Due to size constraints, this filing is being made in two related submissions.  This submission is the first of the two related submission. 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07572

Principal Funds, Inc.

(Exact name of registrant as specified in charter)

801 Grand Avenue, Des Moines, IA	50309
(Address of principal executive offices)	(Zip code)

Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309

(Name and address of agent for service)

Registrant’s telephone number, including area code:		515-248-0156
Date of fiscal year end:	October 31, 2019
Date of reporting period:	April 30, 2019

ITEM 1 – REPORT TO STOCKHOLDERS

Beginning on May 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the report from the Fund or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive such reports electronically, you will not be affected by this change and you do not need to take any action. If you have not previously elected electronic delivery, you may elect to receive reports and other communications from the Fund electronically by visiting our website at www.principalfunds.com/edelivery for instructions on enrolling in eDelivery or calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your reports, you can inform the Fund by calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of reports. Your election to receive reports in paper will apply to all funds with the Fund complex or to the shares you own through your financial intermediary.

Table of Contents
Financial Statements	1
Notes to Financial Statements	129
Schedules of Investments	173
Financial Highlights (includes performance information)	443
Shareholder Expense Example	579
Supplemental Information	588

Not FDIC or NCUA insured

May lose value • Not a deposit • No bank or credit union guarantee Not insured by any Federal government agency

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Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		California Municipal						Diversified
Amounts in thousands, except per share amounts			Fund	Core Plus Bond Fund				International Fund
Investment in securities--at cost		$	413,807	$	3,230,252		$	10,141,771
Investment in affiliated Funds--at cost		$	–	$	135,401		$	409,913
Foreign currency--at cost		$	–	$	822		$	3,503
Assets
Investment in securities--at value		$	427,684	$	3,238,980		$	11,444,986
Investment in affiliated Funds--at value			–		135,401			409,913
Foreign currency--at value			–		816			3,393
Cash			4,595		141			793
Deposits with counterparty			–		621			–
Receivables:
Dividends and interest			5,439		22,586			62,318
Expense reimbursement from Manager			4		162			972
Expense reimbursement from Distributor			–		3			4
Foreign currency contracts .			–		836			–
Fund shares sold			4,248		8,468			839
Investment securities sold			790		20,355			24,725
Variation margin on futures			–		159			–
Other assets			–		7			5
	Total Assets		442,760		3,428,535			11,947,948
Liabilities
Accrued management and investment advisory fees			157		1,297			7,887
Accrued administrative service fees			–		3			3
Accrued distribution fees			89		41			82
Accrued service fees			–		16			18
Accrued transfer agent fees			39		143			229
Accrued chief compliance officer fees			–		–			1
Accrued directors' expenses			2		4			23
Accrued professional fees			16		28			21
Accrued other expenses			7		39			587
Deposits from counterparty			–		620			–
Payables:
Dividends payable			1,015		8,165			–
Foreign currency contracts			–		281			–
Fund shares redeemed			418		5,201			8,162
Interest expense and fees payable			64		–			–
Investment securities purchased			2,991		286,619			23,129
Variation margin on futures			–		18			–
Variation margin on swaps			–		23			–
Floating rate notes issued			6,554		–			–
	Total Liabilities		11,352		302,498			40,142
Net Assets Applicable to Outstanding Shares		$	431,408	$	3,126,037		$	11,907,806
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	429,171	$	3,200,216		$	10,870,289
Total distributable earnings (accumulated loss)			2,237		(74,179	)		1,037,517
	Total Net Assets	$	431,408	$	3,126,037		$	11,907,806

See accompanying notes.

1

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		California Municipal							Diversified
Amounts in thousands, except per share amounts		Fund			Core Plus Bond Fund				International Fund
Capital Stock (par value: $.01 per share):
Shares authorized			450,000			985,000			2,075,000
Net Asset Value Per Share:
Class A: Net Assets	$		300,928		$	85,914		$	223,350
Shares Issued and Outstanding			28,671			8,009			18,165
Net Asset Value per share	$		10.50		$	10.73		$	12.30
Maximum Offering Price	$		10.91		$	11.15		$	13.02
Class C: Net Assets	$		34,772			N/A		$	12,115
Shares Issued and Outstanding			3,306						984
Net Asset Value per share	$		10.52	(a)				$	12.31	(a)
Class J: Net Assets			N/A		$	133,731		$	157,903
Shares Issued and Outstanding						12,380			13,007
Net Asset Value per share					$	10.80	(a)	$	12.14	(a)
Institutional: Net Assets	$		95,708		$	2,830,321		$	308,855
Shares Issued and Outstanding			9,113			264,017			25,282
Net Asset Value per share	$		10.50		$	10.72		$	12.22
R-1: Net Assets			N/A		$	4,339		$	4,012
Shares Issued and Outstanding						405			327
Net Asset Value per share					$	10.72		$	12.26
R-2: Net Assets			N/A		$	3,993		$	3,871
Shares Issued and Outstanding						376			317
Net Asset Value per share					$	10.61		$	12.22
R-3: Net Assets			N/A		$	17,425		$	14,853
Shares Issued and Outstanding						1,636			1,211
Net Asset Value per share					$	10.65		$	12.26
R-4: Net Assets			N/A		$	10,173		$	18,811
Shares Issued and Outstanding						936			1,514
Net Asset Value per share					$	10.87		$	12.42
R-5: Net Assets			N/A		$	40,141		$	45,192
Shares Issued and Outstanding						3,763			3,648
Net Asset Value per share					$	10.67		$	12.39
R-6: Net Assets			N/A			N/A		$	11,118,844
Shares Issued and Outstanding									910,151
Net Asset Value per share								$	12.22

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

2

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
				Finisterre
				Unconstrained
				Emerging Markets			Global Diversified
Amounts in thousands, except per share amounts	Equity Income Fund			Bond Fund			Income Fund
Investment in securities--at cost	$	4,486,184	$	105,986		$	7,428,256
Investment in affiliated Funds--at cost	$	110,759	$	–		$	171,921
Foreign currency--at cost	$	–	$	240		$	3,211
Assets
Investment in securities--at value	$	7,303,138	$	106,344		$	7,452,454
Investment in affiliated Funds--at value		110,759		–			171,921
Foreign currency--at value		–		241			3,183
Cash		3		3,602			3,068
Deposits with counterparty		–		4,411			2,583
Receivables:
Dividends and interest		18,089		1,040			89,143
Expense reimbursement from Manager		38		2			818
Expense reimbursement from Distributor		2		–			–
Foreign currency contracts .		–		267			618
Fund shares sold		2,616		69			9,917
Investment securities sold		–		–			61,403
OTC swap agreements--at value (premiums paid $0, $1,682 and $354)		–		2,167			609
Variation margin on swaps		–		–			10
Other assets		30		–			–
Total Assets		7,434,675		118,143			7,795,727
Liabilities
Accrued management and investment advisory fees		3,024		71			4,581
Accrued administrative service fees		6		–			–
Accrued distribution fees		377		–			1,590
Accrued service fees		49		–			–
Accrued transfer agent fees		443		2			1,607
Accrued chief compliance officer fees		–		–			2
Accrued directors' expenses		12		1			9
Accrued professional fees		19		18			50
Accrued other expenses		15		12			622
Deposits from counterparty		–		–			700
Payables:
Foreign currency contracts		–		110			2,753
Fund shares redeemed		7,359		–			6,869
Investment securities purchased		–		1,546			69,239
OTC swap agreements--at value (premiums received $0, $1,148 and $0)		–		1,415			–
Unrealized loss on unfunded loan commitments		–		–			7
Total Liabilities		11,304		3,175			88,029
Net Assets Applicable to Outstanding Shares	$	7,423,371	$	114,968		$	7,707,698
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	4,539,817	$	115,305		$	8,091,199
Total distributable earnings (accumulated loss)		2,883,554		(337	)		(383,501	)
Total Net Assets	$	7,423,371	$	114,968		$	7,707,698

See accompanying notes.

3

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
					Finisterre
					Unconstrained
				Emerging Markets		Global Diversified
Amounts in thousands, except per share amounts	Equity Income Fund				Bond Fund		Income Fund
Capital Stock (par value: $.01 per share):
Shares authorized		1,600,000			200,000		1,950,000
Net Asset Value Per Share:
Class A: Net Assets	$	1,161,697		$	1,377	$	1,387,723
Shares Issued and Outstanding		36,466			138		102,134
Net Asset Value per share	$	31.86		$	9.98	$	13.59
Maximum Offering Price	$	33.71		$	10.37	$	14.12
Class C: Net Assets	$	149,217			N/A	$	1,579,787
Shares Issued and Outstanding		4,817					117,035
Net Asset Value per share	$	30.98	(a)			$	13.50	(a)
Class J: Net Assets	$	66,654			N/A		N/A
Shares Issued and Outstanding		2,090
Net Asset Value per share	$	31.89	(a)
Institutional: Net Assets	$	5,803,322		$	113,591	$	4,522,876
Shares Issued and Outstanding		181,867			11,339		334,486
Net Asset Value per share	$	31.91		$	10.02	$	13.52
R-1: Net Assets	$	3,142			N/A		N/A
Shares Issued and Outstanding		99
Net Asset Value per share	$	31.71
R-2: Net Assets	$	5,113			N/A		N/A
Shares Issued and Outstanding		161
Net Asset Value per share	$	31.85
R-3: Net Assets	$	36,713			N/A		N/A
Shares Issued and Outstanding		1,156
Net Asset Value per share	$	31.75
R-4: Net Assets	$	36,942			N/A		N/A
Shares Issued and Outstanding		1,161
Net Asset Value per share	$	31.82
R-5: Net Assets	$	160,571			N/A		N/A
Shares Issued and Outstanding		5,039
Net Asset Value per share	$	31.86
R-6: Net Assets		N/A			N/A	$	217,312
Shares Issued and Outstanding							16,084
Net Asset Value per share						$	13.51

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

4

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
			Global Real Estate	Government & High			Government Money
Amounts in thousands, except per share amounts			Securities Fund		Quality Bond Fund			Market Fund
Investment in securities--at cost		$	3,196,289	$	1,477,591		$	3,106,842
Investment in affiliated Funds--at cost		$	23,301	$	39,796		$	–
Foreign currency--at cost		$	9,391	$	–		$	–
Assets
Investment in securities--at value		$	3,581,553	$	1,459,411		$	3,106,842
Investment in affiliated Funds--at value			23,301		39,796			–
Foreign currency--at value			9,432		–			–
Cash			–		–			53
Receivables:
Dividends and interest			9,063		6,022			515
Expense reimbursement from Manager			303		17			39
Expense reimbursement from Distributor			–		3			–
Fund shares sold			227,674		3,946			–
Investment securities sold			16,012		11,014			–
Other assets			–		19			–
Prepaid expenses			–		7			7
	Total Assets		3,867,338		1,520,235			3,107,456
Liabilities
Accrued management and investment advisory fees			2,541		611			366
Accrued administrative service fees			–		2			–
Accrued distribution fees			49		71			–
Accrued service fees			–		10			–
Accrued transfer agent fees			903		132			–
Accrued directors' expenses			3		4			6
Accrued professional fees			21		18			19
Accrued other expenses			142		–			–
Cash overdraft			–		11			–
Deposits from counterparty			–		–			–
Payables:
Dividends payable			–		3,359			5,656
Fund shares redeemed			1,692		853			–
Investment securities purchased			36,358		20,377			–
	Total Liabilities		41,709		25,448			6,047
Net Assets Applicable to Outstanding Shares		$	3,825,629	$	1,494,787		$	3,101,409
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	3,438,471	$	1,600,284		$	3,101,409
Total distributable earnings (accumulated loss)			387,158		(105,497	)		–
	Total Net Assets	$	3,825,629	$	1,494,787		$	3,101,409

See accompanying notes.

5

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
	Global Real Estate			Government & High			Government Money
Amounts in thousands, except per share amounts	Securities Fund			Quality Bond Fund				Market Fund
Capital Stock (par value: $.01 per share):
Shares authorized		1,050,000			1,025,000			10,200,000
Net Asset Value Per Share:
Class A: Net Assets	$	110,127		$	222,757			N/A
Shares Issued and Outstanding		11,738			21,738
Net Asset Value per share	$	9.38		$	10.25
Maximum Offering Price	$	9.93		$	10.49
Class C: Net Assets	$	31,717		$	31,708			N/A
Shares Issued and Outstanding		3,504			3,095
Net Asset Value per share	$	9.05	(a)	$	10.25	(a)
Class J: Net Assets		N/A		$	102,588			N/A
Shares Issued and Outstanding					9,986
Net Asset Value per share				$	10.27	(a)
Institutional: Net Assets	$	2,757,874		$	1,089,577		$	3,101,409
Shares Issued and Outstanding		273,185			106,158			3,101,409
Net Asset Value per share	$	10.10		$	10.26		$	1.00
R-1: Net Assets		N/A		$	2,622			N/A
Shares Issued and Outstanding					255
Net Asset Value per share				$	10.27
R-2: Net Assets		N/A		$	4,149			N/A
Shares Issued and Outstanding					404
Net Asset Value per share				$	10.27
R-3: Net Assets	$	289		$	9,796			N/A
Shares Issued and Outstanding		29			954
Net Asset Value per share	$	10.08		$	10.27
R-4: Net Assets	$	40		$	9,129			N/A
Shares Issued and Outstanding		4			888
Net Asset Value per share	$	10.08		$	10.28
R-5: Net Assets	$	21		$	22,461			N/A
Shares Issued and Outstanding		2			2,185
Net Asset Value per share	$	10.10		$	10.28
R-6: Net Assets	$	925,561			N/A			N/A
Shares Issued and Outstanding		91,669
Net Asset Value per share	$	10.10

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

6

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
Amounts in thousands, except per share amounts		High Yield Fund				High Yield Fund I			Income Fund
Investment in securities--at cost		$	2,928,403		$	3,400,243		$	2,810,299
Investment in affiliated Funds--at cost		$	78,036		$	69,870		$	79,183
Assets
Investment in securities--at value		$	2,840,503		$	3,396,979		$	2,843,488
Investment in affiliated Funds--at value			78,036			69,870			79,183
Cash			13			1,352			–
Deposits with counterparty			–			7,895			–
Receivables:
Dividends and interest			43,480			51,743			24,639
Expense reimbursement from Manager			67			2			7
Expense reimbursement from Distributor			–			–			2
Fund shares sold			15,872			98			9,744
Investment securities sold			23,020			11,019			–
	Total Assets		3,000,991			3,538,958			2,957,063
Liabilities
Accrued management and investment advisory fees			1,229			1,772			1,160
Accrued administrative service fees			–			–			6
Accrued distribution fees			314			1			114
Accrued service fees			–			–			20
Accrued transfer agent fees			830			13			165
Accrued directors' expenses			3			1			3
Accrued professional fees			26			25			20
Accrued other expenses			153			1			21
Deposits from counterparty			–			–			–
Payables:
Dividends payable			13,999			–			8,219
Fund shares redeemed			6,727			3,569			2,560
Investment securities purchased			40,313			10,082			–
Unrealized loss on unfunded loan commitments			–			4			–
	Total Liabilities		63,594			15,468			12,288
Net Assets Applicable to Outstanding Shares		$	2,937,397		$	3,523,490		$	2,944,775
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	3,156,536		$	3,609,321		$	2,963,312
Total distributable earnings (accumulated loss)			(219,139	)		(85,831	)		(18,537	)
	Total Net Assets	$	2,937,397		$	3,523,490		$	2,944,775

See accompanying notes.

7

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
Amounts in thousands, except per share amounts		High Yield Fund				High Yield Fund I		Income Fund
Capital Stock (par value: $.01 per share):
Shares authorized			1,550,000			600,000		1,300,000
Net Asset Value Per Share:
Class A: Net Assets	$		701,332		$	6,225	$	241,490
Shares Issued and Outstanding			97,507			650		25,518
Net Asset Value per share	$		7.20		$	9.57	$	9.46
Maximum Offering Price	$		7.48		$	9.94	$	9.68
Class C: Net Assets	$		205,172			N/A	$	49,645
Shares Issued and Outstanding			28,211					5,213
Net Asset Value per share	$		7.28	(a)			$	9.52	(a)
Class J: Net Assets			N/A			N/A	$	91,028
Shares Issued and Outstanding								9,594
Net Asset Value per share							$	9.49	(a)
Institutional: Net Assets	$		1,534,907		$	3,517,265	$	458,343
Shares Issued and Outstanding			214,944			367,265		48,282
Net Asset Value per share	$		7.14		$	9.58	$	9.49
R-1: Net Assets			N/A			N/A	$	15,056
Shares Issued and Outstanding								1,586
Net Asset Value per share							$	9.50
R-2: Net Assets			N/A			N/A	$	2,246
Shares Issued and Outstanding								236
Net Asset Value per share							$	9.51
R-3: Net Assets			N/A			N/A	$	28,190
Shares Issued and Outstanding								2,964
Net Asset Value per share							$	9.51
R-4: Net Assets			N/A			N/A	$	18,089
Shares Issued and Outstanding								1,903
Net Asset Value per share							$	9.50
R-5: Net Assets			N/A			N/A	$	34,659
Shares Issued and Outstanding								3,654
Net Asset Value per share							$	9.48
R-6: Net Assets	$		495,986			N/A	$	2,006,029
Shares Issued and Outstanding			69,471					211,519
Net Asset Value per share	$		7.14				$	9.48

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

8

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
	Inflation Protection			International Emerging
Amounts in thousands, except per share amounts		Fund			Markets Fund	International Fund I
Investment in securities--at cost	$	1,570,372		$	650,510	$	336,096
Investment in affiliated Funds--at cost	$	15,541		$	9,294	$	2,604
Foreign currency--at cost	$	2,732		$	4,110	$	41
Assets
Investment in securities--at value	$	1,586,298		$	721,599	$	381,051
Investment in affiliated Funds--at value		15,541			9,294		2,604
Foreign currency--at value		2,737			4,120		42
Cash		–			89		–
Deposits with counterparty		5,604			–		–
Receivables:
Dividends and interest		2,971			971		1,860
Expense reimbursement from Manager		3			127		58
Expense reimbursement from Distributor		–			2		–
Foreign currency contracts .		1,668			–		–
Foreign tax refund		–			491		–
Fund shares sold		107			170		111
Investment securities sold		27,226			11,273		–
Variation margin on futures		390			–		–
Variation margin on swaps		1,103			–		–
Total Assets		1,643,648			748,136		385,726
Liabilities
Accrued management and investment advisory fees		492			770		284
Accrued administrative service fees		1			2		1
Accrued distribution fees		5			40		4
Accrued service fees		3			6		3
Accrued transfer agent fees		11			102		35
Accrued directors' expenses		3			2		2
Accrued professional fees		18			13		28
Accrued other expenses		14			153		10
Cash overdraft		16			–		–
Deposits from counterparty		1,723			–		–
Payables:
Deferred foreign tax		–			279		–
Foreign currency contracts		452			–		–
Fund shares redeemed		1,780			699		1,531
Investment securities purchased		45,247			18,077		–
Options and swaptions contracts written (premiums received $6,936, $0 and $0)		5,872			–		–
Variation margin on futures		245			–		–
Variation margin on swaps		1,156			–		–
Total Liabilities		57,038			20,143		1,898
Net Assets Applicable to Outstanding Shares	$	1,586,610		$	727,993	$	383,828
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	1,634,286		$	672,671	$	345,773
Total distributable earnings (accumulated loss)		(47,676	)		55,322		38,055
Total Net Assets	$	1,586,610		$	727,993	$	383,828

See accompanying notes.

9

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
	Inflation Protection			International Emerging
Amounts in thousands, except per share amounts		Fund			Markets Fund		International Fund I
Capital Stock (par value: $.01 per share):
Shares authorized		950,000			875,000			700,000
Net Asset Value Per Share:
Class A: Net Assets	$	11,110		$	84,223		$	10,038
Shares Issued and Outstanding		1,345			3,287			702
Net Asset Value per share	$	8.26		$	25.62		$	14.30
Maximum Offering Price	$	8.58		$	27.11		$	15.13
Class C: Net Assets		N/A		$	9,510			N/A
Shares Issued and Outstanding					391
Net Asset Value per share				$	24.30	(a)
Class J: Net Assets	$	6,091		$	96,579			N/A
Shares Issued and Outstanding		757			3,919
Net Asset Value per share	$	8.05	(a)	$	24.64	(a)
Institutional: Net Assets	$	1,557,211		$	109,746		$	134,506
Shares Issued and Outstanding		184,473			4,332			9,360
Net Asset Value per share	$	8.44		$	25.34		$	14.37
R-1: Net Assets	$	1,098		$	2,203		$	1,943
Shares Issued and Outstanding		139			87			135
Net Asset Value per share	$	7.89		$	25.31		$	14.35
R-2: Net Assets	$	509		$	1,965		$	1,868
Shares Issued and Outstanding		64			78			130
Net Asset Value per share	$	7.96		$	25.19		$	14.42
R-3: Net Assets	$	6,227		$	6,102		$	3,090
Shares Issued and Outstanding		771			241			215
Net Asset Value per share	$	8.07		$	25.34		$	14.36
R-4: Net Assets	$	1,212		$	5,671		$	4,847
Shares Issued and Outstanding		148			223			338
Net Asset Value per share	$	8.19		$	25.44		$	14.36
R-5: Net Assets	$	3,152		$	12,668		$	3,151
Shares Issued and Outstanding		381			498			219
Net Asset Value per share	$	8.28		$	25.42		$	14.36
R-6: Net Assets		N/A		$	399,326		$	224,385
Shares Issued and Outstanding					15,751			15,624
Net Asset Value per share				$	25.35		$	14.36

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

10

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		LargeCap Growth			LargeCap Growth		LargeCap S&P 500
Amounts in thousands, except per share amounts			Fund		Fund I		Index Fund
Investment in securities--at cost		$	438,643	$	5,679,227	$	3,131,396
Investment in affiliated Funds--at cost		$	13,450	$	207,578	$	148,863
Assets
Investment in securities--at value		$	560,383	$	8,835,390	$	5,881,386
Investment in affiliated Funds--at value			13,450		207,680		148,863
Cash			21		–		–
Deposits with counterparty			–		2,722		6,558
Receivables:
Dividends and interest			243		1,564		5,312
Expense reimbursement from Manager			–		118		1
Expense reimbursement from Distributor			2		5		17
Fund shares sold			226		1,128		3,224
Investment securities sold			7,396		3,108		–
Variation margin on futures			–		124		299
Other assets			12		–		3
	Total Assets		581,733		9,051,839		6,045,663
Liabilities
Accrued management and investment advisory fees			315		4,404		732
Accrued administrative service fees			2		14		24
Accrued distribution fees			93		66		250
Accrued service fees			12		101		142
Accrued transfer agent fees			164		457		234
Accrued directors' expenses			2		9		7
Accrued professional fees			16		22		20
Accrued other expenses			59		13		69
Deposits from counterparty			–		–		–
Payables:
Expense reimbursement to Manager			1		–		–
Fund shares redeemed			482		9,071		6,744
Investment securities purchased			9,697		10,751		–
	Total Liabilities		10,843		24,908		8,222
Net Assets Applicable to Outstanding Shares		$	570,890	$	9,026,931	$	6,037,441
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	460,525	$	5,424,968	$	3,230,144
Total distributable earnings (accumulated loss)			110,365		3,601,963		2,807,297
	Total Net Assets	$	570,890	$	9,026,931	$	6,037,441

See accompanying notes.

11

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
	LargeCap Growth			LargeCap Growth			LargeCap S&P 500
Amounts in thousands, except per share amounts		Fund			Fund I			Index Fund
Capital Stock (par value: $.01 per share):
Shares authorized		1,110,000			1,495,000			950,000
Net Asset Value Per Share:
Class A: Net Assets	$	392,137		$	47,018		$	426,496
Shares Issued and Outstanding		67,049			3,119			23,205
Net Asset Value per share	$	5.85		$	15.07		$	18.38
Maximum Offering Price	$	6.19		$	15.95		$	18.66
Class C: Net Assets		N/A			N/A		$	66,774
Shares Issued and Outstanding								3,721
Net Asset Value per share							$	17.94	(a)
Class J: Net Assets	$	81,276		$	200,885		$	689,338
Shares Issued and Outstanding		16,020			16,005			37,910
Net Asset Value per share	$	5.07	(a)	$	12.55	(a)	$	18.18	(a)
Institutional: Net Assets	$	40,246		$	2,377,966		$	4,158,540
Shares Issued and Outstanding		6,169			152,289			226,390
Net Asset Value per share	$	6.52		$	15.61		$	18.37
R-1: Net Assets	$	3,792		$	7,991		$	15,354
Shares Issued and Outstanding		742			611			837
Net Asset Value per share	$	5.11		$	13.08		$	18.33
R-2: Net Assets	$	1,217		$	8,704		$	21,537
Shares Issued and Outstanding		226			684			1,165
Net Asset Value per share	$	5.39		$	12.73		$	18.49
R-3: Net Assets	$	5,929		$	100,518		$	186,833
Shares Issued and Outstanding		877			7,176			10,147
Net Asset Value per share	$	6.76		$	14.01		$	18.41
R-4: Net Assets	$	5,129		$	87,259		$	150,214
Shares Issued and Outstanding		760			6,089			8,135
Net Asset Value per share	$	6.75		$	14.33		$	18.47
R-5: Net Assets	$	41,164		$	288,012		$	322,355
Shares Issued and Outstanding		6,223			19,244			17,296
Net Asset Value per share	$	6.62		$	14.97		$	18.64
R-6: Net Assets		N/A		$	5,908,578			N/A
Shares Issued and Outstanding					378,703
Net Asset Value per share				$	15.60

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

12

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)

		LargeCap Value Fund
Amounts in thousands, except per share amounts			III		MidCap Fund	MidCap Growth Fund
Investment in securities--at cost		$	1,834,729	$	10,475,163	$	144,725
Investment in affiliated Funds--at cost		$	37,065	$	938	$	2,628
Assets
Investment in securities--at value		$	2,086,060	$	16,102,657	$	184,572
Investment in affiliated Funds--at value			37,107		938		2,628
Cash			3		166		8
Deposits with counterparty			806		–		–
Receivables:
Dividends and interest			2,599		2,728		32
Expense reimbursement from Manager			111		–		1
Expense reimbursement from Distributor			2		8		2
Fund shares sold			101		16,092		33
Investment securities sold			–		19,232		–
Variation margin on futures			38		–		–
Other assets			–		6		–
	Total Assets		2,126,827		16,141,827		187,276
Liabilities
Accrued management and investment advisory fees			1,320		7,547		99
Accrued administrative service fees			2		36		2
Accrued distribution fees			12		626		13
Accrued service fees			5		135		9
Accrued transfer agent fees			15		2,950		30
Accrued chief compliance officer fees			–		1		–
Accrued directors' expenses			4		15		1
Accrued professional fees			18		29		15
Accrued other expenses			19		666		7
Deposits from counterparty			–		–		–
Payables:
Expense reimbursement to Manager			–		29		–
Fund shares redeemed			2,341		22,046		345
Investment securities purchased			1,624		19,454		–
	Total Liabilities		5,360		53,534		521
Net Assets Applicable to Outstanding Shares		$	2,121,467	$	16,088,293	$	186,755
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	1,829,973	$	10,051,181	$	147,944
Total distributable earnings (accumulated loss)			291,494		6,037,112		38,811
	Total Net Assets	$	2,121,467	$	16,088,293	$	186,755

See accompanying notes.

13

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
	LargeCap Value Fund
Amounts in thousands, except per share amounts		III			MidCap Fund		MidCap Growth Fund
Capital Stock (par value: $.01 per share):
Shares authorized		520,000			1,650,000			325,000
Net Asset Value Per Share:
Class A: Net Assets		N/A		$	1,609,226			N/A
Shares Issued and Outstanding					57,766
Net Asset Value per share				$	27.86
Maximum Offering Price				$	29.48
Class C: Net Assets		N/A		$	251,282			N/A
Shares Issued and Outstanding					10,124
Net Asset Value per share				$	24.82	(a)
Class J: Net Assets	$	74,414		$	312,171		$	74,591
Shares Issued and Outstanding		4,586			11,667			11,343
Net Asset Value per share	$	16.23	(a)	$	26.76	(a)	$	6.58	(a)
Institutional: Net Assets	$	2,020,340		$	11,253,106		$	65,943
Shares Issued and Outstanding		122,656			393,509			7,577
Net Asset Value per share	$	16.47		$	28.60		$	8.70
R-1: Net Assets	$	4,446		$	92,771		$	1,386
Shares Issued and Outstanding		271			3,626			203
Net Asset Value per share	$	16.42		$	25.59		$	6.83
R-2: Net Assets	$	2,286		$	24,065		$	2,780
Shares Issued and Outstanding		139			923			372
Net Asset Value per share	$	16.49		$	26.07		$	7.48
R-3: Net Assets	$	5,362		$	95,974		$	12,967
Shares Issued and Outstanding		310			3,533			1,608
Net Asset Value per share	$	17.29		$	27.17		$	8.06
R-4: Net Assets	$	4,475		$	98,562		$	4,504
Shares Issued and Outstanding		272			3,474			523
Net Asset Value per share	$	16.47		$	28.37		$	8.61
R-5: Net Assets	$	10,144		$	356,689		$	24,584
Shares Issued and Outstanding		611			12,654			2,730
Net Asset Value per share	$	16.60		$	28.19		$	9.00
R-6: Net Assets		N/A		$	1,994,447			N/A
Shares Issued and Outstanding					69,834
Net Asset Value per share				$	28.56

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

14

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		MidCap Growth Fund		MidCap S&P 400 Index
Amounts in thousands, except per share amounts			III		Fund	MidCap Value Fund I
Investment in securities--at cost		$	846,309	$	1,100,506	$	2,343,505
Investment in affiliated Funds--at cost		$	22,243	$	23,997	$	53,802
Assets
Investment in securities--at value		$	1,093,264	$	1,389,861	$	2,477,559
Investment in affiliated Funds--at value			22,271		23,997		53,817
Cash			–		–		76
Deposits with counterparty			374		1,037		527
Receivables:
Dividends and interest			309		697		1,353
Expense reimbursement from Manager			72		–		64
Expense reimbursement from Distributor			1		3		3
Fund shares sold			28		1,219		343
Investment securities sold			1,085		–		12,898
Variation margin on futures			–		–		15
	Total Assets		1,117,404		1,416,814		2,546,655
Liabilities
Accrued management and investment advisory fees			875		174		936
Accrued administrative service fees			1		13		2
Accrued distribution fees			7		47		22
Accrued service fees			3		71		12
Accrued transfer agent fees			7		40		115
Accrued directors' expenses			2		3		4
Accrued professional fees			16		16		27
Accrued other expenses			7		11		35
Deposits from counterparty			–		–		–
Payables:
Fund shares redeemed			631		1,738		2,169
Investment securities purchased			967		–		11,644
Variation margin on futures			12		41		–
	Total Liabilities		2,528		2,154		14,966
Net Assets Applicable to Outstanding Shares		$	1,114,876	$	1,414,660	$	2,531,689
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	843,221	$	1,086,932	$	2,389,914
Total distributable earnings (accumulated loss)			271,655		327,728		141,775
	Total Net Assets	$	1,114,876	$	1,414,660	$	2,531,689

See accompanying notes.

15

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		MidCap Growth Fund			MidCap S&P 400 Index
Amounts in thousands, except per share amounts			III			Fund		MidCap Value Fund I
Capital Stock (par value: $.01 per share):
Shares authorized			625,000			525,000			825,000
Net Asset Value Per Share:
Class A: Net Assets			N/A			N/A		$	25,618
Shares Issued and Outstanding									1,830
Net Asset Value per share								$	14.00
Maximum Offering Price								$	14.81
Class J: Net Assets	$		40,037		$	126,919		$	157,857
Shares Issued and Outstanding			4,306			6,453			11,411
Net Asset Value per share	$		9.30	(a)	$	19.67	(a)	$	13.83	(a)
Institutional: Net Assets	$		1,059,791		$	431,439		$	211,195
Shares Issued and Outstanding			89,926			21,281			15,108
Net Asset Value per share	$		11.79		$	20.27		$	13.98
R-1: Net Assets	$		1,622		$	9,752		$	3,306
Shares Issued and Outstanding			174			485			247
Net Asset Value per share	$		9.32		$	20.07		$	13.38
R-2: Net Assets	$		1,781		$	16,579		$	3,411
Shares Issued and Outstanding			181			797			252
Net Asset Value per share	$		9.83		$	20.78		$	13.53
R-3: Net Assets	$		2,499		$	94,697		$	15,340
Shares Issued and Outstanding			230			4,581			1,112
Net Asset Value per share	$		10.86		$	20.67		$	13.80
R-4: Net Assets	$		3,299		$	64,635		$	12,813
Shares Issued and Outstanding			293			3,114			927
Net Asset Value per share	$		11.26		$	20.75		$	13.83
R-5: Net Assets	$		5,847		$	161,432		$	31,852
Shares Issued and Outstanding			494			7,713			2,292
Net Asset Value per share	$		11.84		$	20.93		$	13.90
R-6: Net Assets			N/A		$	509,207		$	2,070,297
Shares Issued and Outstanding						25,140			147,849
Net Asset Value per share					$	20.25		$	14.00

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

16

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
								Principal Capital
Amounts in thousands, except per share amounts		Money Market Fund			Overseas Fund			Appreciation Fund
Investment in securities--at cost		$	503,390	$	2,866,316		$	967,478
Investment in affiliated Funds--at cost		$	–	$	72,450		$	47,625
Foreign currency--at cost		$	–	$	8,207		$	–
Assets
Investment in securities--at value		$	503,390	$	2,840,684		$	1,794,158
Investment in affiliated Funds--at value			–		72,479			47,625
Foreign currency--at value			–		8,223			–
Cash			16		–			–
Deposits with counterparty			–		950			–
Receivables:
Dividends and interest			233		27,243			1,167
Expense reimbursement from Manager			22		156			25
Expense reimbursement from Distributor			33		–			–
Fund shares sold			1,953		251			328
Investment securities sold			–		10,399			13,258
Variation margin on futures			–		3			–
Other assets			26		–			5
	Total Assets		505,673		2,960,388			1,856,566
Liabilities
Accrued management and investment advisory fees			167		2,545			714
Accrued administrative service fees			–		–			3
Accrued distribution fees			33		–			241
Accrued service fees			–		–			16
Accrued transfer agent fees			117		28			242
Accrued directors' expenses			2		5			3
Accrued professional fees			18		40			17
Accrued other expenses			53		100			9
Cash overdraft			–		32			–
Deposits from counterparty			–		–			–
Payables:
Dividends payable			836		–			–
Fund shares redeemed			1,336		3,206			1,780
Investment securities purchased			–		26,772			9,394
	Total Liabilities		2,562		32,728			12,419
Net Assets Applicable to Outstanding Shares		$	503,111	$	2,927,660		$	1,844,147
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	503,015	$	2,969,188		$	918,737
Total distributable earnings (accumulated loss)			96		(41,528	)		925,410
	Total Net Assets	$	503,111	$	2,927,660		$	1,844,147

See accompanying notes.

17

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
							Principal Capital
Amounts in thousands, except per share amounts		Money Market Fund				Overseas Fund	Appreciation Fund
Capital Stock (par value: $.01 per share):
Shares authorized			5,800,000			600,000		850,000
Net Asset Value Per Share:
Class A: Net Assets	$		240,405			N/A	$	988,709
Shares Issued and Outstanding			240,360					20,584
Net Asset Value per share	$		1.00				$	48.03
Maximum Offering Price	$		1.00				$	50.83
Class C: Net Assets			N/A			N/A	$	42,704
Shares Issued and Outstanding								1,327
Net Asset Value per share							$	32.18	(a)
Class J: Net Assets	$		262,706			N/A		N/A
Shares Issued and Outstanding			262,655
Net Asset Value per share	$		1.00	(a)
Institutional: Net Assets			N/A		$	2,925,877	$	733,920
Shares Issued and Outstanding						303,370		14,861
Net Asset Value per share					$	9.64	$	49.38
R-1: Net Assets			N/A		$	18	$	2,196
Shares Issued and Outstanding						2		46
Net Asset Value per share					$	9.58	$	48.01
R-2: Net Assets			N/A		$	13	$	2,814
Shares Issued and Outstanding						1		58
Net Asset Value per share					$	9.60	$	48.19
R-3: Net Assets			N/A		$	619	$	16,783
Shares Issued and Outstanding						65		349
Net Asset Value per share					$	9.56	$	48.13
R-4: Net Assets			N/A		$	520	$	16,196
Shares Issued and Outstanding						54		333
Net Asset Value per share					$	9.61	$	48.67
R-5: Net Assets			N/A		$	613	$	40,825
Shares Issued and Outstanding						64		835
Net Asset Value per share					$	9.61	$	48.90

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

18

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		Principal LifeTime			Principal LifeTime				Principal LifeTime
Amounts in thousands, except per share amounts		2010		Fund		2015	Fund		2020	Fund
Investment in affiliated Funds--at cost		$	696,966		$	343,795		$	3,606,566
Assets
Investment in affiliated Funds--at value		$	764,105		$	419,610		$	4,172,590
Receivables:
Dividends and interest			667			314			2,447
Expense reimbursement from Manager			2			–			1
Expense reimbursement from Distributor			5			–			22
Fund shares sold			20			530			715
Investment securities sold			1,302			–			8,816
Prepaid expenses			–			6			–
	Total Assets		766,101			420,460			4,184,591
Liabilities
Accrued administrative service fees			4			5			22
Accrued distribution fees			42			12			180
Accrued service fees			19			23			104
Accrued transfer agent fees			17			–			77
Accrued chief compliance officer fees			–			–			1
Accrued directors' expenses			2			1			3
Accrued professional fees			11			11			15
Accrued other expenses			7			–			10
Deposits from counterparty			–			–			–
Payables:
Fund shares redeemed			1,322			491			9,523
Investment securities purchased			667			353			2,447
	Total Liabilities		2,091			896			12,382
Net Assets Applicable to Outstanding Shares		$	764,010		$	419,564		$	4,172,209
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	675,475		$	324,968		$	3,441,282
Total distributable earnings (accumulated loss)			88,535			94,596			730,927
	Total Net Assets	$	764,010		$	419,564		$	4,172,209
Capital Stock (par value: $.01 per share):
Shares authorized			650,000			400,000			1,100,000
Net Asset Value Per Share:
Class A: Net Assets		$	26,875			N/A		$	102,697
Shares Issued and Outstanding			2,062						7,361
Net Asset Value per share		$	13.04					$	13.95
Maximum Offering Price		$	13.55					$	14.76
Class J: Net Assets		$	215,430			N/A		$	895,377
Shares Issued and Outstanding			16,718						65,002
Net Asset Value per share		$	12.89	(a)				$	13.77	(a)
Institutional: Net Assets		$	431,715		$	310,316		$	2,666,174
Shares Issued and Outstanding			33,376			31,338			192,511
Net Asset Value per share		$	12.93		$	9.90		$	13.85
R-1: Net Assets		$	4,060		$	4,044		$	23,489
Shares Issued and Outstanding			314			418			1,704
Net Asset Value per share		$	12.93		$	9.66		$	13.78
R-2: Net Assets		$	5,836		$	3,772		$	24,769
Shares Issued and Outstanding			452			387			1,797
Net Asset Value per share		$	12.92		$	9.73		$	13.78
R-3: Net Assets		$	28,331		$	41,575		$	140,077
Shares Issued and Outstanding			2,205			4,297			10,205
Net Asset Value per share		$	12.85		$	9.67		$	13.73
R-4: Net Assets		$	13,795		$	19,479		$	95,447
Shares Issued and Outstanding			1,072			1,996			6,941
Net Asset Value per share		$	12.87		$	9.76		$	13.75
R-5: Net Assets		$	37,968		$	40,378		$	224,179
Shares Issued and Outstanding			2,947			4,135			16,265
Net Asset Value per share		$	12.89		$	9.76		$	13.78

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

19

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		Principal LifeTime				Principal LifeTime		Principal LifeTime
Amounts in thousands, except per share amounts		2025		Fund		2030	Fund		2035	Fund
Investment in affiliated Funds--at cost		$	1,330,516		$	4,740,321		$	1,041,159
Assets
Investment in affiliated Funds--at value		$	1,567,790		$	5,551,107		$	1,253,138
Receivables:
Dividends and interest			712			1,797			417
Expense reimbursement from Manager			–			1			–
Expense reimbursement from Distributor			–			29			–
Fund shares sold			1,597			1,123			1,287
Investment securities sold			3,730			9,285			1,482
Prepaid expenses			20			–			15
	Total Assets		1,573,849			5,563,342			1,256,339
Liabilities
Accrued administrative service fees			16			24			12
Accrued distribution fees			42			227			29
Accrued service fees			77			120			58
Accrued transfer agent fees			2			125			1
Accrued directors' expenses			2			6			2
Accrued professional fees			11			16			11
Accrued other expenses			–			36			–
Deposits from counterparty			–			–			–
Payables:
Fund shares redeemed			5,325			10,401			2,763
Investment securities purchased			713			1,797			416
	Total Liabilities		6,188			12,752			3,292
Net Assets Applicable to Outstanding Shares		$	1,567,661		$	5,550,590		$	1,253,047
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	1,264,210		$	4,489,397		$	978,952
Total distributable earnings (accumulated loss)			303,451			1,061,193			274,095
	Total Net Assets	$	1,567,661		$	5,550,590		$	1,253,047
Capital Stock (par value: $.01 per share):
Shares authorized			400,000			1,200,000			400,000
Net Asset Value Per Share:
Class A: Net Assets			N/A		$	123,551			N/A
Shares Issued and Outstanding						8,605
Net Asset Value per share					$	14.36
Maximum Offering Price					$	15.20
Class J: Net Assets			N/A		$	1,200,278			N/A
Shares Issued and Outstanding						84,133
Net Asset Value per share					$	14.27	(a)
Institutional: Net Assets		$	1,192,428		$	3,640,746		$	971,194
Shares Issued and Outstanding			105,133			254,427			80,463
Net Asset Value per share		$	11.34		$	14.31		$	12.07
R-1: Net Assets		$	11,268		$	22,041		$	9,709
Shares Issued and Outstanding			1,016			1,549			819
Net Asset Value per share		$	11.09		$	14.23		$	11.84
R-2: Net Assets		$	14,859		$	27,790		$	13,237
Shares Issued and Outstanding			1,336			1,945			1,119
Net Asset Value per share		$	11.12		$	14.29		$	11.83
R-3: Net Assets		$	142,116		$	161,723		$	92,147
Shares Issued and Outstanding			12,785			11,344			7,756
Net Asset Value per share		$	11.12		$	14.26		$	11.88
R-4: Net Assets		$	73,444		$	111,420		$	53,031
Shares Issued and Outstanding			6,541			7,539			4,429
Net Asset Value per share		$	11.23		$	14.78		$	11.97
R-5: Net Assets		$	133,546		$	263,041		$	113,729
Shares Issued and Outstanding			11,856			18,398			9,472
Net Asset Value per share		$	11.26		$	14.30		$	12.01

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

20

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
			Principal LifeTime		Principal LifeTime				Principal LifeTime
Amounts in thousands, except per share amounts			2040	Fund		2045	Fund		2050	Fund
Investment in affiliated Funds--at cost		$	3,118,037		$	762,372		$	1,852,835
Assets
Investment in affiliated Funds--at value		$	3,819,303		$	903,594		$	2,259,427
Receivables:
Dividends and interest			940			161			278
Expense reimbursement from Manager			4			–			7
Expense reimbursement from Distributor			18			–			6
Fund shares sold			445			693			406
Investment securities sold			4,749			600			1,600
Prepaid expenses			–			10			–
	Total Assets		3,825,459			905,058			2,261,724
Liabilities
Accrued administrative service fees			18			9			12
Accrued distribution fees			150			22			70
Accrued service fees			85			41			54
Accrued transfer agent fees			101			–			78
Accrued directors' expenses			4			2			3
Accrued professional fees			14			11			12
Accrued other expenses			40			–			22
Deposits from counterparty			–			–			–
Payables:
Fund shares redeemed			5,191			1,291			1,925
Investment securities purchased			939			162			278
	Total Liabilities		6,542			1,538			2,454
Net Assets Applicable to Outstanding Shares		$	3,818,917		$	903,520		$	2,259,270
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	2,913,656		$	713,081		$	1,723,616
Total distributable earnings (accumulated loss)			905,261			190,439			535,654
	Total Net Assets	$	3,818,917		$	903,520		$	2,259,270
Capital Stock (par value: $.01 per share):
Shares authorized			1,025,000			400,000			800,000
Net Asset Value Per Share:
Class A: Net Assets		$	93,298			N/A		$	71,906
Shares Issued and Outstanding			6,242						4,665
Net Asset Value per share		$	14.95					$	15.41
Maximum Offering Price		$	15.82					$	16.31
Class J: Net Assets		$	741,571			N/A		$	235,159
Shares Issued and Outstanding			49,094						15,800
Net Asset Value per share		$	15.11	(a)				$	14.88	(a)
Institutional: Net Assets		$	2,569,546		$	699,892		$	1,685,175
Shares Issued and Outstanding			168,597			55,121			109,901
Net Asset Value per share		$	15.24		$	12.70		$	15.33
R-1: Net Assets		$	18,774		$	6,177		$	13,746
Shares Issued and Outstanding			1,243			501			906
Net Asset Value per share		$	15.10		$	12.32		$	15.18
R-2: Net Assets		$	23,466		$	10,987		$	17,065
Shares Issued and Outstanding			1,550			892			1,123
Net Asset Value per share		$	15.13		$	12.31		$	15.20
R-3: Net Assets		$	105,161		$	71,210		$	70,644
Shares Issued and Outstanding			6,990			5,750			4,663
Net Asset Value per share		$	15.04		$	12.38		$	15.15
R-4: Net Assets		$	79,822		$	34,245		$	48,088
Shares Issued and Outstanding			5,298			2,740			3,155
Net Asset Value per share		$	15.07		$	12.50		$	15.24
R-5: Net Assets		$	187,279		$	81,009		$	117,487
Shares Issued and Outstanding			12,347			6,473			7,691
Net Asset Value per share		$	15.17		$	12.52		$	15.28

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

21

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		Principal LifeTime				Principal LifeTime		Principal LifeTime
Amounts in thousands, except per share amounts		2055		Fund		2060	Fund		2065	Fund
Investment in affiliated Funds--at cost		$	404,339		$	318,553		$	13,842
Assets
Investment in affiliated Funds--at value		$	448,964		$	336,361		$	13,747
Receivables:
Dividends and interest			35			17			–
Expense reimbursement from Manager			–			2			2
Fund shares sold			522			187			16
Investment securities sold			–			163			–
Prepaid expenses			8			9			–
	Total Assets		449,529			336,739			13,765
Liabilities
Accrued administrative service fees			4			2			–
Accrued distribution fees			10			5			1
Accrued service fees			19			8			1
Accrued transfer agent fees			1			4			–
Accrued directors' expenses			2			1			1
Accrued professional fees			10			10			9
Accrued registration fees			–			–			3
Deposits from counterparty			–			–			–
Payables:
Fund shares redeemed			363			330			1
Investment securities purchased			191			17			15
	Total Liabilities		600			377			31
Net Assets Applicable to Outstanding Shares		$	448,929		$	336,362		$	13,734
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	379,758		$	300,482		$	13,228
Total distributable earnings (accumulated loss)			69,171			35,880			506
	Total Net Assets	$	448,929		$	336,362		$	13,734
Capital Stock (par value: $.01 per share):
Shares authorized			400,000			425,000			325,000
Net Asset Value Per Share:
Class J: Net Assets			N/A		$	9,529			N/A
Shares Issued and Outstanding						672
Net Asset Value per share					$	14.19	(a)
Institutional: Net Assets		$	353,739		$	288,711		$	10,372
Shares Issued and Outstanding			26,070			20,231			956
Net Asset Value per share		$	13.57		$	14.27		$	10.85
R-1: Net Assets		$	3,463		$	1,948		$	128
Shares Issued and Outstanding			264			140			12
Net Asset Value per share		$	13.11		$	13.94		$	10.75
R-2: Net Assets		$	5,261		$	2,001		$	165
Shares Issued and Outstanding			400			143			16
Net Asset Value per share		$	13.14		$	14.00		$	10.76
R-3: Net Assets		$	31,263		$	11,242		$	1,984
Shares Issued and Outstanding			2,365			796			184
Net Asset Value per share		$	13.22		$	14.12		$	10.79
R-4: Net Assets		$	17,550		$	6,301		$	551
Shares Issued and Outstanding			1,315			446			51
Net Asset Value per share		$	13.35		$	14.15		$	10.81
R-5: Net Assets		$	37,653		$	16,630		$	534
Shares Issued and Outstanding			2,811			1,173			49
Net Asset Value per share		$	13.39		$	14.18		$	10.83

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

22

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		Principal LifeTime				Principal LifeTime			Principal LifeTime
Amounts in thousands, except per share amounts		Hybrid 2015 Fund				Hybrid 2020 Fund			Hybrid 2025 Fund
Investment in affiliated Funds--at cost		$	93,193		$	286,773		$	199,453
Assets
Investment in affiliated Funds--at value		$	98,234		$	306,631		$	210,523
Receivables:
Dividends and interest			28			54			17
Expense reimbursement from Manager			4			–			2
Expense reimbursement from Distributor			–			1			1
Fund shares sold			339			319			28
Investment securities sold			–			43			–
	Total Assets		98,605			307,048			210,571
Liabilities
Accrued distribution fees			1			3			4
Accrued transfer agent fees			–			5			1
Accrued directors' expenses			1			1			1
Accrued professional fees			10			10			10
Accrued other expenses			5			4			2
Deposits from counterparty			–			–			–
Payables:
Fund shares redeemed			9			363			9
Investment securities purchased			358			54			37
	Total Liabilities		384			440			64
Net Assets Applicable to Outstanding Shares		$	98,221		$	306,608		$	210,507
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	92,117		$	283,132		$	196,038
Total distributable earnings (accumulated loss)			6,104			23,476			14,469
	Total Net Assets	$	98,221		$	306,608		$	210,507
Capital Stock (par value: $.01 per share):
Shares authorized			600,000			600,000			600,000
Net Asset Value Per Share:
Class J: Net Assets		$	13,454		$	31,360		$	29,660
Shares Issued and Outstanding			1,220			2,806			2,585
Net Asset Value per share		$	11.03	(a)	$	11.18	(a)	$	11.47	(a)
Institutional: Net Assets		$	21,380		$	75,754		$	58,710
Shares Issued and Outstanding			1,936			6,758			5,107
Net Asset Value per share		$	11.05		$	11.21		$	11.50
R-3: Net Assets		$	10		$	10		$	10
Shares Issued and Outstanding			1			1			1
Net Asset Value per share		$	11.03		$	11.20		$	11.49
R-5: Net Assets		$	10		$	10		$	10
Shares Issued and Outstanding			1			1			1
Net Asset Value per share		$	11.04		$	11.21		$	11.49
R-6: Net Assets		$	63,367		$	199,474		$	122,117
Shares Issued and Outstanding			5,726			17,792			10,617
Net Asset Value per share		$	11.07		$	11.21		$	11.50

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

23

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		Principal LifeTime				Principal LifeTime			Principal LifeTime
Amounts in thousands, except per share amounts		Hybrid 2030 Fund				Hybrid 2035 Fund			Hybrid 2040 Fund
Investment in affiliated Funds--at cost		$	242,474		$	145,890		$	164,461
Assets
Investment in affiliated Funds--at value		$	258,191		$	154,119		$	176,031
Receivables:
Expense reimbursement from Manager			1			4			4
Expense reimbursement from Distributor			1			–			–
Fund shares sold			68			62			53
Investment securities sold			–			–			47
	Total Assets		258,261			154,185			176,135
Liabilities
Accrued distribution fees			3			2			2
Accrued transfer agent fees			1			2			2
Accrued directors' expenses			2			1			1
Accrued professional fees			10			10			10
Accrued registration fees			–			–			6
Accrued other expenses			2			3			2
Deposits from counterparty			–			–			–
Payables:
Fund shares redeemed			67			1			99
Investment securities purchased			1			60			–
	Total Liabilities		86			79			122
Net Assets Applicable to Outstanding Shares		$	258,175		$	154,106		$	176,013
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	237,331		$	142,585		$	160,294
Total distributable earnings (accumulated loss)			20,844			11,521			15,719
	Total Net Assets	$	258,175		$	154,106		$	176,013
Capital Stock (par value: $.01 per share):
Shares authorized			600,000			600,000			600,000
Net Asset Value Per Share:
Class J: Net Assets		$	24,437		$	18,496		$	16,425
Shares Issued and Outstanding			2,102			1,555			1,373
Net Asset Value per share		$	11.62	(a)	$	11.89	(a)	$	11.96	(a)
Institutional: Net Assets		$	85,259		$	48,375		$	58,293
Shares Issued and Outstanding			7,314			4,055			4,857
Net Asset Value per share		$	11.66		$	11.93		$	12.00
R-3: Net Assets		$	10		$	10		$	10
Shares Issued and Outstanding			1			1			1
Net Asset Value per share		$	11.64		$	11.92		$	11.99
R-5: Net Assets		$	10		$	10		$	10
Shares Issued and Outstanding			1			1			1
Net Asset Value per share		$	11.65		$	11.92		$	12.00
R-6: Net Assets		$	148,459		$	87,215		$	101,275
Shares Issued and Outstanding			12,742			7,304			8,426
Net Asset Value per share		$	11.65		$	11.94		$	12.02

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

24

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		Principal LifeTime				Principal LifeTime			Principal LifeTime
Amounts in thousands, except per share amounts		Hybrid 2045 Fund				Hybrid 2050 Fund			Hybrid 2055 Fund
Investment in affiliated Funds--at cost		$	88,410		$	79,548		$	26,270
Assets
Investment in affiliated Funds--at value		$	94,090		$	84,560		$	27,751
Receivables:
Expense reimbursement from Manager			7			7			8
Fund shares sold			104			264			29
	Total Assets		94,201			84,831			27,788
Liabilities
Accrued distribution fees			1			1			1
Accrued directors' expenses			1			1			1
Accrued professional fees			10			10			10
Accrued registration fees			9			–			9
Accrued other expenses			–			9			–
Deposits from counterparty			–			–			–
Payables:
Fund shares redeemed			6			2			2
Investment securities purchased			98			262			26
	Total Liabilities		125			285			49
Net Assets Applicable to Outstanding Shares		$	94,076		$	84,546		$	27,739
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	86,235		$	77,118		$	25,594
Total distributable earnings (accumulated loss)			7,841			7,428			2,145
	Total Net Assets	$	94,076		$	84,546		$	27,739
Capital Stock (par value: $.01 per share):
Shares authorized			600,000			600,000			600,000
Net Asset Value Per Share:
Class J: Net Assets		$	8,773		$	7,307		$	2,473
Shares Issued and Outstanding			726			599			201
Net Asset Value per share		$	12.10	(a)	$	12.20	(a)	$	12.31	(a)
Institutional: Net Assets		$	32,735		$	37,755		$	11,063
Shares Issued and Outstanding			2,700			3,093			897
Net Asset Value per share		$	12.13		$	12.21		$	12.33
R-3: Net Assets		$	10		$	10		$	10
Shares Issued and Outstanding			1			1			1
Net Asset Value per share		$	12.12		$	12.20		$	12.33
R-5: Net Assets		$	10		$	10		$	10
Shares Issued and Outstanding			1			1			1
Net Asset Value per share		$	12.12		$	12.20		$	12.33
R-6: Net Assets		$	52,548		$	39,464		$	14,183
Shares Issued and Outstanding			4,329			3,232			1,149
Net Asset Value per share		$	12.14		$	12.21		$	12.35

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

25

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
Amounts in thousands, except per share amounts and Principal LifeTime Hybrid 2065	Principal LifeTime				Principal LifeTime			Principal LifeTime
Fund	Hybrid 2060 Fund				Hybrid 2065 Fund		Hybrid Income Fund
Investment in affiliated Funds--at cost	$	8,988		$	2,169,214		$	53,465
Assets
Investment in affiliated Funds--at value	$	9,311		$	2,184,203		$	55,404
Receivables:
Dividends and interest		–			–			25
Expense reimbursement from Manager		8			6,655			7
Expense reimbursement from Distributor		–			13			–
Fund shares sold		2			1,197			71
Other assets		–			4			–
Prepaid transfer agent fees		–			209			–
Prepaid expenses		–			1,244			–
Total Assets		9,321			2,193,525			55,507
Liabilities
Accrued administrative service fees		–			1			–
Accrued distribution fees		–			67			1
Accrued service fees		–			4			–
Accrued chief compliance officer fees		–			2			–
Accrued directors' expenses		1			1,128			1
Accrued professional fees		10			9,463			10
Accrued registration fees		9			7,455			9
Deposits from counterparty		–			–			–
Payables:
Fund shares redeemed		–			1			3
Investment securities purchased		2			1,200			93
Total Liabilities		22			19,321			117
Net Assets Applicable to Outstanding Shares	$	9,299		$	2,174,204		$	55,390
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	8,739		$	2,436,088		$	52,989
Total distributable earnings (accumulated loss)		560			(261,884	)		2,401
Total Net Assets	$	9,299		$	2,174,204		$	55,390
Capital Stock (par value: $.01 per share):
Shares authorized		600,000			525,000,000			600,000
Net Asset Value Per Share:
Class J: Net Assets	$	929		$	563,251		$	6,159
Shares Issued and Outstanding		75			52,848			588
Net Asset Value per share	$	12.45	(a)	$	10.66	(a)	$	10.47	(a)
Institutional: Net Assets	$	3,805		$	166,531		$	14,237
Shares Issued and Outstanding		305			15,574			1,357
Net Asset Value per share	$	12.49		$	10.69		$	10.49
R-3: Net Assets	$	10		$	10,397		$	10
Shares Issued and Outstanding		1			974			1
Net Asset Value per share	$	12.49		$	10.68		$	10.48
R-5: Net Assets	$	10		$	10,402		$	10
Shares Issued and Outstanding		1			974			1
Net Asset Value per share	$	12.49		$	10.68		$	10.49
R-6: Net Assets	$	4,545		$	1,423,623		$	34,974
Shares Issued and Outstanding		363			137,814			3,330
Net Asset Value per share	$	12.51		$	10.33		$	10.50

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

26

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		Principal LifeTime		Real Estate Securities			SAM Balanced
Amounts in thousands, except per share amounts		Strategic Income Fund			Fund		Portfolio
Investment in securities--at cost		$	–	$	3,324,734	$	–
Investment in affiliated Funds--at cost		$	385,176	$	33,335	$	3,828,078
Assets
Investment in securities--at value		$	–	$	4,417,190	$	–
Investment in affiliated Funds--at value			412,951		33,335		4,565,185
Cash			–		13		–
Receivables:
Dividends and interest			427		959		3,063
Expense reimbursement from Manager			2		52		–
Expense reimbursement from Distributor			1		4		27
Fund shares sold			405		9,576		908
Investment securities sold			407		–		2,161
	Total Assets		414,193		4,461,129		4,571,344
Liabilities
Accrued management and investment advisory fees			–		2,913		1,031
Accrued administrative service fees			3		7		4
Accrued distribution fees			17		137		929
Accrued service fees			10		46		18
Accrued transfer agent fees			7		664		434
Accrued directors' expenses			1		6		8
Accrued professional fees			10		18		14
Accrued other expenses			9		40		111
Deposits from counterparty			–		–		–
Payables:
Fund shares redeemed			812		2,877		2,988
Investment securities purchased			426		2,353		3,036
	Total Liabilities		1,295		9,061		8,573
Net Assets Applicable to Outstanding Shares		$	412,898	$	4,452,068	$	4,562,771
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	376,161	$	3,334,447	$	3,774,498
Total distributable earnings (accumulated loss)			36,737		1,117,621		788,273
	Total Net Assets	$	412,898	$	4,452,068	$	4,562,771

See accompanying notes.

27

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
	Principal LifeTime			Real Estate Securities				SAM Balanced
Amounts in thousands, except per share amounts	Strategic Income Fund				Fund			Portfolio
Capital Stock (par value: $.01 per share):
Shares authorized		725,000			875,000			1,775,000
Net Asset Value Per Share:
Class A: Net Assets	$	16,966		$	305,152		$	2,207,350
Shares Issued and Outstanding		1,414			11,890			144,563
Net Asset Value per share	$	12.00		$	25.66		$	15.27
Maximum Offering Price	$	12.47		$	27.15		$	16.16
Class C: Net Assets		N/A		$	47,654		$	409,551
Shares Issued and Outstanding					1,893			27,289
Net Asset Value per share				$	25.18	(a)	$	15.01	(a)
Class J: Net Assets	$	66,828		$	163,661		$	1,082,390
Shares Issued and Outstanding		5,650			6,574			73,556
Net Asset Value per share	$	11.83	(a)	$	24.89	(a)	$	14.72	(a)
Institutional: Net Assets	$	282,772		$	2,120,065		$	774,329
Shares Issued and Outstanding		23,784			82,520			51,601
Net Asset Value per share	$	11.89		$	25.69		$	15.01
R-1: Net Assets	$	2,965		$	4,014		$	3,377
Shares Issued and Outstanding		249			158			226
Net Asset Value per share	$	11.93		$	25.34		$	14.96
R-2: Net Assets	$	4,384		$	13,785		$	3,137
Shares Issued and Outstanding		368			566			210
Net Asset Value per share	$	11.92		$	24.37		$	14.92
R-3: Net Assets	$	15,214		$	39,611		$	25,434
Shares Issued and Outstanding		1,290			1,584			1,701
Net Asset Value per share	$	11.79		$	25.01		$	14.96
R-4: Net Assets	$	7,478		$	35,181		$	19,952
Shares Issued and Outstanding		633			1,423			1,331
Net Asset Value per share	$	11.81		$	24.73		$	14.99
R-5: Net Assets	$	16,291		$	130,675		$	37,251
Shares Issued and Outstanding		1,370			5,274			2,487
Net Asset Value per share	$	11.89		$	24.78		$	14.98
R-6: Net Assets		N/A		$	1,592,270			N/A
Shares Issued and Outstanding					61,987
Net Asset Value per share				$	25.69

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

28

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
			SAM Conservative			SAM Conservative		SAM Flexible Income
Amounts in thousands, except per share amounts			Balanced Portfolio			Growth Portfolio			Portfolio
Investment in affiliated Funds--at cost		$	1,513,074		$	2,522,713		$	2,479,276
Assets
Investment in affiliated Funds--at value		$	1,684,812		$	3,059,036		$	2,613,536
Receivables:
Dividends and interest			1,772			872			3,685
Expense reimbursement from Distributor			16			14			27
Fund shares sold			1,059			950			9,922
Investment securities sold			2,542			766			–
	Total Assets		1,690,201			3,061,638			2,627,170
Liabilities
Accrued management and investment advisory fees			381			689			592
Accrued administrative service fees			2			2			1
Accrued distribution fees			335			635			564
Accrued service fees			12			12			4
Accrued transfer agent fees			131			290			182
Accrued directors' expenses			4			5			5
Accrued professional fees			11			11			11
Accrued other expenses			47			71			37
Deposits from counterparty			–			–			–
Payables:
Dividends payable			–			–			5,011
Fund shares redeemed			3,558			1,552			1,641
Investment securities purchased			1,755			856			3,839
	Total Liabilities		6,236			4,123			11,887
Net Assets Applicable to Outstanding Shares		$	1,683,965		$	3,057,515		$	2,615,283
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	1,502,396		$	2,466,195		$	2,497,854
Total distributable earnings (accumulated loss)			181,569			591,320			117,429
	Total Net Assets	$	1,683,965		$	3,057,515		$	2,615,283
Capital Stock (par value: $.01 per share):
Shares authorized			1,575,000			1,675,000			1,650,000
Net Asset Value Per Share:
Class A: Net Assets		$	552,884		$	1,694,984		$	994,779
Shares Issued and Outstanding			46,724			100,175			82,459
Net Asset Value per share		$	11.83		$	16.92		$	12.06
Maximum Offering Price		$	12.52		$	17.90		$	12.53
Class C: Net Assets		$	167,048		$	260,445		$	269,901
Shares Issued and Outstanding			14,282			16,734			22,617
Net Asset Value per share		$	11.70	(a)	$	15.56	(a)	$	11.93	(a)
Class J: Net Assets		$	647,969		$	572,982		$	1,109,612
Shares Issued and Outstanding			55,533			35,274			92,812
Net Asset Value per share		$	11.67	(a)	$	16.24	(a)	$	11.96	(a)
Institutional: Net Assets		$	258,110		$	470,552		$	219,791
Shares Issued and Outstanding			22,041			28,530			18,280
Net Asset Value per share		$	11.71		$	16.49		$	12.02
R-1: Net Assets		$	2,452		$	1,043		$	2,371
Shares Issued and Outstanding			210			64			198
Net Asset Value per share		$	11.66		$	16.32		$	11.96
R-2: Net Assets		$	506		$	1,522		$	1,000
Shares Issued and Outstanding			44			93			84
Net Asset Value per share		$	11.76		$	16.32		$	12.00
R-3: Net Assets		$	13,271		$	18,539		$	5,264
Shares Issued and Outstanding			1,136			1,142			439
Net Asset Value per share		$	11.68		$	16.23		$	12.00
R-4: Net Assets		$	24,625		$	11,215		$	4,601
Shares Issued and Outstanding			2,105			682			383
Net Asset Value per share		$	11.70		$	16.43		$	12.01
R-5: Net Assets		$	17,100		$	26,233		$	7,964
Shares Issued and Outstanding			1,462			1,600			664
Net Asset Value per share		$	11.70		$	16.39		$	12.00

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

29

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Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		SAM Strategic Growth		Short-Term Income
Amounts in thousands, except per share amounts			Portfolio		Fund			SmallCap Fund
Investment in securities--at cost		$	–	$	4,708,296		$	566,625
Investment in affiliated Funds--at cost		$	1,633,483	$	90,634		$	21,498
Assets
Investment in securities--at value		$	–	$	4,731,838		$	672,569
Investment in affiliated Funds--at value			1,893,671		90,634			21,498
Cash			–		7			–
Receivables:
Dividends and interest			97		24,297			88
Expense reimbursement from Manager			–		–			4
Expense reimbursement from Distributor			7		3			5
Fund shares sold			399		16,760			297
Investment securities sold			585		–			565
Other assets			–		–			1
	Total Assets		1,894,759		4,863,539			695,027
Liabilities
Accrued management and investment advisory fees			426		1,599			417
Accrued administrative service fees			1		1			3
Accrued distribution fees			391		105			102
Accrued service fees			8		7			13
Accrued transfer agent fees			233		147			127
Accrued directors' expenses			4		9			2
Accrued professional fees			11		20			15
Accrued other expenses			56		35			56
Deposits from counterparty			–		–			–
Payables:
Dividends payable			–		9,895			–
Fund shares redeemed			1,084		4,550			488
Investment securities purchased			78		28,702			1,547
	Total Liabilities		2,292		45,070			2,770
Net Assets Applicable to Outstanding Shares		$	1,892,467	$	4,818,469		$	692,257
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	1,600,993	$	4,820,399		$	575,743
Total distributable earnings (accumulated loss)			291,474		(1,930	)		116,514
	Total Net Assets	$	1,892,467	$	4,818,469		$	692,257

See accompanying notes.

31

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		SAM Strategic Growth			Short-Term Income
Amounts in thousands, except per share amounts			Portfolio			Fund			SmallCap Fund
Capital Stock (par value: $.01 per share):
Shares authorized			1,875,000			895,000			700,000
Net Asset Value Per Share:
Class A: Net Assets	$		1,125,604		$	293,640		$	232,784
Shares Issued and Outstanding			62,552			24,127			11,019
Net Asset Value per share	$		17.99		$	12.17		$	21.13
Maximum Offering Price	$		19.04		$	12.45		$	22.36
Class C: Net Assets	$		148,378		$	58,674		$	30,192
Shares Issued and Outstanding			9,239			4,818			1,625
Net Asset Value per share	$		16.06	(a)	$	12.18	(a)	$	18.57	(a)
Class J: Net Assets	$		305,773		$	127,470		$	199,742
Shares Issued and Outstanding			17,708			10,479			9,950
Net Asset Value per share	$		17.27	(a)	$	12.16	(a)	$	20.07	(a)
Institutional: Net Assets	$		273,284		$	4,305,743		$	96,871
Shares Issued and Outstanding			15,621			353,978			4,233
Net Asset Value per share	$		17.49		$	12.16		$	22.88
R-1: Net Assets	$		463		$	545		$	2,555
Shares Issued and Outstanding			27			45			129
Net Asset Value per share	$		17.38		$	12.17		$	19.85
R-2: Net Assets	$		2,456		$	1,575		$	3,622
Shares Issued and Outstanding			142			129			180
Net Asset Value per share	$		17.24		$	12.17		$	20.12
R-3: Net Assets	$		7,989		$	13,839		$	11,290
Shares Issued and Outstanding			464			1,137			536
Net Asset Value per share	$		17.23		$	12.17		$	21.07
R-4: Net Assets	$		12,739		$	2,683		$	26,852
Shares Issued and Outstanding			733			221			1,218
Net Asset Value per share	$		17.37		$	12.16		$	22.04
R-5: Net Assets	$		15,781		$	14,300		$	21,134
Shares Issued and Outstanding			911			1,175			934
Net Asset Value per share	$		17.32		$	12.17		$	22.62
R-6: Net Assets			N/A			N/A		$	67,215
Shares Issued and Outstanding									2,939
Net Asset Value per share								$	22.87

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

32

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		SmallCap Growth			SmallCap S&P 600	SmallCap Value Fund
Amounts in thousands, except per share amounts			Fund I		Index Fund		II
Investment in securities--at cost		$	1,434,148	$	1,061,563	$	980,477
Investment in affiliated Funds--at cost		$	63,882	$	39,643	$	45,210
Assets
Investment in securities--at value		$	1,858,556	$	1,304,428	$	1,051,677
Investment in affiliated Funds--at value			63,947		39,643		45,242
Cash			7,970		–		–
Deposits with counterparty			437		1,800		153
Receivables:
Dividends and interest			232		526		333
Expense reimbursement from Manager			146		–		43
Expense reimbursement from Distributor			2		4		1
Fund shares sold			464		707		122
Investment securities sold			4,442		–		3,270
Variation margin on futures			–		39		–
	Total Assets		1,936,196		1,347,147		1,100,841
Liabilities
Accrued management and investment advisory fees			1,663		165		882
Accrued administrative service fees			3		14		1
Accrued distribution fees			14		56		7
Accrued service fees			15		72		8
Accrued transfer agent fees			51		66		57
Accrued directors' expenses			6		3		2
Accrued professional fees			16		15		17
Accrued other expenses			24		20		39
Deposits from counterparty			–		–		–
Payables:
Fund shares redeemed			697		4,111		1,022
Investment securities purchased			10,160		–		2,624
Variation margin on futures			40		245		19
	Total Liabilities		12,689		4,767		4,678
Net Assets Applicable to Outstanding Shares		$	1,923,507	$	1,342,380	$	1,096,163
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	1,467,774	$	1,057,113	$	1,060,392
Total distributable earnings (accumulated loss)			455,733		285,267		35,771
	Total Net Assets	$	1,923,507	$	1,342,380	$	1,096,163

See accompanying notes.

33

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
		SmallCap Growth				SmallCap S&P 600		SmallCap Value Fund
Amounts in thousands, except per share amounts			Fund I			Index Fund			II
Capital Stock (par value: $.01 per share):
Shares authorized			870,000			425,000			775,000
Net Asset Value Per Share:
Class A: Net Assets			N/A			N/A		$	7,813
Shares Issued and Outstanding									744
Net Asset Value per share								$	10.50
Maximum Offering Price								$	11.11
Class J: Net Assets	$		73,187		$	181,861		$	17,735
Shares Issued and Outstanding			7,673			7,689			1,721
Net Asset Value per share	$		9.54	(a)	$	23.65	(a)	$	10.31	(a)
Institutional: Net Assets	$		161,138		$	361,752		$	139,442
Shares Issued and Outstanding			11,693			14,402			13,104
Net Asset Value per share	$		13.78		$	25.12		$	10.64
R-1: Net Assets	$		2,110		$	12,300		$	921
Shares Issued and Outstanding			197			498			98
Net Asset Value per share	$		10.70		$	24.68		$	9.44
R-2: Net Assets	$		3,446		$	13,424		$	1,689
Shares Issued and Outstanding			333			527			175
Net Asset Value per share	$		10.34		$	25.46		$	9.66
R-3: Net Assets	$		15,350		$	106,900		$	8,054
Shares Issued and Outstanding			1,374			4,165			796
Net Asset Value per share	$		11.17		$	25.67		$	10.12
R-4: Net Assets	$		12,163		$	65,103		$	4,906
Shares Issued and Outstanding			1,009			2,508			476
Net Asset Value per share	$		12.06		$	25.96		$	10.30
R-5: Net Assets	$		42,671		$	153,061		$	21,405
Shares Issued and Outstanding			3,349			5,863			2,052
Net Asset Value per share	$		12.74		$	26.11		$	10.43
R-6: Net Assets	$		1,613,442		$	447,979		$	894,198
Shares Issued and Outstanding			117,266			17,846			84,100
Net Asset Value per share	$		13.76		$	25.10		$	10.63

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

34

Statement of Assets and Liabilities
Principal Funds, Inc.
April 30, 2019 (unaudited)
Amounts in thousands, except per share amounts		Tax-Exempt Bond Fund
Investment in securities--at cost		$	431,119
Assets
Investment in securities--at value		$	441,862
Cash			6,494
Receivables:
Dividends and interest			5,975
Expense reimbursement from Manager			7
Fund shares sold			2,490
Investment securities sold			414
Other assets			9
	Total Assets		457,251
Liabilities
Accrued management and investment advisory fees			158
Accrued distribution fees			88
Accrued transfer agent fees			42
Accrued directors' expenses			1
Accrued professional fees			16
Accrued other expenses			8
Deposits from counterparty			–
Payables:
Dividends payable			1,116
Fund shares redeemed			410
Interest expense and fees payable			83
Investment securities purchased			9,010
Floating rate notes issued			12,823
	Total Liabilities		23,755
Net Assets Applicable to Outstanding Shares		$	433,496
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	429,285
Total distributable earnings (accumulated loss)			4,211
	Total Net Assets	$	433,496
Capital Stock (par value: $.01 per share):
Shares authorized			450,000
Net Asset Value Per Share:
Class A: Net Assets		$	302,933
Shares Issued and Outstanding			41,828
Net Asset Value per share		$	7.24
Maximum Offering Price		$	7.52
Class C: Net Assets		$	31,999
Shares Issued and Outstanding			4,404
Net Asset Value per share		$	7.27	(a)
Institutional: Net Assets		$	98,564
Shares Issued and Outstanding			13,598
Net Asset Value per share		$	7.25

(a)      Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

See accompanying notes.

35

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Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	California Municipal					Diversified
Amounts in thousands		Fund	Core Plus Bond Fund(a)		International Fund(b)
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	–	$	1,399	$	2,614
Dividends		1		214		166,646
Withholding tax		–		–		(15,307	)
Interest		8,537		58,970		32
	Total Income	8,538		60,583		153,985
Expenses:
Management and investment advisory fees		908		7,869		44,544
Distribution fees - Class A		353		102		266
Distribution fees - Class C		165		13		65
Distribution fees - Class J		N/A		98		114
Distribution fees - R-1		N/A		8		7
Distribution fees - R-2		N/A		6		6
Distribution fees - R-3		N/A		21		19
Distribution fees - R-4		N/A		5		11
Administrative service fees - R-1		N/A		6		6
Administrative service fees - R-2		N/A		4		4
Administrative service fees - R-3		N/A		6		5
Administrative service fees - R-4		N/A		1		3
Administrative service fees - R-5		N/A		2		2
Registration fees - Class A		9		8		10
Registration fees - Class C		8		3		7
Registration fees - Class J		N/A		7		7
Registration fees - Institutional		9		11		12
Registration fees - R-6		N/A		N/A		3
Service fees - R-1		N/A		5		5
Service fees - R-2		N/A		5		5
Service fees - R-3		N/A		20		18
Service fees - R-4		N/A		13		28
Service fees - R-5		N/A		51		53
Shareholder meeting expense - Class A		2		3		8
Shareholder meeting expense - Class J		N/A		5		5
Shareholder meeting expense - Institutional		1		–		1
Shareholder reports - Class A		4		16		35
Shareholder reports - Class C		1		–		3
Shareholder reports - Class J		N/A		45		46
Shareholder reports - Institutional		1		1		2
Transfer agent fees - Class A		73		88		230
Transfer agent fees - Class C		13		4		19
Transfer agent fees - Class J		N/A		132		145
Transfer agent fees - Institutional		32		138		126
Chief compliance officer expenses		–		2		7
Custodian fees		–		22		797
Directors' expenses		5		34		120
Interest expense and fees		80		–		–
Professional fees		17		27		61
Other expenses		5		13		43
	Total Gross Expenses	1,686		8,794		46,848
Less: Reimbursement from Manager		–		933		3,694
Less: Reimbursement from Manager - Class A		–		42		–
Less: Reimbursement from Manager - Class C		–		3		14
Less: Reimbursement from Manager - Institutional		23		–		–
Less: Reimbursement from Distributor - Class J		N/A		20		23
	Total Net Expenses	1,663		7,796		43,117
	Net Investment Income (Loss)	6,875		52,787		110,868

See accompanying notes.

37

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
	California Municipal							Diversified
Amounts in thousands		Fund		Core Plus Bond Fund(a)			International Fund(b)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures
and Swap agreements
Net realized gain (loss) from:
Investment transactions		(1,131	)		(14,122	)		(281,477	)
Foreign currency contracts		–			664			–
Foreign currency transactions		–			(30	)		(4,337	)
Futures contracts		–			290			–
Swap agreements		–			(3,162	)		–
Net change in unrealized appreciation/depreciation of:
Investments		16,156			127,023			963,509
Foreign currency contracts		–			(186	)		–
Futures contracts		–			955			–
Swap agreements		–			(2,951	)		–
Translation of assets and liabilities in foreign currencies		–			31			29
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures
	and Swap agreements	15,025			108,512			677,724
Net Increase (Decrease) in Net Assets Resulting from Operations$		21,900		$	161,299		$	788,592

(a)	Class C shares discontinued operations and converted to Class A shares on January 11, 2019.
(b)	Class R-6 commenced operations on March 1, 2019.

See accompanying notes.

38

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

					Finisterre
					Unconstrained
				Emerging Markets				Global Diversified
Amounts in thousands	Equity Income Fund				Bond Fund			Income Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	1,097		$	–		$	2,574
Dividends		104,598			13			24,536
Withholding tax		(2,965	)		(20	)		(1,220	)
Interest		18			1,400			222,612
	Total Income	102,748			1,393			248,502
Expenses:
Management and investment advisory fees		17,573			240			27,930
Distribution fees - Class A		1,368			2			1,726
Distribution fees - Class C		789			N/A			8,138
Distribution fees - Class J		46			N/A			N/A
Distribution fees - R-1		5			N/A			N/A
Distribution fees - R-2		7			N/A			N/A
Distribution fees - R-3		47			N/A			N/A
Distribution fees - R-4		17			N/A			N/A
Administrative service fees - R-1		4			N/A			N/A
Administrative service fees - R-2		5			N/A			N/A
Administrative service fees - R-3		13			N/A			N/A
Administrative service fees - R-4		5			N/A			N/A
Administrative service fees - R-5		6			N/A			N/A
Registration fees - Class A		17			9			27
Registration fees - Class C		9			N/A			18
Registration fees - Class J		11			N/A			N/A
Registration fees - Institutional		35			9			59
Registration fees - R-6		N/A			N/A			10
Service fees - R-1		3			N/A			N/A
Service fees - R-2		6			N/A			N/A
Service fees - R-3		47			N/A			N/A
Service fees - R-4		42			N/A			N/A
Service fees - R-5		161			N/A			N/A
Shareholder meeting expense - Class A		16			–			23
Shareholder meeting expense - Class C		2			N/A			34
Shareholder meeting expense - Class J		2			N/A			N/A
Shareholder meeting expense - Institutional		4			–			98
Shareholder reports - Class A		68			–			75
Shareholder reports - Class C		13			N/A			131
Shareholder reports - Class J		8			N/A			N/A
Shareholder reports - Institutional		15			1			263
Transfer agent fees - Class A		656			6			610
Transfer agent fees - Class C		84			N/A			746
Transfer agent fees - Class J		56			N/A			N/A
Transfer agent fees - Institutional		415			4			1,916
Chief compliance officer expenses		4			–			6
Custodian fees		79			5			429
Directors' expenses		76			1			88
Dividends and interest on securities sold short		–			–			4
Professional fees		31			19			53
Short sale fees		–			–			61
Other expenses		27			2			91
	Total Gross Expenses	21,772			298			42,536
Less: Reimbursement from Manager		–			15			2,147
Less: Reimbursement from Manager - Class A		–			14			–
Less: Reimbursement from Manager - Institutional		238			15			1,874
Less: Reimbursement from Manager - R-6		N/A			N/A			6
Less: Reimbursement from Distributor - Class J		9			N/A			N/A
	Total Net Expenses	21,525			254			38,509
	Net Investment Income (Loss)	81,223			1,139			209,993

See accompanying notes.

39

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
				Finisterre
				Unconstrained
			Emerging Markets				Global Diversified
Amounts in thousands	Equity Income Fund			Bond Fund			Income Fund
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures,
Options and Swaptions, Short sales and Swap agreements
Net realized gain (loss) from:
Investment transactions		32,300		90			(223,635	)
Foreign currency contracts		–		(578	)		753
Foreign currency transactions		–		(42	)		(1,914	)
Futures contracts		–		(89	)		(282	)
Options and swaptions		–		–			12,290
Short sales		–		–			(105	)
Swap agreements		–		(106	)		1,228
Net change in unrealized appreciation/depreciation of:
Investments		535,113		1,076			417,524
Foreign currency contracts		–		51			(1,808	)
Futures contracts		–		9			(1,033	)
Options and swaptions		–		–			(8,184	)
Swap agreements		–		235			2,099
Translation of assets and liabilities in foreign currencies		–		5			498
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures,
Options and Swaptions, Short sales and Swap agreements		567,413		651			197,431
Net Increase (Decrease) in Net Assets Resulting from Operations$		648,636	$	1,790		$	407,424

See accompanying notes.

40

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	Global Real Estate			Government & High		Government Money
Amounts in thousands		Securities Fund		Quality Bond Fund			Market Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	533		$	181	$	–
Dividends		49,222			–		2,287
Withholding tax		(2,303	)		–		–
Interest		3			21,246		30,521
	Total Income	47,455			21,427		32,808
Expenses:
Management and investment advisory fees		14,072			3,616		2,078
Distribution fees - Class A		125			239		N/A
Distribution fees - Class C		154			170		N/A
Distribution fees - Class J		N/A			76		N/A
Distribution fees - R-1		N/A			5		N/A
Distribution fees - R-2		N/A			6		N/A
Distribution fees - R-3		1			13		N/A
Distribution fees - R-4		–			5		N/A
Administrative service fees - R-1		N/A			4		N/A
Administrative service fees - R-2		N/A			4		N/A
Administrative service fees - R-3		–			4		N/A
Administrative service fees - R-4		–			1		N/A
Administrative service fees - R-5		–			1		N/A
Registration fees - Class A		11			9		N/A
Registration fees - Class C		8			7		N/A
Registration fees - Class J		N/A			8		N/A
Registration fees - Institutional		30			12		–
Registration fees - R-6		67			N/A		N/A
Service fees - R-1		N/A			3		N/A
Service fees - R-2		N/A			5		N/A
Service fees - R-3		1			13		N/A
Service fees - R-4		–			12		N/A
Service fees - R-5		–			27		N/A
Shareholder meeting expense - Class A		2			5		N/A
Shareholder meeting expense - Class C		1			–		N/A
Shareholder meeting expense - Class J		N/A			3		N/A
Shareholder meeting expense - Institutional		75			1		–
Shareholder reports - Class A		10			24		N/A
Shareholder reports - Class C		4			4		N/A
Shareholder reports - Class J		N/A			28		N/A
Shareholder reports - Institutional		277			3		–
Transfer agent fees - Class A		75			157		N/A
Transfer agent fees - Class C		21			24		N/A
Transfer agent fees - Class J		N/A			87		N/A
Transfer agent fees - Institutional		1,616			161		2
Chief compliance officer expenses		2			1		2
Custodian fees		90			3		11
Directors' expenses		35			16		31
Professional fees		35			18		15
Other expenses		12			7		11
	Total Gross Expenses	16,724			4,782		2,150
Less: Reimbursement from Manager		–			–		143
Less: Reimbursement from Manager - Class C		–			16		N/A
Less: Reimbursement from Manager - Institutional		1,160			51		72
Less: Reimbursement from Manager - R-1		N/A			1		N/A
Less: Reimbursement from Manager - R-2		N/A			2		N/A
Less: Reimbursement from Manager - R-3		–			5		N/A
Less: Reimbursement from Manager - R-4		–			5		N/A
Less: Reimbursement from Manager - R-5		–			10		N/A
Less: Reimbursement from Manager - R-6		24			N/A		N/A
Less: Reimbursement from Distributor - Class A		–			73		N/A
Less: Reimbursement from Distributor - Class J		N/A			15		N/A
	Total Net Expenses	15,540			4,604		1,935
	Net Investment Income (Loss)	31,915			16,823		30,873

See accompanying notes.

41

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
	Global Real Estate			Government & High			Government Money
Amounts in thousands		Securities Fund		Quality Bond Fund				Market Fund
Net Realized and Unrealized Gain (Loss) on Investments and Foreign currencies
Net realized gain (loss) from:
Investment transactions		37,008			(2,453	)		–
Foreign currency transactions		(98	)		–			–
Net change in unrealized appreciation/depreciation of:
Investments		315,262			50,094			–
Translation of assets and liabilities in foreign currencies		4			–			–
Net Realized and Unrealized Gain (Loss) on Investments and Foreign currencies		352,176			47,641			–
Net Increase (Decrease) in Net Assets Resulting from Operations$		384,091		$	64,464		$	30,873

See accompanying notes.

42

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
Amounts in thousands		High Yield Fund		High Yield Fund I		Income Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	799	$	1,121	$	377
Dividends		25		26		(5,749	)(a)
Interest		93,048		126,668		55,435
	Total Income	93,872		127,815		50,063
Expenses:
Management and investment advisory fees		7,289		10,954		6,939
Distribution fees - Class A		812		7		286
Distribution fees - Class C		1,126		N/A		253
Distribution fees - Class J		N/A		N/A		65
Distribution fees - R-1		N/A		N/A		28
Distribution fees - R-2		N/A		N/A		3
Distribution fees - R-3		N/A		N/A		35
Distribution fees - R-4		N/A		N/A		9
Administrative service fees - R-1		N/A		N/A		22
Administrative service fees - R-2		N/A		N/A		2
Administrative service fees - R-3		N/A		N/A		10
Administrative service fees - R-4		N/A		N/A		3
Administrative service fees - R-5		N/A		N/A		1
Registration fees - Class A		20		10		10
Registration fees - Class C		10		N/A		9
Registration fees - Class J		N/A		N/A		8
Registration fees - Institutional		30		13		14
Registration fees - R-6		2		N/A		20
Service fees - R-1		N/A		N/A		20
Service fees - R-2		N/A		N/A		2
Service fees - R-3		N/A		N/A		34
Service fees - R-4		N/A		N/A		24
Service fees - R-5		N/A		N/A		42
Shareholder meeting expense - Class A		22		–		4
Shareholder meeting expense - Class C		7		N/A		1
Shareholder meeting expense - Class J		N/A		N/A		2
Shareholder meeting expense - Institutional		50		–		1
Shareholder meeting expense - R-6		1		N/A		–
Shareholder reports - Class A		63		1		21
Shareholder reports - Class C		23		N/A		7
Shareholder reports - Class J		N/A		N/A		12
Shareholder reports - Institutional		118		2		4
Shareholder reports - R-6		3		N/A		–
Transfer agent fees - Class A		428		8		137
Transfer agent fees - Class C		120		N/A		37
Transfer agent fees - Class J		N/A		N/A		43
Transfer agent fees - Institutional		799		31		238
Chief compliance officer expenses		2		2		2
Custodian fees		5		31		2
Directors' expenses		31		35		31
Professional fees		26		25		19
Other expenses		16		9		13
	Total Gross Expenses	11,003		11,128		8,413
Less: Reimbursement from Manager - Class A		–		14		–
Less: Reimbursement from Manager - Institutional		289		–		52
Less: Reimbursement from Distributor - Class J		N/A		N/A		13
	Total Net Expenses	10,714		11,114		8,348
	Net Investment Income (Loss)	83,158		116,701		41,715

See accompanying notes.

43

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
Amounts in thousands		High Yield Fund			High Yield Fund I			Income Fund
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Swap
agreements
Net realized gain (loss) from:
Investment transactions		(24,242	)		(39,987	)		12,385
Foreign currency transactions		(2	)		–			–
Swap agreements		382			2,360			–
Net change in unrealized appreciation/depreciation of:
Investments		60,051			83,280			85,592
Swap agreements		–			1,331			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Swap
	agreements	36,189			46,984			97,977
Net Increase (Decrease) in Net Assets Resulting from Operations$		119,347		$	163,685		$	139,692

(a)      Contra-income is a result of a prior year dividend income adjustment for return of capital.

See accompanying notes.

44

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

				International
	Inflation Protection		Emerging Markets
Amounts in thousands		Fund(a)		Fund		International Fund I
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	169	$	155		$	49
Dividends		–		5,821			4,808
Withholding tax		–		(558	)		(303	)
Interest		7,964		9			–
	Total Income	8,133		5,427			4,554
Expenses:
Management and investment advisory fees		2,944		4,542			1,628
Distribution fees - Class A		14		101			11
Distribution fees - Class C		6		50			N/A
Distribution fees - Class J		4		70			N/A
Distribution fees - R-1		2		4			3
Distribution fees - R-2		1		3			3
Distribution fees - R-3		8		8			4
Distribution fees - R-4		1		3			2
Administrative service fees - R-1		2		3			3
Administrative service fees - R-2		1		2			2
Administrative service fees - R-3		2		2			1
Administrative service fees - R-4		–		1			1
Administrative service fees - R-5		–		1			–
Registration fees - Class A		8		9			8
Registration fees - Class C		3		7			N/A
Registration fees - Class J		7		7			N/A
Registration fees - Institutional		9		8			9
Registration fees - R-6		N/A		10			12
Service fees - R-1		1		3			3
Service fees - R-2		1		2			2
Service fees - R-3		8		8			4
Service fees - R-4		2		8			6
Service fees - R-5		4		16			4
Shareholder meeting expense - Class A		1		4			–
Shareholder meeting expense - Class J		–		4			N/A
Shareholder meeting expense - Institutional		–		–			1
Shareholder reports - Class A		2		19			2
Shareholder reports - Class C		–		3			N/A
Shareholder reports - Class J		3		34			N/A
Shareholder reports - Institutional		–		2			2
Transfer agent fees - Class A		14		103			13
Transfer agent fees - Class C		3		18			N/A
Transfer agent fees - Class J		10		102			N/A
Transfer agent fees - Institutional		2		57			59
Chief compliance officer expenses		1		1			–
Custodian fees		16		150			56
Directors' expenses		17		10			5
Professional fees		18		47			35
Other expenses		8		26			7
	Total Gross Expenses	3,123		5,448			1,886
Less: Reimbursement from Manager		–		382			181
Less: Reimbursement from Manager - Class A		10		66			13
Less: Reimbursement from Manager - Class C		4		8			N/A
Less: Reimbursement from Manager - Class J		–		76			N/A
Less: Reimbursement from Manager - Institutional		–		25			22
Less: Reimbursement from Manager - R-6		N/A		44			31
Less: Reimbursement from Distributor - Class J		1		14			N/A
	Total Net Expenses	3,108		4,833			1,639
	Net Investment Income (Loss)	5,025		594			2,915

See accompanying notes.

45

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
					International
	Inflation Protection			Emerging Markets
Amounts in thousands		Fund(a)			Fund		International Fund I
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures,
Options and Swaptions and Swap agreements
Net realized gain (loss) from:
Investment transactions		(6,268	)		(5,626	)		(8,658	)
Foreign currency contracts		816			–			–
Foreign currency transactions		(132	)		(1,429	)		(261	)
Futures contracts		(4,378	)		–			–
Options and swaptions		(335	)		–			–
Swap agreements		(1,688	)		–			–
Net change in unrealized appreciation/depreciation of:
Investments (net of foreign taxes of $0, $279 and $0, respectively)		76,171			80,066			39,248
Foreign currency contracts		183			–			–
Futures contracts		(954	)		–			–
Options and swaptions		608			–			–
Swap agreements		(1,479	)		–			–
Translation of assets and liabilities in foreign currencies		42			128			24
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures,
Options and Swaptions and Swap agreements		62,586			73,139			30,353
Net Increase (Decrease) in Net Assets Resulting from Operations$		67,611		$	73,733		$	33,268

(a)      Class C shares discontinued operations and converted to Class A shares on January 11, 2019.

See accompanying notes.

46

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	LargeCap Growth			LargeCap Growth			LargeCap S&P 500
Amounts in thousands		Fund(a)			Fund I			Index Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	100		$	1,681		$	988
Dividends		2,188			37,614			61,533
Withholding tax		–			(193	)		–
Interest		1			53			42
	Total Income	2,289			39,155			62,563
Expenses:
Management and investment advisory fees		1,827			24,825			4,124
Distribution fees - Class A		452			52			290
Distribution fees - Class C		29			N/A			315
Distribution fees - Class J		57			138			482
Distribution fees - R-1		7			13			27
Distribution fees - R-2		2			12			31
Distribution fees - R-3		8			120			223
Distribution fees - R-4		3			40			73
Administrative service fees - R-1		5			11			21
Administrative service fees - R-2		1			8			21
Administrative service fees - R-3		3			33			62
Administrative service fees - R-4		1			12			22
Administrative service fees - R-5		2			14			16
Registration fees - Class A		11			10			14
Registration fees - Class C		3			N/A			9
Registration fees - Class J		8			11			11
Registration fees - Institutional		8			11			15
Registration fees - R-6		N/A			58			N/A
Service fees - R-1		5			9			19
Service fees - R-2		1			10			26
Service fees - R-3		8			120			223
Service fees - R-4		8			100			181
Service fees - R-5		51			342			399
Shareholder meeting expense - Class A		10			1			8
Shareholder meeting expense - Class C		N/A			N/A			1
Shareholder meeting expense - Class J		2			2			8
Shareholder meeting expense - Institutional		–			3			2
Shareholder meeting expense - R-6		N/A			1			N/A
Shareholder reports - Class A		61			3			39
Shareholder reports - Class C		1			N/A			5
Shareholder reports - Class J		14			19			73
Shareholder reports - Institutional		1			11			5
Shareholder reports - R-6		N/A			4			N/A
Transfer agent fees - Class A		293			29			227
Transfer agent fees - Class C		7			N/A			34
Transfer agent fees - Class J		43			66			233
Transfer agent fees - Institutional		4			962			138
Chief compliance officer expenses		–			5			4
Custodian fees		1			16			5
Directors' expenses		7			87			58
Professional fees		11			15			14
Other expenses		4			32			51
	Total Gross Expenses	2,959			27,205			7,509
Less: Reimbursement from Manager		–			662			–
Less: Reimbursement from Manager - Class C		–			N/A			5
Less: Reimbursement from Manager - Institutional		15			–			–
Less: Reimbursement from Distributor - Class J		11			28			96
	Total Net Expenses	2,933			26,515			7,408
	Net Investment Income (Loss)	(644	)		12,640			55,155

See accompanying notes.

47

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
	LargeCap Growth			LargeCap Growth			LargeCap S&P 500
Amounts in thousands		Fund(a)			Fund I			Index Fund
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures
Net realized gain (loss) from:
Investment transactions		(10,365	)		455,319			42,221
Investment transactions in affiliated Funds		–			(11	)		–
Futures contracts		–			(1,083	)		4,073
Net change in unrealized appreciation/depreciation of:
Investments		59,217			627,281			420,161
Investments in affiliated Funds		–			102			–
Futures contracts		–			1,269			9,924
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures		48,852			1,082,877			476,379
Net Increase (Decrease) in Net Assets Resulting from Operations$		48,208		$	1,095,517		$	531,534

(a)      Class C shares discontinued operations and converted to Class A shares on January 11, 2019.

See accompanying notes.

48

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	LargeCap Value Fund
Amounts in thousands		III			MidCap Fund		MidCap Growth Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	714		$	62		$	40
Dividends		34,184			61,626			362
Withholding tax		(1	)		(1,895	)		–
Interest		13			1			–
	Total Income	34,910			59,794			402
Expenses:
Management and investment advisory fees		7,779			42,275			560
Distribution fees - Class A		N/A			1,807			N/A
Distribution fees - Class C		N/A			1,187			N/A
Distribution fees - Class J		53			210			50
Distribution fees - R-1		8			145			3
Distribution fees - R-2		3			33			4
Distribution fees - R-3		7			121			15
Distribution fees - R-4		2			44			2
Administrative service fees - R-1		6			116			2
Administrative service fees - R-2		2			22			3
Administrative service fees - R-3		2			34			4
Administrative service fees - R-4		1			13			1
Administrative service fees - R-5		–			17			1
Registration fees - Class A		N/A			12			N/A
Registration fees - Class C		N/A			8			N/A
Registration fees - Class J		7			7			8
Registration fees - Institutional		13			94			7
Registration fees - R-6		N/A			16			N/A
Service fees - R-1		5			103			2
Service fees - R-2		3			28			3
Service fees - R-3		7			121			15
Service fees - R-4		6			110			6
Service fees - R-5		13			410			28
Shareholder meeting expense - Class A		N/A			37			N/A
Shareholder meeting expense - Class C		N/A			5			N/A
Shareholder meeting expense - Class J		2			6			1
Shareholder meeting expense - Institutional		–			315			–
Shareholder meeting expense - R-6		N/A			5			N/A
Shareholder reports - Class A		N/A			101			N/A
Shareholder reports - Class C		N/A			16			N/A
Shareholder reports - Class J		14			37			10
Shareholder reports - Institutional		–			773			1
Shareholder reports - R-6		N/A			10			N/A
Transfer agent fees - Class A		N/A			944			N/A
Transfer agent fees - Class C		N/A			109			N/A
Transfer agent fees - Class J		53			120			35
Transfer agent fees - Institutional		3			4,814			33
Chief compliance officer expenses		1			10			–
Custodian fees		11			6			1
Directors' expenses		24			156			3
Professional fees		15			19			10
Other expenses		9			214			3
	Total Gross Expenses	8,049			54,630			811
Less: Reimbursement from Manager		646			–			–
Less: Reimbursement from Manager - Institutional		–			272			18
Less: Reimbursement from Distributor - Class J		11			42			10
	Total Net Expenses	7,392			54,316			783
	Net Investment Income (Loss)	27,518			5,478			(381	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures
Net realized gain (loss) from:
Investment transactions		35,005			399,035			213
Futures contracts		574			–			–
Net change in unrealized appreciation/depreciation of:
Investments		78,453			2,111,762			21,980
Investments in affiliated Funds		42			–			–
Investment in affiliated securities		–			79,001			–
Futures contracts		1,108			–			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures		115,182			2,589,798			22,193
Net Increase (Decrease) in Net Assets Resulting from Operations$		142,700		$	2,595,276		$	21,812

See accompanying notes.

49

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	MidCap Growth Fund				MidCap S&P 400		MidCap Value Fund
Amounts in thousands		III			Index Fund			I(a)
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	245		$	280		$	195
Dividends		3,518			10,376			9,379
Withholding tax		(12	)		(6	)		(1	)
Interest		6			11			4
	Total Income	3,757			10,661			9,577
Expenses:
Management and investment advisory fees		4,924			990			4,668
Distribution fees - Class A		N/A			N/A			3
Distribution fees - Class J		27			90			53
Distribution fees - R-1		3			17			5
Distribution fees - R-2		3			25			4
Distribution fees - R-3		3			114			12
Distribution fees - R-4		2			31			4
Administrative service fees - R-1		2			14			4
Administrative service fees - R-2		2			16			3
Administrative service fees - R-3		1			32			3
Administrative service fees - R-4		1			10			1
Administrative service fees - R-5		–			8			1
Registration fees - Class A		N/A			N/A			1
Registration fees - Class J		7			8			8
Registration fees - Institutional		13			12			21
Registration fees - R-6		N/A			11			2
Service fees - R-1		2			12			4
Service fees - R-2		2			21			3
Service fees - R-3		4			114			11
Service fees - R-4		4			79			10
Service fees - R-5		8			206			31
Shareholder meeting expense - Class J		1			2			4
Shareholder meeting expense - Institutional		–			2			2
Shareholder reports - Class J		6			14			13
Shareholder reports - Institutional		–			9			4
Transfer agent fees - Class A		N/A			N/A			2
Transfer agent fees - Class J		28			55			51
Transfer agent fees - Institutional		2			90			71
Chief compliance officer expenses		1			1			1
Custodian fees		7			4			20
Directors' expenses		12			15			11
Professional fees		11			11			12
Other expenses		5			13			5
	Total Gross Expenses	5,081			2,026			5,048
Less: Reimbursement from Manager		403			–			513
Less: Reimbursement from Manager - Institutional		–			–			3
Less: Reimbursement from Distributor - Class J		5			18			11
	Total Net Expenses	4,673			2,008			4,521
	Net Investment Income (Loss)	(916	)		8,653			5,056
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures
Net realized gain (loss) from:
Investment transactions		27,311			32,057			10,653
Investment transactions in affiliated Funds		(8	)		–			13
Futures contracts		(192	)		4,789			312
Net change in unrealized appreciation/depreciation of:
Investments		116,063			73,945			70,070
Investments in affiliated Funds		28			–			15
Futures contracts		629			621			380
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures		143,831			111,412			81,443
Net Increase (Decrease) in Net Assets Resulting from Operations$		142,915		$	120,065		$	86,499
(a) Class A and R-6 commenced operations on April 2, 2019.

See accompanying notes.

50

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

							Principal Capital
Amounts in thousands	Money Market Fund			Overseas Fund		Appreciation Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	–	$	650		$	425
Dividends		257		62,575			16,901
Withholding tax		–		(4,001	)		(8	)
Interest		6,144		9			4
	Total Income	6,401		59,233			17,322
Expenses:
Management and investment advisory fees		1,009		14,902			4,185
Distribution fees - Class A		–		N/A			1,155
Distribution fees - Class C		N/A		N/A			224
Distribution fees - Class J		199		N/A			N/A
Distribution fees - R-1		N/A		–			4
Distribution fees - R-2		N/A		–			4
Distribution fees - R-3		N/A		1			20
Distribution fees - R-4		N/A		–			8
Administrative service fees - R-1		N/A		–			3
Administrative service fees - R-2		N/A		–			3
Administrative service fees - R-3		N/A		–			6
Administrative service fees - R-4		N/A		–			2
Administrative service fees - R-5		N/A		–			2
Registration fees - Class A		23		N/A			37
Registration fees - Class C		N/A		N/A			8
Registration fees - Class J		16		N/A			N/A
Registration fees - Institutional		N/A		10			19
Service fees - R-1		N/A		–			3
Service fees - R-2		N/A		–			4
Service fees - R-3		N/A		1			20
Service fees - R-4		N/A		–			21
Service fees - R-5		N/A		1			46
Shareholder meeting expense - Class A		6		N/A			13
Shareholder meeting expense - Class C		N/A		N/A			1
Shareholder meeting expense - Class J		6		N/A			N/A
Shareholder meeting expense - Institutional		N/A		–			1
Shareholder reports - Class A		27		N/A			69
Shareholder reports - Class C		N/A		N/A			6
Shareholder reports - Class J		58		N/A			N/A
Shareholder reports - Institutional		N/A		–			3
Transfer agent fees - Class A		177		N/A			460
Transfer agent fees - Class C		N/A		N/A			34
Transfer agent fees - Class J		150		N/A			N/A
Transfer agent fees - Institutional		N/A		88			71
Chief compliance officer expenses		–		2			1
Custodian fees		6		261			1
Directors' expenses		6		32			19
Professional fees		15		42			12
Other expenses		3		17			9
	Total Gross Expenses	1,701		15,357			6,474
Less: Reimbursement from Manager		–		912			–
Less: Reimbursement from Manager - Class A		127		N/A			–
Less: Reimbursement from Manager - Institutional		N/A		–			155
Less: Reimbursement from Distributor - Class J		199		N/A			N/A
	Total Net Expenses	1,375		14,445			6,319
	Net Investment Income (Loss)	5,026		44,788			11,003
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures
Net realized gain (loss) from:
Investment transactions		126		(25,795	)		98,102
Foreign currency transactions		–		88			–
Futures contracts		–		776			–
Net change in unrealized appreciation/depreciation of:
Investments		–		109,799			81,556
Investments in affiliated Funds		–		29			–
Futures contracts		–		348			–
Translation of assets and liabilities in foreign currencies		–		72			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures		126		85,317			179,658
Net Increase (Decrease) in Net Assets Resulting from Operations$		5,152	$	130,105		$	190,661

See accompanying notes.

51

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	Principal LifeTime			Principal LifeTime			Principal LifeTime
Amounts in thousands		2010	Fund		2015	Fund		2020	Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	16,081		$	9,476		$	88,286
	Total Income	16,081			9,476			88,286
Expenses:
Distribution fees - Class A		33			N/A			124
Distribution fees - Class J		158			N/A			648
Distribution fees - R-1		8			7			42
Distribution fees - R-2		8			6			37
Distribution fees - R-3		35			54			177
Distribution fees - R-4		8			10			51
Administrative service fees - R-1		6			6			34
Administrative service fees - R-2		6			4			25
Administrative service fees - R-3		10			15			49
Administrative service fees - R-4		2			3			15
Administrative service fees - R-5		2			2			11
Registration fees - Class A		8			N/A			8
Registration fees - Class J		8			N/A			13
Registration fees - Institutional		16			10			49
Service fees - R-1		6			5			30
Service fees - R-2		7			5			31
Service fees - R-3		35			54			176
Service fees - R-4		19			25			127
Service fees - R-5		51			56			283
Shareholder meeting expense - Class A		1			N/A			1
Shareholder meeting expense - Class J		1			N/A			5
Shareholder reports - Class A		1			N/A			6
Shareholder reports - Class J		11			N/A			45
Shareholder reports - Institutional		–			–			1
Transfer agent fees - Class A		15			N/A			50
Transfer agent fees - Class J		45			N/A			148
Transfer agent fees - Institutional		7			1			32
Chief compliance officer expenses		1			–			3
Directors' expenses		9			6			46
Professional fees		9			9			11
Other expenses		4			2			19
	Total Gross Expenses	530			280			2,297
Less: Reimbursement from Manager - Class A		8			N/A			4
Less: Reimbursement from Distributor - Class J		32			N/A			130
	Total Net Expenses	490			280			2,163
	Net Investment Income (Loss)	15,591			9,196			86,123
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions in affiliated Funds		1,937			4,588			9,170
Capital gain distribution received from affiliated Funds		16,841			12,689			145,041
Net change in unrealized appreciation/depreciation of:
Investments in affiliated Funds		9,326			(1,523	)		40,103
Net Realized and Unrealized Gain (Loss) on Investments		28,104			15,754			194,314
Net Increase (Decrease) in Net Assets Resulting from Operations$		43,695		$	24,950		$	280,437

See accompanying notes.

52

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	Principal LifeTime			Principal LifeTime			Principal LifeTime
Amounts in thousands		2025	Fund		2030	Fund		2035	Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	32,348		$	113,680		$	24,265
	Total Income	32,348			113,680			24,265
Expenses:
Distribution fees - Class A		N/A			145			N/A
Distribution fees - Class J		N/A			852			N/A
Distribution fees - R-1		20			40			17
Distribution fees - R-2		21			40			18
Distribution fees - R-3		173			197			113
Distribution fees - R-4		36			58			27
Administrative service fees - R-1		16			32			14
Administrative service fees - R-2		14			27			12
Administrative service fees - R-3		48			55			32
Administrative service fees - R-4		11			17			8
Administrative service fees - R-5		7			13			5
Registration fees - Class A		N/A			9			N/A
Registration fees - Class J		N/A			13			N/A
Registration fees - Institutional		19			59			18
Service fees - R-1		14			29			12
Service fees - R-2		18			33			15
Service fees - R-3		173			197			113
Service fees - R-4		90			145			67
Service fees - R-5		164			325			136
Shareholder meeting expense - Class A		N/A			2			N/A
Shareholder meeting expense - Class J		N/A			8			N/A
Shareholder reports - Class A		N/A			10			N/A
Shareholder reports - Class J		N/A			71			N/A
Shareholder reports - Institutional		–			1			–
Transfer agent fees - Class A		N/A			66			N/A
Transfer agent fees - Class J		N/A			235			N/A
Transfer agent fees - Institutional		7			37			4
Chief compliance officer expenses		1			4			1
Directors' expenses		17			58			14
Professional fees		9			12			9
Other expenses		6			23			5
	Total Gross Expenses	864			2,813			640
Less: Reimbursement from Manager - Class A		N/A			14			N/A
Less: Reimbursement from Distributor - Class J		N/A			170			N/A
	Total Net Expenses	864			2,629			640
	Net Investment Income (Loss)	31,484			111,051			23,625
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions in affiliated Funds		(165	)		70			642
Capital gain distribution received from affiliated Funds		61,888			249,989			58,771
Net change in unrealized appreciation/depreciation of:
Investments in affiliated Funds		17,396			60,151			12,359
Net Realized and Unrealized Gain (Loss) on Investments		79,119			310,210			71,772
Net Increase (Decrease) in Net Assets Resulting from Operations$		110,603		$	421,261		$	95,397

See accompanying notes.

53

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	Principal LifeTime			Principal LifeTime			Principal LifeTime
Amounts in thousands		2040	Fund		2045	Fund		2050	Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	73,827		$	17,098		$	42,859
	Total Income	73,827			17,098			42,859
Expenses:
Distribution fees - Class A		109			N/A			88
Distribution fees - Class J		523			N/A			165
Distribution fees - R-1		32			11			23
Distribution fees - R-2		33			15			24
Distribution fees - R-3		127			85			84
Distribution fees - R-4		41			17			23
Administrative service fees - R-1		26			9			18
Administrative service fees - R-2		22			10			16
Administrative service fees - R-3		36			24			24
Administrative service fees - R-4		12			5			7
Administrative service fees - R-5		9			4			5
Registration fees - Class A		9			N/A			9
Registration fees - Class J		12			N/A			9
Registration fees - Institutional		47			17			42
Service fees - R-1		23			8			16
Service fees - R-2		28			13			20
Service fees - R-3		127			84			85
Service fees - R-4		102			43			58
Service fees - R-5		225			95			141
Shareholder meeting expense - Class A		2			N/A			2
Shareholder meeting expense - Class J		6			N/A			3
Shareholder reports - Class A		8			N/A			9
Shareholder reports - Class J		50			N/A			26
Shareholder reports - Institutional		1			–			1
Transfer agent fees - Class A		59			N/A			64
Transfer agent fees - Class J		179			N/A			93
Transfer agent fees - Institutional		30			3			23
Chief compliance officer expenses		2			1			1
Directors' expenses		40			10			24
Professional fees		11			9			10
Other expenses		16			4			10
	Total Gross Expenses	1,947			467			1,123
Less: Reimbursement from Manager - Class A		24			N/A			40
Less: Reimbursement from Distributor - Class J		105			N/A			33
	Total Net Expenses	1,818			467			1,050
	Net Investment Income (Loss)	72,009			16,631			41,809
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions in affiliated Funds		4,083			179			1,617
Capital gain distribution received from affiliated Funds		194,421			47,920			125,930
Net change in unrealized appreciation/depreciation of:
Investments in affiliated Funds		36,798			7,847			20,333
Net Realized and Unrealized Gain (Loss) on Investments		235,302			55,946			147,880
Net Increase (Decrease) in Net Assets Resulting from Operations$		307,311		$	72,577		$	189,689

See accompanying notes.

54

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	Principal LifeTime			Principal LifeTime			Principal LifeTime
Amounts in thousands		2055	Fund		2060	Fund		2065	Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	8,011		$	5,839		$	207
	Total Income	8,011			5,839			207
Expenses:
Distribution fees - Class J		N/A			7			N/A
Distribution fees - R-1		6			3			–
Distribution fees - R-2		7			3			1
Distribution fees - R-3		37			13			2
Distribution fees - R-4		8			3			–
Administrative service fees - R-1		5			2			–
Administrative service fees - R-2		5			2			–
Administrative service fees - R-3		10			4			1
Administrative service fees - R-4		2			1			–
Administrative service fees - R-5		2			1			–
Registration fees - Class J		N/A			10			N/A
Registration fees - Institutional		14			19			8
Service fees - R-1		4			2			–
Service fees - R-2		6			3			–
Service fees - R-3		37			13			2
Service fees - R-4		20			7			1
Service fees - R-5		44			19			1
Shareholder reports - Class J		N/A			2			N/A
Transfer agent fees - Class J		N/A			10			N/A
Transfer agent fees - Institutional		2			4			–
Directors' expenses		5			4			1
Professional fees		9			9			8
Other expenses		2			2			–
	Total Gross Expenses	225			143			25
Less: Reimbursement from Manager - Class J		N/A			11			N/A
Less: Reimbursement from Manager - Institutional		–			–			12
Less: Reimbursement from Manager - R-3		–			–			1
Less: Reimbursement from Distributor - Class J		N/A			1			N/A
	Total Net Expenses	225			131			12
	Net Investment Income (Loss)	7,786			5,708			195
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions in affiliated Funds		24			10			4
Capital gain distribution received from affiliated Funds		24,213			17,827			611
Net change in unrealized appreciation/depreciation of:
Investments in affiliated Funds		5,004			4,628			309
Net Realized and Unrealized Gain (Loss) on Investments		29,241			22,465			924
Net Increase (Decrease) in Net Assets Resulting from Operations$		37,027		$	28,173		$	1,119

See accompanying notes.

55

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
	Principal LifeTime			Principal LifeTime			Principal LifeTime
Amounts in thousands	Hybrid 2015 Fund(a)			Hybrid 2020 Fund(a)			Hybrid 2025 Fund(a)
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	1,092		$	3,131		$	2,534
	Total Income	1,092			3,131			2,534
Expenses:
Distribution fees - Class J		7			15			16
Registration fees - Class J		10			11			12
Registration fees - Institutional		9			10			10
Registration fees - R-6		8			9			9
Transfer agent fees - Class J		4			6			6
Transfer agent fees - Institutional		2			9			6
Directors' expenses		2			3			3
Professional fees		9			9			9
Other expenses		1			1			1
	Total Gross Expenses	52			73			72
Less: Reimbursement from Manager - Class J		7			1			1
Less: Reimbursement from Manager - Institutional		9			5			5
Less: Reimbursement from Manager - R-6		10			2			7
Less: Reimbursement from Distributor - Class J		1			3			3
	Total Net Expenses	25			62			56
	Net Investment Income (Loss)	1,067			3,069			2,478
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions in affiliated Funds		(17	)		(66	)		(114	)
Capital gain distribution received from affiliated Funds		870			3,175			3,287
Net change in unrealized appreciation/depreciation of:
Investments in affiliated Funds		4,782			16,710			10,399
Net Realized and Unrealized Gain (Loss) on Investments		5,635			19,819			13,572
Net Increase (Decrease) in Net Assets Resulting from Operations$		6,702		$	22,888		$	16,050
(a) Class R-3 and R-5 commenced operations on March 1, 2019.

See accompanying notes.

56

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
	Principal LifeTime		Principal LifeTime			Principal LifeTime
Amounts in thousands	Hybrid 2030 Fund(a)		Hybrid 2035 Fund(a)			Hybrid 2040 Fund(a)
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	3,312	$	1,871		$	2,094
	Total Income	3,312		1,871			2,094
Expenses:
Distribution fees - Class J		13		10			8
Registration fees - Class J		12		10			13
Registration fees - Institutional		11		9			9
Registration fees - R-6		9		9			9
Shareholder reports - R-6		1		–			1
Transfer agent fees - Class J		7		6			6
Transfer agent fees - Institutional		5		5			5
Directors' expenses		3		2			2
Professional fees		9		9			9
Other expenses		1		1			1
	Total Gross Expenses	71		61			63
Less: Reimbursement from Manager - Class J		6		6			11
Less: Reimbursement from Manager - Institutional		–		7			5
Less: Reimbursement from Manager - R-6		5		9			8
Less: Reimbursement from Distributor - Class J		3		2			2
	Total Net Expenses	57		37			37
	Net Investment Income (Loss)	3,255		1,834			2,057
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions in affiliated Funds		42		(78	)		5
Capital gain distribution received from affiliated Funds		5,026		3,305			4,120
Net change in unrealized appreciation/depreciation of:
Investments in affiliated Funds		12,310		7,515			9,362
Net Realized and Unrealized Gain (Loss) on Investments		17,378		10,742			13,487
Net Increase (Decrease) in Net Assets Resulting from Operations$		20,633	$	12,576		$	15,544
(a) Class R-3 and R-5 commenced operations on March 1, 2019.

See accompanying notes.

57

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
	Principal LifeTime			Principal LifeTime		Principal LifeTime
Amounts in thousands	Hybrid 2045 Fund(a)			Hybrid 2050 Fund(a)		Hybrid 2055 Fund(a)
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	1,028		$	1,060	$	292
	Total Income	1,028			1,060		292
Expenses:
Distribution fees - Class J		4			4		1
Registration fees - Class J		13			13		13
Registration fees - Institutional		9			9		8
Registration fees - R-6		8			8		8
Transfer agent fees - Class J		5			6		5
Transfer agent fees - Institutional		3			2		1
Directors' expenses		2			2		1
Professional fees		9			9		9
Other expenses		1			1		1
	Total Gross Expenses	54			54		47
Less: Reimbursement from Manager - Class J		15			15		18
Less: Reimbursement from Manager - Institutional		9			9		12
Less: Reimbursement from Manager - R-6		11			11		12
Less: Reimbursement from Distributor - Class J		1			1		–
	Total Net Expenses	18			18		5
	Net Investment Income (Loss)	1,010			1,042		287
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions in affiliated Funds		(52	)		8		(31	)
Capital gain distribution received from affiliated Funds		2,202			2,411		694
Net change in unrealized appreciation/depreciation of:
Investments in affiliated Funds		4,951			3,791		1,418
Net Realized and Unrealized Gain (Loss) on Investments		7,101			6,210		2,081
Net Increase (Decrease) in Net Assets Resulting from Operations$		8,111		$	7,252	$	2,368
(a) Class R-3 and R-5 commenced operations on March 1, 2019.

See accompanying notes.

58

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	Principal LifeTime		Principal LifeTime			Principal LifeTime
Amounts in thousands, except Principal LifeTime Hybrid 2065 Fund	Hybrid 2060 Fund(a)		Hybrid 2065 Fund(a)			Hybrid Income Fund(a)
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	98	$	11,572		$	688
	Total Income	98		11,572			688
Expenses:
Distribution fees - Class J		–		331			4
Distribution fees – R-3		–		4			–
Administrative service fees – R-3		–		1			–
Registration fees - Class J		13		9,143			13
Registration fees - Institutional		8		8,199			9
Registration fees - R-6		8		9,179			8
Service fees – R-3		–		4			–
Service fees – R-5		–		4			–
Shareholder Meeting Expense – Class J		–		8			–
Shareholder Meeting Expense – Institutional		–		5			–
Shareholder Meeting Expense – R-6		–		5			–
Shareholder reports – Class J		–		18			–
Shareholder reports – Institutional		–		24			–
Shareholder reports – R-6		–		20			–
Transfer agent fees - Class J		5		4,472			5
Transfer agent fees - Institutional		–		126			1
Chief compliance officer fees		–		2			–
Directors' expenses		1		1,136			2
Professional fees		9		8,382			9
Other expenses		1		971			1
	Total Gross Expenses	45		42,034			52
Less: Reimbursement from Manager - Class J		18		17,885			15
Less: Reimbursement from Manager - Institutional		13		9,567			10
Less: Reimbursement from Manager - R-3		–		27			–
Less: Reimbursement from Manager - R-5		–		27			–
Less: Reimbursement from Manager - R-6		13		13,639			12
Less: Reimbursement from Distributor - Class J		–		66			1
	Total Net Expenses	1		823			14
Net Investment Income (Loss)		97		10,749			674
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions in affiliated Funds		1		(302,897	)		–
Capital gain distribution received from affiliated Funds		241		26,671			291
Net change in unrealized appreciation/depreciation of:
Investments in affiliated Funds		421		267,269			2,067
Net Realized and Unrealized Gain (Loss) on Investments		663		(8,957	)		2,358
Net Increase (Decrease) in Net Assets Resulting from Operations$		760	$	1,792		$	3,032
(a) Class R-3 and R-5 commenced operations on March 1, 2019.

See accompanying notes.

59

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	Principal LifeTime		Real Estate Securities			SAM Balanced
Amounts in thousands	Strategic Income Fund			Fund		Portfolio
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	8,558	$	519	$	75,987
Dividends		–		51,121		–
Interest		–		3		–
	Total Income	8,558		51,643		75,987
Expenses:
Management and investment advisory fees		N/A		15,489		6,099
Distribution fees - Class A		21		358		2,541
Distribution fees - Class C		N/A		234		2,532
Distribution fees - Class J		49		116		771
Distribution fees - R-1		5		7		6
Distribution fees - R-2		6		21		5
Distribution fees - R-3		21		48		32
Distribution fees - R-4		4		18		10
Administrative service fees - R-1		4		5		5
Administrative service fees - R-2		4		14		3
Administrative service fees - R-3		6		13		9
Administrative service fees - R-4		1		6		3
Administrative service fees - R-5		1		8		2
Registration fees - Class A		8		15		20
Registration fees - Class C		N/A		8		11
Registration fees - Class J		7		7		16
Registration fees - Institutional		17		24		15
Registration fees - R-6		N/A		12		N/A
Service fees - R-1		4		5		4
Service fees - R-2		5		17		4
Service fees - R-3		21		48		33
Service fees - R-4		9		45		26
Service fees - R-5		23		189		45
Shareholder meeting expense - Class A		–		7		20
Shareholder meeting expense - Class C		N/A		1		5
Shareholder meeting expense - Class J		1		4		6
Shareholder meeting expense - Institutional		–		24		–
Shareholder meeting expense - R-6		N/A		2		N/A
Shareholder reports - Class A		1		37		100
Shareholder reports - Class C		N/A		7		37
Shareholder reports - Class J		5		37		48
Shareholder reports - Institutional		–		98		1
Shareholder reports - R-6		N/A		2		N/A
Transfer agent fees - Class A		12		230		742
Transfer agent fees - Class C		N/A		37		240
Transfer agent fees - Class J		21		116		152
Transfer agent fees - Institutional		4		899		23
Chief compliance officer expenses		–		2		3
Custodian fees		–		1		–
Directors' expenses		6		40		48
Professional fees		9		12		11
Other expenses		3		16		19
	Total Gross Expenses	278		18,279		13,647
Less: Reimbursement from Manager - Class A		11		–		–
Less: Reimbursement from Manager - Institutional		–		184		–
Less: Reimbursement from Distributor - Class J		10		23		154
	Total Net Expenses	257		18,072		13,493
	Net Investment Income (Loss)	8,301		33,571		62,494
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions		–		49,712		–
Investment transactions in affiliated Funds		762		–		12,301
Capital gain distribution received from affiliated Funds		6,397		–		86,552
Net change in unrealized appreciation/depreciation of:
Investments		–		420,331		–
Investments in affiliated Funds		7,294		–		160,844
Net Realized and Unrealized Gain (Loss) on Investments		14,453		470,043		259,697
Net Increase (Decrease) in Net Assets Resulting from Operations$		22,754	$	503,614	$	322,191

See accompanying notes.

60

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	SAM Conservative		SAM Conservative			SAM Flexible Income
Amounts in thousands	Balanced Portfolio			Growth Portfolio			Portfolio
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	30,615	$	46,087		$	47,831
	Total Income	30,615		46,087			47,831
Expenses:
Management and investment advisory fees		2,297		4,058			3,533
Distribution fees - Class A		638		1,896			1,168
Distribution fees - Class C		957		1,756			1,455
Distribution fees - Class J		461		406			807
Distribution fees - R-1		4		2			3
Distribution fees - R-2		1		2			1
Distribution fees - R-3		15		24			6
Distribution fees - R-4		11		5			3
Administrative service fees - R-1		3		2			2
Administrative service fees - R-2		1		1			1
Administrative service fees - R-3		4		7			2
Administrative service fees - R-4		3		2			1
Administrative service fees - R-5		1		1			–
Registration fees - Class A		15		15			24
Registration fees - Class C		8		8			10
Registration fees - Class J		14		11			16
Registration fees - Institutional		12		16			9
Service fees - R-1		3		1			2
Service fees - R-2		1		2			1
Service fees - R-3		15		24			7
Service fees - R-4		27		14			6
Service fees - R-5		21		31			12
Shareholder meeting expense - Class A		5		17			7
Shareholder meeting expense - Class C		2		4			3
Shareholder meeting expense - Class J		3		3			4
Shareholder reports - Class A		25		83			34
Shareholder reports - Class C		13		31			18
Shareholder reports - Class J		24		27			36
Shareholder reports - Institutional		–		1			2
Transfer agent fees - Class A		196		575			312
Transfer agent fees - Class C		87		176			124
Transfer agent fees - Class J		80		93			120
Transfer agent fees - Institutional		8		13			24
Chief compliance officer expenses		1		2			2
Directors' expenses		19		33			29
Professional fees		9		10			10
Other expenses		8		13			11
	Total Gross Expenses	4,992		9,365			7,805
Less: Reimbursement from Manager - Class A		3		–			21
Less: Reimbursement from Manager - Class C		8		–			28
Less: Reimbursement from Manager - Institutional		7		–			2
Less: Reimbursement from Distributor - Class J		92		81			161
	Total Net Expenses	4,882		9,284			7,593
	Net Investment Income (Loss)	25,733		36,803			40,238
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions in affiliated Funds		1,378		(6,320	)		(4,968	)
Capital gain distribution received from affiliated Funds		22,001		83,172			13,359
Net change in unrealized appreciation/depreciation of:
Investments in affiliated Funds		52,447		131,693			92,729
Net Realized and Unrealized Gain (Loss) on Investments		75,826		208,545			101,120
Net Increase (Decrease) in Net Assets Resulting from Operations$		101,559	$	245,348		$	141,358

See accompanying notes.

61

Statement of Operations Principal Funds, Inc.

Six Months Ended April 30, 2019 (unaudited)

	SAM Strategic Growth			Short-Term Income
Amounts in thousands		Portfolio			Fund			SmallCap Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	26,123		$	626		$	146
Dividends		–			–			3,774
Withholding tax		–			–			(7	)
Interest		–			69,940			–
	Total Income	26,123			70,566			3,913
Expenses:
Management and investment advisory fees		2,486			9,608			2,373
Distribution fees - Class A		1,254			222			270
Distribution fees - Class C		1,019			322			154
Distribution fees - Class J		214			94			141
Distribution fees - R-1		1			1			4
Distribution fees - R-2		3			2			5
Distribution fees - R-3		11			17			14
Distribution fees - R-4		6			2			11
Administrative service fees - R-1		1			1			3
Administrative service fees - R-2		2			1			4
Administrative service fees - R-3		3			5			4
Administrative service fees - R-4		2			1			3
Administrative service fees - R-5		1			1			1
Registration fees - Class A		12			15			10
Registration fees - Class C		8			8			8
Registration fees - Class J		9			10			7
Registration fees - Institutional		12			27			10
Registration fees - R-6		N/A			N/A			9
Service fees - R-1		1			1			3
Service fees - R-2		3			2			4
Service fees - R-3		11			17			14
Service fees - R-4		15			6			28
Service fees - R-5		19			15			28
Shareholder meeting expense - Class A		14			3			7
Shareholder meeting expense - Class C		3			1			1
Shareholder meeting expense - Class J		2			2			4
Shareholder meeting expense - Institutional		–			3			1
Shareholder reports - Class A		69			17			31
Shareholder reports - Class C		23			6			5
Shareholder reports - Class J		19			17			37
Shareholder reports - Institutional		1			11			5
Transfer agent fees - Class A		441			148			175
Transfer agent fees - Class C		125			38			27
Transfer agent fees - Class J		63			58			119
Transfer agent fees - Institutional		11			322			41
Chief compliance officer expenses		1			3			–
Custodian fees		–			6			2
Directors' expenses		21			52			8
Professional fees		9			18			11
Other expenses		8			19			4
	Total Gross Expenses	5,903			11,102			3,586
Less: Reimbursement from Manager - Institutional		–			–			16
Less: Reimbursement from Manager - R-6		N/A			N/A			6
Less: Reimbursement from Distributor - Class J		43			19			28
	Total Net Expenses	5,860			11,083			3,536
	Net Investment Income (Loss)	20,263			59,483			377
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions		–			(238	)		11,339
Investment transactions in affiliated Funds		(6,961	)		–			–
Capital gain distribution received from affiliated Funds		56,209			–			–
Net change in unrealized appreciation/depreciation of:
Investments		–			64,404			45,057
Investments in affiliated Funds		99,734			–			–
Net Realized and Unrealized Gain (Loss) on Investments		148,982			64,166			56,396
Net Increase (Decrease) in Net Assets Resulting from Operations$		169,245		$	123,649		$	56,773

See accompanying notes.

62

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
	SmallCap Growth			SmallCap S&P 600			SmallCap Value Fund
Amounts in thousands		Fund I			Index Fund			II
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	595		$	394		$	329
Dividends		3,451			8,803			9,816
Withholding tax		(16	)		(3	)		(5	)
Interest		7			17			5
	Total Income	4,037			9,211			10,145
Expenses:
Management and investment advisory fees		9,296			966			5,160
Distribution fees - Class A		N/A			N/A			9
Distribution fees - Class J		49			132			13
Distribution fees - R-1		4			21			2
Distribution fees - R-2		5			19			3
Distribution fees - R-3		18			131			10
Distribution fees - R-4		6			34			2
Administrative service fees - R-1		3			17			1
Administrative service fees - R-2		3			13			2
Administrative service fees - R-3		5			37			3
Administrative service fees - R-4		2			10			1
Administrative service fees - R-5		2			8			1
Registration fees - Class A		N/A			N/A			8
Registration fees - Class J		9			8			10
Registration fees - Institutional		9			18			7
Registration fees - R-6		33			16			14
Service fees - R-1		2			15			1
Service fees - R-2		4			16			2
Service fees - R-3		18			131			10
Service fees - R-4		15			84			6
Service fees - R-5		50			198			27
Shareholder meeting expense - Class J		1			3			1
Shareholder meeting expense - Institutional		1			3			–
Shareholder reports - Class A		N/A			N/A			1
Shareholder reports - Class J		12			23			3
Shareholder reports - Institutional		3			8			2
Shareholder reports - R-6		–			1			3
Transfer agent fees - Class A		N/A			N/A			12
Transfer agent fees - Class J		42			93			17
Transfer agent fees - Institutional		64			87			58
Chief compliance officer expenses		1			1			1
Custodian fees		34			7			36
Directors' expenses		19			16			13
Professional fees		11			11			12
Other expenses		8			13			6
	Total Gross Expenses	9,729			2,140			5,457
Less: Reimbursement from Manager		798			–			211
Less: Reimbursement from Manager - Class A		N/A			N/A			14
Less: Reimbursement from Manager - Institutional		57			–			50
Less: Reimbursement from Manager - R-6		13			–			–
Less: Reimbursement from Distributor - Class J		10			26			3
	Total Net Expenses	8,851			2,114			5,179
	Net Investment Income (Loss)	(4,814	)		7,097			4,966
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures
Net realized gain (loss) from:
Investment transactions		49,181			40,617			(29,087	)
Futures contracts		(168	)		4,847			76
Net change in unrealized appreciation/depreciation of:
Investments		174,380			(5,726	)		84,533
Investments in affiliated Funds		64			–			33
Futures contracts		261			2,498			553
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies and Futures		223,718			42,236			56,108
Net Increase (Decrease) in Net Assets Resulting from Operations$		218,904		$	49,333		$	61,074

See accompanying notes.

63

Statement of Operations
Principal Funds, Inc.
Six Months Ended April 30, 2019 (unaudited)
		Tax-Exempt Bond
Amounts in thousands		Fund
Net Investment Income (Loss)
Income:
Dividends	$	10
Interest		8,878
	Total Income	8,888
Expenses:
Management and investment advisory fees		888
Distribution fees - Class A		354
Distribution fees - Class C		151
Registration fees - Class A		18
Registration fees - Class C		11
Registration fees - Institutional		14
Shareholder meeting expense - Class A		2
Shareholder meeting expense - Institutional		1
Shareholder reports - Class A		6
Shareholder reports - Class C		1
Shareholder reports - Institutional		1
Transfer agent fees - Class A		74
Transfer agent fees - Class C		15
Transfer agent fees - Institutional		32
Directors' expenses		5
Interest expense and fees		175
Professional fees		16
Other expenses		4
	Total Gross Expenses	1,768
Less: Reimbursement from Manager - Class C		6
Less: Reimbursement from Manager - Institutional		26
	Total Net Expenses	1,736
	Net Investment Income (Loss)	7,152
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) from:
Investment transactions		934
Net change in unrealized appreciation/depreciation of:
Investments		15,121
	Net Realized and Unrealized Gain (Loss) on Investments	16,055
	Net Increase (Decrease) in Net Assets Resulting from Operations$	23,207

See accompanying notes.

64

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands			California Municipal Fund
		Period Ended			Year Ended
		April 30, 2019			October 31, 2018
Operations
Net investment income (loss)	$		6,875		$		14,308
Net realized gain (loss) on investments .			(1,131	)			(3,470	)
Net change in unrealized appreciation/depreciation of investments			16,156				(15,591	)
Net Increase (Decrease) in Net Assets Resulting from Operations			21,900				(4,753	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(6,178	)			(13,090	)
	Total Dividends and Distributions		(6,178	)			(13,090	)
Capital Share Transactions
Net increase (decrease) in capital share transactions			2,571				8,798
	Total Increase (Decrease) in Net Assets		18,293				(9,045	)
Net Assets
Beginning of period			413,115				422,160
End of period .	$		431,408		$		413,115
			Class A		Class C Institutional
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold		$	53,295	$	5,265	$	32,839
Reinvested			4,049		333		1,094
Redeemed			(51,120	)	(5,438	)	(37,746	)
Net Increase (Decrease)		$	6,224	$	160	$	(3,813	)
Shares:
Sold			5,168		509		3,194
Reinvested			392		32		106
Redeemed			(4,983	)	(529	)	(3,695	)
Net Increase (Decrease)			577		12		(395	)
Year Ended October 31, 2018
Dollars:
Sold		$	85,275	$	7,518	$	64,156
Reinvested			8,359		744		2,357
Redeemed			(89,935	)	(12,686	)	(56,990	)
Net Increase (Decrease)		$	3,699	$	(4,424	) $	9,523
Shares:
Sold			8,208		725		6,179
Reinvested			808		72		227
Redeemed			(8,668	)	(1,222	)	(5,505	)
Net Increase (Decrease)			348		(425	)	901
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments		$	(4,342	) $	(368	) $	(1,468	)
Total Dividends and Distributions		$	(4,342	) $	(368	) $	(1,468	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments		$	(9,089	) $	(839	) $	(3,162	)
Total Dividends and Distributions		$	(9,089	) $	(839	) $	(3,162	)

See accompanying notes.

65

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands														Core Plus Bond Fund
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		52,787		$		103,854
Net realized gain (loss) on investments , Foreign currencies, Futures and Swap agreements														(16,360	)			(40,293	)
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Swap agreements and
Translation of assets & liabilities in foreign currencies														124,872				(144,026	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												161,299				(80,465	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(52,458	)			(111,339	)
						Total Dividends and Distributions								(52,458	)			(111,339	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														(204,226	)			(157,162	)
						Total Increase (Decrease) in Net Assets								(95,385	)			(348,966	)
Net Assets
Beginning of period														3,221,422				3,570,388
End of period .												$		3,126,037		$		3,221,422
		Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	10,248	$	216	$	2,878	$	78,322	$	370	$	355	$	2,148	$	974	$	5,080
Reinvested		1,166		25		1,941		48,111		56		52		235		150		645
Redeemed		(6,588	)	(6,814	)	(7,597)		(320,618)		(550	)	(517	)	(1,845	)	(1,949	)	(10,720	)
Net Increase (Decrease)	$	4,826	$	(6,573	) $	(2,778)		$ (194,185)		$(124	) $	(110	) $	538	$	(825	) $	(4,995	)
Shares:
Sold		977		21		271		7,440		35		34		204		91		484
Reinvested		111		2		183		4,567		6		5		23		14		62
Redeemed		(626	)	(651	)	(717	)	(30,607	)	(52	)	(50	)	(177	)	(183	)	(1,029	)
Net Increase (Decrease)		462		(628	)	(263	)	(18,600	)	(11	)	(11	)	50		(78	)	(483	)
Year Ended October 31, 2018
Dollars:
Sold	$	5,163	$	821	$	5,668		$ 537,028	$	1,136	$	732	$	3,276	$	4,166	$	7,125
Reinvested		2,426		157		4,251		101,620		117		129		532		398		1,537
Redeemed		(15,171	)	(2,603	)	(18,269)		(759,454)		(1,637	)	(3,062	)	(7,343	)	(8,975	)	(16,930	)
Net Increase (Decrease)	$	(7,582	) $	(1,625	) $	(8,350)		$ (120,806) $		(384	) $	(2,201	) $	(3,535	) $	(4,411	) $	(8,268	)
Shares:
Sold		480		77		524		50,618		106		69		308		385		667
Reinvested		228		15		396		9,536		11		12		50		37		145
Redeemed		(1,420	)	(245	)	(1,696	)	(70,817	)	(153	)	(287	)	(689	)	(830	)	(1,585	)
Net Increase (Decrease)		(712	)	(153	)	(776	)	(10,663	)	(36	)	(206	)	(331	)	(408	)	(773	)
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized
gain on investments	$	(1,220	) $	(30	) $	(1,957	) $	(48,112	) $	(56	) $	(53	) $	(235	) $	(150	) $	(645	)
Total Dividends and Distributions	$	(1,220	) $	(30	) $	(1,957	) $	(48,112	) $	(56	) $	(53	) $	(235	) $	(150	) $	(645	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$	(2,550	) $	(166	) $	(4,284)		$ (101,621) $		(117	) $	(131	) $	(533	) $	(399	) $	(1,538	)
Total Dividends and Distributions	$	(2,550	) $	(166	) $	(4,284)		$ (101,621) $		(117	) $	(131	) $	(533	) $	(399	) $	(1,538	)

(a)      Class C shares discontinued operations and converted to Class A shares on January 11, 2019.

See accompanying notes.

66

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands																	Diversified International Fund
															Period Ended				Year Ended
															April 30, 2019				October 31, 2018
Operations
Net investment income (loss)															$		110,868		$		232,314
Net realized gain (loss) on investments and Foreign currencies																	(285,814	)			545,332
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies																	963,538				(2,091,430	)
				Net Increase (Decrease) in Net Assets Resulting from Operations													788,592				(1,313,784	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments																	(700,745	)			(217,968	)
									Total Dividends and Distributions								(700,745	)			(217,968	)
Capital Share Transactions
Net increase (decrease) in capital share transactions																	926,601				323,553
								Total Increase (Decrease) in Net Assets									1,014,448				(1,208,199	)
Net Assets
Beginning of period																	10,893,358				12,101,557
End of period .															$		11,907,806		$		10,893,358
		Class A		Class C		Class J		Institutional			R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	9,362	$	1,404	$	2,007	$	541,576		$	195	$	431	$	1,029	$	1,316	$	5,675		$ 10,788,598
Reinvested		11,298		719		9,369		672,196			221		209		858		1,638		2,757		–
Redeemed		(16,364	)	(5,035	)	(10,026	)	(10,969,257		)	(438	)	(844	)	(2,553	)	(11,203	)	(10,472	)	(98,065	)
Net Increase (Decrease)	$	4,296	$	(2,912	) $	1,350	$	(9,755,485		) $	(22	) $	(204	) $	(666	) $	(8,249	) $	(2,040)		$ 10,690,533
Shares:
Sold		811		124		172		47,824			17		38		87		112		475		918,312
Reinvested		1,040		66		873		62,212			20		19		79		149		252		–
Redeemed		(1,389	)	(437	)	(862	)	(935,609		)	(38	)	(74	)	(215	)	(981	)	(914	)	(8,161	)
Net Increase (Decrease)		462		(247	)	183		(825,573		)	(1	)	(17	)	(49	)	(720	)	(187	)	910,151
Year Ended October 31, 2018
Dollars:
Sold	$	22,242	$	4,460	$	9,991	$	1,673,945		$	901	$	944	$	2,294	$	7,994	$	8,818		N/A
Reinvested		3,063		111		2,918		209,591			44		69		310		581		870		N/A
Redeemed		(34,515	)	(3,681	)	(28,201	)	(1,507,800		)	(1,351	)	(3,411	)	(11,415	)	(19,008	)	(16,211	)	N/A
Net Increase (Decrease)	$	(9,210	) $	890	$	(15,292	) $	375,736		$	(406	) $	(2,398	) $	(8,811	) $	(10,433	) $	(6,523	)	N/A
Shares:
Sold		1,607		318		723		121,127			66		67		167		572		630		N/A
Reinvested		219		8		212		15,111			3		5		22		41		62		N/A
Redeemed		(2,510	)	(268	)	(2,070	)	(110,767		)	(98	)	(245	)	(829	)	(1,353	)	(1,159	)	N/A
Net Increase (Decrease)		(684	)	58		(1,135	)	25,471			(29	)	(173	)	(640	)	(740	)	(467	)	N/A
Distributions:
Period Ended April 30, 2019(a)
From net investment income
and net realized gain on
investments	$	(12,672	) $	(749	) $	(9,375	) $	(672,250		) $	(221	) $	(225	) $	(858	) $	(1,638	) $	(2,757	) $	–
Total Dividends and
Distributions	$	(12,672	) $	(749	) $	(9,375	) $	(672,250		) $	(221	) $	(225	) $	(858	) $	(1,638	) $	(2,757	) $	–
Year EndedOctober 31, 2018
From net investment income
and net realized gain on
investments	$	(3,447	) $	(115	) $	(2,920	) $	(209,607		) $	(44	) $	(74	) $	(310	) $	(581	) $	(870	)	N/A
Total Dividends and
Distributions	$	(3,447	) $	(115	) $	(2,920	) $	(209,607		) $	(44	) $	(74	) $	(310	) $	(581	) $	(870	)	N/A

(a)      Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-6 shares.

See accompanying notes.

67

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands														Equity Income Fund
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		81,223		$		157,955
Net realized gain (loss) on investments .														32,300				347,545
Net change in unrealized appreciation/depreciation of investments														535,113				(173,363	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												648,636				332,137
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(406,875	)			(461,806	)
						Total Dividends and Distributions								(406,875	)			(461,806	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														176,204				575,190
						Total Increase (Decrease) in Net Assets								417,965				445,521
Net Assets
Beginning of period														7,005,406				6,559,885
End of period .												$		7,423,371		$		7,005,406
		Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	92,421	$	18,299	$	2,199	$	289,785	$	308	$	424	$	3,094	$	3,544	$	48,545
Reinvested		60,016		9,116		3,546		318,822		159		169		2,239		1,914		6,916
Redeemed	(125,312)			(59,664	)	(3,524)		(466,036)		(327	)	(908	)	(10,070	)	(3,200	)	(16,271	)
Net Increase (Decrease)	$	27,125	$	(32,249	) $	2,221	$	142,571	$	140	$	(315	) $	(4,737	) $	2,258	$	39,190
Shares:
Sold		3,146		641		74		9,691		10		15		103		116		1,601
Reinvested		2,146		337		127		11,371		6		6		80		68		247
Redeemed		(4,149	)	(2,094	)	(118	)	(15,583	)	(11	)	(31	)	(345	)	(108	)	(555	)
Net Increase (Decrease)		1,143		(1,116	)	83		5,479		5		(10	)	(162	)	76		1,293
Year Ended October 31, 2018(a)
Dollars:
Sold	$	75,745	$	21,324	$	379		$ 1,050,036		$ 365	$	1,079	$	5,537	$	4,596	$	9,398
Issued in acquisitions		181,444		6,157		63,092		14,639		1,010		1,556		2,368		1,070		3,012
Reinvested		60,728		10,661		–		371,170		155		177		2,947		2,696		8,400
Redeemed	(167,906)			(45,157	)	(481)		(1,042,113)		(1,121	)	(1,895	)	(19,561	)	(16,894	)	(29,423	)
Net Increase (Decrease)	$	150,011	$	(7,015	) $	62,990	$	393,732	$	409	$	917	$	(8,709	) $	(8,532	) $	(8,613	)
Shares:
Sold		2,378		686		12		33,020		12		34		172		146		297
Issued in acquisitions		5,790		202		2,011		466		32		50		76		34		96
Reinvested		1,927		348		–		11,758		5		5		94		86		267
Redeemed		(5,298	)	(1,460	)	(16	)	(32,878	)	(36	)	(59	)	(617	)	(525	)	(922	)
Net Increase (Decrease)		4,797		(224	)	2,007		12,366		13		30		(275	)	(259	)	(262	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$	(61,660	) $	(9,643	) $	(3,551)		$ (320,499)		$(159	) $	(281	) $	(2,252	) $	(1,914	) $	(6,916	)
Total Dividends and Distributions	$	(61,660	) $	(9,643	) $	(3,551)		$ (320,499)		$(159	) $	(281	) $	(2,252	) $	(1,914	) $	(6,916	)
Year EndedOctober 31, 2018(a)
From net investment income and net realized
gain on investments	$	(63,230	) $	(11,279	)	$ –		$ (372,825) $		(155	) $	(270	) $	(2,951	) $	(2,696	) $	(8,400	)
Total Dividends and Distributions	$	(63,230	) $	(11,279	)	$ –		$ (372,825) $		(155	) $	(270	) $	(2,951	) $	(2,696	) $	(8,400	)

(a)      Period from October 9, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

68

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
		Finisterre Unconstrained Emerging
Amounts in thousands		Markets Bond Fund
		Period Ended		Year Ended
		April 30, 2019		October 31, 2018
Operations
Net investment income (loss)	$	1,139		$		1,053
Net realized gain (loss) on investments , Foreign currencies, Futures and Swap agreements		(725	)			(348	)
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Swap agreements and
Translation of assets & liabilities in foreign currencies		1,376				(991	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,790				(286	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(1,465	)			(1,559	)
Total Dividends and Distributions		(1,465	)			(1,559	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		84,849				4,634
Total Increase (Decrease) in Net Assets		85,174				2,789
Net Assets
Beginning of period		29,794				27,005
End of period .	$	114,968		$		29,794
				Class A Institutional
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold		$		18	$	84,058
Reinvested				46		1,415
Redeemed				(296	)	(392	)
Net Increase (Decrease)		$		(232	) $	85,081
Shares:
Sold				2		8,358
Reinvested				5		144
Redeemed				(30	)	(39	)
Net Increase (Decrease)				(23	)	8,463
Year Ended October 31, 2018
Dollars:
Sold		$		1,503	$	3,434
Reinvested				38		1,518
Redeemed				(387	)	(1,472	)
Net Increase (Decrease)		$		1,154	$	3,480
Shares:
Sold				149		339
Reinvested				4		150
Redeemed				(39	)	(146	)
Net Increase (Decrease)				114		343
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments		$		(46	) $	(1,419	)
Total Dividends and Distributions		$		(46	) $	(1,419	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments		$		(38	) $	(1,521	)
Total Dividends and Distributions		$		(38	) $	(1,521	)

See accompanying notes.

69

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands							Global Diversified Income Fund
					Period Ended						Year Ended
					April 30, 2019						October 31, 2018
Operations
Net investment income (loss)					$		209,993				$		568,538
Net realized gain (loss) on investments , Foreign currencies, Futures, Options and Swaptions, Short sales and Swap
agreements							(211,665			)			(175,382	)
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Options and Swaptions, Swap
agreements and Translation of assets & liabilities in foreign currencies							409,096						(652,121	)
Net Increase (Decrease) in Net Assets Resulting from Operations							407,424						(258,965	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments							(198,732)						(501,972	)
From tax return of capital									–				(20,943	)
		Total Dividends and Distributions					(198,732)						(522,915	)
Capital Share Transactions
Net increase (decrease) in capital share transactions							(926,240						(3,118,967	)
		Total Increase (Decrease) in Net Assets					(717,548)						(3,900,847	)
Net Assets
Beginning of period							8,425,246						12,326,093
End of period .					$		7,707,698				$		8,425,246
			Class A		Class C		Class T				Institutional		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold		$ 118,785 $			45,597		N/A $		560,257			$	10,853
Reinvested			32,465		30,614		N/A		105,631				5,721
Redeemed			(275,117)		(302,831)		N/A				(1,242,106)		(16,109	)
Net Increase (Decrease)			$ (123,867)		$ (226,620)		N/A $		(576,218			) $	465
Shares:
Sold			8,931		3,463		N/A				42,350		819
Reinvested			2,459		2,336		N/A				8,041		435
Redeemed			(20,890	)	(23,061	)	N/A		(94,716			)	(1,224	)
Net Increase (Decrease)			(9,500	)	(17,262	)	N/A		(44,325			)	30
Year Ended October 31, 2018(a)
Dollars:
Sold			$ 287,074		$ 136,472 $		– $		1,447,370			$	619,414
Reinvested			69,798		63,628		–		223,347				107,915
Redeemed			(681,371)		(562,145)		(10)				(2,114,647)		(2,715,812	)
Net Increase (Decrease)	$		(324,499)		$ (362,045) $		(10	) $	(443,930			) $	(1,988,483	)
Shares:
Sold			20,554		9,822		–		104,285				44,856
Reinvested			5,045		4,628		–				16,229		7,828
Redeemed			(49,319	)	(41,005	)	(1	)	(153,925			)	(202,249	)
Net Increase (Decrease)			(23,720	)	(26,555	)	(1	)	(33,411			)	(149,565	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments		$	(35,094	) $	(35,357	)	N/A $		(122,560			) $	(5,721	)
Total Dividends and Distributions		$	(35,094	) $	(35,357	)	N/A $		(122,560			) $	(5,721	)
Year EndedOctober 31, 2018(a)
From net investment income and net realized gain on investments		$	(73,401	) $	(71,516	) $	– $		(253,462			) $	(103,593	)
From tax return of capital			(3,062	)	(2,984	)	–		(10,575			)	(4,322	)
Total Dividends and Distributions		$	(76,463	) $	(74,500	) $	– $		(264,037			) $	(107,915	)
(a) Class T shares discontinued operations on August 24, 2018.

See accompanying notes.

70

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands								Global Real Estate Securities Fund
								Period Ended				Year Ended
								April 30, 2019				October 31, 2018
Operations
Net investment income (loss)								$		31,915		$		60,155
Net realized gain (loss) on investments and Foreign currencies										36,910				48,544
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies										315,266				(72,130	)
Net Increase (Decrease) in Net Assets Resulting from Operations										384,091				36,569
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments										(90,725	)			(120,361	)
		Total Dividends and Distributions								(90,725	)			(120,361	)
Capital Share Transactions
Net increase (decrease) in capital share transactions										487,794				786,923
		Total Increase (Decrease) in Net Assets								781,160				703,131
Net Assets
Beginning of period										3,044,469				2,341,338
End of period .								$		3,825,629		$		3,044,469
		Class A		Class C		Institutional		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	19,336	$	2,357	$	728,724	$	32	$	1	$	7	$	186,492
Reinvested		2,423		776		58,956		10		1		–		21,553
Redeemed		(21,723	)	(4,928)		(416,877)		(145	)	(30	)	–		(89,171	)
Net Increase (Decrease)	$	36	$	(1,795	) $	370,803	$	(103	) $	(28	) $	7	$	118,874
Shares:
Sold		2,123		273		74,547		4		–		1		18,906
Reinvested		288		96		6,491		1		–		–		2,374
Redeemed		(2,439	)	(572	)	(43,047	)	(15	)	(2	)	–		(9,133	)
Net Increase (Decrease)		(28	)	(203	)	37,991		(10	)	(2	)	1		12,147
Year Ended October 31, 2018
Dollars:
Sold	$	54,600	$	4,738		$ 1,025,220		$207	$	9	$	– $		312,152
Reinvested		3,976		1,408		79,252		9		2		1		25,632
Redeemed		(89,566	)	(10,986)		(555,167)		(42	)	(1	)	–		(64,521	)
Net Increase (Decrease)	$	(30,990	) $	(4,840	) $	549,305	$	174	$	10	$	1	$	273,263
Shares:
Sold		6,112		553		108,297		23		1		–		32,329
Reinvested		448		164		8,323		1		–		–		2,691
Redeemed		(9,996	)	(1,283	)	(58,679	)	(5	)	–		–		(6,756	)
Net Increase (Decrease)		(3,436	)	(566	)	57,941		19		1		–		28,264
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(2,813	) $	(807	) $	(65,343	) $	(10	) $	(1	) $	– $		(21,751	)
Total Dividends and Distributions	$	(2,813	) $	(807	) $	(65,343	) $	(10	) $	(1	) $	– $		(21,751	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(4,678	) $	(1,463	) $	(88,466	) $	(9	) $	(2	) $	(1	) $	(25,742	)
Total Dividends and Distributions	$	(4,678	) $	(1,463	) $	(88,466	) $	(9	) $	(2	) $	(1	) $	(25,742	)

See accompanying notes.

71

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands												Government & High Quality Bond Fund
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		16,823		$		33,694
Net realized gain (loss) on investments .														(2,453	)			(40,571	)
Net change in unrealized appreciation/depreciation of investments														50,094				(21,277	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												64,464				(28,154	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(20,191	)			(42,502	)
						Total Dividends and Distributions								(20,191	)			(42,502	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														(20,785	)			805
						Total Increase (Decrease) in Net Assets								23,488				(69,851	)
Net Assets
Beginning of period														1,471,299				1,541,150
End of period .												$		1,494,787		$		1,471,299
		Class A		Class C		Class J      Institutional				R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	12,127	$	2,156	$	7,536	$	111,460	$	443	$	1,591	$	1,051	$	1,879	$	3,181
Reinvested		2,769		297		1,281		14,749		27		22		128		127		295
Redeemed		(26,763	)	(7,927	)	(9,862)		(127,216)		(336	)	(1,993	)	(2,329	)	(3,299	)	(2,179	)
Net Increase (Decrease)	$	(11,867	) $	(5,474	) $	(1,045	) $	(1,007	) $	134	$	(380	) $	(1,150	) $	(1,293	) $	1,297
Shares:
Sold		1,194		212		741		10,916		43		157		103		185		311
Reinvested		272		29		126		1,448		3		2		13		12		29
Redeemed		(2,652	)	(781	)	(969	)	(12,546	)	(33	)	(196	)	(228	)	(324	)	(213	)
Net Increase (Decrease)		(1,186	)	(540	)	(102	)	(182	)	13		(37	)	(112	)	(127	)	127
Year Ended October 31, 2018
Dollars:
Sold	$	21,286	$	2,501	$	8,314	$	180,591	$	693	$	2,038	$	2,727	$	4,955	$	7,813
Reinvested		6,316		756		2,791		30,487		51		43		281		353		546
Redeemed		(60,974	)	(14,235	)	(23,076)		(142,060)		(662	)	(10,590	)	(4,519	)	(10,621	)	(5,000	)
Net Increase (Decrease)	$	(33,372	) $	(10,978	) $	(11,971	) $	69,018	$	82	$	(8,509	) $	(1,511	) $	(5,313	) $	3,359
Shares:
Sold		2,096		245		815		17,746		68		199		267		487		767
Reinvested		622		75		274		3,001		5		4		28		35		54
Redeemed		(6,009	)	(1,402	)	(2,263	)	(14,005	)	(65	)	(1,032	)	(442	)	(1,044	)	(491	)
Net Increase (Decrease)		(3,291	)	(1,082	)	(1,174	)	6,742		8		(829	)	(147	)	(522	)	330
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$	(2,879	) $	(307	) $	(1,291	) $	(15,089	) $	(27	) $	(47	) $	(128	) $	(128	) $	(295	)
Total Dividends and Distributions	$	(2,879	) $	(307	) $	(1,291	) $	(15,089	) $	(27	) $	(47	) $	(128	) $	(128	) $	(295	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$	(6,597	) $	(781	) $	(2,814	) $	(30,903	) $	(51	) $	(175	) $	(282	) $	(353	) $	(546	)
Total Dividends and Distributions	$	(6,597	) $	(781	) $	(2,814	) $	(30,903	) $	(51	) $	(175	) $	(282	) $	(353	) $	(546	)

See accompanying notes.

72

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands		Government Money Market Fund
		Period Ended		Period Ended
		April 30, 2019		October 31, 2018(a)
Operations
Net investment income (loss)	$	30,873		$	45,657
Net realized gain (loss) on investments .		–			(25	)
Net change in unrealized appreciation/depreciation of investments		–			–
Net Increase (Decrease) in Net Assets Resulting from Operations		30,873			45,632
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(30,873	)		(45,632	)
	Total Dividends and Distributions	(30,873	)		(45,632	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		(183,987	)		3,285,396
	Total Increase (Decrease) in Net Assets	(183,987	)		3,285,396
Net Assets
Beginning of period		3,285,396			–
End of period .	$	3,101,409		$	3,285,396
					Institutional
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold				$	20,493,535
Redeemed					(20,677,522	)
Net Increase (Decrease)				$	(183,987	)
Shares:
Sold					20,493,536
Redeemed					(20,677,523	)
Net Increase (Decrease)					(183,987	)
Period EndedOctober 31, 2018(a)
Dollars:
Sold				$	16,400,739
Redeemed					(13,115,343	)
Net Increase (Decrease)				$	3,285,396
Shares:
Sold					16,400,739
Redeemed					(13,115,343	)
Net Increase (Decrease)					3,285,396
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments				$	(30,873	)
Total Dividends and Distributions				$	(30,873	)
Period EndedOctober 31, 2018(a)
From net investment income and net realized gain on investments				$	(45,632	)
Total Dividends and Distributions				$	(45,632	)

(a)      Period from December 20, 2017, date operations commenced, through October 31, 2018.

See accompanying notes.

73

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands						High Yield Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		83,158		$		182,598
Net realized gain (loss) on investments , Foreign currencies and Swap agreements						(23,862	)			19,686
Net change in unrealized appreciation/depreciation of investments						60,051				(211,806	)
Net Increase (Decrease) in Net Assets Resulting from Operations						119,347				(9,522	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(87,248	)			(189,083	)
	Total Dividends and Distributions					(87,248	)			(189,083	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						(97,962	)			(402,708	)
	Total Increase (Decrease) in Net Assets					(65,863	)			(601,313	)
Net Assets
Beginning of period						3,003,260				3,604,573
End of period .				$		2,937,397		$		3,003,260
		Class A		Class C		Class T         Institutional				R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	205,910	$	7,631		N/A		$ 219,474		$76,035
Reinvested		17,951		5,474		N/A		44,726		14,641
Redeemed	(141,759)			(69,127	)	N/A		(430,092)		(48,826	)
Net Increase (Decrease)	$	82,102	$	(56,022	)	N/A		$ (165,892) $		41,850
Shares:
Sold		29,343		1,078		N/A		31,601		11,090
Reinvested		2,556		773		N/A		6,420		2,101
Redeemed		(20,173	)	(9,775	)	N/A		(61,903	)	(7,075	)
Net Increase (Decrease)		11,726		(7,924	)	N/A		(23,882	)	6,116
Year Ended October 31, 2018(a)
Dollars:
Sold	$	237,771	$	11,650	$	–		$ 709,536 $		81,784
Reinvested		36,333		13,287		–		101,213		26,998
Redeemed	(473,058)			(87,011	)	(10)		(977,770)		(83,431	)
Net Increase (Decrease)	$ (198,954) $			(62,074	) $	(10)		$ (167,021)		$25,351
Shares:
Sold		32,246		1,562		–		96,823		11,186
Reinvested		4,953		1,793		–		13,897		3,710
Redeemed		(64,145	)	(11,711	)	(1)		(133,898)		(11,459	)
Net Increase (Decrease)		(26,946	)	(8,356	)	(1	)	(23,178	)	3,437
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(19,147	) $	(5,794	)	N/A $		(47,519	) $	(14,788	)
Total Dividends and Distributions	$	(19,147	) $	(5,794	)	N/A $		(47,519	) $	(14,788	)
Year EndedOctober 31, 2018(a)
From net investment income and net realized gain on investments	$	(39,571	) $	(14,256	) $	–		$ (108,134) $		(27,122	)
Total Dividends and Distributions	$	(39,571	) $	(14,256	) $	–		$ (108,134) $		(27,122	)
(a) Class T shares discontinued operations on August 24, 2018.

See accompanying notes.

74

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands		High Yield Fund I
		Period Ended		Year Ended
		April 30, 2019		October 31, 2018
Operations
Net investment income (loss)	$	116,701		$		79,620
Net realized gain (loss) on investments and Swap agreements		(37,627	)			(8,658	)
Net change in unrealized appreciation/depreciation of investments and Swap agreements		84,611				(91,612	)
Net Increase (Decrease) in Net Assets Resulting from Operations		163,685				(20,650	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(117,859	)			(79,675	)
Total Dividends and Distributions		(117,859	)			(79,675	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		(283,896	)			2,698,073
Total Increase (Decrease) in Net Assets		(238,070	)			2,597,748
Net Assets
Beginning of period		3,761,560				1,163,812
End of period .	$	3,523,490		$		3,761,560
		Class A		Institutional
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold		$1,684		$ 260,656
Reinvested		172				117,665
Redeemed		(2,078)		(661,995)
Net Increase (Decrease)		$(222)		$ (283,674)
Shares:
Sold		179				27,884
Reinvested		18				12,613
Redeemed		(222)				(70,501	)
Net Increase (Decrease)		(25)				(30,004	)
Year Ended October 31, 2018
Dollars:
Sold		$3,005		$ 2,894,537
Reinvested		361				79,258
Redeemed		(2,667)		(276,421)
Net Increase (Decrease)		$699
Shares:						$ 2,697,374
Sold		307				301,395
Reinvested		37				8,201
Redeemed		(274)				(28,392	)
Net Increase (Decrease)		70				281,204
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments		$(173)		$ (117,686)
Total Dividends and Distributions		$(173)		$ (117,686)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments		$(362)			$	(79,313	)
Total Dividends and Distributions		$(362)			$	(79,313	)

See accompanying notes.

75

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands																Income Fund
														Period Ended				Year Ended
														April 30, 2019				October 31, 2018
Operations
Net investment income (loss)														$		41,715		$		103,007
Net realized gain (loss) on investments .																12,385				18,243
Net change in unrealized appreciation/depreciation of investments																85,592				(145,242	)
				Net Increase (Decrease) in Net Assets Resulting from Operations												139,692				(23,992	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments																(50,191	)			(105,983	)
								Total Dividends and Distributions								(50,191	)			(105,983	)
Capital Share Transactions
Net increase (decrease) in capital share transactions																(56,726	)			(207,857	)
								Total Increase (Decrease) in Net Assets								32,775				(337,832	)
Net Assets
Beginning of period																2,912,000				3,249,832
End of period .														$		2,944,775		$		2,912,000
		Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	48,049	$	7,360	$	10,217	$	106,928	$	539	$	274	$	2,099	$	2,120	$	3,860	$	44,271
Reinvested		3,508		573		1,412		7,316		212		20		415		303		554		35,466
Redeemed		(43,646	)	(11,890	)	(8,386	)	(82,981	)	(2,600	)	(211	)	(3,075	)	(4,617	)	(4,698)		(170,118)
Net Increase (Decrease)	$	7,911	$	(3,957	) $	3,243	$	31,263	$	(1,849	) $	83	$	(561	) $	(2,194	) $	(284	) $	(90,381	)
Shares:
Sold		5,168		788		1,092		11,486		57		30		226		226		413		4,734
Reinvested		376		61		150		782		23		2		44		32		59		3,795
Redeemed		(4,699	)	(1,271	)	(899	)	(8,906	)	(278	)	(23	)	(330	)	(492	)	(505	)	(18,296	)
Net Increase (Decrease)		845		(422	)	343		3,362		(198	)	9		(60	)	(234	)	(33	)	(9,767	)
Year Ended October 31, 2018
Dollars:
Sold	$	47,256	$	7,654	$	12,707	$	142,846	$	1,565	$	307	$	6,326	$	4,900	$	7,212		$ 165,73
Reinvested		7,092		1,256		2,873		13,927		471		47		820		820		1,438		76,428
Redeemed		(72,810	)	(16,537	)	(22,725)		(141,936)		(4,262	)	(885	)	(7,929	)	(14,784	)	(21,993)		(405,672)
Net Increase (Decrease)	$	(18,462	) $	(7,627	) $	(7,145	) $	14,837	$	(2,226	) $	(531	) $	(783	) $	(9,064	) $	(13,343)		$ (163,513)
Shares:
Sold		5,040		811		1,350		15,194		166		32		672		519		762		17,537
Reinvested		757		133		306		1,483		50		5		87		87		153		8,143
Redeemed		(7,770	)	(1,754	)	(2,413	)	(15,121	)	(454	)	(94	)	(840	)	(1,572	)	(2,344	)	(43,376	)
Net Increase (Decrease)		(1,973	)	(810	)	(757	)	1,556		(238	)	(57	)	(81	)	(966	)	(1,429	)	(17,696	)
Distributions:
Period Ended April 30, 2019
From net investment income and
net realized gain on investments. $		(3,639	) $	(594	) $	(1,425	) $	(7,553	) $	(212	) $	(30	) $	(415	) $	(303	) $	(554	) $	(35,466	)
Total Dividends and
Distributions	$	(3,639	) $	(594	) $	(1,425	) $	(7,553	) $	(212	) $	(30	) $	(415	) $	(303	) $	(554	) $	(35,466	)
Year EndedOctober 31, 2018
From net investment income and
net realized gain on investments. $		(7,462	) $	(1,306	) $	(2,907	) $	(14,262	) $	(471	) $	(69	) $	(820	) $	(820	) $	(1,438	) $	(76,428	)
Total Dividends and
Distributions	$	(7,462	) $	(1,306	) $	(2,907	) $	(14,262	) $	(471	) $	(69	) $	(820	) $	(820	) $	(1,438	) $	(76,428	)

See accompanying notes.

76

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands														Inflation Protection Fund
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		5,025		$		39,037
Net realized gain (loss) on investments , Foreign currencies, Futures, Options and Swaptions and Swap agreements														(11,985	)			7,219
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Options and Swaptions, Swap
agreements and Translation of assets & liabilities in foreign currencies														74,571				(65,165	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												67,611				(18,909	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(45,507	)			(31,991	)
						Total Dividends and Distributions								(45,507	)			(31,991	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														(10,317	)			62,634
						Total Increase (Decrease) in Net Assets								11,787				11,734
Net Assets
Beginning of period														1,574,823				1,563,089
End of period .												$		1,586,610		$		1,574,823
		Class A		Class C		Class J      Institutional				R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	3,635	$	5	$	667	$	77,999	$	95	$	72	$	606	$	370	$	629
Reinvested		280		79		179		44,579		29		7		186		44		109
Redeemed		(3,030	)	(2,994	)	(1,027)		(129,477)		(25	)	(68	)	(1,420	)	(801	)	(1,045	)
Net Increase (Decrease)	$	885	$	(2,910	) $	(181	) $	(6,899	) $	99	$	11	$	(628	) $	(387	) $	(307	)
Shares:
Sold		451		1		84		9,431		12		9		76		45		77
Reinvested		35		10		23		5,483		4		1		24		6		14
Redeemed		(372	)	(394	)	(130	)	(15,646	)	(3	)	(8	)	(178	)	(99	)	(129	)
Net Increase (Decrease)		114		(383	)	(23	)	(732	)	13		2		(78	)	(48	)	(38	)
Year Ended October 31, 2018
Dollars:
Sold	$	2,834	$	1,055	$	1,183	$	293,894	$	181	$	349	$	2,137	$	645	$	1,413
Reinvested		201		51		135		31,288		19		10		112		42		71
Redeemed		(4,325	)	(1,298	)	(2,237)		(260,906)		(192	)	(513	)	(1,075	)	(1,100	)	(1,340	)
Net Increase (Decrease)	$	(1,290	) $	(192	) $	(919	) $	64,276	$	8	$	(154	) $	1,174	$	(413	) $	144
Shares:
Sold		341		134		146		34,697		23		43		263		78		169
Reinvested		24		7		17		3,681		2		1		14		5		8
Redeemed		(519	)	(164	)	(276	)	(30,718	)	(24	)	(64	)	(132	)	(134	)	(161	)
Net Increase (Decrease)		(154	)	(23	)	(113	)	7,660		1		(20	)	145		(51	)	16
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized
gain on investments	$	(286	) $	(81	) $	(179	) $	(44,579	) $	(29	) $	(14	) $	(186	) $	(44	) $	(109	)
Total Dividends and Distributions	$	(286	) $	(81	) $	(179	) $	(44,579	) $	(29	) $	(14	) $	(186	) $	(44	) $	(109	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$	(219	) $	(54	) $	(135	) $	(31,325	) $	(19	) $	(14	) $	(112	) $	(42	) $	(71	)
Total Dividends and Distributions	$	(219	) $	(54	) $	(135	) $	(31,325	) $	(19	) $	(14	) $	(112	) $	(42	) $	(71	)

(a)      Class C shares discontinued operations and converted to Class A shares on January 11, 2019.

See accompanying notes.

77

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands														International Emerging Markets Fund
														Period Ended				Year Ended
														April 30, 2019				October 31, 2018
Operations
Net investment income (loss)														$		594		$		10,150
Net realized gain (loss) on investments and Foreign currencies																(7,055	)			73,600
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies																80,194				(236,555	)
				Net Increase (Decrease) in Net Assets Resulting from Operations												73,733				(152,805	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments																(23,854	)			(11,083	)
								Total Dividends and Distributions								(23,854	)			(11,083	)
Capital Share Transactions
Net increase (decrease) in capital share transactions																(73,668	)			(62,904	)
								Total Increase (Decrease) in Net Assets								(23,789	)			(226,792	)
Net Assets
Beginning of period																751,782				978,574
End of period .														$		727,993		$		751,782
		Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	5,112	$	584	$	2,159	$	14,461	$	252	$	251	$	629	$	333	$	1,393	$	27,338
Reinvested		2,192		240		2,793		3,215		49		42		161		179		405		14,553
Redeemed		(8,283	)	(2,905	)	(7,362	)	(13,502	)	(312	)	(502	)	(1,840	)	(2,246	)	(3,492)          (109,565)
Net Increase (Decrease)	$	(979	) $	(2,081	) $	(2,410	) $	4,174	$	(11	) $	(209	) $	(1,050	) $	(1,734	) $	(1,694	) $	(67,674	)
Shares:
Sold		212		25		91		598		11		10		26		14		58		1,136
Reinvested		96		11		127		142		2		2		7		8		18		644
Redeemed		(338	)	(127	)	(313	)	(561	)	(13	)	(21	)	(75	)	(94	)	(148	)	(4,390	)
Net Increase (Decrease)		(30	)	(91	)	(95	)	179		–		(9	)	(42	)	(72	)	(72	)	(2,610	)
Year Ended October 31, 2018
Dollars:
Sold	$	22,054	$	3,772	$	17,606	$	54,526	$	514	$	707	$	2,081	$	2,566	$	7,266		$ 110,919
Reinvested		894		4		1,349		1,096		14		23		85		106		191		7,308
Redeemed		(24,129	)	(3,391	)	(35,797	)	(33,691	)	(984	)	(2,963	)	(5,336	)	(6,467	)	(9,741)		(173,486)
Net Increase (Decrease)	$	(1,181	) $	385	$	(16,842	) $	21,931	$	(456	) $	(2,233	) $	(3,170	) $	(3,795	) $	(2,284	) $	(55,259	)
Shares:
Sold		732		130		600		1,914		17		25		71		86		252		4,056
Reinvested		30		–		48		37		–		1		3		4		6		249
Redeemed		(828	)	(123	)	(1,284	)	(1,174	)	(34	)	(101	)	(187	)	(229	)	(331	)	(6,280	)
Net Increase (Decrease)		(66	)	7		(636	)	777		(17	)	(75	)	(113	)	(139	)	(73	)	(1,975	)
Distributions:
Period Ended April 30, 2019
From net investment income and
net realized gain on investments. $		(2,210	) $	(241	) $	(2,795	) $	(3,216	) $	(49	) $	(45	) $	(161	) $	(179	) $	(405	) $	(14,553	)
Total Dividends and
Distributions	$	(2,210	) $	(241	) $	(2,795	) $	(3,216	) $	(49	) $	(45	) $	(161	) $	(179	) $	(405	) $	(14,553	)
Year EndedOctober 31, 2018
From net investment income and
net realized gain on investments. $		(906	) $	(4	) $	(1,349	) $	(1,096	) $	(14	) $	(24	) $	(85	) $	(106	) $	(191	) $	(7,308	)
Total Dividends and
Distributions	$	(906	) $	(4	) $	(1,349	) $	(1,096	) $	(14	) $	(24	) $	(85	) $	(106	) $	(191	) $	(7,308	)

See accompanying notes.

78

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands												International Fund I
										Period Ended				Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		2,915		$		8,533
Net realized gain (loss) on investments and Foreign currencies												(8,919	)			30,157
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies												39,272				(105,606	)
Net Increase (Decrease) in Net Assets Resulting from Operations												33,268				(66,916	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(25,275	)			(4,941	)
				Total Dividends and Distributions								(25,275	)			(4,941	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												(6,113	)			1,978
				Total Increase (Decrease) in Net Assets								1,880				(69,879	)
Net Assets
Beginning of period												381,948				451,827
End of period .										$		383,828		$		381,948
		Class A       Institutional				R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	2,852	$	23,894	$	182	$	149	$	350	$	387	$	442	$	4,688
Reinvested		520		8,361		127		85		261		341		207		15,349
Redeemed		(1,415	)	(41,934	)	(442	)	(266	)	(1,587	)	(968	)	(672	)	(17,024	)
Net Increase (Decrease)	$	1,957	$	(9,679	) $	(133	) $	(32	) $	(976	) $	(240	) $	(23	) $	3,013
Shares:
Sold		215		1,798		13		11		26		30		33		352
Reinvested		43		687		10		7		22		28		17		1,261
Redeemed		(107	)	(3,108	)	(32	)	(20	)	(118	)	(74	)	(48	)	(1,292	)
Net Increase (Decrease)		151		(623	)	(9	)	(2	)	(70	)	(16	)	2		321
Year Ended October 31, 2018
Dollars:
Sold	$	5,743	$	112,266	$	420	$	509	$	947	$	3,080	$	970	$	13,092
Reinvested		50		1,280		9		13		34		31		47		3,475
Redeemed		(3,276	)	(51,818	)	(722	)	(2,549	)	(1,899	)	(1,236	)	(2,736	)	(75,752	)
Net Increase (Decrease)	$	2,517	$	61,728	$	(293	) $	(2,027	) $	(918	) $	1,875	$	(1,719	) $	(59,185	)
Shares:
Sold		339		6,559		25		31		56		183		57		758
Reinvested		3		75		1		1		2		2		3		204
Redeemed		(205	)	(3,200	)	(44	)	(150	)	(113	)	(73	)	(166	)	(4,412	)
Net Increase (Decrease)		137		3,434		(18	)	(118	)	(55	)	112		(106	)	(3,450	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(520	) $	(8,361	) $	(127	) $	(109	) $	(261	) $	(341	) $	(207	) $	(15,349	)
Total Dividends and Distributions	$	(520	) $	(8,361	) $	(127	) $	(109	) $	(261	) $	(341	) $	(207	) $	(15,349	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(50	) $	(1,280	) $	(9	) $	(15	) $	(34	) $	(31	) $	(47	) $	(3,475	)
Total Dividends and Distributions	$	(50	) $	(1,280	) $	(9	) $	(15	) $	(34	) $	(31	) $	(47	) $	(3,475	)

See accompanying notes.

79

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands															LargeCap Growth Fund
													Period Ended				Year Ended
													April 30, 2019				October 31, 2018
Operations
Net investment income (loss)											$				(644	)	$		(2,121	)
Net realized gain (loss) on investments .															(10,365	)			290,054
Net change in unrealized appreciation/depreciation of investments															59,217				(226,046	)
		Net Increase (Decrease) in Net Assets Resulting from Operations													48,208				61,887
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments															(216,398	)			(159,915	)
						Total Dividends and Distributions									(216,398	)			(159,915	)
Capital Share Transactions
Net increase (decrease) in capital share transactions															173,842				(553,746	)
						Total Increase (Decrease) in Net Assets									5,652				(651,774	)
Net Assets
Beginning of period															565,238				1,217,012
End of period .											$				570,890		$		565,238
		Class A		Class C		Class J         Institutional					R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	19,162	$	221	$	3,162	$	32,526	$	202		$	107	$	771	$	531	$	2,307
Reinvested		134,290		6,306		31,939		19,856		1,589			475		2,378		2,728		14,507
Redeemed		(30,652	)	(15,080	)	(9,955	)	(29,233	)	(607		)	(273	)	(2,758	)	(3,791	)	(6,866	)
Net Increase (Decrease)	$	122,800	$	(8,553	) $	25,146	$	23,149	$	1,184		$	309	$	391	$	(532	) $	9,948
Shares:
Sold		3,616		53		582		3,967			33		20		108		90		358
Reinvested		28,094		1,782		7,696		3,718		380			108		430		495		2,686
Redeemed		(5,089	)	(3,865	)	(1,855	)	(5,004	)	(124		)	(53	)	(395	)	(625	)	(1,062	)
Net Increase (Decrease)		26,621		(2,030	)	6,423		2,681		289			75		143		(40	)	1,982
Year Ended October 31, 2018
Dollars:
Sold	$	21,149	$	4,399	$	24,099	$	71,630	$	863		$	596	$	2,225	$	2,299	$	6,356
Reinvested		61,735		2,836		12,970		70,789		788			240		1,666		1,260		6,412
Redeemed		(45,275	)	(4,616	)	(17,968)		(751,475)		(1,812		)	(864	)	(7,071	)	(5,266	)	(11,711	)
Net Increase (Decrease)	$	37,609	$	2,620	$	19,101		$ (609,056)		$(161		) $	(28	) $	(3,180	) $	(1,707	) $	1,057
Shares:
Sold		2,140		522		2,667		6,441			94		63		204		215		605
Reinvested		6,829		366		1,557		7,359			94		28		169		128		660
Redeemed		(4,585	)	(547	)	(1,988	)	(71,346	)	(197		)	(93	)	(654	)	(485	)	(1,080	)
Net Increase (Decrease)		4,384		341		2,236		(57,546	)		(9	)	(2	)	(281	)	(142	)	185
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized
gain on investments	$ (135,785) $			(6,451	) $	(32,067	) $	(20,381	) $	(1,589		) $	(512	) $	(2,378	) $	(2,728	) $	(14,507	)
Total Dividends and Distributions	$ (135,785) $			(6,451	) $	(32,067	) $	(20,381	) $	(1,589		) $	(512	) $	(2,378	) $	(2,728	) $	(14,507	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$	(62,605	) $	(2,951	) $	(12,987	) $	(70,974	) $	(788		) $	(272	) $	(1,666	) $	(1,260	) $	(6,412	)
Total Dividends and Distributions	$	(62,605	) $	(2,951	) $	(12,987	) $	(70,974	) $	(788		) $	(272	) $	(1,666	) $	(1,260	) $	(6,412	)

(a)      Class C shares discontinued operations and converted to Class A shares on January 11, 2019.

See accompanying notes.

80

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands														LargeCap Growth Fund I
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		12,640		$		4,712
Net realized gain (loss) on investments , Foreign currencies and Futures														454,225				1,058,086
Net change in unrealized appreciation/depreciation of investments and Futures														628,652				(10,189	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												1,095,517				1,052,609
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(916,938	)			(745,957	)
						Total Dividends and Distributions								(916,938	)			(745,957	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														593,831				136,987
						Total Increase (Decrease) in Net Assets								772,410				443,639
Net Assets
Beginning of period														8,254,521				7,810,882
End of period .												$		9,026,931		$		8,254,521
		Class A		Class J		Institutional		R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	8,992	$	13,523	$	145,183	$	415	$	605	$	5,554	$	10,608	$	8,607		$ 153,139
Reinvested		4,354		23,966		238,645		1,023		962		11,543		9,233		31,612		594,475
Redeemed		(6,787	)	(18,022)		(232,317)		(1,443	)	(818	)	(15,898	)	(11,536	)	(37,843)		(343,944)
Net Increase (Decrease)	$	6,559	$	19,467	$	151,511	$	(5	) $	749	$	1,199	$	8,305	$	2,376	$	403,670
Shares:
Sold		648		1,138		9,997		34		51		421		786		617		10,745
Reinvested		352		2,330		18,635		95		92		1,005		786		2,577		46,428
Redeemed		(481	)	(1,530	)	(16,630	)	(124	)	(69	)	(1,214	)	(856	)	(2,801	)	(24,356	)
Net Increase (Decrease)		519		1,938		12,002		5		74		212		716		393		32,817
Year Ended October 31, 2018
Dollars:
Sold	$	22,788	$	48,556	$	250,868	$	2,175	$	2,494	$	19,083	$	23,476	$	33,613		$ 683,030
Reinvested		2,542		16,727		199,549		732		961		10,590		7,645		28,388		478,109
Redeemed		(10,036	)	(29,481)		(544,088)		(2,344	)	(6,414	)	(50,589	)	(41,605)		(104,086)		(905,696)
Net Increase (Decrease)	$	15,294	$	35,802	$	(93,671	) $	563	$	(2,959	) $	(20,916	) $	(10,484	) $	(42,085	) $	255,443
Shares:
Sold		1,460		3,693		16,006		157		189		1,303		1,618		2,200		43,506
Reinvested		172		1,334		13,275		56		76		773		547		1,963		31,808
Redeemed		(655	)	(2,266	)	(34,609	)	(173	)	(483	)	(3,551	)	(2,838	)	(6,926	)	(58,152	)
Net Increase (Decrease)		977		2,761		(5,328	)	40		(218	)	(1,475	)	(673	)	(2,763	)	17,162
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$	(4,468	) $	(23,976)		$ (239,570)		$(1,023	) $	(1,037	) $	(11,544	) $	(9,233	) $	(31,612)		$ (594,475)
Total Dividends and Distributions	$	(4,468	) $	(23,976)		$ (239,570)		$(1,023	) $	(1,037	) $	(11,544	) $	(9,233	) $	(31,612)
Year EndedOctober 31, 2018																		$ (594,475)
From net investment income and net realized
gain on investments	$	(2,554	) $	(16,730)		$ (200,190)		$(732	) $	(1,019	) $	(10,590	) $	(7,645	) $	(28,388)		$ (478,109)
Total Dividends and Distributions	$	(2,554	) $	(16,730)		$ (200,190)		$(732	) $	(1,019	) $	(10,590	) $	(7,645	) $	(28,388)		$ (478,109)

See accompanying notes.

81

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands												LargeCap S&P 500 Index Fund
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		55,155		$		99,090
Net realized gain (loss) on investments , Foreign currencies and Futures														46,294				300,226
Net change in unrealized appreciation/depreciation of investments and Futures														430,085				(26,802	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												531,534				372,514
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(352,546	)			(377,859	)
						Total Dividends and Distributions								(352,546	)			(377,859	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														332,171				37,862
						Total Increase (Decrease) in Net Assets								511,159				32,517
Net Assets
Beginning of period														5,526,282				5,493,765
End of period .												$		6,037,441		$		5,526,282
		Class A		Class C		Class J      Institutional				R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	43,122	$	7,569	$	20,750	$	496,944	$	1,449	$	1,491	$	10,932	$	15,694	$	21,613
Reinvested		23,705		3,594		41,668		239,122		873		1,250		10,837		9,363		21,590
Redeemed		(33,987	)	(11,405	)	(45,175)		(401,493)		(3,081	)	(3,030	)	(32,441	)	(30,967	)	(77,816	)
Net Increase (Decrease)	$	32,840	$	(242	) $	17,243	$	334,573	$	(759	) $	(289	) $	(10,672	) $	(5,910	) $	(34,613	)
Shares:
Sold		2,541		462		1,219		29,904		82		86		633		912		1,246
Reinvested		1,509		235		2,682		15,236		56		79		689		594		1,356
Redeemed		(1,984	)	(699	)	(2,662	)	(23,819	)	(175	)	(177	)	(1,869	)	(1,831	)	(4,636	)
Net Increase (Decrease)		2,066		(2	)	1,239		21,321		(37	)	(12	)	(547	)	(325	)	(2,034	)
Year Ended October 31, 2018
Dollars:
Sold	$	65,548	$	15,212	$	64,091	$	766,423	$	3,038	$	2,922	$	32,476	$	33,106	$	48,358
Reinvested		22,928		3,346		43,141		253,052		1,116		1,758		13,546		12,541		25,718
Redeemed		(64,223	)	(10,136	)	(96,503)		(884,979)		(8,113	)	(14,991	)	(76,985	)	(88,574) (125,954)
Net Increase (Decrease)	$	24,253	$	8,422	$	10,729	$	134,496	$	(3,959	) $	(10,311	) $	(30,963	) $	(42,927	) $	(51,878	)
Shares:
Sold		3,615		856		3,557		41,637		168		160		1,768		1,806		2,627
Reinvested		1,291		193		2,452		14,240		63		99		762		704		1,429
Redeemed		(3,537	)	(573	)	(5,368	)	(49,313	)	(451	)	(813	)	(4,235	)	(4,882	)	(6,884	)
Net Increase (Decrease)		1,369		476		641		6,564		(220	)	(554	)	(1,705	)	(2,372	)	(2,828	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$	(24,106	) $	(3,663	) $	(41,712)		$ (239,126) $		(873	) $	(1,250	) $	(10,837	) $	(9,377	) $	(21,602	)
Total Dividends and Distributions	$	(24,106	) $	(3,663	) $	(41,712)		$ (239,126) $		(873	) $	(1,250	) $	(10,837	) $	(9,377	) $	(21,602	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$	(23,496	) $	(3,422	) $	(43,205)		$ (253,057) $		(1,116	) $	(1,758	) $	(13,546	) $	(12,541	) $	(25,718	)
Total Dividends and Distributions	$	(23,496	) $	(3,422	) $	(43,205)		$ (253,057) $		(1,116	) $	(1,758	) $	(13,546	) $	(12,541	) $	(25,718	)

See accompanying notes.

82

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										LargeCap Value Fund III
								Period Ended				Year Ended
								April 30, 2019				October 31, 2018
Operations
Net investment income (loss)								$		27,518		$		36,053
Net realized gain (loss) on investments , Foreign currencies and Futures										35,579				167,462
Net change in unrealized appreciation/depreciation of investments and Futures										79,603				(73,810	)
Net Increase (Decrease) in Net Assets Resulting from Operations										142,700				129,705
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments										(195,629	)			(153,737	)
		Total Dividends and Distributions								(195,629	)			(153,737	)
Capital Share Transactions
Net increase (decrease) in capital share transactions										89,224				203,502
		Total Increase (Decrease) in Net Assets								36,295				179,470
Net Assets
Beginning of period										2,085,172				1,905,702
End of period .								$		2,121,467		$		2,085,172
		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	781	$	61,604	$	194	$	98	$	561	$	131	$	1,612
Reinvested		6,716		186,371		377		192		504		450		1,014
Redeemed		(4,205)		(160,964)		(492	)	(163	)	(1,751	)	(866	)	(2,940	)
Net Increase (Decrease)	$	3,292	$	87,011	$	79	$	127	$	(686	) $	(285	) $	(314	)
Shares:
Sold		49		3,976		13		6		33		8		100
Reinvested		469		12,796		26		13		33		31		69
Redeemed		(271	)	(10,491	)	(31	)	(10	)	(106	)	(56	)	(184	)
Net Increase (Decrease)		247		6,281		8		9		(40	)	(17	)	(15	)
Year Ended October 31, 2018
Dollars:
Sold	$	2,730	$	485,474	$	706	$	373	$	1,444	$	759	$	3,614
Reinvested		4,913		146,919		260		171		554		345		566
Redeemed		(9,793)		(423,973)		(914	)	(1,244	)	(4,855	)	(2,136	)	(2,411	)
Net Increase (Decrease)	$	(2,150	) $	208,420	$	52	$	(700	) $	(2,857	) $	(1,032	) $	1,769
Shares:
Sold		161		27,697		41		22		80		44		207
Reinvested		292		8,605		15		10		31		20		33
Redeemed		(577	)	(24,692	)	(54	)	(71	)	(267	)	(123	)	(139	)
Net Increase (Decrease)		(124	)	11,610		2		(39	)	(156	)	(59	)	101
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(6,719)		$ (186,373)		$(377	) $	(192	) $	(504	) $	(450	) $	(1,014	)
Total Dividends and Distributions	$	(6,719)		$ (186,373)		$(377	) $	(192	) $	(504	) $	(450	) $	(1,014	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(4,919)		$ (146,921)		$(260	) $	(172	) $	(554	) $	(345	) $	(566	)
Total Dividends and Distributions	$	(4,919)		$ (146,921)		$(260	) $	(172	) $	(554	) $	(345	) $	(566	)

See accompanying notes.

83

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands																	MidCap Fund
															Period Ended				Year Ended
															April 30, 2019				October 31, 2018
Operations
Net investment income (loss)															$		5,478		$			11,253
Net realized gain (loss) on investments .																	399,035					1,612,043
Net change in unrealized appreciation/depreciation of investments																	2,190,763			(1,419,728			)
					Net Increase (Decrease) in Net Assets Resulting from Operations												2,595,276					203,568
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments																	(1,485,719	)				(516,388	)
									Total Dividends and Distributions								(1,485,719	)				(516,388	)
Capital Share Transactions
Net increase (decrease) in capital share transactions																	223,744					(177,308	)
									Total Increase (Decrease) in Net Assets								1,333,301					(490,128	)
Net Assets
Beginning of period																	14,754,992			15,245,120
End of period .															$		16,088,293		$	14,754,992
			Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5			R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold		$	76,419	$	4,435	$	1,151	$	1,248,281	$	2,596	$	1,613	$	5,805	$	7,481	$	29,745			$ 558,017
Reinvested			136,988		24,372		29,463		884,102		9,032		2,262		10,368		8,952		34,089			77,955
Redeemed		(160,595		)	(38,841)		(15,922)		(2,388,536	)	(6,415	)	(4,291	)	(26,550	)	(12,504	)	(68,312)			(207,416)
Net Increase (Decrease)		$	52,812	$	(10,034)		$ 14,692		$(256,153	) $	5,213	$	(416	) $	(10,377	) $	3,929	$	(4,478		) $	428,556
Shares:
Sold			3,112		218		47		49,673		114		69		234		292		1,165			20,788
Reinvested			6,224		1,240		1,395		39,155		446		110		483		399		1,532			3,454
Redeemed			(6,411	)	(1,774	)	(662	)	(94,717	)	(277	)	(181	)	(1,068	)	(503	)	(2,769		)	(8,190	)
Net Increase (Decrease)			2,925		(316	)	780		(5,889	)	283		(2	)	(351	)	188		(72		)	16,052
Year Ended October 31, 2018
Dollars:
Sold		$ 144,494 $			6,765	$	2,907	$	2,734,530	$	5,868	$	3,858	$	16,566	$	18,902	$	80,394			$ 892,863
Reinvested			51,569		9,428		10,400		305,570		3,148		900		4,076		4,138		12,603			23,657
Redeemed		(441,299		)	(61,607)		(34,555)		(3,522,116	)	(11,521	)	(9,547	)	(41,398	)	(61,502)		(127,061)			(199,338)
Net Increase (Decrease)	$	(245,236		) $	(45,414)		$ (21,248)		$(482,016	) $	(2,505	) $	(4,789	) $	(20,756	) $	(38,462	) $	(34,064		) $	717,182
Shares:
Sold			5,294		272		110		97,951		232		148		618		681		2,915			31,465
Reinvested			1,934		388		405		11,217		127		36		156		153		468			869
Redeemed			(16,118	)	(2,471	)	(1,309	)	(125,086	)	(456	)	(373	)	(1,544	)	(2,230	)	(4,617		)	(7,158	)
Net Increase (Decrease)			(8,890	)	(1,811	)	(794	)	(15,918	)	(97	)	(189	)	(770	)	(1,396	)	(1,234		)	25,176
Distributions:
Period Ended April 30, 2019
From net investment income and
net realized gain on investments.			$ (147,100)		$(27,873)	$	(29,473)	$	(1,070,000	) $	(9,037	) $	(2,417	) $	(10,369	) $	(8,955	) $	(34,190)			$ (146,305)
Total Dividends and
Distributions		$ (147,100) $			(27,873)		$ (29,473)	$	(1,070,000	) $	(9,037	) $	(2,417	) $	(10,369	) $	(8,955	) $	(34,190)			$ (146,305)
Year EndedOctober 31, 2018
From net investment income and
net realized gain on investments. $			(56,155	) $	(10,861)		$ (10,410)	$	(386,935	) $	(3,150	) $	(1,023	) $	(4,076	) $	(4,138	) $	(12,606		) $	(27,034	)
Total Dividends and
Distributions		$	(56,155	) $	(10,861)		$ (10,410)	$	(386,935	) $	(3,150	) $	(1,023	) $	(4,076	) $	(4,138	) $	(12,606		) $	(27,034	)

See accompanying notes.

84

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										MidCap Growth Fund
								Period Ended				Year Ended
								April 30, 2019				October 31, 2018
Operations
Net investment income (loss)								$		(381	)	$		(768	)
Net realized gain (loss) on investments .										213				25,513
Net change in unrealized appreciation/depreciation of investments										21,980				(19,837	)
Net Increase (Decrease) in Net Assets Resulting from Operations										21,812				4,908
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments										(23,588	)			(6,493	)
		Total Dividends and Distributions								(23,588	)			(6,493	)
Capital Share Transactions
Net increase (decrease) in capital share transactions										9,005				15,259
		Total Increase (Decrease) in Net Assets								7,229				13,674
Net Assets
Beginning of period										179,526				165,852
End of period .								$		186,755		$		179,526
		Class J       Institutional				R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	5,166	$	7,980	$	157	$	471	$	1,020	$	316	$	2,473
Reinvested		10,365		6,789		215		194		1,680		626		2,765
Redeemed		(7,062	)	(16,863	)	(325	)	(391	)	(2,313	)	(1,371	)	(2,887	)
Net Increase (Decrease)	$	8,469	$	(2,094	) $	47	$	274	$	387	$	(429	) $	2,351
Shares:
Sold		841		1,017		24		72		135		39		285
Reinvested		2,013		997		40		33		266		93		392
Redeemed		(1,148	)	(2,039	)	(52	)	(57	)	(323	)	(174	)	(350	)
Net Increase (Decrease)		1,706		(25	)	12		48		78		(42	)	327
Year Ended October 31, 2018
Dollars:
Sold	$	15,155	$	31,043	$	600	$	628	$	5,613	$	1,244	$	4,385
Reinvested		2,814		1,943		56		79		429		240		686
Redeemed		(13,791	)	(22,596	)	(562	)	(1,922	)	(4,644	)	(3,378	)	(2,763	)
Net Increase (Decrease)	$	4,178	$	10,390	$	94	$	(1,215	) $	1,398	$	(1,894	) $	2,308
Shares:
Sold		2,043		3,340		78		76		633		134		448
Reinvested		401		219		8		10		51		27		75
Redeemed		(1,874	)	(2,431	)	(73	)	(235	)	(522	)	(368	)	(288	)
Net Increase (Decrease)		570		1,128		13		(149	)	162		(207	)	235
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(10,369	) $	(7,566	) $	(215	) $	(367	) $	(1,680	) $	(626	) $	(2,765	)
Total Dividends and Distributions	$	(10,369	) $	(7,566	) $	(215	) $	(367	) $	(1,680	) $	(626	) $	(2,765	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(2,815	) $	(2,131	) $	(56	) $	(136	) $	(429	) $	(240	) $	(686	)
Total Dividends and Distributions	$	(2,815	) $	(2,131	) $	(56	) $	(136	) $	(429	) $	(240	) $	(686	)

See accompanying notes.

85

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										MidCap Growth Fund III
								Period Ended				Year Ended
								April 30, 2019				October 31, 2018
Operations
Net investment income (loss)								$		(916	)	$		(2,729	)
Net realized gain (loss) on investments , Foreign currencies and Futures										27,111				114,882
Net change in unrealized appreciation/depreciation of investments and Futures										116,720				(33,240	)
Net Increase (Decrease) in Net Assets Resulting from Operations										142,915				78,913
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments										(100,097	)			(133,900	)
		Total Dividends and Distributions								(100,097	)			(133,900	)
Capital Share Transactions
Net increase (decrease) in capital share transactions										57,125				(25,557	)
		Total Increase (Decrease) in Net Assets								99,943				(80,544	)
Net Assets
Beginning of period										1,014,933				1,095,477
End of period .								$		1,114,876		$		1,014,933
		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	982	$	32,698	$	113	$	78	$	525	$	143	$	977
Reinvested		4,398		93,995		206		195		312		373		618
Redeemed		(3,037	)	(69,564	)	(371	)	(368	)	(1,791	)	(931	)	(2,426	)
Net Increase (Decrease)	$	2,343	$	57,129	$	(52	) $	(95	) $	(954	) $	(415	) $	(831	)
Shares:
Sold		113		2,995		12		8		51		14		91
Reinvested		590		9,968		28		25		36		41		65
Redeemed		(346	)	(6,606	)	(43	)	(40	)	(176	)	(93	)	(216	)
Net Increase (Decrease)		357		6,357		(3	)	(7	)	(89	)	(38	)	(60	)
Year Ended October 31, 2018
Dollars:
Sold	$	4,589	$	71,127	$	455	$	377	$	2,896	$	1,018	$	1,781
Reinvested		5,157		126,091		314		268		627		588		854
Redeemed		(5,722)		(223,016)		(1,210	)	(827	)	(4,890	)	(2,854	)	(3,180	)
Net Increase (Decrease)	$	4,024	$	(25,798	) $	(441	) $	(182	) $	(1,367	) $	(1,248	) $	(545	)
Shares:
Sold		467		5,940		47		37		260		88		144
Reinvested		568		11,319		34		28		60		55		76
Redeemed		(590	)	(18,797	)	(124	)	(80	)	(428	)	(251	)	(267	)
Net Increase (Decrease)		445		(1,538	)	(43	)	(15	)	(108	)	(108	)	(47	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(4,398	) $	(93,995	) $	(206	) $	(195	) $	(312	) $	(373	) $	(618	)
Total Dividends and Distributions	$	(4,398	) $	(93,995	) $	(206	) $	(195	) $	(312	) $	(373	) $	(618	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(5,158)		$ (126,091)		$(314	) $	(268	) $	(627	) $	(588	) $	(854	)
Total Dividends and Distributions	$	(5,158)		$ (126,091)		$(314	) $	(268	) $	(627	) $	(588	) $	(854	)

See accompanying notes.

86

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands												MidCap S&P 400 Index Fund
										Period Ended				Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		8,653		$		17,584
Net realized gain (loss) on investments , Foreign currencies and Futures												36,846				124,874
Net change in unrealized appreciation/depreciation of investments and Futures												74,566				(127,093	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											120,065				15,365
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(120,996	)			(99,029	)
				Total Dividends and Distributions								(120,996	)			(99,029	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												96,000				(44,376	)
				Total Increase (Decrease) in Net Assets								95,069				(128,040	)
Net Assets
Beginning of period												1,319,591				1,447,631
End of period .										$		1,414,660		$		1,319,591
		Class J		Institutional		R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	7,197	$	88,889	$	794	$	1,145	$	12,083	$	5,918	$	18,928		$ 134,440
Reinvested		11,395		38,516		860		1,463		8,183		5,854		16,092		38,602
Redeemed		(11,358)		(113,592)		(1,900	)	(3,177	)	(17,968	)	(12,537	)	(53,636	)	(80,191	)
Net Increase (Decrease)	$	7,234	$	13,813	$	(246	) $	(569	) $	2,298	$	(765	) $	(18,616	) $	92,851
Shares:
Sold		381		4,601		42		57		601		304		952		7,430
Reinvested		682		2,234		50		83		467		332		906		2,241
Redeemed		(606	)	(5,893	)	(99	)	(165	)	(923	)	(658	)	(2,771	)	(4,077	)
Net Increase (Decrease)		457		942		(7	)	(25	)	145		(22	)	(913	)	5,594
Year Ended October 31, 2018
Dollars:
Sold	$	11,909	$	107,313	$	2,844	$	3,370	$	22,668	$	13,952	$	38,849		$ 129,957
Reinvested		9,399		34,159		755		1,449		7,429		6,162		14,292		25,374
Redeemed		(23,957)		(202,633)		(4,944	)	(9,835	)	(50,203	)	(43,212	)	(73,082	)	(66,391	)
Net Increase (Decrease)	$	(2,649	) $	(61,161	) $	(1,345	) $	(5,016	) $	(20,106	) $	(23,098	) $	(19,941	) $	88,940
Shares:
Sold		554		4,883		129		150		1,008		618		1,704		5,949
Reinvested		447		1,579		35		66		339		280		643		1,173
Redeemed		(1,122	)	(9,229	)	(228	)	(433	)	(2,243	)	(1,923	)	(3,233	)	(3,010	)
Net Increase (Decrease)		(121	)	(2,767	)	(64	)	(217	)	(896	)	(1,025	)	(886	)	4,112
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(11,408	) $	(38,525	) $	(860	) $	(1,463	) $	(8,183	) $	(5,854	) $	(16,100	) $	(38,603	)
Total Dividends and Distributions	$	(11,408	) $	(38,525	) $	(860	) $	(1,463	) $	(8,183	) $	(5,854	) $	(16,100	) $	(38,603	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(9,403	) $	(34,164	) $	(755	) $	(1,449	) $	(7,429	) $	(6,163	) $	(14,292	) $	(25,374	)
Total Dividends and Distributions	$	(9,403	) $	(34,164	) $	(755	) $	(1,449	) $	(7,429	) $	(6,163	) $	(14,292	) $	(25,374	)

See accompanying notes.

87

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands														MidCap Value Fund I
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		5,056		$		9,042
Net realized gain (loss) on investments , Foreign currencies and Futures														10,978				101,903
Net change in unrealized appreciation/depreciation of investments and Futures														70,465				(100,003	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												86,499				10,942
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(99,895	)			(69,194	)
						Total Dividends and Distributions								(99,895	)			(69,194	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														1,604,382				(67,518	)
						Total Increase (Decrease) in Net Assets								1,590,986				(125,770	)
Net Assets
Beginning of period														940,703				1,066,473
End of period .												$		2,531,689		$		940,703
		Class A		Class J         Institutional				R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	272	$	895	$	27,002	$	125	$	117	$	669	$	1,405	$	1,311		$ 1,231,433
Issued in acquisitions		25,751		90,458		56,528		251		957		6,863		4,747		8,965		820,438
Reinvested		–		6,856		87,757		331		258		912		871		2,803		–
Redeemed		(650	)	(4,772)		(747,521)		(486	)	(403	)	(2,016	)	(2,560	)	(7,656	)	(7,529	)
Net Increase (Decrease)	$	25,373	$	93,437		$ (576,234)		$ 221	$	929	$	6,428	$	4,463	$	5,423	$	2,044,342
Shares:
Sold		19		65		2,090		9		9		51		106		95		89,212
Issued in acquisitions		1,858		6,604		4,084		19		71		502		347		651		59,180
Reinvested		–		579		7,312		29		22		78		73		236		–
Redeemed		(47	)	(359	)	(54,754	)	(39	)	(33	)	(152	)	(195	)	(595	)	(543	)
Net Increase (Decrease)		1,830		6,889		(41,268	)	18		69		479		331		387		147,849
Year Ended October 31, 2018
Dollars:
Sold		N/A $		2,092	$	125,208	$	422	$	340	$	1,497	$	1,364	$	3,288		N/A
Reinvested		N/A		4,705		59,888		264		275		918		861		2,208		N/A
Redeemed		N/A		(10,371)		(227,345)		(1,484	)	(3,174	)	(8,674	)	(8,026	)	(11,774	)	N/A
Net Increase (Decrease)		N/A $		(3,574	) $	(42,249	) $	(798	) $	(2,559	) $	(6,259	) $	(5,801	) $	(6,278	)	N/A
Shares:
Sold		N/A		138		7,980		29		23		100		91		217		N/A
Reinvested		N/A		315		3,958		18		19		62		58		147		N/A
Redeemed		N/A		(686	)	(14,859	)	(101	)	(212	)	(574	)	(529	)	(771	)	N/A
Net Increase (Decrease)		N/A		(233	)	(2,921	)	(54	)	(170	)	(412	)	(380	)	(407	)	N/A
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized
gain on investments	$	– $		(6,867	) $	(87,845	) $	(331	) $	(266	) $	(912	) $	(871	) $	(2,803	) $	–
Total Dividends and Distributions	$	– $		(6,867	) $	(87,845	) $	(331	) $	(266	) $	(912	) $	(871	) $	(2,803	) $	–
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments		N/A $		(4,712	) $	(59,947	) $	(264	) $	(284	) $	(918	) $	(861	) $	(2,208	)	N/A
Total Dividends and Distributions		N/A $		(4,712	) $	(59,947	) $	(264	) $	(284	) $	(918	) $	(861	) $	(2,208	)	N/A

(a)      Period from April 2, 2019, date operations commenced, through April 30, 2019 for Class A and R-6 shares.

See accompanying notes.

88

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Money Market Fund
		Period Ended				Year Ended
		April 30, 2019				October 31, 2018
Operations
Net investment income (loss)		$		5,026		$		6,284
Net realized gain (loss) on investments .				126				33
Net change in unrealized appreciation/depreciation of investments				–				–
Net Increase (Decrease) in Net Assets Resulting from Operations				5,152				6,317
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments				(5,056	)			(6,317	)
	Total Dividends and Distributions			(5,056	)			(6,317	)
Capital Share Transactions
Net increase (decrease) in capital share transactions				13,433				(14,074	)
	Total Increase (Decrease) in Net Assets			13,529				(14,074	)
Net Assets
Beginning of period				489,582				503,656
End of period .		$		503,111		$		489,582
		Class A		Class C		Class J Institutional
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	111,082		N/A $		80,782		N/A
Reinvested		2,408		N/A		2,567		N/A
Redeemed	(104,974)			N/A		(78,432	)	N/A
Net Increase (Decrease)	$	8,516		N/A $		4,917		N/A
Shares:
Sold		111,082		N/A		80,782		N/A
Reinvested		2,408		N/A		2,567		N/A
Redeemed	(104,974)			N/A		(78,432	)	N/A
Net Increase (Decrease)		8,516		N/A		4,917		N/A
Year Ended October 31, 2018(a)
Dollars:
Sold	$ 194,918 $			1,698		$ 152,066	$	10
Reinvested		3,057		32		3,109		1
Redeemed	(211,308)			(16,611)		(140,632)		(414	)
Net Increase (Decrease)	$	(13,333	) $	(14,881	) $	14,543	$	(403	)
Shares:
Sold		194,918		1,698		152,066		10
Reinvested		3,057		32		3,109		1
Redeemed	(211,308)			(16,611)		(140,632)		(414	)
Net Increase (Decrease)		(13,333	)	(14,881	)	14,543		(403	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(2,451	)	N/A $		(2,605	)	N/A
Total Dividends and Distributions	$	(2,451	)	N/A $		(2,605	)	N/A
Year EndedOctober 31, 2018(a)
From net investment income and net realized gain on investments	$	(3,116	) $	(44	) $	(3,156	) $	(1	)
Total Dividends and Distributions	$	(3,116	) $	(44	) $	(3,156	) $	(1	)
(a) Class C and Institutional shares discontinued operations on March 23, 2018.

See accompanying notes.

89

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands								Overseas Fund
						Period Ended				Year Ended
						April 30, 2019				October 31, 2018
Operations
Net investment income (loss)						$		44,788		$		74,827
Net realized gain (loss) on investments , Foreign currencies and Futures								(24,931	)			207,850
Net change in unrealized appreciation/depreciation of investments, Futures and Translation of assets & liabilities in foreign
currencies								110,248				(581,955	)
Net Increase (Decrease) in Net Assets Resulting from Operations								130,105				(299,278	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments								(248,680	)			(113,673	)
	Total Dividends and Distributions							(248,680	)			(113,673	)
Capital Share Transactions
Net increase (decrease) in capital share transactions								124,740				(302,265	)
	Total Increase (Decrease) in Net Assets							6,165				(715,216	)
Net Assets
Beginning of period								2,921,495				3,636,711
End of period .						$		2,927,660		$		2,921,495
	Institutional			R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	103,765	$	– $		– $		81	$	20	$	23
Reinvested		248,547		1		1		44		39		48
Redeemed	(227,752)			–		–		(10	)	–		(67	)
Net Increase (Decrease)	$	124,560	$	1	$	1	$	115	$	59	$	4
Shares:
Sold		11,151		–		–		9		2		2
Reinvested		28,659		–		–		5		5		6
Redeemed		(24,904	)	–		–		(1	)	–		(7	)
Net Increase (Decrease)		14,906		–		–		13		7		1
Year Ended October 31, 2018
Dollars:
Sold	$	244,815	$	2	$	– $		286	$	31	$	172
Reinvested		113,622		–		–		18		14		19
Redeemed	(660,680)			(3	)	–		(360	)	(70	)	(131	)
Net Increase (Decrease)	$ (302,243)			$(1	) $	– $		(56	) $	(25	) $	60
Shares:
Sold		21,931		–		–		26		3		16
Reinvested		9,923		–		–		1		1		2
Redeemed		(58,628	)	–		–		(32	)	(7	)	(12	)
Net Increase (Decrease)		(26,774	)	–		–		(5	)	(3	)	6
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$ (248,547) $			(1	) $	(1	) $	(44	) $	(39	) $	(48	)
Total Dividends and Distributions	$ (248,547) $			(1	) $	(1	) $	(44	) $	(39	) $	(48	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$ (113,622) $			– $		– $		(18	) $	(14	) $	(19	)
Total Dividends and Distributions	$ (113,622) $			– $		– $		(18	) $	(14	) $	(19	)

See accompanying notes.

90

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										Principal Capital Appreciation Fund
										Period Ended				Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		11,003		$		27,251
Net realized gain (loss) on investments .												98,102				643,990
Net change in unrealized appreciation/depreciation of investments												81,556				(512,291	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											190,661				158,950
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(547,640	)			(166,375	)
				Total Dividends and Distributions								(547,640	)			(166,375	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												438,052				(734,019	)
				Total Increase (Decrease) in Net Assets								81,073				(741,444	)
Net Assets
Beginning of period												1,763,074				2,504,518
End of period .										$		1,844,147		$		1,763,074
		Class A		Class C		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	26,474	$	2,147	$	107,823	$	101	$	388	$	854	$	1,097	$	4,834
Reinvested		278,304		19,350		223,236		666		575		4,983		5,398		10,526
Redeemed		(85,966	)	(15,218)		(134,357)		(519	)	(855	)	(2,897	)	(4,568	)	(4,324	)
Net Increase (Decrease)	$	218,812	$	6,279	$	196,702	$	248	$	108	$	2,940	$	1,927	$	11,036
Shares:
Sold		580		67		1,912		2		9		18		22		106
Reinvested		6,805		704		5,300		16		13		122		131		253
Redeemed		(1,832	)	(505	)	(2,948	)	(10	)	(16	)	(61	)	(102	)	(85	)
Net Increase (Decrease)		5,553		266		4,264		8		6		79		51		274
Year Ended October 31, 2018
Dollars:
Sold	$	36,346	$	6,104	$	43,919	$	297	$	510	$	2,735	$	2,478	$	4,595
Reinvested		70,187		4,588		82,826		174		205		1,701		1,492		3,132
Redeemed	(121,508)			(10,038)		(827,086)		(623	)	(1,280	)	(11,658	)	(8,520	)	(14,595	)
Net Increase (Decrease)	$	(14,975	) $	654		$ (700,341)		$ (152	) $	(565	) $	(7,222	) $	(4,550	) $	(6,868	)
Shares:
Sold		569		122		673		5		8		44		39		71
Reinvested		1,127		95		1,304		3		4		27		24		50
Redeemed		(1,900	)	(202	)	(12,743	)	(10	)	(20	)	(183	)	(130	)	(227	)
Net Increase (Decrease)		(204	)	15		(10,766	)	(2	)	(8	)	(112	)	(67	)	(106	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$ (282,367) $			(19,604)		$ (223,276)		$(666	) $	(820	) $	(4,983	) $	(5,398	) $	(10,526	)
Total Dividends and Distributions	$ (282,367) $			(19,604)		$ (223,276)		$(666	) $	(820	) $	(4,983	) $	(5,398	) $	(10,526	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(71,966	) $	(4,660	) $	(82,986	) $	(174	) $	(264	) $	(1,701	) $	(1,492	) $	(3,132	)
Total Dividends and Distributions	$	(71,966	) $	(4,660	) $	(82,986	) $	(174	) $	(264	) $	(1,701	) $	(1,492	) $	(3,132	)

See accompanying notes.

91

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										Principal LifeTime 2010 Fund
										Period Ended				Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		15,591		$		25,331
Net realized gain (loss) on investments .												18,778				45,780
Net change in unrealized appreciation/depreciation of investments												9,326				(73,360	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											43,695				(2,249	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(61,532	)			(49,006	)
				Total Dividends and Distributions								(61,532	)			(49,006	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												(26,539	)			(181,509	)
				Total Increase (Decrease) in Net Assets								(44,376	)			(232,764	)
Net Assets
Beginning of period												808,386				1,041,150
End of period .										$		764,010		$		808,386
		Class A		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	593	$	2,270	$	18,824	$	183	$	218	$	1,231	$	1,496	$	1,423
Reinvested		1,999		16,644		35,501		335		405		2,099		1,248		3,273
Redeemed		(2,093	)	(14,870	)	(76,463	)	(1,162	)	(357	)	(4,355	)	(4,939	)	(10,042	)
Net Increase (Decrease)	$	499	$	4,044	$	(22,138	) $	(644	) $	266	$	(1,025	) $	(2,195	) $	(5,346	)
Shares:
Sold		46		182		1,495		14		17		99		118		111
Reinvested		163		1,371		2,912		28		34		174		103		270
Redeemed		(163	)	(1,178	)	(6,076	)	(94	)	(28	)	(347	)	(394	)	(794	)
Net Increase (Decrease)		46		375		(1,669	)	(52	)	23		(74	)	(173	)	(413	)
Year Ended October 31, 2018
Dollars:
Sold	$	3,957	$	8,891	$	33,518	$	844	$	1,474	$	5,334	$	2,767	$	6,547
Reinvested		1,374		11,684		30,138		245		259		1,817		1,041		2,422
Redeemed		(10,100	)	(40,658)		(196,694)		(2,312	)	(2,759	)	(17,423	)	(9,225	)	(14,650	)
Net Increase (Decrease)	$	(4,769	) $	(20,083)		$ (133,038)		$(1,223	) $	(1,026	) $	(10,272	) $	(5,417	) $	(5,681	)
Shares:
Sold		286		652		2,450		63		109		392		203		481
Reinvested		100		858		2,206		18		19		134		77		178
Redeemed		(730	)	(2,989	)	(14,450	)	(170	)	(202	)	(1,288	)	(683	)	(1,076	)
Net Increase (Decrease)		(344	)	(1,479	)	(9,794	)	(89	)	(74	)	(762	)	(403	)	(417	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(2,006	) $	(16,665	) $	(35,501	) $	(335	) $	(405	) $	(2,099	) $	(1,248	) $	(3,273	)
Total Dividends and Distributions	$	(2,006	) $	(16,665	) $	(35,501	) $	(335	) $	(405	) $	(2,099	) $	(1,248	) $	(3,273	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(1,386	) $	(11,698	) $	(30,138	) $	(245	) $	(259	) $	(1,817	) $	(1,041	) $	(2,422	)
Total Dividends and Distributions	$	(1,386	) $	(11,698	) $	(30,138	) $	(245	) $	(259	) $	(1,817	) $	(1,041	) $	(2,422	)

See accompanying notes.

92

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands						Principal LifeTime 2015 Fund
						Period Ended				Year Ended
						April 30, 2019				October 31, 2018
Operations
Net investment income (loss)						$		9,196		$		15,976
Net realized gain (loss) on investments .								17,277				32,748
Net change in unrealized appreciation/depreciation of investments								(1,523	)			(49,051	)
Net Increase (Decrease) in Net Assets Resulting from Operations								24,950				(327	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments								(39,861	)			(45,733	)
	Total Dividends and Distributions							(39,861	)			(45,733	)
Capital Share Transactions
Net increase (decrease) in capital share transactions								(57,107	)			(106,477	)
	Total Increase (Decrease) in Net Assets							(72,018	)			(152,537	)
Net Assets
Beginning of period								491,582				644,119
End of period .						$		419,564		$		491,582
	Institutional			R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	21,940	$	170	$	548	$	1,950	$	862	$	2,210
Reinvested		29,686		337		299		3,631		1,798		4,100
Redeemed		(92,151	)	(700	)	(831	)	(11,433	)	(6,383	)	(13,140	)
Net Increase (Decrease)	$	(40,525	) $	(193	) $	16	$	(5,852	) $	(3,723	) $	(6,830	)
Shares:
Sold		2,295		18		59		204		89		230
Reinvested		3,210		37		33		402		198		450
Redeemed		(9,768	)	(74	)	(87	)	(1,194	)	(669	)	(1,383	)
Net Increase (Decrease)		(4,263	)	(19	)	5		(588	)	(382	)	(703	)
Year Ended October 31, 2018
Dollars:
Sold	$	26,999	$	583	$	640	$	7,856	$	3,884	$	9,541
Reinvested		34,414		462		358		4,422		2,108		3,969
Redeemed	(142,779)			(3,437	)	(2,417	)	(24,222	)	(12,406	)	(16,452	)
Net Increase (Decrease)	$	(81,366	) $	(2,392	) $	(1,419	) $	(11,944	) $	(6,414	) $	(2,942	)
Shares:
Sold		2,555		57		61		758		373		917
Reinvested		3,260		45		35		428		203		381
Redeemed		(13,594	)	(335	)	(234	)	(2,355	)	(1,193	)	(1,593	)
Net Increase (Decrease)		(7,779	)	(233	)	(138	)	(1,169	)	(617	)	(295	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(29,696	) $	(337	) $	(299	) $	(3,631	) $	(1,798	) $	(4,100	)
Total Dividends and Distributions	$	(29,696	) $	(337	) $	(299	) $	(3,631	) $	(1,798	) $	(4,100	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(34,414	) $	(462	) $	(358	) $	(4,422	) $	(2,108	) $	(3,969	)
Total Dividends and Distributions	$	(34,414	) $	(462	) $	(358	) $	(4,422	) $	(2,108	) $	(3,969	)

See accompanying notes.

93

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										Principal LifeTime 2020 Fund
										Period Ended					Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		86,123		$			137,887
Net realized gain (loss) on investments .												154,211					205,578
Net change in unrealized appreciation/depreciation of investments												40,103					(350,287	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											280,437					(6,822	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(285,179	)				(297,035	)
				Total Dividends and Distributions								(285,179	)				(297,035	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												(225,792	)				(763,260	)
				Total Increase (Decrease) in Net Assets								(230,534	)		(1,067,117			)
Net Assets
Beginning of period												4,402,743					5,469,860
End of period .										$		4,172,209		$			4,402,743
		Class A		Class J		Institutional		R-1		R-2		R-3			R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	4,163	$	16,559	$	75,148	$	1,205	$	2,174	$	6,176	$	4,581		$	13,475
Reinvested		6,038		57,361		187,516		1,487		1,390		8,900		7,033			15,026
Redeemed		(8,800	)	(60,588)		(456,192)		(5,445	)	(5,372	)	(26,758	)	(28,986		)	(41,883	)
Net Increase (Decrease)	$	1,401	$	13,332		$ (193,528)		$ (2,753	) $	(1,808	) $	(11,682	) $	(17,372		) $	(13,382	)
Shares:
Sold		307		1,234		5,807		90		164		472		343			1,009
Reinvested		473		4,544		14,769		118		110		708		558			1,189
Redeemed		(653	)	(4,558	)	(35,099	)	(419	)	(406	)	(2,028	)	(2,216		)	(3,146	)
Net Increase (Decrease)		127		1,220		(14,523	)	(211	)	(132	)	(848	)	(1,315		)	(948	)
Year Ended October 31, 2018
Dollars:
Sold	$	14,309	$	51,995		$ 110,794	$	2,728	$	3,131	$	17,454	$	21,830		$	47,287
Reinvested		5,830		52,801		201,631		1,589		1,975		10,528		7,394			14,932
Redeemed		(36,747)		(134,802)		(903,618)		(11,190	)	(21,548	)	(80,239	)	(57,252		)	(84,072	)
Net Increase (Decrease)	$	(16,608	) $	(30,006)		$ (591,193)		$(6,873	) $	(16,442	) $	(52,257	) $	(28,028		) $	(21,853	)
Shares:
Sold		991		3,622		7,693		190		218		1,226		1,525			3,292
Reinvested		403		3,690		14,019		111		139		739		518			1,043
Redeemed		(2,526	)	(9,435	)	(63,049	)	(782	)	(1,502	)	(5,621	)	(3,995		)	(5,898	)
Net Increase (Decrease)		(1,132	)	(2,123	)	(41,337	)	(481	)	(1,145	)	(3,656	)	(1,952		)	(1,563	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(6,314	) $	(57,416)		$ (187,548) $		(1,487	) $	(1,449	) $	(8,902	) $	(7,033		) $	(15,030	)
Total Dividends and Distributions	$	(6,314	) $	(57,416)		$ (187,548) $		(1,487	) $	(1,449	) $	(8,902	) $	(7,033		) $	(15,030	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(6,093	) $	(52,849)		$ (201,635) $		(1,589	) $	(2,015	) $	(10,528	) $	(7,394		) $	(14,932	)
Total Dividends and Distributions	$	(6,093	) $	(52,849)		$ (201,635) $		(1,589	) $	(2,015	) $	(10,528	) $	(7,394		) $	(14,932	)

See accompanying notes.

94

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands						Principal LifeTime 2025 Fund
						Period Ended				Year Ended
						April 30, 2019				October 31, 2018
Operations
Net investment income (loss)						$		31,484		$		45,384
Net realized gain (loss) on investments .								61,723				58,704
Net change in unrealized appreciation/depreciation of investments								17,396				(108,174	)
Net Increase (Decrease) in Net Assets Resulting from Operations								110,603				(4,086	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments								(89,430	)			(80,716	)
	Total Dividends and Distributions							(89,430	)			(80,716	)
Capital Share Transactions
Net increase (decrease) in capital share transactions								(37,772	)			(87,514	)
	Total Increase (Decrease) in Net Assets							(16,599	)			(172,316	)
Net Assets
Beginning of period								1,584,260				1,756,576
End of period .						$		1,567,661		$		1,584,260
	Institutional			R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	88,551	$	908	$	2,368	$	7,150	$	7,469	$	9,689
Reinvested		68,799		592		721		7,540		4,158		7,448
Redeemed	(182,642)			(2,177	)	(2,301	)	(18,071	)	(16,691	)	(21,283	)
Net Increase (Decrease)	$	(25,292	) $	(677	) $	788	$	(3,381	) $	(5,064	) $	(4,146	)
Shares:
Sold		8,341		85		228		679		689		894
Reinvested		6,709		59		72		750		410		731
Redeemed		(17,502	)	(205	)	(217	)	(1,700	)	(1,561	)	(1,969	)
Net Increase (Decrease)		(2,452	)	(61	)	83		(271	)	(462	)	(344	)
Year Ended October 31, 2018
Dollars:
Sold	$	107,632	$	1,664	$	2,887	$	19,603	$	21,170	$	32,624
Reinvested		61,872		639		626		7,344		3,672		6,557
Redeemed	(218,478)			(5,771	)	(4,866	)	(52,204	)	(34,512	)	(37,973	)
Net Increase (Decrease)	$	(48,974	) $	(3,468	) $	(1,353	) $	(25,257	) $	(9,670	) $	1,208
Shares:
Sold		9,248		146		252		1,716		1,845		2,824
Reinvested		5,340		57		55		646		320		569
Redeemed		(18,891	)	(508	)	(424	)	(4,576	)	(3,004	)	(3,303	)
Net Increase (Decrease)		(4,303	)	(305	)	(117	)	(2,214	)	(839	)	90
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(68,959	) $	(594	) $	(731	) $	(7,540	) $	(4,158	) $	(7,448	)
Total Dividends and Distributions	$	(68,959	) $	(594	) $	(731	) $	(7,540	) $	(4,158	) $	(7,448	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(61,872	) $	(639	) $	(632	) $	(7,344	) $	(3,672	) $	(6,557	)
Total Dividends and Distributions	$	(61,872	) $	(639	) $	(632	) $	(7,344	) $	(3,672	) $	(6,557	)

See accompanying notes.

95

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										Principal LifeTime 2030 Fund
										Period Ended					Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		111,051		$			165,326
Net realized gain (loss) on investments .												250,059					311,572
Net change in unrealized appreciation/depreciation of investments												60,151					(483,947	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											421,261					(7,049	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(394,095	)				(369,546	)
				Total Dividends and Distributions								(394,095	)				(369,546	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												19,348					(712,995	)
				Total Increase (Decrease) in Net Assets								46,514			(1,089,590			)
Net Assets
Beginning of period												5,504,076					6,593,666
End of period .										$		5,550,590		$			5,504,076
		Class A		Class J             Institutional				R-1		R-2		R-3		R-4			R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	6,643	$	19,023	$	139,562	$	1,540	$	1,368	$	10,015	$	6,710		$	14,967
Reinvested		7,687		81,851		262,927		1,509		1,703		10,746		8,490			18,800
Redeemed		(7,966	)	(57,535)		(399,723)		(6,145	)	(3,837	)	(24,081	)	(33,787		)	(41,119	)
Net Increase (Decrease)	$	6,364	$	43,339	$	2,766	$	(3,096	) $	(766	) $	(3,320	) $	(18,587		) $	(7,352	)
Shares:
Sold		483		1,392		10,507		112		102		736		472			1,097
Reinvested		598		6,405		20,511		119		133		843		643			1,468
Redeemed		(584	)	(4,194	)	(30,236	)	(451	)	(283	)	(1,762	)	(2,421		)	(3,009	)
Net Increase (Decrease)		497		3,603		782		(220	)	(48	)	(183	)	(1,306		)	(444	)
Year Ended October 31, 2018
Dollars:
Sold	$	20,146	$	58,746	$	192,700	$	2,628	$	4,909	$	24,277	$	23,132		$	49,152
Reinvested		6,881		68,490		254,694		1,582		2,064		11,012		8,386			16,131
Redeemed		(43,063)		(122,908)		(1,037,436)		(11,216	)	(23,236	)	(79,115	)	(64,884		)	(76,067	)
Net Increase (Decrease)	$	(16,036	) $	4,328		$ (590,042)	$	(7,006	) $	(16,263	) $	(43,826	) $	(33,366		) $	(10,784	)
Shares:
Sold		1,348		3,922		12,834		177		330		1,627		1,504			3,282
Reinvested		460		4,608		17,082		107		139		742		547			1,083
Redeemed		(2,876	)	(8,245	)	(69,710	)	(755	)	(1,545	)	(5,301	)	(4,207		)	(5,083	)
Net Increase (Decrease)		(1,068	)	285		(39,794	)	(471	)	(1,076	)	(2,932	)	(2,156		)	(718	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(8,041	) $	(81,858)		$ (262,937) $		(1,509	) $	(1,707	) $	(10,753	) $	(8,490		) $	(18,800	)
Total Dividends and Distributions	$	(8,041	) $	(81,858)		$ (262,937) $		(1,509	) $	(1,707	) $	(10,753	) $	(8,490		) $	(18,800	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(7,177	) $	(68,494)		$ (254,694) $		(1,582	) $	(2,066	) $	(11,015	) $	(8,386		) $	(16,132	)
Total Dividends and Distributions	$	(7,177	) $	(68,494)		$ (254,694) $		(1,582	) $	(2,066	) $	(11,015	) $	(8,386		) $	(16,132	)

See accompanying notes.

96

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands						Principal LifeTime 2035 Fund
						Period Ended				Year Ended
						April 30, 2019				October 31, 2018
Operations
Net investment income (loss)						$		23,625		$		31,018
Net realized gain (loss) on investments .								59,413				63,272
Net change in unrealized appreciation/depreciation of investments								12,359				(91,445	)
Net Increase (Decrease) in Net Assets Resulting from Operations								95,397				2,845
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments								(82,804	)			(70,723	)
	Total Dividends and Distributions							(82,804	)			(70,723	)
Capital Share Transactions
Net increase (decrease) in capital share transactions								12,616				(42,659	)
	Total Increase (Decrease) in Net Assets							25,209				(110,537	)
Net Assets
Beginning of period								1,227,838				1,338,375
End of period .						$		1,253,047		$		1,227,838
	Institutional			R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	82,505	$	770	$	1,806	$	5,796	$	5,464	$	10,053
Reinvested		64,347		630		750		5,918		3,703		7,352
Redeemed	(126,638)			(2,352	)	(1,729	)	(14,233	)	(14,390	)	(17,136	)
Net Increase (Decrease)	$	20,214	$	(952	) $	827	$	(2,519	) $	(5,223	) $	269
Shares:
Sold		7,311		68		157		514		475		871
Reinvested		5,996		60		72		561		348		689
Redeemed		(11,546	)	(212	)	(153	)	(1,264	)	(1,256	)	(1,486	)
Net Increase (Decrease)		1,761		(84	)	76		(189	)	(433	)	74
Year Ended October 31, 2018
Dollars:
Sold	$	97,961	$	1,741	$	2,152	$	14,724	$	11,832	$	28,382
Reinvested		54,794		582		651		5,599		3,300		5,779
Redeemed	(173,179)			(3,883	)	(4,190	)	(37,482	)	(26,625	)	(24,797	)
Net Increase (Decrease)	$	(20,424	) $	(1,560	) $	(1,387	) $	(17,159	) $	(11,493	) $	9,364
Shares:
Sold		7,818		141		176		1,192		955		2,280
Reinvested		4,415		48		53		458		268		468
Redeemed		(13,943	)	(317	)	(340	)	(3,049	)	(2,151	)	(1,998	)
Net Increase (Decrease)		(1,710	)	(128	)	(111	)	(1,399	)	(928	)	750
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(64,436	) $	(630	) $	(765	) $	(5,918	) $	(3,703	) $	(7,352	)
Total Dividends and Distributions	$	(64,436	) $	(630	) $	(765	) $	(5,918	) $	(3,703	) $	(7,352	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(54,802	) $	(582	) $	(660	) $	(5,600	) $	(3,300	) $	(5,779	)
Total Dividends and Distributions	$	(54,802	) $	(582	) $	(660	) $	(5,600	) $	(3,300	) $	(5,779	)

See accompanying notes.

97

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										Principal LifeTime 2040 Fund
										Period Ended				Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		72,009		$		99,154
Net realized gain (loss) on investments .												198,504				255,356
Net change in unrealized appreciation/depreciation of investments												36,798				(323,739	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											307,311				30,771
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(300,183	)			(261,727	)
				Total Dividends and Distributions								(300,183	)			(261,727	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												70,724				(515,797	)
				Total Increase (Decrease) in Net Assets								77,852				(746,753	)
Net Assets
Beginning of period												3,741,065				4,487,818
End of period .										$		3,818,917		$		3,741,065
		Class A		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	4,486	$	11,545	$	121,436	$	1,148	$	1,610	$	5,655	$	5,632	$	14,113
Reinvested		6,760		56,074		205,005		1,399		1,534		7,931		7,013		14,270
Redeemed		(5,998	)	(31,424)		(287,635)		(3,179	)	(2,659	)	(15,811	)	(22,650	)	(25,531	)
Net Increase (Decrease)	$	5,248	$	36,195	$	38,806	$	(632	) $	485	$	(2,225	) $	(10,005	) $	2,852
Shares:
Sold		314		792		8,554		80		113		393		393		993
Reinvested		513		4,208		15,237		105		115		598		528		1,066
Redeemed		(422	)	(2,167	)	(20,608	)	(223	)	(184	)	(1,106	)	(1,620	)	(1,770	)
Net Increase (Decrease)		405		2,833		3,183		(38	)	44		(115	)	(699	)	289
Year Ended October 31, 2018
Dollars:
Sold	$	15,431	$	35,349	$	145,680	$	2,694	$	3,512	$	13,062	$	12,989	$	38,479
Reinvested		5,264		42,913		185,087		1,143		1,832		7,603		6,175		11,559
Redeemed		(27,937	)	(68,770)		(771,348)		(6,264	)	(17,865	)	(51,729	)	(42,854	)	(57,802	)
Net Increase (Decrease)	$	(7,242	) $	9,492		$ (440,581)	$	(2,427	) $	(12,521	) $	(31,064	) $	(23,690	) $	(7,764	)
Shares:
Sold		985		2,226		9,045		170		220		824		822		2,402
Reinvested		338		2,726		11,662		73		117		486		394		732
Redeemed		(1,772	)	(4,323	)	(48,521	)	(395	)	(1,111	)	(3,270	)	(2,702	)	(3,621	)
Net Increase (Decrease)		(449	)	629		(27,814	)	(152	)	(774	)	(1,960	)	(1,486	)	(487	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(6,925	) $	(56,095)		$ (205,006) $		(1,399	) $	(1,544	) $	(7,931	) $	(7,013	) $	(14,270	)
Total Dividends and Distributions	$	(6,925	) $	(56,095)		$ (205,006) $		(1,399	) $	(1,544	) $	(7,931	) $	(7,013	) $	(14,270	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(5,394	) $	(42,924)		$ (185,087) $		(1,143	) $	(1,842	) $	(7,603	) $	(6,175	) $	(11,559	)
Total Dividends and Distributions	$	(5,394	) $	(42,924)		$ (185,087) $		(1,143	) $	(1,842	) $	(7,603	) $	(6,175	) $	(11,559	)

See accompanying notes.

98

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands						Principal LifeTime 2045 Fund
						Period Ended				Year Ended
						April 30, 2019				October 31, 2018
Operations
Net investment income (loss)						$		16,631		$		20,418
Net realized gain (loss) on investments .								48,099				44,331
Net change in unrealized appreciation/depreciation of investments								7,847				(61,850	)
Net Increase (Decrease) in Net Assets Resulting from Operations								72,577				2,899
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments								(56,772	)			(41,470	)
	Total Dividends and Distributions							(56,772	)			(41,470	)
Capital Share Transactions
Net increase (decrease) in capital share transactions								21,368				(18,554	)
	Total Increase (Decrease) in Net Assets							37,173				(57,125	)
Net Assets
Beginning of period								866,347				923,472
End of period .						$		903,520		$		866,347
	Institutional			R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	67,978	$	654	$	1,089	$	5,083	$	3,079	$	7,759
Reinvested		44,159		377		612		4,298		2,275		4,969
Redeemed		(92,822	)	(1,368	)	(1,373	)	(7,993	)	(7,685	)	(9,723	)
Net Increase (Decrease)	$	19,315	$	(337	) $	328	$	1,388	$	(2,331	) $	3,005
Shares:
Sold		5,844		56		94		430		258		645
Reinvested		3,971		35		57		397		208		454
Redeemed		(8,172	)	(116	)	(117	)	(693	)	(645	)	(824	)
Net Increase (Decrease)		1,643		(25	)	34		134		(179	)	275
Year Ended October 31, 2018
Dollars:
Sold	$	81,261	$	1,453	$	2,566	$	11,033	$	8,830	$	20,927
Reinvested		32,303		274		402		3,355		1,866		3,255
Redeemed	(118,982)			(2,356	)	(3,283	)	(24,063	)	(21,338	)	(16,057	)
Net Increase (Decrease)	$	(5,418	) $	(629	) $	(315	) $	(9,675	) $	(10,642	) $	8,125
Shares:
Sold		6,203		113		200		862		688		1,622
Reinvested		2,492		22		32		265		146		254
Redeemed		(9,143	)	(185	)	(257	)	(1,886	)	(1,663	)	(1,246	)
Net Increase (Decrease)		(448	)	(50	)	(25	)	(759	)	(829	)	630
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(44,223	) $	(385	) $	(622	) $	(4,298	) $	(2,275	) $	(4,969	)
Total Dividends and Distributions	$	(44,223	) $	(385	) $	(622	) $	(4,298	) $	(2,275	) $	(4,969	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(32,304	) $	(277	) $	(412	) $	(3,356	) $	(1,866	) $	(3,255	)
Total Dividends and Distributions	$	(32,304	) $	(277	) $	(412	) $	(3,356	) $	(1,866	) $	(3,255	)

See accompanying notes.

99

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										Principal LifeTime 2050 Fund
										Period Ended				Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		41,809		$		54,700
Net realized gain (loss) on investments .												127,547				138,760
Net change in unrealized appreciation/depreciation of investments												20,333				(175,766	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											189,689				17,694
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(162,841	)			(126,863	)
				Total Dividends and Distributions								(162,841	)			(126,863	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												53,284				(263,536	)
				Total Increase (Decrease) in Net Assets								80,132				(372,705	)
Net Assets
Beginning of period												2,179,138				2,551,843
End of period .										$		2,259,270		$		2,179,138
		Class A		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	4,926	$	5,700	$	109,560	$	1,387	$	1,318	$	5,807	$	3,822	$	9,035
Reinvested		5,135		16,590		122,336		898		1,017		4,886		3,535		8,350
Redeemed		(12,745	)	(10,852)		(189,441)		(2,071	)	(1,742	)	(10,186	)	(8,281	)	(15,700	)
Net Increase (Decrease)	$	(2,684	) $	11,438	$	42,455	$	214	$	593	$	507	$	(924	) $	1,685
Shares:
Sold		337		398		7,764		96		92		402		265		625
Reinvested		383		1,278		9,149		68		77		370		266		627
Redeemed		(865	)	(766	)	(13,538	)	(149	)	(120	)	(714	)	(589	)	(1,087	)
Net Increase (Decrease)		(145	)	910		3,375		15		49		58		(58	)	165
Year Ended October 31, 2018
Dollars:
Sold	$	15,754	$	16,190	$	136,702	$	2,524	$	3,268	$	11,447	$	10,983	$	33,882
Reinvested		3,769		11,547		97,832		651		1,070		3,835		2,789		5,304
Redeemed		(25,195	)	(26,628)		(472,065)		(4,969	)	(12,574	)	(27,112	)	(27,415	)	(25,125	)
Net Increase (Decrease)	$	(5,672	) $	1,109		$ (237,531) $		(1,794	) $	(8,236	) $	(11,830	) $	(13,643	) $	14,061
Shares:
Sold		981		1,038		8,525		160		206		724		691		2,118
Reinvested		237		750		6,184		42		68		245		178		336
Redeemed		(1,574	)	(1,710	)	(29,706	)	(315	)	(782	)	(1,722	)	(1,726	)	(1,570	)
Net Increase (Decrease)		(356	)	78		(14,997	)	(113	)	(508	)	(753	)	(857	)	884
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(5,214	) $	(16,590)		$ (122,346)		$(898	) $	(1,022	) $	(4,886	) $	(3,535	) $	(8,350	)
Total Dividends and Distributions	$	(5,214	) $	(16,590)		$ (122,346)		$(898	) $	(1,022	) $	(4,886	) $	(3,535	) $	(8,350	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(3,828	) $	(11,550	) $	(97,832	) $	(651	) $	(1,071	) $	(3,838	) $	(2,789	) $	(5,304	)
Total Dividends and Distributions	$	(3,828	) $	(11,550	) $	(97,832	) $	(651	) $	(1,071	) $	(3,838	) $	(2,789	) $	(5,304	)

See accompanying notes.

100

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands						Principal LifeTime 2055 Fund
						Period Ended				Year Ended
						April 30, 2019				October 31, 2018
Operations
Net investment income (loss)						$		7,786		$		8,523
Net realized gain (loss) on investments .								24,237				17,405
Net change in unrealized appreciation/depreciation of investments								5,004				(26,346	)
Net Increase (Decrease) in Net Assets Resulting from Operations								37,027				(418	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments								(23,464	)			(13,640	)
	Total Dividends and Distributions							(23,464	)			(13,640	)
Capital Share Transactions
Net increase (decrease) in capital share transactions								33,158				30,099
	Total Increase (Decrease) in Net Assets							46,721				16,041
Net Assets
Beginning of period								402,208				386,167
End of period .						$		448,929		$		402,208
	Institutional			R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	55,732	$	684	$	861	$	3,344	$	2,310	$	4,841
Reinvested		18,505		170		235		1,641		915		1,987
Redeemed		(45,569	)	(782	)	(445	)	(4,612	)	(2,517	)	(4,142	)
Net Increase (Decrease)	$	28,668	$	72	$	651	$	373	$	708	$	2,686
Shares:
Sold		4,498		55		70		269		184		380
Reinvested		1,572		15		20		143		79		171
Redeemed		(3,793	)	(64	)	(35	)	(376	)	(201	)	(328	)
Net Increase (Decrease)		2,277		6		55		36		62		223
Year Ended October 31, 2018
Dollars:
Sold	$	69,312	$	965	$	1,615	$	6,869	$	6,121	$	15,422
Reinvested		10,910		94		113		1,011		653		859
Redeemed		(56,469	)	(1,041	)	(1,252	)	(8,903	)	(10,834	)	(5,346	)
Net Increase (Decrease)	$	23,753	$	18	$	476	$	(1,023	) $	(4,060	) $	10,935
Shares:
Sold		4,993		72		119		507		448		1,128
Reinvested		797		7		9		76		48		64
Redeemed		(4,083	)	(78	)	(93	)	(658	)	(799	)	(392	)
Net Increase (Decrease)		1,707		1		35		(75	)	(303	)	800
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(18,513	) $	(170	) $	(238	) $	(1,641	) $	(915	) $	(1,987	)
Total Dividends and Distributions	$	(18,513	) $	(170	) $	(238	) $	(1,641	) $	(915	) $	(1,987	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(10,910	) $	(94	) $	(113	) $	(1,011	) $	(653	) $	(859	)
Total Dividends and Distributions	$	(10,910	) $	(94	) $	(113	) $	(1,011	) $	(653	) $	(859	)

See accompanying notes.

101

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands								Principal LifeTime 2060 Fund
								Period Ended				Year Ended
								April 30, 2019				October 31, 2018
Operations
Net investment income (loss)								$		5,708		$		5,783
Net realized gain (loss) on investments .										17,837				10,620
Net change in unrealized appreciation/depreciation of investments										4,628				(18,015	)
Net Increase (Decrease) in Net Assets Resulting from Operations										28,173				(1,612	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments										(14,977	)			(7,204	)
		Total Dividends and Distributions								(14,977	)			(7,204	)
Capital Share Transactions
Net increase (decrease) in capital share transactions										35,178				42,054
		Total Increase (Decrease) in Net Assets								48,374				33,238
Net Assets
Beginning of period										287,988				254,750
End of period .								$		336,362		$		287,988
		Class J      Institutional				R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	821	$	45,795	$	526	$	329	$	2,003	$	1,248	$	3,225
Reinvested		428		12,830		79		84		486		304		766
Redeemed		(947	)	(25,510	)	(392	)	(393	)	(1,759	)	(1,734	)	(3,011	)
Net Increase (Decrease)	$	302	$	33,115	$	213	$	20	$	730	$	(182	) $	980
Shares:
Sold		61		3,431		40		25		151		94		241
Reinvested		35		1,039		7		7		40		25		62
Redeemed		(74	)	(1,954	)	(30	)	(29	)	(132	)	(134	)	(223	)
Net Increase (Decrease)		22		2,516		17		3		59		(15	)	80
Year Ended October 31, 2018
Dollars:
Sold	$	2,995	$	80,109	$	895	$	1,100	$	4,612	$	3,480	$	11,255
Reinvested		214		6,217		33		38		225		173		303
Redeemed		(2,517	)	(50,157	)	(931	)	(895	)	(3,645	)	(4,337	)	(7,113	)
Net Increase (Decrease)	$	692	$	36,169	$	(3	) $	243	$	1,192	$	(684	) $	4,445
Shares:
Sold		208		5,523		63		77		321		242		785
Reinvested		15		436		2		3		16		12		21
Redeemed		(177	)	(3,484	)	(66	)	(63	)	(255	)	(304	)	(495	)
Net Increase (Decrease)		46		2,475		(1	)	17		82		(50	)	311
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(428	) $	(12,830	) $	(79	) $	(84	) $	(486	) $	(304	) $	(766	)
Total Dividends and Distributions	$	(428	) $	(12,830	) $	(79	) $	(84	) $	(486	) $	(304	) $	(766	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(214	) $	(6,217	) $	(33	) $	(38	) $	(226	) $	(173	) $	(303	)
Total Dividends and Distributions	$	(214	) $	(6,217	) $	(33	) $	(38	) $	(226	) $	(173	) $	(303	)

See accompanying notes.

102

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands						Principal LifeTime 2065 Fund
						Period Ended				Year Ended
						April 30, 2019				October 31, 2018
Operations
Net investment income (loss)						$		195		$		6
Net realized gain (loss) on investments .								615				142
Net change in unrealized appreciation/depreciation of investments								309				(407	)
Net Increase (Decrease) in Net Assets Resulting from Operations								1,119				(259	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments								(312	)			(1	)
	Total Dividends and Distributions							(312	)			(1	)
Capital Share Transactions
Net increase (decrease) in capital share transactions								3,149				9,975
	Total Increase (Decrease) in Net Assets							3,956				9,715
Net Assets
Beginning of period								9,778				63
End of period .						$		13,734		$		9,778
	Institutional			R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	4,939	$	40	$	36	$	573	$	201	$	322
Reinvested		232		3		4		48		12		13
Redeemed		(2,574	)	(32	)	(35	)	(310	)	(29	)	(294	)
Net Increase (Decrease)	$	2,597	$	11	$	5	$	311	$	184	$	41
Shares:
Sold		488		4		4		57		20		31
Reinvested		25		–		–		5		1		1
Redeemed		(254	)	(3	)	(3	)	(31	)	(3	)	(29	)
Net Increase (Decrease)		259		1		1		31		18		3
Year Ended October 31, 2018
Dollars:
Sold	$	16,754	$	118	$	231	$	1,772	$	430	$	1,544
Reinvested		1		–		–		–		–		–
Redeemed		(9,498	)	(14	)	(82	)	(172	)	(77	)	(1,032	)
Net Increase (Decrease)	$	7,257	$	104	$	149	$	1,600	$	353	$	512
Shares:
Sold		1,573		11		22		168		39		142
Reinvested		–		–		–		–		–		–
Redeemed		(877	)	(1	)	(8	)	(16	)	(7	)	(97	)
Net Increase (Decrease)		696		10		14		152		32		45
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments	$	(232	) $	(3	) $	(4	) $	(48	) $	(12	) $	(13	)
Total Dividends and Distributions	$	(232	) $	(3	) $	(4	) $	(48	) $	(12	) $	(13	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments	$	(1	) $	– $		– $		– $		– $		–
Total Dividends and Distributions	$	(1	) $	– $		– $		– $		– $		–

See accompanying notes.

103

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2015 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		1,067		$		855
Net realized gain (loss) on investments .						853				433
Net change in unrealized appreciation/depreciation of investments						4,782				(2,011	)
Net Increase (Decrease) in Net Assets Resulting from Operations						6,702				(723	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(1,355	)			(864	)
	Total Dividends and Distributions					(1,355	)			(864	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						42,083				18,644
	Total Increase (Decrease) in Net Assets					47,430				17,057
Net Assets
Beginning of period						50,791				33,734
End of period .				$		98,221		$		50,791
		Class J Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	6,365	$	2,472	$	10	$	10	$	49,705
Reinvested		168		429		–		–		758
Redeemed		(658	)	(11,659	)	–		–		(5,517	)
Net Increase (Decrease)	$	5,875	$	(8,758	) $	10	$	10	$	44,946
Shares:
Sold		598		229		1		1		4,831
Reinvested		16		42		–		–		74
Redeemed		(63	)	(1,100	)	–		–		(515	)
Net Increase (Decrease)		551		(829	)	1		1		4,390
Year Ended October 31, 2018(b)
Dollars:
Sold	$	7,795	$	10,075		N/A		N/A $		16,294
Reinvested		–		802		N/A		N/A		62
Redeemed		(481	)	(12,302	)	N/A		N/A		(3,601	)
Net Increase (Decrease)	$	7,314	$	(1,425	)	N/A		N/A $		12,755
Shares:
Sold		713		916		N/A		N/A		1,486
Reinvested		–		74		N/A		N/A		6
Redeemed		(44	)	(1,126	)	N/A		N/A		(331	)
Net Increase (Decrease)		669		(136	)	N/A		N/A		1,161
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(168	) $	(429	) $	– $		– $		(758	)
Total Dividends and Distributions	$	(168	) $	(429	) $	– $		– $		(758	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(802	)	N/A		N/A $		(62	)
Total Dividends and Distributions	$	– $		(802	)	N/A		N/A $		(62	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

104

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2020 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		3,069		$		2,802
Net realized gain (loss) on investments .						3,109				2,217
Net change in unrealized appreciation/depreciation of investments						16,710				(6,257	)
Net Increase (Decrease) in Net Assets Resulting from Operations						22,888				(1,238	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(4,803	)			(3,141	)
	Total Dividends and Distributions					(4,803	)			(3,141	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						145,801				26,444
	Total Increase (Decrease) in Net Assets					163,886				22,065
Net Assets
Beginning of period						142,722				120,657
End of period .				$		306,608		$		142,722
		Class J      Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	19,266	$	5,442	$	10	$	10		$ 157,637
Reinvested		508		2,292		–		–		2,003
Redeemed		(1,899	)	(28,400	)	–		–		(11,068	)
Net Increase (Decrease)	$	17,875	$	(20,666	) $	10	$	10	$	148,572
Shares:
Sold		1,777		498		1		1		15,333
Reinvested		50		223		–		–		196
Redeemed		(176	)	(2,645	)	–		–		(1,023	)
Net Increase (Decrease)		1,651		(1,924	)	1		1		14,506
Year Ended October 31, 2018(b)
Dollars:
Sold	$	13,467	$	18,289		N/A		N/A $		35,323
Reinvested		–		2,954		N/A		N/A		187
Redeemed		(549	)	(37,491	)	N/A		N/A		(5,736	)
Net Increase (Decrease)	$	12,918	$	(16,248	)	N/A		N/A $		29,774
Shares:
Sold		1,204		1,630		N/A		N/A		3,141
Reinvested		–		265		N/A		N/A		17
Redeemed		(49	)	(3,339	)	N/A		N/A		(507	)
Net Increase (Decrease)		1,155		(1,444	)	N/A		N/A		2,651
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(508	) $	(2,292	) $	– $		– $		(2,003	)
Total Dividends and Distributions	$	(508	) $	(2,292	) $	– $		– $		(2,003	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(2,954	)	N/A		N/A $		(187	)
Total Dividends and Distributions	$	– $		(2,954	)	N/A		N/A $		(187	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

105

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2025 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		2,478		$		2,025
Net realized gain (loss) on investments .						3,173				1,718
Net change in unrealized appreciation/depreciation of investments						10,399				(5,579	)
Net Increase (Decrease) in Net Assets Resulting from Operations						16,050				(1,836	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(3,963	)			(2,132	)
	Total Dividends and Distributions					(3,963	)			(2,132	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						74,218				38,564
	Total Increase (Decrease) in Net Assets					86,305				34,596
Net Assets
Beginning of period						124,202				89,606
End of period .				$		210,507		$		124,202
		Class J Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	16,529	$	6,383	$	10	$	10	$	82,135
Reinvested		594		1,687		–		–		1,682
Redeemed		(2,437	)	(26,313	)	–		–		(6,062	)
Net Increase (Decrease)	$	14,686	$	(18,243	) $	10	$	10	$	77,755
Shares:
Sold		1,500		571		1		1		7,851
Reinvested		57		162		–		–		162
Redeemed		(219	)	(2,400	)	–		–		(545	)
Net Increase (Decrease)		1,338		(1,667	)	1		1		7,468
Year Ended October 31, 2018(b)
Dollars:
Sold	$	15,418	$	20,084		N/A		N/A $		28,758
Reinvested		–		1,861		N/A		N/A		271
Redeemed		(1,078	)	(22,116	)	N/A		N/A		(4,634	)
Net Increase (Decrease)	$	14,340	$	(171	)	N/A		N/A $		24,395
Shares:
Sold		1,340		1,749		N/A		N/A		2,485
Reinvested		–		162		N/A		N/A		24
Redeemed		(93	)	(1,924	)	N/A		N/A		(403	)
Net Increase (Decrease)		1,247		(13	)	N/A		N/A		2,106
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(594	) $	(1,687	) $	– $		– $		(1,682	)
Total Dividends and Distributions	$	(594	) $	(1,687	) $	– $		– $		(1,682	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(1,861	)	N/A		N/A $		(271	)
Total Dividends and Distributions	$	– $		(1,861	)	N/A		N/A $		(271	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

106

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2030 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		3,255		$		2,620
Net realized gain (loss) on investments .						5,068				2,717
Net change in unrealized appreciation/depreciation of investments						12,310				(7,770	)
Net Increase (Decrease) in Net Assets Resulting from Operations						20,633				(2,433	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(5,565	)			(3,110	)
	Total Dividends and Distributions					(5,565	)			(3,110	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						84,233				47,047
	Total Increase (Decrease) in Net Assets					99,301				41,504
Net Assets
Beginning of period						158,874				117,370
End of period .				$		258,175		$		158,874
		Class J    Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	12,609	$	9,403	$	10	$	10	$	88,727
Reinvested		508		2,687		–		–		2,370
Redeemed		(1,213	)	(22,862	)	–		–		(8,016	)
Net Increase (Decrease)	$	11,904	$	(10,772	) $	10	$	10	$	83,081
Shares:
Sold		1,132		834		1		1		8,462
Reinvested		49		257		–		–		227
Redeemed		(109	)	(2,076	)	–		–		(716	)
Net Increase (Decrease)		1,072		(985	)	1		1		7,973
Year Ended October 31, 2018(b)
Dollars:
Sold	$	12,593	$	22,848		N/A		N/A $		48,096
Reinvested		–		2,796		N/A		N/A		314
Redeemed		(536	)	(34,838	)	N/A		N/A		(4,226	)
Net Increase (Decrease)	$	12,057	$	(9,194	)	N/A		N/A $		44,184
Shares:
Sold		1,076		1,955		N/A		N/A		4,091
Reinvested		–		240		N/A		N/A		27
Redeemed		(46	)	(2,982	)	N/A		N/A		(362	)
Net Increase (Decrease)		1,030		(787	)	N/A		N/A		3,756
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(508	) $	(2,687	) $	– $		– $		(2,370	)
Total Dividends and Distributions	$	(508	) $	(2,687	) $	– $		– $		(2,370	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(2,796	)	N/A		N/A $		(314	)
Total Dividends and Distributions	$	– $		(2,796	)	N/A		N/A $		(314	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

107

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2035 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		1,834		$		1,554
Net realized gain (loss) on investments .						3,227				1,910
Net change in unrealized appreciation/depreciation of investments						7,515				(4,977	)
Net Increase (Decrease) in Net Assets Resulting from Operations						12,576				(1,513	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(3,469	)			(1,701	)
	Total Dividends and Distributions					(3,469	)			(1,701	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						48,802				30,252
	Total Increase (Decrease) in Net Assets					57,909				27,038
Net Assets
Beginning of period						96,197				69,159
End of period .				$		154,106		$		96,197
		Class J     Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	9,892	$	8,170	$	10	$	10	$	47,283
Reinvested		411		1,483		–		–		1,575
Redeemed		(816	)	(17,310	)	–		–		(1,906	)
Net Increase (Decrease)	$	9,487	$	(7,657	) $	10	$	10	$	46,952
Shares:
Sold		869		709		1		1		4,431
Reinvested		39		140		–		–		149
Redeemed		(72	)	(1,537	)	–		–		(167	)
Net Increase (Decrease)		836		(688	)	1		1		4,413
Year Ended October 31, 2018(b)
Dollars:
Sold	$	8,973	$	16,630		N/A		N/A $		24,301
Reinvested		–		1,413		N/A		N/A		287
Redeemed		(376	)	(18,939	)	N/A		N/A		(2,037	)
Net Increase (Decrease)	$	8,597	$	(896	)	N/A		N/A $		22,551
Shares:
Sold		750		1,386		N/A		N/A		2,010
Reinvested		–		119		N/A		N/A		24
Redeemed		(31	)	(1,579	)	N/A		N/A		(170	)
Net Increase (Decrease)		719		(74	)	N/A		N/A		1,864
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(411	) $	(1,483	) $	– $		– $		(1,575	)
Total Dividends and Distributions	$	(411	) $	(1,483	) $	– $		– $		(1,575	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(1,414	)	N/A		N/A $		(287	)
Total Dividends and Distributions	$	– $		(1,414	)	N/A		N/A $		(287	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

108

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2040 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		2,057		$		1,858
Net realized gain (loss) on investments .						4,125				2,489
Net change in unrealized appreciation/depreciation of investments						9,362				(5,670	)
Net Increase (Decrease) in Net Assets Resulting from Operations						15,544				(1,323	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(4,247	)			(2,143	)
	Total Dividends and Distributions					(4,247	)			(2,143	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						56,498				29,263
	Total Increase (Decrease) in Net Assets					67,795				25,797
Net Assets
Beginning of period						108,218				82,421
End of period .				$		176,013		$		108,218
		Class J Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	9,074	$	6,846	$	10	$	10	$	57,939
Reinvested		357		2,150		–		–		1,740
Redeemed		(550	)	(17,376	)	–		–		(3,702	)
Net Increase (Decrease)	$	8,881	$	(8,380	) $	10	$	10	$	55,977
Shares:
Sold		793		593		1		1		5,461
Reinvested		34		203		–		–		164
Redeemed		(48	)	(1,538	)	–		–		(319	)
Net Increase (Decrease)		779		(742	)	1		1		5,306
Year Ended October 31, 2018(b)
Dollars:
Sold	$	7,312	$	16,752		N/A		N/A $		24,512
Reinvested		–		1,764		N/A		N/A		379
Redeemed		(125	)	(18,295	)	N/A		N/A		(3,036	)
Net Increase (Decrease)	$	7,187	$	221		N/A		N/A $		21,855
Shares:
Sold		604		1,387		N/A		N/A		2,011
Reinvested		–		147		N/A		N/A		32
Redeemed		(10	)	(1,509	)	N/A		N/A		(249	)
Net Increase (Decrease)		594		25		N/A		N/A		1,794
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(357	) $	(2,150	) $	– $		– $		(1,740	)
Total Dividends and Distributions	$	(357	) $	(2,150	) $	– $		– $		(1,740	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(1,764	)	N/A		N/A $		(379	)
Total Dividends and Distributions	$	– $		(1,764	)	N/A		N/A $		(379	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

109

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2045 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		1,010		$		919
Net realized gain (loss) on investments .						2,150				1,345
Net change in unrealized appreciation/depreciation of investments						4,951				(3,107	)
Net Increase (Decrease) in Net Assets Resulting from Operations						8,111				(843	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(2,177	)			(1,034	)
	Total Dividends and Distributions					(2,177	)			(1,034	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						30,083				16,471
	Total Increase (Decrease) in Net Assets					36,017				14,594
Net Assets
Beginning of period						58,059				43,465
End of period .				$		94,076		$		58,059
		Class J Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	5,399	$	6,398	$	10	$	10	$	30,986
Reinvested		181		1,160		–		–		836
Redeemed		(479	)	(13,281	)	–		–		(1,137	)
Net Increase (Decrease)	$	5,101	$	(5,723	) $	10	$	10	$	30,685
Shares:
Sold		469		547		1		1		2,896
Reinvested		17		109		–		–		79
Redeemed		(41	)	(1,167	)	–		–		(98	)
Net Increase (Decrease)		445		(511	)	1		1		2,877
Year Ended October 31, 2018(b)
Dollars:
Sold	$	3,754	$	10,228		N/A		N/A $		12,952
Reinvested		–		895		N/A		N/A		139
Redeemed		(323	)	(9,995	)	N/A		N/A		(1,179	)
Net Increase (Decrease)	$	3,431	$	1,128		N/A		N/A $		11,912
Shares:
Sold		307		834		N/A		N/A		1,047
Reinvested		–		74		N/A		N/A		12
Redeemed		(26	)	(814	)	N/A		N/A		(96	)
Net Increase (Decrease)		281		94		N/A		N/A		963
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(181	) $	(1,160	) $	– $		– $		(836	)
Total Dividends and Distributions	$	(181	) $	(1,160	) $	– $		– $		(836	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(895	)	N/A		N/A $		(139	)
Total Dividends and Distributions	$	– $		(895	)	N/A		N/A $		(139	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

110

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2050 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		1,042		$		822
Net realized gain (loss) on investments .						2,419				1,248
Net change in unrealized appreciation/depreciation of investments						3,791				(3,022	)
Net Increase (Decrease) in Net Assets Resulting from Operations						7,252				(952	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(2,151	)			(1,002	)
	Total Dividends and Distributions					(2,151	)			(1,002	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						24,028				18,957
	Total Increase (Decrease) in Net Assets					29,129				17,003
Net Assets
Beginning of period						55,417				38,414
End of period .				$		84,546		$		55,417
		Class J Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	3,887	$	4,726	$	10	$	10	$	22,943
Reinvested		170		1,382		–		–		599
Redeemed		(285	)	(8,317	)	–		–		(1,097	)
Net Increase (Decrease)	$	3,772	$	(2,209	) $	10	$	10	$	22,445
Shares:
Sold		335		405		1		1		2,137
Reinvested		16		131		–		–		56
Redeemed		(27	)	(734	)	–		–		(94	)
Net Increase (Decrease)		324		(198	)	1		1		2,099
Year Ended October 31, 2018(b)
Dollars:
Sold	$	3,533	$	11,564		N/A		N/A $		12,011
Reinvested		–		919		N/A		N/A		83
Redeemed		(137	)	(7,707	)	N/A		N/A		(1,309	)
Net Increase (Decrease)	$	3,396	$	4,776		N/A		N/A $		10,785
Shares:
Sold		286		936		N/A		N/A		966
Reinvested		–		75		N/A		N/A		7
Redeemed		(11	)	(626	)	N/A		N/A		(105	)
Net Increase (Decrease)		275		385		N/A		N/A		868
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(170	) $	(1,382	) $	– $		– $		(599	)
Total Dividends and Distributions	$	(170	) $	(1,382	) $	– $		– $		(599	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(919	)	N/A		N/A $		(83	)
Total Dividends and Distributions	$	– $		(919	)	N/A		N/A $		(83	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

111

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2055 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		287		$		241
Net realized gain (loss) on investments .						663				376
Net change in unrealized appreciation/depreciation of investments						1,418				(984	)
Net Increase (Decrease) in Net Assets Resulting from Operations						2,368				(367	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(609	)			(272	)
	Total Dividends and Distributions					(609	)			(272	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						7,975				7,243
	Total Increase (Decrease) in Net Assets					9,734				6,604
Net Assets
Beginning of period						18,005				11,401
End of period .				$		27,739		$		18,005
		Class J Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	1,457	$	2,583	$	10	$	10	$	9,416
Reinvested		50		390		–		–		169
Redeemed		(307	)	(5,270	)	–		–		(533	)
Net Increase (Decrease)	$	1,200	$	(2,297	) $	10	$	10	$	9,052
Shares:
Sold		125		219		1		1		866
Reinvested		5		36		–		–		16
Redeemed		(28	)	(455	)	–		–		(46	)
Net Increase (Decrease)		102		(200	)	1		1		836
Year Ended October 31, 2018(b)
Dollars:
Sold	$	1,295	$	5,470		N/A		N/A $		3,578
Reinvested		–		256		N/A		N/A		16
Redeemed		(74	)	(2,933	)	N/A		N/A		(365	)
Net Increase (Decrease)	$	1,221	$	2,793		N/A		N/A $		3,229
Shares:
Sold		105		436		N/A		N/A		285
Reinvested		–		20		N/A		N/A		1
Redeemed		(6	)	(235	)	N/A		N/A		(29	)
Net Increase (Decrease)		99		221		N/A		N/A		257
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(50	) $	(390	) $	– $		– $		(169	)
Total Dividends and Distributions	$	(50	) $	(390	) $	– $		– $		(169	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(256	)	N/A		N/A $		(16	)
Total Dividends and Distributions	$	– $		(256	)	N/A		N/A $		(16	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

112

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid 2060 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		97		$		47
Net realized gain (loss) on investments .						242				75
Net change in unrealized appreciation/depreciation of investments						421				(307	)
Net Increase (Decrease) in Net Assets Resulting from Operations						760				(185	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(161	)			(56	)
	Total Dividends and Distributions					(161	)			(56	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						3,296				3,755
	Total Increase (Decrease) in Net Assets					3,895				3,514
Net Assets
Beginning of period						5,404				1,890
End of period .				$		9,299		$		5,404
		Class J Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	485	$	1,094	$	10	$	10	$	2,756
Reinvested		14		89		–		–		58
Redeemed		(68	)	(814	)	–		–		(338	)
Net Increase (Decrease)	$	431	$	369	$	10	$	10	$	2,476
Shares:
Sold		42		92		1		1		246
Reinvested		2		8		–		–		5
Redeemed		(6	)	(70	)	–		–		(29	)
Net Increase (Decrease)		38		30		1		1		222
Year Ended October 31, 2018(b)
Dollars:
Sold	$	489	$	2,406		N/A		N/A $		1,981
Reinvested		–		55		N/A		N/A		1
Redeemed		(18	)	(893	)	N/A		N/A		(266	)
Net Increase (Decrease)	$	471	$	1,568		N/A		N/A $		1,716
Shares:
Sold		38		192		N/A		N/A		157
Reinvested		–		4		N/A		N/A		–
Redeemed		(1	)	(71	)	N/A		N/A		(21	)
Net Increase (Decrease)		37		125		N/A		N/A		136
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(14	) $	(89	) $	– $		– $		(58	)
Total Dividends and Distributions	$	(14	) $	(89	) $	– $		– $		(58	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(55	)	N/A		N/A $		(1	)
Total Dividends and Distributions	$	– $		(55	)	N/A		N/A $		(1	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

113

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in dollars				Principal LifeTime Hybrid 2065 Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		10,749		$	4,596
Net realized gain (loss) on investments .						(276,226	)		2,469
Net change in unrealized appreciation/depreciation of investments						267,269			(253,159	)
Net Increase (Decrease) in Net Assets Resulting from Operations						1,792			(246,094	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(18,069	)		(395	)
	Total Dividends and Distributions					(18,069	)		(395	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						(2,241,253	)		4,657,341
	Total Increase (Decrease) in Net Assets					(2,257,530	)		4,410,852
Net Assets
Beginning of period						4,431,734			20,882
End of period .				$		2,174,204		$	4,431,734
		Class J		Institutional		R-3		R-5	R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	205,664		$ 108,835 $		10,000		$ 10,000	$ 1,423,585
Reinvested		13,861		2,951		–		–	1,257
Redeemed		(77,559	)	(35,724	)	–		–	(3,904,123)
Net Increase (Decrease)	$	141,966	$	76,062	$	10,000		$ 10,000	$ (2,479,281)
Shares:
Sold		20,341		10,619		974		974	142,589
Reinvested		1,507		320		–		–	141
Redeemed		(7,908	)	(3,818	)	–		–	(391,138	)
Net Increase (Decrease)		13,940		7,121		974		974	(248,408	)
Year Ended October 31, 2018(b)
Dollars:
Sold	$	438,571	$	93,956		N/A		N/A	$ 4,334,021
Reinvested		–		197		N/A		N/A	198
Redeemed		(16,057	)	(13,532	)	N/A		N/A	(180,013	)
Net Increase (Decrease)	$	422,514	$	80,621		N/A		N/A $	4,154,206
Shares:
Sold		40,375		8,658		N/A		N/A	401,986
Reinvested		–		19		N/A		N/A	19
Redeemed		(1,467	)	(1,224	)	N/A		N/A	(16,783	)
Net Increase (Decrease)		38,908		7,453		N/A		N/A	385,222
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(13,861	) $	(2,951	) $	– $		– $	(1,257	)
Total Dividends and Distributions	$	(13,861	) $	(2,951	) $	– $		– $	(1,257	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(197	)	N/A		N/A $	(198	)
Total Dividends and Distributions	$	– $		(197	)	N/A		N/A $	(198	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

114

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands				Principal LifeTime Hybrid Income Fund
				Period Ended				Year Ended
				April 30, 2019				October 31, 2018
Operations
Net investment income (loss)				$		674		$		585
Net realized gain (loss) on investments .						291				174
Net change in unrealized appreciation/depreciation of investments						2,067				(1,014	)
Net Increase (Decrease) in Net Assets Resulting from Operations						3,032				(255	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments						(759	)			(562	)
	Total Dividends and Distributions					(759	)			(562	)
Capital Share Transactions
Net increase (decrease) in capital share transactions						26,907				2,958
	Total Increase (Decrease) in Net Assets					29,180				2,141
Net Assets
Beginning of period						26,210				24,069
End of period .				$		55,390		$		26,210
		Class J Institutional				R-3		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019(a)
Dollars:
Sold	$	3,130	$	2,640	$	10	$	10	$	27,259
Reinvested		84		261		–		–		414
Redeemed		(271	)	(3,536	)	–		–		(3,094	)
Net Increase (Decrease)	$	2,943	$	(635	) $	10	$	10	$	24,579
Shares:
Sold		308		259		1		1		2,731
Reinvested		9		26		–		–		42
Redeemed		(27	)	(347	)	–		–		(303	)
Net Increase (Decrease)		290		(62	)	1		1		2,470
Year Ended October 31, 2018(b)
Dollars:
Sold	$	3,109	$	4,386		N/A		N/A $		8,093
Reinvested		–		507		N/A		N/A		55
Redeemed		(23	)	(11,726	)	N/A		N/A		(1,443	)
Net Increase (Decrease)	$	3,086	$	(6,833	)	N/A		N/A $		6,705
Shares:
Sold		300		422		N/A		N/A		780
Reinvested		–		49		N/A		N/A		5
Redeemed		(2	)	(1,127	)	N/A		N/A		(139	)
Net Increase (Decrease)		298		(656	)	N/A		N/A		646
Distributions:
Period Ended April 30, 2019(a)
From net investment income and net realized gain on investments	$	(84	) $	(261	) $	– $		– $		(414	)
Total Dividends and Distributions	$	(84	) $	(261	) $	– $		– $		(414	)
Year EndedOctober 31, 2018(b)
From net investment income and net realized gain on investments	$	– $		(507	)	N/A		N/A $		(55	)
Total Dividends and Distributions	$	– $		(507	)	N/A		N/A $		(55	)

(a)	Period from March 1, 2019, date operations commenced, through April 30, 2019 for Class R-3 and R-5 shares.
(b)	Period from March 1, 2018, date operations commenced, through October 31, 2018 for Class J shares.

See accompanying notes.

115

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
										Principal LifeTime Strategic Income
Amounts in thousands												Fund
										Period Ended				Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		8,301		$		13,708
Net realized gain (loss) on investments .												7,159				20,259
Net change in unrealized appreciation/depreciation of investments												7,294				(37,359	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											22,754				(3,392	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(30,084	)			(25,464	)
				Total Dividends and Distributions								(30,084	)			(25,464	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												(17,264	)			(111,083	)
				Total Increase (Decrease) in Net Assets								(24,594	)			(139,939	)
Net Assets
Beginning of period												437,492				577,431
End of period .										$		412,898		$		437,492
		Class A		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	612	$	1,516	$	17,875	$	157	$	204	$	2,423	$	1,217	$	1,529
Reinvested		1,098		4,607		20,824		191		262		1,197		515		1,351
Redeemed		(1,108	)	(5,324	)	(50,877	)	(653	)	(134	)	(6,886	)	(2,001	)	(5,859	)
Net Increase (Decrease)	$	602	$	799	$	(12,178	) $	(305	) $	332	$	(3,266	) $	(269	) $	(2,979	)
Shares:
Sold		51		130		1,548		14		18		211		105		129
Reinvested		96		409		1,841		17		23		107		46		119
Redeemed		(94	)	(457	)	(4,398	)	(55	)	(12	)	(602	)	(172	)	(505	)
Net Increase (Decrease)		53		82		(1,009	)	(24	)	29		(284	)	(21	)	(257	)
Year Ended October 31, 2018
Dollars:
Sold	$	2,406	$	2,298	$	28,107	$	441	$	510	$	4,531	$	2,292	$	5,122
Reinvested		749		3,476		18,453		133		167		921		470		1,074
Redeemed		(6,629	)	(12,883)		(135,664)		(669	)	(802	)	(9,145	)	(5,459	)	(10,982	)
Net Increase (Decrease)	$	(3,474	) $	(7,109	) $	(89,104	) $	(95	) $	(125	) $	(3,693	) $	(2,697	) $	(4,786	)
Shares:
Sold		193		185		2,266		35		41		370		186		415
Reinvested		59		280		1,480		11		14		74		38		86
Redeemed		(524	)	(1,046	)	(10,959	)	(54	)	(65	)	(743	)	(444	)	(884	)
Net Increase (Decrease)		(272	)	(581	)	(7,213	)	(8	)	(11	)	(299	)	(220	)	(383	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(1,124	) $	(4,615	) $	(20,829	) $	(191	) $	(262	) $	(1,197	) $	(515	) $	(1,351	)
Total Dividends and Distributions	$	(1,124	) $	(4,615	) $	(20,829	) $	(191	) $	(262	) $	(1,197	) $	(515	) $	(1,351	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(764	) $	(3,478	) $	(18,456	) $	(133	) $	(168	) $	(921	) $	(470	) $	(1,074	)
Total Dividends and Distributions	$	(764	) $	(3,478	) $	(18,456	) $	(133	) $	(168	) $	(921	) $	(470	) $	(1,074	)

See accompanying notes.

116

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands																Real Estate Securities Fund
														Period Ended				Year Ended
														April 30, 2019				October 31, 2018
Operations
Net investment income (loss)														$		33,571		$		66,029
Net realized gain (loss) on investments .																49,712				88,081
Net change in unrealized appreciation/depreciation of investments																420,331				(58,776	)
				Net Increase (Decrease) in Net Assets Resulting from Operations												503,614				95,334
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments																(101,792	)			(151,297	)
								Total Dividends and Distributions								(101,792	)			(151,297	)
Capital Share Transactions
Net increase (decrease) in capital share transactions																389,548				(2,030	)
								Total Increase (Decrease) in Net Assets								791,370				(57,993	)
Net Assets
Beginning of period																3,660,698				3,718,691
End of period .														$		4,452,068		$		3,660,698
		Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	37,855	$	3,114	$	4,224	$	738,011	$	299	$	1,592	$	5,000	$	3,906	$	16,220		$ 200,342
Reinvested		5,559		1,020		4,087		41,674		90		216		969		1,034		4,267		31,028
Redeemed		(45,738	)	(8,516	)	(10,922)		(376,049)		(600	)	(4,350	)	(7,015	)	(12,788	)	(60,177)		(184,804)
Net Increase (Decrease)	$	(2,324	) $	(4,382	) $	(2,611	) $	403,636	$	(211	) $	(2,542	) $	(1,046	) $	(7,848	) $	(39,690	) $	46,566
Shares:
Sold		1,577		134		178		30,019		12		70		214		166		702		8,428
Reinvested		245		46		185		1,823		4		10		44		47		194		1,361
Redeemed		(1,891	)	(365	)	(469	)	(15,663	)	(25	)	(191	)	(298	)	(559	)	(2,523	)	(7,889	)
Net Increase (Decrease)		(69	)	(185	)	(106	)	16,179		(9	)	(111	)	(40	)	(346	)	(1,627	)	1,900
Year Ended October 31, 2018
Dollars:
Sold	$	74,413	$	10,309	$	5,987	$	793,282	$	662	$	5,187	$	9,380	$	12,242	$	32,666		$ 693,712
Reinvested		8,955		1,506		6,829		59,681		168		435		1,732		2,196		6,686		45,543
Redeemed		(98,448	)	(13,746	)	(30,221)		(983,485)		(2,578	)	(10,326	)	(23,613	)	(32,076	)	(44,991)		(534,117)
Net Increase (Decrease)	$	(15,080	) $	(1,931	) $	(17,405)		$ (130,522)	$	(1,748	) $	(4,704	) $	(12,501	) $	(17,638	) $	(5,639	) $	205,138
Shares:
Sold		3,220		452		266		34,428		29		233		414		553		1,472		29,276
Reinvested		383		66		300		2,547		7		19		76		97		295		1,943
Redeemed		(4,224	)	(605	)	(1,346	)	(41,865	)	(111	)	(465	)	(1,048	)	(1,427	)	(1,995	)	(22,487	)
Net Increase (Decrease)		(621	)	(87	)	(780	)	(4,890	)	(75	)	(213	)	(558	)	(777	)	(228	)	8,732
Distributions:
Period Ended April 30, 2019
From net investment income and
net realized gain on investments. $		(7,146	) $	(1,050	) $	(4,090	) $	(44,198	) $	(90	) $	(353	) $	(970	) $	(1,034	) $	(4,269	) $	(38,592	)
Total Dividends and
Distributions	$	(7,146	) $	(1,050	) $	(4,090	) $	(44,198	) $	(90	) $	(353	) $	(970	) $	(1,034	) $	(4,269	) $	(38,592	)
Year EndedOctober 31, 2018
From net investment income and
net realized gain on investments. $		(11,306	) $	(1,553	) $	(6,838	) $	(72,239	) $	(168	) $	(727	) $	(1,732	) $	(2,196	) $	(6,688	) $	(47,850	)
Total Dividends and
Distributions	$	(11,306	) $	(1,553	) $	(6,838	) $	(72,239	) $	(168	) $	(727	) $	(1,732	) $	(2,196	) $	(6,688	) $	(47,850	)

See accompanying notes.

117

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands														SAM Balanced Portfolio
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		62,494		$		106,259
Net realized gain (loss) on investments .														98,853				353,051
Net change in unrealized appreciation/depreciation of investments														160,844				(450,593	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												322,191				8,717
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(365,524	)			(341,973	)
						Total Dividends and Distributions								(365,524	)			(341,973	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														147,341				(94,656	)
						Total Increase (Decrease) in Net Assets								104,008				(427,912	)
Net Assets
Beginning of period														4,458,763				4,886,675
End of period .												$		4,562,771		$		4,458,763
		Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	268,567	$	18,599	$	43,305	$	63,311	$	243	$	79	$	1,592	$	2,336	$	3,515
Reinvested		156,808		50,064		87,868		60,855		264		265		2,272		1,846		3,051
Redeemed		(173,224)		(285,265)		(70,799	)	(69,811	)	(230	)	(526	)	(6,244	)	(7,039	)	(4,361	)
Net Increase (Decrease)	$	252,151		$ (216,602)	$	60,374	$	54,355	$	277	$	(182	) $	(2,380	) $	(2,857	) $	2,205
Shares:
Sold		18,723		1,273		3,031		4,360		17		5		111		167		236
Reinvested		11,273		3,670		6,547		4,448		19		20		167		135		223
Redeemed		(11,768	)	(20,202	)	(4,963	)	(4,804	)	(16	)	(36	)	(440	)	(493	)	(299	)
Net Increase (Decrease)		18,228		(15,259	)	4,615		4,004		20		(11	)	(162	)	(191	)	160
Year Ended October 31, 2018
Dollars:
Sold	$	133,692	$	58,494	$	91,186	$	88,862	$	755	$	448	$	3,957	$	5,134	$	5,325
Reinvested		144,785		46,150		81,484		58,158		207		257		2,249		2,134		4,000
Redeemed		(298,510)		(144,555)		(166,205)		(158,209)		(1,251	)	(783	)	(8,813	)	(15,062	)	(28,545	)
Net Increase (Decrease)	$	(20,033	) $	(39,911	) $	6,465	$	(11,189	) $	(289	) $	(78	) $	(2,607	) $	(7,794	) $	(19,220	)
Shares:
Sold		8,289		3,678		5,839		5,608		48		28		250		326		338
Reinvested		9,022		2,920		5,248		3,681		13		16		143		135		253
Redeemed		(18,506	)	(9,113	)	(10,683	)	(9,979	)	(78	)	(49	)	(560	)	(953	)	(1,817	)
Net Increase (Decrease)		(1,195	)	(2,515	)	404		(690	)	(17	)	(5	)	(167	)	(492	)	(1,226	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$ (158,610) $			(50,248	) $	(87,991	) $	(60,977	) $	(264	) $	(265	) $	(2,272	) $	(1,846	) $	(3,051	)
Total Dividends and Distributions	$ (158,610) $			(50,248	) $	(87,991	) $	(60,977	) $	(264	) $	(265	) $	(2,272	) $	(1,846	) $	(3,051	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$ (146,780) $			(46,449	) $	(81,645	) $	(58,252	) $	(207	) $	(257	) $	(2,249	) $	(2,134	) $	(4,000	)
Total Dividends and Distributions	$ (146,780) $			(46,449	) $	(81,645	) $	(58,252	) $	(207	) $	(257	) $	(2,249	) $	(2,134	) $	(4,000	)

See accompanying notes.

118

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands													SAM Conservative Balanced Portfolio
													Period Ended				Year Ended
													April 30, 2019				October 31, 2018
Operations
Net investment income (loss)											$				25,733		$		44,539
Net realized gain (loss) on investments .															23,379				85,752
Net change in unrealized appreciation/depreciation of investments															52,447				(137,727	)
		Net Increase (Decrease) in Net Assets Resulting from Operations													101,559				(7,436	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments															(101,493	)			(88,557	)
						Total Dividends and Distributions									(101,493	)			(88,557	)
Capital Share Transactions
Net increase (decrease) in capital share transactions															10,203				(37,055	)
						Total Increase (Decrease) in Net Assets									10,269				(133,048	)
Net Assets
Beginning of period															1,673,696				1,806,744
End of period .											$				1,683,965		$		1,673,696
		Class A		Class C		Class J             Institutional					R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	79,999	$	9,887	$	39,906	$	33,808	$	266		$	39	$	1,347	$	6,071	$	1,531
Reinvested		29,130		12,622		38,096		18,046		139			25		733		1,222		1,026
Redeemed		(44,569	)	(81,321	)	(45,295	)	(85,691	)	(291		)	(37	)	(673	)	(3,172	)	(2,641	)
Net Increase (Decrease)	$	64,560	$	(58,812	) $	32,707	$	(33,837	) $	114		$	27	$	1,407	$	4,121	$	(84	)
Shares:
Sold		7,070		877		3,510		2,932			24		4		118		544		134
Reinvested		2,629		1,156		3,487		1,646			13		2		67		111		94
Redeemed		(3,878	)	(7,268	)	(3,985	)	(7,470	)	(26		)	(3	)	(59	)	(279	)	(230	)
Net Increase (Decrease)		5,821		(5,235	)	3,012		(2,892	)		11		3		126		376		(2	)
Year Ended October 31, 2018
Dollars:
Sold	$	57,361	$	23,975	$	95,561	$	31,379	$	834		$	134	$	3,203	$	5,911	$	5,955
Reinvested		25,070		10,538		32,533		16,780		123			28		581		1,049		1,266
Redeemed		(98,804	)	(47,849)		(108,004)		(66,750	)	(1,637		)	(279	)	(3,977	)	(6,567	)	(15,469	)
Net Increase (Decrease)	$	(16,373	) $	(13,336	) $	20,090	$	(18,591	) $	(680		) $	(117	) $	(193	) $	393	$	(8,248	)
Shares:
Sold		4,679		1,977		7,889		2,596			69		11		266		483		495
Reinvested		2,043		867		2,687		1,381			10		2		48		86		104
Redeemed		(8,068	)	(3,953	)	(8,942	)	(5,505	)	(135		)	(23	)	(329	)	(542	)	(1,284	)
Net Increase (Decrease)		(1,346	)	(1,109	)	1,634		(1,528	)		(56	)	(10	)	(15	)	27		(685	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$	(29,431	) $	(12,706	) $	(38,142	) $	(18,067	) $	(139		) $	(27	) $	(733	) $	(1,222	) $	(1,026	)
Total Dividends and Distributions	$	(29,431	) $	(12,706	) $	(38,142	) $	(18,067	) $	(139		) $	(27	) $	(733	) $	(1,222	) $	(1,026	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$	(25,522	) $	(10,628	) $	(32,562	) $	(16,797	) $	(123		) $	(29	) $	(581	) $	(1,049	) $	(1,266	)
Total Dividends and Distributions	$	(25,522	) $	(10,628	) $	(32,562	) $	(16,797	) $	(123		) $	(29	) $	(581	) $	(1,049	) $	(1,266	)

See accompanying notes.

119

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands												SAM Conservative Growth Portfolio
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		36,803		$		66,257
Net realized gain (loss) on investments .														76,852				347,178
Net change in unrealized appreciation/depreciation of investments														131,693				(401,039	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												245,348				12,396
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(356,537	)			(262,357	)
						Total Dividends and Distributions								(356,537	)			(262,357	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														195,663				(6,417	)
						Total Increase (Decrease) in Net Assets								84,474				(256,378	)
Net Assets
Beginning of period														2,973,041				3,229,419
End of period .												$		3,057,515		$		2,973,041
		Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	249,149	$	14,971	$	17,637	$	27,288	$	43	$	106	$	1,361	$	3,164	$	3,665
Reinvested		166,193		56,642		67,962		55,742		131		163		2,562		1,315		3,103
Redeemed		(120,885)		(253,991)		(34,982	)	(51,264	)	(225	)	(125	)	(5,228	)	(3,769	)	(5,065	)
Net Increase (Decrease)	$	294,457		$ (182,378)	$	50,617	$	31,766	$	(51	) $	144	$	(1,305	) $	710	$	1,703
Shares:
Sold		15,930		1,008		1,103		1,731		3		7		85		212		224
Reinvested		11,044		4,101		4,697		3,792		9		11		177		90		212
Redeemed		(7,424	)	(17,589	)	(2,222	)	(3,220	)	(15	)	(8	)	(346	)	(242	)	(314	)
Net Increase (Decrease)		19,550		(12,480	)	3,578		2,303		(3	)	10		(84	)	60		122
Year Ended October 31, 2018
Dollars:
Sold	$	97,666	$	42,419	$	49,829	$	41,955	$	288	$	148	$	5,082	$	3,413	$	7,361
Reinvested		121,339		41,609		48,438		42,212		176		166		1,651		1,254		3,272
Redeemed	(212,550)			(96,872	)	(77,014	)	(90,349	)	(2,324	)	(937	)	(3,507	)	(8,445	)	(22,697	)
Net Increase (Decrease)	$	6,455	$	(12,844	) $	21,253	$	(6,182	) $	(1,860	) $	(623	) $	3,226	$	(3,778	) $	(12,064	)
Shares:
Sold		5,283		2,453		2,770		2,299		17		8		283		187		411
Reinvested		6,603		2,439		2,728		2,345		10		9		93		70		183
Redeemed		(11,437	)	(5,609	)	(4,296	)	(4,973	)	(128	)	(51	)	(198	)	(471	)	(1,270	)
Net Increase (Decrease)		449		(717	)	1,202		(329	)	(101	)	(34	)	178		(214	)	(676	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$ (168,250) $			(56,924	) $	(68,017	) $	(56,072	) $	(131	) $	(163	) $	(2,562	) $	(1,315	) $	(3,103	)
Total Dividends and Distributions	$ (168,250) $			(56,924	) $	(68,017	) $	(56,072	) $	(131	) $	(163	) $	(2,562	) $	(1,315	) $	(3,103	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$ (123,029) $			(41,951	) $	(48,472	) $	(42,385	) $	(176	) $	(167	) $	(1,651	) $	(1,254	) $	(3,272	)
Total Dividends and Distributions	$ (123,029) $			(41,951	) $	(48,472	) $	(42,385	) $	(176	) $	(167	) $	(1,651	) $	(1,254	) $	(3,272	)

See accompanying notes.

120

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands													SAM Flexible Income Portfolio
													Period Ended				Year Ended
													April 30, 2019				October 31, 2018
Operations
Net investment income (loss)											$				40,238		$		74,720
Net realized gain (loss) on investments .															8,391				109,300
Net change in unrealized appreciation/depreciation of investments															92,729				(190,908	)
		Net Increase (Decrease) in Net Assets Resulting from Operations													141,358				(6,888	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments															(141,372	)			(93,151	)
						Total Dividends and Distributions									(141,372	)			(93,151	)
Capital Share Transactions
Net increase (decrease) in capital share transactions															47,954				(91,321	)
						Total Increase (Decrease) in Net Assets									47,940				(191,360	)
Net Assets
Beginning of period															2,567,343				2,758,703
End of period .											$				2,615,283		$		2,567,343
		Class A		Class C		Class J		Institutional			R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	134,183	$	15,380	$	54,568	$	32,321	$	682		$	145	$	648	$	1,220	$	1,043
Reinvested		50,047		16,209		60,998		11,799			89		50		278		289		596
Redeemed	(109,193)			(84,923	)	(91,048	)	(38,977	)	(149		)	(10	)	(1,034	)	(2,239	)	(5,018	)
Net Increase (Decrease)	$	75,037	$	(53,334	) $	24,518	$	5,143	$	622		$	185	$	(108	) $	(730	) $	(3,379	)
Shares:
Sold		11,393		1,308		4,642		2,751			57		12		55		103		89
Reinvested		4,335		1,424		5,329		1,025			8		5		24		25		52
Redeemed		(9,207	)	(7,327	)	(7,775	)	(3,307	)	(13		)	(1	)	(88	)	(191	)	(431	)
Net Increase (Decrease)		6,521		(4,595	)	2,196		469			52		16		(9	)	(63	)	(290	)
Year Ended October 31, 2018
Dollars:
Sold	$	176,014	$	42,278	$	114,682	$	48,626	$	781		$	311	$	972	$	1,653	$	1,870
Reinvested		32,629		9,368		41,517		7,960			45		20		182		184		515
Redeemed	(236,935)			(77,067)		(198,345)		(47,487	)	(623		)	(148	)	(1,617	)	(2,008	)	(6,698	)
Net Increase (Decrease)	$	(28,292	) $	(25,421	) $	(42,146	) $	9,099	$	203		$	183	$	(463	) $	(171	) $	(4,313	)
Shares:
Sold		14,197		3,445		9,310		3,937			64		25		80		135		151
Reinvested		2,628		761		3,373		644			4		2		14		15		42
Redeemed		(19,134	)	(6,289	)	(16,137	)	(3,845	)		(50	)	(12	)	(131	)	(163	)	(544	)
Net Increase (Decrease)		(2,309	)	(2,083	)	(3,454	)	736			17		15		(37	)	(13	)	(351	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$	(50,451	) $	(16,362	) $	(61,167	) $	(12,090	) $	(89		) $	(50	) $	(278	) $	(289	) $	(596	)
Total Dividends and Distributions	$	(50,451	) $	(16,362	) $	(61,167	) $	(12,090	) $	(89		) $	(50	) $	(278	) $	(289	) $	(596	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$	(33,037	) $	(9,482	) $	(41,603	) $	(8,083	) $	(45		) $	(20	) $	(182	) $	(184	) $	(515	)
Total Dividends and Distributions	$	(33,037	) $	(9,482	) $	(41,603	) $	(8,083	) $	(45		) $	(20	) $	(182	) $	(184	) $	(515	)

See accompanying notes.

121

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands												SAM Strategic Growth Portfolio
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		20,263		$		40,694
Net realized gain (loss) on investments .														49,248				302,203
Net change in unrealized appreciation/depreciation of investments														99,734				(354,289	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												169,245				(11,392	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(303,856	)			(132,976	)
						Total Dividends and Distributions								(303,856	)			(132,976	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														212,197				(22,194	)
						Total Increase (Decrease) in Net Assets								77,586				(166,562	)
Net Assets
Beginning of period														1,814,881				1,981,443
End of period .												$		1,892,467		$		1,814,881
		Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	153,368	$	9,139	$	14,106	$	19,739	$	59	$	73	$	683	$	1,478	$	1,776
Reinvested		153,600		48,567		49,165		43,611		100		375		1,740		2,219		2,556
Redeemed		(71,610)		(157,110)		(22,114	)	(29,602	)	(232	)	(44	)	(4,358	)	(3,019	)	(2,068	)
Net Increase (Decrease)	$	235,358	$	(99,404	) $	41,157	$	33,748	$	(73	) $	404	$	(1,935	) $	678	$	2,264
Shares:
Sold		9,298		583		847		1,191		3		4		44		92		100
Reinvested		9,743		3,458		3,244		2,837		7		25		115		146		168
Redeemed		(4,138	)	(10,639	)	(1,319	)	(1,743	)	(14	)	(3	)	(266	)	(188	)	(119	)
Net Increase (Decrease)		14,903		(6,598	)	2,772		2,285		(4	)	26		(107	)	50		149
Year Ended October 31, 2018
Dollars:
Sold	$	55,482	$	21,299	$	23,866	$	34,726	$	417	$	174	$	1,778	$	3,401	$	4,039
Reinvested		66,557		20,996		21,650		19,347		74		161		797		1,053		1,243
Redeemed	(128,225)			(57,368	)	(46,373	)	(48,777	)	(1,915	)	(402	)	(3,166	)	(5,434	)	(7,594	)
Net Increase (Decrease)	$	(6,186	) $	(15,073	) $	(857	) $	5,296	$	(1,424	) $	(67	) $	(591	) $	(980	) $	(2,312	)
Shares:
Sold		2,658		1,116		1,182		1,693		21		9		88		167		200
Reinvested		3,208		1,112		1,078		954		4		8		40		52		62
Redeemed		(6,128	)	(3,008	)	(2,297	)	(2,389	)	(94	)	(20	)	(155	)	(269	)	(377	)
Net Increase (Decrease)		(262	)	(780	)	(37	)	258		(69	)	(3	)	(27	)	(50	)	(115	)
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$ (155,226) $			(48,733	) $	(49,174	) $	(43,733	) $	(100	) $	(375	) $	(1,740	) $	(2,219	) $	(2,556	)
Total Dividends and Distributions	$ (155,226) $			(48,733	) $	(49,174	) $	(43,733	) $	(100	) $	(375	) $	(1,740	) $	(2,219	) $	(2,556	)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$	(67,496	) $	(21,112	) $	(21,651	) $	(19,389	) $	(74	) $	(161	) $	(797	) $	(1,053	) $	(1,243	)
Total Dividends and Distributions	$	(67,496	) $	(21,112	) $	(21,651	) $	(19,389	) $	(74	) $	(161	) $	(797	) $	(1,053	) $	(1,243	)

See accompanying notes.

122

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands																	Short-Term Income Fund
															Period Ended				Year Ended
															April 30, 2019				October 31, 2018
Operations
Net investment income (loss)													$				59,483		$		96,137
Net realized gain (loss) on investments .																	(238	)			(26,939	)
Net change in unrealized appreciation/depreciation of investments																	64,404				(46,143	)
				Net Increase (Decrease) in Net Assets Resulting from Operations													123,649				23,055
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments																	(59,053	)			(95,412	)
								Total Dividends and Distributions									(59,053	)			(95,412	)
Capital Share Transactions
Net increase (decrease) in capital share transactions																	(32,527	)			643,789
								Total Increase (Decrease) in Net Assets									32,069				571,432
Net Assets
Beginning of period																	4,786,400				4,214,968
End of period .													$				4,818,469		$		4,786,400
		Class A		Class C		Class J		Class T		Institutional			R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	79,803	$	20,093	$	14,061		N/A $		492,047	$	636		$	175	$	1,425	$	2,256	$	7,772
Reinvested		2,841		412		1,429		N/A		52,522			5		13		134		50		145
Redeemed		(85,533	)	(25,900	)	(13,601	)	N/A		(567,869)		(946		)	(531	)	(2,161	)	(8,062	)	(3,743	)
Net Increase (Decrease)	$	(2,889	) $	(5,395	) $	1,889		N/A $		(23,300	) $	(305		) $	(343	) $	(602	) $	(5,756	) $	4,174
Shares:
Sold		6,624		1,672		1,167		N/A		40,781			53		14		119		188		647
Reinvested		235		34		118		N/A		4,349			1		1		11		4		12
Redeemed		(7,089	)	(2,146	)	(1,128	)	N/A		(47,137	)	(79		)	(44	)	(180	)	(670	)	(311	)
Net Increase (Decrease)		(230	)	(440	)	157		N/A		(2,007	)		(25	)	(29	)	(50	)	(478	)	348
Year Ended October 31, 2018(a)
Dollars:
Sold	$	131,418	$	13,182	$	21,688	$	–		$ 1,528,497		$1,336		$	442	$	6,176	$	3,169	$	2,627
Reinvested		5,188		688		2,520		–		84,820			7		30		231		174		192
Redeemed	(165,029)			(26,789	)	(37,898	)	(10)		(914,674)		(996		)	(962	)	(5,584	)	(3,975	)	(2,679	)
Net Increase (Decrease)	$	(28,423	) $	(12,919	) $	(13,690	) $	(10	) $	698,643	$	347		$	(490	) $	823	$	(632	) $	140
Shares:
Sold		10,883		1,090		1,796		–		126,637		111			37		510		262		217
Reinvested		430		57		209		–		7,033			1		2		19		14		16
Redeemed		(13,655	)	(2,216	)	(3,136	)	(1	)	(75,770	)		(83	)	(80	)	(461	)	(329	)	(221	)
Net Increase (Decrease)		(2,342	)	(1,069	)	(1,131	)	(1	)	57,900			29		(41	)	68		(53	)	12
Distributions:
Period Ended April 30, 2019
From net investment income and
net realized gain on investments. $		(3,389	) $	(448	) $	(1,438	)	N/A $		(53,428	) $		(5	) $	(14	) $	(134	) $	(52	) $	(145	)
Total Dividends and
Distributions	$	(3,389	) $	(448	) $	(1,438	)	N/A $		(53,428	) $		(5	) $	(14	) $	(134	) $	(52	) $	(145	)
Year EndedOctober 31, 2018(a)
From net investment income and
net realized gain on investments. $		(5,814	) $	(736	) $	(2,542	) $	– $		(85,682	) $		(8	) $	(33	) $	(231	) $	(174	) $	(192	)
Total Dividends and
Distributions	$	(5,814	) $	(736	) $	(2,542	) $	– $		(85,682	) $		(8	) $	(33	) $	(231	) $	(174	) $	(192	)
(a) Class T shares discontinued operations on August 24, 2018.

See accompanying notes.

123

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands																SmallCap Fund
														Period Ended				Year Ended
														April 30, 2019				October 31, 2018
Operations
Net investment income (loss)														$		377		$		868
Net realized gain (loss) on investments .																11,339				87,791
Net change in unrealized appreciation/depreciation of investments																45,057				(81,274	)
				Net Increase (Decrease) in Net Assets Resulting from Operations												56,773				7,385
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments																(83,738	)			(51,557	)
								Total Dividends and Distributions								(83,738	)			(51,557	)
Capital Share Transactions
Net increase (decrease) in capital share transactions																76,797				60,137
								Total Increase (Decrease) in Net Assets								49,832				15,965
Net Assets
Beginning of period																642,425				626,460
End of period .														$		692,257		$		642,425
		Class A		Class C		Class J       Institutional				R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	12,600	$	1,451	$	2,837	$	30,748	$	131	$	596	$	1,054	$	8,916	$	5,358	$	16,549
Reinvested		27,519		4,816		25,797		9,936		328		209		1,454		2,552		2,996		6,629
Redeemed		(17,179	)	(7,949	)	(11,094	)	(31,937	)	(188	)	(735	)	(2,077	)	(2,687	)	(8,793	)	(3,040	)
Net Increase (Decrease)	$	22,940	$	(1,682	) $	17,540	$	8,747	$	271	$	70	$	431	$	8,781	$	(439	) $	20,138
Shares:
Sold		635		80		147		1,433		7		33		52		421		236		742
Reinvested		1,579		314		1,556		525		20		12		83		140		160		350
Redeemed		(861	)	(467	)	(579	)	(1,495	)	(10	)	(38	)	(102	)	(127	)	(402	)	(142	)
Net Increase (Decrease)		1,353		(73	)	1,124		463		17		7		33		434		(6	)	950
Year Ended October 31, 2018
Dollars:
Sold	$	33,280	$	10,098	$	7,815	$	51,471	$	412	$	2,439	$	3,440	$	7,643	$	9,927	$	30,295
Reinvested		17,812		2,854		17,111		5,542		247		199		1,134		1,256		1,589		2,160
Redeemed		(46,262	)	(6,990	)	(24,197	)	(32,839	)	(1,018	)	(11,472	)	(6,847	)	(5,733	)	(7,664	)	(3,565	)
Net Increase (Decrease)	$	4,830	$	5,962	$	729	$	24,174	$	(359	) $	(8,834	) $	(2,273	) $	3,166	$	3,852	$	28,890
Shares:
Sold		1,345		452		329		1,956		18		108		139		299		380		1,123
Reinvested		778		138		781		226		11		9		50		53		66		88
Redeemed		(1,916	)	(321	)	(1,044	)	(1,282	)	(43	)	(472	)	(279	)	(229	)	(302	)	(131	)
Net Increase (Decrease)		207		269		66		900		(14	)	(355	)	(90	)	123		144		1,080
Distributions:
Period Ended April 30, 2019
From net investment income and
net realized gain on investments. $		(27,830	) $	(4,846	) $	(25,813	) $	(10,800	) $	(328	) $	(490	) $	(1,454	) $	(2,552	) $	(2,996	) $	(6,629	)
Total Dividends and
Distributions	$	(27,830	) $	(4,846	) $	(25,813	) $	(10,800	) $	(328	) $	(490	) $	(1,454	) $	(2,552	) $	(2,996	) $	(6,629	)
Year EndedOctober 31, 2018
From net investment income and
net realized gain on investments. $		(18,155	) $	(2,877	) $	(17,115	) $	(6,027	) $	(247	) $	(997	) $	(1,134	) $	(1,256	) $	(1,589	) $	(2,160	)
Total Dividends and
Distributions	$	(18,155	) $	(2,877	) $	(17,115	) $	(6,027	) $	(247	) $	(997	) $	(1,134	) $	(1,256	) $	(1,589	) $	(2,160	)

See accompanying notes.

124

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands												SmallCap Growth Fund I
										Period Ended				Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		(4,814	)	$		(9,545	)
Net realized gain (loss) on investments , Foreign currencies and Futures												49,013				281,255
Net change in unrealized appreciation/depreciation of investments and Futures												174,705				(137,495	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											218,904				134,215
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(233,532	)			(146,800	)
				Total Dividends and Distributions								(233,532	)			(146,800	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												186,932				164,254
				Total Increase (Decrease) in Net Assets								172,304				151,669
Net Assets
Beginning of period												1,751,203				1,599,534
End of period .										$		1,923,507		$		1,751,203
		Class J		Institutional		R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	4,343	$	29,751	$	254	$	679	$	2,492	$	1,630	$	4,717	$	71,769
Reinvested		11,679		18,079		360		505		2,262		1,840		6,014		190,615
Redeemed		(5,626	)	(36,674	)	(641	)	(869	)	(3,312	)	(3,344	)	(9,897	)	(99,694	)
Net Increase (Decrease)	$	10,396	$	11,156	$	(27	) $	315	$	1,442	$	126	$	834	$	162,690
Shares:
Sold		473		2,362		24		68		240		142		384		5,612
Reinvested		1,558		1,671		43		62		257		194		601		17,649
Redeemed		(621	)	(2,983	)	(64	)	(92	)	(317	)	(306	)	(867	)	(8,105	)
Net Increase (Decrease)		1,410		1,050		3		38		180		30		118		15,156
Year Ended October 31, 2018
Dollars:
Sold	$	14,421	$	87,400	$	731	$	1,223	$	5,115	$	4,816	$	14,922		$ 238,591
Reinvested		7,075		12,397		247		391		1,675		1,174		3,663		118,819
Redeemed		(11,667)		(113,045)		(1,015	)	(3,186	)	(9,503	)	(5,674	)	(15,165)		(189,151)
Net Increase (Decrease)	$	9,829	$	(13,248	) $	(37	) $	(1,572	) $	(2,713	) $	316	$	3,420	$	168,259
Shares:
Sold		1,259		5,868		58		103		398		351		1,032		15,559
Reinvested		656		860		21		34		138		90		270		8,221
Redeemed		(1,044	)	(7,529	)	(83	)	(268	)	(753	)	(419	)	(1,094	)	(12,914	)
Net Increase (Decrease)		871		(801	)	(4	)	(131	)	(217	)	22		208		10,866
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(11,699	) $	(20,162	) $	(360	) $	(580	) $	(2,262	) $	(1,840	) $	(6,014)		$ (190,615)
Total Dividends and Distributions	$	(11,699	) $	(20,162	) $	(360	) $	(580	) $	(2,262	) $	(1,840	) $	(6,014)		$ (190,615)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(7,080	) $	(13,704	) $	(247	) $	(438	) $	(1,675	) $	(1,174	) $	(3,663)		$ (118,819)
Total Dividends and Distributions	$	(7,080	) $	(13,704	) $	(247	) $	(438	) $	(1,675	) $	(1,174	) $	(3,663)		$ (118,819)

See accompanying notes.

125

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands										SmallCap S&P 600 Index Fund
										Period Ended				Year Ended
										April 30, 2019				October 31, 2018
Operations
Net investment income (loss)										$		7,097		$		12,967
Net realized gain (loss) on investments , Foreign currencies and Futures												45,464				151,618
Net change in unrealized appreciation/depreciation of investments and Futures												(3,228	)			(100,907	)
	Net Increase (Decrease) in Net Assets Resulting from Operations											49,333				63,678
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments												(141,599	)			(84,952	)
				Total Dividends and Distributions								(141,599	)			(84,952	)
Capital Share Transactions
Net increase (decrease) in capital share transactions												118,725				3,743
				Total Increase (Decrease) in Net Assets								26,459				(17,531	)
Net Assets
Beginning of period												1,315,921				1,333,452
End of period .										$		1,342,380		$		1,315,921
		Class J		Institutional		R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	6,282	$	92,470	$	1,236	$	1,233	$	16,300	$	6,312	$	16,053		$ 114,723
Reinvested		20,588		38,435		1,287		1,340		11,287		7,578		18,189		42,876
Redeemed		(12,775)		(102,650)		(2,196	)	(1,678	)	(21,438	)	(17,899	)	(46,089	)	(72,739	)
Net Increase (Decrease)	$	14,095	$	28,255	$	327	$	895	$	6,149	$	(4,009	) $	(11,847	) $	84,860
Shares:
Sold		270		3,768		51		50		630		249		635		4,965
Reinvested		1,004		1,764		60		61		508		338		804		1,969
Redeemed		(554	)	(4,124	)	(88	)	(68	)	(856	)	(717	)	(1,866	)	(2,931	)
Net Increase (Decrease)		720		1,408		23		43		282		(130	)	(427	)	4,003
Year Ended October 31, 2018
Dollars:
Sold	$	17,854	$	121,530	$	3,311	$	3,631	$	33,406	$	18,329	$	46,046		$ 128,946
Reinvested		12,278		25,291		767		910		7,117		5,467		11,912		21,195
Redeemed		(26,736)		(173,621)		(4,626	)	(8,453	)	(51,804	)	(38,778	)	(71,827	)	(78,402	)
Net Increase (Decrease)	$	3,396	$	(26,800	) $	(548	) $	(3,912	) $	(11,281	) $	(14,982	) $	(13,869	) $	71,739
Shares:
Sold		647		4,193		115		124		1,123		611		1,532		4,520
Reinvested		471		921		28		33		255		194		420		772
Redeemed		(989	)	(6,223	)	(164	)	(292	)	(1,790	)	(1,312	)	(2,422	)	(2,702	)
Net Increase (Decrease)		129		(1,109	)	(21	)	(135	)	(412	)	(507	)	(470	)	2,590
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on
investments	$	(20,597	) $	(38,437	) $	(1,287	) $	(1,340	) $	(11,287	) $	(7,578	) $	(18,193	) $	(42,880	)
Total Dividends and Distributions	$	(20,597	) $	(38,437	) $	(1,287	) $	(1,340	) $	(11,287	) $	(7,578	) $	(18,193	) $	(42,880	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on
investments	$	(12,282	) $	(25,299	) $	(767	) $	(910	) $	(7,117	) $	(5,467	) $	(11,915	) $	(21,195	)
Total Dividends and Distributions	$	(12,282	) $	(25,299	) $	(767	) $	(910	) $	(7,117	) $	(5,467	) $	(11,915	) $	(21,195	)

See accompanying notes.

126

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands														SmallCap Value Fund II
												Period Ended				Year Ended
												April 30, 2019				October 31, 2018
Operations
Net investment income (loss)												$		4,966		$		6,024
Net realized gain (loss) on investments , Foreign currencies and Futures														(29,011	)			185,437
Net change in unrealized appreciation/depreciation of investments and Futures														85,119				(217,421	)
		Net Increase (Decrease) in Net Assets Resulting from Operations												61,074				(25,960	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(165,869	)			(119,641	)
						Total Dividends and Distributions								(165,869	)			(119,641	)
Capital Share Transactions
Net increase (decrease) in capital share transactions														120,505				(11,059	)
						Total Increase (Decrease) in Net Assets								15,710				(156,660	)
Net Assets
Beginning of period														1,080,453				1,237,113
End of period .												$		1,096,163		$		1,080,453
		Class A		Class J		Institutional		R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold	$	1,156	$	725	$	17,244	$	109	$	662	$	835	$	546	$	2,038	$	25,432
Reinvested		1,126		2,679		19,931		153		198		1,350		748		3,622		135,952
Redeemed		(1,264	)	(1,139	)	(16,067	)	(218	)	(987	)	(2,318	)	(730	)	(4,899	)	(66,379	)
Net Increase (Decrease)	$	1,018	$	2,265	$	21,108	$	44	$	(127	) $	(133	) $	564	$	761	$	95,005
Shares:
Sold		112		72		1,743		12		73		85		53		195		2,501
Reinvested		126		305		2,196		19		24		157		85		408		14,977
Redeemed		(123	)	(114	)	(1,558	)	(23	)	(104	)	(230	)	(72	)	(504	)	(6,467	)
Net Increase (Decrease)		115		263		2,381		8		(7	)	12		66		99		11,011
Year Ended October 31, 2018
Dollars:
Sold	$	3,583	$	1,228	$	46,901	$	337	$	664	$	1,732	$	1,161	$	3,416		$ 111,373
Reinvested		722		1,861		16,095		123		256		1,122		626		2,879		95,329
Redeemed		(2,808	)	(2,941)		(103,475)		(507	)	(2,523	)	(4,733	)	(3,140	)	(11,459)		(168,881)
Net Increase (Decrease)	$	1,497	$	148	$	(40,479	) $	(47	) $	(1,603	) $	(1,879	) $	(1,353	) $	(5,164	) $	37,821
Shares:
Sold		272		95		3,588		28		53		135		89		259		8,289
Reinvested		54		143		1,204		10		21		88		48		219		7,134
Redeemed		(211	)	(226	)	(7,632	)	(43	)	(203	)	(366	)	(240	)	(876	)	(12,662	)
Net Increase (Decrease)		115		12		(2,840	)	(5	)	(129	)	(143	)	(103	)	(398	)	2,761
Distributions:
Period Ended April 30, 2019
From net investment income and net realized
gain on investments	$	(1,127	) $	(2,679	) $	(19,931	) $	(153	) $	(307	) $	(1,350	) $	(748	) $	(3,622)		$ (135,952)
Total Dividends and Distributions	$	(1,127	) $	(2,679	) $	(19,931	) $	(153	) $	(307	) $	(1,350	) $	(748	) $	(3,622)		$ (135,952)
Year EndedOctober 31, 2018
From net investment income and net realized
gain on investments	$	(723	) $	(1,861	) $	(16,621	) $	(123	) $	(357	) $	(1,122	) $	(626	) $	(2,879	) $	(95,329	)
Total Dividends and Distributions	$	(723	) $	(1,861	) $	(16,621	) $	(123	) $	(357	) $	(1,122	) $	(626	) $	(2,879	) $	(95,329	)

See accompanying notes.

127

Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)
Amounts in thousands			Tax-Exempt Bond Fund
		Period Ended			Year Ended
		April 30, 2019			October 31, 2018
Operations
Net investment income (loss)	$		7,152		$		13,635
Net realized gain (loss) on investments .			934				(2,506	)
Net change in unrealized appreciation/depreciation of investments			15,121				(13,427	)
Net Increase (Decrease) in Net Assets Resulting from Operations			23,207				(2,298	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(6,625	)			(12,885	)
	Total Dividends and Distributions		(6,625	)			(12,885	)
Capital Share Transactions
Net increase (decrease) in capital share transactions			50,296				36,930
	Total Increase (Decrease) in Net Assets		66,878				21,747
Net Assets
Beginning of period			366,618				344,871
End of period .	$		433,496		$		366,618
			Class A		Class C Institutional
Capital Share Transactions:
Period Ended April 30, 2019
Dollars:
Sold		$	58,911	$	10,911	$	44,071
Reinvested			4,177		327		1,272
Redeemed			(41,499	)	(6,841	)	(21,033	)
Net Increase (Decrease)		$	21,589	$	4,397	$	24,310
Shares:
Sold			8,338		1,545		6,210
Reinvested			588		46		179
Redeemed			(5,870	)	(965	)	(2,977	)
Net Increase (Decrease)			3,056		626		3,412
Year Ended October 31, 2018
Dollars:
Sold		$	70,532	$	6,780	$	55,240
Reinvested			8,818		629		1,791
Redeemed			(75,608	)	(7,098	)	(24,154	)
Net Increase (Decrease)		$	3,742	$	311	$	32,877
Shares:
Sold			9,854		947		7,752
Reinvested			1,235		88		252
Redeemed			(10,591	)	(990	)	(3,397	)
Net Increase (Decrease)			498		45		4,607
Distributions:
Period Ended April 30, 2019
From net investment income and net realized gain on investments		$	(4,777	) $	(384	) $	(1,464	)
Total Dividends and Distributions		$	(4,777	) $	(384	) $	(1,464	)
Year EndedOctober 31, 2018
From net investment income and net realized gain on investments		$	(10,120	) $	(744	) $	(2,021	)
Total Dividends and Distributions		$	(10,120	) $	(744	) $	(2,021	)

See accompanying notes.

128

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

1. Organization

Principal Funds, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company and operates as a series fund in the mutual fund industry. The financial statements for California Municipal 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, Government Money Market Fund, High Yield Fund, High Yield Fund I, Income Fund, Inflation Protection Fund, International Emerging Markets Fund, International Fund I, LargeCap Growth Fund, 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, Money Market Fund, Overseas Fund, Principal Capital Appreciation Fund, 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, 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, Principal LifeTime Hybrid Income Fund, Principal LifeTime Strategic Income Fund, Real Estate Securities Fund, SAM Balanced Portfolio, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, SAM Strategic Growth Portfolio, 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") are presented herein. The Funds may offer up to ten classes of shares:

ClassA, Class C, Class J, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6. Information presented in these financial statements pertains to Class J, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6 classes of shares. Certain detailed financial information for Class A and Class C shares is provided separately.

Each of the Funds is an investment company and applies specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The Funds have not provided financial support and are not contractually required to provide financial support to any investee.

Effective December 20, 2017, the initial purchase of $1 of Institutional shares of Government Money Market Fund was made by the Principal Global Investors, LLC (the “Manager”).

Effective March 1, 2018, the initial purchases of $10,000 of Class J shares of the following funds were made by the Manager.

Principal LifeTime Hybrid 2015 Fund      Principal LifeTime Hybrid 2035 Fund      Principal LifeTime Hybrid 2055 Fund
Principal LifeTime Hybrid 2020 Fund      Principal LifeTime Hybrid 2040 Fund      Principal LifeTime Hybrid 2060 Fund
Principal LifeTime Hybrid 2025 Fund      Principal LifeTime Hybrid 2045 Fund      Principal LifeTime Hybrid 2065 Fund
Principal LifeTime Hybrid 2030 Fund      Principal LifeTime Hybrid 2050 Fund      Principal LifeTime Hybrid Income Fund

Effective March 23, 2018, Money Market Fund Class C and Institutional Class shares were redeemed and discontinued operations. Effective August 24, 2018, Class T shares were discontinued and liquidated.

Effective October 9, 2018, the initial purchase of $10,000 of Class J shares of Equity Income Fund was made by the Manager.

Effective October 12, 2018, Equity Income Fund acquired all the assets and assumed all the liabilities of LargeCap Value Fund, a series of the Fund, pursuant to a plan of reorganization approved by shareholders October 1, 2018. The purpose of the acquisition was to combine two accounts managed by the Manager with similar investment objectives, principal policies, and risks. The acquisition was accomplished by a tax-free exchange of 40,486,000 shares from LargeCap Value Fund for 8,756,000 shares valued at $274,348,000 of Equity Income Fund at an approximate exchange rate of .22, .21, .21, .22, .22, .22, .22, .21 and .22 for Class A, Class C, Class J, Institutional, R-1, R-2, R-3, R-4 and R-5 classes of shares, respectively. The investment securities of LargeCap Value Fund, with a fair value of approximately $273,482,000 and a cost of $285,580,000 and $997,000 cash were the primary assets acquired by Equity Income Fund on October 12, 2018. For financial reporting purposes, assets received and shares issued by Equity Income Fund were recorded at fair value; however, the cost basis of the investments received from LargeCap Value Fund were maintained through the reorganization. The net assets of LargeCap Value Fund and Equity Income Fund immediately prior to the acquisition in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) were approximately $274,418,000 ($167,993,000 of accumulated realized gain) and $6,697,654,000 respectively. The aggregate net assets of Equity Income Fund immediately following the acquisition were $6,972,072,000. In accordance with Sections 381-384 of the Internal Revenue Code, a portion of accumulated realized losses may be subject to limitation.

129

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

1. Organization (continued)

Assuming the acquisition had been completed on November 1, 2017, the beginning of the fiscal year for Equity Income Fund, Equity Income Fund’s pro forma results of operations for the year ended October 31, 2018, would have been $167,345,000 of net investment income, $232,111,000 of net realized and unrealized gain on investments, and $399,456,000 of net increase in net assets resulting from operations. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of LargeCap Value Fund that have been included in Equity Income Fund’s statement of operations since October 12, 2018.

Effective January 11, 2019, Class C shares discontinued and converted into Class A shares for Core Plus Bond Fund, Inflation Protection Fund, and LargeCap Growth Fund.

Effective March 1, 2019, the initial purchases of $10,000 of R-3 and R-5 shares of the following funds were made by the Manager.

Principal LifeTime Hybrid 2015 Fund      Principal LifeTime Hybrid 2035      Fund Principal LifeTime Hybrid 2055 Fund
Principal LifeTime Hybrid 2020 Fund      Principal LifeTime Hybrid 2040      Fund Principal LifeTime Hybrid 2060 Fund
Principal LifeTime Hybrid 2025 Fund      Principal LifeTime Hybrid 2045      Fund Principal LifeTime Hybrid 2065 Fund
Principal LifeTime Hybrid 2030 Fund      Principal LifeTime Hybrid 2050      Fund Principal LifeTime Hybrid Income Fund

Effective March 1, 2019, the initial purchase of $10,000 of R-6 shares of Diversified International Fund was made by the Manager.

Effective April 2, 2019, the initial purchases of $10,000 of Class A and R-6 shares of MidCap Value Fund I were made by the Manager.

Effective April 12, 2019, MidCap Value Fund I acquired all the assets and assumed all the liabilities of MidCap Value Fund III, a series of the Fund, pursuant to a plan of reorganization approved by shareholders April 5, 2019. The purpose of the acquisition was to combine two accounts managed by the Manager with similar investment objectives, principal policies, and risks. The acquisition was accomplished by a tax-free exchange of 57,375,000 shares from MidCap Value Fund III for 73,317,000 shares valued at $1,014,959,000 of MidCap Value Fund I at an approximate exchange rate of 1.27, 1.28, 1.21, 1.27, 1.26, 1.22, 1.20, 1.21, and 1.29 for Class A, Class C, Class J, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6 classes of shares, respectively. The investment securities of MidCap Value Fund III, with a fair value of approximately $978,380,000 and a cost of $943,248,000 and $35,891,000 cash were the primary assets acquired by MidCap Value Fund I on April 12, 2019. For financial reporting purposes, assets received and shares issued by MidCap Value Fund I were recorded at fair value; however, the cost basis of the investments received from MidCap Value Fund III were maintained through the reorganization. The net assets of MidCap Value Fund III and MidCap Value Fund I immediately prior to the acquisition in accordance with U.S. GAAP were approximately $1,015,084,000 ($6,857,000 of accumulated realized loss) and $951,721,000, respectively. The aggregate net assets of MidCap Value Fund I immediately following the acquisition were $1,966,805,000. In accordance with Sections 381-384 of the Internal Revenue Code, a portion of accumulated realized losses may be subject to limitation.

Assuming the acquisition had been completed on November 1, 2018, the beginning of the fiscal year for MidCap Value Fund I, MidCap Value Fund I’s pro forma results of operations for the period ended April 30, 2019, would have been $11,379,000 of net investment income, $119,522,000 of net realized and unrealized gain on investments, and $130,901,000 of net increase in net assets resulting from operations. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of MidCap Value Fund III that have been included in MidCap Value Fund I’s statement of operations since April 12, 2019.

All classes of shares for each of the Funds represent interests in the same portfolio of investments and will vote together as a single class except where otherwise required by law or as determined by the Fund’s Board of Directors. In addition, the Board of Directors declares separate dividends on each class of shares.

2. Significant Accounting Policies

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

130

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

2. Significant Accounting Policies (continued)

Security Valuation. Certain of the Funds, including 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 Funds 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”.

The Funds (with the exception of Government Money Market Fund, Money Market Fund, 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 American depository receipts (“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.

Government Money Market Fund qualifies as a government/agency money market fund. Money Market Fund qualifies as a retail money market fund. The two funds value their securities, other than holdings of other publicly traded investment funds, at amortized cost as permitted under Rule 2a-7 of the Investment Company Act of 1940. Under the amortized cost method, a security is valued by applying a constant yield to maturity of the difference between the principal amount due at maturity and the cost of the security to the Funds.

Currency Translation. Foreign holdings are translated to U.S. dollars using the exchange rate at the daily close of the New York Stock Exchange. The identified cost of the Funds’ holdings is translated at approximate rates prevailing when acquired. Income and expense amounts are translated at approximate rates prevailing when received or paid, with daily accruals of such amounts reported at approximate rates prevailing at the date of valuation. Since the carrying amount of the foreign securities is determined based on the exchange rate and market values at the close of the period, it is not practicable to isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities during the period.

131

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

2. Significant Accounting Policies (continued)

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between trade and settlement dates on security transactions, and the difference between the amount of dividends, interest income, interest expense, and foreign withholding taxes recorded on the books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies arise from changes in the exchange rate relating to assets and liabilities, other than investments in securities, purchased and held in non-U.S. denominated currencies.

The following funds held securities denominated in foreign currencies that exceeded 5% of net assets of the respective fund as of April 30, 2019:

			Finisterre Unconstrained Emerging
Diversified International Fund			Markets Bond Fund			Global Real Estate Securities Fund
Euro	18.2	%	Euro	7.0	%	Japanese Yen	11.0	%
Japanese Yen	14.0		Indonesian Rupiah	6.0		Euro	9.8
British Pound Sterling	12.0		Peruvian Nuevo Sol	5.3		Hong Kong Dollar	6.7
Swiss Franc	8.5
Canadian Dollar	8.1
International Emerging Markets Fund			International Fund I			Overseas Fund
Hong Kong Dollar	20.5	%	British Pound Sterling	17.3	%	Euro	34.8	%
New Taiwan Dollar	11.8		Hong Kong Dollar	15.5		British Pound Sterling	23.0
Indian Rupee	11.4		Japanese Yen	11.3		Japanese Yen	15.2
South Korean Won	10.6		Euro	10.4		Swiss Franc	5.6
Brazilian Real	7.3		Canadian Dollar	7.7
South African Rand	5.7		Swiss Franc	5.8
			New Taiwan Dollar	5.2

Income and Investment Transactions. The Funds record investment transactions on a trade date basis. Trade date for senior floating rate interests purchased in the primary market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary market is the date on which the transaction is entered into. The identified cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation of investments. The Funds record dividend income on the ex-dividend date, except dividend income from foreign securities whereby the ex-dividend date has passed; such dividends are recorded as soon as the Funds are informed of the ex-dividend date. Interest income is recognized on an accrual basis. Discounts and premiums on securities are accreted/amortized, respectively, on the level yield method over the expected lives of the respective securities. The Funds allocate all income and realized and unrealized gains or losses on a daily basis to each class of shares based upon the relative proportion of the value of shares outstanding (number of settled shares outstanding for Government Money Market Fund and Money Market Fund) of each class.

Expenses. Expenses directly attributed to a particular fund are charged to that fund. Other expenses not directly attributed to a particular fund are apportioned among the registered investment companies managed by the Manager.

Management fees are allocated daily to each class of shares based upon the relative proportion of the value of shares outstanding (number of settled shares outstanding for Government Money Market Fund and Money Market Fund) of each class. Expenses specifically attributable to a particular class are charged directly to such class and are included separately in the statements of operations.

In addition to the expenses the Funds bear directly, each of the Funds may indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which they invest. Because the Underlying Funds have varied expense levels and each of the Funds may own different proportions of the Underlying Funds at different times, the amount of expense incurred indirectly by each Fund will vary. Expenses included in the statements of operations of the Funds do not include any expenses associated with the Underlying Funds.

Distributions to Shareholders. With respect to Government Money Market Fund and Money Market Fund, all net investment income and any realized gains from investment transactions are declared as dividends daily to settled shares of record as of that day. With respect to California Municipal Fund, Core Plus Bond Fund, Government & High Quality Bond Fund, High Yield Fund, Income Fund, Short-Term Income Fund and Tax-Exempt Bond Fund, net investment income is declared as dividends daily to settled shares of record as of that day, and all distributions of realized gains from investment transactions are recorded on the ex-dividend date. Dividends and distributions to shareholders of the other Funds are recorded on the ex-dividend date. Dividends and distributions to shareholders from net investment income and net realized gain from investments and foreign currency transactions are determined in accordance with federal tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for net operating losses, foreign currency transactions, inverse floating rate securities, options and futures contracts, certain defaulted securities, sales of Passive Foreign Investment

132

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

2. Significant Accounting Policies (continued)

Companies, losses deferred due to wash sales, tax straddles, mortgage-backed securities, certain preferred securities, swap agreements, short sales, partnership investments, Real Estate Investment Trusts (“REITs”), utilization of earnings and profits distributed to shareholders on redemption of shares, and limitations imposed by Sections 381-384 of the Internal Revenue Code. Permanent book and tax basis differences are reclassified within the capital accounts based on federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends and distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as return of capital distributions.

Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the Funds. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates are used in reporting the character of income and distributions for financial statement purposes. Global Real Estate Securities Fund and Real Estate Securities Fund receive substantial distributions from holdings in REITs.

Federal Income Taxes. No provision for federal income taxes is considered necessary because each of the Funds intends to qualify as a “regulated investment company” under the Internal Revenue Code and intends to distribute each year substantially all of its net investment income and realized capital gains to shareholders.

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. During the period ended April 30, 2019, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the fiscal years from 2015-2017 or commencement of the fund’s operations to 2017.

Foreign Taxes. Certain of the Funds are subject to foreign income taxes imposed by certain countries in which they invest. Foreign income taxes are accrued by the Funds as a reduction of income. These amounts are shown as withholding tax on foreign dividends on the statements of operations. In consideration of recent decisions rendered by European courts, certain of the Funds have filed additional tax reclaims for taxes withheld in prior years. Due to the uncertainty and timing of these reclaims, a corresponding receivable will only be recorded when both the amount is known and there are no significant uncertainties regarding collectability.

Gains realized upon the disposition of certain foreign securities held by certain of the Funds may be subject to capital gains tax, payable prior to repatriation of sale proceeds. The tax is computed on certain net realized gains and, if any, is shown on the statements of operations. Realized losses in excess of gains may be carried forward to offset future gains. In addition, the Funds accrue an estimated deferred tax liability for future gains on certain foreign securities. Any accrued tax liability is shown on the statements of assets and liabilities. At April 30, 2019, International Emerging Markets Fund had a foreign tax refund receivable of $491,000 and had a deferred tax liability of $279,000 relating to foreign securities.

Recent Accounting Pronouncements. In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which amends and eliminates certain disclosure requirements for fair value as part of its framework project. The ASU is effective for annual and interim periods beginning after December 15, 2019. The early adoption of the removal or modification of disclosures and delay of adoption of the additional disclosures is permitted. As of October 31, 2018, the Funds have adopted the removal and modification of applicable disclosures.

In March 2017, the Financial Accounting Standards Board issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities, which amends the accounting standards to shorten the amortization period of certain purchased callable debt securities to the earliest call date. The ASU is effective for annual and interim periods beginning after December 15, 2018. The Funds will adopt the new amendments for periods beginning after December 15, 2018.

3. Operating Policies

Borrowings. Pursuant to an exemptive order issued by the SEC, the Funds and other registered investment companies managed by the Manager may participate in an interfund lending facility (“Facility”). The Facility allows the Funds to borrow money from or loan money to the other participants. Loans under the Facility are made to handle unusual and/or unanticipated short-term cash requirements. Interest paid and received on borrowings is the average of the current repurchase agreement rate and the bank loan rate (the higher of (i) the Federal Funds Rate or (ii) the One Month London Interbank Offered Rate (“LIBOR”) rate plus 1.00%). There were no outstanding borrowings as of April 30, 2019. The interest income received is included in interest income on the statements of operations. The interest expense associated with these borrowings is included in other expenses on the statements of operations.

133

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued)

During the period ended April 30, 2019, funds lending to the Facility were as follows (amounts in thousands):

		Average Daily		Weighted Average
		Amount Loaned	Annual Interest Rate
Core Plus Bond Fund	$	562		2.95	%
Diversified International Fund		1,472		3.08
Equity Income Fund		780		1.99
Finisterre Unconstrained Emerging Markets Bond Fund		30		3.00
Global Diversified Income Fund		773		2.94
Global Real Estate Securities Fund		247		3.01
Government & High Quality Bond Fund		26		3.02
High Yield Fund		126		2.86
High Yield Fund I		330		2.93
Income Fund		212		2.94
International Emerging Markets Fund		235		1.99
International Fund I		34		2.98
LargeCap Growth Fund		36		2.84
LargeCap Growth Fund I		1,383		2.94
LargeCap S&P 500 Index Fund		235		2.94
LargeCap Value Fund III		290		2.90
MidCap Growth Fund III		228		2.90
MidCap S&P 400 Index Fund		69		3.08
MidCap Value Fund I		34		3.00
Overseas Fund		448		2.98
Principal Capital Appreciation Fund		151		2.90
Real Estate Securities Fund		211		2.84
Short-Term Income Fund		535		2.98
SmallCap Fund		19		2.97
SmallCap Growth Fund I		172		2.90
SmallCap S&P 600 Index Fund		135		2.80
SmallCap Value Fund II		117		2.92

During the period ended April 30, 2019, funds borrowing from the Facility were as follows (amounts in thousands):

		Average Daily		Weighted Average
		Outstanding Balance	Annual Interest Rate
California Municipal Fund	$	177		2.93	%
Finisterre Unconstrained Emerging Markets Bond Fund		80		2.98
Global Diversified Income Fund		2,223		2.98
High Yield Fund		69		2.80
International Emerging Markets Fund		348		3.00
International Fund I		339		2.92
LargeCap Growth Fund I		37		3.35
MidCap Fund		10,002		3.01
MidCap Growth Fund		76		2.86
MidCap Value Fund I		17		3.35
Overseas Fund		3		3.10
Principal Capital Appreciation Fund		23		3.11
Real Estate Securities Fund		47		3.31
Short-Term Income Fund		7		2.97
SmallCap Growth Fund I		21		3.35

In addition, the Funds (with the exception of High Yield Fund I) participate with other registered investment companies managed by the Manager in an unsecured joint line of credit with a bank which allows the participants to borrow up to $100 million, collectively. Borrowings are made solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each participant, based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the One Month LIBOR rate plus 1.00%. Additionally, a commitment fee is charged at an annual rate of .15% on the amount of the line of credit which is allocated to each participating fund based on average net assets. The interest expense associated with these borrowings is included in other expenses on the statements of operations. There were no outstanding borrowings against the line of credit as of April 30, 2019.

134

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued)

During the period ended April 30, 2019, funds borrowing against the line of credit were as follows (amounts in thousands):

		Average Daily		Weighted Average
		Outstanding Balance	Annual Interest Rate
Global Diversified Income Fund	$	307		3.55	%
Inflation Protection Fund		42		3.55
MidCap Fund		469		3.55
MidCap Fund Value Fund I		19		3.55
Overseas Fund		47		3.55
Tax-Exempt Bond Fund		81		3.51

Credit Linked Notes. Global Diversified Income Fund invests in structured notes whose market values are primarily derived from changes in the value of various credit indices and other factors. Valuations on these securities may be volatile as the payment features on certain notes may contain attributes that multiply the effects of changes in the values of the underlying indices. Structured notes may entail a greater degree of market risk than other types of debt securities. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in the fair value of the structured notes are recorded as unrealized gains and losses in the accompanying financial statements. Interest income is accrued daily. These notes are subject to prepayment, credit, and interest rate risks. At maturity, or when a note is sold, the fund records a realized gain or loss.

Contingent Convertible Securities. Finisterre Unconstrained Emerging Markets Bond Fund and Global Diversified Income Fund invest in contingent convertible securities (“CoCos”). CoCos are hybrid debt securities that may convert into equity or have their principal written down upon the occurrence of certain “triggers.” Although a contingent convertible security’s equity conversion and principal write-down features are tailored to the particular issuing banking institution and its regulatory requirements, triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question such institution’s continued viability as a going-concern. CoCos may have no stated maturity and fully discretionary coupons, which means coupon payments can be canceled at the issuing banking institution’s discretion or at the request of the relevant regulatory authority without causing a default. To provide the appropriate regulatory capital treatment, CoCos are usually issued in the form of subordinated debt instruments that rank junior to the claims of holders of more senior obligations in the event of the issuer’s liquidation. If CoCos are converted into equity securities due to a trigger event, holders will be further subordinated. The future value of CoCos is unpredictable and is influenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer’s applicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and political events that affect the issuer, its particular market or the financial markets in general. Due to these features, CoCos may have substantially greater risk than other securities in times of financial stress. Because of the uncertainty regarding whether a conversion event will occur, it may be difficult to predict when, if at all, a contingent convertible security will be converted to equity, and a fund may suffer losses as a result. If the trigger level is breached, the issuer’s decision to write down, write off or convert a contingent convertible security may result in the fund's complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence.

Counterparties. The Funds may be exposed to counterparty risk, or the risk that another party with which the Funds have unsettled or open transactions will fail to perform on their commitment. To the extent that unpaid amounts owed to the Funds exceed a predetermined threshold agreed to with the counterparty, such counterparty shall advance collateral to the Funds in the form of cash or cash equivalents equal in value to the unpaid amount owed to the Funds. If the unpaid amount owed to the Funds subsequently decreases, the Funds would be required to return all or a portion of the collateral.

Master Netting Agreements may also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Agreements, collateral is routinely transferred if the total net exposure to certain transactions governed under the relevant master netting agreement with a counterparty exceeds a specified threshold.

Core Plus Bond Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund, and Inflation Protection Fund have financial instruments that are subject to Master Netting Agreements or similar agreements.

135

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued)

As of April 30, 2019, financial assets and liabilities subject to Master Netting Agreements or similar agreements were as follows (amounts in thousands):

						Net Market Value of OTC			Collateral (Received)/
		Assets*		Liabilities*			Derivatives			Pledged				Net Exposure
Core Plus Bond Fund
Barclays Bank PLC
Foreign Currency Contracts	$	138	$	(87	)	$	51
	$	138	$	(87	)	$	51		$	—		$		51
Goldman Sachs & Co
Foreign Currency Contracts		698		(194	)		504
	$	698	$	(194	)	$	504		$	—		$		504
Total OTC	$	836	$	(281	)	$	555		$	—		$		555
Finisterre Unconstrained Emerging Markets Bond Fund
Barclays Bank PLC
Credit Default Swaps		—		(211	)		(211	)
Foreign Currency Contracts		1		—			1
	$	1	$	(211	)	$	(210	)	$	210			^^ $	—
Citigroup Inc
Credit Default Swaps		112		—			112
Foreign Currency Contracts		88		—			88
	$	200	$	—		$	200		$	—		$		200
Goldman Sachs & Co
Credit Default Swaps		1,027		(1,204	)		(177	)
	$	1,027	$	(1,204	)	$	(177	)	$	177			^^ $	—
HSBC Securities Inc
Credit Default Swaps		853		—			853
Foreign Currency Contracts		13		(69	)		(56	)
Total Return Swaps		175		—			175
	$	1,041	$	(69	)	$	972		$	—		$		972
JPMorgan Chase
Foreign Currency Contracts		165		(41	)		124
	$	165	$	(41	)	$	124		$	—		$		124
Total OTC	$	2,434	$	(1,525	)	$	909		$	—		$		909
Global Diversified Income Fund
Barclays Bank PLC
Foreign Currency Contracts		57		—			57
	$	57	$	—		$	57		$	—		$		57
Credit Suisse
Credit Default Swaps		37		—			37
	$	37	$	—		$	37		$	(37	)^	$		—
Goldman Sachs & Co
Credit Default Swaps		572		—			572
Foreign Currency Contracts		—		(760	)		(760	)
	$	572	$	(760	)	$	(188	)	$	—		$		(188	)
JPMorgan Chase
Foreign Currency Contracts		426		(1,833	)		(1,407	)
	$	426	$	(1,833	)	$	(1,407	)	$	1,407			^^ $	—
Standard Chartered Bank, Hong Kong
Foreign Currency Contracts		135		(148	)		(13	)
	$	135	$	(148	)	$	(13	)	$	—		$		(13	)
Toronto Dominion Bank
Foreign Currency Contracts		—		(12	)		(12	)
	$	—	$	(12	)	$	(12	)	$	—		$		(12	)
Total OTC	$	1,227	$	(2,753	)	$	(1,526	)	$	1,370			^^ $	(156	)
Inflation Protection Fund
Australia and New Zealand Banking Group
Foreign Currency Contracts		9		(20	)		(11	)
	$	9	$	(20	)	$	(11	)	$	—		$		(11	)
Bank of America NA
Foreign Currency Contracts		—		(20	)		(20	)
	$	—	$	(20	)	$	(20	)	$	—		$		(20	)
Barclays Bank PLC
Purchased Interest Rate Swaptions		2,373		—			2,373
Written Interest Rate Swaptions		—		(1,984	)		(1,984	)
	$	2,373	$	(1,984	)	$	389		$	(389	)^	$		—
Citigroup Inc
Foreign Currency Contracts		80		(42	)		38
	$	80	$	(42	)	$	38		$	—		$		38

136

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)
3. Operating Policies (continued)
						Net Market Value of OTC			Collateral (Received)/
		Assets*		Liabilities*			Derivatives			Pledged				Net Exposure
Inflation Protection Fund (continued)
Deutsche Bank AG
Foreign Currency Contracts	$	379	$	—		$	379
Purchased Interest Rate Swaptions		586		—			586
Written Interest Rate Swaptions		—		(2,942	)		(2,942	)
	$	965	$	(2,942	)	$	(1,977	)	$	6			^^ $	(1,971	)
Goldman Sachs & Co
Foreign Currency Contracts		70		(85	)		(15	)
	$	70	$	(85	)	$	(15	)	$	—		$		(15	)
HSBC Securities Inc
Foreign Currency Contracts		669		(20	)		649
	$	669	$	(20	)	$	649		$	—		$		649
JPMorgan Chase
Foreign Currency Contracts		225		(243	)		(18	)
Purchased Interest Rate Swaptions		918		—			918
Written Interest Rate Swaptions		—		(665	)		(665	)
	$	1,143	$	(908	)	$	235		$	(230	)^	$		5
Morgan Stanley & Co
Foreign Currency Contracts		—		(4	)		(4	)
Purchased Interest Rate Swaptions		1,154		—			1,154
Written Interest Rate Swaptions		—		(117	)		(117	)
	$	1,154	$	(121	)	$	1,033		$	(1,029	)^	$		4
Nomura Securities
Foreign Currency Contracts		—		(1	)		(1	)
	$	—	$	(1	)	$	(1	)	$	—		$		(1	)
Royal Bank of Scotland
Foreign Currency Contracts		1		—			1
	$	1	$	—		$	1		$	—		$		1
UBS AG
Foreign Currency Contracts		224		—			224
	$	224	$	—		$	224		$	—		$		224
Westpac Banking Corporation
Foreign Currency Contracts		11		(17	)		(6	)
	$	11	$	(17	)	$	(6	)	$	—		$		(6	)
Total OTC	$	6,699	$	(6,160	)	$	539		$	(539	)^	$		—

*	Represents amount of offsetting derivative assets or liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or liabilities for presentation on the statement of assets and liabilities.
^	The counterparty has pledged cash or securities to the fund as collateral in a segregated account which is not included in the assets of the fund.
^^	The fund has pledged securities or cash to the counterparty as collateral which may be in excess of the amount owed to the counterparty.

The financial instruments that are subject to Master Netting Agreements or similar agreements may include right of setoff provisions.

Derivative instruments include provisions to setoff positions covered under the agreements with the same counterparties and provisions to setoff positions outside of the agreements with the same counterparties in the event of default by one of the parties. Derivative instruments also include collateral provisions. Collateral received and pledged are generally settled daily with each counterparty.

Deposits with Counterparty. Cash pledged as collateral is reflected as an asset on the statements of assets and liabilities as deposits with counterparty. There are a variety of security types which require varying levels of pledged collateral. Customer account agreements govern cleared derivatives transactions such as futures contracts and certain swap agreements. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. International Swaps and Derivatives Association (“ISDA”) accounts are maintained in a segregated account at the custodian for OTC Derivatives. Certain of the Funds may pledge cash to a broker for securities sold short.

137

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued)

As of April 30, 2019, deposits with counterparty were as follows (amounts in thousands):

		FCM (Futures				Total Deposits with
		and Cleared Swaps)		ISDA (OTC Derivatives)		Counterparty
Core Plus Bond Fund	$	—	$	621	$	621
Finisterre Unconstrained Emerging Markets Bond Fund		151		4,260		4,411
Global Diversified Income Fund		723		1,860		2,583
High Yield Fund I		7,895		—		7,895
Inflation Protection Fund		5,598		6		5,604
LargeCap Growth Fund I		2,722		—		2,722
LargeCap S&P 500 Index Fund		6,558		—		6,558
LargeCap Value Fund III		806		—		806
MidCap Growth Fund III		374		—		374
MidCap S&P 400 Index Fund		1,037		—		1,037
MidCap Value Fund I		527		—		527
Overseas Fund		950		—		950
SmallCap Growth Fund I		437		—		437
SmallCap S&P 600 Index Fund		1,800		—		1,800
SmallCap Value Fund II		153		—		153

Deposits from Counterparty. Cash received from a counterparty as collateral is reflected as a liability on the statements of assets and liabilities as deposits from counterparty. There are a variety of security types which require varying levels of pledged collateral. The collateral posted to the fund by the broker is received in the fund’s custodian account.

As of April 30, 2019, deposits from counterparty were as follows (amounts in thousands):

				Total Deposits from
		ISDA (OTC Derivatives)		Counterparty
Core Plus Bond Fund	$	620	$	620
Global Diversified Income Fund		700		700
Inflation Protection Fund		1,723		1,723

Floating Rate Notes Issued in Conjunction with Securities Held. California Municipal Fund and Tax-Exempt Bond Fund have entered into transactions in which the fund transfers fixed rate bonds to trusts in exchange for cash and residual interests in the trusts’assets and cash flows, which are in the form of inverse floating rate securities. The trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties. The fund enters into shortfall and forbearance agreements with the trusts, which commit the fund to pay the trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the fund (inverse floating rate securities) include the right of the fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the fixed rate bond from the trusts to the fund, thereby collapsing the trusts. The fund accounts for the transfer of bonds to the trusts as secured borrowings, with the securities transferred remaining in the fund’s investment assets, and the related floating rate notes reflected as fund liabilities under the caption “floating rate notes issued” in the statements of assets and liabilities. The fund holds the ‘floating rate notes issued’ in which the carrying value, including accrued interest, approximates fair value for financial statement purposes. As of period end, the “floating rate notes issued” payable is categorized as Level 2 within the disclosure hierarchy. The balances of the floating rate notes issued as of April 30, 2019 were $6,554,000 and $12,823,000 for California Municipal Fund and Tax-Exempt Bond Fund, respectively. The average outstanding balances for the liability during the period ended April 30, 2019 were $7,247,000 and $14,968,000 at weighted average annual interest rates of 2.20% and 2.34% for California Municipal Fund and Tax-Exempt Bond Fund, respectively. The notes issued by the trusts have interest rates that reset weekly, and the floating rate note holders have the option to tender their notes to the trusts for redemption at par at each reset date.

Foreign Currency Contracts. Certain of the Funds may be subject to foreign currency exchange rate risk in the normal course of pursuing such Funds’ investment objectives. The Funds may use foreign currency contracts to gain exposure to, or hedge against changes in the value of foreign currencies. Certain of the Funds enter into forward contracts to purchase and sell foreign currencies at a specified future date at a fixed exchange rate. Forward foreign currency contracts are valued at the forward rate, and are marked-to-market daily. The change in fair value is recorded by the Funds as an unrealized gain or loss. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of forward foreign currency contracts does not eliminate the fluctuations in underlying prices of the Funds’ portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency contracts limit the risk of loss due

138

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued) to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the currency changes unfavorably to the U.S. dollar. 

Futures Contracts. The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds (with the exception of Government Money Market Fund, Money Market Fund, Principal LifeTime Funds, Principal LifeTime Hybrid Funds, and SAM Portfolios) may enter into futures contracts to hedge against changes in or to gain exposure to, change in the value of equities, interest rates and foreign currencies. Initial margin deposits are made by cash deposits or segregation of specific securities as may be required by the exchange on which the transaction was conducted. Pursuant to the contracts, a fund agrees to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the fund as a variation margin receivable or payable on financial derivative instruments. Futures contracts are marked to market daily at the closing settlement price or in the absence of such a price, the most recent quoted bid price. If there are no quotations available, the security is valued at the last available closing settlement price. During the period the futures contracts are open, daily changes in the fair value of the contracts are recognized as unrealized gains or losses. These unrealized gains or losses are included as a component of total distributable earnings (accumulated loss) on the statements of assets and liabilities. When the contracts are closed, the fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the fund’s cost basis in the contract. There is minimal counterparty credit risk to the Funds because futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Illiquid Securities. Illiquid securities generally cannot be sold or disposed of in the ordinary course of business (within seven calendar days) at approximately the value at which each of the Funds has valued the investments. This may have an adverse effect on each of the Funds’ ability to dispose of particular illiquid securities at fair value and may limit each of the Funds’ ability to obtain accurate market quotations for purposes of valuing the securities. 

Indemnification. Under the Fund’s by-laws, present and past officers, directors, and employees are indemnified against certain liabilities arising out of the performance of their duties. In addition, in the normal course of business, the Fund may enter into a variety of contracts that may contain representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. 

Inflation-Indexed Bonds. Certain of the Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the statements of operations, even though the Funds would not receive the principal until maturity.

Mortgage Dollar Rolls. Certain of the Funds have entered into mortgage-dollar-roll transactions on “to-be-announced” (“TBA”) securities, in which the Funds sell mortgage-backed securities and simultaneously agree to purchase similar securities in the future at a predetermined price. The proceeds of the securities sold in mortgage-dollar-roll transactions are invested in additional securities. The Funds forgo principal and interest paid on the securities, and are compensated by interest earned on the proceeds of the initial sale and by a lower price on the securities to be repurchased. The Funds treat mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the Funds’ portfolio turnover ratio. Amounts to be received or paid in connection with open mortgage-dollar-rolls are included in Investment securities sold and Investment securities purchased on the statements of assets and liabilities. 

Options Contracts. During the period, Global Diversified Income Fund and Inflation Protection Fund wrote call and put options on futures, swaps, securities, indices and currencies they own or in which they may invest and inflation floors for both hedging and non-hedging purposes. Writing put options tends to increase a fund’s exposure to the underlying instrument. Writing call options tends to decrease a fund’s exposure to the underlying instrument. When a fund writes a call, a put option, or an inflation floor, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. An inflation floor can give downside protection to investments in inflation-linked products. These liabilities are reflected as options contracts written on the statements of assets and liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security, index or currency transaction to determine the realized gain or loss. A fund, as a writer of an option, has no control over whether the underlying future, swap, security, index or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security, index or currency underlying the written option. There is the risk a fund may not be able to enter into a closing transaction because of an illiquid market. The maximum potential amount of future payments (undiscounted) that a fund as a writer of put options could be required to make is equal to the notional amount multiplied by the exercise price as shown in

139

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued) the schedule of investments. A fund may also purchase put and call options. Purchasing call options tends to increase a fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a fund’s exposure to the underlying instrument. A fund pays a premium which is included on the fund’s statements of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security, index or currency transaction to determine the realized gain or loss. Details of options contracts open at period end are included in the Funds' schedules of investments.

Rebates. Subject to best execution, the Funds may direct certain portfolio transactions to brokerage firms that, in turn, have agreed to rebate a portion of the related brokerage commission to the Funds in cash. Commission rebates are included as a component of realized gain from investment transactions in the statements of operations. 

Repurchase Agreements. The Funds may invest in repurchase agreements that are fully collateralized, typically by U.S. government or U.S. government agency securities. It is the Funds’ policy that the counterparties’ custodian takes possession of the underlying collateral securities. The fair value of the collateral is at all times at least equal to the total amount of the repurchase obligation. In the event of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event the seller of a repurchase agreement defaults, the Funds could experience delays in the realization of the collateral. 

Restricted Securities. Certain of the Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. 

Senior Floating Rate Interests. The Funds may invest in senior floating rate interests (bank loans). Senior floating rate interests typically hold the most senior position in the capital structure of a business entity (the “Borrower”), are secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Borrowers of senior floating rate interests are typically rated below-investment-grade, which means they are more likely to default than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the fund and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

Senior floating rate interests pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the LIBOR rate.

Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests may be substantially less than stated maturities shown in the schedules of investments.

In connection with the senior floating rate interests, the Funds may also enter into unfunded loan commitments (“commitments”). All or a portion of the commitments may be unfunded. The Funds are obligated to fund these commitments at the Borrower’s discretion. Therefore, the Funds must have funds sufficient to cover its contractual obligation. Commitments are marked to market daily and the unrealized gain or loss is shown as a separate line item called unrealized gain or loss on commitments on the statements of assets and liabilities as applicable. As of April 30, 2019, the commitments were as follows (amounts in thousands):

		Unfunded Loan Commitment		Unrealized Gain/(Loss)
Global Diversified Income Fund	$	43,711	$	(7	)
High Yield Fund I		33,397		(4	)

Short Sales. Global Diversified Income Fund and LargeCap Growth Fund I entered into short sales transactions during the period. A short sale is a transaction in which a fund sells a security it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market price of the security. The fund must borrow the security sold short and deliver it to the broker dealer which made the short sale. A security sold in a short sale transaction and the interest or dividend payable on the security if any, is reflected as a liability on the statements of assets and liabilities. The fund is obligated to pay any interest or dividends received on the borrowed securities. Interest accrued and dividends declared on short positions are recorded as an expense and, if any, appear as dividends and interest on shorts on the

140

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued) statements of operations. A fund is obligated to deliver the security at the market price at the time the short position is closed. Possible losses from short sales may be unlimited.

The fund is required to pledge cash or securities to the broker as collateral for securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash deposited with the broker for collateral is included in deposits with counterparty on the statements of assets and liabilities and securities segregated as collateral are footnoted in the schedules of investments.

The fund may pay broker’s fees on the borrowed securities and may also pay a financing charge for the difference in the market value of the short position and cash collateral deposited with the broker. These fees are included as short sale fees on the statements of operations.

Swap Agreements. Core Plus Bond Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund, High Yield Fund, High Yield Fund I, and Inflation Protection Fund invested in swap agreements during the period. Swap agreements are negotiated agreements between a fund and a counterparty to exchange a series of cash flows at specified intervals based upon, or calculated by reference to, changes in specified prices or rates for a specified amount of an underlying asset. A fund may enter into credit default, currency, interest rate, or total return swap agreements to manage its exposure to credit, currency, interest rate, or market risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Swap agreements are valued through a pricing service or using procedures established and periodically reviewed by the Fund’s Board of Directors; changes in value are recorded as unrealized gain or loss. These unrealized gains or losses are included as a component of total distributable earnings (accumulated loss) on the statements of assets and liabilities.

Upon termination of swap agreements, the Funds recognize a realized gain or loss. Net periodic payments to be received or paid are accrued daily and are recorded in the statements of operations as realized gains or losses.

Payments received or made at the beginning of the measurement period are reflected as such on the statements of assets and liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, interest rates, and other relevant factors). These upfront payments are amortized daily over the term of the swap agreement as realized gains or losses on the statements of operations.

Notional principal amounts are used to express the extent of involvement in these agreements. Risks may exceed amounts shown on the statements of assets and liabilities. These risks include changes in the returns of the underlying instruments, unfavorable interest rate fluctuation, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and the possible lack of liquidity with respect to the swap agreements.

The Funds and any counterparty are required to maintain an agreement that requires the Funds and that counterparty to monitor the net fair value of all derivative transactions entered into pursuant to the contract between the Funds and such counterparty. If the net fair value of such derivatives transactions between the Funds and that counterparty exceeds a certain threshold (as defined in the agreement), the Funds or the counterparty are required to post cash and/or securities as collateral. Fair values of derivatives transactions presented in the financial statements are not netted with the fair values of other derivatives transactions or with any collateral amounts posted by the Funds or any counterparty.

Credit default swaps involve commitments to pay a fixed rate at a predetermined frequency in exchange for a lump sum payment if a “credit event”, as defined in the agreement, affecting a third party occurs. Credit events may include a failure to pay interest, bankruptcy, restructuring, or other event as defined in the agreement. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of a credit event. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of a credit event. As the seller of credit protection, a fund would add leverage to its portfolio because, in addition to its total net assets, a fund would be subject to investment exposure on the notional amount of the swap.

If a fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either

(i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in

141

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued) the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit-default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Credit default swap agreements on corporate issues or sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). The Funds may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Funds own or have exposure to the referenced obligation).

For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing 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.

The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of April 30, 2019 for which a fund is the seller of protection are disclosed in the footnotes to the schedules of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a fund for the same referenced entity or entities.

Currency swap agreements involve the commitment to exchange cash flows on a notional amount based on changes in the relative values of the specified currencies.

Interest rate swaps involve the commitment to exchange fixed or floating rate cash flows based on changes in the value of a specific reference rate.

Certain collateral amounts relate to exchange cleared swaps which are not subject to master netting agreements with counterparties.

To Be Announced Securities. The Funds may trade portfolio securities on a TBA or when-issued basis. In a TBA or when-issued transaction, the Funds commit to purchase or sell securities for which all specific information is not known at the time of the trade. Securities purchased on a TBA or when-issued basis are not settled until they are delivered to the Funds, normally 15 to 30 days later. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other portfolio securities.

Underlying Funds. The performance and risks of each Principal LifeTime Fund, Principal LifeTime Hybrid Fund, and SAM Portfolio (singly, “a fund of funds” and collectively, “the funds of funds”) directly correspond to the performance and risks of the Underlying Funds in which the fund of funds invest. By investing in many Underlying Funds, the funds of funds have partial exposure to the risks of many different areas of the market. The more a fund of funds allocates to stock funds, the greater the expected risk.

An Underlying Fund to a fund of funds may experience relatively large redemptions or purchases as the fund of funds periodically reallocates or rebalances its assets. These transactions may accelerate the realization of taxable income if sales of portfolio securities result in gains and

142

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued) could increase transaction costs. In addition, when a fund of funds reallocates or redeems significant assets away from an Underlying Fund, the loss of assets to the Underlying Fund could result in increased expense ratios for that fund.

The Manager is the advisor to the Fund, Principal Variable Contracts Funds, Inc. and some of the Underlying Funds. Principal Real Estate Investors, LLC serves as sub-advisor to some of the Underlying Funds. The Manager is committed to minimizing the potential impact of Underlying Fund risk on Underlying Funds to the extent consistent with pursuing the investment objectives of the fund of funds which it manages. Each may face conflicts of interest in fulfilling its responsibilities to all such funds.

As of April 30, 2019, series of the Fund and Principal Variable Contracts Funds, Inc. owned the following percentages, in aggregate, of the outstanding shares of the Funds listed below:

	Total Percentage of			Total Percentage of
Fund	Outstanding Shares Owned		Fund	Outstanding Shares Owned
Core Plus Bond Fund	81.62	%	LargeCap Growth Fund I	21.22	%
Diversified International Fund	32.59		LargeCap S&P 500 Index Fund	49.68
Equity Income Fund	33.85		LargeCap Value Fund III	75.98
Global Diversified Income Fund	2.46		MidCap Fund	3.93
Global Real Estate Securities Fund	13.95		MidCap Growth Fund III	47.19
Government & High Quality Bond Fund	51.87		MidCap S&P 400 Index Fund	29.31
Government Money Market Fund	100.00		MidCap Value Fund I	32.55
High Yield Fund	8.56		Overseas Fund	63.75
High Yield Fund I	31.33		Real Estate Securities Fund	4.53
Income Fund	50.98		Short-Term Income Fund	39.46
Inflation Protection Fund	46.22		SmallCap Growth Fund I	22.53
International Emerging Markets Fund	26.58		SmallCap S&P 600 Index Fund	25.39
International Fund I	0.01		SmallCap Value Fund II	34.58

U.S. Government Agencies or Government-Sponsored Enterprises. Certain of the Funds may invest in U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. Government or its agencies. The U.S. Government does not guarantee the net asset value of the Funds’ shares. Some U.S. Government securities such as treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA”) are supported by the full faith and credit of the U.S. Government. Other securities, such as those of the Federal Home Loan Bank are supported by the right of the issuer to borrow from the U.S. Department of the Treasury. Still other securities, such as those of the Federal National Mortgage Association (“FNMA”) are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations.

Government related guarantors (those not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC”). The FNMA is a government sponsored corporation, the common stock of which is owned entirely by private stockholders. The FNMA purchases conventional residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions, and mortgage bankers. Pass-through securities issued by the FNMA are guaranteed as to the timely payment of principal and interest by the FNMA, but are not backed by the full faith and credit of the U.S. Government. The FHLMC issues Participation Certificates which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. The FHLMC guarantees the timely payment of interest and ultimate collection of principal, but Participation Certificates are not backed by the full faith and credit of the U.S. Government.

Derivatives. The following tables provide information about where in the statements of assets and liabilities and statements of operations information about derivatives can be found (amounts in thousands):

Derivatives not accounted for	Asset Derivatives April 30, 2019			Liability Derivatives April 30, 2019
as hedging instruments	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Core Plus Bond Fund
Credit contracts	Receivables, Total distributable earnings (accumulated	$	—                           Payables, Total distributable earnings (accumulated		$	1,296	*
	loss)			loss)
Foreign exchange contracts	Receivables	$	836                          Payables		$	281
Interest rate contracts	Receivables, Total distributable earnings (accumulated	$	529*                                    Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
	Total	$	1,365		$	1,577

143

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3.      Operating Policies (continued)

Derivatives not accounted for	Asset Derivatives April 30, 2019			Liability Derivatives April 30, 2019
as hedging instruments	Statement of Assets and Liabilities Location		Fair Value Statement of Assets and Liabilities Location			Fair Value
Finisterre Unconstrained Emerging Markets Bond Fund
Credit contracts	Receivables, Total distributable earnings (accumulated		$	1,992Payables, Total distributable earnings (accumulated		$	1,415
	loss)			loss)
Foreign exchange contracts	Receivables		$	267              Payables		$	110
Interest rate contracts	Receivables, Total distributable earnings (accumulated		$	175      Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
	Total		$	2,434		$	1,525
Global Diversified Income Fund
Credit contracts	Receivables, Total distributable earnings (accumulated		$	609Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
Foreign exchange contracts	Receivables		$	618Payables		$	2,753
Interest rate contracts	Receivables, Total distributable earnings (accumulated		$	—Payables, Total distributable earnings (accumulated		$	84	*
	loss)			loss)
	Total		$	1,227		$	2,837
High Yield Fund I
Credit contracts	Receivables, Total distributable earnings (accumulated		$	708*             Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
Inflation Protection Fund
Foreign exchange contracts	Receivables		$	1,668        Payables		$	452
Interest rate contracts	Receivables, Total distributable earnings (accumulated		$11,301*           Payables, Total distributable earnings (accumulated		$	16,933		*
	loss)			loss)
	Total	$	12,969		$	17,385
LargeCap Growth Fund I
Equity contracts	Receivables, Total distributable earnings (accumulated		$	572*         Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
LargeCap S&P 500 Index Fund
Equity contracts	Receivables, Total distributable earnings (accumulated		$	5,971*         Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
LargeCap Value Fund III
Equity contracts	Receivables, Total distributable earnings (accumulated		$	559*              Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
MidCap Growth Fund III
Equity contracts	Receivables, Total distributable earnings (accumulated		$	162* Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
MidCap S&P 400 Index Fund
Equity contracts	Receivables, Total distributable earnings (accumulated		$	436*          Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
MidCap Value Fund I
Equity contracts	Receivables, Total distributable earnings (accumulated		$	47*          Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
Overseas Fund
Equity contracts	Receivables, Total distributable earnings (accumulated		$	46*         Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
SmallCap Growth Fund I
Equity contracts	Receivables, Total distributable earnings (accumulated		$	138*          Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
SmallCap S&P 600 Index Fund
Equity contracts	Receivables, Total distributable earnings (accumulated		$	1,217*          Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)
SmallCap Value Fund II
Equity contracts	Receivables, Total distributable earnings (accumulated		$	51*             Payables, Total distributable earnings (accumulated		$	—
	loss)			loss)

^* Includes cumulative unrealized appreciation/depreciation of futures contracts as shown in the schedules of investments. Only the portion of the unrealized appreciation/depreciation not yet cash settled is shown in the statements of assets and liabilities as variation margin.

			Net Realized Gain or (Loss) on		Net Change in Unrealized Appreciation/
Derivatives not accounted for	Location of Gain or (Loss) on Derivatives	Derivatives Recognized in Statement of			(Depreciation) of Derivatives Recognized
as hedging instruments	Recognized in Statement of Operations		Operations			in Statement of  Operations
Core Plus Bond Fund
Credit contracts	Net realized gain (loss) from Swap	$	(3,162	)	$	(2,951	)
	agreements/Net change in unrealized
	appreciation/(depreciation) of Swap
	agreements

144

	Notes to Financial Statements
	Principal Funds, Inc.
	April 30, 2019 (unaudited)
3. Operating Policies (continued)
		Net Realized Gain or (Loss) on			Net Change in Unrealized Appreciation/
Derivatives not accounted for	Location of Gain or (Loss) on Derivatives	Derivatives Recognized in Statement of			(Depreciation) of Derivatives Recognized
as hedging instruments	Recognized in Statement of Operations	Operations				in Statement of  Operations
Foreign exchange contracts	Net realized gain (loss) from Foreign	$	664		$	(186	)
	currency contracts /Net change in unrealized
	appreciation/(depreciation) of Foreign
	currency contracts
Interest rate contracts	Net realized gain (loss) from Futures	$	290		$	955
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
	Total	$	(2,208	)	$	(2,182	)
Finisterre Unconstrained Emerging Markets Bond Fund
Credit contracts	Net realized gain (loss) from Swap	$	(209	)	$	60
	agreements/Net change in unrealized
	appreciation/(depreciation) of Swap
	agreements
Foreign exchange contracts	Net realized gain (loss) from Foreign	$	(578	)	$	51
	currency contracts/Net change in unrealized
	appreciation/(depreciation) of Foreign
	currency contracts
Interest rate contracts	Net realized gain (loss) from Futures	$	14		$	184
	contracts and Swap agreements/Net change
	in unrealized appreciation/(depreciation) of
	Futures contracts and Swap agreements
	Total	$	(773	)	$	295
Global Diversified Income Fund
Credit contracts	Net realized gain (loss) from Swap	$	742		$	146
	agreements/Net change in unrealized
	appreciation/(depreciation) of Swap
	agreements
Equity contracts	Net realized gain (loss) from Investment	$	5,504		$	(2,994	)
	transactions and Options and swaptions /
	Net change in unrealized appreciation/
	(depreciation) of Investments and Options
	and swaptions
Foreign exchange contracts	Net realized gain (loss) from Foreign	$	1,220		$	(590	)
	currency contracts and Swap agreements/
	Net change in unrealized appreciation/
	(depreciation) of Foreign currency contracts
	and Swap agreements
Interest rate contracts	Net realized gain (loss) from Futures	$	(263	)	$	(298	)
	contracts and Swap agreements/Net change
	in unrealized appreciation/(depreciation) of
	Futures contracts and Swap agreements
	Total	$	7,203		$	(3,736	)
High Yield Fund
Credit contracts	Net realized gain (loss) from Swap	$	382		$	—
	agreements/Net change in unrealized
	appreciation/(depreciation) of Swap
	agreements
High Yield Fund I
Credit contracts	Net realized gain (loss) from Swap	$	2,360		$	1,331
	agreements/Net change in unrealized
	appreciation/(depreciation) of Swap
	agreements
Inflation Protection Fund
Foreign exchange contracts	Net realized gain (loss) from Foreign	$	816		$	183
	currency contracts/Net change in unrealized
	appreciation/(depreciation) of Foreign
	currency contracts
Interest rate contracts	Net realized gain (loss) from Investment	$	(5,913	)	$	(1,113	)
	transactions, Futures contracts, Options and
	swaptions, and Swap agreements/Net change
	in unrealized appreciation/(depreciation) of
	Investments, Futures contracts, Options and
	swaptions, and Swap agreements
	Total	$	(5,097	)	$	(930	)

145

	Notes to Financial Statements
	Principal Funds, Inc.
	April 30, 2019 (unaudited)
3. Operating Policies (continued)
		Net Realized Gain or (Loss) on			Net Change in Unrealized Appreciation/
Derivatives not accounted for	Location of Gain or (Loss) on Derivatives	Derivatives Recognized in Statement of			(Depreciation) of Derivatives Recognized
as hedging instruments	Recognized in Statement of Operations	Operations				in Statement of  Operations
LargeCap Growth Fund I
Equity contracts	Net realized gain (loss) from Futures	$	(1,083	)	$	1,269
	contracts/Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
LargeCap S&P 500 Index Fund
Equity contracts	Net realized gain (loss) from Futures	$	4,073		$	9,924
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
LargeCap Value Fund III
Equity contracts	Net realized gain (loss) from Futures	$	574		$	1,108
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
MidCap Growth Fund III
Equity contracts	Net realized gain (loss) from Futures	$	(192	)	$	629
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
MidCap S&P 400 Index Fund
Equity contracts	Net realized gain (loss) from Futures	$	4,789		$	621
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
MidCap Value Fund I
Equity contracts	Net realized gain (loss) from Futures	$	312		$	380
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
Overseas Fund
Equity contracts	Net realized gain (loss) from Futures	$	776		$	348
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
SmallCap Growth Fund I
Equity contracts	Net realized gain (loss) from Futures	$	(168	)	$	261
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
SmallCap S&P 600 Index Fund
Equity contracts	Net realized gain (loss) from Futures	$	4,847		$	2,498
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
SmallCap Value Fund II
Equity contracts	Net realized gain (loss) from Futures	$	76		$	553
	contracts /Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts

Long equity futures contracts are used to obtain market exposure for the cash balances that are maintained by certain of the Funds and the notional values of the futures contracts will vary in accordance with changing cash balances. Long and short U.S. Treasury futures contracts are used to obtain interest rate exposure in order to manage duration of Core Plus Bond Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund and Inflation Protection Fund. The notional values of the futures contracts will vary in accordance with changing duration of these funds.

146

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

3. Operating Policies (continued)

The following table includes a summary of the average quarterly outstanding notional by derivative instrument type for the period ended April 30, 2019 (amounts in thousands):

Contract Type	Derivative Type		Average Notional
Core Plus Bond Fund
Credit Contracts	Exchange Cleared Credit Default Swaps - Buy Protection	$	62,439
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Accept		26,107
	Foreign Currency Contracts - Contracts to Deliver		51,077
Interest Rate Contracts	Futures - Long		134,428
	Futures - Short		50,747
Finisterre Unconstrained Emerging
Markets Bond Fund
Credit Contracts	Credit Default Swaps - Buy Protection		14,941
	Credit Default Swaps - Sell Protection		4,225
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Accept		10,929
	Foreign Currency Contracts - Contracts to Deliver		12,349
Interest Rate Contracts	Futures - Short		908
	Total Return Swaps - Receive Floating Rate		5,058
Global Diversified Income Fund
Credit Contracts	Credit Default Swaps - Buy Protection		2,538
	Credit Default Swaps - Sell Protection		6,700
Equity Contracts	Purchased Options		242
	Written Options		2,358
Foreign Exchange Contracts	Currency Swaps - Contracts to Accept		17,913
	Currency Swaps - Contracts to Deliver		17,570
	Foreign Currency Contracts - Contracts to Accept		193,672
	Foreign Currency Contracts - Contracts to Deliver		100,694
Interest Rate Contacts	Exchange Cleared Interest Rate Swaps – Pay Floating Rate		26,952
	Futures - Short		126,909
High Yield Fund
Credit Contracts	Exchange Cleared Credit Default Swaps - Sell Protection		24,500
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Deliver		3
High Yield Fund I
Credit Contracts	Exchange Cleared Credit Default Swaps - Sell Protection		66,348
Inflation Protection Fund
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Accept		131,931
	Foreign Currency Contracts - Contracts to Deliver		254,085
Interest Rate Contracts	Exchange Cleared Interest Rate Swaps - Pay Floating Rate		1,281,871
	Exchange Cleared Interest Rate Swaps - Receive Floating Rate		782,311
	Futures - Long		202,290
	Futures - Short		229,733
	Interest Rate Swaps - Pay Floating Rate		3,666
	Interest Rate Swaps - Receive Floating Rate		38,472
	Purchased Capped Options		126,675
	Purchased Interest Rate Swaptions		397,490
	Purchased Options		2,531
	Written Capped Options		93,350
	Written Interest Rate Swaptions		1,662,124
	Written Options		2,147
LargeCap Growth Fund I
Equity Contracts	Futures - Long		40,019
LargeCap S&P 500 Index Fund
Equity Contracts	Futures - Long		103,394
LargeCap Value Fund III
Equity Contracts	Futures - Long		15,023
MidCap Growth Fund III
Equity Contracts	Futures - Long		6,545
MidCap S&P 400 Index Fund
Equity Contracts	Futures - Long		21,121
MidCap Value Fund I
Equity Contracts	Futures - Long		7,581
Overseas Fund
Equity Contracts	Futures - Long		15,852

147

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
3. Operating Policies (continued)
Contract Type		Derivative Type	Average Notional
SmallCap Growth Fund I
Equity Contracts	Futures - Long		10,512
SmallCap S&P 600 Index Fund
Equity Contracts	Futures - Long		38,992
SmallCap Value Fund II
Equity Contracts	Futures - Long		4,805
4. Fair Valuation

Fair value is defined as the price that the Funds would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security at the measurement date. In determining fair value, the Funds may use one or more of the following approaches: market, income and/or cost. A hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the fund’s own estimates about the estimates market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. 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 U.S. Government and Government Agency Obligations.

       - Level 3 – Significant unobservable inputs (including the Funds’ assumptions in determining the fair value of investments). Investments which are generally 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 Funds’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.

148

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

4. Fair Valuation (continued)

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.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those instruments. For example, short-term securities held in Government Money Market Fund and Money Market Fund are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of April 30, 2019 in valuing the Funds' securities carried at value (amounts in thousands):

				Level 2 - Other
	Level 1 - Quoted		Significant Observable			Level 3 - Significant			Totals
Fund		Prices		Inputs		Unobservable Inputs            (Level 1,2,3)
California Municipal Fund
Investment Companies	$	60	$	—		$	—	$	60
Municipal Bonds*		—		427,624			—		427,624
Total investments in securities $		60	$	427,624		$	—	$	427,684
Core Plus Bond Fund
Bonds*		—		1,943,986			2,700		1,946,686
Common Stocks
Consumer, Cyclical		—		—			139		139
Energy		827		—			—		827
Investment Companies		136,188		—			—		136,188
Preferred Stocks
Consumer, Cyclical		—		—			60		60
Consumer, Non-cyclical		—		—			315		315
Government		3,619		—			—		3,619
Senior Floating Rate Interests*		—		27,644			—		27,644
U.S. Government & Government Agency Obligations*		—		1,258,903			—		1,258,903
Total investments in securities $		140,634	$	3,230,533		$	3,214	$	3,374,381
Assets
Foreign Exchange Contracts
Foreign Currency Contracts		—		836			—		836
Interest Rate Contracts
Futures**		529		—			—		529
Liabilities
Credit Contracts
Exchange Cleared Credit Default Swaps**		—		(1,296	)		—		(1,296	)
Foreign Exchange Contracts
Foreign Currency Contracts		—		(281	)		—		(281	)
Diversified International Fund
Common Stocks
Basic Materials		101,130		370,290			—		471,420
Communications		230,270		720,031			—		950,301

149

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
4. Fair Valuation (continued)
				Level 2 - Other
	Level 1 - Quoted		Significant Observable			Level 3 - Significant			Totals
Fund		Prices		Inputs		Unobservable Inputs          (Level 1,2,3)
Diversified International Fund
Consumer, Cyclical	$	287,728	$	1,713,631		$	—	$	2,001,359
Consumer, Non-cyclical		98,453		1,840,307			—		1,938,760
Energy		175,225		638,630			—		813,855
Financial		584,378		2,396,059			—		2,980,437
Industrial		202,696		754,130			—		956,826
Technology		—		1,024,641			—		1,024,641
Utilities		—		261,865			—		261,865
Investment Companies		409,913		—			—		409,913
Preferred Stocks		45,522		—			—		45,522
Total investments in securities $		2,135,315	$	9,719,584		$	—	$	11,854,899
Equity Income Fund
Common Stocks*		7,303,138		—			—		7,303,138
Investment Companies		110,759		—			—		110,759
Total investments in securities $		7,413,897	$	—		$	—	$	7,413,897
Finisterre Unconstrained Emerging Markets Bond Fund
Bonds*		—		95,712			—		95,712
Convertible Bonds*		—		3,801			—		3,801
U.S. Government & Government Agency Obligations*		—		6,831			—		6,831
Total investments in securities $		—	$	106,344		$	—	$	106,344
Assets
Credit Contracts
Credit Default Swaps		—		1,992			—		1,992
Foreign Exchange Contracts
Foreign Currency Contracts		—		267			—		267
Interest Rate Contracts
Total Return Swaps		—		175			—		175
Liabilities
Credit Contracts
Credit Default Swaps		—		(1,415	)		—		(1,415	)
Foreign Exchange Contracts
Foreign Currency Contracts		—		(110	)		—		(110	)
Global Diversified Income Fund
Bonds*		—		5,407,378			103,175		5,510,553
Common Stocks
Basic Materials		17,021		19,540			36,245		72,806
Communications		86,954		14,167			—		101,121
Consumer, Cyclical		54,696		32,337			9,625		96,658
Consumer, Non-cyclical		26,937		22,883			—		49,820
Diversified		—		1,504			—		1,504
Energy		126,593		7,939			191		134,723
Financial		255,131		156,432			—		411,563
Industrial		31,213		30,222			—		61,435
Technology		26,285		6,663			—		32,948
Utilities		265,179		5,709			—		270,888
Convertible Bonds*		—		696			—		696
Convertible Preferred Stocks
Financial		5,192		—			—		5,192
Credit Linked Structured Notes*		—		17,068			2,519		19,587
Investment Companies		175,530		—			—		175,530
Preferred Stocks
Communications		2,564		2,185			—		4,749
Consumer, Non-cyclical		—		1,482			—		1,482
Financial		35,478		10,739			—		46,217
Government		724		10,611			—		11,335
Utilities		18,443		—			—		18,443
Senior Floating Rate Interests*		—		551,763			35,440		587,203
U.S. Government & Government Agency Obligations*		—		9,922			—		9,922
Total investments in securities $		1,127,940	$	6,309,240		$	187,195	$	7,624,375
Assets
Credit Contracts
Credit Default Swaps		—		609			—		609

150

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
4. Fair Valuation (continued)
				Level 2 - Other
	Level 1 - Quoted		Significant Observable				Level 3 - Significant		Totals
Fund		Prices		Inputs		Unobservable Inputs       (Level 1,2,3)
Global Diversified Income Fund
Foreign Exchange Contracts
Foreign Currency Contracts	$	—	$	618		$	—	$	618
Liabilities
Foreign Exchange Contracts
Foreign Currency Contracts		—		(2,753	)		—		(2,753	)
Interest Rate Contracts
Exchange Cleared Interest Rate Swaps**		—		(84	)		—		(84	)
Global Real Estate Securities Fund
Common Stocks
Consumer, Cyclical		85,579		49,522			—		135,101
Financial		1,894,330		1,501,728			—		3,396,058
Technology		50,394		—			—		50,394
Investment Companies		23,301		—			—		23,301
Total investments in securities $		2,053,604	$	1,551,250		$	—	$	3,604,854
Government & High Quality Bond Fund
Bonds*		—		427,196			—		427,196
Investment Companies		39,796		—			—		39,796
U.S. Government & Government Agency Obligations*		—		1,032,215			—		1,032,215
Total investments in securities $		39,796	$	1,459,411		$	—	$	1,499,207
Government Money Market Fund
Bonds*		—		2,091,260			—		2,091,260
Investment Companies		125,600		—			—		125,600
Repurchase Agreements*		—		795,000			—		795,000
U.S. Government & Government Agency Obligations*		—		94,982			—		94,982
Total investments in securities $		125,600	$	2,981,242		$	—	$	3,106,842
High Yield Fund
Bonds*		—		2,459,273			—		2,459,273
Common Stocks
Consumer, Cyclical		—		—			2,422		2,422
Energy		11,466		—			—		11,466
Convertible Bonds*		—		—			—		—
Investment Companies		78,036		—			—		78,036
Preferred Stocks
Consumer, Cyclical		—		—			1,039		1,039
Consumer, Non-cyclical		—		—			3,900		3,900
Senior Floating Rate Interests*		—		337,802			—		337,802
U.S. Government & Government Agency Obligations*		—		24,601			—		24,601
Total investments in securities $		89,502	$	2,821,676		$	7,361	$	2,918,539
High Yield Fund I
Bonds*		—		2,968,133			17,408		2,985,541
Common Stocks
Communications		—		—			—		—
Consumer, Cyclical		—		—			2,525		2,525
Energy		—		10			—		10
Utilities		—		—			—		—
Investment Companies		69,870		—			—		69,870
Preferred Stocks
Communications		—		—			5		5
Senior Floating Rate Interests*		—		408,898			—		408,898
Total investments in securities $		69,870	$	3,377,041		$	19,938	$	3,466,849
Assets
Credit Contracts
Exchange Cleared Credit Default Swaps**		—		708			—		708
Income Fund
Bonds*		—		1,822,705			—		1,822,705
Common Stocks
Energy		5,343		—			—		5,343
Financial		—		—			—		—

151

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
4. Fair Valuation (continued)
					Level 2 - Other
	Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs		Unobservable Inputs		Totals (Level 1,2,3)
Income Fund
Industrial	$	—		$	—		$	27,831	$	27,831
Utilities		—			—			3,244		3,244
Investment Companies		79,183			—			—		79,183
Senior Floating Rate Interests*		—			20,446			—		20,446
U.S. Government & Government Agency Obligations*		—			963,919			—		963,919
Total investments in securities $		84,526		$	2,807,070		$	31,075	$	2,922,671
Inflation Protection Fund
Bonds*		—			144,811			—		144,811
Investment Companies		15,541			—			—		15,541
U.S. Government & Government Agency Obligations*		—			1,436,195			—		1,436,195
Purchased Interest Rate Swaptions		—			5,031			—		5,031
Purchased Capped Options		—			79			—		79
Purchased Options		182			—			—		182
Total investments in securities $		15,723		$	1,586,116		$	—	$	1,601,839
Assets
Foreign Exchange Contracts
Foreign Currency Contracts		—			1,668			—		1,668
Interest Rate Contracts
Exchange Cleared Interest Rate Swaps**		—			5,083			—		5,083
Futures**		926			—			—		926
Liabilities
Foreign Exchange Contracts
Foreign Currency Contracts		—			(452	)		—		(452	)
Interest Rate Contracts
Capped Options		—			(26	)		—		(26	)
Exchange Cleared Interest Rate Swaps**		—			(8,667	)		—		(8,667	)
Futures**		(2,394	)		—			—		(2,394	)
Interest Rate Swaptions		—			(5,708	)		—		(5,708	)
Written Options		(138	)		—			—		(138	)
International Emerging Markets Fund
Common Stocks
Basic Materials		15,240			13,849			—		29,089
Communications		48,414			76,869			—		125,283
Consumer, Cyclical		28,565			50,194			—		78,759
Consumer, Non-cyclical		16,049			39,614			—		55,663
Energy		3,031			71,640			—		74,671
Financial		31,406			160,746			—		192,152
Industrial		—			38,732			—		38,732
Technology		11,219			94,979			—		106,198
Utilities		—			9,486			—		9,486
Investment Companies		9,294			—			—		9,294
Preferred Stocks		11,566			—			—		11,566
Total investments in securities $		174,784		$	556,109		$	—	$	730,893
International Fund I
Common Stocks
Basic Materials		4,010			36,550			—		40,560
Communications		16,668			15,910			—		32,578
Consumer, Cyclical		6,019			53,709			—		59,728
Consumer, Non-cyclical		4,605			34,527			—		39,132
Energy		2,470			19,412			—		21,882
Financial		14,075			69,299			—		83,374
Industrial		3,787			39,048			—		42,835
Technology		17,988			34,824			—		52,812
Utilities		—			8,150			—		8,150
Investment Companies		2,604			—			—		2,604
Total investments in securities $		72,226		$	311,429		$	—	$	383,655
LargeCap Growth Fund
Common Stocks*		560,383			—			—		560,383
Investment Companies		13,450			—			—		13,450
Total investments in securities $		573,833		$	—		$	—	$	573,833

152

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
4. Fair Valuation (continued)
			Level 2 - Other
	Level 1 - Quoted		Significant Observable			Level 3 - Significant		Totals
Fund		Prices	Inputs		Unobservable Inputs         (Level 1,2,3)
LargeCap Growth Fund I
Common Stocks
Basic Materials	$	138,454	$	—	$	—	$	138,454
Communications		1,871,309		—		185		1,871,494
Consumer, Cyclical		610,846		—		—		610,846
Consumer, Non-cyclical		2,264,441		—		—		2,264,441
Energy		27,006		—		—		27,006
Financial		763,175		—		—		763,175
Industrial		931,882		—		—		931,882
Technology		2,134,473		—		—		2,134,473
Utilities		47,169		—		—		47,169
Convertible Preferred Stocks
Communications		—		—		32,255		32,255
Investment Companies		207,680		—		—		207,680
Preferred Stocks
Communications		—		3,026		—		3,026
Technology		—		6,611		4,558		11,169
	Total investments in securities $	8,996,435	$	9,637	$	36,998	$	9,043,070
Assets
Equity Contracts
Futures**		572		—		—	$	572
LargeCap S&P 500 Index Fund
Common Stocks*		5,856,527		—		—		5,856,527
Investment Companies		173,722		—		—		173,722
	Total investments in securities $	6,030,249	$	—	$	—	$	6,030,249
Assets
Equity Contracts
Futures**		5,971		—		—		5,971
LargeCap Value Fund III
Common Stocks*		2,086,060		—		—		2,086,060
Investment Companies		37,107		—		—		37,107
	Total investments in securities $	2,123,167	$	—	$	—	$	2,123,167
Assets
Equity Contracts
Futures**		559		—		—		559
MidCap Fund
Common Stocks*		16,102,657		—		—		16,102,657
Investment Companies		938		—		—		938
	Total investments in securities $	16,103,595	$	—	$	—	$	16,103,595
MidCap Growth Fund
Common Stocks*		184,572		—		—		184,572
Investment Companies		2,628		—		—		2,628
	Total investments in securities $	187,200	$	—	$	—	$	187,200
MidCap Growth Fund III
Common Stocks*		1,093,264		—		—		1,093,264
Investment Companies		22,271		—		—		22,271
	Total investments in securities $	1,115,535	$	—	$	—	$	1,115,535
Assets
Equity Contracts
Futures**		162		—		—		162
MidCap S&P 400 Index Fund
Common Stocks*		1,383,304		—		—		1,383,304
Investment Companies		30,554		—		—		30,554
	Total investments in securities $	1,413,858	$	—	$	—	$	1,413,858
Assets
Equity Contracts
Futures**		436		—		—		436

153

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
4. Fair Valuation (continued)
				Level 2 - Other
	Level 1 - Quoted		Significant Observable		Level 3 - Significant
Fund		Prices		Inputs	Unobservable Inputs		Totals (Level 1,2,3)
MidCap Value Fund I
Common Stocks*	$	2,477,559	$	—	$	—	$	2,477,559
Investment Companies		53,817		—		—		53,817
	Total investments in securities $	2,531,376	$	—	$	—	$	2,531,376
Assets
Equity Contracts
Futures**		47		—		—		47
Money Market Fund
Bonds*		—		38,708		—		38,708
Commercial Paper*		—		381,687		—		381,687
Investment Companies		20,840		—		—		20,840
Municipal Bonds*		—		30,155		—		30,155
Repurchase Agreements*		—		32,000		—		32,000
	Total investments in securities $	20,840	$	482,550	$	—	$	503,390
Overseas Fund
Common Stocks
Basic Materials		—		245,757		—		245,757
Communications		37,718		167,104		—		204,822
Consumer, Cyclical		32,611		215,770		—		248,381
Consumer, Non-cyclical		30,130		355,968		—		386,098
Diversified		—		2,140		—		2,140
Energy		100,875		195,496		—		296,371
Financial		50,895		649,700		—		700,595
Industrial		405		429,734		—		430,139
Technology		—		108,725		—		108,725
Utilities		—		140,296		—		140,296
Investment Companies		72,479		—		—		72,479
Preferred Stocks
Consumer, Cyclical		—		77,360		—		77,360
	Total investments in securities $	325,113	$	2,588,050	$	—	$	2,913,163
Assets
Equity Contracts
Futures**		46		—		—		46
Principal Capital Appreciation Fund
Common Stocks*		1,794,158		—		—		1,794,158
Investment Companies		47,625		—		—		47,625
	Total investments in securities $	1,841,783	$	—	$	—	$	1,841,783
Principal LifeTime 2010 Fund
Investment Companies		764,105		—		—		764,105
	Total investments in securities $	764,105	$	—	$	—	$	764,105
Principal LifeTime 2015 Fund
Investment Companies		419,610		—		—		419,610
	Total investments in securities $	419,610	$	—	$	—	$	419,610
Principal LifeTime 2020 Fund
Investment Companies		4,172,590		—		—		4,172,590
	Total investments in securities $	4,172,590	$	—	$	—	$	4,172,590
Principal LifeTime 2025 Fund
Investment Companies		1,567,790		—		—		1,567,790
	Total investments in securities $	1,567,790	$	—	$	—	$	1,567,790
Principal LifeTime 2030 Fund
Investment Companies		5,551,107		—		—		5,551,107
	Total investments in securities $	5,551,107	$	—	$	—	$	5,551,107

154

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
4. Fair Valuation (continued)
			Level 2 - Other
	Level 1 - Quoted		Significant Observable			Level 3 - Significant
Fund		Prices	Inputs		Unobservable Inputs Totals (Level 1,2,3)
Principal LifeTime 2035 Fund
Investment Companies	$	1,253,138	$	—	$	—	$	1,253,138
Total investments in securities $		1,253,138	$	—	$	—	$	1,253,138
Principal LifeTime 2040 Fund
Investment Companies		3,819,303		—		—		3,819,303
Total investments in securities $		3,819,303	$	—	$	—	$	3,819,303
Principal LifeTime 2045 Fund
Investment Companies		903,594		—		—		903,594
Total investments in securities $		903,594	$	—	$	—	$	903,594
Principal LifeTime 2050 Fund
Investment Companies		2,259,427		—		—		2,259,427
Total investments in securities $		2,259,427	$	—	$	—	$	2,259,427
Principal LifeTime 2055 Fund
Investment Companies		448,964		—		—		448,964
Total investments in securities $		448,964	$	—	$	—	$	448,964
Principal LifeTime 2060 Fund
Investment Companies		336,361		—		—		336,361
Total investments in securities $		336,361	$	—	$	—	$	336,361
Principal LifeTime 2065 Fund
Investment Companies		13,747		—		—		13,747
Total investments in securities $		13,747	$	—	$	—	$	13,747
Principal LifeTime Hybrid 2015 Fund
Investment Companies		98,234		—		—		98,234
Total investments in securities $		98,234	$	—	$	—	$	98,234
Principal LifeTime Hybrid 2020 Fund
Investment Companies		306,631		—		—		306,631
Total investments in securities $		306,631	$	—	$	—	$	306,631
Principal LifeTime Hybrid 2025 Fund
Investment Companies		210,523		—		—		210,523
Total investments in securities $		210,523	$	—	$	—	$	210,523
Principal LifeTime Hybrid 2030 Fund
Investment Companies		258,191		—		—		258,191
Total investments in securities $		258,191	$	—	$	—	$	258,191
Principal LifeTime Hybrid 2035 Fund
Investment Companies		154,119		—		—		154,119
Total investments in securities $		154,119	$	—	$	—	$	154,119
Principal LifeTime Hybrid 2040 Fund
Investment Companies		176,031		—		—		176,031
Total investments in securities $		176,031	$	—	$	—	$	176,031
Principal LifeTime Hybrid 2045 Fund
Investment Companies		94,090		—		—		94,090
Total investments in securities $		94,090	$	—	$	—	$	94,090
Principal LifeTime Hybrid 2050 Fund
Investment Companies		84,560		—		—		84,560
Total investments in securities $		84,560	$	—	$	—	$	84,560

155

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
4. Fair Valuation (continued)
				Level 2 - Other
	Level 1 - Quoted		Significant Observable			Level 3 - Significant		Totals
Fund		Prices		Inputs	Unobservable Inputs       (Level 1,2,3)
Principal LifeTime Hybrid 2055 Fund
Investment Companies	$	27,751	$	—	$	—	$	27,751
	Total investments in securities $	27,751	$	—	$	—	$	27,751
Principal LifeTime Hybrid 2060 Fund
Investment Companies		9,311		—		—		9,311
	Total investments in securities $	9,311	$	—	$	—	$	9,311
Principal LifeTime Hybrid 2065 Fund
Investment Companies		2,184		—		—		2,184
	Total investments in securities $	2,184	$	—	$	—	$	2,184
Principal LifeTime Hybrid Income Fund
Investment Companies		55,404		—		—		55,404
	Total investments in securities $	55,404	$	—	$	—	$	55,404
Principal LifeTime Strategic Income Fund
Investment Companies		412,951		—		—		412,951
	Total investments in securities $	412,951	$	—	$	—	$	412,951
Real Estate Securities Fund
Common Stocks*		4,417,190		—		—		4,417,190
Investment Companies		33,335		—		—		33,335
	Total investments in securities $	4,450,525	$	—	$	—	$	4,450,525
SAM Balanced Portfolio
Investment Companies		4,565,185		—		—		4,565,185
	Total investments in securities $	4,565,185	$	—	$	—	$	4,565,185
SAM Conservative Balanced Portfolio
Investment Companies		1,684,812		—		—		1,684,812
	Total investments in securities $	1,684,812	$	—	$	—	$	1,684,812
SAM Conservative Growth Portfolio
Investment Companies		3,059,036		—		—		3,059,036
	Total investments in securities $	3,059,036	$	—	$	—	$	3,059,036
SAM Flexible Income Portfolio
Investment Companies		2,613,536		—		—		2,613,536
	Total investments in securities $	2,613,536	$	—	$	—	$	2,613,536
SAM Strategic Growth Portfolio
Investment Companies		1,893,671		—		—		1,893,671
	Total investments in securities $	1,893,671	$	—	$	—	$	1,893,671
Short-Term Income Fund
Bonds*		—		4,650,437		—		4,650,437
Investment Companies		90,634		—		—		90,634
U.S. Government & Government Agency Obligations*		—		81,401		—		81,401
	Total investments in securities $	90,634	$	4,731,838	$	—	$	4,822,472
SmallCap Fund
Common Stocks*		672,569		—		—		672,569
Investment Companies		21,498		—		—		21,498
	Total investments in securities $	694,067	$	—	$	—	$	694,067
SmallCap Growth Fund I
Common Stocks
Basic Materials		27,562		5		—		27,567
Communications		152,617		—		—		152,617
Consumer, Cyclical		280,138		—		—		280,138
Consumer, Non-cyclical		566,110		1		3		566,114
Diversified		3,166		—		—		3,166

156

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
4 . Fair Valuation (continued)
				Level 2 - Other
	Level 1 - Quoted		Significant Observable		Level 3 - Significant			Totals
Fund		Prices		Inputs	Unobservable Inputs         (Level 1,2,3)
SmallCap Growth Fund I
Energy	$	25,056	$	—	$	—	$	25,056
Financial		146,251		—		—		146,251
Industrial		311,862		—		—		311,862
Technology		345,159		—		—		345,159
Utilities		608		—		—		608
Investment Companies		63,947		—		—		63,947
Preferred Stocks		18		—		—		18
	Total investments in securities $	1,922,494	$	6	$	3	$	1,922,503
Assets
Equity Contracts
Futures**		138		—		—		138
SmallCap S&P 600 Index Fund
Common Stocks
Basic Materials		53,958		21		—		53,979
Communications		59,155		—		—		59,155
Consumer, Cyclical		191,750		—		—		191,750
Consumer, Non-cyclical		230,296		—		—		230,296
Energy		60,845		—		—		60,845
Financial		320,486		—		—		320,486
Industrial		242,094		—		—		242,094
Technology		118,374		—		—		118,374
Utilities		26,324		—		—		26,324
Investment Companies		40,768		—		—		40,768
	Total investments in securities $	1,344,050	$	21	$	—	$	1,344,071
Assets
Equity Contracts
Futures**		1,217		—		—		1,217
SmallCap Value Fund II
Common Stocks
Basic Materials		29,420		3		—		29,423
Communications		49,620		—		1		49,621
Consumer, Cyclical		113,617		—		—		113,617
Consumer, Non-cyclical		125,537		—		—		125,537
Energy		71,193		—		—		71,193
Financial		369,135		13		—		369,148
Industrial		162,237		—		—		162,237
Technology		81,374		—		—		81,374
Utilities		49,516		—		—		49,516
Investment Companies		45,242		—		—		45,242
Preferred Stocks		11		—		—		11
	Total investments in securities $	1,096,902	$	16	$	1	$	1,096,919
Assets
Equity Contracts
Futures**		51		—		—		51
Tax-Exempt Bond Fund
Investment Companies		6,581		—		—		6,581
Municipal Bonds*		—		435,281		—		435,281
	Total investments in securities $	6,581	$	435,281	$	—	$	441,862
*For additional detail regarding sector classifications, please see the schedules of investments.
**Exchange cleared swaps and futures are presented at the unrealized appreciation/(depreciation) of the instrument.

157

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

4. Fair Valuation (continued)

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 within Level 3 of the fair value hierarchy is as follows

(amounts in thousands):

			Fair Value as of
Fund	Asset Type		April 30, 2019	Valuation Technique	Unobservable Input		Input Valuations
Global Diversified Income Fund	Bonds		$ 103,174	Yield Analysis	Yield to Maturity		9.0 – 16.8	%
	Common Stocks		45,833	Enterprise Valuation Model	EBITDA Multiples		5.5 – 7.75	x
				Discounted Cash Flow	Discount Rate		13.2 – 15.6	%
	Common Stocks		191	Liquidation Analysis	Available Cash	$	10,200,000
	Common Stocks		38	Indicative Market Quotations	Broker Quote	$	0.90
	Credit Linked
	Structured Notes		2,519	Indicative Market Quotations	Broker Quote	$	0.65
	Senior Floating Rate
	Interests		35,440	Yield Analysis	Yield to Maturity		0.0 – 10.8	%
		$	187,195
Income Fund	Common Stocks		27,831 Enterprise Valuation Model		EBITDA Multiples		0.95 – 1.15	x
	Common Stocks		3,244	Indicative Market Quotations	Broker Quote	$	140.00
		$	31,075

The changes in investments measured at fair value for which Level 3 inputs have been used to determine fair value are as follows (amounts in thousands):

							Accrued
							Discounts/															Net Change in
							Premiums															Unrealized Appreciation/
		Value		Realized			and Change								Transfers							(Depreciation) on
		October		Gain/			in Unrealized					Proceeds			into Level			Transfers Out of		Value April		Investments Held at April
Fund		31, 2018		(Loss)			Gain/ (Loss)			Purchases		from Sales			3	*		Level 3**		30, 2019		30, 2019
Global Diversified Income Fund
Bonds	$	111,011	$	(18	)	$	23		$	—	$	(7,842	)	$	—		$	—	$	103,174	$	69
Common Stock
Basic Materials		46,459		4,544			(9,422	)		—		(5,335	)		—			—		36,246		(9,422	)
Consumer,
sssCyclical		68		—			3,168			6,389		—			—			—		9,625		3,168
Energy		189		—			2			—		—			—			—		191		2
Credit Linked
Structured Notes		2,764		(10	)		(30	)		—		(205	)		—			—		2,519		(68	)
Senior Floating
Rate Interests		35,440		—			—			—		—			—			—		35,440		—
Total	$	195,931	$	4,516		$	(6,259	)	$	6,389	$	(13,382	)	$	—		$	—	$	187,195	$	(6,251	)
Income Fund
Common Stock
Financial	$	—	$	—		$	—		$	—	$	—		$	—		$	—	$	—	$	—
Industrial		29,866		—			(2,035	)		—		—			—			—		27,831		(2,035	)
Utilities		—		—			705			2,539		—			—			—		3,244		705
Total	$	29,866	$	—		$	(1,330	)	$	2,539	$	—		$	—		$	—	$	31,075	$	(1,330	)

*Securities are transferred into Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading has been halted 2. Securities that have certain restrictions on trading 3. Instances in which a security is not priced by a pricing services

**Securities are transferred out of Level 3 for a variety of reasons including, but not limited to: 1. Securities where trading resumes 2. Securities where trading restrictions have expired 3. Instances in which a price becomes available from a pricing service

At the end of the period, there were no other Funds which had a significant Level 3 balance. During the period, there were no significant purchases, sales, or transfers into or out of Level 3, except as noted above.

158

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

5. Management Agreement and Transactions with Affiliates

Management Services. The Funds have agreed to pay investment advisory and management fees to the Manager computed at an annual percentage rate of each fund’s average daily net assets. A portion of the management fee is paid by the Manager to the sub-advisor of each of the Funds, some of which are affiliates of the Manager. The annual rate paid by the SAM Portfolios is based upon the aggregate average daily net assets (“aggregate net assets”) of the SAM Portfolios. The investment advisory and management fee schedule for the SAM Portfolios is .35% of aggregate net assets up to $3 billion, .30% of the next $4 billion of aggregate net assets, .25% of the next $4 billion of aggregate net assets, .20% of the next $4 billion of aggregate net assets, and .18% of aggregate net assets over $15 billion. The Principal LifeTime Funds and Principal LifeTime Hybrid Funds do not pay investment advisory and management fees. The annual rates used in this calculation for each of the other Funds are as follows:

					Net Assets of Fund									Net assets of Fund (in billions)
		First			Next			Next			Over
	$	500		$	500		$	500		$	1.5
		million			million			million			billion			First $1		Over $1
Finisterre Unconstrained Emerging													California Municipal Fund	.45	%	.40	%
Markets Bond Fund		.75	%		.74	%		.73	%		.72	%
MidCap Growth Fund		.65			.63			.61			.60
MidCap Growth Fund III		1.00			.96			.94			.92
SmallCap Fund		.75			.73			.71			.70
Tax-Exempt Bond Fund		.45			.43			.41			.40

								Net Assets of Fund
		First			Next			Next			Next
	$	500		$	500		$	500		$	500		Next $1		Over $3
		million			million			million			million		billion		billion
Core Plus Bond Fund		.55	%		.53	%		.51	%		.50	%	.48	%	.45	%
Global Diversified Income Fund		.80			.78			.76			.75		.73		.70
Global Real Estate Securities Fund		.90			.88			.86			.85		.84		.83
High Yield Fund I		.65			.63			.61			.60		.59		.58
Inflation Protection Fund		.40			.38			.36			.35		.34		.33
International Emerging Markets Fund		1.20			1.18			1.16			1.15		1.14		1.13
International Fund I		.90			.88			.86			.85		.84		.83
LargeCap Growth Fund I		.66			.64			.62			.61		.60		.59
LargeCap Value Fund III		.80			.78			.76			.75		.73		.70
MidCap Value Fund I		.68			.66			.64			.63		.62		.61
Money Market Fund		.40			.39			.38			.37		.36		.35
Overseas Fund		1.10			1.08			1.06			1.05		1.04		1.03
Real Estate Securities Fund		.85			.83			.81			.80		.79		.78
SmallCap Growth Fund I		1.10			1.08			1.06			1.05		1.04		1.03
SmallCap Value Fund II		1.00			.98			.96			.95		.94		.93
								Net Assets of Fund
		First			Next			Next			Next
	$	500		$	500		$	500		$	500		Next $1		Next $7		Over $10
		million			million			million			million		billion		billion		billion
Diversified International Fund		.90	%		.88	%		.86	%		.85	%	.83	%	.80	%	.79	%

								Net Assets of Fund
		First			Next			Next			Next
	$	500		$	500		$	500		$	500		Next $1		Next $9.5				Next $2.5				Over $15
		million			million			million			million		billion				billion				billion		billion
MidCap Fund		.65	%		.63	%		.61	%		.60	%	.59	%			.58	%			.57	%	.56	%
		Net Assets of Fund (in millions)													Net Assets of Fund (in billions)
		First $250			Over $250								First $2				Next $1				Over $3
High Yield Fund		.625	%		.50	%					Income Fund				.50	%			.44	%	.43	%

159

										Notes to Financial Statements
										Principal Funds, Inc.
										April 30, 2019 (unaudited)
5. Management Agreement and Transactions with Affiliates (continued)
		Net Assets of Fund (in millions)									Net Assets of Fund
		First			Next			Over			First		Next		Over
	$	200		$	300		$	500			$500 million		$500 million		$1 billion
Short-Term Income Fund		.50	%		.45	%		.40	%	Principal Capital Appreciation Fund	.625	%	.50	%	.375	%

		Net Assets of Fund (in billions)									Net Assets of Fund (in millions)
		First $2			Over $2						First $250		Next $250		Over $500
Government & High Quality Bond Fund		.50	%		.45	%	Equity Income Fund				.60	%	.55	%	.50	%
							Net Assets of Fund
		First			Next
	$	500		$	500		Next		Next		Over
		million			million		$ 1 billion		$1 billion		$3 billion
LargeCap Growth Fund		.68	%		.65	%	.62	%	.58	%	.55	%
		All Net Assets
Government Money Market Fund					.15	%
LargeCap S&P 500 Index Fund					.15
MidCap S&P 400 Index Fund					.15
SmallCap S&P 600 Index Fund					.15

In addition to the management fee, R-1, R-2, R-3, R-4, and R-5 classes of shares of the Funds pay the Manager a service fee and an administrative service fee computed at an annual percentage rate of each class’s average daily net assets. The annual rates for the service fee are .25%, .25%, .25%, .25%, and .25% and the annual rates for the administrative service fee are .28%, .20%, .07%, .03%, and .01% for R-1, R-2, R-3, R-4, and R-5, respectively. Class A, Class C, and Institutional shares of the Funds reimburse Principal Shareholder Services, Inc. (the “Transfer Agent”) (wholly owned by the Manager) for transfer agent services. Class J shares pays the Transfer Agent a fee for the services provided in an amount that includes a profit.

The Manager has contractually agreed to limit the expenses (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, and other extraordinary expenses) for certain classes of shares of certain of the Funds. The reductions and reimbursements are in amounts that maintain total operating expenses at or below certain limits. The limits are expressed as a percentage of average daily net assets attributable to each class of shares on an annualized basis during the reporting period. The operating expense limits are as follows:

			Period from November 1, 2018 through April 30, 2019
	Class A		Class C		Class J	Institutional		Expiration
California Municipal Fund	N/A		N/A		N/A	.51	%	February 29, 2020
Core Plus Bond Fund	.88	%	N/A		N/A	N/A		February 29, 2020
Diversified International Fund	N/A		1.98	%*	N/A	.85		February 29, 2020
Equity Income Fund	N/A		N/A		N/A	.52		February 29, 2020
Finisterre Unconstrained Emerging Markets
Bond Fund	1.20	**	N/A		N/A	.85	**	February 28, 2021
Global Diversified Income Fund	N/A		N/A		N/A	.68	***	February 29, 2020
Global Real Estate Securities Fund	N/A		2.20	^	N/A	.94		February 29, 2020
Government & High Quality Bond Fund	.88	^	1.63		N/A	.53		February 29, 2020
Government Money Market Fund	N/A		N/A		N/A	.15		February 29, 2020
High Yield Fund	N/A		N/A		N/A	.61		February 29, 2020
High Yield Fund I	1.05		N/A		N/A	N/A		February 29, 2020
Income Fund	N/A		N/A		N/A	.58		February 29, 2020
Inflation Protection Fund	.90		N/A		N/A	N/A		February 29, 2020
International Emerging Markets Fund	1.55	^^	2.51	^^	1.37^^	1.20	^^	February 29, 2020
International Fund I	1.30	^^^	N/A		N/A	.90	^^^	February 29, 2020
LargeCap Growth Fund	N/A		N/A		N/A	.68		February 29, 2020
LargeCap Growth Fund I	N/A		N/A		N/A	.69		February 29, 2020
LargeCap S&P 500 Index Fund	N/A		1.30		N/A	N/A		February 29, 2020
MidCap Fund	N/A		N/A		N/A	.70		February 29, 2020
MidCap Growth Fund	N/A		N/A		N/A	.75		February 29, 2020
MidCap S&P 400 Index Fund	N/A		N/A		N/A	.25		February 29, 2020
MidCap Value Fund I	N/A		N/A		N/A	.72	#	February 28, 2021

160

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
5 . Management Agreement and Transactions with Affiliates (continued)
		Period from November 1, 2018 through April 30, 2019
	Class A	Class C	Class J	Institutional		Expiration
Money Market Fund	.50	N/A	.65	N/A		February 29, 2020
Principal Capital Appreciation Fund	N/A	N/A	N/A	.47		February 29, 2020
Principal LifeTime 2010 Fund	.38	N/A	N/A	N/A		February 29, 2020
Principal LifeTime 2020 Fund	.38	N/A	N/A	N/A		February 29, 2020
Principal LifeTime 2030 Fund	.38	N/A	N/A	N/A		February 29, 2020
Principal LifeTime 2040 Fund	.38	N/A	N/A	N/A		February 29, 2020
Principal LifeTime 2050 Fund	.38	N/A	N/A	N/A		February 29, 2020
Principal LifeTime 2060 Fund	N/A	N/A	.38	.10	^	February 29, 2020
Principal LifeTime 2065 Fund	N/A	N/A	N/A	.10		February 29, 2020
Principal LifeTime Hybrid 2015 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2020 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2025 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2030 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2035 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2040 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2045 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2050 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2055 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2060 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid 2065 Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Hybrid Income Fund	N/A	N/A	.30	.05		February 29, 2020
Principal LifeTime Strategic Income Fund	.38	N/A	N/A	N/A		February 29, 2020
Real Estate Securities Fund	N/A	N/A	N/A	.91		February 29, 2020
Short-Term Income Fund	N/A	N/A	N/A	.43		February 29, 2020
SmallCap Fund	N/A	2.08^	N/A	.85		February 29, 2020
SmallCap Growth Fund I	N/A	N/A	N/A	1.02		February 29, 2020
SmallCap S&P 600 Index Fund	N/A	N/A	N/A	.27		February 29, 2020
SmallCap Value Fund II	1.45	N/A	N/A	.99		February 29, 2020
Tax-Exempt Bond Fund	N/A	1.60	N/A	.52		February 29, 2020

* Prior to January 1, 2019, the contractual expense limit was 2.08%.

** Prior to January 1, 2019, the contractual expense limit was 1.47% and 1.12% for Class A and Institutional shares, respectively. From January 1, 2019 through March 31, 2019, the contractual expense limit was 1.34% and .99% for Class A and Institutional shares, respectively.

*** Prior to January 1, 2019, the contractual expense limit was .75%. ^ Contractual expense limit expired February 28, 2019.

^^ Prior to January 1, 2019, the contractual expense limit was 1.61%, 2.66%, 1.52%, and 1.29% for Class A, Class C, Class J, and Institutional shares, respectively. ^^^Prior to January 1, 2019, the contractual expense limit was 1.45% and 1.00% for Class A and Institutional shares, respectively.

#Contractual expense limit effective April 12, 2019.

					Period from November 1, 2018 through April 30, 2019
	R-1		R-2		R-3		R-4		R-5		Expiration
Government & High Quality Bond Fund	1.29	%	1.16	%	.98	%	.79	%	.67	%	February 29, 2020
Principal LifeTime 2065 Fund	.93		.80		.62		.43		.31		February 29, 2020
Principal LifeTime Hybrid 2015 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2020 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2025 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2030 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2035 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2040 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2045 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2050 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2055 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2060 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid 2065 Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Principal LifeTime Hybrid Income Fund	N/A		N/A		.59	*	N/A		.28	*	February 29, 2020
Short-Term Income Fund	1.30		1.18		.99		.79		.68		February 29, 2020

161

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
5. Management Agreement and Transactions with Affiliates (continued)
			Period from November 1, 2018 through April 30, 2019
	R-1	R-2	R-3	R-4	R-5	Expiration
SmallCap Growth Fund I	1.88	1.75	1.57	1.38	1.26	February 29, 2020
* Period from March 1, 2019 (share class inception date) through April 30, 2019.

The Manager contractually agreed to limit the expenses (including acquired fund fees and expenses, but excluding interest expense, expenses related to fund investments, and other extraordinary expenses) for certain classes of shares of certain of the Funds. The reductions and reimbursements are in amounts that maintain total operating expenses at or below certain limits. The limits are expressed as a percentage of average daily net assets attributable to each class of shares on an annualized basis during the reporting period. The operating expense limits, which expired February 28, 2019, were as follows:

					Period from November 1, 2018 through February 28, 2019
	Class A		Class C		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
SAM Balanced Portfolio	1.31	%	2.05	%	1.13	%	.97	%	1.84	%	1.71	%	1.53	%	1.34	%	1.22	%
SAM Conservative Balanced Portfolio	1.24		1.99		1.06		.90		1.77		1.64		1.46		1.27		1.15
SAM Conservative Growth Portfolio	1.32		2.07		1.15		.98		1.85		1.72		1.54		1.35		1.23
SAM Flexible Income Portfolio	1.13		1.88		.98		.83		1.68		1.55		1.37		1.18		1.06
SAM Strategic Growth Portfolio	1.34		2.09		1.15		.97		1.84		1.71		1.53		1.34		1.22

In addition, the Manager has contractually agreed to limit R-6 expenses other than management and investment advisory fees and distribution fees and, if necessary, pay expenses normally payable by the Funds, excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, and other extraordinary expenses. The limits are expressed as a percentage of average daily net assets attributable to R-6 shares on an annualized basis during the reporting period. The limits are as follows:

			Period from November 1, 2018 through April 30, 2019
	R-6		Expiration
Diversified International Fund	.04	%*	February 29, 2020
Global Diversified Income Fund	.02		February 29, 2020
Global Real Estate Securities Fund	.02		February 29, 2020
High Yield Fund	.02		February 29, 2020
Income Fund	.01		February 29, 2020
International Emerging Markets Fund	.04	^	February 29, 2020
International Fund I	.04	^	February 29, 2020
LargeCap Growth Fund I	.02		February 29, 2020
MidCap Fund	.02		February 29, 2020
MidCap S&P 400 Index Fund	.02		February 29, 2020
MidCap Value Fund I	.02	*	February 28, 2021
Principal LifeTime Hybrid 2015 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2020 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2025 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2030 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2035 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2040 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2045 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2050 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2055 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2060 Fund	.02		February 29, 2020
Principal LifeTime Hybrid 2065 Fund	.02		February 29, 2020
Principal LifeTime Hybrid Income Fund	.02		February 29, 2020
Real Estate Securities Fund	.02		February 29, 2020
SmallCap Fund	.02		February 29, 2020
SmallCap Growth Fund I	.01		February 29, 2020
SmallCap S&P 600 Index Fund	.02		February 29, 2020
SmallCap Value Fund II	.02		February 29, 2020

*	Period from March 1, 2019 (share class inception date) through April 30, 2019.
^	Prior to March 1, 2019, the expense limit was .02%.

162

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

5. Management Agreement and Transactions with Affiliates (continued)

In addition, the Manager has contractually agreed to limit certain of the Funds’ management and investment advisory fees. The expense limit will reduce the Fund’s management and investment advisory fees by the following amounts:

			Expiration
Core Plus Bond Fund	.060	%	February 29, 2020
Diversified International Fund	.100	^	February 29, 2020
Finisterre Unconstrained Emerging
Markets Bond Fund	.130	^	March 31, 2019
Global Diversified Income Fund	.080	^^	February 29, 2020
International Emerging Markets Fund .150^			February 29, 2020
International Fund I	.150	^	February 29, 2020
LargeCap Growth Fund I	.016		February 29, 2020
LargeCap Value Fund III	.065	#	February 29, 2020
MidCap Growth Fund III	.080		February 29, 2020
MidCap Value Fund I	.020	##	February 28, 2021
Overseas Fund	.065		February 29, 2020
SmallCap Growth Fund I	.092		February 29, 2020
SmallCap Value Fund II	.040		February 29, 2020

^ Prior to January 1, 2019, there was no contractual expense reduction.
^^Prior to January 1, 2019, the contractual expense reduction was .010%.
#Prior to January 1, 2019, the contractual expense reduction was .062%.
##Prior to April 12, 2019, the contractual expense reduction was .120%.

The Manager has also voluntarily agreed to limit Money Market Fund’s expenses for all classes of shares to the extent necessary to maintain a minimum yield. The voluntary expense limit may be terminated at any time.

With respect to Government Money Market Fund, the Manager has contractually agreed to reduce the fund’s management fees through the period ending February 29, 2020. The fee waiver will reduce the fund’s management fees in an amount equal to all acquired fund fees and expenses.

Amounts owed to the Funds under the terms of the expense limitation agreements are reflected in the statements of assets and liabilities as expense reimbursement from Manager and are settled periodically.

Distribution Fees. The Class A, Class C, Class J, R-1, R-2, R-3, and R-4 shares of the Funds bear distribution fees. The fee is computed at an annual rate of the average daily net assets attributable to each class of each of the Funds. Distribution fees are paid to Principal Funds

Distributor, Inc. (“the Distributor”) (an affiliate of the Manager), the principal distributor of the Funds. A portion of the distribution fees may be paid to other selling dealers for providing certain services. The annual rates are .25%, 1.00%, .15%, .35%, .30%, .25%, and .10% for Class A, Class C, Class J, R-1, R-2, R-3, and R-4 classes of shares, respectively, except the following classes of shares:

Government & High Quality Bond Fund	Class A	.15	%^
LargeCap S&P 500 Index Fund	Class A	.15
Money Market Fund	Class A	N/A
Short-Term Income Fund	Class A	.15

^ Prior to March 1, 2019, the Distributor had voluntarily agreed to limit the distribution fees. The limit maintained the level of distribution fees not to exceed .15%.

The Distributor has voluntarily agreed to limit the distribution fees (expressed as a percent of average net assets on an annualized basis) attributable to Class J shares (with the exception of Money Market Fund). The limit will maintain the level of distribution fees not to exceed .12% for Class J shares. The voluntary expense limit may be terminated at any time.

The Distributor has contractually agreed to limit Money Market Fund’s distribution fees attributable to Class J shares. This waiver will reduce the distribution fees by .15%. The expense limit expires February 29, 2020.

Amounts owed to the Funds under the terms of the expense limitation agreements are reflected in the statements of assets and liabilities as expense reimbursement from Distributor and are settled periodically.

Chief Compliance Officer Expenses. The Funds pay certain expenses associated with the Chief Compliance Officer (“CCO”). This expense is allocated based on the relative net assets of each fund and is shown on the statements of operations.

Sales Charges. The Distributor receives proceeds of any contingent deferred sales charge (“CDSC”) on certain Class A, Class C, and Class J share redemptions. The charge for Class A shares is 1.00% (.25% for LargeCap S&P 500 Index Fund) of the lesser of current market

163

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

5. Management Agreement and Transactions with Affiliates (continued) value or the cost of shares redeemed within 12 months of purchase that were originally sold without a sales charge. The charge for Class C shares is 1.00% of the lesser of current market value or the cost of shares redeemed within 12 months of purchase. The charge for Class J shares is 1.00% of the lesser of current market value or the cost of shares redeemed within 18 months of purchase. The Distributor also retains sales charges on sales of Class A shares based on declining rates which begin at 1.50% for LargeCap S&P 500 Index Fund, 2.25% for Government & High Quality Bond Fund, Income Fund and Short-Term Income Fund, 3.75% for California Municipal Fund, Core Plus Bond Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund, High Yield Fund, High Yield Fund I, Inflation Protection Fund, Principal LifeTime 2010 Fund, Principal LifeTime Strategic Income Fund, SAM Flexible Income Portfolio, and Tax-Exempt Bond Fund, and 5.50% for all other Funds (except Money Market Fund which does not carry a sales charge). The aggregate amounts of these charges retained by the Distributor for the period ended April 30, 2019, were as follows (amounts in thousands):

		Class A		Class C	Class J
California Municipal Fund	$	14	$	2	N/A
Core Plus Bond Fund		17		–	$–
Diversified International Fund		50		1	1
Equity Income Fund		165		5	N/A
Finisterre Unconstrained Emerging Markets Bond Fund		–		N/A	N/A
Global Diversified Income Fund		119		47	N/A
Global Real Estate Securities Fund		18		2	N/A
Government & High Quality Bond Fund		29		1	–
High Yield Fund		34		4	N/A
High Yield Fund I		6		N/A	N/A
Income Fund		31		1	3
Inflation Protection Fund		2		–	–
International Emerging Markets Fund		37		1	4
International Fund I		24		N/A	N/A
LargeCap Growth Fund		72		1	1
LargeCap Growth Fund I		43		N/A	6
LargeCap S&P 500 Index Fund		122		2	12
LargeCap Value Fund III		N/A		N/A	–
MidCap Fund		113		1	1
MidCap Growth Fund		N/A		N/A	1
MidCap Growth Fund III		N/A		N/A	–
MidCap S&P 400 Index Fund		N/A		N/A	2
MidCap Value Fund I		2		N/A	–
Money Market Fund		–		N/A	32
Principal Capital Appreciation Fund		107		–	N/A
Principal LifeTime 2010 Fund		6		N/A	1
Principal LifeTime 2020 Fund		61		N/A	15
Principal LifeTime 2030 Fund		138		N/A	19
Principal LifeTime 2040 Fund		117		N/A	25
Principal LifeTime 2050 Fund		131		N/A	6
Principal LifeTime 2060 Fund		N/A		N/A	1
Principal LifeTime Hybrid 2020 Fund		N/A		N/A	12
Principal LifeTime Hybrid 2025 Fund		N/A		N/A	19
Principal LifeTime Hybrid 2030 Fund		N/A		N/A	9
Principal LifeTime Hybrid 2035 Fund		N/A		N/A	7
Principal LifeTime Hybrid 2045 Fund		N/A		N/A	4
Principal LifeTime Hybrid 2050 Fund		N/A		N/A	1
Principal LifeTime Strategic Income Fund		5		N/A	–
Real Estate Securities Fund		58		2	1
SAM Balanced Portfolio		435		20	39
SAM Conservative Balanced Portfolio		223		5	41
SAM Conservative Growth Portfolio		427		10	19
SAM Flexible Income Portfolio		275		12	50
SAM Strategic Growth Portfolio		327		6	9
Short-Term Income Fund		61		3	1
SmallCap Fund		75		2	1
SmallCap Growth Fund I		N/A		N/A	1
SmallCap S&P 600 Index Fund		N/A		N/A	3
SmallCap Value Fund II		8		N/A	–
Tax-Exempt Bond Fund		29		1	N/A

Effective January 22, 2019, Class C shares automatically convert into Class A shares, based on relative net asset value (without a sales charge), 10 years after purchase.

164

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

5. Management Agreement and Transactions with Affiliates (continued)

Affiliated Ownership. At April 30, 2019, Principal Life Insurance Company (an affiliate of the Manager), the Manager, the Distributor, Principal Securities, Inc., Collective Investment Trusts sponsored by Principal Trust Company, benefit plans and separate accounts sponsored on behalf of Principal Life Insurance Company, and other affiliated entities owned shares of the Funds as follows (amounts in thousands):

	Class A	Class J	Institutional	R-1	R-2	R-3	R-4	R-5	R-6
California Municipal Fund	–	N/A	–	N/A	N/A	N/A	N/A	N/A	N/A
Core Plus Bond Fund	–	–	2,374	–	–	–	–	–	N/A
Diversified International Fund	–	–	252	–	–	–	–	–	1
Equity Income Fund	–	–	67,889	–	–	–	–	–	N/A
Finisterre Unconstrained Emerging Markets Bond Fund	11	N/A	10,230	N/A	N/A	N/A	N/A	N/A	N/A
Global Diversified Income Fund	–	N/A	51	N/A	N/A	N/A	N/A	N/A	1,102
Global Real Estate Securities Fund	–	N/A	571	N/A	N/A	–	1	1	4,557
Government & High Quality Bond Fund	–	–	23	–	–	–	–	–	N/A
Government Money Market Fund	N/A	N/A	3,273,588	N/A	N/A	N/A	N/A	N/A	N/A
High Yield Fund	–	N/A	449	N/A	N/A	N/A	N/A	N/A	18,273
High Yield Fund I	–	N/A	26,939	N/A	N/A	N/A	N/A	N/A	N/A
Income Fund	–	–	86	–	–	–	–	–	50,851
Inflation Protection Fund	–	–	11,008	–	–	–	–	–	N/A
International Emerging Markets Fund	–	–	32	–	–	–	–	–	—
International Fund I	–	N/A	–	–	–	–	–	–	15,601
LargeCap Growth Fund	–	–	–	–	–	–	–	–	N/A
LargeCap Growth Fund I	–	–	–	–	–	–	–	–	240,749
LargeCap S&P 500 Index Fund	–	–	2,732	–	–	–	–	–	N/A
LargeCap Value Fund III	N/A	–	23,132	–	–	–	–	–	N/A
MidCap Fund	–	–	405	–	–	–	–	–	—
MidCap Growth Fund III	N/A	–	32,235	–	–	–	–	–	N/A
MidCap S&P 400 Index Fund	–	–	–	–	–	–	–	–	—
MidCap Value Fund I	1	–	–	–	–	–	–	–	—
Money Market Fund	–	–	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Overseas Fund	N/A	N/A	71,123	1	1	–	–	–	N/A
Principal Capital Appreciation Fund	–	N/A	10,789	–	–	–	–	–	N/A
Principal LifeTime 2010 Fund	–	–	28,938	–	–	–	–	–	N/A
Principal LifeTime 2015 Fund	N/A	N/A	27,087	–	–	–	–	–	N/A
Principal LifeTime 2020 Fund	–	–	172,917	–	–	–	–	–	N/A
Principal LifeTime 2025 Fund	N/A	N/A	92,002	–	–	–	–	–	N/A
Principal LifeTime 2030 Fund	–	–	230,362	–	–	–	–	–	N/A
Principal LifeTime 2035 Fund	N/A	N/A	70,275	–	–	–	–	–	N/A
Principal LifeTime 2040 Fund	–	–	150,958	–	–	–	–	–	N/A
Principal LifeTime 2045 Fund	N/A	N/A	46,243	–	–	–	–	–	N/A
Principal LifeTime 2050 Fund	–	–	96,687	–	–	–	–	–	N/A
Principal LifeTime 2055 Fund	N/A	N/A	22,865	–	–	–	–	–	N/A
Principal LifeTime 2060 Fund	N/A	–	18,221	–	–	–	–	–	N/A
Principal LifeTime 2065 Fund	N/A	N/A	868	1	1	–	1	–	N/A
Principal LifeTime Hybrid 2015 Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2020 Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2025 Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2030 Fund	N/A	–	28	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2035 Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2040 Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2045 Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2050 Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2055 Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2060 Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid 2065 Fund	N/A	–	1	N/A	N/A	1	N/A	1	—
Principal LifeTime Hybrid Income Fund	N/A	–	–	N/A	N/A	1	N/A	1	—
Principal LifeTime Strategic Income Fund	–	–	21,693	–	–	–	–	–	N/A
Real Estate Securities Fund	–	–	196	–	–	–	–	–	15,789
SAM Balanced Portfolio	–	–	44,654	–	–	–	–	–	N/A
SAM Conservative Balanced Portfolio	–	–	18,940	–	–	–	–	–	N/A
SAM Conservative Growth Portfolio	–	–	23,785	–	–	–	–	–	N/A
SAM Flexible Income Portfolio	–	–	12,178	–	–	–	–	–	N/A
SAM Strategic Growth Portfolio	–	–	13,104	–	–	–	–	–	N/A
Short-Term Income Fund	–	–	21,920	–	–	–	–	–	N/A
SmallCap Fund	–	–	105	–	–	–	–	–	393
SmallCap Growth Fund I	N/A	–	–	–	–	–	–	–	77,698
SmallCap S&P 600 Index Fund	N/A	–	–	–	–	–	–	–	—
SmallCap Value Fund II	–	–	–	–	–	–	–	–	42,576

165

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

5. Management Agreement and Transactions with Affiliates (continued)

Affiliated Brokerage Commissions. With respect to Global Diversified Income Fund, $2,000 of brokerage commission was paid to SAMI Brokerage LLC, a member of the Principal Financial Group. The other Funds did not pay brokerage commissions to any member of the Principal Financial Group during the period ended April 30, 2019.

6. Capital Share Transactions

The following table reflects the conversion of Class C shares into Class A shares (reflected in the statements of changes in net assets as Class C shares and dollars redeemed and Class A dollars sold) for the period ended April 30, 2019 (amounts in thousands).

	Shares		Dollars
Core Plus Bond Fund	624	$	6,532
Inflation Protection Fund	382		2,899
LargeCap Growth Fund	3,473		13,066
7 . Investment Transactions

For the period ended April 30, 2019, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments, return of capital and U.S. government securities) by the Funds were as follows (amounts in thousands):

		Purchases		Sales
California Municipal Fund	$	83,398	$	84,215
Core Plus Bond Fund		1,771,828		1,977,878
Diversified International Fund		3,710,331		3,565,226
Equity Income Fund		523,331		688,895
Finisterre Unconstrained Emerging Markets
Bond Fund		154,572		83,216
Global Diversified Income Fund		3,290,389		4,167,329
Global Real Estate Securities Fund		655,939		420,458
Government & High Quality Bond Fund		100,219		123,742
High Yield Fund		601,531		773,037
High Yield Fund I		639,345		924,546
Income Fund		101,339		202,696
Inflation Protection Fund		40,398		32,171
International Emerging Markets Fund		673,084		742,103
International Fund I		154,913		182,493
LargeCap Growth Fund		264,176		299,061
LargeCap Growth Fund I		1,221,510		1,589,646
LargeCap S&P 500 Index Fund		78,029		70,959
LargeCap Value Fund III		442,307		474,660
MidCap Fund		996,435		2,242,214
MidCap Growth Fund		88,400		100,132
MidCap Growth Fund III		178,655		217,971
MidCap S&P 400 Index Fund		120,729		128,638
MidCap Value Fund I		305,337		337,876
Overseas Fund		615,106		698,657
Principal Capital Appreciation Fund		447,861		546,704
Principal LifeTime 2010 Fund		58,013		113,673
Principal LifeTime 2015 Fund		38,763		113,874
Principal LifeTime 2020 Fund		331,969		611,887
Principal LifeTime 2025 Fund		132,571		166,447
Principal LifeTime 2030 Fund		414,079		427,859
Principal LifeTime 2035 Fund		130,281		118,113
Principal LifeTime 2040 Fund		323,228		286,298
Principal LifeTime 2045 Fund		101,801		72,679
Principal LifeTime 2050 Fund		231,567		173,490
Principal LifeTime 2055 Fund		66,448		24,773
Principal LifeTime 2060 Fund		63,928		20,232
Principal LifeTime 2065 Fund		5,918		2,273
Principal LifeTime Hybrid 2015 Fund		57,869		15,207
Principal LifeTime Hybrid 2020 Fund		178,146		30,904
Principal LifeTime Hybrid 2025 Fund		105,510		29,491
Principal LifeTime Hybrid 2030 Fund		110,494		23,548
Principal LifeTime Hybrid 2035 Fund		66,082		15,614
Principal LifeTime Hybrid 2040 Fund		74,587		16,158
Principal LifeTime Hybrid 2045 Fund		42,699		11,582

166

	Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
7. Investment Transactions (continued)
	Purchases	Sales
Principal LifeTime Hybrid 2050 Fund	31,833	6,503
Principal LifeTime Hybrid 2055 Fund	12,989	4,644
Principal LifeTime Hybrid 2060 Fund	4,407	936
Principal LifeTime Hybrid 2065 Fund	1,818	4,031
Principal LifeTime Hybrid Income Fund	32,623	5,510
Principal LifeTime Strategic Income Fund	32,651	65,320
Real Estate Securities Fund	729,634	370,592
SAM Balanced Portfolio	251,078	317,279
SAM Conservative Balanced Portfolio	91,576	134,565
SAM Conservative Growth Portfolio	136,777	174,528
SAM Flexible Income Portfolio	81,756	124,009
SAM Strategic Growth Portfolio	119,044	131,522
Short-Term Income Fund	998,773	1,073,472
SmallCap Fund	122,101	131,300
SmallCap Growth Fund I	435,040	481,192
SmallCap S&P 600 Index Fund	109,499	99,353
SmallCap Value Fund II	383,722	434,368
Tax-Exempt Bond Fund	184,047	132,834

In addition, Global Diversified Income Fund had $24,733,000 of covers on securities sold short and $24,240,000 of securities sold short.

For the period ended April 30, 2019, the cost of U.S. government securities purchased and proceeds from U.S. government securities sold (not including short-term investments) by the Funds were as follows (amounts in thousands):

		Purchases		Sales
Core Plus Bond Fund	$	646,819	$	645,756
Global Diversified Income Fund		33,927		84,794
Government & High Quality Bond Fund		8,695		25,769
Income Fund		29,462		29,961
Inflation Protection Fund		534,413		575,480
Short-Term Income Fund		100,866		53,897
8. Federal Tax Information

Distributions to Shareholders. The federal income tax character of distributions paid for the periods ended April 30, 2019 and October 31, 2018 were as follows (amounts in thousands):

									Long-Term Capital  Gain
		Ordinary Income		Tax-Exempt Income								Return of Capital		Section 1250 Gain
		2019	2018		2019		2018	*	2019	2018	^	2019	2018	2019	2018		**
California Municipal Fund	$	— $	21 $		6,178	$	13,069		$ —	$ — $		— $	— $	— $		—
Core Plus Bond Fund		52,458	111,339		—		—		—	—		—	—	—		—
Diversified International Fund		199,986	217,968		—		—		500,759	—		—	—	—		—
Equity Income Fund		134,633	160,121		—		—		272,242	301,685		—	—	—		—
Finisterre Unconstrained Emerging
Markets Bond Fund		1,465	1,470		—		—		—	89		—	—	—		—
Global Diversified Income Fund		198,732	501,972		—		—		—	—		—	20,943	—		—
Global Real Estate Securities Fund		69,728	81,910		—		—		20,997	38,451		—	—	—		—
Government & High Quality Bond Fund		20,191	42,502		—		—		—	—		—	—	—		—
Government Money Market Fund		30,855	45,632		—		—		—	—		—	—	—		—
High Yield Fund		87,248	189,083		—		—		—	—		—	—	—		—
High Yield Fund I		117,859	79,675		—		—		—	—		—	—	—		—
Income Fund		50,191	105,983		—		—		—	—		—	—	—		—
Inflation Protection Fund		45,507	31,991		—		—		—	—		—	—	—		—
International Emerging Markets Fund		7,818	11,083		—		—		16,036	—		—	—	—		—
International Fund I		8,609	4,941		—		—		16,666	—		—	—	—		—
LargeCap Growth Fund		59,551	33,442		—		—		156,847	126,473		—	—	—		—
LargeCap Growth Fund I		42,164	46,194		—		—		874,774	699,763		—	—	—		—
LargeCap S&P 500 Index Fund		101,827	95,324		—		—		250,719	282,535		—	—	—		—
LargeCap Value Fund III		56,760	49,664		—		—		138,869	104,073		—	—	—		—
MidCap Fund		30,995	6,793		—		—		1,454,724	509,595		—	—	—		—
MidCap Growth Fund		—	—		—		—		23,588	6,493		—	—	—		—
MidCap Growth Fund III		13,876	45,424		—		—		86,221	88,476		—	—	—		—

167

			Notes to Financial Statements
			Principal Funds, Inc.
			April 30, 2019 (unaudited)
8 . Federal Tax Information (continued)
				Long-Term Capital
	Ordinary Income		Tax-Exempt Income		Gain		Return of Capital		Section 1250 Gain
	2019	2018	2019	2018*	2019	2018^	2019	2018	2019	2018**
MidCap S&P 400 Index Fund	23,489	20,138	—	—	97,507	78,891	—	—	—		—
MidCap Value Fund I	21,033	41,882	—	—	78,862	27,312	—	—	—		—
Money Market Fund	5,056	6,317	—	—	—	—	—	—		—	—
Overseas Fund	80,448	91,094	—	—	168,232	22,579	—	—		—	—
Principal Capital Appreciation Fund	48,045	26,468	—	—	499,595	139,907	—	—		—	—
Principal LifeTime 2010 Fund	21,708	28,315	—	—	39,824	20,691	—	—		—	—
Principal LifeTime 2015 Fund	12,766	18,127	—	—	27,095	27,606	—	—		—	—
Principal LifeTime 2020 Fund	111,711	147,706	—	—	173,468	149,329	—	—		—	—
Principal LifeTime 2025 Fund	38,206	47,540	—	—	51,224	33,176	—	—		—	—
Principal LifeTime 2030 Fund	127,286	174,296	—	—	266,809	195,250	—	—		—	—
Principal LifeTime 2035 Fund	28,419	33,448	—	—	54,385	37,275	—	—		—	—
Principal LifeTime 2040 Fund	82,305	105,321	—	—	217,878	156,406	—	—		—	—
Principal LifeTime 2045 Fund	18,363	21,725	—	—	38,409	19,745	—	—	—		—
Principal LifeTime 2050 Fund	44,587	57,743	—	—	118,254	69,120	—	—	—		—
Principal LifeTime 2055 Fund	8,223	8,928	—	—	15,241	4,712	—	—		—	—
Principal LifeTime 2060 Fund	6,048	5,916	—	—	8,929	1,288	—	—		—	—
Principal LifeTime 2065 Fund	312	1	—	—	—	—	—	—		—	—
Principal LifeTime Hybrid 2015 Fund	1,046	811	—	—	309	53	—	—		—	—
Principal LifeTime Hybrid 2020 Fund	3,076	2,725	—	—	1,727	416	—	—		—	—
Principal LifeTime Hybrid 2025 Fund	2,470	1,941	—	—	1,493	191	—	—		—	—
Principal LifeTime Hybrid 2030 Fund	3,270	2,622	—	—	2,294	488	—	—		—	—
Principal LifeTime Hybrid 2035 Fund	1,939	1,514	—	—	1,530	187	—	—		—	—
Principal LifeTime Hybrid 2040 Fund	2,170	1,811	—	—	2,076	332	—	—		—	—
Principal LifeTime Hybrid 2045 Fund	1,065	912	—	—	1,113	122	—	—		—	—
Principal LifeTime Hybrid 2050 Fund	1,085	810	—	—	1,065	192	—	—		—	—
Principal LifeTime Hybrid 2055 Fund	299	237	—	—	310	35	—	—	—		—
Principal LifeTime Hybrid 2060 Fund	107	50	—	—	54	6	—	—	—		—
Principal LifeTime Hybrid 2065 Fund	17	—	—	—	2	—	—	—		—	—
Principal LifeTime Hybrid Income Fund	674	549	—	—	85	13	—	—		—	—
Principal LifeTime Strategic Income
Fund	12,463	16,414	—	—	17,621	9,050	—	—		—	—
Real Estate Securities Fund	46,907	83,554	—	—	45,033	61,791	—	—	9,852		5,952
SAM Balanced Portfolio	70,581	103,998	—	—	294,943	237,975	—	—		—	—
SAM Conservative Balanced Portfolio	26,886	45,930	—	—	74,607	42,627	—	—		—	—
SAM Conservative Growth Portfolio	51,920	63,116	—	—	304,617	199,241	—	—		—	—
SAM Flexible Income Portfolio	44,855	75,502	—	—	96,517	17,649	—	—		—	—
SAM Strategic Growth Portfolio	39,353	35,390	—	—	264,503	97,586	—	—		—	—
Short-Term Income Fund	59,053	95,412	—	—	—	—	—	—		—	—
SmallCap Fund	20,127	8,544	—	—	63,611	43,013	—	—		—	—
SmallCap Growth Fund I	24,745	37,769	—	—	208,787	109,031	—	—	—		—
SmallCap S&P 600 Index Fund	19,037	24,675	—	—	122,562	60,277	—	—	—		—
SmallCap Value Fund II	29,939	34,197	—	—	135,930	85,444	—	—		—	—
Tax-Exempt Bond Fund	—	16	6,625	12,869	—	—	—	—		—	—

*The Funds designate these distributions as exempt interest per IRC Sec. 852(b)(5).

^ The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder’s taxable income).

**Unrecaptured Section 1250 gains are gains from the sale of depreciable property that are subject to a maximum tax rate of 25%.

Certain Funds may also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Distributable Earnings. As of October 31, 2018, the components of total distributable earnings (accumulated loss) on a federal tax basis were as follows (amounts in thousands):

																Total
	Undistributed		Undistributed        Undistributed								Net Unrealized			Other		Accumulated
		Ordinary	Tax-Exempt		Long-Term		Accumulated				Appreciation			Temporary		Earnings
		Income		Income	Capital Gains			Losses			(Depreciation)			Differences*		(Deficit)
California Municipal Fund	$	—	$	163	$	—	$	(13,568	)	$	(80	)	$	—	$	(13,485	)
Core Plus Bond Fund		3,984		—		—		(68,930	)		(119,298	)		1,224		(183,020	)
Diversified International Fund		181,939		—	500,741			—			266,990			—		949,670
Equity Income Fund		66,784		—	272,240			—			2,302,769			—		2,641,793

168

				Notes to Financial Statements
				Principal Funds, Inc.
				April 30, 2019 (unaudited)
8. Federal Tax Information (continued)
															Total
		Undistributed		Undistributed		Undistributed				Net Unrealized			Other		Accumulated
	Ordinary			Tax-Exempt		Long-Term		Accumulated			Appreciation		Temporary		Earnings
	Income			Income	Capital Gains		Losses				(Depreciation)		Differences*		(Deficit)
Finisterre Unconstrained Emerging Markets
Bond Fund		380		—		—		(201	)		(844	)	3		(662	)
Global Diversified Income Fund		—		—		—	(156,087		)		(424,946	)	(11,160	)	(592,193	)
Global Real Estate Securities Fund	39,867			—		20,967		—			32,958		—		93,792
Government & High Quality Bond Fund		160		—		—	(74,468		)		(75,462	)	—		(149,770	)
High Yield Fund		4,430		—		—	(97,270		)	(152,471		)	(5,927	)	(251,238	)
High Yield Fund I		1,690		—		—	(42,984		)		(89,680	)	(683	)	(131,657	)
Income Fund		6,818		—		—	(48,115		)		(67,023	)	282		(108,038	)
Inflation Protection Fund	40,082			—		—	(30,397		)		(72,580	)	(6,885	)	(69,780	)
International Emerging Markets Fund		7,465		—		16,035		—			(17,532	)	(525	)	5,443
International Fund I		7,791		—		16,665		—			5,606		—		30,062
LargeCap Growth Fund	59,350			—	156,842			—			62,363		—		278,555
LargeCap Growth Fund I	29,604			—	748,323			—		2,519,047			—		3,296,974
LargeCap S&P 500 Index Fund	79,307			—	250,701			—		2,298,301			—		2,628,309
LargeCap Value Fund III	48,413			—	139,035			—			156,975		—		344,423
MidCap Fund	22,993			—	1,454,711			—		3,449,851			—		4,927,555
MidCap Growth Fund		—		—		23,586		(767	)		17,768		—		40,587
MidCap Growth Fund III	16,192			—		86,414		(2,461	)		128,692		—		228,837
MidCap S&P 400 Index Fund	19,703			—		98,227		—			210,729		—		328,659
MidCap Value Fund I	18,431			—		79,080		—			22,527		—		120,038
Overseas Fund	73,706			—	168,213			—			(164,872	)	—		77,047
Principal Capital Appreciation Fund	41,981			—	499,594			—			740,814		—		1,282,389
Principal LifeTime 2010 Fund		9,760		—		39,822		—			56,790		—		106,372
Principal LifeTime 2015 Fund		5,326		—		27,090		—			77,091		—		109,507
Principal LifeTime 2020 Fund	40,928			—	173,443			—			521,298		—		735,669
Principal LifeTime 2025 Fund	11,766			—		51,220		—			219,292		—		282,278
Principal LifeTime 2030 Fund	30,078			—	266,791			—			737,158		—		1,034,027
Principal LifeTime 2035 Fund		7,929		—		54,380		—			199,193		—		261,502
Principal LifeTime 2040 Fund	18,351			—	217,854			—			661,928		—		898,133
Principal LifeTime 2045 Fund		3,243		—		38,404		—			132,987		—		174,634
Principal LifeTime 2050 Fund		6,044		—	118,241			—			384,521		—		508,806
Principal LifeTime 2055 Fund		987		—		15,239		—			39,382		—		55,608
Principal LifeTime 2060 Fund		733		—		8,928		—			13,023		—		22,684
Principal LifeTime 2065 Fund		127		—		—		—			(428	)	—		(301	)
Principal LifeTime Hybrid 2015 Fund		220		—		309		—			228		—		757
Principal LifeTime Hybrid 2020 Fund		571		—		1,726		—			3,094		—		5,391
Principal LifeTime Hybrid 2025 Fund		246		—		1,493		—			643		—		2,382
Principal LifeTime Hybrid 2030 Fund		189		—		2,293		—			3,294		—		5,776
Principal LifeTime Hybrid 2035 Fund		188		—		1,529		—			697		—		2,414
Principal LifeTime Hybrid 2040 Fund		185		—		2,076		—			2,161		—		4,422
Principal LifeTime Hybrid 2045 Fund		74		—		1,113		—			720		—		1,907
Principal LifeTime Hybrid 2050 Fund		53		—		1,065		—			1,209		—		2,327
Principal LifeTime Hybrid 2055 Fund		17		—		310		—			59		—		386
Principal LifeTime Hybrid 2060 Fund		6		—		54		—			(99	)	—		(39	)
Principal LifeTime Hybrid 2065 Fund		5		—		2		—			(253	)	—		(246	)
Principal LifeTime Hybrid Income Fund		189		—		85		—			(146	)	—		128
Principal LifeTime Strategic Income Fund		6,421		—		17,620		—			20,026		—		44,067
Real Estate Securities Fund	11,614		^	—		54,829		—			649,356		—		715,799
SAM Balanced Portfolio	14,085			—	294,935			—			522,586		—		831,606
SAM Conservative Balanced Portfolio		3,807		—		74,597		—			103,099		—		181,503
SAM Conservative Growth Portfolio	19,582			—	304,606			—			378,321		—		702,509
SAM Flexible Income Portfolio		3,299		—		96,501		—			17,643		—		117,443
SAM Strategic Growth Portfolio	20,839			—	264,501			—			140,745		—		426,085
Short-Term Income Fund		1,660		—		—	(27,028		)		(41,158	)	—		(66,526	)
SmallCap Fund	19,527			—		63,576		—			60,376		—		143,479
SmallCap Growth Fund I	24,733			—	174,490			—			236,845		—		436,068
SmallCap S&P 600 Index Fund	15,356			—	123,272			—			238,905		—		377,533
SmallCap Value Fund II	26,204			—	135,928			—			(21,566	)	—		140,566
Tax-Exempt Bond Fund		—		170		—		(9,502	)		(3,039	)	—		(12,371	)

*	Represents book-to-tax accounting differences.
^	Undistributed Ordinary Income reported includes $9,092 of undistributed Section 1250 Capital Gains.

Distributable earnings reflect certain limitations imposed by Sections 381-384 of the Internal Revenue Code.

169

Notes to Financial Statements
Principal Funds, Inc.
April 30, 2019 (unaudited)

8. Federal Tax Information (continued)

Capital Loss Carryforwards. For federal income tax purposes, capital loss carryforwards are losses that can be used to offset future capital gains of the Funds. At October 31, 2018, the Funds had approximate net capital loss carryforwards as follows (amounts in thousands):

				No Expiration
		Expiring in 2019		Short-Term		Long-Term		Total
California Municipal Fund	$	6,663	$	5,279	$	1,626	$	13,568
Core Plus Bond Fund		20,017		40,325		8,588		68,930
Finisterre Unconstrained Emerging
Markets Bond Fund		—		201		—		201
Global Diversified Income Fund		—		140,218		15,869		156,087
Government & High Quality Bond
Fund		—		6,405		68,063		74,468
High Yield Fund		—		4,781		92,489		97,270
High Yield Fund I		—		4,817		38,167		42,984
Income Fund		13,420		1,533		33,162		48,115
Inflation Protection Fund		—		1,430		28,967		30,397
Short-Term Income Fund		—		15,590		11,438		27,028
Tax-Exempt Bond Fund		2,371		6,074		1,057		9,502

Capital losses generated in taxable years beginning after the enactment date of the Regulated Investment Company Modernization Act of 2010 on December 22, 2010, will be carried forward with no expiration and with the character of the loss retained. These capital losses must by fully utilized before the pre-enactment capital loss carryforwards with expiration years listed in the table above.

As of October 31, 2018, the following funds had expired and utilized capital loss carryforwards as follows (amounts in thousands):

		Expired		Utilized
California Municipal Fund	$	3,189	$	—
Global Real Estate Securities Fund		–		118
High Yield Fund		–		15,755
Income Fund		8,587		8,365
International Emerging Markets Fund		–		55,476
International Fund I		–		9,782
Tax-Exempt Bond Fund		3,432		—

Late-Year Losses. A regulated investment company may elect to treat any portion of its qualified late-year loss as arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which occur during the portion of the fund’s taxable year subsequent to October 31 and December 31, respectively. At October 31, 2018, the MidCap Growth Fund had approximate late-year ordinary losses of $767,000 and MidCap Growth Fund III had approximate late-year ordinary losses of $2,461,000.

Reclassification of Capital Accounts. The Funds may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Funds. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Funds’ distributions may be shown in the accompanying statements of changes in net assets as from net investment income and net realized gain on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2018, the Funds recorded reclassifications as follows (amounts in thousands):

	Total Distributable
	Earnings (Accumulated					Capital Shares and
		Loss)		Additional Paid-in-Capital
California Municipal Fund	$	3,189			$	(3,189		)
Diversified International Fund		(46,116	)			46,116
Equity Income Fund		(31,983	)			31,983
Global Real Estate Securities Fund		(1,716	)				1,716
Income Fund		8,587				(8,587		)
International Emerging Markets Fund		(4,891	)				4,891
International Fund I		(3,360	)				3,360
LargeCap Growth Fund		(143,280	)			143,280
LargeCap Growth Fund I		(51,371	)			51,371
LargeCap S&P 500 Index Fund		(34,917	)			34,917
LargeCap Value Fund III		(12,859	)			12,859
MidCap Fund		(122,103	)			122,103
MidCap Growth Fund		(1,489	)				1,489
MidCap Growth Fund III		(10,146	)			10,146
MidCap S&P 400 Index Fund		(17,276	)			17,276
MidCap Value Fund I		(10,448	)			10,448

170

	Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
8. Federal Tax Information (continued)
	Total Distributable
	Earnings (Accumulated			Capital Shares and
		Loss)		Additional Paid-in-Capital
Overseas Fund		(22,466	)	22,466
Principal Capital Appreciation Fund		(121,154	)	121,154
Principal LifeTime 2010 Fund		(5,560	)		5,560
Principal LifeTime 2015 Fund		(5,291	)		5,291
Principal LifeTime 2020 Fund		(27,691	)	27,691
Principal LifeTime 2025 Fund		(6,285	)		6,285
Principal LifeTime 2030 Fund		(40,753	)	40,753
Principal LifeTime 2035 Fund		(7,519	)		7,519
Principal LifeTime 2040 Fund		(34,237	)	34,237
Principal LifeTime 2045 Fund		(5,246	)		5,246
Principal LifeTime 2050 Fund		(19,895	)	19,895
Principal LifeTime 2055 Fund		(1,948	)		1,948
Principal LifeTime 2060 Fund		(1,519	)		1,519
Principal LifeTime 2065 Fund		(44	)		44
Principal LifeTime Hybrid 2015 Fund		(133	)		133
Principal LifeTime Hybrid 2020 Fund		(421	)		421
Principal LifeTime Hybrid 2025 Fund		(245	)		245
Principal LifeTime Hybrid 2030 Fund		(493	)		493
Principal LifeTime Hybrid 2035 Fund		(356	)		356
Principal LifeTime Hybrid 2040 Fund		(402	)		402
Principal LifeTime Hybrid 2045 Fund		(213	)		213
Principal LifeTime Hybrid 2050 Fund		(179	)		179
Principal LifeTime Hybrid 2055 Fund		(64	)		64
Principal LifeTime Hybrid 2060 Fund		(19	)		19
Principal LifeTime Hybrid Income Fund		(91	)		91
Principal LifeTime Strategic Income Fund		(2,512	)		2,512
Real Estate Securities Fund		(18,800	)	18,800
SAM Balanced Portfolio		(35,906	)	35,906
SAM Conservative Balanced Portfolio		(10,015	)	10,015
SAM Conservative Growth Portfolio		(33,736	)	33,736
SAM Flexible Income Portfolio		(11,331	)	11,331
SAM Strategic Growth Portfolio		(26,545	)	26,545
SmallCap Fund		(5,494	)	5,494
SmallCap Growth Fund I		(11,010	)	11,010
SmallCap S&P 600 Index Fund		(17,360	)	17,360
SmallCap Value Fund II		22,932		(22,932		)
Tax-Exempt Bond Fund		3,432		(3,432		)

Federal Income Tax Basis. At April 30, 2019, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the Funds were as follows (amounts in thousands):

									Cost for Federal
		Unrealized		Unrealized			Net Unrealized			Income Tax
		Appreciation	(Depreciation)			Appreciation/(Depreciation)				Purposes
California Municipal Fund*	$	17,698	$	(1,416	)	$	16,282		$	404,847
Core Plus Bond Fund		48,613		(43,031	)		5,582			3,368,587
Diversified International Fund		1,570,914		(339,844	)		1,231,070			10,623,829
Equity Income Fund		2,957,459		(119,578	)		2,837,881			4,576,016
Finisterre Unconstrained Emerging Markets Bond Fund		1,632		(1,091	)		541			106,197
Global Diversified Income Fund		278,370		(294,004	)		(15,634	)		7,638,038
Global Real Estate Securities Fund		440,768		(92,527	)		348,241			3,256,613
Government & High Quality Bond Fund		16,739		(41,770	)		(25,031	)		1,524,238
Government Money Market Fund		—		—			—			3,106,842
High Yield Fund		66,577		(158,998	)		(92,421	)		3,010,960
High Yield Fund I		65,982		(71,050	)		(5,068	)		3,472,621
Income Fund		80,367		(61,040	)		19,327			2,903,344
Inflation Protection Fund		35,934		(33,939	)		1,995			1,597,072
International Emerging Markets Fund		81,953		(21,301	)		60,652			670,241
International Fund I		56,573		(11,674	)		44,899			338,756
LargeCap Growth Fund		128,002		(6,423	)		121,579			452,254
LargeCap Growth Fund I		3,262,562		(114,863	)		3,147,699			5,895,943
LargeCap S&P 500 Index Fund		2,920,845		(192,459	)		2,728,386			3,307,834
LargeCap Value Fund III		346,799		(110,212	)		236,587			1,887,139
MidCap Fund		5,819,978		(179,364	)		5,640,614			10,462,981

171

		Notes to Financial Statements
		Principal Funds, Inc.
		April 30, 2019 (unaudited)
8. Federal Tax Information (continued)
									Cost for Federal
		Unrealized		Unrealized			Net Unrealized			Income Tax
		Appreciation	(Depreciation)			Appreciation/(Depreciation)				Purposes
MidCap Growth Fund	$	41,813	$	(2,065	)	$	39,748		$	147,452
MidCap Growth Fund III		279,532		(34,120	)		245,412			870,285
MidCap S&P 400 Index Fund		389,690		(104,397	)		285,293			1,129,001
MidCap Value Fund I		181,900		(61,306	)		120,594			2,410,829
Money Market Fund		—		—			—			503,390
Overseas Fund		245,223		(299,562	)		(54,339	)		2,967,548
Principal Capital Appreciation Fund		835,380		(12,805	)		822,575			1,019,208
Principal LifeTime 2010 Fund		80,466		(14,349	)		66,117			697,988
Principal LifeTime 2015 Fund		78,658		(3,090	)		75,568			344,042
Principal LifeTime 2020 Fund		652,800		(91,399	)		561,401			3,611,189
Principal LifeTime 2025 Fund		258,609		(21,921	)		236,688			1,331,102
Principal LifeTime 2030 Fund		918,773		(121,464	)		797,309			4,753,798
Principal LifeTime 2035 Fund		228,623		(17,070	)		211,553			1,041,585
Principal LifeTime 2040 Fund		768,439		(69,712	)		698,727			3,120,576
Principal LifeTime 2045 Fund		155,814		(14,980	)		140,834			762,760
Principal LifeTime 2050 Fund		448,668		(43,814	)		404,854			1,854,573
Principal LifeTime 2055 Fund		55,226		(10,840	)		44,386			404,578
Principal LifeTime 2060 Fund		28,086		(10,435	)		17,651			318,710
Principal LifeTime 2065 Fund		532		(650	)		(118	)		13,865
Principal LifeTime Hybrid 2015 Fund		5,741		(731	)		5,010			93,224
Principal LifeTime Hybrid 2020 Fund		21,460		(1,656	)		19,804			286,827
Principal LifeTime Hybrid 2025 Fund		13,478		(2,435	)		11,043			199,480
Principal LifeTime Hybrid 2030 Fund		18,747		(3,143	)		15,604			242,587
Principal LifeTime Hybrid 2035 Fund		10,648		(2,436	)		8,212			145,907
Principal LifeTime Hybrid 2040 Fund		14,124		(2,600	)		11,524			164,507
Principal LifeTime Hybrid 2045 Fund		7,255		(1,584	)		5,671			88,419
Principal LifeTime Hybrid 2050 Fund		6,581		(1,582	)		4,999			79,561
Principal LifeTime Hybrid 2055 Fund		2,087		(610	)		1,477			26,274
Principal LifeTime Hybrid 2060 Fund		578		(257	)		321			8,990
Principal LifeTime Hybrid 2065 Fund		59		(44	)		15			2,169
Principal LifeTime Hybrid Income Fund		2,236		(315	)		1,921			53,483
Principal LifeTime Strategic Income Fund		34,367		(7,048	)		27,319			385,632
Real Estate Securities Fund		1,131,169		(61,484	)		1,069,685			3,380,840
SAM Balanced Portfolio		744,947		(61,517	)		683,430			3,881,755
SAM Conservative Balanced Portfolio		180,050		(24,505	)		155,545			1,529,267
SAM Conservative Growth Portfolio		541,226		(31,212	)		510,014			2,549,022
SAM Flexible Income Portfolio		154,718		(44,347	)		110,371			2,503,165
SAM Strategic Growth Portfolio		262,503		(22,025	)		240,478			1,653,193
Short-Term Income Fund		41,695		(18,449	)		23,246			4,799,226
SmallCap Fund		151,779		(46,346	)		105,433			588,634
SmallCap Growth Fund I		501,430		(89,880	)		411,550			1,511,091
SmallCap S&P 600 Index Fund		389,447		(153,769	)		235,678			1,109,610
SmallCap Value Fund II		136,058		(72,504	)		63,554			1,033,416
Tax-Exempt Bond Fund*		15,363		(3,004	)		12,359			416,667

* The Fund holds floating rate securities which are accounted for differently for U.S. GAAP vs. federal income tax purposes. This causes a difference in cost basis and fair market value of investments for tax and U.S. GAAP purposes.

9. Subsequent Events

Management has evaluated events and transactions that have occurred through the date the financial statements were issued that would merit recognition or disclosure in the financial statements. On June 11, 2019, the Board of Directors approved a Proposed Merger of the LargeCap Growth Fund by the LargeCap Growth Fund I. The Proposed Merger, if approved by shareholders, is expected to occur on October 11, 2019. There were no additional items requiring adjustment of the financial statements or additional disclosure.

172

Schedule of Investments
California Municipal Fund
April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 0.02%	Shares Held Value (000's)						Principal
Exchange-Traded Funds - 0.02%					MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
iShares California Muni Bond ETF		1,000	$	60	California (continued)
TOTAL INVESTMENT COMPANIES		$		60	California Statewide Communities Development
		Principal			Authority   (continued)
MUNICIPAL BONDS - 99.12%	Amount (000's) Value (000's)				5.00%, 02/01/2030	$	2,775	$	3,103
California - 98.22%					5.00%, 11/01/2032(d)		1,135		1,309
Abag Finance Authority for Nonprofit Corps					5.00%, 05/15/2034		4,855		5,522
5.00%, 08/01/2043	$	1,500	$	1,656	5.00%, 12/01/2036(d)		5,000		5,492
Alameda Community Improvement Commission					5.00%, 09/02/2038		3,000		3,342
Successor Agency  (credit support from BAM)					5.00%, 09/02/2039(e)		1,000		1,117
5.00%, 09/01/2031(a)		1,000		1,142	5.00%, 05/15/2040		3,500		3,923
Alameda Corridor Transportation Authority					5.00%, 12/01/2041(d)		1,000		1,091
5.00%, 10/01/2034		8,805		9,981	5.00%, 09/02/2048(e)		1,000		1,101
5.00%, 10/01/2036		4,250		4,792	5.25%, 12/01/2034		3,500		3,876
Alameda Unified School District-Alameda					5.25%, 12/01/2038(d)		1,000		1,140
County/CA					5.25%, 12/01/2043(d)		2,000		2,255
5.00%, 08/01/2032		1,795		2,097	7.25%, 11/15/2041(d)		1,500		1,541
Alum Rock Union Elementary School District					California Statewide Communities Development
5.25%, 08/01/2043		1,000		1,120	Authority  (credit support from FHA INS)
California Educational Facilities Authority					6.25%, 08/01/2024(a)		775		784
5.00%, 10/01/2036		1,000		1,161	California Statewide Financing Authority
5.00%, 10/01/2045		1,000		1,140	6.00%, 05/01/2043		2,050		2,062
5.00%, 05/01/2049		1,450		2,030	6.00%, 05/01/2043		1,550		1,559
5.38%, 04/01/2034		1,000		1,036	Chino Valley Unified School District
California Health Facilities Financing Authority					5.25%, 08/01/2047		2,000		2,380
5.00%, 08/15/2031		2,700		3,233	City of Atwater CA Wastewater Revenue  (credit
5.00%, 08/15/2033		1,750		2,060	support from AGM)
5.00%, 08/15/2034		2,000		2,369	5.00%, 05/01/2043(a)		1,000		1,162
5.00%, 02/01/2035		2,000		2,250	City of Compton CA Water Revenue
5.00%, 11/15/2046(b)		4,504		5,090	6.00%, 08/01/2039		1,250		1,259
5.00%, 11/15/2048		2,785		3,225	City of Irvine CA
5.75%, 09/01/2039		2,000		2,028	5.00%, 09/01/2049		2,000		2,154
6.00%, 07/01/2039		2,000		2,014	City of Los Angeles CA Wastewater System
California Health Facilities Financing					Revenue
Authority  (credit support from CA MTG INS)					5.00%, 06/01/2034		2,000		2,331
5.00%, 07/01/2035(a)		1,000		1,156	City of Los Angeles Department of Airports
California Municipal Finance Authority					5.00%, 05/15/2026		1,000		1,182
5.00%, 05/15/2033		1,000		1,171	5.00%, 05/15/2026		3,500		4,210
5.00%, 05/15/2034		1,000		1,167	5.00%, 05/15/2028		3,000		3,717
5.00%, 12/31/2034		3,550		4,134	5.00%, 05/15/2036		1,500		1,704
5.00%, 12/31/2036		3,000		3,470	5.00%, 05/15/2042		1,200		1,365
5.25%, 11/01/2036		4,000		4,469	5.00%, 05/15/2044(b)		3,100		3,595
California Pollution Control Financing Authority					5.00%, 05/15/2047		3,500		4,021
3.00%, 11/01/2025		10,500		10,771	City of Oroville CA
3.25%, 12/01/2027(c)		2,000		2,083	5.25%, 04/01/2039		1,000		1,146
4.30%, 07/01/2040		3,400		3,643	5.25%, 04/01/2049		2,500		2,827
5.00%, 07/01/2029(d)		1,000		1,243	5.25%, 04/01/2054		3,000		3,383
5.00%, 07/01/2030(d)		2,000		2,151	City of Riverside CA Sewer Revenue
5.00%, 07/01/2037(d)		10,000		10,611	5.00%, 08/01/2040		4,000		4,577
5.00%, 07/01/2039(d)		1,000		1,162	City of San Francisco CA Public Utilities
5.00%, 11/21/2045(d)		1,500		1,724	Commission Water Revenue
California Public Finance Authority					5.00%, 11/01/2034		1,800		2,155
2.08%, 08/01/2052(c)		6,000		6,000	5.00%, 11/01/2036		2,010		2,181
5.00%, 07/01/2047(d)		1,000		1,031	City of Vernon CA Electric System Revenue
California School Finance Authority					5.13%, 08/01/2021		280		283
5.00%, 07/01/2035(d)		1,925		2,132	5.13%, 08/01/2021		805		811
5.00%, 08/01/2036(d)		1,170		1,282	Coachella Valley Unified School District/
5.00%, 08/01/2038(d)		1,000		1,129	CA  (credit support from AGM)
California State Public Works Board					0.00%, 08/01/2039(a),(f)		4,000		1,984
5.00%, 11/01/2037		1,375		1,509	Compton Public Finance Authority
5.00%, 10/01/2039		4,500		5,071	4.50%, 09/01/2032(d)		8,000		8,178
California State University					County of Sacramento CA Airport System
5.00%, 11/01/2037		2,000		2,373	Revenue
5.25%, 11/01/2038		2,000		2,000	5.00%, 07/01/2036		1,350		1,574
California Statewide Communities Development					5.00%, 07/01/2037		2,000		2,364
Authority					Dinuba Redevelopment Agency  (credit support
4.00%, 02/01/2022		830		862	from BAM)
4.00%, 02/01/2025		940		1,010	5.00%, 09/01/2033(a)		2,000		2,294
4.00%, 07/01/2048		1,800		1,867
5.00%, 10/01/2028		1,875		2,128

See accompanying notes.

173

Schedule of Investments California Municipal Fund April 30, 2019 (unaudited)

		Principal					Principal
MUNICIPAL BONDS (continued)	Amount (000’s)    Value (000’s)				MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
California (continued)					California (continued)
East Bay Municipal Utility District Water System					Pomona Unified School District  (credit support
Revenue					from NATL)
3.00%, 06/01/2037	$	10	$	10	6.15%, 08/01/2030(a)	$	1,000	$	1,133
5.00%, 06/01/2036		1,000		1,039	Port Commission of the City & County of San
El Monte Union High School District  (credit					Francisco
support from AGC)					4.00%, 03/01/2035		1,000		1,048
5.50%, 06/01/2034(a)		2,000		2,007	Port of Los Angeles
Escondido Union High School District					5.00%, 08/01/2032		1,740		1,980
0.00%, 08/01/2041(f)		1,000		451	Poway Unified School District
Foothill-De Anza Community College District					0.00%, 08/01/2036(f)		4,000		2,366
5.00%, 08/01/2040		1,500		1,621	Regents of the University of California Medical
Golden State Tobacco Securitization Corp					Center Pooled Revenue
5.00%, 06/01/2026		1,000		1,160	2.05%, 05/15/2047(c)		5,000		5,000
5.00%, 06/01/2028		7,000		8,140	5.00%, 05/15/2035		4,540		5,296
5.25%, 06/01/2047		7,500		7,546	Rialto Redevelopment Agency
5.30%, 06/01/2037		9,000		9,157	5.00%, 09/01/2037		1,000		1,191
Golden State Tobacco Securitization Corp  (credit					Richmond Joint Powers Financing Authority
support from ST APPROP)					6.25%, 07/01/2024		1,000		1,008
5.00%, 06/01/2033(a)		2,000		2,290	Ripon Unified School District  (credit support
Indio Redevelopment Agency Successor Agency					from BAM)
5.63%, 08/15/2035		330		331	0.00%, 08/01/2033(a),(f)		855		465
Inland Valley Development Agency					Ripon Unified School District -
5.25%, 09/01/2037		1,000		1,133	Unrefunded  (credit support from BAM)
La Verne Public Financing Authority					0.00%, 08/01/2033(a),(f)		255		134
7.25%, 09/01/2026		650		652	Riverside Community Properties Development
Lancaster Redevelopment Agency Successor					Inc
Agency					6.00%, 10/15/2038		1,000		1,196
6.88%, 08/01/2039		545		552	Riverside County Public Financing
Long Beach Bond Finance Authority					Authority  (credit support from BAM)
5.00%, 11/15/2035		2,915		3,656	5.00%, 10/01/2029(a)		1,500		1,773
5.50%, 11/15/2030		1,010		1,288	Riverside County Transportation Commission
Los Angeles County Public Works Financing					5.00%, 06/01/2032		1,500		1,557
Authority					Sacramento Area Flood Control Agency
5.00%, 12/01/2033		2,000		2,328	5.00%, 10/01/2033		2,000		2,379
5.00%, 08/01/2042		1,400		1,529	Salinas Valley Solid Waste Authority  (credit
5.00%, 12/01/2045(b)		5,500		6,230	support from AGM)
Los Angeles County Sanitation Districts					5.50%, 08/01/2031(a)		1,500		1,741
Financing Authority					San Diego Association of Governments South
5.00%, 10/01/2035		4,500		5,209	Bay Expressway Revenue
Los Angeles Department of Water & Power					5.00%, 07/01/2036		1,500		1,777
Power System Revenue  (credit support from LOS					5.00%, 07/01/2037		2,300		2,717
ANGELES CALIF WTR & PWR RE)					San Diego Convention Center Expansion
2.00%, 07/01/2034(a),(c)		8,500		8,500	Financing Authority
Los Angeles Unified School District/CA					5.00%, 04/15/2025		5,000		5,497
5.00%, 07/01/2029		2,000		2,011	San Diego County Regional Airport Authority
Marin Healthcare District					5.00%, 07/01/2042		5,000		5,743
5.00%, 08/01/2034		1,000		1,171	San Diego Public Facilities Financing Authority
Merced Union High School District					5.38%, 08/01/2034		2,000		2,019
0.00%, 08/01/2032(f)		3,380		2,313	San Diego Redevelopment Agency Successor
Norco Community Redevelopment Agency					Agency
Successor Agency  (credit support from BAM)					6.40%, 09/01/2019		275		276
5.00%, 03/01/2032(a)		1,000		1,133	San Francisco Bay Area Rapid Transit District
Norco Financing Authority  (credit support from					Sales Tax Revenue
AGM)					5.00%, 07/01/2028		1,755		1,827
5.63%, 10/01/2034(a)		1,000		1,016	San Francisco City & County Airport Comm-San
Norman Y Mineta San Jose International Airport					Francisco International Airport
SJC					5.00%, 05/01/2031		1,000		1,187
5.00%, 03/01/2041		6,000		6,875	5.00%, 05/01/2042		1,500		1,731
5.00%, 03/01/2047		1,500		1,730	San Francisco City & County Redevelopment
Oakland Unified School District/Alameda County					Financing Authority
5.00%, 08/01/2040		3,400		3,815	6.50%, 08/01/2039		1,000		1,013
Pittsburg Successor Agency Redevelopment					San Joaquin Hills Transportation Corridor Agency
Agency  (credit support from AGM)					5.00%, 01/15/2034		6,185		6,950
5.00%, 09/01/2028(a)		1,000		1,192	San Luis Obispo County Financing
5.00%, 09/01/2029(a)		1,000		1,188	Authority  (credit support from AGM)
Pittsburg Unified School District					5.00%, 08/01/2030(a)		1,000		1,068
5.00%, 08/01/2043		2,900		3,276

See accompanying notes.

174

Schedule of Investments California Municipal Fund April 30, 2019 (unaudited)

		Principal				(a)	Credit support indicates investments that benefit from credit enhancement or
MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)						liquidity support provided by a third party bank, institution, or government
California (continued)							agency.
San Luis Obispo County Financing						(b)	Security or portion of underlying security related to Inverse Floaters
Authority  (credit support from BAM)							entered into by the Fund.  See Notes to Financial Statements for additional
5.00%, 09/01/2037(a)	$	1,000	$	1,150			information.
Semitropic Improvement District						(c)	Certain variable rate securities are not based on a published reference rate
5.00%, 12/01/2038		2,000		2,040			and spread but are determined by the issuer or agent and are based on current
Southern California Public Power Authority							market conditions.  These securities do not indicate a reference rate and
5.00%, 11/01/2028		2,000		2,381			spread in their description. Rate shown is the rate in effect as of period end.
5.00%, 11/01/2029		2,480		2,971		(d)	Security exempt from registration under Rule 144A of the Securities Act of
5.25%, 07/01/2029		695		746			1933. These securities may be resold in transactions exempt from registration,
5.25%, 07/01/2031		695		746			normally to qualified institutional buyers. At the end of the period, the value of
State of California							these securities totaled $43,471 or 10.08% of net assets.
2.45%, 12/01/2031		620		615		(e)	Security purchased on a when-issued basis.
4.00%, 09/01/2033		2,080		2,286		(f)	Non-income producing security
5.00%, 09/01/2034		5,000		5,941		(g)	Floating rate securities. The interest rate(s) shown reflect the rates in effect at
5.00%, 02/01/2038		1,450		1,596			April 30, 2019.
5.00%, 04/01/2043		3,380		3,724
5.25%, 11/01/2040		1,500		1,571			Portfolio Summary  (unaudited)
6.00%, 03/01/2033		2,000		2,074		Sector		Percent
Stockton East Water District  (credit support from						Revenue Bonds		72.19	%
NATL)						General Obligation Unlimited		9.28	%
5.25%, 04/01/2022(a)		1,780		1,785		Insured		9.20	%
Stockton Unified School District  (credit support						Prerefunded		6.01	%
from AGM)						Special Assessment		1.32	%
5.00%, 08/01/2038(a)		1,500		1,686		Tax Allocation		0.62	%
Tobacco Securitization Authority of Southern						Special Tax		0.50	%
California						Investment Companies		0.02	%
5.13%, 06/01/2046		1,500		1,502		Liability For Floating Rate Notes Issued		(1.52	)%
Travis Unified School District  (credit support						Other Assets and Liabilities		2.38	%
from AGM)						TOTAL NET ASSETS		100.00	%
5.00%, 09/01/2029(a)		1,000		1,178
Tulare County Transportation Authority
5.00%, 02/01/2029		1,000		1,150
Tustin Public Financing Authority
5.00%, 04/01/2041		1,000		1,069
University of California
5.00%, 05/15/2044		1,000		1,119
Walnut Energy Center Authority
5.00%, 01/01/2035		1,225		1,250
West Valley-Mission Community College District
4.00%, 08/01/2044		3,000		3,266
Western Municipal Water District Facilities
Authority
5.00%, 10/01/2034		1,700		1,724
Woodland-Davis Clean Water Agency  (credit
support from AGM)
5.00%, 03/01/2039(a)		1,500		1,724
		$		423,742
Guam - 0.90%
Guam Government Waterworks Authority
5.00%, 01/01/2046		2,525		2,755
Port Authority of Guam
5.00%, 07/01/2048		1,000		1,127
		$		3,882
TOTAL MUNICIPAL BONDS		$		427,624
Total Investments		$		427,684
Liability for Floating Rate Notes Issued in Conjunction with
Securities Held - (1.52)%
Notes with interest rates of 2.10% - 2.18% at	$	(6,554	)	(6,554	)
April 30, 2019 and contractual maturity of
collateral of 2023-2025.(g)
Total Net Investments		$		421,130
Other Assets and Liabilities -  2.38%				10,278
TOTAL NET ASSETS - 100.00%		$		431,408

See accompanying notes.

175

Schedule of Investments
Core Plus Bond Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 0.03%	Shares Held     Value (000's)					Principal
Oil & Gas - 0.02%					BONDS (continued)	Amount (000’s) Value (000’s)
Chaparral Energy Inc - A Shares (a)		73,263	$	510	Aerospace & Defense (continued)
Oil & Gas Services - 0.01%					United Technologies Corp   (continued)
Patterson-UTI Energy Inc		23,284		317	4.63%, 11/16/2048	$	1,105	$	1,171
Retail - 0.00%					5.40%, 05/01/2035		585		659
Claire's Holdings LLC (a),(b),(c)		232		139			$		46,236
TOTAL COMMON STOCKS		$		966	Agriculture - 1.07%
INVESTMENT COMPANIES - 4.36%	Shares Held    Value (000's)				Altria Group Inc
Exchange-Traded Funds - 0.03%					3.13%, 06/15/2031	EUR	350		411
iShares iBoxx High Yield Corporate Bond ETF		3,000		261	4.00%, 01/31/2024	$	165		170
SPDR Bloomberg Barclays High Yield Bond ETF		14,500		526	4.50%, 05/02/2043		580		529
		$		787	4.80%, 02/14/2029		960		998
Money Market Funds - 4.33%					5.80%, 02/14/2039		955		1,021
Principal Government Money Market Fund	135,401,015			135,401	5.95%, 02/14/2049		595		643
2.38%(d),(e)					Aragvi Finance International DAC
TOTAL INVESTMENT COMPANIES		$		136,188	12.00%, 04/09/2024(g)		1,150		1,147
PREFERRED STOCKS - 0.13%	Shares Held    Value (000's)				BAT Capital Corp
					3.22%, 08/15/2024		1,890		1,850
Agriculture - 0.01%					3.28%, 08/14/2020		110		110
Pinnacle Operating Corp 0.00% (a),(b),(c)		925,862	$	315	3 Month USD LIBOR + 0.59%
Retail - 0.00%					4.54%, 08/15/2047		25		22
Claire's Stores 0.00% (a),(b),(c)		62		60	BAT International Finance PLC
Sovereign - 0.12%					0.88%, 10/13/2023	EUR	250		284
CoBank ACB 6.20%, 01/01/2025 (f)		35,000		3,619	2.25%, 01/16/2030		600		667
3 Month USD LIBOR + 3.74%					6.00%, 11/24/2034	GBP	200		332
TOTAL PREFERRED STOCKS		$		3,994	Imperial Brands Finance PLC
	Principal				3.38%, 02/26/2026	EUR	150		189
BONDS - 62.27%	Amount (000's)     Value (000's)				3.75%, 07/21/2022(g)	$	3,065		3,107
Advertising - 0.01%					4.88%, 06/07/2032	GBP	150		223
Lamar Media Corp					5.50%, 09/28/2026		100		152
5.00%, 05/01/2023	$	155	$	157	JBS Investments II GmbH
Outfront Media Capital LLC / Outfront Media					7.00%, 01/15/2026(g)	$	1,635		1,701
Capital Corp					Philip Morris International Inc
5.25%, 02/15/2022		115		116	1.88%, 02/25/2021		1,750		1,725
		$		273	2.38%, 08/17/2022		1,745		1,721
Aerospace & Defense - 1.48%					4.38%, 11/15/2041		280		277
Air 2 US					Pinnacle Operating Corp
8.63%, 10/01/2020(g)		19		19	9.00%, 05/15/2023(g)		1,329		572
Arconic Inc					Reynolds American Inc
5.40%, 04/15/2021		250		258	5.70%, 08/15/2035		3,035		3,207
Boeing Co/The					5.85%, 08/15/2045		480		497
2.70%, 05/01/2022(c),(h)		2,100		2,096	6.88%, 05/01/2020		9,940		10,300
3.10%, 05/01/2026(c),(h)		1,970		1,964	7.00%, 08/04/2041		1,475		1,660
3.20%, 03/01/2029		2,200		2,189			$		33,515
3.50%, 03/01/2039		1,490		1,419	Airlines - 0.85%
3.63%, 03/01/2048		1,620		1,531	American Airlines 2013-1 Class B Pass Through
3.90%, 05/01/2049(c),(h)		1,645		1,617	Trust
Bombardier Inc					5.63%, 07/15/2022(g)		197		201
6.13%, 01/15/2023(g)		1,480		1,482	American Airlines 2013-2 Class A Pass Through
7.50%, 03/15/2025(g)		1,445		1,450	Trust
7.88%, 04/15/2027(g)		410		413	4.95%, 07/15/2024		5,474		5,674
Lockheed Martin Corp					American Airlines 2014-1 Class A Pass Through
2.90%, 03/01/2025		3,775		3,748	Trust
3.35%, 09/15/2021		2,360		2,397	3.70%, 04/01/2028		1,301		1,308
3.55%, 01/15/2026		1,155		1,186	American Airlines 2015-1 Class A Pass Through
4.09%, 09/15/2052		1,345		1,362	Trust
Rockwell Collins Inc					3.38%, 11/01/2028		3,085		3,045
3.50%, 03/15/2027		150		149	American Airlines 2015-1 Class B Pass Through
TransDigm Inc					Trust
6.25%, 03/15/2026(g)		720		750	3.70%, 11/01/2024		184		182
6.50%, 07/15/2024		110		111	American Airlines 2016-3 Class A Pass Through
Triumph Group Inc					Trust
5.25%, 06/01/2022		385		380	3.25%, 04/15/2030		1,148		1,110
7.75%, 08/15/2025		1,680		1,676	American Airlines 2017-1 Class AA Pass Through
United Technologies Corp					Trust
2.80%, 05/04/2024		3,130		3,097	3.65%, 08/15/2030		2,025		2,043
3.10%, 06/01/2022		2,320		2,336	Avianca Holdings SA / Avianca Leasing LLC /
3.95%, 08/16/2025		4,235		4,425	Grupo Taca Holdings Ltd
4.13%, 11/16/2028		6,550		6,833	8.38%, 05/10/2020		250		247
4.45%, 11/16/2038		1,455		1,518

See accompanying notes.

176

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Airlines (continued)					Automobile Asset Backed Securities (continued)
Continental Airlines 2007-1 Class A Pass Through					Drive Auto Receivables Trust 2019-1
Trust					2.86%, 09/15/2021	$	5,000	$	5,002
5.98%, 10/19/2023	$	1,383	$	1,457	1.00 x 1 Month USD LIBOR + 0.39%
Continental Airlines 2012-1 Class A Pass Through					Enterprise Fleet Financing LLC
Trust					2.13%, 05/22/2023(g)		1,265		1,258
4.15%, 10/11/2025		3,597		3,693	Ford Credit Auto Owner Trust 2016-A
United Airlines 2014-2 Class A Pass Through					1.39%, 07/15/2020		29		29
Trust					Ford Credit Auto Owner Trust 2017-REV2
3.75%, 03/03/2028		1,948		1,969	2.36%, 03/15/2029(g)		500		493
United Airlines 2016-1 Class AA Pass Through					GM Financial Automobile Leasing Trust 2016-3
Trust					1.97%, 05/20/2020		575		575
3.10%, 01/07/2030		866		851	2.38%, 05/20/2020		1,250		1,249
United Airlines 2018-1 Class A Pass Through					GM Financial Automobile Leasing Trust 2017-1
Trust					2.48%, 08/20/2020		3,500		3,493
3.70%, 09/01/2031		2,235		2,175	2.74%, 08/20/2020		3,600		3,599
United Airlines 2018-1 Class AA Pass Through					GM Financial Automobile Leasing Trust 2017-3
Trust					2.73%, 01/21/2020		153		153
3.50%, 09/01/2031		1,474		1,463	1.00 x 1 Month USD LIBOR + 0.24%
US Airways 2001-1G Pass Through Trust					GM Financial Automobile Leasing Trust 2018-2
7.08%, 09/20/2022		48		51	2.71%, 07/20/2020		3,601		3,602
US Airways 2013-1 Class A Pass Through Trust					1.00 x 1 Month USD LIBOR + 0.22%
3.95%, 05/15/2027		1,038		1,057	GM Financial Automobile Leasing Trust 2019-2
		$		26,526	3.12%, 03/20/2023(c),(h)		2,725		2,725
Apparel - 0.01%					GM Financial Consumer Automobile Receivables
Hanesbrands Inc					Trust 2018-2
4.88%, 05/15/2026(g)		35		35	3.31%, 12/18/2023		2,250		2,262
Under Armour Inc					Hertz Fleet Lease Funding LP
3.25%, 06/15/2026		15		14	2.98%, 05/10/2032(g)		5,500		5,504
William Carter Co/The					1.00 x 1 Month USD LIBOR + 0.50%
5.63%, 03/15/2027(g)		300		310	3.13%, 04/10/2031(g)		6,180		6,188
		$		359	1.00 x 1 Month USD LIBOR + 0.65%
Automobile Asset Backed Securities - 4.64%					Hyundai Auto Lease Securitization Trust 2017-C
AmeriCredit Automobile Receivables 2015-4					2.64%, 03/16/2020(g)		2,172		2,172
2.11%, 01/08/2021		179		178	1.00 x 1 Month USD LIBOR + 0.17%
2.88%, 07/08/2021		1,950		1,951	Santander Drive Auto Receivables Trust 2016-2
AmeriCredit Automobile Receivables 2016-1					2.66%, 11/15/2021		2,702		2,701
2.89%, 01/10/2022		5,700		5,703	Santander Drive Auto Receivables Trust 2017-1
Americredit Automobile Receivables Trust 2016-4					2.58%, 05/16/2022		5,775		5,766
2.41%, 07/08/2022		7,000		6,975	Santander Drive Auto Receivables Trust 2018-2
AmeriCredit Automobile Receivables Trust					2.72%, 10/15/2020		556		556
2017-1					1.00 x 1 Month USD LIBOR + 0.25%
2.71%, 08/18/2022		3,000		3,000	3.35%, 07/17/2023		2,000		2,011
AmeriCredit Automobile Receivables Trust					Santander Drive Auto Receivables Trust 2018-3
2017-4					2.74%, 03/15/2021		4,537		4,538
2.66%, 05/18/2021		1,672		1,672	1.00 x 1 Month USD LIBOR + 0.27%
1.00 x 1 Month USD LIBOR + 0.18%					Santander Drive Auto Receivables Trust 2018-5
Americredit Automobile Receivables Trust 2018-2					2.70%, 07/15/2021		14,442		14,444
2.86%, 11/18/2021		5,878		5,884	1.00 x 1 Month USD LIBOR + 0.23%
Capital Auto Receivables Asset Trust 2018-2					Santander Drive Auto Receivables Trust 2019-1
3.02%, 02/22/2021(g)		1,325		1,327	2.74%, 01/18/2022		6,525		6,527
CarMax Auto Owner Trust					1.00 x 1 Month USD LIBOR + 0.27%
2.67%, 10/15/2021		7,126		7,123	3.42%, 04/15/2025		4,000		4,036
1.00 x 1 Month USD LIBOR + 0.20%					Santander Retail Auto Lease Trust 2017-A
CarMax Auto Owner Trust 2017-1					2.68%, 01/20/2022(g)		2,625		2,620
1.98%, 11/15/2021		142		142	2.76%, 03/20/2020(g)		1,923		1,923
Carmax Auto Owner Trust 2018-4					1.00 x 1 Month USD LIBOR + 0.27%
2.67%, 02/15/2022		5,100		5,100	Tesla Auto Lease Trust 2018-A
1.00 x 1 Month USD LIBOR + 0.20%					2.97%, 04/20/2020(g)		500		500
Chesapeake Funding II LLC					3.30%, 05/20/2020(g)		563		563
3.62%, 03/15/2028(g)		997		998	Tesla Auto Lease Trust 2018-B
1.00 x 1 Month USD LIBOR + 1.15%					3.71%, 08/20/2021(g)		2,260		2,284
Drive Auto Receivables Trust					4.12%, 10/20/2021(g)		3,000		3,032
3.00%, 11/15/2021		1,617		1,618	World Omni Auto Receivables Trust 2019-A
Drive Auto Receivables Trust 2018-5					3.02%, 04/15/2022		7,000		7,027
2.79%, 07/15/2021		6,394		6,396			$		144,899
1.00 x 1 Month USD LIBOR + 0.32%

See accompanying notes.

177

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal						Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)		Amount (000’s) Value (000’s)
Automobile Floor Plan Asset Backed Securities - 0.73%					Banks (continued)
Ford Credit Floorplan Master Owner Trust A					Bank of America Corp
3.04%, 01/15/2022	$	5,400	$	5,414	3.46%, 03/15/2025(k)		$	3,960	$	4,000
1.00 x 1 Month USD LIBOR + 0.57%					3 Month USD LIBOR + 0.97%
GMF Floorplan Owner Revolving Trust					3.50%, 05/17/2022(k)			1,300		1,315
1.96%, 05/17/2021(g)		250		250	3 Month USD LIBOR + 0.63%
2.79%, 09/15/2022(g)		17,000		17,014	3.97%, 02/07/2030(k)			4,815		4,919
1.00 x 1 Month USD LIBOR + 0.32%					3 Month USD LIBOR + 1.21%
		$		22,678	4.10%, 07/24/2023			1,975		2,065
Automobile Manufacturers - 0.79%					4.20%, 08/26/2024			6,800		7,055
BCD Acquisition Inc					4.27%, 07/23/2029(k)			2,330		2,435
9.63%, 09/15/2023(g)		90		96	3 Month USD LIBOR + 1.31%
Daimler Finance North America LLC					Barclays PLC
2.25%, 03/02/2020(g)		2,940		2,925	3.25%, 01/17/2033		GBP	150		186
2.70%, 08/03/2020(g)		5,470		5,456	4.84%, 05/09/2028		$	910		912
2.85%, 01/06/2022(g)		2,025		2,020	7.75%, 12/31/2049(f),(k)			380		393
Ford Motor Credit Co LLC					USD Swap Semi-Annual 5 Year + 4.84%
2.60%, 11/04/2019		1,275		1,274	BDO Unibank Inc
3.34%, 03/28/2022		1,725		1,706	2.95%, 03/06/2023			415		408
General Motors Co					BPCE SA
6.25%, 10/02/2043		1,020		1,075	2.50%, 07/15/2019			5,495		5,492
6.60%, 04/01/2036		1,820		1,993	5.25%, 04/16/2029		GBP	200		306
General Motors Financial Co Inc					CIT Group Inc
3.59%, 01/05/2023		5,485		5,390	4.13%, 03/09/2021		$	385		390
3 Month USD LIBOR + 0.99%					5.25%, 03/07/2025			185		197
3.85%, 01/05/2028		1,055		1,008	5.80%, 12/31/2049(f),(k)			1,225		1,230
3.95%, 04/13/2024		150		152	3 Month USD LIBOR + 3.97%
Navistar International Corp					6.13%, 03/09/2028			825		919
6.63%, 11/01/2025(g)		1,443		1,470	Citigroup Inc
Tesla Inc					1.50%, 07/24/2026(k)		EUR	500		580
5.30%, 08/15/2025(g)		80		68	3 Month Euro Interbank Offered Rate +
Toyota Motor Credit Corp					1.07%
2.95%, 04/13/2021		150		151	3.52%, 10/27/2028(k)		$	3,630		3,583
		$		24,784	3 Month USD LIBOR + 1.15%
Automobile Parts & Equipment - 0.05%					4.13%, 07/25/2028			2,045		2,077
American Axle & Manufacturing Inc					4.65%, 07/23/2048			2,260		2,438
6.25%, 04/01/2025		130		131	Cooperatieve Rabobank UA
Dana Inc					4.63%, 05/23/2029		GBP	250		369
5.50%, 12/15/2024		115		116	4.75%, 01/15/2020(g)		$	5,966		6,051
Goodyear Tire & Rubber Co/The					5.50%, 12/31/2049(f),(k)		EUR	425		499
5.13%, 11/15/2023		135		137	EUR Swap Annual (VS 6 Month) 5 Year
IHO Verwaltungs GmbH					+ 5.25	%
4.75%, PIK 5.50%, 09/15/2026(g),(i),(j)		5		5	Credit Suisse AG
Panther BF Aggregator 2 LP / Panther Finance					5.75%, 09/18/2025(k)			450		540
Co Inc					EUR Swap Annual (VS 6 Month) 5 Year
6.25%, 05/15/2026(g)		290		302	+ 4.00	%
Schaeffler Finance BV					Credit Suisse Group AG
4.75%, 05/15/2023(g)		445		450	2.13%, 09/12/2025(k)		GBP	150		191
Titan International Inc					GBP Swap SA (VS 6 Month) 1 Year +
6.50%, 11/30/2023		60		58	1.23	%
Weichai International Hong Kong Energy Group					DBS Group Holdings Ltd
Co Ltd					4.52%, 12/11/2028(g),(k)		$	4,155		4,313
3.75%, 12/31/2049(f),(k)		390		376	USD Swap Rate NY 5 Year + 1.59%
US Treasury Yield Curve Rate T Note					Deutsche Bank AG
Constant Maturity 5 Year + 6.08%					4.50%, 04/01/2025			400		374
		$		1,575	Discover Bank
Banks - 6.74%					3.10%, 06/04/2020			450		451
AKCB Finance Ltd					First Republic Bank/CA
4.75%, 10/09/2023		450		465	4.38%, 08/01/2046			950		915
Banco General SA					4.63%, 02/13/2047			5,100		5,118
4.13%, 08/07/2027(g)		350		346	Goldman Sachs Group Inc/The
Banco Santander SA					1.38%, 05/15/2024		EUR	500		576
2.50%, 03/18/2025	EUR	100		118	2.91%, 06/05/2023(k)		$	140		139
5.48%, 12/31/2049(f),(k)		600		672	3 Month USD LIBOR + 1.05%
EUR Swap Annual (VS 6 Month) 5 Year					3.63%, 02/20/2024			4,785		4,870
+ 5.41%					3.85%, 01/26/2027			5,463		5,504
					4.25%, 01/29/2026		GBP	200		286
					5.75%, 01/24/2022		$	8,865		9,508
					6.75%, 10/01/2037			2,865		3,536

See accompanying notes.

178

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Banks (continued)					Banks (continued)
HBOS PLC					State Street Corp
4.50%, 03/18/2030(k)	EUR	500	$	637	4.14%, 12/03/2029(k)	$	3,875	$	4,147
3 Month Euro Interbank Offered Rate +					3 Month USD LIBOR + 1.03%
1.37%					SunTrust Bank/Atlanta GA
HSBC Holdings PLC					4.05%, 11/03/2025		1,835		1,930
3.80%, 03/11/2025(k)	$	3,200		3,260	Svenska Handelsbanken AB
3 Month USD LIBOR + 1.21%					3.90%, 11/20/2023		3,875		4,033
4.25%, 03/14/2024		400		412	Synchrony Bank
Industrial & Commercial Bank of China Ltd					3.00%, 06/15/2022		4,525		4,493
4.88%, 09/21/2025		200		211	Toronto-Dominion Bank/The
Intesa Sanpaolo SpA					4.86%, 03/04/2031(k)	CAD	275		227
3.93%, 09/15/2026	EUR	300		354	Canada Bankers Acceptances 3 Month +
JPMorgan Chase & Co					3.49%
3.21%, 04/01/2023(k)	$	3,970		3,996	Turkiye Halk Bankasi AS
3 Month USD LIBOR + 0.70%					5.00%, 07/13/2021	$	350		311
3.70%, 05/06/2030(h),(k)		3,075		3,082	Turkiye Is Bankasi AS
3 Month USD LIBOR + 1.16%					5.50%, 04/21/2022		200		183
3.96%, 11/15/2048(k)		1,055		1,029	Turkiye Vakiflar Bankasi TAO
3 Month USD LIBOR + 1.38%					5.50%, 10/27/2021		200		188
4.35%, 08/15/2021		685		709	UBS AG
4.62%, 12/31/2049(f),(k)		825		782	4.75%, 02/12/2026(k)	EUR	250		300
3 Month USD LIBOR + 2.58%					EUR Swap Annual (VS 6 Month) 5 Year
4.95%, 06/01/2045		1,130		1,257	+ 3.40%
5.00%, 12/31/2049(f),(k)		40		40	UBS AG/London
3 Month USD LIBOR + 3.32%					4.50%, 06/26/2048(g)	$	1,450		1,614
5.50%, 10/15/2040		2,995		3,587	UBS AG/Stamford CT
JPMorgan Chase Bank NA					2.35%, 03/26/2020		5,135		5,121
2.60%, 02/01/2021(k)		470		469	UBS Group Funding Switzerland AG
3 Month USD LIBOR + 0.28%					5.75%, 12/31/2049(f),(k)	EUR	675		835
KeyBank NA/Cleveland OH					EUR Swap Annual (VS 6 Month) 5 Year
3.30%, 02/01/2022		2,250		2,284	+ 5.29%
Morgan Stanley					6.87%, 12/31/2049(f),(k)	$	4,365		4,506
4.43%, 01/23/2030(k)		2,380		2,519	USD Swap Rate NY 5 Year + 5.50%
3 Month USD LIBOR + 1.63%					US Bancorp
5.00%, 11/24/2025		3,395		3,670	3.38%, 02/05/2024		1,860		1,911
5.55%, 12/31/2049(f),(k)		1,651		1,687	Wells Fargo & Co
3 Month USD LIBOR + 3.81%					3.75%, 01/24/2024		5,410		5,567
5.75%, 01/25/2021		3,035		3,180	4.15%, 01/24/2029		4,455		4,633
6.38%, 07/24/2042		1,790		2,342	4.40%, 06/14/2046		1,565		1,572
MUFG Union Bank NA					Zions Bancorp NA
3.15%, 04/01/2022		3,000		3,028	3.50%, 08/27/2021		5,982		6,054
Popular Inc							$		210,778
6.13%, 09/14/2023		295		307	Beverages - 0.70%
Royal Bank of Canada					Anheuser-Busch Cos LLC / Anheuser-Busch
3.70%, 10/05/2023		5,945		6,142	InBev Worldwide Inc
Royal Bank of Scotland Group PLC					3.65%, 02/01/2026(g)		1,280		1,284
2.87%, 09/19/2026(k)	GBP	200		261	4.90%, 02/01/2046(g)		3,505		3,556
GBP Swap SA (VS 6 Month) 1 Year +					Anheuser-Busch InBev SA/NV
1.49%					2.75%, 03/17/2036	EUR	500		624
4.27%, 03/22/2025(k)	$	4,650		4,741	2.85%, 05/25/2037	GBP	200		252
3 Month USD LIBOR + 1.76%					Anheuser-Busch InBev Worldwide Inc
5.13%, 05/28/2024		7,254		7,540	4.38%, 04/15/2038	$	1,605		1,564
7.50%, 12/31/2049(f),(k)		6,291		6,472	4.75%, 04/15/2058		800		784
USD Swap Semi-Annual 5 Year + 5.80%					5.45%, 01/23/2039		2,360		2,573
Santander UK Group Holdings PLC					5.55%, 01/23/2049		3,070		3,410
7.38%, 12/31/2049(f),(k)	GBP	200		277	Central American Bottling Corp
GBP Swap SA (VS 6 Month) 5 Year +					5.75%, 01/31/2027		75		77
5.54%					Coca-Cola Co/The
Santander UK PLC					1.25%, 03/08/2031	EUR	400		459
5.00%, 11/07/2023(g)	$	5,235		5,438	Constellation Brands Inc
Skandinaviska Enskilda Banken AB					3.88%, 11/15/2019	$	320		321
2.50%, 05/28/2026(k)	EUR	250		289	4.40%, 11/15/2025		2,285		2,415
EUR Swap Annual (VS 6 Month) 5 Year					5.25%, 11/15/2048		1,085		1,182
+ 1.45%					Corp Lindley SA
2.63%, 03/15/2021	$	250		249	6.75%, 11/23/2021(g)		14		15
5.75%, 12/31/2049(f),(k)		7,197		7,161	6.75%, 11/23/2021		14		15
USD Swap Semi-Annual 5 Year + 3.85%					Diageo Capital PLC
					3.50%, 09/18/2023		1,775		1,826

See accompanying notes.

179

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal						Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Beverages (continued)					Chemicals (continued)
Keurig Dr Pepper Inc					SASOL Financing USA LLC
3.55%, 05/25/2021(g)	$	1,385	$	1,401	5.88%, 03/27/2024		$	500	$	531
Molson Coors Brewing Co								$		20,224
1.25%, 07/15/2024	EUR	175		200	Commercial Mortgage Backed Securities - 5.18%
		$		21,958	BANK 2017-BNK5
Biotechnology - 0.13%					3.39%, 06/15/2060			2,350		2,387
Amgen Inc					BANK 2017-BNK9
2.20%, 05/11/2020	$	3,780		3,764	4.03%, 11/15/2054(i)			2,000		2,039
Celgene Corp					BENCHMARK 2018-B4
5.25%, 08/15/2043		115		124	4.12%, 07/15/2051			1,250		1,336
Gilead Sciences Inc					BENCHMARK 2018-B6 Mortgage Trust
1.85%, 09/20/2019		65		65	4.77%, 10/10/2051(i)			2,250		2,424
		$		3,953	4.77%, 10/10/2051(i)			2,000		2,084
Building Materials - 0.07%					Benchmark 2018-B8 Mortgage Trust
BMC East LLC					4.53%, 01/15/2052(i)			2,000		2,168
5.50%, 10/01/2024(g)		545		546	CFCRE Commercial Mortgage Trust 2011-C2
CEMEX Finance LLC					5.95%, 12/15/2047(g),(i)			1,125		1,193
6.00%, 04/01/2024		435		448	Citigroup Commercial Mortgage Trust
Cemex SAB de CV					2015-GC29
6.13%, 05/05/2025(g)		525		548	4.28%, 04/10/2048(i)			2,000		2,019
Johnson Controls International plc					Citigroup Commercial Mortgage Trust
1.00%, 09/15/2023	EUR	400		456	2015-GC35
Masco Corp					3.82%, 11/10/2048			1,000		1,044
3.50%, 04/01/2021	$	50		50	Citigroup Commercial Mortgage Trust
Standard Industries Inc/NJ					2016-GC37
6.00%, 10/15/2025(g)		150		157	3.58%, 04/10/2049			1,750		1,778
		$		2,205	Citigroup Commercial Mortgage Trust 2017-C4
Chemicals - 0.65%					1.26%, 10/12/2050(i),(l)			12,892		872
Aruba Investments Inc					COMM 2012-CCRE5 Mortgage Trust
8.75%, 02/15/2023(g)		1,310		1,317	3.22%, 12/10/2045(g)			2,000		2,023
Ashland LLC					COMM 2013-CCRE11 Mortgage Trust
4.75%, 08/15/2022		60		61	1.10%, 08/10/2050(i),(l)			51,860		1,857
Blue Cube Spinco LLC					4.72%, 08/10/2050(i)			5,000		5,325
9.75%, 10/15/2023		410		458	COMM 2013-CCRE6 Mortgage Trust
Braskem Finance Ltd					4.22%, 03/10/2046(g),(i)			500		493
6.45%, 02/03/2024		1,675		1,827	COMM 2013-CCRE8 Mortgage Trust
CF Industries Inc					4.09%, 06/10/2046(g),(i)			3,000		3,080
7.13%, 05/01/2020		243		252	COMM 2014-CCRE16 Mortgage Trust
CNAC HK Finbridge Co Ltd					4.05%, 04/10/2047			600		629
4.63%, 03/14/2023		350		362	COMM 2014-CCRE17 Mortgage Trust
Consolidated Energy Finance SA					4.92%, 05/10/2047(i)			2,400		2,489
6.36%, 06/15/2022(g)		250		249	COMM 2014-LC17 Mortgage Trust
3 Month USD LIBOR + 3.75%					4.49%, 10/10/2047(i)			5,000		5,220
6.50%, 05/15/2026(g)		1,060		1,081	COMM 2014-UBS5 Mortgage Trust
6.88%, 06/15/2025(g)		2,430		2,503	1.16%, 09/10/2047(i),(l)			67,634		1,972
Dow Chemical Co/The					COMM 2015-CCRE22 Mortgage Trust
5.55%, 11/30/2048(g)		595		678	4.26%, 03/10/2048(i)			1,611		1,653
DowDuPont Inc					COMM 2015-LC19 Mortgage Trust
5.32%, 11/15/2038		2,105		2,382	3.83%, 02/10/2048(i)			1,075		1,091
5.42%, 11/15/2048		1,465		1,691	COMM 2015-LC23 Mortgage Trust
Equate Petrochemical BV					3.77%, 10/10/2048			2,000		2,085
3.00%, 03/03/2022(g)		925		915	COMM 2015-PC1 Mortgage Trust
3.00%, 03/03/2022		375		371	4.29%, 07/10/2050(i)			2,000		2,116
Eurochem Finance DAC					COMM 2018-COR3 Mortgage Trust
5.50%, 03/13/2024(g)		1,675		1,697	4.23%, 05/10/2051			5,000		5,351
Israel Chemicals Ltd					Credit Suisse Commercial Mortgage Trust Series
6.38%, 05/31/2038(g)		100		109	2006-C5
Mexichem SAB de CV					1.09%, 12/15/2039(i),(l)			662		1
5.88%, 09/17/2044		700		702	CSAIL 2018-CX11 Commercial Mortgage Trust
NOVA Chemicals Corp					4.03%, 04/15/2051(i)			1,000		1,056
5.25%, 08/01/2023(g)		385		388	DBUBS 2011-LC2 Mortgage Trust
5.25%, 06/01/2027(g)		870		855	5.71%, 07/10/2044(g),(i)			5,000		5,199
Olin Corp					GS Mortgage Securities Trust 2011-GC5
5.13%, 09/15/2027		270		274	1.50%, 08/10/2044(g),(i),(l)			89,541		2,066
Petkim Petrokimya Holding AS					GS Mortgage Securities Trust 2012-GCJ7
5.88%, 01/26/2023		200		184	2.36%, 05/10/2045(i),(l)			12,002		476
SABIC Capital II BV
4.00%, 10/10/2023(g)		1,300		1,337

See accompanying notes.

180

Schedule of Investments
Core Plus Bond Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
GS Mortgage Securities Trust 2013-GC16					Morgan Stanley Bank of America Merrill Lynch
1.22%, 11/10/2046(i),(l)	$	20,543	$	818	Trust 2014-C15
5.49%, 11/10/2046(i)		800		864	1.14%, 04/15/2047(i),(l)	$	44,514	$	1,731
GS Mortgage Securities Trust 2013-GCJ12					4.05%, 04/15/2047		3,000		3,153
3.78%, 06/10/2046(i)		555		562	Morgan Stanley Bank of America Merrill Lynch
GS Mortgage Securities Trust 2014-GC26					Trust 2014-C16
1.16%, 11/10/2047(i),(l)		46,287		1,999	1.25%, 06/15/2047(i),(l)		22,969		823
GS Mortgage Securities Trust 2015-GC34					4.92%, 06/15/2047(i)		4,250		4,211
3.51%, 10/10/2048		1,482		1,520	Morgan Stanley Bank of America Merrill Lynch
GS Mortgage Securities Trust 2015-GS1					Trust 2014-C18
3.73%, 11/10/2048		3,000		3,104	4.58%, 10/15/2047(i)		3,864		4,032
JP Morgan Chase Commercial Mortgage					Morgan Stanley Bank of America Merrill Lynch
Securities Trust 2010-C1					Trust 2015-C20
5.95%, 06/15/2043(g)		2,585		2,621	3.61%, 02/15/2048		2,000		2,047
JP Morgan Chase Commercial Mortgage					4.16%, 02/15/2048		1,975		2,029
Securities Trust 2011-C5					Morgan Stanley Bank of America Merrill Lynch
5.55%, 08/15/2046(g),(i)		800		832	Trust 2015-C26
JP Morgan Chase Commercial Mortgage					3.89%, 10/15/2048(i)		3,000		3,086
Securities Trust 2012-LC9					Morgan Stanley Bank of America Merrill Lynch
1.66%, 12/15/2047(i),(l)		13,531		534	Trust 2016-C30
JP Morgan Chase Commercial Mortgage					3.18%, 09/15/2049		1,571		1,537
Securities Trust 2013-C16					Morgan Stanley Capital I 2017-HR2
1.11%, 12/15/2046(i),(l)		8,838		315	3.59%, 12/15/2050		1,000		1,027
JP Morgan Chase Commercial Mortgage					Morgan Stanley Capital I Trust 2016-UBS9
Securities Trust 2016-JP4					3.59%, 03/15/2049		1,500		1,543
3.65%, 12/15/2049(i)		1,600		1,651	MSBAM Commercial Mortgage Securities Trust
JPMBB Commercial Mortgage Securities Trust					2012-CKSV
2013-C15					1.22%, 10/15/2030(g),(i),(l)		22,108		670
1.25%, 11/15/2045(i),(l)		23,429		940	UBS Commercial Mortgage Trust 2012-C1
JPMBB Commercial Mortgage Securities Trust					3.40%, 05/10/2045		486		494
2014-C18					UBS-Barclays Commercial Mortgage Trust
4.98%, 02/15/2047(i)		1,000		1,061	2012-C3
4.98%, 02/15/2047(i)		2,700		2,808	3.09%, 08/10/2049		1,210		1,222
JPMBB Commercial Mortgage Securities Trust					5.20%, 08/10/2049(g),(i)		1,500		1,553
2014-C19					UBS-Barclays Commercial Mortgage Trust
1.14%, 04/15/2047(i),(l)		25,015		603	2012-C4
JPMBB Commercial Mortgage Securities Trust					1.78%, 12/10/2045(g),(i),(l)		19,855		917
2014-C24					3.32%, 12/10/2045(g)		2,300		2,318
1.11%, 11/15/2047(i),(l)		8,756		290	UBS-Barclays Commercial Mortgage Trust
4.04%, 11/15/2047(g),(i)		1,000		912	2013-C5
4.54%, 11/15/2047(i)		4,350		4,447	4.21%, 03/10/2046(g),(i)		1,090		1,024
JPMBB Commercial Mortgage Securities Trust					Wells Fargo Commercial Mortgage Trust
2015-C28					2015-NXS1
3.99%, 10/15/2048		7,000		7,133	3.66%, 05/15/2048(i)		2,665		2,676
JPMBB Commercial Mortgage Securities Trust					Wells Fargo Commercial Mortgage Trust
2015-C31					2015-NXS3
1.09%, 08/15/2048(i),(l)		41,213		1,738	4.64%, 09/15/2057(i)		1,400		1,470
JPMCC Commercial Mortgage Securities Trust					Wells Fargo Commercial Mortgage Trust
2017-JP7					2016-C36
3.80%, 09/15/2050(i)		2,500		2,439	3.07%, 11/15/2059		750		744
JPMCC Commercial Mortgage Securities Trust					Wells Fargo Commercial Mortgage Trust
2019-COR4					2017-C38
4.03%, 03/10/2052		4,500		4,763	3.45%, 07/15/2050		3,000		3,049
LB-UBS Commercial Mortgage Trust 2005-C3					Wells Fargo Commercial Mortgage Trust
1.00%, 07/15/2040(g),(i),(l)		2,372		4	2018-C44
LB-UBS Commercial Mortgage Trust 2007-C1					4.21%, 05/15/2051		2,500		2,680
0.35%, 02/15/2040(i),(l)		268		—	WFRBS Commercial Mortgage Trust 2013-C12
LB-UBS Commercial Mortgage Trust 2007-C6					1.41%, 03/15/2048(g),(i),(l)		44,681		1,714
6.11%, 07/15/2040(i)		89		89	WFRBS Commercial Mortgage Trust 2014-C22
Morgan Stanley Bank of America Merrill Lynch					4.07%, 09/15/2057(i)		5,000		5,211
Trust 2013-C11					4.37%, 09/15/2057(i)		2,000		2,078
0.44%, 08/15/2046(i),(l)		20,829		257	WFRBS Commercial Mortgage Trust 2014-C23
Morgan Stanley Bank of America Merrill Lynch					0.74%, 10/15/2057(i),(l)		51,395		1,301
Trust 2013-C9							$		161,979
3.46%, 05/15/2046		1,781		1,809	Commercial Services - 0.28%
					Ahern Rentals Inc
					7.38%, 05/15/2023(g)		1,360		1,210

See accompanying notes.

181

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Commercial Services (continued)					Consumer Products (continued)
Avis Budget Car Rental LLC / Avis Budget					Spectrum Brands Inc
Finance Inc					5.75%, 07/15/2025	$	170	$	174
5.50%, 04/01/2023	$	45	$	46	6.63%, 11/15/2022		187		191
China Merchants Finance Co Ltd							$		783
4.75%, 08/03/2025		290		304	Cosmetics & Personal Care - 0.00%
DP World PLC					Avon International Operations Inc
6.85%, 07/02/2037		540		657	7.88%, 08/15/2022(g)		80		83
Garda World Security Corp					Credit Card Asset Backed Securities - 0.70%
8.75%, 05/15/2025(g)		945		891	Capital One Multi-Asset Execution Trust
Garda World Security Corp/Old					2.98%, 09/16/2024		510		514
7.25%, 11/15/2021(g)		220		220	1.00 x 1 Month USD LIBOR + 0.51%
Hertz Corp/The					3.10%, 02/15/2024		1,900		1,915
7.63%, 06/01/2022(g)		70		72	1.00 x 1 Month USD LIBOR + 0.63%
Jaguar Holding Co II / Pharmaceutical Product					Chase Issuance Trust
Development LLC					1.58%, 08/15/2021		3,000		2,991
6.38%, 08/01/2023(g)		65		66	2.77%, 01/15/2022		4,500		4,507
Nielsen Finance LLC / Nielsen Finance Co					1.00 x 1 Month USD LIBOR + 0.30%
5.00%, 04/15/2022(g)		155		154	2.88%, 05/15/2021		2,100		2,100
Prime Security Services Borrower LLC / Prime					1.00 x 1 Month USD LIBOR + 0.41%
Finance Inc					Discover Card Execution Note Trust
9.25%, 05/15/2023(g)		34		36	1.88%, 02/15/2023		935		927
Refinitiv US Holdings Inc					First National Master Note Trust 2018-1
8.25%, 11/15/2026(g)		560		568	2.93%, 10/15/2024		9,000		9,002
Service Corp International/US					1.00 x 1 Month USD LIBOR + 0.46%
5.38%, 05/15/2024		205		210			$		21,956
8.00%, 11/15/2021		225		245	Distribution & Wholesale - 0.16%
Star Merger Sub Inc					American Builders & Contractors Supply Co Inc
10.25%, 02/15/2027(g)		110		115	5.75%, 12/15/2023(g)		885		917
TMS International Corp					5.88%, 05/15/2026(g)		470		484
7.25%, 08/15/2025(g)		1,530		1,499	Ferguson Finance PLC
United Rentals North America Inc					4.50%, 10/24/2028(g)		3,360		3,411
4.63%, 10/15/2025		910		903	H&E Equipment Services Inc
4.88%, 01/15/2028		310		308	5.63%, 09/01/2025		130		132
5.88%, 09/15/2026		700		732			$		4,944
6.50%, 12/15/2026		340		364
		$		8,600	Diversified Financial Services - 1.49%
					AerCap Ireland Capital DAC / AerCap Global
Computers - 1.18%					Aviation Trust
Apple Inc					4.63%, 10/30/2020		265		271
0.88%, 05/24/2025	EUR	420		489	Aircastle Ltd
2.75%, 01/13/2025	$	2,275		2,264	5.13%, 03/15/2021		220		227
2.85%, 05/11/2024		5,745		5,760	Ally Financial Inc
3.00%, 02/09/2024		4,950		4,997	4.25%, 04/15/2021		305		309
3.05%, 07/31/2029	GBP	125		180	5.75%, 11/20/2025		1,665		1,804
3.35%, 02/09/2027	$	6,795		6,920	8.00%, 11/01/2031		220		282
4.25%, 02/09/2047		65		69	Avation Capital SA
4.65%, 02/23/2046		1,390		1,544	6.50%, 05/15/2021(g)		200		200
Dell Inc					BlackRock Inc
4.63%, 04/01/2021		460		467	3.25%, 04/30/2029		4,880		4,898
Dell International LLC / EMC Corp					Blackstone Holdings Finance Co LLC
4.00%, 07/15/2024(g)		350		354	2.00%, 05/19/2025	EUR	250		297
4.90%, 10/01/2026(g)		4,600		4,712	Brookfield Finance Inc
5.30%, 10/01/2029(g)		390		402	3.90%, 01/25/2028	$	2,895		2,837
5.88%, 06/15/2021(g)		365		372	4.00%, 04/01/2024		8,468		8,694
7.13%, 06/15/2024(g)		3,664		3,876	4.70%, 09/20/2047		4,870		4,736
8.35%, 07/15/2046(g)		3,210		3,951	4.85%, 03/29/2029		1,110		1,167
EMC Corp					Credit Acceptance Corp
2.65%, 06/01/2020		155		154	6.13%, 02/15/2021		950		951
West Corp					6.63%, 03/15/2026(g)		2,120		2,231
8.50%, 10/15/2025(g)		300		264	7.38%, 03/15/2023		1,505		1,560
Western Digital Corp					Credito Real SAB de CV SOFOM ER
4.75%, 02/15/2026		100		97	7.25%, 07/20/2023		250		259
		$		36,872	Doric Nimrod Air Finance Alpha Ltd 2012-1
Consumer Products - 0.03%					Class B Pass Through Trust
Prestige Brands Inc					6.50%, 05/30/2021(g)		179		182
5.38%, 12/15/2021(g)		415		418	E*TRADE Financial Corp
					5.30%, 12/31/2049(f),(k)		1,940		1,889
					3 Month USD LIBOR + 3.16%

See accompanying notes.

182

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Diversified Financial Services (continued)					Electric (continued)
GE Capital International Funding Co Unlimited					Enel Chile SA
Co					4.88%, 06/12/2028	$	960	$	1,017
2.34%, 11/15/2020	$	200	$	198	Exelon Corp
4.42%, 11/15/2035		2,045		1,915	3.50%, 06/01/2022		2,865		2,905
GE Capital UK Funding Unlimited Co					5.10%, 06/15/2045		60		68
4.13%, 09/13/2023	GBP	120		167	Fortis Inc/Canada
ILFC E-Capital Trust II					2.10%, 10/04/2021		100		98
4.85%, 12/21/2065(g),(i)	$	155		119	3.06%, 10/04/2026		1,124		1,080
Nasdaq Inc					Georgia Power Co
1.75%, 03/28/2029	EUR	600		687	4.30%, 03/15/2043		1,080		1,067
National Rural Utilities Cooperative Finance Corp					Indiantown Cogeneration LP
2.40%, 04/25/2022	$	145		144	9.77%, 12/15/2020		266		275
4.75%, 04/30/2043(k)		855		838	Louisville Gas & Electric Co
3 Month USD LIBOR + 2.91%					4.25%, 04/01/2049		1,105		1,163
Navient Corp					Mexico Generadora de Energia S de rl
6.13%, 03/25/2024		1,395		1,427	5.50%, 12/06/2032		336		345
6.63%, 07/26/2021		625		655	MidAmerican Energy Co
6.75%, 06/15/2026		1,110		1,118	4.25%, 07/15/2049		550		587
Nuveen LLC					NextEra Energy Capital Holdings Inc
4.00%, 11/01/2028(g)		3,550		3,777	3.50%, 04/01/2029		3,200		3,201
Quicken Loans Inc					NRG Energy Inc
5.75%, 05/01/2025(g)		120		122	6.25%, 05/01/2024		1,145		1,182
Springleaf Finance Corp					6.63%, 01/15/2027		260		278
5.63%, 03/15/2023		480		499	7.25%, 05/15/2026		620		675
6.88%, 03/15/2025		1,740		1,866	Oncor Electric Delivery Co LLC
8.25%, 12/15/2020		145		156	2.15%, 06/01/2019		190		190
Vantiv LLC / Vantiv Issuer Corp					5.25%, 09/30/2040		40		47
4.38%, 11/15/2025(g)		235		241	PacifiCorp
		$		46,723	3.50%, 06/15/2029		3,525		3,598
Electric - 2.60%					3.85%, 06/15/2021		50		51
Abu Dhabi National Energy Co PJSC					Pampa Energia SA
4.38%, 06/22/2026(g)		675		696	7.38%, 07/21/2023		250		224
Alabama Power Co					PPL Electric Utilities Corp
3.85%, 12/01/2042		30		29	3.95%, 06/01/2047		40		40
Calpine Corp					4.75%, 07/15/2043		1,375		1,527
5.75%, 01/15/2025		95		94	PPL WEM Ltd / Western Power Distribution Ltd
CMS Energy Corp					5.38%, 05/01/2021(g)		5,425		5,600
3.00%, 05/15/2026		1,725		1,678	Public Service Co of Colorado
4.70%, 03/31/2043		910		940	4.05%, 09/15/2049		1,305		1,351
4.88%, 03/01/2044		1,835		2,013	Public Service Electric & Gas Co
Commonwealth Edison Co					3.65%, 09/01/2042		20		19
3.80%, 10/01/2042		905		884	Southern California Edison Co
4.00%, 03/01/2049		2,155		2,185	4.13%, 03/01/2048		1,215		1,149
Consolidated Edison Co of New York Inc					4.20%, 03/01/2029		3,000		3,092
4.63%, 12/01/2054		1,940		2,061	4.88%, 03/01/2049		2,175		2,307
4.65%, 12/01/2048		120		133	Southern Co/The
Dominion Energy Inc					2.95%, 07/01/2023		1,010		1,009
2.58%, 07/01/2020		10,740		10,695	4.25%, 07/01/2036		60		60
3.90%, 10/01/2025		1,670		1,737	5.50%, 03/15/2057(k)		730		745
4.25%, 06/01/2028		3,490		3,664	3 Month USD LIBOR + 3.63%
DTE Electric Co					State Grid Overseas Investment 2016 Ltd
3.95%, 03/01/2049		1,665		1,702	3.50%, 05/04/2027		1,600		1,595
DTE Energy Co					Tucson Electric Power Co
6.38%, 04/15/2033		921		1,148	4.85%, 12/01/2048		710		782
Duke Energy Florida LLC					Virginia Electric & Power Co
3.80%, 07/15/2028		3,230		3,373	3.80%, 04/01/2028		1,875		1,947
Duke Energy Ohio Inc					4.45%, 02/15/2044		60		64
3.65%, 02/01/2029		375		388	4.60%, 12/01/2048		1,020		1,119
Electricite de France SA					4.65%, 08/15/2043		70		76
2.35%, 10/13/2020(g)		155		154	Vistra Energy Corp
5.63%, 12/31/2049(f),(g),(k)		2,940		2,969	7.38%, 11/01/2022		130		134
USD Swap Semi-Annual 10 Year + 3.04%					8.13%, 01/30/2026(g)		200		218
6.00%, 12/29/2049(f),(k)	GBP	100		137	Vistra Operations Co LLC
GBP Swap SA (VS 6 Month) 13 Year +					5.50%, 09/01/2026(g)		865		891
3.96%					5.63%, 02/15/2027(g)		760		780
Elwood Energy LLC					WEC Energy Group Inc
8.16%, 07/05/2026	$	490		532	3.10%, 03/08/2022		1,475		1,486

See accompanying notes.

183

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Electric (continued)					Environmental Control - 0.11%
Western Power Distribution West Midlands PLC					Clean Harbors Inc
5.75%, 04/16/2032	GBP	100	$	173	5.13%, 06/01/2021	$	320	$	320
		$		81,427	Covanta Holding Corp
Electrical Components & Equipment - 0.03%					6.00%, 01/01/2027		125		127
Energizer Holdings Inc					GFL Environmental Inc
5.50%, 06/15/2025(g)	$	580		586	7.00%, 06/01/2026(g)		125		122
6.38%, 07/15/2026(g)		334		345	Waste Connections Inc
		$		931	4.25%, 12/01/2028		2,770		2,932
Electronics - 0.03%							$		3,501
ADT Security Corp/The					Food - 1.02%
6.25%, 10/15/2021		205		216	Albertsons Cos LLC / Safeway Inc / New
Ingram Micro Inc					Albertsons LP / Albertson's LLC
5.45%, 12/15/2024		200		199	7.50%, 03/15/2026(g)		1,210		1,283
Sanmina Corp					Cencosud SA
4.38%, 06/01/2019(g)		155		155	4.38%, 07/17/2027(g)		345		329
Sensata Technologies BV					General Mills Inc
5.00%, 10/01/2025(g)		145		149	1.00%, 04/27/2023	EUR	500		577
Tech Data Corp					4.55%, 04/17/2038	$	2,540		2,559
3.70%, 02/15/2022		80		80	Gruma SAB de CV
Tyco Electronics Group SA					4.88%, 12/01/2024(g)		1,175		1,237
7.13%, 10/01/2037		105		138	JBS Investments GmbH
		$		937	7.25%, 04/03/2024(g)		350		363
Energy - Alternate Sources - 0.01%					JBS USA LUX SA / JBS USA Finance Inc
Rio Energy SA / UGEN SA / UENSA SA					5.75%, 06/15/2025(g)		1,290		1,319
6.88%, 02/01/2025		175		114	7.25%, 06/01/2021(g)		1,775		1,779
TerraForm Power Operating LLC					JBS USA LUX SA / JBS USA Food Co / JBS
5.00%, 01/31/2028(g)		125		123	USA Finance Inc
		$		237	6.50%, 04/15/2029(g)		1,160		1,230
Engineering & Construction - 0.06%					Kraft Heinz Foods Co
Aeropuerto Internacional de Tocumen SA					2.80%, 07/02/2020		270		270
6.00%, 11/18/2048(g)		975		1,097	5.00%, 07/15/2035		1,470		1,462
Delhi International Airport Ltd					Lamb Weston Holdings Inc
6.13%, 10/31/2026		200		207	4.88%, 11/01/2026(g)		80		81
MasTec Inc					McCormick & Co Inc/MD
4.88%, 03/15/2023		120		121	3.15%, 08/15/2024		3,580		3,571
Zhaohai Investment BVI Ltd					3.40%, 08/15/2027		2,590		2,556
4.00%, 07/23/2020		415		405	Nestle Holdings Inc
		$		1,830	3.35%, 09/24/2023(g)		3,215		3,295
					3.50%, 09/24/2025(g)		2,775		2,872
Entertainment - 0.30%					New Albertsons LP
AMC Entertainment Holdings Inc					7.45%, 08/01/2029		50		46
5.75%, 06/15/2025		50		48	Post Holdings Inc
Boyne USA Inc					5.00%, 08/15/2026(g)		2,275		2,266
7.25%, 05/01/2025(g)		1,015		1,101	5.75%, 03/01/2027(g)		15		15
Caesars Resort Collection LLC / CRC Finco Inc					TreeHouse Foods Inc
5.25%, 10/15/2025(g)		1,785		1,745	4.88%, 03/15/2022		340		343
CCM Merger Inc					Want Want China Finance Ltd
6.00%, 03/15/2022(g)		1,435		1,473	2.88%, 04/27/2022		1,700		1,678
Cedar Fair LP / Canada's Wonderland Co /					Wm Wrigley Jr Co
Magnum Management Corp / Millennium Op					3.38%, 10/21/2020(g)		2,745		2,772
5.38%, 04/15/2027		40		41			$		31,903
Cinemark USA Inc
4.88%, 06/01/2023		50		51	Forest Products & Paper - 0.14%
Eldorado Resorts Inc					Domtar Corp
6.00%, 04/01/2025		10		10	6.25%, 09/01/2042		1,550		1,569
6.00%, 09/15/2026		890		923	Fibria Overseas Finance Ltd
7.00%, 08/01/2023		690		721	5.50%, 01/17/2027		80		84
Enterprise Development Authority/The					International Paper Co
12.00%, 07/15/2024(g)		1,130		1,158	4.35%, 08/15/2048		1,885		1,735
Lions Gate Capital Holdings LLC					Suzano Austria GmbH
5.88%, 11/01/2024(g)		1,000		1,020	6.00%, 01/15/2029(g)		875		936
6.38%, 02/01/2024(g)		745		780			$		4,324
Scientific Games International Inc					Gas - 0.26%
8.25%, 03/15/2026(g)		100		104	AmeriGas Partners LP / AmeriGas Finance Corp
10.00%, 12/01/2022		161		169	5.50%, 05/20/2025		95		97
Six Flags Entertainment Corp					Boston Gas Co
4.88%, 07/31/2024(g)		90		90	3.15%, 08/01/2027(g)		125		123
		$		9,434	Dominion Energy Gas Holdings LLC
					2.80%, 11/15/2020		3,640		3,644

See accompanying notes.

184

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Gas (continued)					Healthcare - Services (continued)
NGL Energy Partners LP / NGL Energy Finance					Tenet Healthcare Corp
Corp					4.63%, 07/15/2024	$	1,125	$	1,128
7.50%, 04/15/2026(g)	$	400	$	413	6.00%, 10/01/2020		455		471
Southern Co Gas Capital Corp					UnitedHealth Group Inc
4.40%, 05/30/2047		2,245		2,237	3.88%, 12/15/2028		3,095		3,233
Talent Yield Investments Ltd					WellCare Health Plans Inc
4.50%, 04/25/2022(g)		1,500		1,540	5.25%, 04/01/2025		3,015		3,113
		$		8,054			$		19,160
Healthcare - Products - 0.83%					Home Builders - 0.18%
Abbott Laboratories					Beazer Homes USA Inc
2.90%, 11/30/2021		1,745		1,753	8.75%, 03/15/2022		65		68
3.75%, 11/30/2026		1,840		1,917	Century Communities Inc
4.75%, 11/30/2036		215		239	5.88%, 07/15/2025		2,010		1,995
4.90%, 11/30/2046		3,560		4,058	KB Home
Avantor Inc					7.00%, 12/15/2021		300		321
9.00%, 10/01/2025(g)		40		43	Lennar Corp
Becton Dickinson and Co					4.50%, 04/30/2024		61		62
1.40%, 05/24/2023	EUR	600		695	4.75%, 11/15/2022		50		51
3.02%, 05/24/2025	GBP	200		268	8.38%, 01/15/2021		65		70
3.36%, 06/06/2024	$	2,065		2,070	LGI Homes Inc
3.64%, 06/06/2022		2,235		2,249	6.88%, 07/15/2026(g)		690		699
3 Month USD LIBOR + 1.03%					PulteGroup Inc
3.70%, 06/06/2027		3,265		3,251	5.50%, 03/01/2026		90		95
4.69%, 12/15/2044		1,705		1,746	Taylor Morrison Communities Inc / Taylor
Boston Scientific Corp					Morrison Holdings II Inc
4.00%, 03/01/2029		2,610		2,690	5.63%, 03/01/2024(g)		730		737
4.70%, 03/01/2049		2,095		2,203	Toll Brothers Finance Corp
Kinetic Concepts Inc / KCI USA Inc					4.88%, 03/15/2027		60		60
7.88%, 02/15/2021(g)		954		974	TRI Pointe Group Inc
Mallinckrodt International Finance SA /					4.88%, 07/01/2021		315		320
Mallinckrodt CB LLC					TRI Pointe Group Inc / TRI Pointe Homes Inc
5.75%, 08/01/2022(g)		95		88	5.88%, 06/15/2024		65		66
Medtronic Global Holdings SCA					Williams Scotsman International Inc
1.13%, 03/07/2027	EUR	240		277	7.88%, 12/15/2022(g)		985		1,032
Medtronic Inc							$		5,576
3.50%, 03/15/2025	$	240		247	Home Equity Asset Backed Securities - 0.03%
4.38%, 03/15/2035		990		1,066	First NLC Trust 2005-1
4.63%, 03/15/2045		187		210	2.67%, 05/25/2035		232		217
Ortho-Clinical Diagnostics Inc / Ortho-Clinical					1.00 x 1 Month USD LIBOR + 0.50%
Diagnostics SA					JP Morgan Mortgage Acquisition Trust
6.63%, 05/15/2022(g)		60		59	2006-CW2
		$		26,103	2.63%, 08/25/2036		120		119
Healthcare - Services - 0.61%					1.00 x 1 Month USD LIBOR + 0.15%
Acadia Healthcare Co Inc					Saxon Asset Securities Trust 2004-1
5.63%, 02/15/2023		115		116	3.44%, 03/25/2035		275		149
AHP Health Partners Inc					1.00 x 1 Month USD LIBOR + 1.70%
9.75%, 07/15/2026(g)		1,675		1,815	Specialty Underwriting & Residential Finance
Centene Corp					Trust Series 2004-BC1
4.75%, 05/15/2022		300		306	3.24%, 02/25/2035		303		303
5.38%, 06/01/2026(g)		1,305		1,358	1.00 x 1 Month USD LIBOR + 0.77%
5.63%, 02/15/2021		450		457			$		788
6.13%, 02/15/2024		655		686	Housewares - 0.01%
DaVita Inc					Turkiye Sise ve Cam Fabrikalari AS
5.13%, 07/15/2024		165		165	4.25%, 05/09/2020		200		198
HCA Healthcare Inc					Insurance - 2.37%
6.25%, 02/15/2021		575		603	Aegon NV
HCA Inc					4.00%, 04/25/2044(k)	EUR	250		302
4.50%, 02/15/2027		160		164	3 Month Euro Interbank Offered Rate +
4.75%, 05/01/2023		2,100		2,194	3.35%
5.00%, 03/15/2024		70		74	AIA Group Ltd
5.25%, 04/15/2025		115		123	3.20%, 03/11/2025(g)	$	2,655		2,650
5.25%, 06/15/2026		350		374	3.60%, 04/09/2029(g)		3,400		3,411
5.50%, 06/15/2047		490		519	3.90%, 04/06/2028(g)		4,485		4,616
5.88%, 03/15/2022		10		11	Allianz SE
5.88%, 02/01/2029		1,390		1,496	2.24%, 07/07/2045(k)	EUR	500		586
MPH Acquisition Holdings LLC					3 Month Euro Interbank Offered Rate +
7.13%, 06/01/2024(g)		750		754	2.65%

See accompanying notes.

185

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Insurance (continued)					Investment Companies - 0.01%
American International Group Inc					Bright Galaxy International Ltd
3.30%, 03/01/2021	$	2,140	$	2,155	3.38%, 11/03/2021	$	420	$	409
3.90%, 04/01/2026		8,740		8,842	Iron & Steel - 0.13%
4.50%, 07/16/2044		4,858		4,744	AK Steel Corp
Arch Capital Finance LLC					6.38%, 10/15/2025		800		670
4.01%, 12/15/2026		2,845		2,961	7.50%, 07/15/2023		475		487
5.03%, 12/15/2046		1,205		1,333	7.63%, 10/01/2021		645		642
Catlin Insurance Co Ltd					Allegheny Technologies Inc
5.57%, 07/29/2049(f),(g)		2,105		2,066	7.88%, 08/15/2023		65		70
3 Month USD LIBOR + 2.98%					ArcelorMittal
Chubb INA Holdings Inc					5.50%, 03/01/2021		220		230
1.55%, 03/15/2028	EUR	650		759	Big River Steel LLC / BRS Finance Corp
CNO Financial Group Inc					7.25%, 09/01/2025(g)		95		101
4.50%, 05/30/2020	$	310		313	Cleveland-Cliffs Inc
5.25%, 05/30/2025		70		73	4.88%, 01/15/2024(g)		35		35
Genworth Holdings Inc					CSN Resources SA
7.63%, 09/24/2021		400		390	6.50%, 07/21/2020		435		441
Liberty Mutual Group Inc					Evraz PLC
5.52%, 03/07/2067(g)		1,860		1,767	5.25%, 04/02/2024(g)		650		658
3 Month USD LIBOR + 2.91%					Metinvest BV
Manulife Financial Corp					7.75%, 04/23/2023		200		196
3.05%, 08/20/2029(k)	CAD	325		245	United States Steel Corp
Canada Bankers Acceptances 3 Month +					6.25%, 03/15/2026		75		67
1.05%					Vale Overseas Ltd
Markel Corp					6.88%, 11/21/2036		279		324
3.50%, 11/01/2027	$	1,600		1,529			$		3,921
4.30%, 11/01/2047		1,265		1,142	Leisure Products & Services - 0.01%
5.00%, 04/05/2046		3,655		3,670	NCL Corp Ltd
Nuveen Finance LLC					4.75%, 12/15/2021(g)		213		215
4.13%, 11/01/2024(g)		7,085		7,456	Lodging - 0.10%
Swiss Re Finance Luxembourg SA					Boyd Gaming Corp
5.00%, 04/02/2049(g),(k)		3,200		3,300	6.38%, 04/01/2026		60		63
US Treasury Yield Curve Rate T Note					Jack Ohio Finance LLC / Jack Ohio Finance 1
Constant Maturity 5 Year + 3.58%					Corp
Voya Financial Inc					6.75%, 11/15/2021(g)		180		186
5.65%, 05/15/2053(k)		4,365		4,376	MGM Resorts International
3 Month USD LIBOR + 3.58%					6.00%, 03/15/2023		415		443
6.13%, 12/31/2049(f),(k)		250		260	6.63%, 12/15/2021		150		161
US Treasury Yield Curve Rate T Note					Sands China Ltd
Constant Maturity 5 Year + 3.36%					5.40%, 08/08/2028		375		397
XLIT Ltd					Wyndham Destinations Inc
4.45%, 03/31/2025		9,205		9,551	5.75%, 04/01/2027		100		100
5.05%, 12/31/2049(f)		1,230		1,196	Wynn Las Vegas LLC / Wynn Las Vegas Capital
3 Month USD LIBOR + 2.46%					Corp
5.50%, 03/31/2045		4,020		4,446	5.25%, 05/15/2027(g)		1,400		1,367
		$		74,139	5.50%, 03/01/2025(g)		490		496
Internet - 0.18%							$		3,213
Alibaba Group Holding Ltd					Machinery - Diversified - 0.06%
3.40%, 12/06/2027		475		465	Cloud Crane LLC
3.60%, 11/28/2024		250		256	10.13%, 08/01/2024(g)		1,530		1,645
Baidu Inc					CNH Industrial Capital LLC
4.38%, 05/14/2024		375		390	4.88%, 04/01/2021		330		340
Match Group Inc							$		1,985
5.00%, 12/15/2027(g)		60		60
Netflix Inc					Media - 2.98%
5.38%, 02/01/2021		200		207	Altice Financing SA
5.88%, 11/15/2028		135		143	6.63%, 02/15/2023(g)		1,400		1,435
Symantec Corp					7.50%, 05/15/2026(g)		250		254
5.00%, 04/15/2025(g)		55		56	Altice Finco SA
Tencent Holdings Ltd					8.13%, 01/15/2024(g)		1,300		1,345
3.58%, 04/11/2026(g)		320		320	Altice Luxembourg SA
3.80%, 02/11/2025(g)		1,200		1,222	7.75%, 05/15/2022(g)		3,230		3,291
3.98%, 04/11/2029(g)		1,300		1,310	AMC Networks Inc
Zayo Group LLC / Zayo Capital Inc					4.75%, 12/15/2022		310		313
5.75%, 01/15/2027(g)		65		66	5.00%, 04/01/2024		95		96
6.00%, 04/01/2023		1,200		1,220	Cablevision Systems Corp
		$		5,715	5.88%, 09/15/2022		130		135

See accompanying notes.

186

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Media (continued)					Media (continued)
CCO Holdings LLC / CCO Holdings Capital Corp					Walt Disney Co/The
5.13%, 02/15/2023	$	270	$	274	3.00%, 09/15/2022(g)	$	1,845	$	1,859
5.13%, 05/01/2023(g)		3,520		3,608	4.75%, 09/15/2044(g)		15		17
5.13%, 05/01/2027(g)		270		274	5.40%, 10/01/2043(g)		1,555		1,910
5.25%, 09/30/2022		490		498	6.15%, 02/15/2041(g)		605		798
5.50%, 05/01/2026(g)		5		5	6.20%, 12/15/2034(g)		215		279
Charter Communications Operating LLC / Charter					6.40%, 12/15/2035(g)		1,845		2,428
Communications Operating Capital					Warner Media LLC
3.58%, 07/23/2020		3,445		3,468	1.95%, 09/15/2023	EUR	250		297
5.75%, 04/01/2048		1,475		1,555	2.10%, 06/01/2019	$	1,080		1,079
6.48%, 10/23/2045		950		1,076	3.60%, 07/15/2025		2,780		2,788
Clear Channel Worldwide Holdings Inc					3.88%, 01/15/2026		2,515		2,560
6.50%, 11/15/2022		75		77	4.05%, 12/15/2023		3,670		3,822
Comcast Corp					5.38%, 10/15/2041		1,065		1,141
3.38%, 02/15/2025		6,605		6,718	Ziggo Bond Co BV
3.95%, 10/15/2025		2,230		2,336	6.00%, 01/15/2027(g)		1,480		1,450
4.15%, 10/15/2028		7,945		8,409	Ziggo BV
4.20%, 08/15/2034		1,900		1,988	5.50%, 01/15/2027(g)		950		948
4.60%, 10/15/2038		4,455		4,794			$		93,147
4.60%, 08/15/2045		1,630		1,736	Metal Fabrication & Hardware - 0.02%
4.70%, 10/15/2048		1,200		1,304	Grinding Media Inc / Moly-Cop AltaSteel Ltd
5.50%, 11/23/2029	GBP	125		213	7.38%, 12/15/2023(g)		105		103
CSC Holdings LLC					Novelis Corp
5.50%, 04/15/2027(g)	$	400		412	5.88%, 09/30/2026(g)		90		91
6.50%, 02/01/2029(g)		1,206		1,295	Park-Ohio Industries Inc
6.63%, 10/15/2025(g)		445		473	6.63%, 04/15/2027		480		480
6.75%, 11/15/2021		300		321			$		674
7.75%, 07/15/2025(g)		325		349	Mining - 0.63%
Discovery Communications LLC					AngloGold Ashanti Holdings PLC
1.90%, 03/19/2027	EUR	500		584	5.13%, 08/01/2022		365		379
3.34%, 09/20/2019	$	125		125	BHP Billiton Finance USA Ltd
3 Month USD LIBOR + 0.71%					6.75%, 10/19/2075(g),(k)		1,835		2,064
DISH DBS Corp					USD Swap Semi-Annual 5 Year + 5.09%
5.13%, 05/01/2020		795		800	Constellium NV
5.88%, 07/15/2022		530		517	6.63%, 03/01/2025(g)		1,245		1,295
5.88%, 11/15/2024		1,570		1,354	Corp Nacional del Cobre de Chile
7.75%, 07/01/2026		1,125		1,007	5.63%, 09/21/2035(g)		100		116
Fox Corp					First Quantum Minerals Ltd
5.48%, 01/25/2039(g)		1,215		1,353	7.00%, 02/15/2021(g)		82		83
5.58%, 01/25/2049(g)		95		108	7.00%, 02/15/2021		108		110
Grupo Televisa SAB					7.50%, 04/01/2025(g)		1,290		1,246
6.63%, 01/15/2040		80		93	FMG Resources August 2006 Pty Ltd
Meredith Corp					5.13%, 03/15/2023(g)		310		316
6.88%, 02/01/2026		2,050		2,132	5.13%, 05/15/2024(g)		80		81
NBCUniversal Media LLC					Freeport-McMoRan Inc
5.15%, 04/30/2020		4,935		5,051	3.88%, 03/15/2023		280		277
Nexstar Broadcasting Inc					Glencore Finance Canada Ltd
5.63%, 08/01/2024(g)		55		56	5.55%, 10/25/2042(g)		167		163
Radiate Holdco LLC / Radiate Finance Inc					Glencore Finance Europe Ltd
6.63%, 02/15/2025(g)		760		747	1.88%, 09/13/2023	EUR	170		199
6.88%, 02/15/2023(g)		265		265	Glencore Funding LLC
Sinclair Television Group Inc					3.00%, 10/27/2022(g)	$	25		25
5.38%, 04/01/2021		130		130	Hudbay Minerals Inc
TEGNA Inc					7.25%, 01/15/2023(g)		300		311
6.38%, 10/15/2023		140		145	IAMGOLD Corp
Time Warner Cable LLC					7.00%, 04/15/2025(g)		1,485		1,515
5.88%, 11/15/2040		1,780		1,854	Indonesia Asahan Aluminium Persero PT
Univision Communications Inc					6.53%, 11/15/2028(g)		300		341
5.13%, 02/15/2025(g)		100		94	Newmont Goldcorp Corp
UPC Holding BV					5.13%, 10/01/2019		1,800		1,816
5.50%, 01/15/2028(g)		655		662	Petra Diamonds US Treasury PLC
Viacom Inc					7.25%, 05/01/2022		420		408
4.25%, 09/01/2023		1,310		1,363	Southern Copper Corp
4.38%, 03/15/2043		4,575		4,154	6.75%, 04/16/2040		395		476
Virgin Media Finance PLC					Taseko Mines Ltd
5.75%, 01/15/2025(g)		723		738	8.75%, 06/15/2022(g)		1,140		1,096
Virgin Media Secured Finance PLC
5.25%, 01/15/2026(g)		380		387

See accompanying notes.

187

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Mining (continued)					Mortgage Backed Securities (continued)
Teck Resources Ltd					Freddie Mac REMICS
4.75%, 01/15/2022	$	140	$	144	2.00%, 02/15/2036	$	504	$	491
5.40%, 02/01/2043		1,405		1,402	2.93%, 05/15/2049(c)		11,788		11,781
6.13%, 10/01/2035		1,390		1,517	1.00 x 1 Month USD LIBOR + 0.45%
6.25%, 07/15/2041		2,100		2,267	3.00%, 09/15/2025(l)		1,288		30
8.50%, 06/01/2024(g)		810		867	3.00%, 05/15/2027(l)		3,211		210
Vedanta Resources Ltd					3.00%, 10/15/2027(l)		709		58
6.38%, 07/30/2022(g)		900		878	3.00%, 02/15/2029(l)		4,571		333
Volcan Cia Minera SAA					3.50%, 02/15/2028(l)		2,712		234
5.38%, 02/02/2022		240		247	3.50%, 01/15/2040(l)		3,451		345
		$		19,639	3.50%, 03/15/2041(l)		4,719		571
Miscellaneous Manufacturers - 0.23%					3.53%, 04/15/2046(l)		17,217		3,359
General Electric Co					(1.00) x 1 Month USD LIBOR + 6.00%
1.25%, 05/26/2023	EUR	520		596	3.53%, 10/15/2046(l)		10,866		2,057
4.50%, 03/11/2044	$	635		589	(1.00) x 1 Month USD LIBOR + 6.00%
5.30%, 02/11/2021		644		667	3.58%, 02/15/2046(l)		8,629		1,522
5.55%, 01/05/2026		2,285		2,476	(1.00) x 1 Month USD LIBOR + 6.05%
6.88%, 01/10/2039		400		473	4.00%, 04/15/2025(l)		1,741		54
Ingersoll-Rand Luxembourg Finance SA					4.18%, 05/15/2026(l)		2,044		168
3.80%, 03/21/2029		2,160		2,179	(1.00) x 1 Month USD LIBOR + 6.65%
LSB Industries Inc					4.28%, 09/15/2034(l)		301		13
9.63%, 05/01/2023(g)		50		52	(1.00) x 1 Month USD LIBOR + 6.75%
Siemens Financieringsmaatschappij NV					Freddie Mac Structured Agency Credit Risk Debt
2.70%, 03/16/2022(g)		250		249	Notes
		$		7,281	3.03%, 04/25/2030		4,771		4,766
Mortgage Backed Securities - 5.44%					1.00 x 1 Month USD LIBOR + 0.55%
Fannie Mae Connecticut Avenue Securities					5.33%, 04/25/2028		3,017		3,087
3.08%, 07/25/2030		10,159		10,153	1.00 x 1 Month USD LIBOR + 2.85%
1.00 x 1 Month USD LIBOR + 0.60%					Ginnie Mae
3.13%, 08/25/2030		2,929		2,927	1.75%, 10/16/2037		154		152
1.00 x 1 Month USD LIBOR + 0.65%					2.81%, 10/20/2048		9,865		9,827
3.23%, 02/25/2030		1,852		1,852	1.00 x 1 Month USD LIBOR + 0.33%
1.00 x 1 Month USD LIBOR + 0.75%					2.83%, 12/20/2048		9,933		9,908
3.93%, 01/25/2029		1,978		1,985	1.00 x 1 Month USD LIBOR + 0.35%
1.00 x 1 Month USD LIBOR + 1.45%					3.17%, 08/16/2045(l)		8,049		1,030
Fannie Mae REMIC Trust 2005-W2					(1.00) x 1 Month USD LIBOR + 5.65%
2.68%, 05/25/2035		191		190	3.50%, 02/20/2040(l)		2,898		286
1.00 x 1 Month USD LIBOR + 0.20%					3.50%, 01/20/2043(l)		4,509		982
Fannie Mae REMICS					3.57%, 11/20/2040(l)		3,070		476
2.25%, 07/25/2040		103		101	(1.00) x 1 Month USD LIBOR + 6.05%
3.00%, 04/25/2027(l)		2,721		222	3.57%, 08/20/2042(l)		7,059		1,214
3.50%, 09/25/2027(l)		4,425		404	(1.00) x 1 Month USD LIBOR + 6.05%
3.50%, 11/25/2027(l)		1,160		104	3.57%, 05/20/2046(l)		5,658		982
3.50%, 05/25/2028(l)		1,618		131	(1.00) x 1 Month USD LIBOR + 6.05%
3.50%, 03/25/2031(l)		2,821		193	3.62%, 11/20/2041(l)		3,329		589
3.52%, 05/25/2046(l)		9,919		1,839	(1.00) x 1 Month USD LIBOR + 6.10%
(1.00) x 1 Month USD LIBOR + 6.00%					3.62%, 02/20/2046(l)		7,454		1,294
3.52%, 10/25/2046(l)		7,006		1,387	(1.00) x 1 Month USD LIBOR + 6.10%
(1.00) x 1 Month USD LIBOR + 6.00%					3.62%, 06/20/2046(l)		7,422		1,318
3.52%, 11/25/2046(l)		8,179		1,586	(1.00) x 1 Month USD LIBOR + 6.10%
(1.00) x 1 Month USD LIBOR + 6.00%					3.62%, 06/20/2046(l)		9,205		1,599
3.57%, 03/25/2047(l)		5,253		920	(1.00) x 1 Month USD LIBOR + 6.10%
(1.00) x 1 Month USD LIBOR + 6.05%					3.62%, 08/20/2046(l)		10,104		1,911
3.62%, 02/25/2043(l)		4,269		713	(1.00) x 1 Month USD LIBOR + 6.10%
(1.00) x 1 Month USD LIBOR + 6.10%					3.62%, 09/20/2046(l)		8,013		1,574
3.62%, 09/25/2046(l)		5,130		835	(1.00) x 1 Month USD LIBOR + 6.10%
(1.00) x 1 Month USD LIBOR + 6.10%					3.67%, 08/20/2044(l)		2,708		483
3.67%, 09/25/2047(l)		9,585		1,832	(1.00) x 1 Month USD LIBOR + 6.15%
(1.00) x 1 Month USD LIBOR + 6.15%					3.67%, 03/20/2047(l)		8,198		1,410
3.72%, 10/25/2048(l)		7,804		1,469	(1.00) x 1 Month USD LIBOR + 6.15%
(1.00) x 1 Month USD LIBOR + 6.20%					3.67%, 04/20/2047(l)		7,197		1,325
4.00%, 04/25/2043(l)		623		83	(1.00) x 1 Month USD LIBOR + 6.15%
4.02%, 12/25/2021(l)		156		5	3.67%, 05/16/2047(l)		5,796		1,042
(1.00) x 1 Month USD LIBOR + 6.50%					(1.00) x 1 Month USD LIBOR + 6.15%
4.02%, 03/25/2022(l)		165		7	3.72%, 08/20/2042(l)		3,181		488
(1.00) x 1 Month USD LIBOR + 6.50%					(1.00) x 1 Month USD LIBOR + 6.20%
15.23%, 08/25/2035(l)		4		—	3.72%, 11/20/2045(l)		5,458		937
(10.00) x 1 Month USD LIBOR + 40.00%					(1.00) x 1 Month USD LIBOR + 6.20%

See accompanying notes.

188

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Mortgage Backed Securities (continued)					Mortgage Backed Securities (continued)
Ginnie Mae   (continued)					Merrill Lynch Mortgage Investors Trust Series
3.72%, 06/20/2047(l)	$	8,053	$	1,519	2005-A8
(1.00) x 1 Month USD LIBOR + 6.20%					2.83%, 08/25/2036	$	79	$	79
3.72%, 07/20/2047(l)		7,982		1,590	1.00 x 1 Month USD LIBOR + 0.35%
(1.00) x 1 Month USD LIBOR + 6.20%					Sequoia Mortgage Trust 2016-3
3.72%, 07/20/2047(l)		6,327		1,109	3.50%, 11/25/2046(g),(i)		3,155		3,156
(1.00) x 1 Month USD LIBOR + 6.20%					Sequoia Mortgage Trust 2018-CH4
3.72%, 08/20/2047(l)		3,366		700	4.50%, 10/25/2048(g),(i)		3,180		3,254
(1.00) x 1 Month USD LIBOR + 6.20%					Wells Fargo Mortgage Backed Securities 2005-
3.72%, 08/20/2047(l)		11,800		2,257	AR16 Trust
(1.00) x 1 Month USD LIBOR + 6.20%					5.12%, 03/25/2035(i)		58		58
3.72%, 08/20/2047(l)		4,115		794			$		170,136
(1.00) x 1 Month USD LIBOR + 6.20%					Office & Business Equipment - 0.02%
3.72%, 08/20/2047(l)		6,387		1,411	Xerox Corp
(1.00) x 1 Month USD LIBOR + 6.20%					3.63%, 03/15/2023		640		634
3.72%, 09/20/2047(l)		9,035		1,737	Oil & Gas - 3.11%
(1.00) x 1 Month USD LIBOR + 6.20%					Alta Mesa Holdings LP / Alta Mesa Finance
3.72%, 09/20/2047(l)		8,744		1,511	Services Corp
(1.00) x 1 Month USD LIBOR + 6.20%					7.88%, 12/15/2024		200		72
3.72%, 11/20/2047(l)		8,332		1,426	Antero Resources Corp
(1.00) x 1 Month USD LIBOR + 6.20%					5.13%, 12/01/2022		80		80
3.77%, 06/20/2044(l)		13,970		1,685	Ascent Resources Utica Holdings LLC / ARU
(1.00) x 1 Month USD LIBOR + 6.25%					Finance Corp
3.77%, 07/20/2045(l)		5,738		1,059	7.00%, 11/01/2026(g)		700		683
(1.00) x 1 Month USD LIBOR + 6.25%					10.00%, 04/01/2022(g)		1,336		1,460
3.77%, 08/16/2045(l)		5,090		960	BP Capital Markets America Inc
(1.00) x 1 Month USD LIBOR + 6.25%					3.02%, 01/16/2027		95		93
3.77%, 10/20/2047(l)		6,212		1,218	3.41%, 02/11/2026		2,275		2,317
(1.00) x 1 Month USD LIBOR + 6.25%					4.23%, 11/06/2028		985		1,053
4.00%, 03/16/2039(l)		2,467		292	BP Capital Markets PLC
4.00%, 09/20/2040(l)		2,545		389	2.27%, 07/03/2026	GBP	100		134
4.12%, 07/20/2042(l)		11,472		2,316	Brazos Valley Longhorn LLC / Brazos Valley
(1.00) x 1 Month USD LIBOR + 6.60%					Longhorn Finance Corp
4.12%, 07/20/2042(l)		7,663		1,549	6.88%, 02/01/2025	$	1,005		1,010
(1.00) x 1 Month USD LIBOR + 6.60%					Callon Petroleum Co
4.17%, 12/20/2040(l)		4,755		917	6.38%, 07/01/2026		100		102
(1.00) x 1 Month USD LIBOR + 6.65%					Canadian Natural Resources Ltd
4.17%, 02/20/2042(l)		4,398		889	3.85%, 06/01/2027		3,730		3,769
(1.00) x 1 Month USD LIBOR + 6.65%					3.90%, 02/01/2025		585		603
4.17%, 04/16/2042(l)		3,435		708	Carrizo Oil & Gas Inc
(1.00) x 1 Month USD LIBOR + 6.65%					6.25%, 04/15/2023		50		49
4.17%, 12/20/2042(l)		11,074		2,368	Centennial Resource Production LLC
(1.00) x 1 Month USD LIBOR + 6.65%					6.88%, 04/01/2027(g)		200		207
4.27%, 11/20/2045(l)		2,777		548	Chesapeake Energy Corp
(1.00) x 1 Month USD LIBOR + 6.75%					7.00%, 10/01/2024		775		766
4.37%, 04/20/2041(l)		1,588		327	8.00%, 06/15/2027		50		49
(1.10) x 1 Month USD LIBOR + 7.10%					Chesapeake Oil Op/Fin Escrow Shares
4.50%, 05/16/2043(l)		2,133		461	0.00%, 11/15/2019(a),(b),(c)		1,385		—
4.50%, 04/16/2044(l)		610		115	Chevron Corp
GS Mortgage-Backed Securities Corp Trust					1.99%, 03/03/2020		515		513
2019-PJ1					CNOOC Finance 2013 Ltd
4.00%, 08/25/2049(g),(i)		4,740		4,799	3.00%, 05/09/2023		1,850		1,832
JP Morgan Mortgage Trust 2014-1					CNX Resources Corp
3.50%, 01/25/2044(g),(i)		1,188		1,188	5.88%, 04/15/2022		43		43
JP Morgan Mortgage Trust 2016-2					Comstock Resources Inc
2.83%, 06/25/2046(g),(i)		6,273		6,241	9.75%, 08/15/2026(g)		85		77
JP Morgan Mortgage Trust 2016-3					Concho Resources Inc
3.50%, 10/25/2046(g),(i)		5,407		5,428	3.75%, 10/01/2027		95		95
JP Morgan Mortgage Trust 2017-3					4.38%, 01/15/2025		3,515		3,627
3.50%, 08/25/2047(g),(i)		4,196		4,209	Continental Resources Inc/OK
JP Morgan Mortgage Trust 2017-4					3.80%, 06/01/2024		8,378		8,455
3.50%, 11/25/2048(g),(i)		4,702		4,724	4.38%, 01/15/2028		4,150		4,259
JP Morgan Mortgage Trust 2017-6					4.50%, 04/15/2023		1,610		1,664
3.50%, 12/25/2048(g),(i)		5,094		5,110	4.90%, 06/01/2044		2,535		2,574
JP Morgan Mortgage Trust 2018-1					5.00%, 09/15/2022		148		149
3.50%, 06/25/2048(g),(i)		5,181		5,191	Denbury Resources Inc
					7.50%, 02/15/2024(g)		85		78
					9.00%, 05/15/2021(g)		40		41

See accompanying notes.

189

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Oil & Gas (continued)					Oil & Gas (continued)
Diamond Offshore Drilling Inc					Southwestern Energy Co
4.88%, 11/01/2043	$	100	$	64	7.75%, 10/01/2027	$	1,735	$	1,757
Ecopetrol SA					Suncor Energy Inc
5.88%, 05/28/2045		125		129	4.00%, 11/15/2047		1,045		1,021
7.38%, 09/18/2043		470		571	Sunoco LP / Sunoco Finance Corp
Encana Corp					4.88%, 01/15/2023		1,960		1,992
5.15%, 11/15/2041		1,295		1,289	5.50%, 02/15/2026		975		992
6.50%, 05/15/2019		9,725		9,737	5.88%, 03/15/2028		50		51
EP Energy LLC / Everest Acquisition Finance Inc					Tengizchevroil Finance Co International Ltd
7.75%, 05/15/2026(g)		2,360		2,100	4.00%, 08/15/2026(g)		1,175		1,170
9.38%, 05/01/2024(g)		100		37	Total Capital International SA
Extraction Oil & Gas Inc					3.46%, 02/19/2029		2,485		2,539
7.38%, 05/15/2024(g)		745		671	Transocean Inc
Exxon Mobil Corp					9.00%, 07/15/2023(g)		155		166
2.22%, 03/01/2021		185		184	Ultra Resources Inc
Gazprom OAO Via Gaz Capital SA					6.88%, 04/15/2022(g)		820		267
8.63%, 04/28/2034		140		184	Whiting Petroleum Corp
Gulfport Energy Corp					5.75%, 03/15/2021		1,115		1,143
6.38%, 05/15/2025		2,080		1,830	6.25%, 04/01/2023		545		557
Marathon Oil Corp					6.63%, 01/15/2026		670		669
4.40%, 07/15/2027		1,160		1,199	YPF SA
6.60%, 10/01/2037		4,905		5,907	6.95%, 07/21/2027		280		238
Marathon Petroleum Corp					8.50%, 03/23/2021		155		151
4.75%, 09/15/2044		222		223			$		97,117
MEG Energy Corp					Oil & Gas Services - 0.25%
7.00%, 03/31/2024(g)		75		71	Archrock Partners LP / Archrock Partners Finance
Murphy Oil Corp					Corp
4.45%, 12/01/2022		105		105	6.00%, 10/01/2022		985		992
Nabors Industries Inc					6.88%, 04/01/2027(g)		550		573
5.00%, 09/15/2020		285		289	Baker Hughes a GE Co LLC / Baker Hughes Co-
5.75%, 02/01/2025		2,025		1,843	Obligor Inc
Newfield Exploration Co					2.77%, 12/15/2022		855		852
5.38%, 01/01/2026		5,020		5,417	3.34%, 12/15/2027		1,055		1,034
Nexen Inc					4.08%, 12/15/2047		1,795		1,670
5.88%, 03/10/2035		170		202	Nine Energy Service Inc
Noble Holding International Ltd					8.75%, 11/01/2023(g)		80		83
7.88%, 02/01/2026(g)		200		194	SESI LLC
Oasis Petroleum Inc					7.13%, 12/15/2021		70		59
6.25%, 05/01/2026(g)		420		405	USA Compression Partners LP / USA
6.88%, 01/15/2023		285		285	Compression Finance Corp
Pacific Drilling SA					6.88%, 04/01/2026		1,130		1,189
8.38%, 10/01/2023(g)		55		57	6.88%, 09/01/2027(g)		1,220		1,284
Parsley Energy LLC / Parsley Finance Corp					Weatherford International Ltd
5.38%, 01/15/2025(g)		80		81	4.50%, 04/15/2022		110		76
Petrobras Global Finance BV					9.88%, 02/15/2024		105		73
6.00%, 01/27/2028		440		450			$		7,885
7.38%, 01/17/2027		2,150		2,399	Other Asset Backed Securities - 1.20%
Petroleos Mexicanos					Chase Funding Trust Series 2003-5
6.50%, 03/13/2027		1,700		1,722	3.08%, 07/25/2033		612		597
6.50%, 01/23/2029		40		40	1.00 x 1 Month USD LIBOR + 0.60%
QEP Resources Inc					Chase Funding Trust Series 2004-1
5.63%, 03/01/2026		90		84	2.94%, 12/25/2033		22		22
Range Resources Corp					1.00 x 1 Month USD LIBOR + 0.46%
5.00%, 03/15/2023		95		92	Dell Equipment Finance Trust 2017-2
Rowan Cos Inc					2.79%, 02/24/2020(g)		929		929
4.88%, 06/01/2022		50		48	1.00 x 1 Month USD LIBOR + 0.30%
Sanchez Energy Corp					Dell Equipment Finance Trust 2018-1
6.13%, 01/15/2023		100		13	2.79%, 10/22/2020(g)		7,982		7,983
7.25%, 02/15/2023(g)		130		110	1.00 x 1 Month USD LIBOR + 0.30%
Saudi Arabian Oil Co					DLL Securitization Trust 2017-A
3.50%, 04/16/2029(g)		2,750		2,703	1.89%, 07/15/2020(g)		2,570		2,567
4.25%, 04/16/2039(g)		4,100		4,009	Ocwen Master Advance Receivables Trust Series
Shell International Finance BV					2018-T1
1.88%, 09/15/2025	EUR	350		434	3.30%, 08/15/2049(b),(c),(g)		2,700		2,700
4.00%, 05/10/2046	$	40		41	Popular ABS Mortgage Pass-Through Trust
Sinopec Group Overseas Development 2017 Ltd					2005-1
2.50%, 09/13/2022(g)		3,400		3,331	2.75%, 05/25/2035		9		9
					1.00 x 1 Month USD LIBOR + 0.27%

See accompanying notes.

190

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Other Asset Backed Securities (continued)					Pharmaceuticals (continued)
Verizon Owner Trust 2017-2					CVS Health Corp
1.92%, 12/20/2021(g)	$	3,111	$	3,097	2.75%, 12/01/2022	$	170	$	168
Verizon Owner Trust 2017-3					3.70%, 03/09/2023		4,700		4,766
2.06%, 04/20/2022(g)		3,000		2,984	4.13%, 05/15/2021		130		133
2.76%, 04/20/2022(g)		9,720		9,727	4.30%, 03/25/2028		640		647
1.00 x 1 Month USD LIBOR + 0.27%					4.78%, 03/25/2038		2,065		2,009
Volvo Financial Equipment LLC Series 2019-1					4.88%, 07/20/2035		1,355		1,353
2.90%, 11/15/2021(g)		7,000		7,014	5.00%, 12/01/2024		4,935		5,250
		$		37,629	5.05%, 03/25/2048		70		69
Packaging & Containers - 0.37%					5.13%, 07/20/2045		820		815
Ardagh Packaging Finance PLC / Ardagh					Eli Lilly & Co
Holdings USA Inc					3.88%, 03/15/2039		1,320		1,345
4.63%, 05/15/2023(g)		200		202	3.95%, 03/15/2049		1,060		1,079
6.00%, 02/15/2025(g)		1,325		1,335	4.15%, 03/15/2059		885		908
7.25%, 05/15/2024(g)		475		500	Merck & Co Inc
Ball Corp					2.90%, 03/07/2024		1,505		1,524
5.25%, 07/01/2025		100		106	Pfizer Inc
Berry Global Inc					3.45%, 03/15/2029		3,800		3,864
5.13%, 07/15/2023		120		122	Teva Pharmaceutical Finance Netherlands III BV
BWAY Holding Co					3.15%, 10/01/2026		330		277
5.50%, 04/15/2024(g)		90		89	4.10%, 10/01/2046		140		99
7.25%, 04/15/2025(g)		2,420		2,357	Wyeth LLC
Crown Americas LLC / Crown Americas Capital					6.00%, 02/15/2036		565		712
Corp IV					Zoetis Inc
4.50%, 01/15/2023		75		77	3.90%, 08/20/2028		3,455		3,530
Crown Americas LLC / Crown Americas Capital					4.45%, 08/20/2048		1,030		1,067
Corp V							$		42,861
4.25%, 09/30/2026		443		431	Pipelines - 1.96%
Crown Americas LLC / Crown Americas Capital					Abu Dhabi Crude Oil Pipeline LLC
Corp VI					3.65%, 11/02/2029(g)		1,550		1,563
4.75%, 02/01/2026		305		310	Andeavor Logistics LP / Tesoro Logistics Finance
Crown Cork & Seal Co Inc					Corp
7.38%, 12/15/2026		1,615		1,809	3.50%, 12/01/2022		65		66
Flex Acquisition Co Inc					4.25%, 12/01/2027		1,190		1,210
6.88%, 01/15/2025(g)		1,230		1,147	Blue Racer Midstream LLC / Blue Racer Finance
Klabin Austria GmbH					Corp
7.00%, 04/03/2049(g)		225		226	6.13%, 11/15/2022(g)		55		55
Owens-Brockway Glass Container Inc					Cheniere Corpus Christi Holdings LLC
5.88%, 08/15/2023(g)		45		47	5.88%, 03/31/2025		90		97
Packaging Corp of America					Crestwood Midstream Partners LP / Crestwood
4.50%, 11/01/2023		425		449	Midstream Finance Corp
Reynolds Group Issuer Inc / Reynolds					5.63%, 05/01/2027(g)		1,180		1,176
Group Issuer LLC / Reynolds Group Issuer					DCP Midstream Operating LP
(Luxembourg) S.A.					5.35%, 03/15/2020(g)		5,400		5,488
5.13%, 07/15/2023(g)		1,885		1,912	Enbridge Inc
5.75%, 10/15/2020		262		262	6.00%, 01/15/2077(k)		2,295		2,298
6.10%, 07/15/2021(g)		225		226	3 Month USD LIBOR + 3.89%
3 Month USD LIBOR + 3.50%					Energy Transfer Operating LP
		$		11,607	4.90%, 03/15/2035		1,420		1,361
Pharmaceuticals - 1.37%					5.15%, 03/15/2045		1,030		1,002
AbbVie Inc					5.25%, 04/15/2029		2,505		2,697
3.38%, 11/14/2021		365		369	6.25%, 04/15/2049		2,670		2,998
4.88%, 11/14/2048		15		15	Enterprise Products Operating LLC
Bausch Health Americas Inc					4.85%, 03/15/2044		100		106
8.50%, 01/31/2027(g)		935		1,018	5.38%, 02/15/2078(k)		2,960		2,750
Bausch Health Cos Inc					3 Month USD LIBOR + 2.57%
5.88%, 05/15/2023(g)		49		49	Genesis Energy LP / Genesis Energy Finance
Bayer US Finance II LLC					Corp
3.88%, 12/15/2023(g)		2,070		2,088	6.75%, 08/01/2022		115		117
Cigna Corp					Hess Infrastructure Partners LP / Hess
3.40%, 09/17/2021(g)		255		258	Infrastructure Partners Finance Corp
3.75%, 07/15/2023(g)		2,110		2,148	5.63%, 02/15/2026(g)		1,820		1,861
4.13%, 11/15/2025(g)		3,725		3,850	Kinder Morgan Energy Partners LP
4.38%, 10/15/2028(g)		1,805		1,862	4.70%, 11/01/2042		2,625		2,544
4.90%, 12/15/2048(g)		1,575		1,589	Kinder Morgan Inc/DE
					2.25%, 03/16/2027	EUR	275		334
					5.63%, 11/15/2023(g)	$	2,905		3,173

See accompanying notes.

191

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Pipelines (continued)					REITs (continued)
MPLX LP					Essex Portfolio LP
4.00%, 03/15/2028	$	140	$	140	4.00%, 03/01/2029	$	1,980	$	2,036
4.50%, 07/15/2023		3,995		4,189	GLP Capital LP / GLP Financing II Inc
4.80%, 02/15/2029		1,325		1,409	4.38%, 04/15/2021		325		331
5.20%, 03/01/2047		50		51	Hudson Pacific Properties LP
NuStar Logistics LP					4.65%, 04/01/2029		2,520		2,597
5.63%, 04/28/2027		110		110	Iron Mountain Inc
ONEOK Partners LP					4.38%, 06/01/2021(g)		85		86
3.80%, 03/15/2020		4,665		4,690	5.25%, 03/15/2028(g)		100		98
Sabine Pass Liquefaction LLC					MGM Growth Properties Operating Partnership
4.20%, 03/15/2028		785		795	LP / MGP Finance Co-Issuer Inc
5.00%, 03/15/2027		2,975		3,168	5.63%, 05/01/2024		50		52
5.75%, 05/15/2024		6,085		6,678	5.75%, 02/01/2027(g)		10		11
Targa Resources Partners LP / Targa Resources					Mid-America Apartments LP
Partners Finance Corp					3.95%, 03/15/2029		2,540		2,600
5.88%, 04/15/2026		385		405	MPT Operating Partnership LP / MPT Finance
6.50%, 07/15/2027(g)		1,521		1,629	Corp
6.88%, 01/15/2029(g)		251		271	6.38%, 03/01/2024		160		168
TransCanada PipeLines Ltd					RHP Hotel Properties LP / RHP Finance Corp
3.30%, 07/17/2025	CAD	320		246	5.00%, 04/15/2021		90		90
4.63%, 03/01/2034	$	25		26	SBA Communications Corp
5.00%, 10/16/2043		70		73	4.88%, 09/01/2024		125		127
Transportadora de Gas del Sur SA					SBA Tower Trust
6.75%, 05/02/2025		170		154	2.90%, 10/15/2044(g)		135		135
Western Midstream Operating LP					Trust F/1401
5.45%, 04/01/2044		750		779	5.25%, 01/30/2026		600		616
Williams Cos Inc/The					VEREIT Operating Partnership LP
4.30%, 03/04/2024		1,420		1,480	4.13%, 06/01/2021		150		153
5.75%, 06/24/2044		3,840		4,181	Welltower Inc
		$		61,370	3.63%, 03/15/2024		3,525		3,598
Private Equity - 0.07%					4.13%, 03/15/2029		1,780		1,826
Icahn Enterprises LP / Icahn Enterprises Finance							$		38,040
Corp					Retail - 0.53%
6.25%, 02/01/2022		1,095		1,128	1011778 BC ULC / New Red Finance Inc
6.38%, 12/15/2025		900		938	5.00%, 10/15/2025(g)		1,325		1,315
		$		2,066	Claire's Stores Escrow - GCB
Real Estate - 0.07%					0.00%, 03/15/2019(a),(b),(c)		400		—
Alpha Star Holding III Ltd					Ferrellgas LP / Ferrellgas Finance Corp
6.25%, 04/20/2022		200		191	6.50%, 05/01/2021		100		89
China Overseas Grand Oceans Finance IV					Golden Nugget Inc
Cayman Ltd					6.75%, 10/15/2024(g)		1,580		1,616
4.88%, 06/01/2021		400		408	Home Depot Inc/The
Chouzhou International Investment Ltd					4.50%, 12/06/2048		65		71
4.00%, 12/05/2020		410		407	5.88%, 12/16/2036		1,590		2,008
Forestar Group Inc					IRB Holding Corp
8.00%, 04/15/2024(g)		1,000		1,025	6.75%, 02/15/2026(g)		790		784
Greystar Real Estate Partners LLC					JC Penney Corp Inc
5.75%, 12/01/2025(g)		75		75	5.88%, 07/01/2023(g)		40		34
		$		2,106	KFC Holding Co/Pizza Hut Holdings LLC/Taco
Regional Authority - 0.01%					Bell of America LLC
Provincia de Buenos Aires/Argentina					5.25%, 06/01/2026(g)		105		108
7.88%, 06/15/2027		700		466	L Brands Inc
REITs - 1.22%					5.25%, 02/01/2028		60		54
Alexandria Real Estate Equities Inc					5.63%, 02/15/2022		205		213
3.45%, 04/30/2025		11,095		11,130	6.69%, 01/15/2027		126		123
4.70%, 07/01/2030		2,575		2,777	McDonald's Corp
Camden Property Trust					1.13%, 05/26/2022	EUR	500		580
4.10%, 10/15/2028		5,135		5,398	2.75%, 12/09/2020	$	110		110
CC Holdings GS V LLC / Crown Castle GS III					4.13%, 06/11/2054	GBP	100		160
Corp					4.88%, 12/09/2045	$	275		297
3.85%, 04/15/2023		2,320		2,381	Staples Inc
Equinix Inc					10.75%, 04/15/2027(g)		300		305
5.38%, 04/01/2023		730		745	Walmart Inc
5.38%, 05/15/2027		50		53	2.85%, 07/08/2024		1,315		1,322
5.88%, 01/15/2026		925		977	3.05%, 07/08/2026		4,045		4,084
ESH Hospitality Inc					3.13%, 06/23/2021		1,075		1,088
5.25%, 05/01/2025(g)		55		55	3.95%, 06/28/2038		1,755		1,822
					4.05%, 06/29/2048		115		121

See accompanying notes.

192

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Retail (continued)					Sovereign (continued)
Walmart Inc   (continued)					Brazilian Government International Bond
5.25%, 09/28/2035	GBP	70	$	129	7.13%, 01/20/2037	$	235	$	276
		$		16,433	CoBank ACB
Savings & Loans - 0.02%					6.25%, 12/31/2049(f),(k)		1,270		1,333
Nationwide Building Society					3 Month USD LIBOR + 4.66%
1.50%, 03/08/2026(k)	EUR	550		627	Colombia Government International Bond
3 Month Euro Interbank Offered Rate +					3.88%, 04/25/2027		725		735
0.93%					4.50%, 01/28/2026		390		410
Semiconductors - 0.46%					Croatia Government International Bond
KLA-Tencor Corp					5.50%, 04/04/2023		370		401
4.10%, 03/15/2029	$	1,610		1,656	6.63%, 07/14/2020		150		156
Lam Research Corp					Ecuador Government International Bond
3.75%, 03/15/2026		2,275		2,336	10.75%, 01/31/2029(g)		375		418
4.00%, 03/15/2029		870		901	10.75%, 03/28/2022		850		951
4.88%, 03/15/2049		1,050		1,133	Egypt Government International Bond
NXP BV / NXP Funding LLC					5.58%, 02/21/2023(g)		825		817
4.63%, 06/01/2023(g)		3,675		3,834	7.60%, 03/01/2029(g)		825		831
4.88%, 03/01/2024(g)		455		481	8.70%, 03/01/2049(g)		750		773
Sensata Technologies UK Financing Co PLC					Export-Import Bank of India
6.25%, 02/15/2026(g)		1,160		1,225	3.88%, 02/01/2028		420		414
Xilinx Inc					Export-Import Bank of Korea
2.95%, 06/01/2024		2,830		2,811	3.46%, 01/25/2022		220		221
		$		14,377	3 Month USD LIBOR + 0.88%
Software - 0.58%					Guatemala Government Bond
CDK Global Inc					5.75%, 06/06/2022		350		367
4.88%, 06/01/2027		40		40	Honduras Government International Bond
Epicor Software Corp					6.25%, 01/19/2027		200		210
9.84%, 06/30/2023(g)		582		583	7.50%, 03/15/2024		700		763
3 Month USD LIBOR + 7.25%					Hungary Government International Bond
First Data Corp					5.38%, 02/21/2023		376		406
5.00%, 01/15/2024(g)		50		51	Indonesia Government International Bond
Fiserv Inc					5.38%, 10/17/2023(g)		3,350		3,637
3.80%, 10/01/2023		2,210		2,282	6.63%, 02/17/2037		330		410
Genesys Telecommunications Laboratories					Instituto Costarricense de Electricidad
Inc/Greeneden Lux 3 Sarl					6.95%, 11/10/2021		380		379
10.00%, 11/30/2024(g)		45		49	Kazakhstan Government International Bond
Infor US Inc					5.13%, 07/21/2025		550		607
6.50%, 05/15/2022		75		76	Mexico Government International Bond
IQVIA Inc					4.15%, 03/28/2027		2,565		2,600
4.88%, 05/15/2023(g)		150		152	4.75%, 03/08/2044		440		433
Microsoft Corp					Morocco Government International Bond
2.40%, 08/08/2026		3,060		2,963	4.25%, 12/11/2022		390		399
3.70%, 08/08/2046		2,950		2,958	Nigeria Government International Bond
4.45%, 11/03/2045		1,060		1,184	7.14%, 02/23/2030		700		697
4.50%, 02/06/2057		1,140		1,282	Oman Government International Bond
MSCI Inc					6.75%, 01/17/2048		200		181
5.75%, 08/15/2025(g)		65		68	Panama Government International Bond
Open Text Corp					3.88%, 03/17/2028		200		207
5.88%, 06/01/2026(g)		200		210	Perusahaan Penerbit SBSN Indonesia III
Oracle Corp					4.55%, 03/29/2026		390		407
2.50%, 10/15/2022		773		767	Peruvian Government International Bond
2.95%, 11/15/2024		2,145		2,147	5.63%, 11/18/2050		325		415
3.13%, 07/10/2025	EUR	350		458	Philippine Government International Bond
4.00%, 11/15/2047	$	110		109	9.50%, 02/02/2030		270		415
6.13%, 07/08/2039		1,985		2,549	Qatar Government International Bond
Rackspace Hosting Inc					3.25%, 06/02/2026		2,100		2,093
8.63%, 11/15/2024(g)		100		93	3.88%, 04/23/2023(g)		1,775		1,832
Solera LLC / Solera Finance Inc					4.82%, 03/14/2049(g)		700		752
10.50%, 03/01/2024(g)		65		71	Republic of Cameroon International Bond
		$		18,092	9.50%, 11/19/2025		380		407
					Republic of Poland Government International
Sovereign - 1.36%					Bond
Angolan Government International Bond					3.25%, 04/06/2026		400		408
8.25%, 05/09/2028		260		272	Republic of South Africa Government
Argentine Republic Government International					International Bond
Bond					4.30%, 10/12/2028		875		816
5.63%, 01/26/2022		3,345		2,604
Bahrain Government International Bond
6.75%, 09/20/2029		720		763

See accompanying notes.

193

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Sovereign (continued)					Telecommunications (continued)
Romanian Government International Bond					Anixter Inc
4.88%, 01/22/2024	$	250	$	266	5.13%, 10/01/2021	$	220	$	227
5.13%, 06/15/2048		160		161	AT&T Inc
Russian Foreign Bond - Eurobond					2.85%, 05/25/2024	CAD	325		242
4.38%, 03/21/2029		400		402	3.15%, 09/04/2036	EUR	700		861
4.75%, 05/27/2026		3,000		3,116	4.30%, 02/15/2030	$	7,996		8,190
Saudi Government International Bond					4.35%, 03/01/2029		2,900		2,997
4.00%, 04/17/2025(g)		3,275		3,390	4.75%, 05/15/2046		30		30
4.38%, 04/16/2029(g)		650		682	4.90%, 08/15/2037		4,665		4,812
4.63%, 10/04/2047		420		422	5.15%, 03/15/2042		145		151
Senegal Government International Bond					5.20%, 11/18/2033	GBP	100		158
6.25%, 05/23/2033		200		193	5.45%, 03/01/2047	$	1,290		1,414
Turkey Government International Bond					5.70%, 03/01/2057		2,055		2,314
5.75%, 03/22/2024		2,250		2,105	6.38%, 03/01/2041		725		868
Ukraine Government International Bond					British Telecommunications PLC
9.75%, 11/01/2028(g)		575		587	4.50%, 12/04/2023		1,425		1,496
Uruguay Government International Bond					Cincinnati Bell Inc
5.10%, 06/18/2050		395		415	7.00%, 07/15/2024(g)		75		69
Vietnam Government International Bond					Cisco Systems Inc
4.80%, 11/19/2024		390		409	5.50%, 01/15/2040		20		25
		$		42,364	Colombia Telecomunicaciones SA ESP
Student Loan Asset Backed Securities - 1.58%					8.50%, 12/31/2049(f),(k)		310		321
Navient Private Education Loan Trust 2017-A					USD Swap Semi-Annual 5 Year + 6.96%
2.87%, 12/16/2058(g)		2,759		2,761	CommScope Inc
1.00 x 1 Month USD LIBOR + 0.40%					8.25%, 03/01/2027(g)		250		270
Navient Private Education Loan Trust 2018-B					CommScope Technologies LLC
2.82%, 12/15/2059(g)		4,417		4,416	6.00%, 06/15/2025(g)		90		91
1.00 x 1 Month USD LIBOR + 0.35%					Embarq Corp
Navient Private Education Refi Loan Trust					8.00%, 06/01/2036		750		740
2018-C					Frontier Communications Corp
3.01%, 06/16/2042(g)		616		618	8.50%, 04/01/2026(g)		1,355		1,277
Navient Student Loan Trust 2017-3					11.00%, 09/15/2025		1,565		1,013
2.78%, 07/26/2066(g)		1,295		1,295	GTT Communications Inc
1.00 x 1 Month USD LIBOR + 0.30%					7.88%, 12/31/2024(g)		840		792
3.08%, 07/26/2066(g)		6,750		6,766	HC2 Holdings Inc
1.00 x 1 Month USD LIBOR + 0.60%					11.50%, 12/01/2021(g)		100		86
Navient Student Loan Trust 2017-4					Hughes Satellite Systems Corp
2.98%, 09/27/2066(g)		3,500		3,500	6.63%, 08/01/2026		95		96
1.00 x 1 Month USD LIBOR + 0.50%					Intelsat Jackson Holdings SA
Navient Student Loan Trust 2018-1					5.50%, 08/01/2023		1,080		977
2.67%, 03/25/2067(g)		713		713	8.00%, 02/15/2024(g)		1,185		1,237
1.00 x 1 Month USD LIBOR + 0.19%					8.50%, 10/15/2024(g)		115		114
Navient Student Loan Trust 2019-1					Level 3 Financing Inc
2.81%, 12/27/2067(g)		11,949		11,949	5.13%, 05/01/2023		305		308
1.00 x 1 Month USD LIBOR + 0.33%					5.38%, 01/15/2024		25		25
SMB Private Education Loan Trust 2017-B					5.38%, 05/01/2025		90		92
2.74%, 06/17/2024(g)		2,469		2,469	Level 3 Parent LLC
1.00 x 1 Month USD LIBOR + 0.27%					5.75%, 12/01/2022		20		20
SMB Private Education Loan Trust 2018-B					Millicom International Cellular SA
2.79%, 12/16/2024(g)		9,023		9,017	6.25%, 03/25/2029(g)		500		518
1.00 x 1 Month USD LIBOR + 0.32%					6.63%, 10/15/2026		450		482
Sofi Professional Loan Program 2016-A LLC					Nokia OYJ
4.23%, 08/25/2036(g)		1,317		1,337	6.63%, 05/15/2039		70		75
1.00 x 1 Month USD LIBOR + 1.75%					Orange SA
Sofi Professional Loan Program 2017-B LLC					5.75%, 12/31/2049(f),(k)	GBP	125		179
1.83%, 05/25/2040(g)		275		274	GBP Swap SA (VS 6 Month) 5 Year +
SoFi Professional Loan Program 2017-D LLC					3.35%
1.72%, 09/25/2040(g)		218		217	Rogers Communications Inc
SoFi Professional Loan Program 2017-E LLC					4.35%, 05/01/2049	$	2,650		2,671
2.98%, 11/26/2040(g)		1,759		1,759	SES SA
1.00 x 1 Month USD LIBOR + 0.50%					4.62%, 12/31/2049(f),(k)	EUR	300		355
Sofi Professional Loan Program 2018-A LLC					EUR Swap Annual (VS 6 Month) 5 Year
2.83%, 02/25/2042(g)		2,337		2,336	+ 4.66%
1.00 x 1 Month USD LIBOR + 0.35%					Sprint Capital Corp
		$		49,427	6.90%, 05/01/2019	$	640		640
Telecommunications - 2.12%					8.75%, 03/15/2032		705		740
America Movil SAB de CV
6.38%, 03/01/2035		100		123

See accompanying notes.

194

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Telecommunications (continued)					Transportation (continued)
Sprint Communications Inc					Union Pacific Corp
6.00%, 11/15/2022	$	1,025	$	1,031	3.20%, 06/08/2021	$	140	$	141
7.00%, 08/15/2020		40		42	3.50%, 06/08/2023		2,400		2,464
Sprint Corp					4.30%, 03/01/2049		1,850		1,905
7.13%, 06/15/2024		1,645		1,649	4.38%, 11/15/2065		35		34
7.63%, 03/01/2026		425		425	XPO Logistics Inc
7.88%, 09/15/2023		1,730		1,802	6.50%, 06/15/2022(g)		91		93
Telecom Argentina SA							$		13,290
6.50%, 06/15/2021		225		213	Trucking & Leasing - 0.19%
Telecom Italia Capital SA					Avolon Holdings Funding Ltd
6.38%, 11/15/2033		285		277	4.38%, 05/01/2026(g)		520		517
7.72%, 06/04/2038		80		83	5.13%, 10/01/2023(g)		625		648
Telecom Italia Finance SA					5.25%, 05/15/2024(g)		700		730
7.75%, 01/24/2033	EUR	150		219	5.50%, 01/15/2023(g)		1,975		2,064
Telecom Italia SpA/Milano					DAE Funding LLC
5.30%, 05/30/2024(g)	$	680		677	4.50%, 08/01/2022(g)		1,055		1,066
5.88%, 05/19/2023	GBP	100		141	5.25%, 11/15/2021(g)		5		5
Telefonica Emisiones SA					5.75%, 11/15/2023(g)		680		712
5.21%, 03/08/2047	$	1,765		1,821	Park Aerospace Holdings Ltd
T-Mobile USA Inc					5.50%, 02/15/2024(g)		315		332
4.00%, 04/15/2022		205		207			$		6,074
4.50%, 02/01/2026		395		397	TOTAL BONDS		$		1,946,686
5.13%, 04/15/2025		980		1,009	SENIOR FLOATING RATE INTERESTS	Principal
5.38%, 04/15/2027		50		53	- 0.88%	Amount (000's) Value (000's)
6.00%, 04/15/2024		345		359	Automobile Manufacturers - 0.05%
6.50%, 01/15/2024		190		197	Navistar Financial Corp
6.50%, 01/15/2026		1,515		1,621	6.25%, 07/30/2025(m)	$	687	$	687
Turkcell Iletisim Hizmetleri AS					US LIBOR + 3.75%
5.75%, 10/15/2025		200		183	Navistar Inc
VEON Holdings BV					5.70%, 11/06/2024(m)		887		886
3.95%, 06/16/2021(g)		1,175		1,172	US LIBOR + 3.50%
Verizon Communications Inc							$		1,573
3.88%, 02/08/2029		2,940		3,042	Automobile Parts & Equipment - 0.04%
4.50%, 08/10/2033		3,225		3,458	Panther BF Aggregator 2 LP
5.01%, 08/21/2054		2,370		2,648	0.00%, 03/18/2026(m),(n)		1,200		1,204
5.25%, 03/16/2037		3,030		3,448	US LIBOR + 3.50%
Vodafone Group PLC
4.13%, 05/30/2025		2,280		2,352	Chemicals - 0.01%
Wind Tre SpA					Emerald Performance Materials LLC
5.00%, 01/20/2026(g)		755		690	10.23%, 08/01/2022(m)		405		397
		$		66,312	US LIBOR + 6.75%
Textiles - 0.03%					Commercial Services - 0.05%
Delta Merlin Dunia Tekstil PT					Garda World Security Corp
8.63%, 03/12/2024(g)		1,000		1,029	6.12%, 05/24/2024(m)		403		402
					US LIBOR + 3.50%
Toys, Games & Hobbies - 0.00%					Refinitiv US Holdings Inc
Mattel Inc					6.23%, 09/18/2025(m)		1,122		1,109
6.75%, 12/31/2025(g)		100		100	US LIBOR + 3.75%
Transportation - 0.43%							$		1,511
Burlington Northern Santa Fe LLC					Computers - 0.02%
4.38%, 09/01/2042		870		929	McAfee LLC
CSX Corp					10.98%, 09/29/2025(m)		546		551
4.75%, 11/15/2048		1,955		2,123	US LIBOR + 8.50%
Eletson Holdings Inc / Eletson Finance US LLC /
Agathonissos Finance LLC					Consumer Products - 0.00%
0.00%, 01/15/2022(a),(i)		1,749		651	Prestige Brands Inc
Kazakhstan Temir Zholy National Co JSC					4.48%, 01/26/2024(m)		11		11
4.85%, 11/17/2027(g)		650		672	US LIBOR + 2.00%
Navios Maritime Acquisition Corp / Navios					Diversified Financial Services - 0.05%
Acquisition Finance US Inc					Russell Investments US Institutional Holdco Inc
8.13%, 11/15/2021(g)		2,805		2,328	5.85%, 06/01/2023(m)		1,597		1,592
Navios Maritime Holdings Inc / Navios Maritime					US LIBOR + 3.25%
Finance II US Inc					Electrical Components & Equipment - 0.04%
7.38%, 01/15/2022(g)		1,230		806	Energizer Holdings Inc
11.25%, 08/15/2022(g)		715		483	4.75%, 12/17/2025(m)		1,287		1,287
Navios South American Logistics Inc / Navios					US LIBOR + 2.25%
Logistics Finance US Inc
7.25%, 05/01/2022(g)		720		661

See accompanying notes.

195

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Entertainment - 0.06%					Retail (continued)
CCM Merger Inc					Claire's Stores Inc
4.73%, 08/06/2021(m)	$	268	$	268	0.75%, 10/12/2022(m)	$	11	$	11
US LIBOR + 2.25%					US LIBOR + 7.50%
Eldorado Resorts Inc					9.94%, 10/12/2038(m)		37		53
4.75%, 04/17/2024(m)		1,395		1,393	US LIBOR + 7.50%
US LIBOR + 2.25%					IRB Holding Corp
Lions Gate Capital Holdings LLC					5.72%, 01/17/2025(m)		333		332
4.73%, 03/24/2025(m)		310		308	US LIBOR + 3.25%
US LIBOR + 2.25%					PetSmart Inc
		$		1,969	6.73%, 03/11/2022(m)		1,079		1,039
Environmental Control - 0.01%					US LIBOR + 3.00%
Filtration Group Corp							$		2,138
5.48%, 03/31/2025(m)		262		263	Telecommunications - 0.08%
US LIBOR + 3.00%					Avaya Inc
Food - 0.03%					6.72%, 12/16/2024(m)		1,345		1,348
JBS USA LUX SA					US LIBOR + 4.25%
5.11%, 10/30/2022(m)		1		—	Level 3 Parent LLC
US LIBOR + 2.50%					4.67%, 02/22/2024(m)		60		60
Post Holdings Inc					US LIBOR + 2.25%
4.49%, 05/24/2024(m)		920		920	Maxar Technologies Ltd
US LIBOR + 2.00%					5.24%, 10/05/2024(m)		1,506		1,211
		$		920	US LIBOR + 2.75%
Healthcare - Products - 0.00%							$		2,619
Agiliti Health Inc					TOTAL SENIOR FLOATING RATE INTERESTS		$		27,644
5.56%, 01/04/2026(m)		10		10	U.S. GOVERNMENT & GOVERNMENT	Principal
US LIBOR + 3.00%					AGENCY OBLIGATIONS - 40.27%	Amount (000's) Value (000's)
Healthcare - Services - 0.06%					Federal Home Loan Mortgage Corporation (FHLMC) - 2.62%
MPH Acquisition Holdings LLC					3.00%, 01/01/2043	$	2,783	$	2,765
5.35%, 06/07/2023(m)		1,770		1,751	3.00%, 02/01/2043		1,168		1,161
US LIBOR + 3.00%					3.00%, 03/01/2043		487		484
Insurance - 0.05%					3.00%, 01/01/2047		22,050		21,869
Asurion LLC					3.50%, 11/01/2046		4,516		4,596
5.48%, 11/03/2023(m)		220		220	3.50%, 03/01/2048		1,063		1,078
US LIBOR + 3.00%					4.00%, 02/01/2046		11,896		12,309
Genworth Holdings Inc					4.00%, 04/01/2048		94		96
6.99%, 03/07/2023(m)		1,275		1,285	4.00%, 08/01/2048		11,152		11,590
US LIBOR + 4.50%					4.50%, 04/01/2031		794		834
		$		1,505	4.50%, 04/01/2041		5,042		5,358
					4.50%, 12/01/2043		4,374		4,615
Lodging - 0.02%					4.50%, 09/01/2044		5,814		6,117
Golden Nugget LLC					4.50%, 03/01/2046		1,129		1,205
5.23%, 10/04/2023(m)		660		661	4.50%, 05/01/2048		227		238
US LIBOR + 2.75%					5.00%, 06/01/2031		630		667
Oil & Gas - 0.06%					5.00%, 09/01/2039		1,681		1,810
California Resources Corp					5.11%, 01/01/2034		42		42
7.23%, 12/31/2022(m)		1,130		1,093	1.00 x US Treasury Yield Curve Rate T
US LIBOR + 4.75%					Note Constant Maturity 1 Year + 2.37%
12.85%, 12/31/2021(m)		930		955	5.50%, 08/01/2023		249		254
US LIBOR + 10.37%					5.50%, 05/01/2033		54		59
		$		2,048	5.50%, 10/01/2033		43		46
Pharmaceuticals - 0.18%					5.50%, 12/01/2033		615		674
Bausch Health Americas Inc					5.50%, 11/01/2036		535		584
5.22%, 11/14/2025(m)		1,492		1,492	5.50%, 04/01/2038		175		193
US LIBOR + 2.75%					5.50%, 08/01/2038		389		434
5.47%, 05/19/2025(m)		2,178		2,187	5.50%, 03/01/2040		604		660
US LIBOR + 3.00%					6.00%, 03/01/2022		7		7
Endo International PLC					6.00%, 07/01/2023		117		127
6.75%, 04/29/2024(m)		1,980		1,955	6.00%, 06/01/2028		2		2
US LIBOR + 4.25%					6.00%, 01/01/2029		1		1
		$		5,634	6.00%, 12/01/2031		26		29
Retail - 0.07%					6.00%, 12/01/2032		25		28
Academy Ltd					6.00%, 02/01/2033		122		132
6.49%, 07/01/2022(m)		949		703	6.00%, 12/01/2033		31		35
US LIBOR + 4.00%					6.00%, 10/01/2036		198		220
					6.00%, 01/01/2038		12		13
					6.00%, 01/01/2038		258		293
					6.00%, 07/01/2038		1,064		1,207
					6.50%, 03/01/2029		5		5

See accompanying notes.

196

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

U.S. GOVERNMENT & GOVERNMENT		Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)					AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal Home Loan Mortgage Corporation (FHLMC) (continued)						Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage
6.50%, 05/01/2029		$	7	$	8	Corporation (FHLMC) Uniform Mortgage-Backed Security (continued)
6.50%, 04/01/2031			3		3	3.50%, 05/01/2043		$	383	$	391
6.50%, 09/01/2031			2		2	3.50%, 07/01/2043			1,550		1,580
6.50%, 02/01/2032			2		2	3.50%, 09/01/2044			5,706		5,812
6.50%, 05/01/2032			9		10	3.50%, 11/01/2044			4,215		4,281
6.50%, 04/01/2035			67		76	3.50%, 03/01/2045			7,589		7,736
6.50%, 10/01/2035			52		60	3.50%, 04/01/2045			3,756		3,817
7.00%, 12/01/2029			5		6	3.50%, 08/01/2045			5,904		6,031
7.00%, 06/01/2030			12		13	3.50%, 11/01/2045			11,999		12,246
7.00%, 12/01/2030			4		4	3.50%, 01/01/2046			5,312		5,429
7.00%, 09/01/2031			1		1	3.50%, 10/01/2046			4,566		4,639
7.50%, 09/01/2030			1		1	3.50%, 11/01/2046			12,743		13,000
7.50%, 01/01/2031			6		7	3.50%, 12/01/2046			7,922		8,048
7.50%, 03/01/2031			2		2	3.50%, 12/01/2046			5,731		5,819
7.50%, 02/01/2032			3		3	3.50%, 01/01/2047			14,661		14,977
8.00%, 09/01/2030			46		48	3.50%, 01/01/2047			13,760		14,055
			$		82,083	3.50%, 04/01/2047			237		241
Federal National Mortgage Association (FNMA) - 5.15%						3.50%, 08/01/2047			14,998		15,292
3.00%, 05/01/2028(o)			68,000		68,341	3.50%, 10/01/2047			1,330		1,355
3.50%, 05/01/2030(o)			5,000		5,106	3.50%, 10/01/2047			178		181
3.50%, 05/01/2043(o)			5,000		5,045	3.50%, 11/01/2047			5,883		5,991
3.72%, 10/01/2034			48		49	3.50%, 11/01/2047			5,894		5,992
1.00 x 6 Month USD LIBOR + 1.13%						3.50%, 12/01/2047			10,878		11,077
4.00%, 05/01/2045(o)			7,000		7,183	3.50%, 01/01/2048			12,040		12,248
4.27%, 07/01/2033			502		521	3.50%, 03/01/2048			8,697		8,842
1.00 x 12 Month USD LIBOR + 1.55%						3.50%, 04/01/2048			14,529		14,780
4.49%, 08/01/2035			104		109	3.50%, 04/01/2048			13,898		14,129
1.00 x 12 Month USD LIBOR + 1.74%						4.00%, 08/01/2020			201		207
4.50%, 05/01/2045(o)			57,000		59,310	4.00%, 02/01/2031			298		309
4.51%, 04/01/2036			102		106	4.00%, 03/01/2034			746		778
1.00 x 12 Month USD LIBOR + 1.58%						4.00%, 04/01/2034			4,112		4,289
4.73%, 02/01/2036			16		17	4.00%, 04/01/2042			4,013		4,186
1.00 x 12 Month USD LIBOR + 1.61%						4.00%, 05/01/2044			3,972		4,125
4.85%, 01/01/2033			46		47	4.00%, 06/01/2044			6,312		6,527
1.00 x US Treasury Yield Curve Rate T						4.00%, 10/01/2045			5,114		5,295
Note Constant Maturity 1 Year + 2.14%						4.00%, 04/01/2047			6,771		7,032
4.92%, 04/01/2033			73		77	4.00%, 05/01/2047			17,661		18,213
1.00 x 6 Month USD LIBOR + 2.26%						4.00%, 06/01/2047			17,856		18,530
4.94%, 03/01/2035			1,694		1,798	4.00%, 06/01/2047			1,757		1,812
1.00 x US Treasury Yield Curve Rate T						4.00%, 10/01/2047			6,714		6,924
Note Constant Maturity 1 Year + 2.62%						4.00%, 11/01/2047			16,306		16,957
5.00%, 07/01/2044			2,529		2,699	4.00%, 04/01/2048			2,972		3,089
5.00%, 05/01/2045(o)			10,000		10,540	4.00%, 04/01/2048			20,090		20,885
			$		160,948	4.00%, 06/01/2048			46		47
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage						4.00%, 10/01/2048			4,864		5,056
Corporation (FHLMC) Uniform Mortgage-Backed Security - 14.29%						4.00%, 06/01/2049(o)			11,500		11,794
2.50%, 04/01/2028			2,272		2,261	4.50%, 04/01/2024			825		849
2.50%, 06/01/2028			157		156	4.50%, 09/01/2040			822		871
2.50%, 09/01/2029			749		743	4.50%, 06/01/2044			963		1,019
3.00%, 07/01/2028			3,999		4,027	4.50%, 12/01/2044			7,548		7,942
3.00%, 10/01/2029			98		99	5.00%, 05/01/2040			4,432		4,767
3.00%, 10/01/2030			4,066		4,096	5.00%, 11/01/2048			4,654		4,908
3.00%, 08/01/2034			4,592		4,596	5.50%, 06/01/2020			21		21
3.00%, 10/01/2034			2,367		2,369	5.50%, 09/01/2020			160		161
3.00%, 12/01/2040			179		178	5.50%, 02/01/2023			23		24
3.00%, 11/01/2042			557		553	5.50%, 06/01/2023			80		85
3.00%, 04/01/2043			574		570	5.50%, 07/01/2023			2		2
3.00%, 04/01/2043			22,507		22,358	5.50%, 07/01/2033			115		126
3.00%, 05/01/2043			850		845	5.50%, 09/01/2033			152		167
3.00%, 05/01/2043			4,920		4,887	5.50%, 08/01/2036			1,258		1,385
3.00%, 08/01/2043			3,688		3,664	5.50%, 02/01/2037			41		44
3.00%, 03/01/2048			12,486		12,364	5.50%, 04/01/2038			1,888		2,064
3.50%, 04/01/2030			6,333		6,482	5.50%, 12/01/2038			1,057		1,161
3.50%, 02/01/2033			43		44	5.50%, 05/01/2040			473		509
3.50%, 10/01/2033			2,615		2,677	6.00%, 02/01/2023			9		9
3.50%, 08/01/2034			1,917		1,963	6.00%, 11/01/2035			981		1,097
3.50%, 08/01/2038			4,655		4,741	6.00%, 02/01/2038			425		466
3.50%, 01/01/2041			243		247	6.00%, 05/01/2038			32		35

See accompanying notes.

197

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

U.S. GOVERNMENT & GOVERNMENT		Principal					U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)						AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage							Government National Mortgage Association (GNMA) (continued)
Corporation (FHLMC) Uniform Mortgage-Backed Security (continued)							6.00%, 02/15/2033	$	30	$	33
6.00%, 08/01/2038		$		314	$	345	6.00%, 12/15/2033		40		45
6.00%, 08/01/2038				220		238	6.50%, 03/20/2028		5		5
6.00%, 03/01/2040				2,504		2,796	6.50%, 05/20/2029		5		5
6.50%, 05/01/2022				3		3	6.50%, 10/15/2032		15		16
6.50%, 12/01/2031				2		3	6.50%, 12/15/2032		51		55
6.50%, 02/01/2032				2		2	7.00%, 06/15/2031		9		11
6.50%, 02/01/2032				2		2	7.00%, 07/15/2031		1		2
6.50%, 04/01/2032				7		7	7.00%, 06/15/2032		78		87
6.50%, 06/01/2032				1		1	8.00%, 01/20/2031		4		4
6.50%, 08/01/2032				7		8			$		221,245
6.50%, 07/01/2037				184		205	U.S. Treasury - 10.80%
6.50%, 07/01/2037				285		320	1.00%, 02/15/2049		55		56
6.50%, 12/01/2037				250		287	1.25%, 10/31/2021		16,900		16,490
6.50%, 02/01/2038				340		387	1.38%, 03/31/2020		115		114
6.50%, 03/01/2038				99		109	1.50%, 01/31/2022		2,025		1,985
6.50%, 09/01/2038				367		418	1.50%, 08/15/2026		1,000		939
7.00%, 03/01/2032				22		24	1.63%, 10/31/2023		13,800		13,415
7.50%, 08/01/2032				5		6	1.75%, 04/30/2022		125		123
			$	446,837			2.00%, 05/31/2021		4,540		4,515
Government National Mortgage Association (GNMA) - 7.08%							2.00%, 10/31/2022		35,000		34,701
3.00%, 06/20/2043				3,059		3,058	2.50%, 12/31/2020		35,000		35,108
3.00%, 01/20/2045				1,532		1,532	2.50%, 05/15/2024		30,000		30,292
3.00%, 01/20/2046				5,893		5,898	3.00%, 09/30/2025		26,000		26,960
3.00%, 06/20/2046				842		842	3.00%, 11/15/2044(p)		23,400		23,740
3.00%, 07/20/2046				17,957		17,950	3.00%, 05/15/2045		35,045		35,562
3.00%, 12/20/2046				2,650		2,649	3.00%, 11/15/2045		39,000		39,568
3.00%, 11/20/2048				6,282		6,273	3.13%, 05/15/2048		13,750		14,244
3.50%, 03/15/2042				1,218		1,246	3.75%, 11/15/2043(q)		4,035		4,634
3.50%, 04/15/2042				1,226		1,253	3.88%, 08/15/2040		44,545		52,097
3.50%, 05/01/2043				29,500		29,986	4.75%, 02/15/2037		2,300		2,971
3.50%, 09/20/2044				83		85			$		337,514
3.50%, 09/20/2047				1,687		1,721	U.S. Treasury Inflation-Indexed Obligations - 0.33%
3.50%, 03/20/2048				4,619		4,698	0.13%, 04/15/2021		901		894
3.50%, 06/20/2048				9,286		9,445	0.13%, 01/15/2022		603		598
3.75%, 07/20/2043				289		295	0.13%, 07/15/2022		236		235
1.00 x US Treasury Yield Curve Rate T							0.13%, 01/15/2023		1,305		1,292
Note Constant Maturity 1 Year + 1.50%							0.13%, 07/15/2024		628		621
4.00%, 02/15/2042				870		903	0.13%, 07/15/2026		664		649
4.00%, 05/01/2043				14,000		14,417	0.38%, 07/15/2023		467		469
4.00%, 08/15/2045				3,453		3,568	0.38%, 07/15/2025		719		719
4.00%, 06/20/2046				865		893	0.38%, 01/15/2027		664		657
4.00%, 06/20/2047				5,904		6,094	0.38%, 07/15/2027		906		898
4.00%, 01/20/2048				22,483		23,371	0.63%, 01/15/2024		368		372
4.00%, 10/15/2048				7,675		7,966	0.75%, 02/15/2045		445		425
4.50%, 06/20/2025				2,139		2,230	1.00%, 02/15/2046		245		248
4.50%, 09/15/2039				335		356	1.00%, 02/15/2048		118		119
4.50%, 03/15/2040				2,467		2,598	1.25%, 07/15/2020		458		464
4.50%, 08/15/2040				4,422		4,656	1.38%, 02/15/2044		336		369
4.50%, 05/01/2043				30,000		31,106	2.13%, 02/15/2041		196		245
4.50%, 01/20/2048				5,049		5,251	3.38%, 04/15/2032		120		161
4.50%, 06/20/2048				9,578		9,965	3.88%, 04/15/2029		638		841
5.00%, 11/15/2033				1,695		1,818			$		10,276
5.00%, 06/15/2034				32		34	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
5.00%, 10/20/2039				141		150	OBLIGATIONS		$		1,258,903
5.00%, 07/20/2040				263		275	Total Investments		$		3,374,381
5.00%, 02/15/2042				1,191		1,276	Other Assets and Liabilities -  (7.94)%				(248,344	)
5.00%, 05/01/2043				15,000		15,652	TOTAL NET ASSETS - 100.00%		$		3,126,037
5.50%, 10/15/2033				589		651
5.50%, 05/20/2035				64		70
5.50%, 02/15/2038				560		619
6.00%, 07/20/2028				24		27
6.00%, 11/20/2028				23		25
6.00%, 01/20/2029				26		29
6.00%, 07/20/2029				6		7
6.00%, 08/15/2031				18		20
6.00%, 01/15/2032				3		3
6.00%, 02/15/2032				19		21

See accompanying notes.

198

Schedule of Investments Core Plus Bond Fund April 30, 2019 (unaudited)

(a)	Non-income producing security
(b)	The value of these investments was determined using significant unobservable inputs.
(c)	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 $23,397 or 0.75% of net assets.
(d)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment
	Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information.
(e)	Current yield shown is as of period end.
(f)	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.
(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 $516,699 or 16.53% of net assets.
(h)	Security purchased on a when-issued basis.
(i)	Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.  These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end.
(j)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
(k)	Rate shown is as of period end. The rate may be a variable or floating rate or a
	fixed rate which may convert to a variable or floating rate in the future.

(l)	Security is an Interest Only Strip.
(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 April 30, 2019, at which time the interest rate will be determined.
(o)	Security was purchased in a "to-be-announced" ("TBA") transaction.  See Notes to Financial Statements for additional information.
(p)	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 $2,014 or 0.06% of net assets.
(q)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $2,400 or 0.08% of net assets.

Portfolio Summary  (unaudited)
Sector	Percent
Mortgage Securities	39.76	%
Government	12.62	%
Financial	12.09	%
Asset Backed Securities	8.88	%
Consumer, Non-cyclical	6.37	%
Energy	5.42	%
Communications	5.37	%
Money Market Funds	4.33	%
Consumer, Cyclical	3.26	%
Industrial	3.13	%
Utilities	2.86	%
Technology	2.26	%
Basic Materials	1.56	%
Investment Companies	0.03	%
Other Assets and Liabilities	(7.94	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities				October 31, 2018	Purchases			Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$	193,677			$	613,709	$	671,985	$		135,401
	$	193,677			$	613,709	$	671,985	$		135,401
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	1,399	$	— $				— $			—
	$	1,399	$	— $				— $			—

Amounts in thousands
Futures Contracts
Description and Expiration Date		Type	Contracts		Notional Amount			Value and Unrealized Appreciation/(Depreciation)
US 10 Year Note; June 2019		Long		88	$		10,883	$					92
US 2 Year Note; June 2019		Short		118			25,135						27
US 5 Year Note; June 2019		Short		42			4,857						—
US Long Bond; June 2019		Long		185			27,282						239
US Ultra Bond; June 2019		Long		66			10,843						171
Total								$					529
Amounts in thousands except contracts.
Foreign Currency Contracts
									Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date	Currency to Accept							Currency to Deliver		Asset		Liability
Barclays Bank PLC	05/10/2019	$		5,544		GBP			4,220	$	39	$	—
Barclays Bank PLC	05/10/2019	GBP		470	$				617		—		(4	)
Barclays Bank PLC	05/10/2019	CAD		5,300	$				4,024		—		(67	)
Barclays Bank PLC	05/10/2019	$		5,011		CAD			6,600		83		—
Barclays Bank PLC	05/10/2019	CHF		545	$				551		—		(16	)
Barclays Bank PLC	05/10/2019	$		551		CHF			545		16		—
Goldman Sachs & Co	05/10/2019	$		26,142		EUR			22,700		665		—
Goldman Sachs & Co	05/10/2019	EUR		5,500	$				6,334		—		(161	)
Goldman Sachs & Co	05/10/2019	JPY		155,500	$				1,430		—		(33	)

See accompanying notes.

199

Schedule of Investments
Core Plus Bond Fund
April 30, 2019 (unaudited)
Foreign Currency Contracts (continued)
												Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver								Asset		Liability
Goldman Sachs & Co	05/10/2019		$		1,430		JPY					155,500	$	33	$	—
Total												$		836	$	(281	)
Amounts in thousands.
Exchange Cleared Credit Default Swaps
Buy Protection
	Implied Credit
	Spread as		(Pay)/									Upfront		Unrealized
	of April 30,		Receive Fixed		Payment				Notional	Payments/				Appreciation/
Reference Entity	2019	(a)	Rate		Frequency	Maturity Date			Amount			(Receipts)		(Depreciation)		Fair Value
CDX.NA.HY.31	N/A		(5.00	)%	Quarterly	12/20/2023		$	45,105		$	(2,513	)$	(1,296	)$	(3,809	)
Total										$		(2,513	)$	(1,296	)$	(3,809	)
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.

See accompanying notes.

200

Schedule of Investments
Diversified International Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 95.73%	Shares Held     Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 1.42%				Distribution & Wholesale - 3.33%
CAE Inc	1,831,200 $		42,592	Ferguson PLC	1,256,723	$	89,436
Safran SA		531,756	77,509	ITOCHU Corp	5,822,300		105,055
Thales SA		406,793	48,603	Mitsubishi Corp	4,307,300		118,656
		$	168,704	Sumitomo Corp	5,822,100		83,447
Agriculture - 0.47%					$		396,594
Swedish Match AB	1,145,466		55,852	Diversified Financial Services - 1.58%
Apparel - 2.26%				Housing Development Finance Corp Ltd	2,092,219		60,023
Adidas AG		249,043	64,151	ORIX Corp	6,033,990		85,477
Fila Korea Ltd		484,212	34,244	Shinhan Financial Group Co Ltd	1,142,172		43,168
LVMH Moet Hennessy Louis Vuitton SE		363,435	142,691		$		188,668
Moncler SpA		681,167	28,006	Electric - 2.20%
		$	269,092	Chubu Electric Power Co Inc	3,075,900		44,728
Automobile Manufacturers - 4.17%				Enel SpA	13,805,987		87,422
Ferrari NV		525,561	71,283	Iberdrola SA	11,339,089		103,043
Honda Motor Co Ltd	2,426,200		67,698	Korea Electric Power Corp	1,101,737		26,672
Isuzu Motors Ltd	3,044,000		43,842		$		261,865
Kia Motors Corp	2,274,862		88,182	Electrical Components & Equipment - 0.39%
Maruti Suzuki India Ltd		673,018	64,488	Delta Electronics Inc	8,812,000		46,511
Toyota Motor Corp	2,593,400		160,559	Electronics - 1.24%
		$	496,052	Halma PLC	1,752,353		41,232
Banks - 10.52%				Hoya Corp	1,510,004		106,648
Banco do Brasil SA	3,211,300		40,597		$		147,880
Bangkok Bank PCL	4,303,600		28,196	Energy - Alternate Sources - 0.58%
Bank Leumi Le-Israel BM	8,836,317		60,511	Vestas Wind Systems A/S	768,503		69,537
Credicorp Ltd		339,899	80,522	Engineering & Construction - 2.11%
DBS Group Holdings Ltd	3,427,400		71,274	ACS Actividades de Construccion y Servicios SA	2,122,642		97,613
DNB ASA	3,751,207		72,133	Larsen & Toubro Ltd	2,285,981		44,335
Erste Group Bank AG	1,765,414		70,645	Vinci SA	1,079,296		109,005
HDFC Bank Ltd ADR		366,987	42,075		$		250,953
Industrial Bank Co Ltd	17,738,978		52,531	Food - 5.00%
ING Groep NV	6,383,493		81,454	MEIJI Holdings Co Ltd	573,600		45,215
Krung Thai Bank PCL	71,181,700		42,165	Nestle India Ltd	148,648		23,289
Lloyds Banking Group PLC	129,006,632		105,506	Nestle SA	2,874,409		276,741
Macquarie Group Ltd	1,257,437		119,499	Seven & i Holdings Co Ltd	1,561,300		54,032
Mediobanca Banca di Credito Finanziario SpA	5,769,691		61,155	Tesco PLC	30,702,353		100,171
Skandinaviska Enskilda Banken AB	4,465,337		42,633	Uni-President Enterprises Corp	28,142,000		66,884
Swedbank AB	5,437,331		88,842	X5 Retail Group NV	961,890		29,211
Toronto-Dominion Bank/The	2,472,500		141,038		$		595,543
United Overseas Bank Ltd	2,511,900		51,440
		$	1,252,216	Food Service - 0.67%
Beverages - 2.69%				Compass Group PLC	3,508,389		79,830
Carlsberg A/S		264,458	34,194	Forest Products & Paper - 0.83%
Coca-Cola Bottlers Japan Holdings Inc	1,487,700		36,734	Mondi PLC	3,085,403		67,803
Coca-Cola HBC AG (a)	1,474,699		52,817	Suzano SA	2,949,400		30,764
Diageo PLC	2,538,649		107,024		$		98,567
Jiangsu Yanghe Brewery Joint-Stock Co Ltd	3,436,246		60,046	Hand & Machine Tools - 0.11%
Thai Beverage PCL	47,257,300		29,191	Techtronic Industries Co Ltd	1,861,000		13,467
		$	320,006	Healthcare - Products - 0.99%
Biotechnology - 1.45%				Alcon Inc (a)	394,811		22,737
CSL Ltd		702,369	98,516	Carl Zeiss Meditec AG	431,963		42,488
Lonza Group AG (a)		238,959	73,797	Sonova Holding AG	114,216		23,069
		$	172,313	Straumann Holding AG	36,907		29,827
Building Materials - 0.26%					$		118,121
Anhui Conch Cement Co Ltd	5,165,825		30,677	Healthcare - Services - 0.59%
Chemicals - 1.59%				ICON PLC (a)	514,750		70,305
Koninklijke DSM NV		589,208	67,389	Home Builders - 0.75%
Nitto Denko Corp		964,700	52,158	Persimmon PLC	1,499,861		43,815
Nutrien Ltd	1,297,400		70,366	Taylor Wimpey PLC	19,321,867		45,809
		$	189,913		$		89,624
Commercial Services - 0.55%				Home Furnishings - 1.22%
Brambles Ltd	4,343,624		36,911	Howden Joinery Group PLC	6,631,350		44,038
CCR SA	9,337,800		28,148	Sony Corp	2,021,500		101,819
		$	65,059		$		145,857
Computers - 1.63%				Insurance - 6.35%
Capgemini SE		310,220	37,647	ASR Nederland NV	1,279,811		56,944
Logitech International SA	2,383,008		93,380	BB Seguridade Participacoes SA	7,103,550		51,486
Obic Co Ltd		544,200	63,179	Fairfax Financial Holdings Ltd	107,900		51,456
		$	194,206	Hannover Rueck SE	420,354		63,478

See accompanying notes.

201

Schedule of Investments
Diversified International Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)		COMMON STOCKS (continued)			Shares Held Value (000’s)
Insurance (continued)			Semiconductors - 3.43%
Legal & General Group PLC	30,163,466 $	109,691	Samsung Electronics Co Ltd			4,702,384	$	184,885
NN Group NV	2,321,547	101,312	Taiwan Semiconductor Manufacturing Co Ltd			26,645,544		223,717
Prudential PLC	5,239,342	119,045				$		408,602
Swiss Life Holding AG	241,190	113,390	Software - 3.23%
Tokio Marine Holdings Inc	1,764,700	89,409	Amadeus IT Group SA			1,128,645		89,949
	$	756,211	Capcom Co Ltd			1,692,900		38,198
Internet - 2.95%			Dassault Systemes SE			494,013		78,234
Alibaba Group Holding Ltd ADR(a)	919,436	170,620	Nemetschek SE			106,001		19,610
Tencent Holdings Ltd	3,654,832	180,138	SimCorp A/S			299,297		29,382
	$	350,758	Tech Mahindra Ltd			4,659,718		56,048
Investment Companies - 1.00%			Ubisoft Entertainment SA (a)			762,289		72,828
EXOR NV	483,938	32,270				$		384,249
Investor AB	1,809,759	86,311	Telecommunications - 5.03%
	$	118,581	China Mobile Ltd			7,009,000		66,876
Lodging - 0.22%			Deutsche Telekom AG			4,425,226		74,145
Huazhu Group Ltd ADR	623,315	26,429	Nice Ltd ADR(a)			432,688		59,650
Machinery - Diversified - 1.16%			Orange SA			3,237,025		50,590
Amada Holdings Co Ltd	3,681,200	41,267	SK Telecom Co Ltd			305,441		64,786
Keyence Corp	94,200	58,855	SoftBank Group Corp			1,199,200		127,153
Valmet OYJ	1,394,263	38,408	Telefonaktiebolaget LM Ericsson			10,559,810		104,459
	$	138,530	Telenor ASA			2,581,048		51,884
Mining - 1.54%						$		599,543
Anglo American PLC	2,424,872	62,925	Toys, Games & Hobbies - 0.60%
Rio Tinto Ltd	1,780,573	120,015	Nintendo Co Ltd			207,400		71,432
	$	182,940	Transportation - 1.34%
Office & Business Equipment - 0.32%			Canadian National Railway Co			1,723,648		160,104
Konica Minolta Inc	3,742,800	37,584	TOTAL COMMON STOCKS		$	11,399,464
Oil & Gas - 5.63%			INVESTMENT COMPANIES - 3.44%			Shares Held Value (000's)
BP PLC	24,005,982	174,565	Money Market Funds - 3.44%
Husky Energy Inc	2,397,900	26,025	Principal Government Money Market Fund			409,913,303		409,913
LUKOIL PJSC ADR	746,213	63,359	2.38%(b),(c)
Neste Oyj	3,218,235	106,372	TOTAL INVESTMENT COMPANIES			$		409,913
PTT PCL	52,668,000	80,411	PREFERRED STOCKS - 0.39%			Shares Held Value (000's)
Reliance Industries Ltd	7,207,251	144,386	Investment Companies - 0.39%
Suncor Energy Inc	2,290,300	75,528	Itausa - Investimentos Itau SA 0.08%			14,949,589	$	45,522
	$	670,646	TOTAL PREFERRED STOCKS			$		45,522
Pharmaceuticals - 4.55%			Total Investments		$	11,854,899
Merck KGaA	524,291	55,885	Other Assets and Liabilities -  0.44%					52,907
Novartis AG	1,974,055	161,754	TOTAL NET ASSETS - 100.00%		$	11,907,806
Novo Nordisk A/S	2,124,358	104,082
Roche Holding AG	833,160	219,840	(a)	Non-income producing security
	$	541,561	(b)	Affiliated Security. Security is either an affiliate (and registered under the
Pipelines - 0.62%				Investment Company Act of 1940) or an affiliate as defined by the Investment
TransCanada Corp	1,543,600	73,672		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Private Equity - 2.90%				shares of the security). Please see affiliated sub-schedule for transactional
3i Group PLC	10,128,939	141,729		information.
Brookfield Asset Management Inc	3,675,502	177,204	(c)	Current yield shown is as of period end.
Intermediate Capital Group PLC	1,674,291	25,874
	$	344,807
Real Estate - 2.28%
CK Asset Holdings Ltd	6,943,500	55,829
LEG Immobilien AG	388,070	45,280
Vonovia SE	1,851,716	92,543
Wharf Real Estate Investment Co Ltd	10,243,000	78,505
	$	272,157
REITs - 0.40%
Dexus	5,413,746	47,797
Retail - 3.58%
Alimentation Couche-Tard Inc	2,445,546	144,192
ANTA Sports Products Ltd	10,769,000	75,740
Atacadao SA	3,354,800	18,164
Grafton Group PLC	1,123,815	12,952
Li Ning Co Ltd (a)	20,383,500	37,031
Pan Pacific International Holdings Corp	611,800	39,427
Wal-Mart de Mexico SAB de CV	33,675,578	98,943
	$	426,449

See accompanying notes.

202

Schedule of Investments
Diversified International Fund
April 30, 2019 (unaudited)
Portfolio Summary  (unaudited)
Country			Percent
Japan			14.05	%
United Kingdom			11.68	%
Switzerland			9.70	%
Canada			8.08	%
China			5.32	%
France			5.19	%
Germany			3.84	%
Korea, Republic Of			3.70	%
India			3.64	%
United States			3.44	%
Sweden			3.19	%
Netherlands			2.84	%
Taiwan, Province Of China			2.83	%
Australia			2.54	%
Spain			2.45	%
Italy			2.07	%
Denmark			1.99	%
Brazil			1.81	%
Hong Kong			1.80	%
Thailand			1.52	%
Finland			1.21	%
Norway			1.05	%
Singapore			1.03	%
Israel			1.01	%
Mexico			0.83	%
Russian Federation			0.78	%
Ireland			0.70	%
Peru			0.68	%
Austria			0.59	%
Other Assets and Liabilities			0.44	%
TOTAL NET ASSETS			100.00	%
Affiliated Securities		October 31, 2018			Purchases			Sales		April 30, 2019
		Value				Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$		269,817	$	1,545,865		$	1,405,769	$		409,913
	$		269,817	$	1,545,865		$	1,405,769	$		409,913
			Realized Gain/Loss					Realized Gain from		Change in Unrealized
		Income	on Investments			Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	2,614	$		— $			— $			—
	$	2,614	$		— $			— $			—
Amounts in thousands

See accompanying notes.

203

Schedule of Investments
Equity Income Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 98.38%	Shares Held Value (000's)				COMMON STOCKS (continued)		Shares Held Value (000’s)
Aerospace & Defense - 0.40%					Miscellaneous Manufacturers - 1.90%
Boeing Co/The		77,680	$	29,339	3M Co		211,789	$	40,136
Airlines - 1.53%					Parker-Hannifin Corp		558,690		101,168
Delta Air Lines Inc	1,951,714			113,766			$		141,304
Apparel - 0.91%					Oil & Gas - 6.95%
VF Corp		714,724		67,477	Chevron Corp		763,476		91,663
Automobile Manufacturers - 1.57%					Cimarex Energy Co		1,086,830		74,622
PACCAR Inc	1,627,910			116,672	EOG Resources Inc		342,868		32,932
Automobile Parts & Equipment - 1.63%					Exxon Mobil Corp		577,448		46,358
Magna International Inc	2,173,611			120,940	Marathon Petroleum Corp		1,858,806		113,146
					Occidental Petroleum Corp		468,788		27,602
Banks - 10.30%					Royal Dutch Shell PLC - B shares ADR		1,996,862		129,576
Bank of Nova Scotia/The	2,150,115			118,385			$		515,899
JPMorgan Chase & Co	1,847,865			214,445
PNC Financial Services Group Inc/The	1,335,044			182,808	Pharmaceuticals - 7.60%
SunTrust Banks Inc	1,528,712			100,100	Johnson & Johnson		260,866		36,834
US Bancorp	2,793,874			148,969	Merck & Co Inc		2,014,614		158,570
		$		764,707	Novartis AG ADR		1,219,237		100,258
					Pfizer Inc		3,090,424		125,502
Beverages - 0.93%					Roche Holding AG ADR		4,316,267		142,696
Coca-Cola Co/The	1,409,336			69,142			$		563,860
Chemicals - 3.35%					Pipelines - 1.89%
Air Products & Chemicals Inc		397,510		81,804	Enterprise Products Partners LP		4,898,113		140,233
Albemarle Corp		596,766		44,793
Dow Inc		394,031		22,353	Private Equity - 2.19%
DowDuPont Inc	1,182,094			45,452	KKR & Co Inc		6,653,999		162,690
PPG Industries Inc		459,024		53,935	REITs - 3.98%
		$		248,337	Alexandria Real Estate Equities Inc		408,374		58,148
Computers - 3.28%					Digital Realty Trust Inc		1,076,684		126,736
Accenture PLC - Class A		322,575		58,925	Simon Property Group Inc		637,919		110,807
Apple Inc		918,008		184,217			$		295,691
		$		243,142	Retail - 3.52%
Diversified Financial Services - 4.58%					Costco Wholesale Corp		523,744		128,595
BlackRock Inc		318,932		154,758	Starbucks Corp		1,708,289		132,700
Discover Financial Services	2,272,472			185,184			$		261,295
		$		339,942	Semiconductors - 4.08%
Electric - 7.23%					Applied Materials Inc		2,007,315		88,462
Eversource Energy	1,413,149			101,266	Microchip Technology Inc		1,272,769		127,137
NextEra Energy Inc		492,827		95,825	Taiwan Semiconductor Manufacturing Co Ltd		1,997,510		87,531
Sempra Energy		940,611		120,351	ADR
WEC Energy Group Inc	1,351,152			105,971			$		303,130
Xcel Energy Inc	2,009,599			113,543	Software - 3.23%
		$		536,956	Fidelity National Information Services Inc		665,536		77,155
Electronics - 1.14%					Microsoft Corp		739,891		96,630
Honeywell International Inc		489,578		85,006	SAP SE ADR		513,152		66,125
							$		239,910
Food - 3.59%					Telecommunications - 3.45%
Hormel Foods Corp	2,212,075			88,350
Kroger Co/The	3,298,754			85,042	BCE Inc		2,799,213		125,237
Tyson Foods Inc	1,239,819			92,999	Verizon Communications Inc		2,293,271		131,152
		$		266,391			$		256,389
Healthcare - Products - 5.16%					Toys, Games & Hobbies - 2.26%
Abbott Laboratories	1,721,500			136,962	Hasbro Inc		1,647,182		167,782
Becton Dickinson and Co		447,408		107,709	Transportation - 1.33%
Medtronic PLC	1,555,350			138,131	Union Pacific Corp		556,752		98,566
		$		382,802	TOTAL COMMON STOCKS		$		7,303,138
Healthcare - Services - 1.09%					INVESTMENT COMPANIES - 1.49%		Shares Held Value (000's)
HCA Healthcare Inc		635,383		80,840	Money Market Funds - 1.49%
Insurance - 6.54%					Principal Government Money Market Fund		110,759,391		110,759
Allstate Corp/The	1,052,390			104,250	2.38%(a),(b)
					TOTAL INVESTMENT COMPANIES		$		110,759
Chubb Ltd	1,121,443			162,833	Total Investments		$		7,413,897
Fidelity National Financial Inc	3,351,019			133,873	Other Assets and Liabilities -  0.13%				9,474
Swiss Re AG ADR	3,500,210			84,233	TOTAL NET ASSETS - 100.00%		$		7,423,371
		$		485,189
Machinery - Diversified - 1.12%
Deere & Co		502,222		83,183	(a)	Affiliated Security. Security is either an affiliate (and registered under the
Media - 1.65%						Investment Company Act of 1940) or an affiliate as defined by the Investment
Walt Disney Co/The		894,778		122,558		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.

See accompanying notes.

204

Schedule of Investments
Equity Income Fund
April 30, 2019 (unaudited)
Portfolio Summary  (unaudited)
Sector		Percent
Financial		27.59	%
Consumer, Non-cyclical		18.37	%
Consumer, Cyclical		11.42	%
Technology		10.59	%
Energy		8.84	%
Utilities		7.23	%
Industrial		5.89	%
Communications		5.10	%
Basic Materials		3.35	%
Money Market Funds		1.49	%
Other Assets and Liabilities		0.13	%
TOTAL NET ASSETS		100.00	%
Affiliated Securities				October 31, 2018	Purchases			Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$	97,178			$	428,448	$	414,867	$		110,759
	$	97,178			$	428,448	$	414,867	$		110,759
		Realized Gain/Loss						Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	1,097	$	— $				— $			—
	$	1,097	$	— $				— $			—
Amounts in thousands

See accompanying notes.

205

Schedule of Investments

Finisterre Unconstrained Emerging Markets Bond Fund April 30, 2019 (unaudited)

		Principal							Principal
BONDS - 83.25%		Amount (000's)    Value (000's)				BONDS (continued)		Amount (000’s)  Value (000’s)
Agriculture - 0.90%						Sovereign (continued)
JBS Investments II GmbH						Qatar Government International Bond
7.00%, 01/15/2026(a)		$	1,000	$	1,041		2.38%, 06/02/2021		$	6,000	$	5,929
Banks - 2.82%						Russian Federal Bond - OFZ
HSBC Holdings PLC							7.03%, 01/19/2028	RUB		237,100		3,471
6.25%, 12/31/2049(b),(c)			3,170		3,241	Saudi Government International Bond
USD Swap Rate NY 5 Year + 3.45%							2.38%, 10/26/2021		$	5,000		4,927
Chemicals - 1.80%							4.50%, 10/26/2046			3,375		3,328
SASOL Financing USA LLC						Ukraine Government International Bond
5.88%, 03/27/2024			1,950		2,069		7.75%, 09/01/2023			3,950		3,813
Diversified Financial Services - 2.25%										$		53,175
Unifin Financiera SAB de CV SOFOM ENR						Supranational Bank - 1.57%
7.00%, 01/15/2025			1,625		1,547	Banque Ouest Africaine de Developpement
7.25%, 09/27/2023			1,025		1,035		5.00%, 07/27/2027(a)			275		275
			$		2,582		5.00%, 07/27/2027			1,525		1,526
Entertainment - 2.16%										$		1,801
Resorts World Las Vegas LLC / RWLV Capital						Telecommunications - 8.03%
Inc						Bharti Airtel International Netherlands BV
4.63%, 04/16/2029(a)			2,500		2,480		5.35%, 05/20/2024			1,970		2,052
Food - 4.32%						Bharti Airtel Ltd
JBS Investments GmbH							4.38%, 06/10/2025			1,750		1,734
6.25%, 02/05/2023			2,980		3,025	C&W Senior Financing DAC
Marfrig Holdings Europe BV							7.50%, 10/15/2026(a)			400		415
8.00%, 06/08/2023			1,875		1,948		7.50%, 10/15/2026			1,200		1,245
			$		4,973	Digicel International Finance Ltd / Digicel
						Holdings Bermuda Ltd
Iron & Steel - 2.44%							8.75%, 05/25/2024(a)			2,095		2,096
CSN Resources SA						MTN Mauritius Investments Ltd
7.63%, 04/17/2026(a)			2,800		2,801		5.37%, 02/13/2022			1,675		1,693
Oil & Gas - 10.71%										$		9,235
Kosmos Energy Ltd						TOTAL BONDS				$		95,712
7.13%, 04/04/2026(a)			2,190		2,195				Principal
Odebrecht Drilling Norbe VIII/IX Ltd						CONVERTIBLE BONDS - 3.31%		Amount (000's) Value (000's)
6.35%, 12/01/2021			1,616		1,596	Investment Companies - 3.31%
Odebrecht Offshore Drilling Finance Ltd						Aabar Investments PJSC
6.72%, 12/01/2022			1,087		1,035		0.50%, 03/27/2020	EUR		900		969
Petroleos Mexicanos							1.00%, 03/27/2022			2,800		2,832
6.35%, 02/12/2048			2,600		2,301					$		3,801
Saudi Arabian Oil Co						TOTAL CONVERTIBLE BONDS				$		3,801
2.88%, 04/16/2024(a)			1,500		1,477	U.S. GOVERNMENT & GOVERNMENT			Principal
Tengizchevroil Finance Co International Ltd						AGENCY OBLIGATIONS - 5.94%		Amount (000's) Value (000's)
4.00%, 08/15/2026			3,725		3,710	U.S. Treasury Bill - 5.94%
			$		12,314		2.37%, 06/13/2019(d)		$	6,850	$	6,831
Sovereign - 46.25%						TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
1MDB Global Investments Ltd						OBLIGATIONS				$		6,831
4.40%, 03/09/2023			3,600		3,374	Total Investments				$		106,344
Costa Rica Government International Bond						Other Assets and Liabilities -  7.50%						8,624
4.37%, 05/22/2019			850		847	TOTAL NET ASSETS - 100.00%				$		114,968
Ecuador Government International Bond
7.88%, 01/23/2028			2,570		2,477
Egypt Government International Bond						(a)	Security exempt from registration under Rule 144A of the Securities Act of
4.75%, 04/11/2025(a)		EUR	1,300		1,452		1933. These securities may be resold in transactions exempt from registration,
5.58%, 02/21/2023		$	1,269		1,256		normally to qualified institutional buyers. At the end of the period, the value of
7.60%, 03/01/2029(a)			2,160		2,177		these securities totaled $19,543 or 17.00% of net assets.
Indonesia Treasury Bond						(b)	Perpetual security. Perpetual securities pay an indefinite stream of interest,
6.13%, 05/15/2028	IDR	24,765,000			1,560		but they may be called by the issuer at an earlier date. Date shown, if any,
8.38%, 03/15/2024		34,885,000			2,552		reflects the next call date or final legal maturity date. Rate shown is as of
8.38%, 03/15/2034		39,325,000			2,787		period end.
Iraq International Bond						(c)	Rate shown is as of period end. The rate may be a variable or floating rate or
6.75%, 03/09/2023		$	1,530		1,553		a fixed rate which may convert to a variable or floating rate in the future.
Ivory Coast Government International Bond						(d)	Rate shown is the discount rate of the original purchase.
5.25%, 03/22/2030		EUR	2,610		2,782
Mexican Bonos
7.50%, 06/03/2027		MXN	54,000		2,747
Peru Government Bond
6.15%, 08/12/2032(a)		PEN	8,550		2,723
Peruvian Government International Bond
6.35%, 08/12/2028(a)			1,250		411
6.35%, 08/12/2028			9,150		3,009

See accompanying notes.

206

Schedule of Investments
Finisterre Unconstrained Emerging Markets Bond Fund
April 30, 2019 (unaudited)
Portfolio Summary  (unaudited)
Country					Percent
United States					11.81			%
Saudi Arabia					8.46			%
Mexico					6.64			%
Indonesia					6.00			%
Peru					5.35			%
Qatar					5.16			%
Egypt					4.24			%
Austria					3.53			%
Netherlands					3.48			%
Ukraine					3.32			%
United Arab Emirates					3.31			%
Bermuda					3.23			%
Russian Federation					3.02			%
Virgin Islands, British					2.93			%
United Kingdom					2.82			%
Luxembourg					2.44			%
Cote d'Ivoire					2.42			%
Cayman Islands					2.29			%
Ecuador					2.15			%
Saint Lucia					1.82			%
Supranational					1.57			%
India					1.51			%
Mauritius					1.47			%
Ireland					1.44			%
Iraq					1.35			%
Costa Rica					0.74			%
Other Assets and Liabilities					7.50			%
TOTAL NET ASSETS					100.00			%
Foreign Currency Contracts
																Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date				Currency to Accept					Currency to Deliver								Asset		Liability
Barclays Bank PLC		05/24/2019		MXN					53,750	$						2,824	$	1	$		—
Citigroup Inc		05/03/2019			$				7,043		EUR					6,200		88			—
HSBC Securities Inc		05/03/2019		EUR					35	$						39		—			—
HSBC Securities Inc		05/03/2019		EUR					723	$						826		—			(15	)
HSBC Securities Inc		05/03/2019			$				1,936		EUR					1,714		13			—
HSBC Securities Inc		05/24/2019		COP			10,800,000			$						3,391		—			(54	)
JPMorgan Chase		05/03/2019		EUR					2,578	$						2,921		—			(29	)
JPMorgan Chase		05/03/2019			$				2,935		EUR					2,607		11			—
JPMorgan Chase		05/15/2019			$				2,830		TRY					16,200		137			—
JPMorgan Chase		05/24/2019		INR			160,000			$						2,279		13			—
JPMorgan Chase		05/24/2019			$				2,813		MXN					53,750		—			(12	)
JPMorgan Chase		05/24/2019		PLN					12,825	$						3,356		4			—
Total																$		267	$		(110	)
Amounts in thousands.
Credit Default Swaps
Buy Protection
		Implied Credit
		Spread as			(Pay)/											Upfront		Unrealized
		of April 30,		Receive Fixed			Payment					Notional		Payments/				Appreciation/		Fair Value
Counterparty	Reference Entity	2019	(a)		Rate		Frequency		Maturity Date				Amount	(Receipts)				(Depreciation)		Asset ----Liability
Barclays Bank PLC	ITRAXX.ASIA	0.00	%		(1.00	)%	Quarterly		06/20/2024			$	4,250		$	(53	)$	(20	)$	— $	(73	)
Barclays Bank PLC	ITRAXX.ASIA	0.00	%		(1.00	)%	Quarterly		06/20/2024				8,100			(103	)	(35	)	—	(138	)
Citigroup Inc	Mexico Government	1.13	%		(1.00	)%	Quarterly		06/20/2024				3,770			46		(23	)	23	—
	International Bond,
	4.15%, 03/28/2027
Citigroup Inc	Republic of South Africa	1.87	%		(1.00	)%	Quarterly		06/20/2024				2,200			95		(6	)	89	—
	Government International
	Bond, 5.50%, 03/09/2020
Goldman Sachs & Co	Turkey Government	4.27	%		(1.00	)%	Quarterly		06/20/2021				15,800			717		310		1,027	—
	International Bond,
	11.88%, 01/15/2030
HSBC Securities Inc	Mexico Government	1.13	%		(1.00	)%	Quarterly		06/20/2024				2,130			34		(21	)	13	—
	International Bond,
	4.15%, 03/28/2027

See accompanying notes.

207

Schedule of Investments
Finisterre Unconstrained Emerging Markets Bond Fund
April 30, 2019 (unaudited)
Credit Default Swaps (continued)
Buy Protection (continued)
		Implied Credit
		Spread as		(Pay)/								Upfront			Unrealized
		of April 30,		Receive Fixed		Payment		Notional		Payments/			Appreciation/					Fair Value
Counterparty	Reference Entity	2019	(a)	Rate		Frequency	Maturity Date		Amount	(Receipts)					(Depreciation)			Asset ---    -Liability
HSBC Securities Inc	Republic of South Africa	1.87	%	(1.00	)%	Quarterly	06/20/2024	$	4,150		$	177		$	(9	)$		168	$	—
	Government International
	Bond, 5.50%, 03/09/2020
HSBC Securities Inc	Turkey Government	4.50	%	(1.00	)%	Quarterly	06/20/2024		4,525			613			59			672		—
	International Bond,
	11.88%, 01/15/2030
Total										$		1,526		$	255	$		1,992	$	(211	)
Sell Protection
		Implied Credit
		Spread as		(Pay)/								Upfront			Unrealized
		of April 30,		Receive Fixed		Payment		Notional		Payments/					Appreciation/			Fair Value (c)
Counterparty	Reference Entity	2019	(a)	Rate		Frequency	Maturity Date		Amount (b)	(Receipts)			(Depreciation)				Asset	Liability
Goldman Sachs & Co	Turkey Government	4.50	%	1.00	%	Quarterly	06/20/2024	$	8,100		$	(992		)$	(212	)$	— $	(1,204			)
	International Bond,
	11.88%, 01/15/2030
Total										$		(992		)$	(212	)$	— $	(1,204			)
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 $8,100.

(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.

Total Return Swaps

Value and

Unrealized

Upfront

Appreciation/

Pay/Receive

Payment

Expiration

Notional

Payments/

(Depreciation)

Counterparty

Reference Entity

Contracts

Positive Return

Financing Rate

Frequency

Date

Amount

(Receipts)

Asset----Liability

HSBC Securities Inc Egypt Treasury Bills,

67,000,000

Receive

3 Month USD

Annual

07/03/2019

$

3,730

$

— $

61

$

—

0.00%, 07/02/2019

LIBOR + 0.80%

HSBC Securities Inc Egypt Treasury Bills,

36,500,000

Receive

3 Month USD

Annual

08/07/2019

2,000

—

31

—

0.00%, 08/06/2019

LIBOR + 0.80%

HSBC Securities Inc Nigeria Treasury Bill,

60,000,000

Receive

3 Month USD

Quarterly

10/04/2019

152

—

4

—

0.00%, 10/03/2019

LIBOR + 0.75%

HSBC Securities Inc Nigeria Treasury Bill,

885,000,000

Receive

3 Month USD

Quarterly

10/04/2019

2,294

—

21

—

0.00%, 10/03/2019

LIBOR + 0.75%

HSBC Securities Inc Nigeria Treasury Bill,

130,000,000

Receive

3 Month USD

Quarterly

10/04/2019

337

—

3

—

0.00%, 10/03/2019

LIBOR + 0.75%

HSBC Securities Inc Nigeria Treasury Bill,

450,000,000

Receive

3 Month USD

Quarterly

10/04/2019

1,121

—

55

—

0.00%, 10/03/2019

LIBOR + 0.75%

Total

$

— $ 175

$

—

Amounts in thousands except contracts

See accompanying notes.

208

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

COMMON STOCKS - 16.00%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.04%					Banks (continued)
Hakuhodo DY Holdings Inc		17,800	$	301	BNP Paribas SA		30,544	$	1,626
Interpublic Group of Cos Inc/The		85,818		1,974	Cathay General Bancorp		23,435		862
Publicis Groupe SA		17,292		1,028	CIMB Group Holdings Bhd		393,300		502
		$		3,303	Citigroup Inc		21,467		1,518
Aerospace & Defense - 0.09%					Citizens Financial Group Inc		68,434		2,478
Boeing Co/The		1,953		738	Comerica Inc		24,412		1,919
CAE Inc		46,700		1,086	Credicorp Ltd		2,145		508
Dassault Aviation SA		143		216	Cullen/Frost Bankers Inc		10,718		1,090
Elbit Systems Ltd		268		37	Danske Bank A/S		40,970		728
General Dynamics Corp		6,756		1,207	DBS Group Holdings Ltd		23,200		482
Meggitt PLC		116,996		833	DNB ASA		21,616		416
Raytheon Co		5,250		932	First Citizens BancShares Inc/NC		400		179
Thales SA		3,154		377	Fukuoka Financial Group Inc		19,800		462
TransDigm Group Inc (a)		2,855		1,378	Huntington Bancshares Inc/OH		126,704		1,764
		$		6,804	ICICI Bank Ltd ADR		42,948		492
Agriculture - 0.09%					Investec PLC		135,480		860
Altria Group Inc		57,470		3,122	KeyCorp		95,327		1,673
British American Tobacco PLC		41,703		1,633	Mediobanca Banca di Credito Finanziario SpA		120,379		1,276
Golden Agri-Resources Ltd	1,274,500			271	Mizrahi Tefahot Bank Ltd		1,598		35
Imperial Brands PLC		40,013		1,273	Morgan Stanley		34,337		1,657
Japan Tobacco Inc		35,600		823	Northern Trust Corp		11,752		1,158
		$		7,122	OFG Bancorp		55,914		1,128
Airlines - 0.07%					PacWest Bancorp		30,098		1,190
Copa Holdings SA		22,066		1,837	Paragon Banking Group PLC		147,241		882
Delta Air Lines Inc		29,005		1,691	PNC Financial Services Group Inc/The		11,928		1,633
Deutsche Lufthansa AG		32,589		788	Regions Financial Corp		59,409		923
International Consolidated Airlines Group SA		99,138		701	Royal Bank of Canada		13,000		1,036
Southwest Airlines Co		10,137		550	Skandinaviska Enskilda Banken AB		70,128		669
		$		5,567	State Street Corp		18,133		1,227
					SunTrust Banks Inc		23,758		1,556
Apparel - 0.04%					Svenska Handelsbanken AB		53,427		584
Adidas AG		1,170		301	Swedbank AB		48,668		795
Fila Korea Ltd		7,405		524	Synovus Financial Corp		33,420		1,232
Hanesbrands Inc		91,357		1,651	TCF Financial Corp		108,969		2,411
Kering SA		668		395	UBS Group AG (a)		144,365		1,936
Ralph Lauren Corp		1,967		259	Umpqua Holdings Corp		130,549		2,266
Tapestry Inc		11,115		359	Union Bankshares Corp		27,358		998
		$		3,489	United Overseas Bank Ltd		21,900		448
Automobile Manufacturers - 0.04%					Webster Financial Corp		21,067		1,119
Guangzhou Automobile Group Co Ltd		452,000		487	Westpac Banking Corp		46,888		911
Honda Motor Co Ltd		21,000		586	Zions Bancorp NA		41,755		2,059
Renault SA		20,091		1,370			$		52,550
Volvo AB - B Shares		24,773		397	Beverages - 0.02%
		$		2,840	Asahi Group Holdings Ltd		8,100		353
Automobile Parts & Equipment - 0.13%					Coca-Cola European Partners PLC		3,170		170
Aisin Seiki Co Ltd		15,100		584	Constellation Brands Inc		5,443		1,152
Allison Transmission Holdings Inc		12,782		599			$		1,675
BorgWarner Inc		21,697		906	Biotechnology - 0.02%
Cie Generale des Etablissements Michelin SCA		6,548		847	Amgen Inc		7,879		1,413
Dana Inc		58,870		1,148	H Lundbeck A/S		6,202		261
Denso Corp		14,700		642			$		1,674
Faurecia SA		12,839		653
FCC Co Ltd		28,000		580	Building Materials - 0.15%
Koito Manufacturing Co Ltd		4,600		275	Buzzi Unicem SpA		41,978		936
Lear Corp		6,485		927	Cie de Saint-Gobain		26,628		1,092
Magna International Inc		12,800		713	Fortune Brands Home & Security Inc		19,434		1,026
Stanley Electric Co Ltd		9,300		252	HeidelbergCement AG		9,336		755
Sumitomo Electric Industries Ltd		38,900		518	Ibstock PLC (b)		295,843		1,008
Tower International Inc		21,625		505	LafargeHolcim Ltd (a)		29,358		1,507
Valeo SA		33,327		1,212	Masco Corp		44,058		1,721
		$		10,361	Summit Materials Inc (a)		54,558		956
					US Concrete Inc (a)		27,109		1,278
Banks - 0.68%					Xinyi Glass Holdings Ltd		844,000		965
Associated Banc-Corp		62,139		1,410			$		11,244
Bank Hapoalim BM		12,181		90
Bank Leumi Le-Israel BM		17,202		118	Chemicals - 0.25%
Bank of America Corp		35,468		1,085	Akzo Nobel NV		8,393		713
Bank of Queensland Ltd		169,709		1,109	Cabot Corp		22,135		1,005
Bank OZK		40,351		1,317	Celanese Corp		10,863		1,172
Bankinter SA		91,677		733	Chemours Co/The		33,472		1,205
					Covestro AG (b)		17,966		987

See accompanying notes.

209

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Chemicals (continued)					Diversified Financial Services - 0.34%
Denka Co Ltd		34,700	$	1,048	Aareal Bank AG		9,082	$	318
Huntsman Corp		55,656		1,238	Affiliated Managers Group Inc		5,343		593
Israel Chemicals Ltd		8,039		43	Alliance Data Systems Corp		4,114		659
Kingboard Laminates Holdings Ltd		551,000		580	Amundi SA (b)		14,866		1,070
Koninklijke DSM NV		4,700		538	Aruhi Corp		44,900		802
LG Chem Ltd		1,560		484	Burford Capital Ltd		46,986		1,005
Lotte Chemical Corp		1,456		335	Capital One Financial Corp		12,052		1,119
LyondellBasell Industries NV		28,779		2,539	Discover Financial Services		15,905		1,296
Methanex Corp		11,300		619	Hana Financial Group Inc		23,120		729
Mitsubishi Chemical Holdings Corp		105,300		751	Hong Kong Exchanges & Clearing Ltd		14,700		511
Mitsubishi Gas Chemical Co Inc		46,300		695	Intercontinental Exchange Inc		8,487		690
Nitto Denko Corp		9,300		503	Invesco Ltd		168,643		3,705
Shin-Etsu Chemical Co Ltd		3,900		369	Julius Baer Group Ltd (a)		26,394		1,275
Showa Denko KK		13,500		461	Legg Mason Inc		79,954		2,674
Sumitomo Bakelite Co Ltd		24,700		964	Mebuki Financial Group Inc		201,500		514
Sumitomo Chemical Co Ltd		144,900		723	ORIX Corp		50,300		712
Tosoh Corp		42,700		688	Raymond James Financial Inc		9,182		841
Valvoline Inc		53,802		995	SEI Investments Co		11,914		649
Westlake Chemical Corp		10,348		722	St James's Place PLC		65,245		957
		$		19,377	Standard Life Aberdeen PLC		544,485		1,984
Coal - 0.01%					Synchrony Financial		38,596		1,338
Foresight Energy LP		307,807		446	Visa Inc		2,207		363
Commercial Services - 0.19%					Western Union Co/The		125,231		2,434
Adecco Group AG		33,299		1,913			$		26,238
Ashtead Group PLC		44,534		1,237	Electric - 2.72%
Atlantia SpA		54,797		1,496	AGL Energy Ltd		47,549		746
CCR SA		240,400		725	Ameren Corp		15,601		1,135
Cengage Learning Holdings II Inc (a)		34,465		310	CenterPoint Energy Inc		34,140		1,058
Cintas Corp		2,527		549	Clearway Energy Inc	1,086,420			17,241
H&R Block Inc		89,320		2,430	CMS Energy Corp		363,016		20,166
K12 Inc (a)		27,372		825	Consolidated Edison Inc		205,000		17,663
ManpowerGroup Inc		14,975		1,438	DTE Energy Co		189,768		23,856
Persol Holdings Co Ltd		10,700		202	Enel SpA		197,313		1,249
QinetiQ Group PLC		186,888		736	Entergy Corp		18,674		1,810
Randstad NV		19,280		1,103	FirstEnergy Corp		143,131		6,016
Robert Half International Inc		13,014		808	Fortis Inc/Canada		635,000		23,472
Sixt SE		6,898		769	Hera SpA		242,692		864
Sohgo Security Services Co Ltd		5,000		223	Infraestructura Energetica Nova SAB de CV		170,000		743
		$		14,764	Meridian Energy Ltd		17,386		47
Computers - 0.12%					NextEra Energy Inc		102,000		19,833
Appen Ltd		27,006		484	Portland General Electric Co		22,195		1,161
Apple Inc		5,125		1,028	Public Service Enterprise Group Inc		195,000		11,632
Atos SE		4,897		505	Red Electrica Corp SA		43,146		895
Cognizant Technology Solutions Corp		8,355		610	Sempra Energy		186,500		23,863
CyberArk Software Ltd (a)		7,316		943	Southern Co/The		325,000		17,296
HP Inc		78,144		1,559	Vistra Energy Corp		520,000		14,170
Infosys Ltd ADR		145,324		1,564	WEC Energy Group Inc		62,500		4,902
NetApp Inc		17,329		1,262			$		209,818
Obic Co Ltd		5,800		673	Electrical Components & Equipment - 0.02%
Perspecta Inc		21,928		506	Acuity Brands Inc		1,616		236
		$		9,134	Brother Industries Ltd		27,700		547
Consumer Products - 0.01%					Delta Electronics Inc		219,000		1,156
Henkel AG & Co KGaA		5,326		508			$		1,939
Cosmetics & Personal Care - 0.02%					Electronics - 0.07%
Kose Corp		1,000		187	Allegion PLC		5,462		542
Pola Orbis Holdings Inc		15,600		493	Alps Alpine Co Ltd		18,000		381
Unilever NV		14,055		850	Gentex Corp		55,963		1,289
		$		1,530	Hitachi High-Technologies Corp		9,600		428
Distribution & Wholesale - 0.20%					Honeywell International Inc		6,938		1,204
ATD New Holdings Inc (a),(c),(d)		385,347		9,587	MINEBEA MITSUMI Inc		16,100		287
Fastenal Co		16,867		1,190	Mycronic AB		55,108		774
ITOCHU Corp		35,900		648	Nippon Electric Glass Co Ltd		21,000		577
KAR Auction Services Inc		33,137		1,872			$		5,482
Marubeni Corp		107,500		770	Energy - Alternate Sources - 0.37%
Mitsubishi Corp		24,200		667	NextEra Energy Partners LP		620,985		28,584
Toyota Tsusho Corp		15,200		505	Engineering & Construction - 0.11%
		$		15,239	ACS Actividades de Construccion y Servicios SA		25,767		1,185
					Auckland International Airport Ltd		13,052		69
					Badger Daylighting Ltd		36,200		1,221

See accompanying notes.

210

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Engineering & Construction (continued)				Home Builders - 0.12%
China Communications Services Corp Ltd	1,640,000 $		1,323	Daiwa House Industry Co Ltd		18,000	$	505
CIMIC Group Ltd		10,451	373	Persimmon PLC		90,703		2,649
CK Infrastructure Holdings Ltd		93,000	754	PulteGroup Inc		64,518		2,030
Eiffage SA		4,928	515	Sekisui House Ltd		53,800		867
Kajima Corp		36,700	545	Taylor Wimpey PLC		199,157		472
Kyowa Exeo Corp		36,900	1,009	Thor Industries Inc		19,184		1,264
Obayashi Corp		45,100	443	Toll Brothers Inc		42,802		1,631
Shimizu Corp		57,400	492			$		9,418
Taisei Corp		9,300	409	Home Furnishings - 0.01%
		$	8,338	Haier Electronics Group Co Ltd		140,000		400
Entertainment - 0.03%				Hoshizaki Corp		2,700		175
Aristocrat Leisure Ltd		13,757	253	Sony Corp		2,000		101
Genting Singapore Ltd		400,800	291	Targus Group International Inc (a),(c),(d)		75,880		38
GVC Holdings PLC		106,647	910			$		714
Paddy Power Betfair PLC		9,284	778	Housewares - 0.04%
		$	2,232	Newell Brands Inc		183,780		2,643
Food - 0.12%				Toro Co/The		9,230		675
Calbee Inc		8,400	233			$		3,318
Dairy Farm International Holdings Ltd		4,900	38	Insurance - 0.43%
Ingredion Inc		15,083	1,429	Aegon NV		247,981		1,295
J Sainsbury PLC		101,596	295	Allstate Corp/The		11,106		1,100
Jardine Strategic Holdings Ltd		3,200	121	American Financial Group Inc/OH		15,441		1,599
Koninklijke Ahold Delhaize NV		25,157	606	Arthur J Gallagher & Co		14,242		1,191
Kroger Co/The		33,337	860	ASR Nederland NV		18,894		841
Mondelez International Inc		22,713	1,155	Assured Guaranty Ltd		19,311		921
Mowi ASA		21,854	474	Athene Holding Ltd (a)		14,497		655
Sonae SGPS SA		786,131	877	Aviva PLC		211,825		1,190
Tyson Foods Inc		18,684	1,402	AXA SA		52,043		1,388
Wesfarmers Ltd		36,225	920	Dai-ichi Life Holdings Inc		33,200		479
WH Group Ltd (b)		799,000	945	Fidelity National Financial Inc		38,025		1,519
		$	9,355	Great-West Lifeco Inc		61,800		1,553
Forest Products & Paper - 0.05%				Hanover Insurance Group Inc/The		7,553		911
Interfor Corp (a)		57,532	717	Legal & General Group PLC		266,925		971
Smurfit Kappa Group PLC		28,915	848	Loews Corp		5,801		298
Stora Enso OYJ		60,609	755	Manulife Financial Corp		68,100		1,254
UPM-Kymmene OYJ		33,571	948	MS&AD Insurance Group Holdings Inc		22,900		712
West Fraser Timber Co Ltd		6,000	309	National General Holdings Corp		46,742		1,152
		$	3,577	Progressive Corp/The		24,892		1,945
Gas - 0.79%				Prudential Financial Inc		21,192		2,240
Atmos Energy Corp		4,555	466	Reinsurance Group of America Inc		5,797		878
Centrica PLC	1,039,662		1,445	Sampo Oyj		29,805		1,365
NiSource Inc		882,253	24,509	Sompo Holdings Inc		13,200		498
South Jersey Industries Inc		644,811	20,711	Sun Life Financial Inc		28,200		1,172
Southwest Gas Holdings Inc		161,983	13,476	Swiss Life Holding AG		2,581		1,213
		$	60,607	Tokio Marine Holdings Inc		10,900		552
Hand & Machine Tools - 0.03%				Travelers Cos Inc/The		9,026		1,297
Rhi Magnesita NV		8,622	559	Unum Group		38,076		1,406
Snap-on Inc		7,276	1,224	Zurich Insurance Group AG		5,921		1,887
Techtronic Industries Co Ltd		47,000	340			$		33,482
		$	2,123	Internet - 0.02%
Healthcare - Products - 0.02%				CDW Corp/DE		6,029		637
Carl Zeiss Meditec AG		10,982	1,080	Kakaku.com Inc		14,300		294
Fisher & Paykel Healthcare Corp Ltd		7,767	82	VeriSign Inc (a)		4,025		795
STERIS PLC		3,809	499			$		1,726
		$	1,661	Investment Companies - 0.01%
Healthcare - Services - 0.05%				Wendel SA		4,424		613
Encompass Health Corp		12,902	832	Iron & Steel - 0.32%
Quest Diagnostics Inc		20,778	2,002	BlueScope Steel Ltd		14,008		133
Ramsay Health Care Ltd		6,220	287	Material Sciences Corp - Warrants (a),(c),(d),(e)		686,955		8,243
Ryman Healthcare Ltd		5,427	44	Reliance Steel & Aluminum Co		10,574		972
UnitedHealth Group Inc		3,094	721	Specialty Steel Holdings, Inc. (a),(c),(d)		87		13,818
		$	3,886	Steel Dynamics Inc		38,867		1,232
Holding Companies - Diversified - 0.02%						$		24,398
CK Hutchison Holdings Ltd		70,000	736	Leisure Products & Services - 0.07%
Jardine Matheson Holdings Ltd		3,200	211	Brunswick Corp/DE		15,134		775
Swire Pacific Ltd		44,000	557	Carnival PLC		11,607		616
		$	1,504	Harley-Davidson Inc		56,519		2,104
				Planet Fitness Inc (a)		12,655		958

See accompanying notes.

211

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Leisure Products & Services (continued)					Oil & Gas (continued)
Yamaha Motor Co Ltd		33,900	$	699	EOG Resources Inc		100,000	$	9,605
		$		5,152	Frontera Energy Corp		71,984		636
Lodging - 0.09%					Helmerich & Payne Inc		13,988		819
City Developments Ltd		143,400		944	Imperial Oil Ltd		20,600		598
Extended Stay America Inc		174,629		3,127	Marathon Oil Corp		64,458		1,098
Hilton Grand Vacations Inc (a)		20,338		652	Marathon Petroleum Corp		106,137		6,461
Hilton Worldwide Holdings Inc		18,176		1,581	Milagro Oil & Gas Inc (a),(c),(d)		1,874		191
Melco Resorts & Entertainment Ltd ADR		3,581		90	Neste Oyj		14,664		485
Shangri-La Asia Ltd		254,000		360	Parsley Energy Inc (a)		24,990		499
		$		6,754	Phillips 66		18,134		1,709
Machinery - Construction & Mining - 0.02%					Pioneer Natural Resources Co		71,848		11,960
Oshkosh Corp		20,420		1,686	Royal Dutch Shell PLC ADR		135,000		8,577
Machinery - Diversified - 0.10%					Royal Dutch Shell PLC - A Shares		105,317		3,355
Amada Holdings Co Ltd		60,000		673	Royal Dutch Shell PLC - B Shares		34,682		1,119
Cummins Inc		9,973		1,658	Suncor Energy Inc		25,100		828
Deutz AG		56,202		555	TORC Oil & Gas Ltd		136,000		487
Dover Corp		13,560		1,329	Vermilion Energy Inc		85,900		2,194
Gates Industrial Corp PLC (a)		50,670		815			$		63,631
Graco Inc		13,303		682	Packaging & Containers - 0.01%
KION Group AG		8,091		557	Westrock Co		26,607		1,021
Nordson Corp		3,854		562	Pharmaceuticals - 0.10%
Roper Technologies Inc		1,308		470	AbbVie Inc		33,102		2,628
Sumitomo Heavy Industries Ltd		12,600		448	Allergan PLC		8,047		1,183
Yaskawa Electric Corp		9,900		369	Astellas Pharma Inc		23,900		324
		$		8,118	McKesson Corp		4,914		586
Media - 0.84%					Mirati Therapeutics Inc (a)		5,429		323
Altice USA Inc	1,180,000			27,801	Reata Pharmaceuticals Inc (a)		4,557		358
Charter Communications Inc (a)		67,735		25,142	Recordati SpA		16,520		667
Cogeco Communications Inc		144,700		9,610	Shionogi & Co Ltd		3,300		193
Comcast Corp - Class A		26,743		1,164	Towa Pharmaceutical Co Ltd		42,900		1,056
Walt Disney Co/The		7,108		974	Zoetis Inc		3,212		327
		$		64,691			$		7,645
Metal Fabrication & Hardware - 0.02%					Pipelines - 0.55%
NSK Ltd		75,000		780	Enterprise Products Partners LP		438,300		12,548
SKF AB		24,538		455	ONEOK Inc		97,276		6,608
		$		1,235	Targa Resources Corp		291,533		11,705
Mining - 0.33%					Williams Cos Inc/The		395,370		11,201
Alumina Ltd		872,835		1,381			$		42,062
Anglo American PLC		60,066		1,559	Private Equity - 0.01%
Boliden AB		13,923		414	Intermediate Capital Group PLC		53,394		825
Lundin Mining Corp		318,700		1,711	Real Estate - 0.66%
Northern Star Resources Ltd		155,498		900	ADO Properties SA (b)		15,836		832
NRW Holdings Ltd		410,999		852	Aroundtown SA		496,403		4,033
Real Alloy Holding Inc (a),(c),(d)		362		14,184	Atrium European Real Estate Ltd (a)		172,170		669
Rio Tinto Ltd		7,829		528	Azrieli Group Ltd		485		28
Rio Tinto PLC		16,161		943	CA Immobilien Anlagen AG		20,907		733
South32 Ltd		167,946		397	Castellum AB		97,602		1,755
Southern Copper Corp		62,244		2,391	Daito Trust Construction Co Ltd		4,800		643
Teck Resources Ltd		8,200		194	Deutsche Wohnen SE		55,359		2,494
		$		25,454	Echo Investment SA		396,170		401
Miscellaneous Manufacturers - 0.06%					Entra ASA (b)		61,243		889
AO Smith Corp		15,610		821	Fabege AB		72,166		1,002
Hexcel Corp		5,814		411	Future Land Development Holdings Ltd		384,000		458
Illinois Tool Works Inc		9,024		1,404	Hongkong Land Holdings Ltd		16,956		118
Nikon Corp		35,200		491	Kerry Properties Ltd		224,000		959
Parker-Hannifin Corp		5,155		933	LEG Immobilien AG		24,927		2,909
Wartsila OYJ Abp		46,314		742	Leopalace21 Corp		550,600		933
		$		4,802	Mitsubishi Estate Co Ltd		452,700		7,655
Oil & Gas - 0.83%					Mitsui Fudosan Co Ltd		237,370		5,498
Aker BP ASA		28,930		955	New World Development Co Ltd	3,482,580			5,770
Beach Energy Ltd		487,359		731	Nexity SA		9,823		459
BP PLC ADR		42,500		1,859	Sun Hung Kai Properties Ltd		293,500		5,065
Cabot Oil & Gas Corp		22,571		584	Sunac China Holdings Ltd		149,000		768
Caltex Australia Ltd		26,151		501	TAG Immobilien AG		21,193		477
Canadian Natural Resources Ltd		34,400		1,033	Times China Holdings Ltd		742,000		1,347
Chevron Corp		47,500		5,703	TLG Immobilien AG		54,781		1,614
ConocoPhillips		13,487		851	Vonovia SE		41,366		2,067
DCC PLC		8,862		793	Wheelock & Co Ltd		85,000		606

See accompanying notes.

212

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Real Estate (continued)					REITs (continued)
Wihlborgs Fastigheter AB		63,439	$	844	Mitsui Fudosan Logistics Park Inc (a)		477	$	1,517
		$		51,026	New Residential Investment Corp		82,063		1,379
REITs - 3.20%					NewRiver REIT PLC		482,781		1,447
AIMS APAC REIT		512,590		535	NexPoint Residential Trust Inc		27,322		1,024
Alexandria Real Estate Equities Inc		23,570		3,356	Nomura Real Estate Master Fund Inc		800		1,172
Altarea SCA		3,512		742	Park Hotels & Resorts Inc		15,321		491
American Homes 4 Rent		150,040		3,598	Pebblebrook Hotel Trust		14,159		461
Americold Realty Trust		37,824		1,211	Physicians Realty Trust		239,224		4,320
Apartment Investment & Management Co		58,245		2,875	PLA Administradora Industrial S de RL de CV		876,435		1,463
Apple Hospitality REIT Inc		232,496		3,825	Primary Health Properties PLC		325,483		558
Arena REIT		888,094		1,833	Prologis Inc		109,456		8,392
AvalonBay Communities Inc		32,204		6,471	Sabra Health Care REIT Inc		136,846		2,677
Blackstone Mortgage Trust Inc		31,942		1,137	Segro PLC		301,737		2,674
Brandywine Realty Trust		50,781		781	Sekisui House Reit Inc		1,192		859
Camden Property Trust		4,623		465	Simon Property Group Inc		16,906		2,937
Canadian Apartment Properties REIT		30,158		1,079	Spirit Realty Capital Inc		77,764		3,146
CapitaLand Commercial Trust		833,200		1,190	STAG Industrial Inc		57,376		1,651
CapitaLand Retail China Trust		541,420		601	STORE Capital Corp		48,717		1,623
CareTrust REIT Inc		50,192		1,217	Sun Communities Inc		33,098		4,074
Champion REIT		986,090		835	Sunstone Hotel Investors Inc		61,093		880
Charter Hall Group		129,027		894	Tanger Factory Outlet Centers Inc		138,417		2,500
City Office REIT Inc		332,290		3,855	Taubman Centers Inc		61,454		3,030
CoreSite Realty Corp		127,500		13,950	Two Harbors Investment Corp		30,074		417
Corporate Office Properties Trust		91,040		2,538	UNITE Group PLC/The		95,375		1,172
Covivio		21,674		2,346	Uniti Group Inc		618,635		6,799
Cromwell Property Group	4,575,380			3,630	VICI Properties Inc		199,403		4,546
Crown Castle International Corp		23,188		2,917	Welltower Inc		33,719		2,513
CubeSmart		106,690		3,404	Weyerhaeuser Co		49,342		1,322
Daiwa Office Investment Corp		139		938	WPT Industrial Real Estate Investment Trust		165,335		2,267
Dexus		231,943		2,048			$		246,829
Dream Global Real Estate Investment Trust		84,000		865	Retail - 0.37%
Dream Industrial Real Estate Investment Trust		495,930		4,264	Advance Auto Parts Inc		4,309		717
Duke Realty Corp		33,706		1,049	American Eagle Outfitters Inc		35,470		843
EPR Properties		49,730		3,922	Best Buy Co Inc		26,393		1,964
Equinix Inc		35,726		16,245	Canadian Tire Corp Ltd		6,400		704
Essential Properties Realty Trust Inc		279,095		5,772	Collins Foods Ltd		104,196		548
Essex Property Trust Inc		15,544		4,391	Darden Restaurants Inc		6,727		791
Far East Hospitality Trust	2,080,730			1,010	Dick's Sporting Goods Inc		31,040		1,148
Gecina SA		10,491		1,567	Dollarama Inc		4,500		135
Goodman Group		356,011		3,313	Dufry AG (a)		13,117		1,284
HCP Inc		40,884		1,218	Foot Locker Inc		20,498		1,173
Healthcare Trust of America Inc		124,292		3,428	Harvey Norman Holdings Ltd		416,964		1,226
Highwoods Properties Inc		17,535		782	Home Depot Inc/The		6,325		1,288
Hudson Pacific Properties Inc		46,952		1,637	Industria de Diseno Textil SA		17,707		536
Independence Realty Trust Inc		658,526		6,974	Kohl's Corp		31,836		2,264
Industrial & Infrastructure Fund Investment Corp		681		774	Lowe's Cos Inc		8,814		997
Industrial Logistics Properties Trust		241,815		4,800	MSC Industrial Direct Co Inc		17,872		1,495
Inmobiliaria Colonial Socimi SA		165,048		1,778	Pandora A/S		21,202		891
Invincible Investment Corp		3,099		1,568	Penske Automotive Group Inc		38,900		1,786
Invitation Homes Inc		268,305		6,670	Restaurant Brands International Inc		12,200		796
Irish Residential Properties REIT PLC		412,445		730	Ross Stores Inc		5,266		514
Japan Hotel REIT Investment Corp		5,119		4,166	Ruth's Hospitality Group Inc		15,593		405
Japan Rental Housing Investments Inc		752		581	Ryohin Keikaku Co Ltd		1,000		191
Kenedix Office Investment Corp		172		1,151	Starbucks Corp		14,710		1,143
Kenedix Residential Next Investment Corp		226		365	Sundrug Co Ltd		10,800		290
Kenedix Retail REIT Corp		482		1,167	Tiffany & Co		3,789		409
Kilroy Realty Corp		25,226		1,940	Tractor Supply Co		7,177		743
Klepierre SA		103,178		3,666	Tsuruha Holdings Inc		7,900		673
Land Securities Group PLC		78,158		942	Walgreens Boots Alliance Inc		17,858		957
Liberty Property Trust		26,189		1,300	Welcia Holdings Co Ltd		5,300		209
Link REIT		366,900		4,287	Wendy's Co/The		62,198		1,157
LondonMetric Property PLC		941,018		2,484	Williams-Sonoma Inc		26,756		1,530
Macerich Co/The		34,672		1,392			$		28,807
Macquarie Mexico Real Estate Management SA	1,524,750			1,809	Semiconductors - 0.22%
de CV (a),(b)					Applied Materials Inc		28,637		1,262
Mapletree Logistics Trust	2,229,830			2,430	ASML Holding NV		1,107		231
MCUBS MidCity Investment Corp		6,453		5,914	Broadcom Inc		5,482		1,746
Merlin Properties Socimi SA		304,541		4,154	Cabot Microelectronics Corp		10,582		1,336
Minto Apartment Real Estate Investment Trust		51,416		742	KLA-Tencor Corp		11,835		1,509

See accompanying notes.

213

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)				INVESTMENT COMPANIES - 2.28%		Shares Held Value (000's)
Semiconductors (continued)					Exchange-Traded Funds - 0.05%
Lam Research Corp		6,449	$	1,338	WisdomTree Trust - WisdomTree International			38,333	$	1,573
Microchip Technology Inc		11,888		1,188	High Dividend Fund
MKS Instruments Inc		6,130		558	WisdomTree US High Dividend Fund			27,746		2,036
Novatek Microelectronics Corp		202,000		1,321				$		3,609
NVIDIA Corp		1,371		248	Money Market Funds - 2.23%
NXP Semiconductors NV		8,144		860	Principal Government Money Market Fund		171,921,049			171,921
Realtek Semiconductor Corp		163,000		1,105	2.38%(f),(g)
Skyworks Solutions Inc		11,521		1,016	TOTAL INVESTMENT COMPANIES			$		175,530
SUMCO Corp		59,000		778	CONVERTIBLE PREFERRED STOCKS
Texas Instruments Inc		13,073		1,540	- 0.07%		Shares Held Value (000's)
Tokyo Electron Ltd		6,300		1,000	Banks - 0.07%
		$		17,036	Wells Fargo & Co 7.50% (h)			3,971	$	5,192
Shipbuilding - 0.01%					TOTAL CONVERTIBLE PREFERRED STOCKS			$		5,192
Huntington Ingalls Industries Inc		3,792		844	PREFERRED STOCKS - 1.07%		Shares Held Value (000's)
Yangzijiang Shipbuilding Holdings Ltd		262,200		303	Banks - 0.32%
		$		1,147	AgriBank FCB 6.88%, 01/01/2024 (h)			33,000		3,527
Software - 0.09%					3 Month USD LIBOR + 4.23%
Aspect Software Inc (a),(c),(d)		514,301		—	Banco do Estado do Rio Grande do Sul SA			127,659		783
Broadridge Financial Solutions Inc		8,726		1,031	0.03%
CDK Global Inc		9,382		566	Citigroup Inc 6.88%, 11/15/2023 (h)			78,695		2,181
Citrix Systems Inc		1,655		167	3 Month USD LIBOR + 4.13%
InterXion Holding NV (a)		53,008		3,668	Citizens Financial Group Inc 6.35%, 04/06/2024			2,600		69
Synopsys Inc (a)		6,447		780	(h)
TIS Inc		12,400		566	3 Month USD LIBOR + 3.64%
		$		6,778	Fifth Third Bancorp 6.63%, 12/31/2023 (h)			101,200		2,907
Storage & Warehousing - 0.03%					3 Month USD LIBOR + 3.71%
Safestore Holdings PLC		275,917		2,319	Goldman Sachs Group Inc/The 5.50%,			32,200		837
Telecommunications - 0.41%					05/10/2023 (h)
Bezeq The Israeli Telecommunication Corp Ltd		23,680		16	3 Month USD LIBOR + 3.64%
CITIC Telecom International Holdings Ltd	1,835,000			760	Huntington Bancshares Inc/OH 6.25%,			70,000		1,821
Cleveland Unlimited Inc (a),(c),(d)		1		—	04/15/2021 (h)
Deutsche Telekom AG		63,604		1,066	KeyCorp 6.13%, 12/15/2026 (h)			40,000		1,092
Eutelsat Communications SA		86,519		1,564	3 Month USD LIBOR + 3.89%
HKT Trust & HKT Ltd		473,000		733	Morgan Stanley 5.85%, 04/15/2027 (h)			60,000		1,576
Juniper Networks Inc		52,381		1,455	3 Month USD LIBOR + 3.49%
KDDI Corp		24,900		574	PNC Financial Services Group Inc/The 6.13%,			50,000		1,330
LogMeIn Inc		10,214		842	05/01/2022 (h)
Motorola Solutions Inc		11,627		1,685	3 Month USD LIBOR + 4.07%
Nippon Telegraph & Telephone Corp		13,000		541	Regions Financial Corp 5.70%, 05/15/2029 (h)			38,000		965
NTT DOCOMO Inc		29,700		645	3 Month USD LIBOR + 3.15%
Service Stream Ltd	1,295,936			2,157	Regions Financial Corp 6.38%, 09/15/2024 (h)			4,493		125
Spark New Zealand Ltd		24,901		61	3 Month USD LIBOR + 3.54%
Telefonica Deutschland Holding AG		640,899		2,081	State Street Corp 5.35%, 03/15/2026 (h)			3,704		95
Telstra Corp Ltd		212,689		506	3 Month USD LIBOR + 3.71%
TELUS Corp		45,200		1,665	State Street Corp 5.90%, 03/15/2024 (h)			65,000		1,711
TELUS Corp		350,000		12,887	3 Month USD LIBOR + 3.11%
Ubiquiti Networks Inc		1,893		323	US Bancorp 6.50%, 01/15/2022 (h)			24,882		666
Vodafone Group PLC		991,985		1,840	3 Month USD LIBOR + 4.47%
		$		31,401	Valley National Bancorp 6.25%, 06/30/2025 (h)			120,000		3,335
Toys, Games & Hobbies - 0.01%					3 Month USD LIBOR + 3.85%
Nintendo Co Ltd		1,300		448	Wells Fargo & Co 5.63%, 06/15/2022 (h)			78,727		2,017
Transportation - 0.10%								$		25,037
Canadian Pacific Railway Ltd		1,200		269	Consumer Products - 0.01%
CSX Corp		8,968		714	Henkel AG & Co KGaA 1.85%			4,763		482
Kamigumi Co Ltd		12,200		292	Diversified Financial Services - 0.02%
Kuehne + Nagel International AG		12,141		1,765	Affiliated Managers Group Inc 5.88%,			3,000		76
Landstar System Inc		2,873		313	03/30/2059
Old Dominion Freight Line Inc		1,204		180	Charles Schwab Corp/The 6.00%, 12/01/2020 (h)			59,400		1,558
Royal Mail PLC		408,035		1,346				$		1,634
Sankyu Inc		16,200		777	Electric - 0.23%
SITC International Holdings Co Ltd		730,000		777	Alabama Power Co	5.00%, 10/01/2022 (h)		75,000		1,979
Union Pacific Corp		6,006		1,063	CMS Energy Corp	5.88%, 03/01/2079		200,000		5,230
		$		7,496	Dominion Energy Inc 5.25%, 07/30/2076			76,941		1,943
Water - 0.01%					DTE Energy Co 5.25%, 12/01/2077			35,000		892
Pennon Group PLC		47,358		463	Duke Energy Corp 5.75%, 06/15/2024 (h)			60,000		1,561
TOTAL COMMON STOCKS		$		1,233,466	Entergy Louisiana LLC 4.70%, 06/01/2063			99,900		2,472
					NextEra Energy Capital Holdings Inc 5.65%,			120,000		3,084
					03/01/2079

See accompanying notes.

214

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

PREFERRED STOCKS (continued)	Shares Held Value (000’s)					Principal
Electric (continued)					BONDS (continued)	Amount (000’s) Value (000’s)
Southern Co/The 5.25%, 12/01/2077		31,100	$	783	Agriculture (continued)
		$		17,944	Kernel Holding SA
Food - 0.01%					8.75%, 01/31/2022	$	1,500	$	1,534
Dairy Farmers of America Inc 7.88%,		10,000		1,000	Philip Morris International Inc
12/01/2025 (b),(h)					6.38%, 05/16/2038		1,500		1,883
Gas - 0.01%					Reynolds American Inc
Entergy New Orleans LLC 5.00%, 12/01/2052		20,000		499	4.00%, 06/12/2022		3,800		3,888
Insurance - 0.09%					Tereos Finance Groupe I SA
Allstate Corp/The 6.63%, 07/15/2019 (h)		100,000		2,540	4.13%, 06/16/2023	EUR	5,600		5,338
Arch Capital Group Ltd 5.25%, 09/29/2021 (h)		30,800		721	Vector Group Ltd
Hartford Financial Services Group Inc/The		100,000		2,765	6.13%, 02/01/2025(b)	$	1,500		1,346
7.88%, 04/15/2042							$		27,276
3 Month USD LIBOR + 5.60%					Airlines - 0.16%
Reinsurance Group of America Inc 6.20%,		20,000		536	Avianca Holdings SA / Avianca Leasing LLC /
09/15/2042					Grupo Taca Holdings Ltd
3 Month USD LIBOR + 4.37%					8.38%, 05/10/2020		1,500		1,483
		$		6,562	Gol Finance Inc
REITs - 0.16%					7.00%, 01/31/2025(b)		8,869		8,426
Equity Residential 8.29%, 12/10/2026 (h)		20,702		1,294	Latam Finance Ltd
Kimco Realty Corp 5.25%, 12/20/2022 (h)		63,000		1,462	7.00%, 03/01/2026(b)		2,650		2,713
Prologis Inc 8.54%, 11/13/2026 (h)		92,034		5,918			$		12,622
PS Business Parks Inc 5.75%, 06/04/2019 (h)		12,600		320	Apparel - 0.01%
Public Storage 5.05%, 08/09/2022 (h)		2,000		50	Levi Strauss & Co
Public Storage 5.60%, 03/11/2024 (h)		40,000		1,041	3.38%, 03/15/2027	EUR	200		235
Public Storage 5.88%, 12/02/2019 (h)		57,851		1,472	PVH Corp
Public Storage 6.00%, 06/04/2019 (h)		18,393		464	3.13%, 12/15/2027		500		592
SITE Centers Corp 6.38%, 06/05/2022 (h)		15,702		400			$		827
		$		12,421	Automobile Manufacturers - 0.15%
Savings & Loans - 0.01%					BMW US Capital LLC
People's United Financial Inc 5.63%, 12/15/2026		21,800		563	3.10%, 04/12/2021(b)	$	4,000		4,031
(h)					Daimler AG
3 Month USD LIBOR + 4.02%					1.40%, 01/12/2024	EUR	2,000		2,355
Sovereign - 0.15%					Fiat Chrysler Finance Europe SA
CoBank ACB 3.76%, 07/10/2022 (b),(h)		8,000		5,320	4.75%, 07/15/2022		900		1,130
3 Month USD LIBOR + 1.18%					General Motors Financial Co Inc
CoBank ACB 6.20%, 01/01/2025 (h)		7,000		724	5.75%, 12/31/2049(h),(i)	$	1,000		935
3 Month USD LIBOR + 3.74%					3 Month USD LIBOR + 3.60%
CoBank ACB 6.25%, 10/01/2022 (h)		51,000		5,291	Tesla Inc
3 Month USD LIBOR + 4.56%					5.30%, 08/15/2025(b)		3,250		2,779
		$		11,335			$		11,230
Telecommunications - 0.06%					Automobile Parts & Equipment - 0.27%
Centaur Funding Corp 9.08%, 04/21/2020 (b)		2,071		2,185	American Axle & Manufacturing Inc
Telephone & Data Systems Inc 6.88%,		10,496		268	6.25%, 04/01/2025		2,195		2,206
11/15/2059					Cie Generale des Etablissements Michelin SCA
Telephone & Data Systems Inc 7.00%,		90,412		2,296	1.75%, 09/03/2030	EUR	2,500		3,004
03/15/2060					LKQ European Holdings BV
		$		4,749	3.63%, 04/01/2026		600		703
TOTAL PREFERRED STOCKS		$		82,226	Panther BF Aggregator 2 LP / Panther Finance
	Principal				Co Inc
BONDS - 71.49%	Amount (000's) Value (000's)				6.25%, 05/15/2026(b)	$	8,125		8,460
					Truck Hero Inc
Aerospace & Defense - 0.33%					8.50%, 04/21/2024(b),(j)		5,440		5,481
Leonardo SpA					Weichai International Hong Kong Energy Group
4.88%, 03/24/2025	EUR	500	$	657	Co Ltd
TransDigm Inc					3.75%, 12/31/2049(h),(i)		700		676
6.00%, 07/15/2022	$	5,975		6,057	US Treasury Yield Curve Rate T Note
6.25%, 03/15/2026(b)		7,700		8,018	Constant Maturity 5 Year + 6.08%
6.50%, 07/15/2024		8,875		8,992			$		20,530
United Technologies Corp
3.10%, 06/01/2022		1,800		1,812	Banks - 5.69%
		$		25,536	Australia & New Zealand Banking Group Ltd/
					United Kingdom
Agriculture - 0.35%					6.75%, 12/31/2049(b),(h),(i)		4,000		4,335
Adecoagro SA					USD Swap Rate NY 5 Year + 5.17%
6.00%, 09/21/2027(b)		8,042		7,475	Banco Bilbao Vizcaya Argentaria SA
Altria Group Inc					3.00%, 10/20/2020		1,500		1,504
3.88%, 09/16/2046		3,000		2,508	Banco de Sabadell SA
JBS Investments II GmbH					5.38%, 12/12/2028(i)	EUR	2,200		2,649
7.00%, 01/15/2026(b)		3,175		3,304	EUR Swap Annual (VS 6 Month) 5 Year
					+ 5.10%

See accompanying notes.

215

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Banks (continued)					Banks (continued)
Banco Mercantil del Norte SA/Grand Cayman					Credit Agricole SA
5.75%, 10/04/2031(b),(i)	$	6,705	$	6,561	7.88%, 12/31/2049(b),(h),(i)	$	6,000	$	6,517
US Treasury Yield Curve Rate T Note					USD Swap Semi-Annual 5 Year + 4.90%
Constant Maturity 5 Year + 4.45%					Credit Suisse AG/New York NY
Banco Santander SA					3.63%, 09/09/2024		1,900		1,946
2.75%, 09/12/2023	GBP	1,000		1,327	Credit Suisse Group AG
7.50%, 12/31/2049(h),(i)	$	3,000		3,131	6.25%, 12/31/2049(b),(h),(i)		3,000		3,061
USD Swap Semi-Annual 5 Year + 4.99%					USD Swap Semi-Annual 5 Year + 3.46%
Bank of America Corp					7.50%, 12/31/2049(b),(h),(i)		3,300		3,535
4.13%, 01/22/2024		3,000		3,144	USD Swap Semi-Annual 5 Year + 4.60%
6.25%, 12/31/2049(h),(i)		5,000		5,387	7.50%, 12/31/2049(h),(i)		5,000		5,356
3 Month USD LIBOR + 3.71%					USD Swap Semi-Annual 5 Year + 4.60%
6.30%, 12/31/2049(h),(i)		14,890		16,267	Credit Suisse Group Funding Guernsey Ltd
3 Month USD LIBOR + 4.55%					1.25%, 04/14/2022	EUR	1,250		1,445
Bank of Montreal					Development Bank of Kazakhstan JSC
1.61%, 10/28/2021	CAD	4,250		3,134	8.95%, 05/04/2023(b)	KZT	1,078,750		2,764
Bank of New York Mellon Corp/The					DNB Bank ASA
4.62%, 12/31/2049(h),(i)	$	8,700		8,540	6.50%, 12/31/2049(h),(i)	$	3,000		3,109
3 Month USD LIBOR + 3.13%					USD Swap Semi-Annual 5 Year + 5.08%
4.95%, 12/31/2049(h),(i)		4,420		4,481	Dresdner Funding Trust I
3 Month USD LIBOR + 3.42%					8.15%, 06/30/2031(b)		1,100		1,408
Barclays Bank PLC					Ecobank Transnational Inc
6.28%, 12/29/2049(h),(i)		5,000		5,200	9.50%, 04/18/2024(b)		3,170		3,249
3 Month USD LIBOR + 1.55%					Fifth Third Bancorp
Barclays PLC					5.10%, 12/31/2049(h),(i)		15,000		14,756
3.65%, 03/16/2025		4,000		3,924	3 Month USD LIBOR + 3.03%
7.88%, 12/31/2049(h),(i)		10,300		10,854	8.25%, 03/01/2038		900		1,269
USD Swap Semi-Annual 5 Year + 6.77%					FirstRand Bank Ltd
BNP Paribas SA					6.25%, 04/23/2028(i)		550		562
2.13%, 01/23/2027(i)	EUR	1,000		1,194	USD Swap Semi-Annual 5 Year + 3.56%
3 Month Euro Interbank Offered Rate +					Goldman Sachs Group Inc/The
1.80%					2.60%, 12/27/2020		2,500		2,491
7.37%, 12/31/2049(b),(h),(i)	$	3,000		3,244	4.22%, 05/01/2029(i)		1,750		1,788
USD Swap Semi-Annual 5 Year + 5.15%					3 Month USD LIBOR + 1.30%
7.63%, 12/31/2049(b),(h),(i)		5,000		5,269	5.38%, 12/31/2049(h),(i)		22,575		23,100
USD Swap Semi-Annual 5 Year + 6.31%					3 Month USD LIBOR + 3.92%
CaixaBank SA					HSBC Capital Funding Dollar 1 LP
3.50%, 02/15/2027(i)	EUR	1,500		1,779	10.18%, 12/29/2049(h),(i)		2,800		4,193
EUR Swap Annual (VS 6 Month) 5 Year					3 Month USD LIBOR + 4.98%
+ 3.35%					10.18%, 12/29/2049(b),(h),(i)		5,200		7,787
Canadian Imperial Bank of Commerce					3 Month USD LIBOR + 4.98%
3.30%, 05/26/2025	CAD	700		547	HSBC Holdings PLC
Capital One NA					4.38%, 11/23/2026		3,800		3,907
2.25%, 09/13/2021	$	850		838	6.87%, 12/31/2049(h),(i)		11,600		12,165
CIT Group Inc					USD Swap Rate NY 5 Year + 5.51%
6.13%, 03/09/2028		295		329	Huntington Bancshares Inc/OH
Citibank NA					5.70%, 12/31/2049(h),(i)		4,300		4,311
2.13%, 10/20/2020		1,750		1,735	3 Month USD LIBOR + 2.88%
Citigroup Capital III					Iccrea Banca SpA
7.63%, 12/01/2036		8,600		10,970	1.50%, 10/11/2022	EUR	3,500		3,924
Citigroup Inc					ING Groep NV
4.65%, 07/23/2048		2,000		2,158	2.96%, 04/11/2028(i)		1,000		1,200
5.90%, 12/29/2049(h),(i)		3,043		3,146	EUR Swap Annual (VS 6 Month) 5 Year
3 Month USD LIBOR + 4.23%					+ 2.85%
5.95%, 12/29/2049(h),(i)		900		933	6.50%, 12/31/2049(h),(i)	$	5,000		5,048
3 Month USD LIBOR + 4.07%					USD Swap Semi-Annual 5 Year + 4.45%
5.95%, 12/31/2049(h),(i)		2,500		2,619	6.87%, 12/31/2049(h),(i)		5,000		5,212
3 Month USD LIBOR + 3.91%					USD Swap Semi-Annual 5 Year + 5.12%
6.13%, 12/31/2049(h),(i)		4,025		4,168	Itau Unibanco Holding SA/Cayman Island
3 Month USD LIBOR + 4.48%					6.13%, 12/31/2049(b),(h),(i)		3,136		3,101
Citizens Financial Group Inc					US Treasury Yield Curve Rate T Note
5.50%, 12/31/2049(h),(i)		6,750		6,784	Constant Maturity 5 Year + 3.98%
3 Month USD LIBOR + 3.96%					JPMorgan Chase & Co
6.38%, 12/31/2049(h),(i)		10,930		11,258	4.50%, 01/24/2022		3,350		3,495
3 Month USD LIBOR + 3.16%					5.30%, 12/31/2049(h),(i)		2,195		2,237
Cooperatieve Rabobank UA					3 Month USD LIBOR + 3.80%
11.00%, 12/29/2049(b),(h),(i)		3,700		3,745	6.75%, 12/31/2049(h),(i)		11,200		12,407
3 Month USD LIBOR + 10.87%					3 Month USD LIBOR + 3.78%

See accompanying notes.

216

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Banks (continued)					Banks (continued)
KeyCorp Capital III					Turkiye Vakiflar Bankasi TAO
7.75%, 07/15/2029	$	795	$	979	5.50%, 10/27/2021	$	1,200	$	1,126
Lloyds Bank PLC					8.13%, 03/28/2024(b)		4,250		3,991
12.00%, 12/29/2049(h),(i)		3,000		3,610	UBS Group Funding Switzerland AG
3 Month USD LIBOR + 11.76%					6.88%, 12/31/2049(h),(i)		7,150		7,386
12.00%, 12/29/2049(b),(h),(i)		4,100		4,934	USD Swap Semi-Annual 5 Year + 4.59%
3 Month USD LIBOR + 11.76%					UniCredit SpA
Lloyds Banking Group PLC					6.95%, 10/31/2022	EUR	2,500		3,251
0.63%, 01/15/2024(i)	EUR	2,100		2,339	Unione di Banche Italiane SpA
EUR Swap Annual (VS 6 Month) 1 Year					4.25%, 05/05/2026(i)		2,000		2,258
+ 0.47%					EUR Swap Annual (VS 6 Month) 5 Year
2.25%, 10/16/2024	GBP	400		521	+ 4.18%
6.41%, 01/29/2049(b),(h),(i)	$	4,000		4,130	Wells Fargo & Co
3 Month USD LIBOR + 1.50%					5.87%, 12/31/2049(h),(i)	$	7,100		7,668
6.66%, 01/29/2049(b),(h),(i)		3,000		3,131	3 Month USD LIBOR + 3.99%
3 Month USD LIBOR + 1.27%					Wells Fargo Bank NA
7.50%, 12/31/2049(h),(i)		8,000		8,302	6.60%, 01/15/2038		1,750		2,302
USD Swap Semi-Annual 5 Year + 4.50%					Woori Bank
M&T Bank Corp					5.25%, 12/31/2049(h),(i)		3,206		3,233
6.45%, 12/31/2049(h),(i)		535		572	US Treasury Yield Curve Rate T Note
3 Month USD LIBOR + 3.61%					Constant Maturity 5 Year + 3.35%
Morgan Stanley					Yapi ve Kredi Bankasi AS
2.63%, 03/09/2027	GBP	1,600		2,100	5.50%, 12/06/2022		600		513
5.45%, 12/31/2049(h),(i)	$	1,593		1,595			$		438,768
3 Month USD LIBOR + 3.61%					Beverages - 0.06%
5.55%, 12/31/2049(h),(i)		9,525		9,735	Anheuser-Busch InBev SA/NV
3 Month USD LIBOR + 3.81%					1.50%, 04/18/2030	EUR	700		793
National Australia Bank Ltd/New York					Anheuser-Busch InBev Worldwide Inc
2.50%, 07/12/2026		2,000		1,901	4.60%, 04/15/2048	$	2,000		1,952
Noor Sukuk Co Ltd					Molson Coors Brewing Co
4.47%, 04/24/2023		700		715	2.10%, 07/15/2021		1,900		1,867
Popular Inc							$		4,612
6.13%, 09/14/2023		5,000		5,200	Biotechnology - 0.07%
Provident Funding Associates LP / PFG Finance					Celgene Corp
Corp					4.63%, 05/15/2044		2,000		2,018
6.38%, 06/15/2025(b)		12,110		11,323	Gilead Sciences Inc
QNB Finansbank AS					3.65%, 03/01/2026		3,250		3,322
4.88%, 05/19/2022(b)		3,475		3,274			$		5,340
6.88%, 09/07/2024(b)		4,420		4,308	Building Materials - 0.09%
Royal Bank of Scotland Group PLC					Cemex SAB de CV
8.00%, 12/31/2049(h),(i)		300		327	5.70%, 01/11/2025		1,400		1,438
USD Swap Semi-Annual 5 Year + 5.72%					HeidelbergCement AG
8.62%, 12/29/2049(h),(i)		7,000		7,525	2.25%, 03/30/2023	EUR	2,000		2,397
USD Swap Semi-Annual 5 Year + 7.60%					NCI Building Systems Inc
Santander UK Group Holdings PLC					8.00%, 04/15/2026(b)	$	2,500		2,331
3.82%, 11/03/2028(i)		2,000		1,964	Standard Industries Inc/NJ
3 Month USD LIBOR + 1.40%					4.75%, 01/15/2028(b)		1,015		973
Societe Generale SA							$		7,139
7.88%, 12/31/2049(b),(h),(i)		9,500		10,022
USD Swap Semi-Annual 5 Year + 4.98%					Chemicals - 0.55%
Standard Chartered PLC					Alpek SAB de CV
7.01%, 07/29/2049(b),(h),(i)		750		810	4.50%, 11/20/2022		1,300		1,326
3 Month USD LIBOR + 1.46%					Alpha 2 BV
7.75%, 12/31/2049(b),(h),(i)		7,000		7,464	8.75%, PIK 9.50%, 06/01/2023(b),(k),(l)		895		888
USD Swap Semi-Annual 5 Year + 5.72%					Axalta Coating Systems Dutch Holding B BV
State Savings Bank of Ukraine Via SSB #1 PLC					3.75%, 01/15/2025	EUR	400		462
9.62%, 03/20/2025(k)		10,836		10,837	Braskem America Finance Co
SunTrust Banks Inc					7.13%, 07/22/2041(b)	$	2,530		2,941
5.05%, 12/31/2049(h),(i)		3,000		2,966	Braskem Netherlands Finance BV
3 Month USD LIBOR + 3.10%					4.50%, 01/10/2028(b)		2,485		2,435
Swedbank AB					CF Industries Inc
6.00%, 12/31/2049(h),(i)		10,000		9,800	5.15%, 03/15/2034		1,640		1,587
USD Swap Semi-Annual 5 Year + 4.11%					CNAC HK Finbridge Co Ltd
Turkiye Garanti Bankasi AS					5.13%, 03/14/2028		7,565		8,102
6.13%, 05/24/2027(i)		200		159	Cornerstone Chemical Co
USD Swap Semi-Annual 5 Year + 4.22%					6.75%, 08/15/2024(b)		10,632		10,340
					DowDuPont Inc
					4.21%, 11/15/2023		700		734

See accompanying notes.

217

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)					BONDS (continued)	Amount (000’s) Value (000’s)
Chemicals (continued)						Commercial Mortgage Backed Securities (continued)
Israel Chemicals Ltd						BBCMS Mortgage Trust 2018-C2
6.38%, 05/31/2038(b)		$	4,160	$	4,550	5.14%, 12/15/2051(k)	$	10,000	$	10,483
Kronos International Inc						BENCHMARK 2018-B1 Mortgage Trust
3.75%, 09/15/2025	EUR		200		220	1.26%, 01/15/2051(k),(m)		12,667		1,092
Mexichem SAB de CV						1.51%, 01/15/2051(b),(k),(m)		30,260		3,135
5.88%, 09/17/2044		$	500		501	2.75%, 01/15/2051(b)		11,120		9,074
OCI NV						3.67%, 01/15/2051(k)		5,000		5,175
5.00%, 04/15/2023	EUR		400		473	BENCHMARK 2018-B3 Mortgage Trust
6.63%, 04/15/2023(b)		$	800		833	1.50%, 04/10/2051(b),(k),(m)		5,520		594
Petkim Petrokimya Holding AS						Benchmark 2018-B5 Mortgage Trust
5.88%, 01/26/2023			700		645	0.65%, 07/15/2051(k),(m)		97,327		3,474
SASOL Financing USA LLC						3.27%, 07/15/2051(b),(k)		4,500		3,976
5.88%, 03/27/2024			700		743	4.57%, 07/15/2051		5,000		5,351
6.50%, 09/27/2028			4,500		4,935	BENCHMARK 2018-B6 Mortgage Trust
Solvay Finance SA						1.50%, 10/10/2051(b),(k),(m)		37,790		4,389
5.87%, 12/31/2049(h),(i)	EUR		400		523	3.27%, 10/10/2051(b),(k)		3,750		3,006
EUR Swap Annual (VS 6 Month) 5 Year						3.27%, 10/10/2051(b),(k)		11,720		10,270
+ 5.22%						BENCHMARK 2018-B7 Mortgage Trust
			$		42,238	2.02%, 05/15/2053(b),(k)		16,962		2,535
Coal - 0.43%						3.00%, 05/15/2053(b),(k)		5,000		4,314
Alliance Resource Operating Partners LP /						Benchmark 2018-B8 Mortgage Trust
Alliance Resource Finance Corp						2.04%, 01/15/2052(b),(k),(m)		6,900		991
7.50%, 05/01/2025(b)		$	2,085		2,187	3.00%, 01/15/2052(b)		5,000		4,256
Eterna Capital Pte Ltd						5.04%, 01/15/2052(k)		7,961		8,523
7.50%, PIK 6.00%, 12/11/2022(k),(l)			5,390		5,352	BENCHMARK 2019-B10 Mortgage Trust
8.00%, PIK 8.00%, 12/11/2022(k),(l)			1,092		981	1.23%, 03/15/2062(k),(m)		48,000		4,462
Foresight Energy LLC / Foresight Energy Finance						1.87%, 03/15/2062(b),(k),(m)		12,985		1,972
Corp						3.00%, 03/15/2062(b)		3,250		2,801
11.50%, 04/01/2023(b)			31,600		24,490	3.00%, 03/15/2062(b)		5,000		4,072
			$		33,010	Benchmark 2019-B9 Mortgage Trust
Commercial Mortgage Backed Securities - 16.79%						2.17%, 03/15/2052(b),(k),(m)		11,550		1,789
Banc of America Merrill Lynch Commercial						3.00%, 03/15/2052(b)		3,000		2,605
Mortgage Inc						3.00%, 03/15/2052(b)		2,500		1,921
5.69%, 11/10/2042(k)			2,513		2,488	CD 2006-CD2 Mortgage Trust
BANK 2017-BNK4						5.68%, 01/15/2046(k)		2,484		1,870
0.98%, 05/15/2050(k),(m)			13,843		810	CD 2017-CD5 Mortgage Trust
BANK 2017-BNK5						3.35%, 08/15/2050(b)		7,000		5,972
1.32%, 06/15/2060(b),(k),(m)			42,403		3,445	CD 2018-CD7 Mortgage Trust
3.08%, 06/15/2060(b),(k)			18,288		15,548	1.75%, 08/15/2051(b),(k),(m)		20,444		2,647
4.40%, 06/15/2060(b),(k)			8,356		5,829	3.26%, 08/15/2051(b),(k)		12,750		11,159
BANK 2017-BNK6						5.01%, 08/15/2051(k)		5,182		5,494
3.10%, 07/15/2060(b)			2,500		2,108	CFCRE Commercial Mortgage Trust 2016-C6
BANK 2017-BNK9						1.32%, 11/10/2049(k),(m)		44,435		3,039
1.56%, 11/15/2054(b),(k),(m)			15,200		1,559	4.36%, 11/10/2049(k)		4,000		4,020
2.80%, 11/15/2054(b)			10,000		8,190	CGMS Commercial Mortgage Trust 2017-B1
BANK 2018-BNK10						3.00%, 08/15/2050(b)		7,435		5,990
1.89%, 02/15/2061(b),(k),(m)			31,334		4,012	Citigroup Commercial Mortgage Trust 2007-C6
BANK 2018-BNK12						5.75%, 12/10/2049(k)		4,859		2,741
1.55%, 05/15/2061(b),(k),(m)			18,728		2,035	Citigroup Commercial Mortgage Trust 2012-GC8
3.00%, 05/15/2061(b)			6,000		4,977	5.00%, 09/10/2045(b),(k)		1,875		1,697
BANK 2018-BNK13						Citigroup Commercial Mortgage Trust
1.69%, 08/15/2061(b),(k),(m)			41,485		5,007	2013-GC15
3.00%, 08/15/2061(b)			7,000		5,813	4.25%, 09/10/2046(b),(k)		16,492		13,403
4.22%, 08/15/2061(k)			8,500		9,156	5.39%, 09/10/2046(b),(k)		7,700		7,981
4.68%, 08/15/2061(k)			6,000		6,448	Citigroup Commercial Mortgage Trust
BANK 2018-BNK14						2015-GC27
1.75%, 09/15/2060(b),(k),(m)			11,466		1,443	4.58%, 02/10/2048(k)		10,000		10,118
3.00%, 09/15/2060(b)			8,000		7,053	Citigroup Commercial Mortgage Trust 2016-C1
BANK 2019-BNK16						2.07%, 05/10/2049(k),(m)		36,745		3,808
1.99%, 02/15/2052(b),(k),(m)			13,120		1,912	Citigroup Commercial Mortgage Trust
3.00%, 02/15/2052(b)			2,500		2,107	2016-GC37
3.00%, 02/15/2052(b)			2,500		1,938	1.94%, 04/10/2049(k),(m)		15,024		1,426
4.79%, 02/15/2052(k)			1,887		1,974	Citigroup Commercial Mortgage Trust 2018-B2
BANK 2019-BNK17						1.50%, 03/10/2051(b),(k),(m)		13,247		1,407
1.60%, 04/15/2052(b),(k),(m)			11,541		1,491	3.33%, 03/10/2051(b),(k)		2,500		2,027
3.00%, 04/15/2052(b)			3,500		2,987	Citigroup Commercial Mortgage Trust 2018-C5
3.00%, 04/15/2052(b)			3,849		3,026	3.38%, 06/10/2051(b),(k)		1,000		888

See accompanying notes.

218

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
Citigroup Commercial Mortgage Trust 2018-C6					Freddie Mac Multifamily Structured Pass
5.24%, 11/10/2051(b),(k)	$	10,000	$	10,214	Through Certificates
COMM 2012-CCRE1 Mortgage Trust					1.43%, 08/25/2020(k),(m)	$	23,128	$	314
2.46%, 05/15/2045(b)		13,993		11,225	1.49%, 05/25/2040(k),(m)		35,000		288
5.50%, 05/15/2045(b),(k)		8,889		8,960	1.51%, 04/25/2041(k),(m)		86,714		1,262
COMM 2012-CCRE4 Mortgage Trust					1.53%, 01/25/2043(k),(m)		79,054		5,943
4.72%, 10/15/2045(b),(k)		5,000		2,184	1.68%, 11/25/2042(k),(m)		83,688		3,105
COMM 2012-CCRE5 Mortgage Trust					1.71%, 11/25/2040(k),(m)		16,936		890
4.46%, 12/10/2045(b),(k)		3,475		3,462	1.71%, 10/25/2041(k),(m)		43,000		2,704
4.46%, 12/10/2045(b),(k)		7,500		7,164	1.72%, 06/25/2041(k),(m)		20,000		1,192
Comm 2013-CCRE13 Mortgage Trust					1.73%, 06/25/2042(k),(m)		12,191		7
5.06%, 11/10/2046(b),(k)		6,421		6,256	2.04%, 11/25/2044(k),(m)		16,293		1,561
5.06%, 11/10/2046(b),(k)		5,660		4,841	2.08%, 02/25/2041(k),(m)		33,968		1,165
COMM 2013-CCRE6 Mortgage Trust					2.10%, 02/25/2045(k),(m)		27,900		2,829
1.20%, 03/10/2046(k),(m)		56,727		1,651	2.16%, 05/25/2025(k),(m)		43,706		4,693
4.22%, 03/10/2046(b),(k)		13,215		13,022	2.17%, 07/25/2026(k),(m)		39,161		4,993
4.22%, 03/10/2046(b),(k)		13,750		12,425	2.18%, 08/25/2042(k),(m)		98,038		10,349
COMM 2013-CCRE7 Mortgage Trust					2.24%, 08/25/2045(k),(m)		98,643		14,434
4.53%, 03/10/2046(b),(k)		7,500		5,841	2.25%, 05/25/2046(k),(m)		75,770		8,816
COMM 2014-CCRE15 Mortgage Trust					2.26%, 01/25/2026(k),(m)		70,234		8,383
4.40%, 02/10/2047(b),(k)		5,414		5,129	2.28%, 12/25/2039(k),(m)		25,654		1,408
COMM 2014-CCRE17 Mortgage Trust					2.29%, 06/25/2051(k),(m)		17,800		2,933
0.33%, 05/10/2047(b),(k),(m)		44,717		619	2.31%, 09/25/2046(k),(m)		14,690		2,470
4.98%, 05/10/2047(b),(k)		12,469		12,381	2.31%, 02/25/2047(k),(m)		28,250		5,192
Comm 2014-UBS2 Mortgage Trust					2.32%, 04/25/2029(k),(m)		17,584		3,126
5.17%, 03/10/2047(b),(k)		13,690		12,590	2.33%, 07/25/2046(k),(m)		17,686		2,952
COMM 2014-UBS3 Mortgage Trust					2.34%, 08/25/2045(k),(m)		37,838		6,356
4.97%, 06/10/2047(b),(k)		21,861		20,822	2.37%, 01/25/2046(k),(m)		42,892		7,691
COMM 2014-UBS5 Mortgage Trust					3.61%, 06/25/2041(k),(m)		4,400		308
3.50%, 09/10/2047(b)		6,500		5,577	4.78%, 11/25/2044(k),(m)		1,800		119
COMM 2015-LC19 Mortgage Trust					GS Mortgage Securities Corp II
4.40%, 02/10/2048(b),(k)		8,000		6,578	1.56%, 07/10/2051(b),(k),(m)		8,017		910
4.40%, 02/10/2048(k)		2,500		2,559	GS Mortgage Securities Trust 2010-C2
COMM 2015-LC23 Mortgage Trust					5.35%, 12/10/2043(b),(k)		5,000		5,148
3.80%, 10/10/2048(b),(k)		6,000		5,723	GS Mortgage Securities Trust 2011-GC5
COMM 2016-COR1 Mortgage Trust					5.56%, 08/10/2044(b),(k)		3,660		3,256
1.59%, 10/10/2049(k),(m)		44,907		3,402	GS Mortgage Securities Trust 2012-GCJ7
4.53%, 10/10/2049(k)		5,000		5,080	5.87%, 05/10/2045(b),(k)		7,429		7,316
COMM 2017-COR2 Mortgage Trust					GS Mortgage Securities Trust 2012-GCJ9
1.33%, 09/10/2050(k),(m)		76,025		5,971	4.90%, 11/10/2045(b),(k)		5,000		5,042
COMM 2018-COR3 Mortgage Trust					4.90%, 11/10/2045(b),(k)		8,500		7,923
1.75%, 05/10/2051(b),(k),(m)		15,800		2,015	GS Mortgage Securities Trust 2013-GC16
2.96%, 05/10/2051(b),(k)		8,500		7,013	3.50%, 11/10/2046(b)		2,500		1,920
4.23%, 05/10/2051		3,750		4,014	GS Mortgage Securities Trust 2013-GCJ14
4.71%, 05/10/2051(k)		4,875		5,018	4.91%, 08/10/2046(b),(k)		10,460		10,539
Credit Suisse Commercial Mortgage Trust Series					4.91%, 08/10/2046(b),(k)		7,742		6,920
2007-C1					4.91%, 08/10/2046(b),(k)		2,500		2,154
5.46%, 02/15/2040(k)		23,008		10,759	GS Mortgage Securities Trust 2014-GC26
CSAIL 2018-CX12 Commercial Mortgage Trust					1.37%, 11/10/2047(b),(k),(m)		29,811		1,762
1.50%, 08/15/2051(b),(k),(m)		8,985		1,016	4.67%, 11/10/2047(b),(k)		2,570		2,205
3.43%, 08/15/2051(b),(k)		3,500		3,078	GS Mortgage Securities Trust 2017-GS7
4.22%, 08/15/2051		5,000		5,356	1.28%, 08/10/2050(k),(m)		28,967		2,065
CSAIL 2019-C15 Commercial Mortgage Trust					GS Mortgage Securities Trust 2018-GS9
1.22%, 03/15/2052(k),(m)		55,992		4,355	1.51%, 03/10/2051(b),(k),(m)		8,353		833
2.15%, 03/15/2052(b),(k)		3,981		624	JP Morgan Chase Commercial Mortgage
3.00%, 03/15/2052(b)		2,500		2,096	Securities Trust 2005-CIBC12
DBGS 2018-BIOD Mortgage Trust					4.99%, 09/12/2037(k)		18		18
1.75%, 10/15/2051(b),(k),(m)		9,496		1,238	JP Morgan Chase Commercial Mortgage
3.04%, 10/15/2051(b),(k)		1,750		1,484	Securities Trust 2006-CIBC17
4.47%, 10/15/2051		5,500		6,020	5.49%, 12/12/2043(k)		9,339		7,658
DBJPM 17-C6 Mortgage Trust					JP Morgan Chase Commercial Mortgage
1.18%, 06/10/2050(k),(m)		99,370		5,857	Securities Trust 2006-LDP9
3.38%, 06/10/2050(b),(k)		15,000		12,920	5.34%, 05/15/2047		1,000		955
DBUBS 2011-LC1 Mortgage Trust					JP Morgan Chase Commercial Mortgage
0.38%, 11/10/2046(b),(k),(m)		142,384		788	Securities Trust 2011-C5
DBUBS 2011-LC2 Mortgage Trust					4.00%, 08/15/2046(b),(k)		6,000		5,745
1.23%, 07/10/2044(b),(k),(m)		9,480		160	5.55%, 08/15/2046(b),(k)		4,844		4,889

See accompanying notes.

219

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
JP Morgan Chase Commercial Mortgage					JPMCC Commercial Mortgage Securities Trust
Securities Trust 2012-C6					2019-COR4
2.97%, 05/15/2045(b),(k)	$	3,750	$	2,894	1.29%, 03/10/2052(k),(m)	$	34,398	$	2,987
JP Morgan Chase Commercial Mortgage					2.18%, 03/10/2052(b),(k),(m)		18,869		2,985
Securities Trust 2012-C8					3.00%, 03/10/2052(b)		1,000		794
2.75%, 10/15/2045(b),(k)		8,553		7,013	3.00%, 03/10/2052(b)		5,000		4,270
JP Morgan Chase Commercial Mortgage					JPMDB Commercial Mortgage Securities Trust
Securities Trust 2013-C16					2018-C8
3.74%, 12/15/2046(b),(k)		10,000		8,743	4.52%, 06/15/2051		1,250		1,325
5.20%, 12/15/2046(b),(k)		5,000		5,095	LB Commercial Mortgage Trust 2007-C3
JP Morgan Chase Commercial Mortgage					6.09%, 07/15/2044(k)		827		836
Securities Trust 2013-LC11					6.09%, 07/15/2044(k)		12,738		11,393
1.41%, 04/15/2046(k),(m)		51,861		2,179	LB-UBS Commercial Mortgage Trust 2006-C7
JP Morgan Chase Commercial Mortgage					5.41%, 11/15/2038		12,048		8,674
Securities Trust 2016-JP3					LB-UBS Commercial Mortgage Trust 2007-C6
3.40%, 08/15/2049(k)		3,250		3,207	6.52%, 07/15/2040(k)		13,250		13,332
JPMBB Commercial Mortgage Securities Trust					6.52%, 07/15/2040(k)		8,841		8,291
2013-C12					ML-CFC Commercial Mortgage Trust 2007-5
4.24%, 07/15/2045(k)		7,286		7,128	5.45%, 08/12/2048(k)		4,504		3,085
JPMBB Commercial Mortgage Securities Trust					Morgan Stanley Bank of America Merrill Lynch
2013-C15					Trust 2012-C5
3.50%, 11/15/2045(b)		9,191		7,310	4.84%, 08/15/2045(b),(k)		6,787		6,932
5.37%, 11/15/2045(b),(k)		23,750		24,579	Morgan Stanley Bank of America Merrill Lynch
JPMBB Commercial Mortgage Securities Trust					Trust 2013-C8
2014-C18					4.19%, 12/15/2048(b),(k)		18,500		18,465
1.02%, 02/15/2047(k),(m)		47,511		1,607	Morgan Stanley Bank of America Merrill Lynch
4.98%, 02/15/2047(b),(k)		7,850		7,310	Trust 2014-C14
JPMBB Commercial Mortgage Securities Trust					5.10%, 02/15/2047(k)		6,750		7,078
2014-C19					5.10%, 02/15/2047(b),(k)		5,331		4,957
4.86%, 04/15/2047(b),(k)		1,359		1,304	Morgan Stanley Bank of America Merrill Lynch
4.86%, 04/15/2047(k)		15,096		15,617	Trust 2014-C16
JPMBB Commercial Mortgage Securities Trust					4.42%, 06/15/2047(b),(k)		17,104		12,795
2014-C21					4.92%, 06/15/2047(b),(k)		10,598		8,915
1.17%, 08/15/2047(k),(m)		41,693		1,728	Morgan Stanley Bank of America Merrill Lynch
JPMBB Commercial Mortgage Securities Trust					Trust 2014-C18
2014-C23					4.49%, 10/15/2047(k)		4,408		4,564
0.85%, 09/15/2047(k),(m)		230,799		6,000	Morgan Stanley Bank of America Merrill Lynch
JPMBB Commercial Mortgage Securities Trust					Trust 2015-C20
2014-C24					1.48%, 02/15/2048(k),(m)		50,346		2,739
4.04%, 11/15/2047(b),(k)		20,500		18,693	1.54%, 02/15/2048(b),(k),(m)		41,500		2,885
JPMBB Commercial Mortgage Securities Trust					Morgan Stanley Bank of America Merrill Lynch
2014-C26					Trust 2015-C21
4.55%, 01/15/2048(k)		5,000		5,138	1.07%, 03/15/2048(k),(m)		33,015		1,355
JPMBB Commercial Mortgage Securities Trust					Morgan Stanley Bank of America Merrill Lynch
2015-C28					Trust 2015-C26
0.50%, 10/15/2048(b),(k),(m)		54,005		1,338	3.06%, 10/15/2048(b)		2,185		1,979
1.26%, 10/15/2048(k),(m)		58,685		2,386	Morgan Stanley Bank of America Merrill Lynch
JPMBB Commercial Mortgage Securities Trust					Trust 2016-C29
2015-C29					1.78%, 05/15/2049(k),(m)		42,189		3,465
3.81%, 05/15/2048(k)		5,270		4,316	Morgan Stanley Bank of America Merrill Lynch
JPMBB Commercial Mortgage Securities Trust					Trust 2016-C31
2015-C30					1.46%, 11/15/2049(b),(k),(m)		21,213		1,796
0.68%, 07/15/2048(k),(m)		74,381		2,052	Morgan Stanley Bank of America Merrill Lynch
JPMBB Commercial Mortgage Securities Trust					Trust 2016-C32
2015-C31					0.89%, 12/15/2049(k),(m)		75,448		3,311
0.50%, 08/15/2048(b),(k),(m)		42,377		1,097	Morgan Stanley Capital I Trust 2011-C3
JPMCC Commercial Mortgage Securities Trust					0.82%, 07/15/2049(b),(k),(m)		19,631		176
2017-JP5					Morgan Stanley Capital I Trust 2018-H3
1.25%, 03/15/2050(k),(m)		98,293		5,670	2.01%, 07/15/2051(b),(k),(m)		7,682		1,035
JPMCC Commercial Mortgage Securities Trust					Morgan Stanley Capital I Trust 2018-L1
2017-JP6					3.00%, 10/15/2051(b)		5,000		4,251
1.47%, 07/15/2050(k),(m)		23,723		1,457	SG Commercial Mortgage Securities Trust
JPMCC Commercial Mortgage Securities Trust					2016-C5
2017-JP7					1.07%, 10/10/2048(k),(m)		17,960		1,078
4.05%, 09/15/2050		2,500		2,563	UBS Commercial Mortgage Trust 2012-C1
4.55%, 09/15/2050(b),(k)		14,734		14,470	5.00%, 05/10/2045(b),(k)		8,000		7,265
					UBS Commercial Mortgage Trust 2018-C12
					4.79%, 08/15/2051(k)		5,000		5,362

See accompanying notes.

220

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
UBS Commercial Mortgage Trust 2018-C15					Wells Fargo Commercial Mortgage Trust
4.92%, 12/15/2051(k)	$	10,000	$	10,819	2018-C44
UBS-Barclays Commercial Mortgage Trust					2.00%, 05/15/2051(b),(k),(m)	$	8,022	$	1,084
2012-C2					3.00%, 05/15/2051(b)		5,000		4,167
1.48%, 05/10/2063(b),(k),(m)		26,006		919	4.21%, 05/15/2051		7,500		8,039
UBS-Barclays Commercial Mortgage Trust					Wells Fargo Commercial Mortgage Trust
2012-C3					2018-C45
5.00%, 08/10/2049(b),(k)		20,994		18,420	2.03%, 06/15/2051(b),(k),(m)		2,647		366
5.20%, 08/10/2049(b),(k)		25,827		25,662	3.00%, 06/15/2051(b)		1,250		1,067
UBS-Barclays Commercial Mortgage Trust					Wells Fargo Commercial Mortgage Trust
2012-C4					2018-C46
4.63%, 12/10/2045(b),(k)		12,000		11,535	5.15%, 08/15/2051		6,000		6,239
4.63%, 12/10/2045(b),(k)		17,981		15,087	Wells Fargo Commercial Mortgage Trust
UBS-Barclays Commercial Mortgage Trust					2018-C47
2013-C5					2.10%, 09/15/2061(b),(k),(m)		14,133		2,129
4.21%, 03/10/2046(b),(k)		9,150		8,593	3.00%, 09/15/2061(b)		6,000		5,022
4.21%, 03/10/2046(b),(k)		5,759		4,917	5.10%, 09/15/2061(k)		4,500		4,686
Wells Fargo Commercial Mortgage Trust 2010-C1					Wells Fargo Commercial Mortgage Trust
0.66%, 11/15/2043(b),(k),(m)		13,501		105	2018-C48
Wells Fargo Commercial Mortgage Trust					1.13%, 01/15/2052(k),(m)		68,986		5,030
2014-LC18					5.29%, 01/15/2052(k)		10,000		10,640
1.24%, 12/15/2047(k),(m)		79,784		3,556	Wells Fargo Commercial Mortgage Trust
3.96%, 12/15/2047(b),(k)		13,500		12,422	2019-C49
Wells Fargo Commercial Mortgage Trust					2.31%, 03/15/2052(b),(k),(m)		4,336		728
2015-C28					3.00%, 03/15/2052(b)		2,500		2,096
4.26%, 05/15/2048(k)		10,000		9,063	Wells Fargo Commercial Mortgage Trust
Wells Fargo Commercial Mortgage Trust					2019-C50
2015-C31					2.19%, 05/15/2052(b),(d),(j),(k),(m)		14,851		2,445
3.85%, 11/15/2048		5,321		4,667	WFRBS Commercial Mortgage Trust 2011-C5
Wells Fargo Commercial Mortgage Trust					0.18%, 11/15/2044(b),(k),(m)		121,391		410
2015-NXS1					WFRBS Commercial Mortgage Trust 2014-C20
0.49%, 05/15/2048(k),(m)		24,936		719	3.99%, 05/15/2047(b)		10,000		7,883
2.88%, 05/15/2048(b),(k)		7,116		5,226	4.51%, 05/15/2047(k)		1,000		987
4.24%, 05/15/2048(k)		3,580		3,415	WFRBS Commercial Mortgage Trust 2014-C22
Wells Fargo Commercial Mortgage Trust					4.05%, 09/15/2057(b),(k)		10,000		8,258
2015-NXS3					WFRBS Commercial Mortgage Trust 2014-C24
1.29%, 09/15/2057(k),(m)		26,207		1,119	3.69%, 11/15/2047(b)		11,047		8,631
3.15%, 09/15/2057(b)		5,000		4,140			$		1,294,103
Wells Fargo Commercial Mortgage Trust					Commercial Services - 0.78%
2016-C34					DP World PLC
2.32%, 06/15/2049(k),(m)		35,397		3,542	5.63%, 09/25/2048(b)		1,720		1,814
Wells Fargo Commercial Mortgage Trust					Loxam SAS
2016-C35					6.00%, 04/15/2025	EUR	500		593
2.13%, 07/15/2048(k),(m)		38,750		4,111	Mersin Uluslararasi Liman Isletmeciligi AS
Wells Fargo Commercial Mortgage Trust					5.88%, 08/12/2020	$	2,820		2,806
2016-C36					Midas Intermediate Holdco II LLC / Midas
4.33%, 11/15/2059(k)		4,000		3,876	Intermediate Holdco II Finance Inc
Wells Fargo Commercial Mortgage Trust					7.88%, 10/01/2022(b)		7,988		7,349
2016-C37					Nielsen Finance LLC / Nielsen Finance Co
4.47%, 12/15/2049(k)		1,800		1,859	5.00%, 04/15/2022(b)		3,975		3,949
Wells Fargo Commercial Mortgage Trust					Prime Security Services Borrower LLC / Prime
2016-NXS5					Finance Inc
5.04%, 01/15/2059(k)		4,254		4,185	9.25%, 05/15/2023(b)		2,010		2,118
Wells Fargo Commercial Mortgage Trust					Refinitiv US Holdings Inc
2017-C38					6.25%, 05/15/2026(b)		14,850		15,240
1.22%, 07/15/2050(k),(m)		97,198		6,357	ServiceMaster Co LLC/The
Wells Fargo Commercial Mortgage Trust					5.13%, 11/15/2024(b)		11,225		11,337
2017-C40					Team Health Holdings Inc
4.48%, 10/15/2050(k)		10,000		10,077	6.38%, 02/01/2025(b)		17,520		14,892
Wells Fargo Commercial Mortgage Trust							$		60,098
2017-C42					Computers - 0.31%
1.71%, 12/15/2050(b),(k),(m)		20,343		2,217	Apple Inc
Wells Fargo Commercial Mortgage Trust					0.35%, 06/10/2020	JPY	130,000		1,171
2018-C43					Banff Merger Sub Inc
1.78%, 03/15/2051(b),(k),(m)		6,614		788	9.75%, 09/01/2026(b)	$	6,000		6,015
					International Business Machines Corp
					5.60%, 11/30/2039		800		957

See accompanying notes.

221

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Computers (continued)					Diversified Financial Services (continued)
West Corp					Swiss Insured Brazil Power Finance Sarl
8.50%, 10/15/2025(b)	$	17,560	$	15,475	9.85%, 07/16/2032(b)	BRL	49,263	$	12,972
		$		23,618	Vantiv LLC / Vantiv Issuer Corp
Cosmetics & Personal Care - 0.20%					3.88%, 11/15/2025	GBP	600		815
Avon International Operations Inc					4.38%, 11/15/2025(b)	$	1,820		1,870
7.88%, 08/15/2022(b)		6,500		6,728			$		159,186
High Ridge Brands Co					Electric - 1.09%
8.88%, 03/15/2025(b)		15,607		6,477	Acwa Power Management And Investments One
Procter & Gamble Co/The					Ltd
1.13%, 11/02/2023	EUR	1,800		2,118	5.95%, 12/15/2039(b)		8,637		8,918
		$		15,323	Brookfield Infrastructure Finance ULC
Distribution & Wholesale - 0.14%					3.32%, 02/22/2024	CAD	3,800		2,858
LKQ Corp					Calpine Corp
4.75%, 05/15/2023	$	10,980		11,062	5.75%, 01/15/2025	$	7,100		7,029
Diversified Financial Services - 2.07%					Clearway Energy Operating LLC
Alliance Data Systems Corp					5.75%, 10/15/2025(b)		580		593
5.38%, 08/01/2022(b)		10,841		11,004	Comision Federal de Electricidad
Ally Financial Inc					4.88%, 01/15/2024		1,250		1,289
5.75%, 11/20/2025		3,565		3,864	Duke Energy Corp
Avation Capital SA					3.75%, 09/01/2046		1,000		931
6.50%, 05/15/2021(b)		855		855	Emera Inc
Capital One Financial Corp					6.75%, 06/15/2076(i)		4,400		4,734
5.55%, 12/31/2049(h),(i)		18,140		18,480	3 Month USD LIBOR + 5.44%
3 Month USD LIBOR + 3.80%					Emera US Finance LP
Charles Schwab Corp/The					4.75%, 06/15/2046		800		817
7.00%, 02/28/2049(h),(i)		4,198		4,492	Empresa de Transmision Electrica SA
3 Month USD LIBOR + 4.82%					5.13%, 05/02/2049(b),(j)		2,300		2,354
Credit Acceptance Corp					Enel Chile SA
7.38%, 03/15/2023		2,994		3,103	4.88%, 06/12/2028		200		212
Credito Real SAB de CV SOFOM ER					Enel SpA
7.25%, 07/20/2023		1,400		1,449	8.75%, 09/24/2073(b),(i)		2,500		2,800
Depository Trust & Clearing Corp/The					USD Swap Semi-Annual 5 Year + 5.88%
4.88%, 12/31/2049(b),(h),(i)		6,250		6,281	Eskom Holdings SOC Ltd
3 Month USD LIBOR + 3.17%					5.75%, 01/26/2021(b)		1,715		1,700
Garfunkelux Holdco 3 SA					7.85%, 04/02/2026	ZAR	77,500		4,901
8.50%, 11/01/2022	GBP	4,600		5,574	8.45%, 08/10/2028(b)	$	3,285		3,552
goeasy Ltd					Exelon Corp
7.88%, 11/01/2022(b)	$	6,000		6,315	3.50%, 06/01/2022		3,500		3,549
International Personal Finance PLC					FirstEnergy Corp
5.75%, 04/07/2021	EUR	4,000		4,387	7.38%, 11/15/2031		1,250		1,653
Intrum AB					Fortis Inc/Canada
2.75%, 07/15/2022		1,700		1,890	3.06%, 10/04/2026		1,239		1,190
Ladder Capital Finance Holdings LLLP / Ladder					Genneia SA
Capital Finance Corp					8.75%, 01/20/2022(b)		2,975		2,356
5.25%, 10/01/2025(b)	$	11,800		11,756	Lamar Funding Ltd
LoanCore Capital Markets LLC / JLC Finance					3.96%, 05/07/2025		500		438
Corp					Light Servicos de Eletricidade SA/Light Energia
6.88%, 06/01/2020(b)		2,275		2,278	SA
Mongolian Mortgage Corp Hfc LLC					7.25%, 05/03/2023		800		812
9.75%, 01/29/2022(b)		2,500		2,534	LLPL Capital Pte Ltd
National Rural Utilities Cooperative Finance Corp					6.88%, 02/04/2039(b)		3,350		3,614
5.25%, 04/20/2046(i)		2,200		2,242	Minejesa Capital BV
3 Month USD LIBOR + 3.63%					4.63%, 08/10/2030(b)		4,327		4,191
Nationstar Mortgage Holdings Inc					Naturgy Finance BV
8.13%, 07/15/2023(b)		8,500		8,564	3.38%, 12/31/2049(h),(i)	EUR	300		344
NFP Corp					EUR Swap Annual (VS 6 Month) 9 Year
6.88%, 07/15/2025(b)		30,445		29,912	+ 3.08%
Oxford Finance LLC / Oxford Finance Co-Issuer					Origin Energy Finance Ltd
II Inc					3.50%, 10/04/2021		3,250		3,925
6.38%, 12/15/2022(b)		6,075		6,272	Pampa Energia SA
Quicken Loans Inc					7.38%, 07/21/2023	$	600		539
5.75%, 05/01/2025(b)		5,164		5,241	7.50%, 01/24/2027(b)		10,896		9,234
Shriram Transport Finance Co Ltd					Perusahaan Listrik Negara PT
5.95%, 10/24/2022(b)		3,500		3,501	4.13%, 05/15/2027		700		689
Springleaf Finance Corp					RWE AG
6.88%, 03/15/2025		2,795		2,998	3.50%, 04/21/2075(i)	EUR	500		585
7.13%, 03/15/2026		500		537	EUR Swap Annual (VS 6 Month) 5 Year
					+ 3.25%

See accompanying notes.

222

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Electric (continued)					Entertainment (continued)
Southern Co/The					WMG Acquisition Corp
2.95%, 07/01/2023	$	2,000	$	1,997	4.13%, 11/01/2024	EUR	630	$	739
Vistra Energy Corp							$		68,566
7.38%, 11/01/2022		4,656		4,816	Environmental Control - 0.31%
8.13%, 01/30/2026(b)		345		376	Covanta Holding Corp
Vistra Operations Co LLC					5.88%, 07/01/2025	$	3,625		3,716
5.50%, 09/01/2026(b)		890		917	6.00%, 01/01/2027		5,200		5,291
		$		83,913	GFL Environmental Inc
Electrical Components & Equipment - 0.08%					5.38%, 03/01/2023(b)		8,000		7,780
Belden Inc					5.63%, 05/01/2022(b)		4,000		3,970
2.88%, 09/15/2025	EUR	500		574	8.50%, 05/01/2027(b)		2,500		2,604
Energizer Gamma Acquisition BV					Waste Pro USA Inc
4.63%, 07/15/2026		550		635	5.50%, 02/15/2026(b)		875		871
Energizer Holdings Inc							$		24,232
5.50%, 06/15/2025(b)	$	505		510	Food - 0.94%
6.38%, 07/15/2026(b)		610		630	Alicorp SAA
WESCO Distribution Inc					6.88%, 04/17/2027(b)	PEN	13,300		4,083
5.38%, 06/15/2024		3,861		3,957	Arcor SAIC
		$		6,306	6.00%, 07/06/2023	$	250		234
Energy - Alternate Sources - 0.06%					Boparan Finance PLC
Azure Power Energy Ltd					5.50%, 07/15/2021	GBP	200		179
5.50%, 11/03/2022		700		693	Casino Guichard Perrachon SA
Rio Energy SA / UGEN SA / UENSA SA					4.50%, 03/07/2024	EUR	4,300		4,717
6.88%, 02/01/2025(b)		6,611		4,314	Cencosud SA
		$		5,007	4.38%, 07/17/2027(b)	$	3,180		3,029
Engineering & Construction - 0.24%					6.63%, 02/12/2045(b)		1,050		1,068
Aeropuerto Internacional de Tocumen SA					Grupo Bimbo SAB de CV
6.00%, 11/18/2048(b)		4,835		5,439	5.95%, 12/31/2049(b),(h),(i)		3,250		3,352
Indo Energy Finance II BV					US Treasury Yield Curve Rate T Note
6.38%, 01/24/2023		906		903	Constant Maturity 5 Year + 3.28%
International Airport Finance SA					Ingles Markets Inc
12.00%, 03/15/2033(b)		2,700		2,898	5.75%, 06/15/2023		2,668		2,701
MasTec Inc					JBS USA LUX SA / JBS USA Finance Inc
4.88%, 03/15/2023		1,220		1,232	5.75%, 06/15/2025(b)		6,650		6,800
Mexico City Airport Trust					MARB BondCo PLC
5.50%, 07/31/2047(b)		5,860		5,457	6.88%, 01/19/2025(b)		7,203		7,153
Tutor Perini Corp					Minerva Luxembourg SA
6.88%, 05/01/2025(b)		1,240		1,242	5.88%, 01/19/2028(b)		4,805		4,463
Zhaohai Investment BVI Ltd					6.50%, 09/20/2026(b)		6,755		6,676
4.00%, 07/23/2020		1,000		976	Nestle Holdings Inc
		$		18,147	4.00%, 09/24/2048(b)		2,000		2,080
Entertainment - 0.89%					Post Holdings Inc
AMC Entertainment Holdings Inc					5.00%, 08/15/2026(b)		6,460		6,436
5.88%, 11/15/2026		13,595		12,643	5.50%, 03/01/2025(b)		4,975		5,093
6.13%, 05/15/2027		4,080		3,800	Sigma Holdco BV
Boyne USA Inc					7.88%, 05/15/2026(b)		1,925		1,824
7.25%, 05/01/2025(b)		8,575		9,304	Simmons Foods Inc
Caesars Resort Collection LLC / CRC Finco Inc					5.75%, 11/01/2024(b)		4,412		4,059
5.25%, 10/15/2025(b)		6,595		6,447	Tesco PLC
Cinemark USA Inc					6.13%, 02/24/2022	GBP	900		1,308
4.88%, 06/01/2023		7,575		7,653	US Foods Inc
Eldorado Resorts Inc					5.88%, 06/15/2024(b)	$	6,918		7,074
6.00%, 09/15/2026		635		659			$		72,329
7.00%, 08/01/2023		430		450	Food Service - 0.01%
International Game Technology PLC					Aramark International Finance Sarl
6.25%, 02/15/2022(b)		9,300		9,695	3.13%, 04/01/2025	EUR	400		467
6.25%, 01/15/2027(b)		2,900		3,049	Forest Products & Paper - 0.13%
6.50%, 02/15/2025(b)		1,415		1,507	Celulosa Arauco y Constitucion SA
Lions Gate Capital Holdings LLC					4.25%, 04/30/2029(b)	$	3,175		3,163
5.88%, 11/01/2024(b)		1,315		1,341	Smurfit Kappa Acquisitions ULC
Resorts World Las Vegas LLC / RWLV Capital					2.75%, 02/01/2025	EUR	400		478
Inc					Suzano Austria GmbH
4.63%, 04/16/2029(b)		5,160		5,118	6.00%, 01/15/2029	$	1,400		1,498
Sisal Group SpA					7.00%, 03/16/2047(b)		4,637		5,149
7.00%, 07/31/2023	EUR	4,300		4,907			$		10,288
Stars Group Holdings BV / Stars Group US Co-
Borrower LLC
7.00%, 07/15/2026(b)	$	1,200		1,254

See accompanying notes.

223

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Gas - 0.05%					Holding Companies - Diversified - 0.08%
NGL Energy Partners LP / NGL Energy Finance					CK Hutchison Finance 16 Ltd
Corp					1.25%, 04/06/2023	EUR	2,700	$	3,130
7.50%, 11/01/2023	$	2,115	$	2,199	KOC Holding AS
Perusahaan Gas Negara Tbk PT					6.50%, 03/11/2025(b)	$	2,995		2,886
5.13%, 05/16/2024		1,400		1,464	ProGroup AG
		$		3,663	3.00%, 03/31/2026	EUR	450		522
Hand & Machine Tools - 0.29%							$		6,538
Apex Tool Group LLC / BC Mountain Finance					Home Builders - 0.06%
Inc					Lennar Corp
9.00%, 02/15/2023(b)		22,820		22,392	4.50%, 04/30/2024	$	1,790		1,826
Healthcare - Products - 0.25%					Taylor Morrison Communities Inc / Taylor
Abbott Ireland Financing DAC					Morrison Holdings II Inc
0.00%, 09/27/2020(a)	EUR	2,900		3,256	5.63%, 03/01/2024(b)		1,755		1,772
Avantor Inc					Williams Scotsman International Inc
9.00%, 10/01/2025(b)	$	10,700		11,636	7.88%, 12/15/2022(b)		1,200		1,257
Boston Scientific Corp							$		4,855
4.00%, 03/01/2028		800		823	Home Furnishings - 0.04%
Medtronic Inc					Arcelik AS
3.50%, 03/15/2025		3,500		3,606	5.00%, 04/03/2023		2,200		2,063
		$		19,321	Panasonic Corp
Healthcare - Services - 3.38%					0.39%, 03/19/2020	JPY	100,000		900
Acadia Healthcare Co Inc							$		2,963
5.63%, 02/15/2023		6,400		6,464	Insurance - 4.01%
Anthem Inc					Acrisure LLC / Acrisure Finance Inc
3.65%, 12/01/2027		1,700		1,685	7.00%, 11/15/2025(b)	$	20,525		18,575
Centene Corp					AIG Life Holdings Inc
5.38%, 06/01/2026(b)		785		817	8.50%, 07/01/2030		5,400		6,632
6.13%, 02/15/2024		1,880		1,969	Alliant Holdings Intermediate LLC / Alliant
DaVita Inc					Holdings Co-Issuer
5.13%, 07/15/2024		14,750		14,750	8.25%, 08/01/2023(b)		45,177		46,420
Eagle Holding Co II LLC					Allstate Corp/The
7.63%, PIK 8.38%, 05/15/2022(b),(k),(l)		8,500		8,542	5.75%, 08/15/2053(i)		4,808		4,952
Encompass Health Corp					3 Month USD LIBOR + 2.94%
5.75%, 11/01/2024		15,837		16,055	American International Group Inc
5.75%, 09/15/2025		1,350		1,386	5.75%, 04/01/2048(i)		12,000		12,130
Envision Healthcare Corp					3 Month USD LIBOR + 2.87%
8.75%, 10/15/2026(b)		26,470		24,948	8.18%, 05/15/2068(i)		3,850		4,668
HCA Inc					3 Month USD LIBOR + 4.20%
5.38%, 09/01/2026		2,550		2,690	Ardonagh Midco 3 PLC
5.88%, 05/01/2023		5,725		6,141	8.63%, 07/15/2023(b)		2,000		1,685
MEDNAX Inc					Argentum Netherlands BV for Swiss Re Ltd
6.25%, 01/15/2027(b)		2,000		2,040	5.63%, 08/15/2052(i)		5,500		5,706
MPH Acquisition Holdings LLC					3 Month USD LIBOR + 3.78%
7.13%, 06/01/2024(b)		7,550		7,589	Argentum Netherlands BV for Zurich Insurance
One Call Corp					Co Ltd
7.50%, PIK 11.00%, 07/01/2024(b),(d),(k),(l)		69,127		59,450	5.13%, 06/01/2048(i)		4,000		4,060
Parkway Pantai Ltd					US Treasury Yield Curve Rate T Note
4.25%, 12/31/2049(h),(i)		750		738	Constant Maturity 5 Year + 3.27%
US Treasury Yield Curve Rate T Note					Assicurazioni Generali SpA
Constant Maturity 5 Year + 4.43%					5.13%, 09/16/2024	EUR	2,650		3,662
Polaris Intermediate Corp					AssuredPartners Inc
8.50%, PIK 9.25%, 12/01/2022(b),(k),(l)		41,232		41,026	7.00%, 08/15/2025(b)	$	43,453		41,063
RegionalCare Hospital Partners Holdings Inc					AXA SA
8.25%, 05/01/2023(b)		17,150		18,238	6.38%, 12/29/2049(b),(h),(i)		3,500		3,832
Surgery Center Holdings Inc					3 Month USD LIBOR + 2.26%
6.75%, 07/01/2025(b)		21,328		19,835	Berkshire Hathaway Inc
10.00%, 04/15/2027(b)		6,130		6,298	1.13%, 03/16/2027	EUR	2,500		2,900
Tenet Healthcare Corp					Brighthouse Financial Inc
4.63%, 07/15/2024		2,650		2,657	3.70%, 06/22/2027	$	3,000		2,774
5.13%, 05/01/2025		11,400		11,500	Caisse Nationale de Reassurance Mutuelle
UnitedHealth Group Inc					Agricole Groupama
6.88%, 02/15/2038		1,250		1,713	6.38%, 12/31/2049(h),(i)	EUR	600		775
WellCare Health Plans Inc					3 Month Euro Interbank Offered Rate +
5.25%, 04/01/2025		2,160		2,230	5.77%
West Street Merger Sub Inc					Catlin Insurance Co Ltd
6.38%, 09/01/2025(b)		2,000		1,935	5.57%, 07/29/2049(b),(h)	$	6,150		6,037
		$		260,696	3 Month USD LIBOR + 2.98%

See accompanying notes.

224

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Insurance (continued)					Insurance (continued)
CCB Life Insurance Co Ltd					Societa Cattolica di Assicurazioni SC
4.50%, 04/21/2077(i)	$	1,000	$	933	4.25%, 12/14/2047(i)	EUR	800	$	876
US Treasury Yield Curve Rate T Note					3 Month Euro Interbank Offered Rate +
Constant Maturity 5 Year + 2.68%					4.46%
China Life Insurance Co Ltd					Swiss Re Finance Luxembourg SA
4.00%, 07/03/2135(i)		1,000		994	5.00%, 04/02/2049(b),(i)	$	1,200		1,238
US Treasury Yield Curve Rate T Note					US Treasury Yield Curve Rate T Note
Constant Maturity 5 Year + 2.29%					Constant Maturity 5 Year + 3.58%
Cloverie PLC for Zurich Insurance Co Ltd					Talanx AG
5.63%, 06/24/2046(i)		5,300		5,658	2.25%, 12/05/2047(i)	EUR	200		220
3 Month USD LIBOR + 4.92%					3 Month Euro Interbank Offered Rate +
Fidelity & Guaranty Life Holdings Inc					2.45%
5.50%, 05/01/2025(b)		13,425		13,559	USI Inc/NY
Fortune Star BVI Ltd					6.88%, 05/01/2025(b)	$	2,585		2,575
5.25%, 03/23/2022		1,500		1,478	Voya Financial Inc
Great-West Life & Annuity Insurance Capital LP					5.65%, 05/15/2053		9,605		9,629
6.63%, 11/15/2034(b)		2,400		2,705	3 Month USD LIBOR + 7.16%
Hartford Financial Services Group Inc/The					6.13%, 12/31/2049(h),(i)		800		832
4.81%, 02/12/2067(b)		9,000		8,048	US Treasury Yield Curve Rate T Note
3 Month USD LIBOR + 2.13%					Constant Maturity 5 Year + 3.36%
Heungkuk Life Insurance Co Ltd							$		308,797
4.48%, 11/09/2047(i)		1,000		940	Internet - 0.47%
US Treasury Yield Curve Rate T Note					Alibaba Group Holding Ltd
Constant Maturity 5 Year + 2.47%					3.40%, 12/06/2027		3,700		3,623
HUB International Ltd					Baidu Inc
7.00%, 05/01/2026(b)		19,750		19,923	4.88%, 11/14/2028		3,000		3,197
Legal & General Group PLC					Booking Holdings Inc
5.25%, 03/21/2047(i)		3,000		2,997	3.60%, 06/01/2026		1,200		1,226
USD Swap Semi-Annual 5 Year + 3.69%					JD.com Inc
Liberty Mutual Group Inc					3.13%, 04/29/2021		1,400		1,394
4.85%, 08/01/2044(b)		1,500		1,560	Netflix Inc
7.80%, 03/07/2087(b)		9,861		11,784	3.63%, 05/15/2027	EUR	500		587
3 Month USD LIBOR + 3.58%					4.38%, 11/15/2026	$	1,885		1,864
Liberty Mutual Insurance Co					5.38%, 11/15/2029(b)		2,550		2,582
7.70%, 10/15/2097(b)		946		1,246	5.50%, 02/15/2022		6,260		6,581
Lincoln National Corp					Zayo Group LLC / Zayo Capital Inc
4.63%, 04/20/2067		5,584		4,495	5.75%, 01/15/2027(b)		1,500		1,522
3 Month USD LIBOR + 2.04%					6.00%, 04/01/2023		13,525		13,745
5.04%, 05/17/2066		2,100		1,806			$		36,321
3 Month USD LIBOR + 2.36%					Iron & Steel - 1.84%
Mapfre SA					ABJA Investment Co Pte Ltd
1.63%, 05/19/2026	EUR	2,000		2,334	5.45%, 01/24/2028		4,300		4,016
Meiji Yasuda Life Insurance Co					ArcelorMittal
5.20%, 10/20/2045(b),(i)	$	3,500		3,675	6.25%, 02/25/2022		3,070		3,312
USD Swap Semi-Annual 5 Year + 4.23%					Baffinland Iron Mines Corp / Baffinland Iron
MetLife Inc					Mines LP
5.25%, 12/31/2049(h),(i)		8,000		8,098	8.75%, 07/15/2026(b)		23,730		23,938
3 Month USD LIBOR + 3.58%					CSN Resources SA
9.25%, 04/08/2068(b)		11,000		15,070	6.50%, 07/21/2020		18,593		18,872
3 Month USD LIBOR + 5.54%					7.63%, 04/17/2026(b)		2,750		2,751
10.75%, 08/01/2069		900		1,408	Evraz PLC
Mitsui Sumitomo Insurance Co Ltd					5.25%, 04/02/2024(b)		4,071		4,119
4.95%, 12/31/2049(b),(h),(i)		3,000		3,067	GTL Trade Finance Inc
USD Swap Semi-Annual 5 Year + 3.26%					7.25%, 04/16/2044(b)		3,105		3,524
Nippon Life Insurance Co					JSW Steel Ltd
5.10%, 10/16/2044(b),(i)		5,000		5,225	5.25%, 04/13/2022		650		652
USD Swap Rate NY 5 Year + 3.65%					Material Sciences Corp
Prudential Financial Inc					10.86%, 01/09/2024(c),(d),(e)		22,010		22,010
5.88%, 09/15/2042		4,250		4,513	Metinvest BV
3 Month USD LIBOR + 8.35%					7.75%, 04/23/2023		7,950		7,784
Prudential PLC					Samarco Mineracao SA
6.50%, 10/20/2048(i)		4,200		4,599	0.00%, 11/01/2022(a),(b)		2,800		1,918
US Treasury Yield Curve Rate T Note					0.00%, 10/24/2023(a),(b)		2,405		1,720
Constant Maturity 5 Year + 4.41%					Specialty Steel
Scottish Widows Ltd					12.85%, 11/15/2022(c),(d),(e)		41,564		41,564
5.50%, 06/16/2023	GBP	1,000		1,441	thyssenkrupp AG
					1.38%, 03/03/2022	EUR	700		789

See accompanying notes.

225

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Iron & Steel (continued)					Media (continued)
Vale Overseas Ltd					Sirius XM Radio Inc
6.88%, 11/10/2039	$	2,845	$	3,304	4.63%, 05/15/2023(b)	$	2,875	$	2,897
Vale SA					6.00%, 07/15/2024(b)		8,050		8,312
5.63%, 09/11/2042		1,395		1,422	Sky Ltd
		$		141,695	2.50%, 09/15/2026	EUR	2,000		2,521
Lodging - 0.39%					SportsNet New York
Boyd Gaming Corp					10.25%, 01/15/2025(c),(d),(e)	$	20,090		21,095
6.00%, 08/15/2026		2,850		2,960	Telenet Finance VI Luxembourg SCA
Gohl Capital Ltd					4.88%, 07/15/2027	EUR	630		762
4.25%, 01/24/2027		600		597	Townsquare Media Inc
MGM Resorts International					6.50%, 04/01/2023(b)	$	9,252		9,032
5.75%, 06/15/2025		2,575		2,723	TWDC Enterprises 18 Corp
Sands China Ltd					2.95%, 06/15/2027		4,000		3,996
5.40%, 08/08/2028		7,350		7,778	UPC Holding BV
Station Casinos LLC					3.88%, 06/15/2029	EUR	500		576
5.00%, 10/01/2025(b)		8,675		8,523	Virgin Media Finance PLC
Wynn Las Vegas LLC / Wynn Las Vegas Capital					5.75%, 01/15/2025(b)	$	12,100		12,357
Corp					6.00%, 10/15/2024(b)		5,275		5,460
5.25%, 05/15/2027(b)		1,840		1,796	Virgin Media Secured Finance PLC
Wynn Macau Ltd					5.50%, 01/15/2025(b)		1,500		1,528
5.50%, 10/01/2027(b)		6,000		5,895	Ziggo Bond Co BV
		$		30,272	4.63%, 01/15/2025	EUR	750		871
Machinery - Diversified - 0.44%					5.88%, 01/15/2025(b)	$	3,180		3,180
JPW Industries Holding Corp					6.00%, 01/15/2027(b)		4,400		4,312
9.00%, 10/01/2024(b)		17,080		16,653	7.13%, 05/15/2024	EUR	400		467
Mueller Water Products Inc					Ziggo BV
5.50%, 06/15/2026(b)		1,175		1,196	5.50%, 01/15/2027(b)	$	6,625		6,608
Titan Acquisition Ltd / Titan Co-Borrower LLC							$		175,776
7.75%, 04/15/2026(b)		17,820		16,394	Metal Fabrication & Hardware - 0.43%
		$		34,243	Novelis Corp
Media - 2.28%					6.25%, 08/15/2024(b)		3,800		3,957
Altice Financing SA					Optimas OE Solutions Holding LLC / Optimas
6.63%, 02/15/2023(b)		10,440		10,701	OE Solutions Inc
Altice Finco SA					8.63%, 06/01/2021(b)		29,884		27,941
4.75%, 01/15/2028	EUR	1,600		1,557	Park-Ohio Industries Inc
Altice Luxembourg SA					6.63%, 04/15/2027		885		885
7.63%, 02/15/2025(b)	$	3,455		3,256			$		32,783
AMC Networks Inc					Mining - 0.69%
4.75%, 08/01/2025		2,745		2,730	Century Aluminum Co
5.00%, 04/01/2024		9,675		9,796	7.50%, 06/01/2021(b)		7,335		7,298
CCO Holdings LLC / CCO Holdings Capital Corp					Constellium NV
5.13%, 05/01/2023(b)		4,450		4,561	5.88%, 02/15/2026(b)		2,890		2,933
5.50%, 05/01/2026(b)		2,905		2,998	First Quantum Minerals Ltd
5.88%, 04/01/2024(b)		12,975		13,555	6.88%, 03/01/2026(b)		5,815		5,444
Charter Communications Operating LLC / Charter					Glencore Finance Europe Ltd
Communications Operating Capital					1.88%, 09/13/2023	EUR	2,000		2,338
4.46%, 07/23/2022		2,450		2,542	Hudbay Minerals Inc
Clear Channel Worldwide Holdings Inc					7.63%, 01/15/2025(b)	$	955		993
9.25%, 02/15/2024(b)		2,000		2,152	IAMGOLD Corp
CSC Holdings LLC					7.00%, 04/15/2025(b)		1,982		2,022
5.25%, 06/01/2024		8,690		8,842	Indonesia Asahan Aluminium Persero PT
5.38%, 02/01/2028(b)		4,676		4,752	6.76%, 11/15/2048(b)		343		393
DISH DBS Corp					Newmont Goldcorp Corp
5.88%, 11/15/2024		1,565		1,350	4.88%, 03/15/2042		1,000		1,040
7.75%, 07/01/2026		3,010		2,694	Northwest Acquisitions ULC / Dominion Finco
Grupo Televisa SAB					Inc
5.00%, 05/13/2045		600		591	7.13%, 11/01/2022(b)		10,190		8,560
Meredith Corp					Real Alloy Holding Inc
6.88%, 02/01/2026		2,430		2,527	0.00%, 01/15/2019(a),(b),(c),(d)		9,569		—
Midcontinent Communications / Midcontinent					12.60%, 11/30/2023(c),(d),(e),(k)		18,506		18,506
Finance Corp					Southern Copper Corp
6.88%, 08/15/2023(b)		1,700		1,772	5.88%, 04/23/2045		300		337
Quebecor Media Inc					Vale Canada Ltd
5.75%, 01/15/2023		13,800		14,386	7.20%, 09/15/2032		1,265		1,389
Shaw Communications Inc					Vedanta Resources Finance II PLC
6.75%, 11/09/2039	CAD	1,100		1,040	9.25%, 04/23/2026(b)		1,855		1,864
							$		53,117

See accompanying notes.

226

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Oil & Gas - 4.07%					Oil & Gas (continued)
Anadarko Petroleum Corp					Petrobras Global Finance BV
6.60%, 03/15/2046	$	800	$	1,079	6.00%, 01/27/2028	$	1,100	$	1,126
Antero Resources Corp					6.90%, 03/19/2049		7,115		7,106
5.13%, 12/01/2022		4,200		4,216	Petroleos de Venezuela SA
Brazos Valley Longhorn LLC / Brazos Valley					0.00%, 11/17/2021(a)		17,250		4,475
Longhorn Finance Corp					0.00%, 05/16/2024(a)		38,002		8,171
6.88%, 02/01/2025		2,450		2,462	0.00%, 11/15/2026(a)		12,045		2,616
Callon Petroleum Co					0.00%, 04/12/2027(a)		425		89
6.13%, 10/01/2024		5,716		5,871	0.00%, 05/17/2035(a)		536		149
Chevron Corp					0.00%, 04/12/2037(a)		12,840		2,696
2.90%, 03/03/2024		3,250		3,272	8.50%, 10/27/2020		1,028		909
Continental Resources Inc/OK					Petroleos Mexicanos
5.00%, 09/15/2022		3,250		3,277	4.50%, 01/23/2026		8,950		8,374
CrownRock LP / CrownRock Finance Inc					5.35%, 02/12/2028		605		568
5.63%, 10/15/2025(b)		475		469	6.25%, 03/11/2022		2,735		2,859
Ecopetrol SA					3 Month USD LIBOR + 3.65%
5.88%, 05/28/2045		400		413	6.38%, 01/23/2045		2,108		1,880
Energy Ventures Gom LLC / EnVen Finance Corp					6.75%, 09/21/2047		16,350		15,075
11.00%, 02/15/2023(b)		6,270		6,897	7.19%, 09/12/2024	MXN	209,990		9,319
Extraction Oil & Gas Inc					7.47%, 11/12/2026		287,000		12,220
5.63%, 02/01/2026(b)		6,800		5,576	9.50%, 09/15/2027	$	1,204		1,417
7.38%, 05/15/2024(b)		6,370		5,734	Petron Corp
Gazprom OAO Via Gaz Capital SA					4.60%, 12/31/2049(h),(i)		750		733
8.63%, 04/28/2034		300		395	US Treasury Yield Curve Rate T Note
Geopark Ltd					Constant Maturity 5 Year + 4.77%
6.50%, 09/21/2024(b)		5,493		5,555	Petronas Capital Ltd
Gran Tierra Energy International Holdings Ltd					4.50%, 03/18/2045		350		379
6.25%, 02/15/2025(b)		2,810		2,698	Puma International Financing SA
Gulfport Energy Corp					5.00%, 01/24/2026(b)		3,400		2,940
6.00%, 10/15/2024		9,716		8,520	Repsol International Finance BV
6.38%, 05/15/2025		6,650		5,852	4.50%, 03/25/2075(i)	EUR	300		377
HollyFrontier Corp					EUR Swap Annual (VS 6 Month) 10 Year
5.88%, 04/01/2026		1,500		1,606	+ 4.20%
Jagged Peak Energy LLC					SandRidge Energy Inc
5.88%, 05/01/2026		9,805		9,854	0.00%, 03/15/2021(a),(c),(d)	$	3,450		—
KazMunayGas National Co JSC					Saudi Arabian Oil Co
4.75%, 04/24/2025(b)		3,933		4,080	2.88%, 04/16/2024(b)		2,300		2,265
4.75%, 04/19/2027(b)		2,844		2,943	3.50%, 04/16/2029(b)		4,103		4,033
6.38%, 10/24/2048(b)		2,000		2,214	4.25%, 04/16/2039(b)		4,117		4,026
Kosmos Energy Ltd					4.38%, 04/16/2049(b)		4,620		4,488
7.13%, 04/04/2026(b)		5,804		5,817	SEPLAT Petroleum Development Co Plc
Matador Resources Co					9.25%, 04/01/2023(b)		3,410		3,546
5.88%, 09/15/2026		8,242		8,304	SM Energy Co
Medco Platinum Road Pte Ltd					6.63%, 01/15/2027		1,750		1,649
6.75%, 01/30/2025(b)		2,060		2,010	Southwestern Energy Co
MEG Energy Corp					7.75%, 10/01/2027		2,130		2,157
6.38%, 01/30/2023(b)		12,435		11,751	SRC Energy Inc
7.00%, 03/31/2024(b)		16,797		15,931	6.25%, 12/01/2025		11,175		10,618
Moss Creek Resources Holdings Inc					Sunoco LP / Sunoco Finance Corp
7.50%, 01/15/2026(b)		2,000		1,830	4.88%, 01/15/2023		5,020		5,101
Nexen Inc					5.50%, 02/15/2026		6,345		6,456
5.88%, 03/10/2035		500		595	6.00%, 04/15/2027(b)		3,700		3,839
Nostrum Oil & Gas Finance BV					Tecpetrol SA
7.00%, 02/16/2025(b)		4,421		2,969	4.88%, 12/12/2022		8,000		7,183
Oasis Petroleum Inc					TOTAL SA
6.25%, 05/01/2026(b)		670		647	2.63%, 12/31/2049(h),(i)	EUR	2,000		2,349
6.88%, 01/15/2023		2,430		2,430	EUR Swap Annual (VS 6 Month) 5 Year
Odebrecht Drilling Norbe VIII/IX Ltd					+ 2.15%
6.35%, 12/01/2021		2,866		2,831	Tupras Turkiye Petrol Rafinerileri AS
Oil and Gas Holding Co BSCC/The					4.50%, 10/18/2024	$	600		528
7.63%, 11/07/2024(b)		1,670		1,816	Ultrapar International SA
PDC Energy Inc					5.25%, 10/06/2026		200		204
5.75%, 05/15/2026		4,725		4,731	Unit Corp
Pertamina Persero PT					6.63%, 05/15/2021		4,000		3,920
6.00%, 05/03/2042		4,273		4,651	Valero Energy Corp
6.00%, 05/03/2042(b)		3,000		3,266	6.63%, 06/15/2037		900		1,103
Petroamazonas EP					W&T Offshore Inc
4.63%, 11/06/2020(b)		4,630		4,565	9.75%, 11/01/2023(b)		3,750		3,816

See accompanying notes.

227

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Oil & Gas (continued)					Pharmaceuticals (continued)
YPF SA					Teva Pharmaceutical Finance Netherlands III BV
8.50%, 03/23/2021	$	300	$	293	3.15%, 10/01/2026	$	8,174	$	6,858
8.50%, 07/28/2025		750		686	4.10%, 10/01/2046		1,200		852
8.75%, 04/04/2024(b)		5,070		4,880	Vizient Inc
		$		313,745	6.25%, 05/15/2027(b),(j)		800		826
Oil & Gas Services - 0.08%							$		54,900
Calfrac Holdings LP					Pipelines - 0.76%
8.50%, 06/15/2026(b)		1,500		1,245	Abu Dhabi Crude Oil Pipeline LLC
Forum Energy Technologies Inc					4.60%, 11/02/2047(b)		4,073		4,297
6.25%, 10/01/2021		3,610		3,394	AI Candelaria Spain SLU
USA Compression Partners LP / USA					7.50%, 12/15/2028(b)		2,590		2,765
Compression Finance Corp					Antero Midstream Partners LP / Antero
6.88%, 04/01/2026		1,180		1,241	Midstream Finance Corp
		$		5,880	5.38%, 09/15/2024		4,765		4,858
Packaging & Containers - 0.89%					5.75%, 03/01/2027(b)		1,200		1,224
Ardagh Packaging Finance PLC / Ardagh					Enbridge Inc
Holdings USA Inc					6.25%, 03/01/2078(i)		6,800		6,888
6.00%, 02/15/2025(b)		1,915		1,930	3 Month USD LIBOR + 3.64%
6.75%, 05/15/2024	EUR	2,000		2,366	Energy Transfer Operating LP
Ball Corp					4.95%, 06/15/2028		1,500		1,576
4.38%, 12/15/2023		800		1,027	Enterprise Products Operating LLC
Crown Americas LLC / Crown Americas Capital					5.25%, 08/16/2077(i)		14,515		13,875
Corp VI					3 Month USD LIBOR + 3.03%
4.75%, 02/01/2026	$	325		330	Hess Infrastructure Partners LP / Hess
Crown Cork & Seal Co Inc					Infrastructure Partners Finance Corp
7.38%, 12/15/2026		3,685		4,127	5.63%, 02/15/2026(b)		4,835		4,944
Crown European Holdings SA					Holly Energy Partners LP / Holly Energy Finance
3.38%, 05/15/2025	EUR	300		364	Corp
Klabin Austria GmbH					6.00%, 08/01/2024(b)		8,950		9,333
7.00%, 04/03/2049(b)	$	4,000		4,010	Summit Midstream Holdings LLC / Summit
OI European Group BV					Midstream Finance Corp
3.13%, 11/15/2024	EUR	600		715	5.75%, 04/15/2025		1,110		1,024
Plastipak Holdings Inc					Sunoco Logistics Partners Operations LP
6.25%, 10/15/2025(b)	$	10,490		9,808	5.40%, 10/01/2047		750		753
Reynolds Group Issuer Inc / Reynolds					Transcanada Trust
Group Issuer LLC / Reynolds Group Issuer					5.87%, 08/15/2076(i)		4,230		4,330
(Luxembourg) S.A.					3 Month USD LIBOR + 4.64%
5.13%, 07/15/2023(b)		11,300		11,464	Transportadora de Gas del Sur SA
Silgan Holdings Inc					6.75%, 05/02/2025		800		724
3.25%, 03/15/2025	EUR	600		692	Williams Cos Inc/The
Trident Merger Sub Inc					3.60%, 03/15/2022		1,000		1,015
6.63%, 11/01/2025(b)	$	17,071		15,919	6.30%, 04/15/2040		700		813
W/S Packaging Holdings Inc							$		58,419
9.00%, 04/15/2023(b)		14,920		16,151	Private Equity - 0.03%
		$		68,903	Icahn Enterprises LP / Icahn Enterprises Finance
Pharmaceuticals - 0.71%					Corp
Allergan Funding SCS					5.88%, 02/01/2022		2,365		2,389
3.85%, 06/15/2024		3,300		3,352	Real Estate - 0.13%
AstraZeneca PLC					Chouzhou International Investment Ltd
4.00%, 01/17/2029		1,150		1,200	4.00%, 12/05/2020		1,000		993
Bausch Health Americas Inc					Country Garden Holdings Co Ltd
8.50%, 01/31/2027(b)		3,705		4,036	5.13%, 01/17/2025		4,300		4,115
Bausch Health Cos Inc					8.00%, 01/27/2024		1,500		1,619
5.88%, 05/15/2023(b)		2,883		2,905	Realogy Group LLC / Realogy Co-Issuer Corp
Bayer Capital Corp BV					9.38%, 04/01/2027(b)		1,250		1,298
2.13%, 12/15/2029	EUR	2,000		2,327	Sino-Ocean Land Treasure IV Ltd
Grifols SA					4.88%, 07/31/2021		700		708
3.20%, 05/01/2025		450		514	3 Month USD LIBOR + 2.30%
Johnson & Johnson					Wanda Properties International Co Ltd
3.55%, 03/01/2036	$	3,250		3,254	7.25%, 01/29/2024		1,500		1,524
Mylan NV							$		10,257
3.95%, 06/15/2026		2,500		2,408	Regional Authority - 0.10%
NVA Holdings Inc/United States					Provincia de Buenos Aires/Argentina
6.88%, 04/01/2026(b)		22,945		23,117	6.50%, 02/15/2023(b)		6,905		5,058
Takeda Pharmaceutical Co Ltd					Provincia del Chaco Argentina
0.38%, 11/21/2020	EUR	2,900		3,251	9.38%, 08/18/2024		3,321		2,262
							$		7,320

See accompanying notes.

228

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
REITs - 1.04%					Software (continued)
CoreCivic Inc					Informatica LLC
4.63%, 05/01/2023	$	10,000	$	9,715	7.13%, 07/15/2023(b)	$	6,692	$	6,842
Equinix Inc					InterXion Holding NV
2.88%, 02/01/2026	EUR	2,000		2,308	4.75%, 06/15/2025	EUR	300		359
5.38%, 04/01/2023	$	2,400		2,450	IQVIA Inc
5.88%, 01/15/2026		1,895		2,002	3.25%, 03/15/2025		700		799
ESH Hospitality Inc					Oracle Corp
5.25%, 05/01/2025(b)		12,535		12,582	4.13%, 05/15/2045	$	1,400		1,415
GLP Capital LP / GLP Financing II Inc					PTC Inc
4.88%, 11/01/2020		3,250		3,312	6.00%, 05/15/2024		2,500		2,619
Iron Mountain Inc					Sophia LP / Sophia Finance Inc
5.25%, 03/15/2028(b)		2,165		2,133	9.00%, 09/30/2023(b)		14,375		14,914
Iron Mountain UK PLC					SS&C Technologies Inc
3.88%, 11/15/2025	GBP	600		758	5.50%, 09/30/2027(b)		12,825		13,154
MGM Growth Properties Operating Partnership							$		86,960
LP / MGP Finance Co-Issuer Inc					Sovereign - 11.12%
5.75%, 02/01/2027(b)	$	3,700		3,894	1MDB Global Investments Ltd
Uniti Group LP / Uniti Fiber Holdings Inc / CSL					4.40%, 03/09/2023		24,300		22,777
Capital LLC					Abu Dhabi Government International Bond
7.13%, 12/15/2024(b)		23,310		21,096	3.13%, 10/11/2027		1,000		994
Uniti Group LP / Uniti Group Finance Inc / CSL					Angolan Government International Bond
Capital LLC					8.25%, 05/09/2028		500		523
8.25%, 10/15/2023		17,540		16,334	9.38%, 05/08/2048		600		644
Welltower Inc					Argentina Bonar Bonds
4.00%, 06/01/2025		3,100		3,202	8.75%, 05/07/2024		2,510		2,087
		$		79,786	Argentina Treasury Bill
Retail - 0.59%					0.00%, 05/31/2019(a)	ARS	83,032		2,312
1011778 BC ULC / New Red Finance Inc					0.00%, 07/31/2019(a)		14,674		329
4.25%, 05/15/2024(b)		1,050		1,034	0.00%, 10/31/2019(a)		56,000		1,452
5.00%, 10/15/2025(b)		10,968		10,886	0.00%, 04/30/2020(a)		58,000		1,316
CK Hutchison International 19 Ltd					0.00%, 07/31/2020(a)		85,869		1,668
3.63%, 04/11/2029(b)		1,360		1,364	Argentine Republic Government International
Dollar Tree Inc					Bond
4.20%, 05/15/2028		1,900		1,913	0.00%, 12/15/2035(a),(k)	$	23,615		673
El Puerto de Liverpool SAB de CV					3.75%, 12/31/2038(k)		13,305		6,939
3.88%, 10/06/2026		500		488	5.63%, 01/26/2022		3,590		2,795
GOME Retail Holdings Ltd					6.88%, 04/22/2021		14,291		11,990
5.00%, 03/10/2020		1,500		1,481	6.88%, 01/26/2027		11,640		8,346
L Brands Inc					7.13%, 07/06/2036		4,005		2,748
6.75%, 07/01/2036		1,095		953	7.82%, 12/31/2033	EUR	28,290		23,420
Reliance Intermediate Holdings LP					Bahrain Government International Bond
6.50%, 04/01/2023(b)		3,375		3,485	6.75%, 09/20/2029(b)	$	1,393		1,477
SRS Distribution Inc					7.00%, 10/12/2028(b)		6,017		6,498
8.25%, 07/01/2026(b)		23,740		23,206	7.50%, 09/20/2047(b)		4,018		4,281
Walmart Inc					Benin Government International Bond
5.63%, 03/27/2034	GBP	500		929	5.75%, 03/26/2026(b)	EUR	2,211		2,456
		$		45,739	Bonos de la Nacion Argentina con Ajuste por
Semiconductors - 0.03%					CER
Intel Corp					4.00%, 03/06/2020	ARS	84,625		2,619
4.10%, 05/19/2046	$	2,000		2,076	Bonos De La Nacion Argentina En Moneda Dua
QUALCOMM Inc					4.50%, 02/13/2020	$	3,899		3,639
4.80%, 05/20/2045		500		536	Bonos de la Tesoreria de la Republica en pesos
		$		2,612	4.50%, 02/28/2021	CLP 3,210,000			4,839
Software - 1.13%					4.50%, 03/01/2021	5,830,000			8,788
ACI Worldwide Inc					4.50%, 03/01/2026	12,830,000			19,577
5.75%, 08/15/2026(b)		2,425		2,507	Brazil Letras do Tesouro Nacional
Ascend Learning LLC					0.00%, 07/01/2020(a)	BRL	7,000		1,655
6.88%, 08/01/2025(b)		12,473		12,629	Brazil Notas do Tesouro Nacional Serie F
6.88%, 08/01/2025(b)		1,375		1,397	10.00%, 01/01/2025		44,870		12,109
Camelot Finance SA					10.00%, 01/01/2029		22,025		5,966
7.88%, 10/15/2024(b)		1,500		1,579	10.00%, 01/01/2021		41,773		11,092
Change Healthcare Holdings LLC / Change					10.00%, 01/01/2023		31,000		8,333
Healthcare Finance Inc					Brazilian Government International Bond
5.75%, 03/01/2025(b)		15,144		15,011	4.25%, 01/07/2025	$	700		709
Genesys Telecommunications Laboratories					4.50%, 05/30/2029		1,295		1,261
Inc/Greeneden Lux 3 Sarl					4.63%, 01/13/2028		1,019		1,023
10.00%, 11/30/2024(b)		12,545		13,735	5.00%, 01/27/2045		2,225		2,029
					5.63%, 01/07/2041		902		900

See accompanying notes.

229

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Sovereign (continued)					Sovereign (continued)
Brazilian Government International Bond					Indonesia Treasury Bond   (continued)
(continued)					8.38%, 03/15/2024	IDR	105,352,000	$	7,708
6.00%, 04/07/2026	$	2,297	$	2,534	8.38%, 09/15/2026	144,000,000			10,565
7.13%, 01/20/2037		650		762	8.38%, 03/15/2034	111,969,000			7,936
Colombia Government International Bond					8.75%, 05/15/2031	68,915,000			5,080
4.50%, 01/28/2026		1,400		1,471	9.00%, 03/15/2029	143,400,000			10,813
4.50%, 03/15/2029		2,025		2,134	Instituto Costarricense de Electricidad
5.20%, 05/15/2049		6,359		6,804	6.95%, 11/10/2021	$	1,400		1,397
Colombian TES					Israel Government International Bond
6.25%, 11/26/2025	COP	12,752,900		3,947	4.50%, 01/30/2043		750		806
7.00%, 05/04/2022	17,564,600			5,679	Ivory Coast Government International Bond
7.50%, 08/26/2026	9,675,000			3,188	5.25%, 03/22/2030	EUR	1,786		1,904
Croatia Government International Bond					5.75%, 12/31/2032(b),(k)	$	2,213		2,084
5.50%, 04/04/2023	$	1,350		1,461	6.13%, 06/15/2033(b)		8,226		7,489
Dominican Republic International Bond					6.13%, 06/15/2033		4,400		4,006
6.00%, 07/19/2028(b)		1,798		1,895	Kenya Government International Bond
6.50%, 02/15/2048		750		779	8.25%, 02/28/2048(b)		7,259		7,160
6.85%, 01/27/2045		150		161	Kuwait International Government Bond
Ecuador Government International Bond					3.50%, 03/20/2027		750		765
7.95%, 06/20/2024(b)		3,560		3,609	Lebanon Government International Bond
8.88%, 10/23/2027(b)		790		804	5.45%, 11/28/2019		607		598
8.88%, 10/23/2027		3,000		3,053	6.15%, 06/19/2020		509		490
10.75%, 01/31/2029(b)		3,665		4,086	6.25%, 11/04/2024		3,002		2,498
Egypt Government International Bond					6.38%, 03/09/2020		3,048		2,981
4.75%, 04/16/2026(b)	EUR	1,896		2,083	8.25%, 04/12/2021		3,915		3,797
5.63%, 04/16/2030(b)		8,641		9,171	Mexican Bonos
5.63%, 04/16/2030		800		849	6.50%, 06/09/2022	MXN	211,320		10,696
6.20%, 03/01/2024(b)	$	4,795		4,826	7.25%, 12/09/2021		103,310		5,355
6.38%, 04/11/2031(b)	EUR	4,725		5,217	7.50%, 06/03/2027		379,190		19,287
7.60%, 03/01/2029(b)	$	6,283		6,331	8.00%, 11/07/2047		55,030		2,743
7.90%, 02/21/2048(b)		890		859	8.50%, 05/31/2029		30,900		1,669
8.50%, 01/31/2047(b)		664		675	10.00%, 11/20/2036		39,980		2,415
8.50%, 01/31/2047		1,000		1,016	Mexico Government International Bond
8.50%, 01/31/2047		400		407	1.63%, 04/08/2026	EUR	3,500		3,929
8.70%, 03/01/2049(b)		6,835		7,043	3.60%, 01/30/2025	$	2,330		2,328
El Salvador Government International Bond					4.00%, 10/02/2023		3,395		3,488
6.38%, 01/18/2027(b)		3,250		3,181	4.75%, 03/08/2044		750		738
7.38%, 12/01/2019		1,565		1,583	Morocco Government International Bond
7.65%, 06/15/2035		610		631	4.25%, 12/11/2022		1,400		1,432
Export Credit Bank of Turkey					Nigeria Government International Bond
6.13%, 05/03/2024(b)		3,640		3,301	6.50%, 11/28/2027		4,878		4,796
Export-Import Bank of India					6.50%, 11/28/2027(b)		4,675		4,597
3.88%, 02/01/2028		1,000		987	7.70%, 02/23/2038		8,116		8,003
Export-Import Bank of Korea					8.75%, 01/21/2031(b)		2,435		2,676
8.00%, 05/15/2024(b)	IDR	47,800,000		3,241	Oman Government International Bond
8.40%, 11/30/2021(b)	39,000,000			2,734	4.13%, 01/17/2023(b)		4,053		3,917
Gabon Government International Bond					5.38%, 03/08/2027(b)		906		852
6.38%, 12/12/2024(b)	$	3,945		3,797	6.75%, 01/17/2048(b)		2,700		2,447
Ghana Government International Bond					6.75%, 01/17/2048		475		430
7.88%, 03/26/2027(b)		5,150		5,227	Oman Sovereign Sukuk SAOC
8.95%, 03/26/2051(b)		9,039		8,939	4.40%, 06/01/2024		1,100		1,051
10.75%, 10/14/2030(b)		3,572		4,397	Pakistan Government International Bond
Honduras Government International Bond					8.25%, 04/15/2024		752		813
6.25%, 01/19/2027		750		788	Papua New Guinea Government International
Hungary Government Bond					Bond
2.50%, 10/24/2024	HUF	1,609,970		5,641	8.38%, 10/04/2028(b)		5,534		5,935
Hungary Government International Bond					Peru Government Bond
6.38%, 03/29/2021	$	200		213	5.94%, 02/12/2029(b)	PEN	13,420		4,286
Indonesia Government International Bond					Perusahaan Penerbit SBSN Indonesia III
4.35%, 01/08/2027(b)		10,432		10,830	4.40%, 03/01/2028(b)	$	5,400		5,559
4.75%, 02/11/2029		2,827		3,028	4.55%, 03/29/2026		1,150		1,199
5.25%, 01/08/2047(b)		407		444	Peruvian Government International Bond
6.63%, 02/17/2037		700		870	5.63%, 11/18/2050		700		894
Indonesia Treasury Bond					6.90%, 08/12/2037(b)	PEN	10,150		3,424
6.63%, 05/15/2033	IDR	78,140,000		4,731	8.20%, 08/12/2026(b)		32,714		11,909
7.50%, 08/15/2032	98,936,000			6,516	Philippine Government International Bond
8.25%, 06/15/2032	60,140,000			4,254	9.50%, 02/02/2030	$	900		1,383
8.25%, 05/15/2036	231,100,000			16,179

See accompanying notes.

230

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Sovereign (continued)					Sovereign (continued)
Qatar Government International Bond					Ukraine Government International Bond
2.38%, 06/02/2021(b)	$	1,750	$	1,729	0.00%, 05/31/2040(a),(k)	$	18,750	$	11,950
4.50%, 04/23/2028(b)		1,550		1,674	7.75%, 09/01/2019(b)		4,030		4,044
5.10%, 04/23/2048(b)		1,632		1,822	7.75%, 09/01/2020		9,260		9,267
5.10%, 04/23/2048		1,170		1,306	7.75%, 09/01/2022(b)		6,405		6,286
5.75%, 01/20/2042(b)		753		916	Uruguay Government International Bond
Republic of Angola Via Avenir II BV					5.10%, 06/18/2050		750		788
10.37%, 07/01/2023		23,165		25,443	9.88%, 06/20/2022	UYU	486,300		13,895
6 Month USD LIBOR + 7.50%					Venezuela Government International Bond
Republic of Angola Via Northern Lights III BV					0.00%, 10/13/2019(a)	$	15,701		4,435
7.00%, 08/17/2019		879		882	0.00%, 05/07/2023(a)		9,395		2,748
Republic of Cameroon International Bond					0.00%, 09/15/2027(a)		13,395		4,152
9.50%, 11/19/2025(b)		2,174		2,331	0.00%, 08/05/2031(a)		6,825		2,048
Republic of Poland Government Bond					Vietnam Government International Bond
3.25%, 07/25/2025	PLN	28,089		7,630	4.80%, 11/19/2024		1,200		1,259
4.00%, 10/25/2023		4,776		1,343	Zambia Government International Bond
Republic of Poland Government International					5.38%, 09/20/2022(b)		4,442		3,043
Bond					5.38%, 09/20/2022		1,372		940
3.25%, 04/06/2026	$	900		918	8.50%, 04/14/2024(b)		4,491		3,119
Republic of South Africa Government Bond							$		857,364
6.25%, 03/31/2036	ZAR	363,100		18,412	Supranational Bank - 0.24%
7.00%, 02/28/2031		11,700		687	Africa Finance Corp
8.00%, 01/31/2030		83,981		5,421	3.88%, 04/13/2024(b)		3,400		3,389
8.75%, 01/31/2044		126,569		7,981	Asian Development Bank
8.88%, 02/28/2035		95,642		6,288	6.45%, 08/08/2021	INR	451,240		6,299
10.50%, 12/21/2026		248,600		19,214	Banque Ouest Africaine de Developpement
Republic of South Africa Government					5.00%, 07/27/2027(b)	$	3,000		3,002
International Bond					Eastern & Southern African Trade &
4.88%, 04/14/2026	$	4,800		4,753	Development Bank
Republic of Tajikistan International Bond					5.38%, 03/14/2022		5,340		5,434
7.13%, 09/14/2027(b)		1,875		1,743			$		18,124
Republic of Uzbekistan Bond					Telecommunications - 3.40%
5.38%, 02/20/2029		1,300		1,316	Altice France SA/France
Romanian Government International Bond					7.38%, 05/01/2026(b)		7,550		7,649
5.13%, 06/15/2048		500		505	AT&T Inc
Russian Federal Bond - OFZ					2.45%, 03/15/2035	EUR	250		286
7.03%, 01/19/2028	RUB 1,383,060			20,247	4.38%, 09/14/2029	GBP	950		1,388
8.48%, 09/17/2031	1,443,400			23,020	7.00%, 04/30/2040		200		388
Russian Foreign Bond - Eurobond					Axtel SAB de CV
4.25%, 06/23/2027	$	1,800		1,811	6.38%, 11/14/2024(b)	$	3,736		3,749
4.38%, 03/21/2029		800		804	6.38%, 11/14/2024		6,500		6,497
4.50%, 04/04/2022		200		206	C&W Senior Financing DAC
5.10%, 03/28/2035(b)		14,000		14,490	6.88%, 09/15/2027(b)		7,315		7,322
5.25%, 06/23/2047		2,600		2,694	CenturyLink Inc
5.63%, 04/04/2042		800		887	5.80%, 03/15/2022		11,126		11,433
5.88%, 09/16/2043		5,200		5,941	CommScope Inc
Saudi Government International Bond					6.00%, 03/01/2026(b)		8,100		8,576
4.38%, 04/16/2029(b)		11,104		11,647	8.25%, 03/01/2027(b)		3,400		3,672
4.50%, 10/26/2046		487		480	CommScope Technologies LLC
4.63%, 10/04/2047		1,500		1,507	6.00%, 06/15/2025(b)		12,885		13,087
5.00%, 04/17/2049		1,468		1,551	Comunicaciones Celulares SA Via Comcel Trust
5.25%, 01/16/2050(b)		7,650		8,301	6.88%, 02/06/2024		1,500		1,552
Senegal Government International Bond					6.88%, 02/06/2024(b)		3,705		3,835
6.25%, 05/23/2033(b)		972		936	Consolidated Communications Inc
Sri Lanka Government International Bond					6.50%, 10/01/2022		7,500		7,116
6.20%, 05/11/2027		1,336		1,262	Digicel Group One Ltd
6.75%, 04/18/2028(b)		4,052		3,903	8.25%, 12/30/2022(b)		5,526		3,639
Turkey Government Bond					Digicel Group Two Ltd
12.20%, 01/18/2023	TRY	65,400		8,264	8.25%, 09/30/2022(b)		5,292		2,064
10.50%, 08/11/2027		11,450		1,243	9.13%, PIK 9.13%, 04/01/2024(b),(k),(l)		1,350		432
Turkey Government International Bond					Digicel Ltd
5.13%, 02/17/2028	$	962		813	6.75%, 03/01/2023(b)		3,590		2,542
5.75%, 03/22/2024		1,500		1,403	Embarq Corp
6.00%, 03/25/2027		4,088		3,680	8.00%, 06/01/2036		2,155		2,125
6.13%, 10/24/2028		843		755	Frontier Communications Corp
7.38%, 02/05/2025		1,572		1,556	7.13%, 01/15/2023		1,700		1,058
7.63%, 04/26/2029		747		727	GTT Communications Inc
					7.88%, 12/31/2024(b)		45,278		42,675

See accompanying notes.

231

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000’s)      Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Telecommunications (continued)					Transportation (continued)
Hughes Satellite Systems Corp					Lima Metro Line 2 Finance Ltd
7.63%, 06/15/2021	$	15,000	$	16,013	5.88%, 07/05/2034(b)		$	3,950	$	4,207
IHS Netherlands Holdco BV					Pelabuhan Indonesia II PT
9.50%, 10/27/2021(b)		4,810		4,979	5.38%, 05/05/2045(b)			4,725		4,666
Koninklijke KPN NV								$		14,547
5.75%, 09/17/2029	GBP	1,950		2,935	Trucking & Leasing - 0.08%
7.00%, 03/28/2073(b),(i)	$	400		422	DAE Funding LLC
USD Swap Semi-Annual 10 Year + 5.33%					5.00%, 08/01/2024			750		770
7.00%, 03/28/2073(i)		1,100		1,161	5.00%, 08/01/2024(b)			5,300		5,446
USD Swap Semi-Annual 10 Year + 5.33%								$		6,216
Level 3 Financing Inc					TOTAL BONDS			$		5,510,553
5.13%, 05/01/2023		11,100		11,214			Principal
5.38%, 08/15/2022		1,750		1,757	CONVERTIBLE BONDS - 0.01%	Amount (000's) Value (000's)
MTN Mauritius Investments Ltd					Mining - 0.01%
6.50%, 10/13/2026(b)		5,000		5,131	Mirabela Nickel Ltd
Nokia OYJ					0.00%, 06/24/2019(a),(b)			6,966		696
2.00%, 03/15/2024	EUR	400		463	TOTAL CONVERTIBLE BONDS			$		696
Oi SA					CREDIT LINKED STRUCTURED NOTES		Principal
10.00%, PIK 4.00%, 07/27/2025(k),(l)	$	3,690		3,875	- 0.25%	Amount (000's) Value (000's)
Oztel Holdings SPC Ltd					Sovereign - 0.25%
6.63%, 04/24/2028(b)		2,720		2,655	Egypt Treasury Bill - Goldman Sachs & Co
Sixsigma Networks Mexico SA de CV					0.00%, 10/01/2019(a),(d)	EGP		314,000		17,068
7.50%, 05/02/2025(b)		3,298		3,261	Republic of Iraq - Merrill Lynch
Sprint Capital Corp					2.54%, 01/07/2028(c),(d)	JPY		402,715		2,519
8.75%, 03/15/2032		2,255		2,368				$		19,587
Sprint Communications Inc					TOTAL CREDIT LINKED STRUCTURED NOTES			$		19,587
6.00%, 11/15/2022		6,200		6,238	SENIOR FLOATING RATE INTERESTS		Principal
Sprint Corp					- 7.62%	Amount (000's) Value (000's)
7.13%, 06/15/2024		10,925		10,949
7.88%, 09/15/2023		7,485		7,797	Automobile Parts & Equipment - 0.64%
Sprint Spectrum Co LLC / Sprint Spectrum Co II					Dexko Global Inc
LLC / Sprint Spectrum Co III LLC					10.85%, 07/24/2025(n)		$	21,140	$	20,929
3.36%, 03/20/2023(b)		2,656		2,650	US LIBOR + 8.25%
Telecom Argentina SA					Panther BF Aggregator 2
6.50%, 06/15/2021		500		473	0.00%, 03/18/2026(n),(o)			6,875		6,896
Telecom Italia SpA/Milano					Truck Hero Inc
3.25%, 01/16/2023	EUR	500		587	10.75%, 05/16/2025(n)			22,010		21,240
3.63%, 05/25/2026		500		574	US LIBOR + 8.25%
5.30%, 05/30/2024(b)	$	2,415		2,406				$		49,065
Telefonica Europe BV					Building Materials - 0.03%
3.75%, 12/31/2049(h),(i)	EUR	1,000		1,168	NCI Building Systems Inc
EUR Swap Annual (VS 6 Month) 5 Year					6.35%, 04/12/2025(n)			2,630		2,590
+ 3.86%					US LIBOR + 3.75%
T-Mobile USA Inc					Commercial Services - 0.41%
5.13%, 04/15/2025	$	1,575		1,622	KUEHG Corp
6.50%, 01/15/2026		2,130		2,278	10.85%, 08/22/2025(n)			14,160		14,018
Turk Telekomunikasyon AS					Learning Care Group US No 2 Inc
4.88%, 06/19/2024(b)		4,461		3,999	10.09%, 03/13/2026(n)			14,850		14,664
4.88%, 06/19/2024		1,000		896	US LIBOR + 7.50%
Turkcell Iletisim Hizmetleri AS					Refinitiv US Holdings Inc
5.80%, 04/11/2028		2,200		1,914	6.24%, 09/18/2025(n)			3,167		3,132
5.80%, 04/11/2028(b)		3,110		2,706	US LIBOR + 3.75%
Verizon Communications Inc								$		31,814
4.86%, 08/21/2046		2,000		2,175	Computers - 0.43%
ViaSat Inc					Optiv Security Inc
5.63%, 09/15/2025(b)		17,925		17,791	9.75%, 01/13/2025(n)			7,710		7,247
5.63%, 04/15/2027(b)		3,500		3,570	US LIBOR + 7.25%
Vodafone Group PLC					Peak 10 Holding Corp
5.00%, 05/30/2038		1,900		1,925	9.99%, 07/24/2025(n)			21,350		18,828
7.00%, 04/04/2079(i)		3,000		3,150	US LIBOR + 7.25%
USD Swap Semi-Annual 5 Year + 4.87%					TierPoint LLC
		$		262,187	9.75%, 05/05/2025(n)			7,760		7,062
Transportation - 0.19%					US LIBOR + 7.25%
BNSF Funding Trust I								$		33,137
6.61%, 12/15/2055(i)		4,610		4,979	Cosmetics & Personal Care - 0.25%
3 Month USD LIBOR + 2.35%					Wellness Merger Sub Inc
Hidrovias International Finance SARL					11.36%, 06/27/2025(n)			19,410		19,362
5.95%, 01/24/2025		700		695

See accompanying notes.

232

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS		Principal
(continued)	Amount (000’s)         Value (000’s)				(continued)		Amount (000’s) Value (000’s)
Distribution & Wholesale - 0.00%					Miscellaneous Manufacturers - 0.41%
Targus Group International Inc					UTEX Industries Inc
0.00%, 05/24/2016(a),(c),(d),(n)	$	880	$	—		6.50%, 05/21/2021(n)	$	11,751	$	11,360
US LIBOR + 9.50%						US LIBOR + 4.00%
Electronics - 0.06%						9.75%, 05/22/2022(n)		21,490		20,200
Deliver Buyer Inc						US LIBOR + 7.25%
7.60%, 05/01/2024(n)		4,448		4,437				$		31,560
US LIBOR + 5.00%					Pharmaceuticals - 0.62%
Healthcare - Services - 1.58%					Lanai Holdings III Inc
Aveanna Healthcare LLC						11.24%, 08/14/2023(n)		25,190		23,930
8.13%, 03/18/2024(n)		7,039		6,916		US LIBOR + 8.50%
US LIBOR + 5.50%					Packaging Coordinators Midco Inc
10.63%, 03/16/2025(n)		23,880		22,477		11.36%, 06/29/2024(n)		24,050		23,930
US LIBOR + 8.00%						US LIBOR + 8.75%
Dentalcorp Perfect Smile ULC								$		47,860
6.25%, 06/01/2025(n)		1,784		1,762	Software - 1.14%
US LIBOR + 3.75%					Dun & Bradstreet Corp/The
6.25%, 06/06/2025(n)		474		468		7.48%, 01/30/2026(n)		13,510		13,603
US LIBOR + 3.75%						US LIBOR + 5.00%
6.25%, 06/06/2025(n)		329		324	Evergreen Skills Lux Sarl
US LIBOR + 3.75%						7.27%, 04/23/2021(n)		31,801		26,522
10.00%, 06/08/2026(n)		2,248		2,209		US LIBOR + 4.75%
US LIBOR + 7.50%						10.75%, 04/28/2022(n)		19,000		5,415
10.00%, 06/01/2026(n)		12,120		11,908		US LIBOR + 8.25%
US LIBOR + 7.50%					Greeneden US Holdings II LLC
Envision Healthcare Corp						5.89%, 12/01/2023(n)		2,939		2,943
6.25%, 09/26/2025(n)		12,469		12,037		US LIBOR + 3.50%
US LIBOR + 3.75%					MH Sub I LLC
Sound Inpatient Physicians Inc						9.95%, 09/15/2025(n)		22,570		22,598
9.25%, 06/26/2026(n)		6,550		6,525		US LIBOR + 7.50%
US LIBOR + 6.75%					Sophia LP
US Renal Care Inc						5.85%, 09/30/2022(n)		1,575		1,575
10.60%, 11/17/2023(n)		57,095		57,131		US LIBOR + 3.25%
US LIBOR + 8.00%					Vertafore Inc
		$		121,757		9.75%, 06/04/2026(n)		15,625		15,458
Insurance - 0.59%						US LIBOR + 7.25%
Asurion LLC								$		88,114
9.00%, 08/04/2025(n)		14,500		14,772	TOTAL SENIOR FLOATING RATE INTERESTS			$		587,203
US LIBOR + 6.50%					U.S. GOVERNMENT & GOVERNMENT		Principal
9.00%, 08/04/2025(n)		29,810		30,369	AGENCY OBLIGATIONS - 0.13%		Amount (000's) Value (000's)
US LIBOR + 6.50%					U.S. Treasury - 0.13%
Internet - 0.46%						1.38%, 01/31/2020	$	10,000	$	9,922
Ten-X LLC					TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
10.50%, 09/29/2025(c),(d),(n)		35,440		35,440	OBLIGATIONS			$		9,922
Investment Companies - 0.31%					Total Investments			$		7,624,375
Masergy Holdings Inc					Other Assets and Liabilities -  1.08%					83,323
10.10%, 12/16/2024(n)		13,674		13,332	TOTAL NET ASSETS - 100.00%			$		7,707,698
US LIBOR + 7.50%
Zest Acquisition Corp					(a)	Non-income producing security
9.98%, 03/06/2026(n)		11,260		10,472	(b)	Security exempt from registration under Rule 144A of the Securities Act of
US LIBOR + 7.50%						1933. These securities may be resold in transactions exempt from registration,
		$		23,804		normally to qualified institutional buyers. At the end of the period, the value of
Iron & Steel - 0.02%						these securities totaled $2,894,951 or 37.56% of net assets.
Miami Valley Steel Services Inc					(c)	The value of these investments was determined using significant unobservable
10.00%, 01/20/2023(d),(n)		1,604		1,604		inputs.
Lodging - 0.32%					(d)	Fair value of these investments is determined in good faith by the Manager
Parq Holdings LP						under procedures established and periodically reviewed by the Board of
10.10%, 12/17/2020(n)		25,039		24,914		Directors. Certain inputs used in the valuation may be unobservable; however,
US LIBOR + 7.50%						each security is evaluated individually for purposes of ASC 820 which results
Machinery - Diversified - 0.27%						in not all securities being identified as Level 3 of the fair value hierarchy. At
Engineered Machinery Holdings Inc						the end of the period, the fair value of these securities totaled $267,762 or
9.85%, 07/25/2025(n)		21,223		20,763		3.47% of net assets.
US LIBOR + 7.25%					(e)	Restricted Security. Please see Restricted Security Sub-Schedule for more
Mining - 0.08%						information.
Aleris International Inc
7.25%, 02/08/2023(n)		5,831		5,841
US LIBOR + 4.75%

See accompanying notes.

233

Schedule of Investments

Global Diversified Income Fund

April 30, 2019 (unaudited)

(f)	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.
(g)	Current yield shown is as of period end.
(h)	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.
(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 purchased on a when-issued basis.
(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 is an Interest Only Strip.
(n)	Rate information disclosed is based on an average weighted rate of the underlying tranches as of period end.
(o)	This Senior Floating Rate Note will settle after April 30, 2019, at which time the interest rate will be determined.

Portfolio Summary  (unaudited)
Country	Percent
United States	65.23	%
Canada	3.50	%
United Kingdom	2.63	%
Netherlands	2.01	%
Mexico	1.88	%
Luxembourg	1.68	%
Indonesia	1.46	%
Argentina	1.42	%
Japan	1.15	%
France	1.04	%
South Africa	0.96	%
Russian Federation	0.90	%
Cayman Islands	0.84	%
Brazil	0.82	%
Supranational	0.73	%
Egypt	0.71	%
Turkey	0.71	%
Chile	0.52	%
Saudi Arabia	0.50	%
Australia	0.47	%
Hong Kong	0.46	%
Switzerland	0.46	%
Italy	0.43	%
Venezuela	0.43	%
Virgin Islands, British	0.42	%
Ukraine	0.40	%
Spain	0.36	%
Peru	0.35	%
Germany	0.35	%
Singapore	0.34	%
Colombia	0.32	%
Nigeria	0.30	%
Bermuda	0.29	%
Sweden	0.26	%
Ireland	0.26	%
Ghana	0.25	%
United Arab Emirates	0.24	%
Ecuador	0.21	%
Cote d'Ivoire	0.20	%
Austria	0.20	%
Jersey, Channel Islands	0.19	%
Uruguay	0.19	%
Bahrain	0.18	%
Kazakhstan	0.16	%
Korea, Republic Of	0.15	%
Panama	0.14	%
Lebanon	0.14	%
Poland	0.13	%
Oman	0.11	%
Kenya	0.10	%
India	0.10	%
Zambia	0.09	%
Multinational	0.09	%
China	0.09	%
Qatar	0.09	%
Israel	0.08	%
Mauritius	0.08	%
Norway	0.08	%
Puerto Rico	0.08	%
Papua New Guinea	0.08	%
Finland	0.07	%
Hungary	0.07	%
Sri Lanka	0.07	%
El Salvador	0.07	%
Gabon	0.05	%
Togo	0.04	%
Taiwan, Province Of China	0.04	%
Mongolia	0.03	%
Iraq	0.03	%
Cameroon	0.03	%

See accompanying notes.

234

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
Portfolio Summary  (unaudited) (continued)
Country				Percent
Benin				0.03	%
Philippines				0.03	%
Dominican Republic				0.03	%
Croatia				0.02	%
Uzbekistan				0.02	%
Vietnam				0.02	%
Angola				0.02	%
Morocco				0.02	%
Malaysia				0.02	%
Tajikistan				0.02	%
Isle of Man				0.02	%
Denmark				0.02	%
Guernsey				0.02	%
Costa Rica				0.02	%
Kuwait				0.01	%
Pakistan				0.01	%
Belgium				0.01	%
Portugal				0.01	%
Romania				0.01	%
Senegal				0.01	%
Honduras				0.01	%
New Zealand				0.00	%
Other Assets and Liabilities				1.08	%
TOTAL NET ASSETS				100.00	%
Affiliated Securities						October 31, 2018		Purchases			Sales			April 30, 2019
						Value		Cost		Proceeds						Value
Principal Government Money Market Fund 2.38%		$		296,134			$	2,725,895	$		2,850,108	$				171,921
		$		296,134			$	2,725,895	$		2,850,108	$				171,921
				Realized Gain/Loss						Realized Gain from				Change in Unrealized
				Income				on Investments			Capital Gain Distributions			Gain/Loss
Principal Government Money Market Fund 2.38%		$		2,574	$			— $			— $					—
		$		2,574	$			— $			— $					—
Amounts in thousands
Restricted Securities
Security Name				Acquisition Date							Cost			Value	Percent of Net Assets
Material Sciences Corp - 10.86%, 01/09/2024				12/22/2016-06/29/2018				$			23,078	$		22,010		0.29	%
Material Sciences Corp - Warrants				12/22/2016							1,221			8,243		0.11	%
Real Alloy Holding Inc - 12.6%, 11/30/2023				05/31/2018							18,506			18,506		0.24	%
Specialty Steel - 12.85%, 11/15/2022				11/15/2017							41,148			41,564		0.54	%
SportsNet New York - 10.25%, 01/15/2025				12/27/2017							19,789			21,095		0.27	%
Total											$			111,418		1.45	%
Amounts in thousands.
Foreign Currency Contracts
											Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date			Currency to Accept				Currency to Deliver					Asset			Liability
Barclays Bank PLC		05/31/2019	HUF			1,688,497		$			5,864	$		— $		—
Barclays Bank PLC		05/31/2019	PLN			32,948		$			8,577			57		—
Goldman Sachs & Co		05/17/2019	RUB			68,034		$			1,060			—		(9	)
Goldman Sachs & Co		05/17/2019	$			15,539			RUB		1,026,855			—		(324	)
Goldman Sachs & Co		05/20/2019	CLP			16,326,895		$			24,380			—		(275	)
Goldman Sachs & Co		05/22/2019	COP			12,724,487		$			4,085			—		(152	)
JPMorgan Chase		05/03/2019	$			24,594			BRL		97,491			—		(267	)
JPMorgan Chase		05/03/2019	BRL			97,491		$			25,812			—		(950	)
JPMorgan Chase		05/07/2019	CZK			185,427		$			8,173			—		(57	)
JPMorgan Chase		05/15/2019	$			13,965			EUR		12,422			18		—
JPMorgan Chase		05/15/2019	EUR			7,701		$			8,695			—		(48	)
JPMorgan Chase		05/15/2019	EUR			4,721		$			5,271			30		—
JPMorgan Chase		05/15/2019	JPY			277,555		$			2,495			—		—
JPMorgan Chase		05/15/2019	$			2,494			JPY		277,555			—		(1	)
JPMorgan Chase		05/17/2019	PEN			13,467		$			4,085			—		(14	)
JPMorgan Chase		05/29/2019	ARS			511,253		$			11,517			—		(420	)
JPMorgan Chase		05/31/2019	ZAR			115,679		$			8,032			30		—
JPMorgan Chase		06/04/2019	BRL			97,491		$			24,531			272		—

See accompanying notes.

235

Schedule of Investments
Global Diversified Income Fund
April 30, 2019 (unaudited)
Foreign Currency Contracts (continued)
														Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Date		Currency to Accept				Currency to Deliver										Asset		Liability
JPMorgan Chase		06/26/2019		$			14,121		MXN					268,624	$			76	$			—
JPMorgan Chase		06/28/2019		ARS			14,227	$						305				—				(11	)
JPMorgan Chase		06/28/2019		$			7,537		ZAR					109,400				—				(63	)
JPMorgan Chase		07/23/2019		EUR			7,767	$						8,775				—				(2	)
JPMorgan Chase		07/23/2019		$			2,567		JPY					284,008				—				—
Standard Chartered Bank, Hong Kong		05/03/2019		BRL			10,636	$						2,742				—				(30	)
Standard Chartered Bank, Hong Kong		05/03/2019		$			5,496		BRL					22,006				—				(116	)
Standard Chartered Bank, Hong Kong		05/03/2019		$			4,078		BRL					15,984				2				—
Standard Chartered Bank, Hong Kong		05/03/2019		BRL			38,044	$						9,578				124				—
Standard Chartered Bank, Hong Kong		06/04/2019		BRL			15,995	$						4,061				9				—
Standard Chartered Bank, Hong Kong		06/04/2019		BRL			15,959	$						4,062				—				(2	)
Toronto Dominion Bank		05/31/2019		$			5,578		MXN					106,462				—				(12	)
Total														$				618	$			(2,753	)
Amounts in thousands.
Credit Default Swaps
Buy Protection
		Implied Credit
		Spread as		(Pay)/										Upfront				Unrealized
		of April 30,		Receive Fixed		Payment				Notional		Payments/				Appreciation/				Fair Value
Counterparty	Reference Entity	2019	(a)	Rate		Frequency	Maturity Date				Amount	(Receipts)						(Depreciation)		Asset ----Liability
Goldman Sachs & Co	Argentine Republic	11.97	%	(5.00	)%	Quarterly	06/20/2024			$	588		$	88			$	45	$	133	$	—
	Government International
	Bond, 7.50%, 04/22/2026
Goldman Sachs & Co	Argentine Republic	11.97	%	(5.00	)%	Quarterly	06/20/2024				1,950			337				102		439		—
	Government International
	Bond, 7.50%, 04/22/2026
Total												$		425			$	147	$	572	$	—
Sell Protection
		Implied Credit
		Spread as		(Pay)/										Upfront				Unrealized
		of April 30,		Receive Fixed		Payment				Notional		Payments/				Appreciation/				Fair Value (c)
Counterparty	Reference Entity	2019	(a)	Rate		Frequency	Maturity Date			Amount (b)		(Receipts)				(Depreciation)				Asset---- Liability
Credit Suisse	Republic of Ecuador	4.12	%	5.00	%	Quarterly	12/20/2019			$	6,700		$	(71			)$	108	$	37	$	—
	International Bond,
	7.88%, 01/23/2028
Total												$		(71			)$	108	$	37	$	—
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 $6,700.

(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.

Exchange Cleared Interest Rate Swaps

(Pay)/

Payment

Payment

Receive

Frequency

Frequency

Unrealized

Floating

Fixed

Paid by

Received

Effective

Maturity

Notional

Appreciation/

Upfront Payments/

Fair

Floating Rate Index

Rate

Rate

Fund

by Fund

Date (a)

Date

Amount

(Depreciation)

(Receipts)

Value

3 Month Johannesburg Interbank Agreed Rate

Pay

7.23%

Quarterly

Quarterly

N/A

04/30/2023

ZAR 373,000 $

(84)$

3

$

(81

)

Total

$

(84)$

3

$

(81

)

Amounts in thousands.

See accompanying notes.

236

Schedule of Investments
Global Real Estate Securities Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 93.62%	Shares Held     Value (000's)			COMMON STOCKS (continued)		Shares Held Value (000’s)
Lodging - 2.92%				REITs (continued)
City Developments Ltd	3,994,800	$	26,295	PLA Administradora Industrial S de RL de CV		3,412,480	$	5,697
Extended Stay America Inc	616,119		11,035	Prologis Inc		1,790,809		137,301
Hilton Grand Vacations Inc (a)	570,251		18,271	Prologis Property Mexico SA de CV		2,747,590		5,877
Hilton Worldwide Holdings Inc	646,896		56,273	Public Storage		93,892		20,767
	$		111,874	Regency Centers Corp		911,870		61,250
Real Estate - 19.28%				Rexford Industrial Realty Inc		1,329,500		50,375
Aroundtown SA	3,333,991		27,087	Sabra Health Care REIT Inc		785,832		15,371
Castellum AB	1,220,903		21,951	Saul Centers Inc		195,603		10,435
Deutsche Wohnen SE	2,041,991		91,983	Segro PLC		9,872,534		87,477
Entra ASA (b)	1,663,581		24,146	Simon Property Group Inc		559,945		97,262
Fabege AB	2,032,493		28,231	Spirit Realty Capital Inc		742,276		30,033
Heiwa Real Estate Co Ltd	1,080,400		20,841	STORE Capital Corp		1,911,704		63,698
Hongkong Land Holdings Ltd	5,202,801		36,325	Sun Communities Inc		479,529		59,020
LEG Immobilien AG	252,254		29,433	Sunstone Hotel Investors Inc		2,310,606		33,273
Leopalace21 Corp	4,351,000		7,370	Tanger Factory Outlet Centers Inc		578,306		10,444
Mitsubishi Estate Co Ltd	6,792,600		114,863	Taubman Centers Inc		385,080		18,984
Mitsui Fudosan Co Ltd	3,728,693		86,364	Unibail-Rodamco-Westfield		109,623		18,856
New World Development Co Ltd	48,557,000		80,445	UNITE Group PLC/The		3,493,556		42,939
Sino Land Co Ltd	11,230,000		19,754	VICI Properties Inc		1,206,088		27,499
Sun Hung Kai Properties Ltd	4,766,500		82,262	Welltower Inc		1,320,315		98,403
TLG Immobilien AG	653,363		19,249	Weyerhaeuser Co		440,474		11,805
Vonovia SE	694,648		34,716			$		2,658,356
Wihlborgs Fastigheter AB	953,190		12,682	Software - 1.32%
	$		737,702	InterXion Holding NV (a)		728,346		50,394
REITs - 69.49%				Storage & Warehousing - 0.61%
Alexandria Real Estate Equities Inc	666,605		94,918	Safestore Holdings PLC		2,763,772		23,227
Allied Properties Real Estate Investment Trust	623,094		22,060	TOTAL COMMON STOCKS		$		3,581,553
American Homes 4 Rent	1,700,486		40,778	INVESTMENT COMPANIES - 0.61%		Shares Held Value (000's)
American Tower Corp	102,336		19,986	Money Market Funds - 0.61%
Americold Realty Trust	586,209		18,765	Principal Government Money Market Fund		23,301,255		23,301
Apartment Investment & Management Co	1,265,956		62,488	2.38%(c),(d)
AvalonBay Communities Inc	635,176		127,626	TOTAL INVESTMENT COMPANIES		$		23,301
Big Yellow Group PLC	997,755		13,567	Total Investments		$		3,604,854
Boston Properties Inc	500,920		68,937	Other Assets and Liabilities -  5.77%				220,775
Canadian Apartment Properties REIT	782,596		27,999	TOTAL NET ASSETS - 100.00%		$		3,825,629
Corporate Office Properties Trust	387,888		10,814
Crown Castle International Corp	169,648		21,338
CubeSmart	1,340,467		42,774	(a) Non-income producing security
Daiwa Office Investment Corp	4,551		30,715	(b)	Security exempt from registration under Rule 144A of the Securities Act of
Dexus	5,051,220		44,596		1933. These securities may be resold in transactions exempt from registration,
Duke Realty Corp	1,113,958		34,666		normally to qualified institutional buyers. At the end of the period, the value of
EPR Properties	536,890		42,339		these securities totaled $31,300 or 0.82% of net assets.
Equinix Inc	81,475		37,047	(c)	Affiliated Security. Security is either an affiliate (and registered under the
Equity Residential	370,044		28,279		Investment Company Act of 1940) or an affiliate as defined by the Investment
Essential Properties Realty Trust Inc	408,151		8,441		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Essex Property Trust Inc	289,443		81,768		shares of the security). Please see affiliated sub-schedule for transactional
Extra Space Storage Inc	629,030		65,224		information.
First Industrial Realty Trust Inc	536,410		18,919	(d)	Current yield shown is as of period end.
Gecina SA	265,961		39,738
Goodman Group	9,873,611		91,880		Portfolio Summary  (unaudited)
GPT Group/The	8,036,420		32,508	Country				Percent
Great Portland Estates PLC	1,551,610		15,291	United States				50.58	%
HCP Inc	697,790		20,780	Japan				10.96	%
Healthcare Trust of America Inc	1,851,366		51,061	Hong Kong				7.65	%
Hudson Pacific Properties Inc	787,017		27,435	United Kingdom				4.77	%
Industrial & Infrastructure Fund Investment Corp	12,926		14,699	Germany				4.58	%
Inmobiliaria Colonial Socimi SA	4,101,762		44,194	Australia				4.42	%
Invincible Investment Corp	46,602		23,581	Spain				2.25	%
Invitation Homes Inc	3,628,958		90,216	France				2.24	%
Japan Hotel REIT Investment Corp	82,957		67,518	Sweden				1.64	%
Japan Retail Fund Investment Corp	20,263		38,719	Netherlands				1.32	%
Kenedix Retail REIT Corp	6,222		15,069	Canada				1.31	%
Kilroy Realty Corp	611,185		47,006	Luxembourg				0.71	%
Klepierre SA	765,417		27,199	Singapore				0.68	%
Link REIT	6,327,000		73,924	Norway				0.63	%
Macquarie Mexico Real Estate Management SA	6,030,580		7,154	Mexico				0.49	%
de CV (a),(b)				Other Assets and Liabilities				5.77	%
Merlin Properties Socimi SA	3,046,542		41,556	TOTAL NET ASSETS				100.00	%
Physicians Realty Trust	997,689		18,018

See accompanying notes.

237

Schedule of Investments
Global Real Estate Securities Fund
April 30, 2019 (unaudited)
Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			37,882	$	410,740	$	425,321	$		23,301
	$			37,882	$	410,740	$	425,321	$		23,301
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	533	$	— $				— $			—
	$	533	$	— $				— $			—
Amounts in thousands

See accompanying notes.

238

     Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 2.66%		Shares Held Value (000's)					Principal
Money Market Funds - 2.66%					BONDS (continued)	Amount (000’s) Value (000’s)
Principal Government Money Market Fund		39,796,304	$	39,796	Commercial Mortgage Backed Securities (continued)
2.38%(a),(b)					Wells Fargo Commercial Mortgage Trust
TOTAL INVESTMENT COMPANIES		$		39,796	2015-C31
		Principal			4.76%, 11/15/2048(c)	$	6,000	$	6,149
BONDS - 28.58%	Amount (000's)    Value (000's)				Wells Fargo Commercial Mortgage Trust
Commercial Mortgage Backed Securities - 12.78%					2016-LC25
CD 2017-CD3 Mortgage Trust					4.57%, 12/15/2059(c)		1,000		1,048
3.98%, 02/10/2050(c)	$	4,500	$	4,614	WFRBS Commercial Mortgage Trust 2013-C14
Citigroup Commercial Mortgage Trust					4.11%, 06/15/2046(c),(e)		2,500		2,334
2016-GC36					WFRBS Commercial Mortgage Trust 2014-C23
4.91%, 02/10/2049(c)		4,400		4,568	4.52%, 10/15/2057(c)		9,700		10,156
COMM 2014-CCRE19 Mortgage Trust					WFRBS Commercial Mortgage Trust 2014-LC14
4.87%, 08/10/2047(c)		3,700		3,848	4.34%, 03/15/2047(c)		8,000		8,095
COMM 2014-UBS5 Mortgage Trust							$		191,028
4.76%, 09/10/2047(c)		11,680		11,860	Home Equity Asset Backed Securities - 0.32%
Freddie Mac Multifamily Structured Pass					ACE Securities Corp Mortgage Loan Trust Series
Through Certificates					2007-D1
2.65%, 08/25/2026		5,480		5,404	6.93%, 02/25/2038(c),(e)		5,034		4,809
3.19%, 09/25/2027(c)		9,710		9,891	Mortgage Backed Securities - 14.63%
3.29%, 11/25/2027		6,800		6,971	Citigroup Mortgage Loan Trust 2015-PS1
3.44%, 12/25/2027		12,040		12,486	5.25%, 09/25/2042(c),(e)		7,222		7,818
3.60%, 01/25/2028		8,340		8,743	CSMC Trust 2015-1
3.65%, 02/25/2028(c)		3,250		3,420	3.95%, 01/25/2045(c),(e)		7,450		7,512
3.90%, 04/25/2028		5,300		5,677	Fannie Mae Interest Strip
4.05%, 09/25/2028(c)		6,800		7,369	3.50%, 12/25/2043(c),(d)		4,429		795
Ginnie Mae					7.00%, 04/25/2024(d)		25		3
0.38%, 10/16/2053(c),(d)		12,290		384	Fannie Mae REMICS
0.49%, 06/16/2052(c),(d)		26,526		556	1.61%, 06/25/2045(c),(d)		18,697		1,102
0.52%, 10/16/2054(c),(d)		41,347		1,031	2.50%, 02/25/2028(d)		12,362		889
0.52%, 06/16/2060(c),(d)		36,002		1,983	3.00%, 07/25/2032(d)		10,879		1,332
0.56%, 10/16/2054(c),(d)		42,225		1,216	3.00%, 04/25/2042		7,183		7,177
0.57%, 12/16/2059(c),(d)		46,795		2,551	3.00%, 02/25/2043		4,780		4,811
0.58%, 08/16/2051(c),(d)		71,490		2,857	3.00%, 01/25/2046		7,838		7,865
0.58%, 12/16/2053(c),(d)		31,420		1,191	3.00%, 05/25/2048		2,216		2,181
0.58%, 03/16/2060(c),(d)		23,489		1,382	3.08%, 04/25/2027		7		8
0.59%, 04/16/2047(c),(d)		68,566		2,562	1.00 x 1 Month USD LIBOR + 0.60%
0.59%, 02/16/2060(c),(d)		35,965		2,105	3.50%, 02/25/2036(d)		8,359		1,285
0.61%, 11/16/2045(c),(d)		26,762		935	3.50%, 01/25/2040(d)		13,116		1,197
0.61%, 07/16/2060(c),(d)		22,380		1,442	3.50%, 11/25/2042		9,708		10,055
0.69%, 06/16/2054(c),(d)		53,898		1,641	3.50%, 02/25/2043		943		972
0.72%, 11/16/2052(c),(d)		48,480		1,968	3.50%, 02/25/2043(d)		15,557		2,115
0.75%, 10/16/2054(c),(d)		57,128		2,059	3.50%, 07/25/2043(d)		11,793		1,172
0.78%, 02/16/2053(c),(d)		40,339		1,931	3.50%, 08/25/2045		2,931		2,971
0.78%, 10/16/2059(c),(d)		15,668		1,019	3.50%, 03/25/2048(d)		20,683		2,389
0.79%, 09/16/2053(c),(d)		42,639		1,742	4.00%, 06/25/2039		10,000		10,211
0.81%, 01/16/2056(c),(d)		19,773		967	4.00%, 12/25/2039(d)		6,590		739
0.84%, 02/16/2053(c),(d)		104,237		5,585	4.00%, 03/25/2045		6,411		6,942
0.90%, 06/16/2057(c),(d)		14,488		946	4.00%, 04/25/2047		3,260		3,433
0.92%, 03/16/2052(c),(d)		46,069		2,667	4.50%, 04/25/2045(d)		22,523		5,079
0.98%, 02/16/2046(c),(d)		41,781		2,022	7.00%, 04/25/2032		808		909
2.60%, 05/16/2059		4,088		3,915	9.00%, 05/25/2020		3		3
2.60%, 03/16/2060		7,542		7,239	Freddie Mac REMICS
GS Mortgage Securities Trust 2013-GC13					2.50%, 11/15/2032		4,594		4,509
4.22%, 07/10/2046(c),(e)		5,000		4,781	2.50%, 02/15/2043		2,423		2,373
GS Mortgage Securities Trust 2014-GC20					3.00%, 11/15/2030(d)		4,883		301
5.13%, 04/10/2047(c)		2,000		2,039	3.00%, 06/15/2040		4,639		4,679
GS Mortgage Securities Trust 2014-GC24					3.00%, 10/15/2042		1,504		1,520
4.66%, 09/10/2047(c)		4,200		3,802	3.00%, 05/15/2044		1,588		1,515
JP Morgan Chase Commercial Mortgage					3.00%, 04/15/2046		2,789		2,803
Securities Trust 2013-C16					3.00%, 11/15/2046		3,472		3,493
5.13%, 12/15/2046(c)		8,000		8,563	3.37%, 02/15/2021		1		1
JPMDB Commercial Mortgage Securities Trust					1.00 x 1 Month USD LIBOR + 0.90%
2018-C8					3.50%, 03/15/2029		4,054		4,214
4.90%, 06/15/2051(c)		3,700		3,910	3.50%, 04/15/2040(d)		7,315		567
Wells Fargo Commercial Mortgage Trust					3.50%, 07/15/2042		2,972		3,003
2014-LC16					3.50%, 05/15/2043		3,253		3,341
4.46%, 08/15/2050		1,400		1,404	3.50%, 09/15/2043		7,680		7,797
					4.00%, 05/15/2039		4,825		4,970
					4.00%, 11/15/2042(d)		9,166		1,538

See accompanying notes.

239

     Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)

		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
BONDS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Mortgage Backed Securities (continued)					Federal Home Loan Mortgage Corporation (FHLMC) (continued)
Freddie Mac REMICS   (continued)					3.50%, 01/01/2048	$	10,180	$	10,393
4.00%, 01/15/2045	$	7,086	$	7,508	4.00%, 12/01/2041		4,255		4,459
4.00%, 04/15/2045		2,992		3,137	4.00%, 07/01/2042		3,010		3,155
4.00%, 11/15/2045		553		579	4.00%, 09/15/2042		2,357		2,485
6.50%, 08/15/2027		75		78	4.00%, 04/01/2043		8,862		9,269
Ginnie Mae					4.00%, 07/01/2043		3,944		4,134
3.00%, 05/16/2037		14,000		13,977	4.00%, 09/01/2044		4,898		5,134
3.00%, 04/20/2047		3,312		3,042	4.00%, 10/01/2045		8,227		8,599
3.25%, 05/20/2045		5,411		5,176	4.00%, 08/01/2047		11,910		12,449
3.50%, 08/20/2039(d)		17,887		1,719	4.00%, 11/01/2047		2,588		2,714
3.50%, 01/20/2043(d)		15,831		3,190	4.00%, 01/01/2048		8,140		8,547
3.50%, 10/20/2044(d)		19,372		2,946	4.00%, 06/01/2048		14,144		14,808
3.50%, 11/20/2045		4,500		4,551	4.50%, 04/01/2041		4,472		4,777
4.00%, 11/16/2038		376		383	4.50%, 11/01/2043		4,324		4,613
4.00%, 04/20/2044(d)		5,857		978	4.85%, 10/01/2032		1		1
4.00%, 01/20/2048(d)		9,340		1,759	1.00 x 12 Month USD LIBOR + 1.98%
5.00%, 11/20/2039		3,197		3,487	5.00%, 10/01/2025		46		48
JP Morgan Mortgage Trust 2016-4					5.00%, 12/01/2032		55		59
3.50%, 10/25/2046(c),(e)		4,348		4,336	5.00%, 02/01/2033		413		443
JP Morgan Mortgage Trust 2018-8					5.00%, 01/01/2034		3,868		4,157
4.00%, 01/25/2049(c),(e)		4,764		4,759	5.00%, 05/01/2034		86		93
New Residential Mortgage Loan Trust 2015-2					5.00%, 07/01/2035		2		2
5.55%, 08/25/2055(c),(e)		5,692		6,162	5.00%, 07/01/2035		35		38
Sequoia Mortgage Trust 2013-2					5.00%, 10/01/2035		7		8
3.64%, 02/25/2043(c)		7,276		7,327	5.00%, 11/01/2035		313		335
Sequoia Mortgage Trust 2017-5					5.00%, 07/01/2044		2,911		3,134
3.50%, 08/25/2047(c),(e)		1,464		1,444	5.00%, 03/01/2048		4,842		5,287
Sequoia Mortgage Trust 2018-5					5.50%, 03/01/2029		1		1
3.50%, 05/25/2048(c),(e)		4,645		4,607	5.50%, 05/01/2033		8		9
		$		218,734	5.50%, 10/01/2033		12		13
Other Asset Backed Securities - 0.85%					5.50%, 12/01/2033		294		322
CNH Equipment Trust 2016-C					5.50%, 07/01/2037		17		19
1.76%, 09/15/2023		1,600		1,581	5.50%, 04/01/2038		7		8
TAL Advantage V LLC					5.50%, 05/01/2038		42		45
3.33%, 05/20/2039(e)		2,883		2,881	6.00%, 01/01/2021		14		14
Towd Point Mortgage Trust					6.00%, 06/01/2028		6		7
4.25%, 10/25/2053(c),(e)		5,000		5,223	6.00%, 05/01/2031		71		79
Towd Point Mortgage Trust 2017-6					6.00%, 10/01/2031		2		2
3.25%, 10/25/2057(c),(e)		3,200		2,940	6.00%, 02/01/2032		15		17
		$		12,625	6.00%, 09/01/2032		49		53
TOTAL BONDS		$		427,196	6.00%, 11/01/2033		151		163
U.S. GOVERNMENT & GOVERNMENT		Principal			6.00%, 11/01/2033		364		399
AGENCY OBLIGATIONS - 69.06%	Amount (000's) Value (000's)				6.00%, 09/01/2034		62		68
Federal Home Loan Mortgage Corporation (FHLMC) - 16.61%					6.00%, 02/01/2035		57		63
2.50%, 08/01/2027	$	1,227	$	1,221	6.00%, 10/01/2036		40		44
2.50%, 02/01/2028		3,762		3,744	6.00%, 03/01/2037		75		82
3.00%, 02/01/2027		3,332		3,358	6.00%, 05/01/2037		107		121
3.00%, 02/01/2032		7,555		7,626	6.00%, 01/01/2038		10		11
3.00%, 01/01/2033		4,903		4,944	6.00%, 03/01/2038		35		38
3.00%, 04/01/2035		2,302		2,312	6.00%, 04/01/2038		79		86
3.00%, 03/01/2037		4,984		4,981	6.00%, 07/01/2038		136		149
3.00%, 10/01/2042		6,133		6,093	6.00%, 10/01/2038		94		104
3.00%, 10/01/2042		7,160		7,113	6.50%, 12/01/2021		67		69
3.00%, 05/01/2043		2,602		2,585	6.50%, 04/01/2022		75		78
3.00%, 07/01/2045		6,905		6,856	6.50%, 05/01/2022		43		44
3.00%, 10/01/2046		8,459		8,404	6.50%, 08/01/2022		21		22
3.00%, 01/01/2047		6,923		6,878	6.50%, 05/01/2023		55		56
3.50%, 11/01/2026		1,835		1,878	6.50%, 07/01/2023		1		2
3.50%, 02/01/2032		3,870		3,966	6.50%, 07/01/2025		1		1
3.50%, 04/01/2032		3,372		3,456	6.50%, 09/01/2025		1		1
3.50%, 12/01/2041		2,485		2,532	6.50%, 10/01/2025		1		1
3.50%, 04/01/2042		7,286		7,415	6.50%, 03/01/2029		34		37
3.50%, 07/01/2042		8,319		8,467	6.50%, 04/01/2031		140		154
3.50%, 08/01/2043		5,587		5,699	6.50%, 10/01/2031		49		55
3.50%, 02/01/2044		6,264		6,354	6.50%, 02/01/2032		7		8
3.50%, 08/01/2045		6,628		6,770	6.50%, 04/01/2032		6		7
3.50%, 07/01/2046		9,530		9,718	6.50%, 04/01/2035		5		6
3.50%, 01/01/2047		13,238		13,485	6.50%, 02/01/2037		28		31

See accompanying notes.

240

     Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)

U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal Home Loan Mortgage Corporation (FHLMC) (continued)					Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage
7.00%, 07/01/2024	$	2	$	2	Corporation (FHLMC) Uniform Mortgage-Backed Security (continued)
7.00%, 01/01/2028		236		251	3.50%, 09/01/2042	$	8,126	$	8,282
7.00%, 06/01/2029		74		83	3.50%, 11/01/2042		4,708		4,799
7.00%, 01/01/2031		1		1	3.50%, 02/01/2043		1,905		1,947
7.00%, 04/01/2031		51		56	3.50%, 05/01/2043		4,722		4,820
7.00%, 10/01/2031		81		90	3.50%, 05/01/2043		2,548		2,604
7.00%, 04/01/2032		129		146	3.50%, 09/01/2044		13,853		14,158
7.50%, 12/01/2030		3		3	3.50%, 10/01/2044		6,355		6,495
7.50%, 02/01/2031		14		15	3.50%, 11/01/2044		5,558		5,701
7.50%, 02/01/2031		1		2	3.50%, 03/01/2045		3,075		3,132
8.50%, 07/01/2029		72		75	3.50%, 03/01/2045		5,072		5,176
		$		248,209	3.50%, 06/01/2045		6,312		6,450
Federal National Mortgage Association (FNMA) - 0.58%					3.50%, 08/01/2045		5,621		5,745
3.00%, 04/01/2043		6,795		6,762	3.50%, 09/01/2045		4,956		5,051
4.48%, 12/01/2033		76		79	3.50%, 10/01/2045		5,634		5,758
1.00 x 12 Month USD LIBOR + 1.60%					3.50%, 11/01/2045		10,395		10,609
5.13%, 11/01/2033		9		9	3.50%, 01/01/2046		4,958		5,067
1.00 x 6 Month USD LIBOR + 2.26%					3.50%, 03/01/2046		6,935		7,087
5.50%, 05/01/2033		78		80	3.50%, 04/01/2046		7,305		7,465
6.00%, 01/01/2032		119		126	3.50%, 12/01/2046		8,218		8,373
6.00%, 04/01/2033		173		184	3.50%, 10/01/2047		5,249		5,362
6.00%, 09/01/2034		422		449	4.00%, 01/01/2034		1,217		1,267
6.50%, 06/01/2031		70		78	4.00%, 10/01/2037		6,540		6,772
6.50%, 11/01/2032		352		383	4.00%, 09/01/2040		2,648		2,750
6.50%, 11/01/2032		97		104	4.00%, 02/01/2042		2,073		2,161
7.00%, 08/01/2028		49		54	4.00%, 01/01/2043		2,003		2,098
7.00%, 12/01/2028		55		60	4.00%, 03/01/2043		3,684		3,836
7.00%, 07/01/2029		53		60	4.00%, 08/01/2043		6,820		7,143
7.00%, 07/01/2032		122		133	4.00%, 04/01/2044		2,727		2,856
7.50%, 12/01/2024		70		74	4.00%, 08/01/2044		3,649		3,822
7.50%, 07/01/2029		4		5	4.00%, 08/01/2044		9,623		10,078
7.50%, 02/01/2030		61		64	4.00%, 11/01/2044		2,878		3,015
		$		8,704	4.00%, 12/01/2044		5,884		6,163
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage					4.00%, 02/01/2045		4,931		5,164
Corporation (FHLMC) Uniform Mortgage-Backed Security - 39.36%					4.00%, 07/01/2045		5,576		5,770
2.00%, 08/01/2028		2,278		2,231	4.00%, 08/01/2045		5,900		6,179
2.00%, 07/01/2030		5,879		5,697	4.00%, 09/01/2045		9,982		10,455
2.50%, 06/01/2027		4,538		4,516	4.00%, 01/01/2046		7,872		8,221
2.50%, 05/01/2028		1,971		1,961	4.00%, 05/01/2046		11,713		12,234
2.50%, 08/01/2028		2,652		2,639	4.00%, 07/01/2046		7,361		7,709
2.50%, 03/01/2030		6,031		5,977	4.00%, 07/01/2047		7,669		8,032
2.50%, 12/01/2031		7,894		7,823	4.00%, 10/01/2047		6,373		6,661
3.00%, 04/01/2027		3,104		3,132	4.00%, 12/01/2047		5,271		5,527
3.00%, 05/01/2029		5,102		5,142	4.00%, 02/01/2048		7,589		7,934
3.00%, 01/01/2030		445		448	4.50%, 12/01/2019		4		4
3.00%, 08/01/2031		8,896		8,966	4.50%, 01/01/2020		12		12
3.00%, 10/01/2036		6,158		6,163	4.50%, 09/01/2025		1,213		1,246
3.00%, 11/01/2042		7,458		7,409	4.50%, 08/01/2039		2,793		2,968
3.00%, 12/01/2042		5,741		5,703	4.50%, 03/01/2041		3,498		3,707
3.00%, 12/01/2042		5,631		5,594	4.50%, 03/01/2042		7,560		8,061
3.00%, 01/01/2043		5,323		5,288	4.50%, 09/01/2043		6,310		6,730
3.00%, 02/01/2043		5,677		5,640	4.50%, 09/01/2043		3,606		3,841
3.00%, 06/01/2043		10,154		10,087	4.50%, 11/01/2043		5,834		6,213
3.00%, 08/01/2043		6,624		6,580	4.50%, 10/01/2044		3,233		3,444
3.00%, 07/01/2045		2,732		2,713	4.50%, 12/01/2044		7,999		8,520
3.00%, 01/01/2046		5,326		5,295	4.50%, 05/01/2045		3,506		3,735
3.00%, 07/01/2046		7,536		7,465	4.50%, 09/01/2045		5,219		5,542
3.00%, 09/01/2046		6,232		6,205	4.50%, 10/01/2045		6,676		7,110
3.00%, 10/01/2046		7,162		7,096	4.50%, 11/01/2045		8,478		8,998
3.00%, 11/01/2046		11,233		11,159	4.50%, 08/01/2048		6,921		7,384
3.00%, 12/01/2046		8,321		8,241	4.50%, 09/01/2048		12,202		13,042
3.00%, 12/01/2046		5,805		5,757	4.50%, 11/01/2048		8,339		8,871
3.00%, 01/01/2047		6,414		6,372	5.00%, 01/01/2026		48		51
3.50%, 08/01/2031		4,456		4,561	5.00%, 04/01/2035		144		156
3.50%, 02/01/2033		8,670		8,882	5.00%, 05/01/2035		69		74
3.50%, 02/01/2042		5,951		6,077	5.00%, 07/01/2035		23		25
3.50%, 06/01/2042		3,103		3,156	5.00%, 02/01/2038		1,847		2,000
3.50%, 07/01/2042		4,677		4,767	5.00%, 03/01/2038		1,240		1,346

See accompanying notes.

241

     Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)

U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage					Government National Mortgage Association (GNMA) (continued)
Corporation (FHLMC) Uniform Mortgage-Backed Security (continued)					3.50%, 04/20/2045	$	4,611	$	4,692
5.00%, 02/01/2040	$	6,234	$	6,784	3.50%, 02/20/2047		2,271		2,307
5.00%, 05/01/2040		2,513		2,736	3.50%, 05/20/2047		13,651		13,968
5.00%, 07/01/2040		1,589		1,729	3.50%, 10/20/2047		5,034		5,119
5.00%, 07/01/2041		7,169		7,805	3.50%, 11/20/2047		4,845		4,926
5.00%, 02/01/2044		3,277		3,548	4.00%, 08/15/2041		3,950		4,106
5.00%, 06/01/2044		3,226		3,495	4.00%, 09/15/2041		6,050		6,303
5.00%, 05/01/2048		5,516		6,014	4.00%, 03/15/2044		3,871		4,030
5.50%, 07/01/2019		1		1	4.00%, 10/20/2044		3,551		3,669
5.50%, 08/01/2019		1		1	5.00%, 02/15/2034		115		123
5.50%, 06/01/2026		54		57	5.00%, 10/15/2039		2,481		2,659
5.50%, 07/01/2033		554		610	5.50%, 07/20/2033		963		1,054
5.50%, 02/01/2037		4		5	5.50%, 03/20/2034		991		1,085
5.50%, 12/01/2037		787		872	5.50%, 05/20/2035		102		112
5.50%, 03/01/2038		193		214	6.00%, 10/15/2023		59		63
6.00%, 12/01/2022		6		7	6.00%, 11/15/2023		10		11
6.00%, 03/01/2029		36		40	6.00%, 11/15/2023		22		24
6.00%, 12/01/2031		2		2	6.00%, 12/15/2023		6		6
6.00%, 12/01/2031		1		1	6.00%, 03/15/2024		10		10
6.00%, 11/01/2032		6		7	6.00%, 04/20/2026		31		33
6.00%, 03/01/2034		133		143	6.00%, 10/20/2028		5		5
6.00%, 11/01/2037		11		12	6.00%, 02/20/2029		56		62
6.00%, 02/01/2038		48		54	6.00%, 09/15/2032		58		63
6.00%, 03/01/2038		52		58	6.00%, 02/15/2033		17		19
6.00%, 04/01/2039		616		694	6.00%, 07/20/2033		756		856
6.50%, 09/01/2024		123		135	6.00%, 08/15/2038		67		72
6.50%, 08/01/2028		18		20	6.50%, 09/15/2023		2		2
6.50%, 12/01/2028		11		12	6.50%, 09/15/2023		13		14
6.50%, 02/01/2029		16		17	6.50%, 09/15/2023		8		9
6.50%, 03/01/2029		25		27	6.50%, 10/15/2023		11		12
6.50%, 04/01/2029		22		24	6.50%, 12/15/2023		3		3
6.50%, 06/01/2031		68		75	6.50%, 12/15/2023		11		12
6.50%, 06/01/2031		62		68	6.50%, 12/15/2023		11		12
6.50%, 12/01/2031		2		2	6.50%, 12/15/2023		7		8
6.50%, 01/01/2032		30		33	6.50%, 01/15/2024		3		3
6.50%, 04/01/2032		141		155	6.50%, 01/15/2024		9		10
6.50%, 04/01/2032		19		21	6.50%, 01/15/2024		19		21
6.50%, 08/01/2032		66		72	6.50%, 01/15/2024		1		1
6.50%, 02/01/2033		143		157	6.50%, 01/15/2024		2		2
6.50%, 04/01/2036		2		3	6.50%, 01/15/2024		4		4
6.50%, 08/01/2036		41		46	6.50%, 03/15/2024		5		6
6.50%, 08/01/2036		80		94	6.50%, 04/15/2024		8		9
6.50%, 10/01/2036		35		40	6.50%, 04/20/2024		4		4
6.50%, 11/01/2036		26		29	6.50%, 07/15/2024		19		21
6.50%, 07/01/2037		14		15	6.50%, 01/15/2026		5		5
6.50%, 07/01/2037		21		23	6.50%, 03/15/2026		7		8
6.50%, 08/01/2037		388		446	6.50%, 07/20/2026		1		1
6.50%, 08/01/2037		32		37	6.50%, 10/20/2028		6		7
6.50%, 02/01/2038		25		28	6.50%, 03/20/2031		50		57
6.50%, 05/01/2038		3		3	6.50%, 04/20/2031		41		47
7.00%, 05/01/2022		5		5	6.50%, 07/15/2031		1		1
7.00%, 11/01/2031		137		148	6.50%, 10/15/2031		10		11
7.50%, 01/01/2031		1		1	6.50%, 07/15/2032		3		3
7.50%, 08/01/2032		7		8	6.50%, 05/20/2034		524		597
8.50%, 09/01/2025		1		1	6.80%, 04/20/2025		24		24
9.00%, 09/01/2030		2		2	7.00%, 11/15/2022		2		2
		$		588,386	7.00%, 12/15/2022		17		17
Government National Mortgage Association (GNMA) - 7.53%					7.00%, 01/15/2023		4		4
3.00%, 11/15/2042		6,383		6,396	7.00%, 01/15/2023		2		2
3.00%, 11/15/2042		4,337		4,337	7.00%, 01/15/2023		5		5
3.00%, 12/15/2042		4,352		4,362	7.00%, 02/15/2023		13		13
3.00%, 02/15/2043		4,911		4,921	7.00%, 07/15/2023		5		5
3.00%, 09/20/2046		7,040		7,045	7.00%, 07/15/2023		5		5
3.00%, 11/20/2046		4,837		4,834	7.00%, 07/15/2023		3		3
3.50%, 08/20/2042		4,421		4,503	7.00%, 08/15/2023		10		10
3.50%, 05/15/2043		7,372		7,532	7.00%, 10/15/2023		1		1
3.50%, 06/20/2043		5,218		5,321	7.00%, 12/15/2023		9		10
3.50%, 08/15/2043		6,166		6,295	7.00%, 12/15/2023		4		4

See accompanying notes.

242

     Schedule of Investments Government & High Quality Bond Fund April 30, 2019 (unaudited)

U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Government National Mortgage Association (GNMA) (continued)
7.00%, 01/15/2026	$	7	$	7
7.00%, 01/15/2027		11		11
7.00%, 10/15/2027		7		7
7.00%, 10/15/2027		1		1
7.00%, 10/15/2027		1		1
7.00%, 12/15/2027		1		1
7.00%, 12/15/2027		3		3
7.00%, 02/15/2028		1		1
7.00%, 04/15/2028		2		2
7.00%, 06/15/2028		94		101
7.00%, 12/15/2028		55		59
7.00%, 01/15/2029		37		40
7.00%, 03/15/2029		21		21
7.00%, 04/15/2029		5		5
7.00%, 04/15/2029		146		157
7.00%, 05/15/2031		6		6
7.00%, 07/15/2031		1		1
7.00%, 09/15/2031		1		1
7.50%, 12/15/2021		8		8
7.50%, 03/15/2022		4		4
7.50%, 04/15/2022		1		1
7.50%, 04/15/2022		12		12
7.50%, 08/15/2022		8		8
7.50%, 08/15/2022		2		2
7.50%, 08/15/2022		1		1
7.50%, 02/15/2023		4		5
7.50%, 05/15/2023		1		1
7.50%, 05/15/2023		5		5
7.50%, 06/15/2023		3		3
7.50%, 03/15/2024		8		9
7.50%, 08/15/2024		1		1
7.50%, 05/15/2027		4		4
7.50%, 05/15/2027		12		12
7.50%, 06/15/2027		8		8
7.50%, 08/15/2029		22		23
7.50%, 10/15/2029		15		15
7.50%, 11/15/2029		42		42
8.00%, 02/15/2022		6		6
8.00%, 04/15/2022		2		2
8.00%, 12/15/2030		5		6
9.00%, 11/15/2021		11		11
9.50%, 08/15/2021		7		7
		$		112,539
U.S. Treasury - 4.53%
1.13%, 03/31/2020		8,600		8,502
2.00%, 02/15/2025		4,500		4,417
2.13%, 12/31/2022		4,920		4,898
3.13%, 05/15/2021		16,000		16,267
4.25%, 11/15/2040		8,710		10,717
4.50%, 02/15/2036		6,000		7,482
5.25%, 11/15/2028		7,740		9,535
6.25%, 08/15/2023		5,100		5,921
		$		67,739
U.S. Treasury Strip - 0.45%
0.00%, 05/15/2020(f),(g)		6,800		6,638
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS		$		1,032,215
Total Investments		$		1,499,207
Other Assets and Liabilities -  (0.30)%				(4,420	)
TOTAL NET ASSETS - 100.00%		$		1,494,787

(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)	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 is an Interest Only Strip.
(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 $59,606 or 3.99% of net assets.
(f)	Non-income producing security
(g)	Security is a Principal Only Strip.

Portfolio Summary  (unaudited)
Sector	Percent
Mortgage Securities	91.49	%
Government	4.98	%
Money Market Funds	2.66	%
Asset Backed Securities	1.17	%
Other Assets and Liabilities	(0.30	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

243

Schedule of Investments
Government & High Quality Bond Fund
April 30, 2019 (unaudited)
Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			15,236	$	184,893	$	160,333	$		39,796
	$			15,236	$	184,893	$	160,333	$		39,796
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	181	$	— $				— $			—
	$	181	$	— $				— $			—
Amounts in thousands

See accompanying notes.

244

     Schedule of Investments Government Money Market Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 4.05%		Shares Held Value (000's)				U.S. GOVERNMENT & GOVERNMENT			Principal
Money Market Funds - 4.05%						AGENCY OBLIGATIONS - 3.06%		Amount (000's) Value (000's)
DWS Government Money Market Series 2.51%(a)		38,500,000	$	38,500		U.S. Treasury Bill - 3.06%
Goldman Sachs Government Fund 2.46%(a)		36,900,000		36,900		2.35%, 05/02/2019		$	70,000	$	69,995
Morgan Stanley Institutional Liquidity Funds -		27,900,000		27,900		2.38%, 05/09/2019			25,000		24,987
Government Portfolio 2.42%(a)									$		94,982
STIT - Government & Agency Portfolio 2.43%(a)		22,300,000		22,300		TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
		$		125,600		OBLIGATIONS			$		94,982
TOTAL INVESTMENT COMPANIES		$		125,600					Maturity
		Principal				REPURCHASE AGREEMENTS - 25.64%		Amount (000's) Value (000's)
BONDS - 67.43%	Amount (000's) Value (000's)					Banks- 25.64%
Finance - Mortgage Loan/Banker - 67.43%						Bank of Montreal Repurchase Agreement; 2.65% $			75,006	$	75,000
Fannie Mae Discount Notes						dated 04/30/2019 maturing 05/01/2019
2.37%, 05/01/2019	$	30,000	$	30,000		(collateralized by US Government
Federal Farm Credit Discount Notes						Securities; $76,500,038; 3.00%-3.50%; dated
2.38%, 05/23/2019		40,000		39,942		05/15/2020-10/31/2025)
Federal Home Loan Bank Discount Notes						Bank of New York Mellon Repurchase			120,009		120,000
2.38%, 06/05/2019		60,000		59,861		Agreement; 2.70% dated 04/30/2019 maturing
2.39%, 05/20/2019		25,000		24,968		05/01/2019 (collateralized by US Government
2.39%, 05/21/2019		45,000		44,940		Security; $122,400,019; 1.50%; dated
2.39%, 05/31/2019		40,000		39,920		08/15/2026	)
2.39%, 06/18/2019		40,000		39,873		Barclays Capital Inc Repurchase Agreement;			100,008		100,000
2.39%, 07/05/2019		30,000		29,870		2.75% dated 04/30/2019 maturing 05/01/2019
2.39%, 07/10/2019		30,000		29,861		(collateralized by US Government Security;
2.39%, 07/12/2019		40,000		39,809	$	102,000,012; 3.37%; dated 05/15/2044)
2.40%, 05/01/2019		60,000		60,000		BNP Paribas Securities Corp Repurchase			100,008		100,000
2.40%, 05/07/2019		45,000		44,982		Agreement; 2.73% dated 04/30/2019 maturing
2.40%, 05/08/2019		40,000		39,981		05/01/2019 (collateralized by US Government
2.40%, 05/10/2019		60,000		59,964		Securities; $102,000,000; 0.00%-3.50%; dated
2.40%, 05/13/2019		60,000		59,952		05/15/2020-11/15/2045)
2.40%, 05/14/2019		40,000		39,965		Goldman Sachs Repurchase Agreement; 2.66%			100,007		100,000
2.40%, 06/13/2019		40,000		39,885		dated 04/30/2019 maturing 05/01/2019
2.40%, 06/24/2019		40,000		39,856		(collateralized by US Government Securities;
2.40%, 07/08/2019		40,000		39,819		$102,000,001; 0.00%-6.25%; dated
2.40%, 07/11/2019		30,000		29,858		05/28/2019-11/15/2047)
2.40%, 07/17/2019		55,000		54,718		Merrill Lynch Repurchase Agreement; 2.75%			100,008		100,000
2.41%, 05/03/2019		40,000		39,995		dated 04/30/2019 maturing 05/01/2019
2.41%, 05/30/2019		40,000		39,923		(collateralized by US Government Securities;
2.41%, 06/11/2019		45,000		44,876		$102,000,000; 0.00%-8.87%; dated
2.41%, 06/21/2019		51,833		51,656		05/01/2019-11/15/2041)
2.41%, 07/18/2019		45,000		44,765		Mizuho Securities Repurchase Agreement;			100,007		100,000
2.41%, 07/19/2019		45,000		44,762		2.69% dated 04/30/2019 maturing 05/01/2019
2.41%, 07/22/2019		40,000		39,781		(collateralized by US Government Securities;
2.41%, 07/26/2019		40,000		39,770		$102,000,032; 2.50%-3.12%; dated
2.42%, 05/15/2019		60,000		59,944		05/15/2019-01/31/2025)
2.42%, 05/24/2019		67,500		67,396		Royal Bank of Canada Repurchase Agreement;			100,007		100,000
2.42%, 05/28/2019		40,000		39,927		2.69% dated 04/30/2019 maturing 05/01/2019
2.42%, 05/29/2019		40,000		39,925		(collateralized by US Government Security;
2.42%, 06/03/2019		50,000		49,889	$	102,000,060; 3.37%; dated 11/15/2019)
2.42%, 06/04/2019		40,000		39,909					$		795,000
2.42%, 06/07/2019		48,440		48,320		TOTAL REPURCHASE AGREEMENTS			$		795,000
2.42%, 06/12/2019		65,000		64,816		Total Investments			$		3,106,842
2.42%, 06/14/2019		60,000		59,824		Other Assets and Liabilities -  (0.18)%					(5,433	)
2.42%, 06/19/2019		50,000		49,835		TOTAL NET ASSETS - 100.00%			$		3,101,409
2.42%, 06/26/2019		47,404		47,225
2.42%, 06/28/2019		40,000		39,844
2.43%, 05/22/2019		54,000		53,924		(a) Current yield shown is as of period end.
2.43%, 07/02/2019		30,000		29,875
2.44%, 05/06/2019		60,000		59,980		Portfolio Summary  (unaudited)
Freddie Mac						Sector					Percent
2.51%, 06/19/2019		15,000		15,000		Government					70.49	%
United States Secured Overnight Financing						Financial					25.64	%
Rate + 0.03%						Money Market Funds					4.05	%
Freddie Mac Discount Notes						Other Assets and Liabilities					(0.18	)%
2.41%, 05/09/2019		35,000		34,981		TOTAL NET ASSETS					100.00	%
2.41%, 05/17/2019		57,155		57,094
		$		2,091,260
TOTAL BONDS		$		2,091,260

See accompanying notes.

245

Schedule of Investments
High Yield Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 0.47%	Shares Held Value (000's)					Principal
Energy - Alternate Sources - 0.00%					BONDS (continued)	Amount (000’s) Value (000’s)
Ogden Corp (a),(b),(c)		5,000,000	$	—	Banks (continued)
Oil & Gas - 0.23%					ING Groep NV
Chaparral Energy Inc - A Shares (a)		986,642		6,867	6.00%, 12/31/2049(i),(j)	$	2,555	$	2,574
Oil & Gas Services - 0.16%					USD Swap Semi-Annual 5 Year + 4.45%
Patterson-UTI Energy Inc		338,411		4,599	Intesa Sanpaolo SpA
Retail - 0.08%					3.13%, 07/14/2022(f)		4,165		4,080
Claire's Holdings LLC (a),(b),(c)		4,036		2,422	JPMorgan Chase & Co
TOTAL COMMON STOCKS		$		13,888	4.62%, 12/31/2049(i),(j)		10,025		9,506
INVESTMENT COMPANIES - 2.66%	Shares Held Value (000's)				3 Month USD LIBOR + 2.58%
					Lloyds Banking Group PLC
Money Market Funds - 2.66%					7.50%, 12/31/2049(i),(j)		4,450		4,618
Principal Government Money Market Fund	78,035,936			78,036	USD Swap Semi-Annual 5 Year + 4.50%
2.38%(d),(e)					Popular Inc
TOTAL INVESTMENT COMPANIES		$		78,036	6.13%, 09/14/2023		8,720		9,069
PREFERRED STOCKS - 0.17%	Shares Held Value (000's)						$		70,521
Agriculture - 0.13%					Building Materials - 0.79%
Pinnacle Operating Corp 0.00% (a),(b),(c)	11,469,815 $			3,900	BMC East LLC
Retail - 0.04%					5.50%, 10/01/2024(f)		14,620		14,657
Claire's Stores 0.00% (a),(b),(c)		1,073		1,039	Standard Industries Inc/NJ
TOTAL PREFERRED STOCKS		$		4,939	4.75%, 01/15/2028(f)		8,820		8,456
	Principal						$		23,113
BONDS - 83.72%	Amount (000's) Value (000's)				Chemicals - 2.86%
Aerospace & Defense - 1.91%					Alpha 2 BV
Air 2 US					8.75%, PIK 9.50%, 06/01/2023(f),(g),(h)		6,300		6,253
8.63%, 10/01/2020(f)	$	440	$	449	Aruba Investments Inc
BBA US Holdings Inc					8.75%, 02/15/2023(f)		11,725		11,784
5.38%, 05/01/2026(f)		2,890		2,962	Blue Cube Spinco LLC
Bombardier Inc					9.75%, 10/15/2023		5,350		5,979
7.50%, 03/15/2025(f)		25,055		25,149	CF Industries Inc
TransDigm Inc					5.15%, 03/15/2034		11,095		10,734
6.25%, 03/15/2026(f)		12,880		13,412	Consolidated Energy Finance SA
Triumph Group Inc					6.50%, 05/15/2026(f)		13,785		14,061
7.75%, 08/15/2025		14,050		14,015	6.88%, 06/15/2025(f)		20,910		21,537
		$		55,987	NOVA Chemicals Corp
Agriculture - 0.24%					5.25%, 06/01/2027(f)		10,415		10,233
Pinnacle Operating Corp					Olin Corp
9.00%, 05/15/2023(f)		16,469		7,082	5.00%, 02/01/2030		3,545		3,509
Airlines - 0.06%							$		84,090
American Airlines 2015-1 Class B Pass Through					Coal - 0.30%
Trust					Alliance Resource Operating Partners LP /
3.70%, 11/01/2024		1,906		1,885	Alliance Resource Finance Corp
Automobile Manufacturers - 0.83%					7.50%, 05/01/2025(f)		8,415		8,825
Jaguar Land Rover Automotive PLC					Commercial Services - 2.20%
3.50%, 03/15/2020(f)		7,400		7,328	Ahern Rentals Inc
Navistar International Corp					7.38%, 05/15/2023(f)		17,235		15,339
6.63%, 11/01/2025(f)		16,888		17,205	Garda World Security Corp
		$		24,533	8.75%, 05/15/2025(f)		14,630		13,792
Automobile Parts & Equipment - 0.53%					Refinitiv US Holdings Inc
American Axle & Manufacturing Inc					8.25%, 11/15/2026(f)		4,745		4,809
6.25%, 04/01/2025		8,740		8,785	TMS International Corp
IHO Verwaltungs GmbH					7.25%, 08/15/2025(f)		11,135		10,912
4.75%, PIK 5.50%, 09/15/2026(f),(g),(h)		2,985		2,895	United Rentals North America Inc
Panther BF Aggregator 2 LP / Panther Finance					4.63%, 10/15/2025		6,135		6,089
Co Inc					4.88%, 01/15/2028		2,815		2,794
6.25%, 05/15/2026(f)		3,650		3,801	5.25%, 01/15/2030(k)		2,595		2,608
		$		15,481	5.88%, 09/15/2026		2,720		2,842
Banks - 2.40%					6.50%, 12/15/2026		5,225		5,591
Barclays PLC							$		64,776
4.84%, 05/09/2028		7,865		7,886	Computers - 1.48%
7.75%, 12/31/2049(i),(j)		4,830		4,993	Dell International LLC / EMC Corp
USD Swap Semi-Annual 5 Year + 4.84%					4.90%, 10/01/2026(f)		13,475		13,802
CIT Group Inc					7.13%, 06/15/2024(f)		28,025		29,649
5.00%, 08/15/2022		8,500		8,840			$		43,451
5.25%, 03/07/2025		1,270		1,351	Consumer Products - 0.61%
5.80%, 12/31/2049(i),(j)		10,154		10,192	Prestige Brands Inc
3 Month USD LIBOR + 3.97%					6.38%, 03/01/2024(f)		9,095		9,391
Deutsche Bank AG/New York NY
3.30%, 11/16/2022		7,680		7,412

See accompanying notes.

246

Schedule of Investments High Yield Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Consumer Products (continued)					Entertainment (continued)
Spectrum Brands Inc					Eldorado Resorts Inc
5.75%, 07/15/2025	$	8,205	$	8,392	6.00%, 04/01/2025	$	3,340	$	3,449
		$		17,783	6.00%, 09/15/2026		14,030		14,556
Distribution & Wholesale - 1.04%					Enterprise Development Authority/The
American Builders & Contractors Supply Co Inc					12.00%, 07/15/2024(f)		14,350		14,709
5.75%, 12/15/2023(f)		7,220		7,482	International Game Technology PLC
5.88%, 05/15/2026(f)		6,930		7,138	6.25%, 01/15/2027(f)		2,030		2,134
Global Partners LP / GLP Finance Corp					6.50%, 02/15/2025(f)		11,815		12,583
7.00%, 06/15/2023		9,225		9,225	Lions Gate Capital Holdings LLC
H&E Equipment Services Inc					5.88%, 11/01/2024(f)		8,635		8,808
5.63%, 09/01/2025		6,470		6,567	6.38%, 02/01/2024(f)		8,885		9,296
		$		30,412	Scientific Games International Inc
Diversified Financial Services - 3.32%					10.00%, 12/01/2022		2,236		2,353
Ally Financial Inc							$		109,072
5.75%, 11/20/2025		12,060		13,070	Food - 3.52%
Avation Capital SA					Albertsons Cos LLC / Safeway Inc / New
6.50%, 05/15/2021(f)		5,900		5,900	Albertsons LP / Albertson's LLC
Credit Acceptance Corp					7.50%, 03/15/2026(f)		17,225		18,259
6.13%, 02/15/2021		12,090		12,105	Ingles Markets Inc
6.63%, 03/15/2026(f)		3,410		3,589	5.75%, 06/15/2023		15,890		16,089
7.38%, 03/15/2023		8,140		8,435	JBS USA LUX SA / JBS USA Finance Inc
Doric Nimrod Air Finance Alpha Ltd 2012-1					5.75%, 06/15/2025(f)		12,545		12,827
Class B Pass Through Trust					7.25%, 06/01/2021(f)		13,258		13,291
6.50%, 05/30/2021(f)		466		472	JBS USA LUX SA / JBS USA Food Co / JBS
E*TRADE Financial Corp					USA Finance Inc
5.30%, 12/31/2049(i),(j)		11,295		10,998	6.50%, 04/15/2029(f)		15,915		16,870
3 Month USD LIBOR + 3.16%					Post Holdings Inc
Navient Corp					5.00%, 08/15/2026(f)		21,625		21,544
6.13%, 03/25/2024		5,490		5,615	5.75%, 03/01/2027(f)		4,490		4,602
6.63%, 07/26/2021		4,245		4,447			$		103,482
6.75%, 06/15/2026		4,900		4,937	Forest Products & Paper - 0.20%
Springleaf Finance Corp					Sappi Papier Holding GmbH
6.88%, 03/15/2025		17,710		18,994	7.50%, 06/15/2032(f)		5,985		6,015
Vantiv LLC / Vantiv Issuer Corp					Gas - 0.22%
4.38%, 11/15/2025(f)		8,780		9,022	NGL Energy Partners LP / NGL Energy Finance
		$		97,584	Corp
Electric - 1.78%					7.50%, 11/01/2023		6,277		6,527
Elwood Energy LLC					Healthcare - Products - 0.24%
8.16%, 07/05/2026		5,378		5,835	Kinetic Concepts Inc / KCI USA Inc
Indiantown Cogeneration LP					7.88%, 02/15/2021(f)		6,781		6,923
9.77%, 12/15/2020		946		979	Healthcare - Services - 4.54%
NRG Energy Inc					AHP Health Partners Inc
6.25%, 05/01/2024		12,590		12,995	9.75%, 07/15/2026(f)		9,500		10,296
6.63%, 01/15/2027		1,960		2,097	Centene Corp
7.25%, 05/15/2026		8,070		8,786	4.75%, 05/15/2022		2,695		2,747
Vistra Energy Corp					5.38%, 06/01/2026(f)		10,895		11,333
8.13%, 01/30/2026(f)		1,840		2,006	6.13%, 02/15/2024		9,525		9,977
Vistra Operations Co LLC					HCA Inc
5.50%, 09/01/2026(f)		10,735		11,057	4.75%, 05/01/2023		21,400		22,361
5.63%, 02/15/2027(f)		8,335		8,554	5.00%, 03/15/2024		14,905		15,779
		$		52,309	5.50%, 06/15/2047		6,070		6,431
Electrical Components & Equipment - 0.47%					5.88%, 03/15/2022		2,165		2,316
Energizer Holdings Inc					5.88%, 02/01/2029		5,100		5,489
5.50%, 06/15/2025(f)		6,180		6,246	MPH Acquisition Holdings LLC
6.38%, 07/15/2026(f)		7,407		7,645	7.13%, 06/01/2024(f)		6,057		6,089
		$		13,891	Tenet Healthcare Corp
Electronics - 0.14%					4.63%, 07/15/2024		13,860		13,899
Sensata Technologies BV					6.25%, 02/01/2027(f)		4,925		5,134
5.00%, 10/01/2025(f)		3,905		4,003	WellCare Health Plans Inc
Entertainment - 3.71%					5.25%, 04/01/2025		20,745		21,419
Boyne USA Inc							$		133,270
7.25%, 05/01/2025(f)		8,120		8,810	Home Builders - 2.54%
Caesars Resort Collection LLC / CRC Finco Inc					Century Communities Inc
5.25%, 10/15/2025(f)		18,190		17,781	5.88%, 07/15/2025		18,005		17,870
CCM Merger Inc					KB Home
6.00%, 03/15/2022(f)		14,220		14,593	6.88%, 06/15/2027		2,925		3,053
					7.63%, 05/15/2023		6,670		7,353

See accompanying notes.

247

Schedule of Investments High Yield Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Home Builders (continued)					Media - 8.21%
Lennar Corp					Altice Financing SA
4.50%, 04/30/2024	$	4,537	$	4,628	6.63%, 02/15/2023(f)	$	15,100	$	15,478
4.75%, 11/15/2022		7,561		7,739	Altice Finco SA
4.88%, 12/15/2023		5,060		5,231	8.13%, 01/15/2024(f)		11,525		11,928
LGI Homes Inc					Altice Luxembourg SA
6.88%, 07/15/2026(f)		8,735		8,844	7.75%, 05/15/2022(f)		21,625		22,031
Taylor Morrison Communities Inc / Taylor					AMC Networks Inc
Morrison Holdings II Inc					4.75%, 08/01/2025		11,380		11,318
5.63%, 03/01/2024(f)		8,500		8,585	5.00%, 04/01/2024		7,435		7,528
Williams Scotsman International Inc					CCO Holdings LLC / CCO Holdings Capital Corp
7.88%, 12/15/2022(f)		10,795		11,308	5.13%, 05/01/2023(f)		34,210		35,065
		$		74,611	5.50%, 05/01/2026(f)		4,750		4,902
Insurance - 3.91%					CSC Holdings LLC
Acrisure LLC / Acrisure Finance Inc					5.50%, 04/15/2027(f)		3,195		3,291
8.13%, 02/15/2024(f)		4,565		4,773	6.50%, 02/01/2029(f)		12,688		13,624
AssuredPartners Inc					6.63%, 10/15/2025(f)		4,225		4,489
7.00%, 08/15/2025(f)		7,725		7,300	DISH DBS Corp
Catlin Insurance Co Ltd					5.88%, 07/15/2022		12,915		12,601
5.57%, 07/29/2049(f),(i)		12,565		12,334	5.88%, 11/15/2024		11,985		10,337
3 Month USD LIBOR + 2.98%					7.75%, 07/01/2026		8,255		7,388
CNO Financial Group Inc					Meredith Corp
4.50%, 05/30/2020		8,206		8,288	6.88%, 02/01/2026		21,640		22,506
Liberty Mutual Group Inc					Radiate Holdco LLC / Radiate Finance Inc
5.52%, 03/07/2067(f)		18,417		17,496	6.63%, 02/15/2025(f)		3,925		3,856
3 Month USD LIBOR + 2.91%					6.88%, 02/15/2023(f)		4,515		4,515
Voya Financial Inc					UPC Holding BV
5.65%, 05/15/2053(j)		45,717		45,831	5.50%, 01/15/2028(f)		7,740		7,817
3 Month USD LIBOR + 3.58%					Virgin Media Finance PLC
6.13%, 12/31/2049(i),(j)		6,630		6,895	5.75%, 01/15/2025(f)		6,172		6,303
US Treasury Yield Curve Rate T Note					6.00%, 10/15/2024(f)		2,940		3,043
Constant Maturity 5 Year + 3.36%					Virgin Media Secured Finance PLC
XLIT Ltd					5.25%, 01/15/2026(f)		3,965		4,033
5.05%, 12/31/2049(i)		12,160		11,826	Ziggo Bond Co BV
3 Month USD LIBOR + 2.46%					5.88%, 01/15/2025(f)		855		855
		$		114,743	6.00%, 01/15/2027(f)		14,620		14,328
Internet - 1.16%					Ziggo BV
Netflix Inc					5.50%, 01/15/2027(f)		14,095		14,060
4.38%, 11/15/2026		14,505		14,342			$		241,296
5.38%, 11/15/2029(f)		2,440		2,470	Metal Fabrication & Hardware - 0.23%
Zayo Group LLC / Zayo Capital Inc					Park-Ohio Industries Inc
6.00%, 04/01/2023		16,915		17,190	6.63%, 04/15/2027		6,640		6,640
		$		34,002	Mining - 2.12%
Iron & Steel - 0.94%					Constellium NV
AK Steel Corp					5.88%, 02/15/2026(f)		2,070		2,101
6.38%, 10/15/2025		12,870		10,778	6.63%, 03/01/2025(f)		8,550		8,892
7.50%, 07/15/2023		5,570		5,709	First Quantum Minerals Ltd
7.63%, 10/01/2021		2,465		2,453	6.50%, 03/01/2024(f)		1,790		1,689
Commercial Metals Co					7.25%, 04/01/2023(f)		3,880		3,843
4.88%, 05/15/2023		8,468		8,553	7.50%, 04/01/2025(f)		4,635		4,479
		$		27,493	Hudbay Minerals Inc
Leisure Products & Services - 0.43%					7.63%, 01/15/2025(f)		6,600		6,864
Silversea Cruise Finance Ltd					IAMGOLD Corp
7.25%, 02/01/2025(f)		11,655		12,544	7.00%, 04/15/2025(f)		20,355		20,762
Lodging - 1.53%					Midwest Vanadium Pty Ltd
Jack Ohio Finance LLC / Jack Ohio Finance 1					0.00%, 02/15/2018(a),(f)		10,465		37
Corp					Taseko Mines Ltd
6.75%, 11/15/2021(f)		15,360		15,840	8.75%, 06/15/2022(f)		11,715		11,261
MGM Resorts International					Teck Resources Ltd
5.50%, 04/15/2027		8,980		9,261	8.50%, 06/01/2024(f)		2,085		2,231
Wynn Las Vegas LLC / Wynn Las Vegas Capital							$		62,159
Corp					Oil & Gas - 5.66%
5.25%, 05/15/2027(f)		15,135		14,775	Ascent Resources Utica Holdings LLC / ARU
5.50%, 03/01/2025(f)		5,050		5,113	Finance Corp
		$		44,989	7.00%, 11/01/2026(f)		6,360		6,201
Machinery - Diversified - 0.48%					10.00%, 04/01/2022(f)		8,256		9,020
Cloud Crane LLC					Brazos Valley Longhorn LLC / Brazos Valley
10.13%, 08/01/2024(f)		13,095		14,077	Longhorn Finance Corp
					6.88%, 02/01/2025		10,535		10,588

See accompanying notes.

248

Schedule of Investments High Yield Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Oil & Gas (continued)					Packaging & Containers (continued)
Chesapeake Energy Corp					Flex Acquisition Co Inc
7.00%, 10/01/2024	$	9,121	$	9,015	6.88%, 01/15/2025(f)	$	16,340	$	15,237
Chesapeake Oil Op/Fin Escrow Shares					Reynolds Group Issuer Inc / Reynolds
0.00%, 11/15/2019(a),(b),(c)		11,835		—	Group Issuer LLC / Reynolds Group Issuer
CrownRock LP / CrownRock Finance Inc					(Luxembourg) S.A.
5.63%, 10/15/2025(f)		9,680		9,559	5.13%, 07/15/2023(f)		15,260		15,481
Endeavor Energy Resources LP / EER Finance					6.10%, 07/15/2021(f)		6,620		6,645
Inc					3 Month USD LIBOR + 3.50%
5.50%, 01/30/2026(f)		7,665		7,991	7.00%, 07/15/2024(f)		1,950		2,016
EP Energy LLC / Everest Acquisition Finance Inc							$		105,860
7.75%, 05/15/2026(f)		14,700		13,083	Pharmaceuticals - 0.57%
Extraction Oil & Gas Inc					Bausch Health Americas Inc
7.38%, 05/15/2024(f)		6,600		5,940	8.50%, 01/31/2027(f)		12,710		13,846
Gulfport Energy Corp					Par Pharmaceutical Inc
6.38%, 05/15/2025		15,640		13,763	7.50%, 04/01/2027(f)		2,810		2,915
Jagged Peak Energy LLC							$		16,761
5.88%, 05/01/2026		8,305		8,346	Pipelines - 2.69%
Nabors Industries Inc					Antero Midstream Partners LP / Antero
5.75%, 02/01/2025		8,415		7,658	Midstream Finance Corp
Oasis Petroleum Inc					5.38%, 09/15/2024		5,790		5,902
6.25%, 05/01/2026(f)		6,270		6,051	5.75%, 03/01/2027(f)		9,965		10,164
6.88%, 01/15/2023		235		235	Crestwood Midstream Partners LP / Crestwood
Sanchez Energy Corp					Midstream Finance Corp
7.25%, 02/15/2023(f)		4,840		4,078	5.63%, 05/01/2027(f)		14,640		14,585
Southwestern Energy Co					Hess Infrastructure Partners LP / Hess
7.75%, 10/01/2027		14,815		15,000	Infrastructure Partners Finance Corp
Sunoco LP / Sunoco Finance Corp					5.63%, 02/15/2026(f)		10,520		10,757
4.88%, 01/15/2023		10,615		10,787	NuStar Logistics LP
5.50%, 02/15/2026		8,170		8,313	5.63%, 04/28/2027		10,009		10,006
Ultra Resources Inc					Summit Midstream Holdings LLC / Summit
6.88%, 04/15/2022(f)		7,440		2,418	Midstream Finance Corp
Unit Corp					5.75%, 04/15/2025		8,665		7,994
6.63%, 05/15/2021		8,600		8,428	Targa Resources Partners LP / Targa Resources
Whiting Petroleum Corp					Partners Finance Corp
6.25%, 04/01/2023		4,215		4,310	5.88%, 04/15/2026		6,382		6,719
6.63%, 01/15/2026		5,475		5,466	6.50%, 07/15/2027(f)		9,407		10,077
		$		166,250	6.88%, 01/15/2029(f)		2,667		2,880
Oil & Gas Services - 1.32%							$		79,084
Archrock Partners LP / Archrock Partners Finance					Private Equity - 0.66%
Corp					Icahn Enterprises LP / Icahn Enterprises Finance
6.00%, 10/01/2022		7,955		8,015	Corp
6.88%, 04/01/2027(f)		1,330		1,385	5.88%, 02/01/2022		7,100		7,171
Calfrac Holdings LP					6.25%, 02/01/2022		5,585		5,754
8.50%, 06/15/2026(f)		8,080		6,707	6.38%, 12/15/2025		6,240		6,505
USA Compression Partners LP / USA							$		19,430
Compression Finance Corp					Real Estate - 0.25%
6.88%, 04/01/2026		7,980		8,394	Forestar Group Inc
6.88%, 09/01/2027(f)		4,255		4,478	8.00%, 04/15/2024(f)		7,065		7,242
Weatherford International Ltd
4.50%, 04/15/2022		3,855		2,679	REITs - 1.43%
8.25%, 06/15/2023		5,345		3,688	Equinix Inc
9.88%, 02/15/2024		4,975		3,445	5.38%, 05/15/2027		255		270
		$		38,791	5.88%, 01/15/2026		15,400		16,266
					Iron Mountain Inc
Packaging & Containers - 3.60%					4.38%, 06/01/2021(f)		6,430		6,470
Ardagh Packaging Finance PLC / Ardagh					5.25%, 03/15/2028(f)		385		379
Holdings USA Inc					Iron Mountain US Holdings Inc
6.00%, 02/15/2025(f)		13,865		13,969	5.38%, 06/01/2026(f)		9,655		9,559
7.25%, 05/15/2024(f)		5,010		5,278	MGM Growth Properties Operating Partnership
BWAY Holding Co					LP / MGP Finance Co-Issuer Inc
7.25%, 04/15/2025(f)		19,130		18,628	5.63%, 05/01/2024		8,640		9,061
Crown Americas LLC / Crown Americas Capital							$		42,005
Corp V
4.25%, 09/30/2026		2,000		1,947	Retail - 1.34%
Crown Americas LLC / Crown Americas Capital					1011778 BC ULC / New Red Finance Inc
Corp VI					5.00%, 10/15/2025(f)		14,895		14,783
4.75%, 02/01/2026		8,490		8,628	Claire's Stores Escrow - GCB
Crown Cork & Seal Co Inc					0.00%, 03/15/2019(a),(b),(c)		6,962		—
7.38%, 12/15/2026		16,099		18,031

See accompanying notes.

249

Schedule of Investments High Yield Fund April 30, 2019 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Retail (continued)					Transportation (continued)
Golden Nugget Inc					Navios Maritime Acquisition Corp / Navios
6.75%, 10/15/2024(f)	$	15,595	$	15,946	Acquisition Finance US Inc
IRB Holding Corp					8.13%, 11/15/2021(f)	$	31,710	$	26,319
6.75%, 02/15/2026(f)		8,665		8,600	Navios Maritime Holdings Inc / Navios Maritime
		$		39,329	Finance II US Inc
Savings & Loans - 0.00%					7.38%, 01/15/2022(f)		16,245		10,641
Washington Mutual Bank / Henderson NV					11.25%, 08/15/2022(f)		8,545		5,768
0.00%, 06/15/2011(a),(b),(c)		3,500		—	Navios South American Logistics Inc / Navios
0.00%, 01/15/2013(a)		3,000		—	Logistics Finance US Inc
0.00%, 01/15/2015(a)		2,000		—	7.25%, 05/01/2022(f)		8,470		7,771
3 Month USD LIBOR + 0.65%							$		57,541
		$		—	Trucking & Leasing - 1.40%
Semiconductors - 0.41%					Avolon Holdings Funding Ltd
Sensata Technologies UK Financing Co PLC					4.38%, 05/01/2026(f)		6,250		6,213
6.25%, 02/15/2026(f)		11,500		12,147	5.13%, 10/01/2023(f)		4,080		4,229
Software - 0.19%					5.25%, 05/15/2024(f)		10,225		10,669
Epicor Software Corp					5.50%, 01/15/2023(f)		1,115		1,165
9.84%, 06/30/2023(f)		5,658		5,664	DAE Funding LLC
3 Month USD LIBOR + 7.25%					4.50%, 08/01/2022(f)		5,235		5,288
Telecommunications - 7.30%					5.75%, 11/15/2023(f)		8,890		9,312
Altice France SA/France					Park Aerospace Holdings Ltd
8.13%, 02/01/2027(f)		9,145		9,557	5.50%, 02/15/2024(f)		4,040		4,259
Embarq Corp							$		41,135
8.00%, 06/01/2036		12,430		12,259	TOTAL BONDS		$		2,459,273
Frontier Communications Corp						Principal
8.50%, 04/01/2026(f)		20,540		19,359	CONVERTIBLE BONDS - 0.00%	Amount (000's) Value (000's)
11.00%, 09/15/2025		12,760		8,262	Food - 0.00%
GTT Communications Inc					Fresh Express Delivery Holding Group Co Ltd
7.88%, 12/31/2024(f)		8,560		8,068	0.00%, 11/09/2009(a),(b),(c)	HKD	46,500		—
Intelsat Jackson Holdings SA					0.00%, 10/18/2010(a),(b),(c)	CNY	245,000		—
5.50%, 08/01/2023		16,140		14,607			$		—
8.00%, 02/15/2024(f)		3,235		3,377	TOTAL CONVERTIBLE BONDS		$		—
Intelsat Luxembourg SA					SENIOR FLOATING RATE INTERESTS	Principal
7.75%, 06/01/2021		5,955		5,538	- 11.50%	Amount (000's) Value (000's)
Level 3 Financing Inc					Automobile Manufacturers - 0.45%
5.13%, 05/01/2023		4,440		4,486	Navistar Financial Corp
5.38%, 01/15/2024		6,895		6,981	6.25%, 07/30/2025(l)	$	7,696	$	7,696
Level 3 Parent LLC					US LIBOR + 3.75%
5.75%, 12/01/2022		5,470		5,516	Navistar Inc
Sprint Capital Corp					5.70%, 11/06/2024(l)		5,431		5,429
8.75%, 03/15/2032		6,850		7,192	US LIBOR + 3.50%
Sprint Communications Inc							$		13,125
6.00%, 11/15/2022		13,755		13,841	Automobile Parts & Equipment - 0.51%
7.00%, 08/15/2020		7,000		7,263	Panther BF Aggregator 2 LP
Sprint Corp					0.00%, 03/18/2026(l),(m)		15,000		15,047
7.13%, 06/15/2024		8,840		8,859	US LIBOR + 3.50%
7.63%, 03/01/2026		3,110		3,110	Chemicals - 0.18%
7.88%, 09/15/2023		14,995		15,620	Emerald Performance Materials LLC
Telecom Italia Capital SA					10.23%, 08/01/2022(l)		5,505		5,395
6.38%, 11/15/2033		3,120		3,033	US LIBOR + 6.75%
Telecom Italia SpA/Milano					Commercial Services - 0.72%
5.30%, 05/30/2024(f)		13,065		13,016	Garda World Security Corp
T-Mobile USA Inc					6.12%, 05/24/2024(l)		4,012		4,002
4.00%, 04/15/2022		1,740		1,757	US LIBOR + 3.50%
4.50%, 02/01/2026		3,515		3,530	Refinitiv US Holdings Inc
5.13%, 04/15/2025		13,770		14,183	6.23%, 09/18/2025(l)		17,491		17,295
6.00%, 04/15/2024		300		312	US LIBOR + 3.75%
6.50%, 01/15/2024		4,025		4,166			$		21,297
6.50%, 01/15/2026		11,120		11,895	Computers - 0.49%
Wind Tre SpA					McAfee LLC
5.00%, 01/20/2026(f)		9,495		8,678	10.98%, 09/29/2025(l)		14,234		14,377
		$		214,465	US LIBOR + 8.50%
Transportation - 1.96%					Consumer Products - 0.18%
Eletson Holdings Inc / Eletson Finance US LLC /					Prestige Brands Inc
Agathonissos Finance LLC					4.48%, 01/26/2024(l)		5,349		5,332
0.00%, 01/15/2022(a),(g)		18,905		7,042	US LIBOR + 2.00%

See accompanying notes.

250

Schedule of Investments High Yield Fund April 30, 2019 (unaudited)

SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Diversified Financial Services - 0.50%					Miscellaneous Manufacturers - 0.12%
Russell Investments US Institutional Holdco Inc					Hexion International Holdings BV
5.85%, 06/01/2023(l)	$	14,741	$	14,697	5.35%, 10/12/2020(l)	$	3,500	$	3,504
US LIBOR + 3.25%					US LIBOR + 2.75%
Electrical Components & Equipment - 0.04%					Oil & Gas - 0.62%
Energizer Holdings Inc					California Resources Corp
4.75%, 12/17/2025(l)		1,117		1,117	7.23%, 12/31/2022(l)		7,570		7,324
US LIBOR + 2.25%					US LIBOR + 4.75%
Entertainment - 0.75%					12.85%, 12/31/2021(l)		10,680		10,967
CCM Merger Inc					US LIBOR + 10.37%
4.73%, 08/06/2021(l)		6,193		6,190			$		18,291
US LIBOR + 2.25%					Packaging & Containers - 0.07%
Eldorado Resorts Inc					BWAY Holding Co
4.75%, 04/17/2024(l)		10,910		10,892	0.00%, 04/03/2024(l),(m)		2,055		2,028
US LIBOR + 2.25%					US LIBOR + 3.25%
Lions Gate Capital Holdings LLC					Pharmaceuticals - 1.68%
4.73%, 03/24/2025(l)		4,891		4,863	Bausch Health Americas Inc
US LIBOR + 2.25%					5.22%, 11/14/2025(l)		10,502		10,507
		$		21,945	US LIBOR + 2.75%
Environmental Control - 0.19%					5.47%, 05/19/2025(l)		24,162		24,258
Filtration Group Corp					US LIBOR + 3.00%
5.48%, 03/31/2025(l)		5,429		5,439	Endo International PLC
US LIBOR + 3.00%					6.75%, 04/29/2024(l)		14,780		14,595
Food - 0.10%					US LIBOR + 4.25%
Post Holdings Inc							$		49,360
4.49%, 05/24/2024(l)		2,857		2,857	Retail - 0.88%
US LIBOR + 2.00%					Academy Ltd
Healthcare - Products - 0.21%					6.49%, 07/01/2022(l)		11,621		8,610
Agiliti Health Inc					US LIBOR + 4.00%
5.56%, 01/04/2026(l)		1,400		1,397	Claire's Stores Inc
US LIBOR + 3.00%					0.75%, 10/12/2022(l)		192		190
Kinetic Concepts Inc					US LIBOR + 7.50%
5.85%, 02/02/2024(l)		4,780		4,790	9.94%, 10/12/2038(l)		638		926
US LIBOR + 3.25%					US LIBOR + 7.50%
		$		6,187	IRB Holding Corp
Healthcare - Services - 0.91%					5.72%, 01/17/2025(l)		4,144		4,132
MPH Acquisition Holdings LLC					US LIBOR + 3.25%
5.35%, 06/07/2023(l)		11,917		11,793	PetSmart Inc
US LIBOR + 3.00%					6.73%, 03/11/2022(l)		12,605		12,128
RegionalCare Hospital Partners Holdings Inc					US LIBOR + 3.00%
6.99%, 11/14/2025(l)		14,748		14,808			$		25,986
US LIBOR + 4.50%					Telecommunications - 1.46%
		$		26,601	Avaya Inc
Insurance - 0.72%					6.72%, 12/16/2024(l)		15,929		15,959
Asurion LLC					US LIBOR + 4.25%
5.48%, 11/03/2023(l)		5,150		5,163	CommScope Inc
US LIBOR + 3.00%					5.73%, 02/06/2026(l)		8,500		8,566
8.98%, 08/04/2025(l)		2,085		2,124	US LIBOR + 3.25%
US LIBOR + 6.50%					Level 3 Parent LLC
Genworth Holdings Inc					4.67%, 02/22/2024(l)		5,125		5,126
6.99%, 03/07/2023(l)		13,749		13,852	US LIBOR + 2.25%
US LIBOR + 4.50%					Maxar Technologies Ltd
		$		21,139	5.24%, 10/05/2024(l)		16,621		13,363
Lodging - 0.28%					US LIBOR + 2.75%
Golden Nugget LLC							$		43,014
5.23%, 10/04/2023(l)		1,664		1,665	Trucking & Leasing - 0.33%
US LIBOR + 2.75%					Avolon TLB Borrower 1 US LLC
Marriott Ownership Resorts Inc					4.49%, 01/15/2025(l)		9,748		9,743
4.73%, 08/29/2025(l)		6,454		6,460	US LIBOR + 2.00%
US LIBOR + 2.25%					TOTAL SENIOR FLOATING RATE INTERESTS		$		337,802
		$		8,125
Media - 0.11%
CSC Holdings LLC
4.97%, 01/25/2026(l)		3,203		3,196
US LIBOR + 2.50%

See accompanying notes.

251

Schedule of Investments High Yield Fund April 30, 2019 (unaudited)

U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS - 0.84%	Amount (000's) Value (000's)
U.S. Treasury Bill - 0.84%
2.53%, 01/02/2020(n)	$ 25,000 $	24,601
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS	$	24,601
Total Investments	$	2,918,539
Other Assets and Liabilities -  0.64%		18,858
TOTAL NET ASSETS - 100.00%	$	2,937,397

(a) Non-income producing security
(b) The value of these investments was determined using significant unobservable inputs.
(c) 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 $7,361 or 0.25% of net assets.
(d) Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment
Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information.
(e)	Current yield shown is as of period end.
(f)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,393,978 or 47.46% of net assets.
(g)	Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.  These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end.

(h)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
(i)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
(j)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
(k)	Security purchased on a when-issued basis.
(l)	Rate information disclosed is based on an average weighted rate of the underlying tranches as of period end.
(m)	This Senior Floating Rate Note will settle after April 30, 2019, at which time the interest rate will be determined.
(n)	Rate shown is the discount rate of the original purchase.

Portfolio Summary  (unaudited)
Sector	Percent
Communications	18.24	%
Consumer, Non-cyclical	15.85	%
Consumer, Cyclical	15.00	%
Financial	13.19	%
Industrial	11.73	%
Energy	10.98	%
Basic Materials	6.30	%
Money Market Funds	2.66	%
Technology	2.57	%
Utilities	2.00	%
Government	0.84	%
Other Assets and Liabilities	0.64	%
TOTAL NET ASSETS	100.00	%

Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			12,827	$	495,551	$	430,342	$		78,036
	$			12,827	$	495,551	$	430,342	$		78,036
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	799	$	— $				— $			—
	$	799	$	— $				— $			—
Amounts in thousands

See accompanying notes.

252

Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)
COMMON STOCKS - 0.07%		Shares Held Value (000's)					Principal
Distribution & Wholesale - 0.07%					BONDS (continued)	Amount (000’s) Value (000’s)
ATD New Holdings Inc (a),(b),(c)		101,514	$	2,525	Aerospace & Defense (continued)
Electric - 0.00%					TransDigm Inc   (continued)
Vistra Energy Corp - Rights (a),(b),(c)		164,087		—	6.50%, 05/15/2025	$	1,554	$	1,570
Oil & Gas - 0.00%					TransDigm UK Holdings PLC
Sabine Oil & Gas Holdings Inc		246		7	6.88%, 05/15/2026(g)		625		628
Sabine Oil & Gas Holdings Inc - Warrants (a)		759		3	Triumph Group Inc
Sabine Oil & Gas Holdings Inc - Warrants (a)		172		—	4.88%, 04/01/2021		550		542
		$		10	5.25%, 06/01/2022		2,255		2,227
Retail - 0.00%					7.75%, 08/15/2025		1,331		1,328
Neebo, Inc - Warrants (a),(d)		3,508		—			$		48,270
Neebo, Inc - Warrants (a),(d)		7,519		—	Agriculture - 0.08%
		$		—	Darling Ingredients Inc
Telecommunications - 0.00%					5.25%, 04/15/2027(g)		685		697
Goodman Networks Inc (a),(b),(c)		15,207		—	5.38%, 01/15/2022		575		582
TOTAL COMMON STOCKS		$		2,535	Pyxus International Inc
INVESTMENT COMPANIES - 1.98%		Shares Held Value (000's)			9.88%, 07/15/2021		200		178
					Vector Group Ltd
Money Market Funds - 1.98%					6.13%, 02/01/2025(g)		1,000		898
Principal Government Money Market Fund		69,870,147		69,870	10.50%, 11/01/2026(g)		385		364
2.38%(e),(f)							$		2,719
TOTAL INVESTMENT COMPANIES		$		69,870
PREFERRED STOCKS - 0.00%		Shares Held Value (000's)			Airlines - 0.12%
					Air Canada
Telecommunications - 0.00%					7.75%, 04/15/2021(g)		250		267
Goodman Networks Inc 0.00% (a),(b),(c)		18,092	$	5	American Airlines Group Inc
TOTAL PREFERRED STOCKS		$		5	4.63%, 03/01/2020(g)		300		302
		Principal			UAL 2007-1 Pass Through Trust
BONDS - 84.73%	Amount (000's)    Value (000's)				6.64%, 01/02/2024		221		233
Advertising - 0.40%					United Continental Holdings Inc
Acosta Inc					4.25%, 10/01/2022		500		504
7.75%, 10/01/2022(g)	$	1,980	$	307	5.00%, 02/01/2024		1,737		1,787
Lamar Media Corp					6.00%, 12/01/2020		1,009		1,050
5.00%, 05/01/2023		1,470		1,488	Virgin Australia Holdings Ltd
5.38%, 01/15/2024		1,011		1,035	7.88%, 10/15/2021(g)		200		205
5.75%, 02/01/2026		1,851		1,944			$		4,348
MDC Partners Inc					Apparel - 0.12%
6.50%, 05/01/2024(g)		450		380	Hanesbrands Inc
Outfront Media Capital LLC / Outfront Media					4.63%, 05/15/2024(g)		1,045		1,055
Capital Corp					4.88%, 05/15/2026(g)		1,250		1,252
5.25%, 02/15/2022		980		992	Levi Strauss & Co
5.63%, 02/15/2024		2,779		2,863	5.00%, 05/01/2025		150		154
5.88%, 03/15/2025		4,780		4,942	Under Armour Inc
		$		13,951	3.25%, 06/15/2026		500		461
Aerospace & Defense - 1.37%					William Carter Co/The
Arconic Inc					5.63%, 03/15/2027(g)		1,175		1,215
5.13%, 10/01/2024		1,655		1,707	Wolverine World Wide Inc
5.40%, 04/15/2021		295		304	5.00%, 09/01/2026(g)		80		78
5.87%, 02/23/2022		1,148		1,205			$		4,215
5.90%, 02/01/2027		335		354	Automobile Manufacturers - 0.72%
5.95%, 02/01/2037		771		776	Allison Transmission Inc
6.15%, 08/15/2020		125		129	4.75%, 10/01/2027(g)		25		25
6.75%, 01/15/2028		876		935	5.00%, 10/01/2024(g)		1,500		1,517
BBA US Holdings Inc					Aston Martin Capital Holdings Ltd
5.38%, 05/01/2026(g)		2,705		2,772	6.50%, 04/15/2022(g)		1,674		1,657
Bombardier Inc					BCD Acquisition Inc
5.75%, 03/15/2022(g)		300		303	9.63%, 09/15/2023(g)		12,828		13,630
6.00%, 10/15/2022(g)		1,450		1,451	Fiat Chrysler Automobiles NV
6.13%, 01/15/2023(g)		1,512		1,514	4.50%, 04/15/2020		1,900		1,914
7.50%, 12/01/2024(g)		400		407	5.25%, 04/15/2023		1,867		1,946
7.50%, 03/15/2025(g)		1,768		1,775	General Motors Co
7.88%, 04/15/2027(g)		2,000		2,012	0.00%, 12/01/2020(a),(b),(c),(d)		25		—
Moog Inc					0.00%, 12/01/2020(a),(b),(c),(d)		50		—
5.25%, 12/01/2022(g)		30		30	0.00%, 07/15/2023(a),(b),(c),(d)		1,000		—
Pioneer Holdings LLC / Pioneer Finance Corp					0.00%, 09/01/2025(a),(b),(c),(d)		700		—
9.00%, 11/01/2022(g)		100		102	0.00%, 05/01/2028(a),(b),(c),(d)		150		—
TransDigm Inc					0.00%, 03/06/2032(a),(b),(c),(d)		75		—
6.00%, 07/15/2022		1,378		1,397	0.00%, 07/15/2033(a),(b),(c),(d)		100		—
6.25%, 03/15/2026(g)		9,860		10,266	0.00%, 07/15/2033(a),(b),(c),(d)		5,050		—
6.38%, 06/15/2026		12,023		12,053	0.00%, 03/15/2036(a),(b),(c),(d)		725		—
6.50%, 07/15/2024		2,451		2,483

See accompanying notes.

253

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Automobile Manufacturers (continued)					Banks (continued)
Jaguar Land Rover Automotive PLC					Freedom Mortgage Corp
4.50%, 10/01/2027(g)	$	960	$	792	8.25%, 04/15/2025(g)	$	900	$	799
Navistar International Corp					Intesa Sanpaolo SpA
6.63%, 11/01/2025(g)		1,600		1,630	5.02%, 06/26/2024(g)		1,750		1,689
Tesla Inc					5.71%, 01/15/2026(g)		1,200		1,172
5.30%, 08/15/2025(g)		1,930		1,650	RBS Capital Trust II
Wabash National Corp					6.43%, 12/29/2049(k),(l)		150		188
5.50%, 10/01/2025(g)		792		753	3 Month USD LIBOR + 1.94%
		$		25,514	Royal Bank of Scotland Group PLC
Automobile Parts & Equipment - 0.68%					7.65%, 08/29/2049(k),(l)		700		886
Adient Global Holdings Ltd					3 Month USD LIBOR + 2.50%
4.88%, 08/15/2026(g)		1,500		1,219	Standard Chartered PLC
American Axle & Manufacturing Inc					7.01%, 07/29/2049(g),(k),(l)		600		648
6.25%, 04/01/2025		1,083		1,089	3 Month USD LIBOR + 1.46%
6.25%, 03/15/2026		649		649	Synovus Financial Corp
6.50%, 04/01/2027		802		808	5.75%, 12/15/2025(l)		500		512
6.63%, 10/15/2022		134		137	3 Month USD LIBOR + 4.18%
Cooper-Standard Automotive Inc					UniCredit SpA
5.63%, 11/15/2026(g)		626		576	5.86%, 06/19/2032(g),(l)		1,250		1,166
Dana Financing Luxembourg Sarl					USD Swap Rate NY 5 Year + 3.70%
5.75%, 04/15/2025(g)		910		928			$		32,349
6.50%, 06/01/2026(g)		537		562	Beverages - 0.07%
Dana Inc					Cott Holdings Inc
6.00%, 09/15/2023		6		6	5.50%, 04/01/2025(g)		2,505		2,536
Delphi Technologies PLC					Biotechnology - 0.04%
5.00%, 10/01/2025(g)		1,150		1,055	Sotera Health Topco Inc
Goodyear Tire & Rubber Co/The					8.13%, PIK 8.88%, 11/01/2021(g),(h),(i)		1,310		1,310
4.88%, 03/15/2027		955		904	Building Materials - 0.59%
5.00%, 05/31/2026		700		680	American Woodmark Corp
5.13%, 11/15/2023		3,035		3,079	4.88%, 03/15/2026(g)		1,000		991
IHO Verwaltungs GmbH					BMC East LLC
4.13%, PIK 4.88%, 09/15/2021(g),(h),(i)		200		201	5.50%, 10/01/2024(g)		240		241
4.50%, PIK 5.25%, 09/15/2023(g),(h),(i)		4,620		4,665	Boise Cascade Co
4.75%, PIK 5.50%, 09/15/2026(g),(h),(i)		950		921	5.63%, 09/01/2024(g)		165		165
Meritor Inc					CPG Merger Sub LLC
6.25%, 02/15/2024		69		71	8.00%, 10/01/2021(g)		910		928
Panther BF Aggregator 2 LP / Panther Finance					Griffon Corp
Co Inc					5.25%, 03/01/2022		720		720
8.50%, 05/15/2027(g)		2,000		2,068	James Hardie International Finance DAC
Tenneco Inc					5.00%, 01/15/2028(g)		700		682
5.00%, 07/15/2026		434		353	JELD-WEN Inc
Truck Hero Inc					4.63%, 12/15/2025(g)		3,055		2,910
8.50%, 04/21/2024(g),(j)		4,010		4,040	4.88%, 12/15/2027(g)		371		354
		$		24,011	Louisiana-Pacific Corp
Banks - 0.92%					4.88%, 09/15/2024		6		6
Barclays PLC					Masonite International Corp
4.38%, 09/11/2024		2,700		2,721	5.63%, 03/15/2023(g)		951		972
4.84%, 05/09/2028		2,550		2,557	5.75%, 09/15/2026(g)		1,820		1,861
5.20%, 05/12/2026		2,300		2,380	NCI Building Systems Inc
CIT Group Inc					8.00%, 04/15/2026(g)		1,175		1,096
4.13%, 03/09/2021		875		887	Norbord Inc
4.75%, 02/16/2024		3,335		3,439	6.25%, 04/15/2023(g)		41		43
5.00%, 08/15/2022		6,756		7,026	Northwest Hardwoods Inc
5.00%, 08/01/2023		905		944	7.50%, 08/01/2021(g)		223		127
5.25%, 03/07/2025		1,475		1,569	Omnimax International Inc
Citizens Financial Group Inc					12.00%, 08/15/2020(g)		100		101
5.50%, 12/31/2049(k),(l)		250		251	Standard Industries Inc/NJ
3 Month USD LIBOR + 3.96%					4.75%, 01/15/2028(g)		536		514
Deutsche Bank AG					5.00%, 02/15/2027(g)		1,150		1,130
4.30%, 05/24/2028(l)		750		682	5.38%, 11/15/2024(g)		1,275		1,299
USD Swap Semi-Annual 5 Year + 2.25%					5.50%, 02/15/2023(g)		1,400		1,421
4.50%, 04/01/2025		1,275		1,194	6.00%, 10/15/2025(g)		765		799
Deutsche Bank AG/New York NY					Summit Materials LLC / Summit Materials
4.88%, 12/01/2032(l)		645		551	Finance Corp
USD Swap Rate NY 5 Year + 2.55%					5.13%, 06/01/2025(g)		508		505
Dresdner Funding Trust I					6.13%, 07/15/2023		755		768
8.15%, 06/30/2031(g)		850		1,088	US Concrete Inc
					6.38%, 06/01/2024		698		717

See accompanying notes.

254

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Building Materials (continued)					Chemicals (continued)
USG Corp					TPC Group Inc
4.88%, 06/01/2027(g)	$	1,100	$	1,111	8.75%, 12/15/2020(g)	$	550	$	544
5.50%, 03/01/2025(g)		1,415		1,433	Trinseo Materials Operating SCA / Trinseo
		$		20,894	Materials Finance Inc
Chemicals - 1.90%					5.38%, 09/01/2025(g)		1,018		990
Ashland LLC					Tronox Finance PLC
4.75%, 08/15/2022		405		414	5.75%, 10/01/2025(g)		380		371
6.88%, 05/15/2043		850		907	Tronox Inc
Axalta Coating Systems LLC					6.50%, 04/15/2026(g)		1,075		1,084
4.88%, 08/15/2024(g)		1,380		1,386	Valvoline Inc
Blue Cube Spinco LLC					4.38%, 08/15/2025		323		313
9.75%, 10/15/2023		875		978	5.50%, 07/15/2024		450		461
10.00%, 10/15/2025		1,038		1,181	Venator Finance Sarl / Venator Materials LLC
CF Industries Inc					5.75%, 07/15/2025(g)		15		14
3.45%, 06/01/2023		1,575		1,542	Versum Materials Inc
4.95%, 06/01/2043		1,000		877	5.50%, 09/30/2024(g)		360		383
5.15%, 03/15/2034		687		665	WR Grace & Co-Conn
5.38%, 03/15/2044		2,116		1,936	5.13%, 10/01/2021(g)		4,200		4,347
7.13%, 05/01/2020		313		325	5.63%, 10/01/2024(g)		60		64
Chemours Co/The							$		66,775
5.38%, 05/15/2027		592		591	Coal - 0.76%
6.63%, 05/15/2023		1,052		1,090	Alliance Resource Operating Partners LP /
7.00%, 05/15/2025		870		920	Alliance Resource Finance Corp
Consolidated Energy Finance SA					7.50%, 05/01/2025(g)		61		64
6.88%, 06/15/2025(g)		300		309	CONSOL Energy Inc
Cornerstone Chemical Co					11.00%, 11/15/2025(g)		295		333
6.75%, 08/15/2024(g)		14,087		13,699	Foresight Energy LLC / Foresight Energy Finance
CVR Partners LP / CVR Nitrogen Finance Corp					Corp
9.25%, 06/15/2023(g)		300		314	11.50%, 04/01/2023(g)		28,790		22,312
Element Solutions Inc					Peabody Energy Corp
5.88%, 12/01/2025(g)		4,795		4,909	6.00%, 03/31/2022(g)		461		468
GCP Applied Technologies Inc					6.38%, 03/31/2025(g)		1,100		1,092
5.50%, 04/15/2026(g)		600		608	SunCoke Energy Partners LP / SunCoke Energy
HB Fuller Co					Partners Finance Corp
4.00%, 02/15/2027		350		315	7.50%, 06/15/2025(g)		1,850		1,866
Hexion Inc					Warrior Met Coal Inc
0.00%, 04/15/2020(a)		1,316		1,043	8.00%, 11/01/2024(g)		685		717
INEOS Group Holdings SA							$		26,852
5.63%, 08/01/2024(g)		4,195		4,216	Commercial Services - 2.78%
Kraton Polymers LLC / Kraton Polymers Capital					ACE Cash Express Inc
Corp					12.00%, 12/15/2022(g)		3		3
7.00%, 04/15/2025(g)		900		930	Ahern Rentals Inc
Momentive Performance Materials Inc					7.38%, 05/15/2023(g)		155		138
3.88%, 10/24/2021		1,095		1,214	AMN Healthcare Inc
NOVA Chemicals Corp					5.13%, 10/01/2024(g)		423		425
4.88%, 06/01/2024(g)		2,805		2,742	Aptim Corp
5.00%, 05/01/2025(g)		2,100		2,042	7.75%, 06/15/2025(g)		300		225
5.25%, 08/01/2023(g)		1,035		1,043	APX Group Inc
5.25%, 06/01/2027(g)		1,260		1,238	7.63%, 09/01/2023		200		175
Nufarm Australia Ltd / Nufarm Americas Inc					7.88%, 12/01/2022		2,150		2,145
5.75%, 04/30/2026(g)		600		558	8.75%, 12/01/2020		825		813
OCI NV					Atento Luxco 1 SA
6.63%, 04/15/2023(g)		1,075		1,120	6.13%, 08/10/2022(g)		100		101
Olin Corp					Avis Budget Car Rental LLC / Avis Budget
5.00%, 02/01/2030		620		614	Finance Inc
5.13%, 09/15/2027		572		580	5.25%, 03/15/2025(g)		3,466		3,440
PolyOne Corp					5.50%, 04/01/2023		870		886
5.25%, 03/15/2023		855		887	6.38%, 04/01/2024(g)		118		123
PQ Corp					Brink's Co/The
6.75%, 11/15/2022(g)		2,575		2,665	4.63%, 10/15/2027(g)		1,100		1,061
Rain CII Carbon LLC / CII Carbon Corp					Cimpress NV
7.25%, 04/01/2025(g)		1,432		1,353	7.00%, 06/15/2026(g)		1,300		1,284
Rayonier AM Products Inc					Emeco Pty Ltd
5.50%, 06/01/2024(g)		840		802	9.25%, 03/31/2022		400		427
SPCM SA					Flexi-Van Leasing Inc
4.88%, 09/15/2025(g)		850		831	10.00%, 02/15/2023(g)		400		356
Starfruit Finco BV / Starfruit US Holdco LLC					Garda World Security Corp
8.00%, 10/01/2026(g)		1,325		1,360	8.75%, 05/15/2025(g)		1,600		1,508

See accompanying notes.

255

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Commercial Services (continued)					Commercial Services (continued)
Gartner Inc					WEX Inc
5.13%, 04/01/2025(g)	$	1,630	$	1,669	4.75%, 02/01/2023(g)	$	575	$	577
Graham Holdings Co							$		97,890
5.75%, 06/01/2026(g)		29		30	Computers - 1.36%
Herc Rentals Inc					Banff Merger Sub Inc
7.50%, 06/01/2022(g)		469		488	9.75%, 09/01/2026(g)		2,700		2,707
7.75%, 06/01/2024(g)		541		575	Booz Allen Hamilton Inc
Hertz Corp/The					5.13%, 05/01/2025(g)		174		176
5.50%, 10/15/2024(g)		7,490		6,404	Dell Inc
5.88%, 10/15/2020		466		466	4.63%, 04/01/2021		500		508
6.25%, 10/15/2022		300		291	5.40%, 09/10/2040		150		134
7.38%, 01/15/2021		200		200	6.50%, 04/15/2038		674		683
7.63%, 06/01/2022(g)		2,510		2,590	Dell International LLC / EMC Corp
Jaguar Holding Co II / Pharmaceutical Product					5.88%, 06/15/2021(g)		2,155		2,195
Development LLC					7.13%, 06/15/2024(g)		2,365		2,502
6.38%, 08/01/2023(g)		1,613		1,645	EMC Corp
Laureate Education Inc					2.65%, 06/01/2020		2,642		2,628
8.25%, 05/01/2025(g)		2,628		2,845	3.38%, 06/01/2023		415		405
Matthews International Corp					Everi Payments Inc
5.25%, 12/01/2025(g)		255		249	7.50%, 12/15/2025(g)		7		7
Midas Intermediate Holdco II LLC / Midas					Exela Intermediate LLC / Exela Finance Inc
Intermediate Holdco II Finance Inc					10.00%, 07/15/2023(g)		735		741
7.88%, 10/01/2022(g)		3,550		3,266	GCI LLC
NESCO LLC / NESCO Finance Corp					6.88%, 04/15/2025		800		838
6.88%, 02/15/2021(g)		635		632	Harland Clarke Holdings Corp
Nielsen Co Luxembourg SARL/The					8.38%, 08/15/2022(g)		914		811
5.00%, 02/01/2025(g)		4,039		3,978	9.25%, 03/01/2021(g)		815		833
5.50%, 10/01/2021(g)		650		653	Leidos Holdings Inc
Nielsen Finance LLC / Nielsen Finance Co					4.45%, 12/01/2020		1,000		1,013
4.50%, 10/01/2020		3,275		3,275	5.95%, 12/01/2040		345		339
5.00%, 04/15/2022(g)		4,652		4,621	Leidos Inc
Prime Security Services Borrower LLC / Prime					5.50%, 07/01/2033		100		90
Finance Inc					NCR Corp
9.25%, 05/15/2023(g)		1,309		1,380	4.63%, 02/15/2021		100		99
Refinitiv US Holdings Inc					5.00%, 07/15/2022		3,100		3,104
8.25%, 11/15/2026(g)		1,950		1,976	5.88%, 12/15/2021		285		287
Rent-A-Center Inc/TX					6.38%, 12/15/2023		1,700		1,747
4.75%, 05/01/2021		129		128	West Corp
6.63%, 11/15/2020		319		320	8.50%, 10/15/2025(g)		20,565		18,123
Ritchie Bros Auctioneers Inc					Western Digital Corp
5.38%, 01/15/2025(g)		4,560		4,685	4.75%, 02/15/2026		8,140		7,855
RR Donnelley & Sons Co							$		47,825
6.00%, 04/01/2024		55		55	Consumer Products - 0.43%
7.88%, 03/15/2021		283		292	ACCO Brands Corp
Service Corp International/US					5.25%, 12/15/2024(g)		316		313
4.63%, 12/15/2027		450		453	Central Garden & Pet Co
5.38%, 01/15/2022		375		378	5.13%, 02/01/2028		642		610
5.38%, 05/15/2024		5,255		5,394	6.13%, 11/15/2023		2,325		2,430
8.00%, 11/15/2021		370		403	Kronos Acquisition Holdings Inc
ServiceMaster Co LLC/The					9.00%, 08/15/2023(g)		651		581
5.13%, 11/15/2024(g)		4,420		4,464	Prestige Brands Inc
Team Health Holdings Inc					5.38%, 12/15/2021(g)		525		528
6.38%, 02/01/2025(g)		17,964		15,270	6.38%, 03/01/2024(g)		4,290		4,429
United Rentals North America Inc					Spectrum Brands Inc
4.63%, 07/15/2023		740		752	5.75%, 07/15/2025		4,810		4,920
4.63%, 10/15/2025		584		580	6.13%, 12/15/2024		1,310		1,346
4.88%, 01/15/2028		2,015		2,000			$		15,157
5.50%, 07/15/2025		1,777		1,840	Cosmetics & Personal Care - 0.33%
5.50%, 05/15/2027		905		932	Avon International Operations Inc
5.75%, 11/15/2024		3,540		3,644	7.88%, 08/15/2022(g)		160		166
5.88%, 09/15/2026		2,060		2,153	Avon Products Inc
6.50%, 12/15/2026		1,075		1,150	6.60%, 03/15/2020		377		383
Verscend Escrow Corp					7.00%, 03/15/2023		6		6
9.75%, 08/15/2026(g)		1,950		2,062	8.95%, 03/15/2043		200		198
Weight Watchers International Inc					Coty Inc
8.63%, 12/01/2025(g)		17		15	6.50%, 04/15/2026(g)		1,033		1,019

See accompanying notes.

256

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Cosmetics & Personal Care (continued)					Diversified Financial Services (continued)
Edgewell Personal Care Co					LPL Holdings Inc
4.70%, 05/19/2021	$	250	$	255	5.75%, 09/15/2025(g)	$	7,444	$	7,575
4.70%, 05/24/2022		3,685		3,805	Nationstar Mortgage Holdings Inc
First Quality Finance Co Inc					8.13%, 07/15/2023(g)		1,650		1,662
4.63%, 05/15/2021(g)		695		693	9.13%, 07/15/2026(g)		875		877
5.00%, 07/01/2025(g)		1,265		1,259	Nationstar Mortgage LLC / Nationstar Capital
High Ridge Brands Co					Corp
8.88%, 03/15/2025(g)		4,938		2,049	6.50%, 07/01/2021		660		661
Revlon Consumer Products Corp					Navient Corp
5.75%, 02/15/2021		1,813		1,632	4.88%, 06/17/2019		4,769		4,776
		$		11,465	5.00%, 10/26/2020		1,392		1,411
Distribution & Wholesale - 0.55%					5.63%, 08/01/2033		122		98
American Builders & Contractors Supply Co Inc					5.88%, 03/25/2021		3,440		3,556
5.75%, 12/15/2023(g)		2,740		2,839	5.88%, 10/25/2024		2,115		2,126
5.88%, 05/15/2026(g)		450		463	6.13%, 03/25/2024		1,100		1,125
Core & Main LP					6.50%, 06/15/2022		1,900		2,002
6.13%, 08/15/2025(g)		1,000		993	6.63%, 07/26/2021		2,720		2,849
Global Partners LP / GLP Finance Corp					6.75%, 06/25/2025		1,250		1,275
6.25%, 07/15/2022		530		534	6.75%, 06/15/2026		2,480		2,499
7.00%, 06/15/2023		90		90	7.25%, 01/25/2022		100		107
H&E Equipment Services Inc					7.25%, 09/25/2023		600		649
5.63%, 09/01/2025		661		671	8.00%, 03/25/2020		2,860		2,964
HD Supply Inc					NFP Corp
5.38%, 10/15/2026(g)		3,120		3,229	6.88%, 07/15/2025(g)		12,531		12,311
KAR Auction Services Inc					Ocwen Loan Servicing LLC
5.13%, 06/01/2025(g)		5,032		5,032	8.38%, 11/15/2022(g)		250		229
LKQ Corp					Oxford Finance LLC / Oxford Finance Co-Issuer
4.75%, 05/15/2023		2,083		2,099	II Inc
Performance Food Group Inc					6.38%, 12/15/2022(g)		50		52
5.50%, 06/01/2024(g)		2,800		2,828	Quicken Loans Inc
Univar USA Inc					5.25%, 01/15/2028(g)		1,250		1,212
6.75%, 07/15/2023(g)		443		451	5.75%, 05/01/2025(g)		1,424		1,445
		$		19,229	SLM Corp
Diversified Financial Services - 3.12%					5.13%, 04/05/2022		1,200		1,182
Alliance Data Systems Corp					Springleaf Finance Corp
5.88%, 11/01/2021(g)		170		174	5.63%, 03/15/2023		950		987
Ally Financial Inc					6.13%, 05/15/2022		2,335		2,466
4.13%, 02/13/2022		1,700		1,719	6.13%, 03/15/2024		720		760
4.25%, 04/15/2021		1,480		1,499	6.88%, 03/15/2025		3,995		4,284
4.63%, 05/19/2022		592		607	7.13%, 03/15/2026		3,769		4,047
4.63%, 03/30/2025		1,527		1,573	7.75%, 10/01/2021		6,288		6,830
5.13%, 09/30/2024		745		787	8.25%, 12/15/2020		1,982		2,136
5.75%, 11/20/2025		1,600		1,734	Stearns Holdings LLC
7.50%, 09/15/2020		6,020		6,336	9.38%, 08/15/2020(g)		241		227
8.00%, 03/15/2020		7,940		8,268	Tempo Acquisition LLC / Tempo Acquisition
8.00%, 11/01/2031		285		361	Finance Corp
8.00%, 11/01/2031		1,775		2,272	6.75%, 06/01/2025(g)		1,336		1,364
Blackstone CQP Holdco LP					Travelport Corporate Finance PLC
6.00%, 08/18/2021(g)		66		66	6.00%, 03/15/2026(g)		785		844
Credit Acceptance Corp					Vantiv LLC / Vantiv Issuer Corp
6.63%, 03/15/2026(g)		750		789	4.38%, 11/15/2025(g)		675		694
7.38%, 03/15/2023		310		321	VFH Parent LLC / Orchestra Co-Issuer Inc
Curo Group Holdings Corp					6.75%, 06/15/2022(g)		575		594
8.25%, 09/01/2025(g)		330		290	Voyager Aviation Holdings LLC / Voyager
E*TRADE Financial Corp					Finance Co
5.88%, 12/31/2049(k),(l)		1,500		1,549	8.50%, 08/15/2021(g)		300		309
3 Month USD LIBOR + 4.44%					Werner FinCo LP / Werner FinCo Inc
goeasy Ltd					8.75%, 07/15/2025(g)		375		322
7.88%, 11/01/2022(g)		125		132			$		109,954
Jefferies Finance LLC / JFIN Co-Issuer Corp					Electric - 2.21%
6.88%, 04/15/2022(g)		875		888	AES Corp/VA
7.50%, 04/15/2021(g)		200		204	4.00%, 03/15/2021		600		606
Ladder Capital Finance Holdings LLLP / Ladder					4.50%, 03/15/2023		100		102
Capital Finance Corp					4.88%, 05/15/2023		1,250		1,269
5.25%, 03/15/2022(g)		503		516	5.13%, 09/01/2027		600		624
5.25%, 10/01/2025(g)		994		990	5.50%, 04/15/2025		693		719
5.88%, 08/01/2021(g)		365		372	6.00%, 05/15/2026		1,125		1,190

See accompanying notes.

257

Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)
		Principal					Principal
BONDS (continued)	Amount (000’s)     Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Electric (continued)					Engineering & Construction - 0.20%
Calpine Corp					AECOM
5.25%, 06/01/2026(g)	$	1,150	$	1,151	5.13%, 03/15/2027	$	2,500	$	2,509
5.38%, 01/15/2023		3,485		3,511	5.88%, 10/15/2024		16		17
5.50%, 02/01/2024		1,300		1,290	AECOM Global II LLC / URS Fox US LP
5.75%, 01/15/2025		3,545		3,510	5.00%, 04/01/2022		337		343
5.88%, 01/15/2024(g)		1,038		1,058	Brand Industrial Services Inc
6.00%, 01/15/2022(g)		5,645		5,701	8.50%, 07/15/2025(g)		1,460		1,372
Clearway Energy Operating LLC					frontdoor Inc
5.00%, 09/15/2026		405		396	6.75%, 08/15/2026(g)		205		215
5.38%, 08/15/2024		975		991	Great Lakes Dredge & Dock Corp
InterGen NV					8.00%, 05/15/2022		1,200		1,268
7.00%, 06/30/2023(g)		750		689	MasTec Inc
NextEra Energy Operating Partners LP					4.88%, 03/15/2023		137		138
4.25%, 09/15/2024(g)		600		602	New Enterprise Stone & Lime Co Inc
4.50%, 09/15/2027(g)		650		639	6.25%, 03/15/2026(g)		274		278
NRG Energy Inc					TopBuild Corp
5.75%, 01/15/2028		1,300		1,377	5.63%, 05/01/2026(g)		258		260
6.25%, 05/01/2024		850		877	Tutor Perini Corp
6.63%, 01/15/2027		7,708		8,247	6.88%, 05/01/2025(g)		671		672
7.25%, 05/15/2026		6,680		7,273	Weekley Homes LLC / Weekley Finance Corp
Talen Energy Supply LLC					6.63%, 08/15/2025		27		27
6.50%, 06/01/2025		672		590			$		7,099
9.50%, 07/15/2022(g)		5,810		6,333	Entertainment - 1.71%
10.50%, 01/15/2026(g)		6,325		6,578	AMC Entertainment Holdings Inc
Vistra Energy Corp					5.75%, 06/15/2025		6,433		6,200
5.88%, 06/01/2023		3,457		3,527	5.88%, 11/15/2026		225		209
7.38%, 11/01/2022		1,271		1,315	6.13%, 05/15/2027		2,845		2,649
7.63%, 11/01/2024		8,499		8,960	Boyne USA Inc
8.13%, 01/30/2026(g)		360		392	7.25%, 05/01/2025(g)		175		190
Vistra Operations Co LLC					Caesars Resort Collection LLC / CRC Finco Inc
5.50%, 09/01/2026(g)		2,750		2,833	5.25%, 10/15/2025(g)		1,100		1,075
5.63%, 02/15/2027(g)		5,465		5,608	CCM Merger Inc
		$		77,958	6.00%, 03/15/2022(g)		122		125
Electrical Components & Equipment - 0.23%					Cedar Fair LP / Canada's Wonderland Co /
Energizer Holdings Inc					Magnum Management Corp
5.50%, 06/15/2025(g)		1,155		1,167	5.38%, 06/01/2024		100		102
6.38%, 07/15/2026(g)		2,330		2,405	Cedar Fair LP / Canada's Wonderland Co /
7.75%, 01/15/2027(g)		2,805		3,041	Magnum Management Corp / Millennium Op
EnerSys					5.38%, 04/15/2027		3,500		3,571
5.00%, 04/30/2023(g)		838		846	Churchill Downs Inc
WESCO Distribution Inc					4.75%, 01/15/2028(g)		1,655		1,622
5.38%, 12/15/2021		580		586	5.50%, 04/01/2027(g)		2,435		2,499
5.38%, 06/15/2024		11		11	Cinemark USA Inc
		$		8,056	4.88%, 06/01/2023		650		657
Electronics - 0.37%					Cirsa Finance International Sarl
ADT Security Corp/The					7.88%, 12/20/2023(g)		425		440
3.50%, 07/15/2022		270		262	Eldorado Resorts Inc
4.13%, 06/15/2023		1,275		1,247	6.00%, 04/01/2025		1,130		1,167
4.88%, 07/15/2032(g)		3,155		2,611	6.00%, 09/15/2026		3,925		4,072
6.25%, 10/15/2021		2,000		2,102	EMI Music Publishing Group North America
Ingram Micro Inc					Holdings Inc
5.00%, 08/10/2022		800		799	7.63%, 06/15/2024(g)		745		790
5.45%, 12/15/2024		250		249	Enterprise Development Authority/The
Resideo Funding Inc					12.00%, 07/15/2024(g)		80		82
6.13%, 11/01/2026(g)		1,490		1,542	Gateway Casinos & Entertainment Ltd
Sensata Technologies BV					8.25%, 03/01/2024(g)		210		219
4.88%, 10/15/2023(g)		840		875	International Game Technology PLC
5.00%, 10/01/2025(g)		1,546		1,585	6.25%, 02/15/2022(g)		1,815		1,892
5.63%, 11/01/2024(g)		1,750		1,859	6.25%, 01/15/2027(g)		1,040		1,093
		$		13,131	6.50%, 02/15/2025(g)		1,530		1,629
Energy - Alternate Sources - 0.07%					Lions Gate Capital Holdings LLC
Pattern Energy Group Inc					5.88%, 11/01/2024(g)		2,400		2,448
5.88%, 02/01/2024(g)		329		339	Live Nation Entertainment Inc
TerraForm Power Operating LLC					4.88%, 11/01/2024(g)		5,175		5,277
4.25%, 01/31/2023(g)		500		494	5.38%, 06/15/2022(g)		7		7
5.00%, 01/31/2028(g)		1,325		1,307	5.63%, 03/15/2026(g)		455		474
6.63%, 06/15/2025(g),(h)		210		220	Merlin Entertainments PLC
		$		2,360	5.75%, 06/15/2026(g)		1,210		1,255

See accompanying notes.

258

Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)
		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Entertainment (continued)					Food (continued)
Mohegan Gaming & Entertainment					New Albertsons LP
7.88%, 10/15/2024(g)	$	1,025	$	992	7.45%, 08/01/2029	$	1,000	$	930
National CineMedia LLC					8.00%, 05/01/2031		300		284
6.00%, 04/15/2022		516		520	8.70%, 05/01/2030		265		262
Penn National Gaming Inc					Pilgrim's Pride Corp
5.63%, 01/15/2027(g)		500		494	5.75%, 03/15/2025(g)		3,095		3,141
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh					5.88%, 09/30/2027(g)		950		981
Finance Corp					Post Holdings Inc
6.13%, 08/15/2021(g)		360		365	5.00%, 08/15/2026(g)		2,148		2,140
Scientific Games International Inc					5.50%, 03/01/2025(g)		4,528		4,636
5.00%, 10/15/2025(g)		1,005		1,000	5.63%, 01/15/2028(g)		2,905		2,937
6.25%, 09/01/2020		43		43	5.75%, 03/01/2027(g)		3,164		3,243
8.25%, 03/15/2026(g)		3,475		3,601	Safeway Inc
10.00%, 12/01/2022		1,266		1,333	7.25%, 02/01/2031		1,115		1,059
Six Flags Entertainment Corp					Sigma Holdco BV
4.88%, 07/31/2024(g)		3,179		3,179	7.88%, 05/15/2026(g)		975		924
5.50%, 04/15/2027(g)		2,780		2,838	Simmons Foods Inc
Stars Group Holdings BV / Stars Group US Co-					5.75%, 11/01/2024(g)		3,704		3,408
Borrower LLC					Tesco PLC
7.00%, 07/15/2026(g)		1,450		1,515	6.15%, 11/15/2037(g)		250		271
WMG Acquisition Corp					TreeHouse Foods Inc
4.88%, 11/01/2024(g)		150		153	4.88%, 03/15/2022		565		569
5.00%, 08/01/2023(g)		3,971		4,050	6.00%, 02/15/2024(g)		1,120		1,168
5.50%, 04/15/2026(g)		21		22	US Foods Inc
5.63%, 04/15/2022(g)		523		531	5.88%, 06/15/2024(g)		695		711
		$		60,380			$		41,642
Environmental Control - 0.15%					Food Service - 0.26%
Advanced Disposal Services Inc					Aramark Services Inc
5.63%, 11/15/2024(g)		900		945	4.75%, 06/01/2026		300		305
Clean Harbors Inc					5.00%, 04/01/2025(g)		550		565
5.13%, 06/01/2021		138		138	5.00%, 02/01/2028(g)		2,025		2,061
Covanta Holding Corp					5.13%, 01/15/2024		5,970		6,171
5.88%, 03/01/2024		145		149			$		9,102
6.00%, 01/01/2027		1,150		1,170	Forest Products & Paper - 0.07%
GFL Environmental Inc					Cascades Inc
5.38%, 03/01/2023(g)		800		778	5.50%, 07/15/2022(g)		100		101
5.63%, 05/01/2022(g)		260		258	5.75%, 07/15/2023(g)		230		233
7.00%, 06/01/2026(g)		1,445		1,409	Mercer International Inc
Tervita Escrow Corp					6.50%, 02/01/2024		1,275		1,313
7.63%, 12/01/2021(g)		275		278	NewPage Corp
Waste Pro USA Inc					0.00%, 12/31/2014(a),(b),(c)		3,413		—
5.50%, 02/15/2026(g)		300		299	Resolute Forest Products Inc
		$		5,424	5.88%, 05/15/2023		600		606
Food - 1.18%					Smurfit Kappa Treasury Funding DAC
Albertsons Cos LLC / Safeway Inc / New					7.50%, 11/20/2025		150		171
Albertsons LP / Albertson's LLC							$		2,424
5.75%, 03/15/2025		1,595		1,583	Gas - 0.28%
6.63%, 06/15/2024		979		1,010	AmeriGas Partners LP / AmeriGas Finance Corp
B&G Foods Inc					5.50%, 05/20/2025		2,040		2,088
5.25%, 04/01/2025		1,893		1,857	5.63%, 05/20/2024		1,061		1,106
Chobani LLC / Chobani Finance Corp Inc					5.75%, 05/20/2027		856		884
7.50%, 04/15/2025(g)		975		887	5.88%, 08/20/2026		892		929
Dean Foods Co					LBC Tank Terminals Holding Netherlands BV
6.50%, 03/15/2023(g)		320		168	6.88%, 05/15/2023(g)		2,125		2,069
Dole Food Co Inc					NGL Energy Partners LP / NGL Energy Finance
7.25%, 06/15/2025(g)		788		729	Corp
Ingles Markets Inc					6.13%, 03/01/2025		1,466		1,453
5.75%, 06/15/2023		100		101	7.50%, 11/01/2023		1,125		1,170
JBS Investments GmbH					Southern Star Central Corp
7.25%, 04/03/2024		1,000		1,036	5.13%, 07/15/2022(g)		158		159
JBS USA LUX SA / JBS USA Finance Inc							$		9,858
5.75%, 06/15/2025(g)		1,441		1,473	Hand & Machine Tools - 0.51%
5.88%, 07/15/2024(g)		1,181		1,215	Apex Tool Group LLC / BC Mountain Finance
6.75%, 02/15/2028(g)		1,455		1,539	Inc
Lamb Weston Holdings Inc					9.00%, 02/15/2023(g)		15,325		15,038
4.63%, 11/01/2024(g)		1,550		1,573
4.88%, 11/01/2026(g)		1,780		1,807

See accompanying notes.

259

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s)  Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Hand & Machine Tools (continued)					Healthcare - Services (continued)
Colfax Corp					Eagle Holding Co II LLC
6.00%, 02/15/2024(g)	$	1,300	$	1,350	7.63%, PIK 8.38%, 05/15/2022(g),(h),(i)	$	10,750	$	10,804
6.38%, 02/15/2026(g)		1,425		1,509	Encompass Health Corp
		$		17,897	5.13%, 03/15/2023		900		910
Healthcare - Products - 1.19%					5.75%, 11/01/2024		116		118
Avanos Medical Inc					5.75%, 09/15/2025		1,800		1,848
6.25%, 10/15/2022		1,000		1,021	Envision Healthcare Corp
Avantor Inc					8.75%, 10/15/2026(g)		27,020		25,466
6.00%, 10/01/2024(g)		1,850		1,930	HCA Healthcare Inc
9.00%, 10/01/2025(g)		17,510		19,042	6.25%, 02/15/2021		619		649
Hill-Rom Holdings Inc					HCA Inc
5.75%, 09/01/2023(g)		2,800		2,905	5.38%, 02/01/2025		2,682		2,823
Hologic Inc					5.38%, 09/01/2026		8,515		8,983
4.38%, 10/15/2025(g)		2,350		2,328	5.63%, 09/01/2028		4,420		4,707
Immucor Inc					5.88%, 05/01/2023		791		848
11.13%, 02/15/2022(g)		294		298	5.88%, 02/15/2026		1,780		1,918
Kinetic Concepts Inc / KCI USA Inc					5.88%, 02/01/2029		3,490		3,756
7.88%, 02/15/2021(g)		303		309	7.50%, 02/15/2022		3,475		3,822
12.50%, 11/01/2021(g)		660		714	7.50%, 11/15/2095		215		220
Mallinckrodt International Finance SA					7.69%, 06/15/2025		765		874
4.75%, 04/15/2023		193		140	Magellan Health Inc
Mallinckrodt International Finance SA /					4.40%, 09/22/2024		1,800		1,755
Mallinckrodt CB LLC					MEDNAX Inc
4.88%, 04/15/2020(g)		450		448	5.25%, 12/01/2023(g)		816		830
5.50%, 04/15/2025(g)		965		695	6.25%, 01/15/2027(g)		6,930		7,069
5.63%, 10/15/2023(g)		689		538	Molina Healthcare Inc
5.75%, 08/01/2022(g)		1,778		1,640	4.88%, 06/15/2025(g)		483		481
Ortho-Clinical Diagnostics Inc / Ortho-Clinical					5.38%, 11/15/2022		800		835
Diagnostics SA					MPH Acquisition Holdings LLC
6.63%, 05/15/2022(g)		5,825		5,691	7.13%, 06/01/2024(g)		1,009		1,014
Sotera Health Holdings LLC					One Call Corp
6.50%, 05/15/2023(g)		1,605		1,621	7.50%, 07/01/2024(g)		700		672
Teleflex Inc					7.50%, PIK 11.00%, 07/01/2024(c),(g),(h),(i)		52,093		44,800
4.63%, 11/15/2027		1,015		1,010	Polaris Intermediate Corp
4.88%, 06/01/2026		955		974	8.50%, PIK 9.25%, 12/01/2022(g),(h),(i)		26,364		26,232
5.25%, 06/15/2024		462		474	Quorum Health Corp
		$		41,778	11.63%, 04/15/2023		500		433
Healthcare - Services - 7.19%					RegionalCare Hospital Partners Holdings Inc
Acadia Healthcare Co Inc					8.25%, 05/01/2023(g)		1,050		1,117
5.13%, 07/01/2022		456		458	Surgery Center Holdings Inc
5.63%, 02/15/2023		1,552		1,568	6.75%, 07/01/2025(g)		12,719		11,829
6.13%, 03/15/2021		173		173	10.00%, 04/15/2027(g)		10,170		10,450
6.50%, 03/01/2024		429		444	Syneos Health Inc / inVentiv Health Inc / inVentiv
AHP Health Partners Inc					Health Clinical Inc
9.75%, 07/15/2026(g)		1,000		1,084	7.50%, 10/01/2024(g)		119		125
Air Medical Group Holdings Inc					Tenet Healthcare Corp
6.38%, 05/15/2023(g)		274		251	4.38%, 10/01/2021		637		644
Catalent Pharma Solutions Inc					4.50%, 04/01/2021		1,130		1,145
4.88%, 01/15/2026(g)		3,019		3,027	4.63%, 07/15/2024		4,065		4,077
Centene Corp					4.75%, 06/01/2020		750		758
4.75%, 05/15/2022		5,705		5,815	5.13%, 05/01/2025		695		701
4.75%, 01/15/2025		710		720	6.00%, 10/01/2020		2,646		2,735
5.38%, 06/01/2026(g)		3,715		3,864	6.25%, 02/01/2027(g)		7,515		7,834
5.63%, 02/15/2021		1,490		1,514	6.75%, 06/15/2023		3,565		3,637
6.13%, 02/15/2024		3,250		3,404	6.88%, 11/15/2031		1,070		995
Charles River Laboratories International Inc					7.00%, 08/01/2025		3,792		3,839
5.50%, 04/01/2026(g)		300		314	8.13%, 04/01/2022		4,558		4,863
CHS/Community Health Systems Inc					WellCare Health Plans Inc
5.13%, 08/01/2021		800		788	5.25%, 04/01/2025		1,480		1,529
6.25%, 03/31/2023		3,502		3,410	5.38%, 08/15/2026(g)		4,835		5,064
6.88%, 02/01/2022		2,558		1,674	West Street Merger Sub Inc
8.13%, 06/30/2024(g)		800		592	6.38%, 09/01/2025(g)		523		506
8.63%, 01/15/2024(g)		1,195		1,213			$		253,436
11.00%, 06/30/2023(g),(h)		2,000		1,620	Holding Companies - Diversified - 0.04%
DaVita Inc					Stena AB
5.00%, 05/01/2025		2,675		2,617	7.00%, 02/01/2024(g)		1,000		957
5.13%, 07/15/2024		1,920		1,920
5.75%, 08/15/2022		3,199		3,251

See accompanying notes.

260

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Holding Companies - Diversified (continued)					Home Builders (continued)
Stena International SA					Taylor Morrison Communities Inc / Taylor
5.75%, 03/01/2024(g)	$	600	$	584	Morrison Holdings II Inc
		$		1,541	5.25%, 04/15/2021(g)	$	350	$	350
Home Builders - 1.76%					5.63%, 03/01/2024(g)		5,326		5,379
Beazer Homes USA Inc					5.88%, 04/15/2023(g)		566		582
5.88%, 10/15/2027		245		221	Toll Brothers Finance Corp
6.75%, 03/15/2025		151		146	4.35%, 02/15/2028		1,490		1,423
8.75%, 03/15/2022		425		444	4.38%, 04/15/2023		3,371		3,422
Brookfield Residential Properties Inc					4.88%, 03/15/2027		1,935		1,935
6.38%, 05/15/2025(g)		596		584	5.63%, 01/15/2024		1,550		1,641
Brookfield Residential Properties Inc / Brookfield					5.88%, 02/15/2022		430		454
Residential US Corp					TRI Pointe Group Inc
6.13%, 07/01/2022(g)		1,654		1,686	4.88%, 07/01/2021		840		853
Century Communities Inc					5.25%, 06/01/2027		3,125		2,953
5.88%, 07/15/2025		538		534	TRI Pointe Group Inc / TRI Pointe Homes Inc
6.88%, 05/15/2022		1,114		1,133	5.88%, 06/15/2024		2,531		2,561
K Hovnanian Enterprises Inc					William Lyon Homes Inc
10.50%, 07/15/2024(g)		1,250		1,012	5.88%, 01/31/2025		600		582
10.00%, 07/15/2022(g)		1,500		1,324	6.00%, 09/01/2023		275		272
KB Home					7.00%, 08/15/2022		72		72
7.00%, 12/15/2021		340		364	Williams Scotsman International Inc
7.50%, 09/15/2022		200		219	7.88%, 12/15/2022(g)		330		346
7.63%, 05/15/2023		30		33			$		61,872
Lennar Corp					Home Furnishings - 0.09%
2.95%, 11/29/2020		200		198	Tempur Sealy International Inc
4.13%, 01/15/2022		900		908	5.50%, 06/15/2026		588		585
4.50%, 04/30/2024		1,450		1,479	5.63%, 10/15/2023		2,486		2,517
4.75%, 04/01/2021		1,000		1,018			$		3,102
4.75%, 11/15/2022		4,550		4,657	Housewares - 0.07%
4.75%, 05/30/2025		1,100		1,125	Scotts Miracle-Gro Co/The
4.75%, 11/29/2027		500		510	5.25%, 12/15/2026		1,647		1,635
4.88%, 12/15/2023		3,550		3,669	6.00%, 10/15/2023		877		912
5.00%, 06/15/2027		457		465			$		2,547
5.25%, 06/01/2026		2,257		2,342	Insurance - 2.51%
5.38%, 10/01/2022		73		76	Acrisure LLC / Acrisure Finance Inc
5.88%, 11/15/2024		882		947	7.00%, 11/15/2025(g)		1,750		1,584
6.25%, 12/15/2021		187		197	Alliant Holdings Intermediate LLC / Alliant
6.63%, 05/01/2020		84		87	Holdings Co-Issuer
8.38%, 01/15/2021		320		347	8.25%, 08/01/2023(g)		28,505		29,289
M/I Homes Inc					American Equity Investment Life Holding Co
5.63%, 08/01/2025		301		295	5.00%, 06/15/2027		200		201
Mattamy Group Corp					Ardonagh Midco 3 PLC
6.50%, 10/01/2025(g)		600		611	8.63%, 07/15/2023(g)		225		190
6.88%, 12/15/2023(g)		197		204	Assurant Inc
MDC Holdings Inc					7.00%, 03/27/2048(l)		1,300		1,326
5.50%, 01/15/2024		263		274	3 Month USD LIBOR + 4.14%
5.63%, 02/01/2020		290		294	AssuredPartners Inc
6.00%, 01/15/2043		600		528	7.00%, 08/15/2025(g)		24,988		23,614
Meritage Homes Corp					CNO Financial Group Inc
5.13%, 06/06/2027		1,200		1,185	4.50%, 05/30/2020		6		6
6.00%, 06/01/2025		1,475		1,564	5.25%, 05/30/2025		1,192		1,250
7.00%, 04/01/2022		955		1,022	Fidelity & Guaranty Life Holdings Inc
7.15%, 04/15/2020		870		896	5.50%, 05/01/2025(g)		393		397
New Home Co Inc/The					Genworth Holdings Inc
7.25%, 04/01/2022		625		566	4.90%, 08/15/2023		125		106
PulteGroup Inc					6.50%, 06/15/2034		50		39
4.25%, 03/01/2021		860		871	7.20%, 02/15/2021		4		4
5.00%, 01/15/2027		1,525		1,544	7.63%, 09/24/2021		250		244
5.50%, 03/01/2026		400		422	7.70%, 06/15/2020		250		250
6.00%, 02/15/2035		632		621	HUB International Ltd
7.88%, 06/15/2032		879		1,020	7.00%, 05/01/2026(g)		23,210		23,413
Shea Homes LP / Shea Homes Funding Corp					Liberty Mutual Group Inc
5.88%, 04/01/2023(g)		125		125	7.80%, 03/07/2087(g)		386		461
6.13%, 04/01/2025(g)		651		640	3 Month USD LIBOR + 3.58%
Taylor Morrison Communities Inc					MGIC Investment Corp
6.63%, 05/15/2022		620		640	5.75%, 08/15/2023		1,335		1,432
					Provident Financing Trust I
					7.41%, 03/15/2038		100		106

See accompanying notes.

261

Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)
		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Insurance (continued)					Iron & Steel (continued)
Radian Group Inc					Commercial Metals Co
4.50%, 10/01/2024	$	1,353	$	1,355	4.88%, 05/15/2023	$	766	$	774
5.25%, 06/15/2020		24		24	5.38%, 07/15/2027		154		152
7.00%, 03/15/2021		229		243	Specialty Steel
USI Inc/NY					12.85%, 11/15/2022(b),(c),(d)		8,680		8,680
6.88%, 05/01/2025(g)		1,337		1,332	Steel Dynamics Inc
Voya Financial Inc					4.13%, 09/15/2025		6		6
4.70%, 01/23/2048(l)		1,000		880	5.00%, 12/15/2026		66		68
3 Month USD LIBOR + 2.08%					5.13%, 10/01/2021		810		815
5.65%, 05/15/2053(l)		550		551	5.25%, 04/15/2023		1,373		1,395
3 Month USD LIBOR + 3.58%					5.50%, 10/01/2024		4,306		4,445
		$		88,297	United States Steel Corp
Internet - 1.17%					6.25%, 03/15/2026		1,345		1,207
Cogent Communications Group Inc					6.65%, 06/01/2037		15		12
5.38%, 03/01/2022(g)		575		594	6.88%, 08/15/2025		2,050		1,924
EIG Investors Corp							$		58,873
10.88%, 02/01/2024		1,000		1,066	Leisure Products & Services - 0.56%
Match Group Inc					24 Hour Fitness Worldwide Inc
6.38%, 06/01/2024		1,717		1,801	8.00%, 06/01/2022(g)		900		907
Netflix Inc					Carlson Travel Inc
4.38%, 11/15/2026		2,861		2,829	6.75%, 12/15/2023(g)		240		243
4.88%, 04/15/2028		2,716		2,692	9.50%, 12/15/2024(g)		9,549		9,262
5.38%, 02/01/2021		1,215		1,259	Constellation Merger Sub Inc
5.38%, 11/15/2029(g)		1,335		1,352	8.50%, 09/15/2025(g)		315		298
5.50%, 02/15/2022		3,750		3,943	NCL Corp Ltd
5.75%, 03/01/2024		1,125		1,209	4.75%, 12/15/2021(g)		5,065		5,121
5.88%, 02/15/2025		825		891	Sabre GLBL Inc
5.88%, 11/15/2028		4,120		4,346	5.25%, 11/15/2023(g)		1,036		1,057
6.38%, 05/15/2029(g)		2,335		2,550	5.38%, 04/15/2023(g)		425		435
Symantec Corp					Viking Cruises Ltd
3.95%, 06/15/2022		50		50	5.88%, 09/15/2027(g)		1,125		1,119
4.20%, 09/15/2020		200		203	Vista Outdoor Inc
5.00%, 04/15/2025(g)		739		753	5.88%, 10/01/2023		125		115
VeriSign Inc					VOC Escrow Ltd
4.75%, 07/15/2027		1,035		1,056	5.00%, 02/15/2028(g)		1,275		1,265
5.25%, 04/01/2025		885		938			$		19,822
Zayo Group LLC / Zayo Capital Inc					Lodging - 1.71%
5.75%, 01/15/2027(g)		7,173		7,280	Boyd Gaming Corp
6.00%, 04/01/2023		3,615		3,674	6.00%, 08/15/2026		900		935
6.38%, 05/15/2025		2,570		2,615	6.38%, 04/01/2026		5,355		5,636
		$		41,101	6.88%, 05/15/2023		1,888		1,957
Investment Companies - 0.01%					Diamond Resorts International Inc
Compass Group Diversified Holdings LLC					7.75%, 09/01/2023(g)		300		298
8.00%, 05/01/2026(g)		265		280	10.75%, 09/01/2024(g)		1,175		1,099
FS Energy & Power Fund					Hilton Domestic Operating Co Inc
7.50%, 08/15/2023(g)		155		160	4.25%, 09/01/2024		1,460		1,462
		$		440	5.13%, 05/01/2026(g)		2,705		2,769
Iron & Steel - 1.67%					Hilton Grand Vacations Borrower LLC / Hilton
AK Steel Corp					Grand Vacations Borrower Inc
6.38%, 10/15/2025		20		17	6.13%, 12/01/2024		194		203
7.00%, 03/15/2027		393		332	Hilton Worldwide Finance LLC / Hilton
7.50%, 07/15/2023		1,236		1,267	Worldwide Finance Corp
7.63%, 10/01/2021		50		50	4.63%, 04/01/2025		1,688		1,709
Allegheny Technologies Inc					4.88%, 04/01/2027		1,474		1,494
5.95%, 01/15/2021		600		612	Jack Ohio Finance LLC / Jack Ohio Finance 1
7.88%, 08/15/2023		754		816	Corp
Baffinland Iron Mines Corp / Baffinland Iron					6.75%, 11/15/2021(g)		2,985		3,078
Mines LP					10.25%, 11/15/2022(g)		5,180		5,601
8.75%, 07/15/2026(g)		22,940		23,141	Marriott Ownership Resorts Inc / ILG LLC
Big River Steel LLC / BRS Finance Corp					6.50%, 09/15/2026(g)		900		945
7.25%, 09/01/2025(g)		9,418		10,026	MGM Resorts International
Cleveland-Cliffs Inc					4.63%, 09/01/2026		1,104		1,093
4.88%, 01/15/2024(g)		40		40	5.25%, 03/31/2020		1,760		1,782
5.75%, 03/01/2025		1,850		1,841	5.50%, 04/15/2027		2,060		2,124
5.88%, 06/01/2027(g),(j)		1,115		1,077	5.75%, 06/15/2025		1,555		1,645
6.25%, 10/01/2040		200		176	6.00%, 03/15/2023		2,600		2,776
					6.63%, 12/15/2021		2,270		2,436
					7.75%, 03/15/2022		513		567

See accompanying notes.

262

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Lodging (continued)					Media (continued)
Station Casinos LLC					Belo Corp
5.00%, 10/01/2025(g)	$	4,863	$	4,778	7.25%, 09/15/2027	$	600	$	643
Studio City Co Ltd					Block Communications Inc
7.25%, 11/30/2021(g)		500		516	6.88%, 02/15/2025(g)		675		700
Wyndham Destinations Inc					Cable One Inc
3.90%, 03/01/2023		1,325		1,308	5.75%, 06/15/2022(g)		225		229
4.25%, 03/01/2022		1,200		1,200	Cablevision Systems Corp
5.40%, 04/01/2024		245		251	5.88%, 09/15/2022		603		627
5.75%, 04/01/2027		1,100		1,105	8.00%, 04/15/2020		155		161
Wyndham Hotels & Resorts Inc					CCO Holdings LLC / CCO Holdings Capital Corp
5.38%, 04/15/2026(g)		800		816	4.00%, 03/01/2023(g)		1,300		1,303
Wynn Las Vegas LLC / Wynn Las Vegas Capital					5.00%, 02/01/2028(g)		6,285		6,277
Corp					5.13%, 02/15/2023		412		419
4.25%, 05/30/2023(g)		300		298	5.13%, 05/01/2023(g)		4,341		4,450
5.25%, 05/15/2027(g)		1,150		1,123	5.13%, 05/01/2027(g)		4,569		4,638
5.50%, 03/01/2025(g)		7,465		7,558	5.25%, 03/15/2021		580		583
Wynn Macau Ltd					5.25%, 09/30/2022		7,940		8,069
4.88%, 10/01/2024(g)		425		420	5.38%, 05/01/2025(g)		1,475		1,527
5.50%, 10/01/2027(g)		1,450		1,425	5.50%, 05/01/2026(g)		880		908
		$		60,407	5.75%, 01/15/2024		500		512
Machinery - Construction & Mining - 0.18%					5.75%, 02/15/2026(g)		9,057		9,460
BWX Technologies Inc					5.88%, 04/01/2024(g)		3,156		3,298
5.38%, 07/15/2026(g)		1,006		1,026	5.88%, 05/01/2027(g)		1,380		1,433
Terex Corp					Cengage Learning Inc
5.63%, 02/01/2025(g)		3,303		3,345	9.50%, 06/15/2024(g)		718		668
Vertiv Group Corp					Clear Channel Worldwide Holdings Inc
9.25%, 10/15/2024(g)		905		885	6.50%, 11/15/2022		650		665
Vertiv Intermediate Holding Corp					6.50%, 11/15/2022		3,055		3,120
12.00%, PIK 13.00%, 02/15/2022(g),(h),(i)		950		902	9.25%, 02/15/2024(g)		2,850		3,067
		$		6,158	CSC Holdings LLC
Machinery - Diversified - 1.24%					5.13%, 12/15/2021(g)		1,275		1,278
ATS Automation Tooling Systems Inc					5.13%, 12/15/2021(g)		4,300		4,311
6.50%, 06/15/2023(g)		526		544	5.25%, 06/01/2024		1,630		1,659
Cleaver-Brooks Inc					5.38%, 07/15/2023(g)		3,565		3,645
7.88%, 03/01/2023(g)		416		407	5.38%, 02/01/2028(g)		1,100		1,118
Cloud Crane LLC					5.50%, 05/15/2026(g)		4,528		4,649
10.13%, 08/01/2024(g)		600		645	5.50%, 04/15/2027(g)		3,441		3,544
JPW Industries Holding Corp					6.50%, 02/01/2029(g)		3,850		4,134
9.00%, 10/01/2024(g)		12,565		12,251	6.63%, 10/15/2025(g)		3,860		4,102
Mueller Water Products Inc					6.75%, 11/15/2021		605		647
5.50%, 06/15/2026(g)		524		533	7.50%, 04/01/2028(g)		4,105		4,480
RBS Global Inc / Rexnord LLC					7.75%, 07/15/2025(g)		3,635		3,907
4.88%, 12/15/2025(g)		3,366		3,371	10.88%, 10/15/2025(g)		7,040		8,096
SPX FLOW Inc					DISH DBS Corp
5.63%, 08/15/2024(g)		1,511		1,545	5.00%, 03/15/2023		1,779		1,630
5.88%, 08/15/2026(g)		3,010		3,085	5.13%, 05/01/2020		1,506		1,515
Stevens Holding Co Inc					5.88%, 07/15/2022		2,875		2,805
6.13%, 10/01/2026(g)		1,375		1,447	5.88%, 11/15/2024		7,494		6,464
Tennant Co					6.75%, 06/01/2021		4,114		4,243
5.63%, 05/01/2025		239		246	7.75%, 07/01/2026		2,281		2,041
Titan Acquisition Ltd / Titan Co-Borrower LLC					Entercom Media Corp
7.75%, 04/15/2026(g)		20,606		18,957	7.25%, 11/01/2024(g)		2,557		2,646
Welbilt Inc					EW Scripps Co/The
9.50%, 02/15/2024		755		816	5.13%, 05/15/2025(g)		142		135
		$		43,847	Gray Television Inc
Media - 6.54%					5.13%, 10/15/2024(g)		1,000		1,017
Altice Financing SA					5.88%, 07/15/2026(g)		400		412
6.63%, 02/15/2023(g)		2,415		2,475	7.00%, 05/15/2027(g)		2,350		2,537
7.50%, 05/15/2026(g)		4,260		4,324	Liberty Interactive LLC
Altice Finco SA					8.50%, 07/15/2029		1,760		1,835
8.13%, 01/15/2024(g)		1,700		1,759	McGraw-Hill Global Education Holdings LLC /
Altice Luxembourg SA					McGraw-Hill Global Education Finance
7.63%, 02/15/2025(g)		5,124		4,830	7.88%, 05/15/2024(g)		500		428
7.75%, 05/15/2022(g)		5,754		5,862	Meredith Corp
AMC Networks Inc					6.88%, 02/01/2026		1,625		1,690
4.75%, 12/15/2022		250		252	Midcontinent Communications / Midcontinent
4.75%, 08/01/2025		2,677		2,662	Finance Corp
5.00%, 04/01/2024		3,835		3,883	6.88%, 08/15/2023(g)		650		678

See accompanying notes.

263

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Media (continued)					Media (continued)
Nexstar Broadcasting Inc					Ziggo BV
5.63%, 08/01/2024(g)	$	1,670	$	1,695	5.50%, 01/15/2027(g)	$	3,020	$	3,012
5.88%, 11/15/2022		169		173			$		230,592
6.13%, 02/15/2022(g)		445		451	Metal Fabrication & Hardware - 0.67%
Quebecor Media Inc					Grinding Media Inc / Moly-Cop AltaSteel Ltd
5.75%, 01/15/2023		180		188	7.38%, 12/15/2023(g)		1,550		1,515
Radiate Holdco LLC / Radiate Finance Inc					Hillman Group Inc/The
6.63%, 02/15/2025(g)		628		617	6.38%, 07/15/2022(g)		903		838
Sinclair Television Group Inc					Novelis Corp
5.13%, 02/15/2027(g)		600		576	5.88%, 09/30/2026(g)		7,020		7,134
5.38%, 04/01/2021		150		150	6.25%, 08/15/2024(g)		1,965		2,046
5.63%, 08/01/2024(g)		1,079		1,091	Optimas OE Solutions Holding LLC / Optimas
6.13%, 10/01/2022		330		336	OE Solutions Inc
Sirius XM Radio Inc					8.63%, 06/01/2021(g)		11,735		10,972
3.88%, 08/01/2022(g)		1,873		1,870	TriMas Corp
4.63%, 05/15/2023(g)		2,680		2,700	4.88%, 10/15/2025(g)		1,000		999
5.00%, 08/01/2027(g)		2,836		2,859	Zekelman Industries Inc
5.38%, 04/15/2025(g)		970		994	9.88%, 06/15/2023(g)		145		153
5.38%, 07/15/2026(g)		3,820		3,929			$		23,657
6.00%, 07/15/2024(g)		7,440		7,682	Mining - 1.89%
SportsNet New York					Alcoa Nederland Holding BV
10.25%, 01/15/2025(b),(c),(d)		4,130		4,337	6.13%, 05/15/2028(g)		700		728
TEGNA Inc					6.75%, 09/30/2024(g)		1,398		1,478
4.88%, 09/15/2021(g)		1,020		1,026	7.00%, 09/30/2026(g)		200		216
5.13%, 10/15/2019		910		913	Aleris International Inc
5.13%, 07/15/2020		870		875	10.75%, 07/15/2023(g)		250		262
5.50%, 09/15/2024(g)		2,169		2,226	Barminco Finance Pty Ltd
6.38%, 10/15/2023		550		568	6.63%, 05/15/2022(g)		450		463
Telenet Finance Luxembourg Notes Sarl					Century Aluminum Co
5.50%, 03/01/2028(g)		2,200		2,184	7.50%, 06/01/2021(g)		7,605		7,567
Townsquare Media Inc					Constellium NV
6.50%, 04/01/2023(g)		5,070		4,950	5.75%, 05/15/2024(g)		466		476
Tribune Media Co					5.88%, 02/15/2026(g)		500		508
5.88%, 07/15/2022		750		761	6.63%, 03/01/2025(g)		5,380		5,595
Unitymedia GmbH					Eldorado Gold Corp
6.13%, 01/15/2025(g)		2,025		2,096	6.13%, 12/15/2020(g)		200		199
Unitymedia Hessen GmbH & Co KG /					Ferroglobe PLC / Globe Specialty Metals Inc
Unitymedia NRW GmbH					9.38%, 03/01/2022(g)		325		286
5.00%, 01/15/2025(g)		4,570		4,673	FMG Resources August 2006 Pty Ltd
Univision Communications Inc					4.75%, 05/15/2022(g)		2,593		2,615
5.13%, 05/15/2023(g)		435		420	5.13%, 03/15/2023(g)		875		892
5.13%, 02/15/2025(g)		2,059		1,933	5.13%, 05/15/2024(g)		2,042		2,067
6.75%, 09/15/2022(g)		341		348	Freeport-McMoRan Inc
UPC Holding BV					3.55%, 03/01/2022		1,130		1,120
5.50%, 01/15/2028(g)		2,175		2,197	3.88%, 03/15/2023		2,655		2,628
UPCB Finance IV Ltd					4.00%, 11/14/2021		3,330		3,363
5.38%, 01/15/2025(g)		2,110		2,157	4.55%, 11/14/2024		960		954
Urban One Inc					5.40%, 11/14/2034		4,103		3,852
7.38%, 04/15/2022(g)		2,540		2,489	5.45%, 03/15/2043		3,550		3,204
Viacom Inc					6.88%, 02/15/2023		1,100		1,161
5.87%, 02/28/2057(l)		1,438		1,449	Hecla Mining Co
3 Month USD LIBOR + 3.90%					6.88%, 05/01/2021		568		569
6.25%, 02/28/2057(l)		825		848	Hudbay Minerals Inc
3 Month USD LIBOR + 3.90%					7.25%, 01/15/2023(g)		990		1,027
Videotron Ltd					7.63%, 01/15/2025(g)		4,065		4,228
5.00%, 07/15/2022		200		208	IAMGOLD Corp
5.13%, 04/15/2027(g)		535		547	7.00%, 04/15/2025(g)		1,295		1,321
5.38%, 06/15/2024(g)		667		700	International Wire Group Inc
Virgin Media Finance PLC					10.75%, 08/01/2021(g)		25		25
6.00%, 10/15/2024(g)		1,590		1,646	Joseph T Ryerson & Son Inc
Virgin Media Secured Finance PLC					11.00%, 05/15/2022(g)		550		583
5.25%, 01/15/2021		625		644	JW Aluminum Continuous Cast Co
5.25%, 01/15/2026(g)		500		509	10.25%, 06/01/2026(g)		435		450
5.50%, 01/15/2025(g)		1,200		1,223	Kaiser Aluminum Corp
5.50%, 08/15/2026(g)		4,920		5,044	5.88%, 05/15/2024		234		242
Ziggo Bond Co BV					Northwest Acquisitions ULC / Dominion Finco
5.88%, 01/15/2025(g)		260		260	Inc
6.00%, 01/15/2027(g)		600		588	7.13%, 11/01/2022(g)		14,225		11,949

See accompanying notes.

264

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Mining (continued)					Oil & Gas (continued)
Real Alloy Holding Inc					Calumet Specialty Products Partners LP / Calumet
12.60%, 11/30/2023(b),(c),(d),(h)	$	4,391	$	4,391	Finance Corp
Taseko Mines Ltd					6.50%, 04/15/2021	$	850	$	822
8.75%, 06/15/2022(g)		100		96	7.63%, 01/15/2022		125		116
Teck Resources Ltd					7.75%, 04/15/2023		375		340
4.75%, 01/15/2022		1,045		1,072	Canadian Oil Sands Ltd
8.50%, 06/01/2024(g)		950		1,017	4.50%, 04/01/2022(g)		700		717
		$		66,604	Carrizo Oil & Gas Inc
Miscellaneous Manufacturers - 0.06%					6.25%, 04/15/2023		786		764
Amsted Industries Inc					8.25%, 07/15/2025		125		127
5.00%, 03/15/2022(g)		950		956	Centennial Resource Production LLC
FXI Holdings Inc					5.38%, 01/15/2026(g)		423		416
7.88%, 11/01/2024(g)		157		148	Chaparral Energy Inc
Gates Global LLC / Gates Global Co					8.75%, 07/15/2023(g)		600		443
6.00%, 07/15/2022(g)		239		239	Chesapeake Energy Corp
Koppers Inc					4.88%, 04/15/2022		1,590		1,564
6.00%, 02/15/2025(g)		554		536	5.38%, 06/15/2021		202		200
LSB Industries Inc					5.75%, 03/15/2023		400		395
9.63%, 05/01/2023(g)		345		358	6.13%, 02/15/2021		781		801
		$		2,237	6.63%, 08/15/2020		505		520
Office & Business Equipment - 0.26%					7.50%, 10/01/2026		250		242
CDW LLC / CDW Finance Corp					8.00%, 01/15/2025		5,050		5,113
5.00%, 09/01/2023		2,543		2,600	8.00%, 03/15/2026(g)		1,910		1,934
5.00%, 09/01/2025		1,840		1,888	8.00%, 06/15/2027		6,045		5,910
5.50%, 12/01/2024		340		360	CNX Resources Corp
Pitney Bowes Inc					5.88%, 04/15/2022		1,434		1,427
3.88%, 09/15/2020		335		336	Comstock Resources Inc
4.38%, 05/15/2022		101		99	9.75%, 08/15/2026(g)		500		455
4.63%, 03/15/2024		300		281	Covey Park Energy LLC / Covey Park Finance
4.95%, 04/01/2023		261		255	Corp
Xerox Corp					7.50%, 05/15/2025(g)		1,325		1,232
3.63%, 03/15/2023		1,200		1,188	CrownRock LP / CrownRock Finance Inc
3.80%, 05/15/2024		150		144	5.63%, 10/15/2025(g)		2,556		2,524
4.50%, 05/15/2021		1,650		1,668	CVR Refining LLC / Coffeyville Finance Inc
4.80%, 03/01/2035		285		230	6.50%, 11/01/2022		995		1,011
6.75%, 12/15/2039		100		95	Denbury Resources Inc
		$		9,144	4.63%, 07/15/2023		995		679
Oil & Gas - 6.14%					9.00%, 05/15/2021(g)		1,400		1,421
Aker BP ASA					9.25%, 03/31/2022(g)		721		730
5.88%, 03/31/2025(g)		550		578	Diamond Offshore Drilling Inc
6.00%, 07/01/2022(g)		400		412	3.45%, 11/01/2023		1,049		907
Antero Resources Corp					4.88%, 11/01/2043		1,175		755
5.00%, 03/01/2025		261		256	7.88%, 08/15/2025		1,597		1,561
5.13%, 12/01/2022		5,880		5,902	Diamondback Energy Inc
5.38%, 11/01/2021		1,050		1,058	4.75%, 11/01/2024		998		1,019
Ascent Resources Utica Holdings LLC / ARU					5.38%, 05/31/2025		700		730
Finance Corp					Endeavor Energy Resources LP / EER Finance
7.00%, 11/01/2026(g)		6,215		6,060	Inc
10.00%, 04/01/2022(g)		3,257		3,558	5.50%, 01/30/2026(g)		757		789
Athabasca Oil Corp					5.75%, 01/30/2028(g)		565		602
9.88%, 02/24/2022(g)		95		92	Energy Ventures Gom LLC / EnVen Finance Corp
Baytex Energy Corp					11.00%, 02/15/2023(g)		2,180		2,398
5.13%, 06/01/2021(g)		272		272	ENSCO International Inc
5.63%, 06/01/2024(g)		938		889	7.20%, 11/15/2027		176		146
Berry Petroleum Co LLC					Ensco Rowan plc
7.00%, 02/15/2026(g)		265		260	4.50%, 10/01/2024		720		583
Brazos Valley Longhorn LLC / Brazos Valley					5.20%, 03/15/2025		871		700
Longhorn Finance Corp					5.75%, 10/01/2044		550		362
6.88%, 02/01/2025		2,075		2,085	7.75%, 02/01/2026		900		779
Bruin E&P Partners LLC					8.00%, 01/31/2024		39		37
8.88%, 08/01/2023(g)		515		487	EP Energy LLC / Everest Acquisition Finance Inc
California Resources Corp					6.38%, 06/15/2023		8,480		1,526
8.00%, 12/15/2022(g)		1,876		1,426	7.75%, 09/01/2022		500		115
Callon Petroleum Co					7.75%, 05/15/2026(g)		600		534
6.13%, 10/01/2024		1,783		1,832	8.00%, 11/29/2024(g)		29		19
6.38%, 07/01/2026		765		782	9.38%, 05/01/2024(g)		4,709		1,742

See accompanying notes.

265

Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)
		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Oil & Gas (continued)					Oil & Gas (continued)
Extraction Oil & Gas Inc					Parsley Energy LLC / Parsley Finance Corp
5.63%, 02/01/2026(g)	$	365	$	299	5.25%, 08/15/2025(g)	$	395	$	398
7.38%, 05/15/2024(g)		450		405	5.38%, 01/15/2025(g)		1,430		1,453
Global Marine Inc					5.63%, 10/15/2027(g)		3,870		3,957
7.00%, 06/01/2028		300		269	6.25%, 06/01/2024(g)		50		52
Gulfport Energy Corp					PBF Holding Co LLC / PBF Finance Corp
6.00%, 10/15/2024		1,567		1,374	7.00%, 11/15/2023		367		378
6.38%, 05/15/2025		1,285		1,131	7.25%, 06/15/2025		1,215		1,251
6.63%, 05/01/2023		918		884	PDC Energy Inc
Halcon Resources Corp					5.75%, 05/15/2026		4,450		4,456
6.75%, 02/15/2025		1,140		732	6.13%, 09/15/2024		620		629
HighPoint Operating Corp					Precision Drilling Corp
7.00%, 10/15/2022		395		383	5.25%, 11/15/2024		4,533		4,295
Hilcorp Energy I LP / Hilcorp Finance Co					6.50%, 12/15/2021		547		549
5.00%, 12/01/2024(g)		1,666		1,654	7.13%, 01/15/2026(g)		450		452
5.75%, 10/01/2025(g)		900		907	7.75%, 12/15/2023		2,230		2,319
6.25%, 11/01/2028(g)		1,050		1,070	Pride International LLC
Indigo Natural Resources LLC					7.88%, 08/15/2040		300		237
6.88%, 02/15/2026(g)		825		765	Puma International Financing SA
Jones Energy Holdings LLC / Jones Energy					5.13%, 10/06/2024(g)		400		361
Finance Corp					QEP Resources Inc
9.25%, 03/15/2023(g)		60		30	5.25%, 05/01/2023		142		138
Laredo Petroleum Inc					5.38%, 10/01/2022		593		583
5.63%, 01/15/2022		304		287	5.63%, 03/01/2026		116		109
Magnolia Oil & Gas Operating LLC / Magnolia					Range Resources Corp
Oil & Gas Finance Corp					4.88%, 05/15/2025		472		435
6.00%, 08/01/2026(g)		285		291	5.00%, 08/15/2022		3,124		3,093
Matador Resources Co					5.00%, 03/15/2023		4,039		3,929
5.88%, 09/15/2026		500		504	5.75%, 06/01/2021		860		886
MEG Energy Corp					Rowan Cos Inc
6.38%, 01/30/2023(g)		17,974		16,985	4.75%, 01/15/2024		2		2
6.50%, 01/15/2025(g)		945		950	4.88%, 06/01/2022		400		387
7.00%, 03/31/2024(g)		20,570		19,509	5.40%, 12/01/2042		5		3
Montage Resources Corp					5.85%, 01/15/2044		430		284
8.88%, 07/15/2023		2,145		2,054	7.38%, 06/15/2025		2,470		2,198
Moss Creek Resources Holdings Inc					Sable Permian Resources Land LLC / AEPB
7.50%, 01/15/2026(g)		725		663	Finance Corp
Murphy Oil Corp					13.00%, 11/30/2020(g)		100		97
4.00%, 06/01/2022		720		719	Seven Generations Energy Ltd
4.45%, 12/01/2022		600		602	5.38%, 09/30/2025(g)		3,130		3,036
5.75%, 08/15/2025		730		750	6.75%, 05/01/2023(g)		125		128
5.87%, 12/01/2042		200		179	6.88%, 06/30/2023(g)		650		666
6.88%, 08/15/2024		300		314	SM Energy Co
Murphy Oil USA Inc					5.00%, 01/15/2024		2,694		2,524
5.63%, 05/01/2027		2,700		2,808	5.63%, 06/01/2025		200		187
6.00%, 08/15/2023		935		957	6.13%, 11/15/2022		2,077		2,098
Nabors Industries Inc					6.63%, 01/15/2027		1,645		1,550
4.63%, 09/15/2021		365		364	6.75%, 09/15/2026		1,469		1,407
5.00%, 09/15/2020		375		381	Southwestern Energy Co
5.50%, 01/15/2023		218		208	6.20%, 01/23/2025		647		636
5.75%, 02/01/2025		125		114	7.50%, 04/01/2026		300		305
Neptune Energy Bondco PLC					7.75%, 10/01/2027		500		506
6.63%, 05/15/2025(g)		800		806	SRC Energy Inc
Noble Holding International Ltd					6.25%, 12/01/2025		1,300		1,235
5.25%, 03/15/2042		320		198	Sunoco LP / Sunoco Finance Corp
6.05%, 03/01/2041		500		328	4.88%, 01/15/2023		500		508
6.20%, 08/01/2040		736		495	5.50%, 02/15/2026		800		814
7.75%, 01/15/2024		266		241	5.88%, 03/15/2028		316		324
7.88%, 02/01/2026(g)		700		677	Teine Energy Ltd
7.95%, 04/01/2025		1,200		1,059	6.88%, 09/30/2022(g)		915		933
Oasis Petroleum Inc					Transocean Guardian Ltd
6.25%, 05/01/2026(g)		3,555		3,430	5.88%, 01/15/2024(g)		960		984
6.88%, 03/15/2022		3,536		3,549	Transocean Inc
Pacific Drilling SA					6.80%, 03/15/2038		1,252		989
8.38%, 10/01/2023(g)		1,000		1,028	7.25%, 11/01/2025(g)		1,000		990
Parkland Fuel Corp					7.50%, 01/15/2026(g)		1,100		1,084
6.00%, 04/01/2026(g)		1,200		1,221	7.50%, 04/15/2031		690		600
					9.00%, 07/15/2023(g)		255		273

See accompanying notes.

266

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Oil & Gas (continued)					Packaging & Containers - 3.47%
Transocean Inc   (continued)					ARD Finance SA
9.35%, 12/15/2041	$	200	$	188	7.13%, PIK 7.88%, 09/15/2023(h),(i)	$	930	$	931
Transocean Pontus Ltd					Ardagh Packaging Finance PLC / Ardagh
6.13%, 08/01/2025(g)		851		872	Holdings USA Inc
Ultra Resources Inc					4.25%, 09/15/2022(g)		3,350		3,363
6.88%, 04/15/2022(g)		550		179	4.63%, 05/15/2023(g)		1,780		1,797
Vermilion Energy Inc					6.00%, 02/15/2025(g)		6,505		6,553
5.63%, 03/15/2025(g)		400		397	7.25%, 05/15/2024(g)		2,025		2,133
Vine Oil & Gas LP / Vine Oil & Gas Finance					Ball Corp
Corp					4.00%, 11/15/2023		1,080		1,089
8.75%, 04/15/2023(g)		425		328	4.38%, 12/15/2020		1,625		1,652
W&T Offshore Inc					4.88%, 03/15/2026		1,440		1,492
9.75%, 11/01/2023(g)		229		233	5.00%, 03/15/2022		4,072		4,235
Whiting Petroleum Corp					5.25%, 07/01/2025		755		799
5.75%, 03/15/2021		1,623		1,663	Berry Global Inc
6.25%, 04/01/2023		2,200		2,250	4.50%, 02/15/2026(g)		1,840		1,785
6.63%, 01/15/2026		5,740		5,731	5.13%, 07/15/2023		4,070		4,131
WPX Energy Inc					5.50%, 05/15/2022		400		406
5.25%, 09/15/2024		3,643		3,762	6.00%, 10/15/2022		420		433
5.75%, 06/01/2026		1,599		1,652	BWAY Holding Co
6.00%, 01/15/2022		1,197		1,244	5.50%, 04/15/2024(g)		5,329		5,292
8.25%, 08/01/2023		300		342	7.25%, 04/15/2025(g)		5,340		5,200
		$		216,279	Crown Americas LLC / Crown Americas Capital
Oil & Gas Services - 0.54%					Corp IV
Apergy Corp					4.50%, 01/15/2023		3,645		3,723
6.38%, 05/01/2026		500		516	Crown Americas LLC / Crown Americas Capital
Archrock Partners LP / Archrock Partners Finance					Corp V
Corp					4.25%, 09/30/2026		1,400		1,363
6.00%, 10/01/2022		286		288	Crown Americas LLC / Crown Americas Capital
CSI Compressco LP / CSI Compressco Finance					Corp VI
Inc					4.75%, 02/01/2026		3,215		3,267
7.25%, 08/15/2022		848		755	Flex Acquisition Co Inc
Exterran Energy Solutions LP / EES Finance Corp					6.88%, 01/15/2025(g)		818		763
8.13%, 05/01/2025		31		32	7.88%, 07/15/2026(g)		475		445
Forum Energy Technologies Inc					Graphic Packaging International LLC
6.25%, 10/01/2021		3,012		2,832	4.75%, 04/15/2021		120		123
FTS International Inc					4.88%, 11/15/2022		363		371
6.25%, 05/01/2022		125		123	Multi-Color Corp
McDermott Technology Americas Inc /					4.88%, 11/01/2025(g)		625		649
McDermott Technology US Inc					6.13%, 12/01/2022(g)		700		720
10.63%, 05/01/2024(g)		1,100		993	Owens-Brockway Glass Container Inc
Oceaneering International Inc					5.00%, 01/15/2022(g)		4,283		4,384
4.65%, 11/15/2024		2,008		1,907	5.38%, 01/15/2025(g)		200		204
SESI LLC					5.88%, 08/15/2023(g)		1,223		1,280
7.13%, 12/15/2021		265		225	6.38%, 08/15/2025(g)		83		88
7.75%, 09/15/2024		1,250		922	Plastipak Holdings Inc
Telford Offshore Ltd					6.25%, 10/15/2025(g)		20,567		19,230
10.00%, PIK 14.00%, 02/12/2024(h),(i)		298		143	Reynolds Group Issuer Inc / Reynolds
Transocean Phoenix 2 Ltd					Group Issuer LLC / Reynolds Group Issuer
7.75%, 10/15/2024(g)		450		475	(Luxembourg) S.A.
Transocean Proteus Ltd					5.13%, 07/15/2023(g)		7,085		7,188
6.25%, 12/01/2024(g)		657		675	5.75%, 10/15/2020		2,277		2,285
USA Compression Partners LP / USA					6.88%, 02/15/2021		225		226
Compression Finance Corp					7.00%, 07/15/2024(g)		966		999
6.88%, 09/01/2027(g)		3,325		3,500	Sealed Air Corp
Weatherford International LLC					5.13%, 12/01/2024(g)		80		83
9.88%, 03/01/2025		770		539	5.25%, 04/01/2023(g)		2,285		2,376
Weatherford International Ltd					5.50%, 09/15/2025(g)		1,208		1,268
4.50%, 04/15/2022		3,736		2,596	6.50%, 12/01/2020(g)		493		513
5.95%, 04/15/2042		5		3	Silgan Holdings Inc
6.50%, 08/01/2036		169		106	5.50%, 02/01/2022		348		350
6.75%, 09/15/2040		373		237	Trident Merger Sub Inc
7.00%, 03/15/2038		540		343	6.63%, 11/01/2025(g)		13,970		13,027
7.75%, 06/15/2021		1,300		1,144	W/S Packaging Holdings Inc
8.25%, 06/15/2023		880		607	9.00%, 04/15/2023(g)		14,945		16,178
9.88%, 02/15/2024		310		215			$		122,394
		$		19,176

See accompanying notes.

267

Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)
		Principal					Principal
BONDS (continued)	Amount (000’s)      Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Pharmaceuticals - 1.89%					Pipelines (continued)
Bausch Health Americas Inc					DCP Midstream Operating LP   (continued)
8.50%, 01/31/2027(g)	$	2,980	$	3,247	5.85%, 05/21/2043(g)	$	5,225	$	4,833
9.25%, 04/01/2026(g)		1,555		1,730	3 Month USD LIBOR + 7.70%
Bausch Health Cos Inc					6.45%, 11/03/2036(g)		170		173
5.50%, 03/01/2023(g)		1,614		1,620	6.75%, 09/15/2037(g)		490		511
5.50%, 11/01/2025(g)		6,145		6,289	8.13%, 08/16/2030		45		54
5.75%, 08/15/2027(g)		595		620	Delek Logistics Partners LP / Delek Logistics
5.88%, 05/15/2023(g)		2,530		2,549	Finance Corp
6.13%, 04/15/2025(g)		12,350		12,489	6.75%, 05/15/2025		636		636
6.50%, 03/15/2022(g)		3,265		3,379	Energy Transfer LP
7.00%, 03/15/2024(g)		2,717		2,863	4.25%, 03/15/2023		755		754
9.00%, 12/15/2025(g)		1,000		1,108	5.50%, 06/01/2027		1,100		1,149
BioScrip Inc					5.88%, 01/15/2024		1,555		1,648
8.88%, 02/15/2021		560		559	7.50%, 10/15/2020		1,374		1,444
Elanco Animal Health Inc					Energy Transfer Operating LP
3.91%, 08/27/2021(g)		1,075		1,093	7.50%, 10/15/2020		6,060		6,445
4.27%, 08/28/2023(g)		900		935	EnLink Midstream Partners LP
4.90%, 08/28/2028(g)		2,083		2,207	4.15%, 06/01/2025		1,000		963
Endo Dac / Endo Finance LLC / Endo Finco Inc					4.40%, 04/01/2024		1,950		1,935
5.88%, 10/15/2024(g)		200		198	4.85%, 07/15/2026		580		575
6.00%, 07/15/2023(g)		3,187		2,598	5.45%, 06/01/2047		700		618
6.00%, 02/01/2025(g)		4,200		3,208	Genesis Energy LP / Genesis Energy Finance
HLF Financing Sarl LLC / Herbalife International					Corp
Inc					5.63%, 06/15/2024		669		664
7.25%, 08/15/2026(g)		318		324	6.00%, 05/15/2023		1,000		1,011
Horizon Pharma USA Inc					6.25%, 05/15/2026		3,145		3,113
8.75%, 11/01/2024(g)		700		756	6.50%, 10/01/2025		1,951		1,960
NVA Holdings Inc/United States					6.75%, 08/01/2022		1,570		1,592
6.88%, 04/01/2026(g)		12,293		12,385	Hess Infrastructure Partners LP / Hess
Vizient Inc					Infrastructure Partners Finance Corp
6.25%, 05/15/2027(g),(j)		1,755		1,812	5.63%, 02/15/2026(g)		476		487
10.38%, 03/01/2024(g)		4,305		4,643	Holly Energy Partners LP / Holly Energy Finance
		$		66,612	Corp
Pipelines - 3.46%					6.00%, 08/01/2024(g)		1,518		1,583
American Midstream Partners LP / American					IFM US Colonial Pipeline 2 LLC
Midstream Finance Corp					6.45%, 05/01/2021(g)		100		103
9.50%, 12/15/2021(g)		700		674	Martin Midstream Partners LP / Martin Midstream
Antero Midstream Partners LP / Antero					Finance Corp
Midstream Finance Corp					7.25%, 02/15/2021		340		333
5.38%, 09/15/2024		6,625		6,754	NGPL PipeCo LLC
Blue Racer Midstream LLC / Blue Racer Finance					4.38%, 08/15/2022(g)		395		405
Corp					4.88%, 08/15/2027(g)		1,481		1,529
6.13%, 11/15/2022(g)		1,030		1,040	7.77%, 12/15/2037(g)		565		694
Buckeye Partners LP					NuStar Logistics LP
6.37%, 01/22/2078(l)		1,650		1,506	4.75%, 02/01/2022		965		975
3 Month USD LIBOR + 4.02%					4.80%, 09/01/2020		2,719		2,753
Cheniere Corpus Christi Holdings LLC					5.63%, 04/28/2027		1,870		1,870
5.13%, 06/30/2027		800		834	6.75%, 02/01/2021		765		795
5.88%, 03/31/2025		3,190		3,437	PBF Logistics LP / PBF Logistics Finance Corp
7.00%, 06/30/2024		2,195		2,461	6.88%, 05/15/2023		1,432		1,464
Cheniere Energy Partners LP					SemGroup Corp
5.25%, 10/01/2025		6,328		6,455	6.38%, 03/15/2025		1,000		953
5.63%, 10/01/2026(g)		3,790		3,915	7.25%, 03/15/2026		260		252
CNX Midstream Partners LP / CNX Midstream					SemGroup Corp / Rose Rock Finance Corp
Finance Corp					5.63%, 07/15/2022		889		881
6.50%, 03/15/2026(g)		1,070		1,034	5.63%, 11/15/2023		2,885		2,741
Crestwood Midstream Partners LP / Crestwood					Summit Midstream Holdings LLC / Summit
Midstream Finance Corp					Midstream Finance Corp
5.63%, 05/01/2027(g)		2,355		2,346	5.50%, 08/15/2022		920		909
5.75%, 04/01/2025		2,337		2,395	5.75%, 04/15/2025		5,327		4,914
6.25%, 04/01/2023		2,515		2,578	Tallgrass Energy Partners LP / Tallgrass Energy
DCP Midstream Operating LP					Finance Corp
3.88%, 03/15/2023		1,818		1,818	4.75%, 10/01/2023(g)		375		379
4.75%, 09/30/2021(g)		581		592	5.50%, 09/15/2024(g)		2,010		2,070
4.95%, 04/01/2022		1,398		1,433	5.50%, 01/15/2028(g)		2,205		2,246
5.38%, 07/15/2025		1,520		1,598
5.60%, 04/01/2044		2,170		2,062

See accompanying notes.

268

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Pipelines (continued)					REITs (continued)
Targa Resources Partners LP / Targa Resources					Iron Mountain Inc   (continued)
Partners Finance Corp					6.00%, 08/15/2023	$	920	$	943
4.25%, 11/15/2023	$	1,100	$	1,099	Iron Mountain US Holdings Inc
5.00%, 01/15/2028		4,800		4,716	5.38%, 06/01/2026(g)		3,025		2,995
5.13%, 02/01/2025		2,510		2,566	iStar Inc
5.25%, 05/01/2023		650		658	4.63%, 09/15/2020		25		25
5.38%, 02/01/2027		1,484		1,506	5.25%, 09/15/2022		500		504
5.88%, 04/15/2026		1,800		1,895	6.00%, 04/01/2022		681		697
6.50%, 07/15/2027(g)		2,405		2,576	6.50%, 07/01/2021		400		408
6.75%, 03/15/2024		3,880		4,049	Mack-Cali Realty LP
6.88%, 01/15/2029(g)		1,315		1,420	3.15%, 05/15/2023		320		292
		$		121,831	MGM Growth Properties Operating Partnership
Private Equity - 0.15%					LP / MGP Finance Co-Issuer Inc
Icahn Enterprises LP / Icahn Enterprises Finance					4.50%, 09/01/2026		900		889
Corp					5.63%, 05/01/2024		1,315		1,379
5.88%, 02/01/2022		1,883		1,902	MPT Operating Partnership LP / MPT Finance
6.00%, 08/01/2020		200		201	Corp
6.25%, 02/01/2022		1,187		1,223	5.00%, 10/15/2027		1,640		1,644
6.38%, 12/15/2025		1,175		1,225	5.25%, 08/01/2026		3,858		3,930
6.75%, 02/01/2024		857		897	5.50%, 05/01/2024		3,185		3,257
		$		5,448	6.38%, 03/01/2024		3,335		3,511
Real Estate - 0.34%					RHP Hotel Properties LP / RHP Finance Corp
Five Point Operating Co LP / Five Point Capital					5.00%, 04/15/2023		1,090		1,109
Corp					SBA Communications Corp
7.88%, 11/15/2025(g)		1,736		1,732	4.00%, 10/01/2022		1,350		1,357
Greystar Real Estate Partners LLC					4.88%, 07/15/2022		1,288		1,306
5.75%, 12/01/2025(g)		936		941	4.88%, 09/01/2024		1,723		1,750
Howard Hughes Corp/The					Starwood Property Trust Inc
5.38%, 03/15/2025(g)		1,350		1,361	3.63%, 02/01/2021		4,751		4,728
Hunt Cos Inc					4.75%, 03/15/2025		1,091		1,093
6.25%, 02/15/2026(g)		1,175		1,104	5.00%, 12/15/2021		1,715		1,751
Kennedy-Wilson Inc					Uniti Group LP / Uniti Fiber Holdings Inc / CSL
5.88%, 04/01/2024		1,350		1,364	Capital LLC
Realogy Group LLC / Realogy Co-Issuer Corp					7.13%, 12/15/2024(g)		18,390		16,643
4.88%, 06/01/2023(g)		845		806	Uniti Group LP / Uniti Group Finance Inc / CSL
5.25%, 12/01/2021(g)		1,150		1,158	Capital LLC
9.38%, 04/01/2027(g)		2,725		2,830	6.00%, 04/15/2023(g)		1,197		1,149
WeWork Cos Inc					8.25%, 10/15/2023		16,235		15,119
7.88%, 05/01/2025(g)		640		633	VICI Properties 1 LLC / VICI FC Inc
		$		11,929	8.00%, 10/15/2023		5,060		5,541
REITs - 3.03%					Washington Prime Group LP
CBL & Associates LP					3.85%, 04/01/2020		1,005		1,002
5.25%, 12/01/2023		25		18	5.95%, 08/15/2024		1,660		1,540
5.95%, 12/15/2026		500		349			$		106,695
CoreCivic Inc					Retail - 2.54%
4.63%, 05/01/2023		948		921	1011778 BC ULC / New Red Finance Inc
4.75%, 10/15/2027		836		721	4.25%, 05/15/2024(g)		9,496		9,354
CyrusOne LP / CyrusOne Finance Corp					5.00%, 10/15/2025(g)		3,645		3,617
5.00%, 03/15/2024		702		718	Asbury Automotive Group Inc
5.38%, 03/15/2027		769		796	6.00%, 12/15/2024		300		310
Equinix Inc					Beacon Roofing Supply Inc
5.38%, 01/01/2022		404		414	4.88%, 11/01/2025(g)		4,350		4,185
5.38%, 04/01/2023		1,450		1,480	Bed Bath & Beyond Inc
5.38%, 05/15/2027		2,865		3,033	5.17%, 08/01/2044		1,124		832
5.75%, 01/01/2025		2,206		2,289	Brinker International Inc
5.88%, 01/15/2026		3,503		3,700	5.00%, 10/01/2024(g)		1,050		1,047
ESH Hospitality Inc					Caleres Inc
5.25%, 05/01/2025(g)		3,864		3,878	6.25%, 08/15/2023		1,110		1,152
GEO Group Inc/The					Carvana Co
5.13%, 04/01/2023		640		598	8.88%, 10/01/2023(g)		700		731
5.88%, 01/15/2022		700		690	Conn's Inc
5.88%, 10/15/2024		1,000		915	7.25%, 07/15/2022		229		229
6.00%, 04/15/2026		1,100		985	Cumberland Farms Inc
Iron Mountain Inc					6.75%, 05/01/2025(g)		127		134
4.38%, 06/01/2021(g)		1,000		1,006	DriveTime Automotive Group Inc / Bridgecrest
4.88%, 09/15/2027(g)		3,561		3,448	Acceptance Corp
5.25%, 03/15/2028(g)		5,665		5,580	8.00%, 06/01/2021(g)		230		233
5.75%, 08/15/2024		590		594

See accompanying notes.

269

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Retail (continued)					Retail (continued)
Ferrellgas LP / Ferrellgas Finance Corp					Suburban Propane Partners LP/Suburban Energy
6.50%, 05/01/2021	$	191	$	170	Finance Corp
6.75%, 01/15/2022		450		398	5.50%, 06/01/2024	$	1,073	$	1,068
6.75%, 06/15/2023		710		628	5.88%, 03/01/2027		750		729
Ferrellgas Partners LP / Ferrellgas Partners					Yum! Brands Inc
Finance Corp					3.75%, 11/01/2021		1,510		1,506
8.63%, 06/15/2020		100		75	3.88%, 11/01/2020		210		211
FirstCash Inc					3.88%, 11/01/2023		20		20
5.38%, 06/01/2024(g)		114		117	5.35%, 11/01/2043		83		73
GameStop Corp					6.88%, 11/15/2037		750		773
6.75%, 03/15/2021(g)		200		200			$		89,471
Gap Inc/The					Semiconductors - 0.40%
5.95%, 04/12/2021		1,050		1,094	Advanced Micro Devices Inc
Golden Nugget Inc					7.00%, 07/01/2024		106		110
6.75%, 10/15/2024(g)		1,661		1,698	7.50%, 08/15/2022		2,700		3,017
8.75%, 10/01/2025(g)		1,475		1,545	Amkor Technology Inc
Group 1 Automotive Inc					6.63%, 09/15/2027(g)		1,720		1,753
5.00%, 06/01/2022		350		355	Entegris Inc
5.25%, 12/15/2023(g)		284		291	4.63%, 02/10/2026(g)		411		411
Guitar Center Escrow Issuer Inc					Micron Technology Inc
9.50%, 10/15/2021(g)		1,175		1,144	5.50%, 02/01/2025		1,150		1,184
IRB Holding Corp					NXP BV / NXP Funding LLC
6.75%, 02/15/2026(g)		135		134	4.13%, 06/01/2021(g)		3,340		3,406
KFC Holding Co/Pizza Hut Holdings LLC/Taco					Qorvo Inc
Bell of America LLC					5.50%, 07/15/2026(g)		425		443
4.75%, 06/01/2027(g)		1,940		1,926	Sensata Technologies UK Financing Co PLC
5.00%, 06/01/2024(g)		900		920	6.25%, 02/15/2026(g)		3,588		3,790
5.25%, 06/01/2026(g)		4,600		4,744			$		14,114
L Brands Inc					Software - 2.03%
5.25%, 02/01/2028		560		501	Ascend Learning LLC
5.63%, 02/15/2022		1,000		1,038	6.88%, 08/01/2025(g)		2,491		2,522
5.63%, 10/15/2023		165		170	6.88%, 08/01/2025(g)		3,450		3,506
6.69%, 01/15/2027		333		326	Camelot Finance SA
6.75%, 07/01/2036		450		392	7.88%, 10/15/2024(g)		1,610		1,695
6.88%, 11/01/2035		644		572	CDK Global Inc
7.60%, 07/15/2037		500		434	3.80%, 10/15/2019		545		546
Men's Wearhouse Inc/The					4.88%, 06/01/2027		984		994
7.00%, 07/01/2022		16		16	5.00%, 10/15/2024		1,981		2,052
Neiman Marcus Group Ltd LLC					Change Healthcare Holdings LLC / Change
8.00%, 10/15/2021(g)		1,095		602	Healthcare Finance Inc
Party City Holdings Inc					5.75%, 03/01/2025(g)		1,550		1,536
6.63%, 08/01/2026(g)		242		240	Fair Isaac Corp
Penske Automotive Group Inc					5.25%, 05/15/2026(g)		75		78
3.75%, 08/15/2020		4,365		4,369	First Data Corp
5.38%, 12/01/2024		131		133	5.00%, 01/15/2024(g)		2,200		2,255
5.50%, 05/15/2026		2,536		2,530	5.38%, 08/15/2023(g)		1,405		1,436
5.75%, 10/01/2022		965		981	5.75%, 01/15/2024(g)		3,032		3,125
PetSmart Inc					Genesys Telecommunications Laboratories
5.88%, 06/01/2025(g)		1,592		1,443	Inc/Greeneden Lux 3 Sarl
7.13%, 03/15/2023(g)		1,505		1,332	10.00%, 11/30/2024(g)		1,962		2,148
8.88%, 06/01/2025(g)		650		578	Infor Software Parent LLC / Infor Software Parent
PriSo Acquisition Corp					Inc
9.00%, 05/15/2023(g)		141		141	7.13%, PIK 7.88%, 05/01/2021(g),(h),(i)		4,004		4,014
QVC Inc					Infor US Inc
4.85%, 04/01/2024		745		762	6.50%, 05/15/2022		2,087		2,124
5.45%, 08/15/2034		835		801	Informatica LLC
Rite Aid Corp					7.13%, 07/15/2023(g)		1,975		2,019
6.13%, 04/01/2023(g)		1,850		1,573	IQVIA Inc
Signet UK Finance PLC					4.88%, 05/15/2023(g)		1,350		1,372
4.70%, 06/15/2024		106		95	5.00%, 10/15/2026(g)		4,562		4,659
Sonic Automotive Inc					j2 Cloud Services LLC / j2 Global Co-Obligor Inc
6.13%, 03/15/2027		801		777	6.00%, 07/15/2025(g)		2,134		2,225
SRS Distribution Inc					MSCI Inc
8.25%, 07/01/2026(g)		18,720		18,299	4.75%, 08/01/2026(g)		1,235		1,266
Staples Inc					5.25%, 11/15/2024(g)		2,160		2,224
7.50%, 04/15/2026(g)		8,625		8,641	5.38%, 05/15/2027(g)		300		315
10.75%, 04/15/2027(g)		1,065		1,082	5.75%, 08/15/2025(g)		2,365		2,477

See accompanying notes.

270

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s)   Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Software (continued)					Telecommunications (continued)
Nuance Communications Inc					Frontier Communications Corp   (continued)
5.63%, 12/15/2026	$	2,740	$	2,799	7.88%, 01/15/2027	$	200	$	103
6.00%, 07/01/2024		3,305		3,384	8.50%, 04/01/2026(g)		1,950		1,838
Open Text Corp					8.75%, 04/15/2022		760		526
5.63%, 01/15/2023(g)		235		241	9.00%, 08/15/2031		6,038		3,426
5.88%, 06/01/2026(g)		5,339		5,592	11.00%, 09/15/2025		6,644		4,302
PTC Inc					10.50%, 09/15/2022		1,884		1,375
6.00%, 05/15/2024		550		576	Frontier Florida LLC
Rackspace Hosting Inc					6.86%, 02/01/2028		351		318
8.63%, 11/15/2024(g)		8,185		7,633	Gogo Intermediate Holdings LLC / Gogo Finance
Riverbed Technology Inc					Co Inc
8.88%, 03/01/2023(g)		300		207	12.50%, 07/01/2022(g)		800		862
Solera LLC / Solera Finance Inc					GTT Communications Inc
10.50%, 03/01/2024(g)		2,115		2,295	7.88%, 12/31/2024(g)		38,900		36,664
SS&C Technologies Inc					Hughes Satellite Systems Corp
5.50%, 09/30/2027(g)		3,480		3,569	5.25%, 08/01/2026		1,054		1,061
Veritas US Inc / Veritas Bermuda Ltd					6.50%, 06/15/2019		1,928		1,935
10.50%, 02/01/2024(g)		850		774	6.63%, 08/01/2026		1,060		1,072
		$		71,658	7.63%, 06/15/2021		320		342
Storage & Warehousing - 0.02%					Inmarsat Finance PLC
Algeco Global Finance Plc					4.88%, 05/15/2022(g)		1,500		1,515
8.00%, 02/15/2023(g)		600		613	Intelsat Connect Finance SA
Mobile Mini Inc					9.50%, 02/15/2023(g)		1,700		1,577
5.88%, 07/01/2024		230		237	Intelsat Jackson Holdings SA
		$		850	5.50%, 08/01/2023		12,315		11,145
Telecommunications - 7.55%					8.00%, 02/15/2024(g)		1,565		1,633
Altice France SA/France					8.50%, 10/15/2024(g)		4,430		4,385
6.25%, 05/15/2024(g)		2,742		2,811	9.50%, 09/30/2022(g)		400		462
7.38%, 05/01/2026(g)		11,446		11,596	9.75%, 07/15/2025(g)		1,265		1,298
8.13%, 02/01/2027(g)		4,550		4,754	Intelsat Luxembourg SA
Anixter Inc					8.13%, 06/01/2023		2,930		2,216
5.13%, 10/01/2021		500		516	Iridium Communications Inc
5.50%, 03/01/2023		511		537	10.25%, 04/15/2023(g)		116		128
C&W Senior Financing DAC					Koninklijke KPN NV
6.88%, 09/15/2027(g)		750		751	7.00%, 03/28/2073(g),(l)		405		427
CenturyLink Inc					USD Swap Semi-Annual 10 Year + 5.33%
5.63%, 04/01/2020		1,110		1,129	Level 3 Financing Inc
5.63%, 04/01/2025		2,270		2,236	5.13%, 05/01/2023		4,067		4,109
5.80%, 03/15/2022		1,215		1,248	5.25%, 03/15/2026		480		487
6.45%, 06/15/2021		1,045		1,089	5.38%, 08/15/2022		690		693
6.75%, 12/01/2023		455		483	5.38%, 01/15/2024		5,700		5,771
6.88%, 01/15/2028		12,022		11,770	5.38%, 05/01/2025		383		390
7.50%, 04/01/2024		770		827	5.63%, 02/01/2023		1,753		1,771
7.60%, 09/15/2039		500		437	Level 3 Parent LLC
7.65%, 03/15/2042		1,000		880	5.75%, 12/01/2022		864		871
Cincinnati Bell Inc					Nokia OYJ
7.00%, 07/15/2024(g)		904		834	3.38%, 06/12/2022		520		519
8.00%, 10/15/2025(g)		140		128	4.38%, 06/12/2027		495		496
CommScope Inc					6.63%, 05/15/2039		716		763
5.00%, 06/15/2021(g)		250		250	Plantronics Inc
5.50%, 03/01/2024(g)		1,200		1,252	5.50%, 05/31/2023(g)		336		339
5.50%, 06/15/2024(g)		752		757	Qwest Capital Funding Inc
6.00%, 03/01/2026(g)		4,970		5,262	6.88%, 07/15/2028		379		349
8.25%, 03/01/2027(g)		2,955		3,191	7.75%, 02/15/2031		415		382
CommScope Technologies LLC					Qwest Corp
5.00%, 03/15/2027(g)		2,775		2,594	6.75%, 12/01/2021		1,370		1,463
6.00%, 06/15/2025(g)		6,648		6,752	6.88%, 09/15/2033		5,235		5,235
Consolidated Communications Inc					7.25%, 09/15/2025		1,458		1,593
6.50%, 10/01/2022		1,275		1,210	Sable International Finance Ltd
DKT Finance ApS					6.88%, 08/01/2022(g)		546		571
9.38%, 06/17/2023(g)		125		135	Sprint Capital Corp
Embarq Corp					6.88%, 11/15/2028		2,692		2,578
8.00%, 06/01/2036		5,222		5,150	8.75%, 03/15/2032		1,793		1,883
Frontier Communications Corp					Sprint Communications Inc
6.25%, 09/15/2021		10		8	6.00%, 11/15/2022		6,139		6,177
6.88%, 01/15/2025		885		469	7.00%, 08/15/2020		1,739		1,804
7.13%, 01/15/2023		445		277	9.25%, 04/15/2022		300		347
7.63%, 04/15/2024		1,225		677	11.50%, 11/15/2021		1,159		1,333

See accompanying notes.

271

Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)
		Principal					Principal
BONDS (continued)	Amount (000’s)          Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Telecommunications (continued)					Trucking & Leasing - 0.52%
Sprint Corp					AerCap Global Aviation Trust
7.13%, 06/15/2024	$	15,753	$	15,787	6.50%, 06/15/2045(g),(l)	$	400	$	408
7.25%, 09/15/2021		3,188		3,339	3 Month USD LIBOR + 4.30%
7.63%, 02/15/2025		1,712		1,729	Avolon Holdings Funding Ltd
7.63%, 03/01/2026		6,185		6,185	5.13%, 10/01/2023(g)		1,050		1,088
7.88%, 09/15/2023		8,200		8,542	5.25%, 05/15/2024(g)		500		522
Telecom Italia Capital SA					Fly Leasing Ltd
6.00%, 09/30/2034		2,149		1,988	5.25%, 10/15/2024		1,000		972
6.38%, 11/15/2033		1,115		1,084	Fortress Transportation & Infrastructure Investors
7.20%, 07/18/2036		1,532		1,570	LLC
7.72%, 06/04/2038		550		573	6.50%, 10/01/2025(g)		500		513
Telecom Italia SpA/Milano					6.75%, 03/15/2022(g)		1,250		1,284
5.30%, 05/30/2024(g)		2,400		2,391	Park Aerospace Holdings Ltd
Telefonaktiebolaget LM Ericsson					4.50%, 03/15/2023(g)		1,832		1,852
4.13%, 05/15/2022		1,100		1,119	5.25%, 08/15/2022(g)		6,833		7,113
Telesat Canada / Telesat LLC					5.50%, 02/15/2024(g)		4,302		4,535
8.88%, 11/15/2024(g)		425		461			$		18,287
T-Mobile USA Inc					TOTAL BONDS		$		2,985,541
4.50%, 02/01/2026		3,000		3,013	SENIOR FLOATING RATE INTERESTS		Principal
4.75%, 02/01/2028		2,400		2,421	- 11.61%	Amount (000's) Value (000's)
5.13%, 04/15/2025		500		515	Automobile Parts & Equipment - 0.89%
5.38%, 04/15/2027		519		546	Dexko Global Inc
6.00%, 03/01/2023		3,662		3,768	10.85%, 07/24/2025(m)	$	13,544	$	13,408
6.00%, 04/15/2024		4,597		4,786	US LIBOR + 8.25%
6.38%, 03/01/2025		2,742		2,851	Truck Hero Inc
6.50%, 01/15/2024		312		323	10.75%, 05/16/2025(m)		18,532		17,883
6.50%, 01/15/2026		3,650		3,904	US LIBOR + 8.25%
Trilogy International Partners LLC / Trilogy							$		31,291
International Finance Inc					Commercial Services - 0.52%
8.88%, 05/01/2022(g)		100		98	KUEHG Corp
United States Cellular Corp					10.85%, 08/22/2025(m)		8,306		8,223
6.70%, 12/15/2033		300		319	Learning Care Group US No 2 Inc
ViaSat Inc					10.09%, 03/13/2026(m)		6,500		6,419
5.63%, 09/15/2025(g)		4,690		4,655	US LIBOR + 7.50%
5.63%, 04/15/2027(g)		500		510	Team Health Holdings Inc
Wind Tre SpA					5.24%, 02/06/2024(m)		4,124		3,861
5.00%, 01/20/2026(g)		4,580		4,186	US LIBOR + 2.75%
WTT Investment Ltd/Hong Kong							$		18,503
5.50%, 11/21/2022(g)		650		663	Computers - 0.79%
		$		265,870	Optiv Security Inc
Toys, Games & Hobbies - 0.15%					9.75%, 01/13/2025(m)		5,820		5,471
Mattel Inc					US LIBOR + 7.25%
2.35%, 08/15/2021		1,000		957	Peak 10 Holding Corp
3.15%, 03/15/2023		1,000		921	9.99%, 07/24/2025(m)		15,795		13,929
4.35%, 10/01/2020		365		367	US LIBOR + 7.25%
5.45%, 11/01/2041		214		162	TierPoint LLC
6.20%, 10/01/2040		150		121	9.75%, 05/05/2025(m)		9,255		8,422
6.75%, 12/31/2025(g)		2,650		2,651	US LIBOR + 7.25%
		$		5,179			$		27,822
Transportation - 0.11%					Cosmetics & Personal Care - 0.12%
Navios Maritime Acquisition Corp / Navios					Wellness Merger Sub Inc
Acquisition Finance US Inc					11.36%, 06/27/2025(m)		4,330		4,319
8.13%, 11/15/2021(g)		200		166	Distribution & Wholesale - 0.11%
Neovia Logistics Services LLC / SPL Logistics					American Tire Distributors Inc
Finance Corp					8.66%, 09/01/2023(m)		2,297		2,285
8.88%, 08/01/2020(g)		125		125	US LIBOR + 6.00%
Teekay Offshore Partners LP/Teekay Offshore					10.13%, 08/30/2024(m)		1,527		1,428
Finance Corp					US LIBOR + 7.50%
8.50%, 07/15/2023(g)		775		773			$		3,713
Watco Cos LLC / Watco Finance Corp
6.38%, 04/01/2023(g)		270		272	Electronics - 0.33%
XPO CNW Inc					Deliver Buyer Inc
6.70%, 05/01/2034		347		309	7.60%, 05/01/2024(m)		11,522		11,493
XPO Logistics Inc					US LIBOR + 5.00%
6.13%, 09/01/2023(g)		620		633	Entertainment - 0.14%
6.50%, 06/15/2022(g)		1,389		1,420	Mohegan Gaming & Entertainment
		$		3,698	6.50%, 09/30/2023(m)		2,129		2,035
					US LIBOR + 4.00%

See accompanying notes.

272

Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)
SENIOR FLOATING RATE INTERESTS		Principal			SENIOR FLOATING RATE INTERESTS			Principal
(continued)	Amount (000’s)     Value (000’s)				(continued)		Amount (000’s) Value (000’s)
Entertainment (continued)					Miscellaneous Manufacturers - 0.84%
SeaWorld Parks & Entertainment Inc					UTEX Industries Inc
5.50%, 04/01/2024(m)	$	2,947	$	2,935		6.50%, 05/21/2021(m)	$	10,728	$	10,370
US LIBOR + 3.00%						US LIBOR + 4.00%
		$		4,970		9.75%, 05/22/2022(m)		20,650		19,411
Healthcare - Products - 0.05%						US LIBOR + 7.25%
Mallinckrodt International Finance SA								$		29,781
5.35%, 09/24/2024(m)		1,683		1,507	Packaging & Containers - 0.10%
US LIBOR + 2.75%					Berlin Packaging LLC
5.69%, 02/24/2025(m)		223		201		5.51%, 11/07/2025(m)		2,040		2,013
US LIBOR + 3.00%						US LIBOR + 3.00%
		$		1,708	BWAY Holding Co
Healthcare - Services - 2.58%						5.85%, 04/03/2024(m)		1,652		1,629
Aveanna Healthcare LLC						US LIBOR + 3.25%
8.13%, 03/18/2024(m)		7,069		6,945				$		3,642
US LIBOR + 5.50%					Pharmaceuticals - 0.53%
10.63%, 03/16/2025(m)		6,940		6,532	Lanai Holdings III Inc
US LIBOR + 8.00%						7.49%, 08/29/2022(m)		3,195		3,151
Civitas Solutions Inc						US LIBOR + 4.75%
11.00%, 03/08/2027(m)		15,170		14,867		11.24%, 08/14/2023(m)		5,170		4,911
US LIBOR + 0.00%						US LIBOR + 8.50%
Dentalcorp Perfect Smile ULC					Packaging Coordinators Midco Inc
10.00%, 06/08/2026(m)		1,199		1,178		11.36%, 06/29/2024(m)		10,740		10,686
US LIBOR + 7.50%						US LIBOR + 8.75%
10.00%, 06/08/2026(m)		9,280		9,118				$		18,748
US LIBOR + 7.50%					Real Estate - 0.03%
10.00%, 06/01/2026(m)		6,451		6,338	Realogy Group LLC
US LIBOR + 7.50%						4.73%, 02/08/2025(m)		1,104		1,077
MPH Acquisition Holdings LLC						US LIBOR + 2.25%
5.35%, 05/25/2023(m)		2,406		2,381	Retail - 0.04%
US LIBOR + 3.00%					Bass Pro Group LLC
Tivity Health Inc						7.50%, 09/25/2024(m)		1,318		1,315
7.86%, 03/17/2026(m)		2,024		1,993		US LIBOR + 5.00%
US LIBOR + 5.25%					Software - 1.34%
US Renal Care Inc					Evergreen Skills Lux Sarl
6.85%, 12/30/2022(m)		23,239		23,254		7.27%, 04/23/2021(m)		24,606		20,521
US LIBOR + 4.25%						US LIBOR + 4.75%
10.60%, 11/17/2023(m)		18,185		18,196		10.75%, 04/28/2022(m)		14,067		4,009
US LIBOR + 8.00%						US LIBOR + 8.25%
		$		90,802	MH Sub I LLC
Insurance - 1.45%						9.95%, 09/15/2025(m)		22,499		22,528
Asurion LLC						US LIBOR + 7.50%
9.00%, 08/04/2025(m)		48,215		49,119				$		47,058
US LIBOR + 6.50%					Telecommunications - 0.17%
Sedgwick Claims Management Services Inc					Altice France SA/France
5.75%, 11/06/2025(m)		1,985		1,979		6.47%, 08/14/2026(m)		4,482		4,380
US LIBOR + 3.25%						US LIBOR + 4.00%
		$		51,098	CenturyLink Inc
Investment Companies - 0.22%						5.24%, 01/31/2025(m)		1,652		1,641
Masergy Holdings Inc						US LIBOR + 2.75%
10.10%, 12/16/2024(m)		5,393		5,258				$		6,021
US LIBOR + 7.50%					TOTAL SENIOR FLOATING RATE INTERESTS			$		408,898
Zest Acquisition Corp					Total Investments			$		3,466,849
9.98%, 03/06/2026(m)		2,580		2,399	Other Assets and Liabilities -  1.61%					56,641
US LIBOR + 7.50%					TOTAL NET ASSETS - 100.00%			$		3,523,490
		$		7,657
Lodging - 0.59%
Parq Holdings LP					(a)	Non-income producing security
10.10%, 12/17/2020(m)		20,865		20,761	(b)	The value of these investments was determined using significant unobservable
US LIBOR + 7.50%						inputs.
Machinery - Diversified - 0.46%					(c)	Fair value of these investments is determined in good faith by the Manager
Engineered Machinery Holdings Inc						under procedures established and periodically reviewed by the Board of
9.85%, 07/25/2025(m)		16,681		16,320		Directors. Certain inputs used in the valuation may be unobservable; however,
US LIBOR + 7.25%						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.
Metal Fabrication & Hardware - 0.31%						At the end of the period, the fair value of these securities totaled $64,738 or
Crosby US Acquisition Corp						1.84% of net assets.
5.46%, 11/23/2020(m)		10,921		10,799	(d)	Restricted Security. Please see Restricted Security Sub-Schedule for more
US LIBOR + 3.00%						information.

See accompanying notes.

273

Schedule of Investments High Yield Fund I April 30, 2019 (unaudited)

(e)	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.
(f)	Current yield shown is as of period end.
(g)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,774,352 or 50.36% of net assets.
(h)	Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.  These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end.
(i)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
(j)	Security purchased on a when-issued basis.
(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 shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
(m)	Rate information disclosed is based on an average weighted rate of the underlying tranches as of period end.

Portfolio Summary  (unaudited)
Sector	Percent
Consumer, Non-cyclical	18.98	%
Communications	15.83	%
Consumer, Cyclical	12.90	%
Financial	11.78	%
Industrial	11.71	%
Energy	10.97	%
Technology	6.18	%
Basic Materials	5.53	%
Utilities	2.49	%
Money Market Funds	1.98	%
Diversified	0.04	%
Other Assets and Liabilities	1.61	%
TOTAL NET ASSETS	100.00	%

Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$	218,558			$	810,331	$	959,019	$		69,870
	$	218,558			$	810,331	$	959,019	$		69,870
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	1,121	$	— $				— $			—
	$	1,121	$	— $				— $			—

Amounts in thousands
Restricted Securities
Security Name				Acquisition Date				Cost			Value		Percent of Net Assets
General Motors Co - 0.00%, 03/15/2036				01/31/2013		$		— $			—		0.00	%
General Motors Co - 0.00%, 12/01/2020				04/11/2013				—			—		0.00	%
General Motors Co - 0.00%, 05/01/2028				01/31/2013				—			—		0.00	%
General Motors Co - 0.00%, 07/15/2023				01/31/2013				—			—		0.00	%
General Motors Co - 0.00%, 07/15/2033				01/31/2013				—			—		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%, 07/15/2033				04/11/2013				—			—		0.00	%
General Motors Co - 0.00%, 03/06/2032				04/11/2013				—			—		0.00	%
Neebo, Inc - Warrants				07/05/2012				—			—		0.00	%
Neebo, Inc - Warrants				07/05/2012				—			—		0.00	%
Real Alloy Holding Inc - 12.60%, 11/30/2023				05/31/2018			4,391				4,391		0.12	%
Specialty Steel - 12.85%, 11/15/2022				11/15/2017			8,680				8,680		0.25	%
SportsNet New York - 10.25%, 01/15/2025				12/27/2017			4,068				4,337		0.12	%
Total								$			17,408		0.49	%
Amounts in thousands.
Exchange Cleared Credit Default Swaps
Sell Protection
	Implied Credit
	Spread as		(Pay)/					Upfront	Unrealized
	of April 30,		Receive Fixed	Payment		Notional	Payments/		Appreciation/
Reference Entity	2019	(a)	Rate	Frequency	Maturity Date	Amount (b)		(Receipts)			(Depreciation)		Fair Value (c)
CDX.NA.HY.32	N/A		5.00%	Quarterly	06/20/2024	$ 125,500 $		8,872		$	708	$	9,580
Total							$	8,872		$	708	$	9,580
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.

See accompanying notes.

274

Schedule of Investments
High Yield Fund I
April 30, 2019 (unaudited)

Exchange Cleared Credit Default Swaps (continued)

(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 $125,500.

(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.

See accompanying notes.

275

Schedule of Investments
Income Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 1.24%		Shares Held Value (000's)					Principal
Diversified Financial Services - 0.00%					BONDS (continued)	Amount (000’s) Value (000’s)
Adelphia Recovery Trust (a),(b),(c)		658,740	$	—	Banks (continued)
Electric - 0.11%					Morgan Stanley
GenOn Energy - Class A (a),(b)		23,170		3,244	2.65%, 01/27/2020	$	5,000	$	4,997
Oil & Gas - 0.18%					3.95%, 04/23/2027		10,000		10,098
Riviera Resources Inc (a)		258,490		3,877	4.00%, 07/23/2025		5,000		5,198
Roan Resources Inc (a)		258,490		1,466	4.88%, 11/01/2022		2,000		2,117
		$		5,343	5.50%, 07/28/2021		5,000		5,278
Transportation - 0.95%					PNC Bank NA
Trailer Bridge Inc (a),(b),(c),(d)		152,807		27,831	2.95%, 02/23/2025		10,000		9,977
TOTAL COMMON STOCKS		$		36,418	3.10%, 10/25/2027		4,750		4,735
INVESTMENT COMPANIES - 2.69%		Shares Held Value (000's)			PNC Financial Services Group Inc/The
					6.75%, 07/29/2049(h),(i)		18,000		19,147
Money Market Funds - 2.69%					3 Month USD LIBOR + 3.68%
Principal Government Money Market Fund		79,182,600		79,183	SunTrust Bank/Atlanta GA
2.38%(e),(f)					2.75%, 05/01/2023		15,000		14,866
TOTAL INVESTMENT COMPANIES		$		79,183	3.30%, 05/15/2026		5,000		4,948
		Principal			SunTrust Banks Inc
BONDS - 61.90%	Amount (000's) Value (000's)				2.70%, 01/27/2022		9,000		8,963
Airlines - 0.26%					US Bancorp
United Airlines 2013-1 Class A Pass Through					2.95%, 07/15/2022		5,000		5,026
Trust					3.00%, 03/15/2022		2,000		2,016
4.30%, 02/15/2027	$	7,488	$	7,765	3.60%, 09/11/2024		9,500		9,810
Apparel - 0.45%					4.13%, 05/24/2021		3,000		3,087
Under Armour Inc					US Bank NA/Cincinnati OH
3.25%, 06/15/2026		14,250		13,148	2.80%, 01/27/2025		5,000		4,971
Automobile Floor Plan Asset Backed Securities - 1.29%					Wells Fargo & Co
Ally Master Owner Trust					3.07%, 01/24/2023		16,000		16,031
2.90%, 06/15/2022		15,000		15,027	6.38%, 12/31/2049(i)		15,000		15,075
1.00 x 1 Month USD LIBOR + 0.43%					3 Month USD LIBOR + 3.77%
Navistar Financial Dealer Note Master Owner							$		302,145
Trust II					Beverages - 1.07%
3.11%, 09/25/2023(g)		6,000		6,013	Anheuser-Busch Cos LLC / Anheuser-Busch
1.00 x 1 Month USD LIBOR + 0.63%					InBev Worldwide Inc
Nissan Master Owner Trust Receivables					4.70%, 02/01/2036(g)		11,500		11,685
3.03%, 02/15/2024		17,000		17,070	Anheuser-Busch InBev Worldwide Inc
1.00 x 1 Month USD LIBOR + 0.56%					2.50%, 07/15/2022		9,000		8,921
		$		38,110	4.90%, 01/23/2031		10,000		10,844
Automobile Manufacturers - 0.50%							$		31,450
American Honda Finance Corp					Biotechnology - 2.23%
2.30%, 09/09/2026		4,750		4,473	Amgen Inc
3.80%, 09/20/2021(g)		10,000		10,235	3.63%, 05/15/2022		4,500		4,609
		$		14,708	3.88%, 11/15/2021		13,000		13,311
Banks - 10.26%					Celgene Corp
Bank of America Corp					3.45%, 11/15/2027		5,000		4,949
2.88%, 04/24/2023(h)		15,000		14,942	3.90%, 02/20/2028		10,000		10,222
3 Month USD LIBOR + 1.02%					Gilead Sciences Inc
3.88%, 08/01/2025		7,000		7,246	3.50%, 02/01/2025		4,750		4,841
6.75%, 06/01/2028		2,000		2,414	3.65%, 03/01/2026		18,000		18,399
Bank of New York Mellon Corp/The					4.40%, 12/01/2021		9,000		9,342
2.20%, 08/16/2023		9,500		9,222			$		65,673
2.60%, 08/17/2020		9,500		9,502	Chemicals - 0.91%
2.80%, 05/04/2026		4,500		4,425	Airgas Inc
3.00%, 10/30/2028		7,000		6,786	2.38%, 02/15/2020		7,000		6,989
Citigroup Inc					3.65%, 07/15/2024		6,750		6,962
3.88%, 03/26/2025		20,000		20,332	OCI NV
4.45%, 09/29/2027		8,000		8,303	6.63%, 04/15/2023(g)		1,600		1,666
4.50%, 01/14/2022		4,000		4,164	Westlake Chemical Corp
Cullen/Frost Bankers Inc					3.60%, 08/15/2026		11,500		11,284
4.50%, 03/17/2027		11,000		11,139			$		26,901
Goldman Sachs Group Inc/The					Commercial Services - 0.59%
3.50%, 11/16/2026		9,000		8,873	ERAC USA Finance LLC
3.63%, 01/22/2023		4,000		4,080	3.30%, 10/15/2022(g)		2,000		2,015
5.25%, 07/27/2021		13,000		13,669	4.50%, 08/16/2021(g)		6,000		6,204
JPMorgan Chase & Co					7.00%, 10/15/2037(g)		7,000		9,135
3.25%, 09/23/2022		5,000		5,061			$		17,354
3.63%, 05/13/2024		15,000		15,418
3.90%, 07/15/2025		5,000		5,185
6.05%, 04/29/2049(i)		5,021		5,044
3 Month USD LIBOR + 3.47%

See accompanying notes.

276

Schedule of Investments Income Fund April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Computers - 0.78%					Environmental Control - 1.38%
Apple Inc					Advanced Disposal Services Inc
2.40%, 05/03/2023	$	13,000	$	12,861	5.63%, 11/15/2024(g)	$	11,500	$	12,075
3.25%, 02/23/2026		10,000		10,147	Republic Services Inc
		$		23,008	3.20%, 03/15/2025		10,000		10,090
Credit Card Asset Backed Securities - 0.27%					3.55%, 06/01/2022		6,000		6,123
Cabela's Credit Card Master Note Trust					5.00%, 03/01/2020		12,000		12,217
3.14%, 07/17/2023		8,000		8,035			$		40,505
1.00 x 1 Month USD LIBOR + 0.67%					Food - 0.67%
Diversified Financial Services - 0.76%					Kraft Heinz Foods Co
Jefferies Group LLC					3.50%, 07/15/2022		5,000		5,058
5.13%, 01/20/2023		1,500		1,583	3.95%, 07/15/2025		14,500		14,632
6.25%, 01/15/2036		9,000		9,443			$		19,690
8.50%, 07/15/2019		4,000		4,045	Gas - 0.07%
Jefferies Group LLC / Jefferies Group Capital					NiSource Inc
Finance Inc					3.85%, 02/15/2023		2,000		2,041
4.15%, 01/23/2030		6,000		5,587	Healthcare - Services - 1.67%
4.85%, 01/15/2027		1,750		1,764	Encompass Health Corp
		$		22,422	5.75%, 11/01/2024		7,000		7,096
Electric - 7.83%					5.75%, 09/15/2025		1,000		1,026
Black Hills Corp					HCA Inc
3.15%, 01/15/2027		7,500		7,230	5.63%, 09/01/2028		2,000		2,130
4.35%, 05/01/2033		7,500		7,803	5.88%, 05/01/2023		4,500		4,827
Entergy Louisiana LLC					7.50%, 02/15/2022		3,000		3,300
3.25%, 04/01/2028		8,000		7,963	7.50%, 11/06/2033		1,700		1,972
4.20%, 09/01/2048		5,500		5,684	Roche Holdings Inc
Entergy Texas Inc					2.94%, 09/30/2019(g)		26,000		26,031
2.55%, 06/01/2021		14,500		14,316	3 Month USD LIBOR + 0.34%
GenOn Energy Inc - Escrow					Surgery Center Holdings Inc
0.00%, 10/15/2020(a),(b),(c)		8,550		—	6.75%, 07/01/2025(g)		3,000		2,790
GenOn Energy Inc / NRG Americas Inc							$		49,172
9.39%, 12/01/2023		1,854		1,840	Housewares - 0.35%
6 Month USD LIBOR + 6.50%					Newell Brands Inc
LG&E & KU Energy LLC					3.85%, 04/01/2023		6,000		5,965
3.75%, 11/15/2020		5,000		5,052	4.20%, 04/01/2026		4,500		4,282
4.38%, 10/01/2021		5,000		5,142			$		10,247
Louisville Gas & Electric Co					Insurance - 2.40%
3.30%, 10/01/2025		3,000		3,055	Berkshire Hathaway Inc
Metropolitan Edison Co					3.00%, 02/11/2023		5,000		5,076
3.50%, 03/15/2023(g)		9,000		9,116	3.75%, 08/15/2021		5,000		5,144
4.30%, 01/15/2029(g)		7,000		7,312	Fidelity National Financial Inc
Monongahela Power Co					4.50%, 08/15/2028(g)		14,000		14,217
3.55%, 05/15/2027(g)		5,000		5,003	5.50%, 09/01/2022		5,000		5,290
Oncor Electric Delivery Co LLC					First American Financial Corp
2.95%, 04/01/2025		4,000		4,004	4.30%, 02/01/2023		20,000		20,319
4.10%, 11/15/2048		5,000		5,279	4.60%, 11/15/2024		5,000		5,176
5.75%, 03/15/2029		17,000		20,321	Prudential Financial Inc
PacifiCorp					3.88%, 03/27/2028		7,000		7,332
5.25%, 06/15/2035		5,000		5,753	4.50%, 11/16/2021		2,000		2,086
6.25%, 10/15/2037		2,000		2,604	5.38%, 06/21/2020		2,000		2,061
Solar Star Funding LLC					7.38%, 06/15/2019		4,000		4,021
3.95%, 06/30/2035(g)		6,350		6,120			$		70,722
5.38%, 06/30/2035(g)		20,797		22,104	Internet - 0.50%
Southwestern Electric Power Co					Amazon.com Inc
2.75%, 10/01/2026		10,000		9,516	4.05%, 08/22/2047		14,000		14,585
3.55%, 02/15/2022		12,000		12,164
3.85%, 02/01/2048		7,000		6,537	Iron & Steel - 0.90%
Talen Energy Supply LLC					Allegheny Technologies Inc
4.60%, 12/15/2021		11,750		11,339	5.95%, 01/15/2021		11,000		11,220
TransAlta Corp					7.88%, 08/15/2023		14,250		15,422
4.50%, 11/15/2022		18,000		18,200			$		26,642
Tucson Electric Power Co					Media - 2.26%
3.05%, 03/15/2025		2,000		1,966	Comcast Corp
3.85%, 03/15/2023		14,000		14,269	2.85%, 01/15/2023		10,000		10,052
4.85%, 12/01/2048		7,000		7,710	3.13%, 07/15/2022		2,000		2,028
5.15%, 11/15/2021		3,000		3,131	3.30%, 02/01/2027		10,000		10,000
		$		230,533	4.25%, 10/15/2030		4,500		4,787
					5.15%, 03/01/2020		2,000		2,040

See accompanying notes.

277

Schedule of Investments Income Fund April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Media (continued)					Packaging & Containers - 0.29%
Time Warner Cable LLC					Sealed Air Corp
6.55%, 05/01/2037	$	6,000	$	6,667	5.50%, 09/15/2025(g)	$	2,000	$	2,100
6.75%, 06/15/2039		5,500		6,135	6.88%, 07/15/2033(g)		6,000		6,540
7.30%, 07/01/2038		7,750		9,060			$		8,640
Walt Disney Co/The					Pharmaceuticals - 0.47%
4.50%, 02/15/2021(g)		5,000		5,163	AbbVie Inc
6.40%, 12/15/2035(g)		8,000		10,529	2.90%, 11/06/2022		13,750		13,710
		$		66,461	Pipelines - 3.46%
Oil & Gas - 4.22%					Buckeye Partners LP
BP Capital Markets America Inc					3.95%, 12/01/2026		10,000		9,706
3.12%, 05/04/2026		7,000		6,968	4.15%, 07/01/2023		10,000		10,206
3.94%, 09/21/2028		7,000		7,323	4.35%, 10/15/2024		7,500		7,621
BP Capital Markets PLC					Columbia Pipeline Group Inc
2.50%, 11/06/2022		3,000		2,977	4.50%, 06/01/2025		11,000		11,549
Canadian Natural Resources Ltd					El Paso Natural Gas Co LLC
3.80%, 04/15/2024		7,000		7,128	7.50%, 11/15/2026		9,500		11,553
Helmerich & Payne Inc					NGPL PipeCo LLC
4.65%, 03/15/2025		7,000		7,290	4.88%, 08/15/2027(g)		500		516
Marathon Petroleum Corp					Plains All American Pipeline LP / PAA Finance
5.38%, 10/01/2022(g)		8,750		8,915	Corp
Nabors Industries Inc					4.50%, 12/15/2026		13,000		13,414
5.00%, 09/15/2020		14,000		14,210	Southeast Supply Header LLC
5.10%, 09/15/2023		5,000		4,687	4.25%, 06/15/2024(g)		14,000		14,092
5.50%, 01/15/2023		9,000		8,573	Southern Natural Gas Co LLC
Petro-Canada					8.00%, 03/01/2032		4,000		5,374
9.25%, 10/15/2021		8,500		9,752	Tennessee Gas Pipeline Co LLC
Phillips 66					8.38%, 06/15/2032		2,000		2,655
4.30%, 04/01/2022		9,000		9,377	TransCanada PipeLines Ltd
Rowan Cos Inc					6.10%, 06/01/2040		5,000		5,906
4.88%, 06/01/2022		8,000		7,730	7.25%, 08/15/2038		7,000		9,144
Suncor Energy Inc							$		101,736
4.00%, 11/15/2047		4,500		4,394	REITs - 8.25%
W&T Offshore Inc					Alexandria Real Estate Equities Inc
9.75%, 11/01/2023(g)		6,500		6,614	4.30%, 01/15/2026		9,000		9,393
Whiting Petroleum Corp					4.60%, 04/01/2022		20,500		21,418
5.75%, 03/15/2021		18,000		18,445	CBL & Associates LP
		$		124,383	5.95%, 12/15/2026		13,250		9,242
Oil & Gas Services - 1.34%					CubeSmart LP
Schlumberger Holdings Corp					4.00%, 11/15/2025		5,000		5,090
3.63%, 12/21/2022(g)		6,500		6,636	4.38%, 12/15/2023		8,000		8,329
4.00%, 12/21/2025(g)		9,500		9,777	4.38%, 02/15/2029		2,000		2,055
Weatherford International Ltd					4.80%, 07/15/2022		15,000		15,656
4.50%, 04/15/2022		16,500		11,468	Duke Realty LP
5.13%, 09/15/2020		14,000		11,480	3.25%, 06/30/2026		5,000		4,939
		$		39,361	3.88%, 10/15/2022		3,000		3,087
Other Asset Backed Securities - 1.94%					4.38%, 06/15/2022		4,000		4,162
Drug Royalty II LP 2					HCP Inc
3.48%, 07/15/2023(g)		1,707		1,703	2.63%, 02/01/2020		5,000		4,989
Drug Royalty III LP 1					Healthcare Realty Trust Inc
3.60%, 04/15/2027(g)		2,587		2,574	3.88%, 05/01/2025		5,000		5,024
3.98%, 04/15/2027(g)		1,817		1,820	Hospitality Properties Trust
4.27%, 10/15/2031(g)		4,088		4,148	4.50%, 06/15/2023		5,000		5,087
4.39%, 10/15/2031(g)		3,179		3,180	4.65%, 03/15/2024		5,000		5,115
1.00 x 3 Month USD LIBOR + 1.60%					4.95%, 02/15/2027		5,000		5,034
5.29%, 04/15/2027(g)		2,299		2,319	5.00%, 08/15/2022		14,000		14,553
1.00 x 3 Month USD LIBOR + 2.50%					Omega Healthcare Investors Inc
PFS Financing Corp					4.75%, 01/15/2028		7,000		7,187
3.03%, 04/15/2024(g)		13,000		13,000	5.25%, 01/15/2026		7,500		7,903
1.00 x 1 Month USD LIBOR + 0.55%					Physicians Realty LP
Trafigura Securitisation Finance PLC 2017-1					4.30%, 03/15/2027		17,000		16,936
3.32%, 12/15/2020(g)		16,000		15,982	Simon Property Group LP
1.00 x 1 Month USD LIBOR + 0.85%					2.75%, 02/01/2023		7,000		6,991
Verizon Owner Trust 2017-3					4.38%, 03/01/2021		3,000		3,083
2.76%, 04/20/2022(g)		12,500		12,508	STORE Capital Corp
1.00 x 1 Month USD LIBOR + 0.27%					4.63%, 03/15/2029		15,000		15,432
		$		57,234	Ventas Realty LP
					3.85%, 04/01/2027		21,000		21,145

See accompanying notes.

278

Schedule of Investments
Income Fund
April 30, 2019 (unaudited)
		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
BONDS (continued)	Amount (000’s)     Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
REITs (continued)					Federal Home Loan Mortgage Corporation (FHLMC) (continued)
Ventas Realty LP / Ventas Capital Corp					4.00%, 02/01/2046	$	10,901	$	11,239
3.25%, 08/15/2022	$	8,000	$	8,060	4.00%, 06/01/2046		10,835		11,168
Welltower Inc					4.50%, 07/01/2039		4,823		5,128
3.75%, 03/15/2023		3,000		3,079	4.50%, 12/01/2040		4,825		5,131
4.25%, 04/15/2028		4,000		4,133	4.50%, 10/01/2041		6,009		6,391
4.50%, 01/15/2024		5,000		5,284	5.00%, 08/01/2039		2,681		2,886
4.95%, 01/15/2021		3,000		3,088			$		154,130
Weyerhaeuser Co					Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage
3.25%, 03/15/2023		5,000		5,030	Corporation (FHLMC) Uniform Mortgage-Backed Security - 13.40%
4.70%, 03/15/2021		12,000		12,345	3.00%, 03/01/2042		7,520		7,470
		$		242,869	3.00%, 03/01/2042		6,874		6,828
Savings & Loans - 0.22%					3.00%, 05/01/2042		8,133		8,079
First Niagara Financial Group Inc					3.00%, 06/01/2042		7,429		7,380
7.25%, 12/15/2021		6,000		6,617	3.00%, 06/01/2042		7,531		7,481
Software - 1.05%					3.50%, 12/01/2040		5,087		5,174
Oracle Corp					3.50%, 01/01/2041		3,803		3,867
2.50%, 05/15/2022		12,000		11,938	3.50%, 01/01/2041		4,066		4,135
2.95%, 05/15/2025		19,000		18,911	3.50%, 12/01/2041		3,385		3,443
		$		30,849	3.50%, 01/01/2042		5,497		5,594
Telecommunications - 3.26%					3.50%, 03/01/2042		5,627		5,721
Corning Inc					3.50%, 04/01/2042		7,804		7,936
2.90%, 05/15/2022		5,000		5,018	3.50%, 02/01/2043		9,324		9,496
4.25%, 08/15/2020		10,000		10,189	3.50%, 03/01/2045		10,157		10,345
4.75%, 03/15/2042		4,000		4,106	3.50%, 06/01/2045		13,697		13,919
Crown Castle Towers LLC					3.50%, 07/01/2045		11,781		11,971
4.24%, 07/15/2048(g)		13,000		13,541	3.50%, 11/01/2045		14,196		14,401
Qwest Corp					3.50%, 05/01/2046		12,417		12,569
6.75%, 12/01/2021		19,000		20,288	3.50%, 06/01/2046		11,216		11,352
Sprint Corp					4.00%, 09/01/2040		5,011		5,205
7.88%, 09/15/2023		7,500		7,813	4.00%, 11/01/2040		2,752		2,848
Sprint Spectrum Co LLC / Sprint Spectrum Co II					4.00%, 10/01/2041		3,874		4,010
LLC / Sprint Spectrum Co III LLC					4.00%, 10/01/2041		2,641		2,734
3.36%, 03/20/2023(g)		4,531		4,520	4.00%, 11/01/2041		8,140		8,425
5.15%, 03/20/2028(g)		16,000		16,478	4.00%, 04/01/2042		5,113		5,291
T-Mobile USA Inc					4.00%, 08/01/2043		9,324		9,707
6.38%, 03/01/2025		13,500		14,036	4.00%, 08/01/2043		7,644		7,940
		$		95,989	4.00%, 11/01/2043		7,863		8,166
Transportation - 0.00%					4.00%, 11/01/2043		9,500		9,893
Trailer Bridge Inc					4.00%, 02/01/2044		9,306		9,689
0.00%, 11/15/2019(a),(b),(c)		12,000		—	4.00%, 07/01/2044		7,180		7,411
TOTAL BONDS		$		1,822,705	4.00%, 09/01/2044		7,005		7,230
SENIOR FLOATING RATE INTERESTS		Principal			4.00%, 11/01/2044		8,743		9,046
- 0.69%	Amount (000's)     Value (000's)				4.00%, 09/01/2045		17,726		18,262
					4.00%, 08/01/2046		12,813		13,288
Pipelines - 0.31%					4.00%, 01/01/2047		12,965		13,351
BCP Renaissance Parent LLC					4.00%, 08/01/2047		18,300		18,872
5.98%, 10/31/2024(j)	$	9,181	$	9,219	4.50%, 08/01/2040		7,084		7,508
US LIBOR + 3.50%					4.50%, 10/01/2040		4,528		4,796
Software - 0.38%					4.50%, 12/01/2040		5,676		6,014
Ivanti Software Inc					4.50%, 08/01/2041		6,218		6,587
11.48%, 01/20/2025(j)		11,500		11,227	4.50%, 10/01/2043		3,992		4,200
US LIBOR + 9.00%					4.50%, 05/01/2044		7,956		8,373
TOTAL SENIOR FLOATING RATE INTERESTS		$		20,446	4.50%, 06/01/2046		8,734		9,143
U.S. GOVERNMENT & GOVERNMENT		Principal			4.50%, 05/01/2047		15,033		15,717
AGENCY OBLIGATIONS - 32.73%	Amount (000's)     Value (000's)				4.50%, 05/01/2047		13,049		13,641
Federal Home Loan Mortgage Corporation (FHLMC) - 5.23%							$		394,508
3.00%, 10/01/2042	$	9,423	$	9,362	U.S. Treasury - 14.10%
3.00%, 10/01/2042		9,363		9,302	1.25%, 10/31/2019		15,000		14,912
3.00%, 11/01/2042		9,378		9,317	1.50%, 08/15/2026		15,000		14,082
3.00%, 06/01/2043		11,486		11,402	1.63%, 06/30/2020		15,000		14,871
3.00%, 12/01/2046		17,502		17,323	1.63%, 11/15/2022		15,000		14,681
3.50%, 10/01/2041		4,255		4,331	1.75%, 05/15/2022		15,000		14,781
3.50%, 04/01/2042		4,929		5,017	1.75%, 05/15/2023		15,000		14,699
3.50%, 04/01/2042		6,624		6,741	2.00%, 11/15/2021		15,000		14,911
3.50%, 04/01/2045		9,787		9,958	2.25%, 11/15/2024		5,000		4,980
3.50%, 03/01/2048		19,423		19,762	2.25%, 08/15/2027		15,000		14,762
4.00%, 04/01/2039		3,827		3,993	2.50%, 05/15/2024		15,000		15,146
4.00%, 02/01/2045		5,510		5,679	2.63%, 11/15/2020		15,000		15,066

See accompanying notes.

279

Schedule of Investments Income Fund April 30, 2019 (unaudited)

U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
U.S. Treasury (continued)
2.75%, 11/15/2023	$	15,000	$	15,302
2.75%, 02/15/2028		15,000		15,318
2.75%, 11/15/2047		15,000		14,441
2.88%, 05/15/2043		15,000		14,921
2.88%, 08/15/2045		15,000		14,862
2.88%, 11/15/2046		15,000		14,844
3.00%, 11/15/2044		15,000		15,218
3.00%, 11/15/2045		15,000		15,219
3.00%, 02/15/2048		15,000		15,169
3.13%, 05/15/2021		15,000		15,250
3.13%, 08/15/2044		15,000		15,552
3.38%, 05/15/2044		15,000		16,232
3.38%, 11/15/2048		15,000		16,307
3.50%, 02/15/2039		15,000		16,707
3.63%, 02/15/2044		15,000		16,893
3.75%, 11/15/2043		10,000		11,484
4.38%, 02/15/2038		15,000		18,671
		$		415,281
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS		$		963,919
Total Investments		$		2,922,671
Other Assets and Liabilities -  0.75%				22,104
TOTAL NET ASSETS - 100.00%		$		2,944,775

(a)	Non-income producing security
(b)	The value of these investments was determined using significant unobservable inputs.
(c)	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 $27,831 or 0.95% of net assets.

(d)	Restricted Security. Please see Restricted Security Sub-Schedule for more information.
(e)	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.
(f)	Current yield shown is as of period end.
(g)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $314,376 or 10.68% of net assets.
(h)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
(i)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
(j)	Rate information disclosed is based on an average weighted rate of the underlying tranches as of period end.

Portfolio Summary  (unaudited)
Sector	Percent
Financial	21.89	%
Mortgage Securities	18.63	%
Government	14.10	%
Energy	9.51	%
Utilities	8.01	%
Consumer, Non-cyclical	6.70	%
Communications	6.02	%
Asset Backed Securities	3.50	%
Money Market Funds	2.69	%
Industrial	2.62	%
Technology	2.21	%
Basic Materials	1.81	%
Consumer, Cyclical	1.56	%
Other Assets and Liabilities	0.75	%
TOTAL NET ASSETS	100.00	%

Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			36,132	$	311,186	$	268,135	$		79,183
	$			36,132	$	311,186	$	268,135	$		79,183
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	377	$	— $				— $			—
	$	377	$	— $				— $			—

Amounts in thousands
Restricted Securities
Security Name	Acquisition Date		Cost		Value		Percent of Net Assets
Trailer Bridge Inc	05/07/2012-12/22/2016	$	16,579	$		27,831	0.95	%
Total			$			27,831	0.95	%
Amounts in thousands.

See accompanying notes.

280

Schedule of Investments

Inflation Protection Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 0.98%		Shares Held Value (000's)						Principal
Money Market Funds - 0.98%						BONDS (continued)	Amount (000’s) Value (000’s)
Principal Government Money Market Fund		15,541,076		$	15,541	Sovereign (continued)
2.38%(a),(b)						Italy Buoni Poliennali Del Tesoro
TOTAL INVESTMENT COMPANIES			$		15,541	1.30%, 05/15/2028(e)	EUR		8,346	$	9,211
		Principal				3.45%, 03/01/2048(e)			7,855		8,936
BONDS - 9.13%	Amount (000's) Value (000's)					Japanese Government CPI Linked Bond
Commercial Mortgage Backed Securities - 0.00%						0.10%, 03/10/2027	JPY		1,893,689		17,637
CD 2007-CD4 Commercial Mortgage Trust						0.10%, 03/10/2028			3,125,390		29,151
0.89%, 12/11/2049(c),(d),(e)		$	18	$	—	New Zealand Government Inflation Linked Bond
Commercial Mortgage Trust 2007-GG9						2.60%, 09/20/2040	NZD		3,543		2,876
0.41%, 03/10/2039(c),(d),(e)			2,655		5	2.63%, 09/20/2035			7,572		6,072
Ginnie Mae						3.20%, 09/20/2030			30,290		24,696
1.38%, 03/16/2047(c),(d)			219		9				$		143,378
ML-CFC Commercial Mortgage Trust 2006-3						TOTAL BONDS			$		144,811
1.00%, 07/12/2046(c),(d),(e)			66		—	U.S. GOVERNMENT & GOVERNMENT		Principal
			$		14	AGENCY OBLIGATIONS - 90.52%	Amount (000's) Value (000's)
Home Equity Asset Backed Securities - 0.00%						U.S. Treasury - 0.89%
Option One Mortgage Loan Trust 2005-1						1.00%, 02/15/2049		$	13,958	$	14,166
3.98%, 02/25/2035			23		9	U.S. Treasury Inflation-Indexed Obligations - 89.63%
1.00 x 1 Month USD LIBOR + 1.50%						0.13%, 01/15/2022			79,760		79,122
Mortgage Backed Securities - 0.09%						0.13%, 04/15/2022			88,669		87,811
Chase Mortgage Finance Trust Series 2007-A2						0.13%, 07/15/2022			19,209		19,120
4.56%, 07/25/2037(d)			45		46	0.13%, 01/15/2023			8,693		8,606
Fannie Mae REMIC Trust 2004-W5						0.13%, 07/15/2024			95,571		94,581
2.93%, 02/25/2047			21		21	0.13%, 07/15/2026			66,670		65,125
1.00 x 1 Month USD LIBOR + 0.45%						0.25%, 01/15/2025			68,069		67,353
Fannie Mae REMIC Trust 2005-W2						0.38%, 07/15/2023			15,118		15,170
2.68%, 05/25/2035			9		9	0.38%, 07/15/2025			62,358		62,283
1.00 x 1 Month USD LIBOR + 0.20%						0.38%, 01/15/2027			102,521		101,428
Impac CMB Trust Series 2004-5						0.38%, 07/15/2027			39,706		39,329
4.80%, 10/25/2034			12		12	0.50%, 04/15/2024			19,544		19,616
1.00 x 1 Month USD LIBOR + 2.33%						0.50%, 01/15/2028			34,330		34,209
Impac CMB Trust Series 2004-6						0.63%, 07/15/2021			40,203		40,541
3.46%, 10/25/2034			9		9	0.63%, 04/15/2023			49,608		50,001
1.00 x 1 Month USD LIBOR + 0.98%						0.63%, 01/15/2024			100,383		101,471
Impac CMB Trust Series 2005-1						0.63%, 01/15/2026(f)			113,647		114,692
3.10%, 04/25/2035			81		79	0.63%, 02/15/2043			11,935		11,140
1.00 x 1 Month USD LIBOR + 0.62%						0.75%, 07/15/2028			14,997		15,311
Impac CMB Trust Series 2005-5						0.75%, 02/15/2042(g)			26,369		25,505
3.24%, 08/25/2035			16		13	0.75%, 02/15/2045			41,332		39,396
1.00 x 1 Month USD LIBOR + 0.77%						0.88%, 01/15/2029			66,797		68,815
Merrill Lynch Alternative Note Asset Trust Series						0.88%, 02/15/2047			5,304		5,203
2007-A3						1.00%, 02/15/2046			24,052		24,307
2.69%, 04/25/2037			2,081		1,113	1.00%, 02/15/2048(g)			42,740		43,223
1.00 x 1 Month USD LIBOR + 0.21%						1.38%, 02/15/2044			29,346		32,173
WaMu Mortgage Pass-Through Certificates Series						1.75%, 01/15/2028			18,008		19,850
2005-AR2 Trust						2.00%, 01/15/2026			16,066		17,675
2.85%, 01/25/2045			42		43	2.13%, 02/15/2040			17,860		22,155
1.00 x 1 Month USD LIBOR + 0.37%						2.13%, 02/15/2041			14,139		17,641
			$		1,345	2.38%, 01/15/2025			3,704		4,107
Other Asset Backed Securities - 0.00%						2.38%, 01/15/2027			31,073		35,413
Argent Securities Trust 2006-W3						2.50%, 01/15/2029			25,051		29,618
2.60%, 04/25/2036			27		11	3.38%, 04/15/2032			855		1,148
1.00 x 1 Month USD LIBOR + 0.12%						3.88%, 04/15/2029			6,747		8,891
Countrywide Asset-Backed Certificates									$		1,422,029
3.60%, 12/25/2032			18		18	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
1.00 x 1 Month USD LIBOR + 1.13%						OBLIGATIONS			$		1,436,195
Fannie Mae REMIC Trust 2003-W16						TOTAL PURCHASED OPTIONS - 0.01%			$		182
2.63%, 11/25/2033			1		1	TOTAL PURCHASED CAPPED OPTIONS - 0.00%			$		79
1.00 x 1 Month USD LIBOR + 0.15%						TOTAL PURCHASED INTEREST RATE SWAPTIONS - 0.32%					5,031
Long Beach Mortgage Loan Trust 2004-2						Total Investments			$		1,601,839
3.27%, 06/25/2034			35		35	Other Assets and Liabilities -  (0.96)%					(15,229	)
1.00 x 1 Month USD LIBOR + 0.80%						TOTAL NET ASSETS - 100.00%			$		1,586,610
			$		65
Sovereign - 9.04%
French Republic Government Bond OAT
0.10%, 07/25/2047(e)	EUR		4,661		5,647
1.85%, 07/25/2027			22,767		32,062
2.00%, 05/25/2048(e)			5,460		7,090

See accompanying notes.

281

Schedule of Investments

Inflation Protection Fund April 30, 2019 (unaudited)

(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.
(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 $30,889 or 1.95% 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 $2,201 or 0.14% 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 $2,270 or 0.14% of net assets.

Portfolio Summary  (unaudited)
Sector	Percent
Government	99.56	%
Money Market Funds	0.98	%
Purchased Interest Rate Swaptions	0.32	%
Mortgage Securities	0.09	%
Purchased Options	0.01	%
Asset Backed Securities	0.00	%
Purchased Capped Options	0.00	%
Other Assets and Liabilities	(0.96	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			24,651	$	142,671	$	151,781	$		15,541
	$			24,651	$	142,671	$	151,781	$		15,541
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	169	$	— $				— $			—
	$	169	$	— $				— $			—

Amounts in thousands
Options
												Upfront					Unrealized
		Contracts/										Payments/					Appreciation/
Purchased Options Outstanding	Counterparty		Shares		Notional Amount			Exercise Price	Expiration Date			(Premiums)				Fair Value	(Depreciation)
Call - 90 Day Eurodollar Future;	N/A		450	$	1,125	$		97.75	06/18/2019			$	35		$	3		$	(32	)
June 2019
Call - 90 Day Eurodollar Future;	N/A		450	$	1,125	$		97.75	03/17/2020				76			177			101
March 2020
Put - 90 Day Eurodollar Future;	N/A		59	$	148	$		97.25	07/15/2019					4		—			(4	)
September 2019
Put - 90 Day Eurodollar Future;	N/A		178	$	445	$		97.00	07/15/2019					7		1			(6	)
September 2019
Put - 90 Day Eurodollar Future;	N/A		59	$	148	$		97.13	07/15/2019					7		1			(6	)
September 2019
Total												$	129		$	182		$	53
														Upfront			Unrealized
		Contracts/												Payments/			Appreciation/
Written Options Outstanding	Counterparty		Shares		Notional Amount	Exercise Price			Expiration Date					(Premiums)		Fair Value	(Depreciation)
Call - 90 Day Eurodollar Future;	N/A		450	$	1,125	$		97.88	06/18/2019			$	(22		)$	(3)$			19
June 2019
Call - 90 Day Eurodollar Future;	N/A		450	$	1,125	$		97.88	03/17/2020				(61		)	(135)			(74	)
March 2020
Total												$	(83		)$	(138)$			(55	)
Amounts in thousands except contracts/shares.
Interest Rate Swaptions
					Pay/Receive								Upfront				Unrealized
Purchased Swaptions					Floating		Notional		Exercise		Expiration			Payments/			Appreciation/
Outstanding	Counterparty	Floating Rate Index			Rate		Amount		Rate		Date			(Premiums)		Fair Value			(Depreciation)
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR			Pay		$	1,420	3.08	%	01/30/2029		$	81	$	82	$		1
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR			Pay			4,870	2.95	%	03/13/2024			219		239			20
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR			Pay			4,872	2.98	%	03/08/2024			224		246			22
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR			Pay			3,550	2.69	%	03/20/2020			70		95			25
Swap

See accompanying notes.

282

Schedule of Investments
Inflation Protection Fund
April 30, 2019 (unaudited)
Interest Rate Swaptions (continued)
			Pay/Receive							Upfront				Unrealized
Purchased Swaptions			Floating		Notional		Exercise		Expiration		Payments/			Appreciation/
Outstanding	Counterparty	Floating Rate Index	Rate		Amount		Rate		Date		(Premiums)	Fair Value		(Depreciation)
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay		$	1,410	3.05	%	01/11/2029	$	79	$	79	$	—
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			3,705	3.09	%	12/07/2038		172		218		46
Swap
Call - 10 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			1,310	2.99	%	04/28/2038		61		73		12
Swap
Call - 10 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Pay			1,295	2.86	%	02/23/2039		64		67		3
Swap
Call - 10 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Pay			1,410	3.04	%	01/12/2029		80		78		(2	)
Swap
Call - 20 Year Interest Rate	JPMorgan Chase	6 Month JPY LIBOR	Receive	JPY		151,300	0.78	%	04/19/2021		48		78		30
Swap
Call - 5 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay	EUR		7,715	0.47	%	03/15/2021		88		108		20
Swap		Interbank Offered Rate
Call - 5 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay		$	13,420	2.52	%	02/27/2020		147		204		57
Swap
Call - 5 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay	EUR		7,715	0.55	%	02/16/2021		102		140		38
Swap		Interbank Offered Rate
Call - 5 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive		$	13,845	3.21	%	10/28/2019		168		584		416
Swap
Call - 5 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			13,845	3.17	%	10/30/2019		176		561		385
Swap
Call - 5 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			27,160	3.09	%	11/29/2019		350		1,000		650
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			3,705	3.09	%	12/07/2038		172		159		(13	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	6 Month JPY LIBOR	Pay	JPY		2,357,900	1.10	%	06/30/2022		321		43		(278	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	1,420	3.08	%	01/30/2029		81		64		(17	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			1,410	3.05	%	01/11/2029		80		65		(15	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			3,550	2.69	%	03/20/2020		65		42		(23	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			4,872	2.98	%	03/08/2024		224		170		(54	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			4,870	2.95	%	03/13/2024		219		175		(44	)
Swap
Put - 10 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			1,310	2.99	%	04/28/2038		62		60		(2	)
Swap
Put - 10 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			1,295	2.86	%	02/23/2039		64		62		(2	)
Swap
Put - 10 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			1,410	3.04	%	01/12/2029		80		65		(15	)
Swap
Put - 20 Year Interest Rate	JPMorgan Chase	6 Month JPY LIBOR	Receive	JPY		151,300	0.78	%	04/19/2021		48		14		(34	)
Swap
Put - 30 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	5,130	3.80	%	06/08/2021		200		38		(162	)
Swap
Put - 5 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Receive	EUR		7,715	0.47	%	03/15/2021		88		75		(13	)
Swap		Interbank Offered Rate
Put - 5 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	13,420	2.52	%	02/27/2020		147		77		(70	)
Swap
Put - 5 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Receive	EUR		7,715	0.55	%	02/16/2021		102		54		(48	)
Swap		Interbank Offered Rate
Put - 5 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive		$	13,845	3.21	%	10/28/2019		168		2		(166	)
Swap
Put - 5 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			13,845	3.17	%	10/30/2019		176		3		(173	)
Swap
Put - 5 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			27,160	3.09	%	11/29/2019		350		11		(339	)
Swap
Total										$	4,776	$	5,031	$	255

See accompanying notes.

283

Schedule of Investments
Inflation Protection Fund
April 30, 2019 (unaudited)
Interest Rate Swaptions (continued)
			Pay/Receive								Upfront				Unrealized
Written Swaptions			Floating		Notional		Exercise		Expiration		Payments/				Appreciation/
Outstanding	Counterparty	Floating Rate Index	Rate		Amount		Rate		Date		(Premiums)	Fair Value			(Depreciation)
Call - 1 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive		$	63,980	2.31	%	04/07/2020	$	(136	)$	(160	)	$	(24	)
Swap
Call - 1 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			63,980	2.33	%	04/07/2020		(138	)	(164	)		(26	)
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			7,307	2.79	%	03/09/2021		(218	)	(270	)		(52	)
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			3,930	3.05	%	03/13/2029		(209	)	(221	)		(12	)
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			3,550	2.25	%	09/24/2019		(25	)	(16	)		9
Swap
Call - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			24,330	2.90	%	07/02/2019		(26	)	(11	)		15
Swap
Call - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Receive	EUR		23,790	0.21	%	02/16/2021		(104	)	(143	)		(39	)
Swap		Interbank Offered Rate
Call - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Receive			23,790	0.16	%	03/15/2021		(86	)	(115	)		(29	)
Swap		Interbank Offered Rate
Call - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	32,410	2.46	%	02/27/2020		(143	)	(215	)		(72	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			23,780	2.94	%	04/20/2020		(165	)	(344	)		(179	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			23,760	2.88	%	04/15/2020		(172	)	(320	)		(148	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			12,600	2.90	%	06/01/2020		(93	)	(178	)		(85	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			24,070	2.89	%	04/15/2020		(173	)	(328	)		(155	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			16,370	3.30	%	11/08/2019		(81	)	(324	)		(243	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Pay			229,100	2.40	%	02/25/2020		(699	)	(1,373	)		(674	)
Swap
Call - 2 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			17,200	2.00	%	09/24/2019		(18	)	(19	)		(1	)
Swap
Call - 2 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			78,630	2.10	%	07/05/2019		(86	)	(37	)		49
Swap
Call - 2 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			41,930	2.15	%	07/09/2019		(31	)	(29	)		2
Swap
Call - 2 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			26,210	2.10	%	07/05/2019		(34	)	(12	)		22
Swap
Call - 2 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			9,870	1.95	%	10/11/2019		(11	)	(11	)		—
Swap
Call - 2 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			9,870	1.95	%	10/14/2019		(11	)	(11	)		—
Swap
Put - 1 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Pay			63,980	2.33	%	04/07/2020		(139	)	(112	)		27
Swap
Put - 1 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Pay			63,980	2.31	%	04/07/2020		(136	)	(116	)		20
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay			3,550	2.65	%	09/24/2019		(26	)	(23	)		3
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay			7,307	2.79	%	03/09/2021		(218	)	(140	)		78
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay			3,930	3.05	%	03/13/2029		(209	)	(181	)		28
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			10,870	3.87	%	06/08/2021		(213	)	(35	)		178
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay	EUR		19,480	0.10	%	04/13/2021		(66	)	(75	)		(9	)
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay			14,430	0.20	%	01/24/2020		(17	)	(3	)		14
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay			23,790	0.16	%	03/15/2021		(86	)	(76	)		10
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	22,110	3.50	%	08/25/2020		(74	)	(4	)		70
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay			12,430	2.80	%	01/06/2020		(29	)	(6	)		23
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay	EUR		23,790	0.21	%	02/16/2021		(104	)	(58	)		46
Swap		Interbank Offered Rate

See accompanying notes.

284

Schedule of Investments
Inflation Protection Fund
April 30, 2019 (unaudited)
Interest Rate Swaptions (continued)
			Pay/Receive								Upfront				Unrealized
Written Swaptions			Floating		Notional		Exercise		Expiration		Payments/				Appreciation/
Outstanding	Counterparty	Floating Rate Index	Rate		Amount		Rate		Date	(Premiums)			Fair Value			(Depreciation)
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Receive	EUR		11,560	0.55	%	12/22/2020	$	(42	)$	(9	)	$	33
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay			38,710	0.12	%	04/09/2021		(147	)	(140	)		7
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay		$	32,410	2.46	%	02/27/2020		(143	)	(72	)		71
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay			24,330	2.90	%	07/02/2019		(30	)	—			30
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay	EUR		25,030	0.10	%	03/30/2021		(87	)	(92	)		(5	)
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	20,240	3.25	%	12/30/2020		(76	)	(15	)		61
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay	EUR		19,480	0.16	%	04/13/2021		(66	)	(64	)		2
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive		$	24,070	2.89	%	04/15/2020		(174	)	(15	)		159
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			12,700	3.15	%	05/06/2020		(70	)	(4	)		66
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			16,370	3.30	%	11/08/2019		(81	)	—			81
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			23,780	2.94	%	04/20/2020		(165	)	(12	)		153
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			229,100	3.40	%	02/25/2020		(871	)	(14	)		857
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			11,130	3.50	%	06/16/2020		(41	)	(1	)		40
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			17,590	3.45	%	06/09/2020		(73	)	(2	)		71
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			12,600	2.90	%	06/01/2020		(92	)	(9	)		83
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			23,760	2.88	%	04/15/2020		(172	)	(15	)		157
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			17,710	3.35	%	06/01/2020		(65	)	(3	)		62
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Pay			16,300	3.30	%	09/09/2019		(39	)	—			39
Swap
Put - 2 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Pay			78,630	2.90	%	07/05/2019		(86	)	—			86
Swap
Put - 2 Year Interest Rate	JPMorgan Chase	6 Month Euro	Receive	EUR		24,510	0.60	%	12/15/2020		(92	)	(15	)		77
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Pay		$	17,200	2.60	%	09/24/2019		(13	)	(10	)		3
Swap
Put - 2 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Pay			41,930	2.95	%	07/09/2019		(50	)	—			50
Swap
Put - 2 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Pay			16,380	2.70	%	08/27/2019		(18	)	(3	)		15
Swap
Put - 2 Year Interest Rate	Morgan Stanley & Co	6 Month Euro	Pay	EUR		19,300	0.15	%	04/20/2021		(70	)	(67	)		3
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Pay		$	26,210	2.90	%	07/05/2019		(22	)	—			22
Swap
Put - 2 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Pay			9,870	2.55	%	10/11/2019		(10	)	(8	)		2
Swap
Put - 2 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Pay			9,870	2.55	%	10/14/2019		(10	)	(8	)		2
Swap
Put - 5 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Receive	EUR		6,002	0.60	%	06/26/2019		(45	)	—			45
Swap		Interbank Offered Rate
Total										$	(6,826	)$	(5,708	)	$	1,118

Amounts in thousands.
Futures Contracts
Description and Expiration Date	Type	Contracts		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Euro Bund 10 Year Bund; June 2019	Long		89	$	16,502	$	—
Euro Buxl 30 Year Bond; June 2019	Short		94		19,899		(609	)
Euro-BTP; June 2019	Short		178		26,046		(804	)
Euro-Oat; June 2019	Short		331		60,143		(781	)

See accompanying notes.

285

Schedule of Investments
Inflation Protection Fund
April 30, 2019 (unaudited)
Futures Contracts (continued)
Description and Expiration Date			Type	Contracts		Notional Amount				Value and Unrealized Appreciation/(Depreciation)
Japan 10 Year Bond TSE; June 2019			Short		46	$	63,069			$							7
UK 10 Year Gilt; June 2019			Short		46		7,637										(5	)
US 10 Year Note; June 2019			Long		1				124								2
US 10 Year Ultra Note; June 2019			Short		275		36,240										186
US 2 Year Note; June 2019			Long		1,018		216,842										614
US 5 Year Note; June 2019			Long		248		28,679										117
US Long Bond; June 2019			Short		54		7,963										(127	)
US Ultra Bond; June 2019			Long		90		14,785										(68	)
Total										$						(1,468		)
Amounts in thousands except contracts.
Foreign Currency Contracts
										Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept				Currency to Deliver							Asset	Liability
Australia and New Zealand Banking Group	06/19/2019		$		1,563			AUD		2,203	$			9	$		—
Australia and New Zealand Banking Group	06/19/2019		EUR		1,370		$			1,563				—			(20	)
Bank of America NA	06/19/2019		EUR		1,410		$			1,608				—			(20	)
Bank of America NA	06/19/2019		$		34			EUR		30				—			—
Citigroup Inc	06/19/2019		$		1,596			AUD		2,249				9			—
Citigroup Inc	06/19/2019		GBP		1,200		$			1,597				—			(28	)
Citigroup Inc	06/19/2019		CAD		6,398		$			4,781				1			—
Citigroup Inc	06/19/2019		CAD		4,161		$			3,124				—			(14	)
Citigroup Inc	06/19/2019		$		3,123			EUR		2,740				38			—
Citigroup Inc	06/19/2019		$		3,191			JPY		350,471				32			—
Deutsche Bank AG	05/07/2019		$		48,642			JPY		5,373,718				379			—
Goldman Sachs & Co	06/19/2019		$		4,697			AUD		6,620				26			—
Goldman Sachs & Co	06/19/2019		AUD		4,422		$			3,138				—			(18	)
Goldman Sachs & Co	06/19/2019		$		3,105			CAD		4,153				—			—
Goldman Sachs & Co	06/19/2019		$		3,194			CAD		4,270				2			—
Goldman Sachs & Co	06/19/2019		EUR		2,740		$			3,104				—			(19	)
Goldman Sachs & Co	06/19/2019		$		4,712			EUR		4,150				39			—
Goldman Sachs & Co	06/19/2019		$		1,570			JPY		173,783				3			—
Goldman Sachs & Co	06/19/2019		JPY		515,749		$			4,697				—			(48	)
Goldman Sachs & Co	06/19/2019		JPY		354,321		$			3,194				—			—
HSBC Securities Inc	05/06/2019		EUR		56,147		$			63,014				—			(19	)
HSBC Securities Inc	05/06/2019		$		32,897			NZD		48,294				640			—
HSBC Securities Inc	06/05/2019		$		63,177			EUR		56,147				29			—
HSBC Securities Inc	06/19/2019		AUD		2,230		$			1,574				—			—
HSBC Securities Inc	06/19/2019		$		1,574			JPY		174,716				—			(1	)
JPMorgan Chase	05/06/2019		$		1,827			NZD		2,736				—			—
JPMorgan Chase	05/07/2019		JPY	5,343,879			$			47,769				225			—
JPMorgan Chase	06/05/2019		$		47,879			JPY		5,343,879				—			(243	)
Morgan Stanley & Co	05/07/2019		$		1,030			GBP		793				—			(4	)
Morgan Stanley & Co	06/19/2019		GBP		1,230		$			1,608				—			—
Morgan Stanley & Co	06/19/2019		$		1,608			JPY		178,383				—			—
Nomura Securities	06/19/2019		$		1,599			GBP		1,224				—			(1	)
Nomura Securities	06/19/2019		EUR		1,420		$			1,599				—			—
Royal Bank of Scotland	06/19/2019		$		3,223			AUD		4,567				1			—
Royal Bank of Scotland	06/19/2019		GBP		1,260		$			1,647				—			—
Royal Bank of Scotland	06/19/2019		EUR		1,400		$			1,576				—			—
UBS AG	05/06/2019		$		65,191			EUR		57,906				224			—
Westpac Banking Corporation	05/06/2019		$		2,563			EUR		2,280				5			—
Westpac Banking Corporation	06/19/2019		AUD		4,390		$			3,114				—			(16	)
Westpac Banking Corporation	06/19/2019		$		3,114			JPY		344,758				6			—
Westpac Banking Corporation	06/19/2019		$		1,610			JPY		178,697				—			(1	)
Total										$				1,668	$		(452	)
Amounts in thousands.
Exchange Cleared Interest Rate Swaps
	(Pay)/		Payment	Payment
	Receive		Frequency	Frequency						Unrealized
	Floating	Fixed	Paid by	Received	Effective		Maturity			Notional		Appreciation/		Upfront Payments/			Fair
Floating Rate Index	Rate	Rate	Fund	by Fund	Date (a)		Date		Amount			(Depreciation)		(Receipts)		Value
3 Month USD LIBOR	Pay	2.48%	Quarterly	Semiannual	N/A		02/11/2022		$	2,570	$	12	$	—		$	12
3 Month USD LIBOR	Receive	2.52%	Semiannual	Quarterly	N/A		02/13/2022		16,940			(89	)	—			(89	)
3 Month USD LIBOR	Pay	2.51%	Quarterly	Semiannual	N/A		02/11/2022			2,570		13		—			13
3 Month USD LIBOR	Receive	2.50%	Semiannual	Quarterly	N/A		02/08/2023			7,690		(41	)	1			(40	)

See accompanying notes.

286

Schedule of Investments
Inflation Protection Fund
April 30, 2019 (unaudited)
Exchange Cleared Interest Rate Swaps (continued)
	(Pay)/			Payment	Payment
	Receive			Frequency	Frequency				Unrealized
	Floating	Fixed		Paid by	Received	Effective	Maturity	Notional			Appreciation/		Upfront Payments/		Fair
Floating Rate Index	Rate	Rate		Fund	by Fund	Date (a)	Date	Amount			(Depreciation)		(Receipts)		Value
3 Month USD LIBOR	Pay	2.06	%	Quarterly	Semiannual	N/A	03/27/2022	$	3,010	$	(9	)$	—		$	(9	)
3 Month USD LIBOR	Receive	2.58%		Semiannual	Quarterly	N/A	02/14/2022		16,840		(108	)	—			(108	)
3 Month USD LIBOR	Pay	2.62	%	Quarterly	Semiannual	N/A	02/14/2025		8,740		121		—			121
3 Month USD LIBOR	Receive	2.90%		Semiannual	Quarterly	N/A	02/15/2049		2,410		(84	)	—			(84	)
3 Month USD LIBOR	Pay	2.57	%	Quarterly	Semiannual	N/A	02/13/2025		9,230		106		1			107
3 Month USD LIBOR	Receive	2.55%		Semiannual	Quarterly	N/A	02/16/2023		5,570		(34	)	—			(34	)
3 Month USD LIBOR	Pay	2.06	%	Quarterly	Semiannual	N/A	03/31/2022		2,750		(9	)	—			(9	)
3 Month USD LIBOR	Pay	2.15	%	Quarterly	Semiannual	N/A	03/30/2022		9,150		(12	)	—			(12	)
3 Month USD LIBOR	Receive	2.36%		Semiannual	Quarterly	N/A	03/29/2030		5,690		93		—			93
3 Month USD LIBOR	Receive	2.34%		Semiannual	Quarterly	N/A	03/29/2029		5,710		87		—			87
3 Month USD LIBOR	Pay	2.03	%	Quarterly	Semiannual	N/A	03/30/2022		26,030		(95	)	1			(94	)
3 Month USD LIBOR	Pay	2.53%		Semiannual	Semiannual	N/A	02/07/2022	157,520			965		(112	)		853
3 Month USD LIBOR	Pay	2.52	%	Quarterly	Semiannual	N/A	02/09/2023		9,940		56		—			56
3 Month USD LIBOR	Receive	2.57%		Semiannual	Quarterly	N/A	02/07/2025		29,980		(383	)	34			(349	)
3 Month USD LIBOR	Receive	2.53%		Semiannual	Quarterly	N/A	02/07/2023		12,400		(72	)	—			(72	)
3 Month USD LIBOR	Receive	2.58%		Semiannual	Quarterly	N/A	02/07/2022		4,280		(27	)	—			(27	)
3 Month USD LIBOR	Pay	2.60	%	Quarterly	Semiannual	N/A	03/26/2029		4,070		33		—			33
3 Month USD LIBOR	Receive	2.36%		Semiannual	Quarterly	N/A	08/31/2023		12,580		(32	)	1			(31	)
3 Month USD LIBOR	Receive	2.43%		Semiannual	Quarterly	N/A	03/15/2023		17,100		(66	)	—			(66	)
3 Month USD LIBOR	Pay	2.88	%	Quarterly	Semiannual	N/A	02/15/2036		3,620		104		—			104
3 Month USD LIBOR	Pay	2.46	%	Quarterly	Semiannual	N/A	03/10/2022		3,865		17		—			17
3 Month USD LIBOR	Pay	2.43	%	Quarterly	Semiannual	N/A	03/23/2022		5,185		20		—			20
3 Month USD LIBOR	Receive	2.84%		Semiannual	Quarterly	N/A	08/15/2044		2,547		(57	)	—			(57	)
3 Month USD LIBOR	Pay	2.43	%	Quarterly	Semiannual	N/A	03/23/2022		5,185		21		—			21
3 Month USD LIBOR	Pay	2.67	%	Quarterly	Semiannual	N/A	03/18/2029		365		5		—			5
3 Month USD LIBOR	Pay	2.66	%	Quarterly	Semiannual	N/A	03/18/2029		365		5		—			5
3 Month USD LIBOR	Pay	2.46	%	Quarterly	Semiannual	N/A	02/28/2022		5,160		23		—			23
3 Month USD LIBOR	Receive	2.48%		Semiannual	Quarterly	N/A	03/02/2022		9,460		(45	)	—			(45	)
3 Month USD LIBOR	Pay	2.51	%	Quarterly	Semiannual	N/A	02/27/2022		1,805		9		—			9
3 Month USD LIBOR	Pay	2.50	%	Quarterly	Semiannual	N/A	02/24/2022		2,580		13		—			13
3 Month USD LIBOR	Pay	2.86	%	Quarterly	Semiannual	N/A	02/15/2036		3,660		79		17			96
3 Month USD LIBOR	Receive	2.62%		Semiannual	Quarterly	N/A	03/06/2025		1,710		(24	)	—			(24	)
3 Month USD LIBOR	Receive	2.91%		Semiannual	Quarterly	N/A	08/15/2044		2,740		(97	)	—			(97	)
3 Month USD LIBOR	Receive	2.54%		Semiannual	Quarterly	N/A	03/05/2023		9,460		(56	)	—			(56	)
3 Month USD LIBOR	Pay	2.23	%	Quarterly	Semiannual	N/A	03/24/2022		7,830		1		—			1
3 Month USD LIBOR	Pay	2.25	%	Quarterly	Semiannual	N/A	03/24/2022		4,920		2		—			2
3 Month USD LIBOR	Pay	2.18	%	Quarterly	Semiannual	N/A	03/29/2024		11,060		(77	)	1			(76	)
3 Month USD LIBOR	Pay	2.24	%	Quarterly	Semiannual	N/A	04/28/2022		4,170		2		—			2
3 Month USD LIBOR	Pay	2.27	%	Quarterly	Semiannual	N/A	04/28/2022		4,170		4		—			4
3 Month USD LIBOR	Pay	2.52	%	Quarterly	Semiannual	N/A	04/26/2029		780		1		—			1
3 Month USD LIBOR	Pay	2.26	%	Quarterly	Semiannual	N/A	04/28/2022		2,085		2		—			2
3 Month USD LIBOR	Receive	2.38%		Semiannual	Quarterly	N/A	04/21/2022		4,480		(14	)	—			(14	)
3 Month USD LIBOR	Receive	2.34%		Semiannual	Quarterly	N/A	04/17/2022		9,120		(21	)	—			(21	)
3 Month USD LIBOR	Receive	2.48%		Semiannual	Quarterly	N/A	11/15/2028		5,890		9		—			9
3 Month USD LIBOR	Receive	2.36%		Semiannual	Quarterly	N/A	04/20/2022		7,790		(21	)	—			(21	)
3 Month USD LIBOR	Receive	2.57%		Semiannual	Quarterly	N/A	11/15/2028		5,860		(40	)	—			(40	)
3 Month USD LIBOR	Pay	2.21	%	Quarterly	Semiannual	N/A	04/28/2022		4,170		—		—			—
3 Month USD LIBOR	Pay	2.25	%	Quarterly	Semiannual	N/A	04/28/2022		5,820		3		1			4
3 Month USD LIBOR	Pay	2.31	%	Quarterly	Semiannual	N/A	11/04/2021		5,150		3		—			3
3 Month USD LIBOR	Pay	2.23	%	Quarterly	Semiannual	N/A	05/01/2022		2,910		1		—			1
3 Month USD LIBOR	Pay	2.32	%	Quarterly	Semiannual	N/A	10/25/2021		34,020		21		(1	)		20
3 Month USD LIBOR	Pay	2.25	%	Quarterly	Semiannual	N/A	04/27/2022		29,060		18		1			19
3 Month USD LIBOR	Pay	2.25	%	Quarterly	Semiannual	N/A	04/28/2022		2,085		2		—			2
3 Month USD LIBOR	Receive	2.28%		Semiannual	Quarterly	N/A	04/27/2021		28,140		(10	)	(1	)		(11	)
3 Month USD LIBOR	Receive	2.35%		Semiannual	Quarterly	N/A	04/27/2025		7,830		(9	)	—			(9	)
3 Month USD LIBOR	Pay	2.21	%	Quarterly	Semiannual	N/A	04/15/2022		5,180		(1	)	—			(1	)
3 Month USD LIBOR	Receive	2.31%		Semiannual	Quarterly	N/A	04/03/2025		6,440		3		—			3
3 Month USD LIBOR	Receive	3.05%		Semiannual	Quarterly	N/A	11/29/2023		14,155		(446	)	—			(446	)
3 Month USD LIBOR	Pay	2.52	%	Quarterly	Semiannual	N/A	04/05/2029		420		—		—			—
3 Month USD LIBOR	Receive	2.30%		Semiannual	Quarterly	N/A	08/31/2023		12,520		(3	)	—			(3	)
3 Month USD LIBOR	Pay	2.24	%	Quarterly	Semiannual	N/A	04/06/2022		5,560		2		—			2
3 Month USD LIBOR	Pay	2.52	%	Quarterly	Semiannual	N/A	04/08/2029		410		—		—			—
3 Month USD LIBOR	Receive	2.16%		Semiannual	Quarterly	N/A	03/31/2025		1,070		8		—			8
3 Month USD LIBOR	Pay	2.83	%	Quarterly	Semiannual	N/A	12/17/2022		3,297		39		—			39
3 Month USD LIBOR	Receive	2.25%		Semiannual	Quarterly	N/A	04/06/2022		7,890		(4	)	—			(4	)
6 Month Euro Interbank Offered Rate	Receive	1.04	%	Annual	Semiannual	N/A	03/23/2028	EUR	4,610		(293	)	3			(290	)
6 Month Euro Interbank Offered Rate	Receive	0.42	%	Annual	Semiannual	N/A	12/17/2022		9,180		(83	)	1			(82	)

See accompanying notes.

287

Schedule of Investments
Inflation Protection Fund
April 30, 2019 (unaudited)
Exchange Cleared Interest Rate Swaps (continued)
	(Pay)/			Payment	Payment
	Receive			Frequency	Frequency				Unrealized
	Floating	Fixed		Paid by	Received	Effective	Maturity	Notional			Appreciation/		Upfront Payments/		Fair
Floating Rate Index	Rate	Rate		Fund	by Fund	Date (a)	Date	Amount			(Depreciation)		(Receipts)		Value
6 Month Euro Interbank Offered Rate	Pay	0.36%		Semiannual	Annual	N/A	12/21/2022	EUR	4,720	$	36	$	—		$	36
6 Month Euro Interbank Offered Rate	Receive	0.04	%	Annual	Semiannual	N/A	03/30/2023		5,630		4		—			4
6 Month Euro Interbank Offered Rate	Pay	0.06%		Semiannual	Annual	N/A	03/16/2022		8,615		8		—			8
6 Month Euro Interbank Offered Rate	Pay	0.56%		Semiannual	Annual	N/A	03/12/2029		2,150		14		—			14
6 Month Euro Interbank Offered Rate	Receive	0.11	%	Annual	Semiannual	N/A	04/21/2023		9,420		(6	)	—			(6	)
6 Month Euro Interbank Offered Rate	Receive	0.10	%	Annual	Semiannual	N/A	04/14/2023		7,740		(4	)	—			(4	)
6 Month Euro Interbank Offered Rate	Receive	0.10	%	Annual	Semiannual	N/A	04/12/2023		18,140		(8	)	—			(8	)
6 Month Euro Interbank Offered Rate	Receive	0.05	%	Annual	Semiannual	N/A	04/14/2023		7,740		5		—			5
6 Month Euro Interbank Offered Rate	Pay	(0.02)%		Semiannual	Annual	N/A	02/13/2022		4,290		9		—			9
6 Month Euro Interbank Offered Rate	Pay	0.88%		Semiannual	Annual	N/A	08/28/2028		990		44		—			44
6 Month GBP LIBOR	Receive	1.52%		Semiannual	Semiannual	N/A	03/19/2049	GBP	2,380		(23	)	4			(19	)
6 Month JPY LIBOR	Receive	0.17%		Semiannual	Semiannual	N/A	06/19/2029	JPY	1,734,200		(62	)	1			(61	)
6 Month JPY LIBOR	Receive	0.34%		Semiannual	Semiannual	N/A	02/08/2034		38,580		(2	)	—			(2	)
6 Month JPY LIBOR	Pay	0.00%		Semiannual	Semiannual	N/A	06/19/2024	3,500,320			23		(1	)		22
6 Month JPY LIBOR	Receive	0.72%		Semiannual	Semiannual	N/A	03/21/2044		24,090		(2	)	—			(2	)
Consumer Price All Urban Non-Seasonally	Pay	2.04	%	Annual	Annual	N/A	04/01/2029	$	8,140		(96	)	1			(95	)
Adjusted Index
Consumer Price All Urban Non-Seasonally	Receive	2.01	%	Annual	Annual	N/A	04/23/2024		7,885		5		—			5
Adjusted Index
Consumer Price All Urban Non-Seasonally	Receive	2.01	%	Annual	Annual	N/A	04/24/2024		7,885		4		—			4
Adjusted Index
Consumer Price All Urban Non-Seasonally	Receive	1.85	%	Annual	Annual	N/A	02/08/2022		35,000		56		2			58
Adjusted Index
Consumer Price All Urban Non-Seasonally	Receive	1.98	%	Annual	Annual	N/A	05/02/2022		11,000		(2	)	1			(1	)
Adjusted Index
Consumer Price All Urban Non-Seasonally	Receive	2.23	%	Annual	Annual	N/A	09/18/2020		77,085		(718	)	2			(716	)
Adjusted Index
Consumer Price All Urban Non-Seasonally	Receive	2.25	%	Annual	Annual	N/A	10/30/2028		17,395		(261	)	—			(261	)
Adjusted Index
Consumer Price All Urban Non-Seasonally	Pay	2.16	%	Annual	Annual	N/A	10/30/2023		17,395		195		1			196
Adjusted Index
Consumer Price All Urban Non-Seasonally	Receive	2.31	%	Annual	Annual	N/A	10/12/2020		40,215		(420	)	1			(419	)
Adjusted Index
Consumer Price All Urban Non-Seasonally	Pay	2.15	%	Annual	Annual	N/A	03/05/2029		16,340		10		1			11
Adjusted Index
Harmonised Indices of Consumer Prices	Pay	1.99	%	Annual	Annual	N/A	01/15/2048	EUR	1,940		304		(4	)		300
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Pay	1.90	%	Annual	Annual	N/A	12/15/2048		1,950		227		(2	)		225
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Receive	1.15	%	Annual	Annual	N/A	03/15/2029		6,480		66		—			66
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Pay	1.97	%	Annual	Annual	N/A	01/15/2048		1,940		288		(3	)		285
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Pay	1.98	%	Annual	Annual	N/A	06/15/2048		1,925		289		(2	)		287
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Receive	1.55	%	Annual	Annual	N/A	07/15/2023		12,735		(302	)	3			(299	)
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Receive	1.38	%	Annual	Annual	N/A	04/15/2023		12,840		(222	)	(1	)		(223	)
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Pay	1.83	%	Annual	Annual	N/A	05/15/2047		1,320		128		1			129
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Receive	1.30	%	Annual	Annual	N/A	01/15/2029		6,375		(74	)	—			(74	)
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Pay	1.11	%	Annual	Annual	N/A	03/15/2024		12,460		38		—			38
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Receive	1.33	%	Annual	Annual	N/A	03/15/2029		12,990		(150	)	1			(149	)
Excluding Food and Energy
Harmonised Indices of Consumer Prices	Receive	1.29	%	Annual	Annual	N/A	03/15/2029		12,460		(84	)	1			(83	)
Excluding Food and Energy
New Zealand Bank Bill 3 Month FRA	Receive	2.55%		Semiannual	Quarterly	N/A	03/20/2029	NZD	8,395		(163	)	3			(160	)
New Zealand Bank Bill 3 Month FRA	Receive	2.58%		Semiannual	Quarterly	N/A	03/20/2029		3,084		(66	)	2			(64	)
New Zealand Bank Bill 3 Month FRA	Receive	2.80%		Semiannual	Quarterly	N/A	03/20/2029		47,180		(1,645	)	28		(1,617		)
New Zealand Bank Bill 3 Month FRA	Receive	2.59%		Semiannual	Quarterly	N/A	03/20/2029		1,646		(36	)	—			(36	)
United Kingdom Retail Prices Index	Receive	3.41	%	Annual	Annual	N/A	03/15/2024	GBP	8,890		53		—			53
United Kingdom Retail Prices Index	Pay	3.53	%	Annual	Annual	N/A	03/15/2049		1,090		10		—			10
United Kingdom Retail Prices Index	Receive	3.26	%	Annual	Annual	N/A	05/15/2023		21,485		86		9			95

See accompanying notes.

288

Schedule of Investments
Inflation Protection Fund
April 30, 2019 (unaudited)
Exchange Cleared Interest Rate Swaps (continued)
		(Pay)/				Payment	Payment
		Receive				Frequency	Frequency								Unrealized
		Floating		Fixed		Paid by	Received		Effective		Maturity			Notional			Appreciation/		Upfront Payments/				Fair
Floating Rate Index		Rate		Rate		Fund	by Fund		Date (a)		Date			Amount			(Depreciation)		(Receipts)			Value
United Kingdom Retail Prices Index		Pay		3.40	%	Annual	Annual	N/A		08/15/2028			GBP		19,680$		(241	)$	(19	)		$	(260	)
United Kingdom Retail Prices Index		Pay		3.44	%	Annual	Annual	N/A		08/15/2048					2,185		(98	)	1				(97	)
United Kingdom Retail Prices Index		Pay		3.34	%	Annual	Annual	N/A		06/15/2028					2,865		(65	)	(1	)			(66	)
United Kingdom Retail Prices Index		Receive		3.45	%	Annual	Annual	N/A		03/15/2024					8,765		25		1				26
United Kingdom Retail Prices Index		Receive		3.55	%	Annual	Annual	N/A		11/15/2047					9,045		(400	)	26				(374	)
United Kingdom Retail Prices Index		Pay		3.60	%	Annual	Annual	N/A		11/15/2042					9,045		378		(32	)			346
United Kingdom Retail Prices Index		Receive		3.46	%	Annual	Annual	N/A		11/15/2027					15,015		(71	)	28				(43	)
United Kingdom Retail Prices Index		Pay		3.55	%	Annual	Annual	N/A		11/15/2032					15,015		214		(41	)			173
United Kingdom Retail Prices Index		Receive		3.41	%	Annual	Annual	N/A		03/15/2048					1,915		120		(3	)			117
United Kingdom Retail Prices Index		Pay		3.41	%	Annual	Annual	N/A		01/15/2028					16,640		(87	)	(24	)			(111	)
United Kingdom Retail Prices Index		Pay		3.49	%	Annual	Annual	N/A		03/15/2029					8,890		(93	)	1				(92	)
United Kingdom Retail Prices Index		Receive		3.48	%	Annual	Annual	N/A		09/15/2023					17,850		(193	)	9				(184	)
United Kingdom Retail Prices Index		Pay		3.45	%	Annual	Annual	N/A		10/15/2023					10,750		151		(5	)			146
United Kingdom Retail Prices Index		Receive		3.58	%	Annual	Annual	N/A		12/15/2023					10,965		(193	)	2				(191	)
United Kingdom Retail Prices Index		Pay		3.50	%	Annual	Annual	N/A		09/15/2028					17,850		82		(13	)			69
United Kingdom Retail Prices Index		Pay		3.41	%	Annual	Annual	N/A		01/15/2024					8,715		32		(1	)			31
United Kingdom Retail Prices Index		Receive		3.48	%	Annual	Annual	N/A		01/15/2029					8,715		8		3				11
United Kingdom Retail Prices Index		Receive		3.45	%	Annual	Annual	N/A		10/15/2023					9,490		(135	)	4				(131	)
United Kingdom Retail Prices Index		Pay		3.51	%	Annual	Annual	N/A		10/15/2028					9,490		107		(5	)			102
United Kingdom Retail Prices Index		Receive		3.35	%	Annual	Annual	N/A		08/15/2023					21,840		(20	)	11				(9	)
United Kingdom Retail Prices Index		Pay		3.39	%	Annual	Annual	N/A		08/15/2028					9,910		(147	)	(8	)			(155	)
United Kingdom Retail Prices Index		Receive		3.47	%	Annual	Annual	N/A		09/15/2048					4,000		70		18				88
United Kingdom Retail Prices Index		Receive		3.36	%	Annual	Annual	N/A		08/15/2023					21,835		(31	)	11				(20	)
United Kingdom Retail Prices Index		Pay		3.53	%	Annual	Annual	N/A		03/15/2029					8,765		(38	)	—				(38	)
United Kingdom Retail Prices Index		Receive		3.43	%	Annual	Annual	N/A		08/15/2048					300		15		—				15
United Kingdom Retail Prices Index		Pay		3.36	%	Annual	Annual	N/A		08/15/2023					63,615		76		(27	)			49
US Federal Funds Effective Rate (continuous		Receive		2.18	%	Annual	Annual	N/A		03/15/2021				$	27,340		(35	)	1				(34	)
series)
US Federal Funds Effective Rate (continuous		Receive		2.14	%	Annual	Annual	N/A		08/31/2023					12,490		(48	)	—				(48	)
series)
US Federal Funds Effective Rate (continuous		Receive		2.17	%	Annual	Annual	N/A		08/31/2023					12,420		(64	)	—				(64	)
series)
Total															$		(3,584	)$	(66	)	$	(3,650		)
Amounts in thousands.
Purchased Capped Options
							Pay/Receive										Upfront		Unrealized
							Floating	Notional							Expiration		Payments/		Appreciation/
Description	Counterparty			Range			Rate		Amount		Exercise Rate				Date		(Premiums)		Fair Value		(Depreciation)
Call - 5Y-30Y CMS Index Cap	Barclays Bank		Max (0, 5Y CMS-0.35%)				Pay	$	98,000		0.35		%	07/29/2019		$	49	$	66	$			17
	PLC
Call - 5Y-30Y CMS Index Cap	Morgan Stanley		Max (0, 5Y CMS-0.40%)				Receive		39,700			0.40%		06/27/2019			16		13				(3	)
	& Co
Total															$		65	$	79	$			14
Written Capped Options
							Pay/Receive										Upfront		Unrealized
							Floating	Notional							Expiration		Payments/		Appreciation/
Description	Counterparty			Range			Rate		Amount			Exercise Rate			Date		(Premiums)		Fair Value		(Depreciation)
Call - 5Y-30Y CMS Index Cap	Barclays Bank		Max (0, 5Y CMS-0.45%)				Pay	$	98,000				0.45%	07/29/2019		$	(22	)$	(23	)$			(1	)
	PLC
Put - 5Y-30Y CMS Index Cap	Morgan Stanley		Max (0, 5Y CMS-0.50%)				Pay		39,700				0.50%	06/27/2019			(5	)	(3	)			2
	& Co
Total															$		(27	)$	(26	)$			1
Amounts in thousands.

See accompanying notes.

289

     Schedule of Investments International Emerging Markets Fund April 30, 2019 (unaudited)

COMMON STOCKS - 97.53%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Agriculture - 0.66%				Electrical Components & Equipment - 0.87%
KT&G Corp	55,256	$	4,833	Delta Electronics Inc	1,198,000 $		6,323
Apparel - 2.10%				Electronics - 0.63%
Eclat Textile Co Ltd	111,000		1,587	Taiwan Union Technology Corp (a)	1,266,000		4,622
Feng TAY Enterprise Co Ltd	557,000		4,517	Engineering & Construction - 0.66%
Fila Korea Ltd	64,525		4,563	Daelim Industrial Co Ltd		16,309	1,353
Makalot Industrial Co Ltd	665,000		4,588	Larsen & Toubro Ltd		178,198	3,456
	$		15,255			$	4,809
Automobile Manufacturers - 1.97%				Food - 2.89%
Hyundai Motor Co	42,228		5,012	Charoen Pokphand Foods PCL	5,043,300		4,227
Kia Motors Corp	168,888		6,547	Indofood Sukses Makmur Tbk PT	3,253,900		1,589
SAIC Motor Corp Ltd (a)	689,105		2,803	Magnit PJSC		235,469	3,366
	$		14,362	Nestle India Ltd		10,682	1,674
Automobile Parts & Equipment - 1.00%				Uni-President Enterprises Corp	2,200,000		5,229
Weichai Power Co Ltd	4,449,000		7,284	X5 Retail Group NV		162,880	4,946
Banks - 13.67%						$	21,031
Absa Group Ltd	319,423		3,680	Forest Products & Paper - 0.27%
Axis Bank Ltd	678,772		7,483	Suzano SA		185,200	1,932
Banco do Brasil SA	320,500		4,052	Gas - 0.95%
Banco Santander Brasil SA	301,300		3,477	GAIL India Ltd		903,517	4,628
Bangkok Bank PCL	703,600		4,610	Perusahaan Gas Negara Tbk PT	13,931,600		2,271
Bank of China Ltd	21,366,000		10,202			$	6,899
Bank of Communications Co Ltd	7,312,000		6,167	Insurance - 5.33%
Bank Rakyat Indonesia Persero Tbk PT (a)	23,564,700		7,245	AIA Group Ltd		794,800	8,138
China Construction Bank Corp	8,302,722		7,319	BB Seguridade Participacoes SA		327,300	2,372
Credicorp Ltd	31,402		7,439	China Life Insurance Co Ltd	1,520,000		4,319
Grupo Financiero Banorte SAB de CV	1,445,200		9,157	IRB Brasil Resseguros S/A		145,300	3,500
HDFC Bank Ltd	147,979		4,916	Ping An Insurance Group Co of China Ltd	1,301,500		15,754
Industrial Bank Co Ltd	1,265,366		3,747	Porto Seguro SA		101,600	1,409
Malayan Banking Bhd	1,153,900		2,582	Powszechny Zaklad Ubezpieczen SA		297,754	3,278
OTP Bank Nyrt	161,801		7,196			$	38,770
PT Bank Central Asia Tbk	1,010,500		2,041	Internet - 15.59%
Sberbank of Russia PJSC ADR	570,450		8,177	58.com Inc ADR(a)		45,922	3,297
	$		99,490	AfreecaTV Co Ltd		35,822	1,961
Beverages - 0.99%				Alibaba Group Holding Ltd ADR(a)		176,204	32,698
Kweichow Moutai Co Ltd (a)	22,093		3,195	Autohome Inc ADR(a)		19,458	2,247
Thai Beverage PCL	6,480,000		4,003	Baidu Inc ADR(a)		34,373	5,714
	$		7,198	Jumia Technologies AG ADR(a)		103,736	4,458
Building Materials - 1.21%				Just Dial Ltd (a)		392,365	3,268
Anhui Conch Cement Co Ltd	616,365		3,660	Naspers Ltd		71,483	18,389
China Lesso Group Holdings Ltd	1,123,000		795	Tencent Holdings Ltd		841,800	41,490
Huaxin Cement Co Ltd (a)	1,076,575		4,324			$	113,522
	$		8,779	Iron & Steel - 1.38%
Commercial Services - 2.20%				POSCO		8,184	1,792
CCR SA	1,000,600		3,016	Vale SA		644,689	8,260
New Oriental Education & Technology Group Inc	70,866		6,765			$	10,052
ADR(a)				Leisure Products & Services - 0.24%
TAL Education Group ADR(a)	162,936		6,268	China International Travel Service Corp Ltd (a)		153,293	1,763
	$		16,049	Mining - 2.35%
Computers - 1.65%				Anglo American PLC		110,098	2,857
Globant SA (a)	9,588		805	AngloGold Ashanti Ltd		175,672	2,090
Lenovo Group Ltd	5,154,000		4,776	BHP Group PLC		218,552	5,175
Tata Consultancy Services Ltd	107,953		3,509	Gold Fields Ltd		513,537	1,935
Wipro Ltd	687,799		2,956	Grupo Mexico SAB de CV	1,719,700		5,048
	$		12,046			$	17,105
Diversified Financial Services - 5.77%				Miscellaneous Manufacturers - 1.34%
Bajaj Finance Ltd	129,599		5,770	Escorts Ltd		342,227	3,637
Capitec Bank Holdings Ltd	55,307		5,173	Largan Precision Co Ltd		41,000	6,155
CTBC Financial Holding Co Ltd	5,828,000		3,992			$	9,792
Hana Financial Group Inc	100,651		3,175	Oil & Gas - 9.81%
Housing Development Finance Corp Ltd	145,314		4,169	China Petroleum & Chemical Corp	6,890,000		5,296
Muthoot Finance Ltd	487,777		4,188	CNOOC Ltd	4,653,000		8,451
Old Mutual Ltd	3,044,088		4,896	Indian Oil Corp Ltd	1,368,581		3,116
REC Ltd	1,389,035		2,943	Kunlun Energy Co Ltd	3,452,000		3,651
Shinhan Financial Group Co Ltd	204,526		7,730	LUKOIL PJSC ADR		231,889	19,689
	$		42,036	MOL Hungarian Oil & Gas PLC		154,804	1,783
Electric - 0.35%				Oil & Natural Gas Corp Ltd	1,925,008		4,684
Korea Electric Power Corp	106,854		2,587	Petroleo Brasileiro SA		396,000	3,031
				PTT Exploration & Production PCL		936,400	3,913

See accompanying notes.

290

Schedule of Investments
International Emerging Markets Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)					(a)	Non-income producing security
Oil & Gas (continued)						(b)	Affiliated Security. Security is either an affiliate (and registered under the
PTT PCL	5,640,000 $			8,611			Investment Company Act of 1940) or an affiliate as defined by the Investment
Reliance Industries Ltd		458,252		9,180			Company Act of 1940 (controls 5.0% or more of the outstanding voting
		$		71,405			shares of the security). Please see affiliated sub-schedule for transactional
Pharmaceuticals - 0.90%							information.
Aurobindo Pharma Ltd		327,551		3,858		(c)	Current yield shown is as of period end.
China National Accord Medicines Corp Ltd		384,779		2,694
		$		6,552			Portfolio Summary  (unaudited)
Pipelines - 0.45%						Country		Percent
Petronet LNG Ltd		941,092		3,266		China		31.79	%
Real Estate - 1.63%						Taiwan, Province Of China		11.80	%
Future Land Development Holdings Ltd	2,310,000			2,755		India		11.36	%
Guangzhou R&F Properties Co Ltd	1,626,800			3,236		Korea, Republic Of		10.62	%
Sunac China Holdings Ltd	1,138,000			5,865		Brazil		7.29	%
		$		11,856		South Africa		4.98	%
Retail - 5.11%						Russian Federation		4.96	%
ANTA Sports Products Ltd		885,000		6,224		Thailand		3.84	%
Atacadao SA		679,100		3,677		Mexico		3.48	%
Home Product Center PCL	5,276,700			2,596		Hong Kong		2.32	%
Lojas Renner SA		322,400		3,809		Indonesia		1.80	%
Suning.com Co Ltd (a)	1,444,573			2,710		United States		1.28	%
Wal-Mart de Mexico SAB de CV	3,795,200			11,151		Hungary		1.24	%
Yum China Holdings Inc		148,210		7,046		Peru		1.02	%
		$		37,213		Australia		0.71	%
Semiconductors - 10.68%						Germany		0.61	%
Chipbond Technology Corp	2,093,000			4,750		Poland		0.45	%
Novatek Microelectronics Corp		694,000		4,540		United Kingdom		0.39	%
Realtek Semiconductor Corp		589,000		3,993		Malaysia		0.35	%
Samsung Electronics Co Ltd		730,146		28,707		Argentina		0.11	%
SK Hynix Inc		69,183		4,682		Other Assets and Liabilities		(0.40	)%
Taiwan Semiconductor Manufacturing Co Ltd	3,697,685			31,046		TOTAL NET ASSETS		100.00	%
		$		77,718
Software - 2.26%
Momo Inc ADR		104,574		3,667
NetEase Inc ADR		23,714		6,747
Tech Mahindra Ltd		500,472		6,020
		$		16,434
Telecommunications - 1.62%
Accton Technology Corp	1,054,000			4,478
China Mobile Ltd		534,000		5,095
China Telecom Corp Ltd	4,222,000			2,188
		$		11,761
Textiles - 0.40%
Cia Hering		354,900		2,882
Transportation - 0.60%
Hyundai Glovis Co Ltd		32,213		4,407
TOTAL COMMON STOCKS		$		710,033
INVESTMENT COMPANIES - 1.28%	Shares Held Value (000's)
Money Market Funds - 1.28%
Principal Government Money Market Fund	9,293,708			9,294
2.38%(b),(c)
TOTAL INVESTMENT COMPANIES		$		9,294
PREFERRED STOCKS - 1.59%	Shares Held Value (000's)
Banks - 0.80%
Banco Bradesco SA 0.19%		642,000	$	5,829
Oil & Gas - 0.79%
Petroleo Brasileiro SA 0.02%		829,500		5,737
TOTAL PREFERRED STOCKS		$		11,566
Total Investments		$		730,893
Other Assets and Liabilities -  (0.40)%				(2,900	)
TOTAL NET ASSETS - 100.00%		$		727,993

See accompanying notes.

291

Schedule of Investments
International Emerging Markets Fund
April 30, 2019 (unaudited)
Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			36,392	$	231,642	$	258,740	$		9,294
	$			36,392	$	231,642	$	258,740	$		9,294
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	155	$	— $				— $			—
	$	155	$	— $				— $			—
Amounts in thousands

See accompanying notes.

292

Schedule of Investments International Fund I

April 30, 2019 (unaudited)

COMMON STOCKS - 99.27%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.79%					Engineering & Construction (continued)
Hakuhodo DY Holdings Inc		179,000	$	3,026	Kyowa Exeo Corp		109,500	$	2,995
Aerospace & Defense - 0.87%							$		11,088
MTU Aero Engines AG		14,157		3,340	Entertainment - 1.95%
Apparel - 3.27%					Betsson AB (a)		225,000		1,708
Kering SA		11,011		6,516	Cineworld Group PLC		511,000		2,120
LVMH Moet Hennessy Louis Vuitton SE		6,878		2,700	Evolution Gaming Group AB (b)		23,500		2,413
Moncler SpA		80,900		3,326	Kindred Group PLC		143,100		1,250
		$		12,542			$		7,491
Automobile Manufacturers - 0.53%					Food - 1.72%
Geely Automobile Holdings Ltd	1,003,200			2,021	a2 Milk Co Ltd (a)		365,300		4,106
Automobile Parts & Equipment - 0.61%					Greencore Group PLC		827,000		2,481
Weichai Power Co Ltd	1,422,000			2,328			$		6,587
Banks - 7.07%					Gas - 2.12%
Banco do Brasil SA		137,500		1,738	China Resources Gas Group Ltd		458,000		2,126
Bank of Communications Co Ltd	2,096,000			1,768	ENN Energy Holdings Ltd		637,400		6,024
China Construction Bank Corp	2,931,800			2,585			$		8,150
China Merchants Bank Co Ltd	1,314,500			6,506	Home Builders - 2.50%
DBS Group Holdings Ltd		183,900		3,824	Barratt Developments PLC		238,000		1,872
Macquarie Group Ltd		27,346		2,599	Berkeley Group Holdings PLC		45,783		2,246
Royal Bank of Canada		58,800		4,686	Haseko Corp		149,800		1,812
Sberbank of Russia PJSC ADR		239,243		3,429	Persimmon PLC		125,500		3,666
		$		27,135			$		9,596
Building Materials - 3.14%					Home Furnishings - 1.20%
Anhui Conch Cement Co Ltd		875,400		5,343	Howden Joinery Group PLC		358,000		2,378
China Resources Cement Holdings Ltd	2,967,000			2,975	Sony Corp		44,500		2,241
Sika AG		24,460		3,748			$		4,619
		$		12,066	Insurance - 9.23%
Chemicals - 0.72%					Allianz SE		20,623		4,985
Petronas Chemicals Group Bhd	1,263,000			2,750	ASR Nederland NV		65,000		2,892
Coal - 1.40%					Genworth MI Canada Inc		63,000		1,958
China Shenhua Energy Co Ltd	1,464,500			3,242	Legal & General Group PLC	1,648,230			5,994
Exxaro Resources Ltd		186,000		2,128	Ping An Insurance Group Co of China Ltd		415,100		5,025
		$		5,370	Porto Seguro SA		274,000		3,799
Commercial Services - 3.90%					Swiss Life Holding AG		10,664		5,013
Ashtead Group PLC		199,137		5,530	Tokio Marine Holdings Inc		114,000		5,776
Estacio Participacoes SA		255,000		1,785			$		35,442
Localiza Rent a Car SA		303,000		2,820	Internet - 4.29%
Pagegroup PLC		443,962		3,121	Alibaba Group Holding Ltd ADR(a)		37,600		6,977
QinetiQ Group PLC		439,000		1,729	Autohome Inc ADR(a)		18,000		2,079
		$		14,985	Tencent Holdings Ltd		150,500		7,418
Computers - 5.90%							$		16,474
Bechtle AG		21,500		2,214	Iron & Steel - 3.21%
CGI Inc (a)		53,500		3,851	Evraz PLC		591,000		4,853
Infosys Ltd ADR		483,000		5,197	Ferrexpo PLC		542,000		1,469
Lenovo Group Ltd	3,801,000			3,522	Kumba Iron Ore Ltd		102,518		3,083
Nomura Research Institute Ltd		73,300		3,588	Severstal PJSC		179,300		2,905
Teleperformance		22,322		4,291			$		12,310
		$		22,663	Leisure Products & Services - 0.47%
Diversified Financial Services - 4.62%					BRP Inc		58,000		1,803
Azimut Holding SpA		106,000		2,144	Machinery - Diversified - 0.55%
B3 SA - Brasil Bolsa Balcao		215,000		1,894	Valmet OYJ		77,000		2,121
Chailease Holding Co Ltd		757,860		3,231	Media - 1.58%
E.Sun Financial Holding Co Ltd	3,015,000			2,476	Informa PLC		226,000		2,298
Intrum AB		63,000		1,604	Quebecor Inc		151,000		3,766
Mitsubishi UFJ Lease & Finance Co Ltd		455,000		2,320			$		6,064
Partners Group Holding AG		5,370		4,050	Mining - 6.64%
		$		17,719	Anglo American PLC		237,000		6,150
Electronics - 2.08%					BHP Group Ltd		171,000		4,525
Halma PLC		122,800		2,889	MMC Norilsk Nickel PJSC ADR		178,952		4,010
Zhen Ding Technology Holding Ltd	1,429,000			5,113	Northern Star Resources Ltd		687,000		3,978
		$		8,002	Rio Tinto Ltd		27,000		1,820
Engineering & Construction - 2.89%					Rio Tinto PLC		86,000		5,017
Alten SA		18,500		2,021			$		25,500
COMSYS Holdings Corp		81,508		2,144	Miscellaneous Manufacturers - 0.52%
Grupo Aeroportuario del Centro Norte SAB de		311,000		1,915	Vesuvius PLC		245,000		1,977
CV
HomeServe PLC		142,000		2,013

See accompanying notes.

293

Schedule of Investments
International Fund I
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)			(a)	Non-income producing security
Oil & Gas - 4.30%				(b)	Security exempt from registration under Rule 144A of the Securities Act of
Beach Energy Ltd	2,160,000 $		3,239		1933. These securities may be resold in transactions exempt from registration,
CNOOC Ltd	1,106,000		2,009		normally to qualified institutional buyers. At the end of the period, the value of
LUKOIL PJSC ADR		33,000	2,802		these securities totaled $2,413 or 0.63% of net assets.
Novatek PJSC		15,000	2,894	(c)	Affiliated Security. Security is either an affiliate (and registered under the
Parex Resources Inc (a)		145,000	2,470		Investment Company Act of 1940) or an affiliate as defined by the Investment
Tatneft PJSC ADR		44,000	3,098		Company Act of 1940 (controls 5.0% or more of the outstanding voting
		$	16,512		shares of the security). Please see affiliated sub-schedule for transactional
Pharmaceuticals - 4.58%					information.
Alfresa Holdings Corp		149,469	4,171	(d)	Current yield shown is as of period end.
Astellas Pharma Inc		175,000	2,370
Roche Holding AG		20,400	5,383		Portfolio Summary  (unaudited)
Sawai Pharmaceutical Co Ltd		33,000	1,773	Country		Percent
Shionogi & Co Ltd		37,000	2,161	China		16.29	%
TCI Co Ltd		114,000	1,702	United Kingdom		15.51	%
		$	17,560	Japan		11.26	%
Private Equity - 0.80%				Canada		7.67	%
3i Group PLC		220,000	3,078	Taiwan, Province Of China		6.28	%
Retail - 3.43%				Russian Federation		6.26	%
Alimentation Couche-Tard Inc		71,500	4,216	Switzerland		6.15	%
ANTA Sports Products Ltd		467,600	3,288	France		4.05	%
JD Sports Fashion PLC		379,300	3,118	Australia		3.74	%
Next PLC		34,000	2,560	Brazil		3.13	%
		$	13,182	Germany		2.75	%
Semiconductors - 4.02%				Hong Kong		2.15	%
Chipbond Technology Corp		860,000	1,952	Sweden		1.49	%
Novatek Microelectronics Corp		342,000	2,237	Italy		1.43	%
Realtek Semiconductor Corp		480,000	3,254	South Africa		1.35	%
Samsung Electronics Co Ltd		98,864	3,887	India		1.35	%
Taiwan Semiconductor Manufacturing Co Ltd		93,700	4,106	New Zealand		1.07	%
ADR				Korea, Republic Of		1.01	%
		$	15,436	Israel		1.00	%
Shipbuilding - 0.62%				Singapore		1.00	%
Yangzijiang Shipbuilding Holdings Ltd	2,049,000		2,369	Spain		0.83	%
Software - 3.83%				Netherlands		0.75	%
Amadeus IT Group SA		40,000	3,188	Malaysia		0.72	%
Constellation Software Inc/Canada		3,300	2,912	United States		0.68	%
Open Text Corp		50,000	1,922	Ireland		0.65	%
Temenos AG (a)		23,494	3,908	Finland		0.55	%
				Mexico		0.50	%
TIS Inc		61,000	2,783	Malta		0.33	%
		$	14,713	Other Assets and Liabilities		0.05	%
Telecommunications - 1.83%				TOTAL NET ASSETS		100.00	%
China Mobile Ltd		332,000	3,168
Nice Ltd ADR(a)		27,900	3,846
		$	7,014
Toys, Games & Hobbies - 1.60%
Bandai Namco Holdings Inc		128,200	6,146
Transportation - 0.49%
TFI International Inc		57,000	1,872
TOTAL COMMON STOCKS		$	381,051
INVESTMENT COMPANIES - 0.68%	Shares Held Value (000's)
Money Market Funds - 0.68%
Principal Government Money Market Fund	2,603,594		2,604
2.38%(c),(d)
TOTAL INVESTMENT COMPANIES		$	2,604
Total Investments		$	383,655
Other Assets and Liabilities -  0.05%			173
TOTAL NET ASSETS - 100.00%		$	383,828

See accompanying notes.

294

Schedule of Investments
International Fund I
April 30, 2019 (unaudited)
Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			901	$	77,493	$	75,790	$		2,604
	$			901	$	77,493	$	75,790	$		2,604
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	49	$	— $				— $			—
	$	49	$	— $				— $			—
Amounts in thousands

See accompanying notes.

295

Schedule of Investments
LargeCap Growth Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 98.16%	Shares Held Value (000's)				COMMON STOCKS (continued)		Shares Held Value (000’s)
Apparel - 2.02%					Software - 9.24%
NIKE Inc		131,300	$	11,532	Microsoft Corp		240,297	$	31,383
Banks - 2.16%					salesforce.com Inc (a)		35,500		5,870
SVB Financial Group (a)		48,899		12,309	ServiceNow Inc (a)		57,112		15,506
Biotechnology - 1.43%							$		52,759
Vertex Pharmaceuticals Inc (a)		48,458		8,188	Telecommunications - 2.61%
Commercial Services - 3.54%					Cisco Systems Inc		266,000		14,883
PayPal Holdings Inc (a)		106,600		12,022	Transportation - 1.77%
Worldpay Inc (a)		69,800		8,181	Norfolk Southern Corp		49,600		10,119
		$		20,203	TOTAL COMMON STOCKS		$		560,383
Computers - 2.93%					INVESTMENT COMPANIES - 2.36%		Shares Held Value (000's)
Apple Inc		83,400		16,736	Money Market Funds - 2.36%
Cosmetics & Personal Care - 4.91%					Principal Government Money Market Fund		13,450,160		13,450
Estee Lauder Cos Inc/The		80,140		13,769	2.38%(b),(c)
Procter & Gamble Co/The		133,800		14,247	TOTAL INVESTMENT COMPANIES		$		13,450
		$		28,016	Total Investments		$		573,833
					Other Assets and Liabilities -  (0.52)%				(2,943	)
Diversified Financial Services - 6.97%					TOTAL NET ASSETS - 100.00%		$		570,890
Mastercard Inc		79,608		20,239
Visa Inc		118,833		19,540
		$		39,779	(a) Non-income producing security
Electronics - 1.62%					(b)	Affiliated Security. Security is either an affiliate (and registered under the
Honeywell International Inc		53,200		9,237		Investment Company Act of 1940) or an affiliate as defined by the Investment
Entertainment - 1.72%						Company Act of 1940 (controls 5.0% or more of the outstanding voting
Live Nation Entertainment Inc (a)		150,200		9,814		shares of the security). Please see affiliated sub-schedule for transactional
Healthcare - Products - 8.89%						information.
Abbott Laboratories		161,000		12,809	(c)	Current yield shown is as of period end.
Boston Scientific Corp (a)		116,700		4,332
Intuitive Surgical Inc (a)		28,841		14,727		Portfolio Summary  (unaudited)
Thermo Fisher Scientific Inc		68,158		18,911	Sector				Percent
		$		50,779	Communications				27.04	%
Internet - 22.43%					Consumer, Non-cyclical				23.02	%
Alibaba Group Holding Ltd ADR(a)		38,900		7,219	Technology				19.48	%
Alphabet Inc - A Shares (a)		21,222		25,444	Consumer, Cyclical				12.66	%
Amazon.com Inc (a)		14,471		27,879	Financial				9.13	%
Facebook Inc (a)		93,700		18,122	Industrial				5.86	%
Lyft Inc (a)		99,096		5,926	Money Market Funds				2.36	%
Netflix Inc (a)		33,638		12,464	Energy				0.97	%
RingCentral Inc (a)		146,700		17,071	Other Assets and Liabilities				(0.52	)%
Twitter Inc (a)		348,400		13,905	TOTAL NET ASSETS				100.00	%
		$		128,030
Leisure Products & Services - 1.66%
Royal Caribbean Cruises Ltd		78,300		9,470
Machinery - Diversified - 2.47%
Deere & Co		85,070		14,090
Media - 2.00%
Walt Disney Co/The		83,500		11,437
Office & Business Equipment - 3.00%
Zebra Technologies Corp (a)		81,100		17,123
Oil & Gas - 0.97%
Diamondback Energy Inc		52,304		5,565
Pharmaceuticals - 4.25%
DexCom Inc (a)		59,000		7,143
Eli Lilly & Co		74,400		8,708
Sarepta Therapeutics Inc (a)		71,700		8,385
		$		24,236
Retail - 7.26%
Chipotle Mexican Grill Inc (a)		17,000		11,697
Lululemon Athletica Inc (a)		50,100		8,835
Starbucks Corp		141,100		10,960
Ulta Beauty Inc (a)		28,592		9,978
		$		41,470
Semiconductors - 4.31%
Analog Devices Inc		119,200		13,856
Xilinx Inc		89,500		10,752
		$		24,608

See accompanying notes.

296

Schedule of Investments
LargeCap Growth Fund
April 30, 2019 (unaudited)
Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			13,063	$	160,788	$	160,401	$		13,450
	$			13,063	$	160,788	$	160,401	$		13,450
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	100	$	— $				— $			—
	$	100	$	— $				— $			—
Amounts in thousands

See accompanying notes.

297

Schedule of Investments LargeCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS - 97.36%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.01%					Beverages (continued)
Interpublic Group of Cos Inc/The		4,140	$	95	PepsiCo Inc		103,122	$	13,205
Omnicom Group Inc		11,612		930			$		123,946
		$		1,025	Biotechnology - 1.21%
Aerospace & Defense - 3.18%					Alexion Pharmaceuticals Inc (a)		161,384		21,970
Boeing Co/The		557,356		210,507	Alnylam Pharmaceuticals Inc (a)		5,971		533
General Dynamics Corp		6,549		1,170	Amgen Inc		45,592		8,176
Harris Corp		9,469		1,596	Biogen Inc (a)		14,495		3,323
HEICO Corp		3,989		421	BioMarin Pharmaceutical Inc (a)		13,360		1,143
HEICO Corp - Class A		6,663		596	Bluebird Bio Inc (a)		2,859		405
Lockheed Martin Corp		12,765		4,255	Celgene Corp (a)		53,352		5,050
Northrop Grumman Corp		157,598		45,689	Exact Sciences Corp (a)		9,051		893
Raytheon Co		16,148		2,868	Exelixis Inc (a)		22,185		436
Spirit AeroSystems Holdings Inc		212,777		18,491	Gilead Sciences Inc		73,314		4,768
TransDigm Group Inc (a)		3,889		1,876	Illumina Inc (a)		8,264		2,578
		$		287,469	Incyte Corp (a)		13,278		1,020
Agriculture - 0.48%					Ionis Pharmaceuticals Inc (a)		9,433		701
Altria Group Inc		161,177		8,757	Regeneron Pharmaceuticals Inc (a)		6,060		2,079
Philip Morris International Inc		399,169		34,552	Sage Therapeutics Inc (a)		3,692		621
		$		43,309	Seattle Genetics Inc (a)		8,359		567
Airlines - 0.03%					Vertex Pharmaceuticals Inc (a)		323,208		54,616
Delta Air Lines Inc		8,972		523			$		108,879
Southwest Airlines Co		48,280		2,618	Building Materials - 0.05%
		$		3,141	Armstrong World Industries Inc		4,602		399
Apparel - 0.52%					Eagle Materials Inc		3,262		296
Capri Holdings Ltd (a)		7,492		330	Lennox International Inc		2,946		800
Carter's Inc		4,076		432	Martin Marietta Materials Inc		4,410		978
Columbia Sportswear Co		774		77	Masco Corp		17,887		699
Hanesbrands Inc		31,157		563	Vulcan Materials Co		9,372		1,182
NIKE Inc		487,793		42,843			$		4,354
Skechers U.S.A. Inc (a)		6,541		207	Chemicals - 1.53%
Tapestry Inc		6,093		197	Axalta Coating Systems Ltd (a)		6,693		180
Under Armour Inc - Class A (a)		11,966		276	Celanese Corp		6,592		711
Under Armour Inc - Class C (a)		12,490		259	Chemours Co/The		13,684		493
VF Corp		13,993		1,321	FMC Corp		4,248		336
		$		46,505	International Flavors & Fragrances Inc		3,724		513
Automobile Manufacturers - 0.25%					Linde PLC		18,357		3,309
PACCAR Inc		291,927		20,922	LyondellBasell Industries NV		15,257		1,346
Tesla Inc (a)		7,716		1,842	NewMarket Corp		567		238
		$		22,764	PPG Industries Inc		3,668		431
Automobile Parts & Equipment - 0.63%					RPM International Inc		2,321		141
Allison Transmission Holdings Inc		10,638		499	Sherwin-Williams Co/The		284,089		129,212
Aptiv PLC		650,254		55,727	Versum Materials Inc		9,617		502
Lear Corp		1,041		149	Westlake Chemical Corp		2,706		189
Visteon Corp (a)		1,748		115	WR Grace & Co		3,800		287
WABCO Holdings Inc (a)		4,457		590			$		137,888
		$		57,080	Commercial Services - 5.70%
Banks - 0.35%					Automatic Data Processing Inc		46,495		7,643
BOK Financial Corp		503		44	Booz Allen Hamilton Holding Corp		12,488		740
Comerica Inc		1,132		89	Bright Horizons Family Solutions Inc (a)		4,099		525
East West Bancorp Inc		1,154		59	Cintas Corp		540,628		117,392
Morgan Stanley		598,410		28,873	CoreLogic Inc/United States (a)		5,430		221
Northern Trust Corp		4,417		435	CoStar Group Inc (a)		2,917		1,448
Pinnacle Financial Partners Inc		2,720		158	Ecolab Inc		10,142		1,867
Signature Bank/New York NY		2,631		348	Euronet Worldwide Inc (a)		2,839		426
State Street Corp		1,431		97	FleetCor Technologies Inc (a)		228,495		59,626
SVB Financial Group (a)		3,188		803	Gartner Inc (a)		7,494		1,191
Synovus Financial Corp		4,298		158	Global Payments Inc		357,728		52,253
Texas Capital Bancshares Inc (a)		2,879		186	Grand Canyon Education Inc (a)		3,910		453
Western Alliance Bancorp (a)		5,032		241	H&R Block Inc		6,213		169
		$		31,491	Moody's Corp		9,384		1,845
					Morningstar Inc		1,566		225
Beverages - 1.37%					PayPal Holdings Inc (a)	2,135,870			240,862
Brown-Forman Corp - A Shares		4,021		210	Robert Half International Inc		10,054		624
Brown-Forman Corp - B Shares	1,781,338			94,927	Rollins Inc		13,139		508
Coca-Cola Co/The		244,935		12,016	S&P Global Inc		14,152		3,123
Constellation Brands Inc		8,738		1,850	Sabre Corp		20,891		434
Keurig Dr Pepper Inc		13,796		401	Service Corp International/US		7,671		319
Monster Beverage Corp (a)		22,429		1,337	ServiceMaster Global Holdings Inc (a)		11,156		547
					Square Inc (a)		23,153		1,686

See accompanying notes.

298

Schedule of Investments LargeCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Commercial Services (continued)					Electrical Components & Equipment - 0.05%
Total System Services Inc		164,392	$	16,807	AMETEK Inc		4,564	$	402
TransUnion		15,363		1,070	Emerson Electric Co		49,858		3,539
Verisk Analytics Inc		12,934		1,826	Energizer Holdings Inc		2,651		127
WEX Inc (a)		3,643		766	Hubbell Inc		3,602		460
Worldpay Inc (a)		1,500		176	Littelfuse Inc		1,825		367
		$		514,772			$		4,895
Computers - 2.94%					Electronics - 3.33%
Accenture PLC - Class A		60,646		11,078	Allegion PLC		7,136		708
Apple Inc		705,768		141,626	Amphenol Corp	1,148,032			114,298
Cognizant Technology Solutions Corp		29,601		2,160	Coherent Inc (a)		1,788		265
Dell Technologies Inc (a)		3,146		212	FLIR Systems Inc		3,047		161
EPAM Systems Inc (a)		4,596		824	Fortive Corp	1,740,258			150,254
Fortinet Inc (a)		12,306		1,150	Gentex Corp		17,983		414
Genpact Ltd	2,784,543			101,079	Honeywell International Inc		182,094		31,617
International Business Machines Corp		37,168		5,214	Mettler-Toledo International Inc (a)		1,955		1,457
NCR Corp (a)		11,095		321	National Instruments Corp		8,386		395
NetApp Inc		21,972		1,601	Waters Corp (a)		5,543		1,184
		$		265,265			$		300,753
Consumer Products - 0.08%					Engineering & Construction - 0.00%
Avery Dennison Corp		6,710		743	frontdoor Inc (a)		6,372		225
Church & Dwight Co Inc		15,800		1,184	Entertainment - 0.01%
Clorox Co/The		8,516		1,360	International Game Technology PLC		2,648		39
Kimberly-Clark Corp		30,537		3,920	Lions Gate Entertainment Corp - A shares		809		12
		$		7,207	Lions Gate Entertainment Corp - B shares		1,797		24
Cosmetics & Personal Care - 1.32%					Live Nation Entertainment Inc (a)		10,689		698
Colgate-Palmolive Co		8,871		646	Madison Square Garden Co/The (a)		178		56
Estee Lauder Cos Inc/The		689,717		118,500			$		829
		$		119,146	Environmental Control - 0.40%
Distribution & Wholesale - 0.07%					Republic Services Inc		2,302		191
Copart Inc (a)		16,696		1,124	Waste Connections Inc		344,304		31,941
Fastenal Co		23,163		1,634	Waste Management Inc		38,862		4,171
HD Supply Holdings Inc (a)		6,277		287			$		36,303
KAR Auction Services Inc		11,512		650	Food - 0.06%
LKQ Corp (a)		5,965		179	Campbell Soup Co		9,429		365
Pool Corp		3,364		618	General Mills Inc		20,931		1,077
Watsco Inc		2,471		392	Hershey Co/The		9,757		1,218
WW Grainger Inc		3,736		1,054	Kellogg Co		9,548		576
		$		5,938	McCormick & Co Inc/MD		577		89
Diversified Financial Services - 6.04%					Post Holdings Inc (a)		2,889		326
American Express Co		40,411		4,737	Sprouts Farmers Market Inc (a)		9,696		208
Ameriprise Financial Inc		1,946		286	Sysco Corp		26,776		1,884
Capital One Financial Corp		8,447		784	US Foods Holding Corp (a)		1,103		40
Cboe Global Markets Inc		8,030		816			$		5,783
Charles Schwab Corp/The	1,428,860			65,414	Forest Products & Paper - 0.00%
CME Group Inc		2,320		415	International Paper Co		3,732		175
Credit Acceptance Corp (a)		827		410	Hand & Machine Tools - 0.01%
Discover Financial Services		12,188		993	Lincoln Electric Holdings Inc		5,706		498
E*TRADE Financial Corp		4,864		246	Healthcare - Products - 8.52%
Eaton Vance Corp		9,092		378	ABIOMED Inc (a)		3,336		925
Evercore Inc - Class A		3,336		325	Baxter International Inc		15,382		1,174
Intercontinental Exchange Inc		428,239		34,837	Becton Dickinson and Co		300,374		72,312
Lazard Ltd		9,054		352	Bio-Techne Corp		3,028		619
LPL Financial Holdings Inc		6,938		514	Boston Scientific Corp (a)		59,654		2,214
Mastercard Inc		77,944		19,817	Bruker Corp		5,072		196
OneMain Holdings Inc		1,504		51	Cantel Medical Corp		3,320		229
Raymond James Financial Inc		3,418		313	Cooper Cos Inc/The		772		224
Santander Consumer USA Holdings Inc		2,372		51	Danaher Corp	1,005,060			133,110
SEI Investments Co		10,203		556	Edwards Lifesciences Corp (a)		546,308		96,188
Synchrony Financial		33,623		1,166	Henry Schein Inc (a)		3,017		193
T Rowe Price Group Inc		16,813		1,807	Hill-Rom Holdings Inc		4,007		406
TD Ameritrade Holding Corp		505,040		26,555	ICU Medical Inc (a)		1,435		326
Virtu Financial Inc		4,391		108	IDEXX Laboratories Inc (a)		6,787		1,575
Visa Inc	2,337,223			384,309	Integra LifeSciences Holdings Corp (a)		5,091		266
Western Union Co/The		15,073		293	Intuitive Surgical Inc (a)		424,295		216,658
		$		545,533	Masimo Corp (a)		3,951		514
Electric - 0.30%					ResMed Inc		11,145		1,165
Sempra Energy		211,316		27,038	Stryker Corp		471,019		88,981
					Teleflex Inc		816		233

See accompanying notes.

299

Schedule of Investments LargeCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Healthcare - Products (continued)					Internet (continued)
Thermo Fisher Scientific Inc		540,691	$	150,015	TripAdvisor Inc (a)		8,535	$	454
Varian Medical Systems Inc (a)		7,482		1,019	Twitter Inc (a)		54,553		2,177
West Pharmaceutical Services Inc		1,847		229	Uber Technologies Inc - Class A (a),(b),(c),(d)		3,929		185
		$		768,771	VeriSign Inc (a)		8,705		1,719
Healthcare - Services - 2.10%					Zendesk Inc (a)		8,873		779
Anthem Inc		124,758		32,815			$		1,844,132
Catalent Inc (a)		3,676		165	Iron & Steel - 0.00%
Centene Corp (a)		456,123		23,518	Steel Dynamics Inc		3,089		98
Charles River Laboratories International Inc (a)		3,102		436	Leisure Products & Services - 0.01%
Chemed Corp		1,434		469	Brunswick Corp/DE		1,876		96
DaVita Inc (a)		6,133		339	Polaris Industries Inc		4,895		472
Encompass Health Corp		8,803		567			$		568
HCA Healthcare Inc		440,085		55,992	Lodging - 0.76%
Humana Inc		48,511		12,390	Choice Hotels International Inc		3,148		261
Laboratory Corp of America Holdings (a)		978		156	Extended Stay America Inc		12,692		227
Molina Healthcare Inc (a)		4,565		592	Hilton Grand Vacations Inc (a)		8,326		267
UnitedHealth Group Inc		199,184		46,424	Hilton Worldwide Holdings Inc		445,635		38,766
WellCare Health Plans Inc (a)		60,327		15,585	Las Vegas Sands Corp		389,724		26,131
		$		189,448	Marriott International Inc/MD		15,928		2,173
Home Builders - 0.04%					Wyndham Destinations Inc		9,009		392
DR Horton Inc		17,188		762	Wyndham Hotels & Resorts Inc		7,960		444
Lennar Corp - A Shares		13,430		699			$		68,661
Lennar Corp - B Shares		2,948		123	Machinery - Construction & Mining - 0.84%
NVR Inc (a)		270		851	BWX Technologies Inc	1,401,530			71,618
PulteGroup Inc		9,249		291	Caterpillar Inc		29,667		4,136
Thor Industries Inc		4,354		287			$		75,754
Toll Brothers Inc		7,592		289	Machinery - Diversified - 1.85%
		$		3,302	Cummins Inc		4,604		766
Housewares - 0.01%					Curtiss-Wright Corp		1,063		121
Scotts Miracle-Gro Co/The		1,671		142	Deere & Co		18,202		3,015
Toro Co/The		9,150		669	Gardner Denver Holdings Inc (a)		5,816		196
		$		811	Graco Inc		14,747		756
Insurance - 0.18%					IDEX Corp		6,153		964
Alleghany Corp (a)		184		121	Middleby Corp/The (a)		3,120		412
American International Group Inc		7,216		343	Nordson Corp		4,766		695
Aon PLC		20,107		3,622	Rockwell Automation Inc		9,706		1,754
Arch Capital Group Ltd (a)		5,668		192	Roper Technologies Inc		438,692		157,798
Axis Capital Holdings Ltd		1,301		74	Xylem Inc/NY		8,455		705
Berkshire Hathaway Inc - Class B (a)		20,623		4,469			$		167,182
Brown & Brown Inc		1,678		53	Media - 0.25%
Erie Indemnity Co		1,519		288	AMC Networks Inc (a)		3,792		221
Everest Re Group Ltd		1,390		327	Cable One Inc		347		368
Markel Corp (a)		126		135	CBS Corp		25,357		1,300
Marsh & McLennan Cos Inc		13,281		1,252	Charter Communications Inc (a)		6,917		2,568
Progressive Corp/The		50,435		3,942	FactSet Research Systems Inc		2,878		794
RenaissanceRe Holdings Ltd		466		73	Sirius XM Holdings Inc		128,567		747
Travelers Cos Inc/The		7,564		1,087	Walt Disney Co/The		120,021		16,439
Voya Financial Inc		1,499		82			$		22,437
		$		16,060	Mining - 0.00%
Internet - 20.43%					Livent Corp (a)		3,974		43
Alibaba Group Holding Ltd ADR(a)		940,828		174,589	Southern Copper Corp		6,521		250
Alphabet Inc - A Shares (a)		177,312		212,590			$		293
Alphabet Inc - C Shares (a)		214,159		254,523	Miscellaneous Manufacturers - 0.13%
Amazon.com Inc (a)		304,254		586,151	3M Co		26,771		5,073
Booking Holdings Inc (a)		83,210		154,354	AO Smith Corp		12,415		653
CDW Corp/DE		12,564		1,327	Hexcel Corp		2,739		194
eBay Inc		11,066		429	Illinois Tool Works Inc		18,588		2,893
Expedia Group Inc		9,508		1,235	Ingersoll-Rand PLC		20,295		2,488
F5 Networks Inc (a)		5,418		850	Parker-Hannifin Corp		2,382		431
Facebook Inc (a)	1,277,702			247,108	Textron Inc		4,392		233
GoDaddy Inc (a)		13,864		1,130			$		11,965
IAC/InterActiveCorp (a)		152,358		34,256
Match Group Inc		4,635		280	Office & Business Equipment - 0.01%
Netflix Inc (a)		175,521		65,037	Zebra Technologies Corp (a)		4,665		985
Okta Inc (a)		7,474		778	Oil & Gas - 0.26%
Palo Alto Networks Inc (a)		7,349		1,829	Anadarko Petroleum Corp		13,160		959
Pinterest Inc (a)		58,964		1,827	Apache Corp		2,193		72
RingCentral Inc (a)		6,054		704	Cabot Oil & Gas Corp		25,008		647
Tencent Holdings Ltd ADR	2,027,235			99,821	Cimarex Energy Co		1,131		78

See accompanying notes.

300

Schedule of Investments
LargeCap Growth Fund I
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Oil & Gas (continued)					Retail - 4.44%
Concho Resources Inc		168,344	$	19,424	Advance Auto Parts Inc		2,094	$	348
Continental Resources Inc/OK (a)		3,602		166	AutoZone Inc (a)		1,769		1,819
Diamondback Energy Inc		1,995		212	Best Buy Co Inc		5,822		433
EOG Resources Inc		7,413		712	Burlington Stores Inc (a)		5,528		934
Parsley Energy Inc (a)		14,698		293	CarMax Inc (a)		8,862		690
Pioneer Natural Resources Co		5,241		872	Chipotle Mexican Grill Inc (a)		1,892		1,302
		$		23,435	Costco Wholesale Corp		355,596		87,309
Oil & Gas Services - 0.02%					Darden Restaurants Inc		5,449		641
Halliburton Co		74,351		2,106	Dollar General Corp		414,588		52,276
RPC Inc		3,156		33	Dollar Tree Inc (a)		3,731		415
		$		2,139	Domino's Pizza Inc		3,256		881
Packaging & Containers - 0.02%					Dunkin' Brands Group Inc		6,867		513
Berry Global Group Inc (a)		5,289		311	Gap Inc/The		3,574		93
Crown Holdings Inc (a)		9,942		578	Home Depot Inc/The		95,966		19,548
Graphic Packaging Holding Co		4,103		57	L Brands Inc		5,509		141
Packaging Corp of America		7,376		731	Lowe's Cos Inc		76,505		8,656
Sealed Air Corp		6,644		310	Lululemon Athletica Inc (a)		7,523		1,327
Silgan Holdings Inc		2,571		77	McDonald's Corp		128,900		25,466
		$		2,064	Michaels Cos Inc/The (a)		6,109		69
Pharmaceuticals - 4.25%					MSC Industrial Direct Co Inc		2,599		217
AbbVie Inc		115,179		9,144	Nordstrom Inc		10,738		441
Agios Pharmaceuticals Inc (a)		3,689		206	Nu Skin Enterprises Inc		1,350		69
Alkermes PLC (a)		11,634		353	O'Reilly Automotive Inc (a)		4,437		1,680
AmerisourceBergen Corp		13,000		972	Restaurant Brands International Inc		354,935		23,156
Bristol-Myers Squibb Co		80,941		3,758	Ross Stores Inc		475,852		46,472
Cigna Corp		440,653		69,993	Starbucks Corp		113,373		8,807
CVS Health Corp		22,299		1,213	Tiffany & Co		2,005		216
DexCom Inc (a)		793,536		96,073	TJX Cos Inc/The	2,050,029			112,506
Elanco Animal Health Inc (a)		3,960		125	Tractor Supply Co		10,073		1,043
Eli Lilly & Co		242,171		28,344	Ulta Beauty Inc (a)		4,474		1,561
Herbalife Nutrition Ltd (a)		1,589		84	Urban Outfitters Inc (a)		8,347		248
Jazz Pharmaceuticals PLC (a)		4,654		604	Wendy's Co/The		17,704		329
Johnson & Johnson		42,991		6,070	Williams-Sonoma Inc		2,664		152
McKesson Corp		2,540		303	Yum China Holdings Inc		4,267		203
Merck & Co Inc		23,172		1,824	Yum! Brands Inc		5,139		536
Nektar Therapeutics (a)		13,090		419			$		400,497
Neurocrine Biosciences Inc (a)		6,735		487	Semiconductors - 2.38%
PRA Health Sciences Inc (a)		4,900		474	Advanced Micro Devices Inc (a)		72,822		2,012
Premier Inc (a)		3,513		117	Analog Devices Inc		3,271		380
Sarepta Therapeutics Inc (a)		5,047		590	Applied Materials Inc		55,330		2,438
Zoetis Inc	1,590,994			162,027	ASML Holding NV - NY Reg Shares		149,669		31,254
		$		383,180	Broadcom Inc		26,893		8,563
Pipelines - 0.02%					Cypress Semiconductor Corp		24,564		422
Cheniere Energy Inc (a)		12,178		784	KLA-Tencor Corp		13,456		1,715
ONEOK Inc		9,538		648	Lam Research Corp		24,224		5,025
		$		1,432	Marvell Technology Group Ltd	1,225,400			30,659
					Maxim Integrated Products Inc		382,140		22,929
Real Estate - 0.01%					Microchip Technology Inc		17,741		1,772
CBRE Group Inc (a)		11,965		623	Micron Technology Inc (a)		49,840		2,096
REITs - 1.88%					MKS Instruments Inc		5,316		484
Alexandria Real Estate Equities Inc		893		127	Monolithic Power Systems Inc		3,324		518
American Tower Corp		39,031		7,623	NVIDIA Corp		32,739		5,926
CoreSite Realty Corp		3,037		332	NXP Semiconductors NV		839,678		88,687
Crown Castle International Corp		17,557		2,208	ON Semiconductor Corp (a)		36,491		841
Equinix Inc		4,519		2,055	Skyworks Solutions Inc		10,897		961
Equity LifeStyle Properties Inc		6,907		806	Teradyne Inc		3,892		191
Extra Space Storage Inc		8,505		882	Texas Instruments Inc		54,148		6,380
Gaming and Leisure Properties Inc		6,808		275	Xilinx Inc		14,331		1,722
Hudson Pacific Properties Inc		2,193		76			$		214,975
Lamar Advertising Co		6,272		519	Shipbuilding - 0.01%
Life Storage Inc		635		61	Huntington Ingalls Industries Inc		3,185		709
Omega Healthcare Investors Inc		2,213		78
Public Storage		8,337		1,844	Software - 18.31%
SBA Communications Corp (a)		725,706		147,848	Activision Blizzard Inc		42,391		2,044
Simon Property Group Inc		27,252		4,734	Adobe Inc (a)		378,074		109,358
		$		169,468	Akamai Technologies Inc (a)		12,396		992
					ANSYS Inc (a)		6,828		1,337
					Aspen Technology Inc (a)		5,846		713
					Atlassian Corp PLC (a)		15,261		1,681
					Autodesk Inc (a)		787,348		140,313

See accompanying notes.

301

Schedule of Investments
LargeCap Growth Fund I
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held      Value (000’s)				INVESTMENT COMPANIES (continued)		Shares Held Value (000’s)
Software (continued)					Principal Exchange-Traded Funds - 0.01%
Black Knight Inc (a)		12,434	$	701	Principal Millennials Index ETF (e)		12,150	$	472
Broadridge Financial Solutions Inc		9,855		1,164	Principal Price Setters Index ETF (e)		4,100		153
Cadence Design Systems Inc (a)		23,422		1,625	Principal Sustainable Momentum Index ETF (e)		1,900		53
CDK Global Inc		11,522		695	Principal U.S. Mega-Cap Multi-Factor Index		13,396		386
Ceridian HCM Holding Inc (a)		4,396		234	ETF (e)
Cerner Corp (a)		11,870		789			$		1,064
Citrix Systems Inc		11,384		1,149	TOTAL INVESTMENT COMPANIES		$		207,680
Covetrus Inc (a)		2,332		77	PREFERRED STOCKS - 0.16%		Shares Held Value (000's)
DocuSign Inc (a)		6,579		373	Software - 0.13%
Electronic Arts Inc (a)	1,370,272			129,696	Magic Leap Inc - Series C 0.00% (a),(b),(c),(d)		168,788	$	4,558
Fair Isaac Corp (a)		2,678		749	Magic Leap Inc - Series D 0.00% (a),(c),(d)		48,744		1,316
Fidelity National Information Services Inc		137,207		15,906	UIPATH Inc Ser D-1 0.00% (a),(c),(d)		115,225		4,534
First Data Corp (a)		46,217		1,195	UIPATH Inc Ser D-2 0.00% (a),(c),(d)		19,348		761
Fiserv Inc (a)		51,853		4,524			$		11,169
Intuit Inc		890,165		223,485	Telecommunications - 0.03%
Jack Henry & Associates Inc		6,669		994	Aurora Innovation 0.00% (a),(c),(d)		32,743		3,026
Manhattan Associates Inc (a)		7,163		483	TOTAL PREFERRED STOCKS		$		14,195
Microsoft Corp	4,005,844			523,164	CONVERTIBLE PREFERRED STOCKS
MSCI Inc		6,629		1,494	- 0.36%		Shares Held Value (000's)
Oracle Corp		55,079		3,047	Internet - 0.36%
Paychex Inc		50,354		4,245	Airbnb Inc - Series D 0.00% (a),(b),(c),(d)		121,527		14,102
Paycom Software Inc (a)		4,367		884	Airbnb Inc - Series E 0.00% (a),(b),(c),(d)		29,361		3,407
Pluralsight Inc (a)		3,384		120	Uber Technologies Inc - Series A 0.00% (a),(b),(c),(d)		560		26
Red Hat Inc (a)		423,178		77,242	Uber Technologies Inc - Series B 0.00% (a),(b),(c),(d)		1,502		71
salesforce.com Inc (a)	1,153,015			190,651	Uber Technologies Inc - Series C-1 0.00%		397		19
ServiceNow Inc (a)		140,133		38,048	(a),(b),(c),(d)
Splunk Inc (a)		314,172		43,368	Uber Technologies Inc - Series C-2 0.00%		322		15
SS&C Technologies Holdings Inc		16,652		1,127	(a),(b),(c),(d)
Synopsys Inc (a)		2,137		259	Uber Technologies Inc - Series C-3 0.00%		4		—
Tableau Software Inc (a)		6,371		776	(a),(b),(c),(d)
Take-Two Interactive Software Inc (a)		5,399		523	Uber Technologies Inc - Series D 0.00% (a),(b),(c),(d)		357		17
Temenos AG ADR		22,619		3,776	Uber Technologies Inc - Series E 0.00% (a),(b),(c),(d)		209,464		9,845
Teradata Corp (a)		8,971		408	Uber Technologies Inc - Series G 0.00% (a),(b),(c),(d)		98,844		4,646
Tyler Technologies Inc (a)		3,166		734	Uber Technologies Inc - Series G-1 0.00%		862		40
Ultimate Software Group Inc/The (a)		2,619		866	(a),(b),(c),(d)
Veeva Systems Inc (a)		9,588		1,341	Uber Technologies Inc - Series Seed 0.00%		1,434		67
VMware Inc		398,845		81,417	(a),(b),(c),(d)
Workday Inc (a)		188,448		38,751			$		32,255
Zoom Video Communications Inc (a)		10,071		730	TOTAL CONVERTIBLE PREFERRED STOCKS		$		32,255
		$		1,653,248	Total Investments		$		9,043,070
Telecommunications - 0.04%					Other Assets and Liabilities -  (0.18)%				(16,139	)
Arista Networks Inc (a)		4,506		1,407	TOTAL NET ASSETS - 100.00%		$		9,026,931
LogMeIn Inc		3,345		276
Motorola Solutions Inc		1,895		274
T-Mobile US Inc (a)		15,582		1,137	(a)	Non-income producing security
Ubiquiti Networks Inc		1,488		254	(b)	The value of these investments was determined using significant unobservable
Zayo Group Holdings Inc (a)		17,645		552		inputs.
		$		3,900	(c)	Restricted Security. Please see Restricted Security Sub-Schedule for more
Toys, Games & Hobbies - 0.01%						information.
Hasbro Inc		7,367		750	(d)	Fair value of these investments is determined in good faith by the Manager
Transportation - 0.44%						under procedures established and periodically reviewed by the Board of
CH Robinson Worldwide Inc		11,355		920		Directors. Certain inputs used in the valuation may be unobservable; however,
CSX Corp		44,122		3,514		each security is evaluated individually for purposes of ASC 820 which results
Expeditors International of Washington Inc		14,479		1,150		in not all securities being identified as Level 3 of the fair value hierarchy.
FedEx Corp		13,751		2,605		At the end of the period, the fair value of these securities totaled $46,635 or
Genesee & Wyoming Inc (a)		1,873		166		0.52% of net assets.
JB Hunt Transport Services Inc		165,256		15,613	(e)	Affiliated Security. Security is either an affiliate (and registered under the
Landstar System Inc		3,958		431		Investment Company Act of 1940) or an affiliate as defined by the Investment
Old Dominion Freight Line Inc		5,549		828		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Union Pacific Corp		58,502		10,357		shares of the security). Please see affiliated sub-schedule for transactional
United Parcel Service Inc		38,850		4,127		information.
		$		39,711	(f)	Current yield shown is as of period end.
Water - 0.22%
American Water Works Co Inc		186,073		20,131
TOTAL COMMON STOCKS		$		8,788,940
INVESTMENT COMPANIES - 2.30%	Shares Held Value (000's)
Money Market Funds - 2.29%
Principal Government Money Market Fund	206,616,047			206,616
2.38%(e),(f)

See accompanying notes.

302

Schedule of Investments
LargeCap Growth Fund I
April 30, 2019 (unaudited)
Portfolio Summary  (unaudited)
Sector			Percent
Consumer, Non-cyclical			25.09	%
Technology			23.77	%
Communications			21.12	%
Industrial			10.31	%
Financial			8.46	%
Consumer, Cyclical			6.78	%
Money Market Funds			2.29	%
Basic Materials			1.53	%
Utilities			0.52	%
Energy			0.30	%
Domestic Equity Funds			0.01	%
Other Assets and Liabilities			(0.18	)%
TOTAL NET ASSETS			100.00	%
Affiliated Securities		October 31, 2018			Purchases			Sales		April 30, 2019
		Value			Cost			Proceeds		Value
Principal Government Money Market Fund 2.38%	$		154,115	$		1,485,540	$	1,433,039	$		206,616
Principal Millennials Index ETF			—			498		79			472
Principal Price Setters Index ETF			—			165		26			153
Principal Sustainable Momentum Index ETF			—			60		9			53
Principal U.S. Mega-Cap Multi-Factor Index ETF			—			436		72			386
	$		154,115	$		1,486,699	$	1,433,225	$		207,680
			Realized Gain/Loss					Realized Gain from		Change in Unrealized
		Income	on Investments					Capital Gain Distributions		Gain/Loss
Principal Government Money Market Fund 2.38%	$	1,675	$			— $		— $			—
Principal Millennials Index ETF		1				(6)		—			59
Principal Price Setters Index ETF		1				(1)		—			15
Principal Sustainable Momentum Index ETF		—				(1)		—			3
Principal U.S. Mega-Cap Multi-Factor Index ETF		4				(3)		—			25
	$	1,681	$			(11) $		— $			102

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	$	14,102	0.16	%
Airbnb Inc - Series E - 0.00%		07/14/2015				2,733		3,407	0.04	%
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		4,558	0.06	%
Magic Leap Inc - Series D - 0.00%		10/12/2017				1,316		1,316	0.01	%
Uber Technologies Inc - Class A		01/16/2018				129		185	0.00	%
Uber Technologies Inc - Series A - 0.00%		01/16/2018				18		26	0.00	%
Uber Technologies Inc - Series B - 0.00%		01/16/2018				50		71	0.00	%
Uber Technologies Inc - Series C-1 - 0.00%		01/16/2018				13		19	0.00	%
Uber Technologies Inc - Series C-2 - 0.00%		01/16/2018				11		15	0.00	%
Uber Technologies Inc - Series C-3 - 0.00%		01/16/2018				—		—	0.00	%
Uber Technologies Inc - Series D - 0.00%		01/16/2018				12		17	0.00	%
Uber Technologies Inc - Series E - 0.00%	12/05/2014-01/16/2018					6,979		9,845	0.11	%
Uber Technologies Inc - Series G - 0.00%		12/03/2015				4,821		4,646	0.05	%
Uber Technologies Inc - Series G-1 - 0.00%		01/16/2018				42		40	0.00	%
Uber Technologies Inc - Series Seed - 0.00%		01/16/2018				47		67	0.00	%
UIPATH Inc Ser D-1 - 0.00%		04/26/2019				4,534		4,534	0.05	%
UIPATH Inc Ser D-2 - 0.00%		04/26/2019				761		761	0.01	%
Total						$		46,635	0.52	%
Amounts in thousands.
Futures Contracts
Description and Expiration Date	Type	Contracts		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
S&P 500 Emini; June 2019	Long		435	$	64,130	$			572
Total						$			572
Amounts in thousands except contracts.

See accompanying notes.

303

Schedule of Investments
LargeCap S&P 500 Index Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 97.00%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.11%					Banks (continued)
Interpublic Group of Cos Inc/The		91,818	$	2,112	US Bancorp		358,908	$	19,137
Omnicom Group Inc		53,359		4,270	Wells Fargo & Co		976,709		47,282
		$		6,382	Zions Bancorp NA		44,408		2,191
Aerospace & Defense - 2.42%							$		385,574
Arconic Inc		102,954		2,211	Beverages - 1.77%
Boeing Co/The		125,339		47,339	Brown-Forman Corp - B Shares		39,667		2,114
General Dynamics Corp		64,632		11,551	Coca-Cola Co/The		917,866		45,031
Harris Corp		28,138		4,741	Constellation Brands Inc		39,728		8,409
L3 Technologies Inc		18,920		4,136	Molson Coors Brewing Co		44,764		2,873
Lockheed Martin Corp		58,641		19,547	Monster Beverage Corp (a)		93,287		5,560
Northrop Grumman Corp		40,490		11,739	PepsiCo Inc		335,077		42,907
Raytheon Co		67,327		11,957			$		106,894
TransDigm Group Inc (a)		11,608		5,601	Biotechnology - 1.84%
United Technologies Corp		193,360		27,575	Alexion Pharmaceuticals Inc (a)		53,306		7,257
		$		146,397	Amgen Inc		148,440		26,618
Agriculture - 1.03%					Biogen Inc (a)		46,924		10,757
Altria Group Inc		447,132		24,293	Celgene Corp (a)		167,542		15,860
Archer-Daniels-Midland Co		133,605		5,959	Gilead Sciences Inc		304,265		19,789
Philip Morris International Inc		370,820		32,098	Illumina Inc (a)		35,065		10,940
		$		62,350	Incyte Corp (a)		42,379		3,255
Airlines - 0.41%					Regeneron Pharmaceuticals Inc (a)		18,696		6,415
Alaska Air Group Inc		29,368		1,818	Vertex Pharmaceuticals Inc (a)		60,985		10,305
American Airlines Group Inc		95,337		3,259			$		111,196
Delta Air Lines Inc		147,383		8,591	Building Materials - 0.33%
Southwest Airlines Co		118,657		6,435	Fortune Brands Home & Security Inc		33,526		1,769
United Continental Holdings Inc (a)		53,446		4,749	Johnson Controls International plc		217,722		8,165
		$		24,852	Martin Marietta Materials Inc		14,892		3,304
Apparel - 0.75%					Masco Corp		70,250		2,744
Capri Holdings Ltd (a)		36,408		1,605	Vulcan Materials Co		31,447		3,966
Hanesbrands Inc		86,215		1,558			$		19,948
NIKE Inc		300,272		26,373	Chemicals - 1.75%
PVH Corp		18,066		2,330	Air Products & Chemicals Inc		52,391		10,781
Ralph Lauren Corp		12,581		1,655	Albemarle Corp		25,226		1,893
Tapestry Inc		69,172		2,232	Celanese Corp		30,558		3,297
Under Armour Inc - Class A (a)		44,795		1,034	CF Industries Holdings Inc		53,170		2,381
Under Armour Inc - Class C (a)		45,928		952	Dow Inc		179,286		10,171
VF Corp		77,382		7,306	DowDuPont Inc		537,858		20,681
		$		45,045	Eastman Chemical Co		33,342		2,630
Automobile Manufacturers - 0.46%					FMC Corp		32,121		2,539
Ford Motor Co		932,153		9,741	International Flavors & Fragrances Inc		24,164		3,330
General Motors Co		312,685		12,179	Linde PLC		131,450		23,695
PACCAR Inc		82,708		5,928	LyondellBasell Industries NV		72,601		6,406
		$		27,848	Mosaic Co/The		84,595		2,209
Automobile Parts & Equipment - 0.12%					PPG Industries Inc		56,273		6,612
Aptiv PLC		62,030		5,316	Sherwin-Williams Co/The		19,464		8,853
BorgWarner Inc		49,545		2,070			$		105,478
		$		7,386	Commercial Services - 2.12%
Banks - 6.39%					Automatic Data Processing Inc		103,916		17,083
Bank of America Corp	2,142,747			65,525	Cintas Corp		20,200		4,386
Bank of New York Mellon Corp/The		209,550		10,406	Ecolab Inc		60,425		11,123
BB&T Corp		182,165		9,327	Equifax Inc		28,792		3,626
Citigroup Inc		560,940		39,658	FleetCor Technologies Inc (a)		20,481		5,344
Citizens Financial Group Inc		109,823		3,976	Gartner Inc (a)		21,401		3,402
Comerica Inc		37,929		2,981	Global Payments Inc		37,595		5,491
Fifth Third Bancorp		183,587		5,291	H&R Block Inc		49,027		1,334
First Republic Bank/CA		39,307		4,152	IHS Markit Ltd (a)		86,700		4,964
Goldman Sachs Group Inc/The		81,700		16,824	Moody's Corp		39,638		7,794
Huntington Bancshares Inc/OH		249,710		3,476	Nielsen Holdings PLC		84,789		2,165
JPMorgan Chase & Co		781,048		90,641	PayPal Holdings Inc (a)		279,860		31,560
KeyCorp		240,640		4,223	Quanta Services Inc		33,720		1,369
M&T Bank Corp		33,045		5,620	Robert Half International Inc		28,406		1,764
Morgan Stanley		309,791		14,947	Rollins Inc		35,158		1,360
Northern Trust Corp		52,101		5,135	S&P Global Inc		59,302		13,086
PNC Financial Services Group Inc/The		108,207		14,817	Total System Services Inc		38,826		3,970
Regions Financial Corp		242,770		3,770	United Rentals Inc (a)		18,986		2,675
State Street Corp		90,326		6,111	Verisk Analytics Inc		39,005		5,505
SunTrust Banks Inc		105,736		6,924			$		128,001
SVB Financial Group (a)		12,555		3,160

See accompanying notes.

304

Schedule of Investments
LargeCap S&P 500 Index Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Computers - 5.18%					Electric (continued)
Accenture PLC - Class A		152,058	$	27,777	Exelon Corp		231,325	$	11,786
Apple Inc	1,068,556			214,427	FirstEnergy Corp		120,140		5,050
Cognizant Technology Solutions Corp		137,186		10,009	NextEra Energy Inc		114,063		22,178
DXC Technology Co		63,995		4,207	NRG Energy Inc		67,031		2,760
Fortinet Inc (a)		34,597		3,232	Pinnacle West Capital Corp		26,751		2,549
Hewlett Packard Enterprise Co		328,465		5,193	PPL Corp		171,974		5,367
HP Inc		365,806		7,298	Public Service Enterprise Group Inc		120,571		7,192
International Business Machines Corp		212,272		29,775	Sempra Energy		65,370		8,364
NetApp Inc		58,915		4,292	Southern Co/The		246,787		13,134
Seagate Technology PLC		61,159		2,955	WEC Energy Group Inc		75,249		5,902
Western Digital Corp		69,380		3,547	Xcel Energy Inc		122,661		6,930
		$		312,712			$		179,324
Consumer Products - 0.37%					Electrical Components & Equipment - 0.25%
Avery Dennison Corp		20,034		2,217	AMETEK Inc		54,181		4,777
Church & Dwight Co Inc		58,657		4,396	Emerson Electric Co		146,614		10,408
Clorox Co/The		30,572		4,883			$		15,185
Kimberly-Clark Corp		82,161		10,548	Electronics - 1.29%
		$		22,044	Agilent Technologies Inc		75,765		5,947
Cosmetics & Personal Care - 1.47%					Allegion PLC		22,532		2,236
Colgate-Palmolive Co		205,546		14,962	Amphenol Corp		71,107		7,079
Coty Inc		107,524		1,164	FLIR Systems Inc		32,315		1,711
Estee Lauder Cos Inc/The		52,064		8,945	Fortive Corp		70,244		6,065
Procter & Gamble Co/The		596,734		63,540	Garmin Ltd		28,924		2,480
		$		88,611	Honeywell International Inc		173,919		30,197
Distribution & Wholesale - 0.22%					Keysight Technologies Inc (a)		44,785		3,898
Copart Inc (a)		47,905		3,225	Mettler-Toledo International Inc (a)		5,915		4,408
Fastenal Co		68,260		4,816	PerkinElmer Inc		26,430		2,533
LKQ Corp (a)		75,088		2,260	TE Connectivity Ltd		80,832		7,732
WW Grainger Inc		10,759		3,034	Waters Corp (a)		17,059		3,643
		$		13,335			$		77,929
Diversified Financial Services - 4.16%					Engineering & Construction - 0.06%
Affiliated Managers Group Inc		12,416		1,377	Fluor Corp		33,296		1,323
Alliance Data Systems Corp		10,873		1,741	Jacobs Engineering Group Inc		27,956		2,179
American Express Co		164,968		19,339			$		3,502
Ameriprise Financial Inc		32,322		4,744	Environmental Control - 0.26%
BlackRock Inc		29,027		14,085	Pentair PLC		37,608		1,466
Capital One Financial Corp		111,610		10,361	Republic Services Inc		51,402		4,257
Cboe Global Markets Inc		26,764		2,719	Waste Management Inc		93,002		9,983
Charles Schwab Corp/The		282,978		12,955			$		15,706
CME Group Inc		85,344		15,268	Food - 1.22%
Discover Financial Services		78,335		6,384	Campbell Soup Co		45,957		1,778
E*TRADE Financial Corp		58,756		2,977	Conagra Brands Inc		115,839		3,565
Franklin Resources Inc		70,494		2,438	General Mills Inc		142,350		7,327
Intercontinental Exchange Inc		135,611		11,032	Hershey Co/The		33,166		4,141
Invesco Ltd		94,719		2,081	Hormel Foods Corp		65,037		2,597
Jefferies Financial Group Inc		62,736		1,290	JM Smucker Co/The		27,136		3,328
Mastercard Inc		215,326		54,744	Kellogg Co		59,885		3,611
Nasdaq Inc		27,621		2,547	Kraft Heinz Co/The		148,352		4,931
Raymond James Financial Inc		30,280		2,773	Kroger Co/The		190,295		4,906
Synchrony Financial		155,786		5,401	Lamb Weston Holdings Inc		34,944		2,448
T Rowe Price Group Inc		56,360		6,059	McCormick & Co Inc/MD		29,246		4,503
Visa Inc		417,492		68,648	Mondelez International Inc		344,497		17,518
Western Union Co/The		103,979		2,021	Sysco Corp		112,685		7,930
		$		250,984	Tyson Foods Inc		70,431		5,283
Electric - 2.97%							$		73,866
AES Corp/VA		157,986		2,705	Forest Products & Paper - 0.07%
Alliant Energy Corp		56,313		2,660	International Paper Co		95,474		4,469
Ameren Corp		58,356		4,247	Gas - 0.09%
American Electric Power Co Inc		117,670		10,067	Atmos Energy Corp		27,883		2,854
CenterPoint Energy Inc		119,555		3,706	NiSource Inc		88,855		2,468
CMS Energy Corp		67,603		3,755			$		5,322
Consolidated Edison Inc		76,590		6,599	Hand & Machine Tools - 0.12%
Dominion Energy Inc		190,670		14,848	Snap-on Inc		13,266		2,232
DTE Energy Co		43,396		5,455	Stanley Black & Decker Inc		36,105		5,293
Duke Energy Corp		173,423		15,802			$		7,525
Edison International		77,719		4,956
Entergy Corp		45,223		4,382
Evergy Inc		60,741		3,512
Eversource Energy		75,613		5,418

See accompanying notes.

305

Schedule of Investments
LargeCap S&P 500 Index Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Healthcare - Products - 3.67%					Insurance (continued)
Abbott Laboratories		418,960	$	33,332	Willis Towers Watson PLC		30,796	$	5,677
ABIOMED Inc (a)		10,754		2,983			$		240,479
Align Technology Inc (a)		17,362		5,637	Internet - 9.30%
Baxter International Inc		113,704		8,676	Alphabet Inc - A Shares (a)		71,410		85,618
Becton Dickinson and Co		64,183		15,451	Alphabet Inc - C Shares (a)		73,322		87,142
Boston Scientific Corp (a)		330,611		12,272	Amazon.com Inc (a)		98,425		189,618
Cooper Cos Inc/The		11,769		3,412	Booking Holdings Inc (a)		10,738		19,919
Danaher Corp		149,876		19,850	eBay Inc		205,144		7,949
DENTSPLY SIRONA Inc		53,087		2,714	Expedia Group Inc		27,891		3,621
Edwards Lifesciences Corp (a)		49,561		8,726	F5 Networks Inc (a)		14,180		2,225
Henry Schein Inc (a)		36,117		2,314	Facebook Inc (a)		569,053		110,055
Hologic Inc (a)		63,879		2,963	Netflix Inc (a)		104,147		38,591
IDEXX Laboratories Inc (a)		20,516		4,760	Symantec Corp		152,480		3,691
Intuitive Surgical Inc (a)		27,310		13,945	TripAdvisor Inc (a)		24,516		1,305
Medtronic PLC		319,922		28,412	Twitter Inc (a)		173,774		6,935
ResMed Inc		34,183		3,573	VeriSign Inc (a)		25,131		4,962
Stryker Corp		73,784		13,939			$		561,631
Teleflex Inc		10,977		3,141	Iron & Steel - 0.07%
Thermo Fisher Scientific Inc		96,031		26,644	Nucor Corp		72,847		4,157
Varian Medical Systems Inc (a)		21,654		2,949	Leisure Products & Services - 0.24%
Zimmer Biomet Holdings Inc		48,766		6,006	Carnival Corp		95,514		5,240
		$		221,699	Harley-Davidson Inc		38,059		1,417
Healthcare - Services - 1.83%					Norwegian Cruise Line Holdings Ltd (a)		51,920		2,928
Anthem Inc		61,308		16,126	Royal Caribbean Cruises Ltd		40,918		4,948
Centene Corp (a)		98,558		5,082			$		14,533
DaVita Inc (a)		30,167		1,666	Lodging - 0.36%
HCA Healthcare Inc		63,703		8,105	Hilton Worldwide Holdings Inc		69,857		6,077
Humana Inc		32,339		8,260	Marriott International Inc/MD		67,251		9,175
IQVIA Holdings Inc (a)		37,746		5,243	MGM Resorts International		121,673		3,240
Laboratory Corp of America Holdings (a)		23,521		3,761	Wynn Resorts Ltd		23,109		3,338
Quest Diagnostics Inc		32,028		3,087			$		21,830
UnitedHealth Group Inc		228,891		53,347
Universal Health Services Inc		19,925		2,528	Machinery - Construction & Mining - 0.32%
WellCare Health Plans Inc (a)		11,925		3,081	Caterpillar Inc		137,292		19,141
		$		110,286	Machinery - Diversified - 0.72%
Home Builders - 0.15%					Cummins Inc		34,530		5,742
DR Horton Inc		81,061		3,592	Deere & Co		75,975		12,584
Lennar Corp - A Shares		68,212		3,549	Dover Corp		34,575		3,390
PulteGroup Inc		60,822		1,913	Flowserve Corp		31,245		1,532
		$		9,054	Rockwell Automation Inc		28,517		5,153
					Roper Technologies Inc		24,714		8,889
Home Furnishings - 0.06%					Wabtec Corp		31,805		2,356
Leggett & Platt Inc		31,266		1,230	Xylem Inc/NY		42,831		3,572
Whirlpool Corp		15,176		2,107			$		43,218
		$		3,337
Housewares - 0.02%					Media - 2.28%
					CBS Corp		82,935		4,252
Newell Brands Inc		92,788		1,334	Charter Communications Inc (a)		41,393		15,365
Insurance - 3.98%					Comcast Corp - Class A	1,077,383			46,899
Aflac Inc		178,987		9,017	Discovery Inc - A Shares (a)		37,456		1,157
Allstate Corp/The		79,188		7,844	Discovery Inc - C Shares (a)		85,981		2,473
American International Group Inc		207,410		9,866	DISH Network Corp (a)		54,733		1,922
Aon PLC		57,250		10,313	Fox Corp - A Shares (a)		84,158		3,281
Arthur J Gallagher & Co		43,906		3,671	Fox Corp - B Shares (a)		38,730		1,491
Assurant Inc		12,362		1,174	News Corp - A Shares		91,916		1,142
Berkshire Hathaway Inc - Class B (a)		463,859		100,523	News Corp - B Shares		29,524		369
Chubb Ltd		109,343		15,877	Viacom Inc - B Shares		84,358		2,439
Cincinnati Financial Corp		36,146		3,477	Walt Disney Co/The		417,042		57,122
Everest Re Group Ltd		9,702		2,285			$		137,912
Hartford Financial Services Group Inc/The		85,749		4,486	Mining - 0.17%
Lincoln National Corp		48,733		3,251	Freeport-McMoRan Inc		345,656		4,255
Loews Corp		65,348		3,352	Newmont Goldcorp Corp		194,855		6,052
Marsh & McLennan Cos Inc		120,490		11,361			$		10,307
MetLife Inc		228,351		10,534
Principal Financial Group Inc		61,743		3,529	Miscellaneous Manufacturers - 1.39%
Progressive Corp/The		139,284		10,885	3M Co		137,353		26,030
Prudential Financial Inc		97,565		10,314	AO Smith Corp		33,827		1,778
Torchmark Corp		24,193		2,121	Eaton Corp PLC		101,047		8,369
Travelers Cos Inc/The		62,830		9,032	General Electric Co	2,076,534			21,118
Unum Group		51,198		1,890	Illinois Tool Works Inc		72,007		11,207
					Ingersoll-Rand PLC		57,768		7,083

See accompanying notes.

306

     Schedule of Investments LargeCap S&P 500 Index Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Miscellaneous Manufacturers (continued)					REITs - 2.80%
Parker-Hannifin Corp		30,860	$	5,588	Alexandria Real Estate Equities Inc		26,890	$	3,829
Textron Inc		55,982		2,967	American Tower Corp		105,229		20,551
		$		84,140	Apartment Investment & Management Co		37,138		1,833
Office & Business Equipment - 0.03%					AvalonBay Communities Inc		33,040		6,639
Xerox Corp		47,676		1,591	Boston Properties Inc		36,857		5,072
Oil & Gas - 4.20%					Crown Castle International Corp		99,130		12,469
Anadarko Petroleum Corp		119,171		8,682	Digital Realty Trust Inc		49,574		5,835
Apache Corp		89,551		2,947	Duke Realty Corp		85,695		2,667
Cabot Oil & Gas Corp		100,992		2,615	Equinix Inc		19,874		9,037
Chevron Corp		453,246		54,417	Equity Residential		88,245		6,744
Cimarex Energy Co		24,201		1,662	Essex Property Trust Inc		15,670		4,427
Concho Resources Inc		47,850		5,521	Extra Space Storage Inc		30,366		3,149
ConocoPhillips		270,604		17,081	Federal Realty Investment Trust		17,739		2,374
Devon Energy Corp		104,554		3,360	HCP Inc		113,969		3,394
Diamondback Energy Inc		36,859		3,921	Host Hotels & Resorts Inc		176,634		3,398
EOG Resources Inc		138,367		13,290	Iron Mountain Inc		68,310		2,219
Exxon Mobil Corp	1,010,706			81,139	Kimco Realty Corp		100,519		1,748
Helmerich & Payne Inc		26,097		1,527	Macerich Co/The		25,254		1,014
Hess Corp		60,720		3,893	Mid-America Apartment Communities Inc		27,167		2,972
HollyFrontier Corp		37,477		1,789	Prologis Inc		150,365		11,528
Marathon Oil Corp		195,249		3,327	Public Storage		35,797		7,918
Marathon Petroleum Corp		160,688		9,781	Realty Income Corp		72,467		5,073
Noble Energy Inc		115,355		3,122	Regency Centers Corp		39,958		2,684
Occidental Petroleum Corp		178,799		10,528	SBA Communications Corp (a)		26,857		5,472
Phillips 66		100,074		9,434	Simon Property Group Inc		73,700		12,802
Pioneer Natural Resources Co		40,164		6,686	SL Green Realty Corp		19,963		1,763
Valero Energy Corp		99,619		9,031	UDR Inc		65,745		2,955
		$		253,753	Ventas Inc		84,965		5,192
Oil & Gas Services - 0.46%					Vornado Realty Trust		41,360		2,860
Baker Hughes a GE Co		122,465		2,942	Welltower Inc		92,163		6,869
Halliburton Co		208,138		5,896	Weyerhaeuser Co		178,077		4,772
National Oilwell Varco Inc		91,465		2,391			$		169,259
Schlumberger Ltd		330,613		14,110	Retail - 5.26%
TechnipFMC PLC		101,494		2,496	Advance Auto Parts Inc		17,097		2,843
		$		27,835	AutoZone Inc (a)		5,954		6,122
Packaging & Containers - 0.18%					Best Buy Co Inc		55,847		4,155
Ball Corp		79,754		4,780	CarMax Inc (a)		40,574		3,159
Packaging Corp of America		22,541		2,235	Chipotle Mexican Grill Inc (a)		5,806		3,995
Sealed Air Corp		37,126		1,731	Costco Wholesale Corp		105,075		25,799
Westrock Co		60,917		2,338	Darden Restaurants Inc		29,462		3,465
		$		11,084	Dollar General Corp		62,709		7,907
					Dollar Tree Inc (a)		56,766		6,317
Pharmaceuticals - 5.53%					Foot Locker Inc		26,930		1,541
AbbVie Inc		351,871		27,935	Gap Inc/The		50,953		1,329
Allergan PLC		74,583		10,964	Genuine Parts Co		34,813		3,570
AmerisourceBergen Corp		37,261		2,786	Home Depot Inc/The		269,440		54,885
Bristol-Myers Squibb Co		389,463		18,083	Kohl's Corp		39,390		2,801
Cardinal Health Inc		71,089		3,463	L Brands Inc		54,472		1,397
Cigna Corp		90,660		14,400	Lowe's Cos Inc		191,072		21,618
CVS Health Corp		309,409		16,826	Macy's Inc		73,351		1,727
Eli Lilly & Co		206,078		24,119	McDonald's Corp		182,561		36,068
Johnson & Johnson		635,273		89,700	Nordstrom Inc		27,088		1,111
McKesson Corp		45,759		5,457	O'Reilly Automotive Inc (a)		18,697		7,078
Merck & Co Inc		615,732		48,464	Ross Stores Inc		88,402		8,633
Mylan NV (a)		123,000		3,320	Starbucks Corp		296,651		23,044
Nektar Therapeutics (a)		41,531		1,330	Target Corp		124,479		9,637
Perrigo Co PLC		29,818		1,429	Tiffany & Co		25,879		2,790
Pfizer Inc	1,324,344			53,781	TJX Cos Inc/The		295,203		16,201
Zoetis Inc		114,207		11,631	Tractor Supply Co		28,930		2,994
		$		333,688	Ulta Beauty Inc (a)		13,441		4,691
Pipelines - 0.40%					Walgreens Boots Alliance Inc		191,294		10,248
Kinder Morgan Inc/DE		464,381		9,227	Walmart Inc		339,584		34,923
ONEOK Inc		98,186		6,670	Yum! Brands Inc		73,093		7,630
Williams Cos Inc/The		288,870		8,184			$		317,678
		$		24,081	Savings & Loans - 0.03%
Real Estate - 0.06%					People's United Financial Inc		90,077		1,557
CBRE Group Inc (a)		74,504		3,879

See accompanying notes.

307

Schedule of Investments
LargeCap S&P 500 Index Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)		Shares Held Value (000’s)
Semiconductors - 3.91%					Transportation (continued)
Advanced Micro Devices Inc (a)		210,159	$	5,807	Union Pacific Corp		172,438	$	30,528
Analog Devices Inc		87,858		10,213	United Parcel Service Inc		166,023		17,635
Applied Materials Inc		226,471		9,981			$		97,574
Broadcom Inc		94,488		30,085	Water - 0.08%
Intel Corp	1,072,728			54,752	American Water Works Co Inc		43,117		4,665
IPG Photonics Corp (a)		8,465		1,479	TOTAL COMMON STOCKS		$		5,856,527
KLA-Tencor Corp		39,407		5,024	INVESTMENT COMPANIES - 2.88%		Shares Held Value (000's)
Lam Research Corp		36,400		7,550	Exchange-Traded Funds - 0.41%
Maxim Integrated Products Inc		65,218		3,913	iShares Core S&P 500 ETF		84,000		24,859
Microchip Technology Inc		56,527		5,646	Money Market Funds - 2.47%
Micron Technology Inc (a)		267,417		11,248	Principal Government Money Market Fund		148,863,208		148,863
NVIDIA Corp		144,557		26,165	2.38%(b),(c)
Qorvo Inc (a)		29,291		2,215	TOTAL INVESTMENT COMPANIES		$		173,722
QUALCOMM Inc		288,709		24,866	Total Investments		$		6,030,249
Skyworks Solutions Inc		41,522		3,661	Other Assets and Liabilities -  0.12%				7,192
Texas Instruments Inc		223,869		26,378	TOTAL NET ASSETS - 100.00%		$		6,037,441
Xilinx Inc		60,390		7,255
		$		236,238
Shipbuilding - 0.04%					(a)	Non-income producing security
Huntington Ingalls Industries Inc		9,907		2,205	(b)	Affiliated Security. Security is either an affiliate (and registered under the
Software - 7.38%						Investment Company Act of 1940) or an affiliate as defined by the Investment
Activision Blizzard Inc		182,207		8,784		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Adobe Inc (a)		116,343		33,652		shares of the security). Please see affiliated sub-schedule for transactional
Akamai Technologies Inc (a)		38,933		3,117		information.
ANSYS Inc (a)		19,983		3,913	(c)	Current yield shown is as of period end.
Autodesk Inc (a)		52,243		9,310
Broadridge Financial Solutions Inc		27,595		3,260		Portfolio Summary  (unaudited)
Cadence Design Systems Inc (a)		66,883		4,640	Sector				Percent
Cerner Corp (a)		77,375		5,142	Consumer, Non-cyclical				20.85	%
Citrix Systems Inc		29,852		3,014	Financial				17.42	%
Electronic Arts Inc (a)		71,467		6,764	Technology				16.50	%
Fidelity National Information Services Inc		77,031		8,930	Communications				14.83	%
Fiserv Inc (a)		93,411		8,149	Industrial				9.00	%
Intuit Inc		61,800		15,516	Consumer, Cyclical				8.14	%
Jack Henry & Associates Inc		18,410		2,744	Energy				5.06	%
Microsoft Corp	1,830,152			239,017	Utilities				3.14	%
MSCI Inc		20,115		4,534	Money Market Funds				2.47	%
Oracle Corp		607,838		33,632	Basic Materials				2.06	%
Paychex Inc		76,234		6,427	Investment Companies				0.41	%
Red Hat Inc (a)		42,164		7,696	Other Assets and Liabilities				0.12	%
salesforce.com Inc (a)		182,485		30,174	TOTAL NET ASSETS				100.00	%
Synopsys Inc (a)		35,704		4,323
Take-Two Interactive Software Inc (a)		26,993		2,614
		$		445,352
Telecommunications - 3.14%
Arista Networks Inc (a)		12,464		3,892
AT&T Inc	1,737,686			53,799
CenturyLink Inc		226,849		2,591
Cisco Systems Inc	1,050,073			58,752
Corning Inc		187,677		5,977
Juniper Networks Inc		82,994		2,305
Motorola Solutions Inc		39,090		5,664
Verizon Communications Inc		985,662		56,370
		$		189,350
Textiles - 0.03%
Mohawk Industries Inc (a)		14,662		1,998
Toys, Games & Hobbies - 0.06%
Hasbro Inc		27,617		2,813
Mattel Inc (a)		82,391		1,004
		$		3,817
Transportation - 1.62%
CH Robinson Worldwide Inc		32,645		2,644
CSX Corp		184,835		14,718
Expeditors International of Washington Inc		40,950		3,252
FedEx Corp		57,289		10,854
JB Hunt Transport Services Inc		20,751		1,961
Kansas City Southern		24,079		2,965
Norfolk Southern Corp		63,800		13,017

See accompanying notes.

308

Schedule of Investments
LargeCap S&P 500 Index Fund
April 30, 2019 (unaudited)
Affiliated Securities		October 31, 2018						Purchases		Sales		April 30, 2019
		Value						Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$	108,296				$		321,638	$	281,071	$		148,863
	$	108,296				$		321,638	$	281,071	$		148,863
				Realized Gain/Loss				Realized Gain from				Change in Unrealized
		Income		on Investments				Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	988	$				— $			— $			—
	$	988	$				— $			— $			—
Amounts in thousands
Futures Contracts
Description and Expiration Date		Type		Contracts			Notional Amount			Value and Unrealized Appreciation/(Depreciation)
S&P 500 Emini; June 2019		Long			1,046		$	154,207			$		5,971
Total											$		5,971
Amounts in thousands except contracts.

See accompanying notes.

309

Schedule of Investments LargeCap Value Fund III April 30, 2019 (unaudited)

COMMON STOCKS - 98.33%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.04%					Banks (continued)
Interpublic Group of Cos Inc/The		8,505	$	195	Huntington Bancshares Inc/OH		24,188	$	337
Omnicom Group Inc		9,292		744	JPMorgan Chase & Co		594,269		68,964
		$		939	KeyCorp		40,794		716
Aerospace & Defense - 4.48%					M&T Bank Corp		2,300		391
Boeing Co/The		48,167		18,192	Morgan Stanley		316,833		15,287
General Dynamics Corp		160,972		28,769	Northern Trust Corp		144,726		14,262
L3 Technologies Inc		1,296		283	PacWest Bancorp		3,163		125
Lockheed Martin Corp		352		117	Pinnacle Financial Partners Inc		1,134		66
Northrop Grumman Corp		68,124		19,750	PNC Financial Services Group Inc/The		7,607		1,042
Teledyne Technologies Inc (a)		854		212	Popular Inc		2,522		146
United Technologies Corp		193,734		27,629	Regions Financial Corp		24,078		374
		$		94,952	State Street Corp		252,522		17,086
Agriculture - 1.04%					SunTrust Banks Inc		7,473		489
Archer-Daniels-Midland Co		9,294		415	SVB Financial Group (a)		315		79
Bunge Ltd		3,300		173	Synovus Financial Corp		2,977		110
Philip Morris International Inc		247,564		21,429	TCF Financial Corp		4,372		97
		$		22,017	Texas Capital Bancshares Inc (a)		684		44
Airlines - 0.09%					Umpqua Holdings Corp		5,854		102
Alaska Air Group Inc		2,808		174	US Bancorp		723,982		38,602
American Airlines Group Inc		9,205		314	Wells Fargo & Co	1,175,524			56,907
Copa Holdings SA		849		71	Western Alliance Bancorp (a)		306,355		14,638
Delta Air Lines Inc		7,970		464	Wintrust Financial Corp		1,438		110
JetBlue Airways Corp (a)		6,911		128	Zions Bancorp NA		4,454		220
Southwest Airlines Co		5,728		311			$		280,183
United Continental Holdings Inc (a)		4,070		362	Beverages - 1.05%
		$		1,824	Coca-Cola Co/The		22,476		1,103
Apparel - 0.05%					Molson Coors Brewing Co		3,996		256
Capri Holdings Ltd (a)		1,797		79	PepsiCo Inc		163,706		20,963
Columbia Sportswear Co		679		68			$		22,322
PVH Corp		1,748		225	Biotechnology - 0.05%
Ralph Lauren Corp		1,253		165	Alexion Pharmaceuticals Inc (a)		797		109
Skechers U.S.A. Inc (a)		1,947		62	Alnylam Pharmaceuticals Inc (a)		213		19
Tapestry Inc		5,493		177	Amgen Inc		821		147
VF Corp		2,214		209	Biogen Inc (a)		233		53
		$		985	Bio-Rad Laboratories Inc (a)		514		155
Automobile Manufacturers - 0.11%					Bluebird Bio Inc (a)		369		52
Ford Motor Co		64,984		679	Gilead Sciences Inc		7,131		464
General Motors Co		30,081		1,172	United Therapeutics Corp (a)		944		97
PACCAR Inc		5,629		403			$		1,096
		$		2,254	Building Materials - 1.22%
Automobile Parts & Equipment - 0.03%					Eagle Materials Inc		336		30
Adient PLC		2,838		66	Fortune Brands Home & Security Inc		2,068		109
Aptiv PLC		598		51	Johnson Controls International plc		677,592		25,409
BorgWarner Inc		5,021		210	Lennox International Inc		113		31
Garrett Motion Inc (a)		1,778		33	Masco Corp		2,447		96
Goodyear Tire & Rubber Co/The		5,765		111	MDU Resources Group Inc		5,498		144
Lear Corp		1,345		192	Owens Corning		2,494		128
Visteon Corp (a)		366		24			$		25,947
		$		687	Chemicals - 3.51%
Banks - 13.21%					Air Products & Chemicals Inc		175,411		36,098
Associated Banc-Corp		4,397		100	Albemarle Corp		2,382		179
Bank of America Corp	1,293,027			39,541	Axalta Coating Systems Ltd (a)		3,181		86
Bank of New York Mellon Corp/The		14,792		735	Cabot Corp		1,613		73
Bank OZK		3,296		108	Celanese Corp		1,180		127
BankUnited Inc		2,609		95	CF Industries Holdings Inc		5,242		235
BB&T Corp		21,419		1,097	Dow Inc		183,204		10,393
CIT Group Inc		2,617		139	DowDuPont Inc		628,471		24,164
Citigroup Inc		56,638		4,004	Eastman Chemical Co		3,262		257
Citizens Financial Group Inc		10,802		391	FMC Corp		1,869		148
Comerica Inc		3,588		282	Huntsman Corp		5,467		122
East West Bancorp Inc		3,248		167	International Flavors & Fragrances Inc		1,198		165
Fifth Third Bancorp		27,833		802	Linde PLC		3,756		677
First Citizens BancShares Inc/NC		215		96	LyondellBasell Industries NV		5,332		471
First Hawaiian Inc		3,464		96	Mosaic Co/The		8,149		213
First Horizon National Corp		8,323		126	NewMarket Corp		36		15
First Republic Bank/CA		2,720		287	Olin Corp		4,072		88
FNB Corp/PA		8,989		109	PPG Industries Inc		6,041		710
Goldman Sachs Group Inc/The		8,808		1,814	RPM International Inc		2,389		145
					Valvoline Inc		4,921		91

See accompanying notes.

310

Schedule of Investments LargeCap Value Fund III April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Chemicals (continued)					Diversified Financial Services (continued)
Westlake Chemical Corp		288	$	20	Nasdaq Inc		2,655	$	245
		$		74,477	Navient Corp		6,935		94
Commercial Services - 2.52%					OneMain Holdings Inc		2,168		74
AMERCO		185		69	Raymond James Financial Inc		2,195		201
Aramark		667,409		20,743	Santander Consumer USA Holdings Inc		3,235		69
Booz Allen Hamilton Holding Corp		196,480		11,649	SLM Corp		10,742		109
Bright Horizons Family Solutions Inc (a)		274		35	Synchrony Financial		18,102		628
Ecolab Inc		2,326		428	T Rowe Price Group Inc		279		30
Equifax Inc		146,483		18,450	Western Union Co/The		7,522		146
Euronet Worldwide Inc (a)		667		100			$		28,836
Graham Holdings Co		110		82	Electric - 6.50%
H&R Block Inc		4,293		117	AES Corp/VA		16,633		285
IHS Markit Ltd (a)		10,936		626	Alliant Energy Corp		5,737		271
ManpowerGroup Inc		1,460		140	Ameren Corp		7,561		550
Nielsen Holdings PLC		8,374		214	American Electric Power Co Inc		12,695		1,086
Quanta Services Inc		2,553		104	Avangrid Inc		1,675		86
Sabre Corp		1,591		33	CenterPoint Energy Inc		16,141		500
Service Corp International/US		2,320		96	CMS Energy Corp		339,345		18,850
Worldpay Inc (a)		4,539		532	Consolidated Edison Inc		8,846		762
		$		53,418	Dominion Energy Inc		374,670		29,175
Computers - 1.18%					DTE Energy Co		152,115		19,122
Amdocs Ltd		3,236		178	Duke Energy Corp		17,311		1,577
Apple Inc		105,410		21,153	Edison International		5,288		337
Cognizant Technology Solutions Corp		980		71	Entergy Corp		5,578		541
Dell Technologies Inc (a)		3,276		221	Evergy Inc		6,274		363
DXC Technology Co		4,463		293	Eversource Energy		5,268		378
Genpact Ltd		2,551		93	Exelon Corp		370,620		18,883
Hewlett Packard Enterprise Co		52,359		828	FirstEnergy Corp		14,291		601
HP Inc		52,313		1,044	Hawaiian Electric Industries Inc		3,079		128
International Business Machines Corp		4,299		603	NextEra Energy Inc		104,557		20,330
Leidos Holdings Inc		3,291		242	NRG Energy Inc		6,884		283
NCR Corp (a)		1,005		29	OGE Energy Corp		5,189		220
Western Digital Corp		6,638		339	PG&E Corp (a)		12,091		272
		$		25,094	Pinnacle West Capital Corp		2,822		269
Consumer Products - 0.02%					PPL Corp		12,009		375
Church & Dwight Co Inc		636		48	Public Service Enterprise Group Inc		8,396		501
Clorox Co/The		282		45	Sempra Energy		4,556		583
Kimberly-Clark Corp		2,310		296	Southern Co/The		25,891		1,378
		$		389	Vistra Energy Corp		9,965		272
Cosmetics & Personal Care - 1.34%					WEC Energy Group Inc		244,507		19,177
Colgate-Palmolive Co		308,998		22,492	Xcel Energy Inc		14,019		792
Procter & Gamble Co/The		56,132		5,977			$		137,947
		$		28,469	Electrical Components & Equipment - 0.06%
Distribution & Wholesale - 0.02%					Acuity Brands Inc		976		143
HD Supply Holdings Inc (a)		3,097		142	AMETEK Inc		5,675		500
KAR Auction Services Inc		529		30	Emerson Electric Co		5,808		412
LKQ Corp (a)		6,052		182	Energizer Holdings Inc		793		38
Watsco Inc		224		35	Hubbell Inc		530		68
WESCO International Inc (a)		1,272		73	Littelfuse Inc		151		30
		$		462			$		1,191
Diversified Financial Services - 1.36%					Electronics - 1.10%
Affiliated Managers Group Inc		1,317		146	ADT Inc		3,927		26
Air Lease Corp		2,264		87	Agilent Technologies Inc		5,296		416
Ally Financial Inc		9,621		286	Allegion PLC		575		57
American Express Co		178,945		20,978	Arrow Electronics Inc (a)		2,053		174
Ameriprise Financial Inc		4,606		676	Avnet Inc		2,713		132
BGC Partners Inc		9,260		50	Coherent Inc (a)		213		32
BlackRock Inc		2,019		980	FLIR Systems Inc		2,973		157
Capital One Financial Corp		12,888		1,196	Fortive Corp		1,944		168
CME Group Inc		5,199		930	Garmin Ltd		2,611		224
Discover Financial Services		7,492		611	Gentex Corp		2,708		62
E*TRADE Financial Corp		4,509		228	Honeywell International Inc		120,019		20,838
Franklin Resources Inc		7,048		244	Jabil Inc		3,895		118
Intercontinental Exchange Inc		4,493		366	Keysight Technologies Inc (a)		3,113		271
Invesco Ltd		9,743		214	National Instruments Corp		667		31
Jefferies Financial Group Inc		6,665		137	nVent Electric PLC		4,261		119
Lazard Ltd		757		29	PerkinElmer Inc		2,521		242
Legg Mason Inc		2,464		82	Sensata Technologies Holding PLC (a)		1,943		97
					Trimble Inc (a)		5,677		232

See accompanying notes.

311

Schedule of Investments LargeCap Value Fund III April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Electronics (continued)					Healthcare - Products (continued)
Waters Corp (a)		99	$	21	Integra LifeSciences Holdings Corp (a)		561	$	29
		$		23,417	Medtronic PLC		586,100		52,052
Engineering & Construction - 0.47%					QIAGEN NV (a)		5,177		202
AECOM (a)		3,855		131	STERIS PLC		2,161		283
Arcosa Inc		1,502		47	Thermo Fisher Scientific Inc		6,285		1,744
Fluor Corp		3,155		125	West Pharmaceutical Services Inc		1,367		169
Jacobs Engineering Group Inc		122,763		9,568	Zimmer Biomet Holdings Inc		3,389		417
		$		9,871			$		106,335
Entertainment - 0.01%					Healthcare - Services - 1.83%
Cinemark Holdings Inc		2,787		117	Anthem Inc		66,500		17,491
Lions Gate Entertainment Corp - A shares		1,414		21	Catalent Inc (a)		2,717		122
Lions Gate Entertainment Corp - B shares		2,638		36	Centene Corp (a)		7,752		400
Madison Square Garden Co/The (a)		381		119	Charles River Laboratories International Inc (a)		410		58
		$		293	DaVita Inc (a)		1,589		88
Environmental Control - 0.04%					HCA Healthcare Inc		4,549		579
Clean Harbors Inc (a)		1,253		95	Humana Inc		1,535		392
Pentair PLC		3,874		151	IQVIA Holdings Inc (a)		2,883		400
Republic Services Inc		3,385		281	Laboratory Corp of America Holdings (a)		2,197		351
Waste Management Inc		2,675		287	MEDNAX Inc (a)		2,598		73
		$		814	Molina Healthcare Inc (a)		344		45
Food - 2.18%					Quest Diagnostics Inc		3,197		308
Campbell Soup Co		1,469		57	UnitedHealth Group Inc		78,019		18,184
Conagra Brands Inc		10,771		332	Universal Health Services Inc		1,983		251
Flowers Foods Inc		4,553		99	WellCare Health Plans Inc (a)		147		38
General Mills Inc		444,186		22,862			$		38,780
Hershey Co/The		1,776		222	Home Builders - 0.03%
Hormel Foods Corp		457,927		18,290	DR Horton Inc		3,341		148
Ingredion Inc		1,596		151	Lennar Corp - A Shares		3,140		163
JM Smucker Co/The		2,502		307	Lennar Corp - B Shares		628		26
Kellogg Co		2,908		175	PulteGroup Inc		4,345		137
Kraft Heinz Co/The		9,981		332	Thor Industries Inc		466		31
Kroger Co/The		24,446		630	Toll Brothers Inc		1,920		73
Lamb Weston Holdings Inc		3,280		230			$		578
McCormick & Co Inc/MD		1,938		298	Home Furnishings - 0.02%
Mondelez International Inc		23,773		1,209	Dolby Laboratories Inc		1,571		102
Pilgrim's Pride Corp (a)		1,547		42	Leggett & Platt Inc		3,191		125
Post Holdings Inc (a)		704		79	Whirlpool Corp		1,448		201
Seaboard Corp		7		32			$		428
TreeHouse Foods Inc (a)		1,318		88	Housewares - 0.00%
Tyson Foods Inc		8,884		666	Scotts Miracle-Gro Co/The		526		45
US Foods Holding Corp (a)		4,827		176	Insurance - 4.11%
		$		46,277	Aflac Inc		21,760		1,096
Forest Products & Paper - 0.03%					Alleghany Corp (a)		302		198
Domtar Corp		1,672		82	Allstate Corp/The		10,199		1,010
International Paper Co		10,845		507	American Financial Group Inc/OH		1,773		184
		$		589	American International Group Inc		612,972		29,159
Gas - 0.03%					American National Insurance Co		314		36
Atmos Energy Corp		2,590		265	Arch Capital Group Ltd (a)		7,667		259
National Fuel Gas Co		2,242		133	Arthur J Gallagher & Co		253,933		21,234
UGI Corp		4,094		223	Assurant Inc		1,496		142
		$		621	Assured Guaranty Ltd		2,646		126
Hand & Machine Tools - 0.03%					Athene Holding Ltd (a)		3,941		178
Regal Beloit Corp		1,153		98	AXA Equitable Holdings Inc		5,924		134
Snap-on Inc		1,313		221	Axis Capital Holdings Ltd		1,943		110
Stanley Black & Decker Inc		2,505		367	Berkshire Hathaway Inc - Class B (a)		28,204		6,112
		$		686	Brighthouse Financial Inc (a)		3,146		131
Healthcare - Products - 5.01%					Chubb Ltd		131,336		19,070
Abbott Laboratories		293,400		23,342	CNA Financial Corp		989		46
Baxter International Inc		14,150		1,080	Everest Re Group Ltd		610		144
Becton Dickinson and Co		100,859		24,281	Fidelity National Financial Inc		6,192		247
Boston Scientific Corp (a)		5,268		196	First American Financial Corp		2,764		158
Bruker Corp		1,774		68	Hanover Insurance Group Inc/The		1,059		128
Cooper Cos Inc/The		945		274	Hartford Financial Services Group Inc/The		13,563		710
Danaher Corp		10,457		1,385	Lincoln National Corp		5,017		335
DENTSPLY SIRONA Inc		5,028		257	Loews Corp		6,390		328
Henry Schein Inc (a)		3,161		203	Markel Corp (a)		281		301
Hill-Rom Holdings Inc		678		69	Marsh & McLennan Cos Inc		4,502		425
Hologic Inc (a)		6,131		284	Mercury General Corp		876		47
					MetLife Inc		24,603		1,135

See accompanying notes.

312

Schedule of Investments
LargeCap Value Fund III
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Insurance (continued)					Media (continued)
Old Republic International Corp		7,086	$	158	Liberty Media Corp-Liberty SiriusXM - A Shares	2,215	$	89
Prudential Financial Inc		12,176		1,287	(a)
Reinsurance Group of America Inc		1,508		229	Liberty Media Corp-Liberty SiriusXM - C Shares	3,955		159
RenaissanceRe Holdings Ltd		893		139	(a)
Torchmark Corp		2,454		215	News Corp - A Shares	9,315		116
Travelers Cos Inc/The		6,481		932	News Corp - B Shares	4,163		52
Unum Group		5,012		185	Tribune Media Co	2,366		109
Voya Financial Inc		3,478		191	Viacom Inc - A Shares	897		31
Willis Towers Watson PLC		2,149		396	Viacom Inc - B Shares	8,566		248
WR Berkley Corp		3,333		204	Walt Disney Co/The	158,641		21,729
		$		87,119		$		64,015
Internet - 0.96%					Metal Fabrication & Hardware - 0.01%
Alphabet Inc - A Shares (a)		16,383		19,643	Timken Co/The	1,741		84
eBay Inc		11,220		435	Valmont Industries Inc	559		75
Symantec Corp		14,505		351		$		159
		$		20,429	Mining - 0.04%
Iron & Steel - 0.04%					Alcoa Corp (a)	4,371		117
Nucor Corp		9,367		534	Freeport-McMoRan Inc	40,861		503
Reliance Steel & Aluminum Co		1,660		153	Newmont Goldcorp Corp	8,823		274
Steel Dynamics Inc		4,504		143		$		894
United States Steel Corp		4,479		70	Miscellaneous Manufacturers - 1.15%
		$		900	3M Co	1,537		291
Leisure Products & Services - 0.07%					AptarGroup Inc	1,405		156
Brunswick Corp/DE		1,954		100	Carlisle Cos Inc	1,436		203
Carnival Corp		9,615		528	Crane Co	1,293		110
Harley-Davidson Inc		3,938		147	Donaldson Co Inc	497		27
Norwegian Cruise Line Holdings Ltd (a)		5,022		283	Eaton Corp PLC	7,276		603
Royal Caribbean Cruises Ltd		2,756		333	General Electric Co	2,115,952		21,519
		$		1,391	Hexcel Corp	1,738		123
Lodging - 0.02%					Ingersoll-Rand PLC	3,615		443
Extended Stay America Inc		2,492		45	ITT Inc	2,188		132
Hyatt Hotels Corp		1,031		79	Parker-Hannifin Corp	3,063		555
Las Vegas Sands Corp		3,792		254	Textron Inc	4,730		251
		$		378	Trinity Industries Inc	3,466		75
Machinery - Construction & Mining - 0.01%						$		24,488
Caterpillar Inc		760		106	Office & Business Equipment - 0.01%
Oshkosh Corp		1,722		142	Xerox Corp	4,898		163
Terex Corp		1,623		54	Oil & Gas - 9.43%
		$		302	Anadarko Petroleum Corp	5,541		404
Machinery - Diversified - 0.15%					Antero Resources Corp (a)	3,614		26
AGCO Corp		1,642		116	Apache Corp	8,198		270
Cummins Inc		2,831		471	BP PLC ADR	597,585		26,132
Curtiss-Wright Corp		1,045		119	Cabot Oil & Gas Corp	3,155		82
Dover Corp		3,361		329	Centennial Resource Development Inc/DE (a)	5,504		58
Gardner Denver Holdings Inc (a)		2,251		76	Chesapeake Energy Corp (a)	22,389		65
Gates Industrial Corp PLC (a)		1,610		26	Chevron Corp	295,034		35,422
GrafTech International Ltd		1,739		20	Cimarex Energy Co	2,167		149
IDEX Corp		224		35	CNX Resources Corp (a)	5,829		52
Middleby Corp/The (a)		617		81	Concho Resources Inc	2,802		323
Nordson Corp		196		29	ConocoPhillips	500,641		31,600
Roper Technologies Inc		2,195		790	Continental Resources Inc/OK (a)	1,368		63
Wabtec Corp		11,526		854	Devon Energy Corp	10,767		346
Xylem Inc/NY		1,869		156	Diamondback Energy Inc	2,164		230
		$		3,102	EOG Resources Inc	348,704		33,493
Media - 3.02%					EQT Corp	6,112		125
Charter Communications Inc (a)		830		308	Extraction Oil & Gas Inc (a)	6,176		29
Comcast Corp - Class A		915,516		39,852	Exxon Mobil Corp	94,647		7,598
Discovery Inc - A Shares (a)		4,056		125	Helmerich & Payne Inc	2,617		153
Discovery Inc - C Shares (a)		8,199		236	Hess Corp	294,730		18,898
DISH Network Corp (a)		5,180		182	HollyFrontier Corp	3,843		183
Fox Corp - A Shares (a)		7,960		310	Marathon Oil Corp	19,284		329
Fox Corp - B Shares (a)		3,851		148	Marathon Petroleum Corp	17,111		1,042
John Wiley & Sons Inc		1,397		65	Murphy Oil Corp	4,031		110
Liberty Broadband Corp - A Shares (a)		588		58	Occidental Petroleum Corp	18,777		1,106
Liberty Media Corp-Liberty Formula One - A		777		29	Parsley Energy Inc (a)	2,273		45
Shares (a)					PBF Energy Inc	3,181		107
Liberty Media Corp-Liberty Formula One - C		4,355		169	Phillips 66	315,868		29,776
Shares (a)					Pioneer Natural Resources Co	1,266		211
					SM Energy Co	3,253		52

See accompanying notes.

313

Schedule of Investments LargeCap Value Fund III April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Oil & Gas (continued)					REITs (continued)
Transocean Ltd (a)		12,584	$	99	Brookfield Property REIT Inc		3,691	$	77
Valero Energy Corp		124,502		11,288	Camden Property Trust		2,182		220
Whiting Petroleum Corp (a)		2,485		68	Chimera Investment Corp		5,088		98
WPX Energy Inc (a)		9,654		134	Crown Castle International Corp		76,391		9,609
		$		200,068	CubeSmart		4,549		145
Oil & Gas Services - 0.87%					Digital Realty Trust Inc		3,422		403
Apergy Corp (a)		2,106		84	Douglas Emmett Inc		4,009		165
Baker Hughes a GE Co		11,976		288	Duke Realty Corp		8,374		261
Halliburton Co		227,845		6,455	Empire State Realty Trust Inc		4,319		67
National Oilwell Varco Inc		8,889		232	EPR Properties		1,915		151
Patterson-UTI Energy Inc		5,760		78	Equity Commonwealth		3,262		104
RPC Inc		2,330		24	Equity Residential		8,946		684
Schlumberger Ltd		266,344		11,367	Essex Property Trust Inc		1,704		481
		$		18,528	Extra Space Storage Inc		590		61
Packaging & Containers - 0.05%					Federal Realty Investment Trust		1,716		230
Ardagh Group SA		1,049		15	Gaming and Leisure Properties Inc		3,447		139
Ball Corp		5,555		333	HCP Inc		10,812		322
Bemis Co Inc		2,194		126	Healthcare Trust of America Inc		4,909		135
Berry Global Group Inc (a)		1,641		97	Highwoods Properties Inc		2,734		122
Graphic Packaging Holding Co		6,151		85	Hospitality Properties Trust		4,183		109
Owens-Illinois Inc		3,978		79	Host Hotels & Resorts Inc		17,198		331
Silgan Holdings Inc		1,507		45	Invitation Homes Inc		8,085		201
Sonoco Products Co		2,397		151	Iron Mountain Inc		6,655		216
Westrock Co		5,871		225	JBG SMITH Properties		2,633		112
		$		1,156	Kilroy Realty Corp		2,445		188
Pharmaceuticals - 6.94%					Kimco Realty Corp		9,910		172
Agios Pharmaceuticals Inc (a)		95		5	Lamar Advertising Co		436		36
Allergan PLC		5,642		829	Liberty Property Trust		3,632		180
Bristol-Myers Squibb Co		24,222		1,125	Life Storage Inc		1,195		114
Cardinal Health Inc		6,947		338	Medical Properties Trust Inc		9,331		163
Cigna Corp		44,988		7,146	MFA Financial Inc		12,344		93
CVS Health Corp		882,525		47,992	Mid-America Apartment Communities Inc		2,700		295
Elanco Animal Health Inc (a)		4,203		132	National Retail Properties Inc		3,808		200
Eli Lilly & Co		5,647		661	New Residential Investment Corp		9,944		167
Herbalife Nutrition Ltd (a)		2,162		114	Omega Healthcare Investors Inc		4,444		157
Jazz Pharmaceuticals PLC (a)		224		29	Outfront Media Inc		3,739		89
Johnson & Johnson		336,787		47,555	Park Hotels & Resorts Inc		4,985		160
McKesson Corp		6,829		814	Prologis Inc		14,767		1,132
Merck & Co Inc		57,212		4,503	Public Storage		83,954		18,569
Mylan NV (a)		11,690		316	Rayonier Inc		3,340		106
Pfizer Inc		405,615		16,472	Realty Income Corp		4,910		344
Premier Inc (a)		1,263		42	Regency Centers Corp		3,580		241
Sanofi ADR		435,435		19,042	Retail Properties of America Inc		5,685		70
		$		147,115	Senior Housing Properties Trust		6,891		55
					Simon Property Group Inc		96,372		16,740
Pipelines - 0.09%					SL Green Realty Corp		1,922		170
Cheniere Energy Inc (a)		1,188		76	Spirit Realty Capital Inc		2,183		88
Equitrans Midstream Corp		5,594		117	Starwood Property Trust Inc		6,646		153
Kinder Morgan Inc/DE		32,410		644	STORE Capital Corp		4,884		163
ONEOK Inc		3,973		270	Sun Communities Inc		1,949		240
Targa Resources Corp		5,204		209	Two Harbors Investment Corp		6,720		93
Williams Cos Inc/The		19,843		562	UDR Inc		6,205		279
		$		1,878	Ventas Inc		5,926		362
Real Estate - 0.02%					VICI Properties Inc		10,010		228
CBRE Group Inc (a)		5,530		288	Vornado Realty Trust		4,102		284
Jones Lang LaSalle Inc		1,153		178	Weingarten Realty Investors		3,407		99
		$		466	Welltower Inc		6,194		462
REITs - 2.82%					Weyerhaeuser Co		12,431		333
AGNC Investment Corp		12,836		228	WP Carey Inc		3,784		300
Alexandria Real Estate Equities Inc		1,707		243			$		59,831
American Campus Communities Inc		3,350		158	Retail - 6.14%
American Homes 4 Rent		6,175		148	Advance Auto Parts Inc		109,030		18,134
Annaly Capital Management Inc		32,264		326	AutoNation Inc (a)		1,631		68
Apartment Investment & Management Co		3,838		189	AutoZone Inc (a)		119		122
Apple Hospitality REIT Inc		6,250		103	Best Buy Co Inc		4,505		335
AvalonBay Communities Inc		3,505		704	CarMax Inc (a)		1,577		123
Boston Properties Inc		4,039		556	Casey's General Stores Inc		862		114
Brandywine Realty Trust		5,085		78	Darden Restaurants Inc		1,478		174
Brixmor Property Group Inc		7,293		130	Dick's Sporting Goods Inc		2,012		74

See accompanying notes.

314

Schedule of Investments LargeCap Value Fund III April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held     Value (000’s)				COMMON STOCKS (continued)		Shares Held Value (000’s)
Retail (continued)					Telecommunications (continued)
Dollar General Corp		280,776	$	35,403	Motorola Solutions Inc		192,115	$	27,839
Dollar Tree Inc (a)		3,241		361	Sprint Corp (a)		15,545		87
Foot Locker Inc		2,748		157	Telephone & Data Systems Inc		2,703		86
Gap Inc/The		5,005		131	T-Mobile US Inc (a)		1,787		130
Genuine Parts Co		3,591		368	United States Cellular Corp (a)		702		34
Home Depot Inc/The		88,603		18,048	Verizon Communications Inc		98,210		5,616
Kohl's Corp		3,823		272			$		75,380
L Brands Inc		4,504		115	Textiles - 0.01%
Lowe's Cos Inc		330,108		37,348	Mohawk Industries Inc (a)		1,409		192
Macy's Inc		7,331		173	Toys, Games & Hobbies - 0.00%
McDonald's Corp		13,938		2,754	Hasbro Inc		660		67
Michaels Cos Inc/The (a)		3,049		34	Transportation - 1.67%
MSC Industrial Direct Co Inc		733		61	CSX Corp		10,809		861
Nu Skin Enterprises Inc		1,039		53	FedEx Corp		72,550		13,745
Penske Automotive Group Inc		1,125		52	Genesee & Wyoming Inc (a)		1,115		99
Qurate Retail Inc (a)		9,715		166	Kansas City Southern		2,348		289
Target Corp		127,375		9,862	Norfolk Southern Corp		6,561		1,338
Tiffany & Co		2,255		243	Ryder System Inc		1,233		78
Walgreens Boots Alliance Inc		20,569		1,102	Schneider National Inc		1,330		28
Walmart Inc		32,521		3,344	Union Pacific Corp		107,371		19,009
Williams-Sonoma Inc		1,618		93			$		35,447
Yum China Holdings Inc		8,392		399
Yum! Brands Inc		5,218		545	Water - 0.02%
		$		130,228	American Water Works Co Inc		2,989		323
					TOTAL COMMON STOCKS		$		2,086,060
Savings & Loans - 0.40%					INVESTMENT COMPANIES - 1.75%		Shares Held Value (000's)
New York Community Bancorp Inc		712,684		8,289
People's United Financial Inc		8,812		152	Money Market Funds - 1.71%
Sterling Bancorp/DE		5,524		118	Principal Government Money Market Fund		36,374,706		36,375
		$		8,559	2.38%(b),(c)
Semiconductors - 3.91%					Principal Exchange-Traded Funds - 0.04%
Analog Devices Inc		5,175		601	Principal Shareholder Yield Index ETF (b)		4,298		140
Broadcom Inc		43,704		13,915	Principal Sustainable Momentum Index ETF (b)		5,382		150
Cypress Semiconductor Corp		3,248		56	Principal U.S. Mega-Cap Multi-Factor Index		15,323		442
Intel Corp		104,703		5,344	ETF (b)
Lam Research Corp		49,172		10,200			$		732
Micron Technology Inc (a)		4,044		170	TOTAL INVESTMENT COMPANIES		$		37,107
NXP Semiconductors NV		5,346		565	Total Investments		$		2,123,167
Qorvo Inc (a)		2,780		210	Other Assets and Liabilities -  (0.08)%				(1,700	)
QUALCOMM Inc		389,560		33,553	TOTAL NET ASSETS - 100.00%		$		2,121,467
Skyworks Solutions Inc		1,264		111
Teradyne Inc		3,548		174	(a)	Non-income producing security
Texas Instruments Inc		153,059		18,035	(b)	Affiliated Security. Security is either an affiliate (and registered under the
		$		82,934		Investment Company Act of 1940) or an affiliate as defined by the Investment
Shipbuilding - 0.00%						Company Act of 1940 (controls 5.0% or more of the outstanding voting
Huntington Ingalls Industries Inc		202		45		shares of the security). Please see affiliated sub-schedule for transactional
Software - 4.16%						information.
Akamai Technologies Inc (a)		374		30	(c)	Current yield shown is as of period end.
Aspen Technology Inc (a)		169		21
Autodesk Inc (a)		581		104		Portfolio Summary  (unaudited)
Cerner Corp (a)		2,872		191	Sector				Percent
Covetrus Inc (a)		1,502		49	Consumer, Non-cyclical				21.98	%
Fidelity National Information Services Inc		8,235		955	Financial				21.92	%
Microsoft Corp		416,168		54,351	Industrial				10.44	%
Nuance Communications Inc (a)		6,718		113	Energy				10.39	%
Oracle Corp		576,495		31,897	Technology				9.26	%
SS&C Technologies Holdings Inc		504		34	Communications				7.57	%
Synopsys Inc (a)		2,230		270	Consumer, Cyclical				6.60	%
Take-Two Interactive Software Inc (a)		1,069		104	Utilities				6.55	%
Teradata Corp (a)		1,021		46	Basic Materials				3.62	%
Zynga Inc (a)		20,380		115	Money Market Funds				1.71	%
		$		88,280	Domestic Equity Funds				0.04	%
Telecommunications - 3.55%					Other Assets and Liabilities				(0.08	)%
AT&T Inc	1,118,191			34,619	TOTAL NET ASSETS				100.00	%
CenturyLink Inc		22,053		252
Cisco Systems Inc		105,536		5,905
CommScope Holding Co Inc (a)		4,899		121
Corning Inc		13,114		418
EchoStar Corp (a)		1,275		51
Juniper Networks Inc		7,983		222

See accompanying notes.

315

Schedule of Investments
LargeCap Value Fund III
April 30, 2019 (unaudited)
Affiliated Securities		October 31, 2018						Purchases		Sales		April 30, 2019
		Value						Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			83,492		$		403,543	$	450,660	$		36,375
Principal Shareholder Yield Index ETF					—			135		—			140
Principal Sustainable Momentum Index ETF					—			141		—			150
Principal U.S. Mega-Cap Multi-Factor Index ETF					—			414		—			442
	$			83,492		$		404,233	$	450,660	$		37,107
				Realized Gain/Loss				Realized Gain from				Change in Unrealized
		Income		on Investments				Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	706	$			— $				— $			—
Principal Shareholder Yield Index ETF		2				—				—			5
Principal Sustainable Momentum Index ETF		1				—				—			9
Principal U.S. Mega-Cap Multi-Factor Index ETF		5				—				—			28
	$	714	$			— $				— $			42
Amounts in thousands
Futures Contracts
Description and Expiration Date		Type		Contracts			Notional Amount			Value and Unrealized Appreciation/(Depreciation)
S&P 500 Emini; June 2019		Long			130		$	19,165			$		559
Total											$		559
Amounts in thousands except contracts.

See accompanying notes.

316

Schedule of Investments MidCap Fund April 30, 2019 (unaudited)

COMMON STOCKS - 100.09%	Shares Held       Value (000's)				COMMON STOCKS (continued)		Shares Held Value (000’s)
Aerospace & Defense - 4.74%					Machinery - Diversified - 1.85%
HEICO Corp - Class A		476,912	$	42,650	Cognex Corp		263,961	$	13,311
TransDigm Group Inc (a)	1,491,318			719,591	Roper Technologies Inc		790,414		284,312
		$		762,241			$		297,623
Banks - 2.51%					Media - 4.73%
First Republic Bank/CA	2,910,564			307,414	Liberty Broadband Corp - A Shares (a)		672,380		66,155
M&T Bank Corp		564,883		96,069	Liberty Broadband Corp - C Shares (a)		1,268,153		125,179
		$		403,483	Liberty Global PLC - A Shares (a)		481,025		12,992
Beverages - 0.54%					Liberty Global PLC - C Shares (a)		5,902,524		154,351
Brown-Forman Corp - B Shares	1,616,010			86,117	Liberty Media Corp-Liberty Braves - A Shares (a)		146,140		4,145
Building Materials - 4.14%					Liberty Media Corp-Liberty Braves - C Shares (a)		599,994		16,890
Martin Marietta Materials Inc	1,167,984			259,176	Liberty Media Corp-Liberty Formula One - A		543,909		20,538
Summit Materials Inc (a)	3,590,589			62,907	Shares (a)
Vulcan Materials Co	2,721,449			343,202	Liberty Media Corp-Liberty Formula One - C		4,826,672		187,323
		$		665,285	Shares (a)
Chemicals - 1.17%					Liberty Media Corp-Liberty SiriusXM - A Shares		1,031,866		41,213
					(a)
Air Products & Chemicals Inc		916,595		188,626	Liberty Media Corp-Liberty SiriusXM - C Shares		3,293,822		132,280
Commercial Services - 11.20%					(a)
AMERCO		306,196		114,263			$		761,066
Gartner Inc (a)	2,754,402			437,867
IHS Markit Ltd (a)	5,148,069			294,778	Pharmaceuticals - 0.03%
Moody's Corp		877,675		172,569	Elanco Animal Health Inc (a)		175,497		5,528
S&P Global Inc		694,431		153,233	Private Equity - 7.35%
TransUnion	4,249,789			295,998	Brookfield Asset Management Inc		13,743,855		662,316
Verisk Analytics Inc	2,355,576			332,466	Kennedy-Wilson Holdings Inc		6,027,194		129,826
		$		1,801,174	KKR & Co Inc		8,922,367		218,152
Distribution & Wholesale - 2.88%					Onex Corp		2,948,783		172,434
Copart Inc (a)	5,291,877			356,249			$		1,182,728
Fastenal Co	1,507,977			106,388	Real Estate - 3.65%
		$		462,637	Brookfield Business Partners LP		450,901		17,495
Electric - 1.90%					Brookfield Property Partners LP		2,757,438		57,547
Brookfield Infrastructure Partners LP	5,776,902			239,048	CBRE Group Inc (a)		6,382,022		332,312
Brookfield Renewable Partners LP	2,120,522			66,839	Howard Hughes Corp/The (a)		1,627,692		180,674
		$		305,887			$		588,028
Electronics - 1.50%					REITs - 4.70%
Mettler-Toledo International Inc (a)		322,735		240,522	Equinix Inc		376,186		171,052
					SBA Communications Corp (a)		2,713,475		552,816
Entertainment - 2.87%					Vornado Realty Trust		477,834		33,038
Live Nation Entertainment Inc (a)	3,062,580			200,109			$		756,906
Vail Resorts Inc	1,144,279			261,868
		$		461,977	Retail - 10.99%
					CarMax Inc (a)		5,896,316		459,087
Hand & Machine Tools - 1.02%					Dollar General Corp		1,379,960		173,999
Colfax Corp (a)	5,446,001			164,306	Domino's Pizza Inc		831,775		225,062
Healthcare - Products - 0.96%					O'Reilly Automotive Inc (a)		1,166,827		441,726
IDEXX Laboratories Inc (a)		665,619		154,424	Restaurant Brands International Inc		6,880,095		448,857
Home Builders - 1.54%					Ross Stores Inc		191,523		18,704
Lennar Corp - A Shares	2,772,007			144,228			$		1,767,435
Lennar Corp - B Shares		37,905		1,581	Semiconductors - 1.70%
NVR Inc (a)		32,574		102,689	Microchip Technology Inc		2,744,791		274,177
		$		248,498	Software - 8.60%
Insurance - 9.97%					ANSYS Inc (a)		1,465,483		286,942
Aon PLC		765,900		137,969	Autodesk Inc (a)		1,731,247		308,525
Arch Capital Group Ltd (a)	7,497,774			253,275	Black Knight Inc (a)		6,077,757		342,907
Brown & Brown Inc	6,637,925			210,754	Guidewire Software Inc (a)		1,464,904		156,012
Fidelity National Financial Inc	8,614,265			344,140	MSCI Inc		626,349		141,167
Markel Corp (a)		454,376		486,868	RealPage Inc (a)		2,257,917		147,239
Progressive Corp/The	2,167,981			169,428			$		1,382,792
Trisura Group Ltd (a)		102,584		2,182	Telecommunications - 1.72%
		$		1,604,616	EchoStar Corp (a)		585,850		23,346
Internet - 4.43%					GCI Liberty Inc (a)		2,400,790		143,135
Liberty Expedia Holdings Inc (a)		466,512		21,656	Motorola Solutions Inc		761,676		110,375
Shopify Inc (a)		237,305		57,791			$		276,856
VeriSign Inc (a)	1,963,996			387,791	Textiles - 0.26%
Wix.com Ltd (a)	1,835,251			246,217	Mohawk Industries Inc (a)		304,194		41,446
		$		713,455	TOTAL COMMON STOCKS	$	16,102,657
Lodging - 3.14%
Hilton Worldwide Holdings Inc	4,246,771			369,426
Hyatt Hotels Corp	1,764,601			135,398
		$		504,824

See accompanying notes.

317

Schedule of Investments MidCap Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 0.01%		Shares Held Value (000's)
Money Market Funds - 0.01%
Principal Government Money Market Fund		937,966	$	938
2.38%(b),(c)
TOTAL INVESTMENT COMPANIES		$		938
Total Investments	$	16,103,595
Other Assets and Liabilities -  (0.10)%				(15,302	)
TOTAL NET ASSETS - 100.00%	$	16,088,293

(a)	Non-income producing security
(b)	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.
(c)	Current yield shown is as of period end.

Portfolio Summary  (unaudited)
Sector	Percent
Financial	28.18	%
Consumer, Cyclical	21.68	%
Industrial	13.25	%
Consumer, Non-cyclical	12.73	%
Communications	10.88	%
Technology	10.30	%
Utilities	1.90	%
Basic Materials	1.17	%
Money Market Funds	0.01	%
Other Assets and Liabilities	(0.10	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities				October 31, 2018	Purchases			Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			3	$	321,902	$	320,967	$		938
	$			3	$	321,902	$	320,967	$		938
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	62	$	— $				— $			—
	$	62	$	— $				— $			—
Amounts in thousands

See accompanying notes.

318

Schedule of Investments MidCap Growth Fund April 30, 2019 (unaudited)

COMMON STOCKS - 98.83%	Shares Held Value (000's)				COMMON STOCKS (continued)		Shares Held Value (000’s)
Aerospace & Defense - 1.13%					Machinery - Diversified - 3.71%
TransDigm Group Inc (a)		4,383	$	2,115	Chart Industries Inc (a)		47,249	$	4,171
Airlines - 0.93%					Middleby Corp/The (a)		20,864		2,757
Spirit Airlines Inc (a)		31,929		1,736			$		6,928
Apparel - 3.20%					Office & Business Equipment - 2.93%
PVH Corp		20,011		2,581	Zebra Technologies Corp (a)		25,875		5,463
VF Corp		35,865		3,386	Oil & Gas - 1.53%
		$		5,967	Diamondback Energy Inc		26,845		2,856
Automobile Parts & Equipment - 1.29%					Packaging & Containers - 1.02%
Aptiv PLC		28,190		2,416	Crown Holdings Inc (a)		32,800		1,906
Banks - 1.11%					Pharmaceuticals - 2.59%
Signature Bank/New York NY		15,683		2,071	DexCom Inc (a)		27,408		3,318
Biotechnology - 2.55%					Sarepta Therapeutics Inc (a)		13,016		1,522
Exact Sciences Corp (a)		34,377		3,393			$		4,840
Incyte Corp (a)		17,871		1,372	Retail - 6.16%
		$		4,765	Advance Auto Parts Inc		19,266		3,205
Building Materials - 1.30%					Chipotle Mexican Grill Inc (a)		5,276		3,630
Vulcan Materials Co		19,177		2,418	Ulta Beauty Inc (a)		13,391		4,673
Commercial Services - 9.32%							$		11,508
CoStar Group Inc (a)		9,028		4,480	Semiconductors - 6.17%
Euronet Worldwide Inc (a)		23,187		3,475	Advanced Micro Devices Inc (a)		77,751		2,148
Strategic Education Inc		23,416		3,357	Cree Inc (a)		52,046		3,440
United Rentals Inc (a)		13,400		1,888	Marvell Technology Group Ltd		119,730		2,996
WEX Inc (a)		19,984		4,203	Microchip Technology Inc		29,383		2,935
		$		17,403			$		11,519
Computers - 3.17%					Software - 9.76%
Logitech International SA		48,547		1,880	Fiserv Inc (a)		41,521		3,622
Rapid7 Inc (a)		74,359		4,040	ServiceNow Inc (a)		34,187		9,282
		$		5,920	Twilio Inc (a)		18,123		2,486
Consumer Products - 1.02%					Workday Inc (a)		13,761		2,830
Church & Dwight Co Inc		25,500		1,911			$		18,220
Distribution & Wholesale - 4.44%					Telecommunications - 5.30%
Fastenal Co		27,000		1,905	Ciena Corp (a)		62,573		2,400
G-III Apparel Group Ltd (a)		85,680		3,697	Motorola Solutions Inc		32,265		4,676
LKQ Corp (a)		89,100		2,682	Viavi Solutions Inc (a)		212,434		2,825
		$		8,284			$		9,901
Diversified Financial Services - 1.83%					TOTAL COMMON STOCKS		$		184,572
Synchrony Financial		98,526		3,416	INVESTMENT COMPANIES - 1.41%		Shares Held Value (000's)
Electronics - 3.41%					Money Market Funds - 1.41%
Keysight Technologies Inc (a)		73,187		6,370	Principal Government Money Market Fund		2,628,401		2,628
					2.38%(b),(c)
Environmental Control - 1.26%					TOTAL INVESTMENT COMPANIES		$		2,628
Clean Harbors Inc (a)		31,000		2,356	Total Investments		$		187,200
Healthcare - Products - 5.73%					Other Assets and Liabilities -  (0.24)%				(445	)
Edwards Lifesciences Corp (a)		14,266		2,512	TOTAL NET ASSETS - 100.00%		$		186,755
Inspire Medical Systems Inc (a)		46,300		2,393
Insulet Corp (a)		25,987		2,242
Tandem Diabetes Care Inc (a)		57,974		3,560	(a)	Non-income producing security
		$		10,707	(b)	Affiliated Security. Security is either an affiliate (and registered under the
Healthcare - Services - 0.95%						Investment Company Act of 1940) or an affiliate as defined by the Investment
IQVIA Holdings Inc (a)		12,718		1,767		Company Act of 1940 (controls 5.0% or more of the outstanding voting
						shares of the security). Please see affiliated sub-schedule for transactional
Home Furnishings - 0.79%						information.
iRobot Corp (a)		14,303		1,481	(c)	Current yield shown is as of period end.
Insurance - 2.35%
Progressive Corp/The		56,209		4,393
Internet - 12.68%						Portfolio Summary  (unaudited)
Etsy Inc (a)		91,668		6,191	Sector				Percent
IAC/InterActiveCorp (a)		18,804		4,228	Consumer, Non-cyclical				22.16	%
MercadoLibre Inc (a)		5,827		2,821	Technology				22.03	%
RingCentral Inc (a)		17,757		2,066	Consumer, Cyclical				18.01	%
Twitter Inc (a)		57,416		2,292	Communications				17.98	%
Zendesk Inc (a)		69,381		6,090	Industrial				11.83	%
		$		23,688	Financial				5.29	%
Leisure Products & Services - 1.20%					Energy				1.53	%
Royal Caribbean Cruises Ltd		18,581		2,247	Money Market Funds				1.41	%
					Other Assets and Liabilities				(0.24	)%
					TOTAL NET ASSETS				100.00	%

See accompanying notes.

319

Schedule of Investments
MidCap Growth Fund
April 30, 2019 (unaudited)
Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			3,975	$	49,865	$	51,212	$		2,628
	$			3,975	$	49,865	$	51,212	$		2,628
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	40	$	— $				— $			—
	$	40	$	— $				— $			—
Amounts in thousands

See accompanying notes.

320

Schedule of Investments MidCap Growth Fund III April 30, 2019 (unaudited)

COMMON STOCKS - 98.06%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.06%					Building Materials (continued)
Interpublic Group of Cos Inc/The		4,340	$	100	Vulcan Materials Co		3,934	$	496
Omnicom Group Inc		7,065		565			$		14,931
		$		665	Chemicals - 1.06%
Aerospace & Defense - 0.75%					Albemarle Corp		21,126		1,586
Harris Corp		39,811		6,708	Axalta Coating Systems Ltd (a)		3,641		98
HEICO Corp		1,794		189	Celanese Corp		3,973		429
HEICO Corp - Class A		3,302		295	Chemours Co/The		7,482		269
Spirit AeroSystems Holdings Inc		5,332		464	FMC Corp		1,737		137
TransDigm Group Inc (a)		1,543		745	Huntsman Corp		140,000		3,114
		$		8,401	International Flavors & Fragrances Inc		2,252		310
Apparel - 0.60%					NewMarket Corp		337		141
Canada Goose Holdings Inc (a)		83,554		4,461	RPM International Inc		1,773		108
Capri Holdings Ltd (a)		3,462		153	Univar Inc (a)		231,125		5,161
Carter's Inc		1,978		210	Versum Materials Inc		4,433		231
Columbia Sportswear Co		271		27	Westlake Chemical Corp		1,645		115
Hanesbrands Inc		15,484		280	WR Grace & Co		2,084		158
Skechers U.S.A. Inc (a)		2,982		94			$		11,857
Tapestry Inc		1,807		58	Commercial Services - 11.87%
Under Armour Inc - Class A (a)		6,042		140	Booz Allen Hamilton Holding Corp		8,056		478
Under Armour Inc - Class C (a)		6,340		131	Bright Horizons Family Solutions Inc (a)		36,576		4,687
VF Corp		11,610		1,096	Cintas Corp		48,691		10,573
		$		6,650	CoreLogic Inc/United States (a)		2,448		99
Automobile Parts & Equipment - 0.71%					CoStar Group Inc (a)		1,663		825
Allison Transmission Holdings Inc		5,104		239	Equifax Inc		1,032		130
Aptiv PLC		58,414		5,007	Euronet Worldwide Inc (a)		97,235		14,575
Lear Corp		1,195		171	FleetCor Technologies Inc (a)		2,794		729
Visteon Corp (a)		34,387		2,270	Gartner Inc (a)		53,666		8,531
WABCO Holdings Inc (a)		1,657		219	Global Payments Inc		114,932		16,789
		$		7,906	Grand Canyon Education Inc (a)		2,012		233
Banks - 0.71%					H&R Block Inc		2,342		64
Comerica Inc		1,009		79	IHS Markit Ltd (a)		116,917		6,695
East West Bancorp Inc		129,641		6,674	MarketAxess Holdings Inc		47,655		13,264
Northern Trust Corp		1,826		180	Moody's Corp		33,228		6,533
Pinnacle Financial Partners Inc		1,421		82	Morningstar Inc		18,969		2,721
Signature Bank/New York NY		1,081		143	Quanta Services Inc		2,034		83
SVB Financial Group (a)		1,770		446	Ritchie Bros Auctioneers Inc		102,686		3,572
Synovus Financial Corp		2,230		82	Robert Half International Inc		3,763		234
Texas Capital Bancshares Inc (a)		1,477		96	Rollins Inc		6,342		245
Western Alliance Bancorp (a)		2,621		125	Sabre Corp		10,023		208
		$		7,907	Service Corp International/US		3,694		154
Beverages - 1.07%					ServiceMaster Global Holdings Inc (a)		79,899		3,917
Brown-Forman Corp - A Shares		2,228		117	Square Inc (a)		52,789		3,844
Brown-Forman Corp - B Shares		8,995		479	Total System Services Inc		8,615		881
Constellation Brands Inc		24,223		5,127	TransUnion		115,970		8,078
Keurig Dr Pepper Inc		7,503		218	United Rentals Inc (a)		29,546		4,163
Monster Beverage Corp (a)		100,324		5,979	Verisk Analytics Inc		76,374		10,779
		$		11,920	WEX Inc (a)		13,804		2,903
					Worldpay Inc (a)		54,537		6,392
Biotechnology - 2.31%							$		132,379
Alexion Pharmaceuticals Inc (a)		50,589		6,887
Alnylam Pharmaceuticals Inc (a)		3,224		288	Computers - 2.42%
BioMarin Pharmaceutical Inc (a)		7,201		616	Dell Technologies Inc (a)		2,629		177
Bluebird Bio Inc (a)		20,354		2,886	Elastic NV (a)		338		29
Exact Sciences Corp (a)		53,566		5,287	EPAM Systems Inc (a)		77,443		13,890
Exelixis Inc (a)		11,964		235	Fortinet Inc (a)		7,415		693
Illumina Inc (a)		7,438		2,321	Genpact Ltd		3,151		114
Incyte Corp (a)		34,609		2,658	Mercury Systems Inc (a)		86,867		6,343
Ionis Pharmaceuticals Inc (a)		5,092		378	NCR Corp (a)		3,956		115
Sage Therapeutics Inc (a)		23,329		3,925	NetApp Inc		12,611		919
Seattle Genetics Inc (a)		4,408		299	Perspecta Inc		198,881		4,590
		$		25,780	Pure Storage Inc (a)		6,707		153
							$		27,023
Building Materials - 1.34%					Consumer Products - 0.15%
Armstrong World Industries Inc		2,061		179
Eagle Materials Inc		1,862		169	Avery Dennison Corp		3,960		438
Fortune Brands Home & Security Inc		109,485		5,778	Church & Dwight Co Inc		6,597		495
Lennox International Inc		1,759		477	Clorox Co/The		4,935		788
Martin Marietta Materials Inc		34,126		7,573			$		1,721
Masco Corp		6,619		259

See accompanying notes.

321

Schedule of Investments MidCap Growth Fund III April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Distribution & Wholesale - 3.24%					Food - 1.01%
Copart Inc (a)		6,448	$	434	Campbell Soup Co		5,127	$	198
Fastenal Co		96,769		6,827	Hershey Co/The		5,804		725
HD Supply Holdings Inc (a)		4,517		206	Kellogg Co		6,254		377
KAR Auction Services Inc		5,520		312	Lamb Weston Holdings Inc		135,823		9,514
LKQ Corp (a)		1,684		51	McCormick & Co Inc/MD		234		36
Pool Corp		109,311		20,085	Post Holdings Inc (a)		1,577		178
Watsco Inc		28,991		4,594	Sprouts Farmers Market Inc (a)		5,314		114
WW Grainger Inc		12,939		3,649	US Foods Holding Corp (a)		2,374		87
		$		36,158			$		11,229
Diversified Financial Services - 1.47%					Forest Products & Paper - 0.01%
Affiliated Managers Group Inc		33,887		3,759	International Paper Co		2,942		138
Alliance Data Systems Corp		1,510		242	Hand & Machine Tools - 0.02%
Ameriprise Financial Inc		39,777		5,838	Lincoln Electric Holdings Inc		2,755		240
Cboe Global Markets Inc		4,583		466	Healthcare - Products - 6.24%
Credit Acceptance Corp (a)		437		217	ABIOMED Inc (a)		22,386		6,211
Discover Financial Services		7,018		572	Align Technology Inc (a)		41,725		13,548
E*TRADE Financial Corp		3,058		155	Bio-Techne Corp		1,561		319
Eaton Vance Corp		4,809		200	Bruker Corp		2,025		78
Evercore Inc - Class A		1,748		170	Cantel Medical Corp		1,609		111
Lazard Ltd		4,676		182	Cooper Cos Inc/The		24,739		7,172
LPL Financial Holdings Inc		33,233		2,462	DENTSPLY SIRONA Inc		65,279		3,338
OneMain Holdings Inc		610		21	Edwards Lifesciences Corp (a)		88,333		15,553
Raymond James Financial Inc		2,170		199	Henry Schein Inc (a)		2,398		154
Santander Consumer USA Holdings Inc		1,200		25	Hill-Rom Holdings Inc		1,905		193
SEI Investments Co		5,446		296	ICU Medical Inc (a)		692		157
Synchrony Financial		12,148		421	IDEXX Laboratories Inc (a)		60,739		14,091
T Rowe Price Group Inc		9,161		985	Insulet Corp (a)		50,830		4,384
Virtu Financial Inc		2,072		51	Integra LifeSciences Holdings Corp (a)		2,442		127
Western Union Co/The		3,928		76	Intuitive Surgical Inc (a)		4,778		2,440
		$		16,337	Masimo Corp (a)		1,979		258
Electrical Components & Equipment - 0.63%					Penumbra Inc (a)		1,290		173
AMETEK Inc		3,073		271	ResMed Inc		4,475		468
Energizer Holdings Inc		1,444		69	Teleflex Inc		278		80
Hubbell Inc		1,666		213	Varian Medical Systems Inc (a)		4,321		588
Littelfuse Inc		30,781		6,188	West Pharmaceutical Services Inc		1,303		161
Universal Display Corp		1,734		277			$		69,604
		$		7,018	Healthcare - Services - 2.27%
Electronics - 3.94%					Catalent Inc (a)		1,604		72
Allegion PLC		4,360		433	Centene Corp (a)		93,736		4,833
Amphenol Corp		68,337		6,804	Charles River Laboratories International Inc (a)		1,484		208
Coherent Inc (a)		32,154		4,759	Chemed Corp		688		225
FLIR Systems Inc		109,363		5,790	DaVita Inc (a)		2,979		165
Fortive Corp		12,132		1,047	Encompass Health Corp		4,292		277
Gentex Corp		8,425		194	ICON PLC (a)		69,080		9,435
Keysight Technologies Inc (a)		175,153		15,244	IQVIA Holdings Inc (a)		34,908		4,849
Mettler-Toledo International Inc (a)		1,106		824	Laboratory Corp of America Holdings (a)		853		136
National Instruments Corp		3,657		172	Molina Healthcare Inc (a)		2,785		361
Sensata Technologies Holding PLC (a)		2,809		140	WellCare Health Plans Inc (a)		18,185		4,698
Trimble Inc (a)		193,589		7,902			$		25,259
Waters Corp (a)		3,079		658	Home Builders - 0.87%
		$		43,967	DR Horton Inc		185,931		8,238
Engineering & Construction - 0.29%					Lennar Corp - A Shares		8,971		467
Fluor Corp		77,983		3,098	Lennar Corp - B Shares		900		38
frontdoor Inc (a)		3,070		108	NVR Inc (a)		177		558
		$		3,206	PulteGroup Inc		4,075		128
Entertainment - 1.53%					Thor Industries Inc		2,016		133
International Game Technology PLC		919		13	Toll Brothers Inc		3,405		130
Lions Gate Entertainment Corp - A shares		198,489		2,896			$		9,692
Lions Gate Entertainment Corp - B shares		751		10	Housewares - 0.04%
Live Nation Entertainment Inc (a)		4,388		287	Scotts Miracle-Gro Co/The		891		76
Madison Square Garden Co/The (a)		86		27	Toro Co/The		4,476		327
Six Flags Entertainment Corp		3,042		162			$		403
Vail Resorts Inc		59,931		13,715	Insurance - 1.53%
		$		17,110	Alleghany Corp (a)		140		92
Environmental Control - 1.13%					Arch Capital Group Ltd (a)		3,926		133
Republic Services Inc		1,774		147	Arthur J Gallagher & Co		130,095		10,878
Waste Connections Inc		134,138		12,444	Axis Capital Holdings Ltd		584		33
		$		12,591	Brown & Brown Inc		875		28

See accompanying notes.

322

Schedule of Investments MidCap Growth Fund III April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Insurance (continued)					Media (continued)
Erie Indemnity Co		803	$	152	Sirius XM Holdings Inc	1,071,588 $		6,225
Everest Re Group Ltd		895		211			$	16,920
Markel Corp (a)		95		102	Miscellaneous Manufacturers - 2.11%
Progressive Corp/The		67,393		5,267	AO Smith Corp		226,646	11,915
RenaissanceRe Holdings Ltd		215		33	AptarGroup Inc		44,375	4,936
Voya Financial Inc		1,410		77	Donaldson Co Inc		5,128	275
		$		17,006	Hexcel Corp		74,118	5,241
Internet - 5.18%					Ingersoll-Rand PLC		6,334	777
CDW Corp/DE		113,360		11,971	Parker-Hannifin Corp		1,542	279
Etsy Inc (a)		130,030		8,782	Textron Inc		1,292	68
Expedia Group Inc		3,837		498			$	23,491
F5 Networks Inc (a)		3,212		504	Office & Business Equipment - 0.05%
FireEye Inc (a)		5,656		91	Zebra Technologies Corp (a)		2,758	582
GoDaddy Inc (a)		5,365		437	Oil & Gas - 1.65%
IAC/InterActiveCorp (a)		28,132		6,325	Antero Resources Corp (a)		5,589	41
Lyft Inc (a)		39,056		2,336	Apache Corp		767	25
Match Group Inc		2,372		143	Cabot Oil & Gas Corp		15,993	414
Okta Inc (a)		3,723		387	Cimarex Energy Co		574	39
Palo Alto Networks Inc (a)		4,207		1,047	Concho Resources Inc		811	94
Proofpoint Inc (a)		2,095		263	Continental Resources Inc/OK (a)		1,876	86
RingCentral Inc (a)		37,872		4,407	Diamondback Energy Inc		136,049	14,474
Shopify Inc (a)		21,701		5,285	Parsley Energy Inc (a)		163,017	3,254
TripAdvisor Inc (a)		4,481		238			$	18,427
Twitter Inc (a)		246,290		9,829	Oil & Gas Services - 0.00%
VeriSign Inc (a)		5,037		995	RPC Inc		1,543	16
Wayfair Inc (a)		1,817		295
Zendesk Inc (a)		3,347		294	Packaging & Containers - 0.10%
Zillow Group Inc - C Shares (a)		107,540		3,592	Berry Global Group Inc (a)		3,035	178
		$		57,719	Crown Holdings Inc (a)		4,111	239
					Graphic Packaging Holding Co		3,205	45
Iron & Steel - 0.01%					Packaging Corp of America		4,328	429
Steel Dynamics Inc		2,847		90	Sealed Air Corp		3,590	167
Leisure Products & Services - 0.88%					Silgan Holdings Inc		1,736	52
Brunswick Corp/DE		92,025		4,713			$	1,110
Polaris Industries Inc		2,521		243	Pharmaceuticals - 2.04%
Royal Caribbean Cruises Ltd		40,131		4,853	Agios Pharmaceuticals Inc (a)		1,925	108
		$		9,809	Alkermes PLC (a)		6,272	190
Lodging - 0.43%					AmerisourceBergen Corp		7,617	569
Caesars Entertainment Corp (a)		287,492		2,691	DexCom Inc (a)		20,015	2,423
Choice Hotels International Inc		1,524		127	Elanco Animal Health Inc (a)		1,685	53
Extended Stay America Inc		5,598		100	Herbalife Nutrition Ltd (a)		910	48
Hilton Grand Vacations Inc (a)		4,185		134	Jazz Pharmaceuticals PLC (a)		47,458	6,159
Hilton Worldwide Holdings Inc		8,887		773	Nektar Therapeutics (a)		6,641	213
MGM Resorts International		1,433		38	Neurocrine Biosciences Inc (a)		3,634	263
Wyndham Destinations Inc		4,321		188	PRA Health Sciences Inc (a)		26,324	2,549
Wyndham Hotels & Resorts Inc		4,120		230	Premier Inc (a)		1,183	39
Wynn Resorts Ltd		3,274		473	Sarepta Therapeutics Inc (a)		33,316	3,896
		$		4,754	Zoetis Inc		61,462	6,259
Machinery - Construction & Mining - 0.59%							$	22,769
BWX Technologies Inc		128,299		6,556	Pipelines - 0.08%
Machinery - Diversified - 4.63%					Cheniere Energy Inc (a)		5,106	328
Cognex Corp		139,028		7,011	ONEOK Inc		8,065	548
Cummins Inc		1,711		284			$	876
Curtiss-Wright Corp		307		35	Real Estate - 0.03%
Gardner Denver Holdings Inc (a)		173,021		5,840	CBRE Group Inc (a)		6,658	347
Graco Inc		172,865		8,859	REITs - 1.26%
IDEX Corp		60,472		9,473	Alexandria Real Estate Equities Inc		581	83
Middleby Corp/The (a)		1,440		190	Colony Capital Inc		1,440	7
Nordson Corp		1,721		251	CoreSite Realty Corp		1,590	174
Rockwell Automation Inc		48,338		8,735	Equity LifeStyle Properties Inc		3,878	453
Roper Technologies Inc		1,089		392	Extra Space Storage Inc		4,760	494
Wabtec Corp		32,476		2,406	Gaming and Leisure Properties Inc		4,160	168
Xylem Inc/NY		97,838		8,160	Hudson Pacific Properties Inc		1,063	37
		$		51,636	Lamar Advertising Co		3,301	273
Media - 1.52%					Life Storage Inc		275	26
AMC Networks Inc (a)		1,951		114	Omega Healthcare Investors Inc		1,041	37
Cable One Inc		8,949		9,491	SBA Communications Corp (a)		59,716	12,166
CBS Corp		14,849		761	Taubman Centers Inc		2,484	122
FactSet Research Systems Inc		1,191		329			$	14,040

See accompanying notes.

323

Schedule of Investments MidCap Growth Fund III April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held     Value (000’s)				COMMON STOCKS (continued)		Shares Held    Value (000’s)
Retail - 8.17%					Software (continued)
Advance Auto Parts Inc		678	$	113	Guidewire Software Inc (a)		3,404	$	363
AutoZone Inc (a)		6,237		6,413	Jack Henry & Associates Inc		4,027		600
Best Buy Co Inc		4,439		330	Manhattan Associates Inc (a)		3,221		217
Burlington Stores Inc (a)		105,295		17,785	MSCI Inc		30,855		6,954
CarMax Inc (a)		3,354		261	Paychex Inc		14,857		1,253
Chipotle Mexican Grill Inc (a)		10,255		7,056	Paycom Software Inc (a)		2,673		541
Darden Restaurants Inc		3,666		431	Pegasystems Inc		1,599		120
Dollar General Corp		118,559		14,949	Pluralsight Inc (a)		1,292		46
Dollar Tree Inc (a)		48,605		5,409	PTC Inc (a)		61,525		5,566
Domino's Pizza Inc		1,319		357	RealPage Inc (a)		83,560		5,448
Dunkin' Brands Group Inc		3,516		262	Red Hat Inc (a)		7,862		1,435
Gap Inc/The		1,183		31	ServiceNow Inc (a)		100,051		27,165
L Brands Inc		2,384		61	SolarWinds Corp (a)		1,478		29
Lululemon Athletica Inc (a)		54,019		9,526	Splunk Inc (a)		67,959		9,381
Michaels Cos Inc/The (a)		2,184		25	SS&C Technologies Holdings Inc		9,965		674
MSC Industrial Direct Co Inc		1,046		88	Synopsys Inc (a)		142,894		17,301
Nordstrom Inc		5,239		215	Tableau Software Inc (a)		58,763		7,158
Nu Skin Enterprises Inc		756		39	Take-Two Interactive Software Inc (a)		32,062		3,105
Ollie's Bargain Outlet Holdings Inc (a)		76,485		7,315	Teradata Corp (a)		4,048		184
O'Reilly Automotive Inc (a)		28,409		10,755	Twilio Inc (a)		2,800		384
Qurate Retail Inc (a)		361,094		6,157	Tyler Technologies Inc (a)		72,042		16,708
Ross Stores Inc		16,313		1,593	Ultimate Software Group Inc/The (a)		20,953		6,928
Tiffany & Co		679		73	Veeva Systems Inc (a)		101,411		14,185
Tractor Supply Co		6,274		649	Workday Inc (a)		4,623		951
Ulta Beauty Inc (a)		1,799		628			$		162,538
Urban Outfitters Inc (a)		3,665		109	Telecommunications - 1.00%
Wendy's Co/The		8,466		158	Arista Networks Inc (a)		20,811		6,499
Williams-Sonoma Inc		1,064		61	LogMeIn Inc		1,564		129
Yum China Holdings Inc		4,237		201	Motorola Solutions Inc		588		85
		$		91,050	Ubiquiti Networks Inc		612		104
Semiconductors - 4.80%					Zayo Group Holdings Inc (a)		136,851		4,282
Advanced Micro Devices Inc (a)		268,096		7,408			$		11,099
Analog Devices Inc		1,860		216	Toys, Games & Hobbies - 0.82%
Cree Inc (a)		42,583		2,814	Hasbro Inc		90,328		9,201
Cypress Semiconductor Corp		10,082		173	Transportation - 0.84%
IPG Photonics Corp (a)		26,385		4,610	CH Robinson Worldwide Inc		53,095		4,301
KLA-Tencor Corp		7,624		972	Expeditors International of Washington Inc		8,414		668
Lam Research Corp		6,992		1,450	Genesee & Wyoming Inc (a)		681		60
Marvell Technology Group Ltd		4,779		120	JB Hunt Transport Services Inc		2,772		262
Maxim Integrated Products Inc		96,904		5,815	Landstar System Inc		1,835		200
Microchip Technology Inc		176,808		17,662	Old Dominion Freight Line Inc		26,172		3,907
MKS Instruments Inc		2,179		198	Schneider National Inc		836		17
Monolithic Power Systems Inc		63,770		9,929			$		9,415
ON Semiconductor Corp (a)		21,828		503	TOTAL COMMON STOCKS		$		1,093,264
Skyworks Solutions Inc		6,368		562	INVESTMENT COMPANIES - 2.00%		Shares Held Value (000's)
Teradyne Inc		1,168		57	Money Market Funds - 1.95%
Xilinx Inc		8,108		974	Principal Government Money Market Fund		21,688,160		21,688
		$		53,463	2.38%(b),(c)
Shipbuilding - 0.02%					Principal Exchange-Traded Funds - 0.05%
Huntington Ingalls Industries Inc		1,158		258	Principal Healthcare Innovators Index ETF (b)		5,288		175
Software - 14.58%					Principal Shareholder Yield Index ETF (b)		10,800		351
Akamai Technologies Inc (a)		4,721		378	Principal Sustainable Momentum Index ETF (b)		2,017		57
ANSYS Inc (a)		2,652		519			$		583
Aspen Technology Inc (a)		2,932		357	TOTAL INVESTMENT COMPANIES		$		22,271
Atlassian Corp PLC (a)		5,293		583	Total Investments		$		1,115,535
Autodesk Inc (a)		41,767		7,443	Other Assets and Liabilities -  (0.06)%				(659	)
Black Knight Inc (a)		4,517		255	TOTAL NET ASSETS - 100.00%		$		1,114,876
Broadridge Financial Solutions Inc		91,688		10,831
Cadence Design Systems Inc (a)		13,767		955
CDK Global Inc		4,120		249	(a)	Non-income producing security
Ceridian HCM Holding Inc (a)		1,835		98	(b)	Affiliated Security. Security is either an affiliate (and registered under the
Cerner Corp (a)		7,119		473		Investment Company Act of 1940) or an affiliate as defined by the Investment
Citrix Systems Inc		6,770		683		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Covetrus Inc (a)		781		26		shares of the security). Please see affiliated sub-schedule for transactional
DocuSign Inc (a)		3,218		182		information.
Fair Isaac Corp (a)		1,288		360	(c)	Current yield shown is as of period end.
Fidelity National Information Services Inc		2,430		282
First Data Corp (a)		27,461		710
Fiserv Inc (a)		131,339		11,458

See accompanying notes.

324

Schedule of Investments
MidCap Growth Fund III
April 30, 2019 (unaudited)
Portfolio Summary  (unaudited)
Sector			Percent
Consumer, Non-cyclical			26.96	%
Technology			21.85	%
Consumer, Cyclical			17.29	%
Industrial			16.39	%
Communications			7.76	%
Financial			5.00	%
Money Market Funds			1.95	%
Energy			1.73	%
Basic Materials			1.08	%
Domestic Equity Funds			0.05	%
Other Assets and Liabilities			(0.06	)%
TOTAL NET ASSETS			100.00	%
Affiliated Securities		October 31, 2018			Purchases			Sales			April 30, 2019
		Value			Cost			Proceeds			Value
Principal Government Money Market Fund 2.38%	$		28,751	$		213,676	$		220,739	$		21,688
Principal Healthcare Innovators Index ETF			—			181			17			175
Principal Shareholder Yield Index ETF			—			379			35			351
Principal Sustainable Momentum Index ETF			—			59			4			57
	$		28,751	$		214,295	$		220,795	$		22,271
			Realized Gain/Loss					Realized Gain from			Change in Unrealized
		Income	on Investments			Capital Gain Distributions					Gain/Loss
Principal Government Money Market Fund 2.38%	$	240	$		— $				— $			—
Principal Healthcare Innovators Index ETF		—			(2)				—			13
Principal Shareholder Yield Index ETF		5			(5)				—			12
Principal Sustainable Momentum Index ETF		—			(1)				—			3
	$	245	$		(8) $				— $			28
Amounts in thousands
Futures Contracts
Description and Expiration Date		Type	Contracts		Notional Amount				Value and Unrealized Appreciation/(Depreciation)
S&P Mid 400 Emini; June 2019		Long	46	$		9,078			$			162
Total									$			162
Amounts in thousands except contracts.

See accompanying notes.

325

     Schedule of Investments MidCap S&P 400 Index Fund April 30, 2019 (unaudited)

COMMON STOCKS - 97.78%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 0.72%					Chemicals (continued)
MSA Safety Inc		27,823	$	3,058	Ingevity Corp (a)		33,025	$	3,798
Teledyne Technologies Inc (a)		28,732		7,140	Minerals Technologies Inc		27,957		1,755
		$		10,198	NewMarket Corp		6,922		2,904
Airlines - 0.32%					Olin Corp		130,844		2,838
JetBlue Airways Corp (a)		243,242		4,512	PolyOne Corp		61,675		1,705
Apparel - 0.77%					RPM International Inc		104,465		6,336
Carter's Inc		36,127		3,826	Sensient Technologies Corp		33,562		2,353
Deckers Outdoor Corp (a)		23,117		3,657	Valvoline Inc		149,313		2,762
Skechers U.S.A. Inc (a)		105,905		3,353	Versum Materials Inc		86,583		4,518
		$		10,836			$		39,887
Automobile Parts & Equipment - 0.73%					Commercial Services - 4.55%
Adient PLC		69,025		1,594	Aaron's Inc		53,328		2,970
Dana Inc		113,766		2,218	Adtalem Global Education Inc (a)		45,851		2,261
Delphi Technologies PLC		70,221		1,554	ASGN Inc (a)		41,783		2,634
Goodyear Tire & Rubber Co/The		184,255		3,540	Avis Budget Group Inc (a)		50,505		1,796
Visteon Corp (a)		22,413		1,480	Brink's Co/The		39,395		3,149
		$		10,386	CoreLogic Inc/United States (a)		63,556		2,581
Banks - 6.97%					Graham Holdings Co		3,455		2,569
Associated Banc-Corp		130,408		2,959	Green Dot Corp (a)		37,793		2,410
BancorpSouth Bank		71,977		2,194	Healthcare Services Group Inc		58,561		1,982
Bank of Hawaii Corp		32,703		2,694	HealthEquity Inc (a)		43,072		2,918
Bank OZK		95,926		3,132	Insperity Inc		29,562		3,534
Cathay General Bancorp		60,687		2,233	LiveRamp Holdings Inc (a)		54,145		3,158
Chemical Financial Corp		56,721		2,492	ManpowerGroup Inc		47,916		4,602
Commerce Bancshares Inc/MO		78,324		4,733	MarketAxess Holdings Inc		29,904		8,323
Cullen/Frost Bankers Inc		49,986		5,083	Sabre Corp		218,542		4,537
East West Bancorp Inc		115,030		5,922	Service Corp International/US		143,870		5,986
First Financial Bankshares Inc		53,812		3,311	Sotheby's (a)		26,113		1,102
First Horizon National Corp		252,529		3,811	Weight Watchers International Inc (a)		30,819		629
FNB Corp/PA		257,495		3,123	WEX Inc (a)		34,204		7,193
Fulton Financial Corp		134,808		2,325			$		64,334
Hancock Whitney Corp		67,995		2,974	Computers - 2.11%
Home BancShares Inc/AR		123,157		2,363	CACI International Inc (a)		19,730		3,846
International Bancshares Corp		43,218		1,792	Leidos Holdings Inc		115,983		8,523
PacWest Bancorp		95,860		3,791	Lumentum Holdings Inc (a)		60,387		3,742
Pinnacle Financial Partners Inc		57,833		3,358	MAXIMUS Inc		50,626		3,729
Prosperity Bancshares Inc		52,655		3,877	NCR Corp (a)		94,384		2,732
Signature Bank/New York NY		43,720		5,774	NetScout Systems Inc (a)		55,586		1,634
Synovus Financial Corp		126,287		4,655	Perspecta Inc		111,598		2,576
TCF Financial Corp		130,124		2,880	Science Applications International Corp		40,387		3,027
Texas Capital Bancshares Inc (a)		39,867		2,581			$		29,809
Trustmark Corp		51,723		1,860	Consumer Products - 0.21%
UMB Financial Corp		35,033		2,447	Helen of Troy Ltd (a)		20,311		2,925
Umpqua Holdings Corp		174,861		3,036	Cosmetics & Personal Care - 0.12%
United Bankshares Inc/WV		81,023		3,179	Edgewell Personal Care Co (a)		42,945		1,771
Valley National Bancorp		263,439		2,761	Distribution & Wholesale - 0.69%
Webster Financial Corp		73,234		3,891	Pool Corp		31,258		5,743
Wintrust Financial Corp		44,840		3,417	Watsco Inc		25,503		4,042
		$		98,648			$		9,785
Beverages - 0.15%					Diversified Financial Services - 2.60%
Boston Beer Co Inc/The (a)		6,909		2,142	Deluxe Corp		34,659		1,550
Biotechnology - 1.07%					Eaton Vance Corp		91,387		3,799
Bio-Rad Laboratories Inc (a)		15,979		4,808	Evercore Inc - Class A		32,530		3,169
Exelixis Inc (a)		238,161		4,682	Federated Investors Inc		75,982		2,335
Ligand Pharmaceuticals Inc (a)		16,224		2,042	Interactive Brokers Group Inc - A Shares		59,582		3,232
United Therapeutics Corp (a)		34,694		3,559	Janus Henderson Group PLC		130,922		3,282
		$		15,091	Legg Mason Inc		67,879		2,271
Building Materials - 1.47%					LendingTree Inc (a)		5,906		2,273
Eagle Materials Inc		36,423		3,311	Navient Corp		172,681		2,333
Lennox International Inc		28,476		7,730	SEI Investments Co		102,445		5,578
Louisiana-Pacific Corp		97,960		2,454	SLM Corp		346,615		3,522
MDU Resources Group Inc		155,605		4,069	Stifel Financial Corp		57,039		3,403
Trex Co Inc (a)		46,785		3,241			$		36,747
		$		20,805	Electric - 1.87%
Chemicals - 2.82%					ALLETE Inc		40,882		3,330
Ashland Global Holdings Inc		49,690		4,002	Black Hills Corp		42,854		3,118
Cabot Corp		47,231		2,143	Hawaiian Electric Industries Inc		86,445		3,586
Chemours Co/The		132,549		4,773	IDACORP Inc		39,981		3,959

See accompanying notes.

326

Schedule of Investments
MidCap S&P 400 Index Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Electric (continued)					Gas - 1.81%
NorthWestern Corp		39,953	$	2,791	National Fuel Gas Co		68,464	$	4,053
OGE Energy Corp		158,493		6,710	New Jersey Resources Corp		70,443		3,528
PNM Resources Inc		63,208		2,935	ONE Gas Inc		41,719		3,693
		$		26,429	Southwest Gas Holdings Inc		42,121		3,504
Electrical Components & Equipment - 1.84%					Spire Inc		40,264		3,390
Acuity Brands Inc		31,656		4,632	UGI Corp		137,953		7,520
Belden Inc		31,265		1,737			$		25,688
Energizer Holdings Inc		50,458		2,416	Hand & Machine Tools - 0.86%
EnerSys		34,160		2,363	Colfax Corp (a)		75,423		2,276
Hubbell Inc		43,329		5,529	Kennametal Inc		65,256		2,656
Littelfuse Inc		19,605		3,942	Lincoln Electric Holdings Inc		50,182		4,379
Universal Display Corp		33,645		5,370	Regal Beloit Corp		33,954		2,889
		$		25,989			$		12,200
Electronics - 3.72%					Healthcare - Products - 3.97%
Arrow Electronics Inc (a)		67,385		5,695	Avanos Medical Inc (a)		37,656		1,580
Avnet Inc		86,041		4,182	Bio-Techne Corp		29,969		6,131
Coherent Inc (a)		19,305		2,857	Cantel Medical Corp		28,803		1,986
Gentex Corp		205,708		4,738	Globus Medical Inc (a)		60,422		2,724
Jabil Inc		111,722		3,375	Haemonetics Corp (a)		40,476		3,533
National Instruments Corp		89,197		4,201	Hill-Rom Holdings Inc		52,900		5,365
nVent Electric PLC		127,976		3,577	ICU Medical Inc (a)		13,176		2,998
Resideo Technologies Inc (a)		97,578		2,215	Inogen Inc (a)		14,194		1,239
SYNNEX Corp		32,919		3,551	Integra LifeSciences Holdings Corp (a)		56,135		2,930
Tech Data Corp (a)		29,613		3,157	LivaNova PLC (a)		38,633		2,661
Trimble Inc (a)		199,584		8,147	Masimo Corp (a)		38,818		5,052
Vishay Intertechnology Inc		104,922		2,079	NuVasive Inc (a)		40,974		2,483
Woodward Inc		44,338		4,828	Patterson Cos Inc		65,554		1,432
		$		52,602	STERIS PLC		67,123		8,792
Energy - Alternate Sources - 0.26%					West Pharmaceutical Services Inc		58,869		7,287
First Solar Inc (a)		59,931		3,688			$		56,193
Engineering & Construction - 1.12%					Healthcare - Services - 2.62%
AECOM (a)		123,866		4,199	Acadia Healthcare Co Inc (a)		70,191		2,248
Dycom Industries Inc (a)		24,949		1,237	Amedisys Inc (a)		23,114		2,954
EMCOR Group Inc		44,436		3,739	Catalent Inc (a)		115,564		5,180
Granite Construction Inc		37,046		1,663	Charles River Laboratories International Inc (a)		38,268		5,375
KBR Inc		111,897		2,487	Chemed Corp		12,671		4,141
MasTec Inc (a)		48,868		2,475	Encompass Health Corp		78,357		5,050
		$		15,800	MEDNAX Inc (a)		69,768		1,951
Entertainment - 1.84%					Molina Healthcare Inc (a)		49,564		6,425
Churchill Downs Inc		28,131		2,837	Syneos Health Inc (a)		48,329		2,268
Cinemark Holdings Inc		84,524		3,554	Tenet Healthcare Corp (a)		65,991		1,445
Eldorado Resorts Inc (a)		51,615		2,548			$		37,037
International Speedway Corp		18,868		832	Home Builders - 1.31%
Live Nation Entertainment Inc (a)		109,745		7,171	KB Home		67,151		1,740
Marriott Vacations Worldwide Corp		31,212		3,297	NVR Inc (a)		2,698		8,506
Penn National Gaming Inc (a)		84,372		1,828	Thor Industries Inc		41,509		2,734
Scientific Games Corp (a)		43,921		1,016	Toll Brothers Inc		106,462		4,056
Six Flags Entertainment Corp		56,709		3,011	TRI Pointe Group Inc (a)		112,420		1,467
		$		26,094			$		18,503
Environmental Control - 0.50%					Home Furnishings - 0.16%
Clean Harbors Inc (a)		40,334		3,065	Tempur Sealy International Inc (a)		36,421		2,236
Stericycle Inc (a)		67,657		3,951	Housewares - 0.69%
		$		7,016	Scotts Miracle-Gro Co/The		31,186		2,651
Food - 1.84%					Toro Co/The		84,218		6,161
Flowers Foods Inc		145,596		3,165	Tupperware Brands Corp		38,619		919
Hain Celestial Group Inc/The (a)		71,054		1,550			$		9,731
Ingredion Inc		52,902		5,013	Insurance - 4.97%
Lancaster Colony Corp		15,499		2,305	Alleghany Corp (a)		11,480		7,541
Post Holdings Inc (a)		52,766		5,951	American Financial Group Inc/OH		55,989		5,797
Sanderson Farms Inc		15,472		2,346	Brighthouse Financial Inc (a)		92,410		3,862
Sprouts Farmers Market Inc (a)		98,496		2,110	Brown & Brown Inc		184,220		5,849
Tootsie Roll Industries Inc		15,121		587	CNO Financial Group Inc		127,532		2,111
TreeHouse Foods Inc (a)		44,429		2,976	First American Financial Corp		88,460		5,047
		$		26,003	Genworth Financial Inc (a)		397,365		1,506
Forest Products & Paper - 0.17%					Hanover Insurance Group Inc/The		32,197		3,883
Domtar Corp		49,932		2,442	Kemper Corp		48,305		4,342
					Mercury General Corp		21,518		1,157
					Old Republic International Corp		225,845		5,050

See accompanying notes.

327

     Schedule of Investments MidCap S&P 400 Index Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Insurance (continued)					Office Furnishings - 0.22%
Primerica Inc		33,791	$	4,403	Herman Miller Inc		46,736	$	1,814
Reinsurance Group of America Inc		49,845		7,552	HNI Corp		34,513		1,267
RenaissanceRe Holdings Ltd		33,492		5,203			$		3,081
WR Berkley Corp		114,735		7,033	Oil & Gas - 2.58%
		$		70,336	Callon Petroleum Co (a)		180,827		1,358
Internet - 0.24%					Chesapeake Energy Corp (a)		828,685		2,412
Cars.com Inc (a)		49,202		1,024	CNX Resources Corp (a)		157,385		1,410
Yelp Inc (a)		59,883		2,399	Ensco Rowan plc		155,605		2,174
		$		3,423	EQT Corp		202,161		4,134
Iron & Steel - 1.33%					Matador Resources Co (a)		82,198		1,619
Allegheny Technologies Inc (a)		99,734		2,485	Murphy Oil Corp		129,086		3,516
Carpenter Technology Corp		37,598		1,868	Murphy USA Inc (a)		23,809		2,035
Commercial Metals Co		93,344		1,614	Oasis Petroleum Inc (a)		214,494		1,308
Reliance Steel & Aluminum Co		53,229		4,895	PBF Energy Inc		95,102		3,194
Steel Dynamics Inc		182,157		5,771	QEP Resources Inc (a)		187,564		1,411
United States Steel Corp		137,458		2,144	Range Resources Corp		164,763		1,489
		$		18,777	SM Energy Co		81,943		1,305
Leisure Products & Services - 0.56%					Southwestern Energy Co (a)		429,552		1,697
Brunswick Corp/DE		69,059		3,537	Transocean Ltd (a)		401,805		3,158
Polaris Industries Inc		45,472		4,383	WPX Energy Inc (a)		313,632		4,356
		$		7,920			$		36,576
Lodging - 0.97%					Oil & Gas Services - 0.77%
Boyd Gaming Corp		63,405		1,825	Apergy Corp (a)		61,382		2,436
Caesars Entertainment Corp (a)		462,641		4,331	Core Laboratories NV		35,166		2,229
Wyndham Destinations Inc		74,960		3,265	McDermott International Inc (a)		143,468		1,161
Wyndham Hotels & Resorts Inc		77,678		4,328	NOW Inc (a)		86,050		1,258
		$		13,749	Oceaneering International Inc (a)		78,430		1,506
Machinery - Construction & Mining - 0.44%					Patterson-UTI Energy Inc		169,540		2,304
Oshkosh Corp		55,585		4,591			$		10,894
Terex Corp		49,161		1,638	Packaging & Containers - 1.00%
		$		6,229	Bemis Co Inc		72,343		4,154
Machinery - Diversified - 2.57%					Greif Inc - Class A		20,816		823
AGCO Corp		51,001		3,610	Owens-Illinois Inc		121,904		2,409
Cognex Corp		135,560		6,836	Silgan Holdings Inc		61,341		1,836
Curtiss-Wright Corp		33,955		3,869	Sonoco Products Co		79,283		5,000
Graco Inc		131,170		6,723			$		14,222
IDEX Corp		60,144		9,422	Pharmaceuticals - 0.48%
Nordson Corp		40,941		5,975	Mallinckrodt PLC (a)		66,263		1,025
		$		36,435	PRA Health Sciences Inc (a)		46,801		4,531
Media - 1.94%					Prestige Consumer Healthcare Inc (a)		41,104		1,209
AMC Networks Inc (a)		35,495		2,073			$		6,765
Cable One Inc		3,938		4,177	Pipelines - 0.24%
FactSet Research Systems Inc		30,184		8,327	Equitrans Midstream Corp		161,416		3,362
John Wiley & Sons Inc		35,895		1,658	Real Estate - 0.48%
Meredith Corp		31,724		1,872	Jones Lang LaSalle Inc		36,203		5,596
New York Times Co/The		112,678		3,735	Realogy Holdings Corp		90,055		1,172
TEGNA Inc		171,244		2,726			$		6,768
World Wrestling Entertainment Inc		34,708		2,910	REITs - 9.14%
		$		27,478	Alexander & Baldwin Inc		53,775		1,270
Metal Fabrication & Hardware - 0.44%					American Campus Communities Inc		108,738		5,132
Timken Co/The		54,112		2,595	Brixmor Property Group Inc		236,977		4,237
Valmont Industries Inc		17,412		2,348	Camden Property Trust		76,681		7,718
Worthington Industries Inc		31,155		1,250	CoreCivic Inc		94,177		1,960
		$		6,193	CoreSite Realty Corp		29,130		3,187
Mining - 0.43%					Corporate Office Properties Trust		87,496		2,439
Compass Minerals International Inc		26,880		1,543	Cousins Properties Inc		333,588		3,192
Royal Gold Inc		51,990		4,526	CyrusOne Inc		85,905		4,784
		$		6,069	Douglas Emmett Inc		128,323		5,286
Miscellaneous Manufacturers - 1.93%					EPR Properties		59,440		4,688
AptarGroup Inc		49,938		5,555	First Industrial Realty Trust Inc		100,455		3,543
Carlisle Cos Inc		45,452		6,428	GEO Group Inc/The		95,797		1,918
Crane Co		40,316		3,429	Healthcare Realty Trust Inc		99,425		3,070
Donaldson Co Inc		101,486		5,434	Highwoods Properties Inc		82,177		3,664
ITT Inc		69,355		4,199	Hospitality Properties Trust		130,490		3,393
Trinity Industries Inc		105,814		2,281	JBG SMITH Properties		94,672		4,028
		$		27,326	Kilroy Realty Corp		80,118		6,162
					Lamar Advertising Co		67,580		5,587
Office & Business Equipment - 0.64%					Liberty Property Trust		117,405		5,828
Zebra Technologies Corp (a)		42,748		9,026

See accompanying notes.

328

     Schedule of Investments MidCap S&P 400 Index Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)		Shares Held Value (000’s)
REITs (continued)					Software (continued)
Life Storage Inc		37,005	$	3,526	Manhattan Associates Inc (a)		51,594	$	3,480
Mack-Cali Realty Corp		71,672		1,669	Medidata Solutions Inc (a)		49,418		4,464
Medical Properties Trust Inc		302,396		5,280	PTC Inc (a)		84,722		7,665
National Retail Properties Inc		128,248		6,748	Teradata Corp (a)		93,081		4,232
Omega Healthcare Investors Inc		162,061		5,735	Tyler Technologies Inc (a)		30,387		7,047
Pebblebrook Hotel Trust		103,569		3,372	Ultimate Software Group Inc/The (a)		25,138		8,312
PotlatchDeltic Corp		53,853		2,082			$		62,619
PS Business Parks Inc		15,791		2,426	Telecommunications - 1.22%
Rayonier Inc		102,754		3,267	Ciena Corp (a)		114,132		4,378
Sabra Health Care REIT Inc		141,505		2,768	InterDigital Inc		25,883		1,693
Senior Housing Properties Trust		188,647		1,515	LogMeIn Inc		40,343		3,324
Tanger Factory Outlet Centers Inc		74,546		1,346	Plantronics Inc		25,997		1,338
Taubman Centers Inc		48,503		2,391	Telephone & Data Systems Inc		74,396		2,372
Uniti Group Inc		142,027		1,561	ViaSat Inc (a)		45,113		4,097
Urban Edge Properties		95,313		1,770			$		17,202
Weingarten Realty Investors		94,923		2,747	Transportation - 2.23%
		$		129,289	Genesee & Wyoming Inc (a)		44,667		3,960
Retail - 4.80%					Kirby Corp (a)		42,762		3,494
American Eagle Outfitters Inc		133,004		3,163	Knight-Swift Transportation Holdings Inc		98,848		3,297
AutoNation Inc (a)		45,738		1,918	Landstar System Inc		31,834		3,469
Bed Bath & Beyond Inc		109,088		1,823	Old Dominion Freight Line Inc		51,514		7,690
Brinker International Inc		29,758		1,273	Ryder System Inc		42,150		2,655
Casey's General Stores Inc		29,048		3,844	Werner Enterprises Inc		34,680		1,162
Cheesecake Factory Inc/The		33,097		1,642	XPO Logistics Inc (a)		86,649		5,899
Cracker Barrel Old Country Store Inc		19,078		3,219			$		31,626
Dick's Sporting Goods Inc		58,533		2,166	Trucking & Leasing - 0.16%
Dillard's Inc		14,663		1,004	GATX Corp		29,044		2,240
Domino's Pizza Inc		32,568		8,812	Water - 0.46%
Dunkin' Brands Group Inc		65,575		4,894	Aqua America Inc		167,038		6,524
Five Below Inc (a)		44,248		6,477	TOTAL COMMON STOCKS		$		1,383,304
Jack in the Box Inc		20,478		1,579	INVESTMENT COMPANIES - 2.16%		Shares Held Value (000's)
Michaels Cos Inc/The (a)		71,328		802
MSC Industrial Direct Co Inc		35,826		2,997	Exchange-Traded Funds - 0.46%
Nu Skin Enterprises Inc		43,931		2,235	iShares Core S&P Mid-Cap ETF		33,300		6,557
Ollie's Bargain Outlet Holdings Inc (a)		40,917		3,913	Money Market Funds - 1.70%
Papa John's International Inc		17,859		914	Principal Government Money Market Fund		23,997,357		23,997
Sally Beauty Holdings Inc (a)		95,660		1,693	2.38%(b),(c)
Signet Jewelers Ltd		41,194		955	TOTAL INVESTMENT COMPANIES		$		30,554
Texas Roadhouse Inc		52,905		2,857	Total Investments		$		1,413,858
Urban Outfitters Inc (a)		59,792		1,778	Other Assets and Liabilities -  0.06%				802
Wendy's Co/The		144,329		2,686	TOTAL NET ASSETS - 100.00%		$		1,414,660
Williams-Sonoma Inc		63,606		3,636
World Fuel Services Corp		53,303		1,644	(a)	Non-income producing security
		$		67,924	(b)	Affiliated Security. Security is either an affiliate (and registered under the
Savings & Loans - 0.71%						Investment Company Act of 1940) or an affiliate as defined by the Investment
New York Community Bancorp Inc		370,843		4,313		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Sterling Bancorp/DE		168,788		3,615		shares of the security). Please see affiliated sub-schedule for transactional
Washington Federal Inc		64,365		2,133		information.
		$		10,061	(c)	Current yield shown is as of period end.
Semiconductors - 2.52%
Cirrus Logic Inc (a)		46,931		2,233
Cree Inc (a)		81,911		5,414		Portfolio Summary  (unaudited)
Cypress Semiconductor Corp		288,747		4,961	Sector				Percent
MKS Instruments Inc		43,007		3,914	Financial				24.87	%
Monolithic Power Systems Inc		31,330		4,878	Industrial				19.00	%
Semtech Corp (a)		52,027		2,803	Consumer, Non-cyclical				15.01	%
Silicon Laboratories Inc (a)		34,193		3,681	Consumer, Cyclical				13.06	%
Synaptics Inc (a)		27,300		1,028	Technology				9.70	%
Teradyne Inc		137,780		6,751	Basic Materials				4.75	%
		$		35,663	Utilities				4.14	%
					Energy				3.85	%
Software - 4.43%					Communications				3.40	%
ACI Worldwide Inc (a)		92,163		3,274	Money Market Funds				1.70	%
Allscripts Healthcare Solutions Inc (a)		135,957		1,342	Investment Companies				0.46	%
Blackbaud Inc		38,541		3,056	Other Assets and Liabilities				0.06	%
CDK Global Inc		98,963		5,970	TOTAL NET ASSETS				100.00	%
CommVault Systems Inc (a)		30,594		1,609
Covetrus Inc (a)		75,882		2,494
Fair Isaac Corp (a)		23,068		6,453
j2 Global Inc		36,755		3,221

See accompanying notes.

329

Schedule of Investments
MidCap S&P 400 Index Fund
April 30, 2019 (unaudited)
Affiliated Securities		October 31, 2018						Purchases		Sales		April 30, 2019
		Value						Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			25,458		$		191,013	$	192,474	$		23,997
	$			25,458		$		191,013	$	192,474	$		23,997
				Realized Gain/Loss				Realized Gain from				Change in Unrealized
		Income		on Investments				Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	280	$			— $				— $			—
	$	280	$			— $				— $			—
Amounts in thousands
Futures Contracts
Description and Expiration Date		Type		Contracts			Notional Amount			Value and Unrealized Appreciation/(Depreciation)
S&P Mid 400 Emini; June 2019		Long			123		$	24,273			$		436
Total											$		436
Amounts in thousands except contracts.

See accompanying notes.

330

Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)

COMMON STOCKS - 97.86%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.75%					Banks (continued)
Interpublic Group of Cos Inc/The		799,561	$	18,390	Signature Bank/New York NY		980	$	129
Omnicom Group Inc		6,276		502	SunTrust Banks Inc		534,377		34,992
		$		18,892	SVB Financial Group (a)		696		175
Aerospace & Defense - 0.10%					Synovus Financial Corp		144,393		5,322
Arconic Inc		21,034		452	TCF Financial Corp		11,536		255
Harris Corp		300		51	Texas Capital Bancshares Inc (a)		1,571		102
L3 Technologies Inc		4,259		931	Umpqua Holdings Corp		222,198		3,857
Teledyne Technologies Inc (a)		4,788		1,189	Webster Financial Corp		56,480		3,001
		$		2,623	Western Alliance Bancorp (a)		93,978		4,490
Agriculture - 1.69%					Wintrust Financial Corp		20,860		1,589
Archer-Daniels-Midland Co		953,000		42,504	Zions Bancorp NA		14,819		731
Bunge Ltd		6,841		358			$		116,438
		$		42,862	Beverages - 0.02%
Airlines - 0.88%					Molson Coors Brewing Co		8,440		542
Alaska Air Group Inc		307,086		19,008	Biotechnology - 0.18%
American Airlines Group Inc		20,111		688	Alnylam Pharmaceuticals Inc (a)		8,191		732
Copa Holdings SA		13,657		1,137	Bio-Rad Laboratories Inc (a)		6,308		1,898
JetBlue Airways Corp (a)		19,622		364	Bluebird Bio Inc (a)		4,144		587
United Continental Holdings Inc (a)		11,887		1,056	United Therapeutics Corp (a)		14,205		1,458
		$		22,253			$		4,675
Apparel - 1.73%					Building Materials - 1.16%
Capri Holdings Ltd (a)		6,217		274	Eagle Materials Inc		2,434		221
Carter's Inc		329,125		34,858	Fortune Brands Home & Security Inc		4,024		212
Columbia Sportswear Co		17,874		1,787	Lennox International Inc		1,878		509
PVH Corp		8,072		1,041	Martin Marietta Materials Inc		273		61
Ralph Lauren Corp		9,198		1,210	Masco Corp		9,025		353
Skechers U.S.A. Inc (a)		27,874		882	MDU Resources Group Inc		199,745		5,223
Tapestry Inc		30,451		983	Owens Corning		442,685		22,697
Under Armour Inc - Class A (a)		12,294		284	Vulcan Materials Co		388		49
Under Armour Inc - Class C (a)		3,143		65			$		29,325
VF Corp		26,676		2,519	Chemicals - 2.17%
		$		43,903	Albemarle Corp		5,547		416
Automobile Manufacturers - 0.05%					Ashland Global Holdings Inc		3,938		317
PACCAR Inc		16,682		1,196	Axalta Coating Systems Ltd (a)		58,894		1,589
Automobile Parts & Equipment - 1.27%					Cabot Corp		64,298		2,918
Adient PLC		6,314		146	Celanese Corp		4,468		482
Aptiv PLC		21,266		1,822	CF Industries Holdings Inc		11,222		502
BorgWarner Inc		691,733		28,894	Eastman Chemical Co		485,159		38,269
Goodyear Tire & Rubber Co/The		15,129		291	FMC Corp		8,770		693
Lear Corp		6,685		956	Huntsman Corp		81,413		1,811
Visteon Corp (a)		775		51	Ingevity Corp (a)		4,805		553
		$		32,160	International Flavors & Fragrances Inc		2,572		354
Banks - 4.60%					Mosaic Co/The		25,981		678
Associated Banc-Corp		11,474		260	NewMarket Corp		73		31
Bank of Hawaii Corp		36,673		3,021	Olin Corp		116,959		2,537
Bank OZK		9,901		323	RPM International Inc		8,146		494
BankUnited Inc		73,421		2,686	Univar Inc (a)		8,770		196
CIT Group Inc		14,641		780	Valvoline Inc		135,172		2,501
Citizens Financial Group Inc		33,052		1,197	Westlake Chemical Corp		1,067		75
Comerica Inc		11,327		890	WR Grace & Co		7,157		541
Commerce Bancshares Inc/MO		56,389		3,407			$		54,957
Cullen/Frost Bankers Inc		3,668		373	Coal - 0.01%
East West Bancorp Inc		7,536		388	CONSOL Energy Inc (a)		5,073		172
Fifth Third Bancorp		86,231		2,485	Commercial Services - 2.75%
First Citizens BancShares Inc/NC		561		251	AMERCO		509		190
First Hawaiian Inc		108,049		2,987	Aramark		18,418		572
First Horizon National Corp		82,072		1,239	Booz Allen Hamilton Holding Corp		2,864		170
First Republic Bank/CA		7,949		840	Bright Horizons Family Solutions Inc (a)		5,758		738
FNB Corp/PA		168,321		2,042	CoreLogic Inc/United States (a)		2,217		90
Huntington Bancshares Inc/OH		76,267		1,062	Equifax Inc		26,131		3,291
KeyCorp		73,412		1,288	Euronet Worldwide Inc (a)		20,570		3,083
M&T Bank Corp		7,112		1,210	Graham Holdings Co		279		207
Northern Trust Corp		7,139		704	H&R Block Inc		77,873		2,119
PacWest Bancorp		22,352		884	IHS Markit Ltd (a)		173,277		9,922
Pinnacle Financial Partners Inc		3,011		175	Macquarie Infrastructure Corp		5,200		211
Popular Inc		28,928		1,670	ManpowerGroup Inc		210,766		20,242
Prosperity Bancshares Inc		413,900		30,480	Nielsen Holdings PLC		17,378		444
Regions Financial Corp		74,265		1,153	Quanta Services Inc		631,324		25,632

See accompanying notes.

331

Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Commercial Services (continued)					Electric (continued)
Sabre Corp		3,975	$	83	DTE Energy Co		210,869	$	26,507
Service Corp International/US		4,450		185	Edison International		16,044		1,023
Worldpay Inc (a)		19,844		2,325	Entergy Corp		23,856		2,312
		$		69,504	Evergy Inc		12,763		738
Computers - 4.13%					Eversource Energy		20,869		1,496
Amdocs Ltd		6,942		382	FirstEnergy Corp		52,774		2,218
Conduent Inc (a)		12,427		160	Hawaiian Electric Industries Inc		18,351		761
Dell Technologies Inc (a)		44,997		3,033	NRG Energy Inc		94,706		3,899
DXC Technology Co		358,041		23,538	OGE Energy Corp		18,322		776
Genpact Ltd		6,788		247	PG&E Corp (a)		1,360		31
Hewlett Packard Enterprise Co	1,164,390			18,409	Pinnacle West Capital Corp		9,586		913
Leidos Holdings Inc		401,678		29,515	PPL Corp		101,686		3,174
MAXIMUS Inc		360,000		26,514	Public Service Enterprise Group Inc		87,723		5,233
NCR Corp (a)		1,386		40	Sempra Energy		17,397		2,226
NetApp Inc		5,270		384	Vistra Energy Corp		39,743		1,082
Western Digital Corp		46,330		2,368	WEC Energy Group Inc		67,875		5,323
		$		104,590	Xcel Energy Inc		460,422		26,014
Consumer Products - 1.90%							$		118,689
Avery Dennison Corp		170,970		18,918	Electrical Components & Equipment - 0.92%
Church & Dwight Co Inc		12,807		960	Acuity Brands Inc		4,977		728
Clorox Co/The		6,911		1,104	AMETEK Inc		50,811		4,480
Kimberly-Clark Corp		209,800		26,934	Energizer Holdings Inc		3,234		155
Spectrum Brands Holdings Inc		1,433		88	Hubbell Inc		139,465		17,796
		$		48,004	Littelfuse Inc		865		174
Cosmetics & Personal Care - 0.01%							$		23,333
Coty Inc		29,748		322	Electronics - 3.32%
Distribution & Wholesale - 0.21%					ADT Inc		9,735		64
HD Supply Holdings Inc (a)		27,105		1,239	Agilent Technologies Inc		77,375		6,074
KAR Auction Services Inc		6,565		371	Allegion PLC		2,533		251
LKQ Corp (a)		12,835		386	Arrow Electronics Inc (a)		6,675		564
Watsco Inc		10,165		1,611	Avnet Inc		19,539		950
WESCO International Inc (a)		3,443		197	Coherent Inc (a)		124,491		18,426
WW Grainger Inc		5,750		1,621	Flex Ltd (a)	2,064,775			22,795
		$		5,425	FLIR Systems Inc		45,184		2,392
Diversified Financial Services - 2.25%					Fortive Corp		40,622		3,508
Affiliated Managers Group Inc		16,935		1,878	Garmin Ltd		60,150		5,157
Air Lease Corp		6,028		232	Gentex Corp		5,930		137
Ally Financial Inc		158,103		4,697	Jabil Inc		108,835		3,288
Ameriprise Financial Inc		10,867		1,595	Keysight Technologies Inc (a)		160,039		13,928
BGC Partners Inc		79,716		430	National Instruments Corp		28,016		1,319
Cboe Global Markets Inc		19,493		1,981	nVent Electric PLC		50,353		1,407
Credit Acceptance Corp (a)		92		46	PerkinElmer Inc		10,745		1,030
Discover Financial Services		13,375		1,090	Sensata Technologies Holding PLC (a)		3,587		179
E*TRADE Financial Corp		528,309		26,764	Trimble Inc (a)		21,188		865
Franklin Resources Inc		30,135		1,042	Waters Corp (a)		8,355		1,785
Interactive Brokers Group Inc - A Shares		22,410		1,216			$		84,119
Invesco Ltd		30,314		666	Energy - Alternate Sources - 0.01%
Jefferies Financial Group Inc		179,859		3,700	First Solar Inc (a)		5,113		315
Lazard Ltd		1,531		60	Engineering & Construction - 0.05%
Legg Mason Inc		54,961		1,839	AECOM (a)		10,744		364
Nasdaq Inc		18,415		1,698	Arcosa Inc		4,143		129
Navient Corp		57,971		783	Fluor Corp		9,067		360
OneMain Holdings Inc		61,533		2,090	Jacobs Engineering Group Inc		6,208		484
Raymond James Financial Inc		7,545		691			$		1,337
Santander Consumer USA Holdings Inc		7,432		159	Entertainment - 1.13%
SLM Corp		87,062		884	Cinemark Holdings Inc		664,277		27,933
Synchrony Financial		28,509		988	International Game Technology PLC		6,098		89
T Rowe Price Group Inc		19,248		2,069	Lions Gate Entertainment Corp - A shares		6,818		99
Western Union Co/The		15,732		306	Lions Gate Entertainment Corp - B shares		6,382		87
		$		56,904	Madison Square Garden Co/The (a)		1,039		325
Electric - 4.69%							$		28,533
AES Corp/VA		55,686		953	Environmental Control - 1.17%
Alliant Energy Corp		520,310		24,575	Clean Harbors Inc (a)		4,906		373
Ameren Corp		18,574		1,352	Pentair PLC		121,579		4,741
Avangrid Inc		3,471		178	Republic Services Inc		294,428		24,384
CenterPoint Energy Inc		87,393		2,709			$		29,498
CMS Energy Corp		13,684		760
Consolidated Edison Inc		51,485		4,436

See accompanying notes.

332

Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Food - 3.40%					Home Builders (continued)
Campbell Soup Co		2,636	$	102	PulteGroup Inc		20,230	$	636
Conagra Brands Inc		23,462		722	Thor Industries Inc		5,758		379
Flowers Foods Inc		117,480		2,554	Toll Brothers Inc		12,120		462
Hershey Co/The		4,942		617			$		2,359
Hormel Foods Corp		423,440		16,912	Home Furnishings - 0.17%
Ingredion Inc		35,079		3,324	Dolby Laboratories Inc		53,628		3,469
JM Smucker Co/The		7,801		957	Leggett & Platt Inc		8,367		329
Kellogg Co		9,585		578	Whirlpool Corp		3,047		423
Kroger Co/The	1,057,341			27,258			$		4,221
Lamb Weston Holdings Inc		45,578		3,193	Housewares - 0.06%
McCormick & Co Inc/MD		10,303		1,586	Newell Brands Inc		74,181		1,067
Pilgrim's Pride Corp (a)		4,913		132	Scotts Miracle-Gro Co/The		3,939		335
Post Holdings Inc (a)		1,328		150			$		1,402
Seaboard Corp		18		81	Insurance - 12.02%
Sysco Corp		365,489		25,720	Aflac Inc		602,209		30,339
TreeHouse Foods Inc (a)		3,602		241	Alleghany Corp (a)		56,534		37,136
Tyson Foods Inc		19,750		1,481	Allstate Corp/The		330,200		32,710
US Foods Holding Corp (a)		15,567		569	American Financial Group Inc/OH		273,254		28,289
		$		86,177	American National Insurance Co		16,868		1,911
Forest Products & Paper - 0.08%					Arch Capital Group Ltd (a)		24,463		826
Domtar Corp		18,762		918	Arthur J Gallagher & Co		291,506		24,376
International Paper Co		25,430		1,190	Assurant Inc		3,529		335
		$		2,108	Assured Guaranty Ltd		60,843		2,902
Gas - 0.29%					Athene Holding Ltd (a)		13,711		619
Atmos Energy Corp		5,681		581	AXA Equitable Holdings Inc		13,157		299
National Fuel Gas Co		99,107		5,868	Axis Capital Holdings Ltd		33,212		1,888
NiSource Inc		17,665		491	Brighthouse Financial Inc (a)		31,852		1,331
UGI Corp		8,416		459	Brown & Brown Inc		42,794		1,359
		$		7,399	Cincinnati Financial Corp		9,066		872
Hand & Machine Tools - 0.14%					CNA Financial Corp		2,458		114
Kennametal Inc		35,039		1,426	Erie Indemnity Co		481		91
Lincoln Electric Holdings Inc		800		70	Everest Re Group Ltd		1,190		280
Regal Beloit Corp		3,742		318	Fidelity National Financial Inc		809,204		32,328
Snap-on Inc		4,213		709	First American Financial Corp		47,685		2,721
Stanley Black & Decker Inc		7,351		1,078	Genworth Financial Inc (a)		72,290		274
		$		3,601	Hanover Insurance Group Inc/The		59,011		7,117
Healthcare - Products - 1.61%					Hartford Financial Services Group Inc/The		25,622		1,340
Bruker Corp		61,746		2,384	Lincoln National Corp		15,791		1,054
Cooper Cos Inc/The		17,525		5,080	Loews Corp		13,517		693
DENTSPLY SIRONA Inc		66,628		3,407	Markel Corp (a)		20,200		21,644
Henry Schein Inc (a)		10,150		650	Mercury General Corp		36,458		1,961
Hill-Rom Holdings Inc		17,528		1,777	Old Republic International Corp		19,159		428
Hologic Inc (a)		28,024		1,299	ProAssurance Corp		32,931		1,236
Integra LifeSciences Holdings Corp (a)		9,258		483	Reinsurance Group of America Inc		5,018		760
QIAGEN NV (a)		62,850		2,449	RenaissanceRe Holdings Ltd		2,443		380
STERIS PLC		121,282		15,886	Torchmark Corp		10,614		930
Teleflex Inc		14,608		4,181	Travelers Cos Inc/The		235,600		33,868
West Pharmaceutical Services Inc		10,492		1,299	Unum Group		17,088		631
Zimmer Biomet Holdings Inc		15,548		1,915	Voya Financial Inc		11,706		643
		$		40,810	Willis Towers Watson PLC		7,668		1,414
Healthcare - Services - 1.80%					WR Berkley Corp		477,747		29,286
Acadia Healthcare Co Inc (a)		5,386		172			$		304,385
Catalent Inc (a)		6,890		309	Internet - 0.16%
Centene Corp (a)		5,101		263	Symantec Corp		152,635		3,696
Charles River Laboratories International Inc (a)		6,894		969	TripAdvisor Inc (a)		1,540		82
DaVita Inc (a)		3,001		166	Zillow Group Inc - A Shares (a)		1,030		34
IQVIA Holdings Inc (a)		31,634		4,394	Zillow Group Inc - C Shares (a)		9,740		325
Laboratory Corp of America Holdings (a)		9,934		1,589			$		4,137
MEDNAX Inc (a)		5,445		152	Iron & Steel - 1.87%
Molina Healthcare Inc (a)		1,420		184	Nucor Corp		35,417		2,021
Quest Diagnostics Inc		377,302		36,364	Reliance Steel & Aluminum Co		474,765		43,660
Universal Health Services Inc		6,170		783	Steel Dynamics Inc		33,652		1,066
WellCare Health Plans Inc (a)		685		177	United States Steel Corp		33,994		530
		$		45,522			$		47,277
Home Builders - 0.09%					Leisure Products & Services - 0.23%
DR Horton Inc		6,886		305	Brunswick Corp/DE		49,300		2,524
Lennar Corp - A Shares		10,425		543	Harley-Davidson Inc		10,398		387
Lennar Corp - B Shares		823		34	Norwegian Cruise Line Holdings Ltd (a)		21,750		1,227

See accompanying notes.

333

Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Leisure Products & Services (continued)				Miscellaneous Manufacturers (continued)
Royal Caribbean Cruises Ltd	14,942	$	1,807	Hexcel Corp		92,735	$	6,557
	$		5,945	Ingersoll-Rand PLC		114,745		14,069
Lodging - 0.18%				ITT Inc		38,327		2,320
Caesars Entertainment Corp (a)	35,744		334	Parker-Hannifin Corp		150,991		27,342
Choice Hotels International Inc	18,215		1,513	Textron Inc		582,557		30,875
Extended Stay America Inc	5,298		95	Trinity Industries Inc		9,625		208
Hilton Worldwide Holdings Inc	4,180		364			$		100,706
Hyatt Hotels Corp	20,487		1,572	Office & Business Equipment - 0.02%
MGM Resorts International	21,795		580	Xerox Corp		16,111		537
	$		4,458	Oil & Gas - 4.40%
Machinery - Construction & Mining - 0.11%				Antero Resources Corp (a)		8,888		64
Oshkosh Corp	22,708		1,876	Apache Corp		47,037		1,548
Terex Corp	25,236		841	Cabot Oil & Gas Corp		122,590		3,174
	$		2,717	Centennial Resource Development Inc/DE (a)		12,920		136
Machinery - Diversified - 2.61%				Cimarex Energy Co		416,990		28,630
AGCO Corp	366,777		25,961	CNX Resources Corp (a)		14,692		132
Cummins Inc	6,985		1,162	Concho Resources Inc		27,612		3,186
Curtiss-Wright Corp	77,304		8,808	Continental Resources Inc/OK (a)		40,370		1,857
Dover Corp	22,042		2,161	Devon Energy Corp		925,977		29,761
Flowserve Corp	8,567		420	Diamondback Energy Inc		7,756		825
Gardner Denver Holdings Inc (a)	25,253		852	EQT Corp		16,628		340
Gates Industrial Corp PLC (a)	4,429		71	Extraction Oil & Gas Inc (a)		12,216		57
GrafTech International Ltd	4,767		55	Helmerich & Payne Inc		7,077		414
IDEX Corp	12,212		1,913	Hess Corp		31,268		2,005
Middleby Corp/The (a)	1,100		145	HollyFrontier Corp		34,390		1,642
Nordson Corp	200		29	Marathon Oil Corp		135,946		2,317
Roper Technologies Inc	29,179		10,496	Murphy Oil Corp		10,849		296
Wabtec Corp	4,917		364	Nabors Industries Ltd		25,283		89
Xylem Inc/NY	164,807		13,745	Noble Energy Inc		92,962		2,515
	$		66,182	Parsley Energy Inc (a)		877,267		17,510
Media - 1.15%				PBF Energy Inc		8,250		277
CBS Corp	425,150		21,798	PDC Energy Inc (a)		309,621		13,465
Discovery Inc - A Shares (a)	9,736		301	Range Resources Corp		13,862		125
Discovery Inc - C Shares (a)	24,054		692	SM Energy Co		8,002		127
DISH Network Corp (a)	29,049		1,020	Transocean Ltd (a)		34,341		270
John Wiley & Sons Inc	11,999		554	Whiting Petroleum Corp (a)		6,416		176
Liberty Broadband Corp - A Shares (a)	1,594		157	WPX Energy Inc (a)		29,690		413
Liberty Broadband Corp - C Shares (a)	7,366		727			$		111,351
Liberty Media Corp-Liberty Formula One - A	1,706		65	Oil & Gas Services - 0.09%
Shares (a)				Apergy Corp (a)		31,782		1,262
Liberty Media Corp-Liberty Formula One - C	27,677		1,074	National Oilwell Varco Inc		28,789		752
Shares (a)				Patterson-UTI Energy Inc		15,012		204
Liberty Media Corp-Liberty SiriusXM - A Shares	5,358		214	RPC Inc		4,993		51
(a)						$		2,269
Liberty Media Corp-Liberty SiriusXM - C Shares	24,065		967	Packaging & Containers - 0.82%
(a)				Ardagh Group SA		2,090		29
News Corp - A Shares	24,107		299	Ball Corp		17,228		1,033
News Corp - B Shares	16,578		207	Bemis Co Inc		29,068		1,669
Tribune Media Co	5,589		258	Berry Global Group Inc (a)		6,334		372
Viacom Inc - A Shares	904		31	Graphic Packaging Holding Co		16,874		234
Viacom Inc - B Shares	26,127		755	Owens-Illinois Inc		10,571		209
	$		29,119	Packaging Corp of America		137,100		13,595
Metal Fabrication & Hardware - 0.05%				Sealed Air Corp		23,789		1,109
Timken Co/The	20,619		989	Silgan Holdings Inc		3,837		115
Valmont Industries Inc	1,939		261	Sonoco Products Co		27,098		1,709
	$		1,250	Westrock Co		19,144		735
Mining - 0.30%						$		20,809
Alcoa Corp (a)	24,847		663	Pharmaceuticals - 1.26%
Freeport-McMoRan Inc	257,435		3,169	Agios Pharmaceuticals Inc (a)		231		13
Livent Corp (a)	863		9	AmerisourceBergen Corp		312,325		23,349
Newmont Goldcorp Corp	60,792		1,888	Cardinal Health Inc		23,350		1,138
Royal Gold Inc	20,410		1,777	Elanco Animal Health Inc (a)		18,217		574
	$		7,506	Herbalife Nutrition Ltd (a)		78,454		4,146
Miscellaneous Manufacturers - 3.98%				Jazz Pharmaceuticals PLC (a)		1,161		151
AptarGroup Inc	140,447		15,623	Mylan NV (a)		61,806		1,668
Carlisle Cos Inc	4,713		667	Perrigo Co PLC		17,596		843
Crane Co	35,508		3,020	Premier Inc (a)		2,204		73
Donaldson Co Inc	472		25			$		31,955

See accompanying notes.

334

Schedule of Investments MidCap Value Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Pipelines - 0.30%					REITs (continued)
Cheniere Energy Inc (a)		3,402	$	219	Prologis Inc		8,704	$	667
Equitrans Midstream Corp		76,060		1,585	Public Storage		108,000		23,887
ONEOK Inc		47,165		3,203	Rayonier Inc		24,017		763
Targa Resources Corp		17,431		700	Realty Income Corp		20,953		1,467
Williams Cos Inc/The		65,897		1,867	Regency Centers Corp		7,385		496
		$		7,574	Retail Properties of America Inc		163,045		2,003
Real Estate - 0.14%					Retail Value Inc		6,429		216
CBRE Group Inc (a)		14,192		739	Senior Housing Properties Trust		157,143		1,262
Howard Hughes Corp/The (a)		18,581		2,063	SL Green Realty Corp		5,506		486
Jones Lang LaSalle Inc		3,792		586	Spirit Realty Capital Inc		5,817		235
Newmark Group Inc		13,058		111	Starwood Property Trust Inc		18,071		417
Realogy Holdings Corp		7,861		102	STORE Capital Corp		13,419		447
		$		3,601	Sun Communities Inc		15,614		1,922
REITs - 9.38%					Taubman Centers Inc		1,070		53
AGNC Investment Corp		41,020		730	Two Harbors Investment Corp		74,971		1,039
Alexandria Real Estate Equities Inc		11,952		1,702	UDR Inc		75,978		3,415
American Campus Communities Inc		6,616		312	Uniti Group Inc		11,829		130
American Homes 4 Rent		17,192		412	Ventas Inc		23,900		1,460
Annaly Capital Management Inc		108,623		1,096	VEREIT Inc		47,262		390
Apartment Investment & Management Co		12,486		616	VICI Properties Inc		32,423		739
Apple Hospitality REIT Inc		198,244		3,262	Vornado Realty Trust		64,688		4,473
AvalonBay Communities Inc		31,862		6,402	Weingarten Realty Investors		81,825		2,368
Boston Properties Inc		31,096		4,279	Welltower Inc		18,094		1,349
Brandywine Realty Trust		195,327		3,006	Weyerhaeuser Co		121,187		3,248
Brixmor Property Group Inc		70,084		1,253	WP Carey Inc		14,402		1,142
Brookfield Property REIT Inc		50,428		1,051			$		237,474
Camden Property Trust		35,591		3,583	Retail - 4.05%
Chimera Investment Corp		13,286		255	Advance Auto Parts Inc		8,416		1,400
Colony Capital Inc		29,178		150	AutoNation Inc (a)		406,243		17,034
Columbia Property Trust Inc		12,277		279	AutoZone Inc (a)		879		904
CoreCivic Inc		32,010		666	Best Buy Co Inc		43,094		3,206
Corporate Office Properties Trust		66,199		1,845	Burlington Stores Inc (a)		5,970		1,008
CubeSmart		76,115		2,429	CarMax Inc (a)		3,353		261
Digital Realty Trust Inc		12,094		1,423	Casey's General Stores Inc		2,411		319
Douglas Emmett Inc		29,526		1,216	Darden Restaurants Inc		213,139		25,065
Duke Realty Corp		122,992		3,828	Dick's Sporting Goods Inc		4,948		183
Empire State Realty Trust Inc		11,139		173	Dollar General Corp		9,624		1,214
EPR Properties		13,240		1,044	Dollar Tree Inc (a)		41,416		4,609
Equity Commonwealth		8,581		273	Foot Locker Inc		9,153		524
Equity Residential		84,615		6,467	Gap Inc/The		13,097		342
Essex Property Trust Inc		15,478		4,372	Genuine Parts Co		9,893		1,014
Extra Space Storage Inc		11,568		1,200	Kohl's Corp		11,965		851
Federal Realty Investment Trust		9,836		1,317	L Brands Inc		37,660		966
Gaming and Leisure Properties Inc		12,382		500	Macy's Inc		23,199		546
HCP Inc		59,627		1,775	Michaels Cos Inc/The (a)		10,189		114
Healthcare Trust of America Inc	1,041,801			28,733	MSC Industrial Direct Co Inc		27,197		2,275
Highwoods Properties Inc		494,039		22,024	Nu Skin Enterprises Inc		74,602		3,795
Hospitality Properties Trust		179,105		4,657	Penske Automotive Group Inc		2,491		114
Host Hotels & Resorts Inc		177,884		3,422	Qurate Retail Inc (a)		66,748		1,138
Hudson Pacific Properties Inc		44,154		1,540	Tiffany & Co		36,061		3,888
Invitation Homes Inc		14,553		362	Williams-Sonoma Inc		4,064		232
Iron Mountain Inc		19,839		644	Yum China Holdings Inc		139,033		6,610
JBG SMITH Properties		7,167		305	Yum! Brands Inc		237,725		24,816
Kilroy Realty Corp		13,727		1,056			$		102,428
Kimco Realty Corp		32,570		566	Savings & Loans - 0.06%
Lamar Advertising Co		359,462		29,716	New York Community Bancorp Inc		30,795		358
Liberty Property Trust		17,171		852	People's United Financial Inc		18,413		318
Life Storage Inc		23,434		2,233	Sterling Bancorp/DE		40,363		865
Macerich Co/The		6,100		245			$		1,541
Medical Properties Trust Inc		30,134		526	Semiconductors - 0.73%
MFA Financial Inc		225,686		1,695	Analog Devices Inc		80,015		9,301
Mid-America Apartment Communities Inc		8,991		984	Cypress Semiconductor Corp		78,161		1,342
National Retail Properties Inc		347,866		18,305	Marvell Technology Group Ltd		60,956		1,525
New Residential Investment Corp		173,209		2,912	Qorvo Inc (a)		17,314		1,310
Omega Healthcare Investors Inc		8,846		313	Skyworks Solutions Inc		16,608		1,465
Outfront Media Inc		106,288		2,533	Teradyne Inc		50,482		2,473
Paramount Group Inc		112,334		1,628	Xilinx Inc		8,760		1,053
Park Hotels & Resorts Inc		9,759		313			$		18,469
Piedmont Office Realty Trust Inc		44,210		920

See accompanying notes.

335

Schedule of Investments
MidCap Value Fund I
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held     Value (000’s)				(a)	Non-income producing security
Shipbuilding - 0.00%					(b)	Affiliated Security. Security is either an affiliate (and registered under the
Huntington Ingalls Industries Inc		320	$	71		Investment Company Act of 1940) or an affiliate as defined by the Investment
Software - 4.80%						Company Act of 1940 (controls 5.0% or more of the outstanding voting
Akamai Technologies Inc (a)		22,954		1,837		shares of the security). Please see affiliated sub-schedule for transactional
ANSYS Inc (a)		5,750		1,126		information.
Aspen Technology Inc (a)		618		76	(c)	Current yield shown is as of period end.
Autodesk Inc (a)		11,450		2,041
Black Knight Inc (a)		431,365		24,338		Portfolio Summary  (unaudited)
Cerner Corp (a)		137,796		9,157	Sector		Percent
Covetrus Inc (a)		3,594		118	Financial		28.45	%
Fidelity National Information Services Inc		248,296		28,784	Industrial		15.70	%
Nuance Communications Inc (a)	1,665,384			28,028	Consumer, Non-cyclical		14.62	%
SS&C Technologies Holdings Inc		2,891		196	Consumer, Cyclical		11.40	%
Synopsys Inc (a)		154,647		18,724	Technology		9.68	%
Take-Two Interactive Software Inc (a)		41,165		3,986	Utilities		5.22	%
Teradata Corp (a)		40,518		1,842	Energy		4.81	%
Zynga Inc (a)		215,858		1,222	Basic Materials		4.42	%
		$		121,475	Communications		3.56	%
Telecommunications - 1.50%					Money Market Funds		2.11	%
CenturyLink Inc		66,077		755	Domestic Equity Funds		0.02	%
CommScope Holding Co Inc (a)		61,979		1,536	Other Assets and Liabilities		0.01	%
Corning Inc		41,475		1,321	TOTAL NET ASSETS		100.00	%
EchoStar Corp (a)		2,990		119
GCI Liberty Inc (a)		6,272		374
Juniper Networks Inc		75,660		2,101
LogMeIn Inc		20,903		1,722
Motorola Solutions Inc		201,541		29,206
Sprint Corp (a)		41,224		230
Telephone & Data Systems Inc		20,053		639
United States Cellular Corp (a)		975		47
		$		38,050
Textiles - 0.03%
Mohawk Industries Inc (a)		4,713		642
Toys, Games & Hobbies - 1.32%
Hasbro Inc		327,128		33,321
Transportation - 1.27%
Expeditors International of Washington Inc		6,910		549
Genesee & Wyoming Inc (a)		3,191		283
Kansas City Southern		7,463		919
Landstar System Inc		256,500		27,948
Old Dominion Freight Line Inc		1,480		221
Ryder System Inc		3,374		212
Schneider National Inc		95,311		1,992
		$		32,124
Water - 0.24%
American Water Works Co Inc		19,418		2,101
Aqua America Inc		100,234		3,915
		$		6,016
TOTAL COMMON STOCKS		$		2,477,559
INVESTMENT COMPANIES - 2.13%	Shares Held    Value (000's)
Money Market Funds - 2.11%
Principal Government Money Market Fund	53,489,784			53,490
2.38%(b),(c)
Principal Exchange-Traded Funds - 0.02%
Principal Shareholder Yield Index ETF (b)		5,218		170
Principal Sustainable Momentum Index ETF (b)		5,142		144
Principal U.S. Small-Cap Multi-Factor Index		422		13
ETF (b)
		$		327
TOTAL INVESTMENT COMPANIES		$		53,817
Total Investments		$		2,531,376
Other Assets and Liabilities -  0.01%				313
TOTAL NET ASSETS - 100.00%		$		2,531,689

See accompanying notes.

336

Schedule of Investments
MidCap Value Fund I
April 30, 2019 (unaudited)
Affiliated Securities					October 31, 2018			Purchases		Sales		April 30, 2019
					Value			Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			19,620		$		225,794	$	191,924	$		53,490
Principal Shareholder Yield Index ETF					—			328		168			170
Principal Sustainable Momentum Index ETF					—			283		157			144
Principal U.S. Small-Cap Multi-Factor Index ETF					—			26		13			13
	$			19,620		$		226,431	$	192,262	$		53,817
				Realized Gain/Loss				Realized Gain from				Change in Unrealized
		Income		on Investments				Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	192	$			— $				— $			—
Principal Shareholder Yield Index ETF		2				3				—			7
Principal Sustainable Momentum Index ETF		1				10				—			8
Principal U.S. Small-Cap Multi-Factor Index ETF		—				—				—			—
	$	195	$			13 $				— $			15
Amounts in thousands
Futures Contracts
Description and Expiration Date		Type		Contracts			Notional Amount			Value and Unrealized Appreciation/(Depreciation)
S&P Mid 400 Emini; June 2019		Long			85		$	16,774			$		47
Total											$		47
Amounts in thousands except contracts.

See accompanying notes.

337

Schedule of Investments Money Market Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 4.14%		Shares Held   Value (000's)					Principal
Money Market Funds - 4.14%					MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
DWS Government Money Market Series 2.51%(a)		5,920,000	$	5,920	Maryland - 1.57%
Goldman Sachs Government Fund 2.46%(a)		4,920,000		4,920	City of Baltimore MD  (credit support from State
Morgan Stanley Institutional Liquidity Funds -		5,430,000		5,430	Street Bank)
Government Portfolio 2.42%(a)					2.42%, 05/07/2019(c),(d)	$	7,915	$	7,915
STIT - Government & Agency Portfolio 2.43%(a)		4,570,000		4,570	TOTAL MUNICIPAL BONDS		$		30,155
		$		20,840			Principal
TOTAL INVESTMENT COMPANIES		$		20,840	COMMERCIAL PAPER - 75.87%	Amount (000's) Value (000's)
		Principal			Aerospace & Defense - 1.17%
BONDS - 7.70%	Amount (000's) Value (000's)				General Dynamics Corp
Automobile Asset Backed Securities - 2.43%					2.46%, 05/16/2019(b)	$	3,200	$	3,197
Americredit Automobile Receivables Trust 2019-1					2.46%, 05/23/2019(b)		2,700		2,696
2.66%, 03/18/2020	$	1,895	$	1,895			$		5,893
Capital Auto Receivables Asset Trust 2018-2					Agriculture - 4.17%
2.70%, 11/20/2019(b)		301		300	Archer-Daniels-Midland Co
Drive Auto Receivables Trust 2019-1					2.45%, 05/07/2019(b)		3,600		3,599
2.78%, 01/15/2020		795		795	2.50%, 05/13/2019(b)		3,000		2,997
Enterprise Fleet Financing 2019-1 LLC					2.50%, 05/31/2019(b)		3,000		2,994
2.70%, 03/23/2020(b)		3,252		3,252	Philip Morris International Inc
Ford Credit Auto Lease Trust					2.43%, 05/06/2019(b)		2,000		1,999
2.45%, 10/15/2019		137		137	2.44%, 05/07/2019(b)		2,500		2,499
Santander Drive Auto Receivables Trust 2019-1					2.46%, 05/01/2019(b)		6,900		6,900
2.72%, 02/18/2020		2,284		2,284			$		20,988
Santander Retail Auto Lease Trust 2019-A					Automobile Manufacturers - 2.34%
2.62%, 04/20/2020(b)		2,056		2,056	American Honda Finance Corp  (credit support
World Omni Auto Receivables Trust 2019-A					from Honda Motor Company)
2.73%, 02/18/2020		1,070		1,070	2.53%, 05/22/2019(d)		4,000		3,994
World Omni Select Auto Trust 2018-1					Toyota Financial Services de Puerto Rico
2.78%, 11/15/2019(b)		417		417	Inc  (credit support from Toyota Financial
		$		12,206	Services)
Diversified Financial Services - 3.54%					2.49%, 05/07/2019(d)		3,800		3,798
Corporate Finance Managers Inc					2.49%, 05/09/2019(d)		4,000		3,998
2.48%, 05/07/2019(c)		790		790			$		11,790
MetLife Inc					Banks - 20.19%
2.93%, 08/16/2019		9,000		9,000	Barclays Bank PLC
New York Life					2.50%, 05/31/2019(b),(e)		3,500		3,493
2.74%, 07/22/2019		8,000		8,000	2.50%, 06/03/2019(e)		3,600		3,592
		$		17,790	2.54%, 05/23/2019(b),(e)		3,000		2,995
Other Asset Backed Securities - 1.73%					CAFCO LLC
CNH Equipment Trust 2019-A					2.50%, 05/24/2019(b)		3,000		2,995
2.75%, 02/28/2020		1,340		1,340	2.55%, 06/20/2019(b)		3,600		3,587
Dell Equipment Finance Trust 2019-1					Credit Suisse AG/New York NY
2.65%, 04/22/2020(b)		3,300		3,300	2.48%, 06/20/2019		3,500		3,488
DLL 2019-1 LLC					Manhattan Asset Funding Co LLC
2.66%, 04/20/2020(b)		2,300		2,300	2.45%, 05/03/2019(b)		3,000		3,000
MMAF Equipment Finance LLC 2019-A					2.47%, 05/09/2019(b)		2,771		2,770
2.66%, 04/10/2020(b)		1,772		1,772	2.50%, 05/02/2019(b)		3,400		3,400
		$		8,712	2.50%, 05/06/2019(b)		2,000		1,999
TOTAL BONDS		$		38,708	2.50%, 05/20/2019(b)		730		729
		Principal			Mitsubishi UFJ Trust & Banking Corp/NY
MUNICIPAL BONDS - 5.99%	Amount (000's) Value (000's)				2.55%, 05/30/2019(b)		3,000		2,994
Colorado - 2.99%					2.56%, 07/19/2019(b)		3,500		3,480
City of Colorado Springs CO Utilities System					2.60%, 05/14/2019(b)		4,480		4,476
Revenue  (credit support from Mizuho Corp Bank					Mizuho Bank Ltd/New York NY
LTD)					2.49%, 06/11/2019(b)		2,700		2,692
2.45%, 05/07/2019(c),(d)	$	7,000	$	7,000	2.50%, 06/13/2019(b)		3,000		2,991
Colorado Housing & Finance Authority  (credit					2.55%, 05/10/2019(b)		2,500		2,498
support from Federal Home Loan Bank)					Natixis SA/New York NY
2.53%, 05/07/2019(c),(d)		7,510		7,510	2.56%, 06/18/2019		3,000		2,990
County of Kit Carson CO  (credit support from					2.57%, 05/03/2019		3,500		3,500
Wells Fargo)					Oversea-Chinese Banking Corp Ltd
2.45%, 05/07/2019(c),(d)		530		530	2.55%, 07/05/2019(b),(e)		3,100		3,086
		$		15,040	Sheffield Receivables Co LLC
Illinois - 1.43%					2.51%, 07/01/2019(b)		2,120		2,111
Memorial Health System/IL  (credit support from					2.53%, 05/23/2019(b)		3,700		3,694
JPMorgan Chase & Co)					2.55%, 05/16/2019(b)		3,000		2,997
2.45%, 05/07/2019(c),(d)		7,200		7,200	Skandinaviska Enskilda Banken AB
					2.50%, 05/13/2019(b),(e)		2,000		1,998
					2.53%, 05/22/2019(b),(e)		3,500		3,495
					2.53%, 05/29/2019(b),(e)		3,500		3,493

See accompanying notes.

338

Schedule of Investments Money Market Fund April 30, 2019 (unaudited)

		Principal					Principal
COMMERCIAL PAPER (continued)	Amount (000’s) Value (000’s)				COMMERCIAL PAPER (continued)	Amount (000’s) Value (000’s)
Banks (continued)					Diversified Financial Services (continued)
Societe Generale SA					Nationwide Building Society
2.55%, 06/05/2019(b),(e)	$	3,000	$	2,993	2.47%, 05/23/2019(b)	$	3,000	$	2,995
Standard Chartered Bank/New York					2.72%, 05/22/2019(b)		3,500		3,494
2.54%, 08/26/2019(b)		3,000		2,975	2.77%, 05/10/2019(b)		3,500		3,498
Toronto-Dominion Bank/The					Nieuw Amsterdam Receivables Corp
2.51%, 05/21/2019(b),(e)		4,000		3,994	2.51%, 05/09/2019(b)		3,000		2,998
2.52%, 05/20/2019(b),(e)		3,500		3,495	2.52%, 05/08/2019(b)		3,800		3,798
2.52%, 05/29/2019(b),(e)		3,500		3,493	2.53%, 07/05/2019(b)		2,250		2,240
United Overseas Bank Ltd					2.54%, 07/01/2019(b)		3,000		2,987
2.54%, 06/21/2019(b),(e)		3,100		3,089	Ontario Teachers' Finance Trust  (credit support
2.54%, 06/26/2019(b),(e)		3,000		2,988	from Ontario Teachers’ Pension Plan Board)
		$		101,570	2.50%, 05/06/2019(b),(d)		3,000		2,999
Beverages - 0.56%					Regency Markets No. 1 LLC
Brown-Forman Corp					2.50%, 05/08/2019(b)		4,000		3,998
2.53%, 05/07/2019(b)		2,800		2,799	2.50%, 05/15/2019(b)		3,664		3,660
Chemicals - 2.20%					2.50%, 05/16/2019(b)		3,600		3,596
BASF SE							$		121,985
2.50%, 05/15/2019(b)		4,460		4,456	Electric - 2.28%
2.50%, 05/16/2019(b)		3,600		3,596	Engie SA
2.50%, 06/27/2019(b)		3,000		2,988	2.51%, 06/04/2019(b)		3,000		2,993
		$		11,040	2.56%, 05/10/2019(b)		3,500		3,498
Computers - 1.29%					2.61%, 05/15/2019(b)		3,500		3,496
International Business Machines Corp					NSTAR Electric Co
2.52%, 05/28/2019(b)		3,500		3,494	2.45%, 05/02/2019		1,000		1,000
2.58%, 08/20/2019(b)		3,000		2,976	2.46%, 05/03/2019		500		500
		$		6,470			$		11,487
Diversified Financial Services - 24.25%					Gas - 2.32%
Anglesea Funding LLC					ONE Gas Inc
2.46%, 05/01/2019(b)		3,500		3,500	2.47%, 05/13/2019(b)		6,200		6,195
2.54%, 05/02/2019(b)		870		870	2.47%, 05/15/2019(b)		3,500		3,496
Citigroup Global Markets Inc					2.47%, 05/16/2019(b)		2,000		1,998
2.53%, 07/25/2019(b)		3,600		3,579			$		11,689
CME Group Inc					Healthcare - Services - 1.59%
2.44%, 05/09/2019(b)		2,000		1,999	UnitedHealth Group Inc
2.45%, 05/01/2019(b)		9,050		9,050	2.56%, 05/08/2019(b)		3,500		3,498
Collateralized Commercial Paper II Co LLC					2.58%, 05/17/2019(b)		1,020		1,019
2.58%, 07/02/2019(b)		3,500		3,484	2.58%, 05/21/2019(b)		3,500		3,495
CRC Funding LLC							$		8,012
2.47%, 05/10/2019(b)		3,000		2,998	Holding Companies - Diversified - 0.82%
2.50%, 06/13/2019(b)		1,500		1,496	Koch Industries Inc
DCAT LLC					2.44%, 05/06/2019		4,100		4,099
2.49%, 05/22/2019		1,050		1,049	Insurance - 2.58%
2.50%, 05/23/2019		3,000		2,995	Nationwide Life Insurance Co
2.52%, 06/17/2019		3,500		3,489	2.48%, 05/17/2019(b)		3,500		3,496
2.55%, 05/31/2019		2,800		2,794	Prudential Financial Inc
Gotham Funding Corp					2.50%, 05/03/2019(b)		4,000		4,000
2.51%, 05/03/2019(b)		3,700		3,700	2.50%, 05/07/2019(b)		2,500		2,499
2.51%, 05/24/2019(b)		3,300		3,295	2.50%, 05/14/2019(b)		3,000		2,997
2.52%, 05/10/2019(b)		2,500		2,498			$		12,992
2.54%, 05/21/2019(b)		3,000		2,996	Machinery - Construction & Mining - 1.80%
Intercontinental Exchange Inc					Caterpillar Financial Services Corp  (credit
2.54%, 06/13/2019(b)		3,000		2,991	support from Caterpillar Inc)
2.54%, 07/02/2019(b)		3,500		3,485	2.50%, 05/24/2019(d)		3,000		2,995
2.56%, 05/13/2019(b)		3,800		3,797	2.53%, 06/20/2019(d)		3,100		3,089
JP Morgan Securities LLC					2.55%, 06/03/2019(d)		3,000		2,993
2.55%, 05/17/2019		3,500		3,496			$		9,077
2.80%, 05/01/2019		4,000		4,000	Machinery - Diversified - 0.71%
Liberty Street Funding LLC					John Deere Capital Corp
2.51%, 06/10/2019(b)		3,500		3,490	2.49%, 07/03/2019(b)		3,600		3,584
2.55%, 05/28/2019(b)		3,500		3,493
Longship Funding LLC					Miscellaneous Manufacturers - 0.62%
2.51%, 05/02/2019(b)		3,800		3,800	Illinois Tool Works Inc
2.51%, 05/14/2019(b)		790		789	2.52%, 06/06/2019(b)		3,100		3,092
2.52%, 06/07/2019(b)		3,100		3,092	Oil & Gas - 2.38%
National Rural Utilities Cooperative Finance Corp					BP Capital Markets PLC  (credit support from BP
2.47%, 05/14/2019		3,500		3,497	Amoco PLC)
					2.64%, 07/05/2019(b),(d)		2,000		1,990

See accompanying notes.

339

Schedule of Investments Money Market Fund April 30, 2019 (unaudited)

			Principal
	COMMERCIAL PAPER (continued)	Amount (000’s) Value (000’s)
	Oil & Gas (continued)
	Total Capital SA  (credit support from Total SA)
	2.50%, 05/01/2019(b),(d)	$	10,000	$	10,000
			$		11,990
	Oil & Gas Services - 0.60%
	Schlumberger Investment SA
	2.47%, 05/02/2019(b)		3,000		3,000
	Pharmaceuticals - 0.69%
	Sanofi
	2.48%, 06/14/2019(b)		3,500		3,489
	REITs- 0.83%
	Simon Property Group LP
	2.48%, 05/06/2019(b)		4,170		4,169
	Telecommunications - 2.48%
	Telstra Corp Ltd
	2.55%, 05/09/2019(b)		3,500		3,498
	2.59%, 05/02/2019(b)		3,000		3,000
	2.63%, 06/11/2019(b)		3,000		2,991
	2.67%, 07/16/2019(b)		3,000		2,983
			$		12,472
	TOTAL COMMERCIAL PAPER		$		381,687
			Maturity
	REPURCHASE AGREEMENTS - 6.36%	Amount (000's) Value (000's)
	Banks- 6.36%
	Barclays Capital Repurchase Agreement; 2.75%	$	16,001	$	16,000
	dated 04/30/2019 maturing 05/01/2019
	(collateralized by US Government Security;
$	16,320,064; 3.00%; dated 02/15/2047)
	Merrill Lynch Repurchase Agreement; 2.75%		16,001		16,000
	dated 04/30/2019 maturing 05/01/2019
	(collateralized by US Government
	Securities; $16,320,017; 1.12%-1.62%; dated
	12/31/2019-11/15/2022)
			$		32,000
	TOTAL REPURCHASE AGREEMENTS		$		32,000
	Total Investments		$		503,390
	Other Assets and Liabilities -  (0.06)%				(279	)
	TOTAL NET ASSETS - 100.00%		$		503,111

(a)	Current yield shown is as of period end.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $333,728 or 66.33% 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)	Credit support indicates investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution, or government agency.
(e)	Security issued by foreign bank and denominated in USD.

Portfolio Summary  (unaudited)
Sector	Percent
Financial	57.75	%
Consumer, Non-cyclical	7.01	%
Insured	5.99	%
Utilities	4.60	%
Industrial	4.30	%
Asset Backed Securities	4.16	%
Money Market Funds	4.14	%
Energy	2.98	%
Communications	2.48	%
Consumer, Cyclical	2.34	%
Basic Materials	2.20	%
Technology	1.29	%
Diversified	0.82	%
Other Assets and Liabilities	(0.06	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

340

Schedule of Investments Overseas Fund April 30, 2019 (unaudited)

COMMON STOCKS - 94.39%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.03%				Banks (continued)
Dentsu Inc	7,300	$	299	Bank Leumi Le-Israel BM		71,083	$	487
WPP PLC	51,009		636	Bank of Ireland Group PLC (a)	2,363,816			15,111
	$		935	Bank of Queensland Ltd		26,230		171
Aerospace & Defense - 4.17%				Barclays PLC	18,859,734			40,473
Airbus SE	339,329		46,464	Bendigo & Adelaide Bank Ltd		31,922		232
BAE Systems PLC	143,527		922	BNP Paribas SA	1,272,620			67,746
Cobham PLC (a)	22,858,437		34,465	BOC Hong Kong Holdings Ltd		169,800		761
IHI Corp	3,500		84	CaixaBank SA	4,999,777			15,937
Kawasaki Heavy Industries Ltd	6,200		145	Canadian Imperial Bank of Commerce		141,413		11,908
Meggitt PLC	50,715		361	CIMB Group Holdings Bhd	13,945,265			17,787
Rolls-Royce Holdings PLC (a)	3,310,461		39,645	Commonwealth Bank of Australia		79,867		4,197
	$		122,086	Credit Agricole SA		54,568		749
Agriculture - 3.46%				Credit Suisse Group AG (a)		36,163		481
British American Tobacco PLC	1,304,541		51,071	Danske Bank A/S		28,975		515
Golden Agri-Resources Ltd	417,600		89	DBS Group Holdings Ltd		28,800		599
Imperial Brands PLC	767,572		24,422	Deutsche Bank AG		79,370		658
Japan Tobacco Inc	1,110,200		25,655	DNB ASA		45,811		881
	$		101,237	Hang Seng Bank Ltd		35,100		922
Airlines - 0.70%				HSBC Holdings PLC		953,468		8,308
Deutsche Lufthansa AG	15,511		375	ING Groep NV	1,477,526			18,853
easyJet PLC	5,170		78	Intesa Sanpaolo SpA		601,634		1,576
Japan Airlines Co Ltd	441,100		14,386	Investec PLC		44,531		283
Ryanair Holdings PLC ADR(a)	70,989		5,512	Japan Post Bank Co Ltd		26,300		290
Singapore Airlines Ltd	35,000		249	KBC Group NV		11,875		882
	$		20,600	Lloyds Banking Group PLC	23,074,200			18,870
				Mediobanca Banca di Credito Finanziario SpA		40,536		430
Apparel - 0.93%				Mitsubishi UFJ Financial Group Inc		534,600		2,652
Gildan Activewear Inc	734,903		27,099	Mizuho Financial Group Inc	1,097,000			1,713
Yue Yuen Industrial Holdings Ltd	47,000		152	National Australia Bank Ltd		123,356		2,202
	$		27,251	Nordea Bank Abp		144,558		1,137
Automobile Manufacturers - 0.55%				Oversea-Chinese Banking Corp Ltd		73,500		655
Bayerische Motoren Werke AG	16,133		1,376	Raiffeisen Bank International AG		9,629		257
Daimler AG	36,760		2,413	Resona Holdings Inc		95,100		404
Honda Motor Co Ltd	73,200		2,043	Royal Bank of Scotland Group PLC		194,820		610
Isuzu Motors Ltd	23,400		337	Seven Bank Ltd	6,574,500			17,885
Mazda Motor Corp	37,000		438	Shinsei Bank Ltd		9,900		138
Mitsubishi Motors Corp	43,700		246	Skandinaviska Enskilda Banken AB		77,454		739
Nissan Motor Co Ltd	104,300		837	Societe Generale SA		31,026		984
Peugeot SA	13,437		352	Standard Chartered PLC		66,894		612
Renault SA	7,771		530	Sumitomo Mitsui Financial Group Inc		613,000		22,281
Subaru Corp	27,600		676	Sumitomo Mitsui Trust Holdings Inc		15,007		524
Toyota Motor Corp	102,710		6,359	Svenska Handelsbanken AB		72,677		794
Volkswagen AG	2,113		379	Swedbank AB		43,101		704
	$		15,986	UBS Group AG (a)		183,476		2,460
Automobile Parts & Equipment - 0.19%				UniCredit SpA	4,008,859			55,499
Aisin Seiki Co Ltd	10,600		410	United Overseas Bank Ltd	1,455,400			29,805
Bridgestone Corp	27,500		1,091	Westpac Banking Corp		154,965		3,010
Cie Generale des Etablissements Michelin SCA	8,321		1,076			$		399,445
Continental AG	4,446		738	Beverages - 1.01%
Denso Corp	19,300		843	Coca-Cola European Partners PLC		551,135		29,535
Faurecia SA	1,733		88	Building Materials - 0.13%
JTEKT Corp	13,400		173	AGC Inc/Japan		11,900		406
NGK Insulators Ltd	11,000		164	Boral Ltd		76,269		261
Nokian Renkaat OYJ	7,635		256	Cie de Saint-Gobain		22,346		916
Sumitomo Electric Industries Ltd	33,900		451	Fletcher Building Ltd		55,707		192
Sumitomo Rubber Industries Ltd	11,000		135	HeidelbergCement AG		6,315		511
Yokohama Rubber Co Ltd/The	7,600		143	LafargeHolcim Ltd (a)		19,628		1,008
	$		5,568	LIXIL Group Corp		17,300		226
Banks - 13.64%				Taiheiyo Cement Corp		8,000		258
ABN AMRO Group NV (b)	17,102		403			$		3,778
Akbank T.A.S. (a)	4,734,153		4,867	Chemicals - 7.87%
Aozora Bank Ltd	7,800		191	Air Liquide SA		175,372		23,330
Arion Banki HF (b)	15,234,486		9,213	Akzo Nobel NV		410,780		34,902
Australia & New Zealand Banking Group Ltd	129,385		2,482	BASF SE		652,084		53,237
Banco Bilbao Vizcaya Argentaria SA	317,337		1,930	Brenntag AG		347,464		18,750
Banco Santander Mexico SA Institucion de Banca	1,398,100		2,347	Covestro AG (b)		9,268		509
Multiple Grupo Financiero Santand				Daicel Corp		17,000		191
Banco Santander SA	656,356		3,327	Givaudan SA		1,225		3,172
Bank Hapoalim BM	69,655		513	Hitachi Chemical Co Ltd		4,500		120

See accompanying notes.

341

Schedule of Investments Overseas Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Chemicals (continued)					Electric (continued)
Johnson Matthey PLC		372,651	$	16,257	SSE PLC	2,259,345	$	33,806
JSR Corp		12,500		191	Terna Rete Elettrica Nazionale SpA	91,855		551
Kuraray Co Ltd		20,700		278	Tohoku Electric Power Co Inc	27,900		319
Linde PLC		429,052		77,404	Tokyo Electric Power Co Holdings Inc (a)	94,200		532
Mitsubishi Chemical Holdings Corp		83,300		594		$		113,835
Mitsubishi Gas Chemical Co Inc		10,500		158	Electrical Components & Equipment - 0.05%
Mitsui Chemicals Inc		12,000		295	Brother Industries Ltd	14,500		286
Sumitomo Chemical Co Ltd		97,200		485	Schneider Electric SE	12,351		1,045
Teijin Ltd		11,500		198		$		1,331
Tosoh Corp		16,900		272	Electronics - 1.65%
		$		230,343	ABB Ltd	2,343,545		48,204
Commercial Services - 0.71%					Nippon Electric Glass Co Ltd	5,700		156
Adecco Group AG		10,329		593		$		48,360
Atlantia SpA		22,254		608	Energy - Alternate Sources - 0.01%
Babcock International Group PLC		16,447		113	Siemens Gamesa Renewable Energy SA	10,080		181
China Merchants Port Holdings Co Ltd	4,720,151			9,547	Engineering & Construction - 0.57%
Dai Nippon Printing Co Ltd		15,900		378	ACS Actividades de Construccion y Servicios SA	11,456		527
Randstad NV		7,778		445	Auckland International Airport Ltd	40,995		218
RELX PLC		386,849		8,888	Balfour Beatty PLC	3,411,791		11,200
Toppan Printing Co Ltd		15,900		258	Bouygues SA	14,361		540
		$		20,830	CK Infrastructure Holdings Ltd	43,000		349
Computers - 0.02%					Kajima Corp	29,300		435
NEC Corp		17,100		578	Obayashi Corp	42,300		416
Consumer Products - 0.00%					Shimizu Corp	23,400		200
Societe BIC SA		1,670		144	Skanska AB	22,204		387
Distribution & Wholesale - 1.82%					Vinci SA	22,811		2,304
ITOCHU Corp		61,500		1,110		$		16,576
Marubeni Corp		71,400		512	Entertainment - 0.02%
Mitsubishi Corp		61,800		1,702	Paddy Power Betfair PLC	5,226		438
Mitsui & Co Ltd		75,400		1,220	Sankyo Co Ltd	3,000		119
Rexel SA		12,897		173		$		557
Sumitomo Corp	1,663,600			23,844	Food - 0.77%
Toyota Tsusho Corp		14,000		465	Aeon Co Ltd	14,000		259
Travis Perkins PLC	1,329,611			24,261	Aryzta AG (a)	2,707,484		4,048
		$		53,287	Carrefour SA	387,943		7,561
Diversified Financial Services - 3.02%					Colruyt SA	1,367		99
AEON Financial Service Co Ltd		7,200		150	Danone SA	91,323		7,386
Amundi SA (b)		3,949		284	ICA Gruppen AB	5,234		189
CI Financial Corp		632,400		9,096	J Sainsbury PLC	114,986		334
Daiwa Securities Group Inc		105,300		490	Jardine Strategic Holdings Ltd	14,376		544
Julius Baer Group Ltd (a)		549,344		26,536	NH Foods Ltd	6,000		242
Mebuki Financial Group Inc		53,500		137	Toyo Suisan Kaisha Ltd	3,000		115
Mitsubishi UFJ Lease & Finance Co Ltd		26,300		134	Wesfarmers Ltd	25,462		646
Nomura Holdings Inc		139,700		529	WH Group Ltd (b)	286,500		339
ORIX Corp	1,461,300			20,700	Wm Morrison Supermarkets PLC	95,458		269
Samsung Securities Co Ltd		362,499		11,078	Woolworths Group Ltd	20,709		465
Standard Life Aberdeen PLC	5,294,636			19,291		$		22,496
		$		88,425	Food Service - 0.86%
Electric - 3.89%					Elior Group SA (b)	1,822,792		25,250
AGL Energy Ltd		29,456		462	Gas - 0.86%
AusNet Services		117,573		147	Centrica PLC	371,881		517
Chubu Electric Power Co Inc		19,600		285	Enagas SA	374,362		10,678
CLP Holdings Ltd		73,500		834	National Grid PLC	155,169		1,700
EDP - Energias de Portugal SA		167,098		634	Naturgy Energy Group SA	15,990		455
Electric Power Development Co Ltd		9,600		223	Osaka Gas Co Ltd	24,300		450
Electricite de France SA		39,303		568	Snam SpA	2,140,612		10,898
Endesa SA		20,735		517	Tokyo Gas Co Ltd	17,800		453
Enel SpA	4,129,455			26,148		$		25,151
Engie SA	1,756,835			26,076	Healthcare - Products - 0.85%
Fortum OYJ		839,859		17,814	Alcon Inc (a)	8,764		504
HK Electric Investments & HK Electric		172,500		169	Koninklijke Philips NV	566,822		24,342
Investments Ltd						$		24,846
Iberdrola SA		283,653		2,578
Kansai Electric Power Co Inc/The		32,400		392	Holding Companies - Diversified - 0.07%
Meridian Energy Ltd		83,371		227	CK Hutchison Holdings Ltd	120,500		1,267
Power Assets Holdings Ltd		61,500		429	Jardine Matheson Holdings Ltd	9,861		649
Red Electrica Corp SA		28,257		587	Wharf Holdings Ltd/The	78,000		224
RWE AG		20,947		537		$		2,140

See accompanying notes.

342

Schedule of Investments Overseas Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Home Builders - 0.10%					Lodging - 0.98%
Barratt Developments PLC		66,210	$	521	Sands China Ltd		108,400	$	597
Daiwa House Industry Co Ltd		25,800		723	SJM Holdings Ltd	23,229,083			28,088
Iida Group Holdings Co Ltd		9,400		159			$		28,685
Persimmon PLC		15,396		450	Machinery - Construction & Mining - 0.88%
Sekisui House Ltd		40,300		650	Hitachi Ltd		722,260		24,021
Taylor Wimpey PLC		213,911		507	Mitsubishi Electric Corp		83,200		1,191
		$		3,010	Mitsubishi Heavy Industries Ltd		14,000		583
Insurance - 6.67%							$		25,795
Admiral Group PLC		13,274		382	Machinery - Diversified - 3.70%
Aegon NV		84,777		443	Amada Holdings Co Ltd		22,100		248
Ageas		11,928		630	CNH Industrial NV	1,951,183			21,213
Allianz SE		20,203		4,883	FANUC Corp		164,300		30,868
Assicurazioni Generali SpA		55,867		1,084	GEA Group AG		320,443		8,978
Aviva PLC	5,483,702			30,797	KION Group AG		323,608		22,262
AXA SA		896,512		23,907	Nabtesco Corp		803,100		24,626
Baloise Holding AG		3,187		546	Sumitomo Heavy Industries Ltd		7,500		267
CNP Assurances		11,168		264			$		108,462
Dai-ichi Life Holdings Inc		43,700		631	Media - 0.04%
Direct Line Insurance Group PLC		89,762		386	Informa PLC		57,107		581
Gjensidige Forsikring ASA		13,055		254	Pearson PLC		33,142		359
Hannover Rueck SE		3,937		595	ProSiebenSat.1 Media SE		15,158		239
Japan Post Holdings Co Ltd		71,500		801	RTL Group SA		2,519		142
Legal & General Group PLC		283,678		1,032			$		1,321
Manulife Financial Corp	1,495,753			27,544	Metal Fabrication & Hardware - 0.01%
Mapfre SA		70,121		211	NSK Ltd		23,400		243
MS&AD Insurance Group Holdings Inc		20,200		628
Muenchener Rueckversicherungs-Gesellschaft		3,559		886	Mining - 0.43%
AG in Muenchen					Anglo American PLC		42,595		1,105
NN Group NV		14,609		638	BHP Group Ltd		46,308		1,225
Poste Italiane SpA (b)		34,105		364	BHP Group PLC		101,748		2,402
Prudential PLC	2,275,359			51,700	Glencore PLC (a)		542,105		2,151
Sampo Oyj		21,098		966	Mitsubishi Materials Corp		6,900		180
Societa Cattolica di Assicurazioni SC	1,577,091			14,694	Rio Tinto Ltd		16,673		1,124
Sompo Holdings Inc		634,300		23,940	Rio Tinto PLC		55,668		3,248
Sony Financial Holdings Inc		7,200		148	South32 Ltd		228,227		539
Suncorp Group Ltd		52,493		491	Sumitomo Metal Mining Co Ltd		15,300		481
Swiss Life Holding AG		1,630		766			$		12,455
Swiss Re AG		14,502		1,396	Miscellaneous Manufacturers - 0.91%
T&D Holdings Inc		36,200		392	Siemens AG		211,374		25,344
Tokio Marine Holdings Inc		29,500		1,495	Smiths Group PLC		9,009		180
Tryg A/S		5,110		156	Toshiba Corp		29,800		993
Zurich Insurance Group AG		7,204		2,296			$		26,517
		$		195,346	Office & Business Equipment - 0.08%
Internet - 1.30%					Canon Inc		44,900		1,246
Baidu Inc ADR(a)		226,900		37,718	Konica Minolta Inc		29,400		295
Yahoo Japan Corp		92,500		247	Ricoh Co Ltd		43,700		442
		$		37,965	Seiko Epson Corp		18,300		294
Investment Companies - 0.07%							$		2,277
BGP Holdings PLC (a),(c),(d)		738,711		—	Oil & Gas - 7.46%
EXOR NV		7,079		472	BP PLC	5,623,131			40,890
Groupe Bruxelles Lambert SA		5,265		504	Ecopetrol SA ADR	1,520,186			28,108
Investor AB		18,414		878	Encana Corp	4,566,466			31,632
Pargesa Holding SA		2,511		198	Eni SpA		102,835		1,752
Wendel SA		904		125	Equinor ASA		47,238		1,053
		$		2,177	Idemitsu Kosan Co Ltd		13,933		453
Iron & Steel - 0.10%					Inpex Corp	1,614,800			15,710
ArcelorMittal		32,001		696	JXTG Holdings Inc		148,410		722
Fortescue Metals Group Ltd		101,578		513	Repsol SA		77,654		1,318
Hitachi Metals Ltd		13,800		160	Royal Dutch Shell PLC - A Shares		250,752		7,989
JFE Holdings Inc		31,900		549	Royal Dutch Shell PLC - B Shares	1,505,146			48,576
Kobe Steel Ltd		20,100		154	SK Innovation Co Ltd		42,478		6,642
Nippon Steel Corp		36,200		647	TOTAL SA		601,875		33,459
voestalpine AG		7,457		240			$		218,304
		$		2,959	Oil & Gas Services - 1.73%
Leisure Products & Services - 0.51%					CGG SA (a)	5,107,186			9,232
Carnival PLC		283,325		15,020	Oceaneering International Inc (a)	1,239,561			23,800
					Schlumberger Ltd		406,164		17,335
					WorleyParsons Ltd		21,055		212
							$		50,579

See accompanying notes.

343

Schedule of Investments Overseas Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Pharmaceuticals - 6.39%					Semiconductors - 1.67%
Alfresa Holdings Corp		4,400	$	123	MediaTek Inc	2,431,697	$	23,307
AstraZeneca PLC		482,099		35,916	Samsung Electronics Co Ltd	649,593		25,540
Bayer AG		37,699		2,508		$		48,847
Daiichi Sankyo Co Ltd		20,100		994	Shipbuilding - 0.01%
GlaxoSmithKline PLC		721,001		14,812	Yangzijiang Shipbuilding Holdings Ltd	155,200		179
Medipal Holdings Corp		11,200		252	Software - 1.95%
Mitsubishi Tanabe Pharma Corp		16,400		206	DeNA Co Ltd	7,400		115
Novartis AG		445,492		36,504	Micro Focus International PLC (a)	883,945		22,407
Otsuka Holdings Co Ltd		12,900		461	SAP SE	267,636		34,501
Roche Holding AG		102,330		27,001		$		57,023
Sanofi		68,208		5,951	Telecommunications - 5.62%
Suzuken Co Ltd/Aichi Japan		2,500		144	BT Group PLC	384,791		1,148
Taisho Pharmaceutical Holdings Co Ltd		1,600		148	China Mobile Ltd	4,324,841		41,265
Takeda Pharmaceutical Co Ltd	1,663,723			61,395	Deutsche Telekom AG	1,082,719		18,141
Teva Pharmaceutical Industries Ltd ADR(a)		39,121		595	Eutelsat Communications SA	11,356		205
		$		187,010	HKT Trust & HKT Ltd	246,000		381
Pipelines - 0.93%					KDDI Corp	1,371,600		31,613
Koninklijke Vopak NV		611,543		27,307	Nippon Telegraph & Telephone Corp	29,500		1,227
Private Equity - 0.02%					Nokia OYJ	227,828		1,197
3i Group PLC		46,305		648	NTT DOCOMO Inc	60,900		1,323
Real Estate - 0.23%					Orange SA	91,025		1,423
CK Asset Holdings Ltd		119,000		957	PCCW Ltd	275,000		166
Hang Lung Group Ltd		56,000		167	Proximus SADP	9,898		277
Henderson Land Development Co Ltd		85,580		528	SES SA	23,781		405
Hongkong Land Holdings Ltd		76,052		531	Singapore Telecommunications Ltd	372,400		869
Hysan Development Co Ltd		40,000		224	SK Telecom Co Ltd	151,868		32,212
Kerry Properties Ltd		42,500		182	Swisscom AG	1,181		550
Mitsui Fudosan Co Ltd		26,500		614	Telefonica SA	188,898		1,575
New World Development Co Ltd		282,285		468	Telia Co AB	128,416		547
Nomura Real Estate Holdings Inc		8,100		172	Telstra Corp Ltd	271,755		647
Sun Hung Kai Properties Ltd		64,383		1,111	TPG Telecom Ltd	8,478		40
Vonovia SE		19,897		994	Vodafone Group PLC	15,844,627		29,390
Wharf Real Estate Investment Co Ltd		78,000		598		$		164,601
Wheelock & Co Ltd		34,000		242	Transportation - 2.61%
		$		6,788	Aurizon Holdings Ltd	129,922		436
REITs - 0.27%					Central Japan Railway Co	6,600		1,419
Ascendas Real Estate Investment Trust		172,400		381	ComfortDelGro Corp Ltd	49,100		97
CapitaLand Commercial Trust		170,900		244	Deutsche Post AG	842,662		29,291
CapitaLand Mall Trust		168,300		300	East Japan Railway Co	329,200		31,025
Covivio		2,975		322	Kamigumi Co Ltd	7,100		170
Daiwa House REIT Investment Corp		120		275	Kyushu Railway Co	10,500		342
Dexus		66,405		586	Mitsui OSK Lines Ltd	7,500		191
GPT Group/The		117,827		476	Nippon Yusen KK	10,000		171
Japan Prime Realty Investment Corp		54		216	Royal Mail PLC	58,556		193
Japan Real Estate Investment Corp		84		466	Seibu Holdings Inc	803,000		13,072
Japan Retail Fund Investment Corp		168		321		$		76,407
Mirvac Group		239,085		479	Trucking & Leasing - 0.01%
Nippon Building Fund Inc		89		573	AerCap Holdings NV (a)	8,157		404
Nippon Prologis REIT Inc (a)		114		245	Water - 0.04%
Nomura Real Estate Master Fund Inc		253		371	Severn Trent PLC	15,483		412
Scentre Group		239,881		647	United Utilities Group PLC	44,515		483
Segro PLC		46,019		408	Veolia Environnement SA	17,539		415
Suntec Real Estate Investment Trust		139,200		189		$		1,310
Unibail-Rodamco-Westfield		5,591		962	TOTAL COMMON STOCKS	$		2,763,324
United Urban Investment Corp		192		306	INVESTMENT COMPANIES - 2.47%	Shares Held Value (000's)
		$		7,767	Money Market Funds - 2.46%
Retail - 1.82%					Principal Government Money Market Fund	72,049,935		72,050
Cie Financiere Richemont SA		105,628		7,722	2.38%(e),(f)
Greene King PLC	2,363,264			19,792	Principal Exchange-Traded Funds - 0.01%
Harvey Norman Holdings Ltd		38,507		113	Principal International Multi-Factor Index ETF (e)	4,072		393
Hennes & Mauritz AB		42,701		745	Principal Shareholder Yield Index ETF (e)	1,097		36
HUGO BOSS AG		337,616		23,591		$		429
Isetan Mitsukoshi Holdings Ltd		10,700		102	TOTAL INVESTMENT COMPANIES	$		72,479
Marks & Spencer Group PLC		106,080		396
Next PLC		6,807		513
Yamada Denki Co Ltd		40,800		193
		$		53,167

See accompanying notes.

344

Schedule of Investments Overseas Fund April 30, 2019 (unaudited)

PREFERRED STOCKS - 2.64%			Shares Held Value (000's)
Automobile Manufacturers - 2.64%
Bayerische Motoren Werke AG	3.52	%	3,621	$	268
Porsche Automobil Holding SE	2.21	%	6,189		430
Volkswagen AG 4.86%			439,066		76,662
			$		77,360
TOTAL PREFERRED STOCKS			$		77,360
Total Investments			$		2,913,163
Other Assets and Liabilities -  0.50%					14,497
TOTAL NET ASSETS - 100.00%			$		2,927,660

(a)	Non-income producing security
(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 $36,362 or 1.24% of net assets.
(c)	The value of these investments was determined using significant unobservable inputs.
(d)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which results in not all securities being identified as Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $0 or 0.00% of net assets.
(e)	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.
(f)	Current yield shown is as of period end.

Portfolio Summary  (unaudited)
Country	Percent
United Kingdom	24.75	%
Japan	15.17	%
Germany	11.24	%
France	9.90	%
Switzerland	5.68	%
Netherlands	5.60	%
United States	4.38	%
Italy	3.87	%
Canada	3.67	%
Hong Kong	3.12	%
Korea, Republic Of	2.58	%
Spain	1.36	%
China	1.30	%
Singapore	1.14	%
Colombia	0.96	%
Taiwan, Province Of China	0.80	%
Australia	0.78	%
Ireland	0.74	%
Finland	0.73	%
Malaysia	0.61	%
Iceland	0.31	%
Sweden	0.18	%
Turkey	0.17	%
Norway	0.08	%
Mexico	0.08	%
Belgium	0.08	%
Israel	0.06	%
Luxembourg	0.03	%
New Zealand	0.03	%
Denmark	0.03	%
Portugal	0.02	%
Macao	0.02	%
Austria	0.02	%
South Africa	0.01	%
Other Assets and Liabilities	0.50	%
TOTAL NET ASSETS	100.00	%

Affiliated Securities		October 31, 2018						Purchases		Sales		April 30, 2019
		Value						Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			75,385		$		575,884	$	579,219	$		72,050
Principal International Multi-Factor Index ETF					—			365		—			393
Principal Shareholder Yield Index ETF					—			35		—			36
	$			75,385		$		576,284	$	579,219	$		72,479
				Realized Gain/Loss				Realized Gain from				Change in Unrealized
		Income		on Investments				Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	646	$		— $					— $			—
Principal International Multi-Factor Index ETF		4			—					—			28
Principal Shareholder Yield Index ETF		—			—					—			1
	$	650	$		— $					— $			29
Amounts in thousands
Futures Contracts
Description and Expiration Date		Type		Contracts			Notional Amount			Value and Unrealized Appreciation/(Depreciation)
eMini MSCI EAFE; June 2019		Long			210		$	20,129			$		46
Total											$		46
Amounts in thousands except contracts.

See accompanying notes.

345

     Schedule of Investments Principal Capital Appreciation Fund April 30, 2019 (unaudited)

COMMON STOCKS - 97.29%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 2.27%					Healthcare - Products (continued)
Boeing Co/The		33,574	$	12,681	Thermo Fisher Scientific Inc		84,227	$	23,369
Northrop Grumman Corp		75,301		21,830	Varian Medical Systems Inc (a)		123,319		16,792
Teledyne Technologies Inc (a)		29,878		7,425			$		110,010
		$		41,936	Healthcare - Services - 1.88%
Airlines - 1.46%					UnitedHealth Group Inc		72,686		16,941
Alaska Air Group Inc		111,057		6,874	Universal Health Services Inc		139,101		17,648
Delta Air Lines Inc		343,284		20,010			$		34,589
		$		26,884	Home Builders - 0.44%
Apparel - 1.40%					Thor Industries Inc		123,473		8,133
Deckers Outdoor Corp (a)		109,587		17,338	Insurance - 3.08%
NIKE Inc		95,997		8,431	Chubb Ltd		121,785		17,683
		$		25,769	Fidelity National Financial Inc		567,348		22,665
Automobile Manufacturers - 0.71%					Marsh & McLennan Cos Inc		175,466		16,545
PACCAR Inc		182,034		13,046			$		56,893
Banks - 7.11%					Internet - 7.92%
East West Bancorp Inc		361,715		18,621	Alibaba Group Holding Ltd ADR(a)		34,198		6,346
JPMorgan Chase & Co		551,435		63,994	Alphabet Inc - A Shares (a)		41,535		49,799
PNC Financial Services Group Inc/The		189,896		26,003	Amazon.com Inc (a)		24,536		47,269
US Bancorp		422,041		22,503	Booking Holdings Inc (a)		4,029		7,474
		$		131,121	Facebook Inc (a)		117,540		22,732
Beverages - 2.05%					Palo Alto Networks Inc (a)		49,820		12,397
Keurig Dr Pepper Inc		257,674		7,490			$		146,017
PepsiCo Inc		236,640		30,302	Machinery - Diversified - 0.94%
		$		37,792	Deere & Co		104,708		17,343
Biotechnology - 0.34%					Media - 3.15%
Biogen Inc (a)		27,658		6,340	Comcast Corp - Class A		465,786		20,276
Chemicals - 2.62%					Nexstar Media Group Inc		129,623		15,172
Albemarle Corp		106,687		8,008	Walt Disney Co/The		165,267		22,637
DowDuPont Inc		334,897		12,877			$		58,085
FMC Corp		235,730		18,637	Miscellaneous Manufacturers - 0.35%
HB Fuller Co		179,796		8,804	3M Co		34,006		6,445
		$		48,326	Oil & Gas - 5.15%
Commercial Services - 1.94%					Chevron Corp		255,947		30,729
Aaron's Inc		434,090		24,175	EOG Resources Inc		54,547		5,239
PayPal Holdings Inc (a)		102,131		11,517	Royal Dutch Shell PLC - B shares ADR		569,825		36,976
		$		35,692	Valero Energy Corp		242,282		21,965
Computers - 3.92%							$		94,909
Apple Inc		360,317		72,305	Pharmaceuticals - 5.40%
Consumer Products - 1.00%					Bristol-Myers Squibb Co		301,047		13,977
Church & Dwight Co Inc		245,653		18,412	Johnson & Johnson		203,626		28,752
Distribution & Wholesale - 1.49%					Merck & Co Inc		408,270		32,135
KAR Auction Services Inc		487,013		27,507	Pfizer Inc		609,573		24,755
Diversified Financial Services - 5.02%							$		99,619
Ameriprise Financial Inc		148,934		21,859	REITs - 3.46%
Charles Schwab Corp/The		282,856		12,949	Alexandria Real Estate Equities Inc		253,098		36,039
Discover Financial Services		434,460		35,404	American Tower Corp		47,146		9,207
Visa Inc		135,618		22,300	Simon Property Group Inc		106,961		18,579
		$		92,512			$		63,825
Electric - 3.16%					Retail - 3.11%
NextEra Energy Inc		166,465		32,368	Costco Wholesale Corp		82,066		20,150
Xcel Energy Inc		457,954		25,874	Home Depot Inc/The		102,022		20,782
		$		58,242	Lululemon Athletica Inc (a)		51,799		9,135
Electronics - 1.01%					Starbucks Corp		93,056		7,228
Honeywell International Inc		107,404		18,649			$		57,295
Environmental Control - 0.10%					Semiconductors - 3.75%
Waste Connections Inc		20,421		1,894	Broadcom Inc		64,832		20,642
					Lam Research Corp		90,340		18,739
Food - 1.55%					Microchip Technology Inc		186,060		18,586
McCormick & Co Inc/MD		101,104		15,567	NVIDIA Corp		19,364		3,505
Tyson Foods Inc		174,249		13,070	ON Semiconductor Corp (a)		332,092		7,658
		$		28,637			$		69,130
Hand & Machine Tools - 0.42%					Software - 7.63%
Snap-on Inc		45,978		7,737	Adobe Inc (a)		60,398		17,470
Healthcare - Products - 5.96%					Fair Isaac Corp (a)		55,995		15,665
Abbott Laboratories		187,407		14,910	Fidelity National Information Services Inc		132,181		15,324
Becton Dickinson and Co		84,298		20,294	Microsoft Corp		627,317		81,927
Edwards Lifesciences Corp (a)		67,937		11,962
Medtronic PLC		255,415		22,683

See accompanying notes.

346

     Schedule of Investments Principal Capital Appreciation Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)
Software (continued)
ServiceNow Inc (a)	37,898	$	10,290
	$		140,676
Telecommunications - 4.97%
Arista Networks Inc (a)	27,640		8,632
Cisco Systems Inc	662,473		37,065
T-Mobile US Inc (a)	253,869		18,530
Verizon Communications Inc	478,667		27,375
	$		91,602
Toys, Games & Hobbies - 1.26%
Hasbro Inc	228,526		23,278
Transportation - 1.27%
Expeditors International of Washington Inc	165,842		13,171
Union Pacific Corp	58,384		10,337
	$		23,508
TOTAL COMMON STOCKS	$		1,794,158
INVESTMENT COMPANIES - 2.58%	Shares Held Value (000's)
Money Market Funds - 2.58%
Principal Government Money Market Fund	47,624,944		47,625
2.38%(b),(c)
TOTAL INVESTMENT COMPANIES	$		47,625
Total Investments	$		1,841,783
Other Assets and Liabilities -  0.13%			2,364
TOTAL NET ASSETS - 100.00%	$		1,844,147

(a)	Non-income producing security
(b)	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.
(c)	Current yield shown is as of period end.

Portfolio Summary  (unaudited)
Sector	Percent
Consumer, Non-cyclical	20.12	%
Financial	18.67	%
Communications	16.04	%
Technology	15.30	%
Consumer, Cyclical	9.87	%
Industrial	6.36	%
Energy	5.15	%
Utilities	3.16	%
Basic Materials	2.62	%
Money Market Funds	2.58	%
Other Assets and Liabilities	0.13	%
TOTAL NET ASSETS	100.00	%

Affiliated Securities				October 31, 2018		Purchases		Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			45,435	$	324,294	$	322,104	$		47,625
	$			45,435	$	324,294	$	322,104	$		47,625
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments		Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$	425	$	— $				— $			—
	$	425	$	— $				— $			—
Amounts in thousands

See accompanying notes.

347

			Schedule of Investments
		Principal LifeTime 2010 Fund
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 23.76%
Blue Chip Fund (a)	1,011,746	$	25,456
Diversified International Fund (a)	2,490,779		30,437
Diversified Real Asset Fund (a)	1,189,623		13,479
Global Multi-Strategy Fund (a)	4,200,006		44,436
International Small Company Fund (a)	898,758		9,608
LargeCap Growth Fund I (a)	1,566,565		24,438
MidCap Fund (a)	738,482		21,091
SmallCap Growth Fund I (a)	493,452		6,790
SmallCap Value Fund II (a)	544,132		5,784
	$		181,519
Principal Funds, Inc. Institutional Class - 76.25%
Bond Market Index Fund (a)	8,033,922		87,971
Core Plus Bond Fund (a)	13,089,363		140,318
Equity Income Fund (a)	579,986		18,507
High Yield Fund I (a)	5,493,928		52,632
Inflation Protection Fund (a)	4,821,063		40,690
LargeCap S&P 500 Index Fund (a)	2,324,138		42,694
LargeCap Value Fund III (a)	1,155,529		19,032
MidCap Value Fund I (a)	804,314		11,260
Overseas Fund (a)	3,142,495		30,294
Short-Term Income Fund (a)	11,446,366		139,188
	$		582,586
TOTAL INVESTMENT COMPANIES	$		764,105
Total Investments	$		764,105
Other Assets and Liabilities -  (0.01)%			(95	)
TOTAL NET ASSETS - 100.00%	$		764,010

(a)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment
	Company Act of 1940 (controls 5.0% 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	64.30	%
Domestic Equity Funds	22.91	%
Specialty Funds	7.58	%
International Equity Funds	5.22	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

348

Schedule of Investments
Principal LifeTime 2010 Fund
April 30, 2019 (unaudited)
Affiliated Securities						October 31, 2018		Purchases(a),(b)		Sales(a),(b)		April 30, 2019
						Value		Cost		Proceeds				Value
Blue Chip Fund		$			23,411		$	1,772	$	2,220	$			25,456
Bond Market Index Fund					76,340			19,948		10,664				87,971
Core Plus Bond Fund					149,993			3,959		18,635				140,318
Diversified International Fund	Class R-6					—		41,549		1,038				30,437
Diversified International Fund	Institutional Class				32,365			2,205		44,638				—
Diversified Real Asset Fund					15,087			672		2,412				13,479
Equity Income Fund					18,930			1,258		2,220				18,507
Global Multi-Strategy Fund					48,799			3,405		5,815				44,436
High Yield Fund I					74,700			2,633		25,293				52,632
Inflation Protection Fund					43,969			1,700		5,500				40,690
International Small Company Fund					10,432			922		1,400				9,608
LargeCap Growth Fund I					23,482			2,735		2,220				24,438
LargeCap S&P 500 Index Fund					43,043			3,124		4,440				42,694
LargeCap Value Fund III					19,798			2,006		2,219				19,032
MidCap Fund					19,545			2,151		2,122				21,091
MidCap Value Fund I						—		11,178		106				11,260
MidCap Value Fund III					11,821			1,162		12,616				—
Overseas Fund					32,928			3,094		4,294				30,294
Short-Term Income Fund					151,134			3,211		17,030				139,188
SmallCap Growth Fund I						6,624		910		675				6,790
SmallCap Value Fund II						6,099		978		675				5,784
		$			808,500		$	110,572	$	166,232	$			764,105
					Realized Gain/Loss					Realized Gain from				Change in Unrealized
			Income			on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$	3	$				291	$			1,586	$	2,202
Bond Market Index Fund			1,857					33				—		2,314
Core Plus Bond Fund			2,428					(36	)			—		5,037
Diversified International Fund	Class R-6		—					(208	)			—		(9,866	)
Diversified International Fund	Institutional Class		582					(278	)			1,438		10,346
Diversified Real Asset Fund			474					166				—		(34	)
Equity Income Fund			359					389				717		150
Global Multi-Strategy Fund			1,923					19				1,011		(1,972	)
High Yield Fund I			2,005					(509	)			—		1,101
Inflation Protection Fund			1,249					82				—		439
International Small Company Fund			290					11				517		(357	)
LargeCap Growth Fund I			126					405				2,426		36
LargeCap S&P 500 Index Fund			833					613				1,927		354
LargeCap Value Fund III			532					178				1,291		(731	)
MidCap Fund			65					359				1,912		1,158
MidCap Value Fund I			—					—				—		188
MidCap Value Fund III			393					—				643		(367	)
Overseas Fund			887					215				1,855		(1,649	)
Short-Term Income Fund			1,814					2				—		1,871
SmallCap Growth Fund I			91					117				764		(186	)
SmallCap Value Fund II			168					90				754		(708	)
		$	16,079	$		1,939			$			16,841	$	9,326
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

349

				Schedule of Investments
		Principal LifeTime 2015 Fund
				April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 27.38%
Blue Chip Fund (a)	684,173		$	17,214
Diversified International Fund (a)	1,726,141			21,093
Diversified Real Asset Fund (a)	624,661			7,077
Global Multi-Strategy Fund (a)	2,067,892			21,878
International Small Company Fund (a)	640,860			6,851
LargeCap Growth Fund I (a)	1,076,045			16,786
MidCap Fund (a)	504,226			14,401
SmallCap Growth Fund I (a)	380,484			5,236
SmallCap Value Fund II (a)	408,647			4,344
	$			114,880
Principal Funds, Inc. Institutional Class - 72.63%
Bond Market Index Fund (a)	4,108,656			44,990
Core Plus Bond Fund (a)	6,686,912			71,684
Equity Income Fund (a)	404,882			12,920
High Yield Fund I (a)	2,670,612			25,584
Inflation Protection Fund (a)	2,378,539			20,075
LargeCap S&P 500 Index Fund (a)	1,567,056			28,787
LargeCap Value Fund III (a)	801,408			13,199
MidCap Value Fund I (a)	576,117			8,065
Overseas Fund (a)	2,179,049			21,006
Short-Term Income Fund (a)	4,804,250			58,420
	$			304,730
TOTAL INVESTMENT COMPANIES	$			419,610
Total Investments	$			419,610
Other Assets and Liabilities -  (0.01)%				(46	)
TOTAL NET ASSETS - 100.00%	$			419,564

(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	57.64	%
Domestic Equity Funds	28.83	%
Specialty Funds	6.90	%
International Equity Funds	6.64	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

350

Schedule of Investments
Principal LifeTime 2015 Fund
April 30, 2019 (unaudited)
Affiliated Securities					October 31, 2018	Purchases(a),(b)			Sales(a),(b)		April 30, 2019
					Value		Cost		Proceeds				Value
Blue Chip Fund		$			17,370	$	1,373	$	3,073	$			17,214
Bond Market Index Fund					42,785		11,478		10,474				44,990
Core Plus Bond Fund					85,319		2,538		18,789				71,684
Diversified International Fund	Class R-6				—		13,654		929				21,093
Diversified International Fund	Institutional Class				25,337		1,842		18,496				—
Diversified Real Asset Fund					9,232		458		2,605				7,077
Equity Income Fund					14,728		1,026		3,072				12,920
Global Multi-Strategy Fund					26,619		1,950		5,547				21,878
High Yield Fund I					41,835		1,536		17,923				25,584
Inflation Protection Fund					24,191		1,034		5,364				20,075
International Small Company Fund					8,447		778		1,979				6,851
LargeCap Growth Fund I					17,674		2,108		3,073				16,786
LargeCap S&P 500 Index Fund					32,096		2,438		6,040				28,787
LargeCap Value Fund III					15,271		1,598		3,073				13,199
MidCap Fund					14,795		1,677		2,916				14,401
MidCap Value Fund I					—		7,320		62				8,065
MidCap Value Fund III					9,577		956		9,438				—
Overseas Fund					25,774		2,514		5,886				21,006
Short-Term Income Fund					69,821		1,708		13,905				58,420
SmallCap Growth Fund I					5,650		792		1,042				5,236
SmallCap Value Fund II					5,134		838		1,041				4,344
		$	491,655			$	59,616	$	134,727	$			419,610
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$	2	$			499	$			1,167	$	1,045
Bond Market Index Fund			1,028				(62	)			—		1,263
Core Plus Bond Fund			1,293				(321	)			—		2,937
Diversified International Fund	Class R-6		—				204				—		8,164
Diversified International Fund	Institutional Class		450				602				1,116		(9,285	)
Diversified Real Asset Fund			285				(261	)			—		253
Equity Income Fund			270				703				553		(465	)
Global Multi-Strategy Fund			1,039				11				547		(1,155	)
High Yield Fund I			1,038				(493	)			—		629
Inflation Protection Fund			679				(2	)			—		216
International Small Company Fund			233				29				415		(424	)
LargeCap Growth Fund I			94				650				1,812		(573	)
LargeCap S&P 500 Index Fund			614		2,109						1,425		(1,816	)
LargeCap Value Fund III			407				223				988		(820	)
MidCap Fund			49				546				1,435		299
MidCap Value Fund I			—				—				—		807
MidCap Value Fund III			302				(36	)			516		(1,059	)
Overseas Fund			686				(23	)			1,439		(1,373	)
Short-Term Income Fund			789				(9	)			—		805
SmallCap Growth Fund I			77				131				647		(295	)
SmallCap Value Fund II			140				89				629		(676	)
		$	9,475	$	4,589			$			12,689	$	(1,523	)
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

351

				Schedule of Investments
		Principal LifeTime 2020 Fund
				April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 32.25%
Blue Chip Fund (a)	8,359,687		$	210,330
Diversified International Fund (a)	23,047,029			281,635
Diversified Real Asset Fund (a)	6,435,807			72,918
Global Multi-Strategy Fund (a)	18,268,402			193,280
International Small Company Fund (a)	8,123,991			86,845
LargeCap Growth Fund I (a)	13,364,935			208,493
MidCap Fund (a)	6,202,874			177,154
SmallCap Growth Fund I (a)	4,568,096			62,857
SmallCap Value Fund II (a)	4,902,685			52,115
	$			1,345,627
Principal Funds, Inc. Institutional Class - 67.76%
Bond Market Index Fund (a)	37,417,369			409,720
Core Plus Bond Fund (a)	60,182,066			645,152
Equity Income Fund (a)	5,065,067			161,626
High Yield Fund I (a)	22,325,703			213,880
Inflation Protection Fund (a)	17,954,605			151,537
LargeCap S&P 500 Index Fund (a)	19,226,675			353,194
LargeCap Value Fund III (a)	9,822,961			161,784
MidCap Value Fund I (a)	7,534,089			105,477
Overseas Fund (a)	28,720,896			276,870
Short-Term Income Fund (a)	28,595,623			347,723
	$			2,826,963
TOTAL INVESTMENT COMPANIES	$			4,172,590
Total Investments	$			4,172,590
Other Assets and Liabilities -  (0.01)%				(381	)
TOTAL NET ASSETS - 100.00%	$			4,172,209

(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	49.12	%
Domestic Equity Funds	35.79	%
International Equity Funds	8.72	%
Specialty Funds	6.38	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

352

Schedule of Investments
Principal LifeTime 2020 Fund
April 30, 2019 (unaudited)
Affiliated Securities			October 31, 2018			Purchases(a),(b)		Sales(a),(b)		April 30, 2019
			Value			Cost		Proceeds				Value
Blue Chip Fund		$		195,709	$	13,722	$	19,310	$			210,330
Bond Market Index Fund				349,407		99,402		49,324				409,720
Core Plus Bond Fund				696,760		12,702		87,436				645,152
Diversified International Fund	Class R-6			—		324,883		7,815				281,635
Diversified International Fund	Institutional Class			299,992		19,482		354,259				—
Diversified Real Asset Fund				82,549		2,840		13,048				72,918
Equity Income Fund				166,697		9,888		19,311				161,626
Global Multi-Strategy Fund				214,068		13,426		25,412				193,280
High Yield Fund I				328,009		9,631		126,146				213,880
Inflation Protection Fund				165,441		5,089		20,875				151,537
International Small Company Fund				94,340		7,600		11,742				86,845
LargeCap Growth Fund I				202,127		22,490		19,310				208,493
LargeCap S&P 500 Index Fund				360,798		23,975		38,619				353,194
LargeCap Value Fund III				170,188		16,159		19,310				161,784
MidCap Fund				165,671		17,230		18,005				177,154
MidCap Value Fund I				—		98,012		717				105,477
MidCap Value Fund III				111,245		10,038		111,090				—
Overseas Fund				301,954		26,095		37,314				276,870
Short-Term Income Fund				380,809		5,273		43,055				347,723
SmallCap Growth Fund I				61,836		8,164		6,263				62,857
SmallCap Value Fund II				55,625		8,605		6,263				52,115
		$		4,403,225	$	754,706	$	1,034,624	$			4,172,590
					Realized Gain/Loss			Realized Gain from				Change in Unrealized
				Income	on Investments			Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$		25	$	2,322	$			13,377	$	17,887
Bond Market Index Fund				8,580		204				—		10,031
Core Plus Bond Fund				11,248		(157	)			—		23,283
Diversified International Fund	Class R-6			—		(250	)			—		(35,183	)
Diversified International Fund	Institutional Class			5,457		345				13,529		34,440
Diversified Real Asset Fund				2,623		(167	)			—		744
Equity Income Fund				3,180		3,577				6,387		775
Global Multi-Strategy Fund				8,525		44				4,486		(8,846	)
High Yield Fund I				9,034		(1,633	)			—		4,019
Inflation Protection Fund				4,743		18				—		1,864
International Small Company Fund				2,662		(22	)			4,744		(3,331	)
LargeCap Growth Fund I				1,098		2,573				21,072		613
LargeCap S&P 500 Index Fund				7,032		(882	)			16,304		7,922
LargeCap Value Fund III				4,618		1,082				11,221		(6,335	)
MidCap Fund				555		1,051				16,376		11,207
MidCap Value Fund I				—		9				—		8,173
MidCap Value Fund III				3,709		(98	)			6,135		(10,095	)
Overseas Fund				8,224		116				17,252		(13,981	)
Short-Term Income Fund				4,560		(11	)			—		4,707
SmallCap Growth Fund I				854		845				7,206		(1,725	)
SmallCap Value Fund II				1,549		214				6,952		(6,066	)
		$		88,276	$	9,180	$			145,041	$	40,103
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

353

				Schedule of Investments
				Principal LifeTime 2025 Fund
				April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 36.27%
Blue Chip Fund (a)	3,424,240		$	86,154
Diversified International Fund (a)	10,289,402			125,736
Diversified Real Asset Fund (a)	2,467,680			27,959
Global Multi-Strategy Fund (a)	6,171,373			65,293
International Small Company Fund (a)	3,473,126			37,128
LargeCap Growth Fund I (a)	6,113,497			95,370
MidCap Fund (a)	2,740,287			78,263
SmallCap Growth Fund I (a)	2,100,051			28,897
SmallCap Value Fund II (a)	2,237,355			23,783
	$			568,583
Principal Funds, Inc. Institutional Class - 63.74%
Bond Market Index Fund (a)	10,123,110			110,848
Core Plus Bond Fund (a)	20,897,775			224,024
Equity Income Fund (a)	2,237,079			71,385
High Yield Fund I (a)	10,496,243			100,554
Inflation Protection Fund (a)	4,821,329			40,692
LargeCap S&P 500 Index Fund (a)	8,290,791			152,303
LargeCap Value Fund III (a)	4,326,828			71,263
MidCap Value Fund I (a)	3,321,513			46,501
Overseas Fund (a)	12,818,883			123,574
Short-Term Income Fund (a)	4,774,914			58,063
				999,207
TOTAL INVESTMENT COMPANIES	$			1,567,790
Total Investments	$			1,567,790
Other Assets and Liabilities -  (0.01)%				(129	)
TOTAL NET ASSETS - 100.00%	$			1,567,661

(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	42.09	%
Domestic Equity Funds	41.72	%
International Equity Funds	10.25	%
Specialty Funds	5.95	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

354

Schedule of Investments
Principal LifeTime 2025 Fund
April 30, 2019 (unaudited)
Affiliated Securities			October 31, 2018			Purchases(a),(b)			Sales(a),(b)		April 30, 2019
			Value			Cost			Proceeds				Value
Blue Chip Fund		$		78,300	$		7,094	$	7,406	$			86,154
Bond Market Index Fund				115,487			6,065		13,778				110,848
Core Plus Bond Fund				232,015			9,750		25,558				224,024
Diversified International Fund	Class R-6			—			103,925		2,229				125,736
Diversified International Fund	Institutional Class			128,670			10,053		114,497				—
Diversified Real Asset Fund				29,983			1,922		4,161				27,959
Equity Income Fund				71,050			5,817		7,407				71,385
Global Multi-Strategy Fund				69,590			5,828		7,270				65,293
High Yield Fund I				104,386			5,692		10,653				100,554
Inflation Protection Fund				42,672			2,345		4,825				40,692
International Small Company Fund				38,755			4,062		4,328				37,128
LargeCap Growth Fund I				89,657			11,597		7,408				95,370
LargeCap S&P 500 Index Fund				150,617			13,154		14,563				152,303
LargeCap Value Fund III				72,375			8,484		7,407				71,263
MidCap Fund				70,906			8,882		6,907				78,263
MidCap Value Fund I				—			43,878		147				46,501
MidCap Value Fund III				47,242			5,238		48,846				—
Overseas Fund				129,458			14,285		14,232				123,574
Short-Term Income Fund				61,167			2,122		5,993				58,063
SmallCap Growth Fund I				27,577			4,191		2,495				28,897
SmallCap Value Fund II				24,525			4,347		2,497				23,783
		$		1,584,432	$		278,731	$	312,607	$			1,567,790
				Realized Gain/Loss					Realized Gain from				Change in Unrealized
				Income	on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$		10	$		420	$			5,377	$	7,746
Bond Market Index Fund				2,855			(26	)			—		3,100
Core Plus Bond Fund				3,792			(151	)			—		7,968
Diversified International Fund	Class R-6			—			1				—		24,039
Diversified International Fund	Institutional Class			2,362			8				5,845		(24,234	)
Diversified Real Asset Fund				964			(289	)			—		504
Equity Income Fund				1,371			192				2,740		1,733
Global Multi-Strategy Fund				2,792			19				1,468		(2,874	)
High Yield Fund I				3,237			(364	)			—		1,493
Inflation Protection Fund				1,234			(22	)			—		522
International Small Company Fund				1,103			(24	)			1,963		(1,337	)
LargeCap Growth Fund I				490			(25	)			9,401		1,549
LargeCap S&P 500 Index Fund				2,952			(58	)			6,847		3,153
LargeCap Value Fund III				1,976			209				4,802		(2,398	)
MidCap Fund				239			12				7,052		5,370
MidCap Value Fund I				—			—				—		2,770
MidCap Value Fund III				1,599			(44	)			2,624		(3,590	)
Overseas Fund				3,557			(12	)			7,451		(5,925	)
Short-Term Income Fund				742			(4	)			—		771
SmallCap Growth Fund I				383			—				3,233		(376	)
SmallCap Value Fund II				687			(4	)			3,085		(2,588	)
		$		32,345	$		(162	) $			61,888	$	17,396
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

355

				Schedule of Investments
		Principal LifeTime 2030 Fund
				April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 40.98%
Blue Chip Fund (a)	7,308,919		$	183,892
Diversified International Fund (a)	37,937,436			463,596
Diversified Real Asset Fund (a)	8,741,147			99,037
Global Multi-Strategy Fund (a)	20,739,754			219,427
International Emerging Markets Fund (a)	2,143,617			54,341
International Small Company Fund (a)	14,418,624			154,135
LargeCap Growth Fund I (a)	33,677,247			525,365
MidCap Fund (a)	11,015,558			314,604
Origin Emerging Markets Fund (a)	5,152,247			55,747
SmallCap Growth Fund I (a)	8,103,065			111,498
SmallCap Value Fund II (a)	8,760,923			93,129
	$			2,274,771
Principal Funds, Inc. Institutional Class - 59.03%
Bond Market Index Fund (a)	30,246,775			331,202
Core Plus Bond Fund (a)	63,390,068			679,542
Equity Income Fund (a)	4,796,792			153,066
High Yield Fund I (a)	30,084,917			288,214
Inflation Protection Fund (a)	12,922,148			109,063
LargeCap S&P 500 Index Fund (a)	34,430,717			632,492
LargeCap Value Fund III (a)	26,221,639			431,870
MidCap Value Fund I (a)	13,935,669			195,099
Overseas Fund (a)	47,280,891			455,788
	$			3,276,336
TOTAL INVESTMENT COMPANIES	$			5,551,107
Total Investments	$			5,551,107
Other Assets and Liabilities -  (0.01)%				(517	)
TOTAL NET ASSETS - 100.00%	$			5,550,590

(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	47.60	%
Fixed Income Funds	33.71	%
International Equity Funds	12.97	%
Specialty Funds	5.73	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

356

Schedule of Investments
Principal LifeTime 2030 Fund
April 30, 2019 (unaudited)
Affiliated Securities			October 31, 2018			Purchases(a),(b)		Sales(a),(b)		April 30, 2019
			Value			Cost		Proceeds				Value
Blue Chip Fund		$		164,220	$	12,589	$	10,912	$			183,892
Bond Market Index Fund				341,292		12,176		31,551				331,202
Core Plus Bond Fund				695,826		18,477		58,610				679,542
Diversified International Fund	Class R-6			—		490,206		7,699				463,596
Diversified International Fund	Institutional Class			466,115		32,609		518,605				—
Diversified Real Asset Fund				104,066		4,604		10,696				99,037
Equity Income Fund				149,409		9,955		10,911				153,066
Global Multi-Strategy Fund				230,405		16,141		17,871				219,427
High Yield Fund I				295,157		11,931		22,463				288,214
Inflation Protection Fund				112,693		4,367		9,413				109,063
International Emerging Markets Fund				53,241		2,221		4,428				54,341
International Small Company Fund				157,884		14,000		12,837				154,135
LargeCap Growth Fund I				490,097		57,837		32,519				525,365
LargeCap S&P 500 Index Fund				616,104		45,245		43,855				632,492
LargeCap Value Fund III				431,756		44,259		32,518				431,870
MidCap Fund				280,446		31,179		19,896				314,604
MidCap Value Fund I				—		175,284		564				195,099
MidCap Value Fund III				194,246		19,102		190,365				—
Origin Emerging Markets Fund				53,400		1,409		4,128				55,747
Overseas Fund				469,048		44,315		37,652				455,788
SmallCap Growth Fund I				104,839		14,575		7,060				111,498
SmallCap Value Fund II				94,414		15,351		7,059				93,129
		$		5,504,658	$	1,077,832	$	1,091,612	$			5,551,107
				Realized Gain/Loss				Realized Gain from				Change in Unrealized
				Income		on Investments		Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$		21	$	1,028	$			11,281	$	16,967
Bond Market Index Fund				8,436		(66	)			—		9,351
Core Plus Bond Fund				11,527		39				—		23,810
Diversified International Fund	Class R-6			—		46				—		(18,957	)
Diversified International Fund	Institutional Class			8,554		16				21,171		19,865
Diversified Real Asset Fund				3,344		(547	)			—		1,610
Equity Income Fund				2,905		381				5,764		4,232
Global Multi-Strategy Fund				9,241		(23	)			4,860		(9,225	)
High Yield Fund I				9,284		(455	)			—		4,044
Inflation Protection Fund				3,258		(14	)			—		1,430
International Emerging Markets Fund				619		20				1,120		3,287
International Small Company Fund				4,492		10				7,996		(4,922	)
LargeCap Growth Fund I				2,675		(112	)			51,330		10,062
LargeCap S&P 500 Index Fund				12,076		(414	)			28,001		15,412
LargeCap Value Fund III				11,786		(35	)			28,641		(11,592	)
MidCap Fund				946		160				27,888		22,715
MidCap Value Fund I				—		7				—		20,372
MidCap Value Fund III				6,634		(40	)			10,786		(22,943	)
Origin Emerging Markets Fund				884		(53	)			—		5,119
Overseas Fund				12,888		41				26,990		(19,964	)
SmallCap Growth Fund I				1,456		(109	)			12,287		(747	)
SmallCap Value Fund II				2,646		198				11,874		(9,775	)
		$	113,672		$	78	$			249,989	$	60,151
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

357

			Schedule of Investments
	Principal LifeTime 2035 Fund
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value (000's)
Principal Funds, Inc. Class R-6 - 34.36%
Blue Chip Fund (a)	1,774,787	$	44,654
Diversified International Fund (a)	9,342,922		114,171
International Emerging Markets Fund (a)	608,145		15,416
International Small Company Fund (a)	3,482,698		37,230
LargeCap Growth Fund I (a)	8,204,623		127,992
Origin Emerging Markets Fund (a)	1,441,702		15,599
Real Estate Securities Fund (a)	1,003,313		25,775
SmallCap Growth Fund I (a)	1,926,894		26,514
SmallCap Value Fund II (a)	2,182,269		23,198
	$		430,549
Principal Funds, Inc. Institutional Class - 65.65%
Bond Market Index Fund (a)	6,972,980		76,354
Core Plus Bond Fund (a)	14,749,929		158,119
Equity Income Fund (a)	1,184,382		37,794
High Yield Fund I (a)	5,749,807		55,083
LargeCap S&P 500 Index Fund (a)	8,505,626		156,248
LargeCap Value Fund III (a)	6,633,567		109,255
MidCap Growth Fund III (a)	5,381,575		63,449
MidCap Value Fund I (a)	3,774,863		52,848
Overseas Fund (a)	11,767,495		113,439
	$		822,589
TOTAL INVESTMENT COMPANIES	$		1,253,138
Total Investments	$		1,253,138
Other Assets and Liabilities -  (0.01)%			(91	)
TOTAL NET ASSETS - 100.00%	$		1,253,047

(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	53.29	%
Fixed Income Funds	32.22	%
International Equity Funds	14.50	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

358

Schedule of Investments
Principal LifeTime 2035 Fund
April 30, 2019 (unaudited)
Affiliated Securities			October 31, 2018			Purchases(a),(b)			Sales(a),(b)		April 30, 2019
			Value			Cost			Proceeds				Value
Blue Chip Fund		$		39,638	$	4,053		$	3,307	$			44,654
Bond Market Index Fund				77,544		5,391			8,681				76,354
Core Plus Bond Fund				159,705		9,087			16,123				158,119
Diversified International Fund	Class R-6			—		95,029			1,677				114,171
Diversified International Fund	Institutional Class			113,893		9,876			102,969				—
Equity Income Fund				36,577		3,446			3,307				37,794
High Yield Fund I				55,739		3,782			5,079				55,083
International Emerging Markets Fund				15,031		1,045			1,569				15,416
International Small Company Fund				37,834		4,555			3,899				37,230
LargeCap Growth Fund I				118,737		17,083			9,980				127,992
LargeCap S&P 500 Index Fund				150,996		15,168			13,347				156,248
LargeCap Value Fund III				108,164		14,129			9,981				109,255
MidCap Growth Fund III				58,666		7,870			5,316				63,449
MidCap Value Fund I				—		49,696			120				52,848
MidCap Value Fund III				52,196		6,486			54,566				—
Origin Emerging Markets Fund				14,810			921		1,502				15,599
Overseas Fund				115,745		14,532			11,693				113,439
Real Estate Securities Fund				24,496		1,859			2,953				25,775
SmallCap Growth Fund I				24,855		4,133			2,185				26,514
SmallCap Value Fund II				23,343		4,466			2,185				23,198
		$		1,227,969	$	272,607		$	260,439	$			1,253,138
				Realized Gain/Loss					Realized Gain from				Change in Unrealized
				Income		on Investments			Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$		5	$	146		$			2,725	$	4,124
Bond Market Index Fund				1,918		3					—		2,097
Core Plus Bond Fund				2,638		(26		)			—		5,476
Diversified International Fund	Class R-6			—		2					—		20,817
Diversified International Fund	Institutional Class			2,096		(1		)			5,176		(20,799	)
Equity Income Fund				711		66					1,412		1,012
High Yield Fund I				1,750		(18		)			—		659
International Emerging Markets Fund				175		(5		)			316		914
International Small Company Fund				1,079		(10		)			1,917		(1,250	)
LargeCap Growth Fund I				648		550					12,443		1,602
LargeCap S&P 500 Index Fund				2,961		(45		)			6,868		3,476
LargeCap Value Fund III				2,955		(31		)			7,182		(3,026	)
MidCap Growth Fund III				797		33					4,948		2,196
MidCap Value Fund I				—		—					—		3,272
MidCap Value Fund III				1,784		(35		)			2,901		(4,081	)
Origin Emerging Markets Fund				246		(14		)			—		1,384
Overseas Fund				3,190		6					6,665		(5,151	)
Real Estate Securities Fund				312		(39		)			366		2,412
SmallCap Growth Fund I				345		65					2,914		(354	)
SmallCap Value Fund II				655		(5		)			2,938		(2,421	)
		$		24,265	$	642		$			58,771	$	12,359
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

359

			Schedule of Investments
	Principal LifeTime 2040 Fund
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value (000's)
Principal Funds, Inc. Class R-6 - 36.78%
Blue Chip Fund (a)	5,833,754	$	146,777
Diversified International Fund (a)	30,423,285		371,772
International Emerging Markets Fund (a)	2,087,921		52,929
International Small Company Fund (a)	10,938,511		116,933
LargeCap Growth Fund I (a)	26,973,704		420,790
Origin Emerging Markets Fund (a)	4,936,302		53,411
Real Estate Securities Fund (a)	3,069,800		78,863
SmallCap Growth Fund I (a)	6,304,483		86,750
SmallCap Value Fund II (a)	7,184,092		76,367
	$		1,404,592
Principal Funds, Inc. Institutional Class - 63.23%
Bond Market Index Fund (a)	14,911,190		163,277
Core Plus Bond Fund (a)	33,151,567		355,385
Equity Income Fund (a)	3,923,961		125,214
High Yield Fund I (a)	13,881,349		132,983
LargeCap S&P 500 Index Fund (a)	27,990,954		514,194
LargeCap Value Fund III (a)	21,887,417		360,486
MidCap Growth Fund III (a)	18,105,784		213,467
MidCap Value Fund I (a)	12,878,844		180,304
Overseas Fund (a)	38,319,622		369,401
	$		2,414,711
TOTAL INVESTMENT COMPANIES	$		3,819,303
Total Investments	$		3,819,303
Other Assets and Liabilities -  (0.01)%			(386	)
TOTAL NET ASSETS - 100.00%	$		3,818,917

(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	57.69	%
Fixed Income Funds	26.80	%
International Equity Funds	15.52	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

360

Schedule of Investments
Principal LifeTime 2040 Fund
April 30, 2019 (unaudited)
Affiliated Securities			October 31, 2018			Purchases(a),(b)		Sales(a),(b)		April 30, 2019
			Value			Cost		Proceeds				Value
Blue Chip Fund		$		130,467	$	10,693	$	8,732	$			146,777
Bond Market Index Fund				167,494		7,242		16,033				163,277
Core Plus Bond Fund				361,088		11,758		29,918				355,385
Diversified International Fund	Class R-6			—		367,922		7,354				371,772
Diversified International Fund	Institutional Class			371,582		27,309		388,461				—
Equity Income Fund				121,423		8,757		8,732				125,214
High Yield Fund I				134,913		6,142		9,735				132,983
International Emerging Markets Fund				51,526		2,466		4,276				52,929
International Small Company Fund				119,051		11,335		9,733				116,933
LargeCap Growth Fund I				390,789		48,268		26,195				420,790
LargeCap S&P 500 Index Fund				497,796		39,264		35,073				514,194
LargeCap Value Fund III				357,641		38,683		26,196				360,486
MidCap Growth Fund III				197,585		22,169		14,315				213,467
MidCap Value Fund I				—		168,721		430				180,304
MidCap Value Fund III				178,222		18,597		182,383				—
Origin Emerging Markets Fund				50,926		1,667		4,027				53,411
Overseas Fund				377,650		38,079		30,204				369,401
Real Estate Securities Fund				75,010		3,465		7,158				78,863
SmallCap Growth Fund I				81,373		11,809		5,725				86,750
SmallCap Value Fund II				76,956		12,990		5,726				76,367
		$		3,741,492	$	857,336	$	820,406	$			3,819,303
				Realized Gain/Loss				Realized Gain from				Change in Unrealized
				Income		on Investments		Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$		17	$	595	$			8,999	$	13,754
Bond Market Index Fund				4,163		(10	)			—		4,584
Core Plus Bond Fund				6,013		(27	)			—		12,484
Diversified International Fund	Class R-6			—		(136	)			—		11,340
Diversified International Fund	Institutional Class			6,859		110				16,963		(10,540	)
Equity Income Fund				2,374		263				4,706		3,503
High Yield Fund I				4,273		13				—		1,650
International Emerging Markets Fund				602		(51	)			1,089		3,264
International Small Company Fund				3,405		63				6,060		(3,783	)
LargeCap Growth Fund I				2,141		2,340				41,096		5,588
LargeCap S&P 500 Index Fund				9,803		667				22,727		11,540
LargeCap Value Fund III				9,812		(107	)			23,840		(9,535	)
MidCap Growth Fund III				2,694		34				16,726		7,994
MidCap Value Fund I				—		—				—		12,013
MidCap Value Fund III				6,123		(23	)			9,948		(14,413	)
Origin Emerging Markets Fund				848		(111	)			—		4,956
Overseas Fund				10,436		25				21,842		(16,149	)
Real Estate Securities Fund				963		(46	)			1,127		7,592
SmallCap Growth Fund I				1,135		382				9,574		(1,089	)
SmallCap Value Fund II				2,167		102				9,724		(7,955	)
		$		73,828	$	4,083	$			194,421	$	36,798
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

361

				Schedule of Investments
		Principal LifeTime 2045 Fund
				April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 38.75%
Blue Chip Fund (a)	1,434,912		$	36,102
Diversified International Fund (a)	7,700,414			94,099
International Emerging Markets Fund (a)	525,878			13,331
International Small Company Fund (a)	2,627,943			28,093
LargeCap Growth Fund I (a)	6,699,696			104,515
Origin Emerging Markets Fund (a)	1,246,365			13,486
Real Estate Securities Fund (a)	730,732			18,772
SmallCap Growth Fund I (a)	1,624,636			22,355
SmallCap Value Fund II (a)	1,823,379			19,383
	$			350,136
Principal Funds, Inc. Institutional Class - 61.26%
Bond Market Index Fund (a)	2,286,198			25,034
Core Plus Bond Fund (a)	5,735,033			61,480
Equity Income Fund (a)	972,283			31,026
High Yield Fund I (a)	2,552,850			24,456
LargeCap S&P 500 Index Fund (a)	6,941,775			127,520
LargeCap Value Fund III (a)	5,488,237			90,391
MidCap Growth Fund III (a)	4,598,704			54,219
MidCap Value Fund I (a)	3,276,731			45,874
Overseas Fund (a)	9,694,846			93,458
	$			553,458
TOTAL INVESTMENT COMPANIES	$			903,594
Total Investments	$			903,594
Other Assets and Liabilities -  (0.01)%				(74	)
TOTAL NET ASSETS - 100.00%	$			903,520

(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	60.89	%
Fixed Income Funds	22.70	%
International Equity Funds	16.42	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

362

Schedule of Investments
Principal LifeTime 2045 Fund
April 30, 2019 (unaudited)
Affiliated Securities						October 31, 2018	Purchases(a),(b)			Sales(a),(b)		April 30, 2019
						Value		Cost		Proceeds				Value
Blue Chip Fund		$			31,586		$	3,295	$	2,258	$			36,102
Bond Market Index Fund					27,338			2,133		5,142				25,034
Core Plus Bond Fund					61,199			3,775		5,607				61,480
Diversified International Fund	Class R-6					—		82,152		1,117				94,099
Diversified International Fund	Institutional Class				92,073			8,265		87,419				—
Equity Income Fund					29,536			2,835		2,257				31,026
High Yield Fund I					22,131			3,749		1,724				24,456
International Emerging Markets Fund					12,733			917		1,108				13,331
International Small Company Fund					27,995			3,427		2,434				28,093
LargeCap Growth Fund I					95,519			13,945		6,844				104,515
LargeCap S&P 500 Index Fund					121,299			12,444		9,171				127,520
LargeCap Value Fund III					87,968			11,653		6,843				90,391
MidCap Growth Fund III					49,297			6,707		3,773				54,219
MidCap Value Fund I						—		45,222		52				45,874
MidCap Value Fund III					44,425			5,668		48,735				—
Origin Emerging Markets Fund					12,586			786		1,078				13,486
Overseas Fund					93,545			11,915		7,935				93,458
Real Estate Securities Fund					17,451			1,354		1,764				18,772
SmallCap Growth Fund I					20,604			3,461		1,516				22,355
SmallCap Value Fund II					19,161			3,711		1,515				19,383
		$			866,446		$	227,414	$	198,292	$			903,594
					Realized Gain/Loss					Realized Gain from				Change in Unrealized
			Income			on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$	4	$				68	$			2,182	$	3,411
Bond Market Index Fund			681					5				—		700
Core Plus Bond Fund			1,021					(5	)			—		2,118
Diversified International Fund	Class R-6		—					1				—		13,063
Diversified International Fund	Institutional Class		1,708					(3	)			4,211		(12,916	)
Equity Income Fund			580					16				1,147		896
High Yield Fund I			740					(2	)			—		302
International Emerging Markets Fund			149					(3	)			270		792
International Small Company Fund			804					(7	)			1,428		(888	)
LargeCap Growth Fund I			524					177				10,060		1,718
LargeCap S&P 500 Index Fund			2,394					(25	)			5,547		2,973
LargeCap Value Fund III			2,420					2				5,874		(2,389	)
MidCap Growth Fund III			673					5				4,180		1,983
MidCap Value Fund I			—					—				—		704
MidCap Value Fund III			1,539					(21	)			2,484		(1,337	)
Origin Emerging Markets Fund			210					(13	)			—		1,205
Overseas Fund			2,597					9				5,421		(4,076	)
Real Estate Securities Fund			225					(25	)			263		1,756
SmallCap Growth Fund I			288					4				2,428		(198	)
SmallCap Value Fund II			541					(4	)			2,425		(1,970	)
		$	17,098	$				179	$			47,920	$	7,847
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

363

				Schedule of Investments
		Principal LifeTime 2050 Fund
				April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 40.43%
Blue Chip Fund (a)	3,746,031		$	94,250
Diversified International Fund (a)	19,882,271			242,961
International Emerging Markets Fund (a)	1,397,073			35,416
International Small Company Fund (a)	7,013,059			74,970
LargeCap Growth Fund I (a)	17,481,721			272,715
Origin Emerging Markets Fund (a)	3,304,269			35,752
Real Estate Securities Fund (a)	1,830,367			47,022
SmallCap Growth Fund I (a)	4,239,782			58,339
SmallCap Value Fund II (a)	4,882,932			51,906
	$			913,331
Principal Funds, Inc. Institutional Class - 59.58%
Bond Market Index Fund (a)	3,417,000			37,416
Core Plus Bond Fund (a)	9,826,708			105,342
Equity Income Fund (a)	2,544,619			81,199
High Yield Fund I (a)	5,307,961			50,850
LargeCap S&P 500 Index Fund (a)	18,145,691			333,337
LargeCap Value Fund III (a)	14,363,272			236,563
MidCap Growth Fund III (a)	12,032,831			141,867
MidCap Value Fund I (a)	8,441,602			118,183
Overseas Fund (a)	25,035,167			241,339
	$			1,346,096
TOTAL INVESTMENT COMPANIES	$			2,259,427
Total Investments	$			2,259,427
Other Assets and Liabilities -  (0.01)%				(157	)
TOTAL NET ASSETS - 100.00%	$			2,259,270

(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	63.53	%
Fixed Income Funds	19.33	%
International Equity Funds	17.15	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

364

Schedule of Investments
Principal LifeTime 2050 Fund
April 30, 2019 (unaudited)
Affiliated Securities			October 31, 2018			Purchases(a),(b)		Sales(a),(b)		April 30, 2019
			Value			Cost		Proceeds				Value
Blue Chip Fund		$		82,932	$	7,736	$	5,702	$			94,250
Bond Market Index Fund				41,945		2,847		8,459				37,416
Core Plus Bond Fund				106,345		5,262		9,958				105,342
Diversified International Fund	Class R-6			—		233,915		5,637				242,961
Diversified International Fund	Institutional Class			239,661		19,570		245,338				—
Equity Income Fund				77,840		6,548		5,702				81,199
High Yield Fund I				47,662		6,098		3,568				50,850
International Emerging Markets Fund				34,052		2,059		2,857				35,416
International Small Company Fund				75,318		8,207		6,298				74,970
LargeCap Growth Fund I				250,676		33,829		17,279				272,715
LargeCap S&P 500 Index Fund				319,208		28,998		23,151				333,337
LargeCap Value Fund III				231,913		27,912		17,279				236,563
MidCap Growth Fund III				129,684		16,077		9,449				141,867
MidCap Value Fund I				—		113,300		162				118,183
MidCap Value Fund III				115,289		13,435		122,284				—
Origin Emerging Markets Fund				33,666		1,588		2,760				35,752
Overseas Fund				243,522		27,808		19,834				241,339
Real Estate Securities Fund				44,027		2,722		4,255				47,022
SmallCap Growth Fund I				54,056		8,468		3,831				58,339
SmallCap Value Fund II				51,604		9,331		3,830				51,906
		$		2,179,400	$	575,710	$	517,633	$			2,259,427
				Realized Gain/Loss				Realized Gain from				Change in Unrealized
				Income		on Investments		Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$		11	$	358	$			5,731	$	8,926
Bond Market Index Fund				1,044		(210	)			—		1,293
Core Plus Bond Fund				1,780		(3	)			—		3,696
Diversified International Fund	Class R-6			—		8				—		14,675
Diversified International Fund	Institutional Class			4,442		(48	)			10,966		(13,845	)
Equity Income Fund				1,531		157				3,023		2,356
High Yield Fund I				1,576		6				—		652
International Emerging Markets Fund				399		(22	)			721		2,184
International Small Company Fund				2,161		64				3,843		(2,321	)
LargeCap Growth Fund I				1,377		1,265				26,411		4,224
LargeCap S&P 500 Index Fund				6,303		107				14,602		8,175
LargeCap Value Fund III				6,378		(105	)			15,492		(5,878	)
MidCap Growth Fund III				1,772		26				11,002		5,529
MidCap Value Fund I				—		—				—		5,045
MidCap Value Fund III				3,984		6				6,450		(6,446	)
Origin Emerging Markets Fund				563		(53	)			—		3,311
Overseas Fund				6,756		40				14,117		(10,197	)
Real Estate Securities Fund				570		38				663		4,490
SmallCap Growth Fund I				755		(8	)			6,374		(346	)
SmallCap Value Fund II				1,457		(9	)			6,535		(5,190	)
		$		42,859	$	1,617	$			125,930	$	20,333
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

365

			Schedule of Investments
	Principal LifeTime 2055 Fund
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value (000's)
Principal Funds, Inc. Class R-6 - 41.60%
Blue Chip Fund (a)	765,097	$	19,250
Diversified International Fund (a)	4,100,782		50,112
International Emerging Markets Fund (a)	292,637		7,418
International Small Company Fund (a)	1,420,123		15,181
LargeCap Growth Fund I (a)	3,517,355		54,871
Origin Emerging Markets Fund (a)	695,427		7,524
Real Estate Securities Fund (a)	368,859		9,476
SmallCap Growth Fund I (a)	885,675		12,187
SmallCap Value Fund II (a)	1,009,324		10,729
	$		186,748
Principal Funds, Inc. Institutional Class - 58.41%
Bond Market Index Fund (a)	350,198		3,835
Core Plus Bond Fund (a)	1,224,941		13,131
Equity Income Fund (a)	525,543		16,770
High Yield Fund I (a)	981,755		9,405
LargeCap S&P 500 Index Fund (a)	3,666,653		67,356
LargeCap Value Fund III (a)	2,919,274		48,081
MidCap Growth Fund III (a)	2,475,446		29,186
MidCap Value Fund I (a)	1,764,669		24,705
Overseas Fund (a)	5,160,456		49,747
	$		262,216
TOTAL INVESTMENT COMPANIES	$		448,964
Total Investments	$		448,964
Other Assets and Liabilities -  (0.01)%			(35	)
TOTAL NET ASSETS - 100.00%	$		448,929

(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	65.18	%
International Equity Funds	17.79	%
Fixed Income Funds	17.04	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

366

Schedule of Investments
Principal LifeTime 2055 Fund
April 30, 2019 (unaudited)
Affiliated Securities					October 31, 2018	Purchases(a),(b)			Sales(a),(b)		April 30, 2019
					Value		Cost		Proceeds				Value
Blue Chip Fund		$			15,926	$	2,302	$	859	$			19,250
Bond Market Index Fund					3,648		816		730				3,835
Core Plus Bond Fund					12,100		1,604		1,009				13,131
Diversified International Fund	Class R-6				—		47,571		424				50,112
Diversified International Fund	Institutional Class				45,731		5,428		48,470				—
Equity Income Fund					15,015		2,080		860				16,770
High Yield Fund I					8,598		1,180		494				9,405
International Emerging Markets Fund					6,627		783		430				7,418
International Small Company Fund					14,079		2,409		920				15,181
LargeCap Growth Fund I					47,379		8,831		2,555				54,871
LargeCap S&P 500 Index Fund					60,263		8,708		3,416				67,356
LargeCap Value Fund III					43,925		7,714		2,553				48,081
MidCap Growth Fund III					24,963		4,453		1,426				29,186
MidCap Value Fund I					—		25,624		—				24,705
MidCap Value Fund III					22,327		3,836		26,854				—
Origin Emerging Markets Fund					6,556		739		430				7,524
Overseas Fund					46,455		8,104		2,949				49,747
Real Estate Securities Fund					8,144		1,083		615				9,476
SmallCap Growth Fund I					10,585		2,207		578				12,187
SmallCap Value Fund II					9,941		2,352		577				10,729
		$	402,262			$	137,824	$	96,149	$			448,964
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$	2	$			7	$			1,109	$	1,874
Bond Market Index Fund			92				(5	)			—		106
Core Plus Bond Fund			209				(6	)			—		442
Diversified International Fund	Class R-6		—				—				—		2,965
Diversified International Fund	Institutional Class		857				(1	)			2,112		(2,688	)
Equity Income Fund			301				—				588		535
High Yield Fund I			286				—				—		121
International Emerging Markets Fund			79				1				142		437
International Small Company Fund			408				(1	)			725		(386	)
LargeCap Growth Fund I			262				2				5,031		1,214
LargeCap S&P 500 Index Fund			1,200				10				2,780		1,791
LargeCap Value Fund III			1,218				11				2,959		(1,016	)
MidCap Growth Fund III			344				1				2,136		1,195
MidCap Value Fund I			—				—				—		(919	)
MidCap Value Fund III			798				(1	)			1,261		692
Origin Emerging Markets Fund			111				—				—		659
Overseas Fund			1,303				9				2,718		(1,872	)
Real Estate Securities Fund			109				(3	)			124		867
SmallCap Growth Fund I			149				1				1,258		(28	)
SmallCap Value Fund II			283				(1	)			1,270		(986	)
		$	8,011	$			24	$			24,213	$	5,003
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

367

			Schedule of Investments
	Principal LifeTime 2060 Fund
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.00%	Shares Held		Value (000's)
Principal Funds, Inc. Class R-6 - 42.28%
Blue Chip Fund (a)	569,209	$	14,321
Diversified International Fund (a)	3,138,708		38,355
International Emerging Markets Fund (a)	235,959		5,981
International Small Company Fund (a)	1,068,367		11,421
LargeCap Growth Fund I (a)	2,648,437		41,316
Origin Emerging Markets Fund (a)	570,484		6,173
Real Estate Securities Fund (a)	280,937		7,217
SmallCap Growth Fund I (a)	671,721		9,243
SmallCap Value Fund II (a)	769,508		8,180
	$		142,207
Principal Funds, Inc. Institutional Class - 57.72%
Bond Market Index Fund (a)	248,619		2,722
Core Plus Bond Fund (a)	631,764		6,773
Equity Income Fund (a)	392,109		12,512
High Yield Fund I (a)	630,058		6,036
LargeCap S&P 500 Index Fund (a)	2,772,354		50,928
LargeCap Value Fund III (a)	2,201,753		36,263
MidCap Growth Fund III (a)	1,862,412		21,958
MidCap Value Fund I (a)	1,350,556		18,908
Overseas Fund (a)	3,947,512		38,054
	$		194,154
TOTAL INVESTMENT COMPANIES	$		336,361
Total Investments	$		336,361
Other Assets and Liabilities -  0.00%			1
TOTAL NET ASSETS - 100.00%	$		336,362

(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	65.66	%
International Equity Funds	18.32	%
Fixed Income Funds	16.02	%
Other Assets and Liabilities	0.00	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

368

Schedule of Investments
Principal LifeTime 2060 Fund
April 30, 2019 (unaudited)
Affiliated Securities					October 31, 2018	Purchases(a),(b)			Sales(a),(b)		April 30, 2019
					Value		Cost		Proceeds				Value
Blue Chip Fund		$			11,392	$	2,188	$	682	$			14,321
Bond Market Index Fund					1,472		1,545		358				2,722
Core Plus Bond Fund					5,816		1,349		612				6,773
Diversified International Fund	Class R-6				—		38,696		829				38,355
Diversified International Fund	Institutional Class				33,381		5,163		38,378				—
Equity Income Fund					10,743		2,030		682				12,512
High Yield Fund I					6,154		941		1,141				6,036
International Emerging Markets Fund					5,136		864		377				5,981
International Small Company Fund					10,083		2,308		729				11,421
LargeCap Growth Fund I					34,289		8,032		2,043				41,316
LargeCap S&P 500 Index Fund					43,682		8,496		2,745				50,928
LargeCap Value Fund III					31,734		7,211		2,044				36,263
MidCap Growth Fund III					18,004		4,126		1,138				21,958
MidCap Value Fund I					—		20,426		20				18,908
MidCap Value Fund III					16,301		3,595		21,285				—
Origin Emerging Markets Fund					5,098		899		364				6,173
Overseas Fund					33,901		7,806		2,375				38,054
Real Estate Securities Fund					5,883		1,160		487				7,217
SmallCap Growth Fund I					7,703		1,987		468				9,243
SmallCap Value Fund II					7,255		2,098		467				8,180
		$	288,027			$	120,920	$	77,224	$			336,361
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$	2	$			2	$			805	$	1,421
Bond Market Index Fund			39				1				—		62
Core Plus Bond Fund			105				1				—		219
Diversified International Fund	Class R-6		—				—				—		488
Diversified International Fund	Institutional Class		639				(1	)			1,568		(165	)
Equity Income Fund			221				—				427		421
High Yield Fund I			196				—				—		82
International Emerging Markets Fund			62				—				112		358
International Small Company Fund			298				2				529		(243	)
LargeCap Growth Fund I			192				—				3,693		1,038
LargeCap S&P 500 Index Fund			882				—				2,045		1,495
LargeCap Value Fund III			894				—				2,170		(638	)
MidCap Growth Fund III			252				—				1,564		966
MidCap Value Fund I			—				—				—		(1,498	)
MidCap Value Fund III			598				2				936		1,387
Origin Emerging Markets Fund			88				—				—		540
Overseas Fund			970				1				2,017		(1,279	)
Real Estate Securities Fund			81				1				91		660
SmallCap Growth Fund I			110				1				929		20
SmallCap Value Fund II			210				—				941		(706	)
		$	5,839	$			10	$			17,827	$	4,628
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

369

			Schedule of Investments
	Principal LifeTime 2065 Fund
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.09%	Shares Held		Value (000's)
Principal Funds, Inc. Class R-6 - 42.16%
Blue Chip Fund (a)	22,224	$	559
Diversified International Fund (a)	131,274		1,604
International Emerging Markets Fund (a)	9,455		240
International Small Company Fund (a)	44,918		480
LargeCap Growth Fund I (a)	104,580		1,631
Origin Emerging Markets Fund (a)	24,358		264
Real Estate Securities Fund (a)	12,372		318
SmallCap Growth Fund I (a)	26,470		364
SmallCap Value Fund II (a)	31,020		330
	$		5,790
Principal Funds, Inc. Institutional Class - 57.93%
Bond Market Index Fund (a)	14,885		163
Core Plus Bond Fund (a)	27,632		296
Equity Income Fund (a)	15,699		501
High Yield Fund I (a)	23,761		228
LargeCap S&P 500 Index Fund (a)	111,443		2,047
LargeCap Value Fund III (a)	89,618		1,476
MidCap Growth Fund III (a)	74,811		882
MidCap Value Fund I (a)	55,498		777
Overseas Fund (a)	164,646		1,587
	$		7,957
TOTAL INVESTMENT COMPANIES	$		13,747
Total Investments	$		13,747
Other Assets and Liabilities -  (0.09)%			(13	)
TOTAL NET ASSETS - 100.00%	$		13,734

(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	64.70	%
International Equity Funds	18.71	%
Fixed Income Funds	16.68	%
Other Assets and Liabilities	(0.09	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

370

Schedule of Investments
Principal LifeTime 2065 Fund
April 30, 2019 (unaudited)
Affiliated Securities					October 31, 2018	Purchases(a),(b)			Sales(a),(b)		April 30, 2019
					Value		Cost		Proceeds				Value
Blue Chip Fund		$			377	$	204	$	78	$			559
Bond Market Index Fund					66		131		38				163
Core Plus Bond Fund					202		151		65				296
Diversified International Fund	Class R-6				—		1,769		61				1,604
Diversified International Fund	Institutional Class				1,153		502		1,785				—
Equity Income Fund					360		199		78				501
High Yield Fund I					207		101		83				228
International Emerging Markets Fund					176		92		42				240
International Small Company Fund					348		219		84				480
LargeCap Growth Fund I					1,143		668		238				1,631
LargeCap S&P 500 Index Fund					1,468		818		317				2,047
LargeCap Value Fund III					1,076		642		237				1,476
MidCap Growth Fund III					606		360		131				882
MidCap Value Fund I					—		842		4				777
MidCap Value Fund III					553		318		935				—
Origin Emerging Markets Fund					175		110		42				264
Overseas Fund					1,168		725		274				1,587
Real Estate Securities Fund					213		133		56				318
SmallCap Growth Fund I					255		156		54				364
SmallCap Value Fund II					243		161		54				330
		$			9,789	$	8,301	$	4,656	$			13,747
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$	— $				— $				27	$	56
Bond Market Index Fund			2				—				—		4
Core Plus Bond Fund			4				—				—		8
Diversified International Fund	Class R-6		—				—				—		(104	)
Diversified International Fund	Institutional Class		23				1				55		129
Equity Income Fund			8				—				14		20
High Yield Fund I			7				—				—		3
International Emerging Markets Fund			2				—				4		14
International Small Company Fund			11				—				19		(3	)
LargeCap Growth Fund I			6				1				125		57
LargeCap S&P 500 Index Fund			30				1				70		77
LargeCap Value Fund III			31				1				75		(6	)
MidCap Growth Fund III			9				—				53		47
MidCap Value Fund I			—				—				—		(61	)
MidCap Value Fund III			22				—				32		64
Origin Emerging Markets Fund			3				—				—		21
Overseas Fund			35				—				71		(32	)
Real Estate Securities Fund			3				—				3		28
SmallCap Growth Fund I			4				—				31		7
SmallCap Value Fund II			7				—				32		(20	)
		$	207	$			4	$			611	$	309
Amounts in thousands

(a)	Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.
(b)	Purchases and Sales include transactions related to the acquisition of the MidCap Value Fund III by the MidCap Value Fund I.

See accompanying notes.

371

     Schedule of Investments Principal LifeTime Hybrid 2015 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 22.46%
Diversified International Fund (a)	890,782		$	10,885
Diversified Real Asset Fund (a)	187,593			2,125
International Small Company Fund (a)	170,388			1,822
MidCap S&P 400 Index Fund (a)	252,906			5,121
SmallCap S&P 600 Index Fund (a)	83,963			2,108
	$			22,061
Principal Funds, Inc. Institutional Class - 77.55%
Bond Market Index Fund (a)	2,774,415			30,380
High Yield Fund I (a)	854,920			8,190
Inflation Protection Fund (a)	565,948			4,777
LargeCap S&P 500 Index Fund (a)	1,063,737			19,541
Short-Term Income Fund (a)	1,092,535			13,285
	$			76,173
TOTAL INVESTMENT COMPANIES	$			98,234
Total Investments	$			98,234
Other Assets and Liabilities -  (0.01)%				(13	)
TOTAL NET ASSETS - 100.00%	$			98,221

(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	68.74	%
Domestic Equity Funds	27.25	%
Specialty Funds	2.16	%
International Equity Funds	1.86	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities					October 31, 2018	Purchases(a)			Sales(a)		April 30, 2019
					Value		Cost		Proceeds				Value
Bond Market Index Fund		$			15,735	$	18,778	$	5,020	$			30,380
Diversified International Fund	Class R-6				—		10,506		255				10,885
Diversified International Fund	Institutional Class				5,238		6,054		11,430				—
Diversified Real Asset Fund					963		1,422		381				2,125
High Yield Fund I					4,322		4,853		1,262				8,190
Inflation Protection Fund					2,499		2,940		783				4,777
International Small Company Fund					876		1,119		288				1,822
LargeCap S&P 500 Index Fund					10,017		10,402		2,676				19,541
MidCap S&P 400 Index Fund					2,493		2,937		746				5,121
Short-Term Income Fund					7,549		7,603		2,030				13,285
SmallCap S&P 600 Index Fund					1,115		1,222		303				2,108
		$			50,807	$	67,836	$	25,174	$			98,234
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	327	$			5	$			— $		882
Diversified International Fund	Class R-6		—				—				—		634
Diversified International Fund	Institutional Class		79				8				197		130
Diversified Real Asset Fund			25				(2	)			—		123
High Yield Fund I			213				(22	)			—		299
Inflation Protection Fund			61				(1	)			—		122
International Small Company Fund			20				(1	)			36		116
LargeCap S&P 500 Index Fund			169				(6	)			392		1,804
MidCap S&P 400 Index Fund			41				3				157		434
Short-Term Income Fund			141				(3	)			—		166
SmallCap S&P 600 Index Fund			16				2				88		72
		$	1,092	$			(17	) $			870	$	4,782
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

372

     Schedule of Investments Principal LifeTime Hybrid 2020 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 27.38%
Diversified International Fund (a)	3,520,750		$	43,024
Diversified Real Asset Fund (a)	591,647			6,703
International Small Company Fund (a)	634,374			6,781
MidCap S&P 400 Index Fund (a)	972,872			19,701
Real Estate Securities Fund (a)	2			—
SmallCap S&P 600 Index Fund (a)	307,911			7,729
	$			83,938
Principal Funds, Inc. Institutional Class - 72.63%
Bond Market Index Fund (a)	7,992,837			87,521
High Yield Fund I (a)	2,351,971			22,532
Inflation Protection Fund (a)	1,365,486			11,525
LargeCap S&P 500 Index Fund (a)	4,100,770			75,331
Short-Term Income Fund (a)	2,120,403			25,784
	$			222,693
TOTAL INVESTMENT COMPANIES	$			306,631
Total Investments	$			306,631
Other Assets and Liabilities -  (0.01)%				(23	)
TOTAL NET ASSETS - 100.00%	$			306,608

(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	62.09	%
Domestic Equity Funds	33.52	%
International Equity Funds	2.21	%
Specialty Funds	2.19	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities			October 31, 2018				Purchases(a)			Sales(a)		April 30, 2019
					Value		Cost			Proceeds				Value
Bond Market Index Fund		$			41,003	$		53,562	$	9,471	$			87,521
Diversified International Fund	Class R-6				—			40,201		387				43,024
Diversified International Fund	Institutional Class				18,729			23,796		42,416				—
Diversified Real Asset Fund					2,730			4,370		773				6,703
High Yield Fund I					10,835			13,202		2,272				22,532
Inflation Protection Fund					5,462			7,013		1,236				11,525
International Small Company Fund					2,970			4,070		696				6,781
LargeCap S&P 500 Index Fund					35,050			40,190		6,862				75,331
MidCap S&P 400 Index Fund					8,690			11,203		1,884				19,701
Real Estate Securities Fund					—			—		—				—
Short-Term Income Fund					13,580			14,440		2,549				25,784
SmallCap S&P 600 Index Fund					3,696			4,483		742				7,729
		$			142,745	$		216,530	$	69,288	$			306,631
					Realized Gain/Loss					Realized Gain from				Change in Unrealized
			Income		on Investments					Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	894	$				(4	) $			— $		2,431
Diversified International Fund	Class R-6		—					—				—		3,210
Diversified International Fund	Institutional Class		299					35				741		(144	)
Diversified Real Asset Fund			74					(1	)			—		377
High Yield Fund I			571					(43	)			—		810
Inflation Protection Fund			139					(1	)			—		287
International Small Company Fund			73					2				131		435
LargeCap S&P 500 Index Fund			615					(59	)			1,427		7,012
MidCap S&P 400 Index Fund			150					5				571		1,687
Real Estate Securities Fund			—					—				—		—
Short-Term Income Fund			263					(4	)			—		317
SmallCap S&P 600 Index Fund			53					4				305		288
		$	3,131	$				(66	) $			3,175	$	16,710
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

373

     Schedule of Investments Principal LifeTime Hybrid 2025 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 31.86%
Diversified International Fund (a)	2,845,355		$	34,770
Diversified Real Asset Fund (a)	391,394			4,434
International Small Company Fund (a)	491,494			5,254
MidCap S&P 400 Index Fund (a)	792,133			16,041
Real Estate Securities Fund (a)	18			—
SmallCap S&P 600 Index Fund (a)	261,541			6,565
	$			67,064
Principal Funds, Inc. Institutional Class - 68.15%
Bond Market Index Fund (a)	4,961,594			54,330
High Yield Fund I (a)	1,409,627			13,504
Inflation Protection Fund (a)	665,450			5,616
LargeCap S&P 500 Index Fund (a)	3,357,727			61,682
Short-Term Income Fund (a)	684,805			8,327
	$			143,459
TOTAL INVESTMENT COMPANIES	$			210,523
Total Investments	$			210,523
Other Assets and Liabilities -  (0.01)%				(16	)
TOTAL NET ASSETS - 100.00%	$			210,507

(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	55.37	%
Domestic Equity Funds	40.04	%
International Equity Funds	2.49	%
Specialty Funds	2.11	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities			October 31, 2018				Purchases(a)			Sales(a)		April 30, 2019
			Value				Cost			Proceeds				Value
Bond Market Index Fund		$			32,451	$	28,614		$	8,257	$			54,330
Diversified International Fund	Class R-6				—		33,943			494				34,770
Diversified International Fund	Institutional Class				19,741		16,311			36,668				—
Diversified Real Asset Fund					2,411		2,558			738				4,434
High Yield Fund I					8,271		6,741			1,887				13,504
Inflation Protection Fund					3,370		2,976			855				5,616
International Small Company Fund					3,002		2,796			766				5,254
LargeCap S&P 500 Index Fund					36,246		28,559			7,830				61,682
MidCap S&P 400 Index Fund					9,115		8,076			2,167				16,041
Real Estate Securities Fund					—			—		—				—
Short-Term Income Fund					5,608		3,679			1,063				8,327
SmallCap S&P 600 Index Fund					4,004		3,375			884				6,565
		$			124,219	$	137,628		$	61,609	$			210,523
					Realized Gain/Loss					Realized Gain from				Change in Unrealized
			Income		on Investments					Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	701	$			1		$			— $		1,521
Diversified International Fund	Class R-6		—				(1		)			—		1,322
Diversified International Fund	Institutional Class		314				(58		)			775		674
Diversified Real Asset Fund			66				(3		)			—		206
High Yield Fund I			360				(37		)			—		416
Inflation Protection Fund			85				(4		)			—		129
International Small Company Fund			74				(11		)			131		233
LargeCap S&P 500 Index Fund			630				(14		)			1,461		4,721
MidCap S&P 400 Index Fund			156				10					593		1,007
Real Estate Securities Fund			—				—					—		—
Short-Term Income Fund			90				(1		)			—		104
SmallCap S&P 600 Index Fund			58				4					327		66
		$	2,534	$			(114		) $			3,287	$	10,399
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

374

     Schedule of Investments Principal LifeTime Hybrid 2030 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 35.80%
Diversified International Fund (a)	3,797,178		$	46,402
Diversified Real Asset Fund (a)	472,857			5,357
International Emerging Markets Fund (a)	42,899			1,088
International Small Company Fund (a)	689,921			7,375
MidCap S&P 400 Index Fund (a)	1,100,637			22,288
Origin Emerging Markets Fund (a)	104,012			1,125
SmallCap S&P 600 Index Fund (a)	350,132			8,788
	$			92,423
Principal Funds, Inc. Institutional Class - 64.21%
Bond Market Index Fund (a)	5,520,157			60,446
High Yield Fund I (a)	1,419,612			13,600
Inflation Protection Fund (a)	623,346			5,261
LargeCap S&P 500 Index Fund (a)	4,706,642			86,461
	$			165,768
TOTAL INVESTMENT COMPANIES	$			258,191
Total Investments	$			258,191
Other Assets and Liabilities -  (0.01)%				(16	)
TOTAL NET ASSETS - 100.00%	$			258,175

(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	48.69	%
Domestic Equity Funds	45.52	%
International Equity Funds	3.72	%
Specialty Funds	2.08	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities			October 31, 2018				Purchases(a)			Sales(a)		April 30, 2019
			Value				Cost			Proceeds				Value
Bond Market Index Fund		$			38,069	$	26,664		$	5,945	$			60,446
Diversified International Fund	Class R-6				—		45,120			398				46,402
Diversified International Fund	Institutional Class				27,778		18,421			46,819				—
Diversified Real Asset Fund					3,079		2,643			589				5,357
High Yield Fund I					8,747		5,732			1,236				13,600
Inflation Protection Fund					3,332		2,336			518				5,261
International Emerging Markets Fund					642			476		112				1,088
International Small Company Fund					4,441		3,386			706				7,375
LargeCap S&P 500 Index Fund					53,193		34,428			7,195				86,461
MidCap S&P 400 Index Fund					13,356		9,690			1,967				22,288
Origin Emerging Markets Fund					634			472		99				1,125
SmallCap S&P 600 Index Fund					5,622		3,939			777				8,788
		$			158,893	$	153,307		$	66,361	$			258,191
					Realized Gain/Loss					Realized Gain from				Change in Unrealized
			Income		on Investments					Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	870	$			1		$			— $		1,657
Diversified International Fund	Class R-6		—				1					—		1,679
Diversified International Fund	Institutional Class		468				53					1,157		567
Diversified Real Asset Fund			89				—					—		224
High Yield Fund I			368				(23		)			—		380
Inflation Protection Fund			89				—					—		111
International Emerging Markets Fund			7				(1		)			12		83
International Small Company Fund			116				13					205		241
LargeCap S&P 500 Index Fund			970				(9		)			2,250		6,044
MidCap S&P 400 Index Fund			241				4					918		1,205
Origin Emerging Markets Fund			10				—					—		118
SmallCap S&P 600 Index Fund			84				3					484		1
		$	3,312	$			42		$			5,026	$	12,310
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

375

     Schedule of Investments Principal LifeTime Hybrid 2035 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 39.88%
Diversified International Fund (a)	2,513,678		$	30,717
International Emerging Markets Fund (a)	45,775			1,160
International Small Company Fund (a)	450,707			4,818
MidCap S&P 400 Index Fund (a)	702,876			14,233
Origin Emerging Markets Fund (a)	110,682			1,198
Real Estate Securities Fund (a)	137,355			3,529
SmallCap S&P 600 Index Fund (a)	231,396			5,808
	$			61,463
Principal Funds, Inc. Institutional Class - 60.13%
Bond Market Index Fund (a)	2,684,654			29,397
High Yield Fund I (a)	693,111			6,640
LargeCap S&P 500 Index Fund (a)	3,082,125			56,619
	$			92,656
TOTAL INVESTMENT COMPANIES	$			154,119
Total Investments	$			154,119
Other Assets and Liabilities -  (0.01)%				(13	)
TOTAL NET ASSETS - 100.00%	$			154,106

(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	52.03	%
Fixed Income Funds	43.32	%
International Equity Funds	4.66	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities					October 31, 2018		Purchases(a)		Sales(a)		April 30, 2019
					Value		Cost		Proceeds				Value
Bond Market Index Fund		$			18,674	$	13,207	$	3,280	$			29,397
Diversified International Fund	Class R-6				—		30,125		54				30,717
Diversified International Fund	Institutional Class				18,848		11,752		31,327				—
High Yield Fund I					4,354		2,796		671				6,640
International Emerging Markets Fund					705		497		125				1,160
International Small Company Fund					2,976		2,219		516				4,818
LargeCap S&P 500 Index Fund					35,504		22,687		5,278				56,619
MidCap S&P 400 Index Fund					8,732		6,221		1,406				14,233
Origin Emerging Markets Fund					694		509		125				1,198
Real Estate Securities Fund					1,941		1,577		389				3,529
SmallCap S&P 600 Index Fund					3,786		2,626		577				5,808
		$			96,214	$	94,216	$	43,748	$			154,119
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	416	$			2	$			— $		794
Diversified International Fund	Class R-6		—				—				—		646
Diversified International Fund	Institutional Class		311				(29	)			764		756
High Yield Fund I			177				(12	)			—		173
International Emerging Markets Fund			7				(2	)			13		85
International Small Company Fund			76				(5	)			134		144
LargeCap S&P 500 Index Fund			635				(39	)			1,466		3,745
MidCap S&P 400 Index Fund			154				4				585		682
Origin Emerging Markets Fund			10				—				—		120
Real Estate Securities Fund			29				—				26		400
SmallCap S&P 600 Index Fund			56				3				317		(30	)
		$	1,871	$			(78	) $			3,305	$	7,515
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

376

     Schedule of Investments Principal LifeTime Hybrid 2040 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 42.83%
Diversified International Fund (a)	3,064,605		$	37,450
Diversified Real Asset Fund (a)	5			—
International Emerging Markets Fund (a)	59,110			1,499
International Small Company Fund (a)	530,148			5,667
MidCap S&P 400 Index Fund (a)	891,598			18,055
Origin Emerging Markets Fund (a)	142,553			1,542
Real Estate Securities Fund (a)	157,188			4,038
SmallCap S&P 600 Index Fund (a)	284,619			7,144
	$			75,395
Principal Funds, Inc. Institutional Class - 57.18%
Bond Market Index Fund (a)	2,260,491			24,752
High Yield Fund I (a)	624,955			5,987
LargeCap S&P 500 Index Fund (a)	3,804,927			69,897
	$			100,636
TOTAL INVESTMENT COMPANIES	$			176,031
Total Investments	$			176,031
Other Assets and Liabilities -  (0.01)%				(18	)
TOTAL NET ASSETS - 100.00%	$			176,013

(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	56.32	%
Fixed Income Funds	38.75	%
International Equity Funds	4.94	%
Specialty Funds	0.00	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities			October 31, 2018				Purchases(a)			Sales(a)		April 30, 2019
			Value				Cost			Proceeds				Value
Bond Market Index Fund		$			15,348	$		11,322	$	2,595	$			24,752
Diversified International Fund	Class R-6				—			36,616		244				37,450
Diversified International Fund	Institutional Class				22,709			14,609		38,061				—
Diversified Real Asset Fund					—			—		—				—
High Yield Fund I					3,894			2,487		550				5,987
International Emerging Markets Fund					899			638		151				1,499
International Small Company Fund					3,455			2,574		550				5,667
LargeCap S&P 500 Index Fund					43,332			27,674		5,921				69,897
MidCap S&P 400 Index Fund					10,932			7,784		1,616				18,055
Origin Emerging Markets Fund					886			633		139				1,542
Real Estate Securities Fund					2,183			1,772		404				4,038
SmallCap S&P 600 Index Fund					4,597			3,197		646				7,144
		$			108,235	$		109,306	$	50,877	$			176,031
					Realized Gain/Loss					Realized Gain from				Change in Unrealized
			Income		on Investments					Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	347	$				— $				— $		677
Diversified International Fund	Class R-6		—					—				—		1,078
Diversified International Fund	Institutional Class		383					37				944		706
Diversified Real Asset Fund			—					—				—		—
High Yield Fund I			163					(7	)			—		163
International Emerging Markets Fund			10					(2	)			17		115
International Small Company Fund			90					4				159		184
LargeCap S&P 500 Index Fund			789					(31	)			1,827		4,843
MidCap S&P 400 Index Fund			197					1				749		954
Origin Emerging Markets Fund			13					—				—		162
Real Estate Securities Fund			33					—				30		487
SmallCap S&P 600 Index Fund			69					3				394		(7	)
		$	2,094	$				5	$			4,120	$	9,362
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

377

     Schedule of Investments Principal LifeTime Hybrid 2045 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.01%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 45.39%
Diversified International Fund (a)	1,738,714		$	21,247
Diversified Real Asset Fund (a)	10			—
International Emerging Markets Fund (a)	34,873			884
International Small Company Fund (a)	286,315			3,061
MidCap S&P 400 Index Fund (a)	510,030			10,328
Origin Emerging Markets Fund (a)	84,338			912
Real Estate Securities Fund (a)	83,776			2,152
SmallCap S&P 600 Index Fund (a)	164,126			4,120
	$			42,704
Principal Funds, Inc. Institutional Class - 54.62%
Bond Market Index Fund (a)	891,511			9,762
High Yield Fund I (a)	236,324			2,264
LargeCap S&P 500 Index Fund (a)	2,142,618			39,360
	$			51,386
TOTAL INVESTMENT COMPANIES	$			94,090
Total Investments	$			94,090
Other Assets and Liabilities -  (0.01)%				(14	)
TOTAL NET ASSETS - 100.00%	$			94,076

(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.

Portfolio Summary  (unaudited)
Fund Type	Percent
Domestic Equity Funds	59.49	%
Fixed Income Funds	35.36	%
International Equity Funds	5.16	%
Specialty Funds	0.00	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities					October 31, 2018		Purchases(a)		Sales(a)		April 30, 2019
					Value		Cost		Proceeds				Value
Bond Market Index Fund		$			5,961	$	4,959	$	1,419	$			9,762
Diversified International Fund	Class R-6				—		20,807		27				21,247
Diversified International Fund	Institutional Class				12,989		8,260		21,749				—
Diversified Real Asset Fund					—		—		—				—
High Yield Fund I					1,480		1,007		277				2,264
International Emerging Markets Fund					535		402		116				884
International Small Company Fund					1,881		1,488		400				3,061
LargeCap S&P 500 Index Fund					24,534		16,707		4,495				39,360
MidCap S&P 400 Index Fund					6,315		4,735		1,239				10,328
Origin Emerging Markets Fund					528		410		117				912
Real Estate Securities Fund					1,175		1,018		289				2,152
SmallCap S&P 600 Index Fund					2,676		1,950		498				4,120
		$			58,074	$	61,743	$	30,626	$			94,090
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	124	$			— $				— $		261
Diversified International Fund	Class R-6		—				—				—		467
Diversified International Fund	Institutional Class		205				(23	)			503		523
Diversified Real Asset Fund			—				—				—		—
High Yield Fund I			60				(6	)			—		60
International Emerging Markets Fund			5				(2	)			10		65
International Small Company Fund			46				(4	)			80		96
LargeCap S&P 500 Index Fund			420				(21	)			973		2,635
MidCap S&P 400 Index Fund			107				1				406		516
Origin Emerging Markets Fund			7				—				—		91
Real Estate Securities Fund			17				—				15		248
SmallCap S&P 600 Index Fund			37				3				215		(11	)
		$	1,028	$			(52	) $			2,202	$	4,951
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

378

     Schedule of Investments Principal LifeTime Hybrid 2050 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.02%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 47.06%
Diversified International Fund (a)	1,623,074		$	19,834
International Emerging Markets Fund (a)	31,046			787
International Small Company Fund (a)	274,192			2,931
MidCap S&P 400 Index Fund (a)	474,506			9,609
Origin Emerging Markets Fund (a)	75,362			816
Real Estate Securities Fund (a)	74,753			1,920
SmallCap S&P 600 Index Fund (a)	154,896			3,888
	$			39,785
Principal Funds, Inc. Institutional Class - 52.96%
Bond Market Index Fund (a)	549,378			6,016
High Yield Fund I (a)	182,100			1,744
LargeCap S&P 500 Index Fund (a)	2,014,982			37,015
	$			44,775
TOTAL INVESTMENT COMPANIES	$			84,560
Total Investments	$			84,560
Other Assets and Liabilities -  (0.02)%				(14	)
TOTAL NET ASSETS - 100.00%	$			84,546

(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	62.02	%
Fixed Income Funds	32.64	%
International Equity Funds	5.36	%
Other Assets and Liabilities	(0.02	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities					October 31, 2018		Purchases(a)		Sales(a)		April 30, 2019
					Value		Cost		Proceeds				Value
Bond Market Index Fund		$			3,812	$	2,627	$	582	$			6,016
Diversified International Fund	Class R-6				—		19,568		41				19,834
Diversified International Fund	Institutional Class				12,923		6,556		19,925				—
High Yield Fund I					1,210		629		134				1,744
International Emerging Markets Fund					507		291		66				787
International Small Company Fund					1,922		1,193		242				2,931
LargeCap S&P 500 Index Fund					24,473		13,032		2,640				37,015
MidCap S&P 400 Index Fund					6,262		3,707		722				9,609
Origin Emerging Markets Fund					500		300		63				816
Real Estate Securities Fund					1,128		742		163				1,920
SmallCap S&P 600 Index Fund					2,694		1,555		292				3,888
		$			55,431	$	50,200	$	24,870	$			84,560
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	89	$			— $				— $		159
Diversified International Fund	Class R-6		—				—				—		307
Diversified International Fund	Institutional Class		225				14				554		432
High Yield Fund I			48				(1	)			—		40
International Emerging Markets Fund			5				(1	)			10		56
International Small Company Fund			52				3				92		55
LargeCap S&P 500 Index Fund			459				(6	)			1,059		2,156
MidCap S&P 400 Index Fund			116				(2	)			442		364
Origin Emerging Markets Fund			8				—				—		79
Real Estate Securities Fund			17				—				16		213
SmallCap S&P 600 Index Fund			41				1				238		(70	)
		$	1,060	$			8	$			2,411	$	3,791
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

379

     Schedule of Investments Principal LifeTime Hybrid 2055 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.04%	Shares Held Value (000's)
Principal Funds, Inc. Class R-6 - 48.72%
Diversified International Fund (a)	548,463	$	6,702
Diversified Real Asset Fund (a)	20		—
International Emerging Markets Fund (a)	11,118		282
International Small Company Fund (a)	91,003		973
MidCap S&P 400 Index Fund (a)	162,606		3,293
Origin Emerging Markets Fund (a)	27,109		293
Real Estate Securities Fund (a)	24,720		635
SmallCap S&P 600 Index Fund (a)	53,258		1,337
	$		13,515
Principal Funds, Inc. Institutional Class - 51.32%
Bond Market Index Fund (a)	112,956		1,237
High Yield Fund I (a)	58,246		558
LargeCap S&P 500 Index Fund (a)	677,260		12,441
	$		14,236
TOTAL INVESTMENT COMPANIES	$		27,751
Total Investments	$		27,751
Other Assets and Liabilities -  (0.04)%			(12	)
TOTAL NET ASSETS - 100.00%	$		27,739

(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	63.83	%
Fixed Income Funds	30.63	%
International Equity Funds	5.58	%
Specialty Funds	0.00	%
Other Assets and Liabilities	(0.04	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities					October 31, 2018	Purchases(a)			Sales(a)		April 30, 2019
					Value		Cost		Proceeds		Value
Bond Market Index Fund		$			731	$	763	$	290	$		1,237
Diversified International Fund	Class R-6				—		6,657		20			6,702
Diversified International Fund	Institutional Class				4,342		2,649		7,204			—
Diversified Real Asset Fund					—		—		—			—
High Yield Fund I					384		255		94			558
International Emerging Markets Fund					180		133		50			282
International Small Company Fund					634		489		174			973
LargeCap S&P 500 Index Fund					8,153		5,443		1,937			12,441
MidCap S&P 400 Index Fund					2,128		1,555		540			3,293
Origin Emerging Markets Fund					178		138		51			293
Real Estate Securities Fund					370		309		115			635
SmallCap S&P 600 Index Fund					919		646		217			1,337
		$			18,019	$	19,037	$	10,692	$		27,751
					Realized Gain/Loss				Realized Gain from		Change in Unrealized
			Income		on Investments				Capital Gain Distributions		Gain/Loss
Bond Market Index Fund		$	13	$			— $		— $			33
Diversified International Fund	Class R-6		—				—		—			65
Diversified International Fund	Institutional Class		63				(14	)	157			227
Diversified Real Asset Fund			—				—		—			—
High Yield Fund I			15				(2	)	—			15
International Emerging Markets Fund			2				(1	)	3			20
International Small Company Fund			14				(2	)	25			26
LargeCap S&P 500 Index Fund			132				(12	)	306			794
MidCap S&P 400 Index Fund			34				(1	)	129			151
Origin Emerging Markets Fund			2				—		—			28
Real Estate Securities Fund			5				—		4			71
SmallCap S&P 600 Index Fund			12				1		70			(12	)
		$	292	$			(31	) $	694	$		1,418
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

380

     Schedule of Investments Principal LifeTime Hybrid 2060 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.13%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 49.78%
Diversified International Fund (a)	188,571		$	2,304
Diversified Real Asset Fund (a)	19			—
International Emerging Markets Fund (a)	4,065			103
International Small Company Fund (a)	30,697			328
MidCap S&P 400 Index Fund (a)	55,089			1,116
Origin Emerging Markets Fund (a)	9,974			108
Real Estate Securities Fund (a)	8,316			214
SmallCap S&P 600 Index Fund (a)	18,151			456
	$			4,629
Principal Funds, Inc. Institutional Class - 50.35%
Bond Market Index Fund (a)	27,751			304
High Yield Fund I (a)	19,512			187
LargeCap S&P 500 Index Fund (a)	228,164			4,191
	$			4,682
TOTAL INVESTMENT COMPANIES	$			9,311
Total Investments	$			9,311
Other Assets and Liabilities -  (0.13)%				(12	)
TOTAL NET ASSETS - 100.00%	$			9,299

(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	64.27	%
Fixed Income Funds	30.06	%
International Equity Funds	5.80	%
Specialty Funds	0.00	%
Other Assets and Liabilities	(0.13	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities					October 31, 2018	Purchases(a)			Sales(a)		April 30, 2019
					Value		Cost		Proceeds				Value
Bond Market Index Fund		$			140	$	202	$	45	$			304
Diversified International Fund	Class R-6				—		2,324		2				2,304
Diversified International Fund	Institutional Class				1,332		849		2,287				—
Diversified Real Asset Fund					—		—		—				—
High Yield Fund I					116		86		19				187
International Emerging Markets Fund					59		49		11				103
International Small Company Fund					190		166		35				328
LargeCap S&P 500 Index Fund					2,481		1,862		394				4,191
MidCap S&P 400 Index Fund					649		534		110				1,116
Origin Emerging Markets Fund					58		51		10				108
Real Estate Securities Fund					111		105		23				214
SmallCap S&P 600 Index Fund					282		224		45				456
		$			5,418	$	6,452	$	2,981	$			9,311
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	3	$			— $				— $		7
Diversified International Fund	Class R-6		—				—				—		(18	)
Diversified International Fund	Institutional Class		22				1				56		105
Diversified Real Asset Fund			—				—				—		—
High Yield Fund I			5				—				—		4
International Emerging Markets Fund			1				—				1		6
International Small Company Fund			5				—				9		7
LargeCap S&P 500 Index Fund			43				—				105		242
MidCap S&P 400 Index Fund			12				—				45		43
Origin Emerging Markets Fund			1				—				—		9
Real Estate Securities Fund			2				—				1		21
SmallCap S&P 600 Index Fund			4				—				24		(5	)
		$	98	$			1	$			241	$	421
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

381

     Schedule of Investments Principal LifeTime Hybrid 2065 Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.46%	Shares Held		Value
Principal Funds, Inc. Class R-6 - 50.64%
Diversified International Fund (a)	45,296	$	553,513
International Emerging Markets Fund (a)	966		24,493
International Small Company Fund (a)	7,431		79,439
MidCap S&P 400 Index Fund (a)	12,804		259,291
Origin Emerging Markets Fund (a)	2,427		26,264
Real Estate Securities Fund (a)	2,022		51,955
SmallCap S&P 600 Index Fund (a)	4,223		106,005
	$		1,100,960
Principal Funds, Inc. Institutional Class - 49.82%
Bond Market Index Fund (a)	7,500		82,126
High Yield Fund I (a)	4,553		43,622
LargeCap S&P 500 Index Fund (a)	52,123		957,495
	$		1,083,243
TOTAL INVESTMENT COMPANIES	$		2,184,203
Total Investments	$		2,184,203
Other Assets and Liabilities -  (0.46)%			(9,999	)
TOTAL NET ASSETS - 100.00%	$		2,174,204

(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	63.20	%
Fixed Income Funds	31.28	%
International Equity Funds	5.98	%
Other Assets and Liabilities	(0.46	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities		October 31, 2018			Purchases(a)			Sales(a)		April 30, 2019
		Value			Cost			Proceeds				Value
Bond Market Index Fund	$		92,252	$		80,390	$	92,474	$			82,126
Diversified International Fund	Class R-6		—			578,272		14,973				553,513
Diversified International Fund	Institutional Class		1,093,037			120,490		1,202,930				—
High Yield Fund I			94,631			36,641		86,951				43,622
International Emerging Markets Fund			47,983			20,821		44,864				24,493
International Small Company Fund			155,304			68,292		136,877				79,439
LargeCap S&P 500 Index Fund			2,048,763			771,289		1,862,069				957,495
MidCap S&P 400 Index Fund			531,005			215,371		482,116				259,291
Origin Emerging Markets Fund			47,329			22,196		43,713				26,264
Real Estate Securities Fund			90,384			44,854		87,076				51,955
SmallCap S&P 600 Index Fund			231,484			88,580		205,494				106,005
	$		4,432,172	$		2,047,196	$	4,259,537	$			2,184,203
			Realized Gain/Loss					Realized Gain from				Change in Unrealized
			Income	on Investments				Capital Gain Distributions				Gain/Loss
Bond Market Index Fund	$		291	$		524	$			— $		1,434
Diversified International Fund	Class R-6		—			169				—		(9,955	)
Diversified International Fund	Institutional Class		2,564		(164,853		)			6,203		154,256
High Yield Fund I			1,041		(3,952		)			—		3,253
International Emerging Markets Fund			71		(12,158		)			126		12,711
International Small Company Fund			559		(29,164		)			984		21,884
LargeCap S&P 500 Index Fund			4,997		(39,848		)			11,585		39,360
MidCap S&P 400 Index Fund			1,296		(33,834		)			4,929		28,865
Origin Emerging Markets Fund			100		(13,331		)			—		13,783
Real Estate Securities Fund			186		4,240					170		(447	)
SmallCap S&P 600 Index Fund			467		(10,690		)			2,674		2,125
	$		11,572	$	(302,897		) $			26,671	$	267,269
Amounts shown are in dollars and not rounded to the thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

382

     Schedule of Investments Principal LifeTime Hybrid Income Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.03%	Shares Held	Value (000's)
Principal Funds, Inc. Class R-6 - 13.09%
Diversified International Fund (a)	268,961		$	3,287
Diversified Real Asset Fund (a)	107,936			1,223
International Small Company Fund (a)	50,740			542
MidCap S&P 400 Index Fund (a)	78,209			1,584
SmallCap S&P 600 Index Fund (a)	24,541			616
	$			7,252
Principal Funds, Inc. Institutional Class - 86.94%
Bond Market Index Fund (a)	2,021,136			22,132
High Yield Fund I (a)	555,465			5,321
Inflation Protection Fund (a)	310,545			2,621
LargeCap S&P 500 Index Fund (a)	332,618			6,110
Short-Term Income Fund (a)	984,207			11,968
	$			48,152
TOTAL INVESTMENT COMPANIES	$			55,404
Total Investments	$			55,404
Other Assets and Liabilities -  (0.03)%				(14	)
TOTAL NET ASSETS - 100.00%	$			55,390

(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	81.84	%
Domestic Equity Funds	15.00	%
Specialty Funds	2.21	%
International Equity Funds	0.98	%
Other Assets and Liabilities	(0.03	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities					October 31, 2018	Purchases(a)			Sales(a)		April 30, 2019
					Value		Cost		Proceeds				Value
Bond Market Index Fund		$			10,393	$	13,394	$	2,286	$			22,132
Diversified International Fund	Class R-6				—		3,128		90				3,287
Diversified International Fund	Institutional Class				1,393		1,909		3,289				—
Diversified Real Asset Fund					485		807		138				1,223
High Yield Fund I					2,515		3,146		523				5,321
Inflation Protection Fund					1,213		1,618		276				2,621
International Small Company Fund					227		335		56				542
LargeCap S&P 500 Index Fund					2,915		3,166		518				6,110
MidCap S&P 400 Index Fund					708		890		143				1,584
Short-Term Income Fund					6,072		6,929		1,185				11,968
SmallCap S&P 600 Index Fund					303		350		55				616
		$			26,224	$	35,672	$	8,559	$			55,404
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Bond Market Index Fund		$	261	$			1	$			— $		630
Diversified International Fund	Class R-6		—				1				—		248
Diversified International Fund	Institutional Class		26				—				64		(13	)
Diversified Real Asset Fund			16				(1	)			—		70
High Yield Fund I			140				(1	)			—		184
Inflation Protection Fund			36				—				—		66
International Small Company Fund			6				—				12		36
LargeCap S&P 500 Index Fund			58				—				134		547
MidCap S&P 400 Index Fund			14				—				53		129
Short-Term Income Fund			126				—				—		152
SmallCap S&P 600 Index Fund			5				—				28		18
		$	688	$			— $				291	$	2,067
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

383

     Schedule of Investments Principal LifeTime Strategic Income Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 100.01%	Shares Held Value (000's)
Principal Funds, Inc. Class R-6 - 21.23%
Blue Chip Fund (a)	773,143	$	19,452
Diversified International Fund (a)	927,552		11,335
Diversified Real Asset Fund (a)	638,803		7,238
Global Multi-Strategy Fund (a)	2,627,978		27,804
International Small Company Fund (a)	333,864		3,569
MidCap Fund (a)	459,799		13,132
SmallCap Growth Fund I (a)	201,133		2,767
SmallCap Value Fund II (a)	223,775		2,379
	$		87,676
Principal Funds, Inc. Institutional Class - 78.78%
Bond Market Index Fund (a)	4,823,752		52,820
Core Plus Bond Fund (a)	8,344,434		89,452
Equity Income Fund (a)	447,434		14,278
High Yield Fund I (a)	3,339,578		31,993
Inflation Protection Fund (a)	2,231,192		18,831
LargeCap S&P 500 Index Fund (a)	890,689		16,362
Overseas Fund (a)	1,158,856		11,172
Short-Term Income Fund (a)	7,431,522		90,367
	$		325,275
TOTAL INVESTMENT COMPANIES	$		412,951
Total Investments	$		412,951
Other Assets and Liabilities -  (0.01)%			(53	)
TOTAL NET ASSETS - 100.00%	$		412,898

(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	71.40	%
Domestic Equity Funds	16.56	%
Specialty Funds	8.48	%
International Equity Funds	3.57	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

Affiliated Securities					October 31, 2018	Purchases(a)			Sales(a)		April 30, 2019
					Value		Cost		Proceeds				Value
Blue Chip Fund		$			17,820	$	1,548	$	1,829	$			19,452
Bond Market Index Fund					48,860		9,808		7,283				52,820
Core Plus Bond Fund					95,384		3,922		13,051				89,452
Diversified International Fund	Class R-6				—		11,478		431				11,335
Diversified International Fund	Institutional Class				12,002		941		12,660				—
Diversified Real Asset Fund					8,096		518		1,452				7,238
Equity Income Fund					14,523		1,162		1,830				14,278
Global Multi-Strategy Fund					30,578		2,545		4,085				27,804
High Yield Fund I					41,984		2,080		12,452				31,993
Inflation Protection Fund					20,389		1,105		2,903				18,831
International Small Company Fund					3,869		407		580				3,569
LargeCap S&P 500 Index Fund					16,398		1,383		1,799				16,362
MidCap Fund					12,183		1,513		1,510				13,132
Overseas Fund					12,105		1,331		1,741				11,172
Short-Term Income Fund					98,203		3,425		12,482				90,367
SmallCap Growth Fund I					2,681		401		290				2,767
SmallCap Value Fund II					2,488		432		290				2,379
		$	437,563			$	43,999	$	76,668	$			412,951
					Realized Gain/Loss				Realized Gain from				Change in Unrealized
			Income		on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$	2	$			183	$			1,217	$	1,730
Bond Market Index Fund			1,197				18				—		1,417
Core Plus Bond Fund			1,550				(39	)			—		3,236
Diversified International Fund	Class R-6		—				57				—		231
Diversified International Fund	Institutional Class		218				68				539		(351	)
Diversified Real Asset Fund			257				(45	)			—		121
Equity Income Fund			278				282				555		141
Global Multi-Strategy Fund			1,215				27				639		(1,261	)
High Yield Fund I			1,171				(151	)			—		532
Inflation Protection Fund			584				24				—		216
International Small Company Fund			109				10				194		(137	)
LargeCap S&P 500 Index Fund			319				19				740		361
MidCap Fund			41				202				1,201		744
Overseas Fund			329				50				689		(573	)
Short-Term Income Fund			1,181				5				—		1,216
SmallCap Growth Fund I			37				42				312		(67	)
SmallCap Value Fund II			69				11				311		(262	)
		$	8,557	$			763	$			6,397	$	7,294
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

384

Schedule of Investments
Real Estate Securities Fund
April 30, 2019 (unaudited)
COMMON STOCKS - 99.22%	Shares Held			Value (000's)				(a)		Non-income producing security
Lodging - 3.75%								(b)		Affiliated Security. Security is either an affiliate (and registered under the
Extended Stay America Inc		1,734,651			$	31,068				Investment Company Act of 1940) or an affiliate as defined by the Investment
Hilton Grand Vacations Inc (a)		1,271,049				40,724				Company Act of 1940 (controls 5.0% or more of the outstanding voting
Hilton Worldwide Holdings Inc		1,091,541				94,953				shares of the security). Please see affiliated sub-schedule for transactional
		$				166,745				information.
REITs - 93.26%								(c)		Current yield shown is as of period end.
Alexandria Real Estate Equities Inc		1,393,714				198,451
American Homes 4 Rent		3,369,521				80,801							Portfolio Summary  (unaudited)
American Tower Corp		178,263				34,814		Sector								Percent
Americold Realty Trust		1,241,864				39,752		Financial								93.26	%
Apartment Investment & Management Co		2,800,963				138,255		Consumer, Cyclical								3.75	%
AvalonBay Communities Inc		1,372,844				275,846		Technology								2.21	%
Boston Properties Inc		1,036,813				142,686		Money Market Funds								0.75	%
Corporate Office Properties Trust		1,141,096				31,814		Other Assets and Liabilities								0.03	%
Crown Castle International Corp		329,416				41,434		TOTAL NET ASSETS							100.00		%
CubeSmart		2,123,004				67,745
Duke Realty Corp		2,233,414				69,504
EPR Properties		1,207,063				95,189
Equinix Inc		565,824				257,280
Equity LifeStyle Properties Inc		626,303				73,090
Equity Residential		638,951				48,829
Essex Property Trust Inc		658,840				186,122
Extra Space Storage Inc		1,402,533				145,429
First Industrial Realty Trust Inc		1,086,235				38,311
HCP Inc		1,641,093				48,872
Healthcare Trust of America Inc		4,331,161				119,453
Hudson Pacific Properties Inc		1,544,782				53,851
Invitation Homes Inc		8,124,514				201,975
Kilroy Realty Corp		1,285,938				98,901
Physicians Realty Trust		2,018,954				36,463
Prologis Inc		4,582,297				351,325
Public Storage		334,505				73,986
Regency Centers Corp		2,124,256				142,686
Sabra Health Care REIT Inc		1,704,504				33,340
Saul Centers Inc		378,692				20,203
Simon Property Group Inc		1,178,570				204,718
Spirit Realty Capital Inc		1,637,667				66,260
STORE Capital Corp		3,959,719				131,938
Sun Communities Inc		1,038,385				127,804
Sunstone Hotel Investors Inc		4,938,032				71,108
Tanger Factory Outlet Centers Inc		1,121,902				20,262
Taubman Centers Inc		790,601				38,977
Terreno Realty Corp		989,628				44,187
VICI Properties Inc		2,563,810				58,455
Welltower Inc		2,887,246				215,186
Weyerhaeuser Co		1,000,845				26,823
		$				4,152,125
Software - 2.21%
InterXion Holding NV (a)		1,421,020				98,320
TOTAL COMMON STOCKS		$				4,417,190
INVESTMENT COMPANIES - 0.75%	Shares Held			Value (000's)
Money Market Funds - 0.75%
Principal Government Money Market Fund	33,334,498					33,335
2.38%(b),(c)
TOTAL INVESTMENT COMPANIES		$				33,335
Total Investments		$				4,450,525
Other Assets and Liabilities -  0.03%						1,543
TOTAL NET ASSETS - 100.00%		$				4,452,068
Affiliated Securities		October 31, 2018								Purchases			Sales		April 30, 2019
				Value						Cost			Proceeds		Value
Principal Government Money Market Fund 2.38%	$					49,809			$		639,456	$	655,930	$		33,335
	$					49,809			$		639,456	$	655,930	$		33,335
						Realized Gain/Loss							Realized Gain from		Change in Unrealized
		Income				on Investments					Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$		519		$		— $						— $			—
	$		519		$		— $						— $			—
Amounts in thousands

See accompanying notes.

385

			Schedule of Investments
			SAM Balanced Portfolio
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.05%	Shares Held		Value (000's)
Money Market Funds - 0.30%
Principal Government Money Market Fund	13,621,084	$	13,621
2.38%(a),(b)
Principal Exchange-Traded Funds - 20.45%
Principal Active Global Dividend Income ETF (a)	7,708,100		215,788
Principal EDGE Active Income ETF (a)	1,406,000		56,608
Principal Investment Grade Corporate Active	2,774,000		70,390
ETF (a)
Principal U.S. Mega-Cap Multi-Factor Index	16,906,700		487,589
ETF (a)
Principal U.S. Small-Cap Multi-Factor Index	3,197,700		102,998
ETF (a)
	$		933,373
Principal Funds, Inc. Class R-6 - 52.80%
Blue Chip Fund (a)	16,263,940		409,201
Diversified International Fund (a)	42,476,460		519,062
Diversified Real Asset Fund (a)	13,296,630		150,651
EDGE MidCap Fund (a)	12,539,469		180,568
Global Multi-Strategy Fund (a)	15,563,972		164,667
Global Real Estate Securities Fund (a)	13,546,821		136,823
High Yield Fund (a)	9,746,018		69,587
Income Fund (a)	52,884,215		501,342
International Small Company Fund (a)	5,126,298		54,800
Origin Emerging Markets Fund (a)	5,362,538		58,023
Preferred Securities Fund (a)	11,931,484		118,957
Real Estate Debt Income Fund (a)	4,686,779		45,321
	$		2,409,002
Principal Funds, Inc. Institutional Class - 26.50%
Equity Income Fund (a)	17,990,896		574,090
Government & High Quality Bond Fund (a)	24,141,374		247,690
Inflation Protection Fund (a)	8,328,421		70,292
Short-Term Income Fund (a)	26,078,688		317,117
	$		1,209,189
TOTAL INVESTMENT COMPANIES	$		4,565,185
Total Investments	$		4,565,185
Other Assets and Liabilities -  (0.05)%			(2,414	)
TOTAL NET ASSETS - 100.00%	$		4,562,771

(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	44.19	%
Domestic Equity Funds	38.45	%
International Equity Funds	10.20	%
Specialty Funds	6.91	%
Money Market Funds	0.30	%
Other Assets and Liabilities	(0.05	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

386

Schedule of Investments
SAM Balanced Portfolio
April 30, 2019 (unaudited)
Affiliated Securities			October 31, 2018			Purchases(a)			Sales(a)		April 30, 2019
			Value			Cost			Proceeds				Value
Blue Chip Fund		$		362,422	$		28,790	$	23,864	$			409,201
Diversified International Fund	Class R-6			—			431,224		5,925				519,062
Diversified International Fund	Institutional Class			477,998			39,436		428,056				—
Diversified Real Asset Fund				153,382			6,448		11,130				150,651
EDGE MidCap Fund				163,524			11,719		6,605				180,568
Equity Income Fund				541,804			35,893		22,646				574,090
Global Multi-Strategy Fund				180,024			10,807		19,073				164,667
Global Real Estate Securities Fund				133,513			4,484		13,523				136,823
Government & High Quality Bond Fund				263,272			5,943		29,111				247,690
High Yield Fund				74,715			3,007		8,752				69,587
Income Fund				527,176			12,138		53,066				501,342
Inflation Protection Fund				74,404			2,821		7,866				70,292
International Emerging Markets Fund				52,620			1,988		58,398				—
International Small Company Fund				52,000			4,418		316				54,800
Origin Emerging Markets Fund				—			58,289		—				58,023
Preferred Securities Fund				123,911			4,222		11,565				118,957
Principal Active Global Dividend Income ETF				200,557			—		—				215,788
Principal EDGE Active Income ETF				55,509			—		—				56,608
Principal Government Money Market Fund 2.38%				16,930			14,202		17,511				13,621
Principal Investment Grade Corporate Active ETF				67,300			—		—				70,390
Principal U.S. Mega-Cap Multi-Factor Index ETF				455,129			—		—				487,589
Principal U.S. Small-Cap Multi-Factor Index ETF				98,261			2,459		—				102,998
Real Estate Debt Income Fund				48,642			952		5,826				45,321
Short-Term Income Fund				338,457			9,882		35,399				317,117
		$		4,461,550	$		689,122	$	758,632	$			4,565,185
				Realized Gain/Loss					Realized Gain from				Change in Unrealized
				Income		on Investments			Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$		48	$		(170	) $			25,207	$	42,023
Diversified International Fund Class R-6				—			(38	)			—		93,801
Diversified International Fund	Institutional Class			8,912			(45	)			22,045		(89,333	)
Diversified Real Asset Fund				4,877			(12	)			—		1,963
EDGE MidCap Fund				2,621			41				7,029		11,889
Equity Income Fund				10,670			(254	)			21,021		19,293
Global Multi-Strategy Fund				7,021			(305	)			3,712		(6,786	)
Global Real Estate Securities Fund				3,009			294				913		12,055
Government & High Quality Bond Fund				3,634		(1,250		)			—		8,836
High Yield Fund				2,199			(534	)			—		1,151
Income Fund				8,997		(1,583		)			—		16,677
Inflation Protection Fund				2,082			(294	)			—		1,227
International Emerging Markets Fund				620		17,860					1,121		(14,070	)
International Small Company Fund				1,501			9				2,671		(1,311	)
Origin Emerging Markets Fund				—			—				—		(266	)
Preferred Securities Fund				3,414			(837	)			—		3,226
Principal Active Global Dividend Income ETF				2,268			—				2,296		15,231
Principal EDGE Active Income ETF				1,334			—				478		1,099
Principal Government Money Market Fund 2.38%				162			—				—		—
Principal Investment Grade Corporate Active ETF				1,360			—				59		3,090
Principal U.S. Mega-Cap Multi-Factor Index ETF				5,465			—				—		32,460
Principal U.S. Small-Cap Multi-Factor Index ETF				780			—				—		2,278
Real Estate Debt Income Fund				952			(128	)			—		1,681
Short-Term Income Fund				4,061			(453	)			—		4,630
		$		75,987	$	12,301		$			86,552	$	160,844
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

387

			Schedule of Investments
	SAM Conservative Balanced Portfolio
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.05%	Shares Held		Value (000's)
Money Market Funds - 0.50%
Principal Government Money Market Fund	8,387,737	$	8,388
2.38%(a),(b)
Principal Exchange-Traded Funds - 15.05%
Principal Active Global Dividend Income ETF (a)	1,207,000		33,790
Principal EDGE Active Income ETF (a)	1,047,000		42,154
Principal Investment Grade Corporate Active	1,517,600		38,509
ETF (a)
Principal U.S. Mega-Cap Multi-Factor Index	4,014,000		115,764
ETF (a)
Principal U.S. Small-Cap Multi-Factor Index	722,700		23,278
ETF (a)
	$		253,495
Principal Funds, Inc. Class R-6 - 53.03%
Blue Chip Fund (a)	3,813,171		95,939
Diversified International Fund (a)	10,803,020		132,013
Diversified Real Asset Fund (a)	4,430,672		50,200
EDGE MidCap Fund (a)	2,903,983		41,817
Global Diversified Income Fund (a)	3,361,475		45,414
Global Multi-Strategy Fund (a)	6,237,608		65,994
Global Real Estate Securities Fund (a)	3,636,261		36,726
High Yield Fund (a)	5,910,098		42,198
Income Fund (a)	28,552,780		270,680
International Small Company Fund (a)	1,352,707		14,460
Origin Emerging Markets Fund (a)	1,313,218		14,209
Preferred Securities Fund (a)	6,880,170		68,595
Real Estate Debt Income Fund (a)	1,517,442		14,674
	$		892,919
Principal Funds, Inc. Institutional Class - 31.47%
Equity Income Fund (a)	4,406,466		140,610
Government & High Quality Bond Fund (a)	15,600,708		160,063
Inflation Protection Fund (a)	5,246,429		44,280
Short-Term Income Fund (a)	15,218,460		185,057
	$		530,010
TOTAL INVESTMENT COMPANIES	$		1,684,812
Total Investments	$		1,684,812
Other Assets and Liabilities -  (0.05)%			(847	)
TOTAL NET ASSETS - 100.00%	$		1,683,965

(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	59.28	%
Domestic Equity Funds	24.78	%
Specialty Funds	9.60	%
International Equity Funds	5.89	%
Money Market Funds	0.50	%
Other Assets and Liabilities	(0.05	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

388

Schedule of Investments
SAM Conservative Balanced Portfolio
April 30, 2019 (unaudited)
Affiliated Securities			October 31, 2018			Purchases(a)			Sales(a)		April 30, 2019
			Value			Cost			Proceeds				Value
Blue Chip Fund		$		88,014	$	8,966		$	11,039	$			95,939
Diversified International Fund	Class R-6			—		108,063			254				132,013
Diversified International Fund	Institutional Class			119,635		12,030			108,675				—
Diversified Real Asset Fund				49,763		2,322			2,575				50,200
EDGE MidCap Fund				38,081		3,836			2,887				41,817
Equity Income Fund				133,672		12,216			10,037				140,610
Global Diversified Income Fund				45,951		1,855			3,633				45,414
Global Multi-Strategy Fund				68,059		4,729			4,149				65,994
Global Real Estate Securities Fund				37,573		2,410			6,728				36,726
Government & High Quality Bond Fund				167,676		4,066			16,574				160,063
High Yield Fund				42,959		2,365			3,584				42,198
Income Fund				284,817		7,107			29,516				270,680
Inflation Protection Fund				44,483		2,002			2,807				44,280
International Emerging Markets Fund				12,627			723		14,275				—
International Small Company Fund				13,381		1,396			—				14,460
Origin Emerging Markets Fund				—		14,274			—				14,209
Preferred Securities Fund				69,754		3,009			5,608				68,595
Principal Active Global Dividend Income ETF				31,405			—		—				33,790
Principal EDGE Active Income ETF				41,335			—		—				42,154
Principal Government Money Market Fund 2.38%				9,090		4,410			5,112				8,388
Principal Investment Grade Corporate Active ETF				36,819			—		—				38,509
Principal U.S. Mega-Cap Multi-Factor Index ETF				108,057			—		—				115,764
Principal U.S. Small-Cap Multi-Factor Index ETF				21,906			848		—				23,278
Real Estate Debt Income Fund				15,662			310		1,803				14,674
Short-Term Income Fund				193,957		6,385			17,755				185,057
		$		1,674,676	$	203,322		$	247,011	$			1,684,812
				Realized Gain/Loss					Realized Gain from				Change in Unrealized
				Income	on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$		12	$	44		$			6,193	$	9,954
Diversified International Fund Class R-6				—		2					—		24,202
Diversified International Fund	Institutional Class			2,231		(7		)			5,517		(22,983	)
Diversified Real Asset Fund				1,603		(41		)			—		731
EDGE MidCap Fund				611		52					1,639		2,735
Equity Income Fund				2,664		(264		)			5,273		5,023
Global Diversified Income Fund				1,222		(187		)			—		1,428
Global Multi-Strategy Fund				2,688		(142		)			1,418		(2,503	)
Global Real Estate Securities Fund				839		73					257		3,398
Government & High Quality Bond Fund				2,362		(1,035		)			—		5,930
High Yield Fund				1,320		(202		)			—		660
Income Fund				4,927		(901		)			—		9,173
Inflation Protection Fund				1,283		(107		)			—		709
International Emerging Markets Fund				149		4,721					269		(3,796	)
International Small Company Fund				386		—					687		(317	)
Origin Emerging Markets Fund				—		—					—		(65	)
Preferred Securities Fund				1,965		(361		)			—		1,801
Principal Active Global Dividend Income ETF				355		—					360		2,385
Principal EDGE Active Income ETF				994		—					356		819
Principal Government Money Market Fund 2.38%				97		—					—		—
Principal Investment Grade Corporate Active ETF				744		—					32		1,690
Principal U.S. Mega-Cap Multi-Factor Index ETF				1,297		—					—		7,707
Principal U.S. Small-Cap Multi-Factor Index ETF				176		—					—		524
Real Estate Debt Income Fund				310		(36		)			—		541
Short-Term Income Fund				2,380		(231		)			—		2,701
		$		30,615	$	1,378		$			22,001	$	52,447
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

389

			Schedule of Investments
	SAM Conservative Growth Portfolio
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.05%	Shares Held		Value (000's)
Money Market Funds - 0.25%
Principal Government Money Market Fund	7,575,629	$	7,576
2.38%(a),(b)
Principal Exchange-Traded Funds - 21.35%
Principal Active Global Dividend Income ETF (a)	3,580,000		100,222
Principal Investment Grade Corporate Active	816,000		20,706
ETF (a)
Principal U.S. Mega-Cap Multi-Factor Index	15,051,400		434,082
ETF (a)
Principal U.S. Small-Cap Multi-Factor Index	3,039,800		97,912
ETF (a)
	$		652,922
Principal Funds, Inc. Class R-6 - 54.61%
Blue Chip Fund (a)	14,963,568		376,483
Diversified International Fund (a)	41,252,418		504,105
Diversified Real Asset Fund (a)	9,612,149		108,906
EDGE MidCap Fund (a)	12,637,859		181,985
Global Multi-Strategy Fund (a)	3,896,776		41,228
Global Real Estate Securities Fund (a)	10,243,049		103,455
Income Fund (a)	14,268,554		135,266
International Small Company Fund (a)	4,433,045		47,389
Multi-Manager Equity Long/Short Fund (a)	7,293,175		68,337
Origin Emerging Markets Fund (a)	5,190,967		56,166
Preferred Securities Fund (a)	4,653,308		46,393
	$		1,669,713
Principal Funds, Inc. Institutional Class - 23.84%
Equity Income Fund (a)	16,200,257		516,950
Government & High Quality Bond Fund (a)	7,900,201		81,056
Short-Term Income Fund (a)	10,758,094		130,819
	$		728,825
TOTAL INVESTMENT COMPANIES	$		3,059,036
Total Investments	$		3,059,036
Other Assets and Liabilities -  (0.05)%			(1,521	)
TOTAL NET ASSETS - 100.00%	$		3,057,515

(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	52.56	%
Fixed Income Funds	30.04	%
International Equity Funds	10.05	%
Specialty Funds	7.15	%
Money Market Funds	0.25	%
Other Assets and Liabilities	(0.05	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

390

Schedule of Investments
SAM Conservative Growth Portfolio
April 30, 2019 (unaudited)
Affiliated Securities			October 31, 2018			Purchases(a)			Sales(a)		April 30, 2019
			Value			Cost			Proceeds				Value
Blue Chip Fund		$		336,612	$		25,840	$	23,929	$			376,483
Diversified International Fund	Class R-6			—			430,165		950				504,105
Diversified International Fund	Institutional Class			470,235			34,819		433,932				—
Diversified Real Asset Fund				115,915			3,762		12,110				108,906
EDGE MidCap Fund				167,012			12,007		9,132				181,985
Equity Income Fund				497,675			29,878		27,347				516,950
Global Multi-Strategy Fund				48,758			2,948		8,511				41,228
Global Real Estate Securities Fund				102,719			3,082		11,543				103,455
Government & High Quality Bond Fund				90,324			1,239		13,072				81,056
Income Fund				150,285			2,532		21,724				135,266
International Small Company Fund				45,477			3,679		644				47,389
Multi-Manager Equity Long/Short Fund				77,086			8,336		10,701				68,337
Origin Emerging Markets Fund				52,800			958		2,894				56,166
Preferred Securities Fund				49,753			1,362		5,644				46,393
Principal Active Global Dividend Income ETF				93,148			—		—				100,222
Principal Government Money Market Fund 2.38%				11,394			8,240		12,058				7,576
Principal Investment Grade Corporate Active ETF				19,797			—		—				20,706
Principal U.S. Mega-Cap Multi-Factor Index ETF				405,184			—		—				434,082
Principal U.S. Small-Cap Multi-Factor Index ETF				94,426			1,347		—				97,912
Short-Term Income Fund				146,632			1,918		19,490				130,819
		$		2,975,232	$		572,112	$	613,681	$			3,059,036
				Realized Gain/Loss					Realized Gain from				Change in Unrealized
				Income	on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$		44	$	(1,770		) $			23,192	$	39,730
Diversified International Fund	Class R-6			—			(13	)			—		74,903
Diversified International Fund	Institutional Class			8,668			(399	)			21,478		(70,723	)
Diversified Real Asset Fund				3,634			(212	)			—		1,551
EDGE MidCap Fund				2,673			222				7,167		11,876
Equity Income Fund				9,675		(2,437		)			19,139		19,181
Global Multi-Strategy Fund				1,885			232				998		(2,199	)
Global Real Estate Securities Fund				2,260			(181	)			692		9,378
Government & High Quality Bond Fund				1,217			(508	)			—		3,073
Income Fund				2,496			(622	)			—		4,795
International Small Company Fund				1,294			54				2,302		(1,177	)
Multi-Manager Equity Long/Short Fund				1,137			(691	)			7,120		(5,693	)
Origin Emerging Markets Fund				879			528				—		4,774
Preferred Securities Fund				1,353			(297	)			—		1,219
Principal Active Global Dividend Income ETF				1,053			—				1,066		7,074
Principal Government Money Market Fund 2.38%				94			—				—		—
Principal Investment Grade Corporate Active ETF				400			—				18		909
Principal U.S. Mega-Cap Multi-Factor Index ETF				4,865			—				—		28,898
Principal U.S. Small-Cap Multi-Factor Index ETF				740			—				—		2,139
Short-Term Income Fund				1,720			(226	)			—		1,985
		$		46,087	$	(6,320		) $			83,172	$	131,693
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

391

			Schedule of Investments
	SAM Flexible Income Portfolio
			April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 99.93%	Shares Held		Value (000's)
Money Market Funds - 1.00%
Principal Government Money Market Fund	26,027,405	$	26,027
2.38%(a),(b)
Principal Exchange-Traded Funds - 16.51%
Principal Active Global Dividend Income ETF (a)	6,584,100		184,322
Principal EDGE Active Income ETF (a)	1,664,800		67,027
Principal Investment Grade Corporate Active	3,197,000		81,124
ETF (a)
Principal U.S. Mega-Cap Multi-Factor Index	3,448,200		99,446
ETF (a)
	$		431,919
Principal Funds, Inc. Class R-6 - 45.83%
Blue Chip Fund (a)	1,455,166		36,612
EDGE MidCap Fund (a)	2,775,368		39,965
Global Diversified Income Fund (a)	9,587,211		129,523
Global Real Estate Securities Fund (a)	9,865,531		99,642
High Yield Fund (a)	16,236,200		115,927
Income Fund (a)	62,568,482		593,149
Preferred Securities Fund (a)	13,545,116		135,045
Real Estate Debt Income Fund (a)	5,035,922		48,697
	$		1,198,560
Principal Funds, Inc. Institutional Class - 36.59%
Equity Income Fund (a)	5,556,856		177,319
Government & High Quality Bond Fund (a)	27,919,443		286,454
Inflation Protection Fund (a)	19,835,116		167,409
Short-Term Income Fund (a)	26,796,719		325,848
	$		957,030
TOTAL INVESTMENT COMPANIES	$		2,613,536
Total Investments	$		2,613,536
Other Assets and Liabilities -  0.07%			1,747
TOTAL NET ASSETS - 100.00%	$		2,615,283

(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	69.61	%
Domestic Equity Funds	13.51	%
International Equity Funds	10.86	%
Specialty Funds	4.95	%
Money Market Funds	1.00	%
Other Assets and Liabilities	0.07	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

392

Schedule of Investments
SAM Flexible Income Portfolio
April 30, 2019 (unaudited)
Affiliated Securities		October 31, 2018			Purchases			Sales		April 30, 2019
		Value			Cost			Proceeds				Value
Blue Chip Fund	$		30,602	$		3,182	$	893	$			36,612
EDGE MidCap Fund			33,839			5,666		2,234				39,965
Equity Income Fund			160,271			14,992		4,021				177,319
Global Diversified Income Fund			128,953			4,483		7,455				129,523
Global Real Estate Securities Fund			94,180			3,582		6,946				99,642
Government & High Quality Bond Fund			290,264			6,134		18,502				286,454
High Yield Fund			114,735			5,404		5,506				115,927
Income Fund			597,454			14,831		36,706				593,149
Inflation Protection Fund			167,139			6,353		8,349				167,409
Preferred Securities Fund			134,466			4,834		7,093				135,045
Principal Active Global Dividend Income ETF			170,011			1,284		—				184,322
Principal EDGE Active Income ETF			65,726			—		—				67,027
Principal Government Money Market Fund 2.38%			26,494			9,006		9,473				26,027
Principal Investment Grade Corporate Active ETF			77,563			—		—				81,124
Principal U.S. Mega-Cap Multi-Factor Index ETF			92,825			—		—				99,446
Real Estate Debt Income Fund			49,337			1,192		3,447				48,697
Short-Term Income Fund			334,632			9,837		22,871				325,848
	$		2,568,491	$		90,780	$	133,496	$			2,613,536
			Realized Gain/Loss					Realized Gain from				Change in Unrealized
			Income	on Investments				Capital Gain Distributions				Gain/Loss
Blue Chip Fund	$		4	$		(48	) $			2,165	$	3,769
EDGE MidCap Fund			591			(12	)			1,586		2,706
Equity Income Fund			3,256			10				6,381		6,067
Global Diversified Income Fund			3,461			(442	)			—		3,984
Global Real Estate Securities Fund			2,144			146				648		8,680
Government & High Quality Bond Fund			4,139		(1,476		)			—		10,034
High Yield Fund			3,574			(270	)			—		1,564
Income Fund			10,425		(1,593		)			—		19,163
Inflation Protection Fund			4,846			(316	)			—		2,582
Preferred Securities Fund			3,829			(467	)			—		3,305
Principal Active Global Dividend Income ETF			1,930			—				1,946		13,027
Principal EDGE Active Income ETF			1,580			—				565		1,301
Principal Government Money Market Fund 2.38%			290			—				—		—
Principal Investment Grade Corporate Active ETF			1,567			—				68		3,561
Principal U.S. Mega-Cap Multi-Factor Index ETF			1,115			—				—		6,621
Real Estate Debt Income Fund			985			(96	)			—		1,711
Short-Term Income Fund			4,095			(404	)			—		4,654
	$		47,831	$	(4,968		) $			13,359	$	92,729
Amounts in thousands

See accompanying notes.

393

Schedule of Investments
SAM Strategic Growth Portfolio
April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 100.06%		Shares Held Value (000's)					(a)		Affiliated Security. Security is either an affiliate (and registered under the
Money Market Funds - 0.30%									Investment Company Act of 1940) or an affiliate as defined by the Investment
Principal Government Money Market Fund		5,627,606		$	5,628				Company Act of 1940 (controls 5.0% or more of the outstanding voting
2.38%(a),(b)									shares of the security). Please see affiliated sub-schedule for transactional
Principal Exchange-Traded Funds - 26.66%									information.
Principal Active Global Dividend Income ETF (a)		3,889,000			108,873		(b)		Current yield shown is as of period end.
Principal EDGE Active Income ETF (a)		1,321,300			53,197
Principal U.S. Mega-Cap Multi-Factor Index		9,084,800			262,006					Portfolio Summary  (unaudited)
ETF (a)							Fund Type									Percent
Principal U.S. Small-Cap Multi-Factor Index		2,499,500			80,509		Domestic Equity Funds									58.64	%
ETF (a)							Fixed Income Funds									24.97	%
			$		504,585		International Equity Funds									16.15	%
Principal Funds, Inc. Class R-6 - 52.04%							Money Market Funds									0.30	%
Blue Chip Fund (a)		11,573,485			291,189		Other Assets and Liabilities									(0.06	)%
Diversified International Fund (a)		30,502,399			372,739		TOTAL NET ASSETS									100.00	%
EDGE MidCap Fund (a)		8,613,391			124,033
Global Real Estate Securities Fund (a)		9,865,535			99,642
International Small Company Fund (a)		3,004,051			32,113
Origin Emerging Markets Fund (a)		6,015,214			65,085
			$		984,801
Principal Funds, Inc. Institutional Class - 21.06%
Equity Income Fund (a)		11,033,853			352,090
Short-Term Income Fund (a)		3,829,547			46,567
			$		398,657
TOTAL INVESTMENT COMPANIES			$		1,893,671
Total Investments			$		1,893,671
Other Assets and Liabilities -  (0.06)%					(1,204	)
TOTAL NET ASSETS - 100.00%			$		1,892,467
Affiliated Securities			October 31, 2018						Purchases(a)			Sales(a)		April 30, 2019
			Value						Cost			Proceeds				Value
Blue Chip Fund		$			265,454			$		20,407	$	23,672	$			291,189
Diversified International Fund	Class R-6						—			337,782		3,400				372,739
Diversified International Fund	Institutional Class				349,344					27,401		340,359				—
EDGE MidCap Fund					116,467					9,024		9,313				124,033
Equity Income Fund					341,313					21,661		22,032				352,090
Global Real Estate Securities Fund					101,938					3,155		14,647				99,642
International Small Company Fund					32,375					2,733		2,051				32,113
Origin Emerging Markets Fund					63,856					1,229		5,984				65,085
Principal Active Global Dividend Income ETF					101,188					—		—				108,873
Principal EDGE Active Income ETF					79,840					—		27,850				53,197
Principal Government Money Market Fund 2.38%					8,520					36,379		39,271				5,628
Principal U.S. Mega-Cap Multi-Factor Index ETF					244,563					—		—				262,006
Principal U.S. Small-Cap Multi-Factor Index ETF					76,607					2,121		—				80,509
Short-Term Income Fund					34,803					18,224		6,907				46,567
		$			1,816,268			$		480,116	$	495,486	$			1,893,671
					Realized Gain/Loss							Realized Gain from				Change in Unrealized
					Income		on Investments					Capital Gain Distributions				Gain/Loss
Blue Chip Fund		$			34	$			(2,579		) $			18,166	$	31,579
Diversified International Fund	Class R-6				—					(42	)			—		38,399
Diversified International Fund	Institutional Class				6,364				(1,040		)			15,880		(35,346	)
EDGE MidCap Fund					1,819				(1,019		)			4,907		8,874
Equity Income Fund					6,596				(2,482		)			13,094		13,630
Global Real Estate Securities Fund					2,263					(15	)			693		9,211
International Small Company Fund					907					(4	)			1,624		(940	)
Origin Emerging Markets Fund					1,029					82				—		5,902
Principal Active Global Dividend Income ETF					1,144					—				1,158		7,685
Principal EDGE Active Income ETF					1,918					190				687		1,017
Principal Government Money Market Fund 2.38%					80					—				—		—
Principal U.S. Mega-Cap Multi-Factor Index ETF					2,937					—				—		17,443
Principal U.S. Small-Cap Multi-Factor Index ETF					609					—				—		1,781
Short-Term Income Fund					423					(52	)			—		499
		$	26,123			$			(6,961		) $			56,209	$	99,734
Amounts in thousands

(a)      Purchases and Sales include transactions related to the transition of assets from the Institutional Class to Class R-6.

See accompanying notes.

394

Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 1.88%		Shares Held	Value (000's)					Principal
Money Market Funds - 1.88%						BONDS (continued)	Amount (000’s)		Value (000’s)
Principal Government Money Market Fund		90,633,843		$	90,634	Automobile Asset Backed Securities (continued)
2.38%(a),(b)						CPS Auto Receivables Trust 2018-B
TOTAL INVESTMENT COMPANIES		$			90,634	2.72%, 09/15/2021(c)	$	5,513		$	5,510
		Principal				CPS Auto Receivables Trust 2018-D
BONDS - 96.51%	Amount (000's)				Value (000's)	3.06%, 01/18/2022(c)		16,040			16,062
Aerospace & Defense - 1.08%						CPS Auto Receivables Trust 2019-A
General Dynamics Corp						3.18%, 06/15/2022(c)		7,749			7,766
2.88%, 05/11/2020	$	6,800		$	6,823	CPS Auto Receivables Trust 2019-B
3.00%, 05/11/2021		9,750			9,836	2.89%, 05/16/2022(c)		9,750			9,751
Northrop Grumman Corp						CPS Auto Trust
2.08%, 10/15/2020		4,850			4,809	2.87%, 09/15/2021(c)		7,030			7,030
Rockwell Collins Inc						Ford Credit Auto Owner Trust 2015-REV2
1.95%, 07/15/2019		5,000			4,992	2.44%, 01/15/2027(c)		12,327			12,286
3.20%, 03/15/2024		6,750			6,755	Ford Credit Auto Owner Trust 2016-REV2
United Technologies Corp						2.03%, 12/15/2027(c)		14,000			13,816
1.50%, 11/01/2019		9,600			9,544	Ford Credit Auto Owner Trust 2017-REV1
1.90%, 05/04/2020		9,400			9,321	2.62%, 08/15/2028(c)		11,500			11,486
		$			52,080	Ford Credit Auto Owner Trust 2019-REV1
Airlines - 0.56%						3.52%, 07/15/2030(c)		11,700			11,902
American Airlines 2013-2 Class A Pass Through						Ford Credit Auto Owner Trust/Ford Credit
Trust						3.47%, 01/15/2030(c)		14,600			14,878
4.95%, 07/15/2024		10,041			10,408	Ford Credit Auto Owner Trust/Ford Credit
Continental Airlines 2009-2 Class A Pass Through						2014-REV1
Trust						2.26%, 11/15/2025(c)		11,327			11,324
7.25%, 05/10/2021		5,885			5,997	OneMain Direct Auto Receivables Trust 2017-2
Delta Air Lines 2009-1 Class A Pass Through						2.31%, 12/14/2021(c)		14,157			14,116
Trust						OneMain Direct Auto Receivables Trust 2018-1
7.75%, 06/17/2021		6,866			7,038	3.43%, 12/16/2024(c)		16,000			16,156
Delta Air Lines 2012-1 Class A Pass Through						OneMain Direct Auto Receivables Trust 2019-1
Trust						3.63%, 09/14/2027(c)		16,750			16,934
4.75%, 11/07/2021		3,478			3,529	Santander Drive Auto Receivables Trust 2015-2
		$			26,972	3.02%, 04/15/2021		5,854			5,858
Automobile Asset Backed Securities - 8.67%						Santander Drive Auto Receivables Trust 2018-2
AmeriCredit Automobile Receivables 2015-4						2.58%, 10/15/2020		1,943			1,943
3.72%, 12/08/2021		6,390			6,440	Santander Drive Auto Receivables Trust 2018-3
AmeriCredit Automobile Receivables Trust						2.78%, 03/15/2021		4,689			4,688
2015-2						Santander Drive Auto Receivables Trust 2018-4
3.00%, 06/08/2021		3,000			3,003	2.73%, 04/15/2021		3,140			3,138
AmeriCredit Automobile Receivables Trust						3.01%, 03/15/2022		7,800			7,812
2015-3						Santander Drive Auto Receivables Trust 2018-5
2.73%, 03/08/2021		5,879			5,878	2.97%, 07/15/2021		14,864			14,873
AmeriCredit Automobile Receivables Trust						Santander Drive Auto Receivables Trust 2019-1
2017-4						2.91%, 01/18/2022		7,300			7,308
1.83%, 05/18/2021		2,801			2,797	TCF Auto Receivables Owner Trust 2016-PT1
Americredit Automobile Receivables Trust 2018-1						1.93%, 06/15/2022(c)		6,517			6,473
3.07%, 12/19/2022		9,750			9,801	Westlake Automobile Receivables Trust 2017-1
Americredit Automobile Receivables Trust 2018-2						2.30%, 10/17/2022(c)		300			300
3.15%, 03/20/2023		6,800			6,857	Westlake Automobile Receivables Trust 2017-2
Americredit Automobile Receivables Trust 2018-3						1.80%, 07/15/2020(c)		318			318
3.11%, 01/18/2022		14,239			14,267	Westlake Automobile Receivables Trust 2018-1
Americredit Automobile Receivables Trust 2019-1						2.24%, 12/15/2020(c)		5,176			5,172
2.93%, 06/20/2022		11,700			11,719	Westlake Automobile Receivables Trust 2018-2
2.97%, 11/20/2023		7,300			7,349	2.84%, 09/15/2021(c)		5,612			5,615
Bank of The West Auto Trust 2017-1						3.20%, 01/16/2024(c)		7,800			7,827
1.78%, 02/15/2021(c)		1,447			1,445	Westlake Automobile Receivables Trust 2018-3
Bank of The West Auto Trust 2018-1						2.98%, 01/18/2022(c)		10,949			10,966
3.09%, 04/15/2021(c)		16,600			16,628	3.32%, 10/16/2023(c)		10,700			10,739
Capital Auto Receivables Asset Trust 2018-1						Westlake Automobile Receivables Trust 2019-1
2.54%, 10/20/2020(c)		5,641			5,639	3.51%, 05/16/2022(c)		10,700			10,723
Capital Auto Receivables Asset Trust 2018-2						3.81%, 10/17/2022(c)		13,150			13,203
3.02%, 02/22/2021(c)		12,500			12,519	World Omni Select Auto Trust 2018-1
3.27%, 06/20/2023(c)		9,750			9,797	3.24%, 04/15/2022(c)		12,350			12,385
CPS Auto Receivables Trust 2014-C								$			417,613
3.77%, 08/17/2020(c)		1,780			1,783	Automobile Floor Plan Asset Backed Securities - 1.85%
CPS Auto Receivables Trust 2017-D						Ally Master Owner Trust
1.87%, 03/15/2021(c)		727			727	2.70%, 01/17/2023		14,250			14,248
CPS Auto Receivables Trust 2018-A						3.29%, 05/15/2023		19,500			19,741
2.16%, 05/17/2021(c)		2,609			2,606

See accompanying notes.

395

Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s)     Value (000’s)				BONDS (continued)	Amount (000’s)		Value (000’s)
Automobile Floor Plan Asset Backed Securities (continued)					Banks (continued)
BMW Floorplan Master Owner Trust					Citigroup Inc   (continued)
2.79%, 05/15/2023(c)	$	4,500	$	4,500	4.00%, 08/05/2024	$	10,750	$	11,094
1.00 x 1 Month USD LIBOR + 0.32%					4.04%, 06/01/2024(d)		4,750		4,903
Ford Credit Floorplan Master Owner Trust A					3 Month USD LIBOR + 1.02%
2.87%, 10/15/2023		8,750		8,749	4.06%, 09/01/2023		10,000		10,201
1.00 x 1 Month USD LIBOR + 0.40%					3 Month USD LIBOR + 1.43%
2.93%, 11/15/2021		6,700		6,710	Credit Suisse Group AG
1.00 x 1 Month USD LIBOR + 0.46%					4.21%, 06/12/2024(c),(d)		17,900		18,437
Navistar Financial Dealer Note Master Owner					3 Month USD LIBOR + 1.24%
Trust II					Fifth Third Bancorp
3.11%, 09/25/2023(c)		11,500		11,524	2.60%, 06/15/2022		13,400		13,315
1.00 x 1 Month USD LIBOR + 0.63%					3.65%, 01/25/2024		9,800		10,076
Volvo Financial Equipment Master Owner Trust					4.30%, 01/16/2024		15,700		16,500
2.97%, 11/15/2022(c)		8,750		8,773	Fifth Third Bank/Cincinnati OH
1.00 x 1 Month USD LIBOR + 0.50%					1.63%, 09/27/2019		4,750		4,730
2.99%, 07/17/2023(c)		14,600		14,652	2.25%, 06/14/2021		7,700		7,628
1.00 x 1 Month USD LIBOR + 0.52%					Goldman Sachs Group Inc/The
		$		88,897	2.30%, 12/13/2019		9,600		9,573
Automobile Manufacturers - 1.24%					2.60%, 04/23/2020		9,600		9,580
Daimler Finance North America LLC					3.00%, 04/26/2022		24,050		24,066
1.75%, 10/30/2019(c)		6,650		6,615	3.20%, 02/23/2023		10,000		10,006
Ford Motor Credit Co LLC					3.70%, 04/26/2022		10,450		10,545
2.02%, 05/03/2019		9,600		9,600	3 Month USD LIBOR + 1.11%
3.87%, 03/28/2022		5,000		4,924	3.75%, 04/23/2020		9,600		9,678
3 Month USD LIBOR + 1.27%					3 Month USD LIBOR + 1.16%
General Motors Financial Co Inc					4.42%, 02/25/2021		9,600		9,827
3.44%, 04/09/2021		9,700		9,687	3 Month USD LIBOR + 1.77%
3 Month USD LIBOR + 0.85%					HSBC Holdings PLC
PACCAR Financial Corp					3.95%, 05/18/2024(d)		9,750		10,016
2.20%, 09/15/2019		9,327		9,305	3 Month USD LIBOR + 0.99%
3.10%, 05/10/2021		9,750		9,819	ING Groep NV
Toyota Motor Credit Corp					3.15%, 03/29/2022		6,800		6,828
2.60%, 01/11/2022		9,600		9,594	3.75%, 03/29/2022		9,750		9,879
		$		59,544	3 Month USD LIBOR + 1.15%
Banks - 18.98%					JPMorgan Chase & Co
Bank of America Corp					2.30%, 08/15/2021		9,500		9,416
2.50%, 10/21/2022		12,000		11,836	3.48%, 04/25/2023		38,500		38,711
2.63%, 10/19/2020		15,750		15,760	3 Month USD LIBOR + 0.90%
3.00%, 12/20/2023(d)		10,347		10,305	3.81%, 10/24/2023		15,000		15,220
3 Month USD LIBOR + 0.79%					3 Month USD LIBOR + 1.23%
3.75%, 01/20/2023		28,400		28,777	3.88%, 09/10/2024		5,249		5,402
3 Month USD LIBOR + 1.16%					4.25%, 10/15/2020		22,250		22,752
4.20%, 08/26/2024		24,500		25,420	KeyBank NA/Cleveland OH
Bank of New York Mellon Corp/The					2.40%, 06/09/2022		9,600		9,527
2.20%, 05/15/2019		11,327		11,326	3.30%, 02/01/2022		4,750		4,822
2.50%, 04/15/2021		5,700		5,685	KeyCorp
3.63%, 10/30/2023		24,500		24,880	5.10%, 03/24/2021		20,000		20,858
3 Month USD LIBOR + 1.05%					Morgan Stanley
BB&T Corp					3.25%, 02/10/2021		8,200		8,211
2.05%, 05/10/2021		9,500		9,363	3 Month USD LIBOR + 0.55%
3.24%, 04/01/2022		4,900		4,916	3.98%, 10/24/2023		38,600		39,372
3 Month USD LIBOR + 0.65%					3 Month USD LIBOR + 1.40%
BNP Paribas SA					3.99%, 04/21/2021		20,700		21,071
3.50%, 03/01/2023(c)		9,750		9,838	3 Month USD LIBOR + 1.40%
Branch Banking & Trust Co					4.10%, 05/22/2023		10,200		10,547
2.10%, 01/15/2020		14,400		14,341	5.50%, 07/24/2020		9,500		9,796
2.63%, 01/15/2022		14,400		14,407	PNC Bank NA
Capital One NA					2.00%, 05/19/2020		9,250		9,190
1.85%, 09/13/2019		9,500		9,469	2.70%, 11/01/2022		10,965		10,917
3.37%, 09/13/2019		9,500		9,515	3.04%, 05/19/2020		6,000		6,014
3 Month USD LIBOR + 0.77%					3 Month USD LIBOR + 0.36%
3.73%, 01/30/2023		14,400		14,535	3.08%, 07/27/2022		9,600		9,619
3 Month USD LIBOR + 1.15%					3 Month USD LIBOR + 0.50%
Citigroup Inc					PNC Financial Services Group Inc/The
2.70%, 03/30/2021		14,100		14,081	3.90%, 04/29/2024		9,850		10,237
3.50%, 05/15/2023		9,750		9,861	Royal Bank of Scotland Group PLC
3.54%, 04/25/2022		19,800		20,015	4.27%, 03/22/2025(d)		9,750		9,940
3 Month USD LIBOR + 0.96%					3 Month USD LIBOR + 1.76%

See accompanying notes.

396

Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)

		Principal						Principal
BONDS (continued)	Amount (000’s)		Value (000’s)			BONDS (continued)	Amount (000’s)		Value (000’s)
Banks (continued)						Chemicals (continued)
State Street Corp						Westlake Chemical Corp
3.10%, 05/15/2023	$	24,100		$	24,322	3.60%, 07/15/2022	$	4,100		$	4,135
SunTrust Bank/Atlanta GA									$		47,545
2.25%, 01/31/2020		9,600			9,565	Commercial Mortgage Backed Securities - 0.83%
2.45%, 08/01/2022		14,400			14,235	Ginnie Mae
3.33%, 08/02/2022		9,750			9,742	0.49%, 09/16/2055(f),(g)		23,181			709
3 Month USD LIBOR + 0.59%						0.70%, 01/16/2054(f),(g)		40,205			1,304
SunTrust Banks Inc						0.72%, 10/16/2054(f),(g)		45,187			1,412
2.90%, 03/03/2021		12,500			12,536	0.81%, 02/16/2048(f),(g)		28,842			1,111
UBS AG/London						0.84%, 02/16/2055(f),(g)		66,883			2,129
2.20%, 06/08/2020(c)		11,500			11,432	0.87%, 01/16/2055(f),(g)		97,558			3,826
UBS Group Funding Switzerland AG						1.05%, 06/16/2045(f),(g)		65,701			3,570
3.49%, 05/23/2023(c)		11,450			11,520	1.13%, 08/16/2042(f),(g)		38,729			1,741
US Bancorp						1.24%, 02/16/2046(f),(g)		58,438			2,645
3.22%, 01/24/2022		5,751			5,793	1.25%, 10/16/2051(f),(g)		3,303			231
3 Month USD LIBOR + 0.64%						1.37%, 12/16/2036(f),(g)		52,214			2,692
3.60%, 09/11/2024		14,400			14,870	GS Mortgage Securities Trust 2017-GS6
US Bank NA/Cincinnati OH						1.95%, 05/10/2050		11,093			10,949
2.00%, 01/24/2020		9,600			9,559	JPMDB Commercial Mortgage Securities Trust
2.05%, 10/23/2020		9,700			9,627	2016-C4
Wells Fargo & Co						1.54%, 12/15/2049		7,865			7,735
2.60%, 07/22/2020		5,000			4,989			$			40,054
3.07%, 01/24/2023		19,000			19,036	Computers - 0.49%
Wells Fargo Bank NA						Apple Inc
3.09%, 07/23/2021		14,500			14,532	1.90%, 02/07/2020		4,800			4,776
3 Month USD LIBOR + 0.50%						2.50%, 02/09/2022		9,600			9,583
		$			914,592	International Business Machines Corp
Beverages - 0.95%						2.25%, 02/19/2021		9,500			9,430
Anheuser-Busch InBev Worldwide Inc								$			23,789
4.15%, 01/23/2025		19,250			20,104	Consumer Products - 0.20%
Keurig Dr Pepper Inc						Reckitt Benckiser Treasury Services PLC
3.55%, 05/25/2021(c)		9,750			9,861	3.16%, 06/24/2022(c)		9,600			9,539
PepsiCo Inc						3 Month USD LIBOR + 0.56%
1.35%, 10/04/2019		6,400			6,367	Credit Card Asset Backed Securities - 0.36%
2.15%, 10/14/2020		9,500			9,452	Capital One Multi-Asset Execution Trust
		$			45,784	2.84%, 12/15/2024		9,500			9,580
Biotechnology - 1.46%						2.98%, 09/16/2024		7,700			7,754
Amgen Inc						1.00 x 1 Month USD LIBOR + 0.51%
2.20%, 05/22/2019		9,327			9,325			$			17,334
2.20%, 05/11/2020		4,800			4,780	Diversified Financial Services - 0.92%
2.65%, 05/11/2022		9,600			9,551	American Express Co
Biogen Inc						3.00%, 02/22/2021		9,750			9,789
2.90%, 09/15/2020		14,000			13,995	3.70%, 11/05/2021		6,850			6,996
Celgene Corp						Capital One Financial Corp
3.25%, 08/15/2022		9,750			9,829	3.90%, 01/29/2024		4,900			5,033
3.63%, 05/15/2024		8,100			8,233	GE Capital International Funding Co Unlimited
Gilead Sciences Inc						Co
1.85%, 09/20/2019		14,700			14,652	2.34%, 11/15/2020		12,850			12,711
		$			70,365	GTP Acquisition Partners I LLC
Building Materials - 0.24%						2.35%, 06/15/2045(c)		10,100			9,994
Martin Marietta Materials Inc								$			44,523
3.13%, 12/20/2019		11,700			11,705	Electric - 4.55%
3 Month USD LIBOR + 0.50%						Alabama Power Co
Chemicals - 0.99%						2.45%, 03/30/2022		14,250			14,168
Air Liquide Finance SA						Alliant Energy Finance LLC
1.75%, 09/27/2021(c)		6,750			6,600	3.75%, 06/15/2023(c)		7,510			7,670
Celanese US Holdings LLC						Black Hills Corp
3.50%, 05/08/2024(e)		9,800			9,836	4.25%, 11/30/2023		17,500			18,142
Chevron Phillips Chemical Co LLC / Chevron						5.88%, 07/15/2020		1,260			1,302
Phillips Chemical Co LP						CenterPoint Energy Inc
2.45%, 05/01/2020(c)		4,832			4,819	3.60%, 11/01/2021		14,700			14,975
3.30%, 05/01/2023(c)		7,300			7,390	Dominion Energy Inc
DowDuPont Inc						2.58%, 07/01/2020		7,800			7,767
3.79%, 11/15/2023		9,750			9,835	2.96%, 07/01/2019(g)		15,100			15,100
3 Month USD LIBOR + 1.11%
International Flavors & Fragrances Inc
3.40%, 09/25/2020		4,900			4,930

See accompanying notes.

397

Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Electric (continued)					Food (continued)
Duke Energy Florida LLC					Mondelez International Holdings Netherlands BV
1.85%, 01/15/2020	$	9,600	$	9,539	1.63%, 10/28/2019(c)	$	10,750	$	10,689
2.10%, 12/15/2019		750		748	3.19%, 10/28/2019(c)		9,500		9,517
3.10%, 08/15/2021		5,750		5,792	3 Month USD LIBOR + 0.61%
Emera US Finance LP					Tyson Foods Inc
2.70%, 06/15/2021		6,700		6,656	2.25%, 08/23/2021		3,850		3,808
Exelon Corp					3.08%, 05/30/2019		6,750		6,751
3.50%, 06/01/2022		22,500		22,816	3 Month USD LIBOR + 0.45%
Fortis Inc/Canada					3.09%, 08/21/2020		4,800		4,795
2.10%, 10/04/2021		16,365		16,076	3 Month USD LIBOR + 0.45%
Indiantown Cogeneration LP							$		64,894
9.77%, 12/15/2020		3,658		3,786	Gas - 0.08%
LG&E & KU Energy LLC					NiSource Inc
4.38%, 10/01/2021		15,000		15,426	2.65%, 11/17/2022		4,000		3,947
NextEra Energy Capital Holdings Inc					Healthcare - Services - 0.43%
2.90%, 04/01/2022		6,850		6,880	Humana Inc
3.15%, 04/01/2024		5,600		5,621	2.50%, 12/15/2020		4,900		4,868
San Diego Gas & Electric Co					Roche Holdings Inc
1.91%, 02/01/2022		3,128		3,068	2.94%, 09/30/2019(c)		9,327		9,338
Sempra Energy					3 Month USD LIBOR + 0.34%
2.40%, 02/01/2020		9,750		9,722	UnitedHealth Group Inc
3.10%, 01/15/2021		14,500		14,435	1.95%, 10/15/2020		6,750		6,687
3 Month USD LIBOR + 0.50%							$		20,893
Southern California Edison Co					Home Equity Asset Backed Securities - 0.00%
1.85%, 02/01/2022		5,017		4,862	RASC Series 2005-AHL2 Trust
WEC Energy Group Inc					2.83%, 10/25/2035		96		96
3.38%, 06/15/2021		14,600		14,776	1.00 x 1 Month USD LIBOR + 0.35%
		$		219,327
Electronics - 0.36%					Housewares - 0.12%
					Newell Brands Inc
Fortive Corp					3.85%, 04/01/2023		5,800		5,766
1.80%, 06/15/2019		1,121		1,119
2.35%, 06/15/2021		6,700		6,631	Insurance - 3.49%
Honeywell International Inc					Allstate Corp/The
1.85%, 11/01/2021		9,600		9,457	3.23%, 03/29/2023		12,500		12,445
		$		17,207	3 Month USD LIBOR + 0.63%
					Berkshire Hathaway Finance Corp
Finance - Mortgage Loan/Banker - 12.94%					2.90%, 01/10/2020		14,500		14,528
Fannie Mae					3 Month USD LIBOR + 0.32%
1.38%, 02/26/2021		25,000		24,582	Berkshire Hathaway Inc
1.38%, 10/07/2021		22,350		21,845	2.75%, 03/15/2023		5,500		5,515
1.50%, 06/22/2020		15,000		14,847	Five Corners Funding Trust
1.50%, 11/30/2020		25,000		24,677	4.42%, 11/15/2023(c)		24,250		25,585
1.63%, 01/21/2020		20,000		19,885	MassMutual Global Funding II
1.88%, 12/28/2020		25,000		24,821	1.55%, 10/11/2019(c)		9,650		9,605
1.88%, 04/05/2022		30,000		29,631	2.00%, 04/15/2021(c)		13,638		13,475
2.00%, 01/05/2022		19,000		18,863	Metropolitan Life Global Funding I
2.00%, 10/05/2022		14,550		14,412	1.95%, 09/15/2021(c)		15,000		14,719
2.38%, 01/19/2023		34,300		34,398	3.00%, 06/12/2020(c)		6,750		6,769
2.50%, 02/05/2024		48,750		49,083	3 Month USD LIBOR + 0.40%
2.63%, 09/06/2024		63,450		64,299	3.05%, 09/07/2020(c)		9,750		9,746
2.75%, 06/22/2021		26,025		26,265	United States Secured Overnight Financing
2.88%, 10/30/2020		27,200		27,417	Rate + 0.57%
2.88%, 09/12/2023		73,150		74,817	New York Life Global Funding
Federal Home Loan Banks					1.95%, 02/11/2020(c)		9,600		9,549
2.63%, 10/01/2020		25,000		25,097	2.00%, 04/13/2021(c)		9,600		9,489
Freddie Mac					2.15%, 06/18/2019(c)		12,626		12,619
2.38%, 02/16/2021		29,500		29,516	3.12%, 06/10/2022(c)		24,000		24,072
2.38%, 01/13/2022		24,000		24,050	3 Month USD LIBOR + 0.52%
2.75%, 06/19/2023		73,900		75,145			$		168,116
		$		623,650
Food - 1.35%					Internet - 0.19%
					Amazon.com Inc
Conagra Brands Inc					2.60%, 12/05/2019		9,327		9,326
3.34%, 10/22/2020		9,750		9,753
3 Month USD LIBOR + 0.75%					Machinery - Construction & Mining - 0.20%
3.80%, 10/22/2021		4,900		4,996	Caterpillar Financial Services Corp
Kraft Heinz Foods Co					2.55%, 11/29/2022		9,700		9,654
3.27%, 02/10/2021		9,600		9,598
3 Month USD LIBOR + 0.57%
4.00%, 06/15/2023		4,850		4,987

See accompanying notes.

398

Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)

		Principal						Principal
BONDS (continued)	Amount (000’s)		Value (000’s)			BONDS (continued)	Amount (000’s)		Value (000’s)
Machinery - Diversified - 0.25%						Mortgage Backed Securities (continued)
John Deere Capital Corp						JP Morgan Mortgage Trust 2019-2
2.05%, 03/10/2020	$	4,650		$	4,627	4.00%, 08/25/2049(c),(g)	$	9,291		$	9,430
2.65%, 01/06/2022		7,212			7,226	MASTR Asset Securitization Trust 2004-11
		$			11,853	5.00%, 12/25/2019		2			2
Media - 0.40%						MASTR Asset Securitization Trust 2004-9
Comcast Corp						5.00%, 09/25/2019		4			4
3.30%, 10/01/2020		9,750			9,825	Metlife Securitization Trust 2019-1
TWDC Enterprises 18 Corp						3.75%, 04/25/2058(c),(g),(h)		7,200			7,331
1.95%, 03/04/2020		9,500			9,445	PHH Mortgage Trust Series 2008-CIM1
		$			19,270	5.22%, 06/25/2038		1,286			1,261
Mining - 0.22%						1.00 x 1 Month USD LIBOR + 2.25%
Glencore Finance Canada Ltd						Prime Mortgage Trust 2005-2
4.25%, 10/25/2022(c)		2,000			2,064	5.25%, 07/25/2020		212			212
Glencore Funding LLC						Provident Funding Mortgage Loan Trust 2005-1
4.13%, 05/30/2023(c)		8,300			8,479	3.06%, 05/25/2035		1,389			1,386
		$			10,543	1.00 x 1 Month USD LIBOR + 0.58%
Miscellaneous Manufacturers - 0.58%						PSMC 2018-1 Trust
General Electric Co						3.50%, 02/25/2048(c),(g)		20,366			20,387
5.50%, 01/08/2020		3,850			3,917	PSMC 2018-2 Trust
Ingersoll-Rand Global Holding Co Ltd						3.50%, 06/25/2048(c),(g)		18,229			18,320
2.90%, 02/21/2021		14,500			14,516	PSMC 2018-3 Trust
Siemens Financieringsmaatschappij NV						4.00%, 08/25/2048(c),(g)		18,567			18,824
2.20%, 03/16/2020(c)		9,650			9,613	PSMC 2018-4 Trust
		$			28,046	4.00%, 11/25/2048(c),(g)		19,313			19,571
						RALI Series 2003-QS23 Trust
Mortgage Backed Securities - 7.66%						5.00%, 12/26/2018		12			12
Alternative Loan Trust 2004-J8						RBSSP Resecuritization Trust 2009-7
6.00%, 02/25/2017		45			47	2.89%, 06/26/2037(c)		305			303
Banc of America Funding 2004-1 Trust						1.00 x 1 Month USD LIBOR + 0.40%
5.25%, 02/25/2019		15			16	Sequoia Mortgage Trust 2013-4
Banc of America Funding 2004-3 Trust						1.55%, 04/25/2043(g)		7,209			6,728
4.75%, 09/25/2019		1			1	Sequoia Mortgage Trust 2013-8
CHL Mortgage Pass-Through Trust 2003-46						2.25%, 06/25/2043(g)		4,105			4,040
4.29%, 01/19/2034(g)		473			476	Sequoia Mortgage Trust 2017-1
CHL Mortgage Pass-Through Trust 2004-J7						3.50%, 02/25/2047(c),(g)		11,177			11,247
5.00%, 09/25/2019		7			7	Sequoia Mortgage Trust 2017-2
Credit Suisse First Boston Mortgage Securities						3.50%, 02/25/2047(c),(g)		5,248			5,281
Corp						Sequoia Mortgage Trust 2017-3
5.00%, 09/25/2019		5			5	3.50%, 04/25/2047(c),(g)		9,738			9,799
CSFB Mortgage-Backed Pass-Through						Sequoia Mortgage Trust 2018-3
Certificates Series 2004-AR4						3.50%, 03/25/2048(c),(g)		10,326			10,334
3.44%, 05/25/2034		115			115	Sequoia Mortgage Trust 2018-5
1.00 x 1 Month USD LIBOR + 0.96%						3.50%, 05/25/2048(c),(g)		13,805			13,834
CSFB Mortgage-Backed Trust Series 2004-7						Sequoia Mortgage Trust 2018-6
5.00%, 10/25/2019		21			21	4.00%, 07/25/2048(c),(g)		7,776			7,893
CSMC 2017-HL1 Trust						Sequoia Mortgage Trust 2018-7
3.50%, 06/25/2047(c),(g)		17,027			17,017	4.00%, 09/25/2048(c),(g)		8,626			8,785
CSMC 2017-HL2 Trust						Sequoia Mortgage Trust 2018-8
3.50%, 10/25/2047(c),(g)		15,614			15,639	4.00%, 11/25/2048(c),(g)		19,197			19,477
JP Morgan Mortgage Trust 2004-A3						Sequoia Mortgage Trust 2018-CH3
4.54%, 07/25/2034(g)		629			633	4.00%, 08/25/2048(c),(g)		6,963			7,056
JP Morgan Mortgage Trust 2004-S1						Sequoia Mortgage Trust 2019-1
5.00%, 09/25/2034		236			235	4.00%, 02/25/2049(c),(g)		5,901			5,964
JP Morgan Mortgage Trust 2016-4						Wells Fargo Mortgage Backed Securities 2018-1
3.50%, 10/25/2046(c),(g)		12,026			12,079	3.50%, 07/25/2047(c),(g)		16,786			16,882
JP Morgan Mortgage Trust 2017-2						Wells Fargo Mortgage Backed Securities 2019-1
3.50%, 05/25/2047(c),(g)		10,427			10,460	Trust
JP Morgan Mortgage Trust 2017-4						4.00%, 11/25/2048(c),(g)		6,784			6,890
3.50%, 11/25/2048(c),(g)		15,086			15,157	4.00%, 11/25/2048(c),(g)		11,537			11,715
JP Morgan Mortgage Trust 2017-6								$			369,179
3.50%, 12/25/2048(c),(g)		11,248			11,284
JP Morgan Mortgage Trust 2018-3						Oil & Gas - 1.05%
3.50%, 09/25/2048(c),(g)		13,006			13,031	Chevron Corp
JP Morgan Mortgage Trust 2018-4						2.90%, 03/03/2024		4,750			4,782
3.50%, 10/25/2048(c),(g)		10,390			10,410	Cimarex Energy Co
JP Morgan Mortgage Trust 2018-6						4.38%, 06/01/2024		12,500			12,993
3.50%, 12/25/2048(c),(g)		12,269			12,299	Phillips 66
JP Morgan Mortgage Trust 2018-9						3.35%, 04/15/2020(c)		9,700			9,702
4.00%, 02/25/2049(c),(g)		7,172			7,279	3 Month USD LIBOR + 0.75%

See accompanying notes.

399

Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)

		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Oil & Gas (continued)					Other Asset Backed Securities (continued)
Shell International Finance BV					Volvo Financial Equipment LLC Series 2018-1
2.13%, 05/11/2020	$	11,495	$	11,439	2.26%, 09/15/2020(c)	$	4,752	$	4,746
2.38%, 08/21/2022		11,700		11,606	2.76%, 10/17/2022(c)		4,900		4,913
		$		50,522	Volvo Financial Equipment LLC Series 2019-1
Oil & Gas Services - 0.20%					3.00%, 03/15/2023(c)		12,900		12,980
Baker Hughes a GE Co LLC / Baker Hughes Co-					VSE 2018-A Voi Mortgage LLC
Obligor Inc					3.56%, 02/20/2036(c)		9,793		9,957
2.77%, 12/15/2022		9,750		9,715			$		358,329
Other Asset Backed Securities - 7.44%					Packaging & Containers - 0.14%
CCG Receivables Trust					Packaging Corp of America
2.80%, 09/14/2026(c)		15,500		15,509	2.45%, 12/15/2020		6,800		6,746
CCG Receivables Trust 2018-1					Pharmaceuticals - 1.52%
2.50%, 06/16/2025(c)		3,553		3,546	AbbVie Inc
CCG Receivables Trust 2018-2					2.30%, 05/14/2021		4,800		4,753
3.09%, 12/15/2025(c)		19,500		19,556	2.50%, 05/14/2020		8,414		8,387
Daimler Trucks Retail Trust 2019-1					Bayer US Finance II LLC
2.77%, 04/15/2021(c)		17,250		17,254	3.50%, 06/25/2021(c)		4,750		4,774
Drug Royalty II LP 2					3.62%, 12/15/2023(c)		4,750		4,682
3.48%, 07/15/2023(c)		1,407		1,404	3 Month USD LIBOR + 1.01%
Drug Royalty III LP 1					3.88%, 12/15/2023(c)		5,800		5,850
3.60%, 04/15/2027(c)		2,587		2,574	Cigna Corp
3.98%, 04/15/2027(c)		2,095		2,098	3.26%, 09/17/2021(c)		14,500		14,504
4.27%, 10/15/2031(c)		3,861		3,917	3 Month USD LIBOR + 0.65%
4.39%, 10/15/2031(c)		3,179		3,180	CVS Health Corp
1.00 x 3 Month USD LIBOR + 1.60%					3.13%, 03/09/2020		9,800		9,822
5.29%, 04/15/2027(c)		2,587		2,609	Mead Johnson Nutrition Co
1.00 x 3 Month USD LIBOR + 2.50%					3.00%, 11/15/2020		4,750		4,763
MMAF Equipment Finance LLC 2018-A					Merck & Co Inc
2.92%, 07/12/2021(c)		7,702		7,707	2.90%, 03/07/2024		5,800		5,873
MMAF Equipment Finance LLC 2019-A					Pfizer Inc
2.84%, 01/10/2022(c)		12,000		12,027	2.80%, 03/11/2022		9,750		9,820
MVW Owner Trust 2015-1							$		73,228
2.52%, 12/20/2032(c)		6,354		6,303	Pipelines - 2.38%
MVW Owner Trust 2016-1					Buckeye Partners LP
2.25%, 12/20/2033(c)		4,098		4,030	4.15%, 07/01/2023		11,300		11,532
MVW Owner Trust 2018-1					Columbia Pipeline Group Inc
3.45%, 01/21/2036(c)		12,589		12,789	3.30%, 06/01/2020		8,528		8,565
PFS Financing Corp					Enterprise Products Operating LLC
1.87%, 10/15/2021(c)		5,500		5,475	3.50%, 02/01/2022		19,500		19,809
2.40%, 10/17/2022(c)		11,700		11,633	Florida Gas Transmission Co LLC
2.86%, 04/15/2024(c)		9,750		9,750	3.88%, 07/15/2022(c)		12,550		12,844
2.94%, 10/15/2021(c)		6,800		6,794	7.90%, 05/15/2019(c)		10,271		10,290
1.00 x 1 Month USD LIBOR + 0.47%					Kinder Morgan Inc/DE
3.07%, 07/15/2022(c)		19,250		19,295	3.88%, 01/15/2023		14,500		14,573
1.00 x 1 Month USD LIBOR + 0.60%					3 Month USD LIBOR + 1.28%
3.19%, 04/17/2023(c)		8,750		8,805	ONEOK Partners LP
3.52%, 10/15/2023(c)		6,750		6,861	5.00%, 09/15/2023		13,600		14,429
Trafigura Securitisation Finance PLC 2017-1					Southeast Supply Header LLC
3.32%, 12/15/2020(c)		17,500		17,481	4.25%, 06/15/2024(c)		3,100		3,120
1.00 x 1 Month USD LIBOR + 0.85%					TransCanada PipeLines Ltd
Trafigura Securitisation Finance PLC 2018-1					4.89%, 05/15/2067		23,657		19,635
3.73%, 03/15/2022(c)		22,000		22,206	3 Month USD LIBOR + 2.21%
Verizon Owner Trust 2016-1							$		114,797
1.42%, 01/20/2021(c)		1,668		1,663	REITs - 1.77%
Verizon Owner Trust 2016-2					Alexandria Real Estate Equities Inc
1.68%, 05/20/2021(c)		14,953		14,909	2.75%, 01/15/2020		11,990		11,975
Verizon Owner Trust 2017-1					3.90%, 06/15/2023		9,750		10,084
2.06%, 09/20/2021(c)		8,488		8,470	CubeSmart LP
Verizon Owner Trust 2017-2					4.38%, 12/15/2023		4,000		4,164
1.92%, 12/20/2021(c)		15,000		14,933	Digital Realty Trust LP
Verizon Owner Trust 2017-3					3.40%, 10/01/2020		6,700		6,750
2.06%, 04/20/2022(c)		13,200		13,129	Healthcare Realty Trust Inc
Verizon Owner Trust 2018-1					3.75%, 04/15/2023		12,000		12,093
2.82%, 09/20/2022(c)		15,500		15,545	Hospitality Properties Trust
Verizon Owner Trust 2018-A					4.50%, 06/15/2023		4,800		4,884
3.23%, 04/20/2023		20,400		20,661	Omega Healthcare Investors Inc
Verizon Owner Trust 2019-A					4.95%, 04/01/2024		4,750		4,937
2.93%, 09/20/2023		13,500		13,620

See accompanying notes.

400

Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)

		Principal						Principal
BONDS (continued)	Amount (000’s)		Value (000’s)			BONDS (continued)	Amount (000’s)		Value (000’s)
REITs (continued)						Student Loan Asset Backed Securities (continued)
SBA Tower Trust						Navient Private Education Loan Trust 2017-A
2.88%, 07/15/2046(c)	$	9,600		$	9,547	2.87%, 12/16/2058(c)	$	2,842		$	2,844
3.17%, 04/09/2047(c)		9,600			9,603	1.00 x 1 Month USD LIBOR + 0.40%
Welltower Inc						Navient Private Education Loan Trust 2018-B
3.75%, 03/15/2023		2,924			3,001	2.82%, 12/15/2059(c)		4,785			4,784
4.95%, 01/15/2021		8,110			8,349	1.00 x 1 Month USD LIBOR + 0.35%
		$			85,387	Navient Private Education Refi Loan Trust
Retail - 0.93%						2018-A
Home Depot Inc/The						2.53%, 02/18/2042(c)		7,679			7,664
1.80%, 06/05/2020		11,500			11,399	Navient Private Education Refi Loan Trust
McDonald's Corp						2018-C
2.63%, 01/15/2022		7,250			7,241	3.01%, 06/16/2042(c)		7,198			7,215
2.75%, 12/09/2020		8,256			8,263	Navient Private Education Refi Loan Trust
Walmart Inc						2018-D
1.75%, 10/09/2019		4,900			4,879	2.77%, 12/15/2059(c)		9,811			9,806
1.90%, 12/15/2020		6,850			6,785	1.00 x 1 Month USD LIBOR + 0.30%
2.85%, 07/08/2024		6,000			6,030	Navient Private Education Refi Loan Trust
		$			44,597	2019-A
Savings & Loans - 0.00%						3.03%, 01/15/2043(c)		4,644			4,663
Washington Mutual Bank / Henderson NV						3.42%, 01/15/2043(c)		4,900			4,966
0.00%, 01/15/2013(i)		1,200			—	Navient Student Loan Trust 2018-EA
Semiconductors - 1.01%						3.43%, 12/15/2059(c)		20,764			20,882
Broadcom Corp / Broadcom Cayman Finance Ltd						Navient Student Loan Trust 2019-B
2.38%, 01/15/2020		14,400			14,338	2.89%, 12/15/2059(c)		9,750			9,754
3.00%, 01/15/2022		4,800			4,771	1.00 x 1 Month USD LIBOR + 0.40%
Broadcom Inc						SLM Private Credit Student Loan Trust 2002-A
3.13%, 04/15/2021(c)		9,750			9,746	3.16%, 12/16/2030		6,118			6,119
Microchip Technology Inc						1.00 x 3 Month USD LIBOR + 0.55%
4.33%, 06/01/2023(c)		9,800			10,070	SLM Private Credit Student Loan Trust 2004-A
QUALCOMM Inc						3.01%, 06/15/2033		1,473			1,456
3.31%, 01/30/2023		9,750			9,794	1.00 x 3 Month USD LIBOR + 0.40%
3 Month USD LIBOR + 0.73%						SLM Private Credit Student Loan Trust 2004-B
		$			48,719	2.94%, 03/15/2024		15,151			15,040
						1.00 x 3 Month USD LIBOR + 0.33%
Software - 0.84%						SLM Private Credit Student Loan Trust 2006-A
Microsoft Corp						2.90%, 06/15/2039		27,510			26,902
1.10%, 08/08/2019		4,750			4,732	1.00 x 3 Month USD LIBOR + 0.29%
1.85%, 02/12/2020		14,600			14,530	SLM Private Credit Student Loan Trust 2006-B
Oracle Corp						2.81%, 12/15/2039		15,863			15,539
1.90%, 09/15/2021		4,800			4,720	1.00 x 3 Month USD LIBOR + 0.20%
2.25%, 10/08/2019		4,750			4,741	SLM Private Education Loan Trust 2013-B
VMware Inc						1.85%, 06/17/2030(c)		2,317			2,312
2.95%, 08/21/2022		11,750			11,694	SMB Private Education Loan Trust 2017-B
		$			40,417	2.74%, 06/17/2024(c)		4,510			4,510
Student Loan Asset Backed Securities - 4.96%						1.00 x 1 Month USD LIBOR + 0.27%
AccessLex Institute						SMB Private Education Loan Trust 2018-A
3.65%, 07/01/2038		532			531	2.82%, 03/16/2026(c)		9,926			9,930
1.00 x US Treasury Yield Curve Rate T						1.00 x 1 Month USD LIBOR + 0.35%
Note Constant Maturity 3 Month + 1.20%						SMB Private Education Loan Trust 2018-B
Commonbond Student Loan Trust 2018-BGS						2.79%, 12/16/2024(c)		6,033			6,028
3.56%, 09/25/2045(c)		12,464			12,528	1.00 x 1 Month USD LIBOR + 0.32%
Commonbond Student Loan Trust 2018-C-GS						SMB Private Education Loan Trust 2018-C
3.87%, 02/25/2046(c)		13,612			13,916	2.77%, 09/15/2025(c)		6,148			6,148
KeyCorp Student Loan Trust 2000-A						1.00 x 1 Month USD LIBOR + 0.30%
2.97%, 05/25/2029		2,059			2,053	SMB Private Education Loan Trust 2019-A
1.00 x 3 Month USD LIBOR + 0.32%						2.96%, 02/16/2026(c)		9,750			9,754
Keycorp Student Loan Trust 2000-b						1.00 x 1 Month USD LIBOR + 0.35%
2.89%, 07/25/2029		12,471			12,377			$			238,960
1.00 x 3 Month USD LIBOR + 0.31%						Telecommunications - 2.18%
KeyCorp Student Loan Trust 2003-A						AT&T Inc
3.11%, 01/25/2037		17,812			17,485	2.80%, 02/17/2021		11,000			11,007
1.00 x 3 Month USD LIBOR + 0.53%						3.58%, 02/15/2023		6,750			6,680
KeyCorp Student Loan Trust 2006-A						3 Month USD LIBOR + 0.89%
2.92%, 09/27/2035		720			720	3.60%, 02/17/2023		4,800			4,900
1.00 x 3 Month USD LIBOR + 0.31%						Cisco Systems Inc
Navient Private Education Loan Trust 2014-CT						2.20%, 02/28/2021		4,750			4,721
3.17%, 09/16/2024(c)		3,032			3,034	Crown Castle Towers LLC
1.00 x 1 Month USD LIBOR + 0.70%						3.22%, 05/15/2022(c)		11,430			11,472

See accompanying notes.

401

Schedule of Investments Short-Term Income Fund April 30, 2019 (unaudited)

		Principal			U.S. GOVERNMENT & GOVERNMENT				Principal
BONDS (continued)	Amount (000’s)     Value (000’s)				AGENCY OBLIGATIONS (continued)		Amount (000’s) Value (000’s)
Telecommunications (continued)					U.S. Treasury - 1.68%
Sprint Spectrum Co LLC / Sprint Spectrum Co II						1.88%, 08/31/2022	$		24,000	$	23,711
LLC / Sprint Spectrum Co III LLC						2.63%, 05/15/2021			19,500		19,632
3.36%, 03/20/2023(c)	$	14,531	$	14,495		2.63%, 06/15/2021			4,875		4,912
4.74%, 03/20/2025(c)		26,550		27,048		2.75%, 07/31/2023			3,300		3,363
Verizon Communications Inc						2.88%, 11/15/2021			28,800		29,238
3.21%, 05/22/2020		4,800		4,819					$		80,856
3 Month USD LIBOR + 0.55%					TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
Vodafone Group PLC					OBLIGATIONS				$		81,401
3.75%, 01/16/2024		19,450		19,788	Total Investments			$	4,822,472
		$		104,930	Other Assets and Liabilities -  (0.08)%						(4,003	)
Transportation - 0.25%					TOTAL NET ASSETS - 100.00%				$		4,818,469
Ryder System Inc
2.25%, 09/01/2021		4,800		4,729	(a)	Affiliated Security. Security is either an affiliate (and registered under the
3.75%, 06/09/2023		7,300		7,454		Investment Company Act of 1940) or an affiliate as defined by the Investment
		$		12,183		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Trucking & Leasing - 0.20%						shares of the security). Please see affiliated sub-schedule for transactional
Penske Truck Leasing Co Lp / PTL Finance Corp						information.
3.45%, 07/01/2024(c),(e)		9,800		9,804	(b)	Current yield shown is as of period end.
TOTAL BONDS		$		4,650,437	(c)	Security exempt from registration under Rule 144A of the Securities Act of
U.S. GOVERNMENT & GOVERNMENT		Principal				1933. These securities may be resold in transactions exempt from registration,
AGENCY OBLIGATIONS - 1.69%	Amount (000's)      Value (000's)					normally to qualified institutional buyers. At the end of the period, the value of
Federal Home Loan Mortgage Corporation (FHLMC) - 0.00%						these securities totaled $1,628,689 or 33.80% of net assets.
4.24%, 11/01/2021	$	1	$	1	(d)	Rate shown is as of period end. The rate may be a variable or floating rate or
1.00 x US Treasury Yield Curve Rate T						a fixed rate which may convert to a variable or floating rate in the future.
Note Constant Maturity 1 Year + 2.12%					(e)	Security purchased on a when-issued basis.
4.61%, 09/01/2035		44		46	(f)	Security is an Interest Only Strip.
1.00 x US Treasury Yield Curve Rate T					(g)	Certain variable rate securities are not based on a published reference rate
Note Constant Maturity 1 Year + 2.25%						and spread but are determined by the issuer or agent and are based on current
7.00%, 12/01/2022		57		58		market conditions.  These securities do not indicate a reference rate and
		$		105		spread in their description. Rate shown is the rate in effect as of period end.
Federal National Mortgage Association (FNMA) - 0.01%					(h)	Fair value of these investments is determined in good faith by the Manager
4.32%, 10/01/2035		120		126		under procedures established and periodically reviewed by the Board of
1.00 x 12 Month USD LIBOR + 1.57%						Directors. Certain inputs used in the valuation may be unobservable; however,
4.33%, 08/01/2034		34		36		each security is evaluated individually for purposes of ASC 820 which results
1.00 x 12 Month USD LIBOR + 1.63%						in not all securities being identified as Level 3 of the fair value hierarchy. At
4.40%, 07/01/2034		78		81		the end of the period, the fair value of these securities totaled $7,331 or 0.15%
1.00 x 12 Month USD LIBOR + 1.65%						of net assets.
4.42%, 07/01/2034		16		16	(i)	Non-income producing security
1.00 x 12 Month USD LIBOR + 1.64%
4.43%, 11/01/2022		1		1
1.00 x US Treasury Yield Curve Rate T						Portfolio Summary  (unaudited)
Note Constant Maturity 1 Year + 2.05%					Sector						Percent
4.48%, 02/01/2037		73		76	Financial						25.16	%
1.00 x US Treasury Yield Curve Rate T					Asset Backed Securities						23.28	%
Note Constant Maturity 1 Year + 2.10%					Government						14.62	%
4.69%, 11/01/2035		2		2	Mortgage Securities						8.50	%
1.00 x Cost of funds for the 11th District of					Consumer, Non-cyclical						5.91	%
San Francisco + 1.26%					Utilities						4.63	%
4.77%, 12/01/2032		14		14	Energy						3.63	%
1.00 x 12 Month USD LIBOR + 1.64%					Industrial						3.30	%
4.79%, 11/01/2032		25		27	Consumer, Cyclical						2.85	%
1.00 x US Treasury Yield Curve Rate T					Communications						2.77	%
Note Constant Maturity 1 Year + 2.29%					Technology						2.34	%
4.87%, 01/01/2035		38		40	Money Market Funds						1.88	%
1.00 x 12 Month USD LIBOR + 1.75%					Basic Materials						1.21	%
4.89%, 02/01/2035		15		16	Other Assets and Liabilities						(0.08	)%
1.00 x 6 Month USD LIBOR + 2.07%					TOTAL NET ASSETS						100.00	%
		$		435
Federal National Mortgage Association (FNMA)/Federal Home Loan Mortgage
Corporation (FHLMC) Uniform Mortgage-Backed Security - 0.00%
7.50%, 10/01/2029		3		3
8.00%, 05/01/2027		1		1
		$		4
Government National Mortgage Association (GNMA) - 0.00%
9.00%, 04/20/2025		1		1

See accompanying notes.

402

Schedule of Investments
Short-Term Income Fund
April 30, 2019 (unaudited)
Affiliated Securities				October 31, 2018	Purchases			Sales		April 30, 2019
				Value		Cost		Proceeds			Value
Principal Government Money Market Fund 2.38%	$			80,165	$	773,992	$	763,523	$		90,634
	$			80,165	$	773,992	$	763,523	$		90,634
				Realized Gain/Loss				Realized Gain from			Change in Unrealized
		Income		on Investments		Capital Gain Distributions					Gain/Loss
Principal Government Money Market Fund 2.38%	$	626	$	— $				— $			—
	$	626	$	— $				— $			—
Amounts in thousands

See accompanying notes.

403

Schedule of Investments SmallCap Fund April 30, 2019 (unaudited)

COMMON STOCKS - 97.15%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Agriculture - 1.28%					Electric - 3.02%
Darling Ingredients Inc (a)		407,000	$	8,877	PNM Resources Inc		217,680	$	10,109
Automobile Parts & Equipment - 2.36%					Portland General Electric Co		206,200		10,786
Altra Industrial Motion Corp		280,300		10,508			$		20,895
Modine Manufacturing Co (a)		166,900		2,469	Electrical Components & Equipment - 1.18%
Visteon Corp (a)		50,700		3,347	EnerSys		90,700		6,275
		$		16,324	nLight Inc (a)		71,664		1,873
Banks - 8.73%							$		8,148
BancFirst Corp		34,500		1,946	Electronics - 3.93%
Cathay General Bancorp		231,700		8,524	Advanced Energy Industries Inc (a)		97,900		5,655
CenterState Bank Corp		322,060		7,948	II-VI Inc (a)		147,390		5,872
First Interstate BancSystem Inc		100,900		4,264	SYNNEX Corp		77,600		8,372
First Merchants Corp		110,900		4,067	Vishay Intertechnology Inc		367,810		7,286
Flagstar Bancorp Inc		126,200		4,512			$		27,185
Franklin Financial Network Inc		77,170		2,134	Engineering & Construction - 2.15%
IBERIABANK Corp		49,200		3,911	MasTec Inc (a)		187,900		9,517
Independent Bank Corp/MI		72,900		1,569	Tutor Perini Corp (a)		267,500		5,342
Lakeland Bancorp Inc		75,820		1,256			$		14,859
TCF Financial Corp		370,400		8,197	Entertainment - 2.52%
Union Bankshares Corp		131,350		4,794	Eldorado Resorts Inc (a)		189,200		9,341
United Community Banks Inc/GA		261,250		7,336	Golden Entertainment Inc (a)		169,690		2,669
		$		60,458	Vail Resorts Inc		23,900		5,470
Biotechnology - 3.91%							$		17,480
Acceleron Pharma Inc (a)		62,360		2,540	Environmental Control - 2.78%
Allogene Therapeutics Inc (a)		32,900		985	Advanced Disposal Services Inc (a)		311,700		10,080
Bluebird Bio Inc (a)		11,700		1,659	AquaVenture Holdings Ltd (a)		53,860		1,048
Denali Therapeutics Inc (a)		99,200		2,427	Energy Recovery Inc (a)		154,860		1,507
DNIB Unwind Inc - Warrants (a),(b),(c)		17,472		—	Tetra Tech Inc		102,500		6,634
Exact Sciences Corp (a)		40,600		4,007			$		19,269
FibroGen Inc (a)		58,700		2,743	Forest Products & Paper - 0.05%
Insmed Inc (a)		100,300		3,053	PH Glatfelter Co		20,847		329
MacroGenics Inc (a)		105,068		1,762
Magenta Therapeutics Inc (a)		129,900		1,872	Gas - 1.34%
Precision BioSciences Inc (a)		33,400		434	Southwest Gas Holdings Inc		111,690		9,292
Seattle Genetics Inc (a)		40,156		2,722	Healthcare - Products - 1.72%
Spark Therapeutics Inc (a)		26,820		2,862	Intersect ENT Inc (a)		84,500		2,746
		$		27,066	Nevro Corp (a)		84,400		5,208
Chemicals - 0.75%					RA Medical Systems Inc (a)		185,326		793
Cabot Corp		115,100		5,223	STAAR Surgical Co (a)		97,800		3,177
Commercial Services - 7.30%							$		11,924
AMN Healthcare Services Inc (a)		162,900		8,481	Healthcare - Services - 3.84%
ASGN Inc (a)		52,600		3,316	Addus HomeCare Corp (a)		67,200		4,563
BrightView Holdings Inc (a)		254,500		4,082	Encompass Health Corp		115,400		7,438
Brink's Co/The		90,700		7,250	Natera Inc (a)		108,400		2,072
HMS Holdings Corp (a)		122,800		3,737	Syneos Health Inc (a)		173,800		8,156
ICF International Inc		79,900		6,222	Teladoc Health Inc (a)		76,500		4,351
K12 Inc (a)		199,900		6,021			$		26,580
Korn Ferry		89,600		4,213	Holding Companies - Diversified - 0.61%
Medifast Inc		36,850		5,405	Capitol Investment Corp IV (a)		412,100		4,249
SP Plus Corp (a)		51,800		1,788	Home Builders - 0.96%
		$		50,515	William Lyon Homes (a)		393,160		6,629
Computers - 4.19%					Insurance - 4.77%
CACI International Inc (a)		52,900		10,312	Hanover Insurance Group Inc/The		69,600		8,394
ExlService Holdings Inc (a)		84,500		5,019	Kemper Corp		125,370		11,268
Perspecta Inc		372,102		8,588	MGIC Investment Corp (a)		533,300		7,808
PlayAGS Inc (a)		137,900		3,326	National General Holdings Corp		226,500		5,583
Tenable Holdings Inc (a)		50,265		1,805			$		33,053
		$		29,050	Internet - 0.56%
Consumer Products - 0.53%					Anaplan Inc (a)		39,845		1,569
Central Garden & Pet Co - A Shares (a)		149,580		3,662	Eventbrite Inc (a)		91,500		2,287
Diversified Financial Services - 3.06%							$		3,856
Hamilton Lane Inc		79,290		3,874	Iron & Steel - 0.76%
LPL Financial Holdings Inc		43,800		3,245	Cleveland-Cliffs Inc		275,100		2,748
Piper Jaffray Cos		63,940		5,154	Reliance Steel & Aluminum Co		27,250		2,506
Stifel Financial Corp		149,211		8,903			$		5,254
		$		21,176	Leisure Products & Services - 1.92%
					OneSpaWorld Holdings Ltd (a)		312,400		4,242
					Planet Fitness Inc (a)		119,300		9,031
							$		13,273

See accompanying notes.

404

Schedule of Investments
SmallCap Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)		Shares Held		Value (000’s)
Lodging - 1.12%						Software (continued)
Extended Stay America Inc		431,850		$	7,734	SolarWinds Corp (a)			371,508		$	7,263
Machinery - Diversified - 0.51%						Zoom Video Communications Inc (a)			18,192			1,318
Columbus McKinnon Corp/NY		90,653			3,568				$			38,280
Media - 0.73%						Telecommunications - 1.47%
World Wrestling Entertainment Inc		60,300			5,056	NETGEAR Inc (a)			94,660			2,937
Metal Fabrication & Hardware - 1.31%						Plantronics Inc			125,150			6,443
Rexnord Corp (a)		317,030			9,067	Switch Inc			76,450			831
Mining - 0.26%									$			10,211
Alcoa Corp (a)		67,390			1,798	TOTAL COMMON STOCKS			$			672,569
						INVESTMENT COMPANIES - 3.11%		Shares Held		Value (000's)
Miscellaneous Manufacturers - 1.07%						Money Market Funds - 3.11%
Hillenbrand Inc		112,440			4,837
Trinseo SA		58,110			2,612	Principal Government Money Market Fund			21,498,445			21,498
		$			7,449	2.38%(d),(e)
						TOTAL INVESTMENT COMPANIES			$			21,498
Oil & Gas - 2.40%						Total Investments			$			694,067
Carrizo Oil & Gas Inc (a)		200,600			2,572	Other Assets and Liabilities -  (0.26)%						(1,810	)
Delek US Holdings Inc		186,200			6,901	TOTAL NET ASSETS - 100.00%			$			692,257
Mammoth Energy Services Inc		170,690			2,661
Ring Energy Inc (a)		429,600			2,225
Whiting Petroleum Corp (a)		81,500			2,232	(a)	Non-income producing security
		$			16,591	(b)	The value of these investments was determined using significant unobservable
Oil & Gas Services - 0.70%							inputs.
Pioneer Energy Services Corp (a)		523,700			911	(c)	Fair value of these investments is determined in good faith by the Manager
Select Energy Services Inc (a)		340,200			3,919		under procedures established and periodically reviewed by the Board of
		$			4,830		Directors. Certain inputs used in the valuation may be unobservable; however,
Packaging & Containers - 0.71%							each security is evaluated individually for purposes of ASC 820 which results
Graphic Packaging Holding Co		354,500			4,921		in not all securities being identified as Level 3 of the fair value hierarchy. At
Pharmaceuticals - 3.21%							the end of the period, the fair value of these securities totaled $0 or 0.00% of
Array BioPharma Inc (a)		154,710			3,498		net assets.
Bellicum Pharmaceuticals Inc (a)		185,700			566	(d)	Affiliated Security. Security is either an affiliate (and registered under the
Clovis Oncology Inc (a)		36,820			673		Investment Company Act of 1940) or an affiliate as defined by the Investment
DexCom Inc (a)		29,670			3,592		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Horizon Pharma Plc (a)		250,000			6,383		shares of the security). Please see affiliated sub-schedule for transactional
Neurocrine Biosciences Inc (a)		10,900			787		information.
PRA Health Sciences Inc (a)		59,800			5,790	(e)	Current yield shown is as of period end.
Revance Therapeutics Inc (a)		70,900			939
		$			22,228		Portfolio Summary  (unaudited)
Real Estate - 0.22%						Sector						Percent
Newmark Group Inc		176,200			1,501	Financial						23.75	%
REITs - 6.73%						Consumer, Non-cyclical						21.79	%
Agree Realty Corp		136,700			8,950	Industrial						13.64	%
Brandywine Realty Trust		543,200			8,360	Consumer, Cyclical						13.58	%
First Industrial Realty Trust Inc		303,440			10,702	Technology						11.74	%
Pebblebrook Hotel Trust		307,936			10,026	Utilities						4.36	%
Tier REIT Inc		181,000			5,129	Money Market Funds						3.11	%
Two Harbors Investment Corp		246,360			3,415	Energy						3.10	%
		$			46,582	Communications						2.76	%
Retail - 4.70%						Basic Materials						1.82	%
BJ's Wholesale Club Holdings Inc (a)		302,451			8,574	Diversified						0.61	%
Caleres Inc		274,440			7,199	Other Assets and Liabilities						(0.26	)%
Carvana Co (a)		131,600			9,417	TOTAL NET ASSETS						100.00	%
GMS Inc (a)		207,200			3,651
Ruth's Hospitality Group Inc		141,800			3,684
		$			32,525
Savings & Loans - 0.24%
Berkshire Hills Bancorp Inc		54,600			1,638
Semiconductors - 2.02%
Aquantia Corp (a)		121,500			1,156
Entegris Inc		313,470			12,808
		$			13,964
Software - 5.53%
Alteryx Inc (a)		44,470			3,942
Aspen Technology Inc (a)		80,500			9,814
Ceridian HCM Holding Inc (a)		44,244			2,351
Manhattan Associates Inc (a)		73,890			4,984
Pluralsight Inc (a)		69,900			2,481
SailPoint Technologies Holding Inc (a)		124,800			3,527
Smartsheet Inc (a)		61,431			2,600

See accompanying notes.

405

Schedule of Investments
SmallCap Fund
April 30, 2019 (unaudited)
Affiliated Securities				October 31, 2018	Purchases			Sales		April 30, 2019
				Value		Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			15,877	$	96,358	$	90,737	$		21,498
	$			15,877	$	96,358	$	90,737	$		21,498
				Realized Gain/Loss				Realized Gain from		Change in Unrealized
		Income		on Investments				Capital Gain Distributions		Gain/Loss
Principal Government Money Market Fund 2.38%	$	146	$			— $		— $			—
	$	146	$			— $		— $			—
Amounts in thousands

See accompanying notes.

406

Schedule of Investments SmallCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS - 96.62%	Shares Held		Value (000's)			COMMON STOCKS (continued)	Shares Held	Value (000’s)
Advertising - 0.60%						Banks (continued)
MDC Partners Inc (a)		9,037		$	19	CenterState Bank Corp	79,717		$	1,967
Telaria Inc (a)		2,520			18	Central Pacific Financial Corp	475			14
Trade Desk Inc/The (a)		52,054			11,529	City Holding Co	552			44
		$			11,566	Civista Bancshares Inc	519			11
Aerospace & Defense - 0.93%						CNB Financial Corp/PA	296			8
Aerojet Rocketdyne Holdings Inc (a)		6,747			229	Coastal Financial Corp/WA (a)	319			5
Aerovironment Inc (a)		1,997			137	ConnectOne Bancorp Inc	30,367			663
Astronics Corp (a)		2,738			91	Customers Bancorp Inc (a)	1,279			29
Barnes Group Inc		1,593			89	Eagle Bancorp Inc (a)	3,581			198
HEICO Corp		98,234			10,367	Enterprise Bancorp Inc/MA	172			6
Kaman Corp		4,239			262	Enterprise Financial Services Corp	1,571			67
Kratos Defense & Security Solutions Inc (a)		382,828			6,079	Equity Bancshares Inc (a)	679			18
Moog Inc		263			25	Esquire Financial Holdings Inc (a)	530			13
MSA Safety Inc		4,640			510	Farmers & Merchants Bancorp Inc/Archbold OH	1,083			34
National Presto Industries Inc		107			11	FB Financial Corp	1,060			39
Wesco Aircraft Holdings Inc (a)		2,363			20	Fidelity D&D Bancorp Inc	75			5
		$			17,820	Fifth Third Bancorp	868			25
Agriculture - 0.01%						First Financial Bankshares Inc	6,047			372
Limoneira Co		803			18	First Foundation Inc	1,547			22
Turning Point Brands Inc		984			42	FVCBankcorp Inc (a)	219			4
Vector Group Ltd		9,633			92	German American Bancorp Inc	732			22
		$			152	Glacier Bancorp Inc	1,155			49
Airlines - 0.14%						Hanmi Financial Corp	694			17
Allegiant Travel Co		1,202			177	HarborOne Bancorp Inc (a)	1,063			20
Mesa Air Group Inc (a)		820			7	Heritage Commerce Corp	4,654			58
Spirit Airlines Inc (a)		46,630			2,536	Home BancShares Inc/AR	3,436			66
		$			2,720	Howard Bancorp Inc (a)	359			5
						Independent Bank Corp/MI	988			21
Apparel - 0.37%						Independent Bank Corp/Rockland MA	929			75
Crocs Inc (a)		9,673			270	Independent Bank Group Inc	2,246			128
Deckers Outdoor Corp (a)		3,908			618	Investar Holding Corp	470			11
Oxford Industries Inc		2,525			210	Kearny Financial Corp/MD	2,519			35
Steven Madden Ltd		152,272			5,535	Lakeland Financial Corp	2,699			129
Superior Group of Cos Inc		1,333			22	LegacyTexas Financial Group Inc	2,976			119
Wolverine World Wide Inc		12,474			459	Live Oak Bancshares Inc	1,874			33
		$			7,114	Macatawa Bank Corp	464			5
Automobile Manufacturers - 0.00%						Merchants Bancorp/IN	837			20
Blue Bird Corp (a)		1,175			20	Midland States Bancorp Inc	1,454			39
Navistar International Corp (a)		280			10	National Bank Holdings Corp	1,865			71
Wabash National Corp		2,197			33	Northeast Bancorp	430			9
		$			63	Oak Valley Bancorp	200			4
Automobile Parts & Equipment - 0.08%						Old Line Bancshares Inc	373			9
Altra Industrial Motion Corp		4,020			151	Opus Bank	89,461			1,957
Commercial Vehicle Group Inc (a)		4,560			41	Origin Bancorp Inc	841			29
Dana Inc		19,095			372	Pacific City Financial Corp	582			11
Dorman Products Inc (a)		3,794			333	PCSB Financial Corp	288			6
Douglas Dynamics Inc		2,837			107	People's Utah Bancorp	1,908			54
Meritor Inc (a)		12,461			302	Preferred Bank/Los Angeles CA	1,749			86
Methode Electronics Inc		3,654			108	Prosperity Bancshares Inc	93,292			6,870
Miller Industries Inc/TN		280			9	Provident Bancorp Inc (a)	169			4
Modine Manufacturing Co (a)		1,451			21	Reliant Bancorp Inc	165			4
Spartan Motors Inc		4,678			44	Republic First Bancorp Inc (a)	1,245			6
Tenneco Inc		6,475			142	Seacoast Banking Corp of Florida (a)	757			22
		$			1,630	ServisFirst Bancshares Inc	6,384			217
Banks - 3.04%						Southern First Bancshares Inc (a)	175			6
Allegiance Bancshares Inc (a)		307			11	Spirit of Texas Bancshares Inc (a)	238			5
Amalgamated Bank		259			4	Sterling Bancorp Inc/MI	2,076			20
Ameris Bancorp		3,945			144	Stock Yards Bancorp Inc	638			22
Atlantic Capital Bancshares Inc (a)		2,356			41	Tompkins Financial Corp	37			3
BancFirst Corp		586			33	TriCo Bancshares	872			35
Bank of NT Butterfield & Son Ltd/The		7,400			296	TriState Capital Holdings Inc (a)	1,044			24
Bank7 Corp (a)		320			6	Triumph Bancorp Inc (a)	3,009			93
BankUnited Inc		78,190			2,860	Union Bankshares Corp	59,440			2,170
Bankwell Financial Group Inc		246			8	Union Bankshares Inc/Morrisville VT	482			19
Cadence BanCorp		667,560			15,187	United Community Banks Inc/GA	1,912			54
Cambridge Bancorp		155			13	Unity Bancorp Inc	246			5
Capital Bancorp Inc (a)		436			5	Veritex Holdings Inc	2,313			61
Capstar Financial Holdings Inc		558			9	Walker & Dunlop Inc	999			55
Carolina Financial Corp		1,857			67	Washington Trust Bancorp Inc	606			31

See accompanying notes.

407

Schedule of Investments SmallCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Banks (continued)					Biotechnology (continued)
Webster Financial Corp		167,739	$	8,912	Eidos Therapeutics Inc (a)		818	$	21
West Bancorporation Inc		657		14	Emergent BioSolutions Inc (a)		5,573		288
Western Alliance Bancorp (a)		160,905		7,688	Enzo Biochem Inc (a)		7,885		27
Wintrust Financial Corp		89,660		6,832	Epizyme Inc (a)		5,431		67
		$		58,488	Equillium Inc (a)		459		3
Beverages - 0.03%					Esperion Therapeutics Inc (a)		2,781		120
Boston Beer Co Inc/The (a)		769		238	Evelo Biosciences Inc (a)		1,535		13
Coca-Cola Consolidated Inc		439		143	Evolus Inc (a)		1,266		31
Craft Brew Alliance Inc (a)		1,704		24	Exact Sciences Corp (a)		77,023		7,601
MGP Ingredients Inc		1,093		96	Fate Therapeutics Inc (a)		7,392		124
National Beverage Corp		1,535		86	FibroGen Inc (a)		9,314		435
Primo Water Corp (a)		3,954		62	Forty Seven Inc (a)		841		16
		$		649	Geron Corp (a)		20,691		38
Biotechnology - 6.54%					GlycoMimetics Inc (a)		4,135		50
Abeona Therapeutics Inc (a)		3,472		27	Gossamer Bio Inc (a)		112,920		1,915
ACADIA Pharmaceuticals Inc (a)		12,109		291	GTx Inc (a)		977		1
Acceleron Pharma Inc (a)		58,236		2,372	Guardant Health Inc (a)		43,882		2,875
Acorda Therapeutics Inc (a)		826		9	Halozyme Therapeutics Inc (a)		15,369		248
ADMA Biologics Inc (a)		2,800		13	Harvard Bioscience Inc (a)		1,891		7
Aduro Biotech Inc (a)		7,858		32	Helius Medical Technologies Inc (a)		2,940		7
Adverum Biotechnologies Inc (a)		889		6	Homology Medicines Inc (a)		2,104		45
Agenus Inc (a)		11,067		28	Idera Pharmaceuticals Inc (a)		3,321		10
AgeX Therapeutics Inc (a)		511		2	Immunic Inc (a)		127		2
Albireo Pharma Inc (a)		210		7	ImmunoGen Inc (a)		17,284		41
Alder Biopharmaceuticals Inc (a)		5,778		79	Immunomedics Inc (a)		16,343		262
Aldeyra Therapeutics Inc (a)		2,588		21	Innoviva Inc (a)		11,553		162
Allakos Inc (a)		75,691		2,968	Inovio Pharmaceuticals Inc (a)		9,954		37
Allena Pharmaceuticals Inc (a)		1,288		8	Insmed Inc (a)		170,615		5,193
Allogene Therapeutics Inc (a)		94,868		2,841	Intercept Pharmaceuticals Inc (a)		29,382		2,532
Amicus Therapeutics Inc (a)		23,183		309	Intrexon Corp (a)		8,844		38
AnaptysBio Inc (a)		22,065		1,605	Iovance Biotherapeutics Inc (a)		12,907		147
ANI Pharmaceuticals Inc (a)		1,052		75	Karyopharm Therapeutics Inc (a)		275,860		1,288
Aptinyx Inc (a)		1,438		6	Kezar Life Sciences Inc (a)		579		11
Aratana Therapeutics Inc (a)		4,692		22	Kindred Biosciences Inc (a)		3,816		34
Arbutus Biopharma Corp (a)		1,291		4	Kiniksa Pharmaceuticals Ltd (a)		590		9
Arcus Biosciences Inc (a)		2,671		26	Lexicon Pharmaceuticals Inc (a)		5,076		29
Arena Pharmaceuticals Inc (a)		115,253		5,273	Ligand Pharmaceuticals Inc (a)		2,549		321
ArQule Inc (a)		282,445		1,686	Liquidia Technologies Inc (a)		754		7
Arrowhead Pharmaceuticals Inc (a)		10,659		192	LogicBio Therapeutics Inc (a)		739		10
Assembly Biosciences Inc (a)		85,434		1,348	MacroGenics Inc (a)		4,895		82
Atara Biotherapeutics Inc (a)		5,136		173	Magenta Therapeutics Inc (a)		582		8
Athersys Inc (a)		14,516		23	Medicines Co/The (a)		5,940		190
Audentes Therapeutics Inc (a)		4,173		158	MeiraGTx Holdings plc (a)		532		10
AVEO Pharmaceuticals Inc (a)		9,319		9	Mustang Bio Inc (a)		2,332		10
Avid Bioservices Inc (a)		6,440		31	Myriad Genetics Inc (a)		7,539		237
Avrobio Inc (a)		103,617		1,949	NeoGenomics Inc (a)		788,905		16,433
BeiGene Ltd ADR(a)		26,080		3,240	Neon Therapeutics Inc (a)		912		6
BioCryst Pharmaceuticals Inc (a)		11,137		83	NewLink Genetics Corp (a)		419		1
Biohaven Pharmaceutical Holding Co Ltd (a)		294,854		17,647	Novavax Inc (a)		19,550		10
BioTime Inc (a)		5,113		6	NuCana PLC ADR(a)		96,563		1,448
Blueprint Medicines Corp (a)		119,431		9,030	Nymox Pharmaceutical Corp (a)		2,469		5
Calyxt Inc (a)		647		10	Omeros Corp (a)		5,763		109
Cambrex Corp (a)		2,900		125	Organovo Holdings Inc (a)		13,099		13
Cara Therapeutics Inc (a)		3,359		64	Osmotica Pharmaceuticals PLC (a)		1,938		8
CASI Pharmaceuticals Inc (a)		5,753		19	Ovid therapeutics Inc (a)		2,081		4
ChemoCentryx Inc (a)		2,751		37	Pacific Biosciences of California Inc (a)		17,420		129
ChromaDex Corp (a)		6,160		27	Palatin Technologies Inc (a)		24,823		31
Cohbar Inc (a)		2,663		7	Pfenex Inc (a)		2,976		17
Constellation Pharmaceuticals Inc (a)		464		6	Pieris Pharmaceuticals Inc (a)		6,361		19
Crinetics Pharmaceuticals Inc (a)		790		21	PolarityTE Inc (a)		1,355		12
CTI BioPharma Corp (a)		7,427		7	PTC Therapeutics Inc (a)		57,995		2,171
Cue Biopharma Inc (a)		1,978		17	Puma Biotechnology Inc (a)		3,567		115
Cymabay Therapeutics Inc (a)		5,769		74	Radius Health Inc (a)		123,165		2,712
CytomX Therapeutics Inc (a)		5,326		51	REGENXBIO Inc (a)		3,928		198
Deciphera Pharmaceuticals Inc (a)		91,821		2,112	Replimune Group Inc (a)		119,875		2,010
Denali Therapeutics Inc (a)		5,454		133	Retrophin Inc (a)		5,115		98
Dicerna Pharmaceuticals Inc (a)		173,463		2,248	Rigel Pharmaceuticals Inc (a)		18,511		41
Dynavax Technologies Corp (a)		6,951		46	Rocket Pharmaceuticals Inc (a)		2,335		43
Editas Medicine Inc (a)		5,714		141	Rubius Therapeutics Inc (a)		178,333		3,119

See accompanying notes.

408

Schedule of Investments SmallCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Biotechnology (continued)						Chemicals (continued)
Sage Therapeutics Inc (a)		19,966		$	3,359	PolyOne Corp		10,291		$	284
Sangamo Therapeutics Inc (a)		12,198			143	PQ Group Holdings Inc (a)		139,779			2,210
Savara Inc (a)		3,566			38	Quaker Chemical Corp		1,716			384
Scholar Rock Holding Corp (a)		639			14	Rogers Corp (a)		910			152
Selecta Biosciences Inc (a)		3,167			7	Sensient Technologies Corp		3,163			222
Solid Biosciences Inc (a)		1,477			13	Tronox Holdings PLC		4,438			63
Sorrento Therapeutics Inc (a)		13,551			49	Valhi Inc		792			2
Spark Therapeutics Inc (a)		3,853			411			$			20,445
Spectrum Pharmaceuticals Inc (a)		11,193			105	Coal - 0.01%
Stemline Therapeutics Inc (a)		3,602			54	Advanced Emissions Solutions Inc		2,168			25
Surface Oncology Inc (a)		1,542			7	CONSOL Energy Inc (a)		2,186			74
Syndax Pharmaceuticals Inc (a)		765			6	Ramaco Resources Inc (a)		1,635			11
Theravance Biopharma Inc (a)		3,974			95			$			110
Tobira Therapeutics Inc - Rights (a),(b),(c)		1,559			3	Commercial Services - 8.55%
Tocagen Inc (a)		1,952			19	2U Inc (a)		214,579			12,982
Translate Bio Inc (a)		1,420			14	American Public Education Inc (a)		319			10
Twist Bioscience Corp (a)		45,548			1,078	AMN Healthcare Services Inc (a)		6,660			347
Tyme Technologies Inc (a)		11,719			18	Arlo Technologies Inc (a)		5,128			20
Ultragenyx Pharmaceutical Inc (a)		90,089			5,946	ASGN Inc (a)		6,981			440
UNITY Biotechnology Inc (a)		2,786			23	Avalara Inc (a)		868			51
Veracyte Inc (a)		3,467			79	Avis Budget Group Inc (a)		6,216			221
Verastem Inc (a)		8,109			17	Barrett Business Services Inc		935			68
Vericel Corp (a)		78,768			1,338	BG Staffing Inc		1,224			29
Viking Therapeutics Inc (a)		6,985			55	Bright Horizons Family Solutions Inc (a)		262,010			33,577
WaVe Life Sciences Ltd (a)		2,234			59	Brink's Co/The		4,666			373
X4 Pharmaceuticals Inc (a)		164			3	Cardtronics PLC (a)		2,978			106
XOMA Corp (a)		578			7	Care.com Inc (a)		2,732			46
Y-mAbs Therapeutics Inc (a)		112,398			2,587	Career Education Corp (a)		10,706			194
ZIOPHARM Oncology Inc (a)		16,186			72	Carriage Services Inc		1,106			19
		$			125,717	Cass Information Systems Inc		1,896			94
Building Materials - 1.02%						Chegg Inc (a)		907,346			32,348
AAON Inc		3,830			192	Cimpress NV (a)		2,038			184
American Woodmark Corp (a)		1,301			117	CorVel Corp (a)		1,227			88
Apogee Enterprises Inc		3,027			122	CRA International Inc		394			21
Armstrong Flooring Inc (a)		542			8	Everi Holdings Inc (a)		184,178			1,895
Armstrong World Industries Inc		88,109			7,636	EVERTEC Inc		8,742			274
Boise Cascade Co		5,673			157	Evo Payments Inc (a)		536,560			15,941
Builders FirstSource Inc (a)		17,266			238	Forrester Research Inc		1,362			69
Continental Building Products Inc (a)		6,339			163	Franklin Covey Co (a)		1,292			37
Forterra Inc (a)		2,719			13	Grand Canyon Education Inc (a)		84,453			9,787
Griffon Corp		423			8	Green Dot Corp (a)		73,761			4,704
JELD-WEN Holding Inc (a)		6,297			124	Hackett Group Inc/The		3,041			47
Louisiana-Pacific Corp		3,971			99	Healthcare Services Group Inc		101,070			3,422
Masonite International Corp (a)		4,042			208	HealthEquity Inc (a)		51,237			3,471
NCI Building Systems Inc (a)		5,890			34	Heidrick & Struggles International Inc		2,389			85
Patrick Industries Inc (a)		3,997			199	Herc Holdings Inc (a)		2,237			108
PGT Innovations Inc (a)		7,197			106	HMS Holdings Corp (a)		10,269			312
Simpson Manufacturing Co Inc		5,946			379	I3 Verticals Inc (a)		919			22
SPX Corp (a)		5,682			207	ICF International Inc		888			69
Summit Materials Inc (a)		10,439			183	Information Services Group Inc (a)		4,495			16
Trex Co Inc (a)		131,495			9,109	Insperity Inc		41,845			5,003
Universal Forest Products Inc		8,382			310	Kforce Inc		2,940			106
US Concrete Inc (a)		2,024			95	Korn Ferry		8,036			378
		$			19,707	LiveRamp Holdings Inc (a)		3,665			214
Chemicals - 1.06%						Medifast Inc		1,635			240
A. Schulman Inc. (a),(c),(d)		5,668			2	Monro Inc		4,403			369
AdvanSix Inc (a)		1,306			39	National Research Corp		1,425			56
Balchem Corp		4,251			432	Paylocity Holding Corp (a)		70,106			6,769
Codexis Inc (a)		6,520			128	PFSweb Inc (a)		3,084			14
Ferro Corp (a)		7,692			137	PRGX Global Inc (a)		2,987			24
GCP Applied Technologies Inc (a)		6,695			193	Resources Connection Inc		1,354			22
HB Fuller Co		3,505			172	Rosetta Stone Inc (a)		598			15
Ingevity Corp (a)		106,203			12,215	ShotSpotter Inc (a)		914			48
Innophos Holdings Inc		499			16	Sotheby's (a)		3,265			138
Innospec Inc		41,588			3,528	SP Plus Corp (a)		1,034			36
Koppers Holdings Inc (a)		1,826			49	Strategic Education Inc		81,625			11,701
Kraton Corp (a)		4,180			137	Travelport Worldwide Ltd		2,005			31
Kronos Worldwide Inc		2,803			38	TriNet Group Inc (a)		110,549			6,891
OMNOVA Solutions Inc (a)		5,626			42	TrueBlue Inc (a)		566			14

See accompanying notes.

409

Schedule of Investments SmallCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Commercial Services (continued)					Diversified Financial Services (continued)
Viad Corp		1,048	$	64	Enova International Inc (a)		4,134	$	113
Weight Watchers International Inc (a)		4,639		95	Federal Agricultural Mortgage Corp		362		28
WEX Inc (a)		50,647		10,651	Federated Investors Inc		9,570		294
Willdan Group Inc (a)		1,296		51	GAMCO Investors Inc		404		9
		$		164,407	Greenhill & Co Inc		1,868		39
Computers - 5.92%					Hamilton Lane Inc		309,962		15,146
3D Systems Corp (a)		445		5	Houlihan Lokey Inc		167,469		8,260
Agilysys Inc (a)		1,280		24	Ladenburg Thalmann Financial Services Inc		11,377		42
Carbonite Inc (a)		4,152		102	LendingTree Inc (a)		18,673		7,186
Cray Inc (a)		132,550		3,480	Marlin Business Services Corp		526		11
Cubic Corp		1,685		96	Meta Financial Group Inc		3,624		93
EPAM Systems Inc (a)		29,540		5,298	Moelis & Co		104,715		4,288
ExlService Holdings Inc (a)		5,219		310	On Deck Capital Inc (a)		5,202		28
ForeScout Technologies Inc (a)		179,695		7,555	Piper Jaffray Cos		61		5
Genpact Ltd		558,109		20,259	PJT Partners Inc		2,260		97
Insight Enterprises Inc (a)		2,498		141	Pzena Investment Management Inc		2,485		25
Lumentum Holdings Inc (a)		57,619		3,570	Regional Management Corp (a)		761		19
MAXIMUS Inc		39,723		2,926	Silvercrest Asset Management Group Inc		1,352		20
Mercury Systems Inc (a)		228,408		16,679	Stifel Financial Corp		122,634		7,318
Mitek Systems Inc (a)		4,765		57	WageWorks Inc (a)		94,214		4,596
OneSpan Inc (a)		4,020		75	Westwood Holdings Group Inc		1,067		33
PAR Technology Corp (a)		1,125		27			$		55,613
PlayAGS Inc (a)		148,342		3,578	Electric - 0.00%
Pure Storage Inc (a)		395,400		9,039	Spark Energy Inc		1,724		16
Qualys Inc (a)		3,173		286	Electrical Components & Equipment - 1.73%
Rapid7 Inc (a)		356,146		19,353	EnerSys		4,026		278
Rimini Street Inc (a)		2,351		12	Generac Holdings Inc (a)		8,430		463
Science Applications International Corp		3,922		294	Graham Corp		219		4
Tenable Holdings Inc (a)		1,407		51	Insteel Industries Inc		2,038		43
TTEC Holdings Inc		1,923		70	Littelfuse Inc		82,351		16,557
Unisys Corp (a)		4,747		53	nLight Inc (a)		2,744		72
USA Technologies Inc (a)		217,718		1,234	Novanta Inc (a)		120,853		10,517
Varonis Systems Inc (a)		116,387		8,281	Universal Display Corp		33,601		5,363
Virtusa Corp (a)		4,751		264			$		33,297
Vocera Communications Inc (a)		336,322		10,712	Electronics - 0.90%
		$		113,831	Advanced Energy Industries Inc (a)		5,508		318
Consumer Products - 0.02%					Alarm.com Holdings Inc (a)		66,238		4,695
Central Garden & Pet Co (a)		1,166		31	Allied Motion Technologies Inc		983		36
Central Garden & Pet Co - A Shares (a)		5,251		128	Applied Optoelectronics Inc (a)		2,128		27
Helen of Troy Ltd (a)		658		95	Atkore International Group Inc (a)		5,036		125
WD-40 Co		1,270		214	Badger Meter Inc		2,660		148
		$		468	Control4 Corp (a)		1,704		30
Cosmetics & Personal Care - 0.01%					FARO Technologies Inc (a)		2,047		115
elf Beauty Inc (a)		3,184		41	Fitbit Inc (a)		4,382		23
Inter Parfums Inc		1,491		108	Fluidigm Corp (a)		3,480		48
Revlon Inc (a)		1,008		21	GoPro Inc (a)		14,492		86
		$		170	II-VI Inc (a)		8,693		346
Distribution & Wholesale - 2.09%					IntriCon Corp (a)		1,186		28
BlueLinx Holdings Inc (a)		1,170		30	Itron Inc (a)		3,125		168
Core-Mark Holding Co Inc		38,184		1,388	Mesa Laboratories Inc		419		99
Fossil Group Inc (a)		1,542		20	Napco Security Technologies Inc (a)		1,787		44
G-III Apparel Group Ltd (a)		2,785		120	NVE Corp		597		57
H&E Equipment Services Inc		366,855		11,156	OSI Systems Inc (a)		1,269		114
Pool Corp		57,660		10,595	Park Electrochemical Corp		1,707		28
SiteOne Landscape Supply Inc (a)		251,481		16,925	SMART Global Holdings Inc (a)		1,482		32
Systemax Inc		1,412		32	Stoneridge Inc (a)		3,141		99
		$		40,266	Turtle Beach Corp (a)		1,501		15
Diversified Financial Services - 2.89%					Vishay Precision Group Inc (a)		1,211		46
Altisource Portfolio Solutions SA (a)		192		5	Watts Water Technologies Inc		2,518		215
Ares Management Corp		289,216		7,071	Woodward Inc		94,203		10,259
Artisan Partners Asset Management Inc		6,849		194	ZAGG Inc (a)		3,876		32
Ashford Inc (a)		116		6			$		17,233
Blucora Inc (a)		3,184		111	Energy - Alternate Sources - 0.01%
Cohen & Steers Inc		2,792		140	Renewable Energy Group Inc (a)		648		15
Cowen Inc (a)		1,679		28	TerraForm Power Inc		1,749		24
Curo Group Holdings Corp (a)		1,814		24	TPI Composites Inc (a)		1,904		59
Deluxe Corp		6,919		309			$		98
Diamond Hill Investment Group Inc		407		59
Elevate Credit Inc (a)		3,504		16

See accompanying notes.

410

Schedule of Investments SmallCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Engineering & Construction - 1.21%						Hand & Machine Tools - 0.03%
Comfort Systems USA Inc		5,557		$	301	Franklin Electric Co Inc		6,296		$	308
Dycom Industries Inc (a)		2,812			139	Kennametal Inc		7,357			299
EMCOR Group Inc		6,077			511	Milacron Holdings Corp (a)		1,239			18
Exponent Inc		7,169			406			$			625
Granite Construction Inc		3,230			145	Healthcare - Products - 4.16%
MasTec Inc (a)		5,875			298	Accuray Inc (a)		11,488			48
Mistras Group Inc (a)		2,014			28	AtriCure Inc (a)		96,933			2,910
MYR Group Inc (a)		2,153			78	Atrion Corp		239			210
NV5 Global Inc (a)		73,895			4,680	Axogen Inc (a)		4,411			104
Orion Group Holdings Inc (a)		2,693			7	BioTelemetry Inc (a)		4,706			256
Primoris Services Corp		3,589			79	Cardiovascular Systems Inc (a)		5,331			189
Sterling Construction Co Inc (a)		1,087			15	CareDx Inc (a)		4,052			110
TopBuild Corp (a)		193,933			13,813	Celcuity Inc (a)		792			18
Tutor Perini Corp (a)		133,790			2,672	Cerus Corp (a)		15,299			94
VSE Corp		256			8	CONMED Corp		1,763			141
		$			23,180	CryoLife Inc (a)		2,249			69
Entertainment - 0.80%						Cutera Inc (a)		1,968			35
Churchill Downs Inc		61,993			6,252	CytoSorbents Corp (a)		4,471			32
Eldorado Resorts Inc (a)		51,431			2,539	Endologix Inc (a)		1,847			12
Eros International PLC (a)		2,751			24	FONAR Corp (a)		347			7
Golden Entertainment Inc (a)		2,390			38	GenMark Diagnostics Inc (a)		7,063			51
IMAX Corp (a)		4,994			122	Genomic Health Inc (a)		2,561			165
Marriott Vacations Worldwide Corp		3,006			317	Glaukos Corp (a)		3,171			229
Monarch Casino & Resort Inc (a)		1,231			53	Globus Medical Inc (a)		9,895			446
Penn National Gaming Inc (a)		3,104			67	Haemonetics Corp (a)		34,650			3,024
RCI Hospitality Holdings Inc		1,089			25	Henry Schein Inc (a)		75,053			4,808
Red Rock Resorts Inc		9,882			267	Inogen Inc (a)		10,684			933
Scientific Games Corp (a)		5,109			118	Inspire Medical Systems Inc (a)		1,522			79
SeaWorld Entertainment Inc (a)		210,349			5,599	Insulet Corp (a)		63,870			5,509
		$			15,421	Integer Holdings Corp (a)		68,487			4,732
Environmental Control - 2.52%						Integra LifeSciences Holdings Corp (a)		215,622			11,253
Advanced Disposal Services Inc (a)		6,355			205	Intersect ENT Inc (a)		188,600			6,128
Casella Waste Systems Inc (a)		697			26	iRadimed Corp (a)		753			19
Charah Solutions Inc (a)		1,236			9	iRhythm Technologies Inc (a)		120,031			9,159
Covanta Holding Corp		10,993			199	Lantheus Holdings Inc (a)		4,431			107
Energy Recovery Inc (a)		4,391			43	LeMaitre Vascular Inc		2,210			64
Evoqua Water Technologies Corp (a)		7,047			96	LivaNova PLC (a)		21,339			1,470
Heritage-Crystal Clean Inc (a)		276			8	Luminex Corp		3,958			90
Tetra Tech Inc		277,086			17,932	Meridian Bioscience Inc		4,937			57
US Ecology Inc		2,028			124	Merit Medical Systems Inc (a)		52,745			2,963
Waste Connections Inc		321,795			29,853	NanoString Technologies Inc (a)		2,952			77
		$			48,495	Natus Medical Inc (a)		4,230			113
Food - 1.60%						Nevro Corp (a)		2,709			167
B&G Foods Inc		2,307			60	Novocure Ltd (a)		6,842			302
Calavo Growers Inc		108,304			10,376	NuVasive Inc (a)		7,074			429
Cal-Maine Foods Inc		2,500			103	Nuvectra Corp (a)		2,542			24
Chefs' Warehouse Inc/The (a)		305,855			9,996	OraSure Technologies Inc (a)		7,437			70
Hain Celestial Group Inc/The (a)		193,548			4,223	Orthofix Medical Inc (a)		1,725			94
J&J Snack Foods Corp		1,389			218	OrthoPediatrics Corp (a)		899			37
John B Sanfilippo & Son Inc		1,151			83	Oxford Immunotec Global PLC (a)		3,574			58
Lancaster Colony Corp		1,916			285	Penumbra Inc (a)		48,749			6,557
Nathan's Famous Inc		386			27	Quanterix Corp (a)		1,226			28
Performance Food Group Co (a)		13,619			558	Quidel Corp (a)		4,880			312
Simply Good Foods Co/The (a)		212,273			4,768	Repligen Corp (a)		4,774			322
Tootsie Roll Industries Inc		427			16	Rockwell Medical Inc (a)		6,044			29
		$			30,713	RTI Surgical Holdings Inc (a)		3,125			17
Forest Products & Paper - 0.01%						Sientra Inc (a)		2,994			25
Neenah Inc		2,151			146	STAAR Surgical Co (a)		6,539			212
Schweitzer-Mauduit International Inc		1,519			54	Surmodics Inc (a)		1,709			74
Verso Corp (a)		463			10	T2 Biosystems Inc (a)		4,735			12
		$			210	Tactile Systems Technology Inc (a)		126,010			6,270
						Tandem Diabetes Care Inc (a)		110,610			6,792
Gas - 0.01%						Utah Medical Products Inc		431			36
Chesapeake Utilities Corp		291			27	Varex Imaging Corp (a)		63,829			2,096
New Jersey Resources Corp		951			48	ViewRay Inc (a)		8,237			57
South Jersey Industries Inc		1,096			35	Wright Medical Group NV		11,624			344
		$			110			$			80,075

See accompanying notes.

411

Schedule of Investments
SmallCap Growth Fund I
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Healthcare - Services - 4.46%					Insurance (continued)
AAC Holdings Inc (a)		3,107	$	5	Kinsale Capital Group Inc		1,770	$	128
Addus HomeCare Corp (a)		27,621		1,875	National General Holdings Corp		5,829		144
Amedisys Inc (a)		3,673		469	Navigators Group Inc/The		657		46
American Renal Associates Holdings Inc (a)		2,084		14	NMI Holdings Inc (a)		7,497		211
Apollo Medical Holdings Inc (a)		760		15	Primerica Inc		4,018		524
Capital Senior Living Corp (a)		4,189		18	RLI Corp		4,394		357
Catalent Inc (a)		463,853		20,790	Stewart Information Services Corp		265		11
Cellular Biomedicine Group Inc (a)		1,159		20	Trupanion Inc (a)		327,325		10,736
Charles River Laboratories International Inc (a)		130,446		18,324	United Fire Group Inc		350		15
Ensign Group Inc/The		7,051		363	United Insurance Holdings Corp		2,164		33
Genesis Healthcare Inc (a)		12,047		16	Universal Insurance Holdings Inc		3,995		119
ICON PLC (a)		64,050		8,748			$		16,364
Invitae Corp (a)		233,470		5,515	Internet - 5.25%
LHC Group Inc (a)		106,571		11,841	1-800-Flowers.com Inc (a)		1,250		27
Medpace Holdings Inc (a)		3,519		198	Anaplan Inc (a)		1,926		76
Miragen Therapeutics Inc (a)		3,135		9	Boingo Wireless Inc (a)		113,327		2,577
Natera Inc (a)		3,926		75	Cardlytics Inc (a)		918		14
Neuronetics Inc (a)		1,141		19	Cargurus Inc (a)		7,878		321
Providence Service Corp/The (a)		1,477		98	ChannelAdvisor Corp (a)		3,547		42
Quorum Health Corp (a)		6,262		13	Cogent Communications Holdings Inc		71,087		3,926
R1 RCM Inc (a)		12,059		126	Despegar.com Corp (a)		250,963		3,661
RadNet Inc (a)		5,439		66	Endurance International Group Holdings Inc (a)		9,475		52
Select Medical Holdings Corp (a)		16,486		237	ePlus Inc (a)		2,172		205
SI-BONE Inc (a)		1,179		20	Etsy Inc (a)		408,657		27,600
Surgery Partners Inc (a)		548		6	Groupon Inc (a)		41,184		145
Syneos Health Inc (a)		1,688		79	GrubHub Inc (a)		89,550		5,981
Teladoc Health Inc (a)		288,083		16,386	HealthStream Inc (a)		3,426		90
Tenet Healthcare Corp (a)		7,793		171	Liberty Expedia Holdings Inc (a)		1,347		62
Tivity Health Inc (a)		5,715		123	MakeMyTrip Ltd (a)		413,374		10,421
US Physical Therapy Inc		1,962		228	Mimecast Ltd (a)		425,681		21,927
Vapotherm Inc (a)		626		11	NIC Inc		12,319		213
		$		85,878	Perficient Inc (a)		1,806		53
Holding Companies - Diversified - 0.16%					Proofpoint Inc (a)		34,549		4,333
Capitol Investment Corp IV (a)		307,076		3,166	Q2 Holdings Inc (a)		60,940		4,596
Home Builders - 0.62%					QuinStreet Inc (a)		5,903		84
Cavco Industries Inc (a)		798		100	RingCentral Inc (a)		62,299		7,250
Century Communities Inc (a)		447		11	Roku Inc (a)		4,012		255
Green Brick Partners Inc (a)		453		4	Shutterfly Inc (a)		3,116		137
Installed Building Products Inc (a)		2,047		98	Shutterstock Inc		2,420		98
KB Home		4,192		109	Stamps.com Inc (a)		1,639		141
LCI Industries		3,443		303	Stitch Fix Inc (a)		125,538		3,346
LGI Homes Inc (a)		2,899		201	TechTarget Inc (a)		2,650		44
M/I Homes Inc (a)		823		23	Travelzoo (a)		1,310		23
Meritage Homes Corp (a)		67,394		3,448	Tucows Inc (a)		1,272		112
Skyline Champion Corp		343,634		7,254	VirnetX Holding Corp (a)		7,151		46
Taylor Morrison Home Corp (a)		5,189		100	Yelp Inc (a)		11,462		459
TRI Pointe Group Inc (a)		4,620		60	Zix Corp (a)		7,354		60
William Lyon Homes (a)		1,091		18	Zscaler Inc (a)		37,790		2,582
Winnebago Industries Inc		4,005		142			$		100,959
		$		11,871	Investment Companies - 0.01%
Home Furnishings - 0.38%					BrightSphere Investment Group PLC		6,419		94
Hamilton Beach Brands Holding Co		1,001		18	Iron & Steel - 0.25%
Hooker Furniture Corp		816		24	Allegheny Technologies Inc (a)		114,920		2,864
iRobot Corp (a)		2,510		260	Carpenter Technology Corp		39,080		1,941
Sleep Number Corp (a)		201,632		7,017	Cleveland-Cliffs Inc		8,792		88
Sonos Inc (a)		1,269		14	Shiloh Industries Inc (a)		1,262		7
		$		7,333			$		4,900
Insurance - 0.85%					Leisure Products & Services - 2.21%
Ambac Financial Group Inc (a)		510		10	Callaway Golf Co		10,175		179
eHealth Inc (a)		52,330		3,179	Camping World Holdings Inc		3,992		60
Essent Group Ltd (a)		6,559		311	Clarus Corp		282,375		3,789
FedNat Holding Co		1,059		17	Fox Factory Holding Corp (a)		5,028		390
Global Indemnity Ltd		284		9	Johnson Outdoors Inc		465		36
Health Insurance Innovations Inc (a)		1,551		36	Liberty TripAdvisor Holdings Inc (a)		6,760		100
Heritage Insurance Holdings Inc		405		6	Lindblad Expeditions Holdings Inc (a)		278,416		4,513
Investors Title Co		64		11	Malibu Boats Inc (a)		2,641		110
James River Group Holdings Ltd		2,153		91	Marine Products Corp		1,220		18
Kemper Corp		4,054		364	MasterCraft Boat Holdings Inc (a)		2,386		59
Kingstone Cos Inc		533		6	Nautilus Inc (a)		4,089		22

See accompanying notes.

412

Schedule of Investments
SmallCap Growth Fund I
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Leisure Products & Services (continued)				Mining - 0.10%
OneSpaWorld Holdings Ltd (a)	270,139	$	3,668	Compass Minerals International Inc		2,910	$	167
Planet Fitness Inc (a)	351,041		26,574	Covia Holdings Corp (a)		4,312		21
Town Sports International Holdings Inc (a)	887		3	Gold Resource Corp		6,073		22
YETI Holdings Inc (a)	81,004		2,890	Hecla Mining Co		4,677		10
	$		42,411	Kaiser Aluminum Corp		1,305		128
Lodging - 1.17%				Livent Corp (a)		150,518		1,623
Bluegreen Vacations Corp	1,413		22	Pan American Silver - CVR (a),(c)		14,693		3
Boyd Gaming Corp	6,981		201	United States Lime & Minerals Inc		74		6
Choice Hotels International Inc	155,748		12,933	Uranium Energy Corp (a)		22,894		32
Hilton Grand Vacations Inc (a)	290,262		9,300			$		2,012
	$		22,456	Miscellaneous Manufacturers - 2.23%
Machinery - Construction & Mining - 0.54%				Actuant Corp		2,817		72
Astec Industries Inc	1,367		46	Ambarella Inc (a)		1,175		59
BWX Technologies Inc	201,863		10,315	Axon Enterprise Inc (a)		5,343		339
	$		10,361	Carlisle Cos Inc		57,854		8,182
Machinery - Diversified - 3.12%				Chase Corp		906		85
Alamo Group Inc	1,050		109	EnPro Industries Inc		931		69
Albany International Corp	2,675		198	ESCO Technologies Inc		94,198		7,065
Applied Industrial Technologies Inc	14,088		844	Federal Signal Corp		9,081		261
Cactus Inc (a)	146,289		5,311	Harsco Corp (a)		7,456		169
Chart Industries Inc (a)	160,561		14,173	Hexcel Corp		253,965		17,958
Columbus McKinnon Corp/NY	1,768		70	Hillenbrand Inc		8,972		386
CSW Industrials Inc	1,940		116	John Bean Technologies Corp		65,647		7,208
DXP Enterprises Inc/TX (a)	1,564		67	Myers Industries Inc		4,491		80
Eastman Kodak Co (a)	3,787		9	Proto Labs Inc (a)		2,523		277
Gardner Denver Holdings Inc (a)	273,488		9,230	Raven Industries Inc		5,550		216
Gates Industrial Corp PLC (a)	335,342		5,392	Standex International Corp		934		62
Gencor Industries Inc (a)	539		7	Sturm Ruger & Co Inc		2,166		121
Gorman-Rupp Co/The	686		23	Trinseo SA		4,343		195
Ichor Holdings Ltd (a)	3,044		77			$		42,804
IDEX Corp	99,699		15,619	Office & Business Equipment - 0.00%
Kadant Inc	1,401		137	Pitney Bowes Inc		8,779		62
Lindsay Corp	1,339		114	Office Furnishings - 0.05%
Mueller Water Products Inc - Class A	8,600		92	Herman Miller Inc		7,788		302
Nordson Corp	56,610		8,262	HNI Corp		6,782		249
Tennant Co	1,632		108	Interface Inc		4,956		80
Twin Disc Inc (a)	327		6	Kimball International Inc		4,161		65
	$		59,964	Knoll Inc		8,200		179
Media - 0.10%						$		875
Beasley Broadcast Group Inc	1,679		6	Oil & Gas - 0.93%
Central European Media Enterprises Ltd (a)	12,762		51	Abraxas Petroleum Corp (a)		20,011		28
Entravision Communications Corp	3,387		10	Berry Petroleum Corp		1,214		14
Hemisphere Media Group Inc (a)	1,508		22	Callon Petroleum Co (a)		262,371		1,970
Houghton Mifflin Harcourt Co (a)	1,615		11	Carrizo Oil & Gas Inc (a)		11,040		142
Liberty Media Corp-Liberty Braves - A Shares (a)	1,435		41	CVR Energy Inc		2,221		101
Liberty Media Corp-Liberty Braves - C Shares (a)	4,551		128	Delek US Holdings Inc		45,525		1,687
New York Times Co/The	9,980		331	Denbury Resources Inc (a)		26,731		60
Nexstar Media Group Inc	6,176		723	Evolution Petroleum Corp		3,758		26
Sinclair Broadcast Group Inc	5,814		266	Goodrich Petroleum Corp (a)		1,248		17
Tribune Publishing Co (a)	2,244		24	Isramco Inc (a)		71		8
Value Line Inc	255		6	Jagged Peak Energy Inc (a)		8,432		89
World Wrestling Entertainment Inc	3,985		334	Laredo Petroleum Inc (a)		6,598		20
	$		1,953	Magnolia Oil & Gas Corp (a)		376,810		4,966
Metal Fabrication & Hardware - 0.46%				Mammoth Energy Services Inc		1,709		27
Advanced Drainage Systems Inc	4,674		131	Matador Resources Co (a)		300,599		5,919
AZZ Inc	2,139		102	Montage Resources Corp (a)		733		8
Global Brass & Copper Holdings Inc	2,644		115	Murphy USA Inc (a)		1,288		110
Lawson Products Inc/DE (a)	437		14	Northern Oil and Gas Inc (a)		7,629		20
Mueller Industries Inc	5,279		154	Panhandle Oil and Gas Inc		1,299		20
Omega Flex Inc	415		35	Par Pacific Holdings Inc (a)		428		8
RBC Bearings Inc (a)	57,020		7,843	Penn Virginia Corp (a)		1,623		73
Rexnord Corp (a)	1,110		32	Ring Energy Inc (a)		6,900		36
Ryerson Holding Corp (a)	2,404		21	Rosehill Resources Inc (a)		871		4
Sun Hydraulics Corp	2,700		141	SRC Energy Inc (a)		22,156		136
Worthington Industries Inc	5,605		225	Viper Energy Partners LP		72,220		2,428
	$		8,813			$		17,917

See accompanying notes.

413

Schedule of Investments SmallCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Oil & Gas Services - 0.26%					Pharmaceuticals (continued)
DMC Global Inc		1,797	$	125	Intellia Therapeutics Inc (a)		4,055	$	62
Independence Contract Drilling Inc (a)		3,608		10	Ironwood Pharmaceuticals Inc (a)		17,228		205
ION Geophysical Corp (a)		1,420		18	Jounce Therapeutics Inc (a)		1,761		10
Keane Group Inc (a)		6,504		68	Kadmon Holdings Inc (a)		13,083		31
Liberty Oilfield Services Inc		5,812		87	Kodiak Sciences Inc (a)		867		6
MRC Global Inc (a)		4,293		74	Kura Oncology Inc (a)		3,292		50
Oil States International Inc (a)		220,160		4,253	La Jolla Pharmaceutical Co (a)		2,800		23
Pioneer Energy Services Corp (a)		2,591		5	Madrigal Pharmaceuticals Inc (a)		22,507		2,388
Profire Energy Inc (a)		6,113		10	MannKind Corp (a)		17,157		26
ProPetro Holding Corp (a)		9,943		220	MediciNova Inc (a)		4,917		55
Select Energy Services Inc (a)		1,737		20	Mersana Therapeutics Inc (a)		2,191		11
Solaris Oilfield Infrastructure Inc		3,576		61	Minerva Neurosciences Inc (a)		3,190		24
TETRA Technologies Inc (a)		12,700		30	Mirati Therapeutics Inc (a)		2,470		147
US Silica Holdings Inc		4,308		68	Momenta Pharmaceuticals Inc (a)		9,639		135
		$		5,049	MyoKardia Inc (a)		3,167		152
Packaging & Containers - 0.00%					Natural Health Trends Corp		1,548		18
Greif Inc - Class A		1,077		42	Neogen Corp (a)		6,896		418
Greif Inc - Class B		163		8	Neurocrine Biosciences Inc (a)		129,273		9,339
		$		50	Pacira BioSciences Inc (a)		6,023		240
Pharmaceuticals - 4.05%					Phibro Animal Health Corp		2,557		89
Achaogen Inc (a)		4,831		1	Portola Pharmaceuticals Inc (a)		104,238		3,680
Adamas Pharmaceuticals Inc (a)		103,646		655	Principia Biopharma Inc (a)		649		19
Aeglea BioTherapeutics Inc (a)		2,255		15	Progenics Pharmaceuticals Inc (a)		10,138		52
Aerie Pharmaceuticals Inc (a)		90,187		3,440	Proteostasis Therapeutics Inc (a)		3,820		4
Agios Pharmaceuticals Inc (a)		54,959		3,073	Ra Pharmaceuticals Inc (a)		237		5
Aimmune Therapeutics Inc (a)		287,629		5,793	Reata Pharmaceuticals Inc (a)		69,684		5,468
Akcea Therapeutics Inc (a)		1,649		41	Recro Pharma Inc (a)		2,383		21
Akebia Therapeutics Inc (a)		9,636		58	Revance Therapeutics Inc (a)		150,846		1,998
Akorn Inc (a)		2,648		7	Rhythm Pharmaceuticals Inc (a)		1,787		45
Amneal Pharmaceuticals Inc (a)		7,929		102	Sarepta Therapeutics Inc (a)		35,303		4,128
Amphastar Pharmaceuticals Inc (a)		1,922		42	Seres Therapeutics Inc (a)		2,309		15
Antares Pharma Inc (a)		19,034		51	SIGA Technologies Inc (a)		7,196		38
Apellis Pharmaceuticals Inc (a)		4,507		89	Spero Therapeutics Inc (a)		164		2
Aquestive Therapeutics Inc (a)		1,260		7	Spring Bank Pharmaceuticals Inc (a)		1,875		14
Array BioPharma Inc (a)		221,734		5,013	Supernus Pharmaceuticals Inc (a)		7,194		264
Ascendis Pharma A/S ADR(a)		40,022		4,458	Sutro Biopharma Inc (a)		575		6
Assertio Therapeutics Inc (a)		7,932		33	Synergy Pharmaceuticals Inc (a)		28,172		—
Athenex Inc (a)		5,506		54	Syros Pharmaceuticals Inc (a)		3,100		22
Axsome Therapeutics Inc (a)		128,780		2,283	Teligent Inc/NJ (a)		9,336		9
Bellicum Pharmaceuticals Inc (a)		3,107		10	TG Therapeutics Inc (a)		7,746		62
BioDelivery Sciences International Inc (a)		328,846		1,588	TherapeuticsMD Inc (a)		16,934		73
BioScrip Inc (a)		4,057		8	Tricida Inc (a)		1,350		46
BioSpecifics Technologies Corp (a)		707		47	Turning Point Therapeutics Inc (a)		54,969		1,913
Catalyst Pharmaceuticals Inc (a)		11,815		68	Unum Therapeutics Inc (a)		2,128		7
Clovis Oncology Inc (a)		5,831		107	USANA Health Sciences Inc (a)		2,087		174
Coherus Biosciences Inc (a)		116,466		1,854	Vanda Pharmaceuticals Inc (a)		6,289		102
Collegium Pharmaceutical Inc (a)		3,944		55	Voyager Therapeutics Inc (a)		2,629		55
Corbus Pharmaceuticals Holdings Inc (a)		5,612		40	Xencor Inc (a)		5,723		176
Corcept Therapeutics Inc (a)		9,115		113	Xeris Pharmaceuticals Inc (a)		1,162		12
Corium International Inc (a),(c)		4,418		1	Zafgen Inc (a)		4,073		10
Corvus Pharmaceuticals Inc (a)		2,185		9	Zogenix Inc (a)		70,006		2,729
Cyclerion Therapeutics Inc (a)		1,894		29			$		77,885
Cytokinetics Inc (a)		4,718		42	Pipelines - 0.10%
Diplomat Pharmacy Inc (a)		6,562		37	New Fortress Energy LLC (a)		149,870		1,882
Durect Corp (a)		29,709		16	Private Equity - 0.01%
Eagle Pharmaceuticals Inc/DE (a)		1,241		64	Kennedy-Wilson Holdings Inc		5,837		126
Enanta Pharmaceuticals Inc (a)		2,053		179	Real Estate - 0.05%
Endo International PLC (a)		1,190		9	Consolidated-Tomoka Land Co		238		15
Fennec Pharmaceuticals Inc (a)		1,670		7	Cushman & Wakefield PLC (a)		4,340		85
Flexion Therapeutics Inc (a)		4,000		42	HFF Inc		5,630		268
Fortress Biotech Inc (a)		4,723		8	Marcus & Millichap Inc (a)		2,571		111
G1 Therapeutics Inc (a)		2,644		57	McGrath RentCorp		3,870		240
Global Blood Therapeutics Inc (a)		65,144		3,609	Newmark Group Inc		13,842		118
Gritstone Oncology Inc (a)		626		7	Redfin Corp (a)		7,371		152
GW Pharmaceuticals PLC ADR(a)		21,304		3,607	RMR Group Inc/The		959		56
Heron Therapeutics Inc (a)		8,461		183			$		1,045
Heska Corp (a)		884		69
Horizon Pharma Plc (a)		243,257		6,210
Insys Therapeutics Inc (a)		3,908		17

See accompanying notes.

414

Schedule of Investments
SmallCap Growth Fund I
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
REITs - 0.43%						Retail (continued)
Alexander's Inc		279		$	106	Noodles & Co (a)		186,311		$	1,332
Americold Realty Trust		11,969			383	Ollie's Bargain Outlet Holdings Inc (a)		204,320			19,541
Armada Hoffler Properties Inc		2,280			37	Papa John's International Inc		1,309			67
City Office REIT Inc		1,537			18	Party City Holdco Inc (a)		1,054			7
Clipper Realty Inc		2,168			28	PetIQ Inc (a)		1,916			53
Easterly Government Properties Inc		1,335			24	PetMed Express Inc		2,623			57
EastGroup Properties Inc		4,725			540	Potbelly Corp (a)		3,101			28
Essential Properties Realty Trust Inc		938			19	PriceSmart Inc		3,192			191
First Industrial Realty Trust Inc		4,470			158	RH (a)		2,713			290
Four Corners Property Trust Inc		7,433			211	RTW RetailWinds Inc (a)		4,582			11
GEO Group Inc/The		2,226			45	Rush Enterprises Inc - Class A		2,904			123
Granite Point Mortgage Trust Inc		1,171			22	Rush Enterprises Inc - Class B		360			15
Industrial Logistics Properties Trust		137,339			2,726	Ruth's Hospitality Group Inc		3,728			97
Monmouth Real Estate Investment Corp		188,051			2,584	Sally Beauty Holdings Inc (a)		6,676			118
National Health Investors Inc		2,804			211	Shake Shack Inc (a)		2,322			142
National Storage Affiliates Trust		2,317			68	Sportsman's Warehouse Holdings Inc (a)		5,481			24
NexPoint Residential Trust Inc		282			11	Tailored Brands Inc		6,388			52
Pennsylvania Real Estate Investment Trust		4,366			26	Texas Roadhouse Inc		8,957			484
PS Business Parks Inc		1,991			306	Tile Shop Holdings Inc		3,384			16
QTS Realty Trust Inc		2,167			98	Tilly's Inc		140,065			1,647
Ryman Hospitality Properties Inc		4,166			332	Urban Outfitters Inc (a)		34,397			1,023
Saul Centers Inc		1,421			76	Wingstop Inc		143,655			10,813
Tanger Factory Outlet Centers Inc		8,577			155	Winmark Corp		333			61
Universal Health Realty Income Trust		1,485			120	Zumiez Inc (a)		937			25
Urban Edge Properties		1,659			31			$			127,716
		$			8,335	Savings & Loans - 0.32%
Retail - 6.64%						Axos Financial Inc (a)		8,099			265
American Eagle Outfitters Inc		269,064			6,398	Entegra Financial Corp (a)		267			8
America's Car-Mart Inc/TX (a)		300			30	First Financial Northwest Inc		256			4
Asbury Automotive Group Inc (a)		3,097			248	FS Bancorp Inc		305			16
At Home Group Inc (a)		4,195			99	Greene County Bancorp Inc		375			12
Beacon Roofing Supply Inc (a)		4,710			177	Hingham Institution for Savings		97			18
Big Lots Inc		2,407			89	HomeTrust Bancshares Inc		763			19
BJ's Restaurants Inc		2,641			132	Malvern Bancorp Inc (a)		238			5
BJ's Wholesale Club Holdings Inc (a)		5,938			168	Meridian Bancorp Inc		1,213			21
Bloomin' Brands Inc		12,446			249	OceanFirst Financial Corp		113,871			2,867
BMC Stock Holdings Inc (a)		3,339			69	Oconee Federal Financial Corp		124			3
Boot Barn Holdings Inc (a)		3,537			102	Pacific Premier Bancorp Inc		98,230			2,856
Brinker International Inc		4,592			196	People's United Financial Inc		762			13
Buckle Inc/The		1,103			20	Southern Missouri Bancorp Inc		144			5
Carrols Restaurant Group Inc (a)		239,602			2,351	Waterstone Financial Inc		337			6
Carvana Co (a)		3,015			216	WSFS Financial Corp		1,585			68
Casey's General Stores Inc		51,690			6,841			$			6,186
Cheesecake Factory Inc/The		6,141			305	Semiconductors - 1.78%
Children's Place Inc/The		54,875			6,191	ACM Research Inc (a)		1,303			22
Chuy's Holdings Inc (a)		77,834			1,548	Brooks Automation Inc		6,472			243
Conn's Inc (a)		1,361			35	Cabot Microelectronics Corp		3,832			484
Cracker Barrel Old Country Store Inc		2,643			446	CEVA Inc (a)		2,538			64
Dave & Buster's Entertainment Inc		5,661			322	Cirrus Logic Inc (a)		1,449			69
Del Taco Restaurants Inc (a)		186,536			1,875	Cohu Inc		2,206			33
Denny's Corp (a)		4,241			79	Cree Inc (a)		112,340			7,425
Dine Brands Global Inc		917			81	Diodes Inc (a)		2,395			87
Duluth Holdings Inc (a)		1,151			18	Entegris Inc		18,424			753
Fiesta Restaurant Group Inc (a)		2,489			32	FormFactor Inc (a)		2,920			55
FirstCash Inc		4,027			393	Inphi Corp (a)		4,032			184
Five Below Inc (a)		184,230			26,970	Lattice Semiconductor Corp (a)		10,901			141
Foundation Building Materials Inc (a)		1,008			14	Marvell Technology Group Ltd		200,011			5,004
Freshpet Inc (a)		389,568			17,398	MaxLinear Inc (a)		5,814			156
GMS Inc (a)		3,913			69	Monolithic Power Systems Inc		50,042			7,792
Habit Restaurants Inc/The (a)		151,680			1,617	Nanometrics Inc (a)		3,056			91
Hudson Ltd (a)		322,079			4,941	Power Integrations Inc		2,666			211
Jack in the Box Inc		31,289			2,412	Rudolph Technologies Inc (a)		4,132			100
Kirkland's Inc (a)		1,079			6	Semtech Corp (a)		5,570			300
La-Z-Boy Inc		3,859			127	Silicon Laboratories Inc (a)		101,681			10,947
Lithia Motors Inc		2,228			253	Synaptics Inc (a)		1,479			56
Lumber Liquidators Holdings Inc (a)		3,025			40	Xperi Corp		967			24
MarineMax Inc (a)		1,759			30			$			34,241
Movado Group Inc		317			11
National Vision Holdings Inc (a)		329,647			8,901

See accompanying notes.

415

Schedule of Investments SmallCap Growth Fund I April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Software - 10.24%					Software (continued)
ACI Worldwide Inc (a)		15,140	$	538	Zynga Inc (a)	1,125,737 $		6,372
Allscripts Healthcare Solutions Inc (a)		6,891		68			$	197,025
Altair Engineering Inc (a)		226,846		8,947	Storage & Warehousing - 0.01%
Alteryx Inc (a)		4,614		409	Mobile Mini Inc		3,634	131
Amber Road Inc (a)		3,726		34	Telecommunications - 1.98%
American Software Inc/GA		2,415		31	8x8 Inc (a)		8,666	207
Appfolio Inc (a)		33,389		3,242	A10 Networks Inc (a)		7,181	46
Aspen Technology Inc (a)		189,619		23,116	Acacia Communications Inc (a)		354	20
Avid Technology Inc (a)		3,393		26	Aerohive Networks Inc (a)		4,463	15
Benefitfocus Inc (a)		2,824		115	CalAmp Corp (a)		4,548	66
Blackbaud Inc		38,842		3,080	Calix Inc (a)		3,336	23
Blackline Inc (a)		176,944		9,039	Casa Systems Inc (a)		3,336	32
Bottomline Technologies DE Inc (a)		3,934		199	Ciena Corp (a)		424,473	16,283
Box Inc (a)		11,537		238	Clearfield Inc (a)		1,364	20
Brightcove Inc (a)		5,021		50	Extreme Networks Inc (a)		14,970	120
Broadridge Financial Solutions Inc		37,609		4,443	GCI Liberty Inc (a)		245,263	14,623
Castlight Health Inc (a)		10,604		39	Gogo Inc (a)		7,535	40
Cision Ltd (a)		8,663		104	GTT Communications Inc (a)		3,951	166
Cloudera Inc (a)		18,673		208	HC2 Holdings Inc (a)		7,454	16
CommVault Systems Inc (a)		5,999		315	InterDigital Inc		2,398	157
Computer Programs & Systems Inc		968		29	Loral Space & Communications Inc (a)		1,715	63
Cornerstone OnDemand Inc (a)		5,064		277	NETGEAR Inc (a)		2,111	66
Coupa Software Inc (a)		7,452		770	Ooma Inc (a)		2,410	33
Covetrus Inc (a)		239,288		7,865	ORBCOMM Inc (a)		9,177	66
CSG Systems International Inc		4,849		216	Pagerduty Inc (a)		6,729	316
Donnelley Financial Solutions Inc (a)		2,236		34	Plantronics Inc		3,087	159
Ebix Inc		2,212		112	Quantenna Communications Inc (a)		4,461	109
eGain Corp (a)		2,411		24	RigNet Inc (a)		464	4
Envestnet Inc (a)		4,137		294	Shenandoah Telecommunications Co		7,149	295
Everbridge Inc (a)		4,242		313	Viavi Solutions Inc (a)		7,545	100
Evolent Health Inc (a)		2,375		32	Vonage Holdings Corp (a)		524,106	5,094
Exela Technologies Inc (a)		5,765		19			$	38,139
Fair Isaac Corp (a)		34,618		9,684	Textiles - 0.01%
Five9 Inc (a)		200,674		10,650	UniFirst Corp/MA		633	100
Glu Mobile Inc (a)		428,547		4,688
Guidewire Software Inc (a)		136,965		14,587	Toys, Games & Hobbies - 0.00%
HubSpot Inc (a)		71,561		13,203	Funko Inc (a)		1,540	31
Immersion Corp (a)		4,036		38	Transportation - 1.53%
Inovalon Holdings Inc (a)		8,915		121	Air Transport Services Group Inc (a)		186,107	4,379
Instructure Inc (a)		40,940		1,763	ArcBest Corp		608	19
j2 Global Inc		6,508		570	CryoPort Inc (a)		3,830	54
LivePerson Inc (a)		5,517		162	Echo Global Logistics Inc (a)		3,434	79
Majesco (a)		2,023		16	Forward Air Corp		4,440	281
Medidata Solutions Inc (a)		7,682		694	Heartland Express Inc		5,904	116
MobileIron Inc (a)		10,271		61	Hub Group Inc (a)		3,863	161
Model N Inc (a)		139,914		2,594	Knight-Swift Transportation Holdings Inc		449,989	15,007
Monotype Imaging Holdings Inc		2,675		46	Marten Transport Ltd		2,452	48
New Relic Inc (a)		144,843		15,243	Matson Inc		3,812	151
NextGen Healthcare Inc (a)		4,557		86	PAM Transportation Services Inc (a)		356	18
Omnicell Inc (a)		5,307		426	Saia Inc (a)		128,077	8,246
Park City Group Inc (a)		2,439		19	Universal Logistics Holdings Inc		1,372	33
PDF Solutions Inc (a)		434		6	US Xpress Enterprises Inc (a)		110,600	746
Pluralsight Inc (a)		119,892		4,255	USA Truck Inc (a)		1,270	18
Progress Software Corp		7,243		330	Werner Enterprises Inc		4,187	140
PROS Holdings Inc (a)		101,016		5,176	YRC Worldwide Inc (a)		1,413	10
QAD Inc		1,323		62			$	29,506
SailPoint Technologies Holding Inc (a)		415,127		11,731	Trucking & Leasing - 0.00%
SecureWorks Corp (a)		462		9	Willis Lease Finance Corp (a)		134	7
Simulations Plus Inc		1,616		36	Water - 0.03%
SPS Commerce Inc (a)		2,805		291	American States Water Co		3,143	224
SVMK Inc (a)		112,774		2,019	California Water Service Group		618	31
Tabula Rasa HealthCare Inc (a)		36,494		1,944	Global Water Resources Inc		1,762	17
Telenav Inc (a)		2,833		18	Middlesex Water Co		1,704	99
Ultimate Software Group Inc/The (a)		26,345		8,711	SJW Group		985	61
Upland Software Inc (a)		2,059		96	York Water Co/The		1,470	50
Workiva Inc (a)		197,604		10,501			$	482
Yext Inc (a)		7,748		170	TOTAL COMMON STOCKS		$	1,858,538
Zuora Inc (a)		290,525		6,421

See accompanying notes.

416

Schedule of Investments SmallCap Growth Fund I April 30, 2019 (unaudited)

INVESTMENT COMPANIES - 3.33%	Shares Held	Value (000's)
Money Market Funds - 3.24%
Principal Government Money Market Fund	62,229,943		$	62,230
2.38%(e),(f)
Principal Exchange-Traded Funds - 0.09%
Principal Healthcare Innovators Index ETF (e)	12,480			414
Principal U.S. Small-Cap Multi-Factor Index	40,457			1,303
ETF (e)
	$			1,717
TOTAL INVESTMENT COMPANIES	$			63,947
PREFERRED STOCKS - 0.00%	Shares Held	Value (000's)
Investment Companies - 0.00%
Steel Partners Holdings LP 6.00%, 02/07/2026	820		$	18
TOTAL PREFERRED STOCKS	$			18
Total Investments	$			1,922,503
Other Assets and Liabilities -  0.05%				1,004
TOTAL NET ASSETS - 100.00%	$			1,923,507

(a)	Non-income producing security
(b)	The value of these investments was determined using significant unobservable inputs.
(c)	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 $9 or 0.00% of net assets.

(d)	Restricted Security. Please see Restricted Security Sub-Schedule for more information.
(e)	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.
(f)	Current yield shown is as of period end.

Portfolio Summary  (unaudited)
Sector	Percent
Consumer, Non-cyclical	29.43	%
Technology	17.94	%
Industrial	16.22	%
Consumer, Cyclical	14.57	%
Communications	7.93	%
Financial	7.60	%
Money Market Funds	3.24	%
Basic Materials	1.42	%
Energy	1.31	%
Diversified	0.16	%
Domestic Equity Funds	0.09	%
Utilities	0.04	%
Other Assets and Liabilities	0.05	%
TOTAL NET ASSETS	100.00	%

Affiliated Securities				October 31, 2018	Purchases			Sales		April 30, 2019
				Value		Cost		Proceeds			Value
Principal Government Money Market Fund 2.38%	$			41,265	$	291,183	$	270,218	$		62,230
Principal Healthcare Innovators Index ETF				—		383		—			414
Principal U.S. Small-Cap Multi-Factor Index ETF				—		1,270		—			1,303
	$			41,265	$	292,836	$	270,218	$		63,947
				Realized Gain/Loss				Realized Gain from			Change in Unrealized
		Income		on Investments		Capital Gain Distributions					Gain/Loss
Principal Government Money Market Fund 2.38%	$	585	$	— $				— $			—
Principal Healthcare Innovators Index ETF		—		—				—			31
Principal U.S. Small-Cap Multi-Factor Index ETF		10		—				—			33
	$	595	$	— $				— $			64

Amounts in thousands
Restricted Securities
Security Name		Acquisition Date			Cost		Value	Percent of Net Assets
A. Schulman Inc.		08/22/2018		$	11	$	2	0.00	%
Total					$		2	0.00	%
Amounts in thousands.
Futures Contracts
Description and Expiration Date	Type	Contracts	Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Russell 2000 Emini; June 2019	Long	139	$	11,080	$			138
Total					$			138
Amounts in thousands except contracts.

See accompanying notes.

417

     Schedule of Investments SmallCap S&P 600 Index Fund April 30, 2019 (unaudited)

COMMON STOCKS - 97.09%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 1.81%				Banks (continued)
AAR Corp	56,295	$	1,901	OFG Bancorp		75,202	$	1,518
Aerojet Rocketdyne Holdings Inc (a)	124,393		4,212	Old National Bancorp/IN		259,827		4,438
Aerovironment Inc (a)	36,731		2,518	Opus Bank		37,263		815
Barnes Group Inc	81,492		4,533	Preferred Bank/Los Angeles CA		24,053		1,183
Kaman Corp	48,073		2,976	S&T Bancorp Inc		59,707		2,393
Moog Inc	55,962		5,241	Seacoast Banking Corp of Florida (a)		88,516		2,510
National Presto Industries Inc	8,668		923	ServisFirst Bancshares Inc		79,322		2,692
Triumph Group Inc	86,015		2,041	Simmons First National Corp		159,285		4,044
	$		24,345	Southside Bancshares Inc		54,623		1,919
Agriculture - 0.74%				Tompkins Financial Corp		21,398		1,726
Andersons Inc/The	45,405		1,485	Triumph Bancorp Inc (a)		42,370		1,314
Darling Ingredients Inc (a)	284,006		6,194	TrustCo Bank Corp NY		166,869		1,335
Universal Corp/VA	43,067		2,319	United Community Banks Inc/GA		136,702		3,839
	$		9,998	Veritex Holdings Inc		77,874		2,064
Airlines - 0.83%				Walker & Dunlop Inc		48,017		2,639
Allegiant Travel Co	22,184		3,258	Westamerica Bancorporation		46,378		2,978
Hawaiian Holdings Inc	83,520		2,356			$		112,706
SkyWest Inc	89,064		5,486	Beverages - 0.34%
	$		11,100	Coca-Cola Consolidated Inc		8,006		2,602
Apparel - 1.26%				MGP Ingredients Inc		21,937		1,928
Crocs Inc (a)	115,108		3,206			$		4,530
Oxford Industries Inc	29,242		2,429	Biotechnology - 1.93%
Steven Madden Ltd	134,841		4,901	Acorda Therapeutics Inc (a)		68,191		713
Unifi Inc (a)	25,052		506	AMAG Pharmaceuticals Inc (a)		59,873		668
Wolverine World Wide Inc	157,860		5,811	ANI Pharmaceuticals Inc (a)		14,308		1,016
	$		16,853	Cambrex Corp (a)		57,969		2,494
Automobile Manufacturers - 0.11%				Emergent BioSolutions Inc (a)		77,713		4,016
Wabash National Corp	95,126		1,434	Innoviva Inc (a)		116,860		1,639
Automobile Parts & Equipment - 1.58%				Medicines Co/The (a)		113,385		3,623
American Axle & Manufacturing Holdings Inc (a)	192,718		2,843	Myriad Genetics Inc (a)		126,382		3,978
Cooper Tire & Rubber Co	86,363		2,579	NeoGenomics Inc (a)		163,109		3,398
Cooper-Standard Holdings Inc (a)	27,969		1,417	REGENXBIO Inc (a)		52,765		2,659
Dorman Products Inc (a)	50,082		4,391	Spectrum Pharmaceuticals Inc (a)		181,964		1,705
Garrett Motion Inc (a)	127,666		2,400			$		25,909
Gentherm Inc (a)	58,055		2,459	Building Materials - 2.14%
Methode Electronics Inc	63,796		1,883	AAON Inc		69,927		3,511
Motorcar Parts of America Inc (a)	32,443		670	American Woodmark Corp (a)		25,896		2,329
Standard Motor Products Inc	34,826		1,740	Apogee Enterprises Inc		46,874		1,889
Superior Industries International Inc	39,701		196	Boise Cascade Co		66,767		1,849
Titan International Inc	86,810		602	Gibraltar Industries Inc (a)		55,351		2,196
	$		21,180	Griffon Corp		59,688		1,171
Banks - 8.40%				Patrick Industries Inc (a)		39,117		1,951
Ameris Bancorp	68,821		2,509	PGT Innovations Inc (a)		100,182		1,469
Banner Corp	53,891		2,857	Simpson Manufacturing Co Inc		69,612		4,433
Central Pacific Financial Corp	49,774		1,494	SPX Corp (a)		75,026		2,738
City Holding Co	28,646		2,274	Universal Forest Products Inc		105,027		3,881
Columbia Banking System Inc	126,372		4,744	US Concrete Inc (a)		27,278		1,285
Community Bank System Inc	88,514		5,883			$		28,702
Customers Bancorp Inc (a)	49,321		1,117	Chemicals - 2.81%
CVB Financial Corp	176,244		3,824	A. Schulman Inc. (a),(b),(c)		48,796		21
Eagle Bancorp Inc (a)	54,614		3,018	AdvanSix Inc (a)		50,065		1,513
Fidelity Southern Corp	38,113		1,109	American Vanguard Corp		46,021		724
First BanCorp/Puerto Rico	374,702		4,234	Balchem Corp		55,666		5,651
First Commonwealth Financial Corp	170,139		2,316	Ferro Corp (a)		144,021		2,574
First Financial Bancorp	169,703		4,260	Hawkins Inc		16,583		612
First Midwest Bancorp Inc/IL	184,294		3,957	HB Fuller Co		87,717		4,296
Flagstar Bancorp Inc	49,650		1,775	Innophos Holdings Inc		33,827		1,089
Franklin Financial Network Inc	21,063		582	Innospec Inc		42,144		3,575
Glacier Bancorp Inc	145,785		6,209	Koppers Holdings Inc (a)		35,443		948
Great Western Bancorp Inc	98,209		3,454	Kraton Corp (a)		55,064		1,807
Hanmi Financial Corp	53,337		1,265	Quaker Chemical Corp		23,005		5,149
Heritage Financial Corp/WA	57,250		1,733	Rayonier Advanced Materials Inc		84,995		1,261
HomeStreet Inc (a)	46,561		1,310	Rogers Corp (a)		31,804		5,328
Hope Bancorp Inc	207,514		2,918	Stepan Co		34,952		3,234
Independent Bank Corp/Rockland MA	59,286		4,757			$		37,782
LegacyTexas Financial Group Inc	77,902		3,122	Coal - 0.19%
National Bank Holdings Corp	44,715		1,710	CONSOL Energy Inc (a)		47,326		1,604
NBT Bancorp Inc	75,428		2,868	SunCoke Energy Inc		111,692		962
						$		2,566

See accompanying notes.

418

     Schedule of Investments SmallCap S&P 600 Index Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Commercial Services - 4.98%						Diversified Financial Services - 1.85%
ABM Industries Inc		114,200		$	4,336	Blucora Inc (a)		83,141		$	2,910
American Public Education Inc (a)		28,328			907	Boston Private Financial Holdings Inc		144,484			1,654
AMN Healthcare Services Inc (a)		80,839			4,209	Encore Capital Group Inc (a)		44,213			1,250
Arlo Technologies Inc (a)		128,076			508	Enova International Inc (a)		57,767			1,585
Cardtronics PLC (a)		64,631			2,311	Greenhill & Co Inc		30,336			628
Care.com Inc (a)		44,972			753	INTL. FCStone Inc (a)		27,642			1,121
Career Education Corp (a)		120,346			2,184	Meta Financial Group Inc		47,594			1,226
CorVel Corp (a)		15,753			1,131	Piper Jaffray Cos		25,248			2,035
Cross Country Healthcare Inc (a)		62,336			440	PRA Group Inc (a)		78,139			2,197
EVERTEC Inc		103,619			3,244	Virtus Investment Partners Inc		12,093			1,483
Forrester Research Inc		17,641			897	Waddell & Reed Financial Inc		131,660			2,466
FTI Consulting Inc (a)		65,309			5,550	WageWorks Inc (a)		68,366			3,336
Heidrick & Struggles International Inc		32,744			1,172	WisdomTree Investments Inc		203,378			1,464
HMS Holdings Corp (a)		147,079			4,476	World Acceptance Corp (a)		11,287			1,467
Kelly Services Inc		53,792			1,197			$			24,822
Korn Ferry		97,754			4,596	Electric - 0.68%
LSC Communications Inc		57,464			402	Avista Corp		113,348			4,890
Matthews International Corp		54,972			2,202	El Paso Electric Co		70,269			4,294
Medifast Inc		20,474			3,003			$			9,184
Monro Inc		57,096			4,786	Electrical Components & Equipment - 0.32%
Navigant Consulting Inc		69,890			1,596	Encore Wire Corp		36,012			2,135
Rent-A-Center Inc/TX (a)		77,276			1,927	Insteel Industries Inc		31,496			660
Resources Connection Inc		51,436			826	Powell Industries Inc		15,115			442
RR Donnelley & Sons Co		121,503			561	Vicor Corp (a)		27,974			1,049
Strategic Education Inc		37,508			5,377			$			4,286
Team Inc (a)		51,870			877	Electronics - 3.74%
Travelport Worldwide Ltd		226,322			3,549	Advanced Energy Industries Inc (a)		65,896			3,806
TrueBlue Inc (a)		69,121			1,670	Alarm.com Holdings Inc (a)		60,667			4,300
Viad Corp		34,844			2,136	Applied Optoelectronics Inc (a)		32,579			408
		$			66,823	Badger Meter Inc		50,214			2,786
Computers - 2.90%						Bel Fuse Inc		17,372			412
3D Systems Corp (a)		197,216			2,098	Benchmark Electronics Inc		70,123			1,895
Agilysys Inc (a)		30,445			582	Brady Corp		84,731			4,134
Cray Inc (a)		70,528			1,852	Comtech Telecommunications Corp		41,233			970
Cubic Corp		49,430			2,807	Control4 Corp (a)		45,743			796
Diebold Nixdorf Inc (a)		132,057			1,332	FARO Technologies Inc (a)		29,758			1,674
Electronics For Imaging Inc (a)		73,550			2,735	II-VI Inc (a)		102,783			4,095
ExlService Holdings Inc (a)		59,201			3,517	Itron Inc (a)		57,962			3,110
Insight Enterprises Inc (a)		61,236			3,465	KEMET Corp		99,672			1,781
Mercury Systems Inc (a)		83,583			6,103	Knowles Corp (a)		155,608			2,938
MTS Systems Corp		30,877			1,698	OSI Systems Inc (a)		28,988			2,613
OneSpan Inc (a)		54,117			1,003	Park Electrochemical Corp		33,225			547
Qualys Inc (a)		58,412			5,272	Plexus Corp (a)		53,322			3,209
Sykes Enterprises Inc (a)		68,624			1,904	Sanmina Corp (a)		118,029			4,004
TTEC Holdings Inc		23,902			872	SMART Global Holdings Inc (a)		21,671			471
Unisys Corp (a)		88,009			987	TTM Technologies Inc (a)		160,237			2,121
Virtusa Corp (a)		47,479			2,638	Watts Water Technologies Inc		47,645			4,078
		$			38,865			$			50,148
Consumer Products - 0.54%						Energy - Alternate Sources - 0.57%
Central Garden & Pet Co (a)		17,805			481	FutureFuel Corp		44,514			654
Central Garden & Pet Co - A Shares (a)		70,762			1,732	Green Plains Inc		66,540			1,156
Quanex Building Products Corp		57,437			960	Renewable Energy Group Inc (a)		64,335			1,552
WD-40 Co		23,844			4,012	REX American Resources Corp (a)		9,821			830
		$			7,185	SolarEdge Technologies Inc (a)		76,604			3,393
Cosmetics & Personal Care - 0.34%								$			7,585
Avon Products Inc (a)		763,108			2,427	Engineering & Construction - 1.31%
Inter Parfums Inc		29,827			2,162	Aegion Corp (a)		54,817			1,092
		$			4,589	Arcosa Inc		83,886			2,611
Distribution & Wholesale - 0.93%						Comfort Systems USA Inc		63,595			3,441
Anixter International Inc (a)		49,665			3,123	Exponent Inc		88,825			5,029
Core-Mark Holding Co Inc		79,117			2,876	MYR Group Inc (a)		28,571			1,033
Fossil Group Inc (a)		78,719			1,029	Orion Group Holdings Inc (a)		49,962			129
G-III Apparel Group Ltd (a)		72,360			3,122	TopBuild Corp (a)		59,964			4,271
ScanSource Inc (a)		44,331			1,669			$			17,606
Veritiv Corp (a)		21,941			612	Entertainment - 0.06%
		$			12,431	Monarch Casino & Resort Inc (a)		20,398			871

See accompanying notes.

419

     Schedule of Investments SmallCap S&P 600 Index Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Environmental Control - 0.63%					Home Builders (continued)
Tetra Tech Inc		95,233	$	6,164	M/I Homes Inc (a)		47,469	$	1,337
US Ecology Inc		38,066		2,322	MDC Holdings Inc		84,639		2,587
		$		8,486	Meritage Homes Corp (a)		61,820		3,162
Food - 1.25%					William Lyon Homes (a)		56,385		951
B&G Foods Inc		113,216		2,943	Winnebago Industries Inc		50,267		1,778
Calavo Growers Inc		26,968		2,584			$		20,591
Cal-Maine Foods Inc		52,160		2,144	Home Furnishings - 0.68%
Chefs' Warehouse Inc/The (a)		39,803		1,301	Daktronics Inc		68,322		518
Dean Foods Co		157,733		268	Ethan Allen Interiors Inc		42,636		942
J&J Snack Foods Corp		25,917		4,074	iRobot Corp (a)		47,944		4,964
John B Sanfilippo & Son Inc		15,159		1,093	Sleep Number Corp (a)		52,646		1,832
Seneca Foods Corp - Class A (a)		11,422		283	Universal Electronics Inc (a)		23,812		906
SpartanNash Co		62,010		1,003			$		9,162
United Natural Foods Inc (a)		88,505		1,143	Insurance - 3.68%
		$		16,836	Ambac Financial Group Inc (a)		78,206		1,462
Forest Products & Paper - 0.50%					American Equity Investment Life Holding Co		156,100		4,591
Clearwater Paper Corp (a)		28,392		573	AMERISAFE Inc		33,237		1,968
Mercer International Inc		74,225		1,051	eHealth Inc (a)		31,638		1,922
Neenah Inc		29,080		1,973	Employers Holdings Inc		56,625		2,430
PH Glatfelter Co		75,916		1,198	HCI Group Inc		12,503		533
Schweitzer-Mauduit International Inc		53,291		1,895	Horace Mann Educators Corp		70,693		2,727
		$		6,690	James River Group Holdings Ltd		51,862		2,190
Gas - 0.63%					Navigators Group Inc/The		40,116		2,806
Northwest Natural Holding Co		49,840		3,334	NMI Holdings Inc (a)		114,576		3,217
South Jersey Industries Inc		159,228		5,114	ProAssurance Corp		92,512		3,472
		$		8,448	RLI Corp		67,563		5,495
Hand & Machine Tools - 0.24%					Safety Insurance Group Inc		25,049		2,328
Franklin Electric Co Inc		66,247		3,237	Selective Insurance Group Inc		101,707		7,253
Healthcare - Products - 2.99%					Stewart Information Services Corp		40,921		1,740
AngioDynamics Inc (a)		64,054		1,316	Third Point Reinsurance Ltd (a)		127,595		1,481
BioTelemetry Inc (a)		57,967		3,153	United Fire Group Inc		36,816		1,605
Cardiovascular Systems Inc (a)		60,063		2,135	United Insurance Holdings Corp		37,070		568
CONMED Corp		44,669		3,575	Universal Insurance Holdings Inc		55,384		1,650
CryoLife Inc (a)		58,746		1,801			$		49,438
Cutera Inc (a)		23,981		425	Internet - 1.51%
Integer Holdings Corp (a)		51,599		3,565	Cogent Communications Holdings Inc		71,947		3,974
Invacare Corp		57,255		424	ePlus Inc (a)		23,477		2,214
Lantheus Holdings Inc (a)		66,488		1,606	HealthStream Inc (a)		44,051		1,153
LeMaitre Vascular Inc		27,358		790	Liquidity Services Inc (a)		45,958		312
Luminex Corp		71,662		1,635	New Media Investment Group Inc		93,933		1,004
Meridian Bioscience Inc		73,286		844	NIC Inc		114,930		1,984
Merit Medical Systems Inc (a)		94,698		5,320	Perficient Inc (a)		57,221		1,685
Natus Medical Inc (a)		58,259		1,559	QuinStreet Inc (a)		67,008		956
OraSure Technologies Inc (a)		106,357		1,006	Shutterfly Inc (a)		58,757		2,575
Orthofix Medical Inc (a)		32,876		1,801	Shutterstock Inc		32,069		1,297
Repligen Corp (a)		67,422		4,543	Stamps.com Inc (a)		28,418		2,438
Surmodics Inc (a)		23,254		1,010	TechTarget Inc (a)		37,869		632
Tactile Systems Technology Inc (a)		29,415		1,464			$		20,224
Varex Imaging Corp (a)		65,748		2,159	Iron & Steel - 0.10%
		$		40,131	AK Steel Holding Corp (a)		545,577		1,320
Healthcare - Services - 1.90%					Leisure Products & Services - 0.66%
Addus HomeCare Corp (a)		17,395		1,181	Callaway Golf Co		153,219		2,691
Community Health Systems Inc (a)		200,471		689	Fox Factory Holding Corp (a)		65,522		5,084
Ensign Group Inc/The		85,437		4,402	Nautilus Inc (a)		51,038		273
LHC Group Inc (a)		50,377		5,597	Vista Outdoor Inc (a)		99,334		857
Magellan Health Inc (a)		41,267		2,889			$		8,905
Medpace Holdings Inc (a)		44,936		2,524	Lodging - 0.10%
Providence Service Corp/The (a)		19,037		1,263	Marcus Corp/The		37,146		1,397
Select Medical Holdings Corp (a)		186,642		2,682	Machinery - Construction & Mining - 0.10%
Tivity Health Inc (a)		81,506		1,762	Astec Industries Inc		39,322		1,326
US Physical Therapy Inc		21,879		2,549	Machinery - Diversified - 1.76%
		$		25,538	Alamo Group Inc		16,603		1,721
Home Builders - 1.53%					Albany International Corp		50,019		3,700
Cavco Industries Inc (a)		14,750		1,840	Applied Industrial Technologies Inc		66,854		4,007
Century Communities Inc (a)		47,516		1,208	Briggs & Stratton Corp		72,624		886
Installed Building Products Inc (a)		36,120		1,735	Chart Industries Inc (a)		54,499		4,811
LCI Industries		42,885		3,767	DXP Enterprises Inc/TX (a)		27,577		1,183
LGI Homes Inc (a)		32,115		2,226	Ichor Holdings Ltd (a)		38,352		966

See accompanying notes.

420

     Schedule of Investments SmallCap S&P 600 Index Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Machinery - Diversified (continued)						Oil & Gas Services (continued)
Lindsay Corp		18,603		$	1,581	Dril-Quip Inc (a)		62,762		$	2,734
SPX FLOW Inc (a)		73,394			2,638	Era Group Inc (a)		35,283			340
Tennant Co		31,252			2,074	Exterran Corp (a)		54,234			771
		$			23,567	Geospace Technologies Corp (a)		23,514			316
Media - 0.44%						Gulf Island Fabrication Inc (a)		23,911			206
EW Scripps Co/The		97,211			2,215	Helix Energy Solutions Group Inc (a)		241,230			1,886
Gannett Co Inc		197,432			1,842	KLX Energy Services Holdings Inc (a)		38,570			1,082
Scholastic Corp		48,067			1,917	Matrix Service Co (a)		46,198			906
		$			5,974	Newpark Resources Inc (a)		155,709			1,137
Metal Fabrication & Hardware - 0.53%						Oil States International Inc (a)		104,348			2,016
AZZ Inc		44,995			2,137	Pioneer Energy Services Corp (a)		135,321			235
CIRCOR International Inc (a)		34,249			1,155	ProPetro Holding Corp (a)		127,966			2,832
Mueller Industries Inc		97,667			2,849	Superior Energy Services Inc (a)		268,955			966
Olympic Steel Inc		15,759			255	TETRA Technologies Inc (a)		216,827			516
TimkenSteel Corp (a)		67,735			687	US Silica Holdings Inc		126,176			1,996
		$			7,083			$			23,397
Mining - 0.61%						Packaging & Containers - 0.09%
Century Aluminum Co (a)		85,098			716	Multi-Color Corp		24,063			1,201
Kaiser Aluminum Corp		27,760			2,731	Pharmaceuticals - 2.14%
Livent Corp (a)		251,824			2,715	Akorn Inc (a)		162,449			439
Materion Corp		34,906			2,025	Amphastar Pharmaceuticals Inc (a)		59,633			1,287
		$			8,187	Anika Therapeutics Inc (a)		24,511			781
Miscellaneous Manufacturers - 3.72%						Assertio Therapeutics Inc (a)		110,283			460
Actuant Corp		105,429			2,697	Corcept Therapeutics Inc (a)		180,069			2,229
Axon Enterprise Inc (a)		101,469			6,443	Cytokinetics Inc (a)		94,366			832
EnPro Industries Inc		35,847			2,664	Diplomat Pharmacy Inc (a)		97,626			545
ESCO Technologies Inc		44,705			3,353	Eagle Pharmaceuticals Inc/DE (a)		17,773			914
Fabrinet (a)		63,558			3,846	Enanta Pharmaceuticals Inc (a)		27,162			2,368
Federal Signal Corp		103,747			2,985	Endo International PLC (a)		344,481			2,584
Harsco Corp (a)		137,202			3,106	Heska Corp (a)		11,780			915
Haynes International Inc		21,589			698	Lannett Co Inc (a)		58,953			453
Hillenbrand Inc		107,853			4,640	Momenta Pharmaceuticals Inc (a)		169,910			2,377
John Bean Technologies Corp		54,370			5,969	Neogen Corp (a)		89,832			5,449
LSB Industries Inc (a)		35,280			206	Owens & Minor Inc		107,403			366
Lydall Inc (a)		30,263			745	Phibro Animal Health Corp		34,986			1,214
Myers Industries Inc		60,975			1,091	Progenics Pharmaceuticals Inc (a)		145,821			750
Proto Labs Inc (a)		46,541			5,110	Supernus Pharmaceuticals Inc (a)		90,242			3,315
Raven Industries Inc		62,017			2,413	Vanda Pharmaceuticals Inc (a)		90,799			1,479
Standex International Corp		21,825			1,442			$			28,757
Sturm Ruger & Co Inc		30,111			1,686	Real Estate - 0.52%
Tredegar Corp		44,061			794	HFF Inc		67,732			3,223
		$			49,888	Marcus & Millichap Inc (a)		36,974			1,594
Office & Business Equipment - 0.17%						RE/MAX Holdings Inc		30,622			1,327
Pitney Bowes Inc		324,166			2,305	Whitestone REIT		68,610			880
Office Furnishings - 0.12%								$			7,024
Interface Inc		102,548			1,645	REITs - 7.94%
Oil & Gas - 2.03%						Acadia Realty Trust		140,664			3,972
Bonanza Creek Energy Inc (a)		32,269			777	Agree Realty Corp		64,813			4,243
Carrizo Oil & Gas Inc (a)		146,976			1,884	American Assets Trust Inc		65,303			3,016
Denbury Resources Inc (a)		794,181			1,771	Apollo Commercial Real Estate Finance Inc		194,562			3,646
Diamond Offshore Drilling Inc (a)		111,414			1,082	Armada Hoffler Properties Inc		86,819			1,402
Gulfport Energy Corp (a)		255,822			1,676	ARMOUR Residential REIT Inc		101,224			1,931
HighPoint Resources Corp (a)		190,622			522	Capstead Mortgage Corp		147,551			1,268
Laredo Petroleum Inc (a)		262,260			792	CareTrust REIT Inc		163,190			3,957
Nabors Industries Ltd		563,156			1,971	CBL & Associates Properties Inc		299,193			302
Noble Corp PLC (a)		428,970			1,128	Cedar Realty Trust Inc		148,567			456
Par Pacific Holdings Inc (a)		51,660			1,009	Chatham Lodging Trust		80,302			1,581
PDC Energy Inc (a)		114,093			4,962	Chesapeake Lodging Trust		104,808			2,987
Penn Virginia Corp (a)		23,187			1,041	Community Healthcare Trust Inc		30,672			1,119
Ring Energy Inc (a)		102,516			531	DiamondRock Hospitality Co		347,368			3,773
SRC Energy Inc (a)		419,573			2,580	Easterly Government Properties Inc		105,046			1,891
Unit Corp (a)		93,771			1,272	EastGroup Properties Inc		62,919			7,194
Whiting Petroleum Corp (a)		156,950			4,299	Four Corners Property Trust Inc		117,890			3,353
		$			27,297	Franklin Street Properties Corp		184,954			1,454
						Getty Realty Corp		58,505			1,897
Oil & Gas Services - 1.74%						Global Net Lease Inc		144,610			2,758
Archrock Inc		224,941			2,274	Granite Point Mortgage Trust Inc		88,214			1,696
C&J Energy Services Inc (a)		105,970			1,489	Hersha Hospitality Trust		62,181			1,155
DMC Global Inc		24,463			1,695	Independence Realty Trust Inc		153,947			1,630

See accompanying notes.

421

     Schedule of Investments SmallCap S&P 600 Index Fund April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
REITs (continued)					Retail (continued)
Innovative Industrial Properties Inc		16,862	$	1,436	Tailored Brands Inc		86,406	$	704
Invesco Mortgage Capital Inc		220,234		3,594	Tile Shop Holdings Inc		67,548		328
iStar Inc		117,560		1,019	Vera Bradley Inc (a)		36,475		448
Kite Realty Group Trust		144,579		2,283	Vitamin Shoppe Inc (a)		26,966		169
Lexington Realty Trust		360,761		3,272	Wingstop Inc		50,595		3,808
LTC Properties Inc		68,499		3,087	Zumiez Inc (a)		32,587		868
National Storage Affiliates Trust		97,797		2,862			$		79,195
New York Mortgage Trust Inc		320,111		2,017	Savings & Loans - 1.48%
NorthStar Realty Europe Corp		85,919		1,532	Axos Financial Inc (a)		92,917		3,040
Office Properties Income Trust		82,938		2,251	Banc of California Inc		73,561		1,068
Pennsylvania Real Estate Investment Trust		111,590		672	Berkshire Hills Bancorp Inc		69,897		2,096
PennyMac Mortgage Investment Trust		117,203		2,461	Brookline Bancorp Inc		137,585		2,071
Redwood Trust Inc		166,635		2,726	Dime Community Bancshares Inc		52,916		1,066
Retail Opportunity Investments Corp		196,604		3,450	Northfield Bancorp Inc		81,558		1,224
RPT Realty		138,249		1,677	Northwest Bancshares Inc		178,845		3,117
Saul Centers Inc		19,968		1,065	Oritani Financial Corp		65,955		1,144
Summit Hotel Properties Inc		180,732		2,098	Pacific Premier Bancorp Inc		77,613		2,256
Universal Health Realty Income Trust		21,812		1,767	Provident Financial Services Inc		105,643		2,802
Urstadt Biddle Properties Inc		51,596		1,132			$		19,884
Washington Prime Group Inc		320,944		1,428	Semiconductors - 3.02%
Washington Real Estate Investment Trust		137,872		3,894	Axcelis Technologies Inc (a)		56,158		1,196
Xenia Hotels & Resorts Inc		194,355		4,208	Brooks Automation Inc		122,394		4,591
		$		106,612	Cabot Microelectronics Corp		49,942		6,305
Retail - 5.90%					CEVA Inc (a)		37,777		952
Abercrombie & Fitch Co		113,567		3,395	Cohu Inc		70,200		1,041
Asbury Automotive Group Inc (a)		33,633		2,697	CTS Corp		56,461		1,691
Ascena Retail Group Inc (a)		299,678		357	Diodes Inc (a)		70,501		2,568
Barnes & Noble Education Inc (a)		63,166		272	DSP Group Inc (a)		33,307		476
Barnes & Noble Inc		98,440		495	FormFactor Inc (a)		128,461		2,434
Big Lots Inc		69,077		2,567	Kopin Corp (a)		105,713		132
BJ's Restaurants Inc		36,356		1,815	Kulicke & Soffa Industries Inc		114,082		2,655
Boot Barn Holdings Inc (a)		49,183		1,416	MaxLinear Inc (a)		109,175		2,938
Buckle Inc/The		49,037		906	Nanometrics Inc (a)		42,196		1,257
Caleres Inc		73,958		1,940	Photronics Inc (a)		115,640		1,080
Cato Corp/The		39,403		597	Power Integrations Inc		49,851		3,939
Chico's FAS Inc		216,870		759	Rambus Inc (a)		188,080		2,155
Children's Place Inc/The		27,931		3,151	Rudolph Technologies Inc (a)		53,310		1,290
Chuy's Holdings Inc (a)		29,235		582	Ultra Clean Holdings Inc (a)		67,292		805
Conn's Inc (a)		42,138		1,090	Veeco Instruments Inc (a)		82,858		1,009
Dave & Buster's Entertainment Inc		63,161		3,590	Xperi Corp		83,916		2,085
Designer Brands Inc		99,562		2,215			$		40,599
Dine Brands Global Inc		30,244		2,681	Software - 2.73%
El Pollo Loco Holdings Inc (a)		38,408		491	Bottomline Technologies DE Inc (a)		64,618		3,268
Express Inc (a)		118,201		435	Computer Programs & Systems Inc		20,647		628
EZCORP Inc (a)		90,510		984	CSG Systems International Inc		56,897		2,541
Fiesta Restaurant Group Inc (a)		40,232		509	Donnelley Financial Solutions Inc (a)		58,845		901
FirstCash Inc		75,142		7,340	Ebix Inc		37,935		1,915
GameStop Corp		175,876		1,521	LivePerson Inc (a)		101,457		2,976
Genesco Inc (a)		31,661		1,419	ManTech International Corp/VA		45,851		2,842
Group 1 Automotive Inc		30,052		2,353	MicroStrategy Inc (a)		14,217		2,128
Guess? Inc		97,844		1,993	Monotype Imaging Holdings Inc		70,849		1,221
Haverty Furniture Cos Inc		32,731		780	NextGen Healthcare Inc (a)		82,540		1,551
Hibbett Sports Inc (a)		31,541		653	Omnicell Inc (a)		70,371		5,655
JC Penney Co Inc (a)		545,216		747	PDF Solutions Inc (a)		47,875		621
Kirkland's Inc (a)		25,627		151	Progress Software Corp		77,882		3,552
La-Z-Boy Inc		80,479		2,640	SPS Commerce Inc (a)		30,632		3,178
Lithia Motors Inc		38,547		4,376	Tabula Rasa HealthCare Inc (a)		30,248		1,611
Lumber Liquidators Holdings Inc (a)		49,364		653	TiVo Corp		215,258		2,017
MarineMax Inc (a)		39,389		681			$		36,605
Movado Group Inc		28,457		1,015	Storage & Warehousing - 0.21%
Office Depot Inc		933,091		2,239	Mobile Mini Inc		77,072		2,776
PetMed Express Inc		35,659		779
Red Robin Gourmet Burgers Inc (a)		22,363		716	Telecommunications - 2.46%
Regis Corp (a)		52,050		974	8x8 Inc (a)		164,988		3,946
RH (a)		32,202		3,436	ADTRAN Inc		82,406		1,412
Ruth's Hospitality Group Inc		48,670		1,264	ATN International Inc		18,769		1,146
Shake Shack Inc (a)		44,832		2,748	CalAmp Corp (a)		59,091		863
Shoe Carnival Inc		17,303		617	Cincinnati Bell Inc (a)		86,824		773
Sonic Automotive Inc		41,059		831	Consolidated Communications Holdings Inc		122,785		634
					Digi International Inc (a)		47,734		614

See accompanying notes.

422

Schedule of Investments
SmallCap S&P 600 Index Fund
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000’s)				(a)		Non-income producing security
Telecommunications (continued)							(b)		Restricted Security. Please see Restricted Security Sub-Schedule for more
Extreme Networks Inc (a)		201,391		$	1,611				information.
Finisar Corp (a)		203,361			4,903		(c)		Fair value of these investments is determined in good faith by the Manager
Frontier Communications Corp (a)		181,630			518				under procedures established and periodically reviewed by the Board of
Harmonic Inc (a)		152,955			866				Directors. Certain inputs used in the valuation may be unobservable; however,
Iridium Communications Inc (a)		168,425			4,625				each security is evaluated individually for purposes of ASC 820 which results
NETGEAR Inc (a)		54,342			1,686				in not all securities being identified as Level 3 of the fair value hierarchy. At
Spok Holdings Inc		31,028			430				the end of the period, the fair value of these securities totaled $21 or 0.00% of
Viavi Solutions Inc (a)		393,254			5,230				net assets.
Vonage Holdings Corp (a)		380,625			3,700		(d)		Affiliated Security. Security is either an affiliate (and registered under the
		$			32,957				Investment Company Act of 1940) or an affiliate as defined by the Investment
Textiles - 0.31%									Company Act of 1940 (controls 5.0% or more of the outstanding voting
UniFirst Corp/MA		26,624			4,210				shares of the security). Please see affiliated sub-schedule for transactional
Transportation - 1.51%									information.
ArcBest Corp		44,104			1,348		(e)		Current yield shown is as of period end.
Atlas Air Worldwide Holdings Inc (a)		44,412			2,145
Echo Global Logistics Inc (a)		47,982			1,101							Portfolio Summary  (unaudited)
Forward Air Corp		49,656			3,144		Sector									Percent
Heartland Express Inc		81,959			1,613		Financial									23.87	%
Hub Group Inc (a)		58,837			2,446		Industrial									18.05	%
Marten Transport Ltd		66,705			1,319		Consumer, Non-cyclical									17.15	%
Matson Inc		73,867			2,926		Consumer, Cyclical									14.28	%
Saia Inc (a)		44,578			2,870		Technology									8.82	%
SEACOR Holdings Inc (a)		29,743			1,325		Energy									4.53	%
		$			20,237		Communications									4.41	%
Trucking & Leasing - 0.15%							Basic Materials									4.02	%
Greenbrier Cos Inc/The		55,798			1,982		Money Market Funds									2.95	%
Water - 0.65%							Utilities									1.96	%
American States Water Co		63,428			4,514		Investment Companies									0.09	%
California Water Service Group		82,908			4,178		Other Assets and Liabilities									(0.13	)%
		$			8,692		TOTAL NET ASSETS									100.00	%
TOTAL COMMON STOCKS		$			1,303,303
INVESTMENT COMPANIES - 3.04%	Shares Held		Value (000's)
Exchange-Traded Funds - 0.09%
iShares Core S&P Small-Cap ETF		14,044			1,125
Money Market Funds - 2.95%
Principal Government Money Market Fund	39,642,711				39,643
2.38%(d),(e)
TOTAL INVESTMENT COMPANIES		$			40,768
Total Investments		$			1,344,071
Other Assets and Liabilities -  (0.13)%					(1,691	)
TOTAL NET ASSETS - 100.00%		$			1,342,380
Affiliated Securities		October 31, 2018							Purchases				Sales		April 30, 2019
			Value							Cost		Proceeds				Value
Principal Government Money Market Fund 2.38%	$				48,612			$		172,870	$		181,839	$		39,643
	$				48,612			$		172,870	$		181,839	$		39,643
					Realized Gain/Loss							Realized Gain from			Change in Unrealized
					Income		on Investments			Capital Gain Distributions						Gain/Loss
Principal Government Money Market Fund 2.38%	$				394	$			— $				— $			—
	$				394	$			— $				— $			—
Amounts in thousands
Restricted Securities
Security Name					Acquisition Date								Cost		Value	Percent of Net Assets
A. Schulman Inc.					08/22/2018					$			97	$	21	0.00	%
Total										$					21	0.00	%
Amounts in thousands.
Futures Contracts
Description and Expiration Date			Type				Contracts		Notional Amount				Value and Unrealized Appreciation/(Depreciation)
Russell 2000 Emini; June 2019			Long				506	$		40,333				$		1,217
Total														$		1,217
Amounts in thousands except contracts.

See accompanying notes.

423

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS - 95.94%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.13%				Automobile Parts & Equipment (continued)
Boston Omaha Corp (a)	530	$	13	Tower International Inc		72,575	$	1,694
Clear Channel Outdoor Holdings Inc (a)	3,354		17			$		15,911
Fluent Inc (a)	3,317		23	Banks - 14.07%
MDC Partners Inc (a)	507,330		1,065	1st Constitution Bancorp		750		14
National CineMedia Inc	44,914		313	1st Source Corp		26,535		1,243
Telaria Inc (a)	2,648		19	ACNB Corp		591		22
	$		1,450	Allegiance Bancshares Inc (a)		827		29
Aerospace & Defense - 0.95%				Amalgamated Bank		51,060		865
AAR Corp	6,010		203	American National Bankshares Inc		10,903		412
Aerovironment Inc (a)	2,050		140	Ames National Corp		742		21
Barnes Group Inc	26,499		1,474	Arrow Financial Corp		4,752		160
Ducommun Inc (a)	887		36	Associated Banc-Corp		71,600		1,625
Kratos Defense & Security Solutions Inc (a)	3,451		55	Atlantic Capital Bancshares Inc (a)		735		13
Moog Inc	73,372		6,871	Auburn National Bancorporation Inc		293		10
National Presto Industries Inc	14,535		1,548	BancFirst Corp		1,623		92
Triumph Group Inc	2,963		70	Bancorp Inc/The (a)		9,009		92
Wesco Aircraft Holdings Inc (a)	3,172		27	BancorpSouth Bank		5,871		179
	$		10,424	Bank of Commerce Holdings		1,627		18
Agriculture - 0.17%				Bank of Hawaii Corp		10,200		840
Alico Inc	387		11	Bank of Marin Bancorp		1,142		48
Andersons Inc/The	2,683		88	Bank of Princeton/The		546		16
Darling Ingredients Inc (a)	10,274		224	Bank7 Corp (a)		505		9
Limoneira Co	912		21	BankUnited Inc		45,600		1,668
Tejon Ranch Co (a)	1,781		31	Bankwell Financial Group Inc		561		17
Universal Corp/VA	18,003		970	Banner Corp		4,712		250
Vector Group Ltd	57,071		543	Bar Harbor Bankshares		16,720		440
	$		1,888	Baycom Corp (a)		892		21
Airlines - 0.34%				BCB Bancorp Inc		1,318		17
Allegiant Travel Co	6,146		903	Bridge Bancorp Inc		28,134		871
Hawaiian Holdings Inc	58,382		1,647	Bridgewater Bancshares Inc (a)		2,083		22
Mesa Air Group Inc (a)	1,059		10	Bryn Mawr Bank Corp		13,960		532
SkyWest Inc	15,084		929	Business First Bancshares Inc		937		24
Spirit Airlines Inc (a)	4,875		265	Byline Bancorp Inc (a)		1,449		29
	$		3,754	C&F Financial Corp		313		15
Apparel - 0.61%				Cadence BanCorp		27,765		632
Carter's Inc	32,150		3,405	Cambridge Bancorp		244		20
Columbia Sportswear Co	2,820		282	Camden National Corp		20,775		914
Deckers Outdoor Corp (a)	1,020		161	Capital Bancorp Inc (a)		784		9
Rocky Brands Inc	688		17	Capital City Bank Group Inc		1,532		36
Unifi Inc (a)	19,225		389	Capstar Financial Holdings Inc		760		12
Weyco Group Inc	600		21	Carolina Financial Corp		47,755		1,724
Wolverine World Wide Inc	65,525		2,412	Cathay General Bancorp		57,829		2,128
	$		6,687	CB Financial Services Inc		531		13
				CenterState Bank Corp		23,535		581
Automobile Manufacturers - 0.68%				Central Pacific Financial Corp		7,671		230
Blue Bird Corp (a)	85,659		1,483	Central Valley Community Bancorp		1,028		21
Navistar International Corp (a)	66,120		2,257	Century Bancorp Inc/MA		260		24
REV Group Inc	139,176		1,766	Chemical Financial Corp		36,252		1,592
Wabash National Corp	128,561		1,939	Chemung Financial Corp		328		16
	$		7,445	Citizens & Northern Corp		2,643		75
Automobile Parts & Equipment - 1.45%				City Holding Co		12,190		967
Adient PLC	107,276		2,478	Civista Bancshares Inc		990		22
Altra Industrial Motion Corp	16,164		606	CNB Financial Corp/PA		1,689		48
American Axle & Manufacturing Holdings Inc (a)	11,930		176	Coastal Financial Corp/WA (a)		727		12
Commercial Vehicle Group Inc (a)	194,439		1,734	Codorus Valley Bancorp Inc		862		18
Cooper Tire & Rubber Co	42,545		1,271	Columbia Banking System Inc		10,232		384
Cooper-Standard Holdings Inc (a)	27,567		1,397	Community Bank System Inc		11,875		789
Dana Inc	23,984		468	Community Financial Corp/The		529		16
Delphi Technologies PLC	23,500		520	Community Trust Bancorp Inc		19,123		808
Gentherm Inc (a)	2,157		91	ConnectOne Bancorp Inc		58,616		1,280
Meritor Inc (a)	71,084		1,725	County Bancorp Inc		634		11
Methode Electronics Inc	66,986		1,976	Customers Bancorp Inc (a)		83,827		1,899
Miller Industries Inc/TN	921		30	CVB Financial Corp		65,051		1,411
Modine Manufacturing Co (a)	3,573		53	Eagle Bancorp Inc (a)		19,388		1,071
Motorcar Parts of America Inc (a)	62,439		1,290	Enterprise Bancorp Inc/MA		756		24
Standard Motor Products Inc	6,269		313	Enterprise Financial Services Corp		148,000		6,296
Superior Industries International Inc	4,574		23	Equity Bancshares Inc (a)		777		20
Tenneco Inc	1,619		35	Esquire Financial Holdings Inc (a)		497		12
Titan International Inc	4,447		31	Evans Bancorp Inc		500		18

See accompanying notes.

424

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Banks (continued)						Banks (continued)
Farmers & Merchants Bancorp Inc/Archbold OH		184		$	6	Midland States Bancorp Inc		64,699		$	1,735
Farmers National Banc Corp		2,204			32	MidWestOne Financial Group Inc		13,641			385
FB Financial Corp		710			26	MVB Financial Corp		829			14
Fidelity Southern Corp		1,830			53	National Bank Holdings Corp		7,816			298
Fifth Third Bancorp		6,936			200	National Bankshares Inc		606			26
Financial Institutions Inc		33,310			916	NBT Bancorp Inc		12,724			484
First Bancorp Inc/ME		836			22	Nicolet Bankshares Inc (a)		699			43
First BanCorp/Puerto Rico		162,579			1,837	Northeast Bancorp		751			16
First Bancorp/Southern Pines NC		182,112			6,904	Northrim BanCorp Inc		12,707			451
First Bancshares Inc/The		1,061			33	Norwood Financial Corp		530			17
First Bank/Hamilton NJ		1,553			18	OFG Bancorp		4,929			99
First Busey Corp		9,853			255	Ohio Valley Banc Corp		381			14
First Business Financial Services Inc		16,852			388	Old Line Bancshares Inc		1,189			30
First Choice Bancorp		836			18	Old National Bancorp/IN		32,068			548
First Commonwealth Financial Corp		10,013			136	Old Second Bancorp Inc		2,514			33
First Community Bankshares Inc		1,358			47	OP Bancorp		1,496			14
First Community Corp/SC		778			15	Opus Bank		34,700			759
First Financial Bancorp		387,142			9,718	Origin Bancorp Inc		962			34
First Financial Corp/IN		25,641			1,056	Orrstown Financial Services Inc		16,950			351
First Foundation Inc		2,207			31	Pacific City Financial Corp		982			18
First Guaranty Bancshares Inc		631			14	Pacific Mercantile Bancorp (a)		1,744			14
First Hawaiian Inc		59,107			1,634	Park National Corp		4,850			474
First Internet Bancorp		55,656			1,218	Parke Bancorp Inc		683			16
First Interstate BancSystem Inc		3,309			140	PCSB Financial Corp		1,288			25
First Merchants Corp		238,974			8,763	Peapack Gladstone Financial Corp		43,447			1,257
First Mid Bancshares Inc		11,738			404	Penns Woods Bancorp Inc		424			19
First Midwest Bancorp Inc/IL		18,569			399	Peoples Bancorp Inc/OH		1,443			47
First Northwest Bancorp		866			14	Peoples Bancorp of North Carolina Inc		519			15
First of Long Island Corp/The		2,077			48	Peoples Financial Services Corp		600			26
First United Corp		728			14	Premier Financial Bancorp Inc		1,114			18
Flagstar Bancorp Inc		1,778			64	QCR Holdings Inc		1,104			38
FNB Corp/PA		99,700			1,209	RBB Bancorp		21,385			414
Franklin Financial Network Inc		53,532			1,480	Renasant Corp		27,952			1,013
Fulton Financial Corp		58,392			1,007	Republic Bancorp Inc/KY		821			39
FVCBankcorp Inc (a)		331			5	S&T Bancorp Inc		18,251			732
German American Bancorp Inc		4,684			139	Sandy Spring Bancorp Inc		25,619			894
Glacier Bancorp Inc		11,193			477	SB One Bancorp		745			18
Great Southern Bancorp Inc		8,430			489	Seacoast Banking Corp of Florida (a)		2,290			65
Great Western Bancorp Inc		53,177			1,870	Select Bancorp Inc (a)		1,545			19
Guaranty Bancshares Inc/TX		656			18	Shore Bancshares Inc		1,261			20
Hancock Whitney Corp		34,290			1,500	Sierra Bancorp		4,496			119
Hanmi Financial Corp		75,740			1,797	Simmons First National Corp		22,569			573
Heartland Financial USA Inc		3,001			134	SmartFinancial Inc (a)		1,044			22
Heritage Commerce Corp		4,941			62	South State Corp		20,510			1,552
Heritage Financial Corp/WA		2,263			69	Southern First Bancshares Inc (a)		576			21
Hilltop Holdings Inc		81,843			1,721	Southern National Bancorp of Virginia Inc		52,623			785
Home BancShares Inc/AR		75,555			1,450	Southside Bancshares Inc		2,004			70
HomeStreet Inc (a)		59,932			1,687	Spirit of Texas Bancshares Inc (a)		878			20
Hope Bancorp Inc		143,684			2,021	Sterling Bancorp Inc/MI		44,675			437
Horizon Bancorp Inc/IN		25,338			412	Stock Yards Bancorp Inc		1,754			60
IBERIABANK Corp		22,789			1,812	Summit Financial Group Inc		1,012			26
Independent Bank Corp/MI		8,478			182	TCF Financial Corp		52,500			1,162
Independent Bank Corp/Rockland MA		1,793			144	Texas Capital Bancshares Inc (a)		26,800			1,735
Independent Bank Group Inc		1,907			109	Tompkins Financial Corp		1,766			142
International Bancshares Corp		39,931			1,655	Towne Bank/Portsmouth VA		22,855			596
Investar Holding Corp		590			14	TriCo Bancshares		24,058			959
Kearny Financial Corp/MD		3,836			54	TriState Capital Holdings Inc (a)		1,567			36
Lakeland Bancorp Inc		51,211			848	Triumph Bancorp Inc (a)		23,500			729
Lakeland Financial Corp		118,961			5,680	TrustCo Bank Corp NY		188,792			1,510
LCNB Corp		979			17	Trustmark Corp		54,764			1,969
LegacyTexas Financial Group Inc		15,386			617	UMB Financial Corp		2,843			199
Level One Bancorp Inc		545			14	Umpqua Holdings Corp		5,090			88
Live Oak Bancshares Inc		102,386			1,789	Union Bankshares Corp		256,155			9,351
Luther Burbank Corp		79,072			833	United Bankshares Inc/WV		28,205			1,106
Macatawa Bank Corp		2,145			22	United Community Banks Inc/GA		336,201			9,441
Mercantile Bank Corp		2,027			68	United Security Bancshares/Fresno CA		1,382			15
Merchants Bancorp/IN		34,858			843	Unity Bancorp Inc		707			15
Metropolitan Bank Holding Corp (a)		578			23	Univest Financial Corp		21,481			542
Middlefield Banc Corp		337			14	Valley National Bancorp		174,825			1,832

See accompanying notes.

425

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Banks (continued)					Biotechnology (continued)
Veritex Holdings Inc		16,959	$	449	Ovid therapeutics Inc (a)		469	$	1
Walker & Dunlop Inc		8,331		457	PDL BioPharma Inc (a)		11,458		37
Washington Trust Bancorp Inc		7,461		386	Prothena Corp PLC (a)		3,197		33
Webster Financial Corp		120,625		6,409	Replimune Group Inc (a)		174		3
WesBanco Inc		9,631		389	Rigel Pharmaceuticals Inc (a)		2,181		5
West Bancorporation Inc		17,700		371	Rubius Therapeutics Inc (a)		505		9
Westamerica Bancorporation		1,592		102	Scholar Rock Holding Corp (a)		220		5
Western New England Bancorp Inc		2,400		23	Spectrum Pharmaceuticals Inc (a)		2,660		25
Wintrust Financial Corp		7,830		596	Syndax Pharmaceuticals Inc (a)		800		6
		$		154,281	Synlogic Inc (a)		1,377		12
Beverages - 0.00%					Synthorx Inc (a)		108		2
MGP Ingredients Inc		106		9	Tocagen Inc (a)		154		2
Biotechnology - 0.46%					Translate Bio Inc (a)		438		4
Abeona Therapeutics Inc (a)		405		3	XOMA Corp (a)		414		5
Acceleron Pharma Inc (a)		588		24	Y-mAbs Therapeutics Inc (a)		103		2
Achillion Pharmaceuticals Inc (a)		10,842		32			$		4,985
Acorda Therapeutics Inc (a)		3,424		36	Building Materials - 1.84%
Adverum Biotechnologies Inc (a)		4,003		26	American Woodmark Corp (a)		75,875		6,823
AgeX Therapeutics Inc (a)		833		4	Apogee Enterprises Inc		41,098		1,657
Albireo Pharma Inc (a)		555		19	Armstrong Flooring Inc (a)		117,223		1,698
Alder Biopharmaceuticals Inc (a)		962		13	Boise Cascade Co		50,885		1,409
Allakos Inc (a)		160		6	Builders FirstSource Inc (a)		30,531		421
Allogene Therapeutics Inc (a)		347		10	Caesarstone Ltd		102,404		1,549
AMAG Pharmaceuticals Inc (a)		2,670		30	Eagle Materials Inc		9,200		836
Aptinyx Inc (a)		260		1	Gibraltar Industries Inc (a)		5,469		217
Aratana Therapeutics Inc (a)		2,994		14	Griffon Corp		4,974		97
Arbutus Biopharma Corp (a)		2,525		7	Louisiana-Pacific Corp		72,640		1,820
Arcus Biosciences Inc (a)		937		9	Masonite International Corp (a)		32,824		1,690
Ardelyx Inc (a)		3,906		13	Simpson Manufacturing Co Inc		1,095		70
Arena Pharmaceuticals Inc (a)		5,598		257	SPX Corp (a)		1,979		72
ArQule Inc (a)		1,123		7	Universal Forest Products Inc		48,600		1,797
Athersys Inc (a)		779		1			$		20,156
Audentes Therapeutics Inc (a)		260		10	Chemicals - 1.87%
AVEO Pharmaceuticals Inc (a)		4,321		4	AdvanSix Inc (a)		2,178		66
Avrobio Inc (a)		118		2	American Vanguard Corp		40,656		640
BioCryst Pharmaceuticals Inc (a)		1,613		12	Cabot Corp		24,600		1,116
BioTime Inc (a)		6,121		8	Element Solutions Inc (a)		607,975		6,603
Bluebird Bio Inc (a)		237		34	Hawkins Inc		836		31
Calithera Biosciences Inc (a)		2,708		17	HB Fuller Co		781		38
Cambrex Corp (a)		1,662		71	Innophos Holdings Inc		47,265		1,521
Cara Therapeutics Inc (a)		390		7	Innospec Inc		17,259		1,463
CASI Pharmaceuticals Inc (a)		659		2	Intrepid Potash Inc (a)		16,126		60
Constellation Pharmaceuticals Inc (a)		234		3	Koppers Holdings Inc (a)		15,030		402
Crinetics Pharmaceuticals Inc (a)		135		3	Kraton Corp (a)		526		18
Cymabay Therapeutics Inc (a)		971		12	Landec Corp (a)		2,067		22
Dynavax Technologies Corp (a)		672		4	Minerals Technologies Inc		16,082		1,010
Eidos Therapeutics Inc (a)		240		6	Oil-Dri Corp of America		454		14
Emergent BioSolutions Inc (a)		74,240		3,837	PolyOne Corp		10,388		287
Epizyme Inc (a)		1,384		17	PQ Group Holdings Inc (a)		2,975		47
Five Prime Therapeutics Inc (a)		2,665		30	Rayonier Advanced Materials Inc		60,460		897
Forty Seven Inc (a)		207		4	Rogers Corp (a)		2,910		488
Gossamer Bio Inc (a)		164		3	Sensient Technologies Corp		3,443		241
Guardant Health Inc (a)		168		11	Stepan Co		4,054		375
Harvard Bioscience Inc (a)		3,101		12	Tronox Holdings PLC		23,517		333
Immunomedics Inc (a)		1,106		18	Univar Inc (a)		974		22
Karyopharm Therapeutics Inc (a)		655		3	Valhi Inc		3,738		9
Kezar Life Sciences Inc (a)		186		4	Valvoline Inc		35,600		659
Kiniksa Pharmaceuticals Ltd (a)		176		3	Versum Materials Inc		79,475		4,147
Magenta Therapeutics Inc (a)		213		3			$		20,509
Medicines Co/The (a)		385		12	Coal - 0.20%
MeiraGTx Holdings plc (a)		178		3	Advanced Emissions Solutions Inc		533		6
Menlo Therapeutics Inc (a)		1,061		8	Arch Coal Inc		1,883		182
Molecular Templates Inc (a)		1,257		9	Cloud Peak Energy Inc (a)		10,401		1
Myriad Genetics Inc (a)		3,994		126	CONSOL Energy Inc (a)		7,489		254
NantKwest Inc (a)		3,342		4	Hallador Energy Co		6,588		34
NewLink Genetics Corp (a)		2,458		4	NACCO Industries Inc		2,519		103
Novavax Inc (a)		23,486		12	Peabody Energy Corp		16,429		473
Nymox Pharmaceutical Corp (a)		1,823		3	Ramaco Resources Inc (a)		580		4
Osmotica Pharmaceuticals PLC (a)		357		1	SunCoke Energy Inc		9,051		78

See accompanying notes.

426

Schedule of Investments
SmallCap Value Fund II
April 30, 2019 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Coal (continued)						Computers (continued)
SunCoke Energy Partners LP		60,078		$	753	Electronics For Imaging Inc (a)		4,354		$	162
Warrior Met Coal Inc		11,042			342	ForeScout Technologies Inc (a)		930			39
		$			2,230	Insight Enterprises Inc (a)		23,555			1,332
Commercial Services - 6.72%						KeyW Holding Corp/The (a)		3,946			45
Aaron's Inc		159,730			8,895	Lumentum Holdings Inc (a)		687			43
ABM Industries Inc		5,753			218	Mercury Systems Inc (a)		7,799			570
Acacia Research Corp (a)		4,536			14	MTS Systems Corp		1,865			102
Adtalem Global Education Inc (a)		212,193			10,465	NetScout Systems Inc (a)		4,666			137
American Public Education Inc (a)		9,676			310	PAR Technology Corp (a)		216			5
AMN Healthcare Services Inc (a)		120,850			6,291	Perspecta Inc		249,083			5,748
Avalara Inc (a)		4,239			250	Presidio Inc		32,877			494
Barrett Business Services Inc		14,672			1,069	Science Applications International Corp		6,108			457
Booz Allen Hamilton Holding Corp		185,450			10,995	Stratasys Ltd (a)		3,080			72
BrightView Holdings Inc (a)		1,113			18	Sykes Enterprises Inc (a)		15,999			444
Brink's Co/The		160,725			12,847	Tenable Holdings Inc (a)		1,614			58
CAI International Inc (a)		787			20	Unisys Corp (a)		1,345			15
Cardtronics PLC (a)		5,764			207	Virtusa Corp (a)		3,110			173
Carriage Services Inc		961			17			$			27,727
CBIZ Inc (a)		15,718			304	Consumer Products - 0.15%
CRA International Inc		6,388			332	ACCO Brands Corp		141,506			1,293
Cross Country Healthcare Inc (a)		2,907			20	Central Garden & Pet Co (a)		269			7
Emerald Expositions Events Inc		86,895			1,220	Central Garden & Pet Co - A Shares (a)		1,623			40
Ennis Inc		51,925			1,048	Helen of Troy Ltd (a)		1,976			285
EVERTEC Inc		4,789			150	Quanex Building Products Corp		2,853			48
Evo Payments Inc (a)		482			14			$			1,673
FTI Consulting Inc (a)		10,002			850	Cosmetics & Personal Care - 0.03%
GP Strategies Corp (a)		97,001			1,235	Edgewell Personal Care Co (a)		5,775			238
Green Dot Corp (a)		66,550			4,244	Inter Parfums Inc		1,187			86
Hackett Group Inc/The		346			5			$			324
Heidrick & Struggles International Inc		3,600			129	Distribution & Wholesale - 0.49%
Hertz Global Holdings Inc (a)		6,634			121	Anixter International Inc (a)		29,392			1,849
HMS Holdings Corp (a)		14,951			455	Core-Mark Holding Co Inc		14,237			517
Huron Consulting Group Inc (a)		1,362			66	Fossil Group Inc (a)		2,936			38
I3 Verticals Inc (a)		271			7	G-III Apparel Group Ltd (a)		4,599			198
ICF International Inc		3,913			304	H&E Equipment Services Inc		5,165			157
Information Services Group Inc (a)		1,584			6	Manitex International Inc (a)		440			3
K12 Inc (a)		9,557			288	ScanSource Inc (a)		12,736			480
Kelly Services Inc		51,280			1,142	Systemax Inc		519			12
Korn Ferry		28,445			1,337	Titan Machinery Inc (a)		1,647			28
Laureate Education Inc (a)		5,902			93	Triton International Ltd/Bermuda		24,007			791
LiveRamp Holdings Inc (a)		2,103			123	Veritiv Corp (a)		929			26
LSC Communications Inc		2,781			19	WESCO International Inc (a)		21,764			1,246
Matthews International Corp		1,937			78			$			5,345
National Research Corp		121			5	Diversified Financial Services - 3.86%
Navigant Consulting Inc		2,625			60	Aircastle Ltd		22,065			439
Quad/Graphics Inc		129,826			1,585	AllianceBernstein Holding LP		25,452			751
Rent-A-Center Inc/TX (a)		19,455			485	Altisource Portfolio Solutions SA (a)		847			20
Resources Connection Inc		95,897			1,540	Blucora Inc (a)		96,569			3,380
Rosetta Stone Inc (a)		1,451			37	Boston Private Financial Holdings Inc		97,623			1,118
RR Donnelley & Sons Co		6,012			28	CBTX Inc		1,549			49
SEACOR Marine Holdings Inc (a)		1,489			20	Columbia Financial Inc (a)		3,020			48
Sotheby's (a)		30,800			1,299	Deluxe Corp		34,136			1,527
SP Plus Corp (a)		1,753			61	Encore Capital Group Inc (a)		1,605			45
Strategic Education Inc		1,300			186	Federal Agricultural Mortgage Corp		519			40
Textainer Group Holdings Ltd (a)		2,241			21	Federated Investors Inc		53,599			1,647
Travelport Worldwide Ltd		9,055			142	Focus Financial Partners Inc (a)		668			25
TrueBlue Inc (a)		7,746			187	GAIN Capital Holdings Inc		56,900			300
Vectrus Inc (a)		58,403			2,369	GAMCO Investors Inc		22,607			490
Viad Corp		506			31	Greenhill & Co Inc		50,599			1,048
Weight Watchers International Inc (a)		19,254			393	Hannon Armstrong Sustainable Infrastructure		6,057			161
		$			73,655	Capital Inc
Computers - 2.53%						INTL. FCStone Inc (a)		1,286			52
3D Systems Corp (a)		6,458			69	Ladenburg Thalmann Financial Services Inc		1,928			7
Agilysys Inc (a)		765			15	Legg Mason Inc		55,898			1,870
CACI International Inc (a)		72,993			14,229	LendingClub Corp (a)		19,498			62
Cray Inc (a)		2,021			53	LPL Financial Holdings Inc		156,600			11,602
Cubic Corp		510			29	Marlin Business Services Corp		596			13
CyberArk Software Ltd (a)		26,275			3,388	Mr Cooper Group Inc (a)		8,283			71
Diebold Nixdorf Inc (a)		4,741			48	Navient Corp		127,450			1,722

See accompanying notes.

427

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Diversified Financial Services (continued)					Electronics (continued)
Nelnet Inc		1,152	$	67	Stoneridge Inc (a)		13,931	$	438
NewStar Financial Inc (a),(b),(c)		52,106		13	SYNNEX Corp		8,201		884
Och-Ziff Capital Management Group LLC		30,895		454	Tech Data Corp (a)		23,281		2,482
On Deck Capital Inc (a)		15,170		83	TTM Technologies Inc (a)		113,445		1,502
Oppenheimer Holdings Inc		41,569		1,091	Vishay Intertechnology Inc		99,520		1,971
PennyMac Financial Services Inc		1,714		38	Vishay Precision Group Inc (a)		2,529		95
Piper Jaffray Cos		2,287		185	Watts Water Technologies Inc		4,837		414
PJT Partners Inc		110		5	ZAGG Inc (a)		123,154		1,015
PRA Group Inc (a)		2,705		76			$		32,906
Pzena Investment Management Inc		9,946		99	Energy - Alternate Sources - 0.41%
Regional Management Corp (a)		2,552		64	Clean Energy Fuels Corp (a)		11,739		37
SLM Corp		81,500		828	Enphase Energy Inc (a)		5,377		54
Stifel Financial Corp		32,116		1,916	FutureFuel Corp		15,499		227
Virtu Financial Inc		332,825		8,181	Green Plains Inc		3,282		57
Virtus Investment Partners Inc		12,400		1,520	Pattern Energy Group Inc		5,106		118
Waddell & Reed Financial Inc		50,228		940	Renewable Energy Group Inc (a)		38,643		932
Westwood Holdings Group Inc		9,800		307	REX American Resources Corp (a)		19,300		1,631
		$		42,354	SolarEdge Technologies Inc (a)		30,000		1,329
Electric - 1.78%					Sunrun Inc (a)		6,017		92
ALLETE Inc		30,973		2,523	TerraForm Power Inc		3,620		49
Ameresco Inc (a)		1,641		25	Vivint Solar Inc (a)		2,723		15
Atlantic Power Corp (a)		9,487		22			$		4,541
Avista Corp		39,087		1,686	Engineering & Construction - 0.83%
Black Hills Corp		24,995		1,818	Aegion Corp (a)		2,674		53
Clearway Energy Inc - Class A		3,005		46	Argan Inc		1,187		57
Clearway Energy Inc - Class C		8,856		141	EMCOR Group Inc		10,984		924
El Paso Electric Co		29,042		1,775	Exponent Inc		5,940		336
IDACORP Inc		11,289		1,118	Granite Construction Inc		571		26
MGE Energy Inc		9,496		644	Great Lakes Dredge & Dock Corp (a)		4,641		48
NorthWestern Corp		23,691		1,654	IES Holdings Inc (a)		912		16
Ormat Technologies Inc		2,469		144	Infrastructure and Energy Alternatives Inc (a)		1,866		9
Otter Tail Corp		11,083		569	KBR Inc		89,826		1,996
PNM Resources Inc		40,641		1,887	MasTec Inc (a)		24,500		1,241
Portland General Electric Co		49,110		2,569	Mistras Group Inc (a)		565		8
Spark Energy Inc		130,790		1,237	MYR Group Inc (a)		34,607		1,251
Unitil Corp		29,379		1,672	Orion Group Holdings Inc (a)		1,986		5
		$		19,530	Primoris Services Corp		56,611		1,241
Electrical Components & Equipment - 1.22%					Sterling Construction Co Inc (a)		8,353		113
Belden Inc		35,803		1,988	Tutor Perini Corp (a)		84,927		1,696
Encore Wire Corp		10,968		651	VSE Corp		735		22
Energizer Holdings Inc		23,500		1,125			$		9,042
EnerSys		9,292		643	Entertainment - 0.07%
Graham Corp		44,999		931	AMC Entertainment Holdings Inc		4,523		69
Insteel Industries Inc		274		6	Eros International PLC (a)		1,665		15
Littelfuse Inc		39,283		7,898	International Speedway Corp		2,408		106
Powell Industries Inc		770		23	Marriott Vacations Worldwide Corp		395		42
Vicor Corp (a)		1,739		65	Monarch Casino & Resort Inc (a)		1,626		69
		$		13,330	Penn National Gaming Inc (a)		11,053		239
Electronics - 3.00%					RCI Hospitality Holdings Inc		307		7
Advanced Energy Industries Inc (a)		26,309		1,519	Reading International Inc (a)		8,383		128
Applied Optoelectronics Inc (a)		612		8	Speedway Motorsports Inc		2,174		40
Bel Fuse Inc		864		20			$		715
Benchmark Electronics Inc		56,450		1,526	Environmental Control - 0.42%
Brady Corp		205,255		10,014	Advanced Disposal Services Inc (a)		322		10
Comtech Telecommunications Corp		28,063		660	AquaVenture Holdings Ltd (a)		892		17
Control4 Corp (a)		4,953		87	Casella Waste Systems Inc (a)		97,486		3,638
FARO Technologies Inc (a)		2,273		128	CECO Environmental Corp (a)		2,638		21
Fitbit Inc (a)		10,401		55	Charah Solutions Inc (a)		885		6
II-VI Inc (a)		21,800		869	Heritage-Crystal Clean Inc (a)		11,782		339
Jabil Inc		44,500		1,344	Pure Cycle Corp (a)		992		10
KEMET Corp		10,982		197	Tetra Tech Inc		9,246		599
Kimball Electronics Inc (a)		46,305		701			$		4,640
Knowles Corp (a)		23,693		448	Food - 1.08%
NVE Corp		2,845		273	B&G Foods Inc		5,080		132
OSI Systems Inc (a)		4,934		444	Cal-Maine Foods Inc		1,942		80
Park Electrochemical Corp		12,962		213	Dean Foods Co		8,086		14
Plexus Corp (a)		36,321		2,186	Fresh Del Monte Produce Inc		3,148		93
Resideo Technologies Inc (a)		57,700		1,310	Hostess Brands Inc (a)		8,981		120
Sanmina Corp (a)		61,985		2,103	Ingles Markets Inc		1,221		33

See accompanying notes.

428

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Food (continued)						Healthcare - Services (continued)
John B Sanfilippo & Son Inc		1,370		$	99	Community Health Systems Inc (a)		7,101		$	24
Lancaster Colony Corp		521			77	Magellan Health Inc (a)		26,007			1,820
Performance Food Group Co (a)		211,500			8,661	Miragen Therapeutics Inc (a)		595			2
Sanderson Farms Inc		10,811			1,639	National HealthCare Corp		1,039			78
Seneca Foods Corp - Class A (a)		5,607			139	Neuronetics Inc (a)		143			2
Simply Good Foods Co/The (a)		3,794			85	R1 RCM Inc (a)		603			6
Smart & Final Stores Inc (a)		2,435			16	SI-BONE Inc (a)		138			2
SpartanNash Co		4,597			74	Surgery Partners Inc (a)		1,520			17
Tootsie Roll Industries Inc		1,331			52	Syneos Health Inc (a)		4,635			218
United Natural Foods Inc (a)		4,265			55	Triple-S Management Corp (a)		1,790			41
Village Super Market Inc		14,377			423			$			2,513
Weis Markets Inc		827			35	Home Builders - 1.20%
		$			11,827	Beazer Homes USA Inc (a)		2,649			35
Forest Products & Paper - 0.33%						Century Communities Inc (a)		70,103			1,783
Clearwater Paper Corp (a)		57,959			1,170	Green Brick Partners Inc (a)		47,369			423
Mercer International Inc		26,400			374	KB Home		17,104			443
Neenah Inc		6,387			433	LGI Homes Inc (a)		12,811			888
PH Glatfelter Co		3,703			58	M/I Homes Inc (a)		31,360			884
Schweitzer-Mauduit International Inc		42,592			1,515	MDC Holdings Inc		4,671			143
Verso Corp (a)		2,742			61	Meritage Homes Corp (a)		30,457			1,558
		$			3,611	Taylor Morrison Home Corp (a)		103,510			2,004
Gas - 2.51%						Thor Industries Inc		23,700			1,561
Chesapeake Utilities Corp		1,605			149	TRI Pointe Group Inc (a)		124,579			1,626
New Jersey Resources Corp		7,843			393	William Lyon Homes (a)		31,816			536
Northwest Natural Holding Co		20,424			1,366	Winnebago Industries Inc		35,900			1,270
ONE Gas Inc		13,956			1,235			$			13,154
RGC Resources Inc		667			18	Home Furnishings - 0.28%
South Jersey Industries Inc		41,853			1,345	Daktronics Inc		101,048			766
Southwest Gas Holdings Inc		131,864			10,970	Ethan Allen Interiors Inc		50,304			1,112
Spire Inc		142,408			11,989	Flexsteel Industries Inc		15,396			333
		$			27,465	Hooker Furniture Corp		25,962			774
Hand & Machine Tools - 0.62%						Sonos Inc (a)		901			10
Franklin Electric Co Inc		118,956			5,812	Universal Electronics Inc (a)		1,122			43
Kennametal Inc		17,811			725			$			3,038
Milacron Holdings Corp (a)		20,659			302	Housewares - 0.08%
		$			6,839	Tupperware Brands Corp		35,597			847
Healthcare - Products - 1.87%						Insurance - 6.26%
AngioDynamics Inc (a)		3,181			65	Ambac Financial Group Inc (a)		42,800			800
Avanos Medical Inc (a)		12,889			541	American Equity Investment Life Holding Co		36,381			1,070
CareDx Inc (a)		179			5	AMERISAFE Inc		4,371			259
Cerus Corp (a)		1,167			7	Argo Group International Holdings Ltd		10,193			796
CONMED Corp		9,911			794	Brown & Brown Inc		322,150			10,228
CryoLife Inc (a)		704			22	CNO Financial Group Inc		131,531			2,177
FONAR Corp (a)		1,144			23	Crawford & Co		1,539			14
Haemonetics Corp (a)		2,350			205	Donegal Group Inc		2,240			30
Hanger Inc (a)		74,400			1,478	eHealth Inc (a)		1,358			83
Integer Holdings Corp (a)		4,296			297	EMC Insurance Group Inc		816			26
Integra LifeSciences Holdings Corp (a)		97,650			5,096	Employers Holdings Inc		20,343			873
Invacare Corp		2,756			20	Enstar Group Ltd (a)		9,506			1,685
Lantheus Holdings Inc (a)		218,353			5,275	Essent Group Ltd (a)		31,260			1,483
LivaNova PLC (a)		61,194			4,216	FBL Financial Group Inc		9,415			588
Luminex Corp		4,789			109	FedNat Holding Co		7,747			126
Meridian Bioscience Inc		169,862			1,955	FGL Holdings		207,312			1,768
NanoString Technologies Inc (a)		279			7	Genworth Financial Inc (a)		155,757			590
OPKO Health Inc (a)		25,681			61	Global Indemnity Ltd		24,143			744
OraSure Technologies Inc (a)		5,845			55	Hallmark Financial Services Inc (a)		11,128			127
Orthofix Medical Inc (a)		1,111			61	HCI Group Inc		620			26
Patterson Cos Inc		6,808			149	Horace Mann Educators Corp		45,632			1,760
Rockwell Medical Inc (a)		521			3	Independence Holding Co		458			18
RTI Surgical Holdings Inc (a)		3,918			21	Investors Title Co		101			17
SeaSpine Holdings Corp (a)		1,347			20	James River Group Holdings Ltd		1,748			74
Utah Medical Products Inc		63			5	Kemper Corp		10,076			905
		$			20,490	MBIA Inc (a)		163,667			1,583
Healthcare - Services - 0.23%						Mercury General Corp		121,400			6,529
AAC Holdings Inc (a)		1,067			2	MGIC Investment Corp (a)		763,075			11,171
Addus HomeCare Corp (a)		3,260			221	National General Holdings Corp		1,603			40
American Renal Associates Holdings Inc (a)		268			2	National Western Life Group Inc		7,698			2,054
Brookdale Senior Living Inc (a)		11,816			73	Navigators Group Inc/The		3,677			257
Cellular Biomedicine Group Inc (a)		274			5	NI Holdings Inc (a)		950			15

See accompanying notes.

429

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Insurance (continued)					Machinery - Construction & Mining - 0.21%
NMI Holdings Inc (a)		22,514	$	632	Astec Industries Inc		10,886	$	367
ProAssurance Corp		69,375		2,604	Hyster-Yale Materials Handling Inc		16,987		1,132
Protective Insurance Corp		29,334		477	Terex Corp		25,100		836
Radian Group Inc		71,545		1,676			$		2,335
RLI Corp		1,121		91	Machinery - Diversified - 1.70%
Safety Insurance Group Inc		1,491		139	Alamo Group Inc		4,705		488
Selective Insurance Group Inc		147,709		10,533	Albany International Corp		83,050		6,143
State Auto Financial Corp		1,399		47	Applied Industrial Technologies Inc		5,540		332
Stewart Information Services Corp		35,929		1,528	Briggs & Stratton Corp		3,311		40
Third Point Reinsurance Ltd (a)		145,903		1,694	Cactus Inc (a)		24,200		878
Tiptree Inc		2,473		14	Chart Industries Inc (a)		1,380		121
United Fire Group Inc		2,660		116	Columbus McKinnon Corp/NY		4,347		171
United Insurance Holdings Corp		620		10	CSW Industrials Inc		5,200		312
White Mountains Insurance Group Ltd		1,223		1,148	Curtiss-Wright Corp		150		17
		$		68,625	DXP Enterprises Inc/TX (a)		3,824		164
Internet - 0.27%					Gencor Industries Inc (a)		5,372		65
1-800-Flowers.com Inc (a)		1,624		35	Gorman-Rupp Co/The		1,806		61
Anaplan Inc (a)		313		12	GrafTech International Ltd		472,525		5,410
Cars.com Inc (a)		4,302		90	Hurco Cos Inc		3,508		138
ChannelAdvisor Corp (a)		273		3	Ichor Holdings Ltd (a)		66,030		1,663
Lands' End Inc (a)		927		16	Manitowoc Co Inc/The (a)		4,657		83
Leaf Group Ltd (a)		2,700		23	Mueller Water Products Inc - Class A		170,895		1,834
Liberty Expedia Holdings Inc (a)		3,178		148	SPX FLOW Inc (a)		18,748		674
Meet Group Inc/The (a)		6,265		35	Twin Disc Inc (a)		1,525		29
New Media Investment Group Inc		50,886		544			$		18,623
NIC Inc		69,635		1,202	Media - 2.78%
Perficient Inc (a)		17,600		518	Beasley Broadcast Group Inc		1,141		4
Shutterfly Inc (a)		8,400		368	Entercom Communications Corp		14,825		102
TechTarget Inc (a)		620		10	Entravision Communications Corp		460,043		1,321
Upwork Inc (a)		160		3	EW Scripps Co/The		4,657		106
		$		3,007	Gannett Co Inc		7,045		66
Investment Companies - 0.56%					Gray Television Inc (a)		48,002		1,124
Altus Midstream Co (a)		126,400		638	Hemisphere Media Group Inc (a)		943		14
BlackRock TCP Capital Corp		146,450		2,123	Houghton Mifflin Harcourt Co (a)		5,775		41
BrightSphere Investment Group PLC		126,703		1,858	Liberty Latin America Ltd - Class A (a)		11,489		241
Ellington Financial Inc		86,140		1,554	Liberty Latin America Ltd - Class C (a)		16,126		336
		$		6,173	Media General Inc - Rights (a),(c),(d)		15,053		1
Iron & Steel - 0.19%					Meredith Corp		16,958		1,000
AK Steel Holding Corp (a)		19,430		47	MSG Networks Inc (a)		78,344		1,805
Allegheny Technologies Inc (a)		8,021		200	New York Times Co/The		1,514		50
Carpenter Technology Corp		2,896		144	Nexstar Media Group Inc		102,825		12,036
Cleveland-Cliffs Inc		132,747		1,326	Saga Communications Inc		829		26
Commercial Metals Co		12,306		212	Scholastic Corp		4,866		194
Schnitzer Steel Industries Inc		4,718		112	Sinclair Broadcast Group Inc		14,628		669
Shiloh Industries Inc (a)		3,225		19	TEGNA Inc		705,784		11,236
Universal Stainless & Alloy Products Inc (a)		860		12	Value Line Inc		112		3
		$		2,072	WideOpenWest Inc (a)		5,926		47
Leisure Products & Services - 0.38%							$		30,422
Acushnet Holdings Corp		2,083		52	Metal Fabrication & Hardware - 0.75%
Callaway Golf Co		19,788		348	AZZ Inc		28,313		1,344
Camping World Holdings Inc		82,800		1,235	CIRCOR International Inc (a)		100		3
Clarus Corp		1,763		24	Eastern Co/The		1,721		49
Escalade Inc		1,202		14	Global Brass & Copper Holdings Inc		49,154		2,133
Johnson Outdoors Inc		12,429		953	Lawson Products Inc/DE (a)		536		18
Nautilus Inc (a)		277,148		1,483	LB Foster Co (a)		3,575		77
Town Sports International Holdings Inc (a)		1,778		6	Northwest Pipe Co (a)		845		20
YETI Holdings Inc (a)		637		23	Olympic Steel Inc		3,128		51
		$		4,138	Rexnord Corp (a)		32,613		933
Lodging - 0.28%					Timken Co/The		17,747		851
BBX Capital Corp		5,666		31	TimkenSteel Corp (a)		3,334		34
Boyd Gaming Corp		3,405		98	TriMas Corp (a)		14,441		447
Century Casinos Inc (a)		2,389		22	Valmont Industries Inc		6,255		843
Hilton Grand Vacations Inc (a)		28,207		904	Worthington Industries Inc		35,238		1,414
Marcus Corp/The		9,140		344			$		8,217
Red Lion Hotels Corp (a)		1,628		13	Mining - 0.30%
St Joe Co/The (a)		2,987		51	Coeur Mining Inc (a)		9,663		35
Wyndham Destinations Inc		37,800		1,646	Compass Minerals International Inc		21,205		1,217
		$		3,109	Energy Fuels Inc/Canada (a)		7,033		21
					Gold Resource Corp		1,218		4

See accompanying notes.

430

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Mining (continued)						Oil & Gas (continued)
Hecla Mining Co		25,577		$	54	Quintana Energy Services Inc (a)		1,362		$	6
Kaiser Aluminum Corp		14,490			1,426	Ring Energy Inc (a)		839			4
Livent Corp (a)		4,987			54	SandRidge Energy Inc (a)		8,705			73
Materion Corp		6,933			402	SilverBow Resources Inc (a)		711			13
Pan American Silver - CVR (a),(c)		11,857			3	SM Energy Co		49,111			782
United States Lime & Minerals Inc		185			15	Southwestern Energy Co (a)		50,633			200
		$			3,231	Star Group LP		43,002			408
Miscellaneous Manufacturers - 1.27%						Talos Energy Inc (a)		24,341			723
Actuant Corp		1,871			48	Transocean Ltd (a)		4,741			37
Ambarella Inc (a)		1,139			57	Trecora Resources (a)		1,807			17
American Outdoor Brands Corp (a)		4,387			43	Ultra Petroleum Corp (a)		33,127			14
EnPro Industries Inc		25,049			1,861	Unit Corp (a)		108,209			1,468
ESCO Technologies Inc		1,640			124	W&T Offshore Inc (a)		9,599			61
Fabrinet (a)		115,022			6,961	Whiting Petroleum Corp (a)		64,678			1,772
Federal Signal Corp		9,194			264			$			33,817
Haynes International Inc		1,030			33	Oil & Gas Services - 2.61%
Hillenbrand Inc		99,550			4,283	Apergy Corp (a)		37,700			1,496
Lydall Inc (a)		1,148			28	Archrock Inc		77,343			782
NL Industries Inc (a)		1,394			5	Basic Energy Services Inc (a)		2,377			6
Standex International Corp		187			12	C&J Energy Services Inc (a)		105,446			1,481
Synalloy Corp		829			15	Dawson Geophysical Co (a)		3,132			9
Tredegar Corp		6,295			114	Dril-Quip Inc (a)		32,368			1,410
Trinseo SA		1,463			66	Era Group Inc (a)		3,943			38
		$			13,914	Exterran Corp (a)		2,735			39
Office & Business Equipment - 0.00%						Forum Energy Technologies Inc (a)		6,631			40
Pitney Bowes Inc		5,838			42	Frank's International NV (a)		257,160			1,502
Office Furnishings - 0.39%						FTS International Inc (a)		69,997			724
CompX International Inc		445			7	Helix Energy Solutions Group Inc (a)		13,571			106
Herman Miller Inc		43,394			1,684	Hi-Crush Partners LP		84,700			300
Interface Inc		61,343			985	Independence Contract Drilling Inc (a)		3,314			9
Kimball International Inc		3,538			55	Keane Group Inc (a)		145,758			1,529
Knoll Inc		45,608			997	KLX Energy Services Holdings Inc (a)		1,794			50
Steelcase Inc		30,402			525	Liberty Oilfield Services Inc		76,100			1,135
		$			4,253	Matrix Service Co (a)		2,172			43
Oil & Gas - 3.09%						McDermott International Inc (a)		21,912			177
Abraxas Petroleum Corp (a)		3,051			4	MRC Global Inc (a)		2,406			42
Adams Resources & Energy Inc		287			10	Natural Gas Services Group Inc (a)		3,485			56
Approach Resources Inc (a)		7,296			2	NCS Multistage Holdings Inc (a)		1,394			6
Berry Petroleum Corp		126,875			1,442	Newpark Resources Inc (a)		462,781			3,379
Bonanza Creek Energy Inc (a)		69,124			1,664	Nine Energy Service Inc (a)		16,200			326
California Resources Corp (a)		2,804			59	NOW Inc (a)		6,750			99
Callon Petroleum Co (a)		461,890			3,469	Nuverra Environmental Solutions Inc (a)		261			2
Contango Oil & Gas Co (a)		237,303			717	Oceaneering International Inc (a)		55,002			1,056
CVR Energy Inc		1,018			46	Oil States International Inc (a)		158,580			3,063
Delek US Holdings Inc		34,294			1,271	Patterson-UTI Energy Inc		57,400			780
Denbury Resources Inc (a)		46,569			104	PHI Inc (a)		10,560			5
Earthstone Energy Inc (a)		227,567			1,524	Pioneer Energy Services Corp (a)		6,788			12
Ensco Rowan plc		5,458			76	ProPetro Holding Corp (a)		180,500			3,994
EXCO Resources Inc (a)		1			—	RPC Inc		64,900			668
Goodrich Petroleum Corp (a)		494			7	Select Energy Services Inc (a)		98,540			1,135
Gulfport Energy Corp (a)		95,678			626	Seventy Seven Energy Inc (a),(c),(d)		16,216			—
Halcon Resources Corp (a)		9,250			12	Smart Sand Inc (a)		197,058			774
HighPoint Resources Corp (a)		201,858			553	Solaris Oilfield Infrastructure Inc		74,700			1,269
Isramco Inc (a)		85			10	Superior Energy Services Inc (a)		12,534			45
Kosmos Energy Ltd	1,346,146				9,006	TETRA Technologies Inc (a)		12,491			30
Laredo Petroleum Inc (a)		239,901			725	Thermon Group Holdings Inc (a)		23,381			603
Mammoth Energy Services Inc		68,300			1,065	US Silica Holdings Inc		1,895			30
Matador Resources Co (a)		588			12	US Well Services Inc (a)		48,700			350
Midstates Petroleum Co Inc (a)		28,005			358			$			28,600
Montage Resources Corp (a)		340			4	Packaging & Containers - 0.44%
Murphy USA Inc (a)		14,627			1,250	Graphic Packaging Holding Co		249,925			3,469
Noble Corp PLC (a)		15,206			40	Greif Inc - Class A		29,339			1,160
Northern Oil and Gas Inc (a)		305,332			809	Greif Inc - Class B		472			23
Oasis Petroleum Inc (a)		32,694			200	Multi-Color Corp		1,139			57
Panhandle Oil and Gas Inc		5,826			87	UFP Technologies Inc (a)		3,844			139
Par Pacific Holdings Inc (a)		71,090			1,389			$			4,848
PDC Energy Inc (a)		6,007			261
Penn Virginia Corp (a)		18,000			808
QEP Resources Inc (a)		83,688			629

See accompanying notes.

431

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held	Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Pharmaceuticals - 0.75%					REITs (continued)
Achaogen Inc (a)	506		$	—	Ares Commercial Real Estate Corp		79,703		$	1,211
Adamas Pharmaceuticals Inc (a)	1,068			7	Arlington Asset Investment Corp		2,675			21
Akebia Therapeutics Inc (a)	606			4	Armada Hoffler Properties Inc		6,771			110
Akorn Inc (a)	6,798			18	ARMOUR Residential REIT Inc		13,626			260
Amphastar Pharmaceuticals Inc (a)	1,794			39	Ashford Hospitality Trust Inc		6,986			38
Anika Therapeutics Inc (a)	41,842			1,333	Blackstone Mortgage Trust Inc		17,306			616
Aquestive Therapeutics Inc (a)	289			2	Bluerock Residential Growth REIT Inc		1,982			22
Assertio Therapeutics Inc (a)	1,397			6	Braemar Hotels & Resorts Inc		2,784			39
Bellicum Pharmaceuticals Inc (a)	1,131			3	Brandywine Realty Trust		182,725			2,812
BioScrip Inc (a)	8,756			17	BRT Apartments Corp		1,141			16
Catalyst Biosciences Inc (a)	1,062			9	Capstead Mortgage Corp		7,118			61
Chimerix Inc (a)	8,172			22	CareTrust REIT Inc		20,612			500
Concert Pharmaceuticals Inc (a)	4,235			44	CatchMark Timber Trust Inc		23,656			237
Corium International Inc (a),(c)	454			—	CBL & Associates Properties Inc		13,620			14
Corvus Pharmaceuticals Inc (a)	183			1	Cedar Realty Trust Inc		7,472			23
Cytokinetics Inc (a)	557			5	Chatham Lodging Trust		12,380			244
Diplomat Pharmacy Inc (a)	963			5	Cherry Hill Mortgage Investment Corp		1,424			25
Endo International PLC (a)	13,094			98	Chesapeake Lodging Trust		22,202			633
Lannett Co Inc (a)	2,447			19	City Office REIT Inc		2,891			34
Mallinckrodt PLC (a)	6,821			105	Colony Capital Inc		276,814			1,423
Minerva Neurosciences Inc (a)	636			5	Colony Credit Real Estate Inc		101,955			1,584
Natural Grocers by Vitamin Cottage Inc (a)	952			12	Community Healthcare Trust Inc		119,096			4,345
Natural Health Trends Corp	62,463			722	CoreCivic Inc		267,805			5,573
Nature's Sunshine Products Inc (a)	906			8	CorEnergy Infrastructure Trust Inc		1,084			41
Owens & Minor Inc	5,143			17	CorePoint Lodging Inc		3,467			43
Phibro Animal Health Corp	3,437			119	Cousins Properties Inc		92,563			885
Portola Pharmaceuticals Inc (a)	398			14	DiamondRock Hospitality Co		64,726			703
PRA Health Sciences Inc (a)	39,575			3,832	Dynex Capital Inc		5,984			37
Prestige Consumer Healthcare Inc (a)	3,232			95	Easterly Government Properties Inc		2,776			50
Principia Biopharma Inc (a)	93			3	Essential Properties Realty Trust Inc		2,641			55
Proteostasis Therapeutics Inc (a)	613			1	Exantas Capital Corp		107,548			1,177
Ra Pharmaceuticals Inc (a)	1,410			31	First Industrial Realty Trust Inc		35,180			1,241
Spero Therapeutics Inc (a)	672			7	Four Corners Property Trust Inc		2,834			81
Taro Pharmaceutical Industries Ltd	14,200			1,525	Franklin Street Properties Corp		6,396			50
Tetraphase Pharmaceuticals Inc (a)	5,800			6	GEO Group Inc/The		77,296			1,548
Tricida Inc (a)	292			10	Getty Realty Corp		12,540			406
Xeris Pharmaceuticals Inc (a)	388			4	Gladstone Commercial Corp		7,063			153
Zogenix Inc (a)	639			25	Gladstone Land Corp		1,382			18
	$			8,173	Global Medical REIT Inc		2,290			23
Pipelines - 0.18%					Global Net Lease Inc		4,761			91
Noble Midstream Partners LP	22,500			775	Granite Point Mortgage Trust Inc		4,849			93
Oasis Midstream Partners LP	38,600			769	Great Ajax Corp		33,072			474
PBF Logistics LP	17,184			366	Healthcare Realty Trust Inc		28,185			871
SemGroup Corp	7,281			95	Hersha Hospitality Trust		2,805			52
	$			2,005	Independence Realty Trust Inc		10,036			106
Private Equity - 0.12%					Industrial Logistics Properties Trust		7,791			155
Kennedy-Wilson Holdings Inc	3,815			82	InfraREIT Inc		13,837			291
Victory Capital Holdings Inc (a)	74,839			1,234	Innovative Industrial Properties Inc		1,063			91
	$			1,316	Invesco Mortgage Capital Inc		24,022			392
Real Estate - 0.41%					Investors Real Estate Trust		990			60
American Realty Investors Inc (a)	371			5	iStar Inc		5,550			48
Consolidated-Tomoka Land Co	270			17	Jernigan Capital Inc		1,642			35
Cushman & Wakefield PLC (a)	133,542			2,623	Kite Realty Group Trust		5,067			80
Five Point Holdings LLC (a)	96,500			821	KKR Real Estate Finance Trust Inc		1,852			37
Forestar Group Inc (a)	936			18	Ladder Capital Corp		9,169			160
RE/MAX Holdings Inc	22,157			960	Lexington Realty Trust		37,940			344
Safehold Inc	929			24	LTC Properties Inc		4,181			188
Transcontinental Realty Investors Inc (a)	220			7	Mack-Cali Realty Corp		5,665			132
Whitestone REIT	3,448			44	MedEquities Realty Trust Inc		2,592			28
	$			4,519	Monmouth Real Estate Investment Corp		44,661			614
					National Health Investors Inc		7,519			567
REITs - 6.34%					National Storage Affiliates Trust		176,064			5,152
Acadia Realty Trust	4,999			141	New Senior Investment Group Inc		6,692			37
AG Mortgage Investment Trust Inc	2,433			42	New York Mortgage Trust Inc		18,419			116
Agree Realty Corp	3,206			210	NexPoint Residential Trust Inc		6,561			246
Alexander & Baldwin Inc	6,689			158	NorthStar Realty Europe Corp		2,698			48
American Assets Trust Inc	20,831			962	Office Properties Income Trust		10,762			292
Anworth Mortgage Asset Corp	8,454			35	One Liberty Properties Inc		1,367			39
Apollo Commercial Real Estate Finance Inc	11,330			212	Orchid Island Capital Inc		4,319			28
Arbor Realty Trust Inc	8,154			111

See accompanying notes.

432

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
REITs (continued)					Retail (continued)
Pebblebrook Hotel Trust		26,798	$	873	Express Inc (a)		5,883	$	22
Pennsylvania Real Estate Investment Trust		3,070		18	EZCORP Inc (a)		4,353		47
PennyMac Mortgage Investment Trust		92,316		1,939	Fiesta Restaurant Group Inc (a)		641		8
Physicians Realty Trust		344,328		6,219	FirstCash Inc		76,451		7,468
Piedmont Office Realty Trust Inc		37,761		786	Foundation Building Materials Inc (a)		1,204		16
PotlatchDeltic Corp		9,075		350	GameStop Corp		43,425		376
Preferred Apartment Communities Inc		3,474		54	Genesco Inc (a)		2,108		94
PS Business Parks Inc		1,900		292	GMS Inc (a)		379		7
QTS Realty Trust Inc		1,700		77	GNC Holdings Inc (a)		6,736		15
Ready Capital Corp		77,772		1,175	Group 1 Automotive Inc		25,039		1,960
Redwood Trust Inc		9,487		155	Guess? Inc		13,020		266
Retail Opportunity Investments Corp		19,207		337	Habit Restaurants Inc/The (a)		1,730		18
Rexford Industrial Realty Inc		34,594		1,311	Haverty Furniture Cos Inc		24,454		583
RLJ Lodging Trust		76,425		1,407	Hibbett Sports Inc (a)		51,838		1,073
RPT Realty		4,815		58	J Alexander's Holdings Inc (a)		1,288		14
Sabra Health Care REIT Inc		16,151		316	J. Jill Inc		2,225		12
Saul Centers Inc		192		10	Jack in the Box Inc		7,034		542
Seritage Growth Properties		40,471		1,804	JC Penney Co Inc (a)		25,780		35
Spirit MTA REIT		3,844		26	Kirkland's Inc (a)		1,379		8
STAG Industrial Inc		27,045		779	La-Z-Boy Inc		20,031		657
Summit Hotel Properties Inc		38,383		446	Lithia Motors Inc		18,266		2,073
Sunstone Hotel Investors Inc		65,290		940	Lumber Liquidators Holdings Inc (a)		671		9
Terreno Realty Corp		12,605		562	MarineMax Inc (a)		939		16
Tier REIT Inc		3,330		94	Movado Group Inc		44,209		1,577
TPG RE Finance Trust Inc		3,573		70	Office Depot Inc		505,368		1,213
Two Harbors Investment Corp		608,300		8,431	Papa John's International Inc		733		37
UMH Properties Inc		1,300		19	Party City Holdco Inc (a)		4,407		30
Universal Health Realty Income Trust		84		7	PC Connection Inc		40,115		1,490
Urban Edge Properties		17,512		325	Penske Automotive Group Inc		16,200		744
Urstadt Biddle Properties Inc		3,962		87	PetIQ Inc (a)		177		5
Washington Prime Group Inc		11,509		51	PetMed Express Inc		15,900		347
Washington Real Estate Investment Trust		19,329		546	Red Robin Gourmet Burgers Inc (a)		1,084		35
Western Asset Mortgage Capital Corp		4,042		43	Regis Corp (a)		2,536		47
Xenia Hotels & Resorts Inc		36,402		788	Rite Aid Corp (a)		3,251		30
		$		69,485	RTW RetailWinds Inc (a)		2,004		5
Retail - 4.08%					Rush Enterprises Inc - Class A		42,442		1,799
Abercrombie & Fitch Co		19,433		581	Rush Enterprises Inc - Class B		335		14
American Eagle Outfitters Inc		34,374		817	Ruth's Hospitality Group Inc		4,190		109
America's Car-Mart Inc/TX (a)		320		32	Sally Beauty Holdings Inc (a)		8,333		148
Asbury Automotive Group Inc (a)		15,873		1,273	Shoe Carnival Inc		913		33
AutoNation Inc (a)		29,800		1,249	Signet Jewelers Ltd		7,236		168
Barnes & Noble Education Inc (a)		3,482		15	Sonic Automotive Inc		106,520		2,155
Barnes & Noble Inc		5,134		26	Sportsman's Warehouse Holdings Inc (a)		71,910		321
Bassett Furniture Industries Inc		5,655		100	Suburban Propane Partners LP		74,037		1,727
Beacon Roofing Supply Inc (a)		1,079		41	Tile Shop Holdings Inc		5,070		25
Bed Bath & Beyond Inc		85,291		1,425	Tilly's Inc		17,801		209
Big Lots Inc		1,902		71	Vera Bradley Inc (a)		17,894		220
Biglari Holdings Inc (a)		97		13	Wingstop Inc		1,859		140
BJ's Wholesale Club Holdings Inc (a)		11,684		331	World Fuel Services Corp		43,305		1,336
BMC Stock Holdings Inc (a)		10,702		220	Zumiez Inc (a)		24,683		658
Brinker International Inc		560		24			$		44,768
Buckle Inc/The		22,792		421	Savings & Loans - 2.04%
Caleres Inc		4,222		111	Banc of California Inc		3,580		52
Cannae Holdings Inc (a)		4,287		110	BankFinancial Corp		6,673		100
Carrols Restaurant Group Inc (a)		636		6	Berkshire Hills Bancorp Inc		23,274		698
Cato Corp/The		4,902		74	Brookline Bancorp Inc		89,966		1,354
Chico's FAS Inc		11,109		39	Capitol Federal Financial Inc		104,448		1,441
Children's Place Inc/The		8,600		970	Community Bankers Trust Corp		2,275		18
Chuy's Holdings Inc (a)		378		8	Dime Community Bancshares Inc		91,251		1,839
Citi Trends Inc		8,658		161	Entegra Financial Corp (a)		637		19
Conn's Inc (a)		2,194		57	ESSA Bancorp Inc		1,019		16
Container Store Group Inc/The (a)		1,476		13	First Defiance Financial Corp		2,812		83
Del Taco Restaurants Inc (a)		2,646		27	First Financial Northwest Inc		839		14
Denny's Corp (a)		3,754		70	First Savings Financial Group Inc		219		13
Designer Brands Inc		23,715		527	Flushing Financial Corp		57,473		1,300
Dillard's Inc		12,694		869	FS Bancorp Inc		8,040		415
Dine Brands Global Inc		476		42	Greene County Bancorp Inc		150		5
Dunkin' Brands Group Inc		68,075		5,080	Hingham Institution for Savings		76		14
El Pollo Loco Holdings Inc (a)		1,861		24	Home Bancorp Inc		657		24

See accompanying notes.

433

Schedule of Investments SmallCap Value Fund II April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value (000’s)			COMMON STOCKS (continued)	Shares Held		Value (000’s)
Savings & Loans (continued)						Software (continued)
HomeTrust Bancshares Inc		16,341		$	414	InnerWorkings Inc (a)		320,559		$	1,084
Investors Bancorp Inc		192,700			2,264	ManTech International Corp/VA		7,788			483
Malvern Bancorp Inc (a)		646			14	MicroStrategy Inc (a)		531			80
Meridian Bancorp Inc		85,540			1,473	Monotype Imaging Holdings Inc		38,992			672
MutualFirst Financial Inc		1,099			32	NextGen Healthcare Inc (a)		6,205			116
Northfield Bancorp Inc		99,829			1,497	PDF Solutions Inc (a)		2,172			28
Northwest Bancshares Inc		11,039			193	Progress Software Corp		13,193			602
OceanFirst Financial Corp		35,250			887	SecureWorks Corp (a)		728			14
Oritani Financial Corp		103,259			1,791	Telenav Inc (a)		1,640			10
Pacific Premier Bancorp Inc		29,030			844	TiVo Corp		7,629			72
People's United Financial Inc		1,131			20	Verint Systems Inc (a)		22,662			1,369
Provident Financial Services Inc		17,856			474	Workiva Inc (a)		2,660			141
Prudential Bancorp Inc		839			15			$			7,762
Riverview Bancorp Inc		2,070			15	Storage & Warehousing - 0.00%
SI Financial Group Inc		1,056			15	Mobile Mini Inc		901			32
Southern Missouri Bancorp Inc		11,252			377	Telecommunications - 1.35%
Territorial Bancorp Inc		17,972			521	Acacia Communications Inc (a)		7,743			448
Timberland Bancorp Inc/WA		674			21	ADTRAN Inc		8,302			142
United Community Financial Corp/OH		4,178			39	ATN International Inc		2,924			179
United Financial Bancorp Inc		52,273			689	Calix Inc (a)		1,859			13
Washington Federal Inc		72,124			2,391	Casa Systems Inc (a)		308,821			2,961
Waterstone Financial Inc		26,074			431	Ciena Corp (a)		25,664			985
WSFS Financial Corp		13,289			573	Cincinnati Bell Inc (a)		3,772			34
		$			22,395	Clearfield Inc (a)		587			9
Semiconductors - 4.18%						CommScope Holding Co Inc (a)		67,100			1,663
Alpha & Omega Semiconductor Ltd (a)		1,714			21	Consolidated Communications Holdings Inc		5,749			30
Amkor Technology Inc (a)		60,909			552	DASAN Zhone Solutions Inc (a)		751			9
Aquantia Corp (a)		83,261			792	Digi International Inc (a)		77,718			1,000
AVX Corp		86,320			1,407	Extreme Networks Inc (a)		115,300			922
Axcelis Technologies Inc (a)		6,798			145	Finisar Corp (a)		7,310			176
AXT Inc (a)		3,392			19	Frontier Communications Corp (a)		8,265			23
Cabot Microelectronics Corp		89,785			11,336	Harmonic Inc (a)		7,103			40
CEVA Inc (a)		211			5	Infinera Corp (a)		12,084			52
Cirrus Logic Inc (a)		40,767			1,939	Intelsat SA (a)		3,493			71
Cohu Inc		2,143			32	InterDigital Inc		1,346			88
Cree Inc (a)		17,396			1,150	Iridium Communications Inc (a)		6,007			165
CTS Corp		25,750			772	KVH Industries Inc (a)		1,395			14
Diodes Inc (a)		63,254			2,304	NeoPhotonics Corp (a)		2,781			19
FormFactor Inc (a)		4,230			80	NETGEAR Inc (a)		46,955			1,457
Lattice Semiconductor Corp (a)		454,525			5,886	Plantronics Inc		10,300			530
MACOM Technology Solutions Holdings Inc (a)		2,843			40	Preformed Line Products Co		6,528			368
MaxLinear Inc (a)		202,445			5,448	Quantenna Communications Inc (a)		63,927			1,557
Nanometrics Inc (a)		6,276			187	Ribbon Communications Inc (a)		232,105			1,244
Photronics Inc (a)		168,163			1,571	RigNet Inc (a)		1,331			12
Power Integrations Inc		35,675			2,819	Spok Holdings Inc		1,498			21
Rambus Inc (a)		226,062			2,590	ViaSat Inc (a)		3,457			314
Semtech Corp (a)		4,936			266	Viavi Solutions Inc (a)		14,789			196
Sigma Designs Inc (a)		11,220			2			$			14,742
Silicon Laboratories Inc (a)		41,400			4,457	Textiles - 0.04%
Synaptics Inc (a)		3,242			122	Culp Inc		1,012			21
Ultra Clean Holdings Inc (a)		146,562			1,755	UniFirst Corp/MA		2,534			400
Veeco Instruments Inc (a)		3,806			46			$			421
Xperi Corp		4,038			100	Transportation - 1.37%
		$			45,843	ArcBest Corp		6,436			197
Software - 0.71%						Ardmore Shipping Corp (a)		3,161			22
ACI Worldwide Inc (a)		1,054			37	Atlas Air Worldwide Holdings Inc (a)		1,620			79
Allscripts Healthcare Solutions Inc (a)		12,687			125	Costamare Inc		4,385			26
American Software Inc/GA		3,144			41	Covenant Transportation Group Inc (a)		58,844			1,149
Avaya Holdings Corp (a)		6,562			125	Daseke Inc (a)		3,496			18
Avid Technology Inc (a)		982			7	Dorian LPG Ltd (a)		2,865			23
Castlight Health Inc (a)		1,100			4	Echo Global Logistics Inc (a)		3,988			92
Computer Programs & Systems Inc		528			16	Frontline Ltd/Bermuda (a)		6,400			52
CSG Systems International Inc		34,200			1,527	GasLog Ltd		3,373			53
Daily Journal Corp (a)		89			20	Golar LNG Ltd		9,204			180
Domo Inc (a)		199			8	Hoegh LNG Partners LP		66,000			1,297
Donnelley Financial Solutions Inc (a)		1,578			24	Hub Group Inc (a)		1,320			55
Ebix Inc		21,300			1,075	Landstar System Inc		73,300			7,987
eGain Corp (a)		1,916			19	Marten Transport Ltd		2,570			50
Evolent Health Inc (a)		4,627			63	Matson Inc		46,695			1,850

See accompanying notes.

434

Schedule of Investments
SmallCap Value Fund II
April 30, 2019 (unaudited)

COMMON STOCKS (continued)	Shares Held	Value (000’s)				(a)		Non-income producing security
Transportation (continued)						(b)		Restricted Security. Please see Restricted Security Sub-Schedule for more
Nordic American Tankers Ltd	12,019		$	26				information.
Overseas Shipholding Group Inc (a)	102,265			186		(c)		Fair value of these investments is determined in good faith by the Manager
PAM Transportation Services Inc (a)	129			6				under procedures established and periodically reviewed by the Board of
Park-Ohio Holdings Corp	799			29				Directors. Certain inputs used in the valuation may be unobservable; however,
Radiant Logistics Inc	3,664			24				each security is evaluated individually for purposes of ASC 820 which results
Safe Bulkers Inc (a)	6,882			12				in not all securities being identified as Level 3 of the fair value hierarchy. At
Schneider National Inc	36,900			771				the end of the period, the fair value of these securities totaled $17 or 0.00% of
Scorpio Tankers Inc	2,833			73				net assets.
SEACOR Holdings Inc (a)	10,513			468		(d)		The value of these investments was determined using significant unobservable
Ship Finance International Ltd	7,773			99				inputs.
Teekay Tankers Ltd (a)	17,920			20		(e)		Affiliated Security. Security is either an affiliate (and registered under the
Tidewater Inc (a)	2,461			55				Investment Company Act of 1940) or an affiliate as defined by the Investment
US Xpress Enterprises Inc (a)	1,186			8				Company Act of 1940 (controls 5.0% or more of the outstanding voting
USA Truck Inc (a)	283			4				shares of the security). Please see affiliated sub-schedule for transactional
Werner Enterprises Inc	2,582			87				information.
YRC Worldwide Inc (a)	2,505			17		(f)		Current yield shown is as of period end.
	$			15,015
Trucking & Leasing - 0.18%
GATX Corp	2,355			182
Greenbrier Cos Inc/The	49,270			1,751
Willis Lease Finance Corp (a)	310			15
	$			1,948
Water - 0.23%
American States Water Co	6,329			451
Artesian Resources Corp	8,747			318
California Water Service Group	26,866			1,353
Connecticut Water Service Inc	2,549			174
Consolidated Water Co Ltd	1,471			19
Middlesex Water Co	172			10
PICO Holdings Inc (a)	1,698			19
SJW Group	511			32
York Water Co/The	4,248			145
	$			2,521
TOTAL COMMON STOCKS	$			1,051,666
INVESTMENT COMPANIES - 4.13%	Shares Held	Value (000's)
Money Market Funds - 4.01%
Principal Government Money Market Fund	43,969,766			43,970
2.38%(e),(f)
Principal Exchange-Traded Funds - 0.12%
Principal U.S. Small-Cap Multi-Factor Index	39,506			1,272
ETF (e)
TOTAL INVESTMENT COMPANIES	$			45,242
PREFERRED STOCKS - 0.00%	Shares Held	Value (000's)
Investment Companies - 0.00%
Steel Partners Holdings LP 6.00%, 02/07/2026	507		$	11
TOTAL PREFERRED STOCKS	$			11
Total Investments	$			1,096,919
Other Assets and Liabilities -  (0.07)%				(756	)
TOTAL NET ASSETS - 100.00%	$			1,096,163
Affiliated Securities	October 31, 2018							Purchases			Sales		April 30, 2019
		Value							Cost		Proceeds		Value
Principal Government Money Market Fund 2.38%	$			35,811			$		167,827	$	159,668	$	43,970
Principal U.S. Small-Cap Multi-Factor Index ETF						—			1,239		—		1,272
	$			35,811			$		169,066	$	159,668	$	45,242
				Realized Gain/Loss							Realized Gain from		Change in Unrealized
				Income		on Investments			Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.38%	$			319	$			— $			— $		—
Principal U.S. Small-Cap Multi-Factor Index ETF				10				—			—		33
	$			329	$			— $			— $		33
Amounts in thousands

See accompanying notes.

435

Schedule of Investments
SmallCap Value Fund II
April 30, 2019 (unaudited)
Restricted Securities
Security Name		Acquisition Date				Cost		Value	Percent of Net Assets
NewStar Financial Inc		12/27/2017			$	28	$	13	0.00	%
Total							$	13	0.00	%
Amounts in thousands.
Futures Contracts
Description and Expiration Date	Type	Contracts		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Russell 2000 Emini; June 2019	Long		40	$	3,188	$			51
Total						$			51
Amounts in thousands except contracts.

See accompanying notes.

436

Schedule of Investments
Tax-Exempt Bond Fund
April 30, 2019 (unaudited)
INVESTMENT COMPANIES - 1.52%	Shares Held Value (000's)						Principal
Exchange-Traded Funds - 1.52%					MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
iShares National Muni Bond ETF		59,000	$	6,581	California (continued)
TOTAL INVESTMENT COMPANIES		$		6,581	Lancaster Redevelopment Agency Successor
		Principal			Agency
MUNICIPAL BONDS - 100.41%	Amount (000's) Value (000's)				6.50%, 08/01/2029	$	580	$	587
Alabama - 3.22%					Los Angeles Unified School District/CA
Birmingham Airport Authority  (credit support					5.00%, 07/01/2029		1,000		1,006
from AGM)					Metropolitan Water District of Southern
5.25%, 07/01/2030(a)	$	1,000	$	1,034	California
Lower Alabama Gas District/The					5.00%, 07/01/2029		1,150		1,157
5.00%, 09/01/2034		3,500		4,290	Oakland Unified School District/Alameda County
5.00%, 09/01/2046		4,500		5,777	5.00%, 08/01/2034		2,210		2,510
Selma Industrial Development Board					Port of Los Angeles
6.25%, 11/01/2033		700		715	5.00%, 08/01/2031		1,240		1,250
Tuscaloosa County Industrial Development					Richmond Joint Powers Financing Authority
Authority					6.25%, 07/01/2024		1,000		1,008
4.50%, 05/01/2032(b),(c)		1,000		1,054	Riverside Community Properties Development
5.25%, 05/01/2044(b),(c)		1,000		1,071	Inc
		$		13,941	6.00%, 10/15/2038		1,150		1,375
Alaska - 0.35%					Sacramento Area Flood Control Agency  (credit
Borough of Matanuska-Susitna AK  (credit					support from BAM)
support from AGC)					5.00%, 10/01/2039(a)		1,340		1,512
5.50%, 09/01/2023(a)		1,500		1,519	San Diego Unified School District/CA
Arizona - 3.88%					0.00%, 07/01/2032(f)		5,000		3,454
Arizona Industrial Development Authority					Southern California Public Power Authority
5.00%, 01/01/2043		2,000		2,192	5.00%, 11/01/2028		2,200		2,619
5.00%, 01/01/2049		1,000		1,070	5.25%, 07/01/2028		1,000		1,073
5.00%, 01/01/2054		1,000		1,079	State of California
5.13%, 01/01/2054		1,000		1,079	5.00%, 08/01/2028		2,000		2,527
5.50%, 01/01/2054(c)		1,500		1,565	University of California
Chandler Industrial Development Authority					5.75%, 05/15/2025		1,380		1,382
2.70%, 12/01/2037(d)		1,300		1,320	West Contra Costa Unified School District
City of Phoenix Civic Improvement Corp					5.25%, 08/01/2033		1,000		1,138
5.00%, 07/01/2034		1,000		1,006			$		45,344
Navajo Nation					Colorado - 3.07%
5.50%, 12/01/2030(c)		1,240		1,385	Denver Convention Center Hotel Authority
Salt Verde Financial Corp					5.00%, 12/01/2036		1,000		1,131
5.00%, 12/01/2032		4,965		6,129	Dominion Water & Sanitation District
		$		16,825	5.25%, 12/01/2027		1,500		1,596
California - 10.46%					Elbert County Independence Water & Sanitation
Alum Rock Union Elementary School District					District
5.25%, 08/01/2043		1,000		1,120	7.25%, 12/01/2038		1,000		1,034
California Health Facilities Financing Authority					Platte River Power Authority
5.00%, 11/15/2046(e)		1,691		1,911	5.00%, 06/01/2026		1,135		1,138
California Municipal Finance Authority					Regional Transportation District
4.00%, 12/31/2047		2,000		2,078	6.00%, 01/15/2041		450		467
5.00%, 05/15/2033		1,000		1,171	6.50%, 01/15/2030		500		522
5.00%, 05/15/2034		600		700	Velocity Metropolitan District No 3
California Pollution Control Financing Authority					5.13%, 12/01/2034		2,235		2,288
4.30%, 07/01/2040		2,000		2,143	5.38%, 12/01/2039		2,500		2,558
California Statewide Communities Development					5.50%, 12/01/2048		2,500		2,562
Authority							$		13,296
6.25%, 11/15/2019(c)		100		102	Connecticut - 1.59%
6.63%, 11/15/2024(c)		500		511	Mohegan Tribal Finance Authority
California Statewide Communities Development					7.00%, 02/01/2045(c)		5,500		5,689
Authority  (credit support from FHA INS)					State of Connecticut  (credit support from ACA)
6.63%, 08/01/2029(a)		890		901	6.60%, 07/01/2024(a)		1,215		1,219
California Statewide Communities Development							$		6,908
Authority  (credit support from GNMA COLL)					District of Columbia - 1.79%
4.90%, 07/20/2039(a)		500		512	District of Columbia
City of Los Angeles Department of Airports					5.00%, 12/01/2023		1,785		1,820
5.00%, 05/15/2028		2,000		2,478	5.00%, 12/01/2024		715		729
5.00%, 05/15/2035		1,500		1,554	5.00%, 10/15/2044		3,500		4,199
5.00%, 05/15/2044(e)		5,150		5,973	6.38%, 10/01/2034		1,000		1,020
City of Vernon CA Electric System Revenue							$		7,768
5.13%, 08/01/2021		230		232	Florida - 5.29%
5.13%, 08/01/2021		340		343	Canaveral Port Authority
Golden State Tobacco Securitization Corp					5.00%, 06/01/2048		2,000		2,314
5.30%, 06/01/2037		1,000		1,017

See accompanying notes.

437

Schedule of Investments Tax-Exempt Bond Fund April 30, 2019 (unaudited)

		Principal					Principal
MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)				MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
Florida (continued)					Illinois (continued)
City of Lakeland FL Department of Electric					Sales Tax Securitization Corp
Utilities					5.00%, 01/01/2048	$	3,000	$	3,298
5.25%, 10/01/2036	$	1,000	$	1,320	State of Illinois
Collier County Health Facilities Authority					5.50%, 07/01/2027		3,410		3,684
5.00%, 05/01/2043		3,500		3,923	United City of Yorkville IL
Escambia County Health Facilities					5.75%, 03/01/2028		400		400
Authority  (credit support from AMBAC)					Village of Gilberts IL Special Service Area No 24
5.95%, 07/01/2020(a)		10		11	5.38%, 03/01/2034		149		146
Florida Development Finance Corp							$		55,376
6.25%, 01/01/2049(c),(d)		500		511	Indiana - 0.88%
6.37%, 01/01/2049(c),(d)		1,000		1,026	Indiana Finance Authority
6.50%, 01/01/2049(c),(d)		2,500		2,561	7.00%, 03/01/2039(c)		3,000		3,060
Greater Orlando Aviation Authority					Town of Shoals IN
5.00%, 10/01/2047(e)		7,001		8,051	7.25%, 11/01/2043		700		775
Martin County Health Facilities Authority							$		3,835
4.00%, 01/01/2046(b)		3,000		3,213	Iowa - 0.50%
		$		22,930	Iowa Finance Authority
Georgia - 0.71%					5.25%, 06/01/2034(c)		2,110		2,187
Atlanta Development Authority					Kansas - 0.24%
7.00%, 01/01/2040		2,000		2,071	Kansas Development Finance Authority
City of Atlanta GA Water & Wastewater Revenue					5.50%, 11/15/2029		20		20
6.00%, 11/01/2027		1,000		1,022	5.50%, 11/15/2029		980		999
		$		3,093			$		1,019
Idaho - 1.43%					Kentucky - 0.76%
Idaho Health Facilities Authority					Kentucky Public Energy Authority
2.26%, 03/01/2048(d)		4,000		4,000	4.00%, 01/01/2049(d)		3,000		3,279
6.65%, 02/15/2021(d)		2,000		2,176	Louisiana - 2.08%
		$		6,176	Lafayette Public Trust Financing
Illinois - 12.77%					Authority  (credit support from AGM)
Chicago O'Hare International Airport					5.25%, 10/01/2030(a)		1,000		1,051
5.00%, 01/01/2052		1,500		1,676	Louisiana Local Government Environmental
5.25%, 01/01/2036		2,000		2,363	Facilities & Community Development Authority
5.25%, 01/01/2037		4,000		4,712	3.50%, 11/01/2032		3,000		3,045
City of Chicago IL					5.50%, 11/01/2039(c)		3,270		3,452
5.25%, 01/01/2029		2,000		2,184	Louisiana Public Facilities Authority
5.50%, 01/01/2035		1,500		1,701	0.00%, 07/01/2039(f)		417		—
5.50%, 01/01/2049		1,000		1,103	0.00%, 07/01/2039(f)		659		—
6.00%, 01/01/2038		2,965		3,379	Louisiana Public Facilities Authority  (credit
7.13%, 03/15/2022		200		200	support from FNMA)
7.46%, 02/15/2026		632		467	0.00%, 12/01/2019(a),(f)		1,500		1,484
City of Chicago IL Wastewater Transmission							$		9,032
Revenue					Maine - 0.42%
5.00%, 01/01/2030		1,000		1,116	Finance Authority of Maine
5.00%, 01/01/2032		1,000		1,108	4.38%, 08/01/2035(c),(d)		1,800		1,841
5.00%, 01/01/2033		2,000		2,209
City of Chicago IL Waterworks Revenue					Maryland - 0.26%
5.00%, 11/01/2028		1,000		1,118	Maryland Economic Development Corp
County of Cook IL Sales Tax Revenue					5.75%, 06/01/2035		545		569
5.25%, 11/15/2036		1,520		1,778	Maryland Health & Higher Educational Facilities
Illinois Finance Authority					Authority
2.22%, 08/15/2042(d)		350		350	6.00%, 07/01/2041		500		546
4.38%, 12/01/2042		1,400		1,054			$		1,115
5.38%, 08/15/2024		500		505	Massachusetts - 1.94%
5.75%, 08/15/2030		1,050		1,062	Commonwealth of Massachusetts
6.25%, 11/15/2035		650		666	5.00%, 01/01/2042		1,940		2,284
6.25%, 11/15/2035		350		358	Massachusetts Bay Transportation Authority
Illinois State Toll Highway Authority					5.25%, 07/01/2028		2,000		2,574
5.00%, 12/01/2032		5,200		6,001	Massachusetts Development Finance Agency
5.00%, 01/01/2040(e)		2,000		2,266	5.75%, 12/01/2042(d)		1,000		1,000
5.25%, 01/01/2030		1,000		1,022	Massachusetts Educational Financing Authority
Metropolitan Pier & Exposition Authority					4.90%, 07/01/2028		1,495		1,567
5.00%, 06/15/2057		700		749	Massachusetts State College Building
Metropolitan Pier & Exposition Authority  (credit					Authority  (credit support from ST APPROP)
support from NATL)					5.50%, 05/01/2039(a)		1,000		1,000
5.50%, 06/15/2029(a)		2,410		2,782			$		8,425
Metropolitan Water Reclamation District of
Greater Chicago
5.00%, 12/01/2028		5,000		5,919

See accompanying notes.

438

Schedule of Investments Tax-Exempt Bond Fund April 30, 2019 (unaudited)

		Principal					Principal
MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)				MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
Michigan - 0.61%					New York (continued)
City of Detroit MI Sewage Disposal System					New York City Industrial Development
Revenue  (credit support from AGM)					Agency  (credit support from AGC)
7.00%, 07/01/2027(a)	$	1,500	$	1,513	6.13%, 01/01/2029(a)	$	1,000	$	1,004
Wayne County Airport Authority					New York City Transitional Finance Authority
5.00%, 12/01/2045		1,000		1,133	Future Tax Secured Revenue
		$		2,646	2.28%, 08/01/2042(d)		4,100		4,100
Minnesota - 0.49%					New York City Water & Sewer System
City of Rochester MN					2.28%, 06/15/2045(d)		4,000		4,000
5.00%, 11/15/2034		1,600		2,114	2.30%, 06/15/2050(d)		3,000		3,000
Mississippi - 0.23%					New York Counties Tobacco Trust VI
Mississippi Business Finance Corp					5.00%, 06/01/2031		215		237
3.20%, 09/01/2028		1,000		1,008	5.00%, 06/01/2036		740		802
Missouri - 0.94%					5.00%, 06/01/2041		400		428
City of St Louis MO Airport Revenue  (credit					New York Liberty Development Corp
support from NATL)					5.00%, 11/15/2031		1,000		1,079
5.50%, 07/01/2028(a)		1,500		1,922	5.00%, 09/15/2040		1,000		1,086
Health & Educational Facilities Authority of the					New York Liberty Development Corp  (credit
State of Missouri					support from GO OF AUTH)
5.00%, 02/01/2034		1,000		1,105	5.00%, 12/15/2041(a)		1,000		1,076
Maryland Heights Industrial Development					New York State Dormitory Authority  (credit
Authority					support from AGC ST AID WITHHLDG)
5.00%, 03/15/2049		1,000		1,037	5.00%, 10/01/2023(a)		1,860		1,887
		$		4,064	5.00%, 10/01/2023(a)		140		142
					New York Transportation Development Corp
Montana - 0.47%					5.00%, 08/01/2021		3,500		3,699
Montana Facility Finance Authority					5.00%, 01/01/2030		2,000		2,366
4.13%, 07/01/2038		2,000		2,021	5.00%, 01/01/2031		2,500		2,938
Nevada - 2.72%					5.00%, 01/01/2036		3,200		3,698
County of Clark Department of Aviation					5.25%, 01/01/2050		3,125		3,413
5.13%, 07/01/2034		1,000		1,021	Tompkins County Development Corp
Las Vegas Convention & Visitors Authority					5.00%, 07/01/2027		115		115
5.00%, 07/01/2043(e)		5,606		6,523	Westchester County Local Development Corp
Las Vegas Redevelopment Agency					5.00%, 11/01/2046		2,400		2,636
5.00%, 06/15/2040		3,850		4,265			$		43,363
		$		11,809	North Carolina - 1.58%
New Hampshire - 0.47%					City of Raleigh NC Combined Enterprise System
New Hampshire Business Finance Authority					Revenue
4.00%, 11/01/2027(c)		1,000		1,017	5.00%, 03/01/2031		1,000		1,062
4.88%, 11/01/2042(c)		1,000		1,020	North Carolina Medical Care Commission
		$		2,037	5.00%, 10/01/2047		1,000		1,078
New Jersey - 5.85%					North Carolina Turnpike Authority
Casino Reinvestment Development Authority					5.00%, 01/01/2040		4,100		4,702
5.25%, 11/01/2039		750		807			$		6,842
New Jersey Economic Development Authority					Ohio - 5.22%
4.00%, 07/01/2032		805		832	American Municipal Power Inc
5.00%, 09/01/2034		1,000		1,011	5.25%, 02/15/2033		2,575		2,790
5.75%, 04/01/2031		1,005		1,121	Buckeye Tobacco Settlement Financing Authority
5.75%, 06/01/2031		550		575	6.00%, 06/01/2042		2,000		1,966
New Jersey Transportation Trust Fund Authority					Buckeye Tobacco Settlement Financing
5.25%, 06/15/2032		2,000		2,206	Authority  (credit support from BUCKEYE OHIO
5.25%, 06/15/2034		2,250		2,477	TOB SETTLEMENT)
South Jersey Port Corp					5.75%, 06/01/2034(a)		3,000		2,842
5.00%, 01/01/2042		2,500		2,766	City of Cincinnati OH
5.00%, 01/01/2048		3,000		3,309	5.00%, 12/01/2032		815		898
Tobacco Settlement Financing Corp/NJ					County of Hamilton OH
4.00%, 06/01/2037		4,700		4,800	5.00%, 01/01/2036		1,435		1,520
5.00%, 06/01/2046		5,000		5,457	5.00%, 01/01/2046		2,500		2,614
		$		25,361	Ohio Air Quality Development Authority
New York - 10.00%					3.75%, 12/01/2023		2,000		1,825
Brooklyn Arena Local Development Corp					4.25%, 01/15/2038(c)		1,000		1,033
6.38%, 07/15/2043		1,400		1,448	4.50%, 01/15/2048(c)		850		887
Hudson Yards Infrastructure Corp					Ohio Higher Educational Facility Commission
5.75%, 02/15/2047		1,585		1,702	2.15%, 01/01/2039(d)		3,050		3,050
5.75%, 02/15/2047		915		977	2.28%, 01/01/2043(d)		3,200		3,200
Metropolitan Transportation Authority							$		22,625
5.25%, 11/15/2030		1,500		1,530	Oklahoma - 0.46%
					Oklahoma Development Finance Authority
					5.25%, 08/15/2043		1,085		1,235

See accompanying notes.

439

Schedule of Investments Tax-Exempt Bond Fund April 30, 2019 (unaudited)

		Principal					Principal
MUNICIPAL BONDS (continued)	Amount (000’s)   Value (000’s)				MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
Oklahoma (continued)					Texas (continued)
Tulsa Airports Improvement Trust					Tarrant County Cultural Education Facilities
5.00%, 06/01/2035(d)	$	700	$	769	Finance Corp
		$		2,004	5.00%, 11/15/2037	$	2,060	$	2,277
Oregon - 1.14%					6.00%, 11/15/2027		2,250		2,541
Oregon State Business Development Commission					Texas A&M University
5.00%, 03/01/2049(d)		2,500		2,705	5.00%, 05/15/2027		1,000		1,001
6.50%, 04/01/2031(c)		1,000		925	Texas Municipal Gas Acquisition & Supply Corp
State of Oregon					I
5.00%, 05/01/2020		1,285		1,329	6.25%, 12/15/2026		1,135		1,316
		$		4,959	Texas Private Activity Bond Surface
Pennsylvania - 2.94%					Transportation Corp
Blythe Township Solid Waste Authority					7.00%, 12/31/2038		1,000		1,172
7.75%, 12/01/2037		1,000		1,106	Texas Transportation Commission
Commonwealth Financing Authority					5.00%, 08/01/2057		2,000		2,261
5.00%, 06/01/2032		3,000		3,548			$		30,885
5.00%, 06/01/2033		2,000		2,356	Utah - 2.03%
Pennsylvania Economic Development Financing					Utah Infrastructure Agency
Authority					5.00%, 10/15/2028		1,000		1,106
2.15%, 11/01/2021(d)		2,250		2,250	5.00%, 10/15/2034		4,385		4,749
6.00%, 06/01/2031		500		500	5.00%, 10/15/2037		1,500		1,605
Pennsylvania Turnpike Commission					5.38%, 10/15/2040		1,200		1,318
5.00%, 12/01/2036		1,725		1,984			$		8,778
5.75%, 12/01/2028		175		186	Virginia - 1.20%
5.75%, 12/01/2028		245		261	County of Botetourt VA
6.00%, 12/01/2034		80		86	6.00%, 07/01/2034		1,000		1,110
6.00%, 12/01/2034		355		379	6.00%, 07/01/2044		1,000		1,094
6.00%, 12/01/2034		65		69	King George County Economic Development
		$		12,725	Authority
South Carolina - 0.37%					2.50%, 06/01/2023(d)		1,600		1,600
South Carolina Jobs-Economic Development					Roanoke Economic Development Authority
Authority					6.63%, 12/01/2044		1,295		1,396
5.25%, 11/15/2047		1,500		1,615			$		5,200
South Dakota - 0.35%					Washington - 0.47%
Oglala Sioux Tribe					FYI Properties
5.75%, 10/01/2025(c)		1,500		1,503	5.50%, 06/01/2039		1,000		1,003
Tennessee - 1.78%					Washington Higher Education Facilities Authority
Metropolitan Government Nashville & Davidson					5.63%, 10/01/2040		1,000		1,016
County Health & Educational Facs Bd							$		2,019
5.00%, 07/01/2040		5,860		6,574	West Virginia - 0.29%
Tennergy Corp/TN					West Virginia Hospital Finance Authority
5.00%, 02/01/2050(d)		1,000		1,143	5.50%, 06/01/2034		1,250		1,254
		$		7,717	Wisconsin - 2.04%
Texas - 7.12%					City of Superior WI  (credit support from GO OF
Capital Area Cultural Education Facilities Finance					CORP)
Corp					5.38%, 11/01/2021(a)		750		752
6.13%, 04/01/2045(d)		1,000		1,034	Public Finance Authority
Central Texas Regional Mobility Authority					5.00%, 12/01/2025		3,000		3,394
5.00%, 01/01/2048		2,740		3,107	5.00%, 09/30/2037		500		565
Central Texas Turnpike System					5.00%, 10/01/2048(c)		1,500		1,588
5.00%, 08/15/2031		1,285		1,441	5.25%, 04/01/2030		1,400		1,524
City of Houston TX Airport System Revenue					State of Wisconsin  (credit support from ST
5.00%, 07/01/2029		2,000		2,208	APPROP)
Harris County Industrial Development Corp					5.38%, 05/01/2025(a)		125		125
5.00%, 02/01/2023		400		408	5.38%, 05/01/2025(a)		875		875
Harris County-Houston Sports Authority							$		8,823
5.00%, 11/15/2030		3,000		3,403	TOTAL MUNICIPAL BONDS		$		435,281
Metropolitan Transit Authority of Harris County					Total Investments		$		441,862
5.00%, 11/01/2033		2,435		2,873	Liability for Floating Rate Notes Issued in Conjunction with
North Texas Tollway Authority					Securities Held - (2.96)%
5.00%, 01/01/2045		1,000		1,118	Notes with an interest rate of 2.10% - 2.32%	$	(12,823	)	(12,823	)
Port Beaumont Navigation District					at April 30, 2019 and contractual maturity of
7.25%, 02/01/2036(c),(d)		4,500		4,623	collateral from 2023-2026.(g)
Sea Breeze Public Facility Corp					Total Net Investments		$		429,039
6.50%, 01/01/2046		100		102	Other Assets and Liabilities -  1.03%				4,457
					TOTAL NET ASSETS - 100.00%		$		433,496

See accompanying notes.

440

Schedule of Investments
Tax-Exempt Bond Fund
April 30, 2019 (unaudited)

(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 purchased on a when-issued basis.
(c)	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 $38,611 or 8.91% of net assets.
(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 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
	April 30, 2019.

Portfolio Summary  (unaudited)
Sector	Percent
Revenue Bonds	75.70	%
General Obligation Unlimited	7.90	%
Prerefunded	6.89	%
Insured	5.81	%
General Obligation Limited	2.24	%
Investment Companies	1.52	%
Tax Allocation	0.98	%
Special Tax	0.47	%
Special Assessment	0.26	%
Certificate Participation	0.16	%
Liability For Floating Rate Notes Issued	(2.96	)%
Other Assets and Liabilities	1.03	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

441

Glossary to the Schedule of Investments

April 30, 2019 (unaudited)

See accompanying notes.

442

Currency Abbreviations
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KZT	Kazakhstani Tenge
MXN	Mexican Peso
NZD	New Zealand Dollar
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RUB	Russian Ruble
TRY	Turkish Lira
USD/$	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
										Net Realized
		Net Asset Value,						and Unrealized					Total From		Dividends from
				Beginning of	Net Investment			Gain (Loss) on					Investment		Net Investment			Total Dividends			Net Asset Value,
				Period			Income (Loss)(a)			Investments			Operations			Income		and Distributions			End of Period
CALIFORNIA MUNICIPAL FUND
Institutional shares
2019	(b)		$	10.10		$	0.19		$	0.38		$	0.57			($0.17	)		($0.17	)		$	10.50
2018				10.54			0.38			(0.46	)		(0.08	)		(0.36	)		(0.36	)			10.10
2017				10.68			0.39			(0.17	)		0.22			(0.36	)		(0.36	)			10.54
2016				10.46			0.36			0.23			0.59			(0.37	)		(0.37	)			10.68
2015	(g)			10.62			0.29			(0.12	)		0.17			(0.33	)		(0.33	)			10.46

See accompanying notes.

443

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
							Ratio of Expenses to
							Average Net Assets		Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		(Excluding Interest		Income to Average Net
	Total Return			thousands)	Average Net Assets		Expense Fees)			Assets		Portfolio Turnover Rate
	5.69	%(c)	$	95,708	0.55%(d),(e)		0.51%(d),(e),(f)			3.69	%(d)	41.3	%(d)
	(0.84	)		96,073	0.57	(e)	0.51	(e),(f)		3.71		49.0
	2.15			90,691	0.57	(e)	0.52	(e),(f)		3.68		39.8
	5.68			5,771	0.65	(e)	0.60	(e),(f)		3.32		27.9
	1.67	(c)		141	0.63	(d),(e)	0.60	(d),(e),(f)		4.09	(d)	26.6	(d)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Computed on an annualized basis.
(e)	Reflects Manager's contractual expense limit.
(f)	Excludes interest expense and fees paid through inverse floater agreements. See "Operating Policies" in notes to financial statements.
(g)	Period from February 27, 2015, date operations commenced, through October 31, 2015.

See accompanying notes.

444

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
									Net Realized
		Net Asset Value,					and Unrealized						Total From		Dividends from
				Beginning of		Net Investment	Gain (Loss) on						Investment		Net Investment			Total Dividends			Net Asset Value,
				Period		Income (Loss)(a)				Investments			Operations			Income			and Distributions				End of Period
CORE PLUS BOND FUND
Class J shares
2019	(c)		$	10.43	$	0.16		$	0.37			$	0.53			($0.16	)		($0.16	)		$	10.80
2018				11.06		0.31			(0.61		)		(0.30	)		(0.33	)		(0.33	)			10.43
2017				11.12		0.28			(0.05		)		0.23			(0.29	)		(0.29	)			11.06
2016				10.87		0.25			0.23				0.48			(0.23	)		(0.23	)			11.12
2015				11.03		0.23			(0.15		)		0.08			(0.24	)		(0.24	)			10.87
2014				10.86		0.23			0.19				0.42			(0.25	)		(0.25	)			11.03
Institutional shares
2019	(c)			10.35		0.18			0.37				0.55			(0.18	)		(0.18	)			10.72
2018				10.98		0.34			(0.60		)		(0.26	)		(0.37	)		(0.37	)			10.35
2017				11.04		0.32			(0.06		)		0.26			(0.32	)		(0.32	)			10.98
2016				10.79		0.28			0.23				0.51			(0.26	)		(0.26	)			11.04
2015				10.96		0.28			(0.17		)		0.11			(0.28	)		(0.28	)			10.79
2014				10.79		0.27			0.20				0.47			(0.30	)		(0.30	)			10.96
R-1 shares
2019	(c)			10.35		0.13			0.37				0.50			(0.13	)		(0.13	)			10.72
2018				10.98		0.25			(0.60		)		(0.35	)		(0.28	)		(0.28	)			10.35
2017				11.04		0.22			(0.05		)		0.17			(0.23	)		(0.23	)			10.98
2016				10.79		0.19			0.23				0.42			(0.17	)		(0.17	)			11.04
2015				10.96		0.18			(0.16		)		0.02			(0.19	)		(0.19	)			10.79
2014				10.79		0.18			0.19				0.37			(0.20	)		(0.20	)			10.96
R-2 shares
2019	(c)			10.25		0.14			0.36				0.50			(0.14	)		(0.14	)			10.61
2018				10.87		0.26			(0.59		)		(0.33	)		(0.29	)		(0.29	)			10.25
2017				10.93		0.24			(0.06		)		0.18			(0.24	)		(0.24	)			10.87
2016				10.69		0.20			0.22				0.42			(0.18	)		(0.18	)			10.93
2015				10.86		0.19			(0.16		)		0.03			(0.20	)		(0.20	)			10.69
2014				10.70		0.19			0.19				0.38			(0.22	)		(0.22	)			10.86
R-3 shares
2019	(c)			10.29		0.15			0.36				0.51			(0.15	)		(0.15	)			10.65
2018				10.91		0.28			(0.59		)		(0.31	)		(0.31	)		(0.31	)			10.29
2017				10.98		0.26			(0.07		)		0.19			(0.26	)		(0.26	)			10.91
2016				10.73		0.22			0.23				0.45			(0.20	)		(0.20	)			10.98
2015				10.90		0.21			(0.16		)		0.05			(0.22	)		(0.22	)			10.73
2014				10.74		0.21			0.19				0.40			(0.24	)		(0.24	)			10.90
R-4 shares
2019	(c)			10.50		0.16			0.37				0.53			(0.16	)		(0.16	)			10.87
2018				11.13		0.31			(0.61		)		(0.30	)		(0.33	)		(0.33	)			10.50
2017				11.19		0.28			(0.06		)		0.22			(0.28	)		(0.28	)			11.13
2016				10.93		0.24			0.24				0.48			(0.22	)		(0.22	)			11.19
2015				11.10		0.24			(0.17		)		0.07			(0.24	)		(0.24	)			10.93
2014				10.92		0.24			0.20				0.44			(0.26	)		(0.26	)			11.10
R-5 shares
2019	(c)			10.30		0.17			0.36				0.53			(0.16	)		(0.16	)			10.67
2018				10.93		0.32			(0.61		)		(0.29	)		(0.34	)		(0.34	)			10.30
2017				10.99		0.29			(0.05		)		0.24			(0.30	)		(0.30	)			10.93
2016				10.74		0.25			0.23				0.48			(0.23	)		(0.23	)			10.99
2015				10.91		0.25			(0.17		)		0.08			(0.25	)		(0.25	)			10.74
2014				10.75		0.24			0.19				0.43			(0.27	)		(0.27	)			10.91

See accompanying notes.

445

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	5.08%(d),(e)		$	133,731	0.86	%(f)		0.95	%(f)		3.03	%(f)	147.3	%(f)
	(2.76	) (e)		131,877	0.82			0.91			2.86		134.0
	2.07	(e)		148,389	0.85	(g)		0.89			2.59		128.3
	4.46	(e)		157,791	0.79			0.82			2.29		168.4
	0.71	(e)		157,975	0.89			0.92			2.14		208.3
	3.95	(e)		166,719	0.92			0.96			2.11		204.5
	5.33	(d)		2,830,321	0.46	(f),(g)		–			3.43	(f)	147.3	(f)
	(2.42	)		2,925,885	0.46	(g)		–			3.22		134.0
	2.45			3,219,716	0.49	(g)		–			2.94		128.3
	4.80			3,630,319	0.50			–			2.58		168.4
	1.01			3,861,879	0.50			–			2.53		208.3
	4.40			3,556,478	0.52	(g)		–			2.49		204.5
	4.88	(d)		4,339	1.33	(f),(g)		–			2.56	(f)	147.3	(f)
	(3.27	)		4,308	1.33	(g)		–			2.35		134.0
	1.56			4,961	1.37	(g)		–			2.06		128.3
	3.89			5,354	1.38			–			1.70		168.4
	0.14			6,480	1.38			–			1.67		208.3
	3.49			4,667	1.40			–			1.64		204.5
	4.90	(d)		3,993	1.20	(f),(g)		–			2.69	(f)	147.3	(f)
	(3.07	)		3,968	1.20	(g)		–			2.46		134.0
	1.72			6,446	1.24	(g)		–			2.19		128.3
	3.98			10,445	1.25			–			1.83		168.4
	0.28			11,029	1.25			–			1.79		208.3
	3.57			10,799	1.27			–			1.77		204.5
	4.98	(d)		17,425	1.02	(f),(g)		–			2.87	(f)	147.3	(f)
	(2.89	)		16,316	1.02	(g)		–			2.65		134.0
	1.80			20,919	1.06	(g)		–			2.37		128.3
	4.24			26,396	1.07			–			2.01		168.4
	0.45			30,643	1.07			–			1.97		208.3
	3.74			27,332	1.09			–			1.95		204.5
	5.06	(d)		10,173	0.83	(f),(g)		–			3.06	(f)	147.3	(f)
	(2.75	)		10,643	0.83	(g)		–			2.84		134.0
	2.04			15,827	0.87	(g)		–			2.56		128.3
	4.44			21,651	0.88			–			2.20		168.4
	0.63			23,662	0.88			–			2.16		208.3
	4.05			27,091	0.90			–			2.14		204.5
	5.23	(d)		40,141	0.71	(f),(g)		–			3.19	(f)	147.3	(f)
	(2.68	)		43,741	0.71	(g)		–			2.97		134.0
	2.20			54,833	0.75	(g)		–			2.68		128.3
	4.56			58,656	0.76			–			2.32		168.4
	0.76			60,816	0.76			–			2.29		208.3
	4.06			46,871	0.78			–			2.26		204.5

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.

See accompanying notes.

446

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

				Net Realized
		Net Asset Value,	Net Investment	and Unrealized			Total From	Dividends from			Distributions				Total
		Beginning of	Income (Loss)	Gain (Loss) on			Investment	Net Investment			from Realized				Dividends and		Net Asset Value,
		Period	(a)	Investments			Operations			Income			Gains		Distributions			End of Period
DIVERSIFIED INTERNATIONAL FUND
Class J shares
2019	(c)	$12.13	$0.09		$0.65		$0.74			($0.17		)	($0.56	)	($0.73	)	$	12.14
2018		13.82	0.21		(1.69	)	(1.48		)	(0.21		)	–		(0.21	)		12.13
2017		11.23	0.13		2.61		2.74			(0.15		)	–		(0.15	)		13.82
2016		11.43	0.15		(0.23	)	(0.08		)	(0.12		)	–		(0.12	)		11.23
2015		11.83	0.16		(0.43	)	(0.27		)	(0.13		)	–		(0.13	)		11.43
2014		11.67	0.14		0.21		0.35			(0.19		)	–		(0.19	)		11.83
Institutional shares
2019	(c)	12.23	0.04		0.73		0.77			(0.22		)	(0.56	)	(0.78	)		12.22
2018		13.93	0.26		(1.71	)	(1.45		)	(0.25		)	–		(0.25	)		12.23
2017		11.32	0.17		2.63		2.80			(0.19		)	–		(0.19	)		13.93
2016		11.53	0.19		(0.23	)	(0.04		)	(0.17		)	–		(0.17	)		11.32
2015		11.94	0.21		(0.44	)	(0.23		)	(0.18		)	–		(0.18	)		11.53
2014		11.77	0.19		0.21		0.40			(0.23		)	–		(0.23	)		11.94
R-1 shares
2019	(c)	12.20	0.07		0.66		0.73			(0.11		)	(0.56	)	(0.67	)		12.26
2018		13.89	0.14		(1.70	)	(1.56		)	(0.13		)	–		(0.13	)		12.20
2017		11.28	0.07		2.62		2.69			(0.08		)	–		(0.08	)		13.89
2016		11.48	0.09		(0.23	)	(0.14		)	(0.06		)	–		(0.06	)		11.28
2015		11.87	0.11		(0.43	)	(0.32		)	(0.07		)	–		(0.07	)		11.48
2014		11.70	0.09		0.20		0.29			(0.12		)	–		(0.12	)		11.87
R-2 shares
2019	(c)	12.16	0.07		0.66		0.73			(0.11		)	(0.56	)	(0.67	)		12.22
2018		13.85	0.15		(1.69	)	(1.54		)	(0.15		)	–		(0.15	)		12.16
2017		11.25	0.08		2.61		2.69			(0.09		)	–		(0.09	)		13.85
2016		11.43	0.11		(0.22	)	(0.11		)	(0.07		)	–		(0.07	)		11.25
2015		11.83	0.12		(0.43	)	(0.31		)	(0.09		)	–		(0.09	)		11.43
2014		11.67	0.09		0.21		0.30			(0.14		)	–		(0.14	)		11.83

See accompanying notes.

447

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	7.00%(d),(e)		$	157,903	1.16	%(f)		1.25	%(f)		1.63	%(f)	66.1	%(f)
	(10.89	) (e)		155,540	1.17			1.20			1.56		51.1
	24.76	(e)		192,872	1.17			1.20			1.09		46.7
	(0.66	) (e)		164,531	1.17			1.20			1.40		48.2
	(2.26	) (e)		181,039	1.25			1.28			1.38		51.7
	2.98	(e)		200,044	1.26			1.30			1.16		67.0
	7.23	(d)		308,855	0.79	(f),(g)		–			0.76	(f)	66.1	(f)
	(10.60	)		10,407,141	0.83	(g)		–			1.91		51.1
	25.17			11,494,748	0.84	(g)		–			1.41		46.7
	(0.34	)		7,449,362	0.85			–			1.73		48.2
	(1.90	)		5,579,231	0.85			–			1.75		51.7
	3.45			4,849,850	0.85			–			1.58		67.0
	6.75	(d)		4,012	1.65	(f),(g)		–			1.12	(f)	66.1	(f)
	(11.34	)		3,998	1.71			–			0.99		51.1
	24.04			4,957	1.71			–			0.55		46.7
	(1.20	)		4,570	1.72			–			0.83		48.2
	(2.80	) (h)		5,298	1.73			–			0.89		51.7
	2.56	(h)		6,020	1.73			–			0.72		67.0
	6.79	(d)		3,871	1.52	(f),(g)		–			1.25	(f)	66.1	(f)
	(11.23	)		4,064	1.58			–			1.06		51.1
	24.18			7,015	1.58			–			0.69		46.7
	(0.99	)		5,778	1.59			–			1.04		48.2
	(2.64	)		6,922	1.60			–			1.01		51.7
	2.60			9,816	1.60			–			0.79		67.0

See accompanying notes.

448

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

				Net Realized
		Net Asset Value,	Net Investment	and Unrealized			Total From	Dividends from			Distributions				Total
		Beginning of	Income (Loss)	Gain (Loss) on			Investment	Net Investment			from Realized				Dividends and			Net Asset Value,
		Period	(a)	Investments			Operations			Income			Gains		Distributions			End of Period
DIVERSIFIED INTERNATIONAL FUND
R-3 shares
2019	(c)	$12.21	$0.08		$0.66		$0.74			($0.13		)	($0.56	)	($0.69	)	$	12.26
2018		13.90	0.18		(1.70	)	(1.52		)	(0.17		)	–		(0.17	)		12.21
2017		11.29	0.10		2.63		2.73			(0.12		)	–		(0.12	)		13.90
2016		11.48	0.13		(0.22	)	(0.09		)	(0.10		)	–		(0.10	)		11.29
2015		11.89	0.14		(0.44	)	(0.30		)	(0.11		)	–		(0.11	)		11.48
2014		11.72	0.12		0.22		0.34			(0.17		)	–		(0.17	)		11.89
R-4 shares
2019	(c)	12.38	0.08		0.68		0.76			(0.16		)	(0.56	)	(0.72	)		12.42
2018		14.10	0.21		(1.73	)	(1.52		)	(0.20		)	–		(0.20	)		12.38
2017		11.46	0.13		2.65		2.78			(0.14		)	–		(0.14	)		14.10
2016		11.66	0.15		(0.23	)	(0.08		)	(0.12		)	–		(0.12	)		11.46
2015		12.07	0.17		(0.45	)	(0.28		)	(0.13		)	–		(0.13	)		11.66
2014		11.90	0.14		0.22		0.36			(0.19		)	–		(0.19	)		12.07
R-5 shares
2019	(c)	12.37	0.10		0.66		0.76			(0.18		)	(0.56	)	(0.74	)		12.39
2018		14.07	0.23		(1.72	)	(1.49		)	(0.21		)	–		(0.21	)		12.37
2017		11.44	0.15		2.64		2.79			(0.16		)	–		(0.16	)		14.07
2016		11.64	0.16		(0.22	)	(0.06		)	(0.14		)	–		(0.14	)		11.44
2015		12.05	0.18		(0.44	)	(0.26		)	(0.15		)	–		(0.15	)		11.64
2014		11.88	0.16		0.22		0.38			(0.21		)	–		(0.21	)		12.05
R-6 shares
2019	(i)	11.76	0.10		0.36		0.46			–			–		–			12.22

See accompanying notes.

449

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	6.87	%(d)	$	14,853	1.34%(f),(g)			–%		1.44	%(f)	66.1	(f)
	(11.07	)		15,377	1.40			–		1.30		51.1
	24.41			26,409	1.40			–		0.83		46.7
	(0.79	)		27,288	1.41			–		1.16		48.2
	(2.54	)		37,260	1.42			–		1.18		51.7
	2.89			50,493	1.42			–		1.00		67.0
	7.02	(d)		18,811	1.15	(f),(g)		–		1.43	(f)	66.1	(f)
	(10.94	)		27,665	1.21			–		1.50		51.1
	24.64			41,921	1.21			–		1.06		46.7
	(0.65	)		36,763	1.22			–		1.32		48.2
	(2.30	)		36,818	1.23			–		1.39		51.7
	3.05			41,798	1.23			–		1.17		67.0
	7.05	(d)		45,192	1.03	(f),(g)		–		1.75	(f)	66.1	(f)
	(10.74	)		47,424	1.09			–		1.63		51.1
	24.75			60,543	1.09			–		1.19		46.7
	(0.52	)		61,816	1.10			–		1.45		48.2
	(2.16	)		70,739	1.11			–		1.51		51.7
	3.18			79,982	1.11			–		1.33		67.0
	3.91	(d)		11,118,844	0.72	(f),(g)		–		4.74	(f)	66.1	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(i)	Period from March 1, 2019, date operations commenced, through April 30, 2019.

See accompanying notes.

450

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

				Net Realized
		Net Asset Value,	Net Investment	and Unrealized			Total From	Dividends from			Distributions				Total
		Beginning of	Income (Loss)	Gain (Loss) on			Investment	Net Investment			from Realized				Dividends and			Net Asset Value,
		Period	(a)	Investments			Operations			Income			Gains		Distributions			End of Period
EQUITY INCOME FUND
Class J shares
2019	(c)	$31.01	$0.31		$2.34		$2.65			($0.34		)	($1.43	)	($1.77	)	$	31.89
2018	(g)	32.68	0.01		(1.68	)	(1.67		)	–			–		–			31.01
Institutional shares
2019	(c)	31.02	0.36		2.34		2.70			(0.38		)	(1.43	)	(1.81	)		31.91
2018		31.59	0.76		0.87		1.63			(0.68		)	(1.52	)	(2.20	)		31.02
2017		26.72	0.66		5.29		5.95			(0.56		)	(0.52	)	(1.08	)		31.59
2016		25.83	0.66		0.86		1.52			(0.63		)	–		(0.63	)		26.72
2015		26.30	0.64		(0.50	)	0.14			(0.61		)	–		(0.61	)		25.83
2014		23.17	0.65		3.04		3.69			(0.56		)	–		(0.56	)		26.30
R-1 shares
2019	(c)	30.84	0.23		2.33		2.56			(0.26		)	(1.43	)	(1.69	)		31.71
2018		31.42	0.50		0.84		1.34			(0.40		)	(1.52	)	(1.92	)		30.84
2017		26.60	0.40		5.27		5.67			(0.33		)	(0.52	)	(0.85	)		31.42
2016		25.71	0.44		0.84		1.28			(0.39		)	–		(0.39	)		26.60
2015		26.17	0.41		(0.49	)	(0.08		)	(0.38		)	–		(0.38	)		25.71
2014		23.06	0.45		3.00		3.45			(0.34		)	–		(0.34	)		26.17
R-2 shares
2019	(c)	30.97	0.25		2.34		2.59			(0.28		)	(1.43	)	(1.71	)		31.85
2018		31.54	0.52		0.87		1.39			(0.44		)	(1.52	)	(1.96	)		30.97
2017		26.68	0.45		5.28		5.73			(0.35		)	(0.52	)	(0.87	)		31.54
2016		25.79	0.47		0.85		1.32			(0.43		)	–		(0.43	)		26.68
2015		26.26	0.45		(0.51	)	(0.06		)	(0.41		)	–		(0.41	)		25.79
2014		23.13	0.47		3.04		3.51			(0.38		)	–		(0.38	)		26.26
R-3 shares
2019	(c)	30.87	0.28		2.33		2.61			(0.30		)	(1.43	)	(1.73	)		31.75
2018		31.45	0.58		0.86		1.44			(0.50		)	(1.52	)	(2.02	)		30.87
2017		26.61	0.50		5.26		5.76			(0.40		)	(0.52	)	(0.92	)		31.45
2016		25.73	0.51		0.85		1.36			(0.48		)	–		(0.48	)		26.61
2015		26.19	0.50		(0.50	)	–			(0.46		)	–		(0.46	)		25.73
2014		23.07	0.51		3.03		3.54			(0.42		)	–		(0.42	)		26.19
R-4 shares
2019	(c)	30.94	0.31		2.33		2.64			(0.33		)	(1.43	)	(1.76	)		31.82
2018		31.51	0.65		0.86		1.51			(0.56		)	(1.52	)	(2.08	)		30.94
2017		26.65	0.56		5.27		5.83			(0.45		)	(0.52	)	(0.97	)		31.51
2016		25.77	0.56		0.85		1.41			(0.53		)	–		(0.53	)		26.65
2015		26.24	0.54		(0.49	)	0.05			(0.52		)	–		(0.52	)		25.77
2014		23.12	0.56		3.03		3.59			(0.47		)	–		(0.47	)		26.24
R-5 shares
2019	(c)	30.98	0.33		2.33		2.66			(0.35		)	(1.43	)	(1.78	)		31.86
2018		31.55	0.69		0.86		1.55			(0.60		)	(1.52	)	(2.12	)		30.98
2017		26.69	0.58		5.29		5.87			(0.49		)	(0.52	)	(1.01	)		31.55
2016		25.81	0.60		0.84		1.44			(0.56		)	–		(0.56	)		26.69
2015		26.28	0.58		(0.50	)	0.08			(0.55		)	–		(0.55	)		25.81
2014		23.15	0.59		3.04		3.63			(0.50		)	–		(0.50	)		26.28

See accompanying notes.

451

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	9.39%(d),(e)		$	66,654	0.88	%(f)		0.91	%(f)		2.07	%(f)	15.1	%(f)
	(5.11) (d),(e)			62,247	0.82	(f)		1.33	(f)		0.63	(f)	13.2	(f)
	9.58	(d)		5,803,322	0.52	(f),(h)		–			2.43	(f)	15.1	(f)
	5.17			5,471,644	0.52	(h)		–			2.40		13.2
	22.77			5,181,521	0.52	(h)		–			2.26		23.3
	5.96			3,973,961	0.52			–			2.53		16.4
	0.55			3,921,558	0.52			–			2.44		15.8
	16.08			4,325,786	0.52			–			2.63		14.5
	9.11	(d)		3,142	1.39	(f)		–			1.56	(f)	15.1	(f)
	4.25			2,909	1.39			–			1.58		13.2
	21.69			2,545	1.39			–			1.37		23.3
	5.02			1,987	1.39			–			1.71		16.4
	(0.29	)		3,194	1.39			–			1.57		15.8
	15.06			3,135	1.39			–			1.81		14.5
	9.16	(d)		5,113	1.26	(f)		–			1.70	(f)	15.1	(f)
	4.38			5,297	1.26			–			1.65		13.2
	21.88			4,435	1.26			–			1.53		23.3
	5.17			5,036	1.26			–			1.81		16.4
	(0.21	)		5,605	1.26			–			1.71		15.8
	15.25			7,068	1.26			–			1.90		14.5
	9.29	(d)		36,713	1.08	(f)		–			1.89	(f)	15.1	(f)
	4.56			40,698	1.08			–			1.82		13.2
	22.08			50,079	1.08			–			1.73		23.3
	5.35			58,084	1.08			–			1.99		16.4
	0.01			68,044	1.08			–			1.89		15.8
	15.47			80,594	1.08			–			2.06		14.5
	9.37	(d)		36,942	0.89	(f)		–			2.06	(f)	15.1	(f)
	4.79			33,554	0.89			–			2.04		13.2
	22.33			42,346	0.89			–			1.92		23.3
	5.54			46,986	0.89			–			2.18		16.4
	0.18			56,958	0.89			–			2.07		15.8
	15.64			54,861	0.89			–			2.26		14.5
	9.43	(d)		160,571	0.77	(f)		–			2.21	(f)	15.1	(f)
	4.91			116,047	0.77			–			2.16		13.2
	22.46			126,461	0.77			–			1.99		23.3
	5.66			99,310	0.77			–			2.33		16.4
	0.30			165,486	0.77			–			2.19		15.8
	15.81			168,487	0.77			–			2.37		14.5

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Period from October 9, 2018, date operations commenced, through October 31, 2018.
(h)	Reflects Manager's contractual expense limit.

See accompanying notes.

452

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
					Net Realized
		Net Asset Value,		Net Investment	and Unrealized			Total From	Dividends from			Distributions					Total
		Beginning of		Income (Loss)	Gain (Loss) on			Investment	Net Investment			from Realized			Dividends and					Net Asset Value,
			Period	(a)	Investments			Operations			Income			Gains	Distributions					End of Period
FINISTERRE UNCONSTRAINED EMERGING MARKETS BOND FUND
Institutional shares
2019	(b)		$9.81	$0.22		$0.32		$0.54			($0.33		)	$–			($0.33	)	$	10.02
2018			10.47	0.37		(0.45	)	(0.08		)	(0.28		)	(0.30		)	(0.58	)		9.81
2017			10.15	0.43		0.46		0.89			(0.46		)	(0.11		)	(0.57	)		10.47
2016	(g)		10.00	0.14		0.13		0.27			(0.12		)	–			(0.12	)		10.15
GLOBAL DIVERSIFIED INCOME FUND
Institutional shares
2019	(b)		13.14	0.38		0.36		0.74			(0.36		)	–			(0.36	)		13.52
2018			14.10	0.69		(1.01	)	(0.32		)	(0.64		)	–			(0.64	)		13.14
2017			13.66	0.73		0.46		1.19			(0.75		)	–			(0.75	)		14.10
2016			13.54	0.74		0.14		0.88			(0.76		)	–			(0.76	)		13.66
2015			14.71	0.70		(0.87	)	(0.17		)	(0.65		)	(0.35		)	(1.00	)		13.54
2014			14.19	0.67		0.51		1.18			(0.66		)	–			(0.66	)		14.71
R-6 shares
2019	(b)		13.14	0.38		0.35		0.73			(0.36		)	–			(0.36	)		13.51
2018			14.09	0.71		(1.01	)	(0.30		)	(0.65		)	–			(0.65	)		13.14
2017	(h)		13.93	0.27		0.15		0.42			(0.26		)	–			(0.26	)		14.09

See accompanying notes.

453

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
							Ratio of Expenses to
							Average Net Assets
							(Excluding Dividends and		Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Interest Expense on Short		Income to Average Net
	Total Return			thousands)	Average Net Assets		Sales and Short Sale Fees)			Assets		Portfolio Turnover Rate
	5.65	%(c)	$	113,591	0.96%(d),(e)		N/A			4.38	%(d)	329.4	%(d)
	(0.86	)		28,216	1.12	(e)	N/A			3.62		399.2
	9.09			26,517	1.13	%(e)	1.12	(f)		4.19		465.3
	2.66	(c)		25,181	1.12	(d),(e)	N/A			4.58	(d)	511.0	(d)
	5.73	(c)		4,522,876	0.70	(d),(e)	0.70	(d),(f)		5.72	(d)	88.9	(d)
	(2.36	)		4,978,450	0.76	(e)	0.75	(f)		5.00		106.9
	9.00			5,811,464	0.79	(e)	0.76	(f)		5.26		120.1
	6.80			3,865,786	0.86		0.76	(f)		5.58		101.1
	(1.19	)		3,371,424	0.78		0.77	(f)		4.99		76.9
	8.47			1,383,778	0.86		0.77	(f)		4.59		83.4
	5.66	(c)		217,312	0.69	(d),(e)	0.69	(d),(f)		5.73	(d)	88.9	(d)
	(2.26	)		210,815	0.73	(e)	0.72	(f)		5.11		106.9
	3.02	(c)		2,334,310	0.75	(d),(e)	0.72	(d),(f)		4.92	(d)	120.1	(d)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Computed on an annualized basis.
(e)	Reflects Manager's contractual expense limit.
(f)	Excludes dividends and interest expense on short sales and short sale fees. See "Operating Policies" in notes to financial statements.
(g)	Period from July 11, 2016, date operations commenced, through October 31, 2016.
(h)	Period from June 12, 2017, date operations commenced, through October 31, 2017.

See accompanying notes.

454

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations					Income		Gains			Distributions			End of Period
GLOBAL REAL ESTATE SECURITIES FUND
Institutional shares
2019	(b)	$	9.25	$	0.09		$	1.03			$	1.12			($0.21	)		($0.06	)	($0.27	)	$	10.10
2018			9.49		0.20			–				0.20			(0.29	)		(0.15	)	(0.44	)		9.25
2017			8.92		0.13			0.73				0.86			(0.26	)		(0.03	)	(0.29	)		9.49
2016			9.32		0.15			(0.16	)			(0.01	)		(0.23	)		(0.16	)	(0.39	)		8.92
2015			9.26		0.14			0.23				0.37			(0.26	)		(0.05	)	(0.31	)		9.32
2014			8.79		0.14			0.80				0.94			(0.19	)		(0.28	)	(0.47	)		9.26
R-3 shares
2019	(b)		9.24		0.07			1.01				1.08			(0.18	)		(0.06	)	(0.24	)		10.08
2018			9.48		0.15			0.01				0.16			(0.25	)		(0.15	)	(0.40	)		9.24
2017			8.92		0.07			0.74				0.81			(0.22	)		(0.03	)	(0.25	)		9.48
2016	(f)		8.61		0.06			0.32				0.38			(0.07	)		–		(0.07	)		8.92
R-4 shares
2019	(b)		9.24		0.08			1.01				1.09			(0.19	)		(0.06	)	(0.25	)		10.08
2018			9.48		0.18			–				0.18			(0.27	)		(0.15	)	(0.42	)		9.24
2017			8.92		0.09			0.73				0.82			(0.23	)		(0.03	)	(0.26	)		9.48
2016	(f)		8.61		0.07			0.32				0.39			(0.08	)		–		(0.08	)		8.92
R-5 shares
2019	(b)		9.26		0.09			1.01				1.10			(0.20	)		(0.06	)	(0.26	)		10.10
2018			9.50		0.19			–				0.19			(0.28	)		(0.15	)	(0.43	)		9.26
2017			8.93		0.11			0.73				0.84			(0.24	)		(0.03	)	(0.27	)		9.50
2016	(f)		8.61		0.08			0.32				0.40			(0.08	)		–		(0.08	)		8.93
R-6 shares
2019	(b)		9.25		0.09			1.03				1.12			(0.21	)		(0.06	)	(0.27	)		10.10
2018			9.49		0.21			–				0.21			(0.30	)		(0.15	)	(0.45	)		9.25
2017			8.92		0.13			0.73				0.86			(0.26	)		(0.03	)	(0.29	)		9.49
2016			9.32		0.14			(0.15	)			(0.01	)		(0.23	)		(0.16	)	(0.39	)		8.92
2015	(g)		9.28		0.12			0.23				0.35			(0.26	)		(0.05	)	(0.31	)		9.32

See accompanying notes.

455

			Financial Highlights (Continued)
			Principal Funds, Inc.
				(unaudited)
				Ratio of Expenses to Average		Ratio of Net Investment Income
Total Return			Net Assets, End of Period (in thousands)	Net Assets		to Average Net Assets			Portfolio Turnover Rate
12.49	%(c)	$	2,757,874	0.94%(d),(e)			1.97	%(d)	25.8	%(d)
2.10			2,176,030	0.94	(e)		2.15		24.3
9.91			1,682,911	0.94	(e)		1.47		67.3
(0.10	)		2,620,500	0.90			1.69		54.7
4.09			2,521,188	0.90	(e)		1.55		47.5
11.46			2,076,053	0.90	(e)		1.57		29.3
12.09	(c)		289	1.44	(d)		1.41	(d)	25.8	(d)
1.62			360	1.44			1.60		24.3
9.32			196	1.46			0.81		67.3
4.39	(c)		21	1.44	(d)		0.96	(d)	54.7	(d)
12.22	(c)		40	1.25	(d)		1.60	(d)	25.8	(d)
1.80			63	1.25			1.85		24.3
9.47			54	1.27			0.96		67.3
4.48	(c)		21	1.25	(d)		1.15	(d)	54.7	(d)
12.27	(c)		21	1.13	(d)		1.80	(d)	25.8	(d)
1.92			12	1.13			1.98		24.3
9.70			11	1.15			1.25		67.3
4.63	(c)		10	1.13	(d)		1.31	(d)	54.7	(d)
12.52	(c)		925,561	0.88	(d),(e)		1.97	(d)	25.8	(d)
2.16			735,742	0.88	(e)		2.22		24.3
9.93			486,620	0.88	(e)		1.34		67.3
(0.13	)		1,108	0.94	(e)		1.48		54.7
3.83	(c)		39	0.94	(d),(e)		1.42	(d)	47.5	(d)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Computed on an annualized basis.
(e)	Reflects Manager's contractual expense limit.
(f)	Period from March 1, 2016, date operations commenced, through October 31, 2016.
(g)	Period from November 25, 2014, date operations commenced, through October 31, 2015.

See accompanying notes.

456

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
								Net Realized
			Net Asset Value,			and Unrealized					Total From		Dividends from
			Beginning of		Net Investment	Gain (Loss) on					Investment		Net Investment			Total Dividends				Net Asset Value,
			Period		Income (Loss)(a)			Investments			Operations			Income			and Distributions			End of Period
GOVERNMENT & HIGH QUALITY BOND FUND
Class J shares
2019	(c)	$	9.97	$	0.11		$	0.32		$	0.43			($0.13	)		($0.13	)	$	10.27
2018			10.44		0.21			(0.41	)		(0.20	)		(0.27	)		(0.27	)		9.97
2017			10.86		0.30			(0.36	)		(0.06	)		(0.36	)		(0.36	)		10.44
2016			10.95		0.31			(0.02	)		0.29			(0.38	)		(0.38	)		10.86
2015			11.05		0.24			(0.05	)		0.19			(0.29	)		(0.29	)		10.95
2014			10.99		0.23			0.13			0.36			(0.30	)		(0.30	)		11.05
Institutional shares
2019	(c)		9.96		0.12			0.33			0.45			(0.15	)		(0.15	)		10.26
2018			10.43		0.24			(0.41	)		(0.17	)		(0.30	)		(0.30	)		9.96
2017			10.85		0.33			(0.36	)		(0.03	)		(0.39	)		(0.39	)		10.43
2016			10.94		0.34			(0.01	)		0.33			(0.42	)		(0.42	)		10.85
2015			11.04		0.28			(0.05	)		0.23			(0.33	)		(0.33	)		10.94
2014			10.98		0.27			0.14			0.41			(0.35	)		(0.35	)		11.04
R-1 shares
2019	(c)		9.96		0.08			0.34			0.42			(0.11	)		(0.11	)		10.27
2018			10.44		0.16			(0.42	)		(0.26	)		(0.22	)		(0.22	)		9.96
2017			10.86		0.25			(0.36	)		(0.11	)		(0.31	)		(0.31	)		10.44
2016			10.94		0.26			(0.01	)		0.25			(0.33	)		(0.33	)		10.86
2015			11.04		0.19			(0.05	)		0.14			(0.24	)		(0.24	)		10.94
2014			10.99		0.19			0.12			0.31			(0.26	)		(0.26	)		11.04
R-2 shares
2019	(c)		9.96		0.09			0.33			0.42			(0.11	)		(0.11	)		10.27
2018			10.44		0.18			(0.43	)		(0.25	)		(0.23	)		(0.23	)		9.96
2017			10.86		0.26			(0.36	)		(0.10	)		(0.32	)		(0.32	)		10.44
2016			10.94		0.28			(0.01	)		0.27			(0.35	)		(0.35	)		10.86
2015			11.04		0.21			(0.05	)		0.16			(0.26	)		(0.26	)		10.94
2014			10.99		0.20			0.12			0.32			(0.27	)		(0.27	)		11.04
R-3 shares
2019	(c)		9.96		0.10			0.33			0.43			(0.12	)		(0.12	)		10.27
2018			10.44		0.19			(0.42	)		(0.23	)		(0.25	)		(0.25	)		9.96
2017			10.86		0.28			(0.36	)		(0.08	)		(0.34	)		(0.34	)		10.44
2016			10.94		0.30			(0.01	)		0.29			(0.37	)		(0.37	)		10.86
2015			11.04		0.23			(0.05	)		0.18			(0.28	)		(0.28	)		10.94
2014			10.99		0.22			0.12			0.34			(0.29	)		(0.29	)		11.04
R-4 shares
2019	(c)		9.97		0.11			0.33			0.44			(0.13	)		(0.13	)		10.28
2018			10.44		0.21			(0.41	)		(0.20	)		(0.27	)		(0.27	)		9.97
2017			10.86		0.30			(0.36	)		(0.06	)		(0.36	)		(0.36	)		10.44
2016			10.95		0.32			(0.02	)		0.30			(0.39	)		(0.39	)		10.86
2015			11.04		0.25			(0.04	)		0.21			(0.30	)		(0.30	)		10.95
2014			10.99		0.24			0.13			0.37			(0.32	)		(0.32	)		11.04
R-5 shares
2019	(c)		9.97		0.12			0.33			0.45			(0.14	)		(0.14	)		10.28
2018			10.45		0.22			(0.42	)		(0.20	)		(0.28	)		(0.28	)		9.97
2017			10.86		0.32			(0.35	)		(0.03	)		(0.38	)		(0.38	)		10.45
2016			10.95		0.33			(0.02	)		0.31			(0.40	)		(0.40	)		10.86
2015			11.05		0.26			(0.05	)		0.21			(0.31	)		(0.31	)		10.95
2014			11.00		0.26			0.12			0.38			(0.33	)		(0.33	)		11.05

See accompanying notes.

457

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	4.31%(d),(e)		$	102,588	0.88	%(f)		0.91	%(f)		2.09	%(f)	15.0	%(f)
	(1.98	) (e)		100,537	0.85			0.88			2.03		19.9
	(0.51	) (e)		117,595	0.80			0.83			2.86		22.6
	2.72	(e)		139,808	0.82			0.86			2.88		31.4
	1.75	(e)		133,414	0.85			0.90			2.19		31.0
	3.37	(e)		135,736	0.89			0.93			2.12		32.8
	4.50	(d)		1,089,577	0.53	(f),(g)		–			2.43	(f)	15.0	(f)
	(1.67	)		1,058,699	0.53	(g)		–			2.35		19.9
	(0.24	)		1,038,933	0.53	(g)		–			3.10		22.6
	3.03			922,143	0.53			–			3.16		31.4
	2.08			1,001,014	0.52			–			2.51		31.0
	3.77			1,086,207	0.51			–			2.50		32.8
	4.21	(d)		2,622	1.29	(f),(g)		–			1.67	(f)	15.0	(f)
	(2.51	)		2,412	1.29	(g)		–			1.59		19.9
	(0.99	)		2,442	1.29	(g)		–			2.37		22.6
	2.25	(h)		2,866	1.29	(g)		–			2.41		31.4
	1.40	(h)		2,703	1.29	(g)		–			1.75		31.0
	2.86			2,480	1.29	(g)		–			1.72		32.8
	4.27	(d)		4,149	1.16	(f),(g)		–			1.80	(f)	15.0	(f)
	(2.38	)		4,400	1.16	(g)		–			1.72		19.9
	(0.86	)		13,259	1.16	(g)		–			2.49		22.6
	2.48			14,622	1.16	(g)		–			2.59		31.4
	1.44			7,499	1.16	(g)		–			1.87		31.0
	3.00			4,914	1.16	(g)		–			1.85		32.8
	4.37	(d)		9,796	0.98	(f),(g)		–			1.98	(f)	15.0	(f)
	(2.21	)		10,622	0.98	(g)		–			1.90		19.9
	(0.69	)		12,666	0.98	(g)		–			2.68		22.6
	2.66			14,995	0.98	(g)		–			2.71		31.4
	1.62			17,243	0.98	(g)		–			2.05		31.0
	3.18			16,350	0.98	(g)		–			2.03		32.8
	4.46	(d)		9,129	0.79	(f),(g)		–			2.17	(f)	15.0	(f)
	(1.92	)		10,117	0.79	(g)		–			2.09		19.9
	(0.50	)		16,048	0.79	(g)		–			2.84		22.6
	2.76			14,676	0.79	(g)		–			2.94		31.4
	1.90			10,391	0.79	(g)		–			2.25		31.0
	3.38			10,900	0.79	(g)		–			2.22		32.8
	4.52	(d)		22,461	0.67	(f),(g)		–			2.29	(f)	15.0	(f)
	(1.90	)		20,523	0.67	(g)		–			2.20		19.9
	(0.29	)		18,055	0.67	(g)		–			3.02		22.6
	2.88			24,759	0.67	(g)		–			3.03		31.4
	1.93			22,979	0.67	(g)		–			2.36		31.0
	3.50			20,405	0.67	(g)		–			2.34		32.8

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.

See accompanying notes.

458

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From		Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations			Income		Gains			Distributions			End of Period
GOVERNMENT MONEY MARKET FUND
Institutional shares
2019	(b)	$	1.00	$	0.01		$–		$	0.01			($0.01	)		$–		($0.01	)	$	1.00
2018	(f)		1.00		0.01		–			0.01			(0.01	)		–		(0.01	)		1.00
HIGH YIELD FUND
Institutional shares
2019	(b)		7.06		0.21		0.09			0.30			(0.22	)		–		(0.22	)		7.14
2018			7.50		0.41		(0.42	)		(0.01	)		(0.43	)		–		(0.43	)		7.06
2017			7.19		0.40		0.31			0.71			(0.40	)		–		(0.40	)		7.50
2016			7.12		0.42		0.10			0.52			(0.45	)		–		(0.45	)		7.19
2015			7.67		0.42		(0.46	)		(0.04	)		(0.43	)		(0.08	)	(0.51	)		7.12
2014			7.90		0.46		(0.04	)		0.42			(0.49	)		(0.16	)	(0.65	)		7.67
R-6 shares
2019	(b)		7.06		0.21		0.09			0.30			(0.22	)		–		(0.22	)		7.14
2018			7.50		0.42		(0.42	)		–			(0.44	)		–		(0.44	)		7.06
2017	(h)		7.14		0.38		0.35			0.73			(0.37	)		–		(0.37	)		7.50
HIGH YIELD FUND I
Institutional shares
2019	(b)		9.45		0.30		0.14			0.44			(0.31	)		–		(0.31	)		9.58
2018			9.98		0.56		(0.53	)		0.03			(0.56	)		–		(0.56	)		9.45
2017			9.81		0.51		0.17			0.68			(0.51	)		–		(0.51	)		9.98
2016			9.65		0.54		0.17			0.71			(0.55	)		–		(0.55	)		9.81
2015			10.49		0.55		(0.76	)		(0.21	)		(0.55	)		(0.08	)	(0.63	)		9.65
2014			10.76		0.58		(0.06	)		0.52			(0.58	)		(0.21	)	(0.79	)		10.49

See accompanying notes.

459

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets				Assets		Portfolio Turnover Rate
	1.11	%(c)	$	3,101,409	0.14%(d),(e)			–%			2.23	%(d)	0.0	%(d)
	1.38	(c)		3,285,396	0.14	(d),(e)		–			1.58	(d)	0.0	(d)
	4.33	(c)		1,534,907	0.61	(d)	0.65		(d),(g)		5.97	(d)	43.0	(d)
	(0.15	)		1,686,309	0.61		0.62		(g)		5.67		42.0
	10.03			1,964,832	0.61		0.63		(g)		5.41		51.2
	7.76			1,713,770	0.61		0.64		(g)		6.02		42.7
	(0.49	)		1,641,089	0.60		0.60		(g)		5.71		45.1
	5.58			992,990	0.59		0.59		(g)		5.84		51.7
	4.38	(c)		495,986	0.52	(d),(e)		–			6.05	(d)	43.0	(d)
	(0.06	)		447,288	0.52	(e)		–			5.76		42.0
	10.41	(c)		449,314	0.53	(d),(e)		–			5.37	(d)	51.2	(d)
	4.74	(c)		3,517,265	0.61	(d)		–			6.46	(d)	36.5	(d)
	0.35			3,755,184	0.65			–			5.81		42.5
	7.08			1,157,781	0.66			–			5.19		104.8
	7.75			958,923	0.66			–			5.76		51.5
	(2.11	)		872,382	0.65			–			5.40		49.6
	4.99			1,789,770	0.64			–			5.44		43.2

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Computed on an annualized basis.
(e)	Reflects Manager's contractual expense limit.
(f)	Period from December 20, 2017, date operations commenced, through October 31, 2018.
(g)	Excludes expense reimbursement from Manager.
(h)	Period from November 22, 2016, date operations commenced, through October 31, 2017.

See accompanying notes.

460

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
								Net Realized
			Net Asset Value,			and Unrealized					Total From		Dividends from
			Beginning of		Net Investment	Gain (Loss) on					Investment		Net Investment			Total Dividends				Net Asset Value,
			Period		Income (Loss)(a)			Investments			Operations			Income			and Distributions			End of Period
INCOME FUND
Class J shares
2019	(c)	$	9.20	$	0.13		$	0.31		$	0.44			($0.15	)		($0.15	)	$	9.49
2018			9.59		0.30			(0.39	)		(0.09	)		(0.30	)		(0.30	)		9.20
2017			9.66		0.27			(0.05	)		0.22			(0.29	)		(0.29	)		9.59
2016			9.50		0.28			0.21			0.49			(0.33	)		(0.33	)		9.66
2015			9.78		0.27			(0.26	)		0.01			(0.29	)		(0.29	)		9.50
2014			9.67		0.31			0.14			0.45			(0.34	)		(0.34	)		9.78
Institutional shares
2019	(c)		9.20		0.13			0.32			0.45			(0.16	)		(0.16	)		9.49
2018			9.59		0.31			(0.38	)		(0.07	)		(0.32	)		(0.32	)		9.20
2017			9.66		0.29			(0.05	)		0.24			(0.31	)		(0.31	)		9.59
2016			9.51		0.30			0.20			0.50			(0.35	)		(0.35	)		9.66
2015			9.78		0.31			(0.26	)		0.05			(0.32	)		(0.32	)		9.51
2014			9.67		0.35			0.14			0.49			(0.38	)		(0.38	)		9.78
R-1 shares
2019	(c)		9.21		0.10			0.31			0.41			(0.12	)		(0.12	)		9.50
2018			9.59		0.24			(0.37	)		(0.13	)		(0.25	)		(0.25	)		9.21
2017			9.67		0.21			(0.06	)		0.15			(0.23	)		(0.23	)		9.59
2016			9.51		0.22			0.21			0.43			(0.27	)		(0.27	)		9.67
2015			9.79		0.22			(0.26	)		(0.04	)		(0.24	)		(0.24	)		9.51
2014			9.68		0.26			0.14			0.40			(0.29	)		(0.29	)		9.79
R-2 shares
2019	(c)		9.22		0.10			0.32			0.42			(0.13	)		(0.13	)		9.51
2018			9.61		0.25			(0.38	)		(0.13	)		(0.26	)		(0.26	)		9.22
2017			9.68		0.22			(0.04	)		0.18			(0.25	)		(0.25	)		9.61
2016			9.52		0.23			0.21			0.44			(0.28	)		(0.28	)		9.68
2015			9.79		0.24			(0.26	)		(0.02	)		(0.25	)		(0.25	)		9.52
2014			9.68		0.28			0.14			0.42			(0.31	)		(0.31	)		9.79

See accompanying notes.

461

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	4.85%(d),(e)		$	91,028	0.76	%(f)		0.79	%(f)		2.71	%(f)	9.0	%(f)
	(0.91	) (e)		85,102	0.74			0.77			3.15		9.2
	2.38	(e)		95,945	0.73			0.76			2.81		12.5
	5.22	(e)		100,416	0.78			0.81			2.91		12.9
	0.08	(e)		92,169	0.85			0.88			2.83		11.5
	4.73	(e)		93,304	0.89			0.93			3.23		11.3
	4.94	(d)		458,343	0.58	(f),(g)		–			2.89	(f)	9.0	(f)
	(0.75	)		413,469	0.58	(g)		–			3.30		9.2
	2.59			415,952	0.50	(g)		–			3.06		12.5
	5.40			2,692,447	0.49			–			3.19		12.9
	0.54			2,576,219	0.49			–			3.19		11.5
	5.13			2,288,675	0.50			–			3.61		11.3
	4.53	(d)		15,056	1.37	(f)		–			2.11	(f)	9.0	(f)
	(1.41	)		16,422	1.36			–			2.53		9.2
	1.63			19,397	1.36			–			2.19		12.5
	4.60			19,256	1.36			–			2.32		12.9
	(0.42	)		15,740	1.36			–			2.31		11.5
	4.22			10,308	1.37			–			2.71		11.3
	4.59	(d)		2,246	1.24	(f)		–			2.23	(f)	9.0	(f)
	(1.39	)		2,097	1.23			–			2.64		9.2
	1.86			2,732	1.23			–			2.32		12.5
	4.73			3,155	1.23			–			2.45		12.9
	(0.19	)		2,867	1.23			–			2.44		11.5
	4.35			2,267	1.24			–			2.85		11.3

See accompanying notes.

462

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
								Net Realized
			Net Asset Value,			and Unrealized					Total From		Dividends from
			Beginning of		Net Investment	Gain (Loss) on					Investment		Net Investment			Total Dividends				Net Asset Value,
			Period		Income (Loss)(a)			Investments			Operations			Income			and Distributions			End of Period
INCOME FUND
R-3 shares
2019	(c)	$	9.22	$	0.11		$	0.32		$	0.43			($0.14	)		($0.14	)	$	9.51
2018			9.61		0.27			(0.38	)		(0.11	)		(0.28	)		(0.28	)		9.22
2017			9.68		0.24			(0.05	)		0.19			(0.26	)		(0.26	)		9.61
2016			9.52		0.25			0.21			0.46			(0.30	)		(0.30	)		9.68
2015			9.80		0.25			(0.26	)		(0.01	)		(0.27	)		(0.27	)		9.52
2014			9.69		0.30			0.13			0.43			(0.32	)		(0.32	)		9.80
R-4 shares
2019	(c)		9.22		0.12			0.31			0.43			(0.15	)		(0.15	)		9.50
2018			9.60		0.28			(0.37	)		(0.09	)		(0.29	)		(0.29	)		9.22
2017			9.67		0.26			(0.05	)		0.21			(0.28	)		(0.28	)		9.60
2016			9.52		0.27			0.20			0.47			(0.32	)		(0.32	)		9.67
2015			9.79		0.27			(0.25	)		0.02			(0.29	)		(0.29	)		9.52
2014			9.68		0.32			0.13			0.45			(0.34	)		(0.34	)		9.79
R-5 shares
2019	(c)		9.20		0.13			0.30			0.43			(0.15	)		(0.15	)		9.48
2018			9.59		0.29			(0.38	)		(0.09	)		(0.30	)		(0.30	)		9.20
2017			9.66		0.27			(0.05	)		0.22			(0.29	)		(0.29	)		9.59
2016			9.50		0.28			0.21			0.49			(0.33	)		(0.33	)		9.66
2015			9.78		0.28			(0.26	)		0.02			(0.30	)		(0.30	)		9.50
2014			9.67		0.33			0.13			0.46			(0.35	)		(0.35	)		9.78
R-6 shares
2019	(c)		9.20		0.14			0.31			0.45			(0.17	)		(0.17	)		9.48
2018			9.58		0.32			(0.37	)		(0.05	)		(0.33	)		(0.33	)		9.20
2017			9.66		0.29			(0.05	)		0.24			(0.32	)		(0.32	)		9.58
2016			9.50		0.30			0.21			0.51			(0.35	)		(0.35	)		9.66
2015	(i)		9.78		0.27			(0.25	)		0.02			(0.30	)		(0.30	)		9.50

See accompanying notes.

463

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	4.68	%(d)	$	28,190	1.06	%(f)		–%		2.42	%(f)	9.0	(f)
	(1.21	)		27,890	1.05			–		2.83		9.2
	2.05			29,838	1.05			–		2.50		12.5
	4.92			32,657	1.05			–		2.63		12.9
	(0.12	)		33,494	1.05			–		2.62		11.5
	4.54			24,899	1.06			–		3.05		11.3
	4.67	(d)		18,089	0.87	(f)		–		2.61	(f)	9.0	(f)
	(0.92	)		19,693	0.86			–		3.02		9.2
	2.24			29,803	0.86			–		2.68		12.5
	5.01			27,577	0.86			–		2.82		12.9
	0.17			23,620	0.86			–		2.82		11.5
	4.74			21,679	0.87			–		3.23		11.3
	4.74	(d)		34,659	0.75	(f)		–		2.73	(f)	9.0	(f)
	(0.91	)		33,909	0.74			–		3.11		9.2
	2.37			49,040	0.74			–		2.81		12.5
	5.25			50,807	0.74			–		2.94		12.9
	0.19			46,970	0.74			–		2.93		11.5
	4.87			33,814	0.75			–		3.36		11.3
	4.88	(d)		2,006,029	0.49	(f),(g)		–		2.98	(f)	9.0	(f)
	(0.55	)		2,034,970	0.48	(g)		–		3.40		9.2
	2.53			2,290,265	0.48	(g)		–		3.04		12.5
	5.37	(h)		6,656	0.55	(g)		–		3.13		12.9
	0.27	(d),(h)		6,539	0.55	(f),(g)		–		3.05	(f)	11.5	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(i)	Period from November 25, 2014, date operations commenced, through October 31, 2015.

See accompanying notes.

464

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
			Net Asset Value,			Net Investment		and Unrealized					Total From		Dividends from			Distributions		Total
			Beginning of	Income (Loss)				Gain (Loss) on					Investment		Net Investment			from Realized		Dividends and			Net Asset Value,
			Period			(a)		Investments					Operations			Income		Gains		Distributions			End of Period
INFLATION PROTECTION FUND
Class J shares
2019	(c)	$	7.96		($	0.01	)		$	0.33		$	0.32			($0.23	)	$–		($0.23	)	$	8.05
2018			8.28			0.15				(0.31	)		(0.16	)		(0.16	)	–		(0.16	)		7.96
2017			8.42			0.10				(0.18	)		(0.08	)		(0.06	)	–		(0.06	)		8.28
2016			8.11			0.01				0.35			0.36			(0.05	)	–		(0.05	)		8.42
2015			8.46			(0.05	)			(0.20	)		(0.25	)		(0.10	)	–		(0.10	)		8.11
2014			8.55			0.03				0.04			0.07			–		(0.16	)	(0.16	)		8.46
Institutional shares
2019	(c)		8.33			0.03				0.32			0.35			(0.24	)	–		(0.24	)		8.44
2018			8.61			0.21				(0.32	)		(0.11	)		(0.17	)	–		(0.17	)		8.33
2017			8.72			0.16				(0.20	)		(0.04	)		(0.07	)	–		(0.07	)		8.61
2016			8.35			0.07				0.37			0.44			(0.07	)	–		(0.07	)		8.72
2015			8.66			0.03				(0.22	)		(0.19	)		(0.12	)	–		(0.12	)		8.35
2014			8.69			0.11				0.02			0.13			–		(0.16	)	(0.16	)		8.66
R-1 shares
2019	(c)		7.81			(0.01	)			0.32			0.31			(0.23	)	–		(0.23	)		7.89
2018			8.14			0.14				(0.32	)		(0.18	)		(0.15	)	–		(0.15	)		7.81
2017			8.29			0.08				(0.18	)		(0.10	)		(0.05	)	–		(0.05	)		8.14
2016			8.00			0.01				0.33			0.34			(0.05	)	–		(0.05	)		8.29
2015			8.35			(0.07	)			(0.19	)		(0.26	)		(0.09	)	–		(0.09	)		8.00
2014			8.46			0.02				0.03			0.05			–		(0.16	)	(0.16	)		8.35
R-2 shares
2019	(c)		7.88			–				0.31			0.31			(0.23	)	–		(0.23	)		7.96
2018			8.19			0.15				(0.30	)		(0.15	)		(0.16	)	–		(0.16	)		7.88
2017			8.35			0.09				(0.19	)		(0.10	)		(0.06	)	–		(0.06	)		8.19
2016			8.04			0.01				0.35			0.36			(0.05	)	–		(0.05	)		8.35
2015			8.39			(0.06	)			(0.19	)		(0.25	)		(0.10	)	–		(0.10	)		8.04
2014			8.49			0.03				0.03			0.06			–		(0.16	)	(0.16	)		8.39

See accompanying notes.

465

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	4.10%(d),(e)		$	6,091	1.21	%(f)		1.24	%(f)	(0.20		)%(f)	73.9	%(f)
	(2.02	) (e)		6,213	1.07			1.10			1.85		84.0
	(0.95	) (e)		7,394	1.04			1.07			1.17		60.9
	4.51	(e)		7,758	1.09			1.12			0.17		62.0
	(2.96	) (e)		7,516	1.10			1.13		(0.63		)	54.5
	0.85	(e)		8,692	1.11			1.15			0.40		101.6
	4.37	(d)		1,557,211	0.39	(f)		–			0.66	(f)	73.9	(f)
	(1.27	)		1,542,325	0.39			–			2.51		84.0
	(0.39	)		1,527,671	0.39			–			1.83		60.9
	5.30			1,770,164	0.38			–			0.88		62.0
	(2.26	)		1,608,193	0.39			–			0.41		54.5
	1.54			1,023,698	0.40			–			1.29		101.6
	4.02	(d)		1,098	1.27	(f)		–		(0.20		) (f)	73.9	(f)
	(2.22	)		988	1.27			–			1.69		84.0
	(1.15	)		1,018	1.26			–			0.97		60.9
	4.31			1,017	1.26			–			0.12		62.0
	(3.09	)		693	1.27			–		(0.80		)	54.5
	0.62			905	1.28			–			0.28		101.6
	4.00	(d)		509	1.14	(f)		–		(0.09		) (f)	73.9	(f)
	(1.91	)		492	1.14			–			1.84		84.0
	(1.19	)		672	1.13			–			1.07		60.9
	4.44	(g)		524	1.13			–			0.07		62.0
	(2.86	) (g)		533	1.14			–		(0.74		)	54.5
	0.73			577	1.15			–			0.34		101.6

See accompanying notes.

466

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized					Total From		Dividends from			Distributions		Total
			Beginning of	Income (Loss)			Gain (Loss) on					Investment		Net Investment			from Realized		Dividends and			Net Asset Value,
			Period		(a)		Investments					Operations			Income		Gains		Distributions			End of Period
INFLATION PROTECTION FUND
R-3 shares
2019	(c)	$	7.98		$–			$	0.32		$	0.32			($0.23	)	$–		($0.23	)	$	8.07
2018			8.29		0.16				(0.31	)		(0.15	)		(0.16	)	–		(0.16	)		7.98
2017			8.44		0.11				(0.20	)		(0.09	)		(0.06	)	–		(0.06	)		8.29
2016			8.12		0.02				0.36			0.38			(0.06	)	–		(0.06	)		8.44
2015			8.46		(0.05	)			(0.19	)		(0.24	)		(0.10	)	–		(0.10	)		8.12
2014			8.54		0.04				0.04			0.08			–		(0.16	)	(0.16	)		8.46
R-4 shares
2019	(c)		8.09		0.01				0.33			0.34			(0.24	)	–		(0.24	)		8.19
2018			8.39		0.17				(0.30	)		(0.13	)		(0.17	)	–		(0.17	)		8.09
2017			8.52		0.12				(0.18	)		(0.06	)		(0.07	)	–		(0.07	)		8.39
2016			8.19		0.04				0.35			0.39			(0.06	)	–		(0.06	)		8.52
2015			8.52		(0.02	)			(0.20	)		(0.22	)		(0.11	)	–		(0.11	)		8.19
2014			8.58		0.07				0.03			0.10			–		(0.16	)	(0.16	)		8.52
R-5 shares
2019	(c)		8.18		0.02				0.32			0.34			(0.24	)	–		(0.24	)		8.28
2018			8.47		0.19				(0.31	)		(0.12	)		(0.17	)	–		(0.17	)		8.18
2017			8.59		0.14				(0.19	)		(0.05	)		(0.07	)	–		(0.07	)		8.47
2016			8.25		0.05				0.35			0.40			(0.06	)	–		(0.06	)		8.59
2015			8.57		–				(0.21	)		(0.21	)		(0.11	)	–		(0.11	)		8.25
2014			8.62		0.16				(0.05	)		0.11			–		(0.16	)	(0.16	)		8.57

See accompanying notes.

467

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	4.13	%(d)	$	6,227	0.96	%(f)		–%		0.09	%(f)	73.9	(f)
	(1.85	)		6,781	0.96			–		1.97		84.0
	(1.02	)		5,839	0.95			–		1.28		60.9
	4.69			5,602	0.95			–		0.29		62.0
	(2.80	)		4,825	0.96			–		(0.54	)	54.5
	0.97			5,784	0.97			–		0.50		101.6
	4.25	(d)		1,212	0.77	(f)		–		0.32	(f)	73.9	(f)
	(1.65	)		1,588	0.77			–		2.00		84.0
	(0.73	)		2,072	0.76			–		1.46		60.9
	4.82			2,357	0.76			–		0.45		62.0
	(2.62	)		1,982	0.77			–		(0.21	)	54.5
	1.20			2,036	0.78			–		0.83		101.6
	4.25	(d)		3,152	0.65	(f)		–		0.40	(f)	73.9	(f)
	(1.48	)		3,427	0.65			–		2.24		84.0
	(0.59	)		3,412	0.64			–		1.61		60.9
	4.93			3,833	0.64			–		0.65		62.0
	(2.45	)		4,259	0.65			–		(0.04	)	54.5
	1.31			3,790	0.66			–		1.82		101.6

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.

See accompanying notes.

468

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
				Net Asset Value,		Net Investment		and Unrealized					Total From		Dividends from			Distributions			Total
		Beginning of			Income (Loss)			Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
				Period		(a)		Investments					Operations			Income		Gains			Distributions			End of Period
INTERNATIONAL EMERGING MARKETS FUND
Class J shares
2019	(c)		$	23.15		$–			$	2.19		$	2.19			($0.19	)		($0.51	)	($0.70	)	$	24.64
2018				28.11		0.25				(4.92	)		(4.67	)		(0.29	)		–		(0.29	)		23.15
2017				21.93		0.24				6.17			6.41			(0.23	)		–		(0.23	)		28.11
2016				20.61		0.13				1.28			1.41			(0.09	)		–		(0.09	)		21.93
2015				24.14		0.19				(3.41	)		(3.22	)		(0.31	)		–		(0.31	)		20.61
2014				24.25		0.20				(0.22	)		(0.02	)		(0.09	)		–		(0.09	)		24.14
Institutional shares
2019	(c)			23.83		0.02				2.26			2.28			(0.26	)		(0.51	)	(0.77	)		25.34
2018				28.92		0.33				(5.07	)		(4.74	)		(0.35	)		–		(0.35	)		23.83
2017				22.59		0.23				6.40			6.63			(0.30	)		–		(0.30	)		28.92
2016				21.24		0.20				1.33			1.53			(0.18	)		–		(0.18	)		22.59
2015				24.88		0.26				(3.49	)		(3.23	)		(0.41	)		–		(0.41	)		21.24
2014				25.01		0.32				(0.24	)		0.08			(0.21	)		–		(0.21	)		24.88
R-1 shares
2019	(c)			23.66		(0.07	)			2.26			2.19			(0.03	)		(0.51	)	(0.54	)		25.31
2018				28.74		0.09				(5.03	)		(4.94	)		(0.14	)		–		(0.14	)		23.66
2017				22.42		0.09				6.33			6.42			(0.10	)		–		(0.10	)		28.74
2016				21.08		0.03				1.31			1.34			–			–		–			22.42
2015				24.66		0.10				(3.51	)		(3.41	)		(0.17	)		–		(0.17	)		21.08
2014				24.79		0.09				(0.22	)		(0.13	)		–			–		–			24.66
R-2 shares
2019	(c)			23.53		(0.06	)			2.25			2.19			(0.02	)		(0.51	)	(0.53	)		25.19
2018				28.58		0.09				(4.97	)		(4.88	)		(0.17	)		–		(0.17	)		23.53
2017				22.31		0.13				6.29			6.42			(0.15	)		–		(0.15	)		28.58
2016				20.95		0.06				1.30			1.36			–			–		–			22.31
2015				24.52		0.11				(3.47	)		(3.36	)		(0.21	)		–		(0.21	)		20.95
2014				24.63		0.12				(0.22	)		(0.10	)		(0.01	)		–		(0.01	)		24.52

See accompanying notes.

469

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	9.86%(d),(e)		$	96,579	1.43	%(f)		1.72	%(f)	(0.01		)%(f)	180.4	%(f)
	(16.80	) (e)		92,909	1.53	(g)		1.63			0.88		118.1
	29.62	(e)		130,717	1.53	(g)		1.64			0.99		97.4
	6.87	(e)		97,753	1.64			1.67			0.65		120.3
	(13.47	) (e)		99,723	1.66			1.69			0.86		88.4
	(0.09	) (e)		129,223	1.65			1.69			0.83		114.7
	9.99	(d)		109,746	1.23	(f),(h)		–			0.19	(f)	180.4	(f)
	(16.61	)		98,961	1.31	(g),(h)		–			1.14		118.1
	29.91	(i)		97,637	1.30	(g),(h)		–			0.96		97.4
	7.27	(i)		756,257	1.27			–			0.97		120.3
	(13.13	)		948,114	1.25			–			1.10		88.4
	0.33			1,752,175	1.23			–			1.30		114.7
	9.53	(d)		2,203	2.04	(f),(h)		–		(0.62		) (f)	180.4	(f)
	(17.29	)		2,066	2.13	(g)		–			0.30		118.1
	28.83			2,985	2.13	(g)		–			0.36		97.4
	6.36			2,585	2.13			–			0.14		120.3
	(13.88	)		2,842	2.12			–			0.42		88.4
	(0.52	)		3,490	2.10			–			0.38		114.7
	9.65	(d),(i)		1,965	1.91	(f),(h)		–		(0.50		) (f)	180.4	(f)
	(17.19	)		2,040	2.00	(g)		–			0.32		118.1
	29.00			4,638	2.00	(g)		–			0.53		97.4
	6.49			3,346	2.00			–			0.30		120.3
	(13.76	)		3,777	1.99			–			0.46		88.4
	(0.41	)		5,878	1.97			–			0.50		114.7

See accompanying notes.

470

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized					Total From		Dividends from			Distributions			Total
			Beginning of	Income (Loss)			Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)		Investments					Operations			Income		Gains			Distributions			End of Period
INTERNATIONAL EMERGING MARKETS FUND
R-3 shares
2019	(c)	$	23.70		($0.04	)		$	2.27		$	2.23			($0.08	)		($0.51	)	($0.59	)	$	25.34
2018			28.78		0.16				(5.02	)		(4.86	)		(0.22	)		–		(0.22	)		23.70
2017			22.46		0.17				6.33			6.50			(0.18	)		–		(0.18	)		28.78
2016			21.10		0.10				1.31			1.41			(0.05	)		–		(0.05	)		22.46
2015			24.68		0.16				(3.49	)		(3.33	)		(0.25	)		–		(0.25	)		21.10
2014			24.74		0.17				(0.23	)		(0.06	)		–			–		–			24.68
R-4 shares
2019	(c)		23.83		(0.02	)			2.28			2.26			(0.14	)		(0.51	)	(0.65	)		25.44
2018			28.93		0.23				(5.07	)		(4.84	)		(0.26	)		–		(0.26	)		23.83
2017			22.58		0.22				6.36			6.58			(0.23	)		–		(0.23	)		28.93
2016			21.20		0.13				1.33			1.46			(0.08	)		–		(0.08	)		22.58
2015			24.82		0.21				(3.52	)		(3.31	)		(0.31	)		–		(0.31	)		21.20
2014			24.93		0.20				(0.21	)		(0.01	)		(0.10	)		–		(0.10	)		24.82
R-5 shares
2019	(c)		23.87		–				2.26			2.26			(0.20	)		(0.51	)	(0.71	)		25.42
2018			28.98		0.25				(5.06	)		(4.81	)		(0.30	)		–		(0.30	)		23.87
2017			22.61		0.25				6.36			6.61			(0.24	)		–		(0.24	)		28.98
2016			21.26		0.15				1.32			1.47			(0.12	)		–		(0.12	)		22.61
2015			24.89		0.24				(3.53	)		(3.29	)		(0.34	)		–		(0.34	)		21.26
2014			25.02		0.24				(0.22	)		0.02			(0.15	)		–		(0.15	)		24.89
R-6 shares
2019	(c)		23.84		0.03				2.26			2.29			(0.27	)		(0.51	)	(0.78	)		25.35
2018			28.93		0.35				(5.08	)		(4.73	)		(0.36	)		–		(0.36	)		23.84
2017	(j)		21.57		0.44				7.23			7.67			(0.31	)		–		(0.31	)		28.93

See accompanying notes.

471

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	9.74	%(d)	$	6,102	1.73%(f),(h)			–%	(0.32		)%(f)	180.4	(f)
	(17.04	)		6,718	1.82	(g)		–		0.55		118.1
	29.22			11,390	1.82	(g)		–		0.69		97.4
	6.70			10,275	1.82			–		0.48		120.3
	(13.60	)		10,805	1.81			–		0.71		88.4
	(0.24	)		14,835	1.79			–		0.68		114.7
	9.82	(d)		5,671	1.54	(f),(h)		–	(0.15		) (f)	180.4	(f)
	(16.89	)		7,036	1.63	(g)		–		0.80		118.1
	29.50			12,547	1.63	(g)		–		0.89		97.4
	6.86	(i)		8,340	1.63			–		0.66		120.3
	(13.42	) (i)		8,922	1.62			–		0.90		88.4
	(0.01	)		14,415	1.60			–		0.84		114.7
	9.90	(d),(i)		12,668	1.42	(f),(h)		–		0.00	(f)	180.4	(f)
	(16.81	)		13,593	1.51	(g)		–		0.88		118.1
	29.65			18,592	1.51	(g)		–		0.99		97.4
	6.99			18,989	1.51			–		0.73		120.3
	(13.33	)		22,656	1.50			–		1.01		88.4
	0.08			29,903	1.48			–		0.97		114.7
	10.05	(d)		399,326	1.14	(f),(h)		–		0.29	(f)	180.4	(f)
	(16.58	)		437,789	1.22	(g),(h)		–		1.21		118.1
	36.08	(d)		588,245	1.22	(f),(g),(h)		–		1.67	(f)	97.4	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Includes .01% of expenses associated with the reclaim of foreign taxes paid. The expense is not subject to the Manager's contractual expense limit.
(h)	Reflects Manager's contractual expense limit.
(i)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(j)	Period from November 22, 2016, date operations commenced, through October 31, 2017.

See accompanying notes.

472

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized					Total From		Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations			Income		Gains			Distributions			End of Period
INTERNATIONAL FUND I
Institutional shares
2019	(c)	$	14.17	$	0.11		$	1.07		$	1.18			($0.32	)		($0.66	)	($0.98	)	$	14.37
2018			16.73		0.33			(2.71	)		(2.38	)		(0.18	)		–		(0.18	)		14.17
2017			13.11		0.17			3.58			3.75			(0.13	)		–		(0.13	)		16.73
2016			13.53		0.13			(0.45	)		(0.32	)		(0.10	)		–		(0.10	)		13.11
2015			13.65		0.16			0.03			0.19			(0.31	)		–		(0.31	)		13.53
2014			13.05		0.23			0.58			0.81			(0.21	)		–		(0.21	)		13.65
R-1 shares
2019	(c)		14.06		0.05			1.09			1.14			(0.19	)		(0.66	)	(0.85	)		14.35
2018			16.62		0.15			(2.65	)		(2.50	)		(0.06	)		–		(0.06	)		14.06
2017			12.99		0.05			3.58			3.63			–			–		–			16.62
2016			13.42		0.02			(0.45	)		(0.43	)		–			–		–			12.99
2015			13.54		0.04			0.03			0.07			(0.19	)		–		(0.19	)		13.42
2014			12.94		0.16			0.54			0.70			(0.10	)		–		(0.10	)		13.54
R-2 shares
2019	(c)		14.11		0.06			1.10			1.16			(0.19	)		(0.66	)	(0.85	)		14.42
2018			16.67		0.14			(2.63	)		(2.49	)		(0.07	)		–		(0.07	)		14.11
2017			13.06		0.07			3.58			3.65			(0.04	)		–		(0.04	)		16.67
2016			13.48		0.04			(0.46	)		(0.42	)		–			–		–			13.06
2015			13.57		0.06			0.04			0.10			(0.19	)		–		(0.19	)		13.48
2014			12.96		0.18			0.54			0.72			(0.11	)		–		(0.11	)		13.57
R-3 shares
2019	(c)		14.11		0.06			1.09			1.15			(0.24	)		(0.66	)	(0.90	)		14.36
2018			16.66		0.20			(2.65	)		(2.45	)		(0.10	)		–		(0.10	)		14.11
2017			13.05		0.10			3.57			3.67			(0.06	)		–		(0.06	)		16.66
2016			13.47		0.06			(0.45	)		(0.39	)		(0.03	)		–		(0.03	)		13.05
2015			13.57		0.08			0.04			0.12			(0.22	)		–		(0.22	)		13.47
2014			12.97		0.20			0.54			0.74			(0.14	)		–		(0.14	)		13.57
R-4 shares
2019	(c)		14.14		0.08			1.09			1.17			(0.29	)		(0.66	)	(0.95	)		14.36
2018			16.70		0.25			(2.68	)		(2.43	)		(0.13	)		–		(0.13	)		14.14
2017			13.07		0.13			3.58			3.71			(0.08	)		–		(0.08	)		16.70
2016			13.49		0.09			(0.46	)		(0.37	)		(0.05	)		–		(0.05	)		13.07
2015			13.60		0.10			0.06			0.16			(0.27	)		–		(0.27	)		13.49
2014			13.00		0.22			0.55			0.77			(0.17	)		–		(0.17	)		13.60
R-5 shares
2019	(c)		14.12		0.10			1.08			1.18			(0.28	)		(0.66	)	(0.94	)		14.36
2018			16.68		0.25			(2.66	)		(2.41	)		(0.15	)		–		(0.15	)		14.12
2017			13.06		0.15			3.57			3.72			(0.10	)		–		(0.10	)		16.68
2016			13.49		0.08			(0.44	)		(0.36	)		(0.07	)		–		(0.07	)		13.06
2015			13.61		0.12			0.05			0.17			(0.29	)		–		(0.29	)		13.49
2014			13.02		0.24			0.54			0.78			(0.19	)		–		(0.19	)		13.61
R-6 shares
2019	(c)		14.17		0.11			1.07			1.18			(0.33	)		(0.66	)	(0.99	)		14.36
2018			16.72		0.30			(2.66	)		(2.36	)		(0.19	)		–		(0.19	)		14.17
2017	(h)		12.67		0.18			4.00			4.18			(0.13	)		–		(0.13	)		16.72

See accompanying notes.

473

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	9.74	%(d)	$	134,506	0.93	%(e)	1.07%(b),(e)				1.60	%(e)	85.3	%(e)
	(14.42	)		141,451	1.00		1.03		(b)		1.96		70.2
	28.96			109,543	1.00		1.01				1.25		66.6
	(2.36	)		296,966	1.00		1.01				1.02		69.9
	1.32	(f)		316,421	0.97		0.97				1.14		52.8
	6.45	(f)		344,528	1.01		1.04				1.76		128.4
	9.33	(d)		1,943	1.74	(e),(g)		–			0.75	(e)	85.3	(e)
	(15.12	)		2,020	1.82			–			0.92		70.2
	27.95			2,688	1.82			–			0.35		66.6
	(3.20	)		2,759	1.85			–			0.16		69.9
	0.48	(f)		3,710	1.81			–			0.30		52.8
	5.53	(f)		4,271	1.85	(g)		–			1.22		128.4
	9.44	(d)		1,868	1.61	(e),(g)		–			0.90	(e)	85.3	(e)
	(14.99	)		1,858	1.69			–			0.85		70.2
	28.06			4,164	1.69			–			0.50		66.6
	(3.12	)		2,577	1.72			–			0.30		69.9
	0.71	(f)		3,189	1.68			–			0.44		52.8
	5.66	(f)		3,069	1.72	(g)		–			1.34		128.4
	9.40	(d)		3,090	1.43	(e),(g)		–			0.88	(e)	85.3	(e)
	(14.80	)		4,019	1.51			–			1.19		70.2
	28.30			5,663	1.51			–			0.72		66.6
	(2.90	)		5,326	1.54			–			0.49		69.9
	0.86	(f)		4,721	1.50			–			0.59		52.8
	5.83	(f)		5,340	1.54	(g)		–			1.51		128.4
	9.59	(d)		4,847	1.24	(e),(g)		–			1.24	(e)	85.3	(e)
	(14.69	)		5,013	1.32			–			1.48		70.2
	28.56			4,041	1.32			–			0.92		66.6
	(2.75	)		3,386	1.35			–			0.68		69.9
	1.11	(f)		3,651	1.31			–			0.71		52.8
	6.01	(f)		5,718	1.35	(g)		–			1.67		128.4
	9.70	(d)		3,151	1.12	(e),(g)		–			1.42	(e)	85.3	(e)
	(14.61	)		3,064	1.20			–			1.49		70.2
	28.78			5,382	1.20			–			1.04		66.6
	(2.69	)		3,710	1.23			–			0.61		69.9
	1.12	(f)		9,244	1.19			–			0.89		52.8
	6.18	(f)		8,839	1.23	(g)		–			1.83		128.4
	9.75	(d)		224,385	0.84	(e),(g)		–			1.67	(e)	85.3	(e)
	(14.32	)		216,786	0.92	(g)		–			1.76		70.2
	33.40	(d)		313,479	0.92	(e),(g)		–			1.21	(e)	66.6	(e)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.
(f)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(g)	Reflects Manager's contractual expense limit.
(h)	Period from November 22, 2016, date operations commenced, through October 31, 2017.

See accompanying notes.

474

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,	Net Investment			and Unrealized					Total From		Dividends from			Distributions			Total
			Beginning of	Income (Loss)			Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)		Investments					Operations			Income		Gains			Distributions			End of Period
LARGECAP GROWTH FUND
Class J shares
2019	(c)	$	8.48		$–			$	0.02		$	0.02			$–			($3.43	)	($3.43	)	$	5.07
2018			9.83		(0.02	)			0.43			0.41			–			(1.76	)	(1.76	)		8.48
2017			8.92		–				2.19			2.19			(0.03	)		(1.25	)	(1.28	)		9.83
2016			10.37		0.01				(0.38	)		(0.37	)		–			(1.08	)	(1.08	)		8.92
2015			11.00		(0.02	)			0.61			0.59			–			(1.22	)	(1.22	)		10.37
2014			10.77		(0.02	)			1.46			1.44			–			(1.21	)	(1.21	)		11.00
Institutional shares
2019	(c)		9.81		–				0.16			0.16			(0.02	)		(3.43	)	(3.45	)		6.52
2018			11.08		0.01				0.49			0.50			(0.01	)		(1.76	)	(1.77	)		9.81
2017			9.89		0.04				2.45			2.49			(0.05	)		(1.25	)	(1.30	)		11.08
2016			11.38		0.05				(0.43	)		(0.38	)		(0.03	)		(1.08	)	(1.11	)		9.89
2015			11.93		0.03				0.66			0.69			(0.02	)		(1.22	)	(1.24	)		11.38
2014			11.57		0.03				1.57			1.60			(0.03	)		(1.21	)	(1.24	)		11.93
R-1 shares
2019	(c)		8.52		(0.02	)			0.04			0.02			–			(3.43	)	(3.43	)		5.11
2018			9.93		(0.08	)			0.43			0.35			–			(1.76	)	(1.76	)		8.52
2017			9.02		(0.05	)			2.21			2.16			–			(1.25	)	(1.25	)		9.93
2016			10.52		(0.04	)			(0.38	)		(0.42	)		–			(1.08	)	(1.08	)		9.02
2015			11.19		(0.06	)			0.61			0.55			–			(1.22	)	(1.22	)		10.52
2014			10.98		(0.06	)			1.48			1.42			–			(1.21	)	(1.21	)		11.19
R-2 shares
2019	(c)		8.78		(0.02	)			0.06			0.04			–			(3.43	)	(3.43	)		5.39
2018			10.16		(0.07	)			0.45			0.38			–			(1.76	)	(1.76	)		8.78
2017			9.19		(0.03	)			2.25			2.22			–			(1.25	)	(1.25	)		10.16
2016			10.69		(0.02	)			(0.40	)		(0.42	)		–			(1.08	)	(1.08	)		9.19
2015			11.34		(0.05	)			0.62			0.57			–			(1.22	)	(1.22	)		10.69
2014			11.09		(0.05	)			1.51			1.46			–			(1.21	)	(1.21	)		11.34
R-3 shares
2019	(c)		10.02		(0.01	)			0.18			0.17			–			(3.43	)	(3.43	)		6.76
2018			11.34		(0.06	)			0.50			0.44			–			(1.76	)	(1.76	)		10.02
2017			10.09		(0.02	)			2.52			2.50			–			(1.25	)	(1.25	)		11.34
2016			11.61		(0.01	)			(0.43	)		(0.44	)		–			(1.08	)	(1.08	)		10.09
2015			12.19		(0.03	)			0.67			0.64			–			(1.22	)	(1.22	)		11.61
2014			11.82		(0.03	)			1.61			1.58			–			(1.21	)	(1.21	)		12.19
R-4 shares
2019	(c)		10.01		(0.01	)			0.18			0.17			–			(3.43	)	(3.43	)		6.75
2018			11.30		(0.04	)			0.51			0.47			–			(1.76	)	(1.76	)		10.01
2017			10.06		–				2.50			2.50			(0.01	)		(1.25	)	(1.26	)		11.30
2016			11.56		0.01				(0.43	)		(0.42	)		–			(1.08	)	(1.08	)		10.06
2015			12.12		(0.01	)			0.67			0.66			–			(1.22	)	(1.22	)		11.56
2014			11.74		(0.01	)			1.60			1.59			–			(1.21	)	(1.21	)		12.12
R-5 shares
2019	(c)		9.88		–				0.17			0.17			–			(3.43	)	(3.43	)		6.62
2018			11.17		(0.03	)			0.50			0.47			–			(1.76	)	(1.76	)		9.88
2017			9.96		0.01				2.48			2.49			(0.03	)		(1.25	)	(1.28	)		11.17
2016			11.45		0.02				(0.43	)		(0.41	)		–			(1.08	)	(1.08	)		9.96
2015			12.00		–				0.67			0.67			–			(1.22	)	(1.22	)		11.45
2014			11.62		–				1.59			1.59			–			(1.21	)	(1.21	)		12.00

See accompanying notes.

475

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	9.43%(d),(e),(f)		$	81,276	0.98	%(g)		1.01	%(g)	(0.13	)%(g)	97.8	%(g)
	4.34	(e),(f)		81,333	0.95			0.98		(0.25	)	77.2
	28.67	(e)		72,333	0.95			0.98		0.05		80.0
	(4.01	) (e)		57,924	0.95			0.98		0.15		62.5
	6.10	(e)		69,824	1.03			1.06		(0.15	)	54.1
	14.61	(e)		64,841	1.04			1.08		(0.16	)	57.7
	9.51	(d)		40,246	0.68	(g),(h)		–		0.15	(g)	97.8	(g)
	4.84			34,200	0.66	(h)		–		0.09		77.2
	29.02			676,150	0.68	(h)		–		0.40		80.0
	(3.75	)		1,549,259	0.65			–		0.46		62.5
	6.48			2,352,018	0.64			–		0.25		54.1
	15.09			2,791,488	0.65			–		0.24		57.7
	9.20	(d)		3,792	1.57	(g)		–		(0.72	) (g)	97.8	(g)
	3.71			3,861	1.56			–		(0.85	)	77.2
	27.89			4,586	1.53			–		(0.52	)	80.0
	(4.47	)		4,378	1.52			–		(0.42	)	62.5
	5.58			5,815	1.50			–		(0.62	)	54.1
	14.10			6,258	1.50			–		(0.60	)	57.7
	9.14	(d)		1,217	1.44	(g)		–		(0.58	) (g)	97.8	(g)
	3.94			1,319	1.43			–		(0.72	)	77.2
	28.03			1,548	1.40			–		(0.35	)	80.0
	(4.40	)		2,093	1.39			–		(0.24	)	62.5
	5.70			5,386	1.37			–		(0.50	)	54.1
	14.34			5,846	1.37			–		(0.47	)	57.7
	9.32	(d)		5,929	1.26	(g)		–		(0.39	) (g)	97.8	(g)
	4.08			7,356	1.25			–		(0.53	)	77.2
	28.34			11,507	1.22			–		(0.19	)	80.0
	(4.21	)		14,755	1.21			–		(0.12	)	62.5
	5.89			19,280	1.19			–		(0.30	)	54.1
	14.48			20,863	1.19			–		(0.29	)	57.7
	9.42	(d)		5,129	1.07	(g)		–		(0.19	) (g)	97.8	(g)
	4.30	(f)		8,000	1.06			–		(0.35	)	77.2
	28.61	(f)		10,646	1.03			–		0.00		80.0
	(4.04	)		10,224	1.02			–		0.08		62.5
	6.11			14,853	1.00			–		(0.12	)	54.1
	14.68			13,833	1.00			–		(0.08	)	57.7
	9.57	(d)		41,164	0.95	(g)		–		(0.10	) (g)	97.8	(g)
	4.46			41,915	0.94			–		(0.24	)	77.2
	28.69			45,321	0.91			–		0.12		80.0
	(3.98	)		50,611	0.90			–		0.20		62.5
	6.27			64,417	0.88			–		0.01		54.1
	14.85			71,922	0.88			–		0.01		57.7

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(g)	Computed on an annualized basis.
(h)	Reflects Manager's contractual expense limit.

See accompanying notes.

476

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

									Net Realized
			Net Asset Value,			Net Investment			and Unrealized		Total From		Dividends from			Distributions			Total
			Beginning of	Income (Loss)					Gain (Loss) on		Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period			(a)			Investments		Operations			Income		Gains			Distributions			End of Period
LARGECAP GROWTH FUND I
Class J shares
2019	(c)	$	12.86		$	0.01		$	1.39	$	1.40			($0.01	)		($1.70	)	($1.71	)	$	12.55
2018			12.62			(0.02	)		1.65		1.63			–			(1.39	)	(1.39	)		12.86
2017			10.22			(0.01	)		2.94		2.93			–			(0.53	)	(0.53	)		12.62
2016			11.70			(0.01	)		0.02		0.01			–			(1.49	)	(1.49	)		10.22
2015			11.97			(0.02	)		1.02		1.00			–			(1.27	)	(1.27	)		11.70
2014			11.35			(0.02	)		1.41		1.39			–			(0.77	)	(0.77	)		11.97
Institutional shares
2019	(c)		15.55			0.02			1.76		1.78			(0.02	)		(1.70	)	(1.72	)		15.61
2018			15.00			–			1.96		1.96			(0.02	)		(1.39	)	(1.41	)		15.55
2017			12.03			0.03			3.48		3.51			(0.01	)		(0.53	)	(0.54	)		15.00
2016			13.49			0.02			0.02		0.04			(0.01	)		(1.49	)	(1.50	)		12.03
2015			13.59			0.02			1.19		1.21			(0.04	)		(1.27	)	(1.31	)		13.49
2014			12.76			0.03			1.59		1.62			(0.02	)		(0.77	)	(0.79	)		13.59
R-1 shares
2019	(c)		13.35			(0.03	)		1.46		1.43			–			(1.70	)	(1.70	)		13.08
2018			13.14			(0.11	)		1.71		1.60			–			(1.39	)	(1.39	)		13.35
2017			10.68			(0.08	)		3.07		2.99			–			(0.53	)	(0.53	)		13.14
2016			12.23			(0.08	)		0.02		(0.06	)		–			(1.49	)	(1.49	)		10.68
2015			12.51			(0.08	)		1.07		0.99			–			(1.27	)	(1.27	)		12.23
2014			11.87			(0.08	)		1.49		1.41			–			(0.77	)	(0.77	)		12.51
R-2 shares
2019	(c)		13.04			(0.02	)		1.41		1.39			–			(1.70	)	(1.70	)		12.73
2018			12.84			(0.09	)		1.68		1.59			–			(1.39	)	(1.39	)		13.04
2017			10.44			(0.06	)		2.99		2.93			–			(0.53	)	(0.53	)		12.84
2016			11.97			(0.06	)		0.02		(0.04	)		–			(1.49	)	(1.49	)		10.44
2015			12.26			(0.06	)		1.04		0.98			–			(1.27	)	(1.27	)		11.97
2014			11.64			(0.06	)		1.45		1.39			–			(0.77	)	(0.77	)		12.26

See accompanying notes.

477

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	13.77%(d),(e)		$	200,885	0.82	%(f)		0.86	%(f)		0.13	%(f)	29.5	%(f)
	13.50	(e)		180,871	0.81			0.86		(0.12		)	34.8
	30.05	(e)		142,729	0.83			0.88		(0.05		)	38.5
	0.13	(e)		110,553	0.89			0.94		(0.13		)	32.8
	9.48	(e)		123,054	0.97			1.02		(0.18		)	39.3
	12.90	(e)		106,144	0.99			1.05		(0.19		)	38.4
	13.86	(d)		2,377,966	0.68	(f),(g)		–			0.27	(f)	29.5	(f)
	13.60			2,181,951	0.67	(g)		–			0.03		34.8
	30.38			2,184,240	0.63	(g)		–			0.24		38.5
	0.34			6,436,701	0.62	(g)		–			0.14		32.8
	9.93			6,608,588	0.61	(g)		–			0.19		39.3
	13.31			7,031,086	0.61	(g)		–			0.20		38.4
	13.47	(d)		7,991	1.47	(f),(g)		–		(0.50		) (f)	29.5	(f)
	12.68			8,097	1.47	(g)		–		(0.78		)	34.8
	29.29			7,431	1.47	(g)		–		(0.68		)	38.5
	(0.50	)		6,716	1.47	(g)		–		(0.71		)	32.8
	9.04	(h)		8,078	1.47	(g)		–		(0.67		)	39.3
	12.39	(h)		8,406	1.47	(g)		–		(0.66		)	38.4
	13.49	(d)		8,704	1.34	(f),(g)		–		(0.39		) (f)	29.5	(f)
	12.92			7,951	1.34	(g)		–		(0.65		)	34.8
	29.39			10,629	1.34	(g)		–		(0.54		)	38.5
	(0.34	)		13,145	1.34	(g)		–		(0.58		)	32.8
	9.05			16,204	1.34	(g)		–		(0.54		)	39.3
	12.56			21,048	1.34	(g)		–		(0.54		)	38.4

See accompanying notes.

478

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
			Net Asset Value,		Net Investment			and Unrealized		Total From		Dividends from			Distributions			Total
			Beginning of	Income (Loss)				Gain (Loss) on		Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)			Investments		Operations			Income		Gains			Distributions			End of Period
LARGECAP GROWTH FUND I
R-3 shares
2019	(c)	$	14.15		($0.01	)	$	1.57	$	1.56			$–			($1.70	)	($1.70	)	$	14.01
2018			13.81		(0.07	)		1.80		1.73			–			(1.39	)	(1.39	)		14.15
2017			11.17		(0.04	)		3.21		3.17			–			(0.53	)	(0.53	)		13.81
2016			12.68		(0.04	)		0.02		(0.02	)		–			(1.49	)	(1.49	)		11.17
2015			12.88		(0.04	)		1.11		1.07			–			(1.27	)	(1.27	)		12.68
2014			12.18		(0.04	)		1.51		1.47			–			(0.77	)	(0.77	)		12.88
R-4 shares
2019	(c)		14.42		–			1.61		1.61			–			(1.70	)	(1.70	)		14.33
2018			14.02		(0.04	)		1.83		1.79			–			(1.39	)	(1.39	)		14.42
2017			11.31		(0.02	)		3.26		3.24			–			(0.53	)	(0.53	)		14.02
2016			12.80		(0.02	)		0.02		–			–			(1.49	)	(1.49	)		11.31
2015			12.97		(0.02	)		1.12		1.10			–			(1.27	)	(1.27	)		12.80
2014			12.23		(0.02	)		1.53		1.51			–			(0.77	)	(0.77	)		12.97
R-5 shares
2019	(c)		14.98		0.01			1.68		1.69			–			(1.70	)	(1.70	)		14.97
2018			14.49		(0.02	)		1.90		1.88			–			(1.39	)	(1.39	)		14.98
2017			11.66		(0.01	)		3.37		3.36			–			(0.53	)	(0.53	)		14.49
2016			13.14		(0.01	)		0.02		0.01			–			(1.49	)	(1.49	)		11.66
2015			13.27		(0.01	)		1.16		1.15			(0.01	)		(1.27	)	(1.28	)		13.14
2014			12.49		(0.01	)		1.56		1.55			–			(0.77	)	(0.77	)		13.27
R-6 shares
2019	(c)		15.55		0.03			1.75		1.78			(0.03	)		(1.70	)	(1.73	)		15.60
2018			14.99		0.02			1.96		1.98			(0.03	)		(1.39	)	(1.42	)		15.55
2017			12.02		–			3.51		3.51			(0.01	)		(0.53	)	(0.54	)		14.99
2016			13.49		0.01			0.02		0.03			(0.01	)		(1.49	)	(1.50	)		12.02
2015	(i)		13.87		(0.01	)		0.94		0.93			(0.04	)		(1.27	)	(1.31	)		13.49

See accompanying notes.

479

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	13.65	%(d)	$	100,518	1.16%(f),(g)			–%	(0.20		)%(f)	29.5	(f)
	13.03			98,560	1.16	(g)		–	(0.46		)	34.8
	29.63			116,537	1.16	(g)		–	(0.36		)	38.5
	(0.14	)		116,736	1.16	(g)		–	(0.40		)	32.8
	9.34			152,222	1.16	(g)		–	(0.36		)	39.3
	12.67			165,698	1.16	(g)		–	(0.35		)	38.4
	13.74	(d)		87,259	0.97	(f),(g)		–	(0.02		) (f)	29.5	(f)
	13.28			77,509	0.97	(g)		–	(0.27		)	34.8
	29.89			84,785	0.97	(g)		–	(0.18		)	38.5
	0.03			74,021	0.97	(g)		–	(0.21		)	32.8
	9.52			94,343	0.97	(g)		–	(0.18		)	39.3
	12.95			90,002	0.97	(g)		–	(0.16		)	38.4
	13.77	(d)		288,012	0.85	(f),(g)		–		0.11	(f)	29.5	(f)
	13.48			282,290	0.85	(g)		–	(0.15		)	34.8
	30.03			313,275	0.85	(g)		–	(0.06		)	38.5
	0.12			273,161	0.85	(g)		–	(0.09		)	32.8
	9.70			320,510	0.85	(g)		–	(0.05		)	39.3
	13.01			329,991	0.85	(g)		–	(0.05		)	38.4
	13.90	(d)		5,908,578	0.59	(f),(g)		–		0.36	(f)	29.5	(f)
	13.72			5,378,075	0.59	(g)		–		0.10		34.8
	30.41			4,927,534	0.59	(g)		–		0.00		38.5
	0.27			3,333	0.65	(g)		–		0.09		32.8
	7.72	(d)		1,383	0.65	(f),(g)		–	(0.09		) (f)	39.3	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(i)	Period from November 25, 2014, date operations commenced, through October 31, 2015.

See accompanying notes.

480

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized		Total From	Dividends from			Distributions			Total
			Beginning of		Income (Loss)		Gain (Loss) on		Investment	Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)		Investments		Operations		Income		Gains			Distributions			End of Period
LARGECAP S&P 500 INDEX FUND
Class J shares
2019	(c)	$	17.82	$	0.16	$	1.34	$	1.50		($0.30	)		($0.84	)	($1.14	)	$	18.18
2018			17.80		0.30		0.92		1.22		(0.27	)		(0.93	)	(1.20	)		17.82
2017			14.89		0.27		3.11		3.38		(0.27	)		(0.20	)	(0.47	)		17.80
2016			14.66		0.26		0.32		0.58		(0.23	)		(0.12	)	(0.35	)		14.89
2015			14.21		0.23		0.45		0.68		(0.22	)		(0.01	)	(0.23	)		14.66
2014			12.35		0.19		1.84		2.03		(0.17	)		–		(0.17	)		14.21
Institutional shares
2019	(c)		18.01		0.18		1.35		1.53		(0.33	)		(0.84	)	(1.17	)		18.37
2018			17.98		0.34		0.92		1.26		(0.30	)		(0.93	)	(1.23	)		18.01
2017			15.03		0.31		3.14		3.45		(0.30	)		(0.20	)	(0.50	)		17.98
2016			14.80		0.30		0.32		0.62		(0.27	)		(0.12	)	(0.39	)		15.03
2015			14.35		0.27		0.45		0.72		(0.26	)		(0.01	)	(0.27	)		14.80
2014			12.47		0.24		1.85		2.09		(0.21	)		–		(0.21	)		14.35
R-1 shares
2019	(c)		17.87		0.11		1.36		1.47		(0.17	)		(0.84	)	(1.01	)		18.33
2018			17.85		0.18		0.91		1.09		(0.14	)		(0.93	)	(1.07	)		17.87
2017			14.93		0.16		3.13		3.29		(0.17	)		(0.20	)	(0.37	)		17.85
2016			14.70		0.17		0.32		0.49		(0.14	)		(0.12	)	(0.26	)		14.93
2015			14.26		0.15		0.44		0.59		(0.14	)		(0.01	)	(0.15	)		14.70
2014			12.39		0.13		1.84		1.97		(0.10	)		–		(0.10	)		14.26
R-2 shares
2019	(c)		18.03		0.12		1.37		1.49		(0.19	)		(0.84	)	(1.03	)		18.49
2018			17.99		0.21		0.92		1.13		(0.16	)		(0.93	)	(1.09	)		18.03
2017			15.04		0.19		3.15		3.34		(0.19	)		(0.20	)	(0.39	)		17.99
2016			14.80		0.19		0.32		0.51		(0.15	)		(0.12	)	(0.27	)		15.04
2015			14.35		0.17		0.44		0.61		(0.15	)		(0.01	)	(0.16	)		14.80
2014			12.47		0.14		1.86		2.00		(0.12	)		–		(0.12	)		14.35
R-3 shares
2019	(c)		17.98		0.13		1.36		1.49		(0.22	)		(0.84	)	(1.06	)		18.41
2018			17.95		0.24		0.93		1.17		(0.21	)		(0.93	)	(1.14	)		17.98
2017			15.02		0.22		3.13		3.35		(0.22	)		(0.20	)	(0.42	)		17.95
2016			14.78		0.21		0.33		0.54		(0.18	)		(0.12	)	(0.30	)		15.02
2015			14.33		0.19		0.45		0.64		(0.18	)		(0.01	)	(0.19	)		14.78
2014			12.45		0.17		1.86		2.03		(0.15	)		–		(0.15	)		14.33
R-4 shares
2019	(c)		18.05		0.15		1.37		1.52		(0.26	)		(0.84	)	(1.10	)		18.47
2018			18.02		0.28		0.92		1.20		(0.24	)		(0.93	)	(1.17	)		18.05
2017			15.07		0.25		3.14		3.39		(0.24	)		(0.20	)	(0.44	)		18.02
2016			14.83		0.24		0.33		0.57		(0.21	)		(0.12	)	(0.33	)		15.07
2015			14.39		0.22		0.44		0.66		(0.21	)		(0.01	)	(0.22	)		14.83
2014			12.50		0.19		1.87		2.06		(0.17	)		–		(0.17	)		14.39
R-5 shares
2019	(c)		18.22		0.16		1.38		1.54		(0.28	)		(0.84	)	(1.12	)		18.64
2018			18.18		0.30		0.93		1.23		(0.26	)		(0.93	)	(1.19	)		18.22
2017			15.20		0.27		3.18		3.45		(0.27	)		(0.20	)	(0.47	)		18.18
2016			14.95		0.26		0.34		0.60		(0.23	)		(0.12	)	(0.35	)		15.20
2015			14.50		0.24		0.45		0.69		(0.23	)		(0.01	)	(0.24	)		14.95
2014			12.60		0.21		1.87		2.08		(0.18	)		–		(0.18	)		14.50

See accompanying notes.

481

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	9.55%(d),(e)		$	689,338	0.38	%(f)		0.41	%(f)		1.90	%(f)	2.6%(f)
	6.98	(e)		653,442	0.37			0.40			1.68		5.8
	23.14	(e)		641,445	0.37			0.40			1.66		3.4
	4.05	(e)		530,674	0.40			0.43			1.79		4.2
	4.78	(e)		518,099	0.45			0.50			1.59		6.3
	16.61	(e)		508,718	0.50			0.54			1.47		5.9
	9.70	(d)		4,158,540	0.16	(f)		–			2.11	(f)	2.6	(f)
	7.17			3,693,260	0.16			–			1.88		5.8
	23.45			3,568,996	0.16			–			1.87		3.4
	4.31			3,244,789	0.16			–			2.03		4.2
	5.06			3,232,141	0.16			–			1.87		6.3
	17.00			2,530,539	0.16			–			1.81		5.9
	9.22	(d)		15,354	1.03	(f)		–			1.25	(f)	2.6	(f)
	6.20			15,612	1.03			–			1.01		5.8
	22.33			19,523	1.03			–			0.99		3.4
	3.43			18,393	1.04			–			1.17		4.2
	4.16			21,157	1.03			–			1.00		6.3
	16.00			18,889	1.03			–			0.95		5.9
	9.28	(d)		21,537	0.90	(f)		–			1.38	(f)	2.6	(f)
	6.38			21,221	0.90			–			1.15		5.8
	22.52			31,137	0.90			–			1.13		3.4
	3.53			30,093	0.91			–			1.29		4.2
	4.27			30,689	0.90			–			1.14		6.3
	16.20			37,848	0.90			–			1.09		5.9
	9.38	(d)		186,833	0.72	(f)		–			1.56	(f)	2.6	(f)
	6.60			192,273	0.72			–			1.32		5.8
	22.65			222,619	0.72			–			1.31		3.4
	3.74			194,613	0.73			–			1.47		4.2
	4.46			217,562	0.72			–			1.32		6.3
	16.43			248,852	0.72			–			1.25		5.9
	9.53	(d)		150,214	0.53	(f)		–			1.75	(f)	2.6	(f)
	6.76			152,704	0.53			–			1.51		5.8
	22.93			195,180	0.53			–			1.50		3.4
	3.96			189,284	0.54			–			1.67		4.2
	4.62			219,215	0.53			–			1.51		6.3
	16.67			214,570	0.53			–			1.44		5.9
	9.60	(d)		322,355	0.41	(f)		–			1.88	(f)	2.6	(f)
	6.87			352,267	0.41			–			1.63		5.8
	23.10			402,781	0.41			–			1.63		3.4
	4.11			411,195	0.42			–			1.77		4.2
	4.76			381,876	0.41			–			1.63		6.3
	16.73			418,629	0.41			–			1.56		5.9

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.

See accompanying notes.

482

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized		Total From	Dividends from			Distributions			Total
			Beginning of		Income (Loss)		Gain (Loss) on		Investment	Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)		Investments		Operations		Income		Gains			Distributions			End of Period
LARGECAP VALUE FUND III
Class J shares
2019	(c)	$	16.79	$	0.19	$	0.79	$	0.98		($0.23	)		($1.31	)	($1.54	)	$	16.23
2018			16.93		0.23		0.74		0.97		(0.16	)		(0.95	)	(1.11	)		16.79
2017			14.88		0.21		2.49		2.70		(0.24	)		(0.41	)	(0.65	)		16.93
2016			15.58		0.23		0.18		0.41		(0.21	)		(0.90	)	(1.11	)		14.88
2015			15.55		0.19		0.19		0.38		(0.19	)		(0.16	)	(0.35	)		15.58
2014			13.56		0.17		1.85		2.02		(0.03	)		–		(0.03	)		15.55
Institutional shares
2019	(c)		17.05		0.22		0.79		1.01		(0.28	)		(1.31	)	(1.59	)		16.47
2018			17.17		0.29		0.75		1.04		(0.21	)		(0.95	)	(1.16	)		17.05
2017			15.08		0.26		2.53		2.79		(0.29	)		(0.41	)	(0.70	)		17.17
2016			15.79		0.28		0.18		0.46		(0.27	)		(0.90	)	(1.17	)		15.08
2015			15.75		0.25		0.20		0.45		(0.25	)		(0.16	)	(0.41	)		15.79
2014			13.74		0.22		1.88		2.10		(0.09	)		–		(0.09	)		15.75
R-1 shares
2019	(c)		16.91		0.15		0.81		0.96		(0.14	)		(1.31	)	(1.45	)		16.42
2018			17.05		0.13		0.75		0.88		(0.07	)		(0.95	)	(1.02	)		16.91
2017			14.98		0.12		2.51		2.63		(0.15	)		(0.41	)	(0.56	)		17.05
2016			15.68		0.15		0.18		0.33		(0.13	)		(0.90	)	(1.03	)		14.98
2015			15.68		0.11		0.19		0.30		(0.14	)		(0.16	)	(0.30	)		15.68
2014			13.71		0.08		1.89		1.97		–			–		–			15.68
R-2 shares
2019	(c)		16.99		0.16		0.80		0.96		(0.15	)		(1.31	)	(1.46	)		16.49
2018			17.12		0.15		0.76		0.91		(0.09	)		(0.95	)	(1.04	)		16.99
2017			15.03		0.14		2.52		2.66		(0.16	)		(0.41	)	(0.57	)		17.12
2016			15.67		0.18		0.17		0.35		(0.09	)		(0.90	)	(0.99	)		15.03
2015			15.64		0.13		0.20		0.33		(0.14	)		(0.16	)	(0.30	)		15.67
2014			13.66		0.11		1.87		1.98		–			–		–			15.64
R-3 shares
2019	(c)		17.72		0.18		0.86		1.04		(0.16	)		(1.31	)	(1.47	)		17.29
2018			17.80		0.20		0.77		0.97		(0.10	)		(0.95	)	(1.05	)		17.72
2017			15.61		0.18		2.62		2.80		(0.20	)		(0.41	)	(0.61	)		17.80
2016			16.29		0.20		0.19		0.39		(0.17	)		(0.90	)	(1.07	)		15.61
2015			16.24		0.17		0.20		0.37		(0.16	)		(0.16	)	(0.32	)		16.29
2014			14.18		0.14		1.93		2.07		(0.01	)		–		(0.01	)		16.24
R-4 shares
2019	(c)		17.01		0.19		0.80		0.99		(0.22	)		(1.31	)	(1.53	)		16.47
2018			17.13		0.22		0.76		0.98		(0.15	)		(0.95	)	(1.10	)		17.01
2017			15.05		0.20		2.51		2.71		(0.22	)		(0.41	)	(0.63	)		17.13
2016			15.74		0.23		0.19		0.42		(0.21	)		(0.90	)	(1.11	)		15.05
2015			15.72		0.19		0.19		0.38		(0.20	)		(0.16	)	(0.36	)		15.74
2014			13.71		0.16		1.89		2.05		(0.04	)		–		(0.04	)		15.72
R-5 shares
2019	(c)		17.15		0.20		0.80		1.00		(0.24	)		(1.31	)	(1.55	)		16.60
2018			17.26		0.25		0.76		1.01		(0.17	)		(0.95	)	(1.12	)		17.15
2017			15.16		0.22		2.54		2.76		(0.25	)		(0.41	)	(0.66	)		17.26
2016			15.86		0.25		0.18		0.43		(0.23	)		(0.90	)	(1.13	)		15.16
2015			15.82		0.21		0.20		0.41		(0.21	)		(0.16	)	(0.37	)		15.86
2014			13.77		0.19		1.89		2.08		(0.03	)		–		(0.03	)		15.82

See accompanying notes.

483

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	7.19%(d),(e)		$	74,414	1.05	%(f)		1.14	%(f)		2.43	%(f)	44.5	%(f)
	5.76	(e)		72,851	1.03			1.12			1.35		44.4
	18.59	(e)		75,559	1.08			1.13			1.31		33.4
	3.05	(e)		68,742	1.08			1.12			1.60		35.0
	2.40	(e)		72,661	1.14			1.18			1.21		27.6
	14.96	(e)		78,435	1.15			1.20			1.14		41.3	(g)
	7.32	(d)		2,020,340	0.72	(f),(h)		–			2.75	(f)	44.5	(f)
	6.11			1,983,831	0.71	(h)		–			1.66		44.4
	18.95			1,798,751	0.76	(h)		–			1.62		33.4
	3.37			1,634,892	0.77	(h)		–			1.91		35.0
	2.82			1,796,638	0.76	(h)		–			1.60		27.6
	15.36			2,804,940	0.76	(h)		–			1.51		41.3	(g)
	6.91	(d)		4,446	1.59	(f),(h)		–			1.89	(f)	44.5	(f)
	5.15			4,455	1.59	(h)		–			0.78		44.4
	17.89			4,449	1.64	(h)		–			0.74		33.4
	2.46			4,072	1.65	(h)		–			1.03		35.0
	1.91			4,604	1.64	(h)		–			0.71		27.6
	14.37			5,160	1.63	(h)		–			0.56		41.3	(g)
	6.92	(d)		2,286	1.46	(f),(h)		–			2.01	(f)	44.5	(f)
	5.30			2,203	1.46	(h)		–			0.89		44.4
	18.07			2,900	1.51	(h)		–			0.86		33.4
	2.56			3,096	1.52	(h)		–			1.20		35.0
	2.11			5,018	1.51	(h)		–			0.84		27.6
	14.49			5,737	1.50	(h)		–			0.75		41.3	(g)
	7.07	(d)		5,362	1.28	(f),(h)		–			2.22	(f)	44.5	(f)
	5.46			6,196	1.28	(h)		–			1.09		44.4
	18.30			9,007	1.33	(h)		–			1.06		33.4
	2.78			11,209	1.34	(h)		–			1.34		35.0
	2.28			11,864	1.33	(h)		–			1.02		27.6
	14.64			15,163	1.32	(h)		–			0.94		41.3	(g)
	7.15	(d)		4,475	1.09	(f),(h)		–			2.41	(f)	44.5	(f)
	5.71			4,910	1.09	(h)		–			1.28		44.4
	18.45			5,964	1.14	(h)		–			1.25		33.4
	2.97	(i)		5,659	1.15	(h)		–			1.53		35.0
	2.46	(i)		6,276	1.14	(h)		–			1.22		27.6
	14.96			9,314	1.13	(h)		–			1.09		41.3	(g)
	7.19	(d)		10,144	0.97	(f),(h)		–			2.55	(f)	44.5	(f)
	5.87			10,726	0.97	(h)		–			1.41		44.4
	18.63			9,072	1.02	(h)		–			1.35		33.4
	3.09			7,123	1.03	(h)		–			1.65		35.0
	2.56			11,280	1.02	(h)		–			1.32		27.6
	15.11			9,397	1.01	(h)		–			1.26		41.3	(g)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Portfolio turnover rate excludes approximately $123,553,000 of sales from portfolio realignment from the acquisition of LargeCap Value Fund I.
(h)	Reflects Manager's contractual expense limit.
(i)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.

See accompanying notes.

484

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
			Net Asset Value,		Net Investment			and Unrealized		Total From	Dividends from			Distributions			Total
			Beginning of	Income (Loss)				Gain (Loss) on		Investment	Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)			Investments		Operations		Income		Gains			Distributions			End of Period
MIDCAP FUND
Class J shares
2019	(c)	$	25.30		$–		$	4.20	$	4.20		$–			($2.74	)	($2.74	)	$	26.76
2018			25.94		–			0.27		0.27		–			(0.91	)	(0.91	)		25.30
2017			21.02		0.02			5.43		5.45		(0.06	)		(0.47	)	(0.53	)		25.94
2016			21.47		0.07			0.77		0.84		–			(1.29	)	(1.29	)		21.02
2015			21.27		0.01			1.30		1.31		(0.03	)		(1.08	)	(1.11	)		21.47
2014			19.21		0.04			2.44		2.48		–			(0.42	)	(0.42	)		21.27
Institutional shares
2019	(c)		26.84		0.02			4.50		4.52		(0.02	)		(2.74	)	(2.76	)		28.60
2018			27.44		0.04			0.28		0.32		(0.01	)		(0.91	)	(0.92	)		26.84
2017			22.21		0.05			5.74		5.79		(0.09	)		(0.47	)	(0.56	)		27.44
2016			22.60		0.11			0.82		0.93		(0.03	)		(1.29	)	(1.32	)		22.21
2015			22.33		0.05			1.38		1.43		(0.08	)		(1.08	)	(1.16	)		22.60
2014			20.15		0.09			2.56		2.65		(0.05	)		(0.42	)	(0.47	)		22.33
R-1 shares
2019	(c)		24.39		(0.07	)		4.01		3.94		–			(2.74	)	(2.74	)		25.59
2018			25.20		(0.16	)		0.26		0.10		–			(0.91	)	(0.91	)		24.39
2017			20.50		(0.13	)		5.30		5.17		–			(0.47	)	(0.47	)		25.20
2016			21.11		(0.06	)		0.74		0.68		–			(1.29	)	(1.29	)		20.50
2015			21.02		(0.12	)		1.29		1.17		–			(1.08	)	(1.08	)		21.11
2014			19.09		(0.07	)		2.42		2.35		–			(0.42	)	(0.42	)		21.02
R-2 shares
2019	(c)		24.78		(0.06	)		4.09		4.03		–			(2.74	)	(2.74	)		26.07
2018			25.55		(0.13	)		0.27		0.14		–			(0.91	)	(0.91	)		24.78
2017			20.76		(0.10	)		5.36		5.26		–			(0.47	)	(0.47	)		25.55
2016			21.33		(0.04	)		0.76		0.72		–			(1.29	)	(1.29	)		20.76
2015			21.20		(0.09	)		1.30		1.21		–			(1.08	)	(1.08	)		21.33
2014			19.23		(0.05	)		2.44		2.39		–			(0.42	)	(0.42	)		21.20

See accompanying notes.

485

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	19.49%(d),(e)		$	312,171	0.83	%(f)		0.86	%(f)	(0.01		)%(f)	13.5	%(f)
	0.98	(e)		275,443	0.82			0.85			0.00		25.8
	26.44	(e)		302,971	0.82			0.85			0.07		15.4
	4.35	(e)		261,105	0.82			0.85			0.35		22.4
	6.42	(e)		278,993	0.88			0.91			0.04		22.6
	13.18	(e)		290,503	0.92			0.96			0.19		18.3
	19.57	(d)		11,253,106	0.70	(f),(g)		–			0.13	(f)	13.5	(f)
	1.12			10,720,328	0.69	(g)		–			0.13		25.8
	26.58			11,396,657	0.68	(g)		–			0.18		15.4
	4.49	(h)		5,356,398	0.68			–			0.49		22.4
	6.71	(h)		5,328,050	0.67			–			0.23		22.6
	13.45			3,836,296	0.68			–			0.43		18.3
	19.12	(d)		92,771	1.47	(f)		–		(0.65		) (f)	13.5	(f)
	0.31			81,543	1.47			–		(0.65		)	25.8
	25.65			86,677	1.47			–		(0.59		)	15.4
	3.63			66,856	1.47			–		(0.30		)	22.4
	5.81			58,620	1.47			–		(0.58		)	22.6
	12.57			32,574	1.47			–		(0.38		)	18.3
	19.19	(d)		24,065	1.34	(f)		–		(0.52		) (f)	13.5	(f)
	0.47			22,931	1.34			–		(0.51		)	25.8
	25.77			28,455	1.34			–		(0.45		)	15.4
	3.79			28,422	1.34			–		(0.18		)	22.4
	5.95			34,310	1.34			–		(0.41		)	22.6
	12.69			40,695	1.34			–		(0.23		)	18.3

See accompanying notes.

486

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
			Net Asset Value,		Net Investment			and Unrealized		Total From	Dividends from			Distributions			Total
			Beginning of	Income (Loss)				Gain (Loss) on		Investment	Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)			Investments		Operations		Income		Gains			Distributions			End of Period
MIDCAP FUND
R-3 shares
2019	(c)	$	25.68		($0.04	)	$	4.27	$	4.23		$–			($2.74	)	($2.74	)	$	27.17
2018			26.40		(0.09	)		0.28		0.19		–			(0.91	)	(0.91	)		25.68
2017			21.40		(0.06	)		5.53		5.47		–			(0.47	)	(0.47	)		26.40
2016			21.90		–			0.79		0.79		–			(1.29	)	(1.29	)		21.40
2015			21.70		(0.05	)		1.33		1.28		–			(1.08	)	(1.08	)		21.90
2014			19.64		(0.01	)		2.49		2.48		–			(0.42	)	(0.42	)		21.70
R-4 shares
2019	(c)		26.66		(0.02	)		4.47		4.45		–			(2.74	)	(2.74	)		28.37
2018			27.33		(0.04	)		0.28		0.24		–			(0.91	)	(0.91	)		26.66
2017			22.11		(0.02	)		5.73		5.71		(0.02	)		(0.47	)	(0.49	)		27.33
2016			22.55		0.04			0.81		0.85		–			(1.29	)	(1.29	)		22.11
2015			22.29		(0.01	)		1.36		1.35		(0.01	)		(1.08	)	(1.09	)		22.55
2014			20.12		0.03			2.56		2.59		–			(0.42	)	(0.42	)		22.29
R-5 shares
2019	(c)		26.50		–			4.43		4.43		–			(2.74	)	(2.74	)		28.19
2018			27.13		(0.01	)		0.29		0.28		–			(0.91	)	(0.91	)		26.50
2017			21.96		0.01			5.68		5.69		(0.05	)		(0.47	)	(0.52	)		27.13
2016			22.38		0.07			0.80		0.87		–			(1.29	)	(1.29	)		21.96
2015			22.13		0.01			1.36		1.37		(0.04	)		(1.08	)	(1.12	)		22.38
2014			19.98		0.05			2.54		2.59		(0.02	)		(0.42	)	(0.44	)		22.13
R-6 shares
2019	(c)		26.83		0.03			4.49		4.52		(0.05	)		(2.74	)	(2.79	)		28.56
2018			27.42		0.06			0.30		0.36		(0.04	)		(0.91	)	(0.95	)		26.83
2017	(i)		22.98		0.05			4.97		5.02		(0.11	)		(0.47	)	(0.58	)		27.42

See accompanying notes.

487

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	19.31	%(d)	$	95,974	1.16	%(f)		–%	(0.33		)%(f)	13.5	(f)
	0.65			99,735	1.16			–	(0.33		)	25.8
	25.98			122,849	1.16			–	(0.27		)	15.4
	4.02			123,971	1.16			–		0.00		22.4
	6.15			151,776	1.16			–	(0.24		)	22.6
	12.89			158,675	1.16			–	(0.05		)	18.3
	19.43	(d)		98,562	0.97	(f)		–	(0.15		) (f)	13.5	(f)
	0.81			87,620	0.97			–	(0.14		)	25.8
	26.27			127,947	0.97			–	(0.07		)	15.4
	4.18			145,709	0.97			–		0.19		22.4
	6.32			154,669	0.97			–	(0.06		)	22.6
	13.13			168,845	0.97			–		0.14		18.3
	19.47	(d)		356,689	0.85	(f)		–	(0.02		) (f)	13.5	(f)
	0.97			337,245	0.85			–	(0.02		)	25.8
	26.39			378,762	0.85			–		0.04		15.4
	4.31			304,581	0.85			–		0.31		22.4
	6.46			325,637	0.85			–		0.06		22.6
	13.25			266,198	0.85			–		0.25		18.3
	19.61	(d)		1,994,447	0.59	(f),(g)		–		0.22	(f)	13.5	(f)
	1.24			1,442,924	0.59	(g)		–		0.21		25.8
	22.33	(d)		784,496	0.60	(f),(g)		–		0.20	(f)	15.4	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(i)	Period from November 22, 2016, date operations commenced, through October 31, 2017.

See accompanying notes.

488

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized					Total From		Dividends from			Distributions		Total
			Beginning of	Income (Loss)			Gain (Loss) on					Investment		Net Investment			from Realized		Dividends and			Net Asset Value,
			Period		(a)		Investments					Operations			Income		Gains		Distributions			End of Period
MIDCAP GROWTH FUND
Class J shares
2019	(c)	$	7.05		($0.01	)		$	0.65		$	0.64			$–		($1.11	)	($1.11	)	$	6.58
2018			7.13		(0.03	)			0.26			0.23			–		(0.31	)	(0.31	)		7.05
2017			5.50		(0.02	)			1.66			1.64			(0.01	)	–		(0.01	)		7.13
2016			5.84		0.01				(0.19	)		(0.18	)		–		(0.16	)	(0.16	)		5.50
2015			6.96		(0.04	)			0.51			0.47			–		(1.59	)	(1.59	)		5.84
2014			8.00		(0.04	)			0.87			0.83			–		(1.87	)	(1.87	)		6.96
Institutional shares
2019	(c)		8.92		(0.01	)			0.90			0.89			–		(1.11	)	(1.11	)		8.70
2018			8.92		(0.02	)			0.33			0.31			–		(0.31	)	(0.31	)		8.92
2017			6.88		(0.01	)			2.07			2.06			(0.02	)	–		(0.02	)		8.92
2016			7.25		0.02				(0.23	)		(0.21	)		–		(0.16	)	(0.16	)		6.88
2015			8.23		(0.01	)			0.62			0.61			–		(1.59	)	(1.59	)		7.25
2014			9.08		(0.01	)			1.03			1.02			–		(1.87	)	(1.87	)		8.23
R-1 shares
2019	(c)		7.29		(0.03	)			0.68			0.65			–		(1.11	)	(1.11	)		6.83
2018			7.41		(0.08	)			0.27			0.19			–		(0.31	)	(0.31	)		7.29
2017			5.74		(0.06	)			1.73			1.67			–		–		–			7.41
2016			6.12		(0.02	)			(0.20	)		(0.22	)		–		(0.16	)	(0.16	)		5.74
2015			7.24		(0.06	)			0.53			0.47			–		(1.59	)	(1.59	)		6.12
2014			8.27		(0.07	)			0.91			0.84			–		(1.87	)	(1.87	)		7.24
R-2 shares
2019	(c)		7.86		(0.03	)			0.76			0.73			–		(1.11	)	(1.11	)		7.48
2018			7.96		(0.07	)			0.28			0.21			–		(0.31	)	(0.31	)		7.86
2017			6.15		(0.05	)			1.86			1.81			–		–		–			7.96
2016			6.54		(0.02	)			(0.21	)		(0.23	)		–		(0.16	)	(0.16	)		6.15
2015			7.63		(0.06	)			0.56			0.50			–		(1.59	)	(1.59	)		6.54
2014			8.60		(0.06	)			0.96			0.90			–		(1.87	)	(1.87	)		7.63
R-3 shares
2019	(c)		8.37		(0.03	)			0.83			0.80			–		(1.11	)	(1.11	)		8.06
2018			8.44		(0.07	)			0.31			0.24			–		(0.31	)	(0.31	)		8.37
2017			6.51		(0.04	)			1.97			1.93			–		–		–			8.44
2016			6.91		–				(0.24	)		(0.24	)		–		(0.16	)	(0.16	)		6.51
2015			7.95		(0.05	)			0.60			0.55			–		(1.59	)	(1.59	)		6.91
2014			8.87		(0.05	)			1.00			0.95			–		(1.87	)	(1.87	)		7.95
R-4 shares
2019	(c)		8.85		(0.02	)			0.89			0.87			–		(1.11	)	(1.11	)		8.61
2018			8.88		(0.05	)			0.33			0.28			–		(0.31	)	(0.31	)		8.85
2017			6.85		(0.03	)			2.06			2.03			–		–		–			8.88
2016			7.24		–				(0.23	)		(0.23	)		–		(0.16	)	(0.16	)		6.85
2015			8.24		(0.04	)			0.63			0.59			–		(1.59	)	(1.59	)		7.24
2014			9.12		(0.03	)			1.02			0.99			–		(1.87	)	(1.87	)		8.24
R-5 shares
2019	(c)		9.19		(0.02	)			0.94			0.92			–		(1.11	)	(1.11	)		9.00
2018			9.20		(0.04	)			0.34			0.30			–		(0.31	)	(0.31	)		9.19
2017			7.09		(0.02	)			2.14			2.12			(0.01	)	–		(0.01	)		9.20
2016			7.48		0.01				(0.24	)		(0.23	)		–		(0.16	)	(0.16	)		7.09
2015			8.46		(0.03	)			0.64			0.61			–		(1.59	)	(1.59	)		7.48
2014			9.30		(0.02	)			1.05			1.03			–		(1.87	)	(1.87	)		8.46

See accompanying notes.

489

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	13.38%(d),(e)		$	74,591	0.95	%(f)		0.98	%(f)	(0.49	)%(f)	102.0	%(f)
	3.26	(e)		67,918	0.93			0.96		(0.44	)	114.2
	29.84	(e)		64,647	0.97			1.00		(0.30	)	128.5
	(3.03	) (e)		49,592	1.03			1.06		0.18		110.3
	8.34	(e)		65,375	1.20			1.23		(0.64	)	128.9
	12.73	(e)		42,144	1.20			1.24		(0.55	)	184.6
	13.37	(d)		65,943	0.75	(f)		0.81	(f)	(0.28	) (f)	102.0	(f)
	3.51			67,785	0.75			0.77		(0.26	)	114.2
	30.10			57,772	0.75			0.78		(0.08	)	128.5
	(2.85	)		41,967	0.75			0.81		0.33		110.3
	8.84			37,603	0.75			0.75		(0.17	)	128.9
	13.41			33,471	0.75			0.78		(0.14	)	184.6
	13.02	(d)		1,386	1.55	(f)		–		(1.09	) (f)	102.0	(f)
	2.58			1,391	1.55			–		(1.05	)	114.2
	29.09			1,321	1.55			–		(0.87	)	128.5
	(3.56	)		1,275	1.55			–		(0.37	)	110.3
	7.95			1,607	1.56			–		(0.99	)	128.9
	12.34			1,269	1.56			–		(0.92	)	184.6
	13.09	(d)		2,780	1.42	(f)		–		(0.95	) (f)	102.0	(f)
	2.66			2,548	1.42			–		(0.90	)	114.2
	29.43			3,764	1.42			–		(0.74	)	128.5
	(3.63	) (g)		3,717	1.42			–		(0.28	)	110.3
	8.11	(g)		3,642	1.43			–		(0.86	)	128.9
	12.62			2,751	1.43			–		(0.78	)	184.6
	13.15	(d)		12,967	1.24	(f)		–		(0.77	) (f)	102.0	(f)
	2.86			12,807	1.24			–		(0.75	)	114.2
	29.65			11,542	1.24			–		(0.57	)	128.5
	(3.44	)		9,967	1.24			–		(0.05	)	110.3
	8.31			11,746	1.25			–		(0.74	)	128.9
	12.83			4,118	1.25			–		(0.58	)	184.6
	13.23	(d)		4,504	1.05	(f)		–		(0.58	) (f)	102.0	(f)
	3.18			4,997	1.05			–		(0.54	)	114.2
	29.71			6,854	1.05			–		(0.37	)	128.5
	(3.14	)		6,594	1.05			–		0.03		110.3
	8.53			5,296	1.06			–		(0.53	)	128.9
	12.96			2,193	1.06			–		(0.42	)	184.6
	13.29	(d)		24,584	0.93	(f)		–		(0.46	) (f)	102.0	(f)
	3.29			22,080	0.93			–		(0.44	)	114.2
	29.94			19,952	0.93			–		(0.26	)	128.5
	(3.04	)		16,619	0.93			–		0.21		110.3
	8.56			17,729	0.94			–		(0.37	)	128.9
	13.16			14,192	0.94			–		(0.29	)	184.6

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.

See accompanying notes.

490

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
							Net Realized
			Net Asset Value,				and Unrealized			Total From
			Beginning of	Net Investment			Gain (Loss) on			Investment		Distributions from		Total Dividends			Net Asset Value,
			Period	Income (Loss)(a)			Investments			Operations		Realized Gains		and Distributions			End of Period
MIDCAP GROWTH FUND III
Class J shares
2019	(c)	$	9.35	($0.02	)	$	1.11		$	1.09		($1.14	)	($1.14	)	$	9.30
2018			10.21	(0.06	)		0.69			0.63		(1.49	)	(1.49	)		9.35
2017			8.24	(0.05	)		2.05			2.00		(0.03	)	(0.03	)		10.21
2016			8.88	(0.03	)		(0.11	)		(0.14	)	(0.50	)	(0.50	)		8.24
2015			11.26	(0.07	)		0.30			0.23		(2.61	)	(2.61	)		8.88
2014			12.69	(0.06	)		1.10			1.04		(2.47	)	(2.47	)		11.26
Institutional shares
2019	(c)		11.50	(0.01	)		1.44			1.43		(1.14	)	(1.14	)		11.79
2018			12.19	(0.03	)		0.83			0.80		(1.49	)	(1.49	)		11.50
2017			9.79	(0.01	)		2.44			2.43		(0.03	)	(0.03	)		12.19
2016			10.42	–			(0.13	)		(0.13	)	(0.50	)	(0.50	)		9.79
2015			12.72	(0.04	)		0.35			0.31		(2.61	)	(2.61	)		10.42
2014			13.97	(0.01	)		1.23			1.22		(2.47	)	(2.47	)		12.72
R-1 shares
2019	(c)		9.39	(0.04	)		1.11			1.07		(1.14	)	(1.14	)		9.32
2018			10.30	(0.11	)		0.69			0.58		(1.49	)	(1.49	)		9.39
2017			8.35	(0.09	)		2.07			1.98		(0.03	)	(0.03	)		10.30
2016			9.04	(0.08	)		(0.11	)		(0.19	)	(0.50	)	(0.50	)		8.35
2015			11.46	(0.12	)		0.31			0.19		(2.61	)	(2.61	)		9.04
2014			12.91	(0.11	)		1.13			1.02		(2.47	)	(2.47	)		11.46
R-2 shares
2019	(c)		9.83	(0.04	)		1.18			1.14		(1.14	)	(1.14	)		9.83
2018			10.70	(0.10	)		0.72			0.62		(1.49	)	(1.49	)		9.83
2017			8.66	(0.08	)		2.15			2.07		(0.03	)	(0.03	)		10.70
2016			9.34	(0.07	)		(0.11	)		(0.18	)	(0.50	)	(0.50	)		8.66
2015			11.75	(0.11	)		0.31			0.20		(2.61	)	(2.61	)		9.34
2014			13.16	(0.09	)		1.15			1.06		(2.47	)	(2.47	)		11.75
R-3 shares
2019	(c)		10.72	(0.04	)		1.32			1.28		(1.14	)	(1.14	)		10.86
2018			11.52	(0.09	)		0.78			0.69		(1.49	)	(1.49	)		10.72
2017			9.31	(0.07	)		2.31			2.24		(0.03	)	(0.03	)		11.52
2016			9.99	(0.06	)		(0.12	)		(0.18	)	(0.50	)	(0.50	)		9.31
2015			12.36	(0.09	)		0.33			0.24		(2.61	)	(2.61	)		9.99
2014			13.71	(0.08	)		1.20			1.12		(2.47	)	(2.47	)		12.36
R-4 shares
2019	(c)		11.06	(0.03	)		1.37			1.34		(1.14	)	(1.14	)		11.26
2018			11.82	(0.07	)		0.80			0.73		(1.49	)	(1.49	)		11.06
2017			9.53	(0.05	)		2.37			2.32		(0.03	)	(0.03	)		11.82
2016			10.20	(0.04	)		(0.13	)		(0.17	)	(0.50	)	(0.50	)		9.53
2015			12.54	(0.07	)		0.34			0.27		(2.61	)	(2.61	)		10.20
2014			13.85	(0.05	)		1.21			1.16		(2.47	)	(2.47	)		12.54
R-5 shares
2019	(c)		11.56	(0.02	)		1.44			1.42		(1.14	)	(1.14	)		11.84
2018			12.28	(0.06	)		0.83			0.77		(1.49	)	(1.49	)		11.56
2017			9.89	(0.04	)		2.46			2.42		(0.03	)	(0.03	)		12.28
2016			10.55	(0.03	)		(0.13	)		(0.16	)	(0.50	)	(0.50	)		9.89
2015			12.87	(0.07	)		0.36			0.29		(2.61	)	(2.61	)		10.55
2014			14.13	(0.04	)		1.25			1.21		(2.47	)	(2.47	)		12.87

See accompanying notes.

491

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	14.65%(d),(e)		$	40,037	1.26	%(f)		1.37	%(f)	(0.51	)%(f)	35.4	%(f)
	6.61	(e)		36,912	1.24			1.35		(0.56	)	44.3
	24.31	(e)		35,778	1.29			1.37		(0.49	)	81.6
	(1.47	) (e)		31,465	1.30			1.36		(0.39	)	64.6
	2.53	(e)		35,147	1.37			1.43		(0.77	)	64.6
	9.50	(e)		37,273	1.41			1.47		(0.53	)	131.4
	14.90	(d)		1,059,791	0.91	(f),(g)		–		(0.16	) (f)	35.4	(f)
	6.97			961,018	0.91	(g)		–		(0.22	)	44.3
	24.85			1,037,760	0.94	(g)		–		(0.13	)	81.6
	(1.15	)		1,302,544	0.95	(g)		–		(0.04	)	64.6
	2.93			1,319,604	0.95	(g)		–		(0.34	)	64.6
	9.99			1,378,931	0.95	(g)		–		(0.07	)	131.4
	14.35	(d)		1,622	1.79	(f),(g)		–		(1.04	) (f)	35.4	(f)
	6.00			1,665	1.78	(g)		–		(1.10	)	44.3
	23.75			2,266	1.81	(g)		–		(1.01	)	81.6
	(2.03	)		2,023	1.82	(g)		–		(0.90	)	64.6
	2.05			2,914	1.83	(g)		–		(1.22	)	64.6
	9.12			3,400	1.83	(g)		–		(0.95	)	131.4
	14.41	(d)		1,781	1.66	(f),(g)		–		(0.90	) (f)	35.4	(f)
	6.17			1,848	1.65	(g)		–		(0.97	)	44.3
	23.93			2,177	1.68	(g)		–		(0.88	)	81.6
	(1.95	) (h)		3,057	1.69	(g)		–		(0.79	)	64.6
	2.21	(h)		4,233	1.70	(g)		–		(1.09	)	64.6
	9.27			4,970	1.70	(g)		–		(0.81	)	131.4
	14.53	(d)		2,499	1.48	(f),(g)		–		(0.72	) (f)	35.4	(f)
	6.35			3,424	1.47	(g)		–		(0.78	)	44.3
	24.09			4,920	1.50	(g)		–		(0.69	)	81.6
	(1.72	)		6,088	1.51	(g)		–		(0.60	)	64.6
	2.36			8,561	1.52	(g)		–		(0.87	)	64.6
	9.36			18,078	1.52	(g)		–		(0.63	)	131.4
	14.64	(d)		3,299	1.29	(f),(g)		–		(0.54	) (f)	35.4	(f)
	6.55			3,658	1.28	(g)		–		(0.60	)	44.3
	24.37			5,191	1.31	(g)		–		(0.51	)	81.6
	(1.58	)		5,682	1.32	(g)		–		(0.41	)	64.6
	2.60			8,250	1.33	(g)		–		(0.68	)	64.6
	9.58			22,511	1.33	(g)		–		(0.44	)	131.4
	14.71	(d)		5,847	1.17	(f),(g)		–		(0.41	) (f)	35.4	(f)
	6.64			6,408	1.16	(g)		–		(0.49	)	44.3
	24.50			7,385	1.19	(g)		–		(0.39	)	81.6
	(1.42	)		7,628	1.20	(g)		–		(0.28	)	64.6
	2.72			10,947	1.21	(g)		–		(0.61	)	64.6
	9.76			11,399	1.21	(g)		–		(0.30	)	131.4

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.

See accompanying notes.

492

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized					Total From	Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on					Investment	Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations		Income		Gains			Distributions			End of Period
MIDCAP S&P 400 INDEX FUND
Class J shares
2019	(c)	$	20.17	$	0.11		$	1.29		$	1.40		($0.22	)		($1.68	)	($1.90	)	$	19.67
2018			21.53		0.25			(0.08	)		0.17		(0.21	)		(1.32	)	(1.53	)		20.17
2017			18.62		0.19			3.95			4.14		(0.23	)		(1.00	)	(1.23	)		21.53
2016			19.04		0.23			0.72			0.95		(0.18	)		(1.19	)	(1.37	)		18.62
2015			19.58		0.18			0.35			0.53		(0.16	)		(0.91	)	(1.07	)		19.04
2014			18.35		0.15			1.80			1.95		(0.12	)		(0.60	)	(0.72	)		19.58
Institutional shares
2019	(c)		20.76		0.14			1.31			1.45		(0.26	)		(1.68	)	(1.94	)		20.27
2018			22.11		0.30			(0.08	)		0.22		(0.25	)		(1.32	)	(1.57	)		20.76
2017			19.10		0.24			4.05			4.29		(0.28	)		(1.00	)	(1.28	)		22.11
2016			19.50		0.29			0.74			1.03		(0.24	)		(1.19	)	(1.43	)		19.10
2015			20.03		0.25			0.36			0.61		(0.23	)		(0.91	)	(1.14	)		19.50
2014			18.74		0.23			1.84			2.07		(0.18	)		(0.60	)	(0.78	)		20.03
R-1 shares
2019	(c)		20.45		0.06			1.32			1.38		(0.08	)		(1.68	)	(1.76	)		20.07
2018			21.81		0.11			(0.07	)		0.04		(0.08	)		(1.32	)	(1.40	)		20.45
2017			18.84		0.05			4.01			4.06		(0.09	)		(1.00	)	(1.09	)		21.81
2016			19.23		0.14			0.73			0.87		(0.07	)		(1.19	)	(1.26	)		18.84
2015			19.78		0.08			0.35			0.43		(0.07	)		(0.91	)	(0.98	)		19.23
2014			18.58		0.07			1.82			1.89		(0.09	)		(0.60	)	(0.69	)		19.78
R-2 shares
2019	(c)		21.11		0.07			1.37			1.44		(0.09	)		(1.68	)	(1.77	)		20.78
2018			22.46		0.14			(0.07	)		0.07		(0.10	)		(1.32	)	(1.42	)		21.11
2017			19.40		0.09			4.12			4.21		(0.15	)		(1.00	)	(1.15	)		22.46
2016			19.75		0.16			0.77			0.93		(0.09	)		(1.19	)	(1.28	)		19.40
2015			20.28		0.11			0.36			0.47		(0.09	)		(0.91	)	(1.00	)		19.75
2014			18.98		0.10			1.86			1.96		(0.06	)		(0.60	)	(0.66	)		20.28

See accompanying notes.

493

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	8.75%(d),(e)		$	126,919	0.41	%(f)		0.44	%(f)		1.21	%(f)	18.5	%(f)
	0.59	(e)		120,967	0.39			0.42			1.15		14.3
	22.90	(e)		131,713	0.42			0.45			0.93		23.2
	5.63	(e)		105,731	0.50			0.53			1.27		17.6
	2.84	(e)		93,241	0.54			0.59			0.93		19.8
	10.96	(e)		88,285	0.60			0.64			0.79		13.9
	8.78	(d)		431,439	0.21	(f),(g)		–			1.41	(f)	18.5	(f)
	0.81			422,159	0.20	(g)		–			1.35		14.3
	23.14			510,771	0.21	(g)		–			1.14		23.2
	5.96			666,562	0.20			0.20			1.57		17.6
	3.20			621,745	0.19			0.19			1.26		19.8
	11.44			534,362	0.20			0.20			1.19		13.9
	8.37	(d)		9,752	1.04	(f)		–			0.59	(f)	18.5	(f)
	(0.03	)		10,070	1.04			–			0.51		14.3
	22.10			12,117	1.04			–			0.27		23.2
	5.11			12,290	1.04			–			0.74		17.6
	2.30			19,225	1.04			–			0.42		19.8
	10.48			20,397	1.04			–			0.35		13.9
	8.41	(d)		16,579	0.91	(f)		–			0.72	(f)	18.5	(f)
	0.11			17,354	0.91			–			0.64		14.3
	22.25			23,332	0.91			–			0.43		23.2
	5.25			15,930	0.91			–			0.86		17.6
	2.43			17,423	0.91			–			0.56		19.8
	10.61			21,010	0.91			–			0.49		13.9

See accompanying notes.

494

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized					Total From	Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on					Investment	Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations		Income		Gains			Distributions			End of Period
MIDCAP S&P 400 INDEX FUND
R-3 shares
2019	(c)	$	21.05	$	0.09		$	1.35		$	1.44		($0.14	)		($1.68	)	($1.82	)	$	20.67
2018			22.40		0.19			(0.08	)		0.11		(0.14	)		(1.32	)	(1.46	)		21.05
2017			19.34		0.13			4.11			4.24		(0.18	)		(1.00	)	(1.18	)		22.40
2016			19.71		0.20			0.75			0.95		(0.13	)		(1.19	)	(1.32	)		19.34
2015			20.24		0.15			0.36			0.51		(0.13	)		(0.91	)	(1.04	)		19.71
2014			18.94		0.13			1.86			1.99		(0.09	)		(0.60	)	(0.69	)		20.24
R-4 shares
2019	(c)		21.14		0.11			1.36			1.47		(0.18	)		(1.68	)	(1.86	)		20.75
2018			22.49		0.23			(0.08	)		0.15		(0.18	)		(1.32	)	(1.50	)		21.14
2017			19.40		0.16			4.13			4.29		(0.20	)		(1.00	)	(1.20	)		22.49
2016			19.77		0.23			0.76			0.99		(0.17	)		(1.19	)	(1.36	)		19.40
2015			20.29		0.19			0.36			0.55		(0.16	)		(0.91	)	(1.07	)		19.77
2014			19.00		0.17			1.86			2.03		(0.14	)		(0.60	)	(0.74	)		20.29
R-5 shares
2019	(c)		21.32		0.12			1.38			1.50		(0.21	)		(1.68	)	(1.89	)		20.93
2018			22.67		0.26			(0.08	)		0.18		(0.21	)		(1.32	)	(1.53	)		21.32
2017			19.56		0.20			4.15			4.35		(0.24	)		(1.00	)	(1.24	)		22.67
2016			19.93		0.26			0.75			1.01		(0.19	)		(1.19	)	(1.38	)		19.56
2015			20.44		0.21			0.38			0.59		(0.19	)		(0.91	)	(1.10	)		19.93
2014			19.13		0.19			1.87			2.06		(0.15	)		(0.60	)	(0.75	)		20.44
R-6 shares
2019	(c)		20.74		0.14			1.32			1.46		(0.27	)		(1.68	)	(1.95	)		20.25
2018			22.09		0.31			(0.08	)		0.23		(0.26	)		(1.32	)	(1.58	)		20.74
2017	(h)		20.62		0.22			2.54			2.76		(0.29	)		(1.00	)	(1.29	)		22.09

See accompanying notes.

495

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	8.52	%(d)	$	94,697	0.73	%(f)		–%		0.90	%(f)	18.5	(f)
	0.29			93,374	0.73			–		0.83		14.3
	22.50			119,455	0.73			–		0.61		23.2
	5.41			104,741	0.73			–		1.05		17.6
	2.64			114,367	0.73			–		0.74		19.8
	10.82			124,106	0.73			–		0.67		13.9
	8.62	(d)		64,635	0.54	(f)		–		1.09	(f)	18.5	(f)
	0.47			66,297	0.54			–		1.01		14.3
	22.69			93,581	0.54			–		0.78		23.2
	5.63			104,499	0.54			–		1.23		17.6
	2.86			119,042	0.54			–		0.92		19.8
	11.02			110,658	0.54			–		0.85		13.9
	8.74	(d)		161,432	0.42	(f)		–		1.22	(f)	18.5	(f)
	0.58			183,944	0.42			–		1.13		14.3
	22.86			215,661	0.42			–		0.93		23.2
	5.71			196,677	0.42			–		1.35		17.6
	3.02			199,225	0.42			–		1.05		19.8
	11.11			215,084	0.42			–		0.98		13.9
	8.83	(d)		509,207	0.16	(f),(g)		–		1.44	(f)	18.5	(f)
	0.85			405,426	0.16	(g)		–		1.38		14.3
	13.99	(d)		341,001	0.17	(f),(g)		–		1.11	(f)	23.2	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Period from November 22, 2016, date operations commenced, through October 31, 2017.

See accompanying notes.

496

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
			Net Asset Value,			Net Investment		and Unrealized					Total From		Dividends from			Distributions			Total
			Beginning of	Income (Loss)				Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period			(a)		Investments					Operations			Income		Gains			Distributions			End of Period
MIDCAP VALUE FUND I
Class J shares
2019	(c)	$	14.44		$	0.05			$	0.87		$	0.92			($0.09	)		($1.44	)	($1.53	)	$	13.83
2018			15.31			0.10				0.03			0.13			(0.07	)		(0.93	)	(1.00	)		14.44
2017			13.02			0.08				2.39			2.47			(0.18	)		–		(0.18	)		15.31
2016			14.10			0.14				0.12			0.26			(0.05	)		(1.29	)	(1.34	)		13.02
2015			16.34			0.04				(0.17	)		(0.13	)		(0.03	)		(2.08	)	(2.11	)		14.10
2014			18.32			0.03				2.17			2.20			(0.04	)		(4.14	)	(4.18	)		16.34
Institutional shares
2019	(c)		14.62			0.08				0.85			0.93			(0.13	)		(1.44	)	(1.57	)		13.98
2018			15.48			0.15				0.03			0.18			(0.11	)		(0.93	)	(1.04	)		14.62
2017			13.16			0.12				2.42			2.54			(0.22	)		–		(0.22	)		15.48
2016			14.26			0.18				0.11			0.29			(0.10	)		(1.29	)	(1.39	)		13.16
2015			16.49			0.10				(0.17	)		(0.07	)		(0.08	)		(2.08	)	(2.16	)		14.26
2014			18.45			0.10				2.18			2.28			(0.10	)		(4.14	)	(4.24	)		16.49
R-1 shares
2019	(c)		13.96			0.02				0.84			0.86			–			(1.44	)	(1.44	)		13.38
2018			14.84			0.01				0.04			0.05			–			(0.93	)	(0.93	)		13.96
2017			12.61			–				2.32			2.32			(0.09	)		–		(0.09	)		14.84
2016			13.72			0.06				0.12			0.18			–			(1.29	)	(1.29	)		12.61
2015			16.00			(0.03	)			(0.17	)		(0.20	)		–			(2.08	)	(2.08	)		13.72
2014			18.05			(0.04	)			2.13			2.09			–			(4.14	)	(4.14	)		16.00
R-2 shares
2019	(c)		14.10			0.02				0.87			0.89			(0.02	)		(1.44	)	(1.46	)		13.53
2018			14.97			0.03				0.03			0.06			–			(0.93	)	(0.93	)		14.10
2017			12.73			0.02				2.34			2.36			(0.12	)		–		(0.12	)		14.97
2016			13.82			0.08				0.12			0.20			–			(1.29	)	(1.29	)		12.73
2015			16.08			(0.01	)			(0.17	)		(0.18	)		–			(2.08	)	(2.08	)		13.82
2014			18.10			(0.02	)			2.14			2.12			–			(4.14	)	(4.14	)		16.08

See accompanying notes.

497

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	8.20%(d),(e)		$	157,857	1.17	%(f)		1.30	%(f)		0.70	%(f)	54.1	%(f)
	0.67	(e)		65,310	1.20			1.35			0.65		61.1
	19.12	(e)		72,785	1.20			1.35			0.54		58.5
	2.37	(e),(g)		65,870	1.23			1.35			1.07		131.3
	(0.96) (e),(g)			70,488	1.31			1.40			0.27		106.6
	14.64	(e)		77,754	1.36			1.46			0.17		85.3
	8.25	(d)		211,195	0.90	(f),(h)		–			1.21	(f)	54.1	(f)
	0.99			824,306	0.90	(h)		–			0.95		61.1
	19.47			917,891	0.91	(h)		–			0.84		58.5
	2.69			944,079	0.94	(h)		–			1.43		131.3
	(0.59	)		1,518,632	0.94	(h)		–			0.64		106.6
	15.07			1,377,675	0.94	(h)		–			0.59		85.3
	7.95	(d)		3,306	1.73	(f),(h)		–			0.25	(f)	54.1	(f)
	0.14			3,190	1.76	(h)		–			0.08		61.1
	18.48			4,191	1.75	(h)		–			0.00		58.5
	1.78	(g)		4,475	1.79	(h)		–			0.52		131.3
	(1.45	) (g)		5,378	1.80	(h)		–			(0.21	)	106.6
	14.13			6,852	1.80	(h)		–			(0.27	)	85.3
	8.05	(d)		3,411	1.60	(f),(h)		–			0.36	(f)	54.1	(f)
	0.21			2,579	1.63	(h)		–			0.23		61.1
	18.58			5,282	1.62	(h)		–			0.12		58.5
	2.00			5,592	1.66	(h)		–			0.65		131.3
	(1.37	)		9,423	1.67	(h)		–			(0.08	)	106.6
	14.30			12,046	1.67	(h)		–			(0.13	)	85.3

See accompanying notes.

498

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations					Income		Gains			Distributions			End of Period
MIDCAP VALUE FUND I
R-3 shares
2019	(c)	$	14.37	$	0.03		$	0.88			$	0.91			($0.04	)		($1.44	)	($1.48	)	$	13.80
2018			15.22		0.06			0.04				0.10			(0.02	)		(0.93	)	(0.95	)		14.37
2017			12.94		0.05			2.37				2.42			(0.14	)		–		(0.14	)		15.22
2016			14.03		0.11			0.11				0.22			(0.02	)		(1.29	)	(1.31	)		12.94
2015			16.26		0.01			(0.16	)			(0.15	)		–			(2.08	)	(2.08	)		14.03
2014			18.25		0.01			2.16				2.17			(0.02	)		(4.14	)	(4.16	)		16.26
R-4 shares
2019	(c)		14.42		0.05			0.87				0.92			(0.07	)		(1.44	)	(1.51	)		13.83
2018			15.27		0.09			0.03				0.12			(0.04	)		(0.93	)	(0.97	)		14.42
2017			12.99		0.07			2.38				2.45			(0.17	)		–		(0.17	)		15.27
2016			14.07		0.13			0.13				0.26			(0.05	)		(1.29	)	(1.34	)		12.99
2015			16.31		0.04			(0.17	)			(0.13	)		(0.03	)		(2.08	)	(2.11	)		14.07
2014			18.30		0.04			2.16				2.20			(0.05	)		(4.14	)	(4.19	)		16.31
R-5 shares
2019	(c)		14.50		0.06			0.87				0.93			(0.09	)		(1.44	)	(1.53	)		13.90
2018			15.36		0.11			0.03				0.14			(0.07	)		(0.93	)	(1.00	)		14.50
2017			13.06		0.09			2.40				2.49			(0.19	)		–		(0.19	)		15.36
2016			14.15		0.15			0.11				0.26			(0.06	)		(1.29	)	(1.35	)		13.06
2015			16.39		0.06			(0.17	)			(0.11	)		(0.05	)		(2.08	)	(2.13	)		14.15
2014			18.36		0.06			2.17				2.23			(0.06	)		(4.14	)	(4.20	)		16.39
R-6 shares
2019	(i)		13.56		–			0.44				0.44			–			–		–			14.00

See accompanying notes.

499

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	8.13	%(d)	$	15,340	1.42%(f),(h)			–%		0.51	%(f)	54.1	(f)
	0.45			9,098	1.45	(h)		–		0.41		61.1
	18.79			15,901	1.44	(h)		–		0.32		58.5
	2.13			20,452	1.48	(h)		–		0.87		131.3
	(1.15	)		29,970	1.49	(h)		–		0.10		106.6
	14.49			37,981	1.49	(h)		–		0.05		85.3
	8.22	(d)		12,813	1.23	(f),(h)		–		0.71	(f)	54.1	(f)
	0.64			8,590	1.26	(h)		–		0.60		61.1
	18.99			14,907	1.25	(h)		–		0.52		58.5
	2.35	(g)		20,414	1.29	(h)		–		1.03		131.3
	(0.92	) (g)		27,448	1.30	(h)		–		0.30		106.6
	14.66			36,994	1.30	(h)		–		0.24		85.3
	8.29	(d)		31,852	1.11	(f),(h)		–		0.86	(f)	54.1	(f)
	0.73			27,630	1.14	(h)		–		0.70		61.1
	19.18			35,516	1.13	(h)		–		0.66		58.5
	2.49			50,945	1.17	(h)		–		1.15		131.3
	(0.89	)		66,454	1.18	(h)		–		0.41		106.6
	14.86			83,762	1.18	(h)		–		0.35		85.3
	3.24	(d)		2,070,297	0.68	(f),(h)		–		0.39	(f)	54.1	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(h)	Reflects Manager's contractual expense limit.
(i)	Period from April 2, 2019, date operations commenced, through April 30, 2019.

See accompanying notes.

500

					Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
							Total From
			Net Asset Value,		Net Investment		Investment	Dividends from Net		Total Dividends and			Net Asset Value,
			Beginning of Period		Income (Loss)(a)		Operations	Investment Income		Distributions			End of Period
MONEY MARKET FUND
Class J shares
2019	(c)	$	1.00	$	0.01	$	0.01	($0.01	)	($0.01	)	$	1.00
2018			1.00		0.01		0.01	(0.01	)	(0.01	)		1.00
2017			1.00		–		–	–		–			1.00
2016			1.00		–		–	–		–			1.00
2015			1.00		–		–	–		–			1.00
2014			1.00		–		–	–		–			1.00

See accompanying notes.

501

			Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
				Ratio of Expenses to Average			Ratio of Gross Expenses to			Ratio of Net Investment Income
Total Return			Net Assets, End of Period (in thousands)		Net Assets		Average Net Assets(b)			to Average Net Assets
0.98%(d),(e)		$	262,706		0.59	%(f)		0.74	%(f)		1.95	%(f)
1.29	(e)		257,738		0.59			0.74			1.28
0.48	(e)		243,195		0.58			0.73			0.43
0.00	(e)		268,364		0.50			0.76			0.00
0.00	(e)		254,240		0.20			0.83			0.00
0.00	(e)		249,914		0.17			0.82			0.00

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.

See accompanying notes.

502

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized					Total From		Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations			Income		Gains			Distributions			End of Period
OVERSEAS FUND
Institutional shares
2019	(b)	$	10.12	$	0.15		$	0.22		$	0.37			($0.24	)		($0.61	)	($0.85	)	$	9.64
2018			11.53		0.25			(1.30	)		(1.05	)		(0.21	)		(0.15	)	(0.36	)		10.12
2017			9.40		0.20			2.12			2.32			(0.19	)		–		(0.19	)		11.53
2016			10.17		0.19			(0.59	)		(0.40	)		(0.18	)		(0.19	)	(0.37	)		9.40
2015			11.51		0.20			(0.73	)		(0.53	)		(0.28	)		(0.53	)	(0.81	)		10.17
2014			12.11		0.25			(0.08	)		0.17			(0.22	)		(0.55	)	(0.77	)		11.51
R-1 shares
2019	(b)		10.01		0.11			0.23			0.34			(0.16	)		(0.61	)	(0.77	)		9.58
2018			11.38		0.15			(1.29	)		(1.14	)		(0.08	)		(0.15	)	(0.23	)		10.01
2017			9.30		0.12			2.10			2.22			(0.14	)		–		(0.14	)		11.38
2016			10.07		0.10			(0.59	)		(0.49	)		(0.09	)		(0.19	)	(0.28	)		9.30
2015			11.40		0.10			(0.72	)		(0.62	)		(0.18	)		(0.53	)	(0.71	)		10.07
2014			12.01		0.15			(0.08	)		0.07			(0.13	)		(0.55	)	(0.68	)		11.40
R-2 shares
2019	(b)		10.03		0.11			0.24			0.35			(0.17	)		(0.61	)	(0.78	)		9.60
2018			11.44		0.17			(1.30	)		(1.13	)		(0.13	)		(0.15	)	(0.28	)		10.03
2017			9.32		0.13			2.10			2.23			(0.11	)		–		(0.11	)		11.44
2016			10.09		0.12			(0.59	)		(0.47	)		(0.11	)		(0.19	)	(0.30	)		9.32
2015			11.42		0.11			(0.71	)		(0.60	)		(0.20	)		(0.53	)	(0.73	)		10.09
2014			12.02		0.16			(0.07	)		0.09			(0.14	)		(0.55	)	(0.69	)		11.42
R-3 shares
2019	(b)		10.00		0.13			0.22			0.35			(0.18	)		(0.61	)	(0.79	)		9.56
2018			11.41		0.19			(1.29	)		(1.10	)		(0.16	)		(0.15	)	(0.31	)		10.00
2017			9.31		0.16			2.08			2.24			(0.14	)		–		(0.14	)		11.41
2016			10.08		0.14			(0.59	)		(0.45	)		(0.13	)		(0.19	)	(0.32	)		9.31
2015			11.41		0.13			(0.71	)		(0.58	)		(0.22	)		(0.53	)	(0.75	)		10.08
2014			12.04		0.19			(0.08	)		0.11			(0.19	)		(0.55	)	(0.74	)		11.41
R-4 shares
2019	(b)		10.06		0.13			0.24			0.37			(0.21	)		(0.61	)	(0.82	)		9.61
2018			11.46		0.21			(1.30	)		(1.09	)		(0.16	)		(0.15	)	(0.31	)		10.06
2017			9.35		0.17			2.10			2.27			(0.16	)		–		(0.16	)		11.46
2016			10.12		0.16			(0.59	)		(0.43	)		(0.15	)		(0.19	)	(0.34	)		9.35
2015			11.45		0.16			(0.72	)		(0.56	)		(0.24	)		(0.53	)	(0.77	)		10.12
2014			12.07		0.21			(0.08	)		0.13			(0.20	)		(0.55	)	(0.75	)		11.45
R-5 shares
2019	(b)		10.07		0.14			0.23			0.37			(0.22	)		(0.61	)	(0.83	)		9.61
2018			11.47		0.22			(1.29	)		(1.07	)		(0.18	)		(0.15	)	(0.33	)		10.07
2017			9.36		0.18			2.10			2.28			(0.17	)		–		(0.17	)		11.47
2016			10.12		0.17			(0.58	)		(0.41	)		(0.16	)		(0.19	)	(0.35	)		9.36
2015			11.46		0.17			(0.73	)		(0.56	)		(0.25	)		(0.53	)	(0.78	)		10.12
2014			12.06		0.22			(0.07	)		0.15			(0.20	)		(0.55	)	(0.75	)		11.46

See accompanying notes.

503

				Financial Highlights (Continued)
				Principal Funds, Inc.
					(unaudited)
					Ratio of Expenses to Average		Ratio of Net Investment Income
Total Return		Net Assets, End of Period (in thousands)			Net Assets		to Average Net Assets			Portfolio Turnover Rate
4.84	%(c)		$	2,925,877	1.03%(d),(e)			3.20	%(d)	44.4	%(d)
(9.44	)			2,919,837	1.02	(e)		2.21		45.9
25.17				3,634,802	1.04	(e)		1.94		50.5
(3.88	)			3,080,741	1.07	(e)		2.05		31.8
(4.66	)			2,654,066	1.06	(e)		1.85		35.8
1.49				2,559,657	1.06	(e)		2.14		34.9
4.40	(c)			18	1.90	(d),(e)		2.37	(d)	44.4	(d)
(10.22	)			16	1.89	(e)		1.38		45.9
24.16				19	1.91	(e)		1.15		50.5
(4.82	)			21	1.94	(e)		1.05		31.8
(5.49	)			12	1.93	(e)		0.95		35.8
0.63				12	1.93	(e)		1.24		34.9
4.50	(c)			13	1.77	(d),(e)		2.47	(d)	44.4	(d)
(10.14	)			13	1.76	(e)		1.49		45.9
24.25				14	1.78	(e)		1.22		50.5
(4.63	)			14	1.81	(e)		1.29		31.8
(5.36	)			12	1.80	(e)		1.07		35.8
0.82				12	1.80	(e)		1.37		34.9
4.60	(c)			619	1.59	(d),(e)		2.76	(d)	44.4	(d)
(9.95	)			521	1.58	(e)		1.67		45.9
24.35				650	1.60	(e)		1.50		50.5
(4.43	)			321	1.63	(e)		1.49		31.8
(5.12	)			281	1.62	(e)		1.25		35.8
0.94				249	1.62	(e)		1.58		34.9
4.72	(c)			520	1.40	(d),(e)		2.88	(d)	44.4	(d)
(9.79	)			477	1.39	(e)		1.88		45.9
24.64				569	1.41	(e)		1.63		50.5
(4.28	)			546	1.44	(e)		1.71		31.8
(4.98	)			461	1.43	(e)		1.46		35.8
1.15				484	1.43	(e)		1.81		34.9
4.76	(c)			613	1.28	(d),(e)		2.95	(d)	44.4	(d)
(9.62	)			631	1.27	(e)		2.01		45.9
24.75				657	1.29	(e)		1.73		50.5
(4.15	) (f)			501	1.32	(e)		1.81		31.8
(4.85	) (f)			512	1.31	(e)		1.57		35.8
1.26				554	1.31	(e)		1.87		34.9

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Computed on an annualized basis.
(e)	Reflects Manager's contractual expense limit.
(f)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.

See accompanying notes.

504

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized		Total From	Dividends from			Distributions			Total
			Beginning of		Income (Loss)		Gain (Loss) on		Investment	Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)		Investments		Operations		Income		Gains			Distributions			End of Period
PRINCIPAL CAPITAL APPRECIATION FUND
Institutional shares
2019	(b)	$	64.54	$	0.37	$	3.50	$	3.87		($0.83	)		($18.20	)	($19.03	)	$	49.38
2018			64.86		1.00		3.63		4.63		(0.82	)		(4.13	)	(4.95	)		64.54
2017			58.24		0.78		11.72		12.50		(0.79	)		(5.09	)	(5.88	)		64.86
2016			60.21		0.86		0.39		1.25		(0.87	)		(2.35	)	(3.22	)		58.24
2015			59.67		0.86		2.64		3.50		(0.73	)		(2.23	)	(2.96	)		60.21
2014			53.31		0.71		7.41		8.12		(0.61	)		(1.15	)	(1.76	)		59.67
R-1 shares
2019	(b)		63.08		0.15		3.39		3.54		(0.41	)		(18.20	)	(18.61	)		48.01
2018			63.50		0.49		3.49		3.98		(0.27	)		(4.13	)	(4.40	)		63.08
2017			57.05		0.24		11.52		11.76		(0.22	)		(5.09	)	(5.31	)		63.50
2016			59.14		0.37		0.38		0.75		(0.49	)		(2.35	)	(2.84	)		57.05
2015			58.68		0.33		2.60		2.93		(0.24	)		(2.23	)	(2.47	)		59.14
2014			52.40		0.22		7.30		7.52		(0.09	)		(1.15	)	(1.24	)		58.68
R-2 shares
2019	(b)		63.18		0.19		3.40		3.59		(0.38	)		(18.20	)	(18.58	)		48.19
2018			63.62		0.60		3.48		4.08		(0.39	)		(4.13	)	(4.52	)		63.18
2017			57.24		0.34		11.51		11.85		(0.38	)		(5.09	)	(5.47	)		63.62
2016			59.28		0.43		0.40		0.83		(0.52	)		(2.35	)	(2.87	)		57.24
2015			58.79		0.41		2.59		3.00		(0.28	)		(2.23	)	(2.51	)		59.28
2014			52.56		0.29		7.32		7.61		(0.23	)		(1.15	)	(1.38	)		58.79
R-3 shares
2019	(b)		63.23		0.23		3.38		3.61		(0.51	)		(18.20	)	(18.71	)		48.13
2018			63.61		0.67		3.51		4.18		(0.43	)		(4.13	)	(4.56	)		63.23
2017			57.22		0.45		11.51		11.96		(0.48	)		(5.09	)	(5.57	)		63.61
2016			59.22		0.53		0.40		0.93		(0.58	)		(2.35	)	(2.93	)		57.22
2015			58.78		0.52		2.59		3.11		(0.44	)		(2.23	)	(2.67	)		59.22
2014			52.58		0.38		7.32		7.70		(0.35	)		(1.15	)	(1.50	)		58.78
R-4 shares
2019	(b)		63.79		0.28		3.44		3.72		(0.64	)		(18.20	)	(18.84	)		48.67
2018			64.18		0.83		3.51		4.34		(0.60	)		(4.13	)	(4.73	)		63.79
2017			57.69		0.56		11.60		12.16		(0.58	)		(5.09	)	(5.67	)		64.18
2016			59.66		0.65		0.40		1.05		(0.67	)		(2.35	)	(3.02	)		57.69
2015			59.17		0.63		2.62		3.25		(0.53	)		(2.23	)	(2.76	)		59.66
2014			52.91		0.50		7.35		7.85		(0.44	)		(1.15	)	(1.59	)		59.17
R-5 shares
2019	(b)		64.05		0.30		3.45		3.75		(0.70	)		(18.20	)	(18.90	)		48.90
2018			64.40		0.90		3.53		4.43		(0.65	)		(4.13	)	(4.78	)		64.05
2017			57.87		0.63		11.64		12.27		(0.65	)		(5.09	)	(5.74	)		64.40
2016			59.86		0.72		0.39		1.11		(0.75	)		(2.35	)	(3.10	)		57.87
2015			59.34		0.70		2.63		3.33		(0.58	)		(2.23	)	(2.81	)		59.86
2014			53.06		0.56		7.38		7.94		(0.51	)		(1.15	)	(1.66	)		59.34

See accompanying notes.

505

			Financial Highlights (Continued)
			Principal Funds, Inc.
				(unaudited)
				Ratio of Expenses to Average		Ratio of Net Investment Income
Total Return			Net Assets, End of Period (in thousands)	Net Assets		to Average Net Assets			Portfolio Turnover Rate
11.72	%(c)	$	733,920	0.47%(d),(e)			1.53	%(d)	51.9	%(d)
7.35			683,933	0.47	(e)		1.53		36.3
22.97			1,385,593	0.47	(e)		1.30		20.1
2.27			1,399,596	0.47			1.49		34.5
6.12			1,501,149	0.46			1.45		14.0
15.62			1,507,343	0.46			1.27		8.3
11.22	(c)		2,196	1.37	(d)		0.63	(d)	51.9	(d)
6.40			2,381	1.35			0.76		36.3
21.93			2,547	1.33			0.41		20.1
1.38	(f)		2,904	1.33			0.65		34.5
5.21	(f)		4,282	1.33			0.56		14.0
14.60			1,635	1.34			0.39		8.3
11.30	(c)		2,814	1.24	(d)		0.79	(d)	51.9	(d)
6.55			3,249	1.22			0.94		36.3
22.06			3,807	1.20			0.57		20.1
1.54			3,393	1.20			0.76		34.5
5.33			3,797	1.20			0.70		14.0
14.77			2,155	1.21			0.52		8.3
11.38	(c)		16,783	1.06	(d)		0.95	(d)	51.9	(d)
6.74			17,054	1.04			1.04		36.3
22.30			24,316	1.02			0.76		20.1
1.70	(f)		29,886	1.02			0.94		34.5
5.53	(f)		35,202	1.02			0.88		14.0
14.97			24,394	1.03			0.70		8.3
11.51	(c)		16,196	0.87	(d)		1.14	(d)	51.9	(d)
6.94			17,986	0.85			1.29		36.3
22.53	(f)		22,400	0.83			0.93		20.1
1.90	(f)		20,833	0.83			1.13		34.5
5.73			23,003	0.83			1.07		14.0
15.17			15,267	0.84			0.90		8.3
11.56	(c)		40,825	0.75	(d)		1.24	(d)	51.9	(d)
7.07			35,915	0.73			1.39		36.3
22.67			42,983	0.71			1.06		20.1
2.03			49,392	0.71			1.25		34.5
5.86			54,410	0.71			1.19		14.0
15.32			36,551	0.72			1.00		8.3

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Computed on an annualized basis.
(e)	Reflects Manager's contractual expense limit.
(f)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.

See accompanying notes.

506

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized					Total From		Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations			Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME 2010 FUND
Class J shares
2019	(d)	$	13.20	$	0.25		$	0.46		$	0.71			($0.34	)		($0.68	)	($1.02	)	$	12.89
2018			13.95		0.36			(0.45	)		(0.09	)		(0.36	)		(0.30	)	(0.66	)		13.20
2017			13.20		0.26			1.01			1.27			(0.24	)		(0.28	)	(0.52	)		13.95
2016			13.44		0.22			0.15			0.37			(0.21	)		(0.40	)	(0.61	)		13.20
2015			13.65		0.27			(0.22	)		0.05			(0.26	)		–		(0.26	)		13.44
2014			13.07		0.23			0.58			0.81			(0.23	)		–		(0.23	)		13.65
Institutional shares
2019	(d)		13.26		0.27			0.44			0.71			(0.36	)		(0.68	)	(1.04	)		12.93
2018			14.01		0.40			(0.47	)		(0.07	)		(0.38	)		(0.30	)	(0.68	)		13.26
2017			13.26		0.29			1.01			1.30			(0.27	)		(0.28	)	(0.55	)		14.01
2016			13.50		0.25			0.16			0.41			(0.25	)		(0.40	)	(0.65	)		13.26
2015			13.71		0.32			(0.23	)		0.09			(0.30	)		–		(0.30	)		13.50
2014			13.13		0.27			0.58			0.85			(0.27	)		–		(0.27	)		13.71
R-1 shares
2019	(d)		13.18		0.22			0.44			0.66			(0.23	)		(0.68	)	(0.91	)		12.93
2018			13.92		0.26			(0.45	)		(0.19	)		(0.25	)		(0.30	)	(0.55	)		13.18
2017			13.15		0.17			1.01			1.18			(0.13	)		(0.28	)	(0.41	)		13.92
2016			13.38		0.15			0.14			0.29			(0.12	)		(0.40	)	(0.52	)		13.15
2015			13.58		0.20			(0.23	)		(0.03	)		(0.17	)		–		(0.17	)		13.38
2014			13.00		0.17			0.55			0.72			(0.14	)		–		(0.14	)		13.58
R-2 shares
2019	(d)		13.19		0.21			0.46			0.67			(0.26	)		(0.68	)	(0.94	)		12.92
2018			13.92		0.27			(0.44	)		(0.17	)		(0.26	)		(0.30	)	(0.56	)		13.19
2017			13.15		0.19			1.01			1.20			(0.15	)		(0.28	)	(0.43	)		13.92
2016			13.39		0.15			0.15			0.30			(0.14	)		(0.40	)	(0.54	)		13.15
2015			13.58		0.22			(0.24	)		(0.02	)		(0.17	)		–		(0.17	)		13.39
2014			13.00		0.18			0.56			0.74			(0.16	)		–		(0.16	)		13.58
R-3 shares
2019	(d)		13.12		0.22			0.47			0.69			(0.28	)		(0.68	)	(0.96	)		12.85
2018			13.87		0.32			(0.47	)		(0.15	)		(0.30	)		(0.30	)	(0.60	)		13.12
2017			13.12		0.21			1.01			1.22			(0.19	)		(0.28	)	(0.47	)		13.87
2016			13.36		0.18			0.14			0.32			(0.16	)		(0.40	)	(0.56	)		13.12
2015			13.56		0.24			(0.22	)		0.02			(0.22	)		–		(0.22	)		13.36
2014			12.99		0.19			0.57			0.76			(0.19	)		–		(0.19	)		13.56
R-4 shares
2019	(d)		13.17		0.25			0.44			0.69			(0.31	)		(0.68	)	(0.99	)		12.87
2018			13.91		0.34			(0.46	)		(0.12	)		(0.32	)		(0.30	)	(0.62	)		13.17
2017			13.16		0.24			1.00			1.24			(0.21	)		(0.28	)	(0.49	)		13.91
2016			13.40		0.21			0.14			0.35			(0.19	)		(0.40	)	(0.59	)		13.16
2015			13.60		0.28			(0.25	)		0.03			(0.23	)		–		(0.23	)		13.40
2014			13.03		0.23			0.56			0.79			(0.22	)		–		(0.22	)		13.60
R-5 shares
2019	(d)		13.19		0.25			0.46			0.71			(0.33	)		(0.68	)	(1.01	)		12.89
2018			13.94		0.35			(0.46	)		(0.11	)		(0.34	)		(0.30	)	(0.64	)		13.19
2017			13.19		0.26			1.00			1.26			(0.23	)		(0.28	)	(0.51	)		13.94
2016			13.43		0.22			0.15			0.37			(0.21	)		(0.40	)	(0.61	)		13.19
2015			13.64		0.28			(0.23	)		0.05			(0.26	)		–		(0.26	)		13.43
2014			13.06		0.24			0.57			0.81			(0.23	)		–		(0.23	)		13.64

See accompanying notes.

507

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	6.00%(e),(f)		$	215,430	0.19	%(g)		0.22	%(g)		3.98	%(g)	15.0	%(g)
	(0.72	) (f)		215,753	0.18			0.21			2.62		21.7
	9.99	(f)		248,655	0.17			0.20			1.91		13.0
	2.98	(f)		245,736	0.22			0.25			1.71		15.1
	0.36	(f)		249,105	0.31			0.34			1.99		32.7
	6.25	(f)		255,331	0.33			0.37			1.71		24.1
	6.01	(e)		431,715	0.02	(g)		–			4.22	(g)	15.0	(g)
	(0.55	)		464,671	0.01			–			2.91		21.7
	10.15			628,211	0.00			–			2.16		13.0
	3.25			768,118	0.03			–			1.94		15.1
	0.65			871,781	0.04			–			2.31		32.7
	6.54			1,096,931	0.04			–			2.04		24.1
	5.57	(e)		4,060	0.89	(g)		–			3.45	(g)	15.0	(g)
	(1.41	)		4,818	0.89			–			1.93		21.7
	9.22			6,335	0.88			–			1.27		13.0
	2.33			7,515	0.91			–			1.19		15.1
	(0.23	)		12,141	0.92			–			1.48		32.7
	5.61			14,995	0.91			–			1.27		24.1
	5.63	(e)		5,836	0.76	(g)		–			3.37	(g)	15.0	(g)
	(1.26	)		5,658	0.76			–			1.96		21.7
	9.39			6,997	0.75			–			1.40		13.0
	2.37			8,387	0.78			–			1.19		15.1
	(0.11	)		12,072	0.79			–			1.63		32.7
	5.74			15,736	0.78			–			1.39		24.1
	5.81	(e)		28,331	0.58	(g)		–			3.60	(g)	15.0	(g)
	(1.16	)		29,905	0.58			–			2.34		21.7
	9.56			42,175	0.57			–			1.57		13.0
	2.60			50,539	0.60			–			1.37		15.1
	0.12			64,152	0.61			–			1.76		32.7
	5.93			74,667	0.60			–			1.47		24.1
	5.82	(e)		13,795	0.39	(g)		–			3.93	(g)	15.0	(g)
	(0.90	)		16,391	0.39			–			2.51		21.7
	9.77			22,920	0.38			–			1.78		13.0
	2.80			29,697	0.41			–			1.61		15.1
	0.26			38,245	0.42			–			2.10		32.7
	6.10			59,247	0.41			–			1.71		24.1
	5.98	(e)		37,968	0.27	(g)		–			4.00	(g)	15.0	(g)
	(0.83	)		44,323	0.27			–			2.58		21.7
	9.87			52,651	0.26			–			1.98		13.0
	2.95			73,347	0.29			–			1.70		15.1
	0.39			90,554	0.30			–			2.06		32.7
	6.29			108,094	0.29			–			1.77		24.1

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.

See accompanying notes.

508

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized			Total From		Dividends from		Distributions		Total
			Beginning of		Income (Loss)		Gain (Loss) on			Investment		Net Investment		from Realized		Dividends and			Net Asset Value,
			Period		(a)		Investments			Operations		Income		Gains		Distributions			End of Period
PRINCIPAL LIFETIME 2015 FUND
Institutional shares
2019	(c)	$	10.18	$	0.21	$	0.38		$	0.59		($0.28	)	($0.59	)	($0.87	)	$	9.90
2018			11.02		0.31		(0.36	)		(0.05	)	(0.29	)	(0.50	)	(0.79	)		10.18
2017			10.17		0.21		1.00			1.21		(0.20	)	(0.16	)	(0.36	)		11.02
2016			10.76		0.19		0.08			0.27		(0.18	)	(0.68	)	(0.86	)		10.17
2015			11.31		0.26		(0.18	)		0.08		(0.27	)	(0.36	)	(0.63	)		10.76
2014			11.13		0.22		0.54			0.76		(0.21	)	(0.37	)	(0.58	)		11.31
R-1 shares
2019	(c)		9.90		0.15		0.38			0.53		(0.18	)	(0.59	)	(0.77	)		9.66
2018			10.72		0.22		(0.35	)		(0.13	)	(0.19	)	(0.50	)	(0.69	)		9.90
2017			9.90		0.12		0.97			1.09		(0.11	)	(0.16	)	(0.27	)		10.72
2016			10.47		0.10		0.08			0.18		(0.07	)	(0.68	)	(0.75	)		9.90
2015			11.02		0.19		(0.22	)		(0.03	)	(0.16	)	(0.36	)	(0.52	)		10.47
2014			10.86		0.14		0.51			0.65		(0.12	)	(0.37	)	(0.49	)		11.02
R-2 shares
2019	(c)		9.97		0.16		0.38			0.54		(0.19	)	(0.59	)	(0.78	)		9.73
2018			10.79		0.21		(0.33	)		(0.12	)	(0.20	)	(0.50	)	(0.70	)		9.97
2017			9.94		0.14		0.97			1.11		(0.10	)	(0.16	)	(0.26	)		10.79
2016			10.52		0.12		0.07			0.19		(0.09	)	(0.68	)	(0.77	)		9.94
2015			11.07		0.19		(0.20	)		(0.01	)	(0.18	)	(0.36	)	(0.54	)		10.52
2014			10.90		0.12		0.54			0.66		(0.12	)	(0.37	)	(0.49	)		11.07
R-3 shares
2019	(c)		9.93		0.17		0.38			0.55		(0.22	)	(0.59	)	(0.81	)		9.67
2018			10.76		0.25		(0.35	)		(0.10	)	(0.23	)	(0.50	)	(0.73	)		9.93
2017			9.94		0.15		0.97			1.12		(0.14	)	(0.16	)	(0.30	)		10.76
2016			10.53		0.13		0.08			0.21		(0.12	)	(0.68	)	(0.80	)		9.94
2015			11.09		0.21		(0.20	)		0.01		(0.21	)	(0.36	)	(0.57	)		10.53
2014			10.92		0.15		0.54			0.69		(0.15	)	(0.37	)	(0.52	)		11.09
R-4 shares
2019	(c)		10.02		0.19		0.38			0.57		(0.24	)	(0.59	)	(0.83	)		9.76
2018			10.84		0.25		(0.33	)		(0.08	)	(0.24	)	(0.50	)	(0.74	)		10.02
2017			10.02		0.17		0.97			1.14		(0.16	)	(0.16	)	(0.32	)		10.84
2016			10.60		0.15		0.09			0.24		(0.14	)	(0.68	)	(0.82	)		10.02
2015			11.15		0.23		(0.20	)		0.03		(0.22	)	(0.36	)	(0.58	)		10.60
2014			10.98		0.18		0.53			0.71		(0.17	)	(0.37	)	(0.54	)		11.15
R-5 shares
2019	(c)		10.04		0.19		0.38			0.57		(0.26	)	(0.59	)	(0.85	)		9.76
2018			10.87		0.26		(0.33	)		(0.07	)	(0.26	)	(0.50	)	(0.76	)		10.04
2017			10.04		0.18		0.98			1.16		(0.17	)	(0.16	)	(0.33	)		10.87
2016			10.62		0.16		0.09			0.25		(0.15	)	(0.68	)	(0.83	)		10.04
2015			11.18		0.25		(0.21	)		0.04		(0.24	)	(0.36	)	(0.60	)		10.62
2014			11.01		0.19		0.53			0.72		(0.18	)	(0.37	)	(0.55	)		11.18

See accompanying notes.

509

				Financial Highlights (Continued)
				Principal Funds, Inc.
					(unaudited)
					Ratio of Expenses to Average			Ratio of Net Investment Income
Total Return		Net Assets, End of Period (in thousands)				Net Assets(b)		to Average Net Assets			Portfolio Turnover Rate
6.60	%(d)		$	310,316		0.02	%(e)		4.40	%(e)	17.6	%(e)
(0.56	)			362,525		0.02			2.94		23.6
12.29				477,915		0.01			2.03		19.8
2.91				556,606		0.02			1.87		13.9
0.72				594,985		0.04			2.41		39.3
7.12				844,414		0.04			1.96		24.6
6.04	(d)			4,044		0.89	(e)		3.30	(e)	17.6	(e)
(1.35	)			4,325		0.89			2.17		23.6
11.31				7,182		0.89			1.20		19.8
2.07				8,405		0.90			1.03		13.9
(0.23	)			10,613		0.92			1.74		39.3
6.20				13,884		0.91			1.28		24.6
6.12	(d)			3,772		0.76	(e)		3.32	(e)	17.6	(e)
(1.23	)			3,812		0.76			2.06		23.6
11.47				5,612		0.76			1.33		19.8
2.19				8,043		0.77			1.19		13.9
(0.08	)			11,945		0.79			1.78		39.3
6.35				14,408		0.78			1.13		24.6
6.26	(d)			41,575		0.58	(e)		3.61	(e)	17.6	(e)
(1.06	)			48,512		0.58			2.41		23.6
11.59				65,145		0.58			1.47		19.8
2.38				73,860		0.59			1.36		13.9
0.07				88,009		0.61			1.93		39.3
6.60				91,962		0.60			1.38		24.6
6.40	(d)			19,479		0.39	(e)		3.94	(e)	17.6	(e)
(0.85	)			23,837		0.39			2.43		23.6
11.73				32,472		0.39			1.70		19.8
2.62				44,908		0.40			1.52		13.9
0.32				53,197		0.42			2.17		39.3
6.76				66,135		0.41			1.61		24.6
6.40	(d)			40,378		0.27	(e)		4.02	(e)	17.6	(e)
(0.76	)			48,571		0.27			2.54		23.6
11.96				55,793		0.27			1.75		19.8
2.75				68,496		0.28			1.65		13.9
0.38				73,077		0.30			2.34		39.3
6.85				90,729		0.29			1.74		24.6

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.

See accompanying notes.

510

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized					Total From		Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations			Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME 2020 FUND
Class J shares
2019	(d)	$	13.78	$	0.26		$	0.63		$	0.89			($0.33	)		($0.57	)	($0.90	)	$	13.77
2018			14.66		0.37			(0.46	)		(0.09	)		(0.37	)		(0.42	)	(0.79	)		13.78
2017			13.32		0.24			1.56			1.80			(0.23	)		(0.23	)	(0.46	)		14.66
2016			14.10		0.21			0.10			0.31			(0.19	)		(0.90	)	(1.09	)		13.32
2015			14.86		0.35			(0.27	)		0.08			(0.32	)		(0.52	)	(0.84	)		14.10
2014			14.19		0.24			0.82			1.06			(0.24	)		(0.15	)	(0.39	)		14.86
Institutional shares
2019	(d)		13.86		0.28			0.63			0.91			(0.35	)		(0.57	)	(0.92	)		13.85
2018			14.74		0.42			(0.49	)		(0.07	)		(0.39	)		(0.42	)	(0.81	)		13.86
2017			13.40		0.27			1.56			1.83			(0.26	)		(0.23	)	(0.49	)		14.74
2016			14.19		0.24			0.10			0.34			(0.23	)		(0.90	)	(1.13	)		13.40
2015			14.94		0.39			(0.26	)		0.13			(0.36	)		(0.52	)	(0.88	)		14.19
2014			14.27		0.29			0.81			1.10			(0.28	)		(0.15	)	(0.43	)		14.94
R-1 shares
2019	(d)		13.71		0.23			0.62			0.85			(0.21	)		(0.57	)	(0.78	)		13.78
2018			14.59		0.28			(0.48	)		(0.20	)		(0.26	)		(0.42	)	(0.68	)		13.71
2017			13.26		0.16			1.54			1.70			(0.14	)		(0.23	)	(0.37	)		14.59
2016			14.04		0.13			0.09			0.22			(0.10	)		(0.90	)	(1.00	)		13.26
2015			14.79		0.28			(0.27	)		0.01			(0.24	)		(0.52	)	(0.76	)		14.04
2014			14.12		0.18			0.78			0.96			(0.14	)		(0.15	)	(0.29	)		14.79
R-2 shares
2019	(d)		13.70		0.23			0.63			0.86			(0.21	)		(0.57	)	(0.78	)		13.78
2018			14.57		0.31			(0.48	)		(0.17	)		(0.28	)		(0.42	)	(0.70	)		13.70
2017			13.24		0.17			1.54			1.71			(0.15	)		(0.23	)	(0.38	)		14.57
2016			14.02		0.15			0.08			0.23			(0.11	)		(0.90	)	(1.01	)		13.24
2015			14.76		0.30			(0.27	)		0.03			(0.25	)		(0.52	)	(0.77	)		14.02
2014			14.10		0.18			0.80			0.98			(0.17	)		(0.15	)	(0.32	)		14.76
R-3 shares
2019	(d)		13.69		0.24			0.63			0.87			(0.26	)		(0.57	)	(0.83	)		13.73
2018			14.57		0.34			(0.49	)		(0.15	)		(0.31	)		(0.42	)	(0.73	)		13.69
2017			13.24		0.19			1.55			1.74			(0.18	)		(0.23	)	(0.41	)		14.57
2016			14.02		0.17			0.10			0.27			(0.15	)		(0.90	)	(1.05	)		13.24
2015			14.78		0.32			(0.28	)		0.04			(0.28	)		(0.52	)	(0.80	)		14.02
2014			14.12		0.20			0.81			1.01			(0.20	)		(0.15	)	(0.35	)		14.78
R-4 shares
2019	(d)		13.73		0.26			0.62			0.88			(0.29	)		(0.57	)	(0.86	)		13.75
2018			14.60		0.34			(0.46	)		(0.12	)		(0.33	)		(0.42	)	(0.75	)		13.73
2017			13.28		0.23			1.53			1.76			(0.21	)		(0.23	)	(0.44	)		14.60
2016			14.06		0.19			0.10			0.29			(0.17	)		(0.90	)	(1.07	)		13.28
2015			14.81		0.37			(0.30	)		0.07			(0.30	)		(0.52	)	(0.82	)		14.06
2014			14.15		0.24			0.80			1.04			(0.23	)		(0.15	)	(0.38	)		14.81
R-5 shares
2019	(d)		13.77		0.26			0.63			0.89			(0.31	)		(0.57	)	(0.88	)		13.78
2018			14.66		0.37			(0.49	)		(0.12	)		(0.35	)		(0.42	)	(0.77	)		13.77
2017			13.32		0.25			1.54			1.79			(0.22	)		(0.23	)	(0.45	)		14.66
2016			14.10		0.21			0.10			0.31			(0.19	)		(0.90	)	(1.09	)		13.32
2015			14.86		0.36			(0.27	)		0.09			(0.33	)		(0.52	)	(0.85	)		14.10
2014			14.20		0.24			0.81			1.05			(0.24	)		(0.15	)	(0.39	)		14.86

See accompanying notes.

511

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	7.13%(e),(f)		$	895,377	0.17	%(g)		0.20	%(g)		3.99	%(g)	15.8	%(g)
	(0.72	) (f)		878,626	0.17			0.20			2.59		20.4
	13.99	(f)		966,158	0.17			0.20			1.75		14.2
	2.53	(f)		900,189	0.20			0.23			1.64		12.0
	0.59	(f)		900,725	0.31			0.34			2.42		33.5
	7.57	(f)		879,358	0.33			0.37			1.65		18.6
	7.28	(e)		2,666,174	0.01	(g)		–			4.28	(g)	15.8	(g)
	(0.56	)		2,869,014	0.01			–			2.91		20.4
	14.10			3,661,569	0.01			–			1.97		14.2
	2.71			3,948,810	0.02			–			1.83		12.0
	0.95			4,195,249	0.04			–			2.70		33.5
	7.84			4,743,088	0.04			–			1.96		18.6
	6.81	(e)		23,489	0.88	(g)		–			3.46	(g)	15.8	(g)
	(1.50	)		26,253	0.88			–			1.96		20.4
	13.16			34,952	0.88			–			1.15		14.2
	1.82			40,455	0.90			–			0.99		12.0
	0.05			46,993	0.91			–			1.93		33.5
	6.91			53,222	0.91			–			1.21		18.6
	6.87	(e)		24,769	0.75	(g)		–			3.45	(g)	15.8	(g)
	(1.31	)		26,429	0.75			–			2.15		20.4
	13.27			44,802	0.75			–			1.23		14.2
	1.92			48,551	0.77			–			1.13		12.0
	0.21			57,059	0.78			–			2.11		33.5
	7.06			76,267	0.78			–			1.27		18.6
	7.00	(e)		140,077	0.57	(g)		–			3.63	(g)	15.8	(g)
	(1.16	)		151,279	0.57			–			2.38		20.4
	13.51			214,250	0.57			–			1.41		14.2
	2.19			235,954	0.59			–			1.31		12.0
	0.30			277,010	0.60			–			2.21		33.5
	7.27			316,368	0.60			–			1.40		18.6
	7.08	(e)		95,447	0.38	(g)		–			4.01	(g)	15.8	(g)
	(0.93	)		113,348	0.38			–			2.41		20.4
	13.66			149,079	0.38			–			1.65		14.2
	2.37			182,490	0.40			–			1.48		12.0
	0.53			197,589	0.41			–			2.57		33.5
	7.46			249,613	0.41			–			1.69		18.6
	7.16	(e)		224,179	0.26	(g)		–			3.95	(g)	15.8	(g)
	(0.91	)		237,085	0.26			–			2.61		20.4
	13.86			275,166	0.26			–			1.83		14.2
	2.50			375,444	0.28			–			1.62		12.0
	0.63			433,423	0.29			–			2.48		33.5
	7.55			472,434	0.29			–			1.68		18.6

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.

See accompanying notes.

512

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized			Total From		Dividends from		Distributions		Total
			Beginning of		Income (Loss)		Gain (Loss) on			Investment		Net Investment		from Realized		Dividends and			Net Asset Value,
			Period		(a)		Investments			Operations		Income		Gains		Distributions			End of Period
PRINCIPAL LIFETIME 2025 FUND
Institutional shares
2019	(c)	$	11.18	$	0.23	$	0.57		$	0.80		($0.27	)	($0.37	)	($0.64	)	$	11.34
2018			11.77		0.32		(0.36	)		(0.04	)	(0.31	)	(0.24	)	(0.55	)		11.18
2017			10.51		0.20		1.44			1.64		(0.19	)	(0.19	)	(0.38	)		11.77
2016			11.17		0.17		0.07			0.24		(0.17	)	(0.73	)	(0.90	)		10.51
2015			11.76		0.29		(0.18	)		0.11		(0.31	)	(0.39	)	(0.70	)		11.17
2014			11.50		0.22		0.70			0.92		(0.22	)	(0.44	)	(0.66	)		11.76
R-1 shares
2019	(c)		10.89		0.18		0.56			0.74		(0.17	)	(0.37	)	(0.54	)		11.09
2018			11.47		0.24		(0.37	)		(0.13	)	(0.21	)	(0.24	)	(0.45	)		10.89
2017			10.26		0.11		1.39			1.50		(0.10	)	(0.19	)	(0.29	)		11.47
2016			10.92		0.09		0.05			0.14		(0.07	)	(0.73	)	(0.80	)		10.26
2015			11.51		0.22		(0.20	)		0.02		(0.22	)	(0.39	)	(0.61	)		10.92
2014			11.28		0.14		0.66			0.80		(0.13	)	(0.44	)	(0.57	)		11.51
R-2 shares
2019	(c)		10.93		0.17		0.58			0.75		(0.19	)	(0.37	)	(0.56	)		11.12
2018			11.51		0.22		(0.34	)		(0.12	)	(0.22	)	(0.24	)	(0.46	)		10.93
2017			10.28		0.12		1.41			1.53		(0.11	)	(0.19	)	(0.30	)		11.51
2016			10.95		0.11		0.04			0.15		(0.09	)	(0.73	)	(0.82	)		10.28
2015			11.53		0.23		(0.20	)		0.03		(0.22	)	(0.39	)	(0.61	)		10.95
2014			11.29		0.13		0.69			0.82		(0.14	)	(0.44	)	(0.58	)		11.53
R-3 shares
2019	(c)		10.94		0.19		0.57			0.76		(0.21	)	(0.37	)	(0.58	)		11.12
2018			11.52		0.26		(0.36	)		(0.10	)	(0.24	)	(0.24	)	(0.48	)		10.94
2017			10.30		0.14		1.40			1.54		(0.13	)	(0.19	)	(0.32	)		11.52
2016			10.97		0.12		0.05			0.17		(0.11	)	(0.73	)	(0.84	)		10.30
2015			11.56		0.24		(0.19	)		0.05		(0.25	)	(0.39	)	(0.64	)		10.97
2014			11.32		0.15		0.69			0.84		(0.16	)	(0.44	)	(0.60	)		11.56
R-4 shares
2019	(c)		11.05		0.21		0.57			0.78		(0.23	)	(0.37	)	(0.60	)		11.23
2018			11.63		0.27		(0.35	)		(0.08	)	(0.26	)	(0.24	)	(0.50	)		11.05
2017			10.39		0.16		1.42			1.58		(0.15	)	(0.19	)	(0.34	)		11.63
2016			11.06		0.13		0.06			0.19		(0.13	)	(0.73	)	(0.86	)		10.39
2015			11.65		0.27		(0.20	)		0.07		(0.27	)	(0.39	)	(0.66	)		11.06
2014			11.40		0.18		0.69			0.87		(0.18	)	(0.44	)	(0.62	)		11.65
R-5 shares
2019	(c)		11.10		0.21		0.56			0.77		(0.24	)	(0.37	)	(0.61	)		11.26
2018			11.68		0.29		(0.35	)		(0.06	)	(0.28	)	(0.24	)	(0.52	)		11.10
2017			10.44		0.18		1.42			1.60		(0.17	)	(0.19	)	(0.36	)		11.68
2016			11.10		0.15		0.06			0.21		(0.14	)	(0.73	)	(0.87	)		10.44
2015			11.69		0.29		(0.21	)		0.08		(0.28	)	(0.39	)	(0.67	)		11.10
2014			11.43		0.20		0.69			0.89		(0.19	)	(0.44	)	(0.63	)		11.69

See accompanying notes.

513

			Financial Highlights (Continued)
			Principal Funds, Inc.
				(unaudited)
				Ratio of Expenses to Average		Ratio of Net Investment Income
Total Return			Net Assets, End of Period (in thousands)	Net Assets(b)		to Average Net Assets		Portfolio Turnover Rate
7.91	%(d)	$	1,192,428	0.01	%(e)	4.29	%(e)	17.3	%(e)
(0.49	)		1,203,265	0.01		2.75		26.0
16.08			1,316,450	0.01		1.84		22.0
2.50			1,247,487	0.02		1.69		13.7
1.01			1,139,392	0.04		2.60		49.9
8.30			1,366,540	0.04		1.90		15.8
7.39	(d)		11,268	0.88	(e)	3.37	(e)	17.3	(e)
(1.24	)		11,721	0.88		2.08		26.0
14.99			15,858	0.88		1.02		22.0
1.55			14,810	0.89		0.89		13.7
0.19			16,680	0.91		2.00		49.9
7.31			18,238	0.91		1.25		15.8
7.50	(d)		14,859	0.75	(e)	3.29	(e)	17.3	(e)
(1.21	)		13,705	0.75		1.96		26.0
15.20			15,766	0.75		1.11		22.0
1.68			18,268	0.76		1.06		13.7
0.32			21,044	0.78		2.07		49.9
7.52			21,201	0.78		1.14		15.8
7.59	(d)		142,116	0.57	(e)	3.65	(e)	17.3	(e)
(0.96	)		142,783	0.57		2.29		26.0
15.37			175,880	0.57		1.33		22.0
1.88			172,896	0.58		1.18		13.7
0.49			173,313	0.60		2.18		49.9
7.72			162,213	0.60		1.30		15.8
7.73	(d)		73,444	0.38	(e)	3.95	(e)	17.3	(e)
(0.83	)		77,410	0.38		2.31		26.0
15.67			91,191	0.38		1.49		22.0
2.01			96,203	0.39		1.28		13.7
0.65			80,896	0.41		2.42		49.9
7.94			89,551	0.41		1.56		15.8
7.67	(d)		133,546	0.26	(e)	3.96	(e)	17.3	(e)
(0.66	)		135,376	0.26		2.50		26.0
15.72			141,431	0.26		1.62		22.0
2.23			143,138	0.27		1.44		13.7
0.76			125,570	0.29		2.60		49.9
8.11			143,610	0.29		1.73		15.8

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.

See accompanying notes.

514

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized					Total From		Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations			Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME 2030 FUND
Class J shares
2019	(d)	$	14.24	$	0.27		$	0.77		$	1.04			($0.30	)		($0.71	)	($1.01	)	$	14.27
2018			15.18		0.37			(0.47	)		(0.10	)		(0.37	)		(0.47	)	(0.84	)		14.24
2017			13.38		0.21			2.09			2.30			(0.21	)		(0.29	)	(0.50	)		15.18
2016			14.37		0.19			0.01			0.20			(0.18	)		(1.01	)	(1.19	)		13.38
2015			15.17		0.36			(0.23	)		0.13			(0.35	)		(0.58	)	(0.93	)		14.37
2014			14.41		0.23			0.96			1.19			(0.24	)		(0.19	)	(0.43	)		15.17
Institutional shares
2019	(d)		14.29		0.29			0.76			1.05			(0.32	)		(0.71	)	(1.03	)		14.31
2018			15.23		0.43			(0.50	)		(0.07	)		(0.40	)		(0.47	)	(0.87	)		14.29
2017			13.43		0.25			2.08			2.33			(0.24	)		(0.29	)	(0.53	)		15.23
2016			14.43		0.22			–			0.22			(0.21	)		(1.01	)	(1.22	)		13.43
2015			15.22		0.40			(0.22	)		0.18			(0.39	)		(0.58	)	(0.97	)		14.43
2014			14.46		0.28			0.95			1.23			(0.28	)		(0.19	)	(0.47	)		15.22
R-1 shares
2019	(d)		14.12		0.23			0.77			1.00			(0.18	)		(0.71	)	(0.89	)		14.23
2018			15.05		0.28			(0.48	)		(0.20	)		(0.26	)		(0.47	)	(0.73	)		14.12
2017			13.28		0.13			2.05			2.18			(0.12	)		(0.29	)	(0.41	)		15.05
2016			14.26		0.11			–			0.11			(0.08	)		(1.01	)	(1.09	)		13.28
2015			15.07		0.28			(0.25	)		0.03			(0.26	)		(0.58	)	(0.84	)		14.26
2014			14.31		0.17			0.93			1.10			(0.15	)		(0.19	)	(0.34	)		15.07
R-2 shares
2019	(d)		14.18		0.24			0.76			1.00			(0.18	)		(0.71	)	(0.89	)		14.29
2018			15.10		0.30			(0.48	)		(0.18	)		(0.27	)		(0.47	)	(0.74	)		14.18
2017			13.31		0.14			2.07			2.21			(0.13	)		(0.29	)	(0.42	)		15.10
2016			14.29		0.13			–			0.13			(0.10	)		(1.01	)	(1.11	)		13.31
2015			15.08		0.32			(0.26	)		0.06			(0.27	)		(0.58	)	(0.85	)		14.29
2014			14.33		0.19			0.93			1.12			(0.18	)		(0.19	)	(0.37	)		15.08
R-3 shares
2019	(d)		14.19		0.25			0.76			1.01			(0.23	)		(0.71	)	(0.94	)		14.26
2018			15.12		0.34			(0.49	)		(0.15	)		(0.31	)		(0.47	)	(0.78	)		14.19
2017			13.34		0.17			2.06			2.23			(0.16	)		(0.29	)	(0.45	)		15.12
2016			14.33		0.15			–			0.15			(0.13	)		(1.01	)	(1.14	)		13.34
2015			15.13		0.34			(0.25	)		0.09			(0.31	)		(0.58	)	(0.89	)		14.33
2014			14.38		0.20			0.95			1.15			(0.21	)		(0.19	)	(0.40	)		15.13
R-4 shares
2019	(d)		14.69		0.29			0.77			1.06			(0.26	)		(0.71	)	(0.97	)		14.78
2018			15.62		0.36			(0.49	)		(0.13	)		(0.33	)		(0.47	)	(0.80	)		14.69
2017			13.76		0.21			2.13			2.34			(0.19	)		(0.29	)	(0.48	)		15.62
2016			14.75		0.18			–			0.18			(0.16	)		(1.01	)	(1.17	)		13.76
2015			15.54		0.41			(0.29	)		0.12			(0.33	)		(0.58	)	(0.91	)		14.75
2014			14.76		0.25			0.95			1.20			(0.23	)		(0.19	)	(0.42	)		15.54
R-5 shares
2019	(d)		14.26		0.27			0.77			1.04			(0.29	)		(0.71	)	(1.00	)		14.30
2018			15.19		0.37			(0.47	)		(0.10	)		(0.36	)		(0.47	)	(0.83	)		14.26
2017			13.40		0.23			2.05			2.28			(0.20	)		(0.29	)	(0.49	)		15.19
2016			14.39		0.20			(0.01	)		0.19			(0.17	)		(1.01	)	(1.18	)		13.40
2015			15.19		0.37			(0.24	)		0.13			(0.35	)		(0.58	)	(0.93	)		14.39
2014			14.43		0.24			0.96			1.20			(0.25	)		(0.19	)	(0.44	)		15.19

See accompanying notes.

515

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	8.27%(e),(f)		$	1,200,278	0.18	%(g)		0.21	%(g)		4.02	%(g)	15.3	%(g)
	(0.80	) (f)		1,146,825	0.17			0.20			2.48		23.8
	17.74	(f)		1,217,752	0.18			0.21			1.53		20.9
	1.68	(f)		1,066,715	0.22			0.25			1.47		15.2
	0.96	(f)		1,046,222	0.32			0.35			2.44		36.0
	8.45	(f)		1,001,423	0.34			0.38			1.59		15.3
	8.37	(e)		3,640,746	0.01	(g)		–			4.28	(g)	15.3	(g)
	(0.65	)		3,625,771	0.01			–			2.86		23.8
	17.89			4,468,390	0.01			–			1.76		20.9
	1.88			4,517,455	0.02			–			1.66		15.2
	1.32			4,549,028	0.04			–			2.73		36.0
	8.74			4,734,382	0.04			–			1.91		15.3
	7.92	(e)		22,041	0.88	(g)		–			3.41	(g)	15.3	(g)
	(1.49	)		24,982	0.88			–			1.90		23.8
	16.83			33,711	0.88			–			0.91		20.9
	1.03			34,738	0.90			–			0.87		15.2
	0.32			41,478	0.91			–			1.94		36.0
	7.82			46,220	0.91			–			1.17		15.3
	7.92	(e)		27,790	0.75	(g)		–			3.50	(g)	15.3	(g)
	(1.34	)		28,262	0.75			–			2.00		23.8
	17.04			46,339	0.75			–			1.02		20.9
	1.14			47,988	0.77			–			0.97		15.2
	0.52			59,122	0.78			–			2.17		36.0
	7.94			72,768	0.78			–			1.28		15.3
	8.05	(e)		161,723	0.57	(g)		–			3.66	(g)	15.3	(g)
	(1.17	)		163,571	0.57			–			2.27		23.8
	17.18			218,611	0.57			–			1.21		20.9
	1.35			233,975	0.59			–			1.13		15.2
	0.67			250,480	0.60			–			2.30		36.0
	8.14			276,196	0.60			–			1.38		15.3
	8.13	(e)		111,420	0.38	(g)		–			4.08	(g)	15.3	(g)
	(0.97	)		129,933	0.38			–			2.34		23.8
	17.47			171,835	0.38			–			1.43		20.9
	1.50			184,624	0.40			–			1.34		15.2
	0.88			200,722	0.41			–			2.72		36.0
	8.32			243,720	0.41			–			1.67		15.3
	8.23	(e)		263,041	0.26	(g)		–			4.00	(g)	15.3	(g)
	(0.85	)		268,734	0.26			–			2.49		23.8
	17.53			297,179	0.26			–			1.64		20.9
	1.66			374,343	0.28			–			1.48		15.2
	1.00			422,505	0.29			–			2.50		36.0
	8.50			441,746	0.29			–			1.65		15.3

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.

See accompanying notes.

516

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized			Total From		Dividends from		Distributions		Total
			Beginning of		Income (Loss)		Gain (Loss) on			Investment		Net Investment		from Realized		Dividends and			Net Asset Value,
			Period		(a)		Investments			Operations		Income		Gains		Distributions			End of Period
PRINCIPAL LIFETIME 2035 FUND
Institutional shares
2019	(c)	$	11.97	$	0.23	$	0.69		$	0.92		($0.27	)	($0.55	)	($0.82	)	$	12.07
2018			12.62		0.31		(0.29	)		0.02		(0.28	)	(0.39	)	(0.67	)		11.97
2017			11.03		0.20		1.85			2.05		(0.17	)	(0.29	)	(0.46	)		12.62
2016			11.52		0.16		(0.05	)		0.11		(0.16	)	(0.44	)	(0.60	)		11.03
2015			12.14		0.28		(0.12	)		0.16		(0.31	)	(0.47	)	(0.78	)		11.52
2014			11.75		0.21		0.82			1.03		(0.22	)	(0.42	)	(0.64	)		12.14
R-1 shares
2019	(c)		11.70		0.18		0.67			0.85		(0.16	)	(0.55	)	(0.71	)		11.84
2018			12.35		0.20		(0.28	)		(0.08	)	(0.18	)	(0.39	)	(0.57	)		11.70
2017			10.80		0.10		1.82			1.92		(0.08	)	(0.29	)	(0.37	)		12.35
2016			11.29		0.07		(0.06	)		0.01		(0.06	)	(0.44	)	(0.50	)		10.80
2015			11.92		0.23		(0.18	)		0.05		(0.21	)	(0.47	)	(0.68	)		11.29
2014			11.54		0.13		0.78			0.91		(0.11	)	(0.42	)	(0.53	)		11.92
R-2 shares
2019	(c)		11.70		0.18		0.68			0.86		(0.18	)	(0.55	)	(0.73	)		11.83
2018			12.34		0.20		(0.26	)		(0.06	)	(0.19	)	(0.39	)	(0.58	)		11.70
2017			10.79		0.10		1.83			1.93		(0.09	)	(0.29	)	(0.38	)		12.34
2016			11.28		0.09		(0.06	)		0.03		(0.08	)	(0.44	)	(0.52	)		10.79
2015			11.91		0.22		(0.15	)		0.07		(0.23	)	(0.47	)	(0.70	)		11.28
2014			11.54		0.12		0.81			0.93		(0.14	)	(0.42	)	(0.56	)		11.91
R-3 shares
2019	(c)		11.76		0.20		0.67			0.87		(0.20	)	(0.55	)	(0.75	)		11.88
2018			12.40		0.24		(0.27	)		(0.03	)	(0.22	)	(0.39	)	(0.61	)		11.76
2017			10.85		0.13		1.82			1.95		(0.11	)	(0.29	)	(0.40	)		12.40
2016			11.34		0.11		(0.06	)		0.05		(0.10	)	(0.44	)	(0.54	)		10.85
2015			11.97		0.24		(0.15	)		0.09		(0.25	)	(0.47	)	(0.72	)		11.34
2014			11.60		0.14		0.81			0.95		(0.16	)	(0.42	)	(0.58	)		11.97
R-4 shares
2019	(c)		11.85		0.21		0.68			0.89		(0.22	)	(0.55	)	(0.77	)		11.97
2018			12.49		0.25		(0.27	)		(0.02	)	(0.23	)	(0.39	)	(0.62	)		11.85
2017			10.92		0.15		1.84			1.99		(0.13	)	(0.29	)	(0.42	)		12.49
2016			11.41		0.12		(0.05	)		0.07		(0.12	)	(0.44	)	(0.56	)		10.92
2015			12.04		0.28		(0.16	)		0.12		(0.28	)	(0.47	)	(0.75	)		11.41
2014			11.66		0.17		0.81			0.98		(0.18	)	(0.42	)	(0.60	)		12.04
R-5 shares
2019	(c)		11.90		0.22		0.68			0.90		(0.24	)	(0.55	)	(0.79	)		12.01
2018			12.54		0.26		(0.26	)		–		(0.25	)	(0.39	)	(0.64	)		11.90
2017			10.97		0.16		1.84			2.00		(0.14	)	(0.29	)	(0.43	)		12.54
2016			11.45		0.13		(0.04	)		0.09		(0.13	)	(0.44	)	(0.57	)		10.97
2015			12.08		0.29		(0.16	)		0.13		(0.29	)	(0.47	)	(0.76	)		11.45
2014			11.69		0.19		0.81			1.00		(0.19	)	(0.42	)	(0.61	)		12.08

See accompanying notes.

517

			Financial Highlights (Continued)
			Principal Funds, Inc.
				(unaudited)
				Ratio of Expenses to Average		Ratio of Net Investment Income
Total Return			Net Assets, End of Period (in thousands)	Net Assets(b)		to Average Net Assets		Portfolio Turnover Rate
8.65	%(d)	$	971,194	0.01	%(e)	4.10	%(e)	19.6	%(e)
0.04			942,246	0.01		2.44		20.2
19.29			1,014,681	0.01		1.68		30.6
1.11			973,792	0.02		1.48		15.2
1.52			888,781	0.04		2.43		38.8
9.10			961,514	0.04		1.78		13.4
8.09	(d)		9,709	0.88	(e)	3.28	(e)	19.6	(e)
(0.80	)		10,567	0.88		1.62		20.2
18.35			12,731	0.88		0.89		30.6
0.21			12,700	0.89		0.65		15.2
0.57			12,831	0.92		1.99		38.8
8.22			14,516	0.91		1.15		13.4
8.19	(d)		13,237	0.75	(e)	3.30	(e)	19.6	(e)
(0.62	)		12,201	0.75		1.61		20.2
18.44			14,244	0.75		0.90		30.6
0.37			13,427	0.76		0.84		15.2
0.70			15,383	0.79		1.92		38.8
8.35			15,138	0.78		0.99		13.4
8.27	(d)		92,147	0.57	(e)	3.52	(e)	19.6	(e)
(0.42	)		93,396	0.57		1.98		20.2
18.58			115,904	0.57		1.16		30.6
0.56			111,881	0.58		1.00		15.2
0.91			117,689	0.61		2.06		38.8
8.51			108,395	0.60		1.23		13.4
8.43	(d)		53,031	0.38	(e)	3.79	(e)	19.6	(e)
(0.30	)		57,637	0.38		2.04		20.2
18.88			72,336	0.38		1.28		30.6
0.71			70,656	0.39		1.08		15.2
1.10			65,678	0.42		2.42		38.8
8.74			70,482	0.41		1.48		13.4
8.49	(d)		113,729	0.26	(e)	3.80	(e)	19.6	(e)
(0.12	)		111,791	0.26		2.12		20.2
18.91			108,479	0.26		1.40		30.6
0.92			107,447	0.27		1.24		15.2
1.21			98,245	0.30		2.47		38.8
8.92			107,166	0.29		1.61		13.4

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.

See accompanying notes.

518

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations					Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME 2040 FUND
Class J shares
2019	(d)	$	15.15	$	0.27		$	0.89			$	1.16			($0.29	)		($0.91	)	($1.20	)	$	15.11
2018			16.06		0.34			(0.33	)			0.01			(0.33	)		(0.59	)	(0.92	)		15.15
2017			13.99		0.21			2.51				2.72			(0.19	)		(0.46	)	(0.65	)		16.06
2016			14.78		0.18			(0.09	)			0.09			(0.16	)		(0.72	)	(0.88	)		13.99
2015			15.61		0.35			(0.19	)			0.16			(0.36	)		(0.63	)	(0.99	)		14.78
2014			14.90		0.22			1.09				1.31			(0.23	)		(0.37	)	(0.60	)		15.61
Institutional shares
2019	(d)		15.29		0.29			0.89				1.18			(0.32	)		(0.91	)	(1.23	)		15.24
2018			16.20		0.41			(0.37	)			0.04			(0.36	)		(0.59	)	(0.95	)		15.29
2017			14.10		0.24			2.53				2.77			(0.21	)		(0.46	)	(0.67	)		16.20
2016			14.91		0.21			(0.09	)			0.12			(0.21	)		(0.72	)	(0.93	)		14.10
2015			15.74		0.41			(0.20	)			0.21			(0.41	)		(0.63	)	(1.04	)		14.91
2014			15.02		0.28			1.09				1.37			(0.28	)		(0.37	)	(0.65	)		15.74
R-1 shares
2019	(d)		15.08		0.23			0.88				1.11			(0.18	)		(0.91	)	(1.09	)		15.10
2018			15.98		0.24			(0.33	)			(0.09	)		(0.22	)		(0.59	)	(0.81	)		15.08
2017			13.92		0.12			2.49				2.61			(0.09	)		(0.46	)	(0.55	)		15.98
2016			14.71		0.09			(0.09	)			–			(0.07	)		(0.72	)	(0.79	)		13.92
2015			15.54		0.30			(0.22	)			0.08			(0.28	)		(0.63	)	(0.91	)		14.71
2014			14.83		0.16			1.06				1.22			(0.14	)		(0.37	)	(0.51	)		15.54
R-2 shares
2019	(d)		15.09		0.22			0.90				1.12			(0.17	)		(0.91	)	(1.08	)		15.13
2018			15.99		0.27			(0.34	)			(0.07	)		(0.24	)		(0.59	)	(0.83	)		15.09
2017			13.93		0.13			2.50				2.63			(0.11	)		(0.46	)	(0.57	)		15.99
2016			14.72		0.11			(0.10	)			0.01			(0.08	)		(0.72	)	(0.80	)		13.93
2015			15.54		0.34			(0.24	)			0.10			(0.29	)		(0.63	)	(0.92	)		14.72
2014			14.84		0.18			1.06				1.24			(0.17	)		(0.37	)	(0.54	)		15.54
R-3 shares
2019	(d)		15.06		0.25			0.87				1.12			(0.23	)		(0.91	)	(1.14	)		15.04
2018			15.96		0.31			(0.35	)			(0.04	)		(0.27	)		(0.59	)	(0.86	)		15.06
2017			13.90		0.16			2.50				2.66			(0.14	)		(0.46	)	(0.60	)		15.96
2016			14.71		0.13			(0.10	)			0.03			(0.12	)		(0.72	)	(0.84	)		13.90
2015			15.54		0.33			(0.20	)			0.13			(0.33	)		(0.63	)	(0.96	)		14.71
2014			14.84		0.19			1.08				1.27			(0.20	)		(0.37	)	(0.57	)		15.54
R-4 shares
2019	(d)		15.10		0.28			0.86				1.14			(0.26	)		(0.91	)	(1.17	)		15.07
2018			15.99		0.32			(0.33	)			(0.01	)		(0.29	)		(0.59	)	(0.88	)		15.10
2017			13.94		0.19			2.48				2.67			(0.16	)		(0.46	)	(0.62	)		15.99
2016			14.74		0.16			(0.09	)			0.07			(0.15	)		(0.72	)	(0.87	)		13.94
2015			15.57		0.40			(0.25	)			0.15			(0.35	)		(0.63	)	(0.98	)		14.74
2014			14.87		0.24			1.06				1.30			(0.23	)		(0.37	)	(0.60	)		15.57
R-5 shares
2019	(d)		15.20		0.27			0.89				1.16			(0.28	)		(0.91	)	(1.19	)		15.17
2018			16.10		0.34			(0.33	)			0.01			(0.32	)		(0.59	)	(0.91	)		15.20
2017			14.02		0.23			2.48				2.71			(0.17	)		(0.46	)	(0.63	)		16.10
2016			14.83		0.18			(0.10	)			0.08			(0.17	)		(0.72	)	(0.89	)		14.02
2015			15.66		0.36			(0.18	)			0.18			(0.38	)		(0.63	)	(1.01	)		14.83
2014			14.95		0.23			1.09				1.32			(0.24	)		(0.37	)	(0.61	)		15.66

See accompanying notes.

519

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	8.87%(e),(f)		$	741,571	0.20	%(g)		0.23	%(g)		3.81	%(g)	15.5	%(g)
	(0.03	) (f)		700,995	0.19			0.22			2.14		16.0
	20.15	(f)		732,742	0.19			0.22			1.39		26.6
	0.78	(f)		625,617	0.24			0.27			1.28		17.9
	1.15	(f)		609,315	0.35			0.38			2.34		25.2
	9.04	(f)		569,314	0.38			0.42			1.45		11.5
	8.93	(e)		2,569,546	0.01	(g)		–			4.07	(g)	15.5	(g)
	0.13			2,529,716	0.01			–			2.53		16.0
	20.45			3,129,453	0.01			–			1.64		26.6
	0.94			3,052,072	0.02			–			1.50		17.9
	1.47			3,056,094	0.04			–			2.68		25.2
	9.38			3,109,551	0.04			–			1.81		11.5
	8.44	(e)		18,774	0.88	(g)		–			3.19	(g)	15.5	(g)
	(0.71	)		19,314	0.88			–			1.50		16.0
	19.37			22,891	0.88			–			0.82		26.6
	0.08			24,595	0.90			–			0.69		17.9
	0.60			28,622	0.91			–			2.00		25.2
	8.43			33,659	0.91			–			1.07		11.5
	8.46	(e)		23,466	0.75	(g)		–			3.11	(g)	15.5	(g)
	(0.54	)		22,726	0.75			–			1.67		16.0
	19.50			36,466	0.75			–			0.87		26.6
	0.19			32,821	0.77			–			0.79		17.9
	0.73			37,545	0.78			–			2.29		25.2
	8.58			51,404	0.78			–			1.20		11.5
	8.54	(e)		105,161	0.57	(g)		–			3.48	(g)	15.5	(g)
	(0.37	)		106,971	0.57			–			1.95		16.0
	19.78			144,641	0.57			–			1.10		26.6
	0.36			146,325	0.59			–			0.98		17.9
	0.92			158,468	0.60			–			2.24		25.2
	8.78			169,617	0.60			–			1.26		11.5
	8.71	(e)		79,822	0.38	(g)		–			3.91	(g)	15.5	(g)
	(0.15	)		90,529	0.38			–			2.01		16.0
	19.89			119,680	0.38			–			1.32		26.6
	0.62			127,949	0.40			–			1.17		17.9
	1.07			134,693	0.41			–			2.64		25.2
	8.97			153,985	0.41			–			1.56		11.5
	8.81	(e)		187,279	0.26	(g)		–			3.76	(g)	15.5	(g)
	(0.07	)		183,317	0.26			–			2.16		16.0
	20.08			202,032	0.26			–			1.54		26.6
	0.66			261,210	0.28			–			1.32		17.9
	1.23			295,602	0.29			–			2.39		25.2
	9.11			292,483	0.29			–			1.52		11.5

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.

See accompanying notes.

520

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized			Total From		Dividends from		Distributions		Total
			Beginning of		Income (Loss)		Gain (Loss) on			Investment		Net Investment		from Realized		Dividends and			Net Asset Value,
			Period		(a)		Investments			Operations		Income		Gains		Distributions			End of Period
PRINCIPAL LIFETIME 2045 FUND
Institutional shares
2019	(c)	$	12.51	$	0.24	$	0.78		$	1.02		($0.26	)	($0.57	)	($0.83	)	$	12.70
2018			13.06		0.30		(0.27	)		0.03		(0.28	)	(0.30	)	(0.58	)		12.51
2017			11.25		0.19		2.12			2.31		(0.17	)	(0.33	)	(0.50	)		13.06
2016			11.76		0.16		(0.07	)		0.09		(0.16	)	(0.44	)	(0.60	)		11.25
2015			12.39		0.29		(0.12	)		0.17		(0.33	)	(0.47	)	(0.80	)		11.76
2014			11.90		0.21		0.89			1.10		(0.22	)	(0.39	)	(0.61	)		12.39
R-1 shares
2019	(c)		12.09		0.19		0.76			0.95		(0.15	)	(0.57	)	(0.72	)		12.32
2018			12.65		0.18		(0.26	)		(0.08	)	(0.18	)	(0.30	)	(0.48	)		12.09
2017			10.91		0.08		2.07			2.15		(0.08	)	(0.33	)	(0.41	)		12.65
2016			11.42		0.07		(0.09	)		(0.02	)	(0.05	)	(0.44	)	(0.49	)		10.91
2015			12.06		0.26		(0.19	)		0.07		(0.24	)	(0.47	)	(0.71	)		11.42
2014			11.59		0.13		0.84			0.97		(0.11	)	(0.39	)	(0.50	)		12.06
R-2 shares
2019	(c)		12.10		0.19		0.75			0.94		(0.16	)	(0.57	)	(0.73	)		12.31
2018			12.64		0.18		(0.23	)		(0.05	)	(0.19	)	(0.30	)	(0.49	)		12.10
2017			10.90		0.09		2.06			2.15		(0.08	)	(0.33	)	(0.41	)		12.64
2016			11.42		0.09		(0.09	)		–		(0.08	)	(0.44	)	(0.52	)		10.90
2015			12.06		0.22		(0.14	)		0.08		(0.25	)	(0.47	)	(0.72	)		11.42
2014			11.61		0.12		0.86			0.98		(0.14	)	(0.39	)	(0.53	)		12.06
R-3 shares
2019	(c)		12.18		0.20		0.76			0.96		(0.19	)	(0.57	)	(0.76	)		12.38
2018			12.73		0.24		(0.27	)		(0.03	)	(0.22	)	(0.30	)	(0.52	)		12.18
2017			10.99		0.12		2.06			2.18		(0.11	)	(0.33	)	(0.44	)		12.73
2016			11.51		0.10		(0.08	)		0.02		(0.10	)	(0.44	)	(0.54	)		10.99
2015			12.14		0.24		(0.13	)		0.11		(0.27	)	(0.47	)	(0.74	)		11.51
2014			11.68		0.14		0.87			1.01		(0.16	)	(0.39	)	(0.55	)		12.14
R-4 shares
2019	(c)		12.29		0.22		0.76			0.98		(0.20	)	(0.57	)	(0.77	)		12.50
2018			12.84		0.25		(0.27	)		(0.02	)	(0.23	)	(0.30	)	(0.53	)		12.29
2017			11.07		0.13		2.10			2.23		(0.13	)	(0.33	)	(0.46	)		12.84
2016			11.59		0.11		(0.07	)		0.04		(0.12	)	(0.44	)	(0.56	)		11.07
2015			12.22		0.30		(0.17	)		0.13		(0.29	)	(0.47	)	(0.76	)		11.59
2014			11.74		0.17		0.87			1.04		(0.17	)	(0.39	)	(0.56	)		12.22
R-5 shares
2019	(c)		12.33		0.22		0.77			0.99		(0.23	)	(0.57	)	(0.80	)		12.52
2018			12.88		0.25		(0.25	)		–		(0.25	)	(0.30	)	(0.55	)		12.33
2017			11.09		0.15		2.10			2.25		(0.13	)	(0.33	)	(0.46	)		12.88
2016			11.61		0.13		(0.08	)		0.05		(0.13	)	(0.44	)	(0.57	)		11.09
2015			12.24		0.30		(0.16	)		0.14		(0.30	)	(0.47	)	(0.77	)		11.61
2014			11.77		0.18		0.88			1.06		(0.20	)	(0.39	)	(0.59	)		12.24

See accompanying notes.

521

				Financial Highlights (Continued)
				Principal Funds, Inc.
					(unaudited)
					Ratio of Expenses to Average			Ratio of Net Investment Income
Total Return		Net Assets, End of Period (in thousands)				Net Assets(b)		to Average Net Assets			Portfolio Turnover Rate
9.14	%(d)		$	699,892		0.01	%(e)		4.04	%(e)	16.9	%(e)
0.17				668,913		0.01			2.30		20.9
21.24				704,027		0.02			1.55		33.7
0.86				634,436		0.03			1.41		14.7
1.55				546,736		0.05			2.44		33.3
9.62				536,107		0.04			1.71		8.7
8.72	(d)			6,177		0.89	(e)		3.21	(e)	16.9	(e)
(0.74	)			6,365		0.89			1.44		20.9
20.24				7,279		0.89			0.72		33.7
(0.11	)			6,930		0.90			0.63		14.7
0.67				7,540		0.92			2.22		33.3
8.75				9,350		0.92			1.11		8.7
8.71	(d)			10,987		0.76	(e)		3.19	(e)	16.9	(e)
(0.52	)			10,384		0.76			1.44		20.9
20.35				11,164		0.76			0.74		33.7
0.04				10,083		0.77			0.81		14.7
0.77				11,626		0.79			1.90		33.3
8.83				11,165		0.79			1.01		8.7
8.79	(d)			71,210		0.58	(e)		3.48	(e)	16.9	(e)
(0.33	)			68,394		0.58			1.87		20.9
20.47				81,183		0.58			0.99		33.7
0.26				70,524		0.59			0.91		14.7
1.04				67,285		0.61			2.02		33.3
9.02				56,544		0.61			1.19		8.7
8.98	(d)			34,245		0.39	(e)		3.73	(e)	16.9	(e)
(0.22	)			35,889		0.39			1.97		20.9
20.79				48,122		0.39			1.07		33.7
0.40				40,967		0.40			1.00		14.7
1.23				35,086		0.42			2.56		33.3
9.21				37,009		0.42			1.43		8.7
8.98	(d)			81,009		0.27	(e)		3.72	(e)	16.9	(e)
(0.06	)			76,402		0.27			1.96		20.9
20.99				71,697		0.27			1.24		33.7
0.50				87,897		0.28			1.17		14.7
1.34				77,534		0.30			2.57		33.3
9.37				87,269		0.30			1.51		8.7

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.

See accompanying notes.

522

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations					Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME 2050 FUND
Class J shares
2019	(d)	$	14.81	$	0.26		$	0.92			$	1.18			($0.27	)		($0.84	)	($1.11	)	$	14.88
2018			15.56		0.31			(0.28	)			0.03			(0.32	)		(0.46	)	(0.78	)		14.81
2017			13.38		0.17			2.62				2.79			(0.16	)		(0.45	)	(0.61	)		15.56
2016			14.10		0.15			(0.11	)			0.04			(0.14	)		(0.62	)	(0.76	)		13.38
2015			14.91		0.31			(0.16	)			0.15			(0.35	)		(0.61	)	(0.96	)		14.10
2014			14.25		0.18			1.10				1.28			(0.21	)		(0.41	)	(0.62	)		14.91
Institutional shares
2019	(d)		15.24		0.29			0.94				1.23			(0.30	)		(0.84	)	(1.14	)		15.33
2018			15.99		0.39			(0.33	)			0.06			(0.35	)		(0.46	)	(0.81	)		15.24
2017			13.74		0.22			2.68				2.90			(0.20	)		(0.45	)	(0.65	)		15.99
2016			14.47		0.19			(0.11	)			0.08			(0.19	)		(0.62	)	(0.81	)		13.74
2015			15.27		0.39			(0.17	)			0.22			(0.41	)		(0.61	)	(1.02	)		14.47
2014			14.57		0.26			1.12				1.38			(0.27	)		(0.41	)	(0.68	)		15.27
R-1 shares
2019	(d)		15.01		0.26			0.91				1.17			(0.16	)		(0.84	)	(1.00	)		15.18
2018			15.75		0.22			(0.30	)			(0.08	)		(0.20	)		(0.46	)	(0.66	)		15.01
2017			13.55		0.09			2.65				2.74			(0.09	)		(0.45	)	(0.54	)		15.75
2016			14.27		0.08			(0.11	)			(0.03	)		(0.07	)		(0.62	)	(0.69	)		13.55
2015			15.08		0.28			(0.19	)			0.09			(0.29	)		(0.61	)	(0.90	)		14.27
2014			14.39		0.15			1.09				1.24			(0.14	)		(0.41	)	(0.55	)		15.08
R-2 shares
2019	(d)		15.01		0.22			0.96				1.18			(0.15	)		(0.84	)	(0.99	)		15.20
2018			15.76		0.24			(0.29	)			(0.05	)		(0.24	)		(0.46	)	(0.70	)		15.01
2017			13.55		0.10			2.66				2.76			(0.10	)		(0.45	)	(0.55	)		15.76
2016			14.27		0.10			(0.12	)			(0.02	)		(0.08	)		(0.62	)	(0.70	)		13.55
2015			15.07		0.36			(0.25	)			0.11			(0.30	)		(0.61	)	(0.91	)		14.27
2014			14.40		0.16			1.09				1.25			(0.17	)		(0.41	)	(0.58	)		15.07
R-3 shares
2019	(d)		15.02		0.25			0.94				1.19			(0.22	)		(0.84	)	(1.06	)		15.15
2018			15.77		0.29			(0.32	)			(0.03	)		(0.26	)		(0.46	)	(0.72	)		15.02
2017			13.56		0.14			2.65				2.79			(0.13	)		(0.45	)	(0.58	)		15.77
2016			14.30		0.12			(0.12	)			–			(0.12	)		(0.62	)	(0.74	)		13.56
2015			15.10		0.33			(0.19	)			0.14			(0.33	)		(0.61	)	(0.94	)		14.30
2014			14.42		0.17			1.12				1.29			(0.20	)		(0.41	)	(0.61	)		15.10
R-4 shares
2019	(d)		15.12		0.27			0.93				1.20			(0.24	)		(0.84	)	(1.08	)		15.24
2018			15.86		0.30			(0.30	)			–			(0.28	)		(0.46	)	(0.74	)		15.12
2017			13.64		0.17			2.65				2.82			(0.15	)		(0.45	)	(0.60	)		15.86
2016			14.37		0.15			(0.12	)			0.03			(0.14	)		(0.62	)	(0.76	)		13.64
2015			15.16		0.40			(0.23	)			0.17			(0.35	)		(0.61	)	(0.96	)		14.37
2014			14.48		0.22			1.09				1.31			(0.22	)		(0.41	)	(0.63	)		15.16
R-5 shares
2019	(d)		15.17		0.27			0.94				1.21			(0.26	)		(0.84	)	(1.10	)		15.28
2018			15.92		0.31			(0.29	)			0.02			(0.31	)		(0.46	)	(0.77	)		15.17
2017			13.67		0.20			2.65				2.85			(0.15	)		(0.45	)	(0.60	)		15.92
2016			14.40		0.17			(0.13	)			0.04			(0.15	)		(0.62	)	(0.77	)		13.67
2015			15.20		0.35			(0.16	)			0.19			(0.38	)		(0.61	)	(0.99	)		14.40
2014			14.51		0.22			1.12				1.34			(0.24	)		(0.41	)	(0.65	)		15.20

See accompanying notes.

523

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	9.15%(e),(f)		$	235,159	0.24	%(g)		0.27	%(g)		3.72	%(g)	16.0	%(g)
	0.01	(f)		220,530	0.23			0.26			2.00		16.9
	21.65	(f)		230,498	0.24			0.27			1.23		29.6
	0.41	(f)		194,644	0.36			0.39			1.11		17.0
	1.12	(f)		183,490	0.47			0.50			2.19		21.6
	9.30	(f)		159,787	0.49			0.53			1.27		9.9
	9.29	(e)		1,685,175	0.01	(g)		–			4.00	(g)	16.0	(g)
	0.20			1,623,713	0.01			–			2.42		16.9
	21.96			1,943,020	0.01			–			1.50		29.6
	0.72			1,769,456	0.03			–			1.42		17.0
	1.57			1,671,172	0.04			–			2.67		21.6
	9.80			1,603,984	0.04			–			1.78		9.9
	8.84	(e)		13,746	0.88	(g)		–			3.67	(g)	16.0	(g)
	(0.65	)		13,369	0.88			–			1.41		16.9
	20.87			15,806	0.88			–			0.66		29.6
	(0.12	)		16,051	0.90			–			0.62		17.0
	0.68			17,417	0.92			–			1.91		21.6
	8.87			18,098	0.91			–			1.00		9.9
	8.90	(e)		17,065	0.75	(g)		–			3.13	(g)	16.0	(g)
	(0.50	)		16,119	0.75			–			1.52		16.9
	21.08			24,926	0.75			–			0.71		29.6
	(0.07	)		21,050	0.77			–			0.73		17.0
	0.82			23,189	0.79			–			2.51		21.6
	8.98			31,670	0.78			–			1.09		9.9
	9.00	(e)		70,644	0.57	(g)		–			3.45	(g)	16.0	(g)
	(0.33	)		69,167	0.57			–			1.83		16.9
	21.30			84,500	0.57			–			0.96		29.6
	0.09			77,168	0.59			–			0.90		17.0
	1.03			76,536	0.61			–			2.26		21.6
	9.20			78,959	0.60			–			1.19		9.9
	9.08	(e)		48,088	0.38	(g)		–			3.76	(g)	16.0	(g)
	(0.12	)		48,573	0.38			–			1.88		16.9
	21.46			64,566	0.38			–			1.20		29.6
	0.35			64,127	0.40			–			1.11		17.0
	1.22			66,438	0.42			–			2.74		21.6
	9.33			73,607	0.41			–			1.53		9.9
	9.17	(e)		117,487	0.26	(g)		–			3.73	(g)	16.0	(g)
	(0.04	)		114,158	0.26			–			1.91		16.9
	21.67			105,711	0.26			–			1.40		29.6
	0.45			155,397	0.28			–			1.25		17.0
	1.35			170,071	0.30			–			2.38		21.6
	9.54			163,844	0.29			–			1.47		9.9

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.

See accompanying notes.

524

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations					Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME 2055 FUND
Institutional shares
2019	(c)	$	13.22	$	0.25		$	0.87			$	1.12			($0.26	)		($0.51	)	($0.77	)	$	13.57
2018			13.66		0.30			(0.26	)			0.04			(0.29	)		(0.19	)	(0.48	)		13.22
2017			11.59		0.18			2.35				2.53			(0.17	)		(0.29	)	(0.46	)		13.66
2016			12.04		0.15			(0.09	)			0.06			(0.16	)		(0.35	)	(0.51	)		11.59
2015			12.56		0.28			(0.09	)			0.19			(0.33	)		(0.38	)	(0.71	)		12.04
2014			11.98		0.19			0.94				1.13			(0.21	)		(0.34	)	(0.55	)		12.56
R-1 shares
2019	(c)		12.73		0.20			0.84				1.04			(0.15	)		(0.51	)	(0.66	)		13.11
2018			13.17		0.18			(0.25	)			(0.07	)		(0.18	)		(0.19	)	(0.37	)		12.73
2017			11.21		0.06			2.27				2.33			(0.08	)		(0.29	)	(0.37	)		13.17
2016			11.66		0.05			(0.09	)			(0.04	)		(0.06	)		(0.35	)	(0.41	)		11.21
2015			12.20		0.21			(0.12	)			0.09			(0.25	)		(0.38	)	(0.63	)		11.66
2014			11.66		0.11			0.89				1.00			(0.12	)		(0.34	)	(0.46	)		12.20
R-2 shares
2019	(c)		12.78		0.19			0.85				1.04			(0.17	)		(0.51	)	(0.68	)		13.14
2018			13.22		0.17			(0.22	)			(0.05	)		(0.20	)		(0.19	)	(0.39	)		12.78
2017			11.24		0.07			2.29				2.36			(0.09	)		(0.29	)	(0.38	)		13.22
2016			11.70		0.07			(0.10	)			(0.03	)		(0.08	)		(0.35	)	(0.43	)		11.24
2015			12.23		0.19			(0.08	)			0.11			(0.26	)		(0.38	)	(0.64	)		11.70
2014			11.70		0.09			0.92				1.01			(0.14	)		(0.34	)	(0.48	)		12.23
R-3 shares
2019	(c)		12.86		0.21			0.85				1.06			(0.19	)		(0.51	)	(0.70	)		13.22
2018			13.31		0.23			(0.26	)			(0.03	)		(0.23	)		(0.19	)	(0.42	)		12.86
2017			11.32		0.10			2.29				2.39			(0.11	)		(0.29	)	(0.40	)		13.31
2016			11.77		0.09			(0.09	)			–			(0.10	)		(0.35	)	(0.45	)		11.32
2015			12.31		0.22			(0.10	)			0.12			(0.28	)		(0.38	)	(0.66	)		11.77
2014			11.77		0.12			0.92				1.04			(0.16	)		(0.34	)	(0.50	)		12.31
R-4 shares
2019	(c)		12.98		0.22			0.87				1.09			(0.21	)		(0.51	)	(0.72	)		13.35
2018			13.42		0.25			(0.25	)			–			(0.25	)		(0.19	)	(0.44	)		12.98
2017			11.40		0.12			2.32				2.44			(0.13	)		(0.29	)	(0.42	)		13.42
2016			11.85		0.10			(0.08	)			0.02			(0.12	)		(0.35	)	(0.47	)		11.40
2015			12.39		0.29			(0.15	)			0.14			(0.30	)		(0.38	)	(0.68	)		11.85
2014			11.83		0.15			0.93				1.08			(0.18	)		(0.34	)	(0.52	)		12.39
R-5 shares
2019	(c)		13.05		0.23			0.85				1.08			(0.23	)		(0.51	)	(0.74	)		13.39
2018			13.49		0.24			(0.23	)			0.01			(0.26	)		(0.19	)	(0.45	)		13.05
2017			11.45		0.14			2.32				2.46			(0.13	)		(0.29	)	(0.42	)		13.49
2016			11.89		0.11			(0.07	)			0.04			(0.13	)		(0.35	)	(0.48	)		11.45
2015			12.42		0.28			(0.12	)			0.16			(0.31	)		(0.38	)	(0.69	)		11.89
2014			11.86		0.16			0.93				1.09			(0.19	)		(0.34	)	(0.53	)		12.42

See accompanying notes.

525

				Financial Highlights (Continued)
				Principal Funds, Inc.
					(unaudited)
					Ratio of Expenses to Average			Ratio of Net Investment Income
Total Return		Net Assets, End of Period (in thousands)				Net Assets(b)		to Average Net Assets			Portfolio Turnover Rate
9.42	%(d)		$	353,739		0.02	%(e)		3.94	%(e)	12.0	%(e)
0.18				314,540		0.02			2.17		19.6
22.54				301,677		0.03			1.41		39.4
0.61				234,603		0.04			1.29		11.5
1.63				169,883		0.07	(f)		2.32		22.4
9.78				127,374		0.07	(f)		1.60		8.6
8.97	(d)			3,463		0.89	(e)		3.22	(e)	12.0	(e)
(0.65	)			3,289		0.89			1.32		19.6
21.41				3,387		0.89	(f)		0.50		39.4
(0.20	)			2,723		0.90	(f)		0.43		11.5
0.75				2,254		0.93	(f)		1.74		22.4
8.87				1,861		0.93	(f)		0.94		8.6
9.01	(d)			5,261		0.76	(e)		3.05	(e)	12.0	(e)
(0.49	)			4,413		0.76			1.28		19.6
21.57				4,097		0.76	(f)		0.55		39.4
(0.10	)			2,743		0.77	(f)		0.62		11.5
0.95				2,398		0.80	(f)		1.64		22.4
8.92				1,751		0.80	(f)		0.75		8.6
9.10	(d)			31,263		0.58	(e)		3.44	(e)	12.0	(e)
(0.36	)			29,942		0.58			1.71		19.6
21.81				31,997		0.58	(f)		0.81		39.4
0.16				21,628		0.59	(f)		0.79		11.5
1.01				16,439		0.62	(f)		1.81		22.4
9.18				11,168		0.62	(f)		1.04		8.6
9.25	(d)			17,550		0.39	(e)		3.60	(e)	12.0	(e)
(0.16	)			16,262		0.39			1.86		19.6
22.07				20,884		0.39	(f)		0.98		39.4
0.28				15,452		0.40	(f)		0.89		11.5
1.18				11,748		0.43	(f)		2.38		22.4
9.44				10,401		0.43	(f)		1.27		8.6
9.21	(d)			37,653		0.27	(e)		3.68	(e)	12.0	(e)
(0.02	)			33,762		0.27			1.71		19.6
22.20				24,125		0.27	(f)		1.13		39.4
0.44				28,139		0.28	(f)		1.02		11.5
1.37				19,662		0.31	(f)		2.31		22.4
9.54				18,911		0.31	(f)		1.29		8.6

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.
(f)	Reflects Manager's contractual expense limit.

See accompanying notes.

526

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
			Net Asset Value,	Net Investment				and Unrealized					Total From		Dividends from			Distributions			Total
			Beginning of	Income (Loss)				Gain (Loss) on					Investment		Net Investment			from Realized			Dividends and			Net Asset Value,
			Period			(a)		Investments					Operations			Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME 2060 FUND
Class J shares
2019	(d)	$	13.68		$	0.24			$	0.92		$	1.16			($0.22	)		($0.43	)	($0.65	)	$	14.19
2018			14.05			0.25				(0.27	)		(0.02	)		(0.26	)		(0.09	)	(0.35	)		13.68
2017			11.86			0.11				2.46			2.57			(0.13	)		(0.25	)	(0.38	)		14.05
2016			12.19			0.12				(0.09	)		0.03			(0.13	)		(0.23	)	(0.36	)		11.86
2015			12.36			0.20				(0.06	)		0.14			(0.30	)		(0.01	)	(0.31	)		12.19
2014			11.50			0.10				0.97			1.07			(0.19	)		(0.02	)	(0.21	)		12.36
Institutional shares
2019	(d)		13.79			0.26				0.92			1.18			(0.27	)		(0.43	)	(0.70	)		14.27
2018			14.14			0.31				(0.27	)		0.04			(0.30	)		(0.09	)	(0.39	)		13.79
2017			11.93			0.16				2.47			2.63			(0.17	)		(0.25	)	(0.42	)		14.14
2016			12.26			0.15				(0.09	)		0.06			(0.16	)		(0.23	)	(0.39	)		11.93
2015			12.41			0.23				(0.05	)		0.18			(0.32	)		(0.01	)	(0.33	)		12.26
2014			11.52			0.03				1.08			1.11			(0.20	)		(0.02	)	(0.22	)		12.41
R-1 shares
2019	(d)		13.43			0.22				0.88			1.10			(0.16	)		(0.43	)	(0.59	)		13.94
2018			13.79			0.18				(0.26	)		(0.08	)		(0.19	)		(0.09	)	(0.28	)		13.43
2017			11.67			0.05				2.41			2.46			(0.09	)		(0.25	)	(0.34	)		13.79
2016			12.03			0.02				(0.06	)		(0.04	)		(0.09	)		(0.23	)	(0.32	)		11.67
2015			12.23			0.10				(0.02	)		0.08			(0.27	)		(0.01	)	(0.28	)		12.03
2014			11.45			(0.05	)			1.05			1.00			(0.20	)		(0.02	)	(0.22	)		12.23
R-2 shares
2019	(d)		13.48			0.20				0.92			1.12			(0.17	)		(0.43	)	(0.60	)		14.00
2018			13.85			0.18				(0.24	)		(0.06	)		(0.22	)		(0.09	)	(0.31	)		13.48
2017			11.72			0.07				2.41			2.48			(0.10	)		(0.25	)	(0.35	)		13.85
2016			12.06			0.06				(0.08	)		(0.02	)		(0.09	)		(0.23	)	(0.32	)		11.72
2015			12.26			0.14				(0.05	)		0.09			(0.28	)		(0.01	)	(0.29	)		12.06
2014			11.46			(0.04	)			1.06			1.02			(0.20	)		(0.02	)	(0.22	)		12.26
R-3 shares
2019	(d)		13.61			0.22				0.92			1.14			(0.20	)		(0.43	)	(0.63	)		14.12
2018			13.98			0.24				(0.28	)		(0.04	)		(0.24	)		(0.09	)	(0.33	)		13.61
2017			11.82			0.09				2.44			2.53			(0.12	)		(0.25	)	(0.37	)		13.98
2016			12.15			0.09				(0.08	)		0.01			(0.11	)		(0.23	)	(0.34	)		11.82
2015			12.33			0.18				(0.06	)		0.12			(0.29	)		(0.01	)	(0.30	)		12.15
2014			11.50			(0.02	)			1.06			1.04			(0.19	)		(0.02	)	(0.21	)		12.33
R-4 shares
2019	(d)		13.64			0.25				0.91			1.16			(0.22	)		(0.43	)	(0.65	)		14.15
2018			14.01			0.25				(0.27	)		(0.02	)		(0.26	)		(0.09	)	(0.35	)		13.64
2017			11.83			0.12				2.45			2.57			(0.14	)		(0.25	)	(0.39	)		14.01
2016			12.16			0.13				(0.10	)		0.03			(0.13	)		(0.23	)	(0.36	)		11.83
2015			12.33			0.22				(0.08	)		0.14			(0.30	)		(0.01	)	(0.31	)		12.16
2014			11.49			(0.01	)			1.07			1.06			(0.20	)		(0.02	)	(0.22	)		12.33
R-5 shares
2019	(d)		13.69			0.24				0.92			1.16			(0.24	)		(0.43	)	(0.67	)		14.18
2018			14.05			0.24				(0.24	)		–			(0.27	)		(0.09	)	(0.36	)		13.69
2017			11.86			0.15				2.43			2.58			(0.14	)		(0.25	)	(0.39	)		14.05
2016			12.19			0.13				(0.10	)		0.03			(0.13	)		(0.23	)	(0.36	)		11.86
2015			12.36			0.21				(0.06	)		0.15			(0.31	)		(0.01	)	(0.32	)		12.19
2014			11.50			–				1.08			1.08			(0.20	)		(0.02	)	(0.22	)		12.36

See accompanying notes.

527

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	9.30%(e),(f)		$	9,529	0.38	%(g)		0.66	%(g)		3.62	%(g)	13.3	%(g)
	(0.24	) (f)		8,891	0.38			0.57			1.76		24.0
	22.22	(f)		8,481	0.38	(h)		–			0.87		34.2
	0.26	(f)		5,164	0.39	(h)		–			1.06		15.2
	1.16	(f)		4,487	0.41	(h)		–			1.59		24.5
	9.38	(f)		2,226	0.41	(h)		–			0.84		16.2
	9.43	(e)		288,711	0.03	(g),(h)		–			3.87	(g)	13.3	(g)
	0.19			244,280	0.03	(h)		–			2.16		24.0
	22.63			215,561	0.04	(h)		–			1.25		34.2
	0.51			131,082	0.05	(h)		–			1.25		15.2
	1.49			87,981	0.09	(h)		–			1.87		24.5
	9.75			39,465	0.13	(h)		–			0.22		16.2
	8.94	(e)		1,948	0.89	(g)		–			3.31	(g)	13.3	(g)
	(0.67	)		1,651	0.89	(h)		–			1.27		24.0
	21.59			1,705	0.89	(h)		–			0.41		34.2
	(0.32	)		1,099	0.91	(h)		–			0.20		15.2
	0.67			533	0.94	(h)		–			0.85		24.5
	8.83			193	0.96	(h)		–		(0.43		)	16.2
	9.05	(e)		2,001	0.76	(g)		–			3.02	(g)	13.3	(g)
	(0.55	)		1,884	0.76	(h)		–			1.26		24.0
	21.66			1,703	0.76	(h)		–			0.52		34.2
	(0.14	)		947	0.78	(h)		–			0.53		15.2
	0.77			699	0.81	(h)		–			1.19		24.5
	9.00			254	0.83	(h)		–		(0.33		)	16.2
	9.17	(e)		11,242	0.58	(g)		–			3.33	(g)	13.3	(g)
	(0.38	)		10,034	0.58	(h)		–			1.65		24.0
	21.88			9,160	0.58	(h)		–			0.69		34.2
	0.07			5,126	0.60	(h)		–			0.78		15.2
	0.95			3,746	0.63	(h)		–			1.45		24.5
	9.14			2,073	0.65	(h)		–		(0.17		)	16.2
	9.28	(e)		6,301	0.39	(g)		–			3.83	(g)	13.3	(g)
	(0.25	)		6,285	0.39	(h)		–			1.77		24.0
	22.23			7,153	0.39	(h)		–			0.95		34.2
	0.25			4,573	0.41	(h)		–			1.08		15.2
	1.15			3,335	0.44	(h)		–			1.79		24.5
	9.33			1,670	0.46	(h)		–		(0.07		)	16.2
	9.31	(e)		16,630	0.27	(g)		–			3.68	(g)	13.3	(g)
	(0.07	)		14,963	0.27	(h)		–			1.66		24.0
	22.33			10,987	0.27	(h)		–			1.14		34.2
	0.31			7,534	0.29	(h)		–			1.11		15.2
	1.25			6,627	0.32	(h)		–			1.69		24.5
	9.50			2,756	0.34	(h)		–			0.03		16.2

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.
(h)	Reflects Manager's contractual expense limit.

See accompanying notes.

528

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

									Net Realized
			Net Asset Value,	Net Investment					and Unrealized				Total From				Dividends from			Distributions			Total
			Beginning of		Income (Loss)				Gain (Loss) on				Investment				Net Investment			from Realized			Dividends and			Net Asset Value,
			Period				(a)		Investments				Operations					Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME 2065 FUND
Institutional shares
2019	(b)	$	10.25			$	0.18			$	0.73			$	0.91			($0.19	)		($0.12	)	($0.31	)	$	10.85
2018			10.45				0.02				(0.02	)			–			(0.20	)		–		(0.20	)		10.25
2017	(f)		10.00				–				0.45				0.45			–			–		–			10.45
R-1 shares
2019	(b)		10.16				0.15				0.71				0.86			(0.15	)		(0.12	)	(0.27	)		10.75
2018			10.43				(0.04	)			(0.03	)			(0.07	)		(0.20	)		–		(0.20	)		10.16
2017	(f)		10.00				(0.01	)			0.44				0.43			–			–		–			10.43
R-2 shares
2019	(b)		10.17				0.15				0.72				0.87			(0.16	)		(0.12	)	(0.28	)		10.76
2018			10.44				(0.02	)			(0.05	)			(0.07	)		(0.20	)		–		(0.20	)		10.17
2017	(f)		10.00				(0.01	)			0.45				0.44			–			–		–			10.44
R-3 shares
2019	(b)		10.20				0.17				0.70				0.87			(0.16	)		(0.12	)	(0.28	)		10.79
2018			10.44				(0.02	)			(0.02	)			(0.04	)		(0.20	)		–		(0.20	)		10.20
2017	(f)		10.00				–				0.44				0.44			–			–		–			10.44
R-4 shares
2019	(b)		10.22				0.18				0.71				0.89			(0.18	)		(0.12	)	(0.30	)		10.81
2018			10.44				0.01				(0.03	)			(0.02	)		(0.20	)		–		(0.20	)		10.22
2017	(f)		10.00				–				0.44				0.44			–			–		–			10.44
R-5 shares
2019	(b)		10.24				0.17				0.73				0.90			(0.19	)		(0.12	)	(0.31	)		10.83
2018			10.44				0.01				(0.01	)			–			(0.20	)		–		(0.20	)		10.24
2017	(f)		10.00				–				0.44				0.44			–			–		–			10.44
PRINCIPAL LIFETIME HYBRID 2015 FUND
Class J shares
2019	(b)		10.63				0.19				0.43				0.62			(0.14	)		(0.08	)	(0.22	)		11.03
2018	(h)		10.79				0.03				(0.19	)			(0.16	)		–			–		–			10.63
Institutional shares
2019	(b)		10.65				0.21				0.42				0.63			(0.15	)		(0.08	)	(0.23	)		11.05
2018			10.96				0.26				(0.31	)			(0.05	)		(0.22	)		(0.04	)	(0.26	)		10.65
2017			10.06				0.16				0.94				1.10			(0.17	)		(0.03	)	(0.20	)		10.96
2016			9.86				0.16				0.19				0.35			(0.15	)		–		(0.15	)		10.06
2015			10.14				0.05				0.13				0.18			(0.46	)		–		(0.46	)		9.86
2014	(i)		10.00				–				0.14				0.14			–			–		–			10.14
R-3 shares
2019	(j)		10.74				0.01				0.28				0.29			–			–		–			11.03
R-5 shares
2019	(j)		10.74				0.01				0.29				0.30			–			–		–			11.04
R-6 shares
2019	(b)		10.66				0.11				0.53				0.64			(0.15	)		(0.08	)	(0.23	)		11.07
2018			10.98				0.11				(0.17	)			(0.06	)		(0.22	)		(0.04	)	(0.26	)		10.66
2017			10.06				0.06				1.06				1.12			(0.17	)		(0.03	)	(0.20	)		10.98
2016			9.86				0.19				0.16				0.35			(0.15	)		–		(0.15	)		10.06
2015	(k)		9.51				0.01				0.34				0.35			–			–		–			9.86

See accompanying notes.

529

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(l)		Average Net Assets(m)			Assets		Portfolio Turnover Rate
	9.39	%(c)	$	10,372	0.10%(d),(e)			–%		3.59	%(d)	40.2	%(d)
	(0.08	)		7,146	0.10	(e)		–		0.23		195.7
	4.50	(c)		10	0.10	(d),(e)		–		0.24	(d)	0.0	(d)
	8.89	(c)		128	0.93	(d),(e)		–		2.91	(d)	40.2	(d)
	(0.76	)		109	0.93	(e)		–		(0.36	)	195.7
	4.30	(c)		10	0.93	(d),(e)		–		(0.59	) (d)	0.0	(d)
	9.02	(c)		165	0.80	(d),(e)		–		3.01	(d)	40.2	(d)
	(0.76	)		150	0.80	(e)		–		(0.15	)	195.7
	4.40	(c)		10	0.80	(d),(e)		–		(0.46	) (d)	0.0	(d)
	9.05	(c)		1,984	0.62	(d),(e)		–		3.38	(d)	40.2	(d)
	(0.46	)		1,565	0.62	(e)		–		(0.23	)	195.7
	4.40	(c)		10	0.62	(d),(e)		–		(0.28	) (d)	0.0	(d)
	9.25	(c)		551	0.43	(d),(e)		–		3.56	(d)	40.2	(d)
	(0.27	)		339	0.43	(e)		–		0.14		195.7
	4.40	(c)		10	0.43	(d),(e)		–		(0.09	) (d)	0.0	(d)
	9.27	(c)		534	0.31	(d),(e)		–		3.34	(d)	40.2	(d)
	(0.08	)		469	0.31	(e)		–		0.07		195.7
	4.40	(c)		10	0.31	(d),(e)		–		0.03	(d)	0.0	(d)
	5.98	(c),(g)		13,454	0.30	(d)		0.48	(d)	3.60	(d)	38.5	(d)
	(1.48)	(c),(g)		7,117	0.30	(d)		1.32	(d)	0.42	(d)	40.9	(d)
	6.08	(c)		21,380	0.05	(d),(e)		–		3.99	(d)	38.5	(d)
	(0.56	)		29,429	0.05	(e)		–		2.34		40.9
	11.12			31,809	0.05	(e)		–		1.50		49.3
	3.67			12,207	0.05	(e)		–		1.62		27.7
	1.79			7,686	0.06	(e)		–		0.53		20.9
	1.40	(c)		10	0.06	(d),(e)		–		0.36	(d)	0.0	(d)
	2.70	(c)		10	0.59	(d),(e)		–		0.32	(d)	38.5	(d)
	2.79	(c)		10	0.28	(d),(e)		–		0.62	(d)	38.5	(d)
	6.18	(c)		63,367	0.02	(d),(e)		–		1.98	(d)	38.5	(d)
	(0.65	)		14,245	0.02	(e)		–		1.04		40.9
	11.32			1,925	0.02	(e)		–		0.60		49.3
	3.67			11	0.02	(e)		–		1.92		27.7
	3.68	(c)		10	0.03	(d),(e)		–		0.56	(d)	20.9	(d)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Computed on an annualized basis.
(e)	Reflects Manager's contractual expense limit.
(f)	Period from September 6, 2017, date operations commenced, through October 31, 2017.
(g)	Total return is calculated without the contingent deferred sales charge.
(h)	Period from March 1, 2018, date operations commenced, through October 31, 2018.
(i)	Period from September 30, 2014, date operations commenced, through October 31, 2014.
(j)	Period from March 1, 2019, date operations commenced, through April 30, 2019.
(k)	Period from August 24, 2015, date operations commenced, through October 31, 2015.
(l)	Does not include expenses of the investment companies in which the Fund invests.
(m)	Excludes expense reimbursement from Manager and/or Distributor.

See accompanying notes.

530

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from			Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment			from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations					Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME HYBRID 2020 FUND
Class J shares
2019	(b)	$	10.85	$	0.18		$	0.49			$	0.67			($0.18	)		($0.16	)	($0.34	)	$	11.18
2018	(f)		11.04		0.02			(0.21	)			(0.19	)		–			–		–			10.85
Institutional shares
2019	(b)		10.88		0.22			0.45				0.67			(0.18	)		(0.16	)	(0.34	)		11.21
2018			11.21		0.28			(0.33	)			(0.05	)		(0.23	)		(0.05	)	(0.28	)		10.88
2017			10.11		0.16			1.15				1.31			(0.18	)		(0.03	)	(0.21	)		11.21
2016			9.93		0.15			0.19				0.34			(0.16	)		–		(0.16	)		10.11
2015			10.18		0.04			0.18				0.22			(0.47	)		–		(0.47	)		9.93
2014	(h)		10.00		–			0.18				0.18			–			–		–			10.18
R-3 shares
2019	(i)		10.88		–			0.32				0.32			–			–		–			11.20
R-5 shares
2019	(i)		10.88		0.01			0.32				0.33			–			–		–			11.21
R-6 shares
2019	(b)		10.88		0.09			0.59				0.68			(0.19	)		(0.16	)	(0.35	)		11.21
2018			11.22		0.10			(0.15	)			(0.05	)		(0.24	)		(0.05	)	(0.29	)		10.88
2017			10.11		0.05			1.27				1.32			(0.18	)		(0.03	)	(0.21	)		11.22
2016			9.92		0.19			0.16				0.35			(0.16	)		–		(0.16	)		10.11
2015	(j)		9.48		0.01			0.43				0.44			–			–		–			9.92
PRINCIPAL LIFETIME HYBRID 2025 FUND
Class J shares
2019	(b)		11.10		0.20			0.51				0.71			(0.19	)		(0.15	)	(0.34	)		11.47
2018	(f)		11.33		0.01			(0.24	)			(0.23	)		–			–		–			11.10
Institutional shares
2019	(b)		11.12		0.22			0.51				0.73			(0.20	)		(0.15	)	(0.35	)		11.50
2018			11.44		0.26			(0.31	)			(0.05	)		(0.24	)		(0.03	)	(0.27	)		11.12
2017			10.12		0.12			1.40				1.52			(0.18	)		(0.02	)	(0.20	)		11.44
2016			9.97		0.10			0.23				0.33			(0.17	)		(0.01	)	(0.18	)		10.12
2015			10.20		0.03			0.22				0.25			(0.48	)		–		(0.48	)		9.97
2014	(h)		10.00		–			0.20				0.20			–			–		–			10.20
R-3 shares
2019	(i)		11.13		–			0.36				0.36			–			–		–			11.49
R-5 shares
2019	(i)		11.13		0.01			0.35				0.36			–			–		–			11.49
R-6 shares
2019	(b)		11.13		0.11			0.61				0.72			(0.20	)		(0.15	)	(0.35	)		11.50
2018			11.45		0.13			(0.18	)			(0.05	)		(0.24	)		(0.03	)	(0.27	)		11.13
2017			10.13		0.04			1.48				1.52			(0.18	)		(0.02	)	(0.20	)		11.45
2016			9.97		0.18			0.16				0.34			(0.17	)		(0.01	)	(0.18	)		10.13
2015	(j)		9.46		0.01			0.50				0.51			–			–		–			9.97

See accompanying notes.

531

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(l)		Average Net Assets(m)			Assets		Portfolio Turnover Rate
	6.47%(c),(d)		$	31,360	0.30	%(e)		0.34	%(e)	3.42	%(e)	26.7	%(e)
	(1.72) (c),(d)			12,536	0.30	(e)		1.07	(e)	0.27	(e)	33.7	(e)
	6.50	(c)		75,754	0.05	(e),(g)		–		4.16	(e)	26.7	(e)
	(0.50	)		94,427	0.05	(g)		–		2.45		33.7
	13.24			113,534	0.05	(g)		–		1.49		20.6
	3.48			43,541	0.05	(g)		–		1.51		14.7
	2.18			23,438	0.06	(g)		–		0.40		40.7
	1.80	(c)		10	0.06	(e),(g)		–		0.31	(e)	0.0	(e)
	2.94	(c)		10	0.58	(e),(g)		–		0.14	(e)	26.7	(e)
	3.03	(c)		10	0.27	(e),(g)		–		0.45	(e)	26.7	(e)
	6.55	(c)		199,474	0.02	(e),(g)		–		1.67	(e)	26.7	(e)
	(0.57	)		35,759	0.02	(g)		–		0.94		33.7
	13.34			7,123	0.02	(g)		–		0.46		20.6
	3.58			11	0.02	(g)		–		1.90		14.7
	4.64	(c)		10	0.03	(e),(g)		–		0.45	(e)	40.7	(e)
	6.80	(c),(d)		29,660	0.30	(e)		0.34	(e)	3.65	(e)	35.0	(e)
	(2.03)	(c),(d)		13,840	0.30	(e)		0.84	(e)	0.09	(e)	23.3	(e)
	6.94	(c)		58,710	0.05	(e),(g)		–		3.99	(e)	35.0	(e)
	(0.53	)		75,318	0.05	(g)		–		2.25		23.3
	15.19			77,660	0.05	(g)		–		1.10		18.3
	3.32			12,863	0.05	(g)		–		0.98		25.5
	2.51			2,706	0.06	(g)		–		0.33		89.0
	2.00	(c)		10	0.06	(e),(g)		–		0.24	(e)	0.0	(e)
	3.23	(c)		10	0.58	(e),(g)		–		(0.02	) (e)	35.0	(e)
	3.23	(c)		10	0.27	(e),(g)		–		0.29	(e)	35.0	(e)
	6.89	(c)		122,117	0.02	(e),(g)		–		2.09	(e)	35.0	(e)
	(0.53	)		35,044	0.02	(g)		–		1.13		23.3
	15.17			11,946	0.02	(g)		–		0.33		18.3
	3.42			11	0.02	(g)		–		1.86		25.5
	5.39	(c)		11	0.03	(e),(g)		–		0.32	(e)	89.0	(e)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Total return is calculated without the contingent deferred sales charge.
(e)	Computed on an annualized basis.
(f)	Period from March 1, 2018, date operations commenced, through October 31, 2018.
(g)	Reflects Manager's contractual expense limit.
(h)	Period from September 30, 2014, date operations commenced, through October 31, 2014.
(i)	Period from March 1, 2019, date operations commenced, through April 30, 2019.
(j)	Period from August 24, 2015, date operations commenced, through October 31, 2015.
(l)	Does not include expenses of the investment companies in which the Fund invests.
(m)	Excludes expense reimbursement from Manager and/or Distributor.

See accompanying notes.

532

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from			Distributions				Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment			from Realized				Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations					Income		Gains				Distributions			End of Period
PRINCIPAL LIFETIME HYBRID 2030 FUND
Class J shares
2019	(b)	$	11.25	$	0.20		$	0.56			$	0.76			($0.21	)		($	0.18	)	($0.39	)	$	11.62
2018	(f)		11.53		–			(0.28	)			(0.28	)		–				–		–			11.25
Institutional shares
2019	(b)		11.27		0.23			0.55				0.78			(0.21	)			(0.18	)	(0.39	)		11.66
2018			11.62		0.27			(0.33	)			(0.06	)		(0.24	)			(0.05	)	(0.29	)		11.27
2017			10.16		0.15			1.54				1.69			(0.19	)			(0.04	)	(0.23	)		11.62
2016			9.99		0.14			0.19				0.33			(0.16	)			–		(0.16	)		10.16
2015			10.21		0.02			0.24				0.26			(0.48	)			–		(0.48	)		9.99
2014	(h)		10.00		–			0.21				0.21			–				–		–			10.21
R-3 shares
2019	(i)		11.26		–			0.38				0.38			–				–		–			11.64
R-5 shares
2019	(i)		11.26		–			0.39				0.39			–				–		–			11.65
R-6 shares
2019	(b)		11.27		0.13			0.65				0.78			(0.22	)			(0.18	)	(0.40	)		11.65
2018			11.62		0.09			(0.15	)			(0.06	)		(0.24	)			(0.05	)	(0.29	)		11.27
2017			10.16		0.03			1.66				1.69			(0.19	)			(0.04	)	(0.23	)		11.62
2016			9.99		0.18			0.15				0.33			(0.16	)			–		(0.16	)		10.16
2015	(j)		9.43		–			0.56				0.56			–				–		–			9.99
PRINCIPAL LIFETIME HYBRID 2035 FUND
Class J shares
2019	(b)		11.49		0.19			0.63				0.82			(0.21	)			(0.21	)	(0.42	)		11.89
2018	(f)		11.78		–			(0.29	)			(0.29	)		–				–		–			11.49
Institutional shares
2019	(b)		11.51		0.22			0.62				0.84			(0.21	)			(0.21	)	(0.42	)		11.93
2018			11.83		0.27			(0.32	)			(0.05	)		(0.23	)			(0.04	)	(0.27	)		11.51
2017			10.18		0.12			1.74				1.86			(0.18	)			(0.03	)	(0.21	)		11.83
2016			10.02		0.10			0.22				0.32			(0.16	)			–		(0.16	)		10.18
2015			10.22		0.01			0.26				0.27			(0.47	)			–		(0.47	)		10.02
2014	(h)		10.00		–			0.22				0.22			–				–		–			10.22
R-3 shares
2019	(i)		11.50		–			0.42				0.42			–				–		–			11.92
R-5 shares
2019	(i)		11.50		–			0.42				0.42			–				–		–			11.92
R-6 shares
2019	(b)		11.53		0.14			0.69				0.83			(0.21	)			(0.21	)	(0.42	)		11.94
2018			11.84		0.14			(0.18	)			(0.04	)		(0.23	)			(0.04	)	(0.27	)		11.53
2017			10.18		0.02			1.85				1.87			(0.18	)			(0.03	)	(0.21	)		11.84
2016			10.02		0.17			0.15				0.32			(0.16	)			–		(0.16	)		10.18
2015	(j)		9.41		–			0.61				0.61			–				–		–			10.02

See accompanying notes.

533

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(k)		Average Net Assets(l)			Assets		Portfolio Turnover Rate
	7.15%(c),(d)		$	24,437	0.30	%(e)		0.40	%(e)	3.54	%(e)	22.7	%(e)
	(2.43) (c),(d)			11,583	0.30	(e)		1.09	(e)	(0.04	) (e)	25.9	(e)
	7.38	(c)		85,259	0.05	(e),(g)		–		4.18	(e)	22.7	(e)
	(0.56	)		93,545	0.05	(g)		–		2.31		25.9
	16.98			105,598	0.05	(g)		–		1.38		20.5
	3.41			45,779	0.05	(g)		–		1.42		12.1
	2.57			25,108	0.06	(g)		–		0.21		27.3
	2.10	(c)		10	0.06	(e),(g)		–		0.21	(e)	0.0	(e)
	3.37	(c)		10	0.58	(e),(g)		–		(0.20	) (e)	22.7	(e)
	3.46	(c)		10	0.27	(e),(g)		–		0.11	(e)	22.7	(e)
	7.33	(c)		148,459	0.02	(e),(g)		–		2.31	(e)	22.7	(e)
	(0.55	)		53,746	0.02	(g)		–		0.79		25.9
	16.98			11,772	0.02	(g)		–		0.24		20.5
	3.41			11	0.02	(g)		–		1.79		12.1
	5.94	(c)		11	0.03	(e),(g)		–		0.23	(e)	27.3	(e)
	7.59	(c),(d)		18,496	0.30	(e)		0.43	(e)	3.32	(e)	25.4	(e)
	(2.46) (c),(d)			8,266	0.30	(e)		1.65	(e)	0.00	(e)	13.7	(e)
	7.81	(c)		48,375	0.05	(e),(g)		–		3.82	(e)	25.4	(e)
	(0.45	)		54,606	0.05	(g)		–		2.22		13.7
	18.52			56,993	0.05	(g)		–		1.05		21.7
	3.29			9,871	0.05	(g)		–		1.04		24.6
	2.74			3,215	0.06	(g)		–		0.14		18.9
	2.20	(c)		10	0.06	(e),(g)		–		0.20	(e)	0.0	(e)
	3.65	(c)		10	0.59	(e),(g)		–		(0.20	) (e)	25.4	(e)
	3.65	(c)		10	0.28 (e)	,(g)		–		0.11	(e)	25.4	(e)
	7.75	(c)		87,215	0.02	(e),(g)		–		2.40	(e)	25.4	(e)
	(0.36	)		33,325	0.02	(g)		–		1.12		13.7
	18.62			12,166	0.02	(g)		–		0.17		21.7
	3.29			11	0.02	(g)		–		1.71		24.6
	6.48	(c)		11	0.03	(e),(g)		–		0.11	(e)	18.9	(e)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Total return is calculated without the contingent deferred sales charge.
(e)	Computed on an annualized basis.
(f)	Period from March 1, 2018, date operations commenced, through October 31, 2018.
(g)	Reflects Manager's contractual expense limit.
(h)	Period from September 30, 2014, date operations commenced, through October 31, 2014.
(i)	Period from March 1, 2019, date operations commenced, through April 30, 2019.
(j)	Period from August 24, 2015, date operations commenced, through October 31, 2015.
(k)	Does not include expenses of the investment companies in which the Fund invests.
(l)	Excludes expense reimbursement from Manager and/or Distributor.

See accompanying notes.

534

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

									Net Realized
			Net Asset Value,	Net Investment					and Unrealized				Total From				Dividends from			Distributions			Total
			Beginning of		Income (Loss)				Gain (Loss) on				Investment				Net Investment			from Realized			Dividends and			Net Asset Value,
			Period				(a)		Investments				Operations					Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME HYBRID 2040 FUND
Class J shares
2019	(b)	$	11.59			$	0.17			$	0.66			$	0.83			($0.21	)		($0.25	)	($0.46	)	$	11.96
2018	(f)		11.91				–				(0.32	)			(0.32	)		–			–		–			11.59
Institutional shares
2019	(b)		11.62				0.22				0.63				0.85			(0.22	)		(0.25	)	(0.47	)		12.00
2018			11.94				0.27				(0.31	)			(0.04	)		(0.23	)		(0.05	)	(0.28	)		11.62
2017			10.20				0.14				1.84				1.98			(0.18	)		(0.06	)	(0.24	)		11.94
2016			10.04				0.13				0.19				0.32			(0.16	)		–		(0.16	)		10.20
2015			10.23				0.02				0.26				0.28			(0.47	)		–		(0.47	)		10.04
2014	(h)		10.00				–				0.23				0.23			–			–		–			10.23
R-3 shares
2019	(i)		11.56				(0.01	)			0.44				0.43			–			–		–			11.99
R-5 shares
2019	(i)		11.56				–				0.44				0.44			–			–		–			12.00
R-6 shares
2019	(b)		11.63				0.12				0.74				0.86			(0.22	)		(0.25	)	(0.47	)		12.02
2018			11.96				0.15				(0.20	)			(0.05	)		(0.23	)		(0.05	)	(0.28	)		11.63
2017			10.20				0.02				1.98				2.00			(0.18	)		(0.06	)	(0.24	)		11.96
2016			10.04				0.17				0.15				0.32			(0.16	)		–		(0.16	)		10.20
2015	(j)		9.39				–				0.65				0.65			–			–		–			10.04
PRINCIPAL LIFETIME HYBRID 2045 FUND
Class J shares
2019	(b)		11.72				0.16				0.70				0.86			(0.21	)		(0.27	)	(0.48	)		12.10
2018	(f)		12.05				(0.01	)			(0.32	)			(0.33	)		–			–		–			11.72
Institutional shares
2019	(b)		11.74				0.21				0.67				0.88			(0.22	)		(0.27	)	(0.49	)		12.13
2018			12.05				0.25				(0.29	)			(0.04	)		(0.23	)		(0.04	)	(0.27	)		11.74
2017			10.18				0.10				1.98				2.08			(0.18	)		(0.03	)	(0.21	)		12.05
2016			10.03				0.11				0.20				0.31			(0.16	)		–		(0.16	)		10.18
2015			10.23				0.02				0.25				0.27			(0.47	)		–		(0.47	)		10.03
2014	(h)		10.00				–				0.23				0.23			–			–		–			10.23
R-3 shares
2019	(i)		11.67				(0.01	)			0.46				0.45			–			–		–			12.12
R-5 shares
2019	(i)		11.67				–				0.45				0.45			–			–		–			12.12
R-6 shares
2019	(b)		11.75				0.12				0.76				0.88			(0.22	)		(0.27	)	(0.49	)		12.14
2018			12.06				0.12				(0.16	)			(0.04	)		(0.23	)		(0.04	)	(0.27	)		11.75
2017			10.18				0.01				2.08				2.09			(0.18	)		(0.03	)	(0.21	)		12.06
2016			10.03				0.17				0.14				0.31			(0.16	)		–		(0.16	)		10.18
2015	(j)		9.34				–				0.69				0.69			–			–		–			10.03

See accompanying notes.

535

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(k)		Average Net Assets(l)			Assets		Portfolio Turnover Rate
	7.76%(c),(d)		$	16,425	0.30	%(e)		0.53	%(e)	2.96	%(e)	23.0	%(e)
	(2.69) (c),(d)			6,882	0.30	(e)		1.71	(e)	(0.03	) (e)	15.1	(e)
	7.89	(c)		58,293	0.05	(e),(g)		–		3.94	(e)	23.0	(e)
	(0.38	)		65,042	0.05	(g)		–		2.18		15.1
	19.80			66,565	0.05	(g)		–		1.22		21.0
	3.27			23,771	0.05	(g)		–		1.36		13.0
	2.83			13,492	0.06	(g)		–		0.17		36.5
	2.30	(c)		10	0.06	(e),(g)		–		0.16	(e)	0.0	(e)
	3.72	(c)		10	0.59	(e),(g)		–		(0.26	) (e)	23.0	(e)
	3.81	(c)		10	0.28	(e),(g)		–		0.05	(e)	23.0	(e)
	8.01	(c)		101,275	0.02	(e),(g)		–		2.17	(e)	23.0	(e)
	(0.46	)		36,294	0.02	(g)		–		1.19		15.1
	19.99			15,856	0.02	(g)		–		0.15		21.0
	3.27			11	0.02	(g)		–		1.70		13.0
	6.92	(c)		11	0.03	(e),(g)		–		0.11	(e)	36.5	(e)
	7.98	(c),(d)		8,773	0.30	(e)		0.86	(e)	2.78	(e)	31.7	(e)
	(2.74) (c),(d)			3,288	0.30	(e)		3.08	(e)	(0.10	) (e)	12.0	(e)
	8.14	(c)		32,735	0.05	(e),(g)		–		3.70	(e)	31.7	(e)
	(0.39	)		37,700	0.05	(g)		–		2.07		12.0
	20.74			37,570	0.05	(g)		–		0.89		19.8
	3.18			6,226	0.05	(g)		–		1.10		11.4
	2.70			1,895	0.06	(g)		–		0.19		19.3
	2.30	(c)		10	0.06	(e),(g)		–		0.10	(e)	0.0	(e)
	3.86	(c)		10	0.59	(e),(g)		–		(0.34	) (e)	31.7	(e)
	3.86	(c)		10	0.28	(e),(g)		–		(0.04	) (e)	31.7	(e)
	8.15	(c)		52,548	0.02	(e),(g)		–		2.03	(e)	31.7	(e)
	(0.39	)		17,071	0.02	(g)		–		0.99		12.0
	20.84			5,895	0.02	(g)		–		0.11		19.8
	3.18			11	0.02	(g)		–		1.73		11.4
	7.39	(c)		10	0.03	(e),(g)		–		0.12	(e)	19.3	(e)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Total return is calculated without the contingent deferred sales charge.
(e)	Computed on an annualized basis.
(f)	Period from March 1, 2018, date operations commenced, through October 31, 2018.
(g)	Reflects Manager's contractual expense limit.
(h)	Period from September 30, 2014, date operations commenced, through October 31, 2014.
(i)	Period from March 1, 2019, date operations commenced, through April 30, 2019.
(j)	Period from August 24, 2015, date operations commenced, through October 31, 2015.
(k)	Does not include expenses of the investment companies in which the Fund invests.
(l)	Excludes expense reimbursement from Manager and/or Distributor.

See accompanying notes.

536

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

									Net Realized
			Net Asset Value,	Net Investment					and Unrealized				Total From				Dividends from			Distributions			Total
			Beginning of		Income (Loss)				Gain (Loss) on				Investment				Net Investment			from Realized			Dividends and		Net Asset Value,
			Period				(a)		Investments				Operations					Income		Gains			Distributions			End of Period
PRINCIPAL LIFETIME HYBRID 2050 FUND
Class J shares
2019	(b)	$	11.79			$	0.18			$	0.69			$	0.87			($0.22	)		($0.24	)	($0.46	)	$	12.20
2018	(f)		12.12				(0.01	)			(0.32	)			(0.33	)		–			–		–			11.79
Institutional shares
2019	(b)		11.79				0.22				0.67				0.89			(0.23	)		(0.24	)	(0.47	)		12.21
2018			12.12				0.24				(0.28	)			(0.04	)		(0.23	)		(0.06	)	(0.29	)		11.79
2017			10.21				0.13				2.04				2.17			(0.19	)		(0.07	)	(0.26	)		12.12
2016			10.06				0.14				0.17				0.31			(0.16	)		–		(0.16	)		10.21
2015			10.24				0.02				0.27				0.29			(0.47	)		–		(0.47	)		10.06
2014	(h)		10.00				–				0.24				0.24			–			–		–			10.24
R-3 shares
2019	(i)		11.74				(0.01	)			0.47				0.46			–			–		–			12.20
R-5 shares
2019	(i)		11.74				–				0.46				0.46			–			–		–			12.20
R-6 shares
2019	(b)		11.80				0.12				0.76				0.88			(0.23	)		(0.24	)	(0.47	)		12.21
2018			12.12				0.10				(0.13	)			(0.03	)		(0.23	)		(0.06	)	(0.29	)		11.80
2017			10.21				0.01				2.16				2.17			(0.19	)		(0.07	)	(0.26	)		12.12
2016			10.06				0.17				0.14				0.31			(0.16	)		–		(0.16	)		10.21
2015	(j)		9.34				–				0.72				0.72			–			–		–			10.06
PRINCIPAL LIFETIME HYBRID 2055 FUND
Class J shares
2019	(b)		11.91				0.15				0.74				0.89			(0.23	)		(0.26	)	(0.49	)		12.31
2018	(f)		12.27				(0.01	)			(0.35	)			(0.36	)		–			–		–			11.91
Institutional shares
2019	(b)		11.93				0.21				0.69				0.90			(0.24	)		(0.26	)	(0.50	)		12.33
2018			12.23				0.24				(0.27	)			(0.03	)		(0.23	)		(0.04	)	(0.27	)		11.93
2017			10.22				0.09				2.12				2.21			(0.18	)		(0.02	)	(0.20	)		12.23
2016			10.06				0.08				0.24				0.32			(0.16	)		–		(0.16	)		10.22
2015			10.24				0.06				0.23				0.29			(0.47	)		–		(0.47	)		10.06
2014	(h)		10.00				–				0.24				0.24			–			–		–			10.24
R-3 shares
2019	(i)		11.86				(0.01	)			0.48				0.47			–			–		–			12.33
R-5 shares
2019	(i)		11.86				–				0.47				0.47			–			–		–			12.33
R-6 shares
2019	(b)		11.94				0.10				0.81				0.91			(0.24	)		(0.26	)	(0.50	)		12.35
2018			12.24				0.09				(0.12	)			(0.03	)		(0.23	)		(0.04	)	(0.27	)		11.94
2017			10.23				0.02				2.19				2.21			(0.18	)		(0.02	)	(0.20	)		12.24
2016			10.06				0.17				0.16				0.33			(0.16	)		–		(0.16	)		10.23
2015	(j)		9.33				–				0.73				0.73			–			–		–			10.06

See accompanying notes.

537

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(k)		Average Net Assets(l)			Assets		Portfolio Turnover Rate
	8.06%(c),(d)		$	7,307	0.30	%(e)		0.96	%(e)	3.05	%(e)	19.2	%(e)
	(2.72) (c),(d)			3,239	0.30	(e)		3.46	(e)	(0.12	) (e)	12.1	(e)
	8.23	(c)		37,755	0.05	(e),(g)		–		3.87	(e)	19.2	(e)
	(0.38	)		38,809	0.05	(g)		–		1.95		12.1
	21.60			35,207	0.05	(g)		–		1.17		18.3
	3.16			12,592	0.05	(g)		–		1.40		12.2
	2.90			7,536	0.06	(g)		–		0.23		9.6
	2.40	(c)		10	0.06	(e),(g)		–		0.08	(e)	0.0	(e)
	3.92	(c)		10	0.59	(e),(g)		–		(0.36	) (e)	19.2	(e)
	3.92	(c)		10	0.28	(e),(g)		–		(0.07	) (e)	19.2	(e)
	8.15	(c)		39,464	0.02	(e),(g)		–		2.08	(e)	19.2	(e)
	(0.30	)		13,369	0.02	(g)		–		0.81		12.1
	21.60			3,207	0.02	(g)		–		0.12		18.3
	3.16			11	0.02	(g)		–		1.71		12.2
	7.71	(c)		11	0.03	(e),(g)		–		0.12	(e)	9.6	(e)
	8.13	(c),(d)		2,473	0.30	(e)		2.55	(e)	2.55	(e)	43.4	(e)
	(2.93) (c),(d)			1,178	0.30	(e)		10.17	(e)	(0.12	) (e)	13.8	(e)
	8.19	(c)		11,063	0.05	(e),(g)		–		3.54	(e)	43.4	(e)
	(0.30	)		13,086	0.05	(g)		–		1.89		13.8
	22.04			10,715	0.05	(g)		–		0.83		19.3
	3.25			1,903	0.05	(g)		–		0.81		20.1
	2.88			352	0.06	(g)		–		0.64		49.9
	2.40	(c)		10	0.06	(e),(g)		–		0.06	(e)	0.0	(e)
	3.96	(c)		10	0.59	(e)		–		(0.36	) (e)	43.4	(e)
	3.96	(c)		10	0.28	(e),(g)		–		(0.07	) (e)	43.4	(e)
	8.27	(c)		14,183	0.02	(e),(g)		–		1.76	(e)	43.4	(e)
	(0.30	)		3,741	0.02	(g)		–		0.68		13.8
	22.02			686	0.02	(g)		–		0.18		19.3
	3.35			11	0.02	(g)		–		1.73		20.1
	7.82	(c)		11	0.03	(e),(g)		–		0.12	(e)	49.9	(e)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Total return is calculated without the contingent deferred sales charge.
(e)	Computed on an annualized basis.
(f)	Period from March 1, 2018, date operations commenced, through October 31, 2018.
(g)	Reflects Manager's contractual expense limit.
(h)	Period from September 30, 2014, date operations commenced, through October 31, 2014.
(i)	Period from March 1, 2019, date operations commenced, through April 30, 2019.
(j)	Period from August 24, 2015, date operations commenced, through October 31, 2015.
(k)	Does not include expenses of the investment companies in which the Fund invests.
(l)	Excludes expense reimbursement from Manager and/or Distributor.

See accompanying notes.

538

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
			Net Asset Value,	Net Investment				and Unrealized				Total From				Dividends from				Distributions				Total
			Beginning of	Income (Loss)				Gain (Loss) on				Investment				Net Investment				from Realized				Dividends and			Net Asset Value,
			Period			(a)		Investments				Operations						Income		Gains				Distributions			End of Period
PRINCIPAL LIFETIME HYBRID 2060 FUND
Class J shares
2019	(b)	$	11.91		$	0.16			$	0.76			$	0.92			($	0.24	)		($	0.14	)	($0.38	)	$	12.45
2018	(f)		12.28			(0.01	)			(0.36	)			(0.37	)			–				–		–			11.91
Institutional shares
2019	(b)		11.94			0.21				0.72				0.93				(0.24	)			(0.14	)	(0.38	)		12.49
2018			12.26			0.21				(0.24	)			(0.03	)			(0.23	)			(0.06	)	(0.29	)		11.94
2017			10.22			0.10				2.16				2.26				(0.18	)			(0.04	)	(0.22	)		12.26
2016			10.06			0.08				0.24				0.32				(0.16	)			–		(0.16	)		10.22
2015			10.24			0.41				(0.12	)			0.29				(0.47	)			–		(0.47	)		10.06
2014	(h)		10.00			–				0.24				0.24				–				–		–			10.24
R-3 shares
2019	(i)		12.01			(0.01	)			0.49				0.48				–				–		–			12.49
R-5 shares
2019	(i)		12.01			–				0.48				0.48				–				–		–			12.49
R-6 shares
2019	(b)		11.95			0.13				0.81				0.94				(0.24	)			(0.14	)	(0.38	)		12.51
2018			12.28			0.04				(0.08	)			(0.04	)			(0.23	)			(0.06	)	(0.29	)		11.95
2017			10.23			0.08				2.19				2.27				(0.18	)			(0.04	)	(0.22	)		12.28
2016			10.06			0.17				0.16				0.33				(0.16	)			–		(0.16	)		10.23
2015	(j)		9.33			–				0.73				0.73				–				–		–			10.06
PRINCIPAL LIFETIME HYBRID 2065 FUND
Class J shares
2019	(b)		10.20			0.18				0.61				0.79				(0.27	)			(0.06	)	(0.33	)		10.66
2018	(f)		10.52			(0.01	)			(0.31	)			(0.32	)			–				–		–			10.20
Institutional shares
2019	(b)		10.22			0.19				0.61				0.80				(0.27	)			(0.06	)	(0.33	)		10.69
2018			10.44			0.06				(0.08	)			(0.02	)			(0.20	)			–		(0.20	)		10.22
2017	(k)		10.00			–				0.44				0.44				–				–		–			10.44
R-3 shares
2019	(i)		10.27			(0.01	)			0.42				0.41				–				–		–			10.68
R-5 shares
2019	(i)		10.27			–				0.41				0.41				–				–		–			10.68
R-6 shares
2019	(b)		10.22			0.01				0.43				0.44				(0.27	)			(0.06	)	(0.33	)		10.33
2018			10.44			0.02				(0.04	)			(0.02	)			(0.20	)			–		(0.20	)		10.22
2017	(k)		10.00			–				0.44				0.44				–				–		–			10.44

See accompanying notes.

539

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(m)		Average Net Assets(n)			Assets		Portfolio Turnover Rate
	8.18%(c),(d)		$	929	0.30	%(e)		5.88	%(e)	2.76	%(e)	27.1	%(e)
	(3.01) (c),(d)			442	0.30	(e)		19.65	(e)	(0.13	) (e)	22.7	(e)
	8.24	(c)		3,805	0.05	(e),(g)		–		3.51	(e)	27.1	(e)
	(0.31	)		3,282	0.05	(g)		–		1.71		22.7
	22.59			1,834	0.05	(g)		–		0.86		50.3
	3.27			440	0.05	(g)		–		0.84		21.8
	2.88			129	0.06	(g)		–		4.06		70.5
	2.40	(c)		10	0.06	(e),(g)		–		0.06	(e)	0.0	(e)
	4.00	(c)		10	0.59	(e),(g)		–		(0.36	) (e)	27.1	(e)
	4.00	(c)		10	0.28	(e),(g)		–		(0.07	) (e)	27.1	(e)
	8.32	(c)		4,545	0.02	(e),(g)		–		2.21	(e)	27.1	(e)
	(0.39	)		1,680	0.02	(g)		–		0.30		22.7
	22.67			56	0.02	(g)		–		0.69		50.3
	3.37			11	0.02	(g)		–		1.73		21.8
	7.82	(c)		11	0.03	(e),(g)		–		0.12	(e)	70.5	(e)
	8.17	(c),(d)		563	0.30	(e)		8.42	(e)	3.63	(e)	181.6	(e)
	(3.04) (c),(d)			397	0.30	(e)		16.07	(e)	(0.12	) (e)	14.2	(e)
	8.25	(c)		167	0.05	(e),(g)		–		3.78	(e)	181.6	(e)
	(0.28	)		86	0.05	(g)		–		0.56		14.2
	4.40	(c)		10	0.05	(e),(g)		–		0.09	(e)	0.0	(e)
	3.99	(c)		10	0.59	(e),(g)		–		(0.36	) (e)	181.6	(e)
	3.99	(c)		10	0.28	(e),(g)		–		(0.07	) (e)	181.6	(e)
	4.73	(c),(l)		1,424	0.02	(e),(g)		–		0.14	(e)	181.6	(e)
	(0.28	)		3,948	0.02	(g)		–		0.17		14.2
	4.40	(c)		10	0.02	(e),(g)		–		0.13	(e)	0.0	(e)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Total return is calculated without the contingent deferred sales charge.
(e)	Computed on an annualized basis.
(f)	Period from March 1, 2018, date operations commenced, through October 31, 2018.
(g)	Reflects Manager's contractual expense limit.
(h)	Period from September 30, 2014, date operations commenced, through October 31, 2014.
(i)	Period from March 1, 2019, date operations commenced, through April 30, 2019.
(j)	Period from August 24, 2015, date operations commenced, through October 31, 2015.
(k)	Period from September 6, 2017, date operations commenced, through October 31, 2017.
(l)	During 2018, the Class experienced a one-time loss of approximately $0.33/share as a result of a large redemption. If such loss had not been recognized, the total return amounts expressed herein would have been higher.
(m)	Does not include expenses of the investment companies in which the Fund invests.
(n)	Excludes expense reimbursement from Manager and/or Distributor.

See accompanying notes.

540

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
		Net Asset Value,				Net Investment	and Unrealized				Total From				Dividends from				Distributions				Total
		Beginning of				Income (Loss)	Gain (Loss) on				Investment				Net Investment				from Realized				Dividends and			Net Asset Value,
				Period		(a)	Investments				Operations						Income		Gains				Distributions			End of Period
PRINCIPAL LIFETIME HYBRID INCOME FUND
Class J shares
2019	(d)		$	10.16	$	0.19		$	0.32			$	0.51			($	0.16	)		($	0.04	)	($0.20	)	$	10.47
2018	(h)			10.26		0.05			(0.15	)			(0.10	)			–				–		–			10.16
Institutional shares
2019	(d)			10.17		0.21			0.32				0.53				(0.17	)			(0.04	)	(0.21	)		10.49
2018				10.51		0.28			(0.37	)			(0.09	)			(0.24	)			(0.01	)	(0.25	)		10.17
2017				10.04		0.17			0.44				0.61				(0.13	)			(0.01	)	(0.14	)		10.51
2016				9.82		0.16			0.20				0.36				(0.14	)			–		(0.14	)		10.04
2015				10.10		0.12			0.03				0.15				(0.43	)			–		(0.43	)		9.82
2014	(j)			10.00		–			0.10				0.10				–				–		–			10.10
R-3 shares
2019	(k)			10.25		0.01			0.22				0.23				–				–		–			10.48
R-5 shares
2019	(k)			10.25		0.02			0.22				0.24				–				–		–			10.49
R-6 shares
2019	(d)			10.18		0.12			0.41				0.53				(0.17	)			(0.04	)	(0.21	)		10.50
2018				10.52		0.15			(0.24	)			(0.09	)			(0.24	)			(0.01	)	(0.25	)		10.18
2017				10.05		0.09			0.52				0.61				(0.13	)			(0.01	)	(0.14	)		10.52
2016				9.82		0.20			0.17				0.37				(0.14	)			–		(0.14	)		10.05
2015	(l)			9.66		0.02			0.14				0.16				–				–		–			9.82

See accompanying notes.

541

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	5.10%(e),(f)		$	6,159	0.30	%(g)		0.94	%(g)		3.75	%(g)	24.7	%(g)
	(0.97) (e),(f)			3,029	0.30	(g)		2.97	(g)		0.72	(g)	58.8	(g)
	5.28	(e)		14,237	0.05	(g),(i)		–			4.21	(g)	24.7	(g)
	(0.88	)		14,431	0.05	(i)		–			2.73		58.8
	6.15			21,814	0.05	(i)		–			1.70		40.7
	3.79			8,773	0.05	(i)		–			1.58		25.5
	1.54			2,804	0.06	(i)		–			1.18		116.2
	1.00	(e)		10	0.06	(g),(i)		–			0.50	(g)	0.0	(g)
	2.24	(e)		10	0.59	(g),(i)		–			0.60	(g)	24.7	(g)
	2.34	(e)		10	0.28	(g),(i)		–			0.89	(g)	24.7	(g)
	5.28	(e)		34,974	0.02	(g),(i)		–			2.28	(g)	24.7	(g)
	(0.88	)		8,750	0.02	(i)		–			1.40		58.8
	6.15			2,255	0.02	(i)		–			0.86		40.7
	3.90			11	0.02	(i)		–			2.03		25.5
	1.66	(e)		10	0.03	(g),(i)		–			0.85	(g)	116.2	(g)

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.
(h)	Period from March 1, 2018, date operations commenced, through October 31, 2018.
(i)	Reflects Manager's contractual expense limit.
(j)	Period from September 30, 2014, date operations commenced, through October 31, 2014.
(k)	Period from March 1, 2019, date operations commenced, through April 30, 2019.
(l)	Period from August 24, 2015, date operations commenced, through October 31, 2015.

See accompanying notes.

542

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
		Net Asset Value,			Net Investment	and Unrealized					Total From		Dividends from				Distributions				Total
		Beginning of			Income (Loss)	Gain (Loss) on					Investment		Net Investment				from Realized				Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations				Income		Gains				Distributions			End of Period
PRINCIPAL LIFETIME STRATEGIC INCOME FUND
Class J shares
2019	(d)		$12.03	$	0.22		$	0.40		$	0.62			($	0.32	)		($	0.50	)	($0.82	)	$	11.83
2018			12.73		0.32			(0.46	)		(0.14	)			(0.33	)			(0.23	)	(0.56	)		12.03
2017			12.15		0.24			0.61			0.85				(0.22	)			(0.05	)	(0.27	)		12.73
2016			11.96		0.21			0.19			0.40				(0.21	)			–		(0.21	)		12.15
2015			12.17		0.22			(0.21	)		0.01				(0.22	)			–		(0.22	)		11.96
2014			11.81		0.23			0.35			0.58				(0.22	)			–		(0.22	)		12.17
Institutional shares
2019	(d)		12.11		0.24			0.39			0.63				(0.35	)			(0.50	)	(0.85	)		11.89
2018			12.80		0.35			(0.46	)		(0.11	)			(0.35	)			(0.23	)	(0.58	)		12.11
2017			12.22		0.27			0.61			0.88				(0.25	)			(0.05	)	(0.30	)		12.80
2016			12.04		0.24			0.19			0.43				(0.25	)			–		(0.25	)		12.22
2015			12.25		0.27			(0.22	)		0.05				(0.26	)			–		(0.26	)		12.04
2014			11.89		0.27			0.35			0.62				(0.26	)			–		(0.26	)		12.25
R-1 shares
2019	(d)		12.08		0.18			0.41			0.59				(0.24	)			(0.50	)	(0.74	)		11.93
2018			12.77		0.23			(0.45	)		(0.22	)			(0.24	)			(0.23	)	(0.47	)		12.08
2017			12.18		0.17			0.60			0.77				(0.13	)			(0.05	)	(0.18	)		12.77
2016			11.97		0.14			0.19			0.33				(0.12	)			–		(0.12	)		12.18
2015			12.17		0.17			(0.23	)		(0.06	)			(0.14	)			–		(0.14	)		11.97
2014			11.81		0.17			0.34			0.51				(0.15	)			–		(0.15	)		12.17
R-2 shares
2019	(d)		12.09		0.19			0.40			0.59				(0.26	)			(0.50	)	(0.76	)		11.92
2018			12.77		0.25			(0.45	)		(0.20	)			(0.25	)			(0.23	)	(0.48	)		12.09
2017			12.18		0.18			0.61			0.79				(0.15	)			(0.05	)	(0.20	)		12.77
2016			11.98		0.16			0.18			0.34				(0.14	)			–		(0.14	)		12.18
2015			12.18		0.18			(0.23	)		(0.05	)			(0.15	)			–		(0.15	)		11.98
2014			11.82		0.17			0.36			0.53				(0.17	)			–		(0.17	)		12.18
R-3 shares
2019	(d)		11.97		0.21			0.39			0.60				(0.28	)			(0.50	)	(0.78	)		11.79
2018			12.66		0.28			(0.46	)		(0.18	)			(0.28	)			(0.23	)	(0.51	)		11.97
2017			12.09		0.20			0.60			0.80				(0.18	)			(0.05	)	(0.23	)		12.66
2016			11.90		0.18			0.18			0.36				(0.17	)			–		(0.17	)		12.09
2015			12.10		0.21			(0.23	)		(0.02	)			(0.18	)			–		(0.18	)		11.90
2014			11.75		0.20			0.34			0.54				(0.19	)			–		(0.19	)		12.10
R-4 shares
2019	(d)		12.00		0.21			0.40			0.61				(0.30	)			(0.50	)	(0.80	)		11.81
2018			12.69		0.31			(0.47	)		(0.16	)			(0.30	)			(0.23	)	(0.53	)		12.00
2017			12.12		0.23			0.60			0.83				(0.21	)			(0.05	)	(0.26	)		12.69
2016			11.94		0.20			0.18			0.38				(0.20	)			–		(0.20	)		12.12
2015			12.14		0.24			(0.23	)		0.01				(0.21	)			–		(0.21	)		11.94
2014			11.79		0.23			0.34			0.57				(0.22	)			–		(0.22	)		12.14
R-5 shares
2019	(d)		12.09		0.23			0.39			0.62				(0.32	)			(0.50	)	(0.82	)		11.89
2018			12.77		0.32			(0.45	)		(0.13	)			(0.32	)			(0.23	)	(0.55	)		12.09
2017			12.20		0.25			0.59			0.84				(0.22	)			(0.05	)	(0.27	)		12.77
2016			12.01		0.22			0.18			0.40				(0.21	)			–		(0.21	)		12.20
2015			12.22		0.23			(0.21	)		0.02				(0.23	)			–		(0.23	)		12.01
2014			11.86		0.23			0.36			0.59				(0.23	)			–		(0.23	)		12.22

See accompanying notes.

543

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	5.68%(e),(f)		$	66,828	0.23	%(g)		0.26	%(g)		3.83	%(g)	15.5	%(g)
	(1.17	) (f)		67,011	0.22			0.25			2.56		22.7
	7.17	(f)		78,254	0.20			0.23			1.97		18.6
	3.42	(f)		80,677	0.26			0.29			1.80		18.2
	0.08	(f)		81,357	0.36			0.39			1.84		36.8
	5.02	(f)		77,956	0.37			0.41			1.88		26.8
	5.71	(e)		282,772	0.02	(g)		–			4.11	(g)	15.5	(g)
	(0.88	)		300,145	0.02			–			2.85		22.7
	7.37			409,643	0.00			–			2.21		18.6
	3.63			491,823	0.04			–			2.02		18.2
	0.40			505,216	0.05			–			2.23		36.8
	5.33			573,524	0.04			–			2.21		26.8
	5.30	(e)		2,965	0.89	(g)		–			3.17	(g)	15.5	(g)
	(1.77	)		3,303	0.89			–			1.86		22.7
	6.38			3,589	0.87			–			1.35		18.6
	2.83			4,187	0.91			–			1.20		18.2
	(0.51	)		5,467	0.92			–			1.43		36.8
	4.40			7,563	0.92			–			1.46		26.8
	5.33	(e)		4,384	0.76	(g)		–			3.27	(g)	15.5	(g)
	(1.66	)		4,093	0.76			–			1.99		22.7
	6.59			4,452	0.74			–			1.49		18.6
	2.90			6,161	0.78			–			1.30		18.2
	(0.40	)		7,320	0.79			–			1.46		36.8
	4.54			9,709	0.79			–			1.46		26.8
	5.46	(e)		15,214	0.58	(g)		–			3.67	(g)	15.5	(g)
	(1.49	)		18,843	0.58			–			2.24		22.7
	6.74			23,715	0.56			–			1.63		18.6
	3.11			26,646	0.60			–			1.48		18.2
	(0.14	)		29,146	0.61			–			1.71		36.8
	4.68			35,215	0.61			–			1.68		26.8
	5.55	(e)		7,478	0.39	(g)		–			3.67	(g)	15.5	(g)
	(1.31	)		7,847	0.39			–			2.49		22.7
	6.95			11,087	0.37			–			1.87		18.6
	3.23			15,566	0.41			–			1.69		18.2
	0.07			16,252	0.42			–			1.98		36.8
	4.89			21,059	0.42			–			1.93		26.8
	5.60	(e)		16,291	0.27	(g)		–			3.96	(g)	15.5	(g)
	(1.10	)		19,665	0.27			–			2.57		22.7
	7.00			25,675	0.25			–			2.02		18.6
	3.43			40,472	0.29			–			1.82		18.2
	0.15			45,434	0.30			–			1.92		36.8
	5.08			48,096	0.30			–			1.93		26.8

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.

See accompanying notes.

544

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized		Total From	Dividends from				Distributions				Total
			Beginning of		Income (Loss)		Gain (Loss) on		Investment	Net Investment				from Realized				Dividends and			Net Asset Value,
			Period		(a)		Investments		Operations			Income		Gains				Distributions			End of Period
REAL ESTATE SECURITIES FUND
Class J shares
2019	(c)	$	22.52	$	0.18	$	2.81	$	2.99		($	0.19	)		($	0.43	)	($0.62	)	$	24.89
2018			22.99		0.37		0.11		0.48			(0.49	)			(0.46	)	(0.95	)		22.52
2017			22.19		0.26		1.42		1.68			(0.28	)			(0.60	)	(0.88	)		22.99
2016			22.65		0.28		0.84		1.12			(0.32	)			(1.26	)	(1.58	)		22.19
2015			21.70		0.28		1.15		1.43			(0.26	)			(0.22	)	(0.48	)		22.65
2014			21.18		0.19		3.54		3.73			(0.30	)			(2.91	)	(3.21	)		21.70
Institutional shares
2019	(c)		23.22		0.21		2.91		3.12			(0.22	)			(0.43	)	(0.65	)		25.69
2018			23.67		0.43		0.12		0.55			(0.54	)			(0.46	)	(1.00	)		23.22
2017			22.83		0.32		1.45		1.77			(0.33	)			(0.60	)	(0.93	)		23.67
2016			23.24		0.34		0.88		1.22			(0.37	)			(1.26	)	(1.63	)		22.83
2015			22.26		0.35		1.19		1.54			(0.34	)			(0.22	)	(0.56	)		23.24
2014			21.64		0.26		3.64		3.90			(0.37	)			(2.91	)	(3.28	)		22.26
R-1 shares
2019	(c)		22.91		0.12		2.87		2.99			(0.13	)			(0.43	)	(0.56	)		25.34
2018			23.36		0.23		0.12		0.35			(0.34	)			(0.46	)	(0.80	)		22.91
2017			22.53		0.14		1.43		1.57			(0.14	)			(0.60	)	(0.74	)		23.36
2016			22.98		0.14		0.86		1.00			(0.19	)			(1.26	)	(1.45	)		22.53
2015			22.01		0.17		1.17		1.34			(0.15	)			(0.22	)	(0.37	)		22.98
2014			21.43		0.10		3.60		3.70			(0.21	)			(2.91	)	(3.12	)		22.01
R-2 shares
2019	(c)		22.06		0.13		2.75		2.88			(0.14	)			(0.43	)	(0.57	)		24.37
2018			22.53		0.26		0.12		0.38			(0.39	)			(0.46	)	(0.85	)		22.06
2017			21.78		0.16		1.38		1.54			(0.19	)			(0.60	)	(0.79	)		22.53
2016			22.26		0.17		0.83		1.00			(0.22	)			(1.26	)	(1.48	)		21.78
2015			21.34		0.19		1.14		1.33			(0.19	)			(0.22	)	(0.41	)		22.26
2014			20.88		0.12		3.49		3.61			(0.24	)			(2.91	)	(3.15	)		21.34

See accompanying notes.

545

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	13.63%(d),(e)		$	163,661	1.14	%(f)		1.17	%(f)		1.55	%(f)	19.2	%(f)
	2.12	(e)		150,427	1.12			1.15			1.63		22.7
	7.76	(e)		171,525	1.10			1.13			1.17		24.3
	5.14	(e)		190,646	1.13			1.16			1.22		24.8
	6.66	(e)		179,043	1.20			1.23			1.24		26.2
	21.39	(e)		182,382	1.27			1.31			0.95		11.1
	13.78	(d)		2,120,065	0.91	(f),(g)		–			1.76	(f)	19.2	(f)
	2.35			1,540,537	0.91	(g)		–			1.83		22.7
	7.96			1,686,314	0.87	(g)		–			1.38		24.3
	5.42	(h)		1,829,410	0.88			–			1.45		24.8
	7.01	(h)		1,458,518	0.89			–			1.53		26.2
	21.84			1,247,104	0.90			–			1.30		11.1
	13.34	(d)		4,014	1.69	(f)		–			1.01	(f)	19.2	(f)
	1.53			3,823	1.69			–			1.01		22.7
	7.13			5,656	1.69			–			0.61		24.3
	4.56			8,724	1.70			–			0.62		24.8
	6.11			6,976	1.70			–			0.74		26.2
	20.87			7,138	1.71			–			0.52		11.1
	13.40	(d)		13,785	1.56	(f)		–			1.16	(f)	19.2	(f)
	1.69			14,942	1.56			–			1.16		22.7
	7.23			20,056	1.56			–			0.71		24.3
	4.70			19,671	1.57			–			0.78		24.8
	6.26			16,941	1.57			–			0.87		26.2
	21.04			17,507	1.58			–			0.64		11.1

See accompanying notes.

546

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized		Total From	Dividends from				Distributions				Total
			Beginning of		Income (Loss)		Gain (Loss) on		Investment	Net Investment				from Realized				Dividends and			Net Asset Value,
			Period		(a)		Investments		Operations			Income		Gains				Distributions			End of Period
REAL ESTATE SECURITIES FUND
R-3 shares
2019	(c)	$	22.62	$	0.15	$	2.83	$	2.98		($	0.16	)		($	0.43	)	($0.59	)	$	25.01
2018			23.08		0.31		0.11		0.42			(0.42	)			(0.46	)	(0.88	)		22.62
2017			22.28		0.20		1.42		1.62			(0.22	)			(0.60	)	(0.82	)		23.08
2016			22.73		0.22		0.85		1.07			(0.26	)			(1.26	)	(1.52	)		22.28
2015			21.79		0.23		1.16		1.39			(0.23	)			(0.22	)	(0.45	)		22.73
2014			21.25		0.16		3.56		3.72			(0.27	)			(2.91	)	(3.18	)		21.79
R-4 shares
2019	(c)		22.37		0.18		2.79		2.97			(0.18	)			(0.43	)	(0.61	)		24.73
2018			22.84		0.34		0.12		0.46			(0.47	)			(0.46	)	(0.93	)		22.37
2017			22.06		0.24		1.40		1.64			(0.26	)			(0.60	)	(0.86	)		22.84
2016			22.51		0.27		0.83		1.10			(0.29	)			(1.26	)	(1.55	)		22.06
2015			21.58		0.27		1.15		1.42			(0.27	)			(0.22	)	(0.49	)		22.51
2014			21.08		0.20		3.52		3.72			(0.31	)			(2.91	)	(3.22	)		21.58
R-5 shares
2019	(c)		22.42		0.20		2.79		2.99			(0.20	)			(0.43	)	(0.63	)		24.78
2018			22.89		0.38		0.11		0.49			(0.50	)			(0.46	)	(0.96	)		22.42
2017			22.10		0.27		1.41		1.68			(0.29	)			(0.60	)	(0.89	)		22.89
2016			22.56		0.28		0.85		1.13			(0.33	)			(1.26	)	(1.59	)		22.10
2015			21.62		0.30		1.15		1.45			(0.29	)			(0.22	)	(0.51	)		22.56
2014			21.11		0.22		3.53		3.75			(0.33	)			(2.91	)	(3.24	)		21.62
R-6 shares
2019	(c)		23.22		0.22		2.91		3.13			(0.23	)			(0.43	)	(0.66	)		25.69
2018			23.67		0.47		0.09		0.56			(0.55	)			(0.46	)	(1.01	)		23.22
2017	(i)		22.20		0.31		2.09		2.40			(0.33	)			(0.60	)	(0.93	)		23.67

See accompanying notes.

547

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	13.53	%(d)	$	39,611	1.38	%(f)		–%		1.33	%(f)	19.2	(f)
	1.86			36,751	1.38			–		1.36		22.7
	7.44			50,371	1.38			–		0.91		24.3
	4.85	(h)		64,094	1.39			–		0.98		24.8
	6.45	(h)		64,026	1.39			–		1.04		26.2
	21.26			56,032	1.40			–		0.83		11.1
	13.65	(d)		35,181	1.19	(f)		–		1.53	(f)	19.2	(f)
	2.04			39,574	1.19			–		1.53		22.7
	7.63			58,157	1.19			–		1.09		24.3
	5.12			72,515	1.20			–		1.22		24.8
	6.62			93,806	1.20			–		1.20		26.2
	21.48			67,466	1.21			–		1.01		11.1
	13.70	(d)		130,675	1.07	(f)		–		1.71	(f)	19.2	(f)
	2.17			154,730	1.07			–		1.69		22.7
	7.79			163,194	1.07			–		1.20		24.3
	5.21			175,640	1.08			–		1.23		24.8
	6.78			146,496	1.08			–		1.36		26.2
	21.63			167,195	1.09			–		1.11		11.1
	13.84	(d)		1,592,270	0.81	(f),(g)		–		1.87	(f)	19.2	(f)
	2.43			1,395,164	0.83	(g)		–		2.01		22.7
	11.01	(d)		1,215,600	0.82	(f),(g)		–		1.42	(f)	24.3	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(i)	Period from November 22, 2016, date operations commenced, through October 31, 2017.

See accompanying notes.

548

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from				Distributions				Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment				from Realized				Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations						Income		Gains				Distributions			End of Period
SAM BALANCED PORTFOLIO
Class J shares
2019	(d)	$	14.98	$	0.21		$	0.80			$	1.01			($	0.22	)		($	1.05	)	($1.27	)	$	14.72
2018			16.12		0.37			(0.33	)			0.04				(0.36	)			(0.82	)	(1.18	)		14.98
2017			14.62		0.25			1.80				2.05				(0.25	)			(0.30	)	(0.55	)		16.12
2016			15.44		0.24			0.16				0.40				(0.24	)			(0.98	)	(1.22	)		14.62
2015			15.96		0.31			(0.13	)			0.18				(0.32	)			(0.38	)	(0.70	)		15.44
2014			15.21		0.26			1.00				1.26				(0.26	)			(0.25	)	(0.51	)		15.96
Institutional shares
2019	(d)		15.25		0.23			0.81				1.04				(0.23	)			(1.05	)	(1.28	)		15.01
2018			16.39		0.41			(0.34	)			0.07				(0.39	)			(0.82	)	(1.21	)		15.25
2017			14.86		0.28			1.82				2.10				(0.27	)			(0.30	)	(0.57	)		16.39
2016			15.66		0.27			0.17				0.44				(0.26	)			(0.98	)	(1.24	)		14.86
2015			16.19		0.36			(0.14	)			0.22				(0.37	)			(0.38	)	(0.75	)		15.66
2014			15.42		0.30			1.03				1.33				(0.31	)			(0.25	)	(0.56	)		16.19
R-1 shares
2019	(d)		15.21		0.16			0.81				0.97				(0.17	)			(1.05	)	(1.22	)		14.96
2018			16.34		0.27			(0.33	)			(0.06	)			(0.25	)			(0.82	)	(1.07	)		15.21
2017			14.82		0.13			1.83				1.96				(0.14	)			(0.30	)	(0.44	)		16.34
2016			15.63		0.15			0.15				0.30				(0.13	)			(0.98	)	(1.11	)		14.82
2015			16.15		0.23			(0.15	)			0.08				(0.22	)			(0.38	)	(0.60	)		15.63
2014			15.39		0.18			1.00				1.18				(0.17	)			(0.25	)	(0.42	)		16.15
R-2 shares
2019	(d)		15.16		0.18			0.81				0.99				(0.18	)			(1.05	)	(1.23	)		14.92
2018			16.30		0.28			(0.33	)			(0.05	)			(0.27	)			(0.82	)	(1.09	)		15.16
2017			14.78		0.18			1.80				1.98				(0.16	)			(0.30	)	(0.46	)		16.30
2016			15.59		0.15			0.17				0.32				(0.15	)			(0.98	)	(1.13	)		14.78
2015			16.11		0.26			(0.16	)			0.10				(0.24	)			(0.38	)	(0.62	)		15.59
2014			15.34		0.20			1.01				1.21				(0.19	)			(0.25	)	(0.44	)		16.11
R-3 shares
2019	(d)		15.20		0.20			0.80				1.00				(0.19	)			(1.05	)	(1.24	)		14.96
2018			16.34		0.32			(0.34	)			(0.02	)			(0.30	)			(0.82	)	(1.12	)		15.20
2017			14.80		0.19			1.83				2.02				(0.18	)			(0.30	)	(0.48	)		16.34
2016			15.61		0.18			0.17				0.35				(0.18	)			(0.98	)	(1.16	)		14.80
2015			16.14		0.26			(0.13	)			0.13				(0.28	)			(0.38	)	(0.66	)		15.61
2014			15.37		0.22			1.02				1.24				(0.22	)			(0.25	)	(0.47	)		16.14
R-4 shares
2019	(d)		15.23		0.21			0.80				1.01				(0.20	)			(1.05	)	(1.25	)		14.99
2018			16.36		0.35			(0.33	)			0.02				(0.33	)			(0.82	)	(1.15	)		15.23
2017			14.84		0.22			1.82				2.04				(0.22	)			(0.30	)	(0.52	)		16.36
2016			15.64		0.22			0.17				0.39				(0.21	)			(0.98	)	(1.19	)		14.84
2015			16.17		0.33			(0.18	)			0.15				(0.30	)			(0.38	)	(0.68	)		15.64
2014			15.40		0.26			1.01				1.27				(0.25	)			(0.25	)	(0.50	)		16.17
R-5 shares
2019	(d)		15.23		0.21			0.80				1.01				(0.21	)			(1.05	)	(1.26	)		14.98
2018			16.36		0.39			(0.36	)			0.03				(0.34	)			(0.82	)	(1.16	)		15.23
2017			14.84		0.26			1.80				2.06				(0.24	)			(0.30	)	(0.54	)		16.36
2016			15.65		0.23			0.17				0.40				(0.23	)			(0.98	)	(1.21	)		14.84
2015			16.17		0.33			(0.14	)			0.19				(0.33	)			(0.38	)	(0.71	)		15.65
2014			15.40		0.25			1.04				1.29				(0.27	)			(0.25	)	(0.52	)		16.17

See accompanying notes.

549

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	7.69%(e),(f)		$	1,082,390	0.45	%(g)		0.48	%(g)		3.01	%(g)	11.3	%(g)
	0.12	(f)		1,032,835	0.43			0.46			2.40		26.7
	14.41	(f)		1,104,582	0.44			0.47			1.63		17.6
	2.92	(f)		1,008,439	0.50			0.53			1.64		17.1
	1.20	(f)		994,998	0.57			0.60			1.98		27.6
	8.50	(f)		981,860	0.61			0.65			1.66		3.3
	7.76	(e)		774,329	0.29	(g),(h)		–			3.16	(g)	11.3	(g)
	0.26			725,915	0.29	(h)		–			2.58		26.7
	14.56			791,221	0.28	(h)		–			1.81		17.6
	3.19			763,306	0.31			–			1.84		17.1
	1.39			782,696	0.31			–			2.25		27.6
	8.83			787,845	0.31			–			1.91		3.3
	7.25	(e)		3,377	1.16	(g),(h)		–			2.28	(g)	11.3	(g)
	(0.54	)		3,126	1.16	(h)		–			1.69		26.7
	13.57			3,643	1.16			–			0.87		17.6
	2.23			2,795	1.19			–			1.01		17.1
	0.54			3,689	1.19			–			1.45		27.6
	7.86			4,602	1.19			–			1.15		3.3
	7.39	(e)		3,137	1.03	(g),(h)		–			2.50	(g)	11.3	(g)
	(0.48	)		3,362	1.03	(h)		–			1.80		26.7
	13.73			3,691	1.03			–			1.17		17.6
	2.37			4,805	1.06			–			1.06		17.1
	0.64			5,570	1.06			–			1.65		27.6
	8.07			9,335	1.06			–			1.28		3.3
	7.48	(e)		25,434	0.85	(g),(h)		–			2.72	(g)	11.3	(g)
	(0.30	)		28,330	0.85	(h)		–			2.05		26.7
	13.95			33,162	0.85			–			1.24		17.6
	2.57			72,364	0.88			–			1.25		17.1
	0.83			68,091	0.88			–			1.66		27.6
	8.25			61,467	0.88			–			1.42		3.3
	7.56	(e)		19,952	0.66	(g),(h)		–			2.96	(g)	11.3	(g)
	(0.05	)		23,180	0.66	(h)		–			2.24		26.7
	14.08			32,954	0.66			–			1.43		17.6
	2.80			31,676	0.69			–			1.53		17.1
	0.99			40,322	0.69			–			2.08		27.6
	8.44			56,036	0.69			–			1.63		3.3
	7.57	(e)		37,251	0.54	(g),(h)		–			2.91	(g)	11.3	(g)
	0.07			35,425	0.54	(h)		–			2.49		26.7
	14.24			58,131	0.54			–			1.71		17.6
	2.87			68,810	0.57			–			1.57		17.1
	1.20			76,846	0.57			–			2.05		27.6
	8.57			115,255	0.57			–			1.61		3.3

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Portfolio invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.
(h)	Reflects Manager's contractual expense limit.

See accompanying notes.

550

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
		Net Asset Value,				Net Investment	and Unrealized					Total From		Dividends from				Distributions				Total
		Beginning of				Income (Loss)	Gain (Loss) on					Investment		Net Investment				from Realized				Dividends and			Net Asset Value,
				Period		(a)	Investments					Operations				Income		Gains				Distributions			End of Period
SAM CONSERVATIVE BALANCED PORTFOLIO
Class J shares
2019	(d)		$	11.71	$	0.18		$	0.51		$	0.69			($	0.19	)		($	0.54	)	($0.73	)	$	11.67
2018				12.37		0.32			(0.35	)		(0.03	)			(0.31	)			(0.32	)	(0.63	)		11.71
2017				11.56		0.25			0.94			1.19				(0.26	)			(0.12	)	(0.38	)		12.37
2016				11.91		0.25			0.11			0.36				(0.24	)			(0.47	)	(0.71	)		11.56
2015				12.27		0.27			(0.15	)		0.12				(0.28	)			(0.20	)	(0.48	)		11.91
2014				11.92		0.25			0.58			0.83				(0.25	)			(0.23	)	(0.48	)		12.27
Institutional shares
2019	(d)			11.74		0.20			0.51			0.71				(0.20	)			(0.54	)	(0.74	)		11.71
2018				12.41		0.35			(0.37	)		(0.02	)			(0.33	)			(0.32	)	(0.65	)		11.74
2017				11.59		0.28			0.94			1.22				(0.28	)			(0.12	)	(0.40	)		12.41
2016				11.94		0.27			0.11			0.38				(0.26	)			(0.47	)	(0.73	)		11.59
2015				12.31		0.30			(0.16	)		0.14				(0.31	)			(0.20	)	(0.51	)		11.94
2014				11.96		0.29			0.57			0.86				(0.28	)			(0.23	)	(0.51	)		12.31
R-1 shares
2019	(d)			11.70		0.14			0.51			0.65				(0.15	)			(0.54	)	(0.69	)		11.66
2018				12.36		0.24			(0.36	)		(0.12	)			(0.22	)			(0.32	)	(0.54	)		11.70
2017				11.55		0.16			0.95			1.11				(0.18	)			(0.12	)	(0.30	)		12.36
2016				11.90		0.18			0.10			0.28				(0.16	)			(0.47	)	(0.63	)		11.55
2015				12.27		0.19			(0.15	)		0.04				(0.21	)			(0.20	)	(0.41	)		11.90
2014				11.91		0.21			0.55			0.76				(0.17	)			(0.23	)	(0.40	)		12.27
R-2 shares
2019	(d)			11.80		0.15			0.50			0.65				(0.15	)			(0.54	)	(0.69	)		11.76
2018				12.45		0.26			(0.35	)		(0.09	)			(0.24	)			(0.32	)	(0.56	)		11.80
2017				11.63		0.20			0.92			1.12				(0.18	)			(0.12	)	(0.30	)		12.45
2016				11.97		0.19			0.12			0.31				(0.18	)			(0.47	)	(0.65	)		11.63
2015				12.33		0.22			(0.17	)		0.05				(0.21	)			(0.20	)	(0.41	)		11.97
2014				11.97		0.20			0.58			0.78				(0.19	)			(0.23	)	(0.42	)		12.33
R-3 shares
2019	(d)			11.72		0.16			0.51			0.67				(0.17	)			(0.54	)	(0.71	)		11.68
2018				12.38		0.28			(0.36	)		(0.08	)			(0.26	)			(0.32	)	(0.58	)		11.72
2017				11.57		0.21			0.93			1.14				(0.21	)			(0.12	)	(0.33	)		12.38
2016				11.92		0.21			0.11			0.32				(0.20	)			(0.47	)	(0.67	)		11.57
2015				12.29		0.24			(0.17	)		0.07				(0.24	)			(0.20	)	(0.44	)		11.92
2014				11.93		0.22			0.58			0.80				(0.21	)			(0.23	)	(0.44	)		12.29
R-4 shares
2019	(d)			11.73		0.16			0.53			0.69				(0.18	)			(0.54	)	(0.72	)		11.70
2018				12.40		0.29			(0.35	)		(0.06	)			(0.29	)			(0.32	)	(0.61	)		11.73
2017				11.58		0.23			0.94			1.17				(0.23	)			(0.12	)	(0.35	)		12.40
2016				11.93		0.23			0.11			0.34				(0.22	)			(0.47	)	(0.69	)		11.58
2015				12.30		0.26			(0.16	)		0.10				(0.27	)			(0.20	)	(0.47	)		11.93
2014				11.95		0.25			0.57			0.82				(0.24	)			(0.23	)	(0.47	)		12.30
R-5 shares
2019	(d)			11.73		0.18			0.51			0.69				(0.18	)			(0.54	)	(0.72	)		11.70
2018				12.40		0.33			(0.38	)		(0.05	)			(0.30	)			(0.32	)	(0.62	)		11.73
2017				11.58		0.25			0.94			1.19				(0.25	)			(0.12	)	(0.37	)		12.40
2016				11.93		0.24			0.12			0.36				(0.24	)			(0.47	)	(0.71	)		11.58
2015				12.30		0.27			(0.16	)		0.11				(0.28	)			(0.20	)	(0.48	)		11.93
2014				11.95		0.25			0.58			0.83				(0.25	)			(0.23	)	(0.48	)		12.30

See accompanying notes.

551

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	6.34%(e),(f)		$	647,969	0.44	%(g)		0.47	%(g)		3.25	%(g)	11.0	%(g)
	(0.33	) (f)		614,770	0.43			0.46			2.67		21.9
	10.50	(f)		629,439	0.44			0.47			2.12		21.8
	3.34	(f)		565,441	0.50			0.53			2.16		17.3
	0.98	(f)		538,078	0.58			0.61			2.23		22.7
	7.12	(f)		530,582	0.61			0.65			2.07		3.2
	6.49	(e)		258,110	0.29	(g),(h)		–			3.45	(g)	11.0	(g)
	(0.26	)		292,828	0.28	(h)		–			2.86		21.9
	10.73			328,354	0.28	(h)		–			2.32		21.8
	3.52			318,123	0.32			–			2.32		17.3
	1.16			290,780	0.32			–			2.49		22.7
	7.40			288,691	0.32			–			2.38		3.2
	5.98	(e)		2,452	1.16	(g),(h)		–			2.53	(g)	11.0	(g)
	(1.07	)		2,331	1.15	(h)		–			1.97		21.9
	9.76			3,152	1.16			–			1.36		21.8
	2.62			2,408	1.19			–			1.56		17.3
	0.28			2,927	1.19			–			1.61		22.7
	6.54			2,823	1.19			–			1.75		3.2
	5.98	(e)		506	1.03	(g),(h)		–			2.64	(g)	11.0	(g)
	(0.87	)		477	1.02	(h)		–			2.17		21.9
	9.84			626	1.03			–			1.70		21.8
	2.80			1,194	1.06			–			1.62		17.3
	0.42			1,532	1.06			–			1.79		22.7
	6.68			2,756	1.06			–			1.67		3.2
	6.12	(e)		13,271	0.85	(g),(h)		–			2.84	(g)	11.0	(g)
	(0.74	)		11,837	0.84	(h)		–			2.30		21.9
	10.04			12,691	0.85			–			1.78		21.8
	2.95			16,869	0.88			–			1.82		17.3
	0.59			18,301	0.88			–			2.02		22.7
	6.91			21,180	0.88			–			1.82		3.2
	6.30	(e)		24,625	0.66	(g),(h)		–			2.91	(g)	11.0	(g)
	(0.63	)		20,282	0.65	(h)		–			2.41		21.9
	10.35			21,100	0.66			–			1.91		21.8
	3.13			15,336	0.69			–			2.02		17.3
	0.77			18,067	0.69			–			2.17		22.7
	7.02			20,811	0.69			–			2.06		3.2
	6.36	(e)		17,100	0.54	(g),(h)		–			3.16	(g)	11.0	(g)
	(0.51	)		17,177	0.53	(h)		–			2.72		21.9
	10.47			26,650	0.54			–			2.11		21.8
	3.26			32,100	0.57			–			2.06		17.3
	0.90			28,673	0.57			–			2.21		22.7
	7.14			36,356	0.57			–			2.08		3.2

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Portfolio invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.
(h)	Reflects Manager's contractual expense limit.

See accompanying notes.

552

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from				Distributions				Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment				from Realized				Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations						Income		Gains				Distributions			End of Period
SAM CONSERVATIVE GROWTH PORTFOLIO
Class J shares
2019	(d)	$	17.16	$	0.21		$	0.98			$	1.19			($	0.29	)		($	1.82	)	($2.11	)	$	16.24
2018			18.64		0.40			(0.31	)			0.09				(0.34	)			(1.23	)	(1.57	)		17.16
2017			16.17		0.23			2.81				3.04				(0.22	)			(0.35	)	(0.57	)		18.64
2016			17.66		0.18			0.13				0.31				(0.16	)			(1.64	)	(1.80	)		16.17
2015			18.36		0.30			(0.11	)			0.19				(0.31	)			(0.58	)	(0.89	)		17.66
2014			17.08		0.21			1.46				1.67				(0.24	)			(0.15	)	(0.39	)		18.36
Institutional shares
2019	(d)		17.40		0.23			1.00				1.23				(0.32	)			(1.82	)	(2.14	)		16.49
2018			18.88		0.45			(0.34	)			0.11				(0.36	)			(1.23	)	(1.59	)		17.40
2017			16.38		0.27			2.83				3.10				(0.25	)			(0.35	)	(0.60	)		18.88
2016			17.87		0.22			0.13				0.35				(0.20	)			(1.64	)	(1.84	)		16.38
2015			18.57		0.36			(0.11	)			0.25				(0.37	)			(0.58	)	(0.95	)		17.87
2014			17.27		0.27			1.47				1.74				(0.29	)			(0.15	)	(0.44	)		18.57
R-1 shares
2019	(d)		17.10		0.16			1.00				1.16				(0.12	)			(1.82	)	(1.94	)		16.32
2018			18.54		0.31			(0.34	)			(0.03	)			(0.18	)			(1.23	)	(1.41	)		17.10
2017			16.09		0.10			2.80				2.90				(0.10	)			(0.35	)	(0.45	)		18.54
2016			17.56		0.08			0.12				0.20				(0.03	)			(1.64	)	(1.67	)		16.09
2015			18.26		0.22			(0.13	)			0.09				(0.21	)			(0.58	)	(0.79	)		17.56
2014			16.99		0.12			1.44				1.56				(0.14	)			(0.15	)	(0.29	)		18.26
R-2 shares
2019	(d)		17.14		0.17			0.99				1.16				(0.16	)			(1.82	)	(1.98	)		16.32
2018			18.57		0.31			(0.32	)			(0.01	)			(0.19	)			(1.23	)	(1.42	)		17.14
2017			16.11		0.19			2.74				2.93				(0.12	)			(0.35	)	(0.47	)		18.57
2016			17.57		0.09			0.13				0.22				(0.04	)			(1.64	)	(1.68	)		16.11
2015			18.28		0.27			(0.16	)			0.11				(0.24	)			(0.58	)	(0.82	)		17.57
2014			17.01		0.14			1.45				1.59				(0.17	)			(0.15	)	(0.32	)		18.28
R-3 shares
2019	(d)		17.11		0.19			0.98				1.17				(0.23	)			(1.82	)	(2.05	)		16.23
2018			18.59		0.32			(0.31	)			0.01				(0.26	)			(1.23	)	(1.49	)		17.11
2017			16.12		0.17			2.79				2.96				(0.14	)			(0.35	)	(0.49	)		18.59
2016			17.62		0.12			0.13				0.25				(0.11	)			(1.64	)	(1.75	)		16.12
2015			18.32		0.24			(0.10	)			0.14				(0.26	)			(0.58	)	(0.84	)		17.62
2014			17.05		0.18			1.45				1.63				(0.21	)			(0.15	)	(0.36	)		18.32
R-4 shares
2019	(d)		17.31		0.19			1.00				1.19				(0.25	)			(1.82	)	(2.07	)		16.43
2018			18.77		0.41			(0.35	)			0.06				(0.29	)			(1.23	)	(1.52	)		17.31
2017			16.29		0.20			2.82				3.02				(0.19	)			(0.35	)	(0.54	)		18.77
2016			17.77		0.16			0.13				0.29				(0.13	)			(1.64	)	(1.77	)		16.29
2015			18.48		0.31			(0.14	)			0.17				(0.30	)			(0.58	)	(0.88	)		17.77
2014			17.20		0.22			1.44				1.66				(0.23	)			(0.15	)	(0.38	)		18.48
R-5 shares
2019	(d)		17.28		0.20			1.00				1.20				(0.27	)			(1.82	)	(2.09	)		16.39
2018			18.74		0.45			(0.37	)			0.08				(0.31	)			(1.23	)	(1.54	)		17.28
2017			16.27		0.23			2.81				3.04				(0.22	)			(0.35	)	(0.57	)		18.74
2016			17.74		0.16			0.14				0.30				(0.13	)			(1.64	)	(1.77	)		16.27
2015			18.44		0.33			(0.13	)			0.20				(0.32	)			(0.58	)	(0.90	)		17.74
2014			17.16		0.21			1.47				1.68				(0.25	)			(0.15	)	(0.40	)		18.44

See accompanying notes.

553

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	8.74%(e),(f)		$	572,982	0.45	%(g)		0.48	%(g)		2.69	%(g)	9.3	%(g)
	0.30	(f)		543,902	0.44			0.47			2.26		33.8
	19.42	(f)		568,263	0.45			0.48			1.32		20.9
	2.15	(f)		490,030	0.51			0.54			1.11		22.4
	1.14	(f)		496,991	0.59			0.62			1.68		35.6
	9.93	(f)		496,391	0.62			0.66			1.19		4.0
	8.85	(e)		470,552	0.30	(g),(h)		–			2.86	(g)	9.3	(g)
	0.44			456,425	0.29	(h)		–			2.45		33.8
	19.57			501,264	0.28	(h)		–			1.52		20.9
	2.39			471,935	0.32			–			1.35		22.4
	1.42			523,817	0.31			–			1.97		35.6
	10.23			526,264	0.32			–			1.52		4.0
	8.38	(e)		1,043	1.16	(g),(h)		–			2.10	(g)	9.3	(g)
	(0.38	)		1,140	1.16	(h)		–			1.74		33.8
	18.51			3,124	1.16			–			0.59		20.9
	1.48			2,542	1.19			–			0.49		22.4
	0.56			3,158	1.19			–			1.25		35.6
	9.28			4,246	1.19			–			0.68		4.0
	8.42	(e)		1,522	1.03	(g),(h)		–			2.10	(g)	9.3	(g)
	(0.25	)		1,427	1.03	(h)		–			1.74		33.8
	18.68			2,173	1.03			–			1.10		20.9
	1.58			4,172	1.06			–			0.58		22.4
	0.66			5,383	1.06			–			1.49		35.6
	9.45			8,556	1.06			–			0.77		4.0
	8.57	(e)		18,539	0.85	(g),(h)		–			2.47	(g)	9.3	(g)
	(0.11	)		20,976	0.85	(h)		–			1.79		33.8
	18.90			19,487	0.85			–			0.98		20.9
	1.79			27,286	0.88			–			0.78		22.4
	0.84			29,621	0.88			–			1.33		35.6
	9.68			26,537	0.88			–			1.02		4.0
	8.60	(e)		11,215	0.66	(g),(h)		–			2.40	(g)	9.3	(g)
	0.16			10,768	0.66	(h)		–			2.24		33.8
	19.09			15,686	0.66			–			1.13		20.9
	2.01			15,639	0.69			–			0.99		22.4
	1.01			20,164	0.69			–			1.70		35.6
	9.83			24,177	0.69			–			1.21		4.0
	8.70	(e)		26,233	0.54	(g),(h)		–			2.56	(g)	9.3	(g)
	0.25			25,539	0.54	(h)		–			2.49		33.8
	19.26			40,367	0.54			–			1.35		20.9
	2.10			47,063	0.57			–			1.02		22.4
	1.18			47,254	0.57			–			1.81		35.6
	9.95			84,381	0.57			–			1.17		4.0

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Portfolio invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.
(h)	Reflects Manager's contractual expense limit.

See accompanying notes.

554

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized					Total From		Dividends from				Distributions				Total
			Beginning of		Income (Loss)	Gain (Loss) on					Investment		Net Investment				from Realized				Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations				Income		Gains				Distributions			End of Period
SAM FLEXIBLE INCOME PORTFOLIO
Class J shares
2019	(d)	$	11.98	$	0.19		$	0.46		$	0.65			($	0.20	)		($	0.47	)	($0.67	)	$	11.96
2018			12.44		0.36			(0.38	)		(0.02	)			(0.36	)			(0.08	)	(0.44	)		11.98
2017			11.97		0.32			0.52			0.84				(0.32	)			(0.05	)	(0.37	)		12.44
2016			12.12		0.33			0.15			0.48				(0.33	)			(0.30	)	(0.63	)		11.97
2015			12.55		0.33			(0.30	)		0.03				(0.33	)			(0.13	)	(0.46	)		12.12
2014			12.29		0.32			0.45			0.77				(0.32	)			(0.19	)	(0.51	)		12.55
Institutional shares
2019	(d)		12.04		0.20			0.46			0.66				(0.21	)			(0.47	)	(0.68	)		12.02
2018			12.50		0.38			(0.38	)		–				(0.38	)			(0.08	)	(0.46	)		12.04
2017			12.03		0.34			0.52			0.86				(0.34	)			(0.05	)	(0.39	)		12.50
2016			12.17		0.35			0.17			0.52				(0.36	)			(0.30	)	(0.66	)		12.03
2015			12.60		0.37			(0.31	)		0.06				(0.36	)			(0.13	)	(0.49	)		12.17
2014			12.34		0.36			0.45			0.81				(0.36	)			(0.19	)	(0.55	)		12.60
R-1 shares
2019	(d)		11.98		0.15			0.46			0.61				(0.16	)			(0.47	)	(0.63	)		11.96
2018			12.45		0.27			(0.38	)		(0.11	)			(0.28	)			(0.08	)	(0.36	)		11.98
2017			11.98		0.23			0.52			0.75				(0.23	)			(0.05	)	(0.28	)		12.45
2016			12.13		0.25			0.16			0.41				(0.26	)			(0.30	)	(0.56	)		11.98
2015			12.56		0.26			(0.31	)		(0.05	)			(0.25	)			(0.13	)	(0.38	)		12.13
2014			12.30		0.25			0.45			0.70				(0.25	)			(0.19	)	(0.44	)		12.56
R-2 shares
2019	(d)		12.02		0.16			0.46			0.62				(0.17	)			(0.47	)	(0.64	)		12.00
2018			12.48		0.29			(0.38	)		(0.09	)			(0.29	)			(0.08	)	(0.37	)		12.02
2017			12.01		0.25			0.52			0.77				(0.25	)			(0.05	)	(0.30	)		12.48
2016			12.16		0.27			0.15			0.42				(0.27	)			(0.30	)	(0.57	)		12.01
2015			12.59		0.27			(0.30	)		(0.03	)			(0.27	)			(0.13	)	(0.40	)		12.16
2014			12.32		0.27			0.45			0.72				(0.26	)			(0.19	)	(0.45	)		12.59
R-3 shares
2019	(d)		12.02		0.17			0.46			0.63				(0.18	)			(0.47	)	(0.65	)		12.00
2018			12.48		0.31			(0.38	)		(0.07	)			(0.31	)			(0.08	)	(0.39	)		12.02
2017			12.00		0.28			0.52			0.80				(0.27	)			(0.05	)	(0.32	)		12.48
2016			12.15		0.29			0.15			0.44				(0.29	)			(0.30	)	(0.59	)		12.00
2015			12.58		0.30			(0.31	)		(0.01	)			(0.29	)			(0.13	)	(0.42	)		12.15
2014			12.32		0.29			0.45			0.74				(0.29	)			(0.19	)	(0.48	)		12.58
R-4 shares
2019	(d)		12.03		0.19			0.45			0.64				(0.19	)			(0.47	)	(0.66	)		12.01
2018			12.48		0.33			(0.36	)		(0.03	)			(0.34	)			(0.08	)	(0.42	)		12.03
2017			12.01		0.30			0.52			0.82				(0.30	)			(0.05	)	(0.35	)		12.48
2016			12.16		0.31			0.15			0.46				(0.31	)			(0.30	)	(0.61	)		12.01
2015			12.59		0.33			(0.32	)		0.01				(0.31	)			(0.13	)	(0.44	)		12.16
2014			12.32		0.32			0.45			0.77				(0.31	)			(0.19	)	(0.50	)		12.59
R-5 shares
2019	(d)		12.02		0.19			0.45			0.64				(0.19	)			(0.47	)	(0.66	)		12.00
2018			12.48		0.35			(0.38	)		(0.03	)			(0.35	)			(0.08	)	(0.43	)		12.02
2017			12.01		0.31			0.52			0.83				(0.31	)			(0.05	)	(0.36	)		12.48
2016			12.15		0.32			0.17			0.49				(0.33	)			(0.30	)	(0.63	)		12.01
2015			12.58		0.34			(0.31	)		0.03				(0.33	)			(0.13	)	(0.46	)		12.15
2014			12.32		0.32			0.46			0.78				(0.33	)			(0.19	)	(0.52	)		12.58

See accompanying notes.

555

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	5.78%(e),(f)		$	1,109,612	0.44	%(g)		0.47	%(g)		3.34	%(g)	6.4	%(g)
	(0.15	) (f)		1,085,370	0.43			0.46			2.95		22.6
	7.14	(f)		1,169,968	0.44			0.47			2.62		19.1
	4.26	(f)		1,024,333	0.51			0.54			2.79		10.4
	0.25	(f)		849,016	0.58			0.61			2.66		17.7
	6.43	(f)		723,517	0.61			0.65			2.57		2.2
	5.81	(e)		219,791	0.31	(g),(h)		–			3.45	(g)	6.4	(g)
	(0.03	)		214,476	0.30	(h)		–			3.06		22.6
	7.26			213,452	0.29	(h)		–			2.75		19.1
	4.51			174,007	0.32			–			2.99		10.4
	0.51			177,423	0.32			–			2.95		17.7
	6.70			180,049	0.32			–			2.89		2.2
	5.43	(e)		2,371	1.16	(g),(h)		–			2.59	(g)	6.4	(g)
	(0.95	)		1,746	1.16	(h)		–			2.20		22.6
	6.37			1,603	1.16			–			1.86		19.1
	3.57			1,100	1.19			–			2.11		10.4
	(0.36	)		676	1.19			–			2.10		17.7
	5.80			741	1.19			–			2.05		2.2
	5.45	(e)		1,000	1.03	(g),(h)		–			2.76	(g)	6.4	(g)
	(0.74	)		815	1.03	(h)		–			2.33		22.6
	6.48			661	1.03			–			2.06		19.1
	3.66			717	1.06			–			2.25		10.4
	(0.23	)		839	1.06			–			2.21		17.7
	6.00			1,139	1.06			–			2.16		2.2
	5.55	(e)		5,264	0.85	(g),(h)		–			2.93	(g)	6.4	(g)
	(0.57	)		5,380	0.85	(h)		–			2.52		22.6
	6.76			6,057	0.85			–			2.26		19.1
	3.86			8,034	0.88			–			2.49		10.4
	(0.05	)		10,070	0.88			–			2.43		17.7
	6.12			10,483	0.88			–			2.36		2.2
	5.64	(e)		4,601	0.66	(g),(h)		–			3.20	(g)	6.4	(g)
	(0.30	)		5,359	0.66	(h)		–			2.71		22.6
	6.88			5,733	0.66			–			2.44		19.1
	4.05			6,091	0.69			–			2.66		10.4
	0.13			7,849	0.69			–			2.70		17.7
	6.40			12,062	0.69			–			2.55		2.2
	5.70	(e)		7,964	0.54	(g),(h)		–			3.20	(g)	6.4	(g)
	(0.26	)		11,471	0.54	(h)		–			2.88		22.6
	7.01			16,290	0.54			–			2.58		19.1
	4.27			20,211	0.57			–			2.71		10.4
	0.26			16,871	0.57			–			2.74		17.7
	6.45			20,815	0.57			–			2.61		2.2

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Portfolio invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.
(h)	Reflects Manager's contractual expense limit.

See accompanying notes.

556

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized					Total From		Dividends from				Distributions				Total
			Beginning of		Income (Loss)	Gain (Loss) on					Investment		Net Investment				from Realized				Dividends and			Net Asset Value,
			Period		(a)	Investments					Operations				Income		Gains				Distributions			End of Period
SAM STRATEGIC GROWTH PORTFOLIO
Class J shares
2019	(d)	$	19.17	$	0.20		$	1.16		$	1.36			($	0.37	)		($	2.89	)	($3.26	)	$	17.27
2018			20.70		0.46			(0.55	)		(0.09	)			(0.38	)			(1.06	)	(1.44	)		19.17
2017			17.71		0.25			3.44			3.69				(0.22	)			(0.48	)	(0.70	)		20.70
2016			20.06		0.22			(0.06	)		0.16				(0.19	)			(2.32	)	(2.51	)		17.71
2015			21.26		0.38			(0.19	)		0.19				(0.39	)			(1.00	)	(1.39	)		20.06
2014			19.44		0.20			1.99			2.19				(0.23	)			(0.14	)	(0.37	)		21.26
Institutional shares
2019	(d)		19.39		0.22			1.16			1.38				(0.39	)			(2.89	)	(3.28	)		17.49
2018			20.93		0.50			(0.57	)		(0.07	)			(0.41	)			(1.06	)	(1.47	)		19.39
2017			17.90		0.29			3.48			3.77				(0.26	)			(0.48	)	(0.74	)		20.93
2016			20.26		0.26			(0.06	)		0.20				(0.24	)			(2.32	)	(2.56	)		17.90
2015			21.46		0.45			(0.20	)		0.25				(0.45	)			(1.00	)	(1.45	)		20.26
2014			19.61		0.27			2.01			2.28				(0.29	)			(0.14	)	(0.43	)		21.46
R-1 shares
2019	(d)		19.11		0.17			1.15			1.32				(0.16	)			(2.89	)	(3.05	)		17.38
2018			20.54		0.32			(0.57	)		(0.25	)			(0.12	)			(1.06	)	(1.18	)		19.11
2017			17.55		0.12			3.43			3.55				(0.08	)			(0.48	)	(0.56	)		20.54
2016			19.91		0.12			(0.08	)		0.04				(0.08	)			(2.32	)	(2.40	)		17.55
2015			21.10		0.48			(0.41	)		0.07				(0.26	)			(1.00	)	(1.26	)		19.91
2014			19.30		0.10			1.97			2.07				(0.13	)			(0.14	)	(0.27	)		21.10
R-2 shares
2019	(d)		19.09		0.15			1.16			1.31				(0.27	)			(2.89	)	(3.16	)		17.24
2018			20.64		0.36			(0.58	)		(0.22	)			(0.27	)			(1.06	)	(1.33	)		19.09
2017			17.63		0.14			3.45			3.59				(0.10	)			(0.48	)	(0.58	)		20.64
2016			19.96		0.12			(0.06	)		0.06				(0.07	)			(2.32	)	(2.39	)		17.63
2015			21.15		0.36			(0.26	)		0.10				(0.29	)			(1.00	)	(1.29	)		19.96
2014			19.36		0.11			1.98			2.09				(0.16	)			(0.14	)	(0.30	)		21.15
R-3 shares
2019	(d)		19.09		0.19			1.14			1.33				(0.30	)			(2.89	)	(3.19	)		17.23
2018			20.62		0.39			(0.57	)		(0.18	)			(0.29	)			(1.06	)	(1.35	)		19.09
2017			17.63		0.19			3.42			3.61				(0.14	)			(0.48	)	(0.62	)		20.62
2016			20.00		0.16			(0.07	)		0.09				(0.14	)			(2.32	)	(2.46	)		17.63
2015			21.19		0.33			(0.19	)		0.14				(0.33	)			(1.00	)	(1.33	)		20.00
2014			19.39		0.18			1.95			2.13				(0.19	)			(0.14	)	(0.33	)		21.19
R-4 shares
2019	(d)		19.23		0.22			1.13			1.35				(0.32	)			(2.89	)	(3.21	)		17.37
2018			20.78		0.43			(0.58	)		(0.15	)			(0.34	)			(1.06	)	(1.40	)		19.23
2017			17.77		0.20			3.48			3.68				(0.19	)			(0.48	)	(0.67	)		20.78
2016			20.12		0.20			(0.07	)		0.13				(0.16	)			(2.32	)	(2.48	)		17.77
2015			21.32		0.42			(0.25	)		0.17				(0.37	)			(1.00	)	(1.37	)		20.12
2014			19.50		0.18			2.00			2.18				(0.22	)			(0.14	)	(0.36	)		21.32
R-5 shares
2019	(d)		19.20		0.20			1.16			1.36				(0.35	)			(2.89	)	(3.24	)		17.32
2018			20.73		0.47			(0.59	)		(0.12	)			(0.35	)			(1.06	)	(1.41	)		19.20
2017			17.74		0.26			3.43			3.69				(0.22	)			(0.48	)	(0.70	)		20.73
2016			20.09		0.22			(0.07	)		0.15				(0.18	)			(2.32	)	(2.50	)		17.74
2015			21.28		0.39			(0.18	)		0.21				(0.40	)			(1.00	)	(1.40	)		20.09
2014			19.46		0.20			2.01			2.21				(0.25	)			(0.14	)	(0.39	)		21.28

See accompanying notes.

557

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets(b)		Average Net Assets(b),(c)				Assets		Portfolio Turnover Rate
	9.87%(e),(f)		$	305,773	0.47	%(g)		0.50	%(g)		2.43	%(g)	13.2	%(g)
	(0.67	) (f)		286,265	0.45			0.48			2.27		49.4
	21.52	(f)		310,009	0.47			0.50			1.30		19.5
	1.22	(f)		265,807	0.53			0.56			1.23		22.9
	0.96	(f)		278,150	0.60			0.63			1.87		51.2
	11.43	(f)		283,507	0.63			0.67			1.01		5.9
	9.92	(e)		273,284	0.30	(g),(h)		–			2.60	(g)	13.2	(g)
	(0.55	)		258,545	0.29	(h)		–			2.44		49.4
	21.76			273,691	0.29	(h)		–			1.51		19.5
	1.44			243,768	0.32			–			1.49		22.9
	1.25			267,751	0.31			–			2.19		51.2
	11.80			280,593	0.32			–			1.34		5.9
	9.48	(e)		463	1.16	(g),(h)		–			2.01	(g)	13.2	(g)
	(1.43	)		593	1.16	(h)		–			1.60		49.4
	20.71			2,060	1.16			–			0.64		19.5
	0.54			2,133	1.19			–			0.69		22.9
	0.37			3,151	1.19			–			2.34		51.2
	10.85			4,253	1.19			–			0.47		5.9
	9.54	(e)		2,456	1.03	(g),(h)		–			1.85	(g)	13.2	(g)
	(1.30	)		2,214	1.03	(h)		–			1.77		49.4
	20.91			2,451	1.03			–			0.73		19.5
	0.62			2,168	1.06			–			0.70		22.9
	0.55			2,830	1.06			–			1.74		51.2
	10.95			4,779	1.06			–			0.55		5.9
	9.68	(e)		7,989	0.85	(g),(h)		–			2.29	(g)	13.2	(g)
	(1.10	)		10,910	0.85	(h)		–			1.94		49.4
	21.05			12,339	0.85			–			1.01		19.5
	0.83			17,423	0.88			–			0.89		22.9
	0.72			17,993	0.88			–			1.61		51.2
	11.15			17,809	0.88			–			0.90		5.9
	9.77	(e)		12,739	0.66	(g),(h)		–			2.55	(g)	13.2	(g)
	(0.92	)		13,132	0.66	(h)		–			2.12		49.4
	21.34			15,237	0.66			–			1.07		19.5
	1.03			11,621	0.69			–			1.12		22.9
	0.89			14,237	0.69			–			2.05		51.2
	11.36			20,035	0.69			–			0.90		5.9
	9.87	(e)		15,781	0.54	(g),(h)		–			2.34	(g)	13.2	(g)
	(0.79	)		14,622	0.54	(h)		–			2.31		49.4
	21.44			18,177	0.54			–			1.38		19.5
	1.14			20,857	0.57			–			1.26		22.9
	1.07			24,189	0.57			–			1.93		51.2
	11.51			34,618	0.57			–			1.00		5.9

(a)	Calculated based on average shares outstanding during the period.
(b)	Does not include expenses of the investment companies in which the Portfolio invests.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Six months ended April 30, 2019.
(e)	Total return amounts have not been annualized.
(f)	Total return is calculated without the contingent deferred sales charge.
(g)	Computed on an annualized basis.
(h)	Reflects Manager's contractual expense limit.

See accompanying notes.

558

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

						Net Realized
			Net Asset Value,		Net Investment	and Unrealized				Total From				Dividends from				Distributions			Total
			Beginning of		Income (Loss)	Gain (Loss) on				Investment				Net Investment				from Realized			Dividends and			Net Asset Value,
			Period		(a)	Investments				Operations						Income		Gains			Distributions			End of Period
SHORT-TERM INCOME FUND
Class J shares
2019	(c)	$	12.00	$	0.14		$	0.16			$	0.30			($	0.14	)		$–		($0.14	)	$	12.16
2018			12.20		0.24			(0.20	)			0.04				(0.24	)		–		(0.24	)		12.00
2017			12.22		0.21			(0.02	)			0.19				(0.21	)		–		(0.21	)		12.20
2016			12.17		0.20			0.06				0.26				(0.21	)		–		(0.21	)		12.22
2015			12.23		0.16			(0.06	)			0.10				(0.16	)		–		(0.16	)		12.17
2014			12.26		0.16			(0.02	)			0.14				(0.16	)		(0.01	)	(0.17	)		12.23
Institutional shares
2019	(c)		12.00		0.15			0.16				0.31				(0.15	)		–		(0.15	)		12.16
2018			12.20		0.27			(0.20	)			0.07				(0.27	)		–		(0.27	)		12.00
2017			12.22		0.24			(0.02	)			0.22				(0.24	)		–		(0.24	)		12.20
2016			12.17		0.23			0.06				0.29				(0.24	)		–		(0.24	)		12.22
2015			12.23		0.20			(0.06	)			0.14				(0.20	)		–		(0.20	)		12.17
2014			12.26		0.21			(0.02	)			0.19				(0.21	)		(0.01	)	(0.22	)		12.23
R-1 shares
2019	(c)		12.01		0.10			0.16				0.26				(0.10	)		–		(0.10	)		12.17
2018			12.20		0.17			(0.20	)			(0.03	)			(0.16	)		–		(0.16	)		12.01
2017			12.22		0.13			(0.02	)			0.11				(0.13	)		–		(0.13	)		12.20
2016			12.17		0.13			0.06				0.19				(0.14	)		–		(0.14	)		12.22
2015			12.23		0.10			(0.07	)			0.03				(0.09	)		–		(0.09	)		12.17
2014			12.26		0.10			(0.02	)			0.08				(0.10	)		(0.01	)	(0.11	)		12.23
R-2 shares
2019	(c)		12.00		0.11			0.17				0.28				(0.11	)		–		(0.11	)		12.17
2018			12.20		0.18			(0.20	)			(0.02	)			(0.18	)		–		(0.18	)		12.00
2017			12.22		0.15			(0.02	)			0.13				(0.15	)		–		(0.15	)		12.20
2016			12.17		0.14			0.06				0.20				(0.15	)		–		(0.15	)		12.22
2015			12.23		0.11			(0.06	)			0.05				(0.11	)		–		(0.11	)		12.17
2014			12.26		0.12			(0.02	)			0.10				(0.12	)		(0.01	)	(0.13	)		12.23
R-3 shares
2019	(c)		12.01		0.12			0.16				0.28				(0.12	)		–		(0.12	)		12.17
2018			12.21		0.20			(0.20	)			–				(0.20	)		–		(0.20	)		12.01
2017			12.23		0.17			(0.02	)			0.15				(0.17	)		–		(0.17	)		12.21
2016			12.17		0.16			0.08				0.24				(0.18	)		–		(0.18	)		12.23
2015			12.23		0.13			(0.06	)			0.07				(0.13	)		–		(0.13	)		12.17
2014			12.27		0.14			(0.03	)			0.11				(0.14	)		(0.01	)	(0.15	)		12.23
R-4 shares
2019	(c)		12.00		0.13			0.16				0.29				(0.13	)		–		(0.13	)		12.16
2018			12.20		0.22			(0.20	)			0.02				(0.22	)		–		(0.22	)		12.00
2017			12.23		0.20			(0.04	)			0.16				(0.19	)		–		(0.19	)		12.20
2016			12.17		0.19			0.07				0.26				(0.20	)		–		(0.20	)		12.23
2015			12.23		0.16			(0.07	)			0.09				(0.15	)		–		(0.15	)		12.17
2014			12.27		0.17			(0.03	)			0.14				(0.17	)		(0.01	)	(0.18	)		12.23
R-5 shares
2019	(c)		12.01		0.14			0.16				0.30				(0.14	)		–		(0.14	)		12.17
2018			12.21		0.24			(0.20	)			0.04				(0.24	)		–		(0.24	)		12.01
2017			12.23		0.21			(0.02	)			0.19				(0.21	)		–		(0.21	)		12.21
2016			12.18		0.20			0.06				0.26				(0.21	)		–		(0.21	)		12.23
2015			12.24		0.17			(0.06	)			0.11				(0.17	)		–		(0.17	)		12.18
2014			12.27		0.18			(0.02	)			0.16				(0.18	)		(0.01	)	(0.19	)		12.24

See accompanying notes.

559

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	2.50%(d),(e)		$	127,470	0.67	%(f)		0.70	%(f)		2.32	%(f)	46.8	%(f)
	0.33	(e)		123,856	0.66			0.69			1.99		57.3
	1.58	(e)		139,726	0.65			0.68			1.74		59.5
	2.16	(e)		144,158	0.70			0.73			1.62		53.6
	0.83	(e)		124,221	0.75			0.80			1.32		56.4
	1.16	(e)		120,296	0.80			0.84			1.34		49.1
	2.62	(d)		4,305,743	0.43	(f),(g)		–			2.56	(f)	46.8	(f)
	0.56			4,271,619	0.43	(g)		–			2.23		57.3
	1.81			3,636,356	0.43	(g)		–			1.97		59.5
	2.44			2,346,871	0.43			–			1.89		53.6
	1.14			2,180,068	0.43			–			1.63		56.4
	1.52			1,936,142	0.44			–			1.69		49.1
	2.18	(d)		545	1.29	(f),(g)		–			1.69	(f)	46.8	(f)
	(0.23	)		841	1.29	(g)		–			1.38		57.3
	0.93			500	1.29	(g)		–			1.10		59.5
	1.56			1,338	1.30	(g)		–			1.03		53.6
	0.27			1,237	1.30	(g)		–			0.78		56.4
	0.65			1,468	1.30	(g)		–			0.84		49.1
	2.33	(d)		1,575	1.16	(f),(g)		–			1.83	(f)	46.8	(f)
	(0.18	)		1,898	1.16	(g)		–			1.48		57.3
	1.07			2,428	1.16	(g)		–			1.23		59.5
	1.70			2,358	1.17	(g)		–			1.16		53.6
	0.40			1,975	1.17	(g)		–			0.90		56.4
	0.78			1,957	1.17	(g)		–			0.97		49.1
	2.34	(d)		13,839	0.98	(f),(g)		–			2.01	(f)	46.8	(f)
	0.00			14,259	0.98	(g)		–			1.67		57.3
	1.25			13,662	0.98	(g)		–			1.41		59.5
	1.88	(h)		21,159	0.99	(g)		–			1.34		53.6
	0.67	(h)		11,415	0.99	(g)		–			1.09		56.4
	0.88			14,472	0.99	(g)		–			1.15		49.1
	2.43	(d)		2,683	0.79	(f),(g)		–			2.18	(f)	46.8	(f)
	0.19			8,394	0.79	(g)		–			1.86		57.3
	1.36			9,181	0.79	(g)		–			1.61		59.5
	2.16			13,199	0.79	(g)		–			1.53		53.6
	0.78			14,049	0.79	(g)		–			1.28		56.4
	1.09			14,272	0.79	(g)		–			1.35		49.1
	2.49	(d)		14,300	0.67	(f),(g)		–			2.33	(f)	46.8	(f)
	0.31			9,938	0.67	(g)		–			1.98		57.3
	1.56			9,955	0.67	(g)		–			1.72		59.5
	2.19			12,039	0.68	(g)		–			1.65		53.6
	0.90			12,383	0.68	(g)		–			1.39		56.4
	1.28			9,287	0.68	(g)		–			1.46		49.1

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.

See accompanying notes.

560

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

									Net Realized
			Net Asset Value,	Net Investment					and Unrealized		Total From	Dividends from				Distributions				Total
			Beginning of	Income (Loss)					Gain (Loss) on		Investment	Net Investment				from Realized				Dividends and			Net Asset Value,
			Period			(a)			Investments		Operations			Income		Gains				Distributions			End of Period
SMALLCAP FUND
Class J shares
2019	(c)	$	21.67		$	0.02		$	1.33	$	1.35		($	0.05	)		($	2.90	)	($2.95	)	$	20.07
2018			23.18			0.05			0.42		0.47			(0.01	)			(1.97	)	(1.98	)		21.67
2017			19.26			0.01			4.48		4.49			(0.14	)			(0.43	)	(0.57	)		23.18
2016			19.82			0.14			0.04		0.18			–				(0.74	)	(0.74	)		19.26
2015			20.98			(0.01	)		1.32		1.31			–				(2.47	)	(2.47	)		19.82
2014			20.88			(0.02	)		1.68		1.66			–				(1.56	)	(1.56	)		20.98
Institutional shares
2019	(c)		24.26			0.04			1.57		1.61			(0.09	)			(2.90	)	(2.99	)		22.88
2018			25.74			0.11			0.44		0.55			(0.06	)			(1.97	)	(2.03	)		24.26
2017			21.31			0.08			4.96		5.04			(0.18	)			(0.43	)	(0.61	)		25.74
2016			21.81			0.23			0.01		0.24			–				(0.74	)	(0.74	)		21.31
2015			22.77			0.06			1.45		1.51			–				(2.47	)	(2.47	)		21.81
2014			22.51			0.06			1.81		1.87			(0.05	)			(1.56	)	(1.61	)		22.77
R-1 shares
2019	(c)		21.46			(0.04	)		1.33		1.29			–				(2.90	)	(2.90	)		19.85
2018			23.11			(0.09	)		0.41		0.32			–				(1.97	)	(1.97	)		21.46
2017			19.20			(0.12	)		4.48		4.36			(0.02	)			(0.43	)	(0.45	)		23.11
2016			19.88			0.03			0.03		0.06			–				(0.74	)	(0.74	)		19.20
2015			21.13			(0.12	)		1.34		1.22			–				(2.47	)	(2.47	)		19.88
2014			21.12			(0.13	)		1.70		1.57			–				(1.56	)	(1.56	)		21.13
R-2 shares
2019	(c)		21.70			(0.03	)		1.35		1.32			–				(2.90	)	(2.90	)		20.12
2018			23.32			(0.05	)		0.40		0.35			–				(1.97	)	(1.97	)		21.70
2017			19.40			(0.09	)		4.52		4.43			(0.08	)			(0.43	)	(0.51	)		23.32
2016			20.06			0.01			0.07		0.08			–				(0.74	)	(0.74	)		19.40
2015			21.27			(0.10	)		1.36		1.26			–				(2.47	)	(2.47	)		20.06
2014			21.22			(0.10	)		1.71		1.61			–				(1.56	)	(1.56	)		21.27

See accompanying notes.

561

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	9.13%(d),(e)		$	199,742	1.05	%(f)		1.08	%(f)		0.18	%(f)	38.5	%(f)
	1.93	(e)		191,225	1.02			1.05			0.22		51.6
	23.56	(e)		203,083	1.05			1.08			0.07		67.5
	1.01	(e)		182,800	1.02			1.05			0.75		59.1
	6.97	(e)		200,263	1.10			1.13		(0.06		)	69.2
	8.17	(e)		200,333	1.13			1.17		(0.09		)	67.6
	9.24	(d),(g)		96,871	0.85	(f)		0.89	(f)		0.38	(f)	38.5	(f)
	2.12	(g)		91,484	0.81			0.86			0.42		51.6
	23.89			73,867	0.80			0.88			0.32		67.5
	1.20			61,357	0.80			0.82			1.12		59.1
	7.34			98,042	0.79			0.79			0.26		69.2
	8.54			72,583	0.79			0.79			0.25		67.6
	8.88	(d)		2,555	1.63	(f)		–		(0.40		) (f)	38.5	(f)
	1.25			2,403	1.63			–		(0.38		)	51.6
	22.86			2,917	1.65			–		(0.54		)	67.5
	0.38			2,535	1.64			–			0.16		59.1
	6.44			2,889	1.64			–		(0.59		)	69.2
	7.62			2,079	1.64			–		(0.60		)	67.6
	8.93	(d)		3,622	1.50	(f)		–		(0.27		) (f)	38.5	(f)
	1.38			3,747	1.50			–		(0.21		)	51.6
	23.03			12,324	1.52			–		(0.40		)	67.5
	0.48			11,107	1.51			–			0.05		59.1
	6.60			4,161	1.51			–		(0.47		)	69.2
	7.78			2,956	1.51			–		(0.47		)	67.6

See accompanying notes.

562

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

									Net Realized
			Net Asset Value,	Net Investment					and Unrealized		Total From	Dividends from			Distributions				Total
			Beginning of	Income (Loss)					Gain (Loss) on		Investment	Net Investment			from Realized				Dividends and			Net Asset Value,
			Period			(a)			Investments		Operations		Income		Gains				Distributions			End of Period
SMALLCAP FUND
R-3 shares
2019	(c)	$	22.55		($	0.01	)	$	1.43	$	1.42		$–			($	2.90	)	($2.90	)	$	21.07
2018			24.12			(0.02	)		0.42		0.40		–				(1.97	)	(1.97	)		22.55
2017			20.01			(0.05	)		4.67		4.62		(0.08	)			(0.43	)	(0.51	)		24.12
2016			20.63			0.09			0.03		0.12		–				(0.74	)	(0.74	)		20.01
2015			21.77			(0.06	)		1.39		1.33		–				(2.47	)	(2.47	)		20.63
2014			21.65			(0.06	)		1.74		1.68		–				(1.56	)	(1.56	)		21.77
R-4 shares
2019	(c)		23.46			0.01			1.51		1.52		(0.04	)			(2.90	)	(2.94	)		22.04
2018			24.96			0.03			0.44		0.47		–				(1.97	)	(1.97	)		23.46
2017			20.70			(0.01	)		4.82		4.81		(0.12	)			(0.43	)	(0.55	)		24.96
2016			21.27			0.11			0.06		0.17		–				(0.74	)	(0.74	)		20.70
2015			22.34			(0.02	)		1.42		1.40		–				(2.47	)	(2.47	)		21.27
2014			22.14			(0.02	)		1.78		1.76		–				(1.56	)	(1.56	)		22.34
R-5 shares
2019	(c)		24.00			0.03			1.54		1.57		(0.05	)			(2.90	)	(2.95	)		22.62
2018			25.47			0.06			0.45		0.51		(0.01	)			(1.97	)	(1.98	)		24.00
2017			21.10			0.02			4.92		4.94		(0.14	)			(0.43	)	(0.57	)		25.47
2016			21.65			0.15			0.04		0.19		–				(0.74	)	(0.74	)		21.10
2015			22.66			–			1.46		1.46		–				(2.47	)	(2.47	)		21.65
2014			22.42			0.01			1.80		1.81		(0.01	)			(1.56	)	(1.57	)		22.66
R-6 shares
2019	(c)		24.25			0.05			1.57		1.62		(0.10	)			(2.90	)	(3.00	)		22.87
2018			25.72			0.11			0.46		0.57		(0.07	)			(1.97	)	(2.04	)		24.25
2017	(i)		23.47			0.02			2.85		2.87		(0.19	)			(0.43	)	(0.62	)		25.72

See accompanying notes.

563

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	9.05	%(d)	$	11,290	1.32	%(f)		–%	(0.09		)%(f)	38.5	(f)
	1.55			11,352	1.32			–	(0.07		)	51.6
	23.27			14,310	1.34			–	(0.22		)	67.5
	0.67			12,944	1.33			–		0.45		59.1
	6.79			9,368	1.33			–	(0.28		)	69.2
	7.96			6,628	1.33			–	(0.28		)	67.6
	9.15	(d)		26,852	1.13	(f)		–		0.09	(f)	38.5	(f)
	1.80			18,401	1.13			–		0.10		51.6
	23.44			16,508	1.15			–	(0.04		)	67.5
	0.89			13,799	1.14			–		0.57		59.1
	6.95			9,089	1.14			–	(0.08		)	69.2
	8.16			4,052	1.14			–	(0.10		)	67.6
	9.19	(d)		21,134	1.01	(f)		–		0.24	(f)	38.5	(f)
	1.92			22,556	1.01			–		0.22		51.6
	23.62			20,270	1.03			–		0.10		67.5
	0.97			18,947	1.02			–		0.75		59.1
	7.13			18,855	1.02			–		0.02		69.2
	8.27			12,020	1.02			–		0.02		67.6
	9.31	(d),(g)		67,215	0.77	(f),(h)		–		0.45	(f)	38.5	(f)
	2.20	(g)		48,252	0.77	(h)		–		0.42		51.6
	12.44	(d)		23,391	0.77	(f),(h)		–		0.10	(f)	67.5	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(h)	Reflects Manager's contractual expense limit.
(i)	Period from November 22, 2016, date operations commenced, through October 31, 2017.

See accompanying notes.

564

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
									Net Realized
			Net Asset Value,						and Unrealized		Total From
			Beginning of	Net Investment					Gain (Loss) on		Investment	Distributions from				Total Dividends					Net Asset Value,
			Period			Income (Loss)(a)			Investments		Operations	Realized Gains						and Distributions			End of Period
SMALLCAP GROWTH FUND I
Class J shares
2019	(c)	$	10.56		($	0.04	)	$	0.91	$	0.87		($	1.89	)		($	1.89	)	$	9.54
2018			10.88			(0.09	)		1.04		0.95			(1.27	)			(1.27	)		10.56
2017			8.59			(0.09	)		2.74		2.65			(0.36	)			(0.36	)		10.88
2016			9.52			(0.06	)		0.14		0.08			(1.01	)			(1.01	)		8.59
2015			11.70			(0.10	)		0.38		0.28			(2.46	)			(2.46	)		9.52
2014			12.63			(0.13	)		0.74		0.61			(1.54	)			(1.54	)		11.70
Institutional shares
2019	(c)		14.29			(0.04	)		1.42		1.38			(1.89	)			(1.89	)		13.78
2018			14.27			(0.08	)		1.37		1.29			(1.27	)			(1.27	)		14.29
2017			11.13			(0.06	)		3.56		3.50			(0.36	)			(0.36	)		14.27
2016			11.99			(0.04	)		0.19		0.15			(1.01	)			(1.01	)		11.13
2015			14.05			(0.07	)		0.47		0.40			(2.46	)			(2.46	)		11.99
2014			14.80			(0.08	)		0.87		0.79			(1.54	)			(1.54	)		14.05
R-1 shares
2019	(c)		11.62			(0.07	)		1.04		0.97			(1.89	)			(1.89	)		10.70
2018			11.91			(0.17	)		1.15		0.98			(1.27	)			(1.27	)		11.62
2017			9.42			(0.15	)		3.00		2.85			(0.36	)			(0.36	)		11.91
2016			10.39			(0.11	)		0.15		0.04			(1.01	)			(1.01	)		9.42
2015			12.59			(0.15	)		0.41		0.26			(2.46	)			(2.46	)		10.39
2014			13.52			(0.18	)		0.79		0.61			(1.54	)			(1.54	)		12.59
R-2 shares
2019	(c)		11.29			(0.06	)		1.00		0.94			(1.89	)			(1.89	)		10.34
2018			11.60			(0.15	)		1.11		0.96			(1.27	)			(1.27	)		11.29
2017			9.17			(0.13	)		2.92		2.79			(0.36	)			(0.36	)		11.60
2016			10.13			(0.10	)		0.15		0.05			(1.01	)			(1.01	)		9.17
2015			12.32			(0.13	)		0.40		0.27			(2.46	)			(2.46	)		10.13
2014			13.25			(0.16	)		0.77		0.61			(1.54	)			(1.54	)		12.32

See accompanying notes.

565

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	13.13%(d),(e)		$	73,187	1.31	%(f)		1.43	%(f)	(0.84	)%(f)	50.9	%(f)
	8.82	(e)		66,138	1.29			1.41		(0.81	)	68.8
	31.61	(e)		58,650	1.36			1.47		(0.91	)	52.3
	0.95	(e)		47,535	1.35			1.45		(0.73	)	57.1
	3.12	(e)		52,609	1.46			1.56		(0.96	)	70.0
	5.00	(e)		53,357	1.50			1.67		(1.09	)	66.1
	13.29	(d)		161,138	1.02	(f)		1.19	(f)	(0.55	) (f)	50.9	(f)
	9.12			152,106	1.02			1.15		(0.54	)	68.8
	32.04			163,287	1.02			1.11		(0.53	)	52.3
	1.36			1,292,151	1.02			1.10		(0.39	)	57.1
	3.50			1,489,140	1.02			1.09		(0.52	)	70.0
	5.52			1,707,451	1.02			1.09		(0.61	)	66.1
	12.75	(d)		2,110	1.87	(f),(g)		–		(1.40	) (f)	50.9	(f)
	8.27			2,255	1.87	(g)		–		(1.39	)	68.8
	30.92			2,363	1.88	(g)		–		(1.42	)	52.3
	0.43			2,148	1.88	(g)		–		(1.24	)	57.1
	2.64			2,974	1.88	(g)		–		(1.38	)	70.0
	4.63			3,123	1.88	(g)		–		(1.47	)	66.1
	12.88	(d)		3,446	1.74	(f),(g)		–		(1.27	) (f)	50.9	(f)
	8.32			3,327	1.74	(g)		–		(1.26	)	68.8
	31.12			4,942	1.75	(g)		–		(1.28	)	52.3
	0.55			4,491	1.75	(g)		–		(1.12	)	57.1
	2.82			6,055	1.75	(g)		–		(1.25	)	70.0
	4.74			6,581	1.75	(g)		–		(1.34	)	66.1

See accompanying notes.

566

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
									Net Realized
			Net Asset Value,						and Unrealized		Total From
			Beginning of	Net Investment					Gain (Loss) on		Investment	Distributions from				Total Dividends					Net Asset Value,
			Period	Income (Loss)(a)					Investments		Operations	Realized Gains						and Distributions			End of Period
SMALLCAP GROWTH FUND I
R-3 shares
2019	(c)	$	12.02		($	0.06	)	$	1.10	$	1.04		($	1.89	)		($	1.89	)	$	11.17
2018			12.25			(0.14	)		1.18		1.04			(1.27	)			(1.27	)		12.02
2017			9.65			(0.12	)		3.08		2.96			(0.36	)			(0.36	)		12.25
2016			10.59			(0.09	)		0.16		0.07			(1.01	)			(1.01	)		9.65
2015			12.75			(0.12	)		0.42		0.30			(2.46	)			(2.46	)		10.59
2014			13.64			(0.15	)		0.80		0.65			(1.54	)			(1.54	)		12.75
R-4 shares
2019	(c)		12.79			(0.05	)		1.21		1.16			(1.89	)			(1.89	)		12.06
2018			12.94			(0.12	)		1.24		1.12			(1.27	)			(1.27	)		12.79
2017			10.15			(0.11	)		3.26		3.15			(0.36	)			(0.36	)		12.94
2016			11.07			(0.08	)		0.17		0.09			(1.01	)			(1.01	)		10.15
2015			13.19			(0.10	)		0.44		0.34			(2.46	)			(2.46	)		11.07
2014			14.04			(0.13	)		0.82		0.69			(1.54	)			(1.54	)		13.19
R-5 shares
2019	(c)		13.39			(0.05	)		1.29		1.24			(1.89	)			(1.89	)		12.74
2018			13.47			(0.11	)		1.30		1.19			(1.27	)			(1.27	)		13.39
2017			10.55			(0.10	)		3.38		3.28			(0.36	)			(0.36	)		13.47
2016			11.45			(0.07	)		0.18		0.11			(1.01	)			(1.01	)		10.55
2015			13.55			(0.09	)		0.45		0.36			(2.46	)			(2.46	)		11.45
2014			14.36			(0.11	)		0.84		0.73			(1.54	)			(1.54	)		13.55
R-6 shares
2019	(c)		14.27			(0.03	)		1.41		1.38			(1.89	)			(1.89	)		13.76
2018			14.25			(0.08	)		1.37		1.29			(1.27	)			(1.27	)		14.27
2017			11.11			(0.08	)		3.58		3.50			(0.36	)			(0.36	)		14.25
2016			11.98			(0.06	)		0.20		0.14			(1.01	)			(1.01	)		11.11
2015	(i)		14.24			(0.07	)		0.27		0.20			(2.46	)			(2.46	)		11.98

See accompanying notes.

567

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)		Assets		Portfolio Turnover Rate
	13.03%(d),(h)		$	15,350	1.56%(f),(g)		–%		(1.09	)%(f)	50.9	(f)
	8.54			14,357	1.56	(g)	–		(1.08	)	68.8
	31.34			17,282	1.57	(g)	–		(1.11	)	52.3
	0.73			16,020	1.57	(g)	–		(0.94	)	57.1
	2.99			20,155	1.57	(g)	–		(1.07	)	70.0
	4.92			21,440	1.57	(g)	–		(1.16	)	66.1
	13.11	(d)		12,163	1.37	(f),(g)		–	(0.90	) (f)	50.9	(f)
	8.72			12,526	1.37	(g)	–		(0.89	)	68.8
	31.67			12,382	1.38	(g)	–		(0.91	)	52.3
	0.90			12,216	1.38	(g)	–		(0.75	)	57.1
	3.22			15,758	1.38	(g)	–		(0.89	)	70.0
	5.07			16,819	1.38	(g)	–		(0.97	)	66.1
	13.13	(d)		42,671	1.25	(f),(g)	–		(0.78	) (f)	50.9	(f)
	8.91			43,250	1.25	(g)	–		(0.77	)	68.8
	31.71			40,715	1.26	(g)	–		(0.80	)	52.3
	1.05			34,740	1.26	(g)	–		(0.64	)	57.1
	3.31			36,955	1.26	(g)	–		(0.76	)	70.0
	5.25			37,684	1.26	(g)	–		(0.85	)	66.1
	13.32	(d)		1,613,442	0.99	(f),(g)	–		(0.53	) (f)	50.9	(f)
	9.13			1,457,244	0.99	(g)	–		(0.52	)	68.8
	32.10			1,299,913	1.01	(g)	–		(0.63	)	52.3
	1.27			605	1.06	(g)	–		(0.57	)	57.1
	2.05	(d)		10	1.06	(f),(g)	–		(0.59	) (f)	70.0	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(i)	Period from November 25, 2014, date operations commenced, through October 31, 2015.

See accompanying notes.

568

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized		Total From	Dividends from				Distributions				Total
			Beginning of		Income (Loss)		Gain (Loss) on		Investment	Net Investment				from Realized				Dividends and			Net Asset Value,
			Period		(a)		Investments		Operations			Income		Gains				Distributions			End of Period
SMALLCAP S&P 600 INDEX FUND
Class J shares
2019	(c)	$	26.23	$	0.12	$	0.25	$	0.37		($	0.27	)		($	2.68	)	($2.95	)	$	23.65
2018			26.68		0.24		1.10		1.34			(0.25	)			(1.54	)	(1.79	)		26.23
2017			22.37		0.23		5.75		5.98			(0.22	)			(1.45	)	(1.67	)		26.68
2016			23.02		0.21		0.98		1.19			(0.21	)			(1.63	)	(1.84	)		22.37
2015			24.36		0.22		0.28		0.50			(0.18	)			(1.66	)	(1.84	)		23.02
2014			23.10		0.17		1.80		1.97			(0.11	)			(0.60	)	(0.71	)		24.36
Institutional shares
2019	(c)		27.68		0.15		0.29		0.44			(0.32	)			(2.68	)	(3.00	)		25.12
2018			28.06		0.31		1.15		1.46			(0.30	)			(1.54	)	(1.84	)		27.68
2017			23.44		0.30		6.04		6.34			(0.27	)			(1.45	)	(1.72	)		28.06
2016			24.05		0.28		1.01		1.29			(0.27	)			(1.63	)	(1.90	)		23.44
2015			25.37		0.29		0.31		0.60			(0.26	)			(1.66	)	(1.92	)		24.05
2014			24.02		0.26		1.87		2.13			(0.18	)			(0.60	)	(0.78	)		25.37
R-1 shares
2019	(c)		27.11		0.05		0.30		0.35			(0.10	)			(2.68	)	(2.78	)		24.68
2018			27.53		0.07		1.14		1.21			(0.09	)			(1.54	)	(1.63	)		27.11
2017			23.06		0.09		5.92		6.01			(0.09	)			(1.45	)	(1.54	)		27.53
2016			23.67		0.09		1.01		1.10			(0.08	)			(1.63	)	(1.71	)		23.06
2015			24.99		0.09		0.31		0.40			(0.06	)			(1.66	)	(1.72	)		23.67
2014			23.71		0.05		1.84		1.89			(0.01	)			(0.60	)	(0.61	)		24.99
R-2 shares
2019	(c)		27.87		0.07		0.32		0.39			(0.12	)			(2.68	)	(2.80	)		25.46
2018			28.26		0.11		1.16		1.27			(0.12	)			(1.54	)	(1.66	)		27.87
2017			23.62		0.12		6.09		6.21			(0.12	)			(1.45	)	(1.57	)		28.26
2016			24.19		0.12		1.03		1.15			(0.09	)			(1.63	)	(1.72	)		23.62
2015			25.51		0.13		0.29		0.42			(0.08	)			(1.66	)	(1.74	)		24.19
2014			24.17		0.09		1.89		1.98			(0.04	)			(0.60	)	(0.64	)		25.51

See accompanying notes.

569

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	3.29%(d),(e)		$	181,861	0.42	%(f)		0.45	%(f)		1.01	%(f)	15.7	%(f)
	5.14	(e)		182,777	0.41			0.44			0.89		17.4
	27.32	(e)		182,503	0.43			0.46			0.94		14.0
	5.85	(e)		149,939	0.47			0.50			0.97		20.7
	2.28	(e)		139,090	0.49			0.54			0.92		19.9
	8.66	(e)		145,647	0.56			0.60			0.71		19.0
	3.41	(d)		361,752	0.22	(f),(g)		–			1.21	(f)	15.7	(f)
	5.32			359,661	0.22	(g)		–			1.08		17.4
	27.64			395,731	0.22	(g)		–			1.17		14.0
	6.07			558,869	0.21			–			1.24		20.7
	2.61			573,165	0.20			0.20			1.20		19.9
	9.05			471,425	0.20			0.20			1.06		19.0
	2.99	(d)		12,300	1.04	(f)		–			0.40	(f)	15.7	(f)
	4.46			12,877	1.04			–			0.26		17.4
	26.56			13,654	1.04			–			0.34		14.0
	5.22			12,570	1.04			–			0.40		20.7
	1.75			11,924	1.04			–			0.37		19.9
	8.10			14,480	1.04			–			0.23		19.0
	3.08	(d)		13,424	0.91	(f)		–			0.53	(f)	15.7	(f)
	4.56			13,500	0.91			–			0.39		17.4
	26.77			17,487	0.91			–			0.46		14.0
	5.35			16,157	0.91			–			0.54		20.7
	1.84			15,006	0.91			–			0.51		19.9
	8.31			19,359	0.91			–			0.36		19.0

See accompanying notes.

570

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

							Net Realized
			Net Asset Value,		Net Investment		and Unrealized		Total From	Dividends from				Distributions				Total
			Beginning of		Income (Loss)		Gain (Loss) on		Investment	Net Investment				from Realized				Dividends and			Net Asset Value,
			Period		(a)		Investments		Operations			Income		Gains				Distributions			End of Period
SMALLCAP S&P 600 INDEX FUND
R-3 shares
2019	(c)	$	28.12	$	0.09	$	0.32	$	0.41		($	0.18	)		($	2.68	)	($2.86	)	$	25.67
2018			28.49		0.17		1.17		1.34			(0.17	)			(1.54	)	(1.71	)		28.12
2017			23.79		0.17		6.13		6.30			(0.15	)			(1.45	)	(1.60	)		28.49
2016			24.36		0.17		1.03		1.20			(0.14	)			(1.63	)	(1.77	)		23.79
2015			25.68		0.17		0.31		0.48			(0.14	)			(1.66	)	(1.80	)		24.36
2014			24.34		0.13		1.90		2.03			(0.09	)			(0.60	)	(0.69	)		25.68
R-4 shares
2019	(c)		28.43		0.12		0.31		0.43			(0.22	)			(2.68	)	(2.90	)		25.96
2018			28.77		0.23		1.19		1.42			(0.22	)			(1.54	)	(1.76	)		28.43
2017			24.01		0.22		6.18		6.40			(0.19	)			(1.45	)	(1.64	)		28.77
2016			24.57		0.21		1.05		1.26			(0.19	)			(1.63	)	(1.82	)		24.01
2015			25.89		0.22		0.30		0.52			(0.18	)			(1.66	)	(1.84	)		24.57
2014			24.51		0.18		1.92		2.10			(0.12	)			(0.60	)	(0.72	)		25.89
R-5 shares
2019	(c)		28.59		0.13		0.33		0.46			(0.26	)			(2.68	)	(2.94	)		26.11
2018			28.93		0.26		1.19		1.45			(0.25	)			(1.54	)	(1.79	)		28.59
2017			24.13		0.26		6.21		6.47			(0.22	)			(1.45	)	(1.67	)		28.93
2016			24.69		0.24		1.05		1.29			(0.22	)			(1.63	)	(1.85	)		24.13
2015			25.99		0.25		0.31		0.56			(0.20	)			(1.66	)	(1.86	)		24.69
2014			24.61		0.21		1.92		2.13			(0.15	)			(0.60	)	(0.75	)		25.99
R-6 shares
2019	(c)		27.67		0.15		0.29		0.44			(0.33	)			(2.68	)	(3.01	)		25.10
2018			28.05		0.32		1.15		1.47			(0.31	)			(1.54	)	(1.85	)		27.67
2017	(h)		26.52		0.27		2.99		3.26			(0.28	)			(1.45	)	(1.73	)		28.05

See accompanying notes.

571

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	3.16	%(d)	$	106,900	0.73	%(f)		–%		0.71	%(f)	15.7	(f)
	4.77			109,187	0.73			–		0.57		17.4
	26.99			122,349	0.73			–		0.65		14.0
	5.54			119,969	0.73			–		0.72		20.7
	2.05			127,893	0.73			–		0.68		19.9
	8.46			135,744	0.73			–		0.53		19.0
	3.23	(d)		65,103	0.54	(f)		–		0.91	(f)	15.7	(f)
	5.01			74,989	0.54			–		0.76		17.4
	27.20			90,479	0.54			–		0.83		14.0
	5.75			76,916	0.54			–		0.92		20.7
	2.22			84,632	0.54			–		0.87		19.9
	8.71			87,241	0.54			–		0.73		19.0
	3.33	(d)		153,061	0.42	(f)		–		1.03	(f)	15.7	(f)
	5.10			179,867	0.42			–		0.88		17.4
	27.38			195,569	0.42			–		0.96		14.0
	5.86			184,384	0.42			–		1.02		20.7
	2.38			178,942	0.42			–		0.99		19.9
	8.79			191,185	0.42			–		0.85		19.0
	3.43	(d)		447,979	0.17	(f),(g)		–		1.25	(f)	15.7	(f)
	5.37			383,063	0.16	(g)		–		1.12		17.4
	12.82	(d)		315,680	0.17	(f),(g)		–		1.08	(f)	14.0	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Period from November 22, 2016, date operations commenced, through October 31, 2017.

See accompanying notes.

572

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
			Net Asset Value,	Net Investment				and Unrealized					Total From		Dividends from				Distributions				Total
			Beginning of	Income (Loss)				Gain (Loss) on					Investment		Net Investment				from Realized				Dividends and			Net Asset Value,
			Period			(a)		Investments					Operations				Income		Gains				Distributions			End of Period
SMALLCAP VALUE FUND II
Class J shares
2019	(c)	$	11.78		$	0.03			$	0.33		$	0.36			($	0.05	)		($	1.78	)	($1.83	)	$	10.31
2018			13.42			0.02				(0.35	)		(0.33	)			(0.01	)			(1.30	)	(1.31	)		11.78
2017			11.66			(0.01	)			2.51			2.50				(0.02	)			(0.72	)	(0.74	)		13.42
2016			12.49			0.02				0.43			0.45				(0.03	)			(1.25	)	(1.28	)		11.66
2015			13.85			0.02				0.12			0.14				–				(1.50	)	(1.50	)		12.49
2014			13.56			(0.04	)			1.21			1.17				–				(0.88	)	(0.88	)		13.85
Institutional shares
2019	(c)		12.12			0.05				0.34			0.39				(0.09	)			(1.78	)	(1.87	)		10.64
2018			13.77			0.07				(0.36	)		(0.29	)			(0.06	)			(1.30	)	(1.36	)		12.12
2017			11.94			0.06				2.55			2.61				(0.06	)			(0.72	)	(0.78	)		13.77
2016			12.76			0.07				0.44			0.51				(0.08	)			(1.25	)	(1.33	)		11.94
2015			14.10			0.08				0.13			0.21				(0.05	)			(1.50	)	(1.55	)		12.76
2014			13.79			0.03				1.22			1.25				(0.06	)			(0.88	)	(0.94	)		14.10
R-1 shares
2019	(c)		10.93			–				0.29			0.29				–				(1.78	)	(1.78	)		9.44
2018			12.59			(0.04	)			(0.32	)		(0.36	)			–				(1.30	)	(1.30	)		10.93
2017			11.01			(0.06	)			2.36			2.30				–				(0.72	)	(0.72	)		12.59
2016			11.88			(0.03	)			0.41			0.38				–				(1.25	)	(1.25	)		11.01
2015			13.30			(0.04	)			0.12			0.08				–				(1.50	)	(1.50	)		11.88
2014			13.10			(0.08	)			1.16			1.08				–				(0.88	)	(0.88	)		13.30
R-2 shares
2019	(c)		11.13			0.01				0.30			0.31				–				(1.78	)	(1.78	)		9.66
2018			12.78			(0.03	)			(0.32	)		(0.35	)			–				(1.30	)	(1.30	)		11.13
2017			11.15			(0.04	)			2.39			2.35				–				(0.72	)	(0.72	)		12.78
2016			12.00			(0.02	)			0.42			0.40				–				(1.25	)	(1.25	)		11.15
2015			13.40			(0.01	)			0.11			0.10				–				(1.50	)	(1.50	)		12.00
2014			13.18			(0.06	)			1.16			1.10				–				(0.88	)	(0.88	)		13.40

See accompanying notes.

573

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
										Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to			Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)				Assets		Portfolio Turnover Rate
	5.83%(d),(e)		$	17,735	1.44	%(f)		1.51	%(f)		0.50	%(f)	74.4	%(f)
	(3.18	) (e)		17,180	1.36			1.43			0.13		84.1
	21.66	(e)		19,406	1.40			1.45			(0.04	)	58.6
	4.33	(e)		18,069	1.41			1.46			0.18		52.5
	1.16	(e)		18,937	1.45			1.50			0.12		47.8
	8.97	(e)		19,885	1.48			1.54			(0.27	)	42.1
	5.99	(d)		139,442	0.99	(f)		1.11	(f)		0.95	(f)	74.4	(f)
	(2.80	)		129,984	1.00			1.07			0.49		84.1
	22.11			186,765	0.99			1.02			0.43		58.6
	4.82			1,144,250	0.99			1.01			0.60		52.5
	1.64			1,251,443	0.98			1.00			0.60		47.8
	9.47			1,489,023	0.97			0.99			0.25		42.1
	5.56	(d)		921	1.84	(f),(g)		–			0.11	(f)	74.4	(f)
	(3.61	)		983	1.84	(g)		–			(0.35	)	84.1
	21.05			1,200	1.85	(g)		–			(0.47	)	58.6
	3.93			1,434	1.85	(g)		–			(0.26	)	52.5
	0.70			1,761	1.85	(g)		–			(0.29	)	47.8
	8.57			1,870	1.84	(g)		–			(0.62	)	42.1
	5.65	(d)		1,689	1.71	(f),(g)		–			0.26	(f)	74.4	(f)
	(3.47	)		2,030	1.71	(g)		–			(0.22	)	84.1
	21.24			3,975	1.72	(g)		–			(0.36	)	58.6
	3.98	(h)		3,735	1.72	(g)		–			(0.14	)	52.5
	0.95	(h)		3,666	1.72	(g)		–			(0.12	)	47.8
	8.68			4,588	1.71	(g)		–			(0.48	)	42.1

See accompanying notes.

574

Financial Highlights
Principal Funds, Inc.
(unaudited)

Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):

								Net Realized
			Net Asset Value,			Net Investment		and Unrealized					Total From		Dividends from				Distributions				Total
			Beginning of	Income (Loss)				Gain (Loss) on					Investment		Net Investment				from Realized				Dividends and			Net Asset Value,
			Period			(a)		Investments					Operations				Income		Gains				Distributions			End of Period
SMALLCAP VALUE FUND II
R-3 shares
2019	(c)	$	11.59		$	0.02			$	0.31		$	0.33			($	0.02	)		($	1.78	)	($1.80	)	$	10.12
2018			13.23			–				(0.34	)		(0.34	)			–				(1.30	)	(1.30	)		11.59
2017			11.51			(0.02	)			2.46			2.44				–				(0.72	)	(0.72	)		13.23
2016			12.35			–				0.43			0.43				(0.02	)			(1.25	)	(1.27	)		11.51
2015			13.72			–				0.13			0.13				–				(1.50	)	(1.50	)		12.35
2014			13.46			(0.04	)			1.18			1.14				–				(0.88	)	(0.88	)		13.72
R-4 shares
2019	(c)		11.77			0.03				0.32			0.35				(0.04	)			(1.78	)	(1.82	)		10.30
2018			13.41			0.02				(0.35	)		(0.33	)			(0.01	)			(1.30	)	(1.31	)		11.77
2017			11.65			–				2.50			2.50				(0.02	)			(0.72	)	(0.74	)		13.41
2016			12.48			0.03				0.43			0.46				(0.04	)			(1.25	)	(1.29	)		11.65
2015			13.83			0.03				0.12			0.15				–				(1.50	)	(1.50	)		12.48
2014			13.54			(0.02	)			1.21			1.19				(0.02	)			(0.88	)	(0.90	)		13.83
R-5 shares
2019	(c)		11.91			0.04				0.32			0.36				(0.06	)			(1.78	)	(1.84	)		10.43
2018			13.55			0.04				(0.35	)		(0.31	)			(0.03	)			(1.30	)	(1.33	)		11.91
2017			11.77			0.02				2.52			2.54				(0.04	)			(0.72	)	(0.76	)		13.55
2016			12.59			0.04				0.44			0.48				(0.05	)			(1.25	)	(1.30	)		11.77
2015			13.93			0.04				0.13			0.17				(0.01	)			(1.50	)	(1.51	)		12.59
2014			13.64			–				1.20			1.20				(0.03	)			(0.88	)	(0.91	)		13.93
R-6 shares
2019	(c)		12.12			0.05				0.33			0.38				(0.09	)			(1.78	)	(1.87	)		10.63
2018			13.76			0.07				(0.35	)		(0.28	)			(0.06	)			(1.30	)	(1.36	)		12.12
2017			11.93			0.03				2.58			2.61				(0.06	)			(0.72	)	(0.78	)		13.76
2016			12.75			0.03				0.48			0.51				(0.08	)			(1.25	)	(1.33	)		11.93
2015	(i)		14.36			0.07				(0.13	)		(0.06	)			(0.05	)			(1.50	)	(1.55	)		12.75

See accompanying notes.

575

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
									Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		Ratio of Gross Expenses to		Income to Average Net
	Total Return			thousands)	Average Net Assets		Average Net Assets(b)			Assets		Portfolio Turnover Rate
	5.66	%(d)	$	8,054	1.53%(f),(g)			–%		0.43	%(f)	74.4	(f)
	(3.27	)		9,087	1.53	(g)		–		(0.04	)	84.1
	21.41			12,261	1.54	(g)		–		(0.17	)	58.6
	4.23			13,501	1.54	(g)		–		0.03		52.5
	1.08			11,887	1.54	(g)		–		0.01		47.8
	8.84			11,532	1.53	(g)		–		(0.31	)	42.1
	5.80	(d)		4,906	1.34	(f),(g)		–		0.60	(f)	74.4	(f)
	(3.14	)		4,824	1.34	(g)		–		0.15		84.1
	21.64			6,883	1.35	(g)		–		0.02		58.6
	4.43			7,570	1.35	(g)		–		0.25		52.5
	1.24			12,024	1.35	(g)		–		0.23		47.8
	9.13			13,254	1.34	(g)		–		(0.13	)	42.1
	5.81	(d)		21,405	1.22	(f),(g)		–		0.74	(f)	74.4	(f)
	(2.99	)		23,256	1.22	(g)		–		0.28		84.1
	21.78			31,863	1.23	(g)		–		0.13		58.6
	4.60			23,856	1.23	(g)		–		0.35		52.5
	1.41			22,508	1.23	(g)		–		0.34		47.8
	9.16			22,406	1.22	(g)		–		(0.01	)	42.1
	5.94	(d)		894,198	0.97	(f),(g)		–		0.98	(f)	74.4	(f)
	(2.70	)		885,580	0.96	(g)		–		0.54		84.1
	22.13			967,766	0.97	(g)		–		0.25		58.6
	4.82			3,511	1.01	(g)		–		0.28		52.5
	(0.27	) (d)		10	1.01	(f),(g)		–		0.55	(f)	47.8	(f)

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager and/or Distributor.
(c)	Six months ended April 30, 2019.
(d)	Total return amounts have not been annualized.
(e)	Total return is calculated without the contingent deferred sales charge.
(f)	Computed on an annualized basis.
(g)	Reflects Manager's contractual expense limit.
(h)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.
(i)	Period from November 25, 2014, date operations commenced, through October 31, 2015.

See accompanying notes.

576

Financial Highlights
Principal Funds, Inc.
(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended October 31 (except as noted):
							Net Realized
			Net Asset Value,				and Unrealized			Total From			Dividends from
			Beginning of		Net Investment		Gain (Loss) on			Investment			Net Investment			Total Dividends			Net Asset Value,
			Period		Income (Loss)(a)		Investments			Operations			Income			and Distributions			End of Period
TAX-EXEMPT BOND FUND
Institutional shares
2019	(b)	$	6.95	$	0.14	$	0.29		$	0.43		($	0.13	)	($	0.13	)	$	7.25
2018			7.25		0.29		(0.31	)		(0.02	)		(0.28	)		(0.28	)		6.95
2017			7.43		0.31		(0.20	)		0.11			(0.29	)		(0.29	)		7.25
2016			7.34		0.28		0.09			0.37			(0.28	)		(0.28	)		7.43
2015	(g)		7.31		0.14		0.01			0.15			(0.12	)		(0.12	)		7.34

See accompanying notes.

577

					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)
							Ratio of Expenses to
							Average Net Assets		Ratio of Net Investment
				Net Assets, End of Period (in	Ratio of Expenses to		(Excluding Interest		Income to Average Net
	Total Return			thousands)	Average Net Assets		Expense Fees)			Assets		Portfolio Turnover Rate
	6.21	%(c)	$	98,564	0.61%(d),(e)		0.52%(d),(e),(f)			3.89	%(d)	67.6	%(d)
	(0.31	)		70,842	0.59	(e)	0.52	(e),(f)		4.11		65.8
	1.54			40,449	0.52	(e)	0.48	(e),(f)		4.22		30.9
	5.04			4,346	0.63	(e)	0.60	(e),(f)		3.76		33.7
	2.07	(c)		345	0.62	(d),(e)	0.60	(d),(e),(f)		4.15	(d)	21.0	(d)

(a)	Calculated based on average shares outstanding during the period.
(b)	Six months ended April 30, 2019.
(c)	Total return amounts have not been annualized.
(d)	Computed on an annualized basis.
(e)	Reflects Manager's contractual expense limit.
(f)	Excludes interest expense and fees paid through inverse floater agreements. See "Operating Policies" in notes to financial statements.
(g)	Period from May 18, 2015, date operations commenced, through October 31, 2015.

See accompanying notes.

578

Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)

As a shareholder of Principal Funds, Inc., you incur two types of costs: (1) transaction costs (for certain share classes), including contingent deferred sales charges; and (2) ongoing costs, including management fees; distribution fees (for certain share classes); and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal Funds, Inc. and to compare these costs with the ongoing costs of investing in other mutual funds. In addition to the expenses the Funds bear directly, each of the Funds may indirectly bear its pro rata share of the expenses incurred by the investment companies in which the fund invests. These expenses are not included in the fund’s annualized expense ratio used to calculate the expenses paid in this example. If they were, the expenses paid would be higher.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2018 to April 30, 2019), unless otherwise noted.

Actual Expenses

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. An annual fee of may apply to IRA or 403(b) accounts within Class J shares. R-1, R-2, R-3, R-4, R-5 and R-6 classes of shares may be purchased only through retirement plans. Such plans may impose fees in addition to those charged by the Fund. These fees are not included in the table below. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in Principal Funds, Inc. and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges on purchase payments, contingent deferred sales charges, redemption fees or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

					Actual							Hypothetical
							Expenses Paid							Expenses Paid
			Beginning				During Period			Beginning				During Period
			Account		Ending Account		November 1,			Account Value		Ending Account		November 1,		Annualized
	Value November				Value April 30,		2018 to April 30,			November 1,		Value April 30,		2018 to April 30,		Expense
			1, 2018		2019		2019	(a)		2018		2019		2019	(a)	Ratio
California Municipal Fund
Institutional		$	1,000.00	$	1,056.88	$	2.80		$	1,000.00	$	1,022.07	$	2.76		0.55	%
California Municipal Fund (Excluding Interest Expense and Fees)
Institutional			1,000.00		1,056.90		2.60			1,000.00		1,022.23		2.56		0.51
Core Plus Bond Fund
Class J			1,000.00		1,050.85		4.37			1,000.00		1,020.53		4.31		0.86
Institutional			1,000.00		1,053.32		2.34			1,000.00		1,022.51		2.31		0.46
R-1			1,000.00		1,048.82		6.76			1,000.00		1,018.20		6.66		1.33
R-2			1,000.00		1,049.04		6.10			1,000.00		1,018.84		6.01		1.20
R-3			1,000.00		1,049.76		5.18			1,000.00		1,019.74		5.11		1.02
R-4			1,000.00		1,050.64		4.22			1,000.00		1,020.68		4.16		0.83
R-5			1,000.00		1,052.29		3.61			1,000.00		1,021.27		3.56		0.71
Diversified International Fund
Class J			1,000.00		1,070.02		5.95			1,000.00		1,019.04		5.81		1.16
Institutional			1,000.00		1,072.32		4.06			1,000.00		1,020.88		3.96		0.79
R-1			1,000.00		1,067.54		8.46			1,000.00		1,016.61		8.25		1.65
R-2			1,000.00		1,067.93		7.79			1,000.00		1,017.26		7.60		1.52
R-3			1,000.00		1,068.71		6.87			1,000.00		1,018.15		6.71		1.34
R-4			1,000.00		1,070.23		5.90			1,000.00		1,019.09		5.76		1.15
R-5			1,000.00		1,070.48		5.29			1,000.00		1,019.69		5.16		1.03
R-6			1,000.00		1,039.12		1.21	(b)		1,000.00		1,021.22		3.61		0.72

579

Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
						Actual										Hypothetical
							Expenses Paid										Expenses Paid
			Beginning				During Period						Beginning				During Period
			Account	Ending Account					November 1,		Account Value					Ending Account			November 1,		Annualized
	Value November			Value April 30,			2018 to April 30,						November 1,	Value April 30,			2018 to April 30,				Expense
			1, 2018			2019			2019	(a)			2018			2019			2019	(a)	Ratio
Equity Income Fund
Class J		$	1,000.00		$	1,093.90		$	4.57			$	1,000.00		$	1,020.43		$	4.41		0.88	%
Institutional			1,000.00			1,095.81			2.70				1,000.00			1,022.22			2.61		0.52
R-1			1,000.00			1,091.14			7.21				1,000.00			1,017.90			6.95		1.39
R-2			1,000.00			1,091.63			6.53				1,000.00			1,018.55			6.31		1.26
R-3			1,000.00			1,092.85			5.60				1,000.00			1,019.44			5.41		1.08
R-4			1,000.00			1,093.69			4.62				1,000.00			1,020.38			4.46		0.89
R-5			1,000.00			1,094.32			4.00				1,000.00			1,020.98			3.86		0.77
Finisterre Unconstrained Emerging
Markets Bond Fund
Institutional			1,000.00			1,056.52			4.90				1,000.00			1,020.03			4.81		0.96
Global Diversified Income Fund
Institutional			1,000.00			1,057.35			3.57				1,000.00			1,021.32			3.51		0.70
R-6			1,000.00			1,056.63			3.52				1,000.00			1,021.37			3.46		0.69
Global Diversified Income Fund (Excluding Dividends and Interest Expense
on Shorts and Short Sale Fees)
Institutional			1,000.00			1,057.35			3.57				1,000.00			1,021.32			3.51		0.70
R-6			1,000.00			1,056.63			3.52				1,000.00			1,021.37			3.46		0.69
Global Real Estate Securities Fund
Institutional			1,000.00			1,124.86			4.95				1,000.00			1,020.13			4.71		0.94
R-3			1,000.00			1,120.89			7.57				1,000.00			1,017.65			7.20		1.44
R-4			1,000.00			1,122.16			6.58				1,000.00			1,018.60			6.26		1.25
R-5			1,000.00			1,122.70			5.95				1,000.00			1,019.19			5.66		1.13
R-6			1,000.00			1,125.19			4.64				1,000.00			1,020.43			4.41		0.88
Government & High Quality Bond
Fund
Class J			1,000.00			1,043.14			4.46				1,000.00			1,020.43			4.41		0.88
Institutional			1,000.00			1,044.97			2.69				1,000.00			1,022.17			2.66		0.53
R-1			1,000.00			1,042.06			6.53				1,000.00			1,018.40			6.46		1.29
R-2			1,000.00			1,042.73			5.88				1,000.00			1,019.04			5.81		1.16
R-3			1,000.00			1,043.66			4.97				1,000.00			1,019.93			4.91		0.98
R-4			1,000.00			1,044.60			4.00				1,000.00			1,020.88			3.96		0.79
R-5			1,000.00			1,045.22			3.40				1,000.00			1,021.47			3.36		0.67
Government Money Market Fund
Institutional			1,000.00			1,011.09			0.70				1,000.00			1,024.10			0.70		0.14
High Yield Fund
Institutional			1,000.00			1,043.28			3.09				1,000.00			1,021.77			3.06		0.61
R-6			1,000.00			1,043.75			2.64				1,000.00			1,022.22			2.61		0.52
High Yield Fund I
Institutional			1,000.00			1,047.40			3.10				1,000.00			1,021.77			3.06		0.61
Income Fund
Class J			1,000.00			1,048.48			3.86				1,000.00			1,021.03			3.81		0.76
Institutional			1,000.00			1,049.38			2.95				1,000.00			1,021.92			2.91		0.58
R-1			1,000.00			1,045.28			6.95				1,000.00			1,018.00			6.85		1.37
R-2			1,000.00			1,045.90			6.29				1,000.00			1,018.65			6.21		1.24
R-3			1,000.00			1,046.82			5.38				1,000.00			1,019.54			5.31		1.06
R-4			1,000.00			1,046.71			4.42				1,000.00			1,020.48			4.36		0.87
R-5			1,000.00			1,047.44			3.81				1,000.00			1,021.08			3.76		0.75
R-6			1,000.00			1,048.77			2.49				1,000.00			1,022.36			2.46		0.49
Inflation Protection Fund
Class J			1,000.00			1,041.02			6.12				1,000.00			1,018.79			6.06		1.21
Institutional			1,000.00			1,043.66			1.98				1,000.00			1,022.86			1.96		0.39
R-1			1,000.00			1,040.15			6.42				1,000.00			1,018.50			6.36		1.27
R-2			1,000.00			1,040.00			5.77				1,000.00			1,019.14			5.71		1.14
R-3			1,000.00			1,041.34			4.86				1,000.00			1,020.03			4.81		0.96
R-4			1,000.00			1,042.53			3.90				1,000.00			1,020.98			3.86		0.77
R-5			1,000.00			1,042.53			3.29				1,000.00			1,021.57			3.26		0.65

580

Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
						Actual										Hypothetical
							Expenses Paid										Expenses Paid
			Beginning				During Period						Beginning				During Period
			Account	Ending Account					November 1,		Account Value					Ending Account			November 1,		Annualized
	Value November			Value April 30,			2018 to April 30,						November 1,	Value April 30,			2018 to April 30,				Expense
			1, 2018			2019			2019	(a)			2018			2019			2019	(a)	Ratio
International Emerging Markets
Fund
Class J		$	1,000.00		$	1,098.61		$	7.44			$	1,000.00		$	1,017.70		$	7.15		1.43	%
Institutional			1,000.00			1,099.92			6.40				1,000.00			1,018.70			6.16		1.23
R-1			1,000.00			1,095.29			10.60				1,000.00			1,014.68			10.19		2.04
R-2			1,000.00			1,096.52			9.93				1,000.00			1,015.32			9.54		1.91
R-3			1,000.00			1,097.38			9.00				1,000.00			1,016.22			8.65		1.73
R-4			1,000.00			1,098.25			8.01				1,000.00			1,017.16			7.70		1.54
R-5			1,000.00			1,099.04			7.39				1,000.00			1,017.75			7.10		1.42
R-6			1,000.00			1,100.50			5.94				1,000.00			1,019.14			5.71		1.14
International Fund I
Institutional			1,000.00			1,097.37			4.84				1,000.00			1,020.18			4.66		0.93
R-1			1,000.00			1,093.30			9.03				1,000.00			1,016.17			8.70		1.74
R-2			1,000.00			1,094.36			8.36				1,000.00			1,016.81			8.05		1.61
R-3			1,000.00			1,094.03			7.42				1,000.00			1,017.70			7.15		1.43
R-4			1,000.00			1,095.88			6.44				1,000.00			1,018.65			6.21		1.24
R-5			1,000.00			1,097.03			5.82				1,000.00			1,019.24			5.61		1.12
R-6			1,000.00			1,097.54			4.37				1,000.00			1,020.63			4.21		0.84
LargeCap Growth Fund
Class J			1,000.00			1,094.31			5.09				1,000.00			1,019.93			4.91		0.98
Institutional			1,000.00			1,095.10			3.53				1,000.00			1,021.42			3.41		0.68
R-1			1,000.00			1,091.99			8.14				1,000.00			1,017.01			7.85		1.57
R-2			1,000.00			1,091.44			7.47				1,000.00			1,017.65			7.20		1.44
R-3			1,000.00			1,093.17			6.54				1,000.00			1,018.55			6.31		1.26
R-4			1,000.00			1,094.16			5.56				1,000.00			1,019.49			5.36		1.07
R-5			1,000.00			1,095.72			4.94				1,000.00			1,020.08			4.76		0.95
LargeCap Growth Fund I
Class J			1,000.00			1,137.69			4.35				1,000.00			1,020.73			4.11		0.82
Institutional			1,000.00			1,138.64			3.61				1,000.00			1,021.42			3.41		0.68
R-1			1,000.00			1,134.71			7.78				1,000.00			1,017.50			7.35		1.47
R-2			1,000.00			1,134.89			7.09				1,000.00			1,018.15			6.71		1.34
R-3			1,000.00			1,136.46			6.14				1,000.00			1,019.04			5.81		1.16
R-4			1,000.00			1,137.40			5.14				1,000.00			1,019.98			4.86		0.97
R-5			1,000.00			1,137.66			4.51				1,000.00			1,020.58			4.26		0.85
R-6			1,000.00			1,138.97			3.13				1,000.00			1,021.87			2.96		0.59
LargeCap S&P 500 Index Fund
Class J			1,000.00			1,095.54			1.97				1,000.00			1,022.91			1.91		0.38
Institutional			1,000.00			1,097.04			0.83				1,000.00			1,024.00			0.80		0.16
R-1			1,000.00			1,092.17			5.34				1,000.00			1,019.69			5.16		1.03
R-2			1,000.00			1,092.77			4.67				1,000.00			1,020.33			4.51		0.90
R-3			1,000.00			1,093.77			3.74				1,000.00			1,021.22			3.61		0.72
R-4			1,000.00			1,095.31			2.75				1,000.00			1,022.17			2.66		0.53
R-5			1,000.00			1,096.00			2.13				1,000.00			1,022.76			2.06		0.41
LargeCap Value Fund III
Class J			1,000.00			1,071.91			5.39				1,000.00			1,019.59			5.26		1.05
Institutional			1,000.00			1,073.21			3.70				1,000.00			1,021.22			3.61		0.72
R-1			1,000.00			1,069.12			8.16				1,000.00			1,016.91			7.95		1.59
R-2			1,000.00			1,069.20			7.49				1,000.00			1,017.55			7.30		1.46
R-3			1,000.00			1,070.66			6.57				1,000.00			1,018.45			6.41		1.28
R-4			1,000.00			1,071.50			5.60				1,000.00			1,019.39			5.46		1.09
R-5			1,000.00			1,071.86			4.98				1,000.00			1,019.98			4.86		0.97

581

Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
						Actual										Hypothetical
							Expenses Paid										Expenses Paid
			Beginning				During Period						Beginning				During Period
			Account	Ending Account					November 1,		Account Value					Ending Account			November 1,		Annualized
	Value November			Value April 30,			2018 to April 30,						November 1,	Value April 30,			2018 to April 30,				Expense
			1, 2018			2019			2019	(a)			2018			2019			2019	(a)	Ratio
MidCap Fund
Class J		$	1,000.00		$	1,194.88		$	4.52			$	1,000.00		$	1,020.68		$	4.16		0.83	%
Institutional			1,000.00			1,195.73			3.81				1,000.00			1,021.32			3.51		0.70
R-1			1,000.00			1,191.18			7.99				1,000.00			1,017.50			7.35		1.47
R-2			1,000.00			1,191.87			7.28				1,000.00			1,018.15			6.71		1.34
R-3			1,000.00			1,193.06			6.31				1,000.00			1,019.04			5.81		1.16
R-4			1,000.00			1,194.26			5.28				1,000.00			1,019.98			4.86		0.97
R-5			1,000.00			1,194.73			4.63				1,000.00			1,020.58			4.26		0.85
R-6			1,000.00			1,196.14			3.21				1,000.00			1,021.87			2.96		0.59
MidCap Growth Fund
Class J			1,000.00			1,133.76			5.03				1,000.00			1,020.08			4.76		0.95
Institutional			1,000.00			1,133.72			3.97				1,000.00			1,021.08			3.76		0.75
R-1			1,000.00			1,130.21			8.19				1,000.00			1,017.11			7.75		1.55
R-2			1,000.00			1,130.94			7.50				1,000.00			1,017.75			7.10		1.42
R-3			1,000.00			1,131.47			6.55				1,000.00			1,018.65			6.21		1.24
R-4			1,000.00			1,132.28			5.55				1,000.00			1,019.59			5.26		1.05
R-5			1,000.00			1,132.95			4.92				1,000.00			1,020.18			4.66		0.93
MidCap Growth Fund III
Class J			1,000.00			1,146.49			6.71				1,000.00			1,018.55			6.31		1.26
Institutional			1,000.00			1,149.05			4.85				1,000.00			1,020.28			4.56		0.91
R-1			1,000.00			1,143.46			9.51				1,000.00			1,015.92			8.95		1.79
R-2			1,000.00			1,144.14			8.83				1,000.00			1,016.56			8.30		1.66
R-3			1,000.00			1,145.34			7.87				1,000.00			1,017.46			7.40		1.48
R-4			1,000.00			1,146.45			6.87				1,000.00			1,018.40			6.46		1.29
R-5			1,000.00			1,147.10			6.23				1,000.00			1,018.99			5.86		1.17
MidCap S&P 400 Index Fund
Class J			1,000.00			1,087.48			2.12				1,000.00			1,022.76			2.06		0.41
Institutional			1,000.00			1,087.83			1.09				1,000.00			1,023.75			1.05		0.21
R-1			1,000.00			1,083.70			5.37				1,000.00			1,019.64			5.21		1.04
R-2			1,000.00			1,084.09			4.70				1,000.00			1,020.28			4.56		0.91
R-3			1,000.00			1,085.19			3.77				1,000.00			1,021.17			3.66		0.73
R-4			1,000.00			1,086.23			2.79				1,000.00			1,022.12			2.71		0.54
R-5			1,000.00			1,087.38			2.17				1,000.00			1,022.71			2.11		0.42
R-6			1,000.00			1,088.33			0.83				1,000.00			1,024.00			0.80		0.16
MidCap Value Fund I
Class J			1,000.00			1,082.04			6.04				1,000.00			1,018.99			5.86		1.17
Institutional			1,000.00			1,082.52			4.65				1,000.00			1,020.33			4.51		0.90
R-1			1,000.00			1,079.51			8.92				1,000.00			1,016.22			8.65		1.73
R-2			1,000.00			1,080.54			8.25				1,000.00			1,016.86			8.00		1.60
R-3			1,000.00			1,081.32			7.33				1,000.00			1,017.75			7.10		1.42
R-4			1,000.00			1,082.19			6.35				1,000.00			1,018.70			6.16		1.23
R-5			1,000.00			1,082.88			5.73				1,000.00			1,019.29			5.56		1.11
R-6			1,000.00			1,032.45			0.53	(c)			1,000.00			1,021.42			3.41		0.68
Money Market Fund
Class J			1,000.00			1,009.76			2.94				1,000.00			1,021.87			2.96		0.59
Overseas Fund
Institutional			1,000.00			1,048.40			5.23				1,000.00			1,019.69			5.16		1.03
R-1			1,000.00			1,043.96			9.63				1,000.00			1,015.37			9.49		1.90
R-2			1,000.00			1,045.01			8.97				1,000.00			1,016.02			8.85		1.77
R-3			1,000.00			1,045.98			8.07				1,000.00			1,016.91			7.95		1.59
R-4			1,000.00			1,047.23			7.11				1,000.00			1,017.85			7.00		1.40
R-5			1,000.00			1,047.57			6.50				1,000.00			1,018.45			6.41		1.28
Principal Capital Appreciation Fund
Institutional			1,000.00			1,117.16			2.47				1,000.00			1,022.46			2.36		0.47
R-1			1,000.00			1,112.24			7.17				1,000.00			1,018.00			6.85		1.37
R-2			1,000.00			1,113.02			6.50				1,000.00			1,018.65			6.21		1.24
R-3			1,000.00			1,113.84			5.56				1,000.00			1,019.54			5.31		1.06
R-4			1,000.00			1,115.15			4.56				1,000.00			1,020.48			4.36		0.87
R-5			1,000.00			1,115.58			3.93				1,000.00			1,021.08			3.76		0.75

582

Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
				Actual							Hypothetical
						Expenses Paid							Expenses Paid
		Beginning				During Period			Beginning				During Period
		Account		Ending Account		November 1,			Account Value		Ending Account		November 1,		Annualized
		Value November		Value April 30,		2018 to April 30,			November 1,		Value April 30,		2018 to April 30,		Expense
		1, 2018		2019		2019	(a)		2018		2019		2019	(a)	Ratio
Principal LifeTime 2010 Fund
Class J	$	1,000.00	$	1,060.05	$	0.97		$	1,000.00	$	1,023.85	$	0.95		0.19	%
Institutional		1,000.00		1,060.06		0.10			1,000.00		1,024.70		0.10		0.02
R-1		1,000.00		1,055.74		4.54			1,000.00		1,020.38		4.46		0.89
R-2		1,000.00		1,056.31		3.87			1,000.00		1,021.03		3.81		0.76
R-3		1,000.00		1,058.10		2.96			1,000.00		1,021.92		2.91		0.58
R-4		1,000.00		1,058.15		1.99			1,000.00		1,022.86		1.96		0.39
R-5		1,000.00		1,059.77		1.38			1,000.00		1,023.46		1.35		0.27
Principal LifeTime 2015 Fund
Institutional		1,000.00		1,066.01		0.10			1,000.00		1,024.70		0.10		0.02
R-1		1,000.00		1,060.41		4.55			1,000.00		1,020.38		4.46		0.89
R-2		1,000.00		1,061.22		3.88			1,000.00		1,021.03		3.81		0.76
R-3		1,000.00		1,062.59		2.97			1,000.00		1,021.92		2.91		0.58
R-4		1,000.00		1,063.99		2.00			1,000.00		1,022.86		1.96		0.39
R-5		1,000.00		1,063.98		1.38			1,000.00		1,023.46		1.35		0.27
Principal LifeTime 2020 Fund
Class J		1,000.00		1,071.32		0.87			1,000.00		1,023.95		0.85		0.17
Institutional		1,000.00		1,072.76		0.05			1,000.00		1,024.74		0.05		0.01
R-1		1,000.00		1,068.05		4.51			1,000.00		1,020.43		4.41		0.88
R-2		1,000.00		1,068.67		3.85			1,000.00		1,021.08		3.76		0.75
R-3		1,000.00		1,070.00		2.93			1,000.00		1,021.97		2.86		0.57
R-4		1,000.00		1,070.83		1.95			1,000.00		1,022.91		1.91		0.38
R-5		1,000.00		1,071.65		1.34			1,000.00		1,023.51		1.30		0.26
Principal LifeTime 2025 Fund
Institutional		1,000.00		1,079.13		0.05			1,000.00		1,024.74		0.05		0.01
R-1		1,000.00		1,073.91		4.53			1,000.00		1,020.43		4.41		0.88
R-2		1,000.00		1,075.00		3.86			1,000.00		1,021.08		3.76		0.75
R-3		1,000.00		1,075.92		2.93			1,000.00		1,021.97		2.86		0.57
R-4		1,000.00		1,077.26		1.96			1,000.00		1,022.91		1.91		0.38
R-5		1,000.00		1,076.69		1.34			1,000.00		1,023.51		1.30		0.26
Principal LifeTime 2030 Fund
Class J		1,000.00		1,082.70		0.93			1,000.00		1,023.90		0.90		0.18
Institutional		1,000.00		1,083.67		0.05			1,000.00		1,024.74		0.05		0.01
R-1		1,000.00		1,079.23		4.54			1,000.00		1,020.43		4.41		0.88
R-2		1,000.00		1,079.23		3.87			1,000.00		1,021.08		3.76		0.75
R-3		1,000.00		1,080.55		2.94			1,000.00		1,021.97		2.86		0.57
R-4		1,000.00		1,081.25		1.96			1,000.00		1,022.91		1.91		0.38
R-5		1,000.00		1,082.28		1.34			1,000.00		1,023.51		1.30		0.26
Principal LifeTime 2035 Fund
Institutional		1,000.00		1,086.49		0.05			1,000.00		1,024.74		0.05		0.01
R-1		1,000.00		1,080.92		4.54			1,000.00		1,020.43		4.41		0.88
R-2		1,000.00		1,081.87		3.87			1,000.00		1,021.08		3.76		0.75
R-3		1,000.00		1,082.73		2.94			1,000.00		1,021.97		2.86		0.57
R-4		1,000.00		1,084.29		1.96			1,000.00		1,022.91		1.91		0.38
R-5		1,000.00		1,084.92		1.34			1,000.00		1,023.51		1.30		0.26
Principal LifeTime 2040 Fund
Class J		1,000.00		1,088.71		1.04			1,000.00		1,023.80		1.00		0.20
Institutional		1,000.00		1,089.32		0.05			1,000.00		1,024.74		0.05		0.01
R-1		1,000.00		1,084.45		4.55			1,000.00		1,020.43		4.41		0.88
R-2		1,000.00		1,084.57		3.88			1,000.00		1,021.08		3.76		0.75
R-3		1,000.00		1,085.43		2.95			1,000.00		1,021.97		2.86		0.57
R-4		1,000.00		1,087.06		1.97			1,000.00		1,022.91		1.91		0.38
R-5		1,000.00		1,088.14		1.35			1,000.00		1,023.51		1.30		0.26

583

Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
						Actual										Hypothetical
							Expenses Paid										Expenses Paid
			Beginning				During Period						Beginning				During Period
			Account	Ending Account					November 1,		Account Value					Ending Account			November 1,		Annualized
	Value November			Value April 30,			2018 to April 30,						November 1,	Value April 30,			2018 to April 30,				Expense
			1, 2018			2019			2019	(a)			2018			2019			2019	(a)	Ratio
Principal LifeTime 2045 Fund
Institutional		$	1,000.00		$	1,091.38		$	0.05			$	1,000.00		$	1,024.74		$	0.05		0.01	%
R-1			1,000.00			1,087.21			4.61				1,000.00			1,020.38			4.46		0.89
R-2			1,000.00			1,087.11			3.93				1,000.00			1,021.03			3.81		0.76
R-3			1,000.00			1,087.87			3.00				1,000.00			1,021.92			2.91		0.58
R-4			1,000.00			1,089.77			2.02				1,000.00			1,022.86			1.96		0.39
R-5			1,000.00			1,089.83			1.40				1,000.00			1,023.46			1.35		0.27
Principal LifeTime 2050 Fund
Class J			1,000.00			1,091.51			1.24				1,000.00			1,023.60			1.20		0.24
Institutional			1,000.00			1,092.87			0.05				1,000.00			1,024.74			0.05		0.01
R-1			1,000.00			1,088.44			4.56				1,000.00			1,020.43			4.41		0.88
R-2			1,000.00			1,088.97			3.88				1,000.00			1,021.08			3.76		0.75
R-3			1,000.00			1,090.03			2.95				1,000.00			1,021.97			2.86		0.57
R-4			1,000.00			1,090.77			1.97				1,000.00			1,022.91			1.91		0.38
R-5			1,000.00			1,091.71			1.35				1,000.00			1,023.51			1.30		0.26
Principal LifeTime 2055 Fund
Institutional			1,000.00			1,094.21			0.10				1,000.00			1,024.70			0.10		0.02
R-1			1,000.00			1,089.71			4.61				1,000.00			1,020.38			4.46		0.89
R-2			1,000.00			1,090.08			3.94				1,000.00			1,021.03			3.81		0.76
R-3			1,000.00			1,091.04			3.01				1,000.00			1,021.92			2.91		0.58
R-4			1,000.00			1,092.53			2.02				1,000.00			1,022.86			1.96		0.39
R-5			1,000.00			1,092.12			1.40				1,000.00			1,023.46			1.35		0.27
Principal LifeTime 2060 Fund
Class J			1,000.00			1,093.00			1.97				1,000.00			1,022.91			1.91		0.38
Institutional			1,000.00			1,094.31			0.16				1,000.00			1,024.65			0.15		0.03
R-1			1,000.00			1,089.42			4.61				1,000.00			1,020.38			4.46		0.89
R-2			1,000.00			1,090.54			3.94				1,000.00			1,021.03			3.81		0.76
R-3			1,000.00			1,091.75			3.01				1,000.00			1,021.92			2.91		0.58
R-4			1,000.00			1,092.83			2.02				1,000.00			1,022.86			1.96		0.39
R-5			1,000.00			1,093.05			1.40				1,000.00			1,023.46			1.35		0.27
Principal LifeTime 2065 Fund
Institutional			1,000.00			1,093.91			0.52				1,000.00			1,024.30			0.50		0.10
R-1			1,000.00			1,088.89			4.82				1,000.00			1,020.18			4.66		0.93
R-2			1,000.00			1,090.18			4.15				1,000.00			1,020.83			4.01		0.80
R-3			1,000.00			1,090.54			3.21				1,000.00			1,021.72			3.11		0.62
R-4			1,000.00			1,092.48			2.23				1,000.00			1,022.66			2.16		0.43
R-5			1,000.00			1,092.71			1.61				1,000.00			1,023.26			1.56		0.31
Principal LifeTime Hybrid 2015 Fund
Class J			1,000.00			1,059.78			1.53				1,000.00			1,023.31			1.51		0.30
Institutional			1,000.00			1,060.83			0.26				1,000.00			1,024.55			0.25		0.05
R-3			1,000.00			1,027.00			0.98	(b)			1,000.00			1,021.87			2.96		0.59
R-5			1,000.00			1,027.93			0.47	(b)			1,000.00			1,023.41			1.40		0.28
R-6			1,000.00			1,061.79			0.10				1,000.00			1,024.70			0.10		0.02
Principal LifeTime Hybrid 2020 Fund
Class J			1,000.00			1,064.66			1.54				1,000.00			1,023.31			1.51		0.30
Institutional			1,000.00			1,065.01			0.26				1,000.00			1,024.55			0.25		0.05
R-3			1,000.00			1,029.41			0.97	(b)			1,000.00			1,021.92			2.91		0.58
R-5			1,000.00			1,030.33			0.45	(b)			1,000.00			1,023.46			1.35		0.27
R-6			1,000.00			1,065.48			0.10				1,000.00			1,024.70			0.10		0.02
Principal LifeTime Hybrid 2025 Fund
Class J			1,000.00			1,067.98			1.54				1,000.00			1,023.31			1.51		0.30
Institutional			1,000.00			1,069.44			0.26				1,000.00			1,024.55			0.25		0.05
R-3			1,000.00			1,032.35			0.97	(b)			1,000.00			1,021.92			2.91		0.58
R-5			1,000.00			1,032.35			0.45	(b)			1,000.00			1,023.46			1.35		0.27
R-6			1,000.00			1,068.91			0.10				1,000.00			1,024.70			0.10		0.02

584

Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
				Actual							Hypothetical
						Expenses Paid							Expenses Paid
		Beginning				During Period			Beginning				During Period
		Account		Ending Account		November 1,			Account Value		Ending Account		November 1,		Annualized
Value November				Value April 30,		2018 to April 30,			November 1,		Value April 30,		2018 to April 30,		Expense
		1, 2018		2019		2019	(a)		2018		2019		2019	(a)	Ratio
Principal LifeTime Hybrid 2030 Fund
Class J	$	1,000.00	$	1,071.45	$	1.54		$	1,000.00	$	1,023.31	$	1.51		0.30	%
Institutional		1,000.00		1,073.78		0.26			1,000.00		1,024.55		0.25		0.05
R-3		1,000.00		1,033.75		0.97	(b)		1,000.00		1,021.92		2.91		0.58
R-5		1,000.00		1,034.64		0.45	(b)		1,000.00		1,023.46		1.35		0.27
R-6		1,000.00		1,073.33		0.10			1,000.00		1,024.70		0.10		0.02
Principal LifeTime Hybrid 2035 Fund
Class J		1,000.00		1,075.90		1.54			1,000.00		1,023.31		1.51		0.30
Institutional		1,000.00		1,078.08		0.26			1,000.00		1,024.55		0.25		0.05
R-3		1,000.00		1,036.52		0.99	(b)		1,000.00		1,021.87		2.96		0.59
R-5		1,000.00		1,036.52		0.47	(b)		1,000.00		1,023.41		1.40		0.28
R-6		1,000.00		1,077.45		0.10			1,000.00		1,024.70		0.10		0.02
Principal LifeTime Hybrid 2040 Fund
Class J		1,000.00		1,077.56		1.55			1,000.00		1,023.31		1.51		0.30
Institutional		1,000.00		1,078.92		0.26			1,000.00		1,024.55		0.25		0.05
R-3		1,000.00		1,037.20		0.99	(b)		1,000.00		1,021.87		2.96		0.59
R-5		1,000.00		1,038.06		0.47	(b)		1,000.00		1,023.41		1.40		0.28
R-6		1,000.00		1,080.13		0.10			1,000.00		1,024.70		0.10		0.02
Principal LifeTime Hybrid 2045 Fund
Class J		1,000.00		1,079.85		1.55			1,000.00		1,023.31		1.51		0.30
Institutional		1,000.00		1,081.41		0.26			1,000.00		1,024.55		0.25		0.05
R-3		1,000.00		1,038.56		0.99	(b)		1,000.00		1,021.87		2.96		0.59
R-5		1,000.00		1,038.56		0.47	(b)		1,000.00		1,023.41		1.40		0.28
R-6		1,000.00		1,081.49		0.10			1,000.00		1,024.70		0.10		0.02
Principal LifeTime Hybrid 2050 Fund
Class J		1,000.00		1,080.57		1.55			1,000.00		1,023.31		1.51		0.30
Institutional		1,000.00		1,082.33		0.26			1,000.00		1,024.55		0.25		0.05
R-3		1,000.00		1,039.18		0.99	(b)		1,000.00		1,021.87		2.96		0.59
R-5		1,000.00		1,039.18		0.47	(b)		1,000.00		1,023.41		1.40		0.28
R-6		1,000.00		1,081.51		0.10			1,000.00		1,024.70		0.10		0.02
Principal LifeTime Hybrid 2055 Fund
Class J		1,000.00		1,081.26		1.55			1,000.00		1,023.31		1.51		0.30
Institutional		1,000.00		1,081.93		0.26			1,000.00		1,024.55		0.25		0.05
R-3		1,000.00		1,039.63		0.99	(b)		1,000.00		1,021.87		2.96		0.59
R-5		1,000.00		1,039.63		0.47	(b)		1,000.00		1,023.41		1.40		0.28
R-6		1,000.00		1,082.73		0.10			1,000.00		1,024.70		0.10		0.02
Principal LifeTime Hybrid 2060 Fund
Class J		1,000.00		1,081.76		1.55			1,000.00		1,023.31		1.51		0.30
Institutional		1,000.00		1,082.41		0.26			1,000.00		1,024.55		0.25		0.05
R-3		1,000.00		1,039.97		0.99	(b)		1,000.00		1,021.87		2.96		0.59
R-5		1,000.00		1,039.97		0.47	(b)		1,000.00		1,023.41		1.40		0.28
R-6		1,000.00		1,083.19		0.10			1,000.00		1,024.70		0.10		0.02
Principal LifeTime Hybrid 2065 Fund
Class J		1,000.00		1,081.69		1.55			1,000.00		1,023.31		1.51		0.30
Institutional		1,000.00		1,082.53		0.26			1,000.00		1,024.55		0.25		0.05
R-3		1,000.00		1,039.92		0.99	(b)		1,000.00		1,021.87		2.96		0.59
R-5		1,000.00		1,039.92		0.47	(b)		1,000.00		1,023.41		1.40		0.28
R-6		1,000.00		1,047.31		0.10			1,000.00		1,024.70		0.10		0.02
Principal LifeTime Hybrid Income Fund
Class J		1,000.00		1,051.02		1.53			1,000.00		1,023.31		1.51		0.30
Institutional		1,000.00		1,052.83		0.25			1,000.00		1,024.55		0.25		0.05
R-3		1,000.00		1,022.44		0.98	(b)		1,000.00		1,021.87		2.96		0.59
R-5		1,000.00		1,023.41		0.47	(b)		1,000.00		1,023.41		1.40		0.28
R-6		1,000.00		1,052.78		0.10			1,000.00		1,024.70		0.10		0.02

585

Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
						Actual										Hypothetical
							Expenses Paid										Expenses Paid
			Beginning				During Period						Beginning				During Period
			Account	Ending Account					November 1,		Account Value					Ending Account			November 1,		Annualized
	Value November			Value April 30,			2018 to April 30,						November 1,	Value April 30,			2018 to April 30,				Expense
			1, 2018			2019			2019	(a)			2018			2019			2019	(a)	Ratio
Principal LifeTime Strategic Income Fund
Class J		$	1,000.00		$	1,056.83		$	1.17			$	1,000.00		$	1,023.65		$	1.15		0.23	%
Institutional			1,000.00			1,057.09			0.10				1,000.00			1,024.70			0.10		0.02
R-1			1,000.00			1,053.00			4.53				1,000.00			1,020.38			4.46		0.89
R-2			1,000.00			1,053.27			3.87				1,000.00			1,021.03			3.81		0.76
R-3			1,000.00			1,054.64			2.95				1,000.00			1,021.92			2.91		0.58
R-4			1,000.00			1,055.52			1.99				1,000.00			1,022.86			1.96		0.39
R-5			1,000.00			1,055.97			1.38				1,000.00			1,023.46			1.35		0.27
Real Estate Securities Fund
Class J			1,000.00			1,136.32			6.04				1,000.00			1,019.14			5.71		1.14
Institutional			1,000.00			1,137.81			4.82				1,000.00			1,020.28			4.56		0.91
R-1			1,000.00			1,133.45			8.94				1,000.00			1,016.41			8.45		1.69
R-2			1,000.00			1,133.97			8.25				1,000.00			1,017.06			7.80		1.56
R-3			1,000.00			1,135.33			7.31				1,000.00			1,017.95			6.90		1.38
R-4			1,000.00			1,136.52			6.30				1,000.00			1,018.89			5.96		1.19
R-5			1,000.00			1,136.97			5.67				1,000.00			1,019.49			5.36		1.07
R-6			1,000.00			1,138.40			4.29				1,000.00			1,020.78			4.06		0.81
SAM Balanced Portfolio
Class J			1,000.00			1,076.85			2.32				1,000.00			1,022.56			2.26		0.45
Institutional			1,000.00			1,077.60			1.49				1,000.00			1,023.36			1.45		0.29
R-1			1,000.00			1,072.55			5.96				1,000.00			1,019.04			5.81		1.16
R-2			1,000.00			1,073.95			5.30				1,000.00			1,019.69			5.16		1.03
R-3			1,000.00			1,074.80			4.37				1,000.00			1,020.58			4.26		0.85
R-4			1,000.00			1,075.62			3.40				1,000.00			1,021.52			3.31		0.66
R-5			1,000.00			1,075.71			2.78				1,000.00			1,022.12			2.71		0.54
SAM Conservative Balanced Portfolio
Class J			1,000.00			1,063.39			2.25				1,000.00			1,022.61			2.21		0.44
Institutional			1,000.00			1,064.86			1.48				1,000.00			1,023.36			1.45		0.29
R-1			1,000.00			1,059.79			5.92				1,000.00			1,019.04			5.81		1.16
R-2			1,000.00			1,059.78			5.26				1,000.00			1,019.69			5.16		1.03
R-3			1,000.00			1,061.23			4.34				1,000.00			1,020.58			4.26		0.85
R-4			1,000.00			1,063.00			3.38				1,000.00			1,021.52			3.31		0.66
R-5			1,000.00			1,063.58			2.76				1,000.00			1,022.12			2.71		0.54
SAM Conservative Growth Portfolio
Class J			1,000.00			1,087.38			2.33				1,000.00			1,022.56			2.26		0.45
Institutional			1,000.00			1,088.47			1.55				1,000.00			1,023.31			1.51		0.30
R-1			1,000.00			1,083.78			5.99				1,000.00			1,019.04			5.81		1.16
R-2			1,000.00			1,084.21			5.32				1,000.00			1,019.69			5.16		1.03
R-3			1,000.00			1,085.71			4.40				1,000.00			1,020.58			4.26		0.85
R-4			1,000.00			1,086.01			3.41				1,000.00			1,021.52			3.31		0.66
R-5			1,000.00			1,086.95			2.79				1,000.00			1,022.12			2.71		0.54
SAM Flexible Income Portfolio
Class J			1,000.00			1,057.80			2.24				1,000.00			1,022.61			2.21		0.44
Institutional			1,000.00			1,058.09			1.58				1,000.00			1,023.26			1.56		0.31
R-1			1,000.00			1,054.27			5.91				1,000.00			1,019.04			5.81		1.16
R-2			1,000.00			1,054.54			5.25				1,000.00			1,019.69			5.16		1.03
R-3			1,000.00			1,055.49			4.33				1,000.00			1,020.58			4.26		0.85
R-4			1,000.00			1,056.40			3.37				1,000.00			1,021.52			3.31		0.66
R-5			1,000.00			1,056.99			2.75				1,000.00			1,022.12			2.71		0.54
SAM Strategic Growth Portfolio
Class J			1,000.00			1,098.68			2.45				1,000.00			1,022.46			2.36		0.47
Institutional			1,000.00			1,099.24			1.56				1,000.00			1,023.31			1.51		0.30
R-1			1,000.00			1,094.81			6.03				1,000.00			1,019.04			5.81		1.16
R-2			1,000.00			1,095.44			5.35				1,000.00			1,019.69			5.16		1.03
R-3			1,000.00			1,096.80			4.42				1,000.00			1,020.58			4.26		0.85
R-4			1,000.00			1,097.73			3.43				1,000.00			1,021.52			3.31		0.66
R-5			1,000.00			1,098.67			2.81				1,000.00			1,022.12			2.71		0.54

586

Shareholder Expense Example
Principal Funds, Inc.
April 30, 2019 (unaudited)
					Actual							Hypothetical
							Expenses Paid							Expenses Paid
			Beginning				During Period			Beginning				During Period
			Account		Ending Account		November 1,			Account Value		Ending Account		November 1,		Annualized
	Value November				Value April 30,		2018 to April 30,			November 1,		Value April 30,		2018 to April 30,		Expense
			1, 2018		2019		2019	(a)		2018		2019		2019	(a)	Ratio
Short-Term Income Fund
Class J		$	1,000.00	$	1,024.95	$	3.36		$	1,000.00	$	1,021.47	$	3.36		0.67	%
Institutional			1,000.00		1,026.18		2.16			1,000.00		1,022.66		2.16		0.43
R-1			1,000.00		1,021.80		6.47			1,000.00		1,018.40		6.46		1.29
R-2			1,000.00		1,023.30		5.82			1,000.00		1,019.04		5.81		1.16
R-3			1,000.00		1,023.35		4.92			1,000.00		1,019.93		4.91		0.98
R-4			1,000.00		1,024.34		3.97			1,000.00		1,020.88		3.96		0.79
R-5			1,000.00		1,024.92		3.36			1,000.00		1,021.47		3.36		0.67
SmallCap Fund
Class J			1,000.00		1,091.30		5.44			1,000.00		1,019.59		5.26		1.05
Institutional			1,000.00		1,092.43		4.41			1,000.00		1,020.58		4.26		0.85
R-1			1,000.00		1,088.83		8.44			1,000.00		1,016.71		8.15		1.63
R-2			1,000.00		1,089.25		7.77			1,000.00		1,017.36		7.50		1.50
R-3			1,000.00		1,090.45		6.84			1,000.00		1,018.25		6.61		1.32
R-4			1,000.00		1,091.51		5.86			1,000.00		1,019.19		5.66		1.13
R-5			1,000.00		1,091.88		5.24			1,000.00		1,019.79		5.06		1.01
R-6			1,000.00		1,093.06		4.00			1,000.00		1,020.98		3.86		0.77
SmallCap Growth Fund I
Class J			1,000.00		1,131.33		6.92			1,000.00		1,018.30		6.56		1.31
Institutional			1,000.00		1,132.95		5.39			1,000.00		1,019.74		5.11		1.02
R-1			1,000.00		1,127.52		9.86			1,000.00		1,015.52		9.35		1.87
R-2			1,000.00		1,128.75		9.18			1,000.00		1,016.17		8.70		1.74
R-3			1,000.00		1,130.34		8.24			1,000.00		1,017.06		7.80		1.56
R-4			1,000.00		1,131.13		7.24			1,000.00		1,018.00		6.85		1.37
R-5			1,000.00		1,131.31		6.61			1,000.00		1,018.60		6.26		1.25
R-6			1,000.00		1,133.20		5.24			1,000.00		1,019.89		4.96		0.99
SmallCap S&P 600 Index Fund
Class J			1,000.00		1,032.93		2.12			1,000.00		1,022.71		2.11		0.42
Institutional			1,000.00		1,034.11		1.11			1,000.00		1,023.70		1.10		0.22
R-1			1,000.00		1,029.87		5.23			1,000.00		1,019.64		5.21		1.04
R-2			1,000.00		1,030.76		4.58			1,000.00		1,020.28		4.56		0.91
R-3			1,000.00		1,031.55		3.68			1,000.00		1,021.17		3.66		0.73
R-4			1,000.00		1,032.29		2.72			1,000.00		1,022.12		2.71		0.54
R-5			1,000.00		1,033.28		2.12			1,000.00		1,022.71		2.11		0.42
R-6			1,000.00		1,034.31		0.86			1,000.00		1,023.95		0.85		0.17
SmallCap Value Fund II
Class J			1,000.00		1,058.33		7.35			1,000.00		1,017.65		7.20		1.44
Institutional			1,000.00		1,059.91		5.06			1,000.00		1,019.89		4.96		0.99
R-1			1,000.00		1,055.56		9.38			1,000.00		1,015.67		9.20		1.84
R-2			1,000.00		1,056.52		8.72			1,000.00		1,016.31		8.55		1.71
R-3			1,000.00		1,056.61		7.80			1,000.00		1,017.21		7.65		1.53
R-4			1,000.00		1,058.01		6.84			1,000.00		1,018.15		6.71		1.34
R-5			1,000.00		1,058.13		6.23			1,000.00		1,018.74		6.11		1.22
R-6			1,000.00		1,059.45		4.95			1,000.00		1,019.98		4.86		0.97
Tax-Exempt Bond Fund
Institutional			1,000.00		1,062.08		3.12			1,000.00		1,021.77		3.06		0.61
Tax-Exempt Bond Fund (Excluding Interest Expense and Fees)
Institutional			1,000.00		1,062.10		2.66			1,000.00		1,022.18		2.61		0.52

(a)	Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
(b)	Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period (March 1, 2019 to April 30, 2019), multiplied by 60/365
	(to reflect the period since inception).
(c)	Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period (April 2, 2019 to April 30, 2019), multiplied by 28/365
	(to reflect the period since inception).

587

Principal Funds, Inc.
(unaudited)

Notification of Source of Distributions
Pursuant to Rule 19a-1 of the Investment Company Act of 1940

As noted in the table provided below, certain of the Principal Funds made distributions for the months of December 2018, January 2019, February 2019, March 2019, April 2019 and May 2019 for which a portion is estimated to be in excess of the fund’s current and accumulated net income. As of these month ends, the estimated sources of these distributions were as follows:

	December 2018
Fund		Net Income		Realized Gain		Capital Sources
Diversified International Fund		60.14	%	0.00	%		39.86	%
Finisterre Unconstrained Emerging Markets Bond Fund		81.93		0.00			18.07
Global Diversified Income Fund		0.00		0.00			100.00
Global Real Estate Securities Fund		46.01		16.78			37.21
Government & High Quality Bond Fund		0.00		0.00			100.00
High Yield Fund		27.13		0.00			72.87
High Yield Fund I		98.48		0.00			1.52
Income Fund		0.00		0.00			100.00
Inflation Protection Fund		94.17		0.00			5.83
International Emerging Markets Fund		59.26		0.00			40.74
International Fund I		92.45		0.00			7.55
LargeCap Growth Fund		0.00		100.00			0.00
LargeCap Value Fund III		99.26		0.74			0.00
MidCap Growth Fund III		0.00		100.00			0.00
Overseas Fund		94.87		0.00			5.13
Principal LifeTime 2010 Fund		99.67		0.33			0.00
Principal LifeTime 2015 Fund		99.58		0.42			0.00
Principal LifeTime 2020 Fund		99.56		0.44			0.00
Principal LifeTime 2025 Fund		99.50		0.50			0.00
Principal LifeTime 2030 Fund		99.38		0.62			0.00
Principal LifeTime 2035 Fund		99.02		0.98			0.00
Principal LifeTime 2040 Fund		99.04		0.96			0.00
Principal LifeTime 2045 Fund		99.00		1.00			0.00
Principal LifeTime 2050 Fund		99.02		0.98			0.00
Principal LifeTime 2055 Fund		99.02		0.98			0.00
Principal LifeTime 2060 Fund		99.03		0.97			0.00
Principal LifeTime 2065 Fund		98.05		1.95			0.00
Principal LifeTime Hybrid 2015 Fund		98.74		1.26			0.00
Principal LifeTime Hybrid 2020 Fund		98.61		1.39			0.00
Principal LifeTime Hybrid 2025 Fund		98.51		1.49			0.00
Principal LifeTime Hybrid 2030 Fund		98.45		1.55			0.00
Principal LifeTime Hybrid 2035 Fund		98.05		1.95			0.00
Principal LifeTime Hybrid 2040 Fund		98.07		1.93			0.00
Principal LifeTime Hybrid 2045 Fund		98.08		1.92			0.00
Principal LifeTime Hybrid 2050 Fund		98.09		1.91			0.00
Principal LifeTime Hybrid 2055 Fund		98.08		1.92			0.00
Principal LifeTime Hybrid 2060 Fund		93.83		6.17			0.00
Principal LifeTime Hybrid 2065 Fund		98.03		0.00			1.97
Principal LifeTime Hybrid Income Fund		98.79		1.21			0.00
Principal LifeTime Strategic Income Fund		99.68		0.32			0.00
SAM Balanced Portfolio		99.01		0.99			0.00
SAM Conservative Balanced Portfolio		99.43		0.57			0.00
SAM Conservative Growth Portfolio		99.05		0.95			0.00
SAM Flexible Income Portfolio		96.88		0.00			3.12

588

	Principal Funds, Inc.
	(unaudited)
	December 2018
Fund	Net Income		Realized Gain		Capital Sources
SAM Strategic Growth Portfolio	99.04		0.96		0.00
SmallCap Value Fund II	84.63		0.00		15.37
	January 2019
Fund	Net Income		Realized Gain		Capital Sources
Finisterre Unconstrained Emerging Markets Bond Fund	83.46	%	0.00	%	16.54	%
Global Diversified Income Fund	0.00		0.00		100.00
Government & High Quality Bond Fund	0.00		0.00		100.00
High Yield Fund	28.85		0.00		71.15
High Yield Fund I	99.28		0.00		0.72
Income Fund	0.00		0.00		100.00
SAM Flexible Income Portfolio	62.27		0.00		37.73
	February 2019
Fund	Net Income		Realized Gain		Capital Sources
Finisterre Unconstrained Emerging Markets Bond Fund	9.27	%	0.00	%	90.73	%
Global Diversified Income Fund	0.00		0.00		100.00
Government & High Quality Bond Fund	0.00		0.00		100.00
High Yield Fund	26.11		0.00		73.89
High Yield Fund I	97.73		0.00		2.27
Income Fund	0.00		0.00		100.00
SAM Flexible Income Portfolio	44.44		0.00		55.56
	March 2019
Fund	Net Income		Realized Gain		Capital Sources
Finisterre Unconstrained Emerging Markets Bond Fund	0.00	%	0.00	%	100.00	%
Global Diversified Income Fund	0.00		0.00		100.00
Global Real Estate Securities Fund	0.00		100.00		0.00
Government & High Quality Bond Fund	0.00		0.00		100.00
High Yield Fund	28.14		0.00		71.86
High Yield Fund I	99.86		0.00		0.14
Income Fund	0.00		0.00		100.00
SAM Balanced Portfolio	99.97		0.03		0.00
SAM Flexible Income Portfolio	59.76		0.00		40.24
	April 2019
Fund	Net Income		Realized Gain		Capital Sources
Finisterre Unconstrained Emerging Markets Bond Fund	0.00	%	0.00	%	100.00	%
Government & High Quality Bond Fund	0.00		0.00		100.00
High Yield Fund	46.92		0.00		53.08
Income Fund	0.00		0.00		100.00
SAM Flexible Income Portfolio	78.97		0.00		21.03
	May 2019
Fund	Net Income		Realized Gain		Capital Sources
Finisterre Unconstrained Emerging Markets Bond Fund	0.00	%	0.00	%	100.00	%
Global Diversified Income Fund	76.69		0.00		23.31
Government & High Quality Bond Fund	0.00		0.00		100.00
High Yield Fund	31.32		0.00		68.68

589

	Principal Funds, Inc.
	(unaudited)
	May 2019
Fund		Net Income	Realized Gain	Capital Sources
Income Fund		0.00	0.00		100.00
SAM Flexible Income Portfolio		71.13	0.00		28.87

The ultimate composition of these distributions may vary from the estimates provided above due to a variety of factors including future income and expenses, and realized gains and losses from the purchase and sale of securities.

Please note that this information is being provided to satisfy certain notice requirements under the Investment Company Act of 1940. Tax reporting information for shareholders of the funds will not be available until the end of the funds’ fiscal year.

As a result, shareholders should not use the information provided in this notice for tax reporting purposes.

Notices are posted monthly on our website at principalfunds.com/sources-of-distribution. You may also request a copy of such notices, free of charge, by telephoning 800-222-5852.

This material is not authorized for distribution unless preceded or accompanied by a current prospectus that includes more information regarding the risk factors, expenses, policies, and objectives of the investment. Contact your financial professional or call 800-222-5852 to obtain another copy of the prospectus. Read the prospectus carefully before investing.

A mutual fund's share price and investment return will vary with market conditions, and the principal value of an investment when you sell your shares may be more or less than the original cost.

Principal Funds are distributed by Principal Funds Distributor, Inc.

590

FUND DIRECTORS AND OFFICERS

Under Maryland law, a Board of Directors oversees the Fund. The Directors have financial or other relevant experience and meet several times during the year to review contracts, Fund activities and the quality of services provided to the Fund. Each director also has the same position with Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds which are also sponsored by Principal Life Insurance Company. Each director holds office for an indefinite term or until reaching age 72. Directors considered to be “interested persons” as defined in the Investment CompanyAct of 1940, as shown below are considered to be interested because of an affiliation with the Manager and Principal Life Insurance Company.

The following directors are considered not to be “interested persons” as defined in the 1940 Act

			Other
Name,		Number of Portfolios	Directorships
Position Held with the Fund,	Principal Occupation(s)	in Fund Complex	Held by Director
Year of Birth	During past 5 years	Overseen by Director	During Past 5 Years
Elizabeth Ballantine	Principal, EBA Associates	131	Durango Herald, Inc.;
Director since 2004			McClatchy Newspapers, Inc.
Member, Nominating and Governance
Committee
1948
Leroy T. Barnes, Jr.	Retired.	131	McClatchy Newspapers, Inc.;
Director since 2012			Frontier Communications,
Member, Audit Committee			Inc.; formerly, Herbalife Ltd.
1951
Craig Damos	President, C.P. Damos Consulting LLC	131	None
Director since 2008
Member, Audit Committee Member,
15(c) Committee
1954
Mark A. Grimmett	Formerly, Executive Vice President and CFO, Merle	131	None
Lead Independent Director since 2011	Norman Cosmetics, Inc.
Director since 2004
Member, Nominating and Governance
Committee
Member, 15(c) Committee
Member, Executive Committee
1960
Fritz S. Hirsch	Formerly, CEO, MAM USA	131	MAM USA
Director since 2005
Member, Operations Committee
Member, 15(c) Committee
1951
Tao Huang	Retired.	131	Armstrong World Industries,
Director since 2012			Inc. and Equity Lifestyle
Member, Operations Committee			Properties, Inc.
Member, 15(c) Committee
1962
Karen (“Karrie”) McMillan	Managing Director, Patomak Global Partners, LLC.	131	None
Director since 2014	Formerly, General Counsel, Investment Company
Member, Operations Committee	Institute
1961
Elizabeth A. Nickels	Formerly, Executive Director, Herman Miller	131	SpartanNash; formerly:
Director since 2015	Foundation; Formerly President, Herman Miller		Charlotte Russe; Follet
Member, Audit Committee	Healthcare		Corporation; PetSmart;
1962			Spectrum Health Systems
Mary M. (“Meg”) VanDeWeghe	CEO and President, Forte Consulting, Inc.	131	Denbury Resources Inc.
Director since 2018			and Helmerich & Payne;
Member, Operations Committee			Formerly: Brown Advisory;
1959			B/E Aerospace; WP Carey;
			Nalco (and its successor
			Ecolab)

591

The following directors are considered to be “interested persons” as defined in the 1940 Act, because of an affiliation with the Manager and Principal Life.

			Other
Name,		Number of Portfolios	Directorships
Position Held with the Fund,	Principal Occupation(s)	in Fund Complex	Held by Director
Year of Birth	During past 5 years	Overseen by Director	During Past 5 Years
Michael J. Beer	Chief Executive Officer, Principal Funds	131	None
Director since 2012	Distributor, Inc. (“PFD”) since 2015
President, Chief Executive Officer	Executive Director – Funds, Principal Global
Member, Executive Committee	Investors, LLC (“PGI”) since 2017
1961	Director, PGI since 2017
	Director, PFD since 2015
	Vice President/Mutual Funds and Broker Dealer,
	Principal Life Insurance Company (“PLIC”) (2001-
	2014)
	Vice President/Chief Operating Officer,
	Principal Funds, PLIC (2014-2015)
	Executive Director, Principal Funds &
	Trust, PLIC since 2015
	Director, Principal Management
	Corporation, (“PMC”) (2006-2015)
	President & Chief Executive Officer, PMC (2015-
	2017)
	Executive Vice President/Chief Operating Officer,
	PMC (2008-2015)
	Chair, PMC (2015-2017)
	Director, Principal Securities, Inc. (“PSI”) (2005-
	2015)
	President, PSI (2005-2015)
	Director, Principal Shareholder Services (“PSS”)
	(2007-2015)
	Chairman, PSS since 2015
	President, PSS (2007-2015)
	Executive Vice President, PSS since 2015
Timothy M. Dunbar	Director, PGI since 2018	131	None
Director since 2019	President, Principal Global Asset Management, PGI,
1957	PLIC, Principal Financial Services, Inc. (“PFSI”),
	and Principal Financial Group (“PFG”) since 2018
	Chair/Executive Vice President, RobustWealth, Inc.
	since 2018
	Director, Post Advisory Group, LLC (“Post”) since
	2018
	Executive Vice President/Chief Investment Officer,
	PLIC, PFSI and PFG (2014-2018)
Patrick Halter	Chief Executive Officer and President, PGI since	131	None
Director since 2017	2018
Member, Executive Committee	Chief Operating Officer, PGI (2017-2018)
1959	Chair, PGI since 2018
	Director, PGI (2003-2018)
	Director, Finisterre Capital LLP since 2018
	Director, Origin Asset Management LLP since 2018
	Chair, Post since 2017
	Chief Executive Officer, Principal Real Estate
	Investors, LLC (“PREI”) since 2005
	Chair, PREI since 2004
	Chair, Spectrum Asset Management, Inc. since 2017

Correspondence intended for each Director who is other than an Interested Director may be sent to 655 9th Street, Des Moines, IA 50392.

592

The following table presents officers of the Funds.

Name,
Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Randy L. Bergstrom	Counsel, PGI
Assistant Tax Counsel	Counsel, PLIC
Des Moines, IA 50392
1955
Jennifer A. Block	Vice President and Counsel (2017-2018)
Deputy Chief Compliance Officer	Assistant Counsel (2010-2017)
Des Moines, IA 50392	Assistant Secretary (2015-2018)
1973	Counsel, PGI (2017-2018)
	Counsel, PLIC (2009-2018)
	Counsel, PMC (2009-2013, 2014-2017)
Tracy Bollin	Managing Director, PGI since 2016
Chief Financial Officer	Chief Operating Officer, PMC (2015-2017)
Des Moines, IA 50392	Chief Financial Officer, PFA (2010-2015)
1970	Senior Vice President, PFD since 2015
	Chief Financial Officer, PFD (2010-2016)
	Senior Vice President, PMC (2015–2017)
	Chief Financial Officer, PMC (2010-2015)
	Director, PMC (2014–2017)
	Chief Financial Officer, PSI (2010-2015)
	Director, PSS since 2014
	President, PSS since 2015
	Chief Financial Officer, PSS (2010-2015)
Gina L. Graham	Vice President/Treasurer, PFA since 2016
Treasurer	Vice President/Treasurer, PFD since 2016
Des Moines, IA 50392	Vice President/Treasurer, PGI since 2016
1965	Vice President/Treasurer, PLIC since 2016
	Vice President/Treasurer, PMC (2016-2017)
	Vice President/Treasurer, PREI since 2016
	Vice President/Treasurer, PSI since 2016
	Vice President/Treasurer, PSS since 2016
Laura B. Latham	Counsel, PGI since 2018
Assistant Counsel and Assistant Secretary	Prior thereto, Attorney in Private Practice
Des Moines, IA 50392
1986
Diane K. Nelson	Chief Compliance Officer/AML Officer, PSS since
AML Officer	2015
Des Moines, IA 50392	Compliance Advisor, PMC (2013-2015)
1965
Sara L. Reece	Director - Accounting, PLIC since 2015
Vice President and Controller	Assistant Financial Controller, PLIC prior to 2015
Des Moines, IA 50392
1975
Teri R. Root	Interim Chief Compliance Officer (2018)
Chief Compliance Officer	Deputy Chief Compliance Officer (2015-2018)
Des Moines, IA 50392	Deputy Chief Compliance Officer, PGI (2017-2018)
1979	Vice President and Chief Compliance Officer, PMC
	(2015–2017)
	Vice President, PSS since 2015
Britney L. Schnathorst	Counsel, PLIC since 2013
Assistant Counsel and Assistant	Prior thereto, Attorney in Private Practice
Secretary
Des Moines, IA 50392
1981
Adam U. Shaikh	Assistant General Counsel, PGI since 2018
Assistant Counsel	Counsel, PGI (2017-2018)
Des Moines, IA 50392	Counsel, PLIC since 2006
1972	Counsel, PMC (2007-2013, 2014-2017)
John Sullivan	Counsel, PGI since 2019
Assistant Counsel and Assistant Secretary	Prior thereto, Attorney in Private Practice
Des Moines, IA 50392
1970

593

Name,
Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Dan Westholm	Assistant Vice President/Treasurer, PGI since 2017
Assistant Treasurer	Assistant Vice President/Treasury, PFA since 2013
Des Moines, IA 50392	Assistant Vice President/Treasury, PFD since 2013
1966	Assistant Vice President/Treasury, PLIC since 2014
	Director – Treasury, PLIC (2007-2014)
	Assistant Vice President/Treasury, PMC (2013-
2017)
	Assistant Vice President/Treasury, PSI since 2013
	Assistant Vice President/Treasury, PSS since 2013
Beth Wilson	Director and Secretary – Funds, PLIC
Vice President and Secretary
Des Moines, IA 50392
1956
Clint Woods	Of Counsel (2017-2018)
Counsel, Vice President, and	Vice President (2016-2017)
Assistant Secretary	Counsel (2015-2017)
Des Moines, IA 50392	Vice President, PLIC since 2015
1961	Associate General Counsel, Governance Officer, and
	Assistant Corporate Secretary, PLIC since 2013
Jared Yepsen	Counsel, PGI since 2017
Assistant Tax Counsel	Counsel, PLIC since 2015
Des Moines, IA 50392	Senior Attorney, Transamerica Life Insurance
1981	Company (2013-2015)

The 15(c) Committee’s primary purpose is to assist the Board in performing the annual review of the Fund’s advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act. The Committee responsibilities include requesting and reviewing materials.

The Audit Committee’s primary purpose is to assist the Board in fulfilling certain of its responsibilities. The Audit Committee serves as an independent and objective party to monitor the Fund Complex’s accounting policies, financial reporting and internal control system, as well as the work of the independent registered public accountants. The Audit Committee assists Board oversight of 1) the integrity of the Fund Complex’s financial statements; 2) the Fund Complex’s compliance with certain legal and regulatory requirements; 3) the independent registered public accountants’qualifications and independence; and 4) the performance of the Fund Complex’s independent registered public accountants. The Audit Committee also provides an open avenue of communication among the independent registered public accountants, the Manager’s internal auditors, Fund Complex management, and the Board.

The Executive Committee’s primary purpose is to exercise certain powers of the Board when the Board is not in session. When the Board is not in session, the Committee may exercise all powers of the Board in the management of the business of the Fund Complex except the power to 1) authorize dividends or distributions on stock; 2) issue stock, except as permitted by law; 3) recommend to the stockholders any action which requires stockholder approval; 4) amend the bylaws; or 5) approve any merger or share exchange which does not require stockholder approval.

The Nominating and Governance Committee’s primary purpose is to oversee the structure and efficiency of the Board and the committees established by the Board. The Committee responsibilities include evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal matters. The nominating functions of the Committee include selecting and nominating all candidates who are not “interested persons” of the Fund Complex for election to the Board. Generally, the Committee requests director nominee suggestions from the committee members and management. In addition, the Committee will consider Director candidates recommended by shareholders of the Fund Complex. Recommendations should be submitted in writing to Principal Funds, Inc. at 711 High Street, Des Moines, IA 50392. When evaluating a person as a potential nominee to serve as an Independent Director, the Committee will generally consider, among other factors: age; education; relevant business experience; geographical factors; whether the person is “independent” and otherwise qualified under applicable laws and regulations to serve as a director; and whether the person is willing to serve, and willing and able to commit the time necessary for attendance at meetings and the performance of the duties of an independent director. The Committee also meets personally with the nominees and conducts a reference check. The final decision is based on a combination of factors, including the strengths and the experience an individual may bring to the Board. The Committee believes the Board generally benefits from diversity of background, experience and views among its members, and considers these factors in evaluating the composition of the Board. The Board does not use regularly the services of any professional search firms to identify or evaluate or assist in identifying or evaluating potential candidates or nominees.

594

The Operations Committee’s primary purpose is to oversee the provision of administrative and distribution services to the Funds Complex, communications with the Fund Complex’s shareholders, and review and oversight of the Fund Complex’s operations.

Additional information about the Fund is available in the Prospectus dated March 1, 2019, and the Statement of Additional Information dated March 1, 2019. These documents may be obtained free of charge by writing Principal Funds, Inc., P.O. Box 8024, Boston, MA 02266-8024 or telephoning 1-800-222-5852. The prospectus may be viewed at www.PrincipalFunds.com/prospectuses.

PROXY VOTING POLICIES

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities and the results of the proxy votes for the most recent twelve months ended June 30 may be obtained free of charge by telephoning 1-800-222-5852, or on the SEC website at www.sec.gov.

SCHEDULES OF INVESTMENTS

The Fund files complete schedules of investments with the Securities and Exchange Commission as of January 31 and July 31 each year as a part of Form N-PORT. The Fund’s Form N-PORT can be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. or on the Commission’s website at www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-202-551-8090.

595

BOARD CONSIDERATION OF INVESTMENT ADVISORY CONTRACTS

During the period covered by this report, the Board of Directors of Principal Funds, Inc. (“PFI”) approved (1) a Subadvisory Agreement with Finisterre Capital, LLP related to the Global Diversified Income Fund; (2) Amended Subadvisory Agreements with Principal Real Estate Investors, LLC and Spectrum Asset Management, Inc. related to the Global Diversified Income Fund; (3) an Amended Management Agreement with Principal Global Investors, LLC and Amended Subadvisory Agreements with Los Angeles Capital Management and Equity Research, Inc. and Victory Capital Management Inc. related to the MidCap Value Fund I; (4) an Amended Subadvisory Agreement with Principal Real Estate Investors, LLC related to the Real Estate Securities Fund and the Global Real Estate Securities Fund; (5) a Subadvisory Agreement with Post Advisory Group, LLC related to the High Yield Fund I; (6) an Amended Subadvisory Agreement with Post Advisory Group, Inc. related to the Global Diversified Income Fund; and (7) an Amended Management Agreement with Principal Global Investors, LLC and Subadvisory Agreement with Finisterre Capital, LLC related to the Finisterre Unconstrained Emerging Markets Bond Fund.

Finisterre Capital, LLP Subadvisory Agreement

On December 11, 2018, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of a subadvisory agreement (the “Subadvisory Agreement”) among Principal Global Investors, LLC (the “Manager”) and Finisterre Capital, LLP (the “Subadvisor”) with respect to the emerging markets debt investment sleeve of the Fund.

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’s investment personnel who would be responsible for the day-to-day management of the Fund and the resources made available to such personnel. The Board noted that the Subadvisory currently provides subadvisory serves for other PFI funds, and that the Board has reviewed and approved for renewal those subadvisory agreements at its September 2018 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.

The Board reviewed the historical one-year and since inception (October 1, 2016) performance returns as of September 30, 2018, gross and net of proposed fees, of the Subadvisor in a composite managed in accordance with the proposed investment strategy for the emerging markets debt investment sleeve of the Fund, as compared to the historical performance returns (gross of fees) of a current subadvisor to the Fund’s emerging markets debt investment sleeve and a relevant benchmark index. The Board concluded, based upon the information provided, that the Subadvisor is qualified.

Fees, Economies of Scale and Profitability

The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors from its own management fee so that shareholders pay only the management fee. The Board considered whether there are economies of scale with respect to the subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includes breakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. The Board also considered that the Subadvisor’s appointment is contingent upon the Fund’s shareholders approving the Subadvisory Agreement, which will involve the costs of holding a shareholder meeting. In this connection, they noted the Manager’s proposed addition of a seven-basis point contractual fee waiver through February 29, 2020. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.

Other Benefits

The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted that the Subadvisor does not engage in soft dollar trading. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.

Overall Conclusions

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Subadvisory Agreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.

Approval of Amended Subadvisory Agreements for Global Diversified Income Fund

On December 11, 2018, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of (1) an amended fee schedule under the subadvisory agreement between Principal Global Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (“Principal-REI” or a “Subadvisor”) with respect to the global real estate investment sleeve of the Fund (the “Principal-REI Subadvisory Agreement”), which would result in a reduction of Principal-REI’s subadvisory fee rate at all asset levels; and (2) an amended fee schedule under the subadvisory agreement between the Manager and Spectrum Asset Management, Inc. (“Spectrum” or a “Subadvisor”) with respect to the preferred securities investment sleeve of the Fund (the “Spectrum Subadvisory Agreement”), which would result in a reduction of Spectrum’s subadvisory fee rate at current asset levels and an increase in Spectrum’s subadvisory fee rate at significantly higher asset levels.

(The Principal-REI Subadvisory Agreement and the Spectrum Subadvisory Agreement are referred to as the “Subadvisory Agreements.”)

596

The Board reviewed materials received from the Manager regarding the proposed changes in the subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the subadvisory fee schedules would not impact the quality or extent of the services the Subadvisors provide to the Fund and that each Subadvisor’s obligations under the applicable Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Subadvisory Agreement other than to the fee schedule.

The Board considered that they had last approved the Subadvisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by each Subadvisor under the applicable Subadvisory Agreement and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the Fund.

Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Subadvisory Agreements at this time and, accordingly, recommended to the Board of Directors the approval of the amended Subadvisory Agreements.

Approval of Amended Management and Subadvisory Agreements for MidCap Value Fund I

On December 11, 2018, the Board considered for the MidCap Value Fund I (the “Fund”) the approval of: (1) an amended fee schedule under the management agreement (the “Management Agreement”) between PFI, for the Fund, and Principal Global Investors, LLC (the “Manager”), which would result in a reduction of the management fee rate at all asset levels; (2) an amended fee schedule under the subadvisory agreement between the Manager and Los Angeles Capital Management and Equity Research, Inc. (“LA Capital” or a “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”) which would add new breakpoints to LA Capital’s subadvisory fee schedule; and (3) an amended fee schedule under the subadvisory agreement between the Manager and Victory Capital Management Inc. (“Victory” or a “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”), which would add new breakpoints to Victory’s subadvisory fee schedule. (The Management Agreement and the Subadvisory Agreements are together referred to as the “Advisory Agreements.”) The Board reviewed materials received from the Manager regarding the proposed changes in the management fee and subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the management fee and subadvisory fee schedules would not reduce the nature, the quality or quantity of the services the Manager and the Subadvisors provide to the Fund and that the obligations of the Manager and each Subadvisor under the applicable Advisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Advisory Agreement other than to the fee schedule.

The Board considered that they had last approved the Advisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager and each Subadvisor under the applicable Advisory Agreement and had concluded, based upon the information provided, that the terms of each Advisory Agreement were reasonable and that approval of each Advisory Agreement was in the best interests of the Fund.

Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Advisory Agreements reduced management and subadvisory fees at this time and, accordingly, recommended to the Board of Directors the approval of the amended Advisory Agreements.

Approval of Amended Subadvisory Agreements for Real Estate Securities Fund and Global Real Estate Securities Fund

On December 11, 2018, the Board considered for each of the Real Estate Securities Fund and the Global Real Estate Securities Fund (each, a “Fund”) the approval of an amended fee schedule under a subadvisory agreement (each, a “Subadvisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (the “Subadvisor”), which would result in a reduction of the subadvisory fee rate at all asset levels.

The Board reviewed materials received from the Manager regarding the proposed changes in the subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the subadvisory fee schedules would not reduce the quality or quantity of the services provided by the Subadvisor to each Fund and that the Subadvisor’s obligations under each Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Subadvisory Agreement other than to the fee schedule.

The Board considered that they had last approved the Subadvisory Agreement for each Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under each Subadvisory Agreement and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the applicable Fund.

597

Based upon all of the information considered, the Board concluded that it was in the best interests of each Fund to approve the applicable amended Subadvisory Agreement at this time and, accordingly, recommended to the Board of Directors the approval of each amended Subadvisory Agreement.

Post Advisory Group, LLC Subadvisory Agreement

On March 12, 2019, the Board met to consider for High Yield Fund I (the “Fund”) the approval of a subadvisory agreement (the “Subadvisory Agreement”) among Principal Global Investors, LLC (the “Manager”) and Post Advisory Group, LLC (the “Subadvisor”) with respect to an actively managed investment sleeve of the Fund.

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’s investment personnel who would be responsible for the day-to-day management of the Fund and the resources made available to such personnel. The Board noted that the Subadvisory currently provides subadvisory serves for other PFI funds, and that the Board has reviewed and approved for renewal those subadvisory agreements at its September 2018 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.

The Board reviewed the historical one, three, five and ten year performance returns as of December 31, 2018, gross and net of proposed fees, of the Subadvisor in a composite managed in accordance with the proposed investment strategy for the actively managed investment sleeve of the Fund that the Subadvisor is proposed to manage, as compared to the historical performance returns of the current subadvisor to that investment sleeve and a relevant benchmark index. The Board concluded, based upon the information provided, that the Subadvisor is qualified.

Fees, Economies of Scale and Profitability

The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors from its own management fee so that shareholders pay only the management fee. The Board considered whether there are economies of scale with respect to the subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includes breakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. The Board also considered that the Subadvisor’s appointment is contingent upon the Fund’s shareholders approving the Subadvisory Agreement, which will involve the costs of holding a shareholder meeting. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.

Other Benefits

The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted that the portfolio trades for the investment sleeve to be managed by the Subadvisor would not generate commissions, and therefore soft dollars would not be applicable. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.

Overall Conclusions

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Subadvisory Agreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.

Post Advisory Group, LLC Amended Subadvisory Agreement

On March 12, 2019, the Board considered for the Global Diversified Income Fund (the “Fund”) the approval of an amended subadvisory agreement (the “Subadvisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and Post Advisory Group, LLC (the “Subadvisor”) in connection with a proposal to change the methodology for calculating the subadvisory fee and to add a breakpoint to the subadvisory fee schedule.

The Board reviewed materials received from the Manager regarding the proposed amendment to the Fund’s Subadvisory Agreement and noted that because the subadvisory fee was paid by the Manager, the change in the calculation methodology for the subadvisory fee and the addition of a breakpoint to the subadvisory fee schedule would not change the management fee paid by the Fund. The Board considered the Manager’s representation that the amendment would not reduce the quality or quantity of the services the Subadvisor provides to the Fund and that the Subadvisor’s obligations under the Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of the Subadvisory Agreement other than to the methodology for calculating the subadvisory fee and the addition of a breakpoint to the subadvisory fee schedule.

The Board considered that they had last approved the Subadvisory Agreement for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under the Subadvisory Agreement and had concluded,

598

based upon the information provided, that the terms of the Subadvisory Agreement were reasonable and that approval of the Subadvisory Agreement was in the best interests of the Fund.

Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Subadvisory Agreement at this time and, accordingly, recommended to the Board of Directors the approval of the amended Subadvisory Agreement.

Approval of Amended Management and Subadvisory Agreements for Finisterre Unconstrained Emerging Markets Bond Fund

On March 12, 2019, the Board considered for the Finisterre Unconstrained Emerging Markets Bond Fund (the “Fund”) the approval of: (1) an amended management agreement (the “Management Agreement”) between PFI, for the Fund, and Principal Global Investors, LLC (the “Manager”), in connection with a proposal to amend the management fee schedule that would result in a reduction in the management fee rate at all asset levels; and (2) an amended subadvisory agreement between the Manager and Finisterre Capital, LLC (the “Subadvisor”) with respect to the Fund (a “Subadvisory Agreement”) in connection with a proposal to amend the subadvisory fee schedule that would add new breakpoints and result in a lower subadvisory fee rate at certain asset levels. The Management Agreement and the Subadvisory Agreements are together referred to as the “Advisory Agreements.” The Board reviewed materials received from the Manager regarding the proposed changes in the management fee and subadvisory fee schedules. The Board considered the Manager’s representation that the changes in the management fee and subadvisory fee schedules would not reduce the quality or quantity of the services the Manager and the Subadvisor provide to the Fund and that the obligations of the Manager and the Subadvisor under the applicable Advisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Advisory Agreement other than to the fee schedule.

The Board considered that they had last approved the Advisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager and the Subadvisor under the applicable Advisory Agreement and had concluded, based upon the information provided, that the terms of each Advisory Agreement were reasonable and that approval of each Advisory Agreement was in the best interests of the Fund.

Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Advisory Agreements at this time and, accordingly, recommended to the Board of Directors the approval of the amended Advisory Agreements.

599

Special Meeting of Shareholders
Principal Funds, Inc. – MidCap Value Fund III
Held April 5, 2019

1. Shareholders of the MidCap Value Fund III voted to approve a Plan of Acquisition providing for the reorganization of the MidCap Value Fund III into MidCap Value Fund I.

In Favor	Opposed	Abstain
47,374,591.000	21,272.000	30,992.000
	Special Meeting of Shareholders
	Principal Funds, Inc.
	Held April 25, 2019
1. Election of Board of Directors.
	For	Withheld
Ballantine	12,736,375,875.836	392,415,903.137
Barnes	12,721,375,051.848	407,416,727.125
Damos	12,700,790,898.144	428,000,880.829
Grimmett	12,716,449,359.614	412,342,419.359
Hirsch	12,711,116,734.002	417,675,044.971
Huang	12,731,541,889.427	397,249,889.546
McMillan	12,751,851,243.595	376,940,535.378
Nickels	12,760,972,969.127	367,818,809.846
VanDeWeghe	12,745,791,367.482	383,000,411.491
Beer	12,706,497,212.449	422,294,566.524
Dunbar	12,712,526,433.112	416,265,345.861
Halter	12,710,379,929.381	418,411,849.592

3. Approval of a new Sub-Advisory Agreement with Finisterre Capital LLP for the Global Diversified Income Fund.

	For	Against	Abstain	Broker Non-Vote
Global Diversified Income Fund	206,346,060.589	2,753,236.504	5,473,360.558	92,304,522.44

4. Approval of the ability of Principal Global Investors, LLC to enter into and/or materially amend agreements with wholly-owned affiliated sub-advisors, as defined in the proposal, on behalf of the Fund without o btaining shareholder approval (Group A Funds, as set forth in the proposal, only).

	For	Against	Abstain	Broker Non-Vote
California Municipal Fund	7,632,139.822	538,475.555	788,655.289	7,621,883.169
Core Plus Bond Fund	266,081,012.903	9,815,879.616	10,020,920.092	2,727,039.045
Diversified International Fund	839,129,975.011	69,570,386.739	33,287,102.115	7,195,414.163
Equity Income Fund	159,725,397.726	11,522,894.631	11,120,010.905	33,023,226.869
Global Real Estate Securities Fund	187,259,825.197	991,539.590	4,508,463.721	41,915,680.813
Government & High Quality Bond Fund	111,092,459.513	1,950,391.788	3,295,744.051	14,099,830.764
High Yield Fund	173,512,349.604	6,580,563.854	3,746,839.266	74,691,889.403
High Yield Fund I	312,315,574.195	46,574,543.751	21,513,938.976	1,670,475.209
Income Fund	240,051,813.045	23,178,841.083	4,975,617.243	25,765,421.073
Inflation Protection Fund	93,768,572.166	94,037,799.184	106,823.583	952,585.647
International Emerging Markets Fund	25,914,064.028	1,817,301.786	998,564.563	1,682,817.983
International Fund I	24,416,392.541	465,097.272	68,157.598	1,501,326.656
LargeCap Growth Fund	44,901,786.532	8,347,111.319	4,869,837.154	6,342,759.486
LargeCap Growth Fund I	346,060,855.922	52,407,253.261	48,176,222.579	104,678,134.877
LargeCap S&P 500 Index Fund	227,372,216.535	28,980,668.937	22,289,836.001	26,353,263.420
LargeCap Value Fund III	110,114,016.367	502,751.676	18,404,633.690	1,179,449.443
MidCap Fund	276,764,709.401	5,562,823.197	2,759,505.462	82,794,654.550
MidCap Growth Fund	14,677,675.635	1,565,329.202	1,289,748.916	1,470,321.883
MidCap Growth Fund III	50,741,455.675	43,945,323.575	684,119.005	806,515.646
MidCap S&P 400 Index Fund	40,093,514.714	4,474,673.389	5,179,134.167	5,806,881.149
MidCap Value Fund I	56,747,925.437	5,089,742.937	4,332,038.436	1,530,879.835
MidCap Value Fund III	48,430,625.982	3,525,762.041	1,787,139.060	811,638.994
Money Market Fund	258,165,866.102	90,684,370.758	30,959,761.317	19,304,755.190

600

	For	Against	Abstain	Broker Non-Vote
Overseas Fund	208,466,587.720	18,572.853	-	411,880.974
Principal Capital Appreciation Fund	18,138,520.881	2,975,831.357	891,860.800	3,666,650.690
SAM Balanced Portfolio	158,284,074.700	18,023,454.159	10,467,606.527	35,769,411.838
SAM Conservative Balanced Portfolio	88,657,730.195	11,397,333.647	2,153,848.753	28,889,552.873
SAM Conservative Growth Portfolio	71,328,832.247	40,460,952.304	1,796,222.358	22,161,855.561
SAM Flexible Income Portfolio	122,920,915.298	4,945,275.811	18,411,012.553	38,941,467.872
SAM Strategic Growth Portfolio	40,063,153.463	24,698,478.984	1,129,102.715	11,549,369.421
Short-Term Income Fund	287,995,692.468	35,457,888.542	4,235,580.220	43,168,334.299
SmallCap Fund	14,727,819.969	2,910,390.173	900,766.733	3,387,570.106
SmallCap Growth Fund I	103,403,577.647	20,648,414.289	12,221,827.402	2,365,041.424
SmallCap S&P 600 Index Fund	30,421,238.910	4,323,020.144	3,003,546.682	4,726,802.361
SmallCap Value Fund II	63,194,403.671	16,139,806.302	14,787,286.671	1,401,103.878
Tax-Exempt Bond Fund	13,553,435.408	695,800.232	625,555.355	11,707,204.857

5.Approval of the ability of Principal Global Investors, LLC to enter into and/or materially amend agreements with majority-owned affiliated sub-advisors, as defined in the proposal, on behalf of the Fund without obtaining shareholder approval (Group A Funds, as set forth in the proposal, only).

	For	Against	Abstain	Broker Non-Vote
California Municipal Fund	7,650,243.989	539,501.168	769,525.509	7,621,883.169
Core Plus Bond Fund	264,818,305.523	10,794,859.466	10,304,647.622	2,727,039.045
Diversified International Fund	832,065,408.201	69,659,310.392	40,262,745.272	7,195,414.163
Equity Income Fund	163,339,594.663	13,522,968.005	5,505,740.594	33,023,226.869
Global Real Estate Securities Fund	187,088,897.689	1,168,516.870	4,502,413.949	41,915,680.813
Government & High Quality Bond Fund	111,051,530.557	1,735,060.543	3,552,004.252	14,099,830.764
High Yield Fund	173,377,313.327	6,674,271.305	3,788,168.092	74,691,889.403
High Yield Fund I	305,791,861.545	53,098,256.401	21,513,938.976	1,670,475.209
Income Fund	239,498,653.076	23,320,724.095	5,386,894.200	25,765,421.073
Inflation Protection Fund	70,191,821.477	117,366,190.617	355,182.839	952,585.647
International Emerging Markets Fund	25,901,283.807	1,830,082.007	998,564.563	1,682,817.983
International Fund I	24,404,580.302	466,441.607	78,625.502	1,501,326.656
LargeCap Growth Fund	44,876,438.913	8,398,614.235	4,843,681.857	6,342,759.486
LargeCap Growth Fund I	343,455,728.819	55,689,155.661	47,499,447.282	104,678,134.877
LargeCap S&P 500 Index Fund	226,225,894.898	30,522,021.366	21,894,805.209	26,353,263.420
LargeCap Value Fund III	109,003,155.004	503,443.185	19,514,803.544	1,179,449.443
MidCap Fund	276,553,660.663	5,770,388.815	2,762,988.582	82,794,654.550
MidCap Growth Fund	14,669,193.300	1,561,753.797	1,301,806.656	1,470,321.883
MidCap Growth Fund III	50,740,432.426	43,946,346.824	684,119.005	806,515.646
MidCap S&P 400 Index Fund	39,967,623.694	4,530,267.853	5,249,430.723	5,806,881.149
MidCap Value Fund I	56,747,160.993	5,090,507.365	4,332,038.452	1,530,879.835
MidCap Value Fund III	48,102,499.355	3,874,316.935	1,766,710.793	811,638.994
Money Market Fund	296,811,662.595	52,051,981.601	30,946,353.981	19,304,755.190
Overseas Fund	208,466,587.720	18,572.853	-	411,880.974
Principal Capital Appreciation Fund	18,138,006.834	2,944,905.725	923,300.479	3,666,650.690
SAM Balanced Portfolio	157,902,871.437	17,775,057.965	11,097,205.984	35,769,411.838
SAM Conservative Balanced Portfolio	88,726,742.771	11,172,288.924	2,309,880.900	28,889,552.873
SAM Conservative Growth Portfolio	70,218,381.891	41,551,670.249	1,815,954.769	22,161,855.561
SAM Flexible Income Portfolio	122,935,572.772	4,844,150.472	18,497,480.418	38,941,467.872
SAM Strategic Growth Portfolio	39,993,619.989	24,780,409.322	1,116,705.851	11,549,369.421
Short-Term Income Fund	287,889,682.868	17,194,170.418	22,605,307.944	43,168,334.299
SmallCap Fund	14,682,129.185	2,938,338.210	918,509.480	3,387,570.106
SmallCap Growth Fund I	104,906,628.321	19,155,041.540	12,212,149.477	2,365,041.424
SmallCap S&P 600 Index Fund	30,370,907.386	4,326,066.793	3,050,831.557	4,726,802.361
SmallCap Value Fund II	56,761,825.101	16,187,667.393	21,172,004.150	1,401,103.878
Tax-Exempt Bond Fund	13,585,289.481	693,418.489	596,083.025	11,707,204.857

601

6A. Approval of an amended fundamental investment restriction relating to commodities for the Fund (each Fund).

	For	Against	Abstain	Broker Non-Vote
California Municipal Fund	7,858,485.903	322,436.879	778,347.884	7,621,883.169
Core Plus Bond Fund	266,048,673.775	6,926,623.954	12,942,514.882	2,727,039.045
Diversified International Fund	845,784,642.229	38,424,406.610	57,778,415.026	7,195,414.163
Equity Income Fund	173,581,539.845	4,016,002.659	4,770,760.758	33,023,226.869
Finisterre Unconstrained Emerging Markets	2,835,255.604	2,817.000	5,528.170	890,395.042
Bond Fund
Global Diversified Income Fund	206,185,004.478	2,703,496.749	5,684,156.424	92,304,522.044
Global Real Estate Securities Fund	187,415,515.247	817,097.587	4,527,215.674	41,915,680.813
Government & High Quality Bond Fund	110,126,164.054	1,251,144.319	4,961,286.979	14,099,830.764
Government Money Market Fund	2,699,970,350.050	-	-	N/A
High Yield Fund	174,291,575.156	5,317,958.074	4,230,219.494	74,691,889.403
High Yield Fund I	332,842,756.555	43,920.180	47,517,380.187	1,670,475.209
Income Fund	247,148,156.740	11,464,508.655	9,593,605.976	25,765,421.073
Inflation Protection Fund	160,121,926.503	26,351,904.673	1,439,363.757	952,585.647
International Emerging Markets Fund	27,012,683.460	593,625.500	1,123,621.417	1,682,817.983
International Fund I	24,596,214.663	79,373.103	274,059.645	1,501,326.656
LargeCap Growth Fund	52,385,894.697	1,705,390.617	4,027,449.691	6,342,759.486
LargeCap Growth Fund I	355,358,728.261	30,481,441.324	60,804,162.177	104,678,134.877
LargeCap S&P 500 Index Fund	235,792,192.097	16,412,876.287	26,437,653.089	26,353,263.420
LargeCap Value Fund III	108,632,031.845	307,212.475	20,082,157.413	1,179,449.443
MidCap Fund	279,827,812.846	2,332,224.558	2,927,000.656	82,794,654.550
MidCap Growth Fund	15,143,179.364	1,270,463.218	1,119,111.171	1,470,321.883
MidCap Growth Fund III	56,766,889.933	37,915,355.281	688,653.041	806,515.646
MidCap S&P 400 Index Fund	41,662,479.168	3,109,625.166	4,975,217.936	5,806,881.149
MidCap Value Fund I	58,616,851.821	6,263,020.822	1,289,834.167	1,530,879.835
MidCap Value Fund III	50,232,204.670	895,488.260	2,615,834.153	811,638.994
Money Market Fund	309,535,876.110	36,075,013.224	34,199,108.843	19,304,755.190
Overseas Fund	208,466,604.401	18,556.172	-	411,880.974
Principal Capital Appreciation Fund	20,070,635.968	1,198,211.098	737,365.972	3,666,650.690
Principal LifeTime 2010 Fund	29,196,697.167	1,832,982.499	9,291,375.383	1,027,046.892
Principal LifeTime 2015 Fund	34,530,950.004	215,138.570	7,846,696.992	511,735.713
Principal LifeTime 2020 Fund	245,508,185.816	8,525,910.896	42,874,721.572	5,638,880.028
Principal LifeTime 2025 Fund	107,729,763.248	6,111,564.769	20,419,422.791	2,063,124.826
Principal LifeTime 2030 Fund	231,149,216.761	31,241,601.661	115,866,562.523	5,920,079.839
Principal LifeTime 2035 Fund	77,109,749.002	3,953,101.991	19,182,048.094	1,120,643.618
Principal LifeTime 2040 Fund	208,490,902.912	13,751,744.296	22,752,083.159	2,704,465.564
Principal LifeTime 2045 Fund	63,721,538.700	257,274.164	5,615,126.286	280,845.740
Principal LifeTime 2050 Fund	99,973,395.685	5,214,698.640	37,611,439.864	1,606,932.169
Principal LifeTime 2055 Fund	27,658,974.833	1,388,919.522	2,527,616.691	151,197.858
Principal LifeTime 2060 Fund	10,605,201.087	6,132,109.807	5,308,763.382	141,413.011
Principal LifeTime 2065 Fund	744,123.521	358,871.733	160.588	N/A
Principal Life Time Hybrid 2015 Fund	6,623,551.926	748,824.413	620,107.354	149,450.935
Principal Life Time Hybrid 2020 Fund	21,221,767.647	795,027.590	2,076,921.594	515,767.840
Principal Life Time Hybrid 2025 Fund	13,925,179.190	667,372.210	796,360.266	868,142.228
Principal Life Time Hybrid 2030 Fund	17,195,183.257	448,264.534	1,430,448.483	1,060,182.276
Principal Life Time Hybrid 2035 Fund	9,093,574.923	140,612.259	464,647.062	1,152,235.958
Principal Life Time Hybrid 2040 Fund	7,687,737.282	763,513.130	3,338,306.791	1,481,144.162
Principal Life Time Hybrid 2045 Fund	4,374,125.672	278,024.338	1,201,013.304	661,776.310
Principal Life Time Hybrid 2050 Fund	4,908,395.353	52,077.088	254,200.130	342,348.000
Principal Life Time Hybrid 2055 Fund	1,785,790.129	-	136.571	91,077.280
Principal Life Time Hybrid 2060 Fund	345,544.795	-	162,814.330	19,583.471
Principal Life Time Hybrid 2065 Fund	62,624.749	1,002.435	-	N/A
Principal Life Time Hybrid Income Fund	3,454,184.072	485,967.394	363,321.596	98,009.927
Principal LifeTime Strategic Income Fund	29,269,051.252	221,378.313	4,600,805.720	846,047.681
Real Estate Securities Fund	78,135,587.604	7,583,360.786	2,070,414.151	18,456,438.758
SAM Balanced Portfolio	159,498,223.214	16,825,809.429	10,451,102.743	35,769,411.838
SAM Conservative Balanced Portfolio	97,936,411.881	967,419.904	3,305,080.810	28,889,552.873
SAM Conservative Growth Portfolio	75,898,318.208	36,555,932.935	1,131,755.766	22,161,855.561
SAM Flexible Income Portfolio	123,475,809.182	3,991,514.827	18,809,879.653	38,941,467.872
SAM Strategic Growth Portfolio	64,791,189.226	493,797.498	605,748.438	11,549,369.421
Short-Term Income Fund	290,736,891.013	32,758,322.851	4,193,947.366	43,168,334.299
SmallCap Fund	14,973,997.373	2,707,878.359	857,101.143	3,387,570.106
SmallCap Growth Fund I	107,614,251.659	8,919,362.940	19,740,204.739	2,365,041.424
SmallCap S&P 600 Index Fund	31,503,810.363	3,211,134.410	3,032,860.963	4,726,802.361
SmallCap Value Fund II	69,535,191.985	15,076,441.369	9,509,863.290	1,401,103.878
Tax-Exempt Bond Fund	13,938,129.123	248,172.144	688,489.728	11,707,204.857

602

6B. Approval of an amended fundamental investment restriction relating to diversification for the California Municipal Fund.

	For	Against	Abstain	Broker Non-Vote
California Municipal Fund	8,060,193.850	220,801.082	678,275.734	7,621,883.169

6C. Approval of an amended fundamental investment restriction relating to concentration for the Fund (Group B Funds, as set forth in the proposal, only).

	For	Against	Abstain	Broker Non-Vote
California Municipal Fund	8,016,685.429	205,764.237	736,821.000	7,621,883.169
Core Plus Bond Fund	268,942,727.167	4,093,921.004	12,881,164.440	2,727,039.045
Diversified International Fund	842,811,645.104	43,718,357.203	55,457,461.558	7,195,414.163
Equity Income Fund	174,637,349.018	4,150,933.877	3,580,020.367	33,023,226.869
Finisterre Unconstrained Emerging Markets	2,835,255.604	2,817.000	5,528.170	890,395.042
Bond Fund
Global Diversified Income Fund	205,958,510.994	2,728,000.745	5,886,145.912	92,304,522.044
Government & High Quality Bond Fund	110,038,306.259	1,375,129.942	4,925,159.151	14,099,830.764
Government Money Market Fund	2,699,970,350.050	-	-	N/A
High Yield Fund	175,364,153.254	4,118,798.731	4,356,800.739	74,691,889.403
High Yield Fund I	332,881,671.931	12,300.796	47,510,084.195	1,670,475.209
Income Fund	247,700,916.431	11,828,421.489	8,676,933.451	25,765,421.073
Inflation Protection Fund	161,200,707.806	26,326,946.189	385,540.938	952,585.647
International Emerging Markets Fund	27,143,235.711	440,351.874	1,146,342.792	1,682,817.983
International Fund I	24,606,682.566	79,373.102	263,591.743	1,501,326.656
LargeCap Growth Fund	52,743,525.371	1,782,861.144	3,592,348.490	6,342,759.486
LargeCap Growth Fund I	351,525,602.185	32,029,635.337	63,089,094.240	104,678,134.877
LargeCap Value Fund III	109,482,697.908	529,973.843	19,008,729.982	1,179,449.443
MidCap Fund	279,830,364.500	2,431,545.667	2,825,127.893	82,794,654.550
MidCap Growth Fund	15,444,532.770	1,231,334.022	856,886.961	1,470,321.883
MidCap Growth Fund III	56,735,918.189	37,945,303.776	689,676.290	806,515.646
MidCap Value Fund I	58,613,476.808	6,266,395.835	1,289,834.167	1,530,879.835
MidCap Value Fund III	50,215,237.478	2,449,946.868	1,078,342.737	811,638.994
Money Market Fund	311,253,232.564	30,073,346.771	38,483,418.842	19,304,755.190
Overseas Fund	208,466,604.401	18,556.172	-	411,880.974
Principal Capital Appreciation Fund	20,188,478.787	1,046,528.083	771,206.168	3,666,650.690
Short-Term Income Fund	305,738,943.089	17,677,202.589	4,273,015.552	43,168,334.299
SmallCap Fund	14,951,621.875	2,709,614.837	877,740.163	3,387,570.106
SmallCap Growth Fund I	107,327,645.934	9,202,208.296	19,743,965.108	2,365,041.424
SmallCap Value Fund II	69,409,985.510	15,201,647.971	9,509,863.163	1,401,103.878
Tax-Exempt Bond Fund	13,896,623.444	275,782.371	702,385.180	11,707,204.857

6D. Approval of an amended fundamental investment restriction relating to concentration for the Fund (Group C Funds, as set forth in the proposal, only).

	For	Against	Abstain	Broker Non-Vote
Principal LifeTime 2010 Fund	29,161,798.167	1,832,221.666	9,327,035.216	1,027,046.892
Principal LifeTime 2015 Fund	34,176,321.244	705,002.340	7,711,461.982	511,735.713
Principal LifeTime 2020 Fund	250,708,806.931	6,652,296.056	39,547,715.297	5,638,880.028
Principal LifeTime 2025 Fund	108,948,444.771	5,108,373.116	20,203,932.921	2,063,124.826
Principal LifeTime 2030 Fund	231,497,203.480	30,974,924.825	115,785,252.640	5,920,079.839
Principal LifeTime 2035 Fund	79,738,977.371	1,098,571.642	19,407,350.074	1,120,643.618
Principal LifeTime 2040 Fund	209,727,262.467	11,521,435.602	23,746,032.298	2,704,465.564
Principal LifeTime 2045 Fund	63,451,256.021	142,089.243	6,000,593.886	280,845.740
Principal LifeTime 2050 Fund	106,337,612.076	6,932,699.786	29,529,222.327	1,606,932.169
Principal LifeTime 2055 Fund	26,354,066.964	2,014,438.232	3,207,005.850	151,197.858
Principal LifeTime 2060 Fund	19,858,554.083	991,256.801	1,196,263.392	141,413.011
Principal LifeTime 2065 Fund	744,123.521	358,871.733	160.588	N/A
Principal Life Time Hybrid 2015 Fund	6,167,577.126	748,824.413	1,076,082.154	149,450.935
Principal Life Time Hybrid 2020 Fund	21,200,831.787	803,983.784	2,088,901.260	515,767.840
Principal Life Time Hybrid 2025 Fund	13,935,094.745	656,301.402	797,515.519	868,142.228
Principal Life Time Hybrid 2030 Fund	17,130,098.830	203,785.335	1,740,012.109	1,060,182.276
Principal Life Time Hybrid 2035 Fund	8,983,612.324	250,574.854	464,647.066	1,152,235.958
Principal Life Time Hybrid 2040 Fund	7,687,691.316	763,559.100	3,338,306.787	1,481,144.162
Principal Life Time Hybrid 2045 Fund	4,374,125.672	278,024.338	1,201,013.304	661,776.310
Principal Life Time Hybrid 2050 Fund	5,135,549.916	52,077.088	27,045.567	342,348.000
Principal Life Time Hybrid 2055 Fund	1,785,790.129	-	136.571	91,077.280
Principal Life Time Hybrid 2060 Fund	345,544.795	-	162,814.330	19,583.471
Principal Life Time Hybrid 2065 Fund	62,624.749	1,002.435	-	N/A

603

	For	Against	Abstain	Broker Non-Vote
Principal Life Time Hybrid Income Fund	3,329,133.672	481,419.300	492,920.090	98,009.927
Principal LifeTime Strategic Income Fund	29,469,882.717	177,665.820	4,443,686.748	846,047.681
SAM Balanced Portfolio	158,243,485.763	16,802,614.766	11,729,034.857	35,769,411.838
SAM Conservative Balanced Portfolio	97,891,831.191	887,750.193	3,429,331.211	28,889,552.873
SAM Conservative Growth Portfolio	75,768,516.268	36,687,863.669	1,129,626.972	22,161,855.561
SAM Flexible Income Portfolio	123,175,432.356	3,890,983.337	19,210,787.969	38,941,467.872
SAM Strategic Growth Portfolio	64,767,789.495	516,598.910	606,346.757	11,549,369.421

604

Principal Funds Distributor, Inc.

711 High Street

Des Moines, IA 50392-6370

Do not use this address for business correspondence

Investing involves risk, including possible loss of principal.

This shareholder report is published as general information for the shareholders of Principal Funds. This material is not authorized for distribution unless preceded or accompanied by a current prospectus or a summary prospectus that includes more information regarding the risk factors, expenses, policies, and objectives of the funds. Investors should read the prospectus or summary prospectus carefully before investing. To obtain a prospectus or summary prospectus, please contact your financial professional or call 800-222-5852.

Principal Funds are distributed by Principal Funds Distributor, Inc.

Due to size constraints, this filing is being made in two related submissions.  This submission is the first of the two related submissions. 

• 2019 Principal Financial Services, Inc. | FV382-15 | 04/2019 | 806475-042021