Schedule

of

Investments

California

Municipal

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

1

INVESTMENT

COMPANIES

-

1.49%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

1.49%

iShares

California

Muni

Bond

ETF

159,532‌

$

9,940‌

TOTAL

INVESTMENT

COMPANIES

$

9,940‌

MUNICIPAL

BONDS

-

99.16%

Principal

Amount

(000's)

Value

(000's)

California

-

98.55%

Abag

Finance

Authority

for

Nonprofit

Corps

5.00%,

08/01/2043

$

1,500‌

$

1,679‌

Alameda

Community

Improvement

Commission

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

09/01/2031

(a)

1,000‌

1,166‌

Alameda

Corridor

Transportation

Authority

5.00%,

10/01/2034

8,805‌

10,546‌

5.00%,

10/01/2036

4,250‌

5,069‌

Alameda

Unified

School

District-Alameda

County/CA

5.00%,

08/01/2032

1,795‌

2,167‌

Alum

Rock

Union

Elementary

School

District

5.25%,

08/01/2043

1,000‌

1,128‌

Bay

Area

Toll

Authority

0.50%,

04/01/2047

(b)

4,000‌

4,000‌

California

Community

Housing

Agency

5.00%,

02/01/2050

(c),(d)

5,000‌

5,894‌

California

Educational

Facilities

Authority

5.00%,

10/01/2036

1,000‌

1,195‌

5.00%,

10/01/2045

1,000‌

1,174‌

5.38%,

04/01/2034

1,000‌

1,007‌

California

Health

Facilities

Financing

Authority

5.00%,

08/15/2031

2,700‌

3,365‌

5.00%,

08/15/2033

1,750‌

2,167‌

5.00%,

08/15/2034

2,000‌

2,478‌

5.00%,

02/01/2035

2,000‌

2,356‌

5.00%,

11/15/2046

(e)

4,504‌

5,372‌

5.00%,

11/15/2048

2,785‌

3,377‌

California

Health

Facilities

Financing

Authority

(credit

support

from

California

Mortgage

Insurance

)

5.00%,

07/01/2035

(a)

1,000‌

1,188‌

California

Housing

Finance

4.00%,

03/20/2033

4,994‌

5,896‌

4.25%,

01/15/2035

6,861‌

8,347‌

California

Infrastructure

&

Economic

Development

Bank

5.00%,

08/01/2036

2,250‌

2,947‌

5.00%,

08/01/2037

1,000‌

1,305‌

5.00%,

08/01/2038

1,175‌

1,529‌

5.00%,

08/01/2039

1,130‌

1,466‌

California

Municipal

Finance

Authority

2.40%,

10/01/2044

(b)

4,000‌

4,187‌

4.00%,

07/15/2029

12,000‌

14,130‌

4.00%,

10/01/2044

2,500‌

2,778‌

5.00%,

05/15/2031

10,000‌

12,508‌

5.00%,

05/15/2033

1,000‌

1,241‌

5.00%,

05/15/2034

1,000‌

1,238‌

5.00%,

12/31/2034

3,550‌

4,364‌

5.00%,

12/31/2036

8,000‌

9,783‌

5.00%,

12/31/2037

5,500‌

6,701‌

5.00%,

05/15/2038

2,000‌

2,446‌

5.00%,

10/01/2044

1,000‌

1,183‌

5.25%,

11/01/2036

4,000‌

4,723‌

California

Municipal

Finance

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

05/15/2043

(a)

600‌

749‌

5.00%,

05/15/2044

(a)

5,000‌

6,227‌

California

Pollution

Control

Financing

Authority

3.00%,

11/01/2025

10,500‌

11,497‌

3.25%,

12/01/2027

(b)

2,000‌

2,169‌

4.30%,

07/01/2040

3,400‌

3,882‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

California

Pollution

Control

Financing

Authority  

(continued)

5.00%,

07/01/2029

(d)

$

1,000‌

$

1,271‌

5.00%,

07/01/2030

(d)

2,000‌

2,188‌

5.00%,

07/01/2037

(d)

10,000‌

10,892‌

5.00%,

07/01/2039

(d)

1,000‌

1,215‌

5.00%,

11/21/2045

(d)

1,500‌

1,795‌

California

Public

Finance

Authority

1.08%,

08/01/2052

(b)

14,000‌

14,000‌

California

School

Finance

Authority

5.00%,

07/01/2035

(d)

1,925‌

2,219‌

5.00%,

08/01/2038

(d)

1,000‌

1,206‌

California

State

Public

Works

Board

5.00%,

11/01/2037

1,375‌

1,515‌

5.00%,

10/01/2039

4,500‌

5,235‌

California

State

University

5.00%,

11/01/2037

2,000‌

2,501‌

California

Statewide

Communities

Development

Authority

0.93%,

07/15/2040

(b)

5,500‌

5,500‌

3.00%,

06/01/2029

(d)

750‌

787‌

4.00%,

02/01/2022

830‌

865‌

4.00%,

02/01/2025

940‌

1,036‌

4.00%,

09/02/2029

1,000‌

1,133‌

4.00%,

07/01/2048

1,800‌

1,967‌

5.00%,

10/01/2028

1,875‌

2,214‌

5.00%,

02/01/2030

2,775‌

3,158‌

5.00%,

11/01/2032

(d)

1,135‌

1,358‌

5.00%,

05/15/2034

4,855‌

5,748‌

5.00%,

06/01/2034

(d)

375‌

455‌

5.00%,

09/02/2034

1,000‌

1,198‌

5.00%,

12/01/2036

(d)

5,000‌

5,752‌

5.00%,

04/01/2038

(b)

10,000‌

13,454‌

5.00%,

09/02/2038

3,000‌

3,637‌

5.00%,

06/01/2039

(d)

475‌

568‌

5.00%,

09/02/2039

900‌

1,093‌

5.00%,

09/02/2039

500‌

618‌

5.00%,

09/02/2039

1,000‌

1,217‌

5.00%,

09/02/2039

745‌

882‌

5.00%,

05/15/2040

3,500‌

4,096‌

5.00%,

12/01/2041

(d)

1,000‌

1,136‌

5.00%,

09/02/2044

1,425‌

1,673‌

5.00%,

12/01/2046

(d)

1,620‌

1,829‌

5.00%,

09/02/2048

1,000‌

1,202‌

5.00%,

09/02/2049

600‌

728‌

5.00%,

06/01/2051

(d)

1,950‌

2,291‌

5.25%,

12/01/2034

3,500‌

4,037‌

5.25%,

12/01/2038

(d)

1,000‌

1,204‌

5.25%,

12/01/2043

(d)

3,825‌

4,533‌

California

Statewide

Financing

Authority

6.00%,

05/01/2043

2,050‌

2,063‌

6.00%,

05/01/2043

1,550‌

1,559‌

Chino

Valley

Unified

School

District

5.25%,

08/01/2047

2,000‌

2,492‌

City

of

Compton

CA

Water

Revenue

6.00%,

08/01/2039

1,250‌

1,254‌

City

of

Irvine

CA

4.00%,

09/02/2038

1,000‌

1,174‌

5.00%,

09/01/2049

2,000‌

2,225‌

City

of

Los

Angeles

CA

Wastewater

System

Revenue

5.00%,

06/01/2034

2,000‌

2,417‌

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2026

1,000‌

1,198‌

5.00%,

05/15/2026

3,500‌

4,324‌

5.00%,

05/15/2028

3,000‌

3,857‌

5.00%,

05/15/2036

1,500‌

1,755‌

5.00%,

05/15/2039

(e)

1,967‌

2,484‌

Schedule

of

Investments

California

Municipal

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

2

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

City

of

Los

Angeles

Department

of

Airports  

(continued)

5.00%,

05/15/2042

$

1,200‌

$

1,425‌

5.00%,

05/15/2043

1,250‌

1,563‌

5.00%,

05/15/2044

(e)

5,408‌

6,599‌

5.00%,

05/15/2044

(e)

2,425‌

3,025‌

5.00%,

05/15/2047

3,500‌

4,208‌

City

of

Oroville

CA

5.25%,

04/01/2049

2,500‌

2,998‌

5.25%,

04/01/2054

3,000‌

3,583‌

City

of

Riverside

CA

Sewer

Revenue

5.00%,

08/01/2040

4,000‌

4,741‌

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

5.00%,

11/01/2034

1,800‌

2,254‌

5.00%,

11/01/2036

2,010‌

2,160‌

City

of

Vernon

CA

Electric

System

Revenue

5.13%,

08/01/2021

530‌

538‌

Coachella

Valley

Unified

School

District/

CA

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

0.00%,

08/01/2039

(a),(f)

4,000‌

2,463‌

Compton

Public

Finance

Authority

4.50%,

09/01/2032

(d)

8,000‌

8,356‌

County

of

Sacramento

CA

Airport

System

Revenue

5.00%,

07/01/2036

1,350‌

1,645‌

5.00%,

07/01/2037

2,000‌

2,473‌

Dinuba

Redevelopment

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

09/01/2033

(a)

2,000‌

2,335‌

East

Bay

Municipal

Utility

District

Water

System

Revenue

3.00%,

06/01/2037

10‌

11‌

5.00%,

06/01/2036

1,000‌

1,014‌

Escondido

Union

High

School

District

0.00%,

08/01/2041

(f)

1,000‌

551‌

Foothill-De

Anza

Community

College

District

5.00%,

08/01/2040

1,500‌

1,597‌

Golden

State

Tobacco

Securitization

Corp

5.00%,

06/01/2026

1,000‌

1,206‌

5.00%,

06/01/2028

7,000‌

8,540‌

5.25%,

06/01/2047

7,500‌

7,905‌

5.30%,

06/01/2037

9,000‌

9,508‌

Golden

State

Tobacco

Securitization

Corp

(credit

support

from

State

of

California

Appropriations

)

5.00%,

06/01/2033

(a)

2,000‌

2,377‌

Indio

Redevelopment

Agency

Successor

Agency

5.63%,

08/15/2035

330‌

331‌

Inland

Valley

Development

Agency

5.25%,

09/01/2037

1,000‌

1,151‌

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

590‌

592‌

Long

Beach

Bond

Finance

Authority

5.00%,

11/15/2035

2,915‌

3,992‌

5.50%,

11/15/2030

1,010‌

1,362‌

Los

Angeles

County

Public

Works

Financing

Authority

5.00%,

12/01/2033

2,000‌

2,430‌

5.00%,

08/01/2042

1,400‌

1,530‌

5.00%,

12/01/2045

(e)

5,500‌

6,508‌

Los

Angeles

County

Sanitation

Districts

Financing

Authority

5.00%,

10/01/2035

4,500‌

5,360‌

Los

Angeles

Unified

School

District/CA

5.00%,

07/01/2035

2,700‌

3,426‌

5.25%,

07/01/2042

6,500‌

8,215‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

Marin

Healthcare

District

5.00%,

08/01/2034

$

1,000‌

$

1,200‌

Merced

Union

High

School

District

0.00%,

08/01/2032

(f)

3,380‌

2,622‌

Metropolitan

Water

District

of

Southern

California

5.00%,

10/01/2045

(c)

1,660‌

2,150‌

5.00%,

10/01/2049

(c)

2,000‌

2,585‌

Mountain

View

Shoreline

Regional

Park

Community

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

08/01/2048

(a)

3,000‌

3,730‌

Norco

Community

Redevelopment

Agency

Successor

Agency

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

03/01/2032

(a)

1,000‌

1,148‌

Norman

Y

Mineta

San

Jose

International

Airport

SJC

5.00%,

03/01/2041

6,000‌

7,196‌

5.00%,

03/01/2047

1,500‌

1,829‌

Oakland

Unified

School

District/Alameda

County

5.00%,

08/01/2040

3,400‌

3,986‌

Oakland

Unified

School

District/Alameda

County

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

3.00%,

08/01/2040

(a)

2,250‌

2,339‌

4.00%,

08/01/2037

(a)

1,505‌

1,730‌

Pittsburg

Successor

Agency

Redevelopment

Agency

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

09/01/2028

(a)

1,000‌

1,237‌

5.00%,

09/01/2029

(a)

1,000‌

1,234‌

Pittsburg

Unified

School

District

5.00%,

08/01/2043

2,900‌

3,333‌

Pomona

Unified

School

District

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

6.15%,

08/01/2030

(a)

1,000‌

1,107‌

Port

Commission

of

the

City

&

County

of

San

Francisco

4.00%,

03/01/2035

1,000‌

1,075‌

Port

of

Los

Angeles

5.00%,

08/01/2032

1,740‌

2,022‌

Poway

Unified

School

District

0.00%,

08/01/2036

(f)

4,000‌

2,826‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

1.08%,

05/15/2047

(b)

5,000‌

5,000‌

5.00%,

05/15/2035

4,540‌

5,503‌

Rialto

Redevelopment

Agency

5.00%,

09/01/2037

1,000‌

1,264‌

Richmond

Joint

Powers

Financing

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

11/01/2035

(a)

1,180‌

1,547‌

5.00%,

11/01/2036

(a)

3,330‌

4,345‌

Ripon

Unified

School

District

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

0.00%,

08/01/2033

(a),(f)

855‌

483‌

Ripon

Unified

School

District

-

Unrefunded

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

0.00%,

08/01/2033

(a),(f)

255‌

145‌

Riverside

Community

Properties

Development

Inc

6.00%,

10/15/2038

1,000‌

1,193‌

Schedule

of

Investments

California

Municipal

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

3

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

Riverside

County

Public

Financing

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

10/01/2029

(a)

$

1,500‌

$

1,815‌

Riverside

County

Transportation

Commission

5.00%,

06/01/2032

1,500‌

1,521‌

Sacramento

Area

Flood

Control

Agency

5.00%,

10/01/2033

2,000‌

2,465‌

Salinas

Valley

Solid

Waste

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.50%,

08/01/2031

(a)

3,250‌

3,840‌

San

Diego

Association

of

Governments

South

Bay

Expressway

Revenue

5.00%,

07/01/2036

1,500‌

1,859‌

5.00%,

07/01/2037

2,300‌

2,841‌

San

Diego

Convention

Center

Expansion

Financing

Authority

5.00%,

04/15/2025

5,000‌

5,458‌

San

Diego

County

Regional

Airport

Authority

4.00%,

07/01/2037

1,000‌

1,200‌

4.00%,

07/01/2038

7,500‌

8,968‌

4.00%,

07/01/2044

1,000‌

1,143‌

5.00%,

07/01/2042

5,000‌

6,049‌

5.00%,

07/01/2049

2,000‌

2,537‌

5.00%,

07/01/2049

1,500‌

1,863‌

San

Diego

Unified

School

District/CA

4.00%,

07/01/2038

2,120‌

2,570‌

San

Francisco

Bay

Area

Rapid

Transit

District

Sales

Tax

Revenue

4.00%,

07/01/2036

3,035‌

3,568‌

4.00%,

07/01/2037

2,500‌

2,931‌

5.00%,

07/01/2028

1,755‌

1,786‌

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

5.00%,

05/01/2031

1,000‌

1,234‌

5.00%,

05/01/2034

1,000‌

1,280‌

5.00%,

05/01/2037

5,000‌

6,342‌

5.00%,

05/01/2038

5,750‌

7,265‌

5.00%,

05/01/2042

1,500‌

1,806‌

San

Joaquin

Hills

Transportation

Corridor

Agency

5.00%,

01/15/2034

6,185‌

7,185‌

San

Luis

Obispo

County

Financing

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

08/01/2030

(a)

1,000‌

1,058‌

San

Luis

Obispo

County

Financing

Authority

(credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00%,

09/01/2037

(a)

1,000‌

1,183‌

San

Mateo

Foster

City

Public

Financing

Authority

4.00%,

08/01/2037

2,070‌

2,509‌

Santa

Monica-Malibu

Unified

School

District

3.00%,

08/01/2049

4,650‌

4,858‌

4.00%,

08/01/2038

2,975‌

3,477‌

4.00%,

08/01/2039

1,510‌

1,758‌

4.00%,

08/01/2040

2,000‌

2,320‌

4.00%,

08/01/2044

4,000‌

4,601‌

Southern

California

Public

Power

Authority

5.00%,

11/01/2028

2,150‌

2,707‌

5.00%,

11/01/2029

2,615‌

3,344‌

5.25%,

07/01/2029

695‌

739‌

5.25%,

07/01/2031

695‌

738‌

State

of

California

1.05%,

05/01/2034

(b)

8,000‌

8,000‌

2.45%,

12/01/2031

460‌

466‌

4.00%,

09/01/2033

2,080‌

2,414‌

4.00%,

10/01/2044

5,000‌

5,915‌

5.00%,

09/01/2034

5,000‌

6,184‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

State

of

California  

(continued)

5.00%,

02/01/2038

$

1,450‌

$

1,617‌

5.00%,

04/01/2043

3,380‌

3,774‌

5.25%,

11/01/2040

1,500‌

1,549‌

6.00%,

03/01/2033

2,000‌

2,008‌

Stockton

Unified

School

District

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

08/01/2038

(a)

1,500‌

1,720‌

Tobacco

Securitization

Authority

of

Southern

California

5.00%,

06/01/2034

1,000‌

1,257‌

5.00%,

06/01/2035

1,500‌

1,880‌

5.00%,

06/01/2036

1,000‌

1,249‌

5.00%,

06/01/2048

3,000‌

3,624‌

5.00%,

06/01/2048

2,000‌

2,377‌

Travis

Unified

School

District

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

09/01/2029

(a)

1,000‌

1,206‌

Tulare

County

Transportation

Authority

5.00%,

02/01/2029

1,000‌

1,163‌

Tustin

Public

Financing

Authority

5.00%,

04/01/2041

1,000‌

1,050‌

University

of

California

5.00%,

05/15/2044

1,000‌

1,147‌

West

Valley-Mission

Community

College

District

4.00%,

08/01/2044

5,000‌

5,855‌

Woodland-Davis

Clean

Water

Agency

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

03/01/2039

(a)

1,500‌

1,782‌

$

656,688‌

Guam

-

0.61%

Guam

Government

Waterworks

Authority

5.00%,

01/01/2046

2,525‌

2,881‌

Port

Authority

of

Guam

5.00%,

07/01/2048

1,000‌

1,196‌

$

4,077‌

TOTAL

MUNICIPAL

BONDS

$

660,765‌

Total

Investments

$

670,705‌

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(1.49)%

Notes

with

interest

rates

of

0.92%

-

1.00%

at

January

31,

2020

and

contractual

maturity

of

collateral

of

2023-2025.

(g)

$

(9,904‌)

(9,904‌)

Total

Net

Investments

$

660,801‌

Other

Assets

and

Liabilities

-  0.84%

5,570‌

TOTAL

NET

ASSETS

-

100.00%

$

666,371‌

(a)

Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(b)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(c)

Security

purchased

on

a

when-issued

basis.

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$54,949

or

8.25%

of

net

assets.

(e)

Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

Fund.  See

Notes

to

Financial

Statements

for

additional

information.

(f)

Non-income

producing

security

(g)

Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

January

31,

2020.

Schedule

of

Investments

California

Municipal

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

4

Portfolio

Summary  (unaudited)

Sector

Percent

Revenue

Bonds

73.46‌%

General

Obligation

Unlimited

13.39‌%

Insured

7.24‌%

Special

Assessment

2.55‌%

Prerefunded

1.78‌%

Investment

Companies

1.49‌%

Tax

Allocation

0.41‌%

Special

Tax

0.33‌%

Liability

For

Floating

Rate

Notes

Issued

(1.49‌)%

Other

Assets

and

Liabilities

0.84‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Core

Fixed

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

5

INVESTMENT

COMPANIES

-

3.83%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.83%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

559,518‌

$

559‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

325,336,674‌

325,337‌

$

325,896‌

TOTAL

INVESTMENT

COMPANIES

$

325,896‌

COMMON

STOCKS

-

0.30%

Shares

Held

Value

(000's)

Diversified

Financial

Services

-

0.00%

Adelphia

Recovery

Trust

(d),(e),(f)

658,740‌

1‌

Transportation

-

0.30%

Trailer

Bridge

Inc

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

178,279‌

25,167‌

TOTAL

COMMON

STOCKS

$

25,168‌

BONDS

-

58.01%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

0.20%

United

Airlines

2013-1

Class

A

Pass

Through

Trust

4.30%,

02/15/2027

$

7,248‌

$

7,902‌

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

9,000‌

9,332‌

$

17,234‌

Apparel

-

0.17%

Under

Armour

Inc

3.25%,

06/15/2026

14,750‌

14,417‌

Automobile

Floor

Plan

Asset

Backed

Securities

-

1.47%

Ally

Master

Owner

Trust

2.11%,

06/15/2022

16,000‌

16,016‌

1.00

x

1

Month

USD

LIBOR

+

0.43%

Ford

Credit

Floorplan

Master

Owner

Trust

A

2.08%,

10/15/2023

1,000‌

1,001‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

2.28%,

09/15/2024

40,000‌

40,256‌

1.00

x

1

Month

USD

LIBOR

+

0.60%

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

2.29%,

09/25/2023

(h)

6,750‌

6,762‌

1.00

x

1

Month

USD

LIBOR

+

0.63%

2.30%,

05/25/2024

(h)

14,000‌

14,045‌

1.00

x

1

Month

USD

LIBOR

+

0.64%

Nissan

Master

Owner

Trust

Receivables

2.11%,

11/15/2023

20,000‌

20,054‌

1.00

x

1

Month

USD

LIBOR

+

0.43%

2.24%,

02/15/2024

26,845‌

26,968‌

1.00

x

1

Month

USD

LIBOR

+

0.56%

$

125,102‌

Automobile

Manufacturers

-

0.77%

American

Honda

Finance

Corp

1.95%,

05/20/2022

48,000‌

48,268‌

2.30%,

09/09/2026

7,000‌

7,139‌

3.80%,

09/20/2021

(h)

10,000‌

10,335‌

$

65,742‌

Banks

-

11.90%

Bank

of

America

Corp

2.46%,

10/22/2025

(i)

35,000‌

35,755‌

3

Month

USD

LIBOR

+

0.87%

2.88%,

04/24/2023

(i)

15,000‌

15,327‌

3

Month

USD

LIBOR

+

1.02%

3.19%,

07/23/2030

(i)

8,000‌

8,491‌

3

Month

USD

LIBOR

+

1.18%

3.88%,

08/01/2025

10,000‌

10,993‌

3.97%,

02/07/2030

(i)

8,000‌

8,977‌

3

Month

USD

LIBOR

+

1.21%

6.75%,

06/01/2028

(j)

2,000‌

2,595‌

Bank

of

New

York

Mellon

Corp/The

2.10%,

10/24/2024

50,000‌

50,623‌

2.20%,

08/16/2023

9,500‌

9,654‌

2.60%,

08/17/2020

9,500‌

9,540‌

2.80%,

05/04/2026

8,000‌

8,426‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

New

York

Mellon

Corp/The  

(continued)

3.00%,

10/30/2028

$

9,000‌

$

9,422‌

Citigroup

Inc

2.98%,

11/05/2030

(i)

51,000‌

52,926‌

United

States

Secured

Overnight

Financing

Rate

+

1.42%

3.88%,

03/26/2025

23,000‌

24,738‌

4.45%,

09/29/2027

8,000‌

8,981‌

4.50%,

01/14/2022

4,900‌

5,150‌

Cullen/Frost

Bankers

Inc

4.50%,

03/17/2027

11,000‌

11,938‌

Fifth

Third

Bancorp

2.38%,

01/28/2025

59,000‌

60,197‌

2.60%,

06/15/2022

10,000‌

10,179‌

3.65%,

01/25/2024

14,000‌

14,895‌

Goldman

Sachs

Group

Inc/The

3.50%,

11/16/2026

21,000‌

22,434‌

3.63%,

01/22/2023

7,000‌

7,363‌

3.81%,

04/23/2029

(i)

13,000‌

14,300‌

3

Month

USD

LIBOR

+

1.16%

4.25%,

10/21/2025

23,500‌

25,965‌

5.25%,

07/27/2021

13,000‌

13,660‌

5.38%,

03/15/2020

1,800‌

1,807‌

JPMorgan

Chase

&

Co

2.74%,

10/15/2030

(i)

47,000‌

48,248‌

United

States

Secured

Overnight

Financing

Rate

+

1.51%

3.25%,

09/23/2022

5,000‌

5,195‌

3.63%,

05/13/2024

15,900‌

17,033‌

3.90%,

07/15/2025

8,000‌

8,772‌

5.24%,

12/31/2049

(k)

3,911‌

3,934‌

3

Month

USD

LIBOR

+

3.47%

KeyCorp

2.55%,

10/01/2029

50,000‌

50,210‌

Morgan

Stanley

2.70%,

01/22/2031

(i)

38,000‌

38,618‌

United

States

Secured

Overnight

Financing

Rate

+

1.14%

2.72%,

07/22/2025

(i)

12,000‌

12,347‌

United

States

Secured

Overnight

Financing

Rate

+

1.15%

3.95%,

04/23/2027

10,000‌

10,895‌

4.00%,

07/23/2025

5,000‌

5,494‌

4.88%,

11/01/2022

2,000‌

2,156‌

5.50%,

07/28/2021

5,900‌

6,225‌

6.25%,

08/09/2026

4,000‌

4,958‌

PNC

Bank

NA

2.70%,

10/22/2029

53,000‌

54,584‌

2.95%,

02/23/2025

10,000‌

10,493‌

3.10%,

10/25/2027

4,750‌

5,072‌

PNC

Financial

Services

Group

Inc/The

6.75%,

12/31/2049

(i),(k)

19,800‌

21,095‌

3

Month

USD

LIBOR

+

3.68%

Truist

Bank

2.64%,

09/17/2029

(i)

52,000‌

52,778‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.15%

2.75%,

05/01/2023

21,000‌

21,608‌

3.30%,

05/15/2026

5,000‌

5,324‌

Truist

Financial

Corp

2.70%,

01/27/2022

9,500‌

9,665‌

US

Bancorp

2.95%,

07/15/2022

5,000‌

5,145‌

3.00%,

03/15/2022

2,000‌

2,056‌

3.00%,

07/30/2029

6,000‌

6,310‌

3.15%,

04/27/2027

3,800‌

4,084‌

3.60%,

09/11/2024

12,000‌

12,924‌

Schedule

of

Investments

Core

Fixed

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

6

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

US

Bancorp  

(continued)

3.90%,

04/26/2028

$

5,000‌

$

5,726‌

4.13%,

05/24/2021

3,000‌

3,092‌

US

Bank

NA/Cincinnati

OH

1.95%,

01/09/2023

35,000‌

35,361‌

2.80%,

01/27/2025

7,000‌

7,318‌

Wells

Fargo

&

Co

2.41%,

10/30/2025

(i)

32,000‌

32,497‌

3

Month

USD

LIBOR

+

0.83%

2.88%,

10/30/2030

(i)

32,000‌

33,002‌

3

Month

USD

LIBOR

+

1.17%

3.07%,

01/24/2023

16,000‌

16,357‌

5.66%,

12/31/2049

(k)

9,032‌

9,089‌

3

Month

USD

LIBOR

+

3.77%

$

1,012,001‌

Beverages

-

0.43%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.70%,

02/01/2036

14,000‌

16,800‌

Anheuser-Busch

InBev

Worldwide

Inc

2.50%,

07/15/2022

2,578‌

2,634‌

4.90%,

01/23/2031

14,000‌

17,028‌

$

36,462‌

Biotechnology

-

1.18%

Amgen

Inc

3.63%,

05/15/2022

8,000‌

8,283‌

3.88%,

11/15/2021

46,500‌

48,049‌

Gilead

Sciences

Inc

3.50%,

02/01/2025

10,000‌

10,718‌

3.65%,

03/01/2026

21,000‌

22,855‌

4.40%,

12/01/2021

9,900‌

10,321‌

$

100,226‌

Chemicals

-

0.98%

Air

Liquide

Finance

SA

2.25%,

09/10/2029

(h)

24,000‌

24,131‌

Airgas

Inc

3.65%,

07/15/2024

12,750‌

13,658‌

Westlake

Chemical

Corp

3.60%,

08/15/2026

43,000‌

45,474‌

$

83,263‌

Commercial

Services

-

0.38%

ERAC

USA

Finance

LLC

3.30%,

10/15/2022

(h)

7,000‌

7,248‌

4.50%,

08/16/2021

(h)

6,000‌

6,235‌

7.00%,

10/15/2037

(h)

13,000‌

18,739‌

$

32,222‌

Computers

-

0.86%

Apple

Inc

2.05%,

09/11/2026

30,000‌

30,296‌

2.40%,

05/03/2023

14,650‌

15,004‌

3.20%,

05/11/2027

13,000‌

14,022‌

3.25%,

02/23/2026

13,000‌

13,987‌

$

73,309‌

Credit

Card

Asset

Backed

Securities

-

0.51%

American

Express

Credit

Account

Master

Trust

1.92%,

04/15/2024

35,000‌

35,055‌

1.00

x

1

Month

USD

LIBOR

+

0.24%

Cabela's

Credit

Card

Master

Note

Trust

2.35%,

07/17/2023

8,500‌

8,522‌

1.00

x

1

Month

USD

LIBOR

+

0.67%

$

43,577‌

Diversified

Financial

Services

-

0.43%

Jefferies

Group

LLC

5.13%,

01/20/2023

1,500‌

1,626‌

6.25%,

01/15/2036

10,325‌

12,646‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Jefferies

Group

LLC

/

Jefferies

Group

Capital

Finance

Inc

4.15%,

01/23/2030

$

19,000‌

$

20,485‌

4.85%,

01/15/2027

1,750‌

1,942‌

$

36,699‌

Electric

-

8.76%

AEP

Transmission

Co

LLC

3.15%,

09/15/2049

24,000‌

24,782‌

Alabama

Power

Co

3.45%,

10/01/2049

42,000‌

45,373‌

Black

Hills

Corp

3.05%,

10/15/2029

39,500‌

40,800‌

3.15%,

01/15/2027

7,500‌

7,761‌

4.35%,

05/01/2033

8,000‌

9,301‌

Dayton

Power

&

Light

Co/The

3.95%,

06/15/2049

(h)

10,000‌

10,971‌

Entergy

Louisiana

LLC

3.25%,

04/01/2028

12,000‌

12,940‌

4.20%,

09/01/2048

31,000‌

37,869‌

Entergy

Texas

Inc

2.55%,

06/01/2021

15,000‌

15,090‌

Florida

Power

&

Light

Co

3.15%,

10/01/2049

25,000‌

26,679‌

GenOn

Energy

Inc

-

Escrow

0.00%,

10/15/2020

(d),(e),(f)

9,300‌

—‌

Interstate

Power

&

Light

Co

3.50%,

09/30/2049

66,000‌

69,590‌

LG&E

&

KU

Energy

LLC

3.75%,

11/15/2020

5,000‌

5,050‌

4.38%,

10/01/2021

5,900‌

6,090‌

Louisville

Gas

&

Electric

Co

3.30%,

10/01/2025

3,000‌

3,203‌

Metropolitan

Edison

Co

3.50%,

03/15/2023

(h)

9,900‌

10,343‌

4.30%,

01/15/2029

(h)

14,000‌

15,918‌

Monongahela

Power

Co

3.55%,

05/15/2027

(h)

5,000‌

5,347‌

Nevada

Power

Co

2.40%,

05/01/2030

20,500‌

20,545‌

NextEra

Energy

Capital

Holdings

Inc

2.75%,

11/01/2029

51,000‌

52,090‌

Northern

States

Power

Co/MN

2.90%,

03/01/2050

18,500‌

18,618‌

Oncor

Electric

Delivery

Co

LLC

2.95%,

04/01/2025

7,000‌

7,376‌

3.10%,

09/15/2049

33,500‌

34,651‌

4.10%,

11/15/2048

5,000‌

6,137‌

5.75%,

03/15/2029

21,000‌

27,035‌

PacifiCorp

5.25%,

06/15/2035

5,750‌

7,435‌

6.25%,

10/15/2037

2,500‌

3,636‌

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

17,000‌

17,074‌

Public

Service

Co

of

Colorado

3.20%,

03/01/2050

15,000‌

15,877‌

Solar

Star

Funding

LLC

3.95%,

06/30/2035

(h)

6,101‌

6,110‌

5.38%,

06/30/2035

(h)

21,359‌

24,304‌

Southwestern

Electric

Power

Co

2.75%,

10/01/2026

10,000‌

10,264‌

3.55%,

02/15/2022

12,900‌

13,276‌

3.85%,

02/01/2048

7,900‌

8,623‌

Talen

Energy

Supply

LLC

4.60%,

12/15/2021

11,750‌

11,574‌

TransAlta

Corp

4.50%,

11/15/2022

19,650‌

20,436‌

Schedule

of

Investments

Core

Fixed

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

7

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Tucson

Electric

Power

Co

3.05%,

03/15/2025

$

2,000‌

$

2,104‌

3.85%,

03/15/2023

19,900‌

20,836‌

4.85%,

12/01/2048

7,000‌

8,973‌

5.15%,

11/15/2021

3,000‌

3,137‌

Xcel

Energy

Inc

2.60%,

12/01/2029

32,000‌

32,422‌

3.50%,

12/01/2049

24,000‌

25,351‌

$

744,991‌

Electronics

-

0.42%

Keysight

Technologies

Inc

3.00%,

10/30/2029

35,000‌

36,083‌

Environmental

Control

-

0.56%

Advanced

Disposal

Services

Inc

5.63%,

11/15/2024

(h)

12,000‌

12,498‌

Republic

Services

Inc

3.20%,

03/15/2025

13,000‌

13,720‌

3.55%,

06/01/2022

9,000‌

9,327‌

5.00%,

03/01/2020

12,000‌

12,027‌

$

47,572‌

Food

-

0.54%

Kraft

Heinz

Foods

Co

3.50%,

07/15/2022

7,000‌

7,244‌

3.75%,

04/01/2030

(h)

21,000‌

22,230‌

3.95%,

07/15/2025

15,000‌

16,104‌

$

45,578‌

Gas

-

0.40%

NiSource

Inc

2.95%,

09/01/2029

29,000‌

29,833‌

3.85%,

02/15/2023

4,000‌

4,193‌

$

34,026‌

Healthcare

-

Services

-

0.76%

Encompass

Health

Corp

5.75%,

11/01/2024

4,376‌

4,429‌

5.75%,

09/15/2025

1,000‌

1,040‌

HCA

Inc

4.13%,

06/15/2029

14,000‌

15,151‌

5.63%,

09/01/2028

2,000‌

2,317‌

5.88%,

05/01/2023

4,500‌

4,947‌

7.50%,

02/15/2022

3,000‌

3,293‌

7.50%,

11/06/2033

1,950‌

2,467‌

UnitedHealth

Group

Inc

2.88%,

08/15/2029

15,000‌

15,599‌

3.50%,

08/15/2039

14,000‌

15,052‌

$

64,295‌

Housewares

-

0.14%

Newell

Brands

Inc

3.85%,

04/01/2023

6,000‌

6,246‌

4.20%,

04/01/2026

5,000‌

5,221‌

$

11,467‌

Insurance

-

1.48%

Berkshire

Hathaway

Inc

3.00%,

02/11/2023

8,000‌

8,352‌

3.75%,

08/15/2021

5,000‌

5,170‌

Fidelity

National

Financial

Inc

4.50%,

08/15/2028

39,500‌

44,276‌

5.50%,

09/01/2022

5,000‌

5,436‌

First

American

Financial

Corp

4.30%,

02/01/2023

21,800‌

22,823‌

4.60%,

11/15/2024

5,000‌

5,428‌

Five

Corners

Funding

Trust

4.42%,

11/15/2023

(h)

15,500‌

16,951‌

Prudential

Financial

Inc

3.88%,

03/27/2028

7,000‌

7,837‌

4.50%,

11/16/2021

7,000‌

7,347‌

5.38%,

06/21/2020

2,000‌

2,028‌

$

125,648‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

-

1.02%

Amazon.com

Inc

2.80%,

08/22/2024

$

44,000‌

$

46,121‌

4.05%,

08/22/2047

32,650‌

40,186‌

$

86,307‌

Iron

&

Steel

-

0.19%

Allegheny

Technologies

Inc

7.88%,

08/15/2023

14,750‌

16,154‌

Lodging

-

0.51%

Choice

Hotels

International

Inc

3.70%,

12/01/2029

42,000‌

43,101‌

Media

-

2.30%

Comcast

Corp

2.65%,

02/01/2030

33,000‌

34,030‌

2.85%,

01/15/2023

13,000‌

13,461‌

3.13%,

07/15/2022

2,000‌

2,071‌

3.30%,

02/01/2027

10,000‌

10,743‌

3.95%,

10/15/2025

15,000‌

16,584‌

4.25%,

10/15/2030

4,500‌

5,269‌

6.45%,

03/15/2037

1,800‌

2,605‌

Discovery

Communications

LLC

4.13%,

05/15/2029

22,000‌

24,039‌

5.30%,

05/15/2049

9,000‌

10,752‌

Time

Warner

Cable

LLC

6.55%,

05/01/2037

7,400‌

9,523‌

6.75%,

06/15/2039

6,000‌

7,797‌

7.30%,

07/01/2038

7,750‌

10,543‌

Walt

Disney

Co/The

2.00%,

09/01/2029

28,000‌

27,694‌

4.50%,

02/15/2021

7,000‌

7,204‌

6.40%,

12/15/2035

8,900‌

13,145‌

$

195,460‌

Oil

&

Gas

-

2.74%

BP

Capital

Markets

America

Inc

3.12%,

05/04/2026

10,000‌

10,576‌

3.41%,

02/11/2026

13,000‌

13,953‌

3.94%,

09/21/2028

13,000‌

14,565‌

BP

Capital

Markets

PLC

2.50%,

11/06/2022

7,000‌

7,150‌

3.56%,

11/01/2021

17,000‌

17,558‌

Canadian

Natural

Resources

Ltd

3.80%,

04/15/2024

35,000‌

37,264‌

Helmerich

&

Payne

Inc

4.65%,

03/15/2025

7,000‌

7,681‌

Marathon

Petroleum

Corp

5.13%,

12/15/2026

8,500‌

9,786‌

5.38%,

10/01/2022

11,000‌

11,111‌

Nabors

Industries

Inc

5.00%,

09/15/2020

3,453‌

3,479‌

5.10%,

09/15/2023

5,000‌

4,563‌

Phillips

66

4.30%,

04/01/2022

28,000‌

29,435‌

Rowan

Cos

Inc

4.88%,

06/01/2022

8,650‌

6,401‌

Suncor

Energy

Inc

3.60%,

12/01/2024

18,000‌

19,206‌

4.00%,

11/15/2047

4,500‌

4,909‌

9.25%,

10/15/2021

9,475‌

10,636‌

W&T

Offshore

Inc

9.75%,

11/01/2023

(h)

6,750‌

6,391‌

Whiting

Petroleum

Corp

5.75%,

03/15/2021

19,150‌

17,905‌

$

232,569‌

Oil

&

Gas

Services

-

0.55%

Schlumberger

Holdings

Corp

3.63%,

12/21/2022

(h)

10,000‌

10,475‌

4.00%,

12/21/2025

(h)

33,000‌

36,230‌

$

46,705‌

Schedule

of

Investments

Core

Fixed

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

8

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

-

1.55%

Drug

Royalty

III

LP

1

3.43%,

10/15/2031

(h)

$

2,632‌

$

2,628‌

1.00

x

3

Month

USD

LIBOR

+

1.60%

3.60%,

04/15/2027

(h)

1,595‌

1,600‌

3.98%,

04/15/2027

(h)

443‌

444‌

4.27%,

10/15/2031

(h)

3,384‌

3,490‌

4.33%,

04/15/2027

(h)

1,684‌

1,693‌

1.00

x

3

Month

USD

LIBOR

+

2.50%

PFS

Financing

Corp

2.23%,

09/15/2023

(h)

40,000‌

40,018‌

1.00

x

1

Month

USD

LIBOR

+

0.55%

2.23%,

04/15/2024

(h)

13,000‌

13,021‌

1.00

x

1

Month

USD

LIBOR

+

0.55%

Trafigura

Securitisation

Finance

PLC

2017-1

2.53%,

12/15/2020

(h)

17,000‌

17,007‌

1.00

x

1

Month

USD

LIBOR

+

0.85%

Verizon

Owner

Trust

2017-3

1.92%,

04/20/2022

(h)

9,258‌

9,264‌

1.00

x

1

Month

USD

LIBOR

+

0.27%

Verizon

Owner

Trust

2019-C

2.07%,

04/22/2024

42,500‌

42,702‌

1.00

x

1

Month

USD

LIBOR

+

0.42%

$

131,867‌

Packaging

&

Containers

-

0.12%

Sealed

Air

Corp

5.50%,

09/15/2025

(h)

2,000‌

2,193‌

6.88%,

07/15/2033

(h)

6,900‌

8,176‌

$

10,369‌

Pharmaceuticals

-

2.22%

AbbVie

Inc

2.15%,

11/19/2021

(h)

33,000‌

33,211‌

2.30%,

11/21/2022

(h)

18,000‌

18,179‌

2.90%,

11/06/2022

14,650‌

15,042‌

Bristol-Myers

Squibb

Co

3.20%,

06/15/2026

(h)

20,000‌

21,274‌

3.40%,

07/26/2029

(h)

27,000‌

29,585‌

3.45%,

11/15/2027

(h)

9,000‌

9,834‌

3.90%,

02/20/2028

(h)

10,500‌

11,780‌

CVS

Health

Corp

3.00%,

08/15/2026

7,000‌

7,266‌

4.30%,

03/25/2028

13,000‌

14,405‌

5.05%,

03/25/2048

23,000‌

27,879‌

$

188,455‌

Pipelines

-

1.70%

ANR

Pipeline

Co

9.63%,

11/01/2021

900‌

1,015‌

Buckeye

Partners

LP

3.95%,

12/01/2026

10,500‌

10,356‌

4.15%,

07/01/2023

10,000‌

10,111‌

4.35%,

10/15/2024

8,000‌

8,072‌

Columbia

Pipeline

Group

Inc

4.50%,

06/01/2025

11,900‌

13,201‌

El

Paso

Natural

Gas

Co

LLC

7.50%,

11/15/2026

11,400‌

14,521‌

NGPL

PipeCo

LLC

4.88%,

08/15/2027

(h)

22,000‌

23,797‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.50%,

12/15/2026

13,500‌

14,635‌

Southeast

Supply

Header

LLC

4.25%,

06/15/2024

(h)

14,650‌

15,051‌

Southern

Natural

Gas

Co

LLC

8.00%,

03/01/2032

4,750‌

6,882‌

Tennessee

Gas

Pipeline

Co

LLC

8.38%,

06/15/2032

(j)

2,000‌

2,835‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

TransCanada

PipeLines

Ltd

6.10%,

06/01/2040

$

7,000‌

$

9,375‌

7.25%,

08/15/2038

10,000‌

14,808‌

$

144,659‌

REITs

-

9.10%

Alexandria

Real

Estate

Equities

Inc

2.75%,

12/15/2029

14,500‌

14,783‌

3.38%,

08/15/2031

30,000‌

32,372‌

4.30%,

01/15/2026

9,900‌

11,026‌

American

Tower

Corp

2.40%,

03/15/2025

7,000‌

7,092‌

2.75%,

01/15/2027

53,000‌

54,083‌

3.30%,

02/15/2021

6,000‌

6,082‌

3.38%,

10/15/2026

5,000‌

5,311‌

CBL

&

Associates

LP

5.95%,

12/15/2026

13,750‌

6,880‌

Crown

Castle

International

Corp

3.10%,

11/15/2029

8,000‌

8,283‌

4.00%,

11/15/2049

17,000‌

18,773‌

4.30%,

02/15/2029

13,000‌

14,693‌

CubeSmart

LP

3.00%,

02/15/2030

18,000‌

18,461‌

4.00%,

11/15/2025

5,000‌

5,450‌

4.38%,

12/15/2023

8,000‌

8,605‌

4.38%,

02/15/2029

2,000‌

2,266‌

4.80%,

07/15/2022

16,800‌

17,778‌

Duke

Realty

LP

2.88%,

11/15/2029

12,500‌

12,849‌

3.25%,

06/30/2026

5,000‌

5,293‌

3.38%,

12/15/2027

25,000‌

26,849‌

3.88%,

10/15/2022

3,000‌

3,138‌

4.38%,

06/15/2022

4,000‌

4,204‌

Healthcare

Realty

Trust

Inc

3.63%,

01/15/2028

3,500‌

3,719‌

3.88%,

05/01/2025

5,000‌

5,358‌

Healthpeak

Properties

Inc

3.00%,

01/15/2030

50,000‌

51,397‌

Omega

Healthcare

Investors

Inc

3.63%,

10/01/2029

32,000‌

33,070‌

4.75%,

01/15/2028

7,000‌

7,821‌

5.25%,

01/15/2026

8,000‌

9,058‌

Physicians

Realty

LP

4.30%,

03/15/2027

17,900‌

19,575‌

SBA

Tower

Trust

2.84%,

01/15/2050

(h)

30,000‌

31,052‌

Service

Properties

Trust

4.35%,

10/01/2024

12,000‌

12,639‌

4.50%,

06/15/2023

5,000‌

5,247‌

4.65%,

03/15/2024

5,650‌

5,953‌

4.95%,

02/15/2027

5,900‌

6,235‌

5.00%,

08/15/2022

14,650‌

15,439‌

Simon

Property

Group

LP

2.00%,

09/13/2024

32,000‌

32,247‌

2.75%,

02/01/2023

7,000‌

7,209‌

STORE

Capital

Corp

4.63%,

03/15/2029

33,500‌

38,271‌

Ventas

Realty

LP

3.00%,

01/15/2030

8,000‌

8,173‌

3.85%,

04/01/2027

21,000‌

22,717‌

Ventas

Realty

LP

/

Ventas

Capital

Corp

3.25%,

08/15/2022

9,650‌

9,954‌

Welltower

Inc

2.70%,

02/15/2027

12,000‌

12,285‌

3.10%,

01/15/2030

23,000‌

23,984‌

3.75%,

03/15/2023

3,000‌

3,151‌

4.13%,

03/15/2029

6,000‌

6,727‌

4.25%,

04/15/2028

4,000‌

4,490‌

4.50%,

01/15/2024

5,000‌

5,445‌

Schedule

of

Investments

Core

Fixed

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

9

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Weyerhaeuser

Co

3.25%,

03/15/2023

$

5,000‌

$

5,158‌

4.70%,

03/15/2021

13,800‌

14,143‌

7.38%,

03/15/2032

40,000‌

56,679‌

WP

Carey

Inc

3.85%,

07/15/2029

30,000‌

32,422‌

$

773,889‌

Savings

&

Loans

-

0.08%

First

Niagara

Financial

Group

Inc

7.25%,

12/15/2021

6,500‌

7,120‌

Software

-

0.74%

Oracle

Corp

2.50%,

05/15/2022

35,000‌

35,633‌

2.95%,

05/15/2025

25,900‌

27,355‌

$

62,988‌

Telecommunications

-

1.71%

Corning

Inc

2.90%,

05/15/2022

5,000‌

5,127‌

4.75%,

03/15/2042

4,650‌

5,404‌

5.45%,

11/15/2079

35,000‌

40,174‌

Crown

Castle

Towers

LLC

4.24%,

07/15/2048

(h)

13,000‌

14,623‌

Qwest

Corp

6.75%,

12/01/2021

20,800‌

22,295‌

Sprint

Corp

7.88%,

09/15/2023

7,750‌

8,233‌

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

3.36%,

03/20/2023

(h)

16,844‌

16,981‌

5.15%,

03/20/2028

(h)

16,500‌

17,985‌

T-Mobile

USA

Inc

0.00%,

03/01/2025

(d),(e),(f)

14,000‌

—‌

6.38%,

03/01/2025

14,000‌

14,451‌

$

145,273‌

Transportation

-

0.62%

Ryder

System

Inc

2.90%,

12/01/2026

51,000‌

53,036‌

Trailer

Bridge

Inc

0.00%,

11/15/2011

(d),(e),(f)

14,000‌

—‌

$

53,036‌

Trucking

&

Leasing

-

0.52%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

2.70%,

11/01/2024

(h)

28,000‌

28,674‌

3.45%,

07/01/2024

(h)

9,000‌

9,498‌

4.88%,

07/11/2022

(h)

5,500‌

5,879‌

$

44,051‌

TOTAL

BONDS

$

4,931,917‌

SENIOR

FLOATING

RATE

INTERESTS

-

0.24%

Principal

Amount

(000's)

Value

(000's)

Pipelines

-

0.10%

BCP

Renaissance

Parent

LLC

5.44%,

10/31/2024

(l)

$

9,604‌

$

8,680‌

3

Month

USD

LIBOR

+

2.00%

Software

-

0.14%

Ivanti

Software

Inc

10.70%,

01/20/2025

(l)

12,250‌

11,982‌

3

Month

USD

LIBOR

+

3.25%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

20,662‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

37.07%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

1.99%

3.00%,

10/01/2042

$

8,451‌

$

8,777‌

3.00%,

10/01/2042

8,894‌

9,239‌

3.00%,

11/01/2042

8,893‌

9,238‌

3.00%,

06/01/2043

10,378‌

10,772‌

3.00%,

12/01/2046

16,733‌

17,303‌

3.00%,

07/01/2047

20,585‌

21,212‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.50%,

10/01/2041

$

4,200‌

$

4,444‌

3.50%,

04/01/2042

4,904‌

5,195‌

3.50%,

04/01/2042

6,694‌

7,078‌

3.50%,

04/01/2045

8,916‌

9,513‌

3.50%,

03/01/2048

18,796‌

20,025‌

4.00%,

04/01/2039

3,365‌

3,675‌

4.00%,

02/01/2045

4,451‌

4,708‌

4.00%,

02/01/2046

10,359‌

11,058‌

4.00%,

06/01/2046

10,146‌

10,830‌

4.50%,

07/01/2039

4,677‌

5,113‌

4.50%,

12/01/2040

4,436‌

4,850‌

4.50%,

10/01/2041

5,608‌

6,132‌

9.00%,

01/01/2025

2‌

2‌

$

169,164‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

16.50%

3.00%,

03/01/2042

7,074‌

7,346‌

3.00%,

03/01/2042

7,661‌

7,954‌

3.00%,

05/01/2042

7,840‌

8,141‌

3.00%,

06/01/2042

7,624‌

7,917‌

3.00%,

06/01/2042

7,081‌

7,353‌

3.00%,

08/01/2049

48,508‌

50,059‌

3.00%,

09/01/2049

46,035‌

47,146‌

3.00%,

10/01/2049

48,566‌

49,824‌

3.00%,

10/01/2049

49,246‌

50,777‌

3.00%,

11/01/2049

49,288‌

50,813‌

3.00%,

11/01/2049

60,637‌

62,101‌

3.00%,

11/01/2049

48,504‌

49,968‌

3.50%,

12/01/2040

5,059‌

5,350‌

3.50%,

01/01/2041

3,327‌

3,518‌

3.50%,

01/01/2041

3,670‌

3,881‌

3.50%,

12/01/2041

3,070‌

3,244‌

3.50%,

01/01/2042

4,949‌

5,278‌

3.50%,

03/01/2042

5,335‌

5,643‌

3.50%,

04/01/2042

7,514‌

7,947‌

3.50%,

02/01/2043

8,633‌

9,207‌

3.50%,

03/01/2045

9,410‌

10,034‌

3.50%,

06/01/2045

13,226‌

13,991‌

3.50%,

07/01/2045

10,262‌

10,856‌

3.50%,

11/01/2045

12,854‌

13,623‌

3.50%,

05/01/2046

10,947‌

11,457‌

3.50%,

06/01/2046

9,159‌

9,581‌

3.50%,

08/01/2047

44,924‌

46,871‌

3.50%,

11/01/2047

21,780‌

22,730‌

3.50%,

12/01/2047

47,427‌

49,437‌

3.50%,

09/01/2048

18,958‌

19,596‌

3.50%,

06/01/2049

45,885‌

47,574‌

3.50%,

07/01/2049

47,076‌

48,771‌

3.50%,

09/01/2049

46,291‌

47,987‌

3.50%,

09/01/2049

47,637‌

49,344‌

3.50%,

11/01/2049

39,802‌

41,276‌

3.50%,

11/01/2049

49,817‌

52,104‌

3.50%,

12/01/2049

40,704‌

42,211‌

4.00%,

09/01/2040

5,092‌

5,485‌

4.00%,

10/01/2041

3,968‌

4,272‌

4.00%,

11/01/2041

6,607‌

7,119‌

4.00%,

04/01/2042

4,820‌

5,189‌

4.00%,

08/01/2043

8,027‌

8,652‌

4.00%,

08/01/2043

6,728‌

7,241‌

4.00%,

11/01/2043

7,017‌

7,525‌

4.00%,

11/01/2043

9,341‌

10,130‌

4.00%,

02/01/2044

9,062‌

9,772‌

4.00%,

07/01/2044

5,627‌

6,002‌

4.00%,

09/01/2044

6,246‌

6,662‌

4.00%,

11/01/2044

7,798‌

8,350‌

4.00%,

09/01/2045

16,023‌

17,208‌

4.00%,

08/01/2046

11,599‌

12,450‌

4.00%,

01/01/2047

11,284‌

11,911‌

Schedule

of

Investments

Core

Fixed

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

10

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.00%,

08/01/2047

$

14,712‌

$

15,517‌

4.00%,

09/01/2048

40,492‌

42,363‌

4.00%,

10/01/2048

19,418‌

20,318‌

4.00%,

07/01/2049

43,217‌

45,269‌

4.00%,

09/01/2049

32,395‌

34,239‌

4.00%,

10/01/2049

47,382‌

50,479‌

4.50%,

08/01/2040

6,513‌

7,107‌

4.50%,

10/01/2040

3,897‌

4,259‌

4.50%,

12/01/2040

5,177‌

5,658‌

4.50%,

08/01/2041

5,775‌

6,312‌

4.50%,

10/01/2043

3,309‌

3,584‌

4.50%,

05/01/2044

6,615‌

7,081‌

4.50%,

06/01/2046

7,529‌

8,072‌

4.50%,

05/01/2047

12,074‌

12,831‌

4.50%,

05/01/2047

11,092‌

11,797‌

4.50%,

02/01/2049

17,862‌

18,887‌

6.50%,

04/01/2032

14‌

15‌

$

1,402,666‌

Government

National

Mortgage

Association

(GNMA)

-

0.54%

3.00%,

02/20/2046

44,396‌

46,168‌

U.S.

Treasury

-

18.04%

1.50%,

08/15/2026

40,000‌

40,202‌

1.63%,

06/30/2020

40,000‌

40,006‌

1.63%,

11/15/2022

40,000‌

40,341‌

1.63%,

02/15/2026

40,000‌

40,523‌

1.63%,

08/15/2029

40,000‌

40,389‌

1.75%,

05/15/2022

40,000‌

40,378‌

1.75%,

05/15/2023

40,000‌

40,564‌

1.75%,

11/15/2029

40,000‌

40,833‌

2.00%,

02/28/2021

40,000‌

40,214‌

2.00%,

11/15/2021

40,000‌

40,453‌

2.00%,

02/15/2025

40,000‌

41,278‌

2.00%,

11/15/2026

40,000‌

41,473‌

2.13%,

05/15/2025

40,000‌

41,569‌

2.25%,

11/15/2024

40,000‌

41,695‌

2.25%,

02/15/2027

40,000‌

42,184‌

2.25%,

08/15/2027

40,000‌

42,294‌

2.25%,

11/15/2027

40,000‌

42,336‌

2.25%,

08/15/2046

40,000‌

41,797‌

2.25%,

08/15/2049

40,000‌

42,109‌

2.38%,

02/29/2024

40,000‌

41,664‌

2.38%,

05/15/2029

40,000‌

42,995‌

2.50%,

02/15/2022

40,000‌

40,919‌

2.50%,

05/15/2024

40,000‌

41,948‌

2.63%,

11/15/2020

40,000‌

40,333‌

2.63%,

02/28/2023

40,000‌

41,580‌

2.63%,

02/15/2029

40,000‌

43,792‌

2.75%,

11/15/2023

40,000‌

42,113‌

2.75%,

02/15/2028

40,000‌

43,892‌

2.75%,

08/15/2047

40,000‌

46,180‌

2.88%,

08/15/2028

40,000‌

44,452‌

3.00%,

09/30/2025

40,000‌

43,528‌

3.00%,

11/15/2045

40,000‌

47,853‌

3.13%,

05/15/2021

40,000‌

40,839‌

3.13%,

11/15/2028

40,000‌

45,355‌

3.63%,

02/15/2044

40,000‌

52,339‌

3.75%,

11/15/2043

40,000‌

53,253‌

$

1,533,673‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

3,151,671‌

Total

Investments

$

8,455,314‌

Other

Assets

and

Liabilities

-  0.55%

46,954‌

TOTAL

NET

ASSETS

-

100.00%

$

8,502,268‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$559

or

0.01%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(f)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$25,168

or

0.30%

of

net

assets.

(g)

Restricted

Security.

Please

see

Restricted

Security

Sub-Schedule

for

more

information.

(h)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$652,200

or

7.67%

of

net

assets.

(i)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(j)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(k)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(l)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

22.99‌%

Mortgage

Securities

19.03‌%

Government

18.04‌%

Utilities

9.16‌%

Consumer,

Non-cyclical

5.51‌%

Energy

5.09‌%

Communications

5.03‌%

Money

Market

Funds

3.83‌%

Asset

Backed

Securities

3.53‌%

Industrial

2.54‌%

Consumer,

Cyclical

1.79‌%

Technology

1.74‌%

Basic

Materials

1.17‌%

Other

Assets

and

Liabilities

0.55‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Core

Fixed

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

11

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

1,067,368‌

$

1,588,123‌

$

2,330,154‌

$

325,337‌

$

1,067,368‌

$

1,588,123‌

$

2,330,154‌

$

325,337‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

2,316‌

$

—‌

$

—‌

$

—‌

$

2,316‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Trailer

Bridge

Inc

05/07/2012

-

05/28/2019

$

21,314‌

$

25,167‌

0.30%

Total

$

25,167‌

0.30%

Amounts

in

thousands.

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

12

INVESTMENT

COMPANIES

-

4.72%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.72%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

2,100,241‌

$

2,100‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

24,889,699‌

24,890‌

$

26,990‌

TOTAL

INVESTMENT

COMPANIES

$

26,990‌

COMMON

STOCKS

-

0.03%

Shares

Held

Value

(000's)

Oil

&

Gas

-

0.01%

Chaparral

Energy

Inc

-

A

Shares

(d)

73,263‌

75‌

Retail

-

0.02%

Claire's

Holdings

LLC

(d),(e),(f)

232‌

128‌

TOTAL

COMMON

STOCKS

$

203‌

PREFERRED

STOCKS

-

0.67%

Shares

Held

Value

(000's)

Sovereign

-

0.67%

CoBank

ACB

6.20%,

01/01/2025

(g)

35,000‌

$

3,815‌

3

Month

USD

LIBOR

+

3.74%

TOTAL

PREFERRED

STOCKS

$

3,815‌

BONDS

-

54.77%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

1.77%

Air

2

US

8.63%,

10/01/2020

(h)

$

5‌

$

5‌

Boeing

Co/The

2.70%,

02/01/2027

1,965‌

2,004‌

2.80%,

03/01/2024

595‌

610‌

3.20%,

03/01/2029

500‌

526‌

3.50%,

03/01/2039

740‌

777‌

3.75%,

02/01/2050

105‌

113‌

3.90%,

05/01/2049

120‌

131‌

Bombardier

Inc

6.13%,

01/15/2023

(h)

300‌

296‌

7.50%,

03/15/2025

(h)

575‌

553‌

Lockheed

Martin

Corp

4.09%,

09/15/2052

210‌

259‌

SSL

Robotics

LLC

9.75%,

12/31/2023

(h)

215‌

236‌

TransDigm

Inc

6.25%,

03/15/2026

(h)

115‌

124‌

7.50%,

03/15/2027

610‌

668‌

Triumph

Group

Inc

6.25%,

09/15/2024

(h)

195‌

201‌

7.75%,

08/15/2025

285‌

279‌

United

Technologies

Corp

3.95%,

08/16/2025

985‌

1,087‌

4.13%,

11/16/2028

400‌

461‌

4.45%,

11/16/2038

715‌

881‌

4.50%,

06/01/2042

710‌

891‌

$

10,102‌

Agriculture

-

0.85%

Altria

Group

Inc

4.00%,

01/31/2024

165‌

177‌

5.80%,

02/14/2039

380‌

460‌

5.95%,

02/14/2049

120‌

151‌

BAT

Capital

Corp

2.50%,

08/14/2020

110‌

110‌

3

Month

USD

LIBOR

+

0.59%

2.76%,

08/15/2022

835‌

852‌

3.22%,

08/15/2024

1,255‌

1,305‌

4.54%,

08/15/2047

25‌

26‌

JBS

Investments

II

GmbH

7.00%,

01/15/2026

(h)

200‌

218‌

Reynolds

American

Inc

5.70%,

08/15/2035

635‌

759‌

6.88%,

05/01/2020

795‌

804‌

$

4,862‌

Airlines

-

1.14%

American

Airlines

2013-1

Class

B

Pass

Through

Trust

5.63%,

07/15/2022

(h)

151‌

154‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Airlines

(continued)

American

Airlines

2013-2

Class

A

Pass

Through

Trust

4.95%,

07/15/2024

$

576‌

$

604‌

American

Airlines

2014-1

Class

A

Pass

Through

Trust

3.70%,

04/01/2028

748‌

804‌

Continental

Airlines

2007-1

Class

A

Pass

Through

Trust

5.98%,

10/19/2023

1,343‌

1,417‌

Continental

Airlines

2012-1

Class

A

Pass

Through

Trust

4.15%,

10/11/2025

1,211‌

1,287‌

United

Airlines

2014-2

Class

A

Pass

Through

Trust

3.75%,

03/03/2028

952‌

1,024‌

United

Airlines

2018-1

Class

A

Pass

Through

Trust

3.70%,

09/01/2031

766‌

810‌

United

Airlines

2018-1

Class

AA

Pass

Through

Trust

3.50%,

09/01/2031

407‌

435‌

$

6,535‌

Automobile

Asset

Backed

Securities

-

0.29%

Americredit

Automobile

Receivables

Trust

2018-2

2.86%,

11/18/2021

65‌

65‌

Capital

Auto

Receivables

Asset

Trust

2018-2

3.02%,

02/22/2021

(h)

284‌

285‌

Santander

Retail

Auto

Lease

Trust

2019-A

2.72%,

01/20/2022

(h)

1,304‌

1,313‌

$

1,663‌

Automobile

Manufacturers

-

0.37%

Ford

Motor

Credit

Co

LLC

3.34%,

03/28/2022

500‌

507‌

General

Motors

Co

6.25%,

10/02/2043

525‌

621‌

General

Motors

Financial

Co

Inc

3.45%,

01/14/2022

730‌

747‌

Navistar

International

Corp

6.63%,

11/01/2025

(h)

243‌

254‌

$

2,129‌

Banks

-

6.20%

Bancolombia

SA

3.00%,

01/29/2025

200‌

201‌

Bank

of

America

Corp

2.88%,

10/22/2030

(i)

425‌

441‌

3

Month

USD

LIBOR

+

1.19%

3.19%,

07/23/2030

(i)

440‌

467‌

3

Month

USD

LIBOR

+

1.18%

3.46%,

03/15/2025

(i)

260‌

275‌

3

Month

USD

LIBOR

+

0.97%

4.10%,

07/24/2023

475‌

511‌

4.20%,

08/26/2024

1,585‌

1,724‌

4.25%,

10/22/2026

915‌

1,021‌

4.30%,

12/31/2099

(g),(i)

400‌

400‌

3

Month

USD

LIBOR

+

2.66%

Barclays

PLC

5.09%,

06/20/2030

(i)

400‌

460‌

3

Month

USD

LIBOR

+

3.05%

7.75%,

12/31/2049

(g),(i)

200‌

219‌

USD

Swap

Semi-Annual

5

Year

+

4.84%

CIT

Group

Inc

5.00%,

08/15/2022

190‌

202‌

5.80%,

12/31/2049

(g),(i),(j)

310‌

318‌

3

Month

USD

LIBOR

+

3.97%

Citigroup

Inc

3.52%,

10/27/2028

(i)

280‌

301‌

3

Month

USD

LIBOR

+

1.15%

4.65%,

07/23/2048

185‌

241‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

13

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Citigroup

Inc  

(continued)

4.70%,

12/31/2049

(g),(i)

$

175‌

$

178‌

United

States

Secured

Overnight

Financing

Rate

+

3.23%

Cooperatieve

Rabobank

UA

3.95%,

11/09/2022

570‌

599‌

Credit

Suisse

Group

AG

5.10%,

12/31/2049

(g),(h),(i),(j)

400‌

404‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.29%

Credit

Suisse

Group

Funding

Guernsey

Ltd

4.88%,

05/15/2045

375‌

490‌

Danske

Bank

A/S

3.00%,

09/20/2022

(h),(i)

760‌

770‌

3

Month

USD

LIBOR

+

1.25%

Deutsche

Bank

AG

4.30%,

05/24/2028

(i)

375‌

372‌

USD

Swap

Semi-Annual

5

Year

+

2.25%

First

Republic

Bank/CA

4.63%,

02/13/2047

1,200‌

1,479‌

Goldman

Sachs

Group

Inc/The

3.63%,

02/20/2024

405‌

431‌

3.85%,

01/26/2027

388‌

421‌

5.75%,

01/24/2022

800‌

860‌

6.75%,

10/01/2037

465‌

664‌

HSBC

Holdings

PLC

2.63%,

11/07/2025

(i)

500‌

508‌

3

Month

USD

LIBOR

+

1.14%

4.25%,

03/14/2024

840‌

902‌

JPMorgan

Chase

&

Co

3.21%,

04/01/2023

(i)

220‌

226‌

3

Month

USD

LIBOR

+

0.70%

3.96%,

11/15/2048

(i)

105‌

123‌

3

Month

USD

LIBOR

+

1.38%

4.35%,

08/15/2021

545‌

567‌

4.60%,

12/31/2099

(g),(i)

1,530‌

1,559‌

United

States

Secured

Overnight

Financing

Rate

+

3.13%

4.95%,

06/01/2045

155‌

204‌

5.50%,

10/15/2040

345‌

479‌

Morgan

Stanley

4.43%,

01/23/2030

(i)

95‌

110‌

3

Month

USD

LIBOR

+

1.63%

5.00%,

11/24/2025

530‌

606‌

5.55%,

12/31/2049

(g),(i)

1,151‌

1,167‌

3

Month

USD

LIBOR

+

3.81%

6.38%,

07/24/2042

130‌

198‌

Popular

Inc

6.13%,

09/14/2023

145‌

156‌

Royal

Bank

of

Scotland

Group

PLC

5.13%,

05/28/2024

2,439‌

2,688‌

7.50%,

12/31/2049

(g),(i)

1,291‌

1,321‌

USD

Swap

Semi-Annual

5

Year

+

5.80%

Santander

UK

PLC

5.00%,

11/07/2023

(h)

1,440‌

1,566‌

Skandinaviska

Enskilda

Banken

AB

5.75%,

12/31/2049

(g),(i)

2,197‌

2,210‌

USD

Swap

Semi-Annual

5

Year

+

3.85%

Societe

Generale

SA

2.63%,

01/22/2025

(h)

585‌

592‌

Standard

Chartered

PLC

2.82%,

01/30/2026

(h),(i)

520‌

527‌

3

Month

USD

LIBOR

+

1.21%

Svenska

Handelsbanken

AB

3.90%,

11/20/2023

425‌

458‌

Synchrony

Bank

3.00%,

06/15/2022

1,415‌

1,449‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

UBS

Group

AG

6.88%,

12/31/2049

(g),(i)

$

1,115‌

$

1,158‌

USD

Swap

Rate

NY

5

Year

+

5.50%

US

Bancorp

3.00%,

07/30/2029

175‌

184‌

Wells

Fargo

&

Co

3.75%,

01/24/2024

360‌

384‌

4.40%,

06/14/2046

465‌

547‌

Westpac

Banking

Corp

4.11%,

07/24/2034

(i)

125‌

134‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

4.42%,

07/24/2039

240‌

275‌

Zions

Bancorp

NA

3.50%,

08/27/2021

1,672‌

1,714‌

$

35,461‌

Beverages

-

0.65%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

3.65%,

02/01/2026

850‌

923‌

4.90%,

02/01/2046

420‌

522‌

Anheuser-Busch

InBev

Worldwide

Inc

4.38%,

04/15/2038

805‌

931‌

Constellation

Brands

Inc

3.70%,

12/06/2026

390‌

424‌

4.40%,

11/15/2025

660‌

737‌

Corp

Lindley

SA

6.75%,

11/23/2021

(h)

14‌

14‌

6.75%,

11/23/2021

14‌

15‌

Keurig

Dr

Pepper

Inc

3.55%,

05/25/2021

155‌

159‌

$

3,725‌

Building

Materials

-

0.10%

Builders

FirstSource

Inc

5.63%,

09/01/2024

(h)

193‌

200‌

6.75%,

06/01/2027

(h)

270‌

296‌

Norbord

Inc

5.75%,

07/15/2027

(h)

100‌

105‌

$

601‌

Chemicals

-

0.72%

Aruba

Investments

Inc

8.75%,

02/15/2023

(h)

295‌

296‌

Blue

Cube

Spinco

LLC

9.75%,

10/15/2023

125‌

133‌

Braskem

Idesa

SAPI

7.45%,

11/15/2029

(h)

250‌

264‌

Braskem

Netherlands

Finance

BV

4.50%,

01/31/2030

(h)

250‌

251‌

CF

Industries

Inc

4.95%,

06/01/2043

310‌

332‌

CNAC

HK

Finbridge

Co

Ltd

4.63%,

03/14/2023

350‌

370‌

Consolidated

Energy

Finance

SA

5.64%,

06/15/2022

(h)

250‌

248‌

3

Month

USD

LIBOR

+

3.75%

6.88%,

06/15/2025

(h)

735‌

728‌

DuPont

de

Nemours

Inc

5.32%,

11/15/2038

525‌

637‌

5.42%,

11/15/2048

275‌

343‌

Equate

Petrochemical

BV

3.00%,

03/03/2022

375‌

378‌

NOVA

Chemicals

Corp

5.25%,

08/01/2023

(h)

130‌

132‌

$

4,112‌

Commercial

Mortgage

Backed

Securities

-

5.36%

Citigroup

Commercial

Mortgage

Trust

2019-C7

3.10%,

12/15/2072

1,000‌

1,070‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

14

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

COMM

2013-CCRE11

Mortgage

Trust

1.09%,

08/10/2050

(k),(l)

$

51,218‌

$

1,545‌

COMM

2013-CCRE6

Mortgage

Trust

4.22%,

03/10/2046

(h),(l)

500‌

505‌

COMM

2013-CCRE8

Mortgage

Trust

4.09%,

06/10/2046

(h),(l)

3,000‌

3,148‌

COMM

2015-CCRE22

Mortgage

Trust

4.25%,

03/10/2048

(l)

1,611‌

1,714‌

COMM

2015-PC1

Mortgage

Trust

4.29%,

07/10/2050

(l)

2,000‌

2,188‌

Credit

Suisse

Commercial

Mortgage

Trust

Series

2006-C5

1.09%,

12/15/2039

(k),(l)

640‌

6‌

CSAIL

2018-CX11

Commercial

Mortgage

Trust

4.03%,

04/15/2051

(l)

1,000‌

1,128‌

GS

Mortgage

Securities

Trust

2012-GCJ7

2.35%,

05/10/2045

(k),(l)

11,249‌

294‌

GS

Mortgage

Securities

Trust

2013-GC16

1.21%,

11/10/2046

(k),(l)

20,187‌

679‌

5.49%,

11/10/2046

(l)

800‌

879‌

GS

Mortgage

Securities

Trust

2013-GCJ12

3.78%,

06/10/2046

(l)

555‌

576‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2011-C5

5.60%,

08/15/2046

(h),(l)

800‌

831‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2012-LC9

1.65%,

12/15/2047

(k),(l)

10,200‌

346‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2013-C16

1.10%,

12/15/2046

(k),(l)

8,666‌

259‌

JPMBB

Commercial

Mortgage

Securities

Trust

2013-C15

1.24%,

11/15/2045

(k),(l)

22,542‌

746‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C18

4.97%,

02/15/2047

(l)

2,700‌

2,832‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C19

0.91%,

04/15/2047

(k),(l)

23,964‌

499‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

1.07%,

11/15/2047

(k),(l)

7,715‌

216‌

4.06%,

11/15/2047

(h),(l)

1,000‌

950‌

LB-UBS

Commercial

Mortgage

Trust

2005-C3

0.97%,

07/15/2040

(h),(k),(l)

1,873‌

2‌

LB-UBS

Commercial

Mortgage

Trust

2007-C1

0.35%,

02/15/2040

(k),(l)

253‌

—‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2013-C11

0.37%,

08/15/2046

(k),(l)

18,973‌

160‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C16

1.16%,

06/15/2047

(k),(l)

20,303‌

672‌

4.93%,

06/15/2047

(l)

4,250‌

4,439‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2016-C30

3.18%,

09/15/2049

1,571‌

1,629‌

MSBAM

Commercial

Mortgage

Securities

Trust

2012-CKSV

1.20%,

10/15/2030

(h),(k),(l)

21,855‌

503‌

UBS-Barclays

Commercial

Mortgage

Trust

2012-C4

1.77%,

12/10/2045

(h),(k),(l)

19,409‌

682‌

WFRBS

Commercial

Mortgage

Trust

2014-C22

4.37%,

09/15/2057

(l)

2,000‌

2,148‌

$

30,646‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

-

0.64%

Ahern

Rentals

Inc

7.38%,

05/15/2023

(h)

$

360‌

$

285‌

DP

World

PLC

6.85%,

07/02/2037

340‌

454‌

Global

Payments

Inc

2.65%,

02/15/2025

500‌

512‌

GW

B-CR

Security

Corp

9.50%,

11/01/2027

(h)

268‌

286‌

PayPal

Holdings

Inc

2.20%,

09/26/2022

590‌

597‌

2.65%,

10/01/2026

330‌

340‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.25%,

01/15/2028

(h)

180‌

178‌

Refinitiv

US

Holdings

Inc

8.25%,

11/15/2026

(h)

335‌

373‌

Tms

International

Holding

Corp

7.25%,

08/15/2025

(h)

335‌

317‌

United

Rentals

North

America

Inc

4.63%,

10/15/2025

175‌

179‌

4.88%,

01/15/2028

55‌

57‌

5.88%,

09/15/2026

95‌

101‌

$

3,679‌

Computers

-

0.66%

Apple

Inc

3.35%,

02/09/2027

550‌

597‌

4.65%,

02/23/2046

315‌

409‌

Dell

International

LLC

/

EMC

Corp

4.00%,

07/15/2024

(h)

350‌

373‌

4.42%,

06/15/2021

(h)

735‌

758‌

4.90%,

10/01/2026

(h)

1,485‌

1,653‌

$

3,790‌

Distribution

&

Wholesale

-

0.08%

American

Builders

&

Contractors

Supply

Co

Inc

4.00%,

01/15/2028

(h)

110‌

111‌

5.88%,

05/15/2026

(h)

305‌

321‌

$

432‌

Diversified

Financial

Services

-

1.12%

Avation

Capital

SA

6.50%,

05/15/2021

(h)

200‌

207‌

Blackstone

Holdings

Finance

Co

LLC

2.50%,

01/10/2030

(h)

65‌

66‌

3.50%,

09/10/2049

(h)

120‌

127‌

Brookfield

Finance

Inc

4.00%,

04/01/2024

888‌

958‌

4.70%,

09/20/2047

100‌

122‌

Credit

Acceptance

Corp

5.13%,

12/31/2024

(h)

155‌

162‌

6.63%,

03/15/2026

(h)

445‌

480‌

7.38%,

03/15/2023

540‌

551‌

CSN

Islands

XI

Corp

6.75%,

01/28/2028

(h)

435‌

432‌

GE

Capital

International

Funding

Co

Unlimited

Co

4.42%,

11/15/2035

500‌

563‌

Global

Aircraft

Leasing

Co

Ltd

6.50%,

PIK

7.25%,

09/15/2024

(h),(l),(m)

215‌

220‌

ILFC

E-Capital

Trust

II

4.15%,

12/21/2065

(h),(l)

155‌

128‌

Navient

Corp

5.00%,

03/15/2027

115‌

115‌

6.13%,

03/25/2024

305‌

325‌

6.63%,

07/26/2021

175‌

184‌

6.75%,

06/15/2026

250‌

271‌

Nuveen

Finance

LLC

4.13%,

11/01/2024

(h)

505‌

556‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

15

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Springleaf

Finance

Corp

5.63%,

03/15/2023

$

190‌

$

203‌

6.63%,

01/15/2028

290‌

326‌

6.88%,

03/15/2025

340‌

383‌

$

6,379‌

Electric

-

2.55%

Alabama

Power

Co

3.45%,

10/01/2049

655‌

708‌

Centrais

Eletricas

Brasileiras

SA

3.63%,

02/04/2025

(h),(n)

200‌

201‌

CMS

Energy

Corp

3.00%,

05/15/2026

275‌

289‌

4.70%,

03/31/2043

110‌

132‌

Commonwealth

Edison

Co

4.00%,

03/01/2049

405‌

477‌

Dominion

Energy

Inc

3.90%,

10/01/2025

720‌

786‌

4.25%,

06/01/2028

475‌

535‌

DTE

Electric

Co

3.95%,

03/01/2049

130‌

156‌

DTE

Energy

Co

3.40%,

06/15/2029

215‌

228‌

6.38%,

04/15/2033

81‌

110‌

Duke

Energy

Florida

LLC

3.80%,

07/15/2028

355‌

397‌

Elwood

Energy

LLC

8.16%,

07/05/2026

94‌

104‌

Enel

Chile

SA

4.88%,

06/12/2028

260‌

292‌

Evergy

Inc

2.90%,

09/15/2029

1,085‌

1,113‌

Exelon

Corp

3.50%,

06/01/2022

465‌

479‌

Fortis

Inc/Canada

3.06%,

10/04/2026

174‌

182‌

Georgia

Power

Co

3.70%,

01/30/2050

105‌

114‌

4.30%,

03/15/2043

130‌

152‌

Indiantown

Cogeneration

LP

9.77%,

12/15/2020

112‌

116‌

Louisville

Gas

&

Electric

Co

4.25%,

04/01/2049

180‌

218‌

MidAmerican

Energy

Co

3.15%,

04/15/2050

130‌

137‌

National

Rural

Utilities

Cooperative

Finance

Corp

4.75%,

04/30/2043

(i)

355‌

371‌

3

Month

USD

LIBOR

+

2.91%

NextEra

Energy

Capital

Holdings

Inc

3.50%,

04/01/2029

800‌

869‌

NextEra

Energy

Operating

Partners

LP

4.25%,

07/15/2024

(h)

270‌

282‌

Northern

States

Power

Co/MN

2.90%,

03/01/2050

235‌

236‌

NRG

Energy

Inc

5.25%,

06/15/2029

(h)

390‌

420‌

7.25%,

05/15/2026

120‌

130‌

PPL

WEM

Ltd

/

Western

Power

Distribution

PLC

5.38%,

05/01/2021

(h)

2,410‌

2,480‌

Southern

California

Edison

Co

4.20%,

03/01/2029

500‌

568‌

4.88%,

03/01/2049

500‌

616‌

Southern

Co/The

5.50%,

03/15/2057

(i)

180‌

188‌

3

Month

USD

LIBOR

+

3.63%

State

Grid

Overseas

Investment

2016

Ltd

3.50%,

05/04/2027

250‌

268‌

Tucson

Electric

Power

Co

4.85%,

12/01/2048

100‌

128‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Virginia

Electric

&

Power

Co

3.80%,

04/01/2028

$

225‌

$

249‌

4.60%,

12/01/2048

95‌

123‌

Vistra

Operations

Co

LLC

5.00%,

07/31/2027

(h)

200‌

206‌

5.63%,

02/15/2027

(h)

230‌

239‌

Xcel

Energy

Inc

2.60%,

12/01/2029

300‌

304‌

$

14,603‌

Electrical

Components

&

Equipment

-

0.03%

Energizer

Holdings

Inc

5.50%,

06/15/2025

(h)

140‌

145‌

Engineering

&

Construction

-

0.02%

MasTec

Inc

4.88%,

03/15/2023

130‌

131‌

Entertainment

-

0.24%

Boyne

USA

Inc

7.25%,

05/01/2025

(h)

125‌

136‌

Caesars

Resort

Collection

LLC

/

CRC

Finco

Inc

5.25%,

10/15/2025

(h)

205‌

208‌

CCM

Merger

Inc

6.00%,

03/15/2022

(h)

195‌

198‌

Eldorado

Resorts

Inc

6.00%,

09/15/2026

190‌

208‌

Enterprise

Development

Authority/The

12.00%,

07/15/2024

(h)

185‌

212‌

Scientific

Games

International

Inc

7.00%,

05/15/2028

(h)

65‌

68‌

7.25%,

11/15/2029

(h)

300‌

322‌

$

1,352‌

Environmental

Control

-

0.54%

Republic

Services

Inc

2.50%,

08/15/2024

940‌

963‌

Waste

Connections

Inc

2.60%,

02/01/2030

300‌

304‌

4.25%,

12/01/2028

1,110‌

1,272‌

Waste

Management

Inc

3.20%,

06/15/2026

510‌

545‌

$

3,084‌

Food

-

0.55%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

01/15/2027

(h)

140‌

142‌

4.88%,

02/15/2030

(h),(n)

60‌

62‌

5.88%,

02/15/2028

(h)

75‌

80‌

6.63%,

06/15/2024

125‌

130‌

7.50%,

03/15/2026

(h)

235‌

260‌

Ingles

Markets

Inc

5.75%,

06/15/2023

151‌

154‌

JBS

USA

LUX

SA

/

JBS

USA

Finance

Inc

5.75%,

06/15/2025

(h)

375‌

388‌

Kraft

Heinz

Foods

Co

2.80%,

07/02/2020

36‌

36‌

3.50%,

06/06/2022

435‌

451‌

6.50%,

02/09/2040

480‌

607‌

McCormick

&

Co

Inc/MD

3.15%,

08/15/2024

250‌

262‌

Post

Holdings

Inc

5.00%,

08/15/2026

(h)

410‌

423‌

TreeHouse

Foods

Inc

4.88%,

03/15/2022

135‌

135‌

$

3,130‌

Gas

-

0.27%

Dominion

Energy

Gas

Holdings

LLC

3.00%,

11/15/2029

230‌

237‌

Piedmont

Natural

Gas

Co

Inc

3.50%,

06/01/2029

615‌

674‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

16

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Gas

(continued)

Southern

California

Gas

Co

2.55%,

02/01/2030

$

300‌

$

308‌

Southern

Co

Gas

Capital

Corp

4.40%,

05/30/2047

295‌

345‌

$

1,564‌

Healthcare

-

Products

-

0.57%

Abbott

Laboratories

3.75%,

11/30/2026

690‌

766‌

4.90%,

11/30/2046

275‌

370‌

Boston

Scientific

Corp

3.45%,

03/01/2024

585‌

619‌

4.00%,

03/01/2029

610‌

689‌

4.70%,

03/01/2049

425‌

535‌

Medtronic

Inc

4.38%,

03/15/2035

204‌

252‌

$

3,231‌

Healthcare

-

Services

-

0.57%

Centene

Corp

4.25%,

12/15/2027

(h)

35‌

37‌

4.63%,

12/15/2029

(h)

230‌

247‌

4.75%,

05/15/2022

130‌

132‌

5.25%,

04/01/2025

(h)

500‌

518‌

5.38%,

06/01/2026

(h)

420‌

447‌

HCA

Healthcare

Inc

6.25%,

02/15/2021

120‌

124‌

HCA

Inc

4.50%,

02/15/2027

130‌

143‌

5.50%,

06/15/2047

95‌

113‌

5.88%,

02/01/2029

685‌

808‌

Tenet

Healthcare

Corp

4.63%,

09/01/2024

(h)

110‌

113‌

5.13%,

11/01/2027

(h)

300‌

316‌

8.13%,

04/01/2022

70‌

77‌

UnitedHealth

Group

Inc

3.50%,

08/15/2039

150‌

161‌

$

3,236‌

Home

Builders

-

0.31%

Forestar

Group

Inc

8.00%,

04/15/2024

(h)

560‌

611‌

Installed

Building

Products

Inc

5.75%,

02/01/2028

(h)

305‌

324‌

KB

Home

7.63%,

05/15/2023

110‌

124‌

Lennar

Corp

4.88%,

12/15/2023

125‌

134‌

LGI

Homes

Inc

6.88%,

07/15/2026

(h)

325‌

343‌

TRI

Pointe

Group

Inc

4.88%,

07/01/2021

130‌

134‌

Williams

Scotsman

International

Inc

7.88%,

12/15/2022

(h)

77‌

80‌

$

1,750‌

Home

Equity

Asset

Backed

Securities

-

0.13%

First

NLC

Trust

2005-1

1.10%,

05/25/2035

226‌

213‌

1.00

x

1

Month

USD

LIBOR

+

0.50%

JP

Morgan

Mortgage

Acquisition

Trust

2006-CW2

1.81%,

08/25/2036

52‌

52‌

1.00

x

1

Month

USD

LIBOR

+

0.15%

Saxon

Asset

Securities

Trust

2004-1

2.53%,

03/25/2035

272‌

159‌

1.00

x

1

Month

USD

LIBOR

+

1.70%

Specialty

Underwriting

&

Residential

Finance

Trust

Series

2004-BC1

2.43%,

02/25/2035

303‌

301‌

1.00

x

1

Month

USD

LIBOR

+

0.77%

$

725‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

-

2.41%

American

International

Group

Inc

3.90%,

04/01/2026

$

500‌

$

545‌

4.50%,

07/16/2044

558‌

664‌

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

110‌

146‌

Markel

Corp

3.35%,

09/17/2029

75‌

79‌

4.30%,

11/01/2047

175‌

197‌

PartnerRe

Finance

B

LLC

3.70%,

07/02/2029

100‌

109‌

Swiss

Re

Finance

Luxembourg

SA

5.00%,

04/02/2049

(h),(i)

200‌

227‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%

Voya

Financial

Inc

5.65%,

05/15/2053

(i)

790‌

839‌

3

Month

USD

LIBOR

+

3.58%

XLIT

Ltd

4.45%,

03/31/2025

6,490‌

7,190‌

5.50%,

03/31/2045

2,770‌

3,753‌

$

13,749‌

Internet

-

0.27%

Alibaba

Group

Holding

Ltd

3.40%,

12/06/2027

275‌

293‌

3.60%,

11/28/2024

250‌

267‌

Baidu

Inc

4.38%,

05/14/2024

375‌

404‌

Prosus

NV

3.68%,

01/21/2030

(h)

325‌

336‌

Tencent

Holdings

Ltd

3.80%,

02/11/2025

(h)

250‌

269‌

$

1,569‌

Investment

Companies

-

0.15%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.75%,

09/15/2024

(h)

105‌

107‌

6.25%,

02/01/2022

130‌

132‌

6.25%,

05/15/2026

580‌

609‌

$

848‌

Iron

&

Steel

-

0.22%

AK

Steel

Corp

6.38%,

10/15/2025

85‌

84‌

7.50%,

07/15/2023

65‌

67‌

7.63%,

10/01/2021

135‌

135‌

Evraz

PLC

5.25%,

04/02/2024

(h)

350‌

380‌

Steel

Dynamics

Inc

3.45%,

04/15/2030

225‌

232‌

Vale

Overseas

Ltd

6.88%,

11/21/2036

259‌

340‌

$

1,238‌

Leisure

Products

&

Services

-

0.01%

NCL

Corp

Ltd

3.63%,

12/15/2024

(h)

85‌

84‌

Lodging

-

0.17%

MGM

China

Holdings

Ltd

5.88%,

05/15/2026

(h)

345‌

357‌

MGM

Resorts

International

6.00%,

03/15/2023

150‌

165‌

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp

5.25%,

05/15/2027

(h)

220‌

228‌

Wynn

Macau

Ltd

5.13%,

12/15/2029

(h),(j)

250‌

248‌

$

998‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

17

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Machinery

-

Diversified

-

0.09%

Cloud

Crane

LLC

10.13%,

08/01/2024

(h)

$

475‌

$

506‌

Media

-

2.82%

Altice

Financing

SA

5.00%,

01/15/2028

(h)

200‌

196‌

6.63%,

02/15/2023

(h)

415‌

422‌

7.50%,

05/15/2026

(h)

285‌

305‌

Altice

Finco

SA

8.13%,

01/15/2024

(h)

245‌

252‌

Altice

Luxembourg

SA

10.50%,

05/15/2027

(h)

265‌

306‌

AMC

Networks

Inc

4.75%,

12/15/2022

130‌

131‌

Cable

Onda

SA

4.50%,

01/30/2030

(h)

200‌

207‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.13%,

02/15/2023

260‌

262‌

5.13%,

05/01/2023

(h)

645‌

655‌

5.38%,

06/01/2029

(h)

320‌

342‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.46%,

07/23/2022

695‌

734‌

4.80%,

03/01/2050

640‌

685‌

6.48%,

10/23/2045

200‌

260‌

Comcast

Corp

3.38%,

02/15/2025

725‌

774‌

3.97%,

11/01/2047

490‌

562‌

4.60%,

10/15/2038

1,240‌

1,530‌

4.60%,

08/15/2045

630‌

783‌

4.70%,

10/15/2048

170‌

218‌

CSC

Holdings

LLC

5.75%,

01/15/2030

(h)

435‌

468‌

6.63%,

10/15/2025

(h)

235‌

248‌

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co

5.38%,

08/15/2026

(h)

170‌

169‌

6.63%,

08/15/2027

(h),(j)

175‌

164‌

DISH

DBS

Corp

5.13%,

05/01/2020

200‌

201‌

7.75%,

07/01/2026

545‌

572‌

Fox

Corp

5.48%,

01/25/2039

(h)

200‌

253‌

5.58%,

01/25/2049

(h)

285‌

375‌

Meredith

Corp

6.88%,

02/01/2026

455‌

468‌

Radiate

Holdco

LLC

/

Radiate

Finance

Inc

6.63%,

02/15/2025

(h)

10‌

10‌

Time

Warner

Cable

LLC

4.00%,

09/01/2021

470‌

482‌

5.88%,

11/15/2040

780‌

945‌

UPC

Holding

BV

5.50%,

01/15/2028

(h)

505‌

525‌

ViacomCBS

Inc

4.25%,

09/01/2023

1,360‌

1,465‌

4.38%,

03/15/2043

210‌

228‌

Virgin

Media

Finance

PLC

5.75%,

01/15/2025

(h)

368‌

379‌

Ziggo

Bond

Co

BV

6.00%,

01/15/2027

(h)

305‌

320‌

Ziggo

BV

5.50%,

01/15/2027

(h)

220‌

233‌

$

16,129‌

Metal

Fabrication

&

Hardware

-

0.08%

Advanced

Drainage

Systems

Inc

5.00%,

09/30/2027

(h)

210‌

217‌

Park-Ohio

Industries

Inc

6.63%,

04/15/2027

225‌

228‌

$

445‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

-

0.82%

BHP

Billiton

Finance

USA

Ltd

6.75%,

10/19/2075

(h),(i)

$

385‌

$

452‌

USD

Swap

Semi-Annual

5

Year

+

5.09%

First

Quantum

Minerals

Ltd

7.00%,

02/15/2021

(h)

82‌

82‌

7.25%,

04/01/2023

(h)

200‌

198‌

7.50%,

04/01/2025

(h)

390‌

384‌

FMG

Resources

August

2006

Pty

Ltd

4.75%,

05/15/2022

(h)

130‌

134‌

Glencore

Funding

LLC

3.00%,

10/27/2022

(h)

800‌

809‌

Gold

Fields

Orogen

Holdings

BVI

Ltd

6.13%,

05/15/2029

(h)

300‌

342‌

Hudbay

Minerals

Inc

7.25%,

01/15/2023

(h)

130‌

131‌

7.63%,

01/15/2025

(h)

225‌

227‌

IAMGOLD

Corp

7.00%,

04/15/2025

(h)

290‌

299‌

Indonesia

Asahan

Aluminium

Persero

PT

6.53%,

11/15/2028

(h)

300‌

367‌

Novelis

Corp

4.75%,

01/30/2030

(h)

370‌

372‌

Taseko

Mines

Ltd

8.75%,

06/15/2022

(h)

225‌

198‌

Teck

Resources

Ltd

6.13%,

10/01/2035

580‌

694‌

$

4,689‌

Miscellaneous

Manufacturers

-

0.52%

General

Electric

Co

2.70%,

10/09/2022

765‌

779‌

5.30%,

02/11/2021

444‌

458‌

5.55%,

01/05/2026

535‌

624‌

5.88%,

01/14/2038

215‌

276‌

6.88%,

01/10/2039

200‌

283‌

Parker-Hannifin

Corp

2.70%,

06/14/2024

520‌

538‌

$

2,958‌

Mortgage

Backed

Securities

-

7.07%

Fannie

Mae

Connecticut

Avenue

Securities

2.26%,

07/25/2030

4,291‌

4,291‌

1.00

x

1

Month

USD

LIBOR

+

0.60%

Fannie

Mae

REMIC

Trust

2005-W2

1.86%,

05/25/2035

149‌

149‌

1.00

x

1

Month

USD

LIBOR

+

0.20%

Fannie

Mae

REMICS

2.25%,

07/25/2040

84‌

86‌

3.00%,

04/25/2027

(k)

2,254‌

152‌

3.50%,

09/25/2027

(k)

3,518‌

289‌

3.50%,

11/25/2027

(k)

937‌

68‌

3.50%,

05/25/2028

(k)

1,240‌

90‌

3.50%,

03/25/2031

(k)

2,186‌

112‌

4.00%,

04/25/2043

(k)

538‌

62‌

4.34%,

11/25/2046

(k)

7,328‌

1,681‌

(1.00)

x

1

Month

USD

LIBOR

+

6.00%

4.54%,

10/25/2048

(k)

7,187‌

1,347‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

4.84%,

12/25/2021

(k)

73‌

2‌

(1.00)

x

1

Month

USD

LIBOR

+

6.50%

4.84%,

03/25/2022

(k)

97‌

3‌

(1.00)

x

1

Month

USD

LIBOR

+

6.50%

23.39%,

08/25/2035

(k)

2‌

—‌

(10.00)

x

1

Month

USD

LIBOR

+

40.00%

Freddie

Mac

REMICS

2.00%,

02/15/2036

413‌

414‌

2.13%,

05/15/2049

5,594‌

5,594‌

1.00

x

1

Month

USD

LIBOR

+

0.45%

3.00%,

09/15/2025

(k)

587‌

6‌

3.00%,

05/15/2027

(k)

2,386‌

137‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

18

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Freddie

Mac

REMICS  

(continued)

3.00%,

10/15/2027

(k)

$

569‌

$

40‌

3.00%,

02/15/2029

(k)

3,592‌

213‌

3.50%,

02/15/2028

(k)

2,171‌

157‌

3.50%,

01/15/2040

(k)

2,941‌

217‌

3.50%,

03/15/2041

(k)

3,955‌

371‌

4.00%,

04/15/2025

(k)

912‌

15‌

4.97%,

05/15/2026

(k)

1,555‌

129‌

(1.00)

x

1

Month

USD

LIBOR

+

6.65%

5.07%,

09/15/2034

(k)

207‌

8‌

(1.00)

x

1

Month

USD

LIBOR

+

6.75%

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

4.51%,

04/25/2028

971‌

981‌

1.00

x

1

Month

USD

LIBOR

+

2.85%

Ginnie

Mae

1.75%,

10/16/2037

72‌

71‌

3.50%,

02/20/2040

(k)

2,443‌

162‌

3.50%,

01/20/2043

(k)

4,104‌

759‌

4.00%,

03/16/2039

(k)

1,955‌

153‌

4.00%,

09/20/2040

(k)

2,256‌

273‌

4.39%,

11/20/2040

(k)

2,699‌

547‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

4.39%,

05/20/2046

(k)

643‌

123‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

4.43%,

07/16/2042

(k)

5,978‌

1,239‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

4.49%,

08/20/2044

(k)

2,409‌

511‌

(1.00)

x

1

Month

USD

LIBOR

+

6.15%

4.49%,

03/20/2047

(k)

3,633‌

675‌

(1.00)

x

1

Month

USD

LIBOR

+

6.15%

4.50%,

05/16/2043

(k)

1,849‌

324‌

4.54%,

08/20/2042

(k)

2,747‌

466‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

4.54%,

08/20/2047

(k)

3,094‌

695‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

4.54%,

08/20/2047

(k)

6,195‌

1,780‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

4.54%,

08/20/2047

(k)

1,267‌

260‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

4.59%,

10/20/2047

(k)

2,735‌

619‌

(1.00)

x

1

Month

USD

LIBOR

+

6.25%

4.94%,

07/20/2042

(k)

6,880‌

1,726‌

(1.00)

x

1

Month

USD

LIBOR

+

6.60%

4.98%,

04/16/2042

(k)

3,073‌

726‌

(1.00)

x

1

Month

USD

LIBOR

+

6.65%

5.27%,

04/20/2041

(k)

1,369‌

276‌

(1.10)

x

1

Month

USD

LIBOR

+

7.10%

JP

Morgan

Mortgage

Trust

2016-2

2.83%,

06/25/2046

(h),(l)

5,291‌

5,348‌

JP

Morgan

Mortgage

Trust

2016-3

3.50%,

10/25/2046

(h),(l)

4,237‌

4,343‌

Merrill

Lynch

Mortgage

Investors

Trust

Series

2005-A8

2.01%,

08/25/2036

59‌

59‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

Sequoia

Mortgage

Trust

2016-3

3.50%,

11/25/2046

(h),(l)

2,579‌

2,648‌

$

40,397‌

Office

&

Business

Equipment

-

0.02%

Xerox

Corp

4.12%,

03/15/2023

120‌

124‌

Oil

&

Gas

-

2.70%

Alta

Mesa

Holdings

LP

/

Alta

Mesa

Finance

Services

Corp

0.00%,

12/15/2024

(d)

200‌

2‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

7.00%,

11/01/2026

(h)

$

165‌

$

117‌

10.00%,

04/01/2022

(h)

331‌

324‌

BP

Capital

Markets

America

Inc

3.59%,

04/14/2027

450‌

486‌

4.23%,

11/06/2028

185‌

212‌

Canadian

Natural

Resources

Ltd

4.95%,

06/01/2047

250‌

303‌

Chesapeake

Oil

Op/Fin

Escrow

Shares

0.00%,

11/15/2019

(d),(e),(f)

1,385‌

—‌

CNOOC

Finance

2013

Ltd

3.00%,

05/09/2023

1,100‌

1,127‌

Continental

Resources

Inc/OK

3.80%,

06/01/2024

1,278‌

1,332‌

4.38%,

01/15/2028

215‌

228‌

4.90%,

06/01/2044

80‌

81‌

EP

Energy

LLC

/

Everest

Acquisition

Finance

Inc

0.00%,

05/01/2024

(d),(h)

100‌

2‌

7.75%,

05/15/2026

(h)

800‌

536‌

Exxon

Mobil

Corp

2.44%,

08/16/2029

255‌

262‌

3.00%,

08/16/2039

160‌

166‌

Gulfport

Energy

Corp

6.38%,

05/15/2025

595‌

297‌

Laredo

Petroleum

Inc

9.50%,

01/15/2025

135‌

123‌

10.13%,

01/15/2028

330‌

294‌

Marathon

Oil

Corp

4.40%,

07/15/2027

370‌

405‌

6.60%,

10/01/2037

555‌

711‌

MEG

Energy

Corp

7.00%,

03/31/2024

(h)

125‌

126‌

7.13%,

02/01/2027

(h)

340‌

337‌

Nabors

Industries

Inc

5.75%,

02/01/2025

390‌

320‌

Oasis

Petroleum

Inc

6.25%,

05/01/2026

(h),(j)

305‌

233‌

6.88%,

01/15/2023

(j)

210‌

199‌

Occidental

Petroleum

Corp

2.60%,

08/13/2021

585‌

591‌

2.90%,

08/15/2024

475‌

485‌

3.20%,

08/15/2026

535‌

552‌

3.50%,

08/15/2029

195‌

201‌

4.40%,

08/15/2049

315‌

323‌

Petrobras

Global

Finance

BV

5.09%,

01/15/2030

(h)

525‌

576‌

Petroleos

Mexicanos

6.50%,

01/23/2029

1,000‌

1,066‌

6.95%,

01/28/2060

(h)

200‌

203‌

Sanchez

Energy

Corp

0.00%,

01/15/2023

(d)

100‌

5‌

0.00%,

02/15/2023

(d),(h)

130‌

81‌

Saudi

Arabian

Oil

Co

4.25%,

04/16/2039

(h)

325‌

359‌

Shelf

Drilling

Holdings

Ltd

8.25%,

02/15/2025

(h)

130‌

121‌

Shell

International

Finance

BV

3.13%,

11/07/2049

500‌

513‌

Sinopec

Group

Overseas

Development

2017

Ltd

2.50%,

09/13/2022

(h)

500‌

504‌

SM

Energy

Co

5.00%,

01/15/2024

70‌

64‌

6.63%,

01/15/2027

(j)

120‌

109‌

Southwestern

Energy

Co

7.75%,

10/01/2027

370‌

309‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

19

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Sunoco

LP

/

Sunoco

Finance

Corp

4.88%,

01/15/2023

$

410‌

$

421‌

5.50%,

02/15/2026

120‌

123‌

Tengizchevroil

Finance

Co

International

Ltd

4.00%,

08/15/2026

(h)

275‌

290‌

Total

Capital

International

SA

2.83%,

01/10/2030

280‌

294‌

Ultra

Resources

Inc/US

6.88%,

04/15/2022

(h)

90‌

9‌

$

15,422‌

Other

Asset

Backed

Securities

-

0.11%

Chase

Funding

Trust

Series

2003-5

2.26%,

07/25/2033

612‌

601‌

1.00

x

1

Month

USD

LIBOR

+

0.60%

Chase

Funding

Trust

Series

2004-1

2.12%,

12/25/2033

22‌

22‌

1.00

x

1

Month

USD

LIBOR

+

0.46%

$

623‌

Packaging

&

Containers

-

0.48%

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc

4.13%,

08/15/2026

(h)

390‌

401‌

4.25%,

09/15/2022

(h)

275‌

279‌

6.00%,

02/15/2025

(h)

200‌

209‌

Cascades

Inc/Cascades

USA

Inc

5.38%,

01/15/2028

(h)

185‌

191‌

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

555‌

656‌

Flex

Acquisition

Co

Inc

6.88%,

01/15/2025

(h)

140‌

141‌

7.88%,

07/15/2026

(h)

95‌

96‌

Mauser

Packaging

Solutions

Holding

Co

7.25%,

04/15/2025

(h)

465‌

463‌

Reynolds

Group

Issuer

Inc

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

(Luxembourg)

S.A.

5.13%,

07/15/2023

(h)

90‌

92‌

Sealed

Air

Corp

4.88%,

12/01/2022

(h)

190‌

200‌

$

2,728‌

Pharmaceuticals

-

2.71%

AbbVie

Inc

2.30%,

11/21/2022

(h)

1,020‌

1,030‌

2.60%,

11/21/2024

(h)

380‌

388‌

2.95%,

11/21/2026

(h)

405‌

418‌

3.38%,

11/14/2021

25‌

26‌

4.05%,

11/21/2039

(h)

250‌

272‌

Bausch

Health

Americas

Inc

8.50%,

01/31/2027

(h)

385‌

436‌

Bausch

Health

Cos

Inc

5.00%,

01/30/2028

(h)

80‌

81‌

6.50%,

03/15/2022

(h)

130‌

132‌

Bayer

US

Finance

II

LLC

3.38%,

07/15/2024

(h)

300‌

315‌

3.88%,

12/15/2023

(h)

1,890‌

2,019‌

4.25%,

12/15/2025

(h)

1,015‌

1,120‌

Becton

Dickinson

and

Co

3.36%,

06/06/2024

690‌

727‌

3.70%,

06/06/2027

504‌

547‌

4.69%,

12/15/2044

553‌

680‌

Bristol-Myers

Squibb

Co

2.90%,

07/26/2024

(h)

725‌

757‌

4.13%,

06/15/2039

(h)

650‌

778‌

4.25%,

10/26/2049

(h)

445‌

548‌

Cigna

Corp

3.75%,

07/15/2023

900‌

952‌

4.13%,

11/15/2025

225‌

248‌

4.90%,

12/15/2048

165‌

202‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

CVS

Health

Corp

3.00%,

08/15/2026

$

560‌

$

581‌

3.70%,

03/09/2023

435‌

456‌

4.88%,

07/20/2035

570‌

680‌

Zoetis

Inc

3.90%,

08/20/2028

1,130‌

1,263‌

4.45%,

08/20/2048

685‌

860‌

$

15,516‌

Pipelines

-

2.24%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

3.65%,

11/02/2029

(h)

300‌

327‌

Buckeye

Partners

LP

3.95%,

12/01/2026

205‌

202‌

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp

5.63%,

05/01/2027

(h)

185‌

186‌

Energy

Transfer

Operating

LP

3.75%,

05/15/2030

180‌

184‌

4.50%,

04/15/2024

515‌

554‌

5.00%,

05/15/2050

265‌

273‌

5.15%,

03/15/2045

160‌

166‌

6.25%,

04/15/2049

300‌

356‌

Enterprise

Products

Operating

LLC

3.13%,

07/31/2029

430‌

446‌

3.95%,

01/31/2060

185‌

187‌

4.20%,

01/31/2050

430‌

463‌

5.38%,

02/15/2078

(i)

460‌

467‌

3

Month

USD

LIBOR

+

2.57%

Hess

Midstream

Operations

LP

5.63%,

02/15/2026

(h)

1,450‌

1,518‌

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/2042

245‌

265‌

MPLX

LP

4.00%,

03/15/2028

235‌

246‌

4.88%,

12/01/2024

200‌

220‌

5.50%,

02/15/2049

315‌

360‌

NuStar

Logistics

LP

6.00%,

06/01/2026

190‌

200‌

6.75%,

02/01/2021

130‌

134‌

Sabine

Pass

Liquefaction

LLC

5.00%,

03/15/2027

425‌

474‌

5.75%,

05/15/2024

3,515‌

3,958‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

6.50%,

07/15/2027

386‌

421‌

Western

Midstream

Operating

LP

3.10%,

02/01/2025

775‌

779‌

Williams

Cos

Inc/The

5.75%,

06/24/2044

365‌

434‌

$

12,820‌

REITs

-

0.90%

Alexandria

Real

Estate

Equities

Inc

3.45%,

04/30/2025

1,395‌

1,488‌

4.70%,

07/01/2030

500‌

593‌

CC

Holdings

GS

V

LLC

/

Crown

Castle

GS

III

Corp

3.85%,

04/15/2023

670‌

709‌

CyrusOne

LP

/

CyrusOne

Finance

Corp

2.90%,

11/15/2024

930‌

943‌

Essex

Portfolio

LP

3.00%,

01/15/2030

360‌

375‌

Healthcare

Trust

of

America

Holdings

LP

3.10%,

02/15/2030

200‌

207‌

Iron

Mountain

Inc

4.38%,

06/01/2021

(h)

85‌

85‌

Mid-America

Apartments

LP

3.95%,

03/15/2029

175‌

196‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

20

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

SBA

Communications

Corp

3.88%,

02/15/2027

(h),(n)

$

70‌

$

71‌

Trust

F/1401

5.25%,

01/30/2026

200‌

218‌

VEREIT

Operating

Partnership

LP

3.10%,

12/15/2029

100‌

102‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

3.50%,

02/15/2025

(h),(n)

130‌

132‌

$

5,119‌

Retail

-

0.18%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.38%,

01/15/2028

(h)

300‌

301‌

Claire's

Stores

Escrow

-

GCB

0.00%,

03/15/2019

(d),(e),(f)

400‌

—‌

Golden

Nugget

Inc

6.75%,

10/15/2024

(h)

160‌

164‌

Home

Depot

Inc/The

5.88%,

12/16/2036

300‌

427‌

IRB

Holding

Corp

6.75%,

02/15/2026

(h)

140‌

146‌

$

1,038‌

Semiconductors

-

0.36%

NXP

BV

/

NXP

Funding

LLC

4.63%,

06/15/2022

(h)

745‌

789‌

4.63%,

06/01/2023

(h)

500‌

539‌

Sensata

Technologies

UK

Financing

Co

PLC

6.25%,

02/15/2026

(h)

475‌

499‌

Xilinx

Inc

2.95%,

06/01/2024

205‌

213‌

$

2,040‌

Software

-

0.42%

Adobe

Inc

2.30%,

02/01/2030

(n)

170‌

172‌

Autodesk

Inc

2.85%,

01/15/2030

295‌

302‌

Epicor

Software

Corp

9.19%,

06/30/2023

(h)

110‌

110‌

3

Month

USD

LIBOR

+

7.25%

Microsoft

Corp

4.45%,

11/03/2045

1,060‌

1,383‌

Open

Text

Corp

5.88%,

06/01/2026

(h)

195‌

206‌

Oracle

Corp

4.00%,

11/15/2047

110‌

129‌

PTC

Inc

3.63%,

02/15/2025

(h),(n)

80‌

81‌

4.00%,

02/15/2028

(h),(n)

45‌

45‌

$

2,428‌

Sovereign

-

1.74%

Abu

Dhabi

Government

International

Bond

2.13%,

09/30/2024

(h)

450‌

452‌

Argentine

Republic

Government

International

Bond

5.63%,

01/26/2022

395‌

194‌

Bahrain

Government

International

Bond

5.63%,

09/30/2031

(h)

200‌

213‌

CoBank

ACB

6.25%,

12/31/2049

(g),(i)

670‌

742‌

3

Month

USD

LIBOR

+

4.66%

Colombia

Government

International

Bond

3.00%,

01/30/2030

375‌

378‌

Croatia

Government

International

Bond

6.63%,

07/14/2020

150‌

153‌

Dominican

Republic

International

Bond

4.50%,

01/30/2030

(h)

400‌

399‌

Ecuador

Government

International

Bond

9.63%,

06/02/2027

275‌

242‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Egypt

Government

International

Bond

5.58%,

02/21/2023

(h)

$

400‌

$

420‌

Honduras

Government

International

Bond

7.50%,

03/15/2024

350‌

391‌

Hungary

Government

International

Bond

5.38%,

02/21/2023

176‌

194‌

Indonesia

Government

International

Bond

5.38%,

10/17/2023

(h)

800‌

891‌

Jamaica

Government

International

Bond

7.88%,

07/28/2045

200‌

273‌

Kenya

Government

International

Bond

8.00%,

05/22/2032

(h)

250‌

272‌

Mexico

Government

International

Bond

4.15%,

03/28/2027

665‌

724‌

Morocco

Government

International

Bond

4.25%,

12/11/2022

390‌

411‌

Qatar

Government

International

Bond

3.25%,

06/02/2026

600‌

637‌

Romanian

Government

International

Bond

4.88%,

01/22/2024

170‌

188‌

Russian

Foreign

Bond

-

Eurobond

5.10%,

03/28/2035

(h)

600‌

732‌

Saudi

Government

International

Bond

4.00%,

04/17/2025

(h)

725‌

788‌

Turkey

Government

International

Bond

6.35%,

08/10/2024

700‌

758‌

Ukraine

Government

International

Bond

9.75%,

11/01/2028

(h)

375‌

467‌

$

9,919‌

Student

Loan

Asset

Backed

Securities

-

0.02%

Navient

Student

Loan

Trust

2017-3

1.96%,

07/26/2066

(h)

119‌

119‌

1.00

x

1

Month

USD

LIBOR

+

0.30%

Telecommunications

-

2.19%

AT&T

Inc

3.60%,

07/15/2025

335‌

361‌

4.05%,

12/15/2023

1,255‌

1,357‌

5.35%,

09/01/2040

1,555‌

1,975‌

5.45%,

03/01/2047

540‌

683‌

Axtel

SAB

de

CV

6.38%,

11/14/2024

(j)

200‌

211‌

CenturyLink

Inc

4.00%,

02/15/2027

(h)

75‌

76‌

CommScope

Inc

8.25%,

03/01/2027

(h)

80‌

82‌

Deutsche

Telekom

AG

3.63%,

01/21/2050

(h)

455‌

470‌

Embarq

Corp

8.00%,

06/01/2036

210‌

233‌

GTT

Communications

Inc

7.88%,

12/31/2024

(h)

200‌

156‌

Intelsat

Jackson

Holdings

SA

5.50%,

08/01/2023

755‌

606‌

8.00%,

02/15/2024

(h)

170‌

174‌

Level

3

Financing

Inc

5.13%,

05/01/2023

135‌

136‌

Rogers

Communications

Inc

3.70%,

11/15/2049

305‌

325‌

Sprint

Capital

Corp

8.75%,

03/15/2032

150‌

166‌

Sprint

Communications

Inc

6.00%,

11/15/2022

150‌

155‌

Sprint

Corp

7.13%,

06/15/2024

350‌

361‌

7.63%,

03/01/2026

240‌

250‌

7.88%,

09/15/2023

125‌

133‌

Telecom

Italia

Capital

SA

6.38%,

11/15/2033

185‌

216‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

21

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

Telecom

Italia

SpA/Milano

5.30%,

05/30/2024

(h)

$

235‌

$

256‌

T-Mobile

USA

Inc

0.00%,

04/15/2022

(d),(e),(f)

205‌

—‌

0.00%,

03/01/2023

(d),(e),(f)

10‌

—‌

0.00%,

01/15/2024

(d),(e),(f)

190‌

—‌

0.00%,

04/15/2024

(d),(e),(f)

345‌

—‌

0.00%,

04/15/2025

(d),(e),(f)

980‌

—‌

0.00%,

01/15/2026

(d),(e),(f)

1,330‌

—‌

0.00%,

02/01/2026

(d),(e),(f)

395‌

—‌

0.00%,

04/15/2027

(d),(e),(f)

50‌

—‌

4.00%,

04/15/2022

260‌

267‌

4.50%,

02/01/2026

225‌

231‌

5.13%,

04/15/2025

185‌

190‌

6.50%,

01/15/2026

330‌

352‌

Verizon

Communications

Inc

3.88%,

02/08/2029

1,290‌

1,453‌

5.25%,

03/16/2037

795‌

1,033‌

Vodafone

Group

PLC

4.13%,

05/30/2025

165‌

182‌

4.88%,

06/19/2049

350‌

419‌

$

12,509‌

Textiles

-

0.02%

Delta

Merlin

Dunia

Tekstil

PT

0.00%,

03/12/2024

(d),(h)

1,000‌

125‌

Transportation

-

0.24%

Burlington

Northern

Santa

Fe

LLC

4.38%,

09/01/2042

90‌

109‌

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(d)

1,749‌

546‌

Navios

Maritime

Acquisition

Corp

/

Navios

Acquisition

Finance

US

Inc

8.13%,

11/15/2021

(h)

365‌

289‌

Navios

Maritime

Holdings

Inc

/

Navios

Maritime

Finance

II

US

Inc

7.38%,

01/15/2022

(h)

130‌

66‌

11.25%,

08/15/2022

(h)

110‌

74‌

Navios

South

American

Logistics

Inc

/

Navios

Logistics

Finance

US

Inc

7.25%,

05/01/2022

(h),(j)

275‌

270‌

Union

Pacific

Corp

4.38%,

11/15/2065

35‌

40‌

$

1,394‌

Trucking

&

Leasing

-

0.08%

DAE

Funding

LLC

4.50%,

08/01/2022

(h)

130‌

132‌

5.75%,

11/15/2023

(h)

295‌

310‌

$

442‌

TOTAL

BONDS

$

313,043‌

SENIOR

FLOATING

RATE

INTERESTS

-

1.14%

Principal

Amount

(000's)

Value

(000's)

Automobile

Manufacturers

-

0.08%

Navistar

Inc

5.18%,

11/06/2024

(o)

$

462‌

$

462‌

3

Month

USD

LIBOR

+

3.00%

Commercial

Services

-

0.07%

Garda

World

Security

Corp

6.66%,

10/23/2026

(o)

141‌

142‌

1

Month

USD

LIBOR

+

4.75%

Refinitiv

US

Holdings

Inc

4.90%,

10/01/2025

(o)

255‌

257‌

3

Month

USD

LIBOR

+

3.00%

$

399‌

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Computers

-

0.10%

McAfee

LLC

10.16%,

09/29/2025

(o)

$

581‌

$

585‌

3

Month

USD

LIBOR

+

3.25%

Diversified

Financial

Services

-

0.08%

Russell

Investments

US

Institutional

Holdco

Inc

4.90%,

06/01/2023

(o)

452‌

452‌

3

Month

USD

LIBOR

+

2.00%

Electrical

Components

&

Equipment

-

0.02%

Energizer

Holdings

Inc

4.06%,

12/17/2025

(o)

133‌

133‌

3

Month

USD

LIBOR

+

4.50%

Entertainment

-

0.07%

Eldorado

Resorts

Inc

3.94%,

04/17/2024

(o)

254‌

254‌

3

Month

USD

LIBOR

+

3.00%

Lions

Gate

Capital

Holdings

LLC

3.90%,

03/24/2025

(o)

125‌

124‌

3

Month

USD

LIBOR

+

2.00%

$

378‌

Food

-

0.02%

Bellring

Brands

LLC

6.65%,

10/21/2024

(o)

130‌

132‌

1

Month

USD

LIBOR

+

5.00%

Forest

Products

&

Paper

-

0.03%

Pixelle

Specialty

Solutions

LLC

0.00%,

10/31/2024

(o),(p)

180‌

176‌

1

Month

USD

LIBOR

+

6.50%

Insurance

-

0.04%

Asurion

LLC

4.65%,

11/03/2023

(o)

202‌

202‌

1

Month

USD

LIBOR

+

7.25%

Lodging

-

0.11%

Golden

Nugget

LLC

4.40%,

10/04/2023

(o)

443‌

443‌

3

Month

USD

LIBOR

+

2.25%

Spectacle

Gary

Holdings

LLC

11.00%,

12/23/2025

(o)

159‌

165‌

1

Month

USD

LIBOR

+

9.00%

$

608‌

Media

-

0.03%

CSC

Holdings

LLC

4.18%,

04/15/2027

(o)

194‌

194‌

1

Month

USD

LIBOR

+

2.50%

Oil

&

Gas

-

0.04%

California

Resources

Corp

6.40%,

12/31/2022

(o)

265‌

239‌

3

Month

USD

LIBOR

+

3.50%

Pharmaceuticals

-

0.15%

Bausch

Health

Americas

Inc

4.67%,

05/19/2025

(o)

372‌

373‌

3

Month

USD

LIBOR

+

7.50%

Endo

International

PLC

5.94%,

04/29/2024

(o)

518‌

499‌

3

Month

USD

LIBOR

+

4.00%

$

872‌

Pipelines

-

0.03%

Buckeye

Partners

LP

4.53%,

11/01/2026

(o)

185‌

186‌

1

Month

USD

LIBOR

+

2.75%

Retail

-

0.10%

Academy

Ltd

5.77%,

07/01/2022

(o)

213‌

170‌

3

Month

USD

LIBOR

+

4.50%

Claire's

Stores

Inc

8.42%,

12/18/2026

(o)

178‌

173‌

1

Month

USD

LIBOR

+

6.50%

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

22

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

(continued)

IRB

Holding

Corp

4.38%,

02/05/2025

(o)

$

206‌

$

206‌

1

Month

USD

LIBOR

+

2.75%

$

549‌

Telecommunications

-

0.17%

Avaya

Inc

5.93%,

12/16/2024

(o)

559‌

547‌

3

Month

USD

LIBOR

+

6.00%

Level

3

Financing

Inc

3.35%,

03/01/2027

(o)

30‌

30‌

1

Month

USD

LIBOR

+

1.75%

Maxar

Technologies

Ltd

4.40%,

10/05/2024

(o)

380‌

367‌

3

Month

USD

LIBOR

+

4.25%

$

944‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

6,511‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

41.48%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

4.44%

3.00%,

01/01/2043

$

2,596‌

$

2,706‌

3.00%,

02/01/2043

1,065‌

1,109‌

3.00%,

03/01/2043

452‌

473‌

4.00%,

02/01/2046

10,577‌

11,323‌

4.50%,

04/01/2031

687‌

738‌

4.50%,

04/01/2041

4,354‌

4,761‌

5.00%,

06/01/2031

521‌

563‌

5.11%,

01/01/2034

40‌

41‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.37%

5.50%,

08/01/2023

155‌

160‌

5.50%,

05/01/2033

47‌

52‌

5.50%,

10/01/2033

41‌

44‌

5.50%,

12/01/2033

587‌

658‌

5.50%,

11/01/2036

465‌

521‌

5.50%,

04/01/2038

154‌

172‌

5.50%,

08/01/2038

344‌

388‌

6.00%,

03/01/2022

5‌

5‌

6.00%,

07/01/2023

83‌

91‌

6.00%,

06/01/2028

2‌

2‌

6.00%,

12/01/2031

22‌

25‌

6.00%,

12/01/2032

22‌

25‌

6.00%,

02/01/2033

100‌

110‌

6.00%,

12/01/2033

26‌

30‌

6.00%,

10/01/2036

169‌

195‌

6.00%,

01/01/2038

11‌

13‌

6.00%,

07/01/2038

814‌

937‌

6.50%,

03/01/2029

4‌

4‌

6.50%,

05/01/2029

6‌

7‌

6.50%,

04/01/2031

3‌

3‌

6.50%,

09/01/2031

2‌

2‌

6.50%,

02/01/2032

2‌

2‌

6.50%,

05/01/2032

8‌

9‌

6.50%,

04/01/2035

62‌

73‌

6.50%,

10/01/2035

48‌

56‌

7.00%,

12/01/2029

5‌

5‌

7.00%,

06/01/2030

11‌

12‌

7.00%,

12/01/2030

4‌

4‌

7.00%,

09/01/2031

1‌

1‌

7.50%,

09/01/2030

1‌

1‌

7.50%,

01/01/2031

5‌

6‌

7.50%,

03/01/2031

1‌

2‌

7.50%,

02/01/2032

2‌

3‌

8.00%,

09/01/2030

44‌

46‌

$

25,378‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)

-

0.55%

3.21%,

10/01/2034

$

31‌

$

32‌

1.00

x

6

Month

USD

LIBOR

+

1.08%

4.15%,

07/01/2033

436‌

454‌

1.00

x

12

Month

USD

LIBOR

+

1.55%

4.36%,

08/01/2035

90‌

94‌

1.00

x

12

Month

USD

LIBOR

+

1.74%

4.42%,

04/01/2033

70‌

74‌

1.00

x

6

Month

USD

LIBOR

+

2.26%

4.57%,

01/01/2033

44‌

45‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.14%

4.67%,

04/01/2036

43‌

45‌

1.00

x

12

Month

USD

LIBOR

+

1.71%

4.73%,

02/01/2036

16‌

16‌

1.00

x

12

Month

USD

LIBOR

+

1.61%

5.00%,

07/01/2044

2,186‌

2,396‌

$

3,156‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

13.29%

2.50%,

04/01/2028

1,936‌

1,980‌

2.50%,

06/01/2028

137‌

140‌

2.50%,

09/01/2029

544‌

558‌

3.00%,

10/01/2029

89‌

92‌

3.00%,

09/01/2032

175‌

181‌

3.00%,

02/01/2035

(q)

4,000‌

4,121‌

3.00%,

12/01/2040

174‌

181‌

3.00%,

04/01/2043

527‌

547‌

3.00%,

05/01/2043

677‌

705‌

3.00%,

08/01/2043

3,357‌

3,482‌

3.00%,

03/01/2048

6,757‌

6,939‌

3.00%,

12/01/2048

205‌

210‌

3.00%,

02/01/2050

(q)

7,000‌

7,159‌

3.50%,

02/01/2033

38‌

39‌

3.50%,

05/01/2034

1,855‌

1,973‌

3.50%,

01/01/2041

218‌

231‌

3.50%,

07/01/2043

1,349‌

1,443‌

3.50%,

11/01/2044

3,826‌

4,056‌

3.50%,

08/01/2045

5,523‌

5,855‌

3.50%,

11/01/2046

11,494‌

12,354‌

3.50%,

04/01/2047

210‌

224‌

3.50%,

10/01/2047

80‌

85‌

3.50%,

11/01/2047

5,332‌

5,680‌

3.50%,

03/01/2048

87‌

90‌

4.00%,

08/01/2020

61‌

64‌

4.00%,

02/01/2031

253‌

271‌

4.00%,

03/01/2034

664‌

718‌

4.00%,

05/01/2047

9,000‌

9,504‌

4.00%,

06/01/2048

40‌

42‌

4.50%,

04/01/2024

673‌

703‌

4.50%,

06/01/2044

870‌

953‌

5.00%,

06/01/2048

1,770‌

1,951‌

5.50%,

06/01/2020

4‌

4‌

5.50%,

09/01/2020

55‌

55‌

5.50%,

02/01/2023

15‌

16‌

5.50%,

06/01/2023

63‌

68‌

5.50%,

07/01/2023

1‌

1‌

5.50%,

07/01/2033

104‌

118‌

5.50%,

09/01/2033

134‌

151‌

5.50%,

05/01/2040

457‌

509‌

6.00%,

02/01/2023

6‌

7‌

6.00%,

02/01/2038

333‌

369‌

6.00%,

05/01/2038

32‌

35‌

6.00%,

08/01/2038

215‌

238‌

6.00%,

08/01/2038

228‌

251‌

6.50%,

05/01/2022

2‌

2‌

6.50%,

12/01/2031

2‌

2‌

6.50%,

02/01/2032

2‌

2‌

6.50%,

02/01/2032

2‌

2‌

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

23

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

6.50%,

04/01/2032

$

6‌

$

7‌

6.50%,

08/01/2032

6‌

7‌

6.50%,

07/01/2037

153‌

174‌

6.50%,

07/01/2037

279‌

334‌

6.50%,

12/01/2037

217‌

249‌

6.50%,

02/01/2038

301‌

345‌

6.50%,

03/01/2038

67‌

75‌

6.50%,

09/01/2038

320‌

373‌

7.00%,

03/01/2032

19‌

22‌

7.50%,

08/01/2032

5‌

6‌

$

75,953‌

Government

National

Mortgage

Association

(GNMA)

-

7.30%

3.00%,

06/20/2043

2,665‌

2,764‌

3.00%,

01/20/2045

1,319‌

1,369‌

3.00%,

06/20/2046

715‌

742‌

3.00%,

07/20/2046

3,057‌

3,173‌

3.00%,

02/01/2050

5,000‌

5,142‌

3.25%,

07/20/2043

216‌

222‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.50%

3.50%,

03/15/2042

1,122‌

1,200‌

3.50%,

04/15/2042

1,079‌

1,145‌

3.50%,

09/20/2044

76‌

81‌

3.50%,

09/20/2047

1,590‌

1,687‌

3.50%,

06/20/2048

3,674‌

3,813‌

3.50%,

02/01/2050

1,000‌

1,032‌

4.00%,

01/20/2048

9,867‌

10,377‌

4.50%,

06/20/2025

1,601‌

1,691‌

4.50%,

09/15/2039

304‌

336‌

4.50%,

03/15/2040

2,048‌

2,240‌

5.00%,

11/15/2033

1,501‌

1,670‌

5.00%,

06/15/2034

26‌

29‌

5.00%,

10/20/2039

120‌

134‌

5.00%,

07/20/2040

161‌

171‌

5.00%,

02/15/2042

1,052‌

1,176‌

5.50%,

10/15/2033

541‌

607‌

5.50%,

05/20/2035

56‌

63‌

5.50%,

02/15/2038

487‌

546‌

6.00%,

07/20/2028

22‌

24‌

6.00%,

11/20/2028

20‌

22‌

6.00%,

01/20/2029

23‌

25‌

6.00%,

07/20/2029

5‌

5‌

6.00%,

08/15/2031

17‌

19‌

6.00%,

01/15/2032

2‌

3‌

6.00%,

02/15/2032

10‌

11‌

6.00%,

02/15/2033

29‌

32‌

6.00%,

12/15/2033

35‌

40‌

6.50%,

03/20/2028

4‌

5‌

6.50%,

05/20/2029

4‌

5‌

6.50%,

10/15/2032

14‌

16‌

6.50%,

12/15/2032

47‌

52‌

7.00%,

06/15/2031

8‌

10‌

7.00%,

07/15/2031

1‌

2‌

7.00%,

06/15/2032

56‌

61‌

8.00%,

01/20/2031

3‌

4‌

$

41,746‌

U.S.

Treasury

-

15.90%

1.63%,

02/15/2026

5,500‌

5,572‌

1.63%,

08/15/2029

6,000‌

6,058‌

2.50%,

05/15/2024

10,000‌

10,487‌

3.00%,

09/30/2025

16,000‌

17,411‌

3.00%,

11/15/2045

(r)

9,000‌

10,767‌

3.13%,

05/15/2048

17,000‌

21,069‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

3.88%,

08/15/2040

$

14,545‌

$

19,480‌

$

90,844‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

237,077‌

Total

Investments

$

587,639‌

Other

Assets

and

Liabilities

-  (2.81)%

(16,070‌)

TOTAL

NET

ASSETS

-

100.00%

$

571,569‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,100

or

0.37%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(f)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$128

or

0.02%

of

net

assets.

(g)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(h)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$84,932

or

14.86%

of

net

assets.

(i)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(j)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(k)

Security

is

an

Interest

Only

Strip.

(l)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(n)

Security

purchased

on

a

when-issued

basis.

(o)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(p)

This

Senior

Floating

Rate

Note

will

settle

after

January

31,

2020,

at

which

time

the

interest

rate

will

be

determined.

(q)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.  See

Notes

to

Financial

Statements

for

additional

information.

(r)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,974

or

0.35%

of

net

assets.

Schedule

of

Investments

Core

Plus

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

24

Portfolio

Summary  (unaudited)

Sector

Percent

Mortgage

Securities

38.01‌%

Government

18.31‌%

Financial

10.90‌%

Consumer,

Non-cyclical

6.78‌%

Communications

5.48‌%

Energy

5.02‌%

Money

Market

Funds

4.72‌%

Industrial

3.97‌%

Consumer,

Cyclical

2.90‌%

Utilities

2.82‌%

Basic

Materials

1.79‌%

Technology

1.56‌%

Asset

Backed

Securities

0.55‌%

Other

Assets

and

Liabilities

(2.81‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

61,205‌

$

215,317‌

$

251,632‌

$

24,890‌

$

61,205‌

$

215,317‌

$

251,632‌

$

24,890‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

97‌

$

—‌

$

—‌

$

—‌

$

97‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

10

Year

Note;

March

2020

Long

182‌

$

23,961‌

$

367‌

US

2

Year

Note;

March

2020

Short

5‌

1,082‌

(3‌)

US

5

Year

Note;

March

2020

Short

111‌

13,355‌

(142‌)

US

Long

Bond;

March

2020

Short

20‌

3,271‌

(85‌)

Total

$

137‌

Amounts

in

thousands

except

contracts.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

January

31,

2020

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.33.HY.5

N/A

(5.00)%

Quarterly

12/20/2024

$

10,890‌

$

(918‌)

$

4‌

$

(914‌)

Total

$

(918‌)

$

4‌

$

(914‌)

Amounts

in

thousands.

(a)

Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

market

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Schedule

of

Investments

Diversified

International

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

25

INVESTMENT

COMPANIES

-

2.60%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.60%

BlackRock

Liquidity

FedFund

1.49

%

(a),(b)

16,920,873‌

$

16,921‌

Principal

Government

Money

Market

Fund

1.43

%

(a),(b),(c)

304,122,387‌

304,122‌

$

321,043‌

TOTAL

INVESTMENT

COMPANIES

$

321,043‌

COMMON

STOCKS

-

97.99%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

1.44%

CAE

Inc

1,831,200‌

54,311‌

Kawasaki

Heavy

Industries

Ltd

851,500‌

16,787‌

Safran

SA

657,911‌

106,080‌

$

177,178‌

Apparel

-

2.15%

Adidas

AG

303,697‌

96,003‌

Fila

Holdings

Corp

696,743‌

25,509‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

328,776‌

143,173‌

$

264,685‌

Automobile

Manufacturers

-

3.23%

Ferrari

NV

527,192‌

88,965‌

Kia

Motors

Corp

1,961,778‌

66,726‌

Maruti

Suzuki

India

Ltd

584,500‌

56,445‌

Toyota

Motor

Corp

2,685,100‌

186,689‌

$

398,825‌

Automobile

Parts

&

Equipment

-

0.40%

Toyota

Industries

Corp

914,700‌

49,474‌

Banks

-

8.85%

Banco

Comercial

Portugues

SA

81,277,615‌

17,241‌

Banco

do

Brasil

SA

4,250,400‌

47,937‌

Bangkok

Bank

PCL

5,602,800‌

25,863‌

Bank

Leumi

Le-Israel

BM

10,003,437‌

71,924‌

BNP

Paribas

SA

1,890,022‌

100,299‌

BOC

Hong

Kong

Holdings

Ltd

12,440,000‌

41,122‌

Credicorp

Ltd

315,733‌

65,224‌

DBS

Group

Holdings

Ltd

3,762,000‌

69,300‌

DNB

ASA

4,500,100‌

78,673‌

Erste

Group

Bank

AG

(

d)

1,718,262‌

63,090‌

Grupo

Financiero

Banorte

SAB

de

CV

7,003,930‌

43,164‌

HDFC

Bank

Ltd

ADR

733,974‌

42,042‌

ICICI

Bank

Ltd

ADR

2,599,200‌

37,896‌

Macquarie

Group

Ltd

1,070,819‌

102,317‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

3,696,445‌

36,874‌

OTP

Bank

Nyrt

660,403‌

30,591‌

PT

Bank

Central

Asia

Tbk

14,973,900‌

35,384‌

Shinhan

Financial

Group

Co

Ltd

1,027,508‌

33,531‌

Toronto-Dominion

Bank/The

2,058,500‌

113,767‌

United

Overseas

Bank

Ltd

1,916,100‌

35,739‌

$

1,091,978‌

Beverages

-

1.61%

Carlsberg

A/S

549,360‌

80,225‌

Coca-Cola

HBC

AG

(

d)

842,636‌

30,952‌

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

3,436,246‌

51,466‌

Thai

Beverage

PCL

61,750,600‌

35,842‌

$

198,485‌

Biotechnology

-

1.21%

CSL

Ltd

723,976‌

148,899‌

Building

Materials

-

0.62%

Anhui

Conch

Cement

Co

Ltd

5,165,825‌

35,031‌

Cie

de

Saint-Gobain

1,107,941‌

41,801‌

$

76,832‌

Chemicals

-

1.46%

JSR

Corp

1,769,900‌

31,524‌

Koninklijke

DSM

NV

589,208‌

71,710‌

Nitto

Denko

Corp

745,600‌

41,446‌

Nutrien

Ltd

819,200‌

34,968‌

$

179,648‌

Commercial

Services

-

0.26%

Dai

Nippon

Printing

Co

Ltd

1,185,100‌

32,679‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

-

2.01%

CyberArk

Software

Ltd

(

d)

351,298‌

$

48,560‌

Logitech

International

SA

2,383,008‌

106,753‌

Nomura

Research

Institute

Ltd

1,936,500‌

42,614‌

Obic

Co

Ltd

370,600‌

50,498‌

$

248,425‌

Consumer

Products

-

0.32%

Hindustan

Unilever

Ltd

1,401,729‌

39,875‌

Cosmetics

&

Personal

Care

-

0.11%

Essity

AB

427,016‌

13,556‌

Distribution

&

Wholesale

-

1.80%

Ferguson

PLC

1,043,946‌

93,748‌

ITOCHU

Corp

5,510,800‌

128,738‌

$

222,486‌

Diversified

Financial

Services

-

2.64%

AerCap

Holdings

NV

(

d)

1,198,096‌

67,824‌

Bajaj

Finance

Ltd

638,776‌

38,936‌

Housing

Development

Finance

Corp

Ltd

2,514,917‌

84,994‌

ORIX

Corp

6,453,390‌

109,014‌

Tisco

Financial

Group

PCL

7,468,200‌

24,572‌

$

325,340‌

Electric

-

2.19%

Enel

SpA

15,664,560‌

136,538‌

Iberdrola

SA

12,187,981‌

133,353‌

$

269,891‌

Electrical

Components

&

Equipment

-

0.33%

Delta

Electronics

Inc

8,812,000‌

41,172‌

Electronics

-

1.47%

Halma

PLC

1,752,353‌

48,639‌

Hoya

Corp

1,392,504‌

133,270‌

$

181,909‌

Energy

-

Alternate

Sources

-

0.65%

Vestas

Wind

Systems

A/S

812,614‌

80,666‌

Engineering

&

Construction

-

1.08%

Vinci

SA

1,201,855‌

133,153‌

Food

-

4.62%

Associated

British

Foods

PLC

1,712,334‌

59,270‌

Koninklijke

Ahold

Delhaize

NV

1,484,728‌

36,437‌

MEIJI

Holdings

Co

Ltd

569,900‌

40,106‌

Nestle

India

Ltd

148,648‌

31,953‌

Nestle

SA

2,734,921‌

301,642‌

Uni-President

Enterprises

Corp

27,606,000‌

65,770‌

X5

Retail

Group

NV

961,890‌

35,212‌

$

570,390‌

Food

Service

-

0.80%

Compass

Group

PLC

3,975,023‌

98,271‌

Forest

Products

&

Paper

-

0.49%

Mondi

PLC

2,998,379‌

61,007‌

Hand

&

Machine

Tools

-

0.98%

Amada

Holdings

Co

Ltd

3,681,200‌

38,339‌

Techtronic

Industries

Co

Ltd

10,286,500‌

82,077‌

$

120,416‌

Healthcare

-

Products

-

1.41%

Carl

Zeiss

Meditec

AG

274,193‌

33,476‌

Koninklijke

Philips

NV

1,323,692‌

60,622‌

Sartorius

Stedim

Biotech

205,297‌

36,815‌

Straumann

Holding

AG

44,538‌

42,451‌

$

173,364‌

Healthcare

-

Services

-

1.51%

ICON

PLC

(

d)

516,350‌

87,067‌

Lonza

Group

AG

241,190‌

99,054‌

$

186,121‌

Home

Builders

-

1.04%

Persimmon

PLC

1,537,850‌

61,911‌

Taylor

Wimpey

PLC

23,618,554‌

66,992‌

$

128,903‌

Schedule

of

Investments

Diversified

International

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

26

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Furnishings

-

1.45%

Howden

Joinery

Group

PLC

5,821,553‌

$

52,812‌

Sony

Corp

1,807,700‌

126,407‌

$

179,219‌

Insurance

-

8.23%

ASR

Nederland

NV

1,102,069‌

41,007‌

AXA

SA

4,237,260‌

112,676‌

BB

Seguridade

Participacoes

SA

7,103,550‌

57,723‌

Fairfax

Financial

Holdings

Ltd

123,600‌

55,306‌

Hannover

Rueck

SE

491,534‌

95,440‌

IRB

Brasil

Resseguros

S/A

4,554,200‌

47,067‌

Legal

&

General

Group

PLC

32,776,054‌

131,822‌

M&G

PLC

(

d)

10,210,443‌

32,220‌

NN

Group

NV

1,963,835‌

68,162‌

PICC

Property

&

Casualty

Co

Ltd

31,724,000‌

33,927‌

Prudential

PLC

4,913,987‌

87,372‌

Sompo

Holdings

Inc

1,421,400‌

53,109‌

Swiss

Life

Holding

AG

206,662‌

103,884‌

Tokio

Marine

Holdings

Inc

1,764,700‌

95,790‌

$

1,015,505‌

Internet

-

3.60%

Alibaba

Group

Holding

Ltd

ADR

(d)

1,110,426‌

229,403‌

Tencent

Holdings

Ltd

3,935,632‌

187,691‌

Vipshop

Holdings

Ltd

ADR

(d)

2,176,299‌

27,704‌

$

444,798‌

Investment

Companies

-

0.35%

EXOR

NV

402,760‌

29,679‌

Investor

AB

235,498‌

12,894‌

$

42,573‌

Leisure

Products

&

Services

-

0.22%

BRP

Inc

522,400‌

26,669‌

Machinery

-

Diversified

-

1.03%

Keyence

Corp

197,400‌

66,357‌

Miura

Co

Ltd

869,400‌

30,114‌

Valmet

Oyj

1,394,263‌

30,161‌

$

126,632‌

Metal

Fabrication

&

Hardware

-

0.45%

SKF

AB

3,007,892‌

55,058‌

Mining

-

1.98%

Franco-Nevada

Corp

(

e)

547,998‌

62,274‌

MMC

Norilsk

Nickel

PJSC

ADR

2,633,439‌

84,955‌

Newcrest

Mining

Ltd

959,671‌

19,213‌

Rio

Tinto

Ltd

1,207,643‌

78,362‌

$

244,804‌

Oil

&

Gas

-

4.79%

BP

PLC

14,889,537‌

89,636‌

Canadian

Natural

Resources

Ltd

1,623,300‌

45,655‌

LUKOIL

PJSC

ADR

746,213‌

75,923‌

Neste

Oyj

(

e)

3,088,973‌

122,997‌

Parkland

Fuel

Corp

924,000‌

32,152‌

Petrobras

Distribuidora

SA

4,954,800‌

33,367‌

PTT

PCL

25,328,700‌

34,927‌

Reliance

Industries

Ltd

4,397,116‌

86,731‌

Suncor

Energy

Inc

2,290,300‌

70,003‌

$

591,391‌

Pharmaceuticals

-

5.67%

Galapagos

NV

(

d)

156,575‌

34,994‌

Merck

KGaA

526,391‌

67,499‌

Novartis

AG

2,032,839‌

192,039‌

Novo

Nordisk

A/S

2,180,193‌

132,712‌

Roche

Holding

AG

813,740‌

272,984‌

$

700,228‌

Pipelines

-

1.29%

Pembina

Pipeline

Corp

(

e)

1,589,400‌

60,867‌

TC

Energy

Corp

1,783,300‌

97,789‌

$

158,656‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Private

Equity

-

3.33%

3i

Group

PLC

10,884,524‌

$

158,335‌

Brookfield

Asset

Management

Inc

3,509,202‌

214,731‌

Intermediate

Capital

Group

PLC

1,674,291‌

38,399‌

$

411,465‌

Real

Estate

-

1.37%

CK

Asset

Holdings

Ltd

9,162,500‌

58,539‌

PSP

Swiss

Property

AG

293,291‌

44,348‌

Vonovia

SE

1,169,054‌

66,725‌

$

169,612‌

Retail

-

4.84%

Alimentation

Couche-Tard

Inc

4,629,792‌

154,735‌

ANTA

Sports

Products

Ltd

9,499,000‌

82,700‌

Hennes

&

Mauritz

AB

(

e)

3,500,892‌

76,809‌

Home

Product

Center

PCL

66,296,100‌

30,921‌

JD

Sports

Fashion

PLC

3,762,328‌

40,687‌

Li

Ning

Co

Ltd

18,589,500‌

54,288‌

Pan

Pacific

International

Holdings

Corp

3,165,200‌

51,076‌

Wal-Mart

de

Mexico

SAB

de

CV

23,948,678‌

70,076‌

WH

Smith

PLC

1,129,094‌

35,569‌

$

596,861‌

Semiconductors

-

6.76%

ASML

Holding

NV

481,219‌

135,049‌

NXP

Semiconductors

NV

733,131‌

93,005‌

Samsung

Electronics

Co

Ltd

5,008,616‌

232,064‌

SK

Hynix

Inc

1,298,858‌

98,825‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

26,645,544‌

274,828‌

$

833,771‌

Software

-

1.86%

AVEVA

Group

PLC

374,194‌

24,264‌

Capcom

Co

Ltd

1,019,000‌

28,832‌

Dassault

Systemes

SE

417,511‌

72,277‌

Nemetschek

SE

405,141‌

27,482‌

SimCorp

A/S

299,297‌

33,179‌

Tech

Mahindra

Ltd

3,855,575‌

43,011‌

$

229,045‌

Telecommunications

-

3.76%

China

Mobile

Ltd

5,914,500‌

48,615‌

Deutsche

Telekom

AG

4,271,983‌

69,189‌

Nice

Ltd

ADR

(d)

433,988‌

74,776‌

Nippon

Telegraph

&

Telephone

Corp

4,714,000‌

120,193‌

Orange

SA

2,876,672‌

40,665‌

SoftBank

Group

Corp

2,731,700‌

110,291‌

$

463,729‌

Toys,

Games

&

Hobbies

-

0.64%

Nintendo

Co

Ltd

214,800‌

79,015‌

Transportation

-

1.69%

Canadian

National

Railway

Co

1,472,348‌

137,589‌

East

Japan

Railway

Co

811,400‌

71,445‌

$

209,034‌

TOTAL

COMMON

STOCKS

$

12,091,693‌

PREFERRED

STOCKS

-

0.36%

Shares

Held

Value

(000's)

Investment

Companies

-

0.36%

Itausa

-

Investimentos

Itau

SA

0.08%

14,949,589‌

$

44,647‌

TOTAL

PREFERRED

STOCKS

$

44,647‌

Total

Investments

$

12,457,383‌

Other

Assets

and

Liabilities

-  (

0.95)%

(117,220‌)

TOTAL

NET

ASSETS

-

100.00%

$

12,340,163‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$70,311

or

0.57%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

Schedule

of

Investments

Diversified

International

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

27

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

Portfolio

Summary  (

unaudited)

Location

Percent

Japan

14.04‌%

United

Kingdom

10.20‌%

Switzerland

9.67‌%

Canada

9.41‌%

France

6.38‌%

China

5.69‌%

Netherlands

4.34‌%

India

3.75‌%

Korea,

Republic

Of

3.70‌%

Germany

3.69‌%

Taiwan

3.09‌%

Denmark

2.64‌%

United

States

2.60‌%

Australia

2.20‌%

Italy

2.13‌%

Brazil

1.87‌%

Hong

Kong

1.86‌%

Russian

Federation

1.59‌%

Israel

1.58‌%

Sweden

1.29‌%

Ireland

1.26‌%

Finland

1.25‌%

Thailand

1.23‌%

Spain

1.08‌%

Mexico

0.92‌%

Singapore

0.85‌%

Norway

0.64‌%

Peru

0.53‌%

Austria

0.51‌%

Indonesia

0.29‌%

Belgium

0.28‌%

Hungary

0.25‌%

Portugal

0.14‌%

Other

Assets

and

Liabilities

(

0.95‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

120,902‌

$

1,058,507‌

$

875,287‌

$

304,122‌

$

120,902‌

$

1,058,507‌

$

875,287‌

$

304,122‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

435‌

$

—‌

$

—‌

$

—‌

$

435‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Equity

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

28

INVESTMENT

COMPANIES

-

3.47%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.47%

BlackRock

Liquidity

FedFund

1.49

%

(a),(b)

32,122,540‌

$

32,122‌

Principal

Government

Money

Market

Fund

1.43

%

(a),(b),(c)

255,815,743‌

255,816‌

$

287,938‌

TOTAL

INVESTMENT

COMPANIES

$

287,938‌

COMMON

STOCKS

-

97.24%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0.47%

Boeing

Co/The

123,178‌

39,204‌

Airlines

-

1.66%

Delta

Air

Lines

Inc

2,463,606‌

137,321‌

Apparel

-

1.27%

VF

Corp

1,266,076‌

105,046‌

Automobile

Manufacturers

-

1.46%

PACCAR

Inc

1,627,910‌

120,807‌

Automobile

Parts

&

Equipment

-

1.59%

Magna

International

Inc

2,594,272‌

131,504‌

Banks

-

10.20%

First

Republic

Bank/CA

1,078,756‌

119,612‌

JPMorgan

Chase

&

Co

1,838,795‌

243,383‌

PNC

Financial

Services

Group

Inc/The

1,395,140‌

207,248‌

Truist

Financial

Corp

2,400,960‌

123,818‌

US

Bancorp

2,861,818‌

152,306‌

$

846,367‌

Beverages

-

1.72%

Coca-Cola

Co/The

2,447,292‌

142,922‌

Biotechnology

-

0.63%

Corteva

Inc

1,797,861‌

51,994‌

Chemicals

-

2.77%

Air

Products

&

Chemicals

Inc

384,625‌

91,814‌

DuPont

de

Nemours

Inc

1,126,967‌

57,678‌

PPG

Industries

Inc

672,035‌

80,537‌

$

230,029‌

Computers

-

1.31%

Apple

Inc

351,922‌

108,923‌

Diversified

Financial

Services

-

4.22%

BlackRock

Inc

344,874‌

181,869‌

Discover

Financial

Services

2,241,312‌

168,390‌

$

350,259‌

Electric

-

6.73%

Eversource

Energy

1,148,813‌

106,196‌

NextEra

Energy

Inc

375,808‌

100,792‌

Sempra

Energy

831,130‌

133,513‌

WEC

Energy

Group

Inc

1,070,105‌

106,893‌

Xcel

Energy

Inc

1,602,318‌

110,864‌

$

558,258‌

Electronics

-

0.84%

Honeywell

International

Inc

403,364‌

69,871‌

Food

-

3.96%

Hormel

Foods

Corp

3,664,585‌

173,188‌

Tyson

Foods

Inc

1,879,124‌

155,272‌

$

328,460‌

Healthcare

-

Products

-

3.66%

Abbott

Laboratories

1,655,718‌

144,280‌

Medtronic

PLC

1,379,714‌

159,274‌

$

303,554‌

Healthcare

-

Services

-

1.67%

HCA

Healthcare

Inc

997,820‌

138,497‌

Insurance

-

7.18%

Allstate

Corp/The

1,078,365‌

127,830‌

Chubb

Ltd

1,164,500‌

176,992‌

Fidelity

National

Financial

Inc

3,497,985‌

170,527‌

Swiss

Re

AG

ADR

(d)

4,262,586‌

120,205‌

$

595,554‌

Machinery

-

Diversified

-

1.52%

Deere

&

Co

794,188‌

125,942‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

-

2.00%

Walt

Disney

Co/The

1,200,220‌

$

166,002‌

Miscellaneous

Manufacturers

-

2.21%

3M

Co

328,077‌

52,053‌

Parker-Hannifin

Corp

670,435‌

131,197‌

$

183,250‌

Oil

&

Gas

-

6.38%

Chevron

Corp

908,173‌

97,302‌

Cimarex

Energy

Co

583,326‌

25,602‌

EOG

Resources

Inc

1,704,553‌

124,279‌

Exxon

Mobil

Corp

577,448‌

35,871‌

Marathon

Petroleum

Corp

2,568,037‌

139,958‌

Royal

Dutch

Shell

PLC

-

B

shares

ADR

(d)

1,996,862‌

106,393‌

$

529,405‌

Pharmaceuticals

-

8.65%

Becton

Dickinson

and

Co

430,667‌

118,511‌

Merck

&

Co

Inc

2,041,035‌

174,386‌

Novartis

AG

ADR

1,313,207‌

124,111‌

Pfizer

Inc

2,999,351‌

111,696‌

Roche

Holding

AG

ADR

4,518,448‌

188,871‌

$

717,575‌

Pipelines

-

1.61%

Enterprise

Products

Partners

LP

5,195,802‌

133,896‌

Private

Equity

-

2.04%

KKR

&

Co

Inc

5,314,114‌

169,520‌

REITs

-

5.17%

Alexandria

Real

Estate

Equities

Inc

829,695‌

135,406‌

Digital

Realty

Trust

Inc

1,411,165‌

173,559‌

Realty

Income

Corp

1,530,633‌

120,017‌

$

428,982‌

Retail

-

3.07%

Costco

Wholesale

Corp

548,529‌

167,587‌

Starbucks

Corp

1,027,408‌

87,155‌

$

254,742‌

Semiconductors

-

2.59%

Microchip

Technology

Inc

1,147,226‌

111,832‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

1,914,706‌

103,279‌

$

215,111‌

Software

-

3.17%

Fidelity

National

Information

Services

Inc

618,611‌

88,869‌

Microsoft

Corp

508,048‌

86,485‌

SAP

SE

ADR

666,351‌

87,139‌

$

262,493‌

Telecommunications

-

4.03%

BCE

Inc

3,407,334‌

160,554‌

Verizon

Communications

Inc

2,918,757‌

173,491‌

$

334,045‌

Toys,

Games

&

Hobbies

-

2.15%

Hasbro

Inc

1,746,537‌

177,920‌

Transportation

-

1.31%

Union

Pacific

Corp

606,408‌

108,802‌

TOTAL

COMMON

STOCKS

$

8,066,255‌

Total

Investments

$

8,354,193‌

Other

Assets

and

Liabilities

-  (

0.71)%

(59,308‌)

TOTAL

NET

ASSETS

-

100.00%

$

8,294,885‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$61,593

or

0.74%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

Schedule

of

Investments

Equity

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

29

Portfolio

Summary  (

unaudited)

Sector

Percent

Financial

28.81‌%

Consumer,

Non-cyclical

20.29‌%

Consumer,

Cyclical

11.20‌%

Energy

7.99‌%

Technology

7.07‌%

Utilities

6.73‌%

Industrial

6.35‌%

Communications

6.03‌%

Money

Market

Funds

3.47‌%

Basic

Materials

2.77‌%

Other

Assets

and

Liabilities

(

0.71‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

189,995‌

$

730,818‌

$

664,997‌

$

255,816‌

$

189,995‌

$

730,818‌

$

664,997‌

$

255,816‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

733‌

$

—‌

$

—‌

$

—‌

$

733‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

30

BONDS

-

88.00%

Principal

Amount

(000's)

Value

(000's)

Agriculture

-

1.75%

JBS

Investments

II

GmbH

7.00%,

01/15/2026

(a)

$

3,675‌

$

4,000‌

7.00%,

01/15/2026

400‌

436‌

$

4,436‌

Banks

-

5.93%

Banco

Mercantil

del

Norte

SA/Grand

Cayman

6.75%,

12/31/2049

(a),(b),(c)

1,450‌

1,580‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

6.75%,

12/31/2049

(b),(c)

2,950‌

3,214‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

Bancolombia

SA

4.63%,

12/18/2029

(c)

1,425‌

1,466‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%

Bangkok

Bank

PCL/Hong

Kong

3.73%,

09/25/2034

(a),(c)

2,350‌

2,443‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%

Bank

Leumi

Le-Israel

BM

3.28%,

01/29/2031

(a),(c)

4,950‌

4,947‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.63%

Itau

Unibanco

Holding

SA/Cayman

Island

3.25%,

01/24/2025

(a)

1,400‌

1,411‌

$

15,061‌

Diversified

Financial

Services

-

5.68%

CSN

Islands

XI

Corp

6.75%,

01/28/2028

(a)

4,200‌

4,172‌

Power

Finance

Corp

Ltd

5.25%,

08/10/2028

4,610‌

5,045‌

Unifin

Financiera

SAB

de

CV

7.00%,

01/15/2025

3,550‌

3,714‌

7.25%,

09/27/2023

1,425‌

1,507‌

$

14,438‌

Entertainment

-

1.96%

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital

Inc

4.63%,

04/16/2029

(a)

4,700‌

4,986‌

Food

-

2.08%

MARB

BondCo

PLC

7.00%,

03/15/2024

5,100‌

5,285‌

Oil

&

Gas

-

5.46%

Odebrecht

Drilling

Norbe

VIII/IX

Ltd

6.35%,

12/01/2021

2,580‌

2,574‌

Odebrecht

Offshore

Drilling

Finance

Ltd

6.72%,

12/01/2022

1,004‌

994‌

Petroleos

Mexicanos

6.49%,

01/23/2027

(a)

1,600‌

1,736‌

6.84%,

01/23/2030

(a)

3,650‌

3,955‌

6.84%,

01/23/2030

1,550‌

1,679‌

6.95%,

01/28/2060

(a)

2,900‌

2,939‌

$

13,877‌

Real

Estate

-

6.65%

Arabian

Centres

Sukuk

Ltd

5.38%,

11/26/2024

(a)

5,800‌

5,996‌

China

Evergrande

Group

8.25%,

03/23/2022

2,125‌

2,014‌

10.00%,

04/11/2023

625‌

583‌

Country

Garden

Holdings

Co

Ltd

4.75%,

07/25/2022

1,625‌

1,640‌

4.75%,

09/28/2023

1,050‌

1,054‌

Kaisa

Group

Holdings

Ltd

8.50%,

06/30/2022

2,973‌

2,940‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Real

Estate

(continued)

Sunac

China

Holdings

Ltd

7.88%,

02/15/2022

$

2,575‌

$

2,657‌

$

16,884‌

Sovereign

-

52.08%

1MDB

Global

Investments

Ltd

4.40%,

03/09/2023

6,800‌

6,742‌

Argentine

Republic

Government

International

Bond

5.88%,

01/11/2028

2,150‌

941‌

6.63%,

07/06/2028

6,225‌

2,767‌

Bahrain

Government

International

Bond

5.63%,

09/30/2031

(a)

3,950‌

4,207‌

Bonos

de

la

Tesoreria

de

la

Republica

1.90%,

09/01/2030

CLP

8,997,686‌

12,972‌

Dominican

Republic

International

Bond

5.88%,

01/30/2060

(a)

$

5,400‌

5,397‌

Egypt

Government

International

Bond

7.50%,

01/31/2027

6,525‌

7,458‌

Indonesia

Treasury

Bond

8.38%,

03/15/2034

IDR

105,075,000‌

8,456‌

8.75%,

05/15/2031

91,950,000‌

7,646‌

Ivory

Coast

Government

International

Bond

5.25%,

03/22/2030

EUR

5,926‌

6,819‌

Kenya

Government

International

Bond

7.00%,

05/22/2027

(a)

$

4,575‌

4,859‌

7.00%,

05/22/2027

1,200‌

1,275‌

Malaysia

Government

Bond

3.48%,

03/15/2023

MYR

20,000‌

4,964‌

Mexican

Bonos

7.75%,

11/13/2042

MXN

88,450‌

5,102‌

Nigeria

Government

International

Bond

7.63%,

11/28/2047

$

2,325‌

2,262‌

7.70%,

02/23/2038

1,900‌

1,909‌

Peru

Government

Bond

6.15%,

08/12/2032

(a)

PEN

16,550‌

5,674‌

Peruvian

Government

International

Bond

6.90%,

08/12/2037

18,500‌

6,768‌

Republic

of

Poland

Government

International

Bond

5.13%,

04/21/2021

$

6,000‌

6,242‌

Romanian

Government

International

Bond

3.38%,

01/28/2050

(a)

EUR

3,800‌

4,467‌

Russian

Federal

Bond

-

OFZ

7.05%,

01/19/2028

RUB

744,800‌

12,369‌

Ukraine

Government

Bond

16.00%,

08/11/2021

UAH

83,325‌

3,569‌

Ukraine

Government

International

Bond

0.00%,

05/31/2040

(d),(e)

$

5,670‌

5,620‌

4.38%,

01/27/2030

(a)

EUR

3,500‌

3,850‌

$

132,335‌

Supranational

Bank

-

2.67%

African

Export-Import

Bank/The

3.99%,

09/21/2029

(a)

$

3,000‌

3,129‌

Banque

Ouest

Africaine

de

Developpement

5.00%,

07/27/2027

(a)

275‌

297‌

5.00%,

07/27/2027

3,100‌

3,348‌

$

6,774‌

Telecommunications

-

3.74%

C&W

Senior

Financing

DAC

6.88%,

09/15/2027

750‌

805‌

7.50%,

10/15/2026

(a)

900‌

971‌

7.50%,

10/15/2026

1,425‌

1,538‌

MTN

Mauritius

Investments

Ltd

5.37%,

02/13/2022

4,395‌

4,569‌

6.50%,

10/13/2026

1,430‌

1,615‌

$

9,498‌

TOTAL

BONDS

$

223,574‌

Schedule

of

Investments

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

31

CONVERTIBLE

BONDS

-

0.77%

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

-

0.77%

NMC

Health

Jersey

Ltd

1.88%,

04/30/2025

$

2,400‌

$

1,964‌

TOTAL

CONVERTIBLE

BONDS

$

1,964‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

5.34%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Bill

-

5.34%

1.49%,

04/02/2020

(f)

$

13,600‌

$

13,566‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

13,566‌

Total

Investments

$

239,104‌

Other

Assets

and

Liabilities

-  5.89%

14,972‌

TOTAL

NET

ASSETS

-

100.00%

$

254,076‌

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$71,016

or

27.95%

of

net

assets.

(b)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(c)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(d)

Non-income

producing

security

(e)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(f)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Portfolio

Summary  (unaudited)

Location

Percent

Mexico

10.00‌%

Cayman

Islands

9.69‌%

United

States

7.30‌%

Indonesia

6.34‌%

Ukraine

5.13‌%

Chile

5.11‌%

Peru

4.89‌%

Russian

Federation

4.87‌%

Egypt

2.94‌%

Cote

d'Ivoire

2.68‌%

Supranational

2.67‌%

Virgin

Islands,

British

2.65‌%

Poland

2.46‌%

Mauritius

2.44‌%

Kenya

2.41‌%

Dominican

Republic

2.12‌%

United

Kingdom

2.08‌%

India

1.99‌%

Malaysia

1.95‌%

Israel

1.95‌%

Romania

1.76‌%

Austria

1.75‌%

Bahrain

1.66‌%

Nigeria

1.64‌%

Argentina

1.46‌%

Ireland

1.30‌%

Thailand

0.96‌%

Jersey,

Channel

Islands

0.77‌%

Colombia

0.58‌%

Brazil

0.56‌%

Other

Assets

and

Liabilities

5.89‌%

TOTAL

NET

ASSETS

100.00%

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Citigroup

Inc

02/07/2020

$

110‌

EUR

100‌

$

—‌

$

(1‌)

Goldman

Sachs

&

Co

02/21/2020

$

3,635‌

BRL

15,600‌

—‌

(5‌)

HSBC

Securities

Inc

02/07/2020

$

197‌

EUR

178‌

—‌

—‌

HSBC

Securities

Inc

02/07/2020

$

3,078‌

EUR

2,792‌

—‌

(18‌)

HSBC

Securities

Inc

02/21/2020

$

3,731‌

BRL

15,600‌

91‌

—‌

HSBC

Securities

Inc

02/21/2020

$

4,999‌

MXN

94,500‌

9‌

—‌

JPMorgan

Chase

02/07/2020

$

7,080‌

EUR

6,310‌

81‌

—‌

JPMorgan

Chase

02/07/2020

$

3,749‌

EUR

3,400‌

—‌

(22‌)

JPMorgan

Chase

02/21/2020

BRL

31,200‌

$

7,521‌

—‌

(242‌)

JPMorgan

Chase

02/21/2020

$

13,594‌

CLP

10,495,000‌

481‌

—‌

Total

$

662‌

$

(288‌)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

January

31,

2020

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Citigroup

Inc

Mexico

Government

International

Bond,

4.15%,

03/28/2027

0.74%

(1.00)%

Quarterly

06/20/2024

$

1,400‌

$

15‌

$

(30‌)

$

—‌

$

(15‌)

Citigroup

Inc

Mexico

Government

International

Bond,

4.15%,

03/28/2027

0.74%

(1.00)%

Quarterly

06/20/2024

1,800‌

9‌

(28‌)

—‌

(19‌)

JPMorgan

Chase

Mexico

Government

International

Bond,

4.15%,

03/28/2027

0.74%

(1.00)%

Quarterly

06/20/2024

1,400‌

9‌

(24‌)

—‌

(15‌)

Total

$

33‌

$

(82‌)

$

—‌

$

(49‌)

Schedule

of

Investments

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

32

Credit

Default

Swaps

(continued)

Sell

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

January

31,

2020

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b)

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

(c)

Asset

----

Liability

Barclays

Bank

PLC

Ukraine

Government

Bond,

7.75%,

09/01/2022

3.59%

5.00%

Quarterly

12/20/2024

$

3,250‌

$

131‌

$

67‌

$

198‌

$

—‌

Barclays

Bank

PLC

Ukraine

Government

Bond,

7.75%,

09/01/2022

3.59%

5.00%

Quarterly

12/20/2024

2,150‌

96‌

35‌

131‌

—‌

Citigroup

Inc

Petroleos

Mexicanos,

6.63%,

06/15/2035

2.05%

1.00%

Quarterly

06/20/2024

1,100‌

(78‌)

30‌

—‌

(48‌)

Goldman

Sachs

&

Co

Petroleos

Mexicanos,

6.63%,

06/15/2035

2.05%

1.00%

Quarterly

06/20/2024

1,100‌

(80‌)

32‌

—‌

(48‌)

JPMorgan

Chase

Petroleos

Mexicanos,

6.63%,

06/15/2035

2.05%

1.00%

Quarterly

06/20/2024

4,350‌

(319‌)

129‌

—‌

(190‌)

JPMorgan

Chase

Petroleos

Mexicanos,

6.63%,

06/15/2035

2.05%

1.00%

Quarterly

06/20/2024

750‌

(33‌)

—‌

—‌

(33‌)

Total

$

(283‌)

$

293‌

$

329‌

$

(319‌)

Amounts

in

thousands.

(a)

Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

market

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(b)

The

maximum

potential

payment

amount

that

the

seller

of

credit

protection

could

be

required

to

make

if

a

credit

event

occurs

as

defined

under

the

terms

of

that

particular

swap

agreement

is

$12,700.

(c)

The

market

price

and

resulting

market

value

for

credit

default

swap

agreements

on

an

issuer

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

an

expected

liability

(or

profit)

for

the

credit

default

swap

as

of

the

period

end.

Increasing

market

values,

in

absolute

terms,

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Interest

Rate

Swaps

Counterparty

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

Asset

Liability

Citigroup

Inc

Sinacofi

Chile

Interbank

Rate

Avg

Receive

2.23%

Semiannual

Semiannual

N/A

12/18/2021

CLP

15,400,000‌

$

(147‌)

$

—‌

$

—‌

$

(147‌)

JPMorgan

Chase

Sinacofi

Chile

Interbank

Rate

Avg

Receive

1.51%

Semiannual

Semiannual

N/A

12/18/2021

23,750,000‌

174‌

—‌

174‌

—‌

JPMorgan

Chase

Sinacofi

Chile

Interbank

Rate

Avg

Receive

2.06%

Semiannual

Semiannual

N/A

12/18/2021

10,000,000‌

(55‌)

—‌

—‌

(55‌)

JPMorgan

Chase

Sinacofi

Chile

Interbank

Rate

Avg

Receive

1.81%

Semiannual

Semiannual

N/A

01/28/2022

1,500,000‌

1‌

—‌

1‌

—‌

Total

$

(27‌)

$

—‌

$

175‌

$

(202‌)

Amounts

in

thousands.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

6

Month

Warsaw

Interbank

Offered

Rate

Pay

1.85%

Semiannual

Annual

N/A

01/28/2022

PLN

243,050‌

$

91‌

$

—‌

$

91‌

6

Month

Warsaw

Interbank

Offered

Rate

Receive

2.02%

Annual

Semiannual

N/A

01/28/2030

51,650‌

(205‌)

(1‌)

(206‌)

Total

$

(114‌)

$

(1‌)

$

(115‌)

Amounts

in

thousands.

(a)    

Forward

swap.

Schedule

of

Investments

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

33

Total

Return

Swaps

Counterparty

Reference

Entity

Contracts

Pay/Receive

Positive

Return

Financing

Rate

Payment

Frequency

Expiration

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

----

Liability

HSBC

Securities

Inc

Egypt

Government

Bond,

14.30%,

09/03/2022

42,975,000

Receive

3

Month

USD

LIBOR

+

0.80%

Annual

11/13/2020

$

2,752‌

$

—‌

$

131‌

$

—‌

HSBC

Securities

Inc

Egypt

Government

Bond,

14.30%,

09/03/2022

21,500,000

Receive

3

Month

USD

LIBOR

+

0.80%

Annual

12/24/2020

1,417‌

—‌

30‌

—‌

HSBC

Securities

Inc

Egypt

Treasury

Bills,

0.00%,

08/11/2020

46,000,000

Receive

3

Month

USD

LIBOR

+

0.80%

Annual

08/12/2020

2,554‌

—‌

138‌

—‌

HSBC

Securities

Inc

Egypt

Treasury

Bills,

0.00%,

12/08/2020

50,500,000

Receive

3

Month

USD

LIBOR

+

0.80%

Annual

12/09/2020

2,760‌

—‌

73‌

—‌

JPMorgan

Chase

Egypt

Treasury

Bills,

0.00%,

01/05/2021

34,000,000

Receive

3

Month

USD

LIBOR

+

0.80%

Annual

01/08/2021

1,901‌

—‌

—‌

(4‌)

Total

$

—‌

$

372‌

$

(4‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

34

INVESTMENT

COMPANIES

-

3.29%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.04%

WisdomTree

Trust

-

WisdomTree

International

High

Dividend

Fund

41,052‌

$

1,648‌

WisdomTree

US

High

Dividend

Fund

19,116‌

1,427‌

$

3,075‌

Money

Market

Funds

-

3.25%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

19,979,775‌

19,980‌

Principal

Government

Money

Market

Fund

1.43%

(a),(b),(c)

233,768,810‌

233,768‌

$

253,748‌

TOTAL

INVESTMENT

COMPANIES

$

256,823‌

COMMON

STOCKS

-

17.27%

Shares

Held

Value

(000's)

Advertising

-

0.06%

Hakuhodo

DY

Holdings

Inc

40,100‌

568‌

Interpublic

Group

of

Cos

Inc/The

89,939‌

2,042‌

Publicis

Groupe

SA

45,386‌

2,012‌

$

4,622‌

Aerospace

&

Defense

-

0.06%

CAE

Inc

30,800‌

914‌

Dassault

Aviation

SA

516‌

628‌

Elbit

Systems

Ltd

773‌

118‌

Meggitt

PLC

122,448‌

1,089‌

Spirit

AeroSystems

Holdings

Inc

2,867‌

187‌

TransDigm

Group

Inc

2,935‌

1,888‌

$

4,824‌

Agriculture

-

0.07%

Imperial

Brands

PLC

121,737‌

3,122‌

Japan

Tobacco

Inc

106,200‌

2,245‌

$

5,367‌

Airlines

-

0.02%

Delta

Air

Lines

Inc

16,853‌

939‌

Southwest

Airlines

Co

9,647‌

531‌

$

1,470‌

Apparel

-

0.12%

Adidas

AG

1,878‌

594‌

Carter's

Inc

9,049‌

960‌

Fila

Holdings

Corp

8,059‌

295‌

Gildan

Activewear

Inc

24,200‌

670‌

Hanesbrands

Inc

124,915‌

1,719‌

Kering

SA

2,206‌

1,348‌

Moncler

SpA

14,022‌

603‌

NIKE

Inc

4,785‌

461‌

Ralph

Lauren

Corp

17,533‌

1,990‌

Tapestry

Inc

17,924‌

462‌

$

9,102‌

Automobile

Manufacturers

-

0.12%

Cummins

Inc

8,252‌

1,320‌

Fiat

Chrysler

Automobiles

NV

188,929‌

2,461‌

Guangzhou

Automobile

Group

Co

Ltd

426,000‌

427‌

Isuzu

Motors

Ltd

100,000‌

980‌

Kia

Motors

Corp

13,332‌

453‌

Peugeot

SA

76,872‌

1,583‌

Volvo

AB

-

B

Shares

121,862‌

2,083‌

$

9,307‌

Automobile

Parts

&

Equipment

-

0.14%

Allison

Transmission

Holdings

Inc

11,807‌

522‌

BorgWarner

Inc

24,809‌

851‌

Cie

Generale

des

Etablissements

Michelin

SCA

16,492‌

1,913‌

Dana

Inc

34,179‌

527‌

Denso

Corp

19,600‌

804‌

Faurecia

SE

32,226‌

1,535‌

Goodyear

Tire

&

Rubber

Co/The

26,169‌

344‌

Koito

Manufacturing

Co

Ltd

13,100‌

568‌

Lear

Corp

9,094‌

1,120‌

Magna

International

Inc

36,000‌

1,825‌

Stanley

Electric

Co

Ltd

25,300‌

652‌

Valeo

SA

14,075‌

418‌

$

11,079‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

-

0.95%

AIB

Group

PLC

1,306,713‌

$

3,831‌

Associated

Banc-Corp

71,360‌

1,422‌

Atlantic

Union

Bankshares

Corp

28,125‌

948‌

Bangkok

Bank

PCL

94,500‌

436‌

Bank

Leumi

Le-Israel

BM

47,444‌

341‌

Bank

of

America

Corp

30,797‌

1,011‌

Bank

OZK

52,524‌

1,428‌

Bankinter

SA

346,153‌

2,245‌

BankUnited

Inc

32,349‌

1,067‌

Cathay

General

Bancorp

24,092‌

869‌

CIMB

Group

Holdings

Bhd

774,700‌

929‌

CIT

Group

Inc

25,698‌

1,175‌

Citigroup

Inc

17,449‌

1,298‌

Citizens

Financial

Group

Inc

27,539‌

1,027‌

Comerica

Inc

35,622‌

2,179‌

Commerce

Bancshares

Inc/MO

(d)

12,115‌

820‌

Concordia

Financial

Group

Ltd

424,400‌

1,600‌

Cullen/Frost

Bankers

Inc

11,018‌

982‌

DBS

Group

Holdings

Ltd

47,300‌

871‌

DNB

ASA

48,278‌

844‌

East

West

Bancorp

Inc

23,192‌

1,063‌

Fifth

Third

Bancorp

47,753‌

1,359‌

Fukuoka

Financial

Group

Inc

89,800‌

1,556‌

Huntington

Bancshares

Inc/OH

123,913‌

1,681‌

Investec

PLC

389,952‌

2,152‌

Israel

Discount

Bank

Ltd

36,982‌

168‌

KeyCorp

97,979‌

1,833‌

M&T

Bank

Corp

7,270‌

1,225‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

87,825‌

876‌

Mizrahi

Tefahot

Bank

Ltd

4,470‌

122‌

Morgan

Stanley

28,209‌

1,474‌

Northern

Trust

Corp

11,554‌

1,130‌

OFG

Bancorp

57,483‌

1,133‌

Oversea-Chinese

Banking

Corp

Ltd

100,300‌

789‌

PacWest

Bancorp

111,215‌

3,898‌

Paragon

Banking

Group

PLC

164,086‌

1,100‌

Pinnacle

Financial

Partners

Inc

8,959‌

529‌

PNC

Financial

Services

Group

Inc/The

8,417‌

1,250‌

Regions

Financial

Corp

176,551‌

2,749‌

Resona

Holdings

Inc

184,400‌

760‌

Signature

Bank/New

York

NY

6,396‌

908‌

Skandinaviska

Enskilda

Banken

AB

188,635‌

1,864‌

State

Street

Corp

27,739‌

2,098‌

Synovus

Financial

Corp

33,830‌

1,185‌

TCF

Financial

Corp

61,263‌

2,590‌

Toronto-Dominion

Bank/The

45,500‌

2,515‌

UBS

Group

AG

(e)

582,007‌

7,228‌

Wells

Fargo

&

Co

32,957‌

1,547‌

Zions

Bancorp

NA

47,837‌

2,176‌

$

74,281‌

Beverages

-

0.05%

Asahi

Group

Holdings

Ltd

15,400‌

714‌

Carlsberg

A/S

5,922‌

865‌

Coca-Cola

European

Partners

PLC

7,260‌

382‌

Constellation

Brands

Inc

2,775‌

522‌

Kirin

Holdings

Co

Ltd

46,900‌

1,030‌

Thai

Beverage

PCL

837,200‌

486‌

$

3,999‌

Biotechnology

-

0.06%

Amgen

Inc

5,064‌

1,094‌

H

Lundbeck

A/S

64,887‌

2,757‌

Mirati

Therapeutics

Inc

(e)

5,581‌

485‌

$

4,336‌

Building

Materials

-

0.22%

Asia

Cement

China

Holdings

Corp

563,500‌

707‌

Buzzi

Unicem

SpA

43,156‌

1,008‌

China

Lesso

Group

Holdings

Ltd

670,000‌

861‌

Fletcher

Building

Ltd

20,811‌

74‌

Fortune

Brands

Home

&

Security

Inc

12,815‌

880‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

35

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Building

Materials

(continued)

Ibstock

PLC

(f)

321,084‌

$

1,232‌

Imerys

SA

63,628‌

2,747‌

Kingspan

Group

PLC

9,915‌

613‌

LafargeHolcim

Ltd

(e)

83,017‌

4,219‌

Martin

Marietta

Materials

Inc

1,803‌

476‌

Masco

Corp

39,278‌

1,866‌

Summit

Materials

Inc

(e)

49,459‌

1,087‌

US

Concrete

Inc

(e)

12,631‌

450‌

Xinyi

Glass

Holdings

Ltd

746,000‌

935‌

$

17,155‌

Chemicals

-

0.43%

Arkema

SA

25,729‌

2,358‌

BASF

SE

35,992‌

2,429‌

Cabot

Corp

18,379‌

733‌

Celanese

Corp

7,015‌

726‌

Chemours

Co/The

193,476‌

2,684‌

Clariant

AG

(e)

150,430‌

3,386‌

Covestro

AG

(f)

57,620‌

2,428‌

Denka

Co

Ltd

44,100‌

1,191‌

Eastman

Chemical

Co

21,998‌

1,568‌

Huntsman

Corp

63,634‌

1,308‌

Israel

Chemicals

Ltd

22,372‌

94‌

Lintec

Corp

35,400‌

765‌

Methanex

Corp

80,600‌

2,614‌

Mitsubishi

Chemical

Holdings

Corp

265,900‌

1,922‌

Mitsubishi

Gas

Chemical

Co

Inc

151,400‌

2,292‌

Mitsui

Chemicals

Inc

68,700‌

1,509‌

Nissan

Chemical

Corp

14,500‌

599‌

Showa

Denko

KK

70,600‌

1,688‌

Solvay

SA

12,711‌

1,317‌

Sumitomo

Bakelite

Co

Ltd

27,300‌

981‌

Westlake

Chemical

Corp

11,456‌

701‌

$

33,293‌

Commercial

Services

-

0.36%

Adecco

Group

AG

83,754‌

4,907‌

ADT

Inc

(d)

240,040‌

1,488‌

Ashtead

Group

PLC

56,110‌

1,811‌

ATD

New

Holdings

Inc

(e),(g),(h)

385,347‌

9,738‌

CCR

SA

175,400‌

743‌

Cengage

Learning

Holdings

II

Inc

(e)

34,465‌

440‌

H&R

Block

Inc

66,887‌

1,552‌

ManpowerGroup

Inc

12,208‌

1,117‌

Persol

Holdings

Co

Ltd

18,900‌

338‌

QinetiQ

Group

PLC

164,298‌

763‌

Randstad

NV

51,313‌

2,947‌

Recruit

Holdings

Co

Ltd

9,500‌

370‌

Robert

Half

International

Inc

16,438‌

956‌

Sixt

SE

5,616‌

566‌

Sohgo

Security

Services

Co

Ltd

8,100‌

421‌

$

28,157‌

Computers

-

0.08%

Appen

Ltd

30,033‌

495‌

Atos

SE

14,596‌

1,210‌

HP

Inc

71,988‌

1,535‌

NetApp

Inc

28,253‌

1,509‌

Obic

Co

Ltd

5,800‌

790‌

Perspecta

Inc

25,355‌

712‌

$

6,251‌

Consumer

Products

-

0.01%

Henkel

AG

&

Co

KGaA

10,553‌

972‌

Cosmetics

&

Personal

Care

-

0.02%

Lion

Corp

16,500‌

313‌

Pola

Orbis

Holdings

Inc

44,400‌

962‌

$

1,275‌

Distribution

&

Wholesale

-

0.12%

Fastenal

Co

34,680‌

1,210‌

KAR

Auction

Services

Inc

77,096‌

1,620‌

Marubeni

Corp

261,400‌

1,878‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Distribution

&

Wholesale

(continued)

Mitsubishi

Corp

66,200‌

$

1,697‌

Seven

Group

Holdings

Ltd

65,164‌

868‌

Toyota

Tsusho

Corp

32,600‌

1,127‌

WW

Grainger

Inc

2,907‌

880‌

$

9,280‌

Diversified

Financial

Services

-

0.30%

Affiliated

Managers

Group

Inc

8,335‌

666‌

Alliance

Data

Systems

Corp

6,167‌

634‌

Ally

Financial

Inc

26,085‌

835‌

Ameriprise

Financial

Inc

8,735‌

1,445‌

Aruhi

Corp

34,000‌

553‌

Capital

One

Financial

Corp

8,283‌

827‌

Charles

Schwab

Corp/The

16,974‌

773‌

Discover

Financial

Services

9,962‌

748‌

E*TRADE

Financial

Corp

12,483‌

532‌

Evercore

Inc

-

Class

A

13,187‌

1,010‌

Fubon

Financial

Holding

Co

Ltd

502,000‌

744‌

Hana

Financial

Group

Inc

12,951‌

358‌

Intercontinental

Exchange

Inc

4,578‌

457‌

Jefferies

Financial

Group

Inc

55,902‌

1,210‌

Mebuki

Financial

Group

Inc

983,500‌

2,179‌

OneMain

Holdings

Inc

22,667‌

960‌

ORIX

Corp

109,200‌

1,845‌

Raymond

James

Financial

Inc

8,319‌

761‌

SEI

Investments

Co

7,751‌

506‌

Standard

Life

Aberdeen

PLC

986,968‌

3,922‌

Synchrony

Financial

32,146‌

1,042‌

TD

Ameritrade

Holding

Corp

23,634‌

1,122‌

$

23,129‌

Electric

-

2.40%

AGL

Energy

Ltd

168,448‌

2,235‌

Ameren

Corp

16,038‌

1,316‌

CenterPoint

Energy

Inc

35,098‌

929‌

Clearway

Energy

Inc

-

Class

C

550,596‌

11,656‌

CMS

Energy

Corp

173,209‌

11,867‌

DTE

Energy

Co

89,768‌

11,904‌

Edison

International

272,000‌

20,822‌

Enel

SpA

262,302‌

2,286‌

Entergy

Corp

17,769‌

2,337‌

FirstEnergy

Corp

324,894‌

16,502‌

Fortis

Inc/Canada

375,000‌

16,356‌

Hera

SpA

249,504‌

1,135‌

Meridian

Energy

Ltd

31,253‌

107‌

NextEra

Energy

Inc

81,000‌

21,724‌

NRG

Energy

Inc

362,500‌

13,373‌

PG&E

Corp

(e)

350,000‌

5,323‌

Public

Service

Enterprise

Group

Inc

364,952‌

21,605‌

Sempra

Energy

77,500‌

12,450‌

Vistra

Energy

Corp

590,000‌

13,287‌

$

187,214‌

Electrical

Components

&

Equipment

-

0.03%

AMETEK

Inc

2,943‌

286‌

Brother

Industries

Ltd

62,700‌

1,211‌

Littelfuse

Inc

2,824‌

499‌

$

1,996‌

Electronics

-

0.12%

Allegion

PLC

4,026‌

521‌

Gentex

Corp

65,438‌

1,948‌

Honeywell

International

Inc

4,705‌

815‌

ITEQ

Corp

220,000‌

946‌

MINEBEA

MITSUMI

Inc

36,700‌

713‌

Mycronic

AB

56,654‌

1,103‌

Nippon

Electric

Glass

Co

Ltd

72,700‌

1,404‌

Roper

Technologies

Inc

1,344‌

513‌

Taiwan

Union

Technology

Corp

246,000‌

1,009‌

Yageo

Corp

62,000‌

778‌

$

9,750‌

Energy

-

Alternate

Sources

-

0.34%

NextEra

Energy

Partners

LP

(d)

466,985‌

26,511‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

36

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Engineering

&

Construction

-

0.14%

ACS

Actividades

de

Construccion

y

Servicios

SA

75,386‌

$

2,506‌

Auckland

International

Airport

Ltd

23,634‌

132‌

CIMIC

Group

Ltd

82,604‌

1,598‌

Eiffage

SA

5,066‌

587‌

Gamuda

Bhd

839,500‌

787‌

HOCHTIEF

AG

20,719‌

2,397‌

Kyowa

Exeo

Corp

21,500‌

537‌

Obayashi

Corp

117,900‌

1,293‌

SATS

Ltd

195,500‌

651‌

SPIE

SA

41,781‌

809‌

$

11,297‌

Entertainment

-

0.08%

Aristocrat

Leisure

Ltd

28,174‌

672‌

GVC

Holdings

PLC

350,816‌

4,057‌

Vail

Resorts

Inc

7,867‌

1,844‌

$

6,573‌

Food

-

0.11%

Calbee

Inc

16,200‌

530‌

Coles

Group

Ltd

63,757‌

700‌

Colruyt

SA

16,041‌

803‌

Dairy

Farm

International

Holdings

Ltd

10,433‌

54‌

Jardine

Strategic

Holdings

Ltd

6,839‌

209‌

Koninklijke

Ahold

Delhaize

NV

89,909‌

2,206‌

MEIJI

Holdings

Co

Ltd

9,100‌

640‌

Sonae

SGPS

SA

916,555‌

853‌

Wm

Morrison

Supermarkets

PLC

(d)

1,073,150‌

2,573‌

$

8,568‌

Forest

Products

&

Paper

-

0.18%

Domtar

Corp

62,973‌

2,193‌

Interfor

Corp

(e)

66,932‌

709‌

International

Paper

Co

50,820‌

2,069‌

Mondi

PLC

79,981‌

1,627‌

Oji

Holdings

Corp

173,000‌

879‌

Stora

Enso

Oyj

196,911‌

2,556‌

UPM-Kymmene

Oyj

88,074‌

2,775‌

West

Fraser

Timber

Co

Ltd

30,600‌

1,226‌

$

14,034‌

Gas

-

1.31%

Atmos

Energy

Corp

142,182‌

16,639‌

Enagas

SA

128,052‌

3,450‌

New

Jersey

Resources

Corp

338,988‌

14,007‌

NiSource

Inc

972,253‌

28,497‌

South

Jersey

Industries

Inc

518,220‌

15,961‌

Southwest

Gas

Holdings

Inc

316,802‌

23,922‌

$

102,476‌

Hand

&

Machine

Tools

-

0.05%

Amada

Holdings

Co

Ltd

132,700‌

1,382‌

Lincoln

Electric

Holdings

Inc

10,257‌

915‌

Snap-on

Inc

6,680‌

1,066‌

Techtronic

Industries

Co

Ltd

79,000‌

630‌

$

3,993‌

Healthcare

-

Products

-

0.03%

Carl

Zeiss

Meditec

AG

6,597‌

806‌

China

Medical

System

Holdings

Ltd

556,000‌

740‌

Fisher

&

Paykel

Healthcare

Corp

Ltd

13,995‌

209‌

STERIS

PLC

3,915‌

590‌

$

2,345‌

Healthcare

-

Services

-

0.06%

Encompass

Health

Corp

13,264‌

1,022‌

Fresenius

Medical

Care

AG

&

Co

KGaA

12,726‌

978‌

Fresenius

SE

&

Co

KGaA

16,712‌

853‌

NMC

Health

PLC

8,213‌

140‌

Quest

Diagnostics

Inc

16,673‌

1,846‌

Ryman

Healthcare

Ltd

9,755‌

103‌

$

4,942‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Holding

Companies

-

Diversified

-

0.05%

CK

Hutchison

Holdings

Ltd

239,500‌

$

2,116‌

Jardine

Matheson

Holdings

Ltd

6,835‌

381‌

Swire

Pacific

Ltd

135,000‌

1,186‌

$

3,683‌

Home

Builders

-

0.20%

Persimmon

PLC

222,820‌

8,970‌

PulteGroup

Inc

43,871‌

1,959‌

Sekisui

Chemical

Co

Ltd

66,200‌

1,102‌

Taylor

Wimpey

PLC

831,892‌

2,360‌

Toll

Brothers

Inc

32,797‌

1,455‌

$

15,846‌

Home

Furnishings

-

0.02%

Hoshizaki

Corp

4,800‌

441‌

SEB

SA

4,356‌

559‌

Sony

Corp

3,300‌

231‌

Targus

Group

International

Inc

(e),(g),(h)

75,880‌

4‌

$

1,235‌

Housewares

-

0.03%

Newell

Brands

Inc

129,700‌

2,533‌

Insurance

-

0.48%

Allstate

Corp/The

7,266‌

861‌

American

Financial

Group

Inc/OH

11,185‌

1,217‌

Arthur

J

Gallagher

&

Co

14,641‌

1,502‌

ASR

Nederland

NV

27,637‌

1,028‌

Aviva

PLC

685,121‌

3,590‌

Dai-ichi

Life

Holdings

Inc

97,700‌

1,450‌

Fidelity

National

Financial

Inc

39,092‌

1,906‌

Great-West

Lifeco

Inc

169,700‌

4,397‌

Hannover

Rueck

SE

3,288‌

638‌

Hanover

Insurance

Group

Inc/The

14,109‌

1,955‌

iA

Financial

Corp

Inc

47,400‌

2,608‌

Manulife

Financial

Corp

172,000‌

3,351‌

National

General

Holdings

Corp

24,365‌

530‌

NN

Group

NV

102,949‌

3,574‌

Primerica

Inc

3,475‌

412‌

Progressive

Corp/The

18,349‌

1,481‌

Prudential

Financial

Inc

23,619‌

2,151‌

Swiss

Life

Holding

AG

2,653‌

1,334‌

T&D

Holdings

Inc

138,700‌

1,478‌

Unum

Group

64,075‌

1,710‌

$

37,173‌

Internet

-

0.04%

CDW

Corp/DE

3,439‌

449‌

Expedia

Group

Inc

2,982‌

323‌

Kakaku.com

Inc

18,100‌

473‌

Trend

Micro

Inc/Japan

21,800‌

1,139‌

VeriSign

Inc

(e)

3,731‌

776‌

$

3,160‌

Investment

Companies

-

0.00%

EXOR

NV

4,632‌

341‌

Iron

&

Steel

-

0.28%

ArcelorMittal

SA

35,987‌

529‌

BlueScope

Steel

Ltd

45,665‌

427‌

Fortescue

Metals

Group

Ltd

333,937‌

2,474‌

Nucor

Corp

25,583‌

1,215‌

Reliance

Steel

&

Aluminum

Co

19,707‌

2,262‌

Specialty

Steel

Holdings,

Inc.

(e),(g),(h)

87‌

13,171‌

Steel

Dynamics

Inc

58,909‌

1,760‌

$

21,838‌

Leisure

Products

&

Services

-

0.02%

Yamaha

Motor

Co

Ltd

105,400‌

1,956‌

Lodging

-

0.04%

City

Developments

Ltd

151,700‌

1,169‌

Extended

Stay

America

Inc

37,232‌

481‌

Melco

Resorts

&

Entertainment

Ltd

ADR

6,487‌

131‌

NagaCorp

Ltd

686,000‌

967‌

Shangri-La

Asia

Ltd

872,000‌

804‌

$

3,552‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

37

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Construction

&

Mining

-

0.07%

Hitachi

Ltd

23,000‌

$

876‌

Komatsu

Ltd

76,400‌

1,689‌

Oshkosh

Corp

14,654‌

1,261‌

Sandvik

AB

47,999‌

876‌

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

953,600‌

700‌

$

5,402‌

Machinery

-

Diversified

-

0.12%

ANDRITZ

AG

61,504‌

2,420‌

Cognex

Corp

3,820‌

195‌

Deutz

AG

75,046‌

392‌

Dover

Corp

13,940‌

1,587‌

Graco

Inc

11,458‌

609‌

GrafTech

International

Ltd

88,886‌

954‌

KION

Group

AG

25,261‌

1,581‌

Nordson

Corp

3,008‌

508‌

Sumitomo

Heavy

Industries

Ltd

42,500‌

1,113‌

$

9,359‌

Media

-

0.84%

Altice

USA

Inc

(e)

1,034,612‌

28,307‌

Charter

Communications

Inc

(e)

24,435‌

12,644‌

Cogeco

Communications

Inc

176,200‌

13,834‌

Comcast

Corp

-

Class

A

231,164‌

9,984‌

Quebecor

Inc

31,200‌

774‌

$

65,543‌

Metal

Fabrication

&

Hardware

-

0.03%

SKF

AB

53,540‌

980‌

Timken

Co/The

26,948‌

1,416‌

$

2,396‌

Mining

-

0.34%

Anglo

American

PLC

81,535‌

2,128‌

BHP

Group

Ltd

64,383‌

1,651‌

Boliden

AB

41,577‌

987‌

Kirkland

Lake

Gold

Ltd

3,100‌

127‌

Lundin

Mining

Corp

207,600‌

1,089‌

OZ

Minerals

Ltd

53,583‌

358‌

Perenti

Global

Ltd

384,781‌

390‌

Real

Alloy

Holding

Inc

(e),(g),(h)

362‌

13,406‌

Rio

Tinto

Ltd

31,180‌

2,023‌

Rio

Tinto

PLC

42,765‌

2,287‌

South32

Ltd

1,157,161‌

1,985‌

$

26,431‌

Miscellaneous

Manufacturers

-

0.03%

AO

Smith

Corp

15,793‌

674‌

ITT

Inc

6,735‌

452‌

Parker-Hannifin

Corp

4,640‌

908‌

$

2,034‌

Office

&

Business

Equipment

-

0.02%

FUJIFILM

Holdings

Corp

13,800‌

686‌

Sato

Holdings

Corp

25,000‌

710‌

$

1,396‌

Oil

&

Gas

-

0.56%

Aker

BP

ASA

59,460‌

1,675‌

Beach

Energy

Ltd

309,664‌

540‌

Cabot

Oil

&

Gas

Corp

42,412‌

598‌

Canadian

Natural

Resources

Ltd

117,800‌

3,313‌

ConocoPhillips

17,404‌

1,034‌

DCC

PLC

9,110‌

736‌

Eni

SpA

180,654‌

2,531‌

EOG

Resources

Inc

6,684‌

487‌

Frontera

Energy

Corp

71,984‌

507‌

Helmerich

&

Payne

Inc

14,380‌

583‌

Idemitsu

Kosan

Co

Ltd

43,400‌

1,083‌

Imperial

Oil

Ltd

62,300‌

1,477‌

JXTG

Holdings

Inc

385,000‌

1,637‌

Lundin

Petroleum

AB

27,326‌

831‌

Marathon

Oil

Corp

66,267‌

753‌

Marathon

Petroleum

Corp

32,883‌

1,792‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Milagro

Oil

&

Gas

Inc

(e),(g),(h)

1,874‌

$

191‌

Occidental

Petroleum

Corp

64,111‌

2,547‌

Oil

Search

Ltd

171,795‌

821‌

OMV

AG

33,096‌

1,645‌

Patterson-UTI

Energy

Inc

83,069‌

660‌

Repsol

SA

172,925‌

2,380‌

Royal

Dutch

Shell

PLC

ADR

25,000‌

1,304‌

Royal

Dutch

Shell

PLC

-

A

Shares

151,553‌

3,980‌

Royal

Dutch

Shell

PLC

-

B

Shares

81,755‌

2,148‌

Santos

Ltd

171,263‌

983‌

Suncor

Energy

Inc

86,400‌

2,641‌

TORC

Oil

&

Gas

Ltd

(d)

205,000‌

595‌

TOTAL

SA

50,615‌

2,464‌

Woodside

Petroleum

Ltd

88,772‌

2,034‌

$

43,970‌

Packaging

&

Containers

-

0.04%

DS

Smith

PLC

188,166‌

843‌

Packaging

Corp

of

America

12,135‌

1,162‌

Westrock

Co

27,353‌

1,067‌

$

3,072‌

Pharmaceuticals

-

0.17%

AbbVie

Inc

37,482‌

3,037‌

Alfresa

Holdings

Corp

29,200‌

587‌

Astellas

Pharma

Inc

61,900‌

1,094‌

Kyowa

Kirin

Co

Ltd

37,400‌

879‌

McKesson

Corp

3,214‌

458‌

Medipal

Holdings

Corp

26,400‌

559‌

Novartis

AG

32,662‌

3,086‌

Ono

Pharmaceutical

Co

Ltd

41,300‌

951‌

Reata

Pharmaceuticals

Inc

(e)

3,630‌

794‌

Shionogi

&

Co

Ltd

10,300‌

613‌

Ship

Healthcare

Holdings

Inc

11,000‌

493‌

Sumitomo

Dainippon

Pharma

Co

Ltd

28,600‌

491‌

$

13,042‌

Pipelines

-

0.36%

Enterprise

Products

Partners

LP

728,800‌

18,781‌

ONEOK

Inc

52,760‌

3,950‌

Targa

Resources

Corp

149,207‌

5,446‌

$

28,177‌

Private

Equity

-

0.01%

Intermediate

Capital

Group

PLC

41,106‌

943‌

Real

Estate

-

0.62%

Aroundtown

SA

485,854‌

4,600‌

Azrieli

Group

Ltd

1,349‌

99‌

CA

Immobilien

Anlagen

AG

21,493‌

946‌

Castellum

AB

84,225‌

2,069‌

CK

Asset

Holdings

Ltd

178,000‌

1,137‌

Daito

Trust

Construction

Co

Ltd

11,500‌

1,355‌

Echo

Investment

SA

406,230‌

537‌

Entra

ASA

(f)

56,607‌

966‌

Fabege

AB

59,888‌

1,027‌

Hongkong

Land

Holdings

Ltd

36,007‌

191‌

Hysan

Development

Co

Ltd

380,000‌

1,419‌

Kerry

Properties

Ltd

515,000‌

1,436‌

LEG

Immobilien

AG

14,387‌

1,774‌

Midea

Real

Estate

Holding

Ltd

(f)

859,400‌

2,403‌

Mitsubishi

Estate

Co

Ltd

305,800‌

5,989‌

Mitsui

Fudosan

Co

Ltd

53,170‌

1,408‌

New

World

Development

Co

Ltd

3,093,580‌

3,864‌

Nexity

SA

10,098‌

488‌

Nomura

Real

Estate

Holdings

Inc

52,400‌

1,290‌

Sun

Hung

Kai

Properties

Ltd

233,500‌

3,253‌

TAG

Immobilien

AG

(e)

80,060‌

2,110‌

Times

China

Holdings

Ltd

372,000‌

649‌

TLG

Immobilien

AG

(e)

47,342‌

1,586‌

Tokyo

Tatemono

Co

Ltd

82,900‌

1,339‌

UOL

Group

Ltd

137,500‌

799‌

Vonovia

SE

68,154‌

3,890‌

Wihlborgs

Fastigheter

AB

53,421‌

1,023‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

38

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Real

Estate

(continued)

Zhongliang

Holdings

Group

Co

Ltd

779,000‌

$

541‌

$

48,188‌

REITs

-

3.30%

AIMS

APAC

REIT

1,778,590‌

1,898‌

Alexandria

Real

Estate

Equities

Inc

22,748‌

3,712‌

Altarea

SCA

1,638‌

375‌

American

Homes

4

Rent

117,330‌

3,207‌

Americold

Realty

Trust

38,885‌

1,340‌

Apartment

Investment

&

Management

Co

67,846‌

3,576‌

Apple

Hospitality

REIT

Inc

183,705‌

2,759‌

Arena

REIT

783,750‌

1,617‌

Assura

PLC

741,993‌

762‌

AvalonBay

Communities

Inc

23,079‌

5,001‌

Big

Yellow

Group

PLC

58,513‌

909‌

Blackstone

Mortgage

Trust

Inc

32,838‌

1,254‌

Brandywine

Realty

Trust

165,897‌

2,592‌

British

Land

Co

PLC/The

338,731‌

2,477‌

Brookfield

Property

REIT

Inc

143,133‌

2,642‌

Camden

Property

Trust

4,752‌

534‌

CapitaLand

Commercial

Trust

556,100‌

837‌

CapitaLand

Retail

China

Trust

273,688‌

310‌

CareTrust

REIT

Inc

51,600‌

1,144‌

Centuria

Industrial

REIT

327,451‌

797‌

Centuria

Metropolitan

REIT

108,055‌

217‌

Charter

Hall

Group

68,137‌

581‌

City

Office

REIT

Inc

89,099‌

1,205‌

CoreSite

Realty

Corp

96,456‌

11,329‌

Covivio

12,737‌

1,511‌

Cromwell

European

Real

Estate

Investment

Trust

1,848,600‌

1,118‌

Crown

Castle

International

Corp

16,660‌

2,496‌

CubeSmart

87,955‌

2,786‌

Daiwa

Office

Investment

Corp

177‌

1,419‌

Dexus

195,745‌

1,652‌

Dream

Industrial

Real

Estate

Investment

Trust

(d)

359,330‌

3,796‌

Duke

Realty

Corp

34,651‌

1,258‌

EPR

Properties

45,765‌

3,266‌

Equinix

Inc

22,983‌

13,554‌

Essential

Properties

Realty

Trust

Inc

81,052‌

2,238‌

Essex

Property

Trust

Inc

10,603‌

3,284‌

Far

East

Hospitality

Trust

1,302,430‌

647‌

First

Industrial

Realty

Trust

Inc

21,158‌

903‌

Frasers

Logistics

&

Industrial

Trust

1,046,500‌

934‌

Gecina

SA

8,531‌

1,609‌

Goodman

Group

176,442‌

1,747‌

Healthcare

Trust

of

America

Inc

142,993‌

4,580‌

Healthpeak

Properties

Inc

126,397‌

4,549‌

Highwoods

Properties

Inc

13,498‌

676‌

Independence

Realty

Trust

Inc

533,922‌

7,833‌

Industrial

&

Infrastructure

Fund

Investment

Corp

869‌

1,333‌

Industrial

Logistics

Properties

Trust

261,882‌

5,994‌

Inmobiliaria

Colonial

Socimi

SA

103,885‌

1,392‌

Investec

Australia

Property

Fund

(d)

594,101‌

606‌

Invincible

Investment

Corp

1,512‌

764‌

Invitation

Homes

Inc

231,801‌

7,295‌

Irish

Residential

Properties

REIT

PLC

683,341‌

1,255‌

Japan

Hotel

REIT

Investment

Corp

4,425‌

2,980‌

Kenedix

Office

Investment

Corp

176‌

1,414‌

Kilroy

Realty

Corp

20,280‌

1,675‌

Klepierre

SA

140,078‌

4,761‌

Land

Securities

Group

PLC

215,145‌

2,660‌

Lendlease

Global

Commercial

REIT

636,000‌

428‌

Liberty

Property

Trust

26,924‌

1,687‌

Link

REIT

442,200‌

4,472‌

LondonMetric

Property

PLC

386,230‌

1,161‌

Macquarie

Mexico

Real

Estate

Management

SA

de

CV

(f)

1,157,850‌

1,578‌

Mapletree

Industrial

Trust

425,500‌

865‌

Mapletree

Logistics

Trust

1,520,630‌

2,046‌

MCUBS

MidCity

Investment

Corp

3,924‌

4,606‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Merlin

Properties

Socimi

SA

245,431‌

$

3,481‌

Minto

Apartment

Real

Estate

Investment

Trust

92,016‌

1,713‌

Mitsui

Fudosan

Logistics

Park

Inc

164‌

795‌

New

Residential

Investment

Corp

84,366‌

1,412‌

NewRiver

REIT

PLC

445,313‌

1,105‌

NexPoint

Residential

Trust

Inc

28,088‌

1,371‌

Nippon

Prologis

REIT

Inc

(e)

182‌

523‌

Northview

Apartment

Real

Estate

Investment

Trust

(d)

24,900‌

578‌

NSI

NV

37,202‌

2,031‌

Outfront

Media

Inc

90,000‌

2,677‌

Park

Hotels

&

Resorts

Inc

118,547‌

2,601‌

Physicians

Realty

Trust

186,227‌

3,603‌

PLA

Administradora

Industrial

S

de

RL

de

CV

376,853‌

615‌

Primary

Health

Properties

PLC

321,970‌

669‌

Prologis

Inc

86,981‌

8,079‌

Rexford

Industrial

Realty

Inc

37,388‌

1,802‌

Sabra

Health

Care

REIT

Inc

182,370‌

3,921‌

SBA

Communications

Corp

34,200‌

8,535‌

Segro

PLC

245,967‌

2,954‌

Sekisui

House

Reit

Inc

2,717‌

2,327‌

Simon

Property

Group

Inc

13,295‌

1,770‌

Spirit

Realty

Capital

Inc

28,801‌

1,520‌

STAG

Industrial

Inc

58,986‌

1,902‌

Stockland

642,271‌

2,100‌

STORE

Capital

Corp

83,989‌

3,297‌

Summit

Industrial

Income

REIT

72,049‌

703‌

Sun

Communities

Inc

26,866‌

4,357‌

Sunstone

Hotel

Investors

Inc

60,093‌

762‌

Taubman

Centers

Inc

33,976‌

898‌

Terreno

Realty

Corp

20,497‌

1,174‌

Two

Harbors

Investment

Corp

23,775‌

363‌

UNITE

Group

PLC/The

106,948‌

1,796‌

United

Urban

Investment

Corp

1,132‌

2,028‌

Uniti

Group

Inc

618,635‌

3,916‌

VICI

Properties

Inc

179,546‌

4,812‌

Welltower

Inc

60,470‌

5,135‌

Weyerhaeuser

Co

88,613‌

2,565‌

WPT

Industrial

Real

Estate

Investment

Trust

395,649‌

5,630‌

$

257,423‌

Retail

-

0.43%

American

Eagle

Outfitters

Inc

31,210‌

449‌

Best

Buy

Co

Inc

27,190‌

2,303‌

Bosideng

International

Holdings

Ltd

2,040,000‌

671‌

Canadian

Tire

Corp

Ltd

(d)

18,600‌

1,995‌

Darden

Restaurants

Inc

7,245‌

844‌

Dick's

Sporting

Goods

Inc

33,524‌

1,483‌

Domino's

Pizza

Inc

1,812‌

510‌

Dufry

AG

(e)

56,410‌

4,890‌

Foot

Locker

Inc

43,008‌

1,633‌

Harvey

Norman

Holdings

Ltd

813,980‌

2,284‌

Home

Depot

Inc/The

3,578‌

816‌

Industria

de

Diseno

Textil

SA

34,007‌

1,144‌

Kingfisher

PLC

812,651‌

2,182‌

Kohl's

Corp

44,525‌

1,903‌

MSC

Industrial

Direct

Co

Inc

22,427‌

1,527‌

Pandora

A/S

35,548‌

1,835‌

Penske

Automotive

Group

Inc

32,689‌

1,535‌

Ross

Stores

Inc

3,322‌

373‌

Ruth's

Hospitality

Group

Inc

22,357‌

458‌

Starbucks

Corp

5,999‌

509‌

Sundrug

Co

Ltd

21,400‌

725‌

Tractor

Supply

Co

4,940‌

459‌

Tsuruha

Holdings

Inc

6,600‌

808‌

USS

Co

Ltd

44,100‌

800‌

Walgreens

Boots

Alliance

Inc

26,348‌

1,340‌

$

33,476‌

Savings

&

Loans

-

0.01%

Sterling

Bancorp/DE

29,908‌

598‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

39

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

-

0.20%

Advantest

Corp

17,100‌

$

892‌

Applied

Materials

Inc

13,813‌

801‌

Broadcom

Inc

4,720‌

1,440‌

Cabot

Microelectronics

Corp

10,878‌

1,583‌

Entegris

Inc

21,207‌

1,098‌

Intel

Corp

21,515‌

1,375‌

Lam

Research

Corp

3,860‌

1,151‌

Microchip

Technology

Inc

13,012‌

1,268‌

NXP

Semiconductors

NV

8,801‌

1,117‌

Powertech

Technology

Inc

107,000‌

379‌

Skyworks

Solutions

Inc

10,832‌

1,226‌

SUMCO

Corp

116,200‌

1,777‌

Teradyne

Inc

4,983‌

329‌

Texas

Instruments

Inc

7,817‌

943‌

$

15,379‌

Shipbuilding

-

0.04%

Wartsila

OYJ

Abp

153,850‌

1,886‌

Yangzijiang

Shipbuilding

Holdings

Ltd

1,431,900‌

983‌

$

2,869‌

Software

-

0.10%

CDK

Global

Inc

12,510‌

671‌

InterXion

Holding

NV

(e)

13,002‌

1,132‌

Micro

Focus

International

PLC

319,388‌

4,289‌

Oracle

Corp

12,324‌

646‌

Synopsys

Inc

(e)

6,627‌

978‌

Temenos

AG

(e)

2,478‌

399‌

$

8,115‌

Storage

&

Warehousing

-

0.02%

Safestore

Holdings

PLC

170,427‌

1,814‌

Telecommunications

-

0.66%

Accton

Technology

Corp

193,000‌

1,026‌

BCE

Inc

307,475‌

14,488‌

Cisco

Systems

Inc

24,110‌

1,108‌

CITIC

Telecom

International

Holdings

Ltd

2,140,000‌

739‌

KDDI

Corp

46,300‌

1,399‌

LogMeIn

Inc

11,084‌

953‌

Motorola

Solutions

Inc

8,437‌

1,493‌

NTT

DOCOMO

Inc

54,200‌

1,540‌

Service

Stream

Ltd

283,187‌

493‌

Spark

New

Zealand

Ltd

44,781‌

134‌

Telefonica

Deutschland

Holding

AG

2,050,354‌

6,206‌

TELUS

Corp

495,000‌

19,843‌

TELUS

Corp

45,200‌

1,813‌

$

51,235‌

Toys,

Games

&

Hobbies

-

0.01%

Nintendo

Co

Ltd

1,800‌

662‌

Transportation

-

0.08%

Canadian

Pacific

Railway

Ltd

2,300‌

611‌

CH

Robinson

Worldwide

Inc

10,664‌

770‌

CSX

Corp

8,129‌

621‌

Kamigumi

Co

Ltd

25,800‌

551‌

Landstar

System

Inc

2,126‌

235‌

Old

Dominion

Freight

Line

Inc

872‌

171‌

Poste

Italiane

SpA

(f)

43,548‌

499‌

Sankyu

Inc

17,600‌

868‌

SITC

International

Holdings

Co

Ltd

922,000‌

1,086‌

Union

Pacific

Corp

5,231‌

939‌

$

6,351‌

Water

-

0.01%

Pennon

Group

PLC

48,687‌

711‌

TOTAL

COMMON

STOCKS

$

1,347,501‌

CONVERTIBLE

PREFERRED

STOCKS

-

0.03%

Shares

Held

Value

(000's)

Banks

-

0.03%

Wells

Fargo

&

Co

7.50%

(i)

1,680‌

$

2,597‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

2,597‌

PREFERRED

STOCKS

-

1.05%

Shares

Held

Value

(000's)

Banks

-

0.30%

AgriBank

FCB

6.88%,

01/01/2024

(i)

33,000‌

$

3,564‌

3

Month

USD

LIBOR

+

4.23%

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

0.08%

46,659‌

219‌

Citigroup

Inc

6.88%,

11/15/2023

(d),(i)

78,695‌

2,287‌

3

Month

USD

LIBOR

+

4.13%

Citizens

Financial

Group

Inc

6.35%,

04/06/2024

(i)

2,600‌

72‌

3

Month

USD

LIBOR

+

3.64%

Fifth

Third

Bancorp

6.63%,

12/31/2023

(i)

93,674‌

2,739‌

3

Month

USD

LIBOR

+

3.71%

Goldman

Sachs

Group

Inc/The

5.50%,

05/10/2023

(i)

32,200‌

867‌

3

Month

USD

LIBOR

+

3.64%

Huntington

Bancshares

Inc/OH

6.25%,

04/15/2021

(i)

62,796‌

1,648‌

KeyCorp

6.13%,

12/15/2026

(i)

40,000‌

1,204‌

3

Month

USD

LIBOR

+

3.89%

Morgan

Stanley

5.85%,

04/15/2027

(d),(i)

60,000‌

1,726‌

3

Month

USD

LIBOR

+

3.49%

PNC

Financial

Services

Group

Inc/The

6.13%,

05/01/2022

(i)

27,567‌

758‌

3

Month

USD

LIBOR

+

4.07%

Regions

Financial

Corp

5.70%,

05/15/2029

(d),(i)

38,000‌

1,083‌

3

Month

USD

LIBOR

+

3.15%

State

Street

Corp

5.35%,

03/15/2026

(i)

3,704‌

106‌

3

Month

USD

LIBOR

+

3.71%

State

Street

Corp

5.90%,

03/15/2024

(i)

65,000‌

1,829‌

3

Month

USD

LIBOR

+

3.11%

US

Bancorp

6.50%,

01/15/2022

(d),(i)

3,000‌

83‌

3

Month

USD

LIBOR

+

4.47%

Valley

National

Bancorp

6.25%,

06/30/2025

(i)

119,879‌

3,425‌

3

Month

USD

LIBOR

+

3.85%

Wells

Fargo

&

Co

5.63%,

06/15/2022

(d),(i)

78,727‌

2,086‌

$

23,696‌

Consumer

Products

-

0.01%

Henkel

AG

&

Co

KGaA

1.85%

9,081‌

924‌

Diversified

Financial

Services

-

0.02%

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

(d)

5,000‌

137‌

Charles

Schwab

Corp/The

6.00%,

12/01/2020

(i)

55,283‌

1,468‌

$

1,605‌

Electric

-

0.26%

Alabama

Power

Co

5.00%,

10/01/2022

(d),(i)

75,000‌

2,077‌

Algonquin

Power

&

Utilities

Corp

6.20%,

07/01/2079

50,000‌

1,449‌

3

Month

USD

LIBOR

+

4.01%

CMS

Energy

Corp

5.88%,

03/01/2079

(d)

200,000‌

5,574‌

Dominion

Energy

Inc

5.25%,

07/30/2076

(d)

76,941‌

2,013‌

DTE

Energy

Co

5.25%,

12/01/2077

35,000‌

931‌

Duke

Energy

Corp

5.75%,

06/15/2024

(d),(i)

59,660‌

1,685‌

Entergy

Louisiana

LLC

4.70%,

06/01/2063

(d)

95,030‌

2,432‌

National

Rural

Utilities

Cooperative

Finance

Corp

5.50%,

05/15/2064

(d)

6,445‌

179‌

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

(d)

120,000‌

3,320‌

Southern

Co/The

5.25%,

12/01/2077

31,100‌

825‌

$

20,485‌

Food

-

0.01%

Dairy

Farmers

of

America

Inc

7.88%,

12/01/2025

(f),(i)

10,000‌

995‌

Gas

-

0.01%

Entergy

New

Orleans

LLC

5.00%,

12/01/2052

17,346‌

446‌

Insurance

-

0.08%

Arch

Capital

Group

Ltd

5.25%,

09/29/2021

(i)

30,800‌

799‌

Hartford

Financial

Services

Group

Inc/The

7.88%,

04/15/2042

(d)

97,800‌

2,780‌

3

Month

USD

LIBOR

+

5.60%

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

40

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Reinsurance

Group

of

America

Inc

5.75%,

06/15/2056

(d)

8,367‌

$

247‌

3

Month

USD

LIBOR

+

4.04%

Reinsurance

Group

of

America

Inc

6.20%,

09/15/2042

(d)

14,888‌

412‌

3

Month

USD

LIBOR

+

4.37%

Voya

Financial

Inc

5.35%,

09/15/2029

(i)

80,800‌

2,258‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%

$

6,496‌

REITs

-

0.15%

Equity

Residential

8.29%,

12/10/2026

(i)

20,702‌

1,315‌

Kimco

Realty

Corp

5.25%,

12/20/2022

(i)

63,000‌

1,674‌

Prologis

Inc

8.54%,

11/13/2026

(i)

92,034‌

6,718‌

Public

Storage

5.05%,

08/09/2022

(i)

2,000‌

53‌

Public

Storage

5.60%,

03/11/2024

(d),(i)

40,000‌

1,121‌

SITE

Centers

Corp

6.38%,

06/05/2022

(i)

15,702‌

421‌

$

11,302‌

Savings

&

Loans

-

0.01%

People's

United

Financial

Inc

5.63%,

12/15/2026

(i)

21,800‌

623‌

3

Month

USD

LIBOR

+

4.02%

Sovereign

-

0.15%

CoBank

ACB

3.01%,

07/10/2022

(f),(i)

8,000‌

5,440‌

3

Month

USD

LIBOR

+

1.18%

CoBank

ACB

6.20%,

01/01/2025

(i)

7,000‌

763‌

3

Month

USD

LIBOR

+

3.74%

CoBank

ACB

6.25%,

10/01/2022

(i)

51,000‌

5,457‌

3

Month

USD

LIBOR

+

4.56%

$

11,660‌

Telecommunications

-

0.05%

Centaur

Funding

Corp

9.08%,

04/21/2020

(f)

2,071‌

2,131‌

Telephone

&

Data

Systems

Inc

6.88%,

11/15/2059

(d)

9,296‌

241‌

Telephone

&

Data

Systems

Inc

7.00%,

03/15/2060

(d)

58,018‌

1,494‌

$

3,866‌

TOTAL

PREFERRED

STOCKS

$

82,098‌

BONDS

-

72.07%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.07%

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.63%,

03/15/2030

(f)

$

475‌

$

489‌

5.00%,

08/15/2027

(f)

4,725‌

4,949‌

$

5,438‌

Aerospace

&

Defense

-

0.45%

Leonardo

SpA

4.88%,

03/24/2025

EUR

500‌

666‌

TransDigm

Inc

5.50%,

11/15/2027

(f)

$

16,300‌

16,400‌

6.25%,

03/15/2026

(f)

6,475‌

6,983‌

6.38%,

06/15/2026

5,000‌

5,275‌

7.50%,

03/15/2027

2,950‌

3,230‌

TransDigm

UK

Holdings

PLC

6.88%,

05/15/2026

1,025‌

1,092‌

United

Technologies

Corp

3.10%,

06/01/2022

1,800‌

1,859‌

$

35,505‌

Agriculture

-

0.35%

Adecoagro

SA

6.00%,

09/21/2027

(d)

2,600‌

2,608‌

Camposol

SA

6.00%,

02/03/2027

(f),(j)

745‌

755‌

JBS

Investments

II

GmbH

7.00%,

01/15/2026

(f)

1,500‌

1,633‌

7.00%,

01/15/2026

8,467‌

9,216‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Agriculture

(continued)

Kernel

Holding

SA

8.75%,

01/31/2022

$

1,145‌

$

1,241‌

Philip

Morris

International

Inc

6.38%,

05/16/2038

1,500‌

2,134‌

Reynolds

American

Inc

4.00%,

06/12/2022

2,800‌

2,930‌

Tereos

Finance

Groupe

I

SA

4.13%,

06/16/2023

EUR

5,600‌

5,496‌

Vector

Group

Ltd

6.13%,

02/01/2025

(f)

$

1,500‌

1,492‌

$

27,505‌

Airlines

-

0.16%

Aerovias

de

Mexico

SA

de

CV

7.00%,

02/05/2025

(f),(h),(j)

1,365‌

1,365‌

Gol

Finance

SA

7.00%,

01/31/2025

(f)

8,869‌

9,006‌

Latam

Finance

Ltd

7.00%,

03/01/2026

(f)

1,585‌

1,728‌

$

12,099‌

Apparel

-

0.00%

Levi

Strauss

&

Co

3.38%,

03/15/2027

EUR

200‌

235‌

Automobile

Manufacturers

-

0.12%

Daimler

AG

1.40%,

01/12/2024

2,000‌

2,330‌

Jaguar

Land

Rover

Automotive

PLC

2.20%,

01/15/2024

3,500‌

3,697‌

Tesla

Inc

5.30%,

08/15/2025

(d),(f)

$

3,250‌

3,283‌

$

9,310‌

Automobile

Parts

&

Equipment

-

0.26%

Cie

Generale

des

Etablissements

Michelin

SCA

1.75%,

09/03/2030

EUR

2,300‌

2,948‌

LKQ

European

Holdings

BV

3.63%,

04/01/2026

600‌

689‌

Panther

BF

Aggregator

2

LP

/

Panther

Finance

Co

Inc

6.25%,

05/15/2026

(f)

$

6,725‌

7,214‌

Truck

Hero

Inc

8.50%,

04/21/2024

(f)

5,440‌

5,637‌

Weichai

International

Hong

Kong

Energy

Group

Co

Ltd

3.75%,

12/31/2049

(i),(k)

3,900‌

3,931‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.08%

$

20,419‌

Banks

-

5.06%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

12/31/2049

(f),(i),(k)

2,600‌

2,987‌

USD

Swap

Rate

NY

5

Year

+

5.17%

Banco

de

Sabadell

SA

5.38%,

12/12/2028

(k)

EUR

2,200‌

2,754‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

5.10%

Banco

do

Brasil

SA/Cayman

6.25%,

12/31/2049

(i),(k)

$

7,500‌

7,736‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.40%

Banco

Internacional

del

Peru

SAA

Interbank

3.25%,

10/04/2026

(f)

2,065‌

2,091‌

Banco

Mercantil

del

Norte

SA/Grand

Cayman

6.75%,

12/31/2049

(f),(i),(k)

7,000‌

7,626‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

6.75%,

12/31/2049

(i),(k)

3,000‌

3,268‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

41

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Banco

Mercantil

del

Norte

SA/Grand

Cayman  

(continued)

7.50%,

12/31/2099

(f),(i),(k)

$

3,670‌

$

4,161‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.47%

Bancolombia

SA

3.00%,

01/29/2025

1,330‌

1,338‌

4.63%,

12/18/2029

(k)

5,831‌

5,999‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%

Bangkok

Bank

PCL/Hong

Kong

3.73%,

09/25/2034

(f),(k)

1,300‌

1,352‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%

Bank

Leumi

Le-Israel

BM

3.28%,

01/29/2031

(f),(k)

1,380‌

1,379‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.63%

Bank

of

America

Corp

6.30%,

12/31/2049

(i),(k)

14,300‌

16,651‌

3

Month

USD

LIBOR

+

4.55%

6.50%,

12/31/2049

(i),(k)

5,300‌

5,989‌

3

Month

USD

LIBOR

+

4.17%

Bank

of

Montreal

1.61%,

10/28/2021

CAD

3,750‌

2,830‌

Bank

of

New

York

Mellon

Corp/The

4.62%,

12/31/2099

(i),(k)

$

6,000‌

6,348‌

3

Month

USD

LIBOR

+

3.13%

4.95%,

12/31/2049

(i),(k)

4,420‌

4,467‌

3

Month

USD

LIBOR

+

3.42%

Banque

Centrale

de

Tunisie

International

Bond

5.63%,

02/17/2024

EUR

7,500‌

8,245‌

Barclays

Bank

PLC

6.28%,

12/31/2049

(i),(k)

$

2,000‌

2,376‌

3

Month

USD

LIBOR

+

1.55%

Barclays

PLC

7.88%,

12/31/2049

(i),(k)

7,500‌

8,119‌

USD

Swap

Semi-Annual

5

Year

+

6.77%

BBVA

Bancomer

SA/Texas

5.88%,

09/13/2034

(f),(k)

1,600‌

1,766‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.31%

BNP

Paribas

SA

2.12%,

01/23/2027

(k)

EUR

1,000‌

1,219‌

3

Month

Euro

Interbank

Offered

Rate

+

1.80%

7.37%,

12/31/2049

(f),(i),(k)

$

3,000‌

3,486‌

USD

Swap

Semi-Annual

5

Year

+

5.15%

7.63%,

12/31/2049

(f),(i),(k)

5,000‌

5,263‌

USD

Swap

Semi-Annual

5

Year

+

6.31%

BOS

Funding

Ltd

4.00%,

09/18/2024

4,600‌

4,692‌

CaixaBank

SA

3.50%,

02/15/2027

(k)

EUR

2,200‌

2,577‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

3.35%

Canadian

Imperial

Bank

of

Commerce

3.30%,

05/26/2025

CAD

925‌

749‌

Capital

One

NA

2.25%,

09/13/2021

$

850‌

856‌

CIT

Group

Inc

6.13%,

03/09/2028

295‌

351‌

Citigroup

Capital

III

7.63%,

12/01/2036

4,600‌

6,689‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Citigroup

Inc

5.90%,

12/31/2049

(i),(k)

$

3,043‌

$

3,249‌

3

Month

USD

LIBOR

+

4.23%

5.95%,

12/31/2049

(i),(k)

2,500‌

2,731‌

3

Month

USD

LIBOR

+

3.91%

Citizens

Financial

Group

Inc

6.38%,

12/31/2049

(d),(i),(k)

10,930‌

11,695‌

3

Month

USD

LIBOR

+

3.16%

Credit

Agricole

SA

7.88%,

12/31/2049

(f),(i),(k)

6,000‌

6,825‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

Credit

Bank

of

Moscow

Via

CBOM

Finance

PLC

4.70%,

01/29/2025

(f)

830‌

830‌

8.88%,

12/31/2049

(i),(k)

600‌

586‌

USD

Swap

Semi-Annual

5

Year

+

6.94%

Credit

Suisse

AG/New

York

NY

3.63%,

09/09/2024

1,900‌

2,038‌

Credit

Suisse

Group

AG

6.25%,

12/31/2049

(f),(i),(k)

600‌

661‌

USD

Swap

Semi-Annual

5

Year

+

3.46%

6.38%,

12/31/2099

(f),(i),(k)

500‌

554‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%

7.50%,

12/31/2049

(f),(i),(k)

3,300‌

3,741‌

USD

Swap

Semi-Annual

5

Year

+

4.60%

7.50%,

12/31/2049

(i),(k)

5,000‌

5,668‌

USD

Swap

Semi-Annual

5

Year

+

4.60%

DNB

Bank

ASA

6.50%,

12/31/2049

(i),(k)

3,000‌

3,191‌

USD

Swap

Semi-Annual

5

Year

+

5.08%

Ecobank

Transnational

Inc

9.50%,

04/18/2024

6,300‌

7,043‌

Emirates

Development

Bank

PJSC

3.52%,

03/06/2024

4,000‌

4,137‌

Fifth

Third

Bancorp

5.10%,

12/31/2049

(i),(k)

13,000‌

13,455‌

3

Month

USD

LIBOR

+

3.03%

8.25%,

03/01/2038

900‌

1,465‌

FirstRand

Bank

Ltd

6.25%,

04/23/2028

(k)

550‌

586‌

USD

Swap

Semi-Annual

5

Year

+

3.56%

Goldman

Sachs

Group

Inc/The

4.22%,

05/01/2029

(k)

1,750‌

1,974‌

3

Month

USD

LIBOR

+

1.30%

5.50%,

12/31/2049

(d),(i),(k)

1,000‌

1,076‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%

Grupo

Aval

Ltd

4.38%,

02/04/2030

(f),(j)

910‌

921‌

HSBC

Capital

Funding

Dollar

1

LP

10.18%,

12/31/2049

(i),(k)

4,300‌

7,093‌

3

Month

USD

LIBOR

+

4.98%

HSBC

Holdings

PLC

4.38%,

11/23/2026

1,800‌

1,983‌

6.87%,

12/31/2049

(i),(k)

6,600‌

6,919‌

USD

Swap

Rate

NY

5

Year

+

5.51%

Iccrea

Banca

SpA

1.50%,

10/11/2022

EUR

3,500‌

3,967‌

ING

Groep

NV

2.96%,

04/11/2028

(k)

1,000‌

1,197‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

2.85%

6.50%,

12/31/2049

(i),(k)

$

2,500‌

2,753‌

USD

Swap

Semi-Annual

5

Year

+

4.45%

6.87%,

12/31/2049

(i),(k)

5,000‌

5,350‌

USD

Swap

Semi-Annual

5

Year

+

5.12%

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

42

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Itau

Unibanco

Holding

SA/Cayman

Island

3.25%,

01/24/2025

(f)

$

4,000‌

$

4,032‌

6.13%,

12/31/2049

(f),(i),(k)

3,136‌

3,295‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%

6.13%,

12/31/2049

(i),(k)

6,000‌

6,305‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%

JPMorgan

Chase

&

Co

5.30%,

12/31/2099

(i),(k)

1,000‌

1,007‌

3

Month

USD

LIBOR

+

3.80%

6.75%,

12/31/2049

(i),(k)

11,200‌

12,626‌

3

Month

USD

LIBOR

+

3.78%

KeyCorp

Capital

III

7.75%,

07/15/2029

795‌

1,036‌

Lloyds

Bank

PLC

12.00%,

12/31/2049

(f),(i),(k)

4,100‌

5,013‌

3

Month

USD

LIBOR

+

11.76%

12.00%,

12/31/2049

(i),(k)

3,000‌

3,668‌

3

Month

USD

LIBOR

+

11.76%

13.00%,

12/31/2049

(i),(k)

GBP

2,000‌

4,780‌

GUKG5

+

13.40%

Lloyds

Banking

Group

PLC

0.63%,

01/15/2024

(k)

EUR

2,100‌

2,355‌

EUR

Swap

Annual

(VS

6

Month)

1

Year

+

0.47%

2.25%,

10/16/2024

GBP

400‌

545‌

6.41%,

12/31/2049

(f),(i),(k)

$

3,500‌

4,165‌

3

Month

USD

LIBOR

+

1.50%

6.66%,

01/29/2049

(f),(i),(k)

2,400‌

2,928‌

3

Month

USD

LIBOR

+

1.27%

7.50%,

12/31/2049

(i),(k)

5,000‌

5,719‌

USD

Swap

Semi-Annual

5

Year

+

4.50%

M&T

Bank

Corp

6.45%,

12/31/2049

(i),(k)

535‌

594‌

3

Month

USD

LIBOR

+

3.61%

Morgan

Stanley

2.63%,

03/09/2027

GBP

1,100‌

1,556‌

5.55%,

12/31/2049

(i),(k)

$

8,525‌

8,647‌

3

Month

USD

LIBOR

+

3.81%

National

Australia

Bank

Ltd/New

York

2.50%,

07/12/2026

2,000‌

2,048‌

Noor

Sukuk

Co

Ltd

4.47%,

04/24/2023

700‌

735‌

Provident

Funding

Associates

LP

/

PFG

Finance

Corp

6.38%,

06/15/2025

(f)

13,130‌

12,999‌

QNB

Finansbank

AS

4.88%,

05/19/2022

2,000‌

2,045‌

4.88%,

05/19/2022

(f)

2,400‌

2,454‌

6.88%,

09/07/2024

(f)

2,000‌

2,178‌

Royal

Bank

of

Scotland

Group

PLC

8.62%,

12/31/2049

(i),(k)

6,000‌

6,480‌

USD

Swap

Semi-Annual

5

Year

+

7.60%

Santander

UK

Group

Holdings

PLC

3.82%,

11/03/2028

(k)

2,000‌

2,155‌

3

Month

USD

LIBOR

+

1.40%

Societe

Generale

SA

7.88%,

12/31/2049

(d),(f),(i),(k)

6,000‌

6,780‌

USD

Swap

Semi-Annual

5

Year

+

4.98%

Standard

Chartered

PLC

5.70%,

03/26/2044

(f)

1,500‌

1,959‌

7.75%,

12/31/2049

(f),(i),(k)

7,000‌

7,735‌

USD

Swap

Semi-Annual

5

Year

+

5.72%

Swedbank

AB

6.00%,

12/31/2049

(i),(k)

8,000‌

8,380‌

USD

Swap

Semi-Annual

5

Year

+

4.11%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Truist

Financial

Corp

4.80%,

12/31/2099

(i),(k)

$

7,000‌

$

7,218‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

Turkiye

Halk

Bankasi

AS

5.00%,

07/13/2021

4,000‌

3,940‌

Turkiye

Is

Bankasi

AS

6.13%,

04/25/2024

3,200‌

3,321‌

Turkiye

Vakiflar

Bankasi

TAO

5.50%,

10/27/2021

2,800‌

2,877‌

8.13%,

03/28/2024

(f)

3,255‌

3,634‌

UBS

Group

AG

6.88%,

12/31/2049

(i),(k)

3,000‌

3,362‌

USD

Swap

Semi-Annual

5

Year

+

4.59%

Unione

di

Banche

Italiane

SpA

4.25%,

05/05/2026

(k)

EUR

2,000‌

2,290‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

4.18%

United

Bank

for

Africa

PLC

7.75%,

06/08/2022

$

2,400‌

2,556‌

Wells

Fargo

&

Co

5.87%,

12/31/2049

(i),(k)

7,100‌

8,020‌

3

Month

USD

LIBOR

+

3.99%

Wells

Fargo

Bank

NA

6.60%,

01/15/2038

1,750‌

2,644‌

Woori

Bank

5.25%,

12/31/2049

(i),(k)

3,206‌

3,314‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%

Yapi

ve

Kredi

Bankasi

AS

5.50%,

12/06/2022

2,800‌

2,831‌

$

395,278‌

Beverages

-

0.04%

Anheuser-Busch

InBev

SA/NV

1.50%,

04/18/2030

EUR

700‌

849‌

Molson

Coors

Beverage

Co

2.10%,

07/15/2021

$

1,900‌

1,906‌

$

2,755‌

Building

Materials

-

0.08%

Cemex

SAB

de

CV

5.45%,

11/19/2029

(f)

1,740‌

1,856‌

5.70%,

01/11/2025

(d)

1,000‌

1,025‌

HeidelbergCement

AG

2.25%,

03/30/2023

EUR

2,000‌

2,358‌

Standard

Industries

Inc/NJ

4.75%,

01/15/2028

(f)

$

1,015‌

1,041‌

$

6,280‌

Chemicals

-

0.92%

Alpek

SAB

de

CV

4.50%,

11/20/2022

1,300‌

1,357‌

Axalta

Coating

Systems

Dutch

Holding

B

BV

3.75%,

01/15/2025

EUR

400‌

451‌

Braskem

Idesa

SAPI

7.45%,

11/15/2029

(f)

$

13,650‌

14,394‌

Braskem

Netherlands

Finance

BV

4.50%,

01/31/2030

(f)

4,100‌

4,121‌

5.88%,

01/31/2050

(f)

4,440‌

4,604‌

CF

Industries

Inc

5.15%,

03/15/2034

1,640‌

1,894‌

CNAC

HK

Finbridge

Co

Ltd

5.13%,

03/14/2028

7,565‌

8,648‌

Cornerstone

Chemical

Co

6.75%,

08/15/2024

(f)

10,632‌

10,230‌

DuPont

de

Nemours

Inc

4.21%,

11/15/2023

700‌

758‌

INEOS

Finance

PLC

2.88%,

05/01/2026

EUR

2,750‌

3,100‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

43

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

Israel

Chemicals

Ltd

6.38%,

05/31/2038

(f)

$

3,300‌

$

3,982‌

Kronos

International

Inc

3.75%,

09/15/2025

EUR

200‌

226‌

OCI

NV

5.00%,

04/15/2023

400‌

457‌

6.63%,

04/15/2023

(f)

$

800‌

830‌

OCP

SA

5.63%,

04/25/2024

2,200‌

2,440‌

Orbia

Advance

Corp

SAB

de

CV

5.88%,

09/17/2044

500‌

569‌

Petkim

Petrokimya

Holding

AS

5.88%,

01/26/2023

2,600‌

2,671‌

Sasol

Financing

USA

LLC

5.88%,

03/27/2024

4,200‌

4,524‌

6.50%,

09/27/2028

1,500‌

1,678‌

Solvay

Finance

SA

5.87%,

12/31/2049

(i),(k)

EUR

400‌

522‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

5.22%

TPC

Group

Inc

10.50%,

08/01/2024

(f)

$

4,000‌

4,130‌

$

71,586‌

Coal

-

0.05%

Alliance

Resource

Operating

Partners

LP

/

Alliance

Resource

Finance

Corp

7.50%,

05/01/2025

(f)

4,085‌

3,534‌

Commercial

Mortgage

Backed

Securities

-

19.78%

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Inc

5.69%,

11/10/2042

(l)

2,336‌

2,313‌

BANK

2017-BNK4

0.97%,

05/15/2050

(l),(m)

13,843‌

781‌

BANK

2017-BNK5

1.32%,

06/15/2060

(f),(l),(m)

42,403‌

3,259‌

3.08%,

06/15/2060

(f),(l)

18,288‌

17,022‌

4.40%,

06/15/2060

(f),(l)

8,356‌

6,372‌

BANK

2017-BNK9

1.56%,

11/15/2054

(f),(l),(m)

15,200‌

1,492‌

2.80%,

11/15/2054

(f)

10,000‌

9,193‌

BANK

2018-BNK10

1.89%,

02/15/2061

(f),(l),(m)

31,334‌

3,863‌

BANK

2018-BNK12

1.55%,

05/15/2061

(f),(l),(m)

18,728‌

1,960‌

3.00%,

05/15/2061

(f)

6,000‌

5,550‌

BANK

2018-BNK13

1.69%,

08/15/2061

(f),(l),(m)

41,485‌

4,860‌

3.00%,

08/15/2061

(f)

11,500‌

10,461‌

BANK

2018-BNK14

1.75%,

09/15/2060

(f),(l),(m)

11,466‌

1,395‌

3.00%,

09/15/2060

(f)

8,000‌

7,496‌

BANK

2019-BNK16

1.99%,

02/15/2052

(f),(l),(m)

13,120‌

1,862‌

3.00%,

02/15/2052

(f)

2,500‌

2,133‌

3.00%,

02/15/2052

(f)

2,500‌

2,345‌

BANK

2019-BNK17

1.75%,

04/15/2052

(f),(l),(m)

11,541‌

1,454‌

3.00%,

04/15/2052

(f)

3,500‌

3,283‌

3.00%,

04/15/2052

(f)

3,849‌

3,331‌

BANK

2019-BNK18

1.50%,

05/15/2062

(f),(l),(m)

17,647‌

1,942‌

3.00%,

05/15/2062

(f)

3,580‌

3,361‌

3.00%,

05/15/2062

(f)

4,250‌

3,755‌

Bank

2019-BNK19

1.17%,

08/15/2061

(f),(l),(m)

17,014‌

1,446‌

3.00%,

08/15/2061

(f)

3,000‌

2,790‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

BANK

2019-BNK20

0.96%,

09/15/2062

(l),(m)

$

49,933‌

$

3,379‌

1.34%,

09/15/2061

(f),(l)

15,674‌

1,555‌

2.50%,

09/15/2061

(f)

4,921‌

4,421‌

2.50%,

09/15/2061

(f)

3,250‌

2,737‌

BANK

2019-BNK22

1.08%,

11/15/2062

(f),(l),(m)

18,082‌

1,470‌

2.50%,

11/15/2062

(f)

5,000‌

4,434‌

BANK

2019-BNK23

1.13%,

12/15/2052

(f),(l),(m)

9,170‌

784‌

2.50%,

12/15/2052

(f)

2,000‌

1,788‌

2.50%,

12/15/2052

(f)

1,500‌

1,239‌

BANK

2019-BNK24

1.13%,

11/15/2062

(f),(l),(m)

26,932‌

2,348‌

2.50%,

11/15/2062

(f)

5,000‌

4,437‌

2.50%,

11/15/2062

(f)

4,000‌

3,359‌

BANK

2020-BNK25

0.00%,

01/15/2063

(e),(f),(h),(j),(l),(m)

9,704‌

759‌

2.50%,

01/15/2063

(f),(h),(j)

1,250‌

1,039‌

2.50%,

01/15/2063

(f),(h),(j)

2,500‌

2,188‌

Barclays

Commercial

Mortgage

Trust

2019-C3

1.95%,

05/15/2052

(f),(l),(m)

6,117‌

876‌

Barclays

Commercial

Mortgage

Trust

2019-C4

1.31%,

08/15/2052

(f),(l),(m)

13,091‌

1,225‌

1.75%,

08/15/2052

(l),(m)

48,893‌

5,880‌

3.25%,

08/15/2052

(f)

4,000‌

3,760‌

Barclays

Commercial

Mortgage

Trust

2019-C5

1.48%,

11/15/2052

(f),(l),(m)

14,866‌

1,611‌

2.50%,

11/15/2052

(f)

5,000‌

4,378‌

BBCMS

2018-TALL

Mortgage

Trust

2.40%,

03/15/2037

(f)

15,000‌

14,962‌

1.00

x

1

Month

USD

LIBOR

+

0.72%

BBCMS

Mortgage

Trust

2018-C2

5.14%,

12/15/2051

(l)

5,000‌

5,650‌

BBCMS

Trust

1.20%,

02/15/2053

(f),(h),(j),(l),(m)

7,424‌

760‌

2.40%,

02/15/2053

(f),(h),(j)

3,000‌

2,587‌

Benchmark

2018-B1

Mortgage

Trust

1.25%,

01/15/2051

(f),(l),(m)

12,667‌

1,055‌

1.50%,

01/15/2051

(f),(l),(m)

30,260‌

3,017‌

2.75%,

01/15/2051

(f)

11,120‌

10,170‌

Benchmark

2018-B3

Mortgage

Trust

1.50%,

04/10/2051

(f),(l),(m)

5,520‌

571‌

Benchmark

2018-B5

Mortgage

Trust

0.65%,

07/15/2051

(l),(m)

97,001‌

3,295‌

3.26%,

07/15/2051

(f),(l)

4,500‌

4,259‌

Benchmark

2018-B6

Mortgage

Trust

1.50%,

10/10/2051

(f),(l),(m)

37,790‌

4,250‌

3.27%,

10/10/2051

(f),(l)

3,801‌

3,286‌

3.27%,

10/10/2051

(f),(l)

11,720‌

11,021‌

Benchmark

2018-B7

Mortgage

Trust

2.02%,

05/15/2053

(f),(l)

16,962‌

2,464‌

3.00%,

05/15/2053

(f),(l)

5,000‌

4,643‌

Benchmark

2018-B8

Mortgage

Trust

2.04%,

01/15/2052

(f),(l),(m)

6,900‌

965‌

3.00%,

01/15/2052

(f)

9,250‌

8,583‌

Benchmark

2019-B10

Mortgage

Trust

1.39%,

03/15/2062

(l),(m)

47,921‌

4,312‌

2.03%,

03/15/2062

(f),(l),(m)

12,985‌

1,925‌

3.00%,

03/15/2062

(f)

3,250‌

3,032‌

3.00%,

03/15/2062

(f)

5,236‌

4,537‌

3.78%,

03/15/2062

(f),(l)

2,500‌

1,939‌

Benchmark

2019-B11

Mortgage

Trust

1.67%,

05/15/2052

(f),(l),(m)

13,924‌

1,668‌

3.00%,

05/15/2052

(f)

3,000‌

2,772‌

Benchmark

2019-B12

Mortgage

Trust

1.26%,

08/15/2052

(f),(l),(m)

13,870‌

1,268‌

3.00%,

08/15/2052

(f)

12,000‌

11,066‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

44

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Benchmark

2019-B13

Mortgage

Trust

1.14%,

08/15/2057

(f),(h),(l),(m)

$

6,500‌

$

545‌

1.27%,

08/15/2057

(l),(m)

57,952‌

4,879‌

1.64%,

08/15/2057

(f),(l),(m)

4,000‌

505‌

2.50%,

08/15/2057

(f)

7,500‌

6,548‌

2.50%,

08/15/2057

(f)

5,500‌

4,530‌

3.00%,

08/15/2057

(f),(h)

6,500‌

4,589‌

Benchmark

2019-B14

Mortgage

Trust

1.40%,

12/15/2062

(f),(l),(m)

14,908‌

1,650‌

2.50%,

12/15/2062

(f)

5,000‌

4,397‌

Benchmark

2019-B15

Mortgage

Trust

1.09%,

12/15/2072

(f),(l),(m)

24,552‌

1,992‌

2.75%,

12/15/2072

(f)

10,000‌

8,949‌

3.84%,

12/15/2072

(l)

5,000‌

5,265‌

Benchmark

2019-B9

Mortgage

Trust

2.17%,

03/15/2052

(f),(l),(m)

11,550‌

1,786‌

3.00%,

03/15/2052

(f)

3,000‌

2,781‌

Benchmark

2020-B16

Mortgage

Trust

1.09%,

12/15/2057

(f),(j),(l),(m)

7,615‌

707‌

2.50%,

12/15/2057

(f),(j)

2,000‌

1,748‌

2.50%,

12/15/2057

(f),(j)

1,583‌

1,291‌

BX

Commercial

Mortgage

Trust

2018-BIOA

2.35%,

03/15/2037

(f)

10,000‌

9,991‌

1.00

x

1

Month

USD

LIBOR

+

0.67%

BX

Commercial

Mortgage

Trust

2018-IND

2.43%,

11/15/2035

(f)

1,711‌

1,710‌

1.00

x

1

Month

USD

LIBOR

+

0.75%

BX

Commercial

Mortgage

Trust

2019-XL

2.60%,

10/15/2036

(f)

25,000‌

25,079‌

1.00

x

1

Month

USD

LIBOR

+

0.92%

BX

Trust

2018-BILT

2.48%,

05/15/2030

(f)

10,000‌

9,969‌

1.00

x

1

Month

USD

LIBOR

+

0.80%

BX

Trust

2018-EXCL

2.76%,

09/15/2037

(f)

5,762‌

5,755‌

1.00

x

1

Month

USD

LIBOR

+

1.09%

BX

Trust

2018-GW

2.48%,

05/15/2035

(f)

15,862‌

15,832‌

1.00

x

1

Month

USD

LIBOR

+

0.80%

Cantor

Commercial

Real

Estate

Lending

2019-CF2

1.60%,

11/15/2052

(f),(l),(m)

10,105‌

1,186‌

2.50%,

11/15/2052

(f)

5,000‌

4,391‌

Cantor

Commercial

Real

Estate

Lending

2019-CF3

1.23%,

01/15/2053

(f),(l),(m)

11,514‌

1,071‌

2.50%,

01/15/2053

(f),(l)

6,000‌

5,252‌

CD

2006-CD2

Mortgage

Trust

5.66%,

01/15/2046

(l)

915‌

622‌

CD

2017-CD4

Mortgage

Trust

4.35%,

05/10/2050

(l)

7,470‌

8,062‌

CD

2017-CD5

Mortgage

Trust

3.35%,

08/15/2050

(f)

7,000‌

6,359‌

CD

2018-CD7

Mortgage

Trust

1.75%,

08/15/2051

(f),(l),(m)

20,444‌

2,571‌

3.26%,

08/15/2051

(f),(l)

12,750‌

11,932‌

5.01%,

08/15/2051

(l)

5,182‌

5,848‌

CFCRE

Commercial

Mortgage

Trust

2016-C6

1.30%,

11/10/2049

(l),(m)

43,754‌

2,744‌

4.36%,

11/10/2049

(l)

4,000‌

4,234‌

CGMS

Commercial

Mortgage

Trust

2017-B1

3.00%,

08/15/2050

(f)

7,435‌

6,649‌

Citigroup

Commercial

Mortgage

Trust

2012-GC8

5.00%,

09/10/2045

(f),(l)

1,875‌

1,773‌

Citigroup

Commercial

Mortgage

Trust

2013-GC15

4.25%,

09/10/2046

(f),(l)

16,492‌

14,298‌

5.39%,

09/10/2046

(f),(l)

7,700‌

8,182‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Citigroup

Commercial

Mortgage

Trust

2016-C1

2.05%,

05/10/2049

(l),(m)

$

36,310‌

$

3,450‌

Citigroup

Commercial

Mortgage

Trust

2016-GC37

1.92%,

04/10/2049

(l),(m)

14,768‌

1,258‌

Citigroup

Commercial

Mortgage

Trust

2018-B2

1.50%,

03/10/2051

(f),(l),(m)

13,247‌

1,351‌

3.33%,

03/10/2051

(f),(l)

2,500‌

2,304‌

Citigroup

Commercial

Mortgage

Trust

2018-C5

3.38%,

06/10/2051

(f),(l)

1,000‌

959‌

Citigroup

COmmercial

Mortgage

Trust

2018-C6

5.24%,

11/10/2051

(f),(l)

10,000‌

10,915‌

Citigroup

Commercial

Mortgage

Trust

2019-C7

1.33%,

12/15/2072

(f),(l),(m)

15,766‌

1,624‌

2.75%,

12/15/2072

(f),(l)

5,000‌

4,493‌

Citigroup

Commercial

Mortgage

Trust

2019-GC41

0.98%,

08/10/2056

(f),(l),(m)

13,007‌

910‌

3.00%,

08/10/2056

(f)

15,500‌

14,356‌

3.00%,

08/10/2056

(f)

4,000‌

3,460‌

3.00%,

08/10/2056

(f)

9,330‌

6,754‌

Citigroup

Commercial

Mortgage

Trust

2019-GC43

0.74%,

11/10/2052

(f),(l),(m)

11,280‌

602‌

0.74%,

11/10/2052

(f),(l),(m)

2,528‌

136‌

0.74%,

11/10/2052

(f),(l),(m)

1,750‌

94‌

3.00%,

11/10/2052

(f)

5,000‌

4,601‌

3.00%,

11/10/2052

(f)

3,787‌

3,210‌

3.00%,

11/10/2052

(f),(l)

2,528‌

1,914‌

3.00%,

11/10/2052

(f),(l)

1,750‌

1,160‌

COMM

2012-CCRE1

Mortgage

Trust

2.46%,

05/15/2045

(f)

13,993‌

12,079‌

5.50%,

05/15/2045

(f),(l)

8,889‌

9,214‌

COMM

2012-CCRE4

Mortgage

Trust

4.75%,

10/15/2045

(f),(l)

5,000‌

2,597‌

COMM

2012-CCRE5

Mortgage

Trust

4.46%,

12/10/2045

(f),(l)

3,475‌

3,550‌

4.46%,

12/10/2045

(f),(l)

7,500‌

7,395‌

Comm

2013-CCRE13

Mortgage

Trust

5.05%,

11/10/2046

(f),(l)

6,421‌

6,807‌

5.05%,

11/10/2046

(f),(l)

4,110‌

4,272‌

COMM

2013-CCRE6

Mortgage

Trust

1.18%,

03/10/2046

(l),(m)

54,868‌

1,300‌

4.22%,

03/10/2046

(f),(l)

13,215‌

13,343‌

4.22%,

03/10/2046

(f),(l)

13,750‌

13,008‌

COMM

2013-CCRE7

Mortgage

Trust

4.51%,

03/10/2046

(f),(l)

7,500‌

6,435‌

COMM

2013-CCRE9

Mortgage

Trust

4.39%,

07/10/2045

(f),(l)

3,500‌

3,365‌

COMM

2014-CCRE15

Mortgage

Trust

4.40%,

02/10/2047

(f),(l)

5,414‌

5,389‌

COMM

2014-CCRE17

Mortgage

Trust

0.33%,

05/10/2047

(f),(l),(m)

44,717‌

542‌

5.01%,

05/10/2047

(f),(l)

12,469‌

12,795‌

Comm

2014-UBS2

Mortgage

Trust

5.17%,

03/10/2047

(f),(l)

13,690‌

13,203‌

COMM

2014-UBS3

Mortgage

Trust

4.93%,

06/10/2047

(f),(l)

11,861‌

11,507‌

COMM

2014-UBS5

Mortgage

Trust

3.50%,

09/10/2047

(f)

6,500‌

5,716‌

COMM

2015-LC19

Mortgage

Trust

4.39%,

02/10/2048

(f),(l)

8,000‌

7,183‌

COMM

2015-LC23

Mortgage

Trust

3.80%,

10/10/2048

(f),(l)

6,000‌

6,042‌

COMM

2016-COR1

Mortgage

Trust

1.58%,

10/10/2049

(l),(m)

44,501‌

3,052‌

4.53%,

10/10/2049

(l)

5,000‌

5,309‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

45

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

COMM

2017-COR2

Mortgage

Trust

1.32%,

09/10/2050

(l),(m)

$

75,746‌

$

5,584‌

COMM

2018-COR3

Mortgage

Trust

1.75%,

05/10/2051

(f),(l),(m)

15,800‌

1,941‌

2.96%,

05/10/2051

(f),(l)

8,500‌

7,796‌

COMM

2019-GC44

Mortgage

Trust

1.15%,

08/15/2057

(f),(l),(m)

5,500‌

479‌

2.50%,

08/15/2057

(f)

5,000‌

4,378‌

2.50%,

08/15/2057

(f)

5,000‌

4,040‌

Credit

Suisse

Commercial

Mortgage

Trust

Series

2007-C1

5.46%,

02/15/2040

(l)

23,016‌

6,675‌

CSAIL

2018-CX12

Commercial

Mortgage

Trust

1.50%,

08/15/2051

(f),(l),(m)

8,985‌

986‌

3.43%,

08/15/2051

(f),(l)

3,500‌

3,348‌

4.22%,

08/15/2051

(l)

5,000‌

5,735‌

CSAIL

2019-C15

Commercial

Mortgage

Trust

1.22%,

03/15/2052

(l),(m)

55,911‌

4,188‌

2.15%,

03/15/2052

(f),(l),(m)

3,981‌

608‌

3.00%,

03/15/2052

(f)

2,500‌

2,312‌

CSAIL

2019-C17

Commercial

Mortgage

Trust

1.51%,

09/15/2052

(l),(m)

29,961‌

3,079‌

DBGS

2018-5BP

Mortgage

Trust

2.32%,

06/15/2033

(f)

5,220‌

5,205‌

1.00

x

1

Month

USD

LIBOR

+

0.65%

DBGS

2018-BIOD

Mortgage

Trust

1.75%,

10/15/2051

(f),(l),(m)

9,496‌

1,202‌

DBJPM

17-C6

Mortgage

Trust

1.17%,

06/10/2050

(l),(m)

98,972‌

5,373‌

3.38%,

06/10/2050

(f),(l)

15,000‌

13,833‌

DBUBS

2011-LC1

Mortgage

Trust

0.38%,

11/10/2046

(f),(l),(m)

142,384‌

331‌

DBUBS

2011-LC2

Mortgage

Trust

1.21%,

07/10/2044

(f),(l),(m)

9,259‌

83‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1.43%,

08/25/2020

(l),(m)

22,536‌

90‌

1.53%,

04/25/2041

(l),(m)

86,714‌

1‌

1.53%,

01/25/2043

(l),(m)

79,054‌

5,225‌

1.68%,

11/25/2042

(l),(m)

83,688‌

1,956‌

1.71%,

11/25/2040

(l),(m)

16,936‌

656‌

1.71%,

10/25/2041

(l),(m)

43,000‌

2,357‌

1.72%,

06/25/2041

(l),(m)

20,000‌

1,011‌

1.77%,

01/25/2048

(l),(m)

38,129‌

4,041‌

2.04%,

11/25/2044

(l),(m)

16,293‌

1,386‌

2.08%,

02/25/2041

(l),(m)

33,968‌

630‌

2.08%,

09/25/2047

(l),(m)

41,400‌

4,760‌

2.10%,

02/25/2045

(l),(m)

27,900‌

2,523‌

2.18%,

05/25/2025

(l),(m)

43,706‌

4,207‌

2.18%,

08/25/2042

(l),(m)

98,038‌

9,374‌

2.23%,

05/25/2047

(l),(m)

140,532‌

16,850‌

2.24%,

07/25/2026

(l),(m)

39,161‌

4,635‌

2.24%,

08/25/2045

(l),(m)

98,643‌

13,697‌

2.25%,

05/25/2046

(l),(m)

75,770‌

8,094‌

2.26%,

01/25/2026

(l),(m)

70,234‌

7,740‌

2.27%,

12/25/2039

(l),(m)

25,654‌

894‌

2.29%,

10/25/2028

(l),(m)

17,800‌

2,796‌

2.31%,

09/25/2046

(l),(m)

14,690‌

2,365‌

2.33%,

07/25/2046

(l),(m)

17,686‌

2,812‌

2.34%,

08/25/2045

(l),(m)

37,838‌

6,059‌

2.37%,

01/25/2046

(l),(m)

42,892‌

7,486‌

2.39%,

10/25/2029

(l),(m)

28,250‌

5,074‌

2.39%,

01/25/2051

(l),(m)

17,584‌

2,994‌

3.61%,

06/25/2041

(l),(m)

4,400‌

170‌

4.78%,

11/25/2044

(l),(m)

1,800‌

39‌

GS

Mortgage

Securities

Corp

II

1.56%,

07/10/2051

(f),(l),(m)

8,017‌

883‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

GS

Mortgage

Securities

Corp

Trust

2019-SMP

2.83%,

08/15/2032

(f)

$

8,000‌

$

8,001‌

1.00

x

1

Month

USD

LIBOR

+

1.15%

GS

Mortgage

Securities

Trust

2010-C2

5.35%,

12/10/2043

(f),(l)

5,000‌

5,100‌

GS

Mortgage

Securities

Trust

2011-GC5

5.56%,

08/10/2044

(f),(l)

3,660‌

3,421‌

GS

Mortgage

Securities

Trust

2012-GCJ7

5.88%,

05/10/2045

(f),(l)

7,429‌

7,484‌

GS

Mortgage

Securities

Trust

2012-GCJ9

4.90%,

11/10/2045

(f),(l)

5,000‌

5,152‌

4.90%,

11/10/2045

(f),(l)

8,500‌

8,228‌

GS

Mortgage

Securities

Trust

2013-GC16

3.50%,

11/10/2046

(f)

2,500‌

2,160‌

GS

Mortgage

Securities

Trust

2013-GCJ14

4.90%,

08/10/2046

(f),(l)

10,460‌

10,885‌

4.90%,

08/10/2046

(f),(l)

7,742‌

7,786‌

4.90%,

08/10/2046

(f),(l)

2,500‌

2,444‌

GS

Mortgage

Securities

Trust

2014-GC26

1.36%,

11/10/2047

(f),(l),(m)

29,811‌

1,566‌

4.66%,

11/10/2047

(f),(l)

2,570‌

2,357‌

GS

Mortgage

Securities

Trust

2017-GS7

1.28%,

08/10/2050

(l),(m)

28,888‌

1,932‌

GS

Mortgage

Securities

Trust

2018-GS9

1.51%,

03/10/2051

(f),(l),(m)

8,353‌

801‌

GS

Mortgage

Securities

Trust

2019-GC38

3.00%,

02/10/2052

(f)

2,500‌

2,317‌

GS

Mortgage

Securities

Trust

2019-GC39

1.78%,

05/10/2052

(f),(l),(m)

16,430‌

2,149‌

3.00%,

05/10/2052

(f)

4,864‌

4,498‌

3.00%,

05/10/2052

(f)

2,497‌

2,135‌

GS

Mortgage

Securities

Trust

2019-GC40

1.30%,

07/10/2052

(f),(l),(m)

4,941‌

489‌

1.30%,

07/10/2052

(f),(l),(m)

16,500‌

1,580‌

3.00%,

07/10/2052

(f)

4,000‌

3,696‌

GS

Mortgage

Securities

Trust

2019-GC42

0.94%,

09/01/2052

(f),(l)

13,000‌

1,044‌

2.80%,

09/01/2052

(f)

8,500‌

7,699‌

2.80%,

09/01/2052

(f)

3,500‌

2,922‌

GS

Mortgage

Securities

Trust

2019-GSA1

1.13%,

11/10/2052

(f),(l),(m)

21,600‌

1,846‌

2.80%,

11/10/2052

(f)

5,000‌

4,465‌

GS

Mortgage

Securities

Trust

2020-GC45

0.69%,

02/13/2053

(f),(l),(m)

25,009‌

1,488‌

2.85%,

02/13/2053

(f)

5,000‌

4,474‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2006-CIBC17

5.49%,

12/12/2043

(l)

9,042‌

6,464‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2006-LDP9

5.34%,

05/15/2047

777‌

757‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2011-C5

4.00%,

08/15/2046

(f),(l)

6,000‌

5,911‌

5.60%,

08/15/2046

(f),(l)

4,844‌

4,969‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2012-C6

2.97%,

05/15/2045

(f),(l)

3,750‌

3,123‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2012-C8

2.75%,

10/15/2045

(f),(l)

8,553‌

7,491‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2013-C16

3.74%,

12/15/2046

(f),(l)

10,000‌

9,232‌

5.19%,

12/15/2046

(f),(l)

5,000‌

5,306‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2013-LC11

1.40%,

04/15/2046

(l),(m)

50,750‌

1,734‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

46

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-BKWD

2.68%,

09/15/2029

(f)

$

3,000‌

$

3,002‌

1.00

x

1

Month

USD

LIBOR

+

1.00%

JPMBB

Commercial

Mortgage

Securities

Trust

2013-C12

4.24%,

07/15/2045

(l)

7,286‌

7,384‌

JPMBB

Commercial

Mortgage

Securities

Trust

2013-C15

3.50%,

11/15/2045

(f)

9,191‌

7,834‌

5.37%,

11/15/2045

(f),(l)

12,750‌

13,772‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C18

0.99%,

02/15/2047

(l),(m)

44,543‌

1,237‌

4.97%,

02/15/2047

(f),(l)

7,850‌

7,420‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C19

4.83%,

04/15/2047

(f),(l)

1,359‌

1,416‌

4.83%,

04/15/2047

(l)

15,096‌

16,226‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C21

1.16%,

08/15/2047

(l),(m)

38,346‌

1,356‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C23

0.79%,

09/15/2047

(l),(m)

204,619‌

5,055‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C24

4.06%,

11/15/2047

(f),(l)

20,500‌

19,470‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C28

0.50%,

10/15/2048

(f),(l),(m)

54,005‌

1,209‌

1.20%,

10/15/2048

(l),(m)

53,229‌

1,958‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C29

3.79%,

05/15/2048

(l)

5,270‌

4,508‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C30

0.66%,

07/15/2048

(l),(m)

71,841‌

1,759‌

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C31

0.50%,

08/15/2048

(f),(l),(m)

42,377‌

1,001‌

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP5

1.24%,

03/15/2050

(l),(m)

97,509‌

5,101‌

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6

1.29%,

07/15/2050

(l),(m)

19,925‌

1,163‌

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP7

4.05%,

09/15/2050

2,500‌

2,735‌

4.55%,

09/15/2050

(f),(l)

14,734‌

15,431‌

JPMCC

Commercial

Mortgage

Securities

Trust

2019-COR4

1.29%,

03/10/2052

(l),(m)

34,339‌

2,868‌

2.18%,

03/10/2052

(f),(l),(m)

18,869‌

2,908‌

3.00%,

03/10/2052

(f),(l)

7,000‌

6,489‌

3.00%,

03/10/2052

(f),(l)

1,000‌

872‌

JPMCC

Commercial

Mortgage

Securities

Trust

2019-COR5

1.93%,

06/13/2052

(f),(l),(m)

8,500‌

1,214‌

3.00%,

06/13/2052

(f)

2,500‌

2,329‌

JPMDB

Commercial

Mortgage

Securities

Trust

2018-C8

4.52%,

06/15/2051

1,250‌

1,417‌

LB

Commercial

Mortgage

Trust

2007-C3

6.11%,

07/15/2044

(l)

248‌

248‌

6.11%,

07/15/2044

(l)

6,369‌

6,210‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

LB-UBS

Commercial

Mortgage

Trust

2006-C7

5.41%,

11/15/2038

$

10,809‌

$

6,269‌

LB-UBS

Commercial

Mortgage

Trust

2007-C6

6.50%,

07/15/2040

(l)

13,250‌

13,238‌

6.50%,

07/15/2040

(l)

8,841‌

8,178‌

ML-CFC

Commercial

Mortgage

Trust

2007-5

5.45%,

08/12/2048

(l)

3,886‌

2,364‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2012-C5

4.83%,

08/15/2045

(f),(l)

3,037‌

3,155‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2013-C8

4.19%,

12/15/2048

(f),(l)

13,500‌

13,845‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C14

5.10%,

02/15/2047

(f),(l)

5,331‌

5,190‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014-C16

4.43%,

06/15/2047

(f),(l)

17,104‌

12,492‌

4.93%,

06/15/2047

(f),(l)

10,598‌

8,746‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C20

1.46%,

02/15/2048

(l),(m)

48,442‌

2,305‌

1.54%,

02/15/2048

(f),(l),(m)

41,500‌

2,558‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C21

1.04%,

03/15/2048

(l),(m)

32,218‌

1,141‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C26

3.06%,

10/15/2048

(f)

2,185‌

2,121‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2016-C29

1.76%,

05/15/2049

(l),(m)

41,534‌

3,067‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2016-C31

1.46%,

11/15/2049

(f),(l),(m)

21,213‌

1,674‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2016-C32

0.87%,

12/15/2049

(l),(m)

74,649‌

3,006‌

Morgan

Stanley

Capital

I

Trust

2011-C3

0.72%,

07/15/2049

(f),(l),(m)

13,644‌

88‌

Morgan

Stanley

Capital

I

Trust

2018-H3

2.01%,

07/15/2051

(f),(l),(m)

7,682‌

1,003‌

Morgan

Stanley

Capital

I

Trust

2018-L1

3.00%,

10/15/2051

(f)

5,000‌

4,647‌

Morgan

Stanley

Capital

I

Trust

2019-H6

1.73%,

06/15/2052

(f),(l),(m)

4,693‌

583‌

3.00%,

06/15/2052

(f)

2,122‌

1,965‌

Morgan

Stanley

Capital

I

Trust

2019-L3

1.16%,

11/15/2052

(f),(l),(m)

15,090‌

1,443‌

2.50%,

11/15/2052

(f),(l)

3,000‌

2,616‌

2.50%,

11/15/2052

(f),(l)

2,500‌

2,005‌

SG

Commercial

Mortgage

Securities

Trust

2016-C5

1.07%,

10/10/2048

(l),(m)

17,960‌

998‌

UBS

Commercial

Mortgage

Trust

1.90%,

10/15/2052

(f),(l),(m)

12,767‌

1,841‌

2.50%,

10/15/2052

(f)

5,000‌

4,300‌

UBS

Commercial

Mortgage

Trust

2012-C1

5.00%,

05/10/2045

(f),(l)

8,000‌

6,846‌

UBS

Commercial

Mortgage

Trust

2019-C18

1.58%,

12/15/2052

(f),(l)

11,574‌

1,340‌

2.50%,

12/15/2052

(f)

5,000‌

4,125‌

UBS-Barclays

Commercial

Mortgage

Trust

2012-C2

1.46%,

05/10/2063

(f),(l),(m)

25,422‌

664‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

47

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

UBS-Barclays

Commercial

Mortgage

Trust

2012-C3

5.00%,

08/10/2049

(f),(l)

$

20,994‌

$

19,361‌

5.20%,

08/10/2049

(f),(l)

25,827‌

26,917‌

UBS-Barclays

Commercial

Mortgage

Trust

2012-C4

4.63%,

12/10/2045

(f),(l)

12,000‌

11,982‌

4.63%,

12/10/2045

(f),(l)

17,981‌

16,233‌

Wells

Fargo

Commercial

Mortgage

Trust

2010-C1

0.68%,

11/15/2043

(f),(l),(m)

13,501‌

43‌

Wells

Fargo

Commercial

Mortgage

Trust

2014-LC18

1.22%,

12/15/2047

(l),(m)

73,661‌

3,041‌

3.96%,

12/15/2047

(f),(l)

13,500‌

13,103‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-C28

4.25%,

05/15/2048

(l)

10,000‌

9,588‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-C31

3.85%,

11/15/2048

5,536‌

5,196‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS1

0.54%,

05/15/2048

(l),(m)

24,936‌

621‌

2.88%,

05/15/2048

(f),(l)

7,116‌

5,679‌

4.29%,

05/15/2048

(l)

3,580‌

3,713‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS3

1.27%,

09/15/2057

(l),(m)

22,499‌

880‌

3.15%,

09/15/2057

(f)

5,000‌

4,759‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-C34

2.30%,

06/15/2049

(l),(m)

34,929‌

3,114‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-C35

2.11%,

07/15/2048

(l),(m)

38,276‌

3,705‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-C36

4.33%,

11/15/2059

(l)

4,000‌

4,246‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-C37

4.47%,

12/15/2049

(l)

1,800‌

1,959‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-NXS5

5.04%,

01/15/2059

(l)

4,254‌

4,572‌

Wells

Fargo

Commercial

Mortgage

Trust

2017-C38

1.21%,

07/15/2050

(l),(m)

96,586‌

5,865‌

Wells

Fargo

Commercial

Mortgage

Trust

2017-C40

4.47%,

10/15/2050

(l)

10,000‌

10,686‌

Wells

Fargo

Commercial

Mortgage

Trust

2017-C42

1.71%,

12/15/2050

(f),(l),(m)

20,343‌

2,126‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C43

1.78%,

03/15/2051

(f),(l),(m)

6,614‌

757‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C44

2.00%,

05/15/2051

(f),(l),(m)

8,022‌

1,042‌

3.00%,

05/15/2051

(f)

5,000‌

4,666‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C45

2.03%,

06/15/2051

(f),(l),(m)

2,647‌

355‌

3.00%,

06/15/2051

(f)

1,250‌

1,161‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C46

5.14%,

08/15/2051

(l)

6,000‌

6,762‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

Wells

Fargo

Commercial

Mortgage

Trust

2018-C47

2.10%,

09/15/2061

(f),(l),(m)

$

14,133‌

$

2,072‌

3.00%,

09/15/2061

(f)

6,000‌

5,610‌

Wells

Fargo

Commercial

Mortgage

Trust

2018-C48

1.12%,

01/15/2052

(l),(m)

68,679‌

4,827‌

5.29%,

01/15/2052

(l)

10,000‌

11,489‌

Wells

Fargo

Commercial

Mortgage

Trust

2019-C49

2.31%,

03/15/2052

(f),(l),(m)

4,336‌

710‌

3.00%,

03/15/2052

(f)

2,500‌

2,263‌

Wells

Fargo

Commercial

Mortgage

Trust

2019-C50

2.18%,

05/15/2052

(f),(l),(m)

14,851‌

2,379‌

Wells

Fargo

Commercial

Mortgage

Trust

2019-C53

1.57%,

10/15/2052

(f),(l),(m)

8,777‌

1,064‌

2.50%,

10/15/2052

(f)

3,000‌

2,610‌

Wells

Fargo

Commercial

Mortgage

Trust

2019-C54

1.50%,

12/15/2052

(f),(l),(m)

6,363‌

737‌

2.50%,

12/15/2052

(f)

2,000‌

1,737‌

WFRBS

Commercial

Mortgage

Trust

2014-C20

3.99%,

05/15/2047

(f)

10,000‌

8,228‌

4.51%,

05/15/2047

(l)

1,000‌

1,023‌

WFRBS

Commercial

Mortgage

Trust

2014-C22

4.05%,

09/15/2057

(f),(l)

10,000‌

8,541‌

WFRBS

Commercial

Mortgage

Trust

2014-C24

3.69%,

11/15/2047

(f)

3,047‌

2,559‌

3.93%,

11/15/2047

2,370‌

2,535‌

$

1,543,777‌

Commercial

Services

-

0.72%

Adani

Ports

&

Special

Economic

Zone

Ltd

4.38%,

07/03/2029

(f)

1,815‌

1,916‌

ASGN

Inc

4.63%,

05/15/2028

(f)

6,175‌

6,298‌

GEMS

MENASA

Cayman

Ltd

/

GEMS

Education

Delaware

LLC

7.13%,

07/31/2026

(f)

2,300‌

2,401‌

Loxam

SAS

6.00%,

04/15/2025

EUR

500‌

572‌

MPH

Acquisition

Holdings

LLC

7.13%,

06/01/2024

(f)

$

9,950‌

9,638‌

Nielsen

Finance

LLC

/

Nielsen

Finance

Co

5.00%,

04/15/2022

(f)

3,975‌

3,980‌

Refinitiv

US

Holdings

Inc

6.25%,

05/15/2026

(f)

6,775‌

7,326‌

ServiceMaster

Co

LLC/The

5.13%,

11/15/2024

(f)

11,225‌

11,601‌

Sotheby's

7.38%,

10/15/2027

(f)

6,875‌

7,003‌

Team

Health

Holdings

Inc

6.38%,

02/01/2025

(d),(f)

8,740‌

5,135‌

$

55,870‌

Computers

-

0.05%

Apple

Inc

0.35%,

06/10/2020

JPY

130,000‌

1,201‌

International

Business

Machines

Corp

5.60%,

11/30/2039

$

800‌

1,111‌

Presidio

Holdings

Inc

4.88%,

02/01/2027

(f)

1,925‌

1,924‌

$

4,236‌

Cosmetics

&

Personal

Care

-

0.22%

Avon

International

Operations

Inc

7.88%,

08/15/2022

(f)

6,500‌

6,744‌

High

Ridge

Brands

Co

0.00%,

03/15/2025

(e),(f)

15,607‌

39‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

48

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Cosmetics

&

Personal

Care

(continued)

Procter

&

Gamble

Co/The

1.13%,

11/02/2023

EUR

1,800‌

$

2,100‌

Walnut

Bidco

PLC

9.13%,

08/01/2024

(f)

$

8,000‌

8,242‌

$

17,125‌

Distribution

&

Wholesale

-

0.02%

IAA

Inc

5.50%,

06/15/2027

(f)

1,725‌

1,831‌

Diversified

Financial

Services

-

2.63%

Alliance

Data

Systems

Corp

4.75%,

12/15/2024

(f)

7,750‌

7,727‌

Ally

Financial

Inc

5.75%,

11/20/2025

3,565‌

4,052‌

Avation

Capital

SA

6.50%,

05/15/2021

(f)

855‌

883‌

Avolon

Holdings

Funding

Ltd

5.50%,

01/15/2023

(f)

2,700‌

2,929‌

Capital

One

Financial

Corp

5.55%,

12/31/2049

(i),(k)

14,140‌

14,246‌

3

Month

USD

LIBOR

+

3.80%

Charles

Schwab

Corp/The

7.00%,

12/31/2049

(i),(k)

4,198‌

4,584‌

3

Month

USD

LIBOR

+

4.82%

Credit

Acceptance

Corp

7.38%,

03/15/2023

2,994‌

3,054‌

Credito

Real

SAB

de

CV

SOFOM

ER

5.00%,

02/01/2027

(f)

EUR

8,000‌

9,439‌

CSN

Islands

XI

Corp

6.75%,

01/28/2028

(f)

$

15,335‌

15,232‌

Curo

Group

Holdings

Corp

8.25%,

09/01/2025

(f)

3,000‌

2,645‌

Depository

Trust

&

Clearing

Corp/The

4.88%,

12/31/2049

(f),(i),(k)

1,000‌

1,006‌

3

Month

USD

LIBOR

+

3.17%

Garfunkelux

Holdco

3

SA

8.50%,

11/01/2022

GBP

2,100‌

2,759‌

Huarong

Finance

2017

Co

Ltd

4.50%,

12/31/2049

(i),(k)

$

4,400‌

4,494‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.77%

International

Personal

Finance

PLC

5.75%,

04/07/2021

EUR

4,000‌

4,465‌

Intrum

AB

2.75%,

07/15/2022

850‌

953‌

Kuwait

Projects

Co

SPC

Ltd

4.23%,

10/29/2026

$

2,781‌

2,882‌

LoanCore

Capital

Markets

LLC

/

JLC

Finance

Corp

6.88%,

06/01/2020

(f)

2,275‌

2,278‌

Mongolian

Mortgage

Corp

Hfc

LLC

9.75%,

01/29/2022

(f)

1,620‌

1,586‌

Muthoot

Finance

Ltd

6.13%,

10/31/2022

(f)

1,200‌

1,243‌

Nationstar

Mortgage

Holdings

Inc

6.00%,

01/15/2027

(f)

3,650‌

3,715‌

8.13%,

07/15/2023

(f)

15,180‌

16,053‌

NFP

Corp

6.88%,

07/15/2025

(f)

22,983‌

23,374‌

8.00%,

07/15/2025

(f)

2,000‌

2,074‌

Oxford

Finance

LLC

/

Oxford

Finance

Co-Issuer

II

Inc

6.38%,

12/15/2022

(f)

6,075‌

6,242‌

Power

Finance

Corp

Ltd

3.95%,

04/23/2030

(f)

2,110‌

2,113‌

4.50%,

06/18/2029

4,875‌

5,103‌

Quicken

Loans

Inc

5.25%,

01/15/2028

(f)

11,600‌

12,006‌

5.75%,

05/01/2025

(f)

5,064‌

5,241‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Shriram

Transport

Finance

Co

Ltd

5.95%,

10/24/2022

(f)

$

1,340‌

$

1,373‌

Springleaf

Finance

Corp

5.38%,

11/15/2029

500‌

520‌

6.63%,

01/15/2028

11,975‌

13,472‌

6.88%,

03/15/2025

2,795‌

3,151‌

Swiss

Insured

Brazil

Power

Finance

Sarl

9.85%,

07/16/2032

(f)

BRL

25,030‌

6,809‌

Unifin

Financiera

SAB

de

CV

8.38%,

01/27/2028

(f)

$

10,000‌

10,600‌

Vertex

Capital

Investment

Ltd

4.75%,

04/03/2024

6,700‌

6,983‌

$

205,286‌

Electric

-

1.08%

Acwa

Power

Management

And

Investments

One

Ltd

5.95%,

12/15/2039

(f)

3,000‌

3,256‌

Bi

Hai

Co

Ltd

6.25%,

03/05/2022

2,300‌

2,386‌

Brookfield

Infrastructure

Finance

ULC

3.32%,

02/22/2024

CAD

1,000‌

781‌

Calpine

Corp

5.75%,

01/15/2025

$

4,617‌

4,746‌

Centrais

Eletricas

Brasileiras

SA

4.63%,

02/04/2030

(f),(j)

800‌

810‌

Clearway

Energy

Operating

LLC

5.75%,

10/15/2025

580‌

610‌

Cometa

Energia

SA

de

CV

6.38%,

04/24/2035

6,202‌

7,089‌

Comision

Federal

de

Electricidad

4.88%,

01/15/2024

1,250‌

1,356‌

Dominion

Energy

Inc

4.65%,

12/31/2099

(i),(k)

500‌

519‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%

Duke

Energy

Corp

3.75%,

09/01/2046

1,000‌

1,068‌

4.88%,

12/31/2099

(i),(k)

1,700‌

1,804‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.39%

Emera

Inc

6.75%,

06/15/2076

(k)

4,400‌

5,061‌

3

Month

USD

LIBOR

+

5.44%

Emera

US

Finance

LP

4.75%,

06/15/2046

800‌

973‌

Empresa

Electrica

Guacolda

SA

4.56%,

04/30/2025

6,600‌

6,168‌

Enel

Chile

SA

4.88%,

06/12/2028

2,000‌

2,245‌

Enel

SpA

8.75%,

09/24/2073

(f),(k)

2,500‌

2,950‌

USD

Swap

Semi-Annual

5

Year

+

5.88%

Eskom

Holdings

SOC

Ltd

5.75%,

01/26/2021

(f)

1,725‌

1,727‌

5.75%,

01/26/2021

715‌

716‌

7.85%,

04/02/2026

ZAR

49,500‌

3,097‌

FirstEnergy

Corp

7.38%,

11/15/2031

$

1,250‌

1,809‌

Fortis

Inc/Canada

3.06%,

10/04/2026

1,239‌

1,294‌

Instituto

Costarricense

de

Electricidad

6.95%,

11/10/2021

1,400‌

1,459‌

Lamar

Funding

Ltd

3.96%,

05/07/2025

3,500‌

3,463‌

LLPL

Capital

Pte

Ltd

6.88%,

02/04/2039

(f)

3,162‌

3,700‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

49

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Minejesa

Capital

BV

4.63%,

08/10/2030

$

4,400‌

$

4,584‌

4.63%,

08/10/2030

(f)

2,400‌

2,500‌

Mong

Duong

Finance

Holdings

BV

5.13%,

05/07/2029

(f)

2,000‌

2,063‌

National

Rural

Utilities

Cooperative

Finance

Corp

5.25%,

04/20/2046

(k)

500‌

553‌

3

Month

USD

LIBOR

+

3.63%

Naturgy

Finance

BV

3.38%,

12/31/2049

(i),(k)

EUR

300‌

356‌

EUR

Swap

Annual

(VS

6

Month)

9

Year

+

3.08%

Pampa

Energia

SA

7.50%,

01/24/2027

(d)

$

3,900‌

3,388‌

7.50%,

01/24/2027

(d),(f)

2,500‌

2,172‌

Perusahaan

Listrik

Negara

PT

4.13%,

05/15/2027

3,300‌

3,510‌

RWE

AG

3.50%,

04/21/2075

(k)

EUR

500‌

608‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

3.25%

Southern

Co/The

2.95%,

07/01/2023

$

2,000‌

2,070‌

Star

Energy

Geothermal

Wayang

Windu

Ltd

6.75%,

04/24/2033

1,840‌

2,002‌

Vistra

Energy

Corp

8.13%,

01/30/2026

(f)

345‌

367‌

Vistra

Operations

Co

LLC

5.50%,

09/01/2026

(f)

890‌

926‌

$

84,186‌

Electrical

Components

&

Equipment

-

0.08%

Belden

Inc

2.88%,

09/15/2025

EUR

500‌

565‌

Energizer

Gamma

Acquisition

BV

4.63%,

07/15/2026

550‌

637‌

Energizer

Holdings

Inc

5.50%,

06/15/2025

(f)

$

505‌

521‌

6.38%,

07/15/2026

(f)

610‌

650‌

WESCO

Distribution

Inc

5.38%,

06/15/2024

3,861‌

3,987‌

$

6,360‌

Energy

-

Alternate

Sources

-

0.18%

Azure

Power

Energy

Ltd

5.50%,

11/03/2022

1,251‌

1,283‌

Azure

Power

Solar

Energy

Pvt

Ltd

5.65%,

12/24/2024

(f)

1,000‌

1,032‌

Empresa

Electrica

Cochrane

SpA

5.50%,

05/14/2027

(f)

1,000‌

1,044‌

Enviva

Partners

LP

/

Enviva

Partners

Finance

Corp

6.50%,

01/15/2026

(f)

3,625‌

3,867‌

Greenko

Solar

Mauritius

Ltd

5.55%,

01/29/2025

6,300‌

6,461‌

$

13,687‌

Engineering

&

Construction

-

0.29%

Bioceanico

Sovereign

Certificate

Ltd

0.00%,

06/05/2034

(e),(f)

2,835‌

1,996‌

IHS

Netherlands

Holdco

BV

7.13%,

03/18/2025

(f)

7,200‌

7,634‌

8.00%,

09/18/2027

(f)

3,250‌

3,510‌

MasTec

Inc

4.88%,

03/15/2023

1,220‌

1,232‌

Mexico

City

Airport

Trust

5.50%,

07/31/2047

3,300‌

3,618‌

5.50%,

07/31/2047

(f)

3,000‌

3,289‌

Tutor

Perini

Corp

6.88%,

05/01/2025

(d),(f)

1,240‌

1,166‌

$

22,445‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

-

0.80%

AMC

Entertainment

Holdings

Inc

5.88%,

11/15/2026

$

13,595‌

$

11,760‌

6.13%,

05/15/2027

(d)

4,080‌

3,468‌

Caesars

Resort

Collection

LLC

/

CRC

Finco

Inc

5.25%,

10/15/2025

(f)

12,204‌

12,386‌

Cinemark

USA

Inc

4.88%,

06/01/2023

7,575‌

7,670‌

Eldorado

Resorts

Inc

6.00%,

09/15/2026

635‌

696‌

7.00%,

08/01/2023

430‌

445‌

International

Game

Technology

PLC

6.25%,

02/15/2022

(f)

4,300‌

4,504‌

6.25%,

01/15/2027

(f)

550‌

617‌

6.50%,

02/15/2025

(f)

5,365‌

6,049‌

Lions

Gate

Capital

Holdings

LLC

5.88%,

11/01/2024

(f)

1,315‌

1,285‌

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital

Inc

4.63%,

04/16/2029

1,500‌

1,591‌

4.63%,

04/16/2029

(f)

2,480‌

2,631‌

Sisal

Group

SpA

7.00%,

07/31/2023

EUR

2,956‌

3,384‌

Speedway

Motorsports

LLC

/

Speedway

Funding

II

Inc

4.88%,

11/01/2027

(f)

$

4,750‌

4,786‌

Stars

Group

Holdings

BV

/

Stars

Group

US

Co-

Borrower

LLC

7.00%,

07/15/2026

(f)

1,200‌

1,304‌

$

62,576‌

Environmental

Control

-

0.36%

Covanta

Holding

Corp

5.88%,

07/01/2025

4,625‌

4,797‌

6.00%,

01/01/2027

5,200‌

5,391‌

GFL

Environmental

Inc

5.13%,

12/15/2026

(f)

875‌

901‌

5.38%,

03/01/2023

(f)

8,000‌

8,170‌

5.63%,

05/01/2022

(f)

4,000‌

4,040‌

7.00%,

06/01/2026

(f)

1,925‌

2,006‌

8.50%,

05/01/2027

(f)

1,400‌

1,526‌

Waste

Pro

USA

Inc

5.50%,

02/15/2026

(f)

975‌

1,002‌

$

27,833‌

Food

-

0.83%

Alicorp

SAA

6.88%,

04/17/2027

(f)

PEN

9,000‌

2,904‌

Boparan

Finance

PLC

5.50%,

07/15/2021

GBP

200‌

195‌

BRF

SA

4.88%,

01/24/2030

(f)

$

995‌

1,018‌

Casino

Guichard

Perrachon

SA

4.50%,

03/07/2024

EUR

4,300‌

4,340‌

Cencosud

SA

4.38%,

07/17/2027

(f)

$

1,700‌

1,735‌

Grupo

Bimbo

SAB

de

CV

5.95%,

12/31/2099

(f),(i),(k)

2,350‌

2,497‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.28%

Ingles

Markets

Inc

5.75%,

06/15/2023

2,078‌

2,113‌

JBS

USA

LUX

SA

/

JBS

USA

Finance

Inc

5.75%,

06/15/2025

(f)

6,650‌

6,886‌

MARB

BondCo

PLC

6.88%,

01/19/2025

(f)

10,353‌

10,895‌

6.88%,

01/19/2025

3,100‌

3,262‌

Minerva

Luxembourg

SA

5.88%,

01/19/2028

(f)

1,200‌

1,265‌

NBM

US

Holdings

Inc

6.63%,

08/06/2029

(f)

1,585‌

1,706‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

50

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Food

(continued)

Nestle

Holdings

Inc

4.00%,

09/24/2048

(f)

$

2,000‌

$

2,420‌

Post

Holdings

Inc

5.00%,

08/15/2026

(f)

6,460‌

6,670‌

5.50%,

03/01/2025

(f)

4,975‌

5,153‌

Sigma

Alimentos

SA

de

CV

4.13%,

05/02/2026

4,400‌

4,609‌

US

Foods

Inc

5.88%,

06/15/2024

(f)

6,918‌

7,075‌

$

64,743‌

Forest

Products

&

Paper

-

0.15%

Celulosa

Arauco

y

Constitucion

SA

4.25%,

04/30/2029

(f)

3,344‌

3,430‌

Smurfit

Kappa

Acquisitions

ULC

2.75%,

02/01/2025

EUR

400‌

483‌

Suzano

Austria

GmbH

6.00%,

01/15/2029

$

3,900‌

4,403‌

7.00%,

03/16/2047

(f)

2,630‌

3,142‌

$

11,458‌

Gas

-

0.02%

Perusahaan

Gas

Negara

Tbk

PT

5.13%,

05/16/2024

1,600‌

1,740‌

Hand

&

Machine

Tools

-

0.27%

Apex

Tool

Group

LLC

/

BC

Mountain

Finance

Inc

9.00%,

02/15/2023

(f)

22,820‌

21,051‌

Healthcare

-

Services

-

3.07%

Anthem

Inc

3.65%,

12/01/2027

1,700‌

1,835‌

Centene

Corp

4.25%,

12/15/2027

(f)

1,400‌

1,460‌

5.25%,

04/01/2025

(f)

2,160‌

2,238‌

5.38%,

06/01/2026

(f)

785‌

835‌

6.13%,

02/15/2024

1,880‌

1,941‌

DaVita

Inc

5.13%,

07/15/2024

8,650‌

8,845‌

Eagle

Holding

Co

II

LLC

7.63%,

PIK

8.38%,

05/15/2022

(f),(l),(n)

11,500‌

11,615‌

7.75%,

PIK

8.50%,

05/15/2022

(f),(l),(n)

2,442‌

2,466‌

Encompass

Health

Corp

5.75%,

09/15/2025

1,350‌

1,404‌

Envision

Healthcare

Corp

8.75%,

10/15/2026

(f)

36,710‌

22,136‌

MEDNAX

Inc

6.25%,

01/15/2027

(f)

2,000‌

2,037‌

One

Call

Corp

7.50%,

PIK

11.00%,

07/01/2024

(f),(l),(n)

73,664‌

68,508‌

Polaris

Intermediate

Corp

8.50%,

PIK

9.25%,

12/01/2022

(d),(f),(l),(n)

33,972‌

31,594‌

Radiology

Partners

Inc

9.25%,

02/01/2028

(f)

4,650‌

4,836‌

RegionalCare

Hospital

Partners

Holdings

Inc

8.25%,

05/01/2023

(f)

17,150‌

18,013‌

Surgery

Center

Holdings

Inc

6.75%,

07/01/2025

(d),(f)

21,328‌

21,701‌

10.00%,

04/15/2027

(f)

2,800‌

3,115‌

Tenet

Healthcare

Corp

4.63%,

07/15/2024

2,650‌

2,716‌

4.63%,

09/01/2024

(f)

2,550‌

2,627‌

5.13%,

05/01/2025

11,400‌

11,600‌

8.13%,

04/01/2022

9,380‌

10,248‌

UnitedHealth

Group

Inc

6.88%,

02/15/2038

1,250‌

1,891‌

West

Street

Merger

Sub

Inc

6.38%,

09/01/2025

(f)

6,425‌

6,329‌

$

239,990‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Holding

Companies

-

Diversified

-

0.04%

CK

Hutchison

Finance

16

Ltd

1.25%,

04/06/2023

EUR

2,500‌

$

2,864‌

ProGroup

AG

3.00%,

03/31/2026

450‌

494‌

$

3,358‌

Home

Builders

-

0.06%

Lennar

Corp

4.50%,

04/30/2024

$

1,790‌

1,911‌

Taylor

Morrison

Communities

Inc

/

Taylor

Morrison

Holdings

II

Inc

5.63%,

03/01/2024

(f)

1,755‌

1,895‌

Williams

Scotsman

International

Inc

7.88%,

12/15/2022

(f)

1,080‌

1,126‌

$

4,932‌

Home

Furnishings

-

0.02%

Arcelik

AS

5.00%,

04/03/2023

1,800‌

1,858‌

Insurance

-

2.78%

Acrisure

LLC

/

Acrisure

Finance

Inc

7.00%,

11/15/2025

(f)

20,132‌

19,729‌

8.13%,

02/15/2024

(f)

10,910‌

11,660‌

AIG

Life

Holdings

Inc

8.50%,

07/01/2030

4,995‌

6,800‌

Allstate

Corp/The

5.75%,

08/15/2053

(k)

4,808‌

5,205‌

3

Month

USD

LIBOR

+

2.94%

American

International

Group

Inc

5.75%,

04/01/2048

(k)

8,500‌

9,606‌

3

Month

USD

LIBOR

+

2.87%

8.18%,

05/15/2068

(k)

3,850‌

5,371‌

3

Month

USD

LIBOR

+

4.20%

Ardonagh

Midco

3

PLC

8.63%,

07/15/2023

(d),(f)

2,000‌

2,055‌

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.63%,

08/15/2052

(k)

4,500‌

5,024‌

3

Month

USD

LIBOR

+

3.78%

5.75%,

08/15/2050

(k)

1,000‌

1,104‌

3

Month

USD

LIBOR

+

3.59%

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(k)

2,000‌

2,228‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.27%

Assicurazioni

Generali

SpA

4.60%,

12/31/2049

(i),(k)

EUR

2,500‌

3,112‌

3

Month

Euro

Interbank

Offered

Rate

+

4.50%

AssuredPartners

Inc

7.00%,

08/15/2025

(f)

$

30,753‌

31,291‌

AXA

SA

6.38%,

12/31/2049

(f),(i),(k)

3,000‌

3,975‌

3

Month

USD

LIBOR

+

2.26%

Berkshire

Hathaway

Inc

1.13%,

03/16/2027

EUR

2,500‌

2,962‌

Caisse

Nationale

de

Reassurance

Mutuelle

Agricole

Groupama

6.38%,

12/31/2049

(i),(k)

1,900‌

2,494‌

3

Month

Euro

Interbank

Offered

Rate

+

5.77%

CCB

Life

Insurance

Co

Ltd

4.50%,

04/21/2077

(k)

$

2,700‌

2,741‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

5.63%,

06/24/2046

(k)

2,000‌

2,260‌

3

Month

USD

LIBOR

+

4.92%

Fidelity

&

Guaranty

Life

Holdings

Inc

5.50%,

05/01/2025

(f)

15,425‌

16,428‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

51

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

GTCR

AP

Finance

Inc

8.00%,

05/15/2027

(f)

$

4,790‌

$

5,077‌

Heungkuk

Life

Insurance

Co

Ltd

4.48%,

12/31/2049

(i),(k)

4,100‌

4,121‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.47%

HUB

International

Ltd

7.00%,

05/01/2026

(f)

6,589‌

6,836‌

Liberty

Mutual

Group

Inc

3.95%,

10/15/2050

(f)

1,500‌

1,634‌

7.80%,

03/07/2087

(f)

7,361‌

9,753‌

3

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(f)

946‌

1,442‌

Lincoln

National

Corp

3.86%,

04/20/2067

5,584‌

4,802‌

3

Month

USD

LIBOR

+

2.04%

M&G

PLC

6.50%,

10/20/2048

(k)

3,200‌

3,732‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.41%

Mapfre

SA

1.63%,

05/19/2026

EUR

2,000‌

2,419‌

Meiji

Yasuda

Life

Insurance

Co

5.20%,

10/20/2045

(f),(k)

$

2,550‌

2,846‌

USD

Swap

Semi-Annual

5

Year

+

4.23%

MetLife

Inc

5.25%,

12/31/2049

(i),(k)

4,000‌

4,030‌

3

Month

USD

LIBOR

+

3.58%

9.25%,

04/08/2068

(f)

8,000‌

12,040‌

3

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

900‌

1,507‌

Mitsui

Sumitomo

Insurance

Co

Ltd

4.95%,

12/31/2099

(f),(i),(k)

3,000‌

3,373‌

USD

Swap

Semi-Annual

5

Year

+

3.26%

Nippon

Life

Insurance

Co

5.10%,

10/16/2044

(f),(k)

5,000‌

5,488‌

USD

Swap

Rate

NY

5

Year

+

3.65%

Prudential

Financial

Inc

5.88%,

09/15/2042

(k)

2,700‌

2,903‌

3

Month

USD

LIBOR

+

4.18%

QBE

Insurance

Group

Ltd

6.75%,

12/02/2044

(k)

1,000‌

1,123‌

USD

Swap

Semi-Annual

10

Year

+

4.30%

Societa

Cattolica

di

Assicurazioni

SC

4.25%,

12/14/2047

(k)

EUR

800‌

916‌

3

Month

Euro

Interbank

Offered

Rate

+

4.46%

Swiss

Re

Finance

Luxembourg

SA

5.00%,

04/02/2049

(f),(k)

$

1,200‌

1,364‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%

Talanx

AG

2.25%,

12/05/2047

(k)

EUR

200‌

237‌

3

Month

Euro

Interbank

Offered

Rate

+

2.45%

USI

Inc/NY

6.88%,

05/01/2025

(f)

$

2,510‌

2,573‌

Voya

Financial

Inc

5.65%,

05/15/2053

(k)

3,300‌

3,506‌

3

Month

USD

LIBOR

+

3.58%

6.13%,

12/31/2049

(i),(k)

800‌

867‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.36%

$

216,634‌

Internet

-

0.39%

Alibaba

Group

Holding

Ltd

3.40%,

12/06/2027

4,200‌

4,477‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

(continued)

Booking

Holdings

Inc

3.60%,

06/01/2026

$

1,200‌

$

1,309‌

GrubHub

Holdings

Inc

5.50%,

07/01/2027

(f)

2,940‌

2,870‌

JD.com

Inc

4.13%,

01/14/2050

1,580‌

1,693‌

Netflix

Inc

3.63%,

05/15/2027

EUR

500‌

591‌

3.88%,

11/15/2029

600‌

701‌

4.38%,

11/15/2026

$

1,885‌

1,981‌

4.88%,

06/15/2030

(f)

3,550‌

3,703‌

Prosus

NV

3.68%,

01/21/2030

(f)

850‌

879‌

Tencent

Holdings

Ltd

3.98%,

04/11/2029

(f)

6,100‌

6,728‌

Uber

Technologies

Inc

8.00%,

11/01/2026

(f),(o)

3,000‌

3,192‌

Zayo

Group

LLC

/

Zayo

Capital

Inc

6.00%,

04/01/2023

2,140‌

2,186‌

$

30,310‌

Investment

Companies

-

0.14%

Beijing

State-Owned

Assets

Management

Hong

Kong

Co

Ltd

4.13%,

05/26/2025

3,767‌

3,984‌

Coastal

Emerald

Ltd

4.30%,

12/31/2049

(i),(k)

4,600‌

4,636‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.45%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.88%,

02/01/2022

2,365‌

2,365‌

$

10,985‌

Iron

&

Steel

-

1.73%

ABJA

Investment

Co

Pte

Ltd

5.45%,

01/24/2028

2,500‌

2,470‌

Baffinland

Iron

Mines

Corp

/

Baffinland

Iron

Mines

LP

8.75%,

07/15/2026

(f)

26,980‌

27,992‌

CSN

Resources

SA

7.63%,

02/13/2023

2,500‌

2,645‌

GTL

Trade

Finance

Inc

7.25%,

04/16/2044

1,800‌

2,342‌

GUSAP

III

LP

4.25%,

01/21/2030

(f)

1,960‌

2,057‌

JSW

Steel

Ltd

5.25%,

04/13/2022

2,850‌

2,917‌

5.95%,

04/18/2024

6,500‌

6,714‌

Material

Sciences

Corp

10.20%,

01/09/2024

(g),(h),(l),(o)

22,010‌

22,010‌

Metinvest

BV

5.63%,

06/17/2025

(f)

EUR

6,000‌

6,948‌

7.75%,

04/23/2023

$

7,181‌

7,659‌

7.75%,

10/17/2029

(f)

1,000‌

1,053‌

8.50%,

04/23/2026

2,000‌

2,185‌

Samarco

Mineracao

SA

0.00%,

11/01/2022

(e),(f)

2,300‌

1,489‌

Specialty

Steel

11.92%,

11/15/2022

(g),(h),(l),(o)

41,564‌

41,564‌

thyssenkrupp

AG

1.38%,

03/03/2022

EUR

700‌

777‌

Vale

Overseas

Ltd

6.25%,

08/10/2026

$

1,982‌

2,340‌

Vale

SA

3.75%,

01/10/2023

EUR

1,400‌

1,688‌

$

134,850‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

52

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Lodging

-

0.93%

Boyd

Gaming

Corp

4.75%,

12/01/2027

(f)

$

6,725‌

$

6,876‌

6.00%,

08/15/2026

5,050‌

5,366‌

Fortune

Star

BVI

Ltd

5.25%,

03/23/2022

4,000‌

4,061‌

Gohl

Capital

Ltd

4.25%,

01/24/2027

4,000‌

4,244‌

Melco

Resorts

Finance

Ltd

4.88%,

06/06/2025

8,500‌

8,636‌

MGM

China

Holdings

Ltd

5.38%,

05/15/2024

(f)

9,865‌

10,111‌

Sands

China

Ltd

5.40%,

08/08/2028

2,500‌

2,841‌

Station

Casinos

LLC

5.00%,

10/01/2025

(f)

14,523‌

14,863‌

Studio

City

Finance

Ltd

7.25%,

02/11/2024

7,500‌

7,769‌

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp

5.25%,

05/15/2027

(f)

1,840‌

1,909‌

Wynn

Macau

Ltd

5.50%,

10/01/2027

(f)

6,000‌

6,106‌

$

72,782‌

Machinery

-

Diversified

-

0.41%

JPW

Industries

Holding

Corp

9.00%,

10/01/2024

(f)

17,080‌

16,980‌

Mueller

Water

Products

Inc

5.50%,

06/15/2026

(f)

1,175‌

1,231‌

Titan

Acquisition

Ltd

/

Titan

Co-Borrower

LLC

7.75%,

04/15/2026

(f)

14,490‌

14,111‌

$

32,322‌

Media

-

2.60%

Altice

Financing

SA

6.63%,

02/15/2023

(f)

9,090‌

9,249‌

Altice

Finco

SA

4.75%,

01/15/2028

EUR

1,600‌

1,791‌

Altice

Luxembourg

SA

7.63%,

02/15/2025

(f)

$

3,165‌

3,291‌

10.50%,

05/15/2027

(f)

3,000‌

3,469‌

AMC

Networks

Inc

4.75%,

08/01/2025

2,745‌

2,771‌

5.00%,

04/01/2024

9,675‌

9,868‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.75%,

03/01/2030

(f)

1,925‌

1,979‌

5.13%,

05/01/2023

(f)

4,050‌

4,114‌

5.38%,

06/01/2029

(f)

6,000‌

6,420‌

5.50%,

05/01/2026

(f)

2,905‌

3,036‌

5.88%,

04/01/2024

(f)

12,975‌

13,391‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.46%,

07/23/2022

2,450‌

2,589‌

Clear

Channel

Worldwide

Holdings

Inc

9.25%,

02/15/2024

(f)

1,702‌

1,853‌

CSC

Holdings

LLC

5.25%,

06/01/2024

6,615‌

7,144‌

5.38%,

02/01/2028

(f)

4,676‌

4,957‌

5.75%,

01/15/2030

(f)

6,400‌

6,880‌

7.50%,

04/01/2028

(f)

3,950‌

4,494‌

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co

5.38%,

08/15/2026

(f)

6,200‌

6,176‌

6.63%,

08/15/2027

(d),(f)

15,900‌

14,866‌

DISH

DBS

Corp

5.88%,

11/15/2024

1,565‌

1,584‌

7.75%,

07/01/2026

3,010‌

3,160‌

Grupo

Televisa

SAB

5.00%,

05/13/2045

1,400‌

1,566‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Meredith

Corp

6.88%,

02/01/2026

$

2,430‌

$

2,501‌

Nexstar

Broadcasting

Inc

5.63%,

07/15/2027

(f)

7,050‌

7,415‌

Quebecor

Media

Inc

5.75%,

01/15/2023

13,800‌

14,835‌

Shaw

Communications

Inc

6.75%,

11/09/2039

CAD

1,100‌

1,162‌

Sinclair

Television

Group

Inc

5.50%,

03/01/2030

(f)

$

3,675‌

3,758‌

SportsNet

New

York

10.25%,

01/15/2025

(g),(h),(o)

20,090‌

21,095‌

UPC

Holding

BV

3.88%,

06/15/2029

EUR

500‌

582‌

Virgin

Media

Finance

PLC

5.75%,

01/15/2025

(f)

$

12,100‌

12,463‌

6.00%,

10/15/2024

(f)

5,775‌

5,949‌

Virgin

Media

Secured

Finance

PLC

5.50%,

08/15/2026

(f)

1,350‌

1,416‌

Ziggo

Bond

Co

BV

4.63%,

01/15/2025

EUR

750‌

848‌

5.88%,

01/15/2025

(f)

$

3,180‌

3,271‌

6.00%,

01/15/2027

(f)

5,400‌

5,671‌

Ziggo

BV

5.50%,

01/15/2027

(f)

6,625‌

7,022‌

$

202,636‌

Metal

Fabrication

&

Hardware

-

0.24%

Optimas

OE

Solutions

Holding

LLC

/

Optimas

OE

Solutions

Inc

8.63%,

06/01/2021

(f)

29,884‌

17,931‌

Park-Ohio

Industries

Inc

6.63%,

04/15/2027

885‌

898‌

$

18,829‌

Mining

-

1.26%

Aleris

International

Inc

10.75%,

07/15/2023

(f)

650‌

676‌

Century

Aluminum

Co

7.50%,

06/01/2021

(f)

13,713‌

13,576‌

Constellium

SE

5.88%,

02/15/2026

(f)

2,890‌

2,984‌

First

Quantum

Minerals

Ltd

6.88%,

03/01/2026

(f)

9,355‌

9,028‌

7.25%,

04/01/2023

(f)

300‌

298‌

7.50%,

04/01/2025

(f)

450‌

443‌

Hudbay

Minerals

Inc

7.63%,

01/15/2025

(f)

955‌

965‌

IAMGOLD

Corp

7.00%,

04/15/2025

(f)

1,982‌

2,041‌

Industrias

Penoles

SAB

de

CV

4.15%,

09/12/2029

7,800‌

8,120‌

5.65%,

09/12/2049

(f)

3,250‌

3,569‌

Joseph

T

Ryerson

&

Son

Inc

11.00%,

05/15/2022

(f)

4,090‌

4,294‌

Newmont

Corp

4.88%,

03/15/2042

1,000‌

1,228‌

Nexa

Resources

SA

5.38%,

05/04/2027

1,700‌

1,830‌

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

7.13%,

11/01/2022

(f)

19,888‌

16,010‌

Novelis

Corp

4.75%,

01/30/2030

(f)

6,225‌

6,252‌

5.88%,

09/30/2026

(f)

1,000‌

1,060‌

Petropavlovsk

2016

Ltd

8.13%,

11/14/2022

4,300‌

4,526‌

Real

Alloy

Holding

Inc

0.00%,

01/15/2019

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

9,569‌

—‌

11.94%,

11/30/2023

(g),(h),(l),(o)

18,506‌

18,506‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

53

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

(continued)

Rusal

Capital

DAC

5.13%,

02/02/2022

$

2,600‌

$

2,671‌

$

98,077‌

Miscellaneous

Manufacturers

-

0.05%

Illinois

Tool

Works

Inc

3.90%,

09/01/2042

1,000‌

1,206‌

Parker-Hannifin

Corp

3.25%,

06/14/2029

2,850‌

3,057‌

$

4,263‌

Oil

&

Gas

-

3.16%

Callon

Petroleum

Co

6.13%,

10/01/2024

1,691‌

1,617‌

Centennial

Resource

Production

LLC

6.88%,

04/01/2027

(f)

1,075‌

1,072‌

CNOOC

Finance

2013

Ltd

2.88%,

09/30/2029

2,500‌

2,554‌

Continental

Resources

Inc/OK

5.00%,

09/15/2022

1,890‌

1,900‌

Cosan

Luxembourg

SA

7.00%,

01/20/2027

(d)

1,800‌

1,975‌

Ecopetrol

SA

5.88%,

05/28/2045

2,400‌

2,885‌

Endeavor

Energy

Resources

LP

/

EER

Finance

Inc

5.75%,

01/30/2028

(f)

8,575‌

8,918‌

Energy

Ventures

Gom

LLC

/

EnVen

Finance

Corp

11.00%,

02/15/2023

(f)

4,270‌

4,281‌

Gran

Tierra

Energy

Inc

7.75%,

05/23/2027

(f)

1,285‌

1,248‌

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

5.75%,

10/01/2025

(f)

2,129‌

1,925‌

HollyFrontier

Corp

5.88%,

04/01/2026

1,500‌

1,707‌

Jagged

Peak

Energy

LLC

5.88%,

05/01/2026

6,280‌

6,468‌

Kosmos

Energy

Ltd

7.13%,

04/04/2026

(f)

6,504‌

6,577‌

7.13%,

04/04/2026

6,100‌

6,169‌

Matador

Resources

Co

5.88%,

09/15/2026

6,343‌

6,208‌

Medco

Bell

Pte

Ltd

6.38%,

01/30/2027

(f)

2,250‌

2,169‌

Medco

Oak

Tree

Pte

Ltd

7.38%,

05/14/2026

4,500‌

4,652‌

MEG

Energy

Corp

6.38%,

01/30/2023

(f)

3,020‌

3,056‌

7.00%,

03/31/2024

(f)

5,030‌

5,068‌

7.13%,

02/01/2027

(f)

7,575‌

7,502‌

Moss

Creek

Resources

Holdings

Inc

7.50%,

01/15/2026

(f)

2,000‌

1,467‌

Nabors

Industries

Ltd

7.50%,

01/15/2028

(f)

1,000‌

990‌

Nexen

Inc

5.88%,

03/10/2035

500‌

664‌

Occidental

Petroleum

Corp

6.60%,

03/15/2046

800‌

1,063‌

Odebrecht

Drilling

Norbe

VIII/IX

Ltd

6.35%,

12/01/2021

6,290‌

6,273‌

Odebrecht

Offshore

Drilling

Finance

Ltd

6.72%,

12/01/2022

5,178‌

5,126‌

Oil

India

Ltd

5.13%,

02/04/2029

2,200‌

2,492‌

PDC

Energy

Inc

5.75%,

05/15/2026

7,525‌

7,264‌

Pertamina

Persero

PT

5.63%,

05/20/2043

(f)

2,000‌

2,350‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Petroamazonas

EP

4.63%,

11/06/2020

$

167‌

$

166‌

4.63%,

11/06/2020

(f)

2,962‌

2,948‌

Petrobras

Global

Finance

BV

5.09%,

01/15/2030

(f)

7,691‌

8,440‌

Petroleos

de

Venezuela

SA

0.00%,

10/27/2020

(e)

1,028‌

177‌

0.00%,

11/17/2021

(e)

17,250‌

1,380‌

0.00%,

05/16/2024

(e)

38,002‌

3,040‌

0.00%,

11/15/2026

(e)

12,045‌

964‌

0.00%,

04/12/2027

(e)

425‌

34‌

0.00%,

05/17/2035

(e)

536‌

43‌

0.00%,

04/12/2037

(e)

12,840‌

1,027‌

Petroleos

Mexicanos

5.95%,

01/28/2031

(f)

3,665‌

3,719‌

6.50%,

03/13/2027

8,950‌

9,703‌

6.84%,

01/23/2030

(f)

7,900‌

8,560‌

6.95%,

01/28/2060

(f)

1,250‌

1,267‌

7.19%,

09/12/2024

MXN

228,840‌

11,157‌

7.69%,

01/23/2050

(f)

$

5,977‌

6,566‌

9.50%,

09/15/2027

1,204‌

1,443‌

Petron

Corp

4.60%,

12/31/2049

(i),(k)

750‌

745‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.77%

Puma

International

Financing

SA

5.00%,

01/24/2026

(f)

3,400‌

3,191‌

QEP

Resources

Inc

5.25%,

05/01/2023

1,150‌

1,104‌

5.63%,

03/01/2026

600‌

535‌

Repsol

International

Finance

BV

4.50%,

03/25/2075

(k)

EUR

300‌

380‌

EUR

Swap

Annual

(VS

6

Month)

10

Year

+

4.20%

SandRidge

Energy

Inc

0.00%,

03/15/2021

(e),(g),(h)

$

3,450‌

—‌

Saudi

Arabian

Oil

Co

2.88%,

04/16/2024

(f)

2,300‌

2,363‌

3.50%,

04/16/2029

(f)

1,185‌

1,256‌

4.25%,

04/16/2039

(f)

1,325‌

1,466‌

4.38%,

04/16/2049

(f)

4,425‌

4,985‌

SEPLAT

Petroleum

Development

Co

Plc

9.25%,

04/01/2023

(f)

2,210‌

2,304‌

SM

Energy

Co

6.63%,

01/15/2027

(d)

1,750‌

1,584‌

Southwestern

Energy

Co

7.75%,

10/01/2027

2,130‌

1,778‌

SRC

Energy

Inc

6.25%,

12/01/2025

11,850‌

11,939‌

Sunoco

LP

/

Sunoco

Finance

Corp

4.88%,

01/15/2023

5,020‌

5,152‌

5.50%,

02/15/2026

6,345‌

6,527‌

6.00%,

04/15/2027

3,700‌

3,903‌

Tecpetrol

SA

4.88%,

12/12/2022

4,800‌

4,704‌

TOTAL

SA

2.63%,

12/31/2049

(i),(k)

EUR

2,000‌

2,393‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

2.15%

Transocean

Inc

7.25%,

11/01/2025

(f)

$

4,510‌

4,251‌

Tupras

Turkiye

Petrol

Rafinerileri

AS

4.50%,

10/18/2024

2,000‌

2,008‌

Unit

Corp

6.63%,

05/15/2021

3,000‌

1,322‌

Valero

Energy

Corp

6.63%,

06/15/2037

900‌

1,215‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

54

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Viper

Energy

Partners

LP

5.38%,

11/01/2027

(f)

$

1,025‌

$

1,069‌

W&T

Offshore

Inc

9.75%,

11/01/2023

(f)

7,000‌

6,628‌

WPX

Energy

Inc

5.25%,

10/15/2027

6,000‌

6,270‌

YPF

SA

8.50%,

07/28/2025

(f)

1,512‌

1,387‌

$

246,733‌

Oil

&

Gas

Services

-

0.16%

Forum

Energy

Technologies

Inc

6.25%,

10/01/2021

12,265‌

10,977‌

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.88%,

04/01/2026

1,180‌

1,227‌

$

12,204‌

Packaging

&

Containers

-

1.15%

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc

6.00%,

02/15/2025

(f)

1,915‌

2,001‌

Ball

Corp

4.38%,

12/15/2023

EUR

800‌

1,007‌

Berry

Global

Inc

4.50%,

02/15/2026

(f)

$

2,575‌

2,614‌

4.88%,

07/15/2026

(f)

7,700‌

8,045‌

5.63%,

07/15/2027

(d),(f)

5,150‌

5,472‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

VI

4.75%,

02/01/2026

325‌

337‌

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

3,685‌

4,358‌

Crown

European

Holdings

SA

3.38%,

05/15/2025

EUR

300‌

362‌

Plastipak

Holdings

Inc

6.25%,

10/15/2025

(f)

$

15,848‌

13,946‌

Reynolds

Group

Issuer

Inc

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

(Luxembourg)

S.A.

5.13%,

07/15/2023

(f)

11,300‌

11,532‌

Silgan

Holdings

Inc

3.25%,

03/15/2025

EUR

600‌

674‌

4.13%,

02/01/2028

(f)

$

1,125‌

1,118‌

Smurfit

Kappa

Treasury

ULC

1.50%,

09/15/2027

EUR

6,000‌

6,677‌

Trident

TPI

Holdings

Inc

6.63%,

11/01/2025

(f)

$

16,936‌

15,369‌

9.25%,

08/01/2024

(f)

8,420‌

8,546‌

Trivium

Packaging

Finance

BV

5.50%,

08/15/2026

(f)

7,600‌

8,009‌

$

90,067‌

Pharmaceuticals

-

0.59%

Allergan

Funding

SCS

3.85%,

06/15/2024

2,800‌

2,986‌

AstraZeneca

PLC

4.00%,

01/17/2029

1,150‌

1,307‌

Bausch

Health

Americas

Inc

8.50%,

01/31/2027

(f)

3,705‌

4,191‌

Bausch

Health

Cos

Inc

5.00%,

01/30/2028

(f)

2,800‌

2,835‌

5.25%,

01/30/2030

(f)

2,825‌

2,878‌

5.88%,

05/15/2023

(f)

160‌

161‌

7.00%,

01/15/2028

(f)

3,650‌

3,954‌

Bristol-Myers

Squibb

Co

4.63%,

05/15/2044

(f)

2,000‌

2,517‌

Eli

Lilly

&

Co

1.70%,

11/01/2049

EUR

425‌

494‌

Grifols

SA

3.20%,

05/01/2025

450‌

508‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Mylan

NV

3.95%,

06/15/2026

$

2,500‌

$

2,668‌

NVA

Holdings

Inc

6.88%,

04/01/2026

(f)

15,475‌

16,694‌

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%,

10/01/2026

3,200‌

2,732‌

4.10%,

10/01/2046

1,200‌

921‌

7.13%,

01/31/2025

(f)

1,320‌

1,389‌

$

46,235‌

Pipelines

-

0.92%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

09/15/2024

10,245‌

9,072‌

5.75%,

03/01/2027

(f)

1,200‌

936‌

5.75%,

01/15/2028

(f)

3,725‌

2,897‌

Enbridge

Inc

6.25%,

03/01/2078

(k)

5,600‌

6,112‌

3

Month

USD

LIBOR

+

3.64%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(k)

11,000‌

11,363‌

3

Month

USD

LIBOR

+

3.03%

EQM

Midstream

Partners

LP

4.75%,

07/15/2023

1,800‌

1,776‌

Hess

Midstream

Operations

LP

5.63%,

02/15/2026

(f)

3,810‌

3,988‌

Holly

Energy

Partners

LP

/

Holly

Energy

Finance

Corp

5.00%,

02/01/2028

(f),(j)

7,800‌

7,924‌

KazTransGas

JSC

4.38%,

09/26/2027

9,711‌

10,381‌

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

7.50%,

11/01/2023

2,115‌

2,109‌

NuStar

Logistics

LP

6.00%,

06/01/2026

1,375‌

1,447‌

Summit

Midstream

Holdings

LLC

/

Summit

Midstream

Finance

Corp

5.75%,

04/15/2025

1,110‌

854‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

5.50%,

03/01/2030

(f)

4,925‌

5,079‌

Transcanada

Trust

5.87%,

08/15/2076

(k)

4,230‌

4,590‌

3

Month

USD

LIBOR

+

4.64%

Transportadora

de

Gas

del

Sur

SA

6.75%,

05/02/2025

(d)

1,500‌

1,381‌

Williams

Cos

Inc/The

3.60%,

03/15/2022

1,000‌

1,030‌

6.30%,

04/15/2040

700‌

871‌

$

71,810‌

Real

Estate

-

0.98%

Arabian

Centres

Sukuk

Ltd

5.38%,

11/26/2024

(f)

7,934‌

8,202‌

China

Evergrande

Group

9.50%,

04/11/2022

8,500‌

8,204‌

Country

Garden

Holdings

Co

Ltd

5.13%,

01/17/2025

7,300‌

7,395‌

8.00%,

01/27/2024

6,400‌

6,947‌

Easy

Tactic

Ltd

8.13%,

02/27/2023

6,500‌

6,492‌

Kaisa

Group

Holdings

Ltd

11.25%,

04/09/2022

9,000‌

9,418‌

Longfor

Group

Holdings

Ltd

3.95%,

09/16/2029

4,700‌

4,778‌

MAF

Global

Securities

Ltd

6.37%,

12/31/2049

(i),(k)

7,060‌

7,498‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.54%

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

55

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Real

Estate

(continued)

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp

9.38%,

04/01/2027

(f)

$

6,250‌

$

6,483‌

Scenery

Journey

Ltd

13.00%,

11/06/2022

4,500‌

4,546‌

Shimao

Property

Holdings

Ltd

6.13%,

02/21/2024

4,400‌

4,643‌

Wanda

Properties

International

Co

Ltd

7.25%,

01/29/2024

1,500‌

1,505‌

$

76,111‌

Regional

Authority

-

0.02%

Provincia

de

Buenos

Aires/Government

Bonds

6.50%,

02/15/2023

(f)

3,700‌

1,378‌

REITs

-

0.63%

CoreCivic

Inc

4.63%,

05/01/2023

10,000‌

9,950‌

ESH

Hospitality

Inc

5.25%,

05/01/2025

(f)

12,535‌

12,848‌

Iron

Mountain

Inc

5.25%,

03/15/2028

(f)

2,165‌

2,262‌

Iron

Mountain

UK

PLC

3.88%,

11/15/2025

GBP

600‌

807‌

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

5.25%,

10/01/2025

(f)

$

11,800‌

12,125‌

Ryman

Hospitality

Properties

Inc

4.75%,

10/15/2027

(f)

1,975‌

2,054‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

3.75%,

02/15/2027

(f),(j)

3,100‌

3,116‌

4.13%,

08/15/2030

(f),(j)

2,700‌

2,735‌

4.25%,

12/01/2026

(f)

1,300‌

1,334‌

Welltower

Inc

4.00%,

06/01/2025

2,100‌

2,294‌

$

49,525‌

Retail

-

0.67%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.25%,

05/15/2024

(f)

1,050‌

1,072‌

4.38%,

01/15/2028

(f)

1,600‌

1,604‌

5.00%,

10/15/2025

(f)

13,438‌

13,864‌

Carvana

Co

8.88%,

10/01/2023

(f)

3,000‌

3,151‌

Dollar

Tree

Inc

4.20%,

05/15/2028

1,900‌

2,086‌

DriveTime

Automotive

Group

Inc

/

Bridgecrest

Acceptance

Corp

8.00%,

06/01/2021

(f)

5,700‌

5,771‌

Future

Retail

Ltd

5.60%,

01/22/2025

(f)

825‌

831‌

L

Brands

Inc

6.75%,

07/01/2036

1,095‌

1,087‌

Reliance

Intermediate

Holdings

LP

6.50%,

04/01/2023

(f)

3,375‌

3,434‌

SRS

Distribution

Inc

8.25%,

07/01/2026

(d),(f)

12,620‌

13,125‌

Staples

Inc

10.75%,

04/15/2027

(f)

5,000‌

5,081‌

Walmart

Inc

5.63%,

03/27/2034

GBP

500‌

1,015‌

$

52,121‌

Semiconductors

-

0.01%

QUALCOMM

Inc

4.80%,

05/20/2045

$

500‌

635‌

Software

-

1.27%

ACI

Worldwide

Inc

5.75%,

08/15/2026

(f)

3,025‌

3,238‌

Ascend

Learning

LLC

6.88%,

08/01/2025

(f)

13,873‌

14,497‌

6.88%,

08/01/2025

(f)

1,375‌

1,437‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Camelot

Finance

SA

4.50%,

11/01/2026

(f)

$

3,100‌

$

3,154‌

Change

Healthcare

Holdings

LLC

/

Change

Healthcare

Finance

Inc

5.75%,

03/01/2025

(f)

18,044‌

18,378‌

Genesys

Telecommunications

Laboratories

Inc/

Greeneden

Lux

3

Sarl

10.00%,

11/30/2024

(f)

14,245‌

15,331‌

Informatica

LLC

7.13%,

07/15/2023

(f)

6,692‌

6,759‌

InterXion

Holding

NV

4.75%,

06/15/2025

EUR

300‌

357‌

IQVIA

Inc

3.25%,

03/15/2025

700‌

788‌

Microsoft

Corp

3.13%,

12/06/2028

1,850‌

2,604‌

Oracle

Corp

4.13%,

05/15/2045

$

1,400‌

1,649‌

PTC

Inc

6.00%,

05/15/2024

2,500‌

2,595‌

Sophia

LP

/

Sophia

Finance

Inc

9.00%,

09/30/2023

(f)

13,775‌

14,154‌

SS&C

Technologies

Inc

5.50%,

09/30/2027

(f)

13,325‌

14,095‌

$

99,036‌

Sovereign

-

9.62%

1MDB

Global

Investments

Ltd

4.40%,

03/09/2023

24,300‌

24,093‌

Abu

Dhabi

Government

International

Bond

2.50%,

09/30/2029

(f)

4,175‌

4,233‌

3.13%,

10/11/2027

5,500‌

5,830‌

3.13%,

09/30/2049

(f)

5,890‌

5,886‌

Angolan

Government

International

Bond

8.00%,

11/26/2029

(f)

8,500‌

8,985‌

Argentina

Bonar

Bonds

8.75%,

05/07/2024

1,854‌

760‌

Argentina

Treasury

Bill

0.00%,

07/29/2020

(e)

ARS

58,000‌

1,066‌

0.00%,

10/29/2020

(e)

149,605‌

2,269‌

Argentine

Bonos

del

Tesoro

15.50%,

10/17/2026

319,195‌

1,768‌

18.20%,

10/03/2021

3,868‌

31‌

Argentine

Republic

Government

International

Bond

0.00%,

12/15/2035

(e),(l)

$

23,615‌

413‌

5.00%,

01/15/2027

EUR

1,020‌

472‌

6.88%,

01/26/2027

$

29,055‌

13,089‌

6.88%,

01/11/2048

2,025‌

856‌

7.50%,

04/22/2026

3,025‌

1,378‌

8.28%,

12/31/2033

3,344‌

1,821‌

Bahrain

Government

International

Bond

7.00%,

10/12/2028

(f)

2,343‌

2,762‌

7.00%,

10/12/2028

7,600‌

8,959‌

Bonos

De

La

Nacion

Argentina

En

Moneda

Dua

4.50%,

02/13/2020

1,257‌

805‌

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.00%,

01/01/2021

BRL

41,773‌

10,220‌

10.00%,

01/01/2023

35,000‌

9,115‌

10.00%,

01/01/2025

17,470‌

4,715‌

10.00%,

01/01/2027

8,260‌

2,290‌

10.00%,

01/01/2031

51,300‌

14,737‌

Brazilian

Government

International

Bond

7.13%,

01/20/2037

$

3,950‌

5,218‌

Chile

Government

International

Bond

3.24%,

02/06/2028

4,400‌

4,708‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

56

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Colombia

Government

International

Bond

4.00%,

02/26/2024

$

2,400‌

$

2,546‌

4.50%,

01/28/2026

1,600‌

1,764‌

5.00%,

06/15/2045

4,400‌

5,346‌

Colombian

TES

6.25%,

11/26/2025

COP

8,252,900‌

2,513‌

7.50%,

08/26/2026

4,175,000‌

1,356‌

Costa

Rica

Government

International

Bond

6.13%,

02/19/2031

(f)

$

7,500‌

7,978‌

Croatia

Government

International

Bond

5.50%,

04/04/2023

1,350‌

1,491‌

Dominican

Republic

International

Bond

4.50%,

01/30/2030

(f)

960‌

959‌

5.88%,

01/30/2060

(f)

3,195‌

3,193‌

5.95%,

01/25/2027

10,000‌

10,980‌

6.40%,

06/05/2049

(f)

7,000‌

7,542‌

6.85%,

01/27/2045

2,300‌

2,587‌

6.88%,

01/29/2026

(f)

783‌

894‌

6.88%,

01/29/2026

2,250‌

2,568‌

Ecuador

Government

International

Bond

7.88%,

01/23/2028

(f)

1,080‌

878‌

Egypt

Government

International

Bond

4.55%,

11/20/2023

(f)

3,670‌

3,770‌

5.88%,

06/11/2025

(d),(f)

950‌

1,026‌

6.13%,

01/31/2022

1,700‌

1,783‌

6.38%,

04/11/2031

(f)

EUR

4,725‌

5,690‌

6.38%,

04/11/2031

7,500‌

9,031‌

8.50%,

01/31/2047

$

2,200‌

2,515‌

8.70%,

03/01/2049

(f)

2,985‌

3,438‌

Export

Credit

Bank

of

Turkey

6.13%,

05/03/2024

(f)

1,550‌

1,616‌

Export-Import

Bank

of

India

3.88%,

02/01/2028

3,200‌

3,390‌

Export-Import

Bank

of

Korea

6.20%,

08/07/2021

(f)

INR

99,100‌

1,383‌

8.00%,

05/15/2024

(f)

IDR

47,800,000‌

3,723‌

Gabon

Government

International

Bond

6.95%,

06/16/2025

$

12,478‌

13,463‌

6.95%,

06/16/2025

(f)

775‌

836‌

Ghana

Government

International

Bond

8.13%,

01/18/2026

(f)

2,000‌

2,223‌

8.13%,

03/26/2032

4,000‌

4,100‌

8.13%,

03/26/2032

(f)

1,040‌

1,066‌

10.75%,

10/14/2030

(f)

8,084‌

10,385‌

Guatemala

Government

Bond

4.50%,

05/03/2026

3,300‌

3,481‌

6.13%,

06/01/2050

900‌

1,068‌

Honduras

Government

International

Bond

6.25%,

01/19/2027

3,850‌

4,270‌

Indonesia

Government

International

Bond

2.85%,

02/14/2030

1,400‌

1,417‌

4.35%,

01/08/2027

(f)

2,620‌

2,895‌

4.75%,

07/18/2047

(f)

240‌

282‌

5.25%,

01/08/2047

(f)

2,400‌

3,007‌

6.63%,

02/17/2037

4,200‌

5,836‌

Indonesia

Treasury

Bond

7.50%,

08/15/2032

IDR

77,216,000‌

5,768‌

8.25%,

05/15/2036

130,000,000‌

10,233‌

8.38%,

03/15/2024

107,540,000‌

8,561‌

8.38%,

09/15/2026

144,000,000‌

11,651‌

8.38%,

03/15/2034

38,389,000‌

3,089‌

9.00%,

03/15/2029

143,400,000‌

11,972‌

Israel

Government

International

Bond

4.50%,

01/30/2043

$

5,150‌

6,372‌

Ivory

Coast

Government

International

Bond

5.75%,

12/31/2032

(l)

8,550‌

8,518‌

6.13%,

06/15/2033

8,400‌

8,608‌

6.88%,

10/17/2040

(f)

EUR

5,740‌

6,816‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Kenya

Government

International

Bond

7.00%,

05/22/2027

(f)

$

3,817‌

$

4,054‌

7.25%,

02/28/2028

(f)

2,170‌

2,342‌

8.00%,

05/22/2032

7,659‌

8,333‌

Malaysia

Government

Bond

4.89%,

06/08/2038

MYR

16,092‌

4,682‌

Mexican

Bonos

6.50%,

06/09/2022

MXN

83,540‌

4,407‌

7.50%,

06/03/2027

234,440‌

13,036‌

8.00%,

09/05/2024

61,400‌

3,432‌

8.50%,

11/18/2038

74,120‌

4,568‌

10.00%,

12/05/2024

58,070‌

3,509‌

10.00%,

11/20/2036

64,990‌

4,521‌

Mexico

Government

International

Bond

4.75%,

03/08/2044

$

2,350‌

2,691‌

5.75%,

10/12/2110

2,250‌

2,796‌

Morocco

Government

International

Bond

4.25%,

12/11/2022

1,400‌

1,474‌

Mozambique

International

Bond

5.00%,

09/15/2031

(f)

8,000‌

7,642‌

Nigeria

Government

International

Bond

6.50%,

11/28/2027

14,912‌

15,337‌

7.14%,

02/23/2030

(f)

2,120‌

2,181‌

7.63%,

11/21/2025

(f)

1,530‌

1,728‌

Oman

Government

International

Bond

6.75%,

01/17/2048

2,375‌

2,367‌

Oman

Sovereign

Sukuk

SAOC

4.40%,

06/01/2024

1,100‌

1,123‌

Panama

Government

International

Bond

4.30%,

04/29/2053

1,760‌

2,143‌

Peru

Government

Bond

5.40%,

08/12/2034

(f)

PEN

10,000‌

3,179‌

5.94%,

02/12/2029

(f)

36,620‌

12,435‌

6.15%,

08/12/2032

(f)

26,800‌

9,188‌

Perusahaan

Penerbit

SBSN

Indonesia

III

4.40%,

03/01/2028

(f)

$

1,818‌

2,009‌

4.55%,

03/29/2026

1,150‌

1,271‌

Peruvian

Government

International

Bond

5.63%,

11/18/2050

3,200‌

4,896‌

5.70%,

08/12/2024

(f)

PEN

5,064‌

1,685‌

6.90%,

08/12/2037

(f)

5,733‌

2,097‌

Philippine

Government

International

Bond

9.50%,

02/02/2030

$

3,800‌

6,189‌

Republic

of

Belarus

International

Bond

6.88%,

02/28/2023

4,400‌

4,740‌

Republic

of

Poland

Government

International

Bond

3.25%,

04/06/2026

6,900‌

7,372‌

Republic

of

South

Africa

Government

Bond

6.25%,

03/31/2036

ZAR

363,100‌

17,329‌

8.00%,

01/31/2030

52,831‌

3,294‌

Republic

of

South

Africa

Government

International

Bond

4.88%,

04/14/2026

$

4,800‌

5,030‌

5.75%,

09/30/2049

2,255‌

2,218‌

Romania

Government

Bond

3.65%,

09/24/2031

RON

18,500‌

3,962‌

5.00%,

02/12/2029

18,755‌

4,594‌

Romanian

Government

International

Bond

2.00%,

01/28/2032

(f)

EUR

8,920‌

10,181‌

3.38%,

01/28/2050

(f)

2,235‌

2,627‌

5.13%,

06/15/2048

$

2,500‌

2,972‌

5.13%,

06/15/2048

(f)

1,515‌

1,801‌

Russian

Federal

Bond

-

OFZ

7.05%,

01/19/2028

RUB

975,050‌

16,193‌

7.10%,

10/16/2024

340,930‌

5,607‌

7.40%,

12/07/2022

268,298‌

4,403‌

7.70%,

03/23/2033

439,776‌

7,742‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

57

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Russian

Federal

Bond

-

OFZ  

(continued)

8.50%,

09/17/2031

RUB

913,400‌

$

16,972‌

Russian

Foreign

Bond

-

Eurobond

4.38%,

03/21/2029

$

6,000‌

6,768‌

4.50%,

04/04/2022

200‌

210‌

5.25%,

06/23/2047

2,400‌

3,140‌

Saudi

Government

International

Bond

3.75%,

01/21/2055

(f),(j)

2,995‌

3,051‌

4.50%,

10/26/2046

(f)

1,280‌

1,462‌

4.50%,

10/26/2046

3,800‌

4,341‌

Senegal

Government

International

Bond

4.75%,

03/13/2028

EUR

7,500‌

8,857‌

Sri

Lanka

Government

International

Bond

6.75%,

04/18/2028

(f)

$

3,052‌

2,945‌

6.75%,

04/18/2028

1,336‌

1,289‌

Trinidad

&

Tobago

Government

International

Bond

4.50%,

08/04/2026

(d)

6,700‌

7,228‌

Turkey

Government

International

Bond

4.88%,

10/09/2026

3,710‌

3,715‌

6.35%,

08/10/2024

7,200‌

7,794‌

Ukraine

Government

Bond

16.00%,

08/11/2021

UAH

115,000‌

4,926‌

17.00%,

05/11/2022

140,000‌

6,283‌

Ukraine

Government

International

Bond

0.00%,

05/31/2040

(e),(l)

$

10,590‌

10,497‌

4.38%,

01/27/2030

(f)

EUR

10,305‌

11,336‌

6.75%,

06/20/2026

(f)

13,500‌

17,344‌

7.75%,

09/01/2020

$

3,000‌

3,073‌

7.75%,

09/01/2021

(f)

3,550‌

3,774‌

7.75%,

09/01/2027

5,000‌

5,661‌

Ukreximbank

Via

Biz

Finance

PLC

9.75%,

01/22/2025

5,050‌

5,468‌

Uruguay

Government

International

Bond

4.38%,

12/15/2028

UYU

314,460‌

8,802‌

Venezuela

Government

International

Bond

0.00%,

10/13/2019

(e)

$

15,701‌

1,923‌

0.00%,

05/07/2023

(e)

9,395‌

1,151‌

0.00%,

09/15/2027

(e)

13,395‌

1,641‌

0.00%,

08/05/2031

(e)

6,825‌

836‌

Vietnam

Government

International

Bond

4.80%,

11/19/2024

1,400‌

1,533‌

Zambia

Government

International

Bond

8.50%,

04/14/2024

1,640‌

1,120‌

$

750,876‌

Supranational

Bank

-

0.73%

African

Export-Import

Bank/The

3.99%,

09/21/2029

(f)

15,635‌

16,307‌

Asian

Development

Bank

6.20%,

10/06/2026

INR

290,680‌

4,060‌

6.45%,

08/08/2021

96,310‌

1,361‌

Banque

Ouest

Africaine

de

Developpement

4.70%,

10/22/2031

(f)

$

19,480‌

20,408‌

Debt

and

Asset

Trading

Corp

1.00%,

10/10/2025

8,450‌

6,528‌

Eastern

&

Southern

African

Trade

&

Development

Bank

4.88%,

05/23/2024

5,135‌

5,416‌

5.38%,

03/14/2022

3,000‌

3,140‌

$

57,220‌

Telecommunications

-

3.05%

Altice

France

SA/France

7.38%,

05/01/2026

(f)

7,550‌

8,041‌

AT&T

Inc

2.45%,

03/15/2035

EUR

250‌

313‌

4.38%,

09/14/2029

GBP

950‌

1,515‌

7.00%,

04/30/2040

200‌

429‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

Axtel

SAB

de

CV

6.38%,

11/14/2024

(f)

$

3,736‌

$

3,946‌

6.38%,

11/14/2024

(d)

15,800‌

16,689‌

Bharti

Airtel

Ltd

4.38%,

06/10/2025

8,500‌

8,817‌

C&W

Senior

Financing

DAC

6.88%,

09/15/2027

(f)

11,370‌

12,209‌

CenturyLink

Inc

5.80%,

03/15/2022

2,035‌

2,145‌

CommScope

Inc

6.00%,

03/01/2026

(f)

8,100‌

8,495‌

8.25%,

03/01/2027

(f)

4,900‌

5,035‌

CommScope

Technologies

LLC

6.00%,

06/15/2025

(f)

13,885‌

13,295‌

Comunicaciones

Celulares

SA

Via

Comcel

Trust

6.88%,

02/06/2024

8,595‌

8,778‌

6.88%,

02/06/2024

(f)

2,005‌

2,048‌

Digicel

Group

One

Ltd

8.25%,

12/30/2022

(d),(f)

2,670‌

1,722‌

Digicel

International

Finance

Ltd

/

Digicel

Holdings

Bermuda

Ltd

8.75%,

05/25/2024

(f)

1,475‌

1,464‌

8.75%,

05/25/2024

5,175‌

5,136‌

Digicel

Ltd

6.75%,

03/01/2023

(f)

3,000‌

1,928‌

Embarq

Corp

8.00%,

06/01/2036

2,155‌

2,395‌

Frontier

Communications

Corp

7.13%,

01/15/2023

1,700‌

799‌

GTT

Communications

Inc

7.88%,

12/31/2024

(f)

30,603‌

23,870‌

Hughes

Satellite

Systems

Corp

7.63%,

06/15/2021

3,825‌

4,090‌

Kenbourne

Invest

SA

6.88%,

11/26/2024

(f)

2,000‌

2,078‌

Koninklijke

KPN

NV

5.75%,

09/17/2029

GBP

1,850‌

3,059‌

7.00%,

03/28/2073

(d),(f),(k)

$

400‌

441‌

USD

Swap

Semi-Annual

10

Year

+

5.21%

7.00%,

03/28/2073

(k)

1,100‌

1,213‌

USD

Swap

Semi-Annual

10

Year

+

5.21%

Level

3

Financing

Inc

5.13%,

05/01/2023

11,100‌

11,152‌

5.38%,

08/15/2022

1,471‌

1,477‌

Liquid

Telecommunications

Financing

Plc

8.50%,

07/13/2022

1,500‌

1,535‌

MTN

Mauritius

Investments

Ltd

4.76%,

11/11/2024

10,440‌

10,858‌

6.50%,

10/13/2026

(f)

540‌

610‌

Nokia

Oyj

2.00%,

03/15/2024

EUR

400‌

465‌

Oi

SA

8.00%,

PIK

4.00%,

07/27/2025

(l),(n)

$

3,050‌

2,957‌

Sprint

Capital

Corp

8.75%,

03/15/2032

2,255‌

2,497‌

Sprint

Corp

7.13%,

06/15/2024

14,025‌

14,486‌

7.88%,

09/15/2023

4,800‌

5,099‌

Telecom

Italia

SpA/Milano

3.25%,

01/16/2023

EUR

500‌

596‌

3.63%,

05/25/2026

500‌

617‌

5.30%,

05/30/2024

(f)

$

2,415‌

2,632‌

Telefonica

Celular

del

Paraguay

SA

5.88%,

04/15/2027

(f)

1,000‌

1,068‌

Telefonica

Europe

BV

3.75%,

12/31/2049

(i),(k)

EUR

1,000‌

1,167‌

EUR

Swap

Annual

(VS

6

Month)

5

Year

+

3.86%

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

58

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

T-Mobile

USA

Inc

0.00%,

04/15/2024

(e),(g),(h)

$

3,425‌

$

—‌

0.00%,

04/15/2025

(e),(g),(h)

1,575‌

—‌

0.00%,

01/15/2026

(e),(g),(h)

2,130‌

—‌

0.00%,

02/01/2026

(e),(g),(h)

690‌

—‌

5.13%,

04/15/2025

1,575‌

1,622‌

6.50%,

01/15/2026

2,130‌

2,272‌

Turk

Telekomunikasyon

AS

4.88%,

06/19/2024

1,200‌

1,229‌

Turkcell

Iletisim

Hizmetleri

AS

5.80%,

04/11/2028

5,600‌

5,824‌

5.80%,

04/11/2028

(f)

1,000‌

1,040‌

Verizon

Communications

Inc

4.86%,

08/21/2046

2,000‌

2,570‌

ViaSat

Inc

5.63%,

09/15/2025

(f)

17,925‌

18,233‌

5.63%,

04/15/2027

(f)

3,500‌

3,666‌

Vodafone

Group

PLC

5.00%,

05/30/2038

1,900‌

2,285‌

7.00%,

04/04/2079

(k)

1,500‌

1,769‌

USD

Swap

Semi-Annual

5

Year

+

4.87%

$

237,676‌

Transportation

-

0.34%

BNSF

Funding

Trust

I

6.61%,

12/15/2055

(k)

3,510‌

3,931‌

3

Month

USD

LIBOR

+

2.35%

Hidrovias

International

Finance

SARL

5.95%,

01/24/2025

6,300‌

6,536‌

JSL

Europe

SA

7.75%,

07/26/2024

6,500‌

7,004‌

Lima

Metro

Line

2

Finance

Ltd

4.35%,

04/05/2036

(f)

3,000‌

3,219‌

MV24

Capital

BV

6.75%,

06/01/2034

(f)

1,972‌

2,127‌

Pelabuhan

Indonesia

II

PT

5.38%,

05/05/2045

(f)

1,800‌

2,074‌

Rumo

Luxembourg

Sarl

7.38%,

02/09/2024

1,800‌

1,932‌

$

26,823‌

Trucking

&

Leasing

-

0.01%

DAE

Funding

LLC

5.00%,

08/01/2024

750‌

785‌

TOTAL

BONDS

$

5,625,209‌

CONVERTIBLE

BONDS

-

0.08%

Principal

Amount

(000's)

Value

(000's)

Healthcare

-

Services

-

0.07%

NMC

Health

Jersey

Ltd

1.88%,

04/30/2025

7,000‌

5,727‌

Mining

-

0.01%

Mirabela

Nickel

Ltd

0.00%,

06/24/2019

(e),(f)

6,966‌

348‌

TOTAL

CONVERTIBLE

BONDS

$

6,075‌

SENIOR

FLOATING

RATE

INTERESTS

-

6.29%

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

0.63%

Dexko

Global

Inc

10.19%,

07/24/2025

(p)

$

21,140‌

$

20,981‌

3

Month

USD

LIBOR

+

8.25%

Panther

BF

Aggregator

2

LP

5.16%,

04/30/2026

(p)

6,858‌

6,897‌

3

Month

USD

LIBOR

+

3.50%

Truck

Hero

Inc

9.90%,

05/16/2025

(p)

22,010‌

20,910‌

3

Month

USD

LIBOR

+

8.25%

$

48,788‌

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

-

0.48%

IRI

Holdings

Inc

6.15%,

12/01/2025

(p)

$

5,780‌

$

5,625‌

3

Month

USD

LIBOR

+

4.50%

KUEHG

Corp

10.19%,

08/22/2025

(p)

14,160‌

14,164‌

3

Month

USD

LIBOR

+

8.25%

Learning

Care

Group

US

No

2

Inc

9.29%,

03/13/2026

(p)

14,850‌

14,850‌

3

Month

USD

LIBOR

+

7.50%

Refinitiv

US

Holdings

Inc

4.99%,

10/01/2025

(p)

3,143‌

3,173‌

1

Month

USD

LIBOR

+

3.25%

$

37,812‌

Computers

-

0.24%

Flexential

Intermediate

Corp

9.16%,

07/24/2025

(p)

21,350‌

11,689‌

3

Month

USD

LIBOR

+

7.25%

TierPoint

LLC

8.90%,

05/05/2025

(p)

7,760‌

7,164‌

3

Month

USD

LIBOR

+

7.25%

$

18,853‌

Consumer

Products

-

0.14%

KIK

Custom

Products

Inc

5.65%,

05/15/2023

(p)

11,419‌

11,258‌

3

Month

USD

LIBOR

+

4.00%

Cosmetics

&

Personal

Care

-

0.25%

Wellness

Merger

Sub

Inc

10.70%,

06/27/2025

(p)

19,410‌

19,289‌

3

Month

USD

LIBOR

+

8.75%

Distribution

&

Wholesale

-

0.00%

Targus

Group

International

Inc

0.00%,

05/24/2016

(e),(g),(h),(p)

880‌

—‌

3

Month

USD

LIBOR

+

4.00%

Electronics

-

0.20%

Deliver

Buyer

Inc

6.94%,

05/01/2024

(p)

15,185‌

15,255‌

3

Month

USD

LIBOR

+

5.00%

Engineering

&

Construction

-

0.07%

Brand

Industrial

Services

Inc

6.09%,

06/21/2024

(p)

5,227‌

5,218‌

3

Month

USD

LIBOR

+

4.25%

Entertainment

-

0.32%

18

Fremont

Street

Acquisition

LLC

10.04%,

08/09/2025

(p)

17,870‌

18,027‌

1

Month

USD

LIBOR

+

8.00%

Playtika

Holding

Corp

7.80%,

12/03/2024

(p)

7,000‌

7,066‌

1

Month

USD

LIBOR

+

6.00%

$

25,093‌

Healthcare

-

Services

-

0.62%

Aveanna

Healthcare

LLC

9.76%,

03/16/2025

(p)

23,880‌

22,716‌

3

Month

USD

LIBOR

+

8.00%

Dental

Corp

of

Canada

Inc

5.55%,

06/01/2025

(p)

2,685‌

2,686‌

3

Month

USD

LIBOR

+

3.75%

9.15%,

06/01/2026

(p)

15,150‌

14,885‌

3

Month

USD

LIBOR

+

7.50%

Sound

Inpatient

Physicians

Holdings

LLC

8.55%,

06/26/2026

(p)

7,975‌

7,989‌

3

Month

USD

LIBOR

+

6.75%

$

48,276‌

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

59

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

-

0.44%

Asurion

LLC

8.22%,

08/04/2025

(p)

$

17,500‌

$

17,760‌

3

Month

USD

LIBOR

+

6.50%

8.22%,

08/04/2025

(p)

16,660‌

16,907‌

3

Month

USD

LIBOR

+

6.50%

Internet

-

0.76%

MH

Sub

I

LLC

9.15%,

09/15/2025

(p)

24,215‌

24,116‌

3

Month

USD

LIBOR

+

7.50%

Ten-X

LLC

9.65%,

09/29/2025

(g),(h),(p)

35,440‌

35,263‌

1

Month

USD

LIBOR

+

8.00%

$

59,379‌

Investment

Companies

-

0.31%

Masergy

Holdings

Inc

9.46%,

12/16/2024

(p)

13,674‌

13,264‌

3

Month

USD

LIBOR

+

7.50%

Zest

Acquisition

Corp

9.18%,

03/06/2026

(p)

11,260‌

10,556‌

3

Month

USD

LIBOR

+

7.50%

$

23,820‌

Machinery

-

Diversified

-

0.38%

Engineered

Machinery

Holdings

Inc

9.19%,

07/25/2025

(p)

21,223‌

21,024‌

3

Month

USD

LIBOR

+

7.25%

Granite

US

Holdings

Corp

7.21%,

09/30/2026

(p)

8,249‌

8,239‌

1

Month

USD

LIBOR

+

5.25%

$

29,263‌

Mining

-

0.10%

Aleris

International

Inc

6.55%,

02/08/2023

(p)

8,006‌

7,996‌

Miscellaneous

Manufacturers

-

0.27%

UTEX

Industries

Inc

5.65%,

05/22/2021

(p)

11,659‌

9,901‌

3

Month

USD

LIBOR

+

4.00%

8.90%,

05/22/2022

(p)

21,490‌

11,540‌

1

Month

USD

LIBOR

+

7.25%

$

21,441‌

Pharmaceuticals

-

0.58%

Lanai

Holdings

III

Inc

10.28%,

08/14/2023

(p)

25,190‌

21,411‌

3

Month

USD

LIBOR

+

8.50%

Packaging

Coordinators

Midco

Inc

10.70%,

06/29/2024

(p)

24,050‌

23,930‌

3

Month

USD

LIBOR

+

8.75%

$

45,341‌

REITs

-

0.04%

CoreCivic

Inc

6.16%,

12/12/2024

(p)

3,375‌

3,310‌

1

Month

USD

LIBOR

+

4.50%

Software

-

0.46%

Applied

Systems

Inc

8.94%,

09/19/2025

(p)

2,725‌

2,786‌

3

Month

USD

LIBOR

+

7.00%

Evergreen

Skills

Lux

Sarl

6.60%,

04/23/2021

(p)

13,162‌

11,007‌

3

Month

USD

LIBOR

+

4.75%

Greeneden

US

Holdings

II

LLC

5.00%,

12/01/2023

(p)

2,926‌

2,926‌

3

Month

USD

LIBOR

+

3.25%

Sophia

LP

5.19%,

09/30/2022

(p)

1,493‌

1,495‌

3

Month

USD

LIBOR

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Vertafore

Inc

5.05%,

07/02/2025

(p)

$

299‌

$

296‌

3

Month

USD

LIBOR

+

3.25%

9.05%,

06/04/2026

(p)

17,400‌

17,386‌

3

Month

USD

LIBOR

+

7.25%

$

35,896‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

490,955‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

0.14%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

0.14%

1.50%,

09/15/2022

$

2,500‌

$

2,512‌

1.75%,

11/15/2029

8,000‌

8,166‌

$

10,678‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

10,678‌

Total

Investments

$

7,821,936‌

Other

Assets

and

Liabilities

-  (0.22)%

(16,855‌)

TOTAL

NET

ASSETS

-

100.00%

$

7,805,081‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$83,030

or

1.06%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(e)

Non-income

producing

security

(f)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,199,033

or

40.99%

of

net

assets.

(g)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(h)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$188,780

or

2.42%

of

net

assets.

(i)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(j)

Security

purchased

on

a

when-issued

basis.

(k)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(l)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(m)

Security

is

an

Interest

Only

Strip.

(n)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(o)

Restricted

Security.

Please

see

Restricted

Security

Sub-Schedule

for

more

information.

(p)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

60

Portfolio

Summary  (unaudited)

Location

Percent

United

States

63.81‌%

Canada

3.84‌%

United

Kingdom

2.67‌%

Mexico

2.54‌%

Cayman

Islands

2.14‌%

Netherlands

1.83‌%

Japan

1.54‌%

Luxembourg

1.18‌%

France

1.10‌%

Supranational

1.09‌%

Indonesia

1.01‌%

Brazil

0.98‌%

Virgin

Islands,

British

0.95‌%

Ukraine

0.80‌%

Russian

Federation

0.79‌%

Turkey

0.67‌%

Switzerland

0.58‌%

Hong

Kong

0.52‌%

Peru

0.51‌%

Argentina

0.50‌%

Australia

0.49‌%

India

0.48‌%

Germany

0.48‌%

South

Africa

0.46‌%

Ireland

0.43‌%

Italy

0.38‌%

Dominican

Republic

0.36‌%

Egypt

0.34‌%

United

Arab

Emirates

0.34‌%

Romania

0.33‌%

Singapore

0.33‌%

Jersey,

Channel

Islands

0.32‌%

Colombia

0.32‌%

Cote

d'Ivoire

0.31‌%

Nigeria

0.31‌%

Spain

0.30‌%

Austria

0.30‌%

Sweden

0.27‌%

Mauritius

0.26‌%

Chile

0.25‌%

Saudi

Arabia

0.25‌%

Ghana

0.22‌%

Kenya

0.19‌%

Gabon

0.18‌%

Korea,

Republic

Of

0.17‌%

Bahrain

0.16‌%

Venezuela

0.16‌%

Israel

0.15‌%

China

0.14‌%

Kazakhstan

0.13‌%

Costa

Rica

0.12‌%

Angola

0.12‌%

Uruguay

0.11‌%

Senegal

0.11‌%

Tunisia

0.11‌%

Finland

0.10‌%

Poland

0.10‌%

Isle

of

Man

0.10‌%

Vietnam

0.10‌%

Mozambique

0.10‌%

Saint

Lucia

0.09‌%

Trinidad

And

Tobago

0.09‌%

Philippines

0.09‌%

Togo

0.09‌%

Norway

0.08‌%

Malaysia

0.08‌%

Denmark

0.07‌%

Sri

Lanka

0.06‌%

Bermuda

0.06‌%

Belarus

0.06‌%

Portfolio

Summary  (unaudited)

(continued)

Location

Percent

Honduras

0.06‌%

Morocco

0.05‌%

Ecuador

0.05‌%

Taiwan

0.05‌%

Guatemala

0.05‌%

Thailand

0.04‌%

Belgium

0.04‌%

Oman

0.04‌%

Panama

0.03‌%

Mongolia

0.02‌%

Puerto

Rico

0.02‌%

Croatia

0.02‌%

Cambodia

0.01‌%

Portugal

0.01‌%

Paraguay

0.01‌%

Taiwan,

Province

Of

China

0.01‌%

Zambia

0.01‌%

New

Zealand

0.00‌%

Other

Assets

and

Liabilities

(0.22‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Global

Diversified

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

61

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

225,082‌

$

1,227,207‌

$

1,218,521‌

$

233,768‌

$

225,082‌

$

1,227,207‌

$

1,218,521‌

$

233,768‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Mo

ney

Market

Fund

1.43%

$

879‌

$

—‌

$

—‌

$

—‌

$

879‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Material

Sciences

Corp  

10.2%,

01/09/2024

12/22/2016

-

06/29/2018

$

22,936‌

$

22,010‌

0.28%

Real

Alloy

Holding

Inc  

11.94%,

11/30/2023

05/31/2018

18,506‌

18,506‌

0.24%

Specialty

Steel  

11.92%,

11/15/2022

11/15/2017

41,148‌

41,564‌

0.53%

SportsNet

New

York  

10.25%,

01/15/2025

12/27/2017

19,789‌

21,095‌

0.27%

Uber

Technologies

Inc  

8%,

11/01/2026

01/28/2020

-

01/30/2020

3,204‌

3,192‌

0.04%

Total

$

106,367‌

1.36%

Amounts

in

thousands.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

Barclays

Bank

PLC

02/28/2020

HUF

986,436‌

$

3,220‌

$

28‌

$

—‌

Barclays

Bank

PLC

02/28/2020

PLN

33,730‌

$

8,662‌

47‌

—‌

Goldman

Sachs

&

Co

02/07/2020

$

811‌

EUR

730‌

1‌

—‌

Goldman

Sachs

&

Co

02/21/2020

$

13,889‌

BRL

57,600‌

450‌

—‌

Goldman

Sachs

&

Co

02/21/2020

$

12,953‌

BRL

55,600‌

—‌

(19‌)

HSBC

Securities

Inc

02/04/2020

BRL

8,005‌

$

1,912‌

—‌

(43‌)

HSBC

Securities

Inc

02/04/2020

$

1,912‌

BRL

7,967‌

52‌

—‌

HSBC

Securities

Inc

02/07/2020

$

8,249‌

EUR

7,480‌

—‌

(48‌)

HSBC

Securities

Inc

02/21/2020

$

9,653‌

MXN

182,500‌

17‌

—‌

HSBC

Securities

Inc

02/28/2020

JPY

1,026,320‌

$

9,416‌

69‌

—‌

HSBC

Securities

Inc

02/28/2020

$

17,831‌

MXN

335,141‌

152‌

—‌

JPMorgan

Chase

02/07/2020

$

68,010‌

EUR

60,617‌

772‌

—‌

JPMorgan

Chase

02/07/2020

$

9,154‌

EUR

8,300‌

—‌

(53‌)

JPMorgan

Chase

02/21/2020

$

18,438‌

ZAR

267,150‌

671‌

—‌

JPMorgan

Chase

02/28/2020

$

3,700‌

ZAR

54,295‌

92‌

—‌

JPMorgan

Chase

02/28/2020

$

3,709‌

THB

115,648‌

—‌

(3‌)

Standard

Chartered

Bank,

Hong

Kong

02/04/2020

$

9,347‌

BRL

39,418‌

143‌

—‌

Standard

Chartered

Bank,

Hong

Kong

02/04/2020

BRL

40,066‌

$

9,891‌

—‌

(536‌)

Standard

Chartered

Bank,

Hong

Kong

02/18/2020

$

4,783‌

RUB

294,686‌

180‌

—‌

Standard

Chartered

Bank,

Hong

Kong

02/24/2020

$

4,242‌

INR

302,367‌

22‌

—‌

Standard

Chartered

Bank,

Hong

Kong

03/03/2020

BRL

39,466‌

$

9,348‌

—‌

(145‌)

Toronto

Dominion

Bank

02/28/2020

MXN

14,348‌

$

759‌

—‌

(2‌)

Total

$

2,696‌

$

(849‌)

Amounts

in

thousands.

Total

Return

Swaps

Counterparty

Reference

Entity

Contracts

Pay/Receive

Positive

Return

Financing

Rate

Payment

Frequency

Expiration

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Value

and

Unrealized

Appreciation/

(Depreciation)

Asset

----

Liability

HSBC

Securities

Inc

Egypt

Treasury

Bills,

0.00%,

03/03/2020

256,700,000

Receive

3

Month

USD

LIBOR

+

0.80%

Annual

03/04/2020

$

15,301‌

$

—‌

$

711‌

$

—‌

HSBC

Securities

Inc

Egypt

Treasury

Bills,

0.00%,

08/11/2020

227,775,000

Receive

3

Month

USD

LIBOR

+

0.80%

Annual

08/12/2020

12,630‌

—‌

700‌

—‌

HSBC

Securities

Inc

Egypt

Treasury

Bills,

0.00%,

11/10/2020

113,175,000

Receive

3

Month

USD

LIBOR

+

0.80%

Annual

11/11/2020

6,144‌

—‌

268‌

—‌

Total

$

—‌

$

1,679‌

$

—‌

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

62

INVESTMENT

COMPANIES

-

1.55%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.55%

BlackRock

Liquidity

FedFund

1.49

%

(a),(b)

2,751,108‌

$

2,751‌

Principal

Government

Money

Market

Fund

1.43

%

(a),(c)

50,584,445‌

50,584‌

$

53,335‌

TOTAL

INVESTMENT

COMPANIES

$

53,335‌

COMMON

STOCKS

-

98.55%

Shares

Held

Value

(000's)

Engineering

&

Construction

-

0.35%

Lendlease

Group

1,004,367‌

12,063‌

Lodging

-

1.19%

City

Developments

Ltd

3,098,600‌

23,882‌

Hilton

Worldwide

Holdings

Inc

159,953‌

17,243‌

$

41,125‌

Real

Estate

-

16.21%

Aroundtown

SA

2,423,601‌

22,944‌

Castellum

AB

1,073,321‌

26,367‌

Entra

ASA

(

d)

1,729,694‌

29,519‌

Fabege

AB

1,786,807‌

30,629‌

LEG

Immobilien

AG

176,939‌

21,824‌

Mitsubishi

Estate

Co

Ltd

5,212,700‌

102,088‌

Mitsui

Fudosan

Co

Ltd

1,470,793‌

38,955‌

New

World

Development

Co

Ltd

34,242,000‌

42,773‌

Sun

Hung

Kai

Properties

Ltd

3,931,500‌

54,767‌

TLG

Immobilien

AG

(

e)

616,658‌

20,654‌

TLG

Immobilien

AG

5,361‌

183‌

Tokyo

Tatemono

Co

Ltd

2,322,200‌

37,521‌

Vonovia

SE

2,004,900‌

114,432‌

Wihlborgs

Fastigheter

AB

837,968‌

16,050‌

$

558,706‌

REITs

-

78.44%

Alexandria

Real

Estate

Equities

Inc

548,234‌

89,472‌

Allied

Properties

Real

Estate

Investment

Trust

(

f)

701,914‌

29,288‌

American

Homes

4

Rent

1,880,831‌

51,403‌

Americold

Realty

Trust

715,433‌

24,661‌

Apartment

Investment

&

Management

Co

914,730‌

48,215‌

AvalonBay

Communities

Inc

530,596‌

114,975‌

Big

Yellow

Group

PLC

877,147‌

13,629‌

Boston

Properties

Inc

410,810‌

58,890‌

Brandywine

Realty

Trust

960,750‌

15,007‌

Canadian

Apartment

Properties

REIT

924,426‌

39,536‌

CoreSite

Realty

Corp

95,224‌

11,184‌

Cousins

Properties

Inc

906,847‌

37,117‌

Crown

Castle

International

Corp

105,305‌

15,779‌

CubeSmart

1,143,307‌

36,209‌

Daiwa

Office

Investment

Corp

5,558‌

44,544‌

Dexus

4,761,388‌

40,177‌

Duke

Realty

Corp

939,548‌

34,115‌

EPR

Properties

498,280‌

35,562‌

Equinix

Inc

65,745‌

38,772‌

Equity

Residential

300,532‌

24,968‌

Essential

Properties

Realty

Trust

Inc

891,390‌

24,611‌

Essex

Property

Trust

Inc

278,997‌

86,422‌

Extra

Space

Storage

Inc

390,726‌

43,246‌

First

Industrial

Realty

Trust

Inc

454,620‌

19,412‌

Gecina

SA

234,913‌

44,307‌

Goodman

Group

8,090,316‌

80,093‌

GPT

Group/The

1,655,960‌

6,607‌

Healthcare

Realty

Trust

Inc

636,278‌

22,944‌

Healthcare

Trust

of

America

Inc

1,950,922‌

62,488‌

Healthpeak

Properties

Inc

1,216,218‌

43,772‌

Host

Hotels

&

Resorts

Inc

1,721,639‌

28,132‌

Industrial

&

Infrastructure

Fund

Investment

Corp

15,967‌

24,499‌

Inmobiliaria

Colonial

Socimi

SA

3,508,717‌

47,016‌

Invitation

Homes

Inc

3,199,521‌

100,689‌

Japan

Hotel

REIT

Investment

Corp

72,875‌

49,082‌

Japan

Retail

Fund

Investment

Corp

13,020‌

27,860‌

Kilroy

Realty

Corp

494,910‌

40,865‌

Klepierre

SA

622,691‌

21,167‌

Link

REIT

7,723,000‌

78,099‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Macquarie

Mexico

Real

Estate

Management

SA

de

CV

(

d)

4,670,160‌

$

6,364‌

Merlin

Properties

Socimi

SA

2,496,865‌

35,414‌

Mori

Hills

REIT

Investment

Corp

10,273‌

17,194‌

Nippon

Prologis

REIT

Inc

(

e)

12,288‌

35,325‌

Nomura

Real

Estate

Master

Fund

Inc

27,554‌

48,461‌

Park

Hotels

&

Resorts

Inc

823,660‌

18,071‌

PLA

Administradora

Industrial

S

de

RL

de

CV

1,694,610‌

2,767‌

Prologis

Inc

1,384,490‌

128,591‌

Prologis

Property

Mexico

SA

de

CV

2,721,720‌

6,022‌

Public

Storage

72,568‌

16,238‌

Regency

Centers

Corp

782,472‌

48,545‌

Rexford

Industrial

Realty

Inc

1,414,673‌

68,173‌

Sabra

Health

Care

REIT

Inc

961,100‌

20,664‌

Saul

Centers

Inc

177,133‌

8,747‌

Segro

PLC

8,494,420‌

102,000‌

Sekisui

House

Reit

Inc

28,213‌

24,166‌

Simon

Property

Group

Inc

414,901‌

55,244‌

Stockland

8,636,739‌

28,236‌

STORE

Capital

Corp

1,504,694‌

59,059‌

Summit

Industrial

Income

REIT

1,516,022‌

14,789‌

Sun

Communities

Inc

397,369‌

64,441‌

Sunstone

Hotel

Investors

Inc

1,203,403‌

15,259‌

Taubman

Centers

Inc

319,876‌

8,451‌

UNITE

Group

PLC/The

2,854,574‌

47,930‌

United

Urban

Investment

Corp

15,593‌

27,932‌

VICI

Properties

Inc

1,312,628‌

35,178‌

Welltower

Inc

1,116,875‌

94,834‌

Weyerhaeuser

Co

379,154‌

10,977‌

$

2,703,886‌

Software

-

1.61%

InterXion

Holding

NV

(

e)

639,018‌

55,614‌

Storage

&

Warehousing

-

0.75%

Safestore

Holdings

PLC

2,429,689‌

25,864‌

TOTAL

COMMON

STOCKS

$

3,397,258‌

Total

Investments

$

3,450,593‌

Other

Assets

and

Liabilities

-  (

0.10)%

(3,480‌)

TOTAL

NET

ASSETS

-

100.00%

$

3,447,113‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,751

or

0.08%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$35,883

or

1.04%

of

net

assets.

(e)

Non-income

producing

security

(f)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

Schedule

of

Investments

Global

Real

Estate

Securities

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

63

Portfolio

Summary  (

unaudited)

Location

Percent

United

States

53.15‌%

Japan

13.85‌%

United

Kingdom

5.50‌%

Hong

Kong

5.10‌%

Australia

4.85‌%

Germany

4.55‌%

Canada

2.43‌%

Spain

2.39‌%

Sweden

2.12‌%

France

1.90‌%

Netherlands

1.61‌%

Norway

0.86‌%

Singapore

0.69‌%

Luxembourg

0.67‌%

Mexico

0.43‌%

Other

Assets

and

Liabilities

(

0.10‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

6,414‌

$

263,975‌

$

219,805‌

$

50,584‌

$

6,414‌

$

263,975‌

$

219,805‌

$

50,584‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

146‌

$

—‌

$

—‌

$

—‌

$

146‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

64

INVESTMENT

COMPANIES

-

4.37%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.37%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

4,160,333‌

$

4,160‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

69,735,811‌

69,736‌

$

73,896‌

TOTAL

INVESTMENT

COMPANIES

$

73,896‌

BONDS

-

27.12%

Principal

Amount

(000's)

Value

(000's)

Automobile

Asset

Backed

Securities

-

0.13%

AmeriCredit

Automobile

Receivables

2016-1

2.89%,

01/10/2022

$

2,152‌

$

2,155‌

Commercial

Mortgage

Backed

Securities

-

13.07%

Bank

2019-BNK19

4.17%,

08/15/2061

(d)

4,200‌

4,556‌

BANK

2019-BNK21

3.52%,

10/17/2052

5,000‌

5,228‌

CD

2017-CD3

Mortgage

Trust

3.98%,

02/10/2050

(d)

4,500‌

4,864‌

Citigroup

Commercial

Mortgage

Trust

2016-GC36

4.91%,

02/10/2049

(d)

4,400‌

4,748‌

COMM

2013-CCRE9

Mortgage

Trust

4.39%,

07/10/2045

(d),(e)

2,400‌

2,307‌

COMM

2014-CCRE19

Mortgage

Trust

4.91%,

08/10/2047

(d)

3,700‌

3,959‌

COMM

2014-UBS5

Mortgage

Trust

4.77%,

09/10/2047

(d)

11,680‌

12,270‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2.37%,

05/25/2022

7,700‌

7,817‌

2.65%,

08/25/2026

5,480‌

5,780‌

3.19%,

09/25/2027

(d)

11,000‌

12,024‌

3.30%,

04/25/2023

(d)

13,000‌

13,644‌

3.46%,

08/25/2023

(d)

12,400‌

13,112‌

3.53%,

10/25/2023

(d)

5,800‌

6,164‌

3.60%,

01/25/2028

8,340‌

9,324‌

3.65%,

02/25/2028

(d)

3,250‌

3,646‌

3.90%,

04/25/2028

6,800‌

7,757‌

4.06%,

10/25/2028

(d)

8,800‌

10,188‌

Ginnie

Mae

0.36%,

10/16/2053

(d),(f)

11,198‌

329‌

0.48%,

06/16/2060

(d),(f)

33,079‌

1,786‌

0.49%,

06/16/2052

(d),(f)

24,544‌

446‌

0.51%,

10/16/2054

(d),(f)

40,009‌

900‌

0.54%,

10/16/2054

(d),(f)

41,260‌

976‌

0.55%,

04/16/2047

(d),(f)

62,016‌

2,005‌

0.56%,

12/16/2053

(d),(f)

25,296‌

878‌

0.57%,

12/16/2059

(d),(f)

46,012‌

2,464‌

0.58%,

03/16/2060

(d),(f)

22,817‌

1,271‌

0.59%,

02/16/2060

(d),(f)

35,565‌

2,078‌

0.60%,

08/16/2051

(d),(f)

66,396‌

2,604‌

0.61%,

11/16/2045

(d),(f)

25,867‌

839‌

0.61%,

07/16/2060

(d),(f)

22,133‌

1,431‌

0.64%,

06/16/2054

(d),(f)

51,572‌

1,141‌

0.69%,

10/16/2054

(d),(f)

52,370‌

1,557‌

0.71%,

11/16/2052

(d),(f)

42,178‌

1,598‌

0.74%,

02/16/2061

(d),(f)

67,984‌

5,103‌

0.78%,

06/16/2057

(d),(f)

11,387‌

622‌

0.79%,

09/16/2053

(d),(f)

39,928‌

1,515‌

0.79%,

01/16/2056

(d),(f)

16,917‌

729‌

0.80%,

02/16/2053

(d),(f)

38,291‌

1,851‌

0.84%,

02/16/2053

(d),(f)

99,797‌

5,427‌

0.93%,

03/16/2052

(d),(f)

39,596‌

2,094‌

2.60%,

05/16/2059

4,005‌

4,069‌

2.60%,

03/16/2060

7,114‌

7,225‌

GS

Mortgage

Securities

Trust

2013-GC13

4.22%,

07/10/2046

(d),(e)

5,000‌

4,994‌

GS

Mortgage

Securities

Trust

2014-GC20

5.13%,

04/10/2047

(d)

2,000‌

2,094‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

(continued)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2013-C16

5.13%,

12/15/2046

(d)

$

8,000‌

$

8,794‌

JPMDB

Commercial

Mortgage

Securities

Trust

2018-C8

4.90%,

06/15/2051

(d)

3,700‌

4,153‌

Wells

Fargo

Commercial

Mortgage

Trust

2014-LC16

4.46%,

08/15/2050

5,250‌

5,370‌

Wells

Fargo

Commercial

Mortgage

Trust

2015-C31

4.76%,

11/15/2048

(d)

6,000‌

6,463‌

WFRBS

Commercial

Mortgage

Trust

2014-C23

4.52%,

10/15/2057

(d)

9,700‌

10,570‌

$

220,764‌

Home

Equity

Asset

Backed

Securities

-

0.27%

ACE

Securities

Corp

Mortgage

Loan

Trust

Series

2007-D1

6.93%,

02/25/2038

(d),(e)

4,589‌

4,521‌

Mortgage

Backed

Securities

-

13.12%

Citigroup

Mortgage

Loan

Trust

2015-PS1

5.25%,

09/25/2042

(d),(e)

6,919‌

7,511‌

CSMC

Trust

2015-1

3.94%,

01/25/2045

(d),(e)

7,294‌

7,596‌

Fannie

Mae

Interest

Strip

3.50%,

12/25/2043

(d),(f)

3,854‌

589‌

7.00%,

04/25/2024

(f)

19‌

2‌

Fannie

Mae

REMICS

2.24%,

06/25/2045

(f)

14,894‌

767‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.00%

2.26%,

04/25/2027

6‌

6‌

1.00

x

1

Month

USD

LIBOR

+

0.60%

2.50%,

02/25/2028

(f)

10,180‌

594‌

3.00%,

07/25/2032

(f)

9,524‌

892‌

3.00%,

10/25/2040

(f)

23,785‌

1,440‌

3.00%,

04/25/2042

6,363‌

6,574‌

3.00%,

08/25/2042

3,517‌

3,599‌

3.00%,

02/25/2043

4,214‌

4,357‌

3.00%,

01/25/2046

6,945‌

7,246‌

3.00%,

03/25/2046

5,617‌

5,763‌

3.00%,

05/25/2048

1,996‌

2,084‌

3.50%,

02/25/2036

(f)

7,364‌

874‌

3.50%,

01/25/2040

(f)

10,394‌

583‌

3.50%,

11/25/2042

9,708‌

10,386‌

3.50%,

02/25/2043

805‌

851‌

3.50%,

02/25/2043

(f)

13,599‌

1,170‌

3.50%,

07/25/2043

(f)

9,991‌

865‌

3.50%,

08/25/2045

2,931‌

3,160‌

4.00%,

06/25/2039

9,547‌

9,869‌

4.00%,

12/25/2039

(f)

4,896‌

256‌

4.00%,

03/25/2045

6,411‌

7,384‌

4.24%,

03/25/2042

(f)

9,173‌

1,768‌

(1.00)

x

1

Month

USD

LIBOR

+

5.90%

4.34%,

10/25/2046

(f)

4,476‌

962‌

(1.00)

x

1

Month

USD

LIBOR

+

6.00%

4.44%,

08/25/2043

(f)

12,277‌

2,701‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

4.49%,

09/25/2047

(f)

6,939‌

1,306‌

(1.00)

x

1

Month

USD

LIBOR

+

6.15%

4.50%,

04/25/2045

(f)

19,111‌

3,669‌

4.54%,

06/25/2048

(f)

13,293‌

2,972‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

7.00%,

04/25/2032

729‌

843‌

Freddie

Mac

REMICS

2.50%,

11/15/2032

4,041‌

4,129‌

2.50%,

02/15/2043

2,142‌

2,190‌

3.00%,

11/15/2030

(f)

3,910‌

151‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

65

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

Freddie

Mac

REMICS  

(continued)

3.00%,

06/15/2040

$

3,838‌

$

3,937‌

3.00%,

10/15/2041

1,964‌

2,019‌

3.00%,

10/15/2042

1,273‌

1,329‌

3.00%,

04/15/2046

2,416‌

2,531‌

3.00%,

11/15/2046

3,129‌

3,254‌

3.50%,

03/15/2029

3,794‌

4,062‌

3.50%,

04/15/2040

(f)

5,483‌

262‌

3.50%,

07/15/2042

2,972‌

3,041‌

3.50%,

05/15/2043

4,179‌

4,294‌

3.50%,

09/15/2043

7,680‌

8,086‌

4.00%,

05/15/2039

4,825‌

4,996‌

4.00%,

11/15/2042

(f)

7,392‌

957‌

4.00%,

11/15/2045

553‌

601‌

6.50%,

08/15/2027

64‌

67‌

Ginnie

Mae

3.00%,

05/16/2037

12,715‌

12,837‌

3.50%,

08/20/2039

(f)

14,906‌

896‌

3.50%,

01/20/2043

(f)

13,925‌

2,405‌

3.50%,

10/20/2044

(f)

17,068‌

2,095‌

3.50%,

11/20/2045

4,500‌

4,655‌

4.00%,

11/16/2038

296‌

303‌

4.00%,

04/20/2044

(f)

5,147‌

507‌

4.00%,

01/20/2046

(f)

8,620‌

773‌

4.39%,

08/20/2042

(f)

6,327‌

1,285‌

(1.00)

x

1

Month

USD

LIBOR

+

6.05%

4.44%,

06/20/2046

(f)

4,751‌

931‌

(1.00)

x

1

Month

USD

LIBOR

+

6.10%

4.49%,

04/20/2047

(f)

15,223‌

3,255‌

(1.00)

x

1

Month

USD

LIBOR

+

6.15%

4.54%,

08/20/2042

(f)

8,578‌

1,456‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

4.54%,

11/20/2045

(f)

4,806‌

915‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

4.54%,

09/20/2047

(f)

5,579‌

1,073‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

4.54%,

09/20/2047

(f)

6,523‌

1,188‌

(1.00)

x

1

Month

USD

LIBOR

+

6.20%

4.58%,

08/16/2045

(f)

3,256‌

668‌

(1.00)

x

1

Month

USD

LIBOR

+

6.25%

4.59%,

06/20/2044

(f)

13,028‌

1,692‌

(1.00)

x

1

Month

USD

LIBOR

+

6.25%

5.00%,

11/20/2039

2,743‌

3,082‌

5.09%,

11/20/2045

(f)

4,281‌

916‌

(1.00)

x

1

Month

USD

LIBOR

+

6.75%

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(d),(e)

3,713‌

3,757‌

JP

Morgan

Mortgage

Trust

2018-8

4.00%,

01/25/2049

(d),(e)

3,196‌

3,272‌

New

Residential

Mortgage

Loan

Trust

2015-2

5.53%,

08/25/2055

(d),(e)

5,417‌

5,831‌

NRP

Mortgage

Trust

2013-1

3.31%,

07/25/2043

(d),(e)

6,542‌

6,716‌

Sequoia

Mortgage

Trust

2013-2

3.64%,

02/25/2043

(d)

6,716‌

6,902‌

Sequoia

Mortgage

Trust

2017-2

3.63%,

02/25/2047

(d),(e)

2,323‌

2,401‌

Sequoia

Mortgage

Trust

2017-3

3.80%,

04/25/2047

(d),(e)

2,330‌

2,439‌

Sequoia

Mortgage

Trust

2017-5

3.50%,

08/25/2047

(d),(e)

1,227‌

1,248‌

Sequoia

Mortgage

Trust

2018-5

3.50%,

05/25/2048

(d),(e)

3,573‌

3,609‌

$

221,652‌

Other

Asset

Backed

Securities

-

0.53%

CNH

Equipment

Trust

2016-C

1.76%,

09/15/2023

1,600‌

1,598‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

TAL

Advantage

V

LLC

3.33%,

05/20/2039

(e)

$

2,182‌

$

2,194‌

Towd

Point

Mortgage

Trust

4.25%,

10/25/2053

(d),(e)

5,000‌

5,243‌

$

9,035‌

TOTAL

BONDS

$

458,127‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

69.80%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

14.49%

2.50%,

08/01/2027

$

1,031‌

$

1,052‌

2.50%,

02/01/2028

3,178‌

3,258‌

3.00%,

02/01/2027

2,727‌

2,818‌

3.00%,

02/01/2032

6,529‌

6,812‌

3.00%,

01/01/2033

4,372‌

4,552‌

3.00%,

04/01/2035

2,019‌

2,091‌

3.00%,

03/01/2037

4,577‌

4,724‌

3.00%,

10/01/2042

5,582‌

5,843‌

3.00%,

10/01/2042

6,460‌

6,710‌

3.00%,

05/01/2043

2,240‌

2,334‌

3.00%,

07/01/2045

6,198‌

6,455‌

3.00%,

10/01/2046

7,459‌

7,811‌

3.00%,

01/01/2047

6,078‌

6,364‌

3.50%,

11/01/2026

1,487‌

1,555‌

3.50%,

02/01/2032

3,348‌

3,516‌

3.50%,

04/01/2032

2,972‌

3,121‌

3.50%,

12/01/2041

2,278‌

2,450‌

3.50%,

04/01/2042

6,240‌

6,598‌

3.50%,

07/01/2042

7,667‌

8,116‌

3.50%,

08/01/2043

5,082‌

5,439‌

3.50%,

02/01/2044

5,558‌

5,866‌

3.50%,

08/01/2045

5,890‌

6,334‌

3.50%,

07/01/2046

8,487‌

9,113‌

3.50%,

11/01/2046

5,533‌

5,827‌

3.50%,

01/01/2047

11,657‌

12,445‌

3.50%,

01/01/2048

9,185‌

9,877‌

3.50%,

04/01/2049

13,345‌

14,149‌

3.85%,

10/01/2032

1‌

1‌

1.00

x

12

Month

USD

LIBOR

+

1.98%

4.00%,

12/01/2041

3,780‌

4,150‌

4.00%,

07/01/2042

2,808‌

3,085‌

4.00%,

09/15/2042

1,950‌

2,133‌

4.00%,

04/01/2043

8,003‌

8,793‌

4.00%,

07/01/2043

3,461‌

3,802‌

4.00%,

10/01/2045

7,251‌

7,965‌

4.00%,

08/01/2047

10,536‌

11,570‌

4.00%,

11/01/2047

2,346‌

2,589‌

4.00%,

01/01/2048

7,234‌

7,969‌

4.00%,

06/01/2048

12,730‌

13,855‌

4.50%,

04/01/2041

3,954‌

4,432‌

4.50%,

11/01/2043

3,594‌

4,029‌

5.00%,

10/01/2025

36‌

39‌

5.00%,

12/01/2032

34‌

37‌

5.00%,

02/01/2033

359‌

399‌

5.00%,

01/01/2034

3,401‌

3,776‌

5.00%,

05/01/2034

84‌

93‌

5.00%,

07/01/2035

2‌

2‌

5.00%,

07/01/2035

31‌

34‌

5.00%,

10/01/2035

6‌

7‌

5.00%,

11/01/2035

266‌

295‌

5.00%,

07/01/2044

2,634‌

2,924‌

5.00%,

03/01/2048

4,272‌

4,840‌

5.50%,

03/01/2029

1‌

1‌

5.50%,

05/01/2033

7‌

8‌

5.50%,

10/01/2033

11‌

13‌

5.50%,

12/01/2033

253‌

285‌

5.50%,

07/01/2037

15‌

16‌

5.50%,

04/01/2038

4‌

4‌

5.50%,

05/01/2038

29‌

32‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

66

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

6.00%,

01/01/2021

$

7‌

$

7‌

6.00%,

06/01/2028

5‌

6‌

6.00%,

05/01/2031

64‌

73‌

6.00%,

10/01/2031

2‌

2‌

6.00%,

02/01/2032

14‌

16‌

6.00%,

09/01/2032

47‌

51‌

6.00%,

11/01/2033

349‌

393‌

6.00%,

11/01/2033

80‌

88‌

6.00%,

09/01/2034

53‌

61‌

6.00%,

02/01/2035

45‌

51‌

6.00%,

10/01/2036

34‌

39‌

6.00%,

03/01/2037

73‌

82‌

6.00%,

05/01/2037

90‌

103‌

6.00%,

01/01/2038

10‌

11‌

6.00%,

03/01/2038

32‌

35‌

6.00%,

04/01/2038

59‌

65‌

6.00%,

07/01/2038

133‌

149‌

6.00%,

10/01/2038

80‌

92‌

6.50%,

12/01/2021

40‌

41‌

6.50%,

04/01/2022

52‌

54‌

6.50%,

05/01/2022

31‌

31‌

6.50%,

08/01/2022

15‌

15‌

6.50%,

05/01/2023

26‌

27‌

6.50%,

07/01/2023

1‌

1‌

6.50%,

07/01/2025

1‌

1‌

6.50%,

09/01/2025

1‌

1‌

6.50%,

10/01/2025

1‌

1‌

6.50%,

03/01/2029

27‌

30‌

6.50%,

04/01/2031

119‌

132‌

6.50%,

10/01/2031

45‌

50‌

6.50%,

02/01/2032

6‌

7‌

6.50%,

04/01/2032

6‌

6‌

6.50%,

04/01/2035

5‌

5‌

6.50%,

02/01/2037

28‌

31‌

7.00%,

07/01/2024

1‌

1‌

7.00%,

01/01/2028

184‌

197‌

7.00%,

06/01/2029

60‌

68‌

7.00%,

04/01/2031

42‌

47‌

7.00%,

10/01/2031

77‌

87‌

7.00%,

04/01/2032

111‌

128‌

7.50%,

12/01/2030

3‌

3‌

7.50%,

02/01/2031

10‌

11‌

7.50%,

02/01/2031

1‌

2‌

8.50%,

07/01/2029

68‌

72‌

$

244,781‌

Federal

National

Mortgage

Association

(FNMA)

-

0.46%

3.00%,

04/01/2043

5,871‌

6,045‌

3.61%,

12/01/2033

53‌

55‌

1.00

x

12

Month

USD

LIBOR

+

1.61%

5.50%,

05/01/2033

73‌

76‌

6.00%,

01/01/2032

106‌

113‌

6.00%,

04/01/2033

163‌

177‌

6.00%,

09/01/2034

350‌

384‌

6.50%,

06/01/2031

59‌

68‌

6.50%,

11/01/2032

334‌

371‌

6.50%,

11/01/2032

92‌

100‌

7.00%,

08/01/2028

43‌

49‌

7.00%,

12/01/2028

41‌

46‌

7.00%,

07/01/2029

48‌

54‌

7.00%,

07/01/2032

113‌

125‌

7.50%,

12/01/2024

59‌

63‌

7.50%,

02/01/2030

54‌

58‌

$

7,784‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

39.83%

2.00%,

08/01/2028

1,923‌

1,939‌

2.00%,

07/01/2030

5,064‌

5,098‌

2.50%,

06/01/2027

3,742‌

3,830‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.50%,

05/01/2028

$

1,667‌

$

1,711‌

2.50%,

08/01/2028

2,229‌

2,287‌

2.50%,

03/01/2030

5,179‌

5,316‌

2.50%,

07/01/2030

7,400‌

7,572‌

2.50%,

12/01/2031

6,926‌

7,097‌

3.00%,

04/01/2027

2,604‌

2,691‌

3.00%,

05/01/2029

4,481‌

4,655‌

3.00%,

01/01/2030

386‌

401‌

3.00%,

08/01/2031

7,443‌

7,761‌

3.00%,

06/01/2033

9,993‌

10,361‌

3.00%,

10/01/2036

5,494‌

5,724‌

3.00%,

11/01/2042

6,677‌

6,969‌

3.00%,

12/01/2042

5,092‌

5,315‌

3.00%,

12/01/2042

5,143‌

5,357‌

3.00%,

01/01/2043

4,794‌

4,993‌

3.00%,

02/01/2043

5,323‌

5,571‌

3.00%,

06/01/2043

9,083‌

9,480‌

3.00%,

08/01/2043

5,939‌

6,198‌

3.00%,

07/01/2045

2,365‌

2,463‌

3.00%,

01/01/2046

4,800‌

5,010‌

3.00%,

07/01/2046

6,771‌

7,026‌

3.00%,

09/01/2046

5,620‌

5,874‌

3.00%,

10/01/2046

6,484‌

6,749‌

3.00%,

11/01/2046

10,070‌

10,539‌

3.00%,

12/01/2046

7,595‌

7,881‌

3.00%,

12/01/2046

5,259‌

5,512‌

3.00%,

01/01/2047

8,481‌

8,875‌

3.00%,

01/01/2047

9,367‌

9,802‌

3.00%,

01/01/2047

6,048‌

6,330‌

3.00%,

12/01/2049

9,912‌

10,151‌

3.50%,

08/01/2031

3,727‌

3,941‌

3.50%,

02/01/2033

7,809‌

8,258‌

3.50%,

09/01/2033

7,835‌

8,286‌

3.50%,

06/01/2039

3,989‌

4,193‌

3.50%,

02/01/2042

5,336‌

5,754‌

3.50%,

06/01/2042

2,789‌

2,951‌

3.50%,

07/01/2042

4,068‌

4,351‌

3.50%,

09/01/2042

7,135‌

7,631‌

3.50%,

11/01/2042

4,188‌

4,477‌

3.50%,

02/01/2043

1,754‌

1,891‌

3.50%,

05/01/2043

4,260‌

4,580‌

3.50%,

05/01/2043

2,356‌

2,541‌

3.50%,

09/01/2044

12,241‌

13,200‌

3.50%,

10/01/2044

5,751‌

6,201‌

3.50%,

11/01/2044

4,915‌

5,300‌

3.50%,

03/01/2045

2,767‌

2,950‌

3.50%,

03/01/2045

4,504‌

4,841‌

3.50%,

06/01/2045

5,521‌

5,953‌

3.50%,

08/01/2045

5,046‌

5,441‌

3.50%,

09/01/2045

4,370‌

4,674‌

3.50%,

10/01/2045

5,078‌

5,476‌

3.50%,

11/01/2045

9,080‌

9,760‌

3.50%,

01/01/2046

4,442‌

4,790‌

3.50%,

03/01/2046

6,223‌

6,711‌

3.50%,

04/01/2046

6,484‌

6,993‌

3.50%,

10/01/2047

4,681‌

5,002‌

3.50%,

11/01/2048

12,163‌

13,083‌

3.50%,

05/01/2049

8,268‌

8,853‌

4.00%,

01/01/2034

1,070‌

1,145‌

4.00%,

10/01/2037

5,479‌

5,829‌

4.00%,

09/01/2040

2,285‌

2,461‌

4.00%,

02/01/2042

1,828‌

1,993‌

4.00%,

01/01/2043

1,812‌

1,989‌

4.00%,

03/01/2043

3,273‌

3,529‌

4.00%,

08/01/2043

6,131‌

6,731‌

4.00%,

04/01/2044

2,350‌

2,580‌

4.00%,

08/01/2044

3,211‌

3,525‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

67

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.00%,

08/01/2044

$

8,535‌

$

9,439‌

4.00%,

11/01/2044

2,566‌

2,838‌

4.00%,

12/01/2044

5,257‌

5,744‌

4.00%,

02/01/2045

4,430‌

4,899‌

4.00%,

07/01/2045

4,794‌

5,167‌

4.00%,

08/01/2045

5,123‌

5,666‌

4.00%,

09/01/2045

8,976‌

9,926‌

4.00%,

01/01/2046

7,004‌

7,683‌

4.00%,

05/01/2046

10,298‌

11,305‌

4.00%,

07/01/2046

6,583‌

7,280‌

4.00%,

08/01/2046

9,195‌

9,964‌

4.00%,

07/01/2047

6,930‌

7,662‌

4.00%,

10/01/2047

5,790‌

6,354‌

4.00%,

12/01/2047

4,836‌

5,347‌

4.00%,

02/01/2048

6,918‌

7,549‌

4.00%,

03/01/2049

11,717‌

12,855‌

4.00%,

07/01/2049

13,055‌

14,154‌

4.00%,

07/01/2049

7,202‌

7,850‌

4.50%,

09/01/2025

904‌

956‌

4.50%,

08/01/2039

2,464‌

2,726‌

4.50%,

03/01/2041

3,072‌

3,356‌

4.50%,

03/01/2042

6,460‌

7,227‌

4.50%,

09/01/2043

3,125‌

3,502‌

4.50%,

09/01/2043

5,454‌

6,111‌

4.50%,

11/01/2043

5,102‌

5,717‌

4.50%,

10/01/2044

2,806‌

3,058‌

4.50%,

12/01/2044

7,068‌

7,920‌

4.50%,

05/01/2045

3,129‌

3,507‌

4.50%,

09/01/2045

4,570‌

5,086‌

4.50%,

10/01/2045

5,916‌

6,626‌

4.50%,

11/01/2045

7,570‌

8,422‌

4.50%,

08/01/2048

6,260‌

6,946‌

4.50%,

09/01/2048

11,071‌

12,361‌

4.50%,

11/01/2048

7,473‌

8,193‌

4.50%,

12/01/2048

8,304‌

9,155‌

5.00%,

01/01/2026

40‌

43‌

5.00%,

04/01/2035

110‌

122‌

5.00%,

05/01/2035

60‌

66‌

5.00%,

07/01/2035

21‌

23‌

5.00%,

02/01/2038

1,644‌

1,841‌

5.00%,

03/01/2038

1,150‌

1,288‌

5.00%,

02/01/2040

5,474‌

6,174‌

5.00%,

05/01/2040

2,258‌

2,549‌

5.00%,

07/01/2040

1,387‌

1,559‌

5.00%,

07/01/2041

6,279‌

7,088‌

5.00%,

02/01/2044

2,836‌

3,181‌

5.00%,

06/01/2044

2,731‌

3,056‌

5.00%,

05/01/2048

4,801‌

5,437‌

5.50%,

06/01/2026

45‌

49‌

5.50%,

07/01/2033

488‌

550‌

5.50%,

02/01/2037

3‌

4‌

5.50%,

12/01/2037

702‌

787‌

5.50%,

03/01/2038

165‌

184‌

6.00%,

12/01/2022

4‌

5‌

6.00%,

03/01/2029

31‌

34‌

6.00%,

12/01/2031

1‌

1‌

6.00%,

12/01/2031

2‌

2‌

6.00%,

11/01/2032

6‌

7‌

6.00%,

03/01/2034

129‌

142‌

6.00%,

11/01/2037

11‌

12‌

6.00%,

02/01/2038

47‌

54‌

6.00%,

03/01/2038

45‌

52‌

6.00%,

04/01/2039

428‌

474‌

6.50%,

09/01/2024

84‌

94‌

6.50%,

08/01/2028

16‌

18‌

6.50%,

12/01/2028

11‌

12‌

6.50%,

02/01/2029

13‌

15‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

6.50%,

03/01/2029

$

23‌

$

25‌

6.50%,

04/01/2029

21‌

23‌

6.50%,

06/01/2031

60‌

66‌

6.50%,

12/01/2031

2‌

2‌

6.50%,

01/01/2032

29‌

32‌

6.50%,

04/01/2032

71‌

79‌

6.50%,

04/01/2032

19‌

21‌

6.50%,

08/01/2032

62‌

69‌

6.50%,

02/01/2033

63‌

70‌

6.50%,

04/01/2036

2‌

3‌

6.50%,

08/01/2036

61‌

70‌

6.50%,

08/01/2036

28‌

32‌

6.50%,

10/01/2036

27‌

33‌

6.50%,

11/01/2036

19‌

22‌

6.50%,

07/01/2037

11‌

13‌

6.50%,

07/01/2037

20‌

24‌

6.50%,

08/01/2037

322‌

378‌

6.50%,

08/01/2037

30‌

33‌

6.50%,

02/01/2038

22‌

25‌

6.50%,

05/01/2038

3‌

3‌

7.00%,

05/01/2022

3‌

3‌

7.00%,

11/01/2031

124‌

138‌

7.50%,

08/01/2032

7‌

8‌

8.50%,

09/01/2025

1‌

1‌

9.00%,

09/01/2030

1‌

1‌

$

673,050‌

Government

National

Mortgage

Association

(GNMA)

-

12.26%

3.00%,

11/15/2042

5,843‌

6,098‌

3.00%,

11/15/2042

3,669‌

3,786‌

3.00%,

12/15/2042

3,764‌

3,887‌

3.00%,

02/15/2043

4,448‌

4,642‌

3.00%,

07/20/2045

16,442‌

17,122‌

3.00%,

07/20/2046

6,040‌

6,269‌

3.00%,

09/20/2046

6,420‌

6,682‌

3.00%,

11/20/2046

4,392‌

4,535‌

3.00%,

12/20/2046

7,949‌

8,246‌

3.00%,

02/20/2047

9,394‌

9,732‌

3.00%,

07/20/2047

18,380‌

19,062‌

3.00%,

08/20/2047

6,791‌

7,032‌

3.00%,

11/15/2047

7,143‌

7,364‌

3.50%,

08/20/2042

3,869‌

4,104‌

3.50%,

05/15/2043

6,630‌

7,082‌

3.50%,

06/20/2043

4,629‌

4,912‌

3.50%,

08/15/2043

5,450‌

5,798‌

3.50%,

04/20/2045

3,992‌

4,215‌

3.50%,

02/20/2047

2,008‌

2,132‌

3.50%,

04/20/2047

12,280‌

12,796‌

3.50%,

05/20/2047

12,488‌

13,193‌

3.50%,

10/20/2047

4,376‌

4,575‌

3.50%,

11/20/2047

4,426‌

4,630‌

3.50%,

02/20/2048

14,218‌

14,863‌

4.00%,

08/15/2041

3,556‌

3,874‌

4.00%,

09/15/2041

5,533‌

6,072‌

4.00%,

03/15/2044

3,602‌

3,952‌

4.00%,

10/20/2044

3,192‌

3,382‌

5.00%,

02/15/2034

99‌

110‌

5.00%,

10/15/2039

2,216‌

2,475‌

5.50%,

07/20/2033

830‌

935‌

5.50%,

03/20/2034

867‌

977‌

5.50%,

05/20/2035

90‌

101‌

6.00%,

10/15/2023

47‌

52‌

6.00%,

11/15/2023

4‌

5‌

6.00%,

11/15/2023

7‌

8‌

6.00%,

12/15/2023

3‌

3‌

6.00%,

03/15/2024

4‌

4‌

6.00%,

04/20/2026

26‌

28‌

6.00%,

10/20/2028

4‌

4‌

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

68

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

6.00%,

02/20/2029

$

47‌

$

52‌

6.00%,

09/15/2032

54‌

60‌

6.00%,

02/15/2033

16‌

18‌

6.00%,

07/20/2033

662‌

757‌

6.00%,

08/15/2038

65‌

72‌

6.50%,

09/15/2023

10‌

11‌

6.50%,

09/15/2023

5‌

6‌

6.50%,

09/15/2023

2‌

2‌

6.50%,

10/15/2023

10‌

10‌

6.50%,

12/15/2023

1‌

2‌

6.50%,

12/15/2023

9‌

10‌

6.50%,

12/15/2023

2‌

2‌

6.50%,

12/15/2023

10‌

10‌

6.50%,

01/15/2024

2‌

2‌

6.50%,

01/15/2024

3‌

4‌

6.50%,

01/15/2024

8‌

9‌

6.50%,

01/15/2024

1‌

1‌

6.50%,

01/15/2024

16‌

17‌

6.50%,

01/15/2024

1‌

1‌

6.50%,

04/15/2024

7‌

7‌

6.50%,

04/20/2024

3‌

3‌

6.50%,

07/15/2024

14‌

16‌

6.50%,

01/15/2026

4‌

5‌

6.50%,

03/15/2026

3‌

3‌

6.50%,

07/20/2026

1‌

1‌

6.50%,

10/20/2028

5‌

6‌

6.50%,

03/20/2031

44‌

51‌

6.50%,

04/20/2031

37‌

42‌

6.50%,

07/15/2031

1‌

1‌

6.50%,

10/15/2031

9‌

10‌

6.50%,

07/15/2032

2‌

3‌

6.50%,

05/20/2034

506‌

577‌

6.80%,

04/20/2025

19‌

19‌

7.00%,

11/15/2022

2‌

2‌

7.00%,

12/15/2022

12‌

12‌

7.00%,

01/15/2023

1‌

1‌

7.00%,

01/15/2023

4‌

4‌

7.00%,

01/15/2023

1‌

1‌

7.00%,

02/15/2023

11‌

11‌

7.00%,

07/15/2023

2‌

2‌

7.00%,

07/15/2023

4‌

4‌

7.00%,

07/15/2023

4‌

4‌

7.00%,

08/15/2023

7‌

8‌

7.00%,

12/15/2023

3‌

3‌

7.00%,

12/15/2023

8‌

8‌

7.00%,

01/15/2026

6‌

6‌

7.00%,

01/15/2027

10‌

10‌

7.00%,

10/15/2027

1‌

1‌

7.00%,

10/15/2027

1‌

1‌

7.00%,

10/15/2027

6‌

7‌

7.00%,

12/15/2027

2‌

2‌

7.00%,

12/15/2027

1‌

1‌

7.00%,

04/15/2028

2‌

2‌

7.00%,

06/15/2028

88‌

97‌

7.00%,

12/15/2028

49‌

53‌

7.00%,

01/15/2029

34‌

37‌

7.00%,

03/15/2029

20‌

20‌

7.00%,

04/15/2029

136‌

149‌

7.00%,

04/15/2029

1‌

1‌

7.00%,

05/15/2031

5‌

6‌

7.00%,

07/15/2031

1‌

1‌

7.00%,

09/15/2031

1‌

1‌

7.50%,

12/15/2021

4‌

4‌

7.50%,

03/15/2022

3‌

3‌

7.50%,

04/15/2022

9‌

9‌

7.50%,

04/15/2022

1‌

1‌

7.50%,

08/15/2022

1‌

1‌

7.50%,

08/15/2022

1‌

1‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

7.50%,

08/15/2022

$

6‌

$

6‌

7.50%,

02/15/2023

2‌

2‌

7.50%,

05/15/2023

4‌

4‌

7.50%,

05/15/2023

1‌

1‌

7.50%,

06/15/2023

1‌

1‌

7.50%,

03/15/2024

7‌

7‌

7.50%,

08/15/2024

1‌

1‌

7.50%,

05/15/2027

4‌

4‌

7.50%,

06/15/2027

7‌

7‌

7.50%,

08/15/2029

21‌

22‌

7.50%,

10/15/2029

15‌

15‌

7.50%,

11/15/2029

40‌

40‌

8.00%,

02/15/2022

4‌

4‌

8.00%,

04/15/2022

1‌

1‌

8.00%,

12/15/2030

5‌

6‌

9.00%,

11/15/2021

6‌

6‌

9.50%,

08/15/2021

2‌

2‌

$

207,132‌

U.S.

Treasury

-

2.36%

1.13%,

03/31/2020

8,600‌

8,593‌

1.25%,

02/29/2020

(g)

7,000‌

6,998‌

2.13%,

12/31/2022

4,920‌

5,034‌

3.13%,

05/15/2021

13,000‌

13,273‌

6.25%,

08/15/2023

5,100‌

5,965‌

$

39,863‌

U.S.

Treasury

Strip

-

0.40%

0.00%,

05/15/2020

(h),(i)

6,800‌

6,771‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,179,381‌

Total

Investments

$

1,711,404‌

Other

Assets

and

Liabilities

-  (1.29)%

(21,786‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,689,618‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,160

or

0.25%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$63,639

or

3.77%

of

net

assets.

(f)

Security

is

an

Interest

Only

Strip.

(g)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(h)

Non-income

producing

security

(i)

Security

is

a

Principal

Only

Strip.

Portfolio

Summary  (unaudited)

Sector

Percent

Mortgage

Securities

93.23‌%

Money

Market

Funds

4.37‌%

Government

2.76‌%

Asset

Backed

Securities

0.93‌%

Other

Assets

and

Liabilities

(1.29‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Government

&

High

Quality

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

69

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

61,450‌

$

189,765‌

$

181,479‌

$

69,736‌

$

61,450‌

$

189,765‌

$

181,479‌

$

69,736‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

265‌

$

—‌

$

—‌

$

—‌

$

265‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

US

10

Year

Note;

March

2020

Short

304‌

$

40,023‌

$

(609‌)

US

Long

Bond;

March

2020

Short

39‌

6,378‌

(163‌)

US

Ultra

Bond;

March

2020

Short

138‌

26,729‌

(859‌)

Total

$

(1,631‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

70

INVESTMENT

COMPANIES

-

3.59%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.59%

Principal

Government

Money

Market

Fund

1.43%

(a),(b)

113,835,687‌

$

113,836‌

TOTAL

INVESTMENT

COMPANIES

$

113,836‌

COMMON

STOCKS

-

0.08%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.00%

Motors

Liquidation

Co

GUC

Trust

(c)

270‌

3‌

Commercial

Services

-

0.08%

ATD

New

Holdings

Inc

(c),(d),(e)

101,514‌

2,565‌

Electric

-

0.00%

Vistra

Energy

Corp

-

Rights

(c),(d),(e)

164,087‌

—‌

Software

-

0.00%

Avaya

Holdings

Corp

(c)

2‌

—‌

Telecommunications

-

0.00%

Goodman

Networks

Inc

(c),(d),(e)

15,207‌

—‌

TOTAL

COMMON

STOCKS

$

2,568‌

PREFERRED

STOCKS

-

0.00%

Shares

Held

Value

(000's)

Telecommunications

-

0.00%

Goodman

Networks

Inc

0.00%

(c),(d),(e)

18,092‌

$

—‌

TOTAL

PREFERRED

STOCKS

$

—‌

BONDS

-

82.68%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.21%

Lamar

Media

Corp

5.00%,

05/01/2023

$

155‌

$

158‌

5.38%,

01/15/2024

136‌

138‌

5.75%,

02/01/2026

651‌

687‌

MDC

Partners

Inc

6.50%,

05/01/2024

(f)

1,260‌

1,140‌

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.63%,

03/15/2030

(f)

575‌

592‌

5.00%,

08/15/2027

(f)

2,190‌

2,294‌

5.63%,

02/15/2024

124‌

127‌

Terrier

Media

Buyer

Inc

8.88%,

12/15/2027

(f)

1,350‌

1,390‌

$

6,526‌

Aerospace

&

Defense

-

2.34%

Arconic

Inc

5.13%,

10/01/2024

1,855‌

2,003‌

5.40%,

04/15/2021

409‌

421‌

5.87%,

02/23/2022

498‌

531‌

5.90%,

02/01/2027

901‌

1,021‌

5.95%,

02/01/2037

771‌

859‌

6.75%,

01/15/2028

876‌

1,019‌

Bombardier

Inc

5.75%,

03/15/2022

(f)

300‌

299‌

6.00%,

10/15/2022

(f)

1,450‌

1,421‌

6.13%,

01/15/2023

(f)

1,512‌

1,492‌

7.45%,

05/01/2034

(f)

200‌

192‌

7.50%,

12/01/2024

(f)

400‌

389‌

7.50%,

03/15/2025

(f)

2,093‌

2,012‌

7.88%,

04/15/2027

(f)

2,000‌

1,895‌

8.75%,

12/01/2021

(f)

200‌

214‌

F-Brasile

SpA

/

F-Brasile

US

LLC

7.38%,

08/15/2026

(f)

500‌

531‌

Signature

Aviation

US

Holdings

Inc

4.00%,

03/01/2028

(f)

655‌

648‌

5.38%,

05/01/2026

(f)

575‌

597‌

Spirit

AeroSystems

Inc

3.85%,

06/15/2026

1,485‌

1,480‌

3.95%,

06/15/2023

1,460‌

1,479‌

4.60%,

06/15/2028

1,835‌

1,886‌

TransDigm

Inc

5.50%,

11/15/2027

(f)

12,950‌

13,029‌

6.25%,

03/15/2026

(f)

12,835‌

13,843‌

6.38%,

06/15/2026

12,423‌

13,106‌

6.50%,

05/15/2025

1,054‌

1,096‌

7.50%,

03/15/2027

8,405‌

9,204‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Aerospace

&

Defense

(continued)

TransDigm

UK

Holdings

PLC

6.88%,

05/15/2026

$

1,435‌

$

1,528‌

Triumph

Group

Inc

5.25%,

06/01/2022

755‌

742‌

7.75%,

08/15/2025

1,331‌

1,300‌

$

74,237‌

Agriculture

-

0.12%

JBS

Investments

II

GmbH

5.75%,

01/15/2028

(f)

730‌

771‌

7.00%,

01/15/2026

(f)

900‌

980‌

Pyxus

International

Inc

9.88%,

07/15/2021

200‌

127‌

Vector

Group

Ltd

6.13%,

02/01/2025

(f)

1,138‌

1,132‌

10.50%,

11/01/2026

(f)

665‌

693‌

$

3,703‌

Airlines

-

0.11%

Air

Canada

7.75%,

04/15/2021

(f)

250‌

265‌

UAL

2007-1

Pass

Through

Trust

6.64%,

01/02/2024

194‌

207‌

United

Airlines

Holdings

Inc

4.25%,

10/01/2022

500‌

518‌

5.00%,

02/01/2024

1,737‌

1,843‌

Virgin

Australia

Holdings

Ltd

7.88%,

10/15/2021

(f)

200‌

207‌

8.13%,

11/15/2024

(f)

400‌

390‌

$

3,430‌

Apparel

-

0.09%

Hanesbrands

Inc

4.63%,

05/15/2024

(f)

1,045‌

1,095‌

4.88%,

05/15/2026

(f)

885‌

932‌

Levi

Strauss

&

Co

5.00%,

05/01/2025

150‌

155‌

Under

Armour

Inc

3.25%,

06/15/2026

585‌

572‌

Wolverine

World

Wide

Inc

5.00%,

09/01/2026

(f)

80‌

82‌

$

2,836‌

Automobile

Manufacturers

-

0.33%

Allison

Transmission

Inc

4.75%,

10/01/2027

(f)

25‌

26‌

5.00%,

10/01/2024

(f)

630‌

642‌

5.88%,

06/01/2029

(f)

465‌

508‌

Aston

Martin

Capital

Holdings

Ltd

6.50%,

04/15/2022

(f)

1,674‌

1,642‌

BCD

Acquisition

Inc

9.63%,

09/15/2023

(f)

800‌

831‌

Fiat

Chrysler

Automobiles

NV

5.25%,

04/15/2023

1,427‌

1,527‌

General

Motors

Co

0.00%,

12/01/2020

(c),(d),(e),(g)

25‌

—‌

0.00%,

12/01/2020

(c),(d),(e),(g)

50‌

—‌

0.00%,

07/15/2023

(c),(d),(e),(g)

1,000‌

—‌

0.00%,

09/01/2025

(c),(d),(e),(g)

700‌

—‌

0.00%,

05/01/2028

(c),(d),(e),(g)

150‌

—‌

0.00%,

03/06/2032

(c),(d),(e),(g)

75‌

—‌

0.00%,

07/15/2033

(c),(d),(e),(g)

100‌

—‌

0.00%,

07/15/2033

(c),(d),(e),(g)

5,050‌

—‌

0.00%,

03/15/2036

(c),(d),(e),(g)

725‌

—‌

Jaguar

Land

Rover

Automotive

PLC

4.50%,

10/01/2027

(f)

960‌

880‌

JB

Poindexter

&

Co

Inc

7.13%,

04/15/2026

(f)

115‌

124‌

Navistar

International

Corp

6.63%,

11/01/2025

(f)

1,515‌

1,584‌

Tesla

Inc

5.30%,

08/15/2025

(f)

1,930‌

1,949‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

71

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Manufacturers

(continued)

Wabash

National

Corp

5.50%,

10/01/2025

(f)

$

792‌

$

784‌

$

10,497‌

Automobile

Parts

&

Equipment

-

1.12%

Adient

Global

Holdings

Ltd

4.88%,

08/15/2026

(f)

1,500‌

1,414‌

Adient

US

LLC

7.00%,

05/15/2026

(f)

250‌

274‌

American

Axle

&

Manufacturing

Inc

6.25%,

04/01/2025

618‌

632‌

6.25%,

03/15/2026

649‌

660‌

6.50%,

04/01/2027

802‌

820‌

6.63%,

10/15/2022

134‌

136‌

Cooper-Standard

Automotive

Inc

5.63%,

11/15/2026

(f)

626‌

580‌

Dana

Financing

Luxembourg

Sarl

5.75%,

04/15/2025

(f)

910‌

949‌

6.50%,

06/01/2026

(f)

537‌

569‌

Delphi

Technologies

PLC

5.00%,

10/01/2025

(f)

650‌

720‌

Goodyear

Tire

&

Rubber

Co/The

4.88%,

03/15/2027

720‌

742‌

5.00%,

05/31/2026

700‌

727‌

5.13%,

11/15/2023

600‌

607‌

IHO

Verwaltungs

GmbH

4.75%,

PIK

0.00%,

09/15/2026

(f),(h),(i)

950‌

981‌

Meritor

Inc

6.25%,

02/15/2024

69‌

71‌

Panther

BF

Aggregator

2

LP

/

Panther

Finance

Co

Inc

6.25%,

05/15/2026

(f)

12,950‌

13,890‌

8.50%,

05/15/2027

(f)

2,500‌

2,687‌

Tenneco

Inc

5.00%,

07/15/2026

434‌

400‌

Truck

Hero

Inc

8.50%,

04/21/2024

(f)

8,330‌

8,632‌

$

35,491‌

Banks

-

1.49%

Barclays

PLC

4.38%,

09/11/2024

1,700‌

1,820‌

4.84%,

05/09/2028

1,950‌

2,174‌

5.09%,

06/20/2030

(j)

2,050‌

2,355‌

3

Month

USD

LIBOR

+

3.05%

5.20%,

05/12/2026

2,300‌

2,589‌

CIT

Group

Inc

4.13%,

03/09/2021

515‌

523‌

4.75%,

02/16/2024

3,335‌

3,552‌

5.00%,

08/15/2022

6,756‌

7,178‌

5.00%,

08/01/2023

905‌

971‌

5.25%,

03/07/2025

515‌

565‌

6.13%,

03/09/2028

100‌

119‌

Deutsche

Bank

AG

4.30%,

05/24/2028

(j)

750‌

744‌

USD

Swap

Semi-Annual

5

Year

+

2.25%

4.50%,

04/01/2025

1,275‌

1,314‌

Deutsche

Bank

AG/New

York

NY

4.88%,

12/01/2032

(j)

645‌

644‌

USD

Swap

Rate

NY

5

Year

+

2.55%

Dresdner

Funding

Trust

I

8.15%,

06/30/2031

(f)

1,315‌

1,797‌

Freedom

Mortgage

Corp

8.13%,

11/15/2024

(f)

400‌

398‌

8.25%,

04/15/2025

(f)

900‌

892‌

10.75%,

04/01/2024

(f)

300‌

313‌

Intesa

Sanpaolo

SpA

5.02%,

06/26/2024

(f)

2,250‌

2,389‌

5.71%,

01/15/2026

(f)

1,200‌

1,330‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Provident

Funding

Associates

LP

/

PFG

Finance

Corp

6.38%,

06/15/2025

(f)

$

12,953‌

$

12,824‌

RBS

Capital

Trust

II

6.43%,

12/31/2049

(j),(k)

150‌

214‌

3

Month

USD

LIBOR

+

1.94%

Royal

Bank

of

Scotland

Group

PLC

7.65%,

12/31/2049

(j),(k)

700‌

1,012‌

3

Month

USD

LIBOR

+

2.50%

Standard

Chartered

PLC

7.01%,

12/31/2049

(f),(j),(k)

600‌

735‌

3

Month

USD

LIBOR

+

1.46%

Synovus

Financial

Corp

5.90%,

02/07/2029

(j)

900‌

965‌

USD

Swap

Semi-Annual

5

Year

+

3.38%

$

47,417‌

Beverages

-

0.03%

Cott

Holdings

Inc

5.50%,

04/01/2025

(f)

1,005‌

1,043‌

Building

Materials

-

0.45%

American

Woodmark

Corp

4.88%,

03/15/2026

(f)

1,000‌

1,029‌

BMC

East

LLC

5.50%,

10/01/2024

(f)

240‌

247‌

Boise

Cascade

Co

5.63%,

09/01/2024

(f)

165‌

171‌

Builders

FirstSource

Inc

6.75%,

06/01/2027

(f)

805‌

882‌

Cornerstone

Building

Brands

Inc

8.00%,

04/15/2026

(f)

1,175‌

1,232‌

CPG

Merger

Sub

LLC

8.00%,

10/01/2021

(f)

910‌

912‌

Griffon

Corp

5.25%,

03/01/2022

720‌

719‌

James

Hardie

International

Finance

DAC

5.00%,

01/15/2028

(f)

700‌

730‌

JELD-WEN

Inc

4.63%,

12/15/2025

(f)

1,280‌

1,306‌

4.88%,

12/15/2027

(f)

371‌

384‌

Louisiana-Pacific

Corp

4.88%,

09/15/2024

6‌

6‌

Masonite

International

Corp

5.38%,

02/01/2028

(f)

550‌

579‌

5.75%,

09/15/2026

(f)

220‌

233‌

Norbord

Inc

5.75%,

07/15/2027

(f)

1,000‌

1,050‌

6.25%,

04/15/2023

(f)

41‌

44‌

Standard

Industries

Inc/NJ

4.75%,

01/15/2028

(f)

536‌

550‌

5.00%,

02/15/2027

(f)

1,150‌

1,199‌

5.38%,

11/15/2024

(f)

1,025‌

1,053‌

5.50%,

02/15/2023

(f)

125‌

127‌

6.00%,

10/15/2025

(f)

765‌

799‌

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp

5.13%,

06/01/2025

(f)

508‌

520‌

US

Concrete

Inc

6.38%,

06/01/2024

498‌

515‌

$

14,287‌

Chemicals

-

1.21%

Ashland

LLC

4.75%,

08/15/2022

120‌

126‌

Blue

Cube

Spinco

LLC

9.75%,

10/15/2023

875‌

933‌

10.00%,

10/15/2025

483‌

527‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

72

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

CF

Industries

Inc

3.45%,

06/01/2023

$

775‌

$

796‌

4.95%,

06/01/2043

950‌

1,017‌

5.15%,

03/15/2034

687‌

794‌

5.38%,

03/15/2044

621‌

699‌

Chemours

Co/The

5.38%,

05/15/2027

300‌

260‌

6.63%,

05/15/2023

522‌

514‌

7.00%,

05/15/2025

250‌

239‌

Consolidated

Energy

Finance

SA

6.88%,

06/15/2025

(f)

300‌

297‌

Cornerstone

Chemical

Co

6.75%,

08/15/2024

(f)

12,863‌

12,377‌

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp

9.25%,

06/15/2023

(f)

300‌

312‌

Element

Solutions

Inc

5.88%,

12/01/2025

(f)

800‌

827‌

GCP

Applied

Technologies

Inc

5.50%,

04/15/2026

(f)

600‌

624‌

HB

Fuller

Co

4.00%,

02/15/2027

350‌

350‌

INEOS

Group

Holdings

SA

5.63%,

08/01/2024

(f)

800‌

820‌

Kraton

Polymers

LLC

/

Kraton

Polymers

Capital

Corp

7.00%,

04/15/2025

(f)

900‌

916‌

Nufarm

Australia

Ltd

/

Nufarm

Americas

Inc

5.75%,

04/30/2026

(f)

600‌

582‌

OCI

NV

6.63%,

04/15/2023

(f)

275‌

285‌

Olin

Corp

5.00%,

02/01/2030

520‌

529‌

5.13%,

09/15/2027

477‌

497‌

5.50%,

08/15/2022

190‌

203‌

PolyOne

Corp

5.25%,

03/15/2023

355‌

383‌

PQ

Corp

6.75%,

11/15/2022

(f)

600‌

615‌

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp

7.25%,

04/01/2025

(f)

1,432‌

1,418‌

Rayonier

AM

Products

Inc

5.50%,

06/01/2024

(f)

790‌

593‌

SPCM

SA

4.88%,

09/15/2025

(f)

850‌

878‌

Starfruit

Finco

BV

/

Starfruit

US

Holdco

LLC

8.00%,

10/01/2026

(f)

1,325‌

1,375‌

TPC

Group

Inc

10.50%,

08/01/2024

(f)

905‌

934‌

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc

5.38%,

09/01/2025

(f)

1,018‌

954‌

Tronox

Finance

PLC

5.75%,

10/01/2025

(f)

380‌

375‌

Tronox

Inc

6.50%,

04/15/2026

(f)

1,075‌

1,070‌

Valvoline

Inc

4.38%,

08/15/2025

393‌

403‌

5.50%,

07/15/2024

450‌

466‌

Venator

Finance

Sarl

/

Venator

Materials

LLC

5.75%,

07/15/2025

(f)

15‌

14‌

WR

Grace

&

Co-Conn

5.13%,

10/01/2021

(f)

4,200‌

4,361‌

5.63%,

10/01/2024

(f)

60‌

66‌

$

38,429‌

Coal

-

0.10%

Alliance

Resource

Operating

Partners

LP

/

Alliance

Resource

Finance

Corp

7.50%,

05/01/2025

(f)

1,061‌

918‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Coal

(continued)

CONSOL

Energy

Inc

11.00%,

11/15/2025

(f)

$

295‌

$

205‌

Foresight

Energy

LLC

/

Foresight

Energy

Finance

Corp

0.00%,

04/01/2023

(c),(f)

550‌

13‌

Natural

Resource

Partners

LP

/

NRP

Finance

Corp

9.13%,

06/30/2025

(f)

1,000‌

905‌

Peabody

Energy

Corp

6.00%,

03/31/2022

(f)

236‌

219‌

SunCoke

Energy

Partners

LP

/

SunCoke

Energy

Partners

Finance

Corp

7.50%,

06/15/2025

(f)

340‌

326‌

Warrior

Met

Coal

Inc

8.00%,

11/01/2024

(f)

685‌

711‌

$

3,297‌

Commercial

Services

-

2.77%

ACE

Cash

Express

Inc

12.00%,

12/15/2022

(f)

3‌

2‌

ADT

Security

Corp/The

3.50%,

07/15/2022

560‌

568‌

4.13%,

06/15/2023

315‌

320‌

4.88%,

07/15/2032

(f)

540‌

502‌

6.25%,

10/15/2021

970‌

1,027‌

Ahern

Rentals

Inc

7.38%,

05/15/2023

(f)

545‌

432‌

Algeco

Global

Finance

Plc

8.00%,

02/15/2023

(f)

600‌

598‌

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp

6.63%,

07/15/2026

(f)

1,320‌

1,403‌

9.75%,

07/15/2027

(f)

1,370‌

1,462‌

AMN

Healthcare

Inc

5.13%,

10/01/2024

(f)

423‌

436‌

Aptim

Corp

7.75%,

06/15/2025

(f)

300‌

186‌

APX

Group

Inc

7.63%,

09/01/2023

200‌

195‌

7.88%,

12/01/2022

2,150‌

2,187‌

ASGN

Inc

4.63%,

05/15/2028

(f)

6,100‌

6,222‌

Atento

Luxco

1

SA

6.13%,

08/10/2022

(f)

100‌

101‌

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance

Inc

5.50%,

04/01/2023

28‌

28‌

6.38%,

04/01/2024

(f)

118‌

122‌

Brink's

Co/The

4.63%,

10/15/2027

(f)

1,100‌

1,122‌

Capitol

Investment

Merger

Sub

2

LLC

10.00%,

08/01/2024

(f)

360‌

374‌

Carriage

Services

Inc

6.63%,

06/01/2026

(f)

8‌

8‌

Cimpress

PLC

7.00%,

06/15/2026

(f)

1,300‌

1,374‌

Emeco

Pty

Ltd

9.25%,

03/31/2022

400‌

418‌

Flexi-Van

Leasing

Inc

10.00%,

02/15/2023

(f)

400‌

429‌

Garda

World

Security

Corp

8.75%,

05/15/2025

(f)

1,600‌

1,672‌

Gartner

Inc

5.13%,

04/01/2025

(f)

440‌

457‌

Graham

Holdings

Co

5.75%,

06/01/2026

(f)

1,029‌

1,096‌

GW

B-CR

Security

Corp

9.50%,

11/01/2027

(f)

800‌

854‌

Harsco

Corp

5.75%,

07/31/2027

(f)

500‌

511‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

73

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

(continued)

Herc

Holdings

Inc

5.50%,

07/15/2027

(f)

$

155‌

$

162‌

Hertz

Corp/The

5.50%,

10/15/2024

(f)

700‌

710‌

6.25%,

10/15/2022

300‌

303‌

7.63%,

06/01/2022

(f)

346‌

357‌

Jaguar

Holding

Co

II

/

Pharmaceutical

Product

Development

LLC

6.38%,

08/01/2023

(f)

753‌

774‌

Laureate

Education

Inc

8.25%,

05/01/2025

(f)

773‌

828‌

LSC

Communications

Inc

8.75%,

10/15/2023

(f)

350‌

189‌

Midas

Intermediate

Holdco

II

LLC

/

Midas

Intermediate

Holdco

II

Finance

Inc

7.88%,

10/01/2022

(f)

220‌

210‌

MPH

Acquisition

Holdings

LLC

7.13%,

06/01/2024

(f)

15,659‌

15,167‌

Nielsen

Co

Luxembourg

SARL/The

5.00%,

02/01/2025

(f)

775‌

789‌

Nielsen

Finance

LLC

/

Nielsen

Finance

Co

5.00%,

04/15/2022

(f)

6,652‌

6,661‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

5.25%,

04/15/2024

(f)

1,230‌

1,282‌

5.75%,

04/15/2026

(f)

730‌

770‌

Refinitiv

US

Holdings

Inc

6.25%,

05/15/2026

(f)

7,125‌

7,704‌

8.25%,

11/15/2026

(f)

2,155‌

2,400‌

Ritchie

Bros

Auctioneers

Inc

5.38%,

01/15/2025

(f)

405‌

421‌

Service

Corp

International/US

4.63%,

12/15/2027

450‌

471‌

5.13%,

06/01/2029

1,395‌

1,485‌

5.38%,

05/15/2024

475‌

487‌

8.00%,

11/15/2021

370‌

407‌

Sotheby's

7.38%,

10/15/2027

(f)

7,450‌

7,589‌

Team

Health

Holdings

Inc

6.38%,

02/01/2025

(f)

8,784‌

5,161‌

United

Rentals

North

America

Inc

4.63%,

10/15/2025

584‌

597‌

4.88%,

01/15/2028

2,015‌

2,101‌

5.25%,

01/15/2030

200‌

215‌

5.50%,

07/15/2025

452‌

468‌

5.50%,

05/15/2027

905‌

961‌

5.88%,

09/15/2026

1,060‌

1,128‌

6.50%,

12/15/2026

1,075‌

1,168‌

Verscend

Escrow

Corp

9.75%,

08/15/2026

(f)

1,950‌

2,121‌

WEX

Inc

4.75%,

02/01/2023

(f)

575‌

581‌

WW

International

Inc

8.63%,

12/01/2025

(f)

17‌

18‌

$

87,791‌

Computers

-

0.50%

Banff

Merger

Sub

Inc

9.75%,

09/01/2026

(f)

2,450‌

2,514‌

Booz

Allen

Hamilton

Inc

5.13%,

05/01/2025

(f)

174‌

179‌

Dell

Inc

4.63%,

04/01/2021

500‌

511‌

5.40%,

09/10/2040

150‌

154‌

6.50%,

04/15/2038

674‌

751‌

Dell

International

LLC

/

EMC

Corp

5.88%,

06/15/2021

(f)

806‌

814‌

EMC

Corp

3.38%,

06/01/2023

415‌

421‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Computers

(continued)

Everi

Payments

Inc

7.50%,

12/15/2025

(f)

$

7‌

$

7‌

Exela

Intermediate

LLC

/

Exela

Finance

Inc

10.00%,

07/15/2023

(f)

735‌

283‌

Harland

Clarke

Holdings

Corp

8.38%,

08/15/2022

(f)

914‌

795‌

9.25%,

03/01/2021

(f)

815‌

817‌

Leidos

Inc

5.50%,

07/01/2033

400‌

438‌

7.13%,

07/01/2032

465‌

567‌

NCR

Corp

5.75%,

09/01/2027

(f)

875‌

932‌

6.13%,

09/01/2029

(f)

835‌

911‌

6.38%,

12/15/2023

480‌

492‌

Presidio

Holdings

Inc

4.88%,

02/01/2027

(f)

1,800‌

1,800‌

Tempo

Acquisition

LLC

/

Tempo

Acquisition

Finance

Corp

6.75%,

06/01/2025

(f)

1,336‌

1,383‌

Western

Digital

Corp

4.75%,

02/15/2026

1,883‌

2,010‌

$

15,779‌

Consumer

Products

-

0.12%

ACCO

Brands

Corp

5.25%,

12/15/2024

(f)

316‌

327‌

Central

Garden

&

Pet

Co

5.13%,

02/01/2028

642‌

666‌

Kronos

Acquisition

Holdings

Inc

9.00%,

08/15/2023

(f)

951‌

914‌

Prestige

Brands

Inc

6.38%,

03/01/2024

(f)

228‌

235‌

Spectrum

Brands

Inc

5.75%,

07/15/2025

1,750‌

1,818‌

$

3,960‌

Cosmetics

&

Personal

Care

-

0.17%

Avon

International

Capital

PLC

6.50%,

08/15/2022

(f)

878‌

909‌

Avon

International

Operations

Inc

7.88%,

08/15/2022

(f)

160‌

166‌

Avon

Products

Inc

7.00%,

03/15/2023

84‌

92‌

8.95%,

03/15/2043

240‌

317‌

Coty

Inc

6.50%,

04/15/2026

(f)

1,033‌

1,077‌

Edgewell

Personal

Care

Co

4.70%,

05/19/2021

367‌

374‌

4.70%,

05/24/2022

845‌

870‌

First

Quality

Finance

Co

Inc

5.00%,

07/01/2025

(f)

1,265‌

1,322‌

High

Ridge

Brands

Co

0.00%,

03/15/2025

(c),(f)

4,938‌

12‌

Revlon

Consumer

Products

Corp

5.75%,

02/15/2021

478‌

421‌

$

5,560‌

Distribution

&

Wholesale

-

0.29%

American

Builders

&

Contractors

Supply

Co

Inc

5.88%,

05/15/2026

(f)

450‌

474‌

Anixter

Inc

5.13%,

10/01/2021

400‌

416‌

5.50%,

03/01/2023

511‌

542‌

Core

&

Main

Holdings

LP

8.63%,

PIK

9.38

%,

09/15/2024

(f),(h),(i)

300‌

313‌

Core

&

Main

LP

6.13%,

08/15/2025

(f)

1,000‌

1,027‌

H&E

Equipment

Services

Inc

5.63%,

09/01/2025

661‌

689‌

HD

Supply

Inc

5.38%,

10/15/2026

(f)

825‌

875‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

74

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Distribution

&

Wholesale

(continued)

IAA

Inc

5.50%,

06/15/2027

(f)

$

2,875‌

$

3,051‌

KAR

Auction

Services

Inc

5.13%,

06/01/2025

(f)

932‌

956‌

Performance

Food

Group

Inc

5.50%,

06/01/2024

(f)

380‌

388‌

5.50%,

10/15/2027

(f)

325‌

342‌

Resideo

Funding

Inc

6.13%,

11/01/2026

(f)

103‌

101‌

Wolverine

Escrow

LLC

8.50%,

11/15/2024

(f)

87‌

89‌

$

9,263‌

Diversified

Financial

Services

-

3.88%

AerCap

Holdings

NV

5.88%,

10/10/2079

(j)

1,300‌

1,391‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.54%

Alliance

Data

Systems

Corp

4.75%,

12/15/2024

(f)

7,400‌

7,378‌

Ally

Financial

Inc

5.75%,

11/20/2025

1,600‌

1,819‌

Credit

Acceptance

Corp

6.63%,

03/15/2026

(f)

750‌

808‌

Curo

Group

Holdings

Corp

8.25%,

09/01/2025

(f)

650‌

573‌

E*TRADE

Financial

Corp

5.88%,

12/31/2049

(j),(k)

1,500‌

1,597‌

3

Month

USD

LIBOR

+

4.44%

Enova

International

Inc

8.50%,

09/01/2024

(f)

635‌

624‌

8.50%,

09/15/2025

(f)

170‌

169‌

Global

Aircraft

Leasing

Co

Ltd

6.50%,

PIK

7.25%,

09/15/2024

(f),(h),(i)

1,900‌

1,944‌

LPL

Holdings

Inc

5.75%,

09/15/2025

(f)

859‌

896‌

Nationstar

Mortgage

Holdings

Inc

6.00%,

01/15/2027

(f)

3,550‌

3,613‌

8.13%,

07/15/2023

(f)

11,550‌

12,214‌

9.13%,

07/15/2026

(f)

875‌

972‌

Nationstar

Mortgage

LLC

/

Nationstar

Capital

Corp

6.50%,

07/01/2021

291‌

291‌

Navient

Corp

5.50%,

01/25/2023

100‌

104‌

5.63%,

08/01/2033

122‌

111‌

5.88%,

03/25/2021

790‌

815‌

5.88%,

10/25/2024

800‌

844‌

6.13%,

03/25/2024

1,100‌

1,172‌

6.50%,

06/15/2022

1,100‌

1,169‌

6.63%,

07/26/2021

1,000‌

1,054‌

6.75%,

06/25/2025

550‌

598‌

6.75%,

06/15/2026

550‌

597‌

7.25%,

01/25/2022

100‌

107‌

7.25%,

09/25/2023

600‌

663‌

NFP

Corp

6.88%,

07/15/2025

(f)

24,181‌

24,592‌

8.00%,

07/15/2025

(f)

6,240‌

6,472‌

Ocwen

Loan

Servicing

LLC

8.38%,

11/15/2022

(f)

250‌

217‌

Oxford

Finance

LLC

/

Oxford

Finance

Co-Issuer

II

Inc

6.38%,

12/15/2022

(f)

500‌

513‌

Quicken

Loans

Inc

5.25%,

01/15/2028

(f)

8,575‌

8,875‌

5.75%,

05/01/2025

(f)

9,504‌

9,836‌

SLM

Corp

5.13%,

04/05/2022

1,200‌

1,239‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Springleaf

Finance

Corp

5.38%,

11/15/2029

$

4,000‌

$

4,160‌

5.63%,

03/15/2023

950‌

1,016‌

6.13%,

05/15/2022

500‌

532‌

6.13%,

03/15/2024

500‌

543‌

6.63%,

01/15/2028

15,045‌

16,926‌

6.88%,

03/15/2025

1,400‌

1,578‌

7.13%,

03/15/2026

2,124‌

2,437‌

7.75%,

10/01/2021

2,043‌

2,199‌

Voyager

Aviation

Holdings

LLC

/

Voyager

Finance

Co

8.50%,

08/15/2021

(f)

512‌

524‌

$

123,182‌

Electric

-

0.91%

AES

Corp/VA

4.00%,

03/15/2021

485‌

491‌

4.50%,

03/15/2023

100‌

102‌

4.88%,

05/15/2023

1,074‌

1,087‌

5.13%,

09/01/2027

600‌

633‌

5.50%,

04/15/2025

693‌

715‌

6.00%,

05/15/2026

1,125‌

1,185‌

Calpine

Corp

4.50%,

02/15/2028

(f)

1,595‌

1,587‌

5.25%,

06/01/2026

(f)

1,150‌

1,188‌

5.50%,

02/01/2024

800‌

810‌

5.75%,

01/15/2025

890‌

915‌

Clearway

Energy

Operating

LLC

5.00%,

09/15/2026

100‌

103‌

DPL

Inc

4.35%,

04/15/2029

(f)

500‌

495‌

7.25%,

10/15/2021

500‌

530‌

Drax

Finco

PLC

6.63%,

11/01/2025

(f)

377‌

399‌

InterGen

NV

7.00%,

06/30/2023

(f)

750‌

739‌

Midland

Cogeneration

Venture

LP

6.00%,

03/15/2025

(f)

1,070‌

1,084‌

NextEra

Energy

Operating

Partners

LP

4.25%,

09/15/2024

(f)

600‌

625‌

4.50%,

09/15/2027

(f)

650‌

678‌

NRG

Energy

Inc

5.25%,

06/15/2029

(f)

1,370‌

1,476‌

5.75%,

01/15/2028

1,300‌

1,399‌

6.63%,

01/15/2027

1,018‌

1,094‌

7.25%,

05/15/2026

904‌

979‌

Talen

Energy

Supply

LLC

6.50%,

06/01/2025

672‌

524‌

6.63%,

01/15/2028

(f)

845‌

845‌

7.25%,

05/15/2027

(f)

755‌

774‌

10.50%,

01/15/2026

(f)

578‌

513‌

TransAlta

Corp

4.50%,

11/15/2022

1,240‌

1,290‌

6.50%,

03/15/2040

1,510‌

1,563‌

Vistra

Energy

Corp

5.88%,

06/01/2023

122‌

124‌

8.13%,

01/30/2026

(f)

160‌

170‌

Vistra

Operations

Co

LLC

5.00%,

07/31/2027

(f)

1,300‌

1,339‌

5.50%,

09/01/2026

(f)

1,250‌

1,300‌

5.63%,

02/15/2027

(f)

1,960‌

2,038‌

$

28,794‌

Electrical

Components

&

Equipment

-

0.11%

Energizer

Holdings

Inc

5.50%,

06/15/2025

(f)

864‌

892‌

6.38%,

07/15/2026

(f)

490‌

522‌

7.75%,

01/15/2027

(f)

915‌

1,009‌

EnerSys

5.00%,

04/30/2023

(f)

838‌

882‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

75

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electrical

Components

&

Equipment

(continued)

WESCO

Distribution

Inc

5.38%,

12/15/2021

$

125‌

$

126‌

5.38%,

06/15/2024

11‌

11‌

$

3,442‌

Electronics

-

0.09%

Ingram

Micro

Inc

5.00%,

08/10/2022

800‌

827‌

5.45%,

12/15/2024

593‌

633‌

Sensata

Technologies

BV

4.88%,

10/15/2023

(f)

175‌

186‌

5.00%,

10/01/2025

(f)

681‌

737‌

5.63%,

11/01/2024

(f)

390‌

431‌

$

2,814‌

Energy

-

Alternate

Sources

-

0.18%

Enviva

Partners

LP

/

Enviva

Partners

Finance

Corp

6.50%,

01/15/2026

(f)

3,650‌

3,894‌

Pattern

Energy

Group

Inc

5.88%,

02/01/2024

(f)

329‌

338‌

TerraForm

Power

Operating

LLC

5.00%,

01/31/2028

(f)

720‌

777‌

Topaz

Solar

Farms

LLC

4.88%,

09/30/2039

(f)

152‌

163‌

5.75%,

09/30/2039

(f)

548‌

628‌

$

5,800‌

Engineering

&

Construction

-

0.16%

AECOM

5.13%,

03/15/2027

1,100‌

1,174‌

5.88%,

10/15/2024

16‌

18‌

AECOM

Global

II

LLC

/

URS

Fox

US

LP

5.00%,

04/01/2022

337‌

349‌

Brand

Industrial

Services

Inc

8.50%,

07/15/2025

(f)

1,460‌

1,463‌

frontdoor

Inc

6.75%,

08/15/2026

(f)

215‌

235‌

International

Airport

Finance

SA

12.00%,

03/15/2033

(f)

400‌

439‌

MasTec

Inc

4.88%,

03/15/2023

137‌

138‌

New

Enterprise

Stone

&

Lime

Co

Inc

6.25%,

03/15/2026

(f)

444‌

464‌

TopBuild

Corp

5.63%,

05/01/2026

(f)

258‌

269‌

Tutor

Perini

Corp

6.88%,

05/01/2025

(f)

671‌

631‌

Weekley

Homes

LLC

/

Weekley

Finance

Corp

6.63%,

08/15/2025

27‌

28‌

$

5,208‌

Entertainment

-

2.37%

AMC

Entertainment

Holdings

Inc

5.75%,

06/15/2025

9,633‌

8,574‌

5.88%,

11/15/2026

2,340‌

2,024‌

6.13%,

05/15/2027

3,908‌

3,322‌

Boyne

USA

Inc

7.25%,

05/01/2025

(f)

3,228‌

3,502‌

Caesars

Resort

Collection

LLC

/

CRC

Finco

Inc

5.25%,

10/15/2025

(f)

13,300‌

13,498‌

Cedar

Fair

LP

5.25%,

07/15/2029

(f)

200‌

211‌

Cedar

Fair

LP

/

Canada's

Wonderland

Co

/

Magnum

Management

Corp

5.38%,

06/01/2024

100‌

102‌

Cedar

Fair

LP

/

Canada's

Wonderland

Co

/

Magnum

Management

Corp

/

Millennium

Op

5.38%,

04/15/2027

3,500‌

3,707‌

Churchill

Downs

Inc

4.75%,

01/15/2028

(f)

1,655‌

1,705‌

5.50%,

04/01/2027

(f)

3,035‌

3,202‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

(continued)

Cinemark

USA

Inc

4.88%,

06/01/2023

$

650‌

$

658‌

Cirsa

Finance

International

Sarl

7.88%,

12/20/2023

(f)

925‌

973‌

Downstream

Development

Authority

of

the

Quapaw

Tribe

of

Oklahoma

10.50%,

02/15/2023

(f)

75‌

78‌

Eldorado

Resorts

Inc

6.00%,

04/01/2025

850‌

889‌

6.00%,

09/15/2026

580‌

636‌

Enterprise

Development

Authority/The

12.00%,

07/15/2024

(f)

80‌

92‌

Gateway

Casinos

&

Entertainment

Ltd

8.25%,

03/01/2024

(f)

210‌

219‌

International

Game

Technology

PLC

6.25%,

02/15/2022

(f)

1,815‌

1,901‌

6.25%,

01/15/2027

(f)

8,865‌

9,951‌

6.50%,

02/15/2025

(f)

2,280‌

2,571‌

Lions

Gate

Capital

Holdings

LLC

5.88%,

11/01/2024

(f)

495‌

484‌

6.38%,

02/01/2024

(f)

550‌

553‌

Live

Nation

Entertainment

Inc

4.75%,

10/15/2027

(f)

1,300‌

1,337‌

5.63%,

03/15/2026

(f)

625‌

666‌

Merlin

Entertainments

PLC

5.75%,

06/15/2026

(f)

1,210‌

1,322‌

Mohegan

Gaming

&

Entertainment

7.88%,

10/15/2024

(f)

1,025‌

1,040‌

Penn

National

Gaming

Inc

5.63%,

01/15/2027

(f)

250‌

262‌

Scientific

Games

International

Inc

5.00%,

10/15/2025

(f)

1,005‌

1,034‌

Six

Flags

Entertainment

Corp

4.88%,

07/31/2024

(f)

1,374‌

1,403‌

5.50%,

04/15/2027

(f)

1,695‌

1,754‌

Speedway

Motorsports

LLC

/

Speedway

Funding

II

Inc

4.88%,

11/01/2027

(f)

3,750‌

3,778‌

Stars

Group

Holdings

BV

/

Stars

Group

US

Co-

Borrower

LLC

7.00%,

07/15/2026

(f)

1,450‌

1,575‌

WMG

Acquisition

Corp

4.88%,

11/01/2024

(f)

150‌

155‌

5.00%,

08/01/2023

(f)

1,606‌

1,638‌

5.50%,

04/15/2026

(f)

21‌

22‌

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(f)

250‌

259‌

$

75,097‌

Environmental

Control

-

1.30%

Advanced

Disposal

Services

Inc

5.63%,

11/15/2024

(f)

410‌

427‌

Clean

Harbors

Inc

4.88%,

07/15/2027

(f)

535‌

563‌

5.13%,

07/15/2029

(f)

300‌

319‌

Covanta

Holding

Corp

5.88%,

03/01/2024

145‌

147‌

5.88%,

07/01/2025

12,217‌

12,671‌

6.00%,

01/01/2027

2,718‌

2,818‌

GFL

Environmental

Inc

5.38%,

03/01/2023

(f)

7,800‌

7,966‌

5.63%,

05/01/2022

(f)

4,260‌

4,303‌

7.00%,

06/01/2026

(f)

2,845‌

2,965‌

8.50%,

05/01/2027

(f)

5,975‌

6,513‌

Tervita

Corp

7.63%,

12/01/2021

(f)

275‌

280‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

76

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Environmental

Control

(continued)

Waste

Pro

USA

Inc

5.50%,

02/15/2026

(f)

$

2,176‌

$

2,236‌

$

41,208‌

Food

-

1.50%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

01/15/2027

(f)

250‌

254‌

5.75%,

03/15/2025

1,595‌

1,651‌

6.63%,

06/15/2024

1,479‌

1,538‌

7.50%,

03/15/2026

(f)

910‌

1,008‌

B&G

Foods

Inc

5.25%,

04/01/2025

523‌

534‌

Chobani

LLC

/

Chobani

Finance

Corp

Inc

7.50%,

04/15/2025

(f)

975‌

970‌

Conagra

Brands

Inc

9.75%,

03/01/2021

190‌

204‌

Dole

Food

Co

Inc

7.25%,

06/15/2025

(f)

788‌

768‌

FAGE

International

SA

/

FAGE

USA

Dairy

Industry

Inc

5.63%,

08/15/2026

(f)

375‌

348‌

Fresh

Market

Inc/The

9.75%,

05/01/2023

(f)

750‌

364‌

Ingles

Markets

Inc

5.75%,

06/15/2023

78‌

79‌

JBS

USA

LUX

SA

/

JBS

USA

Finance

Inc

5.75%,

06/15/2025

(f)

1,641‌

1,699‌

5.88%,

07/15/2024

(f)

1,237‌

1,268‌

6.75%,

02/15/2028

(f)

1,455‌

1,611‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

5.50%,

01/15/2030

(f)

1,215‌

1,312‌

6.50%,

04/15/2029

(f)

1,360‌

1,523‌

Lamb

Weston

Holdings

Inc

4.63%,

11/01/2024

(f)

835‌

877‌

4.88%,

11/01/2026

(f)

1,235‌

1,302‌

Pilgrim's

Pride

Corp

5.75%,

03/15/2025

(f)

1,595‌

1,639‌

5.88%,

09/30/2027

(f)

950‌

1,008‌

Post

Holdings

Inc

5.00%,

08/15/2026

(f)

7,013‌

7,241‌

5.50%,

03/01/2025

(f)

4,773‌

4,944‌

5.50%,

12/15/2029

(f)

1,330‌

1,408‌

5.63%,

01/15/2028

(f)

2,780‌

2,940‌

5.75%,

03/01/2027

(f)

3,064‌

3,232‌

Safeway

Inc

7.25%,

02/01/2031

260‌

281‌

Sigma

Holdco

BV

7.88%,

05/15/2026

(f)

1,175‌

1,210‌

Simmons

Foods

Inc

5.75%,

11/01/2024

(f)

4,304‌

4,347‌

7.75%,

01/15/2024

(f)

500‌

535‌

TreeHouse

Foods

Inc

4.88%,

03/15/2022

565‌

565‌

6.00%,

02/15/2024

(f)

225‌

231‌

US

Foods

Inc

5.88%,

06/15/2024

(f)

695‌

711‌

$

47,602‌

Food

Service

-

0.09%

Aramark

Services

Inc

4.75%,

06/01/2026

426‌

443‌

5.00%,

04/01/2025

(f)

550‌

573‌

5.00%,

02/01/2028

(f)

1,650‌

1,729‌

$

2,745‌

Forest

Products

&

Paper

-

0.06%

Cascades

Inc

5.75%,

07/15/2023

(f)

230‌

236‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Forest

Products

&

Paper

(continued)

Mercer

International

Inc

5.50%,

01/15/2026

$

100‌

$

101‌

6.50%,

02/01/2024

1,275‌

1,317‌

Smurfit

Kappa

Treasury

Funding

DAC

7.50%,

11/20/2025

150‌

188‌

$

1,842‌

Gas

-

0.14%

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp

5.50%,

05/20/2025

2,040‌

2,183‌

5.63%,

05/20/2024

671‌

713‌

5.75%,

05/20/2027

521‌

569‌

5.88%,

08/20/2026

892‌

976‌

$

4,441‌

Hand

&

Machine

Tools

-

0.46%

Apex

Tool

Group

LLC

/

BC

Mountain

Finance

Inc

9.00%,

02/15/2023

(f)

14,665‌

13,528‌

Colfax

Corp

6.00%,

02/15/2024

(f)

140‌

147‌

6.38%,

02/15/2026

(f)

445‌

478‌

Werner

FinCo

LP

/

Werner

FinCo

Inc

8.75%,

07/15/2025

(f)

375‌

368‌

$

14,521‌

Healthcare

-

Products

-

0.75%

Avantor

Inc

6.00%,

10/01/2024

(f)

1,850‌

1,965‌

9.00%,

10/01/2025

(f)

16,860‌

18,634‌

Hologic

Inc

4.38%,

10/15/2025

(f)

1,110‌

1,130‌

Immucor

Inc

11.13%,

02/15/2022

(f)

294‌

291‌

Ortho-Clinical

Diagnostics

Inc

/

Ortho-Clinical

Diagnostics

SA

6.63%,

05/15/2022

(f)

293‌

292‌

Teleflex

Inc

4.63%,

11/15/2027

565‌

595‌

4.88%,

06/01/2026

800‌

834‌

$

23,741‌

Healthcare

-

Services

-

8.62%

Acadia

Healthcare

Co

Inc

5.13%,

07/01/2022

456‌

457‌

5.63%,

02/15/2023

1,052‌

1,066‌

6.13%,

03/15/2021

173‌

173‌

6.50%,

03/01/2024

429‌

442‌

AHP

Health

Partners

Inc

9.75%,

07/15/2026

(f)

1,000‌

1,090‌

Air

Medical

Group

Holdings

Inc

6.38%,

05/15/2023

(f)

274‌

256‌

ASP

AMC

Merger

Sub

Inc

8.00%,

05/15/2025

(f)

500‌

337‌

BCPE

Cycle

Merger

Sub

II

Inc

10.63%,

07/15/2027

(f)

414‌

427‌

Catalent

Pharma

Solutions

Inc

4.88%,

01/15/2026

(f)

2,019‌

2,075‌

5.00%,

07/15/2027

(f)

840‌

884‌

Centene

Corp

4.25%,

12/15/2027

(f)

3,750‌

3,910‌

4.75%,

05/15/2022

1,390‌

1,414‌

4.75%,

01/15/2025

1,190‌

1,228‌

5.25%,

04/01/2025

(f)

1,060‌

1,098‌

5.38%,

06/01/2026

(f)

2,250‌

2,393‌

5.38%,

08/15/2026

(f)

400‌

425‌

6.13%,

02/15/2024

620‌

640‌

Charles

River

Laboratories

International

Inc

4.25%,

05/01/2028

(f)

900‌

913‌

5.50%,

04/01/2026

(f)

480‌

511‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

77

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

CHS/Community

Health

Systems

Inc

5.13%,

08/01/2021

$

800‌

$

801‌

6.25%,

03/31/2023

3,502‌

3,572‌

6.88%,

02/01/2022

2,558‌

2,328‌

8.00%,

03/15/2026

(f)

1,300‌

1,355‌

8.13%,

06/30/2024

(f)

1,300‌

1,168‌

8.63%,

01/15/2024

(f)

1,195‌

1,270‌

9.88%,

06/30/2023

(f),(h)

2,000‌

1,880‌

DaVita

Inc

5.00%,

05/01/2025

2,675‌

2,740‌

5.13%,

07/15/2024

3,620‌

3,701‌

Eagle

Holding

Co

II

LLC

7.63%,

PIK

8.38%,

05/15/2022

(f),(h),(i)

24,100‌

24,341‌

7.75%,

PIK

8.50%,

05/15/2022

(f),(h),(i)

7,530‌

7,605‌

Encompass

Health

Corp

4.50%,

02/01/2028

855‌

881‌

5.13%,

03/15/2023

900‌

914‌

5.75%,

11/01/2024

66‌

67‌

5.75%,

09/15/2025

2,642‌

2,748‌

Envision

Healthcare

Corp

8.75%,

10/15/2026

(f)

28,020‌

16,896‌

HCA

Healthcare

Inc

6.25%,

02/15/2021

619‌

640‌

HCA

Inc

5.38%,

02/01/2025

2,682‌

2,997‌

5.38%,

09/01/2026

8,415‌

9,468‌

5.63%,

09/01/2028

2,000‌

2,318‌

5.88%,

05/01/2023

791‌

870‌

5.88%,

02/15/2026

1,780‌

2,045‌

5.88%,

02/01/2029

1,510‌

1,782‌

7.50%,

02/15/2022

1,975‌

2,168‌

7.50%,

11/06/2033

450‌

569‌

7.50%,

11/15/2095

215‌

264‌

7.69%,

06/15/2025

765‌

930‌

Magellan

Health

Inc

4.90%,

09/22/2024

825‌

859‌

MEDNAX

Inc

5.25%,

12/01/2023

(f)

816‌

832‌

6.25%,

01/15/2027

(f)

121‌

123‌

Molina

Healthcare

Inc

4.88%,

06/15/2025

(f)

483‌

493‌

5.38%,

11/15/2022

800‌

847‌

One

Call

Corp

7.50%,

PIK

11.00%,

07/01/2024

(f),(h),(i)

55,511‌

51,626‌

Polaris

Intermediate

Corp

8.50%,

PIK

9.25%,

12/01/2022

(f),(h),(i)

27,654‌

25,718‌

Quorum

Health

Corp

11.63%,

04/15/2023

500‌

425‌

Radiology

Partners

Inc

9.25%,

02/01/2028

(f)

4,525‌

4,706‌

RegionalCare

Hospital

Partners

Holdings

Inc

8.25%,

05/01/2023

(f)

7,856‌

8,251‌

RegionalCare

Hospital

Partners

Holdings

Inc

/

LifePoint

Health

Inc

9.75%,

12/01/2026

(f)

1,700‌

1,898‌

Select

Medical

Corp

6.25%,

08/15/2026

(f)

500‌

539‌

Surgery

Center

Holdings

Inc

6.75%,

07/01/2025

(f)

8,879‌

9,034‌

10.00%,

04/15/2027

(f)

7,760‌

8,633‌

Tenet

Healthcare

Corp

4.63%,

07/15/2024

4,265‌

4,371‌

4.63%,

09/01/2024

(f)

1,675‌

1,725‌

4.88%,

01/01/2026

(f)

9,265‌

9,606‌

5.13%,

05/01/2025

295‌

300‌

5.13%,

11/01/2027

(f)

500‌

526‌

6.25%,

02/01/2027

(f)

8,520‌

9,011‌

6.75%,

06/15/2023

2,225‌

2,409‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

Tenet

Healthcare

Corp  

(continued)

6.88%,

11/15/2031

$

285‌

$

294‌

8.13%,

04/01/2022

10,408‌

11,371‌

West

Street

Merger

Sub

Inc

6.38%,

09/01/2025

(f)

3,846‌

3,789‌

$

273,443‌

Holding

Companies

-

Diversified

-

0.07%

Stena

AB

7.00%,

02/01/2024

(f)

1,000‌

1,026‌

Stena

International

SA

5.75%,

03/01/2024

(f)

800‌

817‌

VistaJet

Malta

Finance

PLC

/

XO

Management

Holding

Inc

10.50%,

06/01/2024

(f)

545‌

516‌

$

2,359‌

Home

Builders

-

1.00%

Beazer

Homes

USA

Inc

5.88%,

10/15/2027

245‌

254‌

6.75%,

03/15/2025

151‌

159‌

Brookfield

Residential

Properties

Inc

/

Brookfield

Residential

US

Corp

6.38%,

05/15/2025

(f)

596‌

617‌

Century

Communities

Inc

5.88%,

07/15/2025

538‌

565‌

6.75%,

06/01/2027

(f)

800‌

868‌

K

Hovnanian

Enterprises

Inc

10.00%,

11/15/2025

(f)

1,650‌

1,246‌

KB

Home

4.80%,

11/15/2029

144‌

149‌

6.88%,

06/15/2027

235‌

276‌

7.00%,

12/15/2021

340‌

364‌

7.50%,

09/15/2022

226‌

253‌

7.63%,

05/15/2023

30‌

34‌

Lennar

Corp

4.13%,

01/15/2022

580‌

595‌

4.50%,

04/30/2024

1,450‌

1,548‌

4.75%,

04/01/2021

485‌

497‌

4.75%,

11/15/2022

1,200‌

1,265‌

4.75%,

05/30/2025

485‌

530‌

4.75%,

11/29/2027

500‌

554‌

4.88%,

12/15/2023

600‌

644‌

5.00%,

06/15/2027

457‌

506‌

5.25%,

06/01/2026

232‌

257‌

5.38%,

10/01/2022

73‌

78‌

5.88%,

11/15/2024

882‌

993‌

6.25%,

12/15/2021

187‌

196‌

M/I

Homes

Inc

5.63%,

08/01/2025

301‌

315‌

Mattamy

Group

Corp

6.50%,

10/01/2025

(f)

600‌

639‌

MDC

Holdings

Inc

5.50%,

01/15/2024

263‌

288‌

6.00%,

01/15/2043

600‌

668‌

Meritage

Homes

Corp

6.00%,

06/01/2025

1,108‌

1,252‌

New

Home

Co

Inc/The

7.25%,

04/01/2022

625‌

622‌

PulteGroup

Inc

5.00%,

01/15/2027

985‌

1,088‌

5.50%,

03/01/2026

685‌

765‌

6.00%,

02/15/2035

632‌

725‌

6.38%,

05/15/2033

425‌

514‌

7.88%,

06/15/2032

879‌

1,178‌

Shea

Homes

LP

/

Shea

Homes

Funding

Corp

5.88%,

04/01/2023

(f)

125‌

127‌

6.13%,

04/01/2025

(f)

651‌

671‌

Taylor

Morrison

Communities

Inc

5.75%,

01/15/2028

(f)

795‌

871‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

78

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Home

Builders

(continued)

Taylor

Morrison

Communities

Inc

/

Taylor

Morrison

Holdings

II

Inc

5.63%,

03/01/2024

(f)

$

670‌

$

724‌

5.88%,

04/15/2023

(f)

566‌

610‌

Toll

Brothers

Finance

Corp

3.80%,

11/01/2029

800‌

804‌

4.35%,

02/15/2028

740‌

779‌

4.38%,

04/15/2023

836‌

878‌

4.88%,

03/15/2027

345‌

379‌

5.63%,

01/15/2024

383‌

421‌

5.88%,

02/15/2022

430‌

456‌

TRI

Pointe

Group

Inc

4.88%,

07/01/2021

840‌

865‌

5.25%,

06/01/2027

795‌

845‌

TRI

Pointe

Group

Inc

/

TRI

Pointe

Homes

Inc

5.88%,

06/15/2024

1,426‌

1,547‌

William

Lyon

Homes

Inc

5.88%,

01/31/2025

765‌

788‌

6.00%,

09/01/2023

275‌

287‌

6.63%,

07/15/2027

(f)

90‌

97‌

Williams

Scotsman

International

Inc

7.88%,

12/15/2022

(f)

22‌

23‌

$

31,674‌

Home

Furnishings

-

0.03%

Tempur

Sealy

International

Inc

5.50%,

06/15/2026

953‌

999‌

5.63%,

10/15/2023

91‌

93‌

$

1,092‌

Housewares

-

0.21%

Newell

Brands

Inc

3.85%,

04/01/2023

1,800‌

1,874‌

4.20%,

04/01/2026

1,550‌

1,618‌

5.50%,

04/01/2046

625‌

684‌

Scotts

Miracle-Gro

Co/The

4.50%,

10/15/2029

(f)

500‌

517‌

5.25%,

12/15/2026

1,647‌

1,754‌

Tupperware

Brands

Corp

4.75%,

06/01/2021

300‌

296‌

$

6,743‌

Insurance

-

3.10%

Acrisure

LLC

/

Acrisure

Finance

Inc

7.00%,

11/15/2025

(f)

13,850‌

13,573‌

8.13%,

02/15/2024

(f)

17,285‌

18,474‌

10.13%,

08/01/2026

(f)

400‌

437‌

Ardonagh

Midco

3

PLC

8.63%,

07/15/2023

(f)

475‌

488‌

Assurant

Inc

7.00%,

03/27/2048

(j)

425‌

481‌

3

Month

USD

LIBOR

+

4.14%

AssuredPartners

Inc

7.00%,

08/15/2025

(f)

27,817‌

28,303‌

Fidelity

&

Guaranty

Life

Holdings

Inc

5.50%,

05/01/2025

(f)

7,538‌

8,028‌

Genworth

Holdings

Inc

4.80%,

02/15/2024

383‌

382‌

4.90%,

08/15/2023

625‌

631‌

6.50%,

06/15/2034

150‌

152‌

7.20%,

02/15/2021

364‌

376‌

7.63%,

09/24/2021

250‌

264‌

GTCR

AP

Finance

Inc

8.00%,

05/15/2027

(f)

2,420‌

2,566‌

HUB

International

Ltd

7.00%,

05/01/2026

(f)

10,930‌

11,339‌

MGIC

Investment

Corp

5.75%,

08/15/2023

1,335‌

1,475‌

Radian

Group

Inc

4.50%,

10/01/2024

1,353‌

1,441‌

4.88%,

03/15/2027

800‌

846‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

USI

Inc/NY

6.88%,

05/01/2025

(f)

$

8,762‌

$

8,981‌

$

98,237‌

Internet

-

1.16%

Cogent

Communications

Group

Inc

5.38%,

03/01/2022

(f)

575‌

599‌

EIG

Investors

Corp

10.88%,

02/01/2024

1,000‌

1,032‌

GrubHub

Holdings

Inc

5.50%,

07/01/2027

(f)

2,891‌

2,822‌

Match

Group

Inc

5.00%,

12/15/2027

(f)

785‌

824‌

5.63%,

02/15/2029

(f)

700‌

755‌

6.38%,

06/01/2024

47‌

49‌

Netflix

Inc

4.38%,

11/15/2026

2,861‌

3,007‌

4.88%,

04/15/2028

2,716‌

2,906‌

4.88%,

06/15/2030

(f)

2,050‌

2,138‌

5.38%,

02/01/2021

200‌

205‌

5.38%,

11/15/2029

(f)

2,360‌

2,569‌

5.50%,

02/15/2022

650‌

687‌

5.75%,

03/01/2024

1,125‌

1,246‌

5.88%,

02/15/2025

725‌

813‌

5.88%,

11/15/2028

3,320‌

3,739‌

6.38%,

05/15/2029

2,335‌

2,726‌

NortonLifeLock

Inc

3.95%,

06/15/2022

250‌

257‌

5.00%,

04/15/2025

(f)

939‌

959‌

Photo

Holdings

Merger

Sub

Inc

8.50%,

10/01/2026

(f)

825‌

771‌

Uber

Technologies

Inc

7.50%,

11/01/2023

(f)

700‌

732‌

7.50%,

09/15/2027

(f)

1,200‌

1,266‌

8.00%,

11/01/2026

(f),(g)

1,500‌

1,596‌

VeriSign

Inc

4.75%,

07/15/2027

1,035‌

1,092‌

5.25%,

04/01/2025

885‌

974‌

Zayo

Group

LLC

/

Zayo

Capital

Inc

5.75%,

01/15/2027

(f)

1,313‌

1,341‌

6.00%,

04/01/2023

935‌

955‌

6.38%,

05/15/2025

615‌

629‌

$

36,689‌

Investment

Companies

-

0.13%

Compass

Group

Diversified

Holdings

LLC

8.00%,

05/01/2026

(f)

265‌

288‌

FS

Energy

&

Power

Fund

7.50%,

08/15/2023

(f)

155‌

160‌

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.75%,

09/15/2024

(f)

495‌

506‌

5.88%,

02/01/2022

1,883‌

1,883‌

6.38%,

12/15/2025

1,225‌

1,278‌

6.75%,

02/01/2024

132‌

137‌

$

4,252‌

Iron

&

Steel

-

1.31%

AK

Steel

Corp

6.38%,

10/15/2025

199‌

196‌

7.00%,

03/15/2027

493‌

484‌

7.50%,

07/15/2023

436‌

452‌

Allegheny

Technologies

Inc

7.88%,

08/15/2023

754‌

826‌

Baffinland

Iron

Mines

Corp

/

Baffinland

Iron

Mines

LP

8.75%,

07/15/2026

(f)

19,390‌

20,117‌

Big

River

Steel

LLC

/

BRS

Finance

Corp

7.25%,

09/01/2025

(f)

4,952‌

5,201‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

79

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Iron

&

Steel

(continued)

Cleveland-Cliffs

Inc

4.88%,

01/15/2024

(f)

$

540‌

$

542‌

5.75%,

03/01/2025

480‌

466‌

5.88%,

06/01/2027

(f)

566‌

522‌

6.25%,

10/01/2040

200‌

170‌

Commercial

Metals

Co

4.88%,

05/15/2023

766‌

802‌

5.38%,

07/15/2027

154‌

161‌

Infrabuild

Australia

Pty

Ltd

12.00%,

10/01/2024

(f)

300‌

304‌

Mineral

Resources

Ltd

8.13%,

05/01/2027

(f)

1,000‌

1,092‌

Specialty

Steel

11.92%,

11/15/2022

(d),(e),(g),(h)

8,680‌

8,680‌

United

States

Steel

Corp

6.25%,

03/15/2026

937‌

791‌

6.65%,

06/01/2037

15‌

12‌

6.88%,

08/15/2025

714‌

642‌

$

41,460‌

Leisure

Products

&

Services

-

0.50%

24

Hour

Fitness

Worldwide

Inc

8.00%,

06/01/2022

(f)

900‌

423‌

Carlson

Travel

Inc

6.75%,

12/15/2023

(f)

240‌

247‌

9.50%,

12/15/2024

(f)

11,966‌

11,966‌

Constellation

Merger

Sub

Inc

8.50%,

09/15/2025

(f)

315‌

287‌

Sabre

GLBL

Inc

5.25%,

11/15/2023

(f)

126‌

129‌

5.38%,

04/15/2023

(f)

270‌

275‌

Viking

Cruises

Ltd

5.88%,

09/15/2027

(f)

1,125‌

1,153‌

Vista

Outdoor

Inc

5.88%,

10/01/2023

125‌

123‌

VOC

Escrow

Ltd

5.00%,

02/15/2028

(f)

1,275‌

1,319‌

$

15,922‌

Lodging

-

2.41%

Boyd

Gaming

Corp

4.75%,

12/01/2027

(f)

5,625‌

5,752‌

6.00%,

08/15/2026

7,400‌

7,862‌

6.38%,

04/01/2026

7,880‌

8,378‌

Diamond

Resorts

International

Inc

7.75%,

09/01/2023

(f)

300‌

309‌

10.75%,

09/01/2024

(f)

1,235‌

1,284‌

Hilton

Domestic

Operating

Co

Inc

4.25%,

09/01/2024

1,460‌

1,482‌

4.88%,

01/15/2030

1,560‌

1,650‌

5.13%,

05/01/2026

2,155‌

2,257‌

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Inc

6.13%,

12/01/2024

369‌

398‌

Hilton

Worldwide

Finance

LLC

/

Hilton

Worldwide

Finance

Corp

4.63%,

04/01/2025

1,688‌

1,726‌

4.88%,

04/01/2027

1,117‌

1,176‌

Marriott

Ownership

Resorts

Inc

/

ILG

LLC

6.50%,

09/15/2026

900‌

974‌

Melco

Resorts

Finance

Ltd

5.38%,

12/04/2029

(f)

845‌

843‌

MGM

China

Holdings

Ltd

5.38%,

05/15/2024

(f)

730‌

748‌

5.88%,

05/15/2026

(f)

730‌

756‌

MGM

Resorts

International

4.63%,

09/01/2026

484‌

507‌

5.50%,

04/15/2027

6,060‌

6,666‌

5.75%,

06/15/2025

1,805‌

2,012‌

6.00%,

03/15/2023

2,600‌

2,853‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Lodging

(continued)

MGM

Resorts

International  

(continued)

7.75%,

03/15/2022

$

713‌

$

790‌

Station

Casinos

LLC

5.00%,

10/01/2025

(f)

11,158‌

11,420‌

Wyndham

Destinations

Inc

3.90%,

03/01/2023

425‌

431‌

4.25%,

03/01/2022

1,200‌

1,228‌

5.40%,

04/01/2024

266‌

284‌

5.75%,

04/01/2027

1,100‌

1,200‌

Wyndham

Hotels

&

Resorts

Inc

5.38%,

04/15/2026

(f)

800‌

837‌

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp

4.25%,

05/30/2023

(f)

300‌

309‌

5.25%,

05/15/2027

(f)

1,420‌

1,473‌

5.50%,

03/01/2025

(f)

8,460‌

8,820‌

Wynn

Macau

Ltd

4.88%,

10/01/2024

(f)

425‌

429‌

5.50%,

10/01/2027

(f)

1,450‌

1,476‌

$

76,330‌

Machinery

-

Construction

&

Mining

-

0.12%

BWX

Technologies

Inc

5.38%,

07/15/2026

(f)

1,006‌

1,066‌

Manitowoc

Co

Inc/The

9.00%,

04/01/2026

(f)

1,735‌

1,848‌

Terex

Corp

5.63%,

02/01/2025

(f)

998‌

1,028‌

$

3,942‌

Machinery

-

Diversified

-

1.07%

ATS

Automation

Tooling

Systems

Inc

6.50%,

06/15/2023

(f)

526‌

539‌

Cleaver-Brooks

Inc

7.88%,

03/01/2023

(f)

416‌

414‌

Cloud

Crane

LLC

10.13%,

08/01/2024

(f)

600‌

639‌

JPW

Industries

Holding

Corp

9.00%,

10/01/2024

(f)

12,565‌

12,492‌

Mueller

Water

Products

Inc

5.50%,

06/15/2026

(f)

2,524‌

2,644‌

RBS

Global

Inc

/

Rexnord

LLC

4.88%,

12/15/2025

(f)

492‌

503‌

SPX

FLOW

Inc

5.63%,

08/15/2024

(f)

291‌

303‌

5.88%,

08/15/2026

(f)

3,010‌

3,183‌

Stevens

Holding

Co

Inc

6.13%,

10/01/2026

(f)

1,375‌

1,506‌

Tennant

Co

5.63%,

05/01/2025

239‌

249‌

Titan

Acquisition

Ltd

/

Titan

Co-Borrower

LLC

7.75%,

04/15/2026

(f)

11,806‌

11,497‌

$

33,969‌

Media

-

7.75%

Altice

Financing

SA

6.63%,

02/15/2023

(f)

1,960‌

1,994‌

7.50%,

05/15/2026

(f)

3,275‌

3,500‌

Altice

Finco

SA

8.13%,

01/15/2024

(f)

1,144‌

1,176‌

Altice

Luxembourg

SA

7.63%,

02/15/2025

(f)

1,999‌

2,078‌

10.50%,

05/15/2027

(f)

1,000‌

1,156‌

AMC

Networks

Inc

4.75%,

12/15/2022

250‌

252‌

4.75%,

08/01/2025

2,042‌

2,062‌

5.00%,

04/01/2024

3,835‌

3,912‌

Belo

Corp

7.25%,

09/15/2027

600‌

696‌

Block

Communications

Inc

6.88%,

02/15/2025

(f)

675‌

699‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

80

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Cablevision

Systems

Corp

5.88%,

09/15/2022

$

603‌

$

645‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.00%,

03/01/2023

(f)

1,300‌

1,320‌

4.75%,

03/01/2030

(f)

4,850‌

4,987‌

5.00%,

02/01/2028

(f)

8,040‌

8,411‌

5.13%,

02/15/2023

412‌

415‌

5.13%,

05/01/2023

(f)

4,041‌

4,105‌

5.13%,

05/01/2027

(f)

3,769‌

3,939‌

5.38%,

05/01/2025

(f)

475‌

490‌

5.38%,

06/01/2029

(f)

1,805‌

1,931‌

5.50%,

05/01/2026

(f)

1,080‌

1,129‌

5.75%,

01/15/2024

74‌

76‌

5.75%,

02/15/2026

(f)

14,057‌

14,751‌

5.88%,

04/01/2024

(f)

3,156‌

3,257‌

5.88%,

05/01/2027

(f)

1,380‌

1,454‌

Cengage

Learning

Inc

9.50%,

06/15/2024

(f)

718‌

664‌

Clear

Channel

Worldwide

Holdings

Inc

9.25%,

02/15/2024

(f)

1,096‌

1,193‌

CSC

Holdings

LLC

5.25%,

06/01/2024

1,630‌

1,760‌

5.38%,

02/01/2028

(f)

1,100‌

1,166‌

5.50%,

05/15/2026

(f)

4,528‌

4,745‌

5.50%,

04/15/2027

(f)

3,441‌

3,651‌

5.75%,

01/15/2030

(f)

4,551‌

4,893‌

6.50%,

02/01/2029

(f)

3,850‌

4,278‌

6.63%,

10/15/2025

(f)

2,860‌

3,019‌

6.75%,

11/15/2021

775‌

832‌

7.50%,

04/01/2028

(f)

5,270‌

5,996‌

7.75%,

07/15/2025

(f)

3,260‌

3,435‌

10.88%,

10/15/2025

(f)

1,630‌

1,806‌

Cumulus

Media

New

Holdings

Inc

6.75%,

07/01/2026

(f)

355‌

373‌

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co

5.38%,

08/15/2026

(f)

9,740‌

9,702‌

6.63%,

08/15/2027

(f)

15,375‌

14,376‌

DISH

DBS

Corp

5.00%,

03/15/2023

1,779‌

1,806‌

5.88%,

07/15/2022

2,575‌

2,704‌

5.88%,

11/15/2024

1,984‌

2,008‌

6.75%,

06/01/2021

1,899‌

1,992‌

7.75%,

07/01/2026

2,281‌

2,395‌

Entercom

Media

Corp

6.50%,

05/01/2027

(f)

10‌

11‌

7.25%,

11/01/2024

(f)

2,557‌

2,688‌

EW

Scripps

Co/The

5.13%,

05/15/2025

(f)

142‌

146‌

GCI

LLC

6.63%,

06/15/2024

(f)

500‌

539‌

6.88%,

04/15/2025

85‌

89‌

Gray

Television

Inc

5.13%,

10/15/2024

(f)

165‌

170‌

5.88%,

07/15/2026

(f)

400‌

419‌

7.00%,

05/15/2027

(f)

735‌

800‌

iHeartCommunications

Inc

5.25%,

08/15/2027

(f)

250‌

261‌

6.38%,

05/01/2026

775‌

837‌

8.38%,

05/01/2027

1,405‌

1,528‌

LCPR

Senior

Secured

Financing

DAC

6.75%,

10/15/2027

(f)

1,210‌

1,280‌

Liberty

Interactive

LLC

8.25%,

02/01/2030

450‌

457‌

8.50%,

07/15/2029

175‌

177‌

McGraw-Hill

Global

Education

Holdings

LLC

/

McGraw-Hill

Global

Education

Finance

7.88%,

05/15/2024

(f)

500‌

440‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Meredith

Corp

6.88%,

02/01/2026

$

1,625‌

$

1,672‌

Nexstar

Broadcasting

Inc

5.63%,

08/01/2024

(f)

660‌

686‌

5.63%,

07/15/2027

(f)

12,250‌

12,884‌

Quebecor

Media

Inc

5.75%,

01/15/2023

180‌

194‌

Radiate

Holdco

LLC

/

Radiate

Finance

Inc

6.63%,

02/15/2025

(f)

628‌

634‌

Scripps

Escrow

Inc

5.88%,

07/15/2027

(f)

1,000‌

1,050‌

Sinclair

Television

Group

Inc

5.13%,

02/15/2027

(f)

1,030‌

1,054‌

5.50%,

03/01/2030

(f)

8,450‌

8,640‌

5.63%,

08/01/2024

(f)

184‌

189‌

Sirius

XM

Radio

Inc

3.88%,

08/01/2022

(f)

1,208‌

1,223‌

4.63%,

05/15/2023

(f)

135‌

136‌

4.63%,

07/15/2024

(f)

2,100‌

2,177‌

5.00%,

08/01/2027

(f)

2,836‌

2,978‌

5.38%,

04/15/2025

(f)

970‌

1,000‌

5.38%,

07/15/2026

(f)

12,192‌

12,859‌

5.50%,

07/01/2029

(f)

1,250‌

1,345‌

SportsNet

New

York

10.25%,

01/15/2025

(d),(e),(g)

4,130‌

4,337‌

TEGNA

Inc

4.88%,

09/15/2021

(f)

320‌

320‌

5.00%,

09/15/2029

(f)

1,700‌

1,721‌

Telenet

Finance

Luxembourg

Notes

Sarl

5.50%,

03/01/2028

(f)

2,200‌

2,332‌

Townsquare

Media

Inc

6.50%,

04/01/2023

(f)

2,335‌

2,364‌

Univision

Communications

Inc

5.13%,

05/15/2023

(f)

995‌

995‌

5.13%,

02/15/2025

(f)

1,959‌

1,954‌

6.75%,

09/15/2022

(f)

236‌

240‌

UPC

Holding

BV

5.50%,

01/15/2028

(f)

2,175‌

2,262‌

UPCB

Finance

IV

Ltd

5.38%,

01/15/2025

(f)

620‌

635‌

Urban

One

Inc

7.38%,

04/15/2022

(f)

2,540‌

2,534‌

ViacomCBS

Inc

5.87%,

02/28/2057

(j)

1,938‌

2,036‌

3

Month

USD

LIBOR

+

3.90%

6.25%,

02/28/2057

(j)

825‌

927‌

3

Month

USD

LIBOR

+

3.90%

Videotron

Ltd

5.00%,

07/15/2022

400‌

420‌

5.13%,

04/15/2027

(f)

735‌

770‌

5.38%,

06/15/2024

(f)

557‌

602‌

Virgin

Media

Finance

PLC

5.75%,

01/15/2025

(f)

1,000‌

1,030‌

6.00%,

10/15/2024

(f)

6,314‌

6,504‌

Virgin

Media

Secured

Finance

PLC

5.50%,

08/15/2026

(f)

4,920‌

5,160‌

5.50%,

05/15/2029

(f)

1,735‌

1,826‌

Ziggo

Bond

Co

BV

6.00%,

01/15/2027

(f)

2,600‌

2,730‌

Ziggo

BV

5.50%,

01/15/2027

(f)

8,020‌

8,501‌

$

245,992‌

Metal

Fabrication

&

Hardware

-

0.52%

Advanced

Drainage

Systems

Inc

5.00%,

09/30/2027

(f)

5,000‌

5,163‌

Grinding

Media

Inc

/

Moly-Cop

AltaSteel

Ltd

7.38%,

12/15/2023

(f)

1,550‌

1,590‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

81

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Metal

Fabrication

&

Hardware

(continued)

Hillman

Group

Inc/The

6.38%,

07/15/2022

(f)

$

903‌

$

844‌

Optimas

OE

Solutions

Holding

LLC

/

Optimas

OE

Solutions

Inc

8.63%,

06/01/2021

(f)

13,276‌

7,966‌

TriMas

Corp

4.88%,

10/15/2025

(f)

1,000‌

1,025‌

$

16,588‌

Mining

-

2.25%

Alcoa

Nederland

Holding

BV

6.13%,

05/15/2028

(f)

700‌

738‌

6.75%,

09/30/2024

(f)

393‌

413‌

7.00%,

09/30/2026

(f)

700‌

759‌

Aleris

International

Inc

10.75%,

07/15/2023

(f)

800‌

832‌

Century

Aluminum

Co

7.50%,

06/01/2021

(f)

10,935‌

10,825‌

Coeur

Mining

Inc

5.88%,

06/01/2024

63‌

63‌

Compass

Minerals

International

Inc

4.88%,

07/15/2024

(f)

1,260‌

1,252‌

Constellium

SE

5.75%,

05/15/2024

(f)

466‌

478‌

5.88%,

02/15/2026

(f)

500‌

516‌

6.63%,

03/01/2025

(f)

3,087‌

3,183‌

Ferroglobe

PLC

/

Globe

Specialty

Metals

Inc

9.38%,

03/01/2022

(f)

325‌

244‌

FMG

Resources

August

2006

Pty

Ltd

4.75%,

05/15/2022

(f)

953‌

980‌

5.13%,

03/15/2023

(f)

300‌

314‌

5.13%,

05/15/2024

(f)

1,242‌

1,315‌

Freeport-McMoRan

Inc

3.55%,

03/01/2022

1,514‌

1,531‌

3.88%,

03/15/2023

2,655‌

2,708‌

4.55%,

11/14/2024

490‌

518‌

5.40%,

11/14/2034

848‌

873‌

5.45%,

03/15/2043

2,465‌

2,514‌

Hecla

Mining

Co

6.88%,

05/01/2021

879‌

877‌

Hudbay

Minerals

Inc

7.25%,

01/15/2023

(f)

40‌

40‌

7.63%,

01/15/2025

(f)

1,024‌

1,034‌

IAMGOLD

Corp

7.00%,

04/15/2025

(f)

1,295‌

1,334‌

Joseph

T

Ryerson

&

Son

Inc

11.00%,

05/15/2022

(f)

6,391‌

6,711‌

JW

Aluminum

Continuous

Cast

Co

10.25%,

06/01/2026

(f)

435‌

457‌

Northwest

Acquisitions

ULC

/

Dominion

Finco

Inc

7.13%,

11/01/2022

(f)

15,820‌

12,735‌

Novelis

Corp

4.75%,

01/30/2030

(f)

6,100‌

6,127‌

5.88%,

09/30/2026

(f)

7,205‌

7,637‌

Real

Alloy

Holding

Inc

11.94%,

11/30/2023

(d),(e),(g),(h)

4,391‌

4,391‌

Taseko

Mines

Ltd

8.75%,

06/15/2022

(f)

100‌

88‌

$

71,487‌

Miscellaneous

Manufacturers

-

0.07%

Foxtrot

Escrow

Issuer

LLC

/

Foxtrot

Escrow

Corp

12.25%,

11/15/2026

(f)

770‌

797‌

FXI

Holdings

Inc

7.88%,

11/01/2024

(f)

557‌

528‌

Koppers

Inc

6.00%,

02/15/2025

(f)

139‌

142‌

LSB

Industries

Inc

9.63%,

05/01/2023

(f)

345‌

362‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Miscellaneous

Manufacturers

(continued)

Trinity

Industries

Inc

4.55%,

10/01/2024

$

385‌

$

401‌

$

2,230‌

Office

&

Business

Equipment

-

0.24%

CDW

LLC

/

CDW

Finance

Corp

5.00%,

09/01/2025

1,270‌

1,319‌

5.50%,

12/01/2024

340‌

379‌

Pitney

Bowes

Inc

4.63%,

03/15/2024

326‌

310‌

Xerox

Corp

3.80%,

05/15/2024

790‌

802‌

4.12%,

03/15/2023

2,400‌

2,484‌

4.50%,

05/15/2021

1,650‌

1,687‌

4.80%,

03/01/2035

285‌

270‌

6.75%,

12/15/2039

340‌

371‌

$

7,622‌

Oil

&

Gas

-

4.52%

Aker

BP

ASA

5.88%,

03/31/2025

(f)

550‌

577‌

Antero

Resources

Corp

5.13%,

12/01/2022

1,090‌

940‌

5.38%,

11/01/2021

655‌

626‌

5.63%,

06/01/2023

745‌

536‌

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

7.00%,

11/01/2026

(f)

900‌

639‌

10.00%,

04/01/2022

(f)

1,040‌

1,019‌

Athabasca

Oil

Corp

9.88%,

02/24/2022

(f)

165‌

139‌

Baytex

Energy

Corp

5.13%,

06/01/2021

(f)

272‌

271‌

5.63%,

06/01/2024

(f)

438‌

404‌

Berry

Petroleum

Co

LLC

7.00%,

02/15/2026

(f)

315‌

292‌

Bruin

E&P

Partners

LLC

8.88%,

08/01/2023

(f)

595‌

383‌

California

Resources

Corp

8.00%,

12/15/2022

(f)

2,836‌

964‌

Callon

Petroleum

Co

6.13%,

10/01/2024

768‌

735‌

6.38%,

07/01/2026

430‌

406‌

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp

7.63%,

01/15/2022

425‌

424‌

7.75%,

04/15/2023

375‌

378‌

11.00%,

04/15/2025

(f)

540‌

597‌

Carrizo

Oil

&

Gas

Inc

6.25%,

04/15/2023

514‌

515‌

8.25%,

07/15/2025

125‌

128‌

Centennial

Resource

Production

LLC

5.38%,

01/15/2026

(f)

923‌

868‌

6.88%,

04/01/2027

(f)

250‌

249‌

Chaparral

Energy

Inc

8.75%,

07/15/2023

(f)

600‌

213‌

Chesapeake

Energy

Corp

6.13%,

02/15/2021

171‌

150‌

7.50%,

10/01/2026

250‌

127‌

11.50%,

01/01/2025

(f)

150‌

121‌

CNX

Resources

Corp

5.88%,

04/15/2022

1,434‌

1,416‌

7.25%,

03/14/2027

(f)

250‌

206‌

Comstock

Resources

Inc

7.50%,

05/15/2025

(f)

625‌

492‌

9.75%,

08/15/2026

200‌

163‌

CrownRock

LP

/

CrownRock

Finance

Inc

5.63%,

10/15/2025

(f)

2,556‌

2,579‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

82

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Denbury

Resources

Inc

7.75%,

02/15/2024

(f)

$

200‌

$

160‌

9.00%,

05/15/2021

(f)

1,400‌

1,316‌

9.25%,

03/31/2022

(f)

721‌

638‌

Diamond

Offshore

Drilling

Inc

3.45%,

11/01/2023

1,049‌

861‌

4.88%,

11/01/2043

1,175‌

576‌

Endeavor

Energy

Resources

LP

/

EER

Finance

Inc

5.50%,

01/30/2026

(f)

757‌

777‌

5.75%,

01/30/2028

(f)

7,215‌

7,504‌

Energy

Ventures

Gom

LLC

/

EnVen

Finance

Corp

11.00%,

02/15/2023

(f)

2,180‌

2,185‌

Ensign

Drilling

Inc

9.25%,

04/15/2024

(f)

900‌

844‌

Extraction

Oil

&

Gas

Inc

5.63%,

02/01/2026

(f)

865‌

424‌

7.38%,

05/15/2024

(f)

450‌

223‌

Global

Marine

Inc

7.00%,

06/01/2028

300‌

251‌

Gran

Tierra

Energy

Inc

7.75%,

05/23/2027

(f)

295‌

287‌

Gulfport

Energy

Corp

6.00%,

10/15/2024

667‌

368‌

6.38%,

05/15/2025

580‌

290‌

6.38%,

01/15/2026

445‌

214‌

6.63%,

05/01/2023

918‌

624‌

HighPoint

Operating

Corp

7.00%,

10/15/2022

895‌

850‌

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

5.00%,

12/01/2024

(f)

466‌

424‌

5.75%,

10/01/2025

(f)

2,570‌

2,324‌

6.25%,

11/01/2028

(f)

550‌

490‌

Indigo

Natural

Resources

LLC

6.88%,

02/15/2026

(f)

825‌

755‌

Ithaca

Energy

North

Sea

PLC

9.38%,

07/15/2024

(f)

325‌

338‌

Jagged

Peak

Energy

LLC

5.88%,

05/01/2026

7,225‌

7,442‌

Magnolia

Oil

&

Gas

Operating

LLC

/

Magnolia

Oil

&

Gas

Finance

Corp

6.00%,

08/01/2026

(f)

285‌

294‌

Matador

Resources

Co

5.88%,

09/15/2026

6,804‌

6,659‌

MEG

Energy

Corp

6.38%,

01/30/2023

(f)

3,879‌

3,925‌

6.50%,

01/15/2025

(f)

945‌

990‌

7.00%,

03/31/2024

(f)

6,118‌

6,163‌

7.13%,

02/01/2027

(f)

7,400‌

7,328‌

Montage

Resources

Corp

8.88%,

07/15/2023

25‌

21‌

Moss

Creek

Resources

Holdings

Inc

7.50%,

01/15/2026

(f)

809‌

594‌

10.50%,

05/15/2027

(f)

600‌

480‌

Murphy

Oil

Corp

5.75%,

08/15/2025

565‌

582‌

5.87%,

12/01/2042

345‌

323‌

6.88%,

08/15/2024

300‌

313‌

Nabors

Industries

Inc

4.63%,

09/15/2021

26‌

26‌

5.75%,

02/01/2025

125‌

103‌

Nabors

Industries

Ltd

7.50%,

01/15/2028

(f)

900‌

891‌

Neptune

Energy

Bondco

PLC

6.63%,

05/15/2025

(f)

800‌

788‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Noble

Holding

International

Ltd

5.25%,

03/15/2042

$

320‌

$

102‌

6.05%,

03/01/2041

500‌

165‌

6.20%,

08/01/2040

736‌

250‌

7.75%,

01/15/2024

266‌

137‌

7.88%,

02/01/2026

(f)

476‌

340‌

7.95%,

04/01/2025

1,200‌

588‌

Oasis

Petroleum

Inc

6.25%,

05/01/2026

(f)

220‌

168‌

6.88%,

03/15/2022

1,348‌

1,294‌

Par

Petroleum

LLC

/

Par

Petroleum

Finance

Corp

7.75%,

12/15/2025

(f)

295‌

305‌

Parkland

Fuel

Corp

6.00%,

04/01/2026

(f)

495‌

521‌

Parsley

Energy

LLC

/

Parsley

Finance

Corp

5.25%,

08/15/2025

(f)

395‌

405‌

5.38%,

01/15/2025

(f)

875‌

900‌

5.63%,

10/15/2027

(f)

1,720‌

1,810‌

6.25%,

06/01/2024

(f)

300‌

311‌

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7.00%,

11/15/2023

367‌

380‌

7.25%,

06/15/2025

1,215‌

1,290‌

PDC

Energy

Inc

5.75%,

05/15/2026

6,265‌

6,048‌

6.13%,

09/15/2024

820‌

822‌

Precision

Drilling

Corp

5.25%,

11/15/2024

213‌

190‌

6.50%,

12/15/2021

23‌

22‌

7.13%,

01/15/2026

(f)

250‌

238‌

Pride

International

LLC

7.88%,

08/15/2040

300‌

143‌

Puma

International

Financing

SA

5.00%,

01/24/2026

(f)

730‌

685‌

5.13%,

10/06/2024

(f)

400‌

392‌

QEP

Resources

Inc

5.25%,

05/01/2023

1,532‌

1,471‌

5.38%,

10/01/2022

495‌

496‌

5.63%,

03/01/2026

825‌

736‌

6.88%,

03/01/2021

395‌

404‌

Range

Resources

Corp

5.00%,

03/15/2023

319‌

274‌

Rowan

Cos

Inc

4.75%,

01/15/2024

500‌

318‌

4.88%,

06/01/2022

400‌

296‌

5.40%,

12/01/2042

5‌

2‌

5.85%,

01/15/2044

430‌

215‌

7.38%,

06/15/2025

500‌

318‌

Seven

Generations

Energy

Ltd

5.38%,

09/30/2025

(f)

1,630‌

1,634‌

6.75%,

05/01/2023

(f)

125‌

128‌

6.88%,

06/30/2023

(f)

650‌

671‌

SM

Energy

Co

5.00%,

01/15/2024

494‌

451‌

5.63%,

06/01/2025

495‌

448‌

6.13%,

11/15/2022

471‌

466‌

6.75%,

09/15/2026

495‌

449‌

Southwestern

Energy

Co

6.20%,

01/23/2025

920‌

766‌

7.50%,

04/01/2026

235‌

196‌

7.75%,

10/01/2027

90‌

75‌

SRC

Energy

Inc

6.25%,

12/01/2025

12,045‌

12,135‌

Suncor

Energy

Ventures

Corp

4.50%,

04/01/2022

(f)

700‌

722‌

6.00%,

04/01/2042

(f)

490‌

557‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

83

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Sunoco

LP

/

Sunoco

Finance

Corp

4.88%,

01/15/2023

$

500‌

$

513‌

5.50%,

02/15/2026

700‌

720‌

5.88%,

03/15/2028

7,316‌

7,783‌

Teine

Energy

Ltd

6.88%,

09/30/2022

(f)

815‌

814‌

Transocean

Guardian

Ltd

5.88%,

01/15/2024

(f)

848‌

866‌

Transocean

Inc

6.80%,

03/15/2038

1,252‌

801‌

7.25%,

11/01/2025

(f)

4,765‌

4,491‌

7.50%,

01/15/2026

(f)

755‌

712‌

7.50%,

04/15/2031

690‌

502‌

9.00%,

07/15/2023

(f)

1,005‌

1,080‌

9.35%,

12/15/2041

200‌

156‌

Transocean

Pontus

Ltd

6.13%,

08/01/2025

(f)

801‌

825‌

Transocean

Sentry

Ltd

5.38%,

05/15/2023

(f)

205‌

206‌

Ultra

Resources

Inc/US

6.88%,

04/15/2022

(f)

550‌

55‌

Valaris

plc

5.20%,

03/15/2025

330‌

163‌

5.75%,

10/01/2044

990‌

408‌

7.75%,

02/01/2026

1,000‌

505‌

8.00%,

01/31/2024

39‌

24‌

Vantage

Drilling

International

9.25%,

11/15/2023

(f)

400‌

381‌

Vermilion

Energy

Inc

5.63%,

03/15/2025

(f)

400‌

384‌

Vine

Oil

&

Gas

LP

/

Vine

Oil

&

Gas

Finance

Corp

8.75%,

04/15/2023

(f)

425‌

221‌

Viper

Energy

Partners

LP

5.38%,

11/01/2027

(f)

1,050‌

1,095‌

W&T

Offshore

Inc

9.75%,

11/01/2023

(f)

610‌

578‌

Whiting

Petroleum

Corp

5.75%,

03/15/2021

868‌

812‌

6.63%,

01/15/2026

990‌

556‌

WPX

Energy

Inc

5.25%,

09/15/2024

648‌

679‌

5.75%,

06/01/2026

744‌

779‌

8.25%,

08/01/2023

377‌

435‌

$

143,480‌

Oil

&

Gas

Services

-

0.57%

Apergy

Corp

6.38%,

05/01/2026

500‌

525‌

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.00%,

10/01/2022

286‌

286‌

6.88%,

04/01/2027

(f)

590‌

629‌

Calfrac

Holdings

LP

8.50%,

06/15/2026

(f)

645‌

245‌

CSI

Compressco

LP

/

CSI

Compressco

Finance

Inc

7.25%,

08/15/2022

848‌

797‌

Exterran

Energy

Solutions

LP

/

EES

Finance

Corp

8.13%,

05/01/2025

366‌

363‌

Forum

Energy

Technologies

Inc

6.25%,

10/01/2021

10,002‌

8,952‌

FTS

International

Inc

6.25%,

05/01/2022

325‌

180‌

McDermott

Technology

Americas

Inc

/

McDermott

Technology

US

Inc

0.00%,

05/01/2024

(c),(f)

2,285‌

297‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

Services

(continued)

Oceaneering

International

Inc

4.65%,

11/15/2024

$

113‌

$

109‌

6.00%,

02/01/2028

225‌

215‌

SESI

LLC

7.13%,

12/15/2021

55‌

49‌

Telford

Offshore

Ltd

12.00%,

PIK

12.00%,

12/31/2049

(h),(i),(k)

320‌

244‌

Transocean

Phoenix

2

Ltd

7.75%,

10/15/2024

(f)

420‌

445‌

Transocean

Proteus

Ltd

6.25%,

12/01/2024

(f)

575‌

591‌

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.88%,

04/01/2026

800‌

832‌

6.88%,

09/01/2027

300‌

313‌

Weatherford

International

Ltd

11.00%,

12/01/2024

(f)

2,400‌

2,548‌

Welltec

A/S

9.50%,

12/01/2022

(f)

335‌

343‌

$

17,963‌

Packaging

&

Containers

-

3.09%

ARD

Finance

SA

6.50%,

PIK

7.25%,

06/30/2027

(f),(h),(i)

750‌

774‌

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc

4.13%,

08/15/2026

(f)

660‌

679‌

4.25%,

09/15/2022

(f)

800‌

810‌

5.25%,

08/15/2027

(f)

250‌

262‌

6.00%,

02/15/2025

(f)

2,505‌

2,618‌

Ball

Corp

4.00%,

11/15/2023

1,080‌

1,142‌

4.88%,

03/15/2026

1,140‌

1,248‌

5.00%,

03/15/2022

1,117‌

1,180‌

5.25%,

07/01/2025

755‌

846‌

Berry

Global

Inc

4.50%,

02/15/2026

(f)

8,840‌

8,972‌

4.88%,

07/15/2026

(f)

6,250‌

6,530‌

5.50%,

05/15/2022

400‌

403‌

5.63%,

07/15/2027

(f)

3,500‌

3,718‌

6.00%,

10/15/2022

160‌

163‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

IV

4.50%,

01/15/2023

1,030‌

1,083‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

V

4.25%,

09/30/2026

1,400‌

1,460‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

VI

4.75%,

02/01/2026

2,740‌

2,840‌

Flex

Acquisition

Co

Inc

6.88%,

01/15/2025

(f)

818‌

821‌

7.88%,

07/15/2026

(f)

475‌

482‌

Graphic

Packaging

International

LLC

4.75%,

04/15/2021

120‌

123‌

4.88%,

11/15/2022

363‌

381‌

LABL

Escrow

Issuer

LLC

6.75%,

07/15/2026

(f)

695‌

746‌

10.50%,

07/15/2027

(f)

150‌

158‌

Matthews

International

Corp

5.25%,

12/01/2025

(f)

255‌

255‌

Mauser

Packaging

Solutions

Holding

Co

5.50%,

04/15/2024

(f)

2,209‌

2,276‌

7.25%,

04/15/2025

(f)

2,400‌

2,388‌

Owens-Brockway

Glass

Container

Inc

5.00%,

01/15/2022

(f)

650‌

673‌

5.38%,

01/15/2025

(f)

205‌

218‌

5.88%,

08/15/2023

(f)

1,223‌

1,309‌

6.38%,

08/15/2025

(f)

83‌

93‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

84

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Packaging

&

Containers

(continued)

Plastipak

Holdings

Inc

6.25%,

10/15/2025

(f)

$

13,747‌

$

12,097‌

Reynolds

Group

Issuer

Inc

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

(Luxembourg)

S.A.

5.13%,

07/15/2023

(f)

4,905‌

5,006‌

5.75%,

10/15/2020

533‌

534‌

7.00%,

07/15/2024

(f)

866‌

894‌

Sealed

Air

Corp

5.13%,

12/01/2024

(f)

80‌

86‌

5.25%,

04/01/2023

(f)

2,285‌

2,428‌

5.50%,

09/15/2025

(f)

1,208‌

1,324‌

6.88%,

07/15/2033

(f)

655‌

776‌

Silgan

Holdings

Inc

4.13%,

02/01/2028

(f)

2,575‌

2,560‌

Trident

TPI

Holdings

Inc

6.63%,

11/01/2025

(f)

13,330‌

12,097‌

9.25%,

08/01/2024

(f)

6,030‌

6,120‌

Trivium

Packaging

Finance

BV

5.50%,

08/15/2026

(f)

8,213‌

8,655‌

8.50%,

08/15/2027

(f)

680‌

748‌

$

97,976‌

Pharmaceuticals

-

1.49%

Bausch

Health

Americas

Inc

8.50%,

01/31/2027

(f)

1,715‌

1,940‌

9.25%,

04/01/2026

(f)

1,575‌

1,797‌

Bausch

Health

Cos

Inc

5.00%,

01/30/2028

(f)

4,450‌

4,506‌

5.25%,

01/30/2030

(f)

2,450‌

2,496‌

5.50%,

03/01/2023

(f)

284‌

285‌

5.50%,

11/01/2025

(f)

1,695‌

1,756‌

5.75%,

08/15/2027

(f)

200‌

214‌

5.88%,

05/15/2023

(f)

88‌

89‌

6.13%,

04/15/2025

(f)

4,000‌

4,114‌

6.50%,

03/15/2022

(f)

1,225‌

1,248‌

7.00%,

03/15/2024

(f)

2,102‌

2,179‌

7.00%,

01/15/2028

(f)

4,185‌

4,533‌

7.25%,

05/30/2029

(f)

1,305‌

1,471‌

9.00%,

12/15/2025

(f)

1,470‌

1,659‌

Elanco

Animal

Health

Inc

3.91%,

08/27/2021

1,075‌

1,105‌

4.27%,

08/28/2023

900‌

958‌

4.90%,

08/28/2028

150‌

172‌

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco

Inc

5.88%,

10/15/2024

(f)

200‌

198‌

6.00%,

07/15/2023

(f)

1,443‌

1,104‌

6.00%,

02/01/2025

(f)

1,175‌

814‌

HLF

Financing

Sarl

LLC

/

Herbalife

International

Inc

7.25%,

08/15/2026

(f)

318‌

331‌

Horizon

Therapeutics

USA

Inc

5.50%,

08/01/2027

(f)

875‌

933‌

Mallinckrodt

International

Finance

SA

4.75%,

04/15/2023

193‌

91‌

Mallinckrodt

International

Finance

SA

/

Mallinckrodt

CB

LLC

5.50%,

04/15/2025

(f)

965‌

352‌

5.63%,

10/15/2023

(f)

389‌

154‌

5.75%,

08/01/2022

(f)

43‌

21‌

NVA

Holdings

Inc

6.88%,

04/01/2026

(f)

10,973‌

11,837‌

Owens

&

Minor

Inc

3.88%,

09/15/2021

270‌

259‌

4.38%,

12/15/2024

270‌

208‌

Par

Pharmaceutical

Inc

7.50%,

04/01/2027

(f)

400‌

407‌

$

47,231‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

-

2.61%

American

Midstream

Partners

LP

/

American

Midstream

Finance

Corp

9.50%,

12/15/2021

(f)

$

700‌

$

698‌

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

09/15/2024

12,481‌

11,052‌

5.75%,

03/01/2027

(f)

1,010‌

788‌

5.75%,

01/15/2028

(f)

1,625‌

1,264‌

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

6.13%,

11/15/2022

(f)

1,220‌

1,192‌

6.63%,

07/15/2026

(f)

200‌

184‌

Buckeye

Partners

LP

3.95%,

12/01/2026

595‌

587‌

4.13%,

12/01/2027

395‌

390‌

4.15%,

07/01/2023

495‌

500‌

4.35%,

10/15/2024

295‌

298‌

4.88%,

02/01/2021

845‌

858‌

5.60%,

10/15/2044

295‌

274‌

5.85%,

11/15/2043

395‌

367‌

6.37%,

01/22/2078

(j)

390‌

321‌

3

Month

USD

LIBOR

+

4.02%

Cheniere

Energy

Partners

LP

4.50%,

10/01/2029

(f)

3,008‌

3,060‌

5.25%,

10/01/2025

1,098‌

1,131‌

5.63%,

10/01/2026

1,500‌

1,571‌

CNX

Midstream

Partners

LP

/

CNX

Midstream

Finance

Corp

6.50%,

03/15/2026

(f)

1,070‌

982‌

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp

5.63%,

05/01/2027

(f)

588‌

592‌

5.75%,

04/01/2025

497‌

505‌

6.25%,

04/01/2023

595‌

600‌

DCP

Midstream

Operating

LP

3.88%,

03/15/2023

493‌

503‌

4.75%,

09/30/2021

(f)

581‌

595‌

4.95%,

04/01/2022

1,398‌

1,443‌

5.13%,

05/15/2029

990‌

1,044‌

5.38%,

07/15/2025

475‌

518‌

5.60%,

04/01/2044

120‌

117‌

5.85%,

05/21/2043

(f),(j)

690‌

647‌

3

Month

USD

LIBOR

+

3.85%

6.45%,

11/03/2036

(f)

170‌

179‌

6.75%,

09/15/2037

(f)

490‌

528‌

8.13%,

08/16/2030

45‌

56‌

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp

6.75%,

05/15/2025

636‌

639‌

Energy

Transfer

LP

5.50%,

06/01/2027

1,100‌

1,144‌

EnLink

Midstream

LLC

5.38%,

06/01/2029

895‌

810‌

EnLink

Midstream

Partners

LP

4.15%,

06/01/2025

1,000‌

923‌

4.40%,

04/01/2024

1,450‌

1,384‌

4.85%,

07/15/2026

1,080‌

988‌

5.45%,

06/01/2047

700‌

553‌

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

5.63%,

06/15/2024

669‌

651‌

6.00%,

05/15/2023

1,000‌

1,005‌

6.25%,

05/15/2026

1,490‌

1,423‌

6.50%,

10/01/2025

361‌

352‌

Global

Partners

LP

/

GLP

Finance

Corp

7.00%,

06/15/2023

90‌

92‌

Hess

Midstream

Operations

LP

5.63%,

02/15/2026

(f)

476‌

498‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

85

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Holly

Energy

Partners

LP

/

Holly

Energy

Finance

Corp

5.00%,

02/01/2028

(f),(l)

$

2,425‌

$

2,464‌

6.00%,

08/01/2024

(f)

263‌

275‌

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp

7.25%,

02/15/2021

340‌

313‌

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

6.13%,

03/01/2025

1,466‌

1,385‌

7.50%,

11/01/2023

1,125‌

1,122‌

7.50%,

04/15/2026

(f)

100‌

97‌

NuStar

Logistics

LP

4.75%,

02/01/2022

965‌

991‌

4.80%,

09/01/2020

2,055‌

2,070‌

5.63%,

04/28/2027

7,614‌

7,842‌

6.00%,

06/01/2026

125‌

132‌

6.75%,

02/01/2021

705‌

726‌

PBF

Logistics

LP

/

PBF

Logistics

Finance

Corp

6.88%,

05/15/2023

522‌

536‌

Summit

Midstream

Holdings

LLC

/

Summit

Midstream

Finance

Corp

5.50%,

08/15/2022

920‌

809‌

5.75%,

04/15/2025

852‌

655‌

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp

4.75%,

10/01/2023

(f)

375‌

375‌

5.50%,

09/15/2024

(f)

2,010‌

2,030‌

5.50%,

01/15/2028

(f)

1,205‌

1,205‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

4.25%,

11/15/2023

1,100‌

1,109‌

5.00%,

01/15/2028

1,565‌

1,592‌

5.13%,

02/01/2025

2,410‌

2,483‌

5.25%,

05/01/2023

545‌

550‌

5.38%,

02/01/2027

494‌

513‌

5.50%,

03/01/2030

(f)

4,275‌

4,409‌

5.88%,

04/15/2026

1,800‌

1,899‌

6.50%,

07/15/2027

885‌

965‌

6.75%,

03/15/2024

2,910‌

3,004‌

$

82,857‌

Real

Estate

-

0.28%

Five

Point

Operating

Co

LP

/

Five

Point

Capital

Corp

7.88%,

11/15/2025

(f)

1,236‌

1,279‌

Greystar

Real

Estate

Partners

LLC

5.75%,

12/01/2025

(f)

561‌

580‌

Howard

Hughes

Corp/The

5.38%,

03/15/2025

(f)

1,250‌

1,288‌

Hunt

Cos

Inc

6.25%,

02/15/2026

(f)

1,175‌

1,137‌

Kennedy-Wilson

Inc

5.88%,

04/01/2024

1,020‌

1,040‌

Newmark

Group

Inc

6.13%,

11/15/2023

1,310‌

1,437‌

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp

4.88%,

06/01/2023

(f)

845‌

839‌

5.25%,

12/01/2021

(f)

950‌

956‌

WeWork

Cos

Inc

7.88%,

05/01/2025

(f)

640‌

496‌

$

9,052‌

REITs

-

2.69%

Brookfield

Property

REIT

Inc

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LL

5.75%,

05/15/2026

(f)

276‌

288‌

CBL

&

Associates

LP

5.25%,

12/01/2023

25‌

15‌

5.95%,

12/15/2026

500‌

250‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

CoreCivic

Inc

4.63%,

05/01/2023

$

1,763‌

$

1,754‌

5.00%,

10/15/2022

7,075‌

7,252‌

Diversified

Healthcare

Trust

4.75%,

05/01/2024

1,190‌

1,256‌

4.75%,

02/15/2028

1,430‌

1,497‌

6.75%,

12/15/2021

1,210‌

1,284‌

ESH

Hospitality

Inc

4.63%,

10/01/2027

(f)

7,500‌

7,537‌

5.25%,

05/01/2025

(f)

6,864‌

7,035‌

GEO

Group

Inc/The

5.13%,

04/01/2023

640‌

603‌

5.88%,

01/15/2022

700‌

691‌

5.88%,

10/15/2024

1,000‌

928‌

6.00%,

04/15/2026

1,100‌

979‌

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

5.25%,

07/15/2024

(f)

490‌

515‌

Iron

Mountain

Inc

4.38%,

06/01/2021

(f)

115‌

115‌

4.88%,

09/15/2027

(f)

1,546‌

1,592‌

4.88%,

09/15/2029

(f)

1,000‌

1,020‌

5.25%,

03/15/2028

(f)

2,050‌

2,142‌

6.00%,

08/15/2023

520‌

531‌

Iron

Mountain

US

Holdings

Inc

5.38%,

06/01/2026

(f)

315‌

330‌

iStar

Inc

4.75%,

10/01/2024

1,000‌

1,040‌

5.25%,

09/15/2022

500‌

510‌

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

5.25%,

03/15/2022

(f)

503‌

517‌

5.25%,

10/01/2025

(f)

11,409‌

11,722‌

5.88%,

08/01/2021

(f)

365‌

370‌

Mack-Cali

Realty

LP

3.15%,

05/15/2023

320‌

319‌

MGM

Growth

Properties

Operating

Partnership

LP

/

MGP

Finance

Co-Issuer

Inc

4.50%,

09/01/2026

900‌

936‌

5.63%,

05/01/2024

1,215‌

1,325‌

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

4.63%,

08/01/2029

1,235‌

1,291‌

5.00%,

10/15/2027

1,540‌

1,619‌

5.25%,

08/01/2026

2,033‌

2,133‌

6.38%,

03/01/2024

245‌

253‌

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

5.00%,

04/15/2023

1,090‌

1,109‌

Ryman

Hospitality

Properties

Inc

4.75%,

10/15/2027

(f)

7,700‌

8,008‌

SBA

Communications

Corp

4.00%,

10/01/2022

1,350‌

1,374‌

4.88%,

07/15/2022

353‌

357‌

4.88%,

09/01/2024

968‌

1,001‌

Starwood

Property

Trust

Inc

3.63%,

02/01/2021

476‌

478‌

4.75%,

03/15/2025

571‌

597‌

5.00%,

12/15/2021

715‌

733‌

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC

7.13%,

12/15/2024

(f)

190‌

151‌

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC

6.00%,

04/15/2023

(f)

1,197‌

1,146‌

8.25%,

10/15/2023

685‌

555‌

VICI

Properties

1

LLC

/

VICI

FC

Inc

8.00%,

10/15/2023

1,500‌

1,620‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

86

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

VICI

Properties

LP

/

VICI

Note

Co

Inc

3.75%,

02/15/2027

(f),(l)

$

2,975‌

$

2,990‌

4.13%,

08/15/2030

(f),(l)

2,625‌

2,659‌

4.25%,

12/01/2026

(f)

1,275‌

1,309‌

Washington

Prime

Group

LP

6.45%,

08/15/2024

1,970‌

1,755‌

$

85,491‌

Retail

-

2.70%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.25%,

05/15/2024

(f)

2,551‌

2,605‌

4.38%,

01/15/2028

(f)

1,475‌

1,479‌

5.00%,

10/15/2025

(f)

20,165‌

20,805‌

Beacon

Roofing

Supply

Inc

4.88%,

11/01/2025

(f)

1,325‌

1,318‌

Bed

Bath

&

Beyond

Inc

4.92%,

08/01/2034

290‌

231‌

5.17%,

08/01/2044

1,124‌

831‌

Brinker

International

Inc

5.00%,

10/01/2024

(f)

740‌

779‌

Carvana

Co

8.88%,

10/01/2023

(f)

1,013‌

1,064‌

Conn's

Inc

7.25%,

07/15/2022

285‌

284‌

DriveTime

Automotive

Group

Inc

/

Bridgecrest

Acceptance

Corp

8.00%,

06/01/2021

(f)

12,240‌

12,393‌

eG

Global

Finance

PLC

6.75%,

02/07/2025

(f)

250‌

253‌

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

6.50%,

05/01/2021

191‌

166‌

6.75%,

01/15/2022

450‌

382‌

6.75%,

06/15/2023

710‌

602‌

FirstCash

Inc

5.38%,

06/01/2024

(f)

114‌

118‌

GameStop

Corp

6.75%,

03/15/2021

(f)

200‌

195‌

Gap

Inc/The

5.95%,

04/12/2021

1,050‌

1,085‌

Golden

Nugget

Inc

6.75%,

10/15/2024

(f)

1,661‌

1,707‌

8.75%,

10/01/2025

(f)

1,475‌

1,550‌

Group

1

Automotive

Inc

5.25%,

12/15/2023

(f)

284‌

292‌

Guitar

Center

Inc

9.50%,

10/15/2021

(f)

1,175‌

1,161‌

IRB

Holding

Corp

6.75%,

02/15/2026

(f)

135‌

140‌

JC

Penney

Corp

Inc

5.88%,

07/01/2023

(f)

125‌

109‌

KFC

Holding

Co/Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC

4.75%,

06/01/2027

(f)

1,940‌

2,044‌

5.00%,

06/01/2024

(f)

900‌

926‌

5.25%,

06/01/2026

(f)

2,600‌

2,723‌

L

Brands

Inc

5.25%,

02/01/2028

90‌

89‌

5.63%,

02/15/2022

538‌

567‌

5.63%,

10/15/2023

665‌

722‌

6.63%,

04/01/2021

435‌

456‌

6.75%,

07/01/2036

450‌

447‌

6.88%,

11/01/2035

744‌

746‌

6.95%,

03/01/2033

620‌

558‌

7.50%,

06/15/2029

485‌

521‌

7.60%,

07/15/2037

500‌

475‌

Men's

Wearhouse

Inc/The

7.00%,

07/01/2022

16‌

16‌

Michaels

Stores

Inc

8.00%,

07/15/2027

(f)

500‌

447‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

(continued)

Murphy

Oil

USA

Inc

4.75%,

09/15/2029

$

500‌

$

522‌

5.63%,

05/01/2027

695‌

747‌

Neiman

Marcus

Group

LTD

LLC

/

Neiman

Marcus

Group

LLC

/

Mariposa

Borrower

/

NMG

8.00%,

10/25/2024

(f)

250‌

81‌

Party

City

Holdings

Inc

6.63%,

08/01/2026

(f)

242‌

172‌

Penske

Automotive

Group

Inc

5.38%,

12/01/2024

131‌

134‌

5.50%,

05/15/2026

836‌

865‌

PetSmart

Inc

5.88%,

06/01/2025

(f)

1,329‌

1,364‌

7.13%,

03/15/2023

(f)

2,505‌

2,496‌

8.88%,

06/01/2025

(f)

650‌

668‌

PriSo

Acquisition

Corp

9.00%,

05/15/2023

(f)

141‌

137‌

Rite

Aid

Corp

6.13%,

04/01/2023

(f)

1,850‌

1,688‌

Sally

Holdings

LLC

/

Sally

Capital

Inc

5.63%,

12/01/2025

500‌

517‌

Sonic

Automotive

Inc

6.13%,

03/15/2027

801‌

851‌

SRS

Distribution

Inc

8.25%,

07/01/2026

(f)

6,330‌

6,583‌

Staples

Inc

7.50%,

04/15/2026

(f)

2,250‌

2,305‌

10.75%,

04/15/2027

(f)

1,530‌

1,555‌

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp

5.50%,

06/01/2024

1,073‌

1,094‌

5.88%,

03/01/2027

750‌

772‌

Yum!

Brands

Inc

3.75%,

11/01/2021

1,510‌

1,545‌

3.88%,

11/01/2023

20‌

21‌

5.35%,

11/01/2043

383‌

393‌

6.88%,

11/15/2037

750‌

885‌

$

85,681‌

Semiconductors

-

0.14%

Advanced

Micro

Devices

Inc

7.50%,

08/15/2022

1,200‌

1,354‌

Amkor

Technology

Inc

6.63%,

09/15/2027

(f)

500‌

543‌

Entegris

Inc

4.63%,

02/10/2026

(f)

431‌

445‌

Qorvo

Inc

4.38%,

10/15/2029

(f)

700‌

731‌

5.50%,

07/15/2026

425‌

449‌

Sensata

Technologies

UK

Financing

Co

PLC

6.25%,

02/15/2026

(f)

868‌

912‌

$

4,434‌

Software

-

3.47%

ACI

Worldwide

Inc

5.75%,

08/15/2026

(f)

3,200‌

3,425‌

Ascend

Learning

LLC

6.88%,

08/01/2025

(f)

5,473‌

5,719‌

6.88%,

08/01/2025

(f)

4,750‌

4,964‌

Camelot

Finance

SA

4.50%,

11/01/2026

(f)

3,905‌

3,973‌

CDK

Global

Inc

4.88%,

06/01/2027

984‌

1,032‌

5.00%,

10/15/2024

266‌

290‌

5.25%,

05/15/2029

(f)

1,775‌

1,899‌

Change

Healthcare

Holdings

LLC

/

Change

Healthcare

Finance

Inc

5.75%,

03/01/2025

(f)

16,380‌

16,683‌

Dun

&

Bradstreet

Corp/The

10.25%,

02/15/2027

(f)

1,000‌

1,146‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

87

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Fair

Isaac

Corp

5.25%,

05/15/2026

(f)

$

75‌

$

83‌

Genesys

Telecommunications

Laboratories

Inc/

Greeneden

Lux

3

Sarl

10.00%,

11/30/2024

(f)

14,529‌

15,637‌

Granite

Merger

Sub

2

Inc

11.00%,

07/15/2027

(f)

90‌

99‌

Informatica

LLC

7.13%,

07/15/2023

(f)

13,266‌

13,399‌

IQVIA

Inc

5.00%,

10/15/2026

(f)

4,562‌

4,773‌

5.00%,

05/15/2027

(f)

1,100‌

1,161‌

j2

Cloud

Services

LLC

/

j2

Cloud

Co-Obligor

Inc

6.00%,

07/15/2025

(f)

744‌

785‌

MSCI

Inc

4.75%,

08/01/2026

(f)

565‌

592‌

5.38%,

05/15/2027

(f)

450‌

488‌

5.75%,

08/15/2025

(f)

2,365‌

2,468‌

Nuance

Communications

Inc

5.63%,

12/15/2026

830‌

883‌

Open

Text

Corp

5.63%,

01/15/2023

(f)

235‌

239‌

5.88%,

06/01/2026

(f)

1,584‌

1,673‌

PTC

Inc

6.00%,

05/15/2024

145‌

151‌

Rackspace

Hosting

Inc

8.63%,

11/15/2024

(f)

705‌

698‌

Riverbed

Technology

Inc

8.88%,

03/01/2023

(f)

300‌

192‌

Solera

LLC

/

Solera

Finance

Inc

10.50%,

03/01/2024

(f)

2,115‌

2,239‌

Sophia

LP

/

Sophia

Finance

Inc

9.00%,

09/30/2023

(f)

5,100‌

5,240‌

SS&C

Technologies

Inc

5.50%,

09/30/2027

(f)

17,240‌

18,236‌

Veritas

US

Inc

/

Veritas

Bermuda

Ltd

7.50%,

02/01/2023

(f)

800‌

794‌

10.50%,

02/01/2024

(f)

1,269‌

1,164‌

$

110,125‌

Storage

&

Warehousing

-

0.08%

LBC

Tank

Terminals

Holding

Netherlands

BV

6.88%,

05/15/2023

(f)

2,125‌

2,162‌

Mobile

Mini

Inc

5.88%,

07/01/2024

230‌

239‌

$

2,401‌

Telecommunications

-

6.72%

Altice

France

SA/France

5.50%,

01/15/2028

(f)

1,100‌

1,123‌

7.38%,

05/01/2026

(f)

10,946‌

11,658‌

8.13%,

02/01/2027

(f)

2,200‌

2,459‌

C&W

Senior

Financing

DAC

6.88%,

09/15/2027

(f)

1,185‌

1,272‌

7.50%,

10/15/2026

(f)

985‌

1,063‌

CenturyLink

Inc

5.13%,

12/15/2026

(f)

950‌

979‌

5.63%,

04/01/2025

135‌

143‌

5.80%,

03/15/2022

1,215‌

1,281‌

6.45%,

06/15/2021

1,545‌

1,621‌

6.75%,

12/01/2023

455‌

504‌

6.88%,

01/15/2028

62‌

69‌

7.50%,

04/01/2024

770‌

869‌

7.60%,

09/15/2039

895‌

968‌

7.65%,

03/15/2042

840‌

911‌

Cincinnati

Bell

Inc

7.00%,

07/15/2024

(f)

419‌

438‌

8.00%,

10/15/2025

(f)

140‌

149‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

CommScope

Inc

5.00%,

06/15/2021

(f)

$

58‌

$

58‌

5.50%,

03/01/2024

(f)

1,700‌

1,747‌

5.50%,

06/15/2024

(f)

752‌

748‌

6.00%,

03/01/2026

(f)

10,915‌

11,447‌

8.25%,

03/01/2027

(f)

4,305‌

4,423‌

CommScope

Technologies

LLC

5.00%,

03/15/2027

(f)

2,990‌

2,714‌

6.00%,

06/15/2025

(f)

11,068‌

10,598‌

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.75%,

10/01/2026

(f)

2,090‌

2,213‌

Consolidated

Communications

Inc

6.50%,

10/01/2022

1,275‌

1,217‌

DKT

Finance

ApS

9.38%,

06/17/2023

(f)

125‌

134‌

Embarq

Corp

8.00%,

06/01/2036

1,067‌

1,186‌

Frontier

Communications

Corp

6.25%,

09/15/2021

10‌

5‌

6.88%,

01/15/2025

585‌

273‌

7.13%,

01/15/2023

945‌

444‌

7.63%,

04/15/2024

820‌

377‌

7.88%,

01/15/2027

200‌

93‌

8.00%,

04/01/2027

(f)

400‌

418‌

8.50%,

04/01/2026

(f)

1,950‌

1,999‌

8.75%,

04/15/2022

760‌

352‌

9.00%,

08/15/2031

600‌

279‌

10.50%,

09/15/2022

1,884‌

857‌

11.00%,

09/15/2025

3,954‌

1,811‌

Frontier

Florida

LLC

6.86%,

02/01/2028

351‌

332‌

Gogo

Intermediate

Holdings

LLC

/

Gogo

Finance

Co

Inc

9.88%,

05/01/2024

(f)

125‌

134‌

GTT

Communications

Inc

7.88%,

12/31/2024

(f)

23,775‌

18,545‌

Hughes

Satellite

Systems

Corp

5.25%,

08/01/2026

1,054‌

1,143‌

6.63%,

08/01/2026

1,060‌

1,173‌

7.63%,

06/15/2021

320‌

342‌

Inmarsat

Finance

PLC

4.88%,

05/15/2022

(f)

1,500‌

1,519‌

Intelsat

Connect

Finance

SA

9.50%,

02/15/2023

(f)

1,600‌

816‌

Intelsat

Jackson

Holdings

SA

5.50%,

08/01/2023

2,510‌

2,014‌

8.00%,

02/15/2024

(f)

940‌

962‌

8.50%,

10/15/2024

(f)

2,475‌

2,079‌

9.50%,

09/30/2022

(f)

400‌

454‌

9.75%,

07/15/2025

(f)

2,265‌

1,931‌

Intelsat

Luxembourg

SA

8.13%,

06/01/2023

1,100‌

429‌

Intrado

Corp

8.50%,

10/15/2025

(f)

1,405‌

1,117‌

Iridium

Communications

Inc

10.25%,

04/15/2023

(f)

696‌

742‌

Koninklijke

KPN

NV

7.00%,

03/28/2073

(f),(j)

405‌

447‌

USD

Swap

Semi-Annual

10

Year

+

5.21%

Level

3

Financing

Inc

5.13%,

05/01/2023

4,067‌

4,086‌

5.25%,

03/15/2026

480‌

499‌

5.38%,

08/15/2022

420‌

422‌

5.38%,

01/15/2024

5,450‌

5,516‌

5.38%,

05/01/2025

383‌

395‌

5.63%,

02/01/2023

483‌

483‌

Metropolitan

Light

Co

Ltd

5.50%,

11/21/2022

(f)

500‌

519‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

88

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

Nokia

Oyj

3.38%,

06/12/2022

$

520‌

$

528‌

4.38%,

06/12/2027

495‌

522‌

6.63%,

05/15/2039

716‌

870‌

ORBCOMM

Inc

8.00%,

04/01/2024

(f)

1,165‌

1,165‌

Plantronics

Inc

5.50%,

05/31/2023

(f)

432‌

417‌

Qwest

Corp

6.75%,

12/01/2021

585‌

627‌

Sprint

Capital

Corp

6.88%,

11/15/2028

2,077‌

2,113‌

8.75%,

03/15/2032

1,793‌

1,986‌

Sprint

Communications

Inc

6.00%,

11/15/2022

5,929‌

6,122‌

9.25%,

04/15/2022

300‌

340‌

11.50%,

11/15/2021

1,159‌

1,295‌

Sprint

Corp

7.13%,

06/15/2024

14,603‌

15,083‌

7.25%,

09/15/2021

2,038‌

2,137‌

7.63%,

02/15/2025

1,427‌

1,489‌

7.63%,

03/01/2026

1,445‌

1,508‌

7.88%,

09/15/2023

7,540‌

8,010‌

Telecom

Italia

Capital

SA

6.00%,

09/30/2034

1,144‌

1,286‌

6.38%,

11/15/2033

1,115‌

1,300‌

7.20%,

07/18/2036

1,532‌

1,900‌

7.72%,

06/04/2038

550‌

714‌

Telecom

Italia

SpA/Milano

5.30%,

05/30/2024

(f)

2,400‌

2,616‌

Telefonaktiebolaget

LM

Ericsson

4.13%,

05/15/2022

1,100‌

1,140‌

T-Mobile

USA

Inc

0.00%,

03/01/2023

(c),(d),(e)

2,212‌

—‌

0.00%,

01/15/2024

(c),(d),(e)

312‌

—‌

0.00%,

04/15/2024

(c),(d),(e)

1,157‌

—‌

0.00%,

03/01/2025

(c),(d),(e)

1,542‌

—‌

0.00%,

01/15/2026

(c),(d),(e)

550‌

—‌

0.00%,

02/01/2026

(c),(d),(e)

760‌

—‌

0.00%,

04/15/2027

(c),(d),(e)

500‌

—‌

4.50%,

02/01/2026

3,000‌

3,085‌

4.75%,

02/01/2028

2,400‌

2,553‌

5.13%,

04/15/2025

130‌

134‌

5.38%,

04/15/2027

731‌

780‌

6.00%,

04/15/2024

3,252‌

3,348‌

6.50%,

01/15/2026

3,982‌

4,247‌

Trilogy

International

Partners

LLC

/

Trilogy

International

Finance

Inc

8.88%,

05/01/2022

(f)

100‌

92‌

United

States

Cellular

Corp

6.70%,

12/15/2033

300‌

340‌

ViaSat

Inc

5.63%,

09/15/2025

(f)

23,371‌

23,772‌

5.63%,

04/15/2027

(f)

3,500‌

3,666‌

Vodafone

Group

PLC

7.00%,

04/04/2079

(j)

2,500‌

2,948‌

USD

Swap

Semi-Annual

5

Year

+

4.87%

$

213,132‌

Toys,

Games

&

Hobbies

-

0.12%

Mattel

Inc

3.15%,

03/15/2023

1,000‌

990‌

5.45%,

11/01/2041

300‌

266‌

6.20%,

10/01/2040

150‌

143‌

6.75%,

12/31/2025

(f)

2,150‌

2,306‌

$

3,705‌

Transportation

-

0.12%

Kenan

Advantage

Group

Inc/The

7.88%,

07/31/2023

(f)

662‌

644‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Transportation

(continued)

Navios

Maritime

Acquisition

Corp

/

Navios

Acquisition

Finance

US

Inc

8.13%,

11/15/2021

(f)

$

350‌

$

277‌

Teekay

Corp

9.25%,

11/15/2022

(f)

250‌

260‌

Teekay

Offshore

Partners

LP/Teekay

Offshore

Finance

Corp

8.50%,

07/15/2023

(f)

775‌

791‌

Watco

Cos

LLC

/

Watco

Finance

Corp

6.38%,

04/01/2023

(f)

270‌

273‌

XPO

CNW

Inc

6.70%,

05/01/2034

347‌

370‌

XPO

Logistics

Inc

6.13%,

09/01/2023

(f)

170‌

176‌

6.75%,

08/15/2024

(f)

970‌

1,047‌

$

3,838‌

Trucking

&

Leasing

-

0.07%

AerCap

Global

Aviation

Trust

6.50%,

06/15/2045

(f),(j)

400‌

445‌

3

Month

USD

LIBOR

+

4.30%

Fortress

Transportation

&

Infrastructure

Investors

LLC

6.50%,

10/01/2025

(f)

425‌

451‌

6.75%,

03/15/2022

(f)

1,150‌

1,185‌

$

2,081‌

TOTAL

BONDS

$

2,623,461‌

SENIOR

FLOATING

RATE

INTERESTS

-

13.13%

Principal

Amount

(000's)

Value

(000's)

Automobile

Parts

&

Equipment

-

1.07%

Dexko

Global

Inc

10.19%,

07/24/2025

(m)

$

13,518‌

$

13,416‌

3

Month

USD

LIBOR

+

8.25%

Panther

BF

Aggregator

2

LP

5.16%,

04/30/2026

(m)

2,985‌

3,002‌

3

Month

USD

LIBOR

+

3.50%

Truck

Hero

Inc

9.90%,

05/16/2025

(m)

18,532‌

17,605‌

3

Month

USD

LIBOR

+

8.25%

$

34,023‌

Commercial

Services

-

0.72%

IRI

Holdings

Inc

6.15%,

12/01/2025

(m)

4,497‌

4,376‌

3

Month

USD

LIBOR

+

4.50%

KUEHG

Corp

10.19%,

08/22/2025

(m)

9,046‌

9,049‌

3

Month

USD

LIBOR

+

8.25%

Learning

Care

Group

US

No

2

Inc

9.29%,

03/13/2026

(m)

6,500‌

6,500‌

3

Month

USD

LIBOR

+

7.50%

Refinitiv

US

Holdings

Inc

4.99%,

10/01/2025

(m)

2,985‌

3,013‌

1

Month

USD

LIBOR

+

3.25%

$

22,938‌

Computers

-

0.67%

Flexential

Intermediate

Corp

9.16%,

07/24/2025

(m)

15,795‌

8,648‌

3

Month

USD

LIBOR

+

7.25%

TierPoint

LLC

0.00%,

05/05/2024

(m),(n)

4,298‌

4,186‌

3

Month

USD

LIBOR

+

3.75%

8.90%,

05/05/2025

(m)

9,255‌

8,543‌

3

Month

USD

LIBOR

+

7.25%

$

21,377‌

Consumer

Products

-

0.32%

KIK

Custom

Products

Inc

5.65%,

05/15/2023

(m)

10,236‌

10,092‌

3

Month

USD

LIBOR

+

4.00%

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

89

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Cosmetics

&

Personal

Care

-

0.43%

Wellness

Merger

Sub

Inc

10.70%,

06/27/2025

(m)

$

13,700‌

$

13,614‌

3

Month

USD

LIBOR

+

8.75%

Distribution

&

Wholesale

-

0.11%

American

Tire

Distributors

Inc

7.93%,

09/01/2023

(m)

2,297‌

2,254‌

3

Month

USD

LIBOR

+

6.00%

9.18%,

08/30/2024

(m)

1,516‌

1,348‌

3

Month

USD

LIBOR

+

7.50%

$

3,602‌

Electronics

-

0.56%

Deliver

Buyer

Inc

6.94%,

05/01/2024

(m)

17,597‌

17,677‌

3

Month

USD

LIBOR

+

5.00%

Engineering

&

Construction

-

0.24%

Brand

Industrial

Services

Inc

6.09%,

06/21/2024

(m)

7,670‌

7,658‌

3

Month

USD

LIBOR

+

4.25%

Entertainment

-

0.56%

18

Fremont

Street

Acquisition

LLC

10.04%,

08/09/2025

(m)

13,420‌

13,537‌

1

Month

USD

LIBOR

+

8.00%

Playtika

Holding

Corp

7.80%,

12/03/2024

(m)

4,325‌

4,366‌

1

Month

USD

LIBOR

+

6.00%

$

17,903‌

Environmental

Control

-

0.17%

Packers

Holdings

LLC

4.92%,

12/04/2024

(m)

5,444‌

5,427‌

3

Month

USD

LIBOR

+

3.25%

Healthcare

-

Services

-

1.59%

Aveanna

Healthcare

LLC

6.01%,

03/13/2024

(m)

1,258‌

1,172‌

3

Month

USD

LIBOR

+

4.25%

7.26%,

03/18/2024

(m)

7,016‌

6,573‌

3

Month

USD

LIBOR

+

5.50%

9.76%,

03/16/2025

(m)

6,940‌

6,602‌

3

Month

USD

LIBOR

+

8.00%

Dental

Corp

of

Canada

Inc

5.55%,

06/01/2025

(m)

3,980‌

3,982‌

3

Month

USD

LIBOR

+

3.75%

9.15%,

06/01/2026

(m)

17,346‌

17,043‌

3

Month

USD

LIBOR

+

7.50%

National

Mentor

Holdings

Inc

10.15%,

03/08/2027

(m)

15,170‌

15,018‌

3

Month

USD

LIBOR

+

8.50%

$

50,390‌

Insurance

-

1.57%

Asurion

LLC

8.22%,

08/04/2025

(m)

20,000‌

20,297‌

3

Month

USD

LIBOR

+

6.50%

8.22%,

08/04/2025

(m)

28,015‌

28,431‌

3

Month

USD

LIBOR

+

6.50%

USI

Inc/NY

4.94%,

05/16/2024

(m)

995‌

990‌

3

Month

USD

LIBOR

+

3.00%

$

49,718‌

Internet

-

0.71%

MH

Sub

I

LLC

9.15%,

09/15/2025

(m)

22,499‌

22,408‌

3

Month

USD

LIBOR

+

7.50%

Investment

Companies

-

0.24%

Masergy

Holdings

Inc

9.46%,

12/16/2024

(m)

5,393‌

5,231‌

3

Month

USD

LIBOR

+

7.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Investment

Companies

(continued)

Zest

Acquisition

Corp

9.18%,

03/06/2026

(m)

$

2,580‌

$

2,419‌

3

Month

USD

LIBOR

+

7.50%

$

7,650‌

Machinery

-

Diversified

-

0.75%

Engineered

Machinery

Holdings

Inc

9.19%,

07/25/2025

(m)

16,681‌

16,525‌

3

Month

USD

LIBOR

+

7.25%

Granite

US

Holdings

Corp

7.21%,

09/30/2026

(m)

7,162‌

7,153‌

1

Month

USD

LIBOR

+

5.25%

$

23,678‌

Mining

-

0.34%

Aleris

International

Inc

0.00%,

02/08/2023

(m),(n)

10,882‌

10,869‌

Miscellaneous

Manufacturers

-

0.63%

UTEX

Industries

Inc

5.65%,

05/22/2021

(m)

10,643‌

9,038‌

3

Month

USD

LIBOR

+

4.00%

8.90%,

05/22/2022

(m)

20,650‌

11,089‌

1

Month

USD

LIBOR

+

7.25%

$

20,127‌

Pharmaceuticals

-

0.63%

Change

Healthcare

Holdings

LLC

4.19%,

03/01/2024

(m)

1,872‌

1,872‌

1

Month

USD

LIBOR

+

2.50%

Lanai

Holdings

III

Inc

6.53%,

08/29/2022

(m)

3,170‌

3,029‌

3

Month

USD

LIBOR

+

4.75%

10.28%,

08/14/2023

(m)

5,170‌

4,395‌

3

Month

USD

LIBOR

+

8.50%

Packaging

Coordinators

Midco

Inc

10.70%,

06/29/2024

(m)

10,740‌

10,686‌

3

Month

USD

LIBOR

+

8.75%

$

19,982‌

REITs

-

0.10%

CoreCivic

Inc

6.16%,

12/12/2024

(m)

3,175‌

3,114‌

1

Month

USD

LIBOR

+

4.50%

Software

-

1.72%

Applied

Systems

Inc

8.94%,

09/19/2025

(m)

2,650‌

2,710‌

3

Month

USD

LIBOR

+

7.00%

Ascend

Learning

LLC

4.80%,

07/12/2024

(m)

8,076‌

8,109‌

3

Month

USD

LIBOR

+

3.00%

Dun

&

Bradstreet

0.00%,

02/06/2026

(m),(n)

8,940‌

8,987‌

Evergreen

Skills

Lux

Sarl

6.60%,

04/23/2021

(m)

10,812‌

9,041‌

3

Month

USD

LIBOR

+

4.75%

Greeneden

US

Holdings

II

LLC

5.00%,

12/01/2023

(m)

5,422‌

5,423‌

3

Month

USD

LIBOR

+

3.25%

Sophia

LP

5.19%,

09/30/2022

(m)

3,802‌

3,808‌

3

Month

USD

LIBOR

+

3.25%

Vertafore

Inc

5.05%,

07/02/2025

(m)

5,474‌

5,408‌

3

Month

USD

LIBOR

+

3.25%

9.05%,

06/04/2026

(m)

10,965‌

10,956‌

3

Month

USD

LIBOR

+

7.25%

$

54,442‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

416,689‌

Total

Investments

$

3,156,554‌

Other

Assets

and

Liabilities

-  0.52%

16,540‌

TOTAL

NET

ASSETS

-

100.00%

$

3,173,094‌

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

90

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

(d)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(e)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$19,973

or

0.63%

of

net

assets.

(f)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,844,691

or

58.14%

of

net

assets.

(g)

Restricted

Security.

Please

see

Restricted

Security

Sub-Schedule

for

more

information.

(h)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(i)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(j)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(k)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(l)

Security

purchased

on

a

when-issued

basis.

(m)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(n)

This

Senior

Floating

Rate

Note

will

settle

after

January

31,

2020,

at

which

time

the

interest

rate

will

be

determined.

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Non-cyclical

19.34‌%

Communications

16.55‌%

Financial

13.48‌%

Consumer,

Cyclical

13.19‌%

Industrial

12.32‌%

Energy

7.98‌%

Technology

6.74‌%

Basic

Materials

5.17‌%

Money

Market

Funds

3.59‌%

Utilities

1.05‌%

Diversified

0.07‌%

Other

Assets

and

Liabilities

0.52‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

150,593‌

$

247,903‌

$

284,660‌

$

113,836‌

$

150,593‌

$

247,903‌

$

284,660‌

$

113,836‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

466‌

$

—‌

$

—‌

$

—‌

$

466‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

General

Motors

Co  

0.00%,

12/01/2020

04/11/2013

$

—‌

$

—‌

0.00%

General

Motors

Co  

0.00%,

07/15/2033

04/11/2013

—‌

—‌

0.00%

General

Motors

Co  

0.00%,

03/06/2032

04/11/2013

—‌

—‌

0.00%

General

Motors

Co  

0.00%,

12/01/2020

04/11/2013

—‌

—‌

0.00%

General

Motors

Co  

0.00%,

09/01/2025

01/31/2013

—‌

—‌

0.00%

General

Motors

Co  

0.00%,

03/15/2036

01/31/2013

—‌

—‌

0.00%

General

Motors

Co  

0.00%,

05/01/2028

01/31/2013

—‌

—‌

0.00%

General

Motors

Co  

0.00%,

07/15/2033

01/31/2013

—‌

—‌

0.00%

General

Motors

Co  

0.00%,

07/15/2023

01/31/2013

—‌

—‌

0.00%

Real

Alloy

Holding

Inc  

11.94%,

11/30/2023

05/31/2018

4,391‌

4,391‌

0.14%

Specialty

Steel  

11.92%,

11/15/2022

11/15/2017

8,680‌

8,680‌

0.27%

SportsNet

New

York  

10.25%,

01/15/2025

12/27/2017

4,068‌

4,337‌

0.14%

Uber

Technologies

Inc  

8%,

11/01/2026

06/27/2019

-

11/20/2019

1,570‌

1,596‌

0.05%

Total

$

19,004‌

0.60%

Amounts

in

thousands.

Exchange

Cleared

Credit

Default

Swaps

Sell

Protection

Reference

Entity

Implied

Credit

Spread

as

of

January

31,

2020

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(b)

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

(c)

CDX.NA.HY.33

N/A

5.00%

Quarterly

12/20/2024

$

63,360‌

$

4,631‌

$

687‌

$

5,318‌

Total

$

4,631‌

$

687‌

$

5,318‌

Amounts

in

thousands.

Schedule

of

Investments

High

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

91

Exchange

Cleared

Credit

Default

Swaps

(continued)

(a)

Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

market

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

(b)

The

maximum

potential

payment

amount

that

the

seller

of

credit

protection

could

be

required

to

make

if

a

credit

event

occurs

as

defined

under

the

terms

of

that

particular

swap

agreement

is

$63,360.

(c)

The

market

price

and

resulting

market

value

for

credit

default

swap

agreements

on

an

issuer

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

an

expected

liability

(or

profit)

for

the

credit

default

swap

as

of

the

period

end.

Increasing

market

values,

in

absolute

terms,

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Schedule

of

Investments

High

Yield

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

92

INVESTMENT

COMPANIES

-

4.50%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.50%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

5,690,652‌

$

5,691‌

Principal

Government

Money

Market

Fund

1.43%

(a),(b),(c)

125,779,162‌

125,779‌

$

131,470‌

TOTAL

INVESTMENT

COMPANIES

$

131,470‌

COMMON

STOCKS

-

0.11%

Shares

Held

Value

(000's)

Energy

-

Alternate

Sources

-

0.00%

Ogden

Corp

(d),(e),(f)

5,000,000‌

—‌

Oil

&

Gas

-

0.03%

Chaparral

Energy

Inc

-

A

Shares

(d)

986,642‌

1,016‌

Retail

-

0.08%

Claire's

Holdings

LLC

(d),(e),(f)

4,036‌

2,220‌

TOTAL

COMMON

STOCKS

$

3,236‌

BONDS

-

87.52%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

3.36%

Air

2

US

8.63%,

10/01/2020

(g)

$

114‌

$

115‌

Bombardier

Inc

7.50%,

03/15/2025

(g)

25,055‌

24,084‌

Signature

Aviation

US

Holdings

Inc

4.00%,

03/01/2028

(g)

8,250‌

8,160‌

5.38%,

05/01/2026

(g)

5,200‌

5,395‌

SSL

Robotics

LLC

9.75%,

12/31/2023

(g)

6,695‌

7,348‌

TransDigm

Inc

5.50%,

11/15/2027

(g)

9,945‌

10,006‌

6.25%,

03/15/2026

(g)

12,880‌

13,891‌

7.50%,

03/15/2027

7,840‌

8,585‌

Triumph

Group

Inc

6.25%,

09/15/2024

(g)

175‌

180‌

7.75%,

08/15/2025

20,825‌

20,343‌

$

98,107‌

Airlines

-

0.06%

American

Airlines

2015-1

Class

B

Pass

Through

Trust

3.70%,

11/01/2024

1,674‌

1,723‌

Automobile

Manufacturers

-

1.03%

Aston

Martin

Capital

Holdings

Ltd

6.50%,

04/15/2022

(g),(h)

1,325‌

1,300‌

Jaguar

Land

Rover

Automotive

PLC

3.50%,

03/15/2020

(g)

7,400‌

7,382‌

Navistar

International

Corp

6.63%,

11/01/2025

(g)

20,388‌

21,322‌

$

30,004‌

Automobile

Parts

&

Equipment

-

0.56%

American

Axle

&

Manufacturing

Inc

6.25%,

04/01/2025

8,740‌

8,932‌

Dana

Inc

5.38%,

11/15/2027

7,290‌

7,518‌

$

16,450‌

Banks

-

3.39%

Barclays

PLC

4.84%,

05/09/2028

7,865‌

8,768‌

5.09%,

06/20/2030

(i)

6,395‌

7,347‌

3

Month

USD

LIBOR

+

3.05%

7.75%,

12/31/2049

(i),(j)

4,830‌

5,289‌

USD

Swap

Semi-Annual

5

Year

+

4.84%

CIT

Group

Inc

5.80%,

12/31/2049

(h),(i),(j)

10,154‌

10,408‌

3

Month

USD

LIBOR

+

3.97%

Citigroup

Inc

4.70%,

12/31/2049

(i),(j)

10,165‌

10,355‌

United

States

Secured

Overnight

Financing

Rate

+

3.23%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Credit

Suisse

Group

AG

5.10%,

12/31/2049

(g),(i),(j)

$

2,905‌

$

2,934‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.29%

Deutsche

Bank

AG

4.30%,

05/24/2028

(i)

7,350‌

7,291‌

USD

Swap

Semi-Annual

5

Year

+

2.25%

Deutsche

Bank

AG/New

York

NY

3.96%,

11/26/2025

(i)

7,695‌

8,025‌

United

States

Secured

Overnight

Financing

Rate

+

2.58%

Intesa

Sanpaolo

SpA

5.02%,

06/26/2024

(g)

8,175‌

8,681‌

JPMorgan

Chase

&

Co

4.60%,

12/31/2099

(i),(j)

14,155‌

14,427‌

United

States

Secured

Overnight

Financing

Rate

+

3.13%

Lloyds

Banking

Group

PLC

7.50%,

12/31/2049

(i),(j)

4,450‌

5,090‌

USD

Swap

Semi-Annual

5

Year

+

4.50%

Popular

Inc

6.13%,

09/14/2023

9,720‌

10,437‌

$

99,052‌

Building

Materials

-

1.08%

BMC

East

LLC

5.50%,

10/01/2024

(g)

14,620‌

15,059‌

Builders

FirstSource

Inc

6.75%,

06/01/2027

(g)

6,895‌

7,551‌

Norbord

Inc

5.75%,

07/15/2027

(g)

8,625‌

9,056‌

$

31,666‌

Chemicals

-

2.58%

Aruba

Investments

Inc

8.75%,

02/15/2023

(g)

15,278‌

15,354‌

Atotech

Alpha

2

BV

8.75%,

PIK

9.50%,

06/01/2023

(g),(k),(l)

6,300‌

6,411‌

Blue

Cube

Spinco

LLC

9.75%,

10/15/2023

5,350‌

5,705‌

CF

Industries

Inc

4.95%,

06/01/2043

5,555‌

5,944‌

5.15%,

03/15/2034

6,510‌

7,519‌

Consolidated

Energy

Finance

SA

6.50%,

05/15/2026

(g)

13,785‌

13,613‌

6.88%,

06/15/2025

(g)

20,910‌

20,727‌

$

75,273‌

Commercial

Services

-

2.92%

Ahern

Rentals

Inc

7.38%,

05/15/2023

(g)

17,235‌

13,659‌

GW

B-CR

Security

Corp

9.50%,

11/01/2027

(g)

10,886‌

11,621‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.25%,

01/15/2028

(g)

11,145‌

11,008‌

Refinitiv

US

Holdings

Inc

6.25%,

05/15/2026

(g)

11,680‌

12,630‌

8.25%,

11/15/2026

(g)

4,745‌

5,285‌

Tms

International

Holding

Corp

7.25%,

08/15/2025

(g)

11,135‌

10,522‌

United

Rentals

North

America

Inc

4.63%,

10/15/2025

6,135‌

6,269‌

4.88%,

01/15/2028

2,815‌

2,935‌

5.25%,

01/15/2030

2,595‌

2,786‌

5.88%,

09/15/2026

2,720‌

2,893‌

6.50%,

12/15/2026

5,225‌

5,676‌

$

85,284‌

Schedule

of

Investments

High

Yield

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

93

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Computers

-

1.01%

Dell

International

LLC

/

EMC

Corp

4.90%,

10/01/2026

(g)

$

24,475‌

$

27,247‌

7.13%,

06/15/2024

(g)

2,180‌

2,292‌

$

29,539‌

Consumer

Products

-

1.07%

Prestige

Brands

Inc

5.13%,

01/15/2028

(g)

2,615‌

2,733‌

6.38%,

03/01/2024

(g)

9,095‌

9,379‌

Spectrum

Brands

Inc

5.00%,

10/01/2029

(g)

10,090‌

10,485‌

5.75%,

07/15/2025

8,205‌

8,523‌

$

31,120‌

Distribution

&

Wholesale

-

0.82%

American

Builders

&

Contractors

Supply

Co

Inc

4.00%,

01/15/2028

(g)

16,585‌

16,722‌

5.88%,

05/15/2026

(g)

6,930‌

7,294‌

$

24,016‌

Diversified

Financial

Services

-

3.29%

AerCap

Holdings

NV

5.88%,

10/10/2079

(i)

11,870‌

12,701‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.54%

Avation

Capital

SA

6.50%,

05/15/2021

(g)

5,900‌

6,092‌

Credit

Acceptance

Corp

5.13%,

12/31/2024

(g)

7,605‌

7,947‌

6.63%,

03/15/2026

(g)

3,410‌

3,674‌

7.38%,

03/15/2023

8,140‌

8,303‌

Global

Aircraft

Leasing

Co

Ltd

6.50%,

PIK

7.25%,

09/15/2024

(g),(k),(l)

8,600‌

8,798‌

Navient

Corp

5.00%,

03/15/2027

3,375‌

3,366‌

6.13%,

03/25/2024

5,490‌

5,849‌

6.63%,

07/26/2021

4,245‌

4,474‌

6.75%,

06/15/2026

8,795‌

9,543‌

Springleaf

Finance

Corp

5.38%,

11/15/2029

5,775‌

6,005‌

6.63%,

01/15/2028

2,730‌

3,071‌

6.88%,

03/15/2025

14,400‌

16,236‌

$

96,059‌

Electric

-

1.96%

Elwood

Energy

LLC

8.16%,

07/05/2026

4,666‌

5,132‌

Indiantown

Cogeneration

LP

9.77%,

12/15/2020

400‌

414‌

NextEra

Energy

Operating

Partners

LP

4.25%,

07/15/2024

(g)

7,190‌

7,497‌

NRG

Energy

Inc

5.25%,

06/15/2029

(g)

3,570‌

3,847‌

6.63%,

01/15/2027

3,460‌

3,720‌

7.25%,

05/15/2026

8,070‌

8,736‌

Vistra

Energy

Corp

8.13%,

01/30/2026

(g)

1,840‌

1,960‌

Vistra

Operations

Co

LLC

5.00%,

07/31/2027

(g)

5,765‌

5,938‌

5.50%,

09/01/2026

(g)

10,735‌

11,164‌

5.63%,

02/15/2027

(g)

8,335‌

8,668‌

$

57,076‌

Electrical

Components

&

Equipment

-

0.52%

Energizer

Holdings

Inc

5.50%,

06/15/2025

(g)

7,180‌

7,413‌

6.38%,

07/15/2026

(g)

7,407‌

7,889‌

$

15,302‌

Electronics

-

0.32%

Sensata

Technologies

BV

5.00%,

10/01/2025

(g)

6,405‌

6,934‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electronics

(continued)

Sensata

Technologies

Inc

4.38%,

02/15/2030

(g)

$

2,440‌

$

2,473‌

$

9,407‌

Entertainment

-

4.83%

Boyne

USA

Inc

7.25%,

05/01/2025

(g)

10,180‌

11,045‌

Caesars

Resort

Collection

LLC

/

CRC

Finco

Inc

5.25%,

10/15/2025

(g)

18,190‌

18,461‌

CCM

Merger

Inc

6.00%,

03/15/2022

(g)

14,575‌

14,794‌

Eldorado

Resorts

Inc

6.00%,

04/01/2025

3,340‌

3,495‌

6.00%,

09/15/2026

14,030‌

15,380‌

Enterprise

Development

Authority/The

12.00%,

07/15/2024

(g)

15,640‌

17,934‌

International

Game

Technology

PLC

6.25%,

01/15/2027

(g)

2,030‌

2,279‌

6.50%,

02/15/2025

(g)

11,815‌

13,321‌

Lions

Gate

Capital

Holdings

LLC

5.88%,

11/01/2024

(g)

2,545‌

2,488‌

6.38%,

02/01/2024

(g)

8,885‌

8,930‌

Live

Nation

Entertainment

Inc

4.75%,

10/15/2027

(g)

6,080‌

6,255‌

Motion

Bondco

DAC

6.63%,

11/15/2027

(g),(h)

2,800‌

2,975‌

Scientific

Games

International

Inc

7.00%,

05/15/2028

(g)

2,720‌

2,870‌

7.25%,

11/15/2029

(g)

6,140‌

6,585‌

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

5.13%,

10/01/2029

(g)

13,670‌

14,183‌

$

140,995‌

Food

-

3.69%

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.63%,

01/15/2027

(g)

2,710‌

2,748‌

4.88%,

02/15/2030

(g),(m)

2,940‌

3,018‌

5.88%,

02/15/2028

(g)

905‌

966‌

6.63%,

06/15/2024

1,500‌

1,560‌

7.50%,

03/15/2026

(g)

17,225‌

19,077‌

B&G

Foods

Inc

5.25%,

09/15/2027

7,560‌

7,541‌

Ingles

Markets

Inc

5.75%,

06/15/2023

12,374‌

12,585‌

JBS

USA

LUX

SA

/

JBS

USA

Finance

Inc

5.75%,

06/15/2025

(g)

14,775‌

15,299‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

6.50%,

04/15/2029

(g)

15,915‌

17,825‌

Post

Holdings

Inc

5.00%,

08/15/2026

(g)

21,625‌

22,328‌

5.75%,

03/01/2027

(g)

4,490‌

4,737‌

$

107,684‌

Forest

Products

&

Paper

-

0.17%

Sappi

Papier

Holding

GmbH

7.50%,

06/15/2032

(g)

4,886‌

5,082‌

Healthcare

-

Services

-

4.08%

AHP

Health

Partners

Inc

9.75%,

07/15/2026

(g)

7,155‌

7,799‌

Centene

Corp

4.25%,

12/15/2027

(g)

3,395‌

3,539‌

4.63%,

12/15/2029

(g)

3,760‌

4,042‌

4.75%,

01/15/2025

(g)

5,565‌

5,743‌

5.25%,

04/01/2025

(g)

20,745‌

21,497‌

5.38%,

06/01/2026

(g)

1,455‌

1,548‌

6.13%,

02/15/2024

9,525‌

9,834‌

Charles

River

Laboratories

International

Inc

4.25%,

05/01/2028

(g)

2,660‌

2,699‌

Schedule

of

Investments

High

Yield

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

94

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

HCA

Inc

5.00%,

03/15/2024

$

12,405‌

$

13,734‌

5.50%,

06/15/2047

6,070‌

7,198‌

5.88%,

02/01/2029

9,215‌

10,874‌

Radiology

Partners

Inc

9.25%,

02/01/2028

(g)

6,070‌

6,313‌

Tenet

Healthcare

Corp

4.63%,

07/15/2024

13,860‌

14,206‌

5.13%,

11/01/2027

(g)

9,650‌

10,157‌

$

119,183‌

Home

Builders

-

3.14%

Century

Communities

Inc

5.88%,

07/15/2025

6,775‌

7,114‌

Forestar

Group

Inc

8.00%,

04/15/2024

(g)

10,685‌

11,647‌

Installed

Building

Products

Inc

5.75%,

02/01/2028

(g)

5,576‌

5,925‌

KB

Home

7.63%,

05/15/2023

6,670‌

7,516‌

Lennar

Corp

4.50%,

04/30/2024

4,537‌

4,843‌

4.75%,

11/15/2022

7,561‌

7,967‌

4.88%,

12/15/2023

5,060‌

5,427‌

LGI

Homes

Inc

6.88%,

07/15/2026

(g)

13,710‌

14,481‌

Taylor

Morrison

Communities

Inc

5.75%,

01/15/2028

(g)

5,305‌

5,809‌

Taylor

Morrison

Communities

Inc

/

Taylor

Morrison

Holdings

II

Inc

5.63%,

03/01/2024

(g)

8,500‌

9,180‌

Williams

Scotsman

International

Inc

6.88%,

08/15/2023

(g)

3,500‌

3,676‌

7.88%,

12/15/2022

(g)

7,817‌

8,149‌

$

91,734‌

Insurance

-

2.32%

Acrisure

LLC

/

Acrisure

Finance

Inc

8.13%,

02/15/2024

(g)

8,020‌

8,571‌

AssuredPartners

Inc

7.00%,

08/15/2025

(g)

7,725‌

7,860‌

CNO

Financial

Group

Inc

5.25%,

05/30/2029

6,175‌

6,962‌

Voya

Financial

Inc

5.65%,

05/15/2053

(i)

41,657‌

44,261‌

3

Month

USD

LIBOR

+

3.58%

$

67,654‌

Internet

-

1.20%

Netflix

Inc

4.38%,

11/15/2026

14,505‌

15,245‌

5.38%,

11/15/2029

(g)

2,440‌

2,656‌

Zayo

Group

LLC

/

Zayo

Capital

Inc

6.00%,

04/01/2023

16,915‌

17,274‌

$

35,175‌

Investment

Companies

-

0.73%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.25%,

05/15/2027

(g)

5,960‌

5,982‌

6.25%,

05/15/2026

8,515‌

8,938‌

6.38%,

12/15/2025

6,240‌

6,513‌

$

21,433‌

Iron

&

Steel

-

0.91%

AK

Steel

Corp

6.38%,

10/15/2025

(h)

9,710‌

9,540‌

7.50%,

07/15/2023

5,570‌

5,779‌

7.63%,

10/01/2021

2,465‌

2,474‌

Commercial

Metals

Co

4.88%,

05/15/2023

8,468‌

8,870‌

$

26,663‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Lodging

-

0.89%

MGM

China

Holdings

Ltd

5.88%,

05/15/2026

(g)

$

8,220‌

$

8,507‌

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp

5.25%,

05/15/2027

(g)

8,395‌

8,710‌

5.50%,

03/01/2025

(g)

965‌

1,006‌

Wynn

Macau

Ltd

5.13%,

12/15/2029

(g),(h)

7,750‌

7,692‌

$

25,915‌

Machinery

-

Diversified

-

0.49%

Cloud

Crane

LLC

10.13%,

08/01/2024

(g)

13,355‌

14,231‌

Media

-

11.07%

Altice

Financing

SA

5.00%,

01/15/2028

(g)

12,005‌

11,783‌

6.63%,

02/15/2023

(g)

6,390‌

6,502‌

7.50%,

05/15/2026

(g)

14,435‌

15,427‌

Altice

Finco

SA

8.13%,

01/15/2024

(g)

11,525‌

11,849‌

Altice

Luxembourg

SA

7.63%,

02/15/2025

(g)

10,065‌

10,465‌

10.50%,

05/15/2027

(g)

7,205‌

8,331‌

AMC

Networks

Inc

4.75%,

08/01/2025

11,380‌

11,489‌

5.00%,

04/01/2024

7,435‌

7,584‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.75%,

03/01/2030

(g)

6,700‌

6,888‌

5.13%,

05/01/2023

(g)

34,210‌

34,751‌

5.38%,

06/01/2029

(g)

9,270‌

9,919‌

5.50%,

05/01/2026

(g)

5,995‌

6,265‌

CSC

Holdings

LLC

5.50%,

04/15/2027

(g)

3,195‌

3,391‌

5.75%,

01/15/2030

(g)

6,840‌

7,353‌

6.50%,

02/01/2029

(g)

15,588‌

17,320‌

6.63%,

10/15/2025

(g)

4,225‌

4,460‌

7.50%,

04/01/2028

(g)

2,872‌

3,267‌

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co

5.38%,

08/15/2026

(g)

5,970‌

5,947‌

6.63%,

08/15/2027

(g),(h)

10,185‌

9,523‌

DISH

DBS

Corp

5.88%,

07/15/2022

12,915‌

13,561‌

5.88%,

11/15/2024

7,095‌

7,180‌

7.75%,

07/01/2026

8,255‌

8,668‌

LCPR

Senior

Secured

Financing

DAC

6.75%,

10/15/2027

(g)

9,580‌

10,131‌

Meredith

Corp

6.88%,

02/01/2026

18,155‌

18,683‌

Radiate

Holdco

LLC

/

Radiate

Finance

Inc

6.63%,

02/15/2025

(g)

3,925‌

3,964‌

6.88%,

02/15/2023

(g)

4,515‌

4,633‌

UPC

Holding

BV

5.50%,

01/15/2028

(g)

21,570‌

22,433‌

Virgin

Media

Finance

PLC

5.75%,

01/15/2025

(g)

6,897‌

7,104‌

6.00%,

10/15/2024

(g)

2,940‌

3,028‌

Ziggo

Bond

Co

BV

5.88%,

01/15/2025

(g)

855‌

880‌

6.00%,

01/15/2027

(g)

14,620‌

15,354‌

Ziggo

BV

5.50%,

01/15/2027

(g)

14,095‌

14,941‌

$

323,074‌

Metal

Fabrication

&

Hardware

-

0.44%

Advanced

Drainage

Systems

Inc

5.00%,

09/30/2027

(g)

5,810‌

5,999‌

Park-Ohio

Industries

Inc

6.63%,

04/15/2027

6,640‌

6,740‌

$

12,739‌

Schedule

of

Investments

High

Yield

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

95

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

-

2.47%

Constellium

SE

6.63%,

03/01/2025

(g)

$

5,550‌

$

5,723‌

First

Quantum

Minerals

Ltd

7.25%,

04/01/2023

(g)

6,650‌

6,604‌

7.50%,

04/01/2025

(g)

9,100‌

8,964‌

Hudbay

Minerals

Inc

7.63%,

01/15/2025

(g)

11,435‌

11,549‌

IAMGOLD

Corp

7.00%,

04/15/2025

(g)

13,415‌

13,818‌

Midwest

Vanadium

Pty

Ltd

0.00%,

02/15/2018

(d),(g)

10,465‌

21‌

Novelis

Corp

4.75%,

01/30/2030

(g)

14,955‌

15,021‌

Taseko

Mines

Ltd

8.75%,

06/15/2022

(g)

11,715‌

10,309‌

$

72,009‌

Oil

&

Gas

-

5.93%

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

7.00%,

11/01/2026

(g)

7,220‌

5,126‌

10.00%,

04/01/2022

(g)

8,256‌

8,091‌

Chesapeake

Oil

Op/Fin

Escrow

Shares

0.00%,

11/15/2019

(d),(e),(f)

11,835‌

—‌

CrownRock

LP

/

CrownRock

Finance

Inc

5.63%,

10/15/2025

(g)

9,680‌

9,766‌

Endeavor

Energy

Resources

LP

/

EER

Finance

Inc

5.50%,

01/30/2026

(g)

7,665‌

7,866‌

EP

Energy

LLC

/

Everest

Acquisition

Finance

Inc

7.75%,

05/15/2026

(g)

14,700‌

9,849‌

Extraction

Oil

&

Gas

Inc

7.38%,

05/15/2024

(g)

6,600‌

3,267‌

Gulfport

Energy

Corp

6.38%,

05/15/2025

16,640‌

8,320‌

Laredo

Petroleum

Inc

10.13%,

01/15/2028

13,400‌

11,957‌

MEG

Energy

Corp

7.13%,

02/01/2027

(g)

13,775‌

13,642‌

Nabors

Industries

Inc

5.75%,

02/01/2025

8,415‌

6,900‌

Nabors

Industries

Ltd

7.50%,

01/15/2028

(g)

3,570‌

3,534‌

Oasis

Petroleum

Inc

6.25%,

05/01/2026

(g),(h)

16,740‌

12,775‌

6.88%,

01/15/2023

(h)

235‌

222‌

Parkland

Fuel

Corp

5.88%,

07/15/2027

(g)

10,780‌

11,424‌

Sanchez

Energy

Corp

0.00%,

02/15/2023

(d),(g)

4,840‌

3,001‌

Shelf

Drilling

Holdings

Ltd

8.25%,

02/15/2025

(g)

7,970‌

7,412‌

SM

Energy

Co

6.63%,

01/15/2027

(h)

8,345‌

7,552‌

Southwestern

Energy

Co

7.75%,

10/01/2027

(h)

17,130‌

14,304‌

Sunoco

LP

/

Sunoco

Finance

Corp

4.88%,

01/15/2023

10,615‌

10,894‌

5.50%,

02/15/2026

8,170‌

8,405‌

Transocean

Inc

8.00%,

02/01/2027

(g)

4,525‌

4,212‌

Ultra

Resources

Inc/US

6.88%,

04/15/2022

(g)

7,440‌

744‌

Unit

Corp

6.63%,

05/15/2021

8,600‌

3,789‌

$

173,052‌

Oil

&

Gas

Services

-

0.11%

Calfrac

Holdings

LP

8.50%,

06/15/2026

(g)

8,080‌

3,070‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Packaging

&

Containers

-

4.25%

ARD

Finance

SA

6.50%,

PIK

7.25%,

06/30/2027

(g),(k),(l)

$

9,065‌

$

9,359‌

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc

4.13%,

08/15/2026

(g)

5,015‌

5,159‌

5.25%,

08/15/2027

(g)

4,725‌

4,955‌

6.00%,

02/15/2025

(g)

9,265‌

9,682‌

Cascades

Inc/Cascades

USA

Inc

5.38%,

01/15/2028

(g)

6,310‌

6,529‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

VI

4.75%,

02/01/2026

8,490‌

8,799‌

Crown

Cork

&

Seal

Co

Inc

7.38%,

12/15/2026

16,099‌

19,037‌

Flex

Acquisition

Co

Inc

6.88%,

01/15/2025

(g)

8,590‌

8,622‌

7.88%,

07/15/2026

(g)

5,705‌

5,791‌

Mauser

Packaging

Solutions

Holding

Co

7.25%,

04/15/2025

(g)

22,130‌

22,019‌

Reynolds

Group

Issuer

Inc

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

(Luxembourg)

S.A.

5.13%,

07/15/2023

(g)

15,260‌

15,573‌

5.33%,

07/15/2021

(g)

6,620‌

6,620‌

3

Month

USD

LIBOR

+

3.50%

7.00%,

07/15/2024

(g)

1,950‌

2,013‌

$

124,158‌

Pharmaceuticals

-

0.77%

Bausch

Health

Americas

Inc

8.50%,

01/31/2027

(g)

12,710‌

14,378‌

Bausch

Health

Cos

Inc

5.00%,

01/30/2028

(g)

5,065‌

5,129‌

Par

Pharmaceutical

Inc

7.50%,

04/01/2027

(g)

2,810‌

2,859‌

$

22,366‌

Pipelines

-

3.60%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.38%,

09/15/2024

5,790‌

5,127‌

5.75%,

03/01/2027

(g)

9,965‌

7,770‌

Buckeye

Partners

LP

3.95%,

12/01/2026

6,905‌

6,810‌

4.13%,

12/01/2027

6,220‌

6,135‌

5.85%,

11/15/2043

1,860‌

1,729‌

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp

5.63%,

05/01/2027

(g)

14,640‌

14,732‌

Global

Partners

LP

/

GLP

Finance

Corp

7.00%,

06/15/2023

9,225‌

9,456‌

Hess

Midstream

Operations

LP

5.63%,

02/15/2026

(g)

10,520‌

11,011‌

NuStar

Logistics

LP

5.63%,

04/28/2027

10,009‌

10,309‌

6.00%,

06/01/2026

2,835‌

2,983‌

Summit

Midstream

Holdings

LLC

/

Summit

Midstream

Finance

Corp

5.75%,

04/15/2025

9,965‌

7,665‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp

5.88%,

04/15/2026

6,382‌

6,733‌

6.50%,

07/15/2027

9,407‌

10,254‌

6.88%,

01/15/2029

3,867‌

4,261‌

$

104,975‌

REITs

-

0.62%

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

5.25%,

07/15/2024

(g)

7,400‌

7,770‌

SBA

Communications

Corp

3.88%,

02/15/2027

(g),(m)

4,165‌

4,222‌

Schedule

of

Investments

High

Yield

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

96

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

VICI

Properties

LP

/

VICI

Note

Co

Inc

4.63%,

12/01/2029

(g)

$

5,765‌

$

6,025‌

$

18,017‌

Retail

-

2.11%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.38%,

01/15/2028

(g)

3,835‌

3,844‌

5.00%,

10/15/2025

(g)

14,895‌

15,367‌

Claire's

Stores

Escrow

-

GCB

0.00%,

03/15/2019

(d),(e),(f)

6,962‌

—‌

Golden

Nugget

Inc

6.75%,

10/15/2024

(g)

15,595‌

16,027‌

IRB

Holding

Corp

6.75%,

02/15/2026

(g)

10,450‌

10,878‌

Yum!

Brands

Inc

4.75%,

01/15/2030

(g)

14,555‌

15,556‌

$

61,672‌

Savings

&

Loans

-

0.00%

Washington

Mutual

Bank

/

Henderson

NV

0.00%,

06/15/2011

(d),(e),(f)

3,500‌

—‌

0.00%,

01/15/2013

(d)

3,000‌

—‌

0.00%,

01/15/2015

(d),(e),(f)

2,000‌

—‌

3

Month

USD

LIBOR

+

0.65%

$

—‌

Semiconductors

-

0.41%

Sensata

Technologies

UK

Financing

Co

PLC

6.25%,

02/15/2026

(g)

11,500‌

12,077‌

Software

-

0.58%

Epicor

Software

Corp

9.19%,

06/30/2023

(g)

5,658‌

5,658‌

3

Month

USD

LIBOR

+

7.25%

Open

Text

Corp

5.88%,

06/01/2026

(g)

6,635‌

7,008‌

PTC

Inc

3.63%,

02/15/2025

(g),(m)

1,545‌

1,559‌

4.00%,

02/15/2028

(g),(m)

2,675‌

2,702‌

$

16,927‌

Telecommunications

-

6.83%

Altice

France

SA/France

5.50%,

01/15/2028

(g)

6,670‌

6,812‌

8.13%,

02/01/2027

(g)

11,545‌

12,901‌

CenturyLink

Inc

4.00%,

02/15/2027

(g)

4,120‌

4,154‌

CommScope

Inc

8.25%,

03/01/2027

(g)

5,170‌

5,312‌

Embarq

Corp

8.00%,

06/01/2036

14,230‌

15,816‌

GTT

Communications

Inc

7.88%,

12/31/2024

(g)

8,560‌

6,677‌

Intelsat

Jackson

Holdings

SA

5.50%,

08/01/2023

24,740‌

19,854‌

8.00%,

02/15/2024

(g)

3,235‌

3,310‌

Level

3

Financing

Inc

5.13%,

05/01/2023

4,440‌

4,461‌

5.38%,

01/15/2024

6,895‌

6,978‌

Sprint

Capital

Corp

8.75%,

03/15/2032

6,850‌

7,586‌

Sprint

Communications

Inc

6.00%,

11/15/2022

13,755‌

14,202‌

7.00%,

08/15/2020

7,000‌

7,124‌

Sprint

Corp

7.13%,

06/15/2024

8,840‌

9,130‌

7.88%,

09/15/2023

14,995‌

15,931‌

Telecom

Italia

Capital

SA

6.38%,

11/15/2033

3,120‌

3,639‌

Telecom

Italia

SpA/Milano

5.30%,

05/30/2024

(g)

13,065‌

14,241‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

T-Mobile

USA

Inc

0.00%,

04/15/2022

(d),(e),(f)

$

6,740‌

$

—‌

0.00%,

01/15/2024

(d),(e),(f)

4,025‌

—‌

0.00%,

04/15/2024

(d),(e),(f)

4,245‌

—‌

0.00%,

04/15/2025

(d),(e),(f)

13,770‌

—‌

0.00%,

01/15/2026

(d),(e),(f)

11,120‌

—‌

0.00%,

02/01/2026

(d),(e),(f)

3,515‌

—‌

4.00%,

04/15/2022

1,740‌

1,788‌

5.13%,

04/15/2025

13,770‌

14,180‌

6.50%,

01/15/2024

4,025‌

4,131‌

6.50%,

01/15/2026

11,120‌

11,859‌

Ypso

Finance

Bis

SA

6.00%,

02/15/2028

(g),(m)

9,470‌

9,382‌

$

199,468‌

Transportation

-

1.41%

Eletson

Holdings

Inc

/

Eletson

Finance

US

LLC

/

Agathonissos

Finance

LLC

0.00%,

01/15/2022

(d)

18,905‌

5,908‌

Navios

Maritime

Acquisition

Corp

/

Navios

Acquisition

Finance

US

Inc

8.13%,

11/15/2021

(g)

25,690‌

20,359‌

Navios

Maritime

Holdings

Inc

/

Navios

Maritime

Finance

II

US

Inc

7.38%,

01/15/2022

(g)

9,350‌

4,769‌

11.25%,

08/15/2022

(g)

6,870‌

4,603‌

Navios

South

American

Logistics

Inc

/

Navios

Logistics

Finance

US

Inc

7.25%,

05/01/2022

(g),(h)

5,690‌

5,576‌

$

41,215‌

Trucking

&

Leasing

-

0.50%

DAE

Funding

LLC

4.50%,

08/01/2022

(g)

5,235‌

5,327‌

5.75%,

11/15/2023

(g)

8,890‌

9,334‌

$

14,661‌

TOTAL

BONDS

$

2,555,307‌

CONVERTIBLE

BONDS

-

0.00%

Principal

Amount

(000's)

Value

(000's)

Food

-

0.00%

Fresh

Express

Delivery

Holding

Group

Co

Ltd

0.00%,

11/09/2009

(d),(e),(f)

HKD

46,500‌

—‌

0.00%,

10/18/2010

(d),(e),(f)

CNY

245,000‌

—‌

$

—‌

TOTAL

CONVERTIBLE

BONDS

$

—‌

SENIOR

FLOATING

RATE

INTERESTS

-

9.54%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.14%

TransDigm

Inc

0.00%,

05/30/2025

(n),(o)

$

3,990‌

$

3,986‌

3

Month

USD

LIBOR

+

2.50%

Automobile

Manufacturers

-

0.29%

Navistar

Inc

5.18%,

11/06/2024

(o)

8,367‌

8,374‌

3

Month

USD

LIBOR

+

3.00%

Commercial

Services

-

0.17%

Garda

World

Security

Corp

6.66%,

10/23/2026

(o)

2,899‌

2,916‌

1

Month

USD

LIBOR

+

4.75%

Refinitiv

US

Holdings

Inc

4.90%,

10/01/2025

(o)

2,058‌

2,077‌

3

Month

USD

LIBOR

+

3.00%

$

4,993‌

Computers

-

0.51%

McAfee

LLC

10.16%,

09/29/2025

(o)

14,917‌

15,024‌

3

Month

USD

LIBOR

+

3.25%

Schedule

of

Investments

High

Yield

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

97

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Consumer

Products

-

0.17%

Prestige

Brands

Inc

3.65%,

01/26/2024

(o)

$

5,088‌

$

5,116‌

3

Month

USD

LIBOR

+

2.00%

Diversified

Financial

Services

-

0.37%

Russell

Investments

US

Institutional

Holdco

Inc

4.90%,

06/01/2023

(o)

10,697‌

10,694‌

3

Month

USD

LIBOR

+

2.00%

Electrical

Components

&

Equipment

-

0.01%

Energizer

Holdings

Inc

4.06%,

12/17/2025

(o)

356‌

357‌

3

Month

USD

LIBOR

+

4.50%

Entertainment

-

0.34%

Eldorado

Resorts

Inc

3.94%,

04/17/2024

(o)

5,573‌

5,568‌

3

Month

USD

LIBOR

+

3.00%

Lions

Gate

Capital

Holdings

LLC

3.90%,

03/24/2025

(o)

4,399‌

4,370‌

3

Month

USD

LIBOR

+

2.00%

$

9,938‌

Environmental

Control

-

0.28%

Filtration

Group

Corp

4.65%,

03/31/2025

(o)

8,048‌

8,077‌

3

Month

USD

LIBOR

+

1.75%

Food

-

0.52%

Bellring

Brands

LLC

6.65%,

10/21/2024

(o)

14,829‌

15,052‌

1

Month

USD

LIBOR

+

5.00%

Forest

Products

&

Paper

-

0.19%

Pixelle

Specialty

Solutions

LLC

0.00%,

10/31/2024

(n),(o)

5,560‌

5,440‌

1

Month

USD

LIBOR

+

6.50%

Healthcare

-

Services

-

0.45%

RegionalCare

Hospital

Partners

Holdings

Inc

5.40%,

11/14/2025

(o)

12,971‌

13,018‌

3

Month

USD

LIBOR

+

4.50%

Insurance

-

0.38%

Acrisure

LLC

6.19%,

11/22/2023

(o)

4,987‌

4,987‌

3

Month

USD

LIBOR

+

4.25%

Asurion

LLC

4.65%,

11/03/2023

(o)

5,109‌

5,113‌

1

Month

USD

LIBOR

+

7.25%

8.15%,

08/04/2025

(o)

1,085‌

1,101‌

3

Month

USD

LIBOR

+

3.25%

$

11,201‌

Lodging

-

0.61%

Golden

Nugget

LLC

4.40%,

10/04/2023

(o)

2,985‌

2,989‌

3

Month

USD

LIBOR

+

2.25%

Marriott

Ownership

Resorts

Inc

3.40%,

08/29/2025

(o)

6,421‌

6,418‌

1

Month

USD

LIBOR

+

1.75%

Spectacle

Gary

Holdings

LLC

11.00%,

12/23/2025

(o)

7,949‌

8,267‌

1

Month

USD

LIBOR

+

9.00%

$

17,674‌

Media

-

0.48%

CSC

Holdings

LLC

4.18%,

04/15/2027

(o)

3,195‌

3,201‌

1

Month

USD

LIBOR

+

2.50%

Diamond

Sports

Group

LLC

4.91%,

08/24/2026

(o)

3,237‌

3,232‌

1

Month

USD

LIBOR

+

3.50%

Radiate

Holdco

LLC

4.65%,

02/01/2024

(o)

7,481‌

7,482‌

3

Month

USD

LIBOR

+

3.00%

$

13,915‌

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

-

0.23%

California

Resources

Corp

6.40%,

12/31/2022

(o)

$

7,570‌

$

6,830‌

3

Month

USD

LIBOR

+

3.50%

Packaging

&

Containers

-

0.27%

Mauser

Packaging

Solutions

Holding

Co

5.08%,

04/03/2024

(o)

5,950‌

5,900‌

3

Month

USD

LIBOR

+

8.50%

Reynolds

Consumer

Products

LLC

0.00%,

01/29/2027

(n),(o)

2,000‌

2,008‌

1

Month

USD

LIBOR

+

1.75%

$

7,908‌

Pharmaceuticals

-

1.56%

Bausch

Health

Americas

Inc

4.42%,

11/14/2025

(o)

9,397‌

9,424‌

3

Month

USD

LIBOR

+

8.75%

4.67%,

05/19/2025

(o)

21,403‌

21,478‌

3

Month

USD

LIBOR

+

7.50%

Endo

International

PLC

5.94%,

04/29/2024

(o)

15,379‌

14,802‌

3

Month

USD

LIBOR

+

4.00%

$

45,704‌

Pipelines

-

0.21%

Buckeye

Partners

LP

4.53%,

11/01/2026

(o)

6,045‌

6,093‌

1

Month

USD

LIBOR

+

2.75%

Retail

-

1.11%

Academy

Ltd

5.77%,

07/01/2022

(o)

11,513‌

9,202‌

3

Month

USD

LIBOR

+

4.50%

Claire's

Stores

Inc

8.42%,

12/18/2026

(o)

3,129‌

3,028‌

1

Month

USD

LIBOR

+

6.50%

IRB

Holding

Corp

4.38%,

02/05/2025

(o)

6,097‌

6,105‌

1

Month

USD

LIBOR

+

2.75%

PetSmart

Inc

5.67%,

03/11/2022

(o)

14,273‌

14,229‌

1

Month

USD

LIBOR

+

4.00%

$

32,564‌

Telecommunications

-

1.25%

Avaya

Inc

5.93%,

12/16/2024

(o)

15,302‌

14,961‌

3

Month

USD

LIBOR

+

6.00%

Level

3

Financing

Inc

3.35%,

03/01/2027

(o)

3,458‌

3,450‌

1

Month

USD

LIBOR

+

1.75%

Maxar

Technologies

Ltd

4.40%,

10/05/2024

(o)

18,835‌

18,146‌

3

Month

USD

LIBOR

+

4.25%

$

36,557‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

278,515‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

1.75%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

1.75%

1.75%,

11/15/2029

$

50,000‌

$

51,041‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

51,041‌

Total

Investments

$

3,019,569‌

Other

Assets

and

Liabilities

-  (3.42)%

(99,711‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,919,858‌

Schedule

of

Investments

High

Yield

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

98

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$23,661

or

0.81%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(f)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$2,220

or

0.08%

of

net

assets.

(g)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,641,706

or

56.23%

of

net

assets.

(h)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(i)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(j)

Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(k)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(l)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(m)

Security

purchased

on

a

when-issued

basis.

(n)

This

Senior

Floating

Rate

Note

will

settle

after

January

31,

2020,

at

which

time

the

interest

rate

will

be

determined.

(o)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

Portfolio

Summary  (unaudited)

Sector

Percent

Communications

20.83‌%

Consumer,

Cyclical

15.87‌%

Consumer,

Non-cyclical

15.40‌%

Industrial

13.07‌%

Financial

11.10‌%

Energy

10.11‌%

Basic

Materials

6.32‌%

Money

Market

Funds

4.50‌%

Technology

2.51‌%

Utilities

1.96‌%

Government

1.75‌%

Other

Assets

and

Liabilities

(3.42‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

145,374‌

$

345,324‌

$

364,919‌

$

125,779‌

$

145,374‌

$

345,324‌

$

364,919‌

$

125,779‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

410‌

$

—‌

$

—‌

$

—‌

$

410‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

January

31,

2020

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.33.HY.5

N/A

(5.00)%

Quarterly

12/20/2024

$

24,750‌

$

(2,064‌)

$

(13‌)

$

(2,077‌)

Total

$

(2,064‌)

$

(13‌)

$

(2,077‌)

Amounts

in

thousands.

(a)

Implied

credit

spreads,

represented

in

absolute

terms,

used

in

determining

the

market

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

as

of

period

end

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

99

INVESTMENT

COMPANIES

-

2.55%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.55%

Principal

Government

Money

Market

Fund

1.43%

(a),(b)

44,558,026‌

$

44,558‌

TOTAL

INVESTMENT

COMPANIES

$

44,558‌

BONDS

-

6.06%

Principal

Amount

(000's)

Value

(000's)

Commercial

Mortgage

Backed

Securities

-

0.00%

CD

2007-CD4

Commercial

Mortgage

Trust

1.38%,

12/11/2049

(c),(d),(e)

$

4‌

$

—‌

Commercial

Mortgage

Trust

2007-GG9

0.84%,

03/10/2039

(c),(d),(e)

305‌

—‌

Ginnie

Mae

1.46%,

03/16/2047

(c),(d)

154‌

6‌

ML-CFC

Commercial

Mortgage

Trust

2006-3

0.99%,

07/12/2046

(c),(d),(e)

65‌

—‌

$

6‌

Home

Equity

Asset

Backed

Securities

-

0.00%

Option

One

Mortgage

Loan

Trust

2005-1

3.16%,

02/25/2035

23‌

13‌

1.00

x

1

Month

USD

LIBOR

+

1.50%

Mortgage

Backed

Securities

-

0.07%

Chase

Mortgage

Finance

Trust

Series

2007-A2

4.79%,

06/25/2035

(d)

40‌

41‌

Fannie

Mae

REMIC

Trust

2004-W5

2.11%,

02/25/2047

19‌

19‌

1.00

x

1

Month

USD

LIBOR

+

0.45%

Fannie

Mae

REMIC

Trust

2005-W2

1.86%,

05/25/2035

7‌

7‌

1.00

x

1

Month

USD

LIBOR

+

0.20%

Impac

CMB

Trust

Series

2004-5

3.99%,

10/25/2034

9‌

9‌

1.00

x

1

Month

USD

LIBOR

+

2.33%

Impac

CMB

Trust

Series

2004-6

2.64%,

10/25/2034

7‌

7‌

1.00

x

1

Month

USD

LIBOR

+

0.98%

Impac

CMB

Trust

Series

2005-1

2.28%,

04/25/2035

70‌

70‌

1.00

x

1

Month

USD

LIBOR

+

0.62%

Impac

CMB

Trust

Series

2005-5

2.43%,

08/25/2035

14‌

13‌

1.00

x

1

Month

USD

LIBOR

+

0.77%

Merrill

Lynch

Alternative

Note

Asset

Trust

Series

2007-A3

1.87%,

04/25/2037

2,072‌

1,050‌

1.00

x

1

Month

USD

LIBOR

+

0.21%

WaMu

Mortgage

Pass-Through

Certificates

Series

2005-AR2

Trust

2.03%,

01/25/2045

34‌

33‌

1.00

x

1

Month

USD

LIBOR

+

0.37%

$

1,249‌

Other

Asset

Backed

Securities

-

0.00%

Argent

Securities

Trust

2006-W3

1.78%,

04/25/2036

27‌

11‌

1.00

x

1

Month

USD

LIBOR

+

0.12%

Countrywide

Asset-Backed

Certificates

2.79%,

12/25/2032

15‌

15‌

1.00

x

1

Month

USD

LIBOR

+

1.13%

Fannie

Mae

REMIC

Trust

2003-W16

2.09%,

11/25/2033

1‌

1‌

1.00

x

1

Month

USD

LIBOR

+

0.15%

Long

Beach

Mortgage

Loan

Trust

2004-2

2.46%,

06/25/2034

29‌

29‌

1.00

x

1

Month

USD

LIBOR

+

0.80%

$

56‌

Sovereign

-

5.99%

Colombia

Government

International

Bond

3.00%,

01/30/2030

2,165‌

2,183‌

Italy

Buoni

Poliennali

Del

Tesoro

1.30%,

05/15/2028

(e)

EUR

22,417‌

27,516‌

3.85%,

09/01/2049

(e)

4,665‌

7,388‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Japanese

Government

CPI

Linked

Bond

0.10%,

03/10/2027

JPY

1,910,000‌

$

18,054‌

0.10%,

03/10/2028

1,771,814‌

16,751‌

0.10%,

03/10/2029

2,243,402‌

21,220‌

Mexico

Government

International

Bond

3.25%,

04/16/2030

$

2,022‌

2,057‌

New

Zealand

Government

Inflation

Linked

Bond

2.50%,

09/20/2035

NZD

7,654‌

6,426‌

2.50%,

09/20/2040

3,581‌

3,136‌

$

104,731‌

TOTAL

BONDS

$

106,055‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

93.05%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

Inflation-Indexed

Obligations

-

93.05%

0.13%,

01/15/2022

$

89,859‌

$

90,071‌

0.13%,

04/15/2022

108,579‌

108,793‌

0.13%,

07/15/2022

19,546‌

19,710‌

0.13%,

01/15/2023

36,932‌

37,188‌

0.13%,

07/15/2024

46,211‌

47,037‌

0.13%,

07/15/2026

49,909‌

51,055‌

0.13%,

01/15/2030

38,395‌

39,338‌

0.25%,

01/15/2025

85,633‌

87,567‌

0.25%,

07/15/2029

53,534‌

55,620‌

0.38%,

07/15/2023

26,032‌

26,592‌

0.38%,

07/15/2025

63,452‌

65,686‌

0.38%,

01/15/2027

56,062‌

58,133‌

0.38%,

07/15/2027

43,631‌

45,503‌

0.50%,

01/15/2028

69,362‌

72,873‌

0.63%,

07/15/2021

15,493‌

15,652‌

0.63%,

04/15/2023

59,243‌

60,567‌

0.63%,

01/15/2024

76,062‌

78,466‌

0.63%,

01/15/2026

(f)

128,863‌

135,041‌

0.63%,

02/15/2043

36,124‌

38,944‌

0.75%,

07/15/2028

52,584‌

56,710‌

0.75%,

02/15/2042

27,861‌

30,769‌

0.75%,

02/15/2045

(g)

41,762‌

46,396‌

0.88%,

01/15/2029

76,294‌

83,161‌

0.88%,

02/15/2047

5,397‌

6,224‌

1.00%,

02/15/2046

24,474‌

28,848‌

1.00%,

02/15/2048

29,883‌

35,634‌

1.00%,

02/15/2049

23,831‌

28,637‌

1.38%,

02/15/2044

15,851‌

19,884‌

1.75%,

01/15/2028

18,324‌

21,055‌

2.00%,

01/15/2026

16,348‌

18,465‌

2.13%,

02/15/2040

12,788‌

17,621‌

2.13%,

02/15/2041

13,330‌

18,547‌

2.38%,

01/15/2025

3,769‌

4,249‌

2.38%,

01/15/2027

31,618‌

37,199‌

2.50%,

01/15/2029

12,745‌

15,732‌

3.38%,

04/15/2032

9,354‌

13,237‌

3.88%,

04/15/2029

8,476‌

11,567‌

$

1,627,771‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,627,771‌

TOTAL

PURCHASED

OPTIONS

-

0.05%

$

861‌

TOTAL

PURCHASED

INTEREST

RATE

SWAPTIONS

-

0.35%

$

6,081‌

TOTAL

PURCHASED

CAPPED

OPTIONS

-

0.00%

86‌

Total

Investments

$

1,785,412‌

Other

Assets

and

Liabilities

-  (2.06)%

(36,080‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,749,332‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Security

is

an

Interest

Only

Strip.

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

100

(d)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(e)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$34,904

or

2.00%

of

net

assets.

(f)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,077

or

0.46%

of

net

assets.

(g)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,657

or

0.21%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Government

99.04‌%

Money

Market

Funds

2.55‌%

Purchased

Interest

Rate

Swaptions

0.35‌%

Mortgage

Securities

0.07‌%

Purchased

Options

0.05‌%

Asset

Backed

Securities

0.00‌%

Purchased

Capped

Options

0.00‌%

Other

Assets

and

Liabilities

(2.06‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

38,171‌

$

188,387‌

$

182,000‌

$

44,558‌

$

38,171‌

$

188,387‌

$

182,000‌

$

44,558‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

118‌

$

—‌

$

—‌

$

—‌

$

118‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Purchased

Capped

Options

Description

Counterparty

Range

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

5Y-30Y

CMS

Index

Cap

Barclays

Bank

PLC

Max

(0,

5Y

CMS-0.35%)

Receive

$

54,600‌

0.35%

04/07/2020

$

25‌

$

34‌

$

9‌

Put

-

5Y-30Y

CMS

Index

Cap

Barclays

Bank

PLC

Max

(0,

5Y

CMS-0.35%)

Receive

54,600‌

0.35%

04/07/2020

23‌

34‌

11‌

Put

-

5Y-30Y

CMS

Index

Cap

Morgan

Stanley

&

Co

Max

(0,

5Y

CMS-0.37%)

Pay

25,700‌

0.37%

02/13/2020

19‌

3‌

(16‌)

Call

-

5Y-30Y

CMS

Index

Floor

Deutsche

Bank

AG

Max

(0,

5Y

CMS-0.35%)

Receive

27,080‌

0.35%

07/09/2020

23‌

5‌

(18‌)

Call

-

5Y-30Y

CMS

Index

Floor

JPMorgan

Chase

Max

(0,

5Y

CMS-0.40%)

Receive

26,890‌

0.40%

06/30/2020

21‌

10‌

(11‌)

Total

$

111‌

$

86‌

$

(25‌)

Written

Capped

Options

Description

Counterparty

Range

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

5Y-30Y

CMS

Index

Cap

Barclays

Bank

PLC

Max

(0,

5Y

CMS-0.45%)

Pay

$

54,600‌

0.45%

04/07/2020

$

(6‌)

$

(12‌)

$

(6‌)

Put

-

5Y-30Y

CMS

Index

Cap

Barclays

Bank

PLC

Max

(0,

5Y

CMS-0.45%)

Pay

54,600‌

0.45%

04/07/2020

(5‌)

(11‌)

(6‌)

Call

-

5Y-30Y

CMS

Index

Cap

Morgan

Stanley

&

Co

Max

(0,

5Y

CMS-0.47%)

Receive

25,700‌

0.47%

02/13/2020

(9‌)

—‌

9‌

Put

-

5Y-30Y

CMS

Index

Floor

Deutsche

Bank

AG

Max

(0,

5Y

CMS-0.25%)

Pay

54,160‌

0.25%

07/09/2020

(26‌)

(1‌)

25‌

Put

-

5Y-30Y

CMS

Index

Floor

JPMorgan

Chase

Max

(0,

5Y

CMS-0.30%)

Pay

53,790‌

0.30%

06/30/2020

(28‌)

(3‌)

25‌

Total

$

(74‌)

$

(27‌)

$

47‌

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

GBP

versus

USD

Citigroup

Inc

1

GBP

13,525‌

GBP

1.35‌

05/04/2020

$

299‌

$

91‌

$

(208‌)

Call

-

90

Day

Eurodollar

Future;

December

2021

N/A

638‌

$

1,595‌

$

99.75‌

12/14/2021

113‌

72‌

(41‌)

Put

-

90

Day

Eurodollar

Future;

June

2022

N/A

143‌

$

358‌

$

98.25‌

06/15/2020

32‌

6‌

(26‌)

Call

-

90

Day

Eurodollar

Future;

March

2020

N/A

450‌

$

1,125‌

$

97.75‌

03/17/2020

76‌

686‌

610‌

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

101

Options

(continued)

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Euro

Bond

10

Year

Bond

Future;

March

2020

N/A

31‌

EUR

31‌

EUR

171.00‌

02/24/2020

$

26‌

$

1‌

$

(25‌)

Put

-

US

10

Year

Note

Future;

June

2020

N/A

29‌

$

29‌

$

128.50‌

03/30/2020

14‌

3‌

(11‌)

Put

-

US

10

Year

Note

Future;

June

2020

N/A

25‌

$

25‌

$

128.00‌

03/30/2020

8‌

2‌

(6‌)

Total

$

568‌

$

861‌

$

293‌

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

GBP

versus

USD

Deutsche

Bank

AG

1

GBP

13,525‌

GBP

1.35‌

05/04/2020

$

(172‌)

$

(91‌)

$

81‌

Call

-

90

Day

Eurodollar

Future;

December

2021

N/A

319‌

$

798‌

$

99.38‌

12/14/2021

(139‌)

(104‌)

35‌

Call

-

90

Day

Eurodollar

Future;

March

2020

N/A

450‌

$

1,125‌

$

97.88‌

03/17/2020

(62‌)

(546‌)

(484‌)

Total

$

(373‌)

$

(741‌)

$

(368‌)

Amounts

in

thousands

except

contracts/shares.

Interest

Rate

Swaptions

Purchased

Swaptions

Outstanding

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

$

33,110‌

1.77%

11/06/2024

$

179‌

$

137‌

$

(42‌)

Put

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

57,582‌

2.10%

05/14/2020

140‌

—‌

(140‌)

Call

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

57,582‌

2.10%

05/14/2020

139‌

394‌

255‌

Call

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

33,110‌

1.77%

11/06/2024

179‌

245‌

66‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

JPY

LIBOR

Pay

JPY

2,357,900‌

1.10%

06/30/2022

321‌

14‌

(307‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

1,420‌

3.08%

01/30/2029

81‌

35‌

(46‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

1,420‌

3.08%

01/30/2029

81‌

179‌

98‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,873‌

1.72%

05/20/2020

66‌

22‌

(44‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

1,410‌

3.05%

01/11/2029

80‌

35‌

(45‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

1,410‌

3.05%

01/11/2029

80‌

175‌

95‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,705‌

3.09%

12/07/2038

172‌

458‌

286‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

4,872‌

2.98%

03/08/2024

224‌

614‌

390‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

4,872‌

2.98%

03/08/2024

224‌

54‌

(170‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,705‌

3.09%

12/07/2038

172‌

120‌

(52‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

4,870‌

2.95%

03/13/2024

220‌

57‌

(163‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

5,610‌

2.25%

08/09/2022

133‌

87‌

(46‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,740‌

1.46%

08/17/2021

205‌

158‌

(47‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

5,740‌

1.46%

08/17/2021

205‌

194‌

(11‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

17,020‌

2.35%

07/14/2020

64‌

16‌

(48‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

4,870‌

2.95%

03/13/2024

219‌

603‌

384‌

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

1,295‌

2.86%

02/23/2039

64‌

48‌

(16‌)

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

102

Interest

Rate

Swaptions

(continued)

Purchased

Swaptions

Outstanding

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

$

1,310‌

2.99%

04/28/2038

$

62‌

$

45‌

$

(17‌)

Call

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

1,310‌

2.99%

04/28/2038

61‌

155‌

94‌

Call

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

1,295‌

2.86%

02/23/2039

64‌

145‌

81‌

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

5,530‌

2.25%

08/03/2022

149‌

85‌

(64‌)

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

5,390‌

2.50%

06/14/2024

243‌

115‌

(128‌)

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

5,390‌

2.50%

06/21/2024

218‌

115‌

(103‌)

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

1,410‌

3.04%

01/12/2029

80‌

35‌

(45‌)

Call

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

1,410‌

3.04%

01/12/2029

80‌

173‌

93‌

Call

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

20,318‌

1.50%

06/02/2020

61‌

101‌

40‌

Call

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

56,710‌

1.20%

09/24/2020

178‌

191‌

13‌

Call

-

2

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

37,540‌

1.25%

08/11/2020

179‌

121‌

(58‌)

Call

-

20

Year

Interest

Rate

Swap

JPMorgan

Chase

6

Month

JPY

LIBOR

Receive

JPY

151,300‌

0.78%

04/19/2021

48‌

148‌

100‌

Put

-

20

Year

Interest

Rate

Swap

JPMorgan

Chase

6

Month

JPY

LIBOR

Receive

151,300‌

0.78%

04/19/2021

47‌

3‌

(44‌)

Put

-

30

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

6,520‌

2.85%

05/10/2022

379‌

85‌

(294‌)

Put

-

30

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

5,130‌

3.80%

06/08/2021

200‌

7‌

(193‌)

Call

-

30

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

4,500‌

1.60%

06/12/2020

193‌

138‌

(55‌)

Call

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

13,420‌

2.52%

02/27/2020

147‌

774‌

627‌

Put

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

13,420‌

2.52%

02/27/2020

148‌

—‌

(148‌)

Total

$

5,785‌

$

6,081‌

$

296‌

Written

Swaptions

Outstanding

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

1

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

$

86,280‌

2.15%

05/28/2021

$

(242‌)

$

(22‌)

$

220‌

Put

-

1

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

63,350‌

2.35%

05/18/2021

(129‌)

(9‌)

120‌

Put

-

1

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

66,390‌

1.76%

06/11/2020

(190‌)

(6‌)

184‌

Call

-

1

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

66,390‌

1.76%

06/11/2020

(190‌)

(251‌)

(61‌)

Call

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

33,110‌

1.58%

11/06/2020

(78‌)

(123‌)

(45‌)

Put

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

33,110‌

1.58%

11/06/2020

(78‌)

(20‌)

58‌

Put

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

63,980‌

2.31%

04/07/2020

(136‌)

—‌

136‌

Put

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

63,980‌

2.33%

04/07/2020

(138‌)

—‌

138‌

Call

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

5,530‌

1.33%

08/06/2020

(17‌)

(8‌)

9‌

Put

-

1

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

5,530‌

1.33%

08/06/2020

(16‌)

(8‌)

8‌

Put

-

1

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

106,820‌

2.40%

06/02/2021

(194‌)

(15‌)

179‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

7,180‌

1.25%

08/20/2020

(124‌)

(77‌)

47‌

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

103

Interest

Rate

Swaptions

(continued)

Written

Swaptions

Outstanding

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

5,520‌

1.65%

01/11/2022

$

(128‌)

$

(212‌)

$

(84‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,520‌

2.15%

01/11/2022

(129‌)

(74‌)

55‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

5,590‌

1.60%

01/07/2022

(128‌)

(201‌)

(73‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,590‌

2.10%

01/07/2022

(129‌)

(81‌)

48‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

10,870‌

3.87%

06/08/2021

(213‌)

(6‌)

207‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,610‌

3.25%

08/09/2022

(33‌)

(17‌)

16‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

7,450‌

1.74%

11/20/2020

(179‌)

(93‌)

86‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,740‌

1.64%

11/03/2020

(90‌)

(58‌)

32‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,740‌

1.64%

11/03/2020

(90‌)

(111‌)

(21‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,740‌

1.62%

11/03/2020

(92‌)

(109‌)

(17‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

7,450‌

1.74%

11/20/2020

(180‌)

(273‌)

(93‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

7,307‌

2.79%

03/09/2021

(218‌)

(15‌)

203‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,490‌

1.62%

09/15/2020

(87‌)

(94‌)

(7‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,490‌

1.62%

09/15/2020

(87‌)

(50‌)

37‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

6,970‌

1.76%

09/17/2020

(175‌)

(252‌)

(77‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

6,970‌

1.76%

09/17/2020

(175‌)

(67‌)

108‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,740‌

1.62%

11/03/2020

(91‌)

(59‌)

32‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,610‌

2.75%

08/09/2022

(68‌)

(40‌)

28‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

3,930‌

3.05%

03/13/2029

(209‌)

(486‌)

(277‌)

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

14,210‌

2.75%

05/10/2022

(412‌)

(83‌)

329‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,930‌

3.05%

03/13/2029

(208‌)

(99‌)

109‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,670‌

1.95%

07/14/2020

(61‌)

(21‌)

40‌

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

7,307‌

2.79%

03/09/2021

(218‌)

(888‌)

(670‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

7,170‌

2.20%

06/12/2020

(157‌)

(500‌)

(343‌)

Call

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

5,740‌

1.42%

08/18/2020

(149‌)

(94‌)

55‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,390‌

2.30%

06/16/2020

(78‌)

(5‌)

73‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,740‌

1.42%

08/18/2020

(149‌)

(125‌)

24‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

7,170‌

2.20%

06/12/2020

(156‌)

(8‌)

148‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

3,870‌

2.35%

07/13/2020

(41‌)

(4‌)

37‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,450‌

2.30%

07/27/2020

(70‌)

(7‌)

63‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

2,990‌

2.00%

08/04/2020

(45‌)

(11‌)

34‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

2,660‌

1.75%

08/10/2020

(44‌)

(22‌)

22‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

7,180‌

1.65%

08/20/2020

(124‌)

(85‌)

39‌

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

104

Interest

Rate

Swaptions

(continued)

Written

Swaptions

Outstanding

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

$

3,870‌

2.35%

07/13/2020

$

(39‌)

$

(4‌)

$

35‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

16,250‌

0.18%

07/17/2020

(222‌)

(61‌)

161‌

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

$

7,180‌

1.60%

08/18/2020

(133‌)

(97‌)

36‌

Call

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

7,180‌

1.20%

08/18/2020

(133‌)

(67‌)

66‌

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

5,530‌

3.25%

08/03/2022

(36‌)

(17‌)

19‌

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Pay

5,530‌

2.75%

08/03/2022

(76‌)

(39‌)

37‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,730‌

2.25%

08/21/2024

(170‌)

(166‌)

4‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,390‌

3.00%

06/21/2024

(132‌)

(65‌)

67‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,500‌

1.95%

01/31/2022

(129‌)

(105‌)

24‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,390‌

3.50%

06/21/2024

(79‌)

(35‌)

44‌

Call

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

5,500‌

1.45%

01/31/2022

(128‌)

(163‌)

(35‌)

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,390‌

3.00%

06/14/2024

(148‌)

(64‌)

84‌

Put

-

10

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

5,390‌

3.50%

06/14/2024

(90‌)

(35‌)

55‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

36,220‌

2.00%

11/30/2020

(49‌)

(15‌)

34‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

13,011‌

0.11%

05/18/2021

(43‌)

(3‌)

40‌

Call

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

40,635‌

1.00%

06/02/2020

(56‌)

(39‌)

17‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

38,710‌

0.12%

04/09/2021

(147‌)

(5‌)

142‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

13,390‌

0.05%

06/11/2021

(34‌)

(5‌)

29‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

5,880‌

0.00%

06/15/2021

(16‌)

(3‌)

13‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

6,030‌

0.00%

06/15/2021

(17‌)

(3‌)

14‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

6,060‌

0.00%

06/21/2021

(14‌)

(3‌)

11‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

7,080‌

0.00%

06/22/2021

(17‌)

(3‌)

14‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

6,630‌

0.00%

06/28/2021

(15‌)

(3‌)

12‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

7,060‌

0.00%

07/02/2021

(15‌)

(4‌)

11‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

19,480‌

0.10%

04/13/2021

(66‌)

(3‌)

63‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

$

32,410‌

2.46%

02/27/2020

(143‌)

—‌

143‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

25,030‌

0.10%

03/30/2021

(88‌)

(4‌)

84‌

Call

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

32,410‌

2.46%

02/27/2020

(143‌)

(694‌)

(551‌)

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

19,480‌

0.16%

04/13/2021

(66‌)

(2‌)

64‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

20,240‌

3.25%

12/30/2020

(75‌)

—‌

75‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

17,665‌

1.53%

12/14/2020

(84‌)

(36‌)

48‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

9,180‌

0.15%

08/10/2021

(12‌)

(11‌)

1‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

16,230‌

0.15%

08/10/2021

(22‌)

(20‌)

2‌

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

105

Interest

Rate

Swaptions

(continued)

Written

Swaptions

Outstanding

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

113,410‌

0.70%

09/24/2020

$

(124‌)

$

(114‌)

$

10‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

29,530‌

0.25%

09/07/2021

(48‌)

(61‌)

(13‌)

Call

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

17,665‌

1.53%

12/14/2020

(84‌)

(137‌)

(53‌)

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

6,870‌

0.05%

07/06/2021

(15‌)

(5‌)

10‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

7,190‌

0.00%

07/20/2021

(13‌)

(4‌)

9‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

$

22,110‌

3.50%

08/25/2020

(75‌)

—‌

75‌

Put

-

2

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Receive

EUR

11,560‌

0.55%

12/22/2020

(42‌)

—‌

42‌

Call

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Pay

$

189,800‌

2.40%

02/25/2020

(579‌)

(3,865‌)

(3,286‌)

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

11,130‌

3.50%

06/16/2020

(41‌)

—‌

41‌

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

229,100‌

3.40%

02/25/2020

(871‌)

—‌

871‌

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

17,590‌

3.45%

06/09/2020

(73‌)

—‌

73‌

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

12,600‌

2.90%

06/01/2020

(93‌)

—‌

93‌

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

17,710‌

3.35%

06/01/2020

(64‌)

—‌

64‌

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

12,700‌

3.15%

05/06/2020

(70‌)

—‌

70‌

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

23,780‌

2.94%

04/20/2020

(165‌)

—‌

165‌

Call

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

23,780‌

2.94%

04/20/2020

(165‌)

(753‌)

(588‌)

Call

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

24,070‌

2.89%

04/15/2020

(174‌)

(740‌)

(566‌)

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

24,070‌

2.89%

04/15/2020

(174‌)

—‌

174‌

Call

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

23,760‌

2.88%

04/15/2020

(172‌)

(725‌)

(553‌)

Put

-

2

Year

Interest

Rate

Swap

Deutsche

Bank

AG

3

Month

USD

LIBOR

Receive

23,760‌

2.88%

04/15/2020

(172‌)

—‌

172‌

Call

-

2

Year

Interest

Rate

Swap

JPMorgan

Chase

3

Month

USD

LIBOR

Receive

75,070‌

0.75%

08/11/2020

(142‌)

(61‌)

81‌

Put

-

2

Year

Interest

Rate

Swap

JPMorgan

Chase

6

Month

Euro

Interbank

Offered

Rate

Receive

EUR

24,510‌

0.60%

12/15/2020

(93‌)

—‌

93‌

Put

-

2

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

6

Month

Euro

Interbank

Offered

Rate

Pay

8,670‌

0.08%

06/01/2021

(25‌)

(2‌)

23‌

Put

-

2

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Pay

$

17,665‌

1.51%

12/15/2020

(84‌)

(39‌)

45‌

Put

-

2

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

19,300‌

0.15%

04/20/2021

(70‌)

(3‌)

67‌

Call

-

2

Year

Interest

Rate

Swap

Morgan

Stanley

&

Co

3

Month

USD

LIBOR

Receive

$

17,665‌

1.51%

12/15/2020

(84‌)

(132‌)

(48‌)

Put

-

30

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

5,400‌

2.85%

06/12/2020

(73‌)

(3‌)

70‌

Call

-

30

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Receive

1,240‌

1.91%

11/30/2026

(161‌)

(188‌)

(27‌)

Put

-

30

Year

Interest

Rate

Swap

Barclays

Bank

PLC

3

Month

USD

LIBOR

Pay

1,240‌

1.91%

11/30/2026

(161‌)

(142‌)

19‌

Call

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Receive

EUR

3,535‌

0.14%

09/13/2022

(53‌)

(46‌)

7‌

Put

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

3,535‌

0.14%

09/13/2022

(53‌)

(56‌)

(3‌)

Put

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

3,540‌

0.04%

09/14/2022

(55‌)

(46‌)

9‌

Call

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Receive

3,540‌

0.04%

09/14/2022

(55‌)

(57‌)

(2‌)

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

106

Interest

Rate

Swaptions

(continued)

Written

Swaptions

Outstanding

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Notional

Amount

Exercise

Rate

Expiration

Date

Upfront

Payments/

(Premiums)

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

10,120‌

0.00%

07/28/2020

$

(29‌)

$

(9‌)

$

20‌

Total

$

(12,934‌)

$

(13,751‌)

$

(817‌)

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

90

Day

Eurodollar;

June

2022

Long

46‌

$

11,361‌

$

42‌

Canada

10

Year

Bond;

March

2020

Long

593‌

63,705‌

1,041‌

Euro

Bond

10

Year

Bond;

March

2020

Short

169‌

32,808‌

(405‌)

Euro

Schatz;

March

2020

Long

710‌

88,259‌

68‌

Euro-BTP;

March

2020

Short

265‌

43,506‌

(1,478‌)

Japan

10

Year

Bond

TSE;

March

2020

Short

5‌

7,054‌

(43‌)

US

10

Year

Note;

March

2020

Short

264‌

34,757‌

(404‌)

US

10

Year

Ultra

Note;

March

2020

Short

965‌

140,558‌

(3,514‌)

US

2

Year

Note;

March

2020

Long

887‌

191,911‌

722‌

US

5

Year

Note;

March

2020

Long

626‌

75,320‌

697‌

US

Long

Bond;

March

2020

Short

55‌

8,994‌

(116‌)

US

Ultra

Bond;

March

2020

Long

31‌

6,004‌

291‌

Total

$

(3,099‌)

Amounts

in

thousands

except

contracts.

Foreign

Currency

Contracts

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

ANZ

Stockbroking

02/05/2020

$

3,639‌

JPY

400,480‌

$

—‌

$

(57‌)

Bank

of

America

NA

02/05/2020

$

96‌

GBP

72‌

1‌

—‌

Bank

of

America

NA

02/05/2020

EUR

31,218‌

$

34,414‌

210‌

—‌

Bank

of

America

NA

02/14/2020

EUR

1,560‌

$

1,735‌

—‌

(4‌)

Bank

of

America

NA

02/18/2020

JPY

189,797‌

$

1,735‌

18‌

—‌

Bank

of

America

NA

03/04/2020

$

34,474‌

EUR

31,218‌

—‌

(203‌)

Bank

of

America

NA

03/18/2020

AUD

2,580‌

$

1,805‌

—‌

(77‌)

Bank

of

America

NA

03/18/2020

$

3,550‌

CAD

4,641‌

43‌

—‌

Bank

of

America

NA

03/18/2020

CAD

6,830‌

$

5,211‌

—‌

(49‌)

Bank

of

America

NA

03/18/2020

EUR

1,560‌

$

1,740‌

—‌

(5‌)

Bank

of

America

NA

03/18/2020

$

1,683‌

EUR

1,500‌

15‌

—‌

Bank

of

America

NA

03/18/2020

$

3,480‌

JPY

378,494‌

—‌

(22‌)

Barclays

Bank

PLC

02/05/2020

$

51,890‌

JPY

5,657,216‌

—‌

(323‌)

Barclays

Bank

PLC

03/18/2020

CAD

2,259‌

$

1,740‌

—‌

(33‌)

BMO

Capital

Markets

02/05/2020

GBP

213‌

$

282‌

—‌

—‌

BNP

Paribas

02/14/2020

GBP

1,330‌

$

1,739‌

18‌

—‌

BNP

Paribas

03/04/2020

$

1,507‌

CAD

1,993‌

1‌

—‌

CIBC

World

Markets

03/18/2020

EUR

1,550‌

$

1,725‌

—‌

(2‌)

Citigroup

Inc

02/05/2020

$

2,920‌

GBP

2,254‌

—‌

(56‌)

Citigroup

Inc

02/05/2020

$

45,151‌

EUR

40,863‌

—‌

(171‌)

Deutsche

Bank

AG

02/05/2020

GBP

1,674‌

$

2,170‌

40‌

—‌

Deutsche

Bank

AG

02/05/2020

$

2,819‌

EUR

2,546‌

—‌

(4‌)

Deutsche

Bank

AG

03/18/2020

AUD

2,480‌

$

1,735‌

—‌

(74‌)

Deutsche

Bank

AG

03/18/2020

$

1,735‌

JPY

187,637‌

—‌

(1‌)

Goldman

Sachs

&

Co

02/13/2020

CAD

2,264‌

$

1,735‌

—‌

(24‌)

Goldman

Sachs

&

Co

02/18/2020

JPY

376,362‌

$

3,445‌

31‌

—‌

Goldman

Sachs

&

Co

03/18/2020

$

1,779‌

AUD

2,580‌

51‌

—‌

Goldman

Sachs

&

Co

03/18/2020

AUD

6,309‌

$

4,321‌

—‌

(96‌)

Goldman

Sachs

&

Co

03/18/2020

$

4,321‌

CAD

5,675‌

32‌

—‌

Goldman

Sachs

&

Co

03/18/2020

CAD

2,343‌

$

1,779‌

—‌

(8‌)

HSBC

Securities

Inc

02/05/2020

EUR

2,375‌

$

2,632‌

2‌

—‌

HSBC

Securities

Inc

02/05/2020

EUR

8,224‌

$

9,157‌

—‌

(36‌)

HSBC

Securities

Inc

02/05/2020

JPY

6,057,612‌

$

55,595‌

313‌

—‌

HSBC

Securities

Inc

02/05/2020

NZD

14,033‌

$

9,127‌

—‌

(56‌)

HSBC

Securities

Inc

03/04/2020

$

55,677‌

JPY

6,057,612‌

—‌

(320‌)

HSBC

Securities

Inc

03/04/2020

$

9,131‌

NZD

14,033‌

60‌

—‌

HSBC

Securities

Inc

03/18/2020

$

1,702‌

AUD

2,480‌

41‌

—‌

HSBC

Securities

Inc

03/18/2020

CAD

3,451‌

$

2,615‌

—‌

(7‌)

HSBC

Securities

Inc

03/18/2020

JPY

185,621‌

$

1,701‌

16‌

—‌

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

107

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

JPMorgan

Chase

02/05/2020

$

1,051‌

EUR

934‌

$

15‌

$

—‌

Morgan

Stanley

&

Co

02/14/2020

AUD

2,530‌

$

1,744‌

—‌

(50‌)

Morgan

Stanley

&

Co

03/18/2020

CAD

23,202‌

$

17,625‌

—‌

(91‌)

Morgan

Stanley

&

Co

03/18/2020

EUR

1,500‌

$

1,682‌

—‌

(14‌)

Morgan

Stanley

&

Co

03/18/2020

$

1,736‌

EUR

1,560‌

2‌

—‌

Morgan

Stanley

&

Co

03/18/2020

$

1,740‌

JPY

189,430‌

—‌

(13‌)

Morgan

Stanley

&

Co

03/18/2020

JPY

190,653‌

$

1,737‌

27‌

—‌

UBS

AG

02/05/2020

$

316‌

CAD

421‌

—‌

(2‌)

Westpac

Banking

Corporation

02/05/2020

$

13,215‌

NZD

20,517‌

—‌

(47‌)

Total

$

936‌

$

(1,845‌)

Amounts

in

thousands.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

3

Month

USD

LIBOR

Pay

3.21%

Quarterly

Semiannual

N/A

10/29/2024

$

13,845‌

$

1,196‌

$

1‌

$

1,197‌

3

Month

USD

LIBOR

Pay

1.76%

Quarterly

Semiannual

N/A

01/09/2030

1,060‌

28‌

—‌

28‌

3

Month

USD

LIBOR

Pay

1.73%

Quarterly

Semiannual

N/A

01/08/2030

1,890‌

43‌

—‌

43‌

3

Month

USD

LIBOR

Pay

1.75%

Quarterly

Semiannual

N/A

01/08/2030

1,000‌

25‌

—‌

25‌

3

Month

USD

LIBOR

Pay

1.80%

Quarterly

Semiannual

N/A

01/07/2030

1,910‌

56‌

—‌

56‌

3

Month

USD

LIBOR

Receive

1.66%

Semiannual

Quarterly

N/A

12/22/2022

4,225‌

(34‌)

—‌

(34‌)

3

Month

USD

LIBOR

Receive

1.66%

Semiannual

Quarterly

N/A

12/22/2022

4,225‌

(34‌)

—‌

(34‌)

3

Month

USD

LIBOR

Receive

1.62%

Semiannual

Quarterly

N/A

12/21/2022

4,880‌

(36‌)

—‌

(36‌)

3

Month

USD

LIBOR

Pay

3.09%

Quarterly

Semiannual

N/A

11/29/2024

27,160‌

2,233‌

1‌

2,234‌

3

Month

USD

LIBOR

Pay

1.93%

Quarterly

Semiannual

N/A

12/01/2056

150‌

6‌

—‌

6‌

3

Month

USD

LIBOR

Receive

1.46%

Semiannual

Quarterly

N/A

12/01/2022

7,490‌

(30‌)

—‌

(30‌)

3

Month

USD

LIBOR

Receive

2.11%

Semiannual

Quarterly

N/A

11/15/2044

2,490‌

(46‌)

—‌

(46‌)

3

Month

USD

LIBOR

Receive

2.11%

Semiannual

Quarterly

N/A

11/12/2034

2,060‌

(67‌)

—‌

(67‌)

3

Month

USD

LIBOR

Receive

2.00%

Semiannual

Quarterly

N/A

11/07/2034

2,040‌

(47‌)

—‌

(47‌)

3

Month

USD

LIBOR

Pay

3.17%

Quarterly

Semiannual

N/A

10/31/2024

1,715‌

146‌

—‌

146‌

3

Month

USD

LIBOR

Receive

1.61%

Semiannual

Quarterly

N/A

11/01/2023

4,560‌

(32‌)

—‌

(32‌)

3

Month

USD

LIBOR

Receive

1.58%

Semiannual

Quarterly

N/A

11/01/2023

4,560‌

(30‌)

—‌

(30‌)

3

Month

USD

LIBOR

Pay

1.48%

Quarterly

Semiannual

N/A

02/04/2030

470‌

—‌

—‌

—‌

3

Month

USD

LIBOR

Receive

1.55%

Semiannual

Quarterly

N/A

10/26/2023

4,080‌

(24‌)

—‌

(24‌)

3

Month

USD

LIBOR

Receive

2.10%

Semiannual

Quarterly

N/A

10/23/2039

1,100‌

(20‌)

—‌

(20‌)

3

Month

USD

LIBOR

Receive

1.98%

Semiannual

Quarterly

N/A

10/23/2034

850‌

(18‌)

—‌

(18‌)

3

Month

USD

LIBOR

Receive

1.98%

Semiannual

Quarterly

N/A

10/23/2034

850‌

(18‌)

—‌

(18‌)

3

Month

USD

LIBOR

Receive

1.93%

Semiannual

Quarterly

N/A

10/22/2034

1,940‌

(34‌)

—‌

(34‌)

3

Month

USD

LIBOR

Receive

1.91%

Semiannual

Quarterly

N/A

10/21/2034

1,660‌

(25‌)

—‌

(25‌)

3

Month

USD

LIBOR

Receive

1.56%

Semiannual

Quarterly

N/A

03/30/2021

4,660‌

(4‌)

—‌

(4‌)

3

Month

USD

LIBOR

Receive

1.56%

Semiannual

Quarterly

N/A

03/27/2021

29,390‌

(26‌)

1‌

(25‌)

3

Month

USD

LIBOR

Receive

1.76%

Semiannual

Quarterly

N/A

07/09/2030

1,690‌

(44‌)

—‌

(44‌)

3

Month

USD

LIBOR

Pay

1.97%

Quarterly

Semiannual

N/A

01/10/2050

320‌

21‌

—‌

21‌

3

Month

USD

LIBOR

Receive

1.60%

Semiannual

Quarterly

N/A

05/31/2024

12,165‌

(148‌)

1‌

(147‌)

3

Month

USD

LIBOR

Pay

1.78%

Quarterly

Semiannual

N/A

01/22/2030

945‌

27‌

—‌

27‌

3

Month

USD

LIBOR

Pay

1.48%

Quarterly

Semiannual

N/A

02/04/2030

940‌

—‌

—‌

—‌

3

Month

USD

LIBOR

Pay

1.51%

Quarterly

Semiannual

N/A

02/04/2030

820‌

2‌

—‌

2‌

3

Month

USD

LIBOR

Pay

1.51%

Quarterly

Semiannual

N/A

02/03/2030

940‌

3‌

—‌

3‌

3

Month

USD

LIBOR

Receive

1.38%

Semiannual

Quarterly

N/A

05/31/2024

6,360‌

(18‌)

—‌

(18‌)

3

Month

USD

LIBOR

Pay

1.52%

Quarterly

Semiannual

N/A

02/03/2030

935‌

4‌

—‌

4‌

3

Month

USD

LIBOR

Pay

1.52%

Quarterly

Semiannual

N/A

02/03/2030

935‌

4‌

—‌

4‌

3

Month

USD

LIBOR

Pay

1.56%

Quarterly

Semiannual

N/A

01/31/2030

940‌

7‌

—‌

7‌

3

Month

USD

LIBOR

Receive

1.42%

Semiannual

Quarterly

N/A

05/31/2024

6,360‌

(30‌)

—‌

(30‌)

3

Month

USD

LIBOR

Pay

1.71%

Quarterly

Semiannual

N/A

02/15/2036

3,890‌

54‌

1‌

55‌

3

Month

USD

LIBOR

Receive

1.57%

Semiannual

Quarterly

N/A

08/15/2029

5,935‌

(59‌)

—‌

(59‌)

3

Month

USD

LIBOR

Pay

1.73%

Quarterly

Semiannual

N/A

02/15/2036

3,890‌

62‌

—‌

62‌

3

Month

USD

LIBOR

Receive

1.59%

Semiannual

Quarterly

N/A

08/15/2029

5,935‌

(67‌)

—‌

(67‌)

3

Month

USD

LIBOR

Pay

1.36%

Quarterly

Semiannual

N/A

09/28/2021

8,610‌

6‌

—‌

6‌

3

Month

USD

LIBOR

Pay

1.61%

Quarterly

Semiannual

N/A

01/30/2030

1,860‌

22‌

—‌

22‌

3

Month

USD

LIBOR

Pay

1.57%

Quarterly

Semiannual

N/A

04/29/2030

2,270‌

19‌

—‌

19‌

3

Month

USD

LIBOR

Pay

1.76%

Quarterly

Semiannual

N/A

05/15/2045

2,770‌

37‌

—‌

37‌

3

Month

USD

LIBOR

Pay

1.58%

Quarterly

Semiannual

N/A

01/29/2030

940‌

9‌

—‌

9‌

3

Month

USD

LIBOR

Pay

1.57%

Quarterly

Semiannual

N/A

01/29/2030

1,760‌

15‌

—‌

15‌

3

Month

USD

LIBOR

Pay

1.57%

Quarterly

Semiannual

N/A

01/29/2030

940‌

8‌

—‌

8‌

3

Month

USD

LIBOR

Pay

1.58%

Quarterly

Semiannual

N/A

01/29/2030

1,880‌

18‌

—‌

18‌

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

108

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

3

Month

USD

LIBOR

Pay

1.66%

Quarterly

Semiannual

N/A

01/28/2030

$

765‌

$

13‌

$

—‌

$

13‌

3

Month

USD

LIBOR

Pay

1.69%

Quarterly

Semiannual

N/A

01/28/2030

1,870‌

37‌

—‌

37‌

3

Month

USD

LIBOR

Pay

1.68%

Quarterly

Semiannual

N/A

01/27/2030

940‌

17‌

—‌

17‌

3

Month

USD

LIBOR

Pay

1.70%

Quarterly

Semiannual

N/A

01/27/2030

940‌

19‌

—‌

19‌

3

Month

USD

LIBOR

Pay

1.75%

Quarterly

Semiannual

N/A

01/23/2030

1,590‌

40‌

—‌

40‌

3

Month

USD

LIBOR

Pay

1.77%

Quarterly

Semiannual

N/A

01/23/2030

940‌

25‌

—‌

25‌

3

Month

USD

LIBOR

Pay

1.58%

Quarterly

Semiannual

N/A

01/30/2030

2,570‌

24‌

—‌

24‌

3

Month

USD

LIBOR

Receive

1.65%

Semiannual

Quarterly

N/A

08/22/2034

1,765‌

13‌

—‌

13‌

3

Month

USD

LIBOR

Pay

1.49%

Quarterly

Semiannual

N/A

02/04/2030

470‌

—‌

—‌

—‌

3

Month

USD

LIBOR

Receive

2.37%

Semiannual

Quarterly

N/A

06/15/2050

2,160‌

(353‌)

—‌

(353‌)

3

Month

USD

LIBOR

Receive

2.38%

Semiannual

Quarterly

N/A

07/05/2049

840‌

(34‌)

—‌

(34‌)

3

Month

USD

LIBOR

Receive

2.33%

Semiannual

Quarterly

N/A

06/24/2034

420‌

(22‌)

(1‌)

(23‌)

3

Month

USD

LIBOR

Pay

2.60%

Quarterly

Semiannual

N/A

03/26/2029

2,830‌

280‌

—‌

280‌

3

Month

USD

LIBOR

Pay

2.23%

Quarterly

Semiannual

N/A

03/24/2022

5,370‌

92‌

—‌

92‌

3

Month

USD

LIBOR

Pay

2.15%

Quarterly

Semiannual

N/A

03/30/2022

9,150‌

145‌

—‌

145‌

3

Month

USD

LIBOR

Pay

2.10%

Quarterly

Semiannual

N/A

06/22/2031

590‌

31‌

—‌

31‌

3

Month

USD

LIBOR

Receive

2.36%

Semiannual

Quarterly

N/A

03/29/2030

5,690‌

(468‌)

—‌

(468‌)

3

Month

USD

LIBOR

Pay

2.03%

Quarterly

Semiannual

N/A

03/30/2022

26,030‌

350‌

—‌

350‌

3

Month

USD

LIBOR

Receive

2.16%

Semiannual

Quarterly

N/A

03/31/2025

1,070‌

(43‌)

—‌

(43‌)

3

Month

USD

LIBOR

Receive

1.77%

Semiannual

Quarterly

N/A

07/12/2023

54,580‌

(280‌)

1‌

(279‌)

3

Month

USD

LIBOR

Receive

2.31%

Semiannual

Quarterly

N/A

04/03/2025

6,440‌

(309‌)

1‌

(308‌)

3

Month

USD

LIBOR

Pay

2.25%

Quarterly

Semiannual

N/A

04/27/2022

29,060‌

526‌

—‌

526‌

3

Month

USD

LIBOR

Receive

1.77%

Semiannual

Quarterly

N/A

06/15/2021

28,450‌

(109‌)

—‌

(109‌)

3

Month

USD

LIBOR

Pay

2.08%

Quarterly

Semiannual

N/A

07/02/2021

16,790‌

141‌

—‌

141‌

3

Month

USD

LIBOR

Receive

1.87%

Semiannual

Quarterly

N/A

06/03/2022

33,170‌

(209‌)

—‌

(209‌)

3

Month

USD

LIBOR

Pay

2.45%

Quarterly

Semiannual

N/A

05/18/2031

1,190‌

102‌

—‌

102‌

3

Month

USD

LIBOR

Receive

2.35%

Semiannual

Quarterly

N/A

04/27/2025

7,830‌

(391‌)

—‌

(391‌)

3

Month

USD

LIBOR

Pay

2.32%

Quarterly

Semiannual

N/A

10/25/2021

34,020‌

520‌

(1‌)

519‌

3

Month

USD

LIBOR

Receive

2.55%

Semiannual

Quarterly

N/A

05/06/2030

1,140‌

(115‌)

—‌

(115‌)

3

Month

USD

LIBOR

Pay

2.27%

Quarterly

Semiannual

N/A

11/05/2021

4,177‌

62‌

—‌

62‌

3

Month

USD

LIBOR

Pay

1.74%

Quarterly

Semiannual

N/A

06/16/2022

10,650‌

92‌

—‌

92‌

3

Month

USD

LIBOR

Pay

1.71%

Quarterly

Semiannual

N/A

07/13/2022

53,710‌

254‌

—‌

254‌

3

Month

USD

LIBOR

Pay

2.29%

Quarterly

Semiannual

N/A

11/05/2021

5,157‌

78‌

—‌

78‌

3

Month

USD

LIBOR

Pay

1.53%

Quarterly

Semiannual

N/A

11/22/2020

16,060‌

(10‌)

1‌

(9‌)

3

Month

USD

LIBOR

Receive

1.71%

Semiannual

Quarterly

N/A

08/16/2049

780‌

4‌

—‌

4‌

3

Month

USD

LIBOR

Receive

1.67%

Semiannual

Quarterly

N/A

08/17/2049

600‌

5‌

—‌

5‌

3

Month

USD

LIBOR

Pay

2.53%

Semiannual

Semiannual

N/A

02/07/2022

157,520‌

3,603‌

(81‌)

3,522‌

3

Month

USD

LIBOR

Receive

2.90%

Semiannual

Quarterly

N/A

02/15/2049

40‌

(11‌)

—‌

(11‌)

3

Month

USD

LIBOR

Receive

1.74%

Semiannual

Quarterly

N/A

07/14/2022

25,650‌

(226‌)

—‌

(226‌)

3

Month

USD

LIBOR

Receive

2.43%

Semiannual

Quarterly

N/A

03/15/2023

6,320‌

(147‌)

—‌

(147‌)

3

Month

USD

LIBOR

Receive

2.57%

Semiannual

Quarterly

N/A

02/07/2025

13,710‌

(836‌)

13‌

(823‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.43)%

Semiannual

Annual

N/A

09/14/2023

EUR

1,830‌

(5‌)

1‌

(4‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.45)%

Semiannual

Annual

N/A

09/28/2023

1,580‌

(5‌)

—‌

(5‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.05)%

Annual

Semiannual

N/A

01/03/2024

3,855‌

(22‌)

—‌

(22‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.06)%

Annual

Semiannual

N/A

01/03/2024

3,855‌

(21‌)

—‌

(21‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.58)%

Semiannual

Annual

N/A

08/17/2023

2,290‌

(13‌)

—‌

(13‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.30)%

Semiannual

Annual

N/A

01/16/2022

15,460‌

25‌

1‌

26‌

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.44)%

Semiannual

Annual

N/A

10/06/2023

1,880‌

(5‌)

—‌

(5‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

0.19%

Annual

Semiannual

N/A

01/16/2030

3,190‌

(91‌)

1‌

(90‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.50)%

Semiannual

Annual

N/A

09/14/2023

2,350‌

(9‌)

—‌

(9‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.29)%

Annual

Semiannual

N/A

07/26/2023

19,820‌

(20‌)

1‌

(19‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.18)%

Annual

Semiannual

N/A

03/18/2025

375‌

(3‌)

—‌

(3‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

(0.45)%

Semiannual

Annual

N/A

08/11/2023

2,280‌

(6‌)

—‌

(6‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.17)%

Annual

Semiannual

N/A

12/13/2023

7,310‌

(23‌)

—‌

(23‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.17)%

Annual

Semiannual

N/A

11/11/2024

1,640‌

(12‌)

—‌

(12‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.30)%

Annual

Semiannual

N/A

07/25/2023

18,090‌

(14‌)

1‌

(13‌)

6

Month

Euro

Interbank

Offered

Rate

Receive

(0.45)%

Annual

Semiannual

N/A

12/16/2021

7,070‌

11‌

—‌

11‌

6

Month

GBP

LIBOR

Receive

0.78%

Semiannual

Semiannual

N/A

01/30/2070

GBP

3,080‌

(37‌)

(5‌)

(42‌)

6

Month

GBP

LIBOR

Pay

0.76%

Semiannual

Semiannual

N/A

01/30/2030

14,575‌

49‌

21‌

70‌

6

Month

JPY

LIBOR

Receive

0.34%

Semiannual

Semiannual

N/A

02/08/2034

JPY

38,580‌

(12‌)

1‌

(11‌)

6

Month

JPY

LIBOR

Receive

0.30%

Semiannual

Semiannual

N/A

06/17/2039

33,410‌

(6‌)

1‌

(5‌)

6

Month

JPY

LIBOR

Receive

0.17%

Semiannual

Semiannual

N/A

08/08/2039

24,710‌

2‌

—‌

2‌

6

Month

JPY

LIBOR

Receive

0.37%

Semiannual

Semiannual

N/A

01/30/2045

18,410‌

(1‌)

—‌

(1‌)

6

Month

JPY

LIBOR

Receive

0.72%

Semiannual

Semiannual

N/A

03/21/2044

24,090‌

(18‌)

1‌

(17‌)

6

Month

JPY

LIBOR

Receive

0.20%

Semiannual

Semiannual

N/A

08/28/2044

12,400‌

3‌

—‌

3‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.85%

Annual

Annual

N/A

02/08/2022

$

35,000‌

(210‌)

1‌

(209‌)

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

109

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.98%

Annual

Annual

N/A

05/02/2022

$

11,000‌

$

(89‌)

$

—‌

$

(89‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.84%

Annual

Annual

N/A

01/31/2030

16,890‌

(11‌)

—‌

(11‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Pay

1.75%

Annual

Annual

N/A

08/22/2029

7,910‌

(72‌)

1‌

(71‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.92%

Annual

Annual

N/A

05/08/2021

35,952‌

(153‌)

1‌

(152‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.79%

Annual

Annual

N/A

08/22/2049

2,515‌

128‌

—‌

128‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.71%

Annual

Annual

N/A

08/12/2024

15,060‌

(22‌)

1‌

(21‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.85%

Annual

Annual

N/A

08/01/2024

24,120‌

(226‌)

—‌

(226‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.25%

Annual

Annual

N/A

10/30/2028

7,950‌

(375‌)

1‌

(374‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.96%

Annual

Annual

N/A

12/12/2049

4,480‌

(25‌)

1‌

(24‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.82%

Annual

Annual

N/A

02/03/2030

16,775‌

17‌

1‌

18‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.96%

Annual

Annual

N/A

01/16/2030

8,435‌

(116‌)

—‌

(116‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

1.95%

Annual

Annual

N/A

11/25/2049

2,680‌

(2‌)

—‌

(2‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Pay

1.86%

Annual

Annual

N/A

11/25/2029

8,375‌

1‌

—‌

1‌

Eurozone

Harmonised

Index

of

Consumer

Prices

ex-Tobacco

Pay

1.22%

Annual

Annual

N/A

01/15/2030

EUR

6,985‌

92‌

1‌

93‌

Eurozone

Harmonised

Index

of

Consumer

Prices

ex-Tobacco

Receive

1.09%

Annual

Annual

N/A

11/15/2029

7,045‌

21‌

(5‌)

16‌

Eurozone

Harmonised

Index

of

Consumer

Prices

ex-Tobacco

Pay

1.43%

Annual

Annual

N/A

11/15/2049

1,930‌

(52‌)

10‌

(42‌)

Eurozone

Harmonised

Index

of

Consumer

Prices

ex-Tobacco

Pay

1.39%

Annual

Annual

N/A

06/15/2049

1,525‌

(54‌)

(4‌)

(58‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Receive

1.29%

Annual

Annual

N/A

03/15/2029

12,460‌

(332‌)

3‌

(329‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

1.40%

Annual

Annual

N/A

08/15/2049

1,675‌

(55‌)

1‌

(54‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Receive

1.05%

Annual

Annual

N/A

08/15/2029

6,515‌

29‌

(1‌)

28‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

1.13%

Annual

Annual

N/A

01/15/2030

14,120‌

26‌

1‌

27‌

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Receive

1.30%

Annual

Annual

N/A

01/15/2029

6,375‌

(191‌)

1‌

(190‌)

New

Zealand

Bank

Bill

3

Month

FRA

Receive

2.58%

Semiannual

Quarterly

N/A

03/20/2029

NZD

3,084‌

(213‌)

6‌

(207‌)

New

Zealand

Bank

Bill

3

Month

FRA

Receive

2.55%

Semiannual

Quarterly

N/A

03/20/2029

8,395‌

(564‌)

15‌

(549‌)

New

Zealand

Bank

Bill

3

Month

FRA

Pay

1.27%

Quarterly

Semiannual

N/A

08/15/2029

11,925‌

(91‌)

(2‌)

(93‌)

New

Zealand

Bank

Bill

3

Month

FRA

Receive

2.80%

Semiannual

Quarterly

N/A

03/20/2029

10,511‌

(866‌)

28‌

(838‌)

New

Zealand

Bank

Bill

3

Month

FRA

Receive

2.59%

Semiannual

Quarterly

N/A

03/20/2029

1,646‌

(115‌)

3‌

(112‌)

United

Kingdom

Retail

Prices

Index

Pay

3.22%

Annual

Annual

N/A

01/15/2045

GBP

4,100‌

90‌

—‌

90‌

United

Kingdom

Retail

Prices

Index

Receive

3.36%

Annual

Annual

N/A

01/15/2035

5,400‌

(64‌)

—‌

(64‌)

United

Kingdom

Retail

Prices

Index

Receive

3.11%

Annual

Annual

N/A

01/15/2050

4,100‌

(123‌)

—‌

(123‌)

United

Kingdom

Retail

Prices

Index

Pay

3.31%

Annual

Annual

N/A

01/15/2040

5,400‌

104‌

—‌

104‌

United

Kingdom

Retail

Prices

Index

Pay

3.51%

Annual

Annual

N/A

10/15/2028

9,490‌

460‌

(12‌)

448‌

United

Kingdom

Retail

Prices

Index

Pay

3.40%

Annual

Annual

N/A

08/15/2028

21,695‌

644‌

(127‌)

517‌

United

Kingdom

Retail

Prices

Index

Receive

3.39%

Annual

Annual

N/A

01/15/2035

5,200‌

(106‌)

(1‌)

(107‌)

United

Kingdom

Retail

Prices

Index

Pay

3.34%

Annual

Annual

N/A

01/15/2040

5,200‌

169‌

1‌

170‌

United

Kingdom

Retail

Prices

Index

Pay

3.24%

Annual

Annual

N/A

01/15/2045

4,000‌

133‌

—‌

133‌

United

Kingdom

Retail

Prices

Index

Receive

3.13%

Annual

Annual

N/A

01/15/2050

4,000‌

(187‌)

(1‌)

(188‌)

United

Kingdom

Retail

Prices

Index

Receive

3.46%

Annual

Annual

N/A

12/15/2029

5,125‌

(65‌)

(1‌)

(66‌)

United

Kingdom

Retail

Prices

Index

Pay

3.27%

Annual

Annual

N/A

10/15/2044

9,745‌

624‌

21‌

645‌

United

Kingdom

Retail

Prices

Index

Receive

3.16%

Annual

Annual

N/A

10/15/2049

9,745‌

(695‌)

(107‌)

(802‌)

United

Kingdom

Retail

Prices

Index

Pay

3.36%

Annual

Annual

N/A

10/15/2039

12,690‌

719‌

(25‌)

694‌

United

Kingdom

Retail

Prices

Index

Receive

3.42%

Annual

Annual

N/A

10/15/2034

12,690‌

(567‌)

41‌

(526‌)

United

Kingdom

Retail

Prices

Index

Pay

3.49%

Annual

Annual

N/A

03/15/2029

8,890‌

261‌

(7‌)

254‌

Schedule

of

Investments

Inflation

Protection

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

110

Exchange

Cleared

Interest

Rate

Swaps

(continued)

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

US

Federal

Funds

Effective

Rate

(continuous

series)

Receive

1.41%

Annual

Annual

N/A

12/15/2021

$

28,535‌

$

(119‌)

$

—‌

$

(119‌)

US

Federal

Funds

Effective

Rate

(continuous

series)

Receive

1.31%

Annual

Annual

N/A

12/15/2021

58,860‌

(137‌)

(2‌)

(139‌)

US

Federal

Funds

Effective

Rate

(continuous

series)

Receive

1.35%

Annual

Annual

N/A

05/31/2024

6,185‌

(63‌)

—‌

(63‌)

Total

$

3,395‌

$

(194‌)

$

3,201‌

Amounts

in

thousands.

(a)    

Forward

swap.

Schedule

of

Investments

International

Emerging

Markets

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

111

INVESTMENT

COMPANIES

-

0.79%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.79%

Principal

Government

Money

Market

Fund

1.43

%

(a),(b)

2,487,507‌

$

2,488‌

TOTAL

INVESTMENT

COMPANIES

$

2,488‌

COMMON

STOCKS

-

97.21%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0.25%

Hanwha

Aerospace

Co

Ltd

(

c)

28,658‌

775‌

Agriculture

-

0.91%

KT&G

Corp

36,136‌

2,872‌

Apparel

-

0.40%

Fila

Holdings

Corp

34,715‌

1,271‌

Automobile

Manufacturers

-

1.47%

Hyundai

Motor

Co

15,619‌

1,621‌

Kia

Motors

Corp

88,660‌

3,016‌

$

4,637‌

Banks

-

11.23%

Axis

Bank

Ltd

235,398‌

2,403‌

Banco

do

Brasil

SA

232,500‌

2,622‌

Bank

Rakyat

Indonesia

Persero

Tbk

PT

7,815,700‌

2,541‌

Credicorp

Ltd

16,043‌

3,314‌

First

Abu

Dhabi

Bank

PJSC

627,694‌

2,634‌

Grupo

Financiero

Banorte

SAB

de

CV

482,200‌

2,972‌

HDFC

Bank

Ltd

160,001‌

2,741‌

ICICI

Bank

Ltd

414,781‌

3,056‌

OTP

Bank

Nyrt

92,928‌

4,305‌

PT

Bank

Central

Asia

Tbk

1,428,800‌

3,376‌

RHB

Bank

Bhd

456,200‌

633‌

Sberbank

of

Russia

PJSC

ADR

121,980‌

1,946‌

Shinhan

Financial

Group

Co

Ltd

87,167‌

2,844‌

$

35,387‌

Beverages

-

0.99%

Thai

Beverage

PCL

5,403,200‌

3,136‌

Building

Materials

-

2.26%

Anhui

Conch

Cement

Co

Ltd

391,464‌

2,654‌

China

Lesso

Group

Holdings

Ltd

619,000‌

796‌

Huaxin

Cement

Co

Ltd

577,605‌

1,754‌

UltraTech

Cement

Ltd

30,826‌

1,905‌

$

7,109‌

Chemicals

-

0.16%

UPL

Ltd

67,957‌

500‌

Commercial

Services

-

0.95%

New

Oriental

Education

&

Technology

Group

Inc

ADR

(c)

24,767‌

3,010‌

Computers

-

0.41%

Wipro

Ltd

388,227‌

1,291‌

Cosmetics

&

Personal

Care

-

0.30%

Colgate-Palmolive

India

Ltd

51,108‌

950‌

Diversified

Financial

Services

-

5.28%

Bajaj

Finance

Ltd

49,327‌

3,007‌

Cholamandalam

Investment

and

Finance

Co

Ltd

111,761‌

513‌

CTBC

Financial

Holding

Co

Ltd

2,846,000‌

2,064‌

Housing

Development

Finance

Corp

Ltd

193,591‌

6,543‌

Muthoot

Finance

Ltd

163,942‌

1,748‌

Tisco

Financial

Group

PCL

838,100‌

2,757‌

$

16,632‌

Electrical

Components

&

Equipment

-

0.46%

Delta

Electronics

Inc

312,000‌

1,458‌

Electronics

-

0.50%

Taiwan

Union

Technology

Corp

382,000‌

1,567‌

Engineering

&

Construction

-

1.64%

Daelim

Industrial

Co

Ltd

13,990‌

940‌

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

119,300‌

1,477‌

Larsen

&

Toubro

Ltd

143,337‌

2,746‌

$

5,163‌

Food

-

3.24%

Indofood

Sukses

Makmur

Tbk

PT

1,951,500‌

1,118‌

Minerva

SA/

Brazil

(

c)

299,300‌

834‌

Nestle

India

Ltd

6,583‌

1,415‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

(continued)

Tingyi

Cayman

Islands

Holding

Corp

760,000‌

$

1,282‌

Uni-President

Enterprises

Corp

1,236,000‌

2,945‌

X5

Retail

Group

NV

71,738‌

2,626‌

$

10,220‌

Forest

Products

&

Paper

-

0.29%

Mondi

PLC

44,813‌

912‌

Gas

-

0.85%

ENN

Energy

Holdings

Ltd

229,900‌

2,673‌

Home

Furnishings

-

0.54%

Gree

Electric

Appliances

Inc

of

Zhuhai

(

c)

191,283‌

1,708‌

Insurance

-

6.27%

AIA

Group

Ltd

166,800‌

1,653‌

BB

Seguridade

Participacoes

SA

154,900‌

1,258‌

IRB

Brasil

Resseguros

S/A

358,300‌

3,703‌

PICC

Property

&

Casualty

Co

Ltd

3,698,000‌

3,955‌

Ping

An

Insurance

Group

Co

of

China

Ltd

594,000‌

6,717‌

Powszechny

Zaklad

Ubezpieczen

SA

238,504‌

2,471‌

$

19,757‌

Internet

-

19.39%

AfreecaTV

Co

Ltd

18,300‌

818‌

Alibaba

Group

Holding

Ltd

ADR

(c)

110,933‌

22,918‌

JD.com

Inc

ADR

(c)

131,139‌

4,943‌

Just

Dial

Ltd

(

c)

96,362‌

756‌

Meituan

Dianping

(

c)

205,400‌

2,600‌

MercadoLibre

Inc

(

c)

3,109‌

2,061‌

Naspers

Ltd

31,153‌

5,053‌

Tencent

Holdings

Ltd

371,300‌

17,707‌

Vipshop

Holdings

Ltd

ADR

(c)

333,897‌

4,251‌

$

61,107‌

Iron

&

Steel

-

1.58%

Eregli

Demir

ve

Celik

Fabrikalari

TAS

1,072,478‌

1,666‌

Kumba

Iron

Ore

Ltd

41,311‌

955‌

Severstal

PJSC

167,168‌

2,350‌

$

4,971‌

Lodging

-

0.37%

NagaCorp

Ltd

824,000‌

1,162‌

Mining

-

1.67%

Impala

Platinum

Holdings

Ltd

(

c)

138,003‌

1,297‌

MMC

Norilsk

Nickel

PJSC

ADR

122,964‌

3,967‌

$

5,264‌

Miscellaneous

Manufacturers

-

1.57%

Largan

Precision

Co

Ltd

26,000‌

4,038‌

Sunny

Optical

Technology

Group

Co

Ltd

57,000‌

906‌

$

4,944‌

Oil

&

Gas

-

8.07%

China

Petroleum

&

Chemical

Corp

4,084,000‌

2,151‌

CNOOC

Ltd

1,776,000‌

2,659‌

Gazprom

PJSC

ADR

566,821‌

3,973‌

LUKOIL

PJSC

ADR

67,908‌

6,909‌

Petrobras

Distribuidora

SA

438,900‌

2,956‌

Petroleo

Brasileiro

SA

163,200‌

1,156‌

Reliance

Industries

Ltd

285,487‌

5,631‌

$

25,435‌

Pharmaceuticals

-

0.60%

China

National

Accord

Medicines

Corp

Ltd

267,275‌

1,888‌

Pipelines

-

0.68%

Petronet

LNG

Ltd

574,871‌

2,144‌

Real

Estate

-

2.87%

KWG

Group

Holdings

Ltd

(

c)

730,500‌

946‌

Shenzhen

Overseas

Chinese

Town

Co

Ltd

1,235,590‌

1,232‌

Shimao

Property

Holdings

Ltd

742,500‌

2,396‌

Sunac

China

Holdings

Ltd

925,000‌

4,461‌

$

9,035‌

Retail

-

4.53%

ANTA

Sports

Products

Ltd

402,000‌

3,500‌

Bosideng

International

Holdings

Ltd

3,006,000‌

988‌

Home

Product

Center

PCL

4,885,700‌

2,279‌

Schedule

of

Investments

International

Emerging

Markets

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

112

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Lojas

Renner

SA

174,540‌

$

2,349‌

Wal-Mart

de

Mexico

SAB

de

CV

1,763,400‌

5,160‌

$

14,276‌

Semiconductors

-

14.03%

Powertech

Technology

Inc

257,000‌

911‌

Realtek

Semiconductor

Corp

(

c)

146,000‌

1,173‌

Samsung

Electronics

Co

Ltd

368,985‌

17,096‌

SK

Hynix

Inc

78,508‌

5,973‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,849,685‌

19,078‌

$

44,231‌

Software

-

1.46%

NetEase

Inc

ADR

14,351‌

4,603‌

Telecommunications

-

0.63%

Accton

Technology

Corp

228,000‌

1,212‌

KT

Corp

36,360‌

769‌

$

1,981‌

Transportation

-

0.63%

Hyundai

Glovis

Co

Ltd

16,252‌

1,993‌

Water

-

0.73%

Guangdong

Investment

Ltd

1,130,000‌

2,294‌

TOTAL

COMMON

STOCKS

$

306,356‌

PREFERRED

STOCKS

-

2.10%

Shares

Held

Value

(000's)

Banks

-

1.02%

Banco

Bradesco

SA

0.19%

421,400‌

$

3,227‌

Oil

&

Gas

-

1.08%

Petroleo

Brasileiro

SA

0.02%

512,400‌

3,405‌

TOTAL

PREFERRED

STOCKS

$

6,632‌

Total

Investments

$

315,476‌

Other

Assets

and

Liabilities

-  (

0.10)%

(322‌)

TOTAL

NET

ASSETS

-

100.00%

$

315,154‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Location

Percent

China

31.52‌%

Korea,

Republic

Of

12.68‌%

India

11.85‌%

Taiwan

10.64‌%

Russian

Federation

6.91‌%

Brazil

6.83‌%

Mexico

3.05‌%

Thailand

2.59‌%

Hong

Kong

2.32‌%

South

Africa

2.31‌%

Indonesia

2.24‌%

Hungary

1.37‌%

Peru

1.05‌%

United

Arab

Emirates

0.84‌%

United

States

0.79‌%

Poland

0.78‌%

Argentina

0.65‌%

Turkey

0.53‌%

Cambodia

0.37‌%

Taiwan,

Province

Of

China

0.29‌%

United

Kingdom

0.29‌%

Malaysia

0.20‌%

Other

Assets

and

Liabilities

(

0.10‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

1,949‌

$

23,036‌

$

22,497‌

$

2,488‌

$

1,949‌

$

23,036‌

$

22,497‌

$

2,488‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

10‌

$

—‌

$

—‌

$

—‌

$

10‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

International

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

113

INVESTMENT

COMPANIES

-

0.68%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.68%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

2,359,115‌

$

2,360‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

2,476‌

2‌

$

2,362‌

TOTAL

INVESTMENT

COMPANIES

$

2,362‌

COMMON

STOCKS

-

100.02%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

1.47%

MTU

Aero

Engines

AG

8,157‌

2,470‌

Safran

SA

16,000‌

2,580‌

$

5,050‌

Apparel

-

2.65%

Kering

SA

6,811‌

4,162‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

11,378‌

4,955‌

$

9,117‌

Automobile

Parts

&

Equipment

-

0.80%

Hyundai

Mobis

Co

Ltd

6,400‌

1,224‌

Weichai

Power

Co

Ltd

882,000‌

1,544‌

$

2,768‌

Banks

-

6.47%

Banca

Generali

SpA

59,000‌

1,875‌

China

Merchants

Bank

Co

Ltd

942,500‌

4,544‌

DBS

Group

Holdings

Ltd

183,900‌

3,388‌

Macquarie

Group

Ltd

27,346‌

2,613‌

National

Bank

of

Canada

49,500‌

2,747‌

OTP

Bank

Nyrt

36,000‌

1,668‌

Royal

Bank

of

Canada

(d)

29,800‌

2,355‌

Sberbank

of

Russia

PJSC

ADR

194,243‌

3,098‌

$

22,288‌

Building

Materials

-

2.56%

Anhui

Conch

Cement

Co

Ltd

694,400‌

4,432‌

Sika

AG

24,460‌

4,399‌

$

8,831‌

Chemicals

-

0.64%

Soulbrain

Co

Ltd

27,000‌

2,194‌

Commercial

Services

-

3.81%

Ashtead

Group

PLC

199,137‌

6,428‌

Loomis

AB

42,000‌

1,521‌

QinetiQ

Group

PLC

439,000‌

2,039‌

YDUQS

Part

255,000‌

3,156‌

$

13,144‌

Computers

-

6.82%

Bechtle

AG

13,000‌

1,876‌

CGI

Inc

(e)

26,500‌

2,029‌

Itochu

Techno-Solutions

Corp

67,500‌

1,988‌

Nomura

Research

Institute

Ltd

147,900‌

3,255‌

NS

Solutions

Corp

49,000‌

1,439‌

Otsuka

Corp

74,500‌

2,905‌

SCSK

Corp

34,000‌

1,822‌

Teleperformance

22,322‌

5,600‌

Wiwynn

Corp

112,000‌

2,575‌

$

23,489‌

Cosmetics

&

Personal

Care

-

1.05%

L'Oreal

SA

13,000‌

3,616‌

Diversified

Financial

Services

-

2.64%

Azimut

Holding

SpA

(d)

152,892‌

3,751‌

Chailease

Holding

Co

Ltd

571,505‌

2,370‌

E.Sun

Financial

Holding

Co

Ltd

3,229,370‌

2,983‌

$

9,104‌

Electrical

Components

&

Equipment

-

0.90%

Schneider

Electric

SE

31,000‌

3,092‌

Electronics

-

3.33%

Elite

Material

Co

Ltd

446,000‌

1,667‌

Halma

PLC

122,800‌

3,409‌

Radiant

Opto-Electronics

Corp

540,000‌

1,853‌

Tripod

Technology

Corp

433,000‌

1,589‌

Zhen

Ding

Technology

Holding

Ltd

767,000‌

2,966‌

$

11,484‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Engineering

&

Construction

-

3.06%

Alten

SA

18,500‌

$

2,280‌

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

311,000‌

2,367‌

HomeServe

PLC

142,000‌

2,399‌

Obayashi

Corp

156,000‌

1,711‌

Shimizu

Corp

175,000‌

1,795‌

$

10,552‌

Entertainment

-

2.09%

Aristocrat

Leisure

Ltd

150,000‌

3,577‌

Evolution

Gaming

Group

AB

(f)

117,500‌

3,629‌

$

7,206‌

Food

-

2.10%

Greencore

Group

PLC

827,000‌

2,675‌

Nestle

SA

25,000‌

2,757‌

X5

Retail

Group

NV

49,000‌

1,794‌

$

7,226‌

Gas

-

2.71%

China

Gas

Holdings

Ltd

438,000‌

1,730‌

China

Resources

Gas

Group

Ltd

458,000‌

2,414‌

ENN

Energy

Holdings

Ltd

446,400‌

5,190‌

$

9,334‌

Healthcare

-

Products

-

0.58%

Lifco

AB

34,000‌

2,005‌

Home

Builders

-

1.65%

Barratt

Developments

PLC

238,000‌

2,520‌

Berkeley

Group

Holdings

PLC

45,783‌

3,162‌

$

5,682‌

Home

Furnishings

-

1.39%

Howden

Joinery

Group

PLC

358,000‌

3,248‌

Sony

Corp

22,000‌

1,538‌

$

4,786‌

Insurance

-

10.91%

Allianz

SE

8,123‌

1,939‌

Assicurazioni

Generali

SpA

128,000‌

2,494‌

BB

Seguridade

Participacoes

SA

191,000‌

1,552‌

iA

Financial

Corp

Inc

45,500‌

2,504‌

Legal

&

General

Group

PLC

1,156,230‌

4,650‌

Manulife

Financial

Corp

191,000‌

3,721‌

PICC

Property

&

Casualty

Co

Ltd

2,806,000‌

3,001‌

Ping

An

Insurance

Group

Co

of

China

Ltd

449,670‌

5,085‌

Power

Financial

Corp

67,000‌

1,739‌

Sun

Life

Financial

Inc

80,500‌

3,785‌

Swiss

Life

Holding

AG

5,764‌

2,897‌

Tokio

Marine

Holdings

Inc

78,037‌

4,236‌

$

37,603‌

Internet

-

5.05%

Alibaba

Group

Holding

Ltd

ADR

(e)

27,600‌

5,702‌

Dip

Corp

63,000‌

2,005‌

JD.com

Inc

ADR

(e)

97,000‌

3,656‌

Rightmove

PLC

237,000‌

2,054‌

Tencent

Holdings

Ltd

41,500‌

1,979‌

Vipshop

Holdings

Ltd

ADR

(e)

157,000‌

1,999‌

$

17,395‌

Iron

&

Steel

-

1.54%

Fortescue

Metals

Group

Ltd

395,000‌

2,926‌

Kumba

Iron

Ore

Ltd

102,518‌

2,371‌

$

5,297‌

Leisure

Products

&

Services

-

1.21%

BRP

Inc

58,000‌

2,961‌

Koshidaka

Holdings

Co

Ltd

86,000‌

1,214‌

$

4,175‌

Machinery

-

Diversified

-

0.86%

Atlas

Copco

AB

-

A

Shares

84,000‌

2,973‌

Mining

-

3.90%

Anglo

American

PLC

95,500‌

2,492‌

MMC

Norilsk

Nickel

PJSC

ADR

178,952‌

5,773‌

Polymetal

International

PLC

141,000‌

2,392‌

Regis

Resources

Ltd

462,000‌

1,416‌

Schedule

of

Investments

International

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

114

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Mining

(continued)

Saracen

Mineral

Holdings

Ltd

(e)

508,000‌

$

1,369‌

$

13,442‌

Miscellaneous

Manufacturers

-

0.86%

Amano

Corp

44,000‌

1,271‌

Sunny

Optical

Technology

Group

Co

Ltd

106,000‌

1,684‌

$

2,955‌

Oil

&

Gas

-

2.78%

Beach

Energy

Ltd

1,542,000‌

2,690‌

LUKOIL

PJSC

ADR

50,000‌

5,087‌

Novatek

PJSC

10,000‌

1,800‌

$

9,577‌

Pharmaceuticals

-

5.71%

Astellas

Pharma

Inc

175,000‌

3,092‌

Chugai

Pharmaceutical

Co

Ltd

21,000‌

2,151‌

Novo

Nordisk

A/S

29,000‌

1,765‌

Roche

Holding

AG

14,640‌

4,911‌

Sawai

Pharmaceutical

Co

Ltd

33,000‌

2,145‌

Shionogi

&

Co

Ltd

29,000‌

1,725‌

Sino

Biopharmaceutical

Ltd

1,457,000‌

1,924‌

YiChang

HEC

ChangJiang

Pharmaceutical

Co

Ltd

(f)

346,000‌

1,983‌

$

19,696‌

Private

Equity

-

2.46%

3i

Group

PLC

246,000‌

3,578‌

Partners

Group

Holding

AG

5,370‌

4,916‌

$

8,494‌

Retail

-

3.54%

Alimentation

Couche-Tard

Inc

58,000‌

1,938‌

ANTA

Sports

Products

Ltd

353,600‌

3,079‌

JD

Sports

Fashion

PLC

379,300‌

4,102‌

Next

PLC

34,000‌

3,090‌

$

12,209‌

Semiconductors

-

7.41%

Dialog

Semiconductor

PLC

(e)

47,000‌

2,065‌

Lasertec

Corp

48,000‌

2,350‌

Novatek

Microelectronics

Corp

590,000‌

4,160‌

Realtek

Semiconductor

Corp

(e)

480,000‌

3,857‌

Samsung

Electronics

Co

Ltd

115,000‌

5,328‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

91,854‌

947‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

93,700‌

5,054‌

Tokyo

Electron

Ltd

8,000‌

1,760‌

$

25,521‌

Software

-

4.03%

Constellation

Software

Inc/Canada

1,650‌

1,734‌

NetEase

Inc

ADR

17,671‌

5,668‌

SimCorp

A/S

16,500‌

1,829‌

Temenos

AG

(e)

11,494‌

1,849‌

TIS

Inc

47,000‌

2,824‌

$

13,904‌

Telecommunications

-

1.16%

Accton

Technology

Corp

410,000‌

2,179‌

KDDI

Corp

60,000‌

1,813‌

$

3,992‌

Toys,

Games

&

Hobbies

-

1.35%

Bandai

Namco

Holdings

Inc

80,200‌

4,660‌

Transportation

-

0.53%

TFI

International

Inc

57,000‌

1,825‌

TOTAL

COMMON

STOCKS

$

344,686‌

Total

Investments

$

347,048‌

Other

Assets

and

Liabilities

-  (0.70)%

(2,415‌)

TOTAL

NET

ASSETS

-

100.00%

$

344,633‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,360

or

0.69

%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(e)

Non-income

producing

security

(f)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,612

or

1.63%

of

net

assets.

Portfolio

Summary  (unaudited)

Location

Percent

China

14.38‌%

Japan

13.84‌%

United

Kingdom

13.12‌%

Taiwan

9.34‌%

Canada

7.93‌%

France

7.64‌%

Switzerland

6.30‌%

Russian

Federation

5.10‌%

Australia

4.24‌%

Sweden

2.93‌%

Korea,

Republic

Of

2.54‌%

Italy

2.36‌%

Germany

1.82‌%

Hong

Kong

1.76‌%

Brazil

1.37‌%

Denmark

1.04‌%

Singapore

0.98‌%

Ireland

0.78‌%

South

Africa

0.69‌%

Mexico

0.69‌%

Cyprus

0.69‌%

United

States

0.68‌%

Hungary

0.48‌%

Other

Assets

and

Liabilities

(0.70‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

International

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

115

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

3,998‌

$

35,091‌

$

39,087‌

$

2‌

$

3,998‌

$

35,091‌

$

39,087‌

$

2‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

10‌

$

—‌

$

—‌

$

—‌

$

10‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

LargeCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

116

INVESTMENT

COMPANIES

-

1.31%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.30%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

1,039,519‌

$

1,040‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

132,656,928‌

132,657‌

$

133,697‌

Principal

Exchange-Traded

Funds

-

0.01%

Principal

Millennials

Index

ETF

(c),(d)

12,150‌

501‌

Principal

Price

Setters

Index

ETF

(c),(d)

4,100‌

168‌

Principal

Sustainable

Momentum

Index

ETF

(c)

1,900‌

55‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(c)

13,396‌

421‌

$

1,145‌

TOTAL

INVESTMENT

COMPANIES

$

134,842‌

COMMON

STOCKS

-

97.86%

Shares

Held

Value

(000's)

Advertising

-

0.02%

Interpublic

Group

of

Cos

Inc/The

4,854‌

110‌

Omnicom

Group

Inc

8,934‌

673‌

Trade

Desk

Inc/The

(e)

3,016‌

812‌

$

1,595‌

Aerospace

&

Defense

-

3.05%

Boeing

Co/The

603,912‌

192,207‌

General

Dynamics

Corp

4,070‌

714‌

HEICO

Corp

3,512‌

430‌

HEICO

Corp

-

Class

A

6,233‌

599‌

L3Harris

Technologies

Inc

463,515‌

102,590‌

Lockheed

Martin

Corp

18,757‌

8,030‌

Northrop

Grumman

Corp

12,651‌

4,739‌

Raytheon

Co

14,701‌

3,248‌

Spirit

AeroSystems

Holdings

Inc

7,329‌

479‌

TransDigm

Group

Inc

2,912‌

1,873‌

$

314,909‌

Agriculture

-

0.19%

Altria

Group

Inc

84,294‌

4,007‌

Philip

Morris

International

Inc

193,923‌

16,037‌

$

20,044‌

Airlines

-

0.03%

Alaska

Air

Group

Inc

5,181‌

334‌

Delta

Air

Lines

Inc

16,697‌

931‌

JetBlue

Airways

Corp

(e)

5,447‌

108‌

Southwest

Airlines

Co

21,511‌

1,183‌

United

Airlines

Holdings

Inc

(e)

4,410‌

330‌

$

2,886‌

Apparel

-

0.50%

Capri

Holdings

Ltd

(e)

5,048‌

151‌

Carter's

Inc

2,173‌

230‌

Columbia

Sportswear

Co

2,194‌

206‌

Hanesbrands

Inc

22,501‌

310‌

NIKE

Inc

500,828‌

48,230‌

Skechers

U.S.A.

Inc

(e)

5,733‌

214‌

Under

Armour

Inc

-

Class

C

(e)

10,681‌

192‌

VF

Corp

22,437‌

1,862‌

$

51,395‌

Automobile

Manufacturers

-

0.05%

Tesla

Inc

(e)

7,384‌

4,804‌

Automobile

Parts

&

Equipment

-

0.56%

Allison

Transmission

Holdings

Inc

9,412‌

416‌

Aptiv

PLC

674,679‌

57,206‌

WABCO

Holdings

Inc

(e)

3,401‌

461‌

$

58,083‌

Banks

-

0.01%

CIT

Group

Inc

582‌

27‌

Comerica

Inc

591‌

36‌

First

Republic

Bank/CA

2,129‌

236‌

Prosperity

Bancshares

Inc

619‌

43‌

Signature

Bank/New

York

NY

1,878‌

267‌

SVB

Financial

Group

(e)

302‌

73‌

Synovus

Financial

Corp

747‌

26‌

Western

Alliance

Bancorp

674‌

37‌

$

745‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Beverages

-

1.42%

Brown-Forman

Corp

-

A

Shares

3,593‌

$

231‌

Brown-Forman

Corp

-

B

Shares

1,776,556‌

120,166‌

Coca-Cola

Co/The

198,168‌

11,573‌

Monster

Beverage

Corp

(e)

27,196‌

1,811‌

PepsiCo

Inc

88,479‌

12,566‌

$

146,347‌

Biotechnology

-

2.07%

Alexion

Pharmaceuticals

Inc

(e)

181,673‌

18,057‌

Alnylam

Pharmaceuticals

Inc

(e)

6,175‌

709‌

Amgen

Inc

38,730‌

8,368‌

Biogen

Inc

(e)

4,333‌

1,165‌

BioMarin

Pharmaceutical

Inc

(e)

12,530‌

1,046‌

Exact

Sciences

Corp

(e)

9,767‌

911‌

Exelixis

Inc

(e)

8,723‌

150‌

Gilead

Sciences

Inc

12,818‌

810‌

Illumina

Inc

(e)

359,240‌

104,204‌

Incyte

Corp

(e)

12,464‌

911‌

Ionis

Pharmaceuticals

Inc

(e)

8,905‌

519‌

Moderna

Inc

(d),(e)

12,863‌

264‌

Regeneron

Pharmaceuticals

Inc

(e)

1,164‌

393‌

Sage

Therapeutics

Inc

(e)

3,583‌

238‌

Seattle

Genetics

Inc

(e)

8,110‌

879‌

Vertex

Pharmaceuticals

Inc

(e)

331,179‌

75,194‌

$

213,818‌

Building

Materials

-

0.02%

Armstrong

World

Industries

Inc

4,291‌

430‌

Eagle

Materials

Inc

2,482‌

226‌

Fortune

Brands

Home

&

Security

Inc

4,676‌

321‌

Martin

Marietta

Materials

Inc

1,348‌

356‌

Vulcan

Materials

Co

8,478‌

1,201‌

$

2,534‌

Chemicals

-

1.63%

Air

Products

&

Chemicals

Inc

3,836‌

916‌

Axalta

Coating

Systems

Ltd

(e)

4,610‌

133‌

CF

Industries

Holdings

Inc

1,336‌

54‌

Ecolab

Inc

13,063‌

2,562‌

NewMarket

Corp

455‌

200‌

PPG

Industries

Inc

5,425‌

650‌

RPM

International

Inc

1,558‌

111‌

Sherwin-Williams

Co/The

293,585‌

163,524‌

WR

Grace

&

Co

4,046‌

272‌

$

168,422‌

Commercial

Services

-

5.36%

Automatic

Data

Processing

Inc

54,388‌

9,322‌

Avalara

Inc

(e)

3,905‌

333‌

Booz

Allen

Hamilton

Holding

Corp

11,301‌

882‌

Bright

Horizons

Family

Solutions

Inc

(e)

4,687‌

767‌

Cintas

Corp

480,968‌

134,176‌

CoreLogic

Inc/United

States

2,980‌

139‌

CoStar

Group

Inc

(e)

57,748‌

37,708‌

Euronet

Worldwide

Inc

(e)

4,318‌

681‌

FleetCor

Technologies

Inc

(e)

6,414‌

2,022‌

Gartner

Inc

(e)

6,754‌

1,086‌

Global

Payments

Inc

668,031‌

130,566‌

Grand

Canyon

Education

Inc

(e)

601‌

47‌

H&R

Block

Inc

5,922‌

137‌

IHS

Markit

Ltd

18,853‌

1,487‌

MarketAxess

Holdings

Inc

2,592‌

918‌

Moody's

Corp

8,530‌

2,190‌

Morningstar

Inc

1,394‌

219‌

Paylocity

Holding

Corp

(e)

3,081‌

437‌

PayPal

Holdings

Inc

(e)

1,922,795‌

218,987‌

Quanta

Services

Inc

3,958‌

155‌

Robert

Half

International

Inc

9,084‌

528‌

Rollins

Inc

11,644‌

442‌

S&P

Global

Inc

12,785‌

3,755‌

Sabre

Corp

8,851‌

191‌

Service

Corp

International/US

6,548‌

314‌

Square

Inc

(e)

25,169‌

1,880‌

Schedule

of

Investments

LargeCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

117

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

TransUnion

14,302‌

$

1,312‌

United

Rentals

Inc

(e)

4,222‌

573‌

Verisk

Analytics

Inc

11,826‌

1,921‌

WEX

Inc

(e)

3,430‌

744‌

$

553,919‌

Computers

-

4.05%

Accenture

PLC

-

Class

A

65,750‌

13,492‌

Apple

Inc

818,548‌

253,349‌

Cognizant

Technology

Solutions

Corp

73,197‌

4,493‌

Dell

Technologies

Inc

(e)

8,666‌

423‌

EPAM

Systems

Inc

(e)

4,102‌

936‌

Fortinet

Inc

(e)

11,000‌

1,269‌

Genpact

Ltd

3,009,477‌

133,229‌

HP

Inc

3,928‌

84‌

International

Business

Machines

Corp

68,272‌

9,813‌

NCR

Corp

(e)

10,627‌

358‌

NetApp

Inc

17,933‌

958‌

$

418,404‌

Consumer

Products

-

0.03%

Avery

Dennison

Corp

5,514‌

724‌

Church

&

Dwight

Co

Inc

17,886‌

1,327‌

Clorox

Co/The

7,499‌

1,180‌

$

3,231‌

Cosmetics

&

Personal

Care

-

1.36%

Estee

Lauder

Cos

Inc/The

712,810‌

139,112‌

Procter

&

Gamble

Co/The

7,427‌

926‌

$

140,038‌

Distribution

&

Wholesale

-

0.05%

Copart

Inc

(e)

15,230‌

1,545‌

Fastenal

Co

38,167‌

1,331‌

IAA

Inc

(e)

9,424‌

445‌

LKQ

Corp

(e)

6,250‌

204‌

Pool

Corp

3,168‌

695‌

WW

Grainger

Inc

3,276‌

992‌

$

5,212‌

Diversified

Financial

Services

-

5.30%

Air

Lease

Corp

1,909‌

82‌

Alliance

Data

Systems

Corp

1,413‌

145‌

American

Express

Co

29,940‌

3,888‌

Ameriprise

Financial

Inc

1,271‌

210‌

Cboe

Global

Markets

Inc

1,955‌

241‌

Charles

Schwab

Corp/The

578,712‌

26,360‌

Credit

Acceptance

Corp

(e)

653‌

280‌

Discover

Financial

Services

7,794‌

586‌

E*TRADE

Financial

Corp

2,967‌

127‌

Evercore

Inc

-

Class

A

1,052‌

81‌

Interactive

Brokers

Group

Inc

-

A

Shares

1,197‌

56‌

Intercontinental

Exchange

Inc

318,042‌

31,721‌

Lazard

Ltd

2,792‌

117‌

LPL

Financial

Holdings

Inc

5,691‌

524‌

Mastercard

Inc

46,072‌

14,556‌

Raymond

James

Financial

Inc

2,109‌

193‌

SEI

Investments

Co

4,324‌

282‌

Synchrony

Financial

12,511‌

406‌

T

Rowe

Price

Group

Inc

4,644‌

620‌

TD

Ameritrade

Holding

Corp

16,458‌

782‌

Visa

Inc

2,316,315‌

460,877‌

Western

Union

Co/The

11,672‌

314‌

XP

Inc

(e)

121,992‌

4,897‌

$

547,345‌

Electric

-

0.97%

NextEra

Energy

Inc

244,885‌

65,678‌

Sempra

Energy

214,087‌

34,391‌

$

100,069‌

Electrical

Components

&

Equipment

-

0.03%

Acuity

Brands

Inc

1,180‌

139‌

AMETEK

Inc

13,756‌

1,336‌

Emerson

Electric

Co

10,547‌

756‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electrical

Components

&

Equipment

(continued)

Hubbell

Inc

2,834‌

$

406‌

Universal

Display

Corp

3,237‌

570‌

$

3,207‌

Electronics

-

4.32%

Agilent

Technologies

Inc

3,307‌

273‌

Allegion

PLC

5,765‌

746‌

Amphenol

Corp

1,186,371‌

118,008‌

FLIR

Systems

Inc

1,932‌

100‌

Fortive

Corp

1,809,563‌

135,590‌

Honeywell

International

Inc

151,258‌

26,201‌

Jabil

Inc

4,082‌

159‌

Keysight

Technologies

Inc

(e)

13,821‌

1,285‌

Mettler-Toledo

International

Inc

(e)

1,798‌

1,361‌

National

Instruments

Corp

1,236‌

55‌

PerkinElmer

Inc

2,386‌

221‌

Roper

Technologies

Inc

419,368‌

160,056‌

Sensata

Technologies

Holding

PLC

(e)

5,969‌

282‌

Trimble

Inc

(e)

4,301‌

183‌

Waters

Corp

(e)

4,862‌

1,088‌

Woodward

Inc

3,943‌

459‌

$

446,067‌

Entertainment

-

0.01%

Live

Nation

Entertainment

Inc

(e)

9,657‌

658‌

Madison

Square

Garden

Co/The

(e)

193‌

57‌

Six

Flags

Entertainment

Corp

1,254‌

48‌

Vail

Resorts

Inc

2,872‌

674‌

$

1,437‌

Environmental

Control

-

0.03%

Republic

Services

Inc

2,087‌

199‌

Waste

Management

Inc

27,496‌

3,346‌

$

3,545‌

Food

-

0.08%

Campbell

Soup

Co

7,933‌

384‌

Hershey

Co/The

9,302‌

1,443‌

Kellogg

Co

7,404‌

505‌

Lamb

Weston

Holdings

Inc

3,096‌

283‌

McCormick

&

Co

Inc/MD

5,776‌

944‌

Pilgrim's

Pride

Corp

(e)

3,608‌

94‌

Post

Holdings

Inc

(e)

2,403‌

251‌

Sprouts

Farmers

Market

Inc

(e)

7,462‌

117‌

Sysco

Corp

44,662‌

3,668‌

TreeHouse

Foods

Inc

(e)

1,878‌

84‌

$

7,773‌

Hand

&

Machine

Tools

-

0.00%

Lincoln

Electric

Holdings

Inc

4,658‌

415‌

Healthcare

-

Products

-

7.99%

Abbott

Laboratories

38,743‌

3,376‌

Align

Technology

Inc

(e)

5,634‌

1,448‌

Avantor

Inc

(e)

1,554,646‌

28,714‌

Baxter

International

Inc

11,710‌

1,045‌

Bio-Techne

Corp

2,900‌

609‌

Boston

Scientific

Corp

(e)

72,117‌

3,020‌

Bruker

Corp

9,049‌

448‌

Cantel

Medical

Corp

2,211‌

144‌

Cooper

Cos

Inc/The

709‌

246‌

Danaher

Corp

797,668‌

128,320‌

Edwards

Lifesciences

Corp

(e)

572,073‌

125,775‌

Envista

Holdings

Corp

(e)

9,369‌

277‌

Henry

Schein

Inc

(e)

3,220‌

222‌

Hill-Rom

Holdings

Inc

3,419‌

364‌

Hologic

Inc

(e)

17,071‌

914‌

IDEXX

Laboratories

Inc

(e)

6,224‌

1,687‌

Intuitive

Surgical

Inc

(e)

434,234‌

243,076‌

Masimo

Corp

(e)

3,837‌

655‌

ResMed

Inc

10,559‌

1,679‌

STERIS

PLC

1,137‌

171‌

Stryker

Corp

478,953‌

100,915‌

Teleflex

Inc

3,472‌

1,290‌

Schedule

of

Investments

LargeCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

118

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Products

(continued)

Thermo

Fisher

Scientific

Inc

572,295‌

$

179,237‌

Varian

Medical

Systems

Inc

(e)

7,041‌

990‌

West

Pharmaceutical

Services

Inc

4,597‌

717‌

$

825,339‌

Healthcare

-

Services

-

2.26%

Anthem

Inc

11,042‌

2,929‌

Centene

Corp

(e)

544,322‌

34,188‌

Charles

River

Laboratories

International

Inc

(e)

4,065‌

628‌

Chemed

Corp

1,379‌

644‌

Encompass

Health

Corp

5,170‌

398‌

HCA

Healthcare

Inc

510,862‌

70,908‌

Humana

Inc

81,352‌

27,354‌

IQVIA

Holdings

Inc

(e)

5,887‌

914‌

Laboratory

Corp

of

America

Holdings

(e)

1,127‌

198‌

Molina

Healthcare

Inc

(e)

4,216‌

519‌

UnitedHealth

Group

Inc

348,259‌

94,883‌

$

233,563‌

Home

Builders

-

0.02%

Lennar

Corp

-

A

Shares

9,820‌

652‌

Lennar

Corp

-

B

Shares

2,749‌

144‌

NVR

Inc

(e)

254‌

970‌

$

1,766‌

Home

Furnishings

-

0.00%

Dolby

Laboratories

Inc

1,657‌

115‌

Tempur

Sealy

International

Inc

(e)

4,322‌

396‌

$

511‌

Housewares

-

0.01%

Scotts

Miracle-Gro

Co/The

2,814‌

345‌

Toro

Co/The

8,545‌

684‌

$

1,029‌

Insurance

-

0.12%

Alleghany

Corp

(e)

114‌

91‌

Aon

PLC

17,808‌

3,922‌

Arch

Capital

Group

Ltd

(e)

3,839‌

170‌

Arthur

J

Gallagher

&

Co

2,781‌

285‌

Athene

Holding

Ltd

(e)

4,182‌

182‌

Axis

Capital

Holdings

Ltd

564‌

36‌

Brown

&

Brown

Inc

895‌

40‌

Erie

Indemnity

Co

(d)

1,152‌

192‌

Everest

Re

Group

Ltd

885‌

245‌

Kemper

Corp

757‌

56‌

Markel

Corp

(e)

90‌

106‌

Marsh

&

McLennan

Cos

Inc

34,800‌

3,893‌

Primerica

Inc

2,115‌

251‌

Progressive

Corp/The

20,424‌

1,648‌

RenaissanceRe

Holdings

Ltd

1,206‌

229‌

Travelers

Cos

Inc/The

7,616‌

1,002‌

Voya

Financial

Inc

638‌

38‌

$

12,386‌

Internet

-

20.61%

Alibaba

Group

Holding

Ltd

ADR

(e)

1,006,483‌

207,929‌

Alphabet

Inc

-

A

Shares

(e)

174,867‌

250,546‌

Alphabet

Inc

-

C

Shares

(e)

238,880‌

342,608‌

Amazon.com

Inc

(e)

311,828‌

626,374‌

Booking

Holdings

Inc

(e)

62,426‌

114,274‌

CDW

Corp/DE

10,549‌

1,376‌

eBay

Inc

56,418‌

1,893‌

F5

Networks

Inc

(e)

4,489‌

548‌

Facebook

Inc

(e)

1,268,113‌

256,045‌

FireEye

Inc

(e)

16,797‌

268‌

GoDaddy

Inc

(e)

13,195‌

887‌

IAC/InterActiveCorp

(e)

148,359‌

36,139‌

Match

Group

Inc

(d),(e)

4,523‌

354‌

Netflix

Inc

(e)

260,611‌

89,935‌

Okta

Inc

(e)

101,623‌

13,013‌

Palo

Alto

Networks

Inc

(e)

7,009‌

1,646‌

Proofpoint

Inc

(e)

4,499‌

552‌

Spotify

Technology

SA

(e)

354,256‌

50,057‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

(continued)

Tencent

Holdings

Ltd

ADR

2,090,486‌

$

100,155‌

Tencent

Music

Entertainment

Group

ADR

(e)

1,501,438‌

19,053‌

TripAdvisor

Inc

8,555‌

234‌

Twitter

Inc

(e)

54,610‌

1,774‌

Uber

Technologies

Inc

(e)

341,885‌

12,407‌

VeriSign

Inc

(e)

5,533‌

1,152‌

$

2,129,219‌

Leisure

Products

&

Services

-

0.01%

Norwegian

Cruise

Line

Holdings

Ltd

(e)

4,796‌

258‌

Planet

Fitness

Inc

(e)

6,506‌

526‌

Polaris

Inc

4,597‌

422‌

$

1,206‌

Lodging

-

0.53%

Choice

Hotels

International

Inc

2,129‌

213‌

Hilton

Grand

Vacations

Inc

(e)

3,594‌

115‌

Hilton

Worldwide

Holdings

Inc

359,982‌

38,806‌

Las

Vegas

Sands

Corp

12,894‌

842‌

Marriott

International

Inc/MD

20,299‌

2,843‌

MGM

Resorts

International

6,217‌

193‌

Wyndham

Hotels

&

Resorts

Inc

3,085‌

176‌

Wynn

Resorts

Ltd

93,589‌

11,808‌

$

54,996‌

Machinery

-

Construction

&

Mining

-

0.67%

BWX

Technologies

Inc

1,086,250‌

69,074‌

Caterpillar

Inc

2,167‌

285‌

$

69,359‌

Machinery

-

Diversified

-

0.04%

Deere

&

Co

1,792‌

284‌

Dover

Corp

5,343‌

609‌

Graco

Inc

13,457‌

715‌

IDEX

Corp

3,223‌

528‌

Nordson

Corp

4,277‌

722‌

Rockwell

Automation

Inc

8,586‌

1,646‌

$

4,504‌

Media

-

0.17%

Altice

USA

Inc

(e)

22,020‌

602‌

AMC

Networks

Inc

(e)

3,708‌

136‌

Cable

One

Inc

355‌

605‌

Charter

Communications

Inc

(e)

4,687‌

2,425‌

Comcast

Corp

-

Class

A

245,138‌

10,587‌

FactSet

Research

Systems

Inc

2,635‌

754‌

Fox

Corp

-

A

Shares

3,740‌

139‌

Fox

Corp

-

B

Shares

2,947‌

107‌

New

York

Times

Co/The

3,486‌

112‌

Nexstar

Media

Group

Inc

2,749‌

333‌

Sirius

XM

Holdings

Inc

106,103‌

750‌

ViacomCBS

Inc

-

A

Shares

(d)

948‌

36‌

ViacomCBS

Inc

-

B

Shares

21,908‌

748‌

$

17,334‌

Mining

-

0.00%

Royal

Gold

Inc

1,468‌

169‌

Southern

Copper

Corp

4,291‌

162‌

$

331‌

Miscellaneous

Manufacturers

-

0.14%

3M

Co

32,474‌

5,152‌

AO

Smith

Corp

2,683‌

115‌

AptarGroup

Inc

1,834‌

212‌

Carlisle

Cos

Inc

4,055‌

634‌

Donaldson

Co

Inc

10,205‌

529‌

Hexcel

Corp

6,763‌

502‌

Illinois

Tool

Works

Inc

25,633‌

4,485‌

Ingersoll-Rand

PLC

19,991‌

2,663‌

$

14,292‌

Office

&

Business

Equipment

-

0.01%

Zebra

Technologies

Corp

(e)

4,037‌

965‌

Schedule

of

Investments

LargeCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

119

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

-

0.23%

Cabot

Oil

&

Gas

Corp

20,665‌

$

291‌

Concho

Resources

Inc

303,484‌

22,998‌

Parsley

Energy

Inc

12,475‌

208‌

Pioneer

Natural

Resources

Co

5,304‌

716‌

$

24,213‌

Packaging

&

Containers

-

0.02%

Ball

Corp

22,658‌

1,635‌

Berry

Global

Group

Inc

(e)

3,663‌

156‌

Crown

Holdings

Inc

(e)

5,350‌

396‌

Sealed

Air

Corp

764‌

27‌

$

2,214‌

Pharmaceuticals

-

5.71%

AbbVie

Inc

103,829‌

8,412‌

Agios

Pharmaceuticals

Inc

(e)

379‌

18‌

AmerisourceBergen

Corp

12,112‌

1,036‌

Becton

Dickinson

and

Co

299,273‌

82,354‌

Bristol-Myers

Squibb

Co

124,124‌

7,814‌

Cigna

Corp

470,674‌

90,548‌

DexCom

Inc

(e)

655,843‌

157,894‌

Eli

Lilly

&

Co

44,198‌

6,172‌

Herbalife

Nutrition

Ltd

(e)

2,330‌

91‌

Horizon

Therapeutics

Plc

(e)

3,122‌

108‌

Jazz

Pharmaceuticals

PLC

(e)

4,288‌

615‌

Johnson

&

Johnson

40,704‌

6,060‌

McKesson

Corp

2,315‌

330‌

Merck

&

Co

Inc

189,342‌

16,177‌

Neurocrine

Biosciences

Inc

(e)

6,290‌

629‌

PRA

Health

Sciences

Inc

(e)

5,457‌

553‌

Sarepta

Therapeutics

Inc

(e)

4,907‌

569‌

Zoetis

Inc

1,569,137‌

210,594‌

$

589,974‌

Pipelines

-

0.01%

Cheniere

Energy

Inc

(e)

9,768‌

578‌

ONEOK

Inc

9,973‌

747‌

$

1,325‌

Real

Estate

-

0.01%

CBRE

Group

Inc

(e)

10,007‌

611‌

Jones

Lang

LaSalle

Inc

873‌

148‌

$

759‌

REITs

-

2.04%

American

Homes

4

Rent

10,548‌

288‌

American

Tower

Corp

35,426‌

8,210‌

CoreSite

Realty

Corp

2,437‌

286‌

Crown

Castle

International

Corp

36,430‌

5,459‌

Equinix

Inc

4,420‌

2,607‌

Equity

LifeStyle

Properties

Inc

13,335‌

970‌

Extra

Space

Storage

Inc

7,506‌

831‌

Lamar

Advertising

Co

6,790‌

630‌

Outfront

Media

Inc

3,806‌

113‌

Public

Storage

5,797‌

1,297‌

SBA

Communications

Corp

750,330‌

187,252‌

Simon

Property

Group

Inc

14,139‌

1,883‌

Sun

Communities

Inc

2,085‌

338‌

UDR

Inc

2,036‌

97‌

$

210,261‌

Retail

-

4.38%

Advance

Auto

Parts

Inc

1,591‌

210‌

AutoZone

Inc

(e)

1,765‌

1,867‌

Best

Buy

Co

Inc

4,551‌

385‌

Burlington

Stores

Inc

(e)

4,950‌

1,076‌

CarMax

Inc

(e)

6,144‌

596‌

Carvana

Co

(e)

166,150‌

13,167‌

Casey's

General

Stores

Inc

1,027‌

165‌

Chipotle

Mexican

Grill

Inc

(e)

1,895‌

1,643‌

Costco

Wholesale

Corp

393,408‌

120,194‌

Darden

Restaurants

Inc

9,464‌

1,102‌

Dollar

General

Corp

441,690‌

67,759‌

Dollar

Tree

Inc

(e)

9,348‌

814‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Domino's

Pizza

Inc

3,132‌

$

882‌

Dunkin'

Brands

Group

Inc

6,552‌

512‌

Floor

&

Decor

Holdings

Inc

(e)

5,379‌

265‌

Home

Depot

Inc/The

44,814‌

10,222‌

L

Brands

Inc

4,477‌

104‌

Lowe's

Cos

Inc

55,493‌

6,451‌

Lululemon

Athletica

Inc

(e)

135,361‌

32,404‌

McDonald's

Corp

6,308‌

1,350‌

Nordstrom

Inc

9,445‌

348‌

O'Reilly

Automotive

Inc

(e)

5,570‌

2,262‌

Ross

Stores

Inc

477,747‌

53,599‌

Starbucks

Corp

84,614‌

7,178‌

Target

Corp

3,145‌

348‌

TJX

Cos

Inc/The

2,081,232‌

122,876‌

Tractor

Supply

Co

9,456‌

879‌

Wendy's

Co/The

16,302‌

353‌

Williams-Sonoma

Inc

2,186‌

153‌

Yum

China

Holdings

Inc

22,471‌

968‌

Yum!

Brands

Inc

19,926‌

2,108‌

$

452,240‌

Semiconductors

-

2.79%

Advanced

Micro

Devices

Inc

(e)

807,541‌

37,955‌

Analog

Devices

Inc

2,551‌

280‌

Applied

Materials

Inc

83,588‌

4,847‌

ASML

Holding

NV

-

NY

Reg

Shares

208,773‌

58,594‌

Broadcom

Inc

20,066‌

6,123‌

Entegris

Inc

10,517‌

544‌

KLA

Corp

11,617‌

1,925‌

Lam

Research

Corp

19,427‌

5,793‌

Marvell

Technology

Group

Ltd

1,443,808‌

34,709‌

Maxim

Integrated

Products

Inc

8,192‌

493‌

Microchip

Technology

Inc

5,029‌

490‌

Monolithic

Power

Systems

Inc

3,187‌

546‌

NVIDIA

Corp

30,312‌

7,167‌

NXP

Semiconductors

NV

868,198‌

110,140‌

QUALCOMM

Inc

113,614‌

9,692‌

Skyworks

Solutions

Inc

1,261‌

143‌

Teradyne

Inc

12,808‌

845‌

Texas

Instruments

Inc

48,714‌

5,877‌

Xilinx

Inc

18,190‌

1,537‌

$

287,700‌

Shipbuilding

-

0.01%

Huntington

Ingalls

Industries

Inc

2,602‌

679‌

Software

-

18.26%

Activision

Blizzard

Inc

2,131‌

125‌

Adobe

Inc

(e)

302,660‌

106,276‌

Akamai

Technologies

Inc

(e)

11,486‌

1,072‌

Alteryx

Inc

(e)

3,685‌

514‌

ANSYS

Inc

(e)

6,305‌

1,730‌

Aspen

Technology

Inc

(e)

5,558‌

661‌

Atlassian

Corp

PLC

(e)

69,188‌

10,171‌

Autodesk

Inc

(e)

895,806‌

176,340‌

Black

Knight

Inc

(e)

11,886‌

795‌

Broadridge

Financial

Solutions

Inc

9,031‌

1,076‌

Cadence

Design

Systems

Inc

(e)

21,292‌

1,535‌

CDK

Global

Inc

10,866‌

583‌

Ceridian

HCM

Holding

Inc

(e)

6,338‌

464‌

Cerner

Corp

23,505‌

1,688‌

Citrix

Systems

Inc

8,917‌

1,081‌

DocuSign

Inc

(e)

11,520‌

904‌

Dropbox

Inc

-

A

Shares

(e)

20,068‌

342‌

Dynatrace

Inc

(e)

5,567‌

174‌

Electronic

Arts

Inc

(e)

1,331,067‌

143,649‌

Fair

Isaac

Corp

(e)

2,277‌

916‌

Fidelity

National

Information

Services

Inc

224,204‌

32,209‌

Fiserv

Inc

(e)

29,290‌

3,474‌

Guidewire

Software

Inc

(e)

6,405‌

721‌

HubSpot

Inc

(e)

3,143‌

569‌

Intuit

Inc

872,240‌

244,558‌

Schedule

of

Investments

LargeCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

120

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Jack

Henry

&

Associates

Inc

5,552‌

$

830‌

Manhattan

Associates

Inc

(e)

5,999‌

513‌

Microsoft

Corp

3,983,230‌

678,065‌

MSCI

Inc

5,797‌

1,657‌

New

Relic

Inc

(e)

4,101‌

271‌

Oracle

Corp

222,243‌

11,657‌

Paychex

Inc

24,067‌

2,064‌

Paycom

Software

Inc

(e)

3,742‌

1,191‌

Pegasystems

Inc

3,567‌

307‌

PTC

Inc

(e)

8,200‌

682‌

RealPage

Inc

(e)

7,396‌

432‌

RingCentral

Inc

(e)

5,556‌

1,142‌

salesforce.com

Inc

(e)

1,253,536‌

228,533‌

ServiceNow

Inc

(e)

165,899‌

56,112‌

Slack

Technologies

Inc

(e)

754,184‌

15,634‌

SolarWinds

Corp

(e)

6,122‌

116‌

Splunk

Inc

(e)

349,746‌

54,302‌

SS&C

Technologies

Holdings

Inc

15,861‌

999‌

Stripe

Inc

-

Class

B

(e),(f),(g)

114,126‌

1,791‌

Synopsys

Inc

(e)

11,304‌

1,667‌

Take-Two

Interactive

Software

Inc

(e)

4,228‌

527‌

Teradata

Corp

(e)

11,061‌

269‌

Tyler

Technologies

Inc

(e)

3,025‌

979‌

Veeva

Systems

Inc

(e)

9,731‌

1,427‌

VMware

Inc

(e)

334,958‌

49,594‌

Workday

Inc

(e)

223,860‌

41,331‌

Zoom

Video

Communications

Inc

(e)

28,892‌

2,204‌

Zynga

Inc

(e)

20,370‌

123‌

$

1,886,046‌

Telecommunications

-

0.14%

Arista

Networks

Inc

(e)

4,346‌

971‌

Cisco

Systems

Inc

222,598‌

10,233‌

Motorola

Solutions

Inc

9,268‌

1,640‌

Switch

Inc

10,296‌

165‌

T-Mobile

US

Inc

(e)

11,995‌

950‌

Ubiquiti

Inc

994‌

162‌

Zayo

Group

Holdings

Inc

(e)

16,507‌

574‌

$

14,695‌

Toys,

Games

&

Hobbies

-

0.01%

Hasbro

Inc

9,322‌

950‌

Transportation

-

0.53%

CSX

Corp

25,413‌

1,940‌

Expeditors

International

of

Washington

Inc

9,733‌

711‌

JB

Hunt

Transport

Services

Inc

122,409‌

13,212‌

Landstar

System

Inc

3,013‌

334‌

Norfolk

Southern

Corp

129,996‌

27,066‌

Old

Dominion

Freight

Line

Inc

2,416‌

474‌

Union

Pacific

Corp

36,077‌

6,473‌

United

Parcel

Service

Inc

36,277‌

3,755‌

XPO

Logistics

Inc

(e)

4,421‌

393‌

$

54,358‌

TOTAL

COMMON

STOCKS

$

10,108,458‌

CONVERTIBLE

PREFERRED

STOCKS

-

0.18%

Shares

Held

Value

(000's)

Internet

-

0.18%

Airbnb

Inc

-

Series

D

0.00%

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

121,527‌

$

15,169‌

Airbnb

Inc

-

Series

E

0.00%

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

29,361‌

3,665‌

$

18,834‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

18,834‌

PREFERRED

STOCKS

-

0.26%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.13%

Rivian

Automotive

Series

D

0.00%

(e),(f),(g)

1,213,721‌

13,040‌

Software

-

0.10%

Magic

Leap

Inc

-

Series

C

0.00%

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

168,788‌

3,888‌

Magic

Leap

Inc

-

Series

D

0.00%

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

48,744‌

1,184‌

UIPATH

Inc

Ser

D-1

0.00%

(e),(f),(g)

115,225‌

4,534‌

UIPATH

Inc

Ser

D-2

0.00%

(e),(f),(g)

19,348‌

761‌

$

10,367‌

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000’s)

Telecommunications

-

0.03%

Aurora

Innovation

0.00%

(e),(f),(g)

327,430‌

$

3,026‌

TOTAL

PREFERRED

STOCKS

$

26,433‌

Total

Investments

$

10,288,567‌

Other

Assets

and

Liabilities

-  0.39%

40,654‌

TOTAL

NET

ASSETS

-

100.00%

$

10,329,221‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,040

or

0.01%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(e)

Non-income

producing

security

(f)

Restricted

Security.

Please

see

Restricted

Security

Sub-Schedule

for

more

information.

(g)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$47,058

or

0.46%

of

net

assets.

(h)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Non-cyclical

26.47‌%

Technology

25.21‌%

Communications

21.15‌%

Industrial

8.86‌%

Financial

7.48‌%

Consumer,

Cyclical

6.29‌%

Basic

Materials

1.63‌%

Money

Market

Funds

1.30‌%

Utilities

0.97‌%

Energy

0.24‌%

Domestic

Equity

Funds

0.01‌%

Other

Assets

and

Liabilities

0.39‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

LargeCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

121

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

99,165‌

$

845,467‌

$

811,975‌

$

132,657‌

Principal

Millennials

Index

ETF

474‌

—‌

—‌

501‌

Principal

Price

Setters

Index

ETF

159‌

—‌

—‌

168‌

Principal

Sustainable

Momentum

Index

ETF

53‌

—‌

—‌

55‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

398‌

—‌

—‌

421‌

$

100,249‌

$

845,467‌

$

811,97

5‌

$

133,802‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

514‌

$

—‌

$

—‌

$

—‌

Principal

Millennials

Index

ETF

3‌

—‌

—‌

27‌

Principal

Price

Setters

Index

ETF

—‌

—‌

—‌

9‌

Principal

Sustainable

Momentum

Index

ETF

—‌

—‌

—‌

2‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

2‌

—‌

—‌

2

3‌

$

519‌

$

—‌

$

—‌

$

6

1‌

Amounts

in

thousands.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Airbnb

Inc

-

Series

D  

0.00%

04/16/2014

$

4,948‌

$

15,169‌

0.15%

Airbnb

Inc

-

Series

E  

0.00%

07/14/2015

2,733‌

3,665‌

0.03%

Aurora

Innovation  

0.00%

03/01/2019

3,026‌

3,026‌

0.03%

Magic

Leap

Inc

-

Series

C  

0.00%

01/20/2016

3,888‌

3,888‌

0.04%

Magic

Leap

Inc

-

Series

D  

0.00%

10/12/2017

1,316‌

1,184‌

0.01%

Rivian

Automotive

Series

D  

0.00%

12/23/2019

13,040‌

13,040‌

0.13%

Stripe

Inc

-

Class

B

12/17/2019

1,791‌

1,791‌

0.02%

UIPATH

Inc

Ser

D-1  

0.00%

04/26/2019

4,534‌

4,534‌

0.04%

UIPATH

Inc

Ser

D-2  

0.00%

04/26/2019

761‌

761‌

0.01%

Total

$

47,058‌

0.46%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

March

2020

Long

159‌

$

25,631‌

$

(666‌)

Total

$

(666‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

122

INVESTMENT

COMPANIES

-

2.59%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.25%

iShares

Core

S&P

500

ETF

47,300‌

$

15,290‌

Money

Market

Funds

-

2.34%

Principal

Government

Money

Market

Fund

1.43%

(a),(b)

143,042,393‌

143,042‌

TOTAL

INVESTMENT

COMPANIES

$

158,332‌

COMMON

STOCKS

-

97.47%

Shares

Held

Value

(000's)

Advertising

-

0.09%

Interpublic

Group

of

Cos

Inc/The

86,526‌

1,964‌

Omnicom

Group

Inc

48,589‌

3,659‌

$

5,623‌

Aerospace

&

Defense

-

2.38%

Arconic

Inc

86,444‌

2,589‌

Boeing

Co/The

119,313‌

37,974‌

General

Dynamics

Corp

52,295‌

9,175‌

L3Harris

Technologies

Inc

49,333‌

10,919‌

Lockheed

Martin

Corp

55,394‌

23,715‌

Northrop

Grumman

Corp

34,978‌

13,102‌

Raytheon

Co

62,146‌

13,730‌

TransDigm

Group

Inc

11,113‌

7,149‌

United

Technologies

Corp

181,052‌

27,194‌

$

145,547‌

Agriculture

-

0.88%

Altria

Group

Inc

416,890‌

19,815‌

Archer-Daniels-Midland

Co

124,230‌

5,560‌

Philip

Morris

International

Inc

347,208‌

28,714‌

$

54,089‌

Airlines

-

0.34%

Alaska

Air

Group

Inc

27,487‌

1,775‌

American

Airlines

Group

Inc

87,004‌

2,335‌

Delta

Air

Lines

Inc

128,451‌

7,160‌

Southwest

Airlines

Co

105,699‌

5,811‌

United

Airlines

Holdings

Inc

(c)

48,564‌

3,633‌

$

20,714‌

Apparel

-

0.67%

Capri

Holdings

Ltd

(c)

33,839‌

1,014‌

Hanesbrands

Inc

80,715‌

1,111‌

NIKE

Inc

278,063‌

26,777‌

PVH

Corp

16,546‌

1,442‌

Ralph

Lauren

Corp

11,099‌

1,260‌

Tapestry

Inc

61,578‌

1,587‌

Under

Armour

Inc

-

Class

A

(c)

41,999‌

847‌

Under

Armour

Inc

-

Class

C

(c)

43,422‌

780‌

VF

Corp

73,082‌

6,064‌

$

40,882‌

Automobile

Manufacturers

-

0.46%

Cummins

Inc

34,189‌

5,469‌

Ford

Motor

Co

868,992‌

7,664‌

General

Motors

Co

280,585‌

9,369‌

PACCAR

Inc

77,185‌

5,728‌

$

28,230‌

Automobile

Parts

&

Equipment

-

0.11%

Aptiv

PLC

56,970‌

4,831‌

BorgWarner

Inc

46,081‌

1,580‌

$

6,411‌

Banks

-

5.88%

Bank

of

America

Corp

1,806,610‌

59,311‌

Bank

of

New

York

Mellon

Corp/The

187,276‌

8,386‌

Citigroup

Inc

487,201‌

36,253‌

Citizens

Financial

Group

Inc

97,012‌

3,617‌

Comerica

Inc

32,170‌

1,968‌

Fifth

Third

Bancorp

158,369‌

4,506‌

First

Republic

Bank/CA

37,607‌

4,170‌

Goldman

Sachs

Group

Inc/The

71,117‌

16,908‌

Huntington

Bancshares

Inc/OH

230,468‌

3,127‌

JPMorgan

Chase

&

Co

699,936‌

92,644‌

KeyCorp

219,803‌

4,112‌

M&T

Bank

Corp

29,449‌

4,963‌

Morgan

Stanley

274,516‌

14,346‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Northern

Trust

Corp

47,283‌

$

4,625‌

PNC

Financial

Services

Group

Inc/The

97,782‌

14,525‌

Regions

Financial

Corp

215,269‌

3,352‌

State

Street

Corp

81,146‌

6,137‌

SVB

Financial

Group

(c)

11,509‌

2,766‌

Truist

Financial

Corp

299,272‌

15,433‌

US

Bancorp

317,174‌

16,880‌

Wells

Fargo

&

Co

858,878‌

40,316‌

Zions

Bancorp

NA

38,040‌

1,730‌

$

360,075‌

Beverages

-

1.83%

Brown-Forman

Corp

-

B

Shares

40,659‌

2,750‌

Coca-Cola

Co/The

860,513‌

50,254‌

Constellation

Brands

Inc

37,379‌

7,038‌

Molson

Coors

Beverage

Co

41,922‌

2,330‌

Monster

Beverage

Corp

(c)

85,192‌

5,674‌

PepsiCo

Inc

311,182‌

44,194‌

$

112,240‌

Biotechnology

-

1.61%

Alexion

Pharmaceuticals

Inc

(c)

49,384‌

4,908‌

Amgen

Inc

132,599‌

28,648‌

Biogen

Inc

(c)

40,269‌

10,826‌

Corteva

Inc

167,013‌

4,830‌

Gilead

Sciences

Inc

282,329‌

17,843‌

Illumina

Inc

(c)

32,805‌

9,516‌

Incyte

Corp

(c)

39,897‌

2,915‌

Regeneron

Pharmaceuticals

Inc

(c)

17,827‌

6,025‌

Vertex

Pharmaceuticals

Inc

(c)

57,387‌

13,030‌

$

98,541‌

Building

Materials

-

0.32%

Fortune

Brands

Home

&

Security

Inc

31,053‌

2,134‌

Johnson

Controls

International

plc

172,150‌

6,791‌

Martin

Marietta

Materials

Inc

13,949‌

3,680‌

Masco

Corp

63,400‌

3,013‌

Vulcan

Materials

Co

29,536‌

4,183‌

$

19,801‌

Chemicals

-

1.64%

Air

Products

&

Chemicals

Inc

49,193‌

11,743‌

Albemarle

Corp

23,662‌

1,900‌

Celanese

Corp

26,974‌

2,792‌

CF

Industries

Holdings

Inc

48,522‌

1,954‌

Dow

Inc

165,472‌

7,623‌

DuPont

de

Nemours

Inc

165,319‌

8,461‌

Eastman

Chemical

Co

30,345‌

2,163‌

Ecolab

Inc

55,962‌

10,975‌

FMC

Corp

28,924‌

2,765‌

International

Flavors

&

Fragrances

Inc

23,828‌

3,124‌

Linde

PLC

119,876‌

24,350‌

LyondellBasell

Industries

NV

57,291‌

4,461‌

Mosaic

Co/The

78,026‌

1,548‌

PPG

Industries

Inc

52,769‌

6,324‌

Sherwin-Williams

Co/The

18,335‌

10,212‌

$

100,395‌

Commercial

Services

-

2.10%

Automatic

Data

Processing

Inc

96,561‌

16,550‌

Cintas

Corp

18,710‌

5,220‌

Equifax

Inc

27,021‌

4,050‌

FleetCor

Technologies

Inc

(c)

19,366‌

6,105‌

Gartner

Inc

(c)

19,963‌

3,210‌

Global

Payments

Inc

67,070‌

13,109‌

H&R

Block

Inc

43,571‌

1,011‌

IHS

Markit

Ltd

89,485‌

7,057‌

MarketAxess

Holdings

Inc

8,463‌

2,997‌

Moody's

Corp

36,235‌

9,305‌

Nielsen

Holdings

PLC

79,403‌

1,620‌

PayPal

Holdings

Inc

(c)

262,032‌

29,843‌

Quanta

Services

Inc

31,754‌

1,243‌

Robert

Half

International

Inc

26,235‌

1,526‌

Rollins

Inc

31,421‌

1,192‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

123

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

S&P

Global

Inc

54,541‌

$

16,020‌

United

Rentals

Inc

(c)

16,772‌

2,276‌

Verisk

Analytics

Inc

36,570‌

5,941‌

$

128,275‌

Computers

-

6.26%

Accenture

PLC

-

Class

A

141,721‌

29,083‌

Apple

Inc

932,065‌

288,483‌

Cognizant

Technology

Solutions

Corp

122,195‌

7,500‌

DXC

Technology

Co

57,128‌

1,821‌

Fortinet

Inc

(c)

31,680‌

3,655‌

Hewlett

Packard

Enterprise

Co

288,769‌

4,023‌

HP

Inc

330,703‌

7,051‌

International

Business

Machines

Corp

197,638‌

28,406‌

Leidos

Holdings

Inc

29,695‌

2,983‌

NetApp

Inc

50,930‌

2,720‌

Seagate

Technology

PLC

51,591‌

2,940‌

Western

Digital

Corp

66,369‌

4,347‌

$

383,012‌

Consumer

Products

-

0.36%

Avery

Dennison

Corp

18,634‌

2,445‌

Church

&

Dwight

Co

Inc

54,764‌

4,065‌

Clorox

Co/The

28,007‌

4,406‌

Kimberly-Clark

Corp

76,501‌

10,958‌

$

21,874‌

Cosmetics

&

Personal

Care

-

1.53%

Colgate-Palmolive

Co

191,258‌

14,111‌

Coty

Inc

65,960‌

677‌

Estee

Lauder

Cos

Inc/The

49,665‌

9,693‌

Procter

&

Gamble

Co/The

556,518‌

69,353‌

$

93,834‌

Distribution

&

Wholesale

-

0.23%

Copart

Inc

(c)

45,649‌

4,632‌

Fastenal

Co

127,988‌

4,464‌

LKQ

Corp

(c)

68,390‌

2,235‌

WW

Grainger

Inc

9,738‌

2,948‌

$

14,279‌

Diversified

Financial

Services

-

4.28%

Alliance

Data

Systems

Corp

9,147‌

940‌

American

Express

Co

149,737‌

19,446‌

Ameriprise

Financial

Inc

28,273‌

4,677‌

BlackRock

Inc

26,319‌

13,879‌

Capital

One

Financial

Corp

103,930‌

10,372‌

Cboe

Global

Markets

Inc

24,739‌

3,048‌

Charles

Schwab

Corp/The

255,133‌

11,621‌

CME

Group

Inc

79,972‌

17,363‌

Discover

Financial

Services

69,954‌

5,256‌

E*TRADE

Financial

Corp

50,415‌

2,149‌

Franklin

Resources

Inc

62,243‌

1,575‌

Intercontinental

Exchange

Inc

124,267‌

12,394‌

Invesco

Ltd

83,059‌

1,437‌

Mastercard

Inc

198,107‌

62,590‌

Nasdaq

Inc

25,605‌

2,982‌

Raymond

James

Financial

Inc

27,552‌

2,519‌

Synchrony

Financial

132,668‌

4,300‌

T

Rowe

Price

Group

Inc

52,148‌

6,963‌

Visa

Inc

382,013‌

76,009‌

Western

Union

Co/The

93,561‌

2,517‌

$

262,037‌

Electric

-

3.28%

AES

Corp/VA

148,154‌

2,942‌

Alliant

Energy

Corp

53,637‌

3,184‌

Ameren

Corp

54,904‌

4,505‌

American

Electric

Power

Co

Inc

110,230‌

11,488‌

CenterPoint

Energy

Inc

112,080‌

2,968‌

CMS

Energy

Corp

63,342‌

4,340‌

Consolidated

Edison

Inc

74,185‌

6,973‌

Dominion

Energy

Inc

183,681‌

15,751‌

DTE

Energy

Co

42,870‌

5,685‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

Duke

Energy

Corp

162,691‌

$

15,883‌

Edison

International

80,025‌

6,126‌

Entergy

Corp

44,431‌

5,844‌

Evergy

Inc

50,858‌

3,670‌

Eversource

Energy

72,250‌

6,679‌

Exelon

Corp

216,936‌

10,324‌

FirstEnergy

Corp

120,575‌

6,124‌

NextEra

Energy

Inc

109,076‌

29,254‌

NRG

Energy

Inc

56,145‌

2,071‌

Pinnacle

West

Capital

Corp

25,086‌

2,451‌

PPL

Corp

161,352‌

5,839‌

Public

Service

Enterprise

Group

Inc

112,857‌

6,681‌

Sempra

Energy

62,908‌

10,106‌

Southern

Co/The

234,035‌

16,476‌

WEC

Energy

Group

Inc

70,392‌

7,031‌

Xcel

Energy

Inc

117,022‌

8,097‌

$

200,492‌

Electrical

Components

&

Equipment

-

0.24%

AMETEK

Inc

51,012‌

4,956‌

Emerson

Electric

Co

135,939‌

9,737‌

$

14,693‌

Electronics

-

1.33%

Agilent

Technologies

Inc

69,061‌

5,702‌

Allegion

PLC

20,736‌

2,682‌

Amphenol

Corp

66,165‌

6,581‌

FLIR

Systems

Inc

29,938‌

1,543‌

Fortive

Corp

65,945‌

4,941‌

Garmin

Ltd

32,242‌

3,126‌

Honeywell

International

Inc

159,455‌

27,621‌

Keysight

Technologies

Inc

(c)

41,859‌

3,892‌

Mettler-Toledo

International

Inc

(c)

5,436‌

4,116‌

PerkinElmer

Inc

24,793‌

2,293‌

Roper

Technologies

Inc

23,223‌

8,863‌

TE

Connectivity

Ltd

74,642‌

6,881‌

Waters

Corp

(c)

14,380‌

3,218‌

$

81,459‌

Engineering

&

Construction

-

0.05%

Jacobs

Engineering

Group

Inc

30,237‌

2,798‌

Entertainment

-

0.04%

Live

Nation

Entertainment

Inc

(c)

31,446‌

2,143‌

Environmental

Control

-

0.27%

Pentair

PLC

37,511‌

1,610‌

Republic

Services

Inc

47,005‌

4,468‌

Waste

Management

Inc

87,099‌

10,600‌

$

16,678‌

Food

-

1.25%

Campbell

Soup

Co

37,698‌

1,824‌

Conagra

Brands

Inc

108,602‌

3,575‌

General

Mills

Inc

134,876‌

7,043‌

Hershey

Co/The

33,096‌

5,136‌

Hormel

Foods

Corp

62,052‌

2,933‌

JM

Smucker

Co/The

25,453‌

2,637‌

Kellogg

Co

55,567‌

3,790‌

Kraft

Heinz

Co/The

138,982‌

4,059‌

Kroger

Co/The

178,974‌

4,807‌

Lamb

Weston

Holdings

Inc

32,595‌

2,976‌

McCormick

&

Co

Inc/MD

27,576‌

4,505‌

Mondelez

International

Inc

321,311‌

18,437‌

Sysco

Corp

113,862‌

9,353‌

Tyson

Foods

Inc

65,873‌

5,443‌

$

76,518‌

Forest

Products

&

Paper

-

0.06%

International

Paper

Co

87,504‌

3,563‌

Gas

-

0.09%

Atmos

Energy

Corp

26,633‌

3,117‌

NiSource

Inc

83,360‌

2,443‌

$

5,560‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

124

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Hand

&

Machine

Tools

-

0.12%

Snap-on

Inc

12,240‌

$

1,954‌

Stanley

Black

&

Decker

Inc

33,923‌

5,405‌

$

7,359‌

Healthcare

-

Products

-

3.72%

Abbott

Laboratories

394,412‌

34,369‌

ABIOMED

Inc

(c)

10,077‌

1,877‌

Align

Technology

Inc

(c)

16,006‌

4,115‌

Baxter

International

Inc

113,936‌

10,165‌

Boston

Scientific

Corp

(c)

311,045‌

13,024‌

Cooper

Cos

Inc/The

11,064‌

3,838‌

Danaher

Corp

142,660‌

22,950‌

DENTSPLY

SIRONA

Inc

49,633‌

2,779‌

Edwards

Lifesciences

Corp

(c)

46,545‌

10,233‌

Henry

Schein

Inc

(c)

32,746‌

2,258‌

Hologic

Inc

(c)

59,839‌

3,203‌

IDEXX

Laboratories

Inc

(c)

19,144‌

5,188‌

Intuitive

Surgical

Inc

(c)

25,792‌

14,438‌

Medtronic

PLC

299,118‌

34,530‌

ResMed

Inc

32,088‌

5,101‌

STERIS

PLC

18,920‌

2,851‌

Stryker

Corp

71,854‌

15,140‌

Teleflex

Inc

10,332‌

3,838‌

Thermo

Fisher

Scientific

Inc

89,486‌

28,026‌

Varian

Medical

Systems

Inc

(c)

20,285‌

2,852‌

Zimmer

Biomet

Holdings

Inc

45,900‌

6,789‌

$

227,564‌

Healthcare

-

Services

-

1.90%

Anthem

Inc

56,586‌

15,011‌

Centene

Corp

(c)

130,285‌

8,183‌

DaVita

Inc

(c)

20,013‌

1,598‌

HCA

Healthcare

Inc

59,039‌

8,194‌

Humana

Inc

29,553‌

9,937‌

IQVIA

Holdings

Inc

(c)

40,271‌

6,252‌

Laboratory

Corp

of

America

Holdings

(c)

21,669‌

3,801‌

Quest

Diagnostics

Inc

30,059‌

3,327‌

UnitedHealth

Group

Inc

211,426‌

57,603‌

Universal

Health

Services

Inc

17,925‌

2,458‌

$

116,364‌

Home

Builders

-

0.23%

DR

Horton

Inc

74,832‌

4,430‌

Lennar

Corp

-

A

Shares

62,458‌

4,145‌

NVR

Inc

(c)

775‌

2,958‌

PulteGroup

Inc

56,848‌

2,538‌

$

14,071‌

Home

Furnishings

-

0.06%

Leggett

&

Platt

Inc

29,369‌

1,398‌

Whirlpool

Corp

14,104‌

2,061‌

$

3,459‌

Housewares

-

0.03%

Newell

Brands

Inc

85,037‌

1,661‌

Insurance

-

3.86%

Aflac

Inc

163,803‌

8,447‌

Allstate

Corp/The

72,294‌

8,570‌

American

International

Group

Inc

194,138‌

9,757‌

Aon

PLC

52,250‌

11,508‌

Arthur

J

Gallagher

&

Co

41,624‌

4,269‌

Assurant

Inc

13,532‌

1,767‌

Berkshire

Hathaway

Inc

-

Class

B

(c)

436,510‌

97,966‌

Chubb

Ltd

101,136‌

15,372‌

Cincinnati

Financial

Corp

33,906‌

3,558‌

Everest

Re

Group

Ltd

9,102‌

2,517‌

Globe

Life

Inc

22,232‌

2,318‌

Hartford

Financial

Services

Group

Inc/The

80,431‌

4,768‌

Lincoln

National

Corp

44,259‌

2,411‌

Loews

Corp

57,083‌

2,937‌

Marsh

&

McLennan

Cos

Inc

112,622‌

12,598‌

MetLife

Inc

174,441‌

8,672‌

Principal

Financial

Group

Inc

57,628‌

3,051‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Progressive

Corp/The

130,465‌

$

10,527‌

Prudential

Financial

Inc

89,710‌

8,169‌

Travelers

Cos

Inc/The

57,601‌

7,582‌

Unum

Group

46,031‌

1,229‌

Willis

Towers

Watson

PLC

28,692‌

6,062‌

WR

Berkley

Corp

32,381‌

2,381‌

$

236,436‌

Internet

-

9.26%

Alphabet

Inc

-

A

Shares

(c)

66,866‌

95,804‌

Alphabet

Inc

-

C

Shares

(c)

66,701‌

95,665‌

Amazon.com

Inc

(c)

92,940‌

186,690‌

Booking

Holdings

Inc

(c)

9,342‌

17,101‌

CDW

Corp/DE

32,064‌

4,183‌

eBay

Inc

170,653‌

5,727‌

Expedia

Group

Inc

31,186‌

3,382‌

F5

Networks

Inc

(c)

13,566‌

1,657‌

Facebook

Inc

(c)

537,027‌

108,431‌

Netflix

Inc

(c)

97,801‌

33,750‌

NortonLifeLock

Inc

127,957‌

3,637‌

Twitter

Inc

(c)

173,251‌

5,627‌

VeriSign

Inc

(c)

23,057‌

4,799‌

$

566,453‌

Iron

&

Steel

-

0.05%

Nucor

Corp

67,665‌

3,213‌

Leisure

Products

&

Services

-

0.20%

Carnival

Corp

89,389‌

3,891‌

Harley-Davidson

Inc

34,432‌

1,150‌

Norwegian

Cruise

Line

Holdings

Ltd

(c)

47,479‌

2,557‌

Royal

Caribbean

Cruises

Ltd

38,360‌

4,491‌

$

12,089‌

Lodging

-

0.43%

Hilton

Worldwide

Holdings

Inc

62,968‌

6,788‌

Las

Vegas

Sands

Corp

75,414‌

4,925‌

Marriott

International

Inc/MD

60,556‌

8,481‌

MGM

Resorts

International

114,923‌

3,570‌

Wynn

Resorts

Ltd

21,561‌

2,720‌

$

26,484‌

Machinery

-

Construction

&

Mining

-

0.27%

Caterpillar

Inc

123,331‌

16,200‌

Machinery

-

Diversified

-

0.49%

Deere

&

Co

70,267‌

11,143‌

Dover

Corp

32,418‌

3,691‌

Flowserve

Corp

29,203‌

1,363‌

IDEX

Corp

16,973‌

2,781‌

Rockwell

Automation

Inc

25,786‌

4,942‌

Westinghouse

Air

Brake

Technologies

Corp

40,637‌

3,001‌

Xylem

Inc/NY

40,187‌

3,282‌

$

30,203‌

Media

-

2.17%

Charter

Communications

Inc

(c)

34,990‌

18,106‌

Comcast

Corp

-

Class

A

1,013,101‌

43,756‌

Discovery

Inc

-

A

Shares

(c)

35,290‌

1,033‌

Discovery

Inc

-

C

Shares

(c)

74,851‌

2,079‌

DISH

Network

Corp

(c)

57,131‌

2,100‌

Fox

Corp

-

A

Shares

79,113‌

2,933‌

Fox

Corp

-

B

Shares

36,234‌

1,316‌

News

Corp

-

A

Shares

86,709‌

1,181‌

News

Corp

-

B

Shares

27,175‌

380‌

ViacomCBS

Inc

-

B

Shares

120,595‌

4,116‌

Walt

Disney

Co/The

402,223‌

55,631‌

$

132,631‌

Mining

-

0.19%

Freeport-McMoRan

Inc

323,784‌

3,594‌

Newmont

Corp

182,955‌

8,244‌

$

11,838‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

125

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Miscellaneous

Manufacturers

-

1.33%

3M

Co

128,328‌

$

20,360‌

AO

Smith

Corp

30,586‌

1,306‌

Eaton

Corp

PLC

92,255‌

8,715‌

General

Electric

Co

1,948,974‌

24,265‌

Illinois

Tool

Works

Inc

65,270‌

11,421‌

Ingersoll-Rand

PLC

53,468‌

7,123‌

Parker-Hannifin

Corp

28,668‌

5,610‌

Textron

Inc

50,939‌

2,340‌

$

81,140‌

Office

&

Business

Equipment

-

0.07%

Xerox

Holdings

Corp

41,491‌

1,476‌

Zebra

Technologies

Corp

(c)

12,034‌

2,876‌

$

4,352‌

Oil

&

Gas

-

3.07%

Apache

Corp

83,916‌

2,303‌

Cabot

Oil

&

Gas

Corp

91,033‌

1,283‌

Chevron

Corp

421,966‌

45,209‌

Cimarex

Energy

Co

22,720‌

997‌

Concho

Resources

Inc

44,862‌

3,400‌

ConocoPhillips

244,866‌

14,552‌

Devon

Energy

Corp

86,362‌

1,876‌

Diamondback

Energy

Inc

35,960‌

2,675‌

EOG

Resources

Inc

129,826‌

9,466‌

Exxon

Mobil

Corp

944,212‌

58,655‌

Helmerich

&

Payne

Inc

24,201‌

981‌

Hess

Corp

57,799‌

3,270‌

HollyFrontier

Corp

33,134‌

1,488‌

Marathon

Oil

Corp

178,511‌

2,030‌

Marathon

Petroleum

Corp

144,902‌

7,897‌

Noble

Energy

Inc

106,737‌

2,110‌

Occidental

Petroleum

Corp

199,352‌

7,918‌

Phillips

66

99,163‌

9,061‌

Pioneer

Natural

Resources

Co

36,966‌

4,990‌

Valero

Energy

Corp

91,641‌

7,726‌

$

187,887‌

Oil

&

Gas

Services

-

0.34%

Baker

Hughes

Co

145,024‌

3,141‌

Halliburton

Co

195,890‌

4,272‌

National

Oilwell

Varco

Inc

86,102‌

1,775‌

Schlumberger

Ltd

308,940‌

10,353‌

TechnipFMC

PLC

93,781‌

1,548‌

$

21,089‌

Packaging

&

Containers

-

0.24%

Amcor

PLC

361,550‌

3,829‌

Ball

Corp

73,002‌

5,269‌

Packaging

Corp

of

America

21,124‌

2,023‌

Sealed

Air

Corp

34,482‌

1,224‌

Westrock

Co

57,552‌

2,244‌

$

14,589‌

Pharmaceuticals

-

5.96%

AbbVie

Inc

330,013‌

26,738‌

Allergan

PLC

73,259‌

13,673‌

AmerisourceBergen

Corp

33,546‌

2,870‌

Becton

Dickinson

and

Co

60,357‌

16,609‌

Bristol-Myers

Squibb

Co

523,128‌

32,931‌

Cardinal

Health

Inc

65,272‌

3,343‌

Cigna

Corp

83,333‌

16,032‌

CVS

Health

Corp

290,323‌

19,690‌

Eli

Lilly

&

Co

188,551‌

26,329‌

Johnson

&

Johnson

587,327‌

87,435‌

McKesson

Corp

40,211‌

5,734‌

Merck

&

Co

Inc

568,161‌

48,544‌

Mylan

NV

(c)

115,180‌

2,467‌

Perrigo

Co

PLC

30,374‌

1,733‌

Pfizer

Inc

1,234,992‌

45,991‌

Zoetis

Inc

106,291‌

14,265‌

$

364,384‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pipelines

-

0.35%

Kinder

Morgan

Inc/DE

434,686‌

$

9,072‌

ONEOK

Inc

92,183‌

6,902‌

Williams

Cos

Inc/The

270,480‌

5,596‌

$

21,570‌

Real

Estate

-

0.07%

CBRE

Group

Inc

(c)

74,703‌

4,561‌

REITs

-

2.83%

Alexandria

Real

Estate

Equities

Inc

27,357‌

4,465‌

American

Tower

Corp

98,848‌

22,907‌

Apartment

Investment

&

Management

Co

33,225‌

1,751‌

AvalonBay

Communities

Inc

31,167‌

6,754‌

Boston

Properties

Inc

32,090‌

4,600‌

Crown

Castle

International

Corp

92,783‌

13,903‌

Digital

Realty

Trust

Inc

46,577‌

5,728‌

Duke

Realty

Corp

82,027‌

2,978‌

Equinix

Inc

19,032‌

11,224‌

Equity

Residential

77,899‌

6,472‌

Essex

Property

Trust

Inc

14,748‌

4,568‌

Extra

Space

Storage

Inc

28,902‌

3,199‌

Federal

Realty

Investment

Trust

15,673‌

1,959‌

Healthpeak

Properties

Inc

110,453‌

3,975‌

Host

Hotels

&

Resorts

Inc

160,045‌

2,615‌

Iron

Mountain

Inc

64,078‌

2,025‌

Kimco

Realty

Corp

94,225‌

1,795‌

Mid-America

Apartment

Communities

Inc

25,455‌

3,493‌

Prologis

Inc

140,981‌

13,094‌

Public

Storage

33,525‌

7,502‌

Realty

Income

Corp

72,732‌

5,703‌

Regency

Centers

Corp

37,393‌

2,320‌

SBA

Communications

Corp

25,129‌

6,271‌

Simon

Property

Group

Inc

68,479‌

9,118‌

SL

Green

Realty

Corp

18,191‌

1,674‌

UDR

Inc

65,398‌

3,133‌

Ventas

Inc

83,180‌

4,813‌

Vornado

Realty

Trust

35,349‌

2,325‌

Welltower

Inc

90,549‌

7,689‌

Weyerhaeuser

Co

166,286‌

4,814‌

$

172,867‌

Retail

-

5.14%

Advance

Auto

Parts

Inc

15,456‌

2,036‌

AutoZone

Inc

(c)

5,318‌

5,626‌

Best

Buy

Co

Inc

50,818‌

4,304‌

CarMax

Inc

(c)

36,694‌

3,561‌

Chipotle

Mexican

Grill

Inc

(c)

5,707‌

4,947‌

Costco

Wholesale

Corp

98,589‌

30,121‌

Darden

Restaurants

Inc

27,360‌

3,186‌

Dollar

General

Corp

56,817‌

8,716‌

Dollar

Tree

Inc

(c)

52,813‌

4,598‌

Gap

Inc/The

47,484‌

827‌

Genuine

Parts

Co

32,423‌

3,034‌

Home

Depot

Inc/The

243,430‌

55,526‌

Kohl's

Corp

34,940‌

1,494‌

L

Brands

Inc

51,826‌

1,200‌

Lowe's

Cos

Inc

171,047‌

19,883‌

Macy's

Inc

68,956‌

1,100‌

McDonald's

Corp

168,060‌

35,960‌

Nordstrom

Inc

23,906‌

881‌

O'Reilly

Automotive

Inc

(c)

16,885‌

6,857‌

Ross

Stores

Inc

80,723‌

9,056‌

Starbucks

Corp

263,552‌

22,357‌

Target

Corp

113,084‌

12,523‌

Tiffany

&

Co

24,089‌

3,228‌

TJX

Cos

Inc/The

270,618‌

15,977‌

Tractor

Supply

Co

26,419‌

2,456‌

Ulta

Beauty

Inc

(c)

12,757‌

3,418‌

Walgreens

Boots

Alliance

Inc

167,311‌

8,508‌

Walmart

Inc

316,571‌

36,244‌

Yum!

Brands

Inc

67,497‌

7,139‌

$

314,763‌

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

126

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Savings

&

Loans

-

0.03%

People's

United

Financial

Inc

99,110‌

$

1,528‌

Semiconductors

-

4.10%

Advanced

Micro

Devices

Inc

(c)

248,516‌

11,680‌

Analog

Devices

Inc

82,190‌

9,020‌

Applied

Materials

Inc

206,145‌

11,954‌

Broadcom

Inc

88,522‌

27,013‌

Intel

Corp

970,744‌

62,060‌

IPG

Photonics

Corp

(c)

7,934‌

1,013‌

KLA

Corp

35,213‌

5,836‌

Lam

Research

Corp

32,377‌

9,655‌

Maxim

Integrated

Products

Inc

60,389‌

3,631‌

Microchip

Technology

Inc

53,330‌

5,199‌

Micron

Technology

Inc

(c)

247,049‌

13,116‌

NVIDIA

Corp

136,574‌

32,290‌

Qorvo

Inc

(c)

25,925‌

2,745‌

QUALCOMM

Inc

254,813‌

21,738‌

Skyworks

Solutions

Inc

38,021‌

4,302‌

Texas

Instruments

Inc

208,604‌

25,168‌

Xilinx

Inc

56,117‌

4,741‌

$

251,161‌

Shipbuilding

-

0.04%

Huntington

Ingalls

Industries

Inc

9,128‌

2,382‌

Software

-

8.68%

Activision

Blizzard

Inc

171,445‌

10,026‌

Adobe

Inc

(c)

108,028‌

37,933‌

Akamai

Technologies

Inc

(c)

36,063‌

3,366‌

ANSYS

Inc

(c)

19,099‌

5,239‌

Autodesk

Inc

(c)

49,102‌

9,666‌

Broadridge

Financial

Solutions

Inc

25,585‌

3,048‌

Cadence

Design

Systems

Inc

(c)

62,617‌

4,515‌

Cerner

Corp

70,093‌

5,035‌

Citrix

Systems

Inc

27,316‌

3,311‌

Electronic

Arts

Inc

(c)

65,158‌

7,032‌

Fidelity

National

Information

Services

Inc

137,154‌

19,703‌

Fiserv

Inc

(c)

127,449‌

15,117‌

Intuit

Inc

58,091‌

16,288‌

Jack

Henry

&

Associates

Inc

17,169‌

2,567‌

Microsoft

Corp

1,702,441‌

289,806‌

MSCI

Inc

18,904‌

5,403‌

Oracle

Corp

483,467‌

25,358‌

Paychex

Inc

71,092‌

6,098‌

Paycom

Software

Inc

(c)

10,940‌

3,481‌

salesforce.com

Inc

(c)

197,943‌

36,087‌

ServiceNow

Inc

(c)

42,089‌

14,236‌

Synopsys

Inc

(c)

33,548‌

4,949‌

Take-Two

Interactive

Software

Inc

(c)

25,257‌

3,148‌

$

531,412‌

Telecommunications

-

3.01%

Arista

Networks

Inc

(c)

12,106‌

2,704‌

AT&T

Inc

1,630,180‌

61,327‌

CenturyLink

Inc

218,965‌

2,991‌

Cisco

Systems

Inc

946,702‌

43,520‌

Corning

Inc

171,634‌

4,581‌

Juniper

Networks

Inc

74,693‌

1,713‌

Motorola

Solutions

Inc

38,236‌

6,768‌

T-Mobile

US

Inc

(c)

70,644‌

5,594‌

Verizon

Communications

Inc

922,940‌

54,860‌

$

184,058‌

Textiles

-

0.03%

Mohawk

Industries

Inc

(c)

13,266‌

1,747‌

Toys,

Games

&

Hobbies

-

0.05%

Hasbro

Inc

28,398‌

2,893‌

Transportation

-

1.48%

CH

Robinson

Worldwide

Inc

30,183‌

2,180‌

CSX

Corp

173,537‌

13,248‌

Expeditors

International

of

Washington

Inc

38,004‌

2,776‌

FedEx

Corp

53,567‌

7,748‌

JB

Hunt

Transport

Services

Inc

19,027‌

2,054‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

(continued)

Kansas

City

Southern

22,120‌

$

3,731‌

Norfolk

Southern

Corp

58,188‌

12,115‌

Old

Dominion

Freight

Line

Inc

14,250‌

2,796‌

Union

Pacific

Corp

154,917‌

27,795‌

United

Parcel

Service

Inc

156,380‌

16,189‌

$

90,632‌

Water

-

0.09%

American

Water

Works

Co

Inc

40,342‌

5,495‌

TOTAL

COMMON

STOCKS

$

5,964,298‌

Total

Investments

$

6,122,630‌

Other

Assets

and

Liabilities

-  (0.06)%

(3,654‌)

TOTAL

NET

ASSETS

-

100.00%

$

6,118,976‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Non-cyclical

21.14‌%

Technology

19.11‌%

Financial

16.95‌%

Communications

14.53‌%

Industrial

8.56‌%

Consumer,

Cyclical

8.02‌%

Energy

3.76‌%

Utilities

3.46‌%

Money

Market

Funds

2.34‌%

Basic

Materials

1.94‌%

Investment

Companies

0.25‌%

Other

Assets

and

Liabilities

(0.06‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

LargeCap

S&P

500

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

127

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

20,673‌

$

515,830‌

$

393,461‌

$

143,042‌

$

20,673‌

$

515,830‌

$

393,461‌

$

143,042‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

279‌

$

—‌

$

—‌

$

—‌

$

279‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

March

2020

Long

866‌

$

139,599‌

$

(1,109‌)

Total

$

(1,109‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

LargeCap

Value

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

128

INVESTMENT

COMPANIES

-

2.34%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.30%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

526,220‌

$

526‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

49,326,337‌

49,326‌

$

49,852‌

Principal

Exchange-Traded

Funds

-

0.04%

Principal

Shareholder

Yield

Index

ETF

(c),(d)

4,298‌

141‌

Principal

Sustainable

Momentum

Index

ETF

(c)

5,382‌

157‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(c)

15,323‌

482‌

$

780‌

TOTAL

INVESTMENT

COMPANIES

$

50,632‌

COMMON

STOCKS

-

97.76%

Shares

Held

Value

(000's)

Advertising

-

0.03%

Interpublic

Group

of

Cos

Inc/The

7,710‌

175‌

Omnicom

Group

Inc

5,371‌

405‌

$

580‌

Aerospace

&

Defense

-

5.22%

Arconic

Inc

8,498‌

255‌

Boeing

Co/The

56,380‌

17,944‌

General

Dynamics

Corp

58,860‌

10,326‌

L3Harris

Technologies

Inc

94,669‌

20,953‌

Northrop

Grumman

Corp

51,560‌

19,313‌

Raytheon

Co

2,909‌

643‌

Spirit

AeroSystems

Holdings

Inc

243,093‌

15,879‌

Teledyne

Technologies

Inc

(e)

789‌

288‌

TransDigm

Group

Inc

153‌

98‌

United

Technologies

Corp

182,652‌

27,434‌

$

113,133‌

Agriculture

-

0.21%

Altria

Group

Inc

22,167‌

1,054‌

Archer-Daniels-Midland

Co

13,567‌

607‌

Bunge

Ltd

3,042‌

159‌

Philip

Morris

International

Inc

33,323‌

2,756‌

$

4,576‌

Airlines

-

0.06%

Alaska

Air

Group

Inc

1,567‌

101‌

Copa

Holdings

SA

818‌

80‌

Delta

Air

Lines

Inc

12,116‌

676‌

JetBlue

Airways

Corp

(e)

5,956‌

118‌

Southwest

Airlines

Co

3,004‌

165‌

United

Airlines

Holdings

Inc

(e)

2,831‌

212‌

$

1,352‌

Apparel

-

0.03%

Capri

Holdings

Ltd

(e)

1,899‌

57‌

Carter's

Inc

664‌

70‌

Columbia

Sportswear

Co

338‌

32‌

Hanesbrands

Inc

2,307‌

32‌

PVH

Corp

1,644‌

143‌

Ralph

Lauren

Corp

1,130‌

128‌

Skechers

U.S.A.

Inc

(e)

2,083‌

78‌

Tapestry

Inc

5,971‌

154‌

Under

Armour

Inc

-

Class

C

(e)

1,731‌

31‌

$

725‌

Automobile

Manufacturers

-

0.10%

Cummins

Inc

2,345‌

375‌

Ford

Motor

Co

61,181‌

540‌

General

Motors

Co

19,497‌

651‌

PACCAR

Inc

8,891‌

660‌

$

2,226‌

Automobile

Parts

&

Equipment

-

0.03%

Aptiv

PLC

3,750‌

318‌

BorgWarner

Inc

4,580‌

157‌

Goodyear

Tire

&

Rubber

Co/The

5,497‌

72‌

Lear

Corp

1,336‌

165‌

WABCO

Holdings

Inc

(e)

243‌

33‌

$

745‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

-

10.52%

Associated

Banc-Corp

4,188‌

$

83‌

Bank

of

America

Corp

749,162‌

24,595‌

Bank

of

Hawaii

Corp

947‌

85‌

Bank

of

New

York

Mellon

Corp/The

12,880‌

577‌

Bank

OZK

3,181‌

86‌

BankUnited

Inc

2,459‌

81‌

CIT

Group

Inc

2,191‌

100‌

Citigroup

Inc

49,328‌

3,670‌

Citizens

Financial

Group

Inc

6,811‌

254‌

Comerica

Inc

3,040‌

186‌

Commerce

Bancshares

Inc/MO

2,204‌

149‌

East

West

Bancorp

Inc

3,314‌

152‌

Fifth

Third

Bancorp

25,251‌

718‌

First

Citizens

BancShares

Inc/NC

185‌

97‌

First

Hawaiian

Inc

3,268‌

95‌

First

Horizon

National

Corp

7,507‌

120‌

First

Republic

Bank/CA

2,124‌

236‌

FNB

Corp/PA

7,898‌

92‌

Goldman

Sachs

Group

Inc/The

5,000‌

1,189‌

Huntington

Bancshares

Inc/OH

22,435‌

304‌

JPMorgan

Chase

&

Co

542,075‌

71,748‌

KeyCorp

37,181‌

696‌

M&T

Bank

Corp

2,063‌

348‌

Morgan

Stanley

30,110‌

1,574‌

Northern

Trust

Corp

223,089‌

21,821‌

PacWest

Bancorp

2,830‌

99‌

Pinnacle

Financial

Partners

Inc

1,798‌

106‌

PNC

Financial

Services

Group

Inc/The

6,871‌

1,021‌

Popular

Inc

2,260‌

126‌

Prosperity

Bancshares

Inc

1,819‌

128‌

Regions

Financial

Corp

21,052‌

328‌

Signature

Bank/New

York

NY

638‌

91‌

State

Street

Corp

5,694‌

431‌

SVB

Financial

Group

(e)

1,041‌

250‌

Synovus

Financial

Corp

3,036‌

106‌

Texas

Capital

Bancshares

Inc

(e)

1,289‌

71‌

Truist

Financial

Corp

20,986‌

1,082‌

Umpqua

Holdings

Corp

5,296‌

90‌

US

Bancorp

753,510‌

40,102‌

Wells

Fargo

&

Co

1,163,735‌

54,626‌

Western

Alliance

Bancorp

1,993‌

110‌

Zions

Bancorp

NA

3,715‌

169‌

$

227,992‌

Beverages

-

1.05%

Brown-Forman

Corp

-

A

Shares

187‌

12‌

Coca-Cola

Co/The

19,149‌

1,118‌

Constellation

Brands

Inc

2,478‌

466‌

Keurig

Dr

Pepper

Inc

4,580‌

131‌

Molson

Coors

Beverage

Co

3,811‌

212‌

PepsiCo

Inc

146,881‌

20,860‌

$

22,799‌

Biotechnology

-

1.15%

Alexion

Pharmaceuticals

Inc

(e)

1,075‌

107‌

Alnylam

Pharmaceuticals

Inc

(e)

352‌

40‌

Amgen

Inc

989‌

214‌

Biogen

Inc

(e)

2,441‌

656‌

Bio-Rad

Laboratories

Inc

(e)

463‌

167‌

Bluebird

Bio

Inc

(e)

1,123‌

89‌

Corteva

Inc

750,750‌

21,712‌

Exelixis

Inc

(e)

3,743‌

64‌

Gilead

Sciences

Inc

22,532‌

1,424‌

Moderna

Inc

(d),(e)

471‌

10‌

Regeneron

Pharmaceuticals

Inc

(e)

1,332‌

450‌

United

Therapeutics

Corp

(e)

917‌

90‌

$

25,023‌

Building

Materials

-

0.07%

Eagle

Materials

Inc

285‌

26‌

Fortune

Brands

Home

&

Security

Inc

2,228‌

153‌

Johnson

Controls

International

plc

12,210‌

482‌

Schedule

of

Investments

LargeCap

Value

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

129

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Building

Materials

(continued)

Lennox

International

Inc

98‌

$

23‌

Martin

Marietta

Materials

Inc

677‌

178‌

Masco

Corp

6,212‌

295‌

MDU

Resources

Group

Inc

5,092‌

151‌

Owens

Corning

2,426‌

147‌

Vulcan

Materials

Co

154‌

22‌

$

1,477‌

Chemicals

-

2.33%

Air

Products

&

Chemicals

Inc

141,994‌

33,895‌

Axalta

Coating

Systems

Ltd

(e)

3,275‌

94‌

Cabot

Corp

1,567‌

63‌

Celanese

Corp

2,616‌

271‌

CF

Industries

Holdings

Inc

4,354‌

175‌

Chemours

Co/The

4,242‌

59‌

Dow

Inc

18,069‌

833‌

DuPont

de

Nemours

Inc

211,341‌

10,816‌

Eastman

Chemical

Co

3,036‌

216‌

FMC

Corp

2,786‌

266‌

Huntsman

Corp

5,309‌

109‌

International

Flavors

&

Fragrances

Inc

(d)

2,266‌

297‌

Linde

PLC

8,436‌

1,714‌

LyondellBasell

Industries

NV

7,139‌

556‌

Mosaic

Co/The

7,445‌

148‌

NewMarket

Corp

40‌

18‌

Olin

Corp

4,136‌

62‌

PPG

Industries

Inc

4,211‌

505‌

RPM

International

Inc

2,373‌

169‌

Univar

Solutions

Inc

(e)

3,633‌

78‌

Valvoline

Inc

4,657‌

98‌

Westlake

Chemical

Corp

937‌

57‌

$

50,499‌

Commercial

Services

-

2.09%

ADT

Inc

(d)

4,022‌

25‌

AMERCO

207‌

77‌

Aramark

520,368‌

22,969‌

CoreLogic

Inc/United

States

1,705‌

79‌

Equifax

Inc

138,477‌

20,758‌

Graham

Holdings

Co

112‌

61‌

Grand

Canyon

Education

Inc

(e)

995‌

78‌

H&R

Block

Inc

4,118‌

96‌

IHS

Markit

Ltd

4,953‌

391‌

Macquarie

Infrastructure

Corp

1,801‌

79‌

ManpowerGroup

Inc

1,357‌

124‌

Nielsen

Holdings

PLC

6,721‌

137‌

Quanta

Services

Inc

2,509‌

98‌

Sabre

Corp

4,818‌

104‌

Service

Corp

International/US

2,678‌

128‌

United

Rentals

Inc

(e)

558‌

76‌

$

45,280‌

Computers

-

1.50%

Amdocs

Ltd

2,849‌

205‌

Apple

Inc

30,611‌

9,474‌

CACI

International

Inc

(e)

72,236‌

19,318‌

Cognizant

Technology

Solutions

Corp

12,540‌

770‌

Dell

Technologies

Inc

(e)

1,132‌

55‌

DXC

Technology

Co

5,342‌

170‌

Hewlett

Packard

Enterprise

Co

20,506‌

286‌

HP

Inc

22,083‌

471‌

International

Business

Machines

Corp

8,124‌

1,168‌

Leidos

Holdings

Inc

2,790‌

280‌

Western

Digital

Corp

4,666‌

306‌

$

32,503‌

Consumer

Products

-

0.98%

Avery

Dennison

Corp

232‌

30‌

Church

&

Dwight

Co

Inc

272,451‌

20,221‌

Clorox

Co/The

361‌

57‌

Kimberly-Clark

Corp

5,354‌

767‌

Spectrum

Brands

Holdings

Inc

956‌

59‌

$

21,134‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Cosmetics

&

Personal

Care

-

1.27%

Colgate-Palmolive

Co

288,989‌

$

21,321‌

Coty

Inc

6,924‌

71‌

Procter

&

Gamble

Co/The

48,859‌

6,089‌

$

27,481‌

Distribution

&

Wholesale

-

0.03%

Fastenal

Co

780‌

27‌

HD

Supply

Holdings

Inc

(e)

3,834‌

156‌

IAA

Inc

(e)

400‌

19‌

KAR

Auction

Services

Inc

403‌

8‌

LKQ

Corp

(e)

5,983‌

196‌

Watsco

Inc

768‌

134‌

WESCO

International

Inc

(e)

1,046‌

51‌

$

591‌

Diversified

Financial

Services

-

3.08%

Air

Lease

Corp

2,204‌

95‌

Alliance

Data

Systems

Corp

801‌

82‌

Ally

Financial

Inc

8,411‌

269‌

American

Express

Co

163,182‌

21,192‌

Ameriprise

Financial

Inc

4,153‌

687‌

BGC

Partners

Inc

7,823‌

45‌

BlackRock

Inc

1,854‌

978‌

Capital

One

Financial

Corp

198,771‌

19,837‌

Charles

Schwab

Corp/The

395,377‌

18,009‌

CME

Group

Inc

5,563‌

1,208‌

Discover

Financial

Services

8,107‌

609‌

E*TRADE

Financial

Corp

3,987‌

170‌

Eaton

Vance

Corp

2,591‌

119‌

Evercore

Inc

-

Class

A

722‌

55‌

Franklin

Resources

Inc

6,233‌

158‌

Intercontinental

Exchange

Inc

5,191‌

518‌

Invesco

Ltd

8,714‌

151‌

Janus

Henderson

Group

PLC

3,876‌

98‌

Jefferies

Financial

Group

Inc

6,250‌

135‌

Lazard

Ltd

1,606‌

67‌

Legg

Mason

Inc

2,302‌

90‌

Nasdaq

Inc

2,426‌

283‌

Navient

Corp

5,740‌

83‌

OneMain

Holdings

Inc

1,821‌

77‌

Raymond

James

Financial

Inc

2,119‌

194‌

Santander

Consumer

USA

Holdings

Inc

3,012‌

80‌

SEI

Investments

Co

1,543‌

101‌

SLM

Corp

10,775‌

118‌

Synchrony

Financial

19,447‌

630‌

T

Rowe

Price

Group

Inc

2,561‌

342‌

TD

Ameritrade

Holding

Corp

942‌

45‌

Western

Union

Co/The

6,966‌

187‌

$

66,712‌

Electric

-

6.70%

AES

Corp/VA

15,137‌

301‌

Alliant

Energy

Corp

5,411‌

321‌

Ameren

Corp

3,823‌

314‌

American

Electric

Power

Co

Inc

11,731‌

1,223‌

Avangrid

Inc

1,623‌

86‌

CMS

Energy

Corp

287,255‌

19,680‌

Consolidated

Edison

Inc

8,629‌

811‌

Dominion

Energy

Inc

274,470‌

23,536‌

DTE

Energy

Co

149,130‌

19,776‌

Duke

Energy

Corp

11,424‌

1,115‌

Edison

International

151,374‌

11,588‌

Entergy

Corp

5,521‌

726‌

Evergy

Inc

5,119‌

369‌

Eversource

Energy

8,156‌

754‌

Exelon

Corp

306,758‌

14,599‌

FirstEnergy

Corp

14,836‌

753‌

Hawaiian

Electric

Industries

Inc

2,816‌

138‌

IDACORP

Inc

1,267‌

142‌

NextEra

Energy

Inc

86,218‌

23,124‌

NRG

Energy

Inc

5,807‌

214‌

OGE

Energy

Corp

4,722‌

216‌

Schedule

of

Investments

LargeCap

Value

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

130

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

PG&E

Corp

(e)

11,893‌

$

181‌

Pinnacle

West

Capital

Corp

2,492‌

243‌

PPL

Corp

19,580‌

709‌

Public

Service

Enterprise

Group

Inc

7,890‌

467‌

Sempra

Energy

6,926‌

1,113‌

Southern

Co/The

24,147‌

1,700‌

Vistra

Energy

Corp

9,886‌

223‌

WEC

Energy

Group

Inc

198,967‌

19,875‌

Xcel

Energy

Inc

12,941‌

895‌

$

145,192‌

Electrical

Components

&

Equipment

-

0.07%

Acuity

Brands

Inc

635‌

75‌

AMETEK

Inc

2,591‌

252‌

Emerson

Electric

Co

13,488‌

966‌

Energizer

Holdings

Inc

1,410‌

65‌

Hubbell

Inc

645‌

92‌

Littelfuse

Inc

519‌

92‌

$

1,542‌

Electronics

-

1.52%

Agilent

Technologies

Inc

4,397‌

363‌

Allegion

PLC

645‌

83‌

Arrow

Electronics

Inc

(e)

1,869‌

142‌

Avnet

Inc

2,375‌

87‌

Coherent

Inc

(e)

549‌

78‌

FLIR

Systems

Inc

2,779‌

143‌

Fortive

Corp

3,594‌

269‌

Garmin

Ltd

3,187‌

309‌

Gentex

Corp

5,844‌

174‌

Honeywell

International

Inc

170,553‌

29,543‌

Jabil

Inc

2,910‌

113‌

National

Instruments

Corp

2,809‌

125‌

nVent

Electric

PLC

3,752‌

93‌

PerkinElmer

Inc

1,833‌

170‌

Roper

Technologies

Inc

2,176‌

831‌

Sensata

Technologies

Holding

PLC

(e)

2,125‌

101‌

SYNNEX

Corp

975‌

134‌

Trimble

Inc

(e)

4,585‌

195‌

Woodward

Inc

332‌

39‌

$

32,992‌

Engineering

&

Construction

-

0.61%

AECOM

(e)

3,555‌

171‌

frontdoor

Inc

(e)

2,073‌

88‌

Jacobs

Engineering

Group

Inc

140,899‌

13,038‌

$

13,297‌

Entertainment

-

0.01%

Cinemark

Holdings

Inc

2,504‌

79‌

International

Game

Technology

PLC

2,595‌

35‌

Madison

Square

Garden

Co/The

(e)

371‌

110‌

Vail

Resorts

Inc

151‌

35‌

$

259‌

Environmental

Control

-

0.05%

Clean

Harbors

Inc

(e)

1,174‌

96‌

Pentair

PLC

3,767‌

162‌

Republic

Services

Inc

5,789‌

550‌

Stericycle

Inc

(e)

1,912‌

120‌

Waste

Management

Inc

1,452‌

177‌

$

1,105‌

Food

-

1.20%

Campbell

Soup

Co

1,725‌

83‌

Conagra

Brands

Inc

10,354‌

341‌

Flowers

Foods

Inc

4,501‌

97‌

General

Mills

Inc

14,707‌

768‌

Hershey

Co/The

1,130‌

175‌

Hormel

Foods

Corp

429,413‌

20,294‌

Ingredion

Inc

1,502‌

132‌

JM

Smucker

Co/The

2,378‌

246‌

Kellogg

Co

4,525‌

309‌

Kraft

Heinz

Co/The

16,697‌

488‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

(continued)

Kroger

Co/The

20,802‌

$

559‌

Lamb

Weston

Holdings

Inc

2,349‌

215‌

McCormick

&

Co

Inc/MD

676‌

110‌

Mondelez

International

Inc

22,325‌

1,281‌

Pilgrim's

Pride

Corp

(e)

1,015‌

26‌

Post

Holdings

Inc

(e)

858‌

90‌

Sprouts

Farmers

Market

Inc

(e)

1,822‌

29‌

TreeHouse

Foods

Inc

(e)

1,209‌

54‌

Tyson

Foods

Inc

7,271‌

601‌

US

Foods

Holding

Corp

(e)

4,788‌

192‌

$

26,090‌

Forest

Products

&

Paper

-

0.02%

Domtar

Corp

1,740‌

60‌

International

Paper

Co

11,461‌

467‌

$

527‌

Gas

-

0.03%

Atmos

Energy

Corp

2,510‌

294‌

NiSource

Inc

8,479‌

249‌

UGI

Corp

4,531‌

188‌

$

731‌

Hand

&

Machine

Tools

-

0.03%

Colfax

Corp

(e)

2,094‌

74‌

Lincoln

Electric

Holdings

Inc

222‌

20‌

Regal

Beloit

Corp

1,024‌

80‌

Snap-on

Inc

1,217‌

194‌

Stanley

Black

&

Decker

Inc

2,366‌

377‌

$

745‌

Healthcare

-

Products

-

3.93%

Abbott

Laboratories

237,647‌

20,708‌

Baxter

International

Inc

4,011‌

358‌

Cooper

Cos

Inc/The

657‌

228‌

Danaher

Corp

9,163‌

1,474‌

DENTSPLY

SIRONA

Inc

4,801‌

269‌

Envista

Holdings

Corp

(e)

1,309‌

39‌

Henry

Schein

Inc

(e)

2,853‌

197‌

Hill-Rom

Holdings

Inc

754‌

80‌

Hologic

Inc

(e)

1,332‌

71‌

Integra

LifeSciences

Holdings

Corp

(e)

1,650‌

91‌

Medtronic

PLC

520,835‌

60,125‌

QIAGEN

NV

(e)

4,765‌

161‌

STERIS

PLC

1,709‌

257‌

Thermo

Fisher

Scientific

Inc

1,998‌

626‌

West

Pharmaceutical

Services

Inc

463‌

72‌

Zimmer

Biomet

Holdings

Inc

3,202‌

474‌

$

85,230‌

Healthcare

-

Services

-

3.02%

Anthem

Inc

81,577‌

21,641‌

Catalent

Inc

(e)

3,156‌

193‌

Centene

Corp

(e)

4,886‌

307‌

DaVita

Inc

(e)

2,203‌

176‌

Encompass

Health

Corp

1,201‌

92‌

HCA

Healthcare

Inc

1,699‌

236‌

Humana

Inc

2,570‌

864‌

IQVIA

Holdings

Inc

(e)

1,586‌

246‌

Laboratory

Corp

of

America

Holdings

(e)

1,425‌

250‌

MEDNAX

Inc

(e)

1,961‌

45‌

Molina

Healthcare

Inc

(e)

363‌

45‌

Quest

Diagnostics

Inc

2,889‌

320‌

UnitedHealth

Group

Inc

149,804‌

40,814‌

Universal

Health

Services

Inc

1,696‌

232‌

$

65,461‌

Home

Builders

-

0.07%

DR

Horton

Inc

9,261‌

548‌

Lennar

Corp

-

A

Shares

5,337‌

354‌

Lennar

Corp

-

B

Shares

561‌

30‌

PulteGroup

Inc

5,742‌

256‌

Thor

Industries

Inc

1,218‌

98‌

Schedule

of

Investments

LargeCap

Value

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

131

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Builders

(continued)

Toll

Brothers

Inc

3,060‌

$

136‌

$

1,422‌

Home

Furnishings

-

0.02%

Dolby

Laboratories

Inc

1,367‌

95‌

Leggett

&

Platt

Inc

3,059‌

145‌

Whirlpool

Corp

1,374‌

201‌

$

441‌

Housewares

-

0.01%

Newell

Brands

Inc

8,334‌

163‌

Insurance

-

5.59%

Aflac

Inc

21,238‌

1,095‌

Allstate

Corp/The

9,660‌

1,145‌

American

Financial

Group

Inc/OH

1,691‌

184‌

American

International

Group

Inc

870,080‌

43,730‌

American

National

Insurance

Co

312‌

34‌

Arch

Capital

Group

Ltd

(e)

13,961‌

617‌

Arthur

J

Gallagher

&

Co

2,261‌

232‌

Assurant

Inc

150,054‌

19,591‌

Assured

Guaranty

Ltd

2,242‌

103‌

Athene

Holding

Ltd

(e)

2,145‌

93‌

Axis

Capital

Holdings

Ltd

1,704‌

109‌

Berkshire

Hathaway

Inc

-

Class

B

(e)

30,730‌

6,897‌

Brighthouse

Financial

Inc

(e)

2,690‌

105‌

Brown

&

Brown

Inc

4,791‌

215‌

Chubb

Ltd

251,712‌

38,258‌

Cincinnati

Financial

Corp

3,247‌

341‌

CNA

Financial

Corp

1,010‌

45‌

Equitable

Holdings

Inc

9,249‌

222‌

Everest

Re

Group

Ltd

637‌

176‌

Fidelity

National

Financial

Inc

5,847‌

285‌

First

American

Financial

Corp

2,539‌

157‌

Globe

Life

Inc

2,364‌

246‌

Hanover

Insurance

Group

Inc/The

951‌

132‌

Hartford

Financial

Services

Group

Inc/The

13,207‌

783‌

Kemper

Corp

1,274‌

95‌

Lincoln

National

Corp

4,334‌

236‌

Loews

Corp

5,455‌

281‌

Markel

Corp

(e)

260‌

305‌

Marsh

&

McLennan

Cos

Inc

963‌

108‌

Mercury

General

Corp

879‌

43‌

MetLife

Inc

22,644‌

1,126‌

MGIC

Investment

Corp

8,500‌

117‌

Old

Republic

International

Corp

6,675‌

151‌

Primerica

Inc

305‌

36‌

Progressive

Corp/The

6,157‌

497‌

Prudential

Financial

Inc

11,808‌

1,075‌

Reinsurance

Group

of

America

Inc

1,410‌

203‌

RenaissanceRe

Holdings

Ltd

635‌

120‌

Travelers

Cos

Inc/The

6,738‌

887‌

Unum

Group

4,893‌

131‌

Voya

Financial

Inc

2,819‌

168‌

White

Mountains

Insurance

Group

Ltd

69‌

77‌

Willis

Towers

Watson

PLC

2,016‌

426‌

WR

Berkley

Corp

3,206‌

236‌

$

121,113‌

Internet

-

1.41%

Alphabet

Inc

-

A

Shares

(e)

20,573‌

29,477‌

F5

Networks

Inc

(e)

204‌

25‌

IAC/InterActiveCorp

(e)

483‌

118‌

NortonLifeLock

Inc

12,048‌

342‌

TripAdvisor

Inc

614‌

17‌

Uber

Technologies

Inc

(e)

13,268‌

481‌

VeriSign

Inc

(e)

514‌

107‌

$

30,567‌

Iron

&

Steel

-

0.04%

Nucor

Corp

9,158‌

435‌

Reliance

Steel

&

Aluminum

Co

1,508‌

173‌

Steel

Dynamics

Inc

4,841‌

145‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Iron

&

Steel

(continued)

United

States

Steel

Corp

(d)

4,803‌

$

43‌

$

796‌

Leisure

Products

&

Services

-

0.07%

Brunswick

Corp/DE

2,015‌

127‌

Carnival

Corp

10,378‌

452‌

Harley-Davidson

Inc

3,388‌

113‌

Norwegian

Cruise

Line

Holdings

Ltd

(e)

3,750‌

202‌

Polaris

Inc

279‌

25‌

Royal

Caribbean

Cruises

Ltd

4,367‌

511‌

$

1,430‌

Lodging

-

0.07%

Caesars

Entertainment

Corp

(e)

12,694‌

174‌

Choice

Hotels

International

Inc

570‌

57‌

Extended

Stay

America

Inc

4,916‌

64‌

Hilton

Grand

Vacations

Inc

(e)

2,028‌

65‌

Hyatt

Hotels

Corp

958‌

81‌

Las

Vegas

Sands

Corp

5,228‌

341‌

MGM

Resorts

International

12,807‌

398‌

Wyndham

Destinations

Inc

2,150‌

104‌

Wyndham

Hotels

&

Resorts

Inc

1,593‌

91‌

Wynn

Resorts

Ltd

398‌

50‌

$

1,425‌

Machinery

-

Construction

&

Mining

-

0.06%

BWX

Technologies

Inc

736‌

47‌

Caterpillar

Inc

7,760‌

1,019‌

Oshkosh

Corp

1,571‌

135‌

$

1,201‌

Machinery

-

Diversified

-

1.72%

AGCO

Corp

1,405‌

99‌

Crane

Co

1,185‌

101‌

Curtiss-Wright

Corp

1,021‌

148‌

Deere

&

Co

103,620‌

16,432‌

Dover

Corp

3,046‌

347‌

Flowserve

Corp

2,208‌

103‌

Gardner

Denver

Holdings

Inc

(e)

2,922‌

103‌

Gates

Industrial

Corp

PLC

(e)

2,062‌

26‌

GrafTech

International

Ltd

1,633‌

18‌

IDEX

Corp

893‌

146‌

Nordson

Corp

213‌

36‌

Westinghouse

Air

Brake

Technologies

Corp

266,794‌

19,705‌

$

37,264‌

Media

-

2.66%

Charter

Communications

Inc

(e)

1,858‌

961‌

Comcast

Corp

-

Class

A

733,703‌

31,689‌

Discovery

Inc

-

A

Shares

(e)

3,466‌

101‌

Discovery

Inc

-

C

Shares

(e)

7,400‌

206‌

DISH

Network

Corp

(e)

5,818‌

214‌

Fox

Corp

-

A

Shares

6,876‌

255‌

Fox

Corp

-

B

Shares

3,509‌

128‌

John

Wiley

&

Sons

Inc

1,265‌

55‌

Liberty

Broadband

Corp

-

A

Shares

(e)

648‌

85‌

Liberty

Broadband

Corp

-

C

Shares

(e)

2,296‌

305‌

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(e)

841‌

38‌

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(e)

4,397‌

206‌

Liberty

Media

Corp-Liberty

SiriusXM

-

A

Shares

(e)

2,048‌

100‌

Liberty

Media

Corp-Liberty

SiriusXM

-

C

Shares

(e)

3,596‌

176‌

New

York

Times

Co/The

2,992‌

96‌

News

Corp

-

A

Shares

8,638‌

118‌

News

Corp

-

B

Shares

3,323‌

46‌

Nexstar

Media

Group

Inc

306‌

37‌

ViacomCBS

Inc

-

A

Shares

(d)

247‌

9‌

ViacomCBS

Inc

-

B

Shares

3,822‌

130‌

Walt

Disney

Co/The

164,090‌

22,695‌

$

57,650‌

Schedule

of

Investments

LargeCap

Value

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

132

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Metal

Fabrication

&

Hardware

-

0.01%

Timken

Co/The

1,634‌

$

86‌

Valmont

Industries

Inc

536‌

76‌

$

162‌

Mining

-

0.06%

Alcoa

Corp

(e)

4,536‌

63‌

Freeport-McMoRan

Inc

22,692‌

252‌

Newmont

Corp

18,837‌

849‌

Southern

Copper

Corp

761‌

29‌

$

1,193‌

Miscellaneous

Manufacturers

-

1.67%

3M

Co

3,494‌

554‌

AO

Smith

Corp

2,612‌

111‌

Carlisle

Cos

Inc

265‌

41‌

Eaton

Corp

PLC

10,131‌

957‌

General

Electric

Co

2,685,530‌

33,435‌

Hexcel

Corp

295‌

22‌

Ingersoll-Rand

PLC

1,439‌

192‌

ITT

Inc

2,021‌

136‌

Parker-Hannifin

Corp

3,363‌

658‌

$

36,106‌

Office

&

Business

Equipment

-

0.01%

Xerox

Holdings

Corp

4,180‌

149‌

Oil

&

Gas

-

8.55%

Cabot

Oil

&

Gas

Corp

4,271‌

60‌

Centennial

Resource

Development

Inc/DE

(e)

5,640‌

18‌

Chevron

Corp

514,640‌

55,139‌

Cimarex

Energy

Co

2,416‌

106‌

Concho

Resources

Inc

3,118‌

236‌

ConocoPhillips

323,249‌

19,211‌

Continental

Resources

Inc/OK

2,325‌

63‌

Devon

Energy

Corp

8,721‌

190‌

Diamondback

Energy

Inc

2,757‌

205‌

EOG

Resources

Inc

499,755‌

36,437‌

EQT

Corp

6,413‌

39‌

Exxon

Mobil

Corp

90,148‌

5,600‌

Helmerich

&

Payne

Inc

2,523‌

102‌

Hess

Corp

377,197‌

21,338‌

HollyFrontier

Corp

3,589‌

161‌

Kosmos

Energy

Ltd

10,211‌

52‌

Marathon

Oil

Corp

17,835‌

203‌

Marathon

Petroleum

Corp

16,477‌

898‌

Murphy

Oil

Corp

3,599‌

76‌

Noble

Energy

Inc

10,112‌

200‌

Occidental

Petroleum

Corp

14,038‌

558‌

Parsley

Energy

Inc

3,294‌

55‌

Patterson-UTI

Energy

Inc

5,432‌

43‌

PBF

Energy

Inc

3,043‌

83‌

Phillips

66

267,194‌

24,413‌

Pioneer

Natural

Resources

Co

1,499‌

202‌

Valero

Energy

Corp

229,457‌

19,345‌

WPX

Energy

Inc

(e)

9,832‌

118‌

$

185,151‌

Oil

&

Gas

Services

-

0.36%

Apergy

Corp

(e)

2,159‌

56‌

Baker

Hughes

Co

14,246‌

309‌

Halliburton

Co

13,605‌

297‌

National

Oilwell

Varco

Inc

8,587‌

177‌

Schlumberger

Ltd

209,504‌

7,020‌

$

7,859‌

Packaging

&

Containers

-

0.05%

Ardagh

Group

SA

1,235‌

24‌

Berry

Global

Group

Inc

(e)

1,995‌

85‌

Crown

Holdings

Inc

(e)

1,313‌

97‌

Graphic

Packaging

Holding

Co

6,911‌

108‌

O-I

Glass

Inc

4,118‌

52‌

Packaging

Corp

of

America

2,083‌

200‌

Sealed

Air

Corp

3,292‌

117‌

Silgan

Holdings

Inc

2,246‌

69‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Packaging

&

Containers

(continued)

Sonoco

Products

Co

2,314‌

$

132‌

Westrock

Co

5,622‌

219‌

$

1,103‌

Pharmaceuticals

-

6.14%

Agios

Pharmaceuticals

Inc

(e)

1,101‌

54‌

Alkermes

PLC

(e)

3,306‌

57‌

Allergan

PLC

5,152‌

961‌

Becton

Dickinson

and

Co

96,470‌

26,547‌

Bristol-Myers

Squibb

Co

25,431‌

1,601‌

Cardinal

Health

Inc

6,289‌

322‌

Cigna

Corp

6,956‌

1,338‌

Covetrus

Inc

(e)

2,482‌

30‌

CVS

Health

Corp

851,570‌

57,754‌

Elanco

Animal

Health

Inc

(e)

7,864‌

243‌

Herbalife

Nutrition

Ltd

(e)

1,957‌

76‌

Horizon

Therapeutics

Plc

(e)

3,554‌

123‌

Jazz

Pharmaceuticals

PLC

(e)

188‌

27‌

Johnson

&

Johnson

260,620‌

38,798‌

McKesson

Corp

5,794‌

826‌

Merck

&

Co

Inc

6,738‌

576‌

Mylan

NV

(e)

11,028‌

236‌

Perrigo

Co

PLC

2,786‌

159‌

Pfizer

Inc

87,403‌

3,255‌

Premier

Inc

(e)

1,547‌

54‌

$

133,037‌

Pipelines

-

0.10%

Antero

Midstream

Corp

(d)

6,214‌

31‌

Cheniere

Energy

Inc

(e)

2,242‌

133‌

Equitrans

Midstream

Corp

4,825‌

47‌

Kinder

Morgan

Inc/DE

48,996‌

1,023‌

ONEOK

Inc

4,392‌

329‌

Targa

Resources

Corp

5,077‌

185‌

Williams

Cos

Inc/The

18,970‌

392‌

$

2,140‌

Real

Estate

-

0.03%

CBRE

Group

Inc

(e)

6,503‌

397‌

Jones

Lang

LaSalle

Inc

1,059‌

180‌

$

577‌

REITs

-

2.99%

AGNC

Investment

Corp

12,071‌

224‌

Alexandria

Real

Estate

Equities

Inc

3,032‌

495‌

American

Campus

Communities

Inc

3,252‌

149‌

American

Homes

4

Rent

3,849‌

105‌

Annaly

Capital

Management

Inc

30,410‌

297‌

Apartment

Investment

&

Management

Co

3,494‌

184‌

Apple

Hospitality

REIT

Inc

5,747‌

86‌

AvalonBay

Communities

Inc

3,495‌

757‌

Boston

Properties

Inc

4,076‌

584‌

Brandywine

Realty

Trust

4,707‌

74‌

Brixmor

Property

Group

Inc

7,273‌

145‌

Camden

Property

Trust

2,148‌

242‌

Chimera

Investment

Corp

4,522‌

96‌

CoreSite

Realty

Corp

299‌

35‌

Corporate

Office

Properties

Trust

3,066‌

91‌

Cousins

Properties

Inc

3,453‌

141‌

CyrusOne

Inc

2,470‌

150‌

Digital

Realty

Trust

Inc

3,244‌

399‌

Douglas

Emmett

Inc

3,927‌

163‌

Duke

Realty

Corp

8,341‌

303‌

Empire

State

Realty

Trust

Inc

4,275‌

58‌

EPR

Properties

1,753‌

125‌

Equity

Commonwealth

3,187‌

105‌

Equity

Residential

9,128‌

758‌

Essex

Property

Trust

Inc

1,022‌

317‌

Extra

Space

Storage

Inc

624‌

69‌

Federal

Realty

Investment

Trust

1,598‌

200‌

Gaming

and

Leisure

Properties

Inc

4,706‌

222‌

Healthcare

Trust

of

America

Inc

4,648‌

149‌

Healthpeak

Properties

Inc

7,714‌

278‌

Schedule

of

Investments

LargeCap

Value

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

133

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Highwoods

Properties

Inc

2,499‌

$

125‌

Host

Hotels

&

Resorts

Inc

15,331‌

251‌

Hudson

Pacific

Properties

Inc

3,537‌

129‌

Invitation

Homes

Inc

15,448‌

486‌

JBG

SMITH

Properties

2,833‌

115‌

Kilroy

Realty

Corp

2,424‌

200‌

Kimco

Realty

Corp

9,252‌

176‌

Liberty

Property

Trust

3,500‌

219‌

Life

Storage

Inc

1,162‌

132‌

Medical

Properties

Trust

Inc

11,088‌

246‌

MFA

Financial

Inc

11,449‌

89‌

Mid-America

Apartment

Communities

Inc

2,532‌

347‌

National

Retail

Properties

Inc

3,783‌

212‌

Omega

Healthcare

Investors

Inc

5,021‌

211‌

Outfront

Media

Inc

3,210‌

95‌

Paramount

Group

Inc

5,375‌

76‌

Prologis

Inc

14,326‌

1,331‌

Public

Storage

88,826‌

19,876‌

Realty

Income

Corp

5,155‌

404‌

Regency

Centers

Corp

3,608‌

224‌

Retail

Properties

of

America

Inc

5,875‌

71‌

Service

Properties

Trust

3,925‌

85‌

Simon

Property

Group

Inc

72,132‌

9,604‌

SITE

Centers

Corp

4,505‌

57‌

Spirit

Realty

Capital

Inc

2,546‌

134‌

Starwood

Property

Trust

Inc

6,290‌

161‌

STORE

Capital

Corp

500,400‌

19,641‌

Sun

Communities

Inc

1,598‌

259‌

Two

Harbors

Investment

Corp

6,409‌

98‌

UDR

Inc

6,011‌

288‌

Ventas

Inc

5,833‌

337‌

VEREIT

Inc

24,208‌

236‌

VICI

Properties

Inc

10,624‌

285‌

Vornado

Realty

Trust

3,824‌

252‌

Weingarten

Realty

Investors

3,243‌

94‌

Welltower

Inc

6,357‌

540‌

Weyerhaeuser

Co

11,641‌

337‌

WP

Carey

Inc

3,715‌

313‌

$

64,737‌

Retail

-

6.20%

Advance

Auto

Parts

Inc

158,938‌

20,940‌

AutoNation

Inc

(e)

1,485‌

63‌

Best

Buy

Co

Inc

5,039‌

427‌

CarMax

Inc

(e)

1,897‌

184‌

Casey's

General

Stores

Inc

629‌

101‌

Dick's

Sporting

Goods

Inc

1,700‌

75‌

Dollar

General

Corp

205,575‌

31,538‌

Dollar

Tree

Inc

(e)

1,686‌

147‌

Dunkin'

Brands

Group

Inc

324‌

25‌

Foot

Locker

Inc

2,507‌

95‌

Genuine

Parts

Co

3,065‌

287‌

Home

Depot

Inc/The

92,778‌

21,163‌

Lowe's

Cos

Inc

266,019‌

30,922‌

McDonald's

Corp

103,049‌

22,049‌

MSC

Industrial

Direct

Co

Inc

1,048‌

71‌

Nu

Skin

Enterprises

Inc

1,418‌

46‌

Penske

Automotive

Group

Inc

1,047‌

49‌

Target

Corp

10,762‌

1,192‌

Tiffany

&

Co

1,893‌

254‌

Urban

Outfitters

Inc

(e)

1,795‌

46‌

Walgreens

Boots

Alliance

Inc

17,885‌

909‌

Walmart

Inc

30,087‌

3,445‌

Williams-Sonoma

Inc

1,513‌

106‌

Yum

China

Holdings

Inc

3,671‌

158‌

Yum!

Brands

Inc

525‌

56‌

$

134,348‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Savings

&

Loans

-

0.42%

New

York

Community

Bancorp

Inc

793,636‌

$

8,777‌

People's

United

Financial

Inc

9,766‌

151‌

Sterling

Bancorp/DE

4,876‌

98‌

$

9,026‌

Semiconductors

-

3.76%

Analog

Devices

Inc

4,997‌

548‌

Applied

Materials

Inc

13,667‌

793‌

Broadcom

Inc

74,284‌

22,668‌

Cypress

Semiconductor

Corp

8,193‌

191‌

Intel

Corp

95,069‌

6,078‌

Lam

Research

Corp

1,381‌

412‌

Marvell

Technology

Group

Ltd

373,490‌

8,979‌

Maxim

Integrated

Products

Inc

2,654‌

160‌

Microchip

Technology

Inc

2,608‌

254‌

Micron

Technology

Inc

(e)

17,345‌

921‌

MKS

Instruments

Inc

1,252‌

131‌

ON

Semiconductor

Corp

(e)

8,831‌

204‌

Qorvo

Inc

(e)

2,560‌

271‌

QUALCOMM

Inc

242,860‌

20,718‌

Skyworks

Solutions

Inc

5,746‌

650‌

Texas

Instruments

Inc

153,515‌

18,522‌

$

81,500‌

Shipbuilding

-

0.00%

Huntington

Ingalls

Industries

Inc

240‌

63‌

Software

-

3.91%

Activision

Blizzard

Inc

177,417‌

10,375‌

Akamai

Technologies

Inc

(e)

301‌

28‌

Autodesk

Inc

(e)

780‌

153‌

Cerence

Inc

(e)

845‌

18‌

Citrix

Systems

Inc

294‌

36‌

Electronic

Arts

Inc

(e)

2,937‌

317‌

Fidelity

National

Information

Services

Inc

3,700‌

531‌

Jack

Henry

&

Associates

Inc

191‌

29‌

Microsoft

Corp

299,203‌

50,934‌

Nuance

Communications

Inc

(e)

6,103‌

115‌

Oracle

Corp

415,706‌

21,804‌

SolarWinds

Corp

(e)

783‌

15‌

SS&C

Technologies

Holdings

Inc

453‌

29‌

Take-Two

Interactive

Software

Inc

(e)

1,374‌

171‌

Zynga

Inc

(e)

15,778‌

95‌

$

84,650‌

Telecommunications

-

3.03%

AT&T

Inc

1,029,799‌

38,741‌

CenturyLink

Inc

23,368‌

319‌

Ciena

Corp

(e)

3,516‌

143‌

CommScope

Holding

Co

Inc

(e)

4,239‌

52‌

Corning

Inc

8,122‌

217‌

EchoStar

Corp

(e)

1,360‌

54‌

GCI

Liberty

Inc

(e)

2,127‌

156‌

Juniper

Networks

Inc

7,386‌

169‌

LogMeIn

Inc

1,052‌

90‌

Motorola

Solutions

Inc

113,405‌

20,073‌

T-Mobile

US

Inc

(e)

2,335‌

185‌

Verizon

Communications

Inc

89,793‌

5,337‌

ViaSat

Inc

(e)

1,267‌

81‌

$

65,617‌

Textiles

-

0.01%

Mohawk

Industries

Inc

(e)

1,274‌

168‌

Transportation

-

1.77%

CH

Robinson

Worldwide

Inc

711‌

51‌

CSX

Corp

7,494‌

572‌

Expeditors

International

of

Washington

Inc

1,217‌

89‌

FedEx

Corp

3,786‌

548‌

JB

Hunt

Transport

Services

Inc

143,300‌

15,466‌

Kansas

City

Southern

2,152‌

363‌

Kirby

Corp

(e)

1,263‌

93‌

Landstar

System

Inc

169‌

19‌

Norfolk

Southern

Corp

3,544‌

738‌

Schedule

of

Investments

LargeCap

Value

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

134

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

(continued)

Old

Dominion

Freight

Line

Inc

850‌

$

167‌

Schneider

National

Inc

1,395‌

31‌

Union

Pacific

Corp

111,905‌

20,078‌

XPO

Logistics

Inc

(e)

926‌

82‌

$

38,297‌

Water

-

0.03%

American

Water

Works

Co

Inc

2,831‌

385‌

Essential

Utilities

Inc

4,750‌

247‌

$

632‌

TOTAL

COMMON

STOCKS

$

2,117,986‌

Total

Investments

$

2,168,618‌

Other

Assets

and

Liabilities

-  (0.10)%

(2,155‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,166,463‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$526

or

0.02%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(e)

Non-income

producing

security

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

22.63‌%

Consumer,

Non-cyclical

21.04‌%

Industrial

12.85‌%

Technology

9.18‌%

Energy

9.01‌%

Communications

7.13‌%

Utilities

6.76‌%

Consumer,

Cyclical

6.71‌%

Basic

Materials

2.45‌%

Money

Market

Funds

2.30‌%

Domestic

Equity

Funds

0.04‌%

Other

Assets

and

Liabilities

(0.10‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

63,693‌

$

214,914‌

$

229,281‌

$

49,326‌

Principal

Shareholder

Yield

Index

ETF

140‌

—‌

—‌

141‌

Principal

Sustainable

Momentum

Index

ETF

151‌

—‌

—‌

157‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

454‌

—‌

—‌

482‌

$

64,438‌

$

214,914‌

$

229,28

1‌

$

50,106‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

231‌

$

—‌

$

—‌

$

—‌

Principal

Shareholder

Yield

Index

ETF

1‌

—‌

—‌

1‌

Principal

Sustainable

Momentum

Index

ETF

1‌

—‌

—‌

6‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

2‌

—‌

—‌

2

8‌

$

235‌

$

—‌

$

—‌

$

3

5‌

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

500

Emini;

March

2020

Long

130‌

$

20,956‌

$

(345‌)

Total

$

(345‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

135

INVESTMENT

COMPANIES

-

0.64%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.64%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

17,854,324‌

$

17,855‌

Principal

Government

Money

Market

Fund

1.43%

(a),(b),(c)

101,817,137‌

101,817‌

$

119,672‌

TOTAL

INVESTMENT

COMPANIES

$

119,672‌

COMMON

STOCKS

-

99.92%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

4.84%

HEICO

Corp

-

Class

A

713,048‌

68,559‌

TransDigm

Group

Inc

1,300,979‌

836,894‌

$

905,453‌

Banks

-

2.09%

First

Republic

Bank/CA

2,699,213‌

299,289‌

M&T

Bank

Corp

536,805‌

90,462‌

$

389,751‌

Beverages

-

0.58%

Brown-Forman

Corp

-

B

Shares

1,596,576‌

107,992‌

Building

Materials

-

4.17%

Martin

Marietta

Materials

Inc

997,232‌

263,070‌

Summit

Materials

Inc

(d)

4,018,116‌

88,278‌

Vulcan

Materials

Co

3,024,241‌

428,323‌

$

779,671‌

Chemicals

-

0.67%

Air

Products

&

Chemicals

Inc

527,038‌

125,809‌

Commercial

Services

-

10.38%

AMERCO

303,284‌

112,600‌

CoStar

Group

Inc

(d)

80,333‌

52,457‌

Everarc

Holdings

Ltd

(c),(d)

2,883,826‌

38,932‌

Everarc

Holdings

Ltd

-

Warrants

(d)

2,883,826‌

4,326‌

Gartner

Inc

(d)

2,575,427‌

414,077‌

IHS

Markit

Ltd

4,361,953‌

343,983‌

Moody's

Corp

713,382‌

183,189‌

S&P

Global

Inc

317,893‌

93,375‌

Square

Inc

(d)

696,736‌

52,039‌

TransUnion

3,738,775‌

342,846‌

Verisk

Analytics

Inc

1,858,246‌

301,909‌

$

1,939,733‌

Distribution

&

Wholesale

-

3.69%

Copart

Inc

(d)

4,635,693‌

470,337‌

Fastenal

Co

6,275,245‌

218,881‌

$

689,218‌

Diversified

Financial

Services

-

1.08%

Credit

Acceptance

Corp

(d)

472,835‌

202,837‌

Electric

-

2.10%

Brookfield

Infrastructure

Partners

LP

(e)

5,387,343‌

293,071‌

Brookfield

Renewable

Partners

LP

(e)

2,033,560‌

99,116‌

$

392,187‌

Electronics

-

3.03%

Mettler-Toledo

International

Inc

(d)

309,299‌

234,195‌

Roper

Technologies

Inc

870,024‌

332,053‌

$

566,248‌

Entertainment

-

2.71%

Liberty

Media

Corp-Liberty

Braves

-

A

Shares

(d)

146,140‌

4,275‌

Liberty

Media

Corp-Liberty

Braves

-

C

Shares

(d)

587,859‌

17,136‌

Live

Nation

Entertainment

Inc

(d)

2,952,806‌

201,263‌

Vail

Resorts

Inc

1,213,742‌

284,635‌

$

507,309‌

Hand

&

Machine

Tools

-

0.94%

Colfax

Corp

(d)

4,979,908‌

175,094‌

Healthcare

-

Products

-

0.99%

IDEXX

Laboratories

Inc

(d)

683,955‌

185,359‌

Home

Builders

-

1.71%

Lennar

Corp

-

A

Shares

2,881,690‌

191,229‌

Lennar

Corp

-

B

Shares

37,905‌

1,991‌

NVR

Inc

(d)

32,950‌

125,769‌

$

318,989‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

-

9.75%

Aon

PLC

708,754‌

$

156,103‌

Arch

Capital

Group

Ltd

(d)

7,211,472‌

318,458‌

Brown

&

Brown

Inc

6,420,451‌

288,278‌

Fidelity

National

Financial

Inc

7,492,595‌

365,264‌

Markel

Corp

(d)

450,643‌

528,591‌

Progressive

Corp/The

2,042,060‌

164,774‌

$

1,821,468‌

Internet

-

4.40%

Shopify

Inc

(d)

129,314‌

60,216‌

VeriSign

Inc

(d)

1,643,565‌

342,092‌

Wayfair

Inc

(d)

1,546,905‌

144,945‌

Wix.com

Ltd

(d)

1,923,268‌

274,431‌

$

821,684‌

Investment

Companies

-

0.11%

Brookfield

Business

Partners

LP

470,414‌

19,781‌

Lodging

-

3.36%

Hilton

Worldwide

Holdings

Inc

4,397,835‌

474,087‌

Hyatt

Hotels

Corp

1,830,636‌

154,762‌

$

628,849‌

Machinery

-

Diversified

-

0.11%

Cognex

Corp

409,708‌

20,883‌

Media

-

5.02%

Liberty

Broadband

Corp

-

A

Shares

(d)

684,410‌

90,062‌

Liberty

Broadband

Corp

-

C

Shares

(d)

2,066,780‌

274,737‌

Liberty

Global

PLC

-

A

Shares

(d)

470,251‌

9,650‌

Liberty

Global

PLC

-

C

Shares

(d)

5,700,215‌

111,040‌

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d)

513,920‌

22,895‌

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d)

4,761,735‌

222,802‌

Liberty

Media

Corp-Liberty

SiriusXM

-

A

Shares

(d)

1,022,267‌

49,651‌

Liberty

Media

Corp-Liberty

SiriusXM

-

C

Shares

(d)

3,217,002‌

157,697‌

$

938,534‌

Pharmaceuticals

-

0.11%

Elanco

Animal

Health

Inc

(d)

639,950‌

19,774‌

Private

Equity

-

7.76%

Brookfield

Asset

Management

Inc

12,903,112‌

789,799‌

Kennedy-Wilson

Holdings

Inc

5,442,299‌

117,336‌

KKR

&

Co

Inc

11,047,823‌

352,426‌

Onex

Corp

2,950,247‌

189,671‌

$

1,449,232‌

Real

Estate

-

3.71%

Brookfield

Property

Partners

LP

(e)

2,757,370‌

51,094‌

CBRE

Group

Inc

(d)

7,123,959‌

434,918‌

Howard

Hughes

Corp/The

(d)

1,708,801‌

207,927‌

$

693,939‌

REITs

-

3.55%

Equinix

Inc

206,452‌

121,751‌

SBA

Communications

Corp

1,996,878‌

498,341‌

Vornado

Realty

Trust

649,172‌

42,696‌

$

662,788‌

Retail

-

10.10%

CarMax

Inc

(d)

5,679,730‌

551,161‌

Dollar

General

Corp

998,056‌

153,112‌

Domino's

Pizza

Inc

1,057,662‌

297,996‌

O'Reilly

Automotive

Inc

(d)

1,114,228‌

452,488‌

Restaurant

Brands

International

Inc

6,451,969‌

393,635‌

Ross

Stores

Inc

348,114‌

39,055‌

$

1,887,447‌

Semiconductors

-

1.40%

Microchip

Technology

Inc

2,677,362‌

260,989‌

Software

-

9.64%

ANSYS

Inc

(d)

1,297,211‌

355,864‌

Autodesk

Inc

(d)

1,945,768‌

383,024‌

Black

Knight

Inc

(d)

6,756,756‌

452,162‌

Guidewire

Software

Inc

(d)

1,538,596‌

173,092‌

Schedule

of

Investments

MidCap

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

136

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

MSCI

Inc

604,355‌

$

172,725‌

RealPage

Inc

(d)

3,314,324‌

193,391‌

Slack

Technologies

Inc

(d)

3,392,680‌

70,330‌

$

1,800,588‌

Telecommunications

-

1.92%

GCI

Liberty

Inc

(d)

2,423,065‌

177,320‌

Motorola

Solutions

Inc

1,030,618‌

182,419‌

$

359,739‌

TOTAL

COMMON

STOCKS

$

18,671,345‌

Total

Investments

$

18,791,017‌

Other

Assets

and

Liabilities

-  (0.56)%

(104,790‌)

TOTAL

NET

ASSETS

-

100.00%

$

18,686,227‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$76,144

or

0.41%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

28.05‌%

Consumer,

Cyclical

21.57‌%

Industrial

13.09‌%

Consumer,

Non-cyclical

12.06‌%

Communications

11.34‌%

Technology

11.04‌%

Utilities

2.10‌%

Basic

Materials

0.67‌%

Money

Market

Funds

0.64‌%

Other

Assets

and

Liabilities

(0.56‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Everarc

Holdings

Ltd

$

—‌

$

28,838‌

$

—‌

$

38,932‌

Principal

Government

Money

Market

Fund

1.43%

67,193‌

594,726‌

560,102‌

101,817‌

$

67,193‌

$

623,564‌

$

560,10

2‌

$

140,749‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Everarc

Holdings

Ltd

$

—‌

$

—‌

$

—‌

$

10,09

4‌

Principal

Government

Money

Market

Fund

1.43%

51‌

—‌

—‌

—‌

$

51‌

$

—‌

$

—‌

$

10,09

4‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

MidCap

Growth

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

137

INVESTMENT

COMPANIES

-

1.54%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.54%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

1‌

$

—‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

2,666,326‌

2,666‌

$

2,66

6‌

TOTAL

INVESTMENT

COMPANIES

$

2,66

6‌

COMMON

STOCKS

-

98.84%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

3.73%

AAR

Corp

48,038‌

2,045‌

L3Harris

Technologies

Inc

9,593‌

2,123‌

TransDigm

Group

Inc

3,564‌

2,293‌

$

6,461‌

Airlines

-

1.30%

Allegiant

Travel

Co

13,388‌

2,250‌

Apparel

-

1.26%

Crocs

Inc

(d)

57,512‌

2,180‌

Banks

-

3.30%

First

Republic

Bank/CA

17,166‌

1,903‌

Pinnacle

Financial

Partners

Inc

31,333‌

1,851‌

SVB

Financial

Group

(d)

8,159‌

1,961‌

$

5,715‌

Biotechnology

-

2.92%

Bio-Rad

Laboratories

Inc

(d)

8,839‌

3,190‌

Exact

Sciences

Corp

(d)

20,121‌

1,877‌

$

5,067‌

Building

Materials

-

4.48%

Masco

Corp

59,232‌

2,815‌

Owens

Corning

42,563‌

2,574‌

Vulcan

Materials

Co

16,748‌

2,372‌

$

7,761‌

Chemicals

-

1.05%

RPM

International

Inc

25,439‌

1,816‌

Commercial

Services

-

8.22%

CoStar

Group

Inc

(d)

4,875‌

3,183‌

Euronet

Worldwide

Inc

(d)

16,886‌

2,662‌

Global

Payments

Inc

18,626‌

3,641‌

IHS

Markit

Ltd

22,209‌

1,751‌

TransUnion

32,760‌

3,004‌

$

14,241‌

Computers

-

2.28%

Rapid7

Inc

(d)

66,653‌

3,958‌

Diversified

Financial

Services

-

0.92%

Synchrony

Financial

49,186‌

1,594‌

Electronics

-

3.40%

Keysight

Technologies

Inc

(d)

63,361‌

5,892‌

Environmental

Control

-

2.26%

Clean

Harbors

Inc

(d)

47,694‌

3,921‌

Food

-

1.58%

Performance

Food

Group

Co

(d)

52,945‌

2,742‌

Healthcare

-

Products

-

8.82%

Inspire

Medical

Systems

Inc

(d)

51,966‌

3,887‌

Insulet

Corp

(d)

22,498‌

4,365‌

Tandem

Diabetes

Care

Inc

(d)

47,739‌

3,630‌

Teleflex

Inc

9,164‌

3,405‌

$

15,287‌

Healthcare

-

Services

-

0.97%

Centene

Corp

(d)

26,656‌

1,674‌

Internet

-

5.64%

Anaplan

Inc

(d)

59,103‌

3,404‌

MercadoLibre

Inc

(d)

2,594‌

1,720‌

Snap

Inc

Class

A

(d)

104,057‌

1,912‌

Zendesk

Inc

(d)

31,652‌

2,735‌

$

9,771‌

Media

-

1.04%

Altice

USA

Inc

(d)

65,583‌

1,794‌

Office

&

Business

Equipment

-

0.92%

Zebra

Technologies

Corp

(d)

6,663‌

1,593‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

-

0.84%

Parsley

Energy

Inc

87,259‌

$

1,452‌

Packaging

&

Containers

-

0.96%

Crown

Holdings

Inc

(d)

22,512‌

1,667‌

Pharmaceuticals

-

4.38%

DexCom

Inc

(d)

23,729‌

5,713‌

Horizon

Therapeutics

Plc

(d)

54,398‌

1,876‌

$

7,589‌

Retail

-

6.97%

Burlington

Stores

Inc

(d)

11,369‌

2,472‌

Chipotle

Mexican

Grill

Inc

(d)

2,982‌

2,585‌

Dollar

General

Corp

14,880‌

2,283‌

Lululemon

Athletica

Inc

(d)

10,698‌

2,561‌

O'Reilly

Automotive

Inc

(d)

5,345‌

2,171‌

$

12,072‌

Semiconductors

-

7.03%

Advanced

Micro

Devices

Inc

(d)

56,247‌

2,644‌

Lam

Research

Corp

6,121‌

1,825‌

Marvell

Technology

Group

Ltd

117,278‌

2,820‌

Microchip

Technology

Inc

19,883‌

1,938‌

MKS

Instruments

Inc

28,229‌

2,959‌

$

12,186‌

Software

-

19.87%

Activision

Blizzard

Inc

53,885‌

3,151‌

DocuSign

Inc

(d)

23,266‌

1,826‌

Fiserv

Inc

(d)

47,943‌

5,686‌

Paycom

Software

Inc

(d)

6,478‌

2,061‌

RingCentral

Inc

(d)

28,824‌

5,926‌

Sea

Ltd

ADR

(d)

70,131‌

3,173‌

ServiceNow

Inc

(d)

19,075‌

6,452‌

Synopsys

Inc

(d)

20,909‌

3,084‌

Tyler

Technologies

Inc

(d)

9,496‌

3,074‌

$

34,433‌

Telecommunications

-

3.54%

Motorola

Solutions

Inc

14,497‌

2,566‌

Viavi

Solutions

Inc

(d)

253,500‌

3,574‌

$

6,140‌

Transportation

-

1.16%

Kansas

City

Southern

11,864‌

2,001‌

TOTAL

COMMON

STOCKS

$

171,257‌

Total

Investments

$

173,92

3‌

Other

Assets

and

Liabilities

-  (0.38)%

(65

6‌

)

TOTAL

NET

ASSETS

-

100.00%

$

173,267‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$0

or

0.00%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

Portfolio

Summary  (unaudited)

Sector

Percent

Technology

30.10‌%

Consumer,

Non-cyclical

26.89‌%

Industrial

15.99‌%

Communications

10.22‌%

Consumer,

Cyclical

9.53‌%

Financial

4.22‌%

Money

Market

Funds

1.54‌%

Basic

Materials

1.05‌%

Energy

0.84‌%

Other

Assets

and

Liabilities

(0.38‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

MidCap

Growth

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

138

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

1,467‌

$

24,921‌

$

23,722‌

$

2,666‌

$

1,467‌

$

24,921‌

$

23,722‌

$

2,666‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

10‌

$

—‌

$

—‌

$

—‌

$

10‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

MidCap

Growth

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

139

INVESTMENT

COMPANIES

-

3.09%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.05%

BlackRock

Liquidity

FedFund

1.49

%

(a),(b)

1,314,736‌

$

1,315‌

Principal

Government

Money

Market

Fund

1.43

%

(a),(b),(c)

32,066,925‌

32,067‌

$

33,382‌

Principal

Exchange-Traded

Funds

-

0.04%

Principal

Healthcare

Innovators

Index

ETF

(

c)

3,988‌

149‌

Principal

Shareholder

Yield

Index

ETF

(

c),(d)

8,100‌

267‌

Principal

Sustainable

Momentum

Index

ETF

(

c)

1,517‌

44‌

$

460‌

TOTAL

INVESTMENT

COMPANIES

$

33,842‌

COMMON

STOCKS

-

97.16%

Shares

Held

Value

(000's)

Advertising

-

0.07%

Interpublic

Group

of

Cos

Inc/The

3,696‌

84‌

Omnicom

Group

Inc

4,963‌

373‌

Trade

Desk

Inc/

The

(

e)

1,084‌

292‌

$

749‌

Aerospace

&

Defense

-

1.39%

HEICO

Corp

1,614‌

198‌

HEICO

Corp

-

Class

A

3,027‌

291‌

L3Harris

Technologies

Inc

35,045‌

7,756‌

Mercury

Systems

Inc

(

e)

79,292‌

6,086‌

Spirit

AeroSystems

Holdings

Inc

2,621‌

171‌

TransDigm

Group

Inc

1,132‌

728‌

$

15,230‌

Airlines

-

0.03%

Alaska

Air

Group

Inc

2,315‌

150‌

American

Airlines

Group

Inc

1,208‌

32‌

JetBlue

Airways

Corp

(

e)

1,750‌

35‌

United

Airlines

Holdings

Inc

(

e)

1,462‌

109‌

$

326‌

Apparel

-

0.28%

Canada

Goose

Holdings

Inc

(

d),(e)

81,069‌

2,432‌

Capri

Holdings

Ltd

(

e)

2,259‌

68‌

Carter's

Inc

870‌

92‌

Columbia

Sportswear

Co

887‌

83‌

Hanesbrands

Inc

10,865‌

150‌

Skechers

U.S.A.

Inc

(

e)

2,146‌

80‌

Under

Armour

Inc

-

Class

A

(

e)

4,608‌

93‌

Under

Armour

Inc

-

Class

C

(

e)

4,949‌

89‌

$

3,087‌

Automobile

Parts

&

Equipment

-

0.38%

Allison

Transmission

Holdings

Inc

4,408‌

195‌

Aptiv

PLC

44,422‌

3,766‌

WABCO

Holdings

Inc

(

e)

1,652‌

224‌

$

4,185‌

Banks

-

0.94%

CIT

Group

Inc

430‌

20‌

Comerica

Inc

826‌

50‌

East

West

Bancorp

Inc

53,096‌

2,434‌

First

Republic

Bank/CA

1,125‌

125‌

Pinnacle

Financial

Partners

Inc

124,730‌

7,366‌

Prosperity

Bancshares

Inc

450‌

32‌

Signature

Bank/New

York

NY

1,012‌

144‌

SVB

Financial

Group

(

e)

250‌

60‌

Synovus

Financial

Corp

646‌

23‌

Western

Alliance

Bancorp

531‌

29‌

$

10,283‌

Beverages

-

0.91%

Brown-Forman

Corp

-

A

Shares

1,541‌

99‌

Brown-Forman

Corp

-

B

Shares

4,549‌

308‌

Constellation

Brands

Inc

23,503‌

4,425‌

Monster

Beverage

Corp

(

e)

76,993‌

5,128‌

$

9,960‌

Biotechnology

-

1.69%

Alnylam

Pharmaceuticals

Inc

(

e)

3,220‌

370‌

BioMarin

Pharmaceutical

Inc

(

e)

6,498‌

543‌

Corteva

Inc

142,897‌

4,132‌

Exact

Sciences

Corp

(

e)

43,642‌

4,071‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

Exelixis

Inc

(

e)

4,401‌

$

76‌

Guardant

Health

Inc

(

e)

27,463‌

2,088‌

Incyte

Corp

(

e)

33,094‌

2,418‌

Ionis

Pharmaceuticals

Inc

(

e)

4,648‌

271‌

Moderna

Inc

(

e)

6,686‌

137‌

Sage

Therapeutics

Inc

(

e)

1,827‌

121‌

Seattle

Genetics

Inc

(

e)

39,130‌

4,241‌

$

18,468‌

Building

Materials

-

1.92%

Armstrong

World

Industries

Inc

2,043‌

205‌

Eagle

Materials

Inc

1,274‌

116‌

Fortune

Brands

Home

&

Security

Inc

99,607‌

6,844‌

Lennox

International

Inc

905‌

211‌

Martin

Marietta

Materials

Inc

23,366‌

6,164‌

Trex

Co

Inc

(

e)

70,725‌

6,948‌

Vulcan

Materials

Co

3,422‌

485‌

$

20,973‌

Chemicals

-

0.57%

Albemarle

Corp

(

d)

37,323‌

2,996‌

Axalta

Coating

Systems

Ltd

(

e)

2,423‌

70‌

CF

Industries

Holdings

Inc

648‌

26‌

Huntsman

Corp

135,836‌

2,793‌

NewMarket

Corp

238‌

105‌

RPM

International

Inc

1,449‌

103‌

WR

Grace

&

Co

2,134‌

144‌

$

6,237‌

Commercial

Services

-

13.65%

Avalara

Inc

(

e)

1,813‌

154‌

Booz

Allen

Hamilton

Holding

Corp

6,766‌

528‌

Bright

Horizons

Family

Solutions

Inc

(

e)

32,513‌

5,324‌

Cintas

Corp

43,905‌

12,248‌

CoreLogic

Inc/United

States

676‌

31‌

CoStar

Group

Inc

(

e)

1,019‌

665‌

Equifax

Inc

2,887‌

433‌

Euronet

Worldwide

Inc

(

e)

72,002‌

11,351‌

FleetCor

Technologies

Inc

(

e)

20,132‌

6,346‌

Gartner

Inc

(

e)

33,832‌

5,440‌

Global

Payments

Inc

100,944‌

19,729‌

Grand

Canyon

Education

Inc

(

e)

66,134‌

5,177‌

H&R

Block

Inc

1,812‌

42‌

IHS

Markit

Ltd

108,118‌

8,526‌

MarketAxess

Holdings

Inc

31,681‌

11,221‌

Moody's

Corp

26,238‌

6,738‌

Morningstar

Inc

18,358‌

2,881‌

Paylocity

Holding

Corp

(

e)

1,306‌

185‌

Quanta

Services

Inc

1,557‌

61‌

Ritchie

Bros

Auctioneers

Inc

109,507‌

4,623‌

Robert

Half

International

Inc

4,493‌

261‌

Rollins

Inc

5,715‌

217‌

Sabre

Corp

2,636‌

57‌

Service

Corp

International/US

2,731‌

131‌

ServiceMaster

Global

Holdings

Inc

(

e)

35,488‌

1,280‌

Square

Inc

(

e)

79,229‌

5,917‌

TransUnion

222,365‌

20,390‌

United

Rentals

Inc

(

e)

27,711‌

3,760‌

Verisk

Analytics

Inc

70,872‌

11,515‌

WEX

Inc

(

e)

18,715‌

4,060‌

$

149,291‌

Computers

-

2.18%

Crowdstrike

Holdings

Inc

(

e)

70,472‌

4,305‌

EPAM

Systems

Inc

(

e)

53,075‌

12,108‌

Fortinet

Inc

(

e)

6,321‌

729‌

Genpact

Ltd

7,368‌

326‌

NCR

Corp

(

e)

4,407‌

149‌

NetApp

Inc

10,708‌

572‌

Perspecta

Inc

192,966‌

5,417‌

Pure

Storage

Inc

(

e)

8,315‌

148‌

Zscaler

Inc

(

e)

2,309‌

130‌

$

23,884‌

Schedule

of

Investments

MidCap

Growth

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

140

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Consumer

Products

-

0.15%

Avery

Dennison

Corp

3,265‌

$

428‌

Church

&

Dwight

Co

Inc

6,974‌

518‌

Clorox

Co/The

4,229‌

665‌

$

1,611‌

Distribution

&

Wholesale

-

4.03%

Copart

Inc

(

e)

59,336‌

6,020‌

Fastenal

Co

173,700‌

6,059‌

IAA

Inc

(

e)

95,471‌

4,511‌

LKQ

Corp

(

e)

4,549‌

149‌

Pool

Corp

86,328‌

18,932‌

Watsco

Inc

25,785‌

4,484‌

WW

Grainger

Inc

13,023‌

3,942‌

$

44,097‌

Diversified

Financial

Services

-

0.58%

Alliance

Data

Systems

Corp

341‌

35‌

Ameriprise

Financial

Inc

835‌

138‌

Cboe

Global

Markets

Inc

1,078‌

133‌

Credit

Acceptance

Corp

(

e)

340‌

146‌

Discover

Financial

Services

4,428‌

333‌

E*TRADE

Financial

Corp

1,952‌

83‌

Evercore

Inc

-

Class

A

595‌

46‌

Interactive

Brokers

Group

Inc

-

A

Shares

780‌

37‌

Lazard

Ltd

1,570‌

66‌

LPL

Financial

Holdings

Inc

45,455‌

4,187‌

Raymond

James

Financial

Inc

1,341‌

123‌

SEI

Investments

Co

2,289‌

149‌

Synchrony

Financial

7,410‌

240‌

T

Rowe

Price

Group

Inc

2,565‌

343‌

Virtu

Financial

Inc

895‌

15‌

Western

Union

Co/The

8,375‌

225‌

$

6,299‌

Electrical

Components

&

Equipment

-

0.55%

AMETEK

Inc

7,489‌

728‌

Hubbell

Inc

1,268‌

182‌

Littelfuse

Inc

27,777‌

4,914‌

Universal

Display

Corp

1,205‌

212‌

$

6,036‌

Electronics

-

3.27%

Agilent

Technologies

Inc

2,022‌

167‌

Allegion

PLC

3,292‌

426‌

Amphenol

Corp

39,019‌

3,882‌

Coherent

Inc

(

e)

30,511‌

4,315‌

FLIR

Systems

Inc

106,090‌

5,468‌

Fortive

Corp

1,872‌

140‌

Jabil

Inc

1,269‌

49‌

Keysight

Technologies

Inc

(

e)

157,596‌

14,654‌

Mettler-Toledo

International

Inc

(

e)

693‌

525‌

National

Instruments

Corp

330‌

15‌

PerkinElmer

Inc

677‌

63‌

Sensata

Technologies

Holding

PLC

(

e)

2,781‌

131‌

Trimble

Inc

(

e)

125,046‌

5,317‌

Waters

Corp

(

e)

1,873‌

419‌

Woodward

Inc

1,830‌

213‌

$

35,784‌

Entertainment

-

1.19%

Lions

Gate

Entertainment

Corp

-

A

shares

(

d),(e)

192,255‌

1,909‌

Live

Nation

Entertainment

Inc

(

e)

5,308‌

362‌

Madison

Square

Garden

Co/

The

(

e)

95‌

28‌

Six

Flags

Entertainment

Corp

472‌

18‌

Vail

Resorts

Inc

(

d)

45,476‌

10,665‌

$

12,982‌

Environmental

Control

-

1.03%

Republic

Services

Inc

385‌

37‌

Waste

Connections

Inc

116,999‌

11,268‌

$

11,305‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

-

1.23%

Campbell

Soup

Co

3,459‌

$

167‌

Hershey

Co/The

5,222‌

810‌

Kellogg

Co

4,742‌

324‌

Lamb

Weston

Holdings

Inc

127,052‌

11,601‌

McCormick

&

Co

Inc/MD

2,250‌

368‌

Pilgrim's

Pride

Corp

(

e)

889‌

23‌

Post

Holdings

Inc

(

e)

1,077‌

113‌

Sprouts

Farmers

Market

Inc

(

e)

2,053‌

32‌

TreeHouse

Foods

Inc

(

e)

324‌

14‌

$

13,452‌

Hand

&

Machine

Tools

-

0.02%

Lincoln

Electric

Holdings

Inc

2,231‌

199‌

Healthcare

-

Products

-

6.21%

ABIOMED

Inc

(

e)

1,254‌

234‌

Align

Technology

Inc

(

e)

46,446‌

11,942‌

Avantor

Inc

(

e)

6,500‌

120‌

Bio-Techne

Corp

1,400‌

294‌

Bruker

Corp

4,001‌

198‌

Cantel

Medical

Corp

892‌

58‌

Cooper

Cos

Inc/The

30,944‌

10,734‌

DENTSPLY

SIRONA

Inc

63,338‌

3,547‌

Henry

Schein

Inc

(

e)

1,890‌

130‌

Hill-Rom

Holdings

Inc

1,430‌

152‌

Hologic

Inc

(

e)

9,172‌

491‌

IDEXX

Laboratories

Inc

(

e)

52,536‌

14,237‌

Insulet

Corp

(

e)

69,098‌

13,408‌

Masimo

Corp

(

e)

27,701‌

4,725‌

Penumbra

Inc

(

e)

1,190‌

209‌

ResMed

Inc

5,611‌

892‌

STERIS

PLC

708‌

107‌

Teleflex

Inc

14,715‌

5,467‌

Varian

Medical

Systems

Inc

(

e)

3,830‌

538‌

West

Pharmaceutical

Services

Inc

2,551‌

398‌

$

67,881‌

Healthcare

-

Services

-

2.49%

Centene

Corp

(

e)

107,720‌

6,766‌

Charles

River

Laboratories

International

Inc

(

e)

1,856‌

287‌

Chemed

Corp

8,822‌

4,120‌

Encompass

Health

Corp

2,037‌

157‌

ICON

PLC

(

e)

63,516‌

10,710‌

IQVIA

Holdings

Inc

(

e)

30,840‌

4,788‌

Laboratory

Corp

of

America

Holdings

(

e)

703‌

123‌

Molina

Healthcare

Inc

(

e)

2,324‌

286‌

$

27,237‌

Home

Builders

-

1.08%

DR

Horton

Inc

102,366‌

6,060‌

Lennar

Corp

-

A

Shares

78,521‌

5,211‌

Lennar

Corp

-

B

Shares

627‌

33‌

NVR

Inc

(

e)

144‌

549‌

$

11,853‌

Home

Furnishings

-

0.67%

Dolby

Laboratories

Inc

102,483‌

7,106‌

Tempur

Sealy

International

Inc

(

e)

1,886‌

173‌

$

7,279‌

Housewares

-

0.05%

Scotts

Miracle-Gro

Co/The

1,466‌

180‌

Toro

Co/The

4,921‌

394‌

$

574‌

Insurance

-

0.92%

Alleghany

Corp

(

e)

79‌

63‌

Arch

Capital

Group

Ltd

(

e)

2,621‌

116‌

Arthur

J

Gallagher

&

Co

88,974‌

9,126‌

Athene

Holding

Ltd

(

e)

2,277‌

99‌

Axis

Capital

Holdings

Ltd

464‌

30‌

Brown

&

Brown

Inc

881‌

39‌

Erie

Indemnity

Co

599‌

100‌

Everest

Re

Group

Ltd

548‌

152‌

Kemper

Corp

502‌

37‌

Schedule

of

Investments

MidCap

Growth

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

141

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Markel

Corp

(

e)

56‌

$

66‌

Primerica

Inc

1,117‌

132‌

RenaissanceRe

Holdings

Ltd

638‌

121‌

Voya

Financial

Inc

501‌

30‌

$

10,111‌

Internet

-

4.38%

Anaplan

Inc

(

e)

3,127‌

180‌

CDW

Corp/DE

102,366‌

13,354‌

Etsy

Inc

(

e)

98,984‌

4,831‌

Expedia

Group

Inc

3,398‌

369‌

F5

Networks

Inc

(

e)

2,825‌

345‌

FireEye

Inc

(

e)

7,596‌

121‌

GoDaddy

Inc

(

e)

4,980‌

335‌

Grubhub

Inc

(

d),(e)

3,313‌

179‌

IAC/

InterActiveCorp

(

e)

25,202‌

6,139‌

Match

Group

Inc

(

d),(e)

2,180‌

171‌

Okta

Inc

(

e)

2,893‌

370‌

Palo

Alto

Networks

Inc

(

e)

2,657‌

624‌

Pinterest

Inc

(

e)

160,205‌

3,529‌

Proofpoint

Inc

(

e)

2,108‌

259‌

Roku

Inc

(

e)

2,417‌

292‌

Shopify

Inc

(

e)

6,883‌

3,205‌

Spotify

Technology

SA

(

e)

4,569‌

646‌

TripAdvisor

Inc

3,820‌

104‌

Twitter

Inc

(

e)

205,420‌

6,673‌

VeriSign

Inc

(

e)

2,046‌

426‌

Zendesk

Inc

(

e)

66,229‌

5,722‌

$

47,874‌

Leisure

Products

&

Services

-

0.46%

Norwegian

Cruise

Line

Holdings

Ltd

(

e)

1,232‌

66‌

Planet

Fitness

Inc

(

e)

3,271‌

264‌

Polaris

Inc

2,057‌

189‌

Royal

Caribbean

Cruises

Ltd

38,938‌

4,559‌

$

5,078‌

Lodging

-

0.82%

Caesars

Entertainment

Corp

(

e)

523,785‌

7,160‌

Choice

Hotels

International

Inc

714‌

72‌

Hilton

Grand

Vacations

Inc

(

e)

1,011‌

32‌

Hilton

Worldwide

Holdings

Inc

11,257‌

1,214‌

MGM

Resorts

International

4,633‌

144‌

Wyndham

Hotels

&

Resorts

Inc

1,282‌

73‌

Wynn

Resorts

Ltd

2,293‌

289‌

$

8,984‌

Machinery

-

Construction

&

Mining

-

0.67%

BWX

Technologies

Inc

115,586‌

7,350‌

Machinery

-

Diversified

-

3.90%

Cognex

Corp

135,746‌

6,919‌

Dover

Corp

3,083‌

351‌

Gardner

Denver

Holdings

Inc

(

e)

159,542‌

5,633‌

Graco

Inc

155,277‌

8,253‌

IDEX

Corp

53,492‌

8,764‌

Nordson

Corp

2,419‌

409‌

Rockwell

Automation

Inc

43,577‌

8,352‌

Westinghouse

Air

Brake

Technologies

Corp

48,011‌

3,547‌

Xylem

Inc/NY

5,075‌

414‌

$

42,642‌

Media

-

1.88%

Altice

USA

Inc

(

e)

11,500‌

315‌

AMC

Networks

Inc

(

e)

1,682‌

61‌

Cable

One

Inc

7,716‌

13,148‌

FactSet

Research

Systems

Inc

1,061‌

304‌

Fox

Corp

-

A

Shares

963‌

36‌

Fox

Corp

-

B

Shares

926‌

34‌

New

York

Times

Co/The

1,391‌

44‌

Nexstar

Media

Group

Inc

1,317‌

159‌

Sinclair

Broadcast

Group

Inc

2,203‌

66‌

Sirius

XM

Holdings

Inc

863,952‌

6,108‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

ViacomCBS

Inc

-

B

Shares

8,430‌

$

288‌

$

20,563‌

Mining

-

0.01%

Royal

Gold

Inc

773‌

89‌

Miscellaneous

Manufacturers

-

1.67%

AO

Smith

Corp

142,314‌

6,076‌

AptarGroup

Inc

42,480‌

4,907‌

Carlisle

Cos

Inc

2,321‌

363‌

Donaldson

Co

Inc

4,901‌

254‌

Hexcel

Corp

74,108‌

5,500‌

Ingersoll-Rand

PLC

8,876‌

1,182‌

$

18,282‌

Office

&

Business

Equipment

-

0.05%

Zebra

Technologies

Corp

(

e)

2,396‌

573‌

Oil

&

Gas

-

0.68%

Cabot

Oil

&

Gas

Corp

9,610‌

135‌

Diamondback

Energy

Inc

91,743‌

6,826‌

Parsley

Energy

Inc

5,888‌

98‌

Pioneer

Natural

Resources

Co

2,905‌

392‌

$

7,451‌

Oil

&

Gas

Services

-

0.51%

Baker

Hughes

Co

156,929‌

3,399‌

National

Oilwell

Varco

Inc

107,406‌

2,214‌

$

5,613‌

Packaging

&

Containers

-

0.51%

Ball

Corp

72,203‌

5,211‌

Berry

Global

Group

Inc

(

e)

1,933‌

82‌

Crown

Holdings

Inc

(

e)

3,350‌

248‌

Sealed

Air

Corp

468‌

17‌

$

5,558‌

Pharmaceuticals

-

3.23%

Agios

Pharmaceuticals

Inc

(

e)

235‌

11‌

AmerisourceBergen

Corp

6,508‌

557‌

DexCom

Inc

(

e)

62,079‌

14,946‌

Herbalife

Nutrition

Ltd

(

e)

613‌

24‌

Horizon

Therapeutics

Plc

(

e)

1,077‌

37‌

Jazz

Pharmaceuticals

PLC

(

e)

42,422‌

6,081‌

McKesson

Corp

1,365‌

195‌

Neurocrine

Biosciences

Inc

(

e)

3,282‌

328‌

PRA

Health

Sciences

Inc

(

e)

25,527‌

2,586‌

Sarepta

Therapeutics

Inc

(

e)

32,261‌

3,741‌

Zoetis

Inc

51,032‌

6,849‌

$

35,355‌

Pipelines

-

0.06%

Cheniere

Energy

Inc

(

e)

3,792‌

225‌

ONEOK

Inc

5,377‌

402‌

$

627‌

Real

Estate

-

0.03%

CBRE

Group

Inc

(

e)

5,458‌

333‌

Jones

Lang

LaSalle

Inc

173‌

30‌

$

363‌

REITs

-

1.24%

American

Homes

4

Rent

4,948‌

135‌

Americold

Realty

Trust

7,281‌

251‌

Brookfield

Property

REIT

Inc

3,236‌

60‌

CoreSite

Realty

Corp

1,163‌

137‌

Equity

LifeStyle

Properties

Inc

7,113‌

517‌

Extra

Space

Storage

Inc

4,139‌

458‌

Iron

Mountain

Inc

957‌

30‌

Lamar

Advertising

Co

3,244‌

301‌

SBA

Communications

Corp

45,906‌

11,457‌

Sun

Communities

Inc

1,146‌

186‌

UDR

Inc

429‌

20‌

$

13,552‌

Retail

-

7.72%

Advance

Auto

Parts

Inc

458‌

60‌

AutoZone

Inc

(

e)

6,023‌

6,372‌

Best

Buy

Co

Inc

2,989‌

253‌

Schedule

of

Investments

MidCap

Growth

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

142

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Burlington

Stores

Inc

(

e)

92,900‌

$

20,203‌

CarMax

Inc

(

e)

2,223‌

216‌

Carvana

Co

(

e)

1,665‌

132‌

Casey's

General

Stores

Inc

343‌

55‌

Chipotle

Mexican

Grill

Inc

(

e)

6,527‌

5,658‌

Darden

Restaurants

Inc

5,316‌

619‌

Dollar

General

Corp

60,338‌

9,257‌

Dollar

Tree

Inc

(

e)

65,067‌

5,665‌

Domino's

Pizza

Inc

1,160‌

327‌

Dunkin'

Brands

Group

Inc

3,034‌

237‌

Five

Below

Inc

(

e)

74,714‌

8,459‌

Floor

&

Decor

Holdings

Inc

(

e)

2,570‌

127‌

L

Brands

Inc

1,780‌

41‌

Lululemon

Athletica

Inc

(

e)

35,698‌

8,545‌

Nordstrom

Inc

4,318‌

159‌

Ollie's

Bargain

Outlet

Holdings

Inc

(

e)

95,060‌

5,042‌

O'Reilly

Automotive

Inc

(

e)

28,747‌

11,674‌

Tractor

Supply

Co

3,376‌

314‌

Ulta

Beauty

Inc

(

e)

1,600‌

429‌

Wendy's

Co/The

7,146‌

155‌

Williams-Sonoma

Inc

791‌

55‌

Yum

China

Holdings

Inc

8,285‌

357‌

$

84,411‌

Semiconductors

-

5.19%

Advanced

Micro

Devices

Inc

(

e)

210,521‌

9,894‌

Entegris

Inc

4,920‌

255‌

IPG

Photonics

Corp

(

e)

24,172‌

3,086‌

KLA

Corp

6,522‌

1,081‌

Lam

Research

Corp

5,075‌

1,513‌

Marvell

Technology

Group

Ltd

143,948‌

3,460‌

Maxim

Integrated

Products

Inc

91,009‌

5,472‌

Microchip

Technology

Inc

173,082‌

16,872‌

Monolithic

Power

Systems

Inc

64,046‌

10,963‌

Skyworks

Solutions

Inc

1,553‌

176‌

Teradyne

Inc

8,075‌

533‌

Xilinx

Inc

40,886‌

3,454‌

$

56,759‌

Shipbuilding

-

0.02%

Huntington

Ingalls

Industries

Inc

913‌

238‌

Software

-

15.83%

Akamai

Technologies

Inc

(

e)

6,805‌

635‌

Alteryx

Inc

(

e)

36,358‌

5,071‌

ANSYS

Inc

(

e)

3,475‌

953‌

Aspen

Technology

Inc

(

e)

3,398‌

404‌

Atlassian

Corp

PLC

(

e)

2,983‌

439‌

Autodesk

Inc

(

e)

12,687‌

2,497‌

Black

Knight

Inc

(

e)

7,042‌

471‌

Broadridge

Financial

Solutions

Inc

72,054‌

8,585‌

Cadence

Design

Systems

Inc

(

e)

11,994‌

865‌

CDK

Global

Inc

4,821‌

259‌

Ceridian

HCM

Holding

Inc

(

e)

2,878‌

211‌

Cerner

Corp

60,966‌

4,379‌

Citrix

Systems

Inc

5,228‌

634‌

Coupa

Software

Inc

(

e)

1,733‌

279‌

DocuSign

Inc

(

e)

4,325‌

340‌

Dropbox

Inc

-

A

Shares

(

e)

8,501‌

145‌

Dynatrace

Inc

(

e)

1,389‌

43‌

Elastic

NV

(

e)

50,942‌

3,305‌

Fair

Isaac

Corp

(

e)

7,276‌

2,928‌

Fidelity

National

Information

Services

Inc

48,372‌

6,949‌

Fiserv

Inc

(

e)

129,878‌

15,405‌

Guidewire

Software

Inc

(

e)

2,310‌

260‌

HubSpot

Inc

(

e)

1,508‌

273‌

Jack

Henry

&

Associates

Inc

3,258‌

487‌

Manhattan

Associates

Inc

(

e)

2,607‌

223‌

Medallia

Inc

(

e)

572‌

16‌

MongoDB

Inc

(

e)

1,547‌

254‌

MSCI

Inc

25,664‌

7,335‌

New

Relic

Inc

(

e)

1,892‌

125‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Paychex

Inc

13,121‌

$

1,125‌

Paycom

Software

Inc

(

e)

1,396‌

444‌

Pegasystems

Inc

1,553‌

134‌

PTC

Inc

(

e)

60,553‌

5,033‌

RealPage

Inc

(

e)

132,159‌

7,712‌

RingCentral

Inc

(

e)

40,969‌

8,422‌

ServiceNow

Inc

(

e)

8,916‌

3,016‌

SolarWinds

Corp

(

e)

1,435‌

27‌

Splunk

Inc

(

e)

65,666‌

10,195‌

SS&C

Technologies

Holdings

Inc

9,175‌

578‌

Synopsys

Inc

(

e)

143,187‌

21,122‌

Take-Two

Interactive

Software

Inc

(

e)

111,608‌

13,911‌

Teradata

Corp

(

e)

4,712‌

115‌

Twilio

Inc

(

e)

3,387‌

421‌

Tyler

Technologies

Inc

(

e)

71,483‌

23,138‌

Veeva

Systems

Inc

(

e)

68,552‌

10,050‌

Workday

Inc

(

e)

21,131‌

3,901‌

Zynga

Inc

(

e)

8,329‌

50‌

$

173,164‌

Telecommunications

-

0.27%

Arista

Networks

Inc

(

e)

7,596‌

1,697‌

Corning

Inc

6,921‌

185‌

Motorola

Solutions

Inc

3,443‌

609‌

PagerDuty

Inc

(

e)

577‌

13‌

Switch

Inc

3,225‌

52‌

Ubiquiti

Inc

554‌

91‌

Zayo

Group

Holdings

Inc

(

e)

8,302‌

288‌

$

2,935‌

Toys,

Games

&

Hobbies

-

0.04%

Hasbro

Inc

3,519‌

358‌

Mattel

Inc

(

d),(e)

8,735‌

128‌

$

486‌

Transportation

-

0.51%

CH

Robinson

Worldwide

Inc

2,918‌

211‌

Expeditors

International

of

Washington

Inc

3,451‌

252‌

JB

Hunt

Transport

Services

Inc

739‌

80‌

Landstar

System

Inc

1,442‌

159‌

Old

Dominion

Freight

Line

Inc

24,139‌

4,737‌

XPO

Logistics

Inc

(

e)

2,094‌

186‌

$

5,625‌

TOTAL

COMMON

STOCKS

$

1,062,945‌

Total

Investments

$

1,096,787‌

Other

Assets

and

Liabilities

-  (

0.25)%

(2,728‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,094,059‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,245

or

0.48%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(e)

Non-income

producing

security

Schedule

of

Investments

MidCap

Growth

Fund

III

January

31,

2020

(unaudited)

See

accompanying

notes.

143

Portfolio

Summary  (

unaudited)

Sector

Percent

Consumer,

Non-cyclical

29.56‌%

Technology

23.25‌%

Consumer,

Cyclical

16.75‌%

Industrial

15.46‌%

Communications

6.60‌%

Financial

3.71‌%

Money

Market

Funds

3.05‌%

Energy

1.25‌%

Basic

Materials

0.58‌%

Domestic

Equity

Funds

0.04‌%

Other

Assets

and

Liabilities

(

0.25‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

19,809‌

$

251,701‌

$

239,443‌

$

32,067‌

Principal

Healthcare

Innovators

Index

ETF

171‌

—‌

44‌

149‌

Principal

Shareholder

Yield

Index

ETF

306‌

—‌

44‌

267‌

Principal

Sustainable

Momentum

Index

ETF

56‌

—‌

14‌

44‌

$

20,342‌

$

251,701‌

$

239,545‌

$

32,527‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

92‌

$

—‌

$

—‌

$

—‌

Principal

Healthcare

Innovators

Index

ETF

—‌

4‌

—‌

18‌

Principal

Shareholder

Yield

Index

ETF

2‌

3‌

—‌

2‌

Principal

Sustainable

Momentum

Index

ETF

—‌

1‌

—‌

1‌

$

94‌

$

8‌

$

—‌

$

21‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

Mid

400

Emini

;

March

2020

Long

38‌

$

7,627‌

$

(204‌)

Total

$

(204‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

S&P

400

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

144

INVESTMENT

COMPANIES

-

1.66%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.18%

iShares

Core

S&P

Mid-Cap

ETF

10,900‌

$

2,185‌

Money

Market

Funds

-

1.48%

BlackRock

Liquidity

FedFund

1.49

%

(a),(b)

5,913,972‌

5,914‌

Principal

Government

Money

Market

Fund

1.43

%

(a),(c)

11,398,386‌

11,398‌

$

17,312‌

TOTAL

INVESTMENT

COMPANIES

$

19,497‌

COMMON

STOCKS

-

99.02%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

0.98%

Mercury

Systems

Inc

(

d)

36,195‌

2,778‌

Teledyne

Technologies

Inc

(

d)

23,770‌

8,677‌

$

11,455‌

Airlines

-

0.32%

JetBlue

Airways

Corp

(

d)

188,156‌

3,731‌

Apparel

-

0.99%

Carter's

Inc

28,775‌

3,052‌

Columbia

Sportswear

Co

18,924‌

1,777‌

Deckers

Outdoor

Corp

(

d)

18,236‌

3,482‌

Skechers

U.S.A.

Inc

(

d)

87,276‌

3,263‌

$

11,574‌

Automobile

Parts

&

Equipment

-

0.99%

Adient

PLC

(

d)

56,734‌

1,459‌

Dana

Inc

93,802‌

1,445‌

Delphi

Technologies

PLC

(

d)

56,097‌

861‌

Goodyear

Tire

&

Rubber

Co/The

151,573‌

1,990‌

Lear

Corp

35,865‌

4,418‌

Visteon

Corp

(

d)

18,224‌

1,454‌

$

11,627‌

Banks

-

6.93%

Associated

Banc-Corp

103,851‌

2,070‌

BancorpSouth

Bank

62,537‌

1,787‌

Bank

of

Hawaii

Corp

26,248‌

2,352‌

Bank

OZK

78,786‌

2,141‌

Cathay

General

Bancorp

49,350‌

1,780‌

CIT

Group

Inc

61,638‌

2,817‌

Commerce

Bancshares

Inc/

MO

(

e)

67,592‌

4,573‌

Cullen/Frost

Bankers

Inc

37,105‌

3,308‌

East

West

Bancorp

Inc

94,909‌

4,351‌

First

Financial

Bankshares

Inc

88,535‌

2,968‌

First

Horizon

National

Corp

202,810‌

3,245‌

FNB

Corp/PA

211,769‌

2,471‌

Fulton

Financial

Corp

106,967‌

1,762‌

Hancock

Whitney

Corp

56,842‌

2,259‌

Home

BancShares

Inc/AR

101,124‌

1,934‌

International

Bancshares

Corp

37,393‌

1,473‌

PacWest

Bancorp

78,098‌

2,737‌

Pinnacle

Financial

Partners

Inc

46,905‌

2,770‌

Prosperity

Bancshares

Inc

61,526‌

4,319‌

Signature

Bank/New

York

NY

35,190‌

4,993‌

Synovus

Financial

Corp

95,509‌

3,345‌

TCF

Financial

Corp

99,981‌

4,227‌

Texas

Capital

Bancshares

Inc

(

d)

32,796‌

1,802‌

Trustmark

Corp

41,880‌

1,339‌

UMB

Financial

Corp

28,155‌

1,871‌

Umpqua

Holdings

Corp

143,525‌

2,426‌

United

Bankshares

Inc/WV

66,171‌

2,270‌

Valley

National

Bancorp

255,281‌

2,688‌

Webster

Financial

Corp

59,979‌

2,691‌

Wintrust

Financial

Corp

37,196‌

2,354‌

$

81,123‌

Beverages

-

0.18%

Boston

Beer

Co

Inc/

The

(

d)

6,007‌

2,141‌

Biotechnology

-

1.48%

Arrowhead

Pharmaceuticals

Inc

(

d)

65,243‌

2,734‌

Bio-Rad

Laboratories

Inc

(

d)

14,084‌

5,083‌

Exelixis

Inc

(

d)

198,029‌

3,406‌

Ligand

Pharmaceuticals

Inc

(

d)

11,446‌

1,005‌

Nektar

Therapeutics

(

d)

114,656‌

2,281‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

United

Therapeutics

Corp

(

d)

28,597‌

$

2,793‌

$

17,302‌

Building

Materials

-

1.88%

Eagle

Materials

Inc

27,133‌

2,474‌

Lennox

International

Inc

22,853‌

5,324‌

Louisiana-Pacific

Corp

76,550‌

2,348‌

MDU

Resources

Group

Inc

130,598‌

3,867‌

Owens

Corning

70,900‌

4,289‌

Trex

Co

Inc

(

d)

38,019‌

3,735‌

$

22,037‌

Chemicals

-

2.11%

Ashland

Global

Holdings

Inc

39,252‌

2,904‌

Cabot

Corp

37,136‌

1,480‌

Chemours

Co/The

106,560‌

1,478‌

Ingevity

Corp

(

d)

27,256‌

1,778‌

Minerals

Technologies

Inc

22,716‌

1,230‌

NewMarket

Corp

4,813‌

2,116‌

Olin

Corp

104,067‌

1,547‌

PolyOne

Corp

58,803‌

1,951‌

RPM

International

Inc

84,517‌

6,032‌

Sensient

Technologies

Corp

27,580‌

1,648‌

Valvoline

Inc

122,785‌

2,588‌

$

24,752‌

Commercial

Services

-

4.17%

Aaron's

Inc

43,765‌

2,598‌

Adtalem

Global

Education

Inc

(

d)

35,192‌

1,214‌

ASGN

Inc

(

d)

34,411‌

2,329‌

Avis

Budget

Group

Inc

(

d)

37,048‌

1,215‌

Brink's

Co/The

32,602‌

2,745‌

CoreLogic

Inc/United

States

51,826‌

2,410‌

FTI

Consulting

Inc

(

d)

24,525‌

2,944‌

Graham

Holdings

Co

2,836‌

1,558‌

Grand

Canyon

Education

Inc

(

d)

31,430‌

2,460‌

Green

Dot

Corp

(

d)

30,876‌

929‌

Healthcare

Services

Group

Inc

48,305‌

1,237‌

HealthEquity

Inc

(

d)

46,193‌

3,052‌

Insperity

Inc

24,505‌

2,141‌

LiveRamp

Holdings

Inc

(

d)

44,118‌

1,775‌

ManpowerGroup

Inc

38,428‌

3,516‌

Sabre

Corp

178,502‌

3,845‌

Service

Corp

International/US

119,127‌

5,712‌

WEX

Inc

(

d)

28,214‌

6,120‌

WW

International

Inc

(

d)

30,273‌

998‌

$

48,798‌

Computers

-

1.74%

CACI

International

Inc

(

d)

16,321‌

4,365‌

Lumentum

Holdings

Inc

(

d)

50,314‌

3,812‌

MAXIMUS

Inc

41,697‌

2,992‌

NCR

Corp

(

d)

83,161‌

2,804‌

NetScout

Systems

Inc

(

d)

42,922‌

1,103‌

Perspecta

Inc

89,619‌

2,516‌

Science

Applications

International

Corp

31,976‌

2,807‌

$

20,399‌

Consumer

Products

-

0.27%

Helen

of

Troy

Ltd

(

d)

16,401‌

3,101‌

Cosmetics

&

Personal

Care

-

0.08%

Edgewell

Personal

Care

Co

(

d)

35,327‌

912‌

Distribution

&

Wholesale

-

1.03%

KAR

Auction

Services

Inc

83,927‌

1,764‌

Pool

Corp

26,096‌

5,723‌

Resideo

Technologies

Inc

(

d)

80,044‌

815‌

Watsco

Inc

21,279‌

3,701‌

$

12,003‌

Diversified

Financial

Services

-

3.13%

Affiliated

Managers

Group

Inc

32,112‌

2,564‌

Deluxe

Corp

27,440‌

1,322‌

Eaton

Vance

Corp

73,740‌

3,373‌

Evercore

Inc

-

Class

A

25,475‌

1,952‌

Schedule

of

Investments

MidCap

S&P

400

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

145

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

(continued)

Federated

Hermes

Inc

62,614‌

$

2,268‌

Interactive

Brokers

Group

Inc

-

A

Shares

50,019‌

2,351‌

Janus

Henderson

Group

PLC

101,422‌

2,563‌

Jefferies

Financial

Group

Inc

164,170‌

3,553‌

Legg

Mason

Inc

53,178‌

2,082‌

LendingTree

Inc

(

d)

4,999‌

1,556‌

Navient

Corp

126,774‌

1,823‌

SEI

Investments

Co

82,258‌

5,368‌

SLM

Corp

275,149‌

3,005‌

Stifel

Financial

Corp

44,563‌

2,883‌

$

36,663‌

Electric

-

2.10%

ALLETE

Inc

33,674‌

2,811‌

Black

Hills

Corp

40,052‌

3,325‌

Hawaiian

Electric

Industries

Inc

71,021‌

3,474‌

IDACORP

Inc

32,846‌

3,685‌

NorthWestern

Corp

32,877‌

2,531‌

OGE

Energy

Corp

130,463‌

5,982‌

PNM

Resources

Inc

51,912‌

2,815‌

$

24,623‌

Electrical

Components

&

Equipment

-

1.79%

Acuity

Brands

Inc

25,826‌

3,044‌

Belden

Inc

25,182‌

1,241‌

Energizer

Holdings

Inc

41,929‌

1,940‌

EnerSys

27,558‌

1,983‌

Hubbell

Inc

35,447‌

5,077‌

Littelfuse

Inc

15,877‌

2,809‌

Universal

Display

Corp

27,634‌

4,868‌

$

20,962‌

Electronics

-

3.83%

Arrow

Electronics

Inc

(

d)

53,085‌

4,031‌

Avnet

Inc

65,801‌

2,401‌

Coherent

Inc

(

d)

15,742‌

2,226‌

Gentex

Corp

164,874‌

4,908‌

II-VI

Inc

(

d)

56,841‌

1,913‌

Jabil

Inc

90,538‌

3,521‌

National

Instruments

Corp

76,873‌

3,431‌

nVent

Electric

PLC

101,422‌

2,526‌

SYNNEX

Corp

26,630‌

3,669‌

Tech

Data

Corp

(

d)

23,087‌

3,323‌

Trimble

Inc

(

d)

162,374‌

6,904‌

Vishay

Intertechnology

Inc

86,256‌

1,750‌

Woodward

Inc

36,750‌

4,274‌

$

44,877‌

Energy

-

Alternate

Sources

-

0.47%

First

Solar

Inc

(

d)

49,461‌

2,452‌

SolarEdge

Technologies

Inc

(

d)

31,680‌

3,100‌

$

5,552‌

Engineering

&

Construction

-

1.30%

AECOM

(

d)

102,380‌

4,938‌

Dycom

Industries

Inc

(

d)

20,544‌

830‌

EMCOR

Group

Inc

36,596‌

3,007‌

Fluor

Corp

91,356‌

1,634‌

KBR

Inc

92,359‌

2,512‌

MasTec

Inc

(

d)

39,300‌

2,270‌

$

15,191‌

Entertainment

-

1.36%

Churchill

Downs

Inc

23,105‌

3,336‌

Cinemark

Holdings

Inc

69,478‌

2,189‌

Eldorado

Resorts

Inc

(

d)

42,576‌

2,545‌

Marriott

Vacations

Worldwide

Corp

24,389‌

2,933‌

Penn

National

Gaming

Inc

(

d)

71,011‌

2,118‌

Scientific

Games

Corp

(

d)

35,249‌

876‌

Six

Flags

Entertainment

Corp

51,230‌

1,953‌

$

15,950‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Environmental

Control

-

0.81%

Clean

Harbors

Inc

(

d)

33,463‌

$

2,751‌

Stericycle

Inc

(

d)

59,390‌

3,723‌

Tetra

Tech

Inc

35,577‌

3,045‌

$

9,519‌

Food

-

1.72%

Flowers

Foods

Inc

125,445‌

2,701‌

Hain

Celestial

Group

Inc/

The

(

d)

52,358‌

1,267‌

Ingredion

Inc

43,511‌

3,829‌

Lancaster

Colony

Corp

12,898‌

1,995‌

Pilgrim's

Pride

Corp

(

d)

34,156‌

890‌

Post

Holdings

Inc

(

d)

43,320‌

4,530‌

Sanderson

Farms

Inc

12,850‌

1,769‌

Sprouts

Farmers

Market

Inc

(

d)

76,996‌

1,203‌

Tootsie

Roll

Industries

Inc

(

e)

10,934‌

373‌

TreeHouse

Foods

Inc

(

d)

36,635‌

1,634‌

$

20,191‌

Forest

Products

&

Paper

-

0.11%

Domtar

Corp

37,326‌

1,300‌

Gas

-

1.66%

National

Fuel

Gas

Co

56,260‌

2,430‌

New

Jersey

Resources

Corp

62,243‌

2,572‌

ONE

Gas

Inc

34,369‌

3,248‌

Southwest

Gas

Holdings

Inc

35,600‌

2,688‌

Spire

Inc

33,223‌

2,801‌

UGI

Corp

136,221‌

5,666‌

$

19,405‌

Hand

&

Machine

Tools

-

1.06%

Colfax

Corp

(

d)

54,490‌

1,916‌

Kennametal

Inc

54,000‌

1,690‌

Lincoln

Electric

Holdings

Inc

39,855‌

3,554‌

MSA

Safety

Inc

23,228‌

3,150‌

Regal

Beloit

Corp

26,684‌

2,093‌

$

12,403‌

Healthcare

-

Products

-

4.19%

Avanos

Medical

Inc

(

d)

31,237‌

860‌

Bio-Techne

Corp

24,840‌

5,216‌

Cantel

Medical

Corp

24,420‌

1,589‌

Globus

Medical

Inc

(

d)

50,165‌

2,623‌

Haemonetics

Corp

(

d)

33,032‌

3,547‌

Hill-Rom

Holdings

Inc

43,512‌

4,634‌

ICU

Medical

Inc

(

d)

12,530‌

2,286‌

Integra

LifeSciences

Holdings

Corp

(

d)

46,447‌

2,557‌

LivaNova

PLC

(

d)

31,543‌

2,144‌

Masimo

Corp

(

d)

31,974‌

5,455‌

NuVasive

Inc

(

d)

33,937‌

2,617‌

Patterson

Cos

Inc

56,145‌

1,236‌

Penumbra

Inc

(

d)

20,936‌

3,673‌

Repligen

Corp

(

d)

30,534‌

3,065‌

West

Pharmaceutical

Services

Inc

48,223‌

7,520‌

$

49,022‌

Healthcare

-

Services

-

3.16%

Acadia

Healthcare

Co

Inc

(

d)

57,726‌

1,855‌

Amedisys

Inc

(

d)

21,024‌

3,711‌

Catalent

Inc

(

d)

95,355‌

5,826‌

Charles

River

Laboratories

International

Inc

(

d)

31,832‌

4,921‌

Chemed

Corp

10,434‌

4,873‌

Encompass

Health

Corp

64,261‌

4,950‌

MEDNAX

Inc

(

d)

54,939‌

1,268‌

Molina

Healthcare

Inc

(

d)

40,865‌

5,025‌

Syneos

Health

Inc

(

d)

40,587‌

2,490‌

Tenet

Healthcare

Corp

(

d)

67,711‌

2,142‌

$

37,061‌

Home

Builders

-

0.87%

KB

Home

55,832‌

2,096‌

Thor

Industries

Inc

35,974‌

2,897‌

Toll

Brothers

Inc

84,200‌

3,735‌

TRI

Pointe

Group

Inc

(

d)

90,748‌

1,476‌

$

10,204‌

Schedule

of

Investments

MidCap

S&P

400

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

146

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Furnishings

-

0.23%

Tempur

Sealy

International

Inc

(

d)

29,612‌

$

2,713‌

Housewares

-

0.75%

Scotts

Miracle-Gro

Co/The

25,823‌

3,170‌

Toro

Co/The

69,475‌

5,559‌

$

8,729‌

Insurance

-

5.23%

Alleghany

Corp

(

d)

9,383‌

7,484‌

American

Financial

Group

Inc/OH

48,781‌

5,307‌

Brighthouse

Financial

Inc

(

d)

71,213‌

2,770‌

Brown

&

Brown

Inc

152,410‌

6,843‌

CNO

Financial

Group

Inc

98,506‌

1,733‌

First

American

Financial

Corp

73,213‌

4,538‌

Genworth

Financial

Inc

328,031‌

1,345‌

Hanover

Insurance

Group

Inc/The

25,674‌

3,558‌

Kemper

Corp

40,829‌

3,038‌

Mercury

General

Corp

17,677‌

868‌

Old

Republic

International

Corp

185,978‌

4,194‌

Primerica

Inc

26,958‌

3,196‌

Reinsurance

Group

of

America

Inc

40,806‌

5,878‌

RenaissanceRe

Holdings

Ltd

28,783‌

5,453‌

RLI

Corp

26,007‌

2,419‌

Selective

Insurance

Group

Inc

38,714‌

2,565‌

$

61,189‌

Internet

-

0.87%

Etsy

Inc

(

d)

77,223‌

3,769‌

Grubhub

Inc

(

d)

59,600‌

3,228‌

TripAdvisor

Inc

68,478‌

1,871‌

Yelp

Inc

(

d)

41,636‌

1,357‌

$

10,225‌

Iron

&

Steel

-

1.23%

Allegheny

Technologies

Inc

(

d)

82,174‌

1,418‌

Carpenter

Technology

Corp

31,100‌

1,236‌

Commercial

Metals

Co

77,329‌

1,589‌

Reliance

Steel

&

Aluminum

Co

43,444‌

4,987‌

Steel

Dynamics

Inc

140,421‌

4,196‌

United

States

Steel

Corp

(

e)

110,821‌

1,005‌

$

14,431‌

Leisure

Products

&

Services

-

0.58%

Brunswick

Corp/DE

53,165‌

3,341‌

Polaris

Inc

37,478‌

3,442‌

$

6,783‌

Lodging

-

1.28%

Boyd

Gaming

Corp

52,164‌

1,557‌

Caesars

Entertainment

Corp

(

d)

363,763‌

4,973‌

Choice

Hotels

International

Inc

20,703‌

2,074‌

Wyndham

Destinations

Inc

59,117‌

2,869‌

Wyndham

Hotels

&

Resorts

Inc

62,024‌

3,546‌

$

15,019‌

Machinery

-

Construction

&

Mining

-

0.42%

Oshkosh

Corp

44,355‌

3,816‌

Terex

Corp

42,750‌

1,084‌

$

4,900‌

Machinery

-

Diversified

-

2.29%

AGCO

Corp

40,854‌

2,866‌

Cognex

Corp

111,381‌

5,677‌

Crane

Co

33,226‌

2,840‌

Curtiss-Wright

Corp

27,823‌

4,046‌

Graco

Inc

108,699‌

5,777‌

Nordson

Corp

33,347‌

5,631‌

$

26,837‌

Media

-

1.93%

AMC

Networks

Inc

(

d)

28,724‌

1,051‌

Cable

One

Inc

3,277‌

5,584‌

FactSet

Research

Systems

Inc

24,733‌

7,076‌

John

Wiley

&

Sons

Inc

28,513‌

1,244‌

Meredith

Corp

(

e)

26,197‌

787‌

New

York

Times

Co/The

93,690‌

2,999‌

TEGNA

Inc

141,365‌

2,389‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

World

Wrestling

Entertainment

Inc

30,928‌

$

1,512‌

$

22,642‌

Metal

Fabrication

&

Hardware

-

0.44%

Timken

Co/The

44,184‌

2,321‌

Valmont

Industries

Inc

14,029‌

1,993‌

Worthington

Industries

Inc

24,055‌

885‌

$

5,199‌

Mining

-

0.53%

Compass

Minerals

International

Inc

22,082‌

1,278‌

Royal

Gold

Inc

42,750‌

4,930‌

$

6,208‌

Miscellaneous

Manufacturers

-

1.96%

AptarGroup

Inc

41,665‌

4,813‌

Axon

Enterprise

Inc

(

d)

38,676‌

2,971‌

Carlisle

Cos

Inc

36,937‌

5,771‌

Donaldson

Co

Inc

82,486‌

4,277‌

ITT

Inc

57,157‌

3,834‌

Trinity

Industries

Inc

63,968‌

1,300‌

$

22,966‌

Office

Furnishings

-

0.21%

Herman

Miller

Inc

38,491‌

1,488‌

HNI

Corp

27,910‌

1,004‌

$

2,492‌

Oil

&

Gas

-

1.29%

Chesapeake

Energy

Corp

(

d)

764,175‌

391‌

CNX

Resources

Corp

(

d)

121,607‌

879‌

EQT

Corp

166,613‌

1,008‌

Matador

Resources

Co

(

d)

71,457‌

1,048‌

Murphy

Oil

Corp

97,351‌

2,041‌

Murphy

USA

Inc

(

d)

18,847‌

1,926‌

Patterson-UTI

Energy

Inc

126,792‌

1,007‌

PBF

Energy

Inc

66,390‌

1,812‌

Transocean

Ltd

(

d)

374,851‌

1,709‌

WPX

Energy

Inc

(

d)

271,611‌

3,246‌

$

15,067‌

Oil

&

Gas

Services

-

0.26%

Apergy

Corp

(

d)

50,484‌

1,305‌

Core

Laboratories

NV

28,920‌

1,016‌

NOW

Inc

(

d)

70,909‌

710‌

$

3,031‌

Packaging

&

Containers

-

0.62%

Greif

Inc

-

Class

A

17,111‌

692‌

O-I

Glass

Inc

101,431‌

1,280‌

Silgan

Holdings

Inc

50,533‌

1,559‌

Sonoco

Products

Co

65,237‌

3,728‌

$

7,259‌

Pharmaceuticals

-

0.47%

PRA

Health

Sciences

Inc

(

d)

41,222‌

4,176‌

Prestige

Consumer

Healthcare

Inc

(

d)

32,737‌

1,328‌

$

5,504‌

Pipelines

-

0.19%

Antero

Midstream

Corp

(

e)

193,580‌

976‌

Equitrans

Midstream

Corp

132,822‌

1,284‌

$

2,260‌

Real

Estate

-

0.49%

Jones

Lang

LaSalle

Inc

33,588‌

5,704‌

REITs

-

10.77%

Alexander

&

Baldwin

Inc

44,268‌

968‌

American

Campus

Communities

Inc

89,553‌

4,108‌

Brixmor

Property

Group

Inc

194,120‌

3,875‌

Camden

Property

Trust

63,110‌

7,095‌

CoreCivic

Inc

77,618‌

1,238‌

CoreSite

Realty

Corp

24,562‌

2,885‌

Corporate

Office

Properties

Trust

73,032‌

2,174‌

Cousins

Properties

Inc

95,651‌

3,915‌

CyrusOne

Inc

73,776‌

4,489‌

Diversified

Healthcare

Trust

155,049‌

1,197‌

Douglas

Emmett

Inc

107,425‌

4,458‌

Schedule

of

Investments

MidCap

S&P

400

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

147

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

EastGroup

Properties

Inc

25,034‌

$

3,406‌

EPR

Properties

51,133‌

3,649‌

First

Industrial

Realty

Trust

Inc

82,739‌

3,533‌

GEO

Group

Inc/The

79,039‌

1,249‌

Healthcare

Realty

Trust

Inc

87,161‌

3,143‌

Highwoods

Properties

Inc

67,612‌

3,388‌

JBG

SMITH

Properties

76,925‌

3,119‌

Kilroy

Realty

Corp

63,564‌

5,249‌

Lamar

Advertising

Co

56,056‌

5,203‌

Liberty

Property

Trust

102,826‌

6,442‌

Life

Storage

Inc

30,404‌

3,441‌

Macerich

Co/The

71,812‌

1,602‌

Mack-Cali

Realty

Corp

59,017‌

1,296‌

Medical

Properties

Trust

Inc

337,240‌

7,470‌

National

Retail

Properties

Inc

111,864‌

6,264‌

Omega

Healthcare

Investors

Inc

142,407‌

5,974‌

Park

Hotels

&

Resorts

Inc

156,019‌

3,423‌

Pebblebrook

Hotel

Trust

85,139‌

2,020‌

PotlatchDeltic

Corp

43,809‌

1,884‌

PS

Business

Parks

Inc

13,054‌

2,187‌

Rayonier

Inc

84,278‌

2,560‌

Sabra

Health

Care

REIT

Inc

126,243‌

2,714‌

Service

Properties

Trust

107,254‌

2,315‌

Spirit

Realty

Capital

Inc

64,998‌

3,431‌

Taubman

Centers

Inc

39,899‌

1,054‌

Urban

Edge

Properties

75,055‌

1,380‌

Weingarten

Realty

Investors

78,829‌

2,294‌

$

126,092‌

Retail

-

5.09%

American

Eagle

Outfitters

Inc

103,513‌

1,491‌

AutoNation

Inc

(

d)

38,374‌

1,629‌

Bed

Bath

&

Beyond

Inc

(

e)

82,490‌

1,175‌

BJ's

Wholesale

Club

Holdings

Inc

(

d)

79,621‌

1,634‌

Brinker

International

Inc

24,356‌

1,040‌

Casey's

General

Stores

Inc

23,974‌

3,856‌

Cheesecake

Factory

Inc/The

26,763‌

1,028‌

Cracker

Barrel

Old

Country

Store

Inc

15,681‌

2,398‌

Dick's

Sporting

Goods

Inc

41,448‌

1,833‌

Dillard's

Inc

(

e)

6,426‌

390‌

Domino's

Pizza

Inc

26,658‌

7,511‌

Dunkin'

Brands

Group

Inc

53,990‌

4,216‌

FirstCash

Inc

27,817‌

2,419‌

Five

Below

Inc

(

d)

36,285‌

4,108‌

Foot

Locker

Inc

69,763‌

2,649‌

Jack

in

the

Box

Inc

15,414‌

1,260‌

MSC

Industrial

Direct

Co

Inc

29,356‌

1,998‌

Nu

Skin

Enterprises

Inc

36,202‌

1,180‌

Ollie's

Bargain

Outlet

Holdings

Inc

(

d)

35,639‌

1,890‌

Papa

John's

International

Inc

14,365‌

931‌

RH

(

d)

10,628‌

2,219‌

Sally

Beauty

Holdings

Inc

(

d)

75,815‌

1,164‌

Texas

Roadhouse

Inc

42,521‌

2,657‌

Urban

Outfitters

Inc

(

d)

45,974‌

1,177‌

Wendy's

Co/The

119,946‌

2,599‌

Williams-Sonoma

Inc

50,584‌

3,545‌

World

Fuel

Services

Corp

42,618‌

1,667‌

$

59,664‌

Savings

&

Loans

-

0.66%

New

York

Community

Bancorp

Inc

304,594‌

3,369‌

Sterling

Bancorp/DE

131,684‌

2,634‌

Washington

Federal

Inc

51,063‌

1,736‌

$

7,739‌

Semiconductors

-

3.10%

Cabot

Microelectronics

Corp

18,969‌

2,760‌

Cirrus

Logic

Inc

(

d)

37,668‌

2,893‌

Cree

Inc

(

d)

70,198‌

3,264‌

Cypress

Semiconductor

Corp

240,701‌

5,616‌

MKS

Instruments

Inc

35,527‌

3,724‌

Monolithic

Power

Systems

Inc

26,330‌

4,507‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

Semtech

Corp

(

d)

43,174‌

$

2,081‌

Silicon

Laboratories

Inc

(

d)

28,267‌

2,779‌

Synaptics

Inc

(

d)

21,808‌

1,454‌

Teradyne

Inc

109,220‌

7,207‌

$

36,285‌

Software

-

3.93%

ACI

Worldwide

Inc

(

d)

75,342‌

2,595‌

Allscripts

Healthcare

Solutions

Inc

(

d)

105,822‌

908‌

Blackbaud

Inc

32,057‌

2,511‌

CDK

Global

Inc

79,119‌

4,247‌

Ceridian

HCM

Holding

Inc

(

d)

65,684‌

4,814‌

CommVault

Systems

Inc

(

d)

27,407‌

1,234‌

Fair

Isaac

Corp

(

d)

18,875‌

7,595‌

j2

Global

Inc

30,170‌

2,892‌

Manhattan

Associates

Inc

(

d)

41,647‌

3,559‌

PTC

Inc

(

d)

67,742‌

5,631‌

Teradata

Corp

(

d)

73,321‌

1,785‌

Tyler

Technologies

Inc

(

d)

25,409‌

8,224‌

$

45,995‌

Telecommunications

-

1.01%

Ciena

Corp

(

d)

100,821‌

4,100‌

InterDigital

Inc

20,290‌

1,121‌

LogMeIn

Inc

31,816‌

2,735‌

Telephone

&

Data

Systems

Inc

63,740‌

1,446‌

ViaSat

Inc

(

d)

37,585‌

2,392‌

$

11,794‌

Toys,

Games

&

Hobbies

-

0.28%

Mattel

Inc

(

d)

225,970‌

3,306‌

Transportation

-

1.43%

Kirby

Corp

(

d)

39,069‌

2,863‌

Knight-Swift

Transportation

Holdings

Inc

80,077‌

2,969‌

Landstar

System

Inc

25,721‌

2,849‌

Ryder

System

Inc

34,730‌

1,657‌

Werner

Enterprises

Inc

28,865‌

1,064‌

XPO

Logistics

Inc

(

d)

60,155‌

5,349‌

$

16,751‌

Trucking

&

Leasing

-

0.15%

GATX

Corp

22,877‌

1,742‌

Water

-

0.62%

Essential

Utilities

Inc

140,673‌

7,307‌

TOTAL

COMMON

STOCKS

$

1,159,711‌

Total

Investments

$

1,179,208‌

Other

Assets

and

Liabilities

-  (

0.68)%

(7,998‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,171,210‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,914

or

0.50%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

Schedule

of

Investments

MidCap

S&P

400

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

148

Portfolio

Summary  (

unaudited)

Sector

Percent

Financial

27.21‌%

Industrial

18.96‌%

Consumer,

Non-cyclical

15.72‌%

Consumer,

Cyclical

13.98‌%

Technology

8.77‌%

Utilities

4.38‌%

Basic

Materials

3.98‌%

Communications

3.81‌%

Energy

2.21‌%

Money

Market

Funds

1.48‌%

Investment

Companies

0.18‌%

Other

Assets

and

Liabilities

(

0.68‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

10,157‌

$

94,527‌

$

93,286‌

$

11,398‌

$

10,157‌

$

94,527‌

$

93,286‌

$

11,398‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

51‌

$

—‌

$

—‌

$

—‌

$

51‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

Mid

400

Emini

;

March

2020

Long

46‌

$

9,232‌

$

(234‌)

Total

$

(234‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

MidCap

Value

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

149

INVESTMENT

COMPANIES

-

2.13%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.12%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

711,161‌

$

711‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

52,022,884‌

52,023‌

$

52,734‌

Principal

Exchange-Traded

Funds

-

0.01%

Principal

Shareholder

Yield

Index

ETF

(c)

5,218‌

172‌

Principal

Sustainable

Momentum

Index

ETF

(c)

5,142‌

150‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(c)

422‌

13‌

$

335‌

TOTAL

INVESTMENT

COMPANIES

$

53,069‌

COMMON

STOCKS

-

98.15%

Shares

Held

Value

(000's)

Advertising

-

0.92%

Interpublic

Group

of

Cos

Inc/The

981,691‌

22,284‌

Omnicom

Group

Inc

9,091‌

685‌

$

22,969‌

Aerospace

&

Defense

-

0.18%

Arconic

Inc

33,710‌

1,010‌

L3Harris

Technologies

Inc

9,004‌

1,993‌

Spirit

AeroSystems

Holdings

Inc

464‌

30‌

Teledyne

Technologies

Inc

(d)

3,169‌

1,157‌

TransDigm

Group

Inc

535‌

344‌

$

4,534‌

Agriculture

-

1.71%

Archer-Daniels-Midland

Co

937,656‌

41,970‌

Bunge

Ltd

13,468‌

706‌

$

42,676‌

Airlines

-

1.48%

Alaska

Air

Group

Inc

442,245‌

28,565‌

American

Airlines

Group

Inc

20,497‌

550‌

Copa

Holdings

SA

39,195‌

3,840‌

JetBlue

Airways

Corp

(d)

21,285‌

422‌

United

Airlines

Holdings

Inc

(d)

47,572‌

3,558‌

$

36,935‌

Apparel

-

1.48%

Capri

Holdings

Ltd

(d)

6,425‌

192‌

Carter's

Inc

328,826‌

34,879‌

Columbia

Sportswear

Co

1,049‌

99‌

Hanesbrands

Inc

7,134‌

98‌

PVH

Corp

4,272‌

372‌

Ralph

Lauren

Corp

3,873‌

440‌

Skechers

U.S.A.

Inc

(d)

7,077‌

265‌

Tapestry

Inc

16,044‌

413‌

Under

Armour

Inc

-

Class

C

(d)

5,677‌

102‌

$

36,860‌

Automobile

Manufacturers

-

0.16%

Cummins

Inc

12,018‌

1,923‌

PACCAR

Inc

27,396‌

2,033‌

$

3,956‌

Automobile

Parts

&

Equipment

-

1.07%

Aptiv

PLC

33,471‌

2,838‌

BorgWarner

Inc

672,736‌

23,068‌

Goodyear

Tire

&

Rubber

Co/The

18,400‌

242‌

Lear

Corp

3,543‌

436‌

WABCO

Holdings

Inc

(d)

509‌

69‌

$

26,653‌

Banks

-

5.06%

Associated

Banc-Corp

13,149‌

262‌

Bank

of

Hawaii

Corp

39,867‌

3,572‌

Bank

OZK

10,184‌

277‌

BankUnited

Inc

74,136‌

2,446‌

CIT

Group

Inc

7,058‌

323‌

Citizens

Financial

Group

Inc

37,203‌

1,387‌

Comerica

Inc

12,925‌

790‌

Commerce

Bancshares

Inc/MO

(e)

5,895‌

399‌

Cullen/Frost

Bankers

Inc

4,286‌

382‌

East

West

Bancorp

Inc

8,424‌

386‌

Fifth

Third

Bancorp

59,241‌

1,685‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

First

Citizens

BancShares

Inc/NC

582‌

$

307‌

First

Hawaiian

Inc

109,118‌

3,171‌

First

Horizon

National

Corp

382,131‌

6,114‌

First

Republic

Bank/CA

7,907‌

877‌

FNB

Corp/PA

171,907‌

2,006‌

Huntington

Bancshares

Inc/OH

59,694‌

810‌

KeyCorp

83,191‌

1,557‌

M&T

Bank

Corp

10,914‌

1,839‌

Northern

Trust

Corp

11,318‌

1,107‌

PacWest

Bancorp

9,539‌

334‌

Pinnacle

Financial

Partners

Inc

6,033‌

356‌

Popular

Inc

113,573‌

6,356‌

Prosperity

Bancshares

Inc

393,182‌

27,602‌

Regions

Financial

Corp

84,155‌

1,310‌

Signature

Bank/New

York

NY

3,353‌

476‌

State

Street

Corp

92,996‌

7,033‌

SVB

Financial

Group

(d)

4,249‌

1,021‌

Synovus

Financial

Corp

10,373‌

363‌

TCF

Financial

Corp

393,218‌

16,625‌

Texas

Capital

Bancshares

Inc

(d)

4,069‌

224‌

Umpqua

Holdings

Corp

130,088‌

2,198‌

Webster

Financial

Corp

24,840‌

1,114‌

Western

Alliance

Bancorp

122,997‌

6,794‌

Wintrust

Financial

Corp

4,358‌

276‌

Zions

Bancorp

NA

533,317‌

24,261‌

$

126,040‌

Beverages

-

0.04%

Brown-Forman

Corp

-

A

Shares

447‌

29‌

Brown-Forman

Corp

-

B

Shares

514‌

35‌

Molson

Coors

Beverage

Co

16,435‌

913‌

$

977‌

Biotechnology

-

0.12%

Alnylam

Pharmaceuticals

Inc

(d)

1,275‌

146‌

Bio-Rad

Laboratories

Inc

(d)

1,226‌

442‌

Bluebird

Bio

Inc

(d)

4,077‌

325‌

Corteva

Inc

43,588‌

1,261‌

Exelixis

Inc

(d)

13,083‌

225‌

Moderna

Inc

(d)

1,172‌

24‌

Nektar

Therapeutics

(d)

10,576‌

210‌

United

Therapeutics

Corp

(d)

3,202‌

313‌

$

2,946‌

Building

Materials

-

1.45%

Eagle

Materials

Inc

812‌

74‌

Fortune

Brands

Home

&

Security

Inc

9,698‌

666‌

Lennox

International

Inc

137‌

32‌

Martin

Marietta

Materials

Inc

14,552‌

3,839‌

Masco

Corp

16,557‌

787‌

MDU

Resources

Group

Inc

261,779‌

7,751‌

Owens

Corning

321,957‌

19,476‌

Vulcan

Materials

Co

24,050‌

3,406‌

$

36,031‌

Chemicals

-

2.36%

Albemarle

Corp

6,087‌

489‌

Axalta

Coating

Systems

Ltd

(d)

24,891‌

717‌

Cabot

Corp

4,784‌

191‌

Celanese

Corp

10,162‌

1,052‌

CF

Industries

Holdings

Inc

17,220‌

694‌

Chemours

Co/The

13,622‌

189‌

Eastman

Chemical

Co

391,014‌

27,867‌

FMC

Corp

7,509‌

718‌

Huntsman

Corp

17,208‌

354‌

International

Flavors

&

Fragrances

Inc

(e)

6,198‌

812‌

Mosaic

Co/The

30,437‌

604‌

NewMarket

Corp

69‌

30‌

Olin

Corp

13,304‌

198‌

RPM

International

Inc

9,373‌

669‌

Univar

Solutions

Inc

(d)

12,922‌

278‌

Valvoline

Inc

149,950‌

3,161‌

Schedule

of

Investments

MidCap

Value

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

150

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

(continued)

Westlake

Chemical

Corp

339,190‌

$

20,758‌

$

58,781‌

Commercial

Services

-

2.05%

ADT

Inc

(e)

13,057‌

81‌

AMERCO

690‌

256‌

Aramark

21,451‌

947‌

CoreLogic

Inc/United

States

6,251‌

291‌

Equifax

Inc

1,060‌

159‌

Graham

Holdings

Co

357‌

196‌

Grand

Canyon

Education

Inc

(d)

84,973‌

6,652‌

H&R

Block

Inc

426,599‌

9,897‌

IHS

Markit

Ltd

13,204‌

1,041‌

Macquarie

Infrastructure

Corp

6,077‌

268‌

ManpowerGroup

Inc

273,281‌

25,002‌

Nielsen

Holdings

PLC

112,613‌

2,297‌

Quanta

Services

Inc

75,008‌

2,937‌

Sabre

Corp

18,249‌

393‌

Service

Corp

International/US

11,310‌

542‌

United

Rentals

Inc

(d)

1,268‌

172‌

$

51,131‌

Computers

-

4.18%

Amdocs

Ltd

11,614‌

836‌

CACI

International

Inc

(d)

1,971‌

527‌

DXC

Technology

Co

398,855‌

12,716‌

Genpact

Ltd

434,600‌

19,240‌

Hewlett

Packard

Enterprise

Co

1,319,590‌

18,382‌

Leidos

Holdings

Inc

252,113‌

25,329‌

MAXIMUS

Inc

361,200‌

25,916‌

Western

Digital

Corp

17,286‌

1,132‌

$

104,078‌

Consumer

Products

-

3.20%

Avery

Dennison

Corp

208,509‌

27,365‌

Clorox

Co/The

157,646‌

24,799‌

Kimberly-Clark

Corp

190,900‌

27,344‌

Spectrum

Brands

Holdings

Inc

3,382‌

208‌

$

79,716‌

Cosmetics

&

Personal

Care

-

0.01%

Coty

Inc

23,267‌

239‌

Distribution

&

Wholesale

-

0.08%

Fastenal

Co

3,134‌

109‌

HD

Supply

Holdings

Inc

(d)

9,619‌

392‌

IAA

Inc

(d)

1,459‌

69‌

KAR

Auction

Services

Inc

1,203‌

25‌

LKQ

Corp

(d)

23,665‌

774‌

Watsco

Inc

2,657‌

462‌

WESCO

International

Inc

(d)

3,604‌

174‌

$

2,005‌

Diversified

Financial

Services

-

2.74%

Air

Lease

Corp

7,903‌

339‌

Alliance

Data

Systems

Corp

2,943‌

302‌

Ally

Financial

Inc

34,679‌

1,111‌

Ameriprise

Financial

Inc

9,270‌

1,533‌

BGC

Partners

Inc

24,850‌

143‌

Cboe

Global

Markets

Inc

81,692‌

10,066‌

Discover

Financial

Services

17,532‌

1,317‌

E*TRADE

Financial

Corp

607,714‌

25,901‌

Eaton

Vance

Corp

63,887‌

2,923‌

Evercore

Inc

-

Class

A

2,250‌

172‌

Franklin

Resources

Inc

16,039‌

406‌

Invesco

Ltd

22,128‌

383‌

Janus

Henderson

Group

PLC

12,877‌

325‌

Jefferies

Financial

Group

Inc

21,099‌

457‌

Lazard

Ltd

5,429‌

228‌

Legg

Mason

Inc

7,207‌

282‌

Nasdaq

Inc

6,655‌

775‌

Navient

Corp

171,429‌

2,465‌

OneMain

Holdings

Inc

87,114‌

3,691‌

Raymond

James

Financial

Inc

8,889‌

813‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

(continued)

Santander

Consumer

USA

Holdings

Inc

9,102‌

$

242‌

SEI

Investments

Co

3,871‌

253‌

SLM

Corp

34,303‌

375‌

Synchrony

Financial

242,292‌

7,853‌

T

Rowe

Price

Group

Inc

38,638‌

5,160‌

Western

Union

Co/The

28,456‌

765‌

$

68,280‌

Electric

-

5.19%

AES

Corp/VA

66,296‌

1,317‌

Alliant

Energy

Corp

411,956‌

24,453‌

Ameren

Corp

14,227‌

1,167‌

Avangrid

Inc

4,165‌

222‌

CenterPoint

Energy

Inc

29,167‌

772‌

CMS

Energy

Corp

25,615‌

1,755‌

Consolidated

Edison

Inc

28,226‌

2,653‌

DTE

Energy

Co

170,296‌

22,583‌

Edison

International

29,967‌

2,294‌

Entergy

Corp

17,595‌

2,314‌

Evergy

Inc

21,659‌

1,563‌

Eversource

Energy

18,817‌

1,739‌

FirstEnergy

Corp

47,232‌

2,399‌

Hawaiian

Electric

Industries

Inc

8,029‌

393‌

IDACORP

Inc

59,792‌

6,708‌

NRG

Energy

Inc

321,300‌

11,853‌

OGE

Energy

Corp

11,600‌

532‌

PG&E

Corp

(d)

39,299‌

598‌

Pinnacle

West

Capital

Corp

6,511‌

636‌

PPL

Corp

155,074‌

5,613‌

Public

Service

Enterprise

Group

Inc

29,326‌

1,736‌

Sempra

Energy

23,210‌

3,728‌

Vistra

Energy

Corp

370,189‌

8,336‌

WEC

Energy

Group

Inc

26,527‌

2,650‌

Xcel

Energy

Inc

308,465‌

21,343‌

$

129,357‌

Electrical

Components

&

Equipment

-

0.79%

Acuity

Brands

Inc

2,334‌

275‌

AMETEK

Inc

32,674‌

3,174‌

Energizer

Holdings

Inc

4,812‌

223‌

Hubbell

Inc

108,979‌

15,609‌

Littelfuse

Inc

1,853‌

328‌

$

19,609‌

Electronics

-

3.12%

Agilent

Technologies

Inc

16,283‌

1,344‌

Allegion

PLC

3,101‌

401‌

Arrow

Electronics

Inc

(d)

7,895‌

600‌

Avnet

Inc

8,177‌

298‌

Coherent

Inc

(d)

129,315‌

18,289‌

Flex

Ltd

(d)

2,171,000‌

28,549‌

FLIR

Systems

Inc

11,645‌

600‌

Fortive

Corp

13,312‌

998‌

Garmin

Ltd

118,048‌

11,445‌

Gentex

Corp

23,580‌

702‌

Jabil

Inc

174,246‌

6,776‌

National

Instruments

Corp

9,837‌

439‌

nVent

Electric

PLC

12,521‌

312‌

PerkinElmer

Inc

4,979‌

460‌

Sensata

Technologies

Holding

PLC

(d)

5,253‌

248‌

SYNNEX

Corp

26,147‌

3,602‌

Trimble

Inc

(d)

18,627‌

792‌

Woodward

Inc

17,074‌

1,986‌

$

77,841‌

Energy

-

Alternate

Sources

-

0.07%

First

Solar

Inc

(d)

37,413‌

1,855‌

Engineering

&

Construction

-

0.10%

AECOM

(d)

32,963‌

1,590‌

frontdoor

Inc

(d)

7,018‌

299‌

Jacobs

Engineering

Group

Inc

7,657‌

708‌

$

2,597‌

Schedule

of

Investments

MidCap

Value

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

151

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Entertainment

-

0.87%

Cinemark

Holdings

Inc

661,426‌

$

20,842‌

International

Game

Technology

PLC

8,607‌

116‌

Madison

Square

Garden

Co/The

(d)

1,296‌

384‌

Six

Flags

Entertainment

Corp

5,707‌

218‌

Vail

Resorts

Inc

271‌

63‌

$

21,623‌

Environmental

Control

-

1.12%

Clean

Harbors

Inc

(d)

46,948‌

3,861‌

Pentair

PLC

9,673‌

415‌

Republic

Services

Inc

242,855‌

23,083‌

Stericycle

Inc

(d)

6,783‌

425‌

$

27,784‌

Food

-

3.83%

Campbell

Soup

Co

8,991‌

435‌

Conagra

Brands

Inc

28,015‌

922‌

Flowers

Foods

Inc

15,930‌

343‌

Hain

Celestial

Group

Inc/The

(d)

6,416‌

155‌

Hershey

Co/The

2,545‌

395‌

Hormel

Foods

Corp

346,137‌

16,359‌

Ingredion

Inc

5,336‌

469‌

JM

Smucker

Co/The

10,025‌

1,039‌

Kellogg

Co

8,822‌

602‌

Kroger

Co/The

1,180,876‌

31,718‌

Lamb

Weston

Holdings

Inc

6,288‌

574‌

McCormick

&

Co

Inc/MD

2,504‌

409‌

Pilgrim's

Pride

Corp

(d)

120,063‌

3,128‌

Post

Holdings

Inc

(d)

2,061‌

215‌

Seaboard

Corp

21‌

81‌

Sprouts

Farmers

Market

Inc

(d)

635,473‌

9,933‌

Sysco

Corp

307,000‌

25,217‌

TreeHouse

Foods

Inc

(d)

3,920‌

175‌

Tyson

Foods

Inc

30,740‌

2,540‌

US

Foods

Holding

Corp

(d)

20,603‌

828‌

$

95,537‌

Forest

Products

&

Paper

-

0.06%

Domtar

Corp

5,020‌

175‌

International

Paper

Co

32,994‌

1,343‌

$

1,518‌

Gas

-

0.25%

Atmos

Energy

Corp

6,787‌

794‌

National

Fuel

Gas

Co

100,118‌

4,324‌

NiSource

Inc

21,648‌

635‌

UGI

Corp

12,048‌

501‌

$

6,254‌

Hand

&

Machine

Tools

-

0.11%

Colfax

Corp

(d)

7,416‌

261‌

Lincoln

Electric

Holdings

Inc

697‌

62‌

Regal

Beloit

Corp

3,452‌

271‌

Snap-on

Inc

4,988‌

796‌

Stanley

Black

&

Decker

Inc

8,800‌

1,402‌

$

2,792‌

Healthcare

-

Products

-

1.90%

Adaptive

Biotechnologies

Corp

(d)

276‌

8‌

Avantor

Inc

(d)

6,792‌

126‌

Bruker

Corp

50,330‌

2,490‌

Cantel

Medical

Corp

1,294‌

84‌

Cooper

Cos

Inc/The

2,439‌

846‌

DENTSPLY

SIRONA

Inc

56,181‌

3,146‌

Envista

Holdings

Corp

(d)

327,850‌

9,701‌

Henry

Schein

Inc

(d)

11,492‌

792‌

Hill-Rom

Holdings

Inc

3,443‌

367‌

Hologic

Inc

(d)

3,034‌

162‌

ICU

Medical

Inc

(d)

996‌

182‌

Integra

LifeSciences

Holdings

Corp

(d)

5,273‌

290‌

QIAGEN

NV

(d)

374,467‌

12,649‌

STERIS

PLC

65,092‌

9,809‌

West

Pharmaceutical

Services

Inc

1,035‌

161‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Products

(continued)

Zimmer

Biomet

Holdings

Inc

44,741‌

$

6,618‌

$

47,431‌

Healthcare

-

Services

-

2.65%

Acadia

Healthcare

Co

Inc

(d)

6,464‌

208‌

Catalent

Inc

(d)

8,417‌

514‌

Centene

Corp

(d)

6,366‌

400‌

DaVita

Inc

(d)

9,035‌

722‌

Encompass

Health

Corp

5,265‌

406‌

Five

Star

Senior

Living

Inc

(d)

9,492‌

43‌

IQVIA

Holdings

Inc

(d)

26,620‌

4,133‌

Laboratory

Corp

of

America

Holdings

(d)

7,542‌

1,323‌

MEDNAX

Inc

(d)

6,080‌

140‌

Molina

Healthcare

Inc

(d)

105,013‌

12,913‌

Quest

Diagnostics

Inc

401,218‌

44,402‌

Universal

Health

Services

Inc

6,720‌

921‌

$

66,125‌

Home

Builders

-

0.61%

DR

Horton

Inc

27,863‌

1,649‌

Lennar

Corp

-

A

Shares

14,646‌

972‌

Lennar

Corp

-

B

Shares

1,611‌

85‌

PulteGroup

Inc

264,052‌

11,790‌

Thor

Industries

Inc

4,131‌

333‌

Toll

Brothers

Inc

10,578‌

469‌

$

15,298‌

Home

Furnishings

-

0.06%

Dolby

Laboratories

Inc

4,766‌

331‌

Leggett

&

Platt

Inc

12,382‌

589‌

Whirlpool

Corp

3,598‌

526‌

$

1,446‌

Housewares

-

0.15%

Newell

Brands

Inc

189,582‌

3,702‌

Insurance

-

10.12%

Aflac

Inc

303,000‌

15,626‌

Alleghany

Corp

(d)

47,630‌

37,992‌

Allstate

Corp/The

183,000‌

21,693‌

American

Financial

Group

Inc/OH

264,765‌

28,804‌

American

National

Insurance

Co

10,615‌

1,169‌

Arch

Capital

Group

Ltd

(d)

29,166‌

1,288‌

Arthur

J

Gallagher

&

Co

172,139‌

17,656‌

Assurant

Inc

5,951‌

777‌

Assured

Guaranty

Ltd

55,522‌

2,545‌

Athene

Holding

Ltd

(d)

10,530‌

459‌

Axis

Capital

Holdings

Ltd

5,905‌

379‌

Brighthouse

Financial

Inc

(d)

8,840‌

344‌

Brown

&

Brown

Inc

12,889‌

579‌

Cincinnati

Financial

Corp

39,856‌

4,183‌

CNA

Financial

Corp

2,780‌

124‌

Equitable

Holdings

Inc

39,192‌

941‌

Everest

Re

Group

Ltd

76,412‌

21,133‌

Fidelity

National

Financial

Inc

458,894‌

22,371‌

First

American

Financial

Corp

133,209‌

8,256‌

Globe

Life

Inc

9,569‌

998‌

Hanover

Insurance

Group

Inc/The

3,167‌

439‌

Hartford

Financial

Services

Group

Inc/The

30,378‌

1,801‌

Kemper

Corp

45,300‌

3,372‌

Lincoln

National

Corp

11,585‌

631‌

Loews

Corp

14,870‌

765‌

Markel

Corp

(d)

4,503‌

5,282‌

Mercury

General

Corp

2,647‌

130‌

MGIC

Investment

Corp

428,059‌

5,903‌

Old

Republic

International

Corp

803,903‌

18,128‌

Primerica

Inc

990‌

117‌

Reinsurance

Group

of

America

Inc

5,965‌

859‌

RenaissanceRe

Holdings

Ltd

37,346‌

7,075‌

Unum

Group

16,542‌

442‌

Voya

Financial

Inc

12,304‌

735‌

White

Mountains

Insurance

Group

Ltd

249‌

278‌

Willis

Towers

Watson

PLC

7,494‌

1,583‌

Schedule

of

Investments

MidCap

Value

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

152

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

WR

Berkley

Corp

235,766‌

$

17,336‌

$

252,193‌

Internet

-

0.48%

Expedia

Group

Inc

1,056‌

115‌

F5

Networks

Inc

(d)

1,415‌

173‌

IAC/InterActiveCorp

(d)

2,728‌

664‌

Lyft

Inc

(d)

9,852‌

468‌

NortonLifeLock

Inc

33,624‌

956‌

TripAdvisor

Inc

1,144‌

31‌

VeriSign

Inc

(d)

43,025‌

8,955‌

Zillow

Group

Inc

-

A

Shares

(d)

4,445‌

205‌

Zillow

Group

Inc

-

C

Shares

(d)

9,582‌

443‌

$

12,010‌

Iron

&

Steel

-

1.84%

Nucor

Corp

25,795‌

1,225‌

Reliance

Steel

&

Aluminum

Co

244,125‌

28,026‌

Steel

Dynamics

Inc

548,792‌

16,398‌

United

States

Steel

Corp

(e)

14,905‌

135‌

$

45,784‌

Leisure

Products

&

Services

-

0.16%

Brunswick

Corp/DE

6,598‌

415‌

Harley-Davidson

Inc

11,795‌

394‌

Norwegian

Cruise

Line

Holdings

Ltd

(d)

14,737‌

794‌

Polaris

Inc

801‌

74‌

Royal

Caribbean

Cruises

Ltd

18,823‌

2,203‌

$

3,880‌

Lodging

-

0.13%

Caesars

Entertainment

Corp

(d)

33,428‌

457‌

Choice

Hotels

International

Inc

1,785‌

179‌

Extended

Stay

America

Inc

15,564‌

201‌

Hilton

Grand

Vacations

Inc

(d)

6,502‌

208‌

Hyatt

Hotels

Corp

3,091‌

261‌

MGM

Resorts

International

38,337‌

1,191‌

Wyndham

Destinations

Inc

7,318‌

355‌

Wyndham

Hotels

&

Resorts

Inc

5,360‌

306‌

Wynn

Resorts

Ltd

970‌

122‌

$

3,280‌

Machinery

-

Construction

&

Mining

-

0.02%

BWX

Technologies

Inc

2,535‌

161‌

Oshkosh

Corp

3,945‌

340‌

$

501‌

Machinery

-

Diversified

-

1.90%

AGCO

Corp

322,855‌

22,645‌

Crane

Co

4,086‌

349‌

Curtiss-Wright

Corp

80,033‌

11,639‌

Dover

Corp

12,117‌

1,380‌

Flowserve

Corp

5,933‌

277‌

Gardner

Denver

Holdings

Inc

(d)

10,236‌

361‌

Gates

Industrial

Corp

PLC

(d)

6,360‌

79‌

GrafTech

International

Ltd

6,688‌

72‌

IDEX

Corp

7,240‌

1,187‌

Nordson

Corp

1,406‌

237‌

Westinghouse

Air

Brake

Technologies

Corp

7,518‌

555‌

Xylem

Inc/NY

104,300‌

8,517‌

$

47,298‌

Media

-

1.00%

Discovery

Inc

-

A

Shares

(d)

13,166‌

385‌

Discovery

Inc

-

C

Shares

(d)

28,700‌

797‌

DISH

Network

Corp

(d)

22,280‌

819‌

Fox

Corp

-

A

Shares

18,402‌

682‌

Fox

Corp

-

B

Shares

11,670‌

424‌

John

Wiley

&

Sons

Inc

3,790‌

165‌

Liberty

Broadband

Corp

-

A

Shares

(d)

2,031‌

267‌

Liberty

Broadband

Corp

-

C

Shares

(d)

6,127‌

815‌

Liberty

Media

Corp-Liberty

Formula

One

-

A

Shares

(d)

2,334‌

104‌

Liberty

Media

Corp-Liberty

Formula

One

-

C

Shares

(d)

16,915‌

792‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

Liberty

Media

Corp-Liberty

SiriusXM

-

A

Shares

(d)

6,798‌

$

330‌

Liberty

Media

Corp-Liberty

SiriusXM

-

C

Shares

(d)

14,320‌

702‌

New

York

Times

Co/The

10,317‌

330‌

News

Corp

-

A

Shares

30,020‌

409‌

News

Corp

-

B

Shares

10,649‌

149‌

Nexstar

Media

Group

Inc

905‌

110‌

ViacomCBS

Inc

-

A

Shares

(e)

422‌

16‌

ViacomCBS

Inc

-

B

Shares

515,231‌

17,585‌

$

24,881‌

Metal

Fabrication

&

Hardware

-

0.08%

Timken

Co/The

32,711‌

1,718‌

Valmont

Industries

Inc

1,817‌

258‌

$

1,976‌

Mining

-

1.05%

Alcoa

Corp

(d)

72,110‌

1,005‌

Freeport-McMoRan

Inc

84,153‌

934‌

Newmont

Corp

310,758‌

14,003‌

Royal

Gold

Inc

89,531‌

10,325‌

$

26,267‌

Miscellaneous

Manufacturers

-

3.26%

AO

Smith

Corp

6,558‌

280‌

AptarGroup

Inc

147,874‌

17,081‌

Carlisle

Cos

Inc

1,626‌

254‌

Hexcel

Corp

87,971‌

6,529‌

Ingersoll-Rand

PLC

2,290‌

305‌

ITT

Inc

63,083‌

4,231‌

Parker-Hannifin

Corp

113,807‌

22,271‌

Textron

Inc

660,673‌

30,345‌

$

81,296‌

Office

&

Business

Equipment

-

0.03%

Xerox

Holdings

Corp

17,624‌

627‌

Oil

&

Gas

-

3.50%

Apache

Corp

70,541‌

1,936‌

Cabot

Oil

&

Gas

Corp

21,886‌

308‌

Cimarex

Energy

Co

454,944‌

19,967‌

Concho

Resources

Inc

11,549‌

875‌

Continental

Resources

Inc/OK

6,880‌

187‌

Devon

Energy

Corp

996,375‌

21,642‌

Diamondback

Energy

Inc

7,366‌

548‌

EQT

Corp

20,462‌

124‌

Helmerich

&

Payne

Inc

8,385‌

340‌

Hess

Corp

15,609‌

883‌

HollyFrontier

Corp

15,207‌

683‌

Kosmos

Energy

Ltd

31,386‌

161‌

Marathon

Oil

Corp

72,746‌

827‌

Murphy

Oil

Corp

33,867‌

710‌

Noble

Energy

Inc

27,512‌

544‌

Parsley

Energy

Inc

929,497‌

15,467‌

Patterson-UTI

Energy

Inc

16,260‌

129‌

PBF

Energy

Inc

9,845‌

269‌

Pioneer

Natural

Resources

Co

8,299‌

1,120‌

Transocean

Ltd

(d)

44,287‌

202‌

Valero

Energy

Corp

235,000‌

19,813‌

WPX

Energy

Inc

(d)

32,583‌

389‌

$

87,124‌

Oil

&

Gas

Services

-

0.18%

Apergy

Corp

(d)

6,510‌

168‌

Baker

Hughes

Co

56,500‌

1,224‌

Halliburton

Co

50,576‌

1,103‌

National

Oilwell

Varco

Inc

101,603‌

2,094‌

$

4,589‌

Packaging

&

Containers

-

0.77%

Ardagh

Group

SA

2,979‌

57‌

Berry

Global

Group

Inc

(d)

6,485‌

276‌

Crown

Holdings

Inc

(d)

6,149‌

455‌

Graphic

Packaging

Holding

Co

22,869‌

357‌

Schedule

of

Investments

MidCap

Value

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

153

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Packaging

&

Containers

(continued)

O-I

Glass

Inc

13,111‌

$

165‌

Packaging

Corp

of

America

133,391‌

12,772‌

Sealed

Air

Corp

34,081‌

1,210‌

Silgan

Holdings

Inc

6,635‌

205‌

Sonoco

Products

Co

46,672‌

2,667‌

Westrock

Co

22,795‌

889‌

$

19,053‌

Pharmaceuticals

-

1.80%

Agios

Pharmaceuticals

Inc

(d)

3,990‌

194‌

Alkermes

PLC

(d)

11,562‌

201‌

AmerisourceBergen

Corp

290,000‌

24,812‌

Cardinal

Health

Inc

90,501‌

4,635‌

Covetrus

Inc

(d),(e)

7,211‌

89‌

Elanco

Animal

Health

Inc

(d)

21,698‌

671‌

Herbalife

Nutrition

Ltd

(d)

127,896‌

4,969‌

Horizon

Therapeutics

Plc

(d)

9,551‌

329‌

Jazz

Pharmaceuticals

PLC

(d)

1,275‌

183‌

McKesson

Corp

12,900‌

1,840‌

Mylan

NV

(d)

29,740‌

637‌

Perrigo

Co

PLC

11,571‌

660‌

Premier

Inc

(d)

165,293‌

5,747‌

$

44,967‌

Pipelines

-

0.44%

Antero

Midstream

Corp

(e)

20,073‌

101‌

Cheniere

Energy

Inc

(d)

5,728‌

339‌

Equitrans

Midstream

Corp

14,541‌

141‌

ONEOK

Inc

55,586‌

4,161‌

Targa

Resources

Corp

13,282‌

485‌

Williams

Cos

Inc/The

273,143‌

5,652‌

$

10,879‌

Real

Estate

-

0.21%

CBRE

Group

Inc

(d)

72,694‌

4,438‌

Jones

Lang

LaSalle

Inc

4,658‌

791‌

$

5,229‌

REITs

-

10.06%

AGNC

Investment

Corp

31,401‌

584‌

Alexandria

Real

Estate

Equities

Inc

6,607‌

1,078‌

American

Campus

Communities

Inc

10,760‌

494‌

American

Homes

4

Rent

18,272‌

499‌

Annaly

Capital

Management

Inc

82,988‌

810‌

Apartment

Investment

&

Management

Co

14,285‌

753‌

Apple

Hospitality

REIT

Inc

91,370‌

1,372‌

AvalonBay

Communities

Inc

31,851‌

6,902‌

Boston

Properties

Inc

36,573‌

5,243‌

Brandywine

Realty

Trust

160,626‌

2,509‌

Brixmor

Property

Group

Inc

23,967‌

478‌

Camden

Property

Trust

8,789‌

988‌

Chimera

Investment

Corp

14,911‌

316‌

Columbia

Property

Trust

Inc

113,460‌

2,394‌

CoreSite

Realty

Corp

871‌

102‌

Corporate

Office

Properties

Trust

9,793‌

292‌

Cousins

Properties

Inc

11,664‌

477‌

CubeSmart

14,912‌

472‌

CyrusOne

Inc

6,494‌

395‌

Digital

Realty

Trust

Inc

12,070‌

1,485‌

Douglas

Emmett

Inc

17,109‌

710‌

Duke

Realty

Corp

33,528‌

1,217‌

Empire

State

Realty

Trust

Inc

13,649‌

185‌

EPR

Properties

6,072‌

433‌

Equity

Commonwealth

233,547‌

7,659‌

Equity

Residential

65,767‌

5,464‌

Essex

Property

Trust

Inc

13,742‌

4,257‌

Extra

Space

Storage

Inc

1,386‌

153‌

Federal

Realty

Investment

Trust

4,331‌

542‌

Gaming

and

Leisure

Properties

Inc

20,268‌

958‌

Healthcare

Trust

of

America

Inc

1,006,839‌

32,249‌

Healthpeak

Properties

Inc

97,942‌

3,525‌

Highwoods

Properties

Inc

679,200‌

34,035‌

Host

Hotels

&

Resorts

Inc

62,592‌

1,023‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Hudson

Pacific

Properties

Inc

12,142‌

$

441‌

Invitation

Homes

Inc

47,206‌

1,486‌

Iron

Mountain

Inc

14,689‌

464‌

JBG

SMITH

Properties

9,718‌

394‌

Kilroy

Realty

Corp

10,289‌

850‌

Kimco

Realty

Corp

38,969‌

742‌

Lamar

Advertising

Co

333,200‌

30,924‌

Liberty

Property

Trust

9,036‌

566‌

Life

Storage

Inc

101,661‌

11,506‌

Medical

Properties

Trust

Inc

29,789‌

660‌

MFA

Financial

Inc

37,599‌

293‌

Mid-America

Apartment

Communities

Inc

10,176‌

1,396‌

National

Retail

Properties

Inc

355,174‌

19,890‌

New

Residential

Investment

Corp

23,934‌

401‌

Omega

Healthcare

Investors

Inc

20,146‌

845‌

Outfront

Media

Inc

127,829‌

3,802‌

Paramount

Group

Inc

349,510‌

4,914‌

Park

Hotels

&

Resorts

Inc

18,138‌

398‌

Public

Storage

99,000‌

22,152‌

Rayonier

Inc

10,148‌

308‌

Realty

Income

Corp

18,936‌

1,485‌

Regency

Centers

Corp

9,654‌

599‌

Retail

Properties

of

America

Inc

166,443‌

2,022‌

Retail

Value

Inc

5,207‌

171‌

Service

Properties

Trust

181,311‌

3,912‌

SITE

Centers

Corp

14,123‌

180‌

SL

Green

Realty

Corp

4,635‌

427‌

Spirit

Realty

Capital

Inc

8,284‌

437‌

Starwood

Property

Trust

Inc

27,773‌

713‌

STORE

Capital

Corp

21,774‌

855‌

Sun

Communities

Inc

6,596‌

1,070‌

Two

Harbors

Investment

Corp

21,892‌

334‌

UDR

Inc

62,664‌

3,002‌

Ventas

Inc

21,628‌

1,251‌

VEREIT

Inc

99,005‌

966‌

VICI

Properties

Inc

43,125‌

1,156‌

Vornado

Realty

Trust

10,034‌

660‌

Weingarten

Realty

Investors

155,188‌

4,516‌

Welltower

Inc

23,546‌

1,999‌

Weyerhaeuser

Co

60,901‌

1,763‌

WP

Carey

Inc

9,924‌

835‌

$

250,838‌

Retail

-

3.27%

Advance

Auto

Parts

Inc

2,930‌

386‌

AutoNation

Inc

(d)

188,414‌

7,996‌

AutoZone

Inc

(d)

2,110‌

2,232‌

Best

Buy

Co

Inc

45,631‌

3,865‌

CarMax

Inc

(d)

5,029‌

488‌

Casey's

General

Stores

Inc

2,226‌

358‌

Darden

Restaurants

Inc

233,600‌

27,198‌

Dick's

Sporting

Goods

Inc

5,409‌

239‌

Dollar

General

Corp

2,121‌

325‌

Dollar

Tree

Inc

(d)

6,272‌

546‌

Dunkin'

Brands

Group

Inc

79,554‌

6,212‌

Foot

Locker

Inc

8,424‌

320‌

Gap

Inc/The

16,528‌

288‌

Genuine

Parts

Co

11,682‌

1,093‌

Kohl's

Corp

9,214‌

394‌

L

Brands

Inc

14,966‌

347‌

MSC

Industrial

Direct

Co

Inc

41,212‌

2,805‌

Nu

Skin

Enterprises

Inc

4,849‌

158‌

Penske

Automotive

Group

Inc

3,087‌

145‌

Qurate

Retail

Inc

(d)

29,582‌

252‌

Tiffany

&

Co

7,009‌

939‌

Urban

Outfitters

Inc

(d)

5,687‌

146‌

Williams-Sonoma

Inc

33,191‌

2,326‌

Yum

China

Holdings

Inc

103,778‌

4,470‌

Yum!

Brands

Inc

170,800‌

18,066‌

$

81,594‌

Schedule

of

Investments

MidCap

Value

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

154

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Savings

&

Loans

-

0.14%

New

York

Community

Bancorp

Inc

35,137‌

$

389‌

People's

United

Financial

Inc

25,429‌

392‌

Sterling

Bancorp/DE

140,668‌

2,813‌

$

3,594‌

Semiconductors

-

2.10%

Analog

Devices

Inc

20,928‌

2,297‌

Cypress

Semiconductor

Corp

21,305‌

497‌

IPG

Photonics

Corp

(d)

2,502‌

320‌

KLA

Corp

61,300‌

10,160‌

Lam

Research

Corp

13,958‌

4,162‌

Marvell

Technology

Group

Ltd

38,528‌

926‌

Maxim

Integrated

Products

Inc

14,901‌

896‌

Microchip

Technology

Inc

9,708‌

946‌

MKS

Instruments

Inc

4,412‌

463‌

ON

Semiconductor

Corp

(d)

23,672‌

548‌

Qorvo

Inc

(d)

106,285‌

11,251‌

Skyworks

Solutions

Inc

152,144‌

17,215‌

Teradyne

Inc

38,595‌

2,547‌

$

52,228‌

Shipbuilding

-

0.01%

Huntington

Ingalls

Industries

Inc

1,280‌

334‌

Software

-

1.99%

Akamai

Technologies

Inc

(d)

2,183‌

204‌

Cerence

Inc

(d)

4,373‌

93‌

Change

Healthcare

Inc

(d)

1,362‌

21‌

Citrix

Systems

Inc

86,125‌

10,441‌

Jack

Henry

&

Associates

Inc

553‌

83‌

Nuance

Communications

Inc

(d)

1,547,826‌

29,285‌

SS&C

Technologies

Holdings

Inc

1,308‌

82‌

Synopsys

Inc

(d)

41,102‌

6,063‌

Take-Two

Interactive

Software

Inc

(d)

24,026‌

2,994‌

Zynga

Inc

(d)

52,890‌

318‌

$

49,584‌

Telecommunications

-

1.56%

CenturyLink

Inc

205,145‌

2,802‌

Ciena

Corp

(d)

132,738‌

5,399‌

CommScope

Holding

Co

Inc

(d)

15,016‌

183‌

Corning

Inc

30,075‌

803‌

EchoStar

Corp

(d)

4,447‌

178‌

GCI

Liberty

Inc

(d)

5,673‌

415‌

Juniper

Networks

Inc

19,280‌

442‌

LogMeIn

Inc

3,961‌

341‌

Motorola

Solutions

Inc

156,800‌

27,753‌

Telephone

&

Data

Systems

Inc

7,815‌

177‌

United

States

Cellular

Corp

(d)

1,133‌

36‌

ViaSat

Inc

(d)

4,379‌

279‌

$

38,808‌

Textiles

-

0.49%

Mohawk

Industries

Inc

(d)

93,421‌

12,302‌

Transportation

-

1.94%

CH

Robinson

Worldwide

Inc

1,828‌

132‌

Expeditors

International

of

Washington

Inc

2,868‌

210‌

JB

Hunt

Transport

Services

Inc

169,516‌

18,296‌

Kansas

City

Southern

8,452‌

1,426‌

Kirby

Corp

(d)

4,516‌

331‌

Landstar

System

Inc

246,472‌

27,296‌

Old

Dominion

Freight

Line

Inc

2,176‌

427‌

Schneider

National

Inc

4,616‌

103‌

XPO

Logistics

Inc

(d)

2,216‌

197‌

$

48,418‌

Water

-

0.45%

American

Water

Works

Co

Inc

77,952‌

10,617‌

Essential

Utilities

Inc

12,530‌

651‌

$

11,268‌

TOTAL

COMMON

STOCKS

$

2,446,378‌

Total

Investments

$

2,499,447‌

Other

Assets

and

Liabilities

-  (0.28)%

(7,072‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,492,375‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$711

or

0.03%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

28.33‌%

Consumer,

Non-cyclical

17.31‌%

Industrial

14.85‌%

Consumer,

Cyclical

10.01‌%

Technology

8.30‌%

Utilities

5.89‌%

Basic

Materials

5.31‌%

Energy

4.19‌%

Communications

3.96‌%

Money

Market

Funds

2.12‌%

Domestic

Equity

Funds

0.01‌%

Other

Assets

and

Liabilities

(0.28‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

MidCap

Value

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

155

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

87,362‌

$

315,308‌

$

350,647‌

$

52,023‌

Principal

Shareholder

Yield

Index

ETF

170‌

—‌

—‌

172‌

Principal

Sustainable

Momentum

Index

ETF

144‌

—‌

—‌

150‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

13‌

—‌

—‌

13‌

$

87,689‌

$

315,308‌

$

350,647‌

$

52,358‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

237‌

$

—‌

$

—‌

$

—‌

Principal

Shareholder

Yield

Index

ETF

1‌

—‌

—‌

2‌

Principal

Sustainable

Momentum

Index

ETF

1‌

—‌

—‌

6‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

—‌

—‌

—‌

—‌

$

239‌

$

—‌

$

—‌

$

8‌

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

S&P

Mid

400

Emini;

March

2020

Long

96‌

$

19,267‌

$

(634‌)

Total

$

(634‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Overseas

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

156

INVESTMENT

COMPANIES

-

1.69%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.67%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

1,333,971‌

$

1,335‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

45,693,501‌

45,693‌

$

47,028‌

Principal

Exchange-Traded

Funds

-

0.02%

Principal

International

Multi-Factor

Core

Index

ETF

(c)

19,000‌

495‌

TOTAL

INVESTMENT

COMPANIES

$

47,523‌

COMMON

STOCKS

-

96.05%

Shares

Held

Value

(000's)

Advertising

-

0.04%

Publicis

Groupe

SA

9,957‌

442‌

WPP

PLC

67,171‌

835‌

$

1,277‌

Aerospace

&

Defense

-

2.89%

Airbus

SE

316,026‌

46,413‌

BAE

Systems

PLC

178,273‌

1,482‌

Kawasaki

Heavy

Industries

Ltd

7,200‌

142‌

Leonardo

SpA

10,591‌

130‌

Meggitt

PLC

58,160‌

518‌

Rolls-Royce

Holdings

PLC

(d)

3,706,304‌

32,646‌

$

81,331‌

Agriculture

-

2.68%

British

American

Tobacco

PLC

998,664‌

44,036‌

Imperial

Brands

PLC

43,891‌

1,125‌

Japan

Tobacco

Inc

1,429,400‌

30,224‌

$

75,385‌

Airlines

-

0.73%

easyJet

PLC

11,894‌

218‌

Japan

Airlines

Co

Ltd

8,800‌

248‌

Ryanair

Holdings

PLC

ADR

(d)

232,175‌

20,109‌

$

20,575‌

Apparel

-

0.19%

Gildan

Activewear

Inc

188,591‌

5,226‌

Yue

Yuen

Industrial

Holdings

Ltd

55,000‌

153‌

$

5,379‌

Automobile

Manufacturers

-

1.41%

Bayerische

Motoren

Werke

AG

17,453‌

1,243‌

Daimler

AG

41,857‌

1,938‌

Fiat

Chrysler

Automobiles

NV

57,225‌

746‌

Hino

Motors

Ltd

21,700‌

203‌

Honda

Motor

Co

Ltd

941,500‌

24,080‌

Isuzu

Motors

Ltd

41,200‌

404‌

Nissan

Motor

Co

Ltd

106,900‌

580‌

Peugeot

SA

22,011‌

453‌

Subaru

Corp

32,000‌

800‌

Toyota

Motor

Corp

117,910‌

8,198‌

Volkswagen

AG

2,431‌

445‌

Volvo

AB

-

B

Shares

38,929‌

665‌

$

39,755‌

Automobile

Parts

&

Equipment

-

0.21%

Bridgestone

Corp

26,100‌

924‌

Cie

Generale

des

Etablissements

Michelin

SCA

9,007‌

1,045‌

Continental

AG

5,798‌

662‌

Denso

Corp

22,300‌

915‌

Faurecia

SE

5,677‌

271‌

JTEKT

Corp

10,200‌

108‌

NGK

Insulators

Ltd

12,800‌

215‌

Nokian

Renkaat

OYJ

9,348‌

251‌

Sumitomo

Electric

Industries

Ltd

39,000‌

520‌

Sumitomo

Rubber

Industries

Ltd

13,000‌

143‌

Toyoda

Gosei

Co

Ltd

5,000‌

113‌

Toyota

Industries

Corp

10,800‌

584‌

Yokohama

Rubber

Co

Ltd/The

9,100‌

155‌

$

5,906‌

Banks

-

13.03%

Aozora

Bank

Ltd

9,000‌

243‌

Australia

&

New

Zealand

Banking

Group

Ltd

130,486‌

2,221‌

Banco

Bilbao

Vizcaya

Argentaria

SA

357,908‌

1,853‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Banco

Santander

SA

764,968‌

$

3,015‌

Bank

Hapoalim

BM

60,884‌

523‌

Bank

Leumi

Le-Israel

BM

79,419‌

571‌

Bank

of

East

Asia

Ltd/The

49,200‌

106‌

Bank

of

Ireland

Group

PLC

72,367‌

352‌

Bank

of

Kyoto

Ltd/The

3,900‌

156‌

Barclays

PLC

15,479,942‌

34,185‌

BNP

Paribas

SA

1,219,087‌

64,694‌

BOC

Hong

Kong

Holdings

Ltd

190,300‌

629‌

CaixaBank

SA

4,812,494‌

14,066‌

Canadian

Imperial

Bank

of

Commerce

119,605‌

9,753‌

Chiba

Bank

Ltd/The

40,800‌

221‌

Commonwealth

Bank

of

Australia

101,771‌

5,762‌

Credit

Agricole

SA

61,940‌

837‌

Credit

Suisse

Group

AG

(d)

89,128‌

1,127‌

Danske

Bank

A/S

29,759‌

497‌

DBS

Group

Holdings

Ltd

59,800‌

1,102‌

DNB

ASA

50,900‌

890‌

Erste

Group

Bank

AG

(d)

16,147‌

593‌

Grupo

Financiero

Banorte

SAB

de

CV

4,653,908‌

28,681‌

Hang

Seng

Bank

Ltd

39,300‌

794‌

HSBC

Holdings

PLC

929,132‌

6,755‌

ING

Groep

NV

1,691,215‌

18,362‌

Intesa

Sanpaolo

SpA

798,882‌

1,984‌

Israel

Discount

Bank

Ltd

30,497‌

138‌

Japan

Post

Bank

Co

Ltd

30,500‌

282‌

KBC

Group

NV

13,399‌

983‌

Lloyds

Banking

Group

PLC

11,998,043‌

8,957‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

46,490‌

464‌

Mitsubishi

UFJ

Financial

Group

Inc

629,200‌

3,231‌

Mizrahi

Tefahot

Bank

Ltd

10,528‌

287‌

Mizuho

Financial

Group

Inc

1,234,400‌

1,831‌

National

Australia

Bank

Ltd

132,680‌

2,266‌

Natixis

SA

70,717‌

299‌

Nordea

Bank

Abp

149,148‌

1,177‌

Oversea-Chinese

Banking

Corp

Ltd

165,900‌

1,305‌

Raiffeisen

Bank

International

AG

11,080‌

252‌

Resona

Holdings

Inc

156,500‌

645‌

Royal

Bank

of

Scotland

Group

PLC

222,662‌

638‌

Seven

Bank

Ltd

6,916,400‌

20,684‌

Shinsei

Bank

Ltd

14,700‌

225‌

Shizuoka

Bank

Ltd/The

34,000‌

239‌

Siam

Commercial

Bank

PCL/The

5,627,500‌

17,555‌

Skandinaviska

Enskilda

Banken

AB

87,363‌

863‌

Societe

Generale

SA

43,493‌

1,407‌

Standard

Chartered

PLC

146,330‌

1,217‌

Sumitomo

Mitsui

Financial

Group

Inc

614,400‌

21,602‌

Sumitomo

Mitsui

Trust

Holdings

Inc

17,007‌

627‌

Svenska

Handelsbanken

AB

70,710‌

693‌

Swedbank

AB

41,692‌

640‌

UBS

Group

AG

(d)

207,028‌

2,571‌

UniCredit

SpA

3,396,455‌

45,367‌

United

Overseas

Bank

Ltd

1,500,300‌

27,984‌

Westpac

Banking

Corp

160,652‌

2,685‌

$

367,086‌

Beverages

-

1.15%

Coca-Cola

European

Partners

PLC

618,548‌

32,542‌

Building

Materials

-

0.93%

AGC

Inc/Japan

13,700‌

462‌

Cie

de

Saint-Gobain

27,373‌

1,033‌

HeidelbergCement

AG

7,638‌

515‌

LafargeHolcim

Ltd

(d)

464,994‌

23,631‌

LIXIL

Group

Corp

20,000‌

332‌

Taiheiyo

Cement

Corp

9,200‌

248‌

$

26,221‌

Chemicals

-

7.03%

Air

Liquide

SA

176,773‌

25,559‌

Akzo

Nobel

NV

204,902‌

19,336‌

Arkema

SA

5,148‌

472‌

Schedule

of

Investments

Overseas

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

157

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

(continued)

Asahi

Kasei

Corp

64,600‌

$

661‌

BASF

SE

733,139‌

49,485‌

Brenntag

AG

535,241‌

27,699‌

Daicel

Corp

19,000‌

180‌

EMS-Chemie

Holding

AG

213‌

139‌

Evonik

Industries

AG

13,955‌

382‌

Johnson

Matthey

PLC

353,055‌

12,105‌

JSR

Corp

14,500‌

258‌

Linde

PLC

284,517‌

57,950‌

Mitsubishi

Chemical

Holdings

Corp

65,700‌

475‌

Mitsubishi

Gas

Chemical

Co

Inc

12,200‌

185‌

Mitsui

Chemicals

Inc

13,900‌

305‌

Nitto

Denko

Corp

11,800‌

656‌

Showa

Denko

KK

10,300‌

246‌

Solvay

SA

5,545‌

575‌

Sumitomo

Chemical

Co

Ltd

111,500‌

474‌

Toray

Industries

Inc

103,600‌

678‌

Tosoh

Corp

19,600‌

276‌

$

198,096‌

Commercial

Services

-

1.55%

Adecco

Group

AG

8,633‌

506‌

Atlantia

SpA

22,814‌

560‌

China

Merchants

Port

Holdings

Co

Ltd

4,524,151‌

6,959‌

Dai

Nippon

Printing

Co

Ltd

18,300‌

505‌

ISS

A/S

781,861‌

18,938‌

Randstad

NV

8,918‌

512‌

RELX

PLC

555,887‌

14,749‌

Secom

Co

Ltd

5,400‌

474‌

Toppan

Printing

Co

Ltd

21,000‌

418‌

$

43,621‌

Computers

-

0.06%

Atos

SE

7,351‌

609‌

Fujitsu

Ltd

9,900‌

1,047‌

$

1,656‌

Distribution

&

Wholesale

-

2.11%

ITOCHU

Corp

34,900‌

815‌

Marubeni

Corp

81,100‌

583‌

Mitsubishi

Corp

45,700‌

1,171‌

Mitsui

&

Co

Ltd

85,900‌

1,528‌

Sumitomo

Corp

1,759,800‌

26,176‌

Toyota

Tsusho

Corp

15,900‌

550‌

Travis

Perkins

PLC

1,400,440‌

28,607‌

$

59,430‌

Diversified

Financial

Services

-

2.97%

AerCap

Holdings

NV

(d)

9,202‌

521‌

Amundi

SA

(e)

4,528‌

367‌

CI

Financial

Corp

666,100‌

11,672‌

Credit

Saison

Co

Ltd

12,000‌

192‌

Julius

Baer

Group

Ltd

578,608‌

28,912‌

Mebuki

Financial

Group

Inc

66,100‌

146‌

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

30,300‌

190‌

Nomura

Holdings

Inc

169,900‌

870‌

ORIX

Corp

1,698,000‌

28,683‌

Samsung

Securities

Co

Ltd

381,810‌

11,154‌

Schroders

PLC

9,302‌

394‌

Standard

Life

Aberdeen

PLC

110,453‌

439‌

Tokyo

Century

Corp

3,000‌

153‌

$

83,693‌

Electric

-

3.91%

AGL

Energy

Ltd

49,088‌

651‌

AusNet

Services

137,930‌

162‌

Chubu

Electric

Power

Co

Inc

48,200‌

655‌

Chugoku

Electric

Power

Co

Inc/The

20,900‌

276‌

CLP

Holdings

Ltd

85,500‌

889‌

E.ON

SE

103,350‌

1,171‌

EDP

-

Energias

de

Portugal

SA

124,531‌

624‌

Electric

Power

Development

Co

Ltd

11,200‌

253‌

Electricite

de

France

SA

45,619‌

563‌

Endesa

SA

23,781‌

653‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

Enel

SpA

2,885,540‌

$

25,151‌

Engie

SA

1,660,514‌

28,583‌

Fortum

Oyj

869,326‌

21,038‌

HK

Electric

Investments

&

HK

Electric

Investments

Ltd

200,000‌

200‌

Iberdrola

SA

283,296‌

3,100‌

Kansai

Electric

Power

Co

Inc/The

52,700‌

591‌

Meridian

Energy

Ltd

95,923‌

330‌

Origin

Energy

Ltd

90,083‌

487‌

Power

Assets

Holdings

Ltd

72,000‌

520‌

Red

Electrica

Corp

SA

32,398‌

648‌

Sembcorp

Industries

Ltd

36,700‌

57‌

SSE

PLC

1,120,502‌

22,304‌

Tohoku

Electric

Power

Co

Inc

32,200‌

302‌

Tokyo

Electric

Power

Co

Holdings

Inc

(d)

114,300‌

453‌

Uniper

SE

15,066‌

494‌

$

110,155‌

Electrical

Components

&

Equipment

-

0.12%

Brother

Industries

Ltd

16,900‌

326‌

Schneider

Electric

SE

30,763‌

3,068‌

$

3,394‌

Electronics

-

1.69%

ABB

Ltd

1,725,136‌

40,164‌

Alps

Alpine

Co

Ltd

15,700‌

282‌

Murata

Manufacturing

Co

Ltd

126,600‌

7,168‌

$

47,614‌

Engineering

&

Construction

-

0.68%

ACS

Actividades

de

Construccion

y

Servicios

SA

14,566‌

484‌

Auckland

International

Airport

Ltd

47,151‌

262‌

Balfour

Beatty

PLC

3,267,924‌

11,449‌

Beijing

Capital

International

Airport

Co

Ltd

362,000‌

292‌

Bouygues

SA

12,413‌

490‌

CK

Infrastructure

Holdings

Ltd

51,000‌

356‌

Fraport

AG

Frankfurt

Airport

Services

Worldwide

3,112‌

232‌

Kajima

Corp

33,800‌

429‌

NWS

Holdings

Ltd

78,000‌

100‌

Obayashi

Corp

48,800‌

535‌

Shimizu

Corp

28,900‌

296‌

Skanska

AB

25,463‌

589‌

Taisei

Corp

9,700‌

387‌

Vinci

SA

28,419‌

3,149‌

$

19,050‌

Entertainment

-

0.04%

Flutter

Entertainment

PLC

5,850‌

663‌

GVC

Holdings

PLC

43,559‌

504‌

$

1,167‌

Food

-

4.13%

Aryzta

AG

(d),(f)

2,557,500‌

2,564‌

Associated

British

Foods

PLC

801,347‌

27,738‌

Carrefour

SA

1,056,605‌

17,879‌

Dairy

Farm

International

Holdings

Ltd

9,600‌

49‌

Danone

SA

239,030‌

19,128‌

J

Sainsbury

PLC

132,469‌

353‌

Jardine

Strategic

Holdings

Ltd

16,416‌

502‌

Koninklijke

Ahold

Delhaize

NV

61,375‌

1,506‌

Nisshin

Seifun

Group

Inc

7,500‌

128‌

Orkla

ASA

1,797,840‌

17,356‌

Seven

&

i

Holdings

Co

Ltd

702,500‌

26,936‌

Tesco

PLC

507,754‌

1,652‌

Toyo

Suisan

Kaisha

Ltd

3,400‌

143‌

Wm

Morrison

Supermarkets

PLC

179,651‌

431‌

$

116,365‌

Food

Service

-

1.04%

Elior

Group

SA

(e)

2,090,730‌

29,312‌

Forest

Products

&

Paper

-

0.08%

Mondi

PLC

23,594‌

480‌

Oji

Holdings

Corp

64,500‌

328‌

Smurfit

Kappa

Group

PLC

16,901‌

584‌

Schedule

of

Investments

Overseas

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

158

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Forest

Products

&

Paper

(continued)

UPM-Kymmene

Oyj

27,395‌

$

863‌

$

2,255‌

Gas

-

0.66%

Centrica

PLC

435,503‌

488‌

Enagas

SA

18,607‌

502‌

Hong

Kong

&

China

Gas

Co

Ltd

267,000‌

511‌

National

Grid

PLC

189,302‌

2,515‌

Naturgy

Energy

Group

SA

22,070‌

582‌

Osaka

Gas

Co

Ltd

28,200‌

477‌

Snam

SpA

2,395,682‌

12,840‌

Toho

Gas

Co

Ltd

3,600‌

139‌

Tokyo

Gas

Co

Ltd

28,200‌

620‌

$

18,674‌

Hand

&

Machine

Tools

-

0.01%

Amada

Holdings

Co

Ltd

24,900‌

259‌

Healthcare

-

Products

-

0.97%

Koninklijke

Philips

NV

597,226‌

27,351‌

Healthcare

-

Services

-

0.03%

Fresenius

SE

&

Co

KGaA

19,229‌

982‌

Holding

Companies

-

Diversified

-

0.08%

CK

Hutchison

Holdings

Ltd

139,000‌

1,228‌

Jardine

Matheson

Holdings

Ltd

11,163‌

622‌

Swire

Pacific

Ltd

37,500‌

330‌

$

2,180‌

Home

Builders

-

0.13%

Barratt

Developments

PLC

53,675‌

568‌

Daiwa

House

Industry

Co

Ltd

30,100‌

948‌

Iida

Group

Holdings

Co

Ltd

11,200‌

189‌

Persimmon

PLC

16,795‌

676‌

Sekisui

House

Ltd

(f)

32,300‌

695‌

Taylor

Wimpey

PLC

245,496‌

696‌

$

3,772‌

Home

Furnishings

-

0.10%

Panasonic

Corp

114,300‌

1,136‌

Sony

Corp

22,800‌

1,594‌

$

2,730‌

Insurance

-

5.58%

Admiral

Group

PLC

14,159‌

422‌

Aegon

NV

133,333‌

540‌

Ageas

9,583‌

528‌

Allianz

SE

14,800‌

3,533‌

Assicurazioni

Generali

SpA

58,986‌

1,149‌

Aviva

PLC

3,215,917‌

16,853‌

AXA

SA

1,260,452‌

33,517‌

Challenger

Ltd

41,149‌

244‌

CNP

Assurances

12,854‌

231‌

Dai-ichi

Life

Holdings

Inc

55,300‌

821‌

Gjensidige

Forsikring

ASA

5,244‌

114‌

Hannover

Rueck

SE

3,234‌

628‌

Japan

Post

Holdings

Co

Ltd

80,700‌

734‌

Japan

Post

Insurance

Co

Ltd

17,100‌

289‌

Legal

&

General

Group

PLC

320,160‌

1,288‌

Manulife

Financial

Corp

632,798‌

12,327‌

Medibank

Pvt

Ltd

72,153‌

148‌

MS&AD

Insurance

Group

Holdings

Inc

24,200‌

804‌

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

3,874‌

1,142‌

NN

Group

NV

16,424‌

570‌

Prudential

PLC

2,417,143‌

42,978‌

Sampo

Oyj

510,657‌

23,117‌

Sompo

Holdings

Inc

217,400‌

8,123‌

Sony

Financial

Holdings

Inc

7,500‌

173‌

Suncorp

Group

Ltd

72,488‌

619‌

Swiss

Life

Holding

AG

1,801‌

905‌

Swiss

Re

AG

13,559‌

1,531‌

T&D

Holdings

Inc

41,600‌

443‌

Zurich

Insurance

Group

AG

8,028‌

3,333‌

$

157,104‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

-

1.07%

Baidu

Inc

ADR

(d)

237,701‌

$

29,370‌

Trend

Micro

Inc/Japan

3,100‌

162‌

Z

Holdings

Corp

122,500‌

487‌

$

30,019‌

Investment

Companies

-

0.08%

BGP

Holdings

PLC

(d),(g),(h)

738,711‌

—‌

EXOR

NV

4,055‌

299‌

Groupe

Bruxelles

Lambert

SA

6,037‌

607‌

Investor

AB

15,891‌

870‌

Kinnevik

AB

18,088‌

436‌

L

E

Lundbergforetagen

AB

2,838‌

123‌

$

2,335‌

Iron

&

Steel

-

0.07%

ArcelorMittal

SA

30,572‌

449‌

Fortescue

Metals

Group

Ltd

73,643‌

546‌

JFE

Holdings

Inc

37,000‌

438‌

Nippon

Steel

Corp

41,300‌

573‌

$

2,006‌

Leisure

Products

&

Services

-

0.04%

Carnival

PLC

11,975‌

489‌

TUI

AG

33,002‌

338‌

Yamaha

Motor

Co

Ltd

21,000‌

390‌

$

1,217‌

Lodging

-

0.99%

Sands

China

Ltd

124,800‌

602‌

SJM

Holdings

Ltd

24,529,083‌

27,347‌

Wynn

Macau

Ltd

41,200‌

86‌

$

28,035‌

Machinery

-

Construction

&

Mining

-

1.09%

Hitachi

Ltd

732,260‌

27,890‌

Komatsu

Ltd

47,900‌

1,059‌

Mitsubishi

Electric

Corp

94,600‌

1,312‌

Mitsubishi

Heavy

Industries

Ltd

16,500‌

602‌

$

30,863‌

Machinery

-

Diversified

-

4.21%

CNH

Industrial

NV

2,101,751‌

20,019‌

FANUC

Corp

224,300‌

40,852‌

KION

Group

AG

346,947‌

21,716‌

Kubota

Corp

27,400‌

429‌

Nabtesco

Corp

845,800‌

24,236‌

Sumitomo

Heavy

Industries

Ltd

8,500‌

223‌

Weir

Group

PLC/The

623,580‌

11,066‌

$

118,541‌

Media

-

0.04%

Informa

PLC

57,610‌

589‌

ITV

PLC

271,175‌

483‌

$

1,072‌

Metal

Fabrication

&

Hardware

-

0.03%

Maruichi

Steel

Tube

Ltd

4,400‌

122‌

NSK

Ltd

27,000‌

225‌

SKF

AB

28,470‌

521‌

$

868‌

Mining

-

0.99%

Anglo

American

PLC

53,228‌

1,389‌

Antofagasta

PLC

29,481‌

318‌

BHP

Group

Ltd

156,572‌

4,015‌

BHP

Group

PLC

108,413‌

2,360‌

Boliden

AB

20,471‌

486‌

Fresnillo

PLC

1,420,744‌

12,410‌

Glencore

PLC

(d)

556,561‌

1,628‌

Mitsubishi

Materials

Corp

5,600‌

141‌

Rio

Tinto

Ltd

17,089‌

1,109‌

Rio

Tinto

PLC

58,002‌

3,102‌

South32

Ltd

230,022‌

395‌

Sumitomo

Metal

Mining

Co

Ltd

17,500‌

497‌

$

27,850‌

Miscellaneous

Manufacturers

-

2.59%

Siemens

AG

591,896‌

73,004‌

Schedule

of

Investments

Overseas

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

159

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Office

&

Business

Equipment

-

0.09%

Canon

Inc

51,400‌

$

1,348‌

Konica

Minolta

Inc

34,000‌

207‌

Ricoh

Co

Ltd

50,400‌

572‌

Seiko

Epson

Corp

21,000‌

307‌

$

2,434‌

Oil

&

Gas

-

6.23%

BP

PLC

5,740,900‌

34,561‌

Ecopetrol

SA

ADR

1,389,130‌

25,699‌

Eni

SpA

117,107‌

1,640‌

Equinor

ASA

46,107‌

832‌

Inpex

Corp

1,709,700‌

15,959‌

JXTG

Holdings

Inc

161,810‌

688‌

OMV

AG

11,022‌

548‌

Ovintiv

Inc

1,022,956‌

15,939‌

Repsol

SA

96,612‌

1,330‌

Royal

Dutch

Shell

PLC

-

A

Shares

196,905‌

5,171‌

Royal

Dutch

Shell

PLC

-

B

Shares

1,290,477‌

33,909‌

SK

Innovation

Co

Ltd

19,430‌

2,091‌

TOTAL

SA

738,743‌

35,970‌

Woodside

Petroleum

Ltd

47,883‌

1,097‌

$

175,434‌

Oil

&

Gas

Services

-

1.78%

CGG

SA

(d)

5,379,248‌

15,115‌

Oceaneering

International

Inc

(d)

1,305,594‌

16,202‌

Schlumberger

Ltd

564,059‌

18,902‌

$

50,219‌

Packaging

&

Containers

-

0.01%

Toyo

Seikan

Group

Holdings

Ltd

10,700‌

181‌

Pharmaceuticals

-

6.16%

AstraZeneca

PLC

233,359‌

22,829‌

Bayer

AG

342,441‌

27,483‌

GlaxoSmithKline

PLC

326,227‌

7,660‌

Hisamitsu

Pharmaceutical

Co

Inc

2,500‌

126‌

Medipal

Holdings

Corp

13,900‌

294‌

Novartis

AG

370,012‌

34,955‌

Otsuka

Holdings

Co

Ltd

14,500‌

644‌

Roche

Holding

AG

60,959‌

20,450‌

Sanofi

51,856‌

5,001‌

Sinopharm

Group

Co

Ltd

1,803,033‌

5,867‌

Suzuken

Co

Ltd/Aichi

Japan

1,500‌

57‌

Takeda

Pharmaceutical

Co

Ltd

1,242,123‌

47,702‌

Teva

Pharmaceutical

Industries

Ltd

ADR

(d)

50,321‌

523‌

$

173,591‌

Pipelines

-

1.22%

Koninklijke

Vopak

NV

644,120‌

34,490‌

Private

Equity

-

0.03%

3i

Group

PLC

52,234‌

760‌

Real

Estate

-

0.26%

Aeon

Mall

Co

Ltd

2,100‌

35‌

CK

Asset

Holdings

Ltd

133,000‌

850‌

Deutsche

Wohnen

SE

10,756‌

455‌

Henderson

Land

Development

Co

Ltd

109,438‌

491‌

Hongkong

Land

Holdings

Ltd

87,055‌

462‌

Kerry

Properties

Ltd

32,000‌

89‌

New

World

Development

Co

Ltd

459,285‌

574‌

Nomura

Real

Estate

Holdings

Inc

9,500‌

234‌

Sino

Land

Co

Ltd

230,000‌

313‌

Sun

Hung

Kai

Properties

Ltd

82,383‌

1,148‌

Swiss

Prime

Site

AG

(d)

5,680‌

693‌

Tokyu

Fudosan

Holdings

Corp

45,900‌

324‌

Vonovia

SE

23,711‌

1,353‌

Wheelock

&

Co

Ltd

63,000‌

384‌

$

7,405‌

REITs

-

0.27%

Ascendas

Real

Estate

Investment

Trust

140,900‌

324‌

CapitaLand

Commercial

Trust

131,300‌

198‌

CapitaLand

Mall

Trust

68,300‌

126‌

Daiwa

House

REIT

Investment

Corp

138‌

368‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

ICADE

2,226‌

$

249‌

Japan

Prime

Realty

Investment

Corp

36‌

167‌

Japan

Real

Estate

Investment

Corp

62‌

453‌

Japan

Retail

Fund

Investment

Corp

195‌

417‌

Klepierre

SA

14,820‌

504‌

Mapletree

Commercial

Trust

52,700‌

91‌

Nippon

Building

Fund

Inc

47‌

381‌

Nippon

Prologis

REIT

Inc

(d)

73‌

210‌

Nomura

Real

Estate

Master

Fund

Inc

305‌

536‌

Orix

JREIT

Inc

126‌

266‌

Scentre

Group

305,682‌

784‌

Stockland

178,465‌

583‌

Suntec

Real

Estate

Investment

Trust

146,900‌

197‌

Unibail-Rodamco-Westfield

7,421‌

1,008‌

United

Urban

Investment

Corp

221‌

396‌

Vicinity

Centres

239,975‌

405‌

$

7,663‌

Retail

-

1.45%

B&M

European

Value

Retail

SA

4,873,779‌

23,370‌

Cie

Financiere

Richemont

SA

196,151‌

14,245‌

Dufry

AG

(d)

3,023‌

262‌

Harvey

Norman

Holdings

Ltd

42,079‌

118‌

Hennes

&

Mauritz

AB

27,530‌

604‌

J

Front

Retailing

Co

Ltd

17,300‌

208‌

Kingfisher

PLC

157,947‌

424‌

Marks

&

Spencer

Group

PLC

145,964‌

339‌

Swatch

Group

AG/The

-

BR

2,162‌

542‌

Swatch

Group

AG/The

-

REG

3,940‌

192‌

Wesfarmers

Ltd

18,272‌

548‌

$

40,852‌

Semiconductors

-

2.71%

Infineon

Technologies

AG

307,507‌

6,606‌

MediaTek

Inc

2,561,697‌

32,412‌

Samsung

Electronics

Co

Ltd

797,345‌

36,943‌

SUMCO

Corp

18,700‌

286‌

$

76,247‌

Shipbuilding

-

0.00%

Yangzijiang

Shipbuilding

Holdings

Ltd

178,700‌

123‌

Software

-

1.38%

Micro

Focus

International

PLC

876,120‌

11,766‌

SAP

SE

208,277‌

27,124‌

$

38,890‌

Telecommunications

-

4.89%

Altice

Europe

NV

(d)

25,255‌

162‌

BT

Group

PLC

447,120‌

949‌

China

Mobile

Ltd

4,388,937‌

36,076‌

Deutsche

Telekom

AG

643,963‌

10,429‌

HKT

Trust

&

HKT

Ltd

284,000‌

424‌

KDDI

Corp

738,000‌

22,302‌

Nippon

Telegraph

&

Telephone

Corp

68,500‌

1,747‌

NTT

DOCOMO

Inc

71,200‌

2,023‌

Orange

SA

106,198‌

1,501‌

Proximus

SADP

11,389‌

324‌

Singapore

Telecommunications

Ltd

376,400‌

906‌

SK

Telecom

Co

Ltd

138,464‌

26,525‌

SoftBank

Group

Corp

72,000‌

2,907‌

Spark

New

Zealand

Ltd

137,276‌

411‌

Swisscom

AG

1,377‌

756‌

Telecom

Italia

SpA/Milano

(d)

682,816‌

367‌

Telecom

Italia

SpA/Milano

-

RSP

451,235‌

237‌

Telefonica

Deutschland

Holding

AG

66,794‌

202‌

Telefonica

SA

248,739‌

1,682‌

Telia

Co

AB

125,921‌

538‌

Vodafone

Group

PLC

13,950,941‌

27,410‌

$

137,878‌

Textiles

-

0.01%

Teijin

Ltd

13,600‌

243‌

Schedule

of

Investments

Overseas

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

160

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

-

2.06%

AP

Moller

-

Maersk

A/S

-

A

281‌

$

316‌

AP

Moller

-

Maersk

A/S

-

B

169‌

202‌

Central

Japan

Railway

Co

7,300‌

1,433‌

Deutsche

Post

AG

715,078‌

24,949‌

East

Japan

Railway

Co

145,300‌

12,794‌

Hankyu

Hanshin

Holdings

Inc

8,400‌

341‌

Kamigumi

Co

Ltd

8,100‌

173‌

Kuehne

+

Nagel

International

AG

2,019‌

326‌

Kyushu

Railway

Co

12,000‌

393‌

Mitsui

OSK

Lines

Ltd

5,700‌

137‌

MTR

Corp

Ltd

115,500‌

648‌

Nippon

Yusen

KK

11,500‌

183‌

Poste

Italiane

SpA

(e)

25,422‌

291‌

Seibu

Holdings

Inc

973,700‌

15,177‌

West

Japan

Railway

Co

8,200‌

694‌

$

58,057‌

Water

-

0.07%

Suez

25,549‌

419‌

United

Utilities

Group

PLC

50,979‌

682‌

Veolia

Environnement

SA

29,235‌

863‌

$

1,964‌

TOTAL

COMMON

STOCKS

$

2,706,558‌

PREFERRED

STOCKS

-

2.06%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

2.06%

Bayerische

Motoren

Werke

AG

3.52%

4,199‌

$

234‌

Porsche

Automobil

Holding

SE

2.21%

8,073‌

544‌

Volkswagen

AG

4.86%

318,673‌

57,175‌

$

57,953‌

Chemicals

-

0.00%

FUCHS

PETROLUB

SE

0.95%

2,596‌

115‌

TOTAL

PREFERRED

STOCKS

$

58,068‌

Total

Investments

$

2,812,149‌

Other

Assets

and

Liabilities

-  0.20%

5,575‌

TOTAL

NET

ASSETS

-

100.00%

$

2,817,724‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,335

or

0.05%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$29,970

or

1.06%

of

net

assets.

(f)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(g)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(h)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$0

or

0.00%

of

net

assets.

Portfolio

Summary  (unaudited)

Location

Percent

United

Kingdom

20.57‌%

Japan

16.93‌%

Germany

12.12‌%

France

12.11‌%

Switzerland

6.39‌%

Netherlands

5.04‌%

United

States

3.52‌%

Italy

3.20‌%

Hong

Kong

2.93‌%

Korea,

Republic

Of

2.72‌%

Finland

1.65‌%

Mexico

1.46‌%

Canada

1.39‌%

China

1.26‌%

Taiwan

1.15‌%

Singapore

1.14‌%

Spain

1.00‌%

Australia

0.91‌%

Colombia

0.91‌%

Ireland

0.78‌%

Denmark

0.71‌%

Norway

0.68‌%

Thailand

0.62‌%

Sweden

0.24‌%

Belgium

0.11‌%

Israel

0.08‌%

Austria

0.05‌%

New

Zealand

0.04‌%

Macao

0.02‌%

Isle

of

Man

0.02‌%

Luxembourg

0.02‌%

Portugal

0.02‌%

Chile

0.01‌%

Other

Assets

and

Liabilities

0.20‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

42,278‌

$

580,228‌

$

576,813‌

$

45,693‌

Principal

International

Multi-Factor

Core

Index

ETF

485‌

—‌

—‌

495‌

$

42,763‌

$

580,228‌

$

576,813‌

$

46,188‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

177‌

$

—‌

$

—‌

$

—‌

Principal

International

Multi-Factor

Core

Index

ETF

3‌

—‌

—‌

10‌

$

180‌

$

—‌

$

—‌

$

10‌

Amounts

in

thousands.

Schedule

of

Investments

Overseas

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

161

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

eMini

MSCI

EAFE;

March

2020

Long

349‌

$

34,490‌

$

(629‌)

Total

$

(629‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

162

INVESTMENT

COMPANIES

-

3.55%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.55%

BlackRock

Liquidity

FedFund

1.49

%

(a),(b)

4,259,665‌

$

4,259‌

Principal

Government

Money

Market

Fund

1.43

%

(a),(b),(c)

60,553,736‌

60,554‌

$

64,813‌

TOTAL

INVESTMENT

COMPANIES

$

64,813‌

COMMON

STOCKS

-

97.23%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

2.39%

Boeing

Co/The

18,020‌

5,735‌

Northrop

Grumman

Corp

67,683‌

25,352‌

Teledyne

Technologies

Inc

(

d)

34,225‌

12,494‌

$

43,581‌

Airlines

-

0.93%

Delta

Air

Lines

Inc

304,531‌

16,975‌

Apparel

-

1.74%

Deckers

Outdoor

Corp

(

d)

118,700‌

22,661‌

NIKE

Inc

93,966‌

9,049‌

$

31,710‌

Automobile

Manufacturers

-

0.73%

PACCAR

Inc

179,635‌

13,331‌

Banks

-

6.31%

JPMorgan

Chase

&

Co

489,516‌

64,792‌

PNC

Financial

Services

Group

Inc/The

198,360‌

29,466‌

US

Bancorp

392,476‌

20,888‌

$

115,146‌

Beverages

-

2.11%

Keurig

Dr

Pepper

Inc

174,949‌

4,991‌

PepsiCo

Inc

236,072‌

33,527‌

$

38,518‌

Chemicals

-

1.55%

DuPont

de

Nemours

Inc

70,407‌

3,603‌

FMC

Corp

220,945‌

21,120‌

HB

Fuller

Co

76,834‌

3,551‌

$

28,274‌

Commercial

Services

-

2.05%

Aaron's

Inc

419,664‌

24,911‌

PayPal

Holdings

Inc

(

d)

109,498‌

12,471‌

$

37,382‌

Computers

-

4.69%

Apple

Inc

276,835‌

85,683‌

Consumer

Products

-

1.11%

Church

&

Dwight

Co

Inc

273,021‌

20,264‌

Distribution

&

Wholesale

-

0.70%

IAA

Inc

(

d)

270,750‌

12,796‌

Diversified

Financial

Services

-

4.62%

Ameriprise

Financial

Inc

66,662‌

11,026‌

Charles

Schwab

Corp/The

398,371‌

18,146‌

Discover

Financial

Services

391,103‌

29,384‌

Visa

Inc

129,250‌

25,717‌

$

84,273‌

Electric

-

3.60%

NextEra

Energy

Inc

125,174‌

33,572‌

Xcel

Energy

Inc

463,809‌

32,091‌

$

65,663‌

Electronics

-

1.40%

Honeywell

International

Inc

147,776‌

25,598‌

Environmental

Control

-

0.15%

Waste

Connections

Inc

28,398‌

2,735‌

Food

-

1.48%

McCormick

&

Co

Inc/MD

71,353‌

11,657‌

Tyson

Foods

Inc

186,889‌

15,443‌

$

27,100‌

Hand

&

Machine

Tools

-

0.29%

Snap-on

Inc

33,710‌

5,381‌

Healthcare

-

Products

-

5.24%

Abbott

Laboratories

166,606‌

14,518‌

Edwards

Lifesciences

Corp

(

d)

53,178‌

11,692‌

Medtronic

PLC

258,826‌

29,879‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Products

(continued)

Thermo

Fisher

Scientific

Inc

78,317‌

$

24,528‌

Varian

Medical

Systems

Inc

(

d)

107,631‌

15,129‌

$

95,746‌

Healthcare

-

Services

-

2.04%

UnitedHealth

Group

Inc

69,619‌

18,968‌

Universal

Health

Services

Inc

133,473‌

18,300‌

$

37,268‌

Home

Builders

-

0.47%

Thor

Industries

Inc

107,563‌

8,661‌

Insurance

-

3.81%

Chubb

Ltd

106,060‌

16,120‌

Fidelity

National

Financial

Inc

617,440‌

30,100‌

Marsh

&

McLennan

Cos

Inc

208,857‌

23,363‌

$

69,583‌

Internet

-

7.61%

Alibaba

Group

Holding

Ltd

ADR

(d)

20,915‌

4,321‌

Alphabet

Inc

-

A

Shares

(

d)

37,732‌

54,062‌

Amazon.com

Inc

(

d)

26,169‌

52,566‌

Facebook

Inc

(

d)

138,894‌

28,044‌

$

138,993‌

Lodging

-

0.70%

Marriott

International

Inc/MD

90,783‌

12,715‌

Machinery

-

Diversified

-

0.83%

Deere

&

Co

95,249‌

15,105‌

Media

-

2.89%

Comcast

Corp

-

Class

A

520,329‌

22,473‌

Nexstar

Media

Group

Inc

79,353‌

9,613‌

Walt

Disney

Co/The

149,994‌

20,746‌

$

52,832‌

Miscellaneous

Manufacturers

-

0.30%

3M

Co

34,261‌

5,436‌

Oil

&

Gas

-

3.54%

Chevron

Corp

233,241‌

24,989‌

EOG

Resources

Inc

34,530‌

2,518‌

Royal

Dutch

Shell

PLC

-

B

shares

ADR

(e)

389,120‌

20,732‌

Valero

Energy

Corp

193,439‌

16,309‌

$

64,548‌

Packaging

&

Containers

-

0.30%

Ball

Corp

76,167‌

5,498‌

Pharmaceuticals

-

6.75%

Becton

Dickinson

and

Co

83,688‌

23,029‌

Bristol-Myers

Squibb

Co

343,829‌

21,644‌

Johnson

&

Johnson

142,460‌

21,208‌

Merck

&

Co

Inc

416,333‌

35,572‌

Pfizer

Inc

584,770‌

21,777‌

$

123,230‌

REITs

-

3.67%

Alexandria

Real

Estate

Equities

Inc

264,691‌

43,197‌

American

Tower

Corp

36,795‌

8,527‌

Extra

Space

Storage

Inc

138,118‌

15,287‌

$

67,011‌

Retail

-

3.62%

Costco

Wholesale

Corp

82,226‌

25,122‌

Home

Depot

Inc/The

96,723‌

22,062‌

Lululemon

Athletica

Inc

(

d)

47,538‌

11,380‌

Starbucks

Corp

89,765‌

7,615‌

$

66,179‌

Semiconductors

-

4.19%

Broadcom

Inc

55,592‌

16,964‌

Lam

Research

Corp

44,633‌

13,310‌

Microchip

Technology

Inc

135,714‌

13,229‌

NVIDIA

Corp

24,861‌

5,878‌

ON

Semiconductor

Corp

(

d)

372,813‌

8,631‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

341,861‌

18,440‌

$

76,452‌

Schedule

of

Investments

Principal

Capital

Appreciation

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

163

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

-

9.49%

Adobe

Inc

(

d)

68,438‌

$

24,031‌

Fair

Isaac

Corp

(

d)

44,540‌

17,922‌

Fidelity

National

Information

Services

Inc

189,696‌

27,252‌

Microsoft

Corp

531,711‌

90,513‌

ServiceNow

Inc

(

d)

40,206‌

13,599‌

$

173,317‌

Telecommunications

-

3.77%

Arista

Networks

Inc

(

d)

17,862‌

3,989‌

Cisco

Systems

Inc

410,767‌

18,883‌

T-Mobile

US

Inc

(

d)

216,321‌

17,131‌

Verizon

Communications

Inc

484,949‌

28,825‌

$

68,828‌

Toys,

Games

&

Hobbies

-

0.99%

Hasbro

Inc

177,722‌

18,104‌

Transportation

-

1.17%

Expeditors

International

of

Washington

Inc

152,697‌

11,153‌

Union

Pacific

Corp

57,273‌

10,276‌

$

21,429‌

TOTAL

COMMON

STOCKS

$

1,775,345‌

Total

Investments

$

1,840,158‌

Other

Assets

and

Liabilities

-  (

0.78)%

(14,283‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,825,875‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$17,680

or

0.97%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

Portfolio

Summary  (

unaudited)

Sector

Percent

Consumer,

Non-cyclical

20.78‌%

Financial

18.41‌%

Technology

18.37‌%

Communications

14.27‌%

Consumer,

Cyclical

9.88‌%

Industrial

6.83‌%

Utilities

3.60‌%

Money

Market

Funds

3.55‌%

Energy

3.54‌%

Basic

Materials

1.55‌%

Other

Assets

and

Liabilities

(

0.78‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

48,465‌

$

107,670‌

$

95,581‌

$

60,554‌

$

48,465‌

$

107,670‌

$

95,581‌

$

60,554‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

143‌

$

—‌

$

—‌

$

—‌

$

143‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

LifeTime

2010

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

164

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

41.69%

Blue

Chip

Fund

(

a)

699,729‌

$

19,557‌

Core

Fixed

Income

Fund

(

a)

17,672,168‌

175,485‌

Diversified

International

Fund

(

a)

2,381,467‌

30,221‌

Diversified

Real

Asset

Fund

(

a)

1,032,955‌

11,879‌

International

Small

Company

Fund

(

a)

842,116‌

9,322‌

LargeCap

Growth

Fund

I

(

a)

1,149,517‌

18,841‌

MidCap

Fund

(

a)

551,192‌

17,572‌

MidCap

Value

Fund

I

(

a)

754,626‌

10,534‌

SmallCap

Growth

Fund

I

(

a),(b)

456,169‌

6,218‌

SmallCap

Value

Fund

II

(

a)

393,987‌

4,121‌

$

303,750‌

Principal

Funds,

Inc.

Institutional

Class

-

58.32%

Bond

Market

Index

Fund

(

a)

9,527,747‌

109,474‌

Equity

Income

Fund

(

a)

470,079‌

15,682‌

High

Income

Fund

(

a)

5,130,204‌

48,326‌

Inflation

Protection

Fund

(

a)

3,762,616‌

33,186‌

LargeCap

S&P

500

Index

Fund

(

a)

1,748,654‌

34,344‌

LargeCap

Value

Fund

III

(

a)

938,718‌

15,573‌

Overseas

Fund

(

a)

3,077,072‌

29,294‌

Short-Term

Income

Fund

(

a)

11,247,300‌

139,017‌

$

424,896‌

TOTAL

INVESTMENT

COMPANIES

$

728,646‌

Total

Investments

$

728,646‌

Other

Assets

and

Liabilities

-  (

0.01)%

(104‌)

TOTAL

NET

ASSETS

-

100.00%

$

728,542‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

73.54‌%

Domestic

Equity

Funds

19.54‌%

International

Equity

Funds

5.30‌%

Specialty

Funds

1.63‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2010

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

165

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

20,395‌

$

1,107‌

$

3,313‌

$

19,557‌

Bond

Market

Index

Fund

112,773‌

3,601‌

6,253‌

109,474‌

Core

Fixed

Income

Fund

174,104‌

5,722‌

6,640‌

175,485‌

Diversified

International

Fund

27,188‌

4,233‌

1,546‌

30,221‌

Diversified

Real

Asset

Fund

12,123‌

453‌

646‌

11,879‌

Equity

Income

Fund

16,807‌

684‌

1,871‌

15,682‌

High

Income

Fund

47,714‌

1,825‌

1,769‌

48,326‌

Inflation

Protection

Fund

32,844‌

852‌

1,226‌

33,186‌

International

Small

Company

Fund

8,793‌

984‌

363‌

9,322‌

LargeCap

Growth

Fund

I

19,700‌

1,712‌

2,953‌

18,841‌

LargeCap

S&P

500

Index

Fund

35,494‌

1,680‌

3,874‌

34,344‌

LargeCap

Value

Fund

III

17,136‌

1,247‌

2,173‌

15,573‌

MidCap

Fund

18,122‌

1,010‌

2,147‌

17,572‌

MidCap

Value

Fund

I

10,933‌

666‌

788‌

10,534‌

Overseas

Fund

26,704‌

4,753‌

1,548‌

29,294‌

Short-Term

Income

Fund

135,541‌

8,620‌

5,699‌

139,017‌

SmallCap

Growth

Fund

I

5,812‌

487‌

181‌

6,218‌

SmallCap

Value

Fund

II

4,964‌

89‌

933‌

4,121‌

$

727,147‌

$

39,725‌

$

43,923‌

$

728,646‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

166‌

$

1,018‌

$

796‌

$

350‌

Bond

Market

Index

Fund

2,578‌

1‌

—‌

(648‌)

Core

Fixed

Income

Fund

1,227‌

8‌

—‌

2,291‌

Diversified

International

Fund

623‌

(223‌)

—‌

569‌

Diversified

Real

Asset

Fund

288‌

39‌

—‌

(90‌)

Equity

Income

Fund

80‌

536‌

459‌

(474‌)

High

Income

Fund

801‌

(11‌)

—‌

567‌

Inflation

Protection

Fund

150‌

37‌

—‌

679‌

International

Small

Company

Fund

257‌

20‌

—‌

(112‌)

LargeCap

Growth

Fund

I

53‌

728‌

1,513‌

(346‌)

LargeCap

S&P

500

Index

Fund

737‌

1,044‌

656‌

—‌

LargeCap

Value

Fund

III

397‌

215‌

705‌

(852‌)

MidCap

Fund

122‌

647‌

750‌

(60‌)

MidCap

Value

Fund

I

242‌

6‌

321‌

(283‌)

Overseas

Fund

819‌

95‌

—‌

(710‌)

Short-Term

Income

Fund

794‌

—‌

—‌

555‌

SmallCap

Growth

Fund

I

—‌

35‌

434‌

65‌

SmallCap

Value

Fund

II

46‌

249‌

—‌

(248‌)

$

9,380‌

$

4,444‌

$

5,634‌

$

1,253‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2015

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

166

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

44.86%

Blue

Chip

Fund

(

a)

461,923‌

$

12,911‌

Core

Fixed

Income

Fund

(

a)

8,847,911‌

87,860‌

Diversified

International

Fund

(

a)

1,605,226‌

20,370‌

Diversified

Real

Asset

Fund

(

a)

504,016‌

5,796‌

International

Small

Company

Fund

(

a)

567,124‌

6,278‌

LargeCap

Growth

Fund

I

(

a)

790,531‌

12,957‌

MidCap

Fund

(

a)

372,813‌

11,885‌

MidCap

Value

Fund

I

(

a)

517,065‌

7,218‌

SmallCap

Growth

Fund

I

(

a),(b)

321,773‌

4,386‌

SmallCap

Value

Fund

II

(

a)

309,657‌

3,239‌

$

172,900‌

Principal

Funds,

Inc.

Institutional

Class

-

55.15%

Bond

Market

Index

Fund

(

a)

4,454,145‌

51,178‌

Equity

Income

Fund

(

a)

316,826‌

10,569‌

High

Income

Fund

(

a)

2,406,199‌

22,666‌

Inflation

Protection

Fund

(

a)

1,889,530‌

16,666‌

LargeCap

S&P

500

Index

Fund

(

a)

1,188,385‌

23,340‌

LargeCap

Value

Fund

III

(

a)

632,652‌

10,496‌

Overseas

Fund

(

a)

2,073,936‌

19,744‌

Short-Term

Income

Fund

(

a)

4,687,193‌

57,934‌

$

212,593‌

TOTAL

INVESTMENT

COMPANIES

$

385,493‌

Total

Investments

$

385,493‌

Other

Assets

and

Liabilities

-  (

0.01)%

(39‌)

TOTAL

NET

ASSETS

-

100.00%

$

385,454‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

66.60‌%

Domestic

Equity

Funds

25.16‌%

International

Equity

Funds

6.75‌%

Specialty

Funds

1.50‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2015

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

167

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

13,123‌

$

988‌

$

2,076‌

$

12,911‌

Bond

Market

Index

Fund

52,956‌

3,017‌

4,490‌

51,178‌

Core

Fixed

Income

Fund

88,012‌

4,384‌

5,699‌

87,860‌

Diversified

International

Fund

17,948‌

3,456‌

1,252‌

20,370‌

Diversified

Real

Asset

Fund

5,933‌

471‌

580‌

5,796‌

Equity

Income

Fund

11,165‌

727‌

1,355‌

10,569‌

High

Income

Fund

22,411‌

1,421‌

1,426‌

22,666‌

Inflation

Protection

Fund

16,509‌

837‌

1,044‌

16,666‌

International

Small

Company

Fund

5,822‌

942‌

418‌

6,278‌

LargeCap

Growth

Fund

I

12,820‌

2,223‌

2,319‌

12,957‌

LargeCap

S&P

500

Index

Fund

24,006‌

1,690‌

3,050‌

23,340‌

LargeCap

Value

Fund

III

11,333‌

1,102‌

1,502‌

10,496‌

MidCap

Fund

11,927‌

930‌

1,352‌

11,885‌

MidCap

Value

Fund

I

7,425‌

648‌

659‌

7,218‌

Overseas

Fund

17,724‌

3,705‌

1,252‌

19,744‌

Short-Term

Income

Fund

56,609‌

5,151‌

4,059‌

57,934‌

SmallCap

Growth

Fund

I

4,097‌

440‌

220‌

4,386‌

SmallCap

Value

Fund

II

3,723‌

160‌

635‌

3,239‌

$

383,543‌

$

32,292‌

$

33,388‌

$

385,493‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

107‌

$

508‌

$

514‌

$

368‌

Bond

Market

Index

Fund

1,216‌

10‌

—‌

(315‌)

Core

Fixed

Income

Fund

621‌

10‌

—‌

1,153‌

Diversified

International

Fund

423‌

80‌

—‌

138‌

Diversified

Real

Asset

Fund

143‌

(8‌)

—‌

(20‌)

Equity

Income

Fund

53‌

280‌

307‌

(248‌)

High

Income

Fund

379‌

(6‌)

—‌

266‌

Inflation

Protection

Fund

76‌

(2‌)

—‌

366‌

International

Small

Company

Fund

172‌

8‌

—‌

(76‌)

LargeCap

Growth

Fund

I

37‌

117‌

1,050‌

116‌

LargeCap

S&P

500

Index

Fund

503‌

938‌

447‌

(244‌)

LargeCap

Value

Fund

III

265‌

87‌

470‌

(524‌)

MidCap

Fund

81‌

245‌

496‌

135‌

MidCap

Value

Fund

I

166‌

—‌

220‌

(196‌)

Overseas

Fund

559‌

(2‌)

—‌

(431‌)

Short-Term

Income

Fund

333‌

2‌

—‌

231‌

SmallCap

Growth

Fund

I

—‌

25‌

309‌

44‌

SmallCap

Value

Fund

II

35‌

138‌

—‌

(147‌)

$

5,169‌

$

2,430‌

$

3,813‌

$

616‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2020

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

168

Er

ar

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

48.12%

Blue

Chip

Fund

(

a)

5,908,820‌

$

165,151‌

Core

Fixed

Income

Fund

(

a)

84,148,919‌

835,599‌

Diversified

International

Fund

(

a)

20,995,800‌

266,437‌

Diversified

Real

Asset

Fund

(

a)

5,523,925‌

63,525‌

International

Small

Company

Fund

(

a)

7,105,903‌

78,662‌

LargeCap

Growth

Fund

I

(

a)

10,072,816‌

165,093‌

MidCap

Fund

(

a)

4,640,193‌

147,929‌

MidCap

Value

Fund

I

(

a)

6,865,531‌

95,843‌

SmallCap

Growth

Fund

I

(

a),(b)

3,938,856‌

53,687‌

SmallCap

Value

Fund

II

(

a)

3,913,447‌

40,935‌

$

1,912,861‌

Principal

Funds,

Inc.

Institutional

Class

-

51.89%

Bond

Market

Index

Fund

(

a)

41,002,473‌

471,119‌

Equity

Income

Fund

(

a)

4,150,008‌

138,444‌

High

Income

Fund

(

a)

20,687,894‌

194,880‌

Inflation

Protection

Fund

(

a)

18,626,992‌

164,290‌

LargeCap

S&P

500

Index

Fund

(

a)

15,346,475‌

301,405‌

LargeCap

Value

Fund

III

(

a)

8,284,693‌

137,443‌

Overseas

Fund

(

a)

27,118,885‌

258,172‌

Short-Term

Income

Fund

(

a)

32,104,544‌

396,812‌

$

2,062,565‌

TOTAL

INVESTMENT

COMPANIES

$

3,975,426‌

Total

Investments

$

3,975,426‌

Other

Assets

and

Liabilities

-  (

0.01)%

(420‌)

TOTAL

NET

ASSETS

-

100.00%

$

3,975,006‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

58.59‌%

Domestic

Equity

Funds

31.34‌%

International

Equity

Funds

8.48‌%

Specialty

Funds

1.60‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2020

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

169

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

166,529‌

$

8,430‌

$

20,819‌

$

165,151‌

Bond

Market

Index

Fund

477,486‌

21,160‌

24,666‌

471,119‌

Core

Fixed

Income

Fund

839,402‌

22,035‌

36,792‌

835,599‌

Diversified

International

Fund

248,544‌

30,945‌

16,433‌

266,437‌

Diversified

Real

Asset

Fund

65,640‌

1,963‌

3,809‌

63,525‌

Equity

Income

Fund

144,998‌

5,216‌

12,198‌

138,444‌

High

Income

Fund

194,904‌

5,611‌

7,921‌

194,880‌

Inflation

Protection

Fund

162,314‌

4,902‌

6,474‌

164,290‌

International

Small

Company

Fund

77,513‌

5,130‌

3,275‌

78,662‌

LargeCap

Growth

Fund

I

167,999‌

16,490‌

22,513‌

165,093‌

LargeCap

S&P

500

Index

Fund

307,006‌

13,158‌

27,548‌

301,405‌

LargeCap

Value

Fund

III

146,160‌

9,718‌

12,924‌

137,443‌

MidCap

Fund

150,763‌

7,715‌

15,321‌

147,929‌

MidCap

Value

Fund

I

99,079‌

5,518‌

6,224‌

95,843‌

Overseas

Fund

239,219‌

39,707‌

15,434‌

258,172‌

Short-Term

Income

Fund

389,904‌

27,328‌

21,990‌

396,812‌

SmallCap

Growth

Fund

I

50,921‌

3,988‌

2,109‌

53,687‌

SmallCap

Value

Fund

II

45,945‌

614‌

5,484‌

40,935‌

$

3,974,326‌

$

229,628‌

$

261,934‌

$

3,975,426‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

1,353‌

$

5,814‌

$

6,503‌

$

5,197‌

Bond

Market

Index

Fund

11,193‌

(37‌)

—‌

(2,824‌)

Core

Fixed

Income

Fund

5,892‌

21‌

—‌

10,933‌

Diversified

International

Fund

5,658‌

(1,437‌)

—‌

4,818‌

Diversified

Real

Asset

Fund

1,559‌

(75‌)

—‌

(194‌)

Equity

Income

Fund

686‌

3,139‌

3,956‌

(2,711‌)

High

Income

Fund

3,260‌

(9‌)

—‌

2,295‌

Inflation

Protection

Fund

750‌

5‌

—‌

3,543‌

International

Small

Company

Fund

2,269‌

(22‌)

—‌

(684‌)

LargeCap

Growth

Fund

I

459‌

3,611‌

13,079‌

(494‌)

LargeCap

S&P

500

Index

Fund

6,351‌

7,253‌

5,651‌

1,536‌

LargeCap

Value

Fund

III

3,294‌

1,465‌

5,850‌

(6,976‌)

MidCap

Fund

1,000‌

2,892‌

6,182‌

1,880‌

MidCap

Value

Fund

I

2,196‌

(28‌)

2,910‌

(2,502‌)

Overseas

Fund

7,306‌

238‌

—‌

(5,558‌)

Short-Term

Income

Fund

2,265‌

3‌

—‌

1,567‌

SmallCap

Growth

Fund

I

—‌

332‌

3,802‌

555‌

SmallCap

Value

Fund

II

428‌

1,428‌

—‌

(1,568‌)

$

55,919‌

$

24,593‌

$

47,933‌

$

8,813‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2025

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

170

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

52.10%

Blue

Chip

Fund

(

a)

2,790,909‌

$

78,006‌

Core

Fixed

Income

Fund

(

a)

31,157,046‌

309,389‌

Diversified

International

Fund

(

a)

10,001,114‌

126,914‌

Diversified

Real

Asset

Fund

(

a)

2,287,094‌

26,302‌

International

Small

Company

Fund

(

a)

3,386,756‌

37,491‌

LargeCap

Growth

Fund

I

(

a)

4,749,873‌

77,850‌

MidCap

Fund

(

a)

2,201,716‌

70,191‌

MidCap

Value

Fund

I

(

a)

3,322,617‌

46,384‌

SmallCap

Growth

Fund

I

(

a),(b)

1,919,880‌

26,168‌

SmallCap

Value

Fund

II

(

a)

1,977,075‌

20,680‌

$

819,375‌

Principal

Funds,

Inc.

Institutional

Class

-

47.91%

Bond

Market

Index

Fund

(

a)

13,944,185‌

160,219‌

Equity

Income

Fund

(

a)

1,991,970‌

66,452‌

High

Income

Fund

(

a)

7,383,291‌

69,551‌

Inflation

Protection

Fund

(

a)

5,348,212‌

47,171‌

LargeCap

S&P

500

Index

Fund

(

a)

7,138,662‌

140,203‌

LargeCap

Value

Fund

III

(

a)

3,977,705‌

65,990‌

Overseas

Fund

(

a)

12,922,836‌

123,026‌

Short-Term

Income

Fund

(

a)

6,533,586‌

80,755‌

$

753,367‌

TOTAL

INVESTMENT

COMPANIES

$

1,572,742‌

Total

Investments

$

1,572,742‌

Other

Assets

and

Liabilities

-  (

0.01)%

(132‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,572,610‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

50.48‌%

Domestic

Equity

Funds

37.65‌%

International

Equity

Funds

10.21‌%

Specialty

Funds

1.67‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2025

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

171

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

80,463‌

$

7,690‌

$

15,109‌

$

78,006‌

Bond

Market

Index

Fund

158,943‌

10,908‌

8,708‌

160,219‌

Core

Fixed

Income

Fund

260,698‌

58,830‌

14,381‌

309,389‌

Diversified

International

Fund

110,142‌

19,777‌

4,376‌

126,914‌

Diversified

Real

Asset

Fund

25,304‌

2,135‌

1,008‌

26,302‌

Equity

Income

Fund

67,862‌

4,744‌

6,271‌

66,452‌

High

Income

Fund

66,032‌

4,809‌

2,078‌

69,551‌

Inflation

Protection

Fund

44,987‌

2,544‌

1,373‌

47,171‌

International

Small

Company

Fund

32,612‌

6,305‌

989‌

37,491‌

LargeCap

Growth

Fund

I

89,235‌

8,837‌

21,691‌

77,850‌

LargeCap

S&P

500

Index

Fund

143,097‌

12,017‌

18,759‌

140,203‌

LargeCap

Value

Fund

III

67,259‌

6,896‌

5,492‌

65,990‌

MidCap

Fund

76,321‌

5,721‌

14,002‌

70,191‌

MidCap

Value

Fund

I

44,182‌

4,715‌

1,251‌

46,384‌

Overseas

Fund

110,797‌

21,418‌

6,549‌

123,026‌

Short-Term

Income

Fund

72,728‌

9,540‌

1,835‌

80,755‌

SmallCap

Growth

Fund

I

24,457‌

2,685‌

1,368‌

26,168‌

SmallCap

Value

Fund

II

20,388‌

1,925‌

1,473‌

20,680‌

$

1,495,507‌

$

191,496‌

$

126,713‌

$

1,572,742‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

614‌

$

3,405‌

$

2,943‌

$

1,557‌

Bond

Market

Index

Fund

3,765‌

24‌

—‌

(948‌)

Core

Fixed

Income

Fund

2,134‌

1‌

—‌

4,241‌

Diversified

International

Fund

2,608‌

(87‌)

—‌

1,458‌

Diversified

Real

Asset

Fund

622‌

(3‌)

—‌

(126‌)

Equity

Income

Fund

317‌

522‌

1,825‌

(405‌)

High

Income

Fund

1,146‌

1‌

—‌

787‌

Inflation

Protection

Fund

212‌

—‌

—‌

1,013‌

International

Small

Company

Fund

979‌

(4‌)

—‌

(433‌)

LargeCap

Growth

Fund

I

211‌

5,611‌

6,024‌

(4,142‌)

LargeCap

S&P

500

Index

Fund

2,860‌

2,522‌

2,544‌

1,326‌

LargeCap

Value

Fund

III

1,547‌

456‌

2,747‌

(3,129‌)

MidCap

Fund

462‌

2,321‌

2,839‌

(170‌)

MidCap

Value

Fund

I

1,002‌

—‌

1,327‌

(1,262‌)

Overseas

Fund

3,447‌

2‌

—‌

(2,642‌)

Short-Term

Income

Fund

438‌

—‌

—‌

322‌

SmallCap

Growth

Fund

I

—‌

142‌

1,803‌

252‌

SmallCap

Value

Fund

II

202‌

6‌

—‌

(166‌)

$

22,566‌

$

14,919‌

$

22,052‌

$

(2,467‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2030

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

172

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

55.83%

Blue

Chip

Fund

(

a)

6,290,008‌

$

175,806‌

Core

Fixed

Income

Fund

(

a)

101,588,553‌

1,008,774‌

Diversified

International

Fund

(

a)

37,148,031‌

471,408‌

Diversified

Real

Asset

Fund

(

a)

8,202,743‌

94,332‌

International

Small

Company

Fund

(

a)

14,080,581‌

155,872‌

LargeCap

Growth

Fund

I

(

a)

28,142,720‌

461,259‌

MidCap

Fund

(

a)

8,974,484‌

286,107‌

MidCap

Value

Fund

I

(

a)

13,883,767‌

193,817‌

Origin

Emerging

Markets

Fund

(

a)

9,826,869‌

109,177‌

SmallCap

Growth

Fund

I

(

a),(b)

7,810,849‌

106,462‌

SmallCap

Value

Fund

II

(

a)

7,838,362‌

81,989‌

$

3,145,003‌

Principal

Funds,

Inc.

Institutional

Class

-

44.18%

Bond

Market

Index

Fund

(

a)

45,621,268‌

524,188‌

Equity

Income

Fund

(

a)

4,160,019‌

138,778‌

High

Income

Fund

(

a)

25,521,878‌

240,416‌

Inflation

Protection

Fund

(

a)

14,994,099‌

132,248‌

LargeCap

S&P

500

Index

Fund

(

a)

29,949,406‌

588,206‌

LargeCap

Value

Fund

III

(

a)

24,581,966‌

407,815‌

Overseas

Fund

(

a)

47,973,274‌

456,706‌

$

2,488,357‌

TOTAL

INVESTMENT

COMPANIES

$

5,633,360‌

Total

Investments

$

5,633,360‌

Other

Assets

and

Liabilities

-  (

0.01)%

(570‌)

TOTAL

NET

ASSETS

-

100.00%

$

5,632,790‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

43.31‌%

Fixed

Income

Funds

42.21‌%

International

Equity

Funds

12.82‌%

Specialty

Funds

1.67‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2030

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

173

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

163,232‌

$

19,849‌

$

16,968‌

$

175,806‌

Bond

Market

Index

Fund

506,270‌

32,376‌

11,599‌

524,188‌

Core

Fixed

Income

Fund

488,684‌

528,698‌

24,019‌

1,008,774‌

Core

Plus

Bond

Fund

319,186‌

—‌

317,689‌

—‌

Diversified

International

Fund

441,157‌

51,556‌

27,380‌

471,408‌

Diversified

Real

Asset

Fund

94,218‌

3,544‌

3,005‌

94,332‌

Equity

Income

Fund

145,341‌

5,824‌

12,757‌

138,778‌

High

Income

Fund

232,314‌

10,878‌

5,573‌

240,416‌

Inflation

Protection

Fund

128,198‌

4,105‌

2,914‌

132,248‌

International

Small

Company

Fund

152,605‌

14,311‌

9,540‌

155,872‌

LargeCap

Growth

Fund

I

509,847‌

41,302‌

99,356‌

461,259‌

LargeCap

S&P

500

Index

Fund

626,098‌

28,185‌

83,566‌

588,206‌

LargeCap

Value

Fund

III

420,861‌

30,185‌

26,936‌

407,815‌

MidCap

Fund

328,343‌

16,063‌

67,956‌

286,107‌

MidCap

Value

Fund

I

189,596‌

14,888‌

5,473‌

193,817‌

Origin

Emerging

Markets

Fund

107,313‌

11,793‌

9,362‌

109,177‌

Overseas

Fund

433,854‌

60,058‌

28,046‌

456,706‌

SmallCap

Growth

Fund

I

104,443‌

8,651‌

8,458‌

106,462‌

SmallCap

Value

Fund

II

87,833‌

1,615‌

6,977‌

81,989‌

$

5,479,393‌

$

883,881‌

$

767,574‌

$

5,633,360‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

1,222‌

$

5,929‌

$

5,867‌

$

3,764‌

Bond

Market

Index

Fund

12,116‌

16‌

—‌

(2,875‌)

Core

Fixed

Income

Fund

6,681‌

21‌

—‌

15,390‌

Core

Plus

Bond

Fund

161‌

9,935‌

—‌

(11,432‌)

Diversified

International

Fund

10,000‌

(243‌)

—‌

6,318‌

Diversified

Real

Asset

Fund

2,277‌

(45‌)

—‌

(380‌)

Equity

Income

Fund

674‌

1,514‌

3,883‌

(1,144‌)

High

Income

Fund

4,001‌

6‌

—‌

2,791‌

Inflation

Protection

Fund

602‌

—‌

—‌

2,859‌

International

Small

Company

Fund

4,348‌

376‌

—‌

(1,880‌)

LargeCap

Growth

Fund

I

1,273‌

14,231‌

36,280‌

(4,765‌)

LargeCap

S&P

500

Index

Fund

12,263‌

13,100‌

10,906‌

4,389‌

LargeCap

Value

Fund

III

9,526‌

100‌

16,910‌

(16,395‌)

MidCap

Fund

1,921‌

13,980‌

11,836‌

(4,323‌)

MidCap

Value

Fund

I

4,246‌

(18‌)

5,624‌

(5,176‌)

Origin

Emerging

Markets

Fund

1,855‌

237‌

—‌

(804‌)

Overseas

Fund

13,162‌

(325‌)

—‌

(8,835‌)

SmallCap

Growth

Fund

I

—‌

1,554‌

7,386‌

272‌

SmallCap

Value

Fund

II

804‌

107‌

—‌

(589‌)

$

87,132‌

$

60,475‌

$

98,692‌

$

(22,815‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2035

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

174

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

51.93%

Blue

Chip

Fund

(

a)

1,472,511‌

$

41,157‌

Core

Fixed

Income

Fund

(

a)

18,628,566‌

184,982‌

Diversified

International

Fund

(

a)

9,424,096‌

119,592‌

International

Small

Company

Fund

(

a)

3,634,414‌

40,233‌

LargeCap

Growth

Fund

I

(

a)

6,947,780‌

113,874‌

MidCap

Value

Fund

I

(

a)

3,820,944‌

53,340‌

Origin

Emerging

Markets

Fund

(

a)

2,888,302‌

32,089‌

Real

Estate

Securities

Fund

(

a)

1,092,060‌

30,938‌

SmallCap

Growth

Fund

I

(

a),(b)

1,845,204‌

25,150‌

SmallCap

Value

Fund

II

(

a)

2,047,844‌

21,420‌

$

662,775‌

Principal

Funds,

Inc.

Institutional

Class

-

48.08%

Bond

Market

Index

Fund

(

a)

8,897,848‌

102,236‌

Equity

Income

Fund

(

a)

1,039,774‌

34,687‌

High

Income

Fund

(

a)

5,138,779‌

48,407‌

LargeCap

S&P

500

Index

Fund

(

a)

7,477,875‌

146,866‌

LargeCap

Value

Fund

III

(

a)

6,264,141‌

103,922‌

MidCap

Growth

Fund

III

(

a),(b)

5,161,857‌

61,633‌

Overseas

Fund

(

a)

12,179,115‌

115,945‌

$

613,696‌

TOTAL

INVESTMENT

COMPANIES

$

1,276,471‌

Total

Investments

$

1,276,471‌

Other

Assets

and

Liabilities

-  (

0.01)%

(97‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,276,374‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

49.60‌%

Fixed

Income

Funds

35.66‌%

International

Equity

Funds

14.75‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2035

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

175

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

36,998‌

$

4,096‌

$

2,426‌

$

41,157‌

Bond

Market

Index

Fund

80,174‌

24,941‌

2,371‌

102,236‌

Core

Fixed

Income

Fund

112,988‌

87,092‌

17,998‌

184,982‌

Core

Plus

Bond

Fund

79,899‌

284‌

79,537‌

—‌

Diversified

International

Fund

101,704‌

19,433‌

2,767‌

119,592‌

Equity

Income

Fund

34,886‌

2,416‌

2,690‌

34,687‌

High

Income

Fund

44,876‌

4,167‌

1,142‌

48,407‌

International

Small

Company

Fund

35,314‌

6,312‌

931‌

40,233‌

LargeCap

Growth

Fund

I

118,018‌

13,114‌

19,556‌

113,874‌

LargeCap

S&P

500

Index

Fund

149,568‌

10,975‌

17,986‌

146,866‌

LargeCap

Value

Fund

III

101,611‌

10,494‌

3,964‌

103,922‌

MidCap

Growth

Fund

III

58,314‌

6,846‌

2,855‌

61,633‌

MidCap

Value

Fund

I

50,268‌

5,773‌

1,263‌

53,340‌

Origin

Emerging

Markets

Fund

28,076‌

4,970‌

718‌

32,089‌

Overseas

Fund

102,082‌

19,167‌

2,768‌

115,945‌

Real

Estate

Securities

Fund

30,409‌

1,579‌

716‌

30,938‌

SmallCap

Growth

Fund

I

23,185‌

2,593‌

1,026‌

25,150‌

SmallCap

Value

Fund

II

21,120‌

1,041‌

555‌

21,420‌

$

1,209,490‌

$

225,293‌

$

161,269‌

$

1,276,471‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

313‌

$

68‌

$

1,500‌

$

2,421‌

Bond

Market

Index

Fund

2,311‌

3‌

—‌

(511‌)

Core

Fixed

Income

Fund

1,234‌

(33‌)

—‌

2,933‌

Core

Plus

Bond

Fund

92‌

4,843‌

—‌

(5,489‌)

Diversified

International

Fund

2,409‌

3‌

—‌

1,219‌

Equity

Income

Fund

168‌

66‌

965‌

9‌

High

Income

Fund

777‌

1‌

—‌

505‌

International

Small

Company

Fund

1,056‌

2‌

—‌

(464‌)

LargeCap

Growth

Fund

I

313‌

2,916‌

8,925‌

(618‌)

LargeCap

S&P

500

Index

Fund

3,067‌

1,910‌

2,726‌

2,399‌

LargeCap

Value

Fund

III

2,386‌

(10‌)

4,233‌

(4,209‌)

MidCap

Growth

Fund

III

—‌

47‌

4,769‌

(719‌)

MidCap

Value

Fund

I

1,131‌

(1‌)

1,497‌

(1,437‌)

Origin

Emerging

Markets

Fund

524‌

5‌

—‌

(244‌)

Overseas

Fund

3,252‌

2‌

—‌

(2,538‌)

Real

Estate

Securities

Fund

152‌

—‌

260‌

(334‌)

SmallCap

Growth

Fund

I

—‌

16‌

1,752‌

382‌

SmallCap

Value

Fund

II

200‌

—‌

—‌

(186‌)

$

19,385‌

$

9,838‌

$

26,627‌

$

(6,881‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2040

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

176

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

51.69%

Blue

Chip

Fund

(

a)

4,953,047‌

$

138,438‌

Core

Fixed

Income

Fund

(

a)

43,473,960‌

431,696‌

Diversified

International

Fund

(

a)

31,474,213‌

399,408‌

International

Small

Company

Fund

(

a)

11,166,705‌

123,616‌

LargeCap

Growth

Fund

I

(

a)

23,207,459‌

380,370‌

MidCap

Value

Fund

I

(

a)

13,099,024‌

182,862‌

Origin

Emerging

Markets

Fund

(

a)

10,314,181‌

114,591‌

Real

Estate

Securities

Fund

(

a)

3,499,179‌

99,132‌

SmallCap

Growth

Fund

I

(

a),(b)

6,305,679‌

85,946‌

SmallCap

Value

Fund

II

(

a)

6,822,082‌

71,359‌

$

2,027,418‌

Principal

Funds,

Inc.

Institutional

Class

-

48.32%

Bond

Market

Index

Fund

(

a)

19,655,966‌

225,847‌

Equity

Income

Fund

(

a)

3,490,102‌

116,430‌

High

Income

Fund

(

a)

12,810,552‌

120,676‌

LargeCap

S&P

500

Index

Fund

(

a)

24,896,030‌

488,958‌

LargeCap

Value

Fund

III

(

a)

20,900,788‌

346,744‌

MidCap

Growth

Fund

III

(

a),(b)

17,513,681‌

209,113‌

Overseas

Fund

(

a)

40,665,988‌

387,140‌

$

1,894,908‌

TOTAL

INVESTMENT

COMPANIES

$

3,922,326‌

Total

Investments

$

3,922,326‌

Other

Assets

and

Liabilities

-  (

0.01)%

(412‌)

TOTAL

NET

ASSETS

-

100.00%

$

3,921,914‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

54.04‌%

Fixed

Income

Funds

30.03‌%

International

Equity

Funds

15.94‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2040

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

177

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

133,767‌

$

7,287‌

$

11,274‌

$

138,438‌

Bond

Market

Index

Fund

199,242‌

39,310‌

11,358‌

225,847‌

Core

Fixed

Income

Fund

68,645‌

370,148‌

14,181‌

431,696‌

Core

Plus

Bond

Fund

325,975‌

147‌

324,147‌

—‌

Diversified

International

Fund

360,388‌

50,674‌

16,358‌

399,408‌

Equity

Income

Fund

122,315‌

4,923‌

11,143‌

116,430‌

High

Income

Fund

100,865‌

23,361‌

5,036‌

120,676‌

International

Small

Company

Fund

116,785‌

14,161‌

6,074‌

123,616‌

LargeCap

Growth

Fund

I

402,150‌

34,466‌

64,070‌

380,370‌

LargeCap

S&P

500

Index

Fund

516,283‌

23,939‌

66,122‌

488,958‌

LargeCap

Value

Fund

III

355,842‌

25,601‌

20,895‌

346,744‌

MidCap

Growth

Fund

III

211,597‌

18,584‌

19,086‌

209,113‌

MidCap

Value

Fund

I

176,883‌

14,624‌

3,724‌

182,862‌

Origin

Emerging

Markets

Fund

104,360‌

15,279‌

4,295‌

114,591‌

Overseas

Fund

354,908‌

62,708‌

22,353‌

387,140‌

Real

Estate

Securities

Fund

94,338‌

7,748‌

1,894‌

99,132‌

SmallCap

Growth

Fund

I

81,683‌

6,728‌

3,900‌

85,946‌

SmallCap

Value

Fund

II

72,641‌

1,730‌

2,449‌

71,359‌

$

3,798,667‌

$

721,418‌

$

608,359‌

$

3,922,326‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

1,065‌

$

2,038‌

$

5,110‌

$

6,620‌

Bond

Market

Index

Fund

5,384‌

19‌

—‌

(1,366‌)

Core

Fixed

Income

Fund

2,613‌

42‌

—‌

7,042‌

Core

Plus

Bond

Fund

492‌

7,270‌

—‌

(9,245‌)

Diversified

International

Fund

8,304‌

(93‌)

—‌

4,797‌

Equity

Income

Fund

564‌

1,300‌

3,247‌

(965‌)

High

Income

Fund

2,034‌

(33‌)

—‌

1,519‌

International

Small

Company

Fund

3,362‌

(252‌)

—‌

(1,004‌)

LargeCap

Growth

Fund

I

1,055‌

15,934‌

30,075‌

(8,110‌)

LargeCap

S&P

500

Index

Fund

10,316‌

10,901‌

9,174‌

3,957‌

LargeCap

Value

Fund

III

8,024‌

(23‌)

14,242‌

(13,781‌)

MidCap

Growth

Fund

III

—‌

1,106‌

16,768‌

(3,088‌)

MidCap

Value

Fund

I

3,979‌

16‌

5,271‌

(4,937‌)

Origin

Emerging

Markets

Fund

1,896‌

89‌

—‌

(842‌)

Overseas

Fund

10,776‌

915‌

—‌

(9,038‌)

Real

Estate

Securities

Fund

498‌

9‌

852‌

(1,069‌)

SmallCap

Growth

Fund

I

—‌

614‌

5,987‌

821‌

SmallCap

Value

Fund

II

675‌

195‌

—‌

(758‌)

$

61,037‌

$

40,047‌

$

90,726‌

$

(29,447‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2045

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

178

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

51.52%

Blue

Chip

Fund

(

a)

1,252,124‌

$

34,997‌

Core

Fixed

Income

Fund

(

a)

7,934,543‌

78,790‌

Diversified

International

Fund

(

a)

8,054,204‌

102,208‌

International

Small

Company

Fund

(

a)

2,853,707‌

31,590‌

LargeCap

Growth

Fund

I

(

a)

5,949,615‌

97,514‌

MidCap

Value

Fund

I

(

a)

3,382,186‌

47,215‌

Origin

Emerging

Markets

Fund

(

a)

2,612,710‌

29,027‌

Real

Estate

Securities

Fund

(

a)

839,347‌

23,779‌

SmallCap

Growth

Fund

I

(

a),(b)

1,630,144‌

22,219‌

SmallCap

Value

Fund

II

(

a)

1,770,720‌

18,522‌

$

485,861‌

Principal

Funds,

Inc.

Institutional

Class

-

48.49%

Bond

Market

Index

Fund

(

a)

3,072,060‌

35,298‌

Equity

Income

Fund

(

a)

882,581‌

29,443‌

High

Income

Fund

(

a)

2,563,285‌

24,146‌

LargeCap

S&P

500

Index

Fund

(

a)

6,413,675‌

125,965‌

LargeCap

Value

Fund

III

(

a)

5,369,432‌

89,079‌

MidCap

Growth

Fund

III

(

a),(b)

4,549,602‌

54,322‌

Overseas

Fund

(

a)

10,405,313‌

99,059‌

$

457,312‌

TOTAL

INVESTMENT

COMPANIES

$

943,173‌

Total

Investments

$

943,173‌

Other

Assets

and

Liabilities

-  (

0.01)%

(76‌)

TOTAL

NET

ASSETS

-

100.00%

$

943,097‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

57.59‌%

Fixed

Income

Funds

25.49‌%

International

Equity

Funds

16.93‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2045

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

179

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

32,466‌

$

3,845‌

$

3,436‌

$

34,997‌

Bond

Market

Index

Fund

24,825‌

14,638‌

3,936‌

35,298‌

Core

Fixed

Income

Fund

15,142‌

77,515‌

14,971‌

78,790‌

Core

Plus

Bond

Fund

61,703‌

299‌

61,837‌

—‌

Diversified

International

Fund

90,599‌

14,501‌

4,088‌

102,208‌

Equity

Income

Fund

30,431‌

1,765‌

2,828‌

29,443‌

High

Income

Fund

21,545‌

4,027‌

1,732‌

24,146‌

International

Small

Company

Fund

27,941‌

4,883‌

877‌

31,590‌

LargeCap

Growth

Fund

I

99,484‌

12,164‌

15,981‌

97,514‌

LargeCap

S&P

500

Index

Fund

127,529‌

10,191‌

15,341‌

125,965‌

LargeCap

Value

Fund

III

88,885‌

8,122‌

4,379‌

89,079‌

MidCap

Growth

Fund

III

53,566‌

5,569‌

4,285‌

54,322‌

MidCap

Value

Fund

I

44,826‌

4,495‌

830‌

47,215‌

Origin

Emerging

Markets

Fund

26,118‌

4,067‌

964‌

29,027‌

Overseas

Fund

89,423‌

17,023‌

5,285‌

99,059‌

Real

Estate

Securities

Fund

20,179‌

4,226‌

393‌

23,779‌

SmallCap

Growth

Fund

I

20,988‌

2,093‌

1,231‌

22,219‌

SmallCap

Value

Fund

II

18,359‌

823‌

500‌

18,522‌

$

894,009‌

$

190,246‌

$

142,894‌

$

943,173‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

264‌

$

696‌

$

1,269‌

$

1,426‌

Bond

Market

Index

Fund

881‌

30‌

—‌

(259‌)

Core

Fixed

Income

Fund

478‌

13‌

—‌

1,091‌

Core

Plus

Bond

Fund

131‌

1,927‌

—‌

(2,092‌)

Diversified

International

Fund

2,125‌

(12‌)

—‌

1,208‌

Equity

Income

Fund

141‌

220‌

812‌

(145‌)

High

Income

Fund

412‌

1‌

—‌

305‌

International

Small

Company

Fund

827‌

(5‌)

—‌

(352‌)

LargeCap

Growth

Fund

I

261‌

2,126‌

7,432‌

(279‌)

LargeCap

S&P

500

Index

Fund

2,584‌

711‌

2,298‌

2,875‌

LargeCap

Value

Fund

III

2,036‌

9‌

3,614‌

(3,558‌)

MidCap

Growth

Fund

III

—‌

126‌

4,205‌

(654‌)

MidCap

Value

Fund

I

1,017‌

—‌

1,347‌

(1,276‌)

Origin

Emerging

Markets

Fund

479‌

11‌

—‌

(205‌)

Overseas

Fund

2,775‌

(27‌)

—‌

(2,075‌)

Real

Estate

Securities

Fund

118‌

—‌

202‌

(233‌)

SmallCap

Growth

Fund

I

—‌

68‌

1,540‌

301‌

SmallCap

Value

Fund

II

173‌

—‌

—‌

(160‌)

$

14,702‌

$

5,894‌

$

22,719‌

$

(4,082‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2050

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

180

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

51.31%

Blue

Chip

Fund

(

a)

3,265,019‌

$

91,257‌

Core

Fixed

Income

Fund

(

a)

14,508,416‌

144,069‌

Diversified

International

Fund

(

a)

20,928,810‌

265,587‌

International

Small

Company

Fund

(

a)

7,419,217‌

82,131‌

LargeCap

Growth

Fund

I

(

a)

15,497,742‌

254,008‌

MidCap

Value

Fund

I

(

a)

8,811,096‌

123,003‌

Origin

Emerging

Markets

Fund

(

a)

6,837,286‌

75,962‌

Real

Estate

Securities

Fund

(

a)

2,091,428‌

59,250‌

SmallCap

Growth

Fund

I

(

a),(b)

4,247,808‌

57,898‌

SmallCap

Value

Fund

II

(

a)

4,721,451‌

49,386‌

$

1,202,551‌

Principal

Funds,

Inc.

Institutional

Class

-

48.70%

Bond

Market

Index

Fund

(

a)

5,266,192‌

60,508‌

Equity

Income

Fund

(

a)

2,300,475‌

76,744‌

High

Income

Fund

(

a)

4,795,144‌

45,170‌

LargeCap

S&P

500

Index

Fund

(

a)

16,763,166‌

329,229‌

LargeCap

Value

Fund

III

(

a)

13,984,624‌

232,005‌

MidCap

Growth

Fund

III

(

a),(b)

11,764,062‌

140,463‌

Overseas

Fund

(

a)

27,024,919‌

257,277‌

$

1,141,396‌

TOTAL

INVESTMENT

COMPANIES

$

2,343,947‌

Total

Investments

$

2,343,947‌

Other

Assets

and

Liabilities

-  (

0.01)%

(263‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,343,684‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

60.30‌%

Fixed

Income

Funds

21.99‌%

International

Equity

Funds

17.72‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2050

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

181

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

87,868‌

$

6,642‌

$

8,799‌

$

91,257‌

Bond

Market

Index

Fund

54,252‌

17,521‌

10,791‌

60,508‌

Core

Fixed

Income

Fund

40,379‌

146,794‌

45,134‌

144,069‌

Core

Plus

Bond

Fund

84,377‌

360‌

84,511‌

—‌

Diversified

International

Fund

236,706‌

35,699‌

10,174‌

265,587‌

Equity

Income

Fund

79,909‌

4,723‌

8,100‌

76,744‌

High

Income

Fund

37,420‌

12,153‌

5,029‌

45,170‌

International

Small

Company

Fund

75,254‌

11,481‌

3,717‌

82,131‌

LargeCap

Growth

Fund

I

264,606‌

25,560‌

41,081‌

254,008‌

LargeCap

S&P

500

Index

Fund

335,991‌

19,999‌

36,108‌

329,229‌

LargeCap

Value

Fund

III

234,837‌

19,554‌

13,128‌

232,005‌

MidCap

Growth

Fund

III

141,280‌

12,929‌

12,443‌

140,463‌

MidCap

Value

Fund

I

116,498‌

12,460‌

2,598‌

123,003‌

Origin

Emerging

Markets

Fund

70,257‌

8,886‌

2,785‌

75,962‌

Overseas

Fund

233,080‌

42,937‌

13,313‌

257,277‌

Real

Estate

Securities

Fund

56,155‌

4,903‌

1,178‌

59,250‌

SmallCap

Growth

Fund

I

55,186‌

4,886‌

3,148‌

57,898‌

SmallCap

Value

Fund

II

49,634‌

1,600‌

1,471‌

49,386‌

$

2,253,689‌

$

389,087‌

$

303,508‌

$

2,343,947‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

680‌

$

2,523‌

$

3,262‌

$

3,023‌

Bond

Market

Index

Fund

1,613‌

(76‌)

—‌

(398‌)

Core

Fixed

Income

Fund

929‌

46‌

—‌

1,984‌

Core

Plus

Bond

Fund

179‌

2,139‌

—‌

(2,365‌)

Diversified

International

Fund

5,663‌

(68‌)

—‌

3,424‌

Equity

Income

Fund

374‌

654‌

2,150‌

(442‌)

High

Income

Fund

794‌

24‌

—‌

602‌

International

Small

Company

Fund

2,185‌

(126‌)

—‌

(761‌)

LargeCap

Growth

Fund

I

675‌

8,923‌

19,237‌

(4,000‌)

LargeCap

S&P

500

Index

Fund

6,722‌

4,534‌

5,977‌

4,813‌

LargeCap

Value

Fund

III

5,372‌

18‌

9,534‌

(9,276‌)

MidCap

Growth

Fund

III

—‌

472‌

10,933‌

(1,775‌)

MidCap

Value

Fund

I

2,677‌

—‌

3,545‌

(3,357‌)

Origin

Emerging

Markets

Fund

1,286‌

56‌

—‌

(452‌)

Overseas

Fund

7,395‌

(65‌)

—‌

(5,362‌)

Real

Estate

Securities

Fund

297‌

5‌

508‌

(635‌)

SmallCap

Growth

Fund

I

—‌

328‌

4,013‌

646‌

SmallCap

Value

Fund

II

472‌

(6‌)

—‌

(371‌)

$

37,313‌

$

19,381‌

$

59,159‌

$

(14,702‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2055

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

182

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

51.08%

Blue

Chip

Fund

(

a)

739,895‌

$

20,680‌

Core

Fixed

Income

Fund

(

a)

2,155,799‌

21,407‌

Diversified

International

Fund

(

a)

4,621,882‌

58,652‌

International

Small

Company

Fund

(

a)

1,646,785‌

18,230‌

LargeCap

Growth

Fund

I

(

a)

3,419,604‌

56,047‌

MidCap

Value

Fund

I

(

a)

1,977,680‌

27,608‌

Origin

Emerging

Markets

Fund

(

a)

1,568,467‌

17,426‌

Real

Estate

Securities

Fund

(

a)

447,239‌

12,670‌

SmallCap

Growth

Fund

I

(

a),(b)

948,782‌

12,932‌

SmallCap

Value

Fund

II

(

a)

1,035,317‌

10,830‌

$

256,482‌

Principal

Funds,

Inc.

Institutional

Class

-

48.93%

Bond

Market

Index

Fund

(

a)

739,410‌

8,496‌

Equity

Income

Fund

(

a)

523,159‌

17,452‌

High

Income

Fund

(

a)

894,275‌

8,424‌

LargeCap

S&P

500

Index

Fund

(

a)

3,659,660‌

71,876‌

LargeCap

Value

Fund

III

(

a)

3,088,468‌

51,238‌

MidCap

Growth

Fund

III

(

a),(b)

2,629,735‌

31,399‌

Overseas

Fund

(

a)

5,970,700‌

56,841‌

$

245,726‌

TOTAL

INVESTMENT

COMPANIES

$

502,208‌

Total

Investments

$

502,208‌

Other

Assets

and

Liabilities

-  (

0.01)%

(38‌)

TOTAL

NET

ASSETS

-

100.00%

$

502,170‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

62.28‌%

Fixed

Income

Funds

19.31‌%

International

Equity

Funds

18.42‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2055

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

183

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

20,175‌

$

2,303‌

$

3,086‌

$

20,680‌

Bond

Market

Index

Fund

4,066‌

8,879‌

4,366‌

8,496‌

Core

Fixed

Income

Fund

—‌

24,209‌

3,110‌

21,407‌

Core

Plus

Bond

Fund

13,886‌

162‌

14,011‌

—‌

Diversified

International

Fund

51,345‌

8,064‌

1,447‌

58,652‌

Equity

Income

Fund

17,728‌

1,328‌

1,641‌

17,452‌

High

Income

Fund

9,468‌

601‌

1,767‌

8,424‌

International

Small

Company

Fund

15,901‌

3,168‌

627‌

18,230‌

LargeCap

Growth

Fund

I

57,016‌

7,615‌

9,639‌

56,047‌

LargeCap

S&P

500

Index

Fund

70,290‌

6,733‌

7,077‌

71,876‌

LargeCap

Value

Fund

III

50,541‌

5,506‌

2,769‌

51,238‌

MidCap

Growth

Fund

III

30,029‌

3,709‌

2,022‌

31,399‌

MidCap

Value

Fund

I

25,358‌

3,343‌

332‌

27,608‌

Origin

Emerging

Markets

Fund

15,368‌

2,637‌

463‌

17,426‌

Overseas

Fund

50,171‌

10,029‌

2,130‌

56,841‌

Real

Estate

Securities

Fund

10,732‌

2,203‌

144‌

12,670‌

SmallCap

Growth

Fund

I

11,917‌

1,507‌

693‌

12,932‌

SmallCap

Value

Fund

II

10,663‌

608‌

348‌

10,830‌

$

464,654‌

$

92,604‌

$

55,672‌

$

502,208‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

157‌

$

396‌

$

751‌

$

892‌

Bond

Market

Index

Fund

257‌

(28‌)

—‌

(55‌)

Core

Fixed

Income

Fund

126‌

8‌

—‌

300‌

Core

Plus

Bond

Fund

30‌

333‌

—‌

(370‌)

Diversified

International

Fund

1,222‌

1‌

—‌

689‌

Equity

Income

Fund

83‌

29‌

478‌

8‌

High

Income

Fund

151‌

5‌

—‌

117‌

International

Small

Company

Fund

472‌

1‌

—‌

(213‌)

LargeCap

Growth

Fund

I

147‌

583‌

4,196‌

472‌

LargeCap

S&P

500

Index

Fund

1,437‌

229‌

1,276‌

1,701‌

LargeCap

Value

Fund

III

1,166‌

6‌

2,068‌

(2,046‌)

MidCap

Growth

Fund

III

—‌

23‌

2,361‌

(340‌)

MidCap

Value

Fund

I

595‌

—‌

787‌

(761‌)

Origin

Emerging

Markets

Fund

287‌

2‌

—‌

(118‌)

Overseas

Fund

1,583‌

—‌

—‌

(1,229‌)

Real

Estate

Securities

Fund

62‌

—‌

107‌

(121‌)

SmallCap

Growth

Fund

I

—‌

3‌

874‌

198‌

SmallCap

Value

Fund

II

101‌

—‌

—‌

(93‌)

$

7,876‌

$

1,591‌

$

12,898‌

$

(969‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2060

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

184

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

50.82%

Blue

Chip

Fund

(a)

596,099‌

$

16,661‌

Core

Fixed

Income

Fund

(a)

1,231,579‌

12,230‌

Diversified

International

Fund

(a)

3,781,344‌

47,985‌

International

Small

Company

Fund

(a)

1,358,013‌

15,033‌

LargeCap

Growth

Fund

I

(a)

2,792,212‌

45,764‌

MidCap

Value

Fund

I

(a)

1,620,834‌

22,627‌

Origin

Emerging

Markets

Fund

(a)

1,364,051‌

15,155‌

Real

Estate

Securities

Fund

(a)

360,376‌

10,209‌

SmallCap

Growth

Fund

I

(a),(b)

779,682‌

10,627‌

SmallCap

Value

Fund

II

(a)

870,917‌

9,110‌

$

205,401‌

Principal

Funds,

Inc.

Institutional

Class

-

49.19%

Bond

Market

Index

Fund

(a)

542,121‌

6,229‌

Equity

Income

Fund

(a)

421,323‌

14,055‌

High

Income

Fund

(a)

586,750‌

5,527‌

LargeCap

S&P

500

Index

Fund

(a)

2,999,630‌

58,913‌

LargeCap

Value

Fund

III

(a)

2,523,382‌

41,863‌

MidCap

Growth

Fund

III

(a),(b)

2,153,629‌

25,714‌

Overseas

Fund

(a)

4,883,995‌

46,496‌

$

198,797‌

TOTAL

INVESTMENT

COMPANIES

$

404,198‌

Total

Investments

$

404,198‌

Other

Assets

and

Liabilities

-  (0.01)%

(31‌)

TOTAL

NET

ASSETS

-

100.00%

$

404,167‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

63.23‌%

International

Equity

Funds

18.97‌%

Fixed

Income

Funds

17.81‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2060

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

185

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

15,781‌

$

1,836‌

$

1,967‌

$

16,661‌

Bond

Market

Index

Fund

3,328‌

5,985‌

3,026‌

6,229‌

Core

Fixed

Income

Fund

—‌

14,394‌

2,344‌

12,230‌

Core

Plus

Bond

Fund

7,858‌

106‌

7,943‌

—‌

Diversified

International

Fund

41,985‌

6,749‌

1,318‌

47,985‌

Equity

Income

Fund

14,005‌

1,246‌

1,217‌

14,055‌

High

Income

Fund

6,454‌

502‌

1,515‌

5,527‌

International

Small

Company

Fund

12,798‌

2,777‌

361‌

15,033‌

LargeCap

Growth

Fund

I

45,234‌

6,383‌

6,664‌

45,764‌

LargeCap

S&P

500

Index

Fund

56,270‌

5,888‌

4,764‌

58,913‌

LargeCap

Value

Fund

III

40,452‌

5,014‌

1,922‌

41,863‌

MidCap

Growth

Fund

III

23,857‌

3,378‌

1,241‌

25,714‌

MidCap

Value

Fund

I

20,704‌

2,879‌

333‌

22,627‌

Origin

Emerging

Markets

Fund

13,346‌

2,352‌

445‌

15,155‌

Overseas

Fund

41,073‌

8,330‌

1,885‌

46,496‌

Real

Estate

Securities

Fund

8,750‌

1,695‌

143‌

10,209‌

SmallCap

Growth

Fund

I

9,542‌

1,397‌

466‌

10,627‌

SmallCap

Value

Fund

II

8,655‌

724‌

185‌

9,110‌

$

370,092‌

$

71,635‌

$

37,739‌

$

404,198‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

123‌

$

96‌

$

589‌

$

915‌

Bond

Market

Index

Fund

184‌

(14‌)

—‌

(44‌)

Core

Fixed

Income

Fund

75‌

9‌

—‌

171‌

Core

Plus

Bond

Fund

17‌

154‌

—‌

(175‌)

Diversified

International

Fund

1,000‌

1‌

—‌

568‌

Equity

Income

Fund

67‌

12‌

381‌

9‌

High

Income

Fund

102‌

(1‌)

—‌

87‌

International

Small

Company

Fund

388‌

—‌

—‌

(181‌)

LargeCap

Growth

Fund

I

118‌

147‌

3,367‌

664‌

LargeCap

S&P

500

Index

Fund

1,160‌

73‌

1,029‌

1,446‌

LargeCap

Value

Fund

III

945‌

3‌

1,673‌

(1,684‌)

MidCap

Growth

Fund

III

—‌

—‌

1,912‌

(280‌)

MidCap

Value

Fund

I

484‌

—‌

640‌

(623‌)

Origin

Emerging

Markets

Fund

251‌

—‌

—‌

(98‌)

Overseas

Fund

1,306‌

1‌

—‌

(1,023‌)

Real

Estate

Securities

Fund

50‌

—‌

85‌

(93‌)

SmallCap

Growth

Fund

I

—‌

—‌

709‌

154‌

SmallCap

Value

Fund

II

85‌

—‌

—‌

(84‌)

$

6,355‌

$

481‌

$

10,385‌

$

(271‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

2065

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

186

INVESTMENT

COMPANIES

-

100.05%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

50.64%

Blue

Chip

Fund

(

a)

30,983‌

$

866‌

Core

Fixed

Income

Fund

(

a)

56,761‌

564‌

Diversified

International

Fund

(

a)

200,390‌

2,543‌

International

Small

Company

Fund

(

a)

71,663‌

793‌

LargeCap

Growth

Fund

I

(

a)

147,132‌

2,412‌

MidCap

Value

Fund

I

(

a)

85,309‌

1,191‌

Origin

Emerging

Markets

Fund

(

a)

71,101‌

790‌

Real

Estate

Securities

Fund

(

a)

19,050‌

540‌

SmallCap

Growth

Fund

I

(

a),(b)

40,680‌

554‌

SmallCap

Value

Fund

II

(

a)

45,817‌

479‌

$

10,732‌

Principal

Funds,

Inc.

Institutional

Class

-

49.41%

Bond

Market

Index

Fund

(

a)

27,431‌

315‌

Equity

Income

Fund

(

a)

22,114‌

738‌

High

Income

Fund

(

a)

29,621‌

279‌

LargeCap

S&P

500

Index

Fund

(

a)

158,091‌

3,105‌

LargeCap

Value

Fund

III

(

a)

133,716‌

2,218‌

MidCap

Growth

Fund

III

(

a),(b)

113,336‌

1,353‌

Overseas

Fund

(

a)

258,714‌

2,463‌

$

10,471‌

TOTAL

INVESTMENT

COMPANIES

$

21,203‌

Total

Investments

$

21,203‌

Other

Assets

and

Liabilities

-  (

0.05)%

(11‌)

TOTAL

NET

ASSETS

-

100.00%

$

21,192‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

63.49‌%

International

Equity

Funds

19.09‌%

Fixed

Income

Funds

17.47‌%

Other

Assets

and

Liabilities

(

0.05‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Principal

LifeTime

2065

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

187

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

640‌

$

271‌

$

92‌

$

866‌

Bond

Market

Index

Fund

201‌

255‌

140‌

315‌

Core

Fixed

Income

Fund

—‌

685‌

129‌

564‌

Core

Plus

Bond

Fund

356‌

46‌

401‌

—‌

Diversified

International

Fund

1,827‌

978‌

278‌

2,543‌

Equity

Income

Fund

584‌

260‌

103‌

738‌

High

Income

Fund

253‌

117‌

95‌

279‌

International

Small

Company

Fund

560‌

332‌

86‌

793‌

LargeCap

Growth

Fund

I

1,858‌

884‌

362‌

2,412‌

LargeCap

S&P

500

Index

Fund

2,355‌

1,065‌

374‌

3,105‌

LargeCap

Value

Fund

III

1,714‌

846‌

249‌

2,218‌

MidCap

Growth

Fund

III

997‌

500‌

127‌

1,353‌

MidCap

Value

Fund

I

885‌

462‌

121‌

1,191‌

Origin

Emerging

Markets

Fund

576‌

315‌

90‌

790‌

Overseas

Fund

1,782‌

1,062‌

308‌

2,463‌

Real

Estate

Securities

Fund

398‌

194‌

51‌

540‌

SmallCap

Growth

Fund

I

391‌

208‌

50‌

554‌

SmallCap

Value

Fund

II

363‌

174‌

50‌

479‌

$

15,740‌

$

8,654‌

$

3,106‌

$

21,203‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

6‌

$

—‌

$

25‌

$

47‌

Bond

Market

Index

Fund

8‌

—‌

—‌

(1‌)

Core

Fixed

Income

Fund

3‌

—‌

—‌

8‌

Core

Plus

Bond

Fund

1‌

13‌

—‌

(14‌)

Diversified

International

Fund

48‌

(1‌)

—‌

17‌

Equity

Income

Fund

3‌

—‌

18‌

(3‌)

High

Income

Fund

5‌

—‌

—‌

4‌

International

Small

Company

Fund

19‌

—‌

—‌

(13‌)

LargeCap

Growth

Fund

I

6‌

1‌

155‌

31‌

LargeCap

S&P

500

Index

Fund

53‌

1‌

47‌

58‌

LargeCap

Value

Fund

III

44‌

—‌

78‌

(93‌)

MidCap

Growth

Fund

III

—‌

—‌

89‌

(17‌)

MidCap

Value

Fund

I

22‌

—‌

30‌

(35‌)

Origin

Emerging

Markets

Fund

12‌

—‌

—‌

(11‌)

Overseas

Fund

65‌

1‌

—‌

(74‌)

Real

Estate

Securities

Fund

2‌

—‌

4‌

(1‌)

SmallCap

Growth

Fund

I

—‌

—‌

33‌

5‌

SmallCap

Value

Fund

II

4‌

—‌

—‌

(8‌)

$

301‌

$

15‌

$

479‌

$

(100‌)

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2015

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

188

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

18.03%

Diversified

International

Fund

(

a)

893,051‌

$

11,333‌

Diversified

Real

Asset

Fund

(

a)

160,575‌

1,847‌

International

Small

Company

Fund

(

a)

157,648‌

1,745‌

MidCap

S&P

400

Index

Fund

(

a)

119,504‌

2,348‌

SmallCap

S&P

600

Index

Fund

(

a)

85,872‌

2,042‌

$

19,315‌

Principal

Funds,

Inc.

Institutional

Class

-

81.98%

Bond

Market

Index

Fund

(

a)

3,320,398‌

38,151‌

High

Income

Fund

(

a)

674,610‌

6,355‌

Inflation

Protection

Fund

(

a)

525,522‌

4,635‌

LargeCap

S&P

500

Index

Fund

(

a)

1,118,769‌

21,973‌

Short-Term

Income

Fund

(

a)

1,350,434‌

16,691‌

$

87,805‌

TOTAL

INVESTMENT

COMPANIES

$

107,120‌

Total

Investments

$

107,120‌

Other

Assets

and

Liabilities

-  (

0.01)%

(10‌)

TOTAL

NET

ASSETS

-

100.00%

$

107,110‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

72.04‌%

Domestic

Equity

Funds

24.62‌%

Specialty

Funds

1.72‌%

International

Equity

Funds

1.63‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

36,367‌

$

3,350‌

$

1,373‌

$

38,151‌

Diversified

International

Fund

10,702‌

862‌

405‌

11,333‌

Diversified

Real

Asset

Fund

2,191‌

182‌

517‌

1,847‌

High

Income

Fund

5,967‌

548‌

230‌

6,355‌

Inflation

Protection

Fund

4,336‌

370‌

168‌

4,635‌

International

Small

Company

Fund

1,816‌

147‌

203‌

1,745‌

LargeCap

S&P

500

Index

Fund

19,619‌

2,462‌

630‌

21,973‌

MidCap

S&P

400

Index

Fund

4,962‌

554‌

3,044‌

2,348‌

Short-Term

Income

Fund

14,601‌

2,560‌

533‌

16,691‌

SmallCap

S&P

600

Index

Fund

2,014‌

244‌

108‌

2,042‌

$

102,575‌

$

11,279‌

$

7,211‌

$

107,120‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

850‌

$

1‌

$

—‌

$

(194‌)

Diversified

International

Fund

253‌

—‌

—‌

174‌

Diversified

Real

Asset

Fund

53‌

—‌

—‌

(9‌)

High

Income

Fund

102‌

—‌

—‌

70‌

Inflation

Protection

Fund

20‌

—‌

—‌

97‌

International

Small

Company

Fund

54‌

(4‌)

—‌

(11‌)

LargeCap

S&P

500

Index

Fund

412‌

11‌

366‌

511‌

MidCap

S&P

400

Index

Fund

79‌

27‌

232‌

(151‌)

Short-Term

Income

Fund

87‌

—‌

—‌

63‌

SmallCap

S&P

600

Index

Fund

28‌

—‌

118‌

(108‌)

$

1,938‌

$

35‌

$

716‌

$

442‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2020

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

189

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

22.25%

Diversified

International

Fund

(a)

3,630,410‌

$

46,070‌

Diversified

Real

Asset

Fund

(a)

520,564‌

5,987‌

International

Small

Company

Fund

(a)

613,320‌

6,789‌

MidCap

S&P

400

Index

Fund

(a)

475,671‌

9,347‌

SmallCap

S&P

600

Index

Fund

(a)

345,075‌

8,206‌

$

76,399‌

Principal

Funds,

Inc.

Institutional

Class

-

77.76%

Bond

Market

Index

Fund

(a)

9,797,259‌

112,571‌

High

Income

Fund

(a)

1,827,124‌

17,211‌

Inflation

Protection

Fund

(a)

1,628,379‌

14,362‌

LargeCap

S&P

500

Index

Fund

(a)

4,498,050‌

88,342‌

Short-Term

Income

Fund

(a)

2,792,742‌

34,518‌

$

267,004‌

TOTAL

INVESTMENT

COMPANIES

$

343,403‌

Total

Investments

$

343,403‌

Other

Assets

and

Liabilities

-  (0.01)%

(23‌)

TOTAL

NET

ASSETS

-

100.00%

$

343,380‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

65.45‌%

Domestic

Equity

Funds

30.84‌%

International

Equity

Funds

1.98‌%

Specialty

Funds

1.74‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

105,469‌

$

10,543‌

$

2,871‌

$

112,571‌

Diversified

International

Fund

44,030‌

2,496‌

1,176‌

46,070‌

Diversified

Real

Asset

Fund

7,202‌

393‌

1,579‌

5,987‌

High

Income

Fund

16,158‌

1,310‌

446‌

17,211‌

Inflation

Protection

Fund

13,343‌

1,085‌

365‌

14,362‌

International

Small

Company

Fund

7,080‌

398‌

629‌

6,789‌

LargeCap

S&P

500

Index

Fund

80,226‌

7,810‌

1,832‌

88,342‌

MidCap

S&P

400

Index

Fund

19,806‌

1,757‌

11,724‌

9,347‌

Real

Estate

Securities

Fund

—‌

—‌

—‌

—‌

Short-Term

Income

Fund

30,893‌

4,287‌

794‌

34,518‌

SmallCap

S&P

600

Index

Fund

7,709‌

1,117‌

197‌

8,206‌

$

331,916‌

$

31,196‌

$

21,613‌

$

343,403‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

2,468‌

$

2‌

$

—‌

$

(572‌)

Diversified

International

Fund

1,043‌

3‌

—‌

717‌

Diversified

Real

Asset

Fund

175‌

15‌

—‌

(44‌)

High

Income

Fund

277‌

—‌

—‌

189‌

Inflation

Protection

Fund

62‌

—‌

—‌

299‌

International

Small

Company

Fund

210‌

—‌

—‌

(60‌)

LargeCap

S&P

500

Index

Fund

1,687‌

4‌

1,501‌

2,134‌

MidCap

S&P

400

Index

Fund

317‌

179‌

928‌

(671‌)

Real

Estate

Securities

Fund

—‌

—‌

—‌

—‌

Short-Term

Income

Fund

184‌

—‌

—‌

132‌

SmallCap

S&P

600

Index

Fund

109‌

—‌

452‌

(423‌)

$

6,532‌

$

203‌

$

2,881‌

$

1,701‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2025

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

190

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

26.77%

Diversified

International

Fund

(a)

3,528,743‌

$

44,780‌

Diversified

Real

Asset

Fund

(a)

452,435‌

5,203‌

International

Small

Company

Fund

(a)

597,328‌

6,612‌

MidCap

S&P

400

Index

Fund

(a)

487,199‌

9,573‌

SmallCap

S&P

600

Index

Fund

(a)

334,422‌

7,953‌

$

74,121‌

Principal

Funds,

Inc.

Institutional

Class

-

73.24%

Bond

Market

Index

Fund

(a)

7,179,427‌

82,492‌

High

Income

Fund

(a)

1,328,129‌

12,511‌

Inflation

Protection

Fund

(a)

937,341‌

8,267‌

LargeCap

S&P

500

Index

Fund

(a)

4,326,201‌

84,966‌

Short-Term

Income

Fund

(a)

1,180,552‌

14,592‌

$

202,828‌

TOTAL

INVESTMENT

COMPANIES

$

276,949‌

Total

Investments

$

276,949‌

Other

Assets

and

Liabilities

-  (0.01)%

(15‌)

TOTAL

NET

ASSETS

-

100.00%

$

276,934‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

58.73‌%

Domestic

Equity

Funds

37.01‌%

International

Equity

Funds

2.39‌%

Specialty

Funds

1.88‌%

Other

Assets

and

Liabilities

(0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

70,349‌

$

13,360‌

$

885‌

$

82,492‌

Diversified

International

Fund

38,588‌

6,103‌

481‌

44,780‌

Diversified

Real

Asset

Fund

5,160‌

817‌

744‌

5,203‌

High

Income

Fund

10,739‌

1,785‌

137‌

12,511‌

Inflation

Protection

Fund

8,774‌

891‌

1,591‌

8,267‌

International

Small

Company

Fund

5,921‌

869‌

108‌

6,612‌

LargeCap

S&P

500

Index

Fund

69,429‌

14,503‌

746‌

84,966‌

MidCap

S&P

400

Index

Fund

17,329‌

3,072‌

10,337‌

9,573‌

Real

Estate

Securities

Fund

1‌

—‌

1‌

—‌

Short-Term

Income

Fund

9,952‌

4,721‌

132‌

14,592‌

SmallCap

S&P

600

Index

Fund

7,068‌

1,386‌

84‌

7,953‌

$

243,310‌

$

47,507‌

$

15,246‌

$

276,949‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

1,707‌

$

—‌

$

—‌

$

(332‌)

Diversified

International

Fund

948‌

—‌

—‌

570‌

Diversified

Real

Asset

Fund

132‌

(1‌)

—‌

(29‌)

High

Income

Fund

193‌

—‌

—‌

124‌

Inflation

Protection

Fund

42‌

13‌

—‌

180‌

International

Small

Company

Fund

184‌

—‌

—‌

(70‌)

LargeCap

S&P

500

Index

Fund

1,505‌

—‌

1,339‌

1,780‌

MidCap

S&P

400

Index

Fund

287‌

(230‌)

841‌

(261‌)

Real

Estate

Securities

Fund

—‌

—‌

—‌

—‌

Short-Term

Income

Fund

62‌

—‌

—‌

51‌

SmallCap

S&P

600

Index

Fund

104‌

—‌

429‌

(417‌)

$

5,164‌

$

(218‌)

$

2,609‌

$

1,596‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2030

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

191

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

30.55%

Diversified

International

Fund

(

a)

4,577,904‌

$

58,093‌

Diversified

Real

Asset

Fund

(

a)

525,734‌

6,046‌

International

Small

Company

Fund

(

a)

812,706‌

8,997‌

MidCap

S&P

400

Index

Fund

(

a)

642,296‌

12,621‌

Origin

Emerging

Markets

Fund

(

a)

246,873‌

2,743‌

SmallCap

S&P

600

Index

Fund

(

a)

452,058‌

10,750‌

$

99,250‌

Principal

Funds,

Inc.

Institutional

Class

-

69.46%

Bond

Market

Index

Fund

(

a)

7,741,299‌

88,947‌

High

Income

Fund

(

a)

1,470,883‌

13,856‌

Inflation

Protection

Fund

(

a)

854,420‌

7,536‌

LargeCap

S&P

500

Index

Fund

(

a)

5,871,577‌

115,318‌

$

225,657‌

TOTAL

INVESTMENT

COMPANIES

$

324,907‌

Total

Investments

$

324,907‌

Other

Assets

and

Liabilities

-  (

0.01)%

(20‌)

TOTAL

NET

ASSETS

-

100.00%

$

324,887‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

51.85‌%

Domestic

Equity

Funds

42.69‌%

International

Equity

Funds

3.61‌%

Specialty

Funds

1.86‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

78,120‌

$

11,538‌

$

321‌

$

88,947‌

Diversified

International

Fund

51,273‌

6,250‌

212‌

58,093‌

Diversified

Real

Asset

Fund

6,171‌

627‌

720‌

6,046‌

High

Income

Fund

12,411‌

1,352‌

52‌

13,856‌

Inflation

Protection

Fund

6,498‌

913‌

27‌

7,536‌

International

Small

Company

Fund

8,426‌

815‌

155‌

8,997‌

LargeCap

S&P

500

Index

Fund

96,211‌

16,952‌

346‌

115,318‌

MidCap

S&P

400

Index

Fund

24,099‌

3,090‌

13,919‌

12,621‌

Origin

Emerging

Markets

Fund

2,530‌

229‌

10‌

2,743‌

SmallCap

S&P

600

Index

Fund

9,566‌

1,775‌

39‌

10,750‌

$

295,305‌

$

43,541‌

$

15,801‌

$

324,907‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

1,869‌

$

—‌

$

—‌

$

(390‌)

Diversified

International

Fund

1,242‌

—‌

—‌

782‌

Diversified

Real

Asset

Fund

154‌

(2‌)

—‌

(30‌)

High

Income

Fund

218‌

—‌

—‌

145‌

Inflation

Protection

Fund

31‌

—‌

—‌

152‌

International

Small

Company

Fund

257‌

—‌

—‌

(89‌)

LargeCap

S&P

500

Index

Fund

2,062‌

—‌

1,834‌

2,501‌

MidCap

S&P

400

Index

Fund

394‌

(198‌)

1,153‌

(451‌)

Origin

Emerging

Markets

Fund

48‌

—‌

—‌

(6‌)

SmallCap

S&P

600

Index

Fund

138‌

—‌

573‌

(552‌)

$

6,413‌

$

(200‌)

$

3,560‌

$

2,062‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2035

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

192

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

34.82%

Diversified

International

Fund

(

a)

3,146,215‌

$

39,925‌

International

Small

Company

Fund

(

a)

571,238‌

6,324‌

MidCap

S&P

400

Index

Fund

(

a)

439,912‌

8,644‌

Origin

Emerging

Markets

Fund

(

a)

253,962‌

2,822‌

Real

Estate

Securities

Fund

(

a)

171,729‌

4,865‌

SmallCap

S&P

600

Index

Fund

(

a)

307,127‌

7,303‌

$

69,883‌

Principal

Funds,

Inc.

Institutional

Class

-

65.19%

Bond

Market

Index

Fund

(

a)

3,912,910‌

44,959‌

High

Income

Fund

(

a)

806,318‌

7,596‌

LargeCap

S&P

500

Index

Fund

(

a)

3,985,532‌

78,276‌

$

130,831‌

TOTAL

INVESTMENT

COMPANIES

$

200,714‌

Total

Investments

$

200,714‌

Other

Assets

and

Liabilities

-  (

0.01)%

(16‌)

TOTAL

NET

ASSETS

-

100.00%

$

200,698‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

49.37‌%

Fixed

Income

Funds

46.08‌%

International

Equity

Funds

4.56‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

38,663‌

$

6,843‌

$

358‌

$

44,959‌

Diversified

International

Fund

34,684‌

5,026‌

320‌

39,925‌

High

Income

Fund

6,654‌

925‌

62‌

7,596‌

International

Small

Company

Fund

5,618‌

819‌

50‌

6,324‌

LargeCap

S&P

500

Index

Fund

64,797‌

12,304‌

522‌

78,276‌

MidCap

S&P

400

Index

Fund

15,786‌

2,360‌

9,070‌

8,644‌

Origin

Emerging

Markets

Fund

2,561‌

290‌

22‌

2,822‌

Real

Estate

Securities

Fund

4,510‌

441‌

39‌

4,865‌

SmallCap

S&P

600

Index

Fund

6,356‌

1,376‌

57‌

7,303‌

$

179,629‌

$

30,384‌

$

10,500‌

$

200,714‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

932‌

$

—‌

$

—‌

$

(189‌)

Diversified

International

Fund

846‌

—‌

—‌

535‌

High

Income

Fund

118‌

—‌

—‌

79‌

International

Small

Company

Fund

173‌

—‌

—‌

(63‌)

LargeCap

S&P

500

Index

Fund

1,397‌

1‌

1,243‌

1,696‌

MidCap

S&P

400

Index

Fund

260‌

(187‌)

760‌

(245‌)

Origin

Emerging

Markets

Fund

49‌

—‌

—‌

(7‌)

Real

Estate

Securities

Fund

23‌

—‌

40‌

(47‌)

SmallCap

S&P

600

Index

Fund

93‌

—‌

383‌

(372‌)

$

3,891‌

$

(186‌)

$

2,426‌

$

1,387‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2040

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

193

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

37.55%

Diversified

International

Fund

(

a)

3,890,947‌

$

49,376‌

International

Small

Company

Fund

(

a)

650,296‌

7,199‌

MidCap

S&P

400

Index

Fund

(

a)

541,368‌

10,638‌

Origin

Emerging

Markets

Fund

(

a)

352,031‌

3,911‌

Real

Estate

Securities

Fund

(

a)

195,622‌

5,542‌

SmallCap

S&P

600

Index

Fund

(

a)

381,302‌

9,067‌

$

85,733‌

Principal

Funds,

Inc.

Institutional

Class

-

62.46%

Bond

Market

Index

Fund

(

a)

3,334,697‌

38,316‌

High

Income

Fund

(

a)

749,632‌

7,062‌

LargeCap

S&P

500

Index

Fund

(

a)

4,952,060‌

97,258‌

$

142,636‌

TOTAL

INVESTMENT

COMPANIES

$

228,369‌

Total

Investments

$

228,369‌

Other

Assets

and

Liabilities

-  (

0.01)%

(14‌)

TOTAL

NET

ASSETS

-

100.00%

$

228,355‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

53.65‌%

Fixed

Income

Funds

41.49‌%

International

Equity

Funds

4.87‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

33,137‌

$

5,633‌

$

289‌

$

38,316‌

Diversified

International

Fund

42,969‌

6,114‌

366‌

49,376‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

6,214‌

829‌

54‌

7,062‌

Inflation

Protection

Fund

78‌

—‌

80‌

—‌

International

Small

Company

Fund

6,626‌

728‌

83‌

7,199‌

LargeCap

S&P

500

Index

Fund

79,693‌

16,091‌

600‌

97,258‌

MidCap

S&P

400

Index

Fund

20,009‌

2,832‌

11,655‌

10,638‌

Origin

Emerging

Markets

Fund

3,548‌

402‌

30‌

3,911‌

Real

Estate

Securities

Fund

5,173‌

464‌

41‌

5,542‌

SmallCap

S&P

600

Index

Fund

7,977‌

1,624‌

67‌

9,067‌

$

205,424‌

$

34,717‌

$

13,265‌

$

228,369‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

803‌

$

—‌

$

—‌

$

(165‌)

Diversified

International

Fund

1,052‌

—‌

—‌

659‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

111‌

—‌

—‌

73‌

Inflation

Protection

Fund

—‌

2‌

—‌

—‌

International

Small

Company

Fund

203‌

—‌

—‌

(72‌)

LargeCap

S&P

500

Index

Fund

1,725‌

—‌

1,534‌

2,074‌

MidCap

S&P

400

Index

Fund

330‌

(200‌)

968‌

(348‌)

Origin

Emerging

Markets

Fund

68‌

—‌

—‌

(9‌)

Real

Estate

Securities

Fund

27‌

—‌

46‌

(54‌)

SmallCap

S&P

600

Index

Fund

117‌

—‌

482‌

(467‌)

$

4,436‌

$

(198‌)

$

3,030‌

$

1,691‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2045

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

194

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

39.85%

Diversified

International

Fund

(

a)

2,338,393‌

$

29,674‌

International

Small

Company

Fund

(

a)

391,958‌

4,339‌

MidCap

S&P

400

Index

Fund

(

a)

332,309‌

6,530‌

Origin

Emerging

Markets

Fund

(

a)

221,547‌

2,462‌

Real

Estate

Securities

Fund

(

a)

110,842‌

3,140‌

SmallCap

S&P

600

Index

Fund

(

a)

231,333‌

5,501‌

$

51,646‌

Principal

Funds,

Inc.

Institutional

Class

-

60.16%

Bond

Market

Index

Fund

(

a)

1,364,498‌

15,678‌

High

Income

Fund

(

a)

358,934‌

3,381‌

LargeCap

S&P

500

Index

Fund

(

a)

2,999,382‌

58,908‌

$

77,967‌

TOTAL

INVESTMENT

COMPANIES

$

129,613‌

Total

Investments

$

129,613‌

Other

Assets

and

Liabilities

-  (

0.01)%

(9‌)

TOTAL

NET

ASSETS

-

100.00%

$

129,604‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

57.15‌%

Fixed

Income

Funds

37.61‌%

International

Equity

Funds

5.25‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

13,268‌

$

2,534‌

$

59‌

$

15,678‌

Diversified

International

Fund

25,278‌

4,123‌

109‌

29,674‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

2,974‌

385‌

14‌

3,381‌

International

Small

Company

Fund

3,710‌

690‌

16‌

4,339‌

LargeCap

S&P

500

Index

Fund

46,507‌

11,382‌

179‌

58,908‌

MidCap

S&P

400

Index

Fund

11,909‌

1,997‌

7,041‌

6,530‌

Origin

Emerging

Markets

Fund

2,173‌

305‌

8‌

2,462‌

Real

Estate

Securities

Fund

2,852‌

329‌

12‌

3,140‌

SmallCap

S&P

600

Index

Fund

4,763‌

1,043‌

21‌

5,501‌

$

113,434‌

$

22,788‌

$

7,459‌

$

129,613‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

326‌

$

—‌

$

—‌

$

(65‌)

Diversified

International

Fund

626‌

—‌

—‌

382‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

53‌

—‌

—‌

36‌

International

Small

Company

Fund

116‌

—‌

—‌

(45‌)

LargeCap

S&P

500

Index

Fund

1,018‌

—‌

904‌

1,198‌

MidCap

S&P

400

Index

Fund

199‌

(121‌)

582‌

(214‌)

Origin

Emerging

Markets

Fund

43‌

—‌

—‌

(8‌)

Real

Estate

Securities

Fund

15‌

—‌

26‌

(29‌)

SmallCap

S&P

600

Index

Fund

70‌

—‌

291‌

(284‌)

$

2,466‌

$

(121‌)

$

1,803‌

$

971‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2050

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

195

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

41.53%

Diversified

International

Fund

(

a)

2,167,776‌

$

27,509‌

International

Small

Company

Fund

(

a)

362,053‌

4,008‌

MidCap

S&P

400

Index

Fund

(

a)

304,232‌

5,978‌

Origin

Emerging

Markets

Fund

(

a)

194,464‌

2,160‌

Real

Estate

Securities

Fund

(

a)

97,064‌

2,750‌

SmallCap

S&P

600

Index

Fund

(

a)

214,109‌

5,092‌

$

47,497‌

Principal

Funds,

Inc.

Institutional

Class

-

58.48%

Bond

Market

Index

Fund

(

a)

874,671‌

10,050‌

High

Income

Fund

(

a)

238,888‌

2,250‌

LargeCap

S&P

500

Index

Fund

(

a)

2,779,474‌

54,589‌

$

66,889‌

TOTAL

INVESTMENT

COMPANIES

$

114,386‌

Total

Investments

$

114,386‌

Other

Assets

and

Liabilities

-  (

0.01)%

(11‌)

TOTAL

NET

ASSETS

-

100.00%

$

114,375‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

59.82‌%

Fixed

Income

Funds

34.80‌%

International

Equity

Funds

5.39‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

8,916‌

$

1,305‌

$

125‌

$

10,050‌

Diversified

International

Fund

23,933‌

3,536‌

322‌

27,509‌

High

Income

Fund

2,100‌

218‌

94‌

2,250‌

International

Small

Company

Fund

3,599‌

497‌

48‌

4,008‌

LargeCap

S&P

500

Index

Fund

43,999‌

9,989‌

531‌

54,589‌

MidCap

S&P

400

Index

Fund

11,260‌

1,613‌

6,588‌

5,978‌

Origin

Emerging

Markets

Fund

1,962‌

229‌

26‌

2,160‌

Real

Estate

Securities

Fund

2,572‌

237‌

33‌

2,750‌

SmallCap

S&P

600

Index

Fund

4,599‌

818‌

59‌

5,092‌

$

102,940‌

$

18,442‌

$

7,826‌

$

114,386‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

215‌

$

—‌

$

—‌

$

(46‌)

Diversified

International

Fund

584‌

—‌

—‌

362‌

High

Income

Fund

37‌

—‌

—‌

26‌

International

Small

Company

Fund

110‌

—‌

—‌

(40‌)

LargeCap

S&P

500

Index

Fund

950‌

1‌

844‌

1,131‌

MidCap

S&P

400

Index

Fund

185‌

(58‌)

543‌

(249‌)

Origin

Emerging

Markets

Fund

38‌

—‌

—‌

(5‌)

Real

Estate

Securities

Fund

13‌

—‌

23‌

(26‌)

SmallCap

S&P

600

Index

Fund

67‌

—‌

277‌

(266‌)

$

2,199‌

$

(57‌)

$

1,687‌

$

887‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2055

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

196

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

43.02%

Diversified

International

Fund

(

a)

824,471‌

$

10,462‌

International

Small

Company

Fund

(

a)

138,401‌

1,532‌

MidCap

S&P

400

Index

Fund

(

a)

117,948‌

2,318‌

Origin

Emerging

Markets

Fund

(

a)

78,929‌

877‌

Real

Estate

Securities

Fund

(

a)

36,126‌

1,023‌

SmallCap

S&P

600

Index

Fund

(

a)

81,697‌

1,943‌

$

18,155‌

Principal

Funds,

Inc.

Institutional

Class

-

56.99%

Bond

Market

Index

Fund

(

a)

218,674‌

2,513‌

High

Income

Fund

(

a)

79,605‌

750‌

LargeCap

S&P

500

Index

Fund

(

a)

1,058,375‌

20,786‌

$

24,049‌

TOTAL

INVESTMENT

COMPANIES

$

42,204‌

Total

Investments

$

42,204‌

Other

Assets

and

Liabilities

-  (

0.01)%

(6‌)

TOTAL

NET

ASSETS

-

100.00%

$

42,198‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

61.78‌%

Fixed

Income

Funds

32.52‌%

International

Equity

Funds

5.71‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

2,147‌

$

408‌

$

32‌

$

2,513‌

Diversified

International

Fund

8,783‌

1,663‌

116‌

10,462‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

684‌

104‌

46‌

750‌

International

Small

Company

Fund

1,314‌

252‌

18‌

1,532‌

LargeCap

S&P

500

Index

Fund

15,996‌

4,571‌

190‌

20,786‌

MidCap

S&P

400

Index

Fund

4,169‌

791‌

2,522‌

2,318‌

Origin

Emerging

Markets

Fund

765‌

124‌

9‌

877‌

Real

Estate

Securities

Fund

918‌

125‌

11‌

1,023‌

SmallCap

S&P

600

Index

Fund

1,688‌

378‌

22‌

1,943‌

$

36,464‌

$

8,416‌

$

2,966‌

$

42,204‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

53‌

$

—‌

$

—‌

$

(10‌)

Diversified

International

Fund

219‌

—‌

—‌

132‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

12‌

—‌

—‌

8‌

International

Small

Company

Fund

42‌

—‌

—‌

(16‌)

LargeCap

S&P

500

Index

Fund

353‌

—‌

314‌

409‌

MidCap

S&P

400

Index

Fund

70‌

(26‌)

205‌

(94‌)

Origin

Emerging

Markets

Fund

15‌

—‌

—‌

(3‌)

Real

Estate

Securities

Fund

5‌

—‌

8‌

(9‌)

SmallCap

S&P

600

Index

Fund

25‌

—‌

104‌

(101‌)

$

794‌

$

(26‌)

$

631‌

$

316‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2060

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

197

INVESTMENT

COMPANIES

-

100.04%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

44.18%

Diversified

International

Fund

(

a)

283,186‌

$

3,594‌

International

Small

Company

Fund

(

a)

47,746‌

528‌

MidCap

S&P

400

Index

Fund

(

a)

41,822‌

822‌

Origin

Emerging

Markets

Fund

(

a)

28,955‌

322‌

Real

Estate

Securities

Fund

(

a)

12,205‌

346‌

SmallCap

S&P

600

Index

Fund

(

a)

27,972‌

665‌

$

6,277‌

Principal

Funds,

Inc.

Institutional

Class

-

55.86%

Bond

Market

Index

Fund

(

a)

56,503‌

649‌

High

Income

Fund

(

a)

22,792‌

215‌

LargeCap

S&P

500

Index

Fund

(

a)

360,102‌

7,072‌

$

7,936‌

TOTAL

INVESTMENT

COMPANIES

$

14,213‌

Total

Investments

$

14,213‌

Other

Assets

and

Liabilities

-  (

0.04)%

(5‌)

TOTAL

NET

ASSETS

-

100.00%

$

14,208‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

62.67‌%

Fixed

Income

Funds

31.38‌%

International

Equity

Funds

5.99‌%

Other

Assets

and

Liabilities

(

0.04‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

549‌

$

143‌

$

40‌

$

649‌

Diversified

International

Fund

3,093‌

649‌

192‌

3,594‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

200‌

36‌

24‌

215‌

International

Small

Company

Fund

453‌

109‌

29‌

528‌

LargeCap

S&P

500

Index

Fund

5,562‌

1,685‌

314‌

7,072‌

MidCap

S&P

400

Index

Fund

1,450‌

312‌

901‌

822‌

Origin

Emerging

Markets

Fund

287‌

54‌

18‌

322‌

Real

Estate

Securities

Fund

316‌

52‌

19‌

346‌

SmallCap

S&P

600

Index

Fund

594‌

141‌

36‌

665‌

$

12,504‌

$

3,181‌

$

1,573‌

$

14,213‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

13‌

$

—‌

$

—‌

$

(3‌)

Diversified

International

Fund

73‌

—‌

—‌

44‌

Diversified

Real

Asset

Fund

—‌

—‌

—‌

—‌

High

Income

Fund

3‌

—‌

—‌

3‌

International

Small

Company

Fund

14‌

—‌

—‌

(5‌)

LargeCap

S&P

500

Index

Fund

116‌

1‌

103‌

138‌

MidCap

S&P

400

Index

Fund

23‌

—‌

67‌

(39‌)

Origin

Emerging

Markets

Fund

5‌

—‌

—‌

(1‌)

Real

Estate

Securities

Fund

2‌

—‌

3‌

(3‌)

SmallCap

S&P

600

Index

Fund

8‌

—‌

35‌

(34‌)

$

257‌

$

1‌

$

208‌

$

100‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

2065

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

198

INVESTMENT

COMPANIES

-

100.08%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

44.64%

Diversified

International

Fund

(

a)

51,106‌

$

649‌

International

Small

Company

Fund

(

a)

8,603‌

95‌

MidCap

S&P

400

Index

Fund

(

a)

7,700‌

151‌

Origin

Emerging

Markets

Fund

(

a)

5,239‌

58‌

Real

Estate

Securities

Fund

(

a)

2,263‌

64‌

SmallCap

S&P

600

Index

Fund

(

a)

5,040‌

120‌

$

1,137‌

Principal

Funds,

Inc.

Institutional

Class

-

55.44%

Bond

Market

Index

Fund

(

a)

8,896‌

102‌

High

Income

Fund

(

a)

3,965‌

38‌

LargeCap

S&P

500

Index

Fund

(

a)

64,765‌

1,272‌

$

1,412‌

TOTAL

INVESTMENT

COMPANIES

$

2,549‌

Total

Investments

$

2,549‌

Other

Assets

and

Liabilities

-  (

0.08)%

(2‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,547‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

63.09‌%

Fixed

Income

Funds

30.98‌%

International

Equity

Funds

6.01‌%

Other

Assets

and

Liabilities

(

0.08‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

55‌

$

64‌

$

17‌

$

102‌

Diversified

International

Fund

336‌

346‌

35‌

649‌

High

Income

Fund

21‌

21‌

4‌

38‌

International

Small

Company

Fund

49‌

53‌

6‌

95‌

LargeCap

S&P

500

Index

Fund

612‌

704‌

58‌

1,272‌

MidCap

S&P

400

Index

Fund

157‌

161‌

159‌

151‌

Origin

Emerging

Markets

Fund

30‌

32‌

3‌

58‌

Real

Estate

Securities

Fund

35‌

32‌

3‌

64‌

SmallCap

S&P

600

Index

Fund

65‌

68‌

6‌

120‌

$

1,360‌

$

1,481‌

$

291‌

$

2,549‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

2‌

$

—‌

$

—‌

$

—‌

Diversified

International

Fund

11‌

—‌

—‌

2‌

High

Income

Fund

1‌

—‌

—‌

—‌

International

Small

Company

Fund

2‌

—‌

—‌

(1‌)

LargeCap

S&P

500

Index

Fund

17‌

—‌

15‌

14‌

MidCap

S&P

400

Index

Fund

3‌

(1‌)

10‌

(7‌)

Origin

Emerging

Markets

Fund

1‌

—‌

—‌

(1‌)

Real

Estate

Securities

Fund

—‌

—‌

—‌

—‌

SmallCap

S&P

600

Index

Fund

1‌

—‌

5‌

(7‌)

$

38‌

$

(1‌)

$

30‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Hybrid

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

199

INVESTMENT

COMPANIES

-

100.02%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

10.79%

Diversified

International

Fund

(

a)

269,851‌

$

3,424‌

Diversified

Real

Asset

Fund

(

a)

89,103‌

1,025‌

International

Small

Company

Fund

(

a)

47,594‌

527‌

MidCap

S&P

400

Index

Fund

(

a)

37,002‌

727‌

SmallCap

S&P

600

Index

Fund

(

a)

26,858‌

639‌

$

6,342‌

Principal

Funds,

Inc.

Institutional

Class

-

89.23%

Bond

Market

Index

Fund

(

a)

2,165,488‌

24,881‌

High

Income

Fund

(

a)

468,553‌

4,414‌

Inflation

Protection

Fund

(

a)

315,509‌

2,783‌

LargeCap

S&P

500

Index

Fund

(

a)

350,299‌

6,880‌

Short-Term

Income

Fund

(

a)

1,091,634‌

13,492‌

$

52,450‌

TOTAL

INVESTMENT

COMPANIES

$

58,792‌

Total

Investments

$

58,792‌

Other

Assets

and

Liabilities

-  (

0.02)%

(9‌)

TOTAL

NET

ASSETS

-

100.00%

$

58,783‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

83.35‌%

Domestic

Equity

Funds

14.03‌%

Specialty

Funds

1.74‌%

International

Equity

Funds

0.90‌%

Other

Assets

and

Liabilities

(

0.02‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Bond

Market

Index

Fund

$

24,370‌

$

1,459‌

$

813‌

$

24,881‌

Diversified

International

Fund

3,341‌

202‌

174‌

3,424‌

Diversified

Real

Asset

Fund

1,239‌

81‌

290‌

1,025‌

High

Income

Fund

4,218‌

284‌

137‌

4,414‌

Inflation

Protection

Fund

2,698‌

115‌

90‌

2,783‌

International

Small

Company

Fund

563‌

37‌

68‌

527‌

LargeCap

S&P

500

Index

Fund

6,297‌

583‌

168‌

6,880‌

MidCap

S&P

400

Index

Fund

1,576‌

152‌

962‌

727‌

Short-Term

Income

Fund

12,196‌

1,629‌

385‌

13,492‌

SmallCap

S&P

600

Index

Fund

610‌

80‌

18‌

639‌

$

57,108‌

$

4,622‌

$

3,105‌

$

58,792‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Bond

Market

Index

Fund

$

570‌

$

—‌

$

—‌

$

(135‌)

Diversified

International

Fund

79‌

1‌

—‌

54‌

Diversified

Real

Asset

Fund

30‌

(2‌)

—‌

(3‌)

High

Income

Fund

72‌

—‌

—‌

49‌

Inflation

Protection

Fund

13‌

—‌

—‌

60‌

International

Small

Company

Fund

17‌

—‌

—‌

(5‌)

LargeCap

S&P

500

Index

Fund

132‌

2‌

118‌

166‌

MidCap

S&P

400

Index

Fund

25‌

7‌

74‌

(46‌)

Short-Term

Income

Fund

73‌

—‌

—‌

52‌

SmallCap

S&P

600

Index

Fund

9‌

—‌

35‌

(33‌)

$

1,020‌

$

8‌

$

227‌

$

159‌

Amounts

in

thousands.

Schedule

of

Investments

Principal

LifeTime

Strategic

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

200

INVESTMENT

COMPANIES

-

100.01%

Shares

Held

Value

(000's)

Principal

Funds,

Inc.

Class

R-6

-

39.55%

Blue

Chip

Fund

(

a)

563,773‌

$

15,758‌

Core

Fixed

Income

Fund

(

a)

11,154,294‌

110,762‌

Diversified

International

Fund

(

a)

967,589‌

12,279‌

Diversified

Real

Asset

Fund

(

a)

609,774‌

7,012‌

International

Small

Company

Fund

(

a)

342,011‌

3,786‌

MidCap

Fund

(

a)

371,091‌

11,830‌

SmallCap

Growth

Fund

I

(

a),(b)

193,508‌

2,638‌

SmallCap

Value

Fund

II

(

a)

172,285‌

1,802‌

$

165,867‌

Principal

Funds,

Inc.

Institutional

Class

-

60.46%

Bond

Market

Index

Fund

(

a)

5,978,592‌

68,694‌

Equity

Income

Fund

(

a)

386,608‌

12,897‌

High

Income

Fund

(

a)

3,349,050‌

31,548‌

Inflation

Protection

Fund

(

a)

2,268,469‌

20,008‌

LargeCap

S&P

500

Index

Fund

(

a)

757,813‌

14,883‌

Overseas

Fund

(

a)

1,249,461‌

11,895‌

Short-Term

Income

Fund

(

a)

7,577,077‌

93,653‌

$

253,578‌

TOTAL

INVESTMENT

COMPANIES

$

419,445‌

Total

Investments

$

419,445‌

Other

Assets

and

Liabilities

-  (

0.01)%

(60‌)

TOTAL

NET

ASSETS

-

100.00%

$

419,385‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

80.34‌%

Domestic

Equity

Funds

14.26‌%

International

Equity

Funds

3.74‌%

Specialty

Funds

1.67‌%

Other

Assets

and

Liabilities

(

0.01‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

16,284‌

$

1,081‌

$

2,695‌

$

15,758‌

Bond

Market

Index

Fund

70,971‌

3,271‌

5,142‌

68,694‌

Core

Fixed

Income

Fund

110,221‌

4,310‌

5,213‌

110,762‌

Diversified

International

Fund

11,234‌

1,449‌

560‌

12,279‌

Diversified

Real

Asset

Fund

7,095‌

416‌

468‌

7,012‌

Equity

Income

Fund

13,974‌

759‌

1,893‌

12,897‌

High

Income

Fund

31,020‌

1,617‌

1,449‌

31,548‌

Inflation

Protection

Fund

19,721‌

791‌

934‌

20,008‌

International

Small

Company

Fund

3,611‌

398‌

186‌

3,786‌

LargeCap

S&P

500

Index

Fund

14,765‌

886‌

1,184‌

14,883‌

MidCap

Fund

12,324‌

850‌

1,743‌

11,830‌

Overseas

Fund

10,881‌

1,823‌

561‌

11,895‌

Short-Term

Income

Fund

90,468‌

6,832‌

4,020‌

93,653‌

SmallCap

Growth

Fund

I

2,399‌

293‌

93‌

2,638‌

SmallCap

Value

Fund

II

2,242‌

70‌

514‌

1,802‌

$

417,210‌

$

24,846‌

$

26,655‌

$

419,445‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

132‌

$

746‌

$

637‌

$

342‌

Bond

Market

Index

Fund

1,615‌

21‌

—‌

(427‌)

Core

Fixed

Income

Fund

773‌

2‌

—‌

1,442‌

Diversified

International

Fund

262‌

(34‌)

—‌

190‌

Diversified

Real

Asset

Fund

169‌

(1‌)

—‌

(30‌)

Equity

Income

Fund

66‌

512‌

381‌

(455‌)

High

Income

Fund

522‌

(1‌)

—‌

361‌

Inflation

Protection

Fund

90‌

3‌

—‌

427‌

International

Small

Company

Fund

106‌

7‌

—‌

(44‌)

LargeCap

S&P

500

Index

Fund

307‌

147‌

273‌

269‌

MidCap

Fund

82‌

497‌

511‌

(98‌)

Overseas

Fund

339‌

16‌

—‌

(264‌)

Short-Term

Income

Fund

533‌

2‌

—‌

371‌

SmallCap

Growth

Fund

I

—‌

15‌

179‌

24‌

SmallCap

Value

Fund

II

21‌

75‌

—‌

(71‌)

$

5,017‌

$

2,007‌

$

1,981‌

$

2,037‌

Amounts

in

thousands.

Schedule

of

Investments

Real

Estate

Securities

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

201

INVESTMENT

COMPANIES

-

2.51%

Shares

Held

Value

(000's)

Money

Market

Funds

-

2.51%

Principal

Government

Money

Market

Fund

1.43

%

(a),(b)

134,498,089‌

$

134,498‌

TOTAL

INVESTMENT

COMPANIES

$

134,498‌

COMMON

STOCKS

-

98.54%

Shares

Held

Value

(000's)

Lodging

-

0.87%

Hilton

Worldwide

Holdings

Inc

430,471‌

46,405‌

REITs

-

95.12%

Alexandria

Real

Estate

Equities

Inc

1,347,810‌

219,963‌

American

Homes

4

Rent

5,696,201‌

155,677‌

Americold

Realty

Trust

1,980,484‌

68,267‌

Apartment

Investment

&

Management

Co

2,529,623‌

133,336‌

AvalonBay

Communities

Inc

1,370,499‌

296,973‌

Boston

Properties

Inc

1,051,423‌

150,722‌

Brandywine

Realty

Trust

2,564,164‌

40,052‌

CoreSite

Realty

Corp

378,946‌

44,507‌

Cousins

Properties

Inc

2,707,253‌

110,808‌

Crown

Castle

International

Corp

245,146‌

36,733‌

CubeSmart

2,430,134‌

76,962‌

Duke

Realty

Corp

2,266,774‌

82,307‌

EPR

Properties

1,349,063‌

96,283‌

Equinix

Inc

591,914‌

349,069‌

Equity

LifeStyle

Properties

Inc

1,318,996‌

95,957‌

Equity

Residential

673,401‌

55,946‌

Essential

Properties

Realty

Trust

Inc

2,287,079‌

63,146‌

Essex

Property

Trust

Inc

754,580‌

233,739‌

Extra

Space

Storage

Inc

1,166,643‌

129,124‌

First

Industrial

Realty

Trust

Inc

1,000,665‌

42,728‌

Healthcare

Realty

Trust

Inc

1,892,680‌

68,250‌

Healthcare

Trust

of

America

Inc

5,811,541‌

186,144‌

Healthpeak

Properties

Inc

3,116,433‌

112,160‌

Host

Hotels

&

Resorts

Inc

4,679,440‌

76,462‌

Invitation

Homes

Inc

8,939,865‌

281,338‌

Kilroy

Realty

Corp

1,332,518‌

110,026‌

Park

Hotels

&

Resorts

Inc

2,197,590‌

48,215‌

Prologis

Inc

4,559,777‌

423,512‌

Public

Storage

332,925‌

74,495‌

Regency

Centers

Corp

2,331,626‌

144,654‌

Sabra

Health

Care

REIT

Inc

2,718,960‌

58,458‌

Saul

Centers

Inc

384,192‌

18,971‌

Simon

Property

Group

Inc

1,036,630‌

138,027‌

STORE

Capital

Corp

4,106,570‌

161,183‌

Sun

Communities

Inc

1,033,665‌

167,629‌

Sunstone

Hotel

Investors

Inc

3,220,483‌

40,836‌

Taubman

Centers

Inc

804,646‌

21,259‌

Terreno

Realty

Corp

1,695,808‌

97,102‌

VICI

Properties

Inc

3,132,526‌

83,952‌

Welltower

Inc

3,092,056‌

262,547‌

Weyerhaeuser

Co

1,137,425‌

32,929‌

$

5,090,448‌

Software

-

2.55%

InterXion

Holding

NV

(

c)

1,564,280‌

136,139‌

TOTAL

COMMON

STOCKS

$

5,272,992‌

Total

Investments

$

5,407,490‌

Other

Assets

and

Liabilities

-  (

1.05)%

(55,998‌)

TOTAL

NET

ASSETS

-

100.00%

$

5,351,492‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

Portfolio

Summary  (

unaudited)

Sector

Percent

Financial

95.12‌%

Technology

2.55‌%

Money

Market

Funds

2.51‌%

Consumer,

Cyclical

0.87‌%

Other

Assets

and

Liabilities

(

1.05‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

98,955‌

$

309,143‌

$

273,600‌

$

134,498‌

$

98,955‌

$

309,143‌

$

273,600‌

$

134,498‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

377‌

$

—‌

$

—‌

$

—‌

$

377‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Balanced

Portfolio

January

31,

2020

(unaudited)

See

accompanying

notes.

202

INVESTMENT

COMPANIES

-

100.06%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.32%

Principal

Government

Money

Market

Fund

1.43

%

(a),(b)

14,922,407‌

$

14,922‌

Principal

Exchange-Traded

Funds

-

19.96%

Principal

Active

Global

Dividend

Income

ETF

(

a)

7,864,100‌

230,549‌

Principal

Active

Income

ETF

(

a)

1,559,000‌

63,389‌

Principal

Investment

Grade

Corporate

Active

ETF

(

a)

1,320,100‌

35,049‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(

a)

15,163,700‌

476,769‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(

a)

3,542,700‌

112,324‌

$

918,080‌

Principal

Funds,

Inc.

Class

R-6

-

50.83%

Blue

Chip

Fund

(

a)

15,672,150‌

438,037‌

Core

Fixed

Income

Fund

(

a)

57,174,032‌

567,738‌

Diversified

International

Fund

(

a)

42,029,132‌

533,350‌

Diversified

Real

Asset

Fund

(

a)

12,494,763‌

143,690‌

Edge

MidCap

Fund

(

a)

12,556,846‌

189,734‌

Global

Real

Estate

Securities

Fund

(

a)

12,892,290‌

135,885‌

High

Yield

Fund

(

a)

9,678,722‌

69,009‌

International

Small

Company

Fund

(

a)

6,009,174‌

66,521‌

Origin

Emerging

Markets

Fund

(

a)

5,961,951‌

66,237‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(

a)

12,164,572‌

127,606‌

$

2,337,807‌

Principal

Funds,

Inc.

Institutional

Class

-

28.95%

Equity

Income

Fund

(

a)

17,861,036‌

595,844‌

Government

&

High

Quality

Bond

Fund

(

a)

29,293,738‌

309,928‌

Inflation

Protection

Fund

(

a)

7,916,436‌

69,823‌

Short-Term

Income

Fund

(

a)

28,807,669‌

356,063‌

$

1,331,658‌

TOTAL

INVESTMENT

COMPANIES

$

4,602,467‌

Total

Investments

$

4,602,467‌

Other

Assets

and

Liabilities

-  (

0.06)%

(2,904‌)

TOTAL

NET

ASSETS

-

100.00%

$

4,599,563‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

46.36‌%

Domestic

Equity

Funds

39.41‌%

International

Equity

Funds

10.85‌%

Specialty

Funds

3.12‌%

Money

Market

Funds

0.32‌%

Other

Assets

and

Liabilities

(

0.06‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Balanced

Portfolio

January

31,

2020

(unaudited)

See

accompanying

notes.

203

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

406,108‌

$

19,498‌

$

13,822‌

$

438,037‌

Core

Fixed

Income

Fund

565,998‌

5,577‌

11,237‌

567,738‌

Diversified

International

Fund

531,670‌

12,977‌

20,329‌

533,350‌

Diversified

Real

Asset

Fund

145,693‌

3,723‌

5,103‌

143,690‌

Edge

MidCap

Fund

190,950‌

8,009‌

6,953‌

189,734‌

Equity

Income

Fund

593,088‌

19,689‌

17,794‌

595,844‌

Global

Real

Estate

Securities

Fund

138,105‌

5,694‌

3,495‌

135,885‌

Government

&

High

Quality

Bond

Fund

311,045‌

3,851‌

6,136‌

309,928‌

High

Yield

Fund

69,618‌

1,635‌

2,541‌

69,009‌

Inflation

Protection

Fund

70,713‌

488‌

2,890‌

69,823‌

International

Small

Company

Fund

67,892‌

2,144‌

2,980‌

66,521‌

Origin

Emerging

Markets

Fund

67,284‌

1,310‌

2,415‌

66,237‌

Principal

Active

Global

Dividend

Income

ETF

222,837‌

—‌

—‌

230,549‌

Principal

Active

Income

ETF

62,826‌

—‌

—‌

63,389‌

Principal

Government

Money

Market

Fund

1.43%

7,829‌

7,093‌

—‌

14,922‌

Principal

Investment

Grade

Corporate

Active

ETF

35,425‌

—‌

—‌

35,049‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

450,514‌

—‌

—‌

476,769‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

110,709‌

—‌

—‌

112,324‌

Short-Term

Income

Fund

357,830‌

3,187‌

6,387‌

356,063‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

123,636‌

2,460‌

176‌

127,606‌

$

4,529,770‌

$

97,335‌

$

102,258‌

$

4,602,467‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

3,292‌

$

543‌

$

15,833‌

$

25,710‌

Core

Fixed

Income

Fund

3,956‌

81‌

—‌

7,319‌

Diversified

International

Fund

12,379‌

648‌

—‌

8,384‌

Diversified

Real

Asset

Fund

3,467‌

175‌

—‌

(798‌)

Edge

MidCap

Fund

1,988‌

333‌

5,765‌

(2,605‌)

Equity

Income

Fund

2,803‌

555‌

16,171‌

306‌

Global

Real

Estate

Securities

Fund

1,537‌

317‌

3,901‌

(4,736‌)

Government

&

High

Quality

Bond

Fund

2,176‌

(12‌)

—‌

1,180‌

High

Yield

Fund

1,131‌

(38‌)

—‌

335‌

Inflation

Protection

Fund

318‌

14‌

—‌

1,498‌

International

Small

Company

Fund

1,974‌

76‌

—‌

(611‌)

Origin

Emerging

Markets

Fund

1,224‌

41‌

—‌

17‌

Principal

Active

Global

Dividend

Income

ETF

1,906‌

—‌

—‌

7,712‌

Principal

Active

Income

ETF

767‌

—‌

—‌

563‌

Principal

Government

Money

Market

Fund

1.43%

40‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

1,142‌

—‌

292‌

(376‌)

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

2,413‌

—‌

—‌

26,255‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

531‌

—‌

—‌

1,615‌

Short-Term

Income

Fund

2,101‌

1‌

—‌

1,432‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,692‌

—‌

—‌

1,686‌

$

46,837‌

$

2,734‌

$

41,962‌

$

74,886‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

January

31,

2020

(unaudited)

See

accompanying

notes.

204

INVESTMENT

COMPANIES

-

100.06%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.38%

Principal

Government

Money

Market

Fund

1.43

%

(a),(b)

6,507,816‌

$

6,508‌

Principal

Exchange-Traded

Funds

-

13.83%

Principal

Active

Global

Dividend

Income

ETF

(

a)

1,207,000‌

35,385‌

Principal

Active

Income

ETF

(

a)

1,146,000‌

46,596‌

Principal

Investment

Grade

Corporate

Active

ETF

(

a)

656,100‌

17,420‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(

a)

3,586,000‌

112,749‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(

a)

827,700‌

26,243‌

$

238,393‌

Principal

Funds,

Inc.

Class

R-6

-

52.63%

Blue

Chip

Fund

(

a)

4,146,931‌

115,907‌

Core

Fixed

Income

Fund

(

a)

32,232,834‌

320,072‌

Diversified

International

Fund

(

a)

11,043,109‌

140,137‌

Diversified

Real

Asset

Fund

(

a)

4,159,366‌

47,833‌

Edge

MidCap

Fund

(

a)

3,267,825‌

49,377‌

Global

Diversified

Income

Fund

(

a)

3,411,135‌

47,074‌

Global

Real

Estate

Securities

Fund

(

a)

3,767,568‌

39,710‌

High

Yield

Fund

(

a)

5,494,496‌

39,176‌

International

Small

Company

Fund

(

a)

1,565,049‌

17,325‌

Origin

Emerging

Markets

Fund

(

a)

1,550,273‌

17,223‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(

a)

6,954,140‌

72,949‌

$

906,783‌

Principal

Funds,

Inc.

Institutional

Class

-

33.22%

Equity

Income

Fund

(

a)

4,522,477‌

150,870‌

Government

&

High

Quality

Bond

Fund

(

a)

17,092,885‌

180,842‌

Inflation

Protection

Fund

(

a)

4,984,441‌

43,963‌

Short-Term

Income

Fund

(

a)

15,913,747‌

196,694‌

$

572,369‌

TOTAL

INVESTMENT

COMPANIES

$

1,724,053‌

Total

Investments

$

1,724,053‌

Other

Assets

and

Liabilities

-  (

0.06)%

(977‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,723,076‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Fixed

Income

Funds

61.39‌%

Domestic

Equity

Funds

26.42‌%

International

Equity

Funds

6.36‌%

Specialty

Funds

5.51‌%

Money

Market

Funds

0.38‌%

Other

Assets

and

Liabilities

(

0.06‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Conservative

Balanced

Portfolio

January

31,

2020

(unaudited)

See

accompanying

notes.

205

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

108,151‌

$

5,581‌

$

4,845‌

$

115,907‌

Core

Fixed

Income

Fund

315,737‌

4,525‌

4,374‌

320,072‌

Diversified

International

Fund

140,205‌

4,082‌

6,567‌

140,137‌

Diversified

Real

Asset

Fund

49,575‌

1,279‌

2,821‌

47,833‌

Edge

MidCap

Fund

49,778‌

2,210‌

2,019‌

49,377‌

Equity

Income

Fund

151,370‌

5,430‌

6,173‌

150,870‌

Global

Diversified

Income

Fund

46,347‌

1,001‌

785‌

47,074‌

Global

Real

Estate

Securities

Fund

40,405‌

1,793‌

1,196‌

39,710‌

Government

&

High

Quality

Bond

Fund

179,835‌

2,746‌

2,423‌

180,842‌

High

Yield

Fund

39,478‌

904‌

1,373‌

39,176‌

Inflation

Protection

Fund

44,080‌

434‌

1,505‌

43,963‌

International

Small

Company

Fund

17,731‌

518‌

785‌

17,325‌

Origin

Emerging

Markets

Fund

17,660‌

322‌

785‌

17,223‌

Principal

Active

Global

Dividend

Income

ETF

34,202‌

—‌

—‌

35,385‌

Principal

Active

Income

ETF

46,182‌

—‌

—‌

46,596‌

Principal

Government

Money

Market

Fund

1.43%

4,221‌

2,287‌

—‌

6,508‌

Principal

Investment

Grade

Corporate

Active

ETF

17,606‌

—‌

—‌

17,420‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

106,540‌

—‌

—‌

112,749‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

25,866‌

—‌

—‌

26,243‌

Short-Term

Income

Fund

196,132‌

2,545‌

2,777‌

196,694‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

71,103‌

1,690‌

813‌

72,949‌

$

1,702,204‌

$

37,347‌

$

39,241‌

$

1,724,053‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

881‌

$

214‌

$

4,231‌

$

6,806‌

Core

Fixed

Income

Fund

2,223‌

3‌

—‌

4,181‌

Diversified

International

Fund

3,282‌

144‌

—‌

2,273‌

Diversified

Real

Asset

Fund

1,181‌

82‌

—‌

(282‌)

Edge

MidCap

Fund

521‌

52‌

1,508‌

(644‌)

Equity

Income

Fund

717‌

120‌

4,133‌

123‌

Global

Diversified

Income

Fund

678‌

(5‌)

—‌

516‌

Global

Real

Estate

Securities

Fund

451‌

29‌

1,143‌

(1,321‌)

Government

&

High

Quality

Bond

Fund

1,265‌

(47‌)

—‌

731‌

High

Yield

Fund

642‌

(27‌)

—‌

194‌

Inflation

Protection

Fund

201‌

9‌

—‌

945‌

International

Small

Company

Fund

518‌

29‌

—‌

(168‌)

Origin

Emerging

Markets

Fund

322‌

18‌

—‌

8‌

Principal

Active

Global

Dividend

Income

ETF

292‌

—‌

—‌

1,183‌

Principal

Active

Income

ETF

565‌

—‌

—‌

414‌

Principal

Government

Money

Market

Fund

1.43%

20‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

567‌

—‌

145‌

(186‌)

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

571‌

—‌

—‌

6,209‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

124‌

—‌

—‌

377‌

Short-Term

Income

Fund

1,158‌

—‌

—‌

794‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

973‌

1‌

—‌

968‌

$

17,152‌

$

622‌

$

11,160‌

$

23,121‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

January

31,

2020

(unaudited)

See

accompanying

notes.

206

INVESTMENT

COMPANIES

-

100.06%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.40%

Principal

Government

Money

Market

Fund

1.43

%

(a),(b)

12,449,428‌

$

12,449‌

Principal

Exchange-Traded

Funds

-

22.11%

Principal

Active

Global

Dividend

Income

ETF

(

a)

3,580,000‌

104,954‌

Principal

Active

Income

ETF

(

a)

1,012,000‌

41,148‌

Principal

Investment

Grade

Corporate

Active

ETF

(

a)

580,000‌

15,399‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(

a)

13,304,400‌

418,310‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(

a)

3,294,800‌

104,464‌

$

684,275‌

Principal

Funds,

Inc.

Class

R-6

-

53.03%

Blue

Chip

Fund

(

a)

14,461,387‌

404,196‌

Core

Fixed

Income

Fund

(

a)

15,319,530‌

152,123‌

Diversified

International

Fund

(

a)

41,430,882‌

525,758‌

Diversified

Real

Asset

Fund

(

a)

9,308,520‌

107,048‌

Edge

MidCap

Fund

(

a)

12,099,719‌

182,827‌

Global

Real

Estate

Securities

Fund

(

a)

9,998,520‌

105,384‌

International

Small

Company

Fund

(

a)

5,233,061‌

57,930‌

Origin

Emerging

Markets

Fund

(

a)

5,382,292‌

59,797‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(

a)

4,396,587‌

46,120‌

$

1,641,183‌

Principal

Funds,

Inc.

Institutional

Class

-

24.52%

Equity

Income

Fund

(

a)

15,776,262‌

526,296‌

Government

&

High

Quality

Bond

Fund

(

a)

8,962,455‌

94,823‌

Short-Term

Income

Fund

(

a)

11,126,049‌

137,518‌

$

758,637‌

TOTAL

INVESTMENT

COMPANIES

$

3,096,544‌

Total

Investments

$

3,096,544‌

Other

Assets

and

Liabilities

-  (

0.06)%

(1,965‌)

TOTAL

NET

ASSETS

-

100.00%

$

3,094,579‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (

unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

52.87‌%

Fixed

Income

Funds

32.74‌%

International

Equity

Funds

10.59‌%

Specialty

Funds

3.46‌%

Money

Market

Funds

0.40‌%

Other

Assets

and

Liabilities

(

0.06‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Conservative

Growth

Portfolio

January

31,

2020

(unaudited)

See

accompanying

notes.

207

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

375,472‌

$

17,941‌

$

13,446‌

$

404,196‌

Core

Fixed

Income

Fund

150,120‌

1,575‌

1,558‌

152,123‌

Diversified

International

Fund

522,917‌

12,909‌

18,899‌

525,758‌

Diversified

Real

Asset

Fund

108,274‌

2,699‌

3,459‌

107,048‌

Edge

MidCap

Fund

183,785‌

7,685‌

6,447‌

182,827‌

Equity

Income

Fund

525,258‌

17,338‌

17,092‌

526,296‌

Global

Real

Estate

Securities

Fund

106,781‌

4,401‌

2,385‌

105,384‌

Government

&

High

Quality

Bond

Fund

94,691‌

1,180‌

1,404‌

94,823‌

International

Small

Company

Fund

58,855‌

1,789‌

2,243‌

57,930‌

Origin

Emerging

Markets

Fund

61,517‌

1,152‌

2,955‌

59,797‌

Principal

Active

Global

Dividend

Income

ETF

101,443‌

—‌

—‌

104,954‌

Principal

Active

Income

ETF

40,782‌

—‌

—‌

41,148‌

Principal

Government

Money

Market

Fund

1.43%

7,808‌

4,641‌

—‌

12,449‌

Principal

Investment

Grade

Corporate

Active

ETF

15,564‌

—‌

—‌

15,399‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

395,274‌

—‌

—‌

418,310‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

102,963‌

—‌

—‌

104,464‌

Short-Term

Income

Fund

137,658‌

1,214‌

1,909‌

137,518‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

47,789‌

667‌

2,963‌

46,120‌

$

3,036,951‌

$

75,191‌

$

74,760‌

$

3,096,544‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

3,041‌

$

578‌

$

14,633‌

$

23,651‌

Core

Fixed

Income

Fund

1,055‌

2‌

—‌

1,984‌

Diversified

International

Fund

12,172‌

544‌

—‌

8,287‌

Diversified

Real

Asset

Fund

2,586‌

86‌

—‌

(552‌)

Edge

MidCap

Fund

1,913‌

533‌

5,549‌

(2,729‌)

Equity

Income

Fund

2,472‌

608‌

14,272‌

184‌

Global

Real

Estate

Securities

Fund

1,190‌

160‌

3,022‌

(3,573‌)

Government

&

High

Quality

Bond

Fund

664‌

—‌

—‌

356‌

International

Small

Company

Fund

1,715‌

92‌

—‌

(563‌)

Origin

Emerging

Markets

Fund

1,115‌

136‌

—‌

(53‌)

Principal

Active

Global

Dividend

Income

ETF

868‌

—‌

—‌

3,511‌

Principal

Active

Income

ETF

499‌

—‌

—‌

366‌

Principal

Government

Money

Market

Fund

1.43%

36‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

501‌

—‌

128‌

(165‌)

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

2,117‌

—‌

—‌

23,036‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

494‌

—‌

—‌

1,501‌

Short-Term

Income

Fund

809‌

1‌

—‌

554‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

630‌

57‌

—‌

570‌

$

33,877‌

$

2,797‌

$

37,604‌

$

56,365‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

January

31,

2020

(unaudited)

See

accompanying

notes.

208

INVESTMENT

COMPANIES

-

100.02%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.36%

Principal

Government

Money

Market

Fund

1.43%

(a),(b)

9,837,285‌

$

9,837‌

Principal

Exchange-Traded

Funds

-

15.34%

Principal

Active

Global

Dividend

Income

ETF

(a)

7,277,100‌

213,340‌

Principal

Active

Income

ETF

(a)

1,779,800‌

72,367‌

Principal

Investment

Grade

Corporate

Active

ETF

(a)

1,540,000‌

40,887‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(a)

3,126,200‌

98,292‌

$

424,886‌

Principal

Funds,

Inc.

Class

R-6

-

46.02%

Blue

Chip

Fund

(a)

1,844,483‌

51,553‌

Core

Fixed

Income

Fund

(a)

68,230,888‌

677,533‌

Edge

MidCap

Fund

(a)

2,815,702‌

42,545‌

Global

Diversified

Income

Fund

(a)

9,936,959‌

137,130‌

Global

Real

Estate

Securities

Fund

(a)

9,394,313‌

99,016‌

High

Yield

Fund

(a)

16,785,419‌

119,680‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(a)

13,995,933‌

146,818‌

$

1,274,275‌

Principal

Funds,

Inc.

Institutional

Class

-

38.30%

Equity

Income

Fund

(a)

5,772,614‌

192,574‌

Government

&

High

Quality

Bond

Fund

(a)

32,888,095‌

347,956‌

Inflation

Protection

Fund

(a)

19,526,340‌

172,222‌

Short-Term

Income

Fund

(a)

28,131,747‌

347,709‌

$

1,060,461‌

TOTAL

INVESTMENT

COMPANIES

$

2,769,459‌

Total

Investments

$

2,769,459‌

Other

Assets

and

Liabilities

-  (0.02)%

(565‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,768,894‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Fixed

Income

Funds

69.53‌%

Domestic

Equity

Funds

13.90‌%

International

Equity

Funds

11.28‌%

Specialty

Funds

4.95‌%

Money

Market

Funds

0.36‌%

Other

Assets

and

Liabilities

(0.02‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SAM

Flexible

Income

Portfolio

January

31,

2020

(unaudited)

See

accompanying

notes.

209

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

46,364‌

$

3,400‌

$

1,239‌

$

51,553‌

Core

Fixed

Income

Fund

662,002‌

15,194‌

8,497‌

677,533‌

Edge

MidCap

Fund

41,613‌

2,507‌

1,042‌

42,545‌

Equity

Income

Fund

187,990‌

8,818‌

4,398‌

192,574‌

Global

Diversified

Income

Fund

133,754‌

4,004‌

2,096‌

137,130‌

Global

Real

Estate

Securities

Fund

103,279‌

4,627‌

5,565‌

99,016‌

Government

&

High

Quality

Bond

Fund

338,748‌

10,917‌

3,031‌

347,956‌

High

Yield

Fund

118,071‌

3,374‌

2,254‌

119,680‌

Inflation

Protection

Fund

171,714‌

2,751‌

5,960‌

172,222‌

Principal

Active

Global

Dividend

Income

ETF

206,205‌

—‌

—‌

213,340‌

Principal

Active

Income

ETF

71,724‌

—‌

—‌

72,367‌

Principal

Government

Money

Market

Fund

1.43%

4,990‌

4,847‌

—‌

9,837‌

Principal

Investment

Grade

Corporate

Active

ETF

41,326‌

—‌

—‌

40,887‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

92,879‌

—‌

—‌

98,292‌

Short-Term

Income

Fund

341,851‌

8,166‌

3,713‌

347,709‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

141,989‌

5,014‌

2,115‌

146,818‌

$

2,704,499‌

$

73,619‌

$

39,910‌

$

2,769,459‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

379‌

$

9‌

$

1,814‌

$

3,019‌

Core

Fixed

Income

Fund

4,672‌

(15‌)

—‌

8,849‌

Edge

MidCap

Fund

438‌

41‌

1,270‌

(574‌)

Equity

Income

Fund

898‌

20‌

5,170‌

144‌

Global

Diversified

Income

Fund

1,963‌

(26‌)

—‌

1,494‌

Global

Real

Estate

Securities

Fund

1,144‌

335‌

2,901‌

(3,660‌)

Government

&

High

Quality

Bond

Fund

2,400‌

(114‌)

—‌

1,436‌

High

Yield

Fund

1,933‌

(59‌)

—‌

548‌

Inflation

Protection

Fund

782‌

20‌

—‌

3,697‌

Principal

Active

Global

Dividend

Income

ETF

1,764‌

—‌

—‌

7,135‌

Principal

Active

Income

ETF

877‌

—‌

—‌

643‌

Principal

Government

Money

Market

Fund

1.43%

27‌

—‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

1,332‌

—‌

340‌

(439‌)

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

497‌

—‌

—‌

5,413‌

Short-Term

Income

Fund

2,027‌

(2‌)

—‌

1,407‌

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,944‌

—‌

—‌

1,930‌

$

23,077‌

$

209‌

$

11,495‌

$

31,042‌

Amounts

in

thousands.

Schedule

of

Investments

SAM

Strategic

Growth

Portfolio

January

31,

2020

(unaudited)

See

accompanying

notes.

210

INVESTMENT

COMPANIES

-

100.07%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.44%

Principal

Government

Money

Market

Fund

1.43%

(a),(b)

8,408,081‌

$

8,408‌

Principal

Exchange-Traded

Funds

-

17.38%

Principal

Active

Global

Dividend

Income

ETF

(a)

3,857,000‌

113,074‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

(a)

4,532,800‌

142,518‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(a)

2,534,500‌

80,359‌

$

335,951‌

Principal

Funds,

Inc.

Class

R-6

-

61.34%

Blue

Chip

Fund

(a)

11,095,884‌

310,130‌

Diversified

International

Fund

(a)

32,257,786‌

409,351‌

Edge

MidCap

Fund

(a)

8,286,725‌

125,212‌

Global

Real

Estate

Securities

Fund

(a)

9,305,764‌

98,083‌

International

Small

Company

Fund

(a)

4,075,731‌

45,118‌

LargeCap

Growth

Fund

I

(a)

6,055,368‌

99,248‌

Origin

Emerging

Markets

Fund

(a)

8,840,796‌

98,221‌

$

1,185,363‌

Principal

Funds,

Inc.

Institutional

Class

-

20.91%

Equity

Income

Fund

(a)

10,757,514‌

358,871‌

LargeCap

Value

Fund

III

(a)

2,725,534‌

45,216‌

$

404,087‌

TOTAL

INVESTMENT

COMPANIES

$

1,933,809‌

Total

Investments

$

1,933,809‌

Other

Assets

and

Liabilities

-  (0.07)%

(1,373‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,932,436‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Fund

Type

Percent

Domestic

Equity

Funds

60.11‌%

Fixed

Income

Funds

21.18‌%

International

Equity

Funds

18.34‌%

Money

Market

Funds

0.44‌%

Other

Assets

and

Liabilities

(0.07‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Blue

Chip

Fund

$

285,159‌

$

14,089‌

$

7,647‌

$

310,130‌

Diversified

International

Fund

403,207‌

10,111‌

10,769‌

409,351‌

Edge

MidCap

Fund

124,535‌

5,345‌

3,150‌

125,212‌

Equity

Income

Fund

352,436‌

12,271‌

6,246‌

358,871‌

Global

Real

Estate

Securities

Fund

99,188‌

4,316‌

2,258‌

98,083‌

International

Small

Company

Fund

47,362‌

1,412‌

3,327‌

45,118‌

LargeCap

Growth

Fund

I

92,613‌

7,539‌

2,393‌

99,248‌

LargeCap

Value

Fund

III

45,138‌

3,004‌

1,103‌

45,216‌

Origin

Emerging

Markets

Fund

100,810‌

1,968‌

4,693‌

98,221‌

Principal

Active

Global

Dividend

Income

ETF

109,292‌

—‌

—‌

113,074‌

Principal

Government

Money

Market

Fund

1.43%

6,346‌

2,062‌

—‌

8,408‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

134,670‌

—‌

—‌

142,518‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

79,203‌

—‌

—‌

80,359‌

$

1,879,959‌

$

62,117‌

$

41,58

6‌

$

1,933,809‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Blue

Chip

Fund

$

2,321‌

$

388‌

$

11,164‌

$

18,141‌

Diversified

International

Fund

9,429‌

283‌

—‌

6,519‌

Edge

MidCap

Fund

1,304‌

229‌

3,777‌

(1,747‌)

Equity

Income

Fund

1,676‌

102‌

9,664‌

308‌

Global

Real

Estate

Securities

Fund

1,110‌

181‌

2,814‌

(3,344‌)

International

Small

Company

Fund

1,345‌

148‌

—‌

(477‌)

LargeCap

Growth

Fund

I

250‌

55‌

7,119‌

1,434‌

LargeCap

Value

Fund

III

1,045‌

30‌

1,856‌

(1,853‌)

Origin

Emerging

Markets

Fund

1,828‌

165‌

—‌

(29‌)

Principal

Active

Global

Dividend

Income

ETF

935‌

—‌

—‌

3,782‌

Principal

Government

Money

Market

Fund

1.43%

27‌

—‌

—‌

—‌

Principal

U.S.

Mega-Cap

Multi-Factor

Index

ETF

721‌

—‌

—‌

7,848‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

380‌

—‌

—‌

1,15

6‌

$

22,371‌

$

1,581‌

$

36,394‌

$

31,73

8‌

Amounts

in

thousands.

Schedule

of

Investments

Short-Term

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

211

INVESTMENT

COMPANIES

-

1.03%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.03%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

1,457,570‌

$

1,458‌

Principal

Government

Money

Market

Fund

1.43%

(a),(c)

54,661,163‌

54,661‌

$

56,119‌

TOTAL

INVESTMENT

COMPANIES

$

56,119‌

BONDS

-

91.09%

Principal

Amount

(000's)

Value

(000's)

Aerospace

&

Defense

-

0.70%

General

Dynamics

Corp

2.88%,

05/11/2020

$

6,800‌

$

6,821‌

3.00%,

05/11/2021

9,750‌

9,923‌

Northrop

Grumman

Corp

2.08%,

10/15/2020

4,850‌

4,860‌

Rockwell

Collins

Inc

3.20%,

03/15/2024

6,750‌

7,122‌

United

Technologies

Corp

1.90%,

05/04/2020

9,400‌

9,402‌

$

38,128‌

Airlines

-

0.23%

American

Airlines

2013-2

Class

A

Pass

Through

Trust

4.95%,

07/15/2024

9,278‌

9,734‌

Delta

Air

Lines

2012-1

Class

A

Pass

Through

Trust

4.75%,

11/07/2021

2,790‌

2,811‌

$

12,545‌

Automobile

Asset

Backed

Securities

-

7.15%

AmeriCredit

Automobile

Receivables

2015-4

3.72%,

12/08/2021

6,390‌

6,420‌

Americredit

Automobile

Receivables

Trust

2018-1

3.07%,

12/19/2022

9,066‌

9,126‌

Americredit

Automobile

Receivables

Trust

2018-2

3.15%,

03/20/2023

6,800‌

6,883‌

Americredit

Automobile

Receivables

Trust

2018-3

3.11%,

01/18/2022

4,405‌

4,415‌

Americredit

Automobile

Receivables

Trust

2019-1

2.93%,

06/20/2022

7,033‌

7,060‌

2.97%,

11/20/2023

7,300‌

7,424‌

Americredit

Automobile

Receivables

Trust

2019-2

2.28%,

01/18/2024

14,600‌

14,750‌

2.43%,

09/19/2022

9,196‌

9,222‌

AmeriCredit

Automobile

Receivables

Trust

2019-3

2.17%,

01/18/2023

11,000‌

11,027‌

Bank

of

The

West

Auto

Trust

2018-1

3.09%,

04/15/2021

(d)

2,967‌

2,969‌

Bank

of

The

West

Auto

Trust

2019-1

2.40%,

10/17/2022

(d)

7,012‌

7,036‌

Capital

Auto

Receivables

Asset

Trust

2018-2

3.02%,

02/22/2021

(d)

2,682‌

2,686‌

3.27%,

06/20/2023

(d)

9,750‌

9,826‌

CPS

Auto

Receivables

Trust

2018-D

3.06%,

01/18/2022

(d)

4,402‌

4,410‌

CPS

Auto

Receivables

Trust

2019-A

3.18%,

06/15/2022

(d)

3,520‌

3,534‌

CPS

Auto

Receivables

Trust

2019-B

2.89%,

05/16/2022

(d)

4,780‌

4,798‌

CPS

Auto

Receivables

Trust

2019-C

2.55%,

09/15/2022

(d)

7,646‌

7,671‌

CPS

Auto

Receivables

Trust

2019-D

2.17%,

12/15/2022

(d)

9,576‌

9,586‌

CPS

Auto

Receivables

Trust

2020-A

2.09%,

05/15/2023

(d)

11,700‌

11,713‌

CPS

Auto

Trust

2.87%,

09/15/2021

(d)

907‌

908‌

Ford

Credit

Auto

Owner

Trust

2015-REV2

2.44%,

01/15/2027

(d)

12,327‌

12,359‌

Ford

Credit

Auto

Owner

Trust

2016-REV2

2.03%,

12/15/2027

(d)

14,000‌

14,091‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Asset

Backed

Securities

(continued)

Ford

Credit

Auto

Owner

Trust

2017-REV1

2.62%,

08/15/2028

(d)

$

11,500‌

$

11,746‌

Ford

Credit

Auto

Owner

Trust

2018-REV2

3.47%,

01/15/2030

(d)

14,600‌

15,495‌

Ford

Credit

Auto

Owner

Trust

2019-REV1

3.52%,

07/15/2030

(d)

11,700‌

12,498‌

OneMain

Direct

Auto

Receivables

Trust

2017-2

2.31%,

12/14/2021

(d)

267‌

267‌

OneMain

Direct

Auto

Receivables

Trust

2018-1

3.43%,

12/16/2024

(d)

16,000‌

16,235‌

OneMain

Direct

Auto

Receivables

Trust

2019-1

3.63%,

09/14/2027

(d)

16,750‌

17,568‌

Santander

Drive

Auto

Receivables

Trust

2018-4

3.01%,

03/15/2022

715‌

715‌

Santander

Drive

Auto

Receivables

Trust

2019-1

2.91%,

01/18/2022

1,024‌

1,024‌

Santander

Drive

Auto

Receivables

Trust

2019-2

2.63%,

07/15/2022

9,949‌

9,965‌

Santander

Drive

Auto

Receivables

Trust

2019-3

2.28%,

02/15/2022

15,750‌

15,764‌

TCF

Auto

Receivables

Owner

Trust

2016-PT1

1.93%,

06/15/2022

(d)

2,887‌

2,886‌

Toyota

Auto

Loan

Extended

Note

Trust

2019-1

2.56%,

11/25/2031

(d)

17,000‌

17,610‌

Westlake

Automobile

Receivables

Trust

2018-2

2.84%,

09/15/2021

(d)

535‌

535‌

3.20%,

01/16/2024

(d)

7,800‌

7,828‌

Westlake

Automobile

Receivables

Trust

2018-3

2.98%,

01/18/2022

(d)

3,757‌

3,767‌

3.32%,

10/16/2023

(d)

10,700‌

10,794‌

Westlake

Automobile

Receivables

Trust

2019-1

3.06%,

05/16/2022

(d)

7,179‌

7,208‌

3.26%,

10/17/2022

(d)

13,150‌

13,331‌

Westlake

Automobile

Receivables

Trust

2019-2

2.57%,

02/15/2023

(d)

11,046‌

11,101‌

2.62%,

07/15/2024

(d)

8,800‌

8,885‌

Westlake

Automobile

Receivables

Trust

2019-3

2.15%,

02/15/2023

(d)

13,750‌

13,813‌

World

Omni

Select

Auto

Trust

2018-1

3.24%,

04/15/2022

(d)

3,148‌

3,155‌

World

Omni

Select

Auto

Trust

2019-A

2.06%,

08/15/2023

20,500‌

20,551‌

$

390,655‌

Automobile

Floor

Plan

Asset

Backed

Securities

-

1.43%

Ally

Master

Owner

Trust

2.70%,

01/17/2023

14,250‌

14,380‌

3.29%,

05/15/2023

19,500‌

19,894‌

Ford

Credit

Floorplan

Master

Owner

Trust

A

2.08%,

10/15/2023

8,750‌

8,757‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

2.29%,

09/25/2023

(d)

11,500‌

11,521‌

1.00

x

1

Month

USD

LIBOR

+

0.63%

Volvo

Financial

Equipment

Master

Owner

Trust

2.18%,

11/15/2022

(d)

8,750‌

8,780‌

1.00

x

1

Month

USD

LIBOR

+

0.50%

2.20%,

07/17/2023

(d)

14,600‌

14,664‌

1.00

x

1

Month

USD

LIBOR

+

0.52%

$

77,996‌

Automobile

Manufacturers

-

0.63%

Ford

Motor

Credit

Co

LLC

3.23%,

03/28/2022

5,000‌

4,979‌

3

Month

USD

LIBOR

+

1.27%

General

Motors

Financial

Co

Inc

2.73%,

04/09/2021

9,700‌

9,746‌

3

Month

USD

LIBOR

+

0.85%

Schedule

of

Investments

Short-Term

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

212

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Manufacturers

(continued)

PACCAR

Financial

Corp

3.10%,

05/10/2021

$

9,750‌

$

9,916‌

Toyota

Motor

Credit

Corp

2.60%,

01/11/2022

9,600‌

9,780‌

$

34,421‌

Banks

-

18.00%

Bank

of

America

Corp

2.50%,

10/21/2022

12,000‌

12,154‌

2.63%,

10/19/2020

15,750‌

15,846‌

2.98%,

01/20/2023

(e)

28,400‌

28,869‌

3

Month

USD

LIBOR

+

1.16%

3.00%,

12/20/2023

(f)

10,347‌

10,658‌

3

Month

USD

LIBOR

+

0.79%

4.20%,

08/26/2024

24,500‌

26,650‌

Bank

of

New

York

Mellon

Corp/The

2.10%,

10/24/2024

9,750‌

9,872‌

2.50%,

04/15/2021

5,700‌

5,757‌

2.82%,

10/30/2023

24,500‌

24,920‌

3

Month

USD

LIBOR

+

1.05%

BNP

Paribas

SA

3.50%,

03/01/2023

(d)

9,750‌

10,180‌

Capital

One

NA

2.92%,

01/30/2023

14,400‌

14,573‌

3

Month

USD

LIBOR

+

1.15%

Citigroup

Inc

2.70%,

03/30/2021

28,900‌

29,245‌

2.75%,

04/25/2022

19,800‌

20,106‌

3

Month

USD

LIBOR

+

0.96%

3.34%,

09/01/2023

10,000‌

10,230‌

3

Month

USD

LIBOR

+

1.43%

3.50%,

05/15/2023

9,750‌

10,217‌

4.00%,

08/05/2024

10,750‌

11,614‌

4.04%,

06/01/2024

(f)

4,750‌

5,065‌

3

Month

USD

LIBOR

+

1.02%

Credit

Suisse

AG/New

York

NY

2.10%,

11/12/2021

9,750‌

9,815‌

Credit

Suisse

Group

AG

2.59%,

09/11/2025

(d),(f)

5,000‌

5,082‌

United

States

Secured

Overnight

Financing

Rate

+

1.56%

4.21%,

06/12/2024

(d),(f)

17,900‌

19,111‌

3

Month

USD

LIBOR

+

1.24%

Credit

Suisse

Group

Funding

Guernsey

Ltd

3.13%,

12/10/2020

700‌

707‌

Fifth

Third

Bancorp

2.60%,

06/15/2022

13,400‌

13,640‌

3.65%,

01/25/2024

9,800‌

10,427‌

4.30%,

01/16/2024

15,700‌

17,015‌

Fifth

Third

Bank/Cincinnati

OH

2.25%,

06/14/2021

7,700‌

7,757‌

Goldman

Sachs

Group

Inc/The

2.60%,

04/23/2020

9,600‌

9,611‌

2.90%,

04/26/2022

10,450‌

10,561‌

3

Month

USD

LIBOR

+

1.11%

2.97%,

04/23/2020

9,600‌

9,615‌

3

Month

USD

LIBOR

+

1.16%

3.00%,

04/26/2022

24,050‌

24,408‌

3.20%,

02/23/2023

10,000‌

10,374‌

3.68%,

02/25/2021

9,600‌

9,763‌

3

Month

USD

LIBOR

+

1.77%

HSBC

Holdings

PLC

2.63%,

11/07/2025

(f)

9,300‌

9,456‌

3

Month

USD

LIBOR

+

1.14%

3.95%,

05/18/2024

(f)

9,750‌

10,323‌

3

Month

USD

LIBOR

+

0.99%

Huntington

Bancshares

Inc/OH

2.63%,

08/06/2024

9,800‌

10,065‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

ING

Groep

NV

3.15%,

03/29/2022

$

6,800‌

$

6,983‌

JPMorgan

Chase

&

Co

2.30%,

08/15/2021

9,500‌

9,525‌

2.69%,

04/25/2023

38,500‌

38,925‌

3

Month

USD

LIBOR

+

0.90%

3.03%,

10/24/2023

(e)

15,000‌

15,294‌

3

Month

USD

LIBOR

+

1.23%

3.88%,

09/10/2024

5,249‌

5,673‌

4.25%,

10/15/2020

22,250‌

22,642‌

KeyBank

NA/Cleveland

OH

2.40%,

06/09/2022

9,600‌

9,759‌

3.30%,

02/01/2022

4,750‌

4,900‌

KeyCorp

5.10%,

03/24/2021

20,000‌

20,766‌

Morgan

Stanley

2.26%,

01/20/2023

9,800‌

9,813‌

United

States

Secured

Overnight

Financing

Rate

+

0.70%

2.45%,

02/10/2021

8,200‌

8,201‌

3

Month

USD

LIBOR

+

0.55%

3.20%,

10/24/2023

38,600‌

39,528‌

3

Month

USD

LIBOR

+

1.40%

3.22%,

04/21/2021

20,700‌

21,018‌

3

Month

USD

LIBOR

+

1.40%

4.10%,

05/22/2023

10,200‌

10,867‌

5.50%,

07/24/2020

9,500‌

9,667‌

MUFG

Union

Bank

NA

2.10%,

12/09/2022

14,750‌

14,880‌

PNC

Bank

NA

2.00%,

05/19/2020

9,250‌

9,255‌

2.26%,

05/19/2020

6,000‌

6,006‌

3

Month

USD

LIBOR

+

0.36%

2.29%,

07/27/2022

9,600‌

9,670‌

3

Month

USD

LIBOR

+

0.50%

2.70%,

11/01/2022

10,965‌

11,242‌

PNC

Financial

Services

Group

Inc/The

3.90%,

04/29/2024

9,850‌

10,607‌

Royal

Bank

of

Scotland

Group

PLC

4.27%,

03/22/2025

(f)

9,750‌

10,474‌

3

Month

USD

LIBOR

+

1.76%

Societe

Generale

SA

2.63%,

01/22/2025

(d)

13,700‌

13,852‌

State

Street

Corp

2.35%,

11/01/2025

(f)

9,800‌

9,978‌

United

States

Secured

Overnight

Financing

Rate

+

0.94%

3.10%,

05/15/2023

24,100‌

25,123‌

Truist

Bank

2.45%,

08/01/2022

15,500‌

15,781‌

2.49%,

08/02/2022

9,750‌

9,795‌

3

Month

USD

LIBOR

+

0.59%

2.63%,

01/15/2022

14,400‌

14,642‌

Truist

Financial

Corp

2.05%,

05/10/2021

9,500‌

9,549‌

2.70%,

01/27/2022

3,832‌

3,899‌

2.90%,

03/03/2021

12,500‌

12,656‌

UBS

AG/London

2.20%,

06/08/2020

(d)

11,500‌

11,512‌

UBS

Group

AG

3.49%,

05/23/2023

(d)

11,450‌

11,845‌

US

Bancorp

2.44%,

01/24/2022

(e)

5,751‌

5,798‌

3

Month

USD

LIBOR

+

0.64%

3.60%,

09/11/2024

14,400‌

15,509‌

Schedule

of

Investments

Short-Term

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

213

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

US

Bank

NA/Cincinnati

OH

1.95%,

01/09/2023

$

14,750‌

$

14,902‌

2.05%,

10/23/2020

9,700‌

9,721‌

2.65%,

05/23/2022

10,000‌

10,231‌

Wells

Fargo

&

Co

2.41%,

10/30/2025

(f)

10,000‌

10,156‌

3

Month

USD

LIBOR

+

0.83%

2.60%,

07/22/2020

5,000‌

5,019‌

3.07%,

01/24/2023

19,000‌

19,424‌

Wells

Fargo

Bank

NA

2.31%,

07/23/2021

14,500‌

14,527‌

3

Month

USD

LIBOR

+

0.50%

$

983,300‌

Beverages

-

0.87%

Anheuser-Busch

InBev

Worldwide

Inc

4.15%,

01/23/2025

19,250‌

21,232‌

Keurig

Dr

Pepper

Inc

3.55%,

05/25/2021

16,250‌

16,627‌

PepsiCo

Inc

2.15%,

10/14/2020

9,500‌

9,533‌

$

47,392‌

Biotechnology

-

0.52%

Amgen

Inc

2.20%,

05/11/2020

4,800‌

4,805‌

2.65%,

05/11/2022

9,600‌

9,771‌

Biogen

Inc

2.90%,

09/15/2020

14,000‌

14,095‌

$

28,671‌

Building

Materials

-

0.31%

Martin

Marietta

Materials

Inc

4.25%,

07/02/2024

15,415‌

16,679‌

Chemicals

-

1.01%

Air

Liquide

Finance

SA

1.75%,

09/27/2021

(d)

6,750‌

6,753‌

Celanese

US

Holdings

LLC

3.50%,

05/08/2024

9,800‌

10,241‌

Chevron

Phillips

Chemical

Co

LLC

/

Chevron

Phillips

Chemical

Co

LP

2.45%,

05/01/2020

(d)

4,832‌

4,836‌

3.30%,

05/01/2023

(d)

7,300‌

7,569‌

DuPont

de

Nemours

Inc

4.21%,

11/15/2023

10,475‌

11,340‌

International

Flavors

&

Fragrances

Inc

3.40%,

09/25/2020

4,900‌

4,942‌

Westlake

Chemical

Corp

3.60%,

07/15/2022

9,272‌

9,561‌

$

55,242‌

Commercial

Mortgage

Backed

Securities

-

0.58%

Ginnie

Mae

0.43%,

09/16/2055

(g),(h)

19,227‌

510‌

0.65%,

01/16/2054

(g),(h)

38,561‌

1,111‌

0.67%,

10/16/2054

(g),(h)

43,660‌

1,272‌

0.70%,

02/16/2048

(g),(h)

22,560‌

701‌

0.82%,

02/16/2055

(g),(h)

65,213‌

1,841‌

0.84%,

01/16/2055

(g),(h)

89,572‌

3,118‌

0.89%,

06/16/2045

(g),(h)

44,581‌

2,109‌

1.07%,

08/16/2042

(g),(h)

22,126‌

713‌

1.22%,

10/16/2051

(g),(h)

2,825‌

179‌

1.23%,

02/16/2046

(g),(h)

54,507‌

2,722‌

1.37%,

12/16/2036

(g),(h)

48,118‌

2,229‌

GS

Mortgage

Securities

Trust

2017-GS6

1.95%,

05/10/2050

9,256‌

9,253‌

JPMDB

Commercial

Mortgage

Securities

Trust

2016-C4

1.54%,

12/15/2049

6,005‌

5,980‌

$

31,738‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Computers

-

1.10%

Apple

Inc

1.80%,

09/11/2024

$

5,000‌

$

5,034‌

1.90%,

02/07/2020

4,800‌

4,800‌

2.50%,

02/09/2022

9,600‌

9,773‌

Dell

International

LLC

/

EMC

Corp

5.45%,

06/15/2023

(d)

9,800‌

10,736‌

International

Business

Machines

Corp

2.25%,

02/19/2021

9,500‌

9,561‌

2.50%,

01/27/2022

10,000‌

10,167‌

2.80%,

05/13/2021

9,800‌

9,952‌

$

60,023‌

Consumer

Products

-

0.18%

Reckitt

Benckiser

Treasury

Services

PLC

2.49%,

06/24/2022

(d)

9,600‌

9,642‌

3

Month

USD

LIBOR

+

0.56%

Credit

Card

Asset

Backed

Securities

-

0.68%

BA

Credit

Card

Trust

1.74%,

01/15/2025

37,000‌

37,224‌

Diversified

Financial

Services

-

1.81%

American

Express

Co

2.75%,

05/20/2022

9,800‌

10,012‌

3.00%,

02/22/2021

18,594‌

18,827‌

3.70%,

11/05/2021

6,850‌

7,077‌

Capital

One

Bank

USA

NA

2.01%,

01/27/2023

(f)

19,750‌

19,814‌

United

States

Secured

Overnight

Financing

Rate

+

0.62%

Capital

One

Financial

Corp

3.90%,

01/29/2024

4,900‌

5,246‌

GE

Capital

International

Funding

Co

Unlimited

Co

2.34%,

11/15/2020

12,850‌

12,893‌

GTP

Acquisition

Partners

I

LLC

2.35%,

06/15/2045

(d),(i),(j)

10,100‌

10,027‌

USAA

Capital

Corp

2.45%,

08/01/2020

(d)

4,990‌

5,009‌

2.63%,

06/01/2021

(d)

9,800‌

9,934‌

$

98,839‌

Electric

-

6.05%

Alabama

Power

Co

2.45%,

03/30/2022

14,250‌

14,483‌

Alliant

Energy

Finance

LLC

3.75%,

06/15/2023

(d)

16,400‌

17,258‌

Black

Hills

Corp

4.25%,

11/30/2023

27,000‌

28,959‌

CenterPoint

Energy

Inc

3.60%,

11/01/2021

14,700‌

15,127‌

Dominion

Energy

Inc

2.58%,

07/01/2020

15,098‌

15,143‌

2.72%,

08/15/2021

(h)

9,800‌

9,903‌

3.07%,

08/15/2024

(h)

9,800‌

10,172‌

DTE

Energy

Co

2.25%,

11/01/2022

9,750‌

9,824‌

2.53%,

10/01/2024

10,000‌

10,216‌

2.60%,

06/15/2022

9,800‌

9,956‌

Duke

Energy

Florida

LLC

3.10%,

08/15/2021

5,750‌

5,856‌

Emera

US

Finance

LP

2.70%,

06/15/2021

6,700‌

6,780‌

Evergy

Inc

2.45%,

09/15/2024

9,300‌

9,460‌

Exelon

Corp

3.50%,

06/01/2022

22,500‌

23,186‌

Florida

Power

&

Light

Co

2.31%,

05/06/2022

15,000‌

15,001‌

3

Month

USD

LIBOR

+

0.40%

Indiantown

Cogeneration

LP

9.77%,

12/15/2020

1,548‌

1,601‌

Schedule

of

Investments

Short-Term

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

214

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

LG&E

&

KU

Energy

LLC

4.38%,

10/01/2021

$

15,000‌

$

15,484‌

NextEra

Energy

Capital

Holdings

Inc

2.40%,

09/01/2021

10,000‌

10,104‌

2.90%,

04/01/2022

14,162‌

14,495‌

3.15%,

04/01/2024

5,600‌

5,885‌

Public

Service

Enterprise

Group

Inc

2.88%,

06/15/2024

7,900‌

8,173‌

San

Diego

Gas

&

Electric

Co

1.91%,

02/01/2022

2,606‌

2,606‌

Sempra

Energy

2.33%,

01/15/2021

14,500‌

14,503‌

3

Month

USD

LIBOR

+

0.50%

2.40%,

02/01/2020

9,750‌

9,750‌

Southern

California

Edison

Co

1.85%,

02/01/2022

4,181‌

4,143‌

Tucson

Electric

Power

Co

3.05%,

03/15/2025

4,400‌

4,628‌

Vistra

Operations

Co

LLC

3.70%,

01/30/2027

(d)

19,500‌

19,590‌

WEC

Energy

Group

Inc

3.38%,

06/15/2021

17,600‌

17,985‌

$

330,271‌

Electronics

-

0.57%

Fortive

Corp

2.35%,

06/15/2021

11,700‌

11,764‌

Honeywell

International

Inc

1.85%,

11/01/2021

9,600‌

9,649‌

2.15%,

08/08/2022

9,800‌

9,935‌

$

31,348‌

Environmental

Control

-

0.24%

Republic

Services

Inc

2.50%,

08/15/2024

5,650‌

5,789‌

Waste

Management

Inc

2.95%,

06/15/2024

6,900‌

7,213‌

$

13,002‌

Finance

-

Mortgage

Loan/Banker

-

10.82%

Fannie

Mae

1.25%,

08/17/2021

48,400‌

48,315‌

1.38%,

02/26/2021

54,700‌

54,644‌

1.63%,

01/07/2025

3,000‌

3,032‌

1.75%,

07/02/2024

34,400‌

34,950‌

1.88%,

12/28/2020

20,000‌

20,075‌

1.88%,

09/24/2026

78,450‌

80,116‌

2.00%,

01/05/2022

29,000‌

29,343‌

2.13%,

04/24/2026

170,500‌

176,899‌

2.50%,

02/05/2024

35,250‌

36,766‌

2.63%,

09/06/2024

16,250‌

17,150‌

Federal

Home

Loan

Banks

2.63%,

10/01/2020

15,000‌

15,104‌

Freddie

Mac

2.38%,

02/16/2021

29,500‌

29,772‌

2.75%,

06/19/2023

42,900‌

44,892‌

$

591,058‌

Food

-

1.01%

Conagra

Brands

Inc

2.55%,

10/22/2020

9,750‌

9,751‌

3

Month

USD

LIBOR

+

0.75%

3.80%,

10/22/2021

19,346‌

20,027‌

Kraft

Heinz

Foods

Co

2.47%,

02/10/2021

9,600‌

9,617‌

3

Month

USD

LIBOR

+

0.57%

4.00%,

06/15/2023

4,850‌

5,145‌

Tyson

Foods

Inc

2.25%,

08/23/2021

5,750‌

5,793‌

2.34%,

08/21/2020

4,800‌

4,806‌

3

Month

USD

LIBOR

+

0.45%

$

55,139‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Gas

-

0.07%

NiSource

Inc

2.65%,

11/17/2022

$

4,000‌

$

4,074‌

Healthcare

-

Services

-

0.21%

Humana

Inc

2.50%,

12/15/2020

4,900‌

4,926‌

UnitedHealth

Group

Inc

1.95%,

10/15/2020

6,750‌

6,765‌

$

11,691‌

Home

Builders

-

0.18%

DR

Horton

Inc

2.50%,

10/15/2024

9,800‌

9,981‌

Home

Furnishings

-

0.28%

Panasonic

Corp

2.54%,

07/19/2022

(d)

9,800‌

9,944‌

2.68%,

07/19/2024

(d)

5,000‌

5,153‌

$

15,097‌

Insurance

-

3.74%

Allstate

Corp/The

2.59%,

03/29/2023

12,500‌

12,600‌

3

Month

USD

LIBOR

+

0.63%

Berkshire

Hathaway

Inc

2.75%,

03/15/2023

5,500‌

5,688‌

Five

Corners

Funding

Trust

4.42%,

11/15/2023

(d)

26,875‌

29,391‌

MassMutual

Global

Funding

II

2.00%,

04/15/2021

(d)

31,938‌

32,095‌

Metropolitan

Life

Global

Funding

I

1.95%,

09/15/2021

(d)

28,175‌

28,312‌

2.15%,

09/07/2020

(d)

9,750‌

9,771‌

United

States

Secured

Overnight

Financing

Rate

+

0.57%

2.29%,

06/12/2020

(d)

6,750‌

6,759‌

3

Month

USD

LIBOR

+

0.40%

3.60%,

01/11/2024

(d)

5,000‌

5,339‌

New

York

Life

Global

Funding

1.95%,

02/11/2020

(d)

17,100‌

17,100‌

2.00%,

04/13/2021

(d)

9,600‌

9,646‌

2.00%,

01/22/2025

(d)

9,800‌

9,890‌

2.30%,

06/10/2022

(d)

13,200‌

13,389‌

2.41%,

06/10/2022

(d)

24,000‌

24,187‌

3

Month

USD

LIBOR

+

0.52%

$

204,167‌

Lodging

-

0.05%

Las

Vegas

Sands

Corp

3.20%,

08/08/2024

2,900‌

2,994‌

Machinery

-

Construction

&

Mining

-

0.18%

Caterpillar

Financial

Services

Corp

2.55%,

11/29/2022

9,700‌

9,943‌

Machinery

-

Diversified

-

0.22%

John

Deere

Capital

Corp

2.05%,

03/10/2020

4,650‌

4,652‌

2.65%,

01/06/2022

7,212‌

7,349‌

$

12,001‌

Media

-

0.48%

Discovery

Communications

LLC

3.25%,

04/01/2023

3,038‌

3,162‌

3.50%,

06/15/2022

4,443‌

4,604‌

Sky

Ltd

3.13%,

11/26/2022

(d)

8,900‌

9,215‌

TWDC

Enterprises

18

Corp

1.95%,

03/04/2020

(e)

9,500‌

9,501‌

$

26,482‌

Mining

-

0.20%

Glencore

Finance

Canada

Ltd

4.25%,

10/25/2022

(d)

2,000‌

2,095‌

Schedule

of

Investments

Short-Term

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

215

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

(continued)

Glencore

Funding

LLC

4.13%,

05/30/2023

(d)

$

8,300‌

$

8,731‌

$

10,826‌

Miscellaneous

Manufacturers

-

0.44%

Ingersoll-Rand

Global

Holding

Co

Ltd

2.90%,

02/21/2021

14,500‌

14,661‌

Siemens

Financieringsmaatschappij

NV

2.20%,

03/16/2020

(d)

9,650‌

9,656‌

$

24,317‌

Mortgage

Backed

Securities

-

7.31%

Banc

of

America

Funding

2004-1

Trust

5.25%,

02/25/2019

12‌

13‌

Chase

Home

Lending

Mortgage

Trust

2019-1

3.50%,

03/25/2050

(d),(h)

14,263‌

14,548‌

CHL

Mortgage

Pass-Through

Trust

2003-46

3.91%,

01/19/2034

(h)

358‌

366‌

CHL

Mortgage

Pass-Through

Trust

2004-J7

5.00%,

09/25/2019

1‌

1‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp

5.00%,

09/25/2019

5‌

4‌

CSMC

2017-HL1

Trust

3.50%,

06/25/2047

(d),(h)

12,892‌

13,151‌

CSMC

2017-HL2

Trust

3.50%,

10/25/2047

(d),(h)

12,108‌

12,319‌

GS

Mortage-Backed

Securities

Trust

2020-PJ1

3.50%,

05/01/2050

(d),(h)

9,900‌

10,137‌

JP

Morgan

Mortgage

Trust

2004-A3

4.46%,

07/25/2034

(h)

494‌

502‌

JP

Morgan

Mortgage

Trust

2004-S1

5.00%,

09/25/2034

141‌

141‌

JP

Morgan

Mortgage

Trust

2016-4

3.50%,

10/25/2046

(d),(h)

9,342‌

9,575‌

JP

Morgan

Mortgage

Trust

2017-2

3.50%,

05/25/2047

(d),(h)

8,024‌

8,189‌

JP

Morgan

Mortgage

Trust

2017-4

3.50%,

11/25/2048

(d),(h)

20,664‌

21,038‌

JP

Morgan

Mortgage

Trust

2017-6

3.50%,

12/25/2048

(d),(h)

8,435‌

8,592‌

JP

Morgan

Mortgage

Trust

2018-3

3.50%,

09/25/2048

(d),(h)

10,431‌

10,645‌

JP

Morgan

Mortgage

Trust

2018-4

3.50%,

10/25/2048

(d),(h)

8,033‌

8,198‌

JP

Morgan

Mortgage

Trust

2018-6

3.50%,

12/25/2048

(d),(h)

7,153‌

7,269‌

JP

Morgan

Mortgage

Trust

2018-9

4.00%,

02/25/2049

(d),(h)

6,393‌

6,447‌

JP

Morgan

Mortgage

Trust

2019-2

4.00%,

08/25/2049

(d),(h)

3,099‌

3,124‌

JP

Morgan

Mortgage

Trust

2019-5

4.00%,

11/25/2049

(d),(h)

10,862‌

10,954‌

Metlife

Securitization

Trust

2019-1

3.75%,

04/25/2058

(d),(h)

6,208‌

6,481‌

PHH

Mortgage

Trust

Series

2008-CIM1

4.03%,

06/25/2038

1,249‌

1,258‌

1.00

x

1

Month

USD

LIBOR

+

2.25%

Prime

Mortgage

Trust

2005-2

5.25%,

07/25/2020

180‌

179‌

Provident

Funding

Mortgage

Loan

Trust

2005-1

2.24%,

05/25/2035

883‌

895‌

1.00

x

1

Month

USD

LIBOR

+

0.58%

PSMC

2018-1

Trust

3.50%,

02/25/2048

(d),(h)

16,548‌

16,857‌

PSMC

2018-2

Trust

3.50%,

06/25/2048

(d),(h)

13,578‌

13,824‌

PSMC

2018-3

Trust

4.00%,

08/25/2048

(d),(h)

10,393‌

10,480‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

PSMC

2018-4

Trust

4.00%,

11/25/2048

(d),(h)

$

8,409‌

$

8,443‌

PSMC

2019-1

Trust

4.00%,

07/25/2049

(d),(h)

8,488‌

8,553‌

PSMC

2020-1

Trust

3.50%,

01/25/2050

(d),(h)

19,600‌

20,046‌

RBSSP

Resecuritization

Trust

2009-7

2.19%,

06/26/2037

(d)

148‌

148‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

Sequoia

Mortgage

Trust

2013-4

1.55%,

04/25/2043

(h)

6,139‌

5,996‌

Sequoia

Mortgage

Trust

2013-8

2.25%,

06/25/2043

(h)

2,802‌

2,787‌

Sequoia

Mortgage

Trust

2017-1

3.50%,

02/25/2047

(d),(h)

9,337‌

9,524‌

Sequoia

Mortgage

Trust

2017-2

3.50%,

02/25/2047

(d),(h)

4,353‌

4,472‌

Sequoia

Mortgage

Trust

2017-3

3.50%,

04/25/2047

(d),(h)

8,133‌

8,336‌

Sequoia

Mortgage

Trust

2018-3

3.50%,

03/25/2048

(d),(h)

7,767‌

7,889‌

Sequoia

Mortgage

Trust

2018-5

3.50%,

05/25/2048

(d),(h)

9,445‌

9,616‌

Sequoia

Mortgage

Trust

2018-6

4.00%,

07/25/2048

(d),(h)

4,180‌

4,217‌

Sequoia

Mortgage

Trust

2018-7

4.00%,

09/25/2048

(d),(h)

4,059‌

4,092‌

Sequoia

Mortgage

Trust

2018-8

4.00%,

11/25/2048

(d),(h)

10,473‌

10,575‌

Sequoia

Mortgage

Trust

2018-CH3

4.00%,

08/25/2048

(d),(h)

3,778‌

3,801‌

Sequoia

Mortgage

Trust

2019-1

4.00%,

02/25/2049

(d),(h)

2,343‌

2,377‌

Sequoia

Mortgage

Trust

2019-2

4.00%,

06/25/2049

(d),(h)

13,167‌

13,344‌

Sequoia

Mortgage

Trust

2019-3

3.50%,

09/25/2049

(d),(h)

9,382‌

9,528‌

Sequoia

Mortgage

Trust

2020-1

3.50%,

02/25/2050

(d),(h)

5,275‌

5,400‌

Wells

Fargo

Mortgage

Backed

Securities

2018-1

3.50%,

07/25/2047

(d),(h)

13,209‌

13,472‌

Wells

Fargo

Mortgage

Backed

Securities

2019-1

Trust

4.00%,

11/25/2048

(d),(h)

3,453‌

3,482‌

4.00%,

11/25/2048

(d),(h)

4,399‌

4,400‌

Wells

Fargo

Mortgage

Backed

Securities

2019-2

Trust

4.00%,

04/25/2049

(d),(h)

9,496‌

9,553‌

Wells

Fargo

Mortgage

Backed

Securities

2019-3

Trust

3.00%,

07/25/2049

(d),(h)

12,255‌

12,380‌

Wells

Fargo

Mortgage

Backed

Securities

2019-4

Trust

3.50%,

09/25/2049

(d),(h)

21,056‌

21,542‌

$

399,160‌

Oil

&

Gas

-

1.31%

BP

Capital

Markets

PLC

3.81%,

02/10/2024

5,000‌

5,371‌

Chevron

Corp

2.90%,

03/03/2024

4,750‌

4,970‌

Cimarex

Energy

Co

4.38%,

06/01/2024

12,500‌

13,287‌

Occidental

Petroleum

Corp

3.15%,

08/13/2021

15,000‌

15,082‌

3

Month

USD

LIBOR

+

1.25%

Phillips

66

2.58%,

04/15/2020

(d)

9,700‌

9,705‌

3

Month

USD

LIBOR

+

0.75%

Schedule

of

Investments

Short-Term

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

216

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Shell

International

Finance

BV

2.13%,

05/11/2020

$

11,495‌

$

11,509‌

2.38%,

08/21/2022

11,700‌

11,911‌

$

71,835‌

Oil

&

Gas

Services

-

0.18%

Baker

Hughes

a

GE

Co

LLC

/

Baker

Hughes

Co-

Obligor

Inc

2.77%,

12/15/2022

9,750‌

10,008‌

Other

Asset

Backed

Securities

-

7.24%

CCG

Receivables

Trust

2.80%,

09/14/2026

(d)

14,719‌

14,864‌

CCG

Receivables

Trust

2018-1

2.50%,

06/16/2025

(d)

1,712‌

1,717‌

CCG

Receivables

Trust

2018-2

3.09%,

12/15/2025

(d)

11,909‌

12,017‌

CCG

Receivables

Trust

2019-2

2.11%,

03/15/2027

(d)

19,600‌

19,691‌

Daimler

Trucks

Retail

Trust

2019-1

2.77%,

04/15/2021

(d)

9,678‌

9,701‌

Drug

Royalty

III

LP

1

3.43%,

10/15/2031

(d)

2,632‌

2,628‌

1.00

x

3

Month

USD

LIBOR

+

1.60%

3.60%,

04/15/2027

(d)

1,595‌

1,600‌

3.98%,

04/15/2027

(d)

510‌

512‌

4.27%,

10/15/2031

(d)

3,196‌

3,296‌

4.33%,

04/15/2027

(d)

1,595‌

1,604‌

1.00

x

3

Month

USD

LIBOR

+

2.50%

MMAF

Equipment

Finance

LLC

2018-A

2.92%,

07/12/2021

(d)

3,265‌

3,271‌

MMAF

Equipment

Finance

LLC

2019-A

2.84%,

01/10/2022

(d)

10,823‌

10,880‌

MVW

Owner

Trust

2015-1

2.52%,

12/20/2032

(d)

4,737‌

4,752‌

MVW

Owner

Trust

2016-1

2.25%,

12/20/2033

(d)

3,030‌

3,028‌

MVW

Owner

Trust

2018-1

3.45%,

01/21/2036

(d)

9,496‌

9,802‌

PFS

Financing

Corp

2.23%,

10/15/2024

(d)

29,250‌

29,389‌

2.28%,

07/15/2022

(d)

19,250‌

19,244‌

1.00

x

1

Month

USD

LIBOR

+

0.60%

2.40%,

10/17/2022

(d)

11,700‌

11,746‌

2.86%,

04/15/2024

(d)

9,750‌

9,948‌

3.19%,

04/17/2023

(d)

8,750‌

8,892‌

3.52%,

10/15/2023

(d)

6,750‌

6,911‌

Trafigura

Securitisation

Finance

PLC

2017-1

2.53%,

12/15/2020

(d)

17,500‌

17,507‌

1.00

x

1

Month

USD

LIBOR

+

0.85%

Trafigura

Securitisation

Finance

PLC

2018-1

3.73%,

03/15/2022

(d)

22,000‌

22,516‌

Verizon

Owner

Trust

2017-1

2.06%,

09/20/2021

(d)

1,646‌

1,646‌

Verizon

Owner

Trust

2017-2

1.92%,

12/20/2021

(d)

5,282‌

5,285‌

Verizon

Owner

Trust

2017-3

2.06%,

04/20/2022

(d)

9,053‌

9,064‌

Verizon

Owner

Trust

2018-1

2.82%,

09/20/2022

(d)

15,500‌

15,613‌

Verizon

Owner

Trust

2018-A

3.23%,

04/20/2023

23,400‌

23,865‌

Verizon

Owner

Trust

2019-A

2.93%,

09/20/2023

13,500‌

13,792‌

Verizon

Owner

Trust

2019-B

2.33%,

12/20/2023

19,500‌

19,769‌

Verizon

Owner

Trust

2019-C

1.94%,

04/22/2024

23,000‌

23,176‌

Verizon

Owner

Trust

2020-A

1.85%,

07/22/2024

22,000‌

22,120‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

Volvo

Financial

Equipment

LLC

Series

2018-1

2.76%,

10/17/2022

(d)

$

4,900‌

$

4,969‌

Volvo

Financial

Equipment

LLC

Series

2019-1

3.00%,

03/15/2023

(d)

12,900‌

13,134‌

Volvo

Financial

Equipment

LLC

Series

2019-2

2.02%,

08/15/2022

(d)

9,750‌

9,767‌

VSE

2018-A

VOI

Mortgage

LLC

3.56%,

02/20/2036

(d)

7,594‌

7,893‌

$

395,609‌

Pharmaceuticals

-

2.67%

AbbVie

Inc

2.15%,

11/19/2021

(d)

19,500‌

19,624‌

2.30%,

05/14/2021

14,800‌

14,897‌

2.50%,

05/14/2020

8,414‌

8,424‌

Bayer

US

Finance

II

LLC

3.50%,

06/25/2021

(d)

4,750‌

4,854‌

3.88%,

12/15/2023

(d)

5,800‌

6,195‌

Bristol-Myers

Squibb

Co

2.90%,

07/26/2024

(d)

8,350‌

8,717‌

3.25%,

08/15/2022

(d)

9,750‌

10,125‌

3.63%,

05/15/2024

(d)

8,100‌

8,660‌

Cigna

Corp

3.40%,

09/17/2021

9,600‌

9,851‌

4.00%,

02/15/2022

(d)

7,080‌

7,325‌

4.75%,

11/15/2021

(d)

1,000‌

1,051‌

CVS

Health

Corp

2.63%,

08/15/2024

10,500‌

10,757‌

3.35%,

03/09/2021

14,216‌

14,462‌

Mead

Johnson

Nutrition

Co

3.00%,

11/15/2020

4,750‌

4,796‌

Merck

&

Co

Inc

2.90%,

03/07/2024

5,800‌

6,093‌

Pfizer

Inc

2.80%,

03/11/2022

9,750‌

10,005‌

$

145,836‌

Pipelines

-

2.10%

Buckeye

Partners

LP

4.15%,

07/01/2023

11,300‌

11,425‌

Columbia

Pipeline

Group

Inc

3.30%,

06/01/2020

8,528‌

8,558‌

Enterprise

Products

Operating

LLC

3.50%,

02/01/2022

19,500‌

20,151‌

Florida

Gas

Transmission

Co

LLC

3.88%,

07/15/2022

(d)

12,550‌

13,025‌

Kinder

Morgan

Inc/DE

3.11%,

01/15/2023

14,500‌

14,671‌

3

Month

USD

LIBOR

+

1.28%

ONEOK

Partners

LP

5.00%,

09/15/2023

13,600‌

14,904‌

Southeast

Supply

Header

LLC

4.25%,

06/15/2024

(d)

10,900‌

11,198‌

TransCanada

PipeLines

Ltd

4.12%,

05/15/2067

23,657‌

20,574‌

3

Month

USD

LIBOR

+

2.21%

$

114,506‌

REITs

-

1.60%

Alexandria

Real

Estate

Equities

Inc

3.90%,

06/15/2023

9,750‌

10,348‌

American

Tower

Corp

2.40%,

03/15/2025

9,600‌

9,726‌

CubeSmart

LP

4.38%,

12/15/2023

4,000‌

4,302‌

Healthcare

Realty

Trust

Inc

3.75%,

04/15/2023

12,000‌

12,508‌

Omega

Healthcare

Investors

Inc

4.95%,

04/01/2024

4,750‌

5,225‌

Schedule

of

Investments

Short-Term

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

217

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

SBA

Tower

Trust

2.88%,

07/15/2046

(d)

$

9,600‌

$

9,661‌

3.17%,

04/09/2047

(d)

9,600‌

9,769‌

Service

Properties

Trust

4.50%,

06/15/2023

4,800‌

5,037‌

Ventas

Realty

LP

3.50%,

04/15/2024

9,400‌

9,956‌

Welltower

Inc

3.75%,

03/15/2023

5,900‌

6,197‌

3.95%,

09/01/2023

4,237‌

4,519‌

$

87,248‌

Retail

-

0.74%

Home

Depot

Inc/The

1.80%,

06/05/2020

11,500‌

11,504‌

McDonald's

Corp

2.63%,

01/15/2022

7,250‌

7,380‌

2.75%,

12/09/2020

8,256‌

8,319‌

Walmart

Inc

1.90%,

12/15/2020

6,850‌

6,870‌

2.85%,

07/08/2024

6,000‌

6,301‌

$

40,374‌

Savings

&

Loans

-

0.00%

Washington

Mutual

Bank

/

Henderson

NV

0.00%,

01/15/2013

(k)

1,200‌

—‌

Semiconductors

-

0.56%

Broadcom

Inc

3.13%,

04/15/2021

(d)

9,750‌

9,890‌

Microchip

Technology

Inc

4.33%,

06/01/2023

9,800‌

10,461‌

QUALCOMM

Inc

2.60%,

01/30/2023

9,750‌

9,990‌

$

30,341‌

Software

-

0.52%

Adobe

Inc

1.70%,

02/01/2023

(l)

11,750‌

11,821‌

Oracle

Corp

1.90%,

09/15/2021

4,800‌

4,820‌

VMware

Inc

2.95%,

08/21/2022

11,750‌

12,024‌

$

28,665‌

Student

Loan

Asset

Backed

Securities

-

4.64%

AccessLex

Institute

2.75%,

07/01/2038

155‌

155‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

3

Month

+

1.20%

Commonbond

Student

Loan

Trust

2018-BGS

3.56%,

09/25/2045

(d)

9,362‌

9,659‌

Commonbond

Student

Loan

Trust

2018-C-GS

3.87%,

02/25/2046

(d)

15,606‌

16,079‌

Commonbond

Student

Loan

Trust

2019-A-GS

2.54%,

01/25/2047

(d)

20,838‌

21,098‌

KeyCorp

Student

Loan

Trust

2000-A

2.23%,

05/25/2029

1,173‌

1,170‌

1.00

x

3

Month

USD

LIBOR

+

0.32%

Keycorp

Student

Loan

Trust

2000-b

2.10%,

07/25/2029

9,435‌

9,288‌

1.00

x

3

Month

USD

LIBOR

+

0.31%

KeyCorp

Student

Loan

Trust

2003-A

2.32%,

01/25/2037

17,812‌

17,557‌

1.00

x

3

Month

USD

LIBOR

+

0.53%

Laurel

Road

Prime

Student

Loan

Trust

2019-A

2.34%,

10/25/2048

(d)

7,772‌

7,785‌

Navient

Private

Education

Loan

Trust

2014-CT

2.38%,

09/16/2024

(d)

811‌

811‌

1.00

x

1

Month

USD

LIBOR

+

0.70%

Navient

Private

Education

Loan

Trust

2018-B

2.03%,

12/15/2059

(d)

1,500‌

1,500‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Student

Loan

Asset

Backed

Securities

(continued)

Navient

Private

Education

Refi

Loan

Trust

2018-A

2.53%,

02/18/2042

(d)

$

2,426‌

$

2,429‌

Navient

Private

Education

Refi

Loan

Trust

2018-C

3.01%,

06/16/2042

(d)

2,667‌

2,677‌

Navient

Private

Education

Refi

Loan

Trust

2018-D

1.98%,

12/15/2059

(d)

3,945‌

3,945‌

1.00

x

1

Month

USD

LIBOR

+

0.30%

Navient

Private

Education

Refi

Loan

Trust

2019-A

3.03%,

01/15/2043

(d)

1,544‌

1,552‌

3.42%,

01/15/2043

(d)

4,900‌

5,044‌

Navient

Private

Education

Refi

Loan

Trust

2019-C

2.82%,

02/15/2068

(d)

12,334‌

12,405‌

Navient

Private

Education

Refi

Loan

Trust

2019-D

2.08%,

12/15/2059

(d)

8,042‌

8,035‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

Navient

Private

Education

Refi

Loan

Trust

2019-E

2.39%,

05/15/2068

(d)

8,856‌

8,906‌

Navient

Private

Education

Refi

Loan

Trust

2019-F

2.18%,

08/15/2068

(d)

13,467‌

13,505‌

Navient

Private

Education

Refi

Loan

Trust

2019-G

2.40%,

10/15/2068

(d)

19,600‌

19,823‌

Navient

Private

Education

Refi

Loan

Trust

2020-A

2.33%,

11/15/2068

(d)

9,300‌

9,300‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

Navient

Student

Loan

Trust

2018-EA

3.43%,

12/15/2059

(d)

7,847‌

7,907‌

Navient

Student

Loan

Trust

2019-B

2.08%,

12/15/2059

(d)

4,855‌

4,850‌

1.00

x

1

Month

USD

LIBOR

+

0.40%

SLM

Private

Credit

Student

Loan

Trust

2004-A

2.29%,

06/15/2033

1,230‌

1,221‌

1.00

x

3

Month

USD

LIBOR

+

0.40%

SLM

Private

Credit

Student

Loan

Trust

2004-B

2.22%,

03/15/2024

11,314‌

11,280‌

1.00

x

3

Month

USD

LIBOR

+

0.33%

SLM

Private

Credit

Student

Loan

Trust

2006-A

2.18%,

06/15/2039

23,749‌

23,236‌

1.00

x

3

Month

USD

LIBOR

+

0.29%

SLM

Private

Credit

Student

Loan

Trust

2006-B

2.09%,

12/15/2039

13,739‌

13,392‌

1.00

x

3

Month

USD

LIBOR

+

0.20%

SMB

Private

Education

Loan

Trust

2018-A

2.03%,

03/16/2026

(d)

2,259‌

2,260‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

SMB

Private

Education

Loan

Trust

2018-B

2.00%,

12/16/2024

(d)

914‌

914‌

1.00

x

1

Month

USD

LIBOR

+

0.32%

SMB

Private

Education

Loan

Trust

2018-C

1.98%,

09/15/2025

(d)

2,021‌

2,020‌

1.00

x

1

Month

USD

LIBOR

+

0.30%

SMB

Private

Education

Loan

Trust

2019-A

2.03%,

02/16/2026

(d)

4,359‌

4,360‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

SMB

Private

Education

Loan

Trust

2019-B

2.03%,

07/15/2026

(d)

9,233‌

9,234‌

1.00

x

1

Month

USD

LIBOR

+

0.35%

$

253,397‌

Schedule

of

Investments

Short-Term

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

218

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

-

1.86%

AT&T

Inc

2.80%,

02/17/2021

$

11,000‌

$

11,108‌

2.80%,

02/15/2023

7,150‌

7,216‌

3

Month

USD

LIBOR

+

0.89%

3.60%,

02/17/2023

4,800‌

5,038‌

Cisco

Systems

Inc

2.20%,

02/28/2021

4,750‌

4,777‌

Crown

Castle

Towers

LLC

3.22%,

05/15/2022

(d)

11,430‌

11,625‌

Sprint

Spectrum

Co

LLC

/

Sprint

Spectrum

Co

II

LLC

/

Sprint

Spectrum

Co

III

LLC

3.36%,

03/20/2023

(d)

16,778‌

16,915‌

4.74%,

03/20/2025

(d)

28,050‌

29,628‌

Verizon

Communications

Inc

2.45%,

05/22/2020

4,800‌

4,807‌

3

Month

USD

LIBOR

+

0.55%

Vodafone

Group

PLC

3.75%,

01/16/2024

9,750‌

10,398‌

$

101,512‌

Transportation

-

0.23%

Ryder

System

Inc

2.25%,

09/01/2021

4,800‌

4,830‌

3.75%,

06/09/2023

7,300‌

7,699‌

$

12,529‌

Trucking

&

Leasing

-

0.19%

Penske

Truck

Leasing

Co

Lp

/

PTL

Finance

Corp

3.45%,

07/01/2024

(d)

9,800‌

10,343‌

TOTAL

BONDS

$

4,976,249‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

7.92%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

0.00%

4.50%,

09/01/2035

$

41‌

$

44‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.25%

7.00%,

12/01/2022

47‌

47‌

$

91‌

Federal

National

Mortgage

Association

(FNMA)

-

0.01%

3.64%,

12/01/2032

13‌

14‌

1.00

x

12

Month

USD

LIBOR

+

1.64%

3.92%,

10/01/2035

85‌

88‌

1.00

x

12

Month

USD

LIBOR

+

1.67%

4.04%,

11/01/2032

24‌

26‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.29%

4.05%,

11/01/2022

1‌

1‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.05%

4.30%,

07/01/2034

51‌

53‌

1.00

x

12

Month

USD

LIBOR

+

1.65%

4.32%,

08/01/2034

30‌

31‌

1.00

x

12

Month

USD

LIBOR

+

1.63%

4.32%,

02/01/2035

15‌

15‌

1.00

x

6

Month

USD

LIBOR

+

2.07%

4.37%,

02/01/2037

60‌

62‌

1.00

x

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%

4.43%,

07/01/2034

13‌

14‌

1.00

x

12

Month

USD

LIBOR

+

1.66%

4.82%,

11/01/2035

2‌

2‌

1.00

x

Cost

of

funds

for

the

11th

District

of

San

Francisco

+

1.26%

4.88%,

01/01/2035

32‌

34‌

1.00

x

12

Month

USD

LIBOR

+

1.75%

$

340‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

0.00%

7.50%,

10/01/2029

$

3‌

$

2‌

8.00%,

05/01/2027

1‌

1‌

$

3‌

Government

National

Mortgage

Association

(GNMA)

-

0.00%

9.00%,

04/20/2025

1‌

1‌

U.S.

Treasury

-

7.91%

1.38%,

08/31/2020

12,500‌

12,485‌

1.38%,

09/30/2020

15,000‌

14,981‌

1.38%,

05/31/2021

15,000‌

14,988‌

1.50%,

08/31/2021

19,500‌

19,529‌

1.63%,

06/30/2021

100,000‌

100,270‌

1.63%,

10/31/2023

19,000‌

19,217‌

1.63%,

05/15/2026

14,100‌

14,285‌

1.75%,

07/31/2021

150,000‌

150,744‌

1.88%,

07/31/2026

39,300‌

40,424‌

2.00%,

08/15/2025

24,500‌

25,322‌

2.63%,

05/15/2021

19,500‌

19,791‌

$

432,036‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

432,471‌

Total

Investments

$

5,464,839‌

Other

Assets

and

Liabilities

-  (0.04)%

(1,998‌)

TOTAL

NET

ASSETS

-

100.00%

$

5,462,841‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,458

or

0.03%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,759,196

or

32.20%

of

net

assets.

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(f)

Rate

shown

is

as

of

period

end.

The

rate

may

be

a

variable

or

floating

rate

or

a

fixed

rate

which

may

convert

to

a

variable

or

floating

rate

in

the

future.

(g)

Security

is

an

Interest

Only

Strip.

(h)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(i)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(j)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$10,027

or

0.18%

of

net

assets.

(k)

Non-income

producing

security

(l)

Security

purchased

on

a

when-issued

basis.

Schedule

of

Investments

Short-Term

Income

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

219

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

25.15‌%

Asset

Backed

Securities

21.14‌%

Government

18.73‌%

Mortgage

Securities

7.90‌%

Utilities

6.12‌%

Consumer,

Non-cyclical

5.46‌%

Energy

3.59‌%

Industrial

3.08‌%

Communications

2.34‌%

Technology

2.18‌%

Consumer,

Cyclical

2.11‌%

Basic

Materials

1.21‌%

Money

Market

Funds

1.03‌%

Other

Assets

and

Liabilities

(0.04‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

38,952‌

$

780,854‌

$

765,145‌

$

54,661‌

$

38,952‌

$

780,854‌

$

765,145‌

$

54,661‌

Income

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

249‌

$

—‌

$

—‌

$

—‌

$

249‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Schedule

of

Investments

SmallCap

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

220

INVESTMENT

COMPANIES

-

3.46%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.46%

BlackRock

Liquidity

FedFund

1.49

%

(a),(b)

2,414,341‌

$

2,415‌

Principal

Government

Money

Market

Fund

1.43

%

(a),(b),(c)

21,432,236‌

21,432‌

$

23,847‌

TOTAL

INVESTMENT

COMPANIES

$

23,847‌

COMMON

STOCKS

-

98.00%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

1.62%

Aerojet

Rocketdyne

Holdings

Inc

(

d)

214,600‌

11,174‌

Agriculture

-

1.61%

Darling

Ingredients

Inc

(

d)

409,800‌

11,118‌

Automobile

Parts

&

Equipment

-

0.76%

Modine

Manufacturing

Co

(

d)

172,700‌

1,214‌

Visteon

Corp

(

d)

50,700‌

4,046‌

$

5,260‌

Banks

-

7.91%

BancFirst

Corp

37,500‌

2,168‌

Cathay

General

Bancorp

239,900‌

8,651‌

First

Interstate

BancSystem

Inc

135,500‌

5,217‌

First

Merchants

Corp

114,300‌

4,543‌

First

Midwest

Bancorp

Inc/IL

242,300‌

4,831‌

Flagstar

Bancorp

Inc

127,600‌

4,497‌

IBERIABANK

Corp

131,900‌

9,590‌

Independent

Bank

Corp/MI

79,200‌

1,693‌

Lakeland

Bancorp

Inc

83,820‌

1,361‌

United

Community

Banks

Inc/GA

266,050‌

7,428‌

WesBanco

Inc

134,800‌

4,465‌

$

54,444‌

Biotechnology

-

4.12%

Acceleron

Pharma

Inc

(

d)

55,000‌

4,993‌

Allogene

Therapeutics

Inc

(

d),(e)

79,000‌

1,716‌

Bellicum

Pharmaceuticals

Inc

(

d),(e)

366,901‌

448‌

Bluebird

Bio

Inc

(

d)

22,100‌

1,761‌

Denali

Therapeutics

Inc

(

d),(e)

120,300‌

2,786‌

DNIB

Unwind

Inc

-

Warrants

(

d),(f),(g)

17,472‌

—‌

FibroGen

Inc

(

d)

85,300‌

3,570‌

Insmed

Inc

(

d)

169,500‌

3,481‌

Iovance

Biotherapeutics

Inc

(

d)

81,400‌

1,770‌

MacroGenics

Inc

(

d)

132,000‌

1,221‌

Magenta

Therapeutics

Inc

(

d)

174,000‌

2,067‌

Precision

BioSciences

Inc

(

d)

173,800‌

1,406‌

Seattle

Genetics

Inc

(

d)

29,400‌

3,187‌

$

28,406‌

Building

Materials

-

0.81%

Builders

FirstSource

Inc

(

d)

226,200‌

5,609‌

Chemicals

-

0.69%

Cabot

Corp

118,700‌

4,730‌

Commercial

Services

-

8.58%

AMN

Healthcare

Services

Inc

(

d)

158,900‌

10,707‌

BrightView

Holdings

Inc

(

d)

268,700‌

4,245‌

Brink's

Co/The

92,100‌

7,754‌

FTI

Consulting

Inc

(

d)

88,400‌

10,613‌

HMS

Holdings

Corp

(

d)

303,100‌

8,281‌

ICF

International

Inc

65,800‌

5,763‌

K12

Inc

(

d)

212,500‌

3,430‌

Korn

Ferry

91,900‌

3,766‌

Medifast

Inc

(

e)

27,400‌

2,648‌

Nesco

Holdings

Inc

(

d),(e)

432,000‌

1,858‌

$

59,065‌

Computers

-

5.27%

CACI

International

Inc

(

d)

35,400‌

9,467‌

ExlService

Holdings

Inc

(

d)

84,500‌

6,178‌

Parsons

Corp

(

d)

179,200‌

7,329‌

Perspecta

Inc

306,100‌

8,592‌

Ping

Identity

Holding

Corp

(

d),(e)

194,700‌

4,722‌

$

36,288‌

Consumer

Products

-

0.69%

Central

Garden

&

Pet

Co

-

A

Shares

(

d)

159,580‌

4,781‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

-

3.98%

Hamilton

Lane

Inc

88,490‌

$

5,747‌

Legg

Mason

Inc

63,700‌

2,494‌

LPL

Financial

Holdings

Inc

43,800‌

4,035‌

Piper

Sandler

Cos

66,440‌

5,477‌

Stifel

Financial

Corp

149,211‌

9,653‌

$

27,406‌

Electric

-

2.76%

PNM

Resources

Inc

170,580‌

9,250‌

Portland

General

Electric

Co

158,500‌

9,748‌

$

18,998‌

Electrical

Components

&

Equipment

-

1.18%

EnerSys

95,800‌

6,894‌

nLight

Inc

(

d)

71,664‌

1,259‌

$

8,153‌

Electronics

-

3.77%

Advanced

Energy

Industries

Inc

(

d)

109,400‌

7,651‌

Atkore

International

Group

Inc

(

d)

80,800‌

3,208‌

SYNNEX

Corp

67,400‌

9,285‌

Vishay

Intertechnology

Inc

285,550‌

5,794‌

$

25,938‌

Engineering

&

Construction

-

1.65%

Great

Lakes

Dredge

&

Dock

Corp

(

d)

380,000‌

3,978‌

MasTec

Inc

(

d)

128,100‌

7,398‌

$

11,376‌

Entertainment

-

2.82%

Eldorado

Resorts

Inc

(

d)

175,400‌

10,486‌

Golden

Entertainment

Inc

(

d)

170,990‌

2,934‌

Vail

Resorts

Inc

25,700‌

6,027‌

$

19,447‌

Environmental

Control

-

0.95%

Tetra

Tech

Inc

76,200‌

6,523‌

Food

-

0.96%

Performance

Food

Group

Co

(

d)

127,600‌

6,608‌

Forest

Products

&

Paper

-

0.20%

PH

Glatfelter

Co

81,100‌

1,354‌

Gas

-

1.22%

Southwest

Gas

Holdings

Inc

111,290‌

8,404‌

Healthcare

-

Products

-

1.73%

Adaptive

Biotechnologies

Corp

(

d)

32,500‌

972‌

Nevro

Corp

(

d)

48,900‌

6,499‌

RA

Medical

Systems

Inc

(

d),(e)

226,500‌

560‌

STAAR

Surgical

Co

(

d)

115,400‌

3,882‌

$

11,913‌

Healthcare

-

Services

-

6.38%

Addus

HomeCare

Corp

(

d)

101,700‌

9,594‌

Encompass

Health

Corp

120,100‌

9,251‌

Natera

Inc

(

d)

179,315‌

6,278‌

Syneos

Health

Inc

(

d)

174,600‌

10,714‌

Teladoc

Health

Inc

(

d)

79,700‌

8,106‌

$

43,943‌

Home

Builders

-

1.32%

William

Lyon

Homes

(

d)

393,160‌

9,117‌

Insurance

-

3.85%

First

American

Financial

Corp

62,500‌

3,874‌

Hanover

Insurance

Group

Inc/The

62,200‌

8,620‌

Kemper

Corp

94,470‌

7,030‌

MGIC

Investment

Corp

508,600‌

7,013‌

$

26,537‌

Internet

-

0.84%

Eventbrite

Inc

(

d)

205,700‌

4,350‌

Revolve

Group

Inc

(

d),(e)

79,192‌

1,409‌

$

5,759‌

Iron

&

Steel

-

0.55%

Cleveland-Cliffs

Inc

540,400‌

3,794‌

Schedule

of

Investments

SmallCap

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

221

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Leisure

Products

&

Services

-

2.37%

Lindblad

Expeditions

Holdings

Inc

(

d)

133,200‌

$

2,197‌

OneSpaWorld

Holdings

Ltd

319,800‌

4,800‌

Planet

Fitness

Inc

(

d)

115,100‌

9,299‌

$

16,296‌

Lodging

-

0.83%

Extended

Stay

America

Inc

440,750‌

5,694‌

Machinery

-

Diversified

-

0.54%

Columbus

McKinnon

Corp/NY

105,200‌

3,681‌

Media

-

0.54%

World

Wrestling

Entertainment

Inc

75,600‌

3,695‌

Metal

Fabrication

&

Hardware

-

1.57%

Advanced

Drainage

Systems

Inc

87,962‌

3,657‌

Rexnord

Corp

219,700‌

7,173‌

$

10,830‌

Mining

-

0.15%

Alcoa

Corp

(

d)

72,180‌

1,007‌

Miscellaneous

Manufacturers

-

1.35%

Hillenbrand

Inc

253,700‌

7,365‌

Trinseo

SA

66,500‌

1,910‌

$

9,275‌

Oil

&

Gas

-

1.39%

Callon

Petroleum

Co

(

d)

501,200‌

1,504‌

Delek

US

Holdings

Inc

84,000‌

2,307‌

PDC

Energy

Inc

(

d)

86,600‌

1,870‌

Ring

Energy

Inc

(

d)

525,100‌

1,134‌

Talos

Energy

Inc

(

d)

111,100‌

2,437‌

Whiting

Petroleum

Corp

(

d),(e)

76,700‌

348‌

$

9,600‌

Oil

&

Gas

Services

-

0.61%

Matrix

Service

Co

(

d)

76,700‌

1,543‌

Select

Energy

Services

Inc

(

d)

381,900‌

2,658‌

$

4,201‌

Packaging

&

Containers

-

0.84%

Graphic

Packaging

Holding

Co

370,000‌

5,783‌

Pharmaceuticals

-

2.35%

DexCom

Inc

(

d)

10,700‌

2,576‌

Horizon

Therapeutics

Plc

(

d)

239,100‌

8,247‌

Revance

Therapeutics

Inc

(

d)

241,100‌

5,393‌

$

16,216‌

REITs

-

8.24%

Agree

Realty

Corp

140,100‌

10,638‌

Brandywine

Realty

Trust

514,000‌

8,029‌

Cousins

Properties

Inc

216,801‌

8,874‌

First

Industrial

Realty

Trust

Inc

255,630‌

10,915‌

Ladder

Capital

Corp

325,300‌

5,969‌

Pebblebrook

Hotel

Trust

359,936‌

8,538‌

Two

Harbors

Investment

Corp

247,860‌

3,782‌

$

56,745‌

Retail

-

3.24%

BJ's

Wholesale

Club

Holdings

Inc

(

d)

319,151‌

6,549‌

Caleres

Inc

266,230‌

4,672‌

Carvana

Co

(

d)

55,600‌

4,406‌

Ruth's

Hospitality

Group

Inc

155,800‌

3,194‌

World

Fuel

Services

Corp

89,300‌

3,494‌

$

22,315‌

Semiconductors

-

1.95%

Entegris

Inc

191,370‌

9,905‌

SiTime

Corp

(

d)

138,000‌

3,508‌

$

13,413‌

Software

-

5.12%

Aspen

Technology

Inc

(

d)

63,600‌

7,567‌

Ceridian

HCM

Holding

Inc

(

d)

46,125‌

3,381‌

Cloudflare

Inc

(

d)

123,700‌

2,209‌

Dynatrace

Inc

(

d)

76,200‌

2,386‌

Manhattan

Associates

Inc

(

d)

101,000‌

8,631‌

SolarWinds

Corp

(

d)

384,403‌

7,273‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Sprout

Social

Inc

(

d)

185,400‌

$

3,806‌

$

35,253‌

Telecommunications

-

0.69%

Plantronics

Inc

117,000‌

3,360‌

Switch

Inc

88,400‌

1,415‌

$

4,775‌

TOTAL

COMMON

STOCKS

$

674,924‌

Total

Investments

$

698,771‌

Other

Assets

and

Liabilities

-  (

1.46)%

(10,029‌)

TOTAL

NET

ASSETS

-

100.00%

$

688,742‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$9,944

or

1.44%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(f)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(g)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$0

or

0.00%

of

net

assets.

Portfolio

Summary  (

unaudited)

Sector

Percent

Consumer,

Non-cyclical

26.42‌%

Financial

23.98‌%

Industrial

14.28‌%

Technology

12.34‌%

Consumer,

Cyclical

11.34‌%

Utilities

3.98‌%

Money

Market

Funds

3.46‌%

Communications

2.07‌%

Energy

2.00‌%

Basic

Materials

1.59‌%

Other

Assets

and

Liabilities

(

1.46‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SmallCap

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

222

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

35,326‌

$

92,115‌

$

106,009‌

$

21,432‌

$

35,326‌

$

92,115‌

$

106,009‌

$

21,432‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

54‌

$

—‌

$

—‌

$

—‌

$

54‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

223

INVESTMENT

COMPANIES

-

5.24%

Shares

Held

Value

(000's)

Money

Market

Funds

-

5.18%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

10,175,141‌

$

10,175‌

Principal

Government

Money

Market

Fund

1.43%

(a),(b),(c)

92,613,435‌

92,613‌

$

102,788‌

Principal

Exchange-Traded

Funds

-

0.06%

Principal

Healthcare

Innovators

Index

ETF

(c)

7,680‌

288‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(c)

27,757‌

880‌

$

1,168‌

TOTAL

INVESTMENT

COMPANIES

$

103,956‌

COMMON

STOCKS

-

96.14%

Shares

Held

Value

(000's)

Advertising

-

0.01%

Boston

Omaha

Corp

(d)

1,402‌

28‌

Fluent

Inc

(d)

9,567‌

26‌

MDC

Partners

Inc

(d)

11,415‌

26‌

National

CineMedia

Inc

2,308‌

17‌

Quotient

Technology

Inc

(d)

1,488‌

15‌

Telaria

Inc

(d)

7,035‌

72‌

$

184‌

Aerospace

&

Defense

-

2.07%

Aerojet

Rocketdyne

Holdings

Inc

(d)

85,252‌

4,439‌

AeroVironment

Inc

(d)

2,320‌

154‌

Astronics

Corp

(d)

3,434‌

87‌

Barnes

Group

Inc

1,802‌

114‌

Coda

Octopus

Group

Inc

(d),(e)

2,175‌

14‌

Ducommun

Inc

(d)

468‌

19‌

HEICO

Corp

48,560‌

5,945‌

Kaman

Corp

523‌

32‌

Kratos

Defense

&

Security

Solutions

Inc

(d)

409,249‌

7,506‌

Mercury

Systems

Inc

(d)

291,487‌

22,372‌

Moog

Inc

4,708‌

422‌

National

Presto

Industries

Inc

48‌

4‌

Triumph

Group

Inc

1,885‌

38‌

$

41,146‌

Agriculture

-

0.02%

Phibro

Animal

Health

Corp

3,213‌

76‌

Turning

Point

Brands

Inc

(e)

1,624‌

37‌

Vector

Group

Ltd

19,854‌

261‌

$

374‌

Airlines

-

0.03%

Allegiant

Travel

Co

2,297‌

386‌

Mesa

Air

Group

Inc

(d)

1,923‌

17‌

Spirit

Airlines

Inc

(d)

6,018‌

247‌

$

650‌

Apparel

-

0.38%

Crocs

Inc

(d)

7,626‌

289‌

Deckers

Outdoor

Corp

(d)

4,444‌

848‌

Kontoor

Brands

Inc

3,030‌

116‌

Oxford

Industries

Inc

1,738‌

121‌

Steven

Madden

Ltd

154,415‌

5,954‌

Superior

Group

of

Cos

Inc

1,113‌

13‌

Wolverine

World

Wide

Inc

7,549‌

238‌

$

7,579‌

Automobile

Manufacturers

-

0.00%

Blue

Bird

Corp

(d)

1,418‌

28‌

REV

Group

Inc

814‌

8‌

$

36‌

Automobile

Parts

&

Equipment

-

0.05%

Dorman

Products

Inc

(d)

2,968‌

207‌

Douglas

Dynamics

Inc

4,605‌

242‌

Gentherm

Inc

(d)

3,736‌

172‌

Meritor

Inc

(d)

6,910‌

152‌

Miller

Industries

Inc/TN

208‌

7‌

Spartan

Motors

Inc

3,962‌

67‌

Standard

Motor

Products

Inc

803‌

39‌

Telenav

Inc

(d)

4,198‌

19‌

$

905‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

-

2.11%

Alerus

Financial

Corp

304‌

$

6‌

Ameris

Bancorp

73,932‌

2,971‌

Atlantic

Capital

Bancshares

Inc

(d)

465‌

9‌

Bank

First

Corp

935‌

59‌

Bank

of

NT

Butterfield

&

Son

Ltd/The

3,550‌

118‌

Bank7

Corp

182‌

3‌

Baycom

Corp

(d)

915‌

21‌

Cambridge

Bancorp

268‌

19‌

CenterState

Bank

Corp

138,400‌

3,122‌

Central

Pacific

Financial

Corp

319‌

9‌

Century

Bancorp

Inc/MA

129‌

11‌

City

Holding

Co

598‌

45‌

CNB

Financial

Corp/PA

269‌

8‌

Coastal

Financial

Corp/WA

(d)

928‌

17‌

CrossFirst

Bankshares

Inc

(d)

34,000‌

464‌

Eagle

Bancorp

Inc

909‌

40‌

Esquire

Financial

Holdings

Inc

(d)

683‌

16‌

FB

Financial

Corp

1,268‌

45‌

Fidelity

D&D

Bancorp

Inc

(e)

132‌

8‌

First

Financial

Bankshares

Inc

14,399‌

483‌

First

Financial

Corp/IN

359‌

15‌

First

Foundation

Inc

1,984‌

33‌

Glacier

Bancorp

Inc

1,402‌

59‌

Hanmi

Financial

Corp

859‌

14‌

HarborOne

Bancorp

Inc

(d)

2,397‌

26‌

Heritage

Commerce

Corp

1,284‌

15‌

Independent

Bank

Corp

318‌

23‌

Independent

Bank

Corp/MI

1,038‌

22‌

Independent

Bank

Group

Inc

1,871‌

100‌

Investar

Holding

Corp

410‌

9‌

Kearny

Financial

Corp/MD

3,837‌

47‌

Lakeland

Financial

Corp

3,264‌

155‌

Meta

Financial

Group

Inc

3,889‌

145‌

Midland

States

Bancorp

Inc

575‌

15‌

National

Bank

Holdings

Corp

1,521‌

50‌

Northeast

Bank

229‌

5‌

Oak

Valley

Bancorp

175‌

3‌

PCSB

Financial

Corp

529‌

11‌

People's

Utah

Bancorp

359‌

9‌

Pinnacle

Financial

Partners

Inc

88,183‌

5,208‌

Preferred

Bank/Los

Angeles

CA

757‌

46‌

Prosperity

Bancshares

Inc

133,691‌

9,385‌

Provident

Bancorp

Inc

(d)

151‌

2‌

Red

River

Bancshares

Inc

(d)

73‌

4‌

Reliant

Bancorp

Inc

242‌

5‌

Sandy

Spring

Bancorp

Inc

59,460‌

2,069‌

Seacoast

Banking

Corp

of

Florida

(d)

2,483‌

67‌

ServisFirst

Bancshares

Inc

6,599‌

243‌

Stock

Yards

Bancorp

Inc

809‌

31‌

TriState

Capital

Holdings

Inc

(d)

1,270‌

29‌

Triumph

Bancorp

Inc

(d)

1,690‌

66‌

Union

Bankshares

Inc/Morrisville

VT

273‌

9‌

United

Community

Banks

Inc/GA

2,152‌

60‌

Unity

Bancorp

Inc

222‌

5‌

Veritex

Holdings

Inc

3,260‌

92‌

Walker

&

Dunlop

Inc

1,026‌

68‌

Webster

Financial

Corp

170,058‌

7,629‌

West

Bancorporation

Inc

579‌

13‌

Westamerica

Bancorporation

1,234‌

78‌

Western

Alliance

Bancorp

153,065‌

8,454‌

$

41,793‌

Beverages

-

0.19%

Boston

Beer

Co

Inc/The

(d)

9,540‌

3,400‌

Celsius

Holdings

Inc

(d)

4,974‌

27‌

Coca-Cola

Consolidated

Inc

919‌

249‌

MGP

Ingredients

Inc

(e)

2,211‌

75‌

National

Beverage

Corp

(d),(e)

1,901‌

82‌

$

3,833‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

224

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

-

8.17%

ACADIA

Pharmaceuticals

Inc

(d)

16,391‌

$

655‌

Acceleron

Pharma

Inc

(d)

55,693‌

5,056‌

ADMA

Biologics

Inc

(d)

7,166‌

28‌

Aduro

Biotech

Inc

(d)

7,600‌

13‌

Adverum

Biotechnologies

Inc

(d)

7,905‌

78‌

Affimed

NV

(d)

9,282‌

24‌

Agenus

Inc

(d)

15,582‌

58‌

AgeX

Therapeutics

Inc

(d)

3,896‌

5‌

Akero

Therapeutics

Inc

(d)

582‌

14‌

Albireo

Pharma

Inc

(d)

1,764‌

40‌

Alder

Biopharmaceuticals

Inc

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

9,847‌

9‌

Aldeyra

Therapeutics

Inc

(d)

3,364‌

18‌

Allakos

Inc

(d),(e)

46,889‌

3,386‌

Allogene

Therapeutics

Inc

(d)

135,837‌

2,951‌

Amicus

Therapeutics

Inc

(d)

37,288‌

330‌

AnaptysBio

Inc

(d)

3,409‌

50‌

Anavex

Life

Sciences

Corp

(d)

8,413‌

24‌

ANI

Pharmaceuticals

Inc

(d)

1,503‌

93‌

Apellis

Pharmaceuticals

Inc

(d)

8,157‌

335‌

Applied

Therapeutics

Inc

(d)

33,730‌

1,770‌

Aprea

Therapeutics

Inc

(d)

721‌

28‌

Arena

Pharmaceuticals

Inc

(d)

84,335‌

3,853‌

Arrowhead

Pharmaceuticals

Inc

(d)

13,594‌

570‌

Ascendis

Pharma

A/S

ADR

(d)

36,838‌

4,977‌

Assembly

Biosciences

Inc

(d)

83,298‌

1,462‌

Atara

Biotherapeutics

Inc

(d)

7,574‌

100‌

Athersys

Inc

(d)

22,692‌

31‌

Atreca

Inc

(d)

812‌

15‌

Avid

Bioservices

Inc

(d)

7,555‌

50‌

Avrobio

Inc

(d)

140,481‌

3,053‌

Baudax

Bio

Inc

(d),(e)

837‌

7‌

BeiGene

Ltd

ADR

(d)

19,960‌

3,041‌

BioCryst

Pharmaceuticals

Inc

(d)

16,185‌

46‌

Biohaven

Pharmaceutical

Holding

Co

Ltd

(d)

299,594‌

14,527‌

Black

Diamond

Therapeutics

Inc

(d)

24,490‌

918‌

Blueprint

Medicines

Corp

(d)

164,414‌

10,432‌

Bridgebio

Pharma

Inc

(d)

2,572‌

89‌

Cabaletta

Bio

Inc

(d)

727‌

12‌

Calithera

Biosciences

Inc

(d)

850‌

5‌

Cara

Therapeutics

Inc

(d),(e)

5,736‌

92‌

CASI

Pharmaceuticals

Inc

(d)

6,625‌

19‌

CEL-SCI

Corp

(d),(e)

3,531‌

46‌

Cerecor

Inc

(d)

6,086‌

24‌

ChemoCentryx

Inc

(d)

69,606‌

2,953‌

ChromaDex

Corp

(d),(e)

8,512‌

38‌

Constellation

Pharmaceuticals

Inc

(d)

2,119‌

70‌

Cortexyme

Inc

(d),(e)

1,554‌

73‌

Crinetics

Pharmaceuticals

Inc

(d),(e)

1,589‌

34‌

Cue

Biopharma

Inc

(d)

2,922‌

44‌

Cymabay

Therapeutics

Inc

(d)

12,541‌

19‌

CytomX

Therapeutics

Inc

(d)

6,543‌

49‌

Deciphera

Pharmaceuticals

Inc

(d)

93,258‌

5,841‌

Denali

Therapeutics

Inc

(d),(e)

7,062‌

164‌

Dicerna

Pharmaceuticals

Inc

(d)

142,314‌

2,810‌

Dynavax

Technologies

Corp

(d),(e)

11,693‌

59‌

Editas

Medicine

Inc

(d)

7,520‌

199‌

Eidos

Therapeutics

Inc

(d),(e)

1,675‌

89‌

Eiger

BioPharmaceuticals

Inc

(d)

3,890‌

48‌

Emergent

BioSolutions

Inc

(d)

6,633‌

365‌

Epizyme

Inc

(d)

8,366‌

175‌

Esperion

Therapeutics

Inc

(d)

3,627‌

196‌

Evelo

Biosciences

Inc

(d),(e)

494‌

3‌

Exagen

Inc

(d)

711‌

15‌

Fate

Therapeutics

Inc

(d)

8,823‌

224‌

FibroGen

Inc

(d)

10,320‌

432‌

Forty

Seven

Inc

(d)

3,203‌

118‌

Frequency

Therapeutics

Inc

(d)

639‌

15‌

GlycoMimetics

Inc

(d)

6,345‌

27‌

Gossamer

Bio

Inc

(d)

122,895‌

1,632‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

Guardant

Health

Inc

(d)

96,448‌

$

7,334‌

Halozyme

Therapeutics

Inc

(d)

20,851‌

396‌

Homology

Medicines

Inc

(d)

4,007‌

63‌

IGM

Biosciences

Inc

(d)

548‌

19‌

ImmunoGen

Inc

(d)

11,693‌

55‌

Immunomedics

Inc

(d)

23,102‌

429‌

Innoviva

Inc

(d)

10,012‌

138‌

Inovio

Pharmaceuticals

Inc

(d),(e)

13,495‌

61‌

Insmed

Inc

(d)

13,157‌

270‌

Intercept

Pharmaceuticals

Inc

(d)

3,677‌

340‌

Iovance

Biotherapeutics

Inc

(d)

349,000‌

7,588‌

Karuna

Therapeutics

Inc

(d)

506‌

48‌

Karyopharm

Therapeutics

Inc

(d)

108,954‌

1,760‌

Kezar

Life

Sciences

Inc

(d)

108‌

—‌

Kindred

Biosciences

Inc

(d)

5,379‌

47‌

Kiniksa

Pharmaceuticals

Ltd

(d)

2,064‌

30‌

Krystal

Biotech

Inc

(d)

1,535‌

80‌

Lexicon

Pharmaceuticals

Inc

(d),(e)

7,594‌

24‌

Ligand

Pharmaceuticals

Inc

(d)

379‌

33‌

Livongo

Health

Inc

(d),(e)

2,253‌

54‌

LogicBio

Therapeutics

Inc

(d)

1,383‌

14‌

MacroGenics

Inc

(d)

3,846‌

36‌

Magenta

Therapeutics

Inc

(d)

2,811‌

33‌

Marker

Therapeutics

Inc

(d),(e)

5,309‌

14‌

MEI

Pharma

Inc

(d)

12,657‌

29‌

MeiraGTx

Holdings

plc

(d)

2,679‌

49‌

Mirati

Therapeutics

Inc

(d)

49,266‌

4,278‌

Molecular

Templates

Inc

(d)

1,560‌

23‌

Mustang

Bio

Inc

(d)

4,038‌

15‌

Myriad

Genetics

Inc

(d)

1,361‌

38‌

NeoGenomics

Inc

(d)

683,230‌

22,021‌

NextCure

Inc

(d)

85,523‌

3,656‌

NGM

Biopharmaceuticals

Inc

(d)

3,892‌

63‌

Novavax

Inc

(d),(e)

1,431‌

11‌

Omeros

Corp

(d),(e)

7,694‌

98‌

Oncocyte

Corp

(d)

3,112‌

8‌

Oncternal

Therapeutics

Inc

(d),(f),(g)

139‌

—‌

Organogenesis

Holdings

Inc

(d)

2,279‌

10‌

Oyster

Point

Pharma

Inc

(d)

68,972‌

2,173‌

Pacific

Biosciences

of

California

Inc

(d)

20,370‌

95‌

Palatin

Technologies

Inc

(d)

35,872‌

23‌

Pfenex

Inc

(d)

4,329‌

46‌

Phathom

Pharmaceuticals

Inc

(d)

1,318‌

44‌

Pieris

Pharmaceuticals

Inc

(d)

7,690‌

28‌

Precigen

Inc

(d),(e)

3,634‌

17‌

Precision

BioSciences

Inc

(d)

75,822‌

613‌

Prevail

Therapeutics

Inc

(d)

1,135‌

21‌

PTC

Therapeutics

Inc

(d)

158,454‌

8,160‌

Puma

Biotechnology

Inc

(d)

4,501‌

35‌

Radius

Health

Inc

(d)

180,771‌

3,175‌

RAPT

Therapeutics

Inc

(d)

157‌

7‌

REGENXBIO

Inc

(d)

4,892‌

213‌

Replimune

Group

Inc

(d)

157,166‌

2,499‌

resTORbio

Inc

(d)

691‌

1‌

Retrophin

Inc

(d)

6,016‌

93‌

Rigel

Pharmaceuticals

Inc

(d)

22,151‌

50‌

Rocket

Pharmaceuticals

Inc

(d)

4,313‌

88‌

Rubius

Therapeutics

Inc

(d),(e)

5,508‌

43‌

Sangamo

Therapeutics

Inc

(d)

11,820‌

87‌

Satsuma

Pharmaceuticals

Inc

(d)

700‌

17‌

Savara

Inc

(d),(e)

6,653‌

17‌

Scholar

Rock

Holding

Corp

(d)

2,742‌

34‌

Solid

Biosciences

Inc

(d),(e)

308‌

1‌

Sorrento

Therapeutics

Inc

(d),(e)

18,308‌

70‌

SpringWorks

Therapeutics

Inc

(d)

1,180‌

37‌

Stemline

Therapeutics

Inc

(d)

6,630‌

44‌

Stoke

Therapeutics

Inc

(d)

1,086‌

30‌

Syndax

Pharmaceuticals

Inc

(d)

3,553‌

33‌

Theravance

Biopharma

Inc

(d)

4,934‌

138‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

225

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

Tobira

Therapeutics

Inc

-

Rights

(d),(f),(g)

1,559‌

$

2‌

Tocagen

Inc

(d)

3,616‌

2‌

Translate

Bio

Inc

(d)

5,072‌

36‌

TransMedics

Group

Inc

(d)

90,449‌

1,584‌

Turning

Point

Therapeutics

Inc

(d)

83,614‌

4,891‌

Twist

Bioscience

Corp

(d)

68,194‌

1,694‌

Tyme

Technologies

Inc

(d),(e)

9,238‌

13‌

Ultragenyx

Pharmaceutical

Inc

(d)

116,748‌

6,136‌

UNITY

Biotechnology

Inc

(d)

3,495‌

21‌

VBI

Vaccines

Inc

(d)

19,315‌

26‌

Veracyte

Inc

(d)

6,862‌

180‌

Vericel

Corp

(d)

121,365‌

1,991‌

Viela

Bio

Inc

(d)

606‌

24‌

Viking

Therapeutics

Inc

(d),(e)

785‌

5‌

Vir

Biotechnology

Inc

(d)

806‌

21‌

X4

Pharmaceuticals

Inc

(d)

1,824‌

15‌

XBiotech

Inc

(d)

2,777‌

62‌

Xencor

Inc

(d)

6,983‌

237‌

Y-mAbs

Therapeutics

Inc

(d)

119,603‌

3,945‌

ZIOPHARM

Oncology

Inc

(d),(e)

23,701‌

93‌

$

162,101‌

Building

Materials

-

1.73%

AAON

Inc

4,568‌

240‌

American

Woodmark

Corp

(d)

3,066‌

336‌

Apogee

Enterprises

Inc

3,402‌

108‌

Armstrong

World

Industries

Inc

72,679‌

7,292‌

Boise

Cascade

Co

2,328‌

84‌

Builders

FirstSource

Inc

(d)

18,172‌

451‌

Continental

Building

Products

Inc

(d)

4,394‌

163‌

JELD-WEN

Holding

Inc

(d)

6,735‌

161‌

Louisiana-Pacific

Corp

1,799‌

55‌

Masonite

International

Corp

(d)

4,278‌

321‌

Patrick

Industries

Inc

1,614‌

84‌

PGT

Innovations

Inc

(d)

4,265‌

66‌

Select

Interior

Concepts

Inc

(d)

1,260‌

10‌

Simpson

Manufacturing

Co

Inc

7,334‌

606‌

Summit

Materials

Inc

(d)

2,262‌

50‌

Trex

Co

Inc

(d)

242,385‌

23,812‌

Universal

Forest

Products

Inc

9,063‌

434‌

US

Concrete

Inc

(d)

2,443‌

87‌

$

34,360‌

Chemicals

-

0.66%

A.

Schulman

Inc.

(d),(g)

5,668‌

3‌

Balchem

Corp

3,540‌

382‌

Codexis

Inc

(d)

8,246‌

129‌

Ferro

Corp

(d)

7,371‌

101‌

GCP

Applied

Technologies

Inc

(d)

5,974‌

133‌

HB

Fuller

Co

6,206‌

287‌

Ingevity

Corp

(d)

111,897‌

7,298‌

Innospec

Inc

3,386‌

341‌

Koppers

Holdings

Inc

(d)

2,047‌

64‌

Kraton

Corp

(d)

1,408‌

23‌

OMNOVA

Solutions

Inc

(d)

6,677‌

68‌

Orion

Engineered

Carbons

SA

6,113‌

96‌

PolyOne

Corp

11,612‌

385‌

PQ

Group

Holdings

Inc

(d)

139,779‌

2,140‌

Quaker

Chemical

Corp

6,019‌

999‌

Rogers

Corp

(d)

3,190‌

376‌

Sensient

Technologies

Corp

3,754‌

224‌

Stepan

Co

752‌

74‌

Tronox

Holdings

PLC

6,881‌

58‌

$

13,181‌

Coal

-

0.00%

Advanced

Emissions

Solutions

Inc

3,018‌

34‌

Commercial

Services

-

7.73%

Aaron's

Inc

9,710‌

576‌

AMN

Healthcare

Services

Inc

(d)

7,727‌

521‌

ASGN

Inc

(d)

7,388‌

500‌

Avalara

Inc

(d)

101,167‌

8,613‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

Avis

Budget

Group

Inc

(d)

6,355‌

$

208‌

Barrett

Business

Services

Inc

1,142‌

95‌

BG

Staffing

Inc

1,182‌

24‌

Bright

Horizons

Family

Solutions

Inc

(d)

213,882‌

35,019‌

Brink's

Co/The

7,984‌

672‌

Cardtronics

PLC

(d)

6,266‌

282‌

Care.com

Inc

(d)

3,489‌

52‌

Cass

Information

Systems

Inc

2,202‌

119‌

Chegg

Inc

(d)

885,570‌

36,513‌

Cimpress

PLC

(d),(e)

2,187‌

262‌

Collectors

Universe

Inc

1,410‌

35‌

CorVel

Corp

(d)

1,375‌

126‌

CRA

International

Inc

380‌

20‌

Cross

Country

Healthcare

Inc

(d)

1,912‌

19‌

EVERTEC

Inc

11,555‌

388‌

Evo

Payments

Inc

(d)

533,114‌

14,773‌

Forrester

Research

Inc

(d)

1,684‌

70‌

Franklin

Covey

Co

(d)

1,563‌

50‌

FTI

Consulting

Inc

(d)

1,022‌

123‌

Green

Dot

Corp

(d)

4,423‌

133‌

Hackett

Group

Inc/The

4,219‌

65‌

Harsco

Corp

(d)

126,684‌

1,887‌

Healthcare

Services

Group

Inc

8,357‌

214‌

HealthEquity

Inc

(d)

198,713‌

13,127‌

Heidrick

&

Struggles

International

Inc

459‌

13‌

Herc

Holdings

Inc

(d)

341‌

14‌

HMS

Holdings

Corp

(d)

15,267‌

417‌

Huron

Consulting

Group

Inc

(d)

1,457‌

94‌

ICF

International

Inc

2,332‌

204‌

Insperity

Inc

53,482‌

4,673‌

International

Money

Express

Inc

(d)

76,795‌

812‌

K12

Inc

(d)

817‌

13‌

Kforce

Inc

3,094‌

115‌

Korn

Ferry

6,253‌

256‌

Medifast

Inc

(e)

1,671‌

161‌

Monro

Inc

3,613‌

227‌

National

Research

Corp

1,916‌

130‌

Nesco

Holdings

Inc

(d),(e)

476,475‌

2,049‌

Perdoceo

Education

Corp

(d)

13,580‌

241‌

PRGX

Global

Inc

(d)

4,048‌

16‌

Priority

Technology

Holdings

Inc

(d)

1,094‌

3‌

Progyny

Inc

(d)

1,029‌

29‌

R1

RCM

Inc

(d)

20,341‌

254‌

Rent-A-Center

Inc/TX

9,472‌

276‌

Resources

Connection

Inc

2,108‌

32‌

Rosetta

Stone

Inc

(d)

491‌

8‌

ShotSpotter

Inc

(d)

1,539‌

42‌

Strategic

Education

Inc

74,954‌

12,164‌

TriNet

Group

Inc

(d)

111,428‌

6,358‌

Viad

Corp

2,192‌

142‌

WEX

Inc

(d)

46,767‌

10,145‌

$

153,374‌

Computers

-

3.27%

Agilysys

Inc

(d)

3,289‌

107‌

Cubic

Corp

591‌

39‌

Diebold

Nixdorf

Inc

(d)

6,785‌

78‌

ExlService

Holdings

Inc

(d)

6,131‌

448‌

ForeScout

Technologies

Inc

(d)

155,966‌

4,447‌

Genpact

Ltd

525,050‌

23,244‌

Insight

Enterprises

Inc

(d)

2,938‌

194‌

Lumentum

Holdings

Inc

(d)

28,636‌

2,170‌

MAXIMUS

Inc

39,006‌

2,798‌

Mitek

Systems

Inc

(d)

7,039‌

69‌

MTS

Systems

Corp

985‌

50‌

OneSpan

Inc

(d)

3,931‌

65‌

PAR

Technology

Corp

(d),(e)

1,819‌

62‌

Parsons

Corp

(d)

2,892‌

118‌

Perspecta

Inc

4,707‌

132‌

Ping

Identity

Holding

Corp

(d)

1,910‌

46‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

226

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

(continued)

PlayAGS

Inc

(d)

123,934‌

$

1,274‌

Qualys

Inc

(d)

5,833‌

500‌

Rapid7

Inc

(d)

309,769‌

18,394‌

Rimini

Street

Inc

(d)

5,338‌

27‌

Science

Applications

International

Corp

9,424‌

827‌

SecureWorks

Corp

(d)

433‌

7‌

Tenable

Holdings

Inc

(d)

5,586‌

152‌

TTEC

Holdings

Inc

2,256‌

90‌

Unisys

Corp

(d)

6,102‌

59‌

USA

Technologies

Inc

(d),(e)

217,718‌

1,970‌

Varonis

Systems

Inc

(d)

86,280‌

7,218‌

Virtusa

Corp

(d)

6,130‌

255‌

Vocera

Communications

Inc

(d)

5,117‌

113‌

$

64,953‌

Consumer

Products

-

0.05%

Helen

of

Troy

Ltd

(d)

4,029‌

762‌

WD-40

Co

1,502‌

280‌

$

1,042‌

Cosmetics

&

Personal

Care

-

0.01%

elf

Beauty

Inc

(d)

1,245‌

20‌

Inter

Parfums

Inc

1,931‌

133‌

Revlon

Inc

(d)

1,013‌

22‌

$

175‌

Distribution

&

Wholesale

-

2.79%

Core-Mark

Holding

Co

Inc

6,803‌

159‌

EVI

Industries

Inc

(d),(e)

893‌

24‌

H&E

Equipment

Services

Inc

228,223‌

6,188‌

IAA

Inc

(d)

292,180‌

13,808‌

Pool

Corp

41,020‌

8,996‌

SiteOne

Landscape

Supply

Inc

(d)

270,087‌

26,077‌

Systemax

Inc

1,616‌

38‌

$

55,290‌

Diversified

Financial

Services

-

3.04%

Ares

Management

Corp

275,302‌

9,927‌

Artisan

Partners

Asset

Management

Inc

4,844‌

162‌

Assetmark

Financial

Holdings

Inc

(d)

188,105‌

5,518‌

Blucora

Inc

(d)

4,100‌

93‌

Cohen

&

Steers

Inc

3,574‌

264‌

Cowen

Inc

(d)

2,298‌

37‌

Curo

Group

Holdings

Corp

3,023‌

32‌

Deluxe

Corp

1,654‌

80‌

Diamond

Hill

Investment

Group

Inc

399‌

56‌

Elevate

Credit

Inc

(d)

2,762‌

16‌

Enova

International

Inc

(d)

3,396‌

85‌

Federal

Agricultural

Mortgage

Corp

474‌

36‌

Federated

Hermes

Inc

14,830‌

537‌

Focus

Financial

Partners

Inc

(d)

4,497‌

127‌

GAMCO

Investors

Inc

808‌

13‌

Hamilton

Lane

Inc

224,739‌

14,597‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc

2,173‌

74‌

Houlihan

Lokey

Inc

190,314‌

9,867‌

I3

Verticals

Inc

(d)

2,518‌

81‌

Ladenburg

Thalmann

Financial

Services

Inc

16,562‌

58‌

LendingTree

Inc

(d)

20,216‌

6,291‌

Marlin

Business

Services

Corp

754‌

15‌

Moelis

&

Co

109,294‌

3,935‌

Mr

Cooper

Group

Inc

(d)

5,963‌

74‌

Oportun

Financial

Corp

(d)

542‌

11‌

Paysign

Inc

(d),(e)

5,604‌

49‌

PennyMac

Financial

Services

Inc

871‌

29‌

PJT

Partners

Inc

1,958‌

90‌

Pzena

Investment

Management

Inc

3,710‌

30‌

Regional

Management

Corp

(d)

939‌

26‌

Sculptor

Capital

Management

Inc

1,502‌

35‌

Silvercrest

Asset

Management

Group

Inc

1,734‌

21‌

Stifel

Financial

Corp

123,284‌

7,975‌

Virtus

Investment

Partners

Inc

116‌

14‌

WisdomTree

Investments

Inc

7,515‌

32‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

(continued)

World

Acceptance

Corp

(d)

457‌

$

40‌

$

60,327‌

Electric

-

0.03%

Atlantic

Power

Corp

(d)

11,283‌

27‌

El

Paso

Electric

Co

1,675‌

114‌

Genie

Energy

Ltd

1,991‌

14‌

MGE

Energy

Inc

1,380‌

110‌

Ormat

Technologies

Inc

2,435‌

193‌

Otter

Tail

Corp

1,878‌

101‌

Spark

Energy

Inc

2,331‌

22‌

$

581‌

Electrical

Components

&

Equipment

-

1.58%

EnerSys

3,107‌

224‌

Generac

Holdings

Inc

(d)

39,217‌

4,062‌

Graham

Corp

403‌

7‌

Littelfuse

Inc

80,178‌

14,184‌

Novanta

Inc

(d)

123,122‌

11,171‌

Vicor

Corp

(d)

32,824‌

1,643‌

$

31,291‌

Electronics

-

1.20%

Advanced

Energy

Industries

Inc

(d)

6,304‌

441‌

Alarm.com

Holdings

Inc

(d)

65,268‌

2,867‌

Allied

Motion

Technologies

Inc

1,119‌

51‌

Atkore

International

Group

Inc

(d)

8,540‌

339‌

Badger

Meter

Inc

5,137‌

303‌

Brady

Corp

6,926‌

384‌

FARO

Technologies

Inc

(d)

2,417‌

125‌

Fitbit

Inc

(d)

5,590‌

36‌

Fluidigm

Corp

(d)

12,900‌

50‌

II-VI

Inc

(d)

6,372‌

214‌

IntriCon

Corp

(d)

1,693‌

29‌

Itron

Inc

(d)

5,743‌

470‌

Kimball

Electronics

Inc

(d)

547‌

9‌

Mesa

Laboratories

Inc

644‌

169‌

Napco

Security

Technologies

Inc

(d)

1,878‌

55‌

NVE

Corp

821‌

60‌

OSI

Systems

Inc

(d)

93,725‌

8,111‌

Plexus

Corp

(d)

1,426‌

101‌

Sanmina

Corp

(d)

4,365‌

139‌

Stoneridge

Inc

(d)

785‌

22‌

Transcat

Inc

(d)

1,181‌

36‌

Vishay

Precision

Group

Inc

(d)

1,387‌

48‌

Watts

Water

Technologies

Inc

2,950‌

294‌

Woodward

Inc

80,691‌

9,385‌

ZAGG

Inc

(d)

1,003‌

8‌

$

23,746‌

Energy

-

Alternate

Sources

-

0.04%

Enphase

Energy

Inc

(d),(e)

10,157‌

320‌

Plug

Power

Inc

(d)

36,003‌

139‌

Sunrun

Inc

(d)

12,466‌

212‌

TerraForm

Power

Inc

10,706‌

194‌

$

865‌

Engineering

&

Construction

-

1.24%

Arcosa

Inc

47,730‌

2,088‌

Comfort

Systems

USA

Inc

6,573‌

305‌

Construction

Partners

Inc

(d)

1,273‌

21‌

Dycom

Industries

Inc

(d)

2,669‌

108‌

EMCOR

Group

Inc

6,896‌

567‌

Exponent

Inc

8,463‌

616‌

Granite

Construction

Inc

933‌

25‌

Great

Lakes

Dredge

&

Dock

Corp

(d)

8,448‌

88‌

IES

Holdings

Inc

(d)

785‌

20‌

Iteris

Inc

(d)

5,971‌

30‌

MasTec

Inc

(d)

9,955‌

575‌

Mistras

Group

Inc

(d)

459‌

5‌

MYR

Group

Inc

(d)

2,513‌

72‌

NV5

Global

Inc

(d),(e)

62,188‌

3,863‌

Primoris

Services

Corp

4,603‌

98‌

Sterling

Construction

Co

Inc

(d)

1,536‌

20‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

227

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Engineering

&

Construction

(continued)

TopBuild

Corp

(d)

139,657‌

$

15,992‌

VSE

Corp

182‌

6‌

WillScot

Corp

(d)

5,197‌

98‌

$

24,597‌

Entertainment

-

1.12%

Churchill

Downs

Inc

70,992‌

10,250‌

Eldorado

Resorts

Inc

(d)

7,281‌

435‌

Eros

International

PLC

(d),(e)

1,549‌

4‌

Everi

Holdings

Inc

(d)

361,462‌

4,518‌

Golden

Entertainment

Inc

(d)

1,555‌

27‌

IMAX

Corp

(d)

7,877‌

130‌

Liberty

Media

Corp-Liberty

Braves

-

A

Shares

(d)

1,780‌

52‌

Liberty

Media

Corp-Liberty

Braves

-

C

Shares

(d)

5,453‌

159‌

Marriott

Vacations

Worldwide

Corp

1,638‌

197‌

Monarch

Casino

&

Resort

Inc

(d)

1,449‌

78‌

Penn

National

Gaming

Inc

(d)

3,848‌

115‌

Red

Rock

Resorts

Inc

7,822‌

192‌

Scientific

Games

Corp

(d)

6,228‌

155‌

SeaWorld

Entertainment

Inc

(d)

169,225‌

5,831‌

Twin

River

Worldwide

Holdings

Inc

2,712‌

72‌

$

22,215‌

Environmental

Control

-

2.40%

Advanced

Disposal

Services

Inc

(d)

7,668‌

253‌

Casella

Waste

Systems

Inc

(d)

5,061‌

259‌

CECO

Environmental

Corp

(d)

754‌

6‌

Covanta

Holding

Corp

13,311‌

199‌

Energy

Recovery

Inc

(d)

5,684‌

58‌

Evoqua

Water

Technologies

Corp

(d)

8,406‌

168‌

Heritage-Crystal

Clean

Inc

(d)

1,727‌

49‌

Pure

Cycle

Corp

(d)

3,322‌

43‌

Tetra

Tech

Inc

233,773‌

20,011‌

US

Ecology

Inc

2,709‌

146‌

Waste

Connections

Inc

275,303‌

26,515‌

$

47,707‌

Food

-

2.34%

B&G

Foods

Inc

(e)

1,330‌

21‌

BellRing

Brands

Inc

(d)

323,288‌

6,996‌

Bridgford

Foods

Corp

(d)

476‌

9‌

Calavo

Growers

Inc

2,791‌

214‌

Chefs'

Warehouse

Inc/The

(d)

277,300‌

10,094‌

Grocery

Outlet

Holding

Corp

(d)

253,621‌

8,304‌

Hain

Celestial

Group

Inc/The

(d)

504,121‌

12,205‌

HF

Foods

Group

Inc

(d)

1,591‌

28‌

J&J

Snack

Foods

Corp

2,354‌

390‌

John

B

Sanfilippo

&

Son

Inc

1,392‌

117‌

Lancaster

Colony

Corp

1,513‌

234‌

Nathan's

Famous

Inc

293‌

19‌

Performance

Food

Group

Co

(d)

16,112‌

834‌

Sanderson

Farms

Inc

2,705‌

373‌

Simply

Good

Foods

Co/The

(d)

283,020‌

6,501‌

Tootsie

Roll

Industries

Inc

2,408‌

82‌

$

46,421‌

Forest

Products

&

Paper

-

0.01%

Neenah

Inc

2,617‌

174‌

Verso

Corp

(d)

519‌

9‌

$

183‌

Gas

-

0.02%

Chesapeake

Utilities

Corp

2,768‌

267‌

New

Jersey

Resources

Corp

796‌

33‌

Northwest

Natural

Holding

Co

519‌

38‌

South

Jersey

Industries

Inc

2,832‌

87‌

Southwest

Gas

Holdings

Inc

676‌

51‌

$

476‌

Hand

&

Machine

Tools

-

0.37%

Franklin

Electric

Co

Inc

7,500‌

433‌

Luxfer

Holdings

PLC

3,928‌

63‌

MSA

Safety

Inc

50,485‌

6,845‌

$

7,341‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Products

-

5.43%

10X

Genomics

Inc

(d)

69,759‌

$

6,375‌

Accelerate

Diagnostics

Inc

(d),(e)

4,262‌

72‌

Accuray

Inc

(d)

14,932‌

58‌

Alphatec

Holdings

Inc

(d)

6,327‌

44‌

Apyx

Medical

Corp

(d)

2,367‌

18‌

AtriCure

Inc

(d)

97,910‌

3,809‌

Atrion

Corp

231‌

166‌

Axogen

Inc

(d)

6,033‌

75‌

BioLife

Solutions

Inc

(d)

1,675‌

23‌

BioTelemetry

Inc

(d)

6,107‌

299‌

Cardiovascular

Systems

Inc

(d)

3,787‌

172‌

CareDx

Inc

(d)

5,689‌

137‌

Castle

Biosciences

Inc

(d)

535‌

17‌

Celcuity

Inc

(d)

992‌

11‌

Cerus

Corp

(d)

19,733‌

79‌

Conformis

Inc

(d)

14,863‌

15‌

CONMED

Corp

4,605‌

468‌

CryoLife

Inc

(d)

5,689‌

169‌

Cutera

Inc

(d)

2,569‌

72‌

CytoSorbents

Corp

(d),(e)

6,503‌

32‌

Establishment

Labs

Holdings

Inc

(d),(e)

80,842‌

2,205‌

GenMark

Diagnostics

Inc

(d)

10,469‌

56‌

Glaukos

Corp

(d)

4,290‌

241‌

Globus

Medical

Inc

(d)

12,386‌

648‌

Haemonetics

Corp

(d)

57,199‌

6,143‌

Hanger

Inc

(d)

1,214‌

30‌

Inogen

Inc

(d)

2,848‌

126‌

Inspire

Medical

Systems

Inc

(d)

2,082‌

156‌

Insulet

Corp

(d)

43,010‌

8,346‌

Integer

Holdings

Corp

(d)

73,590‌

6,284‌

Integra

LifeSciences

Holdings

Corp

(d)

221,633‌

12,199‌

Intersect

ENT

Inc

(d)

4,763‌

123‌

iRadimed

Corp

(d)

1,296‌

33‌

iRhythm

Technologies

Inc

(d)

127,511‌

10,919‌

Lantheus

Holdings

Inc

(d)

6,319‌

111‌

LeMaitre

Vascular

Inc

2,458‌

88‌

LivaNova

PLC

(d)

48,872‌

3,321‌

Meridian

Bioscience

Inc

1,994‌

20‌

Merit

Medical

Systems

Inc

(d)

84,367‌

3,073‌

Misonix

Inc

(d)

1,756‌

29‌

NanoString

Technologies

Inc

(d)

4,723‌

128‌

Natus

Medical

Inc

(d)

5,212‌

163‌

Nevro

Corp

(d)

3,294‌

438‌

Novocure

Ltd

(d)

9,607‌

783‌

NuVasive

Inc

(d)

8,486‌

654‌

Orthofix

Medical

Inc

(d)

2,279‌

99‌

OrthoPediatrics

Corp

(d)

22,913‌

1,053‌

Penumbra

Inc

(d)

45,329‌

7,953‌

Pulse

Biosciences

Inc

(d),(e)

2,024‌

28‌

Quanterix

Corp

(d)

2,337‌

63‌

Quidel

Corp

(d)

6,036‌

464‌

Repligen

Corp

(d)

8,314‌

835‌

Rockwell

Medical

Inc

(d)

11,492‌

30‌

SeaSpine

Holdings

Corp

(d)

56,590‌

835‌

Shockwave

Medical

Inc

(d)

2,802‌

122‌

Sientra

Inc

(d)

5,767‌

35‌

Silk

Road

Medical

Inc

(d)

214,388‌

9,978‌

Soliton

Inc

(d)

1,199‌

14‌

STAAR

Surgical

Co

(d)

4,945‌

166‌

Surmodics

Inc

(d)

2,106‌

83‌

Tactile

Systems

Technology

Inc

(d)

164,418‌

9,238‌

Tandem

Diabetes

Care

Inc

(d)

79,504‌

6,046‌

Utah

Medical

Products

Inc

505‌

47‌

Varex

Imaging

Corp

(d)

62,403‌

1,725‌

ViewRay

Inc

(d)

12,140‌

38‌

Wright

Medical

Group

NV

(d)

13,963‌

421‌

Zynex

Inc

(d),(e)

3,673‌

35‌

$

107,736‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

228

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Services

-

4.45%

Addus

HomeCare

Corp

(d)

43,250‌

$

4,080‌

Amedisys

Inc

(d)

4,975‌

878‌

American

Renal

Associates

Holdings

Inc

(d)

2,078‌

19‌

Apollo

Medical

Holdings

Inc

(d)

1,632‌

29‌

Catalent

Inc

(d)

216,374‌

13,220‌

Catasys

Inc

(d),(e)

1,843‌

32‌

Cellular

Biomedicine

Group

Inc

(d)

1,343‌

23‌

Charles

River

Laboratories

International

Inc

(d)

124,815‌

19,294‌

Ensign

Group

Inc/The

8,886‌

402‌

Genesis

Healthcare

Inc

(d)

18,873‌

28‌

ICON

PLC

(d)

57,880‌

9,760‌

Invitae

Corp

(d)

250,820‌

4,678‌

Joint

Corp/The

(d)

2,706‌

45‌

LHC

Group

Inc

(d)

92,569‌

13,492‌

Magellan

Health

Inc

(d)

2,735‌

200‌

Medpace

Holdings

Inc

(d)

4,798‌

410‌

Natera

Inc

(d)

9,065‌

317‌

Neuronetics

Inc

(d)

3,643‌

13‌

Pennant

Group

Inc/The

(d)

3,948‌

104‌

Personalis

Inc

(d)

1,884‌

21‌

Providence

Service

Corp/The

(d)

1,844‌

120‌

RadNet

Inc

(d)

6,540‌

148‌

Select

Medical

Holdings

Corp

(d)

18,928‌

432‌

SI-BONE

Inc

(d)

2,783‌

59‌

Surgery

Partners

Inc

(d)

724‌

12‌

Syneos

Health

Inc

(d)

1,759‌

108‌

Teladoc

Health

Inc

(d)

193,101‌

19,640‌

Tenet

Healthcare

Corp

(d)

10,638‌

337‌

US

Physical

Therapy

Inc

2,439‌

286‌

Vapotherm

Inc

(d)

2,657‌

28‌

$

88,215‌

Home

Builders

-

0.99%

Cavco

Industries

Inc

(d)

1,543‌

346‌

Century

Communities

Inc

(d)

1,945‌

58‌

Green

Brick

Partners

Inc

(d)

799‌

9‌

Installed

Building

Products

Inc

(d)

4,159‌

308‌

KB

Home

4,329‌

163‌

LCI

Industries

4,170‌

450‌

LGI

Homes

Inc

(d)

2,176‌

174‌

Meritage

Homes

Corp

(d)

90,184‌

6,399‌

Skyline

Champion

Corp

(d)

281,770‌

8,101‌

Taylor

Morrison

Home

Corp

(d)

133,612‌

3,458‌

Winnebago

Industries

Inc

4,421‌

242‌

$

19,708‌

Home

Furnishings

-

0.61%

Hamilton

Beach

Brands

Holding

Co

1,699‌

27‌

Hooker

Furniture

Corp

459‌

11‌

iRobot

Corp

(d),(e)

3,016‌

142‌

Purple

Innovation

Inc

(d)

407‌

5‌

Sleep

Number

Corp

(d)

224,219‌

11,568‌

Sonos

Inc

(d)

10,728‌

147‌

Universal

Electronics

Inc

(d)

1,917‌

95‌

$

11,995‌

Insurance

-

1.52%

BRP

Group

Inc

(d)

175,922‌

2,653‌

Crawford

&

Co

2,851‌

25‌

eHealth

Inc

(d)

30,046‌

3,160‌

Enstar

Group

Ltd

(d)

426‌

83‌

Essent

Group

Ltd

7,801‌

387‌

FedNat

Holding

Co

1,390‌

22‌

Global

Indemnity

Ltd

354‌

11‌

Goosehead

Insurance

Inc

(e)

1,626‌

85‌

Health

Insurance

Innovations

Inc

(d),(e)

1,694‌

39‌

Heritage

Insurance

Holdings

Inc

742‌

9‌

Investors

Title

Co

69‌

11‌

James

River

Group

Holdings

Ltd

1,650‌

71‌

Kinsale

Capital

Group

Inc

2,243‌

256‌

National

General

Holdings

Corp

7,366‌

160‌

NMI

Holdings

Inc

(d)

10,475‌

334‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Palomar

Holdings

Inc

(d)

222,350‌

$

11,885‌

ProSight

Global

Inc

(d)

900‌

13‌

RLI

Corp

6,004‌

558‌

Selective

Insurance

Group

Inc

4,274‌

283‌

State

Auto

Financial

Corp

330‌

10‌

Trupanion

Inc

(d),(e)

312,505‌

9,975‌

United

Fire

Group

Inc

276‌

12‌

Universal

Insurance

Holdings

Inc

1,560‌

38‌

$

30,080‌

Internet

-

4.00%

1-800-Flowers.com

Inc

(d)

4,388‌

67‌

8x8

Inc

(d)

10,553‌

196‌

Anaplan

Inc

(d)

158,051‌

9,102‌

Boingo

Wireless

Inc

(d)

55,189‌

620‌

Cardlytics

Inc

(d)

1,567‌

132‌

Cargurus

Inc

(d)

12,026‌

429‌

Cars.com

Inc

(d)

1,962‌

23‌

ChannelAdvisor

Corp

(d)

5,354‌

50‌

Cogent

Communications

Holdings

Inc

77,162‌

5,473‌

Despegar.com

Corp

(d)

227,588‌

3,371‌

Endurance

International

Group

Holdings

Inc

(d)

12,825‌

61‌

ePlus

Inc

(d)

1,793‌

143‌

Etsy

Inc

(d)

200,202‌

9,772‌

Eventbrite

Inc

(d)

5,490‌

116‌

EverQuote

Inc

(d)

53,895‌

1,977‌

Groupon

Inc

(d)

50,047‌

144‌

HealthStream

Inc

(d)

1,997‌

51‌

Limelight

Networks

Inc

(d)

7,768‌

39‌

MakeMyTrip

Ltd

(d)

409,642‌

9,422‌

Meet

Group

Inc/The

(d)

8,080‌

43‌

Mimecast

Ltd

(d)

331,783‌

16,931‌

NIC

Inc

13,834‌

273‌

OptimizeRx

Corp

(d)

2,567‌

28‌

Perficient

Inc

(d)

108,881‌

5,411‌

Proofpoint

Inc

(d)

9,379‌

1,152‌

Q2

Holdings

Inc

(d)

41,393‌

3,609‌

QuinStreet

Inc

(d)

7,392‌

96‌

RealReal

Inc/The

(d),(e)

368,244‌

5,328‌

Rubicon

Project

Inc/The

(d)

5,594‌

52‌

Shutterstock

Inc

2,905‌

126‌

Stitch

Fix

Inc

(d),(e)

202,978‌

4,649‌

TechTarget

Inc

(d)

3,475‌

88‌

Travelzoo

(d)

943‌

10‌

TrueCar

Inc

(d)

14,443‌

53‌

Tucows

Inc

(d)

1,521‌

92‌

Yelp

Inc

(d)

7,577‌

247‌

Zix

Corp

(d)

9,519‌

64‌

$

79,440‌

Investment

Companies

-

0.00%

Altus

Midstream

Co

(d)

7,719‌

16‌

Iron

&

Steel

-

0.07%

AK

Steel

Holding

Corp

(d)

23,042‌

63‌

Carpenter

Technology

Corp

30,680‌

1,219‌

Cleveland-Cliffs

Inc

9,920‌

70‌

$

1,352‌

Leisure

Products

&

Services

-

2.15%

Camping

World

Holdings

Inc

5,491‌

86‌

Clarus

Corp

300,580‌

3,972‌

Fox

Factory

Holding

Corp

(d)

4,178‌

275‌

Johnson

Outdoors

Inc

617‌

49‌

Liberty

TripAdvisor

Holdings

Inc

(d)

11,422‌

67‌

Lindblad

Expeditions

Holdings

Inc

(d)

258,445‌

4,262‌

Malibu

Boats

Inc

(d)

3,225‌

141‌

Marine

Products

Corp

1,573‌

22‌

MasterCraft

Boat

Holdings

Inc

(d)

3,037‌

53‌

OneSpaWorld

Holdings

Ltd

(e)

459,820‌

6,902‌

Planet

Fitness

Inc

(d)

264,581‌

21,376‌

YETI

Holdings

Inc

(d),(e)

148,111‌

5,385‌

$

42,590‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

229

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Lodging

-

0.76%

Boyd

Gaming

Corp

13,009‌

$

388‌

Choice

Hotels

International

Inc

147,027‌

14,732‌

$

15,120‌

Machinery

-

Construction

&

Mining

-

0.64%

Argan

Inc

1,840‌

77‌

BWX

Technologies

Inc

190,873‌

12,138‌

SPX

Corp

(d)

6,617‌

325‌

Terex

Corp

5,332‌

135‌

$

12,675‌

Machinery

-

Diversified

-

2.60%

Alamo

Group

Inc

957‌

119‌

Albany

International

Corp

5,434‌

379‌

Applied

Industrial

Technologies

Inc

4,231‌

273‌

Cactus

Inc

147,635‌

4,255‌

Chart

Industries

Inc

(d)

246,380‌

15,763‌

Columbus

McKinnon

Corp/NY

2,193‌

77‌

CSW

Industrials

Inc

3,026‌

230‌

Gardner

Denver

Holdings

Inc

(d)

207,128‌

7,314‌

Gencor

Industries

Inc

(d)

481‌

5‌

Gorman-Rupp

Co/The

656‌

24‌

Ichor

Holdings

Ltd

(d)

1,113‌

37‌

IDEX

Corp

48,411‌

7,932‌

Kadant

Inc

2,157‌

230‌

Lindsay

Corp

579‌

58‌

Mueller

Water

Products

Inc

-

Class

A

10,347‌

121‌

Nordson

Corp

51,000‌

8,612‌

Ranpak

Holdings

Corp

(d)

749,214‌

5,724‌

Tennant

Co

3,497‌

270‌

Welbilt

Inc

(d)

14,658‌

221‌

$

51,644‌

Media

-

0.03%

Central

European

Media

Enterprises

Ltd

(d)

14,409‌

64‌

Entravision

Communications

Corp

3,786‌

8‌

Gray

Television

Inc

(d)

7,485‌

152‌

Hemisphere

Media

Group

Inc

(d)

2,962‌

40‌

Meredith

Corp

(e)

7,163‌

215‌

Value

Line

Inc

295‌

10‌

$

489‌

Metal

Fabrication

&

Hardware

-

0.45%

Advanced

Drainage

Systems

Inc

4,788‌

199‌

AZZ

Inc

905‌

37‌

Helios

Technologies

Inc

3,265‌

139‌

Lawson

Products

Inc/DE

(d)

791‌

37‌

LB

Foster

Co

(d)

246‌

4‌

Mayville

Engineering

Co

Inc

(d)

1,934‌

15‌

Mueller

Industries

Inc

6,538‌

191‌

Omega

Flex

Inc

536‌

57‌

RBC

Bearings

Inc

(d)

51,334‌

7,983‌

Rexnord

Corp

3,698‌

121‌

Ryerson

Holding

Corp

(d)

2,568‌

26‌

Worthington

Industries

Inc

2,148‌

79‌

$

8,888‌

Mining

-

0.03%

Compass

Minerals

International

Inc

3,777‌

219‌

Kaiser

Aluminum

Corp

1,591‌

159‌

Novagold

Resources

Inc

(d)

18,177‌

166‌

Pan

American

Silver

-

CVR

(d),(g)

14,693‌

3‌

United

States

Lime

&

Minerals

Inc

20‌

2‌

$

549‌

Miscellaneous

Manufacturers

-

3.20%

Axon

Enterprise

Inc

(d)

181,136‌

13,913‌

Carlisle

Cos

Inc

48,494‌

7,576‌

Chase

Corp

1,123‌

103‌

Enerpac

Tool

Group

Corp

2,959‌

68‌

EnPro

Industries

Inc

183‌

11‌

ESCO

Technologies

Inc

50,621‌

4,858‌

Fabrinet

(d)

5,831‌

368‌

Federal

Signal

Corp

10,156‌

327‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Miscellaneous

Manufacturers

(continued)

Hexcel

Corp

207,002‌

$

15,364‌

Hillenbrand

Inc

8,034‌

233‌

ITT

Inc

112,190‌

7,526‌

John

Bean

Technologies

Corp

109,699‌

12,394‌

Materion

Corp

1,807‌

98‌

Myers

Industries

Inc

5,581‌

90‌

Proto

Labs

Inc

(d)

2,969‌

307‌

Raven

Industries

Inc

3,982‌

125‌

Sturm

Ruger

&

Co

Inc

2,319‌

115‌

$

63,476‌

Office

&

Business

Equipment

-

0.00%

AstroNova

Inc

1,493‌

19‌

Pitney

Bowes

Inc

14,234‌

53‌

$

72‌

Office

Furnishings

-

0.06%

Herman

Miller

Inc

10,367‌

400‌

HNI

Corp

6,721‌

242‌

Interface

Inc

8,132‌

131‌

Kimball

International

Inc

4,793‌

90‌

Knoll

Inc

9,528‌

236‌

Steelcase

Inc

6,566‌

122‌

$

1,221‌

Oil

&

Gas

-

0.19%

Brigham

Minerals

Inc

1,937‌

33‌

CVR

Energy

Inc

1,826‌

63‌

Evolution

Petroleum

Corp

4,490‌

23‌

Falcon

Minerals

Corp

1,619‌

9‌

Goodrich

Petroleum

Corp

(d)

1,703‌

11‌

Matador

Resources

Co

(d)

1,560‌

23‌

Murphy

USA

Inc

(d)

1,318‌

135‌

PrimeEnergy

Resources

Corp

(d)

74‌

11‌

Ring

Energy

Inc

(d)

5,142‌

11‌

Rosehill

Resources

Inc

(d)

3,707‌

4‌

SilverBow

Resources

Inc

(d)

501‌

3‌

Tellurian

Inc

(d),(e)

123,095‌

864‌

Viper

Energy

Partners

LP

120,060‌

2,618‌

$

3,808‌

Oil

&

Gas

Services

-

0.22%

DMC

Global

Inc

97,428‌

4,076‌

Liberty

Oilfield

Services

Inc

2,642‌

22‌

MRC

Global

Inc

(d)

1,367‌

15‌

ProPetro

Holding

Corp

(d)

6,788‌

66‌

Solaris

Oilfield

Infrastructure

Inc

5,208‌

60‌

Thermon

Group

Holdings

Inc

(d)

1,518‌

36‌

US

Well

Services

Inc

(d)

2,913‌

4‌

$

4,279‌

Packaging

&

Containers

-

0.00%

UFP

Technologies

Inc

(d)

202‌

9‌

Pharmaceuticals

-

3.43%

89bio

Inc

(d)

316‌

8‌

Adamas

Pharmaceuticals

Inc

(d)

118,337‌

608‌

Aeglea

BioTherapeutics

Inc

(d)

665‌

5‌

Aerie

Pharmaceuticals

Inc

(d),(e)

78,665‌

1,611‌

Aimmune

Therapeutics

Inc

(d)

238,821‌

7,415‌

Akcea

Therapeutics

Inc

(d),(e)

2,132‌

37‌

Akorn

Inc

(d)

3,437‌

5‌

Alector

Inc

(d)

4,424‌

124‌

Amneal

Pharmaceuticals

Inc

(d)

19,116‌

86‌

Amphastar

Pharmaceuticals

Inc

(d)

5,726‌

108‌

Antares

Pharma

Inc

(d)

26,382‌

97‌

Artana

Therapeutics

(d),(f),(g)

6,221‌

—‌

Arvinas

Inc

(d)

3,229‌

156‌

Athenex

Inc

(d)

10,070‌

135‌

Axcella

Health

Inc

(d)

193‌

1‌

Axsome

Therapeutics

Inc

(d)

19,932‌

1,731‌

Beyondspring

Inc

(d)

1,877‌

28‌

BioDelivery

Sciences

International

Inc

(d)

403,691‌

2,119‌

BioSpecifics

Technologies

Corp

(d)

898‌

53‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

230

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Bioxcel

Therapeutics

Inc

(d)

734‌

$

12‌

Calyxt

Inc

(d)

1,924‌

11‌

Catalyst

Pharmaceuticals

Inc

(d)

14,116‌

58‌

Checkpoint

Therapeutics

Inc

(d)

4,219‌

8‌

Chiasma

Inc

(d)

6,205‌

29‌

Clovis

Oncology

Inc

(d),(e)

7,367‌

61‌

Coherus

Biosciences

Inc

(d)

286,275‌

5,165‌

Collegium

Pharmaceutical

Inc

(d)

159,195‌

3,202‌

Corbus

Pharmaceuticals

Holdings

Inc

(d),(e)

8,634‌

56‌

Corcept

Therapeutics

Inc

(d)

19,104‌

242‌

Corium

International

Inc

(d),(g)

4,418‌

1‌

Cyclerion

Therapeutics

Inc

(d)

3,097‌

10‌

Cytokinetics

Inc

(d)

7,733‌

95‌

Dova

Pharmaceuticals

Inc

(d),(f),(g)

1,117‌

1‌

Eagle

Pharmaceuticals

Inc/DE

(d)

1,334‌

72‌

Enanta

Pharmaceuticals

Inc

(d)

2,462‌

127‌

Endo

International

PLC

(d)

1,373‌

8‌

Flexion

Therapeutics

Inc

(d)

5,263‌

92‌

Fulcrum

Therapeutics

Inc

(d)

820‌

14‌

G1

Therapeutics

Inc

(d)

2,931‌

57‌

Galectin

Therapeutics

Inc

(d),(e)

6,318‌

17‌

Global

Blood

Therapeutics

Inc

(d)

69,937‌

4,564‌

Gritstone

Oncology

Inc

(d)

1,147‌

10‌

Harpoon

Therapeutics

Inc

(d)

527‌

7‌

Heron

Therapeutics

Inc

(d)

12,233‌

255‌

Heska

Corp

(d)

1,094‌

110‌

Hookipa

Pharma

Inc

(d)

1,358‌

16‌

Horizon

Therapeutics

Plc

(d)

227,625‌

7,851‌

Intellia

Therapeutics

Inc

(d)

4,474‌

53‌

Intra-Cellular

Therapies

Inc

(d)

3,397‌

77‌

Ironwood

Pharmaceuticals

Inc

(d)

22,388‌

270‌

Kadmon

Holdings

Inc

(d)

22,795‌

105‌

KalVista

Pharmaceuticals

Inc

(d)

2,061‌

32‌

Kodiak

Sciences

Inc

(d)

3,486‌

213‌

Kura

Oncology

Inc

(d)

93,988‌

1,103‌

La

Jolla

Pharmaceutical

Co

(d),(e)

2,970‌

20‌

Lifevantage

Corp

(d)

2,939‌

48‌

Madrigal

Pharmaceuticals

Inc

(d)

24,815‌

2,060‌

MannKind

Corp

(d)

31,207‌

46‌

MediciNova

Inc

(d),(e)

7,079‌

41‌

Millendo

Therapeutics

Inc

(d)

1,686‌

13‌

Minerva

Neurosciences

Inc

(d)

3,638‌

30‌

Momenta

Pharmaceuticals

Inc

(d)

14,347‌

416‌

Morphic

Holding

Inc

(d)

605‌

12‌

MyoKardia

Inc

(d)

4,947‌

337‌

Neogen

Corp

(d)

8,442‌

568‌

Neurocrine

Biosciences

Inc

(d)

126,887‌

12,699‌

Odonate

Therapeutics

Inc

(d)

1,978‌

58‌

Option

Care

Health

Inc

(d)

4,075‌

17‌

Pacira

BioSciences

Inc

(d)

7,570‌

327‌

PhaseBio

Pharmaceuticals

Inc

(d)

1,979‌

10‌

Portola

Pharmaceuticals

Inc

(d),(e)

11,029‌

141‌

Principia

Biopharma

Inc

(d)

2,490‌

131‌

Progenics

Pharmaceuticals

Inc

(d)

12,656‌

56‌

Protagonist

Therapeutics

Inc

(d)

1,524‌

11‌

Ra

Pharmaceuticals

Inc

(d)

5,098‌

239‌

Reata

Pharmaceuticals

Inc

(d)

21,047‌

4,605‌

Recro

Pharma

Inc

(d)

3,171‌

52‌

Revance

Therapeutics

Inc

(d)

130,996‌

2,930‌

Rhythm

Pharmaceuticals

Inc

(d)

4,250‌

75‌

Seres

Therapeutics

Inc

(d)

4,634‌

15‌

SIGA

Technologies

Inc

(d)

10,375‌

53‌

Spectrum

Pharmaceuticals

Inc

(d)

16,166‌

41‌

Spero

Therapeutics

Inc

(d)

66‌

1‌

Supernus

Pharmaceuticals

Inc

(d)

10,006‌

229‌

Sutro

Biopharma

Inc

(d)

378‌

4‌

Synergy

Pharmaceuticals

Inc

(d),(f),(g)

28,172‌

—‌

Syros

Pharmaceuticals

Inc

(d)

5,070‌

36‌

TG

Therapeutics

Inc

(d)

11,678‌

166‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Tricida

Inc

(d)

3,393‌

$

120‌

UroGen

Pharma

Ltd

(d)

2,744‌

81‌

USANA

Health

Sciences

Inc

(d)

2,036‌

126‌

Vanda

Pharmaceuticals

Inc

(d)

21,700‌

277‌

Verrica

Pharmaceuticals

Inc

(d)

1,465‌

21‌

Voyager

Therapeutics

Inc

(d)

3,982‌

44‌

Zogenix

Inc

(d)

71,826‌

3,618‌

$

68,105‌

Pipelines

-

0.11%

New

Fortress

Energy

LLC

(d),(e)

149,870‌

2,256‌

NextDecade

Corp

(d),(e)

1,879‌

9‌

$

2,265‌

Private

Equity

-

0.01%

Kennedy-Wilson

Holdings

Inc

6,998‌

151‌

Safeguard

Scientifics

Inc

3,322‌

35‌

$

186‌

Real

Estate

-

0.06%

Cushman

&

Wakefield

PLC

(d)

11,615‌

223‌

eXp

World

Holdings

Inc

(d)

2,728‌

30‌

Griffin

Industrial

Realty

Inc

74‌

3‌

Legacy

Housing

Corp

(d)

709‌

10‌

Marcus

&

Millichap

Inc

(d)

2,938‌

104‌

McGrath

RentCorp

3,257‌

252‌

Newmark

Group

Inc

23,113‌

272‌

Redfin

Corp

(d)

9,932‌

242‌

RMR

Group

Inc/The

2,234‌

103‌

Safehold

Inc

119‌

5‌

$

1,244‌

REITs

-

0.89%

Agree

Realty

Corp

26,840‌

2,038‌

Alexander's

Inc

316‌

102‌

American

Assets

Trust

Inc

5,348‌

244‌

American

Finance

Trust

Inc

748‌

10‌

Armada

Hoffler

Properties

Inc

2,753‌

50‌

Bluerock

Residential

Growth

REIT

Inc

3,903‌

45‌

CareTrust

REIT

Inc

7,911‌

175‌

Community

Healthcare

Trust

Inc

1,828‌

86‌

Easterly

Government

Properties

Inc

4,594‌

111‌

EastGroup

Properties

Inc

5,924‌

806‌

Essential

Properties

Realty

Trust

Inc

3,240‌

89‌

First

Industrial

Realty

Trust

Inc

5,058‌

216‌

Four

Corners

Property

Trust

Inc

7,665‌

232‌

GEO

Group

Inc/The

13,426‌

212‌

Gladstone

Commercial

Corp

1,526‌

33‌

Industrial

Logistics

Properties

Trust

31,602‌

723‌

Innovative

Industrial

Properties

Inc

(e)

1,653‌

148‌

iStar

Inc

6,380‌

93‌

LTC

Properties

Inc

2,127‌

98‌

Monmouth

Real

Estate

Investment

Corp

185,661‌

2,716‌

National

Health

Investors

Inc

3,277‌

277‌

National

Storage

Affiliates

Trust

6,556‌

224‌

New

Senior

Investment

Group

Inc

5,751‌

44‌

NexPoint

Residential

Trust

Inc

2,942‌

144‌

PS

Business

Parks

Inc

3,202‌

537‌

QTS

Realty

Trust

Inc

82,865‌

4,713‌

Ryman

Hospitality

Properties

Inc

7,328‌

623‌

Saul

Centers

Inc

1,715‌

85‌

Seritage

Growth

Properties

481‌

18‌

STAG

Industrial

Inc

63,710‌

2,054‌

Tanger

Factory

Outlet

Centers

Inc

(e)

10,281‌

150‌

Terreno

Realty

Corp

1,854‌

106‌

UMH

Properties

Inc

4,889‌

77‌

Uniti

Group

Inc

20,931‌

133‌

Universal

Health

Realty

Income

Trust

2,077‌

256‌

$

17,668‌

Retail

-

5.09%

American

Eagle

Outfitters

Inc

177,543‌

2,556‌

America's

Car-Mart

Inc/TX

(d)

980‌

108‌

Asbury

Automotive

Group

Inc

(d)

3,483‌

336‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

231

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Beacon

Roofing

Supply

Inc

(d)

1,421‌

$

47‌

Biglari

Holdings

Inc

(d)

225‌

24‌

BJ's

Restaurants

Inc

2,907‌

116‌

BJ's

Wholesale

Club

Holdings

Inc

(d)

7,990‌

164‌

Bloomin'

Brands

Inc

15,903‌

330‌

Boot

Barn

Holdings

Inc

(d)

5,421‌

227‌

Brinker

International

Inc

5,448‌

233‌

Casey's

General

Stores

Inc

50,533‌

8,129‌

Cheesecake

Factory

Inc/The

4,590‌

176‌

Children's

Place

Inc/The

(e)

46,809‌

2,793‌

Chuy's

Holdings

Inc

(d)

77,011‌

1,891‌

Cracker

Barrel

Old

Country

Store

Inc

(e)

2,644‌

404‌

Dave

&

Buster's

Entertainment

Inc

3,400‌

150‌

Del

Taco

Restaurants

Inc

(d)

186,536‌

1,406‌

Denny's

Corp

(d)

4,783‌

98‌

Designer

Brands

Inc

3,951‌

56‌

Dine

Brands

Global

Inc

1,029‌

88‌

FirstCash

Inc

4,627‌

402‌

Five

Below

Inc

(d)

129,504‌

14,663‌

Foundation

Building

Materials

Inc

(d)

1,101‌

20‌

Freshpet

Inc

(d)

369,602‌

23,240‌

GMS

Inc

(d)

4,970‌

133‌

Habit

Restaurants

Inc/The

(d)

105,739‌

1,471‌

Hibbett

Sports

Inc

(d)

627‌

16‌

Hudson

Ltd

(d)

293,242‌

3,217‌

Jack

in

the

Box

Inc

64,117‌

5,242‌

La-Z-Boy

Inc

4,735‌

145‌

Lithia

Motors

Inc

2,501‌

339‌

Lovesac

Co/The

(d),(e)

239,688‌

2,720‌

MarineMax

Inc

(d)

542‌

11‌

National

Vision

Holdings

Inc

(d)

420,902‌

14,361‌

Noodles

&

Co

(d)

184,060‌

1,314‌

Papa

John's

International

Inc

2,167‌

140‌

PetIQ

Inc

(d)

3,224‌

96‌

PetMed

Express

Inc

(e)

1,303‌

33‌

PriceSmart

Inc

1,280‌

78‌

RH

(d)

975‌

203‌

Ruth's

Hospitality

Group

Inc

4,465‌

92‌

Shake

Shack

Inc

(d)

3,196‌

216‌

Texas

Roadhouse

Inc

10,538‌

659‌

Tilly's

Inc

121,541‌

1,033‌

Urban

Outfitters

Inc

(d)

66,987‌

1,715‌

Wingstop

Inc

108,022‌

10,021‌

Winmark

Corp

179‌

36‌

$

100,948‌

Savings

&

Loans

-

0.60%

Axos

Financial

Inc

(d)

105,037‌

2,959‌

First

Capital

Inc

72‌

5‌

FS

Bancorp

Inc

173‌

9‌

Greene

County

Bancorp

Inc

634‌

19‌

Hingham

Institution

for

Savings

131‌

27‌

HomeTrust

Bancshares

Inc

949‌

25‌

Malvern

Bancorp

Inc

(d)

438‌

9‌

Meridian

Bancorp

Inc

1,375‌

25‌

OceanFirst

Financial

Corp

164,391‌

3,824‌

Pacific

Premier

Bancorp

Inc

168,571‌

5,023‌

Southern

Missouri

Bancorp

Inc

148‌

5‌

United

Community

Financial

Corp/OH

1,195‌

13‌

Waterstone

Financial

Inc

350‌

6‌

$

11,949‌

Semiconductors

-

2.72%

Adesto

Technologies

Corp

(d)

3,956‌

28‌

Ambarella

Inc

(d)

1,391‌

82‌

Brooks

Automation

Inc

10,201‌

389‌

Cabot

Microelectronics

Corp

3,194‌

465‌

CEVA

Inc

(d)

3,144‌

86‌

Cree

Inc

(d)

72,765‌

3,383‌

Diodes

Inc

(d)

2,615‌

135‌

DSP

Group

Inc

(d)

1,646‌

24‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

FormFactor

Inc

(d)

3,483‌

$

88‌

Impinj

Inc

(d)

2,528‌

81‌

Inphi

Corp

(d)

123,124‌

9,352‌

Lattice

Semiconductor

Corp

(d)

554,657‌

10,317‌

MACOM

Technology

Solutions

Holdings

Inc

(d)

108,950‌

3,096‌

Marvell

Technology

Group

Ltd

151,055‌

3,631‌

MaxLinear

Inc

(d)

7,304‌

142‌

Monolithic

Power

Systems

Inc

48,892‌

8,369‌

Onto

Innovation

Inc

(d)

31,678‌

1,202‌

Power

Integrations

Inc

4,648‌

454‌

Semtech

Corp

(d)

6,775‌

327‌

Silicon

Laboratories

Inc

(d)

123,967‌

12,188‌

Xperi

Corp

2,004‌

32‌

$

53,871‌

Software

-

10.01%

1Life

Healthcare

Inc

(d)

53,736‌

1,186‌

ACI

Worldwide

Inc

(d)

19,072‌

657‌

Altair

Engineering

Inc

(d)

4,412‌

163‌

American

Software

Inc/GA

3,409‌

51‌

Appfolio

Inc

(d)

29,894‌

3,930‌

Appian

Corp

(d),(e)

3,708‌

189‌

Aspen

Technology

Inc

(d)

133,780‌

15,917‌

Avid

Technology

Inc

(d)

4,884‌

41‌

Bandwidth

Inc

(d)

1,470‌

104‌

Blackbaud

Inc

39,861‌

3,123‌

Blackline

Inc

(d)

171,407‌

10,485‌

Bottomline

Technologies

DE

Inc

(d)

4,767‌

256‌

Box

Inc

(d)

15,861‌

238‌

Brightcove

Inc

(d)

7,123‌

62‌

Broadridge

Financial

Solutions

Inc

37,249‌

4,438‌

Castlight

Health

Inc

(d)

22,766‌

28‌

Cloudera

Inc

(d)

2,287‌

24‌

CommVault

Systems

Inc

(d)

7,726‌

348‌

Cornerstone

OnDemand

Inc

(d)

6,316‌

371‌

CSG

Systems

International

Inc

6,436‌

321‌

Digital

Turbine

Inc

(d)

13,295‌

83‌

Dynatrace

Inc

(d)

517,373‌

16,199‌

Ebix

Inc

3,745‌

129‌

eGain

Corp

(d)

4,480‌

32‌

Envestnet

Inc

(d)

8,131‌

641‌

Everbridge

Inc

(d)

123,914‌

11,232‌

Evolent

Health

Inc

(d)

3,185‌

32‌

Exela

Technologies

Inc

(d)

7,022‌

3‌

Fair

Isaac

Corp

(d)

7,843‌

3,156‌

Five9

Inc

(d)

187,245‌

13,431‌

Glu

Mobile

Inc

(d)

502,160‌

2,963‌

Guidewire

Software

Inc

(d)

81,876‌

9,211‌

Health

Catalyst

Inc

(d),(e)

131,814‌

4,304‌

HubSpot

Inc

(d)

39,180‌

7,089‌

Ideanomics

Inc

(d)

10,858‌

6‌

Inovalon

Holdings

Inc

(d)

14,041‌

284‌

Instructure

Inc

(d)

3,843‌

188‌

Intelligent

Systems

Corp

(d)

1,269‌

54‌

j2

Global

Inc

7,680‌

736‌

LivePerson

Inc

(d)

6,808‌

279‌

Majesco

(d)

2,458‌

17‌

MicroStrategy

Inc

(d)

1,776‌

270‌

MobileIron

Inc

(d)

16,032‌

76‌

Model

N

Inc

(d)

141,757‌

4,421‌

New

Relic

Inc

(d)

22,307‌

1,472‌

NextGen

Healthcare

Inc

(d)

8,627‌

120‌

Omnicell

Inc

(d)

6,844‌

556‌

PDF

Solutions

Inc

(d)

704‌

11‌

Phreesia

Inc

(d)

143,189‌

4,439‌

Pluralsight

Inc

(d)

252,602‌

4,898‌

Progress

Software

Corp

8,364‌

377‌

PROS

Holdings

Inc

(d)

112,024‌

6,722‌

QAD

Inc

1,129‌

58‌

SailPoint

Technologies

Holding

Inc

(d)

171,120‌

4,293‌

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

232

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Simulations

Plus

Inc

2,034‌

$

66‌

Smartsheet

Inc

(d)

162,156‌

7,861‌

SPS

Commerce

Inc

(d)

6,561‌

373‌

SVMK

Inc

(d)

209,477‌

3,698‌

Tabula

Rasa

HealthCare

Inc

(d),(e)

146,237‌

8,492‌

Upland

Software

Inc

(d)

3,466‌

135‌

Verint

Systems

Inc

(d)

10,654‌

618‌

Verra

Mobility

Corp

(d)

24,294‌

387‌

Workiva

Inc

(d)

302,532‌

13,763‌

Yext

Inc

(d)

10,461‌

156‌

Zuora

Inc

(d)

638,463‌

9,417‌

Zynga

Inc

(d)

2,316,290‌

13,944‌

$

198,624‌

Storage

&

Warehousing

-

0.01%

Mobile

Mini

Inc

3,573‌

149‌

Telecommunications

-

1.85%

A10

Networks

Inc

(d)

8,417‌

57‌

Acacia

Communications

Inc

(d)

6,319‌

433‌

Airgain

Inc

(d)

2,075‌

20‌

Anterix

Inc

(d)

1,605‌

75‌

Calix

Inc

(d)

4,107‌

38‌

Cambium

Networks

Corp

(d)

610‌

4‌

Ciena

Corp

(d)

287,263‌

11,683‌

Clearfield

Inc

(d)

2,077‌

26‌

DASAN

Zhone

Solutions

Inc

(d)

1,402‌

12‌

Extreme

Networks

Inc

(d)

18,092‌

107‌

GCI

Liberty

Inc

(d)

240,783‌

17,621‌

Gogo

Inc

(d),(e)

9,302‌

49‌

IDT

Corp

-

Class

B

(d)

2,605‌

20‌

InterDigital

Inc

3,437‌

190‌

KVH

Industries

Inc

(d)

464‌

5‌

Loral

Space

&

Communications

Inc

(d)

2,034‌

65‌

Ooma

Inc

(d)

3,160‌

41‌

Plantronics

Inc

5,065‌

145‌

RigNet

Inc

(d)

2,317‌

10‌

Shenandoah

Telecommunications

Co

7,902‌

319‌

Viavi

Solutions

Inc

(d)

366,538‌

5,168‌

Vonage

Holdings

Corp

(d)

70,923‌

629‌

$

36,717‌

Toys,

Games

&

Hobbies

-

0.00%

Funko

Inc

(d)

3,491‌

53‌

Transportation

-

1.24%

Air

Transport

Services

Group

Inc

(d)

136,196‌

2,856‌

Ardmore

Shipping

Corp

1,853‌

11‌

CryoPort

Inc

(d),(e)

5,132‌

92‌

Dorian

LPG

Ltd

(d)

1,112‌

15‌

Forward

Air

Corp

5,140‌

336‌

GasLog

Ltd

4,567‌

30‌

Heartland

Express

Inc

534‌

10‌

Knight-Swift

Transportation

Holdings

Inc

309,662‌

11,483‌

PAM

Transportation

Services

Inc

(d)

375‌

20‌

Radiant

Logistics

Inc

(d)

7,303‌

35‌

Saia

Inc

(d)

111,658‌

9,725‌

Scorpio

Bulkers

Inc

3,037‌

11‌

Universal

Logistics

Holdings

Inc

1,648‌

28‌

$

24,652‌

Trucking

&

Leasing

-

0.00%

General

Finance

Corp

(d)

1,001‌

10‌

Willis

Lease

Finance

Corp

(d)

167‌

10‌

$

20‌

Water

-

0.06%

American

States

Water

Co

5,738‌

508‌

California

Water

Service

Group

5,053‌

266‌

Middlesex

Water

Co

2,148‌

140‌

SJW

Group

1,846‌

135‌

York

Water

Co/The

1,877‌

89‌

$

1,138‌

TOTAL

COMMON

STOCKS

$

1,907,711‌

PREFERRED

STOCKS

-

0.00%

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

0.00%

Steel

Partners

Holdings

LP

6.00%,

02/07/2026

820‌

$

19‌

TOTAL

PREFERRED

STOCKS

$

19‌

Total

Investments

$

2,011,686‌

Other

Assets

and

Liabilities

-  (1.38)%

(27,410‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,984,276‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$42,455

or

2.14%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(f)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(g)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$19

or

0.00%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Non-cyclical

31.82‌%

Industrial

18.72‌%

Technology

16.00‌%

Consumer,

Cyclical

14.04‌%

Financial

8.23‌%

Communications

5.89‌%

Money

Market

Funds

5.18‌%

Basic

Materials

0.77‌%

Energy

0.56‌%

Utilities

0.11‌%

Domestic

Equity

Funds

0.06‌%

Other

Assets

and

Liabilities

(1.38‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SmallCap

Growth

Fund

I

January

31,

2020

(unaudited)

See

accompanying

notes.

233

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

92,323‌

$

335,950‌

$

335,660‌

$

92,613‌

Principal

Healthcare

Innovators

Index

ETF

248‌

—‌

—‌

288‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

868‌

—‌

—‌

880‌

$

93,439‌

$

335,950‌

$

335,660‌

$

93,781‌

Income

(

a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

263‌

$

—‌

$

—‌

$

—‌

Principal

Healthcare

Innovators

Index

ETF

—‌

—‌

—‌

40‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

4‌

—‌

—‌

12‌

$

267‌

$

—‌

$

—‌

$

52‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

March

2020

Long

120‌

$

9,688‌

$

(208‌)

Total

$

(208‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

234

INVESTMENT

COMPANIES

-

2.68%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.09%

iShares

Core

S&P

Small-Cap

ETF

14,044‌

$

1,130‌

Money

Market

Funds

-

2.59%

BlackRock

Liquidity

FedFund

1.49

%

(a),(b)

5,510,060‌

5,511‌

Principal

Government

Money

Market

Fund

1.43

%

(a),(b),(c)

26,540,342‌

26,540‌

$

32,051‌

TOTAL

INVESTMENT

COMPANIES

$

33,181‌

COMMON

STOCKS

-

99.32%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

2.13%

AAR

Corp

54,125‌

2,305‌

Aerojet

Rocketdyne

Holdings

Inc

(

d)

119,201‌

6,207‌

AeroVironment

Inc

(

d)

35,552‌

2,368‌

Barnes

Group

Inc

78,491‌

4,958‌

Kaman

Corp

45,873‌

2,831‌

Moog

Inc

53,079‌

4,756‌

National

Presto

Industries

Inc

8,294‌

715‌

Park

Aerospace

Corp

32,093‌

497‌

Triumph

Group

Inc

82,464‌

1,685‌

$

26,322‌

Agriculture

-

1.13%

Andersons

Inc/The

53,675‌

1,214‌

Darling

Ingredients

Inc

(

d)

269,553‌

7,313‌

Phibro

Animal

Health

Corp

33,403‌

792‌

Universal

Corp/VA

40,841‌

2,171‌

Vector

Group

Ltd

189,803‌

2,494‌

$

13,984‌

Airlines

-

0.84%

Allegiant

Travel

Co

21,724‌

3,651‌

Hawaiian

Holdings

Inc

76,715‌

2,139‌

SkyWest

Inc

83,020‌

4,580‌

$

10,370‌

Apparel

-

1.52%

Crocs

Inc

(

d)

112,956‌

4,282‌

Kontoor

Brands

Inc

76,882‌

2,932‌

Oxford

Industries

Inc

28,048‌

1,947‌

Steven

Madden

Ltd

127,390‌

4,912‌

Unifi

Inc

(

d)

24,058‌

518‌

Wolverine

World

Wide

Inc

133,162‌

4,204‌

$

18,795‌

Automobile

Manufacturers

-

0.08%

Wabash

National

Corp

89,065‌

1,033‌

Automobile

Parts

&

Equipment

-

1.52%

American

Axle

&

Manufacturing

Holdings

Inc

(

d)

185,192‌

1,711‌

Cooper

Tire

&

Rubber

Co

82,628‌

2,189‌

Cooper-Standard

Holdings

Inc

(

d)

27,727‌

735‌

Dorman

Products

Inc

(

d)

48,034‌

3,353‌

Garrett

Motion

Inc

(

d)

123,200‌

1,037‌

Gentherm

Inc

(

d)

53,911‌

2,486‌

Meritor

Inc

(

d)

128,634‌

2,818‌

Methode

Electronics

Inc

61,069‌

2,000‌

Motorcar

Parts

of

America

Inc

(

d)

31,213‌

620‌

Standard

Motor

Products

Inc

33,276‌

1,617‌

Titan

International

Inc

82,388‌

236‌

$

18,802‌

Banks

-

9.24%

Allegiance

Bancshares

Inc

31,526‌

1,173‌

Ameris

Bancorp

107,815‌

4,333‌

Banner

Corp

61,364‌

3,163‌

Cadence

BanCorp

210,780‌

3,295‌

Central

Pacific

Financial

Corp

46,724‌

1,296‌

City

Holding

Co

26,843‌

2,031‌

Columbia

Banking

System

Inc

118,774‌

4,597‌

Community

Bank

System

Inc

85,128‌

5,641‌

Customers

Bancorp

Inc

(

d)

47,442‌

1,014‌

CVB

Financial

Corp

219,152‌

4,552‌

Eagle

Bancorp

Inc

55,297‌

2,416‌

First

BanCorp

/Puerto

Rico

357,882‌

3,318‌

First

Commonwealth

Financial

Corp

161,879‌

2,189‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

First

Financial

Bancorp

163,632‌

$

3,934‌

First

Midwest

Bancorp

Inc/IL

181,069‌

3,611‌

Flagstar

Bancorp

Inc

56,758‌

2,000‌

Franklin

Financial

Network

Inc

22,050‌

813‌

Glacier

Bancorp

Inc

141,160‌

5,981‌

Great

Western

Bancorp

Inc

92,673‌

2,739‌

Hanmi

Financial

Corp

51,228‌

862‌

Heritage

Financial

Corp/WA

60,293‌

1,554‌

HomeStreet

Inc

40,191‌

1,291‌

Hope

Bancorp

Inc

208,611‌

2,901‌

Independent

Bank

Corp

56,597‌

4,086‌

Meta

Financial

Group

Inc

56,932‌

2,119‌

National

Bank

Holdings

Corp

51,322‌

1,673‌

NBT

Bancorp

Inc

72,103‌

2,725‌

OFG

Bancorp

84,543‌

1,666‌

Old

National

Bancorp/IN

279,958‌

5,014‌

Opus

Bank

35,571‌

947‌

Preferred

Bank/Los

Angeles

CA

22,407‌

1,347‌

S&T

Bancorp

Inc

63,446‌

2,385‌

Seacoast

Banking

Corp

of

Florida

(

d)

84,764‌

2,301‌

ServisFirst

Bancshares

Inc

75,885‌

2,789‌

Simmons

First

National

Corp

187,642‌

4,500‌

Southside

Bancshares

Inc

52,264‌

1,833‌

Tompkins

Financial

Corp

20,173‌

1,737‌

Triumph

Bancorp

Inc

(

d)

38,413‌

1,497‌

TrustCo

Bank

Corp

NY

159,573‌

1,265‌

United

Community

Banks

Inc/GA

130,043‌

3,631‌

Veritex

Holdings

Inc

77,770‌

2,202‌

Walker

&

Dunlop

Inc

47,188‌

3,132‌

Westamerica

Bancorporation

44,546‌

2,822‌

$

114,375‌

Beverages

-

0.29%

Coca-Cola

Consolidated

Inc

7,643‌

2,070‌

MGP

Ingredients

Inc

21,866‌

745‌

National

Beverage

Corp

(

d),(e)

19,165‌

822‌

$

3,637‌

Biotechnology

-

1.70%

Acorda

Therapeutics

Inc

(

d)

79,082‌

161‌

AMAG

Pharmaceuticals

Inc

(

d)

55,843‌

495‌

ANI

Pharmaceuticals

Inc

(

d)

15,315‌

949‌

Emergent

BioSolutions

Inc

(

d)

72,249‌

3,980‌

Innoviva

Inc

(

d)

110,058‌

1,519‌

Myriad

Genetics

Inc

(

d)

122,481‌

3,387‌

NeoGenomics

Inc

(

d)

171,907‌

5,541‌

REGENXBIO

Inc

(

d)

51,605‌

2,246‌

Xencor

Inc

(

d)

81,250‌

2,758‌

$

21,036‌

Building

Materials

-

2.35%

AAON

Inc

66,908‌

3,509‌

American

Woodmark

Corp

(

d)

25,633‌

2,811‌

Apogee

Enterprises

Inc

43,719‌

1,391‌

Boise

Cascade

Co

64,174‌

2,323‌

Gibraltar

Industries

Inc

(

d)

53,135‌

2,897‌

Griffon

Corp

70,130‌

1,458‌

Patrick

Industries

Inc

36,781‌

1,908‌

PGT

Innovations

Inc

(

d)

96,165‌

1,490‌

Simpson

Manufacturing

Co

Inc

66,418‌

5,491‌

Universal

Forest

Products

Inc

101,078‌

4,842‌

US

Concrete

Inc

(

d)

26,119‌

929‌

$

29,049‌

Chemicals

-

2.70%

A.

Schulman

Inc.

(d

),(

f)

48,796‌

21‌

AdvanSix

Inc

(

d)

45,957‌

860‌

American

Vanguard

Corp

43,737‌

817‌

Balchem

Corp

52,969‌

5,722‌

Ferro

Corp

(

d)

134,960‌

1,846‌

GCP

Applied

Technologies

Inc

(

d)

88,561‌

1,968‌

Hawkins

Inc

15,576‌

651‌

HB

Fuller

Co

83,941‌

3,879‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

235

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

(continued)

Innophos

Holdings

Inc

32,420‌

$

1,036‌

Innospec

Inc

40,333‌

4,063‌

Koppers

Holdings

Inc

(

d)

34,078‌

1,069‌

Kraton

Corp

(

d)

52,200‌

859‌

Quaker

Chemical

Corp

21,313‌

3,538‌

Rayonier

Advanced

Materials

Inc

82,220‌

253‌

Rogers

Corp

(

d)

30,579‌

3,601‌

Stepan

Co

32,981‌

3,254‌

$

33,437‌

Coal

-

0.22%

CONSOL

Energy

Inc

(

d)

42,647‌

347‌

SunCoke

Energy

Inc

142,844‌

840‌

Warrior

Met

Coal

Inc

84,091‌

1,586‌

$

2,773‌

Commercial

Services

-

4.22%

ABM

Industries

Inc

109,354‌

4,171‌

American

Public

Education

Inc

(

d)

25,354‌

604‌

AMN

Healthcare

Services

Inc

(

d)

76,910‌

5,182‌

Arlo

Technologies

Inc

(

d)

124,652‌

532‌

Cardtronics

PLC

(

d)

59,488‌

2,677‌

Care.com

Inc

(

d)

46,395‌

695‌

CorVel

Corp

(

d)

14,750‌

1,351‌

Cross

Country

Healthcare

Inc

(

d)

60,718‌

601‌

EVERTEC

Inc

98,293‌

3,300‌

Forrester

Research

Inc

(

d)

17,476‌

723‌

Harsco

Corp

(

d)

129,430‌

1,929‌

Heidrick

&

Struggles

International

Inc

31,563‌

897‌

HMS

Holdings

Corp

(

d)

145,053‌

3,963‌

Kelly

Services

Inc

54,641‌

970‌

Korn

Ferry

91,078‌

3,732‌

Medifast

Inc

(

e)

19,126‌

1,848‌

Monro

Inc

54,782‌

3,435‌

Perdoceo

Education

Corp

(

d)

115,875‌

2,060‌

Rent-A-Center

Inc/TX

81,136‌

2,364‌

Resources

Connection

Inc

49,567‌

755‌

RR

Donnelley

&

Sons

Co

116,737‌

280‌

Strategic

Education

Inc

36,165‌

5,869‌

Team

Inc

(

d)

49,993‌

680‌

TrueBlue

Inc

(

d)

64,140‌

1,405‌

Viad

Corp

33,467‌

2,175‌

$

52,198‌

Computers

-

2.36%

3D

Systems

Corp

(

d)

194,981‌

2,123‌

Agilysys

Inc

(

d)

33,501‌

1,089‌

Cubic

Corp

51,493‌

3,362‌

Diebold

Nixdorf

Inc

(

d)

126,441‌

1,455‌

ExlService

Holdings

Inc

(

d)

56,140‌

4,105‌

Insight

Enterprises

Inc

(

d)

58,925‌

3,882‌

MTS

Systems

Corp

29,309‌

1,486‌

OneSpan

Inc

(

d)

53,616‌

891‌

Qualys

Inc

(

d)

54,889‌

4,706‌

Sykes

Enterprises

Inc

(

d)

63,447‌

2,131‌

TTEC

Holdings

Inc

29,086‌

1,155‌

Unisys

Corp

(

d)

85,268‌

828‌

Virtusa

Corp

(

d)

49,140‌

2,046‌

$

29,259‌

Consumer

Products

-

0.62%

Central

Garden

&

Pet

Co

(

d)

16,149‌

520‌

Central

Garden

&

Pet

Co

-

A

Shares

(

d)

66,158‌

1,982‌

Quanex

Building

Products

Corp

54,600‌

968‌

WD-40

Co

22,566‌

4,216‌

$

7,686‌

Cosmetics

&

Personal

Care

-

0.16%

Inter

Parfums

Inc

29,012‌

2,005‌

Distribution

&

Wholesale

-

0.87%

Anixter

International

Inc

(

d)

49,571‌

4,838‌

Core-Mark

Holding

Co

Inc

75,027‌

1,759‌

Fossil

Group

Inc

(

d)

76,520‌

515‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Distribution

&

Wholesale

(continued)

G-III

Apparel

Group

Ltd

(

d)

70,869‌

$

1,928‌

ScanSource

Inc

(

d)

41,600‌

1,451‌

Veritiv

Corp

(

d)

20,941‌

295‌

$

10,786‌

Diversified

Financial

Services

-

1.46%

Blucora

Inc

(

d)

80,584‌

1,817‌

Boston

Private

Financial

Holdings

Inc

137,060‌

1,563‌

Encore

Capital

Group

Inc

(

d)

45,513‌

1,545‌

Enova

International

Inc

(

d)

55,603‌

1,393‌

EZCORP

Inc

(

d)

86,547‌

538‌

Greenhill

&

Co

Inc

24,506‌

384‌

INTL.

FCStone

Inc

(

d)

26,820‌

1,278‌

Piper

Sandler

Cos

26,168‌

2,157‌

PRA

Group

Inc

(

d)

74,768‌

2,644‌

Virtus

Investment

Partners

Inc

10,647‌

1,310‌

Waddell

&

Reed

Financial

Inc

115,788‌

1,850‌

WisdomTree

Investments

Inc

194,225‌

818‌

World

Acceptance

Corp

(

d)

9,122‌

789‌

$

18,086‌

Electric

-

0.82%

Avista

Corp

109,837‌

5,585‌

El

Paso

Electric

Co

67,070‌

4,567‌

$

10,152‌

Electrical

Components

&

Equipment

-

0.38%

Encore

Wire

Corp

34,513‌

1,874‌

Insteel

Industries

Inc

30,127‌

674‌

Powell

Industries

Inc

14,501‌

599‌

Vicor

Corp

(

d)

30,185‌

1,511‌

$

4,658‌

Electronics

-

3.71%

Advanced

Energy

Industries

Inc

(

d)

63,077‌

4,412‌

Alarm.com

Holdings

Inc

(

d)

59,980‌

2,635‌

Applied

Optoelectronics

Inc

(

d),(e)

31,468‌

356‌

Badger

Meter

Inc

47,932‌

2,831‌

Bel

Fuse

Inc

16,676‌

289‌

Benchmark

Electronics

Inc

61,952‌

1,907‌

Brady

Corp

81,939‌

4,537‌

Comtech

Telecommunications

Corp

40,157‌

1,161‌

FARO

Technologies

Inc

(

d)

28,654‌

1,480‌

Itron

Inc

(

d)

57,982‌

4,740‌

Knowles

Corp

(

d)

141,685‌

2,795‌

Mesa

Laboratories

Inc

6,612‌

1,735‌

OSI

Systems

Inc

(

d)

28,110‌

2,433‌

Plexus

Corp

(

d)

48,045‌

3,417‌

Sanmina

Corp

(

d)

115,216‌

3,668‌

SMART

Global

Holdings

Inc

(

d)

21,660‌

653‌

TTM

Technologies

Inc

(

d)

161,537‌

2,324‌

Watts

Water

Technologies

Inc

45,447‌

4,532‌

$

45,905‌

Energy

-

Alternate

Sources

-

0.29%

FutureFuel

Corp

42,492‌

465‌

Green

Plains

Inc

55,649‌

694‌

Renewable

Energy

Group

Inc

(

d)

64,153‌

1,686‌

REX

American

Resources

Corp

(

d)

9,222‌

695‌

$

3,540‌

Engineering

&

Construction

-

1.85%

Aegion

Corp

(

d)

50,645‌

1,058‌

Arcosa

Inc

79,673‌

3,486‌

Comfort

Systems

USA

Inc

60,389‌

2,802‌

Exponent

Inc

85,338‌

6,210‌

Granite

Construction

Inc

76,959‌

2,088‌

MYR

Group

Inc

(

d)

27,410‌

787‌

TopBuild

Corp

(

d)

55,897‌

6,401‌

$

22,832‌

Entertainment

-

0.09%

Monarch

Casino

&

Resort

Inc

(

d)

19,649‌

1,055‌

Environmental

Control

-

0.18%

US

Ecology

Inc

41,900‌

2,263‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

236

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

-

1.27%

B&G

Foods

Inc

(

e)

105,452‌

$

1,693‌

Calavo

Growers

Inc

26,943‌

2,064‌

Cal-Maine

Foods

Inc

49,865‌

1,780‌

Chefs'

Warehouse

Inc/

The

(

d)

41,951‌

1,527‌

Fresh

Del

Monte

Produce

Inc

49,876‌

1,565‌

J&J

Snack

Foods

Corp

24,582‌

4,077‌

John

B

Sanfilippo

&

Son

Inc

14,476‌

1,220‌

Seneca

Foods

Corp

-

Class

A

(

d)

11,267‌

446‌

SpartanNash

Co

59,845‌

729‌

United

Natural

Foods

Inc

(

d)

87,789‌

632‌

$

15,733‌

Forest

Products

&

Paper

-

0.51%

Clearwater

Paper

Corp

(

d)

27,193‌

767‌

Mercer

International

Inc

65,916‌

726‌

Neenah

Inc

27,688‌

1,845‌

PH

Glatfelter

Co

72,727‌

1,214‌

Schweitzer-Mauduit

International

Inc

50,871‌

1,782‌

$

6,334‌

Gas

-

0.68%

Northwest

Natural

Holding

Co

50,113‌

3,677‌

South

Jersey

Industries

Inc

152,125‌

4,686‌

$

8,363‌

Hand

&

Machine

Tools

-

0.30%

Franklin

Electric

Co

Inc

63,358‌

3,655‌

Healthcare

-

Products

-

3.01%

AngioDynamics

Inc

(

d)

61,940‌

853‌

BioTelemetry

Inc

(

d)

55,966‌

2,738‌

Cardiovascular

Systems

Inc

(

d)

57,958‌

2,631‌

CONMED

Corp

46,727‌

4,751‌

CryoLife

Inc

(

d)

61,750‌

1,836‌

Cutera

Inc

(

d)

23,434‌

660‌

Hanger

Inc

(

d)

61,476‌

1,502‌

Inogen

Inc

(

d)

30,063‌

1,331‌

Integer

Holdings

Corp

(

d)

53,807‌

4,595‌

Invacare

Corp

55,443‌

426‌

Lantheus

Holdings

Inc

(

d)

64,621‌

1,132‌

LeMaitre

Vascular

Inc

26,989‌

971‌

Luminex

Corp

68,985‌

1,565‌

Meridian

Bioscience

Inc

70,374‌

692‌

Merit

Medical

Systems

Inc

(

d)

90,901‌

3,311‌

Natus

Medical

Inc

(

d)

56,129‌

1,756‌

OraSure

Technologies

Inc

(

d)

101,631‌

717‌

Orthofix

Medical

Inc

(

d)

31,373‌

1,357‌

Surmodics

Inc

(

d)

22,308‌

879‌

Tactile

Systems

Technology

Inc

(

d)

31,329‌

1,760‌

Varex

Imaging

Corp

(

d)

63,177‌

1,747‌

$

37,210‌

Healthcare

-

Services

-

2.60%

Addus

HomeCare

Corp

(

d)

22,288‌

2,103‌

Community

Health

Systems

Inc

(

d)

194,033‌

833‌

Ensign

Group

Inc/The

82,574‌

3,732‌

LHC

Group

Inc

(

d)

48,770‌

7,108‌

Magellan

Health

Inc

(

d)

35,857‌

2,625‌

Medpace

Holdings

Inc

(

d)

45,086‌

3,857‌

Pennant

Group

Inc/

The

(

d)

43,099‌

1,138‌

Providence

Service

Corp/

The

(

d)

18,904‌

1,226‌

RadNet

Inc

(

d)

68,701‌

1,551‌

Select

Medical

Holdings

Corp

(

d)

176,936‌

4,041‌

Tivity

Health

Inc

(

d)

71,119‌

1,539‌

US

Physical

Therapy

Inc

21,033‌

2,464‌

$

32,217‌

Home

Builders

-

2.28%

Cavco

Industries

Inc

(

d)

14,137‌

3,167‌

Century

Communities

Inc

(

d)

44,386‌

1,317‌

Installed

Building

Products

Inc

(

d)

35,090‌

2,601‌

LCI

Industries

41,209‌

4,449‌

LGI

Homes

Inc

(

d)

32,875‌

2,622‌

M/I

Homes

Inc

(

d)

46,337‌

2,057‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Builders

(continued)

MDC

Holdings

Inc

82,456‌

$

3,475‌

Meritage

Homes

Corp

(

d)

59,276‌

4,206‌

William

Lyon

Homes

(

d)

54,382‌

1,261‌

Winnebago

Industries

Inc

55,462‌

3,037‌

$

28,192‌

Home

Furnishings

-

0.55%

Daktronics

Inc

61,698‌

364‌

Ethan

Allen

Interiors

Inc

40,275‌

650‌

iRobot

Corp

(

d),(e)

46,548‌

2,190‌

Sleep

Number

Corp

(

d)

46,807‌

2,415‌

Universal

Electronics

Inc

(

d)

22,932‌

1,136‌

$

6,755‌

Housewares

-

0.04%

Tupperware

Brands

Corp

80,511‌

504‌

Insurance

-

3.20%

Ambac

Financial

Group

Inc

(

d)

75,005‌

1,607‌

American

Equity

Investment

Life

Holding

Co

149,907‌

3,959‌

AMERISAFE

Inc

31,778‌

2,174‌

eHealth

Inc

(

d)

33,467‌

3,519‌

Employers

Holdings

Inc

52,385‌

2,234‌

FGL

Holdings

215,330‌

2,078‌

HCI

Group

Inc

10,562‌

468‌

Horace

Mann

Educators

Corp

67,868‌

2,919‌

James

River

Group

Holdings

Ltd

50,061‌

2,150‌

Kinsale

Capital

Group

Inc

33,930‌

3,875‌

NMI

Holdings

Inc

(

d)

111,930‌

3,573‌

ProAssurance

Corp

88,566‌

2,690‌

Safety

Insurance

Group

Inc

24,064‌

2,216‌

Stewart

Information

Services

Corp

39,032‌

1,630‌

Third

Point

Reinsurance

Ltd

(

d)

131,864‌

1,436‌

United

Fire

Group

Inc

35,034‌

1,551‌

United

Insurance

Holdings

Corp

34,168‌

346‌

Universal

Insurance

Holdings

Inc

50,309‌

1,224‌

$

39,649‌

Internet

-

1.71%

8x8

Inc

(

d)

165,022‌

3,073‌

Cogent

Communications

Holdings

Inc

68,627‌

4,868‌

ePlus

Inc

(

d)

22,238‌

1,773‌

HealthStream

Inc

(

d)

42,114‌

1,076‌

Liquidity

Services

Inc

(

d)

44,324‌

236‌

NIC

Inc

110,257‌

2,175‌

Perficient

Inc

(

d)

53,695‌

2,669‌

QuinStreet

Inc

(

d)

75,907‌

983‌

Shutterstock

Inc

31,525‌

1,366‌

Stamps.com

Inc

(

d)

26,709‌

1,989‌

TechTarget

Inc

(

d)

37,788‌

959‌

$

21,167‌

Iron

&

Steel

-

0.37%

AK

Steel

Holding

Corp

(

d)

521,034‌

1,438‌

Cleveland-Cliffs

Inc

444,696‌

3,122‌

$

4,560‌

Leisure

Products

&

Services

-

0.66%

Callaway

Golf

Co

154,947‌

3,319‌

Fox

Factory

Holding

Corp

(

d)

63,430‌

4,175‌

Vista

Outdoor

Inc

(

d)

95,211‌

707‌

$

8,201‌

Lodging

-

0.18%

Marcus

Corp/The

37,849‌

1,103‌

St

Joe

Co/

The

(

d)

51,850‌

1,090‌

$

2,193‌

Machinery

-

Construction

&

Mining

-

0.41%

Astec

Industries

Inc

37,121‌

1,531‌

SPX

Corp

(

d)

72,685‌

3,566‌

$

5,097‌

Machinery

-

Diversified

-

1.86%

Alamo

Group

Inc

15,968‌

1,989‌

Albany

International

Corp

50,549‌

3,527‌

Applied

Industrial

Technologies

Inc

63,647‌

4,110‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

237

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Diversified

(continued)

Briggs

&

Stratton

Corp

69,949‌

$

257‌

Chart

Industries

Inc

(

d)

58,943‌

3,771‌

DXP

Enterprises

Inc/

TX

(

d)

26,374‌

914‌

Ichor

Holdings

Ltd

(

d)

37,037‌

1,237‌

Lindsay

Corp

17,804‌

1,781‌

SPX

FLOW

Inc

(

d)

70,086‌

3,065‌

Tennant

Co

30,076‌

2,322‌

$

22,973‌

Media

-

0.32%

EW

Scripps

Co/The

89,727‌

1,089‌

Gannett

Co

Inc

202,325‌

1,236‌

Scholastic

Corp

50,612‌

1,668‌

$

3,993‌

Metal

Fabrication

&

Hardware

-

0.59%

AZZ

Inc

43,059‌

1,777‌

CIRCOR

International

Inc

(

d)

32,781‌

1,361‌

Mueller

Industries

Inc

93,771‌

2,735‌

Olympic

Steel

Inc

15,026‌

221‌

TimkenSteel

Corp

(

d)

65,678‌

419‌

Tredegar

Corp

40,633‌

827‌

$

7,340‌

Mining

-

0.43%

Century

Aluminum

Co

(

d)

81,963‌

433‌

Kaiser

Aluminum

Corp

26,147‌

2,619‌

Livent

Corp

(

d)

240,358‌

2,262‌

$

5,314‌

Miscellaneous

Manufacturers

-

3.21%

Enerpac

Tool

Group

Corp

88,711‌

2,050‌

EnPro

Industries

Inc

34,221‌

2,000‌

ESCO

Technologies

Inc

42,777‌

4,105‌

Fabrinet

(

d)

60,926‌

3,841‌

Federal

Signal

Corp

99,625‌

3,204‌

Haynes

International

Inc

20,604‌

552‌

Hillenbrand

Inc

122,020‌

3,542‌

John

Bean

Technologies

Corp

52,140‌

5,891‌

LSB

Industries

Inc

(

d)

36,015‌

109‌

Lydall

Inc

(

d)

28,851‌

590‌

Materion

Corp

33,594‌

1,824‌

Myers

Industries

Inc

58,483‌

946‌

Proto

Labs

Inc

(

d)

44,061‌

4,560‌

Raven

Industries

Inc

58,880‌

1,847‌

Standex

International

Corp

20,519‌

1,500‌

Sturm

Ruger

&

Co

Inc

27,349‌

1,354‌

Trinseo

SA

64,512‌

1,853‌

$

39,768‌

Office

&

Business

Equipment

-

0.09%

Pitney

Bowes

Inc

281,302‌

1,052‌

Office

Furnishings

-

0.13%

Interface

Inc

96,186‌

1,547‌

Oil

&

Gas

-

1.71%

Bonanza

Creek

Energy

Inc

(

d)

30,577‌

556‌

Callon

Petroleum

Co

(

d)

642,909‌

1,929‌

Denbury

Resources

Inc

(

d)

811,253‌

799‌

Diamond

Offshore

Drilling

Inc

(

d),(e)

106,554‌

493‌

Gulfport

Energy

Corp

(

d)

239,295‌

371‌

HighPoint

Resources

Corp

(

d)

179,425‌

208‌

Laredo

Petroleum

Inc

(

d)

296,737‌

510‌

Nabors

Industries

Ltd

556,483‌

1,152‌

Noble

Corp

PLC

(

d)

410,310‌

332‌

Oasis

Petroleum

Inc

(

d)

476,137‌

1,071‌

Par

Pacific

Holdings

Inc

(

d)

60,675‌

1,221‌

PDC

Energy

Inc

(

d)

159,764‌

3,449‌

Penn

Virginia

Corp

(

d)

22,160‌

474‌

QEP

Resources

Inc

391,527‌

1,241‌

Range

Resources

Corp

(

e)

343,600‌

1,031‌

Ring

Energy

Inc

(

d)

98,252‌

212‌

SM

Energy

Co

174,670‌

1,604‌

Southwestern

Energy

Co

(

d)

891,251‌

1,399‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Talos

Energy

Inc

(

d)

33,016‌

$

724‌

Valaris

plc

(

d),(e)

325,806‌

1,665‌

Whiting

Petroleum

Corp

(

d),(e)

150,325‌

683‌

$

21,124‌

Oil

&

Gas

Services

-

1.26%

Archrock

Inc

210,101‌

1,754‌

DMC

Global

Inc

24,114‌

1,009‌

Dril

-Quip

Inc

(

d)

59,571‌

2,436‌

Era

Group

Inc

(

d)

32,598‌

324‌

Exterran

Corp

(

d)

46,328‌

250‌

Geospace

Technologies

Corp

(

d)

22,443‌

301‌

Helix

Energy

Solutions

Group

Inc

(

d)

232,764‌

1,941‌

KLX

Energy

Services

Holdings

Inc

(

d)

34,590‌

140‌

Matrix

Service

Co

(

d)

44,722‌

900‌

Newpark

Resources

Inc

(

d)

147,716‌

739‌

Oceaneering

International

Inc

(

d)

162,887‌

2,021‌

Oil

States

International

Inc

(

d)

99,618‌

1,074‌

ProPetro

Holding

Corp

(

d)

135,579‌

1,321‌

RPC

Inc

84,761‌

384‌

TETRA

Technologies

Inc

(

d)

206,704‌

316‌

US

Silica

Holdings

Inc

121,129‌

623‌

$

15,533‌

Packaging

&

Containers

-

0.16%

Matthews

International

Corp

51,602‌

1,926‌

Pharmaceuticals

-

2.75%

Akorn

Inc

(

d)

155,775‌

238‌

Amphastar

Pharmaceuticals

Inc

(

d)

56,418‌

1,067‌

Anika

Therapeutics

Inc

(

d)

23,493‌

966‌

Corcept

Therapeutics

Inc

(

d)

169,346‌

2,146‌

Covetrus

Inc

(

d)

160,611‌

1,976‌

Cytokinetics

Inc

(

d)

97,278‌

1,197‌

Diplomat

Pharmacy

Inc

(

d)

95,069‌

378‌

Eagle

Pharmaceuticals

Inc/

DE

(

d)

16,657‌

896‌

Enanta

Pharmaceuticals

Inc

(

d)

26,308‌

1,356‌

Endo

International

PLC

(

d)

332,315‌

1,884‌

Heska

Corp

(

d)

11,600‌

1,162‌

Lannett

Co

Inc

(

d),(e)

55,123‌

449‌

Momenta

Pharmaceuticals

Inc

(

d)

186,851‌

5,422‌

Neogen

Corp

(

d)

86,315‌

5,806‌

Owens

&

Minor

Inc

103,487‌

648‌

Pacira

BioSciences

Inc

(

d)

68,710‌

2,970‌

Progenics

Pharmaceuticals

Inc

(

d)

142,293‌

635‌

Spectrum

Pharmaceuticals

Inc

(

d)

186,010‌

471‌

Supernus

Pharmaceuticals

Inc

(

d)

86,379‌

1,975‌

USANA

Health

Sciences

Inc

(

d)

20,670‌

1,275‌

Vanda

Pharmaceuticals

Inc

(

d)

87,819‌

1,120‌

$

34,037‌

Real

Estate

-

0.44%

Marcus

&

Millichap

Inc

(

d)

38,657‌

1,368‌

RE/MAX

Holdings

Inc

29,366‌

1,124‌

Realogy

Holdings

Corp

(

e)

188,263‌

1,994‌

Safehold

Inc

20,454‌

920‌

$

5,406‌

REITs

-

9.58%

Acadia

Realty

Trust

143,162‌

3,553‌

Agree

Realty

Corp

69,834‌

5,303‌

American

Assets

Trust

Inc

78,975‌

3,598‌

Apollo

Commercial

Real

Estate

Finance

Inc

235,103‌

4,298‌

Armada

Hoffler

Properties

Inc

91,253‌

1,674‌

ARMOUR

Residential

REIT

Inc

96,963‌

1,868‌

Capstead

Mortgage

Corp

155,770‌

1,280‌

CareTrust

REIT

Inc

157,334‌

3,490‌

CBL

&

Associates

Properties

Inc

(

e)

285,673‌

240‌

Cedar

Realty

Trust

Inc

141,503‌

368‌

Chatham

Lodging

Trust

77,261‌

1,263‌

Community

Healthcare

Trust

Inc

31,229‌

1,473‌

DiamondRock

Hospitality

Co

329,625‌

3,187‌

Easterly

Government

Properties

Inc

122,102‌

2,956‌

Essential

Properties

Realty

Trust

Inc

144,748‌

3,997‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

238

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Four

Corners

Property

Trust

Inc

113,471‌

$

3,437‌

Franklin

Street

Properties

Corp

176,555‌

1,342‌

Getty

Realty

Corp

56,305‌

1,775‌

Global

Net

Lease

Inc

147,292‌

3,053‌

Granite

Point

Mortgage

Trust

Inc

90,315‌

1,652‌

Hersha

Hospitality

Trust

59,124‌

767‌

Independence

Realty

Trust

Inc

149,658‌

2,195‌

Industrial

Logistics

Properties

Trust

107,320‌

2,457‌

Innovative

Industrial

Properties

Inc

(

e)

25,720‌

2,302‌

Invesco

Mortgage

Capital

Inc

235,124‌

4,112‌

iStar

Inc

97,238‌

1,416‌

Kite

Realty

Group

Trust

138,270‌

2,378‌

KKR

Real

Estate

Finance

Trust

Inc

39,755‌

837‌

Lexington

Realty

Trust

408,125‌

4,518‌

LTC

Properties

Inc

65,451‌

3,021‌

National

Storage

Affiliates

Trust

97,685‌

3,336‌

New

York

Mortgage

Trust

Inc

529,010‌

3,359‌

NexPoint

Residential

Trust

Inc

37,098‌

1,810‌

Office

Properties

Income

Trust

79,366‌

2,701‌

Pennsylvania

Real

Estate

Investment

Trust

(

e)

98,371‌

388‌

PennyMac

Mortgage

Investment

Trust

164,869‌

3,833‌

Ready

Capital

Corp

58,051‌

947‌

Redwood

Trust

Inc

185,544‌

3,271‌

Retail

Opportunity

Investments

Corp

190,988‌

3,165‌

RPT

Realty

132,339‌

1,846‌

Saul

Centers

Inc

19,397‌

958‌

Summit

Hotel

Properties

Inc

173,154‌

1,920‌

Tanger

Factory

Outlet

Centers

Inc

(

e)

152,634‌

2,233‌

Uniti

Group

Inc

318,230‌

2,014‌

Universal

Health

Realty

Income

Trust

20,839‌

2,571‌

Urstadt

Biddle

Properties

Inc

49,217‌

1,116‌

Washington

Prime

Group

Inc

(

e)

307,237‌

925‌

Washington

Real

Estate

Investment

Trust

132,699‌

4,039‌

Whitestone

REIT

66,903‌

876‌

Xenia

Hotels

&

Resorts

Inc

185,465‌

3,466‌

$

118,584‌

Retail

-

5.44%

Abercrombie

&

Fitch

Co

103,330‌

1,690‌

Asbury

Automotive

Group

Inc

(

d)

31,857‌

3,073‌

Barnes

&

Noble

Education

Inc

(

d)

63,617‌

219‌

Big

Lots

Inc

64,239‌

1,738‌

BJ's

Restaurants

Inc

31,551‌

1,255‌

Bloomin

'

Brands

Inc

143,022‌

2,971‌

Boot

Barn

Holdings

Inc

(

d)

47,030‌

1,974‌

Buckle

Inc/

The

(

e)

47,007‌

1,147‌

Caleres

Inc

67,039‌

1,177‌

Cato

Corp/The

35,778‌

574‌

Chico's

FAS

Inc

195,308‌

760‌

Children's

Place

Inc/

The

(

e)

25,638‌

1,530‌

Chuy's

Holdings

Inc

(

d)

27,356‌

672‌

Conn's

Inc

(

d)

31,407‌

275‌

Dave

&

Buster's

Entertainment

Inc

50,763‌

2,242‌

Designer

Brands

Inc

90,845‌

1,294‌

Dine

Brands

Global

Inc

27,650‌

2,357‌

El

Pollo

Loco

Holdings

Inc

(

d)

32,164‌

443‌

Express

Inc

(

d)

110,754‌

444‌

Fiesta

Restaurant

Group

Inc

(

d)

35,285‌

350‌

Foundation

Building

Materials

Inc

(

d)

29,135‌

519‌

GameStop

Corp

(

e)

108,489‌

417‌

Genesco

Inc

(

d)

23,460‌

922‌

GMS

Inc

(

d)

69,430‌

1,855‌

Group

1

Automotive

Inc

28,817‌

2,904‌

Guess?

Inc

70,248‌

1,496‌

Haverty

Furniture

Cos

Inc

29,788‌

600‌

Hibbett

Sports

Inc

(

d)

29,028‌

719‌

JC

Penney

Co

Inc

(

d),(e)

495,264‌

369‌

La-Z-Boy

Inc

76,371‌

2,340‌

Lithia

Motors

Inc

37,285‌

5,057‌

Lumber

Liquidators

Holdings

Inc

(

d)

47,270‌

360‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

MarineMax

Inc

(

d)

35,326‌

$

704‌

Michaels

Cos

Inc/

The

(

d)

125,676‌

620‌

Movado

Group

Inc

27,025‌

465‌

Office

Depot

Inc

899,792‌

1,998‌

PC

Connection

Inc

18,196‌

907‌

PetMed

Express

Inc

(

e)

33,217‌

837‌

PriceSmart

Inc

36,706‌

2,249‌

Red

Robin

Gourmet

Burgers

Inc

(

d)

21,307‌

700‌

Regis

Corp

(

d)

39,802‌

618‌

Ruth's

Hospitality

Group

Inc

44,688‌

916‌

Shake

Shack

Inc

(

d)

51,127‌

3,448‌

Shoe

Carnival

Inc

14,723‌

528‌

Signet

Jewelers

Ltd

86,189‌

2,095‌

Sonic

Automotive

Inc

39,946‌

1,263‌

Tailored

Brands

Inc

(

e)

83,383‌

332‌

Vera

Bradley

Inc

(

d)

38,615‌

370‌

Wingstop

Inc

48,494‌

4,499‌

Zumiez

Inc

(

d)

33,565‌

1,046‌

$

67,338‌

Savings

&

Loans

-

1.42%

Axos

Financial

Inc

(

d)

87,794‌

2,473‌

Banc

of

California

Inc

73,865‌

1,179‌

Berkshire

Hills

Bancorp

Inc

70,713‌

1,991‌

Brookline

Bancorp

Inc

131,337‌

1,996‌

Dime

Community

Bancshares

Inc

50,774‌

986‌

Northfield

Bancorp

Inc

71,250‌

1,132‌

Northwest

Bancshares

Inc

165,098‌

2,596‌

Pacific

Premier

Bancorp

Inc

97,745‌

2,913‌

Provident

Financial

Services

Inc

98,873‌

2,255‌

$

17,521‌

Semiconductors

-

3.26%

Axcelis

Technologies

Inc

(

d)

53,381‌

1,289‌

Brooks

Automation

Inc

119,038‌

4,533‌

CEVA

Inc

(

d)

36,211‌

990‌

Cohu

Inc

67,944‌

1,520‌

CTS

Corp

53,681‌

1,573‌

Diodes

Inc

(

d)

68,072‌

3,515‌

DSP

Group

Inc

(

d)

37,875‌

548‌

FormFactor

Inc

(

d)

124,640‌

3,155‌

KEMET

Corp

95,650‌

2,491‌

Kulicke

&

Soffa

Industries

Inc

104,401‌

2,703‌

MaxLinear

Inc

(

d)

107,228‌

2,090‌

Onto

Innovation

Inc

(

d)

80,778‌

3,065‌

Photronics

Inc

(

d)

110,639‌

1,414‌

Power

Integrations

Inc

48,443‌

4,731‌

Rambus

Inc

(

d)

183,574‌

2,913‌

Ultra

Clean

Holdings

Inc

(

d)

65,540‌

1,508‌

Veeco

Instruments

Inc

(

d)

80,518‌

1,027‌

Xperi

Corp

81,570‌

1,312‌

$

40,377‌

Software

-

3.02%

Bottomline

Technologies

DE

Inc

(

d)

62,754‌

3,364‌

Computer

Programs

&

Systems

Inc

20,564‌

535‌

CSG

Systems

International

Inc

54,248‌

2,703‌

Digi

International

Inc

(

d)

46,618‌

736‌

Donnelley

Financial

Solutions

Inc

(

d)

51,392‌

465‌

Ebix

Inc

36,653‌

1,262‌

Glu

Mobile

Inc

(

d)

189,631‌

1,119‌

LivePerson

Inc

(

d)

101,365‌

4,157‌

ManTech

International

Corp/VA

44,314‌

3,557‌

MicroStrategy

Inc

(

d)

13,554‌

2,061‌

NextGen

Healthcare

Inc

(

d)

79,723‌

1,105‌

Omnicell

Inc

(

d)

69,052‌

5,612‌

PDF

Solutions

Inc

(

d)

45,809‌

722‌

Progress

Software

Corp

73,739‌

3,328‌

SPS

Commerce

Inc

(

d)

57,361‌

3,260‌

Tabula

Rasa

HealthCare

Inc

(

d),(e)

32,366‌

1,879‌

TiVo

Corp

208,519‌

1,518‌

$

37,383‌

Schedule

of

Investments

SmallCap

S&P

600

Index

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

239

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Storage

&

Warehousing

-

0.25%

Mobile

Mini

Inc

72,648‌

$

3,032‌

Telecommunications

-

2.04%

ADTRAN

Inc

78,746‌

713‌

ATN

International

Inc

17,910‌

1,036‌

CalAmp

Corp

(

d)

56,178‌

540‌

Cincinnati

Bell

Inc

(

d)

83,017‌

1,138‌

Consolidated

Communications

Holdings

Inc

118,669‌

573‌

Extreme

Networks

Inc

(

d)

200,160‌

1,181‌

Harmonic

Inc

(

d)

148,749‌

1,046‌

Iridium

Communications

Inc

(

d)

159,725‌

4,081‌

NETGEAR

Inc

(

d)

49,640‌

1,277‌

Plantronics

Inc

53,891‌

1,548‌

Shenandoah

Telecommunications

Co

77,164‌

3,113‌

Spok

Holdings

Inc

28,871‌

307‌

Viavi

Solutions

Inc

(

d)

378,351‌

5,335‌

Vonage

Holdings

Corp

(

d)

375,518‌

3,331‌

$

25,219‌

Textiles

-

0.42%

UniFirst

Corp/MA

25,197‌

5,138‌

Transportation

-

1.57%

ArcBest

Corp

41,996‌

937‌

Atlas

Air

Worldwide

Holdings

Inc

(

d)

42,596‌

952‌

Dorian

LPG

Ltd

(

d)

47,616‌

625‌

Echo

Global

Logistics

Inc

(

d)

44,940‌

871‌

Forward

Air

Corp

46,388‌

3,036‌

Heartland

Express

Inc

76,975‌

1,439‌

Hub

Group

Inc

(

d)

54,951‌

2,905‌

Marten

Transport

Ltd

63,931‌

1,327‌

Matson

Inc

70,580‌

2,542‌

Saia

Inc

(

d)

42,704‌

3,719‌

SEACOR

Holdings

Inc

(

d)

28,904‌

1,086‌

$

19,439‌

Trucking

&

Leasing

-

0.10%

Greenbrier

Cos

Inc/The

53,669‌

1,293‌

Water

-

0.77%

American

States

Water

Co

60,655‌

5,372‌

California

Water

Service

Group

79,270‌

4,166‌

$

9,538‌

TOTAL

COMMON

STOCKS

$

1,228,743‌

Total

Investments

$

1,261,924‌

Other

Assets

and

Liabilities

-  (

2.00)%

(24,722‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,237,202‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$23,010

or

1.86%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(f)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$21

or

0.00%

of

net

assets.

Portfolio

Summary  (

unaudited)

Sector

Percent

Financial

25.34‌%

Industrial

18.80‌%

Consumer,

Non-cyclical

17.75‌%

Consumer,

Cyclical

14.87‌%

Technology

8.73‌%

Communications

4.07‌%

Basic

Materials

4.01‌%

Energy

3.48‌%

Money

Market

Funds

2.59‌%

Utilities

2.27‌%

Investment

Companies

0.09‌%

Other

Assets

and

Liabilities

(

2.00‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

43,978‌

$

135,311‌

$

152,749‌

$

26,540‌

$

43,978‌

$

135,311‌

$

152,749‌

$

26,540‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

59‌

$

—‌

$

—‌

$

—‌

$

59‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini

;

March

2020

Long

90‌

$

7,266‌

$

(233‌)

Total

$

(233‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

240

INVESTMENT

COMPANIES

-

3.59%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.43%

iShares

Russell

2000

Value

ETF

34,500‌

$

4,204‌

Money

Market

Funds

-

3.09%

BlackRock

Liquidity

FedFund

1.49%

(a),(b)

3,188,286‌

3,188‌

Principal

Government

Money

Market

Fund

1.43%

(a),(b),(c)

26,963,141‌

26,963‌

$

30,151‌

Principal

Exchange-Traded

Funds

-

0.07%

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

(c)

20,000‌

634‌

TOTAL

INVESTMENT

COMPANIES

$

34,989‌

COMMON

STOCKS

-

96.86%

Shares

Held

Value

(000's)

Advertising

-

0.05%

Boston

Omaha

Corp

(d)

314‌

6‌

Clear

Channel

Outdoor

Holdings

Inc

(d)

2,435‌

7‌

Fluent

Inc

(d)

1,105‌

3‌

Marchex

Inc

(d)

2,877‌

10‌

National

CineMedia

Inc

59,686‌

440‌

Quotient

Technology

Inc

(d)

3,363‌

34‌

$

500‌

Aerospace

&

Defense

-

1.30%

AAR

Corp

33,775‌

1,438‌

Aerojet

Rocketdyne

Holdings

Inc

(d)

9,508‌

495‌

AeroVironment

Inc

(d)

1,750‌

117‌

Barnes

Group

Inc

13,421‌

848‌

Ducommun

Inc

(d)

3,861‌

158‌

Kaman

Corp

1,666‌

103‌

Mercury

Systems

Inc

(d)

5,680‌

436‌

Moog

Inc

79,404‌

7,115‌

National

Presto

Industries

Inc

18,272‌

1,575‌

Park

Aerospace

Corp

14,166‌

219‌

Triumph

Group

Inc

8,339‌

170‌

$

12,674‌

Agriculture

-

0.30%

Alico

Inc

257‌

9‌

Andersons

Inc/The

2,363‌

54‌

Darling

Ingredients

Inc

(d)

14,224‌

386‌

Phibro

Animal

Health

Corp

111‌

3‌

Universal

Corp/VA

36,398‌

1,934‌

Vector

Group

Ltd

41,412‌

544‌

$

2,930‌

Airlines

-

0.30%

Hawaiian

Holdings

Inc

31,385‌

875‌

Mesa

Air

Group

Inc

(d)

1,164‌

10‌

SkyWest

Inc

12,812‌

707‌

Spirit

Airlines

Inc

(d)

32,757‌

1,345‌

$

2,937‌

Apparel

-

0.12%

Deckers

Outdoor

Corp

(d)

920‌

176‌

Delta

Apparel

Inc

(d)

485‌

12‌

Kontoor

Brands

Inc

1,583‌

60‌

Oxford

Industries

Inc

463‌

32‌

Rocky

Brands

Inc

15,121‌

410‌

Superior

Group

of

Cos

Inc

597‌

7‌

Unifi

Inc

(d)

18,861‌

406‌

Vince

Holding

Corp

(d)

336‌

5‌

Weyco

Group

Inc

418‌

10‌

Wolverine

World

Wide

Inc

3,017‌

95‌

$

1,213‌

Automobile

Manufacturers

-

0.63%

Blue

Bird

Corp

(d)

89,919‌

1,774‌

Navistar

International

Corp

(d)

72,225‌

2,645‌

REV

Group

Inc

1,653‌

16‌

Wabash

National

Corp

146,642‌

1,702‌

$

6,137‌

Automobile

Parts

&

Equipment

-

1.13%

Adient

PLC

(d)

73,105‌

1,879‌

American

Axle

&

Manufacturing

Holdings

Inc

(d)

8,237‌

76‌

Commercial

Vehicle

Group

Inc

(d)

104,507‌

522‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Automobile

Parts

&

Equipment

(continued)

Cooper

Tire

&

Rubber

Co

57,543‌

$

1,524‌

Cooper-Standard

Holdings

Inc

(d)

1,067‌

28‌

Dana

Inc

9,963‌

154‌

Goodyear

Tire

&

Rubber

Co/The

115,000‌

1,510‌

Meritor

Inc

(d)

67,920‌

1,488‌

Methode

Electronics

Inc

23,923‌

784‌

Miller

Industries

Inc/TN

22,836‌

785‌

Modine

Manufacturing

Co

(d)

3,232‌

23‌

Motorcar

Parts

of

America

Inc

(d)

59,802‌

1,188‌

Spartan

Motors

Inc

753‌

13‌

Standard

Motor

Products

Inc

10,276‌

499‌

Telenav

Inc

(d)

1,351‌

6‌

Tenneco

Inc

3,232‌

31‌

Visteon

Corp

(d)

5,737‌

458‌

$

10,968‌

Banks

-

16.40%

1st

Constitution

Bancorp

676‌

14‌

1st

Source

Corp

18,109‌

854‌

ACNB

Corp

513‌

16‌

Alerus

Financial

Corp

169‌

4‌

Allegiance

Bancshares

Inc

1,211‌

45‌

Amalgamated

Bank

42,407‌

731‌

Amerant

Bancorp

Inc

(d)

1,283‌

24‌

American

National

Bankshares

Inc

715‌

24‌

Ameris

Bancorp

2,430‌

98‌

Ames

National

Corp

641‌

17‌

Arrow

Financial

Corp

4,659‌

164‌

Associated

Banc-Corp

71,600‌

1,427‌

Atlantic

Capital

Bancshares

Inc

(d)

1,358‌

26‌

Atlantic

Union

Bankshares

Corp

235,735‌

7,942‌

BancFirst

Corp

6,359‌

367‌

Bancorp

Inc/The

(d)

12,162‌

143‌

BancorpSouth

Bank

4,704‌

134‌

Bank

First

Corp

53‌

3‌

Bank

of

Commerce

Holdings

1,356‌

15‌

Bank

of

Marin

Bancorp

884‌

39‌

Bank

of

NT

Butterfield

&

Son

Ltd/The

2,849‌

95‌

Bank

of

Princeton/The

469‌

14‌

Bank7

Corp

309‌

6‌

BankUnited

Inc

45,600‌

1,505‌

Bankwell

Financial

Group

Inc

529‌

14‌

Banner

Corp

1,699‌

88‌

Bar

Harbor

Bankshares

33,698‌

741‌

Baycom

Corp

(d)

595‌

13‌

BCB

Bancorp

Inc

1,112‌

15‌

Bridge

Bancorp

Inc

38,308‌

1,163‌

Bridgewater

Bancshares

Inc

(d)

31,967‌

422‌

Bryn

Mawr

Bank

Corp

24,529‌

920‌

Business

First

Bancshares

Inc

912‌

23‌

Byline

Bancorp

Inc

1,536‌

30‌

C&F

Financial

Corp

245‌

12‌

Cadence

BanCorp

56,644‌

886‌

Cambridge

Bancorp

243‌

18‌

Camden

National

Corp

20,457‌

967‌

Capital

Bancorp

Inc

(d)

773‌

11‌

Capital

City

Bank

Group

Inc

1,356‌

39‌

Capstar

Financial

Holdings

Inc

1,070‌

16‌

Carolina

Financial

Corp

22,546‌

865‌

Carter

Bank

&

Trust

1,491‌

30‌

Cathay

General

Bancorp

74,276‌

2,679‌

CenterState

Bank

Corp

5,722‌

129‌

Central

Pacific

Financial

Corp

2,207‌

61‌

Central

Valley

Community

Bancorp

853‌

16‌

Century

Bancorp

Inc/MA

185‌

16‌

Chemung

Financial

Corp

275‌

11‌

Citizens

&

Northern

Corp

2,273‌

58‌

City

Holding

Co

11,818‌

895‌

Civista

Bancshares

Inc

1,116‌

25‌

CNB

Financial

Corp/PA

1,319‌

39‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

241

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Coastal

Financial

Corp/WA

(d)

328‌

$

6‌

Codorus

Valley

Bancorp

Inc

721‌

16‌

Colony

Bankcorp

Inc

569‌

9‌

Columbia

Banking

System

Inc

12,282‌

475‌

Community

Bank

System

Inc

10,579‌

701‌

Community

Financial

Corp/The

421‌

14‌

Community

Trust

Bancorp

Inc

29,030‌

1,270‌

ConnectOne

Bancorp

Inc

54,260‌

1,282‌

CrossFirst

Bankshares

Inc

(d)

30,416‌

415‌

Customers

Bancorp

Inc

(d)

75,461‌

1,613‌

CVB

Financial

Corp

57,203‌

1,188‌

Eagle

Bancorp

Inc

36,266‌

1,585‌

Enterprise

Bancorp

Inc/MA

644‌

20‌

Enterprise

Financial

Services

Corp

144,860‌

6,303‌

Equity

Bancshares

Inc

(d)

54,476‌

1,463‌

Esquire

Financial

Holdings

Inc

(d)

303‌

7‌

Evans

Bancorp

Inc

357‌

14‌

Farmers

&

Merchants

Bancorp

Inc/Archbold

OH

690‌

20‌

Farmers

National

Banc

Corp

1,724‌

27‌

FB

Financial

Corp

11,228‌

400‌

Fidelity

D&D

Bancorp

Inc

(e)

106‌

6‌

Financial

Institutions

Inc

30,472‌

938‌

First

Bancorp

Inc/ME

706‌

20‌

First

BanCorp/Puerto

Rico

258,764‌

2,399‌

First

Bancorp/Southern

Pines

NC

165,248‌

5,863‌

First

Bancshares

Inc/The

1,132‌

39‌

First

Bank/Hamilton

NJ

1,393‌

15‌

First

Busey

Corp

3,886‌

99‌

First

Business

Financial

Services

Inc

16,676‌

420‌

First

Choice

Bancorp

712‌

17‌

First

Commonwealth

Financial

Corp

12,785‌

173‌

First

Community

Bankshares

Inc

9,377‌

275‌

First

Financial

Bancorp

396,285‌

9,527‌

First

Financial

Corp/IN

33,640‌

1,404‌

First

Foundation

Inc

1,851‌

31‌

First

Guaranty

Bancshares

Inc

398‌

7‌

First

Hawaiian

Inc

56,307‌

1,636‌

First

Internet

Bancorp

35,046‌

929‌

First

Interstate

BancSystem

Inc

2,780‌

107‌

First

Merchants

Corp

224,115‌

8,908‌

First

Mid

Bancshares

Inc

24,116‌

789‌

First

Midwest

Bancorp

Inc/IL

61,296‌

1,222‌

First

Northwest

Bancorp

634‌

10‌

First

of

Long

Island

Corp/The

53,929‌

1,190‌

Flagstar

Bancorp

Inc

1,627‌

57‌

FNB

Corp/PA

99,700‌

1,164‌

FNCB

Bancorp

Inc

1,547‌

12‌

Franklin

Financial

Network

Inc

36,480‌

1,345‌

Franklin

Financial

Services

Corp

352‌

13‌

Fulton

Financial

Corp

125,718‌

2,070‌

FVCBankcorp

Inc

(d)

975‌

16‌

German

American

Bancorp

Inc

16,686‌

570‌

Glacier

Bancorp

Inc

9,471‌

402‌

Great

Southern

Bancorp

Inc

26,118‌

1,487‌

Great

Western

Bancorp

Inc

65,130‌

1,924‌

Guaranty

Bancshares

Inc/TX

589‌

18‌

Hancock

Whitney

Corp

34,443‌

1,368‌

Hanmi

Financial

Corp

93,979‌

1,581‌

HarborOne

Bancorp

Inc

(d)

1,044‌

11‌

Hawthorn

Bancshares

Inc

497‌

11‌

HBT

Financial

Inc

(d)

17,119‌

331‌

Heartland

Financial

USA

Inc

27,648‌

1,352‌

Heritage

Commerce

Corp

6,912‌

81‌

Heritage

Financial

Corp/WA

30,822‌

794‌

Hilltop

Holdings

Inc

53,293‌

1,207‌

Home

BancShares

Inc/AR

72,350‌

1,383‌

HomeStreet

Inc

50,996‌

1,638‌

Hope

Bancorp

Inc

137,718‌

1,915‌

Horizon

Bancorp

Inc/IN

23,806‌

403‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Howard

Bancorp

Inc

(d)

946‌

$

16‌

IBERIABANK

Corp

20,586‌

1,496‌

Independent

Bank

Corp

1,442‌

104‌

Independent

Bank

Corp/MI

7,460‌

159‌

Independent

Bank

Group

Inc

2,024‌

108‌

International

Bancshares

Corp

35,298‌

1,391‌

Investar

Holding

Corp

456‌

10‌

Kearny

Financial

Corp/MD

23,041‌

285‌

Lakeland

Bancorp

Inc

76,120‌

1,236‌

Lakeland

Financial

Corp

100,907‌

4,787‌

LCNB

Corp

906‌

15‌

Level

One

Bancorp

Inc

397‌

10‌

Live

Oak

Bancshares

Inc

85,786‌

1,500‌

Luther

Burbank

Corp

78,720‌

812‌

Macatawa

Bank

Corp

1,907‌

20‌

Mackinac

Financial

Corp

706‌

11‌

MainStreet

Bancshares

Inc

(d)

606‌

13‌

Mercantile

Bank

Corp

1,684‌

55‌

Merchants

Bancorp/IN

47,092‌

926‌

Meta

Financial

Group

Inc

5,416‌

202‌

Metrocity

Bankshares

Inc

994‌

16‌

Metropolitan

Bank

Holding

Corp

(d)

17,798‌

874‌

Mid

Penn

Bancorp

Inc

518‌

12‌

Midland

States

Bancorp

Inc

58,473‌

1,545‌

MidWestOne

Financial

Group

Inc

23,591‌

763‌

MVB

Financial

Corp

709‌

14‌

National

Bank

Holdings

Corp

15,630‌

510‌

National

Bankshares

Inc

430‌

18‌

NBT

Bancorp

Inc

10,654‌

402‌

Nicolet

Bankshares

Inc

(d)

605‌

43‌

Northeast

Bank

582‌

12‌

Northrim

BanCorp

Inc

12,432‌

467‌

Norwood

Financial

Corp

419‌

14‌

Oak

Valley

Bancorp

490‌

9‌

OFG

Bancorp

2,386‌

47‌

Ohio

Valley

Banc

Corp

303‌

10‌

Old

National

Bancorp/IN

30,754‌

551‌

Old

Second

Bancorp

Inc

1,959‌

24‌

OP

Bancorp

7,490‌

74‌

Opus

Bank

1,435‌

38‌

Origin

Bancorp

Inc

1,192‌

42‌

Orrstown

Financial

Services

Inc

16,942‌

349‌

Pacific

Mercantile

Bancorp

(d)

1,482‌

10‌

Park

National

Corp

9,015‌

856‌

Parke

Bancorp

Inc

720‌

16‌

PCB

Bancorp

936‌

14‌

PCSB

Financial

Corp

1,055‌

21‌

Peapack

Gladstone

Financial

Corp

55,768‌

1,631‌

Penns

Woods

Bancorp

Inc

480‌

15‌

Peoples

Bancorp

Inc/OH

16,791‌

546‌

Peoples

Bancorp

of

North

Carolina

Inc

330‌

9‌

Peoples

Financial

Services

Corp

502‌

23‌

People's

Utah

Bancorp

972‌

25‌

Pioneer

Bancorp

Inc/NY

(d)

763‌

11‌

Preferred

Bank/Los

Angeles

CA

921‌

55‌

Premier

Financial

Bancorp

Inc

970‌

17‌

Prosperity

Bancshares

Inc

5,842‌

410‌

Provident

Bancorp

Inc

(d)

617‌

7‌

QCR

Holdings

Inc

962‌

40‌

RBB

Bancorp

37,594‌

740‌

Red

River

Bancshares

Inc

(d)

299‌

16‌

Reliant

Bancorp

Inc

(e)

673‌

14‌

Renasant

Corp

25,529‌

815‌

Republic

Bancorp

Inc/KY

17,742‌

743‌

Richmond

Mutual

Bancorporation

Inc

(d)

903‌

14‌

S&T

Bancorp

Inc

14,892‌

559‌

Sandy

Spring

Bancorp

Inc

57,613‌

2,004‌

SB

One

Bancorp

620‌

15‌

Seacoast

Banking

Corp

of

Florida

(d)

1,967‌

53‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

242

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Select

Bancorp

Inc

(d)

1,157‌

$

13‌

ServisFirst

Bancshares

Inc

1,060‌

39‌

Shore

Bancshares

Inc

958‌

16‌

Sierra

Bancorp

3,829‌

103‌

Silvergate

Capital

Corp

(d)

288‌

5‌

Simmons

First

National

Corp

40,051‌

960‌

SmartFinancial

Inc

921‌

20‌

South

Plains

Financial

Inc

20,704‌

450‌

South

State

Corp

7,386‌

559‌

Southern

First

Bancshares

Inc

(d)

497‌

19‌

Southern

National

Bancorp

of

Virginia

Inc

52,443‌

815‌

Southside

Bancshares

Inc

2,448‌

86‌

Spirit

of

Texas

Bancshares

Inc

(d)

985‌

20‌

Sterling

Bancorp

Inc/MI

119,041‌

872‌

Stock

Yards

Bancorp

Inc

2,089‌

81‌

Summit

Financial

Group

Inc

811‌

20‌

Texas

Capital

Bancshares

Inc

(d)

26,800‌

1,473‌

Tompkins

Financial

Corp

1,897‌

164‌

Towne

Bank/Portsmouth

VA

23,022‌

611‌

TriCo

Bancshares

33,593‌

1,222‌

TriState

Capital

Holdings

Inc

(d)

1,204‌

28‌

Triumph

Bancorp

Inc

(d)

585‌

23‌

TrustCo

Bank

Corp

NY

179,888‌

1,427‌

Trustmark

Corp

59,429‌

1,901‌

UMB

Financial

Corp

15,051‌

1,000‌

Umpqua

Holdings

Corp

70,800‌

1,197‌

United

Bankshares

Inc/WV

24,252‌

832‌

United

Community

Banks

Inc/GA

314,941‌

8,793‌

United

Security

Bancshares/Fresno

CA

1,042‌

10‌

Unity

Bancorp

Inc

525‌

12‌

Univest

Financial

Corp

45,894‌

1,140‌

Valley

National

Bancorp

35,918‌

378‌

Veritex

Holdings

Inc

2,824‌

80‌

Walker

&

Dunlop

Inc

1,825‌

121‌

Washington

Trust

Bancorp

Inc

20,052‌

949‌

Webster

Financial

Corp

148,250‌

6,651‌

WesBanco

Inc

4,461‌

148‌

West

Bancorporation

Inc

17,491‌

401‌

Westamerica

Bancorporation

1,601‌

101‌

Western

New

England

Bancorp

Inc

1,808‌

16‌

Wintrust

Financial

Corp

24,440‌

1,547‌

$

159,886‌

Beverages

-

0.00%

Craft

Brew

Alliance

Inc

(d)

649‌

11‌

Farmer

Brothers

Co

(d)

1,501‌

18‌

$

29‌

Biotechnology

-

0.34%

Abeona

Therapeutics

Inc

(d)

2,020‌

4‌

Acceleron

Pharma

Inc

(d)

507‌

46‌

Achillion

Pharamceuticals

Inc

(d),(f)

8,433‌

4‌

Acorda

Therapeutics

Inc

(d)

3,295‌

7‌

Aduro

Biotech

Inc

(d)

941‌

2‌

Affimed

NV

(d)

1,145‌

3‌

Akero

Therapeutics

Inc

(d)

92‌

2‌

Aldeyra

Therapeutics

Inc

(d)

717‌

4‌

AMAG

Pharmaceuticals

Inc

(d)

2,067‌

18‌

AnaptysBio

Inc

(d)

342‌

5‌

Applied

Therapeutics

Inc

(d)

83‌

4‌

Aprea

Therapeutics

Inc

(d)

57‌

2‌

Arcus

Biosciences

Inc

(d)

1,993‌

18‌

Ardelyx

Inc

(d)

2,895‌

20‌

Arena

Pharmaceuticals

Inc

(d)

746‌

35‌

Assembly

Biosciences

Inc

(d)

1,298‌

23‌

Avid

Bioservices

Inc

(d)

3,454‌

23‌

BioCryst

Pharmaceuticals

Inc

(d)

7,506‌

22‌

Bridgebio

Pharma

Inc

(d)

268‌

9‌

Calithera

Biosciences

Inc

(d)

2,643‌

16‌

CASI

Pharmaceuticals

Inc

(d)

336‌

1‌

CEL-SCI

Corp

(d),(e)

190‌

2‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Biotechnology

(continued)

Constellation

Pharmaceuticals

Inc

(d)

114‌

$

4‌

Dynavax

Technologies

Corp

(d),(e)

539‌

3‌

Emergent

BioSolutions

Inc

(d)

37,675‌

2,076‌

Enochian

Biosciences

Inc

(d),(e)

502‌

2‌

Enzo

Biochem

Inc

(d)

3,293‌

8‌

Epizyme

Inc

(d)

1,335‌

28‌

Evelo

Biosciences

Inc

(d),(e)

991‌

6‌

Exagen

Inc

(d)

94‌

2‌

FibroGen

Inc

(d)

500‌

21‌

Five

Prime

Therapeutics

Inc

(d)

2,057‌

10‌

Geron

Corp

(d)

12,359‌

16‌

Gossamer

Bio

Inc

(d)

1,287‌

17‌

IGM

Biosciences

Inc

(d),(e)

64‌

2‌

ImmunoGen

Inc

(d)

31,356‌

148‌

Immunomedics

Inc

(d)

1,027‌

19‌

Karuna

Therapeutics

Inc

(d)

77‌

7‌

Kezar

Life

Sciences

Inc

(d)

1,374‌

4‌

Kiniksa

Pharmaceuticals

Ltd

(d)

58‌

1‌

Ligand

Pharmaceuticals

Inc

(d)

2,762‌

242‌

Lineage

Cell

Therapeutics

Inc

(d)

8,851‌

9‌

Livongo

Health

Inc

(d),(e)

180‌

4‌

MacroGenics

Inc

(d)

1,557‌

14‌

Mersana

Therapeutics

Inc

(d)

2,505‌

17‌

Molecular

Templates

Inc

(d)

352‌

5‌

Myriad

Genetics

Inc

(d)

3,849‌

106‌

Neon

Therapeutics

Inc

(d)

1,584‌

2‌

NextCure

Inc

(d)

43‌

2‌

NGM

Biopharmaceuticals

Inc

(d)

157‌

3‌

Novavax

Inc

(d),(e)

1,373‌

10‌

Osmotica

Pharmaceuticals

PLC

(d)

715‌

5‌

Pacific

Biosciences

of

California

Inc

(d)

1,118‌

5‌

PDL

BioPharma

Inc

(d)

7,492‌

25‌

PolarityTE

Inc

(d),(e)

1,571‌

5‌

Precigen

Inc

(d),(e)

3,429‌

16‌

Prothena

Corp

PLC

(d)

2,557‌

31‌

Rigel

Pharmaceuticals

Inc

(d)

37,976‌

86‌

Sangamo

Therapeutics

Inc

(d)

2,158‌

16‌

Solid

Biosciences

Inc

(d),(e)

1,371‌

5‌

SpringWorks

Therapeutics

Inc

(d)

109‌

3‌

Stoke

Therapeutics

Inc

(d)

148‌

4‌

Strongbridge

Biopharma

PLC

(d)

2,829‌

8‌

Synlogic

Inc

(d)

1,406‌

4‌

TCR2

Therapeutics

Inc

(d)

732‌

11‌

TransMedics

Group

Inc

(d)

168‌

3‌

Turning

Point

Therapeutics

Inc

(d)

58‌

3‌

UNITY

Biotechnology

Inc

(d)

488‌

3‌

VBI

Vaccines

Inc

(d)

778‌

1‌

Viking

Therapeutics

Inc

(d),(e)

3,589‌

23‌

$

3,315‌

Building

Materials

-

0.79%

Apogee

Enterprises

Inc

35,978‌

1,145‌

Armstrong

Flooring

Inc

(d)

241,151‌

854‌

Boise

Cascade

Co

2,230‌

81‌

Builders

FirstSource

Inc

(d)

18,549‌

460‌

Caesarstone

Ltd

111,039‌

1,452‌

Continental

Building

Products

Inc

(d)

17,051‌

631‌

Cornerstone

Building

Brands

Inc

(d)

2,927‌

25‌

Gibraltar

Industries

Inc

(d)

6,499‌

355‌

Griffon

Corp

3,742‌

78‌

JELD-WEN

Holding

Inc

(d)

353‌

8‌

Louisiana-Pacific

Corp

4,824‌

148‌

Masonite

International

Corp

(d)

24,329‌

1,828‌

Patrick

Industries

Inc

335‌

17‌

PGT

Innovations

Inc

(d)

1,502‌

23‌

Select

Interior

Concepts

Inc

(d)

1,254‌

10‌

Summit

Materials

Inc

(d)

4,401‌

97‌

Universal

Forest

Products

Inc

10,371‌

496‌

$

7,708‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

243

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

-

2.05%

AdvanSix

Inc

(d)

1,898‌

$

36‌

American

Vanguard

Corp

70,916‌

1,324‌

Cabot

Corp

28,600‌

1,140‌

Element

Solutions

Inc

(d)

909,500‌

10,641‌

Ferro

Corp

(d)

727‌

10‌

Hawkins

Inc

696‌

29‌

HB

Fuller

Co

620‌

29‌

Huntsman

Corp

150,400‌

3,092‌

Innophos

Holdings

Inc

6,879‌

220‌

Innospec

Inc

6,083‌

613‌

Intrepid

Potash

Inc

(d)

6,205‌

15‌

Koppers

Holdings

Inc

(d)

379‌

12‌

Kraton

Corp

(d)

1,075‌

18‌

Kronos

Worldwide

Inc

1,617‌

18‌

Minerals

Technologies

Inc

24,335‌

1,317‌

Oil-Dri

Corp

of

America

407‌

14‌

Orion

Engineered

Carbons

SA

1,935‌

30‌

PolyOne

Corp

21,121‌

701‌

PQ

Group

Holdings

Inc

(d)

2,462‌

38‌

Rogers

Corp

(d)

2,085‌

246‌

Sensient

Technologies

Corp

929‌

55‌

Stepan

Co

3,218‌

317‌

Tronox

Holdings

PLC

12,083‌

102‌

Valhi

Inc

3,266‌

5‌

$

20,022‌

Coal

-

0.20%

Advanced

Emissions

Solutions

Inc

(e)

520‌

6‌

Arch

Coal

Inc

2,305‌

119‌

CONSOL

Energy

Inc

(d)

6,708‌

55‌

Hallador

Energy

Co

5,943‌

10‌

NACCO

Industries

Inc

282‌

13‌

Peabody

Energy

Corp

3,989‌

27‌

Ramaco

Resources

Inc

(d)

1,022‌

3‌

SunCoke

Energy

Inc

25,020‌

147‌

Warrior

Met

Coal

Inc

83,037‌

1,566‌

$

1,946‌

Commercial

Services

-

4.94%

Aaron's

Inc

58,722‌

3,485‌

ABM

Industries

Inc

3,188‌

122‌

Acacia

Research

Corp

(d)

4,172‌

10‌

Adtalem

Global

Education

Inc

(d)

107,989‌

3,727‌

American

Public

Education

Inc

(d)

3,027‌

72‌

AMN

Healthcare

Services

Inc

(d)

125,000‌

8,422‌

Arlo

Technologies

Inc

(d)

4,681‌

20‌

ASGN

Inc

(d)

67,478‌

4,567‌

BG

Staffing

Inc

49,284‌

992‌

BrightView

Holdings

Inc

(d)

2,110‌

33‌

Brink's

Co/The

68,650‌

5,780‌

CAI

International

Inc

(d)

1,127‌

31‌

Cardtronics

PLC

(d)

8,151‌

367‌

Care.com

Inc

(d)

263‌

4‌

Carriage

Services

Inc

8,006‌

190‌

Cass

Information

Systems

Inc

21,600‌

1,167‌

CBIZ

Inc

(d)

7,998‌

216‌

Collectors

Universe

Inc

144‌

3‌

CRA

International

Inc

5,577‌

297‌

Cross

Country

Healthcare

Inc

(d)

2,149‌

21‌

Emerald

Expositions

Events

Inc

119,968‌

1,251‌

Ennis

Inc

91,841‌

1,916‌

EVERTEC

Inc

2,960‌

99‌

FTI

Consulting

Inc

(d)

9,817‌

1,179‌

GP

Strategies

Corp

(d)

66,312‌

883‌

Green

Dot

Corp

(d)

370‌

11‌

Hackett

Group

Inc/The

123‌

2‌

Heidrick

&

Struggles

International

Inc

67,028‌

1,905‌

Herc

Holdings

Inc

(d)

1,068‌

43‌

Hertz

Global

Holdings

Inc

(d)

11,146‌

175‌

HMS

Holdings

Corp

(d)

13,000‌

355‌

Huron

Consulting

Group

Inc

(d)

1,421‌

92‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

ICF

International

Inc

2,701‌

$

237‌

Information

Services

Group

Inc

(d)

2,957‌

8‌

K12

Inc

(d)

1,752‌

28‌

Kelly

Services

Inc

86,490‌

1,536‌

Kforce

Inc

10,300‌

382‌

Korn

Ferry

41,305‌

1,693‌

Laureate

Education

Inc

(d)

9,008‌

188‌

LiveRamp

Holdings

Inc

(d)

3,174‌

128‌

Medifast

Inc

(e)

9,000‌

870‌

Progyny

Inc

(d)

416‌

12‌

Rent-A-Center

Inc/TX

18,660‌

544‌

Resources

Connection

Inc

96,353‌

1,467‌

Rosetta

Stone

Inc

(d)

1,212‌

21‌

RR

Donnelley

&

Sons

Co

5,152‌

12‌

SEACOR

Marine

Holdings

Inc

(d)

1,435‌

15‌

SP

Plus

Corp

(d)

1,754‌

73‌

Strategic

Education

Inc

1,200‌

195‌

Team

Inc

(d)

4,389‌

59‌

Textainer

Group

Holdings

Ltd

(d)

3,371‌

32‌

TrueBlue

Inc

(d)

54,411‌

1,192‌

Vectrus

Inc

(d)

29,238‌

1,630‌

WW

International

Inc

(d)

11,470‌

378‌

$

48,137‌

Computers

-

3.93%

3D

Systems

Corp

(d)

5,412‌

59‌

CACI

International

Inc

(d)

42,335‌

11,322‌

Conduent

Inc

(d)

8,083‌

35‌

Cubic

Corp

1,261‌

82‌

CyberArk

Software

Ltd

(d)

17,325‌

2,395‌

Diebold

Nixdorf

Inc

(d)

1,746‌

20‌

Insight

Enterprises

Inc

(d)

118,469‌

7,804‌

Inspired

Entertainment

Inc

(d)

337‌

2‌

Lumentum

Holdings

Inc

(d)

3,701‌

280‌

MTS

Systems

Corp

589‌

30‌

NetScout

Systems

Inc

(d)

3,436‌

88‌

OneSpan

Inc

(d)

667‌

11‌

Perspecta

Inc

237,416‌

6,664‌

Ping

Identity

Holding

Corp

(d),(e)

120‌

3‌

Science

Applications

International

Corp

72,325‌

6,348‌

SecureWorks

Corp

(d)

4,272‌

67‌

StarTek

Inc

(d)

11,243‌

86‌

Stratasys

Ltd

(d)

2,449‌

44‌

Super

Micro

Computer

Inc

(d)

54,200‌

1,516‌

Sykes

Enterprises

Inc

(d)

2,919‌

98‌

Unisys

Corp

(d)

139,883‌

1,358‌

$

38,312‌

Consumer

Products

-

0.16%

ACCO

Brands

Corp

137,758‌

1,190‌

Central

Garden

&

Pet

Co

(d)

684‌

22‌

Central

Garden

&

Pet

Co

-

A

Shares

(d)

3,072‌

92‌

Helen

of

Troy

Ltd

(d)

1,180‌

223‌

Quanex

Building

Products

Corp

2,250‌

40‌

$

1,567‌

Cosmetics

&

Personal

Care

-

0.02%

Edgewell

Personal

Care

Co

(d)

4,600‌

119‌

elf

Beauty

Inc

(d)

1,425‌

22‌

Inter

Parfums

Inc

890‌

61‌

Revlon

Inc

(d),(e)

131‌

3‌

$

205‌

Distribution

&

Wholesale

-

0.89%

Anixter

International

Inc

(d)

18,256‌

1,782‌

Fossil

Group

Inc

(d)

162,490‌

1,093‌

G-III

Apparel

Group

Ltd

(d)

43,099‌

1,173‌

H&E

Equipment

Services

Inc

5,885‌

160‌

Resideo

Technologies

Inc

(d)

148,300‌

1,510‌

ScanSource

Inc

(d)

44,265‌

1,544‌

Systemax

Inc

304‌

7‌

Triton

International

Ltd/Bermuda

3,680‌

138‌

Veritiv

Corp

(d)

12,850‌

181‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

244

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Distribution

&

Wholesale

(continued)

WESCO

International

Inc

(d)

21,564‌

$

1,044‌

$

8,632‌

Diversified

Financial

Services

-

3.95%

Aircastle

Ltd

3,664‌

118‌

AllianceBernstein

Holding

LP

25,452‌

834‌

Altisource

Portfolio

Solutions

SA

(d)

345‌

6‌

Artisan

Partners

Asset

Management

Inc

69,276‌

2,313‌

B.

Riley

Financial

Inc

1,417‌

38‌

Blucora

Inc

(d)

683‌

15‌

Boston

Private

Financial

Holdings

Inc

142,136‌

1,621‌

Brightsphere

Investment

Group

Inc

87,106‌

802‌

Calamos

Asset

Management,

Inc

(d),(f),(g)

32,006‌

—‌

CBTX

Inc

1,233‌

36‌

Columbia

Financial

Inc

(d)

2,486‌

42‌

Cowen

Inc

(d)

80,902‌

1,300‌

Deluxe

Corp

33,007‌

1,591‌

Diamond

Hill

Investment

Group

Inc

30‌

4‌

Elevate

Credit

Inc

(d)

1,051‌

6‌

Encore

Capital

Group

Inc

(d)

2,445‌

83‌

Enova

International

Inc

(d)

27,090‌

679‌

Evercore

Inc

-

Class

A

11,000‌

843‌

EZCORP

Inc

(d)

3,666‌

23‌

Federal

Agricultural

Mortgage

Corp

10,318‌

787‌

Federated

Hermes

Inc

15,220‌

551‌

GAIN

Capital

Holdings

Inc

83,500‌

326‌

GAMCO

Investors

Inc

21,990‌

365‌

Greenhill

&

Co

Inc

75,299‌

1,179‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc

4,271‌

146‌

INTL.

FCStone

Inc

(d)

21,076‌

1,005‌

Ladenburg

Thalmann

Financial

Services

Inc

1,233‌

4‌

Legg

Mason

Inc

39,298‌

1,539‌

LendingClub

Corp

(d)

3,314‌

39‌

LPL

Financial

Holdings

Inc

88,100‌

8,117‌

Marlin

Business

Services

Corp

466‌

9‌

MMA

Capital

Holdings

Inc

(d)

416‌

13‌

Moelis

&

Co

472‌

17‌

Mr

Cooper

Group

Inc

(d)

27,002‌

334‌

Navient

Corp

112,750‌

1,621‌

Nelnet

Inc

832‌

48‌

NewStar

Financial

Inc

(d),(f),(h)

52,106‌

13‌

On

Deck

Capital

Inc

(d)

32,398‌

132‌

Oppenheimer

Holdings

Inc

32,487‌

895‌

PennyMac

Financial

Services

Inc

1,051‌

35‌

Piper

Sandler

Cos

2,880‌

237‌

PJT

Partners

Inc

467‌

21‌

PRA

Group

Inc

(d)

2,116‌

75‌

Pzena

Investment

Management

Inc

8,846‌

72‌

Regional

Management

Corp

(d)

2,086‌

58‌

Sculptor

Capital

Management

Inc

37,355‌

857‌

SLM

Corp

106,100‌

1,159‌

Stifel

Financial

Corp

13,584‌

879‌

Virtu

Financial

Inc

250,125‌

4,174‌

Virtus

Investment

Partners

Inc

10,590‌

1,303‌

Waddell

&

Reed

Financial

Inc

67,609‌

1,080‌

Westwood

Holdings

Group

Inc

38,794‌

1,090‌

$

38,534‌

Electric

-

1.78%

ALLETE

Inc

28,254‌

2,359‌

Ameresco

Inc

(d)

1,577‌

30‌

Atlantic

Power

Corp

(d)

10,517‌

25‌

Avista

Corp

41,437‌

2,107‌

Black

Hills

Corp

6,545‌

543‌

Clearway

Energy

Inc

-

Class

A

49,422‌

1,023‌

Clearway

Energy

Inc

-

Class

C

6,393‌

135‌

El

Paso

Electric

Co

35,939‌

2,448‌

Genie

Energy

Ltd

18,554‌

134‌

IDACORP

Inc

1,133‌

127‌

MGE

Energy

Inc

7,598‌

607‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electric

(continued)

NorthWestern

Corp

27,063‌

$

2,082‌

Ormat

Technologies

Inc

1,973‌

156‌

Otter

Tail

Corp

39,445‌

2,114‌

PNM

Resources

Inc

39,572‌

2,146‌

Portland

General

Electric

Co

15,955‌

981‌

Unitil

Corp

5,474‌

338‌

$

17,355‌

Electrical

Components

&

Equipment

-

0.79%

American

Superconductor

Corp

(d)

7,310‌

46‌

Belden

Inc

36,613‌

1,804‌

Encore

Wire

Corp

7,893‌

428‌

Energizer

Holdings

Inc

24,300‌

1,124‌

EnerSys

22,909‌

1,649‌

Graham

Corp

44,029‌

805‌

Insteel

Industries

Inc

73,316‌

1,640‌

Powell

Industries

Inc

3,697‌

153‌

$

7,649‌

Electronics

-

2.26%

Bel

Fuse

Inc

818‌

14‌

Benchmark

Electronics

Inc

3,015‌

93‌

Brady

Corp

184,436‌

10,213‌

Comtech

Telecommunications

Corp

15,440‌

447‌

FARO

Technologies

Inc

(d)

72‌

4‌

Fitbit

Inc

(d)

8,419‌

55‌

GoPro

Inc

(d),(e)

1,221‌

5‌

II-VI

Inc

(d)

1,506‌

51‌

Kimball

Electronics

Inc

(d)

69,439‌

1,123‌

Knowles

Corp

(d)

19,361‌

381‌

NVE

Corp

8,573‌

628‌

OSI

Systems

Inc

(d)

3,410‌

295‌

Plexus

Corp

(d)

17,558‌

1,249‌

Sanmina

Corp

(d)

75,864‌

2,415‌

SMART

Global

Holdings

Inc

(d)

908‌

27‌

Stoneridge

Inc

(d)

1,101‌

31‌

SYNNEX

Corp

2,720‌

375‌

Tech

Data

Corp

(d)

7,035‌

1,012‌

TTM

Technologies

Inc

(d)

4,787‌

69‌

Vishay

Intertechnology

Inc

74,774‌

1,518‌

Vishay

Precision

Group

Inc

(d)

2,147‌

74‌

Watts

Water

Technologies

Inc

4,173‌

416‌

ZAGG

Inc

(d)

208,831‌

1,579‌

$

22,074‌

Energy

-

Alternate

Sources

-

0.40%

Clean

Energy

Fuels

Corp

(d)

9,040‌

21‌

FutureFuel

Corp

75,586‌

829‌

Green

Plains

Inc

2,312‌

29‌

Pattern

Energy

Group

Inc

6,714‌

181‌

Renewable

Energy

Group

Inc

(d)

46,576‌

1,223‌

REX

American

Resources

Corp

(d)

20,500‌

1,544‌

Sunnova

Energy

International

Inc

(d)

575‌

8‌

SunPower

Corp

(d)

3,964‌

34‌

TerraForm

Power

Inc

3,586‌

65‌

$

3,934‌

Engineering

&

Construction

-

1.03%

Aegion

Corp

(d)

1,923‌

40‌

Arcosa

Inc

13,384‌

586‌

Comfort

Systems

USA

Inc

16,500‌

765‌

Concrete

Pumping

Holdings

Inc

(d)

1,156‌

6‌

Construction

Partners

Inc

(d)

775‌

13‌

Dycom

Industries

Inc

(d)

324‌

13‌

EMCOR

Group

Inc

9,635‌

792‌

Exponent

Inc

1,180‌

86‌

Fluor

Corp

93,300‌

1,669‌

Granite

Construction

Inc

1,866‌

51‌

Great

Lakes

Dredge

&

Dock

Corp

(d)

15,755‌

165‌

IES

Holdings

Inc

(d)

371‌

9‌

KBR

Inc

14,186‌

386‌

Mistras

Group

Inc

(d)

1,193‌

13‌

MYR

Group

Inc

(d)

38,107‌

1,094‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

245

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Engineering

&

Construction

(continued)

Primoris

Services

Corp

58,221‌

$

1,242‌

Star

Group

LP

86,402‌

802‌

Sterling

Construction

Co

Inc

(d)

62,459‌

823‌

Tutor

Perini

Corp

(d)

132,466‌

1,492‌

VSE

Corp

593‌

18‌

WillScot

Corp

(d)

869‌

16‌

$

10,081‌

Entertainment

-

0.42%

AMC

Entertainment

Holdings

Inc

(e)

3,424‌

22‌

Eros

International

PLC

(d),(e)

4,786‌

12‌

Golden

Entertainment

Inc

(d)

705‌

12‌

Marriott

Vacations

Worldwide

Corp

2,233‌

269‌

Monarch

Casino

&

Resort

Inc

(d)

151‌

8‌

Penn

National

Gaming

Inc

(d)

9,943‌

297‌

RCI

Hospitality

Holdings

Inc

691‌

12‌

Reading

International

Inc

(d)

1,109‌

11‌

Scientific

Games

Corp

(d)

78,475‌

1,949‌

Twin

River

Worldwide

Holdings

Inc

56,900‌

1,516‌

$

4,108‌

Environmental

Control

-

0.07%

Advanced

Disposal

Services

Inc

(d)

251‌

8‌

AquaVenture

Holdings

Ltd

(d)

804‌

22‌

CECO

Environmental

Corp

(d)

2,208‌

17‌

Charah

Solutions

Inc

(d)

1,026‌

2‌

Heritage-Crystal

Clean

Inc

(d)

4,343‌

123‌

Tetra

Tech

Inc

6,110‌

523‌

$

695‌

Food

-

0.78%

B&G

Foods

Inc

(e)

2,733‌

44‌

BellRing

Brands

Inc

(d)

1,701‌

37‌

Cal-Maine

Foods

Inc

1,476‌

53‌

Fresh

Del

Monte

Produce

Inc

2,441‌

76‌

Hostess

Brands

Inc

(d)

39,298‌

528‌

Ingles

Markets

Inc

5,529‌

231‌

John

B

Sanfilippo

&

Son

Inc

1,170‌

99‌

Lancaster

Colony

Corp

2,328‌

360‌

Landec

Corp

(d)

1,589‌

18‌

Nathan's

Famous

Inc

131‌

9‌

Natural

Grocers

by

Vitamin

Cottage

Inc

20,755‌

188‌

Performance

Food

Group

Co

(d)

88,950‌

4,607‌

Sanderson

Farms

Inc

1,972‌

271‌

Seneca

Foods

Corp

-

Class

A

(d)

4,823‌

190‌

Simply

Good

Foods

Co/The

(d)

3,890‌

89‌

SpartanNash

Co

2,287‌

28‌

Tootsie

Roll

Industries

Inc

207‌

7‌

United

Natural

Foods

Inc

(d)

3,362‌

24‌

Village

Super

Market

Inc

33,979‌

756‌

Weis

Markets

Inc

615‌

22‌

$

7,637‌

Forest

Products

&

Paper

-

0.30%

Clearwater

Paper

Corp

(d)

1,009‌

28‌

Domtar

Corp

31,400‌

1,093‌

Mercer

International

Inc

99,500‌

1,096‌

Neenah

Inc

2,747‌

183‌

PH

Glatfelter

Co

3,437‌

57‌

Schweitzer-Mauduit

International

Inc

4,131‌

145‌

Verso

Corp

(d)

18,560‌

313‌

$

2,915‌

Gas

-

2.38%

New

Jersey

Resources

Corp

3,966‌

164‌

Northwest

Natural

Holding

Co

1,235‌

91‌

ONE

Gas

Inc

10,761‌

1,017‌

RGC

Resources

Inc

559‌

14‌

South

Jersey

Industries

Inc

54,825‌

1,688‌

Southwest

Gas

Holdings

Inc

132,084‌

9,974‌

Spire

Inc

121,122‌

10,213‌

$

23,161‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Hand

&

Machine

Tools

-

0.77%

Franklin

Electric

Co

Inc

115,799‌

$

6,680‌

Hurco

Cos

Inc

483‌

15‌

Kennametal

Inc

25,597‌

801‌

Luxfer

Holdings

PLC

233‌

4‌

$

7,500‌

Healthcare

-

Products

-

1.36%

Alphatec

Holdings

Inc

(d)

524‌

4‌

AngioDynamics

Inc

(d)

2,430‌

33‌

Apyx

Medical

Corp

(d)

2,169‌

16‌

Avanos

Medical

Inc

(d)

2,229‌

61‌

CareDx

Inc

(d)

2,899‌

70‌

CONMED

Corp

1,130‌

115‌

Hanger

Inc

(d)

88,127‌

2,153‌

Integer

Holdings

Corp

(d)

3,773‌

322‌

Integra

LifeSciences

Holdings

Corp

(d)

126,175‌

6,945‌

Invacare

Corp

2,430‌

19‌

Lantheus

Holdings

Inc

(d)

107,632‌

1,885‌

LeMaitre

Vascular

Inc

165‌

6‌

LivaNova

PLC

(d)

714‌

48‌

Luminex

Corp

2,860‌

65‌

Meridian

Bioscience

Inc

2,734‌

27‌

NanoString

Technologies

Inc

(d)

129‌

3‌

OPKO

Health

Inc

(d)

23,156‌

34‌

OraSure

Technologies

Inc

(d)

3,987‌

28‌

Orthofix

Medical

Inc

(d)

406‌

18‌

Patterson

Cos

Inc

61,051‌

1,344‌

RTI

Surgical

Holdings

Inc

(d)

4,026‌

17‌

SeaSpine

Holdings

Corp

(d)

1,160‌

17‌

Utah

Medical

Products

Inc

49‌

4‌

Varex

Imaging

Corp

(d)

1,494‌

41‌

$

13,275‌

Healthcare

-

Services

-

0.49%

Addus

HomeCare

Corp

(d)

1,940‌

183‌

American

Renal

Associates

Holdings

Inc

(d)

963‌

9‌

Brookdale

Senior

Living

Inc

(d)

12,302‌

81‌

Cellular

Biomedicine

Group

Inc

(d)

272‌

5‌

Community

Health

Systems

Inc

(d)

6,054‌

26‌

Five

Star

Senior

Living

Inc

(d)

6,179‌

28‌

Magellan

Health

Inc

(d)

21,750‌

1,593‌

MEDNAX

Inc

(d)

58,500‌

1,349‌

National

HealthCare

Corp

805‌

67‌

Personalis

Inc

(d)

280‌

3‌

Surgery

Partners

Inc

(d)

7,376‌

124‌

Syneos

Health

Inc

(d)

3,621‌

222‌

Tenet

Healthcare

Corp

(d)

320‌

10‌

Tivity

Health

Inc

(d)

24,470‌

530‌

Triple-S

Management

Corp

(d)

33,206‌

585‌

$

4,815‌

Home

Builders

-

1.84%

Beazer

Homes

USA

Inc

(d)

10,119‌

139‌

Century

Communities

Inc

(d)

51,353‌

1,524‌

Forestar

Group

Inc

(d)

842‌

17‌

Green

Brick

Partners

Inc

(d)

42,485‌

493‌

KB

Home

16,381‌

615‌

LGI

Homes

Inc

(d)

16,411‌

1,309‌

M/I

Homes

Inc

(d)

26,099‌

1,159‌

MDC

Holdings

Inc

137,203‌

5,781‌

Meritage

Homes

Corp

(d)

26,529‌

1,882‌

Taylor

Morrison

Home

Corp

(d)

74,878‌

1,938‌

Thor

Industries

Inc

14,200‌

1,143‌

TRI

Pointe

Group

Inc

(d)

107,454‌

1,747‌

William

Lyon

Homes

(d)

2,002‌

46‌

Winnebago

Industries

Inc

2,582‌

142‌

$

17,935‌

Home

Furnishings

-

0.51%

Daktronics

Inc

2,661‌

16‌

Ethan

Allen

Interiors

Inc

101,439‌

1,638‌

Flexsteel

Industries

Inc

23,588‌

387‌

Hamilton

Beach

Brands

Holding

Co

22,800‌

360‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

246

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Furnishings

(continued)

Hooker

Furniture

Corp

66,625‌

$

1,642‌

iRobot

Corp

(d),(e)

16,800‌

790‌

Purple

Innovation

Inc

(d)

560‌

7‌

Sleep

Number

Corp

(d)

184‌

9‌

Universal

Electronics

Inc

(d)

2,391‌

119‌

$

4,968‌

Housewares

-

0.07%

Lifetime

Brands

Inc

853‌

6‌

Tupperware

Brands

Corp

101,261‌

634‌

$

640‌

Insurance

-

6.55%

Ambac

Financial

Group

Inc

(d)

77,034‌

1,651‌

American

Equity

Investment

Life

Holding

Co

46,977‌

1,241‌

AMERISAFE

Inc

3,024‌

207‌

Argo

Group

International

Holdings

Ltd

14,063‌

923‌

CNO

Financial

Group

Inc

98,219‌

1,728‌

Crawford

&

Co

(e)

401‌

3‌

Donegal

Group

Inc

4,988‌

69‌

Employers

Holdings

Inc

54,284‌

2,316‌

Enstar

Group

Ltd

(d)

4,653‌

908‌

Essent

Group

Ltd

28,410‌

1,410‌

FBL

Financial

Group

Inc

8,261‌

445‌

FedNat

Holding

Co

8,456‌

132‌

FGL

Holdings

143,705‌

1,387‌

Genworth

Financial

Inc

84,820‌

348‌

Global

Indemnity

Ltd

30,194‌

952‌

Hallmark

Financial

Services

Inc

(d)

968‌

17‌

Hanover

Insurance

Group

Inc/The

54,100‌

7,497‌

Heritage

Insurance

Holdings

Inc

8,443‌

101‌

Horace

Mann

Educators

Corp

47,096‌

2,025‌

Independence

Holding

Co

355‌

14‌

Investors

Title

Co

71‌

11‌

James

River

Group

Holdings

Ltd

774‌

33‌

MBIA

Inc

(d)

124,492‌

1,128‌

MGIC

Investment

Corp

771,730‌

10,642‌

National

General

Holdings

Corp

27,008‌

588‌

National

Western

Life

Group

Inc

7,962‌

2,117‌

NI

Holdings

Inc

(d)

817‌

13‌

NMI

Holdings

Inc

(d)

16,340‌

522‌

Old

Republic

International

Corp

327,250‌

7,379‌

ProAssurance

Corp

55,264‌

1,678‌

ProSight

Global

Inc

(d)

415‌

6‌

Protective

Insurance

Corp

7,404‌

116‌

Radian

Group

Inc

79,472‌

1,946‌

RLI

Corp

650‌

60‌

Safety

Insurance

Group

Inc

706‌

65‌

Selective

Insurance

Group

Inc

138,433‌

9,171‌

State

Auto

Financial

Corp

13,800‌

416‌

Stewart

Information

Services

Corp

41,360‌

1,727‌

Third

Point

Reinsurance

Ltd

(d)

144,801‌

1,577‌

Tiptree

Inc

1,928‌

13‌

United

Fire

Group

Inc

28,423‌

1,258‌

Universal

Insurance

Holdings

Inc

915‌

22‌

$

63,862‌

Internet

-

0.24%

Cars.com

Inc

(d)

3,814‌

45‌

comScore

Inc

(d)

3,117‌

12‌

DHI

Group

Inc

(d)

3,764‌

11‌

ePlus

Inc

(d)

4,976‌

397‌

HealthStream

Inc

(d)

1,611‌

42‌

Lands'

End

Inc

(d)

705‌

8‌

Limelight

Networks

Inc

(d)

4,499‌

22‌

Meet

Group

Inc/The

(d)

2,271‌

12‌

NIC

Inc

56,435‌

1,113‌

Perficient

Inc

(d)

11,430‌

568‌

Rubicon

Project

Inc/The

(d)

1,075‌

10‌

Stamps.com

Inc

(d)

766‌

57‌

Stitch

Fix

Inc

(d),(e)

197‌

5‌

TechTarget

Inc

(d)

520‌

13‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Internet

(continued)

TrueCar

Inc

(d)

1,437‌

$

5‌

$

2,320‌

Investment

Companies

-

0.13%

Altus

Midstream

Co

(d),(e)

580,900‌

1,208‌

Ellington

Financial

Inc

1,970‌

36‌

Medallion

Financial

Corp

(d),(e)

1,479‌

10‌

$

1,254‌

Iron

&

Steel

-

0.26%

AK

Steel

Holding

Corp

(d)

8,897‌

25‌

Allegheny

Technologies

Inc

(d)

6,023‌

104‌

Carpenter

Technology

Corp

3,204‌

127‌

Cleveland-Cliffs

Inc

(e)

177,243‌

1,244‌

Commercial

Metals

Co

34,649‌

712‌

Schnitzer

Steel

Industries

Inc

19,601‌

315‌

$

2,527‌

Leisure

Products

&

Services

-

0.25%

Acushnet

Holdings

Corp

2,737‌

85‌

Callaway

Golf

Co

4,474‌

96‌

Camping

World

Holdings

Inc

61,100‌

951‌

Clarus

Corp

679‌

9‌

Escalade

Inc

1,024‌

9‌

Johnson

Outdoors

Inc

16,117‌

1,267‌

OneSpaWorld

Holdings

Ltd

2,137‌

32‌

Vista

Outdoor

Inc

(d)

3,828‌

28‌

$

2,477‌

Lodging

-

0.18%

BBX

Capital

Corp

4,768‌

19‌

Bluegreen

Vacations

Corp

(e)

772‌

7‌

Boyd

Gaming

Corp

3,037‌

90‌

Century

Casinos

Inc

(d)

2,135‌

18‌

Hilton

Grand

Vacations

Inc

(d)

46,307‌

1,478‌

Marcus

Corp/The

1,839‌

54‌

St

Joe

Co/The

(d)

2,057‌

43‌

$

1,709‌

Machinery

-

Construction

&

Mining

-

0.26%

Argan

Inc

199‌

8‌

Astec

Industries

Inc

41,169‌

1,698‌

Hyster-Yale

Materials

Handling

Inc

13,485‌

728‌

Manitowoc

Co

Inc/The

(d)

2,200‌

32‌

SPX

Corp

(d)

799‌

39‌

Terex

Corp

770‌

20‌

$

2,525‌

Machinery

-

Diversified

-

1.75%

Alamo

Group

Inc

43,222‌

5,384‌

Albany

International

Corp

49,175‌

3,431‌

Altra

Industrial

Motion

Corp

3,059‌

102‌

Cactus

Inc

38,400‌

1,107‌

Columbus

McKinnon

Corp/NY

5,219‌

183‌

CSW

Industrials

Inc

4,600‌

349‌

Curtiss-Wright

Corp

150‌

22‌

DXP

Enterprises

Inc/TX

(d)

36,488‌

1,265‌

Gencor

Industries

Inc

(d)

658‌

7‌

Gorman-Rupp

Co/The

1,480‌

54‌

GrafTech

International

Ltd

418,600‌

4,491‌

Ichor

Holdings

Ltd

(d)

1,746‌

58‌

Lindsay

Corp

353‌

35‌

Mueller

Water

Products

Inc

-

Class

A

39,631‌

462‌

SPX

FLOW

Inc

(d)

1,965‌

86‌

$

17,036‌

Media

-

2.49%

Cumulus

Media

Inc

(d)

1,112‌

16‌

Entercom

Communications

Corp

42,819‌

170‌

Entravision

Communications

Corp

347,482‌

770‌

EW

Scripps

Co/The

2,654‌

32‌

Gannett

Co

Inc

5,570‌

34‌

Gray

Television

Inc

(d)

209,536‌

4,249‌

Hemisphere

Media

Group

Inc

(d)

196‌

3‌

Houghton

Mifflin

Harcourt

Co

(d)

6,500‌

36‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

247

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Media

(continued)

Lee

Enterprises

Inc

(d)

25,365‌

$

53‌

Liberty

Latin

America

Ltd

-

Class

A

(d)

6,703‌

112‌

Liberty

Latin

America

Ltd

-

Class

C

(d)

13,436‌

227‌

Media

General

Inc

-

Rights

(d),(f),(g)

15,053‌

1‌

Meredith

Corp

(e)

25,677‌

772‌

MSG

Networks

Inc

(d),(e)

107,396‌

1,633‌

Nexstar

Media

Group

Inc

80,000‌

9,692‌

Saga

Communications

Inc

686‌

21‌

Scholastic

Corp

8,855‌

292‌

TEGNA

Inc

363,179‌

6,138‌

Tribune

Publishing

Co

1,333‌

17‌

WideOpenWest

Inc

(d)

4,876‌

33‌

$

24,301‌

Metal

Fabrication

&

Hardware

-

0.67%

AZZ

Inc

37,213‌

1,536‌

CIRCOR

International

Inc

(d)

942‌

39‌

Eastern

Co/The

1,392‌

39‌

LB

Foster

Co

(d)

12,058‌

204‌

Mueller

Industries

Inc

28,519‌

832‌

Northwest

Pipe

Co

(d)

695‌

23‌

Olympic

Steel

Inc

786‌

11‌

Park-Ohio

Holdings

Corp

639‌

19‌

Rexnord

Corp

26,343‌

860‌

Ryerson

Holding

Corp

(d)

2,541‌

26‌

Synalloy

Corp

(d)

820‌

10‌

TimkenSteel

Corp

(d)

2,558‌

16‌

Tredegar

Corp

5,257‌

107‌

TriMas

Corp

(d)

2,113‌

61‌

Valmont

Industries

Inc

8,255‌

1,173‌

Worthington

Industries

Inc

41,604‌

1,530‌

$

6,486‌

Mining

-

0.37%

Century

Aluminum

Co

(d)

220,500‌

1,166‌

Coeur

Mining

Inc

(d)

11,326‌

68‌

Contura

Energy

Inc

(d)

1,176‌

7‌

Covia

Holdings

Corp

(d)

2,956‌

5‌

Gold

Resource

Corp

3,918‌

22‌

Hecla

Mining

Co

23,405‌

71‌

Kaiser

Aluminum

Corp

8,353‌

837‌

Livent

Corp

(d)

144,234‌

1,357‌

Novagold

Resources

Inc

(d)

3,325‌

30‌

Pan

American

Silver

-

CVR

(d),(f)

11,857‌

3‌

United

States

Lime

&

Minerals

Inc

157‌

14‌

$

3,580‌

Miscellaneous

Manufacturers

-

1.63%

American

Outdoor

Brands

Corp

(d)

3,643‌

34‌

Enerpac

Tool

Group

Corp

1,346‌

31‌

EnPro

Industries

Inc

25,733‌

1,504‌

ESCO

Technologies

Inc

241‌

23‌

Fabrinet

(d)

113,705‌

7,168‌

Federal

Signal

Corp

3,028‌

97‌

Haynes

International

Inc

2,950‌

80‌

Hillenbrand

Inc

62,173‌

1,805‌

Lydall

Inc

(d)

1,179‌

24‌

Materion

Corp

8,398‌

456‌

NL

Industries

Inc

(d)

1,320‌

5‌

Standex

International

Corp

591‌

43‌

Sturm

Ruger

&

Co

Inc

67‌

3‌

Trinity

Industries

Inc

150,900‌

3,068‌

Trinseo

SA

53,448‌

1,535‌

$

15,876‌

Office

&

Business

Equipment

-

0.00%

Pitney

Bowes

Inc

5,496‌

21‌

Office

Furnishings

-

0.32%

CompX

International

Inc

349‌

6‌

Herman

Miller

Inc

13,228‌

511‌

HNI

Corp

941‌

34‌

Interface

Inc

71,977‌

1,157‌

Kimball

International

Inc

3,482‌

66‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Office

Furnishings

(continued)

Knoll

Inc

20,469‌

$

507‌

Steelcase

Inc

45,816‌

852‌

$

3,133‌

Oil

&

Gas

-

3.41%

Abraxas

Petroleum

Corp

(d)

12,025‌

3‌

Amplify

Energy

Corp

991‌

5‌

Berry

Petroleum

Corp

235,765‌

1,615‌

Bonanza

Creek

Energy

Inc

(d)

92,947‌

1,691‌

Brigham

Minerals

Inc

349‌

6‌

California

Resources

Corp

(d),(e)

5,911‌

43‌

Callon

Petroleum

Co

(d)

444,835‌

1,334‌

Centennial

Resource

Development

Inc/DE

(d)

478,200‌

1,559‌

Chaparral

Energy

Inc

-

A

Shares

(d)

2,528‌

3‌

CNX

Resources

Corp

(d)

10,996‌

80‌

Comstock

Resources

Inc

(d),(e)

1,203‌

7‌

CVR

Energy

Inc

11,844‌

410‌

Delek

US

Holdings

Inc

41,898‌

1,150‌

Denbury

Resources

Inc

(d)

39,727‌

40‌

Earthstone

Energy

Inc

(d)

297,654‌

1,489‌

Evolution

Petroleum

Corp

8,175‌

41‌

Falcon

Minerals

Corp

2,529‌

14‌

Goodrich

Petroleum

Corp

(d)

370‌

2‌

Gulfport

Energy

Corp

(d)

25,145‌

39‌

HighPoint

Resources

Corp

(d)

8,677‌

10‌

Kosmos

Energy

Ltd

1,369,121‌

6,996‌

Laredo

Petroleum

Inc

(d)

157,567‌

271‌

Magnolia

Oil

&

Gas

Corp

(d)

143,295‌

1,508‌

Mammoth

Energy

Services

Inc

1,687‌

2‌

Matador

Resources

Co

(d)

4,790‌

70‌

Montage

Resources

Corp

(d)

1,854‌

7‌

Murphy

USA

Inc

(d)

6,374‌

651‌

Nabors

Industries

Ltd

52,291‌

108‌

Noble

Corp

PLC

(d)

15,595‌

13‌

Northern

Oil

and

Gas

Inc

(d),(e)

18,950‌

31‌

Oasis

Petroleum

Inc

(d)

29,670‌

67‌

Pacific

Drilling

SA

(d)

1,919‌

4‌

Panhandle

Oil

and

Gas

Inc

5,668‌

41‌

Par

Pacific

Holdings

Inc

(d)

35,279‌

710‌

Parker

Drilling

Co

(d)

725‌

12‌

Parsley

Energy

Inc

411,964‌

6,855‌

PBF

Energy

Inc

40,700‌

1,111‌

PDC

Energy

Inc

(d)

84,598‌

1,827‌

Penn

Virginia

Corp

(d)

900‌

19‌

PrimeEnergy

Resources

Corp

(d)

24‌

3‌

QEP

Resources

Inc

11,416‌

36‌

Range

Resources

Corp

(e)

371,000‌

1,113‌

Ring

Energy

Inc

(d)

34,226‌

73‌

SandRidge

Energy

Inc

(d)

9,987‌

25‌

SilverBow

Resources

Inc

(d)

2,696‌

14‌

SM

Energy

Co

8,459‌

78‌

Southwestern

Energy

Co

(d)

74,245‌

117‌

Talos

Energy

Inc

(d)

18,346‌

402‌

Transocean

Ltd

(d)

4,741‌

22‌

Trecora

Resources

(d)

7,763‌

53‌

W&T

Offshore

Inc

(d)

346,778‌

1,435‌

Whiting

Petroleum

Corp

(d),(e)

4,309‌

20‌

$

33,235‌

Oil

&

Gas

Services

-

1.65%

Apergy

Corp

(d)

55,800‌

1,443‌

Archrock

Inc

9,250‌

77‌

Dril-Quip

Inc

(d)

2,472‌

101‌

Era

Group

Inc

(d)

1,501‌

15‌

Exterran

Corp

(d)

1,873‌

10‌

Forum

Energy

Technologies

Inc

(d)

55,257‌

59‌

Frank's

International

NV

(d)

386,311‌

1,352‌

FTS

International

Inc

(d)

8,490‌

5‌

Geospace

Technologies

Corp

(d)

996‌

13‌

Helix

Energy

Solutions

Group

Inc

(d)

18,412‌

154‌

Independence

Contract

Drilling

Inc

(d)

3,982‌

3‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

248

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

Services

(continued)

Liberty

Oilfield

Services

Inc

193,992‌

$

1,645‌

Matrix

Service

Co

(d)

55,895‌

1,125‌

MRC

Global

Inc

(d)

16,580‌

187‌

National

Energy

Services

Reunited

Corp

(d)

1,873‌

12‌

Natural

Gas

Services

Group

Inc

(d)

1,097‌

12‌

NCS

Multistage

Holdings

Inc

(d)

1,406‌

2‌

Newpark

Resources

Inc

(d)

213,655‌

1,068‌

NexTier

Oilfield

Solutions

Inc

(d)

353,350‌

1,820‌

Nine

Energy

Service

Inc

(d)

62,500‌

303‌

NOW

Inc

(d)

29,085‌

291‌

Oceaneering

International

Inc

(d)

4,790‌

59‌

Oil

States

International

Inc

(d)

5,927‌

64‌

ProPetro

Holding

Corp

(d)

167,405‌

1,630‌

RPC

Inc

(e)

264,634‌

1,199‌

Select

Energy

Services

Inc

(d)

117,773‌

820‌

Seventy

Seven

Energy

Inc

(d),(f),(g)

16,216‌

—‌

Smart

Sand

Inc

(d),(e)

2,222‌

5‌

Solaris

Oilfield

Infrastructure

Inc

125,100‌

1,442‌

TETRA

Technologies

Inc

(d)

17,440‌

26‌

Thermon

Group

Holdings

Inc

(d)

46,782‌

1,109‌

US

Well

Services

Inc

(d)

838‌

1‌

$

16,052‌

Packaging

&

Containers

-

0.09%

Greif

Inc

-

Class

A

6,570‌

266‌

Greif

Inc

-

Class

B

442‌

21‌

Matthews

International

Corp

1,428‌

53‌

Silgan

Holdings

Inc

13,400‌

414‌

UFP

Technologies

Inc

(d)

3,265‌

152‌

$

906‌

Pharmaceuticals

-

1.11%

Adamas

Pharmaceuticals

Inc

(d)

1,826‌

9‌

Aeglea

BioTherapeutics

Inc

(d)

1,608‌

12‌

Akebia

Therapeutics

Inc

(d)

7,188‌

52‌

Akorn

Inc

(d)

12,987‌

20‌

Anika

Therapeutics

Inc

(d)

11,081‌

456‌

Artana

Therapeutics

(d),(f),(g)

581‌

—‌

Assertio

Therapeutics

Inc

(d)

6,929‌

8‌

Chimerix

Inc

(d)

3,454‌

6‌

Coherus

Biosciences

Inc

(d)

20,630‌

372‌

Concert

Pharmaceuticals

Inc

(d)

3,620‌

39‌

Corium

International

Inc

(d),(f)

454‌

—‌

Cyclerion

Therapeutics

Inc

(d)

79‌

—‌

Cytokinetics

Inc

(d)

274‌

3‌

Diplomat

Pharmacy

Inc

(d)

4,340‌

17‌

Endo

International

PLC

(d)

14,594‌

83‌

G1

Therapeutics

Inc

(d)

7,608‌

147‌

Gritstone

Oncology

Inc

(d)

1,190‌

11‌

Harpoon

Therapeutics

Inc

(d)

402‌

5‌

Intellia

Therapeutics

Inc

(d)

4,994‌

59‌

Intra-Cellular

Therapies

Inc

(d)

1,046‌

24‌

Jounce

Therapeutics

Inc

(d)

5,476‌

34‌

Lannett

Co

Inc

(d),(e)

2,203‌

18‌

Mallinckrodt

PLC

(d),(e)

20,481‌

94‌

Minerva

Neurosciences

Inc

(d)

473‌

4‌

Nature's

Sunshine

Products

Inc

(d)

664‌

6‌

Option

Care

Health

Inc

(d)

7,113‌

30‌

Owens

&

Minor

Inc

6,049‌

37‌

PRA

Health

Sciences

Inc

(d)

59,225‌

6,000‌

Prestige

Consumer

Healthcare

Inc

(d)

3,219‌

131‌

Principia

Biopharma

Inc

(d)

96‌

5‌

Protagonist

Therapeutics

Inc

(d)

562‌

4‌

Reata

Pharmaceuticals

Inc

(d)

808‌

177‌

Revance

Therapeutics

Inc

(d)

439‌

10‌

Spectrum

Pharmaceuticals

Inc

(d)

738‌

2‌

Spero

Therapeutics

Inc

(d)

823‌

8‌

Sutro

Biopharma

Inc

(d)

514‌

5‌

Taro

Pharmaceutical

Industries

Ltd

(d),(e)

17,600‌

1,420‌

TG

Therapeutics

Inc

(d)

528‌

7‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

USANA

Health

Sciences

Inc

(d)

24,300‌

$

1,499‌

$

10,814‌

Pipelines

-

0.37%

CNX

Midstream

Partners

LP

(e)

82,900‌

1,276‌

Noble

Midstream

Partners

LP

(e),(h)

51,300‌

1,149‌

Oasis

Midstream

Partners

LP

74,600‌

1,159‌

$

3,584‌

Private

Equity

-

0.17%

Kennedy-Wilson

Holdings

Inc

2,856‌

62‌

Victory

Capital

Holdings

Inc

76,139‌

1,588‌

$

1,650‌

Real

Estate

-

0.88%

American

Realty

Investors

Inc

(d)

345‌

5‌

Consolidated-Tomoka

Land

Co

340‌

21‌

Cushman

&

Wakefield

PLC

(d)

398,024‌

7,650‌

FRP

Holdings

Inc

(d)

422‌

20‌

Griffin

Industrial

Realty

Inc

139‌

6‌

Legacy

Housing

Corp

(d)

363‌

5‌

Marcus

&

Millichap

Inc

(d)

164‌

6‌

Maui

Land

&

Pineapple

Co

Inc

(d)

289‌

3‌

McGrath

RentCorp

667‌

51‌

Newmark

Group

Inc

2,773‌

33‌

RE/MAX

Holdings

Inc

18,105‌

693‌

Realogy

Holdings

Corp

(e)

5,462‌

58‌

Safehold

Inc

(e)

697‌

31‌

Stratus

Properties

Inc

(d)

435‌

13‌

Transcontinental

Realty

Investors

Inc

(d)

116‌

4‌

$

8,599‌

REITs

-

5.36%

Acadia

Realty

Trust

4,147‌

103‌

Agree

Realty

Corp

1,985‌

151‌

Alexander

&

Baldwin

Inc

3,246‌

71‌

American

Finance

Trust

Inc

7,581‌

98‌

Apollo

Commercial

Real

Estate

Finance

Inc

7,334‌

134‌

Ares

Commercial

Real

Estate

Corp

1,892‌

31‌

Armada

Hoffler

Properties

Inc

3,557‌

65‌

ARMOUR

Residential

REIT

Inc

2,713‌

52‌

Ashford

Hospitality

Trust

Inc

6,195‌

15‌

Blackstone

Mortgage

Trust

Inc

6,008‌

229‌

Braemar

Hotels

&

Resorts

Inc

2,029‌

16‌

Brandywine

Realty

Trust

315,700‌

4,931‌

BRT

Apartments

Corp

786‌

14‌

Capstead

Mortgage

Corp

4,478‌

37‌

CareTrust

REIT

Inc

1,186‌

26‌

CatchMark

Timber

Trust

Inc

17,051‌

175‌

Cedar

Realty

Trust

Inc

6,538‌

17‌

Chatham

Lodging

Trust

10,628‌

174‌

CIM

Commercial

Trust

Corp

387‌

6‌

City

Office

REIT

Inc

4,608‌

62‌

Colony

Capital

Inc

356,014‌

1,663‌

Colony

Credit

Real

Estate

Inc

124,661‌

1,552‌

Community

Healthcare

Trust

Inc

99,328‌

4,685‌

CoreCivic

Inc

63,676‌

1,016‌

CorEnergy

Infrastructure

Trust

Inc

868‌

40‌

DiamondRock

Hospitality

Co

55,605‌

538‌

Diversified

Healthcare

Trust

102,462‌

791‌

Easterly

Government

Properties

Inc

4,478‌

108‌

Essential

Properties

Realty

Trust

Inc

5,311‌

147‌

Exantas

Capital

Corp

2,222‌

27‌

Farmland

Partners

Inc

(e)

1,783‌

12‌

First

Industrial

Realty

Trust

Inc

32,116‌

1,372‌

Franklin

Street

Properties

Corp

12,100‌

92‌

Front

Yard

Residential

Corp

3,297‌

35‌

Getty

Realty

Corp

8,946‌

282‌

Gladstone

Commercial

Corp

3,025‌

64‌

Gladstone

Land

Corp

1,218‌

16‌

Global

Medical

REIT

Inc

2,155‌

31‌

Global

Net

Lease

Inc

4,263‌

88‌

Granite

Point

Mortgage

Trust

Inc

2,507‌

46‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

249

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Great

Ajax

Corp

82,729‌

$

1,249‌

Healthcare

Realty

Trust

Inc

20,757‌

749‌

Hersha

Hospitality

Trust

2,252‌

29‌

Independence

Realty

Trust

Inc

7,136‌

105‌

Industrial

Logistics

Properties

Trust

4,933‌

113‌

Invesco

Mortgage

Capital

Inc

17,314‌

302‌

Investors

Real

Estate

Trust

998‌

74‌

iStar

Inc

2,682‌

39‌

Jernigan

Capital

Inc

(e)

1,440‌

29‌

Kite

Realty

Group

Trust

6,171‌

106‌

KKR

Real

Estate

Finance

Trust

Inc

1,605‌

34‌

Ladder

Capital

Corp

4,833‌

89‌

Lexington

Realty

Trust

58,507‌

648‌

LTC

Properties

Inc

929‌

43‌

Mack-Cali

Realty

Corp

4,148‌

91‌

Monmouth

Real

Estate

Investment

Corp

28,803‌

421‌

National

Health

Investors

Inc

3,928‌

331‌

National

Storage

Affiliates

Trust

143,500‌

4,900‌

New

Senior

Investment

Group

Inc

3,240‌

25‌

New

York

Mortgage

Trust

Inc

12,513‌

79‌

Office

Properties

Income

Trust

35,139‌

1,196‌

One

Liberty

Properties

Inc

1,036‌

28‌

Pebblebrook

Hotel

Trust

87,311‌

2,071‌

PennyMac

Mortgage

Investment

Trust

4,322‌

100‌

Physicians

Realty

Trust

334,509‌

6,473‌

Piedmont

Office

Realty

Trust

Inc

35,312‌

819‌

PotlatchDeltic

Corp

3,167‌

136‌

Preferred

Apartment

Communities

Inc

3,047‌

36‌

PS

Business

Parks

Inc

1,115‌

187‌

Ready

Capital

Corp

2,155‌

35‌

Redwood

Trust

Inc

5,305‌

93‌

Retail

Opportunity

Investments

Corp

15,622‌

259‌

Retail

Value

Inc

1,038‌

34‌

Rexford

Industrial

Realty

Inc

7,271‌

350‌

RLJ

Lodging

Trust

62,078‌

966‌

RPT

Realty

6,400‌

89‌

Sabra

Health

Care

REIT

Inc

17,035‌

366‌

Saul

Centers

Inc

155‌

8‌

Seritage

Growth

Properties

43,512‌

1,598‌

STAG

Industrial

Inc

193,916‌

6,252‌

Summit

Hotel

Properties

Inc

25,962‌

288‌

Sunstone

Hotel

Investors

Inc

63,651‌

807‌

Terreno

Realty

Corp

4,064‌

233‌

TPG

RE

Finance

Trust

Inc

4,575‌

93‌

UMH

Properties

Inc

608‌

10‌

Universal

Health

Realty

Income

Trust

258‌

32‌

Urban

Edge

Properties

13,753‌

253‌

Urstadt

Biddle

Properties

Inc

3,091‌

70‌

Washington

Prime

Group

Inc

(e)

11,631‌

35‌

Washington

Real

Estate

Investment

Trust

16,554‌

504‌

Western

Asset

Mortgage

Capital

Corp

3,373‌

36‌

Whitestone

REIT

2,536‌

33‌

Xenia

Hotels

&

Resorts

Inc

17,729‌

332‌

$

52,290‌

Retail

-

5.09%

Abercrombie

&

Fitch

Co

3,049‌

50‌

American

Eagle

Outfitters

Inc

84,660‌

1,219‌

Asbury

Automotive

Group

Inc

(d)

7,073‌

682‌

Barnes

&

Noble

Education

Inc

(d)

3,331‌

11‌

Bassett

Furniture

Industries

Inc

703‌

9‌

Beacon

Roofing

Supply

Inc

(d)

2,608‌

86‌

Bed

Bath

&

Beyond

Inc

(e)

31,687‌

452‌

Big

Lots

Inc

31,273‌

847‌

Biglari

Holdings

Inc

(d)

28‌

3‌

BJ's

Wholesale

Club

Holdings

Inc

(d)

20,687‌

424‌

BMC

Stock

Holdings

Inc

(d)

26,326‌

768‌

Brinker

International

Inc

20,109‌

858‌

Buckle

Inc/The

(e)

2,454‌

60‌

Caleres

Inc

6,804‌

120‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Cannae

Holdings

Inc

(d)

3,236‌

$

132‌

Cato

Corp/The

1,477‌

24‌

Chico's

FAS

Inc

43,278‌

168‌

Children's

Place

Inc/The

(e)

21,000‌

1,253‌

Chuy's

Holdings

Inc

(d)

4,017‌

98‌

Citi

Trends

Inc

7,410‌

173‌

Conn's

Inc

(d),(e)

1,220‌

11‌

Container

Store

Group

Inc/The

(d)

1,200‌

5‌

Del

Taco

Restaurants

Inc

(d)

1,919‌

15‌

Denny's

Corp

(d)

671‌

14‌

Designer

Brands

Inc

82,927‌

1,180‌

Dillard's

Inc

(e)

7,015‌

426‌

Dine

Brands

Global

Inc

7,418‌

632‌

Duluth

Holdings

Inc

(d),(e)

29,700‌

251‌

Dunkin'

Brands

Group

Inc

58,375‌

4,559‌

El

Pollo

Loco

Holdings

Inc

(d)

1,500‌

20‌

Express

Inc

(d)

4,593‌

18‌

Fiesta

Restaurant

Group

Inc

(d)

1,535‌

15‌

FirstCash

Inc

73,301‌

6,375‌

Foundation

Building

Materials

Inc

(d)

24,339‌

434‌

GameStop

Corp

(e)

5,685‌

22‌

Genesco

Inc

(d)

22,137‌

871‌

GMS

Inc

(d)

1,862‌

50‌

GNC

Holdings

Inc

(d),(e)

6,270‌

13‌

Group

1

Automotive

Inc

16,318‌

1,645‌

Guess?

Inc

9,918‌

211‌

Habit

Restaurants

Inc/The

(d)

28,480‌

396‌

Haverty

Furniture

Cos

Inc

60,362‌

1,215‌

Hibbett

Sports

Inc

(d)

64,569‌

1,600‌

Hudson

Ltd

(d)

2,357‌

26‌

J

Alexander's

Holdings

Inc

(d)

1,180‌

11‌

Jack

in

the

Box

Inc

7,525‌

615‌

JC

Penney

Co

Inc

(d),(e)

21,564‌

16‌

Kura

Sushi

USA

Inc

(d)

122‌

3‌

La-Z-Boy

Inc

41,449‌

1,270‌

Lithia

Motors

Inc

9,668‌

1,311‌

MarineMax

Inc

(d)

1,309‌

26‌

Michaels

Cos

Inc/The

(d)

9,420‌

47‌

Movado

Group

Inc

88,041‌

1,516‌

Nu

Skin

Enterprises

Inc

46,000‌

1,499‌

Office

Depot

Inc

549,266‌

1,220‌

Papa

John's

International

Inc

134‌

9‌

PC

Connection

Inc

18,703‌

931‌

PetMed

Express

Inc

(e)

46,242‌

1,166‌

PriceSmart

Inc

1,459‌

89‌

Red

Robin

Gourmet

Burgers

Inc

(d)

837‌

28‌

Regis

Corp

(d)

19,900‌

309‌

RH

(d)

2,240‌

468‌

Rite

Aid

Corp

(d),(e)

3,320‌

40‌

Rush

Enterprises

Inc

-

Class

A

42,022‌

1,806‌

Rush

Enterprises

Inc

-

Class

B

338‌

15‌

Ruth's

Hospitality

Group

Inc

3,690‌

76‌

Sally

Beauty

Holdings

Inc

(d)

29,023‌

445‌

Shoe

Carnival

Inc

669‌

24‌

Signet

Jewelers

Ltd

14,237‌

346‌

Sonic

Automotive

Inc

53,237‌

1,684‌

Sportsman's

Warehouse

Holdings

Inc

(d)

104,427‌

676‌

Suburban

Propane

Partners

LP

(e)

75,037‌

1,700‌

Tailored

Brands

Inc

(e)

783‌

3‌

Tilly's

Inc

99,325‌

845‌

Urban

Outfitters

Inc

(d)

27,200‌

696‌

Vera

Bradley

Inc

(d)

132,497‌

1,269‌

Wingstop

Inc

2,949‌

274‌

Winmark

Corp

105‌

21‌

World

Fuel

Services

Corp

20,954‌

820‌

Zumiez

Inc

(d)

28,794‌

897‌

$

49,612‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

250

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Savings

&

Loans

-

2.21%

Axos

Financial

Inc

(d)

982‌

$

28‌

Banc

of

California

Inc

2,132‌

34‌

BankFinancial

Corp

5,951‌

74‌

Berkshire

Hills

Bancorp

Inc

10,175‌

287‌

Brookline

Bancorp

Inc

97,570‌

1,483‌

Capitol

Federal

Financial

Inc

51,503‌

678‌

Community

Bankers

Trust

Corp

1,644‌

14‌

Dime

Community

Bancshares

Inc

93,874‌

1,823‌

ESSA

Bancorp

Inc

798‌

13‌

First

Capital

Inc

219‌

14‌

First

Defiance

Financial

Corp

66,257‌

1,948‌

First

Financial

Northwest

Inc

600‌

9‌

Flushing

Financial

Corp

81,353‌

1,617‌

FS

Bancorp

Inc

6,756‌

370‌

Greene

County

Bancorp

Inc

162‌

5‌

Hingham

Institution

for

Savings

3,855‌

807‌

Home

Bancorp

Inc

821‌

29‌

HomeTrust

Bancshares

Inc

16,091‌

427‌

Investors

Bancorp

Inc

185,341‌

2,240‌

Malvern

Bancorp

Inc

(d)

533‌

11‌

Meridian

Bancorp

Inc

49,606‌

892‌

MutualFirst

Financial

Inc

431‌

16‌

Northfield

Bancorp

Inc

79,404‌

1,262‌

Northwest

Bancshares

Inc

18,043‌

283‌

OceanFirst

Financial

Corp

36,205‌

842‌

Pacific

Premier

Bancorp

Inc

31,419‌

937‌

Provident

Financial

Holdings

Inc

462‌

10‌

Provident

Financial

Services

Inc

15,020‌

343‌

Prudential

Bancorp

Inc

715‌

13‌

Riverview

Bancorp

Inc

1,850‌

14‌

Southern

Missouri

Bancorp

Inc

11,171‌

398‌

Territorial

Bancorp

Inc

17,291‌

502‌

Timberland

Bancorp

Inc/WA

536‌

15‌

United

Community

Financial

Corp/OH

7,190‌

78‌

Washington

Federal

Inc

67,744‌

2,302‌

Waterstone

Financial

Inc

48,323‌

845‌

WSFS

Financial

Corp

22,458‌

896‌

$

21,559‌

Semiconductors

-

5.59%

Adesto

Technologies

Corp

(d)

281‌

2‌

Alpha

&

Omega

Semiconductor

Ltd

(d)

1,463‌

18‌

Ambarella

Inc

(d)

3,889‌

230‌

Amkor

Technology

Inc

(d)

37,788‌

425‌

AVX

Corp

62,247‌

1,262‌

Axcelis

Technologies

Inc

(d)

1,589‌

38‌

AXT

Inc

(d)

2,644‌

10‌

Brooks

Automation

Inc

468‌

18‌

Cabot

Microelectronics

Corp

86,725‌

12,619‌

CEVA

Inc

(d)

1,764‌

49‌

Cirrus

Logic

Inc

(d)

18,551‌

1,424‌

Cohu

Inc

1,865‌

42‌

CTS

Corp

1,500‌

44‌

Diodes

Inc

(d)

38,911‌

2,010‌

DSP

Group

Inc

(d)

1,078‌

16‌

Entegris

Inc

197,550‌

10,225‌

FormFactor

Inc

(d)

5,363‌

136‌

GSI

Technology

Inc

(d)

1,463‌

12‌

KEMET

Corp

2,688‌

70‌

Lattice

Semiconductor

Corp

(d)

108,250‌

2,013‌

MACOM

Technology

Solutions

Holdings

Inc

(d)

2,158‌

61‌

MaxLinear

Inc

(d)

72,895‌

1,421‌

MKS

Instruments

Inc

51,250‌

5,372‌

Nova

Measuring

Instruments

Ltd

(d)

158,250‌

6,020‌

Onto

Innovation

Inc

(d)

8,947‌

340‌

Photronics

Inc

(d)

5,932‌

76‌

Rambus

Inc

(d)

314,348‌

4,989‌

Semtech

Corp

(d)

4,282‌

206‌

Synaptics

Inc

(d)

7,244‌

483‌

Tower

Semiconductor

Ltd

(d)

184,500‌

4,092‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

Ultra

Clean

Holdings

Inc

(d)

3,485‌

$

80‌

Veeco

Instruments

Inc

(d)

15,079‌

192‌

Xperi

Corp

30,032‌

483‌

$

54,478‌

Software

-

0.53%

Allscripts

Healthcare

Solutions

Inc

(d)

10,508‌

90‌

American

Software

Inc/GA

868‌

13‌

Avaya

Holdings

Corp

(d)

8,438‌

108‌

Bandwidth

Inc

(d)

143‌

10‌

Cloudera

Inc

(d)

10,714‌

110‌

Computer

Programs

&

Systems

Inc

852‌

22‌

CSG

Systems

International

Inc

22,364‌

1,114‌

Daily

Journal

Corp

(d),(e)

74‌

20‌

Digi

International

Inc

(d)

6,150‌

97‌

Ebix

Inc

(e)

44,000‌

1,515‌

Evolent

Health

Inc

(d)

11,873‌

120‌

GTY

Technology

Holdings

Inc

(d)

2,625‌

16‌

Health

Catalyst

Inc

(d),(e)

135‌

4‌

InnerWorkings

Inc

(d)

167,749‌

696‌

ManTech

International

Corp/VA

2,294‌

184‌

PDF

Solutions

Inc

(d)

1,752‌

28‌

Phreesia

Inc

(d)

178‌

6‌

Progress

Software

Corp

11,693‌

528‌

QAD

Inc

327‌

17‌

Synchronoss

Technologies

Inc

(d)

2,349‌

13‌

TiVo

Corp

5,895‌

43‌

Verint

Systems

Inc

(d)

6,309‌

366‌

$

5,120‌

Storage

&

Warehousing

-

0.02%

Mobile

Mini

Inc

5,111‌

213‌

Supranational

Bank

-

0.00%

Banco

Latinoamericano

de

Comercio

Exterior

SA

1,928‌

39‌

Telecommunications

-

0.45%

Acacia

Communications

Inc

(d)

1,761‌

121‌

ADTRAN

Inc

3,218‌

29‌

ATN

International

Inc

719‌

42‌

CalAmp

Corp

(d)

2,362‌

23‌

Calix

Inc

(d)

1,655‌

15‌

Cambium

Networks

Corp

(d)

290‌

2‌

Casa

Systems

Inc

(d)

119,700‌

480‌

Cincinnati

Bell

Inc

(d)

8,036‌

111‌

CommScope

Holding

Co

Inc

(d)

58,400‌

712‌

Consolidated

Communications

Holdings

Inc

7,259‌

35‌

DASAN

Zhone

Solutions

Inc

(d)

390‌

3‌

Harmonic

Inc

(d)

5,562‌

39‌

IDT

Corp

-

Class

B

(d)

7,006‌

53‌

Infinera

Corp

(d)

8,542‌

63‌

Iridium

Communications

Inc

(d)

4,673‌

119‌

KVH

Industries

Inc

(d)

1,119‌

11‌

Maxar

Technologies

Inc

2,823‌

45‌

NeoPhotonics

Corp

(d)

44,537‌

340‌

NETGEAR

Inc

(d)

1,427‌

37‌

ORBCOMM

Inc

(d)

1,022‌

4‌

Plantronics

Inc

39,500‌

1,134‌

Preformed

Line

Products

Co

14,169‌

774‌

Ribbon

Communications

Inc

(d)

4,535‌

13‌

RigNet

Inc

(d)

438‌

2‌

Spok

Holdings

Inc

1,235‌

13‌

TESSCO

Technologies

Inc

558‌

3‌

Viavi

Solutions

Inc

(d)

8,320‌

117‌

Vonage

Holdings

Corp

(d)

3,502‌

31‌

$

4,371‌

Textiles

-

0.05%

Culp

Inc

818‌

10‌

UniFirst

Corp/MA

2,273‌

464‌

$

474‌

Toys,

Games

&

Hobbies

-

0.16%

Funko

Inc

(d)

102,900‌

1,547‌

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

251

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

-

1.63%

ArcBest

Corp

6,957‌

$

155‌

Ardmore

Shipping

Corp

1,989‌

12‌

Atlas

Air

Worldwide

Holdings

Inc

(d)

1,470‌

33‌

Costamare

Inc

3,629‌

29‌

Covenant

Transportation

Group

Inc

(d)

92,369‌

1,172‌

Daseke

Inc

(d)

3,057‌

9‌

Diamond

S

Shipping

Inc

(d)

1,511‌

17‌

Dorian

LPG

Ltd

(d)

9,918‌

130‌

Echo

Global

Logistics

Inc

(d)

4,869‌

94‌

GasLog

Ltd

975‌

6‌

Genco

Shipping

&

Trading

Ltd

1,062‌

8‌

Golar

LNG

Ltd

4,173‌

40‌

Heartland

Express

Inc

3,368‌

63‌

Hoegh

LNG

Partners

LP

(e)

21,800‌

329‌

Hub

Group

Inc

(d)

2,214‌

117‌

International

Seaways

Inc

(d)

8,454‌

189‌

Landstar

System

Inc

81,800‌

9,059‌

Marten

Transport

Ltd

3,743‌

78‌

Matson

Inc

45,816‌

1,650‌

Nordic

American

Tankers

Ltd

20,871‌

70‌

Overseas

Shipholding

Group

Inc

(d)

4,775‌

9‌

PAM

Transportation

Services

Inc

(d)

54‌

3‌

Safe

Bulkers

Inc

(d)

4,343‌

6‌

Saia

Inc

(d)

499‌

43‌

Scorpio

Bulkers

Inc

9,820‌

36‌

Scorpio

Tankers

Inc

3,174‌

74‌

SEACOR

Holdings

Inc

(d)

15,769‌

593‌

SFL

Corp

Ltd

5,969‌

79‌

Teekay

Corp

(d)

4,766‌

17‌

Teekay

Tankers

Ltd

(d)

4,679‌

76‌

Tidewater

Inc

(d)

1,854‌

28‌

Universal

Logistics

Holdings

Inc

65,000‌

1,099‌

US

Xpress

Enterprises

Inc

(d)

1,453‌

8‌

Werner

Enterprises

Inc

14,187‌

522‌

$

15,853‌

Trucking

&

Leasing

-

0.18%

GATX

Corp

2,314‌

176‌

General

Finance

Corp

(d)

590‌

6‌

Greenbrier

Cos

Inc/The

64,317‌

1,549‌

Willis

Lease

Finance

Corp

(d)

246‌

15‌

$

1,746‌

Water

-

0.06%

Artesian

Resources

Corp

7,738‌

292‌

California

Water

Service

Group

132‌

7‌

Consolidated

Water

Co

Ltd

954‌

16‌

Middlesex

Water

Co

84‌

5‌

PICO

Holdings

Inc

(d)

1,369‌

14‌

SJW

Group

468‌

34‌

York

Water

Co/The

3,667‌

174‌

$

542‌

TOTAL

COMMON

STOCKS

$

944,185‌

PREFERRED

STOCKS

-

0.00%

Shares

Held

Value

(000's)

Metal

Fabrication

&

Hardware

-

0.00%

Steel

Partners

Holdings

LP

6.00%,

02/07/2026

507‌

$

11‌

TOTAL

PREFERRED

STOCKS

$

11‌

Total

Investments

$

979,185‌

Other

Assets

and

Liabilities

-  (0.45)%

(4,366‌)

TOTAL

NET

ASSETS

-

100.00%

$

974,819‌

(a)

Current

yield

shown

is

as

of

period

end.

(b)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$13,098

or

1.34%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.0%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

affiliated

sub-schedule

for

transactional

information.

(d)

Non-income

producing

security

(e)

Security

or

a

portion

of

the

security

was

on

loan

at

the

end

of

the

period.

(f)

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

Certain

inputs

used

in

the

valuation

may

be

unobservable;

however,

each

security

is

evaluated

individually

for

purposes

of

ASC

820

which

results

in

not

all

securities

being

identified

as

Level

3

of

the

fair

value

hierarchy.

At

the

end

of

the

period,

the

fair

value

of

these

securities

totaled

$21

or

0.00%

of

net

assets.

(g)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs.

(h)

Restricted

Security.

Please

see

Restricted

Security

Sub-Schedule

for

more

information.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

35.65‌%

Industrial

13.22‌%

Consumer,

Cyclical

11.98‌%

Technology

10.05‌%

Consumer,

Non-cyclical

9.50‌%

Energy

6.03‌%

Utilities

4.22‌%

Communications

3.23‌%

Money

Market

Funds

3.09‌%

Basic

Materials

2.98‌%

Investment

Companies

0.43‌%

Domestic

Equity

Funds

0.07‌%

Government

0.00‌%

Other

Assets

and

Liabilities

(0.45‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

SmallCap

Value

Fund

II

January

31,

2020

(unaudited)

See

accompanying

notes.

252

Affiliated

Securities

October

31,

2019

Purchases

Sales

January

31,

2020

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

1.43%

$

34,976‌

$

122,151‌

$

130,164‌

$

26,963‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

625‌

—‌

—‌

634‌

$

35,601‌

$

122,151‌

$

130,164‌

$

27,597‌

Income

(a)

Realized

Gain/Loss

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/Loss

Principal

Government

Money

Market

Fund

1.43%

$

82‌

$

—‌

$

—‌

$

—‌

Principal

U.S.

Small-Cap

Multi-Factor

Index

ETF

3‌

—‌

—‌

9‌

$

85‌

$

—‌

$

—‌

$

9‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

NewStar

Financial

Inc

12/27/2017

$

28‌

$

13‌

0.00%

Noble

Midstream

Partners

LP

01/16/2019

-

12/13/2019

1,433‌

1,149‌

0.12%

Total

$

1,162‌

0.12%

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Russell

2000

Emini;

March

2020

Long

7‌

$

565‌

$

(10‌)

Total

$

(10‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

Tax-Exempt

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

253

INVESTMENT

COMPANIES

-

2.63%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

2.63%

iShares

National

Muni

Bond

ETF

78,800‌

$

9,125‌

iShares

Short-Term

National

Muni

Bond

ETF

58,302‌

6,259‌

SPDR

Nuveen

Bloomberg

Barclays

High

Yield

Municipal

Bond

ETF

9,621‌

581‌

VanEck

Vectors

High-Yield

Municipal

Index

ETF

8,338‌

544‌

$

16,509‌

TOTAL

INVESTMENT

COMPANIES

$

16,509‌

MUNICIPAL

BONDS

-

102.30%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

3.32%

Birmingham

Airport

Authority

(

credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.25

%,

07

/01/2030

(a)

$

1,000‌

$

1,017‌

Hoover

Industrial

Development

Board

5.75

%,

10

/01/2049

2,000‌

2,242‌

Lower

Alabama

Gas

District/The

5.00

%,

09

/01/2034

3,500‌

4,676‌

5.00

%,

09

/01/2046

4,500‌

6,507‌

Tuscaloosa

County

Industrial

Development

Authority

4.50

%,

05

/01/2032

(b)

1,000‌

1,133‌

5.25

%,

05

/01/2044

(b)

4,500‌

5,260‌

$

20,835‌

Arizona

-

2.65%

Arizona

Industrial

Development

Authority

5.00

%,

01

/01/2043

2,000‌

2,310‌

5.00

%,

01

/01/2049

1,000‌

1,111‌

5.00

%,

01

/01/2054

900‌

1,021‌

5.13

%,

01

/01/2054

1,000‌

1,111‌

5.50

%,

01

/01/2054

(b)

1,500‌

1,673‌

Chandler

Industrial

Development

Authority

2.70

%,

12

/01/2037

(c)

1,300‌

1,364‌

Navajo

Nation

5.50

%,

12

/01/2030

(b)

1,240‌

1,419‌

Salt

Verde

Financial

Corp

5.00

%,

12

/01/2032

4,965‌

6,579‌

$

16,588‌

California

-

7.34%

Alum

Rock

Union

Elementary

School

District

5.25

%,

08

/01/2043

1,000‌

1,128‌

California

Health

Facilities

Financing

Authority

5.00

%,

11

/15/2046

(d)

1,691‌

2,017‌

California

Municipal

Finance

Authority

5.00

%,

05

/15/2031

2,240‌

2,802‌

5.00

%,

05

/15/2033

1,000‌

1,241‌

5.00

%,

05

/15/2034

600‌

743‌

California

Pollution

Control

Financing

Authority

4.30

%,

07

/01/2040

2,000‌

2,284‌

California

Statewide

Communities

Development

Authority

(

credit

support

from

Ginnie

Mae

Collateral

)

4.90

%,

07

/20/2039

(a)

500‌

510‌

City

of

Los

Angeles

Department

of

Airports

5.00

%,

05

/15/2028

2,000‌

2,572‌

5.00

%,

05

/15/2035

1,500‌

1,517‌

5.00

%,

05

/15/2039

(d)

1,033‌

1,305‌

5.00

%,

05

/15/2044

(d)

2,842‌

3,468‌

5.00

%,

05

/15/2044

(d)

1,275‌

1,590‌

City

of

Vernon

CA

Electric

System

Revenue

5.13

%,

08

/01/2021

225‌

229‌

Golden

State

Tobacco

Securitization

Corp

5.30

%,

06

/01/2037

1,000‌

1,057‌

Oakland

Unified

School

District/Alameda

County

5.00

%,

08

/01/2034

2,210‌

2,622‌

Riverside

Community

Properties

Development

Inc

6.00

%,

10

/15/2038

1,150‌

1,372‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

California

(continued)

Sacramento

Area

Flood

Control

Agency

(

credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00

%,

10

/01/2039

(a)

$

1,340‌

$

1,544‌

Sacramento

County

Water

Financing

Authority

5.00

%,

06

/01/2027

500‌

644‌

San

Diego

County

Regional

Airport

Authority

5.00

%,

07

/01/2028

(e)

340‌

427‌

5.00

%,

07

/01/2029

(e)

410‌

523‌

5.00

%,

07

/01/2030

(e)

480‌

620‌

5.00

%,

07

/01/2031

(e)

500‌

642‌

5.00

%,

07

/01/2032

(e)

455‌

583‌

5.00

%,

07

/01/2033

(e)

500‌

638‌

5.00

%,

07

/01/2034

(e)

415‌

527‌

5.00

%,

07

/01/2035

(e)

300‌

379‌

5.00

%,

07

/01/2037

(e)

450‌

566‌

5.00

%,

07

/01/2038

(e)

500‌

626‌

5.00

%,

07

/01/2040

(e)

265‌

330‌

San

Diego

Unified

School

District/CA

0.00

%,

07

/01/2032

(f)

5,000‌

3,911‌

Southern

California

Public

Power

Authority

5.00

%,

11

/01/2028

2,200‌

2,770‌

5.25

%,

07

/01/2028

1,000‌

1,063‌

State

of

California

5.00

%,

08

/01/2028

2,000‌

2,640‌

West

Contra

Costa

Unified

School

District

5.25

%,

08

/01/2033

1,000‌

1,149‌

$

46,039‌

Colorado

-

3.60%

Colorado

Health

Facilities

Authority

4.00

%,

11

/01/2039

8,275‌

9,448‌

Denver

Convention

Center

Hotel

Authority

5.00

%,

12

/01/2036

1,000‌

1,165‌

Dominion

Water

&

Sanitation

District

5.25

%,

12

/01/2027

1,500‌

1,599‌

Elbert

County

Independence

Water

&

Sanitation

District

7.25

%,

12

/01/2038

1,000‌

1,093‌

Painted

Prairie

Public

Improvement

Authority

5.00

%,

12

/01/2049

1,000‌

1,035‌

Regional

Transportation

District

6.00

%,

01

/15/2041

450‌

458‌

6.50

%,

01

/15/2030

500‌

510‌

STC

Metropolitan

District

No

2

5.00

%,

12

/01/2038

1,000‌

1,093‌

5.00

%,

12

/01/2049

1,000‌

1,087‌

Velocity

Metropolitan

District

No

3

5.13

%,

12

/01/2034

2,235‌

2,395‌

5.50

%,

12

/01/2048

2,500‌

2,682‌

$

22,565‌

Connecticut

-

1.07%

Mohegan

Tribal

Finance

Authority

7.00

%,

02

/01/2045

(b)

5,500‌

5,648‌

State

of

Connecticut

(

credit

support

from

ACA

Financial

Guaranty

Corp

)

6.60

%,

07

/01/2024

(a)

1,040‌

1,044‌

$

6,692‌

District

of

Columbia

-

1.33%

District

of

Columbia

5.00

%,

03

/01/2029

2,000‌

2,669‌

5.00

%,

10

/15/2044

3,500‌

4,422‌

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

5.00

%,

10

/01/2047

1,000‌

1,242‌

$

8,333‌

Florida

-

3.97%

Canaveral

Port

Authority

5.00

%,

06

/01/2048

2,000‌

2,428‌

Schedule

of

Investments

Tax-Exempt

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

254

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Florida

(continued)

City

of

Lakeland

FL

Department

of

Electric

Utilities

5.25

%,

10

/01/2036

$

1,000‌

$

1,435‌

Collier

County

Health

Facilities

Authority

5.00

%,

05

/01/2043

3,500‌

4,212‌

Escambia

County

Health

Facilities

Authority

(

credit

support

from

AMBAC

Assurance

Corp

)

5.95

%,

07

/01/2020

(a)

10‌

10‌

Florida

Development

Finance

Corp

6.25

%,

01

/01/2049

(b),(c)

500‌

505‌

6.38

%,

01

/01/2049

(b),(c)

3,000‌

3,027‌

Greater

Orlando

Aviation

Authority

5.00

%,

10

/01/2047

(d)

7,001‌

8,368‌

Martin

County

Health

Facilities

Authority

4.00

%,

01

/01/2046

3,000‌

3,394‌

Village

Community

Development

District

No

13

2.63

%,

05

/01/2024

(b)

500‌

506‌

3.00

%,

05

/01/2029

(b)

1,000‌

1,028‌

$

24,913‌

Georgia

-

0.59%

Atlanta

Development

Authority

The

7.00

%,

01

/01/2040

2,000‌

2,168‌

Development

Authority

of

Burke

County/The

1.28

%,

07

/01/2049

(c)

1,500‌

1,500‌

$

3,668‌

Idaho

-

1.14%

Idaho

Health

Facilities

Authority

1.15

%,

03

/01/2048

(c)

5,000‌

5,000‌

6.65

%,

02

/15/2021

(c)

2,000‌

2,118‌

$

7,118‌

Illinois

-

12.37%

Chicago

O'Hare

International

Airport

5.25

%,

01

/01/2036

2,000‌

2,467‌

5.25

%,

01

/01/2037

4,000‌

4,924‌

Chicago

Transit

Authority

5.00

%,

12

/01/2046

6,480‌

7,648‌

City

of

Chicago

IL

5.25

%,

01

/01/2029

2,000‌

2,307‌

5.50

%,

01

/01/2035

1,500‌

1,878‌

5.50

%,

01

/01/2049

1,000‌

1,214‌

6.00

%,

01

/01/2038

2,965‌

3,661‌

7.13

%,

03

/15/2022

200‌

200‌

7.46

%,

02

/15/2026

632‌

483‌

City

of

Chicago

IL

Wastewater

Transmission

Revenue

5.00

%,

01

/01/2030

1,000‌

1,143‌

5.00

%,

01

/01/2032

1,000‌

1,136‌

5.00

%,

01

/01/2033

2,000‌

2,268‌

City

of

Chicago

IL

Waterworks

Revenue

5.00

%,

11

/01/2028

1,000‌

1,152‌

County

of

Cook

IL

Sales

Tax

Revenue

5.25

%,

11

/15/2036

1,520‌

1,863‌

Illinois

Finance

Authority

0.00

%,

12

/01/2042

(f)

1,400‌

658‌

1.15

%,

08

/15/2042

(c)

5,000‌

5,000‌

Illinois

Sports

Facilities

Authority/The

5.00

%,

06

/15/2028

900‌

1,100‌

5.00

%,

06

/15/2029

1,000‌

1,241‌

Illinois

Sports

Facilities

Authority/

The

(

credit

support

from

Build

America

Mutual

Assurance

Corp

)

5.00

%,

06

/15/2029

(a)

2,050‌

2,605‌

Illinois

State

Toll

Highway

Authority

5.00

%,

12

/01/2032

5,200‌

6,227‌

5.00

%,

01

/01/2040

(d)

2,000‌

2,372‌

Metropolitan

Pier

&

Exposition

Authority

5.00

%,

06

/15/2057

700‌

813‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Illinois

(continued)

Metropolitan

Pier

&

Exposition

Authority

(

credit

support

from

National

Public

Finance

Guarantee

Corp

)

5.50

%,

06

/15/2029

(a)

$

2,410‌

$

2,965‌

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

5.00

%,

12

/01/2028

5,000‌

6,182‌

Sales

Tax

Securitization

Corp

5.00

%,

01

/01/2048

3,000‌

3,578‌

Sales

Tax

Securitization

Corp

(

credit

support

from

Build

America

Mutual

Assurance

Corp

)

4.00

%,

01

/01/2040

(a)

1,750‌

2,012‌

5.00

%,

01

/01/2037

(a)

1,500‌

1,897‌

State

of

Illinois

5.00

%,

11

/01/2027

3,500‌

4,207‌

5.50

%,

07

/01/2027

3,410‌

3,803‌

United

City

of

Yorkville

IL

5.75

%,

03

/01/2028

400‌

400‌

Village

of

Gilberts

IL

Special

Service

Area

No

24

5.38

%,

03

/01/2034

149‌

149‌

$

77,553‌

Indiana

-

3.17%

Indiana

Finance

Authority

1.35

%,

05

/01/2034

(c)

15,000‌

15,001‌

7.00

%,

03

/01/2039

(b)

4,000‌

4,061‌

Town

of

Shoals

IN

7.25

%,

11

/01/2043

700‌

777‌

$

19,839‌

Kentucky

-

0.74%

Kentucky

Municipal

Power

Agency

5.00

%,

09

/01/2035

(e)

1,080‌

1,291‌

Kentucky

Public

Energy

Authority

4.00

%,

01

/01/2049

(c)

3,000‌

3,350‌

$

4,641‌

Louisiana

-

3.05%

Lafayette

Public

Trust

Financing

Authority

(

credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.25

%,

10

/01/2030

(a)

1,000‌

1,028‌

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

3.50

%,

11

/01/2032

3,000‌

3,251‌

4.40

%,

11

/01/2044

(b)

2,000‌

2,124‌

5.50

%,

11

/01/2039

(b)

3,180‌

3,458‌

Louisiana

Offshore

Terminal

Authority

1.65

%,

09

/01/2027

(c)

3,320‌

3,363‌

Louisiana

Public

Facilities

Authority

0.00

%,

07

/01/2039

(f)

417‌

—‌

0.00

%,

07

/01/2039

(f)

659‌

—‌

Parish

of

St

John

the

Baptist

LA

2.10

%,

06

/01/2037

(c)

4,000‌

4,103‌

2.20

%,

06

/01/2037

(c)

1,750‌

1,813‌

$

19,140‌

Maine

-

0.32%

Finance

Authority

of

Maine

4.38

%,

08

/01/2035

(b),(c)

1,800‌

1,984‌

Maryland

-

0.35%

County

of

Baltimore

MD

4.00

%,

01

/01/2045

1,000‌

1,125‌

Maryland

Economic

Development

Corp

5.75

%,

06

/01/2035

545‌

554‌

Maryland

Health

&

Higher

Educational

Facilities

Authority

6.00

%,

07

/01/2041

500‌

535‌

$

2,214‌

Schedule

of

Investments

Tax-Exempt

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

255

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Massachusetts

-

1.42%

Commonwealth

of

Massachusetts

5.00

%,

01

/01/2042

$

1,940‌

$

2,392‌

Massachusetts

Bay

Transportation

Authority

5.25

%,

07

/01/2028

2,000‌

2,663‌

Massachusetts

Educational

Financing

Authority

4.90

%,

07

/01/2028

1,245‌

1,306‌

Massachusetts

Port

Authority

5.00

%,

07

/01/2029

1,000‌

1,294‌

5.00

%,

07

/01/2035

1,000‌

1,264‌

$

8,919‌

Michigan

-

1.54%

Kalamazoo

Economic

Development

Corp

5.00

%,

05

/15/2032

2,000‌

2,294‌

5.00

%,

05

/15/2042

1,010‌

1,129‌

Kentwood

Economic

Development

Corp

5.00

%,

11

/15/2041

1,000‌

1,143‌

Michigan

Finance

Authority

4.00

%,

02

/15/2044

3,400‌

3,879‌

Wayne

County

Airport

Authority

5.00

%,

12

/01/2045

1,000‌

1,180‌

$

9,625‌

Mississippi

-

0.96%

Mississippi

Business

Finance

Corp

1.23

%,

12

/01/2049

(c)

5,000‌

5,000‌

2.20

%,

03

/01/2027

(c)

1,000‌

1,035‌

$

6,035‌

Missouri

-

0.98%

City

of

St

Louis

MO

Airport

Revenue

5.00

%,

07

/01/2034

1,285‌

1,653‌

5.00

%,

07

/01/2049

1,100‌

1,366‌

City

of

St

Louis

MO

Airport

Revenue

(

credit

support

from

National

Public

Finance

Guarantee

Corp

)

5.50

%,

07

/01/2028

(a)

1,500‌

1,999‌

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

5.00

%,

02

/01/2034

1,000‌

1,145‌

$

6,163‌

Montana

-

0.65%

Montana

Board

of

Housing

(

credit

support

from

Federal

Housing

Administration,

Guaranteed

by

the

Department

of

Veterans

Affairs

and

HUD

)

4.00

%,

06

/01/2045

(a)

1,775‌

1,955‌

Montana

Facility

Finance

Authority

4.13

%,

07

/01/2038

2,000‌

2,150‌

$

4,105‌

Nevada

-

2.39%

Las

Vegas

Convention

&

Visitors

Authority

5.00

%,

07

/01/2043

(d)

8,606‌

10,532‌

Las

Vegas

Redevelopment

Agency

5.00

%,

06

/15/2040

3,850‌

4,432‌

$

14,964‌

New

Hampshire

-

2.41%

New

Hampshire

Business

Finance

Authority

2.15

%,

07

/01/2027

(c)

6,750‌

6,961‌

4.00

%,

11

/01/2027

(b)

1,000‌

1,060‌

4.13

%,

01

/20/2034

5,000‌

5,993‌

4.88

%,

11

/01/2042

(b)

1,000‌

1,064‌

$

15,078‌

New

Jersey

-

4.78%

Casino

Reinvestment

Development

Authority

Inc

5.25

%,

11

/01/2039

750‌

821‌

New

Jersey

Economic

Development

Authority

4.00

%,

07

/01/2032

805‌

892‌

5.75

%,

04

/01/2031

1,005‌

1,157‌

5.75

%,

06

/01/2031

550‌

559‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority

5.25

%,

06

/15/2032

$

2,000‌

$

2,321‌

5.25

%,

06

/15/2034

2,250‌

2,601‌

South

Jersey

Port

Corp

5.00

%,

01

/01/2042

5,000‌

5,865‌

5.00

%,

01

/01/2048

3,000‌

3,492‌

South

Jersey

Transportation

Authority

(

credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00

%,

11

/01/2029

(a)

1,000‌

1,303‌

Tobacco

Settlement

Financing

Corp

4.00

%,

06

/01/2037

4,700‌

5,134‌

5.00

%,

06

/01/2046

5,000‌

5,820‌

$

29,965‌

New

York

-

7.59%

Hudson

Yards

Infrastructure

Corp

5.75

%,

02

/15/2047

1,585‌

1,665‌

5.75

%,

02

/15/2047

915‌

958‌

New

York

City

Industrial

Development

Agency

(

credit

support

from

Assured

Guaranty

Municipal

Corp

)

6.13

%,

01

/01/2029

(a)

925‌

929‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

5.25

%,

08

/01/2037

3,000‌

3,860‌

New

York

City

Water

&

Sewer

System

4.00

%,

06

/15/2037

3,800‌

4,531‌

New

York

Counties

Tobacco

Trust

VI

5.00

%,

06

/01/2031

215‌

243‌

5.00

%,

06

/01/2036

740‌

824‌

5.00

%,

06

/01/2041

400‌

440‌

New

York

Liberty

Development

Corp

5.00

%,

11

/15/2031

1,000‌

1,071‌

5.00

%,

09

/15/2040

1,000‌

1,080‌

5.00

%,

12

/15/2041

1,000‌

1,072‌

New

York

State

Dormitory

Authority

5.00

%,

07

/01/2033

1,200‌

1,522‌

New

York

State

Dormitory

Authority

(

credit

support

from

Assured

Guaranty

Municipal

Corp

-

State

Aid

Withholding

)

5.00

%,

10

/01/2023

(a)

140‌

140‌

New

York

Transportation

Development

Corp

5.00

%,

08

/01/2021

3,500‌

3,678‌

5.00

%,

01

/01/2030

2,000‌

2,466‌

5.00

%,

01

/01/2031

7,200‌

8,855‌

5.00

%,

01

/01/2036

3,200‌

3,889‌

5.25

%,

01

/01/2050

3,125‌

3,569‌

Onondaga

County

Trust

for

Cultural

Resources

4.00

%,

12

/01/2049

3,400‌

3,987‌

Tompkins

County

Development

Corp

5.00

%,

07

/01/2027

115‌

75‌

Westchester

County

Local

Development

Corp

5.00

%,

11

/01/2046

2,400‌

2,727‌

$

47,581‌

North

Carolina

-

3.35%

City

of

Charlotte

NC

5.00

%,

06

/01/2029

5,790‌

7,776‌

City

of

Raleigh

NC

Combined

Enterprise

System

Revenue

5.00

%,

03

/01/2031

1,000‌

1,044‌

North

Carolina

Medical

Care

Commission

5.00

%,

10

/01/2047

1,000‌

1,119‌

North

Carolina

Turnpike

Authority

5.00

%,

01

/01/2040

4,100‌

5,040‌

Raleigh

Durham

Airport

Authority

5.00

%,

05

/01/2030

(e)

1,325‌

1,751‌

5.00

%,

05

/01/2035

(e)

1,000‌

1,297‌

5.00

%,

05

/01/2036

(e)

1,000‌

1,293‌

Schedule

of

Investments

Tax-Exempt

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

256

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

North

Carolina

(continued)

University

of

North

Carolina

at

Chapel

Hill

5.00

%,

02

/01/2032

$

1,310‌

$

1,669‌

$

20,989‌

Ohio

-

3.30%

American

Municipal

Power

Inc

5.25

%,

02

/15/2033

2,575‌

2,800‌

Buckeye

Tobacco

Settlement

Financing

Authority

5.75

%,

06

/01/2034

3,000‌

3,014‌

5.88

%,

06

/01/2030

2,000‌

2,010‌

6.00

%,

06

/01/2042

2,000‌

2,012‌

City

of

Cincinnati

OH

5.00

%,

12

/01/2032

815‌

893‌

County

of

Hamilton

OH

5.00

%,

01

/01/2036

1,435‌

1,630‌

5.00

%,

01

/01/2046

2,500‌

2,800‌

Franklin

County

Convention

Facilities

Authority

5.00

%,

12

/01/2051

1,000‌

1,188‌

Ohio

Air

Quality

Development

Authority

4.25

%,

01

/15/2038

(b)

1,000‌

1,122‌

4.50

%,

01

/15/2048

(b)

850‌

949‌

5.00

%,

07

/01/2049

(b)

2,000‌

2,259‌

$

20,677‌

Oklahoma

-

0.21%

Oklahoma

Development

Finance

Authority

5.25

%,

08

/15/2043

1,085‌

1,316‌

Oregon

-

2.03%

City

of

Portland

OR

Sewer

System

Revenue

5.00

%,

03

/01/2028

5,000‌

6,498‌

Oregon

State

Business

Development

Commission

6.50

%,

04

/01/2031

(b)

1,000‌

810‌

State

of

Oregon

Housing

&

Community

Services

Department

3.55

%,

07

/01/2033

5,000‌

5,433‌

$

12,741‌

Pennsylvania

-

4.94%

Allegheny

County

Industrial

Development

Authority

4.88

%,

11

/01/2024

1,000‌

1,058‌

5.13

%,

05

/01/2030

1,030‌

1,127‌

City

of

Philadelphia

PA

5.00

%,

02

/01/2038

1,000‌

1,258‌

5.00

%,

02

/01/2039

1,000‌

1,252‌

Commonwealth

Financing

Authority

5.00

%,

06

/01/2032

3,000‌

3,738‌

5.00

%,

06

/01/2033

2,000‌

2,485‌

Luzerne

County

Industrial

Development

Authority

2.45

%,

12

/01/2039

(c)

2,000‌

2,085‌

Pennsylvania

Economic

Development

Financing

Authority

2.15

%,

11

/01/2021

(c)

2,250‌

2,282‌

3.25

%,

08

/01/2039

(b)

1,200‌

1,210‌

5.75

%,

06

/01/2036

(b)

1,750‌

1,889‌

Pennsylvania

Turnpike

Commission

5.00

%,

12

/01/2029

2,000‌

2,602‌

5.00

%,

12

/01/2036

1,725‌

2,112‌

5.25

%,

12

/01/2044

5,000‌

6,332‌

5.75

%,

12

/01/2028

175‌

182‌

5.75

%,

12

/01/2028

245‌

255‌

6.00

%,

12

/01/2034

65‌

68‌

6.00

%,

12

/01/2034

80‌

83‌

6.00

%,

12

/01/2034

355‌

370‌

Pittsburgh

Water

&

Sewer

Authority

(

credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00

%,

09

/01/2033

(a)

400‌

564‌

$

30,952‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

South

Carolina

-

0.27%

South

Carolina

Jobs-Economic

Development

Authority

5.25

%,

11

/15/2047

$

1,500‌

$

1,662‌

South

Dakota

-

0.24%

Oglala

Sioux

Tribe

5.75

%,

10

/01/2025

(b)

1,500‌

1,501‌

Tennessee

-

2.21%

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

5.00

%,

07

/01/2040

5,010‌

5,941‌

Metropolitan

Nashville

Airport

Authority/The

4.00

%,

07

/01/2049

1,000‌

1,138‌

5.00

%,

07

/01/2044

2,000‌

2,514‌

5.00

%,

07

/01/2054

2,500‌

3,101‌

Tennergy

Corp/TN

5.00

%,

02

/01/2050

(c)

1,000‌

1,163‌

$

13,857‌

Texas

-

8.90%

Capital

Area

Cultural

Education

Facilities

Finance

Corp

6.13

%,

04

/01/2045

(c)

1,000‌

1,008‌

Central

Texas

Regional

Mobility

Authority

5.00

%,

01

/01/2048

2,740‌

3,306‌

Central

Texas

Turnpike

System

5.00

%,

08

/15/2031

1,285‌

1,485‌

City

of

Houston

TX

Airport

System

Revenue

5.00

%,

07

/15/2020

5,560‌

5,648‌

5.00

%,

07

/01/2029

2,000‌

2,249‌

Harris

County-Houston

Sports

Authority

5.00

%,

11

/15/2030

3,000‌

3,470‌

Metropolitan

Transit

Authority

of

Harris

County

5.00

%,

11

/01/2033

2,435‌

2,996‌

North

Fort

Bend

Water

Authority

4.00

%,

12

/15/2039

3,250‌

3,808‌

North

Texas

Tollway

Authority

5.00

%,

01

/01/2045

1,000‌

1,148‌

Port

Beaumont

Navigation

District

3.63

%,

01

/01/2035

(b),(e)

2,650‌

2,722‌

4.00

%,

01

/01/2050

(b),(e)

500‌

514‌

7.25

%,

02

/01/2036

(b),(c)

4,500‌

4,505‌

Sea

Breeze

Public

Facility

Corp

6.50

%,

01

/01/2046

100‌

102‌

Tarrant

County

Cultural

Education

Facilities

Finance

Corp

5.00

%,

11

/15/2037

2,060‌

2,393‌

6.00

%,

11

/15/2027

2,250‌

2,618‌

Texas

Municipal

Gas

Acquisition

&

Supply

Corp

I

6.25

%,

12

/15/2026

6,180‌

7,342‌

Texas

Private

Activity

Bond

Surface

Transportation

Corp

5.00

%,

12

/31/2030

4,000‌

5,190‌

7.00

%,

12

/31/2038

1,000‌

1,174‌

Texas

Transportation

Commission

5.00

%,

08

/01/2057

2,000‌

2,371‌

West

Harris

County

Regional

Water

Authority

4.00

%,

12

/15/2049

1,500‌

1,712‌

$

55,761‌

Utah

-

2.15%

County

of

Utah

UT

1.18

%,

05

/15/2058

(c)

4,000‌

4,000‌

Utah

Infrastructure

Agency

5.00

%,

10

/15/2028

1,000‌

1,213‌

5.00

%,

10

/15/2034

4,385‌

5,120‌

5.00

%,

10

/15/2037

1,500‌

1,728‌

5.38

%,

10

/15/2040

1,200‌

1,408‌

$

13,469‌

Schedule

of

Investments

Tax-Exempt

Bond

Fund

January

31,

2020

(unaudited)

See

accompanying

notes.

257

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Virginia

-

3.62%

County

of

Botetourt

VA

6.00

%,

07

/01/2034

$

1,000‌

$

1,125‌

6.00

%,

07

/01/2044

1,000‌

1,110‌

Fairfax

County

Redevelopment

&

Housing

Authority

5.00

%,

10

/01/2038

1,500‌

1,890‌

5.00

%,

10

/01/2039

1,500‌

1,885‌

Hampton

Roads

Transportation

Accountability

Commission

5.00

%,

07

/01/2022

4,000‌

4,389‌

King

George

County

Economic

Development

Authority

2.50

%,

06

/01/2023

(c)

1,600‌

1,659‌

Roanoke

Economic

Development

Authority

6.63

%,

12

/01/2044

1,295‌

1,412‌

Virginia

College

Building

Authority

5.00

%,

02

/01/2029

5,000‌

6,610‌

Virginia

Small

Business

Financing

Authority

3.00

%,

11

/01/2040

(e)

2,500‌

2,639‌

$

22,719‌

Washington

-

1.25%

Port

of

Seattle

Industrial

Development

Corp

5.00

%,

04

/01/2030

1,000‌

1,096‌

Port

of

Seattle

WA

5.00

%,

04

/01/2029

5,250‌

6,764‌

$

7,860‌

Wisconsin

-

2.10%

City

of

Superior

WI

5.38

%,

11

/01/2021

750‌

752‌

Public

Finance

Authority

5.00

%,

12

/01/2025

3,000‌

3,462‌

5.00

%,

10

/01/2048

(b)

1,500‌

1,670‌

5.25

%,

04

/01/2030

1,400‌

1,549‌

State

of

Wisconsin

4.00

%,

05

/01/2040

(e)

4,820‌

5,742‌

$

13,175‌

TOTAL

MUNICIPAL

BONDS

$

641,236‌

Total

Investments

$

657,745‌

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(

2.36)%

Notes

with

an

interest

rate

of

0.92%

-

1.04%

at

January

31,

2020

and

contractual

maturity

of

collateral

from

2023-

2026.

(

g)

$

(14,823‌)

(14,823‌)

Total

Net

Investments

$

642,922‌

Other

Assets

and

Liabilities

-  (

2.57)%

(16,104‌)

TOTAL

NET

ASSETS

-

100.00%

$

626,818‌

(a)

Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(b)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$53,101

or

8.47%

of

net

assets.

(c)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(d)

Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

Fund.  See

Notes

to

Financial

Statements

for

additional

information.

(e)

Security

purchased

on

a

when-issued

basis.

(f)

Non-income

producing

security

(g)

Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

January

31,

2020.

Portfolio

Summary  (

unaudited)

Sector

Percent

Revenue

Bonds

84.96‌%

General

Obligation

Unlimited

8.78‌%

Insured

3.43‌%

Investment

Companies

2.63‌%

Prerefunded

2.04‌%

General

Obligation

Limited

1.53‌%

Tax

Allocation

0.71‌%

Special

Assessment

0.42‌%

Special

Tax

0.32‌%

Certificate

Participation

0.11‌%

Liability

For

Floating

Rate

Notes

Issued

(

2.36‌)%

Other

Assets

and

Liabilities

(

2.57‌)%

TOTAL

NET

ASSETS

100.00%

Glossary

to

the

Schedule

of

Investments

January

31,

2020

(unaudited)

See

accompanying

notes.

258

Currency

Abbreviations

ARS

Argentine

Peso

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CNY

Chinese

Renminbi

COP

Colombian

Peso

EUR

Euro

GBP

British

Pound

Sterling

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NZD

New

Zealand

Dollar

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

RON

Romanian

New

Leu

RUB

Russian

Ruble

THB

Thai

Baht

UAH

Ukrainian

Hryvnia

USD/$

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

January

31,

2020

(unaudited)

259

Security

Valuation.

Principal

LifeTime

2010

Fund,

Principal

LifeTime

2015

Fund,

Principal

LifeTime

2020

Fund,

Principal

LifeTime

2025

Fund,

Principal

LifeTime

2030

Fund,

Principal

LifeTime

2035

Fund,

Principal

LifeTime

2040

Fund,

Principal

LifeTime

2045

Fund,

Principal

LifeTime

2050

Fund,

Principal

LifeTime

2055

Fund,

Principal

LifeTime

2060

Fund,

Principal

LifeTime

2065

Fund,

and

Principal

LifeTime

Strategic

Income

Fund

(collectively,

the

“Principal

LifeTime

Funds”),

Principal

LifeTime

Hybrid

2015

Fund,

Principal

LifeTime

Hybrid

2020

Fund,

Principal

LifeTime

Hybrid

2025

Fund,

Principal

LifeTime

Hybrid

2030

Fund,

Principal

LifeTime

Hybrid

2035

Fund,

Principal

LifeTime

Hybrid

2040

Fund,

Principal

LifeTime

Hybrid

2045

Fund,

Principal

LifeTime

Hybrid

2050

Fund,

Principal

LifeTime

Hybrid

2055

Fund,

Principal

LifeTime

Hybrid

2060

Fund,

Principal

LifeTime

Hybrid

2065

Fund,

and

Principal

LifeTime

Hybrid

Income

Fund

(collectively,

the

“Principal

LifeTime

Hybrid

Funds”),

along

with

the

SAM

Balanced,

SAM

Conservative

Balanced

Portfolio,

SAM

Conservative

Growth

Portfolio,

SAM

Flexible

Income

Portfolio,

and

SAM

Strategic

Growth

Portfolio

(collectively,

the

“SAM

Portfolios”)

invest

in

R-6

and

Institutional

shares

of

other

series

of

Principal

Funds,

Inc.

which

are

valued

at

the

closing

net

asset

value

per

share

of

each

respective

fund

on

the

day

of

valuation.

In

addition,

the

SAM

Portfolios

invest

in

Principal

Exchange-Traded

Funds,

which

are

valued

at

fair

value.

The

SAM

Portfolios

also

invest

in

other

publicly

traded

investment

funds.

Other

publicly

traded

investment

funds

are

valued

at

the

respective

fund’s

net

asset

value.

The

shares

of

the

other

series

of

Principal

Funds,

Inc.,

Principal

Exchange-Traded

Funds

and

other

publicly

traded

investment

funds

are

referred

to

as

the

“Underlying

Funds”.

California

Municipal

Fund,

Core

Fixed

Income

Fund,

Core

Plus

Bond

Fund,

Diversified

International

Fund,

Equity

Income

Fund,

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund,

Global

Diversified

Income

Fund,

Global

Real

Estate

Securities

Fund,

Government

&

High

Quality

Bond

Fund,

High

Income

Fund,

High

Yield

Fund,

Inflation

Protection

Fund,

International

Emerging

Markets

Fund,

International

Fund

I,

LargeCap

Growth

Fund

I,

LargeCap

S&P

500

Index

Fund,

LargeCap

Value

Fund

III,

MidCap

Fund,

MidCap

Growth

Fund,

MidCap

Growth

Fund

III,

MidCap

S&P

400

Index

Fund,

MidCap

Value

Fund

I,

Overseas

Fund,

Principal

Capital

Appreciation

Fund,

Real

Estate

Securities

Fund,

Short-Term

Income

Fund,

SmallCap

Fund,

SmallCap

Growth

Fund

I,

SmallCap

S&P

600

Index

Fund,

SmallCap

Value

Fund

II

and

Tax-Exempt

Bond

Fund

(known

as

the

"Funds")

(with

the

exception

of

Principal

Lifetime

Funds,

Principal

Lifetime

Hybrid

Funds,

and

the

SAM

Portfolios)

value

securities

for

which

market

quotations

are

readily

available

at

fair

value,

which

is

determined

using

the

last

reported

sale

price.

If

no

sales

are

reported,

as

is

regularly

the

case

for

some

securities

traded

over-the-counter,

securities

are

valued

using

the

last

reported

bid

price

or

an

evaluated

bid

price

provided

by

a

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors,

and

other

market

conditions

to

determine

an

evaluated

bid

price

or,

in

the

case

of

certain

credit

default

swaps,

a

mean

price

provided

by

a

pricing

service.

When

reliable

market

quotations

are

not

considered

to

be

readily

available,

which

may

be

the

case,

for

example,

with

respect

to

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

at

their

fair

value

as

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Directors.

The

value

of

foreign

securities

used

in

computing

the

net

asset

value

per

share

is

generally

determined

as

of

the

close

of

the

foreign

exchange

where

the

security

is

principally

traded.

Events

that

occur

after

the

close

of

the

applicable

foreign

market

or

exchange

but

prior

to

the

calculation

of

the

Funds’

net

asset

values

are

reflected

in

the

Funds’

net

asset

values

and

these

securities

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Directors.

Many

factors,

provided

by

independent

pricing

services,

are

reviewed

in

the

course

of

making

a

good

faith

determination

of

a

security’s

fair

value,

including,

but

not

limited

to,

price

movements

in

ADRs,

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

To

the

extent

the

Funds

invest

in

foreign

securities

listed

on

foreign

exchanges

which

trade

on

days

on

which

the

Funds

do

not

determine

net

asset

values,

for

example

weekends

and

other

customary

national

U.S.

holidays,

the

Funds’

net

asset

values

could

be

significantly

affected

on

days

when

shareholders

cannot

purchase

or

redeem

shares.

Certain

securities

issued

by

companies

in

emerging

market

countries

may

have

more

than

one

quoted

valuation

at

any

given

point

in

time,

sometimes

referred

to

as

a

“local”

price

and

a

“premium”

price.

The

premium

price

is

often

a

negotiated

price,

which

may

not

consistently

represent

a

price

at

which

a

specific

transaction

can

be

effected.

It

is

the

policy

of

the

Funds

to

value

such

securities

at

prices

at

which

it

is

expected

those

shares

may

be

sold,

and

the

Manager

or

any

sub-advisor

is

authorized

to

make

such

determinations

subject

to

such

oversight

by

the

Fund’s

Board

of

Directors

as

may

occasionally

be

necessary.

Fair

value

is

defined

as

the

price

that

the

Funds

would

receive

upon

selling

a

security

in

a

timely

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

of

the

security

at

the

measurement

date.

In

determining

fair

value,

the

Funds

may

use

one

or

more

of

the

following

approaches:

market,

income

and/or

cost.

A

hierarchy

for

inputs

is

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

be

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

Funds.

Unobservable

inputs

are

inputs

that

reflect

the

Fund’s

own

estimates

January

31,

2020

(unaudited)

260

about

the

estimates

market

participants

would

use

in

pricing

the

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances.

The

three-tier

hierarchy

of

inputs

is

summarized

in

the

three

broad

levels

listed

below.

Level

1

–

Quoted

prices

are

available

in

active

markets

for

identical

securities

as

of

the

reporting

date.

The

type

of

securities

included

in

Level

1

includes

listed

equities

and

listed

derivatives.

Level

2

–

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

foreign

equities,

corporate

bonds,

senior

floating

rate

interests,

municipal

bonds,

and

US

Government

and

Government

Agency

Obligations.

Level

3

–

Significant

unobservable

inputs

(including

the

Funds’

assumptions

in

determining

the

fair

value

of

investments).

Investments

which

may

be

included

in

this

category

include

certain

common

stocks,

corporate

bonds,

mortgage

backed

securities

or

senior

floating

rate

interests.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

market

place,

and

other

characteristics

particular

to

the

transaction.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

by

the

Funds

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Fair

value

is

a

market

based

measure

considered

from

the

perspective

of

a

market

participant

who

holds

the

asset

rather

than

an

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Fund’s

own

assumptions

are

set

to

reflect

those

that

market

participants

would

use

in

pricing

the

asset

or

liability

at

the

measurement

date.

The

Funds

use

prices

and

inputs

that

are

current

as

of

the

measurement

date,

when

available.

Investments

which

are

included

in

the

Level

3

category

may

be

valued

using

indicative

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

3

investments

due

to

the

lack

of

market

transparency

and

market

corroboration

to

support

these

quoted

prices.

Valuation

models

may

be

used

as

the

pricing

source

for

other

investments

classified

as

Level

3.

Valuation

models

rely

on

one

or

more

significant

unobservable

inputs

such

as

prepayment

rates,

probability

of

default,

or

loss

severity

in

the

event

of

default.

Significant

increases

in

any

of

those

inputs

in

isolation

would

result

in

a

significantly

lower

fair

value

measurement.

Benchmark

pricing

procedures

set

the

base

price

of

a

security

based

on

current

market

data.

The

base

price

may

be

a

broker-

dealer

quote,

transaction

price,

or

internal

value

based

on

relevant

market

data.

The

fair

values

of

these

securities

are

dependent

on

economic,

political

and

other

considerations.

The

values

of

such

securities

may

be

affected

by

significant

changes

in

the

economic

conditions,

changes

in

government

policies,

and

other

factors

(e.g.,

natural

disasters,

accidents,

conflicts,

etc.).

Fair

value

of

these

investments

is

determined

in

good

faith

by

the

Manager

under

procedures

established

and

periodically

reviewed

by

the

Fund’s

Board

of

Directors.

The

Manager

has

established

a

valuation

committee

(“Valuation

Committee”)

of

senior

officers

and

employees,

with

the

responsibility

of

overseeing

the

pricing

and

valuation

of

all

securities,

including

securities

where

market

quotations

are

not

readily

available.

The

Valuation

Committee

meets

at

least

monthly

and

reports

directly

to

the

Board

of

Directors.

A

pricing

group

(the

“Pricing

Group”)

who

reports

to

the

Valuation

Committee

relies

on

the

established

pricing

policies

to

determine

fair

valuation.

Included

in

the

pricing

policies

is

an

overview

of

the

approved

valuation

approaches

established

for

each

asset

class.

The

Pricing

Group

will

consider

all

appropriate

information

available

when

determining

fair

valuation.

The

Pricing

Group

relies

on

externally

provided

valuation

inputs

to

determine

the

value

of

Level

3

securities.

Security

values

are

updated

as

new

information

becomes

available.

Valuation

data

and

changes

in

valuation

amounts

are

reviewed

on

a

daily

basis

based

on

specified

criteria

for

the

security,

asset

class,

and

other

factors.

In

addition,

valuation

data

is

periodically

compared

to

actual

transactions

executed

by

the

Funds

(i.e.,

purchases/sales)

and

differences

between

transaction

prices

and

prior

period

valuation

data

are

investigated

based

on

specified

tolerances.

January

31,

2020

(unaudited)

261

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

instruments.

The

following

is

a

summary

of

the

inputs

used

as

of

January

31,

2020

in

valuing

the

Funds'

securities

carried

at

value

(amounts

shown

in

thousands):

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

California

Municipal

Fund

Investment

Companies

$

9,940

$

—

$

—

$

9,940

Municipal

Bonds*

—

660,765

—

660,765

Total

investments

in

securities

$

9,940

$

660,765

$

—

$

670,705

Core

Fixed

Income

Fund

Bonds*

—

4,931,917

—

4,931,917

Common

Stocks

Financial

—

—

1

1

Industrial

—

—

25,167

25,167

Investment

Companies

325,896

—

—

325,896

Senior

Floating

Rate

Interests*

—

20,662

—

20,662

U.S.

Government

&

Government

Agency

Obligations*

—

3,151,671

—

3,151,671

Total

investments

in

securities

$

325,896

$

8,104,250

$

25,168

$

8,455,314

Core

Plus

Bond

Fund

Bonds*

—

313,043

—

313,043

Common

Stocks

Consumer,

Cyclical

—

—

128

128

Energy

75

—

—

75

Investment

Companies

26,990

—

—

26,990

Preferred

Stocks

Government

—

3,815

—

3,815

Senior

Floating

Rate

Interests*

—

6,511

—

6,511

U.S.

Government

&

Government

Agency

Obligations*

—

237,07

7

—

237,0

77

Total

investments

in

securities

$

27,065

$

560,44

6

$

128

$

587,6

39

Assets

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps**

—

4

—

4

Interest

Rate

Contracts

Futures**

367

—

—

367

Liabilities

Interest

Rate

Contracts

Futures**

(230)

—

—

(230)

Diversified

International

Fund

Common

Stocks

Basic

Materials

182,197

303,262

—

485,459

Communications

331,883

576,644

—

908,527

Consumer,

Cyclical

251,480

1,792,928

—

2,044,408

Consumer,

Non-cyclical

87,067

1,976,530

—

2,063,597

Energy

339,833

490,880

—

830,713

Financial

792,681

2,263,792

—

3,056,473

Industrial

191,900

929,484

—

1,121,384

Technology

141,565

1,169,676

—

1,311,241

Utilities

—

269,891

—

269,891

Investment

Companies

321,043

—

—

321,043

Preferred

Stocks

44,647

—

—

44,647

Total

investments

in

securities

$

2,684,296

$

9,773,087

$

—

$

12,457,383

Equity

Income

Fund

Common

Stocks*

8,066,255

—

—

8,066,255

Investment

Companies

287,938

—

—

287,938

Total

investments

in

securities

$

8,354,193

$

—

$

—

$

8,354,193

January

31,

2020

(unaudited)

262

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Finisterre

Unconstrained

Emerging

Markets

Bond

Fund

Bonds*

$

—

$

223,574

$

—

$

223,574

Convertible

Bonds*

—

1,964

—

1,964

U.S.

Government

&

Government

Agency

Obligations*

—

13,566

—

13,566

Total

investments

in

securities

$

—

$

239,104

$

—

$

239,104

Assets

Credit

Contracts

Credit

Default

Swaps

—

329

—

329

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

662

—

662

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

91

—

91

Interest

Rate

Swaps

—

175

—

175

Total

Return

Swaps

—

372

—

372

Liabilities

Credit

Contracts

Credit

Default

Swaps

—

(3

68

)

—

(3

68

)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(288)

—

(288)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

(205)

—

(205)

Interest

Rate

Swaps

—

(202)

—

(202)

Total

Return

Swaps

—

(

4

)

—

(

4

)

Global

Diversified

Income

Fund

***

Bonds*

—

5,522,034

103,175

5,625,209

Common

Stocks

Basic

Materials

22,984

46,035

26,577

95,596

Communications

108,831

15,729

—

124,560

Consumer,

Cyclical

44,491

63,390

4

107,885

Consumer,

Non-cyclical

16,086

47,179

9,738

73,003

Diversified

—

3,683

—

3,683

Energy

72,979

25,488

191

98,658

Financial

270,230

171,846

—

442,076

Industrial

28,451

52,047

—

80,498

Technology

19,514

11,627

—

31,141

Utilities

280,477

9,924

—

290,401

Convertible

Bonds*

—

6,075

—

6,075

Convertible

Preferred

Stocks

Financial

2,597

—

—

2,597

Investment

Companies

256,823

—

—

256,823

Preferred

Stocks

Communications

1,735

2,131

—

3,866

Consumer,

Non-cyclical

—

1,919

—

1,919

Financial

38,843

4,879

—

43,722

Government

—

11,660

—

11,660

Utilities

20,931

—

—

20,931

Senior

Floating

Rate

Interests*

—

455,692

35,263

490,955

U.S.

Government

&

Government

Agency

Obligations*

—

10,678

—

10,678

Total

investments

in

securities

$

1,184,972

$

6,462,016

$

174,948

$

7,821,936

Assets

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

2,696

—

2,696

Interest

Rate

Contracts

Total

Return

Swaps

—

1,679

—

1,679

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(849)

—

(849)

**

*

Investments

valued

at

$4,400

were

transferred

from

Level

3

to

Level

2

due

to

the

initiation

of

a

vendor

providing

prices

that

are

based

on

market

activity

which

has

been

determined

to

be

significant

observable

inputs.

Global

Real

Estate

Securities

Fund

Common

Stocks

Consumer,

Cyclical

17,243

49,746

—

66,989

Financial

1,860,148

1,402,444

—

3,262,592

Industrial

—

12,063

—

12,063

January

31,

2020

(unaudited)

263

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Global

Real

Estate

Securities

Fund

Technology

$

55,614

$

—

$

—

$

55,614

Investment

Companies

53,335

—

—

53,335

Total

investments

in

securities

$

1,986,340

$

1,464,253

$

—

$

3,450,593

Government

&

High

Quality

Bond

Fund

Bonds*

—

458,127

—

458,127

Investment

Companies

73,896

—

—

73,896

U.S.

Government

&

Government

Agency

Obligations*

—

1,179,381

—

1,179,381

Total

investments

in

securities

$

73,896

$

1,637,508

$

—

$

1,711,404

Liabilities

Interest

Rate

Contracts

Futures**

(1,631)

—

—

(1,631)

High

Income

Fund

Bonds*

—

2,606,053

17,408

2,623,461

Common

Stocks

Communications

—

—

—

—

Consumer,

Cyclical

3

—

—

3

Consumer,

Non-cyclical

—

—

2,565

2,565

Technology

—

—

—

—

Utilities

—

—

—

—

Investment

Companies

113,836

—

—

113,836

Preferred

Stocks

—

—

—

—

Senior

Floating

Rate

Interests*

—

416,689

—

416,689

Total

investments

in

securities

$

113,839

$

3,022,742

$

19,973

$

3,156,554

Assets

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps**

—

687

—

687

High

Yield

Fund

Bonds*

—

2,555,307

—

2,555,307

Common

Stocks

Consumer,

Cyclical

—

—

2,220

2,220

Energy

1,016

—

—

1,016

Convertible

Bonds*

—

—

—

—

Investment

Companies

131,470

—

—

131,470

Senior

Floating

Rate

Interests*

—

278,515

—

278,515

U.S.

Government

&

Government

Agency

Obligations*

—

51,041

—

51,041

Total

investments

in

securities

$

132,486

$

2,884,863

$

2,220

$

3,019,569

Liabilities

Credit

Contracts

Exchange

Cleared

Credit

Default

Swaps**

—

(13)

—

(13)

Inflation

Protection

Fund

Bonds*

—

106,055

—

106,055

Investment

Companies

44,558

—

—

44,558

U.S.

Government

&

Government

Agency

Obligations*

—

1,627,771

—

1,627,771

Purchased

Options

770

91

—

861

Purchased

Interest

Rate

Swaptions

—

6,081

—

6,081

Purchased

Capped

Options

—

86

—

86

Total

investments

in

securities

$

45,328

$

1,740,084

$

—

$

1,785,412

Assets

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

936

—

936

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

14,132

—

14,132

Futures**

2,861

—

—

2,861

Liabilities

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(1,845)

—

(1,845)

Written

Options

—

(91)

—

(91)

Interest

Rate

Contracts

Capped

Options

—

(27)

—

(27)

Exchange

Cleared

Interest

Rate

Swaps**

—

(10,737)

—

(10,737)

Futures**

(5,960)

—

—

(5,960)

Interest

Rate

Swaptions

—

(13,751)

—

(13,751)

January

31,

2020

(unaudited)

264

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Inflation

Protection

Fund

Written

Options

$

(650)

$

—

$

—

$

(650)

International

Emerging

Markets

Fund

Common

Stocks

Basic

Materials

3,967

7,680

—

11,647

Communications

34,173

28,915

—

63,088

Consumer,

Cyclical

7,509

15,545

—

23,054

Consumer,

Non-cyclical

3,844

18,232

—

22,076

Energy

4,112

23,467

—

27,579

Financial

13,869

66,942

—

80,811

Industrial

1,477

21,532

—

23,009

Technology

4,603

45,522

—

50,125

Utilities

—

4,967

—

4,967

Investment

Companies

2,488

—

—

2,488

Preferred

Stocks

6,632

—

—

6,632

Total

investments

in

securities

$

82,674

$

232,802

$

—

$

315,476

International

Fund

I

Common

Stocks

Basic

Materials

5,773

15,160

—

20,933

Communications

11,357

10,030

—

21,387

Consumer,

Cyclical

4,899

45,704

—

50,603

Consumer,

Non-cyclical

3,156

42,531

—

45,687

Energy

—

9,577

—

9,577

Financial

18,403

59,086

—

77,489

Industrial

4,192

42,570

—

46,762

Technology

14,485

48,429

—

62,914

Utilities

—

9,334

—

9,334

Investment

Companies

2,362

—

—

2,362

Total

investments

in

securities

$

64,627

$

282,421

$

—

$

347,048

LargeCap

Growth

Fund

I

Common

Stocks

Basic

Materials

168,753

—

—

168,753

Communications

2,162,843

—

—

2,162,843

Consumer,

Cyclical

636,515

—

—

636,515

Consumer,

Non-cyclical

2,734,046

—

—

2,734,046

Energy

25,538

—

—

25,538

Financial

771,496

—

—

771,496

Industrial

916,083

—

—

916,083

Technology

2,591,324

1,791

—

2,593,115

Utilities

100,069

—

—

100,069

Convertible

Preferred

Stocks

Communications

—

—

18,834

18,834

Investment

Companies

134,842

—

—

134,842

Preferred

Stocks

Communications

—

3,026

—

3,026

Consumer,

Cyclical

—

13,040

—

13,040

Technology

—

5,295

5,072

10,367

Total

investments

in

securities

$

10,241,509

$

23,152

$

23,906

$

10,288,567

Liabilities

Equity

Contracts

Futures**

(666)

—

—

(666)

LargeCap

S&P

500

Index

Fund

Common

Stocks*

5,964,298

—

—

5,964,298

Investment

Companies

158,332

—

—

158,332

Total

investments

in

securities

$

6,122,630

$

—

$

—

$

6,122,630

Liabilities

Equity

Contracts

Futures**

(1,109)

—

—

(1,109)

January

31,

2020

(unaudited)

265

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

LargeCap

Value

Fund

III

Common

Stocks*

$

2,117,986

$

—

$

—

$

2,117,986

Investment

Companies

50,632

—

—

50,632

Total

investments

in

securities

$

2,168,618

$

—

$

—

$

2,168,618

Liabilities

Equity

Contracts

Futures**

(345)

—

—

(345)

MidCap

Fund

Common

Stocks

Basic

Materials

125,809

—

—

125,809

Communications

2,119,957

—

—

2,119,957

Consumer,

Cyclical

4,031,812

—

—

4,031,812

Consumer,

Non-cyclical

2,248,532

4,326

—

2,252,858

Financial

5,239,796

—

—

5,239,796

Industrial

2,447,349

—

—

2,447,349

Technology

2,061,577

—

—

2,061,577

Utilities

392,187

—

—

392,187

Investment

Companies

119,672

—

—

119,672

Total

investments

in

securities

$

18,786,691

$

4,326

$

—

$

18,791,017

MidCap

Growth

Fund

Common

Stocks*

171,257

—

—

171,257

Investment

Companies

2,66

6

—

—

2,66

6

Total

investments

in

securities

$

173,92

3

$

—

$

—

$

173,92

3

MidCap

Growth

Fund

III

Common

Stocks*

1,062,945

—

—

1,062,945

Investment

Companies

33,842

—

—

33,842

Total

investments

in

securities

$

1,096,787

$

—

$

—

$

1,096,787

Liabilities

Equity

Contracts

Futures**

(204)

—

—

(204)

MidCap

S&P

400

Index

Fund

Common

Stocks*

1,159,711

—

—

1,159,711

Investment

Companies

19,497

—

—

19,497

Total

investments

in

securities

$

1,179,208

$

—

$

—

$

1,179,208

Liabilities

Equity

Contracts

Futures**

(234)

—

—

(234)

MidCap

Value

Fund

I

Common

Stocks*

2,446,378

—

—

2,446,378

Investment

Companies

53,069

—

—

53,069

Total

investments

in

securities

$

2,499,447

$

—

$

—

$

2,499,447

Liabilities

Equity

Contracts

Futures**

(634)

—

—

(634)

Overseas

Fund

Common

Stocks

Basic

Materials

—

230,207

—

230,207

Communications

29,370

140,876

—

170,246

Consumer,

Cyclical

25,335

213,038

—

238,373

Consumer,

Non-cyclical

33,065

436,772

—

469,837

Diversified

—

2,180

—

2,180

Energy

76,742

183,401

—

260,143

Financial

62,954

563,092

—

626,046

Industrial

—

459,506

—

459,506

Technology

—

119,227

—

119,227

Utilities

—

130,793

—

130,793

Investment

Companies

47,523

—

—

47,523

Preferred

Stocks

Basic

Materials

—

115

—

115

January

31,

2020

(unaudited)

266

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Overseas

Fund

Consumer,

Cyclical

$

—

$

57,953

$

—

$

57,953

Total

investments

in

securities

$

274,989

$

2,537,160

$

—

$

2,812,149

Liabilities

Equity

Contracts

Futures**

(629)

—

—

(629)

Principal

Capital

Appreciation

Fund

Common

Stocks*

1,775,345

—

—

1,775,345

Investment

Companies

64,813

—

—

64,813

Total

investments

in

securities

$

1,840,158

$

—

$

—

$

1,840,158

Principal

LifeTime

2010

Fund

Investment

Companies

728,646

—

—

728,646

Total

investments

in

securities

$

728,646

$

—

$

—

$

728,646

Principal

LifeTime

2015

Fund

Investment

Companies

385,493

—

—

385,493

Total

investments

in

securities

$

385,493

$

—

$

—

$

385,493

Principal

LifeTime

2020

Fund

Investment

Companies

3,975,426

—

—

3,975,426

Total

investments

in

securities

$

3,975,426

$

—

$

—

$

3,975,426

Principal

LifeTime

2025

Fund

Investment

Companies

1,572,742

—

—

1,572,742

Total

investments

in

securities

$

1,572,742

$

—

$

—

$

1,572,742

Principal

LifeTime

2030

Fund

Investment

Companies

5,633,360

—

—

5,633,360

Total

investments

in

securities

$

5,633,360

$

—

$

—

$

5,633,360

Principal

LifeTime

2035

Fund

Investment

Companies

1,276,471

—

—

1,276,471

Total

investments

in

securities

$

1,276,471

$

—

$

—

$

1,276,471

Principal

LifeTime

2040

Fund

Investment

Companies

3,922,326

—

—

3,922,326

Total

investments

in

securities

$

3,922,326

$

—

$

—

$

3,922,326

Principal

LifeTime

2045

Fund

Investment

Companies

943,173

—

—

943,173

Total

investments

in

securities

$

943,173

$

—

$

—

$

943,173

Principal

LifeTime

2050

Fund

Investment

Companies

2,343,947

—

—

2,343,947

Total

investments

in

securities

$

2,343,947

$

—

$

—

$

2,343,947

Principal

LifeTime

2055

Fund

Investment

Companies

502,208

—

—

502,208

Total

investments

in

securities

$

502,208

$

—

$

—

$

502,208

Principal

LifeTime

2060

Fund

Investment

Companies

404,198

—

—

404,198

Total

investments

in

securities

$

404,198

$

—

$

—

$

404,198

Principal

LifeTime

2065

Fund

Investment

Companies

21,203

—

—

21,203

Total

investments

in

securities

$

21,203

$

—

$

—

$

21,203

Principal

LifeTime

Hybrid

2015

Fund

Investment

Companies

107,120

—

—

107,120

Total

investments

in

securities

$

107,120

$

—

$

—

$

107,120

January

31,

2020

(unaudited)

267

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

LifeTime

Hybrid

2020

Fund

Investment

Companies

$

343,403

$

—

$

—

$

343,403

Total

investments

in

securities

$

343,403

$

—

$

—

$

343,403

Principal

LifeTime

Hybrid

2025

Fund

Investment

Companies

276,949

—

—

276,949

Total

investments

in

securities

$

276,949

$

—

$

—

$

276,949

Principal

LifeTime

Hybrid

2030

Fund

Investment

Companies

324,907

—

—

324,907

Total

investments

in

securities

$

324,907

$

—

$

—

$

324,907

Principal

LifeTime

Hybrid

2035

Fund

Investment

Companies

200,714

—

—

200,714

Total

investments

in

securities

$

200,714

$

—

$

—

$

200,714

Principal

LifeTime

Hybrid

2040

Fund

Investment

Companies

228,369

—

—

228,369

Total

investments

in

securities

$

228,369

$

—

$

—

$

228,369

Principal

LifeTime

Hybrid

2045

Fund

Investment

Companies

129,613

—

—

129,613

Total

investments

in

securities

$

129,613

$

—

$

—

$

129,613

Principal

LifeTime

Hybrid

2050

Fund

Investment

Companies

114,386

—

—

114,386

Total

investments

in

securities

$

114,386

$

—

$

—

$

114,386

Principal

LifeTime

Hybrid

2055

Fund

Investment

Companies

42,204

—

—

42,204

Total

investments

in

securities

$

42,204

$

—

$

—

$

42,204

Principal

LifeTime

Hybrid

2060

Fund

Investment

Companies

14,213

—

—

14,213

Total

investments

in

securities

$

14,213

$

—

$

—

$

14,213

Principal

LifeTime

Hybrid

2065

Fund

Investment

Companies

2,549

—

—

2,549

Total

investments

in

securities

$

2,549

$

—

$

—

$

2,549

Principal

LifeTime

Hybrid

Income

Fund

Investment

Companies

58,792

—

—

58,792

Total

investments

in

securities

$

58,792

$

—

$

—

$

58,792

Principal

LifeTime

Strategic

Income

Fund

Investment

Companies

419,445

—

—

419,445

Total

investments

in

securities

$

419,445

$

—

$

—

$

419,445

Real

Estate

Securities

Fund

Common

Stocks*

5,272,992

—

—

5,272,992

Investment

Companies

134,498

—

—

134,498

Total

investments

in

securities

$

5,407,490

$

—

$

—

$

5,407,490

SAM

Balanced

Portfolio

Investment

Companies

4,602,467

—

—

4,602,467

Total

investments

in

securities

$

4,602,467

$

—

$

—

$

4,602,467

SAM

Conservative

Balanced

Portfolio

Investment

Companies

1,724,053

—

—

1,724,053

Total

investments

in

securities

$

1,724,053

$

—

$

—

$

1,724,053

January

31,

2020

(unaudited)

268

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

SAM

Conservative

Growth

Portfolio

Investment

Companies

$

3,096,544

$

—

$

—

$

3,096,544

Total

investments

in

securities

$

3,096,544

$

—

$

—

$

3,096,544

SAM

Flexible

Income

Portfolio

Investment

Companies

2,769,459

—

—

2,769,459

Total

investments

in

securities

$

2,769,459

$

—

$

—

$

2,769,459

SAM

Strategic

Growth

Portfolio

Investment

Companies

1,933,809

—

—

1,933,809

Total

investments

in

securities

$

1,933,809

$

—

$

—

$

1,933,809

Short-Term

Income

Fund

Bonds*

—

4,966,222

10,027

4,976,249

Investment

Companies

56,119

—

—

56,119

U.S.

Government

&

Government

Agency

Obligations*

—

432,471

—

432,471

Total

investments

in

securities

$

56,119

$

5,398,693

$

10,027

$

5,464,839

SmallCap

Fund

Common

Stocks*

674,924

—

—

674,924

Investment

Companies

23,847

—

—

23,847

Total

investments

in

securities

$

698,771

$

—

$

—

$

698,771

SmallCap

Growth

Fund

I

Common

Stocks

Basic

Materials

15,259

6

—

15,265

Communications

116,830

—

—

116,830

Consumer,

Cyclical

278,459

—

—

278,459

Consumer,

Non-cyclical

631,363

1

12

631,376

Energy

11,251

—

—

11,251

Financial

163,263

—

—

163,263

Industrial

371,552

—

—

371,552

Technology

317,520

—

—

317,520

Utilities

2,195

—

—

2,195

Investment

Companies

103,956

—

—

103,956

Preferred

Stocks

19

—

—

19

Total

investments

in

securities

$

2,011,667

$

7

$

12

$

2,011,686

Liabilities

Equity

Contracts

Futures**

(208)

—

—

(208)

SmallCap

S&P

600

Index

Fund

Common

Stocks

Basic

Materials

49,624

21

—

49,645

Communications

50,379

—

—

50,379

Consumer,

Cyclical

183,741

—

—

183,741

Consumer,

Non-cyclical

219,743

—

—

219,743

Energy

42,970

—

—

42,970

Financial

313,621

—

—

313,621

Industrial

232,520

—

—

232,520

Technology

108,071

—

—

108,071

Utilities

28,053

—

—

28,053

Investment

Companies

33,181

—

—

33,181

Total

investments

in

securities

$

1,261,903

$

21

$

—

$

1,261,924

Liabilities

Equity

Contracts

Futures**

(233)

—

—

(233)

SmallCap

Value

Fund

II

Common

Stocks

Basic

Materials

29,041

3

—

29,044

Communications

31,491

—

1

31,492

Consumer,

Cyclical

116,703

—

—

116,703

Consumer,

Non-cyclical

92,720

4

—

92,724

Energy

58,751

—

—

58,751

January

31,

2020

(unaudited)

269

*For

additional

detail

regarding

sector

classifications,

please

see

the

Schedule

of

Investments.

**Exchange

cleared

swaps

and

futures

are

presented

at

the

unrealized

appreciation/(depreciation)

of

the

instrument.

Certain

detailed

information

is

provided

for

those

Funds

with

significant

investments

in

Level

3

securities.

Quantitative

information

about

the

significant

unobservable

inputs

used

in

the

fair

value

measurements

categorized

with

Level

3

of

the

fair

value

hierarchy

is

as

follows

(amounts

in

thousands):

The

changes

in

investments

measured

at

fair

value

for

which

Level

3

inputs

have

been

used

to

determine

fair

value

are

as

follows

(amounts

shown

in

thousands):

*Securities

are

transferred

into

Level

3

for

a

variety

of

reasons

including,

but

not

limited

to:

1.

Securities

where

trading

has

been

halted

2.

Securities

that

have

certain

restrictions

on

trading

3.

Instances

in

which

a

security

is

not

priced

by

a

pricing

services

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

SmallCap

Value

Fund

II

Financial

$

347,621

$

13

$

—

$

347,634

Government

39

—

—

39

Industrial

128,809

—

—

128,809

Technology

97,931

—

—

97,931

Utilities

41,058

—

—

41,058

Investment

Companies

34,989

—

—

34,989

Preferred

Stocks

11

—

—

11

Total

investments

in

securities

$

979,164

$

20

$

1

$

979,185

Liabilities

Equity

Contracts

Futures**

(10)

—

—

(10)

Tax-Exempt

Bond

Fund

Investment

Companies

16,509

—

—

16,509

Municipal

Bonds*

—

641,236

—

641,236

Total

investments

in

securities

$

16,509

$

641,236

$

—

$

657,745

Fund

Asset

Type

Fair

Value

as

of

January

31,

2020

Valuation

Technique

Unobservable

Input

Input

Valuations

Global

Diversified

Income

Fund

Bonds

$

103,175

Yield

Analysis

Yield

to

Maturity

8.7

–

11.9%

Common

Stocks

36,315

Enterprise

Valuation

Model

EBITDA

Multiples

5.5

–

7.75x

Discounted

Cash

Flow

Discount

Rate

11.6

–

17.3%

Common

Stocks

191

Liquidation

Analysis

Available

Cash

$

10,200,000

Common

Stocks

4

Indicative

Market

Quotations

Broker

Quote

$

0.05

Senior

Floating

Rate

Interests

35,263

Yield

Analysis

Yield

to

Maturity

9.9%

$

174,948

Fund

Fair

Value

October

31,

2019

Realized

Gain/

(Loss)

Accrued

Discounts/

Premiums

and

Change

in

Unrealized

Gain/

(Loss)

Purchases

Proceeds

from

Sales

Transfers

into

Level

3*

Transfers

Out

of

Level

3**

Fair

Value

January

31,

2020

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

Held

at

January

31,

2020

Global

Diversified

Income

Fund***

Bonds

$

107,775

$

—

$

(200)

$

—

$

—

$

—

$

(4,400)

$

103,175

$

(152)

Common

Stock

Basic

Materials

27,293

—

(716)

—

—

—

—

26,577

(716)

Consumer,

ss

Cyclical

4

—

—

—

—

—

—

4

—

Consumer,

ss

Non-Cyclical

9,649

—

89

—

—

—

—

9,738

89

Energy

191

—

—

—

—

—

—

191

—

Senior

Floating

Rates

Interests

35,086

—

177

—

—

—

—

35,263

177

Total

$

179,998

$

—

$

(650)

$

—

$

—

$

—

$

(4,400)

$

174,948

$

(602)

January

31,

2020

(unaudited)

270

**Securities

are

transferred

out

of

Level

3

for

a

variety

of

reasons

including,

but

not

limited

to:

1.

Securities

where

trading

resumes

2.

Securities

where

trading

restrictions

have

expired

3.

Instances

in

which

a

price

becomes

available

from

a

pricing

service

At

the

end

of

the

period,

there

were

no

other

Funds

which

had

a

significant

Level

3

balance.

During

the

period,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3,

except

as

noted

above.

The

Funds'

Schedules

of

Investments

as

of

January

31,

2020

have

not

been

audited.

This

report

is

provided

for

the

general

information

of

the

Funds'

shareholders.

For

more

information

regarding

the

Fund

and

its

holdings,

please

see

the

Funds'

prospectus

and

annual

report.