

3.25%, 2/5/50		1,500		1,095

5.15%, 1/20/63		500		486

United Airlines Pass Through Trust, Series 2019-1, Class AA, 4.15%, 8/25/31		1,056		988

United Parcel Service, Inc.,

5.20%, 4/1/40		30		30

3.63%, 10/1/42		105		86

3.75%, 11/15/47		180		144

4.25%, 3/15/49		73		63

3.40%, 9/1/49		290		219

5.30%, 4/1/50		377		382

				11,079

Transportation Equipment – 0.0%

Cummins, Inc.,

1.50%, 9/1/30		500		409

4.88%, 10/1/43		90		86

PACCAR Financial Corp.,

4.45%, 3/30/26		300		298

Westinghouse Air Brake Technologies Corp.,

4.70%, 9/15/28		250		246

				1,039

Wholesale - Consumer Staples – 0.1%

Archer-Daniels-Midland Co.,

2.50%, 8/11/26		305		288

3.75%, 9/15/47		295		228

Bunge Ltd. Finance Corp.,

3.25%, 8/15/26		615		588

Sysco Corp.,

3.30%, 7/15/26		597		574

3.25%, 7/15/27		523		494

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

CORPORATE BONDS - 21.1% continued

Wholesale - Consumer Staples – 0.1% continued

5.38%, 9/21/35

$250

$251

4.45%, 3/15/48

300

256

2,679

Wholesale - Discretionary – 0.0%

LKQ Corp.,

5.75%, 6/15/28

200

204

Total Corporate Bonds

(Cost $534,940)

497,374



FOREIGN ISSUER BONDS – 7. 0%

Asset Management – 0.1%

Brookfield Finance, Inc.,

4.35%, 4/15/30	1,000	955

UBS A.G.,

5.65%, 9/11/28	500	512

UBS Group A.G.,

4.55%, 4/17/26	1,413	1,391

		2,858

Automotive – 0.1%

Honda Motor Co. Ltd.,

2.53%, 3/10/27	1,000	938

Magna International, Inc.,

5.50%, 3/21/33	200	206

Mercedes-Benz Finance North America LLC,

8.50%, 1/18/31	175	213

		1,357

Banking – 1.9%

Australia & New Zealand Banking Group Ltd., 5.09%, 12/8/25	300	300

Banco Bilbao Vizcaya Argentaria S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.70%), 6.14%, 9/14/28 ⁽³⁾	400	408

Banco Santander S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 4.18%, 3/24/28 ⁽³⁾	200	193

3.31%, 6/27/29	1,400	1,285

6.94%, 11/7/33	400	442

Bank of Montreal,

5.92%, 9/25/25	1,000	1,010



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

Banking – 1.9% continued

2.65%, 3/8/27		$1,000		$938

Bank of Nova Scotia (The),

4.75%, 2/2/26		1,000		993

2.70%, 8/3/26		1,000		947

Barclays PLC,

(Variable, U.S. SOFR + 2.71%), 2.85%, 5/7/26 ⁽³⁾		155		150

5.20%, 5/12/26		345		342

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.05%), 2.28%, 11/24/27 ⁽³⁾		528		486

4.34%, 1/10/28		161		156

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.50%), 7.44%, 11/2/33 ⁽³⁾		500		556

(Variable, U.S. SOFR + 2.98%), 6.22%, 5/9/34 ⁽³⁾		1,000		1,032

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.30%), 3.33%, 11/24/42 ⁽³⁾		586		430

5.25%, 8/17/45		144		138

BPCE S.A.,

3.38%, 12/2/26		250		240

Canadian Imperial Bank of Commerce,

3.45%, 4/7/27		500		478

6.09%, 10/3/33		300		316

Commonwealth Bank of Australia,

5.32%, 3/13/26		300		302

Cooperatieve Rabobank U.A.,

3.38%, 5/21/25		500		491

5.50%, 10/5/26		500		506

5.75%, 12/1/43		250		255

Credit Suisse A.G.,

1.25%, 8/7/26		366		334

7.50%, 2/15/28		500		540

Deutsche Bank A.G.,

(Variable, U.S. SOFR + 3.65%), 7.08%, 2/10/34 ⁽³⁾		1,100		1,132

HSBC Holdings PLC,

4.30%, 3/8/26		306		300

(Variable, CME Term SOFR 3M + 1.61%), 4.29%, 9/12/26 ⁽³⁾		909		892

(Variable, U.S. SOFR + 1.57%), 5.89%, 8/14/27 ⁽³⁾		1,000		1,009



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

Banking – 1.9% continued

(Variable, U.S. SOFR + 1.10%), 2.25%, 11/22/27 ⁽³⁾		$874		$806

(Variable, CME Term SOFR 3M + 1.81%), 4.04%, 3/13/28 ⁽³⁾		200		193

(Variable, U.S. SOFR + 1.73%), 2.01%, 9/22/28 ⁽³⁾		445		399

(Variable, U.S. SOFR + 1.97%), 6.16%, 3/9/29 ⁽³⁾		1,700		1,747

(Variable, U.S. SOFR + 1.29%), 2.21%, 8/17/29 ⁽³⁾		150		131

(Variable, U.S. SOFR + 1.95%), 2.36%, 8/18/31 ⁽³⁾		1,300		1,084

(Variable, U.S. SOFR + 2.87%), 5.40%, 8/11/33 ⁽³⁾		1,000		998

6.80%, 6/1/38		150		160

5.25%, 3/14/44		200		190

ING Groep N.V.,

(Variable, U.S. SOFR + 2.09%), 6.11%, 9/11/34 ⁽³⁾		400		415

(Variable, U.S. SOFR + 1.77%), 5.55%, 3/19/35 ⁽³⁾		300		298

Lloyds Banking Group PLC, 4.58%, 12/10/25		2,095		2,053

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.38%), 5.46%, 1/5/28 ⁽³⁾		500		500

4.34%, 1/9/48		500		399

Mitsubishi UFJ Financial Group, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.75%), 1.54%, 7/20/27 ⁽³⁾		934		860

3.29%, 7/25/27		678		644

3.96%, 3/2/28		72		70

3.74%, 3/7/29		1,500		1,427

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.97%), 5.41%, 4/19/34 ⁽³⁾		300		306

Mizuho Financial Group, Inc.,

(Variable, CME Term SOFR 3M + 1.33%), 2.59%, 5/25/31 ⁽³⁾		1,000		860

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.80%), 5.75%, 5/27/34 ⁽³⁾		500		513

National Australia Bank Ltd., 3.38%, 1/14/26		1,000		971



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

Banking – 1.9% continued

NatWest Group PLC,

(Variable, ICE LIBOR USD 3M + 1.75%), 4.89%, 5/18/29⁽³⁾		$1,000		$979

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 5.78%, 3/1/35⁽³⁾		300		304

Royal Bank of Canada,

4.65%, 1/27/26		600		593

3.88%, 5/4/32		1,000		924

Santander UK Group Holdings PLC,

(Variable, U.S. SOFR + 2.60%), 6.53%, 1/10/29⁽³⁾		1,000		1,034

Sumitomo Mitsui Banking Corp.,

3.65%, 7/23/25		500		490

Sumitomo Mitsui Financial Group, Inc.,

3.54%, 1/17/28		1,250		1,190

2.13%, 7/8/30		1,000		838

5.78%, 7/13/33		800		834

Toronto-Dominion Bank (The),

1.95%, 1/12/27		2,052		1,898

4.46%, 6/8/32		400		383

Westpac Banking Corp.,

2.85%, 5/13/26		692		663

2.70%, 8/19/26		1,000		951

3.35%, 3/8/27		500		480

5.46%, 11/18/27		500		510

1.95%, 11/20/28		308		272

6.82%, 11/17/33		300		326

				44,294

Beverages – 0.2%

Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc.,

4.70%, 2/1/36		200		194

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,

4.90%, 2/1/46		1,880		1,783

Anheuser-Busch InBev Worldwide, Inc.,

4.75%, 1/23/29		643		643

3.50%, 6/1/30		1,857		1,729

8.00%, 11/15/39		310		392

4.95%, 1/15/42		190		184



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

Beverages – 0.2% continued

Coca-Cola Femsa S.A.B. de C.V.,

1.85%, 9/1/32		$200		$157

Diageo Capital PLC,

5.63%, 10/5/33		500		526

3.88%, 4/29/43		175		150

				5,758

Biotechnology & Pharmaceuticals – 0.2%

Astrazeneca Finance LLC,

1.20%, 5/28/26		38		35

AstraZeneca PLC,

3.13%, 6/12/27		31		30

1.38%, 8/6/30		1,031		842

6.45%, 9/15/37		450		509

4.00%, 9/18/42		250		215

GlaxoSmithKline Capital, Inc.,

3.88%, 5/15/28		300		291

5.38%, 4/15/34		150		160

6.38%, 5/15/38		274		310

Novartis Capital Corp.,

2.00%, 2/14/27		70		65

3.10%, 5/17/27		121		116

2.20%, 8/14/30		1,024		888

3.70%, 9/21/42		36		30

4.40%, 5/6/44		214		197

Takeda Pharmaceutical Co. Ltd.,

3.03%, 7/9/40		500		377

3.18%, 7/9/50		204		143

				4,208

Cable & Satellite – 0.0%

Grupo Televisa S.A.B.,

6.63%, 1/15/40		300		306

Chemicals – 0.0%

Nutrien Ltd.,

4.00%, 12/15/26		180		174

4.13%, 3/15/35		23		21

5.88%, 12/1/36		27		28

5.63%, 12/1/40		250		248

				471

E-Commerce Discretionary – 0.0%

Alibaba Group Holding Ltd.,

3.40%, 12/6/27		161		152

2.13%, 2/9/31		174		145



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

E-Commerce Discretionary – 0.0% continued

4.40%, 12/6/57		$600		$495

JD.com, Inc.,

3.38%, 1/14/30		300		273

				1,065

Electric Utilities – 0.0%

Emera U.S. Finance L.P.,

2.64%, 6/15/31		300		245

Enel Americas S.A.,

4.00%, 10/25/26		200		192

National Grid PLC,

5.60%, 6/12/28		150		153

				590

Forestry, Paper & Wood Products – 0.0%

Suzano Austria GmbH,

3.13%, 1/15/32		400		332

Governmental Banks – 0.5%

Export Development Canada,

3.88%, 2/14/28		500		490

Export-Import Bank of Korea,

2.63%, 5/26/26		1,000		952

2.50%, 6/29/41		500		357

Japan Bank for International Cooperation,

2.75%, 11/16/27		1,373		1,284

4.63%, 7/19/28		200		200

3.50%, 10/31/28		301		287

1.88%, 4/15/31		1,076		903

Korea Development Bank (The),

4.38%, 2/15/33		800		773

Kreditanstalt fuer Wiederaufbau,

0.38%, 7/18/25		1,500		1,415

2.88%, 4/3/28		1,215		1,148

0.00%, 4/18/36⁽⁹⁾		500		292

Landwirtschaftliche Rentenbank,

2.38%, 6/10/25		1,000		970

3.88%, 6/14/28		500		490

Oesterreichische Kontrollbank A.G.,

4.25%, 3/1/28		500		497

Svensk Exportkredit AB,

4.00%, 7/15/25		1,000		986

				11,044



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7. 0 % continued

Household Products – 0.1%

Unilever Capital Corp.,

2.00%, 7/28/26		$674		$632

2.90%, 5/5/27		326		309

5.90%, 11/15/32		125		135

				1,076

Institutional Financial Services – 0.1%

Nomura Holdings, Inc.,

5.39%, 7/6/27		1,200		1,201

6.07%, 7/12/28		500		515

				1,716

Insurance – 0.0%

Fairfax Financial Holdings Ltd.,

3.38%, 3/3/31		250		217

Manulife Financial Corp.,

3.70%, 3/16/32		300		277

RenaissanceRe Holdings Ltd.,

5.75%, 6/5/33		200		202

XL Group Ltd.,

5.25%, 12/15/43		250		236

				932

Internet Media & Services – 0.0%

Baidu, Inc.,

2.38%, 8/23/31		300		249

Weibo Corp.,

3.38%, 7/8/30		200		174

				423

Leisure Facilities & Services – 0.0%

Sands China Ltd.,

2.55%, 3/8/27		700		634

Medical Equipment & Devices – 0.0%

Koninklijke Philips N.V.,

6.88%, 3/11/38		225		245

5.00%, 3/15/42		100		92

				337

Metals & Mining – 0.1%

Barrick North America Finance LLC,

5.70%, 5/30/41		300		308

BHP Billiton Finance U.S.A. Ltd.,

4.13%, 2/24/42		310		270

5.50%, 9/8/53		300		311

Rio Tinto Alcan, Inc.,

6.13%, 12/15/33		100		107



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7. 0 % continued

Metals & Mining – 0.1% continued

5.75%, 6/1/35		$100		$105

Rio Tinto Finance U.S.A. PLC,

4.75%, 3/22/42		150		142

4.13%, 8/21/42		300		260

Southern Copper Corp.,

3.88%, 4/23/25		100		98

7.50%, 7/27/35		300		347

6.75%, 4/16/40		90		100

Teck Resources Ltd.,

3.90%, 7/15/30		500		461

Vale Overseas Ltd.,

6.13%, 6/12/33		600		606

				3,115

Oil & Gas Producers – 0.4%

BP Capital Markets PLC,

3.28%, 9/19/27		138		131

Canadian Natural Resources Ltd.,

3.85%, 6/1/27		395		381

7.20%, 1/15/32		15		17

6.45%, 6/30/33		135		144

6.75%, 2/1/39		200		217

Cenovus Energy, Inc.,

3.75%, 2/15/52		300		221

Enbridge, Inc.,

6.00%, 11/15/28		1,000		1,040

3.40%, 8/1/51		300		211

Equinor ASA,

1.75%, 1/22/26		48		45

3.00%, 4/6/27		52		49

2.38%, 5/22/30		870		762

4.25%, 11/23/41		350		314

Shell International Finance B.V.,

2.88%, 5/10/26		33		32

2.50%, 9/12/26		1,131		1,072

3.88%, 11/13/28		9		9

2.38%, 11/7/29		287		255

4.13%, 5/11/35		100		94

3.63%, 8/21/42		430		355

4.55%, 8/12/43		60		56

4.38%, 5/11/45		390		349

3.75%, 9/12/46		230		186

3.13%, 11/7/49		290		206



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

Oil & Gas Producers – 0.4% continued

Suncor Energy, Inc.,

7.15%, 2/1/32		$200		$222

5.95%, 12/1/34		50		52

6.80%, 5/15/38		130		141

3.75%, 3/4/51		100		74

TotalEnergies Capital International S.A.,

2.83%, 1/10/30		1,200		1,085

TransCanada PipeLines Ltd.,

4.75%, 5/15/38		100		92

6.10%, 6/1/40		200		206

4.88%, 5/15/48		500		445

				8,463

Regional – 0.2%

Province of Alberta Canada,

4.50%, 1/24/34		500		494

Province of British Columbia Canada,

4.80%, 11/15/28		750		757

7.25%, 9/1/36		175		211

Province of Ontario Canada,

2.50%, 4/27/26		260		248

4.20%, 1/18/29		1,000		988

1.13%, 10/7/30		426		346

2.13%, 1/21/32		60		51

4.50%, 9/8/33		500		495

Province of Quebec Canada,

7.50%, 9/15/29		375		428

				4,018

Retail - Consumer Staples – 0.0%

Koninklijke Ahold Delhaize N.V.,

5.70%, 10/1/40		116		116

Semiconductors – 0.1%

NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,

3.40%, 5/1/30		1,000		909

TSMC Arizona Corp.,

3.13%, 10/25/41		500		401

				1,310

Sovereign Agencies – 0.0%

Japan International Cooperation Agency,

4.00%, 5/23/28		400		388



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

Sovereign Government – 1.0%

Canada Government International Bond,

0.75%, 5/19/26		$2,000		$1,843

Chile Government International Bond,

3.13%, 1/21/26		500		482

2.75%, 1/31/27		1,000		937

3.50%, 1/25/50		210		153

5.33%, 1/5/54		500		480

3.10%, 1/22/61		500		314

Indonesia Government International Bond,

3.50%, 1/11/28		500		474

5.35%, 2/11/49		1,000		1,004

5.65%, 1/11/53		300		314

Israel Government International Bond,

5.38%, 3/12/29		1,000		1,002

4.50%, 1/30/43		200		172

3.88%, 7/3/50		600		442

Korea International Bond,

2.75%, 1/19/27		200		190

3.50%, 9/20/28		500		479

Mexico Government International

Bond,

5.40%, 2/9/28		1,000		1,005

3.25%, 4/16/30		742		661

4.88%, 5/19/33		258		244

3.50%, 2/12/34⁽¹⁰⁾		—		—

6.35%, 2/9/35		500		516

4.75%, 3/8/44		1,000		834

5.55%, 1/21/45		500		465

4.60%, 1/23/46		500		403

4.35%, 1/15/47		500		389

4.40%, 2/12/52		700		534

6.34%, 5/4/53		500		494

Panama Government International Bond,

3.88%, 3/17/28		565		519

3.16%, 1/23/30		33		28

2.25%, 9/29/32		102		73

6.88%, 1/31/36		500		494

4.50%, 5/15/47		250		176

4.50%, 4/1/56		1,000		666



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

Sovereign Government – 1.0% continued

Peruvian Government International Bond,

6.55%, 3/14/37		$500		$541

3.30%, 3/11/41		500		375

5.63%, 11/18/50		600		597

Philippine Government International Bond,

5.50%, 3/30/26		200		202

7.75%, 1/14/31		500		579

6.38%, 10/23/34		500		551

5.00%, 1/13/37		500		496

3.70%, 2/2/42		500		409

Republic of Italy Government International Bond,

2.88%, 10/17/29		2,000		1,769

5.38%, 6/15/33		175		172

Republic of Poland Government International Bond,

5.50%, 4/4/53		500		498

5.50%, 3/18/54		200		199

Uruguay Government International Bond,

7.63%, 3/21/36		250		302

4.13%, 11/20/45		400		353

5.10%, 6/18/50		750		726

				23,556

Specialty Finance – 0.1%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

6.50%, 7/15/25		183		185

3.88%, 1/23/28		124		117

5.75%, 6/6/28		300		304

3.30%, 1/30/32		1,000		858

ORIX Corp.,

5.00%, 9/13/27		300		299

				1,763

Steel – 0.0%

ArcelorMittal S.A.,

6.80%, 11/29/32		500		535

Supranationals – 1.4%

African Development Bank,

4.38%, 3/14/28		1,000		997

Asian Development Bank,

2.50%, 11/2/27		500		468



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

Supranationals – 1.4% continued

4.50%, 8/25/28		$700		$704

1.88%, 1/24/30		500		436

4.00%, 1/12/33		2,000		1,947

Asian Infrastructure Investment Bank (The),

0.50%, 5/28/25		2,000		1,898

4.13%, 1/18/29		1,000		990

Council of Europe Development Bank,

4.13%, 1/24/29		500		495

European Bank for Reconstruction & Development,

4.38%, 3/9/28		1,000		998

European Investment Bank,

2.13%, 4/13/26		1,500		1,426

3.88%, 3/15/28		1,000		981

4.00%, 2/15/29		1,000		986

3.75%, 2/14/33		1,900		1,822

4.88%, 2/15/36		200		209

Inter-American Development Bank,

2.00%, 6/2/26		803		759

1.13%, 7/20/28		197		172

3.13%, 9/18/28		1,000		950

1.13%, 1/13/31		1,000		813

3.50%, 4/12/33		500		468

3.88%, 10/28/41		200		180

International Bank for Reconstruction & Development,

0.63%, 4/22/25		3,000		2,868

0.38%, 7/28/25		5,000		4,714

2.50%, 7/29/25		500		484

0.50%, 10/28/25		3,000		2,806

4.00%, 7/25/30		500		491

2.50%, 3/29/32		1,000		878

4.75%, 2/15/35		25		26

5.06%, 2/28/39		1,000		989

International Finance Corp.,

3.63%, 9/15/25		1,000		982

Nordic Investment Bank,

4.38%, 3/14/28		700		698

				32,635

Technology Services – 0.0%

Thomson Reuters Corp.,

5.50%, 8/15/35		150		153



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued

Telecommunications – 0.3%

America Movil S.A.B. de C.V.,

4.70%, 7/21/32		$300		$290

6.13%, 11/15/37		505		539

Bell Telephone Co. of Canada or Bell Canada,

4.46%, 4/1/48		500		431

British Telecommunications PLC,

5.13%, 12/4/28		200		201

9.63%, 12/15/30		100		123

Deutsche Telekom International Finance B.V.,

8.75%, 6/15/30		400		473

Orange S.A.,

9.00%, 3/1/31		610		740

Rogers Communications, Inc.,

3.63%, 12/15/25		1,000		971

4.50%, 3/15/42		100		87

4.50%, 3/15/43		45		39

5.45%, 10/1/43		49		47

5.00%, 3/15/44		81		74

4.55%, 3/15/52		500		422

Telefonica Emisiones S.A.,

4.10%, 3/8/27		469		456

5.21%, 3/8/47		570		525

TELUS Corp.,

3.40%, 5/13/32		400		351

Vodafone Group PLC,

4.13%, 5/30/25		895		882

7.88%, 2/15/30		15		17

6.15%, 2/27/37		165		177

4.38%, 2/19/43		95		82

5.63%, 2/10/53		600		597

				7,524

Tobacco & Cannabis – 0.1%

BAT Capital Corp.,

4.70%, 4/2/27		141		139

4.91%, 4/2/30		1,104		1,080

4.74%, 3/16/32		136		130

7.08%, 8/2/53		100		108

Reynolds American, Inc.,

7.25%, 6/15/37		250		270



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.0% continued


Tobacco & Cannabis – 0.1% continued

6.15%, 9/15/43		$65		$65

5.85%, 8/15/45		795		738

				2,530

Transportation & Logistics – 0.1%

Canadian National Railway Co.,

2.75%, 3/1/26		250		240

6.90%, 7/15/28		25		27

6.25%, 8/1/34		15		17

6.20%, 6/1/36		40		44

6.38%, 11/15/37		20		22

4.40%, 8/5/52		300		268

Canadian Pacific Railway Co.,

5.95%, 5/15/37		710		741

4.95%, 8/15/45		300		279

				1,638

Total Foreign Issuer Bonds

(Cost $173,948)				165,145



U.S. GOVERNMENT AGENCIES – 27.7% ⁽¹¹⁾

Fannie Mae – 11.8%

0.50%, 6/17/25		4,000		3,794

2.13%, 4/24/26		1,000		951

1.88%, 9/24/26		1,000		938

7.13%, 1/15/30		1,500		1,716

0.88%, 8/5/30		1,000		810

6.63%, 11/15/30		200		226

5.63%, 7/15/37		500		552

Fannie Mae-Aces, Series 2015-M1, Class A2,

2.53%, 9/25/24		93		92

Fannie Mae-Aces, Series 2015-M11, Class A2,

2.85%, 4/25/25⁽¹²⁾		434		424

Fannie Mae-Aces, Series 2016-M3,

Class A2,

2.70%, 2/25/26		57		55

Fannie Mae-Aces, Series 2016-M4, Class A2,

2.58%, 3/25/26		60		57

Fannie Mae-Aces, Series 2016-M9, Class A2,

2.29%, 6/25/26		94		89



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ^{( 11 )} continued

Fannie Mae – 11.8% continued

Fannie Mae-Aces, Series 2017-M1, Class A2, 2.42%, 10/25/26⁽¹²⁾		$73		$69

Fannie Mae-Aces, Series 2017-M11, Class A2, 2.98%, 8/25/29		120		110

Fannie Mae-Aces, Series 2017-M14, Class A2, 2.81%, 11/25/27⁽¹²⁾		184		172

Fannie Mae-Aces, Series 2017-M4, Class A2, 2.55%, 12/25/26⁽¹²⁾		101		95

Fannie Mae-Aces, Series 2017-M8, Class A2, 3.06%, 5/25/27		231		221

Fannie Mae-Aces, Series 2018-M1, Class A2, 2.99%, 12/25/27⁽¹²⁾		174		164

Fannie Mae-Aces, Series 2018-M10, Class A2, 3.36%, 7/25/28⁽¹²⁾		200		190

Fannie Mae-Aces, Series 2018-M12, Class A2, 3.63%, 8/25/30⁽¹²⁾		110		104

Fannie Mae-Aces, Series 2018-M13, Class A2, 3.74%, 9/25/30⁽¹²⁾		155		148

Fannie Mae-Aces, Series 2018-M2, Class A2, 2.91%, 1/25/28⁽¹²⁾		112		105

Fannie Mae-Aces, Series 2018-M3, Class A2, 3.07%, 2/25/30⁽¹²⁾		82		76

Fannie Mae-Aces, Series 2018-M4, Class A2, 3.06%, 3/25/28⁽¹²⁾		76		71

Fannie Mae-Aces, Series 2018-M8, Class A2, 3.30%, 6/25/28⁽¹²⁾		90		86

Fannie Mae-Aces, Series 2019-M18, Class A2, 2.47%, 8/25/29		190		171

Fannie Mae-Aces, Series 2019-M4, Class A2, 3.61%, 2/25/31		137		128



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ^{( 11 )} continued

Fannie Mae – 11.8% continued

Fannie Mae-Aces, Series 2019-M7, Class A2, 3.14%, 4/25/29		$165		$154

Fannie Mae-Aces, Series 2019-M9, Class A2, 2.94%, 6/25/29		166		154

Fannie Mae-Aces, Series 2020-M20, Class A2, 1.44%, 10/25/29		500		419

Fannie Mae-Aces, Series 2020-M42, Class A2, 1.27%, 7/25/30		200		164

Fannie Mae-Aces, Series 2020-M46, Class A2, 1.32%, 5/25/30		500		416

Fannie Mae-Aces, Series 2020-M52, Class A2, 1.32%, 10/25/30⁽¹²⁾		350		290

Fannie Mae-Aces, Series 2021-M11, Class A2, 1.46%, 3/25/31⁽¹²⁾		200		162

Fannie Mae-Aces, Series 2022-M1, Class A2, 1.67%, 10/25/31⁽¹²⁾		200		161

Fannie Mae-Aces, Series 2022-M10, Class A2, 1.94%, 1/25/32⁽¹²⁾		250		205

Fannie Mae-Aces, Series 2023-M1S, Class A2, 4.51%, 4/25/33⁽¹²⁾		350		346

Fannie Mae-Aces, Series 2023-M6, Class A2, 4.19%, 7/25/28⁽¹²⁾		260		254

Pool #256925,

6.00%, 10/1/37		5		5

Pool #256959,

6.00%, 11/1/37		32		34

Pool #257042,

6.50%, 1/1/38		69		73

Pool #257237,

4.50%, 6/1/28		6		5

Pool #707791,

5.00%, 6/1/33		32		32

Pool #725425,

5.50%, 4/1/34		14		14



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ^{( 11 )} continued

Fannie Mae – 11.8% continued

Pool #730811,

4.50%, 8/1/33		$22		$21

Pool #735222,

5.00%, 2/1/35		8		8

Pool #735358,

5.50%, 2/1/35		33		33

Pool #735502,

6.00%, 4/1/35		5		5

Pool #737853,

5.00%, 9/1/33		71		70

Pool #745336,

5.00%, 3/1/36		170		171

Pool #745418,

5.50%, 4/1/36		12		13

Pool #745754,

5.00%, 9/1/34		127		127

Pool #745826,

6.00%, 7/1/36		48		50

Pool #747383,

5.50%, 10/1/33		41		41

Pool #755632,

5.00%, 4/1/34		23		23

Pool #772730,

5.00%, 4/1/34		24		24

Pool #790406,

6.00%, 9/1/34		18		18

Pool #793666,

5.50%, 9/1/34		14		14

Pool #796250,

5.50%, 11/1/34		15		15

Pool #800471,

5.50%, 10/1/34		29		29

Pool #817795,

6.00%, 8/1/36		7		7

Pool #826057,

5.00%, 7/1/35		24		25

Pool #826585,

5.00%, 8/1/35		36		37

Pool #828523,

5.00%, 7/1/35		17		17

Pool #831676,

6.50%, 8/1/36		4		4



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ^{( 11 )} continued

Fannie Mae – 11.8% continued

Pool #833067,

5.50%, 9/1/35		$60		$61

Pool #833163,

5.00%, 9/1/35		27		27

Pool #845425,

6.00%, 2/1/36		7		8

Pool #868435,

6.00%, 4/1/36		57		59

Pool #869710,

6.00%, 4/1/36		14		14

Pool #871135,

6.00%, 1/1/37		16		17

Pool #881818,

6.50%, 8/1/36		10		10

Pool #885866,

6.00%, 6/1/36		60		62

Pool #888100,

5.50%, 9/1/36		63		64

Pool #888205,

6.50%, 2/1/37		15		15

Pool #889224,

5.50%, 1/1/37		65		67

Pool #889401,

6.00%, 3/1/38		30		31

Pool #889415,

6.00%, 5/1/37		126		130

Pool #889579,

6.00%, 5/1/38		63		65

Pool #889630,

6.50%, 3/1/38		7		7

Pool #889970,

5.00%, 12/1/36		47		47

Pool #890234,

6.00%, 10/1/38		30		31

Pool #890796,

3.50%, 12/1/45		540		495

Pool #893363,

5.00%, 6/1/36		10		10

Pool #893366,

5.00%, 4/1/35		23		23

Pool #898417,

6.00%, 10/1/36		9		9



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #899079,

5.00%, 3/1/37		$17		$17

Pool #902414,

5.50%, 11/1/36		49		50

Pool #906090,

5.50%, 1/1/37		44		45

Pool #918515,

5.00%, 6/1/37		29		29

Pool #923123,

5.00%, 4/1/36		8		8

Pool #923166,

7.50%, 1/1/37		4		4

Pool #928261,

4.50%, 3/1/36		31		30

Pool #928584,

6.50%, 8/1/37		96		100

Pool #928909,

6.00%, 12/1/37⁽¹⁰⁾		—		—

Pool #928915,

6.00%, 11/1/37		2		2

Pool #930606,

4.00%, 2/1/39		139		132

Pool #931195,

4.50%, 5/1/24		1		1

Pool #932023,

5.00%, 1/1/38		22		22

Pool #932741,

4.50%, 4/1/40		119		116

Pool #940623,

5.50%, 8/1/37		7		8

Pool #943388,

6.00%, 6/1/37		33		34

Pool #943617,

6.00%, 8/1/37		15		16

Pool #945876,

5.50%, 8/1/37		4		4

Pool #947216,

6.00%, 10/1/37		18		19

Pool #953018,

6.50%, 10/1/37		32		33

Pool #953910,

6.00%, 11/1/37		19		20



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #955771,

6.50%, 10/1/37		$11		$11

Pool #959604,

6.50%, 11/1/37		4		5

Pool #959880,

5.50%, 11/1/37		4		4

Pool #962687,

5.00%, 4/1/38		34		34

Pool #968037,

6.00%, 1/1/38		23		23

Pool #969632,

6.50%, 1/1/38		15		16

Pool #970013,

4.50%, 6/1/38		65		64

Pool #972452,

5.50%, 3/1/38		41		41

Pool #981854,

5.50%, 7/1/38		14		14

Pool #986760,

5.50%, 7/1/38		100		102

Pool #992472,

6.00%, 10/1/38		8		8

Pool #995018,

5.50%, 6/1/38		21		21

Pool #995203,

5.00%, 7/1/35		139		140

Pool #995879,

6.00%, 4/1/39		26		27

Pool #AA0649,

5.00%, 12/1/38		98		99

Pool #AA2939,

4.50%, 4/1/39		184		181

Pool #AA4482,

4.00%, 4/1/39		124		118

Pool #AA4562,

4.50%, 9/1/39		156		153

Pool #AA8978,

4.50%, 7/1/39		32		31

Pool #AA9357,

4.50%, 8/1/39		111		109

Pool #AB1048,

4.50%, 5/1/40		159		156



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #AB2067,

3.50%, 1/1/41		$267		$247

Pool #AB2092,

4.00%, 1/1/41		163		156

Pool #AB2272,

4.50%, 2/1/41		220		216

Pool #AB2693,

4.50%, 4/1/41		153		150

Pool #AB2768,

4.50%, 4/1/41		158		155

Pool #AB3035,

5.00%, 5/1/41		267		266

Pool #AB3246,

5.00%, 7/1/41		56		56

Pool #AB4057,

4.00%, 12/1/41		589		558

Pool #AB4293,

3.50%, 1/1/42		309		285

Pool #AB5049,

4.00%, 4/1/42		398		377

Pool #AB6016,

3.50%, 8/1/42		185		171

Pool #AB7076,

3.00%, 11/1/42		920		823

Pool #AB7503,

3.00%, 1/1/43		336		301

Pool #AB7733,

3.00%, 1/1/43		733		656

Pool #AB8787,

2.00%, 3/1/28		213		202

Pool #AB9019,

3.00%, 4/1/43		385		344

Pool #AB9136,

2.50%, 4/1/43		41		35

Pool #AB9990,

3.00%, 7/1/33		82		76

Pool #AC3263,

4.50%, 9/1/29		41		41

Pool #AC4861,

4.50%, 11/1/24		5		5

Pool #AC5040,

4.00%, 10/1/24		3		3



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #AC6118,

4.50%, 11/1/39		$66		$65

Pool #AC8518,

5.00%, 12/1/39		104		104

Pool #AD0119,

6.00%, 7/1/38		82		86

Pool #AD0585,

4.50%, 12/1/39		170		167

Pool #AD0639,

6.00%, 12/1/38		33		34

Pool #AD0969,

5.50%, 8/1/37		105		107

Pool #AD5241,

4.50%, 7/1/40		74		73

Pool #AD5525,

5.00%, 6/1/40		127		126

Pool #AD5556,

4.00%, 6/1/25		6		6

Pool #AD7859,

5.00%, 6/1/40		55		55

Pool #AE0949,

4.00%, 2/1/41		271		257

Pool #AE0971,

4.00%, 5/1/25		1		1

Pool #AE0981,

3.50%, 3/1/41		204		188

Pool #AE1807,

4.00%, 10/1/40		315		299

Pool #AE3873,

4.50%, 10/1/40		57		56

Pool #AE5436,

4.50%, 10/1/40		81		79

Pool #AE7758,

3.50%, 11/1/25		12		12

Pool #AH0525,

4.00%, 12/1/40		279		265

Pool #AH1295,

3.50%, 1/1/26		29		29

Pool #AH3226,

5.00%, 2/1/41		37		37

Pool #AH4158,

4.00%, 1/1/41		58		55



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #AH4450,

3.00%, 1/1/26		$14		$14

Pool #AH5573,

4.00%, 2/1/41		303		287

Pool #AH5614,

3.50%, 2/1/26		26		25

Pool #AH8854,

4.50%, 4/1/41		70		68

Pool #AI1247,

4.00%, 4/1/26		14		13

Pool #AI3470,

4.50%, 6/1/41		106		104

Pool #AI4361,

(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.80%, 1.80% Floor, 8.09% Cap), 6.05%, 9/1/41⁽¹³⁾		2		2

Pool #AI4380,

(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.80%, 1.80% Floor, 7.93% Cap), 6.05%, 11/1/41⁽¹³⁾		5		5

Pool #AI5603,

4.50%, 7/1/41		70		69

Pool #AI7743,

4.00%, 8/1/41		58		55

Pool #AI9555,

4.00%, 9/1/41		152		145

Pool #AI9828,

(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.82%, 1.82% Floor, 7.93% Cap), 6.07%, 11/1/41⁽¹³⁾		3		3

Pool #AJ4093,

3.50%, 10/1/26		9		9

Pool #AJ4408,

4.50%, 10/1/41		63		61

Pool #AJ6086,

3.00%, 12/1/26		32		31

Pool #AJ9152,

3.50%, 12/1/26		134		131

Pool #AJ9218,

4.00%, 2/1/42		248		235

Pool #AJ9326,

3.50%, 1/1/42		528		488



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #AJ9355,

3.00%, 1/1/27		$69		$67

Pool #AK4813,

3.50%, 3/1/42		174		160

Pool #AK4945,

3.50%, 2/1/42		146		135

Pool #AK7766,

2.50%, 3/1/27		90		86

Pool #AK9444,

4.00%, 3/1/42		33		31

Pool #AL0442,

5.50%, 6/1/40		32		32

Pool #AL1849,

6.00%, 2/1/39		125		130

Pool #AL1939,

3.50%, 6/1/42		471		434

Pool #AL2243,

4.00%, 3/1/42		329		312

Pool #AL2303,

4.50%, 6/1/26		5		5

Pool #AL2397,

(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.72%, 1.72% Floor, 7.77% Cap), 6.00%, 8/1/42⁽¹³⁾		5		5

Pool #AL3396,

2.50%, 3/1/28		94		90

Pool #AL3803,

3.00%, 6/1/28		157		152

Pool #AL4408,

4.50%, 11/1/43		455		445

Pool #AL4462,

2.50%, 6/1/28		183		176

Pool #AL4908,

4.00%, 2/1/44		349		331

Pool #AL5167,

3.50%, 1/1/34		84		80

Pool #AL5254,

3.00%, 11/1/27		105		102

Pool #AL5377,

4.00%, 6/1/44		1,083		1,035

Pool #AL5734,

3.50%, 9/1/29		208		201



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #AL5785,

4.00%, 9/1/44		$638		$610

Pool #AL6488,

3.50%, 8/1/43		250		230

Pool #AL7807,

3.00%, 11/1/30		190		181

Pool #AL8469,

3.50%, 4/1/31		131		127

Pool #AL8951,

3.00%, 8/1/46		324		286

Pool #AL9582,

3.00%, 12/1/31		350		332

Pool #AO0752,

3.00%, 4/1/42		202		182

Pool #AO0800,

3.00%, 4/1/27		73		70

Pool #AO4136,

3.50%, 6/1/42		267		246

Pool #AO7970,

2.50%, 6/1/27		49		47

Pool #AO8629,

3.50%, 7/1/42		104		96

Pool #AP6273,

3.00%, 10/1/42		277		247

Pool #AQ6784,

3.50%, 12/1/42		256		236

Pool #AQ8185,

2.50%, 1/1/28		41		39

Pool #AQ8647,

3.50%, 12/1/42		418		385

Pool #AR1706,

2.50%, 1/1/28		509		488

Pool #AR3054,

3.00%, 1/1/28		138		133

Pool #AR3792,

3.00%, 2/1/43		212		190

Pool #AR9188,

2.50%, 3/1/43		65		56

Pool #AR9582,

3.00%, 3/1/43		173		155

Pool #AS0018,

3.00%, 7/1/43		193		173



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #AS0275,

3.00%, 8/1/33		$105		$99

Pool #AS3294,

4.00%, 9/1/44		385		365

Pool #AS3600,

3.00%, 10/1/29		426		407

Pool #AS3657,

4.50%, 10/1/44		224		219

Pool #AS4085,

4.00%, 12/1/44		181		171

Pool #AS4306,

3.00%, 1/1/45		269		240

Pool #AS5090,

2.50%, 6/1/30		108		101

Pool #AS5324,

2.50%, 7/1/30		204		192

Pool #AS5500,

3.00%, 7/1/35		108		100

Pool #AS5666,

4.00%, 8/1/45		256		242

Pool #AS5892,

3.50%, 10/1/45		286		261

Pool #AS6192,

3.50%, 11/1/45		848		774

Pool #AS6262,

3.50%, 11/1/45		365		333

Pool #AS6332,

3.50%, 12/1/45		413		377

Pool #AS6398,

3.50%, 12/1/45		315		287

Pool #AS6730,

3.50%, 2/1/46		478		438

Pool #AS6887,

2.50%, 3/1/31		230		215

Pool #AS7149,

3.00%, 5/1/46		577		512

Pool #AS7157,

3.00%, 5/1/46		210		186

Pool #AS7247,

4.00%, 5/1/46		105		100

Pool #AS7343,

3.00%, 6/1/46		205		181



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #AS7480,

2.00%, 7/1/31		$60		$55

Pool #AS7580,

3.00%, 7/1/46		245		215

Pool #AS8067,

3.00%, 10/1/46		562		496

Pool #AS8074,

3.00%, 10/1/46		180		158

Pool #AS8178,

3.00%, 10/1/36		65		60

Pool #AS8194,

2.50%, 10/1/31		805		753

Pool #AS8424,

3.00%, 12/1/36		111		102

Pool #AS8483,

3.00%, 12/1/46		368		323

Pool #AS8591,

2.00%, 1/1/32		135		124

Pool #AS8699,

4.00%, 1/1/47		621		588

Pool #AS8960,

4.00%, 3/1/47		214		201

Pool #AS9505,

3.00%, 4/1/32		212		200

Pool #AS9615,

4.50%, 5/1/47		135		131

Pool #AT0666,

3.50%, 4/1/43		230		211

Pool #AT2720,

3.00%, 5/1/43		474		424

Pool #AT3180,

3.00%, 5/1/43		237		212

Pool #AU1657,

2.50%, 7/1/28		104		100

Pool #AU1689,

3.50%, 8/1/43		1,062		975

Pool #AU3164,

3.00%, 8/1/33		100		93

Pool #AU5919,

3.50%, 9/1/43		371		340

Pool #AV2339,

4.00%, 12/1/43		185		176



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #AW8167,

3.50%, 2/1/42		$167		$154

Pool #AW8595,

3.00%, 8/1/29		94		90

Pool #AX2163,

3.50%, 11/1/44		202		185

Pool #AX4413,

4.00%, 11/1/44		262		249

Pool #AX4839,

3.50%, 11/1/44		306		280

Pool #AY0544,

2.50%, 8/1/27		200		193

Pool #AY3062,

3.00%, 11/1/26		56		55

Pool #AY9555,

3.00%, 5/1/45		268		238

Pool #AZ1449,

3.00%, 7/1/45		207		184

Pool #AZ2936,

3.00%, 9/1/45		149		133

Pool #AZ2947,

4.00%, 9/1/45		286		272

Pool #AZ4775,

3.50%, 10/1/45		199		182

Pool #AZ6684,

3.00%, 2/1/31		307		289

Pool #BA2911,

3.00%, 11/1/30		99		94

Pool #BC0326,

3.50%, 12/1/45		152		139

Pool #BC0822,

3.50%, 4/1/46		1,282		1,170

Pool #BC1105,

3.50%, 2/1/46		571		521

Pool #BC1510,

3.00%, 8/1/46		186		164

Pool #BC9096,

3.50%, 12/1/46		263		240

Pool #BE3171,

2.50%, 2/1/32		250		234

Pool #BH1130,

3.50%, 4/1/32		148		142



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #BH7032,

3.50%, 12/1/47		$120		$109

Pool #BH7106,

3.50%, 1/1/48		268		245

Pool #BH9215,

3.50%, 1/1/48		497		453

Pool #BJ0648,

3.50%, 3/1/48		270		246

Pool #BJ9181,

5.00%, 5/1/48		232		230

Pool #BJ9260,

4.00%, 4/1/48		216		204

Pool #BJ9977,

4.00%, 5/1/48		163		153

Pool #BK0276,

4.00%, 9/1/48		84		79

Pool #BK0920,

4.00%, 7/1/48		371		351

Pool #BK0922,

4.50%, 7/1/48		64		62

Pool #BK3044,

2.50%, 9/1/50		447		373

Pool #BK4740,

4.00%, 8/1/48		107		101

Pool #BK4764,

4.00%, 8/1/48		107		100

Pool #BK4816,

4.00%, 9/1/48		160		151

Pool #BM1787,

4.00%, 9/1/47		119		113

Pool #BM2001,

3.50%, 12/1/46		76		70

Pool #BM3286,

4.50%, 11/1/47		44		43

Pool #BM5288,

3.50%, 1/1/34		128		123

Pool #BM5466,

2.50%, 10/1/43		352		302

Pool #BM5804,

5.00%, 1/1/49		223		221

Pool #BN1176,

4.50%, 11/1/48		102		98



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #BN1628,

4.50%, 11/1/48		$71		$69

Pool #BN5947,

3.50%, 6/1/49		161		146

Pool #BN6097,

4.00%, 6/1/49		625		584

Pool #BN6683,

3.50%, 6/1/49		243		221

Pool #BN8985,

2.00%, 3/1/51		327		260

Pool #BN9007,

2.00%, 3/1/51		2,091		1,675

Pool #BO1012,

3.50%, 8/1/49		97		88

Pool #BO1021,

3.50%, 8/1/49		116		106

Pool #BO1169,

3.50%, 7/1/49		80		73

Pool #BO1444,

3.00%, 10/1/49		200		175

Pool #BO1461,

3.00%, 10/1/49		122		106

Pool #BO3181,

2.50%, 10/1/49		428		358

Pool #BO4708,

3.00%, 11/1/49		365		319

Pool #BO8620,

3.00%, 12/1/49		414		361

Pool #BP3454,

2.00%, 5/1/36		441		392

Pool #BP4660,

2.50%, 5/1/50		127		106

Pool #BP6496,

2.00%, 7/1/35		654		584

Pool #BP6626,

2.00%, 8/1/50		831		664

Pool #BP6683,

2.50%, 9/1/50		570		475

Pool #BP7273,

2.50%, 8/1/50		352		294

Pool #BP7585,

2.00%, 9/1/50		2,751		2,196



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #BQ0202,

2.50%, 8/1/50		$440		$370

Pool #BQ1147,

2.50%, 10/1/50		625		525

Pool #BQ1351,

2.50%, 8/1/50		543		455

Pool #BQ4077,

2.00%, 12/1/50		866		687

Pool #BQ5056,

2.00%, 10/1/50		330		266

Pool #BQ5979,

2.00%, 11/1/50		1,423		1,142

Pool #BR1035,

2.00%, 5/1/51		5,537		4,407

Pool #BR4450,

1.50%, 2/1/36		650		566

Pool #BR6042,

2.00%, 2/1/51		1,913		1,525

Pool #BR9755,

2.00%, 4/1/51		1,352		1,094

Pool #BR9761,

2.00%, 4/1/51		1,027		814

Pool #BT1034,

2.00%, 7/1/51		1,912		1,525

Pool #BT2034,

2.50%, 3/1/42		869		751

Pool #BT4528,

2.50%, 9/1/51		9,151		7,738

Pool #BT8308,

4.50%, 8/1/52		824		785

Pool #BT9031,

2.00%, 8/1/41		827		696

Pool #BU0066,

2.50%, 10/1/51		968		809

Pool #BU4046,

5.00%, 7/1/53		958		936

Pool #BX1915,

6.00%, 1/1/53		881		898

Pool #BX6021,

5.00%, 2/1/53		367		358

Pool #BY0545,

5.00%, 5/1/53		2,255		2,202



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #BY4424,

5.50%, 7/1/53		$924		$921

Pool #CA0110,

3.50%, 8/1/47		222		202

Pool #CA0619,

4.00%, 10/1/47		66		63

Pool #CA0620,

4.00%, 10/1/47		857		810

Pool #CA0656,

3.50%, 11/1/47		652		595

Pool #CA0859,

3.50%, 12/1/47		479		437

Pool #CA0917,

3.50%, 12/1/47		403		368

Pool #CA1370,

4.00%, 3/1/48		225		212

Pool #CA1378,

4.00%, 3/1/48		176		166

Pool #CA1564,

4.50%, 4/1/48		78		76

Pool #CA1711,

4.50%, 5/1/48		228		220

Pool #CA1902,

4.50%, 6/1/48		230		223

Pool #CA1909,

4.50%, 6/1/48		121		117

Pool #CA1951,

4.00%, 7/1/48		123		116

Pool #CA1952,

4.50%, 6/1/48		55		53

Pool #CA2056,

4.50%, 7/1/48		66		64

Pool #CA2208,

4.50%, 8/1/48		70		68

Pool #CA2256,

3.50%, 8/1/33		120		115

Pool #CA2366,

3.50%, 9/1/48		76		70

Pool #CA2375,

4.00%, 9/1/48		325		304

Pool #CA2559,

4.00%, 11/1/33		140		136



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #CA2729,

4.50%, 11/1/48		$304		$294

Pool #CA3640,

4.00%, 6/1/49		297		278

Pool #CA4029,

4.00%, 8/1/49		777		728

Pool #CA4143,

3.00%, 9/1/49		2,447		2,136

Pool #CA4420,

3.00%, 10/1/49		364		319

Pool #CA4792,

3.00%, 12/1/49		213		186

Pool #CA5020,

3.50%, 1/1/50		421		383

Pool #CA5452,

3.00%, 3/1/50		680		592

Pool #CA5508,

3.00%, 4/1/50		853		742

Pool #CA5700,

2.50%, 5/1/50		13,630		11,477

Pool #CA6072,

2.50%, 6/1/50		345		288

Pool #CA6074,

2.50%, 6/1/50		489		408

Pool #CA6144,

2.50%, 6/1/50		572		477

Pool #CA6290,

3.00%, 7/1/50		436		380

Pool #CA6305,

2.50%, 7/1/50		991		826

Pool #CA6339,

2.50%, 7/1/50		988		824

Pool #CA6346,

2.50%, 7/1/50		566		473

Pool #CA6563,

2.50%, 8/1/35		477		438

Pool #CA6601,

2.50%, 8/1/50		424		354

Pool #CA6951,

2.50%, 9/1/50		400		334

Pool #CA6962,

2.50%, 9/1/50		586		494



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #CA7019,

2.00%, 9/1/50		$1,125		$901

Pool #CA7216,

2.00%, 10/1/50		2,434		1,949

Pool #CA7232,

2.50%, 10/1/50		1,112		927

Pool #CA7596,

2.00%, 11/1/50		413		328

Pool #CA7600,

2.50%, 11/1/50		1,152		959

Pool #CA7697,

1.50%, 11/1/50		2,229		1,689

Pool #CA7736,

2.50%, 11/1/50		1,142		954

Pool #CA8043,

2.50%, 12/1/50		701		586

Pool #CA9143,

2.00%, 2/1/36		830		742

Pool #CA9355,

2.00%, 3/1/41		458		387

Pool #CA9418,

1.50%, 3/1/36		479		418

Pool #CB0113,

2.00%, 4/1/41		707		597

Pool #CB0325,

2.00%, 4/1/51		1,584		1,262

Pool #CB1903,

2.50%, 10/1/51		1,574		1,326

Pool #CB2049,

2.50%, 11/1/51		1,704		1,411

Pool #CB2079,

2.00%, 11/1/51		5,095		4,050

Pool #CB3597,

3.50%, 5/1/52		1,542		1,382

Pool #CB3705,

3.00%, 5/1/37		247		231

Pool #CB4377,

4.00%, 8/1/52		536		498

Pool #CB5094,

6.50%, 11/1/52		1,294		1,351

Pool #CB6031,

5.00%, 4/1/53		94		92



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #CB6034,

6.50%, 4/1/53		$362		$371

Pool #CB6750,

5.50%, 7/1/53		1,036		1,033

Pool #CB6755,

6.00%, 7/1/53		974		988

Pool #CB6933,

6.50%, 8/1/53		285		295

Pool #CB7120,

6.00%, 9/1/53		393		398

Pool #CB7123,

6.00%, 9/1/53		369		374

Pool #CB7444,

6.50%, 11/1/53		963		1,002

Pool #DA0508,

6.00%, 10/1/53		382		386

Pool #FM1496,

3.50%, 9/1/49		1,225		1,114

Pool #FM1708,

3.00%, 12/1/45		237		212

Pool #FM1742,

3.00%, 10/1/49		226		198

Pool #FM1938,

4.50%, 9/1/49		382		370

Pool #FM2305,

3.50%, 2/1/50		590		537

Pool #FM2715,

3.00%, 3/1/50		151		131

Pool #FM2778,

3.00%, 3/1/50		984		858

Pool #FM2963,

3.00%, 2/1/50		4,149		3,649

Pool #FM3125,

3.50%, 3/1/50		828		752

Pool #FM3225,

3.00%, 5/1/50		550		482

Pool #FM3610,

4.00%, 6/1/50		289		271

Pool #FM3747,

2.50%, 8/1/50		929		776

Pool #FM3969,

2.50%, 8/1/43		341		293



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #FM4055,

2.50%, 8/1/50		$6,179		$5,179

Pool #FM4149,

3.00%, 9/1/50		2,855		2,482

Pool #FM4193,

2.50%, 9/1/50		632		533

Pool #FM4476,

2.00%, 10/1/50		1,675		1,344

Pool #FM4544,

2.00%, 10/1/50		877		700

Pool #FM4598,

2.00%, 11/1/40		198		168

Pool #FM4633,

2.00%, 10/1/50		880		710

Pool #FM4734,

2.00%, 11/1/35		1,040		929

Pool #FM4762,

2.00%, 11/1/50		1,304		1,056

Pool #FM4799,

2.00%, 11/1/50		736		591

Pool #FM4868,

2.00%, 11/1/50		1,248		1,008

Pool #FM4951,

1.50%, 11/1/35		515		449

Pool #FM5087,

2.00%, 12/1/50		488		391

Pool #FM5210,

2.00%, 12/1/50		741		599

Pool #FM5534,

2.00%, 1/1/41		293		248

Pool #FM5570,

2.00%, 1/1/36		637		570

Pool #FM5580,

1.50%, 1/1/36		648		566

Pool #FM5849,

2.00%, 12/1/50		940		745

Pool #FM6055,

2.00%, 2/1/51		1,888		1,513

Pool #FM6099,

2.00%, 2/1/51		1,879		1,499

Pool #FM6338,

2.00%, 2/1/51		1,174		941



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #FM6496,

2.00%, 2/1/51		$536		$433

Pool #FM6550,

2.00%, 3/1/51		380		307

Pool #FM6943,

2.00%, 4/1/51		1,286		1,039

Pool #FM6964,

2.00%, 5/1/51		1,026		830

Pool #FM6991,

2.00%, 4/1/51		1,538		1,234

Pool #FM7078,

2.00%, 4/1/51		1,194		967

Pool #FM7080,

2.00%, 4/1/51		629		509

Pool #FM7360,

2.00%, 5/1/41		394		333

Pool #FM7411,

2.00%, 5/1/51		3,123		2,476

Pool #FM7429,

1.50%, 5/1/36		1,514		1,319

Pool #FM7622,

2.00%, 5/1/51		804		651

Pool #FM8146,

2.00%, 7/1/36		1,444		1,288

Pool #FM8848,

2.50%, 9/1/41		813		710

Pool #FS0153,

2.00%, 12/1/36		2,332		2,080

Pool #FS1096,

2.00%, 1/1/51		1,338		1,069

Pool #FS2039,

2.00%, 2/1/51		884		705

Pool #FS2442,

4.00%, 7/1/52		841		784

Pool #FS2815,

4.00%, 9/1/52		444		416

Pool #FS3086,

5.50%, 10/1/52		1,744		1,742

Pool #FS3402,

5.00%, 11/1/52		358		351

Pool #FS3421,

5.00%, 12/1/52		373		364



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #FS3452,

5.00%, 12/1/52		$632		$629

Pool #FS3747,

5.50%, 12/1/52		694		692

Pool #FS3762,

5.00%, 12/1/52		482		473

Pool #FS3921,

5.50%, 2/1/53		460		465

Pool #FS4041,

5.50%, 3/1/53		660		658

Pool #FS4047,

3.50%, 12/1/42		181		166

Pool #FS4463,

1.50%, 8/1/37		1,001		867

Pool #FS4485,

6.00%, 5/1/53		646		657

Pool #FS4522,

5.00%, 5/1/53		187		183

Pool #FS4842,

5.50%, 6/1/53		281		282

Pool #FS4931,

6.00%, 6/1/53		934		946

Pool #FS5115,

5.50%, 6/1/53		485		483

Pool #FS5116,

5.50%, 6/1/53		478		477

Pool #FS5119,

6.00%, 7/1/53		2,780		2,829

Pool #FS5304,

5.50%, 7/1/53		191		192

Pool #FS5396,

5.00%, 7/1/53		2,016		1,987

Pool #FS5436,

5.50%, 8/1/53		292		294

Pool #FS5562,

2.00%, 3/1/52		3,339		2,675

Pool #FS5584,

6.50%, 8/1/53		483		499

Pool #FS5696,

2.00%, 4/1/51		290		232

Pool #FS5709,

5.00%, 8/1/53		873		859



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #FS5838,

6.00%, 9/1/53		$1,264		$1,293

Pool #FS5946,

2.00%, 3/1/37		2,834		2,526

Pool #FS5965,

6.00%, 10/1/53		385		391

Pool #FS6092,

6.00%, 10/1/53		366		372

Pool #FS6315,

6.50%, 11/1/53		480		493

Pool #FS6461,

6.00%, 10/1/53		466		472

Pool #FS6611,

7.00%, 12/1/53		2,071		2,137

Pool #FS6635,

3.00%, 11/1/53		1,478		1,274

Pool #FS6855,

6.50%, 2/1/54		593		610

Pool #FS7033,

6.00%, 8/1/53		698		708

Pool #MA0361,

4.00%, 3/1/30		35		34

Pool #MA0711,

3.50%, 4/1/31		65		62

Pool #MA0976,

3.50%, 2/1/32		148		141

Pool #MA1138,

3.50%, 8/1/32		113		108

Pool #MA1141,

3.00%, 8/1/32		53		50

Pool #MA1200,

3.00%, 10/1/32		311		292

Pool #MA1511,

2.50%, 7/1/33		108		99

Pool #MA2320,

3.00%, 7/1/35		250		232

Pool #MA2473,

3.50%, 12/1/35		99		94

Pool #MA2512,

4.00%, 1/1/46		129		122

Pool #MA2670,

3.00%, 7/1/46		576		505



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #MA2672,

3.00%, 7/1/36		$127		$117

Pool #MA2705,

3.00%, 8/1/46		420		370

Pool #MA2737,

3.00%, 9/1/46		193		169

Pool #MA2771,

3.00%, 10/1/46		210		185

Pool #MA2775,

2.50%, 10/1/31		118		110

Pool #MA2781,

2.50%, 10/1/46		158		135

Pool #MA2804,

3.00%, 11/1/36		248		228

Pool #MA2817,

2.50%, 11/1/36		100		90

Pool #MA2841,

2.50%, 12/1/36		40		36

Pool #MA2863,

3.00%, 1/1/47		3,461		3,036

Pool #MA2895,

3.00%, 2/1/47		214		188

Pool #MA3028,

3.50%, 6/1/37		190		178

Pool #MA3057,

3.50%, 7/1/47		326		298

Pool #MA3058,

4.00%, 7/1/47		122		115

Pool #MA3059,

3.50%, 7/1/37		31		29

Pool #MA3073,

4.50%, 7/1/47		255		248

Pool #MA3127,

3.00%, 9/1/37		77		71

Pool #MA3150,

4.50%, 10/1/47		139		135

Pool #MA3181,

3.50%, 11/1/37		51		48

Pool #MA3182,

3.50%, 11/1/47		399		364

Pool #MA3184,

4.50%, 11/1/47		48		46



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #MA3185,

3.00%, 11/1/37		$84		$77

Pool #MA3188,

3.00%, 11/1/32		259		244

Pool #MA3211,

4.00%, 12/1/47		76		72

Pool #MA3239,

4.00%, 1/1/48		326		308

Pool #MA3276,

3.50%, 2/1/48		327		299

Pool #MA3281,

4.00%, 2/1/38		178		171

Pool #MA3334,

4.50%, 4/1/48		248		240

Pool #MA3385,

4.50%, 6/1/48		84		82

Pool #MA3413,

4.00%, 7/1/38		31		30

Pool #MA3443,

4.00%, 8/1/48		77		73

Pool #MA3444,

4.50%, 8/1/48		74		71

Pool #MA3467,

4.00%, 9/1/48		74		70

Pool #MA3492,

4.00%, 10/1/38		26		25

Pool #MA3547,

3.00%, 12/1/33		149		140

Pool #MA3590,

4.00%, 2/1/39		27		26

Pool #MA3685,

3.00%, 6/1/49		127		111

Pool #MA3692,

3.50%, 7/1/49		98		89

Pool #MA3695,

3.00%, 7/1/34		56		53

Pool #MA3744,

3.00%, 8/1/49		144		125

Pool #MA3765,

2.50%, 9/1/49		300		250

Pool #MA3870,

2.50%, 12/1/49		155		130



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #MA3871,

3.00%, 12/1/49		$145		$127

Pool #MA3896,

2.50%, 1/1/35		874		799

Pool #MA3898,

3.50%, 1/1/35		284		272

Pool #MA3902,

2.50%, 1/1/50		151		126

Pool #MA3934,

3.00%, 2/1/40		94		84

Pool #MA3958,

3.00%, 3/1/40		98		88

Pool #MA4013,

2.50%, 5/1/35		188		173

Pool #MA4014,

3.00%, 5/1/35		299		279

Pool #MA4053,

2.50%, 6/1/35		774		705

Pool #MA4071,

2.00%, 7/1/40		260		221

Pool #MA4072,

2.50%, 7/1/40		218		189

Pool #MA4078,

2.50%, 7/1/50		1,277		1,067

Pool #MA4094,

2.50%, 8/1/40		240		210

Pool #MA4096,

2.50%, 8/1/50		799		667

Pool #MA4099,

2.50%, 8/1/35		787		720

Pool #MA4100,

2.00%, 8/1/50		1,580		1,262

Pool #MA4119,

2.00%, 9/1/50		1,855		1,481

Pool #MA4122,

1.50%, 9/1/35		275		240

Pool #MA4123,

2.00%, 9/1/35		963		861

Pool #MA4128,

2.00%, 9/1/40		410		347

Pool #MA4153,

2.50%, 10/1/40		117		103



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #MA4154,

1.50%, 10/1/35		$417		$364

Pool #MA4155,

2.00%, 10/1/35		1,055		942

Pool #MA4176,

2.00%, 11/1/40		722		612

Pool #MA4181,

1.50%, 11/1/50		2,364		1,788

Pool #MA4232,

2.00%, 1/1/41		352		298

Pool #MA4254,

1.50%, 2/1/51		521		394

Pool #MA4266,

1.50%, 2/1/41		749		616

Pool #MA4278,

1.50%, 3/1/36		1,864		1,624

Pool #MA4280,

1.50%, 3/1/51		905		685

Pool #MA4305,

2.00%, 4/1/51		2,867		2,281

Pool #MA4310,

1.50%, 4/1/41		313		257

Pool #MA4326,

2.50%, 5/1/51		1,106		920

Pool #MA4333,

2.00%, 5/1/41		832		703

Pool #MA4334,

2.50%, 5/1/41		307		265

Pool #MA4342,

1.50%, 5/1/41		161		131

Pool #MA4496,

1.50%, 12/1/36		1,198		1,038

Pool #MA4500,

1.50%, 12/1/41		424		338

Pool #MA4692,

2.50%, 8/1/37		169		154

Pool #MA4731,

3.50%, 9/1/52		1,026		920

Pool #MA4732,

4.00%, 9/1/52		4,964		4,609

Pool #MA4733,

4.50%, 9/1/52		5,455		5,199



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Fannie Mae – 11.8% continued

Pool #MA4779,

4.00%, 10/1/42		$176		$167

Pool #MA4805,

4.50%, 11/1/52		2,501		2,384

Pool #MA4823,

4.50%, 10/1/37		232		228

Pool #MA4915,

5.00%, 2/1/38		200		200

Pool #MA4991,

5.50%, 4/1/38		128		129

Pool #MA5039,

5.50%, 6/1/53		750		747

Pool #MA5042,

4.50%, 6/1/38		87		86

Pool #MA5060,

5.00%, 6/1/43		91		90

Pool #MA5088,

6.00%, 7/1/38		164		166

Pool TBA,

4/1/54⁽²⁾		2,500		2,507

				279,043

Federal Farm Credit Bank – 0.2%

0.73%, 5/27/25		2,000		1,905

Federal Farm Credit Banks Funding Corp.,

3.32%, 2/25/26		520		507

4.75%, 3/9/26		1,180		1,181

				3,593

Federal Home Loan Bank – 0.2%

5.13%, 6/13/25		1,120		1,122

1.10%, 8/20/26		2,000		1,838

3.25%, 11/16/28		1,000		957

5.50%, 7/15/36		500		550

				4,467

Freddie Mac – 9.1%

Federal Home Loan Mortgage Corp.,

0.38%, 7/21/25		500		472

0.38%, 9/23/25		2,500		2,342

6.75%, 3/15/31		700		802

Freddie Mac Multifamily Structured Pass Through Certificates, Series K053, Class A2,

3.00%, 12/25/25		300		291



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K054, Class A2,

2.75%, 1/25/26		$250		$241

Freddie Mac Multifamily Structured Pass Through Certificates, Series K056, Class A2,

2.53%, 5/25/26		400		382

Freddie Mac Multifamily Structured Pass Through Certificates, Series K058, Class A2,

2.65%, 8/25/26		250		238

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		336

Freddie Mac Multifamily Structured Pass Through Certificates, Series K067, Class A2,

3.19%, 7/25/27		250		239

Freddie Mac Multifamily Structured Pass Through Certificates, Series K068, Class A2,

3.24%, 8/25/27		150		143

Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2,

3.19%, 9/25/27		200		191

Freddie Mac Multifamily Structured Pass Through Certificates, Series K072, Class A2,

3.44%, 12/25/27		150		144

Freddie Mac Multifamily Structured Pass Through Certificates, Series K074, Class A2,

3.60%, 1/25/28		150		145

Freddie Mac Multifamily Structured Pass Through Certificates, Series K075, Class A2,

3.65%, 2/25/28		150		145



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K076, Class A2,

3.90%, 4/25/28		$200		$195

Freddie Mac Multifamily Structured Pass Through Certificates, Series K077, Class A2,

3.85%, 5/25/28		200		194

Freddie Mac Multifamily Structured Pass Through Certificates, Series K078, Class A2,

3.85%, 6/25/28		150		146

Freddie Mac Multifamily Structured Pass Through Certificates, Series K079, Class A2,

3.93%, 6/25/28		200		194

Freddie Mac Multifamily Structured Pass Through Certificates, Series K080, Class A2,

3.93%, 7/25/28		200		194

Freddie Mac Multifamily Structured Pass Through Certificates, Series K081, Class A2,

3.90%, 8/25/28		200		194

Freddie Mac Multifamily Structured Pass Through Certificates, Series K082, Class A2,

3.92%, 9/25/28		350		340

Freddie Mac Multifamily Structured Pass Through Certificates, Series K083, Class A2,

4.05%, 9/25/28		200		195

Freddie Mac Multifamily Structured Pass Through Certificates, Series K086, Class A2,

3.86%, 11/25/28		200		194

Freddie Mac Multifamily Structured Pass Through Certificates, Series K088, Class A2,

3.69%, 1/25/29		100		96

Freddie Mac Multifamily Structured Pass Through Certificates, Series K090, Class A2,

3.42%, 2/25/29		500		475



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K091, Class A2,

3.51%, 3/25/29		$150		$143

Freddie Mac Multifamily Structured Pass Through Certificates, Series K092, Class A2,

3.30%, 4/25/29		300		283

Freddie Mac Multifamily Structured Pass Through Certificates, Series K093, Class A2,

2.98%, 5/25/29		200		186

Freddie Mac Multifamily Structured Pass Through Certificates, Series K094, Class A2,

2.90%, 6/25/29		300		277

Freddie Mac Multifamily Structured Pass Through Certificates, Series K102, Class A2,

2.54%, 10/25/29		250		225

Freddie Mac Multifamily Structured Pass Through Certificates, Series K104, Class A2,

2.25%, 1/25/30		250		221

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		335		281

Freddie Mac Multifamily Structured Pass Through Certificates, Series K111, Class A2,

1.35%, 5/25/30		500		415

Freddie Mac Multifamily Structured Pass Through Certificates, Series K112, Class A2,

1.31%, 5/25/30		500		413

Freddie Mac Multifamily Structured Pass Through Certificates, Series K113, Class A2,

1.34%, 6/25/30		500		414



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

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		252

Freddie Mac Multifamily Structured Pass Through Certificates, Series K141, Class A2,

2.25%, 2/25/32		200		169

Freddie Mac Multifamily Structured Pass Through Certificates, Series K144, Class A2,

2.45%, 4/25/32		500		427

Freddie Mac Multifamily Structured Pass Through Certificates, Series K148, Class A2,

3.50%, 7/25/32		300		276

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-151, Class A2,

3.80%, 10/25/32		300		282

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1510, Class A2,

3.72%, 1/25/31		100		94

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1510, Class A3,

3.79%, 1/25/34		100		93

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1511, Class A2,

3.47%, 3/25/31		100		93



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1511, Class A3,

3.54%, 3/25/34		$100		$91

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1512, Class A2,

2.99%, 5/25/31		100		90

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1512, Class A3,

3.06%, 4/25/34		100		85

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		147

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1518, Class A2,

1.86%, 10/25/35		150		111

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1519, Class A2,

2.01%, 12/25/35		150		112

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1520, Class A2,

2.44%, 2/25/36		150		118

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 K-153, Class A2,

3.82%, 12/25/32		500		470

Freddie Mac Multifamily Structured Pass Through Certificates, Series K154, Class A2,

3.42%, 4/25/32		100		94

4.35%, 1/25/33		200		195



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Freddie Mac Multifamily Structured Pass Through Certificates, Series K155, Class A3,

3.75%, 4/25/33		$100		$93

Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A2,

3.99%, 5/25/33		100		96

Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A3,

3.99%, 8/25/33		100		94

Freddie Mac Multifamily Structured Pass Through Certificates, Series K158, Class A2,

4.05%, 7/25/33		200		191

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-159, Class A2,

4.50%, 7/25/33		200		197

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-161, Class A2,

4.90%, 10/25/33		100		102

Freddie Mac Multifamily Structured Pass Through Certificates, Series K508, Class A2,

4.74%, 8/25/28		100		100

Freddie Mac Multifamily Structured Pass Through Certificates, Series K510, Class A2,

5.07%, 10/25/28		500		507

Freddie Mac Multifamily Structured Pass Through Certificates, Series K733, Class A2,

3.75%, 8/25/25		469		460

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		146		141

Pool #QA0127,

3.50%, 6/1/49		566		515



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #QA1132,

3.50%, 7/1/49		$177		$161

Pool #QA1263,

3.50%, 7/1/49		204		186

Pool #QA1752,

3.50%, 8/1/49		1,145		1,042

Pool #QA1883,

4.00%, 8/1/49		364		341

Pool #QA3149,

3.00%, 10/1/49		319		279

Pool #QA4699,

3.00%, 11/1/49		199		173

Pool #QA8043,

3.00%, 3/1/50		1,541		1,351

Pool #QB0211,

2.50%, 6/1/50		481		401

Pool #QB2516,

2.50%, 8/1/50		361		301

Pool #QB2545,

2.00%, 8/1/50		2,008		1,603

Pool #QB2682,

2.50%, 8/1/50		416		347

Pool #QB2966,

2.50%, 9/1/50		137		114

Pool #QB3199,

2.00%, 9/1/50		710		567

Pool #QB4275,

2.00%, 10/1/50		293		234

Pool #QB4467,

2.00%, 10/1/50		1,328		1,072

Pool #QB5079,

2.00%, 11/1/50		1,581		1,280

Pool #QB5128,

2.00%, 10/1/50		1,057		843

Pool #QB5507,

2.00%, 11/1/50		728		588

Pool #QB6246,

2.00%, 12/1/50		357		289

Pool #QB6448,

2.00%, 12/1/50		1,096		874

Pool #QB8131,

2.00%, 2/1/51		3,521		2,810



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #QB8132,

2.00%, 1/1/51		$4,831		$3,832

Pool #QB9266,

2.00%, 3/1/51		478		386

Pool #QB9410,

2.00%, 1/1/51		1,404		1,120

Pool #QC1443,

2.00%, 5/1/51		1,906		1,539

Pool #QC1809,

2.00%, 5/1/51		452		361

Pool #QC2062,

2.00%, 5/1/51		785		622

Pool #QC3259,

2.00%, 6/1/51		2,979		2,361

Pool #QC9442,

2.50%, 10/1/51		3,937		3,286

Pool #QD0822,

3.00%, 11/1/51		1,133		992

Pool #QD2146,

2.00%, 12/1/51		2,439		1,950

Pool #QE9161,

4.50%, 9/1/52		802		764

Pool #QF7121,

5.50%, 2/1/53		912		911

Pool #QG5959,

5.00%, 7/1/53		2,374		2,318

Pool #QG7215,

5.50%, 7/1/53		934		932

Pool #QG8401,

5.50%, 8/1/53		737		734

Pool #QG8408,

5.00%, 8/1/53		1,240		1,211

Pool #QH1135,

7.00%, 9/1/53		476		499

Pool #QK0622,

1.50%, 2/1/41		519		427

Pool #QN0818,

2.50%, 10/1/34		240		221

Pool #QN4614,

1.50%, 12/1/35		200		175

Pool #QN5018,

2.00%, 1/1/36		1,257		1,122



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #QN5866,

2.00%, 4/1/36		$666		$597

Pool #QN6394,

1.50%, 5/1/36		1,607		1,400

Pool #QN8899,

2.00%, 12/1/36		794		705

Pool #RA1196,

4.00%, 8/1/49		759		711

Pool #RA1343,

3.00%, 9/1/49		2,174		1,898

Pool #RA1493,

3.00%, 10/1/49		3,149		2,755

Pool #RA1501,

3.00%, 10/1/49		127		111

Pool #RA2010,

3.50%, 1/1/50		244		222

Pool #RA2117,

3.00%, 2/1/50		310		271

Pool #RA2386,

3.00%, 4/1/50		792		690

Pool #RA2457,

3.00%, 4/1/50		483		423

Pool #RA2677,

2.00%, 6/1/50		1,905		1,536

Pool #RA2730,

2.50%, 6/1/50		287		241

Pool #RA2790,

2.50%, 6/1/50		459		383

Pool #RA2853,

2.50%, 6/1/50		561		468

Pool #RA2959,

2.50%, 7/1/50		531		444

Pool #RA3086,

2.50%, 7/1/50		395		329

Pool #RA3306,

2.50%, 8/1/50		372		311

Pool #RA3524,

2.00%, 9/1/50		1,982		1,593

Pool #RA3563,

2.00%, 9/1/50		980		783

Pool #RA3578,

2.00%, 9/1/50		1,295		1,038



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #RA3580,

2.00%, 9/1/50		$1,217		$979

Pool #RA3653,

1.50%, 10/1/50		588		446

Pool #RA3662,

2.50%, 10/1/50		593		494

Pool #RA3663,

2.50%, 10/1/50		619		517

Pool #RA3723,

2.00%, 10/1/50		1,277		1,023

Pool #RA3765,

2.50%, 10/1/50		606		506

Pool #RA3908,

1.50%, 11/1/50		553		419

Pool #RA3913,

2.50%, 11/1/50		6,929		5,856

Pool #RA4209,

1.50%, 12/1/50		1,791		1,357

Pool #RA4218,

2.50%, 12/1/50		7,576		6,366

Pool #RA5204,

2.00%, 5/1/51		1,582		1,254

Pool #RA5373,

2.00%, 6/1/51		738		593

Pool #RA6333,

2.00%, 11/1/51		3,880		3,084

Pool #RA6340,

2.50%, 11/1/51		2,608		2,177

Pool #RA7097,

3.50%, 4/1/52		877		789

Pool #RA7099,

2.00%, 1/1/51		2,780		2,218

Pool #RA8761,

5.50%, 3/1/53		552		555

Pool #RA8791,

5.00%, 4/1/53		1,303		1,274

Pool #RB0452,

2.00%, 2/1/41		834		705

Pool #RB5032,

2.50%, 2/1/40		71		62

Pool #RB5033,

3.00%, 2/1/40		262		237



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #RB5043,

2.50%, 4/1/40		$128		$112

Pool #RB5048,

2.50%, 5/1/40		71		62

Pool #RB5059,

2.50%, 7/1/40		91		79

Pool #RB5066,

2.50%, 8/1/40		244		213

Pool #RB5076,

2.00%, 8/1/40		519		439

Pool #RB5085,

2.00%, 11/1/40		465		393

Pool #RB5095,

2.00%, 1/1/41		350		296

Pool #RB5100,

2.00%, 2/1/41		287		243

Pool #RB5110,

1.50%, 5/1/41		1,116		915

Pool #RB5111,

2.00%, 5/1/41		465		393

Pool #RB5131,

2.00%, 10/1/41		818		689

Pool #RB5264,

5.50%, 11/1/43		194		195

Pool #RC1857,

1.50%, 2/1/36		527		460

Pool #RC2045,

2.00%, 6/1/36		266		237

Pool #SB0048,

3.00%, 8/1/34		434		406

Pool #SB0330,

2.00%, 5/1/35		370		330

Pool #SB0434,

2.00%, 10/1/35		611		545

Pool #SB0571,

2.00%, 10/1/36		1,182		1,052

Pool #SB0726,

4.00%, 8/1/37		338		329

Pool #SB0834,

2.50%, 2/1/36		966		887

Pool #SB0955,

5.50%, 8/1/38		89		90



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #SB8045,

2.50%, 5/1/35		$160		$147

Pool #SB8046,

3.00%, 5/1/35		279		260

Pool #SB8057,

2.00%, 8/1/35		553		494

Pool #SB8058,

2.50%, 8/1/35		637		581

Pool #SB8061,

2.00%, 9/1/35		976		872

Pool #SB8067,

1.50%, 9/1/35		253		220

Pool #SB8068,

1.50%, 10/1/35		273		238

Pool #SB8069,

2.00%, 10/1/35		779		696

Pool #SB8073,

1.50%, 11/1/35		353		308

Pool #SB8078,

1.50%, 12/1/35		744		649

Pool #SB8083,

1.50%, 1/1/36		431		376

Pool #SB8092,

1.50%, 3/1/36		772		672

Pool #SB8122,

1.50%, 10/1/36		1,624		1,407

Pool #SB8177,

3.50%, 9/1/37		245		233

Pool #SB8178,

4.00%, 9/1/37		237		230

Pool #SB8206,

5.00%, 1/1/38		163		163

Pool #SB8208,

5.50%, 1/1/38		81		82

Pool #SB8233,

4.50%, 6/1/38		234		231

Pool #SB8247,

5.00%, 8/1/38		88		88

Pool #SB8501,

2.00%, 8/1/35		628		561

Pool #SB8511,

2.00%, 5/1/36		1,299		1,158



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #SD0163,

3.00%, 12/1/49		$589		$515

Pool #SD0261,

3.00%, 2/1/50		241		210

Pool #SD0262,

3.50%, 2/1/50		383		351

Pool #SD0410,

2.50%, 8/1/50		1,229		1,035

Pool #SD0414,

2.50%, 8/1/50		226		189

Pool #SD0467,

2.00%, 12/1/50		570		452

Pool #SD0537,

2.00%, 3/1/51		3,119		2,474

Pool #SD0608,

2.50%, 5/1/51		2,878		2,440

Pool #SD0764,

2.50%, 10/1/51		2,489		2,082

Pool #SD1592,

4.00%, 8/1/52		743		689

Pool #SD1596,

4.00%, 9/1/52		621		581

Pool #SD1855,

5.00%, 9/1/52		537		528

Pool #SD1958,

5.00%, 11/1/52		377		374

Pool #SD2236,

5.50%, 11/1/52		1,238		1,239

Pool #SD2258,

5.00%, 1/1/53		666		652

Pool #SD2266,

5.00%, 1/1/53		621		608

Pool #SD2666,

5.00%, 3/1/53		661		647

Pool #SD2693,

6.50%, 4/1/53		659		688

Pool #SD2922,

5.00%, 5/1/53		476		465

Pool #SD2936,

5.00%, 4/1/53		388		382

Pool #SD3074,

5.50%, 5/1/53		945		943



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #SD3683,

5.50%, 9/1/53		$1,064		$1,063

Pool #SD3713,

6.50%, 8/1/53		952		981

Pool #SD3714,

6.50%, 8/1/53		573		591

Pool #SD3904,

6.50%, 9/1/53		461		474

Pool #SD3913,

5.50%, 9/1/53		294		293

Pool #SD3990,

5.50%, 9/1/53		987		1,001

Pool #SD3992,

5.50%, 9/1/53		579		583

Pool #SD4204,

6.50%, 10/1/53		742		761

Pool #SD4262,

6.00%, 11/1/53		684		701

Pool #SD4668,

6.00%, 10/1/53		492		499

Pool #SD4702,

6.50%, 1/1/54		694		713

Pool #SD7512,

3.00%, 2/1/50		498		437

Pool #SD7536,

2.50%, 2/1/51		5,666		4,771

Pool #SD7537,

2.00%, 3/1/51		3,042		2,440

Pool #SD7539,

2.00%, 4/1/51		3,019		2,441

Pool #SD7541,

2.00%, 5/1/51		2,070		1,671

Pool #SD8019,

4.50%, 10/1/49		325		314

Pool #SD8023,

2.50%, 11/1/49		284		237

Pool #SD8029,

2.50%, 12/1/49		318		266

Pool #SD8037,

2.50%, 1/1/50		324		271

Pool #SD8083,

2.50%, 8/1/50		731		610



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #SD8090,

2.00%, 9/1/50		$2,286		$1,826

Pool #SD8097,

2.00%, 8/1/50		2,002		1,599

Pool #SD8104,

1.50%, 11/1/50		3,915		2,954

Pool #SD8112,

1.50%, 12/1/50		1,163		881

Pool #SD8139,

1.50%, 4/1/51		2,232		1,689

Pool #SD8213,

3.00%, 5/1/52		1,544		1,331

Pool #SD8225,

3.00%, 7/1/52		1,854		1,598

Pool #SD8266,

4.50%, 11/1/52		2,504		2,386

Pool #SD8325,

6.00%, 5/1/53		1,006		1,016

Pool #SD8331,

5.50%, 6/1/53		653		651

Pool #SD8332,

6.00%, 6/1/53		736		743

Pool #SD8374,

6.50%, 11/1/53		473		483

Pool #SD8386,

7.00%, 12/1/53		471		486

Pool #SD8399,

7.50%, 1/1/54		285		296

6.50%, 2/1/54		799		819

Pool #ZA1036,

4.50%, 2/1/40		69		68

Pool #ZA1159,

3.50%, 4/1/42		203		188

Pool #ZA1165,

3.50%, 4/1/42		295		272

Pool #ZA1254,

3.00%, 10/1/42		914		817

Pool #ZA1334,

3.50%, 7/1/42		104		96

Pool #ZA1361,

3.50%, 5/1/43		152		139

Pool #ZA1375,

4.00%, 9/1/44		83		79



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #ZA1378,

3.50%, 10/1/44		$140		$128

Pool #ZA2773,

2.50%, 8/1/27		47		45

Pool #ZA3862,

2.50%, 5/1/31		224		210

Pool #ZA4194,

3.00%, 4/1/43		215		192

Pool #ZA4214,

3.00%, 5/1/43		338		302

Pool #ZA4715,

4.00%, 9/1/46		841		797

Pool #ZA5107,

4.00%, 11/1/47		155		146

Pool #ZA5642,

4.00%, 9/1/48		160		151

Pool #ZA5950,

4.50%, 11/1/48		390		377

Pool #ZI6135,

5.00%, 9/1/34		339		341

Pool #ZI6854,

4.50%, 12/1/37		42		41

Pool #ZI7645,

5.00%, 6/1/38		85		85

Pool #ZI8519,

4.50%, 2/1/39		16		15

Pool #ZI9349,

4.50%, 10/1/39		241		235

Pool #ZI9657,

4.50%, 1/1/40		326		318

Pool #ZI9862,

4.50%, 3/1/40		159		156

Pool #ZI9939,

4.50%, 4/1/40		98		96

Pool #ZJ0631,

4.50%, 10/1/40		124		122

Pool #ZJ1046,

4.00%, 1/1/41		159		151

Pool #ZJ1052,

4.00%, 1/1/41		140		132

Pool #ZJ1228,

4.00%, 2/1/41		203		193



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #ZJ1359,

4.50%, 3/1/41		$106		$104

Pool #ZK5468,

2.00%, 5/1/28		234		221

Pool #ZK7259,

2.50%, 4/1/30		219		206

Pool #ZK7533,

2.50%, 7/1/30		152		142

Pool #ZL1714,

4.50%, 7/1/41		145		141

Pool #ZL1806,

4.50%, 8/1/41		395		387

Pool #ZL1922,

4.00%, 9/1/41		48		45

Pool #ZL2350,

3.50%, 11/1/41		72		66

Pool #ZL3211,

3.50%, 6/1/42		285		264

Pool #ZL3245,

4.00%, 6/1/42		451		427

Pool #ZL3551,

3.50%, 8/1/42		416		384

Pool #ZL4634,

3.00%, 1/1/43		1,370		1,224

Pool #ZL4709,

3.00%, 1/1/43		305		273

Pool #ZL5074,

3.00%, 2/1/43		133		118

Pool #ZL5915,

3.50%, 5/1/43		612		563

Pool #ZL5927,

3.00%, 5/1/43		190		170

Pool #ZL6381,

3.00%, 6/1/43		296		265

Pool #ZL6467,

3.00%, 7/1/43		223		199

Pool #ZL6920,

3.50%, 8/1/43		86		79

Pool #ZL7780,

4.00%, 2/1/44		232		220

Pool #ZL8299,

3.50%, 7/1/44		604		554



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #ZL8709,

4.00%, 11/1/44		$133		$126

Pool #ZM0489,

4.00%, 11/1/45		169		161

Pool #ZM0617,

3.50%, 12/1/45		212		194

Pool #ZM1194,

3.00%, 6/1/46		253		224

Pool #ZM1933,

3.00%, 10/1/46		291		256

Pool #ZM2167,

3.00%, 11/1/46		470		414

Pool #ZM2286,

3.50%, 12/1/46		766		699

Pool #ZM3525,

3.50%, 6/1/47		115		105

Pool #ZM3933,

3.50%, 8/1/47		426		389

Pool #ZM4305,

3.50%, 9/1/47		415		378

Pool #ZM4601,

3.50%, 10/1/47		537		491

Pool #ZM4711,

4.00%, 11/1/47		675		639

Pool #ZM4736,

3.50%, 11/1/47		164		149

Pool #ZM4908,

3.50%, 11/1/47		298		272

Pool #ZM5133,

3.50%, 12/1/47		128		117

Pool #ZM5397,

3.50%, 1/1/48		234		214

Pool #ZM5659,

3.50%, 2/1/48		253		230

Pool #ZM5917,

4.00%, 3/1/48		177		168

Pool #ZM6682,

4.50%, 5/1/48		180		175

Pool #ZM7370,

4.00%, 7/1/48		114		107

Pool #ZM7378,

5.00%, 7/1/48		132		131



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #ZM7849,

4.00%, 8/1/48		$49		$47

Pool #ZM8045,

4.00%, 9/1/48		171		161

Pool #ZM8575,

4.50%, 10/1/48		129		125

Pool #ZN1506,

3.50%, 11/1/48		620		565

Pool #ZN3447,

3.50%, 2/1/49		116		106

Pool #ZS0932,

4.50%, 8/1/34		8		8

Pool #ZS1567,

5.00%, 8/1/37		11		11

Pool #ZS2391,

5.00%, 9/1/38		21		21

Pool #ZS2499,

5.00%, 3/1/38		48		49

Pool #ZS2533,

4.50%, 2/1/39		51		50

Pool #ZS2827,

4.50%, 11/1/39		121		119

Pool #ZS2905,

4.50%, 4/1/40		170		166

Pool #ZS3554,

3.50%, 7/1/42		193		178

Pool #ZS3596,

4.00%, 6/1/42		510		483

Pool #ZS3613,

4.00%, 8/1/42		260		247

Pool #ZS3792,

2.50%, 7/1/43		261		224

Pool #ZS4078,

3.50%, 1/1/45		271		249

Pool #ZS4127,

4.50%, 7/1/44		114		111

Pool #ZS4472,

3.50%, 2/1/42		185		171

Pool #ZS4536,

3.50%, 10/1/43		268		246

Pool #ZS4584,

3.00%, 9/1/44		97		87



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #ZS4600,

4.00%, 1/1/45		$276		$261

Pool #ZS4607,

3.50%, 3/1/45		355		324

Pool #ZS4617,

3.00%, 6/1/45		183		162

Pool #ZS4618,

3.50%, 6/1/45		289		264

Pool #ZS4621,

3.00%, 7/1/45		441		392

Pool #ZS4627,

4.00%, 8/1/45		96		91

Pool #ZS4629,

3.00%, 9/1/45		1,342		1,190

Pool #ZS4630,

3.50%, 9/1/45		195		178

Pool #ZS4634,

4.00%, 10/1/45		115		109

Pool #ZS4639,

4.00%, 11/1/45		118		112

Pool #ZS4642,

3.50%, 12/1/45		399		364

Pool #ZS4655,

3.50%, 3/1/46		195		178

Pool #ZS4667,

3.00%, 6/1/46		281		248

Pool #ZS4671,

3.00%, 8/1/46		633		558

Pool #ZS4677,

3.00%, 9/1/46		176		155

Pool #ZS4682,

3.00%, 10/1/46		233		205

Pool #ZS4703,

3.00%, 2/1/47		183		161

Pool #ZS4722,

3.50%, 6/1/47		178		163

Pool #ZS4730,

3.50%, 8/1/47		66		61

Pool #ZS4740,

4.00%, 10/1/47		318		299

Pool #ZS4743,

3.50%, 11/1/47		435		397



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #ZS4745,

4.50%, 11/1/47		$297		$289

Pool #ZS4747,

3.50%, 12/1/47		121		110

Pool #ZS4748,

4.00%, 12/1/47		330		312

Pool #ZS4749,

4.50%, 12/1/47		100		97

Pool #ZS4752,

4.00%, 1/1/48		261		247

Pool #ZS4759,

3.50%, 3/1/48		259		237

Pool #ZS4769,

4.00%, 5/1/48		140		133

Pool #ZS4773,

4.50%, 6/1/48		43		42

Pool #ZS4781,

4.50%, 7/1/48		108		105

Pool #ZS4785,

4.00%, 8/1/48		106		100

Pool #ZS6948,

2.50%, 11/1/28		107		103

Pool #ZS8023,

2.00%, 8/1/32		44		40

Pool #ZS8495,

2.50%, 8/1/28		503		480

Pool #ZS8628,

2.00%, 11/1/31		71		66

Pool #ZS8639,

2.00%, 1/1/32		25		23

Pool #ZS9449,

3.50%, 8/1/45		292		267

Pool #ZS9495,

3.50%, 10/1/45		469		429

Pool #ZS9580,

3.50%, 12/1/45		418		381

Pool #ZS9805,

3.00%, 9/1/46		432		381

Pool #ZS9827,

3.00%, 10/1/46		391		346

Pool #ZT0495,

4.50%, 8/1/48		47		45



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac – 9.1% continued

Pool #ZT0524,

4.50%, 9/1/48		$249		$241

Pool #ZT0542,

4.00%, 7/1/48		474		449

Pool #ZT0712,

4.00%, 10/1/48		151		142

Pool #ZT0787,

4.00%, 10/1/48		139		131

Pool #ZT1702,

4.00%, 1/1/49		261		245

Pool #ZT2091,

3.00%, 6/1/34		64		60

				214,423

Freddie Mac Gold – 0.3%

Pool #A16753,

5.00%, 11/1/33		24		24

Pool #A17665,

5.00%, 1/1/34		24		25

Pool #A27950,

5.50%, 11/1/34		57		58

Pool #A31136,

5.50%, 1/1/35		114		116

Pool #A39306,

5.50%, 11/1/35		21		22

Pool #A46224,

5.00%, 7/1/35		6		6

Pool #A48104,

5.00%, 1/1/36		27		27

Pool #A57604,

5.00%, 3/1/37		33		33

Pool #A58718,

5.50%, 3/1/37		5		5

Pool #A59081,

5.50%, 4/1/37		32		33

Pool #A61560,

5.50%, 10/1/36		73		75

Pool #A64474,

5.50%, 9/1/37		6		6

Pool #A67116,

7.00%, 10/1/37		13		13

Pool #A68761,

5.50%, 9/1/37		102		104



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac Gold – 0.3% continued

Pool #A69303,

6.00%, 11/1/37		$7		$8

Pool #A73778,

5.00%, 2/1/38		33		33

Pool #A74134,

7.00%, 2/1/38		17		18

Pool #A81606,

6.00%, 9/1/38		14		15

Pool #A83008,

5.50%, 11/1/38		85		87

Pool #A91541,

5.00%, 3/1/40		70		70

Pool #C91009,

5.00%, 11/1/26		1		1

Pool #C91247,

5.00%, 4/1/29		25		25

Pool #C91370,

4.50%, 5/1/31		58		57

Pool #C91826,

3.00%, 5/1/35		79		73

Pool #C91858,

3.00%, 12/1/35		81		75

Pool #C91879,

3.00%, 6/1/36		95		88

Pool #C91891,

3.00%, 9/1/36		120		110

Pool #C91904,

2.50%, 11/1/36		71		64

Pool #C91908,

3.00%, 1/1/37		47		43

Pool #D97564,

5.00%, 1/1/28		51		50

Pool #D99094,

3.00%, 3/1/32		69		65

Pool #E04044,

3.50%, 8/1/27		116		114

Pool #G02064,

5.00%, 2/1/36		38		38

Pool #G02069,

5.50%, 3/1/36		6		6

Pool #G02386,

6.00%, 11/1/36		56		59



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac Gold – 0.3% continued

Pool #G02391,

6.00%, 11/1/36		$2		$2

Pool #G02540,

5.00%, 11/1/34		20		20

Pool #G02649,

6.00%, 1/1/37		4		4

Pool #G02789,

6.00%, 4/1/37		291		302

Pool #G02911,

6.00%, 4/1/37		4		4

Pool #G02973,

6.00%, 6/1/37		8		8

Pool #G03121,

5.00%, 6/1/36		33		34

Pool #G03134,

5.50%, 8/1/36		15		16

Pool #G03218,

6.00%, 9/1/37		5		5

Pool #G03351,

6.00%, 9/1/37		16		16

Pool #G03513,

6.00%, 11/1/37		18		19

Pool #G03600,

7.00%, 11/1/37		9		9

Pool #G03737,

6.50%, 11/1/37		112		118

Pool #G03992,

6.00%, 3/1/38		20		21

Pool #G04287,

5.00%, 5/1/38		32		32

Pool #G04459,

5.50%, 6/1/38		29		30

Pool #G04611,

6.00%, 7/1/38		59		62

Pool #G04650,

6.50%, 9/1/38		24		25

Pool #G05733,

5.00%, 11/1/39		91		91

Pool #G05969,

5.00%, 8/1/40		45		45

Pool #G06767,

5.00%, 10/1/41		196		196



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac Gold – 0.3% continued

Pool #G06947,

6.00%, 5/1/40		$67		$70

Pool #G08189,

7.00%, 3/1/37		13		13

Pool #G08192,

5.50%, 4/1/37		14		15

Pool #G08341,

5.00%, 4/1/39		248		248

Pool #G14554,

4.50%, 7/1/26		2		2

Pool #G14891,

3.00%, 10/1/28		68		65

Pool #G15134,

3.00%, 5/1/29		53		51

Pool #G16562,

3.50%, 8/1/33		207		199

Pool #G16774,

3.50%, 2/1/34		98		94

Pool #G16786,

4.00%, 4/1/34		124		121

Pool #G18438,

2.50%, 6/1/27		55		53

Pool #G18571,

2.50%, 10/1/30		112		105

Pool #G18601,

3.00%, 5/1/31		148		141

Pool #G18664,

3.50%, 10/1/32		87		84

Pool #G18681,

3.00%, 3/1/33		292		275

Pool #G30327,

4.50%, 1/1/27		5		5

Pool #G31020,

2.50%, 2/1/37		27		24

Pool #G31057,

3.00%, 2/1/38		152		140

Pool #G67713,

4.00%, 6/1/48		523		495

Pool #J11136,

4.00%, 11/1/24		1		1

Pool #J12098,

4.50%, 4/1/25		23		23



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Freddie Mac Gold – 0.3% continued

Pool #J14808,

3.50%, 3/1/26		$61		$59

Pool #J16932,

3.00%, 10/1/26		37		36

Pool #J17055,

3.00%, 11/1/26		30		29

Pool #J17232,

3.00%, 11/1/26		34		33

Pool #J20834,

2.50%, 10/1/27		103		99

Pool #J22069,

2.50%, 1/1/28		28		27

Pool #J22986,

2.50%, 3/1/28		220		211

Pool #J30435,

3.00%, 1/1/30		140		134

Pool #J32244,

3.00%, 7/1/30		602		574

Pool #K90071,

3.00%, 2/1/33		201		189

Pool #K90641,

3.50%, 6/1/33		27		26

Pool #K90791,

3.00%, 7/1/33		116		109

Pool #V60886,

2.50%, 8/1/30		74		69

Pool #V60902,

2.50%, 8/1/30		62		58

Pool #V61347,

2.50%, 10/1/31		250		234

				6,816

Government National Mortgage Association I – 0.2%

Pool #510835,

5.50%, 2/15/35		8		8

Pool #553463,

3.50%, 1/15/42		248		232

Pool #597889,

5.50%, 6/15/33		56		58

Pool #614169,

5.00%, 7/15/33		15		15

Pool #616879,

3.50%, 2/15/42		196		183



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association I – 0.2% continued

Pool #617739,

6.00%, 10/15/37		$3		$3

Pool #634431,

6.00%, 9/15/34		9		10

Pool #641416,

5.50%, 4/15/35		44		45

Pool #646341,

6.00%, 11/15/36		8		8

Pool #648538,

5.00%, 12/15/35		47		47

Pool #651753,

5.50%, 3/15/36		4		4

Pool #670030,

3.00%, 7/15/45		167		149

Pool #675211,

6.50%, 3/15/38		5		5

Pool #675484,

5.50%, 6/15/38		14		14

Pool #676360,

6.50%, 10/15/37		2		2

Pool #682899,

6.00%, 9/15/40		96		99

Pool #687824,

5.50%, 8/15/38		38		39

Pool #687900,

5.00%, 9/15/38		51		52

Pool #687901,

5.00%, 9/15/38		17		17

Pool #692309,

6.00%, 1/15/39		18		19

Pool #697645,

5.50%, 10/15/38		16		17

Pool #698236,

5.00%, 6/15/39		103		104

Pool #698336,

4.50%, 5/15/39		96		94

Pool #699277,

6.00%, 9/15/38		3		3

Pool #700918,

5.50%, 11/15/38		21		21

Pool #700972,

5.50%, 11/15/38		9		9



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association I – 0.2% continued

Pool #703677,

5.50%, 6/15/39		$73		$75

Pool #704185,

5.50%, 1/15/39		14		14

Pool #704514,

4.50%, 5/15/39		208		205

Pool #717175,

4.50%, 6/15/39		105		103

Pool #719262,

5.00%, 8/15/40		59		59

Pool #720202,

4.50%, 7/15/39		82		81

Pool #723231,

4.00%, 10/15/39		83		79

Pool #723339,

5.00%, 9/15/39		46		46

Pool #726085,

4.00%, 11/15/24		3		3

Pool #728629,

4.50%, 1/15/40		148		146

Pool #736768,

3.00%, 11/15/42		423		382

Pool #737286,

4.50%, 5/15/40		116		114

Pool #737416,

3.50%, 9/15/25		6		6

Pool #738134,

3.50%, 4/15/26		15		14

Pool #738247,

4.50%, 4/15/41		59		58

Pool #745215,

4.00%, 7/15/25		6		6

Pool #747643,

4.50%, 8/15/40		142		140

Pool #760874,

3.50%, 2/15/26		17		16

Pool #768800,

4.50%, 6/15/41		30		29

Pool #773939,

4.00%, 11/15/41		183		174

Pool #778957,

3.50%, 3/15/42		248		232



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association I – 0.2% continued

Pool #782131,

5.50%, 12/15/36		$15		$15

Pool #782150,

5.50%, 4/15/37		21		21

Pool #782259,

5.00%, 2/15/36		41		42

Pool #782272,

5.50%, 2/15/38		36		37

Pool #782498,

6.00%, 12/15/38		17		18

Pool #782584,

5.00%, 3/15/39		22		22

Pool #782675,

4.50%, 6/15/24⁽¹⁰⁾		—		—

Pool #782696,

5.00%, 6/15/39		97		98

Pool #782831,

6.00%, 12/15/39		13		13

Pool #783176,

4.00%, 11/15/40		260		248

Pool #783740,

2.50%, 12/15/27		29		28

Pool #AA5391,

3.50%, 6/15/42		15		14

Pool #AA6089,

3.00%, 2/15/43		185		167

Pool #AB2761,

3.50%, 8/15/42		48		45

Pool #AB2891,

3.00%, 9/15/42		67		61

Pool #AD8781,

3.00%, 3/15/43		158		143

Pool #AD9016,

3.00%, 4/15/43		126		114

Pool #AL1763,

3.50%, 1/15/45		66		61

				4,386

Government National Mortgage Association II – 5.8%

Pool #3570,

6.00%, 6/20/34		19		19

Pool #3665,

5.50%, 1/20/35		48		49



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #3852,

6.00%, 5/20/36		$8		$9

Pool #3879,

6.00%, 7/20/36		22		22

Pool #3910,

6.00%, 10/20/36		12		13

Pool #3994,

5.00%, 6/20/37		8		8

Pool #4018,

6.50%, 8/20/37		30		32

Pool #4026,

5.00%, 9/20/37		10		10

Pool #4027,

5.50%, 9/20/37		5		5

Pool #4040,

6.50%, 10/20/37		7		7

Pool #4098,

5.50%, 3/20/38		37		38

Pool #4116,

6.50%, 4/20/38		15		15

Pool #4170,

6.00%, 6/20/38		28		29

Pool #4194,

5.50%, 7/20/38		64		66

Pool #4243,

5.00%, 9/20/38		16		16

Pool #4244,

5.50%, 9/20/38		19		20

Pool #4245,

6.00%, 9/20/38		10		10

Pool #4269,

6.50%, 10/20/38		14		15

Pool #4290,

5.50%, 11/20/38		12		13

Pool #4344,

6.00%, 1/20/39		22		23

Pool #4345,

6.50%, 1/20/39		16		17

Pool #4425,

5.50%, 4/20/39		38		39

Pool #4559,

5.00%, 10/20/39		77		78



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #4561,

6.00%, 10/20/39		$45		$46

Pool #4617,

4.50%, 1/20/40		23		22

Pool #4619,

5.50%, 1/20/40		88		91

Pool #4713,

4.50%, 6/20/40		65		64

Pool #4747,

5.00%, 7/20/40		59		59

Pool #4881,

3.50%, 12/20/40		254		236

Pool #4882,

4.00%, 12/20/40		563		542

Pool #4923,

4.50%, 1/20/41		60		59

Pool #5050,

4.00%, 5/20/26		17		16

Pool #5081,

4.00%, 6/20/41		96		92

Pool #5082,

4.50%, 6/20/41		97		95

Pool #5114,

4.00%, 7/20/41		360		347

Pool #5141,

5.00%, 8/20/41		58		59

Pool #5175,

4.50%, 9/20/41		57		57

Pool #5202,

3.50%, 10/20/41		153		142

Pool #5203,

4.00%, 10/20/41		91		87

Pool #5232,

3.50%, 11/20/41		286		266

Pool #5264,

5.50%, 12/20/41		6		6

Pool #5280,

4.00%, 1/20/42		105		100

Pool #5304,

3.50%, 2/20/42		107		99

Pool #5317,

5.50%, 2/20/42		48		50



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #5331,

3.50%, 3/20/42		$168		$156

Pool #626951,

3.00%, 6/20/45		472		411

Pool #737602,

4.00%, 11/20/40		140		133

Pool #752757,

4.50%, 11/20/40		184		180

Pool #755677,

4.00%, 12/20/40		81		78

Pool #766711,

4.00%, 5/20/42		447		429

Pool #782433,

6.00%, 10/20/38		41		42

Pool #783976,

3.50%, 4/20/43		1,247		1,144

Pool #784345,

3.50%, 7/20/47		356		336

Pool #AA5970,

3.00%, 1/20/43		500		445

Pool #AA6149,

3.00%, 3/20/43		485		441

Pool #AA6160,

3.50%, 3/20/43		154		142

Pool #AA6243,

3.50%, 4/20/43		49		44

Pool #AB9443,

3.50%, 11/20/42		197		180

Pool #AD1755,

3.50%, 2/20/43		307		281

Pool #AD8825,

3.50%, 3/20/43		159		145

Pool #AF5097,

4.00%, 8/20/43		428		409

Pool #AJ0645,

3.50%, 7/20/44		140		128

Pool #AJ3643,

4.00%, 10/20/44		338		321

Pool #AO7682,

4.00%, 8/20/45		304		288

Pool #BB6965,

3.50%, 7/20/47		256		235



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #BE9902,

4.50%, 6/20/48		$83		$80

Pool #MA0006,

2.50%, 4/20/27		21		20

Pool #MA0022,

3.50%, 4/20/42		166		154

Pool #MA0088,

3.50%, 5/20/42		376		350

Pool #MA0220,

3.50%, 7/20/42		196		182

Pool #MA0318,

3.50%, 8/20/42		363		338

Pool #MA0321,

5.00%, 8/20/42		83		84

Pool #MA0391,

3.00%, 9/20/42		843		759

Pool #MA0392,

3.50%, 9/20/42		163		151

Pool #MA0698,

3.00%, 1/20/43		198		178

Pool #MA0826,

3.00%, 3/20/28		30		29

Pool #MA0850,

2.50%, 3/20/43		82		71

Pool #MA0851,

3.00%, 3/20/43		286		257

Pool #MA0933,

3.00%, 4/20/43		346		311

Pool #MA0934,

3.50%, 4/20/43		113		105

Pool #MA1011,

3.00%, 5/20/43		333		300

Pool #MA1012,

3.50%, 5/20/43		306		284

Pool #MA1089,

3.00%, 6/20/43		352		317

Pool #MA1224,

3.50%, 8/20/43		247		230

Pool #MA1285,

3.50%, 9/20/43		146		136

Pool #MA1839,

4.00%, 4/20/44		74		71



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #MA1920,

4.00%, 5/20/44		$78		$75

Pool #MA2224,

4.00%, 9/20/44		444		427

Pool #MA2444,

3.00%, 12/20/44		52		47

Pool #MA2521,

3.50%, 1/20/45		219		203

Pool #MA2522,

4.00%, 1/20/45		95		91

Pool #MA2677,

3.00%, 3/20/45		106		95

Pool #MA2753,

3.00%, 4/20/45		290		261

Pool #MA2754,

3.50%, 4/20/45		117		108

Pool #MA2891,

3.00%, 6/20/45		322		288

Pool #MA2892,

3.50%, 6/20/45		110		102

Pool #MA2960,

3.00%, 7/20/45		265		238

Pool #MA3034,

3.50%, 8/20/45		321		297

Pool #MA3104,

3.00%, 9/20/45		382		344

Pool #MA3106,

4.00%, 9/20/45		278		266

Pool #MA3172,

3.00%, 10/20/45		70		63

Pool #MA3174,

4.00%, 10/20/45		155		148

Pool #MA3244,

3.50%, 11/20/45		245		227

Pool #MA3245,

4.00%, 11/20/45		569		543

Pool #MA3310,

3.50%, 12/20/45		923		854

Pool #MA3378,

4.50%, 1/20/46		358		353

Pool #MA3521,

3.50%, 3/20/46		455		419



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #MA3522,

4.00%, 3/20/46		$131		$125

Pool #MA3596,

3.00%, 4/20/46		260		233

Pool #MA3597,

3.50%, 4/20/46		460		426

Pool #MA3662,

3.00%, 5/20/46		432		387

Pool #MA3663,

3.50%, 5/20/46		274		253

Pool #MA3664,

4.00%, 5/20/46		125		119

Pool #MA3735,

3.00%, 6/20/46		523		468

Pool #MA3736,

3.50%, 6/20/46		354		327

Pool #MA3777,

2.50%, 7/20/31		43		40

Pool #MA3778,

3.00%, 7/20/31		56		54

Pool #MA3802,

3.00%, 7/20/46		616		551

Pool #MA3803,

3.50%, 7/20/46		521		482

Pool #MA3873,

3.00%, 8/20/46		236		212

Pool #MA3874,

3.50%, 8/20/46		246		228

Pool #MA3912,

2.50%, 9/20/31		63		59

Pool #MA3936,

3.00%, 9/20/46		541		484

Pool #MA4002,

2.50%, 10/20/46		41		35

Pool #MA4003,

3.00%, 10/20/46		361		323

Pool #MA4067,

2.50%, 11/20/46		337		292

Pool #MA4101,

2.50%, 12/20/31		34		32

Pool #MA4125,

2.50%, 12/20/46		23		20



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #MA4196,

3.50%, 1/20/47		$371		$342

Pool #MA4322,

4.00%, 3/20/47		143		136

Pool #MA4382,

3.50%, 4/20/47		117		108

Pool #MA4509,

3.00%, 6/20/47		564		504

Pool #MA4512,

4.50%, 6/20/47		209		205

Pool #MA4624,

3.00%, 8/20/32		47		45

Pool #MA4652,

3.50%, 8/20/47		486		448

Pool #MA4718,

3.00%, 9/20/47		1,324		1,184

Pool #MA4719,

3.50%, 9/20/47		753		694

Pool #MA4778,

3.50%, 10/20/47		474		437

Pool #MA4838,

4.00%, 11/20/47		67		64

Pool #MA4900,

3.50%, 12/20/47		477		439

Pool #MA4962,

3.50%, 1/20/48		441		406

Pool #MA4963,

4.00%, 1/20/48		163		154

Pool #MA5021,

4.50%, 2/20/48		219		214

Pool #MA5077,

3.50%, 3/20/48		514		474

Pool #MA5137,

4.00%, 4/20/48		69		66

Pool #MA5191,

3.50%, 5/20/48		300		276

Pool #MA5264,

4.00%, 6/20/48		174		164

Pool #MA5265,

4.50%, 6/20/48		172		167

Pool #MA5266,

5.00%, 6/20/48		230		230



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #MA5330,

4.00%, 7/20/48		$229		$216

Pool #MA5331,

4.50%, 7/20/48		348		339

Pool #MA5398,

4.00%, 8/20/48		161		152

Pool #MA5399,

4.50%, 8/20/48		174		169

Pool #MA5466,

4.00%, 9/20/48		393		372

Pool #MA5467,

4.50%, 9/20/48		203		198

Pool #MA5528,

4.00%, 10/20/48		226		213

Pool #MA5529,

4.50%, 10/20/48		199		194

Pool #MA5595,

4.00%, 11/20/48		79		75

Pool #MA5653,

5.00%, 12/20/48		257		256

Pool #MA5818,

4.50%, 3/20/49		202		197

Pool #MA5931,

4.00%, 5/20/49		409		387

Pool #MA5985,

3.50%, 6/20/49		428		395

Pool #MA6040,

4.00%, 7/20/49		487		461

Pool #MA6217,

2.50%, 10/20/49		191		164

Pool #MA6218,

3.00%, 10/20/49		706		629

Pool #MA6282,

2.50%, 11/20/49		507		435

Pool #MA6283,

3.00%, 11/20/49		1,073		955

Pool #MA6310,

3.00%, 12/20/34		42		39

Pool #MA6337,

2.50%, 12/20/49		150		129

Pool #MA6338,

3.00%, 12/20/49		1,606		1,428



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #MA6339,

3.50%, 12/20/49		$824		$758

Pool #MA6408,

2.50%, 1/20/50		396		340

Pool #MA6409,

3.00%, 1/20/50		462		411

Pool #MA6410,

3.50%, 1/20/50		826		760

Pool #MA6655,

2.50%, 5/20/50		330		283

Pool #MA6709,

2.50%, 6/20/50		1,533		1,312

Pool #MA6765,

2.50%, 7/20/50		1,765		1,509

Pool #MA6819,

2.50%, 8/20/50		982		840

Pool #MA6820,

3.00%, 8/20/50		766		677

Pool #MA6865,

2.50%, 9/20/50		761		651

Pool #MA6866,

3.00%, 9/20/50		4,898		4,349

Pool #MA6930,

2.00%, 10/20/50		1,164		956

Pool #MA6931,

2.50%, 10/20/50		2,475		2,116

Pool #MA6994,

2.00%, 11/20/50		1,519		1,246

Pool #MA6995,

2.50%, 11/20/50		1,216		1,040

Pool #MA7051,

2.00%, 12/20/50		2,028		1,665

Pool #MA7052,

2.50%, 12/20/50		1,393		1,191

Pool #MA7135,

2.00%, 1/20/51		3,985		3,271

Pool #MA7136,

2.50%, 1/20/51		1,598		1,365

Pool #MA7164,

2.00%, 2/20/36		345		309

Pool #MA7192,

2.00%, 2/20/51		3,213		2,636



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #MA7193,

2.50%, 2/20/51		$729		$623

Pool #MA7254,

2.00%, 3/20/51		3,561		2,922

Pool #MA7311,

2.00%, 4/20/51		2,189		1,796

Pool #MA7312,

2.50%, 4/20/51		1,369		1,168

Pool #MA7366,

2.00%, 5/20/51		820		673

Pool #MA7367,

2.50%, 5/20/51		778		664

Pool #MA7417,

2.00%, 6/20/51		3,776		3,097

Pool #MA7418,

2.50%, 6/20/51		1,480		1,264

Pool #MA7471,

2.00%, 7/20/51		2,963		2,431

Pool #MA7472,

2.50%, 7/20/51		2,306		1,968

Pool #MA7534,

2.50%, 8/20/51		2,036		1,738

Pool #MA7535,

3.00%, 8/20/51		962		849

Pool #MA7588,

2.00%, 9/20/51		1,617		1,326

Pool #MA7589,

2.50%, 9/20/51		3,190		2,722

Pool #MA7647,

1.50%, 10/20/51		419		330

Pool #MA7649,

2.50%, 10/20/51		1,547		1,319

Pool #MA7704,

2.00%, 11/20/51		1,675		1,374

Pool #MA7705,

2.50%, 11/20/51		1,646		1,405

Pool #MA7880,

2.00%, 2/20/52		1,735		1,424

Pool #MA7881,

2.50%, 2/20/52		1,289		1,099

Pool #MA7936,

2.50%, 3/20/52		863		736



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #MA7988,

3.00%, 4/20/52		$1,755		$1,549

Pool #MA7989,

3.50%, 4/20/52		533		486

Pool #MA8042,

2.50%, 5/20/52		1,756		1,498

Pool #MA8148,

3.00%, 7/20/52		617		545

Pool #MA8151,

4.50%, 7/20/52		1,815		1,747

Pool #MA8201,

4.50%, 8/20/52		731		704

Pool #MA8266,

3.50%, 9/20/52		922		840

Pool #MA8267,

4.00%, 9/20/52		1,852		1,734

Pool #MA8268,

4.50%, 9/20/52		922		888

Pool #MA8429,

5.50%, 11/20/52		273		273

Pool #MA8430,

6.00%, 11/20/52		84		85

Pool #MA8489,

4.50%, 12/20/52		1,886		1,815

Pool #MA8490,

5.00%, 12/20/52		1,861		1,831

Pool #MA8491,

5.50%, 12/20/52		1,818		1,819

Pool #MA8492,

6.00%, 12/20/52		504		509

Pool #MA8569,

5.00%, 1/20/53		1,880		1,849

Pool #MA8723,

4.00%, 3/20/53		1,802		1,687

Pool #MA8945,

4.00%, 6/20/53		290		272

Pool #MA8947,

5.00%, 6/20/53		976		960

Pool #MA8948,

5.50%, 6/20/53		963		963

Pool #MA8949,

6.00%, 6/20/53		2,275		2,298



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 27.7% ⁽¹¹⁾ continued

Government National Mortgage Association II – 5.8% continued

Pool #MA8950,

6.50%, 6/20/53		$1,267		$1,289

Pool #MA9015,

4.50%, 7/20/53		982		944

Pool #MA9016,

5.00%, 7/20/53		2,356		2,316

Pool #MA9017,

5.50%, 7/20/53		1,562		1,562

Pool #MA9106,

5.50%, 8/20/53		983		983

Pool #MA9107,

6.00%, 8/20/53		490		495

Pool #MA9240,

5.00%, 10/20/53		793		780

Pool #MA9241,

5.50%, 10/20/53		792		792

Pool #MA9242,

6.00%, 10/20/53		988		998

Pool #MA9243,

6.50%, 10/20/53		493		502

Pool #MA9244,

7.00%, 10/20/53		492		503

Pool #MA9305, 11/20/53⁽²⁾		990		990

5.50%, 11/20/53		298		298

Pool #MA9306,

6.00%, 11/20/53		694		701

Pool #MA9307,
6.50%, 11/20/53		495		504
Pool #MA9366,
7.50%, 12/20/53		199		204
Pool #MA9424,
6.00%, 1/20/54		498		503
Pool #MA9425,
6.50%, 1/20/54		1,193		1,214
Pool #MA9426,

7.00%, 1/20/54		694		710

				137,475

Tennessee Valley Authority – 0.1%

5.25%, 9/15/39		1,650		1,731

Total U.S. Government Agencies

(Cost $739,842)				651,934



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 41.2%

U.S. Treasury Bonds – 8.5%

4.50%, 2/15/36		$700		$729

4.75%, 2/15/37		500		532

5.00%, 5/15/37		500		544

4.38%, 2/15/38		1,000		1,021

4.50%, 5/15/38		1,000		1,033

3.50%, 2/15/39		1,000		920

4.25%, 5/15/39		1,100		1,099

4.50%, 8/15/39		1,000		1,026

4.38%, 11/15/39		1,500		1,515

4.63%, 2/15/40		1,500		1,556

1.13%, 5/15/40		4,000		2,504

4.38%, 5/15/40		2,000		2,014

1.13%, 8/15/40		4,500		2,791

3.88%, 8/15/40		1,000		945

1.38%, 11/15/40		5,000		3,221

4.25%, 11/15/40		1,500		1,482

1.88%, 2/15/41		6,000		4,190

4.75%, 2/15/41		1,000		1,048

2.25%, 5/15/41		5,000		3,700

4.38%, 5/15/41		1,000		1,000

1.75%, 8/15/41		5,500		3,718

3.75%, 8/15/41		1,000		922

2.00%, 11/15/41		5,000		3,514

3.13%, 11/15/41		1,500		1,262

2.38%, 2/15/42		4,750		3,539

3.13%, 2/15/42		1,000		838

3.00%, 5/15/42		750		615

3.25%, 5/15/42		4,000		3,406

2.75%, 8/15/42		1,500		1,179

3.38%, 8/15/42		3,500		3,028

2.75%, 11/15/42		2,000		1,568

4.00%, 11/15/42		3,500		3,302

3.13%, 2/15/43		1,000		830

3.88%, 2/15/43		3,500		3,240

2.88%, 5/15/43		3,000		2,388

3.88%, 5/15/43		3,500		3,235

3.63%, 8/15/43		1,400		1,247

4.38%, 8/15/43		3,800		3,760

3.75%, 11/15/43		2,000		1,812

4.75%, 11/15/43		3,000		3,117

3.63%, 2/15/44		2,000		1,777

3.38%, 5/15/44		1,000		855

3.13%, 8/15/44		2,500		2,051



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 41.2% continued

U.S. Treasury Bonds – 8.5% continued

3.00%, 11/15/44		$2,500		$2,005

2.50%, 2/15/45		3,000		2,197

3.00%, 5/15/45		1,500		1,198

2.88%, 8/15/45		2,000		1,559

3.00%, 11/15/45		1,250		994

2.50%, 2/15/46		2,500		1,811

2.50%, 5/15/46		2,500		1,807

2.25%, 8/15/46		3,000		2,057

2.88%, 11/15/46		1,500		1,158

3.00%, 2/15/47		2,500		1,970

3.00%, 5/15/47		2,000		1,574

2.75%, 8/15/47		3,000		2,249

2.75%, 11/15/47		3,000		2,246

3.00%, 2/15/48		3,500		2,742

3.13%, 5/15/48		3,500		2,804

3.00%, 8/15/48		4,000		3,127

3.38%, 11/15/48		4,000		3,349

3.00%, 2/15/49		4,500		3,515

2.88%, 5/15/49		4,500		3,429

2.25%, 8/15/49		4,000		2,672

2.38%, 11/15/49		4,000		2,745

2.00%, 2/15/50		4,500		2,824

1.25%, 5/15/50		5,500		2,819

1.38%, 8/15/50		6,000		3,176

1.63%, 11/15/50		6,000		3,396

1.88%, 2/15/51		6,500		3,924

2.38%, 5/15/51		7,000		4,762

2.00%, 8/15/51		7,000		4,346

1.88%, 11/15/51		6,500		3,902

2.25%, 2/15/52		5,500		3,625

2.88%, 5/15/52		5,500		4,170

3.00%, 8/15/52		5,000		3,891

4.00%, 11/15/52		5,000		4,710

3.63%, 2/15/53		5,000		4,399

3.63%, 5/15/53		5,000		4,401

4.13%, 8/15/53		5,500		5,295

4.75%, 11/15/53		6,000		6,416

4.25%, 2/15/54		3,500		3,449

				200,786

U.S. Treasury Notes – 32.7%

2.63%, 4/15/25		5,000		4,880

0.38%, 4/30/25		5,000		4,760

3.88%, 4/30/25		5,000		4,941



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 41.2% continued

U.S. Treasury Notes – 32.7% continued

2.13%, 5/15/25		$5,000		$4,846

2.75%, 5/15/25		5,000		4,880

4.25%, 5/31/25		5,000		4,960

2.75%, 6/30/25		5,000		4,871

4.63%, 6/30/25		5,000		4,982

3.00%, 7/15/25		5,000		4,883

0.25%, 7/31/25		5,000		4,704

4.75%, 7/31/25		5,000		4,992

2.00%, 8/15/25		5,000		4,813

3.13%, 8/15/25		5,000		4,887

0.25%, 8/31/25		5,000		4,689

5.00%, 8/31/25		5,000		5,011

3.00%, 9/30/25		5,000		4,871

5.00%, 9/30/25		5,000		5,013

4.25%, 10/15/25		5,000		4,960

0.25%, 10/31/25		5,000		4,658

4.50%, 11/15/25		10,000		9,957

2.88%, 11/30/25		5,000		4,851

4.88%, 11/30/25		10,000		10,016

2.63%, 12/31/25		10,000		9,652

4.25%, 12/31/25		5,000		4,960

3.88%, 1/15/26		5,000		4,929

0.38%, 1/31/26		5,000		4,623

4.25%, 1/31/26		5,000		4,962

1.63%, 2/15/26		5,000		4,729

4.00%, 2/15/26		5,000		4,939

0.50%, 2/28/26		5,000		4,622

4.63%, 2/28/26		6,000		5,996

4.63%, 3/15/26		5,000		4,997

0.75%, 3/31/26		5,000		4,634

4.50%, 3/31/26		5,000		4,989

0.75%, 4/30/26		5,000		4,621

1.63%, 5/15/26		5,000		4,701

3.63%, 5/15/26		10,000		9,804

0.88%, 6/30/26		10,000		9,223

0.63%, 7/31/26		10,000		9,141

1.50%, 8/15/26		10,000		9,322

4.38%, 8/15/26		5,000		4,982

0.75%, 8/31/26		5,000		4,572

4.63%, 9/15/26		5,000		5,013

1.63%, 9/30/26		5,000		4,665

4.63%, 10/15/26		10,000		10,032

1.13%, 10/31/26		10,000		9,188



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 41.2% continued

U.S. Treasury Notes – 32.7% continued

2.00%, 11/15/26		$10,000		$9,391

4.63%, 11/15/26		10,000		10,036

1.25%, 11/30/26		5,000		4,599

4.38%, 12/15/26		5,000		4,989

1.25%, 12/31/26		5,000		4,592

1.50%, 1/31/27		10,000		9,225

2.25%, 2/15/27		5,000		4,709

1.13%, 2/28/27		5,000		4,554

4.25%, 3/15/27		5,000		4,979

2.50%, 3/31/27		5,000		4,736

2.75%, 4/30/27		5,000		4,763

2.38%, 5/15/27		5,000		4,707

0.50%, 5/31/27		5,000		4,430

3.25%, 6/30/27		7,000		6,763

2.75%, 7/31/27		10,000		9,501

2.25%, 8/15/27		10,000		9,341

0.50%, 8/31/27		5,000		4,394

4.13%, 9/30/27		5,000		4,963

0.50%, 10/31/27		5,000		4,368

4.13%, 10/31/27		5,000		4,963

2.25%, 11/15/27		5,000		4,653

0.63%, 11/30/27		5,000		4,378

0.63%, 12/31/27		5,000		4,366

3.88%, 12/31/27		5,000		4,922

0.75%, 1/31/28		5,000		4,377

3.50%, 1/31/28		5,000		4,856

2.75%, 2/15/28		5,000		4,722

4.00%, 2/29/28		5,000		4,944

1.25%, 3/31/28		5,000		4,445

3.63%, 3/31/28		5,000		4,877

1.25%, 4/30/28		5,500		4,879

3.50%, 4/30/28		5,000		4,853

2.88%, 5/15/28		5,000		4,734

3.63%, 5/31/28		5,000		4,876

1.25%, 6/30/28		5,000		4,417

4.00%, 6/30/28		5,000		4,947

1.00%, 7/31/28		5,000		4,359

4.13%, 7/31/28		5,000		4,971

2.88%, 8/15/28		5,000		4,724

1.13%, 8/31/28		5,000		4,375

4.38%, 8/31/28		5,000		5,023

1.25%, 9/30/28		5,000		4,389

4.63%, 9/30/28		5,000		5,075



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 41.2% continued

U.S. Treasury Notes – 32.7% continued

1.38%, 10/31/28		$5,000		$4,407

4.88%, 10/31/28		5,000		5,128

3.13%, 11/15/28		5,000		4,765

1.50%, 11/30/28		5,000		4,425

4.38%, 11/30/28		5,000		5,029

1.38%, 12/31/28		5,000		4,389

3.75%, 12/31/28		5,000		4,896

1.75%, 1/31/29		5,000		4,462

4.00%, 1/31/29		5,000		4,951

2.63%, 2/15/29		5,000		4,647

1.88%, 2/28/29		5,000		4,482

2.38%, 3/31/29		5,000		4,585

2.88%, 4/30/29		5,000		4,693

2.38%, 5/15/29		5,000		4,577

2.75%, 5/31/29		5,000		4,660

3.25%, 6/30/29		5,000		4,771

1.63%, 8/15/29		5,000		4,391

3.13%, 8/31/29		5,000		4,737

3.88%, 9/30/29		5,000		4,915

3.88%, 11/30/29		5,000		4,913

1.50%, 2/15/30		5,000		4,302

3.50%, 4/30/30		5,000		4,808

0.63%, 5/15/30		5,000		4,041

3.75%, 5/31/30		5,000		4,872

0.63%, 8/15/30		5,000		4,007

4.88%, 10/31/30		5,000		5,185

0.88%, 11/15/30		5,000		4,050

4.00%, 1/31/31		5,000		4,938

1.13%, 2/15/31		5,000		4,103

4.13%, 3/31/31		5,000		4,976

1.38%, 11/15/31		10,000		8,175

1.88%, 2/15/32		15,000		12,680

2.88%, 5/15/32		15,000		13,631

2.75%, 8/15/32		15,000		13,465

4.13%, 11/15/32		15,000		14,910

3.50%, 2/15/33		15,000		14,218

3.38%, 5/15/33		15,000		14,065

3.88%, 8/15/33		15,000		14,616



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 41.2% continued

U.S. Treasury Notes – 32.7% continued

4.50%, 11/15/33		$15,000		$15,347

4.00%, 2/15/34		15,000		14,766

				769,864

Total U.S. Government Obligations

(Cost $1,045,379)				970,650


MUNICIPAL BONDS - 0.5%

Arizona – 0.0%

Salt River Project Agricultural Improvement & Power District Electric Revenue Bonds, Build America Bonds,

4.84%, 1/1/41		110		107

California – 0.2%

Bay Area Toll Authority Toll Bridge Subordinate Revenue Bonds, Series S1, Build America Bonds,

7.04%, 4/1/50		150		182

Bay Area Toll Authority Toll Bridge Taxable Revenue Bonds, Series S3, Build America Bonds,

6.91%, 10/1/50		150		181

California State G.O. Unlimited Bonds, Build America Bonds,

7.30%, 10/1/39		920		1,082

7.63%, 3/1/40		405		494

7.60%, 11/1/40		100		124

East Bay Municipal Utility District Water System Subordinated Revenue Bonds, Build America Bonds,

5.87%, 6/1/40		300		322

Los Angeles Community College District G.O. Unlimited Bonds, Build America Bonds,

6.75%, 8/1/49		150		175

Los Angeles Unified School District G.O. Unlimited Bonds, Series RY, Build America Bonds,

6.76%, 7/1/34		290		320

Los Angeles Unified School District Taxable G.O. Unlimited Bonds, Series KR, Build America Bonds,

5.75%, 7/1/34		335		347

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 0.5% continued

California – 0.2% continued

San Diego County Water Authority Financing Agency Water Revenue Bonds, Build America Bonds,

6.14%, 5/1/49

$100

$109

San Francisco City & County Public Utilities Commission Water Revenue Bonds, Build America Bonds,

6.95%, 11/1/50

University of California Taxable General Revenue Bonds, Series AD,

4.86%, 5/15/12⁽⁷⁾

500

465

3,889

Connecticut – 0.0%

Connecticut State Taxable G.O. Unlimited Bonds, Series A,

5.85%, 3/15/32

300

314

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

110

Municipal Electric Authority of Georgia Taxable Revenue Bonds, Build America Bonds,

6.64%, 4/1/57

7.06%, 4/1/57

285

324

509

Illinois – 0.1%

Chicago Transit Authority Sales & Transfer Tax Receipts Pension Funding Taxable Revenue Bonds, Series A,

6.90%, 12/1/40

281

318

Chicago Transit Authority Sales Tax Receipts Revenue Bonds, Series B, Build America Bonds,

6.20%, 12/1/40

140

149

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 0.5% continued

Illinois – 0.1% continued

Illinois State Taxable Pension G.O. Unlimited Bonds,

5.10%, 6/1/33

$705

$700

1,167

Massachusetts – 0.0%

Massachusetts State G.O. Limited Bonds, Series D, Build America Bonds,

4.50%, 8/1/31

250

247

Massachusetts State School Building Authority Sales TRB, Build America Bonds,

5.72%, 8/15/39

100

105

352

Mississippi – 0.0%

Mississippi State G.O. Unlimited Bonds, Series F, Build America Bonds,

5.25%, 11/1/34

100

100

Nevada – 0.0%

Clark County Airport System Taxable Revenue Bonds, Series C, Build America Bonds,

6.82%, 7/1/45

200

236

New Jersey – 0.0%

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series B, Build America Bonds,

6.56%, 12/15/40

200

219

New Jersey State Turnpike Authority Taxable Revenue Bonds, Build America Bonds,

7.41%, 1/1/40

125

149

Rutgers State University Revenue Bonds, Build America Bonds,

5.67%, 5/1/40

145

152

520

New York – 0.1%

Metropolitan Transportation Authority Dedicated Tax Fund Taxable Revenue Bonds, Build America Bonds,

7.34%, 11/15/39



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 0.5% continued

New York – 0.1% continued

Metropolitan Transportation Authority Taxable Revenue Bonds, Build America Bonds,

6.81%, 11/15/40		$60		$67

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Build America Bonds,

5.75%, 6/15/41		200		208

5.72%, 6/15/42		250		259

New York City Transitional Finance Authority Future Taxable Revenue Bonds, Build America Bonds,

5.77%, 8/1/36		280		289

New York G.O. Unlimited Bonds, Build America Bonds,

5.52%, 10/1/37		100		102

New York State Dormitory Authority Personal Income TRB, Series D, Build America Bonds,

5.60%, 3/15/40		250		252

New York State Dormitory Authority State Personal Income Tax Build America Revenue Bonds, Unrefunded Balance,

5.63%, 3/15/39		75		77

New York State Urban Development Corp. Taxable Revenue Bonds, Build America Bonds,

5.77%, 3/15/39		90		92

Port Authority of New York & New Jersey Consolidated 164th Taxable Revenue Bonds,

5.65%, 11/1/40		350		375

Port Authority of New York & New Jersey Consolidated 165th Taxable Revenue Bonds,

5.65%, 11/1/40		200		214

Port Authority of New York & New Jersey Consolidated 168th Revenue Bonds,

4.93%, 10/1/51		250		243

				2,268

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 0.5% continued

Ohio – 0.0%

American Municipal Power-Ohio, Inc., Revenue Bonds, Subseries B, Build America Bonds,

6.45%, 2/15/44

$200

$217

American Municipal Power-Ohio, Inc., Taxable Revenue Bonds, Series B, Build America Bonds, Combined Hydroelectric Projects,

8.08%, 2/15/50

300

398

Ohio State University Revenue Bonds, Series C, Build America Bonds,

4.91%, 6/1/40

190

187

Ohio State University Taxable Revenue Bonds, Series A,

4.80%, 6/1/11⁽⁴⁾

200

180

982

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

209

Pennsylvania – 0.0%

State Public School Building Authority Taxable Revenue Bonds, Series A, Qualified School Construction Bonds,

5.00%, 9/15/27

200

200

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

115

Texas – 0.1%

Dallas Area Rapid Transit Sales TRB, Build America Bonds,

5.02%, 12/1/48

180

174

Dallas Independent School District Taxable G.O. Unlimited Bonds, Series C, Build America Bonds (PSF, Gtd.),

6.45%, 2/15/35

200

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 0.5% continued

Texas – 0.1% continued

North Texas Tollway Authority Revenue Bonds, Build America Bonds,

6.72%, 1/1/49

$125

$148

San Antonio Electric & Gas Revenue Bonds, Build America Bonds,

5.99%, 2/1/39

200

216

Texas State Taxable G.O. Unlimited Bonds, Build America Bonds,

5.52%, 4/1/39

200

207

Texas Transportation Commission State Highway Fund Taxable Revenue Bonds, Series B, First Tier,

5.18%, 4/1/30

300

University of Texas Revenue Bonds, Series C, Build America Bonds,

4.79%, 8/15/46

100

1,340

Virginia – 0.0%

University of Virginia University Taxable Revenue Refunding Bonds,

2.26%, 9/1/50

300

183

Washington – 0.0%

Central Puget Sound Regional Transportation Authority Sales & Use TRB, Build America Bonds,

5.49%, 11/1/39

Washington State G.O. Unlimited Bonds, Series F, Build America Bonds,

5.14%, 8/1/40

100

182

Total Municipal Bonds

(Cost $12,387)

12,704

NUMBER

OF SHARES

VALUE

(000S)

OTHER – 0 . 0 %

Escrow Lehman Brothers Holdings Capital Trust VII^{(1) (14)
*}

50,000

$—

Total Other

(Cost $39)

—

NUMBER

OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 1.2%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

5.13%^{(15) (16)}

27,961,726

$27,962

Total Investment Companies

(Cost $27,962)

27,962

Total Investments – 100.0%

(Cost $2,567,384)

2,356,715

Other Assets less Liabilities – 0.0%

451

NET ASSETS – 100.0%

$2,357,166

⁽¹⁾

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

⁽²⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2024.

⁽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, 2024.

⁽⁴⁾

Century bond maturing in 2111.

⁽⁵⁾

Century bond maturing in 2114.

⁽⁶⁾

Century bond maturing in 2116.

⁽⁷⁾

Century bond maturing in 2112.

⁽⁸⁾

⁽⁹⁾

Zero coupon bond.

⁽¹⁰⁾

Principal Amount and Value rounds to less than one thousand.

⁽¹¹⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽¹²⁾

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.

⁽¹³⁾

Variable or floating rate security. Rate as of March 31, 2024 is disclosed.

⁽¹⁴⁾

Issuer has defaulted on terms of debt obligation.

⁽¹⁵⁾

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

⁽¹⁶⁾

7-day current yield as of March 31, 2024 is disclosed.

*	Non-Income Producing Security

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

IBOR - Interbank Offered Rates

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, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		0.5	%

Commercial Mortgage-Backed Securities		0.8	%

Corporate Bonds		21.1	%

Foreign Issuer Bonds		7.0	%

U.S. Government Agencies		27.7	%

U.S. Government Obligations		41.2	%

Municipal Bonds		0.5	%

Other		0.0	%

Investment Companies		1.2	%

⁽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⁾	$	—	$	11,442		$200	$	11,642

Commercial Mortgage-Backed Securities		—		19,304		—		19,304

Corporate Bonds⁽¹⁾		—		497,374		—		497,374

Foreign Issuer Bonds⁽¹⁾		—		165,145		—		165,145

U.S. Government Agencies⁽¹⁾		—		651,934		—		651,934

U.S. Government Obligations⁽¹⁾		—		970,650		—		970,650

Municipal Bonds⁽¹⁾		—		12,704		—		12,704

Investment Companies		27,962		—		—		27,962

Total Investments	$	27,962	$	2,328,553		$200	$	2,356,715

⁽¹⁾

Classifications as defined in the Schedule of Investments.

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS – 1.2%

U.S. Treasury Notes – 1.2%

4.00%, 2/15/34

$3,020

$2,973

Total U.S. Government Obligations

(Cost $2,988)

2,973

MUNICIPAL BONDS - 90.2%

California – 90.2%

Alameda County Unified School District G.O. Unlimited Bonds, Series B, Election of 2014,

5.00%, 8/1/42

2,000

2,113

Albany Unified School District G.O. Unlimited Bonds, Series B, Measure B, Election of 2016,

5.00%, 8/1/43

1,000

1,038

Azusa Unified School District G.O. Unlimited Bonds, Series C, Election of 2014,

5.00%, 8/1/44

1,700

1,828

Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area,

2.95%, 4/1/26^{(1) (2)}

7,175

7,035

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,

4.00%, 8/1/31^{(1) (2)}

3,500

3,520

California Community Choice Financing Authority Revenue Bonds, Clean Energy Project, Green Bonds,

4.00%, 12/1/27^{(1) (2)}

1,400

1,408

California Community Choice Financing Authority Variable Revenue Bonds, Clean Energy Project, Green Bonds,

5.00%, 8/1/29^{(1) (2)}

750

792

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Sonoma County Securitization,

5.00%, 6/1/27

325

343

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,

3.50%, 11/20/35

1,671

1,566



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured),

3.75%, 3/25/35		$1,935		$1,887

California School Finance Authority Educational Facilities Revenue Bonds, Series A,

4.00%, 7/1/40		800		748

California School Finance Authority School Facility Revenue Refunding Bonds, Granada Hills Charter Obligated Group,

4.00%, 7/1/38		465		440

California State Department of VA Home Purchase Taxable Revenue Refunding Bonds, Series A,

0.59%, 6/1/24		1,350		1,340

0.92%, 12/1/25		1,000		935

California State Enterprise Development Authority Lease Revenue Bonds, Riverside County Library Facilities Project,

3.00%, 11/1/44		3,000		2,318

California State G.O. Unlimited Bonds,

5.00%, 11/1/32		1,540		1,760

California State G.O. Unlimited Refunding Bonds,

5.00%, 8/1/28		4,000		4,284

California State G.O. Unlimited Refunding Bonds, Bid Group C,

5.00%, 8/1/28		5,000		5,243

California State G.O. Unlimited Various Purpose Refunding Bonds,

5.00%, 10/1/26		2,750		2,769

California State Health Facilities Financing Authority Revenue Bonds, Series A, Commonspirit Health,

5.00%, 12/1/29		325		363

California State Health Facilities Financing Authority Revenue Bonds, Series A, Sutter Health, Prerefunded,

5.00%, 11/15/25⁽³⁾		1,200		1,237

California State Health Facilities Financing Authority Revenue Bonds, Subseries A-2, Kaiser Permanente,

4.00%, 11/1/44		3,000		3,009



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

California State Health Facilities Financing Authority Revenue Refunding Bonds, Cedars-Sinai Medical Center,

5.00%, 11/15/27		$250		$258

California State Health Facilities Financing Authority Revenue Refunding Bonds, Providence St. Joseph Health,

2.00%, 10/1/25^{(1) (2)}		2,450		2,370

California State Health Facilities Financing Authority Revenue Refunding Bonds, Series A, Scripps Health,

5.00%, 11/15/27		1,125		1,213

California State Health Facilities Financing Authority Revenue Refunding Bonds, Series B, Sutter Health,

5.00%, 11/15/35		2,500		2,607

California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Prerefunded,

5.00%, 11/15/26⁽³⁾		1,215		1,278

California State Health Facilities Financing Authority Variable Revenue Bonds, Series B-2, Scripps Health,

5.00%, 2/4/31^{(1) (2)}		1,350		1,529

California State Health Facilities Financing Authority Variable Revenue Refunding Bonds, Stanford Health Care,

3.00%, 8/15/25^{(1) (2)}		600		598

California State Infrastructure & Economic Development Bank National Charter Equitable School Revolving Fund Revenue Bonds,

5.00%, 11/1/33		200		228

California State Infrastructure & Economic Development Bank Revenue Bonds, UCSF 2130 Third Street,

5.00%, 5/15/36		1,000		1,084



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Los Angeles Museum of Art Project,

1.20%, 6/1/28^{(1) (2)}		$3,000		$2,687

California State Municipal Finance Authority MFH Revenue Bonds, Pass-Through Park Western Apartments (FNMA Insured),

2.65%, 8/1/36		3,314		2,764

California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,

3.00%, 10/1/46		1,000		803

California State Municipal Finance Authority Revenue Bonds, Series A, National University,

5.00%, 4/1/36		2,245		2,423

California State Municipal Finance Authority Revenue Refunding Bonds, Southwestern Law School,

4.00%, 11/1/41		400		375

California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,

5.00%, 5/15/39		1,500		1,566

California State Public Works Board Lease Revenue Refunding Bonds, Series C,

5.00%, 8/1/31		1,500		1,741

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		7,329

California State Various Purpose G.O. Unlimited Bonds,

5.25%, 10/1/39		1,500		1,555

California State Various Purpose G.O. Unlimited Refunding Bonds (BAM-TCRS Insured),

5.00%, 9/1/35		3,500		3,664



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

Contra Costa Community College District G.O. Unlimited Bonds, Series B-2,

3.00%, 8/1/35		$775		$754

CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Crescent West Hollywood,

3.25%, 7/1/43		1,000		792

CSCDA Taxable Revenue Refunding Bonds, Front Porch Community,

1.51%, 4/1/26		1,000		927

Desert Sands Unified School District G.O. Unlimited Bonds, Election of 2014,

5.00%, 8/1/39		1,330		1,414

East Bay Municipal Utility District Water System Revenue Refunding Bonds, Series B,

5.00%, 6/1/28		1,300		1,435

Evergreen School District G.O. Unlimited Bonds, Election of 2014,

5.00%, 8/1/46		1,000		1,064

Fremont Unified School District Alameda County G.O. Unlimited Bonds, Series D,

2.00%, 8/1/35		3,985		3,292

Fremont Union High School District Santa Clara County G.O. Unlimited Bonds, Series A,

3.00%, 8/1/39		2,000		1,812

Golden State Tobacco Securitization Corp. Tobacco Settlement Taxable Revenue Refunding Bonds, Series A-1,

2.16%, 6/1/26		1,000		935

2.53%, 6/1/28		1,500		1,353

Imperial Irrigation District Electric Revenue Bonds, Series B-1,

5.00%, 11/1/46		2,500		2,590

Long Beach Community College District G.O. Unlimited Refunding Bonds, Series F,

5.00%, 6/1/27		1,100		1,129

Long Beach Harbor Revenue Bonds, Series A (AMT),

5.00%, 5/15/30		1,300		1,369



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

Long Beach Harbor Revenue Refunding Bonds, Series C,

5.00%, 5/15/47		$3,000		$3,121

Los Angeles Community College District G.O. Unlimited Bonds, Series K, Election of 2008,

3.00%, 8/1/39		2,200		1,996

Los Angeles Community College District G.O. Unlimited Bonds, Series L, Election of 2008,

5.00%, 8/1/35		650		777

Los Angeles Country TRANS,

5.00%, 6/28/24		950		953

Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series D,

5.00%, 12/1/29		1,665		1,727

Los Angeles County Public Works Financing Authority Lease Revenue Refunding Bonds, Series B,

5.00%, 12/1/29		2,630		2,728

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International,

5.00%, 5/15/30		1,465		1,562

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,

5.25%, 5/15/31		2,000		2,146

5.00%, 5/15/44		1,500		1,558

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds (AMT), Unrefunded Balance,

5.00%, 5/15/32		2,840		3,165

Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),

5.00%, 5/15/27		3,435		3,606

Los Angeles Department of Airports Senior Revenue Bonds, Series B,

5.00%, 5/15/27		640		654

Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series B,

5.00%, 7/1/43		1,850		1,987



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

Los Angeles Municipal Improvement Corp. Lease Revenue Bonds, Capital Equipment and Real Property,

5.00%, 5/1/30		$600		$688

Los Angeles Unified School District G.O. Unlimited Bonds, Series B-1, Election 2008 (BAM Insured),

5.00%, 7/1/31		1,500		1,634

Los Angeles Unified School District G.O. Unlimited Bonds, Series B-1, Election of 2008,

5.00%, 7/1/30		190		207

Los Angeles Unified School District G.O. Unlimited Bonds, Series C,

5.00%, 7/1/27		3,050		3,280

Los Angeles Wastewater System Revenue Bonds, Series A,

5.00%, 6/1/43		3,000		3,005

Los Rios Community College District G.O. Unlimited Bonds, Series D,

3.00%, 8/1/44		2,000		1,641

Menifee Special Tax, Community Facilities District McCall,

3.00%, 9/1/42		385		303

4.00%, 9/1/51		1,000		887

Modesto Irrigation District Financing Authority Electric System Revenue Bonds, Series A,

5.00%, 10/1/27		1,130		1,167

5.00%, 10/1/28		2,770		2,862

Monterey County Public Facilities Financing COPS,

5.00%, 10/1/27		1,000		1,034

5.00%, 10/1/28		670		693

Moulton-Niguel Water District COPS,

2.25%, 9/1/45		2,800		1,948

Mountain View Los Altos Union High School District G.O. Unlimited Convertible CABS, Series A, Election of 2010,

5.15%, 8/1/30		2,250		2,545

Natomas Unified School District G.O. Unlimited Bonds (AGM Insured),

3.00%, 8/1/39		1,655		1,483

3.00%, 8/1/40		2,325		2,037

3.00%, 8/1/41		2,590		2,227



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

Natomas Unified School District G.O. Unlimited Bonds, Election of 2014 (BAM Insured),

5.00%, 8/1/33		$1,185		$1,249

Orange County Community Facilities District No. 2021-1 Rienda Special Tax Bonds, Series A,

5.00%, 8/15/37		1,000		1,061

Oxnard Union High School District G.O. Unlimited Bonds, Series A, Election of 2018, Prerefunded,

5.00%, 8/1/26⁽³⁾		3,000		3,150

Oxnard Union High School District G.O. Unlimited Bonds, Series B,

5.00%, 8/1/45		2,000		2,120

Palm Springs Unified School District G.O. Unlimited Bonds, Series D, Election of 2008,

2.00%, 8/1/27		1,970		1,867

Perris Union High School District G.O. Unlimited Bonds, Series C, Election of 2012,

3.00%, 9/1/39		800		715

3.00%, 9/1/40		875		770

Redlands Unified School District G.O. Unlimited Refunding Bonds, San Bernandino County,

3.00%, 7/1/30		2,295		2,280

Redwood City Public Facilities & Infrastructure Authority Lease Revenue Bonds, Veterans Memorial Building,

3.00%, 6/1/41		2,230		1,960

Sacramento County Airport System Revenue Refunding Bonds, Series A,

5.00%, 7/1/29		565		619

5.00%, 7/1/31		500		547

Sacramento County Airport System Revenue Refunding Bonds, Series B,

5.00%, 7/1/29		680		745

Sacramento County Special Refunding Tax Bonds, Metro Air Park Community Facilities,

5.00%, 9/1/27		1,000		1,028



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

San Diego Association of Governments South Bay Expressway Toll Senior Lien Revenue Bonds, Series A,

5.00%, 7/1/29		$850		$908

5.00%, 7/1/37		1,000		1,058

San Diego Community College District G.O. Unlimited Bonds,

5.00%, 8/1/27		2,475		2,668

San Diego Unified School District G.O. Unlimited Bonds, Series I, Election of 2012,

5.00%, 7/1/41		3,380		3,550

San Francisco City & County COPS, Multiple Capital Projects,

2.00%, 10/1/33		2,800		2,419

San Francisco City & County G.O. Unlimited Bonds, Series C,

3.00%, 6/15/30		5,415		5,381

San Francisco City & County Infrastructure & Revitalization Tax Allocation Bonds, Facilities Increment, Treasure Island,

5.00%, 9/1/37		375		387

San Francisco City & County Public Utilities Commission Water Revenue Refunding Bonds, Subseries C, Green Bonds,

4.00%, 11/1/40		1,000		1,050

San Francisco City & County Unified School District G.O. Unlimited Bonds, Proposition A, Series F&C,

3.25%, 6/15/32		1,500		1,500

San Francisco City & County Unified School District G.O. Unlimited Bonds, Series A, Election of 2016,

4.00%, 6/15/35		1,000		1,016

San Francisco County Transportation Authority Sales TRB,

3.00%, 2/1/30		5,000		4,962

San Francisco Municipal Transportation Agency Taxable Revenue Refunding Bonds, Series A,

1.30%, 3/1/28		725		638

San Jacinto Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),

5.00%, 8/1/26		1,055		1,060



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

San Jose Financing Authority Wastewater Revenue Bonds, Series B, Green Bonds,

5.00%, 11/1/36		$1,000		$1,186

San Leandro Unified School District G.O. Unlimited Bonds, Series B, Election 2016 (BAM Insured),

5.00%, 8/1/32		560		618

San Mateo-Foster City School District G.O. Unlimited Bonds, Series A,

3.00%, 8/1/40		500		445

San Rafael Elementary School District G.O. Unlimited Bonds, Series B, Election of 2015,

4.50%, 8/1/42		1,750		1,813

Santa Clara County Financing Authority Revenue Refunding Bonds, Series Q,

3.00%, 5/15/35		2,500		2,397

Santa Clarita Community College District G.O. Unlimited Bonds,

3.00%, 8/1/44		1,000		834

Santa Rosa Elementary School District G.O. Unlimited Bonds, Series D, Election of 2014 (AGM Insured), Prerefunded,

5.00%, 8/1/26⁽³⁾		1,145		1,188

Santa Rosa High School District G.O. Unlimited Bonds, Series C, Election of 2014 (AGM Insured),

5.00%, 8/1/43		1,000		1,038

Silicon Valley Clean Water Wastewater Revenue Bonds, Series B,

0.50%, 3/1/26		3,000		2,766

Southern California Financing Authority Water Replenishment Assessment Revenue Bonds,

5.00%, 8/1/43		2,000		2,141

Stockton PFA Parking Revenue Refunding Bonds,

5.00%, 3/1/32		555		586

5.00%, 3/1/33		600		633

Transbay Joint Powers Authority Senior Tax Allocation Bonds, Green Bonds,

5.00%, 10/1/29		465		498

5.00%, 10/1/34		600		636

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 90.2% continued

California – 90.2% continued

Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds,

5.00%, 1/1/28

$625

$627

University of California Regents Medical Center Pooled Taxable Revenue Refunding Bonds, Series M,

2.46%, 5/15/26

1,785

1,702

Ventura County PFA Lease Revenue Bonds, Series B,

5.00%, 11/1/24

1,060

1,061

Ventura Unified School District G.O. Unlimited Refunding Bonds,

5.00%, 8/1/31

710

804

Vernon Electric System Revenue Bonds, Series A,

5.00%, 4/1/28

700

730

Visalia Unified School District COPS (AGM Insured),

3.00%, 5/1/27

1,525

1,518

Western Placer Waste Management Authority Solid Waste Revenue Bonds, Material Recovery Facility Project,

5.00%, 6/1/37

650

763

5.00%, 6/1/40

575

660

Yucaipa Valley Water District Water System Revenue Refunding Bonds, Series A, Prerefunded,

5.00%, 9/1/25⁽³⁾

1,000

1,027

224,914

Total Municipal Bonds

(Cost $240,995)

224,914

NUMBER

OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 0.2%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(4) (5)}

533,950

$534

Total Investment Companies

(Cost $534)

534

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

SHORT-TERM INVESTMENTS – 7.4 %

Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area Toll,

2.13%, 4/1/25^{(1) (2)}

$13,000

$12,761

Los Angeles Department of Water & Power System Variable Revenue Refunding Bonds, Subseries A-5,

3.70%, 4/1/24^{(1) (2)}

2,500

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

4.00%, 7/1/24^{(1) (2)}

3,195

Total Short-Term Investments

(Cost $18,691)

18,456

Total Investments – 99.0%

(Cost $263,208)

246,877

Other Assets less Liabilities – 1.0%

2,496

NET ASSETS – 100.0%

$249,373

⁽¹⁾

Maturity date represents the puttable date.

⁽²⁾

⁽³⁾

Maturity date represents the prerefunded date.

⁽⁴⁾

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

⁽⁵⁾

7-day current yield as of March 31, 2024 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

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

MFH - Multi-Family Housing

PFA - Public Finance Authority

TCRS - Transferable Custodial Receipts

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

VA - Veterans Affairs

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾			% OF NET ASSETS

U.S. Government Obligations			1.2%

Municipal Bonds			90.2%

Investment Companies			0.2%

Short-Term Investments			7.4%

⁽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)

U.S. Government Obligations	$ —	$2,973	$—	$2,973

Municipal Bonds	—	224,914	—	224,914

Investment Companies	534	—	—	534

Short-Term Investments	—	18,456	—	18,456

Total Investments	$534	$246,343	$—	$246,877



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS – 93.5%

California – 93.5%

Alameda County Unified School District G.O. Unlimited Bonds, Series B, Election of 2014,

5.00%, 8/1/42		$500		$528

Albany Unified School District G.O. Unlimited Bonds, Series B, Measure B, Election of 2016,

4.00%, 8/1/46		1,000		986

Bay Area Toll Authority Subordinate Toll Bridge Revenue Refunding Bonds, Series S-H, Prerefunded,

5.00%, 4/1/29⁽¹⁾		1,000		1,120

Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area,

2.95%, 4/1/26^{(2) (3)}		3,765		3,692

Beaumont Unified School District G.O. Unlimited Bonds, Series D, Election of 2008 (BAM Insured), Prerefunded,

5.25%, 2/15/27⁽¹⁾		1,500		1,602

California Community Choice Financing Authority Revenue Bonds, Clean Energy Project, Green Bonds,

4.00%, 12/1/27^{(2) (3)}		600		604

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Series A,

4.00%, 6/1/35		885		924

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Sonoma County Securitization,

5.00%, 6/1/29		310		338

California Housing Finance Agency Affordable Housing Revenue Bonds, Series A-1, Sustainability Bonds (FHA Insured),

3.20%, 2/1/25		550		549

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,

3.50%, 11/20/35		1,194		1,119



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured),

3.75%, 3/25/35		$484		$472

California School Finance Authority Educational Facilities Revenue Bonds, Series A,

4.00%, 7/1/50		1,135		975

California State Educational Facilities Authority Revenue Bonds, Art Center College of Design,

3.00%, 12/1/51		600		438

California State Enterprise Development Authority Lease Revenue Bonds, Riverside County Library Facilities Project,

4.00%, 11/1/49		1,000		961

California State G.O. Unlimited Bonds,

3.00%, 12/1/46		300		251

California State G.O. Unlimited Refunding Bonds,

5.00%, 9/1/25		550		564

5.00%, 9/1/26		3,150		3,297

5.00%, 12/1/26		2,000		2,105

5.00%, 9/1/42		1,000		1,119

California State G.O. Unlimited Refunding Bonds, Bidding Group A,

5.00%, 9/1/25		2,125		2,180

California State G.O. Unlimited Refunding Bonds, Group B,

5.00%, 10/1/28		790		867

California State Health Facilities Financing Authority Revenue Bonds, Subseries A-2, Kaiser Permanente,

4.00%, 11/1/44		2,000		2,006

California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Prerefunded,

5.00%, 11/15/26⁽¹⁾		410		431

California State Health Facilities Financing Authority Variable Revenue Bonds, Children’s Hospital of Orange County,

5.00%, 5/1/31^{(2) (3)}		225		258



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

California State Infrastructure & Economic Development Bank National Charter Equitable School Revolving Fund Revenue Bonds,

5.00%, 11/1/47		$1,000		$1,066

California State Infrastructure & Economic Development Bank Revenue Bonds, Equitable School Revolving Fund,

5.00%, 11/1/44		625		654

California State Infrastructure & Economic Development Bank Revenue Refunding Bonds, Academy Of Motion Picture,

5.00%, 11/1/33		425		516

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds,

1.75%, 8/1/26^{(2) (3)}		3,500		3,320

California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Los Angeles Museum of Art Project,

1.20%, 6/1/28^{(2) (3)}		2,000		1,791

California State Municipal Finance Authority Revenue Bonds, California Institute of the Arts,

4.00%, 10/1/51		250		221

California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,

3.00%, 10/1/49		1,000		776

California State Municipal Finance Authority Revenue Bonds, Samuel Merritt University,

5.25%, 6/1/53		500		536

California State Municipal Finance Authority Revenue Bonds, Series A, National University,

5.00%, 4/1/40		1,000		1,057

California State Municipal Finance Authority Revenue Refunding Bonds, Southwestern Law School,

4.00%, 11/1/41		175		164



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,

5.00%, 5/15/39		$1,000		$1,044

5.00%, 5/15/43		1,000		1,033

California State School Finance Authority Charter School Revenue Bonds, Aspire Public Schools Obligated Group,

4.00%, 8/1/51		800		671

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		1,658

3.00%, 5/15/51		1,225		922

California State University Systemwide Revenue Refunding Bonds, Prerefunded,

5.00%, 11/1/24⁽¹⁾		180		182

California State Various Purpose G.O. Unlimited Refunding Bonds (BAM-TCRS Insured),

5.00%, 9/1/35		2,000		2,094

Carlsbad Unified School District G.O. Unlimited Bonds, Series A, Election of 2018,

3.00%, 8/1/42		550		474

Coachella Valley Water District Revenue COPS, Series A, Oasis Project,

4.00%, 8/1/46		1,750		1,767

Corona-Norco Unified School District G.O. Unlimited Bonds, Series C,

4.00%, 8/1/49		1,000		990

CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Crescent West Hollywood,

4.30%, 7/1/59		500		425

CSCDA Taxable Revenue Refunding Bonds, Front Porch Community,

1.51%, 4/1/26		625		579



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

Desert Sands Unified School District G.O. Unlimited Bonds, Election of 2014,

4.00%, 8/1/44		$500		$501

Evergreen School District G.O. Unlimited Bonds, Election of 2014,

5.00%, 8/1/46		1,300		1,383

Foothill Eastern Transportation Corridor Agency Toll Road Senior Lien Revenue Bonds, Series A,

4.00%, 1/15/46		250		240

Fremont Unified School District Alameda County G.O. Unlimited Bonds, Series D,

2.00%, 8/1/35		1,610		1,330

Imperial Irrigation District Electric Revenue Bonds, Series B-1,

5.00%, 11/1/46		1,500		1,554

Los Angeles Community College District G.O. Unlimited Bonds, Series D, 2016 Election Bonds,

5.00%, 8/1/25		1,050		1,078

Los Angeles Community College District G.O. Unlimited Bonds, Series K, Election of 2008,

3.00%, 8/1/39		800		726

Los Angeles Country TRANS,

5.00%, 6/28/24		550		552

Los Angeles County Community Facilities District No. 2021-01 Special TRB, Valencia Facilities,

5.00%, 9/1/52		500		508

Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series F, Green Bonds,

2.63%, 12/1/51		1,600		1,109

Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Private Activity,

5.50%, 5/15/47		1,000		1,091

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International,

5.00%, 5/15/31		1,000		1,066



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,

5.00%, 5/15/44		$500		$519

Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds, Series A (AMT), P3 Project,

5.00%, 5/15/46		500		527

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B,

5.00%, 7/1/40		1,000		1,110

Los Angeles Department of Water & Power Revenue Refunding Bonds, Series C,

5.00%, 7/1/52		500		545

Los Angeles Department of Water & Power Waterworks Revenue Refunding Bonds, Series A,

5.00%, 7/1/38		450		530

Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series B,

5.00%, 7/1/39		525		586

5.00%, 7/1/51		1,000		1,084

Los Angeles Department Water & Power Revenue Refunding Bonds, Series A,

5.00%, 7/1/33		1,950		1,979

Los Angeles Unified School District Sustainable G.O. Unlimited Bonds, Series QRR,

5.00%, 7/1/25		2,000		2,048

Los Angeles Wastewater System Revenue Bonds, Series A,

5.00%, 6/1/43		2,000		2,003

Los Rios Community College District G.O. Unlimited Bonds, Series D,

3.00%, 8/1/44		1,000		821

Lucia Mar Unified School District G.O. Unlimited Bonds, Series B, Election of 2016,

5.00%, 8/1/42		1,450		1,544



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

Manteca Redevelopment Agency Successor Agency Tax Allocation Refunding Bonds, Series A (BAM Insured),

4.00%, 10/1/39		$500		$509

Menifee Special Tax, Community Facilities District McCall,

3.00%, 9/1/42		165		130

4.00%, 9/1/51		430		382

Mesa Water District COPS,

4.00%, 3/15/45		1,150		1,167

Metropolitan Water District of Southern California Waterworks Revenue Bonds, Series A,

5.00%, 10/1/38		405		464

Modesto High School District Stanislaus County G.O. Unlimited Bonds, Series A,

5.00%, 8/1/48		1,000		1,089

Monterey County Financing Authority Revenue Refunding Bonds,

5.00%, 9/1/37		1,170		1,269

Mountain View-Whisman School District G.O. Unlimited Bonds, Series B,

4.25%, 9/1/45		500		516

Newport Mesa Unified School District G.O. Unlimited CABS, Election of 2005,

0.00%, 8/1/33⁽⁴⁾		9,000		6,903

Orange County Community Facilities District No. 2021-1 Rienda Special Tax Bonds, Series A,

5.00%, 8/15/42		1,000		1,037

Oxnard Union High School District G.O. Unlimited Bonds, Series B,

5.00%, 8/1/45		1,000		1,060

Palm Springs Unified School District G.O. Unlimited Bonds, Series A,

2.00%, 8/1/24		1,000		992

Palomar Pomerado Health G.O. Unlimited Convertible CABS, Series A, Election of 2004 (AGC Insured),

7.00%, 8/1/38		5,000		5,770



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

Perris Union High School District G.O. Unlimited Bonds, Series C, Election of 2012,

3.00%, 9/1/45		$1,865		$1,523

Poway Unified School District G.O. Unlimited Refunding Bonds, School Facilities Improvement District No. 2002,

4.00%, 8/1/28		2,225		2,229

Redwood City Public Facilities & Infrastructure Authority Lease Revenue Bonds, Veterans Memorial Building,

3.00%, 6/1/51		1,750		1,342

Riverside County Public Financing Authority Lease Revenue Bonds, Capital Facilities Project, Prerefunded,

5.00%, 11/1/25⁽¹⁾		1,500		1,547

Riverside County Transportation Commission Toll Senior Lien Revenue Refunding Bonds, RCTC 91 Express Lanes,

4.00%, 6/1/46		750		729

Ross Valley PFA Revenue Bonds, Sanitary District No. 1 of Marin County,

5.00%, 1/1/36		275		280

5.00%, 1/1/37		215		218

Sacramento County Special Refunding Tax Bonds, Metro Air Park Community Facilities,

5.00%, 9/1/34		1,000		1,066

Sacramento Municipal Utility District Electric Revenue Bonds, Series K, Green Bonds,

5.00%, 8/15/37		250		297

Sacramento Municipal Utility District Electric Revenue Refunding Bonds, Series L,

5.00%, 8/15/27		500		540

San Diego Unified School District Sustainable G.O. Unlimited Bonds, Election of 2008,

5.00%, 7/1/53		475		529



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),

5.00%, 5/1/42		$1,500		$1,538

5.00%, 5/1/49		1,000		1,029

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT),

5.00%, 5/1/45		1,000		1,036

5.00%, 5/1/50		1,500		1,542

San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds, Second Series A (AMT),

5.00%, 5/1/30		915		1,000

San Francisco City & County COPS, Multiple Capital Projects,

2.00%, 10/1/33		1,200		1,037

San Francisco City & County G.O. Unlimited Bonds, Series C,

3.00%, 6/15/30		1,000		994

San Francisco City & County Infrastructure & Revitalization Tax Allocation Bonds, Facilities Increment, Treasure Island,

5.00%, 9/1/52		1,000		958

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 Public Utilities Commission Water Revenue Refunding Bonds, Subseries C, Green Bonds,

4.00%, 11/1/41		1,000		1,040

San Francisco City & County Unified School District G.O. Unlimited Bonds, Proposition A, Series F&C,

3.25%, 6/15/32		2,500		2,500

San Francisco City & County Unified School District G.O. Unlimited Bonds, Series A, Election of 2016,

4.00%, 6/15/35		500		508



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

San Francisco Community College District G.O. Unlimited Bonds, Series A, Election of 2020,

3.00%, 6/15/45		$1,000		$802

San Joaquin Hills Transportation Corridor Agency Toll Road Senior Lien Revenue Refunding Bonds,

4.00%, 1/15/34		500		532

San Jose Financing Authority Wastewater Revenue Bonds, Series B, Green Bonds,

5.00%, 11/1/41		500		575

San Jose G.O. Unlimited Bonds, Series A-1,

5.00%, 9/1/42		1,310		1,420

San Mateo-Foster City School District G.O. Unlimited Bonds, Series A,

3.00%, 8/1/41		300		264

Santa Clarita Community College District G.O. Unlimited Bonds, Election of 2016,

5.25%, 8/1/48		1,000		1,106

Santa Rosa High School District G.O. Unlimited Bonds, Series C, Election of 2014 (AGM Insured),

5.00%, 8/1/43		500		519

Silicon Valley Clean Water Wastewater Revenue Bonds, Series B,

0.50%, 3/1/26		2,000		1,844

Sonoma County Junior College District G.O. Unlimited Bonds, Series B,

3.00%, 8/1/36		900		858

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		710

Stockton PFA Parking Revenue Refunding Bonds,

5.00%, 3/1/32		250		264

5.00%, 3/1/33		245		259


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 93.5% continued

California – 93.5% continued

Tobacco Securitization Authority Tobacco Settlement Senior Revenue Refunding Bonds, Sacramento County, 4.00%, 6/1/37		$700		$710

Transbay Joint Powers Authority Senior Tax Allocation Bonds, Green Bonds, 5.00%, 10/1/45		1,000		1,023

Turlock Irrigation District Revenue Refunding Bonds, 5.00%, 1/1/37		805		903

University of California Revenue Refunding Bonds, Series B, 5.00%, 5/15/35		1,500		1,793

University of California Revenue Refunding Bonds, Series BH, 4.00%, 5/15/46		2,000		2,023

University of California Revenue Refunding Bonds, Series O, Limited Project, 5.00%, 5/15/58		2,500		2,627

Upper Santa Clara Valley Joint Powers Authority Revenue Refunding Bonds, Series A, 4.00%, 8/1/45		1,200		1,187

Ventura Unified School District G.O. Unlimited Refunding Bonds,

5.00%, 8/1/27		585		629

5.00%, 8/1/28		620		683

Vernon Electric System Revenue Bonds, Series A, 5.00%, 4/1/28		300		313

Western Placer Waste Management Authority Solid Waste Revenue Bonds, Material Recovery Facility Project, 5.00%, 6/1/40		625		717

				140,788

Total Municipal Bonds

(Cost $147,601)				140,788

NUMBER
OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES - 0.8%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(5) (6)}

1,151,469

$1,151

Total Investment Companies

(Cost $1,151)

1,151

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

SHORT-TERM INVESTMENTS - 4.7%

California State G.O. Unlimited Refunding Bonds,

5.00%, 9/1/24

$275

$277

Chabot-Las Positas Community College District G.O. Unlimited Bonds, Series B,

5.00%, 8/1/24

900

904

Los Angeles Department of Water & Power System Variable Revenue Refunding Bonds, Subseries A-5,

3.70%, 4/1/24^{(2) (3)}

2,500

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

4.00%, 7/1/24^{(2) (3)}

3,500

Total Short-Term Investments

(Cost $7,198)

7,181

Total Investments – 99.0%

(Cost $155,950)

149,120

Other Assets less Liabilities – 1.0%

1,433

NET ASSETS – 100.0%

$150,553

⁽¹⁾

Maturity date represents the prerefunded date.

⁽²⁾

Maturity date represents the puttable date.

⁽³⁾

⁽⁴⁾

Zero coupon bond.

⁽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, 2024 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

FHA - Federal Housing Administration

FHLMC - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

PFA - Public Finance Authority

TCRS - Transferable Custodial Receipts

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Municipal Bonds		93.5	%

Investment Companies		0.8	%

Short-Term Investments		4.7	%

⁽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		$ —		$140,788		$—		$140,788

Investment Companies		1,151		—		—		1,151

Short-Term Investments		—		7,181		—		7,181

Total Investments		$1,151		$147,969		$—		$149,120



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 5.7%

Auto Loan – 1.6%

CarMax Auto Owner Trust, Series 2024-1, Class A3 4.92%, 10/16/28		$70		$70

Ford Credit Auto Lease Trust, Series 2023-B, Class A3 5.91%, 10/15/26		296		298

Ford Credit Auto Owner Trust, Series 2023-B, Class A3 5.23%, 5/15/28		130		130

GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3 4.66%, 2/16/28		80		79

GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class A3 4.47%, 2/16/28		160		158

Hyundai Auto Receivables Trust, Series 2023-A, Class A3 4.58%, 4/15/27		200		198

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3 4.51%, 11/15/27		140		139

Westlake Automobile Receivables Trust, Series 2023-3, Class A3 5.82%, 5/17/27⁽¹⁾		250		252

World Omni Auto Receivables Trust, Series 2023-D, Class A3 5.79%, 2/15/29		100		102

				1,426

Credit Card – 0.5%

Discover Card Execution Note Trust, Series 2023-A1, Class A 4.31%, 3/15/28		230		227

Synchrony Card Funding LLC, Series 2023-A1, Class A 5.54%, 7/15/29		60		60

Synchrony Card Funding LLC, Series 2024-A1, Class A 5.04%, 3/15/30		77		77

WF Card Issuance Trust, Series 2024-A1, Class A 4.94%, 2/15/29		130		130

				494



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 5.7% continued

Other – 1.3%

CNH Equipment Trust, Series 2024-A, Class A3

4.77%, 6/15/29		$100		$99

Dell Equipment Finance Trust, Series 2023-1, Class A3

5.65%, 9/22/28⁽¹⁾		280		281

Dell Equipment Finance Trust, Series 2023-3, Class A3

5.93%, 4/23/29⁽¹⁾		120		121

Finance of America Structured Securities Trust, Series 2023-S2, Class A1 (Step to 6.50% on 5/25/24),

2.00%, 4/25/73^{(1) (2)}		289		288

John Deere Owner Trust, Series 2024-A, Class A3

4.96%, 11/15/28		35		35

MMAF Equipment Finance LLC, Series 2022-B, Class A4

5.67%, 10/9/48⁽¹⁾		160		160

Verizon Master Trust, Series 2023-2, Class A

4.89%, 4/13/28		250		249

				1,233

Whole Loan – 2.3%

Angel Oak Mortgage Trust, Series 2023-1, Class A1 (Step to 4.80% on 2/25/27),

4.75%, 9/26/67^{(1) (2)}		257		249

CHNGE Mortgage Trust, Series 2023-3, Class A1 (Step to 8.10% on 7/25/27), 7.10%, 7/25/58^{(1) (2)}		130		130

J.P. Morgan Mortgage Trust, Series 2022-7, Class 1A2

3.00%, 12/25/52^{(1) (3)}		276		230

J.P. Morgan Mortgage Trust, Series 2023-1, Class A3A

5.00%, 6/25/53^{(1) (3)}		227		218

Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A1

2.50%, 6/25/51^{(1) (3)}		281		226

OBX Trust, Series 2024-NQM2, Class A1

(Step to 6.88% on 2/25/28),

5.88%, 12/25/63^{(1) (2)}		225		226

PRINCIPAL
AMOUNT
(000S)

VALUE

(000S)

ASSET-BACKED SECURITIES - 5.7% continued

Whole Loan – 2.3% continued

Sequoia Mortgage Trust, Series 2023-1, Class A1

5.00%, 1/25/53⁽¹⁾

$92

$89

Towd Point Mortgage Trust, Series 2022-1, Class A1

3.75%, 7/25/62⁽¹⁾

689

641

Towd Point Mortgage Trust, Series 2022-4, Class A1

3.75%, 9/25/62⁽¹⁾

2,084

Total Asset-Backed Securities

(Cost $5,290)

5,237

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.3%

Non Agency – 1.3%

BANK5, Series 2023-5YR2, Class A3

6.66%, 6/15/28

210

222

Benchmark Mortgage Trust, Series 2023-V3, Class A3

6.36%, 7/15/56

260

272

FIVE Mortgage Trust, Series 2023-V1, Class A3

5.67%, 2/10/56

260

264

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4

3.72%, 12/15/49

Morgan Stanley Capital I Trust, Series 2017-H1, Class A5

3.53%, 6/15/50

400

376

1,211

Total Commercial Mortgage-Backed Securities

(Cost $1,201)

1,211

CORPORATE BONDS – 20.7%

Aerospace & Defense – 0.1%

Boeing (The) Co.,

5.81%, 5/1/50

Asset Management – 0.9%

Ameriprise Financial, Inc.,

4.50%, 5/13/32

166

161

BlackRock Funding, Inc.,

5.00%, 3/14/34

370

372



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.7% continued

Asset Management - 0.9% continued

Blackstone Private Credit Fund,

2.63%, 12/15/26		$300		$274

Oaktree Specialty Lending Corp.,

2.70%, 1/15/27		28		25

				832

Automotive – 0.2%

Ford Motor Credit Co. LLC,

6.80%, 11/7/28		200		209

Banking – 4.2%

Bank of America Corp.,

(Variable, U.S. SOFR + 1.57%), 5.82%, 9/15/29⁽⁴⁾		165		169

(Variable, U.S. SOFR + 2.15%), 2.59%, 4/29/31⁽⁴⁾		66		57

(Variable, U.S. SOFR + 1.22%), 2.65%, 3/11/32⁽⁴⁾		84		71

(Variable, U.S. SOFR + 1.32%), 2.69%, 4/22/32⁽⁴⁾		354		300

(Variable, U.S. SOFR + 1.21%), 2.57%, 10/20/32⁽⁴⁾		210		174

Citigroup, Inc.,

(Variable, CME Term SOFR 3M + 1.41%), 3.52%, 10/27/28⁽⁴⁾		131		124

(Variable, U.S. SOFR + 3.91%), 4.41%, 3/31/31⁽⁴⁾		133		127

(Variable, U.S. SOFR + 2.06%), 5.83%, 2/13/35⁽⁴⁾		180		178

Fifth Third Bancorp,

(Variable, U.S. SOFR + 2.34%), 6.34%, 7/27/29⁽⁴⁾		130		134

JPMorgan Chase & Co.,

(Variable, U.S. SOFR + 1.85%), 2.08%, 4/22/26⁽⁴⁾		206		198

(Variable, U.S. SOFR + 1.07%), 1.95%, 2/4/32⁽⁴⁾		157		128

(Variable, U.S. SOFR + 2.08%), 4.91%, 7/25/33⁽⁴⁾		252		247

(Variable, U.S. SOFR + 1.81%), 6.25%, 10/23/34⁽⁴⁾		140		150

KeyBank N.A.,

5.00%, 1/26/33		210		195

M&T Bank Corp.,

(Variable, U.S. SOFR + 2.80%), 7.41%, 10/30/29⁽⁴⁾		160		169



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.7% continued

Banking – 4.2% continued

PNC Financial Services Group (The), Inc.,

(Variable, U.S. SOFR Compounded Index + 1.85%), 4.63%, 6/6/33⁽⁴⁾		$74		$69

(Variable, U.S. SOFR + 2.28%), 6.88%, 10/20/34⁽⁴⁾		318		348

Truist Financial Corp.,

3.70%, 6/5/25		112		110

(Variable, U.S. SOFR + 2.36%), 5.87%, 6/8/34⁽⁴⁾		460		466

U.S. Bancorp,

(Variable, U.S. SOFR + 2.09%), 5.85%, 10/21/33⁽⁴⁾		281		287

Wells Fargo & Co.,

(Variable, U.S. SOFR + 2.10%), 2.39%, 6/2/28⁽⁴⁾		159		146

				3,847

Beverages – 0.1%

Constellation Brands, Inc.,

2.88%, 5/1/30		89		79

Cable & Satellite – 0.2%

Charter Communications Operating LLC/Charter Communications Operating Capital,

5.05%, 3/30/29		59		57

6.38%, 10/23/35		165		163

				220

Chemicals – 0.4%

Bayport Polymers LLC,

4.74%, 4/14/27⁽¹⁾		328		314

NewMarket Corp.,

2.70%, 3/18/31		61		51

				365

Containers & Packaging – 0.1%

Packaging Corp. of America,

5.70%, 12/1/33		122		126

Electric Utilities – 2.2%

AES (The) Corp.,

1.38%, 1/15/26		66		61

Ameren Corp.,

3.50%, 1/15/31		188		170

Avangrid, Inc.,

3.80%, 6/1/29		94		88



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.7% continued

Electric Utilities – 2.2% continued

Berkshire Hathaway Energy Co.,

1.65%, 5/15/31		$130		$104

Consolidated Edison Co. of New York, Inc.,

3.35%, 4/1/30		242		223

Duke Energy Progress LLC,

3.40%, 4/1/32		114		102

5.25%, 3/15/33		173		175

Entergy Texas, Inc.,

1.75%, 3/15/31		107		86

Eversource Energy,

1.65%, 8/15/30		129		104

Florida Power & Light Co.,

5.10%, 4/1/33		178		179

National Rural Utilities Cooperative Finance Corp.,

4.15%, 12/15/32		74		69

NextEra Energy Capital Holdings, Inc.,

2.25%, 6/1/30		117		100

NRG Energy, Inc.,

2.45%, 12/2/27⁽¹⁾		66		59

Oncor Electric Delivery Co. LLC,

3.70%, 11/15/28		74		70

Pacific Gas and Electric Co.,

4.55%, 7/1/30		92		87

San Diego Gas & Electric Co.,

1.70%, 10/1/30		150		124

Southern (The) Co.,

3.70%, 4/30/30		117		109

Virginia Electric and Power Co.,

2.40%, 3/30/32		92		76

Xcel Energy, Inc.,

2.60%, 12/1/29		89		78

				2,064

Electrical Equipment – 0.2%

Acuity Brands Lighting, Inc.,

2.15%, 12/15/30		91		76

Keysight Technologies, Inc.,

3.00%, 10/30/29		84		75

				151

Entertainment Content – 0.1%

Discovery Communications LLC,

3.63%, 5/15/30		140		125



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.7% continued

Food – 0.5%

Campbell Soup Co.,

2.38%, 4/24/30		$102		$88

Flowers Foods, Inc.,

2.40%, 3/15/31		74		62

McCormick & Co., Inc.,

1.85%, 2/15/31		130		105

Smithfield Foods, Inc.,

2.63%, 9/13/31⁽¹⁾		97		76

Tyson Foods, Inc.,

4.35%, 3/1/29		97		94

				425

Gas & Water Utilities – 0.5%

NiSource, Inc.,

3.60%, 5/1/30		188		173

Southern California Gas Co.,

2.60%, 6/15/26		187		177

Southern Co. Gas Capital Corp.,

1.75%, 1/15/31		178		145

				495

Health Care Facilities & Services – 0.9%

CVS Health Corp.,

5.25%, 1/30/31		198		200

5.30%, 6/1/33		460		461

UnitedHealth Group, Inc.,

2.30%, 5/15/31		97		82

Universal Health Services, Inc.,

2.65%, 1/15/32		97		79

				822

Home Construction – 0.2%

Mohawk Industries, Inc.,

5.85%, 9/18/28		160		165

Institutional Financial Services – 1.0%

Jefferies Financial Group, Inc.,

5.88%, 7/21/28		150		153

Morgan Stanley,

(Variable, U.S. SOFR + 1.63%), 5.45%, 7/20/29⁽⁴⁾		262		264

(Variable, U.S. SOFR + 1.83%), 6.41%, 11/1/29⁽⁴⁾		159		167

(Variable, U.S. SOFR + 1.14%), 2.70%, 1/22/31⁽⁴⁾		187		164



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.7% continued

Institutional Financial Services - 1.0% continued

Nasdaq, Inc.,

5.55%, 2/15/34		$140		$142

				890

Insurance – 1.7%

Brighthouse Financial Global Funding,

1.55%, 5/24/26⁽¹⁾		295		270

Brown & Brown, Inc.,

2.38%, 3/15/31		127		105

Chubb INA Holdings LLC,

3.35%, 5/3/26		92		89

Corebridge Financial, Inc.,

5.75%, 1/15/34		214		219

Marsh & McLennan Cos., Inc.,

5.15%, 3/15/34		190		191

MetLife, Inc.,

5.38%, 7/15/33		290		296

Primerica, Inc.,

2.80%, 11/19/31		122		102

Sammons Financial Group, Inc.,

6.88%, 4/15/34⁽¹⁾		290		292

				1,564

Machinery – 0.3%

AGCO Corp.,

5.80%, 3/21/34		180		182

Ingersoll Rand, Inc.,

5.40%, 8/14/28		130		132

				314

Medical Equipment & Devices – 0.6%

Agilent Technologies, Inc.,

2.30%, 3/12/31		318		267

GE HealthCare Technologies, Inc.,

5.91%, 11/22/32		230		242

				509

Oil & Gas Producers – 1.3%

Boardwalk Pipelines L.P.,

5.63%, 8/1/34		190		190

Energy Transfer L.P.,

4.15%, 9/15/29		198		188

EOG Resources, Inc.,

4.38%, 4/15/30		214		210

ONEOK, Inc.,

6.05%, 9/1/33		318		332



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.7% continued

Oil & Gas Producers - 1.3% continued

Phillips 66,

2.15%, 12/15/30		$188		$158

Western Midstream Operating L.P.,

6.15%, 4/1/33		84		86

				1,164

Real Estate Investment Trusts – 1.0%

AvalonBay Communities, Inc.,

2.30%, 3/1/30		37		32

Boston Properties L.P.,

2.55%, 4/1/32		84		66

Brixmor Operating Partnership L.P.,

4.05%, 7/1/30		53		49

COPT Defense Properties L.P.,

2.90%, 12/1/33		113		89

Equinix, Inc.,

3.20%, 11/18/29		77		69

2.50%, 5/15/31		84		70

Essex Portfolio L.P.,

2.65%, 3/15/32		66		55

Healthpeak OP LLC,

3.25%, 7/15/26		61		58

Kimco Realty OP LLC,

3.20%, 4/1/32		75		65

Office Properties Income Trust,

2.65%, 6/15/26		275		159

Omega Healthcare Investors, Inc.,

3.38%, 2/1/31		38		32

Safehold GL Holdings LLC,

2.85%, 1/15/32		60		48

Simon Property Group L.P.,

2.45%, 9/13/29		43		38

Store Capital LLC,

2.75%, 11/18/30		38		31

Welltower OP LLC,

2.70%, 2/15/27		38		36

3.85%, 6/15/32		38		34

				931

Retail - Discretionary – 0.2%

Advance Auto Parts, Inc.,

1.75%, 10/1/27		89		78

O’Reilly Automotive, Inc.,

4.70%, 6/15/32		63		61



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.7% continued

Retail - Discretionary - 0.2% continued

Tractor Supply Co.,

1.75%, 11/1/30		$43		$35

				174

Semiconductors – 0.7%

Intel Corp.,

5.13%, 2/10/30		224		227

KLA Corp.,

5.65%, 11/1/34		71		75

Marvell Technology, Inc.,

5.75%, 2/15/29		122		125

5.95%, 9/15/33		213		221

				648

Software – 0.6%

Fortinet, Inc.,

1.00%, 3/15/26		74		68

2.20%, 3/15/31		127		106

Oracle Corp.,

2.30%, 3/25/28		84		76

Roper Technologies, Inc.,

2.00%, 6/30/30		53		44

ServiceNow, Inc.,

1.40%, 9/1/30		84		68

VMware LLC,

1.80%, 8/15/28		112		98

Workday, Inc.,

3.70%, 4/1/29		84		79

				539

Specialty Finance – 0.2%

Ally Financial, Inc.,

2.20%, 11/2/28		100		86

Capital One Financial Corp.,

(Variable, U.S. SOFR + 2.26%), 6.05%, 2/1/35⁽⁴⁾		50		51

GATX Corp.,

4.00%, 6/30/30		19		17

				154

Technology Hardware – 0.2%

CDW LLC/CDW Finance Corp.,

4.25%, 4/1/28		92		88

Dell International LLC/EMC Corp.,

8.10%, 7/15/36		42		51



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.7% continued

Technology Hardware - 0.2% continued

Motorola Solutions, Inc.,

2.30%, 11/15/30		$84		$70

				209

Technology Services – 0.7%

Booz Allen Hamilton, Inc.,

5.95%, 8/4/33		188		194

Broadridge Financial Solutions, Inc.,

2.90%, 12/1/29		82		73

Global Payments, Inc.,

2.90%, 5/15/30		79		69

IBM International Capital Pte. Ltd.,

4.90%, 2/5/34		180		176

Western Union (The) Co.,

2.75%, 3/15/31		112		94

				606

Telecommunications – 0.6%

AT&T, Inc.,

4.30%, 2/15/30		154		148

5.40%, 2/15/34		262		266

Verizon Communications, Inc.,

2.55%, 3/21/31		107		91

				505

Tobacco & Cannabis – 0.1%

Philip Morris International, Inc.,

1.75%, 11/1/30		102		83

Transportation & Logistics – 0.4%

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

6.50%, 6/20/27⁽¹⁾		97		98

Ryder System, Inc.,

5.25%, 6/1/28		102		103

5.38%, 3/15/29		60		60

Southwest Airlines Co.,

5.13%, 6/15/27		79		79

Union Pacific Corp.,

2.38%, 5/20/31		54		46

				386

PRINCIPAL
AMOUNT
(000S)

VALUE

(000S)

CORPORATE BONDS - 20.7% continued

Transportation Equipment – 0.3%

Cummins, Inc.,

5.15%, 2/20/34

$290

$293

Total Corporate Bonds

(Cost $20,178)

18,970

FOREIGN ISSUER BONDS – 7.9%

Asset Management – 0.4%

UBS Group A.G.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 6.30%, 9/22/34^{(1) (4)}

360

377

Banking – 5.0%

AIB Group PLC,

(Variable, U.S. SOFR + 2.33%), 6.61%, 9/13/29^(1)
(4)

380

396

ANZ Bank New Zealand Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.70%), 5.55%, 8/11/32^{(1) (4)}

200

201

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

309

Banco Santander S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 4.18%, 3/24/28⁽⁴⁾

200

193

Barclays PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.65%), 5.50%, 8/9/28⁽⁴⁾

200

Credit Agricole S.A.,

(Variable, U.S. SOFR + 2.67%), 6.25%, 1/10/35^(1) (4)

390

397

Danske Bank A/S,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.40%), 5.71%, 3/1/30^{(1) (4)}

150

151

Deutsche Bank A.G.,

(Variable, U.S. SOFR + 2.52%), 7.15%, 7/13/27⁽⁴⁾

360

370

(Variable, U.S. SOFR + 3.65%), 7.08%, 2/10/34⁽⁴⁾

200

206



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.9% continued

Banking – 5.0% continued

HSBC Holdings PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%), 4.00%, 3/9/26^{(4) (5)}		$165		$153

ING Groep N.V.,

(Variable, U.S. SOFR + 1.77%), 5.55%, 3/19/35⁽⁴⁾		370		367

Intesa Sanpaolo S.p.A.,

6.63%, 6/20/33⁽¹⁾		30		31

KBC Group N.V.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 5.80%, 1/19/29^{(1) (4)}		200		202

Macquarie Group Ltd.,

(Variable, U.S. SOFR + 2.13%), 4.10%, 6/21/28^(1) (4)		280		270

Mitsubishi UFJ Financial Group, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.70%), 5.24%, 4/19/29⁽⁴⁾		200		202

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.53%), 5.48%, 2/22/31⁽⁴⁾		215		219

NatWest Group PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.55%), 3.07%, 5/22/28⁽⁴⁾		250		233

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.20%), 6.48%, 6/1/34⁽⁴⁾		200		204

Societe Generale S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 6.07%, 1/19/35^{(1) (4)}		200		201

Westpac Banking Corp.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.00%), 4.11%, 7/24/34⁽⁴⁾		97		90

				4,595

Beverages – 0.4%

Coca-Cola Europacific Partners PLC,

1.50%, 1/15/27⁽¹⁾		161		146

Coca-Cola Femsa S.A.B. de C.V.,

1.85%, 9/1/32		205		161

				307

PRINCIPAL
AMOUNT
(000S)

VALUE

(000S)

FOREIGN ISSUER BONDS - 7.9% continued

Insurance – 0.2%

Nippon Life Insurance Co.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.95%), 6.25%, 9/13/53^{(1) (4)}

$200

$209

Medical Equipment & Devices – 0.2%

Alcon Finance Corp.,

2.60%, 5/27/30⁽¹⁾

210

181

Oil & Gas Producers – 0.2%

QatarEnergy,

3.13%, 7/12/41⁽¹⁾

Santos Finance Ltd.,

3.65%, 4/29/31⁽¹⁾

198

173

196

Semiconductors – 0.2%

NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,

5.00%, 1/15/33

204

200

Sovereign Government – 0.3%

Indonesia Government International Bond,

3.85%, 10/15/30

200

186

Philippine Government International Bond,

3.75%, 1/14/29

125

119

305

Specialty Finance – 0.6%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

3.00%, 10/29/28

380

344

3.40%, 10/29/33

Avolon Holdings Funding Ltd.,

3.25%, 2/15/27⁽¹⁾

Macquarie Airfinance Holdings Ltd.,

6.50%, 3/26/31⁽¹⁾

527

Technology Services – 0.1%

RELX Capital, Inc.,

4.75%, 5/20/32

121

120

Telecommunications – 0.2%

British Telecommunications PLC,

3.25%, 11/8/29⁽¹⁾

165

150



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 7.9% continued

Tobacco & Cannabis – 0.1%

BAT Capital Corp.,

4.70%, 4/2/27		$92		$90

Total Foreign Issuer Bonds

(Cost $7,447)				7,257



U.S. GOVERNMENT AGENCIES – 37.4% ⁽⁶⁾

Fannie Mae – 17.8%

Fannie Mae-Aces, Series 2013-M6,

Class 1AC,

3.39%, 2/25/43⁽³⁾		184		173

Pool #889641,

5.50%, 8/1/37		103		105

Pool #995802,

5.50%, 12/1/35		102		104

Pool #AB5209,

3.00%, 5/1/32		197		185

Pool #AD0248,

5.50%, 11/1/37		184		188

Pool #AD0494,

5.50%, 8/1/37		106		108

Pool #AD0925,

5.00%, 4/1/40		95		94

Pool #AL5119,

4.00%, 4/1/34		110		106

Pool #AL6041,

4.00%, 8/1/33		557		541

Pool #AL7497,

3.50%, 9/1/40		202		187

Pool #AL8352,

3.00%, 10/1/44		237		212

Pool #AQ5150,

2.50%, 11/1/42		631		542

Pool #AS3655,

4.50%, 10/1/44		124		121

Pool #AS6520,

3.50%, 1/1/46		227		207

Pool #AS6730,

3.50%, 2/1/46		287		263

Pool #AS7088,

2.50%, 5/1/31		83		77

Pool #AS8576,

4.50%, 12/1/46		153		149



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 37.4% ⁽⁶⁾ continued

Fannie Mae – 17.8% continued

Pool #BH6175,

3.50%, 7/1/47		$73		$66

Pool #BJ0686,

4.00%, 4/1/48		117		111

Pool #BM1761,

4.00%, 8/1/44		116		110

Pool #BM4056,

4.00%, 3/1/45		146		139

Pool #BM5168,

2.50%, 6/1/46		281		241

Pool #BM5984,

5.00%, 5/1/49		62		61

Pool #BM5996,

5.00%, 12/1/48		43		43

Pool #BW9921,

5.00%, 10/1/52		340		334

Pool #BX4910,

5.00%, 1/1/53		271		266

Pool #BX7244,

5.50%, 2/1/53		280		279

Pool #BX7768,

5.00%, 3/1/53		283		277

Pool #BY5368,

6.00%, 7/1/53		104		105

Pool #CA6359,

2.50%, 7/1/50		287		243

Pool #CB1666,

2.50%, 9/1/51		168		141

Pool #CB2286,

2.50%, 12/1/51		256		215

Pool #CB4842,

5.50%, 10/1/52		271		270

Pool #CB5113,

11/1/52⁽⁷⁾		82		82

Pool #CB7114,

5.50%, 9/1/53		145		145

Pool #CB8223,

3/1/54⁽⁷⁾		209		212

Pool #DA0017,

6.00%, 9/1/53		275		283

Pool #FM1303,

3.00%, 1/1/48		431		381



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 37.4% ⁽⁶⁾ continued

Fannie Mae – 17.8% continued

Pool #FM1472,

3.50%, 3/1/34		$40		$39

Pool #FM1534,

4.50%, 9/1/49		215		209

Pool #FM2671,

4.00%, 1/1/48		99		94

Pool #FM2921,

2.50%, 4/1/50		591		494

Pool #FM3173,

3.50%, 7/1/47		355		327

Pool #FM3201,

3.50%, 4/1/34		115		111

Pool #FM3727,

3.00%, 7/1/50		275		240

Pool #FM4491,

3.50%, 12/1/36		252		239

Pool #FM5237,

5.00%, 7/1/47		150		151

Pool #FM6125,

2.50%, 1/1/51		322		272

Pool #FM6764,

2.50%, 3/1/51		60		50

Pool #FM8215,

2.50%, 3/1/51		280		236

Pool #FP0012,

3.00%, 8/1/51		251		220

Pool #FS2701,

2.50%, 2/1/35		217		204

Pool #FS3063,

4.50%, 10/1/52		403		387

Pool #FS3120,

5.00%, 9/1/52		435		425

Pool #FS3384,

4.50%, 10/1/50		333		322

Pool #FS3391,

2.50%, 8/1/51		329		277

Pool #FS3662,

5.00%, 1/1/53		283		278

Pool #FS4040,

5.00%, 2/1/53		279		273

Pool #FS4045,

5.50%, 2/1/53		261		260



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 37.4% ⁽⁶⁾ continued

Fannie Mae – 17.8% continued

Pool #FS4267,

4.50%, 3/1/38		$346		$344

Pool #FS4300,

5.50%, 4/1/53		186		187

Pool #FS4610,

6.50%, 6/1/40		135		141

Pool #FS4618,

4.50%, 2/1/51		286		275

Pool #FS4653,

5.50%, 5/1/53		184		183

Pool #FS4663,

5.00%, 5/1/53		282		275

Pool #FS4710,

2.50%, 6/1/52		337		279

Pool #FS5441,

6.00%, 8/1/53		293		297

Pool #FS5613,

2.50%, 1/1/52		251		208

Pool #FS5952,

6.50%, 10/1/53		265		279

Pool #FS6869,

7.00%, 1/1/40		77		82

Pool #MA2232,

3.50%, 4/1/35		180		171

Pool #MA2864,

3.50%, 1/1/47		280		257

Pool #MA3088,

4.00%, 8/1/47		197		187

Pool #MA3183,

4.00%, 11/1/47		387		365

Pool #MA3184,

4.50%, 11/1/47		72		70

Pool #MA3448,

5.00%, 8/1/48		105		104

Pool #MA4186,

3.00%, 10/1/35		119		111

				16,289

Freddie Mac – 15.2%

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-156, Class A2,

4.43%, 2/25/33		80		79



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 37.4% ⁽⁶⁾ continued

Freddie Mac – 15.2% continued

Freddie Mac REMICS, Series 3013, Class HZ,

5.00%, 8/15/35		$189		$187

Freddie Mac REMICS, Series 5391, Class A,

5.50%, 11/25/51		178		176

Pool #1B3575,

(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.80%, 1.80% Floor, 11.42% Cap), 6.05%, 9/1/37⁽⁸⁾		4		4

Pool #1G2296,

(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 2.09%, 2.09% Floor, 11.34% Cap), 6.34%, 11/1/37⁽⁸⁾		9		9

Pool #QC7739,

2.50%, 9/1/51		341		282

Pool #QD2946,

2.50%, 12/1/51		275		229

Pool #QF3725,

5.00%, 11/1/52		280		273

Pool #QF8053,

5.50%, 2/1/53		396		395

Pool #QF8924,

5.50%, 3/1/53		296		295

Pool #QG4632,

5.50%, 6/1/53		284		283

Pool #RA3913,

2.50%, 11/1/50		650		550

Pool #RA7677,

5.00%, 7/1/52		269		266

Pool #RA8880,

5.50%, 4/1/53		279		278

Pool #RA9840,

5.50%, 9/1/53		280		282

Pool #RD5026,

3.00%, 4/1/30		53		51

Pool #SB0084,

3.00%, 2/1/32		269		257

Pool #SB0216,

3.00%, 12/1/32		80		76

Pool #SB0328,

3.00%, 6/1/34		246		233



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 37.4% ⁽⁶⁾ continued

Freddie Mac – 15.2% continued

Pool #SB0826,

2.50%, 1/1/35		$247		$230

Pool #SB8502,

2.00%, 8/1/35		519		461

Pool #SD0882,

2/1/52⁽⁷⁾		109		92

Pool #SD1360,

5.50%, 7/1/52		255		255

Pool #SD1518,

4.50%, 8/1/52		273		262

Pool #SD1659,

2.50%, 2/1/52		328		275

Pool #SD1694,

4.50%, 10/1/52		342		326

Pool #SD1703,

5.00%, 9/1/52		426		417

Pool #SD1710,

5.00%, 10/1/52		603		591

Pool #SD2334,

5.00%, 2/1/53		285		279

Pool #SD2347,

5.50%, 2/1/53		279		281

Pool #SD2477,

5.50%, 3/1/53		286		287

Pool #SD2511,

5.50%, 4/1/53		281		280

Pool #SD2642,

5.50%, 4/1/53		285		284

Pool #SD2665,

6.00%, 4/1/53		91		93

Pool #SD2757,

5.00%, 5/1/53		284		278

Pool #SD2876,

3.00%, 7/1/46		277		248

Pool #SD2902,

5.50%, 5/1/53		184		184

Pool #SD2920,

5.50%, 5/1/53		291		290

Pool #SD2922,

5.00%, 5/1/53		285		279

Pool #SD2999,

5.50%, 6/1/53		289		288



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 37.4% ⁽⁶⁾ continued

Freddie Mac – 15.2% continued

Pool #SD3133,

5.00%, 6/1/53		$211		$207

Pool #SD3136,

5.50%, 6/1/53		288		288

Pool #SD3174,

5.50%, 6/1/53		289		288

Pool #SD3189,

6/1/53⁽⁷⁾		212		216

Pool #SD3251,

6.00%, 7/1/53		268		273

Pool #SD3515,

7/1/53⁽⁷⁾		173		175

Pool #SD3760,

6.00%, 8/1/53		263		272

Pool #SD4027,

6.50%, 10/1/53		269		279

Pool #SD4285,

5.50%, 11/1/53		231		231

Pool #SD5136,

4/1/54⁽⁷⁾		208		212

Pool #ZK7457,

3.50%, 2/1/29		84		81

Pool #ZM4714,

3.50%, 11/1/47		443		403

Pool #ZM5332,

3.00%, 1/1/48		223		196

Pool #ZS4687,

2.50%, 11/1/46		149		128

Pool #ZT1333,

2.50%, 10/1/31		520		487

				13,921

Freddie Mac Gold – 0.9%

Pool #G07505,

7.00%, 2/1/39		138		150

Pool #G16396,

3.50%, 2/1/33		64		62

Pool #G30926,

3.50%, 4/1/36		56		53

Pool #G60948,

3.00%, 1/1/47		177		155

Pool #Q15842,

3.00%, 2/1/43		323		289



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 37.4% ⁽⁶⁾ continued

Freddie Mac Gold – 0.9% continued

Pool #Q42460,

4.00%, 6/1/46		$58		$55

Pool #Q63667,

4.50%, 5/1/49		75		72

				836

Government National Mortgage Association – 0.6%

Government National Mortgage Association, Series 2017-95, Class QG,

2.50%, 8/20/46		196		176

Government National Mortgage Association, Series 2023-169, Class EA,

5.50%, 3/20/38		412		411

				587

Government National Mortgage Association I – 0.8%

Pool #604183,

5.50%, 4/15/33		1		1

Pool #633627,

5.50%, 9/15/34		2		2

Pool #757013,

3.50%, 12/15/40		263		245

Pool #786440,

4.50%, 9/15/47		222		218

Pool #786470,

5.00%, 11/15/40		266		268

				734

Government National Mortgage Association II – 2.1%

Pool #784801,

3.50%, 6/20/47		268		244

Pool #786922,

5.50%, 9/1/53		278		279

Pool #MA0089,

4.00%, 5/20/42		399		384

Pool #MA0782,

3.00%, 2/20/43		141		127

Pool #MA1287,

4.50%, 9/20/43		70		69

Pool #MA1996,

4.00%, 6/20/44		71		68

Pool #MA2755,

4.00%, 4/20/45		54		52

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 37.4% ⁽⁶⁾ continued

Government National Mortgage Association II – 2.1% continued

Pool #MA3666,

5.00%, 5/20/46

$137

$139

Pool #MA8346,

4.00%, 10/20/52

280

262

Pool #MA8724,

4.50%, 3/20/53

287

276

1,900

Total U.S. Government Agencies

(Cost $35,985)

34,267

U.S. GOVERNMENT OBLIGATIONS – 20.7%

U.S. Treasury Bonds – 9.3%

3.38%, 8/15/42

6,223

5,384

4.13%, 8/15/53

3,305

3,182

8,566

U.S. Treasury Notes – 8.7%

4.50%, 7/15/26

3,224

3,220

4.13%, 7/31/28

2,842

2,826

3.88%, 8/15/33

1,946

1,896

7,942

U.S. Treasury Strips – 2.7%

1.47%, 2/15/51⁽⁹⁾

7,762

2,432

Total U.S. Government Obligations

(Cost $21,101)

18,940

MUNICIPAL BONDS – 0.4%

Florida – 0.1%

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

302

Total Municipal Bonds

(Cost $400)

386

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 6.4%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

5.13%^{(10) (11)}

5,893,325

$5,893

Total Investment Companies

(Cost $5,893)

5,893

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.1%

U.S. Treasury Bill,

5.30%, 4/11/24^{(9) (12)}

$55

$55

Total Short-Term Investments

(Cost $55)

Total Investments – 100.6%

(Cost $97,550)

92,216

Liabilities less Other Assets – (0.6%)

(510

)

NET ASSETS – 100.0%

$91,706

⁽¹⁾

⁽²⁾

Step coupon bond. Rate as of March 31, 2024 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, 2024.

⁽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⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2024.

⁽⁸⁾

Variable or floating rate security. Rate as of March 31, 2024 is disclosed.

⁽⁹⁾

Discount rate at the time of purchase.

⁽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, 2024 is disclosed.

⁽¹²⁾

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

IBOR - Interbank Offered Rates

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, 2024, 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	$8,384	Long	6/24	$(6)

⁽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, 2024, the security types for the Fund were:



SECURITY TYPE ⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		5.7	%

Commercial Mortgage-Backed Securities		1.3	%

Corporate Bonds		20.7	%

Foreign Issuer Bonds		7.9	%

U.S. Government Agencies		37.4	%

U.S. Government Obligations		20.7	%

Municipal Bonds		0.4	%

Investment Companies		6.4	%

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)

Asset-backed securities⁽¹⁾		$ —		$	5,237		$—	$	5,237

Commercial Mortgage-Backed Securities		—			1,211		—		1,211

Corporate Bonds⁽¹⁾		—			18,970		—		18,970

Foreign Issuer Bonds⁽¹⁾		—			7,257		—		7,257

U.S. Government Agencies⁽¹⁾		—			34,267		—		34,267

U.S. Government Obligations⁽¹⁾		—			18,940		—		18,940

Municipal Bonds⁽¹⁾		—			386		—		386

Investment Companies		5,893			—		—		5,893

Short-Term Investments		—			55		—		55

Total Investments		$5,893		$	86,323		$—	$	92,216
OTHER FINANCIAL INSTRUMENTS
Liabilities

Futures Contracts		$ (6	)	$	—		$—	$	(6	)

⁽¹⁾

Classifications as defined in the Schedule of Investments.


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 6.2%

Auto Loan – 1.7%

CarMax Auto Owner Trust, Series 2024-1, Class A3

4.92%, 10/16/28		$290		$289

Ford Credit Auto Lease Trust, Series 2023-B, Class A3

5.91%, 10/15/26		1,221		1,229

Ford Credit Auto Owner Trust, Series 2023-B, Class A3

5.23%, 5/15/28		480		481

GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3

4.66%, 2/16/28		380		377

GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class A3

4.47%, 2/16/28		670		663

Hyundai Auto Receivables Trust, Series 2023-A, Class A3

4.58%, 4/15/27		840		832

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3

4.51%, 11/15/27		550		545

Westlake Automobile Receivables Trust, Series 2023-3, Class A3

5.82%, 5/17/27⁽¹⁾		1,060		1,066

World Omni Auto Receivables Trust, Series 2023-D, Class A3

5.79%, 2/15/29		370		376

				5,858

Credit Card – 0.6%

Discover Card Execution Note Trust, Series 2023-A1, Class A

4.31%, 3/15/28		940		927

Synchrony Card Funding LLC, Series 2023-A1, Class A

5.54%, 7/15/29		240		242

Synchrony Card Funding LLC, Series 2024-A1, Class A

5.04%, 3/15/30		301		301

WF Card Issuance Trust, Series 2024-A1, Class A

4.94%, 2/15/29		520		520

				1,990


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES - 6.2% continued

Other – 1.5%

CNH Equipment Trust, Series 2024-A, Class A3

4.77%, 6/15/29		$400		$398

Dell Equipment Finance Trust, Series 2023-1, Class A3

5.65%, 9/22/28⁽¹⁾		1,130		1,132

Dell Equipment Finance Trust, Series 2023-3, Class A3

5.93%, 4/23/29⁽¹⁾		490		496

Finance of America Structured Securities Trust, Series 2023-S2, Class A1

(Step to 6.50% on 5/25/24),

2.00%, 4/25/73^{(1) (2)}		1,157		1,151

John Deere Owner Trust, Series 2024-A, Class A3

4.96%, 11/15/28		130		130

MMAF Equipment Finance LLC, Series 2022-B, Class A4

5.67%, 10/9/48⁽¹⁾		530		532

MMAF Equipment Finance LLC, Series 2024-A, Class A3

4.95%, 7/14/31⁽¹⁾		500		498

Verizon Master Trust, Series 2023-2, Class A

4.89%, 4/13/28		1,040		1,034

				5,371

Whole Loan – 2.4%

Angel Oak Mortgage Trust, Series 2023-1, Class A1

(Step to 4.80% on 2/25/27),

4.75%, 9/26/67^{(1) (2)}		1,037		1,006

CHNGE Mortgage Trust, Series 2023-3, Class A1

(Step to 8.10% on 7/25/27), 7.10%,

7/25/58^{(1) (2)}		625		625

J.P. Morgan Mortgage Trust, Series 2022-7, Class 1A2

3.00%, 12/25/52^{(1) (3)}		1,195		999

J.P. Morgan Mortgage Trust, Series 2023-1, Class A3A

5.00%, 6/25/53^{(1) (3)}		952		915

Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A1

2.50%, 6/25/51^{(1) (3)}		1,195		959

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

ASSET-BACKED SECURITIES - 6.2% continued

Whole Loan – 2.4% continued

OBX Trust, Series 2024-NQM2, Class A1

(Step to 6.88% on 2/25/28),

5.88%, 12/25/63^{(1) (2)}

$892

$893

Sequoia Mortgage Trust, Series 2023-1, Class A1

5.00%, 1/25/53⁽¹⁾

646

619

Towd Point Mortgage Trust, Series 2022-1, Class A1

3.75%, 7/25/62⁽¹⁾

2,147

1,999

Towd Point Mortgage Trust, Series 2022-4, Class A1

3.75%, 9/25/62⁽¹⁾

405

377

8,392

Total Asset-Backed Securities

(Cost $21,827)

21,611

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.4%

Non Agency – 1.4%

BANK5, Series 2023-5YR2, Class A3

6.66%, 7/15/56

853

900

Benchmark Mortgage Trust, Series 2023-V3, Class A3

6.36%, 7/15/56

1,090

1,140

FIVE Mortgage Trust, Series 2023-V1, Class A3

5.67%, 2/10/56

1,140

1,158

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4

3.72%, 12/15/49

350

335

Morgan Stanley Capital I Trust, Series 2017-H1, Class A5

3.53%, 6/15/50

1,568

1,476

5,009

Total Commercial Mortgage-Backed Securities

(Cost $4,966)

5,009

CORPORATE BONDS – 27.9%

Aerospace & Defense – 0.3%

Boeing (The) Co.,

5.81%, 5/1/50

280

266


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 27.9% continued

Aerospace & Defense – 0.3% continued

Howmet Aerospace, Inc.,

6.88%, 5/1/25		$934		$944

				1,210

Asset Management – 1.0%

Ameriprise Financial, Inc.,

4.50%, 5/13/32		174		169

BlackRock Funding, Inc.,

5.00%, 3/14/34		1,490		1,497

Blackstone Private Credit Fund,

2.63%, 12/15/26		720		657

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

5.25%, 5/15/27		835		774

Oaktree Specialty Lending Corp.,

2.70%, 1/15/27		120		109

Prospect Capital Corp.,

3.71%, 1/22/26		190		180

				3,386

Automotive – 0.3%

Ford Motor Credit Co. LLC,

4.95%, 5/28/27		313		305

6.80%, 11/7/28		815		851

				1,156

Banking – 4.8%

Bank of America Corp.,

(Variable, U.S. SOFR + 1.57%), 5.82%, 9/15/29⁽⁴⁾		1,092		1,120

(Variable, U.S. SOFR + 2.15%), 2.59%, 4/29/31⁽⁴⁾		915		789

(Variable, U.S. SOFR + 1.32%), 2.69%, 4/22/32⁽⁴⁾		3,210		2,723

(Variable, U.S. SOFR + 1.21%), 2.57%, 10/20/32⁽⁴⁾		954		792

Citigroup, Inc.,

(Variable, CME Term SOFR 3M + 1.41%), 3.52%, 10/27/28⁽⁴⁾		1,010		953

(Variable, U.S. SOFR + 2.06%), 5.83%, 2/13/35⁽⁴⁾		690		683

Fifth Third Bancorp,

(Variable, U.S. SOFR + 2.34%), 6.34%, 7/27/29⁽⁴⁾		400		413

JPMorgan Chase & Co.,

(Variable, U.S. SOFR + 1.85%), 2.08%, 4/22/26⁽⁴⁾		1,065		1,026


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 27.9% continued

Banking – 4.8% continued

(Variable, U.S. SOFR + 1.07%), 1.95%, 2/4/32⁽⁴⁾		$590		$481

(Variable, U.S. SOFR + 1.81%),

6.25%, 10/23/34⁽⁴⁾		590		631

KeyBank N.A.,

5.00%, 1/26/33		660		612

M&T Bank Corp.,

(Variable, U.S. SOFR + 2.80%),

7.41%, 10/30/29⁽⁴⁾		660		696

PNC Financial Services Group (The), Inc.,

(Variable, U.S. SOFR Compounded Index + 1.85%), 4.63%, 6/6/33⁽⁴⁾		257		240

(Variable, U.S. SOFR + 2.28%),

6.88%, 10/20/34⁽⁴⁾		1,355		1,485

Truist Financial Corp.,

(Variable, U.S. SOFR + 2.36%),

5.87%, 6/8/34⁽⁴⁾		2,010		2,035

U.S. Bancorp,

(Variable, U.S. SOFR + 2.09%),

5.85%, 10/21/33⁽⁴⁾		1,360		1,388

Wells Fargo & Co.,

(Variable, U.S. SOFR + 2.10%),

2.39%, 6/2/28⁽⁴⁾		810		742

				16,809

Beverages – 0.1%

Pernod Ricard International Finance LLC,

1.63%, 4/1/31⁽¹⁾		370		295

Biotechnology & Pharmaceuticals – 0.6%

Amgen, Inc.,

2.20%, 2/21/27		585		542

5.25%, 3/2/33		875		884

Bristol-Myers Squibb Co.,

2.95%, 3/15/32		770		673

				2,099

Cable & Satellite – 1.0%

Charter Communications Operating LLC/Charter Communications Operating Capital,

5.05%, 3/30/29		235		226

6.38%, 10/23/35		690		683

Comcast Corp.,

4.15%, 10/15/28		960		938


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 27.9% continued

Cable & Satellite – 1.0% continued

1.50%, 2/15/31		$500		$404

CSC Holdings LLC,

4.63%, 12/1/30⁽¹⁾		920		467

DISH DBS Corp.,

7.75%, 7/1/26		750		502

LCPR Senior Secured Financing DAC,

6.75%, 10/15/27⁽¹⁾		440		413

				3,633

Chemicals – 0.4%

Bayport Polymers LLC,

4.74%, 4/14/27⁽¹⁾		960		919

LYB International Finance III LLC,

2.25%, 10/1/30		210		177

NewMarket Corp.,

2.70%, 3/18/31		370		311

				1,407

Containers & Packaging – 0.5%

Packaging Corp. of America,

3.40%, 12/15/27		405		386

5.70%, 12/1/33		510		527

Sealed Air Corp./Sealed Air Corp. U.S.,

6.13%, 2/1/28⁽¹⁾		760		762

				1,675

Electric Utilities – 2.6%

AES (The) Corp.,

1.38%, 1/15/26		585		542

Avangrid, Inc.,

3.80%, 6/1/29		260		244

Berkshire Hathaway Energy Co.,

1.65%, 5/15/31		395		316

Consolidated Edison Co. of New York, Inc.,

3.35%, 4/1/30		720		664

Duke Energy Progress LLC,

3.40%, 4/1/32		698		624

5.25%, 3/15/33		770		779

Entergy Texas, Inc.,

1.75%, 3/15/31		387		313

Eversource Energy,

1.65%, 8/15/30		90		72

Exelon Corp.,

5.63%, 6/15/35		660		671


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 27.9% continued

Electric Utilities – 2.6% continued

Florida Power & Light Co.,

5.10%, 4/1/33		$820		$826

National Rural Utilities Cooperative Finance Corp.,

4.15%, 12/15/32		240		223

NextEra Energy Capital Holdings, Inc.,

2.25%, 6/1/30		125		106

NRG Energy, Inc.,

2.45%, 12/2/27⁽¹⁾		185		166

3.63%, 2/15/31⁽¹⁾		535		461

Oncor Electric Delivery Co. LLC,

3.70%, 11/15/28		720		683

Pacific Gas and Electric Co.,

4.55%, 7/1/30		143		136

Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,

4.50%, 8/15/28⁽¹⁾		230		214

Public Service Co. of Colorado,

3.70%, 6/15/28		720		689

San Diego Gas & Electric Co.,

1.70%, 10/1/30		495		407

Southern (The) Co.,

3.70%, 4/30/30		225		209

Virginia Electric and Power Co.,

2.40%, 3/30/32		720		597

Xcel Energy, Inc.,

2.60%, 12/1/29		125		109

				9,051

Electrical Equipment – 0.1%

Acuity Brands Lighting, Inc.,

2.15%, 12/15/30		282		234

Keysight Technologies, Inc.,

3.00%, 10/30/29		175		156

				390

Entertainment Content – 0.4%

Discovery Communications LLC,

3.63%, 5/15/30		300		268

Take-Two Interactive Software, Inc.,

3.70%, 4/14/27		178		171

Walt Disney (The) Co.,

2.00%, 9/1/29		1,130		985

				1,424


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 27.9% continued

Food – 0.6%

Campbell Soup Co.,

2.38%, 4/24/30		$275		$236

Conagra Brands, Inc.,

1.38%, 11/1/27		365		320

Flowers Foods, Inc.,

2.40%, 3/15/31		185		155

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

5.50%, 1/15/30		755		744

McCormick & Co., Inc.,

1.85%, 2/15/31		325		263

Smithfield Foods, Inc.,

2.63%, 9/13/31⁽¹⁾		300		235

				1,953

Gas & Water Utilities – 0.5%

NiSource, Inc.,

3.60%, 5/1/30		340		313

Southern California Gas Co.,

2.60%, 6/15/26		650		616

Southern Co. Gas Capital Corp.,

1.75%, 1/15/31		800		650

				1,579

Health Care Facilities & Services – 1.5%

Catalent Pharma Solutions, Inc.,

5.00%, 7/15/27⁽¹⁾		420		413

CVS Health Corp.,

5.25%, 1/30/31		540		544

5.30%, 6/1/33		1,310		1,314

DaVita, Inc.,

4.63%, 6/1/30⁽¹⁾		850		761

UnitedHealth Group, Inc.,

4.00%, 5/15/29		770		745

2.30%, 5/15/31		478		405

5.35%, 2/15/33		710		731

Universal Health Services, Inc.,

2.65%, 1/15/32		295		241

				5,154

Home Construction – 0.2%

Mohawk Industries, Inc.,

5.85%, 9/18/28		500		515


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 27.9% continued

Household Products – 0.1%

Clorox (The) Co.,

4.60%, 5/1/32		$431		$422

Institutional Financial Services – 1.2%

Jane Street Group/JSG Finance, Inc.,

4.50%, 11/15/29 ⁽¹⁾		1,400		1,296

Jefferies Financial Group, Inc.,

5.88%, 7/21/28		450		458

2.63%, 10/15/31		146		120

Morgan Stanley,

(Variable, U.S. SOFR + 1.63%),

5.45%, 7/20/29 ⁽⁴⁾		1,170		1,180

(Variable, U.S. SOFR + 1.83%),

6.41%, 11/1/29 ⁽⁴⁾		660		693

Nasdaq, Inc.,

5.55%, 2/15/34		360		366

				4,113

Insurance – 3.1%

Brighthouse Financial Global Funding,

1.55%, 5/24/26 ⁽¹⁾		1,035		947

Brown & Brown, Inc.,

2.38%, 3/15/31		337		279

Chubb INA Holdings LLC,

3.35%, 5/3/26		330		319

Constellation Insurance, Inc.,

6.80%, 1/24/30 ⁽¹⁾		2,095		2,048

Corebridge Financial, Inc.,

5.75%, 1/15/34		940		961

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,

7.63%, 10/15/25 ^{(1) (5)}		2,146		2,122

Marsh & McLennan Cos., Inc.,

5.15%, 3/15/34		740		745

MetLife, Inc.,

5.38%, 7/15/33		1,150		1,174

Panther Escrow Issuer LLC,

6/1/31 ^{(1) (6)}		900		916

Primerica, Inc.,

2.80%, 11/19/31		245		205

Sammons Financial Group, Inc.,

6.88%, 4/15/34 ⁽¹⁾		1,150		1,158

				10,874


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 27.9% continued

Internet Media & Services – 0.1%

Netflix, Inc.,

4.88%, 4/15/28		$360		$360

Machinery – 0.3%

AGCO Corp.,

5.80%, 3/21/34		730		739

Ingersoll Rand, Inc.,

5.40%, 8/14/28		410		416

				1,155

Medical Equipment & Devices – 0.6%

Agilent Technologies, Inc.,

2.30%, 3/12/31		790		664

Becton Dickinson & Co.,

2.82%, 5/20/30		520		459

Bio-Rad Laboratories, Inc.,

3.30%, 3/15/27		62		59

GE HealthCare Technologies, Inc.,

5.91%, 11/22/32		723		760

				1,942

Oil & Gas Producers – 1.6%

Boardwalk Pipelines L.P.,

5.63%, 8/1/34		720		720

Energy Transfer L.P.,

4.15%, 9/15/29		610		579

EQM Midstream Partners L.P.,

6.50%, 7/15/48		1,220		1,223

ONEOK, Inc.,

6.05%, 9/1/33		980		1,023

Phillips 66,

2.15%, 12/15/30		340		286

Western Midstream Operating L.P.,

6.15%, 4/1/33		235		241

WPX Energy, Inc.,

4.50%, 1/15/30		1,593		1,534

				5,606

Real Estate Investment Trusts – 1.3%

American Tower Corp.,

3.13%, 1/15/27		525		496

AvalonBay Communities, Inc.,

2.30%, 3/1/30		110		95

Brixmor Operating Partnership L.P.,

4.05%, 7/1/30		180		167


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 27.9% continued

Real Estate Investment Trusts – 1.3% continued

COPT Defense Properties L.P.,

2.90%, 12/1/33		$358		$281

Crown Castle, Inc.,

1.05%, 7/15/26		710		646

EPR Properties,

4.50%, 4/1/25		460		453

Equinix, Inc.,

3.20%, 11/18/29		257		230

2.50%, 5/15/31		270		225

Healthpeak OP LLC,

3.25%, 7/15/26		185		177

Kimco Realty OP LLC,

3.20%, 4/1/32		232		200

Office Properties Income Trust,

2.65%, 6/15/26		620		359

Realty Income Corp.,

2.20%, 6/15/28		330		295

Safehold GL Holdings LLC,

2.85%, 1/15/32		174		140

Simon Property Group L.P.,

2.45%, 9/13/29		205		180

Store Capital LLC,

2.75%, 11/18/30		220		177

VICI Properties L.P.,

5.13%, 5/15/32		236		226

Welltower OP LLC,

3.85%, 6/15/32		97		88

				4,435

Retail - Discretionary – 0.2%

Advance Auto Parts, Inc.,

1.75%, 10/1/27		410		358

O’Reilly Automotive, Inc.,

4.70%, 6/15/32		207		202

				560

Semiconductors – 0.6%

Intel Corp.,

5.13%, 2/10/30		980		996

Marvell Technology, Inc.,

5.75%, 2/15/29		370		379

5.95%, 9/15/33		582		604

				1,979


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 27.9% continued

Software – 0.7%

Fortinet, Inc.,

1.00%, 3/15/26		$180		$166

2.20%, 3/15/31		370		309

Oracle Corp.,

5.80%, 11/10/25		260		262

Roper Technologies, Inc.,

3.80%, 12/15/26		166		161

2.00%, 6/30/30		260		217

ServiceNow, Inc.,

1.40%, 9/1/30		530		429

VMware LLC,

1.80%, 8/15/28		360		314

4.70%, 5/15/30		550		535

Workday, Inc.,

3.70%, 4/1/29		215		203

				2,596

Specialty Finance – 0.8%

Ally Financial, Inc.,

2.20%, 11/2/28		317		272

Capital One Financial Corp.,

(Variable, U.S. SOFR + 2.26%), 6.05%, 2/1/35⁽⁴⁾		220		224

GATX Corp.,

4.00%, 6/30/30		10		9

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

4.25%, 2/1/27⁽¹⁾		690		646

Starwood Property Trust, Inc.,

7.25%, 4/1/29⁽¹⁾		1,250		1,260

Synchrony Financial,

7.25%, 2/2/33		500		497

				2,908

Technology Hardware – 0.4%

CDW LLC/CDW Finance Corp.,

4.25%, 4/1/28		500		478

Dell International LLC/EMC Corp.,

8.10%, 7/15/36		350		424

Jabil, Inc.,

1.70%, 4/15/26		505		469

				1,371

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 27.9% continued

Technology Services – 0.8%

Booz Allen Hamilton, Inc.,

5.95%, 8/4/33

$590

$611

Global Payments, Inc.,

2.90%, 5/15/30

490

426

IBM International Capital Pte. Ltd.,

4.90%, 2/5/34

700

687

S&P Global, Inc.,

2.90%, 3/1/32

800

697

Western Union (The) Co.,

2.75%, 3/15/31

290

242

2,663

Telecommunications – 0.4%

AT&T, Inc.,

4.30%, 2/15/30

242

233

5.40%, 2/15/34

790

801

Verizon Communications, Inc.,

2.55%, 3/21/31

410

350

1,384

Tobacco & Cannabis – 0.1%

Philip Morris International, Inc.,

1.75%, 11/1/30

350

286

Transportation & Logistics – 0.4%

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

6.50%, 6/20/27⁽¹⁾

289

291

Ryder System, Inc.,

5.25%, 6/1/28

300

301

5.38%, 3/15/29

240

242

Southwest Airlines Co.,

5.13%, 6/15/27

265

Union Pacific Corp.,

2.38%, 5/20/31

205

175

United Airlines Pass Through Trust,

Series 2020-1, Class B,

4.88%, 1/15/26

184

181

1,455

Transportation Equipment – 0.3%

Cummins, Inc.,

5.15%, 2/20/34

1,140

1,151

Total Corporate Bonds

(Cost $102,296)

96,996



	PRINCIPAL AMOUNT (000S)			VALUE (000S)

FOREIGN ISSUER BONDS – 8.3%

Asset Management – 0.5%

UBS Group A.G.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 6.30%, 9/22/34^{(1) (4)}		$	1,640		$	1,720

Banking – 4.1%

AIB Group PLC,

(Variable, U.S. SOFR + 2.33%), 6.61%, 9/13/29^(1) (4)			1,100			1,147

ANZ Bank New Zealand Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.70%), 5.55%, 8/11/32^{(1) (4)}			200			201

Australia & New Zealand Banking Group Ltd.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.29%), 2.95%, 7/22/30^{(1) (4)}			620			596

Banco Santander S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 4.18%, 3/24/28⁽⁴⁾			600			579

Barclays PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%), 4.38%, 3/15/28^{(4) (7)}			1,221			1,001

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.65%), 5.50%, 8/9/28⁽⁴⁾			200			199

BNP Paribas S.A.,

(Variable, U.S. SOFR + 1.22%), 2.16%, 9/15/29^(1) (4)			430			376

Credit Agricole S.A.,

6.25%, 1/10/35^{(1) (4)}			1,520			1,546

Danske Bank A/S,

5.71%, 3/1/30^{(1) (4)}			540			544

Deutsche Bank A.G.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.52%), 6.00%, 10/30/25^{(4) (7)}			400			369

(Variable, U.S. SOFR + 2.52%), 7.15%, 7/13/27⁽⁴⁾			880			905

(Variable, U.S. SOFR + 3.65%), 7.08%, 2/10/34⁽⁴⁾			300			309



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 8.3% continued

Banking – 4.1% continued

HSBC Holdings PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%), 4.00%, 3/9/26^{(4) (7)}		$345		$321

ING Groep N.V.,

(Variable, U.S. SOFR + 1.77%), 5.55%, 3/19/35⁽⁴⁾		1,470		1,459

Intesa Sanpaolo S.p.A.,

6.63%, 6/20/33⁽¹⁾		160		166

KBC Group N.V.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 5.80%, 1/19/29^{(1) (4)}		620		625

Macquarie Group Ltd.,

(Variable, U.S. SOFR + 2.13%), 4.10%, 6/21/28^(1) (4)		1,360		1,314

Mitsubishi UFJ Financial Group, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.70%), 5.24%, 4/19/29⁽⁴⁾		500		504

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.53%), 5.48%, 2/22/31⁽⁴⁾		520		529

NatWest Group PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.10%), 4.60%, 6/28/31^{(4) (7)}		250		194

Societe Generale S.A.,

6.07%, 1/19/35^{(1) (4)}		700		705

Toronto-Dominion Bank (The),

5.10%, 1/9/26		630		631

Westpac Banking Corp.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.00%), 4.11%, 7/24/34⁽⁴⁾		75		69

				14,289

Beverages – 0.2%

Coca-Cola Europacific Partners PLC,

1.50%, 1/15/27⁽¹⁾		229		208

Coca-Cola Femsa S.A.B. de C.V.,

1.85%, 9/1/32		645		504

				712

Biotechnology & Pharmaceuticals – 0.2%

Astrazeneca Finance LLC,

1.75%, 5/28/28		770		684

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 8.3% continued

Chemicals – 0.1%

Nutrien Ltd.,

4.00%, 12/15/26

$210

$204

Food – 0.3%

NBM U.S. Holdings, Inc.,

7.00%, 5/14/26⁽¹⁾

915

919

Insurance – 0.2%

Nippon Life Insurance Co.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.95%), 6.25%, 9/13/53^{(1) (4)}

600

628

Leisure Facilities & Services – 0.0%

Sands China Ltd.,

3.10%, 3/8/29⁽⁸⁾

—

Medical Equipment & Devices – 0.1%

Alcon Finance Corp.,

2.60%, 5/27/30⁽¹⁾

350

302

Metals & Mining – 0.3%

Glencore Funding LLC,

1.63%, 4/27/26⁽¹⁾

860

797

3.88%, 10/27/27⁽¹⁾

430

410

1,207

Oil & Gas Producers – 0.2%

QatarEnergy,

3.13%, 7/12/41⁽¹⁾

123

Santos Finance Ltd.,

3.65%, 4/29/31⁽¹⁾

570

497

588

Semiconductors – 0.1%

NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,

5.00%, 1/15/33

553

541

Sovereign Government – 0.3%

Indonesia Government International Bond,

3.85%, 10/15/30

800

747

Philippine Government International Bond,

3.75%, 1/14/29

375

356

1,103

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 8.3% continued

Specialty Finance – 0.5%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

3.00%, 10/29/28

$810

$733

Avolon Holdings Funding Ltd.,

3.25%, 2/15/27⁽¹⁾

120

111

goeasy Ltd.,

4.38%, 5/1/26⁽¹⁾

740

710

Macquarie Airfinance Holdings Ltd.,

6.50%, 3/26/31⁽¹⁾

375

382

1,936

Technology Services – 0.1%

RELX Capital, Inc.,

4.75%, 5/20/32

333

330

Telecommunications – 0.8%

British Telecommunications PLC,

3.25%, 11/8/29⁽¹⁾

340

309

Connect Finco S.a.r.l./Connect U.S. Finco LLC,

6.75%, 10/1/26⁽¹⁾

955

937

NTT Finance Corp.,

4.37%, 7/27/27⁽¹⁾

1,220

1,199

Rogers Communications, Inc.,

2.90%, 11/15/26

350

330

2,775

Tobacco & Cannabis – 0.3%

BAT Capital Corp.,

4.70%, 4/2/27

965

949

Total Foreign Issuer Bonds

(Cost $29,867)

28,887

U.S. GOVERNMENT AGENCIES – 37.9% ^{( 9 )}

Fannie Mae – 17.5%

Fannie Mae-Aces, Series 2013-M6, Class 1AC,

3.39%, 2/25/43⁽³⁾

723

678

Pool #545003,

8.00%, 5/1/31⁽⁸⁾

—

Pool #545437,

7.00%, 2/1/32

Pool #545556,

7.00%, 4/1/32

Pool #555189,

7.00%, 12/1/32



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 37.9% ^{( 9 )} continued

Fannie Mae – 17.5% continued

Pool #581806,

7.00%, 7/1/31		$18		$19

Pool #585617,

7.00%, 5/1/31⁽⁸⁾		—		—

Pool #889641,

5.50%, 8/1/37		441		450

Pool #995802,

5.50%, 12/1/35		435		445

Pool #AB5209,

3.00%, 5/1/32		1,707		1,605

Pool #AB9546,

3.50%, 6/1/28		38		36

Pool #AD0248,

5.50%, 11/1/37		791		808

Pool #AD0494,

5.50%, 8/1/37		454		463

Pool #AD0925,

5.00%, 4/1/40		47		47

Pool #AK9457,

3.50%, 3/1/32		83		79

Pool #AL3063,

3.50%, 1/1/28		119		116

Pool #AL5119,

4.00%, 4/1/34		718		697

Pool #AL7497,

3.50%, 9/1/40		984		910

Pool #AL8876,

3.00%, 10/1/44		295		264

Pool #AO2961,

4.00%, 5/1/42		157		149

Pool #AQ9360,

2.50%, 1/1/28		39		37

Pool #AS1991,

3.50%, 3/1/29		203		197

Pool #AS3655,

4.50%, 10/1/44		466		455

Pool #AS6520,

3.50%, 1/1/46		990		902

Pool #AS7088,

2.50%, 5/1/31		967		905

Pool #AS8576,

4.50%, 12/1/46		733		715



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 37.9% ^{( 9 )} continued

Fannie Mae – 17.5% continued

Pool #BH6175,

3.50%, 7/1/47		$394		$360

Pool #BJ0686,

4.00%, 4/1/48		469		443

Pool #BJ3524,

4.00%, 11/1/47		968		915

Pool #BM1761,

4.00%, 8/1/44		166		157

Pool #BM1762,

3.00%, 11/1/45		1,959		1,751

Pool #BM4056,

4.00%, 3/1/45		497		471

Pool #BM5984,

5.00%, 5/1/49		112		111

Pool #BM5996,

5.00%, 12/1/48		78		78

Pool #BW9887,

5.00%, 10/1/52		1,092		1,067

Pool #BW9921,

5.00%, 10/1/52		1,307		1,286

Pool #BX4910,

5.00%, 1/1/53		1,265		1,239

Pool #BX7244,

5.50%, 2/1/53		1,120		1,118

Pool #BX7768,

5.00%, 3/1/53		1,322		1,294

Pool #BY5368,

7/1/53⁽⁶⁾		410		415

Pool #CA6359,

2.50%, 7/1/50		1,120		948

Pool #CB1666,

2.50%, 9/1/51		667		560

Pool #CB2286,

2.50%, 12/1/51		1,195		1,002

Pool #CB5113,

11/1/52⁽⁶⁾		326		325

Pool #CB7114,

5.50%, 9/1/53		639		637

Pool #CB8223,

3/1/54⁽⁶⁾		796		807

Pool #DA0017,

6.00%, 9/1/53		1,172		1,205



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 37.9% ^{( 9 )} continued

Fannie Mae – 17.5% continued

Pool #FM1303,

3.00%, 1/1/48		$965		$853

Pool #FM1438,

3.00%, 8/1/38		383		355

Pool #FM1472,

3.50%, 3/1/34		32		31

Pool #FM1534,

4.50%, 9/1/49		907		881

Pool #FM1572,

3.00%, 9/1/48		606		534

Pool #FM2671,

4.00%, 1/1/48		318		301

Pool #FM2921,

2.50%, 4/1/50		1,469		1,227

Pool #FM3201,

3.50%, 4/1/34		626		606

Pool #FM4491,

3.50%, 12/1/36		1,009		958

Pool #FM6125,

2.50%, 1/1/51		1,281		1,082

Pool #FM6764,

2.50%, 3/1/51		225		187

Pool #FM8215,

2.50%, 3/1/51		1,070		901

Pool #FP0012,

3.00%, 8/1/51		920		808

Pool #FS2701,

2.50%, 2/1/35		941		882

Pool #FS3063,

4.50%, 10/1/52		1,165		1,117

Pool #FS3120,

5.00%, 9/1/52		1,628		1,590

Pool #FS3391,

2.50%, 8/1/51		1,260		1,062

Pool #FS3662,

5.00%, 1/1/53		1,133		1,113

Pool #FS4040,

5.00%, 2/1/53		1,209		1,183

Pool #FS4045,

5.50%, 2/1/53		1,131		1,127

Pool #FS4267,

4.50%, 3/1/38		1,124		1,117



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 37.9% ⁽⁹⁾ continued

Fannie Mae – 17.5% continued

Pool #FS4610,

6.50%, 6/1/40		$525		$549

Pool #FS4618,

4.50%, 2/1/51		1,049		1,008

Pool #FS4653,

5.50%, 5/1/53		829		826

Pool #FS4663,

5.00%, 5/1/53		1,222		1,194

Pool #FS4710,

2.50%, 6/1/52		1,330		1,102

Pool #FS5441,

6.00%, 8/1/53		1,073		1,091

Pool #FS5613,

2.50%, 1/1/52		1,014		840

Pool #FS5952,

6.50%, 10/1/53		1,046		1,102

Pool #FS5965,

6.00%, 10/1/53		154		157

Pool #FS6176,

5.00%, 12/1/47		899		905

Pool #FS6177,

6.50%, 5/1/40		964		1,011

Pool #FS6869,

7.00%, 1/1/40		289		306

Pool #MA0878,

4.00%, 10/1/31		321		311

Pool #MA2522,

3.50%, 2/1/46		1,241		1,132

Pool #MA2864,

3.50%, 1/1/47		787		721

Pool #MA3004,

4.00%, 5/1/37		322		310

Pool #MA3088,

4.00%, 8/1/47		609		577

Pool #MA3183,

4.00%, 11/1/47		1,533		1,447

Pool #MA3184,

4.50%, 11/1/47		25		24

Pool #MA3211,

4.00%, 12/1/47		1,318		1,249

Pool #MA3448,

5.00%, 8/1/48		451		447



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 37.9% ⁽⁹⁾ continued

Fannie Mae – 17.5% continued

Pool #MA4186,

3.00%, 10/1/35		$436		$407

				60,894

Freddie Mac – 16.3%

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-156, Class A2,

4.43%, 2/25/33		340		334

Freddie Mac REMICS, Series 3013, Class HZ,

5.00%, 8/15/35		644		636

Freddie Mac REMICS, Series 5391, Class A,

5.50%, 11/25/51		694		686

Pool #1B3575,

(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.80%, 1.80% Floor, 11.42% Cap), 6.05%, 9/1/37⁽¹⁰⁾		44		44

Pool #1G2296,

(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 2.09%, 2.09% Floor, 11.34% Cap), 6.34%, 11/1/37⁽¹⁰⁾		91		91

Pool #QC7739,

2.50%, 9/1/51		1,348		1,116

Pool #QD2946,

2.50%, 12/1/51		1,099		915

Pool #QD9323,

2.50%, 4/1/52		1,355		1,125

Pool #QF3725,

5.00%, 11/1/52		1,212		1,185

Pool #QF8053,

5.50%, 2/1/53		1,630		1,626

Pool #QF8924,

5.50%, 3/1/53		1,283		1,280

Pool #QG4632,

5.50%, 6/1/53		1,232		1,228

Pool #RA3913,

2.50%, 11/1/50		1,386		1,171

Pool #RA7677,

5.00%, 7/1/52		1,168		1,153

Pool #RA8880,

5.50%, 4/1/53		1,115		1,113



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 37.9% ⁽⁹⁾ continued

Freddie Mac – 16.3% continued

Pool #RA9840,

5.50%, 9/1/53		$1,117		$1,125

Pool #RD5026,

3.00%, 4/1/30		349		334

Pool #SB0084,

3.00%, 2/1/32		1,062		1,017

Pool #SB0216,

3.00%, 12/1/32		455		432

Pool #SB0328,

3.00%, 6/1/34		997		943

Pool #SB0826,

2.50%, 1/1/35		1,068		996

Pool #SB8502,

2.00%, 8/1/35		2,079		1,848

Pool #SD0033,

3.00%, 12/1/47		675		597

Pool #SD0882,

2/1/52⁽⁶⁾		429		361

Pool #SD1360,

5.50%, 7/1/52		1,107		1,105

Pool #SD1518,

4.50%, 8/1/52		1,181		1,136

Pool #SD1659,

2.50%, 2/1/52		1,357		1,138

Pool #SD1694,

4.50%, 10/1/52		1,534		1,462

Pool #SD1703,

5.00%, 9/1/52		1,604		1,568

Pool #SD1710,

5.00%, 10/1/52		1,392		1,364

Pool #SD2334,

5.00%, 2/1/53		1,236		1,208

Pool #SD2347,

5.50%, 2/1/53		1,115		1,124

Pool #SD2477,

5.50%, 3/1/53		1,237		1,243

Pool #SD2511,

5.50%, 4/1/53		1,218		1,215

Pool #SD2642,

5.50%, 4/1/53		1,235		1,231

Pool #SD2665,

6.00%, 4/1/53		155		158



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 37.9% ⁽⁹⁾ continued

Freddie Mac – 16.3% continued

Pool #SD2757,

5.00%, 5/1/53		$1,229		$1,206

Pool #SD2876,

3.00%, 7/1/46		1,200		1,073

Pool #SD2902,

5.50%, 5/1/53		830		827

Pool #SD2920,

5.50%, 5/1/53		1,259		1,257

Pool #SD2922,

5.00%, 5/1/53		1,236		1,209

Pool #SD2999,

5.50%, 6/1/53		1,253		1,249

Pool #SD3133,

5.00%, 6/1/53		741		726

Pool #SD3136,

5.50%, 6/1/53		1,055		1,055

Pool #SD3174,

5.50%, 6/1/53		1,058		1,057

Pool #SD3189,

6/1/53⁽⁶⁾		829		845

Pool #SD3251,

6.00%, 7/1/53		1,090		1,111

Pool #SD3515,

7/1/53⁽⁶⁾		671		682

Pool #SD3760,

6.00%, 8/1/53		1,091		1,127

Pool #SD4027,

6.50%, 10/1/53		1,083		1,119

Pool #SD4285,

5.50%, 11/1/53		856		855

Pool #SD5136,

4/1/54⁽⁶⁾		833		846

Pool #ZK7457,

3.50%, 2/1/29		978		949

Pool #ZM4714,

3.50%, 11/1/47		1,448		1,318

Pool #ZM5332,

3.00%, 1/1/48		536		470

Pool #ZS4687,

2.50%, 11/1/46		519		444

Pool #ZT1333,

2.50%, 10/1/31		1,881		1,761

				56,494



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 37.9% ⁽⁹⁾ continued

Freddie Mac Gold – 0.8%

Pool #A87842,

4.50%, 8/1/39		$165		$161

Pool #C00910,

7.50%, 1/1/30		47		48

Pool #G07068,

5.00%, 7/1/41		251		253

Pool #G07505,

7.00%, 2/1/39		559		606

Pool #G15612,

3.50%, 12/1/29		32		31

Pool #G16396,

3.50%, 2/1/33		754		726

Pool #G18643,

2.50%, 5/1/32		67		63

Pool #G30926,

3.50%, 4/1/36		236		224

Pool #G60948,

3.00%, 1/1/47		313		273

Pool #G61723,

3.50%, 1/1/43		85		79

Pool #Q42460,

4.00%, 6/1/46		234		222

Pool #Q63667,

4.50%, 5/1/49		247		239

				2,925

Government National Mortgage Association – 0.7%

Government National Mortgage Association, Series 2017-95, Class QG,

2.50%, 8/20/46		830		746

Government National Mortgage Association, Series 2023-169, Class EA,

5.50%, 3/20/38		1,655		1,652

				2,398

Government National Mortgage Association I – 0.9%

Pool #757013,

3.50%, 12/15/40		1,053		980

Pool #786440,

4.50%, 9/15/47		924		907

Pool #786470,

5.00%, 11/15/40		1,150		1,160

				3,047

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 37.9% ⁽⁹⁾ continued

Government National Mortgage Association II – 1.7%

Pool #786922,

5.50%, 9/1/53

$1,127

$1,133

Pool #MA0089,

4.00%, 5/20/42

1,191

1,147

Pool #MA1996,

4.00%, 6/20/44

222

212

Pool #MA3666,

5.00%, 5/20/46

520

525

Pool #MA4008,

5.50%, 10/20/46

Pool #MA6870,

5.00%, 9/20/50

414

Pool #MA8346,

4.00%, 10/20/52

1,214

1,137

Pool #MA8724,

4.50%, 3/20/53

1,246

1,198

5,844

Total U.S. Government Agencies

(Cost $137,169)

131,602

U.S. GOVERNMENT OBLIGATIONS – 15.7%

U.S. Treasury Bonds – 9.4%

3.38%, 8/15/42

23,856

20,637

4.13%, 8/15/53

12,490

12,026

32,663

U.S. Treasury Notes – 3.6%

4.50%, 7/15/26

993

992

4.13%, 7/31/28

6,739

6,700

3.88%, 8/15/33

5,078

4,948

12,640

U.S. Treasury Strips – 2.7%

1.47%, 2/15/51⁽¹¹⁾

29,423

9,220

Total U.S. Government Obligations

(Cost $62,528)

54,523

MUNICIPAL BONDS – 0.4%

Florida – 0.1%

Miami-Dade County Seaport Subordinate Taxable Revenue Refunding Bonds, Series B-3,

1.86%, 10/1/30

400

335

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 0.4% continued

Texas – 0.3%

Texas Natural Gas Securitization Finance Corp. Taxable Customer Rate Relief Revenue Bonds,

5.10%, 4/1/35

$1,000

$1,009

Total Municipal Bonds

(Cost $1,400)

1,344

NUMBER
OF
SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 3.1%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(12) (13)}

10,598,402

$10,598

Total Investment Companies

(Cost $10,598)

10,598

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.0%

U.S. Treasury Bills,

5.30%, 4/11/24^{(11) (14)}

$75

Total Short-Term Investments

(Cost $75)

Total Investments – 100.9%

(Cost $370,726)

350,645

Liabilities less Other Assets – (0.9%)

(3,116

)

NET ASSETS – 100.0%

$347,529

⁽¹⁾

⁽²⁾

Step coupon bond. Rate as of March 31, 2024 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, 2024.

⁽⁵⁾

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁶⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2024.

⁽⁷⁾

Perpetual bond. Maturity date represents next call date.

⁽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⁾

Variable or floating rate security. Rate as of March 31, 2024 is disclosed.

⁽¹¹⁾

Discount rate at the time of purchase.

⁽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, 2024 is disclosed.

⁽¹⁴⁾

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

IBOR - Interbank Offered Rates

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, 2024, 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

$11,042

Long

6/24

$(8)

⁽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, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		6.2	%

Commercial Mortgage-Backed Securities		1.4	%

Corporate Bonds		27.9	%

Foreign Issuer Bonds		8.3	%

U.S. Government Agencies		37.9	%

U.S. Government Obligations		15.7	%

Municipal Bonds		0.4	%

Investment Companies		3.1	%

Short-Term Investments		0.0	%

⁽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⁾	$	—		$	21,611		$—	$	21,611

Commercial Mortgage-Backed Securities		—			5,009		—		5,009

Corporate Bonds⁽¹⁾		—			96,996		—		96,996

Foreign Issuer Bonds⁽¹⁾		—			28,887		—		28,887

U.S. Government Agencies⁽¹⁾		—			131,602		—		131,602

U.S. Government Obligations⁽¹⁾		—			54,523		—		54,523

Municipal Bonds⁽¹⁾		—			1,344		—		1,344

Investment Companies		10,598			—		—		10,598

Short-Term Investments		—			75		—		75

Total Investments	$	10,598		$	340,047		$—	$	350,645
OTHER FINANCIAL INSTRUMENTS
Liabilities

Futures Contracts	$	(8	)	$	—		$—	$	(8	)

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 82.3%

Advertising & Marketing – 0.3%

CMG Media Corp.,

8.88%, 12/15/27⁽¹⁾		$8,825		$5,835

Outfront Media Capital LLC/Outfront Media Capital Corp.,

4.25%, 1/15/29⁽¹⁾		3,125		2,831

				8,666

Aerospace & Defense – 1.7%

AAR Escrow Issuer LLC,

6.75%, 3/15/29⁽¹⁾		4,915		4,953

Spirit AeroSystems, Inc.,

4.60%, 6/15/28		3,895		3,652

9.38%, 11/30/29⁽¹⁾		3,313		3,614

9.75%, 11/15/30⁽¹⁾		3,585		4,010

TransDigm, Inc.,

5.50%, 11/15/27		7,565		7,408

6.75%, 8/15/28⁽¹⁾		5,065		5,138

6.38%, 3/1/29⁽¹⁾		1,195		1,200

4.88%, 5/1/29		8,549		7,951

6.88%, 12/15/30⁽¹⁾		3,640		3,710

7.13%, 12/1/31⁽¹⁾		1,110		1,144

Triumph Group, Inc.,

9.00%, 3/15/28⁽¹⁾		3,602		3,799

				46,579

Asset Management – 1.4%

HAT Holdings I LLC/HAT Holdings II LLC,

6.00%, 4/15/25⁽¹⁾		4,780		4,761

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

5.25%, 5/15/27		6,740		6,250

9.75%, 1/15/29⁽¹⁾		10,675		11,147

NFP Corp.,

6.88%, 8/15/28⁽¹⁾		7,490		7,583

Osaic Holdings, Inc.,

10.75%, 8/1/27⁽¹⁾		7,950		8,213

				37,954

Automotive – 1.9%

American Axle & Manufacturing, Inc.,

6.88%, 7/1/28		7,210		7,186

Clarios Global L.P./Clarios U.S. Finance Co.,

6.75%, 5/15/28⁽¹⁾		3,315		3,360



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Automotive – 1.9% continued

Dana, Inc.,

4.25%, 9/1/30		$3,245		$2,868

Ford Motor Co.,

9.63%, 4/22/30		2,130		2,497

6.10%, 8/19/32		4,595		4,664

4.75%, 1/15/43		2,195		1,820

Ford Motor Credit Co. LLC,

4.06%, 11/1/24		1,500		1,485

5.13%, 6/16/25		710		704

4.13%, 8/4/25		2,145		2,097

4.39%, 1/8/26		4,500		4,390

4.95%, 5/28/27		4,110		4,010

4.00%, 11/13/30		4,035		3,605

General Motors Financial Co., Inc.,

(Variable, ICE LIBOR USD 3M + 3.60%), 5.75%, 9/30/27^(2) (3)		2,985		2,817

Goodyear Tire & Rubber (The) Co.,

5.25%, 4/30/31		2,920		2,681

Phinia, Inc.,

4/15/29^{(1) (4)}		7,375		7,446

				51,630

Biotechnology & Pharmaceuticals – 1.1%

Bausch Health Americas, Inc.,

8.50%, 1/31/27⁽¹⁾		6,390		3,756

Bausch Health Cos., Inc.,

6.13%, 2/1/27⁽¹⁾		2,830		1,763

5.00%, 1/30/28⁽¹⁾		4,775		2,133

4.88%, 6/1/28⁽¹⁾		4,465		2,437

7.25%, 5/30/29⁽¹⁾		3,490		1,511

5.25%, 1/30/30⁽¹⁾		9,870		4,077

Organon & Co./Organon Foreign Debt Co-Issuer B.V.,

5.13%, 4/30/31⁽¹⁾		5,570		4,935

Par Pharmaceutical, Inc.,

7.50%, 4/1/27^{(1) (5)}		8,813		5,777

Perrigo Finance Unlimited Co.,

4.65%, 6/15/30		3,520		3,236

				29,625

Cable & Satellite – 4.7%

CCO Holdings LLC/CCO Holdings Capital Corp.,

5.00%, 2/1/28⁽¹⁾		23,922		22,277

6.38%, 9/1/29⁽¹⁾		6,890		6,536



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Cable & Satellite – 4.7% continued

4.75%, 2/1/32⁽¹⁾		$14,410		$11,761

4.50%, 6/1/33⁽¹⁾		9,885		7,721

4.25%, 1/15/34⁽¹⁾		4,941		3,733

CSC Holdings LLC,

11.75%, 1/31/29⁽¹⁾		3,230		3,235

6.50%, 2/1/29⁽¹⁾		11,635		9,866

5.75%, 1/15/30⁽¹⁾		7,895		4,180

4.63%, 12/1/30⁽¹⁾		3,960		2,011

Directv Financing LLC/Directv Financing Co-Obligor, Inc.,

5.88%, 8/15/27⁽¹⁾		10,100		9,559

DISH DBS Corp.,

7.75%, 7/1/26		16,797		11,240

5.25%, 12/1/26⁽¹⁾		4,585		3,608

DISH Network Corp.,

11.75%, 11/15/27⁽¹⁾		2,565		2,613

GCI LLC,

4.75%, 10/15/28⁽¹⁾		2,395		2,196

LCPR Senior Secured Financing DAC,

6.75%, 10/15/27⁽¹⁾		5,093		4,780

Midcontinent Communications/Midcontinent Finance Corp.,

5.38%, 8/15/27⁽¹⁾		3,395		3,222

Sirius XM Radio, Inc.,

4.00%, 7/15/28⁽¹⁾		3,895		3,563

3.88%, 9/1/31⁽¹⁾		16,590		13,842

				125,943

Chemicals – 1.4%

ASP Unifrax Holdings, Inc.,

5.25%, 9/30/28⁽¹⁾		2,780		1,815

CVR Partners L.P./CVR Nitrogen Finance Corp.,

6.13%, 6/15/28⁽¹⁾		3,550		3,412

Illuminate Buyer LLC/Illuminate Holdings IV, Inc.,

9.00%, 7/1/28⁽¹⁾		4,330		4,273

LSB Industries, Inc.,

6.25%, 10/15/28⁽¹⁾		4,370		4,206

LSF11 A5 HoldCo LLC,

6.63%, 10/15/29⁽¹⁾		5,220		4,700

Mativ Holdings, Inc.,

6.88%, 10/1/26⁽¹⁾		7,345		7,293



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Chemicals – 1.4% continued

Olympus Water U.S. Holding Corp.,

7.13%, 10/1/27⁽¹⁾		$3,475		$3,510

SK Invictus Intermediate II S.a.r.l.,

5.00%, 10/30/29⁽¹⁾		4,795		4,278

WR Grace Holdings LLC,

5.63%, 8/15/29⁽¹⁾		3,700		3,310

				36,797

Commercial Support Services – 2.4%

ADT Security (The) Corp.,

4.13%, 8/1/29⁽¹⁾		3,440		3,152

Allied Universal Holdco LLC,

7.88%, 2/15/31⁽¹⁾		5,625		5,698

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

6.63%, 7/15/26⁽¹⁾		4,010		4,009

6.00%, 6/1/29⁽¹⁾		4,073		3,508

APX Group, Inc.,

6.75%, 2/15/27⁽¹⁾		6,275		6,298

5.75%, 7/15/29⁽¹⁾		4,520		4,346

Clean Harbors, Inc.,

6.38%, 2/1/31⁽¹⁾		1,975		1,989

Covanta Holding Corp.,

5.00%, 9/1/30		5,640		4,968

GFL Environmental, Inc.,

6.75%, 1/15/31⁽¹⁾		5,965		6,115

Prime Security Services Borrower LLC/Prime Finance, Inc.,

6.25%, 1/15/28⁽¹⁾		9,885		9,690

Stericycle, Inc.,

3.88%, 1/15/29⁽¹⁾		2,970		2,693

VT Topco, Inc.,

8.50%, 8/15/30⁽¹⁾		7,310		7,667

ZipRecruiter, Inc.,

5.00%, 1/15/30⁽¹⁾		3,900		3,434

				63,567

Construction Materials – 0.8%

Eco Material Technologies, Inc.,

7.88%, 1/31/27⁽¹⁾		7,195		7,302

Smyrna Ready Mix Concrete LLC,

8.88%, 11/15/31⁽¹⁾		3,695		3,950

Standard Industries, Inc.,

3.38%, 1/15/31⁽¹⁾		4,520		3,795



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Construction Materials – 0.8% continued

Summit Materials LLC/Summit Materials Finance Corp.,

6.50%, 3/15/27⁽¹⁾		$5,508		$5,494

				20,541

Consumer Services – 0.4%

PROG Holdings, Inc.,

6.00%, 11/15/29⁽¹⁾		6,550		6,120

StoneMor, Inc.,

8.50%, 5/15/29⁽¹⁾		6,425		4,434

				10,554

Containers & Packaging – 1.4%

Ardagh Packaging Finance PLC/Ardagh Holdings U.S.A., Inc.,

5.25%, 8/15/27⁽¹⁾		6,640		4,183

Ball Corp.,

2.88%, 8/15/30		7,465		6,369

Clydesdale Acquisition Holdings, Inc.,

6.63%, 4/15/29⁽¹⁾		2,985		2,986

Graphic Packaging International LLC,

3.75%, 2/1/30⁽¹⁾		2,945		2,619

LABL, Inc.,

5.88%, 11/1/28⁽¹⁾		3,695		3,398

Mauser Packaging Solutions Holding Co.,

7.88%, 8/15/26⁽¹⁾		4,930		5,023

9.25%, 4/15/27⁽¹⁾		3,147		3,120

Owens-Brockway Glass Container, Inc.,

7.25%, 5/15/31⁽¹⁾		3,335		3,397

Sealed Air Corp./Sealed Air Corp. U.S.,

6.13%, 2/1/28⁽¹⁾		5,540		5,555

				36,650

Electric Utilities – 1.5%

Calpine Corp.,

5.13%, 3/15/28		7,637		7,330

5.00%, 2/1/31⁽¹⁾		3,475		3,187

NRG Energy, Inc.,

5.75%, 1/15/28		7,920		7,876

3.88%, 2/15/32⁽¹⁾		4,547		3,897

Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,

4.50%, 8/15/28⁽¹⁾		3,895		3,629

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 82.3% continued

Electric Utilities – 1.5% continued

Talen Energy Supply LLC,

8.63%, 6/1/30⁽¹⁾

$3,595

$3,844

Vistra Operations Co. LLC,

5.63%, 2/15/27⁽¹⁾

5,770

5,682

4.38%, 5/1/29⁽¹⁾

4,665

4,322

39,767

Electrical Equipment – 0.4%

EMRLD Borrower L.P./ Emerald Co-Issuer, Inc.,

6.63%, 12/15/30⁽¹⁾

9,715

9,811

Engineering & Construction – 0.5%

Brundage-Bone Concrete Pumping Holdings, Inc.,

6.00%, 2/1/26⁽¹⁾

7,360

7,269

Dycom Industries, Inc.,

4.50%, 4/15/29⁽¹⁾

3,810

3,563

VM Consolidated, Inc.,

5.50%, 4/15/29⁽¹⁾

3,745

3,590

14,422

Entertainment Content – 0.9%

Allen Media LLC/Allen Media
Co-Issuer, Inc.,

10.50%, 2/15/28⁽¹⁾

22,150

10,267

TEGNA, Inc.,

5.00%, 9/15/29

11,792

10,573

Univision Communications, Inc.,

7.38%, 6/30/30⁽¹⁾

4,045

3,997

24,837

Food – 1.1%

Fiesta Purchaser, Inc.,

7.88%, 3/1/31⁽¹⁾

8,565

8,845

Post Holdings, Inc.,

4.50%, 9/15/31⁽¹⁾

4,781

4,301

6.25%, 2/15/32⁽¹⁾

10,629

10,706

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,

4.63%, 3/1/29⁽¹⁾

5,940

5,243

29,095

Forestry, Paper & Wood Products – 0.2%

Glatfelter Corp.,

4.75%, 11/15/29⁽¹⁾

7,146

6,089



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Health Care Facilities & Services – 4.7%

AdaptHealth LLC,

6.13%, 8/1/28⁽¹⁾		$3,620		$3,400

5.13%, 3/1/30⁽¹⁾		5,860		5,109

Catalent Pharma Solutions, Inc.,

3.50%, 4/1/30⁽¹⁾		7,836		7,463

CHS/Community Health Systems, Inc.,

6.88%, 4/15/29⁽¹⁾		4,420		3,313

6.13%, 4/1/30⁽¹⁾		6,175		4,448

5.25%, 5/15/30⁽¹⁾		15,938		12,997

DaVita, Inc.,

4.63%, 6/1/30⁽¹⁾		3,804		3,406

3.75%, 2/15/31⁽¹⁾		11,173		9,353

Fortrea Holdings, Inc.,

7.50%, 7/1/30⁽¹⁾		2,735		2,825

HealthEquity, Inc.,

4.50%, 10/1/29⁽¹⁾		6,425		5,929

IQVIA, Inc.,

5.00%, 10/15/26⁽¹⁾		5,190		5,079

LifePoint Health, Inc.,

5.38%, 1/15/29⁽¹⁾		3,685		3,037

9.88%, 8/15/30⁽¹⁾		9,865		10,317

11.00%, 10/15/30⁽¹⁾		2,130		2,276

Prime Healthcare Services, Inc.,

7.25%, 11/1/25⁽¹⁾		6,315		6,299

Star Parent, Inc.,

9.00%, 10/1/30		5,000		5,292

Surgery Center Holdings, Inc.,

10.00%, 4/15/27⁽¹⁾		2,611		2,616

4/15/32⁽¹⁾⁽⁴⁾		3,616		3,646

Tenet Healthcare Corp.,

6.13%, 10/1/28		5,033		5,021

4.38%, 1/15/30		24,512		22,658

				124,484

Home & Office Products – 0.5%

CD&R Smokey Buyer, Inc.,

6.75%, 7/15/25⁽¹⁾		4,550		4,514

Newell Brands, Inc.,

6.38%, 4/1/36		9,490		8,379

				12,893

Home Construction – 1.4%

Beazer Homes U.S.A., Inc.,

5.88%, 10/15/27		6,320		6,232



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Home Construction – 1.4% continued

Forestar Group, Inc.,

5.00%, 3/1/28⁽¹⁾		$2,552		$2,454

Interface, Inc.,

5.50%, 12/1/28⁽¹⁾		3,475		3,309

KB Home,

7.25%, 7/15/30		4,220		4,367

LGI Homes, Inc.,

4.00%, 7/15/29⁽¹⁾		6,185		5,404

M/I Homes, Inc.,

3.95%, 2/15/30		8,520		7,667

Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC,

6.75%, 4/1/32⁽¹⁾		3,255		3,267

Taylor Morrison Communities, Inc.,

5.13%, 8/1/30⁽¹⁾		4,155		3,968

				36,668

Household Products – 0.3%

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC,

6.63%, 7/15/30⁽¹⁾		5,930		6,022

Edgewell Personal Care Co.,

5.50%, 6/1/28⁽¹⁾		2,490		2,434

				8,456

Industrial Intermediate Products – 0.8%

Anagram Holdings LLC/Anagram International, Inc.,

10.00%, 8/15/26^{(1) (6) (7) (8)}		2,842		36

Chart Industries, Inc.,

7.50%, 1/1/30⁽¹⁾		6,440		6,689

9.50%, 1/1/31⁽¹⁾		3,175		3,457

FXI Holdings, Inc.,

12.25%, 11/15/26⁽¹⁾		10,225		10,238

				20,420

Industrial Support Services – 1.0%

APi Group DE, Inc.,

4.13%, 7/15/29⁽¹⁾		3,260		2,937

NESCO Holdings II, Inc.,

5.50%, 4/15/29⁽¹⁾		3,660		3,459

PECF USS Intermediate Holding III Corp.,

8.00%, 11/15/29⁽¹⁾		7,895		4,147



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Industrial Support Services – 1.0% continued

Resideo Funding, Inc.,

4.00%, 9/1/29⁽¹⁾		$6,308		$5,640

United Rentals North America, Inc.,

3.75%, 1/15/32		8,105		7,077

6.13%, 3/15/34⁽¹⁾		2,855		2,859

				26,119

Institutional Financial Services – 0.9%

Aretec Group, Inc.,

7.50%, 4/1/29⁽¹⁾		2,422		2,302

10.00%, 8/15/30⁽¹⁾		3,735		4,079

Armor Holdco, Inc.,

8.50%, 11/15/29⁽¹⁾		4,720		4,450

Coinbase Global, Inc.,

3.63%, 10/1/31⁽¹⁾		6,890		5,564

Jane Street Group/JSG Finance, Inc.,

4.50%, 11/15/29⁽¹⁾		9,685		8,962

				25,357

Insurance – 1.0%

Acrisure LLC/Acrisure Finance, Inc.,

8.25%, 2/1/29⁽¹⁾		2,945		2,959

4.25%, 2/15/29⁽¹⁾		4,795		4,329

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,

7.63%, 10/15/25^{(1) (8)}		7,865		7,775

NMI Holdings, Inc.,

7.38%, 6/1/25⁽¹⁾		4,440		4,484

Panther Escrow Issuer LLC,

6/1/31^{(1) (4)}		8,095		8,239

				27,786

Internet Media & Services – 1.1%

GrubHub Holdings, Inc.,

5.50%, 7/1/27⁽¹⁾		4,875		4,427

Millennium Escrow Corp.,

6.63%, 8/1/26⁽¹⁾		5,355		3,165

Newfold Digital Holdings Group, Inc.,

6.00%, 2/15/29⁽¹⁾		4,645		3,639

TripAdvisor, Inc.,

7.00%, 7/15/25⁽¹⁾		6,740		6,722

Uber Technologies, Inc.,

6.25%, 1/15/28⁽¹⁾		7,790		7,822

4.50%, 8/15/29⁽¹⁾		3,785		3,591

				29,366



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Leisure Facilities & Services – 7.3%

Affinity Interactive,

6.88%, 12/15/27 ⁽¹⁾		$4,160		$3,886

Boyne U.S.A., Inc.,

4.75%, 5/15/29 ⁽¹⁾		5,610		5,199

Caesars Entertainment, Inc.,

4.63%, 10/15/29 ⁽¹⁾		6,835		6,232

7.00%, 2/15/30 ⁽¹⁾		4,100		4,208

6.50%, 2/15/32 ⁽¹⁾		5,157		5,205

Carnival Corp.,

5.75%, 3/1/27 ⁽¹⁾		8,705		8,618

4.00%, 8/1/28 ⁽¹⁾		5,350		4,983

6.00%, 5/1/29 ⁽¹⁾		5,605		5,528

Carnival Holdings Bermuda Ltd.,

10.38%, 5/1/28 ⁽¹⁾		5,990		6,536

Carrols Restaurant Group, Inc.,

5.88%, 7/1/29 ⁽¹⁾		3,975		4,025

Everi Holdings, Inc.,

5.00%, 7/15/29 ⁽¹⁾		5,740		5,686

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,

4.63%, 1/15/29 ⁽¹⁾		3,534		3,241

6.75%, 1/15/30 ⁽¹⁾		5,495		4,932

Full House Resorts, Inc.,

8.25%, 2/15/28 ⁽¹⁾		6,355		6,073

GPS Hospitality Holding Co. LLC/GPS Finco, Inc.,

7.00%, 8/15/28 ⁽¹⁾		6,940		5,659

Hilton Domestic Operating Co., Inc.,

3.75%, 5/1/29 ⁽¹⁾		7,180		6,586

International Game Technology PLC,

5.25%, 1/15/29 ⁽¹⁾		7,470		7,218

Jacobs Entertainment, Inc.,

6.75%, 2/15/29 ⁽¹⁾		4,220		4,099

Light & Wonder International, Inc.,

7.00%, 5/15/28 ⁽¹⁾		7,638		7,698

Lindblad Expeditions LLC,

6.75%, 2/15/27 ⁽¹⁾		7,920		7,981

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,

4.88%, 5/1/29 ⁽¹⁾		4,475		4,143

NCL Corp. Ltd.,

5.88%, 3/15/26 ⁽¹⁾		6,913		6,821

5.88%, 2/15/27 ⁽¹⁾		4,595		4,541



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Leisure Facilities & Services – 7.3% continued

8.38%, 2/1/28⁽¹⁾		$3,295		$3,480

NCL Finance Ltd.,

6.13%, 3/15/28⁽¹⁾		2,530		2,501

Penn Entertainment, Inc.,

4.13%, 7/1/29⁽¹⁾		3,125		2,687

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,

5.88%, 9/1/31⁽¹⁾		2,245		1,644

Royal Caribbean Cruises Ltd.,

5.50%, 8/31/26⁽¹⁾		14,985		14,856

7.25%, 1/15/30⁽¹⁾		2,695		2,802

6.25%, 3/15/32⁽¹⁾		6,405		6,460

Scientific Games Holdings L.P./Scientific Games U.S. FinCo, Inc.,

6.63%, 3/1/30⁽¹⁾		2,795		2,702

Station Casinos LLC,

4.50%, 2/15/28⁽¹⁾		3,745		3,528

Travel + Leisure Co.,

6.63%, 7/31/26⁽¹⁾		4,500		4,532

Viking Cruises Ltd.,

5.88%, 9/15/27⁽¹⁾		10,295		10,104

7.00%, 2/15/29⁽¹⁾		5,150		5,171

Yum! Brands, Inc.,

5.38%, 4/1/32		6,295		6,098

				195,663

Leisure Products – 0.5%

Acushnet Co.,

7.38%, 10/15/28⁽¹⁾		3,695		3,830

Thor Industries, Inc.,

4.00%, 10/15/29⁽¹⁾		6,950		6,208

Vista Outdoor, Inc.,

4.50%, 3/15/29⁽¹⁾		3,894		3,898

				13,936

Machinery – 1.0%

Amsted Industries, Inc.,

5.63%, 7/1/27⁽¹⁾		4,185		4,122

GrafTech Finance, Inc.,

4.63%, 12/15/28⁽¹⁾		4,575		2,951

Madison IAQ LLC,

4.13%, 6/30/28⁽¹⁾		4,945		4,575

5.88%, 6/30/29⁽¹⁾		3,340		3,057



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Machinery – 1.0% continued

Maxim Crane Works Holdings Capital LLC,

11.50%, 9/1/28⁽¹⁾		$5,480		$5,940

Titan International, Inc.,

7.00%, 4/30/28		5,600		5,526

				26,171

Medical Equipment & Devices – 0.6%

Embecta Corp.,

5.00%, 2/15/30⁽¹⁾		3,415		2,789

Medline Borrower L.P.,

3.88%, 4/1/29⁽¹⁾		5,662		5,159

5.25%, 10/1/29⁽¹⁾		9,940		9,394

				17,342

Metals & Mining – 1.0%

Alcoa Nederland Holding B.V.,

7.13%, 3/15/31⁽¹⁾		7,375		7,523

Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp.,

7.50%, 5/1/25⁽¹⁾		3,493		3,479

Coeur Mining, Inc.,

5.13%, 2/15/29⁽¹⁾		3,895		3,680

Constellium S.E.,

3.75%, 4/15/29⁽¹⁾		2,880		2,592

Kaiser Aluminum Corp.,

4.50%, 6/1/31⁽¹⁾		5,140		4,549

Novelis Corp.,

4.75%, 1/30/30⁽¹⁾		4,435		4,094

				25,917

Oil & Gas Producers – 10.4%

Apache Corp.,

4.25%, 1/15/30		2,845		2,635

5.10%, 9/1/40		4,965		4,260

Berry Petroleum Co. LLC,

7.00%, 2/15/26⁽¹⁾		10,255		10,123

California Resources Corp.,

7.13%, 2/1/26⁽¹⁾		4,670		4,697

CITGO Petroleum Corp.,

6.38%, 6/15/26⁽¹⁾		9,019		9,046

8.38%, 1/15/29⁽¹⁾		3,045		3,199

Civitas Resources, Inc.,

8.38%, 7/1/28⁽¹⁾		3,735		3,933

8.63%, 11/1/30⁽¹⁾		750		805



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Oil & Gas Producers – 10.4% continued

CNX Resources Corp.,

7.38%, 1/15/31 ⁽¹⁾		$2,925		$2,982

7.25%, 3/1/32 ⁽¹⁾		5,585		5,676

Comstock Resources, Inc.,

6.75%, 3/1/29 ⁽¹⁾		3,510		3,348

Crescent Energy Finance LLC,

9.25%, 2/15/28 ⁽¹⁾		5,640		5,956

CrownRock L.P./CrownRock Finance, Inc.,

5.00%, 5/1/29 ⁽¹⁾		3,305		3,264

CVR Energy, Inc.,

5.75%, 2/15/28 ⁽¹⁾		6,200		5,823

Delek Logistics Partners L.P./Delek Logistics Finance Corp.,

7.13%, 6/1/28 ⁽¹⁾		2,420		2,362

8.63%, 3/15/29 ⁽¹⁾		2,130		2,175

Energy Transfer L.P.,

5.63%, 5/1/27 ⁽¹⁾		7,901		7,873

EnLink Midstream LLC,

6.50%, 9/1/30 ⁽¹⁾		2,970		3,054

EnLink Midstream Partners L.P.,

(Variable, CME Term SOFR 3M + 4.37%), 9.76%, 12/30/49 ⁽⁹⁾		3,163		3,100

EQM Midstream Partners L.P.,

4.50%, 1/15/29 ⁽¹⁾		1,950		1,828

6.38%, 4/1/29 ⁽¹⁾		3,565		3,594

7.50%, 6/1/30 ⁽¹⁾		3,240		3,464

4.75%, 1/15/31 ⁽¹⁾		6,875		6,392

FTAI Infra Escrow Holdings LLC,

10.50%, 6/1/27 ⁽¹⁾		7,660		7,981

Genesis Energy L.P./Genesis Energy Finance Corp.,

8.00%, 1/15/27		3,445		3,484

8.25%, 1/15/29		5,990		6,150

Global Partners L.P./GLP Finance Corp.,

6.88%, 1/15/29		3,945		3,918

Harvest Midstream I L.P.,

7.50%, 9/1/28 ⁽¹⁾		2,935		2,974

Hess Midstream Operations L.P.,

5.50%, 10/15/30 ⁽¹⁾		5,115		4,955

Hilcorp Energy I L.P./Hilcorp Finance Co.,

6.25%, 11/1/28 ⁽¹⁾		6,232		6,224



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Oil & Gas Producers – 10.4% continued

ITT Holdings LLC,

6.50%, 8/1/29 ⁽¹⁾		$6,460		$5,894

Martin Midstream Partners L.P./Martin Midstream Finance Corp.,

11.50%, 2/15/28 ⁽¹⁾		5,855		6,220

Murphy Oil Corp.,

6.38%, 7/15/28		4,685		4,716

NGL Energy Operating LLC/NGL Energy Finance Corp.,

8.38%, 2/15/32 ⁽¹⁾		13,123		13,461

NGL Energy Partners L.P./NGL Energy Finance Corp.,

7.50%, 4/15/26		4,580		4,580

Northern Oil & Gas, Inc.,

8.13%, 3/1/28 ⁽¹⁾		3,825		3,883

NuStar Logistics L.P.,

6.00%, 6/1/26		4,360		4,340

PBF Holding Co. LLC/PBF Finance Corp.,

6.00%, 2/15/28		11,403		11,223

Permian Resources Operating LLC,

8.00%, 4/15/27 ⁽¹⁾		4,795		4,939

Plains All American Pipeline L.P.,

(Variable, CME Term SOFR 3M + 4.37%), 9.68%, 5/2/24 ^(3) (9)		4,205		4,178

Range Resources Corp.,

8.25%, 1/15/29		4,020		4,181

4.75%, 2/15/30 ⁽¹⁾		2,650		2,471

SM Energy Co.,

5.63%, 6/1/25		8,880		8,838

Southwestern Energy Co.,

5.38%, 2/1/29		10,910		10,596

Sunoco L.P./Sunoco Finance Corp.,

4.50%, 5/15/29		2,858		2,657

4.50%, 4/30/30		3,845		3,521

Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,

7.38%, 2/15/29 ⁽¹⁾		7,350		7,388

Talos Energy Ventures GOM LLC/Talos Finance Corp.,

11.75%, 4/15/26 ⁽¹⁾		3,589		3,701

Talos Production, Inc.,

9.38%, 2/1/31 ⁽¹⁾		5,840		6,226



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Oil & Gas Producers – 10.4% continued

Venture Global LNG, Inc.,

9.50%, 2/1/29⁽¹⁾		$6,890		$7,422

8.38%, 6/1/31⁽¹⁾		13,668		14,096

Vital Energy, Inc.,

7.75%, 7/31/29⁽¹⁾		8,479		8,549

				278,355

Oil & Gas Services & Equipment – 2.2%

Nabors Industries Ltd.,

7.25%, 1/15/26⁽¹⁾		6,140		6,102

7.50%, 1/15/28⁽¹⁾		6,550		6,143

Nabors Industries, Inc.,

7.38%, 5/15/27⁽¹⁾		2,245		2,241

9.13%, 1/31/30⁽¹⁾		1,485		1,544

Oceaneering International, Inc.,

6.00%, 2/1/28		10,235		10,080

Transocean Aquila Ltd.,

8.00%, 9/30/28⁽¹⁾		2,395		2,458

Transocean Poseidon Ltd.,

6.88%, 2/1/27⁽¹⁾		4,803		4,808

Transocean Titan Financing Ltd.,

8.38%, 2/1/28⁽¹⁾		1,500		1,560

Transocean, Inc.,

7.50%, 1/15/26		1,500		1,491

8.75%, 2/15/30⁽¹⁾		6,120		6,380

U.S.A. Compression Partners L.P./U.S.A. Compression Finance Corp.,

6.88%, 4/1/26		6,386		6,378

7.13%, 3/15/29⁽¹⁾		5,210		5,280

Weatherford International Ltd.,

6.50%, 9/15/28⁽¹⁾		3,383		3,488

				57,953

Publishing & Broadcasting – 2.3%

Beasley Mezzanine Holdings LLC,

8.63%, 2/1/26⁽¹⁾		9,215		5,497

Clear Channel Outdoor Holdings, Inc.,

5.13%, 8/15/27⁽¹⁾		5,605		5,286

7.75%, 4/15/28⁽¹⁾		2,915		2,552

7.50%, 6/1/29⁽¹⁾		3,145		2,602

7.88%, 4/1/30⁽¹⁾		2,540		2,526

Cumulus Media New Holdings, Inc.,

6.75%, 7/1/26⁽¹⁾		6,615		3,538



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Publishing & Broadcasting – 2.3% continued

Gannett Holdings LLC,

6.00%, 11/1/26⁽¹⁾		$3,395		$3,100

Gray Television, Inc.,

7.00%, 5/15/27⁽¹⁾		5,175		4,818

5.38%, 11/15/31⁽¹⁾		5,865		3,847

iHeartCommunications, Inc.,

8.38%, 5/1/27		3,245		1,812

5.25%, 8/15/27⁽¹⁾		3,810		2,777

McGraw-Hill Education, Inc.,

5.75%, 8/1/28⁽¹⁾		4,275		4,028

Nexstar Media, Inc.,

5.63%, 7/15/27⁽¹⁾		4,495		4,314

4.75%, 11/1/28⁽¹⁾		1,165		1,061

Townsquare Media, Inc.,

6.88%, 2/1/26⁽¹⁾		6,539		6,376

Urban One, Inc.,

7.38%, 2/1/28⁽¹⁾		7,920		6,742

				60,876

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⁾		5,990		5,468

Diversified Healthcare Trust,

4.38%, 3/1/31		4,762		3,565

IIP Operating Partnership L.P.,

5.50%, 5/25/26		3,810		3,649

Iron Mountain, Inc.,

4.88%, 9/15/29⁽¹⁾		8,339		7,833

5.25%, 7/15/30⁽¹⁾		9,585		9,067

Necessity Retail REIT (The), Inc./American Finance Operating Partner L.P.,

4.50%, 9/30/28⁽¹⁾		5,735		4,905

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

4.88%, 5/15/29⁽¹⁾		3,010		2,799

Service Properties Trust,

5.50%, 12/15/27		7,110		6,754



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Real Estate Investment Trusts – 1.9% continued

Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC,

10.50%, 2/15/28⁽¹⁾		$3,540		$3,670

6.50%, 2/15/29⁽¹⁾		3,095		2,399

				50,109

Real Estate Owners & Developers – 0.1%

Kennedy-Wilson, Inc.,

5.00%, 3/1/31		4,160		3,237

Renewable Energy – 0.2%

EnerSys,

6.63%, 1/15/32⁽¹⁾		4,405		4,449

Retail - Consumer Staples – 0.3%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,

4.63%, 1/15/27⁽¹⁾		4,345		4,207

5.88%, 2/15/28⁽¹⁾		4,370		4,326

				8,533

Retail - Discretionary – 4.2%

Academy Ltd.,

6.00%, 11/15/27⁽¹⁾		6,295		6,218

Asbury Automotive Group, Inc.,

4.63%, 11/15/29⁽¹⁾		3,680		3,396

Bath & Body Works, Inc.,

9.38%, 7/1/25⁽¹⁾		1,490		1,555

5.25%, 2/1/28		2,225		2,179

6.63%, 10/1/30⁽¹⁾		4,430		4,526

6.75%, 7/1/36		7,810		7,888

Carvana Co.,

12.00%, 12/1/28^{(1) (8)}		808		790

13.00%, 6/1/30^{(1) (8)}		1,217		1,191

14.00%, 6/1/31^{(1) (8)}		1,447		1,454

Evergreen Acqco 1 L.P./TVI, Inc.,

9.75%, 4/26/28⁽¹⁾		7,218		7,758

Ken Garff Automotive LLC,

4.88%, 9/15/28⁽¹⁾		6,465		5,979

LCM Investments Holdings II LLC,

4.88%, 5/1/29⁽¹⁾		7,098		6,523

LSF9 Atlantis Holdings LLC/Victra Finance Corp.,

7.75%, 2/15/26⁽¹⁾		9,080		9,001

Macy’s Retail Holdings LLC,

5.88%, 3/15/30⁽¹⁾		2,845		2,765



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Retail - Discretionary – 4.2% continued

4.50%, 12/15/34		$5,530		$4,868

Mavis Tire Express Services Topco Corp.,

6.50%, 5/15/29⁽¹⁾		5,095		4,846

Michaels (The) Cos., Inc.,

5.25%, 5/1/28⁽¹⁾		5,445		4,642

7.88%, 5/1/29⁽¹⁾		2,430		1,823

NMG Holding Co., Inc./Neiman Marcus Group LLC,

7.13%, 4/1/26⁽¹⁾		3,060		2,999

Patrick Industries, Inc.,

7.50%, 10/15/27⁽¹⁾		5,065		5,113

4.75%, 5/1/29⁽¹⁾		3,300		3,082

PetSmart, Inc./PetSmart Finance Corp.,

4.75%, 2/15/28⁽¹⁾		1,150		1,077

7.75%, 2/15/29⁽¹⁾		3,005		2,927

Sonic Automotive, Inc.,

4.63%, 11/15/29⁽¹⁾		2,165		1,942

4.88%, 11/15/31⁽¹⁾		3,380		2,958

Staples, Inc.,

7.50%, 4/15/26⁽¹⁾		9,911		9,678

Victoria’s Secret & Co.,

4.63%, 7/15/29⁽¹⁾		5,380		4,413

Wand NewCo 3, Inc.,

7.63%, 1/30/32⁽¹⁾		1,470		1,521

				113,112

Semiconductors – 0.2%

Coherent Corp.,

5.00%, 12/15/29⁽¹⁾		4,371		4,115

Software – 1.6%

AthenaHealth Group, Inc.,

6.50%, 2/15/30⁽¹⁾		3,895		3,564

Capstone Borrower, Inc.,

8.00%, 6/15/30⁽¹⁾		3,335		3,460

Castle U.S. Holding Corp.,

9.50%, 2/15/28⁽¹⁾		4,390		2,168

Central Parent, Inc./CDK Global, Inc.,

7.25%, 6/15/29⁽¹⁾		2,995		3,057

Cloud Software Group, Inc.,

6.50%, 3/31/29⁽¹⁾		8,835		8,387

9.00%, 9/30/29⁽¹⁾		6,800		6,524

GoTo Group, Inc.,

5.50%, 5/1/28⁽¹⁾		5,124		3,859



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Software – 1.6% continued

McAfee Corp.,

7.38%, 2/15/30⁽¹⁾		$5,125		$4,691

UKG, Inc.,

6.88%, 2/1/31⁽¹⁾		5,790		5,899

				41,609

Specialty Finance – 6.3%

Ally Financial, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.87%), 4.70%, 5/15/26^{(2) (3)}		4,145		3,554

(Variable, U.S. Treasury Yield Curve Rate CMT 7Y + 3.48%), 4.70%, 5/15/28^{(2) (3)}		1,605		1,272

Burford Capital Global Finance LLC,

6.88%, 4/15/30⁽¹⁾		8,864		8,726

9.25%, 7/1/31⁽¹⁾		6,565		6,951

Credit Acceptance Corp.,

6.63%, 3/15/26		6,593		6,589

9.25%, 12/15/28⁽¹⁾		3,710		3,993

Discover Financial Services,

(Variable, CME Term SOFR 3M + 3.34%), 5.50%, 10/30/49⁽²⁾		5,900		5,058

Encore Capital Group, Inc.,

9.25%, 4/1/29⁽¹⁾		3,140		3,217

Enova International, Inc.,

8.50%, 9/15/25⁽¹⁾		8,835		8,817

FirstCash, Inc.,

4.63%, 9/1/28⁽¹⁾		6,440		6,065

6.88%, 3/1/32⁽¹⁾		3,550		3,548

Fortress Transportation and Infrastructure Investors LLC,

9.75%, 8/1/27⁽¹⁾		7,770		8,045

Freedom Mortgage Corp.,

12.25%, 10/1/30⁽¹⁾		5,265		5,790

Freedom Mortgage Holdings LLC,

9.25%, 2/1/29⁽¹⁾		3,690		3,777

Jefferies Finance LLC/JFIN Co-Issuer Corp.,

5.00%, 8/15/28⁽¹⁾		7,870		7,240

Jefferson Capital Holdings LLC,

6.00%, 8/15/26⁽¹⁾		12,330		12,098

9.50%, 2/15/29⁽¹⁾		3,160		3,235

JPR Royalty Sub LLC,

14.00%, 9/1/20^{(1) (6) (7) (10)}		8,000		—



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Specialty Finance – 6.3% continued

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

4.25%, 2/1/27⁽¹⁾		$9,460		$8,853

LFS Topco LLC,

5.88%, 10/15/26⁽¹⁾		7,115		6,599

Midcap Financial Issuer Trust,

6.50%, 5/1/28⁽¹⁾		2,995		2,763

Navient Corp.,

5.00%, 3/15/27		11,445		10,965

OneMain Finance Corp.,

5.38%, 11/15/29		11,955		11,240

4.00%, 9/15/30		5,095		4,362

PennyMac Financial Services, Inc.,

5.75%, 9/15/31⁽¹⁾		5,080		4,718

PRA Group, Inc.,

7.38%, 9/1/25⁽¹⁾		7,620		7,606

Provident Funding Associates L.P./PFG Finance Corp.,

6.38%, 6/15/25⁽¹⁾		3,607		3,459

Starwood Property Trust, Inc.,

7.25%, 4/1/29⁽¹⁾		3,095		3,120

United Wholesale Mortgage LLC,

5.50%, 4/15/29⁽¹⁾		2,355		2,228

Voyager Aviation Holdings LLC,

8.50%, 5/9/26^{(1) (6) (7)}		3,253		98

World Acceptance Corp.,

7.00%, 11/1/26⁽¹⁾		5,900		5,511

				169,497

Steel – 0.3%

Carpenter Technology Corp.,

6.38%, 7/15/28		4,945		4,937

TMS International Corp.,

6.25%, 4/15/29⁽¹⁾		2,355		2,151

United States Steel Corp.,

6.88%, 3/1/29		1,069		1,079

				8,167

Technology Hardware – 1.8%

CommScope Technologies LLC,

5.00%, 3/15/27⁽¹⁾		5,976		2,291

CommScope, Inc.,

6.00%, 3/1/26⁽¹⁾		2,120		1,940

7.13%, 7/1/28⁽¹⁾		1,457		579



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Technology Hardware – 1.8% continued

Imola Merger Corp.,

4.75%, 5/15/29⁽¹⁾		$5,990		$5,617

Likewize Corp.,

9.75%, 10/15/25⁽¹⁾		7,090		7,200

NCR Atleos Corp.,

9.50%, 4/1/29⁽¹⁾		9,148		9,785

Seagate HDD Cayman,

8.25%, 12/15/29⁽¹⁾		3,595		3,864

3.38%, 7/15/31		2,680		2,104

Viasat, Inc.,

5.63%, 4/15/27⁽¹⁾		6,760		6,390

6.50%, 7/15/28⁽¹⁾		5,380		4,154

Viavi Solutions, Inc.,

3.75%, 10/1/29⁽¹⁾		3,525		3,025

				46,949

Technology Services – 1.3%

Boost Newco Borrower LLC,

7.50%, 1/15/31⁽¹⁾		7,790		8,159

CPI CG, Inc.,

8.63%, 3/15/26⁽¹⁾		5,684		5,662

Neptune Bidco U.S., Inc.,

9.29%, 4/15/29⁽¹⁾		9,715		9,188

Sabre GLBL, Inc.,

8.63%, 6/1/27⁽¹⁾		5,211		4,572

Vericast Corp.,

11.00%, 9/15/26⁽¹⁾		3,180		3,391

Virtusa Corp.,

7.13%, 12/15/28 ⁽¹⁾		2,880		2,572

				33,544

Telecommunications – 1.6%

C&W Senior Finance Ltd.,

6.88%, 9/15/27 ⁽¹⁾		5,211		4,922

Cablevision Lightpath LLC,

5.63%, 9/15/28 ⁽¹⁾		2,410		2,011

Frontier Communications Holdings LLC,

5.88%, 10/15/27 ⁽¹⁾		6,465		6,258

6.75%, 5/1/29 ⁽¹⁾		9,435		8,412

8.75%, 5/15/30 ⁽¹⁾		2,995		3,064

Hughes Satellite Systems Corp.,

6.63%, 8/1/26		4,180		2,465

Level 3 Financing, Inc.,

10.50%, 5/15/30 ⁽¹⁾		7,306		7,470



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 82.3% continued

Telecommunications – 1.6% continued

Windstream Escrow LLC/Windstream Escrow Finance Corp.,

7.75%, 8/15/28⁽¹⁾		$6,315		$5,842

Zayo Group Holdings, Inc.,

6.13%, 3/1/28⁽¹⁾		4,540		3,177

				43,621

Tobacco & Cannabis – 0.3%

Vector Group Ltd.,

5.75%, 2/1/29⁽¹⁾		9,865		9,138

Transportation & Logistics – 2.8%

Allegiant Travel Co.,

7.25%, 8/15/27⁽¹⁾		4,175		4,151

American Airlines, Inc.,

7.25%, 2/15/28⁽¹⁾		2,800		2,846

8.50%, 5/15/29⁽¹⁾		3,577		3,777

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

5.50%, 4/20/26⁽¹⁾		5,464		5,426

5.75%, 4/20/29⁽¹⁾		13,900		13,674

Cargo Aircraft Management, Inc.,

4.75%, 2/1/28⁽¹⁾		10,200		9,223

First Student Bidco, Inc./First Transit Parent, Inc.,

4.00%, 7/31/29⁽¹⁾		6,500		5,759

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

5.75%, 1/20/26⁽¹⁾		9,675		9,093

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,

6.50%, 6/20/27 ⁽¹⁾		3,536		3,558

United Airlines, Inc.,

4.63%, 4/15/29⁽¹⁾		7,185		6,688

XPO, Inc.,

6.25%, 6/1/28⁽¹⁾		7,830		7,899

7.13%, 6/1/31⁽¹⁾		3,114		3,195

				75,289

Transportation Equipment – 0.3%

Allison Transmission, Inc.,

5.88%, 6/1/29⁽¹⁾		5,095		5,044

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 82.3% continued

Transportation Equipment – 0.3% continued

Trinity Industries, Inc.,

7.75%, 7/15/28⁽¹⁾

$2,015

$2,070

7,114

Total Corporate Bonds

(Cost $2,331,874)

2,198,772

FOREIGN ISSUER BONDS – 14.6 %

Aerospace & Defense – 0.6%

Bombardier, Inc.,

6.00%, 2/15/28⁽¹⁾

3,715

3,655

7.50%, 2/1/29⁽¹⁾

3,175

3,268

7/1/31^{(1) (4)}

3,150

3,159

Rolls-Royce PLC,

5.75%, 10/15/27⁽¹⁾

6,165

6,181

16,263

Asset Management – 0.2%

UBS Group A.G.,

(Variable, USD SOFR ICE Swap Rate 5Y + 4.16%), 7.75%, 4/12/31^{(1) (2) (3)}

4,895

5,034

Automotive – 0.5%

IHO Verwaltungs GmbH,

6.00%, 5/15/27^{(1) (8)}

6,780

6,768

ZF North America Capital, Inc.,

7.13%, 4/14/30⁽¹⁾

5,790

6,101

12,869

Banking – 1.7%

Banco Bilbao Vizcaya Argentaria S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.10%), 9.38%, 12/29/49⁽²⁾

4,100

4,410

Barclays PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.67%), 8.00%, 6/15/24^{(2) (3)}

7,810

7,789

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%), 4.38%, 3/15/28^{(2) (3)}

4,140

3,394

(Variable, USD SOFR ICE Swap Rate 5Y + 5.78%), 9.63%, 12/15/29^{(2) (3)}

2,250

2,386



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 14.6% continued

Banking – 1.7% continued

Deutsche Bank A.G.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.52%), 6.00%, 10/30/25^{(2) (3)}		$3,315		$3,060

(Variable, USD ICE Swap Rate 5Y + 5.00%), 7.50%, 12/29/49⁽²⁾		4,270		4,198

ING Groep N.V.,

(Variable, USD Swap 5Y + 4.45%), 6.50%, 4/16/25^(2) (3)		2,786		2,751

NatWest Group PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.10%), 4.60%, 6/28/31^{(2) (3)}		3,570		2,777

Societe Generale S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.45%), 10.00%, 11/14/28^{(1) (2) (3)}		3,725		3,952

(Variable, USD ICE Swap Rate 5Y + 5.87%), 8.00%, 9/29/49^(1) (2)		3,235		3,250

Swedbank AB,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.59%), 7.63%, 3/17/28^{(2) (3) (11)}		7,675		7,626

				45,593

Biotechnology & Pharmaceuticals – 0.6%

Cheplapharm Arzneimittel GmbH,

5.50%, 1/15/28⁽¹⁾		7,567		7,249

Teva Pharmaceutical Finance Netherlands III B.V.,

6.75%, 3/1/28		3,745		3,837

7.88%, 9/15/29		4,570		4,906

				15,992

Cable & Satellite – 0.6%

Altice Financing S.A.,

5.00%, 1/15/28⁽¹⁾		5,405		4,446

5.75%, 8/15/29⁽¹⁾		7,260		5,816

Ziggo Bond Co. B.V.,

6.00%, 1/15/27⁽¹⁾		7,025		6,923

				17,185

Chemicals – 0.3%

Methanex Corp.,

5.13%, 10/15/27		4,795		4,640

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 14.6% continued

Chemicals – 0.3% continued

Nufarm Australia Ltd./Nufarm Americas, Inc.,

5.00%, 1/27/30 ⁽¹⁾

$4,345

$3,986

SNF Group SACA,

3.38%, 3/15/30 ⁽¹⁾

750

649

9,275

Containers & Packaging – 0.1%

ARD Finance S.A.,

6.50%, 6/30/27^{(1) (8)}

5,993

2,006

Electric Utilities – 0.4%

Atlantica Sustainable Infrastructure PLC,

4.13%, 6/15/28 ⁽¹⁾

3,895

3,578

Drax Finco PLC,

6.63%, 11/1/25 ⁽¹⁾

7,147

7,075

10,653

Electrical Equipment – 0.1%

TK Elevator U.S. Newco, Inc.,

5.25%, 7/15/27⁽¹⁾

3,150

3,044

Food – 0.6%

Minerva Luxembourg S.A.,

4.38%, 3/18/31 ⁽¹⁾

4,000

3,344

NBM U.S. Holdings, Inc.,

7.00%, 5/14/26 ⁽¹⁾

8,250

8,283

Sigma Holdco B.V.,

7.88%, 5/15/26 ⁽¹⁾

5,705

5,477

17,104

Household Products – 0.1%

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,

5.00%, 12/31/26⁽¹⁾

3,745

3,673

Insurance – 0.7%

Ardonagh Group Finance Ltd.,

8.88%, 2/15/32 ⁽¹⁾

10,572

10,439

Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden U.S. Refinance LLC,

8.13%, 2/15/32 ⁽¹⁾

3,645

3,676

Jones Deslauriers Insurance Management, Inc.,

10.50%, 12/15/30 ⁽¹⁾

3,770

3,978

18,093



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 14.6% continued

Leisure Facilities & Services – 0.9%

1011778 B.C. ULC/New Red Finance, Inc.,

4.00%, 10/15/30⁽¹⁾		$4,795		$4,264

Allwyn Entertainment Financing UK PLC,

7.88%, 4/30/29⁽¹⁾		3,295		3,385

Melco Resorts Finance Ltd.,

5.63%, 7/17/27⁽¹⁾		7,025		6,719

Studio City Finance Ltd.,

5.00%, 1/15/29⁽¹⁾		7,105		6,253

Wynn Macau Ltd.,

5.50%, 10/1/27⁽¹⁾		3,772		3,612

				24,233

Machinery – 0.5%

Husky III Holding Ltd.,

13.00%, 2/15/25^{(1) (8)}		6,070		6,080

Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC,

9.00%, 2/15/29⁽¹⁾		6,410		6,629

				12,709

Metals & Mining – 0.7%

First Quantum Minerals Ltd.,

9.38%, 3/1/29⁽¹⁾		1,265		1,309

8.63%, 6/1/31⁽¹⁾		8,090		7,863

FMG Resources Pty. Ltd., Series 2006,

4.38%, 4/1/31⁽¹⁾		7,495		6,697

Taseko Mines Ltd.,

7.00%, 2/15/26⁽¹⁾		3,650		3,665

				19,534

Oil & Gas Producers – 1.0%

Baytex Energy Corp.,

8.50%, 4/30/30⁽¹⁾		3,330		3,473

3/15/32^{(1) (4)}		2,185		2,208

eG Global Finance PLC,

12.00%, 11/30/28⁽¹⁾		5,400		5,742

MEG Energy Corp.,

5.88%, 2/1/29⁽¹⁾		4,480		4,404

Parkland Corp.,

4.50%, 10/1/29⁽¹⁾		5,575		5,157

Strathcona Resources Ltd.,

6.88%, 8/1/26⁽¹⁾		5,270		5,279

				26,263



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 14.6% continued

Oil & Gas Services & Equipment – 0.6%

Seadrill Finance Ltd.,

8.38%, 8/1/30⁽¹⁾		$9,030		$9,475

Shelf Drilling Holdings Ltd.,

9.63%, 4/15/29⁽¹⁾		6,070		5,865

				15,340

Software – 0.4%

Open Text Holdings, Inc.,

4.13%, 2/15/30⁽¹⁾		10,725		9,607

Specialty Finance – 0.8%

AerCap Holdings N.V.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.54%), 5.88%, 10/10/79⁽²⁾		9,845		9,776

GGAM Finance Ltd.,

8.00%, 2/15/27⁽¹⁾		3,575		3,691

6.88%, 4/15/29⁽¹⁾		1,845		1,862

goeasy Ltd.,

9.25%, 12/1/28⁽¹⁾		4,445		4,739

Macquarie Airfinance Holdings Ltd.,

6.50%, 3/26/31⁽¹⁾		2,670		2,718

				22,786

Steel – 0.2%

Infrabuild Australia Pty. Ltd.,

14.50%, 11/15/28⁽¹⁾		5,560		5,768

Technology Services – 0.4%

Sixsigma Networks Mexico S.A. de C.V.,

7.50%, 5/2/25⁽¹⁾		10,270		9,897

Telecommunications – 2.0%

Altice France Holding S.A.,

10.50%, 5/15/27⁽¹⁾		10,410		3,853

Altice France S.A.,

5.50%, 1/15/28⁽¹⁾		3,295		2,346

5.13%, 7/15/29⁽¹⁾		6,610		4,470

5.50%, 10/15/29⁽¹⁾		9,195		6,228

Connect Finco S.a.r.l./Connect U.S. Finco LLC,

6.75%, 10/1/26⁽¹⁾		9,035		8,868

Iliad Holding SASU,

7.00%, 10/15/28⁽¹⁾		3,160		3,127

Telecom Italia Capital S.A.,

6.38%, 11/15/33		6,561		6,199

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 14.6% continued

Telecommunications – 2.0% continued

Telesat Canada/Telesat LLC,

5.63%, 12/6/26⁽¹⁾

$5,475

$3,242

6.50%, 10/15/27⁽¹⁾

11,475

4,820

Vmed O2 UK Financing I PLC,

4.25%, 1/31/31⁽¹⁾

5,565

4,699

4.75%, 7/15/31⁽¹⁾

5,040

4,346

52,198

Transportation & Logistics – 0.6%

Air Canada,

3.88%, 8/15/26⁽¹⁾

3,068

2,930

VistaJet Malta Finance PLC/Vista Management Holding, Inc.,

7.88%, 5/1/27⁽¹⁾

3,310

2,799

6.38%, 2/1/30⁽¹⁾

13,190

9,749

15,478

Total Foreign Issuer Bonds

(Cost $419,745)

390,597

TERM LOANS – 0.6 %

Biotechnology & Pharmaceuticals – 0.6%

Alvogen Pharma U.S., Inc., June 2022 Loan,

(Floating, CME Term SOFR USD 3M + 7.50%, 1.00% Floor), 12.96%, 6/30/25

16,499

14,684

Total Term Loans

(Cost $16,477)

14,684

NUMBER

OF SHARES

VALUE

(000S)

COMMON STOCKS – 0.0 %

Passenger Airlines – 0.0%

Voyager Aviation
Holdings LLC^{(6) (10) *}

2,621

$—

Total Common Stocks

(Cost $3)

—

PREFERRED STOCKS – 0.0 %

Specialized Finance – 0.0%

Cayenne Aviation LLC^{(6) (10) *}

15,725

—

Total Preferred Stocks

(Cost $1,573)

—

NUMBER

OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 1.4 %

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(12) (13)}

37,595,291

$37,595

Total Investment Companies

(Cost $37,595)

37,595

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.1 %

U.S. Treasury Bills,

5.25%, 4/11/24^{(14) (15)}

$1,805

$1,802

Total Short-Term Investments

(Cost $1,802)

1,802

Total Investments – 99.0%

(Cost $2,809,069)

2,643,450

Other Assets less Liabilities – 1.0%

26,719

NET ASSETS – 100.0%

$2,670,169

⁽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, 2024.

⁽³⁾

Perpetual bond. Maturity date represents next call date.

⁽⁴⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2024.

⁽⁵⁾

Issuer has defaulted on terms of debt obligation.

⁽⁶⁾

Restricted security that has been deemed illiquid. At March 31, 2024, the value of these restricted illiquid securities amounted to approximately $134,000 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

Anagram Holdings LLC/Anagram International, Inc., 10.00%, 8/15/26	7/26/18 - 8/18/23		$6,967

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

Voyager Aviation Holdings LLC, 8.50%, 5/9/26	5/3/21		3,091

⁽⁷⁾

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽⁸⁾

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁹⁾

Variable or floating rate security. Rate as of March 31, 2024 is disclosed.

⁽¹⁰⁾

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

⁽¹¹⁾

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.

⁽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, 2024 is disclosed.

⁽¹⁴⁾

Discount rate at the time of purchase.

⁽¹⁵⁾

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:

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, 2024, 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⁾

Ultra 10-Year U.S. Treasury Note	595	$68,193	Long	6/24	$689

⁽¹⁾

Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of 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⁾	$	—	$	2,198,772		$—	$	2,198,772

Foreign Issuer Bonds⁽¹⁾		—		390,597		—		390,597

Term Loans		—		14,684		—		14,684

Investment Companies		37,595		—		—		37,595

Short-Term Investments		—		1,802		—		1,802

Total Investments	$	37,595	$	2,605,855		$—	$	2,643,450
OTHER FINANCIAL INSTRUMENTS
Assets

Futures Contracts	$	689	$	—		$—	$	689

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 0.4%

Consumer Services – 0.1%

Grand Canyon University, 5.13%, 10/1/28		$500		$452

Real Estate Owners & Developers – 0.3%

Benloch Ranch Improvement Association No. 2, 10.00%, 12/1/51^{(1) (2) (3)}		1,000		850
Total Corporate Bonds
(Cost $1,477)				1,302



MUNICIPAL BONDS – 83.6%

Alabama – 0.9%

Hoover IDB Environmental Improvement Revenue Bonds (AMT), United States Steel Corp., 5.75%, 10/1/49		1,000		1,034

Lower Alabama Gas District Gas Project Revenue Bonds, Series A, 5.00%, 9/1/46		2,000		2,146

				3,180

Arizona – 2.7%

Arizona State IDA Economic Development Revenue Bonds, Legacy Cares, Inc., Project, 7.75%, 7/1/50⁽⁴⁾		2,000		120

Arizona State IDA Economic Development Revenue Bonds, Series A, Legacy Cares, Inc., Project, 5.50%, 7/1/31⁽⁴⁾		100		6

6.00%, 7/1/51⁽⁴⁾		400		24

Arizona State IDA Education Revenue Bonds, Pinecrest Academy of Northern, 4.50%, 7/15/29⁽¹⁾		1,800		1,703

Glendale IDA Senior Living Facilities Revenue Bonds, Royal Oaks Inspirata Pointe Project, 5.00%, 5/15/56		1,000		880

La Paz County IDA Education Facility Lease Revenue Bonds, Charter School Solutions-Harmony Public Schools, 5.00%, 2/15/36		1,400		1,415



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Arizona – 2.7% continued

Maricopa County IDA Exempt Facilities Revenue Bonds (AMT), Commercial Metals Company, 4.00%, 10/15/47		$1,000		$900

Phoenix IDA Hotel Senior Lien Revenue Bonds, Falcon Properties LLC Project, 4.00%, 12/1/51⁽¹⁾		2,500		1,907

Tempe IDA Revenue Bonds, Friendship Village of Tempe Project, 5.00%, 12/1/50		1,500		1,390

Tempe IDA Revenue Refunding Bonds, Friendship Village Project, 4.00%, 12/1/46		1,000		819

				9,164

Arkansas – 0.3%

Arkansas Development Finance Authority Environmental Revenue Bonds (AMT), Green Bonds, 5.45%, 9/1/52		1,000		1,021

California – 11.1%

Antelope Valley Healthcare District, Revenue Refunding Bonds, Series A, 5.25%, 3/1/36		1,020		1,035

California Community Housing Agency Essential Housing Revenue Bonds, Summit at Sausalito Apartments, 4.00%, 2/1/50⁽¹⁾		1,000		742

California Community Housing Agency Essential Housing Revenue Bonds, Verdant at Green Valley Project, 5.00%, 8/1/49⁽¹⁾		2,000		1,917

California Community Housing Agency Essential Housing Subordinate Revenue Bonds, Series A, Glendale Properties, 4.00%, 8/1/47		1,000		821

California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Merced County Tobacco Funding, 5.00%, 6/1/50		500		506

California State Community College Financing Authority Student Housing Revenue Bonds, Series A, Napa Valley College Project, 5.75%, 7/1/60		2,000		2,035



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

California – 11.1% continued

California State Municipal Finance Authority MFH Sustainability Revenue Bonds, Cityview, 4.00%, 11/1/36⁽¹⁾		$1,500		$1,408

California State Municipal Finance Authority Senior Lien Revenue Bonds (AMT), LINXS APM Project, 5.00%, 12/31/43		5,000		4,953

California State Municipal Finance Authority Special Facility Revenue Bonds (AMT), United Airlines, Inc., Project, 4.00%, 7/15/29		3,000		2,975

California State Municipal Finance Authority Special TRB, Community Facilities District No. 2021-11 Otay Ranch, 5.00%, 9/1/52		1,000		1,025

California State Municipal Finance Authority Student Housing Revenue Bonds, Series A, Claremont Collegiate Project, 5.00%, 7/1/52⁽¹⁾		1,000		922

California State Pollution Control Financing Authority Solid Waste Disposal Subordinate Green Revenue Bonds (AMT), Calplant I Project, 7.50%, 12/1/39^{(4) (5)}		2,941		—

California State Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds, San Diego County Water Authority, 5.00%, 11/21/45		1,000		1,023

CSCDA College Housing Revenue Bonds, NCCD-Hooper Street, LLC-California College, 5.25%, 7/1/49⁽⁶⁾		1,700		1,711

CSCDA Community Improvement Authority Essential Housing Mezzanine Revenue Bonds, Crescent West Hollywood, 5.50%, 7/1/59		1,000		873

CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Altana Glendale Social Bonds, 4.00%, 10/1/56		1,000		780



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

California – 11.1% continued

CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Crescent West Hollywood, 4.30%, 7/1/59		$500		$425

CSCDA Revenue Refunding Bonds, Series A, California Baptist University, 5.00%, 11/1/32		500		513

5.00%, 11/1/41		1,000		1,003

CSCDA Special TRB, Community Facilities District No. 2016-02 Delta Coves, 4.00%, 9/1/50		1,000		868

CSCDA Special TRB, Delta Coves, 5.50%, 9/1/52		1,000		1,016

CSCDA Special TRB, Improvement Area No. 1, 4.00%, 9/1/51		1,000		899

CSCDA Statewide Revenue Special Assessment Bonds, 4.00%, 9/2/50		500		424

Foothill Eastern Transportation Corridor Agency Toll Road Senior Lien Revenue Bonds, Series A, 4.00%, 1/15/46		750		721

Ontario Special Tax Bonds, Tevelde Facilities, 4.00%, 9/1/51		1,000		865

River Islands PFA Special Tax Bonds, Community Facilities District No. 2003-1 Improvement Area No. 2, 5.50%, 9/1/37		1,000		1,040

River Islands PFA Special Tax Refunding Bonds, Phase 2 Public Improvement, 4.00%, 9/1/51		1,000		863

Roseville Special Tax Bonds, The Ranch at Sierra Vista Community, 4.00%, 9/1/51		1,500		1,296

Roseville Special Tax Bonds, The Ranch At Sierra Vista Community Facilities District No. 1 (Public Facilities), 4.00%, 9/1/50		150		130



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

California – 11.1% continued

Sacramento County Special Refunding Tax Bonds, Metro Air Park Community Facilities, 5.00%, 9/1/42		$800		$812

Sacramento Special Tax Bonds, Railyards Community Facilities District No. 2018-01, 5.25%, 9/1/42		1,000		1,038

San Francisco City & County Community Facilities District 2016-1 Special Tax Bonds, Series 2021, 4.00%, 9/1/51		1,000		860

San Francisco City & County Community Facilities District 2016-1 Special Tax Bonds, Treasure Island, Series 2022, 4.00%, 9/1/52		1,000		841

San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds, 4.00%, 9/1/51		695		599

Santa Paula Special Tax Bonds, Harvest Community Facilities District No. 1 Improvement, 4.00%, 9/1/50		1,000		872

				37,811

Colorado – 4.3%

Cascade Ridge Metropolitan District G.O. Limited Bonds, 5.00%, 12/1/51		1,205		1,040

Chambers Highpoint Metropolitan District No. 2 G.O. Limited Bonds, 5.00%, 12/1/51		500		415

Colorado Educational & Cultural Authority Revenue Refunding Bonds, Science Technology English & Math, 5.00%, 11/1/54		1,500		1,420

Colorado State Health Facilities Authority Hospital Revenue and Improvement Refunding Bonds, Christian Living Neighborhoods, 4.00%, 1/1/42		1,000		868

Colorado State Health Facilities Authority Hospital Revenue Bonds, Series A, Aberdeen Ridge, 5.00%, 5/15/58		1,500		945



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Colorado – 4.3% continued

Fiddler’s Business Improvement District G.O. Unlimited Refunding Bonds, 5.55%, 12/1/47		$1,000		$1,027

Legato Community Authority Limited Tax Supported Revenue Bonds, Senior Series A-1, 5.00%, 12/1/51		750		651

Riverwalk Metropolitan District No. 2 Revenue Bonds, Series A, 4.50%, 12/1/32		1,465		1,369

Rudolph Farms Metropolitan District No. 6 Revenue Supported G.O. Limited Bonds, 6.50%, 6/1/52		500		501

Silver Peaks Metropolitan District No. 3 Senior Lien G.O. Limited Bonds, Series A, 5.00%, 12/1/50		500		450

Transport Metropolitan District No. 3 MDD G.O. Limited Bonds, Series 2021-A-1, 5.00%, 12/1/51		1,500		1,234

Tree Farm Metropolitan District G.O. Limited Bonds, 4.50%, 12/1/41⁽¹⁾		1,500		1,371

Waterfront at Foster Lake Metropolitan District No. 2 Senior Lien G.O. Limited Bonds, Series A3-1, 5.00%, 12/1/51		3,000		2,515

Westerly Metropolitan District No. 4 Senior G.O. Limited Bonds, Series A, 5.00%, 12/1/50		1,000		869

				14,675

Connecticut – 0.1%

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series A, Mclean Issue, 5.00%, 1/1/55		500		396

Florida – 8.5%

Capital Trust Agency Air Cargo Revenue Refunding Bonds, Series A, Aero Miami FX, 5.35%, 7/1/29		1,905		1,907



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Florida – 8.5% continued

Capital Trust Agency Educational Facilities Revenue Bonds, New Springs, Inc., Project, 4.75%, 6/1/56		$1,500		$1,138

Capital Trust Agency Educational Facilities Revenue Bonds, Tallahassee Classical School, 4.25%, 7/1/51		2,500		1,821

Capital Trust Agency Educational Facilities Revenue Bonds, Team Success A School of Excellence, 5.50%, 6/1/57		1,000		956

Capital Trust Agency Revenue Bonds, Sustainability Bonds, 4.00%, 6/15/41		1,510		1,264

Capital Trust Agency Student Housing Revenue Bonds, University Bridge, LLC Student Housing Project, 5.25%, 12/1/43⁽⁶⁾		3,000		2,992

Charlotte County IDA Utility System Revenue Bonds (AMT), Town & Country Utilities Project, 4.00%, 10/1/51		1,000		832

Florida Development Finance Corp. Surface Transportation Facilities Revenue Refunding Bonds (AMT), Virgin Trains U.S.A. Pass, 6.38%, 1/1/26^{(7) (8)}		4,000		4,000

Florida State Development Finance Corp. Educational Facilities Revenue Bonds, 2017 Foundation for Global Understanding, Inc., Project, 4.00%, 7/1/51		750		642

Florida State Development Finance Corp. Educational Facilities Revenue Refunding Bonds, Central Charter School Project, 5.00%, 8/15/32		410		413

5.25%, 8/15/37		690		678

Florida State Development Finance Corp. Educational Facility Revenue Bonds, Pepin Academics of Pasco County, Inc., Project, 5.00%, 1/1/50⁽¹⁾		1,000		855



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Florida – 8.5% continued

Florida State Development Finance Corp. Senior Living Revenue Refunding Bonds, Glenridge on Palmer Ranch, 5.00%, 6/1/51		$2,000		$1,675

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		1,501

Lake County Retirement Facility Revenue Refunding Bonds, Lakeside at Waterman Village Project, 5.75%, 8/15/55		1,000		924

Ocean Highway & Port Authority Florida Port Facilities Revenue Bonds (AMT), Worldwide Terminals Fenandina Project, 5.50%, 12/1/49^{(1) (6)}		1,500		1,212

Palm Beach County Revenue Bonds, Series A, Lynn University Housing Project, 5.00%, 6/1/57		1,500		1,334

Pinellas County IDA Revenue Bonds, 2017 Foundation for Global Understanding Project, 5.00%, 7/1/39		2,000		2,019

Sterling Hill Community Development District Capital Improvement Special Assessment Bonds, Series B, 5.50%, 11/1/10⁽⁴⁾		143		67

Venice Retirement Community Revenue Improvement Bonds, Village on the Isle Project, 5.00%, 1/1/47		1,000		920

Village Community Development District No. 13 Special Assessment Revenue Bonds, 3.50%, 5/1/51⁽¹⁾		960		815

Village Community Development District No. 14 Revenue Special Assessment Bonds, 5.13%, 5/1/37		990		1,045

				29,010



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Georgia – 1.7%

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		1,750

Oconee County IDA Taxable Revenue Bonds, Economic Development Project, 6.00%, 3/1/48		1,500		1,254

White County Development Authority Revenue Bonds, Truett McConnell University Project, 5.25%, 10/1/49		1,500		1,291

				5,645

Guam – 0.6%

Guam Government Business Privilege Tax Revenue Refunding Bonds, Series F, 4.00%, 1/1/36		1,000		1,004

Guam Government Department of Education Revenue Refunding COPS, John F. Kennedy High School Refunding & Energy Efficiency Project, 5.00%, 2/1/40		1,000		1,002

				2,006

Idaho – 0.8%

Idaho State Housing & Finance Association Nonprofit Facilities Revenue Bonds, Series A, Future Public School Project, 4.00%, 5/1/52		3,410		2,634

Illinois – 1.3%

Chicago Board of Education Dedicated Capital Improvement Tax Revenue Bonds, 5.75%, 4/1/48		1,000		1,114

Chicago Board of Education G.O. Unlimited Bonds, Series A, 5.50%, 12/1/31		1,000		1,112



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued


Illinois – 1.3% continued

Illinois Finance Authority Revenue Refunding Bonds, Plymouth Place, Inc., 5.00%, 5/15/51		$410		$337

5.00%, 5/15/56		440		352

Illinois State Finance Authority Revenue Bonds, Series A, Plymouth Place, Inc., 6.63%, 5/15/52		1,000		1,030

Illinois State Finance Authority Revenue Refunding Bonds, Friendship Village Schaumburg, 5.13%, 2/15/45^{(2) (4)}		1,500		345

Upper Illinois River Valley Development Authority Revenue Refunding Bonds, Prairie Crossing Charter, 5.00%, 1/1/45		250		239

				4,529

Indiana – 1.9%

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		825

Housing & Community Development Authority Multifamily Revenue Bonds, Series A, Vita of Marion Project, 5.25%, 4/1/41		1,000		819

Indiana Finance Authority Educational Facilities Revenue Bonds, Seven Oaks Classical School Project, 5.00%, 6/1/41		420		374

Indiana State Finance Authority Exempt Facilities Revenue Bonds (AMT), Res Polyflow Indiana, Green Bonds, 7.00%, 3/1/39		3,800		2,649

Indiana State Finance Authority Revenue Bonds, Kipp Indianapolis, Inc., Project, 5.00%, 7/1/55		510		468

Valparaiso MFH Revenue Bonds, Green Oaks of Valparaiso Project, 5.38%, 12/1/41		1,500		1,192

				6,327



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Iowa – 0.2%

Iowa State Finance Authority Senior Living Facilities Revenue Refunding Bonds, Sunrise Retirement Community Project, 5.00%, 9/1/51		$1,000		$758

Kansas – 1.5%

Prairie Village Special Obligation Tax Increment Tax Allocation Revenue Refunding Bonds, Meadowbrook TIF Project, 3.13%, 4/1/36		800		747

Shawnee Education Facilities Revenue Bonds, Maranatha Christian Academy Project, Series A, 5.00%, 8/1/56⁽¹⁾		2,000		1,716

Wyandotte County and Kansas City Unified Government Special Obligation Revenue Refunding Bonds, Village East Project Areas 2B, 5.75%, 9/1/39		2,500		2,472

				4,935

Kentucky – 0.1%

Henderson Exempt Facilities Revenue Bonds (AMT), Pratt Paper LLC Project, 4.70%, 1/1/52		500		495

Louisiana – 1.8%

Calcasieu Parish Memorial Hospital Service District Revenue Refunding Bonds, Lake Charles Memorial Hospital Project, 5.00%, 12/1/34		2,000		2,002

Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project, 2.50%, 4/1/36		2,000		1,641

Louisiana Public Facilities Authority Revenue Bonds, Jefferson Rise Charter School Project, 6.25%, 6/1/52⁽¹⁾		440		432

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Prerefunded, 5.00%, 5/15/26⁽⁹⁾		50		52



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Louisiana – 1.8% continued

Saint James Parish Revenue Bonds, Series 2, Nustar Logistics L.P. Project, 6.35%, 7/1/40		$1,000		$1,091

Saint John The Baptist Parish Variable Revenue Refunding Bonds, Marathon Oil Corp. Project, 2.38%, 7/1/26^{(7) (8)}		1,000		957

				6,175

Maryland – 0.7%

Baltimore Senior Lien Special Obligation Tax Allocation Refunding Bonds, Harbor Point Project, 3.63%, 6/1/46		1,750		1,458

Frederick County Subordinate Special Tax Obligation Revenue Bonds, Series C, 4.00%, 7/1/50		995		891

				2,349

Massachusetts – 1.6%

Massachusetts State Development Finance Agency Revenue Bonds, Series A, UMASS Boston Student Housing, 5.00%, 10/1/41		3,000		3,025

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Salem Community Corp., 5.25%, 1/1/50		1,000		885

Massachusetts State Transportation Fund Revenue Bonds, Accelerated Bridge Program, 5.00%, 6/1/44		1,500		1,502

				5,412

Michigan – 1.4%

Detroit G.O. Unlimited Bonds, Series A, Social Bonds, 5.00%, 4/1/46		1,000		1,021

Holt Public Schools G.O. Unlimited Bonds, Series I (Q-SBLF Insured), 2.00%, 5/1/41		1,285		904

Kalamazoo County G.O. Limited Bonds, 2.13%, 5/1/42		1,000		704



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Michigan – 1.4% continued

Michigan Mathematics & Science Initiative Revenue Refunding Bonds, 4.00%, 1/1/51		$1,000		$819

Michigan State Strategic Fund Limited Obligation Variable Revenue Bonds (AMT), Green Bonds, Recycle, 4.00%, 10/1/26^(7) (8)		500		500

Tipton Academy Public School Academy Revenue Bonds, 4.00%, 6/1/51		985		713

				4,661

Minnesota – 2.3%

Apple Valley Senior Housing Revenue Bonds, Orchard Path Phase II Project, 4.00%, 9/1/61		500		395

Duluth EDA Revenue Refunding Bonds, Benedictine Health System, 4.00%, 7/1/41		550		441

Minnesota State G.O. Unlimited Bonds, Series A, Bidding Group 1, 5.00%, 9/1/27		3,000		3,212

Minnesota State G.O. Unlimited Bonds, Series B, 5.00%, 8/1/25		3,500		3,583

				7,631

Mississippi – 0.3%

Tunica County Urban Renewal Revenue Refunding Bonds, Utility Districts Project, 6.00%, 10/1/40		1,000		906

Missouri – 1.0%

Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Wright Memorial Hospital, 5.00%, 9/1/32		1,145		1,171

5.00%, 9/1/34		1,315		1,345

Plaza At Noah’s Ark Community Improvement District Tax Increment & Improvement District Revenue Refunding Bonds, 3.00%, 5/1/30		500		464

3.13%, 5/1/35		400		346

				3,326



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Nevada – 0.4%

Henderson Local Improvement District No. T-21 Special Assessment Bonds, Black Mountain, 4.00%, 9/1/51		$500		$400

Las Vegas Special Improvement District No. 616 and Special Improvement District No. 81 Special Assessment Bonds, 3.13%, 6/1/51		500		329

Las Vegas Special Improvement District No. 814 Summerlin Village 21 & 24A Special Assessment Bonds, 4.00%, 6/1/49		515		419

Las Vegas Special Improvement District No. 815 Special Assessment Bonds, 5.00%, 12/1/49		250		238

				1,386

New Hampshire – 0.1%

National Finance Authority Revenue Refunding Bonds, Series B (AMT), Green Bonds, 3.75%, 7/2/40^{(1) (7) (8)}		600		472

New Jersey – 1.5%

Monmouth County Improvement Authority Revenue Notes, Governmental Pooled Loan Project (County Gtd.), 4.00%, 3/14/25		1,000		1,006

New Jersey State EDA Revenue Bonds, Provident Group Rowan Properties LLC, 5.00%, 1/1/48⁽⁶⁾		1,000		948

New Jersey State EDA Special Facility Revenue Bonds (AMT), Continental Airlines, Inc., Project, 5.63%, 11/15/30		2,000		2,020

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series A, 4.00%, 6/15/41		1,000		1,008

				4,982



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

New Mexico – 1.0%

Los Ranchos de Albuquerque Educational Facilities Revenue Refunding Bonds, Albuquerque Academy Project, 4.00%, 9/1/40		$1,000		$941

New Mexico Hospital Equipment Loan Council First Mortgage Revenue Bonds, La Vida Expansion Project, 5.00%, 7/1/49		3,000		2,487

				3,428

New York – 4.6%

Build NYC Resource Corp. Revenue Bonds, Whin Music Community Charter School Project, 6.50%, 7/1/52		1,500		1,513

Metropolitan Transportation Authority Revenue Bonds, Series C-1, Green Bonds, 5.00%, 11/15/50		1,000		1,039

Metropolitan Transportation Authority Revenue Refunding Bonds, Climate Bond Certified, 4.00%, 11/15/45		1,000		958

New York G.O. Unlimited Refunding Bonds, Series A, 5.00%, 8/1/26		3,065		3,200

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		4,143

New York State Transportation Development Corp. Special Facilities Revenue Bonds (AMT), LaGuardia Airport Terminal B Redevelopment, 5.00%, 7/1/46		3,000		2,955

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds (AMT), John F. Kennedy International Airport, 5.25%, 8/1/31		790		840



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

New York – 4.6% continued

New York Transportation Development Corp. Special Facility Revenue Refunding Bonds (AMT), American Airlines, Inc., 3.00%, 8/1/31		$500		$470

Western Regional Off-Track Betting Corp. Revenue Refunding Bonds, 4.13%, 12/1/41⁽¹⁾		500		396

				15,514

North Carolina – 0.2%

North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, Series A, Sharon Towers, 5.00%, 7/1/49		600		529

Ohio – 2.5%

Buckeye Tobacco Settlement Financing Authority Senior Revenue Refunding Bonds, Series B-2, Class 2, 5.00%, 6/1/55		3,000		2,837

Franklin County Health Care Facilities Revenue Refunding Bonds, Wesley Communities Obligated Group Project, 5.25%, 11/15/55		1,000		897

Ohio State Air Quality Development Authority Exempt Facilities Revenue Bonds (AMT), 5.00%, 7/1/49⁽¹⁾		2,000		1,828

Ohio State Higher Educational Facility Revenue Refunding Bonds, Judson Obligated Group, 5.00%, 12/1/50		1,000		920

Port of Greater Cincinnati Development Authority Revenue Bonds, 4.25%, 12/1/50		2,085		1,839

				8,321

Oregon – 0.9%

Oregon State G.O. Unlimited Bonds, Article XI-Q State Project, 5.00%, 5/1/40		2,800		3,212



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Pennsylvania – 1.8%

Allentown Neighborhood Improvement Zone Development Authority Tax Subordinate Revenue Bonds, City Center Project, 5.25%, 5/1/42		$500		$497

Berks County Municipal Authority University Revenue Bonds, Alvernia University Project, 5.00%, 10/1/49		1,000		879

Franklin County IDA Revenue Bonds, Menno-Haven, Inc., Project, 5.00%, 12/1/39		755		680

Lancaster County Hospital Authority Revenue Refunding Bonds, Saint Anne’s Retirement Community, Inc., Project, 5.00%, 3/1/40		500		441

5.00%, 3/1/50		500		409

Mercer County IDA College Revenue Refunding Bonds, Thiel College Project, 6.13%, 10/1/50		965		616

Philadelphia Authority For Industrial Development Charter School Revenue Refunding Bonds, Green Woods Charter School Project, 5.38%, 6/15/57		300		290

Philadelphia Authority For Industrial Development Revenue Refunding Bonds, Unrefunded Balance, 5.00%, 3/15/45		950		799

Philadelphia Authority For Industrial Development University of the Arts Revenue Refunding Bonds, Prerefunded, 5.00%, 3/15/28^{(1) (9)}		50		54

Westmoreland County IDA Revenue Refunding Bonds, Redstone Presbyterian Senior Care, 4.00%, 5/15/47		2,000		1,481

				6,146

Puerto Rico – 0.9%

Puerto Rico Sales Tax Financing Corp. Revenue Bonds, Series A-1, Restructured Bonds, 5.00%, 7/1/58		3,000		3,009



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

South Carolina – 0.7%

Berkeley County Assessment Revenue Special Assessment Bonds, Nexton Improvement District, 4.38%, 11/1/49		$1,000		$845

Hardeeville Assessment Revenue Special Assessment Bonds, 4.00%, 5/1/52		700		501

South Carolina State Jobs EDA Educational Facilities Revenue Bonds, Polaris Tech Charter School Project, 5.13%, 6/15/42		1,000		954

				2,300

Texas – 8.8%

Austin Convention Enterprises, Inc., Convention Center Revenue Refunding Bonds, First Tier, 5.00%, 1/1/34⁽⁶⁾		1,000		1,017

Baytown Municipal Development District Revenue Bonds, First Line Hotel, 4.00%, 10/1/50		1,000		735

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		1,423

5.00%, 12/1/45		2,000		1,834

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Revenue Bonds (AMT), Aleon Renewable Metals LLC, 12.00%, 6/1/43⁽¹⁾		1,000		1,010

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Revenue Bonds (AMT), Gladieux Metals Recycling, 7.00%, 3/1/39		290		272

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Subordinate Revenue Bonds (AMT), Gladieux Metals Recycling, 8.50%, 3/1/39		1,900		1,736



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Texas – 8.8% continued

Conroe Local Government Corp. Hotel Revenue Bonds, Conroe Convention Center Hotel, 4.00%, 10/1/50		$500		$388

Dallas Area Rapid Transit Sales Tax Revenue Refunding Bonds, Series A, Prerefunded, 5.00%, 12/1/25⁽⁹⁾		1,000		1,028

Dallas Hotel Occupancy Tax Revenue Refunding Bonds, 5.00%, 8/15/25		1,330		1,357

Dumas Independent School District G.O. Unlimited Bonds, School Building (PSF, Gtd.), 5.00%, 2/1/26		1,000		1,033

Edinburg Economic Development Corp. Sales TRB, Series A, 3.38%, 8/15/46		355		253

Hidalgo County Regional Mobility Authority Toll & Vehicle Registration Junior Lien Revenue Refunding Bonds, Series B, 5.00%, 12/1/35		1,000		1,049

5.00%, 12/1/36		1,000		1,053

Highland Park Independent School District G.O. Unlimited Bonds, School Building (PSF-Gtd.), 5.25%, 2/15/26		1,145		1,189

Houston Airport System Revenue Bonds, United Airlines, Inc., Terminal (AMT), 4.00%, 7/15/41		1,000		935

Mission Economic Development Corp. Senior Lien Revenue Refunding Bonds (AMT), Natgasoline, 4.63%, 10/1/31		2,000		1,998

New Hope Cultural Education Facilities Finance Corp. Retirement Facility Revenue Bonds, Morningside Ministries Project, 5.00%, 1/1/55		1,000		735

New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue Refunding Bonds, Wichita Falls Retirement Foundation, 4.00%, 1/1/41		1,270		1,058



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Texas – 8.8% continued

New Hope Cultural Education Facilities Finance Corp. Student Housing Revenue Bonds, Series A, Blinn College Project, 5.00%, 7/1/57		$1,000		$847

North Texas State Municipal District Water System Revenue Refunding Bonds, 5.00%, 9/1/25		2,300		2,354

San Antonio Education Facilities Corp. Revenue Bonds, Series A, Hallmark University Project, 5.00%, 10/1/51		1,500		1,194

Southwest Independent School District G.O. Unlimited Bonds (PSF, Gtd.), 5.00%, 2/1/26		1,000		1,033

Tarrant County Cultural Educational Facilities Finance Corp. Retirement Facilities Revenue Bonds, Series B, Buckner Retirement Services, 5.00%, 11/15/46		4,000		3,893

				29,846

Utah – 1.8%

Black Desert Public Infrastructure District Senior G.O. Limited Bonds, Series A, 4.00%, 3/1/51		2,500		1,892

Downtown East Streetcar Sewer Public Infrastructure District Senior Lien G.O. Limited Bonds, Series A, 5.75%, 3/1/42		1,000		1,000

6.00%, 3/1/53		1,000		986

Utah Infrastructure Agency Telecommunications Revenue Bonds, 4.00%, 10/15/42		1,000		882

5.00%, 10/15/46		1,500		1,491

				6,251

Virgin Islands, U.S. – 1.5%

Matching Fund Special Purpose Securitization Corp. Revenue Refunding Bonds, Series A, 5.00%, 10/1/39		5,000		5,218

Virginia – 2.3%

Fairfax County G.O. Unlimited Bonds, Series A (State Aid Withholding), 5.00%, 10/1/26		3,000		3,152



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Virginia – 2.3% continued

Virginia State College Building Authority Educational Facilities Revenue Bonds, Marymount University Project, Green Bonds, 5.25%, 7/1/35		$270		$271

5.00%, 7/1/45		2,515		2,361

Virginia State Small Business Financing Authority Solid Waste Disposal Facilities Revenue Bonds (AMT), Covanta Project, 5.00%, 7/1/38^{(7) (8)}		1,000		956

West Falls Community Development Authority Revenue Bonds, Series A, 5.38%, 9/1/52		1,000		1,012

				7,752

Washington – 3.5%

Discovery Clean Water Alliance Sewer Revenue Bonds, 5.00%, 12/1/25		1,475		1,519

Washington State G.O. Unlimited Bonds, Series B, 5.00%, 6/1/44		5,000		5,561

Washington State G.O. Unlimited Refunding Bonds, Series R-2024C, 5.00%, 8/1/26		1,625		1,697

Washington State Housing Finance Commission Nonprofit Housing Revenue Refunding Bonds, The Hearthstone Project, 5.00%, 7/1/48⁽¹⁾		525		395

5.00%, 7/1/53⁽¹⁾		500		365

Washington State Housing Finance Commission Revenue Bonds, Rockwood Retirement Communities Project, 5.00%, 1/1/55		2,000		1,641

Washington State Housing Finance Commission Revenue Bonds, Series A, Transforming Age Project, 5.00%, 1/1/55		1,000		768

				11,946

West Virginia – 0.4%

South Charleston Special District Excise Tax Revenue Refunding Bonds, South Charleston Park Place, 4.50%, 6/1/50		1,500		1,175



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 83.6% continued

Wisconsin – 4.8%

Gillett Solid Waste Disposal Revenue Bonds (AMT), North LLC Renewable, 5.50%, 12/1/32⁽¹⁾		$1,500		$1,288

PFA Education Revenue Bonds, Guildford Preparatory Academy, 5.00%, 4/1/47⁽¹⁾		500		430

5.00%, 4/1/57⁽¹⁾		1,000		824

PFA Education Revenue Bonds, The Franklin School of Innovation, 5.00%, 1/1/42⁽¹⁾		600		537

PFA Educational Facilities Revenue Bonds, Charter Day School, Inc., Project, 5.00%, 12/1/55		2,500		2,095

PFA Hotel Senior Lien Revenue Bonds, Grand Hyatt San Antonio Project, 5.00%, 2/1/52		1,000		1,009

PFA Retirement Facilities First Mortgage Revenue Bonds, Series A, 5.25%, 3/1/55⁽¹⁾		1,000		873

PFA Revenue Bonds, College Achieve Central Charter School, 5.00%, 6/15/51⁽¹⁾		1,500		1,367

PFA Revenue Bonds, Roseman University, Prerefunded, 4.00%, 4/1/32^{(1) (9)}		100		109

PFA Revenue Bonds, Series A, Viticus Group Project, 4.25%, 12/1/51⁽¹⁾		2,805		2,269

PFA Revenue Refunding Bonds, Ultimate Medical Academy, 5.00%, 10/1/34		1,000		1,040

PFA Special Facility Revenue Bonds (AMT), Sky Harbour Capital LLC AV, 4.25%, 7/1/54		1,500		1,071

PFA Student Housing Revenue Bonds, NC A&T Real Estate Foundation, LLC Project, 5.00%, 6/1/49		1,000		959

PFA Student Housing Sustainability Revenue Bonds, University of Hawaii Foundation Project, 4.00%, 7/1/61		500		398

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 83.6% continued

Wisconsin – 4.8% continued

PFA Student Housing Taxable Sustainability Revenue Bonds, University of Hawaii Foundation Project,

5.35%, 7/1/40

$600

$492

Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Three Pillars Senior Living Communities,

4.40%, 8/15/29

500

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Oakwood Lutheran Senior,

4.00%, 1/1/57

2,000

1,181

16,442

Wyoming – 0.8%

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 $325,007)

283,698

NUMBER

OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 14.4%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(10) (11)}

49,072,329

$49,072

Total Investment Companies

(Cost $49,072)

49,072

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT–TERM INVESTMENTS – 0.9%

Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Variable Revenue Bonds (AMT), Aleon Renewable Metals,

10.00%, 6/1/24^{(7) (8)}

$1,000

$999

Farmington PCR Refunding Bonds, Public Service Company of New Mexico San Juan,

1.15%, 6/1/24^{(7) (8)}

1,000

994

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS - 0.9% continued

Florida State Development Finance Corp. Variable Revenue Bonds (AMT), Brightline Passenger Rail Expansion Project,
8.00%, 4/1/24^{(1) (7) (8)}

$1,000

$1,060

Total Short-Term Investments

(Cost $2,969)

3,053

Total Investments – 99.3%

(Cost $378,525)

337,125

Other Assets less Liabilities – 0.7%

2,405

NET ASSETS – 100.0%

$339,530

⁽¹⁾

⁽²⁾

Restricted security that has been deemed illiquid. At March 31, 2024, the value of these restricted illiquid securities amounted to approximately $2,545,000 or 0.7% of net assets. Additional information on these restricted illiquid securities is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE		COST (000S)

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⁾

Value rounds to less than one thousand.

⁽⁶⁾

Issuer has defaulted on terms of debt obligation.

⁽⁷⁾

Maturity date represents the puttable date.

⁽⁸⁾

⁽⁹⁾

Maturity date represents the prerefunded 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, 2024 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

Gtd. - Guaranteed

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

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Corporate Bonds		0.4	%

Municipal Bonds		83.6	%

Investment Companies		14.4	%

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)

Corporate Bonds:

Consumer Services		$ —	$	452		$ —	$	452

Real Estate Owners & Developers		—		—		850		850
Total Corporate Bonds		—		452		850		1,302

Municipal Bonds⁽¹⁾		—		283,698		—		283,698

Investment Companies		49,072		—		—		49,072

Short-Term Investments		—		3,053		—		3,053

Total Investments		$49,072	$	287,203		$850	$	337,125

⁽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

$1,161

Health Care Facilities & Services – 0.3%

Bon Secours Mercy Health, Inc.,

3.46%, 6/1/30

500

463

Seattle Children’s Hospital,

1.21%, 10/1/27

5,000

4,335

4,798

Total Corporate Bonds

(Cost $6,850)

5,959

U.S. GOVERNMENT OBLIGATIONS – 1.7%

U.S. Treasury Notes – 1.7%

4.00%, 2/15/34

21,539

21,203

Total U.S. Government Obligations

(Cost $21,311)

21,203

MUNICIPAL BONDS – 91.9%

Alabama – 1.7%

Birmingham Waterworks Board Water Revenue Refunding Bonds, Series A, Prerefunded,

5.00%, 1/1/25⁽¹⁾

2,000

2,023

Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds, Series D1,

4.00%, 6/1/27^{(2) (3)}

5,000

5,055

Black Belt Energy Gas District Revenue Bonds, Series A, Gas Project No. 8,

4.00%, 12/1/29^{(2) (3)}

7,500

7,421

Jefferson County Sewer Revenue Refunding Warrants,

5.00%, 10/1/38

1,325

1,466

Southeast Energy Authority Revenue Bonds, A Cooperative District Commodity Supply Project No. 2, Series B,

4.00%, 12/1/31^{(2) (3)}

5,000

4,968

20,933

Alaska – 1.2%

Alaska State Housing Finance Corp. Revenue Refunding Bonds, Series A,

5.00%, 6/1/30

5,000

5,272



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Alaska – 1.2% continued

Alaska State Housing Finance Corp. Revenue Refunding Bonds, State Capital, Prerefunded, 4.00%, 6/1/25⁽¹⁾		$1,445		$1,456

Alaska State Housing Finance Corp. Revenue Refunding Bonds, State Capital, Unrefunded Balance, 4.00%, 6/1/36		3,555		3,510

Anchorage Electric Utility Senior Lien Revenue Refunding Bonds, Series A, Prerefunded, 5.00%, 12/1/24⁽¹⁾		5,000		5,048

				15,286

Arizona – 3.5%

Arizona State IDA Education Revenue Bonds, Series A-Social, Macombs Facility Project, 4.00%, 7/1/36		315		310

4.00%, 7/1/41		800		744

Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds, 4.00%, 11/1/46		1,000		952

Arizona State Transportation Board Excise Tax Revenue Refunding Bonds, 5.00%, 7/1/25		10,000		10,044

Arizona State Transportation Board Highway Revenue Refunding Bonds, Prerefunded, 5.00%, 7/1/24⁽¹⁾		12,000		12,030

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		1,876

Maricopa County IDA Educational Facilities Revenue Bonds, Creighton University Project, 5.00%, 7/1/47		1,500		1,572

Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group, 4.00%, 1/1/36		180		182



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Arizona – 3.5% continued

Maricopa County Special Health Care District G.O. Unlimited Bonds, 4.00%, 7/1/38		$2,500		$2,527

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		1,563

Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Bonds, 5.00%, 7/1/40		3,165		3,558

Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds, Series B (AMT), 3.25%, 7/1/49		2,000		1,611

Phoenix Civic Improvement Corp. Wastewater System Junior Lien Revenue Refunding Bonds, 5.00%, 7/1/30		2,000		2,080

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A, 5.00%, 12/1/35		5,000		5,084

				44,133

Arkansas – 0.4%

Little Rock School District G.O. Limited Refunding Bonds, Series A (AGM Insured State Aid Withholding), 2.00%, 2/1/34		4,000		3,400

2.25%, 2/1/41		1,485		1,065

				4,465

California – 4.1%

Anaheim Housing & Public Improvements Authority Revenue Refunding Bonds, Electric Utility Distribution System, 5.00%, 10/1/34		1,250		1,345

5.00%, 10/1/52		5,000		5,216

Burbank Unified School District G.O. Unlimited Convertible CABS, Series A, Prerefunded, 5.00%, 2/1/25⁽¹⁾		3,500		3,549



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

California – 4.1% continued

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1, 4.00%, 8/1/31^{(2) (3)}		$6,050		$6,084

California Community Choice Financing Authority Revenue Bonds, Clean Energy Project, Green Bonds, 4.00%, 12/1/27^{(2) (3)}		5,000		5,030

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates, 3.50%, 11/20/35		3,342		3,133

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured), 3.75%, 3/25/35		4,839		4,717

California State G.O. Unlimited Bonds, Series 2007, Unrefunded Balance, 5.75%, 5/1/30		80		80

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⁽⁴⁾		11,850		13,356

Glendale Electric Works Revenue Bonds, 5.00%, 2/1/43		5,000		5,009

Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport, 5.00%, 5/15/35		600		618

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT), 5.00%, 5/1/39		2,355		2,479

Santa Clara Valley Water District COPS, Series C, 5.00%, 6/1/24		650		651

				51,267



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Colorado – 4.2%

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), Prerefunded, 5.25%, 12/1/26⁽¹⁾		$225		$238

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B, Unrefunded Balance (State Aid Withholding), 5.25%, 12/1/40		4,775		4,963

Arvada Sales & Use TRB, 5.00%, 12/1/31		3,000		3,294

Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds, Series B (State Higher Education Intercept Program), 5.00%, 3/1/25		3,000		3,045

Colorado State COPS, Series A, 4.00%, 12/15/36		5,000		5,112

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Adventist Health System Sunbelt, 4.00%, 11/15/41		1,000		988

Colorado State Health Facilities Authority Revenue Refunding Bonds, Intermountain Healthcare, 5.00%, 5/15/32		2,000		2,337

Denver City & County Airport Revenue Bonds, Series A (AMT), 5.00%, 11/15/32		10,000		11,273

5.50%, 11/15/35		10,000		11,609

Denver City & County Airport System Subordinate Revenue Refunding Bonds (AMT), Series A, 5.00%, 12/1/43		3,000		3,093

Denver City & County Dedicated TRB, Series A-1, 5.00%, 8/1/48		2,750		2,798

Denver City & County School District No. 1 G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), 5.00%, 12/1/27		2,500		2,524



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Colorado – 4.2% continued

Larimer & Weld Counties School District No. RE-5J G.O. Unlimited Bonds (State Aid Withholding), 4.00%, 12/1/34		$1,850		$1,952

				53,226

Connecticut – 1.8%

Connecticut State G.O. Unlimited Bonds, Series 2021 A, 3.00%, 1/15/33		5,005		4,920

Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series A-3, Yale University, 2.95%, 7/1/27^(2) (3)		3,000		2,957

Connecticut State Special Tax Obligation Revenue Bonds, Series A, Transportation Infrastructure, 5.00%, 9/1/31		1,000		1,006

Connecticut State Special Tax Obligation Revenue Refunding Bonds, Series B, 5.00%, 1/1/25		5,000		5,057

University of Connecticut Revenue Bonds, Series A, 5.25%, 11/15/47		8,000		8,497

				22,437

District of Columbia – 1.4%

District of Columbia G.O. Unlimited Bonds, Series C, 5.00%, 6/1/34		2,500		2,504

District of Columbia Water & Sewer Authority Public Utility Subordinate Lien Revenue Refunding Bonds, Series C, Prerefunded, 5.00%, 10/1/24⁽¹⁾		5,000		5,036

Metropolitan Washington Airports Authority System Revenue Refunding Bonds (AMT), 5.00%, 10/1/30		2,630		2,763

Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/1/43		2,000		2,065



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

District Of Columbia –1.4% continued

Washington Metropolitan Area Transit Authority Gross Revenue Bonds, 5.00%, 7/1/38		$3,000		$3,130

5.00%, 7/1/43		2,000		2,069

				17,567

Florida – 4.9%

Broward County Airport System Revenue Bonds (AMT), 5.00%, 10/1/37		1,500		1,554

Broward County School Board Refunding COPS, Series C, 5.00%, 7/1/26		3,000		3,122

Central Florida Expressway Authority Senior Lien Revenue Refunding Bonds, Series B, 4.00%, 7/1/35		6,500		6,575

Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project, 5.00%, 4/1/48		2,000		2,036

Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series E, 5.00%, 6/1/26		2,095		2,136

Florida State Municipal Power Agency Revenue Refunding Bonds, Series A, 5.00%, 10/1/31		1,000		1,035

Hillsborough County Aviation Authority Customer Facilities Charge Revenue Bonds, Series A, Tampa International Airport, 5.00%, 10/1/44		2,500		2,507

Hillsborough County Aviation Authority Subordinate Revenue Bonds, Series B, Tampa International Airport, Prerefunded, 5.00%, 10/1/24⁽¹⁾		4,000		4,026

Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/1/27		1,320		1,325

Miami-Dade County Aviation Revenue Refunding Bonds, Series B, 5.00%, 10/1/37		650		653



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Florida – 4.9% continued

Miami-Dade County Educational Facilities Authority Revenue Refunding Bonds, University of Miami, Series B (AMBAC Insured), 5.25%, 4/1/26		$4,000		$4,138

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-1 (AGM Insured) (AMT), 4.00%, 10/1/45		2,325		2,210

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-2 (AGM Insured), 3.00%, 10/1/50		11,430		8,684

Miami-Dade County Transit Sales Surtax Revenue Bonds, 5.00%, 7/1/47		4,750		5,093

Miami-Dade County Water & Sewer System Revenue Bonds, Series A, 4.00%, 10/1/37		2,500		2,516

Orlando Utilities Commission Utility System Revenue Bonds, Series B, 1.25%, 10/1/28^(2) (3)		1,000		876

Palm Beach County Educational Facilities Authority Revenue Bonds, Palm Beach Atlantic University, 5.00%, 10/1/43		625		665

Pasco County School Board COPS, Series A (BAM Insured), 5.00%, 8/1/43		5,000		5,321

South Broward Hospital District Revenue Refunding Bonds, Series A, 4.00%, 5/1/44		4,000		3,825

South Florida Water Management District Refunding COPS, 5.00%, 10/1/36		4,000		4,102

				62,399

Georgia – 2.5%

Atlanta Airport Passenger Facility Charge Subordinate Revenue Bonds, 5.00%, 7/1/37		5,000		5,459

Burke County Development Authority PCR Bonds, Go Power Company Plant Vogtle Project-FIF, 2.20%, 10/1/32		650		537



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Georgia – 2.5% continued

Downtown Savannah Authority Revenue Bonds, Chatham County Judicial Complex, 5.00%, 6/1/32		$1,250		$1,304

Georgia State G.O. Unlimited Bonds, Series A, 4.00%, 7/1/36		5,000		5,185

Gwinnett County School District G.O. Unlimited Bonds, Series A, 1.75%, 8/1/25		9,700		9,380

Main Street Natural Gas Inc., Gas Supply Revenue Bonds, Series B, 5.00%, 3/1/30^(2) (3)		5,000		5,294

Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 & 4 Project, 5.50%, 7/1/60		2,500		2,515

Richmond County Board of Education G.O. Unlimited Bonds (State Aid Withholding), 5.00%, 10/1/26		2,100		2,201

				31,875

Hawaii – 2.2%

Hawaii State Airports System Revenue Bonds, Series A (AMT), 5.00%, 7/1/43		5,000		5,155

Hawaii State Department of Budget & Finance Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, 5.00%, 7/1/25		2,445		2,488

5.00%, 7/1/26		2,510		2,604

Honolulu City & County G.O. Unlimited Bonds, Series A, 5.00%, 10/1/35		4,825		4,921

Honolulu City & County Wastewater System Revenue Refunding Bonds, Senior Series B, First Bond Resolution, 5.00%, 7/1/27		11,755		11,971

				27,139

Idaho – 0.2%

Idaho State Housing & Finance Association Sales TRB, Transportation Expansion & Mitigation, 5.00%, 8/15/42		1,750		1,938



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Illinois – 4.8%

Champaign County Community Unit School District No. 4 G.O. Unlimited Bonds, Series A, 5.00%, 1/1/32		$2,300		$2,468

Chicago Midway Airport Senior Lien Revenue Refunding Bonds, Series B (BAM Insured), 5.00%, 1/1/25		1,000		1,011

Chicago O’Hare International Airport Revenue Refunding Bonds, Series B, 5.00%, 1/1/29		5,000		5,057

Chicago Wastewater Transmission Second Lien Revenue Refunding Bonds, Series B (AGM Insured), 5.00%, 1/1/36		1,000		1,140

Chicago Waterworks Second Lien Revenue Refunding Bonds, Series B (AGM Insured), 5.00%, 11/1/37		1,000		1,120

Cook County Community Consolidated School District No. 34 G.O. Unlimited Bonds, Series A, 2.00%, 12/1/38		2,425		1,816

Cook County Sales Tax Revenue Refunding Bonds, 5.00%, 11/15/33		5,000		5,288

5.25%, 11/15/35		5,000		5,303

Cook Kane Lake & Mchenry Counties Community College District No. 512 G.O. Unlimited Bonds, 4.00%, 12/15/30		5,000		5,187

Illinois Finance Authority Revenue Refunding Bonds, Series A, University of Chicago, 5.00%, 10/1/31		4,150		4,789

Illinois State Finance Authority Academic Facilities Lease Revenue Bonds, University of Illinois at Urbana-Champaign, 5.00%, 10/1/44		1,030		1,059

Illinois State Finance Authority Revenue Bonds, Township High School District, 4.00%, 12/1/32		1,940		2,019



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Illinois – 4.8% continued

Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center, 5.00%, 11/15/38		$1,955		$1,971

Illinois State Finance Authority Variable Revenue Bonds, Series B, The Carle Foundation, 5.00%, 8/15/31^(2) (3)		3,850		4,237

Illinois State G.O. Unlimited Refunding Bonds, Series B, 5.00%, 3/1/25		4,000		4,053

Illinois State Toll Highway Authority Senior Revenue Bonds, Series A, 5.00%, 1/1/41		2,825		3,200

Illinois State Toll Highway Authority Senior Revenue Bonds, Series B, 5.00%, 1/1/33		1,720		1,791

Lake County Community Consolidated School District No. 41 Lake Villa G.O. Unlimited Bonds (BAM Insured), 4.00%, 11/1/31		1,000		1,046

Lake County Forest Preservation District G.O. Unlimited Refunding Bonds, 2.00%, 12/15/31		1,765		1,550

Peoria G.O. Unlimited Bonds, Series A (AGM Insured), 5.00%, 1/1/36		500		558

Regional Transportation Authority Revenue Bonds, Series B (NATL Insured), 5.75%, 6/1/33		2,000		2,333

Saint Clair County Community Unit School District No. 187 Cahokia G.O. Unlimited Bonds, Series A (AGM Insured), 5.00%, 1/1/49		1,000		1,053

University of Illinois Revenues Auxiliary Facilities System Revenue Bonds, Series A, 5.00%, 4/1/33		1,885		1,885

				59,934



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Indiana – 1.1%

Indiana Finance Authority Wastewater Utility First Lien Revenue Bonds, Series A, CWA Authority, 4.25%, 10/1/44		$5,000		$5,003

Indiana State Finance Authority Hospital Revenue Refunding Bonds, Series A, University Health Obligated Group, 5.00%, 12/1/40		6,500		6,578

Logansport Renovation School Building Corp. First Mortgage Revenue Bonds (State Intercept Program), 5.00%, 7/15/27		1,025		1,079

South Bend Community School Corp. G.O. Limited Bonds (State Intercept Program), 4.00%, 1/15/26		1,375		1,393

				14,053

Iowa – 0.2%

Pefa, Inc., Iowa Gas Project Revenue Bonds, 5.00%, 9/1/26^{(2) (3)}		2,500		2,560

Kansas – 0.4%

Manhattan G.O. Unlimited Temporary Notes, Series 2021-01, 0.20%, 6/15/24		4,855		4,798

Kentucky – 5.1%

Bullitt County School District Finance Corp. School Building Revenue Bonds, Series B (State Intercept Program), 5.00%, 8/1/35		1,070		1,208

Carroll County Environmental Facilities Revenue Refunding Bonds (AMT), Kentucky Utilities Company, 2.00%, 2/1/32		5,250		4,352

Fayette County School District Finance Corp. Revenue Bonds, Series A (State Intercept Program), 4.00%, 5/1/38		5,000		4,994

Jefferson County School District Finance Corp. School Building Revenue Bonds, Series A (State Intercept Program), 4.00%, 6/1/31		3,935		4,004



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Kentucky – 5.1% continued

Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Series A, Commonspirit Health, 5.00%, 8/1/34		$750		$817

5.00%, 8/1/35		550		596

5.00%, 8/1/36		750		808

Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series A-1, 4.00%, 8/1/30		6,175		6,177

Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series C-1, Gas Supply, 4.00%, 6/1/25^{(2) (3)}		15,000		15,056

Kentucky State Public Energy Authority Gas Supply Revenue Refunding Bonds, Series A-1, 5.25%, 2/1/32^{(2) (3)}		9,000		9,773

Louisville & Jefferson County Metro Government Health System Revenue Refunding Bonds, Norton Healthcare, Inc., 4.00%, 10/1/36		1,315		1,298

Louisville & Jefferson County Metro Government PCR Refunding Bonds (AMT), Gas & Electric, 1.35%, 11/1/27		2,500		2,260

Louisville & Jefferson County Metro Government PCR Refunding Bonds, Gas & Electric, 2.00%, 10/1/33		14,500		11,773

Trimble County Pollution Control Variable Revenue Bonds (AMT), Louisville Gas and Electric Co., 1.30%, 9/1/27^{(2) (3)}		1,000		881

				63,997

Louisiana – 1.9%

East Baton Rouge Parish Sewerage Commission Variable Revenue Refunding Bonds, Series A, 1.30%, 2/1/28^{(2) (3)}		2,500		2,216



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Louisiana – 1.9% continued

Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project, 2.50%, 4/1/36		$7,500		$6,154

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Unrefunded Balance, 5.00%, 5/15/47		2,925		2,965

Louisiana State Gas & Fuels Tax Second Lien Revenue Refunding Bonds, Series C, 5.00%, 5/1/45		4,000		4,142

Louisiana State Highway Improvement Revenue Bonds, Series A, Prerefunded, 5.00%, 6/15/24⁽¹⁾		5,390		5,402

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		1,575

Saint John The Baptist Parish Revenue Refunding Bonds, Marathon Oil Corp. Project, 2.20%, 7/1/26^{(2) (3)}		1,000		954

				23,408

Maine – 0.3%

Maine State Housing Authority Energy Housing & Economic Revenue Fund Revenue Refunding Bonds, Series 1, 5.00%, 6/15/35		3,730		4,148

Maryland – 2.3%

Maryland State Department of Transportation Consolidated Revenue Bonds, Series A, 3.00%, 10/1/31		10,000		9,904

3.00%, 10/1/32		5,000		4,911

Maryland State Department of Transportation Consolidated Transportation Revenue Bonds, 2.50%, 10/1/33		5,000		4,466



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Maryland – 2.3% continued

Saint Mary’s County G.O. Unlimited Bonds, 5.00%, 8/1/24		$500		$502

Washington Suburban Sanitary District Consolidated Public Improvement G.O. Unlimited Revenue Bonds, Second Series (County Gtd.), 5.00%, 6/1/37		5,000		5,191

Washington Suburban Sanitary District Revenue Bonds (County Gtd.), 4.00%, 12/1/32		4,205		4,509

				29,483

Massachusetts – 1.6%

Bristol-Plymouth Regional Vocational Technical School District G.O. Limited BANS (State Aid Withholding), 4.00%, 2/28/25		3,700		3,720

Massachusetts State Bay Transportation Authority Sales Tax Revenue Refunding CABS, Series A, 0.00%, 7/1/29⁽⁵⁾		3,000		2,481

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Partners Healthcare System, 5.00%, 7/1/29		1,625		1,747

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Suffolk University, 5.00%, 7/1/29		500		528

Massachusetts State G.O. Limited Bonds, 4.00%, 5/1/40		1,000		1,000

Massachusetts State Port Authority Revenue Bonds, Series C (AMT), 5.00%, 7/1/30		3,000		3,250

Massachusetts State School Building Authority Senior Lien Sales TRB, Series B, 5.00%, 11/15/39		5,000		5,198

Massachusetts State Transportation Fund Revenue Bonds, Accelerated Bridge Program, 5.00%, 6/1/44		2,540		2,543

				20,467



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Michigan – 1.7%

Battle Creek School District G.O. Unlimited Refunding Bonds (Q-SBLF Insured), 5.00%, 5/1/27		$1,540		$1,596

Chippewa Valley Schools G.O. Unlimited Refunding Bonds, Series A (Q-SBLF Insured), 5.00%, 5/1/27		400		410

Grosse Pointe Public School System G.O. Unlimited Bonds, 3.00%, 5/1/34		1,815		1,736

Holt Public Schools G.O. Unlimited Bonds, Series I (Q-SBLF Insured), 3.00%, 5/1/34		1,175		1,077

Michigan State Finance Authority Limited Obligation Revenue Refunding Bonds, Lawrence Technology University, 4.00%, 2/1/42		745		621

Michigan State Finance Authority Variable Revenue Refunding Bonds, Mclaren Healthcare, 1.20%, 4/13/28^{(2) (3)}		1,250		1,113

Michigan State G.O. Unlimited Refunding Bonds, Series A, Environmental Program, 1.00%, 12/1/25		1,000		963

Michigan State HDA SFM Revenue Bonds, Series A, Social Bonds, 4.00%, 12/1/37		2,505		2,478

Walled Lake Consolidated School District G.O. Unlimited Bonds (Q-SBLF Insured), 5.00%, 5/1/50		1,635		1,726

Wayne County Airport Authority Revenue Bonds, Series D (AGM Insured), 5.00%, 12/1/32		9,690		9,955

				21,675

Minnesota – 1.3%

Minneapolis & Saint Paul Housing & Redevelopment Authority Health Care Revenue Refunding Bonds, Allina Health System, 5.00%, 11/15/26		2,000		2,068



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Minnesota – 1.3% continued

Minnesota Municipal Gas Agency Commodity Supply Revenue Bonds, Series A, 4.00%, 12/1/27^(2) (3)		$10,000		$10,085

Minnesota State G.O. Unlimited Bonds, Series B, 5.00%, 8/1/25		3,000		3,071

Minnesota State Municipal Power Agency Electric Revenue Refunding Bonds, Series A, 5.00%, 10/1/29		1,000		1,007

				16,231

Mississippi – 0.0%

Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc., Project, 2.38%, 6/1/44		1,000		626

Missouri – 1.7%

Joplin Schools G.O. Unlimited Refunding Bonds, Missouri Direct Deposit Program (State Aid Direct Deposit Program), 5.00%, 3/1/30		1,215		1,278

Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Revenue Refunding Bonds, Series B, 5.00%, 1/1/26		1,480		1,511

Missouri State Highway & Transportation Commission Road Revenue Bonds, State Appropriations Mega Project, 5.00%, 5/1/25		13,150		13,385

Platte County School District No. 3 G.O. Unlimited Bonds, 5.25%, 3/1/34		2,710		3,171

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⁽⁵⁾		2,100		1,879

				21,224



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Nebraska – 0.5%

Douglas County School District No. 1 G.O. Unlimited Refunding Bonds, Series B, 5.00%, 12/15/24		$3,000		$3,030

Lancaster County School District No. 1 G.O. Unlimited Refunding Bonds, 5.00%, 1/15/27		3,760		3,841

				6,871

Nevada – 1.6%

Clark County Airport System Subordinate Lien Revenue Refunding Bonds Series A-2, 4.25%, 7/1/34		2,500		2,503

Clark County School District G.O. Limited Bonds, Series A, 4.00%, 6/15/43		1,630		1,606

Clark County School District G.O. Limited Bonds, Various Purpose-Medium Term Project, 3.00%, 6/15/26		1,265		1,260

Clark County School District G.O. Limited Refunding Bonds, Series B, 5.00%, 6/15/26		5,000		5,201

Washoe County Gas & Water Facilities Variable Revenue Refunding Bonds, Sierra Pacific Power Company, 3.63%, 10/1/29^{(2) (3)}		4,000		4,031

Washoe County School District G.O. Limited Bonds, Series C, School Improvement Bonds (AGM Insured), 3.25%, 10/1/42		6,500		5,688

				20,289

New Jersey – 0.2%

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program, 5.25%, 6/15/43		2,500		2,631

New Mexico – 0.3%

Albuquerque Bernalillo County Water Utility Authority Joint Water & Sewer Senior Lien Revenue Bonds, 4.00%, 7/1/31		1,300		1,367



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

New Mexico – 0.3% continued

Central New Mexico Community College G.O. Limited Bonds, Series A, 4.00%, 8/15/28		$2,100		$2,176

				3,543

New York – 14.4%

New York City Housing Development Corp. MFH Revenue Refunding Bonds, Sustainable Neighborhood Bonds (FNMA Insured), 2.95%, 2/1/26^(2) (3)		4,000		3,914

New York City Housing Development Corp. MFH Sustainable Development Revenue Bonds, 2.75%, 11/1/33		2,870		2,581

New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution, Series BB, 5.00%, 6/15/49		3,865		4,096

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		5,289

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series EE, 5.00%, 6/15/29		3,500		3,603

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series GG, 5.00%, 6/15/31		4,765		4,855

5.00%, 6/15/39		8,000		8,099

New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-3 (State Aid Withholding), 5.00%, 7/15/43		3,000		3,164

New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Subseries C-2, 5.00%, 5/1/36		1,575		1,690



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

New York – 14.4% continued

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, 5.00%, 8/1/40		$2,000		$2,122

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series A-1, 5.00%, 8/1/44		2,500		2,738

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series B-1, 4.00%, 8/1/45		5,000		4,909

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series C-3, 5.00%, 5/1/41		2,100		2,216

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series E-1, 4.00%, 2/1/46		1,500		1,465

New York G.O. Unlimited Bonds, Series D, Subseries D1, 5.00%, 12/1/39		10,000		10,710

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		2,988

5.00%, 3/1/37		3,700		3,951

New York G.O. Unlimited Bonds, Series H, Unrefunded Balance, 5.00%, 8/1/30		5		5

New York G.O. Unlimited Bonds, Subseries F-1, 5.00%, 4/1/45		5,000		5,241

New York G.O. Unlimited Bonds, Subseries G, Fiscal 2012, 5.00%, 4/1/40		1,440		1,639

New York G.O. Unlimited Refunding Bonds, Series C-1, 5.00%, 8/1/25		5,135		5,257

New York G.O. Unlimited Refunding Bonds, Subseries F-1, 5.00%, 8/1/25		1,000		1,024



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

New York – 14.4% continued

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Building Financing Program (State Aid Withholding), 5.00%, 10/1/31		$1,460		$1,523

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series C, 5.00%, 10/1/31		665		725

5.00%, 10/8/32		575		627

New York State Dormitory Authority Sales TRB, Series A, Group C, 5.00%, 3/15/44		3,755		3,874

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A, 5.00%, 3/15/27		1,650		1,749

5.25%, 3/15/39		2,000		2,161

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series E, 3.25%, 3/15/36		3,000		2,875

New York State Dormitory Authority State Personal Income TRB, Series A, Unrefunded Balance, 5.00%, 2/15/43		2,000		2,051

New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series K-2 (SonyMA Insured), 1.00%, 11/1/26^{(2) (3)}		5,250		4,801

New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series M-2 (SonyMA, FHA Insured), 0.75%, 11/1/25		2,375		2,233

New York State Housing Finance Agency Affordable Housing Variable Climate Bond Certified Revenue Bonds (SonyMA Insured), 0.65%, 11/1/25^{(2) (3)}		2,500		2,347

New York State Housing Finance Agency Affordable Housing Variable Sustainability Revenue Bonds, Series J (SonyMA Insured), 1.10%, 5/1/27^{(2) (3)}		8,000		7,210



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

New York – 14.4% continued

New York State Housing Finance Agency Revenue Bonds, Series F, 1.10%, 11/1/26		$1,500		$1,367

New York State Mortgage Agency Homeowner Mortgage Revenue Refunding Bonds, Series 220, 2.60%, 10/1/39		3,300		2,707

New York State Mortgage Agency Homeowner Revenue Bonds, Series 242, Social Bonds (SonyMA Insured), 3.25%, 10/1/47		5,000		4,146

New York State Mortgage Agency Homeowner Revenue Bonds, Series 244, Social Bonds (SonyMA Insured), 2.75%, 4/1/35		3,150		2,816

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds, 2.05%, 4/1/33		3,000		2,563

New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A-1, Group 3, 4.00%, 3/15/45		10,030		9,821

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		467

5.00%, 12/1/42		255		270

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		380

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport, 5.00%, 12/1/31		550		606



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

New York – 14.4% continued

New York State Urban Development Corp. General Purpose Personal Income TRB, 5.00%, 3/15/37		$5,000		$5,388

5.00%, 3/15/40		2,500		2,665

Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 185 (AMT), 5.00%, 9/1/26		1,130		1,136

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 207 (AMT), 5.00%, 9/15/28		2,000		2,111

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 227 (AMT), 2.00%, 10/1/34		1,500		1,189

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 277 (AMT), 2.00%, 10/1/32		12,550		10,434

Sales Tax Asset Receivable Corp. Revenue Refunding Bonds, Series A, Fiscal 2015, Prerefunded, 4.00%, 10/15/24⁽¹⁾		1,000		1,002

5.00%, 10/15/24⁽¹⁾		5,000		5,038

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, MTA Bridges & Tunnels, 5.00%, 5/15/47		5,000		5,408

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, Series A-1, 5.00%, 5/15/51		4,805		5,087

Troy Capital Resource Corp. Revenue Refunding Bonds, Rensselaer Polytechnic Institute, 5.00%, 9/1/38		1,300		1,409

Utility Debt Securitization Authority Restructuring Revenue Refunding Bonds, 5.00%, 12/15/37		2,500		2,561

				182,308



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

North Carolina – 1.4%

Charlotte Water & Sewer System Revenue Refunding Bonds, 4.00%, 7/1/36		$6,790		$6,830

Charlotte-Mecklenburg Hospital Authority Health Care System Revenue Refunding Bonds, Series A, Atrium Health, 5.00%, 1/15/35		5,000		5,419

Charlotte-Mecklenburg Hospital Authority Health Care System Variable Revenue Bonds, Series B, Atrium Health, 1.95%, 11/1/29^{(2) (3)}		4,500		4,036

North Carolina State Grant Anticipation Vehicle Revenue GARVEE Bonds, 5.00%, 3/1/26		1,630		1,654

				17,939

Ohio – 0.7%

Akron Income Tax Revenue Refunding Bonds, 4.00%, 12/1/32		1,285		1,346

Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A, 5.00%, 12/1/29		100		106

4.00%, 12/1/35		300		299

Ohio State Higher Educational Facility Revenue Bonds, Denison University Project, 5.00%, 11/1/39		1,365		1,454

Ohio State University Revenue Bonds, Series A, 5.00%, 12/1/39		5,000		5,022

				8,227

Oklahoma – 0.3%

Oklahoma County Independent School District No. 12 G.O. Unlimited Bonds, Edmond School District, 3/1/27⁽⁶⁾		3,925		4,026

Oregon – 0.5%

Clackamas Community College District G.O. Unlimited Bonds, Series B, 5.00%, 6/15/36		1,600		1,682


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Oregon – 0.5% continued

Medford Hospital Facilities Authority Revenue Refunding Bonds, Series A, Asante Project (AGM Insured), 2.50%, 8/15/35		$2,500		$2,195

Metropolitan Dedicated TRB, Oregon Convention Center Hotel, 5.00%, 6/15/42		2,065		2,138

Salem Hospital Facility Authority Revenue Refunding Bonds, Capital Manor Project, 4.00%, 5/15/30		190		185

4.00%, 5/15/31		200		194

4.00%, 5/15/32		160		154

				6,548

Pennsylvania – 2.4%

Commonwealth Financing Authority Taxable Revenue Bonds, Series A, 3.81%, 6/1/41		2,000		1,717

Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds, 5.00%, 6/1/25		1,000		1,014

5.00%, 6/1/26		1,500		1,545

Lehigh County IDA Revenue Refunding Bonds, Series A, PPL Electric Utilities Corp. Project, 3.00%, 9/1/29		5,000		4,820

Pennsylvania State G.O. Unlimited Bonds, First Series of 2020, 5.00%, 5/1/26		1,450		1,503

Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, University of Pennsylvania Health System, 5.00%, 8/15/37		5,000		5,209

Pennsylvania State Housing Finance Agency SFM Revenue Bonds, Series 137, Social Bonds, 2.20%, 10/1/33		2,420		2,079

Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds, Series 136, Social Bonds, 5.00%, 4/1/31		1,845		2,024


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Pennsylvania – 2.4% continued

Pennsylvania State Turnpike Commission Revenue Bonds, Series A, 5.00%, 12/1/38		$5,000		$5,048

Pennsylvania State Turnpike Commission Revenue Bonds, Series A-2, 5.00%, 12/1/37		5,000		5,389

				30,348

Rhode Island – 0.1%

Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds, Series 77-A, Social Bonds, 3.80%, 4/1/33		1,535		1,545

South Carolina – 1.6%

Charleston Educational Excellence Financing Corp. Revenue Refunding Bonds, Charleston County School District Project, 5.00%, 12/1/24		1,000		1,009

5.00%, 12/1/26		1,125		1,182

Greenville County School District Installment Purchase Revenue Refunding Bonds, South Carolina Project, 5.00%, 12/1/25		1,565		1,612

Patriots Energy Group Financing Agency Gas Supply Variable Revenue Refunding Bonds, Series B-1, 5.25%, 3/1/31^(2) (3)		10,000		10,836

Piedmont Municipal Power Agency Electric Revenue Bonds, Series 2004, Unrefunded Balance (BHAC-CR MBIA Insured), 5.38%, 1/1/25		4,625		4,680

SCAGO Educational Facilities Corp. Cherokee School District No. 1 Revenue Refunding Bonds, 5.00%, 12/1/25		500		508

				19,827

Tennessee – 1.3%

Knox County G.O. Unlimited Bonds, 4.00%, 6/1/28		1,000		1,007



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Tennessee – 1.3% continued

Memphis Sanitary Sewerage System Revenue Refunding Bonds, Series B, 5.00%, 10/1/31		$1,000		$1,140

Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Belmont University, 4.00%, 5/1/46		1,625		1,616

Tennergy Corp. Gas Revenue Bonds, Series A, 4.00%, 9/1/28^{(2) (3)}		10,000		10,005

Tennessee State Energy Acquisition Corp. Gas Revenue Bonds, 4.00%, 11/1/25^{(2) (3)}		2,500		2,509

				16,277

Texas – 7.8%

Clifton Higher Education Finance Corp. Revenue Bonds, Series A, Idea Public Schools, 4.00%, 8/15/37		780		751

Dallas Area Rapid Transit Sales Tax Senior Lien Revenue Refunding Bonds, Series B, 5.00%, 12/1/47		10,100		10,869

Dallas County Community College District G.O. Limited Bonds, 5.00%, 2/15/36		1,000		1,020

Dallas G.O. Limited Bonds, 5.00%, 2/15/32		3,385		3,428

Dallas-Fort Worth International Airport Revenue Refunding Bonds, Series B, 5.00%, 11/1/25		1,075		1,103

5.00%, 11/1/26		500		524

Forney Independent School District G.O. Unlimited Refunding CABS, Series C, 0.00%, 8/15/39⁽⁵⁾		1,000		512

Frisco Improvement G.O. Limited Refunding Bonds, 5.00%, 2/15/28		5,755		5,955

Harlandale Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.), 0.75%, 8/15/25^{(2) (3)}		5,000		4,808



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Texas – 7.8% continued

Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center, 0.90%, 5/15/25^{(2) (3)}		$2,500		$2,403

Harris County Cultural Educational Facilities Finance Corp. Revenue Bonds, Series A, Memorial Hermann Health System, Prerefunded, 5.00%, 12/1/24⁽¹⁾		3,500		3,532

Houston Independent School District G.O. Limited Refunding Bonds, Series A (PSF-Gtd.), 5.00%, 2/15/25		3,000		3,040

Houston Utility System Subordinate First Lien Revenue Refunding Bonds, 5.00%, 11/15/28		2,500		2,621

Little Elm Independent School District Variable G.O. Unlimited Bonds, School Building (PSF, Gtd.), 0.68%, 8/15/25^{(2) (3)}		240		231

Lower Colorado River Authority Junior Lien Revenue Bonds, Seventh Supplemental Series, Escrowed to Maturity (AGM Insured), 4.75%, 1/1/28		1,125		1,159

Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services, 5.00%, 5/15/24		1,000		1,001

Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services (AGM Insured), 5.00%, 5/15/37		425		489

Mansfield Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.), 5.00%, 2/15/35		2,435		2,465

Mckinney G.O. Limited Bonds, 5.00%, 8/15/32		2,010		2,051

North Texas Tollway Authority Revenue Refunding Bonds, Series A, First Tier, 5.00%, 1/1/26		6,860		7,076

5.00%, 1/1/38		3,000		3,167

5.00%, 1/1/39		5,000		5,260



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Texas – 7.8% continued

North Texas Tollway Authority Revenue Refunding Bonds, Series A, Second Tier, 5.00%, 1/1/34		$2,550		$2,576

Northside Texas Independent School District G.O. Unlimited Refunding Bonds, Series B (PSF, Gtd.), 5.00%, 2/15/30		1,640		1,768

Pasadena Independent School District G.O. Unlimited Refunding Bonds, Series B, 5.00%, 2/15/27		1,250		1,321

Port Houston Authority First Lien Revenue Bonds, 5.00%, 10/1/25		475		488

San Antonio Electric & Gas Junior Lien Variable Revenue Bonds, 1.75%, 12/1/25^{(2) (3)}		1,000		960

San Antonio Water System Junior Lien Revenue Refunding Bonds, Series C, 5.00%, 5/15/35		3,500		3,642

Tarrant County Cultural Education Facilities Finance Corp. Hospital Revenue Bonds, Methodist Hospitals of Dallas, 5.00%, 10/1/31		1,000		1,140

Texas State A&M University Revenue Refunding Bonds, Series C, 4.00%, 5/15/31		1,655		1,683

Texas State G.O. Unlimited Refunding Bonds, Series B, 2.00%, 8/1/35		1,000		806

Texas State Municipal Gas Acquisition & Supply Corp. IV Revenue Bonds, Series A, 5.50%, 1/1/30^{(2) (3)}		5,000		5,411

Texas State Transportation Commission Mobility Fund G.O. Unlimited Refunding Bonds, Prerefunded, 4.00%, 10/1/33		5,000		5,000

5.00%, 10/1/34		1,500		1,500

Texas State Transportation Commission Mobility Variable G.O. Unlimited Bonds, 0.65%, 4/1/26^{(2) (3)}		5,000		4,643



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Texas – 7.8% continued

Williamson County G.O. Unlimited Bonds, Prerefunded, 4.00%, 2/15/25⁽¹⁾		$1,765		$1,773

Wylie Independent School District G.O. Unlimited Bonds, Series B, Collin County (PSF, Gtd.), 3.25%, 8/15/41⁽³⁾		1,750		1,708

				97,884

Utah – 0.6%

Salt Lake City International Airport Revenue Bonds, Series A (AMT), 5.00%, 7/1/46		5,000		5,240

Utah State Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Prerefunded, 5.00%, 6/15/25⁽¹⁾		2,000		2,041

				7,281

Virginia – 0.8%

Albemarle County EDA Residential Care Facility Revenue Refunding Bonds, Westminster-Canterbury of the Blue Ridge, 4.00%, 6/1/49		1,905		1,697

Roanoke EDA Hospital Variable Revenue Refunding Bonds, Carilion Clinic Obligated Group, 5.00%, 7/1/30^{(2) (3)}		4,425		4,806

Virginia State HDA Revenue Bonds, Series D, 1.60%, 5/1/31		880		738

Virginia State HDA Revenue Bonds, Series K Non-AMT (GNMA, FNMA, FHLMC Insured), 1.95%, 12/1/32		1,440		1,222

Virginia State Small Business Financing Authority Revenue Refunding Bonds, National Senior Campuses, 3.38%, 1/1/51		1,000		752

Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Elizabeth River, 3.00%, 1/1/41		1,810		1,469

				10,684



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Washington – 5.3%

King County G.O. Limited Refunding Bonds, Series E, 5.00%, 12/1/27		$1,200		$1,235

King County School District No. 401 Highline G.O. Unlimited Bonds (School Board Guaranty Program), 5.00%, 12/1/30		10,000		10,486

Seattle Solid Waste Revenue Refunding & Improvement Bonds, 4.00%, 6/1/31		1,865		1,897

Snohomish County G.O. Limited Refunding Bonds, Series A, 5.00%, 12/1/32		2,870		3,336

Spokane County School District No. 81 G.O. Unlimited Bonds (School Board Guaranty Program), 4.50%, 12/1/33		11,540		11,601

Washington State COPS, Series A, 5.00%, 7/1/26		1,000		1,041

Washington State G.O. Unlimited Bonds, Series A, Bid Group 2, 5.00%, 8/1/44		7,000		7,649

Washington State G.O. Unlimited Bonds, Series B, 5.00%, 2/1/33		1,000		1,013

5.00%, 8/1/36		2,500		2,590

Washington State G.O. Unlimited Bonds, Series C, 5.00%, 2/1/32		5,000		5,409

Washington State G.O. Unlimited Refunding Bonds, Series R-2015-C, 5.00%, 7/1/28		2,910		2,945

Washington State G.O. Unlimited Refunding Bonds, Series R-2017A, 5.00%, 8/1/29		2,895		3,012

Washington State G.O. Unlimited Refunding Bonds, Series R-2018C, 5.00%, 8/1/33		4,000		4,245

Washington State G.O. Unlimited Refunding Bonds, Series R-2022C, Bid Group 1, 4.00%, 7/1/26		6,720		6,859

Washington State G.O. Unlimited Refunding Bonds, Series R-2023B, 5.00%, 7/1/26		3,000		3,127

				66,445



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 91.9% continued

Wisconsin – 1.6%

PFA Hospital Taxable Revenue Bonds, Series 2021A, UNC Health Southeastern, 2.35%, 2/1/29		$2,000		$1,508

Wisconsin State G.O. Unlimited Bonds, Series A, 5.00%, 5/1/32		2,500		2,879

Wisconsin State G.O. Unlimited Refunding Bonds, Series 1, 5.00%, 5/1/24		3,250		3,253

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Ascension Health Credit Group, 4.00%, 11/15/36		3,000		2,989

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Marquette University, 5.00%, 10/1/28		670		697

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Milwaukee Regional Medical Center, 5.00%, 4/1/36		3,875		4,104

4.00%, 4/1/39		5,000		5,012

Wisconsin State Housing & EDA Home Ownership Revenue Refunding Bonds, Series A, 3.00%, 3/1/39		165		143

				20,585

Wyoming – 0.0%

Laramie County Hospital Revenue Refunding Bonds, Cheyenne Regional Medical Center, 4.00%, 5/1/36		200		204

4.00%, 5/1/38		425		427

				631

Total Municipal Bonds

(Cost $1,220,918)				1,159,158



	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 0.4%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(7) (8}⁾		4,860,156		$4,860

Total Investment Companies

(Cost $4,860)				4,860



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 4.5%

Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply, 4.00%, 1/1/25^{(2) (3)}		$24,725		$24,714

Lake Charles Harbor & Terminal District Variable Revenue Bonds (AMT), Big Lake Fuels, 1.00%, 12/1/24^{(2) (3)}		7,000		6,854

Miami-Dade County School District Revenue TANS, 5.00%, 6/18/24		4,000		4,010

New York City Housing Development Corp. MFH Adjustable Revenue Bonds, Sustainable Development, 1.13%, 11/1/24^{(2) (3)}		555		544

Pasadena Independent School District Variable G.O. Unlimited Bonds, Series B, School Building (PSF, Gtd.), 1.50%, 8/15/24^{(2) (3)}		1,500		1,483

Philadelphia School District TRANS, Series A, 5.00%, 6/28/24		4,425		4,434

Quincy G.O. Limited BANS, 5.00%, 7/5/24		1,500		1,505

Regional Transportation District Refunding COPS, 5.00%, 6/1/24		1,600		1,603

Tennergy Corp. Gas Revenue Bonds, Series A, 5.00%, 10/1/24^{(2) (3)}		10,000		10,052

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS-4.5% continued

Wisconsin State Housing & EDA Variable Revenue Refunding Bonds, Series B (HUD Sector 8 Program),

0.50%, 11/1/24^{(2) (3)}

$2,000

$1,942

Total Short-Term Investments

(Cost $57,568)

57,141

Total Investments – 98.9%

(Cost $1,311,507)

1,248,321

Other Assets less Liabilities – 1.1%

13,270

NET ASSETS – 100.0%

$1,261,591

⁽¹⁾

Maturity date represents the prerefunded date.

⁽²⁾

Maturity date represents the puttable date.

⁽³⁾

⁽⁴⁾

Step coupon bond. Rate as of March 31, 2024 is disclosed.

⁽⁵⁾

Zero coupon bond.

⁽⁶⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2024.

⁽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, 2024 is disclosed.

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

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

GARVEE - Grant Anticipation Revenue Vehicle

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

HDA - Housing Development Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

LCRA - Lower Colorado River 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

SonyMA - State of New York Mortgage Agency

TANS - Tax Anticipation Notes

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Corporate Bonds		0.4	%

U.S. Government Obligations		1.7	%

Municipal Bonds		91.9	%

Investment Companies		0.4	%

Short-Term Investments		4.5	%

⁽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⁾		$ —	$	5,959		$ —	$	5,959

U.S. Government Obligations		—		21,203		—		21,203

Municipal Bonds⁽¹⁾		—		1,159,158		—		1,159,158

Investment Companies		4,860		—		—		4,860

Short-Term Investments		—		57,141		—		57,141

Total Investments		$4,860	$	1,243,461		$—	$	1,248,321

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS – 0.4%

U.S. Treasury Notes – 0.4%

4.00%, 1/31/31		$1,708		$1,687

Total U.S. Government Obligations

(Cost $1,684)				1,687


MUNICIPAL BONDS – 90.5%

Alabama – 5.7%

Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds, 4.00%, 6/1/24		400		399

4.00%, 6/1/25		470		469

Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds, Series D1, 4.00%, 6/1/27^(1) (2)		440		445

Black Belt Energy Gas District Revenue Bonds, Gas Project No.7-S, 4.00%, 12/1/26^(1) (2)		2,500		2,512

Black Belt Energy Gas District Revenue Bonds, Series C-1, 5.25%, 6/1/29^(1) (2)		3,000		3,171

Black Belt Energy Gas District Revenue Bonds, Series E, Gas Project, 5.00%, 6/1/28^(1) (2)		8,000		8,339

Limestone County Water & Sewer Authority Water Revenue Refunding Bonds (BAM Insured), Prerefunded, 5.00%, 12/1/26⁽³⁾		3,000		3,159

Lower Gas District Gas Project Revenue Bonds, 4.00%, 12/1/25^(1) (2)		1,500		1,506

South East Alabama State Gas Supply District Gas Supply Revenue Bonds, Series C, SIFMA Index-Project No. 1, (Floating, SIFMA Municipal Swap Index Yield + 0.00%), 4.29%, 4/1/49⁽⁴⁾		1,625		1,625

South East Alabama State Gas Supply District Revenue Refunding Bonds, Series B, Project No. 2, 5.00%, 5/1/32^(1) (2)		2,500		2,681

				24,306

Arizona – 1.6%

Arizona State Health Facilities Authority Revenue Refunding Bonds, Scottsdale Lincoln Hospitals Project, 5.00%, 12/1/27		1,355		1,365



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Arizona – 1.6% continued

Chandler IDA IDR Bonds, Series 1 (AMT), Intel Corp. Project, 5.00%, 9/1/27^(1) (2)		$2,575		$2,653

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, 5.00%, 1/1/33		2,700		2,911

				6,929

Arkansas – 0.2%

Bryant School District No. 25 G.O. Limited Refunding Bonds (State Aid Withholding), 1.00%, 2/1/25		1,070		1,034

California – 4.8%

Bay Area Toll Authority Subordinate Toll Bridge Revenue Refunding Bonds, Series S-H, Prerefunded, 5.00%, 4/1/29⁽³⁾		2,000		2,240

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1, 4.00%, 2/1/27		1,125		1,131

4.00%, 8/1/31^(1) (2)		3,150		3,168

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bonds, Series A-1, 4.00%, 2/1/25		1,000		999

California Community Choice Financing Authority Variable Revenue Bonds, Clean Energy Project, Green Bonds,

5.00%, 10/1/26		630		638

5.00%, 10/1/27		675		688

5.00%, 10/1/28		475		487

5.00%, 10/1/29		650		671

California State G.O. Unlimited Various Purpose Refunding Bonds,

5.00%, 4/1/33		5,000		5,003

California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Series A, Waste Management, Inc.,

4.13%, 10/1/25^(1) (2)		1,000		1,004



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

California – 4.8% continued

Glendale Community College District G.O. Unlimited Bonds, Series A, Election of 2016, Prerefunded,

5.00%, 8/1/27⁽³⁾		$1,750		$1,884

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		798

4.00%, 8/1/28		935		974

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)		1,000		990

				20,675

Colorado – 3.6%

Arapahoe County School District No. 6 Littleton G.O. Unlimited Bonds, Series A (State Aid Withholding),

5.50%, 12/1/43		3,825		4,168

Colorado Springs Utilities Revenue Refunding Bonds, Series A,

5.00%, 11/15/40		200		202

Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds, Prerefunded,

5.00%, 3/1/27⁽³⁾		1,000		1,060

Colorado State Health Facilities Authority Hospital Revenue Bonds, Adventist Health System/Sunbel,

5.00%, 11/20/25^(1) (2)		3,000		3,063

Colorado State Health Facilities Authority Revenue Refunding Bonds, Series A, Commonspirit Health,

5.00%, 12/1/29		3,900		4,303

Colorado State Health Facilities Authority Variable Revenue Refunding Bonds, Adventhealth Obligated Group, Prerefunded,

5.00%, 11/19/26^(2) (3)		95		99

Colorado State Health Facilities Authority Variable Revenue Refunding Bonds, Adventhealth Obligated Group, Unrefunded Balance,

5.00%, 11/19/26^(1) (2)		905		943



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Colorado – 3.6% continued

Denver City & County Airport Revenue Refunding Bonds, Series C,

5.00%, 11/15/29		$1,500		$1,683

				15,521

Connecticut – 1.0%

Connecticut State G.O. Unlimited Bonds, Series A,

4.00%, 1/15/28		3,300		3,437

Connecticut State G.O. Unlimited Bonds, Series C,

4.00%, 6/1/27		1,000		1,033

				4,470

District of Columbia – 1.3%

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/26		5,405		5,422

Florida – 5.2%

Broward County Airport System Revenue Refunding Bonds, Series B (AMT),

5.00%, 10/1/27		3,500		3,686

Collier County IDA Revenue Bonds, NCH Healthcare System Projects,

5.00%, 10/1/31^(1) (2)		2,000		2,208

Duval County School Board COPS, Series A (AGM Insured),

5.00%, 7/1/26		1,750		1,820

Florida State Board of Education G.O. Unlimited Refunding Bonds, Series C,

5.00%, 6/1/27		3,115		3,318

Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series A,

5.00%, 6/1/26		1,950		2,032

Jacksonville Special Revenue Refunding Bonds, Series A,

5.00%, 10/1/25		1,500		1,541

Miami Special Obligation Revenue Bonds, Series A, New Administrative Building,

5.00%, 3/1/34		900		1,050

Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/34		5,000		5,021



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Florida – 5.2% continued

Saint Johns County School Board COPS, Series A (AGM Insured),

5.00%, 7/1/31		$1,270		$1,453

				22,129

Georgia – 3.9%

Atlanta Airport Revenue Refunding Bonds, Series A,

5.00%, 7/1/28		1,000		1,092

Atlanta G.O. Unlimited Bonds, Series A-1, Social Bonds,

5.00%, 12/1/26		1,000		1,053

Atlanta G.O. Unlimited Bonds, Series A-2,

5.00%, 12/1/26		1,050		1,106

Franklin County School District G.O. Unlimited Bonds (State Aid Withholding),

5.00%, 3/1/27		1,750		1,852

Georgia State G.O. Unlimited Bonds, Series A-1,

5.00%, 2/1/26		1,245		1,289

Georgia State G.O. Unlimited Refunding Bonds, Series E,

5.00%, 12/1/27		2,000		2,109

Georgia State Road & Tollway Authority Federal Highway Reimbursement GARVEE Bonds,

5.00%, 6/1/25		1,625		1,657

Gwinnett County School District G.O. Unlimited Bonds, Series A,

1.75%, 8/1/25		3,125		3,022

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A,

4.00%, 9/1/27^(1) (2)		1,535		1,547

Sandy Springs Public Facilities Authority Revenue Bonds, City Center Project, Prerefunded,

5.00%, 5/1/26⁽³⁾		2,000		2,079

				16,806

Hawaii – 0.2%

Honolulu City & County G.O. Unlimited Refunding Bonds, Series F,

5.00%, 7/1/26		725		756



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Illinois – 1.6%

Illinois State G.O. Unlimited Bonds, Series B,

5.00%, 10/1/29		$3,000		$3,293

Illinois State HDA Multifamily Sustainability Revenue Bonds, Series B (FHA Insured, HUD Sector 8 Program),

2.85%, 11/1/25		3,000		2,946

Saint Clair County Community Unit School District No. 187 Cahokia G.O. Unlimited Bonds, Series A (AGM Insured),

5.00%, 1/1/27		180		186

5.00%, 1/1/33		260		291

				6,716

Indiana – 2.1%

Greater Clark County School Building Corp. Revenue Refunding Bonds, Series A (State Intercept Program),

7/15/32⁽⁵⁾		1,100		1,272

MSD of Washington Township School Building Corp. Revenue Bonds (State Intercept Program),

5.00%, 7/15/35		1,090		1,191

MSD of Washington Township School Building Corp. Revenue Bonds, 2016 Refferendum Projects (State Intercept Program),

5.00%, 1/15/26		2,040		2,101

5.00%, 1/15/27		1,100		1,157

5.00%, 7/15/27		3,270		3,475

				9,196

Iowa – 0.4%

Ankeny Community School District G.O. Unlimited Refunding Bonds, Series A,

5.00%, 6/1/25		1,815		1,849

Kansas – 1.8%

Kansas Department of Transportation Highway Revenue Bonds,

5.00%, 9/1/33		2,240		2,288

Manhattan G.O. Unlimited Temporary Notes, Series 2020-03,

0.75%, 6/15/24		3,120		3,088

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

MUNICIPAL BONDS - 90.5% continued

Kansas – 1.8% continued

Scott County Unified School District No. 466 G.O. Unlimited Bonds, Series A, Prerefunded,

5.00%, 9/1/25⁽³⁾

$1,000

$1,024

Wichita G.O. Unlimited Bonds, Series 811,

3.00%, 6/1/27

1,185

1,179

7,579

Kentucky – 0.7%

Louisville Regional Airport Authority Airplort System Revenue Refunding Bonds, Series A (AMT),

5.00%, 7/1/25

2,990

2,996

Louisiana – 1.0%

Louisiana Public Facilities Authority Revenue Refunding Bonds, Tulane University, Escrowed to Maturity,

5.00%, 4/1/26

270

279

Louisiana State Local Government Environmental Facilities & Community Development Authority Insurance Revenue Bonds, Louisiana Insurance Guaranty Association,

5.00%, 8/15/26

1,500

1,549

Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Bonds, LCTCS Act 360 Project (BAM Insured),

5.00%, 10/1/25

2,495

2,546

4,374

Maine – 0.6%

Maine State Governmental Facilities Authority Revenue Bonds, Series A,

4.00%, 10/1/33

2,640

2,719

Maryland – 2.0%

Maryland State G.O. Unlimited Bonds, First Series,

5.00%, 6/1/26

3,000

3,008

Maryland State G.O. Unlimited Refunding Bonds, Series B,

5.00%, 8/1/26

2,435

2,550



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Maryland – 2.0% continued

Montgomery County G.O. Unlimited Refunding Bonds, Series D,

4.00%, 11/1/29		$2,925		$3,038

				8,596

Massachusetts – 5.3%

Massachusetts State Bay Transportation Authority Sales Tax Subordinate Revenue BANS,

4.00%, 5/1/25		1,390		1,400

Massachusetts State Bay Transportation Authority Sales Tax Subordinate Revenue BANS, Unrefunded Balance,

4.00%, 5/1/25		110		111

Massachusetts State Clean Water Trust Revenue Bonds, Series 22, Green Bonds,

5.00%, 8/1/27		2,000		2,149

Massachusetts State Development Finance Agency Revenue Refunding Bonds, Series A, Harvard University Issue,

5.00%, 10/15/26		2,000		2,106

Massachusetts State G.O. Limited Refunding Bonds, Series A,

5.00%, 9/1/27		5,000		5,371

Massachusetts State G.O. Limited Refunding Bonds, Series B,

5.00%, 7/1/26		1,040		1,087

Massachusetts State Housing Finance Agency Sustainability Revenue Bonds, Series A-2 (HUD Sector 8 Program),

0.45%, 12/1/24		725		708

Massachusetts State School Building Authority Sales Tax Subordinate Revenue Bonds, Series A, Prerefunded,

5.00%, 2/15/26⁽³⁾		2,500		2,591

Massachusetts State Water Resources Authority Revenue Refunding Bonds, Series C, Green Bonds, Escrowed to Maturity,

5.00%, 8/1/25		165		169

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 90.5% continued

Massachusetts – 5.3% continued

MWRA General Revenue Refunding Bonds, Series C, Green Bonds, Prerefunded,

5.00%, 8/1/26⁽³⁾

$3,340

$3,497

University Of Massachusetts Building Authority Revenue Refunding Bonds, Series 2,

5.00%, 11/1/29

3,370

3,472

22,661

Michigan – 0.1%

Michigan State HDA Rental Housing Revenue Bonds, Series A,

3.38%, 10/1/26

465

461

Minnesota – 0.7%

Minnesota Municipal Gas Agency Commodity Supply Revenue Bonds, Series A,

4.00%, 12/1/27^{(1) (2)}

2,000

2,017

Minnesota State G.O. Unlimited Bonds, Series A,

5.00%, 8/1/27

1,020

1,090

3,107

Missouri – 1.8%

Columbia School District G.O. Unlimited Refunding Bonds,

5.00%, 3/1/26

2,825

2,868

Curators of the University of Missouri System Facilities Revenue Refunding Bonds, Series A,

5.00%, 11/1/26

2,320

2,337

Kansas City IDA Airport Special Obligation Revenue Bonds (AMT), Kansas City International,

5.00%, 3/1/25

1,040

1,048

Missouri State Health & Educational Facilities Authority Health Variable Revenue Refunding Bonds,
Series B, BJC Health System,

4.00%, 5/1/26^{(1) (2)}

1,500

1,512

7,765

Nevada – 1.4%

Clark County School District G.O. Limited Bonds,
Series A (AGM Insured),

5.00%, 6/15/27

1,000

1,063



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Nevada – 1.4% continued

Clark County School District G.O. Limited Bonds, Series B (AGM Insured),

4.00%, 6/15/32		$3,000		$3,125

Washoe County Water Facilities Variable Revenue Refunding Bonds, Sierra Pacific Power Company,

3.63%, 10/1/29^{(1) (2)}		2,000		2,013

				6,201

New Jersey – 1.8%

Clifton Board of Education G.O. Unlimited Bonds (AGM School Board Resource Fund Insured),

2.00%, 8/15/26		1,200		1,149

New Jersey State EDA Revenue Bonds, Series WW, Prerefunded,

5.25%, 6/15/25⁽³⁾		3,500		3,582

New Jersey State G.O. Unlimited Bonds, Covid-19 Go Emergency Bonds,

5.00%, 6/1/27		2,750		2,917

				7,648

New York – 12.0%

Metropolitan Transportation Authority Revenue Refunding Bonds, Series E, Green Bonds,

5.00%, 11/15/29		2,190		2,414

Metropolitan Transportation Authority Sustainable Revenue Refunding Bonds, Series A,

5.00%, 11/15/31		2,000		2,272

New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Subseries F-1,

5.00%, 5/1/31		1,000		1,061

New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds,

5.00%, 11/1/27		1,000		1,075

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds,

5.00%, 2/1/29		3,295		3,295

New York G.O. Limited Bonds, Series F-4, Fiscal 2015, 5.00%, 12/1/25^{(1) (2)}		3,750		3,803



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

New York – 12.0% continued

New York G.O. Unlimited Bonds, Series J-10, Fiscal 2008,

5.00%, 8/1/26		$605		$632

New York G.O. Unlimited Bonds, Series J-5, Fiscal 2008,

5.00%, 8/1/28		1,000		1,089

New York G.O. Unlimited Refunding Bonds, Series C,

5.00%, 8/1/27		1,795		1,915

New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series E,

5.00%, 3/15/32		5,000		5,102

New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series M-2 (SonyMA, FHA Insured),

0.75%, 11/1/25		3,160		2,970

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)}		1,500		1,494

New York State Housing Finance Agency Affordable Housing Variable Revenue Bonds, Series F, Sustainability Bonds (SonyMA, FHA Insured),

3.85%, 5/1/27^{(1) (2)}		4,000		4,002

New York State Housing Finance Agency Revenue Bonds, Series E, Sustainability Bonds,

1.10%, 5/1/26		2,500		2,312

New York State Housing Finance Agency Revenue Bonds, Series F,

1.10%, 11/1/26		1,350		1,231

New York State Liberty Development Corp. Revenue Refunding Bonds, Four World Trade, Green Bonds,

1.20%, 11/15/28		2,000		1,740

New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A, Bidding Group 1,

5.00%, 3/15/29		5,000		5,541



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

New York – 12.0% continued

New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax,

5.00%, 9/15/28		$5,000		$5,486

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, MTA Bridges & Tunnels, Green Bonds,

5.00%, 11/15/25		525		541

5.00%, 11/15/27		1,700		1,833

Utility Debt Securitization Authority Revenue Refunding Restructuring Bonds, Series A,

5.00%, 12/15/27		1,450		1,496

				51,304

North Carolina – 0.5%

Charlotte Water & Sewer System Revenue Refunding Bonds,

5.00%, 7/1/26		2,115		2,209

Ohio – 3.2%

Akron Income Tax Revenue Refunding Bonds,

4.00%, 12/1/26		1,120		1,141

Columbus G.O. Unlimited Refunding Bonds, Series 1, Various Purpose,

5.00%, 7/1/26		1,300		1,354

Ohio State G.O. Unlimited Refunding Bonds, Series A, Conservation Project,

5.00%, 3/1/32		1,500		1,751

Ohio State Highway Capital Improvements G.O. Unlimited Bonds, Series S,

5.00%, 5/1/28		5,085		5,277

Ohio State Turnpike Commission Subordinate Revenue Bonds,

5.00%, 2/15/32		3,860		4,157

				13,680

Oklahoma – 2.8%

Oklahoma County Finance Authority Educational Facilities Lease Revenue Bonds, Midwest City-Del City Public School,

5.00%, 10/1/25		1,000		1,022



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Oklahoma – 2.8% continued

Oklahoma County Finance Authority Educational Facilities Lease Revenue Bonds, Midwest City-Del City Public School (BAM insured), 5.00%, 10/1/29		$500		$552

Oklahoma County Independent School District No. 12 G.O. Unlimited Bonds, Edmond School District, 3/1/27⁽⁵⁾		4,175		4,282

Oklahoma County Independent School District No. 89 G.O. Unlimited Bonds, Series A, 1.00%, 7/1/24		2,000		1,979

4.00%, 7/1/27		4,275		4,397

				12,232

Oregon – 2.0%

Multnomah County G.O. Limited Bonds, 5.00%, 6/1/28		1,000		1,065

Oregon State G.O. Unlimited Refunding Bonds, Series B, 5.00%, 8/1/33		1,450		1,480

Portland G.O. Limited Bonds, Series A, Transportation Projects, 5.00%, 10/1/27		1,730		1,857

Portland Water System Second Lien Revenue Refunding Bonds, 5.00%, 10/1/27		1,640		1,641

Washington County School District No. 48J Beaverton G.O. Convertible CABS (School Board Guaranty Program), 5.00%, 6/15/35		2,500		2,637

				8,680

Pennsylvania – 2.4%

Delaware Valley Regional Financial Authority Revenue Bonds, Series A, 2.00%, 10/1/29		2,275		2,042

Lehigh County IDA Revenue Refunding Bonds, Series A, PPL Electric Utilities Corp. Project, 3.00%, 9/1/29		3,000		2,892

Pennsylvania State Turnpike Commission Revenue Refunding Bonds, Series B, 5.00%, 12/1/25		425		437

5.00%, 12/1/26		275		289



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Pennsylvania – 2.4% continued

Pennsylvania State Turnpike Commission Subordinate Revenue Refunding Bonds, Series B, 5.00%, 6/1/24		$2,700		$2,705

Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, Series B, 5.00%, 12/1/25		1,700		1,750

				10,115

Tennessee – 0.4%

Gallatin Water & Sewer Revenue Refunding Bonds, Prerefunded, 5.00%, 1/1/25⁽³⁾		1,500		1,517

Texas – 12.1%

Austin Water & Wastewater System Revenue Refunding Bonds, 5.00%, 11/15/26		1,000		1,051

Bexar County Certificates of Obligation G.O. Limited Bonds, 5.00%, 6/15/30		1,000		1,129

5.00%, 6/15/31		1,250		1,434

Bexar County Certificates of Obligation G.O. Limited Bonds, Series B, 5.00%, 6/15/26		1,125		1,173

Central Regional Mobility Authority Senior Lien Revenue Bonds, Series A, Prerefunded, 5.00%, 7/1/25⁽³⁾		1,215		1,240

Central Regional Mobility Authority Subordinate Revenue BANS, Series F, 5.00%, 1/1/25		2,000		2,005

Dallas County Certificates of Obligation G.O. Limited Bonds, 5.00%, 8/15/25		1,615		1,653

Fort Bend County G.O. Limited Refunding Bonds, Series B, 4.00%, 3/1/30		3,900		3,901

Fort Bend Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.), 0.88%, 8/1/25⁽¹⁾⁽²⁾		1,155		1,111

Grand Prairie Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.), 4.00%, 2/15/33		5,420		5,449



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Texas – 12.1% continued

Harlingen Consolidated Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.), 5.00%, 8/15/26		$1,105		$1,153

Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center, 0.90%, 5/15/25^{(1) (2)}		2,000		1,922

Harris County Toll Road First Lien Revenue Refunding Bonds, Series A, 5.00%, 8/15/31		1,635		1,883

Klein Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.), 5.00%, 8/1/32		1,575		1,781

Laredo Public Property Finance Contractual Obligation G.O. Limited Bonds, 5.00%, 2/15/27		800		842

Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services, 5.00%, 5/15/24		500		501

North Texas Tollway Authority Revenue Refunding Bonds, Series A, First Tier, 5.00%, 1/1/31		595		677

Pecos Barstow Toyah Independent School District G.O. Unlimited Bonds (PSF, Gtd.), 5.00%, 2/15/27		1,000		1,054

San Antonio Electric & Gas Junior Lien Variable Revenue Bonds, 1.13%, 12/1/26^{(1) (2)}		3,500		3,175

2.00%, 12/1/27^{(1) (2)}		3,150		2,929

Tarrant Regional Water District Transmission Facility Contract Revenue Bonds, Series A, City of Dallas Project, 4.00%, 9/1/31		1,370		1,443

Texas State G.O. Unlimited Refunding Bonds, Series B, 4.00%, 8/1/27		2,135		2,151



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Texas – 12.1% continued

Texas State G.O. Unlimited Refunding Bonds, Transportation Commission Mobility Fund, 5.00%, 10/1/29		$5,000		$5,126

Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds, 5.00%, 12/15/26		1,400		1,436

Texas State PFA G.O. Unlimited Refunding Bonds, 5.00%, 10/1/26		2,110		2,214

Texas State Water Development Board Revolving Fund Revenue Bonds, 5.00%, 8/1/30		1,000		1,134

Trinity River Authority Regional Wastewater System Revenue Refunding Bonds, 5.00%, 8/1/32		1,000		1,064

University of North Texas Revenue Refunding Bonds, Series A, 5.00%, 4/15/32		1,000		1,116

				51,747

Utah – 1.8%

Davis County School District G.O. Unlimited Refunding Bonds, Utah School Bond Guaranty (School Board Guaranty Program), 3.00%, 6/1/28		4,095		4,000

Murray City School District G.O. Unlimited Refunding Bonds (School Board Guaranty Program), 5.00%, 2/1/28		1,685		1,819

Utah State Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Prerefunded, 5.00%, 6/15/25⁽³⁾		1,735		1,771

				7,590

Washington – 3.4%

Benton County School District No. 17 Kennewick G.O. Unlimited Refunding Bonds (School Board Guaranty Program), 4.00%, 12/1/28		1,000		1,016



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 90.5% continued

Washington – 3.4% continued

Central Puget Sound Regional Transit Authority Sales & Use Tax Improvement Revenue Refunding Bonds, Series S-1, Green Bonds, Prerefunded, 5.00%, 11/1/25⁽³⁾		$1,000		$1,028

Franklin County School District No. 1 Pasco G.O. Unlimited Refunding Bonds (School Board Guaranty Program), 5.00%, 12/1/26		1,340		1,354

Pierce County School District No. 320 G.O. Unlimited Refunding Bonds (School Board Guaranty Program), 4.00%, 12/1/28		650		647

Pierce County School District No. 83 University Place G.O. Unlimited Refunding Bonds (School Board Guaranty Program), 5.00%, 12/1/26		3,205		3,237

Port of Seattle Revenue Refunding Bonds, Series B, 5.00%, 3/1/31		2,800		2,813

Washington State G.O. Unlimited Bonds, Series 2017-A, 5.00%, 8/1/29		2,400		2,497

Washington State G.O. Unlimited Refunding Bonds, Series R-2023B, 5.00%, 7/1/26		2,000		2,084

				14,676

Wisconsin – 1.1%

Waushara County G.O. Unlimited Bonds, Series B, 5.50%, 6/1/31		450		524

Wisconsin State Transportation Revenue Bonds, Series A, 5.00%, 7/1/28		4,000		4,154

				4,678

Total Municipal Bonds

(Cost $397,987)				388,344



	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 2.0%

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(6) (7)}		8,627,821		$8,628

Total Investment Companies

(Cost $8,628)				8,628

	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS – 7.4%

Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply, 4.00%, 1/1/25^{(1) (2)}		$8,725		$8,721

Main Street Natural Gas, Inc., Gas Supply Variable Revenue Bonds, Series B, 4.00%, 12/2/24^{(1) (2)}		5,000		5,007

Michigan State Finance Authority Adjustable Revenue Refunding Bonds, Trinity Health, 5.00%, 2/1/25^{(1) (2)}		3,000		3,028

Michigan State Finance Authority Revenue Refunding Bonds, Ascension Health Credit Group, 4.00%, 7/1/24^{(1) (2)}		5,000		4,997

North Central Texas State Housing Finance Corp. Variable Revenue Bonds, Bluebonnet Ridge Apartment, 0.38%, 8/1/24^{(1) (2)}		1,750		1,718

Northside Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.), 1.60%, 8/1/24^{(1) (2)}		1,460		1,444

Peninsula Ports Authority Coal Terminal Variable Revenue Refunding Bonds, Dominion Terminal Associates Project, 3.80%, 10/1/24^{(1) (2)}		1,000		995

Tennergy Corp. Gas Revenue Bonds, Series A, 5.00%, 10/1/24^{(1) (2)}		2,000		2,010

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS - 7.4% continued

Utah County Hospital Revenue Bonds, Series B, IHC Health Services, Inc., 5.00%,
8/1/24^{(1) (2)}

$3,850

$3,863

Total Short-Term Investments

(Cost $32,037)

31,783

Total Investments – 100.3%

(Cost $440,336)

430,442

Liabilities less Other Assets – (0.3%)

(1,080

)

NET ASSETS – 100.0%

$429,362

⁽¹⁾

Maturity date represents the puttable date.

⁽²⁾

⁽³⁾

Maturity date represents the prerefunded date.

⁽⁴⁾

Variable or floating rate security. Rate as of March 31, 2024 is disclosed.

⁽⁵⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2024.

⁽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, 2024 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

COPS - Certificates of Participation

EDA - Economic Development Authority

FHA - Federal Housing Administration

G.O. - General Obligation

GARVEE - Grant Anticipation Revenue Vehicle

Gtd. - Guaranteed

HDA - Housing Development Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

IDR - Industrial Development Revenue

LCRA - Lower Colorado River Authority

LCTCS - Louisiana Community and Technical College System

MFH - Multi-Family Housing

MWRA - Massachusetts Water Resources Authority

PFA - Public Finance Authority

PSF - Permanent School Fund

SIFMA - Securities Industry and Financial Markets Association

SonyMA - State of New York Mortgage Agency

VA - Veterans Affairs

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:


SECURITY TYPE⁽¹⁾	% OF NET ASSETS

U.S. Government Obligations		0.4	%

Municipal Bonds		90.5	%

Investment Companies		2.0	%

Short-Term Investments		7.4	%

⁽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)
U.S. Government Obligations		$ —		$ 1,687		$—		$ 1,687

Municipal Bonds⁽¹⁾		—		388,344		—		388,344

Investment Companies		8,628		—		—		8,628

Short-Term Investments		—		31,783		—		31,783

Total Investments		$8,628		$421,814		$—		$430,442

⁽¹⁾

Classifications as defined in the Schedule of Investments.

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 2.2%⁽¹⁾

Fannie Mae – 0.4%

Pool #555649,

7.50%, 10/1/32

$10

Pool #BH9277,

3.50%, 2/1/48

118

108

118

Freddie Mac – 1.0%

Pool #RA8880,

5.50%, 4/1/53

Pool #SD1360,

5.50%, 7/1/52

102

Pool #SD2665,

6.00%, 4/1/53

Pool #ZS7735,

2.00%, 1/1/32

290

Freddie Mac Gold – 0.5%

Pool #D99701,

3.00%, 11/1/32

140

131

Government National Mortgage Association – 0.3%

Government National Mortgage Association, Series 2017-95, Class QG,

2.50%, 8/20/46

Government National Mortgage Association I – 0.0%

Pool #676682,

4.50%, 6/15/25

Pool #782618,

4.50%, 4/15/24⁽²⁾

—

Pool #783245,

5.00%, 9/15/24⁽²⁾

—

Pool #783489,

5.00%, 6/15/25⁽²⁾

—

Total U.S. Government Agencies

(Cost $669)

629

U.S. GOVERNMENT OBLIGATIONS – 97.1%

U.S. Treasury Bonds – 1.6%

6.00%, 2/15/26

470

482

U.S. Treasury Inflation Indexed Notes – 4.1%

0.50%, 4/15/24

141

173

0.13%, 7/15/24

134

174



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 97.1% continued

U.S. Treasury Inflation Indexed Notes – 4.1% continued

0.13%, 10/15/24		$145		$173

0.25%, 1/15/25		135		173

0.38%, 7/15/25		135		172

0.13%, 4/15/26		153		172

0.13%, 4/15/27		166		171

				1,208

U.S. Treasury Notes – 91.4%

2.88%, 4/30/25		537		525

0.25%, 5/31/25		738		699

2.88%, 5/31/25		285		278

0.25%, 6/30/25		587		554

0.25%, 7/31/25		589		554

2.88%, 7/31/25		532		518

0.25%, 10/31/25		591		551

0.38%, 11/30/25		383		356

2.88%, 11/30/25		158		153

1.63%, 2/15/26		308		291

4.00%, 2/15/26		2,601		2,569

0.50%, 2/28/26		587		543

2.13%, 5/31/26		299		284

1.88%, 6/30/26		550		519

0.63%, 7/31/26		586		536

1.88%, 7/31/26		551		519

1.50%, 8/15/26		750		699

4.38%, 8/15/26		1,500		1,495

0.75%, 8/31/26		582		532

0.88%, 9/30/26		487		446

4.63%, 10/15/26		500		502

4.63%, 11/15/26		1,700		1,706

4.38%, 12/15/26		350		349

4.13%, 2/15/27		500		496

3.88%, 11/30/27		3,294		3,242

4.00%, 2/29/28		2,150		2,126

3.63%, 3/31/28		1,200		1,171

3.63%, 5/31/28		1,400		1,365

4.00%, 6/30/28		600		594

4.38%, 8/31/28		500		502

4.38%, 11/30/28		600		604

3.75%, 12/31/28		500		490

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT OBLIGATIONS - 97.1% continued

U.S. Treasury Notes – 91.4% continued

4.00%, 1/31/29

$500

$495

4.25%, 2/28/29

650

651

26,914

Total U.S. Government Obligations

(Cost $29,397)

28,604

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 0.2%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

5.13%^(3)
(4)

66,896

$67

Total Investment Companies

(Cost $67)

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.0%

U.S. Treasury Bill,

5.30%, 4/11/24^(5)
(6)

Total Short-Term Investments

(Cost $5)

Total Investments – 99.5%

(Cost $30,138)

29,305

Other Assets less Liabilities – 0.5%

150

NET ASSETS – 100.0%

$29,455

⁽¹⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽²⁾

Principal Amount and Value rounds to less than one thousand.

⁽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, 2024 is disclosed.

⁽⁵⁾

Discount rate at the time of purchase.

⁽⁶⁾

Security pledged related to the Fund’s investment in futures contracts during the period. As of March 31, 2024, the Fund did not hold any open futures contracts.

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, 2024, the security types for the Fund were:


SECURITY TYPE^{( 1 )}	% OF NET ASSETS

U.S. Government Agencies		2.2	%

U.S. Government Obligations		97.1	%

Investment Companies		0.2	%

Short-Term Investments		0.0	%

⁽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⁾		$—		$ 629		$—		$ 629

U.S. Government Obligations⁽¹⁾		—		28,604		—		28,604

Investment Companies		67		—		—		67

Short-Term Investments		—		5		—		5

Total Investments		$67		$29,238		$—		$29,305

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CONVERTIBLE BONDS – 0.2%

Electric Utilities – 0.1%

FirstEnergy Corp.,

4.00%, 5/1/26⁽¹⁾		$101		$100

NextEra Energy Partners L.P.,

0.00%, 11/15/25^{(1) (2)}		48		43

2.50%, 6/15/26⁽¹⁾		48		43

PG&E Corp.,

4.25%, 12/1/27⁽¹⁾		102		103

				289

Internet Media & Services – 0.0%

Lyft, Inc.,

0.63%, 3/1/29⁽¹⁾		36		42

Technology Services – 0.1%

Global Payments, Inc.,

1.50%, 3/1/31⁽¹⁾		121		128

Total Convertible Bonds

(Cost $445)				459



CORPORATE BONDS – 78.8%

Advertising & Marketing – 0.2%

Outfront Media Capital LLC/Outfront Media Capital Corp.,

5.00%, 8/15/27⁽¹⁾		250		241

4.25%, 1/15/29⁽¹⁾		124		112

4.63%, 3/15/30⁽¹⁾		74		66

7.38%, 2/15/31⁽¹⁾		43		45

				464

Aerospace & Defense – 2.4%

AAR Escrow Issuer LLC,

6.75%, 3/15/29⁽¹⁾		87		88

Howmet Aerospace, Inc.,

5.95%, 2/1/37		75		78

Spirit AeroSystems, Inc.,

4.60%, 6/15/28		75		70

9.38%, 11/30/29⁽¹⁾		203		221

9.75%, 11/15/30⁽¹⁾		176		197

TransDigm, Inc.,

7.50%, 3/15/27		100		100

5.50%, 11/15/27		400		392

6.75%, 8/15/28⁽¹⁾		486		493

4.63%, 1/15/29		100		93

6.38%, 3/1/29⁽¹⁾		593		596

4.88%, 5/1/29		890		828

6.88%, 12/15/30⁽¹⁾		280		285



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Aerospace & Defense – 2.4% continued

7.13%, 12/1/31⁽¹⁾		$166		$171

6.63%, 3/1/32⁽¹⁾		708		715

Triumph Group, Inc.,

9.00%, 3/15/28⁽¹⁾		262		276

				4,603

Apparel & Textile Products – 0.1%

Crocs, Inc.,

4.25%, 3/15/29⁽¹⁾		25		23

4.13%, 8/15/31⁽¹⁾		122		106

Hanesbrands, Inc.,

4.88%, 5/15/26⁽¹⁾		44		43

9.00%, 2/15/31⁽¹⁾		25		26

Kontoor Brands, Inc.,

4.13%, 11/15/29⁽¹⁾		25		22

Levi Strauss & Co.,

3.50%, 3/1/31⁽¹⁾		56		49

				269

Asset Management – 2.0%

AG Issuer LLC,

6.25%, 3/1/28⁽¹⁾		75		73

AG TTMT Escrow Issuer LLC,

8.63%, 9/30/27⁽¹⁾		25		26

Apollo Debt Solutions BDC,

6.90%, 4/13/29⁽¹⁾		50		51

Ares Capital Corp.,

5.88%, 3/1/29		30		30

Blackstone Private Credit Fund,

6.25%, 1/25/31⁽¹⁾		38		38

Blue Owl Capital Corp.,

3.75%, 7/22/25		85		83

Blue Owl Capital Corp. II,

8.45%, 11/15/26⁽¹⁾		35		36

Blue Owl Credit Income Corp.,

7.75%, 9/16/27		78		80

6.65%, 3/15/31⁽¹⁾		65		64

Blue Owl Technology Finance Corp. II,

6.75%, 4/4/29⁽¹⁾		22		22

Compass Group Diversified Holdings LLC,

5.25%, 4/15/29⁽¹⁾		96		91

5.00%, 1/15/32⁽¹⁾		25		22



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Asset Management – 2.0% continued

HAT Holdings I LLC/HAT Holdings II LLC,

3.38%, 6/15/26⁽¹⁾		$124		$117

8.00%, 6/15/27⁽¹⁾		124		129

3.75%, 9/15/30⁽¹⁾		25		21

HPS Corporate Lending Fund,

6.75%, 1/30/29⁽¹⁾		45		45

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

6.25%, 5/15/26		209		205

5.25%, 5/15/27		283		262

9.75%, 1/15/29⁽¹⁾		121		126

4.38%, 2/1/29		47		40

NFP Corp.,

4.88%, 8/15/28⁽¹⁾		83		83

6.88%, 8/15/28⁽¹⁾		1,730		1,752

7.50%, 10/1/30⁽¹⁾		25		26

8.50%, 10/1/31⁽¹⁾		300		330

				3,752

Automotive – 1.8%

Adient Global Holdings Ltd.,

8.25%, 4/15/31⁽¹⁾		25		26

Clarios Global L.P./Clarios U.S. Finance Co.,

8.50%, 5/15/27⁽¹⁾		519		520

6.75%, 5/15/28⁽¹⁾		111		113

Dana, Inc.,

4.50%, 2/15/32		25		22

Dornoch Debt Merger Sub, Inc.,

6.63%, 10/15/29⁽¹⁾		1,325		1,174

Ford Motor Co.,

3.25%, 2/12/32		25		21

6.10%, 8/19/32		139		141

5.29%, 12/8/46		150		134

Goodyear Tire & Rubber (The) Co.,

9.50%, 5/31/25		50		50

7.00%, 3/15/28		25		25

5.00%, 7/15/29		72		67

5.25%, 4/30/31		25		23

5.25%, 7/15/31⁽¹⁾		100		91

5.63%, 4/30/33		50		46

Phinia, Inc.,

4/15/29^{(1) (3)}		33		33



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Automotive – 1.8% continued

PM General Purchaser LLC,

9.50%, 10/1/28⁽¹⁾		$50		$51

Real Hero Merger Sub 2, Inc.,

6.25%, 2/1/29⁽¹⁾		800		700

Tenneco, Inc.,

8.00%, 11/17/28⁽¹⁾		133		121

Wheel Pros, Inc.,

6.50%, 5/15/29⁽¹⁾		25		8

				3,366

Banking – 0.3%

Bank of America Corp.,

(Variable, CME Term SOFR 3M + 3.19%), 5.88%, 3/15/28^(4) (5)		75		74

Citigroup, Inc.,

(Variable, U.S. SOFR + 3.23%), 4.70%, 1/30/25^(4) (5)		75		73

JPMorgan Chase & Co.,

(Variable, CME Term SOFR 3M + 3.59%), 6.13%, 4/30/24^(4) (5)		50		50

(Variable, CME Term SOFR 3M + 3.56%), 8.87%, 5/1/24^(5) (6)		50		50

(Variable, CME Term SOFR 3M + 3.13%), 4.60%, 2/1/25^(4) (5)		25		25

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.74%), 6.88%, 6/1/29^{(4) (5)}		52		54

PNC Financial Services Group (The), Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 7Y + 2.81%), 6.25%, 3/15/30^{(4) (5)}		125		121

Wells Fargo & Co.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.61%), 7.63%, 9/15/28^{(4) (5)}		111		118

				565

Beverages – 0.0%

Triton Water Holdings, Inc.,

6.25%, 4/1/29⁽¹⁾		50		46

Biotechnology & Pharmaceuticals – 0.4%

Bausch Health Americas, Inc.,

8.50%, 1/31/27⁽¹⁾		150		88

Bausch Health Cos., Inc.,

5.50%, 11/1/25⁽¹⁾		100		94



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Biotechnology & Pharmaceuticals – 0.4% continued

9.00%, 12/15/25⁽¹⁾		$75		$71

6.13%, 2/1/27⁽¹⁾		50		31

7.00%, 1/15/28⁽¹⁾		25		11

5.00%, 1/30/28⁽¹⁾		75		34

7.25%, 5/30/29⁽¹⁾		50		22

5.25%, 1/30/30⁽¹⁾		75		31

5.25%, 2/15/31⁽¹⁾		50		21

Endo Dac/Endo Finance LLC/Endo Finco, Inc.,

9.50%, 7/31/27^{(1) (7)}		125		8

6.00%, 6/30/28^{(1) (7)}		16		1

Endo Luxembourg Finance Co. I S.a.r.l./Endo U.S., Inc.,

6.13%, 4/1/29^{(1) (8)}		50		32

Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,

14.75%, 11/14/28⁽¹⁾		24		27

Organon & Co./Organon Foreign Debt Co-Issuer B.V.,

5.13%, 4/30/31⁽¹⁾		200		177

P&L Development LLC/PLD Finance Corp.,

7.75%, 11/15/25⁽¹⁾		50		42

Par Pharmaceutical, Inc.,

7.50%, 4/1/27^{(1) (8)}		111		73

Prestige Brands, Inc.,

5.13%, 1/15/28⁽¹⁾		25		24

3.75%, 4/1/31⁽¹⁾		25		22

				809

Cable & Satellite – 3.4%

Cable One, Inc.,

4.00%, 11/15/30⁽¹⁾		125		98

CCO Holdings LLC/CCO Holdings Capital Corp.,

5.00%, 2/1/28⁽¹⁾		50		47

5.38%, 6/1/29⁽¹⁾		8		7

6.38%, 9/1/29⁽¹⁾		355		337

4.75%, 3/1/30⁽¹⁾		107		92

4.50%, 8/15/30⁽¹⁾		174		146

4.25%, 2/1/31⁽¹⁾		319		261

7.38%, 3/1/31⁽¹⁾		403		395

4.75%, 2/1/32⁽¹⁾		450		367

4.50%, 5/1/32		415		333

4.50%, 6/1/33⁽¹⁾		600		469



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Cable & Satellite – 3.4% continued

4.25%, 1/15/34⁽¹⁾		$724		$547

Charter Communications Operating LLC/Charter Communications Operating Capital,

5.38%, 5/1/47		50		40

4.80%, 3/1/50		25		19

CSC Holdings LLC,

11.25%, 5/15/28⁽¹⁾		400		396

11.75%, 1/31/29⁽¹⁾		400		401

5.75%, 1/15/30⁽¹⁾		275		146

4.13%, 12/1/30⁽¹⁾		305		218

4.50%, 11/15/31⁽¹⁾		200		142

Directv Financing LLC,

8.88%, 2/1/30⁽¹⁾		61		61

Directv Financing LLC/Directv Financing Co-Obligor, Inc.,

5.88%, 8/15/27⁽¹⁾		406		384

DISH DBS Corp.,

7.75%, 7/1/26		50		34

5.25%, 12/1/26⁽¹⁾		254		200

7.38%, 7/1/28		100		48

5.75%, 12/1/28⁽¹⁾		25		17

5.13%, 6/1/29		75		31

DISH Network Corp.,

11.75%, 11/15/27⁽¹⁾		463		472

GCI LLC,

4.75%, 10/15/28⁽¹⁾		72		66

Midcontinent Communications/Midcontinent Finance Corp.,

5.38%, 8/15/27⁽¹⁾		50		47

Radiate Holdco LLC/Radiate Finance, Inc.,

4.50%, 9/15/26⁽¹⁾		43		34

6.50%, 9/15/28⁽¹⁾		37		17

Sirius XM Radio, Inc.,

3.13%, 9/1/26⁽¹⁾		85		80

5.00%, 8/1/27⁽¹⁾		255		245

4.00%, 7/15/28⁽¹⁾		150		137

3.88%, 9/1/31⁽¹⁾		175		146

				6,480

Chemicals – 1.9%

Avient Corp.,

5.75%, 5/15/25⁽¹⁾		50		50



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Chemicals – 1.9% continued

7.13%, 8/1/30 ⁽¹⁾		$75		$77

Axalta Coating Systems LLC,

3.38%, 2/15/29 ⁽¹⁾		164		147

Chemours (The) Co.,

5.38%, 5/15/27		94		90

5.75%, 11/15/28 ⁽¹⁾		177		163

4.63%, 11/15/29 ⁽¹⁾		82		71

Element Solutions, Inc.,

3.88%, 9/1/28 ⁽¹⁾		229		210

HB Fuller Co.,

4.25%, 10/15/28		58		54

Herens Holdco S.a.r.l.,

4.75%, 5/15/28 ⁽¹⁾		200		175

Illuminate Buyer LLC/Illuminate Holdings IV, Inc.,

9.00%, 7/1/28 ⁽¹⁾		153		151

Innophos Holdings, Inc.,

9.38%, 2/15/28 ⁽¹⁾		75		63

Iris Holdings, Inc.,

8.75%, (100% Cash), 2/15/26 ^(1) (9)		25		21

LSB Industries, Inc.,

6.25%, 10/15/28 ⁽¹⁾		25		24

LSF11 A5 HoldCo LLC,

6.63%, 10/15/29 ⁽¹⁾		64		58

Minerals Technologies, Inc.,

5.00%, 7/1/28 ⁽¹⁾		72		69

Olin Corp.,

5.63%, 8/1/29		125		123

Olympus Water U.S. Holding Corp.,

9.75%, 11/15/28 ⁽¹⁾		200		213

6.25%, 10/1/29 ⁽¹⁾		200		183

Polar U.S. Borrower LLC/Schenectady International Group, Inc.,

6.75%, 5/15/26 ⁽¹⁾		75		18

SCIH Salt Holdings, Inc.,

4.88%, 5/1/28 ⁽¹⁾		25		23

6.63%, 5/1/29 ⁽¹⁾		780		722

SK Invictus Intermediate II S.a.r.l.,

5.00%, 10/30/29 ⁽¹⁾		160		143

Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc.,

5.38%, 9/1/25 ⁽¹⁾		29		23



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Chemicals – 1.9% continued

5.13%, 4/1/29⁽¹⁾		$100		$29

Tronox, Inc.,

4.63%, 3/15/29⁽¹⁾		100		90

Windsor Holdings III LLC,

8.50%, 6/15/30⁽¹⁾		50		52

WR Grace Holdings LLC,

4.88%, 6/15/27⁽¹⁾		75		71

5.63%, 8/15/29⁽¹⁾		377		337

7.38%, 3/1/31⁽¹⁾		118		119

				3,569

Commercial Support Services – 1.7%

ADT Security (The) Corp.,

4.13%, 8/1/29⁽¹⁾		50		46

4.88%, 7/15/32⁽¹⁾		152		138

Allied Universal Holdco LLC,

7.88%, 2/15/31⁽¹⁾		279		283

Allied Universal Holdco LLC/Allied Universal Finance Corp.,

6.63%, 7/15/26⁽¹⁾		120		120

9.75%, 7/15/27⁽¹⁾		263		264

6.00%, 6/1/29⁽¹⁾		325		280

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.,

4.63%, 6/1/28⁽¹⁾		525		478

AMN Healthcare, Inc.,

4.63%, 10/1/27⁽¹⁾		25		24

4.00%, 4/15/29⁽¹⁾		197		177

APX Group, Inc.,

6.75%, 2/15/27⁽¹⁾		51		51

5.75%, 7/15/29⁽¹⁾		124		119

Aramark Services, Inc.,

5.00%, 2/1/28⁽¹⁾		73		70

Clean Harbors, Inc.,

6.38%, 2/1/31⁽¹⁾		56		56

Covanta Holding Corp.,

5.00%, 9/1/30		50		44

GFL Environmental, Inc.,

4.75%, 6/15/29⁽¹⁾		147		138

6.75%, 1/15/31⁽¹⁾		193		198

Prime Security Services Borrower LLC/Prime Finance, Inc.,

5.25%, 4/15/24⁽¹⁾		5		5

6.25%, 1/15/28⁽¹⁾		110		108



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Commercial Support Services – 1.7% continued

Sotheby’s,

7.38%, 10/15/27⁽¹⁾		$200		$186

TKC Holdings, Inc.,

10.50%, 5/15/29⁽¹⁾		25		24

WASH Multifamily Acquisition, Inc.,

5.75%, 4/15/26⁽¹⁾		50		49

Waste Pro U.S.A., Inc.,

5.50%, 2/15/26⁽¹⁾		299		294

Williams Scotsman, Inc.,

6.13%, 6/15/25⁽¹⁾		19		19

7.38%, 10/1/31⁽¹⁾		58		60

				3,231

Construction Materials – 1.5%

Advanced Drainage Systems, Inc.,

5.00%, 9/30/27⁽¹⁾		76		74

6.38%, 6/15/30⁽¹⁾		77		77

AmeriTex HoldCo Intermediate LLC,

10.25%, 10/15/28⁽¹⁾		265		285

Knife River Corp.,

7.75%, 5/1/31⁽¹⁾		25		26

New Enterprise Stone & Lime Co., Inc.,

5.25%, 7/15/28⁽¹⁾		94		90

9.75%, 7/15/28⁽¹⁾		116		119

Oscar AcquisitionCo LLC/Oscar Finance, Inc.,

9.50%, 4/15/30⁽¹⁾		1,290		1,272

Smyrna Ready Mix Concrete LLC,

6.00%, 11/1/28⁽¹⁾		214		210

8.88%, 11/15/31⁽¹⁾		179		191

Standard Industries, Inc.,

5.00%, 2/15/27⁽¹⁾		24		23

4.75%, 1/15/28⁽¹⁾		32		31

4.38%, 7/15/30⁽¹⁾		197		177

3.38%, 1/15/31⁽¹⁾		35		29

Summit Materials LLC/Summit Materials Finance Corp.,

5.25%, 1/15/29⁽¹⁾		50		49

7.25%, 1/15/31⁽¹⁾		119		124

				2,777

Consumer Services – 0.2%

Adtalem Global Education, Inc.,

5.50%, 3/1/28⁽¹⁾		40		38



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Consumer Services – 0.2% continued

Carriage Services, Inc.,

4.25%, 5/15/29⁽¹⁾		$25		$22

Graham Holdings Co.,

5.75%, 6/1/26⁽¹⁾		25		25

PROG Holdings, Inc.,

6.00%, 11/15/29⁽¹⁾		25		23

Service Corp. International,

3.38%, 8/15/30		25		22

4.00%, 5/15/31		201		178

				308

Containers & Packaging – 2.1%

Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC,

3.25%, 9/1/28⁽¹⁾		430		372

4.00%, 9/1/29⁽¹⁾		280		226

Ardagh Packaging Finance PLC/Ardagh Holdings U.S.A., Inc.,

2.13%, 8/15/26 [EUR]⁽¹⁰⁾		100		93

4.13%, 8/15/26⁽¹⁾		200		181

5.25%, 8/15/27⁽¹⁾		200		126

Ball Corp.,

6.88%, 3/15/28		75		77

6.00%, 6/15/29		75		76

3.13%, 9/15/31		100		85

Berry Global, Inc.,

4.50%, 2/15/26⁽¹⁾		25		24

4.88%, 7/15/26⁽¹⁾		25		25

5.63%, 7/15/27⁽¹⁾		50		49

Clydesdale Acquisition Holdings, Inc.,

6.63%, 4/15/29⁽¹⁾		72		72

8.75%, 4/15/30⁽¹⁾		181		178

Crown Americas LLC,

5.25%, 4/1/30		80		77

Crown Americas LLC/Crown Americas Capital Corp. VI,

4.75%, 2/1/26		25		25

LABL, Inc.,

6.75%, 7/15/26⁽¹⁾		695		686

10.50%, 7/15/27⁽¹⁾		50		50

5.88%, 11/1/28⁽¹⁾		96		88

9.50%, 11/1/28⁽¹⁾		120		121

8.25%, 11/1/29⁽¹⁾		25		21



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Containers & Packaging – 2.1% continued

Mauser Packaging Solutions Holding Co.,

7.88%, 8/15/26⁽¹⁾		$560		$571

9.25%, 4/15/27⁽¹⁾		40		40

OI European Group B.V.,

4.75%, 2/15/30⁽¹⁾		125		115

Owens-Brockway Glass Container, Inc.,

6.63%, 5/13/27⁽¹⁾		144		144

7.25%, 5/15/31⁽¹⁾		69		70

Sealed Air Corp.,

4.00%, 12/1/27⁽¹⁾		127		119

5.00%, 4/15/29⁽¹⁾		50		48

6.88%, 7/15/33⁽¹⁾		25		26

Sealed Air Corp./Sealed Air Corp. U.S.,

6.13%, 2/1/28⁽¹⁾		25		25

7.25%, 2/15/31⁽¹⁾		25		26

Silgan Holdings, Inc.,

4.13%, 2/1/28		25		24

Trident TPI Holdings, Inc.,

12.75%, 12/31/28⁽¹⁾		161		172

TriMas Corp.,

4.13%, 4/15/29⁽¹⁾		50		45

				4,077

Electric Utilities – 1.2%

Alexander Funding Trust II,

7.47%, 7/31/28⁽¹⁾		100		106

Calpine Corp.,

4.50%, 2/15/28⁽¹⁾		30		28

5.13%, 3/15/28		150		144

4.63%, 2/1/29⁽¹⁾		25		23

5.00%, 2/1/31⁽¹⁾		151		139

Clearway Energy Operating LLC,

4.75%, 3/15/28⁽¹⁾		25		24

3.75%, 1/15/32⁽¹⁾		132		111

Edison International,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.70%), 5.38%, 3/15/26^{(4) (5)}		209		202

Leeward Renewable Energy Operations LLC,

4.25%, 7/1/29⁽¹⁾		25		21

NextEra Energy Operating Partners L.P.,

3.88%, 10/15/26⁽¹⁾		41		38



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Electric Utilities – 1.2% continued

7.25%, 1/15/29⁽¹⁾		$40		$41

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) (4) (5)}		168		180

3.38%, 2/15/29⁽¹⁾		25		22

3.88%, 2/15/32⁽¹⁾		50		43

7.00%, 3/15/33⁽¹⁾		100		107

Pacific Gas and Electric Co.,

6.95%, 3/15/34		33		36

Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,

4.50%, 8/15/28⁽¹⁾		34		32

PG&E Corp.,

5.00%, 7/1/28		100		96

Talen Energy Supply LLC,

8.63%, 6/1/30⁽¹⁾		84		90

TerraForm Power Operating LLC,

5.00%, 1/31/28⁽¹⁾		50		48

4.75%, 1/15/30⁽¹⁾		50		46

Vistra Corp.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 6.93%), 8.00%, 10/15/26 ^{(1) (4) (5)}		75		77

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.74%), 7.00%, 12/15/26 ^{(1) (4) (5)}		272		269

Vistra Operations Co. LLC,

5.50%, 9/1/26⁽¹⁾		50		49

5.00%, 7/31/27⁽¹⁾		75		73

4.38%, 5/1/29⁽¹⁾		75		69

7.75%, 10/15/31⁽¹⁾		171		179

6.95%, 10/15/33⁽¹⁾		55		59

				2,368

Electrical Equipment – 0.7%

BWX Technologies, Inc.,

4.13%, 6/30/28⁽¹⁾		65		61

4.13%, 4/15/29⁽¹⁾		25		23

EMRLD Borrower L.P./ Emerald Co-Issuer, Inc.,

6.63%, 12/15/30⁽¹⁾		635		641

Sensata Technologies B.V.,

5.00%, 10/1/25⁽¹⁾		25		25



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Electrical Equipment – 0.7% continued

4.00%, 4/15/29⁽¹⁾		$310		$283

Sensata Technologies, Inc.,

4.38%, 2/15/30⁽¹⁾		14		13

3.75%, 2/15/31⁽¹⁾		35		30

Vertiv Group Corp.,

4.13%, 11/15/28⁽¹⁾		141		131

WESCO Distribution, Inc.,

6.38%, 3/15/29⁽¹⁾		50		51

6.63%, 3/15/32⁽¹⁾		87		88

				1,346

Engineering & Construction – 0.5%

Arcosa, Inc.,

4.38%, 4/15/29⁽¹⁾		117		108

Brand Industrial Services, Inc.,

10.38%, 8/1/30⁽¹⁾		389		421

Dycom Industries, Inc.,

4.50%, 4/15/29⁽¹⁾		42		39

IEA Energy Services LLC,

6.63%, 8/15/29⁽¹⁾		220		211

Installed Building Products, Inc.,

5.75%, 2/1/28⁽¹⁾		25		25

Pike Corp.,

8.63%, 1/31/31⁽¹⁾		46		49

TopBuild Corp.,

4.13%, 2/15/32⁽¹⁾		25		22

				875

Entertainment Content – 1.2%

AMC Networks, Inc.,

4.75%, 8/1/25		25		25

4.25%, 2/15/29		125		88

Lions Gate Capital Holdings LLC,

5.50%, 4/15/29⁽¹⁾		116		89

Playtika Holding Corp.,

4.25%, 3/15/29⁽¹⁾		121		105

ROBLOX Corp.,

3.88%, 5/1/30⁽¹⁾		25		22

Sterling Entertainment Group LLC,

3.75%, 1/15/25^(11)(12)		1,110		1,082

TEGNA, Inc.,

4.63%, 3/15/28		25		23

5.00%, 9/15/29		50		45

Univision Communications, Inc.,

6.63%, 6/1/27⁽¹⁾		100		98



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Entertainment Content – 1.2% continued

8.00%, 8/15/28⁽¹⁾		$271		$276

4.50%, 5/1/29		175		156

7.38%, 6/30/30⁽¹⁾		196		194

WMG Acquisition Corp.,

3.88%, 7/15/30⁽¹⁾		25		22

3.00%, 2/15/31⁽¹⁾		25		21

				2,246

Food – 1.3%

B&G Foods, Inc.,

8.00%, 9/15/28		50		52

BellRing Brands, Inc.,

7.00%, 3/15/30⁽¹⁾		100		103

Chobani LLC/Chobani Finance Corp., Inc.,

4.63%, 11/15/28⁽¹⁾		164		153

7.63%, 7/1/29⁽¹⁾		327		331

Darling Ingredients, Inc.,

5.25%, 4/15/27⁽¹⁾		50		49

6.00%, 6/15/30⁽¹⁾		97		96

Fiesta Purchaser, Inc.,

7.88%, 3/1/31⁽¹⁾		313		323

Herbalife Nutrition Ltd./HLF Financing, Inc.,

7.88%, 9/1/25⁽¹⁾		75		75

HLF Financing S.a.r.l. LLC/Herbalife International, Inc.,

4.88%, 6/1/29⁽¹⁾		25		17

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

5.50%, 1/15/30		50		49

Lamb Weston Holdings, Inc.,

4.13%, 1/31/30⁽¹⁾		75		68

4.38%, 1/31/32⁽¹⁾		157		141

Nathan’s Famous, Inc.,

6.63%, 11/1/25⁽¹⁾		18		18

Pilgrim’s Pride Corp.,

6.25%, 7/1/33		25		26

Post Holdings, Inc.,

5.63%, 1/15/28⁽¹⁾		25		25

5.50%, 12/15/29⁽¹⁾		125		121

4.63%, 4/15/30⁽¹⁾		50		46

4.50%, 9/15/31⁽¹⁾		25		23

6.25%, 2/15/32⁽¹⁾		86		87



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Food – 1.3% continued

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,

4.63%, 3/1/29 ⁽¹⁾		$715		$631

				2,434

Forestry, Paper & Wood Products – 0.0%

Domtar Corp.,

6.75%, 10/1/28⁽¹⁾		42		38

Gas & Water Utilities – 0.3%

AmeriGas Partners L.P./AmeriGas Finance Corp.,

5.50%, 5/20/25		100		100

5.75%, 5/20/27		50		49

9.38%, 6/1/28 ⁽¹⁾		72		75

Ferrellgas L.P./Ferrellgas Finance Corp.,

5.38%, 4/1/26 ⁽¹⁾		125		122

5.88%, 4/1/29 ⁽¹⁾		125		119

Suburban Propane Partners L.P./Suburban Energy Finance Corp.,

5.00%, 6/1/31 ⁽¹⁾		25		23

				488

Health Care Facilities & Services – 4.4%

Acadia Healthcare Co., Inc.,

5.50%, 7/1/28 ⁽¹⁾		84		82

5.00%, 4/15/29 ⁽¹⁾		50		48

AHP Health Partners, Inc.,

5.75%, 7/15/29 ⁽¹⁾		178		162

Air Methods Corp.,

8.00%, 5/15/25 ^{(1) (7) (13)}		50		—

Catalent Pharma Solutions, Inc.,

5.00%, 7/15/27 ⁽¹⁾		20		20

3.13%, 2/15/29 ⁽¹⁾		123		117

3.50%, 4/1/30 ⁽¹⁾		64		61

Charles River Laboratories International, Inc.,

3.75%, 3/15/29 ⁽¹⁾		50		46

4.00%, 3/15/31 ⁽¹⁾		25		22

CHS/Community Health Systems, Inc.,

8.00%, 3/15/26 ⁽¹⁾		124		124

5.63%, 3/15/27 ⁽¹⁾		261		240

8.00%, 12/15/27 ⁽¹⁾		121		119

6.00%, 1/15/29 ⁽¹⁾		149		130

6.88%, 4/15/29 ⁽¹⁾		75		56



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Health Care Facilities & Services – 4.4% continued

6.13%, 4/1/30 ⁽¹⁾		$125		$90

5.25%, 5/15/30 ⁽¹⁾		260		212

4.75%, 2/15/31 ⁽¹⁾		147		114

10.88%, 1/15/32 ⁽¹⁾		200		206

DaVita, Inc.,

4.63%, 6/1/30 ⁽¹⁾		125		112

Encompass Health Corp.,

4.75%, 2/1/30		75		70

4.63%, 4/1/31		7		6

Fortrea Holdings, Inc.,

7.50%, 7/1/30 ⁽¹⁾		99		102

HCA, Inc.,

5.88%, 2/15/26		50		50

HealthEquity, Inc.,

4.50%, 10/1/29 ⁽¹⁾		147		136

IQVIA, Inc.,

6.25%, 2/1/29		36		37

Legacy LifePoint Health LLC,

4.38%, 2/15/27 ⁽¹⁾		72		69

LifePoint Health, Inc.,

5.38%, 1/15/29 ⁽¹⁾		25		21

9.88%, 8/15/30 ⁽¹⁾		77		80

11.00%, 10/15/30 ⁽¹⁾		234		250

ModivCare Escrow Issuer, Inc.,

5.00%, 10/1/29 ⁽¹⁾		50		36

Molina Healthcare, Inc.,

4.38%, 6/15/28 ⁽¹⁾		99		93

3.88%, 11/15/30 ⁽¹⁾		50		44

3.88%, 5/15/32 ⁽¹⁾		185		161

Option Care Health, Inc.,

4.38%, 10/31/29 ⁽¹⁾		1,178		1,081

Owens & Minor, Inc.,

4.50%, 3/31/29 ⁽¹⁾		75		69

6.63%, 4/1/30 ⁽¹⁾		50		50

Prime Healthcare Services, Inc.,

7.25%, 11/1/25 ⁽¹⁾		87		87

Radiology Partners, Inc.,

8.50%, 1/31/29 ⁽⁹⁾		45		42

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,

9.75%, 12/1/26 ⁽¹⁾		22		22

Select Medical Corp.,

6.25%, 8/15/26 ⁽¹⁾		50		50



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Health Care Facilities & Services – 4.4% continued

Star Parent, Inc.,

9.00%, 10/1/30		$275		$291

Surgery Center Holdings, Inc.,

6.75%, 7/1/25⁽¹⁾		990		990

10.00%, 4/15/27⁽¹⁾		276		276

4/15/32^{(1) (3)}		565		570

Tenet Healthcare Corp.,

6.25%, 2/1/27		100		100

5.13%, 11/1/27		150		147

6.13%, 10/1/28		905		903

4.25%, 6/1/29		50		46

4.38%, 1/15/30		25		23

6.13%, 6/15/30		135		135

6.75%, 5/15/31⁽¹⁾		405		412

6.88%, 11/15/31		25		26

				8,436

Home & Office Products – 0.5%

CD&R Smokey Buyer, Inc.,

6.75%, 7/15/25⁽¹⁾		360		357

Newell Brands, Inc.,

5.20%, 4/1/26		175		172

6.38%, 9/15/27		25		25

6.63%, 9/15/29		50		49

6.38%, 4/1/36		50		44

6.50%, 4/1/46		25		20

Scotts Miracle-Gro (The) Co.,

4.50%, 10/15/29		25		23

4.00%, 4/1/31		50		43

4.38%, 2/1/32		75		65

SWF Escrow Issuer Corp.,

6.50%, 10/1/29⁽¹⁾		41		30

Tempur Sealy International, Inc.,

4.00%, 4/15/29⁽¹⁾		50		45

3.88%, 10/15/31⁽¹⁾		25		21

				894

Home Construction – 0.8%

Adams Homes, Inc.,

7.50%, 2/15/25⁽¹⁾		17		17

9.25%, 10/15/28⁽¹⁾		75		78

Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.,

6.63%, 1/15/28⁽¹⁾		50		50

4.63%, 8/1/29⁽¹⁾		50		46



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Home Construction – 0.8% continued

4.63%, 4/1/30 ⁽¹⁾		$50		$46

Beazer Homes U.S.A., Inc.,

7.25%, 10/15/29		50		51

7.50%, 3/15/31 ⁽¹⁾		44		44

Camelot Return Merger Sub, Inc.,

8.75%, 8/1/28 ⁽¹⁾		53		54

Century Communities, Inc.,

3.88%, 8/15/29 ⁽¹⁾		100		90

Cornerstone Building Brands, Inc.,

6.13%, 1/15/29 ⁽¹⁾		25		22

Dream Finders Homes, Inc.,

8.25%, 8/15/28 ⁽¹⁾		79		83

Forestar Group, Inc.,

3.85%, 5/15/26 ⁽¹⁾		25		24

5.00%, 3/1/28 ⁽¹⁾		50		48

Griffon Corp.,

5.75%, 3/1/28		100		98

KB Home,

7.25%, 7/15/30		100		103

4.00%, 6/15/31		25		22

LGI Homes, Inc.,

8.75%, 12/15/28 ⁽¹⁾		81		85

4.00%, 7/15/29 ⁽¹⁾		25		22

Meritage Homes Corp.,

6.00%, 6/1/25		47		47

3.88%, 4/15/29 ⁽¹⁾		75		69

Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC,

6.75%, 4/1/32 ⁽¹⁾		50		50

MIWD Holdco II LLC/MIWD Finance Corp.,

5.50%, 2/1/30 ⁽¹⁾		25		23

New Home (The) Co., Inc.,

8.25%, 10/15/27 ⁽¹⁾		4		4

9.25%, 10/1/29 ⁽¹⁾		48		48

Shea Homes L.P./Shea Homes Funding Corp.,

4.75%, 2/15/28		50		48

4.75%, 4/1/29		25		24

STL Holding Co. LLC,

8.75%, 2/15/29 ⁽¹⁾		77		79

Taylor Morrison Communities, Inc.,

5.75%, 1/15/28 ⁽¹⁾		25		25



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Home Construction – 0.8% continued

Tri Pointe Homes, Inc.,

5.25%, 6/1/27		$50		$49

Weekley Homes LLC/Weekley Finance Corp.,

4.88%, 9/15/28⁽¹⁾		50		46

				1,495

Household Products – 0.3%

Central Garden & Pet Co.,

4.13%, 10/15/30		25		22

4.13%, 4/30/31⁽¹⁾		124		109

Coty, Inc.,

5.00%, 4/15/26⁽¹⁾		25		25

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC,

6.63%, 7/15/30⁽¹⁾		98		100

Edgewell Personal Care Co.,

5.50%, 6/1/28⁽¹⁾		75		73

4.13%, 4/1/29⁽¹⁾		50		46

Energizer Holdings, Inc.,

6.50%, 12/31/27⁽¹⁾		25		25

Spectrum Brands, Inc.,

5.50%, 7/15/30⁽¹⁾		25		24

3.88%, 3/15/31⁽¹⁾		63		61

				485

Industrial Intermediate Products – 1.9%

Chart Industries, Inc.,

7.50%, 1/1/30⁽¹⁾		974		1,012

9.50%, 1/1/31⁽¹⁾		741		807

FXI Holdings, Inc.,

12.25%, 11/15/26⁽¹⁾		168		168

New Star Metals, Inc.,

8.00%, 7/9/26^{(11) (12)}		1,476		1,476

Park-Ohio Industries, Inc.,

6.63%, 4/15/27		75		70

Roller Bearing Co. of America, Inc.,

4.38%, 10/15/29⁽¹⁾		25		23

				3,556

Industrial Support Services – 0.7%

Alta Equipment Group, Inc.,

5.63%, 4/15/26⁽¹⁾		50		49

APi Group DE, Inc.,

4.13%, 7/15/29⁽¹⁾		84		76



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Industrial Support Services – 0.7% continued

4.75%, 10/15/29⁽¹⁾		$52		$48

BCPE Empire Holdings, Inc.,

7.63%, 5/1/27⁽¹⁾		221		216

Herc Holdings, Inc.,

5.50%, 7/15/27⁽¹⁾		103		101

NESCO Holdings II, Inc.,

5.50%, 4/15/29⁽¹⁾		138		130

PECF USS Intermediate Holding III Corp.,

8.00%, 11/15/29⁽¹⁾		75		39

Resideo Funding, Inc.,

4.00%, 9/1/29⁽¹⁾		84		75

United Rentals North America, Inc.,

4.88%, 1/15/28		25		24

6.00%, 12/15/29⁽¹⁾		225		227

5.25%, 1/15/30		125		122

4.00%, 7/15/30		100		91

3.88%, 2/15/31		50		45

3.75%, 1/15/32		50		44

6.13%, 3/15/34⁽¹⁾		37		37

				1,324

Institutional Financial Services – 0.3%

Aretec Group, Inc.,

10.00%, 8/15/30⁽¹⁾		25		27

Coinbase Global, Inc.,

3.38%, 10/1/28⁽¹⁾		225		193

3.63%, 10/1/31⁽¹⁾		125		101

Goldman Sachs Group (The), Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%), 4.95%, 2/10/25^{(4) (5)}		50		49

Jane Street Group/JSG Finance, Inc.,

4.50%, 11/15/29⁽¹⁾		100		93

State Street Corp.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.61%), 6.70%, 3/15/29^{(4) (5)}		62		63

StoneX Group, Inc.,

7.88%, 3/1/31⁽¹⁾		25		25

				551

Insurance – 3.4%

Acrisure LLC/Acrisure Finance, Inc.,

8.25%, 2/1/29⁽¹⁾		75		75

4.25%, 2/15/29⁽¹⁾		125		113



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Insurance – 3.4% continued

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer,

4.25%, 10/15/27⁽¹⁾		$210		$198

6.75%, 10/15/27⁽¹⁾		391		385

6.75%, 4/15/28⁽¹⁾		49		49

5.88%, 11/1/29⁽¹⁾		282		262

7.00%, 1/15/31⁽¹⁾		286		289

AmWINS Group, Inc.,

6.38%, 2/15/29⁽¹⁾		32		32

4.88%, 6/30/29⁽¹⁾		70		65

AssuredPartners, Inc.,

5.63%, 1/15/29⁽¹⁾		50		46

7.50%, 2/15/32⁽¹⁾		271		266

GTCR AP Finance, Inc.,

8.00%, 5/15/27⁽¹⁾		860		861

HUB International Ltd.,

7.25%, 6/15/30⁽¹⁾		700		720

7.38%, 1/31/32⁽¹⁾		2,215		2,230

NMI Holdings, Inc.,

7.38%, 6/1/25⁽¹⁾		75		76

Panther Escrow Issuer LLC,

6/1/31^{(1) (3)}		682		694

Ryan Specialty LLC,

4.38%, 2/1/30⁽¹⁾		65		61

USI, Inc./NY,

7.50%, 1/15/32⁽¹⁾		110		110

				6,532

Internet Media & Services – 0.6%

ANGI Group LLC,

3.88%, 8/15/28⁽¹⁾		82		71

Arches Buyer, Inc.,

4.25%, 6/1/28⁽¹⁾		25		22

6.13%, 12/1/28⁽¹⁾		320		269

Go Daddy Operating Co. LLC/GD Finance Co., Inc.,

5.25%, 12/1/27⁽¹⁾		75		73

3.50%, 3/1/29⁽¹⁾		127		115

Match Group Holdings II LLC,

4.13%, 8/1/30⁽¹⁾		50		44

3.63%, 10/1/31⁽¹⁾		49		42

Millennium Escrow Corp.,

6.63%, 8/1/26⁽¹⁾		25		15



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Internet Media & Services – 0.6% continued

Newfold Digital Holdings Group, Inc.,

11.75%, 10/15/28⁽¹⁾		$30		$32

6.00%, 2/15/29⁽¹⁾		25		20

Uber Technologies, Inc.,

8.00%, 11/1/26⁽¹⁾		100		101

7.50%, 9/15/27⁽¹⁾		75		77

6.25%, 1/15/28⁽¹⁾		75		75

4.50%, 8/15/29⁽¹⁾		111		105

Ziff Davis, Inc.,

4.63%, 10/15/30⁽¹⁾		22		20

				1,081

Leisure Facilities & Services – 6.4%

Affinity Interactive,

6.88%, 12/15/27⁽¹⁾		50		47

AMC Entertainment Holdings, Inc.,

10.00%, 6/15/26^{(1) (9)}		67		52

5.88%, 11/15/26		25		15

Boyd Gaming Corp.,

4.75%, 6/15/31⁽¹⁾		740		680

Boyne U.S.A., Inc.,

4.75%, 5/15/29⁽¹⁾		96		89

Caesars Entertainment, Inc.,

4.63%, 10/15/29⁽¹⁾		394		359

7.00%, 2/15/30⁽¹⁾		344		353

6.50%, 2/15/32⁽¹⁾		169		171

Carnival Corp.,

7.63%, 3/1/26⁽¹⁾		200		202

5.75%, 3/1/27⁽¹⁾		350		346

6.65%, 1/15/28		50		50

4.00%, 8/1/28⁽¹⁾		67		62

6.00%, 5/1/29⁽¹⁾		427		421

7.00%, 8/15/29⁽¹⁾		50		52

10.50%, 6/1/30⁽¹⁾		175		191

Carnival Holdings Bermuda Ltd.,

10.38%, 5/1/28⁽¹⁾		470		513

Carnival PLC,

7.88%, 6/1/27		25		26

Carrols Restaurant Group, Inc.,

5.88%, 7/1/29⁽¹⁾		25		25

CCM Merger, Inc.,

6.38%, 5/1/26⁽¹⁾		32		32

CEC Entertainment LLC,

6.75%, 5/1/26⁽¹⁾		25		25



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Leisure Facilities & Services – 6.4% continued

Cedar Fair L.P.,

5.25%, 7/15/29		$25		$24

Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp./Millennium Op,

6.50%, 10/1/28		125		125

Churchill Downs, Inc.,

5.50%, 4/1/27 ⁽¹⁾		50		49

4.75%, 1/15/28 ⁽¹⁾		52		50

5.75%, 4/1/30 ⁽¹⁾		215		208

6.75%, 5/1/31 ⁽¹⁾		59		59

Cinemark U.S.A., Inc.,

5.25%, 7/15/28 ⁽¹⁾		25		24

Everi Holdings, Inc.,

5.00%, 7/15/29 ⁽¹⁾		50		50

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,

4.63%, 1/15/29 ⁽¹⁾		92		84

6.75%, 1/15/30 ⁽¹⁾		134		120

Full House Resorts, Inc.,

8.25%, 2/15/28 ⁽¹⁾		100		96

Golden Entertainment, Inc.,

7.63%, 4/15/26 ⁽¹⁾		75		75

GPS Hospitality Holding Co. LLC/GPS Finco, Inc.,

7.00%, 8/15/28 ⁽¹⁾		125		102

Hilton Domestic Operating Co., Inc.,

3.75%, 5/1/29 ⁽¹⁾		71		65

4.00%, 5/1/31 ⁽¹⁾		275		246

3.63%, 2/15/32 ⁽¹⁾		100		86

6.13%, 4/1/32 ⁽¹⁾		44		44

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow,

5.00%, 6/1/29 ⁽¹⁾		100		93

4.88%, 7/1/31 ⁽¹⁾		100		90

6.63%, 1/15/32 ⁽¹⁾		55		55

IRB Holding Corp.,

7.00%, 6/15/25 ⁽¹⁾		25		25

Jacobs Entertainment, Inc.,

6.75%, 2/15/29 ⁽¹⁾		125		121

Life Time, Inc.,

5.75%, 1/15/26 ⁽¹⁾		175		174

8.00%, 4/15/26 ⁽¹⁾		225		228



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Leisure Facilities & Services – 6.4% continued

Light & Wonder International, Inc.,

7.00%, 5/15/28 ⁽¹⁾		$150		$151

7.50%, 9/1/31 ⁽¹⁾		83		86

Lindblad Expeditions Holdings, Inc.,

9.00%, 5/15/28 ⁽¹⁾		62		66

Lindblad Expeditions LLC,

6.75%, 2/15/27 ⁽¹⁾		105		106

Live Nation Entertainment, Inc.,

5.63%, 3/15/26 ⁽¹⁾		100		99

6.50%, 5/15/27 ⁽¹⁾		50		51

4.75%, 10/15/27 ⁽¹⁾		178		170

MGM Resorts International,

5.50%, 4/15/27		83		82

4.75%, 10/15/28		50		48

4/15/32 ⁽³⁾		50		50

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,

4.88%, 5/1/29 ⁽¹⁾		98		91

Mohegan Tribal Gaming Authority,

7.88%, 10/15/24 ⁽¹⁾		25		25

8.00%, 2/1/26 ⁽¹⁾		75		74

NCL Corp. Ltd.,

5.88%, 3/15/26 ⁽¹⁾		309		305

8.38%, 2/1/28 ⁽¹⁾		50		53

8.13%, 1/15/29 ⁽¹⁾		55		58

7.75%, 2/15/29 ⁽¹⁾		51		53

NCL Finance Ltd.,

6.13%, 3/15/28 ⁽¹⁾		79		78

Penn Entertainment, Inc.,

4.13%, 7/1/29 ⁽¹⁾		150		129

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,

5.63%, 9/1/29 ⁽¹⁾		75		57

5.88%, 9/1/31 ⁽¹⁾		130		95

Raising Cane’s Restaurants LLC,

9.38%, 5/1/29 ⁽¹⁾		1,259		1,360

Raptor Acquisition Corp./Raptor Co-Issuer LLC,

4.88%, 11/1/26 ⁽¹⁾		85		82

Royal Caribbean Cruises Ltd.,

4.25%, 7/1/26 ⁽¹⁾		155		150

5.50%, 8/31/26 ⁽¹⁾		75		74

5.38%, 7/15/27 ⁽¹⁾		150		148



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Leisure Facilities & Services – 6.4% continued

7.50%, 10/15/27		$75		$79

5.50%, 4/1/28 ⁽¹⁾		75		74

8.25%, 1/15/29 ⁽¹⁾		17		18

9.25%, 1/15/29 ⁽¹⁾		50		54

7.25%, 1/15/30 ⁽¹⁾		26		27

6.25%, 3/15/32 ⁽¹⁾		100		101

Scientific Games Holdings L.P./Scientific Games U.S. FinCo, Inc.,

6.63%, 3/1/30 ⁽¹⁾		201		194

SeaWorld Parks & Entertainment, Inc.,

5.25%, 8/15/29 ⁽¹⁾		75		71

Six Flags Entertainment Corp.,

5.50%, 4/15/27 ⁽¹⁾		25		24

7.25%, 5/15/31 ⁽¹⁾		194		197

Sizzling Platter LLC/Sizzling Platter Finance Corp.,

8.50%, 11/28/25 ⁽¹⁾		100		101

Station Casinos LLC,

4.50%, 2/15/28 ⁽¹⁾		25		24

4.63%, 12/1/31 ⁽¹⁾		90		81

6.63%, 3/15/32 ⁽¹⁾		44		44

Travel + Leisure Co.,

6.63%, 7/31/26 ⁽¹⁾		75		75

4.63%, 3/1/30 ⁽¹⁾		50		46

Viking Cruises Ltd.,

6.25%, 5/15/25 ⁽¹⁾		75		75

5.88%, 9/15/27 ⁽¹⁾		160		157

7.00%, 2/15/29 ⁽¹⁾		13		13

9.13%, 7/15/31 ⁽¹⁾		254		278

Viking Ocean Cruises Ship VII Ltd.,

5.63%, 2/15/29 ⁽¹⁾		84		82

VOC Escrow Ltd.,

5.00%, 2/15/28 ⁽¹⁾		75		72

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,

5.25%, 5/15/27 ⁽¹⁾		50		49

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,

5.13%, 10/1/29 ⁽¹⁾		222		210

7.13%, 2/15/31 ⁽¹⁾		113		117

Yum! Brands, Inc.,

4.75%, 1/15/30 ⁽¹⁾		25		24



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Leisure Facilities & Services – 6.4% continued

4.63%, 1/31/32		$50		$46

5.38%, 4/1/32		100		97

				12,175

Leisure Products – 0.2%

Acushnet Co.,

7.38%, 10/15/28⁽¹⁾		30		31

MajorDrive Holdings IV LLC,

6.38%, 6/1/29⁽¹⁾		94		88

Mattel, Inc.,

5.88%, 12/15/27⁽¹⁾		25		25

5.45%, 11/1/41		50		47

Thor Industries, Inc.,

4.00%, 10/15/29⁽¹⁾		75		67

Winnebago Industries, Inc.,

6.25%, 7/15/28⁽¹⁾		75		74

				332

Machinery – 1.2%

Amsted Industries, Inc.,

4.63%, 5/15/30⁽¹⁾		25		23

Esab Corp.,

4/15/29^(1) (3)		82		82

GrafTech Global Enterprises, Inc.,

9.88%, 12/15/28⁽¹⁾		81		60

Madison IAQ LLC,

4.13%, 6/30/28⁽¹⁾		59		55

5.88%, 6/30/29⁽¹⁾		975		892

Regal Rexnord Corp.,

6.05%, 2/15/26⁽¹⁾		25		25

6.05%, 4/15/28⁽¹⁾		25		25

6.30%, 2/15/30⁽¹⁾		25		26

6.40%, 4/15/33⁽¹⁾		25		26

SPX FLOW, Inc.,

8.75%, 4/1/30⁽¹⁾		880		889

Terex Corp.,

5.00%, 5/15/29⁽¹⁾		138		130

Werner FinCo L.P./Werner FinCo, Inc.,

11.50%, 6/15/28⁽¹⁾		25		27

14.50%, 10/15/28^(1) (9)		76		71

				2,331

Medical Equipment & Devices – 0.8%

Avantor Funding, Inc.,

4.63%, 7/15/28⁽¹⁾		100		95



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Medical Equipment & Devices – 0.8% continued

3.88%, 11/1/29⁽¹⁾		$205		$185

Bausch + Lomb Corp.,

8.38%, 10/1/28⁽¹⁾		462		477

Medline Borrower L.P.,

3.88%, 4/1/29⁽¹⁾		198		180

5.25%, 10/1/29 ⁽¹⁾		455		430

Medline Borrower L.P./ Medline Co-Issuer, Inc.,

6.25%, 4/1/29 ⁽¹⁾		118		118

Neogen Food Safety Corp.,

8.63%, 7/20/30 ⁽¹⁾		75		81

				1,566

Metals & Mining – 1.8%

Alcoa Nederland Holding B.V.,

6.13%, 5/15/28 ⁽¹⁾		200		200

Arsenal AIC Parent LLC,

8.00%, 10/1/30 ⁽¹⁾		135		142

11.50%, 10/1/31 ⁽¹⁾		215		240

Century Aluminum Co.,

7.50%, 4/1/28 ⁽¹⁾		1,940		1,933

Coeur Mining, Inc.,

5.13%, 2/15/29 ⁽¹⁾		25		24

Compass Minerals International, Inc.,

6.75%, 12/1/27 ⁽¹⁾		25		24

Constellium S.E.,

3.75%, 4/15/29 ⁽¹⁾		250		225

Kaiser Aluminum Corp.,

4.63%, 3/1/28 ⁽¹⁾		85		80

4.50%, 6/1/31 ⁽¹⁾		191		169

Murray Energy Corp.,

12.00%, 4/15/24 ^{(1) (7) (11) (12)}		486		—

Northwest Acquisitions ULC/Dominion Finco, Inc.,

7.13%, 11/1/22 ^{(1) (7) (11) (13)}		1,905		—

Novelis Corp.,

3.25%, 11/15/26 ⁽¹⁾		223		208

4.75%, 1/30/30 ⁽¹⁾		155		143

3.88%, 8/15/31 ⁽¹⁾		111		95

				3,483

Oil & Gas Producers – 7.9%

Aethon United BR L.P./Aethon United Finance Corp.,

8.25%, 2/15/26 ⁽¹⁾		180		182



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Oil & Gas Producers – 7.9% continued

Antero Midstream Partners L.P./Antero Midstream Finance Corp.,

7.88%, 5/15/26 ⁽¹⁾		$75		$77

5.75%, 3/1/27 ⁽¹⁾		132		130

6.63%, 2/1/32 ⁽¹⁾		119		120

Antero Resources Corp.,

5.38%, 3/1/30 ⁽¹⁾		50		48

Apache Corp.,

5.10%, 9/1/40		125		107

5.35%, 7/1/49		28		24

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,

7.00%, 11/1/26 ⁽¹⁾		115		115

9.00%, 11/1/27 ⁽¹⁾		108		136

8.25%, 12/31/28 ⁽¹⁾		169		174

5.88%, 6/30/29 ⁽¹⁾		45		43

Buckeye Partners L.P.,

5.60%, 10/15/44		32		26

Callon Petroleum Co.,

8.00%, 8/1/28 ⁽¹⁾		74		77

7.50%, 6/15/30 ⁽¹⁾		157		166

Chesapeake Energy Corp.,

5.50%, 2/1/26 ⁽¹⁾		50		50

6.75%, 4/15/29 ⁽¹⁾		136		137

Chord Energy Corp.,

6.38%, 6/1/26 ⁽¹⁾		75		75

CITGO Petroleum Corp.,

7.00%, 6/15/25 ⁽¹⁾		75		75

6.38%, 6/15/26 ⁽¹⁾		50		50

8.38%, 1/15/29 ⁽¹⁾		230		242

Civitas Resources, Inc.,

5.00%, 10/15/26 ⁽¹⁾		75		73

8.38%, 7/1/28 ⁽¹⁾		158		166

8.63%, 11/1/30 ⁽¹⁾		124		133

8.75%, 7/1/31 ⁽¹⁾		117		125

CNX Midstream Partners L.P.,

4.75%, 4/15/30 ⁽¹⁾		51		45

CNX Resources Corp.,

6.00%, 1/15/29 ⁽¹⁾		50		49

7.38%, 1/15/31 ⁽¹⁾		92		94

Comstock Resources, Inc.,

6.75%, 3/1/29 ⁽¹⁾		111		106

5.88%, 1/15/30 ⁽¹⁾		246		223



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Oil & Gas Producers – 7.9% continued

CQP Holdco L.P./BIP-V Chinook Holdco LLC,

5.50%, 6/15/31 ⁽¹⁾		$515		$487

Crescent Energy Finance LLC,

9.25%, 2/15/28 ⁽¹⁾		177		187

7.63%, 4/1/32 ⁽¹⁾		153		154

CrownRock L.P./CrownRock Finance, Inc.,

5.00%, 5/1/29 ⁽¹⁾		75		74

Delek Logistics Partners L.P./Delek Logistics Finance Corp.,

7.13%, 6/1/28 ⁽¹⁾		50		49

8.63%, 3/15/29 ⁽¹⁾		75		77

DT Midstream, Inc.,

4.13%, 6/15/29 ⁽¹⁾		113		104

4.38%, 6/15/31 ⁽¹⁾		50		45

Energy Transfer L.P.,

(Variable, CME Term SOFR 3M + 4.29%), 9.60%, 4/17/24 ^(5) (6)		25		25

(Variable, ICE LIBOR USD 3M + 4.16%), 6.63%, 2/15/28 ^(4) (5)		25		23

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.02%), 8.00%, 5/15/54 ⁽⁴⁾		141		148

EnLink Midstream LLC,

5.63%, 1/15/28 ⁽¹⁾		25		25

5.38%, 6/1/29		71		70

6.50%, 9/1/30 ⁽¹⁾		100		103

EnLink Midstream Partners L.P.,

4.85%, 7/15/26		75		74

5.60%, 4/1/44		102		91

5.05%, 4/1/45		25		21

5.45%, 6/1/47		75		65

EQM Midstream Partners L.P.,

4.00%, 8/1/24		25		25

6.00%, 7/1/25 ⁽¹⁾		25		25

7.50%, 6/1/27 ⁽¹⁾		75		77

6.50%, 7/1/27 ⁽¹⁾		50		50

5.50%, 7/15/28		75		74

4.50%, 1/15/29 ⁽¹⁾		75		70

6.38%, 4/1/29 ⁽¹⁾		102		103

7.50%, 6/1/30 ⁽¹⁾		50		53

4.75%, 1/15/31 ⁽¹⁾		50		47

6.50%, 7/15/48		50		50



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Oil & Gas Producers – 7.9% continued

FTAI Infra Escrow Holdings LLC,

10.50%, 6/1/27 ⁽¹⁾		$48		$50

Genesis Energy L.P./Genesis Energy Finance Corp.,

8.00%, 1/15/27		25		25

7.75%, 2/1/28		90		91

8.25%, 1/15/29		75		77

8.88%, 4/15/30		73		76

Gulfport Energy Corp.,

8.00%, 5/17/26 ⁽¹⁴⁾		—		—

8.00%, 5/17/26 ⁽¹⁾		69		70

Harvest Midstream I L.P.,

7.50%, 9/1/28 ⁽¹⁾		92		93

Hess Midstream Operations L.P.,

5.13%, 6/15/28 ⁽¹⁾		75		73

5.50%, 10/15/30 ⁽¹⁾		50		48

Hilcorp Energy I L.P./Hilcorp Finance Co.,

6.25%, 11/1/28 ⁽¹⁾		53		53

5.75%, 2/1/29 ⁽¹⁾		51		50

6.00%, 4/15/30 ⁽¹⁾		52		51

6.00%, 2/1/31 ⁽¹⁾		100		97

8.38%, 11/1/33 ⁽¹⁾		253		274

Howard Midstream Energy Partners LLC,

6.75%, 1/15/27 ⁽¹⁾		75		75

8.88%, 7/15/28		141		149

ITT Holdings LLC,

6.50%, 8/1/29 ⁽¹⁾		192		175

Kinetik Holdings L.P.,

6.63%, 12/15/28 ⁽¹⁾		5		5

5.88%, 6/15/30 ⁽¹⁾		92		90

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.,

6.00%, 8/1/26 ⁽¹⁾		75		74

Martin Midstream Partners L.P./Martin Midstream Finance Corp.,

11.50%, 2/15/28 ⁽¹⁾		125		133

Matador Resources Co.,

5.88%, 9/15/26		125		125

6.88%, 4/15/28 ⁽¹⁾		117		120

6.50%, 4/15/32 ⁽¹⁾		156		156



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Oil & Gas Producers – 7.9% continued

Moss Creek Resources Holdings, Inc.,

7.50%, 1/15/26 ⁽¹⁾		$75		$75

10.50%, 5/15/27 ⁽¹⁾		75		77

Murphy Oil Corp.,

6.38%, 7/15/28		59		59

Murphy Oil U.S.A., Inc.,

4.75%, 9/15/29		75		71

New Fortress Energy, Inc.,

6.75%, 9/15/25 ⁽¹⁾		15		15

6.50%, 9/30/26 ⁽¹⁾		100		96

8.75%, 3/15/29 ⁽¹⁾		231		230

NGL Energy Operating LLC/NGL Energy Finance Corp.,

8.13%, 2/15/29 ⁽¹⁾		243		249

8.38%, 2/15/32 ⁽¹⁾		288		295

Northern Oil & Gas, Inc.,

8.13%, 3/1/28 ⁽¹⁾		428		435

8.75%, 6/15/31 ⁽¹⁾		99		105

NuStar Logistics L.P.,

6.00%, 6/1/26		25		25

6.38%, 10/1/30		50		50

PBF Holding Co. LLC/PBF Finance Corp.,

6.00%, 2/15/28		175		172

7.88%, 9/15/30 ⁽¹⁾		135		140

Permian Resources Operating LLC,

5.38%, 1/15/26 ⁽¹⁾		125		124

6.88%, 4/1/27 ⁽¹⁾		25		25

8.00%, 4/15/27 ⁽¹⁾		140		144

5.88%, 7/1/29 ⁽¹⁾		135		133

9.88%, 7/15/31 ⁽¹⁾		44		49

7.00%, 1/15/32 ⁽¹⁾		207		215

Plains All American Pipeline L.P.,

(Variable, CME Term SOFR 3M + 4.37%), 9.68%, 5/2/24 ^(5) (6)		125		124

Prairie Acquiror L.P.,

9.00%, 8/1/29 ⁽¹⁾		93		96

Range Resources Corp.,

8.25%, 1/15/29		75		78

Rockcliff Energy II LLC,

5.50%, 10/15/29 ⁽¹⁾		90		84

Rockies Express Pipeline LLC,

3.60%, 5/15/25 ⁽¹⁾		50		49

4.95%, 7/15/29 ⁽¹⁾		25		23



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Oil & Gas Producers – 7.9% continued

4.80%, 5/15/30 ⁽¹⁾		$25		$23

6.88%, 4/15/40 ⁽¹⁾		50		49

Sitio Royalties Operating Partnership L.P./Sitio Finance Corp.,

7.88%, 11/1/28 ⁽¹⁾		93		96

SM Energy Co.,

5.63%, 6/1/25		60		60

6.50%, 7/15/28		18		18

Southwestern Energy Co.,

5.70%, 1/23/25		14		14

8.38%, 9/15/28		25		26

5.38%, 2/1/29		73		71

5.38%, 3/15/30		50		48

4.75%, 2/1/32		25		23

Sunoco L.P./Sunoco Finance Corp.,

6.00%, 4/15/27		75		75

7.00%, 9/15/28 ⁽¹⁾		56		57

4.50%, 4/30/30		50		46

Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,

6.00%, 3/1/27 ⁽¹⁾		5		5

5.50%, 1/15/28 ⁽¹⁾		25		24

7.38%, 2/15/29 ⁽¹⁾		160		161

6.00%, 12/31/30 ⁽¹⁾		115		109

6.00%, 9/1/31 ⁽¹⁾		50		47

Talos Production, Inc.,

9.00%, 2/1/29 ⁽¹⁾		93		99

9.38%, 2/1/31 ⁽¹⁾		86		92

Venture Global Calcasieu Pass LLC,

6.25%, 1/15/30 ⁽¹⁾		75		75

4.13%, 8/15/31 ⁽¹⁾		100		89

3.88%, 11/1/33 ⁽¹⁾		286		243

Venture Global LNG, Inc.,

8.13%, 6/1/28 ⁽¹⁾		406		415

9.50%, 2/1/29 ⁽¹⁾		584		629

8.38%, 6/1/31 ⁽¹⁾		426		439

9.88%, 2/1/32 ⁽¹⁾		433		467

Vital Energy, Inc.,

10.13%, 1/15/28		50		52

7.75%, 7/31/29 ⁽¹⁾		75		76

9.75%, 10/15/30		110		120

7.88%, 4/15/32 ⁽¹⁾		157		160



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Oil & Gas Producers – 7.9% continued

Western Midstream Operating L.P.,

5.25%, 2/1/50		$54		$48

				14,888

Oil & Gas Services & Equipment – 1.9%

Archrock Partners L.P./Archrock Partners Finance Corp.,

6.88%, 4/1/27 ⁽¹⁾		54		54

6.25%, 4/1/28 ⁽¹⁾		297		294

Bristow Group, Inc.,

6.88%, 3/1/28 ⁽¹⁾		100		98

Diamond Foreign Asset Co./Diamond Finance LLC,

8.50%, 10/1/30 ⁽¹⁾		57		60

Global Marine, Inc.,

7.00%, 6/1/28		75		70

Helix Energy Solutions Group, Inc.,

9.75%, 3/1/29 ⁽¹⁾		75		80

Kodiak Gas Services LLC,

7.25%, 2/15/29 ⁽¹⁾		143		146

Nabors Industries Ltd.,

7.25%, 1/15/26 ⁽¹⁾		58		57

7.50%, 1/15/28 ⁽¹⁾		54		51

Nabors Industries, Inc.,

7.38%, 5/15/27 ⁽¹⁾		59		59

9.13%, 1/31/30 ⁽¹⁾		44		46

Nine Energy Service, Inc.,

13.00%, 2/1/28		50		41

Noble Finance II LLC,

8.00%, 4/15/30 ⁽¹⁾		103		107

Oceaneering International, Inc.,

6.00%, 2/1/28		18		18

Patterson-UTI Energy, Inc.,

7.15%, 10/1/33		25		27

Solaris Midstream Holdings LLC,

7.63%, 4/1/26 ⁽¹⁾		75		76

Transocean Aquila Ltd.,

8.00%, 9/30/28 ⁽¹⁾		57		58

Transocean Titan Financing Ltd.,

8.38%, 2/1/28 ⁽¹⁾		50		52

Transocean, Inc.,

7.25%, 11/1/25 ⁽¹⁾		25		25

7.50%, 1/15/26		189		188

11.50%, 1/30/27 ⁽¹⁾		215		224



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Oil & Gas Services & Equipment – 1.9% continued

8.00%, 2/1/27 ⁽¹⁾		$166		$165

8.75%, 2/15/30 ⁽¹⁾		237		248

7.50%, 4/15/31		100		93

6.80%, 3/15/38		75		63

9.35%, 12/15/41		50		46

U.S.A. Compression Partners L.P./U.S.A. Compression Finance Corp.,

6.88%, 4/1/26		172		172

6.88%, 9/1/27		75		75

7.13%, 3/15/29 ⁽¹⁾		179		181

Valaris Ltd.,

8.38%, 4/30/30 ⁽¹⁾		277		286

Weatherford International Ltd.,

8.63%, 4/30/30 ⁽¹⁾		388		405

				3,565

Publishing & Broadcasting – 1.6%

Audacy Capital Corp.,

6.75%, 3/31/29^{(1) (7)}		25		1

Clear Channel Outdoor Holdings, Inc.,

5.13%, 8/15/27 ⁽¹⁾		229		216

7.75%, 4/15/28 ⁽¹⁾		158		138

9.00%, 9/15/28 ⁽¹⁾		572		596

7.50%, 6/1/29 ⁽¹⁾		236		195

7.88%, 4/1/30 ⁽¹⁾		412		410

Gray Television, Inc.,

5.88%, 7/15/26 ⁽¹⁾		54		53

7.00%, 5/15/27 ⁽¹⁾		119		111

4.75%, 10/15/30 ⁽¹⁾		150		98

5.38%, 11/15/31 ⁽¹⁾		75		49

iHeartCommunications, Inc.,

6.38%, 5/1/26		22		18

8.38%, 5/1/27		75		42

5.25%, 8/15/27 ⁽¹⁾		100		73

Lamar Media Corp.,

4.00%, 2/15/30		50		46

McGraw-Hill Education, Inc.,

8.00%, 8/1/29 ⁽¹⁾		50		47

News Corp.,

3.88%, 5/15/29 ⁽¹⁾		125		114

5.13%, 2/15/32 ⁽¹⁾		175		164

Nexstar Media, Inc.,

5.63%, 7/15/27 ⁽¹⁾		69		66



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Publishing & Broadcasting – 1.6% continued

Scripps Escrow II, Inc.,

5.38%, 1/15/31 ⁽¹⁾		$705		$434

Scripps Escrow, Inc.,

5.88%, 7/15/27 ⁽¹⁾		25		21

Sinclair Television Group, Inc.,

5.13%, 2/15/27 ⁽¹⁾		50		46

5.50%, 3/1/30 ⁽¹⁾		25		18

4.13%, 12/1/30 ⁽¹⁾		25		18

				2,974

Real Estate Investment Trusts – 2.1%

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL,

4.50%, 4/1/27 ⁽¹⁾		42		38

Diversified Healthcare Trust,

9.75%, 6/15/25		63		63

GLP Capital L.P./GLP Financing II, Inc.,

3.25%, 1/15/32		65		55

Highwoods Realty L.P.,

7.65%, 2/1/34		15		16

Iron Mountain Information Management Services, Inc.,

5.00%, 7/15/32 ⁽¹⁾		276		253

Iron Mountain, Inc.,

4.88%, 9/15/27 ⁽¹⁾		50		48

5.25%, 3/15/28 ⁽¹⁾		50		48

5.00%, 7/15/28 ⁽¹⁾		25		24

7.00%, 2/15/29 ⁽¹⁾		109		111

5.25%, 7/15/30 ⁽¹⁾		125		118

4.50%, 2/15/31 ⁽¹⁾		100		90

5.63%, 7/15/32 ⁽¹⁾		42		40

MPT Operating Partnership L.P./MPT Finance Corp.,

2.50%, 3/24/26 [GBP]		100		108

5.25%, 8/1/26		75		69

5.00%, 10/15/27		175		148

4.63%, 8/1/29		208		160

3.50%, 3/15/31		100		69

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,

7.50%, 6/1/25 ⁽¹⁾		25		25

5.88%, 10/1/28 ⁽¹⁾		50		49

4.88%, 5/15/29 ⁽¹⁾		75		70



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Real Estate Investment Trusts – 2.1% continued

RHP Hotel Properties L.P./RHP Finance Corp.,

4.75%, 10/15/27		$3		$3

7.25%, 7/15/28 ⁽¹⁾		82		85

4.50%, 2/15/29 ⁽¹⁾		93		87

6.50%, 4/1/32 ⁽¹⁾		186		187

RLJ Lodging Trust L.P.,

3.75%, 7/1/26 ⁽¹⁾		75		71

4.00%, 9/15/29 ⁽¹⁾		193		170

SBA Communications Corp.,

3.88%, 2/15/27		40		38

3.13%, 2/1/29		105		92

Service Properties Trust,

5.25%, 2/15/26		50		48

4.75%, 10/1/26		50		47

4.95%, 10/1/29		100		82

4.38%, 2/15/30		50		38

8.63%, 11/15/31 ⁽¹⁾		335		357

Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC,

6.00%, 1/15/30 ⁽¹⁾		25		19

Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC,

10.50%, 2/15/28 ⁽¹⁾		479		497

4.75%, 4/15/28 ⁽¹⁾		50		44

6.50%, 2/15/29 ⁽¹⁾		25		19

VICI Properties L.P.,

5.63%, 5/15/52		29		27

VICI Properties L.P./VICI Note Co., Inc.,

3.75%, 2/15/27 ⁽¹⁾		25		24

4.50%, 1/15/28 ⁽¹⁾		50		48

4.63%, 12/1/29 ⁽¹⁾		160		151

4.13%, 8/15/30 ⁽¹⁾		106		96

XHR L.P.,

6.38%, 8/15/25 ⁽¹⁾		50		50

4.88%, 6/1/29 ⁽¹⁾		50		46

				3,928

Real Estate Owners & Developers – 0.2%

Greystar Real Estate Partners LLC,

7.75%, 9/1/30 ⁽¹⁾		50		52

Howard Hughes (The) Corp.,

5.38%, 8/1/28 ⁽¹⁾		150		144

4.13%, 2/1/29 ⁽¹⁾		50		45

4.38%, 2/1/31 ⁽¹⁾		82		71



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Real Estate Owners & Developers – 0.2% continued

Kennedy-Wilson, Inc.,

4.75%, 2/1/30		$25		$20

				332

Real Estate Services – 0.2%

Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.,

7.00%, 4/15/30 ⁽¹⁾		184		164

7.00%, 4/15/30		115		103

Cushman & Wakefield U.S. Borrower LLC,

6.75%, 5/15/28 ⁽¹⁾		70		69

8.88%, 9/1/31 ⁽¹⁾		107		113

Newmark Group, Inc.,

7.50%, 1/12/29 ⁽¹⁾		25		26

				475

Renewable Energy – 0.0%

EnerSys,

6.63%, 1/15/32 ⁽¹⁾		25		25

Retail - Consumer Staples – 0.4%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,

3.25%, 3/15/26 ⁽¹⁾		75		71

7.50%, 3/15/26 ⁽¹⁾		25		25

4.63%, 1/15/27 ⁽¹⁾		100		97

6.50%, 2/15/28 ⁽¹⁾		173		175

3.50%, 3/15/29 ⁽¹⁾		90		81

4.88%, 2/15/30 ⁽¹⁾		84		80

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) (7)}		75		52

Walgreens Boots Alliance, Inc.,

3.20%, 4/15/30		7		6

4.80%, 11/18/44		23		19

4.10%, 4/15/50		35		26

				740

Retail - Discretionary – 3.9%

Abercrombie & Fitch Management Co.,

8.75%, 7/15/25 ⁽¹⁾		50		51



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Retail - Discretionary – 3.9% continued

American Builders & Contractors Supply Co., Inc.,

4.00%, 1/15/28 ⁽¹⁾		$25		$23

Asbury Automotive Group, Inc.,

4.63%, 11/15/29 ⁽¹⁾		25		23

4.75%, 3/1/30		25		23

5.00%, 2/15/32 ⁽¹⁾		10		9

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,

5.75%, 7/15/27 ⁽¹⁾		50		48

4.75%, 4/1/28 ⁽¹⁾		100		92

8.00%, 2/15/31 ⁽¹⁾		72		72

Bath & Body Works, Inc.,

9.38%, 7/1/25 ⁽¹⁾		15		16

6.63%, 10/1/30 ⁽¹⁾		125		128

6.75%, 7/1/36		100		101

BCPE Ulysses Intermediate, Inc.,

7.75%, (100% Cash), 4/1/27 ^{(1) (9)}		25		25

Beacon Roofing Supply, Inc.,

4.50%, 11/15/26 ⁽¹⁾		100		97

4.13%, 5/15/29 ⁽¹⁾		25		23

6.50%, 8/1/30 ⁽¹⁾		153		155

Builders FirstSource, Inc.,

5.00%, 3/1/30 ⁽¹⁾		100		96

4.25%, 2/1/32 ⁽¹⁾		200		179

6.38%, 6/15/32 ⁽¹⁾		100		101

6.38%, 3/1/34 ⁽¹⁾		94		94

Carvana Co.,

12.00%, 12/1/28 ^{(1) (9)}		30		29

13.00%, 6/1/30 ^{(1) (9)}		54		53

14.00%, 6/1/31 ^{(1) (9)}		95		96

Champions Financing, Inc.,

8.75%, 2/15/29 ⁽¹⁾		107		112

Evergreen Acqco 1 L.P./TVI, Inc.,

9.75%, 4/26/28 ⁽¹⁾		19		20

Foundation Building Materials, Inc.,

6.00%, 3/1/29 ⁽¹⁾		25		23

Gap (The), Inc.,

3.63%, 10/1/29 ⁽¹⁾		25		22

3.88%, 10/1/31 ⁽¹⁾		25		21

GYP Holdings III Corp.,

4.63%, 5/1/29 ⁽¹⁾		108		100

Hertz (The) Corp.,

4.63%, 12/1/26 ⁽¹⁾		285		259



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Retail - Discretionary – 3.9% continued

5.00%, 12/1/29 ⁽¹⁾		$50		$39

Ken Garff Automotive LLC,

4.88%, 9/15/28 ⁽¹⁾		25		23

Kohl’s Corp.,

4.63%, 5/1/31		25		21

5.55%, 7/17/45		25		18

LBM Acquisition LLC,

6.25%, 1/15/29 ⁽¹⁾		50		47

LCM Investments Holdings II LLC,

4.88%, 5/1/29 ⁽¹⁾		191		176

8.25%, 8/1/31 ⁽¹⁾		115		120

Lithia Motors, Inc.,

4.63%, 12/15/27 ⁽¹⁾		125		120

3.88%, 6/1/29 ⁽¹⁾		50		45

LSF9 Atlantis Holdings LLC/Victra Finance Corp.,

7.75%, 2/15/26 ⁽¹⁾		100		99

Macy’s Retail Holdings LLC,

5.88%, 4/1/29 ⁽¹⁾		50		49

4.50%, 12/15/34		50		44

5.13%, 1/15/42		150		130

Mavis Tire Express Services Topco Corp.,

6.50%, 5/15/29 ⁽¹⁾		175		166

Michaels (The) Cos., Inc.,

7.88%, 5/1/29 ⁽¹⁾		25		19

NMG Holding Co., Inc./Neiman Marcus Group LLC,

7.13%, 4/1/26 ⁽¹⁾		33		32

Nordstrom, Inc.,

4.38%, 4/1/30		25		23

Patrick Industries, Inc.,

7.50%, 10/15/27 ⁽¹⁾		25		25

4.75%, 5/1/29 ⁽¹⁾		75		70

PetSmart, Inc./PetSmart Finance Corp.,

7.75%, 2/15/29 ⁽¹⁾		250		244

QVC, Inc.,

4.45%, 2/15/25		50		48

4.75%, 2/15/27		50		45

5.45%, 8/15/34		25		17

Sally Holdings LLC/Sally Capital, Inc.,

6.75%, 3/1/32		25		25

Sonic Automotive, Inc.,

4.63%, 11/15/29 ⁽¹⁾		50		45



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Retail - Discretionary – 3.9% continued

4.88%, 11/15/31 ⁽¹⁾		$50		$44

Specialty Building Products Holdings LLC/SBP Finance Corp.,

6.38%, 9/30/26 ⁽¹⁾		530		526

SRS Distribution, Inc.,

4.63%, 7/1/28 ⁽¹⁾		153		154

6.13%, 7/1/29 ⁽¹⁾		148		151

6.00%, 12/1/29 ⁽¹⁾		1,202		1,226

Staples, Inc.,

7.50%, 4/15/26 ⁽¹⁾		150		147

10.75%, 4/15/27 ⁽¹⁾		100		95

Victoria’s Secret & Co.,

4.63%, 7/15/29 ⁽¹⁾		25		21

Wand NewCo 3, Inc.,

7.63%, 1/30/32 ⁽¹⁾		740		766

White Cap Buyer LLC,

6.88%, 10/15/28 ⁽¹⁾		370		363

White Cap Parent LLC,

8.25%, 3/15/26 ^(1) (9)		198		198

				7,472

Semiconductors – 0.4%

Amkor Technology, Inc.,

6.63%, 9/15/27 ⁽¹⁾		25		25

Coherent Corp.,

5.00%, 12/15/29 ⁽¹⁾		224		211

Entegris, Inc.,

4.75%, 4/15/29 ⁽¹⁾		283		271

ON Semiconductor Corp.,

3.88%, 9/1/28 ⁽¹⁾		100		92

Synaptics, Inc.,

4.00%, 6/15/29 ⁽¹⁾		126		113

				712

Software – 2.9%

Alteryx, Inc.,

8.75%, 3/15/28 ⁽¹⁾		25		26

AthenaHealth Group, Inc.,

6.50%, 2/15/30 ⁽¹⁾		800		732

Boxer Parent Co., Inc.,

7.13%, 10/2/25 ⁽¹⁾		25		25

9.13%, 3/1/26 ⁽¹⁾		116		116

Camelot Finance S.A.,

4.50%, 11/1/26 ⁽¹⁾		152		146



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Software – 2.9% continued

Capstone Borrower, Inc.,

8.00%, 6/15/30 ⁽¹⁾		$77		$80

Castle U.S. Holding Corp.,

9.50%, 2/15/28 ⁽¹⁾		50		25

Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.,

8.00%, 6/15/29 ⁽¹⁾		221		229

Central Parent, Inc./CDK Global, Inc.,

7.25%, 6/15/29 ⁽¹⁾		248		253

Clarivate Science Holdings Corp.,

3.88%, 7/1/28 ⁽¹⁾		246		228

4.88%, 7/1/29 ⁽¹⁾		157		145

Cloud Software Group, Inc.,

6.50%, 3/31/29 ⁽¹⁾		989		939

9.00%, 9/30/29 ⁽¹⁾		712		683

Consensus Cloud Solutions, Inc.,

6.50%, 10/15/28 ⁽¹⁾		25		22

Elastic N.V.,

4.13%, 7/15/29 ⁽¹⁾		122		110

Gen Digital, Inc.,

6.75%, 9/30/27 ⁽¹⁾		50		51

7.13%, 9/30/30 ⁽¹⁾		75		77

GoTo Group, Inc.,

5.50%, 5/1/28 ⁽¹⁾		58		43

McAfee Corp.,

7.38%, 2/15/30 ⁽¹⁾		193		177

MicroStrategy, Inc.,

6.13%, 6/15/28 ⁽¹⁾		122		118

SS&C Technologies, Inc.,

5.50%, 9/30/27 ⁽¹⁾		236		230

Twilio, Inc.,

3.63%, 3/15/29		22		20

3.88%, 3/15/31		118		103

UKG, Inc.,

6.88%, 2/1/31 ⁽¹⁾		667		679

Veritas U.S., Inc./Veritas Bermuda Ltd.,

7.50%, 9/1/25 ⁽¹⁾		123		113

ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,

3.88%, 2/1/29 ⁽¹⁾		139		125

				5,495



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Specialty Finance – 2.7%

Ally Financial, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.87%), 4.70%, 5/15/26 ^(4) (5)		$75		$64

6.70%, 2/14/33		25		25

Blackstone Mortgage Trust, Inc.,

3.75%, 1/15/27 ⁽¹⁾		75		67

Bread Financial Holdings, Inc.,

9.75%, 3/15/29 ⁽¹⁾		83		86

Carnelian Point Holdings L.P.,

5.00%, 6/30/28 ^{(1) (9) (11) (12)}		5		57

Castlelake Aviation Finance DAC,

5.00%, 4/15/27 ⁽¹⁾		9		9

Curo Group Holdings Corp.,

7.50%, 8/1/28 ^{(1) (7)}		50		2

Enact Holdings, Inc.,

6.50%, 8/15/25 ⁽¹⁾		35		35

FirstCash, Inc.,

4.63%, 9/1/28 ⁽¹⁾		50		47

5.63%, 1/1/30 ⁽¹⁾		25		24

6.88%, 3/1/32 ⁽¹⁾		75		75

Fortress Transportation and Infrastructure Investors LLC,

6.50%, 10/1/25 ⁽¹⁾		38		38

9.75%, 8/1/27 ⁽¹⁾		50		52

5.50%, 5/1/28 ⁽¹⁾		251		243

7.88%, 12/1/30 ⁽¹⁾		168		176

Freedom Mortgage Corp.,

7.63%, 5/1/26 ⁽¹⁾		75		75

6.63%, 1/15/27 ⁽¹⁾		125		121

12.00%, 10/1/28 ⁽¹⁾		25		27

12.25%, 10/1/30 ⁽¹⁾		26		29

Freedom Mortgage Holdings LLC,

9.25%, 2/1/29 ⁽¹⁾		39		40

Jefferson Capital Holdings LLC,

6.00%, 8/15/26 ⁽¹⁾		50		49

9.50%, 2/15/29 ⁽¹⁾		75		77

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,

4.25%, 2/1/27 ⁽¹⁾		72		67

4.75%, 6/15/29 ⁽¹⁾		25		23

LD Holdings Group LLC,

6.50%, 11/1/25 ⁽¹⁾		25		24



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Specialty Finance – 2.7% continued

MGIC Investment Corp.,

5.25%, 8/15/28		$50		$49

Nationstar Mortgage Holdings, Inc.,

5.00%, 2/1/26 ⁽¹⁾		329		322

6.00%, 1/15/27 ⁽¹⁾		25		25

5.50%, 8/15/28 ⁽¹⁾		75		72

5.13%, 12/15/30 ⁽¹⁾		54		49

5.75%, 11/15/31 ⁽¹⁾		90		83

7.13%, 2/1/32 ⁽¹⁾		221		219

Navient Corp.,

6.75%, 6/25/25		175		176

6.75%, 6/15/26		75		76

5.00%, 3/15/27		50		48

5.50%, 3/15/29		166		155

9.38%, 7/25/30		157		168

11.50%, 3/15/31		50		56

5.63%, 8/1/33		25		21

OneMain Finance Corp.,

7.13%, 3/15/26		150		153

3.50%, 1/15/27		23		21

6.63%, 1/15/28		100		100

9.00%, 1/15/29		213		226

5.38%, 11/15/29		49		46

7.88%, 3/15/30		231		238

4.00%, 9/15/30		32		27

PennyMac Financial Services, Inc.,

4.25%, 2/15/29 ⁽¹⁾		50		46

7.88%, 12/15/29 ⁽¹⁾		117		120

5.75%, 9/15/31 ⁽¹⁾		100		93

PRA Group, Inc.,

7.38%, 9/1/25 ⁽¹⁾		25		25

8.38%, 2/1/28 ⁽¹⁾		50		50

Provident Funding Associates L.P./PFG Finance Corp.,

6.38%, 6/15/25 ⁽¹⁾		50		48

Radian Group, Inc.,

4.50%, 10/1/24		50		50

Rithm Capital Corp.,

8.00%, 4/1/29 ⁽¹⁾		50		49

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,

2.88%, 10/15/26 ⁽¹⁾		99		91

3.88%, 3/1/31 ⁽¹⁾		117		102

4.00%, 10/15/33 ⁽¹⁾		174		147



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Specialty Finance – 2.7% continued

SLM Corp.,

3.13%, 11/2/26		$197		$183

Starwood Property Trust, Inc.,

3.75%, 12/31/24 ⁽¹⁾		84		82

7.25%, 4/1/29 ⁽¹⁾		37		37

Synchrony Financial,

7.25%, 2/2/33		50		50

United Wholesale Mortgage LLC,

5.75%, 6/15/27 ⁽¹⁾		25		24

5.50%, 4/15/29 ⁽¹⁾		100		95

World Acceptance Corp.,

7.00%, 11/1/26 ⁽¹⁾		25		23

				5,177

Steel – 2.3%

ATI, Inc.,

5.88%, 12/1/27		909		896

4.88%, 10/1/29		53		50

7.25%, 8/15/30		102		105

5.13%, 10/1/31		111		103

Big River Steel LLC/BRS Finance Corp.,

6.63%, 1/31/29 ⁽¹⁾		258		259

Carpenter Technology Corp.,

6.38%, 7/15/28		88		88

7.63%, 3/15/30		73		75

Cleveland-Cliffs, Inc.,

5.88%, 6/1/27		75		75

6.75%, 4/15/30 ⁽¹⁾		50		50

4.88%, 3/1/31 ⁽¹⁾		50		45

Commercial Metals Co.,

4.13%, 1/15/30		25		23

4.38%, 3/15/32		25		23

Specialty Steel Supply, Inc.,

3.75%, 11/15/26 ^{(1) (11) (12)}		2,490		2,490

TMS International Corp.,

6.25%, 4/15/29 ⁽¹⁾		25		23

				4,305

Technology Hardware – 0.9%

CommScope Technologies LLC,

6.00%, 6/15/25 ⁽¹⁾		59		51

5.00%, 3/15/27 ⁽¹⁾		25		10

CommScope, Inc.,

6.00%, 3/1/26 ⁽¹⁾		25		23

8.25%, 3/1/27 ⁽¹⁾		50		23



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Technology Hardware – 0.9% continued

7.13%, 7/1/28 ⁽¹⁾		$100		$40

4.75%, 9/1/29 ⁽¹⁾		86		61

Imola Merger Corp.,

4.75%, 5/15/29 ⁽¹⁾		340		319

Likewize Corp.,

9.75%, 10/15/25 ⁽¹⁾		25		25

NCR Atleos Corp.,

9.50%, 4/1/29 ⁽¹⁾		188		201

NCR Voyix Corp.,

5.00%, 10/1/28 ⁽¹⁾		50		47

5.13%, 4/15/29 ⁽¹⁾		100		93

Seagate HDD Cayman,

8.25%, 12/15/29 ⁽¹⁾		107		115

4.13%, 1/15/31		105		93

8.50%, 7/15/31 ⁽¹⁾		85		92

9.63%, 12/1/32		73		83

TTM Technologies, Inc.,

4.00%, 3/1/29 ⁽¹⁾		75		68

Viasat, Inc.,

5.63%, 9/15/25 ⁽¹⁾		98		96

5.63%, 4/15/27 ⁽¹⁾		38		36

6.50%, 7/15/28 ⁽¹⁾		25		19

7.50%, 5/30/31 ⁽¹⁾		39		28

Viavi Solutions, Inc.,

3.75%, 10/1/29 ⁽¹⁾		31		27

Western Digital Corp.,

4.75%, 2/15/26		25		24

Xerox Holdings Corp.,

5.00%, 8/15/25 ⁽¹⁾		17		17

5.50%, 8/15/28 ⁽¹⁾		50		45

8.88%, 11/30/29 ⁽¹⁾		25		25

				1,661

Technology Services – 1.9%

Acuris Finance U.S., Inc./Acuris Finance S.a.r.l.,

5.00%, 5/1/28 ⁽¹⁾		200		182

ASGN, Inc.,

4.63%, 5/15/28 ⁽¹⁾		100		94

Block, Inc.,

2.75%, 6/1/26		150		141

3.50%, 6/1/31		162		141

CoreLogic, Inc.,

4.50%, 5/1/28 ⁽¹⁾		204		183



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Technology Services – 1.9% continued

Dun & Bradstreet (The) Corp.,

5.00%, 12/15/29 ⁽¹⁾		$647		$598

Exela Intermediate LLC/Exela Finance, Inc.,

11.50%, 4/15/26 ^{(1) (9)}		85		13

Fair Isaac Corp.,

4.00%, 6/15/28 ⁽¹⁾		17		16

KBR, Inc.,

4.75%, 9/30/28 ⁽¹⁾		54		50

MPH Acquisition Holdings LLC,

5.50%, 9/1/28 ⁽¹⁾		50		42

5.75%, 11/1/28 ⁽¹⁾		75		59

Neptune Bidco U.S., Inc.,

9.29%, 4/15/29 ⁽¹⁾		295		279

Paysafe Finance PLC/Paysafe Holdings U.S. Corp.,

4.00%, 6/15/29 ⁽¹⁾		50		44

Presidio Holdings, Inc.,

4.88%, 2/1/27 ⁽¹⁾		75		73

8.25%, 2/1/28 ⁽¹⁾		1,000		996

Sabre GLBL, Inc.,

8.63%, 6/1/27 ⁽¹⁾		69		60

11.25%, 12/15/27 ⁽¹⁾		5		5

Science Applications International Corp.,

4.88%, 4/1/28 ⁽¹⁾		135		129

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,

4.63%, 11/1/26 ⁽¹⁾		68		66

Vericast Corp.,

11.00%, 9/15/26 ⁽¹⁾		51		54

Verscend Escrow Corp.,

9.75%, 8/15/26 ⁽¹⁾		337		338

				3,563

Telecommunications – 1.7%

Cogent Communications Group, Inc.,

7.00%, 6/15/27 ⁽¹⁾		75		75

Embarq Corp.,

8.00%, 6/1/36		50		27

Frontier Communications Holdings LLC,

5.88%, 10/15/27 ⁽¹⁾		146		141

5.00%, 5/1/28 ⁽¹⁾		216		201

6.75%, 5/1/29 ⁽¹⁾		150		134

5.88%, 11/1/29		65		55



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Telecommunications – 1.7% continued

6.00%, 1/15/30 ⁽¹⁾		$75		$64

8.75%, 5/15/30 ⁽¹⁾		438		448

8.63%, 3/15/31 ⁽¹⁾		81		83

Hughes Satellite Systems Corp.,

5.25%, 8/1/26		29		24

6.63%, 8/1/26		50		29

Level 3 Financing, Inc.,

3.40%, 3/1/27 ⁽¹⁾		214		165

4.63%, 9/15/27 ⁽¹⁾		333		221

4.25%, 7/1/28 ⁽¹⁾		75		36

3.63%, 1/15/29 ⁽¹⁾		124		55

3.75%, 7/15/29 ⁽¹⁾		100		45

11.00%, 11/15/29 ⁽¹⁾		154		160

10.50%, 5/15/30 ⁽¹⁾		305		312

Lumen Technologies, Inc.,

4.00%, 2/15/27 ⁽¹⁾		141		87

Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,

4.75%, 4/30/27 ⁽¹⁾		134		137

Windstream Escrow LLC/Windstream Escrow Finance Corp.,

7.75%, 8/15/28 ⁽¹⁾		25		23

Zayo Group Holdings, Inc.,

4.00%, 3/1/27 ⁽¹⁾		720		593

6.13%, 3/1/28 ⁽¹⁾		152		106

				3,221

Transportation & Logistics – 0.7%

Allegiant Travel Co.,

7.25%, 8/15/27 ⁽¹⁾		50		50

American Airlines, Inc.,

7.25%, 2/15/28 ⁽¹⁾		50		51

8.50%, 5/15/29 ⁽¹⁾		225		238

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,

5.50%, 4/20/26 ⁽¹⁾		19		19

5.75%, 4/20/29 ⁽¹⁾		298		293

Delta Air Lines, Inc.,

7.38%, 1/15/26		25		26

4.38%, 4/19/28		25		24

First Student Bidco, Inc./First Transit Parent, Inc.,

4.00%, 7/31/29 ⁽¹⁾		25		22

GN Bondco LLC,

9.50%, 10/15/31 ⁽¹⁾		102		102



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Transportation & Logistics – 0.7% continued

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,

5.75%, 1/20/26 ⁽¹⁾		$25		$23

Rand Parent LLC,

8.50%, 2/15/30 ⁽¹⁾		81		80

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.,

8.00%, 9/20/25 ⁽¹⁾		55		42

United Airlines Pass Through Trust,

Series 2020-1, Class A,

5.88%, 10/15/27		15		15

United Airlines, Inc.,

4.38%, 4/15/26 ⁽¹⁾		25		24

4.63%, 4/15/29 ⁽¹⁾		210		195

XPO, Inc.,

6.25%, 6/1/28 ⁽¹⁾		50		50

7.13%, 6/1/31 ⁽¹⁾		25		26

7.13%, 2/1/32 ⁽¹⁾		25		26

				1,306

Transportation Equipment – 0.2%

Allison Transmission, Inc.,

4.75%, 10/1/27		25		24

3.75%, 1/30/31 ⁽¹⁾		50		44

JB Poindexter & Co., Inc.,

8.75%, 12/15/31 ⁽¹⁾		50		52

Trinity Industries, Inc.,

7.75%, 7/15/28 ⁽¹⁾		100		103

Wabash National Corp.,

4.50%, 10/15/28 ⁽¹⁾		115		105

				328

Wholesale - Consumer Staples – 0.4%

C&S Group Enterprises LLC,

5.00%, 12/15/28 ⁽¹⁾		25		20

KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.,

9.00%, 2/15/29 ⁽¹⁾		75		76

Performance Food Group, Inc.,

4.25%, 8/1/29 ⁽¹⁾		134		123

U.S. Foods, Inc.,

6.88%, 9/15/28 ⁽¹⁾		50		51

4.75%, 2/15/29 ⁽¹⁾		149		141

7.25%, 1/15/32 ⁽¹⁾		315		328



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 78.8% continued

Wholesale - Consumer Staples – 0.4% continued

United Natural Foods, Inc.,

6.75%, 10/15/28⁽¹⁾		$25		$21

				760

Wholesale - Discretionary – 0.0%

Dealer Tire LLC/DT Issuer LLC,

8.00%, 2/1/28⁽¹⁾		25		25

OPENLANE, Inc.,

5.13%, 6/1/25⁽¹⁾		14		14

Verde Purchaser LLC,

10.50%, 11/30/30⁽¹⁾		25		26

				65

Total Corporate Bonds

(Cost $150,744)				149,344


FOREIGN ISSUER BONDS – 9.2%

Aerospace & Defense – 0.6%

Bombardier, Inc.,

7.13%, 6/15/26⁽¹⁾		125		127

7.88%, 4/15/27⁽¹⁾		150		150

6.00%, 2/15/28⁽¹⁾		210		206

7.50%, 2/1/29⁽¹⁾		69		71

8.75%, 11/15/30⁽¹⁾		161		172

7/1/31 ^{(1) (3)}		88		88

F-Brasile S.p.A./F-Brasile U.S. LLC,

7.38%, 8/15/26⁽¹⁾		250		249

				1,063

Automotive – 0.1%

Jaguar Land Rover Automotive PLC,

7.75%, 10/15/25⁽¹⁾		200		202

Banking – 0.3%

Barclays PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%), 4.38%, 3/15/28^{(4) (5)}		200		164

(Variable, USD SOFR ICE Swap Rate 5Y + 5.78%), 9.63%, 12/15/29^{(4) (5)}		200		212

Intesa Sanpaolo S.p.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.60%), 4.20%, 6/1/32^{(1) (4)}		200		168

				544



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Beverages – 0.1%

Primo Water Holdings, Inc.,

4.38%, 4/30/29⁽¹⁾		$100		$92

Biotechnology & Pharmaceuticals – 0.2%

1375209 B.C. Ltd.,

9.00%, 1/30/28⁽¹⁾		72		70

Teva Pharmaceutical Finance Netherlands III B.V.,

3.15%, 10/1/26		277		259

				329

Cable & Satellite – 0.3%

Altice Financing S.A.,

9.63%, 7/15/27⁽¹⁾		200		191

5.75%, 8/15/29⁽¹⁾		260		208

Sunrise FinCo I B.V.,

4.88%, 7/15/31⁽¹⁾		200		179

Videotron Ltd.,

3.63%, 6/15/29⁽¹⁾		50		45

				623

Chemicals – 0.1%

Methanex Corp.,

5.13%, 10/15/27		25		24

NOVA Chemicals Corp.,

5.25%, 6/1/27⁽¹⁾		25		24

8.50%, 11/15/28⁽¹⁾		125		133

4.25%, 5/15/29⁽¹⁾		25		21

9.00%, 2/15/30⁽¹⁾		50		52

				254

Commercial Support Services – 0.2%

Garda World Security Corp.,

4.63%, 2/15/27⁽¹⁾		127		122

9.50%, 11/1/27⁽¹⁾		44		44

7.75%, 2/15/28⁽¹⁾		103		106

6.00%, 6/1/29⁽¹⁾		99		88

				360

Containers & Packaging – 0.3%

ARD Finance S.A.,

6.50%, (100% Cash), 6/30/27^{(1) (9)}		200		67

Intelligent Packaging Holdco Issuer L.P.,

9.00%, (100% Cash), 1/15/26^{(1) (9)}		25		24



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Containers & Packaging – 0.3% continued

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC,

6.00%, 9/15/28 ⁽¹⁾		$595		$564

				655

Electric Utilities – 0.0%

TransAlta Corp.,

7.75%, 11/15/29		42		44

Electrical Equipment – 0.3%

TK Elevator Holdco GmbH,

6.63%, 7/15/28 [EUR]⁽¹⁰⁾		90		95

7.63%, 7/15/28 ⁽¹⁾		200		196

TK Elevator Midco GmbH,

4.38%, 7/15/27 [EUR]⁽¹⁰⁾		100		104

TK Elevator U.S. Newco, Inc.,

5.25%, 7/15/27 ⁽¹⁾		200		193

				588

Forestry, Paper & Wood Products – 0.0%

Mercer International, Inc.,

5.13%, 2/1/29		25		22

Gas & Water Utilities – 0.0%

Superior Plus L.P./Superior General Partner, Inc.,

4.50%, 3/15/29⁽¹⁾		50		46

Home Construction – 0.2%

Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC,

5.00%, 6/15/29 ⁽¹⁾		151		137

4.88%, 2/15/30 ⁽¹⁾		25		23

Empire Communities Corp.,

7.00%, 12/15/25 ⁽¹⁾		25		25

Mattamy Group Corp.,

5.25%, 12/15/27 ⁽¹⁾		23		22

4.63%, 3/1/30 ⁽¹⁾		140		127

				334

Household Products – 0.0%

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,

7.00%, 12/31/27⁽¹⁾		25		25

Industrial Support Services – 0.0%

Ritchie Bros. Holdings, Inc.,

6.75%, 3/15/28⁽¹⁾		50		51



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Insurance – 0.9%

Ardonagh Finco Ltd.,

7.75%, 2/15/31⁽¹⁾		$200		$199

Ardonagh Group Finance Ltd.,

8.88%, 2/15/32⁽¹⁾		200		198

Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden U.S. Refinance LLC,

7.25%, 2/15/31⁽¹⁾		384		385

8.13%, 2/15/32⁽¹⁾		213		215

Jones Deslauriers Insurance Management, Inc.,

8.50%, 3/15/30⁽¹⁾		641		668

10.50%, 12/15/30⁽¹⁾		69		73

				1,738

Leisure Facilities & Services – 0.6%

1011778 B.C. ULC/New Red Finance, Inc.,

4.00%, 10/15/30⁽¹⁾		414		368

Melco Resorts Finance Ltd.,

4.88%, 6/6/25⁽¹⁾		200		195

Merlin Entertainments Ltd.,

5.75%, 6/15/26⁽¹⁾		200		199

Ontario Gaming GTA L.P./OTG Co-Issuer, Inc.,

8.00%, 8/1/30⁽¹⁾		71		73

Wynn Macau Ltd.,

5.50%, 10/1/27⁽¹⁾		200		191

5.63%, 8/26/28⁽¹⁾		200		190

				1,216

Leisure Products – 0.0%

Amer Sports Co.,

6.75%, 2/16/31⁽¹⁾		67		67

Machinery – 0.3%

Husky III Holding Ltd.,

13.00%, 2/15/25^{(1) (9)}		85		85

Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC,

9.00%, 2/15/29⁽¹⁾		189		195

Titan Acquisition Ltd./Titan Co-Borrower LLC,

7.75%, 4/15/26⁽¹⁾		229		229

				509



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Metals & Mining – 1.5%

Baffinland Iron Mines Corp./Baffinland Iron Mines L.P.,

8.75%, 7/15/26⁽¹⁾		$2,060		$1,899

ERO Copper Corp.,

6.50%, 2/15/30⁽¹⁾		29		28

First Quantum Minerals Ltd.,

9.38%, 3/1/29⁽¹⁾		200		207

FMG Resources Pty. Ltd., Series 2006,

5.88%, 4/15/30⁽¹⁾		50		49

4.38%, 4/1/31⁽¹⁾		150		134

6.13%, 4/15/32⁽¹⁾		100		99

Hudbay Minerals, Inc.,

4.50%, 4/1/26⁽¹⁾		25		24

IAMGOLD Corp.,

5.75%, 10/15/28⁽¹⁾		25		23

Mineral Resources Ltd.,

8.13%, 5/1/27⁽¹⁾		50		51

8.00%, 11/1/27⁽¹⁾		50		51

9.25%, 10/1/28⁽¹⁾		35		37

8.50%, 5/1/30⁽¹⁾		75		77

New Gold, Inc.,

7.50%, 7/15/27⁽¹⁾		113		113

				2,792

Oil & Gas Producers – 0.8%

Athabasca Oil Corp.,

9.75%, 11/1/26⁽¹⁾		32		34

Baytex Energy Corp.,

8.50%, 4/30/30⁽¹⁾		189		197

Enbridge, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.43%), 8.50%, 1/15/84⁽⁴⁾		50		54

Energean Israel Finance Ltd.,

5.38%, 3/30/28		25		23

5.88%, 3/30/31		25		22

Leviathan Bond Ltd.,

6.13%, 6/30/25		25		24

OGX Austria GmbH,

8.50%, 6/1/18 ^{(1) (7) (11) (12)}		2,420		—

8.38%, 4/1/22 ^{(1) (7) (11) (12)}		1,800		—

Parkland Corp.,

5.88%, 7/15/27⁽¹⁾		50		50

4.50%, 10/1/29⁽¹⁾		150		139

4.63%, 5/1/30⁽¹⁾		50		46



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Oil & Gas Producers – 0.8% continued

Teine Energy Ltd.,

6.88%, 4/15/29⁽¹⁾		$810		$788

Vermilion Energy, Inc.,

6.88%, 5/1/30⁽¹⁾		50		49

				1,426

Oil & Gas Services & Equipment – 0.2%

Borr IHC Ltd./Borr Finance LLC,

10.00%, 11/15/28⁽¹⁾		200		208

Enerflex Ltd.,

9.00%, 10/15/27⁽¹⁾		115		118

Precision Drilling Corp.,

7.13%, 1/15/26⁽¹⁾		69		69

6.88%, 1/15/29⁽¹⁾		25		25

Shelf Drilling North Sea Holdings Ltd.,

10.25%, 10/31/25⁽¹⁾		23		23

				443

Software – 0.2%

Open Text Corp.,

6.90%, 12/1/27⁽¹⁾		25		26

3.88%, 2/15/28⁽¹⁾		75		69

3.88%, 12/1/29⁽¹⁾		50		45

Open Text Holdings, Inc.,

4.13%, 2/15/30⁽¹⁾		75		67

4.13%, 12/1/31⁽¹⁾		125		110

				317

Specialty Finance – 0.5%

GGAM Finance Ltd.,

7.75%, 5/15/26⁽¹⁾		11		11

8.00%, 2/15/27⁽¹⁾		97		100

8.00%, 6/15/28⁽¹⁾		37		39

6.88%, 4/15/29⁽¹⁾		81		82

Global Aircraft Leasing Co. Ltd.,

6.50%, 9/15/24^{(1) (9)}		304		287

goeasy Ltd.,

9.25%, 12/1/28⁽¹⁾		25		27

7.63%, 7/1/29⁽¹⁾		75		75

Macquarie Airfinance Holdings Ltd.,

8.38%, 5/1/28⁽¹⁾		53		56

6.40%, 3/26/29⁽¹⁾		40		41

8.13%, 3/30/29⁽¹⁾		105		111

6.50%, 3/26/31⁽¹⁾		60		61

				890



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 9.2% continued

Steel – 0.0%

Infrabuild Australia Pty. Ltd.,

14.50%, 11/15/28⁽¹⁾		$25		$26

Technology Services – 0.1%

CA Magnum Holdings,

5.38%, 10/31/26⁽¹⁾		200		191

Telecommunications – 1.2%

Altice France Holding S.A.,

10.50%, 5/15/27⁽¹⁾		200		74

6.00%, 2/15/28⁽¹⁾		200		55

Altice France S.A.,

8.13%, 2/1/27⁽¹⁾		200		154

5.50%, 1/15/28⁽¹⁾		370		264

5.13%, 7/15/29⁽¹⁾		115		78

Connect Finco S.a.r.l./Connect U.S. Finco LLC,

6.75%, 10/1/26⁽¹⁾		200		196

Digicel Group Holdings Ltd.,

0.00%, 12/31/30^{(1) (2) (11) (12)}		38		6

0.00%, 12/31/30 ^{(1) (2) (11) (12) (14)}		—		—

0.00%, 12/31/30 ^{(1) (2) (11) (12) (13)}		9		—

Iliad Holding SASU,

6.50%, 10/15/26⁽¹⁾		437		433

Telecom Italia Capital S.A.,

6.38%, 11/15/33		136		128

6.00%, 9/30/34		109		100

7.20%, 7/18/36		74		72

7.72%, 6/4/38		8		8

Telesat Canada/Telesat LLC,

5.63%, 12/6/26⁽¹⁾		25		15

4.88%, 6/1/27⁽¹⁾		50		28

6.50%, 10/15/27⁽¹⁾		25		11

Vmed O2 UK Financing I PLC,

4.25%, 1/31/31⁽¹⁾		200		169

4.75%, 7/15/31⁽¹⁾		400		345

Vodafone Group PLC,

(Variable, USD Swap 5Y + 4.87%), 7.00%, 4/4/79⁽⁴⁾		75		78

				2,214

Transportation & Logistics – 0.2%

Air Canada,

3.88%, 8/15/26⁽¹⁾		80		77

Seaspan Corp.,

5.50%, 8/1/29⁽¹⁾		75		66

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 9.2% continued

Transportation & Logistics – 0.2% continued

VistaJet Malta Finance PLC/Vista Management Holding, Inc.,

7.88%, 5/1/27⁽¹⁾

$83

$70

6.38%, 2/1/30⁽¹⁾

106

291

Total Foreign Issuer Bonds

(Cost $21,762)

17,352

TERM LOANS – 4.8% ⁽⁶⁾

Asset Management – 0.0%

GN Loanco LLC, Term B Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.50%, 0.75% Floor), 9.83%, 12/19/30

Automotive – 0.0%

Tenneco, Inc., Term B Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.75%, 0.50% Floor), 10.17%, 11/17/28

(Floating, ICE CME Term SOFR USD 3M + 5.00%, 0.50% Floor), 10.40%, 11/17/28⁽¹⁴⁾

—

Beverages – 0.0%

Naked Juice LLC, Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.25%, 0.50% Floor), 8.66%, 1/24/29

Biotechnology & Pharmaceuticals – 0.1%

Amneal Pharmaceuticals LLC, Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 5.50%), 10.83%, 5/4/28

Bausch + Lomb Corp., First Incremental Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.00%), 9.33%, 9/29/28

Bausch + Lomb Corp., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.25%, 0.50% Floor), 8.68%, 5/10/27

104

103



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Biotechnology & Pharmaceuticals – 0.1% continued

Mallinckrodt International Finance S.A., First-Out Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 7.50%, 4.50% Floor), 12.83%, 11/14/28		$10		$10

				183

Cable & Satellite – 0.1%

DIRECTV Financing LLC, 2024 Refinancing Term B Loan,

(Floating, ICE CME Term SOFR USD 1M + 5.25%, 0.75% Floor), 10.69%, 8/2/29		168		168

Radiate Holdco LLC, Amendment No. 6 Term B Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.25%, 0.75% Floor), 8.69%, 9/25/26		31		26

				194

Capital Goods – 0.0%

Kaman Corp., Term Loan,

3/27/31⁽¹⁵⁾		28		28

WEC US Holdings Ltd., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 2.75%), 8.08%, 1/27/31		30		30

				58

Chemicals – 0.2%

Chemours Company, The Tranche B-3 US$ Term Loan,

8/18/28⁽¹⁵⁾		5		5

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.83%, 8/18/28		37		37

Discovery Purchaser Corp., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.38%, 0.50% Floor), 9.71%, 10/4/29		174		173

Herens Holdco S.a r.l., Facility B,

(Floating, ICE CME Term SOFR USD 3M + 3.93%, 0.75% Floor), 9.33%, 7/3/28		34		32



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Chemicals – 0.2% continued

Momentive Performance Materials, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.50%), 9.83%, 3/29/28 ⁽¹⁶⁾		$55		$54

				301

Construction Materials – 0.0%

MI Windows and Doors LLC, 2024 Incremental Term Loan,

3/28/31⁽¹⁵⁾		25		25

Consumer Cyclical – 0.1%

Dynasty Acquisition Co., Inc., 2024 Specified Refinancing Term B-2 Loan,

8/24/28 ⁽¹⁵⁾		8		8

Dynasty Acquisition, Co., Inc., 2024 Specified Refinancing Term B-1 Loan,

8/24/28 ⁽¹⁵⁾		19		19

Groundworks LLC, Delayed Draw Term Loan,

3/14/31 ⁽¹⁵⁾		5		5

Groundworks LLC, Initial Term Loan,

3/14/31 ⁽¹⁵⁾		27		27

Motion Acquisition Limited, Facility B Loan,

11/12/29 ⁽¹⁵⁾		42		42

OMNIA Partners LLC, Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.75%), 9.07%, 7/25/30		16		16

				117

Consumer Services – 0.0%

Raptor Acquisition Corp., Term B Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.00%, 0.75% Floor), 9.59%, 11/1/26		25		25

Containers & Packaging – 0.0%

Trident TPI Holdings, Inc., Tranche B-5 Initial Term Loan Retired,

(Floating, ICE CME Term SOFR USD 3M + 4.50%, 0.50% Floor), 9.81%, 9/15/28		33		33

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

E-Commerce Discretionary – 0.0%

CNT Holdings I Corp., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.50%, 0.75% Floor), 8.82%, 11/8/27

$48

$48

Electrical Equipment – 0.1%

Indicor LLC, Tranche B Dollar Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.00%, 0.50% Floor), 9.30%, 11/22/29

TK Elevator Midco GmbH, Facility B2,

4/30/30 ⁽¹⁵⁾

182

210

Engineering & Construction – 0.1%

Brand Industrial Services, Inc., Tranche B Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 5.50%, 0.50% Floor), 10.81%, 8/1/30

219

220

Entertainment Content – 0.0%

Allen Media LLC, Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 5.50%), 10.96%, 2/10/27

Food – 0.0%

Chobani LLC, 2023 Additional Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.75%), 9.08%, 10/25/27

Health Care Facilities & Services – 0.1%

Gainwell Acquisition Corp., Term B Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.00%, 0.75% Floor), 9.41%, 10/1/27

125

120

LifePoint Health, Inc., 2023 Refinancing Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 5.50%), 11.09%, 11/16/28

Parexel International, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.25%, 0.50% Floor), 8.69%, 11/15/28

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Health Care Facilities & Services – 0.1% continued

Star Parent, Inc., Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.00%), 9.31%, 9/27/30

$96

$95

267

Home & Office Products – 0.1%

Hunter Douglas Holding B.V., Tranche B-1 Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.50%, 0.50% Floor), 8.82%, 2/26/29

SWF Holdings I Corp., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.00%, 0.75% Floor), 9.44%, 10/6/28

127

116

198

Home Construction – 0.0%

Chariot Buyer LLC, Amendment No. 2 Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.50% Floor), 9.08%, 11/3/28

Household Products – 0.0%

KDC/ONE Development Corp., Inc., Dollar Tranche Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 5.00%), 10.33%, 8/15/28

Industrial Intermediate Products – 0.0%

Chromalloy Corp., Term Loan,

3/21/31⁽¹⁵⁾

Industrial Support Services – 0.0%

BCPE Empire Holdings, Inc., Amendment No. 5 Refinancing Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.00%, 0.50% Floor), 9.33%, 12/11/28

PECF USS Intermediate Holding III Corp., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.25%, 0.50% Floor), 9.82%, 12/15/28



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Institutional Financial Services – 0.1%

Deerfield Dakota Holding LLC, 2021 Replacement Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 6.75%), 12.32%, 4/7/28		$88		$87

Deerfield Dakota Holding LLC, Initial Dollar Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.75%, 1.00% Floor), 9.06%, 4/9/27		5		5

				92

Insurance – 0.4%

Asurion LLC, New B-4 Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 5.25%), 10.69%, 1/20/29		330		294

Truist Insurance Holdings LLC, Term Loan,

3/8/32⁽¹⁵⁾		263		264

Truist Insurance Holdings LLC, Term Loan B,

3/24/31⁽¹⁵⁾		114		114

				672

Internet Media & Services – 0.2%

Endurance International Group Holdings, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.50%, 0.75% Floor), 9.42%, 2/10/28		24		24

MH Sub I LLC, 2023 May Incremental Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.25%, 0.50% Floor), 9.58%, 5/3/28		185		183

Stubhub Holdco Sub LLC, Extended USD Term B Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.75%), 10.08%, 3/15/30		106		106

				313

Leisure Facilities & Services – 0.1%

Scientific Games Holdings L.P., Initial Dollar Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.25%, 0.50% Floor), 8.58%, 4/4/29		74		74



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Leisure Facilities & Services – 0.1% continued

UFC Holdings LLC, Term B-3 Loan,

(Floating, ICE CME Term SOFR USD 3M + 2.75%, 0.75% Floor), 8.34%, 4/29/26		$63		$63

				137

Machinery – 0.2%

CD&R Hydra Buyer, Inc., First Refinancing Term Loan,

3/25/31 ⁽¹⁵⁾		48		48

Husky Injection Molding Systems Ltd., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.00%), 8.44%, 3/28/25		220		220

Husky Injection Molding Systems Ltd., Term Loan B,

2/1/29 ⁽¹⁵⁾		85		85

SPX Flow, Inc., Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.50%, 0.50% Floor), 9.93%, 4/5/29		105		105

				458

Medical Equipment & Devices – 0.0%

Avantor Funding, Inc., 2021 Incremental B-5 Dollar Term Loan Retired,

(Floating, ICE CME Term SOFR USD 1M + 2.25%, 0.50% Floor), 7.68%, 11/8/27		6		6

Oil & Gas Producers – 0.2%

New Fortress Energy, Inc., Initial Term Loan,

10/30/28 ⁽¹⁵⁾		8		8

(Floating, ICE CME Term SOFR USD 3M + 5.00%, 0.75% Floor), 10.32%, 10/30/28		223		224

NGL Energy Operating LLC, Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.50%), 9.83%, 2/3/31		40		40

				272

Other Financial – 0.0%

PG Polaris BidCo S.a.r.l., Initial Term Loan,

3/26/31⁽¹⁵⁾		60		60



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Publishing & Broadcasting – 0.3%

Clear Channel International B.V., Tranche 1,

3/11/27 ⁽¹⁵⁾		$216		$215

(Floating, ICE FIXED USD 1M + 7.50%), 7.50%, 3/11/27		100		99

Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.00%), 9.44%, 8/21/28		165		165

				479

Real Estate Services – 0.0%

Cushman & Wakefield U.S. Borrower LLC, 2023-2 Refinancing Term Loan Retired,

(Floating, ICE CME Term SOFR USD 1M + 4.00%, 0.50% Floor), 9.33%, 1/31/30		20		20

Retail - Discretionary – 0.2%

Champions Holdco, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.75%), 10.07%, 2/23/29		55		55

Foundation Building Materials, Inc., 2024 Incremental Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.00%), 9.31%, 1/29/31		20		20

Staples, Inc., 2019 Refinancing New Term B-1 Loan,

(Floating, ICE Synthetic LIBOR USD 1M + 5.00%), 10.44%, 4/16/26		71		70

Wand Newco 3, Inc., 2024 Refinancing Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.75%), 9.08%, 1/30/31		180		181

White Cap Supply Holdings LLC, Initial Closing Date Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.50% Floor), 9.08%, 10/19/27		41		41

				367

Software – 1.1%

Ascend Learning LLC, Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.93%, 12/11/28		43		43



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Software – 1.1% continued

athenahealth Group, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.25%, 0.50% Floor), 8.58%, 2/15/29		$505		$499

Boxer Parent Company, Inc., 2028 Extended Dollar Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.25%), 9.58%, 12/29/28		61		61

Cloud Software Group, Inc., Dollar Term B Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.50%, 0.50% Floor), 9.91%, 3/30/29		154		153

Cloud Software Group, Inc., Term A Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.50%, 0.50% Floor), 9.91%, 9/29/28		49		49

Cloud Software Group, Inc., Third Amendment Term Loan,

3/21/31 ⁽¹⁵⁾		81		80

Cloudera, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 6.00%), 11.43%, 10/8/29 ⁽¹⁶⁾		147		146

McAfee Corp., Tranche B-1 Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.50% Floor), 9.18%, 3/1/29		41		41

Polaris Newco LLC, Dollar Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.00%, 0.50% Floor), 9.57%, 6/2/28		39		38

Project Alpha Intermediate Holding, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.75%, 0.50% Floor), 10.06%, 10/28/30		20		20

Proofpoint, Inc., Initial Term Loan,

8/31/28 ⁽¹⁵⁾		32		32

RealPage, Inc., Initial Loan,

(Floating, ICE CME Term SOFR USD 1M + 6.50%, 0.75% Floor), 11.94%, 4/23/29		317		314



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Software – 1.1% continued

UKG, Inc., 2021 Incremental Term Retired,

(Floating, ICE CME Term SOFR USD 3M + 5.25%), 10.68%, 5/3/27		$551		$555

				2,031

Technology – 0.4%

Applied Systems, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 5.25%), 10.56%, 2/23/32		43		45

Cotiviti Holdings, Inc., Fixed Rate Term Loan,

2/21/31⁽¹⁵⁾		589		590

Ellucian Holdings, Inc., Term B-1 Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.93%, 10/9/29		29		29

Genesys Cloud Services Holdings I LLC, 2024 Incremental Dollar Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.75% Floor), 9.19%, 12/1/27		44		44

				708

Technology Hardware – 0.0%

ViaSat, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.50%, 0.50% Floor), 9.93%, 5/30/30		57		55

Technology Services – 0.4%

Boost Newco Borrower LLC, Initial USD Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.00%), 8.31%, 1/31/31		25		25

CoreLogic, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.94%, 6/2/28		30		29

Peraton Corp., Term B-1 Loan,

(Floating, ICE CME Term SOFR USD 3M + 7.75%, 0.75% Floor), 13.18%, 2/1/29		190		190

Sabre GLBL, Inc., 2021 Other Term B-1 Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.94%, 12/17/27		4		4



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Technology Services – 0.4% continued

Sabre GLBL, Inc., 2021 Other Term B-2 Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.94%, 12/17/27		$7		$6

Verscend Holding Corp., Term B-1 Loan,

(Floating, ICE CME Term SOFR USD 1M + 4.00%), 9.44%, 8/27/25		396		396

				650

Telecommunications – 0.1%

Altice France S.A., USD TLB-14 Loan,

(Floating, ICE CME Term SOFR USD 3M + 5.50%), 10.81%, 8/15/28		45		36

Connect Finco S.a.r.l., Term Loan B,

9/27/29⁽¹⁵⁾		38		38

Consolidated Communications, Inc., Term B-1 Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.75% Floor), 8.94%, 10/2/27		50		47

Level 3 Financing, Inc., Tranche B 2027 Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 1.75%), 7.19%, 3/1/27		27		27

Zayo Group Holdings, Inc., Initial Dollar Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.00%), 8.44%, 3/9/27		3		2

				150

Transportation & Logistics – 0.1%

AAdvantage Loyality IP Ltd., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 4.75%, 0.75% Floor), 10.33%, 4/20/28		120		124

Apple Bidco LLC, Amendment No. 3 Term Loan,

(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.83%, 9/22/28		12		12

Brown Group Holding LLC, Incremental Term B-2 Facility,

(Floating, ICE CME Term SOFR USD 3M + 3.00%, 0.50% Floor), 8.31%, 7/2/29		7		7



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

TERM LOANS - 4.8% ⁽⁶⁾ continued

Transportation & Logistics – 0.1% continued

(Floating, ICE CME Term SOFR USD 1M + 3.00%, 0.50% Floor), 8.33%, 7/2/29		$5		$5

(Floating, ICE CME Term SOFR USD 3M + 3.00%, 0.50% Floor), 8.34%, 7/2/29		4		4

WestJet Loyalty L.P., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 3.75%), 9.07%, 2/14/31		100		100

				252

Wholesale - Consumer Staples – 0.1%

Northeast Grocery, Inc., Initial Term Loan,

(Floating, ICE CME Term SOFR USD 3M + 7.50%, 1.00% Floor), 12.83%, 12/13/28		125		125

Total Term Loans

(Cost $8,988)				9,136

	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS – 3.0%

Chemicals – 0.1%

Cornerstone Chemical Co.^{(11) (12) *}		602		$2

Utex Industries, Inc.^{(11) (12) *}		2,200		156

				158

Construction Materials – 0.0%

Hardwood Holdings LLC^{(12) *}		187		9

Containers & Packaging – 0.0%

Crown Holdings, Inc.		726		58

Distributors – 0.5%

ATD New Holdings, Inc.^{(11) (12) *}		22,076		951

Electrical Equipment – 0.1%

Sensata Technologies Holding PLC		2,108		77

Energy Equipment & Services – 0.0%

Nine Energy Service, Inc.*		250		1

Parker Drilling Co.*		265		2

				3

Gas Utilities – 0.0%

Ferrellgas Partners L.P., Class B		182		41

Hotels, Restaurants & Leisure – 0.0%

Aramark		1,412		46

Media – 0.0%

iHeartMedia, Inc., Class A*		419		1



	NUMBER OF SHARES		VALUE (000S)

COMMON STOCKS - 3.0% continued

Metals & Mining – 2.1%

Constellium S.E.*		7,501		$166

Real Alloy Parent, Inc.^{(11) (12)}		48		3,774

				3,940

Oil, Gas & Consumable Fuels – 0.1%

Cloud Peak Energy, Inc.^{(12) *}		20		—

Superior Energy Services^{(11) (12) *}		862		68

				68

Pharmaceuticals – 0.0%

Mallinckrodt PLC^{(12) *}		416		18

Professional Services – 0.0%

Skillsoft Corp.*		1,843		17

Specialized Real Estate Investment Trusts – 0.1%

VICI Properties, Inc.		6,240		186

Specialty Finance – 0.0%

Carnelian Point Holdings L.P.^{(11) (12) *}		50		59

Technology Hardware, Storage & Peripherals – 0.0%

Diebold Nixdorf, Inc.*		372		13

Wireless Telecommunication Services – 0.0%

Intelsat S.A./Luxembourg^{(11) (12)}		1,201		32

Total Common Stocks

(Cost $3,528)				5,677


MASTER LIMITED PARTNERSHIPS – 0.0%

Oil, Gas & Consumable Fuels – 0.0%

NGL Energy Partners L.P.*		4,593		26

Total Master Limited Partnerships

(Cost $24)				26


PREFERRED STOCKS – 0.0 %

Oil, Gas & Consumable Fuels – 0.0%

Global Partners L.P./MA, 9.50%		757		20

Total Preferred Stocks

(Cost $19)				20


OTHER – 0.0%

Basic Energy Services, Inc.^{(11) (13) *}		25,000		—

Escrow Appvion, Inc.^{(11) (12) *}		225,000		—

Escrow Cloud Peak Energy, Inc.^{(11) (12) *}		250,000		—

Escrow GenOn Energy, Inc.^{(11) (12) *}		25,000		—

Escrow Hertz (The) Corp.^{(1) (11) *}		125,000		4

NUMBER

OF SHARES

VALUE

(000S)

OTHER - 0.0 % continued

Escrow Washington Mutual Bank^{(11) (12) *}

250,000

RP Escrow Issuer
LLC^{(1) (11) (12) *}

1,100,000

—

Total Other

(Cost $112)

NUMBER

OF WARRANTS

VALUE

(000S)

WARRANTS – 0.0 %

California Resources Corp., Exp. 10/27/24,
Strike $36.00*

Utex Industries, Inc., Exp. 12/31/49,
Strike $0.00^{(11) (12) *}

5,500

Total Warrants

(Cost $—)

NUMBER

OF SHARES

VALUE

(000S)

INVESTMENT COMPANIES – 3.8 %

Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.13%^{(17) (18)}

7,277,307

$7,277

Total Investment Companies

(Cost $7,277)

7,277

Total Investments – 99.8%

(Cost $192,899)

189,314

Other Assets less Liabilities – 0.2%

297

NET ASSETS – 100.0%

$189,611

⁽¹⁾

⁽²⁾

Zero coupon bond.

⁽³⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2024.

⁽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, 2024.

⁽⁵⁾

Perpetual bond. Maturity date represents next call date.

⁽⁶⁾

Variable or floating rate security. Rate as of March 31, 2024 is disclosed.

⁽⁷⁾

Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽⁸⁾

Issuer has defaulted on terms of debt obligation.

⁽⁹⁾

Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽¹⁰⁾

⁽¹¹⁾

Restricted security that has been deemed illiquid. At March 31, 2024, the value of these restricted illiquid securities amounted to approximately $10,175,000 or 5.4% of net assets. Additional information on these restricted illiquid securities is as follows:



SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)

ATD New Holdings, Inc.	1/9/19		$470

Basic Energy Services, Inc.	9/25/18		2

Carnelian Point Holdings L.P.	9/21/22		115

Carnelian Point Holdings L.P., 5.00%, 6/30/28	7/5/22-1/30/24		53

Cornerstone Chemical Co.	1/26/24		25

Digicel Group Holdings Ltd., 0.00%,12/31/30	12/14/23		7

Escrow Appvion, Inc.	8/24/18		—

Escrow Cloud Peak Energy, Inc.	7/29/16-12/11/18		110

Escrow GenOn Energy, Inc.	12/19/18		—

Escrow Hertz (The) Corp.	7/1/21		—

Escrow Washington Mutual Bank	10/11/17		—

Intelsat S.A./Luxembourg	6/6/19-7/3/23		106

Murray Energy Corp., 12.00%, 4/15/24	7/3/18-4/18/19		397

New Star Metals, Inc., 8.00%, 7/9/26	7/23/18-12/29/23		1,443

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.	5/31/18		1,738

RP Escrow Issuer LLC	12/18/20		—

Specialty Steel Supply, Inc., 3.75%, 11/15/26	6/2/21		2,490

Sterling Entertainment Group LLC, 3.75%, 1/15/25	12/27/17		1,108

Superior Energy Services	9/19/17-2/1/21		52

Utex Industries, Inc.	12/3/20		108

Utex Industries, Inc., Exp. 12/31/49, Strike $0.00	12/3/20		—

⁽¹²⁾

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

⁽¹³⁾

Value rounds to less than one thousand.

⁽¹⁴⁾

Principal Amount and Value rounds to less than one thousand.

⁽¹⁵⁾

Position is unsettled. Contract rate was not determined at March 31, 2024 and does not take effect until settlement date.

⁽¹⁶⁾

Restricted security.

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, 2024, the Fund had outstanding forward foreign currency exchange contracts as follows:

COUNTERPARTY

CONTRACTS

DELIVER

CURRENCY

AMOUNT

(LOCAL

CURRENCY)

(000S)

EXCHANGE

FOR

CURRENCY

AMOUNT

(LOCAL

CURRENCY)

(000S)

SETTLEMENT
DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)
(000S)

BNP

Euro

276

United States
Dollar

302

6/20/24

Morgan Stanley

British Pound

United States
Dollar

109

6/20/24

Subtotal Appreciation

Total

As of March 31, 2024, 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

0.0329%

5.00%⁽¹⁾

Markit CDX N.A. High Yield Index Series 42⁽¹⁾

USD

400,000

6/20/29

$28

$ –*

Total

$28

$—*

⁽¹⁾

Payment frequency is quarterly.

*	Amount rounds to less than one thousand.

At March 31, 2024, the Fund’s investments were denominated in the following currencies:



CONCENTRATION BY CURRENCY	% OF NET ASSETS

United States Dollar		99.4	%

All other currencies less than 5%		0.4

Total Investments		99.8

Other Assets less Liabilities		0.2

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)

Assets

Convertible Bonds	$	—	$	459	$	—	$	459

Corporate bonds:

Entertainment Content		—		1,164		1,082		2,246

Industrial Intermediate Products		—		2,080		1,476		3,556

Specialty Finance		—		5,120		57		5,177

Steel		—		1,815		2,490		4,305

All Other Industries⁽¹⁾		—		134,060		—		134,060

Total Corporate Bonds		—		144,239		5,105		149,344



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

Foreign Issuer Bonds:

Telecommunications	$	—	$	2,208	$	6	$	2,214

All Other Industries⁽¹⁾		—		15,138		—		15,138

Total Foreign Issuer Bonds		—		17,346		6		17,352

Term Loans⁽¹⁾		—		9,136		—		9,136

Common Stocks:

Chemicals		—		—		158		158

Construction Materials		—		—		9		9

Distributors		—		—		951		951

Energy Equipment & Services		1		2		—		3

Metals & Mining		166		—		3,774		3,940

Oil, Gas & Consumable Fuels		—		—		68		68

Pharmaceuticals		—		—		18		18

Specialty Finance		—		—		59		59

Wireless Telecommunication Services		—		—		32		32

All Other Industries⁽¹⁾		439		—		—		439

Total Common Stocks		606		2		5,069		5,677



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

Master Limited Partnerships	$	26	$	—		$	—	$	26

Preferred Stocks		20		—			—		20

Other		—		4			3		7

Warrants		1		—			15		16

Investment Companies		7,277		—			—		7,277

Total Investments		7,930		171,186			10,198		189,314

OTHER FINANCIAL INSTRUMENTS

Assets

Forward Foreign Currency Exchange Contracts	$	—	$	4		$	—	$	4

Centrally Cleared Credit Default Swap Agreements		—		—	*		—		—	*

Total Other Financial Instruments	$	—	$	4		$	—	$	4

⁽¹⁾

Classifications as defined in the Schedule of Investments.

*	Amount rounds to less than one thousand.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:



	BALANCE AS OF 3/31/23 (000S)		ACCRUED DISCOUNTS (PREMIUMS) (000S)			REALIZED GAIN (LOSS) (000S)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			PURCHASES (000S)		SALES (000S)			TRANSFERS INTO LEVEL 3 (000S)		TRANSFERS OUT OF LEVEL 3 (000S)		BALANCE AS OF 3/31/24 (000S)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS STILL HELD AT 3/31/24 (000S)

Convertible Bonds

Oil & Gas Producers		$19		$—			$—			$(16	)		$—*		$(3	)		$—		$—		$—		$—

Corporate Bonds

Entertainment Content		1,074		—			—			8			—		—			—		—		1,082		8

Industrial Intermediate Products		1,292		(16	)		—			23			177		—			—		—		1,476		23

Specialty Finance		—		—			—			—			—		—			57		—		57		4

Steel		2,670		—			—			—			—		(180	)		—		—		2,490		—

Foreign Issuer Bonds

Telecommunications		—		—			1			—*			8		(3	)		—		—		6		—*

Common Stocks

Chemicals		218		—			—			(85	)		25		—			—		—		158		(85	)

Construction Materials		16		—			—			(7	)		—		—			—		—		9		(7	)

Distributors		—		—			—			—			—		—			951		—		951		(258	)

Metals & Mining		4,026		—			—			(252	)		—		—			—		—		3,774		(252	)

Oil, Gas & Consumable Fuels		180		—			(230	)		254			—		(136	)		—		—		68		8



	BALANCE AS OF 3/31/23 (000S)		ACCRUED DISCOUNTS (PREMIUMS) (000S)			REALIZED GAIN (LOSS) (000S)			CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S)			PURCHASES (000S)		SALES (000S)			TRANSFERS INTO LEVEL 3 (000S)		TRANSFERS OUT OF LEVEL 3 (000S)		BALANCE AS OF 3/31/24 (000S)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS STILL HELD AT 3/31/24 (000S)

Pharmaceuticals		$—		$—			$—			$2			$16		$—			$—		$—		$18		$2

Specialty Finance		60		—			—			(1	)		—		—			—		—		59		(1	)

Wireless Telecommunication Services		29		—			—			3			—*		—			—		—		32		3

Rights		2		—			2			(2	)		—		(2	)		—		—		—		—

Other		15		—			12			(12	)		—		(12	)		—		—		3		(13	)

Warrants		103		—			—			(88	)		—		—			—		—		15		(88	)

Total		$9,704		$(16	)		$(215	)		$(173	)		$226		$(336	)		$1,008		$—		$10,198		$(656	)

*	Amount rounds to less than a thousand.

Securities valued at $136 included in the Balance as of 3/31/24 above were valued using evaluated prices provided by a third party provider. Securities valued at $10,062 included in the Balance as of 3/31/24 above were valued using prices provided by the Fund’s investment adviser’s pricing and valuation committee.



	FAIR VALUE AT 03/31/24 (000S)		VALUATION TECHNIQUES	UNOBSERVABLE INPUTS	RANGE (WEIGHTED AVERAGE)

Corporate Bonds		$5,048	Yield Analysis	Yield⁽²⁾	12.1-15.2% (13.9%)

		57	Recovery	Discount Rate⁽¹⁾	0.0%

Common Stocks		$4,881	Discounted Cash Flow / Market Comparables	Discount Rate / EV / EBITDA Multiple⁽¹⁾	12.0 - 14.2% (13.8%) / 4.9 - 11.8x (6.3x)

		61	Market Comparables	EV / EBITDA Multiple⁽¹⁾	4.8 - 11.7x (11.5x)

Warrants		$15	Black Scholes	Volatility⁽³⁾	30.0%

⁽¹⁾

The significant unobservable inputs that can be used in the fair value measurement are; Discount Rate and EBITDA Multiple. Significant increases (decreases) in the discount rate in isolation would have resulted in a significantly lower (higher) fair value measurement while an increase (decrease) in EBITDA multiple in isolation would have resulted in a significantly higher (lower) fair value measurement.

⁽²⁾

The significant unobservable inputs that can be used in the fair value measurement are; Yield. Significant decreases (increase) in yield would have resulted in a significantly higher (lower) fair value measurement.

⁽³⁾

Black-Scholes volatility, also known as implied volatility, is the value of the volatility of the underlying asset that makes the Black-Scholes model match the market price of an option. It is an estimate of the future variability for the asset underlying the option. It is calculated as the annualized standard deviation of the natural logarithms of periodic stock price changes over the option’s expected term.


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 6.4%

Auto Loan – 1.4%

BMW Vehicle Lease Trust, Series 2024-1, Class A4

5.00%, 6/25/27		$700		$698

Ford Credit Auto Lease Trust, Series 2023-B, Class A3

5.91%, 10/15/26		945		951

Honda Auto Receivables Owner Trust, Series 2023-3, Class A3

5.41%, 2/18/28		1,080		1,085

Honda Auto Receivables Owner Trust, Series 2024-1, Class A3

5.21%, 8/15/28		338		340

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3

4.51%, 11/15/27		410		406

World Omni Auto Receivables Trust, Series 2024-A, Class A3

4.86%, 3/15/29		320		319

				3,799

Credit Card – 4.0%

American Express Credit Account Master Trust, Series 2022-1, Class A

2.21%, 3/15/27		1,900		1,845

American Express Credit Account Master Trust, Series 2022-2, Class A

3.39%, 5/15/27		2,100		2,057

Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1

0.55%, 7/15/26		5,000		4,926

Discover Card Execution Note Trust, Series 2021-A1, Class A1

0.58%, 9/15/26		1,300		1,271

Synchrony Card Funding LLC, Series 2023-A1, Class A

5.54%, 7/15/29		180		182

Synchrony Card Funding LLC, Series 2024-A1, Class A

5.04%, 3/15/30		236		236

WF Card Issuance Trust, Series 2024-A1, Class A

4.94%, 2/15/29		420		420

				10,937

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

ASSET-BACKED SECURITIES - 6.4% continued

Other – 1.0%

Verizon Master Trust, Series 2021-1, Class A

0.50%, 5/20/27

$2,760

$2,740

Total Asset-Backed Securities

(Cost $17,688)

17,476

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.5 %

Non Agency – 1.5%

JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4

3.23%, 10/15/48

4,090

3,982

Total Commercial Mortgage-Backed Securities

(Cost $4,152)

3,982

CORPORATE BONDS – 20.2 %

Asset Management – 1.4%

Blackstone Private Credit Fund,

7.05%, 9/29/25

900

914

Blue Owl Credit Income Corp.,

5.50%, 3/21/25

1,200

1,191

Charles Schwab (The) Corp.,

5.88%, 8/24/26

1,000

1,017

FS KKR Capital Corp.,

3.40%, 1/15/26

500

475

Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,

4.75%, 9/15/24

310

308

3,905

Automotive – 0.9%

Ford Motor Credit Co. LLC,

3.38%, 11/13/25

260

250

General Motors Financial Co., Inc.,

4.00%, 10/6/26

950

922

Nissan Motor Acceptance Co. LLC,

2.00%, 3/9/26 ⁽¹⁾

1,300

1,204

2,376

Banking – 4.4%

Bank of America Corp.,

(Variable, U.S. SOFR + 0.96%), 1.73%, 7/22/27 ⁽²⁾

1,000

922

(Variable, U.S. SOFR + 1.34%), 5.93%, 9/15/27 ⁽²⁾

1,000

1,014



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.2% continued

Banking – 4.4% continued

(Variable, U.S. SOFR + 1.63%), 5.20%, 4/25/29⁽²⁾		$1,610		$1,611

Citigroup, Inc.,

(Variable, U.S. SOFR + 0.67%), 0.98%, 5/1/25⁽²⁾		1,200		1,195

Citizens Financial Group, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.50%), 4.30%, 2/11/31⁽²⁾		30		27

JPMorgan Chase & Co.,

(Variable, CME Term SOFR 3M + 0.70%), 1.04%, 2/4/27⁽²⁾		60		56

(Variable, U.S. SOFR + 0.77%), 1.47%, 9/22/27⁽²⁾		1,000		912

(Variable, U.S. SOFR + 1.56%), 4.32%, 4/26/28⁽²⁾		1,710		1,671

KeyBank N.A.,

4.70%, 1/26/26		950		928

PNC Financial Services Group (The), Inc.,

(Variable, U.S. SOFR Compounded Index + 1.73%), 6.62%, 10/20/27⁽²⁾		635		654

Santander Holdings U.S.A., Inc.,

(Variable, U.S. SOFR + 2.33%), 5.81%, 9/9/26⁽²⁾		500		500

Truist Financial Corp.,

(Variable, U.S. SOFR + 1.46%), 4.26%, 7/28/26⁽²⁾		1,000		984

Wells Fargo & Co.,

(Variable, U.S. SOFR + 0.51%), 0.81%, 5/19/25⁽²⁾		380		377

(Floating, U.S. SOFR + 1.32%), 6.68%, 4/25/26⁽³⁾		700		706

Wells Fargo Bank N.A.,

5.25%, 12/11/26		500		502

				12,059

Containers & Packaging – 0.4%

Graphic Packaging International LLC,

4.75%, 7/15/27⁽¹⁾		1,180		1,139

Electric Utilities – 1.4%

American Electric Power Co., Inc.,

1.00%, 11/1/25		675		629

Calpine Corp.,

4.50%, 2/15/28⁽¹⁾		300		285

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 20.2% continued

Electric Utilities – 1.4% continued

DTE Energy Co.,

1.05%, 6/1/25

$1,660

$1,576

Vistra Operations Co. LLC,

5.13%, 5/13/25⁽¹⁾

1,400

1,388

3,878

Electrical Equipment – 0.5%

Carrier Global Corp.,

5.80%, 11/30/25

480

483

Otis Worldwide Corp.,

2.06%, 4/5/25

815

788

1,271

Entertainment Content – 0.1%

Take-Two Interactive Software, Inc.,

3.55%, 4/14/25

160

157

Food – 0.4%

General Mills, Inc.,

4.70%, 1/30/27

380

377

JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,

5.50%, 1/15/30

600

591

Lamb Weston Holdings, Inc.,

4.88%, 5/15/28⁽¹⁾

220

214

1,182

Health Care Facilities & Services – 0.3%

Catalent Pharma Solutions, Inc.,

5.00%, 7/15/27⁽¹⁾

460

453

Cigna Group (The),

1.25%, 3/15/26

242

224

677

Home Construction – 0.1%

Forestar Group, Inc.,

5.00%, 3/1/28⁽¹⁾

370

356

Household Products – 0.5%

Haleon UK Capital PLC,

3.13%, 3/24/25

1,500

1,464

Institutional Financial Services – 1.3%

Coinbase Global, Inc.,

3.38%, 10/1/28⁽¹⁾

600

513

Morgan Stanley,

3.88%, 1/27/26

1,000

977

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 20.2% continued

Institutional Financial Services – 1.3% continued

State Street Corp.,

5.27%, 8/3/26

$2,000

$2,012

3,502

Insurance – 0.7%

Corebridge Financial, Inc.,

3.50%, 4/4/25

300

294

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,

7.63%, 100% Cash,
10/15/25 ^{(1) (4)}

621

614

Principal Financial Group, Inc.,

3.10%, 11/15/26

1,000

952

1,860

Leisure Facilities & Services – 0.2%

Hyatt Hotels Corp.,

5.75%, 1/30/27

400

407

Machinery – 0.3%

CNH Industrial Capital LLC,

3.95%, 5/23/25

460

452

Stanley Black & Decker, Inc.,

3.40%, 3/1/26

500

482

934

Medical Equipment & Devices – 0.5%

Baxter International, Inc.,

2.60%, 8/15/26

500

471

GE HealthCare Technologies, Inc.,

5.60%, 11/15/25

1,000

1,003

1,474

Oil & Gas Producers – 1.7%

Continental Resources, Inc.,

2.27%, 11/15/26⁽¹⁾

100

ONEOK, Inc.,

5.55%, 11/1/26

2,210

2,231

Pioneer Natural Resources Co.,

1.13%, 1/15/26

1,160

1,080

Plains All American Pipeline L.P.,

(Variable, CME Term SOFR 3M + 4.37%), 9.68%, 5/2/24^(3)
(5)

525

522

Williams (The) Cos., Inc.,

5.40%, 3/2/26

730

732

4,657



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 20.2% continued

Real Estate Investment Trusts – 1.2%

American Tower Corp.,

2.40%, 3/15/25		$945		$916

1.30%, 9/15/25		940		886

Equinix, Inc.,

2.90%, 11/18/26		500		469

Healthpeak OP LLC,

3.25%, 7/15/26		50		48

Simon Property Group L.P.,

3.25%, 11/30/26		1,000		956

				3,275

Retail - Consumer Staples – 0.0%

Dollar General Corp.,

4.15%, 11/1/25		100		98

Semiconductors – 0.0%

Intel Corp.,

4.88%, 2/10/26		65		65

Software – 0.4%

Oracle Corp.,

2.65%, 7/15/26		1,000		947

Specialty Finance – 1.7%

Ally Financial, Inc.,

5.80%, 5/1/25		1,000		998

American Express Co.,

4.90%, 2/13/26		500		498

Aviation Capital Group LLC,

1.95%, 1/30/26 ⁽¹⁾		1,100		1,027

Starwood Property Trust, Inc.,

7.25%, 4/1/29 ⁽¹⁾		1,001		1,009

Synchrony Financial,

4.88%, 6/13/25		870		857

7.25%, 2/2/33		225		224

				4,613

Steel – 0.2%

Nucor Corp.,

3.95%, 5/23/25		410		404

Technology Services – 0.1%

Fiserv, Inc.,

3.20%, 7/1/26		200		192

Global Payments, Inc.,

1.20%, 3/1/26		190		176

				368

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 20.2% continued

Telecommunications – 0.9%

T-Mobile U.S.A., Inc.,

3.50%, 4/15/25

$1,700

$1,667

Verizon Communications, Inc.,

0.85%, 11/20/25

790

736

2,403

Transportation & Logistics – 0.1%

United Airlines Pass Through Trust, Series 2020-1, Class B,

4.88%, 1/15/26

267

263

Wholesale - Consumer Staples – 0.5%

Bunge Ltd. Finance Corp.,

1.63%, 8/17/25

1,310

1,241

Total Corporate Bonds

(Cost $55,901)

54,975



FOREIGN ISSUER BONDS – 10.1%

Asset Management – 0.4%

UBS Group A.G.,

(Variable, U.S. SOFR + 3.34%), 6.37%, 7/15/26^{(1) (2)}	1,000	1,007

Banking – 5.5%

Australia & New Zealand Banking Group Ltd.,

5.09%, 12/8/25	250	250

Banco Bilbao Vizcaya Argentaria S.A.,

5.38%, 3/13/29	800	808

Bank of Montreal,

(Floating, U.S. SOFR Compounded Index + 0.62%), 6.00%, 9/15/26⁽³⁾	100	100

Bank of Nova Scotia (The),

4.50%, 12/16/25	300	295

Barclays PLC,

(Variable, U.S. SOFR + 1.49%), 5.67%, 3/12/28⁽²⁾	1,280	1,284

BPCE S.A.,

1.00%, 1/20/26⁽¹⁾	490	454

Cooperatieve Rabobank U.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%), 1.34%, 6/24/26^{(1) (2)}	1,950	1,852



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 10.1% continued


Banking – 5.5% continued

Danske Bank A/S,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.18%), 6.26%, 9/22/26^{(1) (2)}		$480		$485

HSBC Holdings PLC,

(Variable, U.S. SOFR + 1.57%), 5.89%, 8/14/27⁽²⁾		500		505

Lloyds Banking Group PLC,

(Floating, U.S. SOFR Compounded Index + 1.58%), 6.97%, 1/5/28⁽³⁾		1,690		1,708

Mitsubishi UFJ Financial Group, Inc.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.55%), 0.95%, 7/19/25⁽²⁾		1,450		1,428

National Australia Bank Ltd.,

4.75%, 12/10/25		860		857

2.50%, 7/12/26		750		711

Nordea Bank Abp,

(Floating, U.S. SOFR + 0.96%), 6.34%, 6/6/25^(1) (3)		800		805

Royal Bank of Canada,

1.15%, 6/10/25		550		525

Societe Generale S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%), 5.52%, 1/19/28^{(1) (2)}		1,000		993

Standard Chartered PLC,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.05%), 6.17%, 1/9/27 ^{(1) (2)}		900		908

Sumitomo Mitsui Financial Group, Inc.,

5.46%, 1/13/26		1,000		1,004

				14,972

Electric Utilities – 0.3%

Drax Finco PLC,

6.63%, 11/1/25⁽¹⁾		400		396

Enel Finance International N.V.,

4.25%, 6/15/25⁽¹⁾		400		394

				790

Governmental Banks – 0.7%

Kreditanstalt fuer Wiederaufbau,

0.50%, 9/20/24		1,860		1,819

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 10.1% continued

Industrial Support Services – 0.4%

Element Fleet Management Corp.,

6.27%, 6/26/26⁽¹⁾

$1,050

$1,063

Local – 0.3%

Japan Finance Organization for Municipalities,

1.75%, 9/5/24⁽¹⁾

1,020

1,003

Sovereign Agencies – 0.4%

Kommunalbanken AS,

0.38%, 9/11/25⁽¹⁾

1,100

1,030

Specialty Finance – 0.9%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

1.75%, 1/30/26

1,070

999

goeasy Ltd.,

4.38%, 5/1/26⁽¹⁾

160

154

Macquarie Airfinance Holdings Ltd.,

6.40%, 3/26/29⁽¹⁾

1,300

1,320

2,473

Supranationals – 1.1%

European Investment Bank,

0.38%, 7/24/24

3,000

2,954

Transportation & Logistics – 0.1%

Air Canada,

3.88%, 8/15/26⁽¹⁾

320

306

Total Foreign Issuer Bonds

(Cost $27,803)

27,417

U.S. GOVERNMENT AGENCIES – 9.7% ⁽⁶⁾

Fannie Mae – 3.2%

Pool #555649,

7.50%, 10/1/32

Pool #AD0915,

5.50%, 12/1/38

Pool #AI3471,

5.00%, 6/1/41

Pool #BA6574,

3.00%, 1/1/31

448

427

Pool #BC0266,

3.50%, 2/1/31

394

380

Pool #BC1465,

2.50%, 7/1/31

258

242

Pool #BE0514,

2.50%, 11/1/31

776

725



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 9.7% ⁽⁶⁾ continued

Fannie Mae – 3.2% continued

Pool #BM1239,

3.50%, 2/1/32		$411		$396

Pool #BM4485,

3.00%, 9/1/30		673		649

Pool #BM5017,

3.00%, 3/1/30		386		369

Pool #BM5525,

4.00%, 3/1/31		78		77

Pool #BM5708,

3.00%, 12/1/29		52		50

Pool #FM1534,

4.50%, 9/1/49		668		649

Pool #FM1773,

3.00%, 12/1/31		327		314

Pool #FM1849,

3.50%, 12/1/33		392		377

Pool #FM1852,

3.00%, 7/1/33		488		465

Pool #FM1897,

3.00%, 9/1/32		355		339

Pool #FM3308,

3.00%, 4/1/32		1,054		1,011

Pool #FS2701,

2.50%, 2/1/35		724		679

Pool #FS4618,

4.50%, 2/1/51		763		733

Pool #FS4653,

5.50%, 5/1/53		645		642

Pool #MA3090,

3.00%, 8/1/32		192		181

				8,775

Freddie Mac – 6.1%

Freddie Mac REMICS, Series 4835, Class CA,

3.50%, 1/15/47		329		314

Pool #1B3617,

(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.92%, 1.92% Floor, 11.11% Cap), 6.17%, 10/1/37⁽³⁾		49		49

Pool #RA8880,

5.50%, 4/1/53		836		835

Pool #SB0084,

3.00%, 2/1/32		1,143		1,094



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 9.7% ⁽⁶⁾ continued

Freddie Mac – 6.1% continued

Pool #SB0093,

2.50%, 12/1/31		$2,325		$2,173

Pool #SB0215,

3.00%, 2/1/32		391		375

Pool #SB0216,

3.00%, 12/1/32		772		733

Pool #SB0329,

3.00%, 9/1/32		890		850

Pool #SD1360,

5.50%, 7/1/52		852		850

Pool #SD1959,

6.50%, 12/1/52		758		781

Pool #SD2342,

5.00%, 12/1/44		914		913

Pool #SD2665,

6.00%, 4/1/53		822		837

Pool #SD2902,

5.50%, 5/1/53		646		643

Pool #SD2922,

5.00%, 5/1/53		951		930

Pool #SD2999,

5.50%, 6/1/53		963		961

Pool #SD3133,

5.00%, 6/1/53		769		754

Pool #SD3136,

5.50%, 6/1/53		767		767

Pool #SD3174,

5.50%, 6/1/53		770		769

Pool #ZA2807,

2.50%, 2/1/28		55		53

Pool #ZK9070,

3.00%, 11/1/32		389		368

Pool #ZS6689,

2.50%, 4/1/28		171		163

Pool #ZS8598,

3.00%, 2/1/31		516		489

Pool #ZS8675,

2.50%, 11/1/32		804		746

				16,447

Freddie Mac Gold – 0.3%

Pool #A92650,

5.50%, 6/1/40		29		30

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

U.S. GOVERNMENT AGENCIES - 9.7% ⁽⁶⁾ continued

Freddie Mac Gold – 0.3% continued

Pool #E04360,

2.50%, 4/1/28

$212

$203

Pool #G18641,

3.00%, 4/1/32

146

138

Pool #G18647,

3.00%, 6/1/32

357

338

709

Government National Mortgage Association – 0.1%

Government National Mortgage Association, Series 2017-95, Class QG,

2.50%, 8/20/46

368

330

Total U.S. Government Agencies

(Cost $27,592)

26,261

U.S. GOVERNMENT OBLIGATIONS – 49.8

U.S. Treasury Notes – 49.8%

4.50%, 11/30/24

34,140

33,976

4.75%, 7/31/25

15,000

14,975

4.00%, 2/15/26

26,597

26,272

4.13%, 6/15/26

33,300

32,981

4.63%, 11/15/26

27,200

27,297

135,501

Total U.S. Government Obligations

(Cost $135,725)

135,501

MUNICIPAL BONDS – 0.5%

Florida – 0.5%

Florida State Board of Administration Finance Corp. Taxable Revenue Bonds, Series A,

1.26%, 7/1/25

1,100

1,049

Miami-Dade County Aviation Taxable Revenue Refunding Bonds, Series B,

1.23%, 10/1/25

500

472

1,521

Total Municipal Bonds

(Cost $1,600)

1,521

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 2.5%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

5.13%^{(7) (8)}

6,700,519

$6,701

Total Investment Companies

(Cost $6,701)

6,701

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.9%

U.S. Treasury Bills,

5.30%, 4/11/24^{(9) (10)}

$215

$214

5.18%, 6/13/24⁽⁹⁾

2,200

2,177

Total Short-Term Investments

(Cost $2,391)

2,391

Total Investments – 101.6%

(Cost $279,553)

276,225

Liabilities less Other Assets – (1.6%)

(4,474

)

NET ASSETS – 100.0%

$271,751

⁽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, 2024.

⁽³⁾

Variable or floating rate security. Rate as of March 31, 2024 is disclosed.

⁽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, 2024 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

IBOR - Interbank Offered Rates

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, 2024, 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

166

$33,944

Long

6/24

$(25)

5-Year U.S. Treasury Note

(60)

(6,421)

Long

6/24

(18)

Total

$(43)

⁽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, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		6.4	%

Commercial Mortgage-Backed Securities		1.5	%

Corporate Bonds		20.2	%

Foreign Issuer Bonds		10.1	%

U.S. Government Agencies		9.7	%

U.S. Government Obligations		49.8	%

Municipal Bonds		0.5	%

Investment Companies		2.5	%

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 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).

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⁾	$	—		$	17,476		$—	$	17,476
Commercial Mortgage-Backed Securities		—			3,982		—		3,982
Corporate Bonds⁽¹⁾		—			54,975		—		54,975
Foreign Issuer Bonds⁽¹⁾		—			27,417		—		27,417
U.S. Government Agencies⁽¹⁾		—			26,261		—		26,261
U.S. Government Obligations		—			135,501		—		135,501
Municipal Bonds⁽¹⁾		—			1,521		—		1,521
Investment Companies		6,701			—		—		6,701
Short-Term Investments		—			2,391		—		2,391

Total Investments	$	6,701		$	269,524		$—	$	276,225
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(43	)	$	—	$	—	$	(43	)

⁽¹⁾

Classifications as defined in the Schedule of Investments.

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

ASSET-BACKED SECURITIES – 1.1%

Auto Loan – 0.8%

BMW Vehicle Lease Trust, Series

2024-1, Class A4

5.00%, 6/25/27

$6,100

$6,083

CarMax Auto Owner Trust, Series

2024-1, Class A3

4.92%, 10/16/28

1,000

998

Ford Credit Auto Lease Trust, Series

2024-A, Class A4

5.05%, 6/15/27

1,000

997

Ford Credit Auto Owner Trust, Series

2023-C, Class A2A

5.68%, 9/15/26

2,000

2,003

GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A2A

5.74%, 9/16/26

917

918

Mercedes-Benz Auto Receivables Trust,

Series 2024-1, Class A3

4.80%, 4/16/29

6,000

5,976

World Omni Auto Receivables Trust,

Series 2024-A, Class A3

4.86%, 3/15/29

2,760

2,752

19,727

Credit Card – 0.3%

Synchrony Card Funding LLC, Series

2024-A1, Class A

5.04%, 3/15/30

2,250

2,248

WF Card Issuance Trust, Series

2024-A1, Class A

4.94%, 2/15/29

5,000

5,002

7,250

Other – 0.0%

CNH Equipment Trust, Series 2024-A, Class A3

4.77%, 6/15/29

1,120

1,114

Total Asset-Backed Securities

(Cost $28,144)

28,091

CORPORATE BONDS – 9 .7%

Asset Management – 0.4%

FS KKR Capital Corp.,

1.65%, 10/12/24

10,000

9,767


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS - 9.7% continued

Automotive – 0.7%

General Motors Financial Co., Inc.,

(Floating, U.S. SOFR + 0.62%), 5.97%, 10/15/24 ⁽¹⁾		$2,000		$2,000

Hyundai Capital America,

5.25%, 1/8/27 ⁽²⁾		5,000		4,997

Nissan Motor Acceptance Co. LLC,

1.13%, 9/16/24 ⁽²⁾		4,500		4,398

Toyota Motor Credit Corp.,

4.80%, 1/5/26		5,000		4,982

				16,377

Banking – 3.3%

Bank of America Corp.,

(Variable, U.S. SOFR + 1.29%), 5.08%, 1/20/27 ⁽³⁾		10,000		9,952

Citigroup, Inc.,

(Variable, U.S. SOFR + 0.69%), 2.01%, 1/25/26 ⁽³⁾		10,000		9,694

Citizens Bank N.A.,

(Variable, U.S. SOFR + 1.40%), 4.12%, 5/23/25 ⁽³⁾		5,000		4,981

Huntington National Bank (The),

(Variable, U.S. SOFR + 1.21%), 4.01%, 5/16/25 ⁽³⁾		5,000		4,981

JPMorgan Chase & Co.,

(Variable, U.S. SOFR + 0.98%), 3.85%, 6/14/25 ⁽³⁾		5,000		4,978

(Floating, U.S. SOFR + 0.77%), 6.15%, 9/22/27 ⁽¹⁾		11,400		11,395

KeyBank N.A.,

4.70%, 1/26/26		1,250		1,221

Santander Holdings U.S.A., Inc.,

(Variable, U.S. SOFR Compounded Index + 1.38%), 4.26%, 6/9/25 ⁽³⁾		9,500		9,446

Truist Financial Corp.,

(Floating, U.S. SOFR + 0.40%), 5.78%, 6/9/25 ⁽¹⁾		5,000		4,988

Wells Fargo & Co.,

(Variable, CME Term SOFR 3M + 1.09%), 2.41%, 10/30/25 ⁽³⁾		10,000		9,810

Wells Fargo Bank N.A.,

5.25%, 12/11/26		11,775		11,818

				83,264

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 9.7% continued

Biotechnology & Pharmaceuticals – 0.0%

Bristol-Myers Squibb Co.,

4.90%, 2/22/27

$170

$170

Consumer Services – 0.3%

Yale University,

0.87%, 4/15/25

7,633

7,257

Electric Utilities – 0.6%

Black Hills Corp.,

1.04%, 8/23/24

5,700

5,600

NextEra Energy Capital Holdings, Inc.,

5.75%, 9/1/25

10,000

10,040

15,640

Food – 0.5%

General Mills, Inc.,

4.70%, 1/30/27

1,666

1,652

Tyson Foods, Inc.,

3.95%, 8/15/24

10,000

9,941

11,593

Institutional Financial Services – 0.4%

Goldman Sachs Group (The), Inc.,

3.50%, 11/16/26

10,000

9,579

Insurance – 1.7%

Corebridge Financial, Inc.,

3.50%, 4/4/25

10,000

9,792

Metropolitan Life Global Funding I,

(Floating, U.S. SOFR + 0.30%),
5.68%, 9/27/24 ^(1)
(2)

5,000

5,003

New York Life Global Funding,

0.90%, 10/29/24 ⁽²⁾

8,600

8,379

(Floating, U.S. SOFR + 0.48%),
5.86%, 6/9/26 ^(1)
(2)

10,000

9,977

Security Benefit Global Funding,

1.25%, 5/17/24

9,300

9,240

42,391

Machinery – 0.2%

John Deere Capital Corp.,

4.50%, 1/8/27

5,000

4,962

Medical Equipment & Devices – 0.5%

Baxter International, Inc.,

1.32%, 11/29/24

5,000

4,857

Zimmer Biomet Holdings, Inc.,

1.45%, 11/22/24

7,600

7,396

12,253

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

CORPORATE BONDS - 9.7% continued

Retail - Discretionary – 0.2%

Home Depot (The), Inc.,

4.95%, 9/30/26

$4,515

$4,524

Semiconductors – 0.0%

Intel Corp.,

4.88%, 2/10/26

795

793

Specialty Finance – 0.8%

Air Lease Corp.,

0.80%, 8/18/24

10,000

9,810

Synchrony Financial,

4.88%, 6/13/25

10,000

9,852

19,662

Technology Services – 0.1%

Global Payments, Inc.,

1.50%, 11/15/24

3,450

3,362

Total Corporate Bonds

(Cost $243,354)

241,594

FOREIGN ISSUER BONDS – 11. 8 %

Banking – 9.5%

Banco Santander S.A.,

(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.45%), 5.74%, 6/30/24 ⁽³⁾

5,000

4,997

5.15%, 8/18/25

5,000

4,962

Bank of Montreal,

(Floating, U.S. SOFR Compounded
Index + 0.62%), 6.00%, 9/15/26 ⁽¹⁾

14,600

14,589

Bank of Nova Scotia (The),

(Floating, U.S. SOFR + 0.61%),
5.99%, 9/15/26 ⁽¹⁾

14,770

14,791

Banque Federative du Credit Mutuel S.A.,

(Floating, U.S. SOFR Compounded
Index + 0.41%),
5.77%, 2/4/25 ^(1) (2)

18,000

18,012

Commonwealth Bank of Australia,

(Floating, U.S. SOFR + 0.40%),
5.75%, 7/7/25 ^(1)
(2)

5,000

5,004

Cooperatieve Rabobank U.A.,

1.38%, 1/10/25

5,000

4,849

5.50%, 7/18/25

10,000

10,037

4.85%, 1/9/26

4,200

4,191


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 11.8% continued

Banking – 9.5% continued

Credit Suisse A.G.,

3.63%, 9/9/24		$5,000		$4,953

DBS Group Holdings Ltd.,

1.17%, 11/22/24 ⁽²⁾		15,000		14,583

(Floating, U.S. SOFR Compounded Index + 0.30%), 5.67%, 11/22/24 ^{(1) (2)}		5,000		5,001

Deutsche Bank A.G.,

(Floating, U.S. SOFR + 1.22%), 6.58%, 11/16/27 ⁽¹⁾		7,500		7,422

Federation des Caisses Desjardins du Quebec,

4.40%, 8/23/25 ⁽²⁾		5,000		4,939

ING Groep N.V.,

(Floating, U.S. SOFR Compounded Index + 1.01%), 6.39%, 4/1/27 ⁽¹⁾		23,800		23,880

Macquarie Bank Ltd.,

5.39%, 12/7/26 ⁽²⁾		5,000		5,027

Macquarie Group Ltd.,

(Floating, U.S. SOFR + 0.71%), 6.06%, 10/14/25 ^(1) (2)		15,740		15,728

Mizuho Financial Group, Inc.,

(Floating, U.S. SOFR + 0.96%), 6.33%, 5/22/26 ⁽¹⁾		10,000		10,038

National Bank of Canada,

(Variable, U.S. SOFR + 1.01%), 3.75%, 6/9/25 ⁽³⁾		9,160		9,120

Nationwide Building Society,

(Floating, U.S. SOFR + 1.29%), 6.65%, 2/16/28 ^(1) (2)		9,300		9,310

NatWest Markets PLC,

(Floating, U.S. SOFR + 0.76%), 6.14%, 9/29/26 ^(1) (2)		7,800		7,764

Royal Bank of Canada,

(Floating, U.S. SOFR Compounded

Index + 0.59%), 5.95%, 11/2/26 ⁽¹⁾		10,000		9,996

Sumitomo Mitsui Financial Group, Inc.,

5.46%, 1/13/26		10,000		10,035

(Floating, U.S. SOFR + 0.88%), 6.23%, 1/14/27 ⁽¹⁾		9,880		9,888

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

FOREIGN ISSUER BONDS - 11.8% continued

Banking – 9.5% continued

Toronto-Dominion Bank (The),

(Floating, U.S. SOFR + 0.35%),
5.73%, 9/10/24 ⁽¹⁾

$5,000

$5,003

5.10%, 1/9/26

5,000

5,010

239,129

Institutional Financial Services – 0.4%

Nomura Holdings, Inc.,

5.71%, 1/9/26

10,000

10,029

Oil & Gas Producers – 0.3%

TransCanada PipeLines Ltd.,

1.00%, 10/12/24

7,910

7,712

Specialty Finance – 0.4%

AerCap Ireland Capital DAC/AerCap

Global Aviation Trust,

1.65%, 10/29/24

10,000

9,756

Transportation & Logistics – 0.8%

Canadian Pacific Railway Co.,

1.35%, 12/2/24

20,000

19,450

Transportation Equipment – 0.4%

Daimler Truck Finance North

America LLC,

1.63%, 12/13/24 ⁽²⁾

5,350

5,205

(Floating, U.S. SOFR + 0.75%),
6.13%, 12/13/24 ^{(1) (2)}

5,000

5,018

10,223

Total Foreign Issuer Bonds

(Cost $297,943)

296,299

U.S. GOVERNMENT OBLIGATIONS – 0.8%

U.S. Treasury Notes – 0.8%

4.75%, 7/31/25

20,000

19,967

Total U.S. Government Obligations

(Cost $19,935)

19,967

MUNICIPAL BONDS – 62.2%

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

7,605


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Alabama – 3.7% continued

Baldwin County Board of Education School Warrants Revenue Refunding Bonds, Prerefunded,

5.00%, 12/1/24⁽⁴⁾		$6,335		$6,396

Black Belt Energy Gas District Gas Supply Revenue Bonds, Subseries D2,

(Floating, U.S. SOFR + 1.40%), 4.99%, 6/1/27^(1) (5)		20,000		20,126

Black Belt Energy Gas District Revenue Bonds, Gas Project No. 7-S,

4.00%, 12/1/24		3,000		2,993

Black Belt Energy Gas District Variable Revenue Bonds, Gas Project,

(Floating, SIFMA Municipal Swap Index Yield + 0.35%), 3.99%, 12/1/26^{(1) (5)}		29,000		28,085

Muscle Shoals Utilities Board Water & Sewer Revenue Refunding Bonds, Prerefunded,

5.00%, 12/1/24⁽⁴⁾		1,450		1,463

South East Alabama State Gas Supply District Gas Supply Revenue Bonds, Series C, SIFMA Index-Project No. 1,

(Floating, SIFMA Municipal Swap Index Yield + 0.00%), 4.29%, 4/1/49⁽¹⁾		26,000		26,000

				92,668

Alaska – 0.4%

North Slope Borough G.O. Unlimited Bonds, Series C,

4.00%, 6/30/24		9,360		9,364

Northern Tobacco Securitization Corp. Settlement Revenue Refunding Senior Bonds, Series A, Class 1,

5.00%, 6/1/24		580		581

				9,945

Arizona – 1.1%

Arizona State Health Facilities Authority Variable Revenue Bonds, Banner Health Services, Unrefunded Balance,

(Floating, SIFMA Municipal Swap Index Yield + 0.25%), 3.89%, 11/4/26^{(1) (5)}		7,635		7,527


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Arizona – 1.1% continued

Arizona State Health Facilities Authority Variable Revenue Refunding Bonds, Banner Health, Prerefunded,

(Floating, SIFMA Municipal Swap Index Yield + 0.25%), 3.89%, 11/4/25^{(1) (4)}		$1,495		$1,491

Arizona State IDA Revenue Bonds, Lincoln South Beltway Project,

5.00%, 2/1/26		2,500		2,583

Arizona State Sports & Tourism Authority Senior Lien Revenue Refunding Bonds, Multipurpose Stadium Facility Project (BAM Insured),

5.00%, 7/1/25		2,500		2,544

Arizona State Transportation Board Revenue GARVEE Bonds GANS, Series A,

5.00%, 7/1/25		1,055		1,078

Glendale Water & Sewer Senior Lien Revenue Refunding Bonds, Series B,

5.00%, 7/1/25		1,225		1,251

Maricopa County IDA Variable Revenue Refunding Bonds, Series B, Banner Health,

(Floating, SIFMA Municipal Swap Index Yield + 0.57%), 4.21%, 10/18/24^{(1) (5)}		7,210		7,201

Maricopa County Unified School District No. 4 G.O. Unlimited Bonds, Series E, Mesa Project of 2018,

5.00%, 7/1/26		1,050		1,095

Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Refunding Bonds, Series B,

5.00%, 7/1/26		1,750		1,755

Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds,

5.00%, 1/1/27		2,130		2,248

				28,773


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

California – 4.0%

Bay Area Toll Authority Toll Bridge Variable Revenue Bonds, San Francisco Bay Area Toll,

(Floating, SIFMA Municipal Swap Index Yield + 0.30%), 3.94%, 4/1/27^{(1) (5)}		$8,500		$8,324

Bay Area Toll Authority Toll Bridge Variable Revenue Refunding Bonds, San Francisco Bay Area,

(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 4.09%, 4/1/26^{(1) (5)}		8,750		8,651

California State G.O. Unlimited Refunding Bonds, Bidding Group A,

5.00%, 9/1/25		23,650		24,258

California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Series A, Waste Management, Inc.,

4.13%, 10/1/25^{(5) (6)}		4,000		4,016

California State Municipal Finance Authority Student Housing Revenue Bonds, Orchard Park Student Housing Project, Green Bonds (BAM Insured),

5.00%, 5/15/24		500		500

California State Public Works Board Lease Revenue Bonds, Various Capital Projects, Series D,

4.00%, 11/1/24		3,020		3,030

Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Green Bond,

5.00%, 5/15/25		420		427

Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Private Activity,

5.00%, 5/15/25		1,890		1,920

Los Angeles Unified School District Sustainability G.O. Unlimited Bonds, Series QRR,

5.00%, 7/1/25		4,000		4,095

Metropolitan Water District of Southern California Variable Subordinate Revenue Bonds, Series C,

(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 3.78%, 5/21/24^{(1) (5)}		7,000		6,997


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

California – 4.0% continued

Metropolitan Water District of Southern California Variable Subordinate Revenue Refunding Bonds, Series D,

(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 3.78%, 5/21/24^{(1) (5)}		$3,880		$3,878

Metropolitan Water District of Southern California Variable Subordinate Revenue Refunding Bonds, Series E,

(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 3.78%, 5/21/24^{(1) (5)}		13,625		13,619

Oakland Unified School District Alameda County Election of 2020 G.O. Unlimited Bonds, Series A (AGM Insured),

5.00%, 8/1/26		325		340

Orange County Transportation Authority Revenue BANS, I-405 Improvement Project, Escrowed to Maturity,

5.00%, 10/15/24		10,000		10,090

Sacramento City Unified School District G.O. Unlimited Bonds, Measure H, Election of 2020 (BAM Insured),

5.00%, 8/1/24		3,000		3,012

Sacramento City Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),

4.00%, 7/1/24		1,000		1,001

University Of California Revenue Refunding Bonds, Series B,

5.00%, 5/15/25		4,000		4,088

Vernon Electric System Revenue Bonds, Series A,

5.00%, 10/1/24		1,100		1,104

				99,350

Colorado – 2.4%

Colorado State COPS, Series A,

5.00%, 12/15/25		1,350		1,392

Colorado State Health Facilities Authority Variable Revenue Bonds, Intermountain Healthcare,

(Floating, SIFMA Municipal Swap Index Yield + 0.55%), 4.19%, 8/17/26^{(1) (5)}		22,100		21,945


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Colorado – 2.4% continued

Denver City & County Airport Revenue Refunding Bonds, Series C,

5.00%, 11/15/25		$9,000		$9,258

Denver City & County Airport Subordinate Revenue Refunding Bonds, Series A,

5.00%, 11/15/24		2,300		2,321

5.00%, 11/15/25		3,160		3,250

5.00%, 11/15/26		15,560		16,319

E-470 Public Highway Authority Variable Revenue Refunding Bonds, Series B,

(Floating, U.S. SOFR + 0.35%), 3.94%, 9/1/24^{(1) (5)}		5,880		5,870

				60,355

Connecticut – 3.0%

Connecticut State Forward Delivery G.O. Unlimited Bonds, Social Bonds,

5.00%, 7/15/24		1,525		1,531

Connecticut State G.O. Unlimited Bonds, Series A,

5.00%, 1/15/26		4,100		4,235

Connecticut State G.O. Unlimited Bonds, Series B, Social Bonds,

4.00%, 6/1/24		2,350		2,351

Connecticut State G.O. Unlimited Refunding Bonds, Series D,

5.00%, 4/15/26		12,175		12,633

Connecticut State G.O. Unlimited Refunding Bonds, Series F,

5.00%, 11/15/25		1,215		1,250

Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series A,

2.80%, 2/10/26^{(5) (6)}		5,000		4,912

Connecticut State HFA Housing Mortgage Finance Program Variable Revenue Bonds, Series A4, Social Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.30%), 3.94%, 11/15/24^{(1) (5)}		10,000		9,978


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Connecticut – 3.0% continued

Connecticut State HFA Housing Mortgage Finance Program Variable Revenue Refunding Bonds, Series C, Social Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.63%), 4.27%, 11/15/24^{(1) (5)}		$6,890		$6,890

Connecticut State HFA Mortgage Finance Program Revenue Refunding Bonds (AMT), Series E-5, Social Bond,

5.00%, 5/15/24		2,775		2,777

5.00%, 11/15/24		2,335		2,348

Connecticut State Special Tax Obligation Revenue Bonds, Series B,

5.00%, 10/1/24		700		705

Connecticut State Special Tax Obligation Revenue Bonds, Series D,

5.00%, 11/1/24		2,475		2,496

Connecticut State Special Tax Obligation Revenue Refunding Bonds, Series B,

5.00%, 1/1/25		10,000		10,114

Connecticut State Sustainability G.O. Unlimited Refunding Bonds, Series C,

5.00%, 3/1/26		2,715		2,812

Connecticut State Sustainable G.O. Unlimited Refunding Bonds, Series D,

5.00%, 7/15/25		1,480		1,513

Madison G.O. Unlimited BANS,

4.00%, 12/19/24		7,455		7,490

University of Connecticut Revenue Refunding Bonds, Series A,

5.00%, 11/15/25		2,280		2,345

				76,380

District of Columbia – 0.7%

District of Columbia Income Tax Secured Revenue Refunding Bonds, Series C,

5.00%, 12/1/24		3,740		3,778

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/24		2,000		2,010


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

District Of Columbia – 0.7% continued

Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series B,

5.00%, 10/1/25		$1,400		$1,438

Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT),

5.00%, 10/1/24		10,000		10,049

				17,275

Florida – 2.8%

Broward County School Board Refunding COPS, Series B,

5.00%, 7/1/25		2,500		2,549

Broward County School Board Refunding COPS, Series C,

5.00%, 7/1/26		5,000		5,203

Cape Coral G.O. Unlimited Bonds,

4.00%, 3/1/25		810		815

Duval County School Board COPS, Series A (AGM Insured),

5.00%, 7/1/25		3,000		3,061

Florida State Board of Education Lottery Revenue Refunding Bonds, Series A,

5.00%, 7/1/25		3,000		3,065

Florida State Board of Public Education G.O. Unlimited Refunding Bonds, Series A,

5.00%, 6/1/25		2,000		2,041

Florida State Board of Public Education G.O. Unlimited Refunding Bonds, Series B,

5.00%, 6/1/25		1,870		1,908

Florida State Department of Transportation Financing Corp. Revenue Bonds,

5.00%, 7/1/25		4,945		5,054

Hillsborough County Aviation Authority Revenue Bonds, Series A (AMT), Tampa International Airport,

5.00%, 10/1/25		1,500		1,530

Hillsborough County Aviation Authority Tampa International Airport Revenue Bonds, Series B,

5.00%, 10/1/25		1,615		1,657


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Florida – 2.8% continued

Hillsborough County Capital Improvement Non-Ad Valorem Revenue Bonds,

5.00%, 8/1/25		$2,700		$2,763

Miami Special Obligation Revenue Bonds, Series A, New Administrative Building,

5.00%, 3/1/25		360		365

Miami-Dade County G.O. Unlimited Bonds, Building Better Communities Program,

5.00%, 7/1/24		7,000		7,021

Miami-Dade County HFA MFH Revenue Variable Revenue Bonds, Quail Roost Transit Village I (HUD Sector 8 Program),

5.00%, 9/1/25^{(5) (6)}		2,500		2,530

Miami-Dade County IDA Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management, Inc., Florida Project,

(Floating, SIFMA Municipal Swap Index Yield + 0.38%), 4.02%, 7/1/24^{(1) (5)}		10,000		9,979

Miami-Dade County Special Obligation Capital Asset Acquisition Revenue Bonds,

5.00%, 4/1/25		2,030		2,064

Miami-Dade County Transit Sales Surtax Revenue Refunding Bonds,

5.00%, 7/1/26		8,955		9,320

Orlando Utilities Commission Utility System Revenue Refunding Bonds, Series A,

5.00%, 10/1/25		3,000		3,077

Palm Beach County Public Improvement Revenue Refunding Bonds, Series A,

5.00%, 11/1/25		1,000		1,009

Sarasota County School Board COPS, Master Lease Program,

5.00%, 7/1/26		1,375		1,432

Seminole County Water & Sewer Revenue Refunding Bonds, Series A,

5.00%, 10/1/24		4,000		4,027

				70,470


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Georgia – 0.4%

Atlanta G.O. Unlimited Bonds, Series A-1, Social Bonds,

5.00%, 12/1/25		$775		$799

Atlanta G.O. Unlimited Bonds, Series A-2,

5.00%, 12/1/25		1,575		1,624

Douglas County School District G.O. Unlimited Bonds (State Aid Withholding),

5.00%, 4/1/24		1,000		1,000

Georgia State G.O. Unlimited Bonds, Series A, Group 1,

5.00%, 8/1/25		4,000		4,097

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series B,

5.00%, 6/1/24		600		600

5.00%, 6/1/25		700		704

Monroe County Development Authority Pollution Control Variable Revenue Refunding Bonds, Georgia Power Company Plant Scherer,

3.88%, 3/6/26^(5) (6)		1,000		1,007

				9,831

Hawaii – 0.4%

Hawaii State G.O. Unlimited Bonds, Series FB,

5.00%, 4/1/27		6,895		7,144

Hawaii State G.O. Unlimited Bonds, Series FT,

5.00%, 1/1/25		2,785		2,818

				9,962

Idaho – 0.1%

Idaho State Health Facilities Authority Revenue Refunding Bonds, Series D, Trinity Health,

5.00%, 12/1/24		1,520		1,532

Illinois – 1.2%

Chicago Midway Airport Revenue Refunding Bonds, Series A (AMT),

5.00%, 1/1/26		3,500		3,575

Chicago O’Hare International Airport Senior Lien Revenue Refunding Bonds (AMT),

5.00%, 1/1/25		1,000		1,006


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Illinois – 1.2% continued

Chicago Park District G.O. Limited Refunding Bonds, Series C,

5.00%, 1/1/26		$2,000		$2,052

Illinois State Finance Authority Revenue Bonds, Northwestern University,

5.00%, 12/1/25		1,850		1,903

Illinois State Finance Authority Variable Revenue Refunding Bonds, Field Museum of Natural History,

(Floating, U.S. SOFR + 1.20%), 4.95%, 9/1/25^(1) (5)		9,705		9,682

Illinois State G.O. Unlimited Bonds, Series D,

5.00%, 11/1/24		1,020		1,028

3.25%, 11/1/26		6,855		6,747

Illinois State Housing Development Authority Sustainable Revenue Bonds, Series N (GNMA, FNMA, FHLMC Insured),

3.70%, 10/1/25		800		804

3.80%, 10/1/26		600		606

Metropolitan Water Reclamation District of Greater Chicago G.O. Limited Refunding Bonds, Series C,

5.00%, 12/1/24		2,210		2,229

Metropolitan Water Reclamation District of Greater Chicago G.O. Unlimited Refunding Bonds, Series A,

5.00%, 12/1/25		1,000		1,026

				30,658

Indiana – 1.1%

Decatur Township Multi-School Building Corp. First Mortgage Multipurpose Revenue Refunding Bonds (State Intercept Program),

5.00%, 7/15/25		1,545		1,575

Hamilton Southeastern Schools G.O Limited Bonds (State Intercept Program),

5.00%, 12/31/24		4,700		4,751

Indiana Finance Authority Wastewater Utility First Lien Revenue Refunding Bonds, CWA Authority Project,

5.00%, 10/1/25		1,075		1,102


	PRINCIPAL AMOUNT (000S)			VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Indiana – 1.1% continued

Indiana State Finance Authority Health System Revenue Bonds, Indiana University Health,

2.25%, 7/1/25^{(5) (6)}		$	10,000		$	9,827

Indiana State Finance Authority Hospital Revenue Refunding Bonds, Series A, Indiana University Health,

5.00%, 12/1/24			1,420			1,431

Indiana State Finance Authority Revenue Refunding Bonds, Series A, Stadium Project,

5.00%, 2/1/25			1,025			1,038

5.00%, 2/1/26			1,765			1,823

Indiana State Finance Authority Variable Revenue Refunding Bonds, Deaconess Health System,

(Floating, SIFMA Municipal Swap Index Yield + 0.30%), 3.94%, 3/1/27 ^{(1) (5)}			6,635			6,444

						27,991

Iowa – 0.4%

Ames G.O. Unlimited Refunding Bonds, Series A,

5.00%, 6/1/24			1,840			1,843

Cedar Rapids G.O. Unlimited Refunding Bonds, Series A,

5.00%, 6/1/25			1,715			1,749

Des Moines Independent Community School District School Infrastructure Sales Revenue Refunding Bonds,

5.00%, 6/1/24			7,155			7,167

						10,759

Kansas – 0.2%

Maize G.O. Unlimited Bonds, Series A,

0.45%, 9/1/24			3,520			3,448

Topeka G.O. Unlimited Refunding Bonds, Series A,

4.00%, 8/15/25			1,925			1,942

						5,390

Kentucky – 0.1%

University of Kentucky General Receipts Revenue Refunding Bonds, Series A,

3.00%, 4/1/26			2,105			2,095


	PRINCIPAL AMOUNT (000S)			VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Louisiana – 0.6%

Louisiana State Gas & Fuels Tax Second Lien Variable Revenue Refunding Bonds, Series A,

(Floating, U.S. SOFR + 0.50%), 4.25%, 5/1/26^(1) (5)		$	12,305		$	12,059

Louisiana State Local Government Environmental Facilities & Community Development Authority Insurance Revenue Bonds, Louisiana Insurance Guaranty Association,

5.00%, 8/15/25			3,000			3,059

						15,118

Maine – 0.1%

Maine State Municipal Bond Bank Revenue Bonds, Series B,

5.00%, 11/1/24			1,125			1,134

Portland G.O. Unlimited Refunding Bonds,

4.00%, 4/1/24			700			700

South Portland G.O. Limited Refunding Bonds,

4.00%, 7/15/24			900			901

						2,735

Maryland – 0.8%

Maryland Stadium Authority Built to Learn Revenue Bonds,

5.00%, 6/1/26			2,180			2,267

Maryland State Community Development Administration Department Housing & Community Development Revenue Bonds, Series B,

0.40%, 9/1/24			1,100			1,083

Maryland State G.O. Refunding Unlimited Bonds, Series B,

5.00%, 8/1/25			2,085			2,135

Maryland State Transportation Authority Revenue Refunding Bonds, Series A, Transportation Facilities Projects,

5.00%, 7/1/25			1,220			1,246

Montgomery County G.O. Unlimited Bonds, Series A,

5.00%, 8/1/25			4,500			4,607


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Maryland – 0.8% continued

University System of Maryland Auxilary Facility & Tuition Revenue Bonds, Series A,

5.00%, 4/1/25		$600		$610

Washington Suburban Sanitary District Consolidated Public Improvement Revenue Bonds, Second Series (County Gtd.), Prerefunded,

4.00%, 6/1/24⁽⁴⁾		8,265		8,267

Washington Suburban Sanitary District Revenue Bonds (County Gtd.),

5.00%, 6/1/24		1,000		1,002

				21,217

Massachusetts – 0.1%

Massachusetts State Federal Highway Revenue GARVEE Bonds GANS, Series A,

5.00%, 6/15/25		2,360		2,368

Michigan – 1.9%

Michigan State Finance Authority Revenue Refunding Bonds, MidMichigan Health Hospital, Prerefunded,

5.00%, 6/1/24⁽⁴⁾		5,000		5,008

Michigan State Finance Authority Variable Revenue Refunding Bonds, Beaumont-Spectrum Consolidation,

(Floating, SIFMA Municipal Swap Index Yield + 0.75%), 4.39%, 4/15/27^{(1) (5)}		15,000		14,874

Michigan State HDA Rental Housing Revenue Bonds, Series A,

3.35%, 4/1/26		655		648

Michigan State Revenue Refunding GARVEE Bonds GANS,

5.00%, 3/15/27		4,435		4,689

Michigan State Strategic Fund Ltd. Obligation Revenue Refunding Bonds, Facility for Rare Isotope Beam,

5.00%, 12/1/26		3,090		3,242

Romulus Community School G.O. Unlimited Refunding Bonds , Series A (Q-SBLF Insured),

4.00%, 5/1/24		1,270		1,270


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Michigan – 1.9% continued

South Lyon Community Schools G.O. Unlimited Bonds, Series II,

4.00%, 5/1/25		$1,800		$1,814

Traverse City Area Public Schools G.O. Unlimited Bonds, Series II,

3.00%, 5/1/24		3,375		3,371

Wayne County Airport Authority Revenue Refunding Bonds (AMT),

4.00%, 12/1/24⁽²⁾		11,730		11,705

				46,621

Minnesota – 2.4%

Hennepin County G.O. Unlimited Bonds, Series C,

5.00%, 12/15/25		4,405		4,541

Lakeville Independent School District No. 194 G.O. Unlimited Refunding Bonds, Series C (School District Credit Program),

5.00%, 2/1/25		3,745		3,796

Minnesota Municipal Gas Agency Commodity Supply Variable Revenue Bonds, Series B,

(Floating, U.S. SOFR + 1.00%), 4.59%, 12/1/27^(1) (5)		40,000		39,752

Minnesota State G.O. Unlimited Bonds, Series B,

5.00%, 8/1/25		5,000		5,118

Minnesota State Rural Water Finance Authority Public Projects Construction Revenue Notes,

4.38%, 4/1/25		7,000		7,006

				60,213

Mississippi – 0.2%

Mississippi State Development Bank Special Obligation Revenue Bonds, Canton Public School District (AGM Insured), Prerefunded,

5.00%, 12/1/25⁽⁴⁾		1,530		1,575

Mississippi State Development Bank Special Obligations Revenue Refunding Bonds, Series A, Harrison County Highway,

5.00%, 1/1/25		3,000		3,032

				4,607

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

MUNICIPAL BONDS - 62.2% continued

Missouri – 0.8%

Missouri State Highways & Transportation Commission State Road Revenue Bonds, Mega Project (State Appropriation Insured),

5.00%, 5/1/26

$20,000

$20,809

Ritenour School District G.O. Unlimited Refunding Bonds (State Aid Direct Deposit Program),

5.00%, 3/1/26

575

594

21,403

Nebraska – 0.3%

Douglas County School District No. 1 G.O. Unlimited Refunding Bonds, Series B,

5.00%, 12/15/24

6,590

6,656

Nevada – 0.8%

Clark County Airport Revenue Refunding Bonds (AMT), Jet Aviation Fuel Tax,

5.00%, 7/1/24

1,500

1,503

5.00%, 7/1/25

2,550

2,587

Clark County Airport Subordinate Revenue Refunding Bonds, Series B (AMT),

5.00%, 7/1/24

2,000

2,004

Clark County School District Building G.O. Limited Refunding Bonds, Series A,

5.00%, 6/15/25

6,345

6,464

Clark County School District G.O. Limited Bonds, Series A,

5.00%, 6/15/24

6,935

6,950

Clark County School District G.O. Limited Refunding Bonds, Series B,

5.00%, 6/15/26

1,040

1,082

20,590

New Hampshire – 0.1%

New Hampshire State HFA Multi-Family Revenue Bonds, Series 3 (FHA Insured),

3.80%, 7/1/26

1,000

1,001



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

New Hampshire – 0.1% continued

New Hampshire State Housing Finance Authority Multifamily Revenue Bonds, Series 4 (FHA Insured),

3.63%, 4/1/26		$1,000		$993

				1,994

New Jersey – 1.5%

Clifton General Improvement G.O. Unlimited Refunding Bonds (BAM Insured),

3.00%, 8/15/24		500		498

Essex County G.O. Unlimited Bonds, Series A and C,

2.00%, 8/15/24		2,280		2,256

Fair Lawn G.O. Unlimited Bonds,

2.00%, 9/1/24		1,980		1,957

Jersey City Redevelopment Agency Revenue Bonds, Bayfront Redevelopment Project (Municipal Government Gtd.),

4.00%, 12/15/24		5,350		5,361

Mercer County G.O. Unlimited Bonds,

3.00%, 2/15/26		2,830		2,805

Monmouth County Improvement Authority Revenue Bonds,

5.00%, 12/1/25		725		748

5.00%, 12/1/26		1,350		1,423

New Jersey State EDA Revenue Bonds, Series WW, Prerefunded,

5.25%, 6/15/25⁽⁴⁾		5,000		5,117

New Jersey State EDA Revenue School Facilities Construction Revenue Refunding Bonds, Series GGG,

5.25%, 9/1/26		5,000		5,222

New Jersey State Educational Facilities Authority Revenue Bonds, Higher Education Equipment Lease,

5.00%, 9/1/25		1,655		1,692

New Jersey State G.O. Unlimited Bonds, Covid-19 Go Emergency Bonds,

5.00%, 6/1/25		6,165		6,276

New Jersey State Transportation Trust Fund Authority Revenue Refunding Bonds, Series A,

5.00%, 6/15/25		2,250		2,290



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

New Jersey – 1.5% continued

River Vale Township School District G.O. Unlimited Bonds (School Board Resource Fund Insured),

1.00%, 6/15/24		$1,130		$1,120

Waldwick New Jersey District G.O. Unlimited Bonds (School Board Resource Fund Insured),

1.00%, 7/15/24		595		587

				37,352

New Mexico – 0.5%

New Mexico Finance Authority Senior Lien Revenue Bonds, Series A,

5.00%, 6/1/25		5,200		5,304

New Mexico State G.O. Unlimited Bonds,

5.00%, 3/1/26		7,315		7,577

				12,881

New York – 5.4%

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		2,351

Long Island Power Authority Electric System Variable Revenue Refunding Bonds, Series C,

(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 4.09%, 9/1/25^{(1) (5)}		11,500		11,385

Metropolitan Transportation Authority Variable Revenue Refunding Bonds, Subseries G-1,

(Floating, U.S. SOFR + 0.43%), 4.02%, 11/1/26⁽¹⁾		960		955

Metropolitan Transportation Authority Variable Revenue Tender Notes,

(Floating, U.S. SOFR + 0.65%), 4.24%, 4/1/26^(1) (5)		40,000		39,721

Monroe County G.O. Limited Bonds,

5.00%, 6/1/25		3,360		3,427

New York City Transitional Finance Authority Future Tax Subordinate Revenue Refunding Bonds, Series C,

5.00%, 11/1/26		3,580		3,638



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

New York – 5.4% continued

New York G.O. Unlimited Refunding Bonds, Series A,

5.00%, 8/1/26		$5,000		$5,220

New York G.O. Unlimited Refunding Bonds, Series C,

5.00%, 8/1/26		2,500		2,610

New York G.O. Unlimited Refunding Bonds, Series C-1,

5.00%, 8/1/25		12,500		12,797

5.00%, 8/1/26		1,890		1,973

New York State Dorm Authority State Personal Income Tax Revenue Refunding Bonds, Series A,

5.00%, 3/15/26		15,000		15,566

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program, Series A (AGM Insured),

4.00%, 10/1/25		4,165		4,222

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 235 (AMT), Social Bonds,

0.65%, 4/1/24		710		710

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, MTA Bridges & Tunnels, Green Bonds,

5.00%, 11/15/24		11,000		11,111

5.00%, 11/15/25		3,500		3,605

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Variable Revenue Refunding Bonds, Series E, Green Bonds,

(Floating, U.S. SOFR + 1.05%), 4.64%, 4/1/26⁽¹⁾		15,560		15,590

				134,881

North Carolina – 2.9%

Charlotte Airport Revenue Refunding Bonds, Series A,

5.00%, 7/1/24		4,000		4,013

North Carolina State Limited Obligation Revenue Bonds, Series B, Build NC Programs,

5.00%, 5/1/26		3,520		3,662



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

North Carolina – 2.9% continued

University of North Carolina at Chapel Hill Revenue Bonds, Series B,

(Floating, U.S. SOFR + 0.65%), 4.24%, 6/1/25^(1) (5)		$30,000		$30,022

University of North Carolina at Chapel Hill Variable Revenue Refunding Bonds, Series 2019A, Remarketing Supplement,

(Floating, U.S. SOFR + 0.65%), 4.24%, 6/1/25^(1) (5)		11,500		11,508

University of North Carolina at Chapel Hill Variable Revenue Refunding Bonds, Series 2019B, Remarketing Supplement,

(Floating, U.S. SOFR + 0.65%), 4.24%, 6/1/25^{(1) (5)}		23,925		23,942

				73,147

North Dakota – 0.6%

Cass County Joint Water Resource District G.O. Unlimited Bonds, Series A, Escrowed to Maturity,

0.48%, 5/1/24		12,990		12,954

University of North Dakota COPS, Series A (AGM Insured),

5.00%, 6/1/24		1,000		1,002

				13,956

Ohio – 1.3%

American Municipal Power-Ohio, Inc., Revenue Refunding Bonds, Prairie State Energy Campus Project,

5.00%, 2/15/25		615		623

5.00%, 2/15/26		3,000		3,088

Cincinnati G.O. Unlimited Bonds, Series A,

5.00%, 12/1/24		4,000		4,039

Cleveland G.O. Limited refunding Bonds, Series A,

5.00%, 12/1/25		3,555		3,666

Columbus G.O. Unlimited Bonds, Series A,

5.00%, 7/1/24		3,500		3,511



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Ohio – 1.3% continued

Cuyahoga Metropolitan Housing Authority Multifamily Housing Variable Revenue Bonds, Carver Park Phase III (FHA Insured, HUD Sector 8 Program),

4.00%, 6/1/25^{(5) (6)}		$3,150		$3,146

Cuyahoga Metropolitan Housing Authority Multifamily Housing Variable Revenue Bonds, Wade Park Apartments (FHA Insured, HUD Sector 8 Program),

4.75%, 12/1/25^{(5) (6)}		2,000		2,017

Northeast Ohio Regional Sewer District Revenue Refunding Bonds, Prerefunded,

5.00%, 11/15/24⁽⁴⁾		8,265		8,334

Ohio State G.O. Unlimited Bonds, Series Y,

5.00%, 5/1/26		1,000		1,041

Ohio State Mental Health Capital Facilities Revenue Bonds, Mental Health Facilities Improvement,

5.00%, 2/1/25		2,000		2,026

				31,491

Oklahoma – 0.5%

Oklahoma County Independent School District No. 12 G.O. Unlimited Bonds, Edmond School District,

1.25%, 6/1/24		13,000		12,915

Oregon – 0.3%

Oregon State Department of Transportation Highway User Tax Senior Lien Revenue Refunding Bonds, Series A, Prerefunded,

5.00%, 11/15/24⁽⁴⁾		5,500		5,548

Port of Portland Airport Revenue Bonds, Series 28 (AMT),

5.00%, 7/1/25		2,500		2,538

Union County Hospital Facility Authority Revenue Bonds, Grand Ronde Hospital Project,

5.00%, 7/1/24		125		125

5.00%, 7/1/25		125		126

				8,337



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Pennsylvania – 4.8%

Allegheny County Higher Education Building Authority College Variable Revenue Refunding Bonds, Carnegie Mellon University,

(Floating, U.S. SOFR + 0.29%), 4.04%, 8/1/27^(1) (5)		$5,000		$4,928

Allegheny County Hospital Development Authority UPMC Variable Revenue Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.70%), 4.34%, 5/15/27^{(1) (5)}		40,000		39,682

Bethlehem Area School District Authority Variable Revenue Refunding Bonds, Bethlehem Area School (State Aid Withholding),

(Floating, U.S. SOFR + 0.35%), 3.94%, 11/1/25^(1) (5)		4,415		4,346

Centre County Hospital Authority Revenue Refunding Bonds, Mount Nittany Medical Center Project, Prerefunded,

5.00%, 11/15/25⁽⁴⁾		6,250		6,412

Delaware Valley Regional Financial Authority Variable Revenue Bonds, Series B,

(Floating, SIFMA Municipal Swap Index Yield + 0.40%), 4.04%, 3/1/26^{(1) (5)}		7,000		6,861

Delaware Valley Regional Financial Authority Variable Revenue Bonds, Series C,

(Floating, U.S. SOFR + 0.49%), 4.08%, 3/1/27^(1) (5)		11,000		10,771

Montgomery County IDA Health System Revenue Refunding Bonds, Albert Einstein Healthcare, Prerefunded,

5.25%, 1/15/25⁽⁴⁾		5,215		5,280

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%), 4.04%, 6/3/24^{(1) (5)}		13,165		13,146



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Pennsylvania – 4.8% continued

Pennsylvania State G.O. Unlimited Bonds,

5.00%, 10/1/24		$6,010		$6,054

Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds, Series 136, Social Bonds,

5.00%, 4/1/24		750		750

Pennsylvania State Turnpike Commission Registration Fee Variable Revenue Refunding Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.85%), 4.49%, 7/15/26^{(1) (5)}		2,500		2,501

Philadelphia Airport Revenue Refunding Bonds (AMT), Private Activity,

5.00%, 7/1/24		1,200		1,202

Philadelphia School District G.O. Limited Bonds, Series A (State Aid Withholding),

5.00%, 9/1/24		630		633

Philadelphia School District G.O. Limited Bonds, Series B, Green Bonds (State Aid Withholding),

5.00%, 9/1/24		600		603

Philadelphia Water & Wastewater Revenue Refunding Bonds, Series B (AGM Insured),

5.00%, 9/1/25		2,000		2,051

University of Pittsburgh - of The Commonwealth System of Higher Education Revenue Refunding Bonds,

4.00%, 4/15/26		14,110		14,365

				119,585

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^(5) (6)		4,250		4,366

South Carolina – 0.6%

Clover School District No. 2 G.O. Unlimited BANS (SCSDE Insured),

5.00%, 10/3/24		10,000		10,068



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

South Carolina – 0.6% continued

Greenville County School District Installment Purchase Revenue Refunding Bonds, South Carolina Project,

5.00%, 12/1/25		$3,125		$3,218

Greenwood School District No. 50 G.O. Unlimited Bonds, Series B (SCSDE Insured),

5.00%, 3/1/25		2,005		2,032

Lancaster County School Public Facilities Corp. Installment Purchase Revenue Bonds, Lancaster County Project,

5.00%, 6/1/25		400		407

5.00%, 6/1/26		375		390

				16,115

Tennessee – 1.3%

Johnson City Health & Educational Facilities Board Multifamily Variable Revenue Bonds, Tapestry At Roan Hill (Housing & Urban Development Sector 8 Program),

3.60%, 12/1/26^{(5) (6)}		3,000		2,982

Knox County Health Educational & Housing Facility Board Multifamily Housing Variable Revenue Bonds, Westview Towers Project (HUD Sector 8 Program),

3.95%, 12/1/25^{(5) (6)}		3,500		3,475

Knoxville G.O. Unlimited Refunding Bonds,

5.00%, 5/1/25		7,235		7,371

Metropolitan Government Nashville & Davidson County Electric Revenue Bonds, Series A,

5.00%, 5/15/26		1,000		1,041

Metropolitan Government Nashville & Davidson County Electric Revenue Refunding Bonds, Series B,

5.00%, 5/15/26		2,200		2,289

Metropolitan Nashville Airport Authority Subordinate Revenue Bonds, Series B (AMT),

5.00%, 7/1/25		1,200		1,213



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Tennessee – 1.3% continued

Tennessee State G.O. Unlimited Bonds, Series A,

5.00%, 5/1/26		$12,680		$13,188

				31,559

Texas – 5.7%

Aldine Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

5.00%, 2/15/27		1,450		1,530

Alvarado Independent School District Variable G.O. Unlimited Bonds (PSF, Gtd.),

2.75%, 8/15/25^{(5) (6)}		2,000		1,970

Austin G.O. Limited Refunding Bonds,

5.00%, 9/1/25		3,225		3,306

Austin Independent School District G.O. Unlimited Bonds,

5.00%, 8/1/25		5,000		5,115

Austin Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

5.00%, 8/1/24		1,750		1,758

Austin Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.), Prerefunded,

5.00%, 8/1/25⁽⁴⁾		2,035		2,081

Austin Water & Wastewater System Revenue Refunding Bonds,

5.00%, 11/15/25		1,000		1,026

Collin County Community College District G.O. Limited Bonds, Series A,

5.00%, 8/15/25		1,760		1,801

Collin County Permanent Improvement G.O. Limited Bonds,

5.00%, 2/15/26		3,345		3,462

Dallas & Fort Worth International Airport Revenue Refunding Bonds, Series A,

5.00%, 11/1/24		1,000		1,007

Dallas Hotel Occupancy Tax Revenue Refunding Bonds,

5.00%, 8/15/24		1,500		1,506

Dallas Improvement G.O. Limited Refunding Bonds,

5.00%, 2/15/26		4,000		4,128



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Texas – 5.7% continued

Dallas Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.), Prerefunded,

5.00%, 2/15/25⁽⁴⁾		$7,500		$7,597

Denton County Tax Notes G.O. Limited Bonds,

5.00%, 9/30/24		3,915		3,942

Fort Bend Independent School District G.O. Unlimited Refunding Bonds, Series E (PSF, Gtd.),

5.00%, 2/15/25		2,215		2,245

Harris County Cultural Education Facilities Finance Corp. Medical Facilities Revenue Refunding Bonds, Baylor College of Medicine,

5.00%, 11/15/24		3,200		3,222

Harris County Flood Control District G.O. Limited Bonds, Series A,

5.00%, 10/1/25		1,500		1,538

Harris County Flood Control District G.O. Limited Bonds, Series A, Sustainability Bond,

5.00%, 10/1/25		375		385

Harris County Permanent Improvement G.O. Limited Refunding Bonds, Series A,

5.00%, 10/1/25		1,825		1,871

Houston G.O. Limited Bonds, Series A,

5.00%, 3/1/25		850		862

Houston Hotel Occupancy Tax & Special Revenue Refunding Bonds, Convention & Entertainment,

5.00%, 9/1/24		2,315		2,324

Houston Independent School District Public Facility Corp. Lease Revenue Refunding Bonds,

5.00%, 9/15/25		1,880		1,929

Irving Waterworks & Sewer Revenue Refunding Bonds,

5.00%, 8/15/26		1,585		1,651

Lake Travis Independent School District G.O. Unlimited Bonds (PSF-Gtd.),

5.00%, 2/15/25		9,575		9,701

Lubbock Electric Light & Power System Revenue Bonds,

5.00%, 4/15/24		875		875



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Texas – 5.7% continued

Lubbock Electric Light & Power System Revenue Refunding Bonds,

5.00%, 4/15/25		$375		$381

5.00%, 4/15/26		675		698

Mission Consolidated Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),

5.00%, 2/15/25		1,215		1,231

North Texas State Municipal District Water System Revenue Refunding & Improvement Bonds,

5.00%, 9/1/26		5,000		5,003

North Texas Tollway Authority Revenue Refunding Bonds, Series A, First Tier,

5.00%, 1/1/26		4,000		4,126

Pasadena Independent School District G.O. Unlimited Refunding Bonds,

5.00%, 2/15/26		1,000		1,034

Round Rock Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.),

5.00%, 8/1/26		7,440		7,775

San Antonio Electric & Gas Junior Lien Variable Revenue Bonds,

(Floating, SIFMA Municipal Swap Index Yield + 0.87%), 4.51%, 12/1/25^{(1) (5)}		10,000		9,985

San Antonio G.O. Limited Bonds,

5.00%, 2/1/25		10,000		10,134

San Antonio Housing Trust Public Facility Corp. MFH Variable Revenue Bonds, Country Club Village,

4.00%, 8/1/25^{(5) (6)}		1,500		1,501

San Antonio Independent School District G.O. Unlimited Refunding Bonds, Series B (PSF, Gtd.),

5.00%, 8/15/26		1,590		1,662

Sinton Independent School District G.O. Unlimited Bonds (PSF, Gtd.),

5.00%, 8/15/25		1,000		1,023

Texas State A & M Permanent University Fund Revenue Refunding Bonds, Series A, Board of Regents,

5.00%, 7/1/24		2,000		2,006



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Texas – 5.7% continued

Texas State Affordable Housing Corp. Multifamily Housing Variable Revenue Bonds, Norman Commons,

3.63%, 1/1/27^{(5) (6)}		$3,400		$3,365

Texas State G.O. Unlimited Bonds (AMT),

6.00%, 8/1/24		1,420		1,429

Texas State G.O. Unlimited Refunding Bonds, Series B,

5.00%, 8/1/25		5,040		5,159

Texas State G.O. Unlimited Refunding Bonds, Series B-1,

5.00%, 8/1/25		2,000		2,047

Texas State Water Development Board Revolving Fund Revenue Bonds,

5.00%, 8/1/26		3,865		4,040

University of Texas Revenue Bonds, Series E,

5.00%, 8/15/25		2,695		2,758

Williamson County G.O. Unlimited Bonds, Prerefunded,

4.00%, 2/15/25⁽⁴⁾		10,000		10,048

				142,237

Utah – 0.1%

Salt Lake City Airport Revenue Bonds, Series A (AMT),

5.00%, 7/1/24		1,000		1,002

Utah State G.O. Unlimited Bonds,

5.00%, 7/1/24		2,000		2,006

				3,008

Virginia – 0.7%

Alexandria G.O. Unlimited Bonds, Series A (State Aid Withholding),

5.00%, 12/15/24		6,525		6,597

Loudoun County G.O. Unlimited Bonds, Series A (State Aid Withholding),

5.00%, 12/1/24		4,400		4,445

Spotsylvania County Water & Sewer System Revenue Refunding Bonds,

5.00%, 6/1/26		1,000		1,020

Virginia State Housing Development Authority Commonwealth Mortgage Variable Revenue Bonds, Series E-2,

3.90%, 7/1/25^(5) (6)		4,715		4,708

				16,770



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Washington – 4.7%

Central Puget Sound Regional Transit Authority Sales & Use Tax Variable Revenue Bonds, Series 2015S, Green Bond,

(Floating, SIFMA Municipal Swap Index Yield + 0.20%), 3.84%, 11/1/26^{(1) (5)}		$24,000		$23,650

Central Puget Sound Regional Transit Authority Sales Tax & Motor Vehicle Revenue Refunding Bonds, Series S-1, Green Bond,

5.00%, 11/1/24		8,000		8,071

Chelan County Public Utility District No. 1 Revenue Refunding Bonds, Series A,

5.00%, 7/1/25		1,000		1,022

Clark County School District No. 114 G.O. Unlimited Bonds (School Board Guaranty Program),

5.00%, 12/1/25		2,750		2,829

FYI Properties Lease Revenue Refunding Bonds, Sustainable Bonds,

5.00%, 6/1/25		3,000		3,054

Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Revenue Refunding Bonds, Series A, Prerefunded,

5.00%, 1/1/26⁽⁴⁾		2,335		2,410

King & Pierce County School District No. 408 Auburn G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

5.00%, 12/1/25		1,350		1,391

King County G.O. Limited Refunding Bonds, Series B,

5.00%, 12/1/26		6,730		7,088

King County School District No. 400 Mercer Island G.O. Unlimited Refunding Bonds (School Board Guaranty Program),

12/1/26⁽⁷⁾		1,750		1,840

King County School District No. 401 Highline G.O. Unlimited Refunding Bonds, Series B (School Board Guaranty Program),

5.00%, 12/1/25		2,700		2,778



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 62.2% continued

Washington – 4.7% continued

Seattle Municipal Light & Power Variable Revenue Refunding Bonds, Series B,

(Floating, SIFMA Municipal Swap Index Yield + 0.25%), 3.89%, 11/1/26^{(1) (5)}		$7,520		$7,332

Washington State G.O. Unlimited Bonds, Series B, Bid Group 1,

5.00%, 2/1/25		3,300		3,344

Washington State G.O. Unlimited Refunding Bonds, Series R 2022-C, Bid Group 1,

5.00%, 7/1/25		7,000		7,150

Washington State G.O. Unlimited Refunding Bonds, Series R-2022C, Bid Group 1,

4.00%, 7/1/26		2,125		2,169

Washington State G.O. Unlimited Refunding Bonds, Series R-2022D, Group 1,

5.00%, 7/1/25		2,265		2,314

Washington State G.O. Unlimited Refunding Bonds, Series R-2023B,

5.00%, 7/1/26		9,465		9,865

Washington State G.O. Unlimited Refunding Bonds, Series R-2024A,

5.00%, 2/1/27		4,325		4,567

Washington State G.O. Unlimited Refunding Bonds, Series R-2024C,

5.00%, 8/1/26		15,720		16,414

Washington State Various Purpose G.O. Unlimited Refunding Bonds, Series R-2015,

5.00%, 7/1/25		10,000		10,037

				117,325

West Virginia – 0.0%

West Virginia State Housing Development Fund Sustainable Revenue Bonds, Series D,

3.50%, 5/1/26		500		497

3.55%, 11/1/26		475		472

				969

PRINCIPAL
AMOUNT

(000S)

VALUE
(000S)

MUNICIPAL BONDS - 62.2% continued

Wisconsin – 0.9%

Milwaukee Area Technical College District G.O. Unlimited Bonds, Series C,

2.00%, 6/1/24

$2,580

$2,567

PMA Levy & Aid Anticipation Revenue Notes, Series A, Anticipation Notes Program,

5.00%, 9/25/24

5,595

5,622

Wisconsin State G.O. Unlimited Refunding Bonds, Series 4,

5.00%, 5/1/25

2,015

2,034

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Milwaukee Regional Medical Center,

5.00%, 4/1/25

2,000

2,029

Wisconsin State Variable G.O. Unlimited Bonds, Series A,

(Floating, SIFMA Municipal Swap Index Yield + 0.42%), 4.06%, 5/1/25⁽¹⁾

10,500

10,446

22,698

Wyoming – 0.1%

Sweetwater County 2023 Specific Purpose Tax Joint Powers Board Revenue Bonds,

6.00%, 6/15/26

2,655

2,810

Total Municipal Bonds

(Cost $1,565,053)

1,559,358

NUMBER

OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 5.3%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

5.13%^{(8) (9)}

132,151,178

$132,151

Total Investment Companies

(Cost $132,151)

132,151

PRINCIPAL
AMOUNT

(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 8.9%

Anne Arundel County Maryland G.O. Limited Refunding Bonds,

5.00%, 4/1/24

$10,000

Austin G.O. Limited Refunding Bonds,

5.00%, 9/1/24

5,925

5,957



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS - 8.9% continued

California State G.O. Unlimited Refunding Bonds,

5.00%, 9/1/24		$5,000		$5,033

Charleston School Public Facilities Corporation Installment Purchase Revenue Bonds, City of Charleston Project,

5.00%, 9/1/24		810		814

Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series B, Yale New Haven,

1.80%, 7/1/24^{(5) (6)}		4,000		3,970

Connecticut State Health & Educational Facilities Authority Variable Revenue Refunding Bonds, Series 2015-A,

0.38%, 7/12/24^{(5) (6)}		14,790		14,594

Denton County Housing Finance Corp. Variable Revenue Bonds, Pathway on Woodrow Apartments,

5.00%, 2/1/25^{(5) (6)}		3,500		3,524

Edison Township G.O. Unlimited BANS,

4.50%, 11/7/24		4,680		4,706

Fort Bend Independent School District Variable G.O. Unlimited Bonds, Series A (PSF, Gtd.),

2.38%, 8/1/24^{(5) (6)}		8,335		8,280

Harris County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds, Texas Children’s Hospital,

5.00%, 10/1/24		2,180		2,194

Houston Housing Finance Corp. MFH Variable Revenue Bonds, Sunset Gardens Apartments (FHA Insured, HUD Sector 8 Program),

4.00%, 10/1/24^{(5) (6)}		2,500		2,492

Illinois State Finance Authority Revenue Refunding Bonds, Series A, University of Chicago Medical Center,

5.00%, 8/15/24		1,145		1,149

Indiana State Housing & Community Development Authority Collateralized Variable Revenue Bonds, RD Moving Forward Biggs Project,

2.00%, 4/1/24^{(5) (6)}		1,000		1,000



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS - 8.9% continued

IPS Multi-School Building Corp. Sustainable First Mortgage Revenue Bond (State Intercept Program),

5.00%, 7/15/24		$1,140		$1,143

Jacksonville Health Care Facilities Variable Revenue Refunding Bonds, Baptist Health,

3.30%, 4/8/24^{(5) (6)}		19,800		19,800

Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply,

4.00%, 1/1/25^{(5) (6)}		5,410		5,408

Lancaster County Public Facilities Corp. Installment Purchase Revenue Bonds, Lancaster County Project,

5.00%, 6/1/24		1,275		1,277

Las Varas Public Facility Corp. MFH Variable Revenue Bonds, Horizon Pointe Apartments,

0.40%, 5/1/24^{(5) (6)}		20,000		19,909

Las Varas Public Facility Corp. Texas MFH Variable Revenue Bonds, Palo Alto Apartments,

3.10%, 11/1/24^{(5) (6)}		8,000		7,912

Maine State Housing Authority Mortgage Purchase Variable Revenue Bonds, Series B, Social Bonds,

3.13%, 5/1/24^{(5) (6)}		4,670		4,666

Maricopa County Individual Development Authority Solid Waste Disposal Revenue Bonds (AMT), Waste Management, Inc., Project,

3.38%, 6/3/24^{(5) (6)}		1,000		998

Memphis Health Educational & Housing Facility Board MFH Variable Revenue Bonds, Tillman Cove Apartment (HUD Sector 8 Program),

0.55%, 6/1/24^{(5) (6)}		10,000		9,912

Michigan State Strategic Fund Exempt Facilities Adjustable Revenue Bonds (AMT), Waste Management, Inc., Project,

0.58%, 8/1/24^{(5) (6)}		3,000		2,964

Mobile IDB Pollution Control Variable Revenue Bonds, Alabama Power Barry Plant,

3.65%, 1/10/25^{(5) (6)}		4,250		4,235


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

SHORT-TERM INVESTMENTS - 8.9% continued

Monmouth County Improvement Authority Revenue Bonds,

5.00%, 12/1/24		$1,000		$1,010

Multnomah County School District No. 1J Portland G.O. Unlimited Bonds (School Board Guaranty Program),

5.00%, 6/15/24		1,605		1,609

New Jersey State G.O. Unlimited Bonds, Covid-19 Emergency Bonds,

5.00%, 6/1/24		10,000		10,017

New Mexico State Finance Authority Transportation Subordinate Revenue Refunding Bonds, Series A,

5.00%, 6/15/24		3,185		3,192

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Refunding Bonds,

5.00%, 11/1/24		8,570		8,645

Noblesville High School Building Corp. First Mortgage Revenue Bonds (State Intercept Program),

5.00%, 7/15/24		590		592

Northern Energy Authority Commodity Supply Revenue Bonds, Series A,

4.00%, 7/1/24^{(5) (6)}		7,000		7,000

Ohio State Housing Finance Agency MFH Variable Revenue Bonds, Post Oak Station (HUD Sector 8 Program),

3.35%, 7/1/24^{(5) (6)}		2,000		1,990

Peninsula Ports Authority Coal Terminal Variable Revenue Refunding Bonds, Dominion Terminal Associates Project,

3.80%, 10/1/24^{(5) (6)}		3,000		2,985

Philadelphia School District TRANS, Series A,

5.00%, 6/28/24		1,475		1,478

Philadelphia Water & Wastewater Revenue Refunding Bonds, Series B (AGM Insured),

5.00%, 9/1/24		2,000		2,012

Regional Transportation District Refunding COPS,

5.00%, 6/1/24		2,940		2,946

PRINCIPAL
AMOUNT
(000S)

VALUE

(000S)

SHORT-TERM INVESTMENTS - 8.9% continued

Rhode Island Health & Educational Building Corp. Higher Education Facility Variable Taxable Revenue Refunding Bonds, Bryant University,

1.50%, 7/1/24^{(5) (6)}

$15,840

$15,675

Sarasota County School Board COPS Master Lease Program,

5.00%, 7/1/24

750

752

Sherman Certificates of Obligation G.O. Limited Bonds,

5.00%, 8/15/24

1,455

1,461

South Dakota State Housing Development Authority Variable Revenue Bonds, Series J (GNMA, FNMA, FHLMC Insured),

3.88%, 12/12/24^{(5) (6)}

3,200

3,206

Troy City School District G.O. Unlimited Bonds,

5.00%, 12/1/24

1,120

1,131

Vermont State G.O. Unlimited Refunding Bonds, Citizen Bonds,

5.00%, 8/15/24

4,555

4,577

Virginia State G.O. Unlimited Refunding Bonds, Series B,

5.00%, 6/1/24

1,100

1,102

Washington State G.O. Unlimited Refunding Bonds, Series D,

5.00%, 7/1/24

10,000

10,040

Total Short-Term Investments

(Cost $224,292)

223,357

Total Investments – 99.8%

(Cost $2,510,872)

2,500,817

Other Assets less Liabilities – 0.2%

4,962

NET ASSETS – 100.0%

$2,505,779

⁽¹⁾

Variable or floating rate security. Rate as of March 31, 2024 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, 2024.

⁽⁴⁾

Maturity date represents the prerefunded date.

⁽⁵⁾

Maturity date represents the puttable date.

⁽⁶⁾

⁽⁷⁾

When-Issued Security. Coupon rate is not in effect at March 31, 2024.

⁽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, 2024 is disclosed.

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

1Y - 1 Year

3M - 3 Month

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

COPS - Certificates of Participation

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

GANS - Grant Anticipation Notes

GARVEE - Grant Anticipation Revenue Vehicle

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

HDA - Housing Development Authority

HFA - Housing Finance Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

IDB - Industrial Development Board

MFH - Multi-Family Housing

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

SCSDE - South Carolina State Department of Education

SFM - Single Family Mortgage

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

TRANS - Tax and Revenue Anticipation Notes

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		1.1	%

Corporate Bonds		9.7	%

Foreign Issuer Bonds		11.8	%

U.S. Government Obligations		0.8	%

Municipal Bonds		62.2	%

Investment Companies		5.3	%

Short-Term Investments		8.9	%

⁽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)
Asset-backed securities⁽¹⁾	$	—	$	28,091		$—	$	28,091
Corporate Bonds⁽¹⁾		—		241,594		—		241,594
Foreign Issuer Bonds⁽¹⁾		—		296,299		—		296,299
U.S. Government Obligations		—		19,967		—		19,967
Municipal Bonds⁽¹⁾		—		1,559,358		—		1,559,358
Investment Companies		132,151		—		—		132,151
Short-Term Investments		—		223,357		—		223,357

Total Investments	$	132,151	$	2,368,666		$—	$	2,500,817

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 1.7%

U.S. Treasury Notes – 1.7%

4.00%, 2/15/34		$13,238		$13,031

Total U.S. Government Obligations
(Cost $13,098)				13,031


MUNICIPAL BONDS - 92. 4 %

Alabama – 1.6%

Birmingham Waterworks Board Water Revenue Refunding Bonds, Series A, Prerefunded, 5.00%, 1/1/25⁽¹⁾		1,000		1,011

Black Belt Energy Gas District Alabama Gas Prepay Revenue Bonds, Series A-1, Project No. 5, 4.00%, 10/1/26^(2) (3)		2,500		2,508

Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds, Series D1, 4.00%, 6/1/27^(2) (3)		5,000		5,055

Jefferson County Sewer Revenue Refunding Warrants, 5.50%, 10/1/53		2,425		2,639

Southeast Energy Authority Commodity Supply Variable Revenue Bonds, Series A-1, Project No. 3, 5.50%, 12/1/29^(2) (3)		1,000		1,067

				12,280

Arizona – 1.0%

Arizona Board of Regents State University System Revenue Refunding Bonds, Series B, 5.00%, 7/1/43		2,000		2,085

Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds, 4.00%, 11/1/46		1,000		952

Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds, Series B (AMT), 3.25%, 7/1/49		1,670		1,345

Student & Academic Services LLC Lease Revenue Bonds, Northern Arizona Capital Facilities (BAM Insured), 5.00%, 6/1/44		2,000		2,000



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Arizona – 1.0% continued

Yavapai County IDA Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical, 3.13%, 8/1/43		$1,000		$791

				7,173

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		2,218
2.25%, 2/1/41		1,000		718

				2,936

California – 5.5%

Alameda Corridor Transportation Authority Senior Lien Convertible Revenue Refunding CABS, Series A, (Step to 5.40% on 10/1/37), 0.00%, 10/1/50⁽⁴⁾		1,500		823

California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1, 4.00%, 8/1/31^(2) (3)		5,000		5,028

California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates, 3.50%, 11/20/35		3,342		3,133

California School Finance Authority Educational Facilities Revenue Bonds, Series A, 4.00%, 7/1/55		1,075		897

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		804

California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village, 5.00%, 5/15/43		2,000		2,066



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

California – 5.5% continued

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		$734

California State Various Purpose G.O. Unlimited Bonds, 5.25%, 10/1/39		5,000		5,184

Carlsbad Unified School District G.O. Unlimited Convertible CABS, Series B, Election, 6.00%, 5/1/34		2,500		2,504

Coachella Valley Water District Revenue COPS, Series A, Oasis Project, 4.00%, 8/1/46		3,385		3,419

Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT), 5.00%, 5/15/34		3,000		3,176

Newport Mesa Unified School District G.O. Unlimited Refunding CABS Bonds, 0.00%, 8/1/41⁽⁵⁾		2,000		1,009

Riverside County Transportation Commission Toll Senior Lien Revenue Refunding Bonds, RCTC 91 Express Lanes, 3.00%, 6/1/49		2,750		2,089

San Diego County Regional Airport Authority Subordinate Revenue Refunding Bonds, Series A, 5.00%, 7/1/49		4,135		4,394

San Francisco Bay Area Rapid Transit District G.O. Unlimited Bonds, Election of 2016, Green Bonds, 4.00%, 8/1/47		5,000		4,976

San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT), 5.00%, 5/1/42		1,500		1,538

				41,849



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Colorado – 7.0%

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), Prerefunded, 5.25%, 12/1/26⁽¹⁾		$225		$238

Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B, Unrefunded Balance (State Aid Withholding), 5.25%, 12/1/40		4,775		4,963

Arapahoe County School District No. 6 Littleton G.O. Unlimited Bonds, Series A (State Aid Withholding), 5.50%, 12/1/43		5,000		5,448

Centennial Water & Sanitation District Water & Wastewater Revenue Bonds, 5.00%, 12/1/53		3,900		4,240

Colorado State COPS, 6.00%, 12/15/39		5,000		6,055

Colorado State COPS, Series A, 4.00%, 12/15/37		10,000		10,161

Colorado State Educational & Cultural Facilities Authority Revenue Bonds, Series A, University of Denver Project, 5.00%, 3/1/40		2,500		2,598

Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Adventist Health System Sunbelt, 4.00%, 11/15/41		1,000		988

Colorado State School of Mines Institutional Enterprise Revenue Bonds, Series B, 5.00%, 12/1/42		3,400		3,537

Denver City & County Airport Revenue Bonds, Series A (AMT), 5.00%, 11/15/37		2,000		2,202
4.13%, 11/15/53		1,000		935

Denver City & County Airport System Subordinate Revenue Refunding Bonds (AMT), Series A, 5.00%, 12/1/43		2,000		2,062

Denver City & County Dedicated Tax Revenue CABS, Series A-2, 0.00%, 8/1/37⁽⁵⁾		2,750		1,539



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Colorado – 7.0% continued

0.00%, 8/1/39⁽⁵⁾		$2,805		$1,388

Denver City & County Dedicated Tax Revenue Refunding & Improvement Bonds, Series A, 5.00%, 8/1/42		1,500		1,535

Denver City & County School District No. 1 G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), 5.00%, 12/1/27		1,500		1,515

Fremont County School District RE-1 Canon City G.O. Unlimited Bonds (State Aid Withholding), 5.00%, 12/1/48		1,000		1,090

Windy Gap Firming Project Water Activity Enterprise Revenue Bonds, 5.00%, 7/15/46		2,000		2,158

				52,652

Connecticut – 1.8%

Connecticut State G.O. Unlimited Refunding Bonds, Series D, 5.00%, 4/15/26		4,480		4,649

Connecticut State Special Tax Obligation Revenue Bonds, Series A, Transportation Infrastructure, 5.00%, 8/1/34		3,000		3,058

Connecticut State Special Tax Obligation Revenue Refunding Bonds, Series B, 5.00%, 1/1/25		2,600		2,630

University of Connecticut Revenue Bonds, Series A, 5.25%, 11/15/47		3,000		3,186

				13,523

District of Columbia – 2.6%

District of Columbia G.O. Unlimited Bonds, Series A, 5.00%, 6/1/43		5,000		5,278

District of Columbia G.O. Unlimited Bonds, Series C, 5.00%, 6/1/38		1,000		1,002

District of Columbia Water & Sewer Authority Public Utility Subordinate Revenue Bonds, Series A, Green Bonds, 5.00%, 10/1/45		2,500		2,519



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

District Of Columbia – 2.6% continued

Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding Bonds, Series A, Dulles Metrorail & Capital Improvement, 5.00%, 10/1/44		$2,000		$2,092

Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/1/43		4,000		4,130

Washington Metropolitan Area Transit Authority Gross Revenue Bonds, 5.00%, 7/1/38		1,800		1,878
5.00%, 7/1/43		3,000		3,103

				20,002

Florida – 7.6%

Broward County Airport System Revenue Bonds (AMT), 5.00%, 10/1/42		2,500		2,562

Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project, 5.00%, 4/1/48		2,000		2,036

Florida Insurance Assistance Interlocal Agency Revenue Bonds, Series A-1, 5.00%, 9/1/25		1,000		1,011

Florida State Development Finance Corp. Educational Facility Revenue Bonds, Mater Academy Project, Series A, 5.00%, 6/15/50		2,000		2,000

Fort Myers Utility Revenue Refunding Bonds, 5.25%, 10/1/53		3,145		3,482

Greater Orlando Aviation Authority Airport Facilities Priority Subordinated Revenue Bonds, Series A (AMT), 5.00%, 10/1/42		1,965		2,013

Hillsborough County Aviation Authority Customer Facilities Charge Revenue Bonds, Series A, Tampa International Airport, 5.00%, 10/1/44		2,500		2,507

Lee County Local Optional Gas TRB, 5.25%, 8/1/49		3,500		3,739



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Florida – 7.6% continued

Miami-Dade County Aviation Revenue Refunding Bonds, 5.00%, 10/1/41		$450		$459

Miami-Dade County Aviation Revenue Refunding Bonds (AMT), 5.00%, 10/1/27		2,000		2,008

Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT), 5.00%, 10/1/38		5,000		5,049

Miami-Dade County Educational Facilities Authority Revenue Refunding Bonds, University of Miami, Series B (AMBAC Insured), 5.25%, 4/1/26		2,000		2,069

Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-2 (AGM Insured), 3.00%, 10/1/50		10,500		7,977

Miami-Dade County Transit Sales Surtax Revenue Bonds, 5.00%, 7/1/47		2,750		2,948

Miami-Dade County Water & Sewer System Revenue Bonds, Series A, 4.00%, 10/1/37		2,500		2,516

Palm Beach County Educational Facilities Authority Revenue Bonds, Palm Beach Atlantic University, 5.00%, 10/1/43		375		399

Pasco County School Board COPS, Series A (BAM Insured), 5.00%, 8/1/43		3,000		3,193

Seminole County Special Obligation Revenue Refunding Bonds, 5.00%, 10/1/52		1,325		1,414

South Broward Hospital District Revenue Refunding Bonds, Series A, 4.00%, 5/1/44		3,500		3,347

Tampa Bay Water Regional Water Supply Authority Utility System Revenue Refunding Bonds, Series A, 4.00%, 10/1/35		5,000		5,028
5.00%, 10/1/36		1,750		1,809

				57,566



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Georgia – 1.1%

Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A, 5.00%, 5/15/43		$500		$511

Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 & 4 Project, 5.00%, 7/1/52		1,500		1,569
5.50%, 7/1/60		2,500		2,515

Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 & 4 Project (AGM Insured), 5.00%, 7/1/52		2,500		2,642

Richmond County Board of Education G.O. Unlimited Bonds (State Aid Withholding), 5.00%, 10/1/26		1,150		1,205

				8,442

Hawaii – 1.2%

Hawaii State Airports System Revenue Bonds, Series A (AMT), 5.00%, 7/1/48		4,000		4,096

Hawaii State Department of Budget & Finance Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, 5.00%, 7/1/25		1,200		1,221
5.00%, 7/1/26		1,500		1,556

Honolulu City & County G.O. Unlimited Bonds, Series A, 5.00%, 9/1/43		2,000		2,112

				8,985

Idaho – 0.3%

Idaho State Housing & Finance Association Sales TRB, Transportation Expansion & Mitigation, 5.00%, 8/15/47		2,000		2,173

Illinois – 5.3%

Chicago Midway Airport Senior Lien Revenue Refunding Bonds, Series B (BAM Insured), 5.00%, 1/1/25		1,000		1,011

Chicago Wastewater Transmission Second Lien Revenue Refunding Bonds, Series B (AGM Insured), 5.00%, 1/1/36		500		570



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Illinois – 5.3% continued

Chicago Water Second Lien Revenue Bonds, Series A (AGM Insured), 5.25%, 11/1/53		$2,000		$2,168

Illinois State Educational Facilities Authority Revenue Bonds, Field Museum of Natural History, 3.90%, 11/1/36		1,740		1,770

Illinois State Finance Authority Academic Facilities Lease Revenue Bonds, University of Illinois at Urbana-Champaign, 5.00%, 10/1/49		1,250		1,273

Illinois State Finance Authority Revenue Refunding Bonds, Northshore University Health System, 3.25%, 8/15/49		2,500		1,916

Illinois State Finance Authority Revenue Refunding Bonds, Series A, Lake Forest College, 5.25%, 10/1/52		500		500

Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center, 5.00%, 11/15/38		1,500		1,512

Illinois State G.O. Unlimited Bonds, Series D, 3.25%, 11/1/26		6,855		6,747

Illinois State Toll Highway Authority Revenue Bonds, Series B, 5.00%, 1/1/40		6,500		6,639

Illinois State Toll Highway Authority Senior Revenue Bonds, Series A, 5.25%, 1/1/43		3,000		3,402

Illinois State Toll Highway Authority Senior Revenue Refunding Bonds, Series A, 5.00%, 1/1/28		4,380		4,714

Saint Clair County Community Unit School District No. 187 Cahokia G.O. Unlimited Bonds, Series A (AGM Insured), 5.00%, 1/1/54		1,250		1,310

Sangamon County School District No. 186 Springfield G.O. Unlimited Bonds (AGM Insured), 5.00%, 6/1/26		1,200		1,238



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Illinois – 5.3% continued

Schaumburg G.O. Unlimited Refunding Bonds, Series A, 4.00%, 12/1/41		$5,000		$5,000

				39,770

Indiana – 0.7%

Fishers Sewage Works Revenue Bonds (BAM Insured), 3.00%, 7/1/51		1,000		726

Indiana Finance Authority Environmental Facilities Variable Revenue Refunding Bonds (AMT), Indianapolis Power & Light Co. Project, 0.95%, 4/1/26^(2) (3)		1,500		1,391

Indiana Finance Authority Environmental Facilities Variable Revenue Refunding Bonds, Indianapolis Power & Light Co. Project, 0.75%, 4/1/26^(2) (3)		1,125		1,037

Indianapolis Local Public Improvement Bond Bank Revenue Bonds, Indianapolis Airport Authority Project, 5.00%, 1/1/44		2,000		2,143

				5,297

Iowa – 0.3%

Pefa, Inc., Iowa Gas Project Revenue Bonds, 5.00%, 9/1/26^{(2) (3)}		2,500		2,559

Kansas – 0.1%

Manhattan G.O. Unlimited Temporary Notes, Series 2021-01, 0.20%, 6/15/24		890		879

Kentucky – 3.9%

Carroll County Environmental Facilities Revenue Bonds (AMT), Kentucky Utilities Co. Project, 1.75%, 9/1/26^(2) (3)		1,500		1,399

Carroll County Environmental Facilities Revenue Refunding Bonds (AMT), Kentucky Utilities Company, 2.13%, 10/1/34		5,200		4,146



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Kentucky – 3.9% continued

Fayette County School District Finance Corp. Revenue Bonds, Series A (State Intercept Program), 4.00%, 5/1/38		$5,000		$4,994

Kentucky State Public Energy Authority Gas Supply Variable Revenue Bonds, Series C, Gas Supply, 4.00%, 2/1/28^(2) (3)		10,000		10,069

Louisville & Jefferson County Metro Government Health System Revenue Refunding Bonds, Norton Healthcare, Inc., 5.00%, 10/1/26		600		624

Louisville & Jefferson County Metro Government PCR Refunding Bonds, Gas & Electric, 2.00%, 10/1/33		10,000		8,119

				29,351

Louisiana – 2.2%

Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project, 2.50%, 4/1/36		7,250		5,949

Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Unrefunded Balance, 5.00%, 5/15/47		2,000		2,027

Louisiana State Gas & Fuels First Lien Revenue Refunding Bonds, Series A, Prerefunded, 4.50%, 5/1/25⁽¹⁾		2,500		2,533

Louisiana State Gas & Fuels Tax Second Lien Revenue Refunding Bonds, Series C, 5.00%, 5/1/45		1,000		1,036

Shreveport Water & Sewer Revenue Bonds, Series B (BAM Insured), 5.00%, 12/1/41		5,000		5,111

				16,656



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Maine – 0.0%

Maine State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A (AGM Insured), 5.00%, 7/1/25		$100		$102

Maryland – 0.4%

Maryland State Department of Transportation Consolidated Transportation Revenue Bonds, 2.50%, 10/1/33		1,850		1,653

Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Lifebridge Health, 5.00%, 7/1/44		1,100		1,126

				2,779

Massachusetts – 4.7%

Bristol-Plymouth Regional Vocational Technical School District G.O. Limited BANS (State Aid Withholding), 4.00%, 2/28/25		4,825		4,851

Lincoln School G.O. Unlimited Bonds, 3.50%, 3/1/44		3,810		3,492

Massachusetts State Bay Transportation Authority Sales Tax Revenue Refunding CABS, Series A, 0.00%, 7/1/29⁽⁵⁾		2,500		2,067

Massachusetts State G.O. Limited Bonds, Series A, Consolidated Loan, 5.00%, 1/1/54		1,500		1,611

Massachusetts State G.O. Limited Bonds, Series D, 5.00%, 10/1/52		3,500		3,769

Massachusetts State Housing Finance Agency Revenue Bonds, Series H, 4.40%, 12/1/46		1,000		988

Massachusetts State Port Authority Revenue Bonds, Series A, 5.00%, 7/1/40		2,725		2,775

Massachusetts State Port Authority Revenue Bonds, Series C (AMT), 5.00%, 7/1/44		2,000		2,074



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Massachusetts – 4.7% continued

Massachusetts State School Building Authority Senior Lien Sales TRB, Series B, 5.00%, 11/15/36		$1,500		$1,571
5.00%, 11/15/39		2,500		2,599

Massachusetts State School Building Authority Subordinated Sales TRB, Series A, 5.00%, 2/15/44		4,000		4,256

Massachusetts State Transportation Fund Revenue Bonds, Accelerated Bridge Program, 5.00%, 6/1/44		1,500		1,502

Massachusetts State Transportation Fund Sustainability Revenue Bonds, Rail Enhancement Program, 5.00%, 6/1/50		2,500		2,665

Massachusetts State Water Resources Authority General Revenue Bonds, Series B, 5.00%, 8/1/43		1,455		1,535

				35,755

Michigan – 1.8%

Great Lakes Water Authority Supply System Senior Lien Revenue Bonds, Series B, 5.25%, 7/1/53		1,000		1,112

Kalamazoo Public School G.O. Unlimited Bonds, Series I (AGM Insured), 5.00%, 5/1/26		2,525		2,624

Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series I, 5.00%, 4/15/38		2,000		2,044

Michigan State Finance Authority Revenue Refunding Bonds, Series H-1, Partially Prerefunded, 5.00%, 10/1/39		5,000		5,013

Michigan State HDA SFM Revenue Bonds, Series A, Social Bonds, 4.10%, 6/1/43		1,875		1,818



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Michigan – 1.8% continued

Walled Lake Consolidated School District G.O. Unlimited Bonds (Q-SBLF Insured), 5.00%, 5/1/50		$1,000		$1,056

				13,667

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		292

Minnesota Municipal Gas Agency Commodity Supply Revenue Bonds, Series A, 4.00%, 12/1/27^(2) (3)		5,000		5,042

				5,334

Mississippi – 0.1%

Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc., Project, 2.38%, 6/1/44		1,000		626

Missouri – 1.7%

Greene County Reorganized School District No. R-3 Republic G.O. Unlimited Bonds, (State Aid Direct Deposit Program), 5.00%, 3/1/38		1,000		1,134

Kansas City Sanitary Sewer System Revenue Bonds, Series A, 4.00%, 1/1/49		1,000		980

Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series B, 5.00%, 5/1/33		1,000		1,017

Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series B, Prerefunded, 5.00%, 5/1/25⁽¹⁾		1,605		1,633

Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series B, Unrefunded Balance, 5.00%, 5/1/45		3,395		3,453



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Missouri – 1.7% continued

Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds, Series A, Saint Louis University, 5.00%, 10/1/38		$2,500		$2,545

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		1,329

Springfield School District No. R-12 G.O. Unlimited Bonds, School Building (State Aid Direct Deposit Program), 5.00%, 3/1/38		625		705

				12,796

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		50		46

Nebraska – 1.1%

Douglas County Hospital Authority No. 2 Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, 5.00%, 11/15/36		1,000		1,046

Douglas County School District No. 1 G.O. Unlimited Refunding Bonds, Series B, 5.00%, 12/15/24		1,500		1,515

Omaha Public Power District Electric Revenue Refunding Bonds, Series A, 5.00%, 2/1/42		4,250		4,467

Omaha Public Power District Electric System Revenue Refunding Bonds, Series C, 5.00%, 2/1/43		1,000		1,007

				8,035

Nevada – 0.7%

Clark County Airport System Subordinate Lien Revenue Refunding Bonds Series A-2, 4.25%, 7/1/36		5,000		5,005



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

New Jersey – 1.0%

New Jersey State G.O. Unlimited Bonds, Covid-19 Go Emergency Bonds, 5.00%, 6/1/25		$2,500		$2,545

New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program, 5.25%, 6/15/43		4,500		4,736

				7,281

New Mexico – 0.2%

New Mexico State Mortgage Finance Authority Revenue Bonds, Series C (GNMA, FNMA, FHLMC Insured), 4.00%, 9/1/52		990		920

New Mexico State Mortgage Finance Authority Revenue Bonds, Series D, Class I (GNMA, FNMA, FHLMC Insured), 4.30%, 9/1/52		1,000		945

				1,865

New York – 12.1%

Metropolitan Transportation Authority Sustainable Revenue Refunding Bonds, Series A, 5.00%, 11/15/37		2,500		2,845

New York City Housing Development Corp. MFH Revenue Bonds, Sustainable Neighborhood Bonds, 3.00%, 11/1/39		1,370		1,191

New York City Housing Development Corp. MFH Revenue Refunding Bonds, Sustainable Neighborhood Bonds, 3.00%, 11/1/44		1,535		1,239

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series EE, 5.00%, 6/15/39		1,800		1,891

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series GG, 5.00%, 6/15/39		2,000		2,025



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

New York – 12.1% continued

New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Sub-Series EE, 5.00%, 6/15/45		$5,000		$5,459

New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-3 (State Aid Withholding), 5.00%, 7/15/43		3,000		3,164

New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, 5.00%, 8/1/40		250		265

New York City Transitional Finance Authority Future Tax Subordinate Revenue Bonds, 3.00%, 5/1/48		4,750		3,748

New York City Transitional Finance Authority Subordinate Multi-modal Revenue Bonds, Series F-1, 5.25%, 2/1/53		1,000		1,104

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series A-3, 3.00%, 5/1/45		5,000		4,091

New York City Transitional Finance Authority Subordinate Revenue Bonds, Series C-3, 5.00%, 5/1/41		3,450		3,641

New York G.O. Unlimited Bonds, Series A, Fiscal 2024, 5.00%, 8/1/51		1,500		1,608

New York G.O. Unlimited Bonds, Series D, Subseries D1, 5.00%, 12/1/44		3,000		3,170

New York G.O. Unlimited Refunding Bonds, Series C-1, 5.00%, 8/1/25		2,500		2,560

New York G.O. Unlimited Refunding Bonds, Subseries F-1, 5.00%, 8/1/25		500		512



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

New York – 12.1% continued

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Building Financing Program (State Aid Withholding), 5.00%, 10/1/31		$720		$751

New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program (AGM Insured), Prerefunded, 5.00%, 10/1/28⁽¹⁾		5		5

New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A, 5.25%, 3/15/39		2,500		2,701
5.00%, 3/15/49		3,000		3,185

New York State Dormitory Authority State Personal Income TRB, Series A, Unrefunded Balance, 5.00%, 2/15/43		2,000		2,051

New York State Environmental Facilities Corp. State Clean Water & Drinking Water Subordinated Revenue Refunding SRF Bonds, 4.00%, 6/15/46		5,000		4,854

New York State Housing Finance Agency Affordable Housing Revenue Bonds, Series E (SonyMA, FNMA Insured), 4.15%, 11/1/47		1,000		969

New York State Liberty Development Corp. Liberty Revenue Refunding Bonds, Series 1, 2.25%, 2/15/41		6,555		4,799

New York State Mortgage Agency Homeowner Revenue Bonds, Series 242, Social Bonds (SonyMA Insured), 3.25%, 10/1/47		5,000		4,146

New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds, 2.05%, 4/1/33		1,555		1,328

New York State Thruway Authority Revenue Bonds, Series J, 5.00%, 1/1/27		50		50



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

New York – 12.1% continued

New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport, 5.00%, 12/1/31		$550		$606

New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax, 5.00%, 3/15/47		4,500		4,796

Port Authority of New York & New Jersey Consolidated Revenue Bonds, 5.00%, 9/1/39		5,000		5,025

Port Authority of New York & New Jersey Consolidated Revenue Refunding Bonds, Series 186 (AMT), 5.00%, 10/15/44		3,000		3,007

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 207 (AMT), 5.00%, 9/15/28		1,000		1,055

Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 277 (AMT), 2.00%, 10/1/32		2,000		1,663

Sales Tax Asset Receivable Corp. Revenue Refunding Bonds, Series A, Fiscal 2015, Prerefunded, 5.00%, 10/15/24⁽¹⁾		500		504

Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue BANS, Series A, 5.00%, 8/15/24		3,000		3,015

Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A-1, 5.00%, 5/15/54		2,975		3,219

Utility Debt Securitization Authority Restructuring Revenue Refunding Bonds, 5.00%, 12/15/37		2,500		2,561

Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds, 5.00%, 12/15/39		2,500		2,651

				91,454



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

North Carolina – 0.3%

North Carolina Capital Facilities Finance Agency Educational Revenue Bonds, Wake Forest University, 5.00%, 1/1/48		$1,000		$1,037

North Carolina State Housing Finance Agency Home Ownership Revenue Bonds, Series 44, 3.00%, 7/1/46		915		706

North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway (AGM Insured), 5.00%, 1/1/49		500		523

				2,266

North Dakota – 0.2%

Grand Forks Health Care System Revenue Refunding Bonds, Altru Health System (AGM Insured), 3.00%, 12/1/46		1,500		1,138

Ohio – 0.7%

Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A, 4.00%, 12/1/45		225		201

Ohio State Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System, 4.00%, 1/1/36		1,000		1,025

Troy City School District G.O. Unlimited Bonds, 5.00%, 12/1/54		2,650		2,855

Washington Local School District Lucas County G.O. Unlimited Bonds, Series A (School District Credit Program), 3.13%, 12/1/51		2,000		1,535

				5,616

Oregon – 1.7%

Clackamas County School District No. 12 North Clackamas G.O. Unlimited CABS, Series A, (School Board Guaranty Program), 0.00%, 6/15/38⁽⁵⁾		7,500		3,970



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Oregon – 1.7% continued

Clackamas County School District No. 62C Oregon City G.O. Unlimited CABS, Series A (School Board Guaranty Program), 0.00%, 6/15/37⁽⁵⁾		$1,000		$557

Port of Portland International Airport Revenue Bonds, 5.00%, 7/1/49		2,010		2,122

Salem Hospital Facility Authority Revenue Refunding Bonds, Multi Model Salem Health Projects, 5.00%, 5/15/44		3,500		3,637

Union County Hospital Facility Authority Revenue Bonds, Grand Ronde Hospital Project, 5.00%, 7/1/52		750		744

Washington County School District No. 48J Beaverton G.O. Unlimited CABS, Series A (School Board Guaranty Program), 0.00%, 6/15/48⁽⁵⁾		5,000		1,558

				12,588

Pennsylvania – 2.9%

Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds (AGM Insured), 4.00%, 6/1/39		5,000		5,028

Delaware County Regional Water Quality Control Authority Sewer Revenue Bonds, 5.00%, 5/1/32		820		834
5.00%, 5/1/35		865		877

Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, University of Pennsylvania Health System, 5.00%, 8/15/49		5,000		5,235

Pennsylvania State Turnpike Commission Oil Franchise Tax Subordinate Revenue Bonds, Series B, 5.00%, 12/1/43		2,500		2,621

Pennsylvania State Turnpike Commission Revenue Bonds, Series A-2, 5.00%, 12/1/48		2,000		2,091



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Pennsylvania – 2.9% continued

Pennsylvania State Turnpike Commission Turnpike Revenue Bonds, Series B, 5.00%, 12/1/40		$1,525		$1,549

Pennsylvania State University Revenue Bonds, Series A, 5.00%, 9/1/45		2,000		2,150

Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, Series B, 5.00%, 12/1/46		1,700		1,823

				22,208

Rhode Island – 0.7%

Rhode Island Turnpike & Bridge Authority Motor Fuel TRB, Series A, 4.00%, 10/1/44		5,265		5,165

South Carolina – 2.1%

Aiken Water & Sewer Revenue Bonds, Series A, 4.00%, 8/1/49		1,000		976

Charleston Educational Excellence Financing Corp. Revenue Refunding Bonds, Charleston County School District Project, 5.00%, 12/1/24		1,000		1,009
5.00%, 12/1/26		1,125		1,182

Greenville County School District Installment Purchase Revenue Refunding Bonds, South Carolina Project, 5.00%, 12/1/25		1,565		1,612

Patriots Energy Group Financing Agency Gas Supply Variable Revenue Refunding Bonds, Series B-1, 5.25%, 3/1/31^(2) (3)		2,000		2,167

Patriots Energy Group Gas System Revenue Refunding Bonds, Series A, 4.00%, 6/1/51		2,500		2,332

Piedmont Municipal Power Agency Electric Revenue Bonds, Series 2004, Unrefunded Balance (BHAC-CR MBIA Insured), 5.38%, 1/1/25		5,525		5,591



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

South Carolina – 2.1% continued

University of South Carolina Athletic Facilities Revenue Refunding Bonds, Series A, 5.00%, 5/1/52		$1,000		$1,056

				15,925

Tennessee – 1.1%

Tennergy Corp. Gas Revenue Bonds, Series A, 4.00%, 9/1/28^{(2) (3)}		5,000		5,002

Tennessee Housing Development Agency Residential Financing Program Revenue Bonds, Series 1B, 3.38%, 7/1/38		50		46

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^{(2) (3)}		3,270		3,376

				8,499

Texas – 8.4%

Alvin Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.), 4.00%, 2/15/51		1,500		1,439

Austin Electric Utility System Revenue Refunding Bonds, Series A, 5.00%, 11/15/28		500		513
5.00%, 11/15/35		2,500		2,557

Bexar County Certificates of Obligation G.O. Limited Bonds, 4.00%, 6/15/46		5,000		4,897

Bexar County Hospital District Certificates of Obligation G.O. Limited Bonds, 5.00%, 2/15/26		625		645

Collin County G.O. Limited Bonds, 5.00%, 2/15/25		2,060		2,089

Dallas G.O. Limited Bonds, 5.00%, 2/15/32		1,650		1,671

Dallas-Fort Worth International Airport Revenue Refunding Bonds, Series B, 5.00%, 11/1/25		550		564



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Texas – 8.4% continued

5.00%, 11/1/47		$525		$578

El Paso Municipal Drainage Utility System Revenue Bonds, 5.00%, 3/1/38		1,215		1,371

Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center, 0.90%, 5/15/25^{(2) (3)}		2,500		2,403

Huffman Independent School District G.O. Unlimited Bonds (PSF-Gtd.), 5.25%, 2/15/49		1,750		1,943

Jarrell Independent School District G.O. Unlimited Bonds (PSF, Gtd.), 4.25%, 2/15/53		5,000		4,956

Klein Independent School District G.O. Unlimited Refunding Bonds, Series B, 5.00%, 8/1/25		2,725		2,784

Leander Independent School District Current Interest Bonds G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.), 5.00%, 8/15/26		3,000		3,063

Lower Colorado River Authority Transmission Contract Revenue Bonds, LCRA Transmission Services Corp., 5.00%, 5/15/51		3,435		3,624

Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services, 5.00%, 5/15/46		2,500		2,639

Mansfield Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.), 5.00%, 2/15/35		2,440		2,470

North Texas Tollway Authority Revenue Refunding Bonds, Series A, First Tier, 5.00%, 1/1/26		3,830		3,951

North Texas Tollway Authority Revenue Refunding Bonds, Series A, Second Tier, 5.00%, 1/1/34		1,275		1,288

Port Houston Authority First Lien Revenue Bonds, 5.00%, 10/1/25		475		488



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Texas – 8.4% continued

Port Houston Authority Revenue Bonds, 5.00%, 10/1/51		$2,500		$2,675

Rankin Independent School District G.O. Unlimited Bonds (PSF, Gtd.), 5.00%, 2/15/26		500		516

Rockwall Independent School District G.O. Unlimited Bonds, Series A (PSF, Gtd.), 5.00%, 2/15/52		2,445		2,600

San Antonio Electric & Gas Revenue Bonds, Series A, 5.00%, 2/1/37		670		771

Southwest Independent School District G.O. Unlimited Bonds (PSF, Gtd.), 5.00%, 2/1/25		885		896

Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds, Series A, Christus Health, 4.00%, 7/1/53		2,000		1,847

Texas State G.O. Unlimited Refunding Bonds, Series B, 4.00%, 8/1/27		1,250		1,259

University of Texas Permanent University Fund Revenue Bonds, Series B, 4.00%, 7/1/41		5,000		4,937

Wink Loving Independent School District G.O. Unlimited Bonds (PSF, Gtd.), 5.00%, 2/15/26		2,185		2,187

				63,621

Utah – 1.0%

Intermountain Power Agency Supply Revenue Bonds, Series A, 5.00%, 7/1/26		1,250		1,304

Ogden City Municipal Building Authority Lease Revenue Bonds, Series A, 5.00%, 1/15/53		1,250		1,325

Ogden City Redevelopment Agency Sales & Tax Increment Revenue Bonds, 5.00%, 1/15/53		1,500		1,607

Salt Lake City Airport Revenue Bonds, Series A (AMT), 5.00%, 7/1/42		3,000		3,070

				7,306



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Virginia – 1.6%

Rockingham County EDA Facilities Revenue Refunding Bonds, Sentara RMH Medical Center, 3.00%, 11/1/46		$2,000		$1,617

Virginia State College Building Authority Educational Facilities Revenue Bonds, 21st Century College and Equipment, 5.00%, 2/1/38		825		949

Virginia State Housing Development Authority Commonwealth Mortgage Variable Revenue Bonds, Series E-2, 3.90%, 7/1/25^{(2) (3)}		4,000		3,994

Virginia State Port Authority Commonwealth Fund Revenue Bonds, Series A, 5.25%, 7/1/48		2,500		2,811

Virginia State Small Business Financing Authority Revenue Refunding Bonds, National Senior Campuses, 3.38%, 1/1/51		3,000		2,257

Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Elizabeth River, 3.00%, 1/1/41		1,000		812

				12,440

Washington – 3.8%

Benton County Public Utility District No. 1 Electric Revenue Bonds, 5.00%, 11/1/48		1,100		1,182

Clark County Public Utility District No. 1 Electric Revenue Refunding Bonds, 5.00%, 1/1/25		1,320		1,335

Grant County Public Utility District No. 2 Electric Revenue Refunding Bonds, Series U, 4.00%, 1/1/26		3,000		3,038

Snohomish County Public Utility District No. 1 Electric System Revenue Bonds, 5.00%, 12/1/40		560		567

Snohomish County Public Utility District No. 1 Electric System Revenue Bonds, Series A, 5.00%, 12/1/47		5,000		5,417



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

MUNICIPAL BONDS - 92.4% continued

Washington – 3.8% continued

Washington State COPS, Series A, 5.00%, 7/1/26		$1,000		$1,041

Washington State G.O. Unlimited Bonds, Series B, 5.00%, 2/1/33		1,000		1,013
5.00%, 2/1/37		5,000		5,054

Washington State G.O. Unlimited Bonds, Series C, Bidding Group 3, 5.00%, 2/1/45		2,000		2,189

Washington State G.O. Unlimited Refunding Bonds, Series R-2015-C, 5.00%, 7/1/28		1,445		1,462

Washington State Health Care Facilities Authority Revenue Refunding Bonds, Providence Health & Services, 5.00%, 10/1/38		5,000		4,976

Washington State University Revenue Refunding Bonds, 5.00%, 4/1/40		1,320		1,323

				28,597

Wisconsin – 0.8%

University Hospitals & Clinics Authority Revenue Refunding Bonds, Series A, 4.25%, 4/1/48		2,775		2,688

Wisconsin State G.O. Unlimited Refunding Bonds, Series 2, 5.00%, 5/1/38		1,000		1,154

Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Three Pillars Senior Living Communities, 4.40%, 8/15/29		1,100		1,100

Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Milwaukee Regional Medical Center, 4.13%, 4/1/46		1,500		1,448

				6,390

Total Municipal Bonds

(Cost $745,995)				698,597

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 2.8%

Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.13%^{(6) (7)}

21,307,263

$21,307

Total Investment Companies

(Cost $21,307)

21,307

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 2.1%

Broward County School District Revenue TANS,
5.00%, 6/28/24

$4,000

$4,011

Cobb County School District Short-Term Construction G.O. Limited Notes,
4.00%, 12/16/24

1,550

1,556

Lake Charles Harbor & Terminal District Variable Revenue Bonds (AMT), Big Lake Fuels,
1.00%, 12/1/24^{(2) (3)}

5,000

4,895

Philadelphia School District TRANS, Series A,
5.00%, 6/28/24

2,450

2,455

Quincy G.O. Limited BANS,
5.00%, 7/5/24

1,500

1,505

Regional Transportation District Refunding COPS,
5.00%, 6/1/24

1,000

1,002

Total Short-Term Investments

(Cost $15,536)

15,424

Total Investments – 99.0%

(Cost $795,936)

748,359

Other Assets less Liabilities – 1.0%

7,735

NET ASSETS – 100.0%

$756,094

⁽¹⁾

Maturity date represents the prerefunded date.

⁽²⁾

Maturity date represents the puttable date.

⁽³⁾

⁽⁴⁾

Step coupon bond. Rate as of March 31, 2024 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, 2024 is disclosed.

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

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

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 Development 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

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

TANS - Tax Anticipation Notes

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

VA - Veterans Affairs

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

U.S. Government Obligations		1.7	%

Municipal Bonds		92.4	%

Investment Companies		2.8	%

Short-Term Investments		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).



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

U.S. Government Obligations		$ —		$13,031		$—		$13,031

Municipal Bonds⁽¹⁾		—		698,597		—		698,597

Investment Companies		21,307		—		—		21,307

Short-Term Investments		—		15,424		—		15,424

Total Investments		$21,307		$727,052		$—		$748,359

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 8.6%

Auto Loan – 1.7%

Bank of America Auto Trust, Series 2023-1A, Class A3 5.53%, 2/15/28⁽¹⁾		$2,100		$2,110

BMW Vehicle Lease Trust, Series 2024-1, Class A4 5.00%, 6/25/27		2,000		1,995

Ford Credit Auto Lease Trust, Series 2022-A, Class A3 3.23%, 5/15/25		265		264

Ford Credit Auto Owner Trust, Series 2022-D, Class A2A 5.37%, 8/15/25		1,303		1,303

Ford Credit Auto Owner Trust, Series 2023-A, Class A2A 5.14%, 3/15/26		964		962

Ford Credit Auto Owner Trust, Series 2023-B, Class A2A 5.57%, 6/15/26		2,387		2,388

GM Financial Automobile Leasing Trust, Series 2022-2, Class A3 3.42%, 6/20/25		959		956

GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 5.09%, 3/22/27		1,581		1,580

GM Financial Consumer Automobile Receivables Trust, Series 2021-3, Class A3 0.48%, 6/16/26		3,385		3,305

GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A2A 5.74%, 9/16/26		959		960

Honda Auto Receivables Owner Trust, Series 2024-1, Class A3 5.21%, 8/15/28		1,743		1,751

Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A2A 5.47%, 9/15/25⁽¹⁾		809		808

Hyundai Auto Receivables Trust, Series 2022-C, Class A2A 5.35%, 11/17/25		1,865		1,864

Hyundai Auto Receivables Trust, Series 2024-A, Class A3 4.99%, 2/15/29		940		940



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 8.6% continued

Auto Loan – 1.7% continued

Mercedes-Benz Auto Receivables Trust, Series 2022-1, Class A2 5.26%, 10/15/25		$1,121		$1,121

Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A2 5.09%, 1/15/26		422		421

Santander Drive Auto Receivables Trust, Series 2023-1, Class A2 5.36%, 5/15/26		739		739

Santander Drive Auto Receivables Trust, Series 2023-3, Class A2 6.08%, 8/17/26		1,779		1,781

World Omni Auto Receivables Trust, Series 2021-B, Class A3 0.42%, 6/15/26		1,301		1,274

World Omni Auto Receivables Trust, Series 2021-D, Class A3 0.81%, 10/15/26		334		325

World Omni Auto Receivables Trust, Series 2024-A, Class A3 4.86%, 3/15/29		1,130		1,127

				27,974

Credit Card – 5.4%

American Express Credit Account Master Trust, Series 2022-1, Class A 2.21%, 3/15/27		13,900		13,498

BA Credit Card Trust, Series 2021-A1, Class A 0.44%, 9/15/26		4,500		4,491

Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1 0.55%, 7/15/26		34,140		33,638

Capital One Multi-Asset Execution Trust, Series 2023-A1, Class A 4.42%, 5/15/28		8,000		7,902

Chase Issuance Trust, Series 2023-A1, Class A 5.16%, 9/15/28		4,000		4,022

Discover Card Execution Note Trust, Series 2021-A1, Class A1 0.58%, 9/15/26		14,400		14,075

Discover Card Execution Note Trust, Series 2023-A1, Class A 4.31%, 3/15/28		4,290		4,230



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

ASSET-BACKED SECURITIES – 8.6% continued

Credit Card – 5.4% continued

Synchrony Card Funding LLC, Series 2023-A1, Class A 5.54%, 7/15/29		$1,250		$1,262

Synchrony Card Funding LLC, Series 2024-A1, Class A 5.04%, 3/15/30		1,458		1,457

WF Card Issuance Trust, Series 2024-A1, Class A 4.94%, 2/15/29		2,530		2,531

				87,106

Other – 1.5%

Hpefs Equipment Trust, Series 2022-3A, Class A2 5.26%, 8/20/29⁽¹⁾		1,317		1,316

John Deere Owner Trust, Series 2024-A, Class A3 4.96%, 11/15/28		625		625

MMAF Equipment Finance LLC, Series 2022-B, Class A2 5.57%, 9/9/25⁽¹⁾		175		175

MMAF Equipment Finance LLC, Series 2024-A, Class A2 5.20%, 9/13/27⁽¹⁾		1,200		1,197

Verizon Master Trust, Series 2021-1, Class A 0.50%, 5/20/27		20,640		20,491

				23,804

Total Asset-Backed Securities
(Cost $140,396)				138,884



CORPORATE BONDS – 36.7%

Apparel & Textile Products – 0.2%

VF Corp., 2.40%, 4/23/25		3,609		3,474

Asset Management – 2.3%

Blackstone Private Credit Fund, 2.70%, 1/15/25		7,920		7,731

Charles Schwab (The) Corp.,
(Floating, U.S. SOFR Compounded Index + 1.05%), 6.42%, 3/3/27⁽²⁾		20,000		20,098

FS KKR Capital Corp., 1.65%, 10/12/24		9,830		9,601

				37,430



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 36.7% continued

Automotive – 2.4%

Aptiv PLC/Aptiv Corp., 2.40%, 2/18/25		$4,830		$4,689

Ford Motor Credit Co. LLC,
(Floating, U.S. SOFR + 2.95%), 8.33%, 3/6/26⁽²⁾		1,030		1,061

General Motors Financial Co., Inc., 1.20%, 10/15/24		1,000		976
(Floating, U.S. SOFR + 0.62%), 5.97%, 10/15/24⁽²⁾		250		250
3.50%, 11/7/24		4,000		3,948

Hyundai Capital America, 0.88%, 6/14/24⁽¹⁾		9,900		9,798
5.95%, 9/21/26⁽¹⁾		4,000		4,048
(Floating, U.S. SOFR + 1.50%), 6.85%, 1/8/27^(1) (2)		10,000		10,137

Nissan Motor Acceptance Co. LLC, 1.13%, 9/16/24⁽¹⁾		4,200		4,105

				39,012

Banking – 9.2%

Citigroup, Inc.,
(Floating, U.S. SOFR + 0.67%), 6.03%, 5/1/25⁽²⁾		3,418		3,419
(Floating, U.S. SOFR + 0.69%), 6.05%, 1/25/26⁽²⁾		12,100		12,113
(Floating, U.S. SOFR + 1.28%), 6.65%, 2/24/28⁽²⁾		21,000		21,134

Fifth Third Bank N.A.,
(Variable, U.S. SOFR Compounded Index + 1.23%), 5.85%, 10/27/25⁽³⁾		15,900		15,889

JPMorgan Chase & Co.,
(Floating, U.S. SOFR + 0.77%), 6.15%, 9/22/27⁽²⁾		15,100		15,094
(Floating, U.S. SOFR + 1.18%), 6.55%, 2/24/28⁽²⁾		13,000		13,147

JPMorgan Chase Bank N.A.,
(Floating, U.S. SOFR + 0.62%), 5.98%, 4/29/26⁽²⁾		3,000		3,007

KeyBank N.A.,
(Variable, U.S. SOFR Compounded Index + 0.32%), 5.67%, 6/14/24⁽²⁾		3,700		3,697
4.15%, 8/8/25		3,800		3,694



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 36.7% continued

Banking – 9.2% continued

KeyCorp,
(Variable, U.S. SOFR Compounded Index + 1.25%), 3.88%, 5/23/25⁽³⁾		$7,700		$7,666

PNC Financial Services Group (The), Inc.,
(Variable, U.S. SOFR Compounded Index + 1.73%), 6.62%, 10/20/27⁽³⁾		3,105		3,197

Truist Financial Corp.,
(Floating, U.S. SOFR + 0.40%), 5.78%, 6/9/25⁽²⁾		25,000		24,937

Wells Fargo & Co.,
(Floating, U.S. SOFR + 1.32%), 6.68%, 4/25/26⁽²⁾		14,700		14,821

Wells Fargo Bank N.A., 5.25%, 12/11/26		7,955		7,984

				149,799

Beverages – 0.7%

Pepsico Singapore Financing I Pte. Ltd.,
(Floating, U.S. SOFR Compounded Index + 0.56%), 5.92%, 2/16/27⁽²⁾		12,000		12,001

Biotechnology & Pharmaceuticals – 0.5%

Bristol-Myers Squibb Co.,
(Floating, U.S. SOFR + 0.49%), 5.86%, 2/20/26⁽²⁾		636		638

Roche Holdings, Inc.,
(Floating, U.S. SOFR + 0.74%), 6.10%, 11/13/26^(1) (2)		7,800		7,828

				8,466

Chemicals – 0.5%

Avery Dennison Corp., 0.85%, 8/15/24		3,000		2,943

Sherwin-Williams (The) Co., 4.05%, 8/8/24		2,700		2,682

Westlake Corp., 0.88%, 8/15/24		2,375		2,331

				7,956

Containers & Packaging – 0.1%

Graphic Packaging International LLC, 0.82%, 4/15/24⁽¹⁾		2,022		2,018



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 36.7% continued

Electric Utilities – 1.8%

Black Hills Corp., 1.04%, 8/23/24		$3,180		$3,124

DTE Energy Co., 4.22%, 11/1/24		3,300		3,269

Mississippi Power Co.,
(Floating, U.S. SOFR + 0.30%), 5.68%, 6/28/24⁽²⁾		8,000		8,001

Vistra Operations Co. LLC, 5.13%, 5/13/25⁽¹⁾		15,600		15,462

				29,856

Electrical Equipment – 0.2%

Carrier Global Corp., 5.80%, 11/30/25		2,250		2,265

Entertainment Content – 0.1%

Take-Two Interactive Software, Inc., 3.55%, 4/14/25		1,400		1,374

Food – 0.6%

Campbell Soup Co., 5.30%, 3/20/26		1,000		1,001

General Mills, Inc., 5.24%, 11/18/25		1,940		1,934
4.70%, 1/30/27		2,291		2,272

McCormick & Co., Inc., 3.25%, 11/15/25		5,000		4,831

				10,038

Health Care Facilities & Services – 0.3%

Elevance Health, Inc., 3.35%, 12/1/24		5,000		4,929

Institutional Financial Services – 3.8%

Goldman Sachs Group (The), Inc., 3.50%, 4/1/25		1,500		1,472
(Floating, U.S. SOFR + 0.81%), 6.19%, 3/9/27⁽²⁾		25,000		24,962

Morgan Stanley,
(Variable, U.S. SOFR + 0.56%), 1.16%, 10/21/25⁽³⁾		3,385		3,296
(Floating, U.S. SOFR + 0.95%), 6.32%, 2/18/26⁽²⁾		20,000		20,099

Nasdaq, Inc., 5.65%, 6/28/25		10,000		10,033

State Street Corp., 5.27%, 8/3/26		2,070		2,082

				61,944



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 36.7% continued

Insurance – 4.4%

Brighthouse Financial Global Funding,
(Floating, U.S. SOFR + 0.76%), 6.11%, 4/12/24^(1) (2)		$1,300		$1,300
1.75%, 1/13/25⁽¹⁾		700		677

Corebridge Financial, Inc., 3.50%, 4/4/25		12,900		12,632

GA Global Funding Trust,
(Floating, U.S. SOFR + 0.50%), 5.88%, 9/13/24^(1) (2)		20,000		20,005

Jackson National Life Global Funding, 1.75%, 1/12/25⁽¹⁾		15,220		14,762

Protective Life Global Funding, 0.78%, 7/5/24⁽¹⁾		13,300		13,135

Security Benefit Global Funding, 1.25%, 5/17/24		9,300		9,240

				71,751

Machinery – 1.1%

AGCO, Corp., 5.45%, 3/21/27		1,710		1,719

Caterpillar Financial Services Corp.,
(Floating, U.S. SOFR + 0.46%), 5.83%, 2/27/26⁽²⁾		4,000		4,006

CNH Industrial Capital LLC, 3.95%, 5/23/25		6,090		5,982

Stanley Black & Decker, Inc., 6.27%, 3/6/26		5,870		5,870

				17,577

Medical Equipment & Devices – 1.2%

Baxter International, Inc.,
(Floating, U.S. SOFR Compounded Index + 0.44%), 5.81%, 11/29/24⁽²⁾		6,570		6,569

Stryker Corp., 3.50%, 3/15/26		7,000		6,789

Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24		6,600		6,423

				19,781

Oil & Gas Producers – 0.5%

Continental Resources, Inc., 3.80%, 6/1/24		1,000		996

Enterprise Products Operating LLC, 5.05%, 1/10/26		2,230		2,229



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 36.7% continued

Oil & Gas Producers – 0.5% continued

Williams (The) Cos., Inc., 5.40%, 3/2/26		$5,110		$5,125

				8,350

Real Estate Investment Trusts – 0.1%

Public Storage Operating Co.,
(Floating, U.S. SOFR Compounded Index + 0.60%), 5.96%, 7/25/25⁽²⁾		1,730		1,735

Retail - Consumer Staples – 0.1%

Walmart, Inc., 4.00%, 4/15/26		1,785		1,762

Retail - Discretionary – 0.7%

AutoNation, Inc., 4.50%, 10/1/25		1,000		985

AutoZone, Inc., 5.05%, 7/15/26		2,980		2,985

O’Reilly Automotive, Inc., 5.75%, 11/20/26		1,890		1,922

Ross Stores, Inc., 4.60%, 4/15/25		5,323		5,273

				11,165

Semiconductors – 0.1%

Intel Corp., 4.88%, 2/10/26		795		793

Software – 0.3%

Oracle Corp., 5.80%, 11/10/25		4,030		4,064

Specialty Finance – 3.7%

Air Lease Corp., 0.80%, 8/18/24		5,100		5,003

Ally Financial, Inc., 3.88%, 5/21/24		2,646		2,638

American Express Co.,
(Floating, U.S. SOFR Compounded Index + 0.65%), 6.01%, 11/4/26⁽²⁾		27,996		28,025

Aviation Capital Group LLC, 5.50%, 12/15/24⁽¹⁾		10,000		9,962

Synchrony Financial, 4.25%, 8/15/24		6,063		6,024
4.88%, 6/13/25		9,047		8,914

				60,566



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

CORPORATE BONDS – 36.7% continued

Steel – 0.3%

Nucor Corp., 3.95%, 5/23/25		$5,340		$5,257

Technology Services – 0.5%

Global Payments, Inc., 1.50%, 11/15/24		7,630		7,436

Telecommunications – 1.0%

AT&T, Inc.,
(Floating, CME Term SOFR 3M + 1.44%), 6.76%, 6/12/24⁽²⁾		3,619		3,626

1.70%, 3/25/26		2,831		2,648

Sprint LLC, 7.13%, 6/15/24		3,500		3,505

Verizon Communications, Inc.,
(Floating, U.S. SOFR Compounded Index + 0.79%), 6.17%, 3/20/26⁽²⁾		6,696		6,734

				16,513

Total Corporate Bonds
(Cost $599,780)				597,312



FOREIGN ISSUER BONDS – 43.7%

Automotive – 1.2%

BMW U.S. Capital LLC,
(Floating, U.S. SOFR Compounded Index + 0.38%), 5.74%, 8/12/24^(1) (2)		3,000		3,003
5.30%, 8/11/25⁽¹⁾		2,900		2,904
4.90%, 4/2/27⁽¹⁾		3,000		2,993

Kia Corp., 2.38%, 2/14/25⁽¹⁾		7,080		6,892

Mercedes-Benz Finance North America LLC,
(Floating, U.S. SOFR + 0.93%), 6.31%, 3/30/25^(1) (2)		2,000		2,012
5.38%, 8/1/25⁽¹⁾		2,410		2,414

				20,218

Banking – 38.4%

Banco Santander S.A., 3.89%, 5/24/24		400		399
(Floating, U.S. SOFR + 1.24%), 6.61%, 5/24/24⁽²⁾		10,400		10,415
5.15%, 8/18/25		6,200		6,153



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 43.7% continued

Banking – 38.4% continued

Bank of Montreal,
(Floating, U.S. SOFR Compounded Index + 0.62%), 6.00%, 9/15/26⁽²⁾		$25,800		$25,781

Bank of New Zealand,
(Floating, U.S. SOFR + 0.81%), 6.17%, 1/27/27^(1) (2)		21,000		20,976

Bank of Nova Scotia (The),
(Floating, U.S. SOFR Compounded Index + 0.55%), 5.92%, 3/2/26⁽²⁾		30,000		29,950

Banque Federative du Credit Mutuel S.A.,
(Floating, U.S. SOFR Compounded Index + 0.41%), 5.77%, 2/4/25^{(1) (2)}		35,000		35,024

Barclays PLC,
(Floating, U.S. SOFR + 1.49%), 6.87%, 3/12/28⁽²⁾		10,000		10,060

BNP Paribas S.A., 4.25%, 10/15/24		13,084		12,974

Commonwealth Bank of Australia,
(Floating, U.S. SOFR + 0.40%), 5.75%, 7/7/25^(1) (2)		7,800		7,806
(Floating, U.S. SOFR + 0.52%), 5.90%, 6/15/26^(1) (2)		24,500		24,522

Cooperatieve Rabobank U.A.,
(Floating, U.S. SOFR Compounded Index + 0.38%), 5.73%, 1/10/25⁽²⁾		4,700		4,704

Credit Agricole S.A., 3.25%, 10/4/24⁽¹⁾		7,000		6,913
(Floating, U.S. SOFR + 0.87%), 6.25%, 3/11/27^(1) (2)		4,660		4,671

Credit Suisse A.G., 3.63%, 9/9/24		3,500		3,467
7.95%, 1/9/25		5,517		5,609

Danske Bank A/S,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 6.47%, 1/9/26⁽¹⁾ ⁽³⁾		4,135		4,151
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.18%), 6.26%, 9/22/26^{(1) (3)}		4,060		4,100



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 43.7% continued

Banking – 38.4% continued

DBS Group Holdings Ltd.,
(Floating, U.S. SOFR Compounded Index + 0.30%), 5.67%, 11/22/24^{(1) (2)}		$15,000		$15,004

Deutsche Bank A.G.,
(Floating, U.S. SOFR + 1.22%), 6.58%, 11/16/27⁽²⁾		7,500		7,422

Federation des Caisses Desjardins du Quebec,
(Floating, U.S. SOFR + 0.43%), 5.80%, 5/21/24^(1) (2)		22,400		22,406
(Variable, U.S. SOFR Compounded Index + 1.09%), 5.28%, 1/23/26^{(1) (3)}		14,030		13,963

HSBC Holdings PLC,
(Floating, CME Term SOFR 3M + 1.64%), 6.96%, 9/12/26⁽²⁾		22,816		23,056

ING Groep N.V.,
(Floating, U.S. SOFR Compounded Index + 1.01%), 6.39%, 4/1/27⁽²⁾		27,000		27,090

Lloyds Banking Group PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.75%), 4.72%, 8/11/26⁽³⁾		7,700		7,607

Macquarie Group Ltd.,
(Floating, U.S. SOFR + 0.71%), 6.06%, 10/14/25^(1) (2)		25,960		25,941

Mitsubishi UFJ Financial Group, Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.70%), 4.79%, 7/18/25⁽³⁾		10,000		9,966
(Floating, U.S. SOFR + 0.94%), 6.30%, 2/20/26⁽²⁾		3,000		3,007

National Australia Bank Ltd.,

(Floating, U.S. SOFR + 0.86%), 6.24%, 6/9/25^(1) (2)		13,950		14,027

National Bank of Canada, 0.75%, 8/6/24		7,500		7,373
(Variable, U.S. SOFR + 1.01%), 3.75%, 6/9/25⁽³⁾		7,070		7,039

Nationwide Building Society,
(Floating, U.S. SOFR + 1.29%), 6.65%, 2/16/28^(1) (2)		10,700		10,711



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS – 43.7% continued

Banking – 38.4% continued

NatWest Markets PLC,
(Floating, U.S. SOFR + 0.53%), 5.89%, 8/12/24^(1) (2)		$10,700		$10,703
(Floating, U.S. SOFR + 0.76%), 6.14%, 9/29/26^(1) (2)		32,900		32,750

Nordea Bank Abp,
(Floating, U.S. SOFR + 0.96%), 6.34%, 6/6/25^(1) (2)		12,200		12,279

Royal Bank of Canada,
(Floating, U.S. SOFR Compounded Index + 0.57%), 5.93%, 4/27/26⁽²⁾		20,900		20,888
(Floating, U.S. SOFR Compounded Index + 0.59%), 5.95%, 11/2/26⁽²⁾		15,000		14,994

Skandinaviska Enskilda Banken AB,
(Floating, U.S. SOFR + 0.96%), 6.34%, 6/9/25^(1) (2)		20,000		20,112

Societe Generale S.A., 2.63%, 10/16/24⁽¹⁾		14,505		14,256

Sumitomo Mitsui Financial Group, Inc.,
(Floating, U.S. SOFR + 0.88%), 6.23%, 1/14/27⁽²⁾		5,840		5,845

Svenska Handelsbanken AB,
(Floating, U.S. SOFR + 0.91%), 6.29%, 6/10/25^(1) (2)		27,484		27,593

Swedbank AB, 6.14%, 9/12/26⁽¹⁾		7,000		7,094

Toronto-Dominion Bank (The), 5.53%, 7/17/26		5,000		5,045
(Floating, U.S. SOFR + 0.59%), 5.97%, 9/10/26⁽²⁾		20,000		20,006

Westpac Banking Corp., 1.02%, 11/18/24		280		272
(Floating, U.S. SOFR + 0.30%), 5.67%, 11/18/24⁽²⁾		2,972		2,974
(Floating, U.S. SOFR + 1.00%), 6.37%, 8/26/25⁽²⁾		13,230		13,335
(Floating, U.S. SOFR + 0.52%), 5.89%, 6/3/26⁽²⁾		4,200		4,192

				624,625

Electric Utilities – 0.3%

Enel Finance International N.V., 4.25%, 6/15/25⁽¹⁾		4,400		4,331



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

FOREIGN ISSUER BONDS - 43.7% continued

Industrial Support Services – 1.0%

Element Fleet Management Corp., 1.60%, 4/6/24 ⁽¹⁾		$5,800		$5,797
6.27%, 6/26/26 ⁽¹⁾		9,720		9,836

				15,633

Institutional Financial Services – 0.8%

LSEGA Financing PLC, 0.65%, 4/6/24 ⁽¹⁾		4,900		4,897

Sumitomo Mitsui Trust Bank Ltd., (Floating, U.S. SOFR + 0.44%), 5.82%, 9/16/24 ^{(1) (2)}		7,855		7,860

				12,757

Oil & Gas Producers – 0.5%

TransCanada PipeLines Ltd., 1.00%, 10/12/24		9,070		8,843

Specialty Finance – 0.6%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24		9,100		8,878

Transportation & Logistics – 0.7%

Canadian Pacific Railway Co., 1.35%, 12/2/24		5,060		4,921
2.90%, 2/1/25		7,000		6,841

				11,762

Transportation Equipment – 0.2%

Daimler Truck Finance North America LLC, 5.00%, 1/15/27⁽¹⁾		4,000		3,991

Total Foreign Issuer Bonds

(Cost $712,064)				711,038



U.S. GOVERNMENT AGENCIES – 0.6%⁽⁴⁾

Fannie Mae – 0.4%

Fannie Mae REMICS, Series 2021-47, Class A, 3.00%, 11/25/32		2,441		2,409

Pool #FM3019, 3.50%, 2/1/35		2,003		1,917

Pool #MA3932, 3.50%, 2/1/35		1,785		1,706

				6,032

PRINCIPAL

AMOUNT

(000S)

VALUE

(000S)

U.S. GOVERNMENT AGENCIES - 0.6% ⁽⁴⁾ continued

Freddie Mac – 0.1%

Pool #ZS8641,
2.50%, 2/1/32

$2,896

$2,701

Government National Mortgage Association – 0.1%

Government National Mortgage Association, Series 2013-149, Class MA,
2.50%, 5/20/40

1,241

1,194

Total U.S. Government Agencies

(Cost $10,634)

9,927

U.S. GOVERNMENT OBLIGATIONS – 5.8%

U.S. Treasury Notes – 5.8%

4.38%, 8/15/26

10,000

9,964

4.63%, 9/15/26

15,000

15,038

4.63%, 11/15/26

45,000

45,160

4.13%, 2/15/27

25,000

24,799

94,961

Total U.S. Government Obligations

(Cost $94,985)

94,961

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 4.2%

Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.13%^{(5) (6)}

67,954,737

$67,955

Total Investment Companies

(Cost $67,955)

67,955

Total Investments – 99.6%

(Cost $1,625,814)

1,620,077

Other Assets less Liabilities – 0.4%

6,391

NET ASSETS – 100.0%

$1,626,468

⁽¹⁾

⁽²⁾

Variable or floating rate security. Rate as of March 31, 2024 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, 2024.

⁽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, 2024 is disclosed.

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

1Y - 1 Year

3M - 3 Month

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

Asset-Backed Securities		8.6	%

Corporate Bonds		36.7	%

Foreign Issuer Bonds		43.7	%

U.S. Government Agencies		0.6	%

U.S. Government Obligations		5.8	%

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 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⁾		$—		$138,884		$—		$138,884

Corporate Bonds⁽¹⁾		—		597,312		—		597,312

Foreign Issuer Bonds⁽¹⁾		—		711,038		—		711,038

U.S. Government Agencies⁽¹⁾		—		9,927		—		9,927

U.S. Government Obligations		—		94,961		—		94,961

Investment Companies		67,955		—		—		67,955

Total Investments		$67,955		$1,552,122		$—		$1,620,077

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 6.1% ⁽¹⁾

Fannie Mae – 3.0%

Pool #555649, 7.50%, 10/1/32		$10		$10

Pool #BH9277, 3.50%, 2/1/48		115		105

Pool #CB7509, 6.00%, 11/1/53		77		78

Pool #DA0021, 6.00%, 9/1/53		77		79

Pool #FS3063, 4.50%, 10/1/52		179		172

Pool #FS4669, 6.00%, 3/1/53		75		76

Pool #FS5952, 6.50%, 10/1/53		77		81

Pool #FS6176, 5.00%, 12/1/47		69		69

Pool #FS6177, 6.50%, 5/1/40		73		77

				747

Freddie Mac – 2.7%

Pool #RA8880, 5.50%, 4/1/53		93		93

Pool #SD1360, 5.50%, 7/1/52		102		102

Pool #SD1710, 5.00%, 10/1/52		186		182

Pool #SD2347, 5.50%, 2/1/53		78		78

Pool #SD2665, 6.00%, 4/1/53		91		93

Pool #SD3817, 6.00%, 9/1/53		114		115

Pool #ZS7735, 2.00%, 1/1/32		1		1

				664

Freddie Mac Gold – 0.1%

Pool #G30926, 3.50%, 4/1/36		19		18

Government National Mortgage Association – 0.3%

Government National Mortgage Association, Series 2017-95, Class QG, 2.50%, 8/20/46		71		64



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 6.1%⁽¹⁾ continued

Government National Mortgage Association I – 0.0%

Pool #676682, 4.50%, 6/15/25		$6		$6

Pool #782618, 4.50%, 4/15/24⁽²⁾		—		—

Pool #783245, 5.00%, 9/15/24⁽²⁾		—		—

Pool #783489, 5.00%, 6/15/25⁽²⁾		—		—

				6

Total U.S. Government Agencies

(Cost $1,505)				1,499



U.S. GOVERNMENT OBLIGATIONS – 92.8%

U.S. Treasury Bonds – 19.5%

1.13%, 5/15/40		250		156

4.25%, 11/15/40		250		247

3.88%, 2/15/43		500		463

3.88%, 5/15/43		500		462

4.38%, 8/15/43		500		495

4.75%, 11/15/43		250		260

2.75%, 11/15/47		500		374

3.38%, 11/15/48		500		419

2.38%, 11/15/49		500		343

1.38%, 8/15/50		250		132

2.38%, 5/15/51		500		340

4.75%, 11/15/53		1,050		1,123

				4,814

U.S. Treasury Inflation Indexed Notes – 1.7%

0.38%, 7/15/25		111		142

0.13%, 4/15/26		126		142

0.13%, 4/15/27		137		141

0.13%, 7/15/30		2		2

				427

U.S. Treasury Notes – 71.6%

2.88%, 4/30/25		368		360

0.25%, 5/31/25		145		137

2.88%, 5/31/25		587		573

0.25%, 7/31/25		677		637

0.25%, 9/30/25		133		124

0.38%, 11/30/25		128		119

0.38%, 12/31/25		159		148

2.63%, 12/31/25		119		115



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 92.8% continued

U.S. Treasury Notes – 71.6% continued

4.25%, 1/31/26		$500		$496

4.00%, 2/15/26		1,035		1,022

0.75%, 3/31/26		170		158

0.88%, 6/30/26		302		279

1.88%, 6/30/26		295		279

0.63%, 7/31/26		299		273

1.50%, 8/15/26		1,000		932

0.75%, 8/31/26		293		268

1.13%, 10/31/26		211		194

4.00%, 1/15/27		250		247

1.50%, 1/31/27		265		245

0.63%, 3/31/27		92		82

0.50%, 5/31/27		107		95

0.38%, 9/30/27		311		271

2.25%, 11/15/27		226		210

0.63%, 11/30/27		236		207

3.88%, 11/30/27		588		579

0.75%, 1/31/28		229		201

3.50%, 4/30/28		700		679

1.25%, 5/31/28		215		190

3.63%, 5/31/28		1,000		975

4.00%, 6/30/28		250		247

2.88%, 8/15/28		595		562

1.13%, 8/31/28		208		182

4.38%, 8/31/28		750		754

3.13%, 11/15/28		588		560

4.00%, 1/31/29		200		198

4.00%, 2/28/30		250		247

4.13%, 8/31/30		2,250		2,237

4.38%, 11/30/30		350		353

3.75%, 12/31/30		200		195

4.00%, 1/31/31		100		99

4.25%, 2/28/31		500		501

3.50%, 2/15/33		180		171

3.38%, 5/15/33		300		281

4.00%, 2/15/34		1,000		984

				17,666

Total U.S. Government Obligations

(Cost $23,568)				22,907

NUMBER
OF SHARES

VALUE
(000S)

INVESTMENT COMPANIES – 0.5%

Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.13%^{(3) (4)}

121,793

$122

Total Investment Companies

(Cost $122)

122

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

SHORT-TERM INVESTMENTS – 0.0%

U.S. Treasury Bill,
5.30%, 4/11/24^{(5) (6)}

Total Short-Term Investments

(Cost $5)

Total Investments – 99.4%

(Cost $25,200)

24,533

Other Assets less Liabilities – 0.6%

147

NET ASSETS – 100.0%

$24,680

⁽¹⁾

The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽²⁾

Principal Amount and Value rounds to less than one thousand.

⁽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, 2024 is disclosed.

⁽⁵⁾

Discount rate at the time of purchase.

⁽⁶⁾

Security pledged related to the Fund’s investment in futures contracts during the period. As of March 31, 2024, the Fund did not hold any open futures contracts.

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, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

U.S. Government Agencies		6.1	%

U.S. Government Obligations		92.8	%

Investment Companies		0.5	%

Short-Term Investments		0.0	%

⁽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⁾		$ —	$	1,499		$—	$	1,499

U.S. Government Obligations⁽¹⁾		—		22,907		—		22,907

Investment Companies		122		—		—		122

Short-Term Investments		—		5		—		5

Total Investments		$122	$	24,411		$—	$	24,533

⁽¹⁾

Classifications as defined in the Schedule of Investments.



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 23.2% ⁽¹⁾

Federal Farm Credit Bank – 9.1%
FFCB Discount Notes,
5.10%, 7/12/24⁽²⁾		$10,000		$9,858
5.12%, 8/1/24⁽²⁾		15,000		14,743
4.88%, 10/7/24⁽²⁾		15,000		14,621
4.78%, 11/5/24⁽²⁾		65,000		63,138

FFCB Notes,

(Floating, U.S. Federal Funds + 0.12%), 5.45%, 4/1/24⁽³⁾		60,000		60,000

(Floating, U.S. Federal Funds + 0.13%), 5.46%, 4/1/24⁽³⁾		165,000		164,989

(Floating, U.S. Federal Funds + 0.14%), 5.47%, 4/1/24⁽³⁾		85,000		85,000

(Floating, U.S. SOFR + 0.10%), 5.41%, 4/1/24⁽³⁾		23,000		23,000

(Floating, U.S. SOFR + 0.11%), 5.44%, 4/1/24⁽³⁾		120,000		120,000

(Floating, U.S. SOFR + 0.13%), 5.46%, 4/1/24⁽³⁾		180,000		180,000

(Floating, U.S. SOFR + 0.14%), 5.47%, 4/1/24⁽³⁾		190,000		190,000

(Floating, U.S. SOFR + 0.15%), 5.48%, 4/1/24⁽³⁾		30,000		30,000

(Floating, U.S. SOFR + 0.16%), 5.49%, 4/1/24⁽³⁾		245,000		245,000

(Floating, U.S. SOFR + 0.17%), 5.50%, 4/1/24⁽³⁾		170,000		169,996

(Floating, U.S. SOFR + 0.18%), 5.51%, 4/1/24⁽³⁾		450,000		449,996

(Floating, U.S. SOFR + 0.19%), 5.52%, 4/1/24⁽³⁾		45,000		45,000

				1,865,341

Federal Home Loan Bank – 14.1%

FHLB Bonds,

5.33%, 4/26/24		45,000		45,000
5.35%, 4/26/24		55,000		55,000
5.27%, 5/3/24		130,000		130,000
5.31%, 6/14/24		100,000		100,000
5.62%, 11/12/24		190,000		190,000
5.50%, 12/20/24		120,000		120,000
5.51%, 12/23/24		110,000		110,000
5.54%, 1/3/25		185,000		185,000
5.53%, 1/8/25		60,000		60,000
5.40%, 2/3/25		225,000		225,000
5.13%, 2/7/25		80,000		80,000
5.03%, 2/14/25		230,000		230,000



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 23.2% ⁽¹⁾ continued

Federal Home Loan Bank – 14.1% continued

5.02%, 2/19/25		$80,000		$80,000
5.00%, 2/24/25		165,000		165,000

FHLB Discount Notes,

5.34%, 5/3/24⁽²⁾		180,000		179,157
5.30%, 5/13/24⁽²⁾		80,000		79,512
5.26%, 6/28/24⁽²⁾		20,000		19,744
5.20%, 8/5/24⁽²⁾		80,000		78,564
5.17%, 8/7/24⁽²⁾		115,550		113,438
5.17%, 8/23/24⁽²⁾		20,000		19,590
4.83%, 10/31/24⁽²⁾		100,000		97,184
4.74%, 11/7/24⁽²⁾		55,000		53,412
4.79%, 11/7/24⁽²⁾		55,000		53,412
4.81%, 2/10/25⁽²⁾		70,000		67,083
4.83%, 2/10/25⁽²⁾		10,000		9,583
4.81%, 2/11/25⁽²⁾		45,000		43,120

FHLB Notes,

(Floating, U.S. SOFR + 0.14%), 5.47%, 4/1/24⁽³⁾		50,000		50,000

(Floating, U.S. SOFR + 0.16%), 5.49%, 4/1/24⁽³⁾		55,000		55,000

(Floating, U.S. SOFR + 0.20%), 5.53%, 4/1/24⁽³⁾		135,000		135,000

(Floating, U.S. SOFR + 0.21%), 5.54%, 4/1/24⁽³⁾		55,000		55,000

				2,883,799

Total U.S. Government Agencies

(Cost $4,749,140)				4,749,140



U.S. GOVERNMENT OBLIGATIONS – 10.7%

U.S. Treasury Bills – 10.1%

5.12%, 4/11/24⁽²⁾		35,000		34,948
5.34%, 4/11/24⁽²⁾		85,000		84,875
5.24%, 5/7/24⁽²⁾		60,000		59,684
5.13%, 5/16/24⁽²⁾		90,000		89,409
5.25%, 5/16/24⁽²⁾		95,000		94,376
5.26%, 5/16/24⁽²⁾		95,000		94,376
5.16%, 5/30/24⁽²⁾		405,000		401,512
5.15%, 6/13/24⁽²⁾		165,000		163,243
5.15%, 6/20/24⁽²⁾		140,000		138,368
5.16%, 6/20/24⁽²⁾		20,000		19,767
5.04%, 7/2/24⁽²⁾		55,000		54,266
5.05%, 7/2/24⁽²⁾		20,000		19,733
5.03%, 7/16/24⁽²⁾		80,000		78,772
5.03%, 7/23/24⁽²⁾		210,000		206,563



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS – 10.7% continued

U.S. Treasury Bills – 10.1% continued

5.01%, 7/25/24⁽²⁾		$10,000		$9,840

5.07%, 7/30/24⁽²⁾		35,000		34,397

5.02%, 8/1/24⁽²⁾		90,000		88,473

5.12%, 8/22/24⁽²⁾		160,450		157,189

5.17%, 8/22/24⁽²⁾		230,000		225,325

				2,055,116

U.S. Treasury Floating Rate Notes – 0.2%

(Floating, U.S. Treasury 3M Bill MMY - 0.08%), 5.23%, 4/1/24⁽³⁾		50,000		49,997

U.S. Treasury Notes – 0.4%

1.00%, 12/15/24		90,000		87,612

Total U.S. Government Obligations

(Cost $2,192,725)				2,192,725



Investments, at Amortized Cost

($6,941,865)				6,941,865



REPURCHASE AGREEMENTS – 64.8% ⁽⁴⁾

Bank of America Securities LLC, dated 3/28/24, repurchase price $420,249, 5.33%, 4/1/24		420,000		420,000

Barclays Capital, Inc., dated 3/28/24, repurchase price $1,000,592, 5.33%, 4/1/24		1,000,000		1,000,000

Barclays Capital, Inc., dated 3/28/24, repurchase price $886,524, 5.32%, 4/1/24		886,000		886,000

Canadian Imperial Bank of Commerce, dated 3/28/24, repurchase price $550,896, 5.33%, 4/4/24		550,000		550,000

Citigroup Global Markets, Inc., dated 3/28/24, repurchase price $1,050,621, 5.32%, 4/1/24		1,050,000		1,050,000

Federal Reserve Bank of New York, dated 3/28/24, repurchase price $5,680,343, 5.30%, 4/1/24		5,677,000		5,677,000

PRINCIPAL
AMOUNT
(000S)

VALUE

(000S)

REPURCHASE AGREEMENTS - 64.8% ⁽⁴⁾ continued

JPMorgan Securities LLC, dated 3/28/24, repurchase price $750,443,
5.32%, 4/1/24

$750,000

JPMorgan Securities LLC, dated 3/28/24, repurchase price $753,438,
5.34%, 4/4/24

750,000

JPMorgan Securities LLC, dated 3/28/24, repurchase price $900,533,
5.33%, 4/1/24

900,000

NatWest Markets PLC, dated 3/28/24, repurchase price $800,474,
5.33%, 4/1/24

800,000

Royal Bank of Canada, New York Branch, dated 3/28/24, repurchase price $454,072,
5.34%, 4/4/24

450,000

13,233,000

Total Repurchase Agreements

(Cost $13,233,000)

13,233,000

Total Investments – 98.7%

(Cost $20,174,865)

20,174,865

Other Assets less Liabilities – 1.3%

259,659

NET ASSETS – 100.0%

$20,434,524

⁽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, 2024 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	$	23,739		3.93%—5.55%		4/23/24—11/29/38
FHLMC	$	786,923		0.00%—7.00%		1/1/28—3/1/54
FNMA	$	1,356,161		0.00%—7.50%		6/17/25—9/1/61
GNMA	$	1,662,587		1.50%—8.50%		11/15/28—2/20/69
U.S. Treasury Bonds	$	2,169,677		0.75%—5.50%		8/15/28—2/15/45
U.S. Treasury Notes	$	7,423,809		0.13%—4.63%		4/15/24—2/15/32
TVA	$	266		4.25%		9/15/65

Total	$	13,423,162

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

TVA – Tennessee Valley Authority

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

U.S. Government Agencies		23.2	%

U.S. Government Obligations		10.7	%

Repurchase Agreements		64.8	%

⁽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).



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES – 23.5% ⁽¹⁾

Federal Farm Credit Bank – 10.9%

FFCB Discount Notes,

5.36%, 4/12/24⁽²⁾		$30,000		$29,952

5.36%, 4/17/24⁽²⁾		4,000		3,991

5.12%, 8/1/24⁽²⁾		5,000		4,914

5.19%, 8/14/24⁽²⁾		55,000		53,944

4.88%, 10/7/24⁽²⁾		5,000		4,874

4.78%, 11/5/24⁽²⁾		15,000		14,570

FFCB Notes,

(Floating, U.S. Federal Funds + 0.12%), 5.45%, 4/1/24⁽³⁾		10,000		10,000

(Floating, U.S. Federal Funds + 0.13%), 5.46%, 4/1/24⁽³⁾		38,000		37,998

(Floating, U.S. Federal Funds + 0.14%), 5.47%, 4/1/24⁽³⁾		15,000		15,000

(Floating, U.S. SOFR + 0.10%), 5.41%, 4/1/24⁽³⁾		5,000		5,000

(Floating, U.S. SOFR + 0.10%), 5.43%, 4/1/24⁽³⁾		10,000		10,000

(Floating, U.S. SOFR + 0.11%), 5.44%, 4/1/24⁽³⁾		25,000		25,000

(Floating, U.S. SOFR + 0.13%), 5.46%, 4/1/24⁽³⁾		35,000		35,000

(Floating, U.S. SOFR + 0.14%), 5.47%, 4/1/24⁽³⁾		35,000		35,000

(Floating, U.S. SOFR + 0.15%), 5.48%, 4/1/24⁽³⁾		5,000		5,000

(Floating, U.S. SOFR + 0.16%), 5.49%, 4/1/24⁽³⁾		55,000		55,000

(Floating, U.S. SOFR + 0.17%), 5.50%, 4/1/24⁽³⁾		25,000		25,000

(Floating, U.S. SOFR + 0.18%), 5.51%, 4/1/24⁽³⁾		105,000		104,999

(Floating, U.S. SOFR + 0.19%), 5.52%, 4/1/24⁽³⁾		10,000		10,000

				485,242

Federal Home Loan Bank – 12.6%

FHLB Bonds,

5.33%, 4/26/24		10,000		10,000

5.35%, 4/26/24		10,000		10,000

5.27%, 5/3/24		20,000		20,000

5.31%, 6/14/24		25,000		25,000

5.62%, 11/12/24		30,000		30,000

5.50%, 12/20/24		20,000		20,000

5.51%, 12/23/24		20,000		20,000

5.54%, 1/3/25		30,000		30,000



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT AGENCIES - 23.5 % ⁽¹⁾ continued

Federal Home Loan Bank – 12.6% continued

5.53%, 1/8/25		$12,000		$12,000

5.40%, 2/3/25		50,000		50,000

5.13%, 2/7/25		42,000		42,000

5.03%, 2/14/25		45,000		45,000

5.02%, 2/19/25		10,000		10,000

5.00%, 2/24/25		45,000		45,000

FHLB Discount Notes,

5.34%, 5/3/24⁽²⁾		35,000		34,836

5.30%, 5/13/24⁽²⁾		15,000		14,909

5.26%, 6/28/24⁽²⁾		5,000		4,936

5.18%, 8/2/24⁽²⁾		25,000		24,561

5.20%, 8/5/24⁽²⁾		15,000		14,731

4.83%, 10/31/24⁽²⁾		20,000		19,437

4.74%, 11/7/24⁽²⁾		10,000		9,711

4.79%, 11/7/24⁽²⁾		10,000		9,711

4.81%, 2/10/25⁽²⁾		15,000		14,375

4.81%, 2/11/25⁽²⁾		5,000		4,791

FHLB Notes,

(Floating, U.S. SOFR + 0.16%), 5.49%, 4/1/24⁽³⁾		10,000		10,000

(Floating, U.S. SOFR + 0.20%), 5.53%, 4/1/24⁽³⁾		20,000		20,000

(Floating, U.S. SOFR + 0.21%), 5.54%, 4/1/24⁽³⁾		10,000		10,000

				560,998

Total U.S. Government Agencies

(Cost $1,046,240)				1,046,240



U.S. GOVERNMENT OBLIGATIONS – 8.8%

U.S. Treasury Bills – 7.9%

5.12%, 4/11/24⁽²⁾		5,000		4,993

5.34%, 4/11/24⁽²⁾		15,000		14,978

5.24%, 5/7/24⁽²⁾		10,000		9,947

5.13%, 5/16/24⁽²⁾		20,000		19,869

5.25%, 5/16/24⁽²⁾		15,000		14,901

5.26%, 5/16/24⁽²⁾		10,000		9,934

5.16%, 5/30/24⁽²⁾		94,300		93,488

5.15%, 6/13/24⁽²⁾		35,000		34,627

5.15%, 6/20/24⁽²⁾		30,000		29,650

5.16%, 6/20/24⁽²⁾		5,000		4,942

5.04%, 7/2/24⁽²⁾		10,000		9,866

5.05%, 7/2/24⁽²⁾		15,000		14,800

5.03%, 7/16/24⁽²⁾		15,000		14,770

5.03%, 7/23/24⁽²⁾		50,000		49,182



	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 8.8% continued

U.S. Treasury Bills – 7.9% continued

5.07%, 7/30/24⁽²⁾		$8,000		$7,862

5.02%, 8/1/24⁽²⁾		20,000		19,661

				353,470

U.S. Treasury Floating Rate Notes – 0.5%

(Floating, U.S. Treasury 3M Bill MMY - 0.08%), 5.23%, 4/1/24⁽³⁾		20,000		19,999

U.S. Treasury Notes – 0.4%

1.00%, 12/15/24		20,000		19,469

Total U.S. Government Obligations

(Cost $392,938)				392,938



Investments, at Amortized Cost

($1,439,178)				1,439,178



REPURCHASE AGREEMENTS – 67.2% ⁽⁴⁾

Bank of America N.A., dated 3/28/24, repurchase price $250,148, 5.34%, 4/1/24		250,000		250,000

Bank of America Securities LLC, dated 3/28/24, repurchase price $100,059, 5.33%, 4/1/24		100,000		100,000

Barclays Capital, Inc., dated 3/28/24, repurchase price $250,148, 5.32%, 4/1/24		250,000		250,000

Barclays Capital, Inc., dated 3/28/24, repurchase price $350,207, 5.33%, 4/1/24		350,000		350,000

Citigroup Global Markets, Inc., dated 3/28/24, repurchase price $365,216, 5.32%, 4/1/24		365,000		365,000

Federal Reserve Bank of New York, dated 3/28/24, repurchase price $985,580, 5.30%, 4/1/24		985,000		985,000

JPMorgan Securities LLC, dated 3/28/24, repurchase price $150,688, 5.34%, 4/4/24		150,000		150,000

PRINCIPAL
AMOUNT
(000S)

VALUE
(000S)

REPURCHASE AGREEMENTS - 67.2% ⁽⁴⁾ continued

JPMorgan Securities LLC, dated 3/28/24, repurchase price $400,237,
5.33%, 4/1/24

$400,000

Royal Bank of Canada, New York Branch, dated 3/28/24, repurchase price $151,357,
5.34%, 4/4/24

150,000

3,000,000

Total Repurchase Agreements

(Cost $3,000,000)

3,000,000

Total Investments – 99.5%

(Cost $4,439,178)

4,439,178

Other Assets less Liabilities – 0.5%

23,840

NET ASSETS – 100.0%

4,463,018

⁽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		$7,947		4.00%—4.08%		6/30/28—6/6/33

FHLMC		$99,553		0.00%—6.00%		12/14/29—9/1/53

FNMA		$444,226		1.50%—7.00%		5/1/27—7/1/61

GNMA		$771,547		2.00%—7.50%		8/20/26—2/20/64

U.S. Treasury Bills		$66,288		0.00%		4/2/24—4/9/24

U.S. Treasury Bonds		$494,596		2.25%—5.50%		8/15/28—2/15/54

U.S. Treasury Notes		$1,168,984		0.38%—5.00%		9/30/25—11/15/33
Total		$3,053,141

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, 2024, the security types for the Fund were:



SECURITY TYPE⁽¹⁾	% OF NET ASSETS

U.S. Government Agencies		23.5	%

U.S. Government Obligations		8.8	%

Repurchase Agreements		67.2	%

⁽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⁾	$	—	$	4,439,178	$—	$	4,439,178

⁽¹⁾

Classifications as defined in the Schedule of Investments.


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS – 99.1%

U.S. Treasury Bonds – 20.9%

6.00%, 2/15/26		$10		$10

6.50%, 11/15/26		35		37

6.38%, 8/15/27		65		69

6.13%, 11/15/27		75		79

5.50%, 8/15/28		50		52

5.25%, 11/15/28		100		104

6.13%, 8/15/29		50		54

6.25%, 5/15/30		75		83

5.38%, 2/15/31		100		107

4.50%, 2/15/36		60		62

4.75%, 2/15/37		25		27

5.00%, 5/15/37		50		54

4.38%, 2/15/38		50		51

4.50%, 5/15/38		45		46

3.50%, 2/15/39		50		46

4.25%, 5/15/39		50		50

4.50%, 8/15/39		50		51

4.38%, 11/15/39		50		50

4.63%, 2/15/40		100		104

1.13%, 5/15/40		300		188

4.38%, 5/15/40		65		65

1.13%, 8/15/40		350		217

3.88%, 8/15/40		100		95

1.38%, 11/15/40		325		209

4.25%, 11/15/40		100		99

1.88%, 2/15/41		450		314

4.75%, 2/15/41		95		100

2.25%, 5/15/41		335		248

4.38%, 5/15/41		40		40

1.75%, 8/15/41		550		372

3.75%, 8/15/41		100		92

2.00%, 11/15/41		400		281

3.13%, 11/15/41		145		122

2.38%, 2/15/42		300		223

3.13%, 2/15/42		100		84

3.00%, 5/15/42		155		127

3.25%, 5/15/42		225		192

2.75%, 8/15/42		130		102

3.38%, 8/15/42		150		130

2.75%, 11/15/42		165		129

4.00%, 11/15/42		200		189

3.13%, 2/15/43		105		87

3.88%, 2/15/43		250		231


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 99.1% continued

U.S. Treasury Bonds – 20.9% continued

2.88%, 5/15/43		$225		$179

3.88%, 5/15/43		200		185

3.63%, 8/15/43		100		89

4.38%, 8/15/43		250		247

3.75%, 11/15/43		130		118

4.75%, 11/15/43		225		234

3.63%, 2/15/44		150		133

4.50%, 2/15/44		100		101

3.38%, 5/15/44		150		128

3.13%, 8/15/44		225		185

3.00%, 11/15/44		155		124

2.50%, 2/15/45		150		110

3.00%, 5/15/45		125		100

2.88%, 8/15/45		175		136

3.00%, 11/15/45		80		64

2.50%, 2/15/46		150		109

2.50%, 5/15/46		200		145

2.25%, 8/15/46		175		120

2.88%, 11/15/46		100		77

3.00%, 2/15/47		200		158

3.00%, 5/15/47		150		118

2.75%, 8/15/47		200		150

2.75%, 11/15/47		200		150

3.00%, 2/15/48		265		208

3.13%, 5/15/48		225		180

3.00%, 8/15/48		300		235

3.38%, 11/15/48		300		251

3.00%, 2/15/49		300		234

2.88%, 5/15/49		300		229

2.25%, 8/15/49		250		167

2.38%, 11/15/49		275		189

2.00%, 2/15/50		315		198

1.25%, 5/15/50		380		195

1.38%, 8/15/50		450		238

1.63%, 11/15/50		400		226

1.88%, 2/15/51		475		287

2.38%, 5/15/51		500		340

2.00%, 8/15/51		525		326

1.88%, 11/15/51		450		270

2.25%, 2/15/52		400		264

2.88%, 5/15/52		325		246

3.00%, 8/15/52		380		296

4.00%, 11/15/52		400		377


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 99.1% continued

U.S. Treasury Bonds – 20.9% continued

3.63%, 2/15/53		$325		$286

3.63%, 5/15/53		335		295

4.13%, 8/15/53		400		385

4.75%, 11/15/53		325		348

4.25%, 2/15/54		350		345

				14,847

U.S. Treasury Notes – 78.2%

2.63%, 4/15/25		200		195

0.38%, 4/30/25		300		286

2.88%, 4/30/25		200		196

3.88%, 4/30/25		200		198

2.13%, 5/15/25		400		388

2.75%, 5/15/25		275		268

0.25%, 5/31/25		300		284

2.88%, 5/31/25		175		171

4.25%, 5/31/25		300		298

2.88%, 6/15/25		250		244

0.25%, 6/30/25		300		283

2.75%, 6/30/25		150		146

4.63%, 6/30/25		400		399

0.25%, 7/31/25		350		329

2.88%, 7/31/25		125		122

4.75%, 7/31/25		250		250

2.00%, 8/15/25		450		433

3.13%, 8/15/25		250		244

0.25%, 8/31/25		250		234

2.75%, 8/31/25		150		146

5.00%, 8/31/25		200		200

3.50%, 9/15/25		300		294

0.25%, 9/30/25		375		351

3.00%, 9/30/25		200		195

5.00%, 9/30/25		300		301

4.25%, 10/15/25		250		248

0.25%, 10/31/25		350		326

3.00%, 10/31/25		200		195

5.00%, 10/31/25		250		251

2.25%, 11/15/25		345		331

4.50%, 11/15/25		300		299

0.38%, 11/30/25		355		330

2.88%, 11/30/25		150		146

4.88%, 11/30/25		400		401

0.38%, 12/31/25		400		371

2.63%, 12/31/25		150		145


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 99.1% continued

U.S. Treasury Notes – 78.2% continued

4.25%, 12/31/25		$375		$372

3.88%, 1/15/26		300		296

0.38%, 1/31/26		350		324

2.63%, 1/31/26		150		145

4.25%, 1/31/26		200		198

1.63%, 2/15/26		250		236

4.00%, 2/15/26		300		296

0.50%, 2/28/26		500		462

2.50%, 2/28/26		100		96

4.63%, 2/28/26		400		400

4.63%, 3/15/26		300		300

0.75%, 3/31/26		400		371

2.25%, 3/31/26		150		143

4.50%, 3/31/26		100		100

3.75%, 4/15/26		300		295

0.75%, 4/30/26		250		231

2.38%, 4/30/26		225		215

1.63%, 5/15/26		300		282

3.63%, 5/15/26		300		294

0.75%, 5/31/26		300		276

2.13%, 5/31/26		175		166

4.13%, 6/15/26		300		297

0.88%, 6/30/26		350		323

1.88%, 6/30/26		125		118

4.50%, 7/15/26		300		300

0.63%, 7/31/26		350		320

1.88%, 7/31/26		200		188

1.50%, 8/15/26		420		392

4.38%, 8/15/26		300		299

0.75%, 8/31/26		150		137

1.38%, 8/31/26		200		186

4.63%, 9/15/26		300		301

0.88%, 9/30/26		450		412

1.63%, 9/30/26		150		140

4.63%, 10/15/26		200		201

1.13%, 10/31/26		400		367

1.63%, 10/31/26		200		186

2.00%, 11/15/26		315		296

4.63%, 11/15/26		300		301

1.25%, 11/30/26		375		345

1.63%, 11/30/26		150		139

4.38%, 12/15/26		350		349

1.25%, 12/31/26		350		321


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 99.1% continued

U.S. Treasury Notes – 78.2% continued

1.75%, 12/31/26		$200		$186

1.50%, 1/31/27		475		438

2.25%, 2/15/27		310		292

4.13%, 2/15/27		400		397

1.13%, 2/28/27		100		91

1.88%, 2/28/27		300		279

4.25%, 3/15/27		100		100

0.63%, 3/31/27		180		161

2.50%, 3/31/27		350		331

0.50%, 4/30/27		175		156

2.75%, 4/30/27		350		333

2.38%, 5/15/27		250		235

0.50%, 5/31/27		250		221

2.63%, 5/31/27		350		332

0.50%, 6/30/27		200		177

3.25%, 6/30/27		250		242

0.38%, 7/31/27		250		219

2.75%, 7/31/27		275		261

2.25%, 8/15/27		350		327

0.50%, 8/31/27		250		220

3.13%, 8/31/27		350		336

0.38%, 9/30/27		300		262

4.13%, 9/30/27		350		347

0.50%, 10/31/27		300		262

4.13%, 10/31/27		250		248

2.25%, 11/15/27		300		279

0.63%, 11/30/27		300		263

3.88%, 11/30/27		250		246

0.63%, 12/31/27		350		306

3.88%, 12/31/27		250		246

0.75%, 1/31/28		400		350

3.50%, 1/31/28		250		243

2.75%, 2/15/28		400		378

1.13%, 2/29/28		350		310

4.00%, 2/29/28		300		297

1.25%, 3/31/28		400		356

3.63%, 3/31/28		300		293

1.25%, 4/30/28		400		355

3.50%, 4/30/28		250		243

2.88%, 5/15/28		425		402

1.25%, 5/31/28		450		398

3.63%, 5/31/28		325		317

1.25%, 6/30/28		400		353


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 99.1% continued

U.S. Treasury Notes – 78.2% continued

4.00%, 6/30/28		$300		$297

1.00%, 7/31/28		450		392

4.13%, 7/31/28		175		174

2.88%, 8/15/28		390		368

1.13%, 8/31/28		200		175

4.38%, 8/31/28		325		326

1.25%, 9/30/28		450		395

4.63%, 9/30/28		300		304

1.38%, 10/31/28		400		353

4.88%, 10/31/28		200		205

3.13%, 11/15/28		375		357

1.50%, 11/30/28		350		310

4.38%, 11/30/28		300		302

1.38%, 12/31/28		450		395

3.75%, 12/31/28		375		367

1.75%, 1/31/29		300		268

4.00%, 1/31/29		325		322

2.63%, 2/15/29		400		372

1.88%, 2/28/29		300		269

4.25%, 2/28/29		300		301

2.38%, 3/31/29		300		275

4.13%, 3/31/29		300		299

2.88%, 4/30/29		250		235

2.38%, 5/15/29		300		275

2.75%, 5/31/29		300		280

3.25%, 6/30/29		325		310

2.63%, 7/31/29		200		185

1.63%, 8/15/29		300		263

3.13%, 8/31/29		200		189

3.88%, 9/30/29		275		270

4.00%, 10/31/29		200		198

1.75%, 11/15/29		225		198

3.88%, 11/30/29		200		197

3.88%, 12/31/29		250		246

3.50%, 1/31/30		250		241

1.50%, 2/15/30		425		366

4.00%, 2/28/30		200		198

3.63%, 3/31/30		250		242

3.50%, 4/30/30		250		240

0.63%, 5/15/30		500		404

3.75%, 5/31/30		250		244

3.75%, 6/30/30		200		195

4.00%, 7/31/30		150		148


	PRINCIPAL AMOUNT (000S)		VALUE (000S)

U.S. GOVERNMENT OBLIGATIONS - 99.1% continued

U.S. Treasury Notes – 78.2% continued

0.63%, 8/15/30		$735		$589

4.13%, 8/31/30		250		249

4.63%, 9/30/30		250		256

4.88%, 10/31/30		200		207

0.88%, 11/15/30		625		506

4.38%, 11/30/30		250		252

3.75%, 12/31/30		250		243

1.13%, 2/15/31		650		533

4.25%, 2/28/31		300		301

4.13%, 3/31/31		300		299

1.63%, 5/15/31		740		624

1.25%, 8/15/31		800		652

1.38%, 11/15/31		700		572

1.88%, 2/15/32		750		634

2.88%, 5/15/32		700		636

2.75%, 8/15/32		600		539

4.13%, 11/15/32		650		646

3.50%, 2/15/33		650		616

3.38%, 5/15/33		575		539

3.88%, 8/15/33		700		682

4.50%, 11/15/33		625		639

4.00%, 2/15/34		250		246

				55,412
Total U.S. Government Obligations
(Cost $78,033)				70,259


	NUMBER OF SHARES		VALUE (000S)

INVESTMENT COMPANIES – 0.8%

Northern Institutional Funds - U.S. Government Portfolio (Shares),

5.13%⁽¹⁾ ⁽²⁾		539,766		$540
Total Investment Companies
(Cost $540)				540


Total Investments – 99.9%
(Cost $78,573)				70,799
Other Assets less Liabilities – 0.1%				60
NET ASSETS – 100.0%				$70,859

⁽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, 2024 is disclosed.

Percentages shown are based on Net Assets.

At March 31, 2024, the security types for the Fund were:



SECURITY TYPE^{( 1 )}	% OF NET ASSETS

U.S. Government Obligations		99.1	%

Investment Companies		0.8	%

⁽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)

U.S. Government Obligations⁽¹⁾		$ —		$70,259		$—		$70,259

Investment Companies		540		—		—		540

Total Investments		$540		$70,259		$—		$70,799

⁽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 39 funds as of March 31, 2024, 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 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.

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.

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

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.

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 the 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 equity 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, 2024, were as follows:



	CONTRACT POSITION	INVESTMENT STRATEGY

Core Bond	Long and Short	Hedge/Liquidity

Fixed Income	Long and Short	Hedge/Liquidity

High Yield Fixed Income	Long and Short	Hedge/Liquidity

Limited Term U.S. Government	Long	Hedge/Liquidity

Multi-Manager High Yield Opportunity	Long and Short	Hedge/Liquidity

Short Bond	Long and Short	Hedge/Liquidity

U.S. Government	Long	Hedge/Liquidity

At March 31, 2024, the aggregate market value of assets pledged related to each Fund’s investment in futures contracts for the Core Bond, Fixed Income, High Yield Fixed Income, Limited Term U.S. Government, Short Bond and U.S. Government Funds was approximately $55,000, $75,000, $1,802,000, $5,000, $214,000 and

$5,000, respectively. 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.

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 bilateral CDS agreements and variation margin on centrally cleared CDS agreements, if any, is included in the Statements of Assets and Liabilities, 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, NTI or the sub-adviser considers the creditworthiness of each underlying issuer of the referenced security in addition to the creditworthiness of the counterparty. In addition, NTI or the sub-advisers 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, 2024 for the Multi-Manager High Yield Opportunity Fund, approximately $62,000 was pledged by the Fund and is included in Due from broker on the Statements of Assets and Liabilities and approximately $1,000 received by the

Fund and is included in Due to broker on the Statements of Assets and Liabilities. No other Funds had any outstanding CDS agreements for the fiscal year ended March 31, 2024.

G) 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, 2024, 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, 2024.

H) 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.

I) 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.

J) 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 U.S. Government Select Money Market Fund have entered into such repurchase agreements at March 31, 2024, as reflected in their accompanying Schedules of Investments.

Pursuant to exemptive relief granted by the SEC, U.S. Government Money Market Fund and certain other money market portfolios advised by NTI and Northern Trust may enter into joint repurchase agreements with non-affiliated counterparties through a master repurchase agreement. NTI administers and manages these joint repurchase agreements in accordance with and as part of its duties under its management agreements with the Funds and does not collect any additional fees from the Funds for such services. The U.S. Government Money Market Fund did not enter into such joint repurchase agreements during the period. There were no outstanding joint repurchase agreements at March 31, 2024.

The Funds may enter into transactions subject to enforceable netting arrangements (“Netting Arrangements”) under a repurchase agreement. 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 Portfolios may be delayed or limited. In addition, the Netting Arrangements 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, 2024, the U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund have not invested in any portfolio securities other than the repurchase agreements described below, with gross exposures on the Statements of Assets and Liabilities, that could be netted subject to Netting Arrangements.

The following table presents the repurchase agreements, which are subject to Netting Arrangements, as well as the collateral delivered related to those repurchase agreements.



			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	NET AMOUNT^*

U.S. Government Money Market	Bank of America	$ 420,000	$ (420,000)	$-

	Barclays	1,886,000	(1,886,000)	-

	Canadian Imperial Bank	550,000	(550,000)	-

	Citigroup	1,050,000	(1,050,000)	-

	Federal Reserve Bank of New York	5,677,000	(5,677,000)	-

	JPMorgan	2,400,000	(2,400,000)	-



				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		NET AMOUNT^*

	NatWest Markets PLC		$ 800,000		$ (800,000)		$-

	Royal Bank of Canada		450,000		(450,000)		-

	Total		$13,233,000		$(13,233,000)		$-

U.S. Government Select Money Market	Bank of America		$ 350,000		$ (350,000)		$-

	Barclays		600,000		(600,000)		-

	Citigroup		365,000		(365,000)		-

	Federal Reserve Bank of New York		985,000		(985,000)		-

	JPMorgan		550,000		(550,000)		-

	Royal Bank of Canada		150,000		(150,000)		-

	Total		$ 3,000,000		$ (3,000,000)		$-

*	Collateral received is reflected up to the fair value of the repurchase agreement. Refer to the Schedules of Investments.

Additional information about netting arrangements under the Netting Arrangements can be found in Note 10.

K) 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 the stated coupon rate, annualized yield on 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 is recognized on the ex-dividend date. The Funds’ income may be subject to certain state and local taxes and, depending on an individual shareholder’s tax status, the federal alternative minimum tax.

L) 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.

M) REDEMPTION FEES The High Yield Fixed Income 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, 2024, were as follows:



Amounts in thousands		REDEMPTION FEES

High Yield Fixed Income		$ 3

Multi-Manager High Yield Opportunity		–*

^*	Amounts round to less than $1,000.

Redemption fees for the fiscal year ended March 31, 2023, were as follows:



Amounts in thousands		REDEMPTION FEES

High Yield Fixed Income		$17

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to the Fund was less than $0.001 per share for both fiscal years. There were no redemption fees paid for the fiscal year ended March 31, 2023 for the Multi-Manager High Yield Opportunity Fund.

N) 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 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 primarily relate to Section 988 currency gains and losses, paydowns, distributions in excess of investment company taxable income, and differing treatment of amortization on certain callable bonds. These reclassifications have no impact on the net assets or the NAVs per share of the Funds.

At March 31, 2024, the following reclassifications were recorded:



Amounts in thousands	UNDISTRIBUTED NET INVESTMENT INCOME (LOSS)			ACCUMULATED UNDISTRIBUTED NET REALIZED GAINS (LOSSES)		CAPITAL STOCK

Bond Index		$1,188			$(1,188)		$ –

Core Bond		80			(80)		–

Fixed Income		501			(501)		–

High Yield Fixed Income		3,189			(3,189)		–

Intermediate Tax-Exempt		368			–		(368	)

Limited Term Tax-Exempt		12			–		(12	)

Limited Term U.S. Government		2			(2)		–

Multi-Manager High Yield Opportunity		233			(233)		–

Short Bond		239			(239)		–

Tax-Advantaged Ultra-Short Fixed Income		13			(13)		–

Ultra-Short Fixed Income		1,228			(1,228)		–

U.S. Government		–	*		–*		–

U.S. Government Money Market		3			(3)		–

U.S. Government Select Money Market		3			(3)		–

*	Amount rounds to less than one thousand.

O) 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, 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		$ 4,717

Bond Index		27,439		100,233

California Intermediate Tax-Exempt		5,024		14,361

California Tax-Exempt		1,960		4,156

Core Bond		14,903		10,340

Fixed Income		37,218		47,977

High Yield Fixed Income		142,308		679,929

High Yield Municipal		15,187		78,367

Intermediate Tax-Exempt		47,773		75,911

Limited Term Tax-Exempt		9,256		9,494

Limited Term U.S. Government		5,424		1,995

Multi-Manager High Yield Opportunity		1,898		63,664

Short Bond		3,724		23,617



Amounts in thousands	SHORT-TERM CAPITAL LOSS CARRYFORWARD		LONG-TERM CAPITAL LOSS CARRYFORWARD

Tax-Advantaged Ultra-Short Fixed Income		$ 19,377		$ 13,175

Tax-Exempt		50,975		76,168

Ultra-Short Fixed Income		12,566		15,428

U.S. Government		4,893		572

U.S. Government Select Money Market		–		9

U.S. Treasury Index		519		3,196

At March 31, 2024, 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		$ 28		$ –		$ –		$ (5,433	)

Bond Index		–		1,294		–		(214,128	)

California Intermediate Tax-Exempt		75		–		–		(16,360	)

California Tax-Exempt		63		–		–		(6,830	)

Core Bond		–		23		–		(6,137	)

Fixed Income		–		173		–		(22,523	)

High Yield Fixed Income		–		4,224		–		(172,579	)

High Yield Municipal		472		–		–		(41,591	)

Intermediate Tax-Exempt		–		–		–		(63,186	)

Limited Term Tax-Exempt		–		–		–		(9,894	)

Limited Term U.S. Government		–		14		–		(855	)

Multi-Manager High Yield Opportunity		–		518		–		(4,205	)

Short Bond		–		71		–		(3,759	)

Tax-Advantaged Ultra-Short Fixed Income		1,159		–		–		(10,066	)

Tax-Exempt		147		–		–		(47,577	)

Ultra-Short Fixed Income		–		1,810		–		(5,842	)

U.S. Government		–		36		–		(676	)

U.S. Government Money Market		–		85,508		12		–

U.S. Government Select Money Market		–		18,117		–		–

U.S. Treasury Index		–		31		–		(7,915	)

*	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, 2024, was as follows:

DISTRIBUTIONS FROM

Amounts in thousands

TAX-EXEMPT
INCOME

ORDINARY
INCOME*

LONG-TERM
CAPITAL GAINS

Arizona Tax-Exempt

$ 2,250

$ 56

$ –

Bond Index

–

77,954

–

California Intermediate Tax-Exempt

6,323

550

–

California Tax-Exempt

4,488

322

–

Core Bond

–

3,861

–

Fixed Income

–

16,012

–

High Yield Fixed Income

–

181,396

–

High Yield Municipal

14,568

1,128

–

Intermediate Tax-Exempt

38,364

1,704

–

Limited Term Tax-Exempt

9,997

464

–

Limited Term U.S. Government

–

1,220

–

Multi-Manager High Yield Opportunity

–

16,135

–

Short Bond

–

10,053

–

Tax-Advantaged Ultra-Short Fixed Income

43,583

25,986

–

Tax-Exempt

26,019

918

–

Ultra-Short Fixed Income

–

86,232

–

U.S. Government

–

1,085

–

U.S. Government Money Market

–

973,889

–

U.S. Government Select Money

Market

–

192,072

–

U.S. Treasury Index

–

1,890

–

*	Ordinary income includes taxable market discount income and short-term capital gains, if any.

**	Amount rounds to less than one thousand.

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

–

DISTRIBUTIONS FROM

Amounts in thousands

TAX-EXEMPT
INCOME

ORDINARY
INCOME*

LONG-TERM
CAPITAL GAINS

Limited Term Tax-Exempt

$ 9,809

$ 353

$–

Limited Term U.S. Government

–

1,126

–

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.

As of March 31, 2024, 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.

P) 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

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, 2024.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the fiscal year ended March 31, 2024.

4. BANK BORROWINGS

During the fiscal year ended March 31, 2024, the following Fund had borrowings with the average loan amounts on days the Fund had borrowings and weighted average interest rates as disclosed below:



Amounts in thousands	DOLLAR AMOUNT	RATE

High Yield Municipal	$500	6.07%

No other Funds had any borrowings or incurred any interest expense for the fiscal year ended March 31, 2024. There were no outstanding loan amounts at March 31, 2024.

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, Fixed Income, 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. Further with respect to these Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class in an amount equal to the 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. The reimbursement will not apply to those Funds that do not charge an advisory fee as a result of contractual or voluntary fee waivers.

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.

forth below, excluding (i) acquired fund fees and expenses (except as further described below); (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.

At March 31, 2024, 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%



	CONTRACTUAL ANNUAL MANAGEMENT FEES			CONTRACTUAL EXPENSE LIMITATIONS
	FIRST $1.5 BILLION	NEXT $1 BILLION	OVER $2.5 BILLION	CONTRACTUAL EXPENSE LIMITATIONS

High Yield Municipal	0.56%	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 High Yield Opportunity	0.65%	0.631%	0.612%	0.67%

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 August 1, 2023, the annual management fees and contractual expense limitations for the Fund below were based on the following annual rates as set forth in the table below.



	CONTRACTUAL ANNUAL MANAGEMENT FEES			CONTRACTUAL EXPENSE LIMITATION
	FIRST $1.5 BILLION	NEXT $1 BILLION	OVER $2.5 BILLION	CONTRACTUAL EXPENSE LIMITATION

Multi-Manager High Yield Opportunity	0.83%	0.805%	0.781%	0.85%

The contractual reimbursement arrangements described above may not be terminated before July 31, 2024 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.

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. NTI did not voluntarily reimburse any Funds during the fiscal year ended March 31, 2024.

Amounts waived or reimbursed by NTI pursuant to voluntary or contractual agreements may not be recouped by NTI at any time in the future for prior fiscal years.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

The Multi-Manager High Yield Opportunity Fund is managed by NTI and the Sub-Advisers. In addition to selecting the overall investment strategies of the Fund, 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, 2024, 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.

For compensation as custodian, Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board. During the period, the Funds (except the U.S. Government Money Market and the U.S. Government Select Money Market) 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. Custodian credits, if any, are shown as Less custodian credits in the Funds’ Statements of Operations.

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, 2024, the Funds, excluding the U.S. Government Money Market and U.S. Government Select Money Market Funds, held an investment 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%. Prior to August 1, 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. Effective August 1, 2023, NTI reimbursed each Fund the management fees payable to the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in money market mutual funds managed by NTI, as described in Note 5. 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, 2024, the Funds did not engage in any purchases and/or sales of securities from an affiliated entity.

NTI 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, 2024, there were no Funds that paid Northern Trust Securities, Inc., an affiliate of NTI, brokerage commissions.

During the fiscal year ended March 31, 2024, there were no Funds that received reimbursements from NTI in connection with settlement fees pursuant to the European Union’s Central Securities Depositories Regulation. These amounts, if any, are included in Interest income on the Funds’ Statements of Operations.

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, 2024, the High Yield Fixed Income Fund received an amount from Northern Trust of approximately $4,000 and the Multi-Manager High Yield Opportunity Fund received an amount from Northern Trust of less than $1,000. These amounts are included in Interest income on the Funds’ Statements of Operations.

7. INVESTMENT TRANSACTIONS

For the fiscal year ended March 31, 2024, 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		$ –	$	3,672		$ –	$	15,122

Bond Index		1,048,837		216,020		891,093		163,957



	PURCHASES				SALES

Amounts in thousands	U.S. GOVERNMENT		OTHER		U.S. GOVERNMENT		OTHER

California Intermediate Tax-Exempt		$ 2,988		$ 31,966		$ –		$ 55,158

California Tax-Exempt		–		29,342		–		40,680

Core Bond		55,831		20,276		73,039		25,031

Fixed Income		237,157		86,417		328,784		124,354

High Yield Fixed Income		–		866,717		–		1,100,817

High Yield Municipal		–		45,990		–		131,795

Intermediate Tax-Exempt		21,310		219,552		–		498,371

Limited Term Tax-Exempt		1,684		74,178		–		169,520

Limited Term U.S. Government		19,298		–		43,330		–

Multi-Manager High Yield Opportunity		–		87,582		–		115,664

Short Bond		181,427		48,641		193,033		136,852

Tax-Advantaged Ultra-Short Fixed Income		19,907		804,762		–		695,987

Tax-Exempt		13,097		217,865		–		276,832

Ultra-Short Fixed Income		104,944		300,151		99,260		1,096,235

U.S. Government		21,661		–		43,903		–

U.S. Treasury Index		17,965		–		26,033		–

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, 2024, 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		$ 285		$ (5,718)		$ (5,433)		$ 68,407

Bond Index		8,096		(222,224)		(214,128)		2,570,843

California Intermediate Tax-Exempt		529		(16,889)		(16,360)		263,237

California Tax-Exempt		3,337		(10,167)		(6,830)		155,950

Core Bond		523		(6,660)		(6,137)		98,347

Fixed Income		2,338		(24,861)		(22,523)		373,160

High Yield Fixed Income		41,008		(213,583)		(172,575)		2,816,714

High Yield Municipal		1,746		(43,337)		(41,591)		378,716

Intermediate Tax-Exempt		7,339		(70,525)		(63,186)		1,311,507

Limited Term Tax-Exempt		1,624		(11,518)		(9,894)		440,336

Limited Term U.S. Government		6		(861)		(855)		30,160

Multi-Manager High Yield Opportunity		7,294		(11,499)		(4,205)		193,523

Short Bond		275		(4,034)		(3,759)		279,941

Tax-Advantaged Ultra-Short Fixed Income		3,013		(13,079)		(10,066)		2,510,883

Tax-Exempt		1,780		(49,357)		(47,577)		795,936

Ultra-Short Fixed Income		2,941		(8,783)		(5,842)		1,625,919

U.S. Government		60		(736)		(676)		25,209

U.S. Government Money Market		–		–		–		20,174,865

U.S. Government Select Money Market		–		–		–		4,439,178

U.S. Treasury Index		86		(8,001)		(7,915)		78,714

8. CAPITAL SHARE TRANSACTIONS

Transactions in Shares class for the fiscal year ended March 31, 2024, 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		1,551		$ 14,653		150		$ 1,432		(3,129	)		$ (29,597)		(1,428	)		$ (13,512)

Bond Index		89,398		813,267		1,687		15,289		(67,526	)		(612,372)		23,559			216,184



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

California Intermediate Tax-Exempt		6,983		$ 68,231		116		$ 1,128		(9,453	)		$ (91,668)		(2,354	)		$ (22,309)

California Tax-Exempt		3,907		40,218		147		1,521		(5,188	)		(53,743)		(1,134	)		(12,004)

Core Bond		528		4,657		147		1,289		(2,718	)		(23,850)		(2,043	)		(17,904)

Fixed Income		1,150		10,102		710		6,231		(16,061	)		(141,265)		(14,201	)		(124,932)

High Yield Fixed Income		101,894		593,795		3,514		20,375		(153,833	)		(893,101)		(48,425	)		(278,931)

High Yield Municipal		19,436		141,488		281		2,030		(26,290	)		(189,357)		(6,573	)		(45,839)

Intermediate Tax-Exempt		34,905		338,691		470		4,559		(62,420	)		(605,129)		(27,045	)		(261,879)

Limited Term Tax-Exempt		7,868		77,437		171		1,678		(20,662	)		(203,171)		(12,623	)		(124,056)

Limited Term U.S. Government		52		478		28		259		(2,751	)		(25,361)		(2,671	)		(24,624)

Multi-Manager High Yield Opportunity		4,240		34,965		500		4,094		(8,404	)		(69,302)		(3,664	)		(30,243)

Short Bond		1,194		21,393		210		3,759		(5,256	)		(94,119)		(3,852	)		(68,967)

Tax-Advantaged Ultra-Short Fixed Income		90,289		909,786		984		9,908		(81,852	)		(823,767)		9,421			95,927

Tax-Exempt		38,837		367,114		587		5,562		(42,228	)		(400,660)		(2,804	)		(27,984)

Ultra-Short Fixed Income		20,523		207,658		3,925		39,817		(105,512	)		(1,069,209)		(81,064	)		(821,734)

U.S. Government		268		2,353		71		617		(3,017	)		(25,953)		(2,678	)		(22,983)

U.S. Government Money Market		87,142,759		87,142,759		118,731		118,731		(85,411,552	)		(85,411,552)		1,849,938			1,849,938

U.S. Government Select Money Market		19,425,602		19,425,602		25,322		25,322		(18,497,872	)		(18,497,872)		953,052			953,052

U.S. Treasury Index		738		14,032		99		1,884		(1,264	)		(23,969)		(427	)		(8,053)

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 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 Siebert Williams Shank Shares for the fiscal year ended March 31, 2024, were as follows:

Amounts in thousands

SOLD

PROCEEDS

FROM

SHARES SOLD

SHARES FROM

REINVESTED

DIVIDENDS

REINVESTMENTS

DIVIDENDS

REDEEMED

PAYMENTS

FOR SHARES

REDEEMED

NET

INCREASE

(DECREASE)

IN SHARES

NET

INCREASE

(DECREASE)

IN NET ASSETS

Ultra-Short Fixed Income

–

132

1,257

–

132

1,257

Transactions in Siebert Williams Shank Shares for the fiscal year ended March 31, 2023, were as follows:

Amounts in thousands

SOLD

PROCEEDS

FROM

SHARES SOLD

SHARES FROM

REINVESTED

DIVIDENDS

REINVESTMENTS

DIVIDENDS

REDEEMED

PAYMENTS

FOR SHARES

REDEEMED

NET

INCREASE

(DECREASE)

IN SHARES

NET

INCREASE

(DECREASE)

IN NET ASSETS

Ultra-Short Fixed Income

3,005

29,994

469

–

(4)

3,052

30,459

9. INVESTMENTS IN AFFILIATES

Transactions in affiliated investments for the fiscal year ended March 31, 2024, 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

Arizona Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$ 2,527		$ 24,883		$ 26,531		$–		$–		$ 71		$ 879		879,453

Bond Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		47,883		475,495		495,416		–		–		1,980		27,962		27,961,726

California Intermediate Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		2,633		100,098		102,197		–		–		494		534		533,950

California Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		2,746		68,818		70,413		–		–		360		1,151		1,151,469

Core Bond	Northern Institutional Funds - U.S. Government Portfolio (Shares)		3,291		45,685		43,083		–		–		135		5,893		5,893,325

Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)		12,483		193,628		195,513		–		–		324		10,598		10,598,402

High Yield Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)		60,479		804,942		827,826		–		–		3,184		37,595		37,595,291

High Yield Municipal	Northern Institutional Funds - U.S. Government Portfolio (Shares)		4,884		181,079		136,891		–		–		1,001		49,072		49,072,329


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

Intermediate Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$	3,750		$	469,615		$	468,505		$–		$–		$1,654		$ 4,860		4,860,156

Limited Term Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)			20,468			176,052			187,892		–		–		558		8,628		8,627,821

Limited Term U.S. Government	Northern Institutional Funds - U.S. Government Portfolio (Shares)			280			7,689			7,902		–		–		11		67		66,896

Multi-Manager High Yield Opportunity	Northern Institutional Funds - U.S. Government Portfolio (Shares)			11,170			143,633			147,526		–		–		364		7,277		7,277,307

Short Bond	Northern Institutional Funds - U.S. Government Portfolio (Shares)			1,288			138,761			133,348		–		–		218		6,701		6,700,519

Tax-Advantaged Ultra-Short Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)			91,209			1,180,394			1,139,452		–		–		5,243		132,151		132,151,178

Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)			10,292			352,325			341,310		–		–		1,017		21,307		21,307,263

Ultra-Short Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)			69,179			938,305			939,529		–		–		3,506		67,955		67,954,737

U.S. Government	Northern Institutional Funds - U.S. Government Portfolio (Shares)			2,039			7,813			9,730		–		–		23		122		121,793

U.S. Treasury Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)			1,789			16,836			18,085		–		–		23		540		539,766

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, 2024:

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

$ (6

Fixed Income

Interest rate contracts

Net Assets - Net unrealized appreciation

–

Net Assets - Net unrealized depreciation

ASSETS

LIABILITIES

Amounts in thousands

CONTRACT TYPE

STATEMENTS OF

ASSETS LOCATION

VALUE

STATEMENTS OF
LIABILITIES LOCATION

VALUE

High Yield Fixed Income

Interest rate contracts

Net Assets - Net unrealized appreciation

$689

Net Assets - Net unrealized depreciation

$ –

Multi-Manager High Yield Opportunity

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts

–

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

–

Net Assets - Net unrealized depreciation

(43

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.

Includes cumulative appreciation/depreciation on centrally cleared swap agreements as reported in the Schedule of Investments’ footnotes. Only the current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

***

Amount rounds to less than one thousand.

GROSS AMOUNTS NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES

Amounts in thousands

COUNTERPARTY

GROSS AMOUNTS OF ASSETS

PRESENTED IN STATEMENTS

ASSETS AND LIABILITIES

FINANCIAL
INSTRUMENTS

CASH
COLLATERAL
RECEIVED

NET
AMOUNT

Multi-Manager High Yield Opportunity Fund

BNP

$ –

Morgan Stanley

–

Total

$ –



		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	$	263

Fixed Income	Interest rate contracts	Net realized gains (losses) on futures contracts		684

High Yield Fixed Income	Interest rate contracts	Net realized gains (losses) on futures contracts		5,901

Limited Term U.S. Government	Interest rate contracts	Net realized gains (losses) on futures contracts		79

Multi-Manager High Yield Opportunity	Interest rate contracts	Net realized gains (losses) on futures contracts		(208	)

	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		9

	Credit contracts	Net realized gains (losses) on credit default swap agreements		46

Short Bond	Interest rate contracts	Net realized gains (losses) on futures contracts		(141	)



		AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS

Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE

U.S. Government	Interest rate contracts	Net realized gains (losses) on futures contracts	$	47



		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	$	116

Fixed Income	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts		39

High Yield Fixed Income	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts		689

Multi-Manager High Yield Opportunity	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts		125

	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		4

	Credit contracts	Net change in unrealized appreciation (depreciation) on credit default swap agreements		(13	)

Short Bond	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(195	)

Volume of derivative activity for the fiscal year ended March 31, 2024*:

FOREIGN EXCHANGE
CONTRACTS

EQUITY

CONTRACTS

CREDIT CONTRACTS

INTEREST RATE
CONTRACTS

NUMBER
OF
TRADES

AVERAGE
NOTIONAL
AMOUNT**

NUMBER
OF
TRADES

AVERAGE
NOTIONAL
AMOUNT**

NUMBER
OF
TRADES

AVERAGE
NOTIONAL
AMOUNT**

NUMBER
OF
TRADES

AVERAGE
NOTIONAL
AMOUNT**

Core Bond

–

$ –

–

$ –

–

$ –

$ 7,067

Fixed Income

–

9,895

High Yield Fixed Income

–

62,946

Limited Term U.S. Government

–

1,545

Multi-Manager High Yield Opportunity

1,503

754

400

583

Short Bond

–

27,834

U.S. Government

–

991

Activity for the fiscal year is measured by number of trades during the fiscal year and average notional amount for forward foreign currency exchange, swaps credit rate and futures interest rate contracts.

Amounts in thousands.

11. INDEMNIFICATIONS AND WARRANTIES

12. NEW ACCOUNTING PRONOUNCEMENTS

reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021.

We have audited the accompanying statements of assets and liabilities of twenty 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 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, 2024, 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 Funds as of March 31, 2024, 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, 2024, 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.

CAPITAL GAIN DISTRIBUTION — The following Funds made capital gain distributions in December 2023, and hereby designated these long-term capital gain distributions as follows (per share):



		LONG-TERM CAPITAL GAIN

U.S. Government Money Market		$0.000000593

U.S. Government Select Money Market		0.000000014

CORPORATE DIVIDENDS-RECEIVED DEDUCTION (DRD) — A percentage of the dividends distributed during the fiscal year ended March 31, 2024 for the following Fund qualifies for the dividends-received deduction for corporate shareholders:



		CORPORATE DRD PERCENTAGE

Multi-Manager High Yield Opportunity		10.52%

EXEMPT-INTEREST DIVIDENDS — During the fiscal year ended March 31, 2024, the percentage of dividends derived from net investment income paid by each of the following Funds as “exempt-interest dividends,” excludable from gross income for Federal income tax purposes were as follows: Arizona Tax-Exempt Fund - 97.58%, California Intermediate Tax-Exempt Fund - 92.00%, California Tax-Exempt Fund - 93.30%, High Yield Municipal Fund - 92.82%, Intermediate Tax-Exempt Fund - 95.75%, Limited Term Tax-Exempt Fund - 95.56%, Tax-Advantaged Ultra-Short Fixed Income Fund - 62.65%, Tax Exempt Fund - 96.59%.

QUALIFIED DIVIDEND INCOME (QDI) — Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid by the following Fund during the fiscal year ended March 31, 2024, are designated as “qualified dividend income,” as defined in the Act, subject to reduced tax rates:



		QDI PERCENTAGE

Multi-Manager High Yield Opportunity		10.54%

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, 2023 through March 31, 2024.

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 354), if any, in the High Yield Fixed Income 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 360), 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 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.47%	$1,000.00	$1,066.20	$2.43

Hypothetical (5% return before expenses)	0.47%	$1,000.00	$1,022.65	$2.38

BOND INDEX

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.07%	$1,000.00	$1,059.80	$0.36

Hypothetical (5% return before expenses)	0.07%	$1,000.00	$1,024.65	$0.35

CALIFORNIA INTERMEDIATE TAX-EXEMPT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.45%	$1,000.00	$1,057.40	$2.31

Hypothetical (5% return before expenses)	0.45%	$1,000.00	$1,022.75	$2.28

CALIFORNIA TAX-EXEMPT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.46%	$1,000.00	$1,069.60	$2.38

Hypothetical (5% return before expenses)	0.46%	$1,000.00	$1,022.70	$2.33

CORE BOND

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.41%	$1,000.00	$1,062.40	$2.11

Hypothetical (5% return before expenses)	0.41%	$1,000.00	$1,022.95	$2.07

FIXED INCOME



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.45%	$1,000.00		$1,064.00		$2.32

Hypothetical (5% return before expenses)	0.45%	$1,000.00		$1,022.75		$2.28

HIGH YIELD FIXED INCOME

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.60%	$1,000.00		$1,085.30		$3.13

Hypothetical (5% return before expenses)	0.60%	$1,000.00		$1,022.00		$3.03

HIGH YIELD MUNICIPAL

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.58%	$1,000.00		$1,094.10		$3.04

Hypothetical (5% return before expenses)	0.58%	$1,000.00		$1,022.10		$2.93

INTERMEDIATE TAX-EXEMPT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.45%	$1,000.00		$1,055.30		$2.31

Hypothetical (5% return before expenses)	0.45%	$1,000.00		$1,022.75		$2.28

LIMITED TERM TAX-EXEMPT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.45%	$1,000.00		$1,034.10		$2.29

Hypothetical (5% return before expenses)	0.45%	$1,000.00		$1,022.75		$2.28

LIMITED TERM U.S. GOVERNMENT

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.43%	$1,000.00		$1,029.70		$2.18

Hypothetical (5% return before expenses)	0.43%	$1,000.00		$1,022.85		$2.17



MULTI-MANAGER HIGH YIELD OPPORTUNITY

SHARES	EXPENSE RATIO		BEGINNING ACCOUNT VALUE 10/1/2023		ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual		0.68%		$1,000.00		$1,085.30		$3.55

Hypothetical (5% return before expenses)		0.68%		$1,000.00		$1,021.60		$3.44

SHORT BOND

SHARES	EXPENSE RATIO		BEGINNING ACCOUNT VALUE 10/1/2023		ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual		0.40%		$1,000.00		$1,033.50		$2.03

Hypothetical (5% return before expenses)		0.40%		$1,000.00		$1,023.00		$2.02

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME

SHARES	EXPENSE RATIO		BEGINNING ACCOUNT VALUE 10/1/2023		ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual		0.25%		$1,000.00		$1,025.30		$1.27

Hypothetical (5% return before expenses)		0.25%		$1,000.00		$1,023.75		$1.26

TAX-EXEMPT

SHARES	EXPENSE RATIO		BEGINNING ACCOUNT VALUE 10/1/2023		ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual		0.45%		$1,000.00		$1,065.70		$2.32

Hypothetical (5% return before expenses)		0.45%		$1,000.00		$1,022.75		$2.28

ULTRA-SHORT FIXED INCOME

SHARES	EXPENSE RATIO		BEGINNING ACCOUNT VALUE 10/1/2023		ENDING ACCOUNT VALUE 3/31/2024		EXPENSES PAID* 10/1/2023- 3/31/2024

Actual		0.25%		$1,000.00		$1,034.90		$1.27

Hypothetical (5% return before expenses)		0.25%		$1,000.00		$1,023.75		$1.26

Siebert Williams Shank Shares

Actual		0.25%		$1,000.00		$1,034.90		$1.27

Hypothetical (5% return before expenses)		0.25%		$1,000.00		$1,023.75		$1.26

U.S. GOVERNMENT



SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.44%	$1,000.00	$1,037.00	$2.24

Hypothetical (5% return before expenses)	0.44%	$1,000.00	$1,022.80	$2.23

U.S. GOVERNMENT MONEY MARKET

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.35%	$1,000.00	$1,025.60	$1.77

Hypothetical (5% return before expenses)	0.35%	$1,000.00	$1,023.25	$1.77

U.S. GOVERNMENT SELECT MONEY MARKET

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.35%	$1,000.00	$1,025.90	$1.77

Hypothetical (5% return before expenses)	0.35%	$1,000.00	$1,023.25	$1.77

U.S. TREASURY INDEX

SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 10/1/2023	ENDING ACCOUNT VALUE 3/31/2024	EXPENSES PAID* 10/1/2023- 3/31/2024

Actual	0.16%	$1,000.00	$1,046.20	$0.82

Hypothetical (5% return before expenses)	0.16%	$1,000.00	$1,024.20	$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, IL 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.

(2) Effective May 15, 2024, Michael J. Pryszcz resigned and effective May 16, 2024, the Board of Trustees approved the appointment of Michael L. Brainerd, Jr. as Assistant Treasurer of the Trust.

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, 2024 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, 2024 and March 31, 2023, 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, 2024 and March 31, 2023, 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 $4,702,862 and $5,494,068 for 2024 and 2023, 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

21		BENCHMARK INFORMATION

24		STATEMENTS OF ASSETS AND LIABILITIES

28		STATEMENTS OF OPERATIONS

32		STATEMENTS OF CHANGES IN NET ASSETS

38		FINANCIAL HIGHLIGHTS

60		SCHEDULES OF INVESTMENTS

60		ACTIVE M EMERGING MARKETS EQUITY FUND (Ticker Symbol: NMMEX)

65		ACTIVE M INTERNATIONAL EQUITY FUND (Ticker Symbol: NMIEX)

73		EMERGING MARKETS EQUITY INDEX FUND (Ticker Symbol: NOEMX)

97		GLOBAL REAL ESTATE INDEX FUND (Ticker Symbol: NGREX)

107		GLOBAL SUSTAINABILITY INDEX FUND (Ticker Symbols: Class I: NSRIX, Class K: NSRKX)

118		GLOBAL TACTICAL ASSET ALLOCATION FUND (Ticker Symbol: BBALX)

120		INCOME EQUITY FUND (Ticker Symbol: NOIEX)

124		INTERNATIONAL EQUITY FUND (Ticker Symbol: NOIGX)

129		INTERNATIONAL EQUITY INDEX FUND (Ticker Symbol: NOINX)

141		LARGE CAP CORE FUND (Ticker Symbol: NOLCX)

145		LARGE CAP VALUE FUND (Ticker Symbol: NOLVX)

149		MID CAP INDEX FUND (Ticker Symbol: NOMIX)

157		MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (Ticker Symbol: NMFIX)

160		MULTI-MANAGER GLOBAL REAL ESTATE FUND (Ticker Symbol: NMMGX)

163		SMALL CAP CORE FUND (Ticker Symbols: Class I: NSGRX, Class K: NSCKX)

184		SMALL CAP INDEX FUND (Ticker Symbol: NSIDX)

210		SMALL CAP VALUE FUND (Ticker Symbol: NOSGX)

218		STOCK INDEX FUND (Ticker Symbol: NOSIX)

227		U.S. QUALITY ESG FUND (Ticker Symbols: Class I: NUEIX, Class K: NUESX)

231		NOTES TO THE FINANCIAL STATEMENTS

253		REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

255		TAX INFORMATION

257		LIQUIDITY RISK MANAGEMENT PROGRAM

258		FUND EXPENSES

261		TRUSTEES AND OFFICERS

268		FOR MORE INFORMATION



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 can be found on pages 21 to 22.



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 can be found on pages 21 to 22.



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 can be found on pages 21 to 22.



TOTAL RETURN	ONE YEAR	FIVE YEAR	TEN YEAR

INCOME EQUITY FUND	26.54%	13.03%	10.82%

S&P 500^®INDEX	29.88	15.05	12.96



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 REAL ESTATE INDEX FUND		(UNAUDITED)



		EQUITY FUNDS


GLOBAL TACTICAL ASSET ALLOCATION FUND		(UNAUDITED)



		EQUITY FUNDS


INTERNATIONAL EQUITY FUND		(UNAUDITED)



EQUITY FUNDS


INTERNATIONAL EQUITY INDEX FUND		(UNAUDITED)



		EQUITY FUNDS


MULTI-MANAGER GLOBAL REAL ESTATE FUND		(UNAUDITED)



TOTAL RETURN	ONE YEAR	THREE YEAR	FIVE YEAR	SINCE INCEPTION 10/02/17

U.S. QUALITY ESG FUND (CLASS K SHARES)¹	28.06%	10.36%	15.04%	13.77%

U.S. QUALITY ESG FUND (CLASS I SHARES)¹	28.01	10.28	14.97	13.72

RUSSELL 1000^®INDEX	29.87	10.45	14.76	13.63



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 can be found on pages 21 to 22.


		EQUITY FUNDS


TABLE OF CONTENTS



SMALL CAP CORE FUND			SMALL CAP INDEX FUND			SMALL CAP VALUE FUND			STOCK INDEX FUND			U.S. QUALITY ESG FUND

	$6,435	⁽¹⁾		$15,435	⁽¹⁾		$29,682	⁽¹⁾		$177,125	⁽¹⁾		$6,449	⁽¹⁾

	613			360			2,245			7,458			158

	47			27			165			432			10

	7,095			15,822			32,092			185,015			6,617

	2,065			991			14,245			4,608			1,470

	42			93			124			803			38

	169			424			577			4,435			153

	36			23			35			42			31

	17			37			42			221			14

	28			40			60			158			28

	—			118			2,123			507			—

	198			—			—			—			23

	7			15			22			78			7

	—			—			—			—			—

	9			7			12			81			10

	2,571			1,748			17,240			10,933			1,774

	(209	)		(609	)		(2,238	)		(4,958	)		(191	)

	(1	)		(3	)		(5	)		(1	)		—

	2,361			1,136			14,997			5,974			1,583

	4,734			14,686			17,095			179,041			5,034

	13,303			9,324			266,444			328,646			14,194

	—			—			—			64			—

	1,367			1,915			10,806			50,654			738

	—			—			—			—			—

	65,569			174,306			(49,509	)		2,534,864			79,013

	—			—			—			(99	)		—

	(126	)		497			(1,666	)		(1,173	)		(123	)

	—			—			—			—			—

	80,113			186,042			226,075			2,912,956			93,822

	$84,847			$200,728			$243,170			$3,091,997			$98,856


EQUITY FUNDS


STATEMENTS OF CHANGES IN NET ASSETS continued



STOCK INDEX FUND						U.S. QUALITY ESG FUND

2024			2023			2024			2023


	$179,041			$173,479			$5,034			$5,325

	379,364			326,009			14,932			(23,119	)

	2,533,592			(1,498,536	)		78,890			(24,323	)

	3,091,997			(999,048	)		98,856			(42,117	)


	55,774			(266,016	)		—			—

	—			—			(36,580	)		(50,336	)

	—			—			4,434			15,832

	55,774			(266,016	)		(32,146	)		(34,504	)



	(586,855	)		(472,874	)		—			—

	(586,855	)		(472,874	)		—			—



	—			—			(4,771	)		(13,622	)

	—			—			(4,771	)		(13,622	)



	—			—			(285	)		(184	)

	—			—			(285	)		(184	)
	2,560,916			(1,737,938	)		61,654			(90,427	)



	10,729,781			12,467,719			394,018			484,445

	$13,290,697			$10,729,781			$455,672			$394,018


SCHEDULE OF INVESTMENTS


ACTIVE M EMERGING MARKETS EQUITY FUND



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



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 CORE FUND continued		MARCH 31, 2024


SCHEDULE OF INVESTMENTS


LARGE CAP VALUE FUND continued


SCHEDULE OF INVESTMENTS


MID CAP INDEX FUND continued		MARCH 31, 2024


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


STOCK INDEX FUND continued		MARCH 31, 2024


SCHEDULE OF INVESTMENTS


U.S. QUALITY ESG FUND continued


EQUITY FUNDS


NOTES TO THE FINANCIAL STATEMENTS continued