N-CSRS 1 primary-document.htm
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:
August 31, 2021
 
Date of reporting period:
February 28, 2021
 

ITEM 1 – REPORT TO STOCKHOLDERS
Principal
Funds
Institutional,
J,
&
R
Share
Classes
Semiannual
Report
February
28,
2021
Beginning
on
January
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.
Sign
up
for
eDelivery!
Safe,
secure
and
ready
when
you
are,
sign
up
for
eDelivery
today.
Visit
PrincipalFunds.com
>
Note:
If
your
shares
are
not
held
directly
with
Principal
Funds
but
through
a
brokerage
firm,
please
contact
your
broker
for
electronic
delivery
options
available.
Rev.
01/2020
EE11865PFI-03
FACTS
WHAT
DOES
PRINCIPAL
FUNDS
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
•
Social
Security
number
and
income
•
Assets
and
transaction
history
•
Account
transactions
and
account
balances
When
you
are
no
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
Principal
Funds
chooses
to
share;
and
whether
you
can
limit
this
sharing.
REASONS
WE
CAN
SHARE
YOUR
PERSONAL
INFORMATION
DOES
PRINCIPAL
FUNDS
SHARE?
CAN
YOU
LIMIT
THIS
SHARING?
For
our
everyday
business
purposes
—such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—to
offer
our
products
and
services
to
you
Yes
No
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
affiliates’
everyday
business
purposes
—
information
about
your
transactions
and
experiences
Yes
No
For
our
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
No
We
don’t
share
For
nonaffiliates
to
market
to
you
No
We
don’t
share
Questions?
Call
1-800-222-5852
or
go
to
www.principalfunds.com/customer-support/contact-us
Page
2
EE11865PFI-03
|
01/2020
Who
we
are
Who
is
providing
this
notice?
Principal
Funds
includes
Principal
Funds,
Inc.,
Principal
Funds
Distributor,
Inc.,
and
Principal
Diversified
Select
Real
Asset
Fund.
What
we
do
How
does
Principal
Funds
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Principal
Funds
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
•
Open
an
account
or
seek
advice
about
your
investments
•
Direct
us
to
buy
securities
or
make
deposits,
or
withdrawals
from
your
account
•
Give
us
your
contact
information
or
show
your
government
issued
ID
We
also
collect
your
personal
information
from
others,
such
as
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
•
sharing
for
affiliates’
everyday
business
purposes—information
about
your
creditworthiness
•
affiliates
from
using
your
information
to
market
to
you
•
sharing
for
nonaffiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
Definitions
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Our
affiliates
include
companies
of
Principal
Financial
Group
®
Nonaffiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Principal
Funds
does
not
share
with
nonaffiliates
so
they
can
market
to
you.
Joint
marketing
A
formal
agreement
between
nonaffiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
•
Principal
Funds
does
not
jointly
market.
Other
important
information
This
Privacy
Notice
governs
information
that
you
provide
to
Principal
(or
that
we
otherwise
receive)
when
you
apply
for
or
receive
a
product
or
service
used
primarily
for
personal,
family
or
household
purposes.
We
may
collect
additional
information
depending
on
the
nature
of
your
relationship
with
Principal
or
if
you
interact
with
us
through
our
website
or
other
digital
technologies.
Details
about
how
we
protect
and
use
this
additional
information,
including
information
about
your
privacy
rights
under
California
law
such
as
the
California
Consumer
Privacy
Act,
are
available
online
at
www.principal.com/privacy-policies
.
If
you
do
not
have
access
to
www.principal.com/privacy-policies,
please
contact
us
at
1-800-986-3343
to
have
a
copy
mailed
to
you.
Table
of
Contents
Not
FDIC
or
NCUA
insured
May
lose
value
•
Not
a
deposit
•
No
bank
or
credit
union
guarantee
Not
insured
by
any
Federal
government
agency
Financial
Statements
1
Notes
to
Financial
Statements
28
Schedules
of
Investments
57
Financial
Highlights
(includes
performance
information)
175
Shareholder
Expense
Example
193
Supplemental
Information
195
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
1
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
Investment
in
securities--at
cost
..........................................................
$
5,879,617‌
$
790,419‌
$
3,100,307‌
Investment
in
affiliated
Funds--at
cost
...................................................
$
2‌
$
87,113‌
$
111,654‌
Foreign
currency--at
cost
..................................................................
$
–‌
$
–‌
$
1,381‌
Assets
Investment
in
securities--at
value 
..........................................................
$
8,814,407‌
$
819,257‌
(b)
$
3,341,470‌
(b)
Investment
in
affiliated
Funds--at
value
....................................................
2‌
87,113‌
111,654‌
Foreign
currency--at
value
..................................................................
–‌
–‌
1,551‌
Cash
.........................................................................................
–‌
218‌
7,992‌
Deposits
with
counterparty
..................................................................
–‌
–‌
2,960‌
Receivables:
Dividends
and
interest
.................................................................
4,846‌
3,603‌
5,998‌
Expense
reimbursement
from
Manager
...............................................
280‌
10‌
197‌
Expense
reimbursement
from
Distributor
.............................................
2‌
1‌
–‌
Foreign
currency
contracts
...........................................................
–‌
–‌
696‌
Fund
shares
sold
.......................................................................
19,547‌
15,118‌
9,665‌
Investment
securities
sold
.............................................................
78,006‌
7,865‌
45,652‌
OTC
swap
agreements--at
value
(premiums
paid
$
0
,
$
0
and
$
0
)
.....................
–‌
–‌
16,469‌
Unrealized
gain
on
unfunded
loan
commitments
.....................................
–‌
–‌
993‌
Variation
margin
on
futures
...........................................................
–‌
–‌
6,078‌
Variation
margin
on
swaps
............................................................
–‌
–‌
345‌
Total
Assets  
8,917,090‌
933,185‌
3,551,720‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
4,136‌
90‌
2,139‌
Accrued
administrative
service
fees
........................................................
1‌
2‌
–‌
Accrued
distribution
fees
....................................................................
429‌
10‌
11‌
Accrued
service
fees
........................................................................
5‌
8‌
–‌
Accrued
transfer
agent
fees
.................................................................
425‌
17‌
442‌
Accrued
chief
compliance
officer
fees
......................................................
–‌
1‌
1‌
Accrued
directors'
expenses
.................................................................
6‌
6‌
5‌
Accrued
professional
fees
...................................................................
29‌
26‌
110‌
Accrued
other
expenses
.....................................................................
183‌
60‌
220‌
Deposits
from
counterparty
.................................................................
–‌
–‌
230‌
Payables:
Borrowing
.............................................................................
52,935‌
–‌
–‌
Foreign
currency
contracts
............................................................
–‌
–‌
720‌
Fund
shares
redeemed
.................................................................
13,245‌
6,717‌
3,249‌
Investment
securities
purchased
......................................................
24,970‌
78,720‌
67,684‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
0
and
$
3,079
)
...
–‌
–‌
4,159‌
OTC
swap
agreements--at
value
(premiums
received
$
0
,
$
0
and
$
0
)
................
–‌
–‌
2‌
Variation
margin
on
futures
...........................................................
–‌
–‌
8,270‌
Variation
margin
on
swaps
............................................................
–‌
–‌
417‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–‌
10,787‌
13,231‌
Total
Liabilities  
96,364‌
96,444‌
100,890‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
8,820,726‌
$
836,741‌
$
3,450,830‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
5,572,889‌
$
778,452‌
$
3,358,801‌
Total
distributable
earnings
(accumulated
loss)
.............................................
3,247,837‌
58,289‌
92,029‌
Total
Net
Assets 
$
8,820,726‌
$
836,741‌
$
3,450,830‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
2
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
1,300,000‌
710,000‌
1,875,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
705,835‌
N/A‌
$
63,111‌
Shares
Issued
and
Outstanding
........................................................
20,711‌
5,122‌
Net
Asset
Value
per
share
.............................................................
$
34
.08‌
(c)
$
12
.32‌
(c)
Maximum
Offering
Price
.............................................................
$
36
.06‌
$
12
.80‌
Class
C
:
Net
Assets
..........................................................................
$
342,279‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
10,680‌
Net
Asset
Value
per
share
.............................................................
$
32
.05‌
(c)
Class
J
:
Net
Assets
..........................................................................
$
163,414‌
$
39,436‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
4,728‌
4,055‌
Net
Asset
Value
per
share
.............................................................
$
34
.56‌
(c)
$
9
.73‌
(c)
Institutional
:
Net
Assets
.....................................................................
$
2,667,443‌
$
756,466‌
$
2,284,549‌
Shares
Issued
and
Outstanding
........................................................
76,719‌
76,077‌
185,668‌
Net
Asset
Value
per
share
.............................................................
$
34
.77‌
$
9
.94‌
$
12
.30‌
R-1
:
Net
Assets
..............................................................................
N/A‌
$
1,449‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
148‌
Net
Asset
Value
per
share
.............................................................
$
9
.76‌
R-2
:
Net
Assets
..............................................................................
N/A‌
$
615‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
63‌
Net
Asset
Value
per
share
.............................................................
$
9
.72‌
R-3
:
Net
Assets
..............................................................................
$
8,222‌
$
17,816‌
$
205‌
Shares
Issued
and
Outstanding
........................................................
242‌
1,833‌
17‌
Net
Asset
Value
per
share
.............................................................
$
34
.05‌
$
9
.72‌
$
12
.24‌
R-4
:
Net
Assets
..............................................................................
$
5,229‌
$
5,636‌
$
13‌
Shares
Issued
and
Outstanding
........................................................
152‌
574‌
1‌
Net
Asset
Value
per
share
.............................................................
$
34
.32‌
$
9
.81‌
$
12
.30‌
R-5
:
Net
Assets
..............................................................................
$
13,133‌
$
15,323‌
$
60‌
Shares
Issued
and
Outstanding
........................................................
380‌
1,567‌
5‌
Net
Asset
Value
per
share
.............................................................
$
34
.55‌
$
9
.78‌
$
12
.29‌
R-6
:
Net
Assets
..............................................................................
$
4,915,171‌
N/A‌
$
1,102,892‌
Shares
Issued
and
Outstanding
........................................................
141,006‌
89,642‌
Net
Asset
Value
per
share
.............................................................
$
34
.86‌
$
12
.30‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(c)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
3
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Edge
MidCap
Fund
Global
Multi-Strategy
Fund
(a)
International
Equity
Index
Fund
Investment
in
securities--at
cost
..........................................................
$
721,385‌
$
544,556‌
$
948,997‌
Investment
in
affiliated
Funds--at
cost
...................................................
$
20,851‌
$
107,191‌
$
6,557‌
Repurchase
agreements--at
cost
..........................................................
$
–‌
$
96,248‌
$
–‌
Foreign
currency--at
cost
..................................................................
$
944‌
$
1,705‌
$
–‌
Assets
Investment
in
securities--at
value 
..........................................................
$
943,228‌
$
576,751‌
$
1,161,850‌
(b)
Investment
in
affiliated
Funds--at
value
....................................................
20,851‌
107,191‌
6,557‌
Repurchase
agreements--at
value
...........................................................
–‌
96,248‌
–‌
Foreign
currency--at
value
..................................................................
943‌
1,688‌
–‌
Cash
.........................................................................................
–‌
1,079‌
–‌
Deposits
with
counterparty
..................................................................
–‌
73,279‌
86‌
Receivables:
Dividends
and
interest
.................................................................
1,257‌
3,333‌
3,658‌
Expense
reimbursement
from
Manager
...............................................
41‌
60‌
17‌
Foreign
currency
contracts
...........................................................
–‌
6,698‌
–‌
Fund
shares
sold
.......................................................................
446‌
540‌
489‌
Investment
securities
sold
.............................................................
829‌
69,595‌
5,124‌
OTC
swap
agreements--at
value
(premiums
paid
$
0
,
$
301
and
$
0
)
..................
–‌
574‌
–‌
Variation
margin
on
futures
...........................................................
–‌
1,742‌
–‌
Variation
margin
on
swaps
............................................................
–‌
252‌
–‌
Prepaid
expenses
............................................................................
8‌
–‌
–‌
Total
Assets  
967,603‌
939,030‌
1,177,781‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
519‌
670‌
228‌
Accrued
administrative
service
fees
........................................................
–‌
–‌
1‌
Accrued
distribution
fees
....................................................................
3‌
6‌
4‌
Accrued
service
fees
........................................................................
–‌
–‌
8‌
Accrued
transfer
agent
fees
.................................................................
22‌
88‌
10‌
Accrued
directors'
expenses
.................................................................
1‌
2‌
2‌
Accrued
professional
fees
...................................................................
21‌
141‌
66‌
Accrued
other
expenses
.....................................................................
–‌
156‌
215‌
Cash
overdraft
...............................................................................
–‌
–‌
741‌
Payables:
Dividends
and
interest
on
securities
sold
short
.......................................
–‌
240‌
–‌
Foreign
currency
contracts
............................................................
–‌
6,143‌
–‌
Fund
shares
redeemed
.................................................................
522‌
2,415‌
1,042‌
Investment
securities
purchased
......................................................
1,887‌
69,138‌
4,952‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
754
and
$
0
)
.....
–‌
672‌
–‌
Reverse
repurchase
agreements
.......................................................
–‌
150,668‌
–‌
Short
sales
(proceeds
received
$
0
,
$
156,116
and
$
0
)
.................................
–‌
166,059‌
–‌
OTC
swap
agreements--at
value
(premiums
received/(paid)
$
0
,
$
(
89
)
and
$
0
)
......
–‌
453‌
–‌
Unrealized
loss
on
unfunded
loan
commitments
......................................
–‌
33‌
–‌
Variation
margin
on
futures
...........................................................
–‌
1,313‌
18‌
Variation
margin
on
swaps
............................................................
–‌
143‌
–‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–‌
–‌
9,613‌
Total
Liabilities  
2,975‌
398,340‌
16,900‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
964,628‌
$
540,690‌
$
1,160,881‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
737,985‌
$
529,399‌
$
942,602‌
Total
distributable
earnings
(accumulated
loss)
.............................................
226,643‌
11,291‌
218,279‌
Total
Net
Assets 
$
964,628‌
$
540,690‌
$
1,160,881‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
4
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Edge
MidCap
Fund
Global
Multi-Strategy
Fund
(a)
International
Equity
Index
Fund
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
300,000‌
1,750,000‌
650,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
16,400‌
$
41,866‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
1,009‌
3,714‌
Net
Asset
Value
per
share
.............................................................
$
16
.25‌
(c)
$
11
.27‌
(c)
Maximum
Offering
Price
.............................................................
$
17
.20‌
$
11
.71‌
Institutional
:
Net
Assets
.....................................................................
$
103,535‌
$
332,717‌
$
44,969‌
Shares
Issued
and
Outstanding
........................................................
6,346‌
29,115‌
4,002‌
Net
Asset
Value
per
share
.............................................................
$
16
.31‌
$
11
.43‌
$
11
.24‌
R-1
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
502‌
Shares
Issued
and
Outstanding
........................................................
46‌
Net
Asset
Value
per
share
.............................................................
$
10
.90‌
R-2
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
350‌
Shares
Issued
and
Outstanding
........................................................
32‌
Net
Asset
Value
per
share
.............................................................
$
11
.27‌
R-3
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
14,915‌
Shares
Issued
and
Outstanding
........................................................
1,352‌
Net
Asset
Value
per
share
.............................................................
$
11
.03‌
R-4
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
10,790‌
Shares
Issued
and
Outstanding
........................................................
968‌
Net
Asset
Value
per
share
.............................................................
$
11
.15‌
R-5
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
16,594‌
Shares
Issued
and
Outstanding
........................................................
1,484‌
Net
Asset
Value
per
share
.............................................................
$
11
.18‌
R-6
:
Net
Assets
..............................................................................
$
844,693‌
$
166,107‌
$
1,072,761‌
Shares
Issued
and
Outstanding
........................................................
51,602‌
14,541‌
95,426‌
Net
Asset
Value
per
share
.............................................................
$
16
.37‌
$
11
.42‌
$
11
.24‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(c)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
5
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
International
Small
Company
Fund
Opportunistic
Municipal
Fund
Origin
Emerging
Markets
Fund
Investment
in
securities--at
cost
..........................................................
$
801,050‌
$
139,761‌
$
2,897,471‌
Investment
in
affiliated
Funds--at
cost
...................................................
$
13,988‌
$
–‌
$
102,525‌
Foreign
currency--at
cost
..................................................................
$
–‌
$
–‌
$
22,201‌
Assets
Investment
in
securities--at
value 
..........................................................
$
985,415‌
(a)
$
146,260‌
$
3,387,259‌
Investment
in
affiliated
Funds--at
value
....................................................
13,988‌
–‌
102,525‌
Foreign
currency--at
value
..................................................................
–‌
–‌
22,125‌
Cash
.........................................................................................
–‌
1,316‌
–‌
Receivables:
Dividends
and
interest
.................................................................
1,868‌
1,608‌
4,152‌
Expense
reimbursement
from
Manager
...............................................
–‌
9‌
1‌
Fund
shares
sold
.......................................................................
1,036‌
456‌
2,279‌
Investment
securities
sold
.............................................................
17,502‌
800‌
22,162‌
Prepaid
transfer
agent
fees
..................................................................
–‌
–‌
4‌
Total
Assets  
1,019,809‌
150,449‌
3,540,507‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
808‌
56‌
2,662‌
Accrued
distribution
fees
....................................................................
–‌
10‌
2‌
Accrued
transfer
agent
fees
.................................................................
6‌
27‌
2‌
Accrued
directors'
expenses
.................................................................
1‌
1‌
1‌
Accrued
professional
fees
...................................................................
43‌
26‌
26‌
Accrued
foreign
tax
.........................................................................
–‌
–‌
2,205‌
Accrued
other
expenses
.....................................................................
50‌
5‌
6‌
Cash
overdraft
...............................................................................
3,739‌
–‌
–‌
Payables:
Dividends
payable
.....................................................................
–‌
386‌
–‌
Fund
shares
redeemed
.................................................................
1,533‌
211‌
436‌
Interest
expense
and
fees
payable
.....................................................
–‌
18‌
–‌
Investment
securities
purchased
......................................................
8,261‌
–‌
73,964‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
23,867‌
–‌
–‌
Floating
rate
notes
issued
...................................................................
–‌
7,691‌
–‌
Total
Liabilities  
38,308‌
8,431‌
79,304‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
981,501‌
$
142,018‌
$
3,461,203‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
803,989‌
$
136,762‌
$
2,945,835‌
Total
distributable
earnings
(accumulated
loss)
.............................................
177,512‌
5,256‌
515,368‌
Total
Net
Assets 
$
981,501‌
$
142,018‌
$
3,461,203‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
400,000‌
300,000‌
550,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
N/A‌
$
51,590‌
$
8,487‌
Shares
Issued
and
Outstanding
........................................................
4,601‌
580‌
Net
Asset
Value
per
share
.............................................................
$
11
.21‌
(b)
$
14
.63‌
(b)
Maximum
Offering
Price
.............................................................
$
11
.65‌
$
15
.48‌
Institutional
:
Net
Assets
.....................................................................
$
77,068‌
$
90,428‌
$
120,750‌
Shares
Issued
and
Outstanding
........................................................
6,418‌
8,060‌
8,394‌
Net
Asset
Value
per
share
.............................................................
$
12
.01‌
$
11
.22‌
$
14
.39‌
R-6
:
Net
Assets
..............................................................................
$
904,433‌
N/A‌
$
3,331,966‌
Shares
Issued
and
Outstanding
........................................................
74,907‌
231,346‌
Net
Asset
Value
per
share
.............................................................
$
12
.07‌
$
14
.40‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
7
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Small-MidCap
Dividend
Income
Fund
Small-MidCap
Growth
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Investment
in
securities--at
cost
..........................................................
$
1,282,731‌
$
7,659‌
$
7,470,092‌
Investment
in
affiliated
Funds--at
cost
...................................................
$
49,862‌
$
413‌
$
91,563‌
Assets
Investment
in
securities--at
value 
..........................................................
$
1,670,041‌
$
11,306‌
$
7,984,819‌
(a)
Investment
in
affiliated
Funds--at
value
....................................................
49,862‌
413‌
91,563‌
Deposits
with
counterparty
..................................................................
–‌
–‌
8,029‌
Receivables:
Dividends
and
interest
.................................................................
2,712‌
1‌
112,044‌
Expense
reimbursement
from
Manager
...............................................
75‌
3‌
–‌
Expense
reimbursement
from
Distributor
.............................................
–‌
–‌
1‌
Fund
shares
sold
.......................................................................
4,077‌
–‌
18,395‌
Investment
securities
sold
.............................................................
64,951‌
107‌
58,383‌
Total
Assets  
1,791,718‌
11,830‌
8,273,234‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
1,015‌
6‌
4,308‌
Accrued
distribution
fees
....................................................................
82‌
–‌
439‌
Accrued
service
fees
........................................................................
–‌
–‌
2‌
Accrued
transfer
agent
fees
.................................................................
323‌
–‌
797‌
Accrued
directors'
expenses
.................................................................
3‌
1‌
5‌
Accrued
professional
fees
...................................................................
26‌
15‌
43‌
Accrued
other
expenses
.....................................................................
83‌
6‌
138‌
Cash
overdraft
...............................................................................
12,948‌
–‌
14‌
Payables:
Borrowing
.............................................................................
–‌
–‌
14,490‌
Fund
shares
redeemed
.................................................................
3,208‌
–‌
45,891‌
Investment
securities
purchased
......................................................
57,494‌
207‌
75,900‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
0
and
$
323
)
.....
–‌
–‌
160‌
Variation
margin
on
futures
...........................................................
–‌
–‌
141‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–‌
–‌
70,426‌
Total
Liabilities  
75,182‌
235‌
212,754‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
1,716,536‌
$
11,595‌
$
8,060,480‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
1,518,685‌
$
6,636‌
$
7,632,472‌
Total
distributable
earnings
(accumulated
loss)
.............................................
197,851‌
4,959‌
428,008‌
Total
Net
Assets 
$
1,716,536‌
$
11,595‌
$
8,060,480‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
8
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Small-MidCap
Dividend
Income
Fund
Small-MidCap
Growth
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
1,700,000‌
100,000‌
2,500,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
123,571‌
N/A‌
$
871,237‌
Shares
Issued
and
Outstanding
........................................................
8,126‌
83,344‌
Net
Asset
Value
per
share
.............................................................
$
15
.21‌
(b)
$
10
.45‌
(b)
Maximum
Offering
Price
.............................................................
$
16
.10‌
$
10
.86‌
Class
C
:
Net
Assets
..........................................................................
$
75,424‌
N/A‌
$
338,306‌
Shares
Issued
and
Outstanding
........................................................
5,011‌
32,387‌
Net
Asset
Value
per
share
.............................................................
$
15
.05‌
(b)
$
10
.45‌
(b)
Class
J
:
Net
Assets
..........................................................................
N/A‌
N/A‌
$
42,268‌
Shares
Issued
and
Outstanding
........................................................
4,170‌
Net
Asset
Value
per
share
.............................................................
$
10
.14‌
(b)
Institutional
:
Net
Assets
.....................................................................
$
1,505,914‌
$
11,595‌
$
5,129,359‌
Shares
Issued
and
Outstanding
........................................................
98,480‌
603‌
494,559‌
Net
Asset
Value
per
share
.............................................................
$
15
.29‌
$
19
.24‌
$
10
.37‌
R-1
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
654‌
Shares
Issued
and
Outstanding
........................................................
63‌
Net
Asset
Value
per
share
.............................................................
$
10
.32‌
R-2
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
1,558‌
Shares
Issued
and
Outstanding
........................................................
152‌
Net
Asset
Value
per
share
.............................................................
$
10
.24‌
R-3
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
1,434‌
Shares
Issued
and
Outstanding
........................................................
139‌
Net
Asset
Value
per
share
.............................................................
$
10
.29‌
R-4
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
1,035‌
Shares
Issued
and
Outstanding
........................................................
101‌
Net
Asset
Value
per
share
.............................................................
$
10
.27‌
R-5
:
Net
Assets
..............................................................................
N/A‌
N/A‌
$
3,939‌
Shares
Issued
and
Outstanding
........................................................
382‌
Net
Asset
Value
per
share
.............................................................
$
10
.32‌
R-6
:
Net
Assets
..............................................................................
$
11,627‌
N/A‌
$
1,670,690‌
Shares
Issued
and
Outstanding
........................................................
757‌
161,152‌
Net
Asset
Value
per
share
.............................................................
$
15
.37‌
$
10
.37‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
9
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a),(b)
Net
Investment
Income
(Loss)
Income:
Dividends
.........................................................................................
$
23,632‌
$
24‌
$
23,838‌
Withholding
tax
..................................................................................
(
394‌
)
–‌
(
1,355‌
)
Interest
............................................................................................
1‌
12,412‌
16,467‌
Securities
lending
-
net
...........................................................................
1‌
6‌
94‌
Total
Income
23,240‌
12,442‌
39,044‌
Expenses:
Management
and
investment
advisory
fees
......................................................
24,074‌
884‌
13,033‌
Distribution
f
ees
-
Class
A
.......................................................................
825‌
N/A‌
58‌
Distribution
f
ees
-
Class
C
.......................................................................
1,623‌
N/A‌
51‌
Distribution
f
ees
-
Class
J
........................................................................
117‌
32‌
N/A‌
Distribution
f
ees
-
R-1
...........................................................................
N/A‌
2‌
N/A‌
Distribution
f
ees
-
R-2
...........................................................................
N/A‌
11‌
N/A‌
Distribution
f
ees
-
R-3
...........................................................................
10‌
16‌
–‌
Distribution
f
ees
-
R-4
...........................................................................
3‌
3‌
–‌
Administrative
service
fees
-
R-1
................................................................
N/A‌
2‌
N/A‌
Administrative
service
fees
-
R-2
................................................................
N/A‌
7‌
N/A‌
Administrative
service
fees
-
R-3
................................................................
3‌
4‌
–‌
Administrative
service
fees
-
R-4
................................................................
1‌
1‌
–‌
Administrative
service
fees
-
R-5
................................................................
–‌
1‌
–‌
Registration
fees
-
Class
A
.......................................................................
35‌
N/A‌
9‌
Registration
fees
-
Class
C
.......................................................................
17‌
N/A‌
8‌
Registration
fees
-
Class
J
........................................................................
14‌
9‌
N/A‌
Registration
fees
-
Institutional
..................................................................
86‌
11‌
21‌
Registration
fees
-
R-6
...........................................................................
28‌
N/A‌
26‌
Service
fees
-
R-1
................................................................................
N/A‌
2‌
N/A‌
Service
fees
-
R-2
................................................................................
N/A‌
9‌
N/A‌
Service
fees
-
R-3
................................................................................
10‌
16‌
–‌
Service
fees
-
R-4
................................................................................
7‌
8‌
–‌
Service
fees
-
R-5
................................................................................
15‌
21‌
–‌
Shareholder
reports
-
Class
A
....................................................................
22‌
N/A‌
8‌
Shareholder
reports
-
Class
C
....................................................................
9‌
N/A‌
2‌
Shareholder
reports
-
Class
J
.....................................................................
27‌
20‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
51‌
3‌
69‌
Shareholder
reports
-
R-6
........................................................................
20‌
N/A‌
61‌
Transfer agent
fees
-
Class
A
.....................................................................
278‌
N/A‌
35‌
Transfer agent
fees
-
Class
C
.....................................................................
123‌
N/A‌
14‌
Transfer agent
fees
-
Class
J
.....................................................................
42‌
28‌
N/A‌
Transfer agent
fees
-
Institutional
................................................................
1,066‌
31‌
945‌
Chief
compliance
officer
expenses
...............................................................
3‌
1‌
1‌
Custodian
fees
....................................................................................
3‌
17‌
126‌
Directors'
expenses
...............................................................................
62‌
21‌
34‌
Professional fees
.................................................................................
18‌
20‌
84‌
Other
expenses
...................................................................................
43‌
8‌
17‌
Total
Gross
Expenses
28,635‌
1,188‌
14,602‌
Less: Reimbursement
from
Manager
............................................................
1,888‌
95‌
805‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
–‌
N/A‌
11‌
Less:
Reimbursement
from
Manager
-
Class
C
..................................................
–‌
N/A‌
15‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
–‌
–‌
446‌
Less:
Reimbursement
from
Manager
-
R-6
......................................................
–‌
N/A‌
65‌
Less:
Reimbursement
from
Distributor
-
Class
J
................................................
21‌
6‌
N/A‌
Total
Net
Expenses
26,726‌
1,087‌
13,260‌
Net
Investment
Income
(Loss)
(
3,486‌
)
11,355‌
25,784‌
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
10
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a),(b)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions
and
swap
agreements
Net
realized
gain
(loss)
from:
Investment
transactions
..........................................................................
403,167‌
110,143‌
62,990‌
Foreign
currency
contracts
.......................................................................
–‌
–‌
(
809‌
)
Foreign
currency
transactions
....................................................................
–‌
–‌
(
277‌
)
Futures
contracts
.................................................................................
–‌
–‌
5,761‌
Options
and
swaptions
...........................................................................
–‌
–‌
469‌
Swap
agreements
.................................................................................
–‌
–‌
28,286‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.......................................................................................
(
36,593‌
)
(
141,641‌
)
195,103‌
Foreign
currency
contracts
.......................................................................
–‌
–‌
74‌
Futures
contracts
.................................................................................
–‌
–‌
7,163‌
Options
and
swaptions
...........................................................................
–‌
–‌
(
1,187‌
)
Swap
agreements
.................................................................................
–‌
–‌
15,184‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
–‌
–‌
(
108‌
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions
and
swap
agreements
366,574‌
(
31,498‌
)
312,649‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
363,088‌
$
(
20,143‌
)
$
338,433‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
11
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Global
Multi-Strategy
Fund
(a),(b)
International
Equity
Index
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
.........................................................................................
$
6,430‌
$
2,521‌
$
10,508‌
Withholding
tax
..................................................................................
(
5‌
)
(
143‌
)
(
685‌
)
Interest
............................................................................................
2‌
10,072‌
–‌
Securities
lending
-
net
...........................................................................
–‌
–‌
38‌
Total
Income
6,427‌
12,450‌
9,861‌
Expenses:
Management
and
investment
advisory
fees
......................................................
3,132‌
5,813‌
1,409‌
Distribution
f
ees
-
Class
A
.......................................................................
18‌
34‌
N/A‌
Distribution
f
ees
-
Class
C
.......................................................................
N/A‌
74‌
N/A‌
Distribution
f
ees
-
R-1
...........................................................................
N/A‌
N/A‌
1‌
Distribution
f
ees
-
R-2
...........................................................................
N/A‌
N/A‌
1‌
Distribution
f
ees
-
R-3
...........................................................................
N/A‌
N/A‌
19‌
Distribution
f
ees
-
R-4
...........................................................................
N/A‌
N/A‌
5‌
Administrative
service
fees
-
R-1
................................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-2
................................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-3
................................................................
N/A‌
N/A‌
5‌
Administrative
service
fees
-
R-4
................................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-5
................................................................
N/A‌
N/A‌
1‌
Registration
fees
-
Class
A
.......................................................................
8‌
8‌
N/A‌
Registration
fees
-
Class
C
.......................................................................
N/A‌
4‌
N/A‌
Registration
fees
-
Institutional
..................................................................
11‌
23‌
8‌
Registration
fees
-
R-6
...........................................................................
10‌
9‌
13‌
Service
fees
-
R-1
................................................................................
N/A‌
N/A‌
1‌
Service
fees
-
R-2
................................................................................
N/A‌
N/A‌
1‌
Service
fees
-
R-3
................................................................................
N/A‌
N/A‌
19‌
Service
fees
-
R-4
................................................................................
N/A‌
N/A‌
12‌
Service
fees
-
R-5
................................................................................
N/A‌
N/A‌
20‌
Shareholder
reports
-
Class
A
....................................................................
1‌
3‌
N/A‌
Shareholder
reports
-
Class
C
....................................................................
N/A‌
2‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
2‌
73‌
3‌
Shareholder
reports
-
R-6
........................................................................
1‌
1‌
1‌
Transfer agent
fees
-
Class
A
.....................................................................
14‌
22‌
N/A‌
Transfer agent
fees
-
Class
C
.....................................................................
N/A‌
14‌
N/A‌
Transfer agent
fees
-
Institutional
................................................................
53‌
241‌
16‌
Custodian
fees
....................................................................................
1‌
130‌
109‌
Directors'
expenses
...............................................................................
8‌
10‌
12‌
Dividends
and
interest
on
securities
sold
short
..................................................
–‌
1,345‌
–‌
Index
license
fees
................................................................................
–‌
–‌
161‌
Professional fees
.................................................................................
13‌
115‌
44‌
Short
sale
fees
....................................................................................
–‌
679‌
–‌
Other
expenses
...................................................................................
5‌
26‌
6‌
Reverse
repurchase
agreement
interest
expense
.................................................
–‌
159‌
–‌
Total
Gross
Expenses
3,277‌
8,785‌
1,870‌
Less: Reimbursement
from
Manager
............................................................
227‌
146‌
–‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
9‌
–‌
N/A‌
Less:
Reimbursement
from
Manager
-
Class
C
..................................................
N/A‌
12‌
N/A‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
8‌
311‌
27‌
Less:
Reimbursement
from
Manager
-
R-6
......................................................
–‌
55‌
107‌
Total
Net
Expenses
3,033‌
8,261‌
1,736‌
Net
Investment
Income
(Loss)
3,394‌
4,189‌
8,125‌
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
12
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Global
Multi-Strategy
Fund
(a),(b)
International
Equity
Index
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
..........................................................................
4,434‌
72,061‌
24,459‌
Foreign
currency
contracts
.......................................................................
–‌
(
4,932‌
)
–‌
Foreign
currency
transactions
....................................................................
3‌
725‌
88‌
Futures
contracts
.................................................................................
–‌
(
8,122‌
)
460‌
Options
and
swaptions
...........................................................................
–‌
1,222‌
–‌
Short
sales
........................................................................................
–‌
(
28,023‌
)
–‌
Swap
agreements
.................................................................................
–‌
(
1,766‌
)
–‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.......................................................................................
123,867‌
(
13,216‌
)
120,656‌
Foreign
currency
contracts
.......................................................................
–‌
1,709‌
–‌
Futures
contracts
.................................................................................
–‌
2,482‌
(
113‌
)
Options
and
swaptions
...........................................................................
–‌
13‌
–‌
Short
sales
........................................................................................
–‌
5,162‌
–‌
Swap
agreements
.................................................................................
–‌
1,871‌
–‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
(
3‌
)
(
28‌
)
(
180‌
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions,
short
sales
and
swap
agreements
128,301‌
29,158‌
145,370‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
131,695‌
$
33,347‌
$
153,495‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
13
See
accompanying
notes.
Amounts
in
thousands
International
Small
Company
Fund
(a)
Opportunistic
Municipal
Fund
Origin
Emerging
Markets
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
.........................................................................................
$
8,998‌
$
7‌
$
15,142‌
Withholding
tax
..................................................................................
(
893‌
)
–‌
(
2,061‌
)
Interest
............................................................................................
–‌
2,945‌
5‌
Securities
lending
-
net
...........................................................................
116‌
–‌
2‌
Total
Income
8,221‌
2,952‌
13,088‌
Expenses:
Management
and
investment
advisory
fees
......................................................
5,341‌
340‌
11,515‌
Distribution
f
ees
-
Class
A
.......................................................................
5‌
64‌
7‌
Registration
fees
-
Class
A
.......................................................................
4‌
10‌
9‌
Registration
fees
-
Institutional
..................................................................
9‌
10‌
11‌
Registration
fees
-
R-6
...........................................................................
10‌
N/A‌
17‌
Shareholder
reports
-
Class
A
....................................................................
1‌
2‌
1‌
Shareholder
reports
-
Institutional
...............................................................
2‌
1‌
2‌
Shareholder
reports
-
R-6
........................................................................
1‌
N/A‌
2‌
Transfer agent
fees
-
Class
A
.....................................................................
11‌
21‌
8‌
Transfer agent
fees
-
Institutional
................................................................
25‌
40‌
17‌
Chief
compliance
officer
expenses
...............................................................
–‌
–‌
1‌
Custodian
fees
....................................................................................
129‌
1‌
200‌
Directors'
expenses
...............................................................................
10‌
3‌
16‌
Interest
expense
and
fees
.........................................................................
–‌
32‌
–‌
Professional fees
.................................................................................
26‌
22‌
24‌
Other
expenses
...................................................................................
6‌
1‌
18‌
Total
Gross
Expenses
5,580‌
547‌
11,848‌
Less: Reimbursement
from
Manager
............................................................
–‌
41‌
–‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
10‌
4‌
10‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
–‌
16‌
–‌
Total
Net
Expenses
5,570‌
486‌
11,838‌
Net
Investment
Income
(Loss)
2,651‌
2,466‌
1,250‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
Net
realized
gain
(loss)
from:
Investment
transactions
..........................................................................
61,382‌
633‌
102,059‌
Foreign
currency
transactions
....................................................................
(
305‌
)
–‌
(
4,473‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
 (net
of
foreign
taxes
of
$
0
,
$
0
and
$
2,205
,
respectively)
...........................
78,359‌
2,340‌
237,789‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
(
14‌
)
–‌
250‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
139,422‌
2,973‌
335,625‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
142,073‌
$
5,439‌
$
336,875‌
(a)
Class
A
shares
discontinued
operations
on
February
23,
2021.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
14
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Dividend
Income
Fund
Small-MidCap
Growth
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
....................................................................................
$
19,707‌
$
22‌
$
27,313‌
Withholding
tax
.............................................................................
(
68‌
)
–‌
–‌
Interest
.......................................................................................
1‌
–‌
159,075‌
Securities
lending
-
net
......................................................................
1‌
2‌
240‌
Total
Income
19,641‌
24‌
186,628‌
Expenses:
Management
and
investment
advisory
fees
.................................................
6,212‌
34‌
26,858‌
Distribution
f
ees
-
Class
A
..................................................................
137‌
N/A‌
1,070‌
Distribution
f
ees
-
Class
C
..................................................................
355‌
N/A‌
1,762‌
Distribution
f
ees
-
Class
J
...................................................................
N/A‌
N/A‌
32‌
Distribution
f
ees
-
R-1
......................................................................
N/A‌
N/A‌
1‌
Distribution
f
ees
-
R-2
......................................................................
N/A‌
N/A‌
2‌
Distribution
f
ees
-
R-3
......................................................................
N/A‌
N/A‌
2‌
Distribution
f
ees
-
R-4
......................................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-1
...........................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-2
...........................................................
N/A‌
N/A‌
1‌
Administrative
service
fees
-
R-3
...........................................................
N/A‌
N/A‌
1‌
Registration
fees
-
Class
A
..................................................................
12‌
N/A‌
23‌
Registration
fees
-
Class
C
..................................................................
9‌
N/A‌
12‌
Registration
fees
-
Class
J
...................................................................
N/A‌
N/A‌
8‌
Registration
fees
-
Institutional
.............................................................
18‌
9‌
96‌
Registration
fees
-
R-6
......................................................................
9‌
N/A‌
10‌
Service
fees
-
R-1
...........................................................................
N/A‌
N/A‌
1‌
Service
fees
-
R-2
...........................................................................
N/A‌
N/A‌
2‌
Service
fees
-
R-3
...........................................................................
N/A‌
N/A‌
2‌
Service
fees
-
R-4
...........................................................................
N/A‌
N/A‌
1‌
Service
fees
-
R-5
...........................................................................
N/A‌
N/A‌
4‌
Shareholder
reports
-
Class
A
...............................................................
8‌
N/A‌
22‌
Shareholder
reports
-
Class
C
...............................................................
6‌
N/A‌
14‌
Shareholder
reports
-
Class
J
................................................................
N/A‌
N/A‌
18‌
Shareholder
reports
-
Institutional
..........................................................
72‌
–‌
110‌
Shareholder
reports
-
R-6
...................................................................
1‌
N/A‌
9‌
Transfer agent
fees
-
Class
A
................................................................
70‌
N/A‌
335‌
Transfer agent
fees
-
Class
C
................................................................
52‌
N/A‌
177‌
Transfer agent
fees
-
Class
J
................................................................
N/A‌
N/A‌
25‌
Transfer agent
fees
-
Institutional
...........................................................
921‌
–‌
2,160‌
Chief
compliance
officer
expenses
..........................................................
1‌
–‌
3‌
Custodian
fees
...............................................................................
5‌
2‌
26‌
Directors'
expenses
..........................................................................
18‌
1‌
66‌
Professional fees
............................................................................
16‌
12‌
26‌
Other
expenses
..............................................................................
9‌
–‌
30‌
Total
Gross
Expenses
7,931‌
58‌
32,911‌
Less:
Reimbursement
from
Manager
-
Class
A
.............................................
36‌
N/A‌
–‌
Less:
Reimbursement
from
Manager
-
Class
C
.............................................
32‌
N/A‌
–‌
Less:
Reimbursement
from
Manager
-
Institutional
........................................
445‌
18‌
–‌
Less:
Reimbursement
from
Manager
-
R-6
.................................................
9‌
N/A‌
–‌
Less:
Reimbursement
from
Distributor
-
Class
J
...........................................
N/A‌
N/A‌
6‌
Total
Net
Expenses
7,409‌
40‌
32,905‌
Net
Investment
Income
(Loss)
12,232‌
(
16‌
)
153,723‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures
and
options
and
swaptions
Net
realized
gain
(loss)
from:
Investment
transactions
.....................................................................
74,187‌
1,889‌
16,803‌
Foreign
currency
transactions
...............................................................
64‌
–‌
–‌
Futures
contracts
............................................................................
–‌
–‌
2,730‌
Options
and
swaptions
......................................................................
–‌
–‌
3,795‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
..................................................................................
327,210‌
1,698‌
95,280‌
Futures
contracts
............................................................................
–‌
–‌
1,668‌
Options
and
swaptions
......................................................................
–‌
–‌
(
515‌
)
Translation
of
assets
and
liabilities
in
foreign
currencies
...................................
(
3‌
)
–‌
–‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures
and
options
and
swaptions
401,458‌
3,587‌
119,761‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
413,690‌
$
3,571‌
$
273,484‌
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
15
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
(
3,486‌
)
$
1,204‌
Net
realized
gain
(loss)
on
investments
.............................................................................................
403,167‌
316,866‌
Net
change
in
unrealized
appreciation/depreciation
of
investments
................................................................
(
36,593‌
)
1,825,862‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
363,088‌
2,143,932‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
273,239‌
)
(
218,915‌
)
Total
Dividends
and
Distributions
(
273,239‌
)
(
218,915‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
893,323‌
1,577,913‌
Total
Increase
(Decrease)
in
Net
Assets
983,172‌
3,502,930‌
Net
Assets
Beginning
of
period
.................................................................................................................
7,837,554‌
4,334,624‌
End
of
period
.......................................................................................................................
$
8,820,726‌
$
7,837,554‌
Class
A
Class
C
Class
J
Institutional
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.......................................
$
134,353‌
$
45,249‌
$
39,960‌
$
687,362‌
$
1,554‌
$
1,022‌
$
1,635‌
$
1,042,982‌
Reinvested
..................................
22,003‌
11,315‌
5,294‌
87,710‌
275‌
181‌
425‌
138,915‌
Redeemed
...................................
(
102,441‌
)
(
37,140‌
)
(
36,296‌
)
(
776,806‌
)
(
2,404‌
)
(
1,223‌
)
(
1,077‌
)
(
369,525‌
)
Net
Increase
(Decrease)
.........................
$
53,915‌
$
19,424‌
$
8,958‌
$
(
1,734‌
)
$
(
575‌
)
$
(
20‌
)
$
983‌
$
812,372‌
Shares:
Sold
.......................................
4,005‌
1,432‌
1,175‌
20,143‌
47‌
30‌
47‌
30,352‌
Reinvested
..................................
666‌
363‌
158‌
2,603‌
8‌
5‌
13‌
4,113‌
Redeemed
...................................
(
3,057‌
)
(
1,180‌
)
(
1,076‌
)
(
22,578‌
)
(
72‌
)
(
36‌
)
(
32‌
)
(
10,761‌
)
Net
Increase
(Decrease)
.........................
1,614‌
615‌
257‌
168‌
(
17‌
)
(
1‌
)
28‌
23,704‌
Year
Ended
August
31,
2020
Dollars:
Sold
.......................................
$
330,206‌
$
123,814‌
$
80,027‌
$
1,979,502‌
$
3,089‌
$
1,473‌
$
6,893‌
$
765,698‌
Reinvested
..................................
15,360‌
8,054‌
3,750‌
42,915‌
259‌
187‌
298‌
144,416‌
Redeemed
...................................
(
153,829‌
)
(
40,458‌
)
(
45,104‌
)
(
755,174‌
)
(
2,485‌
)
(
1,782‌
)
(
4,409‌
)
(
924,787‌
)
Net
Increase
(Decrease)
.........................
$
191,737‌
$
91,410‌
$
38,673‌
$
1,267,243‌
$
863‌
$
(
122‌
)
$
2,782‌
$
(
14,673‌
)
Shares:
Sold
.......................................
12,395‌
4,890‌
2,934‌
74,141‌
115‌
56‌
254‌
27,502‌
Reinvested
..................................
601‌
332‌
145‌
1,644‌
10‌
7‌
12‌
5,521‌
Redeemed
...................................
(
5,751‌
)
(
1,583‌
)
(
1,704‌
)
(
27,142‌
)
(
97‌
)
(
66‌
)
(
161‌
)
(
32,947‌
)
Net
Increase
(Decrease)
.........................
7,245‌
3,639‌
1,375‌
48,643‌
28‌
(
2‌
)
105‌
76‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
..................................
$
(
22,518‌
)
$
(
11,763‌
)
$
(
5,295‌
)
$
(
91,882‌
)
$
(
275‌
)
$
(
181‌
)
$
(
425‌
)
$
(
140,900‌
)
Total
Dividends
and
Distributions
$
(
22,518‌
)
$
(
11,763‌
)
$
(
5,295‌
)
$
(
91,882‌
)
$
(
275‌
)
$
(
181‌
)
$
(
425‌
)
$
(
140,900‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
..................................
$
(
15,698‌
)
$
(
8,184‌
)
$
(
3,753‌
)
$
(
44,715‌
)
$
(
259‌
)
$
(
187‌
)
$
(
298‌
)
$
(
145,821‌
)
Total
Dividends
and
Distributions
$
(
15,698‌
)
$
(
8,184‌
)
$
(
3,753‌
)
$
(
44,715‌
)
$
(
259‌
)
$
(
187‌
)
$
(
298‌
)
$
(
145,821‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
16
See
accompanying
notes.
Amounts
in
thousands
Bond
Market
Index
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
11,355‌
$
54,211‌
Net
realized
gain
(loss)
on
investments
.............................................................................................
110,143‌
28,601‌
Net
change
in
unrealized
appreciation/depreciation
of
investments
................................................................
(141,641‌)
66,873‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(20,143‌)
149,685‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(131,463‌)
(58,976‌)
Total
Dividends
and
Distributions
(131,463‌)
(58,976‌)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
(1,392,595‌)
166,948‌
Total
Increase
(Decrease)
in
Net
Assets
(1,544,201‌)
257,657‌
Net
Assets
Beginning
of
period
.................................................................................................................
2,380,942‌
2,123,285‌
End
of
period
.......................................................................................................................
$
836,741‌
$
2,380,942‌
Class
J
Institutional
R-1
R-2
R-3
R-4
R-5
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
...............................................
$
7,538‌
$
170,922‌
$
282‌
$
1,364‌
$
8,298‌
$
1,211‌
$
2,595‌
Reinvested
..........................................
7,097‌
116,860‌
240‌
1,145‌
2,125‌
1,081‌
2,898‌
Redeemed
...........................................
(11,400‌)
(1,686,116‌)
(210‌)
(7,905‌)
(3,417‌)
(1,974‌)
(5,229‌)
Net
Increase
(Decrease)
.................................
$
3,235‌
$
(1,398,334‌)
$
312‌
$
(5,396‌)
$
7,006‌
$
318‌
$
264‌
Shares:
Sold
...............................................
679‌
15,552‌
25‌
125‌
830‌
107‌
244‌
Reinvested
..........................................
686‌
11,062‌
23‌
111‌
206‌
104‌
279‌
Redeemed
...........................................
(1,058‌)
(140,886‌)
(19‌)
(795‌)
(324‌)
(186‌)
(498‌)
Net
Increase
(Decrease)
.................................
307‌
(114,272‌)
29‌
(559‌)
712‌
25‌
25‌
Year
Ended
August
31,
2020
Dollars:
Sold
...............................................
$
30,747‌
$
811,248‌
$
899‌
$
5,634‌
$
8,353‌
$
4,688‌
$
11,807‌
Reinvested
..........................................
554‌
57,723‌
10‌
67‌
178‌
101‌
343‌
Redeemed
...........................................
(17,645‌)
(722,611‌)
(696‌)
(2,117‌)
(7,211‌)
(4,014‌)
(11,110‌)
Net
Increase
(Decrease)
.................................
$
13,656‌
$
146,360‌
$
213‌
$
3,584‌
$
1,320‌
$
775‌
$
1,040‌
Shares:
Sold
...............................................
2,679‌
69,730‌
77‌
489‌
731‌
406‌
1,020‌
Reinvested
..........................................
50‌
5,126‌
1‌
6‌
16‌
9‌
31‌
Redeemed
...........................................
(1,536‌)
(61,846‌)
(62‌)
(185‌)
(625‌)
(351‌)
(958‌)
Net
Increase
(Decrease)
.................................
1,193‌
13,010‌
16‌
310‌
122‌
64‌
93‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
...
$
(7,114‌)
$
(116,860‌)
$
(240‌)
$
(1,145‌)
$
(2,125‌)
$
(1,081‌)
$
(2,898‌)
Total
Dividends
and
Distributions
$
(7,114‌)
$
(116,860‌)
$
(240‌)
$
(1,145‌)
$
(2,125‌)
$
(1,081‌)
$
(2,898‌)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
...
$
(554‌)
$
(57,723‌)
$
(10‌)
$
(67‌)
$
(178‌)
$
(101‌)
$
(343‌)
Total
Dividends
and
Distributions
$
(554‌)
$
(57,723‌)
$
(10‌)
$
(67‌)
$
(178‌)
$
(101‌)
$
(343‌)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
17
See
accompanying
notes.
Amounts
in
thousands
Diversified
Real
Asset
Fund
(a)
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
25,784‌
$
69,874‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
and
swap
agreements
...............
96,420‌
(
118,031‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
swap
agreements
and
translation
of
assets
&
liabilities
in
foreign
currencies
......................................................
216,229‌
51,404‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
338,433‌
3,247‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
17,546‌
)
(
96,919‌
)
Total
Dividends
and
Distributions
(
17,546‌
)
(
96,919‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
(
47,985‌
)
(
518,671‌
)
Total
Increase
(Decrease)
in
Net
Assets
272,902‌
(
612,343‌
)
Net
Assets
Beginning
of
period
.................................................................................................................
3,177,928‌
3,790,271‌
End
of
period
.......................................................................................................................
$
3,450,830‌
$
3,177,928‌
Class
A
Class
C
Institutional
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
(b)
Dollars:
Sold
................................................
$
21,060‌
$
126‌
$
259,122‌
$
46‌
$
–‌
$
41‌
$
67,980‌
Reinvested
...........................................
83‌
–‌
10,673‌
–‌
–‌
–‌
6,294‌
Redeemed
............................................
(
6,015‌
)
(
12,365‌
)
(
152,409‌
)
–‌
–‌
(
16‌
)
(
242,605‌
)
Net
Increase
(Decrease)
..................................
$
15,128‌
$
(
12,239‌
)
$
117,386‌
$
46‌
$
–‌
$
25‌
$
(
168,331‌
)
Shares:
Sold
................................................
1,718‌
11‌
21,820‌
4‌
–‌
3‌
5,850‌
Reinvested
...........................................
7‌
–‌
892‌
–‌
–‌
–‌
526‌
Redeemed
............................................
(
509‌
)
(
1,021‌
)
(
13,117‌
)
–‌
–‌
(
1‌
)
(
21,131‌
)
Net
Increase
(Decrease)
..................................
1,216‌
(
1,010‌
)
9,595‌
4‌
–‌
2‌
(
14,755‌
)
Year
Ended
August
31,
2020
Dollars:
Sold
................................................
$
9,246‌
$
478‌
$
581,088‌
$
37‌
$
–‌
$
25‌
$
293,360‌
Reinvested
...........................................
940‌
143‌
59,146‌
3‌
–‌
2‌
34,843‌
Redeemed
............................................
(
20,412‌
)
(
5,378‌
)
(
995,309‌
)
(
11‌
)
–‌
(
66‌
)
(
476,806‌
)
Net
Increase
(Decrease)
..................................
$
(
10,226‌
)
$
(
4,757‌
)
$
(
355,075‌
)
$
29‌
$
–‌
$
(
39‌
)
$
(
148,603‌
)
Shares:
Sold
................................................
856‌
44‌
52,290‌
4‌
–‌
2‌
26,766‌
Reinvested
...........................................
81‌
12‌
5,077‌
–‌
–‌
–‌
2,991‌
Redeemed
............................................
(
1,918‌
)
(
504‌
)
(
93,511‌
)
(
1‌
)
–‌
(
6‌
)
(
43,586‌
)
Net
Increase
(Decrease)
..................................
(
981‌
)
(
448‌
)
(
36,144‌
)
3‌
–‌
(
4‌
)
(
13,829‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
(b)
From
net
investment
income
and
net
realized
gain
on
investments
....
$
(
88‌
)
$
–‌
$
(
11,011‌
)
$
–‌
$
–‌
$
–‌
$
(
6,447‌
)
Total
Dividends
and
Distributions
$
(
88‌
)
$
–‌
$
(
11,011‌
)
$
–‌
$
–‌
$
–‌
$
(
6,447‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
....
$
(
961‌
)
$
(
162‌
)
$
(
60,790‌
)
$
(
3‌
)
$
–‌
$
(
2‌
)
$
(
35,001‌
)
Total
Dividends
and
Distributions
$
(
961‌
)
$
(
162‌
)
$
(
60,790‌
)
$
(
3‌
)
$
–‌
$
(
2‌
)
$
(
35,001‌
)
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
18
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
3,394‌
$
6,243‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
....................................................................
4,437‌
46,455‌
Net
change
in
unrealized
appreciation/depreciation
of
investments
and
translation
of
assets
&
liabilities
in
foreign
currencies
..
123,864‌
6,587‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
131,695‌
59,285‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
47,266‌
)
(
29,654‌
)
Total
Dividends
and
Distributions
(
47,266‌
)
(
29,654‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
27,239‌
129,393‌
Total
Increase
(Decrease)
in
Net
Assets
111,668‌
159,024‌
Net
Assets
Beginning
of
period
.................................................................................................................
852,960‌
693,936‌
End
of
period
.......................................................................................................................
$
964,628‌
$
852,960‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.......................................................................................
$
5,366‌
$
17,057‌
$
10,206‌
Reinvested
..................................................................................
711‌
4,807‌
40,574‌
Redeemed
...................................................................................
(
3,567‌
)
(
9,165‌
)
(
38,750‌
)
Net
Increase
(Decrease)
.........................................................................
$
2,510‌
$
12,699‌
$
12,030‌
Shares:
Sold
.......................................................................................
338‌
1,076‌
644‌
Reinvested
..................................................................................
44‌
295‌
2,479‌
Redeemed
...................................................................................
(
223‌
)
(
568‌
)
(
2,473‌
)
Net
Increase
(Decrease)
.........................................................................
159‌
803‌
650‌
Year
Ended
August
31,
2020
Dollars:
Sold
.......................................................................................
$
9,975‌
$
66,971‌
$
133,178‌
Reinvested
..................................................................................
364‌
1,564‌
27,287‌
Redeemed
...................................................................................
(
3,584‌
)
(
29,934‌
)
(
76,428‌
)
Net
Increase
(Decrease)
.........................................................................
$
6,755‌
$
38,601‌
$
84,037‌
Shares:
Sold
.......................................................................................
699‌
5,413‌
9,273‌
Reinvested
..................................................................................
24‌
101‌
1,759‌
Redeemed
...................................................................................
(
261‌
)
(
2,354‌
)
(
5,303‌
)
Net
Increase
(Decrease)
.........................................................................
462‌
3,160‌
5,729‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
715‌
)
$
(
4,877‌
)
$
(
41,674‌
)
Total
Dividends
and
Distributions
$
(
715‌
)
$
(
4,877‌
)
$
(
41,674‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
364‌
)
$
(
1,569‌
)
$
(
27,721‌
)
Total
Dividends
and
Distributions
$
(
364‌
)
$
(
1,569‌
)
$
(
27,721‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
19
See
accompanying
notes.
Amounts
in
thousands
Global
Multi-Strategy
Fund
(a)
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
4,189‌
$
19,216‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
...
31,165‌
(
21,381‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
,
swap
agreements
and
translation
of
assets
&
liabilities
in
foreign
currencies
.........................................
(
2,007‌
)
20,941‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
33,347‌
18,776‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
12,889‌
)
–‌
Total
Dividends
and
Distributions
(
12,889‌
)
–‌
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
(
281,191‌
)
(
556,309‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
260,733‌
)
(
537,533‌
)
Net
Assets
Beginning
of
period
.................................................................................................................
801,423‌
1,338,956‌
End
of
period
.......................................................................................................................
$
540,690‌
$
801,423‌
Class
A
Class
C
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
(b)
Dollars:
Sold
.............................................................................
$
16,832‌
$
162‌
$
43,014‌
$
9,633‌
Reinvested
........................................................................
267‌
50‌
8,856‌
289‌
Redeemed
.........................................................................
(
2,957‌
)
(
17,483‌
)
(
325,058‌
)
(
14,796‌
)
Net
Increase
(Decrease)
...............................................................
$
14,142‌
$
(
17,271‌
)
$
(
273,188‌
)
$
(
4,874‌
)
Shares:
Sold
.............................................................................
1,485‌
15‌
3,812‌
855‌
Reinvested
........................................................................
24‌
5‌
782‌
25‌
Redeemed
.........................................................................
(
267‌
)
(
1,596‌
)
(
28,646‌
)
(
1,312‌
)
Net
Increase
(Decrease)
...............................................................
1,242‌
(
1,576‌
)
(
24,052‌
)
(
432‌
)
Year
Ended
August
31,
2020
Dollars:
Sold
.............................................................................
$
6,523‌
$
828‌
$
341,435‌
$
32,821‌
Redeemed
.........................................................................
(
21,346‌
)
(
11,049‌
)
(
218,027‌
)
(
687,494‌
)
Net
Increase
(Decrease)
...............................................................
$
(
14,823‌
)
$
(
10,221‌
)
$
123,408‌
$
(
654,673‌
)
Shares:
Sold
.............................................................................
615‌
81‌
31,837‌
3,070‌
Redeemed
.........................................................................
(
2,005‌
)
(
1,084‌
)
(
20,773‌
)
(
64,199‌
)
Net
Increase
(Decrease)
...............................................................
(
1,390‌
)
(
1,003‌
)
11,064‌
(
61,129‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
(b)
From
net
investment
income
and
net
realized
gain
on
investments
.................................
$
(
334‌
)
$
(
52‌
)
$
(
9,671‌
)
$
(
2,832‌
)
Total
Dividends
and
Distributions
$
(
334‌
)
$
(
52‌
)
$
(
9,671‌
)
$
(
2,832‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
.................................
$
–‌
$
–‌
$
–‌
$
–‌
Total
Dividends
and
Distributions
$
–‌
$
–‌
$
–‌
$
–‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
20
See
accompanying
notes.
Amounts
in
thousands
International
Equity
Index
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
8,125‌
$
24,091‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
and
futures
............................................................
25,007‌
9,387‌
Net
change
in
unrealized
appreciation/depreciation
of
investments
,
futures
and
translation
of
assets
&
liabilities
in
foreign
currencies
......................................................................................................................
120,363‌
37,323‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
153,495‌
70,801‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
27,015‌
)
(
38,129‌
)
Total
Dividends
and
Distributions
(
27,015‌
)
(
38,129‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
(
63,472‌
)
(
30,816‌
)
Total
Increase
(Decrease)
in
Net
Assets
63,008‌
1,856‌
Net
Assets
Beginning
of
period
.................................................................................................................
1,097,873‌
1,096,017‌
End
of
period
.......................................................................................................................
$
1,160,881‌
$
1,097,873‌
Institutional
R-1
R-2
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
................................................
$
9,890‌
$
31‌
$
74‌
$
1,620‌
$
2,083‌
$
2,373‌
$
38,562‌
Reinvested
...........................................
950‌
7‌
8‌
315‌
203‌
338‌
25,194‌
Redeemed
............................................
(
5,955‌
)
(
78‌
)
(
340‌
)
(
4,541‌
)
(
1,566‌
)
(
4,255‌
)
(
128,385‌
)
Net
Increase
(Decrease)
..................................
$
4,885‌
$
(
40‌
)
$
(
258‌
)
$
(
2,606‌
)
$
720‌
$
(
1,544‌
)
$
(
64,629‌
)
Shares:
Sold
................................................
911‌
3‌
7‌
154‌
190‌
219‌
3,630‌
Reinvested
...........................................
85‌
–‌
1‌
28‌
19‌
31‌
2,253‌
Redeemed
............................................
(
553‌
)
(
8‌
)
(
31‌
)
(
424‌
)
(
146‌
)
(
387‌
)
(
11,835‌
)
Net
Increase
(Decrease)
..................................
443‌
(
5‌
)
(
23‌
)
(
242‌
)
63‌
(
137‌
)
(
5,952‌
)
Year
Ended
August
31,
2020
Dollars:
Sold
................................................
$
18,406‌
$
70‌
$
205‌
$
4,152‌
$
4,754‌
$
4,511‌
$
174,561‌
Reinvested
...........................................
1,572‌
12‌
13‌
491‌
260‌
578‌
35,203‌
Redeemed
............................................
(
35,453‌
)
(
197‌
)
(
437‌
)
(
5,721‌
)
(
3,694‌
)
(
6,174‌
)
(
223,928‌
)
Net
Increase
(Decrease)
..................................
$
(
15,475‌
)
$
(
115‌
)
$
(
219‌
)
$
(
1,078‌
)
$
1,320‌
$
(
1,085‌
)
$
(
14,164‌
)
Shares:
Sold
................................................
1,913‌
8‌
21‌
431‌
485‌
480‌
19,102‌
Reinvested
...........................................
148‌
1‌
1‌
47‌
24‌
55‌
3,315‌
Redeemed
............................................
(
3,609‌
)
(
20‌
)
(
43‌
)
(
595‌
)
(
370‌
)
(
647‌
)
(
23,078‌
)
Net
Increase
(Decrease)
..................................
(
1,548‌
)
(
11‌
)
(
21‌
)
(
117‌
)
139‌
(
112‌
)
(
661‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
....
$
(
950‌
)
$
(
7‌
)
$
(
8‌
)
$
(
315‌
)
$
(
203‌
)
$
(
338‌
)
$
(
25,194‌
)
Total
Dividends
and
Distributions
$
(
950‌
)
$
(
7‌
)
$
(
8‌
)
$
(
315‌
)
$
(
203‌
)
$
(
338‌
)
$
(
25,194‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
....
$
(
1,572‌
)
$
(
12‌
)
$
(
13‌
)
$
(
491‌
)
$
(
260‌
)
$
(
578‌
)
$
(
35,203‌
)
Total
Dividends
and
Distributions
$
(
1,572‌
)
$
(
12‌
)
$
(
13‌
)
$
(
491‌
)
$
(
260‌
)
$
(
578‌
)
$
(
35,203‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
21
See
accompanying
notes.
Amounts
in
thousands
International
Small
Company
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
2,651‌
$
8,204‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
....................................................................
61,077‌
(
28,099‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
and
translation
of
assets
&
liabilities
in
foreign
currencies
..
78,345‌
66,359‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
142,073‌
46,464‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
12,895‌
)
(
27,587‌
)
Total
Dividends
and
Distributions
(
12,895‌
)
(
27,587‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
(
191,940‌
)
129,849‌
Total
Increase
(Decrease)
in
Net
Assets
(
62,762‌
)
148,726‌
Net
Assets
Beginning
of
period
.................................................................................................................
1,044,263‌
895,537‌
End
of
period
.......................................................................................................................
$
981,501‌
$
1,044,263‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
(a)
Dollars:
Sold
.......................................................................................
$
290‌
$
17,220‌
$
55,759‌
Reinvested
..................................................................................
43‌
1,046‌
11,806‌
Redeemed
...................................................................................
(
5,816‌
)
(
23,439‌
)
(
248,849‌
)
Net
Increase
(Decrease)
.........................................................................
$
(
5,483‌
)
$
(
5,173‌
)
$
(
181,284‌
)
Shares:
Sold
.......................................................................................
26‌
1,532‌
4,953‌
Reinvested
..................................................................................
4‌
89‌
990‌
Redeemed
...................................................................................
(
482‌
)
(
2,022‌
)
(
21,440‌
)
Net
Increase
(Decrease)
.........................................................................
(
452‌
)
(
401‌
)
(
15,497‌
)
Year
Ended
August
31,
2020
Dollars:
Sold
.......................................................................................
$
1,253‌
$
53,224‌
$
200,386‌
Reinvested
..................................................................................
119‌
1,106‌
26,362‌
Redeemed
...................................................................................
(
1,499‌
)
(
22,071‌
)
(
129,031‌
)
Net
Increase
(Decrease)
.........................................................................
$
(
127‌
)
$
32,259‌
$
97,717‌
Shares:
Sold
.......................................................................................
137‌
5,628‌
18,791‌
Reinvested
..................................................................................
10‌
97‌
2,306‌
Redeemed
...................................................................................
(
150‌
)
(
2,238‌
)
(
12,064‌
)
Net
Increase
(Decrease)
.........................................................................
(
3‌
)
3,487‌
9,033‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
(a)
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
43‌
)
$
(
1,046‌
)
$
(
11,806‌
)
Total
Dividends
and
Distributions
$
(
43‌
)
$
(
1,046‌
)
$
(
11,806‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
119‌
)
$
(
1,106‌
)
$
(
26,362‌
)
Total
Dividends
and
Distributions
$
(
119‌
)
$
(
1,106‌
)
$
(
26,362‌
)
(a)
Class
A
shares
discontinued
operations
on
February
23,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
22
See
accompanying
notes.
Amounts
in
thousands
Opportunistic
Municipal
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
2,466‌
$
4,804‌
Net
realized
gain
(loss)
on
investments
.............................................................................................
633‌
(
1,272‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
................................................................
2,340‌
(
3,908‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
5,439‌
(
376‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
2,439‌
)
(
4,773‌
)
Total
Dividends
and
Distributions
(
2,439‌
)
(
4,773‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
6,094‌
2,185‌
Total
Increase
(Decrease)
in
Net
Assets
9,094‌
(
2,964‌
)
Net
Assets
Beginning
of
period
.................................................................................................................
132,924‌
135,888‌
End
of
period
.......................................................................................................................
$
142,018‌
$
132,924‌
Class
A
Institutional
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.................................................................................................
$
5,635‌
$
12,934‌
Reinvested
............................................................................................
847‌
1,557‌
Redeemed
.............................................................................................
(
6,501‌
)
(
8,378‌
)
Net
Increase
(Decrease)
...................................................................................
$
(
19‌
)
$
6,113‌
Shares:
Sold
.................................................................................................
507‌
1,152‌
Reinvested
............................................................................................
76‌
140‌
Redeemed
.............................................................................................
(
585‌
)
(
750‌
)
Net
Increase
(Decrease)
...................................................................................
(
2‌
)
542‌
Year
Ended
August
31,
2020
Dollars:
Sold
.................................................................................................
$
18,916‌
$
26,901‌
Reinvested
............................................................................................
1,699‌
3,025‌
Redeemed
.............................................................................................
(
21,795‌
)
(
26,561‌
)
Net
Increase
(Decrease)
...................................................................................
$
(
1,180‌
)
$
3,365‌
Shares:
Sold
.................................................................................................
1,732‌
2,476‌
Reinvested
............................................................................................
156‌
278‌
Redeemed
.............................................................................................
(
2,060‌
)
(
2,528‌
)
Net
Increase
(Decrease)
...................................................................................
(
172‌
)
226‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
.....................................................
$
(
869‌
)
$
(
1,570‌
)
Total
Dividends
and
Distributions
$
(
869‌
)
$
(
1,570‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
.....................................................
$
(
1,736‌
)
$
(
3,037‌
)
Total
Dividends
and
Distributions
$
(
1,736‌
)
$
(
3,037‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
23
See
accompanying
notes.
Amounts
in
thousands
Origin
Emerging
Markets
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
1,250‌
$
18,784‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
....................................................................
97,586‌
40,345‌
Net
change
in
unrealized
appreciation/depreciation
of
investments
and
translation
of
assets
&
liabilities
in
foreign
currencies
..
238,039‌
183,179‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
336,875‌
242,308‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
17,592‌
)
(
21,257‌
)
Total
Dividends
and
Distributions
(
17,592‌
)
(
21,257‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
1,284,050‌
540,595‌
Total
Increase
(Decrease)
in
Net
Assets
1,603,333‌
761,646‌
Net
Assets
Beginning
of
period
.................................................................................................................
1,857,870‌
1,096,224‌
End
of
period
.......................................................................................................................
$
3,461,203‌
$
1,857,870‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.......................................................................................
$
4,746‌
$
88,938‌
$
1,586,638‌
Reinvested
..................................................................................
17‌
601‌
16,940‌
Redeemed
...................................................................................
(
1,028‌
)
(
7,568‌
)
(
405,234‌
)
Net
Increase
(Decrease)
.........................................................................
$
3,735‌
$
81,971‌
$
1,198,344‌
Shares:
Sold
.......................................................................................
332‌
6,737‌
111,851‌
Reinvested
..................................................................................
1‌
45‌
1,275‌
Redeemed
...................................................................................
(
77‌
)
(
564‌
)
(
31,764‌
)
Net
Increase
(Decrease)
.........................................................................
256‌
6,218‌
81,362‌
Year
Ended
August
31,
2020
Dollars:
Sold
.......................................................................................
$
5,736‌
$
14,587‌
$
661,748‌
Reinvested
..................................................................................
34‌
268‌
20,953‌
Redeemed
...................................................................................
(
4,644‌
)
(
3,310‌
)
(
154,777‌
)
Net
Increase
(Decrease)
.........................................................................
$
1,126‌
$
11,545‌
$
527,924‌
Shares:
Sold
.......................................................................................
523‌
1,335‌
58,724‌
Reinvested
..................................................................................
3‌
23‌
1,813‌
Redeemed
...................................................................................
(
433‌
)
(
301‌
)
(
13,852‌
)
Net
Increase
(Decrease)
.........................................................................
93‌
1,057‌
46,685‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
17‌
)
$
(
603‌
)
$
(
16,972‌
)
Total
Dividends
and
Distributions
$
(
17‌
)
$
(
603‌
)
$
(
16,972‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
35‌
)
$
(
269‌
)
$
(
20,953‌
)
Total
Dividends
and
Distributions
$
(
35‌
)
$
(
269‌
)
$
(
20,953‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
24
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Dividend
Income
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
12,232‌
$
26,964‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
....................................................................
74,251‌
(
234,454‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
and
translation
of
assets
&
liabilities
in
foreign
currencies
..
327,207‌
(
65,838‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
413,690‌
(
273,328‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
13,647‌
)
(
54,509‌
)
Total
Dividends
and
Distributions
(
13,647‌
)
(
54,509‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
(
275,789‌
)
(
246,413‌
)
Total
Increase
(Decrease)
in
Net
Assets
124,254‌
(
574,250‌
)
Net
Assets
Beginning
of
period
.................................................................................................................
1,592,282‌
2,166,532‌
End
of
period
.......................................................................................................................
$
1,716,536‌
$
1,592,282‌
Class
A
Class
C
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.............................................................................
$
16,623‌
$
1,766‌
$
211,565‌
$
1,638‌
Reinvested
........................................................................
728‌
227‌
12,109‌
89‌
Redeemed
.........................................................................
(
24,251‌
)
(
15,717‌
)
(
478,776‌
)
(
1,790‌
)
Net
Increase
(Decrease)
...............................................................
$
(
6,900‌
)
$
(
13,724‌
)
$
(
255,102‌
)
$
(
63‌
)
Shares:
Sold
.............................................................................
1,220‌
133‌
16,390‌
122‌
Reinvested
........................................................................
57‌
18‌
953‌
7‌
Redeemed
.........................................................................
(
1,834‌
)
(
1,223‌
)
(
36,468‌
)
(
131‌
)
Net
Increase
(Decrease)
...............................................................
(
557‌
)
(
1,072‌
)
(
19,125‌
)
(
2‌
)
Year
Ended
August
31,
2020
Dollars:
Sold
.............................................................................
$
24,533‌
$
5,431‌
$
408,894‌
$
4,595‌
Reinvested
........................................................................
3,179‌
1,809‌
46,420‌
243‌
Redeemed
.........................................................................
(
49,634‌
)
(
36,833‌
)
(
651,935‌
)
(
3,115‌
)
Net
Increase
(Decrease)
...............................................................
$
(
21,922‌
)
$
(
29,593‌
)
$
(
196,621‌
)
$
1,723‌
Shares:
Sold
.............................................................................
1,879‌
414‌
32,943‌
364‌
Reinvested
........................................................................
236‌
131‌
3,472‌
18‌
Redeemed
.........................................................................
(
3,991‌
)
(
3,012‌
)
(
53,606‌
)
(
232‌
)
Net
Increase
(Decrease)
...............................................................
(
1,876‌
)
(
2,467‌
)
(
17,191‌
)
150‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
.................................
$
(
801‌
)
$
(
233‌
)
$
(
12,524‌
)
$
(
89‌
)
Total
Dividends
and
Distributions
$
(
801‌
)
$
(
233‌
)
$
(
12,524‌
)
$
(
89‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
.................................
$
(
3,378‌
)
$
(
1,955‌
)
$
(
48,933‌
)
$
(
243‌
)
Total
Dividends
and
Distributions
$
(
3,378‌
)
$
(
1,955‌
)
$
(
48,933‌
)
$
(
243‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
25
See
accompanying
notes.
Amounts
in
thousands
Small-
MidCap
Growth
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
(16‌)
$
(32‌)
Net
realized
gain
(loss)
on
investments
.............................................................................................
1,889‌
353‌
Net
change
in
unrealized
appreciation/depreciation
of
investments
................................................................
1,698‌
1,724‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
3,571‌
2,045‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(788‌)
–‌
Total
Dividends
and
Distributions
(788‌)
–‌
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
1,186‌
450‌
Total
Increase
(Decrease)
in
Net
Assets
3,969‌
2,495‌
Net
Assets
Beginning
of
period
.................................................................................................................
7,626‌
5,131‌
End
of
period
.......................................................................................................................
$
11,595‌
$
7,626‌
Institutional
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
...........................................................................................................
$
399‌
Reinvested
......................................................................................................
788‌
Redeemed
.......................................................................................................
(1‌)
Net
Increase
(Decrease)
.............................................................................................
$
1,186‌
Shares:
Sold
...........................................................................................................
26‌
Reinvested
......................................................................................................
45‌
Net
Increase
(Decrease)
.............................................................................................
71‌
Year
Ended
August
31,
2020
Dollars:
Sold
...........................................................................................................
$
450‌
Net
Increase
(Decrease)
.............................................................................................
$
450‌
Shares:
Sold
...........................................................................................................
32‌
Net
Increase
(Decrease)
.............................................................................................
32‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
...............................................................
$
(788‌)
Total
Dividends
and
Distributions
$
(788‌)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
...............................................................
$
–‌
Total
Dividends
and
Distributions
$
–‌
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
26
See
accompanying
notes.
Amounts
in
thousands
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
153,723‌
$
274,568‌
Net
realized
gain
(loss)
on
investments
,
futures
and
options
and
swaptions
.......................................................
23,328‌
(
58,865‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
,
futures
and
options
and
swaptions
..........................
96,433‌
119,640‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
273,484‌
335,343‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
176,011‌
)
(
294,361‌
)
From
tax
return
of
capital
...........................................................................................................
–‌
(
404‌
)
Total
Dividends
and
Distributions
(
176,011‌
)
(
294,765‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
437,677‌
1,725,510‌
Total
Increase
(Decrease)
in
Net
Assets
535,150‌
1,766,088‌
Net
Assets
Beginning
of
period
.................................................................................................................
7,525,330‌
5,759,242‌
End
of
period
.......................................................................................................................
$
8,060,480‌
$
7,525,330‌
Class
A
Class
C
Class
J
Institutional
R-1
R-2
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
...................
$
120,440‌
$
25,056‌
$
2,621‌
$
1,024,605‌
$
40‌
$
153‌
$
202‌
$
68‌
$
691‌
$
211,919‌
Reinvested
..............
14,466‌
5,501‌
910‌
86,836‌
12‌
13‌
30‌
23‌
81‌
21,087‌
Redeemed
...............
(
119,414‌
)
(
62,896‌
)
(
4,336‌
)
(
790,030‌
)
(
20‌
)
(
191‌
)
(
147‌
)
(
99‌
)
(
402‌
)
(
99,542‌
)
Net
Increase
(Decrease)
.....
$
15,492‌
$
(
32,339‌
)
$
(
805‌
)
$
321,411‌
$
32‌
$
(
25‌
)
$
85‌
$
(
8‌
)
$
370‌
$
133,464‌
Shares:
Sold
...................
11,545‌
2,401‌
258‌
98,928‌
4‌
15‌
19‌
7‌
67‌
20,398‌
Reinvested
..............
1,388‌
528‌
90‌
8,397‌
1‌
1‌
3‌
2‌
8‌
2,040‌
Redeemed
...............
(
11,431‌
)
(
6,022‌
)
(
428‌
)
(
76,281‌
)
(
2‌
)
(
19‌
)
(
14‌
)
(
10‌
)
(
39‌
)
(
9,601‌
)
Net
Increase
(Decrease)
.....
1,502‌
(
3,093‌
)
(
80‌
)
31,044‌
3‌
(
3‌
)
8‌
(
1‌
)
36‌
12,837‌
Year
Ended
August
31,
2020
Dollars:
Sold
...................
$
347,464‌
$
66,453‌
$
8,581‌
$
2,770,700‌
$
300‌
$
603‌
$
426‌
$
166‌
$
1,576‌
$
759,895‌
Reinvested
..............
29,399‌
12,743‌
1,992‌
145,879‌
21‌
40‌
82‌
47‌
154‌
27,727‌
Redeemed
...............
(
268,600‌
)
(
180,666‌
)
(
13,241‌
)
(
1,796,262‌
)
(
742‌
)
(
558‌
)
(
1,203‌
)
(
574‌
)
(
1,350‌
)
(
185,542‌
)
Net
Increase
(Decrease)
.....
$
108,263‌
$
(
101,470‌
)
$
(
2,668‌
)
$
1,120,317‌
$
(
421‌
)
$
85‌
$
(
695‌
)
$
(
361‌
)
$
380‌
$
602,080‌
Shares:
Sold
...................
34,368‌
6,543‌
864‌
280,348‌
29‌
60‌
42‌
17‌
158‌
75,629‌
Reinvested
..............
2,905‌
1,260‌
203‌
14,521‌
2‌
4‌
8‌
5‌
16‌
2,761‌
Redeemed
...............
(
26,508‌
)
(
17,952‌
)
(
1,378‌
)
(
182,431‌
)
(
72‌
)
(
59‌
)
(
126‌
)
(
58‌
)
(
142‌
)
(
19,155‌
)
Net
Increase
(Decrease)
.....
10,765‌
(
10,149‌
)
(
311‌
)
112,438‌
(
41‌
)
5‌
(
76‌
)
(
36‌
)
32‌
59,235‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
$
(
18,429‌
)
$
(
6,143‌
)
$
(
927‌
)
$
(
113,504‌
)
$
(
12‌
)
$
(
30‌
)
$
(
30‌
)
$
(
23‌
)
$
(
81‌
)
$
(
36,832‌
)
Total
Dividends
and
Distributions
$
(
18,429‌
)
$
(
6,143‌
)
$
(
927‌
)
$
(
113,504‌
)
$
(
12‌
)
$
(
30‌
)
$
(
30‌
)
$
(
23‌
)
$
(
81‌
)
$
(
36,832‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
$
(
34,841‌
)
$
(
15,830‌
)
$
(
2,015‌
)
$
(
191,108‌
)
$
(
21‌
)
$
(
69‌
)
$
(
82‌
)
$
(
47‌
)
$
(
154‌
)
$
(
50,194‌
)
From
tax
return
of
capital
....
(
47‌
)
(
20‌
)
(
3‌
)
(
265‌
)
–‌
–‌
–‌
–‌
–‌
(
69‌
)
Total
Dividends
and
Distributions
$
(
34,888‌
)
$
(
15,850‌
)
$
(
2,018‌
)
$
(
191,373‌
)
$
(
21‌
)
$
(
69‌
)
$
(
82‌
)
$
(
47‌
)
$
(
154‌
)
$
(
50,263‌
)
Statement
of
Cash
Flows
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
27
See
accompanying
notes.
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
Amounts
in
thousands
Global
Multi-
Strategy
Fund
(a)
Cash
Flows
from
Operating
Activities:
Net increase
in
net
assets
from
operations
..............................................................................
$
33,347
Adjustments
to
reconcile
net
increase
in
net
assets
from
operations
to
net
cash
provided
by
operating
activities:
Purchase
of
investment
securities
...............................................................................
(1,350,944)
Proceeds
from
sale
of
investment
securities
........................................................................
1,950,684
Net
sales
or
(purchases)
of
short
term
securities
.....................................................................
442,669
Proceeds
from
(
p
ayments
on)
p
urchased
o
ptions,
net
..................................................................
(2,202)
Proceeds
from
(
p
ayments
on)
short
sales
transactions,
net
..............................................................
(283,783)
Net
accretion
of
bond
discounts
and
amortization
of
premiums
..........................................................
(274,265)
Proceeds
from
(payments
on)
OTC
swaps,
net
......................................................................
1,035
Proceeds
from
(
p
ayments
on)
option
and
swaption
contracts
written
,
net
....................................................
1,311
Change
in
unrealized
ap
preciation
on
investments
....................................................................
13,216
Change
in
unrealized
ap
preciation
on
OTC
swaps
....................................................................
(1,871)
Change
in
unrealized
depreciation
on
options
and
swaptions
............................................................
(13)
Change
in
unrealized
appreciation
on
shorts
........................................................................
(5,162)
Net
realized
gain
(loss)
from
investments
..........................................................................
(72,061)
Net
realized
gain
(loss)
from
OTC
swaps
..........................................................................
1,766
Net
realized
gain
(loss)
from
options
and
swaptions
..................................................................
(1,222)
Net
realized
gain
(loss)
from
shorts
..............................................................................
28,023
(Increase)
decrease in
dividends
and
interest
receivable
...............................................................
2,653
(Increase)
decrease in
fund
shares
sold
...........................................................................
(40)
(Increase)
decrease in
deposits
with
counterparty
....................................................................
66,197
(Increase)
decrease in
investment
securities
sold
....................................................................
(32,829)
(Increase)
decrease in
variation
margin
on
futures,
net
................................................................
(406)
(Increase)
decrease in
variation
margin
on
swaps,
net
.................................................................
64
Increase
(decrease)
in
accrued
fees,
expenses,
and
expense
reimbursement
from
Manager
.......................................
(405)
Increase
(decrease)
in
dividends
and
interest
on
securities
sold
short
......................................................
(313)
Increase
(decrease)
in
fund
shares
redeemed
........................................................................
1,766
Increase
(decrease)
in
deposits
from
counterparty
....................................................................
(220)
Increase (decrease)
in
investment
securities
purchased
................................................................
40,010
Increase (decrease)
in
foreign
currency
contracts,
net
.................................................................
(1,709)
Increase (decrease)
in
unrealized
loss
on
unfunded
loan
commitments
.....................................................
28
Net
cash
provided
by
operating
activities
555,324
Cash
Flows
from
Financing
Activities:
Net
payments
from
reverse
repurchase
agreements
...................................................................
(262,009)
Proceeds
from
shares
sold
.....................................................................................
69,641
Dividends
and
distributions
paid
to
shareholders
.....................................................................
(3,427)
Payment
on
shares
redeemed
...................................................................................
(360,294)
Net
cash
used
in
financing
activities
(556,089)
Net
increase
(decrease) in
cash
and
foreign
currency
..................................................................
(765)
Cash
and
Foreign
Currency:
Beginning
of
period
.........................................................................................
$
3,532
End
of
period
..............................................................................................
$
2,767
Supplemental
disclosure
of
cash
flow
information:
Reverse
repurchase
agreement
interest
paid
........................................................................
$
159
R
einvestment
of
dividends
and
distributions
paid
to
shareholders
.........................................................
$
9,462
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
28
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
Blue
Chip
Fund,
Bond
Market
Index
Fund,
Diversified
Real
Asset
Fund,
Edge
MidCap
Fund,
Global
Multi-Strategy
Fund,
International
Equity
Index
Fund,
International
Small
Company
Fund,
Opportunistic
Municipal
Fund,
Origin
Emerging
Markets
Fund,
Small-MidCap
Dividend
Income
Fund,
Small-
MidCap
Growth
Fund,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(known
as
the
"Funds")
are
presented
herein.
The
Funds
may
offer
up
to
ten
classes
of
shares:
Class
A,
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
(“ASC”)
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
February
23,
2021,
Class
C
shares
discontinued
and
converted
into
Class
A
shares
for
Diversified
Real
Asset
Fund
and
Global
Multi-Asset
Strategy
Fund.
Effective
February
23,
2021,
Class
A
shares
were
liquidated
for
International
Small
Company
Fund.
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.
generally
accepted
accounting
principles
(“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:
Security
Valuation.
The
Funds
may
invest
in
other
series
of the
Fund
and
other
publicly
traded
investment
funds.
The
shares
of
the
other
series
of
Principal
Funds,
Inc.
are
referred
to
as
the
“Affiliated
Underlying
Funds”
and
collectively,
with
other
publicly
traded
investment
funds,
are
referred
to
as
the
“Underlying
Funds”.
Investments
in
the
Underlying
Funds
are
valued
at
the
respective
fund's
closing
net
asset
value
per
share
on
the
day
of
valuation.
The
Funds
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
Principal
Global
Investors,
LLC
(the
“Manager”)
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
The
value
of
foreign
securities
used
in
computing
the
net
asset
value
per
share
is
generally
determined
as
of
the
close
of
the
foreign
exchange
where
the
security
is
principally
traded.
Events
that
occur
after
the
close
of
the
applicable
foreign
market
or
exchange,
but
prior
to
the
calculation
of
the
Funds’
net
asset
values
are
reflected
in
the
Funds’
net
asset
values
and
these
securities
are
valued
at
fair
value.
Many
factors,
provided
by
independent
pricing
services,
are
reviewed
in
the
course
of
making
a
good
faith
determination
of
a
security’s
fair
value,
including,
but
not
limited
to,
price
movements
in
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.
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
29
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
Fund
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.
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.
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
February
28,
2021:
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.
Callable
debt
securities
purchased
at
a
premium
are
amortized
to
the
earliest
call
date
and
to
the
callable
amount,
if
other
than
par.
The
Funds
allocate
all
income
and
realized
and
unrealized
gains
or
losses
on
a
daily
basis
to
each
class
of
shares
based
upon
the
relative
proportion
of
the
value
of
shares
outstanding
of
each
class.
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.
Diversified
Real
Asset
Fund
Euro
7
.4%
Canadian
Dollar
5
.2
International
Equity
Index
Fund
Euro
31
.8%
Japanese
Yen
25
.1
British
Pound
Sterling
14
.1
Swiss
Franc
9
.1
Australian
Dollar
7
.1
International
Small
Company
Fund
Japanese
Yen
24
.9%
Euro
23
.0
British
Pound
Sterling
16
.5
Canadian
Dollar
10
.2
Australian
Dollar
6
.0
Origin
Emerging
Markets
Fund
Hong
Kong
Dollar
27
.2%
New
Taiwan
Dollar
16
.9
South
Korean
Won
10
.8
Indian
Rupee
6
.7
South
African
Rand
5
.4
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
30
Management
fees
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
the
value
of
shares
outstanding
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.
Dividends
and
Distributions
to
Shareholders.
With
respect
to
Opportunistic
Municipal
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
amortization
of
premiums
and
discounts,
net
operating
losses,
foreign
currency
transactions,
inverse
floating
rate
securities
(“Inverse
Floaters”),
options
and
futures
contracts,
certain
defaulted
securities,
sales
of
passive
foreign
investment
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.
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
February
28,
2021,
the
Funds
did
not
record
any
such
tax
benefit
or
expense
in
the
accompanying
financial
statements.
The
statute
of
limitations
remains
open
for
the
last
three
years,
once
a
return
is
filed.
No
examinations
are
in
progress
at
this
time.
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
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
regarding
collectability
and
timing
of
these
reclaims,
among
other
factors,
a
corresponding
receivable
will
only
be
recognized
when
the
tax
position
meets
the
"more
likely
than
not"
threshold.
Gains
realized
upon
the
disposition
of
certain
foreign
securities
held
by
certain
Funds
may
be
subject
to
capital
gains
tax,
payable
prior
to
the
repatriation
of
sale
proceeds.
The
tax
is
computed
on
certain
net
realized
gains
and,
if
any,
is
shown
on
the
statement
of
operations.
Realized
losses
in
excess
of
gains
may
be
carried
forward
to
offset
future
gains.
In
addition,
the
Funds
accrue
an
estimated
tax
liability
for
future
gains
on
certain
foreign
securities.
Any
accrued
foreign
tax
liability
is
shown
on
the
statement
of
assets
and
liabilities.
At
February
28,
2021,
Origin
Emerging
Markets
Fund
had
an
accrued
tax
liability
of
$2,205,000
relating
to
foreign
securities. 
Basis
for
Consolidation.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund
(the
“Consolidated
Funds”)
may
invest
up
to
25%
of
their
total
assets
in
their
respective
wholly-owned
subsidiaries
DRA
Cayman
Corporation
and
GMS
Cayman
Corporation
(the
“Cayman
Subsidiaries”),
each
organized
under
the
laws
of
the
Cayman
Islands.
The
Consolidated
Funds
are
the
sole
shareholder
of
their
respective
Cayman
Subsidiaries,
and
shares
of
the
Cayman
Subsidiaries
will
not
be
sold
or
offered
to
other
investors.
To
the
extent
that
the
Consolidated
Funds
invest
in
their
Cayman
Subsidiaries,
they
will
be
subject
to
the
particular
risks
associated
with
the
Cayman
Subsidiaries'
investments,
which
are
discussed
in
the
applicable
Prospectus
and
Statement
of
Additional
Information.
The
principal
purpose
of
investing
in
the
Cayman
Subsidiaries
is
to
allow
the
Consolidated
Funds
to
gain
exposure
to
the
commodity
markets
within
the
limitations
of
federal
tax
laws
applicable
to
regulated
investment
companies.
Diversified
Real
Asset
Fund’s
investment
portfolio
has
been
consolidated
and
includes
the
portfolio
holdings
of
Diversified
Real
Asset
Fund
and
its
Cayman
subsidiary.
Global
Multi-Strategy
Fund’s
investment
portfolio
has
been
consolidated
and
includes
the
portfolio
holdings
of
Global
Multi-Strategy
Fund
and
its
Cayman
subsidiary.
The
consolidated
financial
statements
for
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
31
Diversified
Real
Asset
Fund
include
the
accounts
of
Diversified
Real
Asset
Fund
and
its
Cayman
subsidiary
and
the
consolidated
financial
statements
for
Global
Multi-Strategy
Fund
include
the
accounts
of
Global
Multi-Strategy
Fund
and
its
Cayman
subsidiary.
All
intercompany
transactions
and
balances
have
been
eliminated
in
consolidation.
At
February
28,
2021,
the
net
assets
of
the
Cayman
Subsidiaries
were
as
follows
(amounts
in
thousands):
Recent
Accounting
Pronouncements.
In
March
2020,
the
Financial
Accounting
Standards
Board
("FASB") issued
Accounting
Standards
Update
("ASU")
No.
2020-04
Reference
Rate
Reform
(Topic
848);
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting, 
which
provides
optional
guidance
for
a
limited
period
of
time
to
ease
the
potential
burden
in
accounting
for
(or
recognizing
the
effects
of)
reference
rate
reform.
The
guidance
is
applicable
to
contracts
referencing
London
Interbank
Offered
Rate
(“LIBOR”)
or
another
reference
rate
that
is
expected
to
be
discontinued
due
to
reference
rate
reform.
The
ASU
is
effective
as
of
March
12,
2020
and
generally
can
be
applied
through
December
31,
2022.
Management
is
evaluating
the
underlying
securities
referencing
LIBOR
or
another
reference
rate
that
is
expected
to
be
discontinued
as
a
reference
rate
over
the
period
of
time
the
ASU
is
effective.  
3.
Operating
Policies
Borrowings.
Pursuant
to
an
exemptive
order
issued
by
the
Securities
and
Exchange
Commission
(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
LIBOR
rate
plus
1.00%).
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.
As
of
February
28,
2021,
Blue
Chip
Fund
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund
had
outstanding
borrowings
of
$52,935,000
and
$14,490,000,
respectively.
As
of
February
28,
2021,
there
were
no
outstanding
loans
on
the
Facility.
During
the period
ended
February
28,
2021,
Funds
lending
to
the
Facility
were
as
follows
(amounts
in
thousands):
During
the period
ended
February
28,
2021,
Funds
borrowing
from
the
Facility
were
as
follows
(amounts
in
thousands): 
In
addition,
the
Funds,
with
the
exception
of
Diversified
Real
Asset
Fund,
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
Net
Assets
Percent
of
Consolidated
Fund's
Net
Assets
DRA
Cayman
Corporation
$
511,869
14.83
%
GMS
Cayman
Corporation
9,368
1.73
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Blue
Chip
Fund
$
394
0.58
%
Bond
Market
Index
Fund
318
0.61
Diversified
Real
Asset
Fund
156
0.60
Edge
MidCap
Fund
723
0.62
Global
Multi-Strategy
Fund
169
0.60
International
Equity
Index
Fund
2
0.62
Origin
Emerging
Markets
Fund
1,618
0.59
Small-
MidCap
Dividend
Income
Fund
290
0.60
Spectrum
Preferred
and
Capital
Securities
Income
Fund
779
0.67
Average
Daily
Outstanding
Balance
Weighted
Average
Annual
Interest
Rate
Blue
Chip
Fund
$
6,786
0.61
%
Diversified
Real
Asset
Fund
769
0.59
International
Equity
Index
Fund
654
0.61
International
Small
Company
Fund
313
0.61
Opportunistic
Municipal
Fund
8
0.61
Origin
Emerging
Markets
Fund
2,769
0.70
Spectrum
Preferred
and
Capital
Securities
Income
Fund
240
0.70
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
32
each
participant,
based
on
its
borrowings,
at
a
rate
equal
to
the
higher
of
the
Federal
Funds
Rate
or
the
LIBOR
rate
(or
such
successor
if
no
longer
available)
plus
1.25%.
Additionally,
a
commitment
fee
is
charged
at
an
annual
rate
of
.20%
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.
The
Funds
did
not
borrow
against
the
line
of
credit
during
the
period
ended
February
28,
2021.
Commodity
Linked
Notes.
Diversified
Real
Asset
Fund
invests
in
structured
notes
whose
market
values
are
primarily
derived
from
changes
in
the
value
of
various
commodity
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.
As
footnoted
in
the
schedules
of
investments,
certain
of
the
Funds
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,
as
stated
in
the
counterparties'
master
netting
agreements
("Master
Netting
Agreements"),
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.
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
are
shown gross
on
the
statements
of
assets
and
liabilities.
Derivative
instruments
also
include
collateral
provisions.
Collateral
received
and
pledged
are
generally
settled
daily
with
each
counterparty.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund
have
financial
instruments
that
are
subject
to
Master
Netting
Agreements
or
similar
agreements.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
33
As
of
February
28,
2021,
financial
assets
and
liabilities
subject
to
Master
Netting
Agreements
or
similar
agreements
were
as
follows
(amounts
in
thousands):
Assets
*
Liabilities
*
Net
Market
Value
of
OTC
Derivatives
Collateral
(Received)/
Pledged
†
Net
Exposure
Diversified
Real
Asset
Fund
ANZ
Stockbroking
Foreign
Currency
Contracts
$
—
$
(18
8
)
$
(18
8
)
$
—
$
(18
8
)
$
(18
8
)
$
—
$
(18
8
)
Bank
of
America
NA
Foreign
Currency
Contracts
13
6
(132)
4
Total
Return
Swaps
—
(1)
(1)
$
13
6
$
(133)
$
3
$
—
$
3
Barclays
Bank
PLC
Foreign
Currency
Contracts
—
(10)
(10)
Purchased
Capped
Options
209
—
209
Purchased
Interest
Rate
Swaptions
1,24
5
—
1,24
5
Written
Capped
Options
—
(122)
(122)
Written
Interest
Rate
Swaptions
—
(1,77
8
)
(1,77
8
)
$
1,454
$
(1,91
0
)
$
(456)
$
—
$
(456)
BNP
Paribas
Foreign
Currency
Contracts
—
(1)
(1)
$
—
$
(1)
$
(1)
$
—
$
(1)
Citigroup
Inc
Foreign
Currency
Contracts
16
(4)
12
Purchased
Options
22
—
22
$
38
$
(4)
$
34
$
(20)
$
1
4
Deutsche
Bank
AG
Foreign
Currency
Contracts
—
—
—
Purchased
Interest
Rate
Swaptions
43
3
—
43
3
Written
Interest
Rate
Swaptions
—
(1,575)
(1,575)
$
43
3
$
(1,575)
$
(1,14
2
)
$
—
$
(1,14
2
)
Goldman
Sachs
&
Co
Foreign
Currency
Contracts
138
(51)
8
7
$
138
$
(51)
$
8
7
$
—
$
8
7
HSBC
Securities
Inc
Foreign
Currency
Contracts
61
(13)
48
$
61
$
(13)
$
48
$
—
$
48
JPMorgan
Chase
Foreign
Currency
Contracts
61
(3
3
)
28
Purchased
Interest
Rate
Swaptions
281
—
281
Written
Interest
Rate
Swaptions
—
(102)
(102)
$
342
$
(13
5
)
$
20
7
$
(170)
$
37
M3
Capital
Partners
Total
Return
Swaps
7,2
80
—
7,2
80
$
7,2
80
$
—
$
7,2
80
$
—
$
7,2
80
Merrill
Lynch
Total
Return
Swaps
5,6
43
—
5,643
$
5,6
43
$
—
$
5,643
$
—
$
5,643
Morgan
Stanley
&
Co
Foreign
Currency
Contracts
3
(13)
(
10
)
Purchased
Interest
Rate
Swaptions
408
—
408
Written
Interest
Rate
Swaptions
—
(378)
(378)
$
41
1
$
(39
1
)
$
2
0
$
(20)
$
—
Royal
Bank
of
Scotland
Foreign
Currency
Contracts
3
(3)
—
$
3
$
(3)
$
—
$
—
$
—
Societe
Generale
Total
Return
Swaps
3,
546
(1)
3,54
5
$
3,
546
$
(1)
$
3,54
5
$
—
$
3,54
5
UBS
AG
Foreign
Currency
Contracts
278
(270)
8
$
278
$
(270)
$
8
$
—
$
8
Westpac
Banking
Corporation
Foreign
Currency
Contracts
—
(2)
(2)
$
—
$
(2)
$
(2)
$
—
$
(2)
Total
OTC
$
19,7
63
$
(4,
677
)
$
15,086
$
(210)
$
14,876
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
34
Assets
*
Liabilities
*
Net
Market
Value
of
OTC
Derivatives
Collateral
(Received)/
Pledged
†
Net
Exposure
Global
Multi-Strategy
Fund
Bank
of
America
NA
Foreign
Currency
Contracts
$
6,0
14
$
(5,13
6
)
$
8
78
Purchased
Interest
Rate
Swaptions
54
—
54
$
6,0
68
$
(5,13
6
)
$
93
2
$
—
$
93
2
Bank
of
New
York
Mellon
Foreign
Currency
Contracts
43
(197)
(15
4
)
$
43
$
(197)
$
(15
4
)
$
—
$
(15
4
)
Barclays
Bank
PLC
Credit
Default
Swaps
174
—
174
Foreign
Currency
Contracts
5
(1)
4
Purchased
Options
26
—
26
Written
Options
—
(35)
(35)
$
205
$
(36
)
$
169
$
—
$
1
69
BMO
Capital
Markets
Foreign
Currency
Contracts
26
—
26
$
26
$
—
$
26
$
—
$
26
BNP
Paribas
Foreign
Currency
Contracts
52
—
52
Purchased
Options
43
—
43
$
95
$
—
$
95
$
—
$
95
Citigroup
Inc
Credit
Default
Swaps
85
—
85
Foreign
Currency
Contracts
—
—
—
Purchased
Options
35
—
35
$
120
$
—
$
120
$
—
$
120
Deutsche
Bank
AG
Purchased
Options
36
—
36
Written
Options
—
(11)
(11)
$
36
$
(11)
$
25
$
—
$
25
Goldman
Sachs
&
Co
Credit
Default
Swaps
11
(9)
2
Purchased
Options
96
—
96
Written
Options
—
(8
3
)
(8
3
)
$
107
$
(9
2
)
$
1
5
$
—
$
1
5
HSBC
Securities
Inc
Foreign
Currency
Contracts
18
2
(17
7
)
5
Total
Return
Swaps
58
(2
)
56
$
240
$
(179
)
$
61
$
—
$
61
Jefferies
&
Company
Purchased
Options
108
—
108
$
108
$
—
$
108
$
—
$
108
JPMorgan
Chase
Foreign
Currency
Contracts
327
(44
6
)
(119
)
Purchased
Options
80
—
80
Total
Return
Swaps
4
6
—
46
Written
Options
—
(46)
(46)
$
45
3
$
(49
2
)
$
(
39
)
$
39
$
—
Merrill
Lynch
Foreign
Currency
Contracts
2
—
2
$
2
$
—
$
2
$
—
$
2
Morgan
Stanley
&
Co
Equity
Basket
Swaps
177
(442)
(265)
Foreign
Currency
Contracts
30
(183)
(153)
Interest
Rate
Swaps
23
—
23
Purchased
Options
18
3
—
18
3
Written
Options
—
(77)
(77)
$
41
3
$
(702)
$
(289)
$
289
$
—
Nomura
Securities
Purchased
Options
29
—
29
Written
Options
—
(2)
(2)
$
29
$
(2)
$
27
$
—
$
27
Standard
Chartered
Bank,
Hong
Kong
Foreign
Currency
Contracts
17
—
17
Purchased
Options
37
—
37
Written
Options
—
(17)
(17)
$
54
$
(17)
$
37
$
—
$
3
7
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
35
Financial
Instrument:
Repurchase
Agreements
and
Reverse
Repurchase
Agreements
Global
Multi-Strategy
Fund
*
The
fund
has
pledged
cash
and
securities
to
the
counterparty
as
collateral
which
may
be
in
excess
of
the
amount
owed
to
the
counterparty.
Cross
Trades. 
The
Funds
may
engage
in
cross
trades.
A
cross
trade
is
a
purchase
or
sale
transaction
between
affiliated
portfolios
executed
directly
or
through
an
intermediary.
Mutual
funds
and
other
managed
portfolios
may
be
considered
affiliated
if
they
have
a
common
investment
advisor,
so
a
fund
may
be
considered
affiliated
with
any
portfolio
for
which
the
fund's
sub-advisor
acts
as
an
investment
advisor.
Such
transactions
are
permissible
provided
that
the
conditions
of
Rule
17a-7
under
the
Investment
Company
Act
of
1940
are
satisfied.
For
the
period ended
February
28,
2021,
none
of
the
Funds
had
material
cross
trades.
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
over-the-counter
("OTC")
derivatives.
Master
Securities
Forward
Transaction
Agreements
("MSFTA")
accounts
are
also
maintained
in
a
segregated
account
at
the
custodian
for
collateral
related
to
forward
currency
contracts
and
"to-be-announced"
("TBA")
securities.
Certain
of
the Funds may
pledge
cash
to
a
broker
for
securities
sold
short
and
repurchase
agreements.
As
of
February
28,
2021,
deposits
with
counterparty
were
as
follows
(amounts
in
thousands):
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 Funds
by
the
broker
is
received
in
the
fund’s
custodian
account.
As
of
February
28,
2021,
deposits
from
counterparty
were
as
follows
(amounts
in
thousands):
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held.
Opportunistic
Municipal
Fund
has
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
Floaters.
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,
Assets
*
Liabilities
*
Net
Market
Value
of
OTC
Derivatives
Collateral
(Received)/
Pledged
†
Net
Exposure
Global
Multi-Strategy
Fund
(continued)
Toronto
Dominion
Bank
Foreign
Currency
Contracts
$
—
$
(3)
$
(3)
$
—
$
(3)
$
(3)
$
—
$
(3)
UBS
AG
Purchased
Options
46
—
46
$
46
$
—
$
46
$
—
$
46
Total
OTC
$
8,
045
$
(6,
867
)
$
1,1
78
$
$
1,506
*
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
statements
of
assets
and
liabilities.
†
Collateral
pledged
or
received
may
be
in
excess
of
recognized
assets
or
liabilities,
see
the
schedules
of
investments.
Counterparty
Repurchase
Agreement
Proceeds
to
be
Received
Payable
for
Reverse
Repurchase
Agreements
Net
Receivable/(Payable)
Collateral
(Received)/Pledged
Net
Exposure
Merrill
Lynch
$
96,248
$
(150,668)
$
(54,420)
$
51,200*
$
(3,220)
Repurchase
Agreements
FCM
(Futures
and
Cleared
Swaps)
ISDA
(OTC
Derivatives)
Shorts
Total
Deposits
with
Counterparty
Diversified
Real
Asset
Fund
$
—
$
2,960
$
—
$
—
$
2,960
Global
Multi-Strategy
Fund
2,089
12,875
12,860
45,455
73,279
International
Equity
Index
Fund
—
86
—
—
86
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—
8,029
—
—
8,029
ISDA
(OTC
Derivatives)
Diversified
Real
Asset
Fund
$
230
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
36
as
well
as
any
shortfalls
in
interest
cash
flows.
The
residual
interests
held
by
the
fund
(Inverse
Floater)
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
statement
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 
February
28,
2021 was
$7,691,000.
The
average
outstanding
balance
for
the
liability
during
the
period
ended February
28,
2021
was
$6,261,000
at
a weighted
average
annual
interest
rate
of
1.02%.
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
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
or
other
respective
currency. 
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
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. 
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
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund.
The
Spectrum
Preferred
and
Capital
Securities
Income
Fund
uses
long
and
short
U.S.
Treasury
futures
and
options
on
those
listed
U.S.
Treasury
future
contracts
to
mitigate
interest
rate
volatility
and
for
income
generation.
The
notional
values
of
the
futures
contracts
will
vary
in
accordance
with
changing
duration
of
these
funds. 
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. 
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
37
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.
Options
Contracts.
During
the
period, Diversified
Real
Asset
Fund,
Global
Multi-Strategy
Fund,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund
wrote
call
and
put
options
on
swaps,
securities,
indices
and
currencies
they
own
or
in
which
they
may
invest
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
or
put
option,
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.
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
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
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
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
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
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
Fund's
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. 
In
addition,
Global
Multi-Strategy
Fund
may
enter
into
repurchase
agreements
with
certain
counterparties
that
are
collateralized
by
assets
other
than
U.S.
government
or
U.S.
government
agency
securities.
The
collateral
pledged
by
the
counterparty
under
these
repurchase
agreements
is
maintained
in
a
segregated
account
at
the
counterparty’s
custodian.
After
entering
into
the
repurchase
agreement,
the
fund
may
sell
short
the
security
pledged
by
the
counterparty
as
collateral
in
anticipation
of
a
decline
in
market
value.
Upon
the
settlement
of
the
short
sale,
the
fund
will
unwind
the
repurchase
agreement.
Although
the
repurchase
agreements
are
typically
open-ended
through
the
maturity
date
of
the
collateral,
the
fund
has
a
right
to
terminate
the
repurchase
agreement
at
any
time
with
two
days’
notice.
During
periods
of
high
demand
for
the
collateral
security,
the
fund
may
also
pay
the
counterparty
a
fee
and
the
amount
is
recorded
as
interest
expense
on
the
statements
of
operations.
Global
master
repurchase
agreements
govern
the
repurchase
and
reverse
repurchase
transactions
between
the
fund
and
the
counterparty.
Collateral
requirements
for
certain
counterparties
may
be
determined
on
a
total
exposure
basis,
rather
than
on
an
individual
repurchase
agreement
or
reverse
repurchase
agreement
basis
in
order
to
determine
the
collateral
to
be
received
or
pledged.
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. 
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
38
663
Reverse
Repurchase
Agreements.
Global
Multi-Strategy
Fund
has
entered
into
reverse
repurchase
agreements.
Under
a
reverse
repurchase
agreement,
a
fund
sells
securities
and
agrees
to
repurchase
them
at
a
specified
date
and
price.
Reverse
repurchase
agreements
are
considered
to
be
borrowings
by
the
fund,
and
are
subject
to
the
fund’s
restrictions
on
borrowing.
Reverse
repurchase
agreements
may
increase
the
volatility
of
a
fund
and
involve
the
risk
that
interest
costs
on
money
borrowed
may
exceed
the
return
on
securities
purchased
with
the
borrowed
money.
While
a
reverse
repurchase
agreement
is
outstanding,
the
Fund
will
maintain
cash
or
appropriate
liquid
assets
to
cover
its
obligation
under
the
agreement.
The
Fund
will
enter
into
reverse
repurchase
agreements
only
with
parties
that
the
sub-advisor
deems
creditworthy.
The
fund
must
segregate
assets
in
an
amount
equal
to
the
amount
the
fund
owes
pursuant
to
the
terms
of
the
reverse
repurchase
agreements.
Reverse
repurchase
agreements
are
shown
as
a
separate
line
item
on
the
statements
of
assets
and
liabilities.
Interest
payments
made
are
shown
as
reverse
repurchase
agreement
interest
expense
on
the
statements
of
operations.
The
fund
holds
reverse
repurchase
agreements
in
which
the
carrying
value,
including
accrued
interest,
approximates
fair
value
for
financial
statement
purposes.
The
average
amount
of
borrowings
outstanding
during
the
year
ended
February
28,
2021
was
$91,117,000
at
a
weighted
average
interest
rate
of
0.380%.
The
breakdown
of
obligations
owned,
security
type
sold
and
remaining
maturity
for
the
reverse
repurchase
agreements
are
included
in
the
schedules
of
investments.
Securities
Lending.
As
footnoted
in
the
schedules
of
investments,
certain
of
the
Funds
may
lend
portfolio
securities
to
approved
brokerage
firms
to
earn
additional
income.
The
Funds
receive
collateral,
in
the
form
of
cash,
against
the
loaned
securities.
During
the
period
of
the
loan,
the
borrower
must
maintain
collateral
in
an
amount
not
less
than
102%
of
the
market
value
of
the
domestic
and
foreign
fixed
income
loaned
securities
and
105%
of
the
market
value
of
the
foreign
equity
loaned
securities.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
The
cash
collateral
received
is
usually
invested
in
a
SEC-registered
money
market
mutual
fund
and
the
Funds
could
realize
a
loss
on
such
investments.
Further,
the
Funds
could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
Security
lending
income,
net
of
related
fees,
is
shown
on
the
statements
of
operations.
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
and
included
in
the
net
change
in
unrealized
appreciation/(depreciation)
of
investments
on
the
statements
of
operations,
as
applicable.
As
of
year
end,
the
commitments
are
categorized
as
Level
2
within
the
disclosure
hierarchy.
As
of
February
28,
2021,
the
commitments
were
as
follows
(amounts
in
thousands):
Short
Sales.
Certain
of
the
Funds
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
Unfunded
Loan
Commitment
Unrealized
Gain/
(Loss)
Diversified
Real
Asset
Fund
$
13,836
$
993
Global
Multi-Strategy
Fund
(33)
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
39
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
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
schedule
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.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
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.
Centrally
cleared
swaps
are
valued
using
the
preliminary
last
traded
price
from
the
trading
exchange.
OTC
swaps
are
modeled
taking
into
account
the
counterparties’
creditworthiness
and
using
a
series
of
techniques,
including
simulation
models.
Changes
in
value
are
recorded
as
unrealized
gain
or
loss
which
is
included
as
a
component
of
total
distributable
earnings
(accumulated
loss)
on
the
statements
of
assets
and
liabilities.
Equity
basket
swaps
are
valued
using
the
closing
price
of
each
of
the
underlying
securities
multiplied
by
the
holdings
of
each
equity
security.
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
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
40
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
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
February
28,
2021
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.
Synthetic
futures,
which
are
total
return
swaps
on
futures
contracts,
along
with
equity
basket
swaps
generally
involve
the
commitment
to
receive
positive
returns
or
pay
negative
returns
on
a
specified
reference
security,
basket
of
securities,
security
index
or
index
component,
without
actually
owning
the
underlying
position.
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. 
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
41
Underlying
Funds.
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
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 each
of
the
Affiliated
Underlying
Funds. 
The
Manager is
committed
to
minimizing
the
potential
impact
of
underlying
fund
risk
on
Affiliated
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.
Shareholder
reports
for
the
Affiliated
Underlying
Funds
can
be
found
at
www.principalfunds.com.
As
of
February
28,
2021,
series
of
the
Fund
and
Principal
Variable
Contracts
Funds,
Inc.
owned
the
following
percentages,
in
the
aggregate,
of
the
outstanding
shares
of
the
Affiliated Funds
listed
below:
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
the 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):
Percentage
of
Outstanding
Shares
Owned
Blue
Chip
Fund
38.00
%
Bond
Market
Index
Fund
65.20
Diversified
Real
Asset
Fund
11.22
Edge
MidCap
Fund
83.93
International
Equity
Index
Fund
53.76
International
Small
Company
Fund
82.16
Origin
Emerging
Markets
Fund
43.75
Spectrum
Preferred
and
Capital
Securities
Income
Fund
9.44
Asset
Derivatives
February
28,
2021
Liability
Derivatives
February
28,
2021
Derivatives
not
accounted
for
as
hedging
instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Diversified
Real
Asset
Fund
Commodity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
48,218
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
10,999
*
Foreign
exchange
contracts
Receivables
$
718
Payables
$
720
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
10,195
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
8,661
*
Total
$
59,131
$
20,380
Global
Multi-Strategy
Fund
Commodity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
1,719
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
238
*
Credit
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
389
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
492
*
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
42
Asset
Derivatives
February
28,
2021
Liability
Derivatives
February
28,
2021
Derivatives
not
accounted
for
as
hedging
instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Equity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
865
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
3,181
*
Foreign
exchange
contracts
Receivables
$
7,417
Payables
$
6,421
*
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
3,470
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
3,968
*
Total
$
13,860
$
14,300
International
Equity
Index
Fund
Equity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
48
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
—
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
1,514
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
160
*
Includes
cumulative
unrealized
appreciation/depreciation
of
exchange
traded
swaps
and
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.
Derivatives
not
accounted
for
as
hedging
instruments
Location
of
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Realized
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
of
Derivatives
Recognized
in
Statement
of
Operations
Diversified
Real
Asset
Fund
Commodity
contracts
Net
realized
gain
(loss)
from
Futures
contracts
and
Swap
agreements/Net
change
in
unrealized
appreciation/(depreciation)
of
Futures
contracts
and
Swap
agreements
$
32,464
$
20,369
Foreign
exchange
contracts
Net
realized
gain
(loss)
from
Investment
transactions
and
Foreign
currency
contracts/Net
change
in
unrealized
appreciation/(depreciation)
of
Investments
and
Foreign
currency
contracts
$
(804)
$
82
Interest
rate
contracts
Net
realized
gain
(loss)
from
Investment
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
$
2,029
$
517
Total
$
33,689
$
20,968
Global
Multi-Strategy
Fund
Commodity
contracts
Net
realized
gain
(loss)
from
Futures
contracts
and
Swap
agreements/Net
change
in
unrealized
appreciation/(depreciation)
of
Investments
and
Futures
contracts
$
1,094
$
2,038
Credit
contracts
Net
realized
gain
(loss)
from
Swap
agreements/
Net
change
in
unrealized
appreciation/
(depreciation)
of
Swap
agreements
$
(430)
$
(879)
Equity
contracts
Net
realized
gain
(loss)
from
Investment
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
$
(7,881)
$
(515)
Foreign
exchange
contracts
Net
realized
gain
(loss)
from
Investment
transactions,
Foreign
currency
contracts,
Futures
contracts,
and
Options
and
swaptions
/Net
change
in
unrealized
appreciation/(depreciation)
of
Investments,
Foreign
currency
contracts,
Futures
contracts,
and
Options
and
swaptions
.
$
(4,132)
$
1,366
Interest
rate
contracts
Net
realized
gain
(loss)
from
Investment
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
$
(4,183)
$
3,592
Total
$
(15,532)
$
5,602
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
43
The
following
table
includes
a
summary
of
the
average
quarterly
outstanding
notional
by
derivative
instrument
type
for
the period
ended February
28,
2021
(amount
in
thousands):
Derivatives
not
accounted
for
as
hedging
instruments
Location
of
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Realized
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
of
Derivatives
Recognized
in
Statement
of
Operations
International
Equity
Index
Fund
Equity
contracts
Net
realized
gain
(loss)
from
Futures
contracts/
Net
change
in
unrealized
appreciation/
(depreciation)
of
Futures
contracts
$
460
$
(113)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
rate
contracts
Net
realized
gain
(loss)
from
Investment
transactions,
Futures
contracts,
and
Options
and
swaptions
/Net
change
in
unrealized
appreciation/
(depreciation)
of
Investments,
Futures
contracts,
and
Options
and
swaptions
$
3,066
$
1,863
Contract
Type
Derivative
Type
Average
Notional
Diversified
Real
Asset
Fund
Commodity
Contracts
Futures
-
Long
$
372,469
Futures
-
Short
266,396
Total
Return
Swaps
-
Receive
Positive
Return
247,859
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
47,319
Foreign
Currency
Contracts
-
Contracts
to
Deliver
79,889
Purchased
Options
2,455
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
266,255
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
328,051
Futures
-
Long
71,884
Futures
-
Short
53,280
Purchased
Capped
Options
43,685
Purchased
Interest
Rate
Swaptions
104,936
Purchased
Options
575
Written
Capped
Options
45,205
Written
Interest
Rate
Swaptions
428,847
Written
Options
418
Global
Multi-Strategy
Fund
Commodity
Contracts
Futures
-
Long
$24,415
Futures
-
Short
16,235
Purchased
Options
2
Credit
Contracts
Credit
Default
Swaps
–
Buy
Protection
11,762
Credit
Default
Swaps
–
Sell
Protection
4,402
Exchange
Cleared
Credit
Default
Swaps
–
Buy
Protection
21,419
Exchange
Cleared
Credit
Default
Swaps
–
Sell
Protection
6,186
Equity
Contracts
Futures
-
Long
22,699
Futures
-
Short
49,585
Purchased
Options
43
Total
Return
Equity
Basket
Swaps
61,705
Total
Return
Swaps
-
Pay
Positive
Return
218
Written
Options
34
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
305,103
Foreign
Currency
Contracts
-
Contracts
to
Deliver
317,639
Futures
-
Long
98
Futures
-
Short
1,220
Purchased
Options
54,842
Written
Options
27,416
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
147,545,790
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
70,581,233
Futures
-
Long
377,962
Futures
-
Short
187,943
Interest
Rate
Swaps
-
Pay
Floating
Rate
11,565
Interest
Rate
Swaps
-
Receive
Floating
Rate
31,594
Purchased
Interest
Rate
Swaptions
42,078
Purchased
Options
1,983
Total
Return
Swaps
-
Receive
Positive
Return
4,952
Written
Interest
Rate
Swaptions
12,377
Written
Options
1,621
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
44
4.
Fair
Valuation
Fair
value
is
defined
as
the
price
that
the
Funds
would
receive
upon
selling
a
security
or
transferring
a
liability 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.
Investments
which
are
generally
included
in
this
category
include listed
equities
and
listed
derivatives.
●
Level
2
–
Other
significant
observable
inputs
(including
quoted
prices
for
similar
investments,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Investments
which
are
generally
included
in
this
category
include
certain
foreign
equities,
corporate
bonds,
municipal
bonds,
OTC
derivatives,
senior
floating
rate
interests,
reverse
repurchase
agreements,
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.
Benchmark
pricing
procedures
set
the
base
price
of
a
security
based
on
current
market
data.
The
base
price
may
be
a
broker-dealer
quote,
transaction
price,
or
internal
value
based
on
relevant
market
data.
The
fair
values
of
these
securities
are
dependent
on
economic,
political,
and
other
considerations.
The
values
of
such
securities
may
be
Contract
Type
Derivative
Type
Average
Notional
International
Equity
Index
Fund
Equity
Contracts
Futures
-
Long
$
2,138
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
Rate
Contracts
Futures
-
Long
53,513
Futures
-
Short
125,199
Purchased
Options
1,125
Written
Options
483
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
45
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
pandemics,
accidents,
conflicts,
etc.).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
The
following
is
a
summary
of
the
inputs
used
as
of February
28,
2021
in
valuing
the
Funds'
securities
carried
at
fair
value
(amounts
in
thousands):
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Blue
Chip
Fund
Common
Stocks*
$
8,814,407
$
—
$
—
$
8,814,407
Investment
Companies
2
—
—
2
Total
investments
in
securities
$
8,814,409
$
—
$
—
$
8,814,409
Bond
Market
Index
Fund
Bonds*
—
266,833
—
266,833
Investment
Companies
99,790
—
—
99,790
Municipal
Bonds*
—
4,415
—
4,415
U.S.
Government
&
Government
Agency
Obligations*
—
535,332
—
535,332
Total
investments
in
securities
$
99,790
$
806,580
$
—
$
906,370
Diversified
Real
Asset
Fund
Bonds*
—
428,945
—
428,945
Commodity
Indexed
Structured
Notes*
—
30,953
—
30,953
Common
Stocks
Basic
Materials
210,959
142,443
—
353,402
Communications
3,825
2,530
—
6,355
Consumer,
Cyclical
12,387
8,614
17
21,018
Consumer,
Non-cyclical
55,926
69,236
42
125,204
Diversified
2,612
—
—
2,612
Energy
339,114
73,144
4
412,262
Financial
182,347
113,855
—
296,202
Industrial
73,042
145,387
—
218,429
Technology
188
—
2,429
2,617
Utilities
189,324
178,011
—
367,335
Investment
Companies
129,315
—
—
129,315
Preferred
Stocks
Industrial
125
147
4
276
Utilities
3,167
—
—
3,167
Senior
Floating
Rate
Interests*
—
260,766
—
260,766
U.S.
Government
&
Government
Agency
Obligations*
—
791,491
—
791,491
Purchased
Options
177
22
—
199
Purchased
Interest
Rate
Swaptions
—
2,367
—
2,367
Purchased
Capped
Options
—
209
—
209
Total
investments
in
securities
$
1,202,508
$
2,248,120
$
2,496
$
3,453,124
Assets
Commodity
Contracts
Futures**
31,749
—
—
31,749
Total
Return
Swaps
—
16,469
—
16,469
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
696
—
696
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
6,952
—
6,952
Futures**
490
—
—
490
Liabilities
Commodity
Contracts
Futures**
(10,997
)
—
—
(10,997
)
Total
Return
Swaps
—
(2)
—
(2)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(720)
—
(720)
Interest
Rate
Contracts
Capped
Options
—
(122)
—
(122)
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
46
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Diversified
Real
Asset
Fund
Exchange
Cleared
Interest
Rate
Swaps**
$
—
$
(4,308)
$
—
$
(4,308)
Futures**
(194)
—
—
(194)
Interest
Rate
Swaptions
—
(3,833)
—
(3,833)
Written
Options
(204)
—
—
(204)
Edge
MidCap
Fund
Common
Stocks
Basic
Materials
21,655
—
—
21,655
Communications
28,103
15,761
—
43,864
Consumer,
Cyclical
103,424
—
—
103,424
Consumer,
Non-cyclical
154,604
—
—
154,604
Energy
37,805
—
—
37,805
Financial
180,531
—
—
180,531
Industrial
213,773
—
—
213,773
Technology
148,829
—
—
148,829
Utilities
38,743
—
—
38,743
Investment
Companies
20,851
—
—
20,851
Total
investments
in
securities
$
948,318
$
15,761
$
—
$
964,079
Global
Multi-Strategy
Fund
Bonds*
—
185,754
929
186,683
Common
Stocks
Basic
Materials
7,218
4,170
—
11,388
Communications
25,529
1,357
—
26,886
Consumer,
Cyclical
24,497
6,45
8
4
5
31,000
Consumer,
Non-cyclical
37,065
7,496
1,739
46,300
Diversified
23
151
—
174
Energy
4,049
1,081
6
5,136
Financial
29,447
5,276
307
35,030
Industrial
23,066
8,789
—
31,855
Technology
25,782
2,910
337
29,029
Utilities
2,126
1,695
—
3,821
Convertible
Bonds*
—
3,795
—
3,795
Convertible
Preferred
Stocks
Consumer,
Cyclical
—
—
88
88
Consumer,
Non-cyclical
734
—
—
734
Energy
2
2
—
2,031
2,053
Financial
41
9
—
22
8
647
Utilities
88
—
—
88
Credit
Linked
Structured
Notes*
—
7,355
—
7,355
Investment
Companies
116,333
—
—
116,333
Preferred
Stocks
Basic
Materials
—
13
1
—
13
1
Communications
—
—
—
—
Consumer,
Cyclical
—
70
—
70
Financial
—
—
63
3
63
3
Technology
—
—
3
3
Repurchase
Agreements*
—
96,248
—
96,248
Senior
Floating
Rate
Interests*
—
4,742
—
4,742
U.S.
Government
&
Government
Agency
Obligations*
—
138,609
—
138,609
Purchased
Options
586
719
—
1,305
Purchased
Interest
Rate
Swaptions
—
54
—
54
Total
investments
in
securities
$
296,984
$
476,860
$
6,346
$
780,190
Short
Sales
Bonds
—
(4,088)
—
(4,088)
Common
Stocks
Basic
Materials
(3,336)
(1,147)
—
(4,483)
Communications
(4,181)
(704)
—
(4,885)
Consumer,
Cyclical
(12,073)
(3,112)
—
(15,185)
Consumer,
Non-cyclical
(10,058)
(3,370)
—
(13,428)
Energy
(4,720)
(628)
—
(5,348)
Financial
(10,826)
(3,258)
—
(14,084)
Industrial
(8,210)
(5,772)
—
(13,982)
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
47
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Global
Multi-Strategy
Fund
Technology
$
(7,160)
$
(1,842)
$
—
$
(9,002)
Utilities
(4,552)
(782)
—
(5,334)
Preferred
Stocks
Consumer,
Cyclical
—
(275)
—
(275)
Industrial
—
(48)
—
(48)
U.S.
Government
&
Government
Agency
Obligations
—
(75,917)
—
(75,917)
Total
Short
Sales
$
(65,116)
$
(100,943)
$
—
$
(166,059)
Reverse
Repurchase
Agreements
—
(150,668)
—
(150,668)
Assets
Credit
Contracts
Credit
Default
Swaps
—
270
—
270
Exchange
Cleared
Credit
Default
Swaps**
—
119
—
119
Commodity
Contracts
Futures**
1,712
—
—
1,712
Equity
Contracts
Futures**
169
—
—
169
Total
Return
Equity
Basket
Swaps
—
177
—
177
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
6,698
—
6,698
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
2,559
—
2,559
Futures**
670
—
—
670
Interest
Rate
Swaps
—
23
—
23
Total
Return
Swaps
—
104
—
104
Liabilities
Credit
Contracts
Credit
Default
Swaps
—
(9)
—
(9)
Exchange
Cleared
Credit
Default
Swaps**
—
(483)
—
(483)
Commodity
Contracts
Futures**
(238
)
—
—
(238
)
Equity
Contracts
Futures**
(2,420
)
—
—
(2,420
)
Written
Options
(319)
—
—
(319)
Total
Return
Equity
Basket
Swaps
—
(442
)
—
(442
)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(6,143)
—
(6,143)
Futures**
(7)
—
—
(7)
Written
Options
—
(271)
—
(271)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(2,966)
—
(2,966)
Futures**
(918
)
—
—
(918
)
Total
Return
Swaps
—
(2)
—
(2)
Written
Options
(82)
—
—
(82)
International
Equity
Index
Fund
Common
Stocks
Basic
Materials
—
84,096
—
84,096
Communications
1,393
68,190
—
69,583
Consumer,
Cyclical
334
155,556
—
155,890
Consumer,
Non-cyclical
1,596
280,330
—
281,926
Diversified
—
2,537
—
2,537
Energy
—
43,181
—
43,181
Financial
—
234,157
—
234,157
Industrial
—
161,860
—
161,860
Technology
1,298
66,948
—
68,246
Utilities
—
40,511
—
40,511
Investment
Companies
19,624
—
—
19,624
Preferred
Stocks
Basic
Materials
—
274
—
274
Consumer,
Cyclical
—
3,948
—
3,948
Consumer,
Non-cyclical
—
1,261
—
1,261
Industrial
—
1,313
—
1,313
Total
investments
in
securities
$
24,245
$
1,144,162
$
—
$
1,168,407
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
48
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
International
Equity
Index
Fund
Assets
Equity
Contracts
Futures**
$
48
$
—
$
—
$
48
International
Small
Company
Fund
Common
Stocks
Basic
Materials
17,537
60,660
—
78,197
Communications
—
42,424
—
42,424
Consumer,
Cyclical
5,770
146,959
—
152,729
Consumer,
Non-cyclical
13,900
109,021
—
122,921
Diversified
—
1,601
—
1,601
Energy
14,603
19,977
—
34,580
Financial
9,418
193,814
—
203,232
Industrial
21,411
193,407
—
214,818
Technology
16,435
79,855
—
96,290
Utilities
15,861
7,314
—
23,175
Investment
Companies
26,485
—
—
26,485
Preferred
Stocks
Industrial
—
2,951
—
2,951
Total
investments
in
securities
$
141,420
$
857,983
$
—
$
999,403
Opportunistic
Municipal
Fund
Investment
Companies
184
—
—
184
Municipal
Bonds*
—
145,807
269
146,076
Total
investments
in
securities
$
184
$
145,807
$
269
$
146,260
Origin
Emerging
Markets
Fund
Common
Stocks
Basic
Materials
72,462
162,637
—
235,099
Communications
389,503
459,253
—
848,756
Consumer,
Cyclical
—
241,718
—
241,718
Consumer,
Non-cyclical
—
170,140
—
170,140
Energy
—
67,867
—
67,867
Financial
69,193
353,556
—
422,749
Industrial
—
470,059
—
470,059
Technology
192,012
656,881
—
848,893
Utilities
—
45,489
—
45,489
Investment
Companies
102,525
—
—
102,525
Preferred
Stocks
36,489
—
—
36,489
Total
investments
in
securities
$
862,184
$
2,627,600
$
—
$
3,489,784
Small-
MidCap
Dividend
Income
Fund
Common
Stocks*
1,557,005
—
—
1,557,005
Investment
Companies
162,898
—
—
162,898
Total
investments
in
securities
$
1,719,903
$
—
$
—
$
1,719,903
Small-
MidCap
Growth
Fund
Common
Stocks*
11,306
—
—
11,306
Investment
Companies
413
—
—
413
Total
investments
in
securities
$
11,719
$
—
$
—
$
11,719
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Bonds*
—
6,963,460
—
6,963,460
Convertible
Preferred
Stocks
Financial
110,300
—
—
110,300
Industrial
25,620
—
—
25,620
Investment
Companies
172,060
—
—
172,060
Preferred
Stocks
Communications
97,335
—
—
97,335
Consumer,
Non-cyclical
—
25,821
—
25,821
Energy
54
—
—
54
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
49
*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.
Certain
detailed
information
is
provided
for
those
Funds
with
significant
investments
in
Level
3
securities.
Quantitative
information
about
the
significant
unobservable
inputs
used
in
the
fair
value
measurements
categorized
with
Level
3
of
the
fair
value
hierarchy
is
as
follows
(amounts
in
thousands):
*Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Financial
$
470,765
$
19,090
$
—
$
489,855
Government
—
68,976
—
68,976
Utilities
121,061
1,835
—
122,896
Purchased
Options
5
—
—
5
Total
investments
in
securities
$
997,200
$
7,079,182
$
—
$
8,076,382
Assets
Interest
Rate
Contracts
Futures**
1,509
—
—
1,509
Liabilities
Interest
Rate
Contracts
Written
Options
(160)
—
—
(160)
Fund
Fair
Value
as
of
February
28,
2021
Valuation
Technique
Unobservable
Input
Input
Valuations
(Weighted
Average)*
Impact
to
Valuation
if
Input
had
Increased
Global
Multi-Strategy
Fund
Bonds
$
282
Cash
Payout
Methodology
Probability
Factor
5%
-
30%
Variable
647
Indicative
Market
Quotations
Broker
Quote
$
17.79
–
99.14
($
68.72)
Increase
Common
Stocks
293
Comparable
Debt
Methodology
Internal
Rate
of
Return
19.40%
Increase
38
Enterprise
Valuation
Model
Enterprise
Value
to
Revenue
Multiple
5.64x
Increase
Discount
Rate
15%
Decrease
Option
Pricing
Model
–
Volatility
51.21%
Variable
2
Enterprise
Valuation
Model
NTM
Revenue
Multiple
4.25x
Increase
Option
Pricing
Model
–
Volatility
94%
Variable
Discount
for
Lack
of
Marketability
10%
Decrease
1,764
Indicative
Market
Quotations
Broker
Quote
$
0.01
–
580.00
($
571.78)
Increase
337
Transactions
of
Indicative
Value
Acquisition
Price
$
36.50
Increase
Convertible
Preferred
Stock
2,204
Indicative
Market
Quotations
Broker
Quote
$0.47
–
200.00
($16.58)
Increase
88
Enterprise
Valuation
Model
Enterprise
Value
to
Revenue
Multiple
5.64x
Increase
Discount
Rate
15%
Decrease
Option
Pricing
Model
–
Volatility
51.21%
Variable
55
Enterprise
Valuation
Model
NTM
Revenue
Multiple
4.25x
Increase
Option
Pricing
Model
–
Volatility
94%
Variable
Discount
for
Lack
of
Marketability
10%
Decrease
Preferred
Stock
3
Cash
Payout
Methodology
Discount
Rate
50%
Decrease
633
Enterprise
Valuation
Model
Enterprise
Value/NTM
Revenue
Multiple
1.98x
Increase
Cost
of
Capital
Discount
15%
Decrease
$6,346
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
50
The
changes
in
investments
measured
at
fair
value
for
which
Level
3
inputs
have
been
used
to
determine
fair
value
are
as
follows
(amounts
shown
in
thousands):
*Securities
are
transferred
into
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
has
been
halted
2.
Securities
that
have
certain
restrictions
on
trading
3.
Instances
in
which
a
security
is
not
priced
by
a
pricing
services
**Securities
are
transferred
out
of
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
resumes
2.
Securities
where
trading
restrictions
have
expired
3.
Instances
in
which
a
price
becomes
available
from
a
pricing
service
At
the
end
of
the
period,
there
were
no
other
Funds
which
had
a
significant
Level
3
balance.
During
the
period,
there
were
no
significant
purchases,
sales,
or
transfers
into
or
out
of
Level
3,
except
as
noted
above.
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
of
the Funds'
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
rates
used
in
this
calculation
for
each
of
the
Funds
are
as
follows:
Fund
Fair
Value
August
30,
2020
Realized
Gain/
(Loss)
Accrued
Discounts/
Premiums
and
Change
in
Unrealized
Gain/
(Loss)
Purchases
Proceeds
from
Sales
Transfers
into
Level
3*
Transfers
Out
of
Level
3**
Fair
Value
February
28,
2021
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
on
Investments
Held
at
February
28,
2021
Global
Multi-Strategy
Fund
Bonds
$
1,381
$
11
$
(26)
$
377
$
(11)
$
—
$
(803)
$
929
$
(45)
Common
Stock
Consumer,
Cyclical
38
—
(21)
—
—
28
—
45
(21)
Consumer,
Non-Cyclical
—
—
(187)
—
—
1,926
—
1,739
(187)
Energy
39
—
(33)
—
—
—
—
6
(33)
Financial
334
—
(22)
—
—
—
(5)
307
(22)
Technology
337
—
—
—
—
—
—
337
—
Convertible
Preferred
Stock
Communications
137
—
20
—
(157)
—
—
—
—
Consumer,
Non-Cyclical
86
—
2
—
—
—
—
88
2
Energy
2,606
108
(532)
—
(151)
—
—
2,031
(532)
Financial
157
—
71
—
—
—
—
228
71
Preferred
Stock
Communications
3
—
1
21
(25)
—
—
—
1
Financial
300
—
333
—
—
—
—
633
333
Technology
129
(30)
42
4
(142)
—
—
3
(1)
Senior
Floating
Rate
Interests
590
—
—
—
—
—
(590)
—
—
Total
$
6,137
$
89
$
(352)
$
402
$
(486)
$
1,954
$
(1,398)
$
6,346
$
(434)
Net
Assets
of
Fund
First
$500
million
Next
$500
million
Next
$500
million
Over
$1.5
billion
Edge
MidCap
Fund
.70%
.68%
.66%
.65%
International
Small
Company
Fund
1.05
1.03
1.01
1.00
Opportunistic
Municipal
Fund
.50
.48
.46
.45
Origin
Emerging
Markets
Fund
1.05
1.03
1.01
1.00
Small-
MidCap
Growth
Fund
.70
.68
.66
.65
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
51
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 pay
Principal
Shareholder
Services,
Inc.
(the
“Transfer
Agent”)
(wholly
owned
by
the
Manager)
for
transfer
agent
services.
Class
J
shares
pay
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
expenses
borne
by
the
Manager
are
subject
to
reimbursement
by
the
Funds
through
the
fiscal
year
end,
provided
no
reimbursement
will
be
made
if
it
would
result
in
the
Funds
exceeding
the
total
operating
expense
limits.
Any
amounts
outstanding
at
the
end
of
the
year
are
shown
as
an
expense
reimbursement
from
Manager or
expense
reimbursement
to
Manager
on
the
statements
of
assets
and
liabilities.
The
operating
expense
limits are
as
follows:
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,
Net
Assets
of
Fund
First
$500
million
Next
$500
million
Next
$500
million
Next
$500
million
Next
$1
billion
Over
$3
billion
Blue
Chip
Fund
.65%
.63%
.61%
.60%
.59%
.58%
Diversified
Real
Asset
Fund
.85
.83
.81
.80
.79
.78
Global
Multi-Strategy
Fund
1.60
1.58
1.56
1.55
1.54
1.53
Small-
MidCap
Dividend
Income
Fund
.79
.77
.75
.74
.73
.72
Net
Assets
of
Fund
First
$500
million
Next
$500
million
Next
$500
million
Next
$500
million
Next
$1
billion
Next
$2
billion
Over
$5
billion
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(Prior
to
December
31,
2020)
.75%
.73%
.71%
.70%
.69%
.68%
.68%
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(Effective
December
31,
2020)
.75
.73
.71
.70
.69
.68
.67
All
Net
Assets
Bond
Market
Index
Fund
.14%
International
Equity
Index
Fund
.25
Period
from
September
1,
2020
through
February
28,
2021
Class
A
Class
C
Institutional
Expiration
Blue
Chip
Fund
N/A
N/A
.66%
December
30,
2021
Bond
Market
Index
Fund
N/A
N/A
.16
December
30,
2020
Diversified
Real
Asset
Fund
1.20%
N/A
.83
December
30,
2021
Edge
MidCap
Fund
1.10
N/A
.77
December
30,
2021
Global
Multi-Strategy
Fund
N/A
N/A
1.63
December
30,
2021
International
Equity
Index
Fund
N/A
N/A
.31
December
30,
2021
International
Small
Company
Fund
N/A
N/A
1.20
December
30,
2021
Opportunistic
Municipal
Fund
.84
N/A
.56
December
30,
2021
Origin
Emerging
Markets
Fund
1.60
N/A
1.20
December
30,
2021
Small-MidCap
Dividend
Income
Fund
1.12
1.87
.85
December
30,
2021
Small-MidCap
Growth
Fund
N/A
N/A
.83
December
30,
2021
Spectrum
Preferred
and
Capital
Securities
Income
Fund
N/A
N/A
.81
December
30,
2021
Period
from
September
1,
2020
through
February
28,
2021
Class
J
R-1
R-2
R-3
R-4
R-5
Expiration
Bond
Market
Index
Fund
.71%
1.04%
.91%
.73%
.54%
.42%
December
30,
2020
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
52
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:
In
addition,
the
Manager
has
contractually
agreed
to waive
certain
of
the
Funds'
management
and
investment
advisory
fees.
The
expense waiver
will
reduce
the
Funds'
management
and
investment
advisory
fees.
The
waivers
are
expressed
as
a
percentage
of
average
daily
net
assets on
an
annualized
basis
during
the
reporting
period.
The
waivers
are
as
follows:
#
Prior
to
December
31,
2020,
the
contractual
limit
was
.05%.
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.
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.
The
limit
will
maintain
the
level
of
distribution
fees
not
to
exceed
.13%
for
Class
J
shares
effective
January
1,
2021.
Prior
to
January
1,
2021
the
limit
was
.12%.
The
voluntary
expense
limit
may
be
terminated
at
any
time.
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
monthly.
Chief
Compliance
Officer
Expenses.
The
Funds
pay
certain
expenses
associated
with
the
Chief
Compliance
Officer
(“CCO”).
This
expense
is
allocated
among
the
registered
investment
companies
managed
by
the
Manager
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%
of
the
lesser
of
current
market
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
3.75%
for
Diversified
Real
Asset
Fund,
Global
Multi-Strategy
Fund,
Opportunistic
Municipal
Fund,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund,
and
5.50%
for
Blue
Chip
Fund,
Edge
MidCap
Fund,
Origin
Emerging
Markets
Period
from
September
1,
2020
through
February
28,
2021
R-6
Expiration
Blue
Chip
Fund
.01%
December
30,
2021
Diversified
Real
Asset
Fund
.02
December
30,
2021
Edge
MidCap
Fund
.02
December
30,
2020
Global
Multi-Strategy
Fund
.02
December
30,
2021
International
Equity
Index
Fund
.04
December
30,
2021
International
Small
Company
Fund
.04
December
30,
2021
Origin
Emerging
Markets
Fund
.04
December
30,
2021
Small-
MidCap
Dividend
Income
Fund
.02
December
30,
2021
Spectrum
Preferred
and
Capital
Securities
Income
Fund
.02
December
30,
2020
Period
from
September
1,
2020
through
February
28,
2021
Expiration
Blue
Chip
Fund
.040%#
December
30,
2021
Bond
Market
Index
Fund
.015
December
30,
2021
Diversified
Real
Asset
Fund
.050
December
30,
2021
Edge
MidCap
Fund
.050
December
30,
2021
Global
Multi-Strategy
Fund
.040
December
30,
2021
Opportunistic
Municipal
Fund
.060
December
30,
2021
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
53
Fund,
and
Small-MidCap
Dividend
Income
Fund.
The
aggregate
amounts
of
these
charges
retained
by
the
Distributor
for
the
period
ended
February
28,
2021,
were
as
follows
(amounts
in
thousands):
Class
C
shares
automatically
convert
into
Class
A
shares,
based
on
relative
net
asset
value
(without
a
sales
charge),
10
years
after
purchase.
Affiliated
Ownership.
At
February
28,
2021,
Principal
Life
Insurance
Company
(an
affiliate
of
the
Manager),
the
Manager,
the
Distributor,
Principal
Securities,
Inc.
(an
affiliate
of
the
Manager),
collective
investment
trusts
sponsored
by
Principal
Global
Investors
Trust
Company
(an
affiliate
of
the
Manager),
and benefit
plans
and
separate
accounts
sponsored
on
behalf
of
Principal
Life
Insurance
Company
owned
shares
of
the
Funds
as
follows
(amounts
in
thousands):
Affiliated
Brokerage
Commissions.
With
respect
to
Spectrum
Preferred
and
Capital
Securities
Income
Fund,
$30,000
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
February
28,
2021
.
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 February
28,
2021
(amounts
in
thousands).
7.
Investment
Transactions
For
the period ended
February
28,
2021,
the
cost
of
investment
securities
purchased
and
proceeds
from
investment
securities
sold
(not
including
short-term
investments
and
U.S.
government
securities)
by
the
Funds
were
as
follows
(amounts
in
thousands):
Class
A
Class
C
Class
J
Blue
Chip
Fund
$
250
$
18
$
15
Bond
Market
Index
Fund
N/A
N/A
5
Diversified
Real
Asset
Fund
2
N/A
N/A
Edge
MidCap
Fund
4
N/A
N/A
Origin
Emerging
Markets
Fund
4
N/A
N/A
Small-
MidCap
Dividend
Income
Fund
6
3
N/A
Spectrum
Preferred
and
Capital
Securities
Income
Fund
91
18
2
Institutional
R-4
R-5
R-6
Blue
Chip
Fund
535
–
–
33,430
Bond
Market
Index
Fund
10,264
–
–
N/A
Diversified
Real
Asset
Fund
100
1
1
7,361
Edge
MidCap
Fund
97
N/A
N/A
–
Global
Multi-Strategy
Fund
47
N/A
N/A
1,264
International
Equity
Index
Fund
–
–
–
38,712
International
Small
Company
Fund
177
N/A
N/A
334
Opportunistic
Municipal
Fund
71
N/A
N/A
N/A
Origin
Emerging
Markets
Fund
58
N/A
N/A
122,842
Small-
MidCap
Dividend
Income
Fund
74
N/A
N/A
531
Small-
MidCap
Growth
Fund
570
N/A
N/A
N/A
Spectrum
Preferred
and
Capital
Securities
Income
Fund
–
–
–
4,366
Shares
Dollars
Diversified
Real
Asset
Fund
486
$
5,911
Global
Multi-Strategy
Fund
619
6,811
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Blue
Chip
Fund
$
1,967,087
$
1,341,472
$
—
$
—
Bond
Market
Index
Fund
483,444
1,344,435
—
—
Diversified
Real
Asset
Fund
767,383
1,009,062
—
—
Edge
MidCap
Fund
65,329
77,202
—
—
Global
Multi-Strategy
Fund
457,879
777,503
231,475
143,790
International
Equity
Index
Fund
128,387
209,099
—
—
International
Small
Company
Fund
234,726
431,393
—
—
Opportunistic
Municipal
Fund
39,020
35,305
—
—
Origin
Emerging
Markets
Fund
2,168,775
900,929
—
—
Small-
MidCap
Dividend
Income
Fund
281,829
587,745
—
—
Small-
MidCap
Growth
Fund
6,248
6,110
—
—
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
54
—
For
the period
ended
February
28,
2021,
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):
8.
Federal
Tax
Information
Distributions
to
Shareholders.
The
federal
income
tax
character
of
distributions
paid
for
the periods
ended February
28,
2021 and
August
31,
2020 were
as
follows
(amounts
in
thousands):
^
The
Funds
designate
these
distributions
as
exempt
interest
per
Internal
Revenue
Code
(“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).
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.
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,205,965
442,645
—
—
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Bond
Market
Index
Fund
$
750,625
$
1,414,712
$
—
$
—
Diversified
Real
Asset
Fund
454,361
266,295
—
—
Global
Multi-Strategy
Fund
887,106
1,167,342
626,692
430,552
Spectrum
Preferred
and
Capital
Securities
Income
Fund
56,980
225,747
—
—
Ordinary
Income
Tax-Exempt
Income
Long-Term
Capital
Gain
Return
of
Capital
2021
2020
2021
2020^
2021
2020*
2021
2020
Blue
Chip
Fund
$
44,704
$
35,653
$
—
$
—
$
228,535
$
183,262
$
—
$
—
Bond
Market
Index
Fund
63,068
58,976
—
—
68,395
—
—
—
Diversified
Real
Asset
Fund
17,546
96,919
—
—
—
—
—
—
Edge
MidCap
Fund
12,421
7,567
—
—
34,845
22,087
—
—
Global
Multi-Strategy
Fund
12,889
—
—
—
—
—
—
International
Equity
Index
Fund
24,413
34,826
—
—
2,602
3,303
—
—
International
Small
Company
Fund
12,895
27,587
—
—
—
—
—
—
Opportunistic
Municipal
Fund
—
7
2,439
4,766
—
—
—
—
Origin
Emerging
Markets
Fund
17,592
21,257
—
—
—
—
—
—
Small-
MidCap
Dividend
Income
Fund
13,647
39,231
—
—
—
15,278
—
—
Small-
MidCap
Growth
Fund
600
—
—
—
188
—
—
—
Spectrum
Preferred
and
Capital
Securities
Income
Fund
176,011
294,361
—
—
—
—
—
404
7.
Investment
Transactions
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
55
5,104
—
Distributable
Earnings.
As
of August
31,
2020,
the
components
of
total
distributable
earnings
(accumulated
loss)
on
a
federal
tax
basis
were
as
follows
(amounts
in
thousands):
*Represents
book-to-tax
accounting
differences
related
to
straddle
loss
deferrals,
constructive
sale
gain
recognition,
defaulted
securities,
inverse
floating
rate
securities,
contingent
convertible
bonds,
foreign
capital
gain
taxes,
short
sales,
and
perpetual
bonds.
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.
As
of
August
31,
2020,
the
Funds
had
approximate
net
capital
loss
carryforwards
as
follows
(amounts
in
thousands):
All
of
these
capital
losses
were
generated
in
taxable
years
beginning
after
the
enactment
date
of
the
Regulated
Investment
Company
Modernization
Act
of
2010
on
December
22,
2010,
and
will
be
carried
forward
with
no
expiration
and
with
the
character
of
the
loss
retained.
For
the
year
ended
August
31,
2020
,
the
Funds
utilized
capital
loss
carryforwards
as
follows
(amounts
in
thousands): 
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. As
of
August
31,
2020,
the
Funds
had
late-year
capital
and
ordinary
losses
as
follows
(amounts
in
thousands):
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
Undistributed
Ordinary
Income
Undistributed
Tax-Exempt
Income
Undistributed
Long-Term
Capital
Gains
Accumulated
Losses
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences*
Total
Accumulated
Earnings
(Deficit)
Blue
Chip
Fund
$
16,859
$
—
$
180,691
$
—
$
2,960,438
$
—
$
3,157,988
Bond
Market
Index
Fund
41,959
—
—
—
167,936
—
209,895
Diversified
Real
Asset
Fund
3,859
—
—
(211,409
)
(20,486
)
(822
)
(228,858
)
Edge
MidCap
Fund
10,154
—
34,843
—
97,217
—
142,214
Global
Multi-Strategy
Fund
9,764
—
—
(18,879
)
(5,156
)
(9,167
)
International
Equity
Index
Fund
15,743
—
—
76,056
—
91,799
International
Small
Company
Fund
3,190
—
—
(48,656
)
93,800
—
48,334
Opportunistic
Municipal
Fund
—
124
—
(2,121
)
4,329
(76
)
2,256
Origin
Emerging
Markets
Fund
12,750
—
—
(63,076
)
246,455
(44
)
196,085
Small-
MidCap
Dividend
Income
Fund
2,786
—
—
(257,934
)
52,956
—
(202,192
)
Small-
MidCap
Growth
Fund
158
—
78
—
1,940
—
2,176
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—
—
—
(79,870
)
353,523
56,882
330,535
Short-Term
Long-Term
Total
Diversified
Real
Asset
Fund
$
173,672
$
37,737
$
211,409
Global
Multi-Strategy
Fund
—
18,879
18,879
International
Small
Company
Fund
38,774
9,882
48,656
Opportunistic
Municipal
Fund
1,812
309
2,121
Origin
Emerging
Markets
Fund
63,076
—
63,076
Spectrum
Preferred
and
Capital
Securities
Income
Fund
9,542
70,328
79,870
Utilized
Bond
Market
Index
Fund
$
17,498
Origin
Emerging
Markets
Fund
44,424
Small-
MidCap
Growth
Fund
86
Post
October
Capital
Loss
Small-
MidCap
Dividend
Income
Fund
$
257,934
8.
Federal
Tax
Information
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
56
gain
on
investments
or
from
tax
return
of
capital
depending
on
the
type
of
book
and
tax
differences
that
exist.
For
the
year
ended August
31,
2020,
the
Funds
recorded
reclassifications
as
follows
(amounts
in
thousands):
Federal
Income
Tax
Basis.
As
of February
28,
2021,
the
net
federal
income
tax
unrealized
appreciation
(depreciation)
and
federal
tax
cost
of
investments
held
by
the
Funds
were
as
follows
(amounts
in
thousands):
9.
Other
Matters
The
outbreak
of
the
novel
coronavirus
(“COVID-19”)
in
many
countries
continues
to
adversely
impact
global
commercial
activity
and
has
contributed
to
significant
volatility
in
financial
markets.
The
global
impact
of
the
outbreak
has
been
rapidly
evolving
and
many
countries
have
reacted
by
instituting
quarantines
and
restriction
on
travel.
Such
measures,
as
well
as
the
general
uncertainty
surrounding
the
dangers
and
impact
of
COVID-19,
are
creating
significant
disruption
in
supply
chains
and
economic
activity.
As
COVID-19
continues
to
spread,
the
potential
impacts,
including
a
global,
regional
or
other
economic
recession,
are
increasingly
difficult
to
assess.
These
events,
or
fear
of
such
an
event,
present
material
uncertainty
and
risk
with
respect
to
the
Funds'
performance
and
financial
results.
10.
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
September
15,
2020,
the
Fund’s
Board
of
Directors
approved
the
conversion
of
Class
R-2
shares
into
Class
R-3
shares.
Following
the
close
of
business
on
March
1,
2021,
Class
R-2
shares
will
automatically
convert
into
Class
R-3
shares
of
the
same
fund
on
the
basis
of
the
share
classes’
relative
net
asset
values
on
such
date
without
the
imposition
of
a
sales
charge
or
any
other
charge.
The
Fund
expects
these
share
class
conversions
will
not
constitute
taxable
sales
or
exchanges
to
shareholders. There
were
no
other
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Total
Distributable
Earnings
(Accumulated
Loss)
Capital
Shares
and
Additional
Paid-in-Capital
Blue
Chip
Fund
$
(32,705
)
$
32,705
Bond
Market
Index
Fund
(828
)
828
Diversified
Real
Asset
Fund
19,989
(19,989
)
Edge
MidCap
Fund
(3,194
)
3,194
Global
Multi-Strategy
Fund
(1,580
)
1,580
International
Equity
Index
Fund
(2,515
)
2,515
Small-
MidCap
Dividend
Income
Fund
(12,395
)
12,395
Spectrum
Preferred
and
Capital
Securities
Income
Fund
404
(404
)
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation/
(Depreciation)
Cost
for
Federal
Income
Tax
Purposes
Blue
Chip
Fund
$
2,987,529
$
(63,684)
$
2,923,845
$
5,890,564
Bond
Market
Index
Fund
37,610
(11,163)
26,447
879,923
Diversified
Real
Asset
Fund
375,708
(197,116)
178,592
3,297,446
Edge
MidCap
Fund
248,190
(27,107)
221,083
742,996
Global
Multi-Strategy
Fund
76,643
(70,923)
5,720
607,583
International
Equity
Index
Fund
319,424
(123,104)
196,320
972,135
International
Small
Company
Fund
202,343
(30,280)
172,063
827,340
Opportunistic
Municipal
Fund
*
9,015
(2,350)
6,665
131,881
Origin
Emerging
Markets
Fund
584,871
(100,539)
484,332
3,005,452
Small-
MidCap
Dividend
Income
Fund
410,363
(30,198)
380,165
1,339,738
Small-
MidCap
Growth
Fund
3,774
(136)
3,638
8,081
Spectrum
Preferred
and
Capital
Securities
Income
Fund
486,368
(51,306)
435,062
7,642,669
*
The
Fund
holds
floating
rate
securities
which
are
accounted
for
differently
for
U.S.
GAAP
vs.
federal
income
tax
purposes.
This
may
cause
a
difference
in
cost
basis
and
fair
market
value
of
investments
for
tax
and
U.S.
GAAP
purposes.
8.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Blue
Chip
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
57
INVESTMENT
COMPANIES
-
0
.00
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.00
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
1,711‌
$
2‌
TOTAL
INVESTMENT
COMPANIES
$
2‌
COMMON
STOCKS
-
99
.93
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
4
.46
%
TransDigm
Group
Inc
(b)
682,498‌
$
393,576‌
Chemicals
-
1
.96
%
Ecolab
Inc
123,388‌
25,833‌
Linde
PLC
472,225‌
115,350‌
Sherwin-Williams
Co/The
46,993‌
31,971‌
$
173,154‌
Commercial
Services
-
8
.20
%
CoStar
Group
Inc
(b)
126,290‌
104,032‌
Moody's
Corp
340,968‌
93,729‌
PayPal
Holdings
Inc
(b)
1,512,777‌
393,095‌
S&P
Global
Inc
403,003‌
132,733‌
$
723,589‌
Diversified
Financial
Services
-
11
.28
%
Charles
Schwab
Corp/The
1,259,063‌
77,709‌
Intercontinental
Exchange
Inc
589,298‌
65,006‌
Mastercard
Inc
1,245,497‌
440,719‌
Visa
Inc
1,937,903‌
411,591‌
$
995,025‌
Electronics
-
1
.41
%
Roper
Technologies
Inc
329,655‌
124,484‌
Healthcare
-
Products
-
4
.81
%
Danaher
Corp
856,383‌
188,122‌
IDEXX
Laboratories
Inc
(b)
150,410‌
78,239‌
Intuitive
Surgical
Inc
(b)
214,080‌
157,734‌
$
424,095‌
Insurance
-
1
.72
%
Aon
PLC
419,449‌
95,513‌
Progressive
Corp/The
656,603‌
56,435‌
$
151,948‌
Internet
-
21
.50
%
Alphabet
Inc
-
A
Shares
(b)
48,434‌
97,929‌
Alphabet
Inc
-
C
Shares
(b)
229,732‌
467,932‌
Amazon.com
Inc
(b)
248,394‌
768,265‌
Facebook
Inc
(b)
1,043,956‌
268,944‌
Netflix
Inc
(b)
379,888‌
204,703‌
Spotify
Technology
SA
(b)
149,174‌
45,853‌
VeriSign
Inc
(b)
221,860‌
43,048‌
$
1,896,674‌
Lodging
-
2
.13
%
Hilton
Worldwide
Holdings
Inc
(b)
1,515,070‌
187,384‌
Media
-
3
.65
%
Charter
Communications
Inc
(b)
443,524‌
272,067‌
Liberty
Broadband
Corp
-
C
Shares
(b)
334,781‌
50,053‌
$
322,120‌
Pharmaceuticals
-
0
.82
%
Zoetis
Inc
463,090‌
71,890‌
Private
Equity
-
5
.47
%
Brookfield
Asset
Management
Inc
10,124,105‌
408,508‌
KKR
&
Co
Inc
1,620,729‌
73,840‌
$
482,348‌
REITs
-
3
.77
%
American
Tower
Corp
1,539,622‌
332,758‌
Retail
-
3
.35
%
CarMax
Inc
(b)
621,589‌
74,286‌
Costco
Wholesale
Corp
184,087‌
60,933‌
O'Reilly
Automotive
Inc
(b)
137,234‌
61,389‌
Starbucks
Corp
914,408‌
98,783‌
$
295,391‌
Semiconductors
-
1
.60
%
NVIDIA
Corp
257,286‌
141,142‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
-
23
.80
%
Adobe
Inc
(b)
877,690‌
$
403,448‌
Autodesk
Inc
(b)
497,526‌
137,317‌
Intuit
Inc
1,063,337‌
414,850‌
Microsoft
Corp
3,265,710‌
758,886‌
salesforce.com
Inc
(b)
1,770,616‌
383,338‌
Snowflake
Inc
-
Class
A
(b)
3,812‌
990‌
$
2,098,829‌
TOTAL
COMMON
STOCKS
$
8,814,407‌
Total
Investments
$
8,814,409‌
Other
Assets
and
Liabilities
-  0.07%
6,317‌
TOTAL
NET
ASSETS
-
100.00%
$
8,820,726‌
(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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Technology
25
.40‌
%
Communications
25
.15‌
%
Financial
22
.24‌
%
Consumer,
Non-cyclical
13
.83‌
%
Industrial
5
.87‌
%
Consumer,
Cyclical
5
.48‌
%
Basic
Materials
1
.96‌
%
Money
Market
Funds
0
.00‌
%
Other
Assets
and
Liabilities
0
.07‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Blue
Chip
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
58
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
11,250‌
$
871,394‌
$
882,642‌
$
2‌
$
11,250‌
$
871,394‌
$
882,642‌
$
2‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
59
INVESTMENT
COMPANIES
-
11
.92
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.83
%
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(a)
53,000‌
$
7,010‌
Money
Market
Funds
-
11
.09
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(b),(c)
5,666,723‌
5,667‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
87,112,866‌
87,113‌
$
92,780‌
TOTAL
INVESTMENT
COMPANIES
$
99,790‌
BONDS
-
31
.89
%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0
.05
%
Interpublic
Group
of
Cos
Inc/The
2.40%,
03/01/2031
$
60‌
$
60‌
4.20%,
04/15/2024
50‌
55‌
Omnicom
Group
Inc
2.45%,
04/30/2030
155‌
157‌
Omnicom
Group
Inc
/
Omnicom
Capital
Inc
3.63%,
05/01/2022
75‌
78‌
WPP
Finance
2010
3.75%,
09/19/2024
75‌
82‌
$
432‌
Aerospace
&
Defense
-
0
.56
%
Boeing
Co/The
2.70%,
02/01/2027
110‌
113‌
2.75%,
02/01/2026
85‌
88‌
2.80%,
03/01/2024
200‌
209‌
2.95%,
02/01/2030
140‌
142‌
3.25%,
02/01/2028
85‌
89‌
3.50%,
03/01/2039
200‌
193‌
3.63%,
02/01/2031
85‌
89‌
3.95%,
08/01/2059
290‌
281‌
4.51%,
05/01/2023
630‌
675‌
5.04%,
05/01/2027
315‌
362‌
5.71%,
05/01/2040
120‌
149‌
5.81%,
05/01/2050
155‌
198‌
5.88%,
02/15/2040
100‌
121‌
General
Dynamics
Corp
3.25%,
04/01/2025
80‌
87‌
3.50%,
05/15/2025
235‌
258‌
4.25%,
04/01/2040
155‌
188‌
L3Harris
Technologies
Inc
1.80%,
01/15/2031
35‌
34‌
Lockheed
Martin
Corp
4.07%,
12/15/2042
105‌
124‌
4.09%,
09/15/2052
162‌
191‌
4.70%,
05/15/2046
75‌
95‌
Northrop
Grumman
Corp
3.20%,
02/01/2027
130‌
143‌
Raytheon
Technologies
Corp
3.20%,
03/15/2024
75‌
80‌
4.13%,
11/16/2028
270‌
310‌
4.70%,
12/15/2041
350‌
420‌
6.13%,
07/15/2038
46‌
64‌
$
4,703‌
Agriculture
-
0
.34
%
Altria
Group
Inc
2.35%,
05/06/2025
65‌
68‌
2.45%,
02/04/2032
60‌
58‌
3.40%,
05/06/2030
125‌
133‌
3.70%,
02/04/2051
60‌
56‌
4.00%,
02/04/2061
60‌
56‌
5.38%,
01/31/2044
25‌
30‌
5.80%,
02/14/2039
350‌
432‌
BAT
Capital
Corp
2.26%,
03/25/2028
150‌
149‌
2.73%,
03/25/2031
150‌
147‌
2.79%,
09/06/2024
210‌
223‌
3.46%,
09/06/2029
210‌
223‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Agriculture
(continued)
BAT
Capital
Corp  
(continued)
3.98%,
09/25/2050
$
150‌
$
140‌
BAT
International
Finance
PLC
1.67%,
03/25/2026
150‌
150‌
Philip
Morris
International
Inc
0.88%,
05/01/2026
85‌
83‌
1.75%,
11/01/2030
85‌
81‌
2.38%,
08/17/2022
90‌
92‌
4.13%,
03/04/2043
300‌
335‌
Reynolds
American
Inc
4.45%,
06/12/2025
220‌
245‌
5.70%,
08/15/2035
50‌
60‌
5.85%,
08/15/2045
50‌
59‌
$
2,820‌
Airlines
-
0
.09
%
American
Airlines
2019-1
Class
AA
Pass
Through
Trust
3.15%,
08/15/2033
132‌
131‌
Delta
Air
Lines
2020-1
Class
AA
Pass
Through
Trust
2.00%,
06/10/2028
301‌
303‌
Southwest
Airlines
Co
3.00%,
11/15/2026
80‌
85‌
5.25%,
05/04/2025
130‌
148‌
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
69‌
68‌
$
735‌
Apparel
-
0
.04
%
NIKE
Inc
2.40%,
03/27/2025
155‌
164‌
3.25%,
03/27/2040
155‌
167‌
$
331‌
Automobile
Manufacturers
-
0
.50
%
American
Honda
Finance
Corp
0.55%,
07/12/2024
55‌
55‌
0.65%,
09/08/2023
150‌
151‌
1.20%,
07/08/2025
160‌
161‌
1.95%,
05/20/2022
150‌
153‌
1.95%,
05/10/2023
155‌
160‌
Cummins
Inc
4.88%,
10/01/2043
25‌
33‌
General
Motors
Co
4.88%,
10/02/2023
80‌
88‌
5.15%,
04/01/2038
160‌
190‌
5.20%,
04/01/2045
85‌
100‌
5.40%,
04/01/2048
65‌
79‌
6.25%,
10/02/2043
75‌
100‌
General
Motors
Financial
Co
Inc
1.25%,
01/08/2026
55‌
54‌
1.70%,
08/18/2023
320‌
327‌
2.35%,
01/08/2031
55‌
53‌
3.45%,
04/10/2022
50‌
51‌
3.55%,
07/08/2022
935‌
969‌
4.00%,
10/06/2026
75‌
83‌
PACCAR
Financial
Corp
0.35%,
08/11/2023
160‌
160‌
0.35%,
02/02/2024
60‌
60‌
1.80%,
02/06/2025
100‌
103‌
Toyota
Motor
Credit
Corp
0.35%,
10/14/2022
95‌
95‌
0.45%,
01/11/2024
55‌
55‌
0.50%,
08/14/2023
160‌
161‌
0.80%,
10/16/2025
55‌
54‌
1.15%,
05/26/2022
155‌
157‌
1.15%,
08/13/2027
160‌
157‌
1.65%,
01/10/2031
55‌
53‌
1.80%,
02/13/2025
155‌
160‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
60
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
Toyota
Motor
Credit
Corp  
(continued)
2.00%,
10/07/2024
$
145‌
$
152‌
$
4,174‌
Automobile
Parts
&
Equipment
-
0
.04
%
BorgWarner
Inc
4.38%,
03/15/2045
300‌
327‌
Banks
-
5
.84
%
Banco
Santander
SA
2.75%,
05/28/2025
200‌
211‌
3.49%,
05/28/2030
200‌
216‌
Bank
of
America
Corp
0.81%,
10/24/2024
(f)
205‌
206‌
United
States
Secured
Overnight
Financing
Rate
+
0.74%
0.98%,
09/25/2025
(f)
150‌
151‌
United
States
Secured
Overnight
Financing
Rate
+
0.91%
1.32%,
06/19/2026
(f)
310‌
311‌
United
States
Secured
Overnight
Financing
Rate
+
1.15%
1.90%,
07/23/2031
(f)
250‌
241‌
United
States
Secured
Overnight
Financing
Rate
+
1.53%
1.92%,
10/24/2031
(f)
205‌
198‌
United
States
Secured
Overnight
Financing
Rate
+
1.37%
2.02%,
02/13/2026
(f)
365‌
377‌
3
Month
USD
LIBOR
+
0.64%
2.46%,
10/22/2025
(f)
300‌
317‌
3
Month
USD
LIBOR
+
0.87%
2.50%,
10/21/2022
75‌
76‌
2.68%,
06/19/2041
(f)
465‌
444‌
United
States
Secured
Overnight
Financing
Rate
+
1.93%
2.82%,
07/21/2023
(f)
75‌
77‌
3
Month
USD
LIBOR
+
0.93%
2.83%,
10/24/2051
(f)
75‌
71‌
United
States
Secured
Overnight
Financing
Rate
+
1.88%
2.88%,
04/24/2023
(f)
110‌
113‌
3
Month
USD
LIBOR
+
1.02%
3.25%,
10/21/2027
350‌
383‌
3.46%,
03/15/2025
(f)
500‌
540‌
3
Month
USD
LIBOR
+
0.97%
3.86%,
07/23/2024
(f)
200‌
216‌
3
Month
USD
LIBOR
+
0.94%
3.95%,
01/23/2049
(f)
110‌
126‌
3
Month
USD
LIBOR
+
1.19%
3.97%,
03/05/2029
(f)
75‌
85‌
3
Month
USD
LIBOR
+
1.07%
4.00%,
01/22/2025
90‌
99‌
4.10%,
07/24/2023
75‌
82‌
4.33%,
03/15/2050
(f)
255‌
300‌
3
Month
USD
LIBOR
+
1.52%
5.00%,
01/21/2044
75‌
97‌
5.88%,
02/07/2042
60‌
84‌
6.11%,
01/29/2037
250‌
343‌
Bank
of
Montreal
0.95%,
01/22/2027
(f)
55‌
54‌
United
States
Secured
Overnight
Financing
Rate
+
0.60%
1.85%,
05/01/2025
160‌
165‌
2.55%,
11/06/2022
75‌
78‌
3.30%,
02/05/2024
350‌
377‌
Bank
of
New
York
Mellon
Corp/The
0.35%,
12/07/2023
(a)
245‌
245‌
0.75%,
01/28/2026
60‌
59‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
Nova
Scotia/The
0.55%,
09/15/2023
$
150‌
$
151‌
1.05%,
03/02/2026
(g)
60‌
60‌
1.30%,
06/11/2025
155‌
156‌
2.00%,
11/15/2022
150‌
154‌
2.70%,
03/07/2022
145‌
149‌
4.50%,
12/16/2025
60‌
69‌
Barclays
PLC
2.65%,
06/24/2031
(f)
310‌
311‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
3.56%,
09/23/2035
(f)
200‌
204‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
3.68%,
01/10/2023
200‌
205‌
4.38%,
01/12/2026
380‌
429‌
4.97%,
05/16/2029
(f)
200‌
235‌
3
Month
USD
LIBOR
+
1.90%
Canadian
Imperial
Bank
of
Commerce
0.50%,
12/14/2023
55‌
55‌
2.61%,
07/22/2023
(f)
220‌
227‌
3
Month
USD
LIBOR
+
0.79%
Citigroup
Inc
0.78%,
10/30/2024
(f)
130‌
131‌
United
States
Secured
Overnight
Financing
Rate
+
0.69%
1.12%,
01/28/2027
(f)
60‌
59‌
United
States
Secured
Overnight
Financing
Rate
+
0.77%
1.68%,
05/15/2024
(f)
155‌
159‌
United
States
Secured
Overnight
Financing
Rate
+
1.67%
2.57%,
06/03/2031
(f)
310‌
317‌
United
States
Secured
Overnight
Financing
Rate
+
2.11%
2.75%,
04/25/2022
425‌
436‌
2.98%,
11/05/2030
(f)
150‌
158‌
United
States
Secured
Overnight
Financing
Rate
+
1.42%
3.52%,
10/27/2028
(f)
125‌
138‌
3
Month
USD
LIBOR
+
1.15%
3.70%,
01/12/2026
110‌
122‌
3.88%,
01/24/2039
(f)
220‌
247‌
3
Month
USD
LIBOR
+
1.17%
4.13%,
07/25/2028
110‌
124‌
4.30%,
11/20/2026
75‌
85‌
4.45%,
09/29/2027
75‌
86‌
4.65%,
07/30/2045
115‌
142‌
6.68%,
09/13/2043
360‌
548‌
Cooperatieve
Rabobank
UA
5.25%,
05/24/2041
185‌
250‌
Cooperatieve
Rabobank
UA/NY
0.38%,
01/12/2024
250‌
250‌
Credit
Suisse
AG/New
York
NY
0.50%,
02/02/2024
500‌
499‌
Deutsche
Bank
AG/New
York
NY
2.22%,
09/18/2024
(f)
150‌
154‌
United
States
Secured
Overnight
Financing
Rate
+
2.16%
3.95%,
02/27/2023
100‌
106‌
4.10%,
01/13/2026
250‌
273‌
Fifth
Third
Bank
NA
1.80%,
01/30/2023
250‌
257‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
61
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The
0.63%,
11/17/2023
(f)
$
115‌
$
115‌
United
States
Secured
Overnight
Financing
Rate
+
0.54%
0.86%,
02/12/2026
(f)
245‌
242‌
United
States
Secured
Overnight
Financing
Rate
+
0.61%
1.09%,
12/09/2026
(f)
395‌
391‌
United
States
Secured
Overnight
Financing
Rate
+
0.79%
1.99%,
01/27/2032
(f)
640‌
622‌
United
States
Secured
Overnight
Financing
Rate
+
1.09%
3.27%,
09/29/2025
(f)
75‌
81‌
3
Month
USD
LIBOR
+
1.20%
3.63%,
01/22/2023
335‌
355‌
3.75%,
02/25/2026
75‌
83‌
3.81%,
04/23/2029
(f)
75‌
84‌
3
Month
USD
LIBOR
+
1.16%
3.85%,
01/26/2027
110‌
123‌
4.41%,
04/23/2039
(f)
175‌
209‌
3
Month
USD
LIBOR
+
1.43%
4.75%,
10/21/2045
150‌
192‌
6.25%,
02/01/2041
220‌
320‌
6.75%,
10/01/2037
210‌
304‌
HSBC
Holdings
PLC
1.65%,
04/18/2026
(f)
240‌
242‌
United
States
Secured
Overnight
Financing
Rate
+
1.54%
2.01%,
09/22/2028
(f)
300‌
301‌
United
States
Secured
Overnight
Financing
Rate
+
1.73%
2.10%,
06/04/2026
(f)
310‌
319‌
United
States
Secured
Overnight
Financing
Rate
+
1.93%
2.36%,
08/18/2031
(f)
200‌
198‌
United
States
Secured
Overnight
Financing
Rate
+
1.95%
2.63%,
11/07/2025
(f)
225‌
238‌
3
Month
USD
LIBOR
+
1.14%
2.85%,
06/04/2031
(f)
200‌
206‌
United
States
Secured
Overnight
Financing
Rate
+
2.39%
3.26%,
03/13/2023
(f)
500‌
515‌
3
Month
USD
LIBOR
+
1.06%
3.90%,
05/25/2026
500‌
558‌
3.97%,
05/22/2030
(f)
300‌
334‌
3
Month
USD
LIBOR
+
1.61%
4.58%,
06/19/2029
(f)
240‌
275‌
3
Month
USD
LIBOR
+
1.53%
6.50%,
09/15/2037
100‌
139‌
HSBC
USA
Inc
3.50%,
06/23/2024
500‌
545‌
Huntington
National
Bank/The
1.80%,
02/03/2023
325‌
334‌
ING
Groep
NV
3.15%,
03/29/2022
400‌
412‌
3.55%,
04/09/2024
300‌
326‌
4.55%,
10/02/2028
300‌
353‌
JPMorgan
Chase
&
Co
0.56%,
02/16/2025
(f)
60‌
60‌
United
States
Secured
Overnight
Financing
Rate
+
0.42%
0.65%,
09/16/2024
(f)
195‌
196‌
United
States
Secured
Overnight
Financing
Rate
+
0.60%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co  
(continued)
1.04%,
02/04/2027
(f)
$
115‌
$
113‌
United
States
Secured
Overnight
Financing
Rate
+
0.70%
1.05%,
11/19/2026
(f)
135‌
133‌
United
States
Secured
Overnight
Financing
Rate
+
0.80%
1.51%,
06/01/2024
(f)
220‌
225‌
United
States
Secured
Overnight
Financing
Rate
+
1.46%
1.76%,
11/19/2031
(f)
135‌
129‌
United
States
Secured
Overnight
Financing
Rate
+
1.11%
1.95%,
02/04/2032
(f)
115‌
112‌
United
States
Secured
Overnight
Financing
Rate
+
1.07%
2.00%,
03/13/2026
(f)
155‌
160‌
United
States
Secured
Overnight
Financing
Rate
+
1.59%
2.08%,
04/22/2026
(f)
145‌
150‌
United
States
Secured
Overnight
Financing
Rate
+
1.85%
2.18%,
06/01/2028
(f)
220‌
226‌
United
States
Secured
Overnight
Financing
Rate
+
1.89%
2.30%,
10/15/2025
(f)
320‌
336‌
United
States
Secured
Overnight
Financing
Rate
+
1.16%
2.53%,
11/19/2041
(f)
65‌
62‌
United
States
Secured
Overnight
Financing
Rate
+
1.51%
2.78%,
04/25/2023
(f)
250‌
257‌
3
Month
USD
LIBOR
+
0.94%
2.96%,
05/13/2031
(f)
95‌
99‌
United
States
Secured
Overnight
Financing
Rate
+
2.52%
3.11%,
04/22/2041
(f)
235‌
244‌
United
States
Secured
Overnight
Financing
Rate
+
2.46%
3.11%,
04/22/2051
(f)
235‌
236‌
United
States
Secured
Overnight
Financing
Rate
+
2.44%
3.21%,
04/01/2023
(f)
500‌
515‌
3
Month
USD
LIBOR
+
0.70%
3.51%,
01/23/2029
(f)
200‌
220‌
3
Month
USD
LIBOR
+
0.95%
3.56%,
04/23/2024
(f)
75‌
80‌
3
Month
USD
LIBOR
+
0.73%
3.80%,
07/23/2024
(f)
180‌
194‌
3
Month
USD
LIBOR
+
0.89%
3.88%,
02/01/2024
85‌
93‌
3.88%,
09/10/2024
75‌
83‌
4.01%,
04/23/2029
(f)
350‌
398‌
3
Month
USD
LIBOR
+
1.12%
4.20%,
07/23/2029
(f)
230‌
265‌
3
Month
USD
LIBOR
+
1.26%
5.60%,
07/15/2041
370‌
515‌
KeyBank
NA/Cleveland
OH
0.42%,
01/03/2024
(f)
250‌
251‌
United
States
Secured
Overnight
Financing
Rate
+
0.34%
KeyCorp
2.25%,
04/06/2027
110‌
115‌
Korea
Development
Bank/The
0.40%,
06/19/2024
200‌
198‌
0.80%,
04/27/2026
200‌
197‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
62
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Kreditanstalt
fuer
Wiederaufbau
0.00%,
06/29/2037
(e)
$
250‌
$
179‌
0.25%,
10/19/2023
305‌
304‌
0.25%,
03/08/2024
(g)
175‌
174‌
0.38%,
07/18/2025
315‌
310‌
0.63%,
01/22/2026
155‌
153‌
2.13%,
01/17/2023
775‌
802‌
2.38%,
12/29/2022
440‌
457‌
2.50%,
11/20/2024
500‌
536‌
Landwirtschaftliche
Rentenbank
2.38%,
06/10/2025
230‌
247‌
Lloyds
Banking
Group
PLC
4.58%,
12/10/2025
575‌
650‌
4.65%,
03/24/2026
475‌
539‌
Mitsubishi
UFJ
Financial
Group
Inc
1.41%,
07/17/2025
200‌
201‌
2.19%,
02/25/2025
200‌
208‌
2.62%,
07/18/2022
400‌
412‌
2.80%,
07/18/2024
200‌
213‌
3.20%,
07/18/2029
200‌
216‌
3.75%,
07/18/2039
200‌
223‌
Mizuho
Financial
Group
Inc
1.24%,
07/10/2024
(f)
200‌
203‌
3
Month
USD
LIBOR
+
0.99%
2.20%,
07/10/2031
(f)
200‌
198‌
3
Month
USD
LIBOR
+
1.51%
2.23%,
05/25/2026
(f)
200‌
207‌
3
Month
USD
LIBOR
+
0.83%
2.72%,
07/16/2023
(f)
200‌
206‌
3
Month
USD
LIBOR
+
0.84%
2.84%,
07/16/2025
(f)
200‌
212‌
3
Month
USD
LIBOR
+
0.98%
Morgan
Stanley
0.53%,
01/25/2024
(f)
100‌
100‌
United
States
Secured
Overnight
Financing
Rate
+
0.46%
0.56%,
11/10/2023
(f)
135‌
135‌
United
States
Secured
Overnight
Financing
Rate
+
0.47%
0.99%,
12/10/2026
(f)
80‌
79‌
United
States
Secured
Overnight
Financing
Rate
+
0.72%
1.79%,
02/13/2032
(f)
135‌
129‌
United
States
Secured
Overnight
Financing
Rate
+
1.03%
1.93%,
04/28/2032
(f)
95‌
92‌
United
States
Secured
Overnight
Financing
Rate
+
1.02%
2.72%,
07/22/2025
(f)
255‌
271‌
United
States
Secured
Overnight
Financing
Rate
+
1.15%
2.75%,
05/19/2022
360‌
371‌
2.80%,
01/25/2052
(f)
210‌
198‌
United
States
Secured
Overnight
Financing
Rate
+
1.43%
3.13%,
01/23/2023
220‌
231‌
3.59%,
07/22/2028
(f)
90‌
100‌
3
Month
USD
LIBOR
+
1.34%
3.63%,
01/20/2027
95‌
106‌
3.75%,
02/25/2023
150‌
160‌
3.88%,
04/29/2024
75‌
82‌
3.95%,
04/23/2027
60‌
68‌
4.00%,
07/23/2025
25‌
28‌
4.30%,
01/27/2045
320‌
388‌
5.00%,
11/24/2025
75‌
87‌
6.38%,
07/24/2042
315‌
473‌
MUFG
Union
Bank
NA
3.15%,
04/01/2022
500‌
514‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
National
Australia
Bank
Ltd/New
York
1.88%,
12/13/2022
$
250‌
$
257‌
Natwest
Group
PLC
3.50%,
05/15/2023
(f)
400‌
414‌
3
Month
USD
LIBOR
+
1.48%
5.08%,
01/27/2030
(f)
400‌
473‌
3
Month
USD
LIBOR
+
1.91%
6.00%,
12/19/2023
475‌
539‌
Oesterreichische
Kontrollbank
AG
0.38%,
09/17/2025
305‌
298‌
PNC
Financial
Services
Group
Inc/The
2.20%,
11/01/2024
120‌
127‌
2.60%,
07/23/2026
110‌
118‌
Royal
Bank
of
Canada
0.43%,
01/19/2024
115‌
115‌
0.50%,
10/26/2023
100‌
100‌
1.95%,
01/17/2023
265‌
273‌
Santander
Holdings
USA
Inc
3.40%,
01/18/2023
75‌
79‌
Santander
UK
Group
Holdings
PLC
1.53%,
08/21/2026
(f)
200‌
200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.25%
3.57%,
01/10/2023
500‌
513‌
Santander
UK
PLC
2.10%,
01/13/2023
470‌
485‌
State
Street
Corp
2.20%,
03/03/2031
(g),(h)
60‌
60‌
2.35%,
11/01/2025
(f)
110‌
117‌
United
States
Secured
Overnight
Financing
Rate
+
0.94%
3.10%,
05/15/2023
50‌
53‌
3.30%,
12/16/2024
75‌
83‌
3.70%,
11/20/2023
75‌
82‌
Sumitomo
Mitsui
Financial
Group
Inc
1.47%,
07/08/2025
200‌
202‌
2.13%,
07/08/2030
200‌
199‌
2.14%,
09/23/2030
150‌
146‌
2.35%,
01/15/2025
200‌
209‌
2.78%,
07/12/2022
390‌
403‌
3.01%,
10/19/2026
75‌
81‌
3.04%,
07/16/2029
200‌
214‌
3.45%,
01/11/2027
165‌
182‌
Toronto-Dominion
Bank/The
0.25%,
01/06/2023
110‌
110‌
0.45%,
09/11/2023
240‌
240‌
0.75%,
06/12/2023
125‌
126‌
1.15%,
06/12/2025
125‌
125‌
Truist
Bank
1.25%,
03/09/2023
250‌
254‌
Truist
Financial
Corp
1.20%,
08/05/2025
(a)
60‌
61‌
1.27%,
03/02/2027
(f),(g)
195‌
195‌
United
States
Secured
Overnight
Financing
Rate
+
0.61%
1.95%,
06/05/2030
60‌
60‌
4.00%,
05/01/2025
75‌
84‌
US
Bancorp
1.38%,
07/22/2030
110‌
105‌
2.40%,
07/30/2024
190‌
201‌
3.00%,
03/15/2022
50‌
51‌
Wells
Fargo
&
Co
1.65%,
06/02/2024
(f)
220‌
225‌
United
States
Secured
Overnight
Financing
Rate
+
1.60%
2.19%,
04/30/2026
(f)
485‌
504‌
United
States
Secured
Overnight
Financing
Rate
+
2.00%
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
63
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co  
(continued)
2.39%,
06/02/2028
(f)
$
220‌
$
228‌
United
States
Secured
Overnight
Financing
Rate
+
2.10%
3.07%,
04/30/2041
(f)
485‌
493‌
United
States
Secured
Overnight
Financing
Rate
+
2.53%
3.55%,
09/29/2025
75‌
83‌
3.58%,
05/22/2028
(f)
375‌
414‌
3
Month
USD
LIBOR
+
1.31%
4.75%,
12/07/2046
250‌
304‌
4.90%,
11/17/2045
75‌
92‌
5.38%,
11/02/2043
185‌
236‌
Westpac
Banking
Corp
2.00%,
01/13/2023
155‌
160‌
2.35%,
02/19/2025
150‌
158‌
2.89%,
02/04/2030
(f)
155‌
161‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.35%
4.11%,
07/24/2034
(f)
145‌
159‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
$
48,879‌
Beverages
-
0
.59
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
250‌
298‌
4.90%,
02/01/2046
250‌
298‌
Anheuser-Busch
InBev
Finance
Inc
4.63%,
02/01/2044
75‌
86‌
Anheuser-Busch
InBev
Worldwide
Inc
3.50%,
06/01/2030
130‌
143‌
4.35%,
06/01/2040
130‌
150‌
4.50%,
06/01/2050
130‌
148‌
4.60%,
04/15/2048
35‌
40‌
4.75%,
04/15/2058
75‌
88‌
4.95%,
01/15/2042
25‌
31‌
5.45%,
01/23/2039
200‌
257‌
5.80%,
01/23/2059
210‌
286‌
8.20%,
01/15/2039
60‌
98‌
Coca-Cola
Co/The
1.00%,
03/15/2028
265‌
255‌
1.75%,
09/06/2024
140‌
145‌
2.50%,
06/01/2040
140‌
135‌
2.50%,
03/15/2051
115‌
105‌
2.60%,
06/01/2050
140‌
130‌
Constellation
Brands
Inc
3.15%,
08/01/2029
90‌
96‌
Diageo
Capital
PLC
2.13%,
10/24/2024
200‌
210‌
Fomento
Economico
Mexicano
SAB
de
CV
3.50%,
01/16/2050
160‌
163‌
Keurig
Dr
Pepper
Inc
4.42%,
05/25/2025
75‌
85‌
4.99%,
05/25/2038
250‌
316‌
Molson
Coors
Beverage
Co
3.00%,
07/15/2026
105‌
113‌
4.20%,
07/15/2046
250‌
265‌
PepsiCo
Inc
0.40%,
10/07/2023
100‌
100‌
0.75%,
05/01/2023
95‌
96‌
1.40%,
02/25/2031
130‌
124‌
2.75%,
03/05/2022
355‌
364‌
2.75%,
03/01/2023
75‌
79‌
2.85%,
02/24/2026
90‌
97‌
2.88%,
10/15/2049
145‌
143‌
$
4,944‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Biotechnology
-
0
.34
%
Amgen
Inc
2.25%,
08/19/2023
$
60‌
$
62‌
2.45%,
02/21/2030
155‌
159‌
2.65%,
05/11/2022
50‌
51‌
3.15%,
02/21/2040
155‌
159‌
3.38%,
02/21/2050
155‌
157‌
5.15%,
11/15/2041
113‌
147‌
Biogen
Inc
4.05%,
09/15/2025
160‌
180‌
5.20%,
09/15/2045
30‌
39‌
Gilead
Sciences
Inc
1.65%,
10/01/2030
150‌
143‌
1.95%,
03/01/2022
300‌
305‌
2.60%,
10/01/2040
75‌
70‌
2.80%,
10/01/2050
150‌
137‌
2.95%,
03/01/2027
240‌
259‌
3.50%,
02/01/2025
75‌
81‌
3.65%,
03/01/2026
75‌
83‌
4.15%,
03/01/2047
25‌
28‌
Regeneron
Pharmaceuticals
Inc
1.75%,
09/15/2030
160‌
151‌
Royalty
Pharma
PLC
0.75%,
09/02/2023
(i)
155‌
155‌
1.75%,
09/02/2027
(i)
155‌
155‌
2.20%,
09/02/2030
(i)
155‌
152‌
3.30%,
09/02/2040
(i)
155‌
155‌
$
2,828‌
Building
Materials
-
0
.17
%
Carrier
Global
Corp
2.24%,
02/15/2025
155‌
161‌
2.49%,
02/15/2027
155‌
162‌
3.38%,
04/05/2040
155‌
159‌
3.58%,
04/05/2050
155‌
158‌
Johnson
Controls
International
plc
5.13%,
09/14/2045
47‌
61‌
Martin
Marietta
Materials
Inc
2.50%,
03/15/2030
155‌
160‌
Masco
Corp
1.50%,
02/15/2028
(g)
60‌
59‌
Owens
Corning
4.30%,
07/15/2047
150‌
169‌
Vulcan
Materials
Co
3.50%,
06/01/2030
295‌
325‌
$
1,414‌
Chemicals
-
0
.41
%
Dow
Chemical
Co/The
2.10%,
11/15/2030
160‌
157‌
3.50%,
10/01/2024
250‌
272‌
3.60%,
11/15/2050
160‌
163‌
DuPont
de
Nemours
Inc
4.21%,
11/15/2023
50‌
55‌
5.32%,
11/15/2038
145‌
186‌
5.42%,
11/15/2048
185‌
244‌
Eastman
Chemical
Co
4.65%,
10/15/2044
75‌
90‌
Ecolab
Inc
1.30%,
01/30/2031
150‌
140‌
2.13%,
08/15/2050
150‌
126‌
EI
du
Pont
de
Nemours
and
Co
1.70%,
07/15/2025
60‌
61‌
Linde
Inc/CT
1.10%,
08/10/2030
160‌
148‌
2.20%,
08/15/2022
350‌
358‌
LYB
International
Finance
II
BV
3.50%,
03/02/2027
300‌
329‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
64
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
LYB
International
Finance
III
LLC
1.25%,
10/01/2025
$
65‌
$
65‌
2.25%,
10/01/2030
130‌
128‌
3.63%,
04/01/2051
130‌
130‌
4.20%,
10/15/2049
160‌
175‌
Mosaic
Co/The
4.25%,
11/15/2023
300‌
326‌
5.63%,
11/15/2043
25‌
32‌
Nutrien
Ltd
1.90%,
05/13/2023
95‌
98‌
3.00%,
04/01/2025
150‌
160‌
$
3,443‌
Commercial
Mortgage
Backed
Securities
-
0
.94
%
Citigroup
Commercial
Mortgage
Trust
2013-GC15
4.37%,
09/10/2046
(j)
500‌
543‌
COMM
2012-CCRE4
Mortgage
Trust
3.25%,
10/15/2045
500‌
506‌
COMM
2015-PC1
Mortgage
Trust
3.90%,
07/10/2050
885‌
980‌
Fannie
Mae-Aces
2.51%,
11/25/2022
(j)
735‌
752‌
2.98%,
12/25/2027
(j)
1,000‌
1,104‌
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.87%,
12/25/2021
310‌
315‌
3.17%,
10/25/2024
1,000‌
1,086‌
3.21%,
03/25/2025
1,248‌
1,365‌
GS
Mortgage
Securities
Trust
2011-GC5
3.71%,
08/10/2044
239‌
239‌
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C19
3.67%,
04/15/2047
500‌
502‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C21
3.15%,
03/15/2048
472‌
494‌
$
7,886‌
Commercial
Services
-
0
.24
%
American
University/The
3.67%,
04/01/2049
35‌
39‌
California
Institute
of
Technology
4.32%,
08/01/2045
50‌
63‌
Global
Payments
Inc
1.20%,
03/01/2026
45‌
45‌
2.65%,
02/15/2025
140‌
148‌
3.20%,
08/15/2029
140‌
149‌
4.15%,
08/15/2049
70‌
78‌
Massachusetts
Institute
of
Technology
3.96%,
07/01/2038
185‌
223‌
4.68%,
07/01/2114
100‌
135‌
Moody's
Corp
2.55%,
08/18/2060
160‌
132‌
5.25%,
07/15/2044
90‌
118‌
PayPal
Holdings
Inc
1.35%,
06/01/2023
155‌
158‌
2.20%,
09/26/2022
145‌
149‌
2.40%,
10/01/2024
145‌
153‌
2.85%,
10/01/2029
145‌
154‌
S&P
Global
Inc
1.25%,
08/15/2030
160‌
150‌
2.50%,
12/01/2029
55‌
57‌
3.25%,
12/01/2049
55‌
57‌
University
of
Southern
California
5.25%,
10/01/2111
20‌
29‌
$
2,037‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
-
0
.74
%
Apple
Inc
0.70%,
02/08/2026
$
275‌
$
271‌
1.20%,
02/08/2028
285‌
279‌
1.65%,
02/08/2031
140‌
136‌
2.38%,
02/08/2041
140‌
131‌
2.40%,
01/13/2023
75‌
78‌
2.40%,
05/03/2023
75‌
78‌
2.40%,
08/20/2050
210‌
188‌
2.55%,
08/20/2060
105‌
91‌
2.65%,
02/08/2051
140‌
130‌
2.80%,
02/08/2061
140‌
128‌
2.95%,
09/11/2049
140‌
138‌
3.20%,
05/11/2027
110‌
121‌
3.75%,
11/13/2047
195‌
219‌
4.38%,
05/13/2045
80‌
98‌
4.65%,
02/23/2046
170‌
216‌
Dell
International
LLC
/
EMC
Corp
4.00%,
07/15/2024
(i)
300‌
328‌
5.30%,
10/01/2029
(i)
300‌
355‌
5.45%,
06/15/2023
(i)
105‌
115‌
6.02%,
06/15/2026
(i)
300‌
359‌
8.35%,
07/15/2046
(i)
105‌
159‌
DXC
Technology
Co
4.75%,
04/15/2027
100‌
113‌
Hewlett
Packard
Enterprise
Co
1.45%,
04/01/2024
455‌
465‌
2.25%,
04/01/2023
140‌
145‌
4.45%,
10/02/2023
160‌
175‌
4.90%,
10/15/2025
200‌
230‌
6.20%,
10/15/2035
75‌
97‌
HP
Inc
3.00%,
06/17/2027
140‌
151‌
6.00%,
09/15/2041
355‌
454‌
International
Business
Machines
Corp
3.50%,
05/15/2029
160‌
176‌
4.15%,
05/15/2039
195‌
227‌
4.70%,
02/19/2046
145‌
184‌
NetApp
Inc
2.38%,
06/22/2027
155‌
161‌
$
6,196‌
Consumer
Products
-
0
.03
%
Church
&
Dwight
Co
Inc
3.95%,
08/01/2047
200‌
227‌
Kimberly-Clark
Corp
2.40%,
03/01/2022
30‌
31‌
$
258‌
Cosmetics
&
Personal
Care
-
0
.12
%
Procter
&
Gamble
Co/The
0.55%,
10/29/2025
180‌
177‌
1.20%,
10/29/2030
280‌
265‌
3.55%,
03/25/2040
155‌
177‌
Unilever
Capital
Corp
1.38%,
09/14/2030
150‌
143‌
2.60%,
05/05/2024
200‌
213‌
$
975‌
Diversified
Financial
Services
-
0
.77
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.75%,
01/30/2026
150‌
146‌
2.88%,
08/14/2024
225‌
234‌
Air
Lease
Corp
2.25%,
01/15/2023
195‌
200‌
2.30%,
02/01/2025
585‌
597‌
Ally
Financial
Inc
1.45%,
10/02/2023
55‌
56‌
8.00%,
11/01/2031
170‌
242‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
65
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
American
Express
Co
2.50%,
07/30/2024
$
220‌
$
233‌
2.65%,
12/02/2022
75‌
78‌
2.75%,
05/20/2022
300‌
308‌
American
Express
Credit
Corp
2.70%,
03/03/2022
75‌
77‌
BlackRock
Inc
3.38%,
06/01/2022
30‌
31‌
Brookfield
Finance
Inc
3.50%,
03/30/2051
150‌
148‌
Capital
One
Financial
Corp
3.20%,
02/05/2025
60‌
64‌
3.30%,
10/30/2024
75‌
81‌
Charles
Schwab
Corp/The
0.90%,
03/11/2026
140‌
139‌
1.65%,
03/11/2031
140‌
134‌
CME
Group
Inc
3.00%,
09/15/2022
50‌
52‌
Discover
Financial
Services
4.10%,
02/09/2027
75‌
85‌
GE
Capital
International
Funding
Co
Unlimited
Co
4.42%,
11/15/2035
315‌
357‌
Intercontinental
Exchange
Inc
0.70%,
06/15/2023
160‌
161‌
1.85%,
09/15/2032
120‌
113‌
2.65%,
09/15/2040
160‌
151‌
3.00%,
09/15/2060
160‌
149‌
3.75%,
12/01/2025
75‌
84‌
Legg
Mason
Inc
5.63%,
01/15/2044
25‌
34‌
Mastercard
Inc
3.35%,
03/26/2030
75‌
84‌
3.38%,
04/01/2024
150‌
163‌
Nasdaq
Inc
2.50%,
12/21/2040
55‌
50‌
Nomura
Holdings
Inc
1.85%,
07/16/2025
315‌
321‌
2.68%,
07/16/2030
315‌
320‌
Synchrony
Financial
4.25%,
08/15/2024
290‌
318‌
4.50%,
07/23/2025
575‌
641‌
Visa
Inc
1.10%,
02/15/2031
160‌
149‌
1.90%,
04/15/2027
80‌
83‌
2.00%,
08/15/2050
160‌
134‌
2.70%,
04/15/2040
155‌
156‌
2.80%,
12/14/2022
75‌
78‌
$
6,451‌
Electric
-
1
.94
%
AEP
Texas
Inc
2.10%,
07/01/2030
160‌
160‌
3.45%,
01/15/2050
50‌
51‌
AES
Corp/The
2.45%,
01/15/2031
(i)
60‌
59‌
Alabama
Power
Co
1.45%,
09/15/2030
155‌
147‌
Ameren
Corp
1.75%,
03/15/2028
(g)
60‌
59‌
Ameren
Illinois
Co
1.55%,
11/15/2030
65‌
62‌
3.25%,
03/15/2050
75‌
79‌
American
Electric
Power
Co
Inc
1.00%,
11/01/2025
15‌
15‌
2.30%,
03/01/2030
155‌
155‌
Arizona
Public
Service
Co
2.60%,
08/15/2029
90‌
95‌
2.65%,
09/15/2050
150‌
139‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Berkshire
Hathaway
Energy
Co
1.65%,
05/15/2031
(i)
$
65‌
$
62‌
2.85%,
05/15/2051
(i)
85‌
79‌
3.80%,
07/15/2048
125‌
138‌
CenterPoint
Energy
Inc
2.95%,
03/01/2030
100‌
104‌
3.70%,
09/01/2049
60‌
63‌
CMS
Energy
Corp
3.75%,
12/01/2050
(f)
60‌
60‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
Commonwealth
Edison
Co
3.00%,
03/01/2050
155‌
152‌
4.70%,
01/15/2044
150‌
187‌
Connecticut
Light
and
Power
Co/The
0.75%,
12/01/2025
60‌
59‌
3.20%,
03/15/2027
140‌
154‌
Consolidated
Edison
Co
of
New
York
Inc
3.00%,
12/01/2060
65‌
60‌
3.70%,
11/15/2059
80‌
85‌
3.88%,
06/15/2047
300‌
326‌
Consumers
Energy
Co
2.50%,
05/01/2060
155‌
135‌
Dominion
Energy
Inc
3.38%,
04/01/2030
155‌
169‌
DTE
Electric
Co
3.70%,
03/15/2045
200‌
221‌
DTE
Energy
Co
0.55%,
11/01/2022
150‌
150‌
1.05%,
06/01/2025
80‌
80‌
2.25%,
11/01/2022
145‌
149‌
Duke
Energy
Carolinas
LLC
4.00%,
09/30/2042
145‌
166‌
5.30%,
02/15/2040
125‌
165‌
Duke
Energy
Corp
0.90%,
09/15/2025
150‌
148‌
2.65%,
09/01/2026
90‌
95‌
3.15%,
08/15/2027
90‌
98‌
Duke
Energy
Florida
LLC
1.75%,
06/15/2030
155‌
152‌
2.50%,
12/01/2029
125‌
131‌
3.40%,
10/01/2046
200‌
211‌
Duke
Energy
Indiana
LLC
2.75%,
04/01/2050
155‌
143‌
Duke
Energy
Ohio
Inc
2.13%,
06/01/2030
155‌
156‌
Duke
Energy
Progress
LLC
2.50%,
08/15/2050
160‌
143‌
Emera
US
Finance
LP
4.75%,
06/15/2046
75‌
87‌
Entergy
Arkansas
LLC
2.65%,
06/15/2051
45‌
41‌
Entergy
Louisiana
LLC
2.90%,
03/15/2051
35‌
34‌
3.12%,
09/01/2027
200‌
220‌
Entergy
Texas
Inc
1.75%,
03/15/2031
150‌
145‌
4.00%,
03/30/2029
170‌
193‌
Evergy
Inc
2.45%,
09/15/2024
140‌
147‌
Evergy
Metro
Inc
2.25%,
06/01/2030
155‌
158‌
Eversource
Energy
0.80%,
08/15/2025
160‌
157‌
1.65%,
08/15/2030
160‌
154‌
Exelon
Corp
3.50%,
06/01/2022
90‌
93‌
4.95%,
06/15/2035
320‌
390‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
66
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Florida
Power
&
Light
Co
3.70%,
12/01/2047
$
70‌
$
79‌
4.05%,
10/01/2044
145‌
169‌
5.65%,
02/01/2037
250‌
337‌
Georgia
Power
Co
2.20%,
09/15/2024
140‌
147‌
3.25%,
03/30/2027
750‌
819‌
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
40‌
41‌
Kentucky
Utilities
Co
3.30%,
06/01/2050
155‌
156‌
MidAmerican
Energy
Co
3.15%,
04/15/2050
145‌
149‌
Mississippi
Power
Co
4.25%,
03/15/2042
30‌
34‌
National
Rural
Utilities
Cooperative
Finance
Corp
0.35%,
02/08/2024
245‌
244‌
1.00%,
06/15/2026
60‌
59‌
2.85%,
01/27/2025
100‌
107‌
NextEra
Energy
Capital
Holdings
Inc
2.25%,
06/01/2030
250‌
251‌
2.75%,
11/01/2029
105‌
110‌
Northern
States
Power
Co/MN
2.60%,
06/01/2051
155‌
144‌
2.90%,
03/01/2050
70‌
69‌
5.35%,
11/01/2039
30‌
40‌
Ohio
Power
Co
1.63%,
01/15/2031
265‌
255‌
Oncor
Electric
Delivery
Co
LLC
0.55%,
10/01/2025
(i)
150‌
147‌
3.10%,
09/15/2049
195‌
198‌
Pacific
Gas
and
Electric
Co
2.10%,
08/01/2027
605‌
599‌
2.50%,
02/01/2031
130‌
126‌
3.30%,
08/01/2040
155‌
146‌
3.50%,
08/01/2050
200‌
179‌
PECO
Energy
Co
2.38%,
09/15/2022
105‌
108‌
2.80%,
06/15/2050
110‌
105‌
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
70‌
68‌
Progress
Energy
Inc
3.15%,
04/01/2022
40‌
41‌
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
(g)
45‌
45‌
2.70%,
01/15/2051
95‌
91‌
Public
Service
Electric
and
Gas
Co
2.05%,
08/01/2050
160‌
132‌
3.15%,
01/01/2050
155‌
159‌
3.65%,
09/01/2028
200‌
225‌
Public
Service
Enterprise
Group
Inc
0.80%,
08/15/2025
320‌
315‌
San
Diego
Gas
&
Electric
Co
1.70%,
10/01/2030
150‌
144‌
3.32%,
04/15/2050
155‌
160‌
4.50%,
08/15/2040
175‌
209‌
Sempra
Energy
4.00%,
02/01/2048
70‌
77‌
Southern
California
Edison
Co
2.25%,
06/01/2030
155‌
155‌
2.85%,
08/01/2029
100‌
105‌
4.00%,
04/01/2047
70‌
75‌
5.50%,
03/15/2040
350‌
440‌
5.95%,
02/01/2038
30‌
39‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Southern
Co/The
1.75%,
03/15/2028
$
60‌
$
59‌
2.95%,
07/01/2023
105‌
111‌
4.00%,
01/15/2051
(f)
150‌
156‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
Southern
Power
Co
0.90%,
01/15/2026
10‌
10‌
4.95%,
12/15/2046
35‌
40‌
Southwestern
Public
Service
Co
4.50%,
08/15/2041
300‌
360‌
Tucson
Electric
Power
Co
1.50%,
08/01/2030
105‌
100‌
Union
Electric
Co
2.63%,
03/15/2051
130‌
123‌
Virginia
Electric
and
Power
Co
2.45%,
12/15/2050
145‌
128‌
8.88%,
11/15/2038
225‌
396‌
WEC
Energy
Group
Inc
0.55%,
09/15/2023
150‌
150‌
1.38%,
10/15/2027
130‌
128‌
3.55%,
06/15/2025
59‌
65‌
Xcel
Energy
Inc
0.50%,
10/15/2023
75‌
75‌
2.60%,
12/01/2029
140‌
146‌
$
16,226‌
Electrical
Components
&
Equipment
-
0
.03
%
Emerson
Electric
Co
0.88%,
10/15/2026
225‌
221‌
Electronics
-
0
.10
%
Agilent
Technologies
Inc
2.10%,
06/04/2030
155‌
155‌
Arrow
Electronics
Inc
4.50%,
03/01/2023
30‌
32‌
Honeywell
International
Inc
1.35%,
06/01/2025
80‌
81‌
2.15%,
08/08/2022
70‌
72‌
2.80%,
06/01/2050
155‌
152‌
Roper
Technologies
Inc
1.40%,
09/15/2027
160‌
158‌
2.35%,
09/15/2024
90‌
95‌
Tyco
Electronics
Group
SA
7.13%,
10/01/2037
37‌
53‌
$
798‌
Environmental
Control
-
0
.03
%
Republic
Services
Inc
1.75%,
02/15/2032
35‌
33‌
2.30%,
03/01/2030
85‌
87‌
Waste
Management
Inc
0.75%,
11/15/2025
35‌
34‌
2.50%,
11/15/2050
75‌
67‌
$
221‌
Federal
&
Federally
Sponsored
Credit
-
0
.01
%
Federal
Farm
Credit
Banks
Funding
Corp
0.25%,
02/26/2024
115‌
115‌
Finance
-
Mortgage
Loan/Banker
-
1
.40
%
Fannie
Mae
0.50%,
06/17/2025
1,060‌
1,052‌
0.50%,
11/07/2025
135‌
133‌
0.75%,
10/08/2027
400‌
389‌
0.88%,
08/05/2030
310‌
291‌
1.38%,
09/06/2022
300‌
306‌
2.25%,
04/12/2022
500‌
512‌
2.50%,
02/05/2024
1,000‌
1,063‌
5.63%,
07/15/2037
65‌
98‌
6.63%,
11/15/2030
230‌
334‌
7.13%,
01/15/2030
250‌
367‌
7.25%,
05/15/2030
249‌
372‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
67
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Finance
-
Mortgage
Loan/Banker
(continued)
Federal
Home
Loan
Banks
0.13%,
10/21/2022
$
955‌
$
955‌
0.38%,
09/04/2025
150‌
148‌
2.50%,
02/13/2024
500‌
532‌
3.25%,
11/16/2028
150‌
171‌
5.50%,
07/15/2036
370‌
546‌
Freddie
Mac
0.13%,
10/16/2023
205‌
204‌
0.25%,
06/26/2023
1,315‌
1,315‌
0.25%,
08/24/2023
310‌
310‌
0.25%,
09/08/2023
460‌
460‌
0.25%,
11/06/2023
150‌
150‌
0.25%,
12/04/2023
110‌
110‌
0.38%,
09/23/2025
1,455‌
1,429‌
6.25%,
07/15/2032
280‌
415‌
6.75%,
03/15/2031
43‌
64‌
$
11,726‌
Food
-
0
.39
%
Campbell
Soup
Co
4.15%,
03/15/2028
185‌
212‌
Conagra
Brands
Inc
1.38%,
11/01/2027
100‌
98‌
4.85%,
11/01/2028
140‌
166‌
5.30%,
11/01/2038
85‌
107‌
5.40%,
11/01/2048
85‌
111‌
General
Mills
Inc
4.00%,
04/17/2025
75‌
83‌
Hershey
Co/The
1.70%,
06/01/2030
155‌
153‌
2.65%,
06/01/2050
185‌
175‌
J
M
Smucker
Co/The
3.00%,
03/15/2022
300‌
308‌
Kellogg
Co
2.10%,
06/01/2030
155‌
154‌
Koninklijke
Ahold
Delhaize
NV
5.70%,
10/01/2040
(a)
9‌
12‌
Kroger
Co/The
1.70%,
01/15/2031
60‌
57‌
4.45%,
02/01/2047
25‌
29‌
5.15%,
08/01/2043
300‌
381‌
5.40%,
07/15/2040
30‌
39‌
McCormick
&
Co
Inc/MD
0.90%,
02/15/2026
60‌
59‌
1.85%,
02/15/2031
60‌
58‌
Mondelez
International
Inc
0.63%,
07/01/2022
160‌
161‌
1.50%,
02/04/2031
165‌
154‌
2.13%,
04/13/2023
230‌
238‌
2.63%,
09/04/2050
165‌
147‌
Sysco
Corp
4.85%,
10/01/2045
250‌
297‌
Tyson
Foods
Inc
3.55%,
06/02/2027
75‌
83‌
$
3,282‌
Forest
Products
&
Paper
-
0
.10
%
Fibria
Overseas
Finance
Ltd
5.50%,
01/17/2027
300‌
345‌
Georgia-Pacific
LLC
7.75%,
11/15/2029
20‌
29‌
8.00%,
01/15/2024
400‌
484‌
$
858‌
Gas
-
0
.20
%
Atmos
Energy
Corp
1.50%,
01/15/2031
150‌
140‌
3.38%,
09/15/2049
145‌
149‌
4.13%,
10/15/2044
140‌
161‌
CenterPoint
Energy
Resources
Corp
1.75%,
10/01/2030
150‌
144‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
(continued)
Eastern
Energy
Gas
Holdings
LLC
4.60%,
12/15/2044
$
200‌
$
236‌
NiSource
Inc
0.95%,
08/15/2025
320‌
316‌
3.60%,
05/01/2030
160‌
177‌
Southern
California
Gas
Co
2.55%,
02/01/2030
155‌
160‌
Southern
Co
Gas
Capital
Corp
1.75%,
01/15/2031
160‌
153‌
Washington
Gas
Light
Co
3.65%,
09/15/2049
25‌
27‌
$
1,663‌
Hand
&
Machine
Tools
-
0
.01
%
Stanley
Black
&
Decker
Inc
2.75%,
11/15/2050
85‌
79‌
Healthcare
-
Products
-
0
.28
%
Abbott
Laboratories
1.15%,
01/30/2028
250‌
243‌
4.75%,
04/15/2043
300‌
391‌
Baxter
International
Inc
1.73%,
04/01/2031
(i)
85‌
81‌
Boston
Scientific
Corp
1.90%,
06/01/2025
155‌
161‌
Danaher
Corp
2.60%,
10/01/2050
150‌
136‌
DH
Europe
Finance
II
Sarl
2.05%,
11/15/2022
150‌
154‌
2.60%,
11/15/2029
150‌
156‌
3.25%,
11/15/2039
150‌
158‌
Koninklijke
Philips
NV
5.00%,
03/15/2042
30‌
39‌
Medtronic
Inc
4.63%,
03/15/2045
86‌
112‌
Stryker
Corp
3.38%,
11/01/2025
75‌
82‌
4.38%,
05/15/2044
25‌
30‌
Thermo
Fisher
Scientific
Inc
2.60%,
10/01/2029
145‌
152‌
4.13%,
03/25/2025
155‌
173‌
Zimmer
Biomet
Holdings
Inc
3.15%,
04/01/2022
275‌
282‌
$
2,350‌
Healthcare
-
Services
-
0
.66
%
Advocate
Health
&
Hospitals
Corp
3.83%,
08/15/2028
300‌
334‌
Aetna
Inc
2.75%,
11/15/2022
250‌
258‌
2.80%,
06/15/2023
50‌
52‌
3.88%,
08/15/2047
60‌
64‌
6.75%,
12/15/2037
205‌
299‌
Anthem
Inc
2.88%,
09/15/2029
220‌
234‌
3.13%,
05/15/2050
75‌
73‌
4.10%,
03/01/2028
255‌
293‌
4.65%,
01/15/2043
30‌
37‌
Baylor
Scott
&
White
Holdings
4.19%,
11/15/2045
125‌
149‌
HCA
Inc
4.75%,
05/01/2023
500‌
542‌
5.25%,
06/15/2026
970‌
1,131‌
Humana
Inc
3.13%,
08/15/2029
70‌
75‌
4.50%,
04/01/2025
155‌
175‌
Providence
St
Joseph
Health
Obligated
Group
3.74%,
10/01/2047
250‌
273‌
Quest
Diagnostics
Inc
2.95%,
06/30/2030
155‌
164‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
68
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
UnitedHealth
Group
Inc
1.25%,
01/15/2026
$
155‌
$
156‌
2.38%,
08/15/2024
250‌
265‌
2.75%,
05/15/2040
155‌
154‌
2.88%,
03/15/2023
250‌
263‌
2.88%,
08/15/2029
150‌
161‌
2.90%,
05/15/2050
155‌
151‌
4.25%,
06/15/2048
110‌
132‌
4.45%,
12/15/2048
95‌
117‌
$
5,552‌
Home
Builders
-
0
.02
%
DR
Horton
Inc
1.40%,
10/15/2027
150‌
148‌
Home
Furnishings
-
0
.03
%
Leggett
&
Platt
Inc
4.40%,
03/15/2029
250‌
284‌
Insurance
-
0
.74
%
Allstate
Corp/The
0.75%,
12/15/2025
170‌
168‌
1.45%,
12/15/2030
170‌
162‌
American
International
Group
Inc
3.75%,
07/10/2025
75‌
82‌
4.50%,
07/16/2044
75‌
89‌
5.75%,
04/01/2048
(f)
400‌
454‌
3
Month
USD
LIBOR
+
2.87%
Aon
Corp
2.20%,
11/15/2022
60‌
62‌
2.80%,
05/15/2030
155‌
163‌
Athene
Holding
Ltd
4.13%,
01/12/2028
575‌
635‌
AXA
SA
8.60%,
12/15/2030
30‌
47‌
Berkshire
Hathaway
Finance
Corp
1.45%,
10/15/2030
130‌
126‌
2.50%,
01/15/2051
90‌
80‌
2.85%,
10/15/2050
100‌
96‌
4.20%,
08/15/2048
180‌
214‌
5.75%,
01/15/2040
25‌
36‌
Berkshire
Hathaway
Inc
2.75%,
03/15/2023
60‌
63‌
Brown
&
Brown
Inc
4.50%,
03/15/2029
300‌
347‌
Chubb
INA
Holdings
Inc
1.38%,
09/15/2030
300‌
284‌
2.70%,
03/13/2023
300‌
314‌
CNA
Financial
Corp
2.05%,
08/15/2030
160‌
156‌
Equitable
Holdings
Inc
4.35%,
04/20/2028
140‌
159‌
5.00%,
04/20/2048
90‌
112‌
First
American
Financial
Corp
4.60%,
11/15/2024
300‌
330‌
Marsh
&
McLennan
Cos
Inc
4.90%,
03/15/2049
110‌
145‌
MetLife
Inc
4.13%,
08/13/2042
250‌
297‌
4.60%,
05/13/2046
195‌
247‌
4.88%,
11/13/2043
50‌
65‌
Progressive
Corp/The
4.35%,
04/25/2044
30‌
37‌
Prudential
Financial
Inc
3.70%,
10/01/2050
(f)
160‌
164‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
3.70%,
03/13/2051
185‌
202‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Prudential
Financial
Inc  
(continued)
5.20%,
03/15/2044
(f)
$
400‌
$
426‌
3
Month
USD
LIBOR
+
3.04%
5.70%,
09/15/2048
(f)
100‌
114‌
3
Month
USD
LIBOR
+
2.67%
W
R
Berkley
Corp
4.00%,
05/12/2050
75‌
84‌
Willis
North
America
Inc
2.95%,
09/15/2029
50‌
53‌
3.88%,
09/15/2049
140‌
155‌
$
6,168‌
Internet
-
0
.24
%
Alibaba
Group
Holding
Ltd
3.15%,
02/09/2051
200‌
189‌
3.40%,
12/06/2027
260‌
284‌
Alphabet
Inc
1.10%,
08/15/2030
160‌
150‌
1.90%,
08/15/2040
160‌
142‌
2.25%,
08/15/2060
160‌
133‌
Amazon.com
Inc
2.50%,
11/29/2022
75‌
78‌
2.50%,
06/03/2050
285‌
263‌
2.80%,
08/22/2024
75‌
81‌
3.80%,
12/05/2024
75‌
83‌
4.25%,
08/22/2057
75‌
92‌
Baidu
Inc
3.08%,
04/07/2025
200‌
212‌
eBay
Inc
1.90%,
03/11/2025
155‌
160‌
3.45%,
08/01/2024
60‌
65‌
4.00%,
07/15/2042
20‌
22‌
Expedia
Group
Inc
2.95%,
03/15/2031
(g),(i)
45‌
44‌
$
1,998‌
Iron
&
Steel
-
0
.10
%
Nucor
Corp
2.00%,
06/01/2025
155‌
160‌
4.00%,
08/01/2023
250‌
269‌
Steel
Dynamics
Inc
1.65%,
10/15/2027
65‌
65‌
2.40%,
06/15/2025
40‌
42‌
2.80%,
12/15/2024
75‌
80‌
Vale
Overseas
Ltd
6.25%,
08/10/2026
200‌
242‌
$
858‌
Leisure
Products
&
Services
-
0
.04
%
Harley-Davidson
Inc
3.50%,
07/28/2025
300‌
322‌
Lodging
-
0
.04
%
Las
Vegas
Sands
Corp
3.20%,
08/08/2024
140‌
147‌
3.50%,
08/18/2026
70‌
74‌
3.90%,
08/08/2029
140‌
148‌
$
369‌
Machinery
-
Construction
&
Mining
-
0
.13
%
Caterpillar
Financial
Services
Corp
0.25%,
03/01/2023
(g)
60‌
60‌
0.45%,
09/14/2023
120‌
120‌
0.65%,
07/07/2023
160‌
161‌
0.80%,
11/13/2025
65‌
64‌
1.10%,
09/14/2027
120‌
117‌
1.90%,
09/06/2022
360‌
369‌
Caterpillar
Inc
3.25%,
09/19/2049
145‌
153‌
3.80%,
08/15/2042
50‌
58‌
$
1,102‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
69
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Diversified
-
0
.22
%
CNH
Industrial
Capital
LLC
1.88%,
01/15/2026
$
150‌
$
154‌
Dover
Corp
5.38%,
03/01/2041
30‌
37‌
John
Deere
Capital
Corp
0.40%,
10/10/2023
130‌
130‌
0.70%,
07/05/2023
155‌
157‌
0.70%,
01/15/2026
225‌
221‌
1.20%,
04/06/2023
115‌
117‌
2.05%,
01/09/2025
155‌
162‌
Otis
Worldwide
Corp
2.06%,
04/05/2025
155‌
161‌
2.57%,
02/15/2030
155‌
159‌
3.36%,
02/15/2050
155‌
159‌
Westinghouse
Air
Brake
Technologies
Corp
4.95%,
09/15/2028
300‌
351‌
$
1,808‌
Media
-
0
.87
%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.30%,
02/01/2032
250‌
238‌
2.80%,
04/01/2031
110‌
111‌
3.50%,
06/01/2041
(g)
115‌
111‌
3.70%,
04/01/2051
110‌
103‌
3.85%,
04/01/2061
250‌
228‌
4.91%,
07/23/2025
70‌
80‌
5.38%,
04/01/2038
50‌
59‌
5.75%,
04/01/2048
280‌
342‌
Comcast
Cable
Communications
Holdings
Inc
9.46%,
11/15/2022
20‌
23‌
Comcast
Corp
1.50%,
02/15/2031
160‌
151‌
2.35%,
01/15/2027
155‌
162‌
2.45%,
08/15/2052
160‌
138‌
2.65%,
02/01/2030
115‌
120‌
2.65%,
08/15/2062
160‌
139‌
3.10%,
04/01/2025
155‌
167‌
3.15%,
03/01/2026
75‌
82‌
3.25%,
11/01/2039
230‌
242‌
3.55%,
05/01/2028
225‌
251‌
3.97%,
11/01/2047
105‌
119‌
4.05%,
11/01/2052
90‌
103‌
4.50%,
01/15/2043
25‌
30‌
4.60%,
08/15/2045
270‌
334‌
4.65%,
07/15/2042
75‌
93‌
Discovery
Communications
LLC
2.95%,
03/20/2023
40‌
42‌
3.63%,
05/15/2030
60‌
66‌
3.95%,
06/15/2025
350‌
386‌
3.95%,
03/20/2028
500‌
556‌
4.00%,
09/15/2055
(i)
91‌
92‌
Fox
Corp
5.48%,
01/25/2039
110‌
140‌
5.58%,
01/25/2049
140‌
183‌
Thomson
Reuters
Corp
5.85%,
04/15/2040
30‌
39‌
Time
Warner
Cable
LLC
5.88%,
11/15/2040
260‌
328‌
6.55%,
05/01/2037
50‌
67‌
7.30%,
07/01/2038
60‌
85‌
Time
Warner
Entertainment
Co
LP
8.38%,
07/15/2033
20‌
30‌
TWDC
Enterprises
18
Corp
7.00%,
03/01/2032
30‌
43‌
ViacomCBS
Inc
4.38%,
03/15/2043
400‌
448‌
4.85%,
07/01/2042
300‌
357‌
7.88%,
07/30/2030
30‌
42‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Walt
Disney
Co/The
2.20%,
01/13/2028
$
155‌
$
160‌
3.38%,
11/15/2026
170‌
188‌
3.50%,
05/13/2040
155‌
168‌
3.60%,
01/13/2051
155‌
167‌
6.40%,
12/15/2035
179‌
261‌
$
7,274‌
Metal
Fabrication
&
Hardware
-
0
.03
%
Precision
Castparts
Corp
3.90%,
01/15/2043
193‌
211‌
Mining
-
0
.09
%
BHP
Billiton
Finance
USA
Ltd
4.13%,
02/24/2042
170‌
203‌
Newmont
Corp
3.70%,
03/15/2023
66‌
69‌
6.25%,
10/01/2039
100‌
142‌
Rio
Tinto
Alcan
Inc
6.13%,
12/15/2033
30‌
43‌
Southern
Copper
Corp
5.88%,
04/23/2045
110‌
148‌
Teck
Resources
Ltd
3.90%,
07/15/2030
115‌
124‌
$
729‌
Miscellaneous
Manufacturers
-
0
.21
%
3M
Co
3.25%,
08/26/2049
100‌
106‌
Eaton
Corp
4.15%,
11/02/2042
95‌
112‌
General
Electric
Co
3.45%,
05/01/2027
80‌
88‌
3.63%,
05/01/2030
140‌
152‌
4.13%,
10/09/2042
3‌
3‌
4.25%,
05/01/2040
80‌
88‌
5.88%,
01/14/2038
420‌
547‌
Illinois
Tool
Works
Inc
2.65%,
11/15/2026
90‌
97‌
Parker-Hannifin
Corp
3.50%,
09/15/2022
30‌
31‌
Textron
Inc
4.00%,
03/15/2026
500‌
556‌
$
1,780‌
Oil
&
Gas
-
1
.28
%
BP
Capital
Markets
America
Inc
1.75%,
08/10/2030
205‌
197‌
2.94%,
04/06/2023
130‌
137‌
2.94%,
06/04/2051
60‌
54‌
3.00%,
02/24/2050
155‌
142‌
3.12%,
05/04/2026
110‌
119‌
3.19%,
04/06/2025
215‌
232‌
3.54%,
04/06/2027
215‌
238‌
3.59%,
04/14/2027
200‌
223‌
BP
Capital
Markets
PLC
2.50%,
11/06/2022
75‌
78‌
3.28%,
09/19/2027
115‌
126‌
3.51%,
03/17/2025
75‌
82‌
Canadian
Natural
Resources
Ltd
3.80%,
04/15/2024
470‌
506‌
Chevron
Corp
2.00%,
05/11/2027
155‌
160‌
2.98%,
05/11/2040
40‌
41‌
Chevron
USA
Inc
0.43%,
08/11/2023
240‌
240‌
1.02%,
08/12/2027
160‌
156‌
2.34%,
08/12/2050
160‌
137‌
3.25%,
10/15/2029
290‌
321‌
Devon
Energy
Corp
5.00%,
06/15/2045
75‌
87‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
70
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Diamondback
Energy
Inc
2.88%,
12/01/2024
$
150‌
$
159‌
3.25%,
12/01/2026
150‌
159‌
Ecopetrol
SA
5.88%,
05/28/2045
160‌
173‌
Equinor
ASA
3.00%,
04/06/2027
155‌
168‌
3.25%,
11/18/2049
145‌
145‌
3.63%,
04/06/2040
155‌
170‌
Exxon
Mobil
Corp
1.57%,
04/15/2023
235‌
241‌
1.90%,
08/16/2022
45‌
46‌
2.02%,
08/16/2024
200‌
209‌
3.00%,
08/16/2039
150‌
149‌
4.23%,
03/19/2040
315‌
359‌
Hess
Corp
4.30%,
04/01/2027
300‌
332‌
7.13%,
03/15/2033
21‌
28‌
7.30%,
08/15/2031
109‌
143‌
Husky
Energy
Inc
4.00%,
04/15/2024
500‌
534‌
Marathon
Oil
Corp
2.80%,
11/01/2022
26‌
27‌
3.85%,
06/01/2025
500‌
539‌
4.40%,
07/15/2027
300‌
338‌
Marathon
Petroleum
Corp
3.63%,
09/15/2024
145‌
158‌
5.00%,
09/15/2054
200‌
221‌
Phillips
66
1.30%,
02/15/2026
30‌
30‌
2.15%,
12/15/2030
110‌
106‌
3.85%,
04/09/2025
95‌
105‌
4.30%,
04/01/2022
75‌
78‌
5.88%,
05/01/2042
30‌
40‌
Pioneer
Natural
Resources
Co
1.13%,
01/15/2026
55‌
54‌
1.90%,
08/15/2030
160‌
153‌
2.15%,
01/15/2031
55‌
53‌
Shell
International
Finance
BV
0.38%,
09/15/2023
150‌
150‌
2.00%,
11/07/2024
150‌
156‌
2.38%,
04/06/2025
105‌
111‌
2.38%,
11/07/2029
150‌
154‌
2.88%,
05/10/2026
155‌
167‌
3.13%,
11/07/2049
150‌
147‌
4.38%,
05/11/2045
325‌
385‌
Suncor
Energy
Inc
2.80%,
05/15/2023
155‌
162‌
4.00%,
11/15/2047
100‌
106‌
6.85%,
06/01/2039
73‌
103‌
Total
Capital
International
SA
2.99%,
06/29/2041
115‌
115‌
3.13%,
05/29/2050
155‌
151‌
3.39%,
06/29/2060
115‌
114‌
Valero
Energy
Corp
1.20%,
03/15/2024
150‌
151‌
2.85%,
04/15/2025
150‌
158‌
6.63%,
06/15/2037
60‌
79‌
7.50%,
04/15/2032
60‌
83‌
$
10,685‌
Oil
&
Gas
Services
-
0
.13
%
Baker
Hughes
a
GE
Co
LLC
/
Baker
Hughes
Co-
Obligor
Inc
2.77%,
12/15/2022
75‌
78‌
3.14%,
11/07/2029
150‌
161‌
3.34%,
12/15/2027
135‌
149‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
Services
(continued)
Halliburton
Co
3.80%,
11/15/2025
$
14‌
$
15‌
5.00%,
11/15/2045
230‌
265‌
7.45%,
09/15/2039
26‌
37‌
NOV
Inc
3.60%,
12/01/2029
150‌
156‌
Schlumberger
Investment
SA
2.65%,
06/26/2030
160‌
165‌
3.65%,
12/01/2023
75‌
81‌
$
1,107‌
Packaging
&
Containers
-
0
.01
%
WRKCo
Inc
3.00%,
06/15/2033
80‌
84‌
Pharmaceuticals
-
1
.55
%
AbbVie
Inc
2.85%,
05/14/2023
40‌
42‌
2.95%,
11/21/2026
300‌
324‌
3.60%,
05/14/2025
170‌
186‌
3.85%,
06/15/2024
90‌
98‌
4.05%,
11/21/2039
375‌
426‌
4.25%,
11/14/2028
140‌
162‌
4.40%,
11/06/2042
25‌
29‌
4.45%,
05/14/2046
270‌
315‌
4.55%,
03/15/2035
170‌
203‌
4.85%,
06/15/2044
30‌
37‌
4.88%,
11/14/2048
170‌
214‌
AstraZeneca
PLC
0.70%,
04/08/2026
120‌
116‌
1.38%,
08/06/2030
160‌
150‌
2.13%,
08/06/2050
80‌
65‌
4.38%,
08/17/2048
60‌
72‌
6.45%,
09/15/2037
30‌
44‌
Becton
Dickinson
and
Co
1.96%,
02/11/2031
60‌
58‌
4.67%,
06/06/2047
155‌
190‌
4.69%,
12/15/2044
59‌
72‌
Bristol-Myers
Squibb
Co
0.75%,
11/13/2025
65‌
65‌
1.13%,
11/13/2027
120‌
117‌
1.45%,
11/13/2030
65‌
62‌
2.55%,
11/13/2050
65‌
59‌
3.25%,
02/20/2023
85‌
90‌
3.45%,
11/15/2027
90‌
101‌
3.90%,
02/20/2028
130‌
149‌
4.13%,
06/15/2039
195‌
233‌
4.25%,
10/26/2049
360‌
433‌
4.35%,
11/15/2047
210‌
254‌
4.55%,
02/20/2048
220‌
275‌
5.00%,
08/15/2045
232‌
307‌
Cardinal
Health
Inc
3.41%,
06/15/2027
400‌
439‌
Cigna
Corp
3.20%,
03/15/2040
155‌
157‌
3.88%,
10/15/2047
185‌
201‌
4.13%,
11/15/2025
170‌
191‌
4.80%,
08/15/2038
170‌
209‌
CVS
Health
Corp
1.30%,
08/21/2027
160‌
156‌
1.75%,
08/21/2030
160‌
153‌
1.88%,
02/28/2031
55‌
53‌
2.63%,
08/15/2024
140‌
149‌
2.70%,
08/21/2040
160‌
150‌
3.00%,
08/15/2026
105‌
114‌
3.25%,
08/15/2029
140‌
151‌
3.70%,
03/09/2023
73‌
78‌
3.88%,
07/20/2025
60‌
67‌
5.13%,
07/20/2045
430‌
539‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
71
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Eli
Lilly
and
Co
2.50%,
09/15/2060
$
155‌
$
135‌
GlaxoSmithKline
Capital
Inc
3.38%,
05/15/2023
190‌
203‌
3.63%,
05/15/2025
85‌
94‌
3.88%,
05/15/2028
165‌
190‌
GlaxoSmithKline
Capital
PLC
0.53%,
10/01/2023
150‌
150‌
Johnson
&
Johnson
0.55%,
09/01/2025
115‌
114‌
0.95%,
09/01/2027
115‌
113‌
2.10%,
09/01/2040
115‌
107‌
2.25%,
09/01/2050
115‌
103‌
2.45%,
09/01/2060
115‌
103‌
2.95%,
03/03/2027
110‌
121‌
3.70%,
03/01/2046
90‌
103‌
5.95%,
08/15/2037
75‌
109‌
McKesson
Corp
0.90%,
12/03/2025
60‌
59‌
4.88%,
03/15/2044
80‌
98‌
Mead
Johnson
Nutrition
Co
4.60%,
06/01/2044
30‌
37‌
Merck
&
Co
Inc
0.75%,
02/24/2026
80‌
79‌
1.45%,
06/24/2030
210‌
202‌
2.35%,
06/24/2040
135‌
128‌
2.80%,
05/18/2023
75‌
79‌
Novartis
Capital
Corp
2.75%,
08/14/2050
155‌
151‌
Pfizer
Inc
0.80%,
05/28/2025
100‌
100‌
2.55%,
05/28/2040
100‌
98‌
3.40%,
05/15/2024
100‌
109‌
4.00%,
12/15/2036
45‌
54‌
4.20%,
09/15/2048
80‌
96‌
4.30%,
06/15/2043
225‌
271‌
4.40%,
05/15/2044
75‌
92‌
7.20%,
03/15/2039
60‌
96‌
Takeda
Pharmaceutical
Co
Ltd
3.18%,
07/09/2050
645‌
621‌
Utah
Acquisition
Sub
Inc
5.25%,
06/15/2046
305‌
366‌
Viatris
Inc
1.13%,
06/22/2022
(i)
80‌
81‌
2.30%,
06/22/2027
(i)
115‌
118‌
2.70%,
06/22/2030
(i)
155‌
156‌
3.85%,
06/22/2040
(i)
115‌
121‌
4.00%,
06/22/2050
(i)
155‌
159‌
Wyeth
LLC
5.95%,
04/01/2037
60‌
85‌
Zoetis
Inc
2.00%,
05/15/2030
85‌
83‌
3.00%,
05/15/2050
40‌
39‌
$
12,978‌
Pipelines
-
0
.99
%
Boardwalk
Pipelines
LP
3.38%,
02/01/2023
30‌
31‌
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
300‌
323‌
Enbridge
Energy
Partners
LP
7.38%,
10/15/2045
70‌
102‌
Enbridge
Inc
2.50%,
01/15/2025
150‌
157‌
3.13%,
11/15/2029
150‌
159‌
4.25%,
12/01/2026
75‌
85‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Energy
Transfer
Operating
LP
2.90%,
05/15/2025
$
310‌
$
324‌
3.75%,
05/15/2030
155‌
163‌
4.05%,
03/15/2025
300‌
326‌
4.20%,
04/15/2027
300‌
331‌
5.30%,
04/15/2047
350‌
377‌
6.25%,
04/15/2049
155‌
184‌
Energy
Transfer
Partners
LP
/
Regency
Energy
Finance
Corp
5.00%,
10/01/2022
350‌
369‌
Enterprise
Products
Operating
LLC
4.25%,
02/15/2048
250‌
269‌
4.45%,
02/15/2043
350‌
396‌
6.88%,
03/01/2033
39‌
54‌
Kinder
Morgan
Energy
Partners
LP
4.70%,
11/01/2042
20‌
22‌
Kinder
Morgan
Inc
2.00%,
02/15/2031
130‌
124‌
3.25%,
08/01/2050
130‌
117‌
3.60%,
02/15/2051
245‌
232‌
5.05%,
02/15/2046
30‌
35‌
MPLX
LP
1.75%,
03/01/2026
160‌
161‌
4.13%,
03/01/2027
140‌
156‌
4.25%,
12/01/2027
300‌
341‌
4.50%,
04/15/2038
200‌
219‌
5.50%,
02/15/2049
130‌
156‌
ONEOK
Inc
2.20%,
09/15/2025
155‌
159‌
2.75%,
09/01/2024
375‌
394‌
3.40%,
09/01/2029
350‌
364‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
4.70%,
06/15/2044
30‌
29‌
Sabine
Pass
Liquefaction
LLC
4.20%,
03/15/2028
75‌
84‌
5.00%,
03/15/2027
375‌
435‌
5.63%,
03/01/2025
75‌
86‌
Spectra
Energy
Partners
LP
4.75%,
03/15/2024
105‌
116‌
TransCanada
PipeLines
Ltd
4.25%,
05/15/2028
300‌
344‌
4.88%,
05/15/2048
190‌
225‌
Williams
Cos
Inc/The
2.60%,
03/15/2031
(g)
160‌
159‌
3.75%,
06/15/2027
45‌
50‌
3.90%,
01/15/2025
500‌
544‌
4.00%,
09/15/2025
50‌
55‌
6.30%,
04/15/2040
30‌
39‌
$
8,296‌
Private
Equity
-
0
.04
%
Brookfield
Asset
Management
Inc
4.00%,
01/15/2025
300‌
329‌
Regional
Authority
-
0
.33
%
Province
of
Alberta
Canada
1.00%,
05/20/2025
(a)
310‌
312‌
3.30%,
03/15/2028
150‌
168‌
Province
of
British
Columbia
Canada
1.30%,
01/29/2031
60‌
58‌
2.00%,
10/23/2022
500‌
515‌
6.50%,
01/15/2026
45‌
56‌
Province
of
Manitoba
Canada
3.05%,
05/14/2024
30‌
32‌
Province
of
Ontario
Canada
0.63%,
01/21/2026
30‌
29‌
1.13%,
10/07/2030
300‌
284‌
1.75%,
01/24/2023
315‌
324‌
3.20%,
05/16/2024
165‌
179‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
72
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Regional
Authority
(continued)
Province
of
Ontario
Canada  
(continued)
3.40%,
10/17/2023
$
210‌
$
226‌
Province
of
Quebec
Canada
0.60%,
07/23/2025
200‌
197‌
1.35%,
05/28/2030
315‌
306‌
7.50%,
09/15/2029
36‌
52‌
$
2,738‌
REITs
-
1
.16
%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
240‌
225‌
2.75%,
12/15/2029
70‌
73‌
3.00%,
05/18/2051
60‌
57‌
4.00%,
02/01/2050
70‌
78‌
4.90%,
12/15/2030
80‌
97‌
American
Campus
Communities
Operating
Partnership
LP
2.85%,
02/01/2030
160‌
165‌
American
Tower
Corp
0.60%,
01/15/2024
120‌
120‌
1.30%,
09/15/2025
80‌
80‌
1.88%,
10/15/2030
150‌
143‌
2.90%,
01/15/2030
155‌
162‌
2.95%,
01/15/2051
60‌
55‌
3.50%,
01/31/2023
75‌
79‌
4.70%,
03/15/2022
50‌
52‌
AvalonBay
Communities
Inc
2.30%,
03/01/2030
155‌
158‌
Brixmor
Operating
Partnership
LP
3.65%,
06/15/2024
400‌
432‌
Crown
Castle
International
Corp
1.05%,
07/15/2026
115‌
112‌
1.35%,
07/15/2025
115‌
115‌
2.90%,
04/01/2041
60‌
56‌
3.10%,
11/15/2029
125‌
131‌
3.20%,
09/01/2024
75‌
81‌
3.25%,
01/15/2051
115‌
109‌
4.00%,
11/15/2049
95‌
101‌
CubeSmart
LP
2.00%,
02/15/2031
110‌
105‌
Duke
Realty
LP
1.75%,
07/01/2030
155‌
150‌
2.88%,
11/15/2029
75‌
79‌
Equinix
Inc
1.00%,
09/15/2025
150‌
148‌
1.25%,
07/15/2025
155‌
154‌
1.80%,
07/15/2027
155‌
155‌
2.63%,
11/18/2024
150‌
159‌
3.20%,
11/18/2029
130‌
137‌
5.38%,
05/15/2027
175‌
189‌
Essex
Portfolio
LP
1.70%,
03/01/2028
(g)
60‌
59‌
3.00%,
01/15/2030
140‌
148‌
Federal
Realty
Investment
Trust
1.25%,
02/15/2026
115‌
115‌
GLP
Capital
LP
/
GLP
Financing
II
Inc
4.00%,
01/15/2030
140‌
149‌
5.25%,
06/01/2025
400‌
451‌
Healthcare
Trust
of
America
Holdings
LP
2.00%,
03/15/2031
150‌
144‌
Kilroy
Realty
LP
2.50%,
11/15/2032
160‌
154‌
Kimco
Realty
Corp
2.70%,
03/01/2024
300‌
316‌
2.70%,
10/01/2030
160‌
164‌
3.70%,
10/01/2049
30‌
31‌
Life
Storage
LP
2.20%,
10/15/2030
75‌
73‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Mid-America
Apartments
LP
1.70%,
02/15/2031
$
120‌
$
114‌
National
Retail
Properties
Inc
3.60%,
12/15/2026
300‌
329‌
Office
Properties
Income
Trust
4.00%,
07/15/2022
300‌
308‌
Omega
Healthcare
Investors
Inc
4.75%,
01/15/2028
30‌
33‌
4.95%,
04/01/2024
30‌
33‌
Prologis
LP
1.25%,
10/15/2030
160‌
150‌
3.00%,
04/15/2050
180‌
177‌
Public
Storage
0.88%,
02/15/2026
40‌
39‌
Realty
Income
Corp
0.75%,
03/15/2026
40‌
39‌
3.25%,
01/15/2031
160‌
173‌
4.13%,
10/15/2026
20‌
23‌
Simon
Property
Group
LP
1.75%,
02/01/2028
55‌
54‌
2.00%,
09/13/2024
150‌
156‌
2.75%,
02/01/2023
250‌
260‌
3.50%,
09/01/2025
160‌
174‌
4.75%,
03/15/2042
164‌
193‌
Spirit
Realty
LP
2.10%,
03/15/2028
(g)
60‌
59‌
UDR
Inc
2.10%,
08/01/2032
100‌
97‌
3.20%,
01/15/2030
145‌
155‌
4.00%,
10/01/2025
200‌
226‌
Ventas
Realty
LP
3.75%,
05/01/2024
500‌
542‌
VEREIT
Operating
Partnership
LP
2.20%,
06/15/2028
65‌
65‌
Welltower
Inc
3.63%,
03/15/2024
120‌
130‌
4.13%,
03/15/2029
300‌
338‌
WP
Carey
Inc
2.40%,
02/01/2031
65‌
65‌
$
9,693‌
Retail
-
0
.53
%
AutoZone
Inc
1.65%,
01/15/2031
160‌
150‌
Costco
Wholesale
Corp
2.30%,
05/18/2022
200‌
205‌
Dollar
Tree
Inc
4.20%,
05/15/2028
130‌
148‌
Home
Depot
Inc/The
0.90%,
03/15/2028
(a)
55‌
53‌
2.38%,
03/15/2051
55‌
48‌
2.70%,
04/01/2023
50‌
52‌
3.13%,
12/15/2049
235‌
237‌
4.25%,
04/01/2046
180‌
215‌
Kohl's
Corp
4.25%,
07/17/2025
300‌
326‌
Lowe's
Cos
Inc
1.30%,
04/15/2028
130‌
125‌
1.70%,
10/15/2030
130‌
124‌
2.50%,
04/15/2026
90‌
95‌
3.38%,
09/15/2025
50‌
55‌
3.65%,
04/05/2029
135‌
151‌
3.70%,
04/15/2046
20‌
22‌
4.55%,
04/05/2049
135‌
167‌
5.00%,
04/15/2040
155‌
197‌
McDonald's
Corp
2.63%,
09/01/2029
140‌
146‌
3.25%,
06/10/2024
175‌
190‌
3.70%,
01/30/2026
150‌
167‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
73
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
McDonald’s
Corp  
(continued)
3.70%,
02/15/2042
$
300‌
$
328‌
O'Reilly
Automotive
Inc
1.75%,
03/15/2031
75‌
71‌
Starbucks
Corp
1.30%,
05/07/2022
185‌
187‌
TJX
Cos
Inc/The
1.15%,
05/15/2028
65‌
63‌
1.60%,
05/15/2031
65‌
62‌
Walgreens
Boots
Alliance
Inc
4.80%,
11/18/2044
155‌
174‌
Walmart
Inc
2.35%,
12/15/2022
220‌
228‌
3.95%,
06/28/2038
195‌
231‌
5.25%,
09/01/2035
40‌
55‌
5.63%,
04/01/2040
40‌
57‌
5.63%,
04/15/2041
60‌
86‌
$
4,415‌
Semiconductors
-
0
.68
%
Applied
Materials
Inc
4.35%,
04/01/2047
45‌
56‌
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3.88%,
01/15/2027
650‌
711‌
Broadcom
Inc
3.15%,
11/15/2025
590‌
633‌
3.63%,
10/15/2024
415‌
452‌
4.15%,
11/15/2030
590‌
648‌
4.75%,
04/15/2029
355‌
405‌
Intel
Corp
2.88%,
05/11/2024
105‌
112‌
3.15%,
05/11/2027
150‌
165‌
3.40%,
03/25/2025
155‌
169‌
3.73%,
12/08/2047
105‌
116‌
3.75%,
03/25/2027
155‌
175‌
4.60%,
03/25/2040
155‌
193‌
Micron
Technology
Inc
4.19%,
02/15/2027
405‌
460‌
4.64%,
02/06/2024
300‌
331‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
3.15%,
05/01/2027
(i)
80‌
86‌
QUALCOMM
Inc
1.30%,
05/20/2028
327‌
318‌
1.65%,
05/20/2032
243‌
230‌
4.80%,
05/20/2045
110‌
142‌
Texas
Instruments
Inc
1.75%,
05/04/2030
50‌
49‌
4.15%,
05/15/2048
165‌
199‌
$
5,650‌
Software
-
0
.54
%
Activision
Blizzard
Inc
1.35%,
09/15/2030
80‌
74‌
2.50%,
09/15/2050
160‌
139‌
Electronic
Arts
Inc
1.85%,
02/15/2031
60‌
58‌
Fidelity
National
Information
Services
Inc
0.38%,
03/01/2023
(g)
155‌
155‌
0.60%,
03/01/2024
(g)
55‌
55‌
1.65%,
03/01/2028
(g)
105‌
104‌
3.10%,
03/01/2041
(g)
55‌
55‌
Fiserv
Inc
3.50%,
10/01/2022
30‌
31‌
3.50%,
07/01/2029
300‌
329‌
Intuit
Inc
1.35%,
07/15/2027
160‌
159‌
Microsoft
Corp
2.53%,
06/01/2050
311‌
289‌
2.68%,
06/01/2060
149‌
137‌
3.30%,
02/06/2027
140‌
156‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Microsoft
Corp  
(continued)
3.95%,
08/08/2056
$
141‌
$
173‌
4.10%,
02/06/2037
176‌
216‌
Oracle
Corp
2.40%,
09/15/2023
75‌
79‌
2.50%,
10/15/2022
75‌
78‌
2.50%,
04/01/2025
155‌
164‌
2.63%,
02/15/2023
370‌
386‌
2.80%,
04/01/2027
155‌
166‌
2.95%,
11/15/2024
85‌
92‌
2.95%,
05/15/2025
105‌
113‌
2.95%,
04/01/2030
155‌
166‌
3.40%,
07/08/2024
145‌
157‌
3.60%,
04/01/2040
155‌
166‌
3.90%,
05/15/2035
130‌
149‌
4.00%,
11/15/2047
75‌
83‌
4.30%,
07/08/2034
75‌
89‌
4.38%,
05/15/2055
150‌
175‌
4.50%,
07/08/2044
50‌
59‌
6.13%,
07/08/2039
60‌
85‌
ServiceNow
Inc
1.40%,
09/01/2030
160‌
148‌
$
4,485‌
Sovereign
-
1
.68
%
Canada
Government
International
Bond
1.63%,
01/22/2025
200‌
208‌
Chile
Government
International
Bond
2.55%,
01/27/2032
200‌
202‌
Colombia
Government
International
Bond
2.63%,
03/15/2023
300‌
308‌
3.13%,
04/15/2031
315‌
313‌
5.00%,
06/15/2045
200‌
217‌
5.63%,
02/26/2044
250‌
288‌
Export
Development
Canada
1.38%,
02/24/2023
250‌
256‌
Export-Import
Bank
of
Korea
0.38%,
02/09/2024
200‌
199‌
1.38%,
02/09/2031
200‌
191‌
Hungary
Government
International
Bond
5.38%,
03/25/2024
450‌
511‌
Indonesia
Government
International
Bond
3.05%,
03/12/2051
(a)
200‌
194‌
3.70%,
10/30/2049
200‌
200‌
4.75%,
02/11/2029
300‌
348‌
Israel
Government
International
Bond
3.88%,
07/03/2050
200‌
219‌
Japan
Bank
for
International
Cooperation
0.38%,
09/15/2023
460‌
459‌
0.63%,
05/22/2023
200‌
201‌
1.25%,
01/21/2031
200‌
192‌
1.63%,
10/17/2022
200‌
204‌
1.88%,
07/21/2026
264‌
274‌
3.00%,
05/29/2024
300‌
323‌
Korea
International
Bond
1.00%,
09/16/2030
200‌
188‌
3.88%,
09/20/2048
250‌
307‌
Mexico
Government
International
Bond
3.25%,
04/16/2030
(a)
200‌
204‌
3.75%,
01/11/2028
225‌
243‌
3.75%,
04/19/2071
200‌
173‌
3.90%,
04/27/2025
600‌
665‌
4.50%,
04/22/2029
300‌
336‌
4.60%,
01/23/2046
200‌
204‌
4.60%,
02/10/2048
300‌
307‌
4.75%,
03/08/2044
150‌
159‌
5.75%,
10/12/2110
100‌
114‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
74
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Panama
Government
International
Bond
2.25%,
09/29/2032
$
200‌
$
191‌
3.16%,
01/23/2030
200‌
209‌
3.75%,
03/16/2025
200‌
217‌
4.50%,
04/16/2050
200‌
222‌
Peruvian
Government
International
Bond
1.86%,
12/01/2032
60‌
56‌
2.78%,
12/01/2060
60‌
49‌
5.63%,
11/18/2050
150‌
206‌
8.75%,
11/21/2033
180‌
283‌
Philippine
Government
International
Bond
3.00%,
02/01/2028
300‌
322‌
3.70%,
03/01/2041
400‌
421‌
7.75%,
01/14/2031
190‌
280‌
10.63%,
03/16/2025
100‌
138‌
Republic
of
Italy
Government
International
Bond
2.38%,
10/17/2024
200‌
209‌
5.38%,
06/15/2033
205‌
255‌
6.88%,
09/27/2023
260‌
300‌
Svensk
Exportkredit
AB
0.50%,
08/26/2025
320‌
314‌
2.88%,
03/14/2023
210‌
221‌
Tennessee
Valley
Authority
3.50%,
12/15/2042
100‌
114‌
4.25%,
09/15/2065
115‌
155‌
5.25%,
09/15/2039
250‌
354‌
5.38%,
04/01/2056
61‌
95‌
5.88%,
04/01/2036
325‌
476‌
6.75%,
11/01/2025
57‌
73‌
Uruguay
Government
International
Bond
4.13%,
11/20/2045
136‌
153‌
4.38%,
10/27/2027
80‌
91‌
5.10%,
06/18/2050
200‌
247‌
7.63%,
03/21/2036
150‌
232‌
$
14,090‌
Supranational
Bank
-
1
.49
%
Asian
Development
Bank
0.25%,
10/06/2023
450‌
449‌
0.38%,
09/03/2025
310‌
304‌
1.50%,
03/04/2031
(g)
115‌
114‌
2.13%,
03/19/2025
300‌
317‌
2.38%,
08/10/2027
500‌
535‌
2.75%,
03/17/2023
670‌
704‌
2.75%,
01/19/2028
130‌
143‌
5.82%,
06/16/2028
39‌
51‌
Asian
Infrastructure
Investment
Bank/The
0.25%,
09/29/2023
305‌
304‌
Corp
Andina
de
Fomento
4.38%,
06/15/2022
159‌
166‌
Council
Of
Europe
Development
Bank
1.38%,
02/27/2025
310‌
319‌
European
Bank
for
Reconstruction
&
Development
0.25%,
07/10/2023
315‌
314‌
0.50%,
01/28/2026
115‌
113‌
European
Investment
Bank
0.38%,
12/15/2025
305‌
298‌
0.38%,
03/26/2026
630‌
614‌
0.63%,
10/21/2027
60‌
58‌
1.25%,
02/14/2031
255‌
247‌
1.63%,
03/14/2025
80‌
83‌
1.88%,
02/10/2025
250‌
262‌
2.25%,
03/15/2022
500‌
511‌
2.38%,
05/24/2027
120‌
129‌
2.50%,
03/15/2023
440‌
460‌
FMS
Wertmanagement
2.00%,
08/01/2022
225‌
231‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
Inter-American
Development
Bank
0.25%,
11/15/2023
$
310‌
$
309‌
0.63%,
09/16/2027
305‌
293‌
1.13%,
01/13/2031
110‌
105‌
1.75%,
03/14/2025
230‌
240‌
2.13%,
01/15/2025
500‌
529‌
2.38%,
07/07/2027
250‌
267‌
4.38%,
01/24/2044
50‌
67‌
International
Bank
for
Reconstruction
&
Development
0.25%,
11/24/2023
60‌
60‌
0.50%,
10/28/2025
200‌
197‌
0.75%,
11/24/2027
120‌
116‌
0.75%,
08/26/2030
310‌
287‌
1.25%,
02/10/2031
115‌
111‌
1.63%,
01/15/2025
470‌
488‌
1.75%,
10/23/2029
200‌
204‌
2.50%,
03/19/2024
115‌
122‌
2.50%,
07/29/2025
170‌
183‌
3.00%,
09/27/2023
300‌
320‌
7.63%,
01/19/2023
933‌
1,062‌
International
Finance
Corp
0.38%,
07/16/2025
315‌
309‌
Nordic
Investment
Bank
0.38%,
09/11/2025
230‌
225‌
1.38%,
10/17/2022
255‌
260‌
$
12,480‌
Telecommunications
-
1
.23
%
AT&T
Inc
1.65%,
02/01/2028
200‌
196‌
2.25%,
02/01/2032
145‌
139‌
3.00%,
06/30/2022
90‌
93‌
3.10%,
02/01/2043
145‌
135‌
3.50%,
09/15/2053
(i)
1,227‌
1,111‌
3.55%,
09/15/2055
(i)
815‌
740‌
3.65%,
09/15/2059
(i)
699‌
636‌
Cisco
Systems
Inc/Delaware
5.50%,
01/15/2040
60‌
84‌
Juniper
Networks
Inc
2.00%,
12/10/2030
55‌
52‌
Orange
SA
5.38%,
01/13/2042
30‌
40‌
Rogers
Communications
Inc
3.70%,
11/15/2049
190‌
202‌
5.00%,
03/15/2044
200‌
253‌
7.50%,
08/15/2038
250‌
380‌
T-Mobile
USA
Inc
1.50%,
02/15/2026
(i)
310‌
309‌
2.05%,
02/15/2028
(i)
310‌
307‌
2.25%,
11/15/2031
(i)
150‌
144‌
3.00%,
02/15/2041
(i)
150‌
140‌
3.30%,
02/15/2051
(i)
150‌
139‌
3.50%,
04/15/2025
(i)
155‌
168‌
3.75%,
04/15/2027
(i)
315‌
347‌
4.38%,
04/15/2040
(i)
155‌
171‌
Verizon
Communications
Inc
0.85%,
11/20/2025
65‌
64‌
1.50%,
09/18/2030
180‌
169‌
1.68%,
10/30/2030
(i)
2,626‌
2,483‌
1.75%,
01/20/2031
135‌
128‌
2.65%,
11/20/2040
50‌
46‌
2.88%,
11/20/2050
135‌
121‌
2.99%,
10/30/2056
(i)
89‌
79‌
3.00%,
11/20/2060
65‌
58‌
3.85%,
11/01/2042
90‌
98‌
4.33%,
09/21/2028
60‌
69‌
4.52%,
09/15/2048
231‌
271‌
4.81%,
03/15/2039
75‌
92‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
75
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Vodafone
Group
PLC
3.75%,
01/16/2024
$
75‌
$
82‌
4.13%,
05/30/2025
75‌
84‌
4.25%,
09/17/2050
250‌
277‌
5.00%,
05/30/2038
80‌
98‌
6.15%,
02/27/2037
240‌
326‌
$
10,331‌
Transportation
-
0
.50
%
Burlington
Northern
Santa
Fe
LLC
3.55%,
02/15/2050
155‌
169‌
4.15%,
04/01/2045
200‌
235‌
4.40%,
03/15/2042
30‌
37‌
5.40%,
06/01/2041
400‌
538‌
Canadian
Pacific
Railway
Co
6.13%,
09/15/2115
75‌
117‌
CSX
Corp
2.40%,
02/15/2030
60‌
62‌
3.35%,
09/15/2049
60‌
61‌
3.80%,
03/01/2028
75‌
84‌
4.30%,
03/01/2048
200‌
235‌
FedEx
Corp
3.88%,
08/01/2042
30‌
32‌
4.55%,
04/01/2046
500‌
579‌
Norfolk
Southern
Corp
2.55%,
11/01/2029
150‌
156‌
3.94%,
11/01/2047
192‌
216‌
4.84%,
10/01/2041
30‌
38‌
Ryder
System
Inc
2.90%,
12/01/2026
150‌
162‌
Union
Pacific
Corp
2.97%,
09/16/2062
(i)
90‌
82‌
3.55%,
08/15/2039
435‌
477‌
3.84%,
03/20/2060
220‌
242‌
3.95%,
09/10/2028
140‌
160‌
United
Parcel
Service
Inc
2.50%,
09/01/2029
125‌
131‌
3.40%,
09/01/2049
180‌
191‌
3.90%,
04/01/2025
155‌
172‌
4.88%,
11/15/2040
30‌
38‌
$
4,214‌
Trucking
&
Leasing
-
0
.01
%
GATX
Corp
1.90%,
06/01/2031
115‌
109‌
Water
-
0
.02
%
American
Water
Capital
Corp
3.75%,
09/01/2047
140‌
155‌
6.59%,
10/15/2037
13‌
19‌
$
174‌
TOTAL
BONDS
$
266,833‌
MUNICIPAL
BONDS
-
0
.53
%
Principal
Amount
(000's)
Value
(000's)
California
-
0
.16
%
Bay
Area
Toll
Authority
6.26%,
04/01/2049
$
175‌
$
282‌
6.91%,
10/01/2050
125‌
218‌
California
State
University
2.98%,
11/01/2051
155‌
159‌
East
Bay
Municipal
Utility
District
Water
System
Revenue
5.87%,
06/01/2040
20‌
28‌
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
6.55%,
05/15/2048
20‌
31‌
State
of
California
3.50%,
04/01/2028
115‌
130‌
7.30%,
10/01/2039
300‌
474‌
$
1,322‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Georgia
-
0
.02
%
Municipal
Electric
Authority
of
Georgia
6.64%,
04/01/2057
$
155‌
$
225‌
Illinois
-
0
.16
%
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts
Revenue
6.90%,
12/01/2040
300‌
427‌
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
6.20%,
12/01/2040
30‌
41‌
State
of
Illinois
4.95%,
06/01/2023
60‌
63‌
5.10%,
06/01/2033
700‌
782‌
$
1,313‌
New
Jersey
-
0
.07
%
New
Jersey
Economic
Development
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
0.00%,
02/15/2023
(e),(k)
50‌
50‌
New
Jersey
Economic
Development
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
7.43%,
02/15/2029
(k)
250‌
325‌
New
Jersey
Transportation
Trust
Fund
Authority
6.56%,
12/15/2040
146‌
209‌
$
584‌
New
York
-
0
.04
%
Port
Authority
of
New
York
&
New
Jersey
4.46%,
10/01/2062
250‌
321‌
Ohio
-
0
.01
%
Ohio
State
University/The
4.91%,
06/01/2040
50‌
66‌
Texas
-
0
.03
%
Dallas
Area
Rapid
Transit
5.02%,
12/01/2048
30‌
42‌
State
of
Texas
4.68%,
04/01/2040
160‌
212‌
$
254‌
Wisconsin
-
0
.04
%
State
of
Wisconsin
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.70%,
05/01/2026
(k)
285‌
330‌
TOTAL
MUNICIPAL
BONDS
$
4,415‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
63
.98
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
3
.20
%
2.00%,
09/01/2031
$
117‌
$
121‌
2.00%,
12/01/2031
152‌
157‌
2.50%,
08/01/2028
115‌
120‌
2.50%,
01/01/2030
338‌
354‌
2.50%,
01/01/2031
298‌
312‌
2.50%,
02/01/2031
298‌
311‌
2.50%,
12/01/2031
485‌
507‌
2.50%,
01/01/2032
506‌
529‌
2.50%,
03/01/2032
153‌
160‌
2.50%,
11/01/2036
94‌
98‌
3.00%,
11/01/2028
229‌
243‌
3.00%,
04/01/2029
203‌
214‌
3.00%,
09/01/2029
186‌
197‌
3.00%,
10/01/2029
277‌
292‌
3.00%,
11/01/2029
128‌
135‌
3.00%,
01/01/2030
109‌
116‌
3.00%,
11/01/2030
108‌
116‌
3.00%,
03/01/2031
71‌
75‌
3.00%,
05/01/2032
313‌
328‌
3.00%,
03/01/2033
181‌
195‌
3.00%,
04/01/2033
44‌
47‌
3.00%,
09/01/2036
74‌
79‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
76
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.00%,
09/01/2036
$
142‌
$
150‌
3.00%,
02/01/2037
138‌
145‌
3.00%,
10/01/2042
283‌
302‌
3.00%,
11/01/2042
456‌
487‌
3.00%,
02/01/2043
442‌
472‌
3.00%,
08/01/2043
684‌
731‌
3.00%,
08/01/2043
583‌
622‌
3.00%,
09/01/2043
122‌
130‌
3.00%,
10/01/2043
94‌
100‌
3.00%,
01/01/2045
91‌
96‌
3.00%,
06/01/2046
303‌
321‌
3.00%,
10/01/2046
161‌
173‌
3.00%,
02/01/2047
250‌
266‌
3.50%,
12/01/2031
205‌
221‌
3.50%,
05/01/2034
67‌
72‌
3.50%,
11/01/2034
81‌
88‌
3.50%,
01/01/2035
170‌
184‌
3.50%,
04/01/2037
70‌
75‌
3.50%,
06/01/2042
114‌
124‌
3.50%,
06/01/2042
531‌
577‌
3.50%,
06/01/2042
428‌
465‌
3.50%,
07/01/2042
1,125‌
1,220‌
3.50%,
10/01/2042
670‌
731‌
3.50%,
02/01/2045
99‌
106‌
3.50%,
03/01/2045
244‌
263‌
3.50%,
06/01/2045
253‌
272‌
3.50%,
07/01/2045
241‌
260‌
3.50%,
06/01/2046
328‌
350‌
3.50%,
08/01/2046
187‌
200‌
3.50%,
09/01/2046
463‌
493‌
4.00%,
12/01/2024
77‌
82‌
4.00%,
12/01/2030
19‌
20‌
4.00%,
11/01/2033
128‌
141‌
4.00%,
07/01/2034
88‌
97‌
4.00%,
04/01/2038
185‌
201‌
4.00%,
12/01/2040
172‌
190‌
4.00%,
02/01/2044
151‌
168‌
4.00%,
04/01/2044
187‌
206‌
4.00%,
07/01/2044
229‌
251‌
4.00%,
09/01/2044
82‌
90‌
4.00%,
11/01/2044
289‌
319‌
4.00%,
01/01/2045
249‌
274‌
4.00%,
08/01/2045
350‌
384‌
4.00%,
11/01/2045
56‌
61‌
4.00%,
12/01/2045
68‌
75‌
4.00%,
02/01/2046
97‌
105‌
4.00%,
05/01/2046
186‌
205‌
4.50%,
10/01/2030
81‌
89‌
4.50%,
05/01/2031
9‌
10‌
4.50%,
02/01/2041
112‌
125‌
4.50%,
09/01/2043
75‌
83‌
4.50%,
12/01/2043
167‌
188‌
4.50%,
03/01/2044
317‌
357‌
4.50%,
04/01/2044
136‌
152‌
4.50%,
09/01/2044
214‌
239‌
4.50%,
10/01/2044
90‌
100‌
4.50%,
03/01/2047
117‌
129‌
4.50%,
07/01/2047
94‌
103‌
4.50%,
11/01/2047
22‌
25‌
4.50%,
05/01/2049
4,654‌
5,067‌
5.00%,
11/01/2035
61‌
71‌
5.00%,
12/01/2036
190‌
220‌
5.00%,
08/01/2039
81‌
93‌
5.00%,
12/01/2041
96‌
109‌
5.00%,
02/01/2042
415‌
483‌
5.00%,
04/01/2044
87‌
99‌
5.00%,
02/01/2048
121‌
136‌
5.00%,
07/01/2048
65‌
72‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
5.50%,
06/01/2034
$
83‌
$
95‌
5.50%,
07/01/2038
100‌
118‌
5.50%,
07/01/2038
71‌
83‌
5.50%,
12/01/2038
181‌
212‌
5.50%,
10/01/2039
329‌
379‌
5.50%,
06/01/2041
114‌
133‌
6.00%,
04/01/2038
344‌
408‌
6.00%,
11/01/2038
102‌
117‌
$
26,766‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
17
.59
%
2.00%,
09/01/2029
261‌
270‌
2.00%,
05/01/2030
110‌
114‌
2.00%,
12/01/2031
203‌
210‌
2.00%,
02/01/2032
127‌
131‌
2.00%,
03/01/2036
(l)
6,000‌
6,193‌
2.00%,
03/01/2051
(l)
24,500‌
24,645‌
2.50%,
01/01/2028
104‌
108‌
2.50%,
07/01/2028
102‌
107‌
2.50%,
07/01/2028
282‌
294‌
2.50%,
11/01/2028
345‌
361‌
2.50%,
09/01/2029
204‌
213‌
2.50%,
02/01/2030
94‌
98‌
2.50%,
03/01/2030
263‌
275‌
2.50%,
05/01/2030
241‌
251‌
2.50%,
07/01/2030
125‌
130‌
2.50%,
08/01/2030
314‌
328‌
2.50%,
08/01/2030
273‌
285‌
2.50%,
12/01/2030
362‌
378‌
2.50%,
03/01/2031
314‌
328‌
2.50%,
07/01/2031
331‌
346‌
2.50%,
11/01/2031
497‌
519‌
2.50%,
12/01/2031
97‌
101‌
2.50%,
01/01/2032
144‌
151‌
2.50%,
03/01/2032
161‌
168‌
2.50%,
07/01/2033
13‌
14‌
2.50%,
02/01/2035
1,942‌
2,029‌
2.50%,
10/01/2036
45‌
47‌
2.50%,
10/01/2036
116‌
120‌
2.50%,
12/01/2036
120‌
124‌
2.50%,
01/01/2043
119‌
124‌
2.50%,
05/01/2043
132‌
137‌
2.50%,
10/01/2043
107‌
111‌
2.50%,
08/01/2046
88‌
92‌
2.50%,
12/01/2046
173‌
180‌
2.50%,
12/01/2046
132‌
137‌
2.50%,
07/01/2050
1,717‌
1,783‌
2.50%,
03/01/2051
(l)
22,500‌
23,245‌
3.00%,
04/01/2027
85‌
90‌
3.00%,
01/01/2029
76‌
81‌
3.00%,
02/01/2029
69‌
73‌
3.00%,
12/01/2029
75‌
79‌
3.00%,
12/01/2029
147‌
156‌
3.00%,
01/01/2030
388‌
410‌
3.00%,
01/01/2030
342‌
361‌
3.00%,
06/01/2030
234‌
247‌
3.00%,
09/01/2030
85‌
90‌
3.00%,
10/01/2030
364‌
385‌
3.00%,
11/01/2030
386‌
408‌
3.00%,
12/01/2030
79‌
84‌
3.00%,
03/01/2031
228‌
241‌
3.00%,
04/01/2031
83‌
87‌
3.00%,
09/01/2031
395‌
417‌
3.00%,
12/01/2031
174‌
184‌
3.00%,
01/01/2033
41‌
43‌
3.00%,
04/01/2033
42‌
44‌
3.00%,
08/01/2034
435‌
467‌
3.00%,
05/01/2035
440‌
461‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
77
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.00%,
06/01/2040
$
820‌
$
857‌
3.00%,
04/01/2043
421‌
447‌
3.00%,
04/01/2043
236‌
251‌
3.00%,
04/01/2043
117‌
125‌
3.00%,
05/01/2043
104‌
110‌
3.00%,
05/01/2043
483‌
520‌
3.00%,
05/01/2043
193‌
205‌
3.00%,
07/01/2043
511‌
543‌
3.00%,
07/01/2043
108‌
116‌
3.00%,
08/01/2043
572‌
608‌
3.00%,
08/01/2043
76‌
81‌
3.00%,
10/01/2043
316‌
338‌
3.00%,
10/01/2043
518‌
552‌
3.00%,
11/01/2043
136‌
145‌
3.00%,
01/01/2045
700‌
747‌
3.00%,
05/01/2046
134‌
141‌
3.00%,
05/01/2046
157‌
166‌
3.00%,
10/01/2046
640‌
676‌
3.00%,
09/01/2049
2,046‌
2,144‌
3.00%,
10/01/2049
2,307‌
2,420‌
3.00%,
10/01/2049
3,161‌
3,324‌
3.00%,
11/01/2049
2,521‌
2,706‌
3.00%,
11/01/2049
1,316‌
1,382‌
3.00%,
11/01/2049
3,958‌
4,147‌
3.00%,
03/01/2050
5,219‌
5,530‌
3.50%,
12/01/2026
129‌
137‌
3.50%,
03/01/2029
118‌
127‌
3.50%,
09/01/2029
130‌
140‌
3.50%,
11/01/2030
87‌
94‌
3.50%,
04/01/2032
19‌
20‌
3.50%,
07/01/2032
16‌
17‌
3.50%,
09/01/2032
17‌
19‌
3.50%,
12/01/2032
2,387‌
2,575‌
3.50%,
10/01/2033
10‌
11‌
3.50%,
05/01/2034
54‌
58‌
3.50%,
06/01/2034
39‌
42‌
3.50%,
07/01/2034
238‌
257‌
3.50%,
10/01/2034
61‌
65‌
3.50%,
02/01/2036
67‌
72‌
3.50%,
02/01/2037
54‌
58‌
3.50%,
05/01/2037
79‌
85‌
3.50%,
03/01/2041
27‌
29‌
3.50%,
02/01/2042
271‌
294‌
3.50%,
03/01/2042
62‌
68‌
3.50%,
05/01/2042
391‌
424‌
3.50%,
06/01/2042
367‌
398‌
3.50%,
07/01/2042
64‌
69‌
3.50%,
10/01/2042
519‌
563‌
3.50%,
04/01/2043
459‌
498‌
3.50%,
05/01/2043
340‌
370‌
3.50%,
05/01/2043
444‌
481‌
3.50%,
06/01/2043
90‌
97‌
3.50%,
08/01/2043
350‌
379‌
3.50%,
09/01/2043
1,141‌
1,244‌
3.50%,
01/01/2044
1,233‌
1,351‌
3.50%,
01/01/2044
117‌
127‌
3.50%,
07/01/2044
529‌
573‌
3.50%,
10/01/2044
197‌
213‌
3.50%,
11/01/2044
224‌
241‌
3.50%,
12/01/2044
329‌
355‌
3.50%,
02/01/2045
209‌
223‌
3.50%,
02/01/2045
339‌
365‌
3.50%,
04/01/2045
340‌
369‌
3.50%,
04/01/2045
189‌
204‌
3.50%,
10/01/2045
127‌
137‌
3.50%,
10/01/2045
135‌
145‌
3.50%,
11/01/2045
257‌
275‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.50%,
11/01/2045
$
153‌
$
165‌
3.50%,
12/01/2045
326‌
350‌
3.50%,
12/01/2045
22‌
23‌
3.50%,
12/01/2045
160‌
173‌
3.50%,
01/01/2046
372‌
401‌
3.50%,
03/01/2046
99‌
106‌
3.50%,
03/01/2046
409‌
439‌
3.50%,
05/01/2046
69‌
74‌
3.50%,
06/01/2046
113‌
122‌
3.50%,
07/01/2046
383‌
411‌
3.50%,
12/01/2046
289‌
310‌
3.50%,
03/01/2047
252‌
270‌
3.50%,
07/01/2049
2,427‌
2,576‌
3.50%,
08/01/2049
1,414‌
1,498‌
3.50%,
11/01/2049
4,143‌
4,425‌
4.00%,
12/01/2024
118‌
126‌
4.00%,
04/01/2029
7‌
8‌
4.00%,
12/01/2030
10‌
10‌
4.00%,
03/01/2031
481‌
513‌
4.00%,
03/01/2031
70‌
75‌
4.00%,
11/01/2031
13‌
14‌
4.00%,
11/01/2033
221‌
243‌
4.00%,
11/01/2033
49‌
52‌
4.00%,
10/01/2034
138‌
151‌
4.00%,
02/01/2036
191‌
210‌
4.00%,
01/01/2037
67‌
73‌
4.00%,
10/01/2037
104‌
113‌
4.00%,
03/01/2038
43‌
47‌
4.00%,
07/01/2038
168‌
182‌
4.00%,
12/01/2038
115‌
124‌
4.00%,
01/01/2039
149‌
161‌
4.00%,
09/01/2040
77‌
85‌
4.00%,
01/01/2041
76‌
84‌
4.00%,
02/01/2041
27‌
30‌
4.00%,
12/01/2041
114‌
125‌
4.00%,
06/01/2042
201‌
222‌
4.00%,
06/01/2042
109‌
120‌
4.00%,
07/01/2042
619‌
686‌
4.00%,
12/01/2042
208‌
228‌
4.00%,
11/01/2043
272‌
299‌
4.00%,
09/01/2044
105‌
115‌
4.00%,
11/01/2044
112‌
122‌
4.00%,
01/01/2045
94‌
103‌
4.00%,
04/01/2045
301‌
327‌
4.00%,
08/01/2045
126‌
139‌
4.00%,
11/01/2045
393‌
431‌
4.00%,
07/01/2046
93‌
101‌
4.00%,
05/01/2048
238‌
265‌
4.00%,
04/01/2049
521‌
561‌
4.00%,
07/01/2049
1,930‌
2,072‌
4.00%,
10/01/2049
3,812‌
4,173‌
4.00%,
11/01/2049
2,186‌
2,350‌
4.00%,
04/01/2050
3,106‌
3,388‌
4.50%,
08/01/2023
54‌
58‌
4.50%,
06/01/2029
16‌
18‌
4.50%,
07/01/2029
4‌
5‌
4.50%,
08/01/2030
9‌
10‌
4.50%,
01/01/2034
27‌
29‌
4.50%,
04/01/2039
102‌
115‌
4.50%,
09/01/2040
180‌
200‌
4.50%,
05/01/2041
256‌
288‌
4.50%,
09/01/2041
313‌
352‌
4.50%,
11/01/2043
205‌
231‌
4.50%,
11/01/2043
138‌
156‌
4.50%,
01/01/2044
179‌
201‌
4.50%,
02/01/2044
66‌
74‌
4.50%,
04/01/2044
244‌
273‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
78
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.50%,
04/01/2044
$
150‌
$
169‌
4.50%,
05/01/2044
47‌
53‌
4.50%,
08/01/2044
69‌
75‌
4.50%,
08/01/2044
228‌
256‌
4.50%,
10/01/2044
110‌
121‌
4.50%,
04/01/2045
84‌
92‌
4.50%,
04/01/2046
65‌
72‌
4.50%,
05/01/2046
133‌
148‌
4.50%,
01/01/2047
94‌
103‌
4.50%,
01/01/2047
319‌
353‌
5.00%,
12/01/2025
20‌
22‌
5.00%,
01/01/2039
446‌
518‌
5.00%,
07/01/2039
195‌
227‌
5.00%,
02/01/2041
139‌
160‌
5.00%,
02/01/2041
88‌
103‌
5.00%,
04/01/2041
319‌
370‌
5.00%,
05/01/2042
169‌
195‌
5.00%,
07/01/2042
80‌
93‌
5.00%,
03/01/2044
66‌
74‌
5.00%,
05/01/2044
103‌
116‌
5.00%,
02/01/2045
153‌
177‌
5.00%,
06/01/2045
431‌
501‌
5.00%,
06/01/2048
145‌
161‌
5.00%,
08/01/2048
98‌
109‌
5.50%,
12/01/2027
32‌
36‌
5.50%,
03/01/2038
100‌
118‌
5.50%,
05/01/2038
111‌
131‌
5.50%,
06/01/2038
153‌
179‌
5.50%,
09/01/2038
243‌
284‌
5.50%,
11/01/2038
118‌
138‌
5.50%,
04/01/2039
127‌
149‌
5.50%,
04/01/2040
153‌
177‌
6.00%,
04/01/2026
18‌
20‌
6.00%,
10/01/2036
93‌
111‌
$
147,197‌
Government
National
Mortgage
Association
(GNMA)
-
6
.64
%
2.00%,
03/01/2051
3,000‌
3,037‌
2.50%,
06/20/2027
102‌
107‌
2.50%,
12/20/2030
96‌
100‌
2.50%,
03/20/2031
157‌
164‌
2.50%,
07/20/2043
124‌
129‌
2.50%,
12/20/2046
347‌
362‌
2.50%,
01/20/2047
114‌
118‌
2.50%,
03/01/2051
10,500‌
10,867‌
3.00%,
02/15/2027
60‌
64‌
3.00%,
08/20/2029
72‌
76‌
3.00%,
09/20/2029
83‌
88‌
3.00%,
07/20/2030
66‌
70‌
3.00%,
01/20/2031
71‌
75‌
3.00%,
07/20/2032
90‌
95‌
3.00%,
09/20/2042
65‌
70‌
3.00%,
11/20/2042
485‌
516‌
3.00%,
12/20/2042
361‌
385‌
3.00%,
01/20/2043
351‌
374‌
3.00%,
03/20/2043
448‌
476‌
3.00%,
03/20/2043
83‌
90‌
3.00%,
03/20/2043
428‌
463‌
3.00%,
04/20/2043
561‌
596‌
3.00%,
06/20/2043
500‌
532‌
3.00%,
08/20/2043
542‌
576‌
3.00%,
05/20/2044
217‌
231‌
3.00%,
12/15/2044
43‌
45‌
3.00%,
12/20/2044
537‌
569‌
3.00%,
01/15/2045
57‌
60‌
3.00%,
01/15/2045
68‌
71‌
3.00%,
02/20/2045
57‌
60‌
3.00%,
05/20/2045
372‌
395‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
3.00%,
06/20/2045
$
152‌
$
161‌
3.00%,
07/20/2045
1,085‌
1,149‌
3.00%,
08/20/2045
507‌
537‌
3.00%,
09/20/2045
215‌
227‌
3.00%,
10/20/2045
460‌
487‌
3.00%,
12/20/2045
250‌
264‌
3.00%,
01/20/2046
115‌
122‌
3.00%,
03/20/2046
478‌
506‌
3.00%,
04/20/2046
1,066‌
1,127‌
3.00%,
05/20/2046
783‌
828‌
3.00%,
06/20/2046
762‌
806‌
3.00%,
07/20/2046
1,741‌
1,826‌
3.00%,
08/20/2046
719‌
761‌
3.00%,
09/20/2046
546‌
578‌
3.00%,
10/20/2046
408‌
431‌
3.00%,
11/20/2046
682‌
739‌
3.00%,
12/15/2046
143‌
149‌
3.50%,
05/20/2042
134‌
146‌
3.50%,
06/20/2042
137‌
149‌
3.50%,
07/20/2042
539‌
587‌
3.50%,
09/20/2042
414‌
450‌
3.50%,
10/20/2042
299‌
325‌
3.50%,
11/20/2042
261‌
284‌
3.50%,
12/20/2042
269‌
293‌
3.50%,
01/20/2043
441‌
480‌
3.50%,
02/20/2043
703‌
766‌
3.50%,
03/20/2043
477‌
519‌
3.50%,
04/15/2043
290‌
314‌
3.50%,
04/20/2043
320‌
348‌
3.50%,
05/20/2043
209‌
227‌
3.50%,
07/20/2043
273‌
297‌
3.50%,
08/20/2043
677‌
736‌
3.50%,
09/20/2043
479‌
522‌
3.50%,
10/20/2043
228‌
247‌
3.50%,
09/20/2044
202‌
218‌
3.50%,
10/20/2044
233‌
253‌
3.50%,
11/20/2044
228‌
245‌
3.50%,
12/20/2044
234‌
251‌
3.50%,
01/20/2045
230‌
247‌
3.50%,
02/20/2045
309‌
334‌
3.50%,
03/15/2045
50‌
53‌
3.50%,
03/20/2045
393‌
422‌
3.50%,
04/15/2045
30‌
32‌
3.50%,
04/20/2045
240‌
257‌
3.50%,
04/20/2045
336‌
370‌
3.50%,
05/20/2045
398‌
427‌
3.50%,
06/20/2045
61‌
65‌
3.50%,
07/20/2045
340‌
365‌
3.50%,
08/20/2045
363‌
390‌
3.50%,
09/20/2045
351‌
377‌
3.50%,
10/20/2045
318‌
342‌
3.50%,
11/20/2045
552‌
593‌
3.50%,
12/20/2045
408‌
438‌
3.50%,
02/20/2046
341‌
366‌
3.50%,
08/15/2046
127‌
137‌
3.50%,
09/15/2046
84‌
89‌
3.50%,
01/15/2048
83‌
88‌
3.50%,
09/15/2048
95‌
110‌
4.00%,
11/20/2043
410‌
454‌
4.00%,
02/20/2044
167‌
184‌
4.00%,
05/15/2044
96‌
105‌
4.00%,
05/20/2044
96‌
106‌
4.00%,
07/20/2044
28‌
31‌
4.00%,
08/20/2044
210‌
233‌
4.00%,
09/20/2044
186‌
206‌
4.00%,
10/20/2044
696‌
771‌
4.00%,
11/15/2044
79‌
87‌
4.00%,
11/20/2044
137‌
151‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
79
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
4.00%,
12/20/2044
$
250‌
$
277‌
4.00%,
01/20/2045
106‌
118‌
4.00%,
03/20/2045
159‌
176‌
4.00%,
08/20/2045
207‌
227‌
4.00%,
09/15/2045
66‌
72‌
4.00%,
09/20/2045
244‌
268‌
4.00%,
10/20/2045
307‌
336‌
4.00%,
11/20/2045
418‌
460‌
4.00%,
12/15/2045
80‌
87‌
4.00%,
01/20/2046
491‌
539‌
4.00%,
02/20/2046
77‌
85‌
4.00%,
04/20/2046
295‌
324‌
4.00%,
10/20/2046
86‌
94‌
4.00%,
11/20/2046
390‌
427‌
4.00%,
01/20/2047
24‌
26‌
4.00%,
02/20/2047
398‌
433‌
4.00%,
03/20/2047
282‌
305‌
4.00%,
05/20/2047
95‌
103‌
4.00%,
11/20/2047
641‌
694‌
4.50%,
03/15/2039
144‌
162‌
4.50%,
03/15/2040
183‌
207‌
4.50%,
07/15/2040
192‌
217‌
4.50%,
02/20/2041
31‌
34‌
4.50%,
03/20/2041
24‌
26‌
4.50%,
05/15/2045
123‌
139‌
4.50%,
09/15/2045
70‌
78‌
4.50%,
12/20/2046
263‌
296‌
4.50%,
03/15/2047
138‌
156‌
4.50%,
10/15/2047
120‌
133‌
5.00%,
05/15/2033
134‌
158‌
5.00%,
07/20/2038
118‌
135‌
5.00%,
10/15/2038
181‌
212‌
5.00%,
04/20/2039
81‌
93‌
5.00%,
10/15/2041
130‌
148‌
5.00%,
01/20/2045
133‌
152‌
5.00%,
02/20/2046
47‌
54‌
5.00%,
12/20/2046
119‌
137‌
5.00%,
08/20/2048
56‌
61‌
5.00%,
10/20/2048
210‌
230‌
5.50%,
03/15/2038
55‌
61‌
5.50%,
02/15/2039
63‌
70‌
5.50%,
06/15/2040
174‌
196‌
5.50%,
07/20/2044
109‌
127‌
5.50%,
09/20/2044
144‌
168‌
5.50%,
12/20/2048
33‌
36‌
$
55,583‌
U.S.
Treasury
-
36
.55
%
0.13%,
06/30/2022
1,415‌
1,415‌
0.13%,
07/31/2022
5,265‌
5,265‌
0.13%,
09/30/2022
1,695‌
1,695‌
0.13%,
10/31/2022
1,835‌
1,835‌
0.13%,
12/31/2022
250‌
250‌
0.13%,
02/28/2023
(g)
3,160‌
3,159‌
0.13%,
07/15/2023
855‌
853‌
0.25%,
05/31/2025
1,430‌
1,407‌
0.25%,
06/30/2025
1,585‌
1,558‌
0.25%,
07/31/2025
310‌
304‌
0.38%,
01/31/2026
800‌
785‌
0.38%,
07/31/2027
1,200‌
1,147‌
0.38%,
09/30/2027
1,710‌
1,630‌
0.50%,
03/31/2025
375‌
374‌
0.50%,
04/30/2027
450‌
436‌
0.50%,
05/31/2027
555‌
537‌
0.50%,
06/30/2027
745‌
719‌
0.50%,
08/31/2027
1,520‌
1,463‌
0.50%,
10/31/2027
355‌
341‌
0.63%,
11/30/2027
1,270‌
1,227‌
0.63%,
12/31/2027
1,205‌
1,163‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
0.63%,
05/15/2030
$
3,070‌
$
2,860‌
0.63%,
08/15/2030
3,155‌
2,929‌
0.88%,
11/15/2030
(a)
4,175‌
3,958‌
1.13%,
02/28/2027
4,125‌
4,156‌
1.13%,
05/15/2040
1,260‌
1,067‌
1.13%,
08/15/2040
500‌
421‌
1.25%,
08/31/2024
3,140‌
3,228‌
1.25%,
05/15/2050
3,335‌
2,647‌
1.38%,
08/31/2023
315‌
324‌
1.38%,
11/15/2040
385‌
340‌
1.38%,
08/15/2050
1,845‌
1,514‌
1.50%,
08/15/2022
2,200‌
2,244‌
1.50%,
09/15/2022
2,845‌
2,904‌
1.50%,
02/28/2023
2,090‌
2,146‌
1.50%,
03/31/2023
3,520‌
3,617‌
1.50%,
09/30/2024
525‌
544‌
1.50%,
10/31/2024
930‌
964‌
1.50%,
08/15/2026
5,875‌
6,067‌
1.50%,
02/15/2030
1,510‌
1,525‌
1.63%,
11/15/2022
2,175‌
2,230‌
1.63%,
04/30/2023
1,875‌
1,933‌
1.63%,
05/31/2023
3,000‌
3,096‌
1.63%,
10/31/2023
3,270‌
3,389‌
1.63%,
02/15/2026
2,808‌
2,925‌
1.63%,
05/15/2026
5,851‌
6,089‌
1.63%,
09/30/2026
175‌
182‌
1.63%,
08/15/2029
1,600‌
1,639‌
1.63%,
11/15/2050
1,520‌
1,330‌
1.75%,
04/30/2022
350‌
357‌
1.75%,
06/15/2022
510‌
521‌
1.75%,
09/30/2022
415‌
426‌
1.75%,
01/31/2023
2,110‌
2,174‌
1.75%,
05/15/2023
4,000‌
4,136‌
1.75%,
12/31/2026
1,295‌
1,353‌
1.88%,
03/31/2022
1,535‌
1,565‌
1.88%,
05/31/2022
1,245‌
1,272‌
1.88%,
07/31/2022
2,850‌
2,920‌
1.88%,
09/30/2022
3,210‌
3,298‌
1.88%,
10/31/2022
80‌
82‌
1.88%,
08/31/2024
2,065‌
2,168‌
1.88%,
07/31/2026
1,340‌
1,411‌
2.00%,
10/31/2022
1,975‌
2,036‌
2.00%,
11/30/2022
2,180‌
2,250‌
2.00%,
05/31/2024
5,715‌
6,014‌
2.00%,
06/30/2024
1,500‌
1,580‌
2.00%,
02/15/2025
5,485‌
5,797‌
2.00%,
11/15/2026
2,840‌
3,008‌
2.00%,
02/15/2050
1,760‌
1,689‌
2.13%,
06/30/2022
2,000‌
2,053‌
2.13%,
02/29/2024
3,230‌
3,404‌
2.13%,
03/31/2024
810‌
854‌
2.13%,
11/30/2024
2,465‌
2,614‌
2.13%,
05/15/2025
3,870‌
4,114‌
2.25%,
12/31/2023
1,740‌
1,836‌
2.25%,
04/30/2024
3,710‌
3,930‌
2.25%,
11/15/2024
1,085‌
1,155‌
2.25%,
12/31/2024
4,000‌
4,263‌
2.25%,
03/31/2026
1,425‌
1,528‌
2.25%,
02/15/2027
2,670‌
2,866‌
2.25%,
08/15/2027
2,755‌
2,957‌
2.25%,
11/15/2027
2,610‌
2,800‌
2.25%,
08/15/2046
1,675‌
1,695‌
2.25%,
08/15/2049
1,570‌
1,591‌
2.38%,
03/15/2022
3,535‌
3,618‌
2.38%,
01/31/2023
2,985‌
3,112‌
2.38%,
04/30/2026
2,895‌
3,124‌
2.38%,
05/15/2027
1,595‌
1,725‌
2.38%,
05/15/2029
565‌
612‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
80
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
2.38%,
11/15/2049
$
1,500‌
$
1,562‌
2.50%,
01/31/2024
3,600‌
3,829‌
2.50%,
05/15/2024
690‌
737‌
2.50%,
02/28/2026
2,840‌
3,081‌
2.50%,
02/15/2045
1,460‌
1,551‌
2.50%,
02/15/2046
1,520‌
1,615‌
2.50%,
05/15/2046
1,395‌
1,481‌
2.63%,
02/28/2023
3,030‌
3,178‌
2.63%,
06/30/2023
2,000‌
2,113‌
2.63%,
12/31/2023
3,435‌
3,661‌
2.63%,
12/31/2025
2,160‌
2,353‌
2.63%,
01/31/2026
805‌
878‌
2.63%,
02/15/2029
1,025‌
1,130‌
2.75%,
04/30/2023
2,875‌
3,034‌
2.75%,
05/31/2023
2,900‌
3,066‌
2.75%,
07/31/2023
2,818‌
2,990‌
2.75%,
11/15/2023
1,505‌
1,606‌
2.75%,
02/15/2024
4,600‌
4,930‌
2.75%,
02/15/2028
3,760‌
4,161‌
2.75%,
08/15/2042
1,469‌
1,635‌
2.75%,
11/15/2042
125‌
139‌
2.75%,
08/15/2047
1,070‌
1,193‌
2.75%,
11/15/2047
1,435‌
1,601‌
2.88%,
04/30/2025
3,325‌
3,637‌
2.88%,
05/31/2025
2,000‌
2,190‌
2.88%,
11/30/2025
1,470‌
1,618‌
2.88%,
05/15/2028
2,600‌
2,903‌
2.88%,
08/15/2028
3,185‌
3,561‌
2.88%,
05/15/2043
605‌
687‌
2.88%,
08/15/2045
765‌
869‌
2.88%,
11/15/2046
600‌
683‌
2.88%,
05/15/2049
1,585‌
1,820‌
3.00%,
09/30/2025
540‌
596‌
3.00%,
05/15/2042
1,045‌
1,210‌
3.00%,
11/15/2044
660‌
764‌
3.00%,
05/15/2045
825‌
957‌
3.00%,
11/15/2045
200‌
232‌
3.00%,
02/15/2047
1,125‌
1,311‌
3.00%,
05/15/2047
1,190‌
1,388‌
3.00%,
02/15/2048
1,215‌
1,421‌
3.00%,
08/15/2048
1,475‌
1,728‌
3.00%,
02/15/2049
1,445‌
1,697‌
3.13%,
11/15/2028
1,645‌
1,871‌
3.13%,
11/15/2041
435‌
513‌
3.13%,
02/15/2042
1,140‌
1,346‌
3.13%,
02/15/2043
1,235‌
1,458‌
3.13%,
08/15/2044
100‌
118‌
3.13%,
05/15/2048
1,665‌
1,992‌
3.38%,
05/15/2044
1,595‌
1,959‌
3.38%,
11/15/2048
1,200‌
1,504‌
3.63%,
08/15/2043
1,285‌
1,636‌
3.63%,
02/15/2044
1,245‌
1,586‌
3.75%,
08/15/2041
230‌
296‌
3.75%,
11/15/2043
1,240‌
1,607‌
3.88%,
08/15/2040
1,070‌
1,395‌
4.25%,
05/15/2039
375‌
509‌
4.25%,
11/15/2040
1,038‌
1,419‌
4.38%,
02/15/2038
495‌
677‌
4.38%,
05/15/2041
1,090‌
1,518‌
4.50%,
02/15/2036
1,110‌
1,513‌
4.50%,
05/15/2038
1,000‌
1,387‌
4.75%,
02/15/2037
1,020‌
1,438‌
4.75%,
02/15/2041
99‌
144‌
5.25%,
11/15/2028
409‌
530‌
5.25%,
02/15/2029
795‌
1,037‌
5.38%,
02/15/2031
1,100‌
1,508‌
6.00%,
02/15/2026
1,170‌
1,470‌
6.25%,
05/15/2030
2,000‌
2,855‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
6.38%,
08/15/2027
$
1,540‌
$
2,055‌
6.50%,
11/15/2026
1,000‌
1,311‌
6.63%,
02/15/2027
450‌
599‌
$
305,786‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
535,332‌
Total
Investments
$
906,370‌
Other
Assets
and
Liabilities
-  (8.32)%
(
69,629‌
)
TOTAL
NET
ASSETS
-
100.00%
$
836,741‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,652
or
1.27%
of
net
assets.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,787
or
1.29%
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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(g)
Security
purchased
on
a
when-issued
basis.
(h)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$60
or
0.01%
of
net
assets.
(i)
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
$10,074
or
1.20%
of
net
assets.
(j)
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.
(k)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(l)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
See
accompanying
notes
for
additional
information.
Portfolio
Summary  (unaudited)
Sector
Percent
Government
41
.46‌
%
Mortgage
Securities
28
.37‌
%
Money
Market
Funds
11
.09‌
%
Financial
8
.55‌
%
Consumer,
Non-cyclical
4
.54‌
%
Energy
2
.40‌
%
Communications
2
.39‌
%
Utilities
2
.16‌
%
Industrial
2
.01‌
%
Technology
1
.96‌
%
Consumer,
Cyclical
1
.33‌
%
Investment
Companies
0
.83‌
%
Basic
Materials
0
.70‌
%
Revenue
Bonds
0
.23‌
%
General
Obligation
Unlimited
0
.21‌
%
Insured
0
.09‌
%
Other
Assets
and
Liabilities
(
8
.32‌
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
81
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
170,674‌
$
695,485‌
$
779,046‌
$
87,113‌
$
170,674‌
$
695,485‌
$
779,046‌
$
87,113‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
82
INVESTMENT
COMPANIES
-
3.75%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.31%
Invesco
S&P
Global
Water
Index
ETF
61,241‌
$
2,889‌
SPDR
S&P
Global
Natural
Resources
ETF
159,247‌
7,821‌
$
10,710‌
Money
Market
Funds
-
3.44%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(a),(b)
6,951,378‌
6,951‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
111,653,774‌
111,654‌
$
118,605‌
TOTAL
INVESTMENT
COMPANIES
$
129,315‌
COMMON
STOCKS
-
52.32%
Shares
Held
Value
(000's)
Advertising
-
0.03%
Clear
Channel
Outdoor
Holdings
Inc
(d)
596,711‌
$
1,026‌
Agriculture
-
0.62%
Archer-Daniels-Midland
Co
68,774‌
3,891‌
Bunge
Ltd
230,349‌
17,640‌
$
21,531‌
Automobile
Parts
&
Equipment
-
0.05%
Georg
Fischer
AG
1,471‌
1,889‌
Biotechnology
-
0.54%
Advanz
Pharma
Corp
Ltd
(d),(e)
15,259‌
256‌
Corteva
Inc
410,022‌
18,512‌
$
18,768‌
Building
Materials
-
0.44%
American
Woodmark
Corp
(d)
9,346‌
873‌
Builders
FirstSource
Inc
(d)
31,603‌
1,367‌
Forterra
Inc
(d)
6,785‌
158‌
Fortune
Brands
Home
&
Security
Inc
9,182‌
764‌
Geberit
AG
5,221‌
3,078‌
Louisiana-Pacific
Corp
161,046‌
7,667‌
Pinnacle
Renewable
Energy
Inc
67,099‌
579‌
UFP
Industries
Inc
14,019‌
855‌
$
15,341‌
Chemicals
-
1.73%
CF
Industries
Holdings
Inc
391,214‌
17,714‌
FMC
Corp
29,507‌
3,000‌
ICL
Group
Ltd
720,532‌
4,145‌
Ingevity
Corp
(d)
15,970‌
1,110‌
Lenzing
AG
(d),(f)
9,268‌
1,327‌
Mosaic
Co/The
635,086‌
18,671‌
Nutrien
Ltd
69,200‌
3,735‌
Olin
Corp
50,960‌
1,577‌
Rayonier
Advanced
Materials
Inc
(d)
69,762‌
645‌
Sociedad
Quimica
y
Minera
de
Chile
SA
ADR
72,719‌
3,898‌
Yara
International
ASA
84,253‌
4,048‌
$
59,870‌
Commercial
Services
-
1.95%
ALEATICA
SAB
de
CV
6,205,165‌
6,107‌
Atlantia
SpA
(d)
703,786‌
13,176‌
Atlas
Arteria
Ltd
3,947,680‌
16,799‌
Cengage
Learning
Holdings
II
Inc
(d)
2,772‌
35‌
Sembcorp
Industries
Ltd
251,700‌
325‌
Transurban
Group
3,109,285‌
30,814‌
$
67,256‌
Computers
-
0.01%
IQOR
US
Inc
(d)
14,193‌
188‌
Consumer
Products
-
0.16%
Avery
Dennison
Corp
22,921‌
4,016‌
Kimberly-Clark
Corp
11,702‌
1,502‌
$
5,518‌
Cosmetics
&
Personal
Care
-
0.07%
Essity
AB
51,651‌
1,552‌
Unicharm
Corp
24,500‌
971‌
$
2,523‌
Electric
-
7.98%
ACEA
SpA
12,012‌
236‌
Algonquin
Power
&
Utilities
Corp
165,300‌
2,560‌
American
Electric
Power
Co
Inc
197,949‌
14,817‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
AusNet
Services
9,816,944‌
$
12,534‌
Brookfield
Renewable
Corp
243,821‌
11,260‌
Clearway
Energy
Inc
-
Class
C
463,736‌
12,734‌
CLP
Holdings
Ltd
631,500‌
6,165‌
CMS
Energy
Corp
107,043‌
5,792‌
CPFL
Energia
SA
1,215,200‌
6,243‌
EDP
-
Energias
de
Portugal
SA
2,194,702‌
12,579‌
Emera
Inc
225,503‌
8,885‌
Enel
SpA
377,937‌
3,564‌
Eversource
Energy
77,436‌
6,155‌
Evoqua
Water
Technologies
Corp
(d)
33,209‌
815‌
Exelon
Corp
293,077‌
11,313‌
Hydro
One
Ltd
(g)
236,861‌
5,029‌
Iberdrola
SA
632,594‌
7,928‌
Infraestructura
Energetica
Nova
SAB
de
CV
(d)
1,846,825‌
6,473‌
National
Grid
PLC
1,745,075‌
19,622‌
NextEra
Energy
Inc
127,442‌
9,364‌
Orsted
AS
(g)
19,945‌
3,215‌
PPL
Corp
54,929‌
1,439‌
Public
Service
Enterprise
Group
Inc
207,061‌
11,146‌
Red
Electrica
Corp
SA
636,300‌
10,630‌
Sempra
Energy
176,955‌
20,523‌
Southern
Co/The
285,919‌
16,217‌
Spark
Infrastructure
Group
6,169,135‌
9,683‌
SSE
PLC
1,002,692‌
18,584‌
Terna
Rete
Elettrica
Nazionale
SpA
1,603,427‌
11,123‌
Transmissora
Alianca
de
Energia
Eletrica
SA
1,629,900‌
8,870‌
$
275,498‌
Electronics
-
0.13%
Badger
Meter
Inc
10,444‌
1,134‌
Halma
PLC
100,426‌
3,179‌
$
4,313‌
Energy
-
Alternate
Sources
-
0.80%
Array
Technologies
Inc
(d)
50,747‌
1,882‌
NEL
ASA
(d)
551,589‌
1,599‌
NextEra
Energy
Partners
LP
261,398‌
18,988‌
Sunnova
Energy
International
Inc
(d)
114,989‌
5,156‌
$
27,625‌
Engineering
&
Construction
-
3.12%
Aegion
Corp
(d)
8,678‌
224‌
Aena
SME
SA
(d),(g)
110,069‌
18,668‌
Auckland
International
Airport
Ltd
(d)
1,021,686‌
5,576‌
Eiffage
SA
90,624‌
9,315‌
Enav
SpA
(g)
2,589,310‌
12,478‌
Ferrovial
SA
138,345‌
3,433‌
Flughafen
Zurich
AG
(d)
26,136‌
4,621‌
Fluor
Corp
(d)
203,285‌
3,488‌
Fomento
de
Construcciones
y
Contratas
SA
14,999‌
177‌
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
(d)
477,300‌
4,825‌
Sacyr
SA
636,071‌
1,602‌
Sydney
Airport
(d)
4,697,763‌
21,296‌
Vinci
SA
211,728‌
22,020‌
$
107,723‌
Entertainment
-
0.00%
Cineworld
Group
PLC
-
Warrants
(d)
29,862‌
24‌
Environmental
Control
-
0.44%
China
Water
Affairs
Group
Ltd
240,000‌
189‌
Clean
Harbors
Inc
(d)
41,525‌
3,536‌
Covanta
Holding
Corp
296,815‌
4,170‌
Energy
Recovery
Inc
(d)
14,380‌
253‌
Kurita
Water
Industries
Ltd
38,400‌
1,560‌
METAWATER
Co
Ltd
10,800‌
205‌
Pentair
PLC
59,509‌
3,329‌
Tetra
Tech
Inc
15,199‌
2,103‌
$
15,345‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
83
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
-
0.24%
Ingredion
Inc
44,365‌
$
4,002‌
Wilmar
International
Ltd
1,089,200‌
4,288‌
$
8,290‌
Forest
Products
&
Paper
-
2.63%
Acadian
Timber
Corp
108,581‌
1,558‌
BillerudKorsnas
AB
28,635‌
526‌
Canfor
Corp
(d)
236,105‌
4,816‌
Clearwater
Paper
Corp
(d)
12,724‌
445‌
Domtar
Corp
23,749‌
880‌
Empresas
CMPC
SA
622,710‌
1,815‌
Holmen
AB
32,885‌
1,447‌
Interfor
Corp
(d)
228,547‌
5,000‌
International
Paper
Co
133,456‌
6,626‌
Mercer
International
Inc
89,014‌
1,368‌
Mondi
PLC
274,711‌
6,630‌
Nine
Dragons
Paper
Holdings
Ltd
3,047,000‌
4,906‌
Oji
Holdings
Corp
1,109,800‌
7,023‌
Sappi
Ltd
(d)
388,328‌
1,138‌
Smurfit
Kappa
Group
PLC
122,118‌
5,756‌
Stora
Enso
Oyj
423,271‌
8,336‌
Sumitomo
Forestry
Co
Ltd
67,500‌
1,217‌
Suzano
SA
(d)
314,600‌
4,118‌
Svenska
Cellulosa
AB
SCA
351,547‌
6,046‌
UPM-
Kymmene
Oyj
177,873‌
6,796‌
West
Fraser
Timber
Co
Ltd
176,601‌
12,073‌
Western
Forest
Products
Inc
1,583,464‌
2,090‌
$
90,610‌
Gas
-
1.13%
Atmos
Energy
Corp
56,150‌
4,751‌
Enagas
SA
445,339‌
9,328‌
NiSource
Inc
255,825‌
5,526‌
Snam
SpA
3,092,717‌
16,010‌
Southwest
Gas
Holdings
Inc
53,093‌
3,310‌
$
38,925‌
Hand
&
Machine
Tools
-
0.03%
Franklin
Electric
Co
Inc
13,752‌
1,032‌
Healthcare
-
Products
-
0.04%
Hengan
International
Group
Co
Ltd
184,595‌
1,276‌
Healthcare
-
Services
-
0.00%
Millennium
Health
LLC
(d),(e),(h),(
i
)
20,580‌
22‌
Millennium
Health
LLC
(d),(e),(h),(
i
)
19,318‌
20‌
$
42‌
Holding
Companies
-
Diversified
-
0.08%
Star
Peak
Energy
Transition
Corp
(d),(f)
76,405‌
2,612‌
Home
Builders
-
0.19%
DR
Horton
Inc
18,974‌
1,459‌
Lennar
Corp
-
A
Shares
14,580‌
1,210‌
PulteGroup
Inc
30,375‌
1,370‌
Toll
Brothers
Inc
28,441‌
1,519‌
Tri
Pointe
Homes
Inc
(d)
49,353‌
938‌
$
6,496‌
Housewares
-
0.12%
Scotts
Miracle-
Gro
Co/The
19,472‌
4,150‌
Internet
-
0.07%
21Vianet
Group
Inc
ADR
(d)
67,100‌
2,445‌
Catalina
Marketing
Corp
(d)
3,965‌
7‌
$
2,452‌
Iron
&
Steel
-
0.72%
ArcelorMittal
SA
(d)
186,414‌
4,353‌
Fortescue
Metals
Group
Ltd
254,812‌
4,706‌
Nippon
Steel
Corp
279,800‌
4,146‌
Nucor
Corp
63,742‌
3,813‌
POSCO
16,187‌
4,019‌
Vale
SA
ADR
235,087‌
3,973‌
$
25,010‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Lodging
-
0.14%
Choice
Hotels
International
Inc
16,600‌
$
1,741‌
City
Developments
Ltd
551,200‌
3,018‌
$
4,759‌
Machinery
-
Diversified
-
0.49%
ANDRITZ
AG
52,409‌
2,510‌
Duerr
AG
18,214‌
718‌
Gorman-Rupp
Co/The
6,740‌
216‌
Husqvarna
AB
57,960‌
709‌
Interpump
Group
SpA
29,290‌
1,342‌
Kadant
Inc
4,389‌
764‌
Lindsay
Corp
3,887‌
623‌
Mueller
Water
Products
Inc
-
Class
A
56,606‌
730‌
Organo
Corp
1,900‌
107‌
Valmet
Oyj
47,777‌
1,608‌
Watts
Water
Technologies
Inc
9,847‌
1,123‌
Xylem
Inc
/NY
64,548‌
6,426‌
$
16,876‌
Media
-
0.00%
Cumulus
Media
Inc
(d)
406‌
4‌
Metal
Fabrication
&
Hardware
-
0.14%
Advanced
Drainage
Systems
Inc
17,510‌
1,926‌
Northwest
Pipe
Co
(d)
3,516‌
120‌
Reliance
Worldwide
Corp
Ltd
222,811‌
737‌
Rexnord
Corp
43,277‌
1,945‌
$
4,728‌
Mining
-
5.16%
Agnico
Eagle
Mines
Ltd
52,100‌
2,908‌
Alamos
Gold
Inc
597,689‌
4,244‌
Anglo
American
PLC
390,638‌
15,157‌
AngloGold
Ashanti
Ltd
ADR
157,953‌
3,153‌
Antofagasta
PLC
204,536‌
5,105‌
Barrick
Gold
Corp
581,522‌
10,853‌
BHP
Group
Ltd
122,017‌
4,612‌
Coeur
Mining
Inc
(d)
629,854‌
5,675‌
First
Quantum
Minerals
Ltd
304,290‌
6,559‌
Franco-Nevada
Corp
25,700‌
2,752‌
Freeport-McMoRan
Inc
(d)
548,363‌
18,595‌
Fresnillo
PLC
243,593‌
3,076‌
Glencore
PLC
(d)
1,210,213‌
4,925‌
Gold
Fields
Ltd
ADR
392,978‌
3,219‌
Kinross
Gold
Corp
2,054,375‌
12,769‌
Kirkland
Lake
Gold
Ltd
83,400‌
2,728‌
Korea
Zinc
Co
Ltd
9,994‌
3,578‌
Lundin
Mining
Corp
679,648‌
7,781‌
MMC
Norilsk
Nickel
PJSC
ADR
122,726‌
3,852‌
MP
Materials
Corp
(d),(f)
99,582‌
4,185‌
Newcrest
Mining
Ltd
172,493‌
3,241‌
Newmont
Corp
246,572‌
13,408‌
Polymetal
International
PLC
164,138‌
3,245‌
Polyus
PJSC
36,220‌
3,385‌
Rio
Tinto
Ltd
45,811‌
4,495‌
Sibanye
Stillwater
Ltd
1,017,486‌
4,678‌
South32
Ltd
1,935,520‌
4,113‌
Southern
Copper
Corp
112,240‌
8,006‌
Sumitomo
Metal
Mining
Co
Ltd
91,800‌
4,453‌
Wheaton
Precious
Metals
Corp
88,400‌
3,162‌
$
177,912‌
Miscellaneous
Manufacturers
-
0.05%
Aalberts
NV
34,507‌
1,611‌
Oil
&
Gas
-
7.83%
BP
PLC
1,035,264‌
4,240‌
California
Resources
Corp
(d)
220,999‌
5,808‌
California
Resources
Corp
-
Warrants
(d)
439‌
2‌
Canadian
Natural
Resources
Ltd
149,900‌
4,089‌
Chesapeake
Energy
Corp
(d)
22,724‌
1,004‌
Chevron
Corp
39,262‌
3,926‌
CNX
Resources
Corp
(d)
296,215‌
3,735‌
Comstock
Resources
Inc
(d)
800,705‌
4,572‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
84
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
ConocoPhillips
410,539‌
$
21,352‌
Devon
Energy
Corp
536,056‌
11,547‌
Diamondback
Energy
Inc
74,297‌
5,147‌
Ecopetrol
SA
ADR
297,121‌
3,640‌
Empresas
COPEC
SA
163,036‌
1,840‌
Eni
SpA
344,625‌
3,940‌
EOG
Resources
Inc
73,012‌
4,714‌
EQT
Corp
(d)
757,587‌
13,477‌
Equinor
ASA
668,111‌
12,671‌
Exxon
Mobil
Corp
89,767‌
4,881‌
Fieldwood
Energy
Inc
(d)
2,556‌
—‌
Fieldwood
Energy
LLC
(d),(e),(
i
)
12,648‌
—‌
Gazprom
PJSC
ADR
736,095‌
4,258‌
Hess
Corp
222,877‌
14,605‌
LUKOIL
PJSC
ADR
52,659‌
3,924‌
Marathon
Petroleum
Corp
374,791‌
20,472‌
Neste
Oyj
50,936‌
3,364‌
Novatek
PJSC
22,025‌
3,769‌
Occidental
Petroleum
Corp
662,697‌
17,634‌
Petroleo
Brasileiro
SA
ADR
357,666‌
2,836‌
Phillips
66
130,429‌
10,832‌
Pioneer
Natural
Resources
Co
134,566‌
19,992‌
Range
Resources
Corp
(d)
454,688‌
4,383‌
Reliance
Industries
Ltd
(g)
65,446‌
3,772‌
Repsol
SA
355,106‌
4,470‌
Rosneft
Oil
Co
PJSC
589,336‌
4,081‌
Royal
Dutch
Shell
PLC
-
A
Shares
201,687‌
4,125‌
Suncor
Energy
Inc
213,500‌
4,239‌
Tatneft
PJSC
ADR
90,074‌
3,769‌
TOTAL
SE
79,875‌
3,725‌
Transocean
Ltd
(d)
54,446‌
189‌
Valero
Energy
Corp
276,889‌
21,315‌
Vantage
Drilling
International
(d),(h),(
i
)
4,456‌
4‌
Woodside
Petroleum
Ltd
(f)
207,657‌
3,916‌
$
270,259‌
Oil
&
Gas
Services
-
0.27%
Halliburton
Co
206,318‌
4,504‌
Schlumberger
NV
164,641‌
4,595‌
Select
Energy
Services
Inc
(d)
22,439‌
142‌
$
9,241‌
Packaging
&
Containers
-
0.97%
Amcor
PLC
302,104‌
3,305‌
DS
Smith
PLC
1,231,910‌
6,845‌
Graphic
Packaging
Holding
Co
82,242‌
1,305‌
Greif
Inc
-
Class
A
11,372‌
549‌
Klabin
SA
(d)
252,500‌
1,310‌
Packaging
Corp
of
America
41,611‌
5,493‌
Sealed
Air
Corp
75,963‌
3,183‌
SIG
Combibloc
Group
AG
(d)
169,383‌
3,740‌
Sonoco
Products
Co
20,313‌
1,210‌
Westrock
Co
147,451‌
6,428‌
$
33,368‌
Pipelines
-
3.05%
APA
Group
791,149‌
5,679‌
Cheniere
Energy
Inc
(d)
238,174‌
16,051‌
Enbridge
Inc
751,160‌
25,370‌
Enterprise
Products
Partners
LP
109,112‌
2,326‌
Gibson
Energy
Inc
583,439‌
9,930‌
Kinder
Morgan
Inc
416,013‌
6,115‌
Magellan
Midstream
Partners
LP
61,639‌
2,568‌
Pembina
Pipeline
Corp
(f)
65,210‌
1,658‌
TC
Energy
Corp
602,992‌
25,255‌
Williams
Cos
Inc
/The
445,900‌
10,185‌
$
105,137‌
Real
Estate
-
1.11%
ESR
Cayman
Ltd
(d),(g)
596,600‌
1,886‌
Fabege
AB
236,275‌
3,283‌
Mitsubishi
Estate
Co
Ltd
429,900‌
7,481‌
New
World
Development
Co
Ltd
1,470,660‌
7,480‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
(continued)
Sunac
Services
Holdings
Ltd
(d),(g)
448,000‌
$
1,436‌
Vonovia
SE
228,101‌
14,528‌
Zhongliang
Holdings
Group
Co
Ltd
3,183,500‌
2,116‌
$
38,210‌
REITs
-
7.48%
Agree
Realty
Corp
30,000‌
1,937‌
Alexandria
Real
Estate
Equities
Inc
35,008‌
5,590‌
Allied
Properties
Real
Estate
Investment
Trust
100,600‌
3,032‌
American
Homes
4
Rent
200,199‌
6,234‌
American
Tower
Corp
26,494‌
5,726‌
Ascendas
Real
Estate
Investment
Trust
1,143,000‌
2,500‌
AvalonBay
Communities
Inc
55,934‌
9,830‌
Camden
Property
Trust
56,400‌
5,874‌
CatchMark
Timber
Trust
Inc
168,946‌
1,725‌
CFE
Capital
S
de
RL
de
CV
4,530,163‌
6,135‌
Cousins
Properties
Inc
106,593‌
3,575‌
Crown
Castle
International
Corp
46,766‌
7,284‌
CubeSmart
96,732‌
3,575‌
Daiwa
Office
Investment
Corp
616‌
4,233‌
Dexus
708,077‌
4,857‌
Equinix
Inc
7,191‌
4,662‌
Essential
Properties
Realty
Trust
Inc
27‌
1‌
Essex
Property
Trust
Inc
32,428‌
8,262‌
Federal
Realty
Investment
Trust
27,900‌
2,823‌
Frasers
Logistics
&
Commercial
Trust
2,689,251‌
2,768‌
Gecina
SA
27,713‌
3,824‌
Goodman
Group
703,834‌
8,995‌
Industrial
&
Infrastructure
Fund
Investment
Corp
1,300‌
2,242‌
Inmobiliaria
Colonial
Socimi
SA
700,753‌
6,805‌
InterRent
Real
Estate
Investment
Trust
265,460‌
2,847‌
Invitation
Homes
Inc
323,677‌
9,432‌
Japan
Metropolitan
Fund
Invest
2,892‌
2,886‌
Kilroy
Realty
Corp
43,791‌
2,779‌
Klepierre
SA
73,900‌
1,738‌
Link
REIT
697,570‌
6,585‌
Minto
Apartment
Real
Estate
Investment
Trust
(g)
316,942‌
4,782‌
Nippon
Prologis
REIT
Inc
2,467‌
7,524‌
Park
Hotels
&
Resorts
Inc
115,600‌
2,514‌
PotlatchDeltic
Corp
117,478‌
5,962‌
Prologis
Inc
152,893‌
15,147‌
Rayonier
Inc
339,822‌
11,092‌
Regency
Centers
Corp
56,852‌
3,114‌
Rexford
Industrial
Realty
Inc
130,213‌
6,214‌
Segro
PLC
647,671‌
8,222‌
STORE
Capital
Corp
165,220‌
5,525‌
Summit
Industrial
Income
REIT
255,647‌
2,716‌
Sun
Communities
Inc
50,468‌
7,669‌
UNITE
Group
PLC/The
(d)
323,380‌
4,380‌
United
Urban
Investment
Corp
3,413‌
4,709‌
VICI
Properties
Inc
142,818‌
4,070‌
Warehouses
De
Pauw
CVA
99,000‌
3,377‌
Welltower
Inc
167,912‌
11,401‌
Weyerhaeuser
Co
319,390‌
10,818‌
$
257,992‌
Retail
-
0.00%
Gymboree
Corp/The
(d),(h),(
i
)
17,842‌
5‌
Gymboree
Holding
Corp
(d),(h),(
i
)
48,577‌
12‌
$
17‌
Software
-
0.07%
Skillsoft
-
Class
A
(d),(h),(
i
)
14,073‌
2,392‌
Skillsoft
-
Class
A
Warrants
(d)
282‌
—‌
Skillsoft
-
Class
B
(d),(h),(
i
)
192‌
37‌
Skillsoft
-
Class
B
Warrants
(d)
565‌
—‌
$
2,429‌
Storage
&
Warehousing
-
0.11%
Safestore
Holdings
PLC
330,851‌
3,683‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
85
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
-
0.08%
Eutelsat
Communications
SA
101,078‌
$
1,220‌
NEXTDC
Ltd
(d)
152,600‌
1,310‌
Windstream
(d)
9,809‌
121‌
Windstream
-
Warrants
(d)
17,064‌
222‌
$
2,873‌
Transportation
-
0.52%
American
Commercial
Lines
Inc
(d)
573‌
14‌
American
Commercial
Lines
Inc
-
Warrants
(d)
603‌
15‌
East
Japan
Railway
Co
91,200‌
6,798‌
Getlink
SE
(d)
368,123‌
6,033‌
West
Japan
Railway
Co
85,000‌
5,232‌
$
18,092‌
Water
-
1.53%
Aguas
Andinas
SA
22,881,751‌
6,554‌
American
States
Water
Co
10,402‌
760‌
American
Water
Works
Co
Inc
39,742‌
5,639‌
Artesian
Resources
Corp
2,383‌
88‌
Beijing
Enterprises
Water
Group
Ltd
(d)
1,444,000‌
572‌
California
Water
Service
Group
13,931‌
766‌
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
ADR
96,378‌
636‌
Essential
Utilities
Inc
172,577‌
7,258‌
Guangdong
Investment
Ltd
810,000‌
1,447‌
Middlesex
Water
Co
4,925‌
338‌
Pennon
Group
PLC
118,713‌
1,453‌
Severn
Trent
PLC
338,232‌
10,358‌
SJW
Group
7,403‌
464‌
Suez
SA
114,265‌
2,375‌
United
Utilities
Group
PLC
862,396‌
10,323‌
Veolia
Environnement
SA
139,029‌
3,728‌
York
Water
Co/The
3,677‌
153‌
$
52,912‌
TOTAL
COMMON
STOCKS
$
1,805,436‌
PREFERRED
STOCKS
-
0.10%
Shares
Held
Value
(000's)
Electric
-
0.09%
Cia
de
Transmissao
de
Energia
Eletrica
Paulista
0.80%
742,100‌
$
3,167‌
Transportation
-
0.01%
American
Commercial
Lines
Inc
Preferred
A
0.32%
2,133‌
64‌
American
Commercial
Lines
Inc
Preferred
A
-
Anti-Dilution
Warrants
0.00%,
04/30/2045
(d),(h),(
i
)
6,729‌
2‌
American
Commercial
Lines
Inc
Preferred
A
-
Warrants
0.00%,
04/30/2045
(d)
2,243‌
67‌
American
Commercial
Lines
Inc
Preferred
B
0.42%
2,428‌
83‌
American
Commercial
Lines
Inc
Preferred
B
-
Anti-Dilution
Warrants
0.00%,
04/30/2045
(d),(h),(
i
)
5,118‌
2‌
American
Commercial
Lines
Inc
Preferred
B
-
Warrants
0.00%,
04/30/2045
(d)
1,706‌
58‌
$
276‌
TOTAL
PREFERRED
STOCKS
$
3,443‌
BONDS
-
12.43%
Principal
Amount
(000's)
Value
(000's)
Commercial
Mortgage
Backed
Securities
-
3.60%
BBCMS
2018-TALL
Mortgage
Trust
0.83%,
03/15/2037
(g)
$
6,000‌
$
5,993‌
1.00
x
1
Month
USD
LIBOR
+
0.72%
BBCMS
2019-BWAY
Mortgage
Trust
1.07%,
11/15/2034
(g)
7,670‌
7,641‌
1.00
x
1
Month
USD
LIBOR
+
0.96%
Benchmark
2019-B12
Mortgage
Trust
1.07%,
08/15/2052
(j),(k)
94,600‌
6,033‌
2.26%,
08/15/2052
2,267‌
2,317‌
Benchmark
2019-B15
Mortgage
Trust
0.83%,
12/15/2072
(j),(k)
16,053‌
902‌
2.00%,
12/15/2072
2,598‌
2,652‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
BF
2019-NYT
Mortgage
Trust
1.31%,
12/15/2035
(g)
$
5,950‌
$
5,962‌
1.00
x
1
Month
USD
LIBOR
+
1.20%
BHP
Trust
2019-BXHP
1.09%,
08/15/2036
(g)
5,122‌
5,122‌
1.00
x
1
Month
USD
LIBOR
+
0.98%
BX
Commercial
Mortgage
Trust
2018-IND
0.86%,
11/15/2035
(g)
2,518‌
2,519‌
1.00
x
1
Month
USD
LIBOR
+
0.75%
BX
Commercial
Mortgage
Trust
2019-XL
1.03%,
10/15/2036
(g)
13,048‌
13,070‌
1.00
x
1
Month
USD
LIBOR
+
0.92%
BX
Commercial
Mortgage
Trust
2020-BXLP
0.91%,
12/15/2036
(g)
3,992‌
3,995‌
1.00
x
1
Month
USD
LIBOR
+
0.80%
1.11%,
12/15/2036
(g)
2,844‌
2,844‌
1.00
x
1
Month
USD
LIBOR
+
1.00%
BX
Trust
2018-EXCL
1.20%,
09/15/2037
(g)
5,762‌
5,525‌
1.00
x
1
Month
USD
LIBOR
+
1.09%
BX
Trust
2019-CALM
0.99%,
11/15/2032
(g)
2,500‌
2,502‌
1.00
x
1
Month
USD
LIBOR
+
0.88%
CGDB
Commercial
Mortgage
Trust
2019-MOB
1.06%,
11/15/2036
(g)
6,500‌
6,500‌
1.00
x
1
Month
USD
LIBOR
+
0.95%
Citigroup
Commercial
Mortgage
Trust
2019-GC41
1.06%,
08/10/2056
(j),(k)
80,471‌
5,458‌
1.95%,
08/10/2056
1,150‌
1,171‌
Citigroup
Commercial
Mortgage
Trust
2020-GC46
0.99%,
02/15/2053
(j),(k)
6,238‌
440‌
COMM
2013-CCRE8
Mortgage
Trust
3.61%,
06/10/2046
(k)
525‌
557‌
COMM
2018-HCLV
Mortgage
Trust
1.11%,
09/15/2033
(g)
10,120‌
10,111‌
1.00
x
1
Month
USD
LIBOR
+
1.00%
CORE
2019-CORE
Mortgage
Trust
0.99%,
12/15/2031
(g)
6,100‌
6,112‌
1.00
x
1
Month
USD
LIBOR
+
0.88%
DBCG
2017-BBG
Mortgage
Trust
0.81%,
06/15/2034
(g)
3,840‌
3,838‌
1.00
x
1
Month
USD
LIBOR
+
0.70%
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
0.96%,
05/25/2026
(j),(k)
69,911‌
3,178‌
1.31%,
07/25/2026
(j),(k)
12,094‌
725‌
GS
Mortgage
Securities
Corp
Trust
2019-SMP
1.26%,
08/15/2032
(g)
4,000‌
3,997‌
1.00
x
1
Month
USD
LIBOR
+
1.15%
GS
Mortgage
Securities
Corp
Trust
2019-SOHO
1.01%,
06/15/2036
(g)
3,000‌
3,002‌
1.00
x
1
Month
USD
LIBOR
+
0.90%
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2019-BKWD
1.11%,
09/15/2029
(g)
5,000‌
5,010‌
1.00
x
1
Month
USD
LIBOR
+
1.00%
KNDL
2019-KNSQ
Mortgage
Trust
0.91%,
05/15/2036
(g)
2,000‌
2,003‌
1.00
x
1
Month
USD
LIBOR
+
0.80%
Merit
2020-Hill
1.26%,
08/15/2037
(g)
4,250‌
4,267‌
1.00
x
1
Month
USD
LIBOR
+
1.15%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
86
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
UBS-Barclays
Commercial
Mortgage
Trust
2012-C3
3.09%,
08/10/2049
$
917‌
$
946‌
$
124,392‌
Electric
-
0.04%
Pacific
Gas
and
Electric
Co
3.15%,
01/01/2026
1,189‌
1,259‌
4.50%,
07/01/2040
204‌
217‌
$
1,476‌
Federal
&
Federally
Sponsored
Credit
-
1.97%
Federal
Farm
Credit
Banks
Funding
Corp
0.12%,
01/12/2023
(l)
15,300‌
15,293‌
0.13%,
06/28/2021
(l)
3,800‌
3,800‌
1
Month
USD
LIBOR
+
0.01%
0.13%,
12/27/2021
(l)
11,000‌
11,002‌
1
Month
USD
LIBOR
+
0.02%
0.13%,
11/23/2022
(l)
2,500‌
2,499‌
0.15%,
09/23/2022
2,400‌
2,402‌
United
States
Secured
Overnight
Financing
Rate
+
0.09%
0.17%,
10/21/2022
(l)
1,200‌
1,199‌
0.17%,
11/30/2022
(l)
1,000‌
1,000‌
0.20%,
12/13/2021
2,100‌
2,101‌
1
Month
USD
LIBOR
+
0.09%
0.24%,
11/05/2021
(l)
15,000‌
15,018‌
1
Month
USD
LIBOR
+
0.13%
0.28%,
05/27/2022
(l)
12,000‌
12,017‌
Federal
Reserve
Bank
Prime
Loan
Rate
US
+
(2.97)%
0.35%,
01/18/2022
(l)
1,500‌
1,504‌
1
Month
USD
LIBOR
+
0.24%
$
67,835‌
Finance
-
Mortgage
Loan/Banker
-
6.15%
Fannie
Mae
0.18%,
03/04/2022
(l)
17,000‌
17,014‌
United
States
Secured
Overnight
Financing
Rate
+
0.22%
0.21%,
05/13/2022
(l)
7,000‌
7,012‌
United
States
Secured
Overnight
Financing
Rate
+
0.18%
0.26%,
05/06/2022
(l)
14,000‌
14,034‌
United
States
Secured
Overnight
Financing
Rate
+
0.23%
0.36%,
10/22/2021
1,000‌
1,002‌
United
States
Secured
Overnight
Financing
Rate
+
0.32%
0.40%,
04/07/2022
(l),(m)
40,000‌
40,146‌
United
States
Secured
Overnight
Financing
Rate
+
0.35%
0.44%,
04/15/2022
(l)
10,000‌
10,041‌
United
States
Secured
Overnight
Financing
Rate
+
0.39%
Federal
Home
Loan
Bank
Discount
Notes
0.09%,
06/18/2021
(l),(n)
11,000‌
10,998‌
Federal
Home
Loan
Banks
0.10%,
04/05/2021
(l)
7,500‌
7,500‌
1
Month
USD
LIBOR
+
(0.01)%
0.10%,
05/03/2021
(l)
20,500‌
20,502‌
1
Month
USD
LIBOR
+
(0.01)%
0.10%,
11/10/2022
(l)
14,000‌
14,003‌
United
States
Secured
Overnight
Financing
Rate
+
0.07%
0.11%,
10/15/2021
(l)
14,000‌
13,994‌
1
Month
USD
LIBOR
+
0.00%
2.00%,
09/09/2022
(l)
9,700‌
9,971‌
Freddie
Mac
0.20%,
12/30/2022
(l)
9,000‌
8,996‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Finance
-
Mortgage
Loan/Banker
(continued)
Freddie
Mac  
(continued)
0.21%,
12/09/2021
(l)
$
6,000‌
$
6,003‌
United
States
Secured
Overnight
Financing
Rate
+
0.15%
0.22%,
03/04/2022
2,000‌
2,002‌
United
States
Secured
Overnight
Financing
Rate
+
0.15%
0.26%,
06/02/2022
(l)
15,000‌
15,026‌
United
States
Secured
Overnight
Financing
Rate
+
0.19%
0.30%,
02/06/2023
(l)
2,000‌
2,001‌
0.35%,
12/30/2022
(l)
2,000‌
2,000‌
0.38%,
09/23/2021
(l)
10,000‌
10,016‌
United
States
Secured
Overnight
Financing
Rate
+
0.32%
$
212,261‌
Media
-
0.00%
iHeartCommunications
Inc
8.38%,
05/01/2027
1‌
1‌
Sovereign
-
0.67%
Colombia
Government
International
Bond
3.00%,
01/30/2030
340‌
337‌
3.13%,
04/15/2031
440‌
438‌
Italy
Buoni
Poliennali
Del
Tesoro
0.40%,
05/15/2030
(g)
EUR
1,072‌
1,373‌
1.30%,
05/15/2028
(g)
2,913‌
3,952‌
Japanese
Government
CPI
Linked
Bond
0.10%,
03/10/2028
JPY
172,236‌
1,628‌
0.20%,
03/10/2030
164,265‌
1,574‌
Mexico
Government
International
Bond
1.45%,
10/25/2033
EUR
490‌
571‌
2.66%,
05/24/2031
$
395‌
380‌
New
Zealand
Government
Bond
1.75%,
05/15/2041
NZD
2,670‌
1,613‌
New
Zealand
Government
Inflation
Linked
Bond
2.00%,
09/20/2025
8,179‌
6,619‌
2.50%,
09/20/2035
423‌
390‌
Panama
Government
International
Bond
4.50%,
04/01/2056
$
120‌
132‌
Spain
Government
Bond
1.00%,
10/31/2050
(g)
EUR
310‌
351‌
3.45%,
07/30/2066
(g)
1,000‌
1,937‌
Spain
Government
Inflation
Linked
Bond
1.00%,
11/30/2030
(g)
1,184‌
1,685‌
$
22,980‌
TOTAL
BONDS
$
428,945‌
COMMODITY
INDEXED
STRUCTURED
NOTES
-
0.90%
Principal
Amount
(000's)
Value
(000's)
Banks
-
0.90%
Royal
Bank
of
Canada;
Dow
Jones
-
UBS
Commodity
Index
Linked
Note
0.07%,
04/26/2021
(g),(k)
$
16,700‌
$
30,953‌
TOTAL
COMMODITY
INDEXED
STRUCTURED
NOTES
$
30,953‌
SENIOR
FLOATING
RATE
INTERESTS
-
7.56%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.13%
Checkout
Holding
Corp
2.00%,
PIK
9.50%,
08/15/2023
(o),(p)
$
269‌
$
93‌
3
Month
USD
LIBOR
+
1.00%
8.50%,
02/15/2023
(o)
167‌
143‌
3
Month
USD
LIBOR
+
7.50%
Clear
Channel
Outdoor
Holdings
Inc
3.71%,
08/07/2026
(o)
4,051‌
3,937‌
1
Month
USD
LIBOR
+
3.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
87
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Advertising
(continued)
Red
Ventures
LLC
2.61%,
11/08/2024
(o)
$
376‌
$
369‌
1
Month
USD
LIBOR
+
2.50%
$
4,542‌
Aerospace
&
Defense
-
0.10%
Dynasty
Acquisition
Co
Inc
3.75%,
04/06/2026
(o)
331‌
319‌
1
Month
USD
LIBOR
+
3.50%
Sequa
Mezzanine
Holdings
LLC
5.00%,
PIK
6.75%,
04/28/2024
(o),(p)
685‌
617‌
1
Month
USD
LIBOR
+
10.75%
8.75%,
11/28/2023
(o)
1,516‌
1,520‌
1
Month
USD
LIBOR
+
6.75%
Standard
Aero
Ltd
3.75%,
04/06/2026
(o)
178‌
171‌
1
Month
USD
LIBOR
+
3.50%
TransDigm
Inc
2.36%,
05/30/2025
(o)
474‌
468‌
1
Month
USD
LIBOR
+
2.25%
2.36%,
12/24/2025
(o)
511‌
504‌
1
Month
USD
LIBOR
+
2.25%
$
3,599‌
Airlines
-
0.11%
Allegiant
Travel
Co
3.20%,
02/05/2024
(o)
339‌
335‌
1
Month
USD
LIBOR
+
3.00%
American
Airlines
Inc
2.11%,
04/28/2023
(o)
148‌
139‌
3
Month
USD
LIBOR
+
2.00%
2.11%,
12/14/2023
(o)
240‌
227‌
3
Month
USD
LIBOR
+
2.00%
Delta
Air
Lines
Inc
5.75%,
04/27/2023
(o)
341‌
343‌
1
Month
USD
LIBOR
+
4.75%
SkyMiles
IP
Ltd
4.75%,
09/16/2027
(o)
1,100‌
1,163‌
3
Month
USD
LIBOR
+
3.75%
WestJet
Airlines
Ltd
4.00%,
12/11/2026
(o)
1,675‌
1,621‌
3
Month
USD
LIBOR
+
3.00%
$
3,828‌
Apparel
-
0.02%
Champ
Acquisition
Corp
5.76%,
12/19/2025
(o)
452‌
451‌
3
Month
USD
LIBOR
+
5.50%
New
Trojan
Parent
Inc
3.75%,
01/06/2028
(o)
335‌
335‌
1
Month
USD
LIBOR
+
3.25%
$
786‌
Building
Materials
-
0.08%
Johnson
Controls
0.00%,
04/30/2026
(o),(q)
1,820‌
1,821‌
1
Month
USD
LIBOR
+
3.25%
Quikrete
Holdings
Inc
2.61%,
01/31/2027
(o)
788‌
786‌
1
Month
USD
LIBOR
+
2.50%
$
2,607‌
Casino
Hotels
-
0.05%
Golden
Nugget
LLC
3.25%,
10/04/2023
(o)
1,762‌
1,746‌
1
Month
USD
LIBOR
+
2.50%
Chemicals
-
0.08%
ASP
Unifrax
Holdings
Inc
4.00%,
12/12/2025
(o)
1,321‌
1,259‌
3
Month
USD
LIBOR
+
3.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Ineos
Petro
3.25%,
01/21/2026
(o)
$
425‌
$
427‌
1
Month
USD
LIBOR
+
2.75%
INEOS
US
Finance
LLC
2.11%,
03/31/2024
(o)
233‌
232‌
3
Month
USD
LIBOR
+
2.00%
Innophos
Holdings
Inc
3.61%,
02/04/2027
(o)
710‌
713‌
1
Month
USD
LIBOR
+
3.75%
Tronox
Finance
LLC
3.18%,
09/20/2024
(o)
29‌
29‌
3
Month
USD
LIBOR
+
3.00%
$
2,660‌
Coal
-
0.01%
Peabody
Energy
Corp
2.87%,
03/31/2025
(o)
540‌
205‌
3
Month
USD
LIBOR
+
2.75%
Commercial
Services
-
0.63%
Belron
Finance
2.46%,
10/25/2026
(o)
491‌
491‌
1
Month
USD
LIBOR
+
2.50%
Fly
Funding
1.95%,
08/09/2025
(o)
886‌
847‌
3
Month
USD
LIBOR
+
1.75%
Garda
World
Security
4.99%,
10/23/2026
(o)
356‌
356‌
1
Month
USD
LIBOR
+
4.75%
Hertz
Corp/The
3.50%,
06/30/2023
(o)
3,728‌
3,683‌
3
Month
USD
LIBOR
+
2.75%
8.25%,
12/31/2021
(o)
2,814‌
2,865‌
1
Month
USD
LIBOR
+
7.25%
HGIM
Corp
7.00%,
07/02/2023
(o)
1,272‌
725‌
3
Month
USD
LIBOR
+
6.00%
Nielsen
Consumer
LLC
0.00%,
02/05/2028
(o),(q)
240‌
240‌
PAREXEL
International
Corp
2.82%,
09/27/2024
(o)
2,540‌
2,525‌
3
Month
USD
LIBOR
+
2.75%
Prime
Security
Services
Borrower
LLC
0.00%,
09/23/2026
(o),(q)
410‌
410‌
1
Month
USD
LIBOR
+
2.75%
Sabert
Corp
5.50%,
11/26/2026
(o)
479‌
479‌
1
Month
USD
LIBOR
+
4.50%
Syniverse
Holdings
Inc
6.00%,
02/09/2023
(o)
1,782‌
1,620‌
3
Month
USD
LIBOR
+
5.00%
10.00%,
02/09/2024
(o)
2,350‌
1,488‌
3
Month
USD
LIBOR
+
9.00%
Team
Health
Holdings
Inc
3.75%,
02/06/2024
(o)
1,171‌
1,092‌
3
Month
USD
LIBOR
+
2.75%
Trans
Union
LLC
1.86%,
11/13/2026
(o)
458‌
458‌
1
Month
USD
LIBOR
+
1.75%
Travelport
Finance
Luxembourg
Sarl
9.00%,
02/28/2025
(o)
1,518‌
1,514‌
1
Month
USD
LIBOR
+
7.00%
Verscend
Holding
0.00%,
08/27/2025
(o),(q)
1,292‌
1,298‌
1
Month
USD
LIBOR
+
4.00%
Wand
NewCo
3
Inc
3.11%,
02/05/2026
(o)
1,233‌
1,224‌
1
Month
USD
LIBOR
+
3.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
88
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
WEX
Inc
2.36%,
05/14/2026
(o)
$
456‌
$
454‌
3
Month
USD
LIBOR
+
2.25%
$
21,769‌
Computers
-
0.19%
Ahead
DB
Holdings
LLC
6.00%,
10/13/2027
(o)
772‌
777‌
1
Month
USD
LIBOR
+
5.00%
Conduent
Business
Services
LLC
1.86%,
12/07/2022
(o)
705‌
694‌
3
Month
USD
LIBOR
+
1.75%
Dell
International
2.00%,
09/19/2025
(o)
447‌
448‌
1
Month
USD
LIBOR
+
1.75%
iQor
US
Inc
8.50%,
11/20/2024
(o)
160‌
161‌
1
Month
USD
LIBOR
+
7.50%
8.50%,
11/20/2025
(o)
426‌
406‌
1
Month
USD
LIBOR
+
7.50%
McAfee
LLC
3.86%,
09/30/2024
(o)
839‌
841‌
3
Month
USD
LIBOR
+
3.75%
NCR
Corp
2.72%,
08/07/2026
(o)
484‌
480‌
1
Month
USD
LIBOR
+
2.50%
NeuStar
Inc
4.50%,
08/08/2024
(o)
697‌
671‌
3
Month
USD
LIBOR
+
3.50%
Peraton
0.00%,
02/01/2028
(o),(q)
362‌
364‌
1
Month
USD
LIBOR
+
3.75%
Perforce
Software
Inc
3.86%,
07/01/2026
(o)
413‌
412‌
1
Month
USD
LIBOR
+
3.75%
Tempo
Acquisition
LLC
3.75%,
11/02/2026
(o)
1,175‌
1,176‌
1
Month
USD
LIBOR
+
3.25%
$
6,430‌
Consumer
Products
-
0.06%
Kronos
Acquisition
Holdings
Inc
4.25%,
12/22/2026
(o)
2,090‌
2,087‌
1
Month
USD
LIBOR
+
3.75%
Cosmetics
&
Personal
Care
-
0.08%
Coty
Inc
1.87%,
04/05/2023
(o)
790‌
765‌
1
Month
USD
LIBOR
+
1.75%
Domtar
Personal
Care
0.00%,
02/18/2028
(o),(q)
400‌
401‌
Revlon
Consumer
Products
Corp
4.25%,
07/21/2023
(o)
3,746‌
1,732‌
1
Month
USD
LIBOR
+
3.50%
$
2,898‌
Distribution
&
Wholesale
-
0.03%
Core
&
Main
LP
3.75%,
08/01/2024
(o)
704‌
703‌
3
Month
USD
LIBOR
+
3.00%
IAA
Inc
2.38%,
06/28/2026
(o)
209‌
209‌
3
Month
USD
LIBOR
+
2.25%
KAR
Auction
Services
Inc
2.37%,
09/11/2026
(o)
277‌
273‌
1
Month
USD
LIBOR
+
2.25%
$
1,185‌
Diversified
Financial
Services
-
0.02%
Avolon
TLB
Borrower
1
US
LLC
2.25%,
02/12/2027
(o)
405‌
401‌
1
Month
USD
LIBOR
+
1.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Ditech
Holding
Corp
0.00%,
06/30/2022
(d),(o)
$
1,225‌
$
402‌
3
Month
USD
LIBOR
+
6.00%
$
803‌
Electric
-
0.04%
Calpine
Corp
2.11%,
08/12/2026
(o)
928‌
922‌
1
Month
USD
LIBOR
+
2.00%
2.63%,
12/02/2027
(o)
275‌
274‌
1
Month
USD
LIBOR
+
2.50%
Exgen
Renewables
IV
LLC
3.76%,
12/11/2027
(o)
324‌
326‌
1
Month
USD
LIBOR
+
2.75%
$
1,522‌
Electronics
-
0.01%
TTM
Technologies
Inc
2.62%,
09/13/2024
(o)
408‌
408‌
3
Month
USD
LIBOR
+
2.50%
Engineering
&
Construction
-
0.03%
Atlantic
Aviation
FBO
Inc
3.87%,
12/06/2025
(o)
486‌
486‌
3
Month
USD
LIBOR
+
3.75%
Brand
Industrial
Services
Inc
5.25%,
06/21/2024
(o)
376‌
374‌
3
Month
USD
LIBOR
+
4.25%
$
860‌
Entertainment
-
0.41%
AMC
Entertainment
Holdings
Inc
3.20%,
03/20/2026
(o)
2,003‌
1,714‌
3
Month
USD
LIBOR
+
3.00%
Crown
Finance
US
Inc
2.77%,
02/07/2025
(o)
755‌
652‌
1
Month
USD
LIBOR
+
2.50%
3.02%,
09/30/2026
(o)
154‌
131‌
1
Month
USD
LIBOR
+
2.75%
7.00%,
05/23/2024
(o)
114‌
145‌
Delta
2
Lux
Sarl
3.50%,
02/01/2024
(o)
2,112‌
2,098‌
3
Month
USD
LIBOR
+
2.50%
Lions
Gate
Capital
Holdings
LLC
2.36%,
03/24/2025
(o)
470‌
466‌
3
Month
USD
LIBOR
+
2.25%
Merlin
Entertainment
3.50%,
10/16/2026
(o)
930‌
904‌
3
Month
USD
LIBOR
+
3.25%
3.50%,
11/12/2026
(o)
155‌
151‌
3
Month
USD
LIBOR
+
3.25%
Metro-Goldwyn-Mayer
Inc
2.62%,
07/03/2025
(o)
1,799‌
1,792‌
3
Month
USD
LIBOR
+
2.50%
5.50%,
07/03/2026
(o)
500‌
500‌
3
Month
USD
LIBOR
+
4.50%
Nascar
Holdings
LLC
0.00%,
10/19/2026
(o),(q)
233‌
232‌
3
Month
USD
LIBOR
+
2.75%
PCI
Gaming
Authority
2.61%,
05/29/2026
(o)
757‌
755‌
1
Month
USD
LIBOR
+
2.50%
Penn
National
Gaming
Inc
3.00%,
10/15/2025
(o)
646‌
645‌
3
Month
USD
LIBOR
+
2.25%
Scientific
Games
International
Inc
2.86%,
08/14/2024
(o)
1,379‌
1,356‌
1
Month
USD
LIBOR
+
2.75%
SeaWorld
Parks
&
Entertainment
Inc
3.75%,
04/01/2024
(o)
1,144‌
1,126‌
3
Month
USD
LIBOR
+
3.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
89
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Stars
Group
Holdings
BV
3.75%,
06/27/2025
(o)
$
338‌
$
339‌
3
Month
USD
LIBOR
+
3.50%
William
Morris
Endeavor
Entertainment
LLC
2.90%,
05/16/2025
(o)
1,292‌
1,223‌
3
Month
USD
LIBOR
+
2.75%
$
14,229‌
Environmental
Control
-
0.06%
GFL
Environmental
Inc
3.50%,
05/30/2025
(o)
1,953‌
1,961‌
1
Month
USD
LIBOR
+
3.00%
Food
-
0.13%
Atkins
Nutritionals
Holdings
Inc
4.75%,
07/07/2024
(o)
724‌
729‌
1
Month
USD
LIBOR
+
3.75%
Bellring
Brands
LLC
4.75%,
10/21/2024
(o)
1,209‌
1,219‌
1
Month
USD
LIBOR
+
4.00%
CHG
PPC
Parent
LLC
2.87%,
03/30/2025
(o)
240‌
239‌
3
Month
USD
LIBOR
+
2.75%
Froneri
US
Inc
2.37%,
01/29/2027
(o)
174‌
173‌
1
Month
USD
LIBOR
+
2.25%
5.86%,
01/28/2028
(o)
500‌
505‌
1
Month
USD
LIBOR
+
5.75%
Shearer's
Foods
LLC
4.75%,
09/15/2027
(o)
673‌
676‌
1
Month
USD
LIBOR
+
4.00%
US
Foods
Inc
1.86%,
06/27/2023
(o)
543‌
537‌
1
Month
USD
LIBOR
+
1.75%
Utz
Quality
Foods
LLC
0.00%,
01/20/2028
(o),(q)
310‌
311‌
1
Month
USD
LIBOR
+
3.00%
$
4,389‌
Food
Service
-
0.02%
8th
Avenue
Food
&
Provisions
Inc
3.61%,
09/19/2025
(o)
633‌
634‌
3
Month
USD
LIBOR
+
3.50%
Forest
Products
&
Paper
-
0.03%
Asplundh
Tree
Expert
LLC
0.00%,
09/07/2027
(o),(q)
1,132‌
1,133‌
1
Month
USD
LIBOR
+
1.75%
Hand
&
Machine
Tools
-
0.04%
Alliance
Laundry
Systems
LLC
4.25%,
09/30/2027
(o)
750‌
752‌
1
Month
USD
LIBOR
+
3.50%
Apex
Tool
Group
LLC
6.50%,
08/01/2024
(o)
762‌
761‌
3
Month
USD
LIBOR
+
5.50%
$
1,513‌
Healthcare
-
Products
-
0.19%
Carestream
Health
Inc
5.50%,
PIK
8.00%,
08/08/2023
(o),(p)
615‌
543‌
1
Month
USD
LIBOR
+
4.50%
7.75%,
05/08/2023
(o)
1,276‌
1,271‌
1
Month
USD
LIBOR
+
6.75%
CPI
Holdco
LLC
4.12%,
11/04/2026
(o)
1,367‌
1,371‌
1
Month
USD
LIBOR
+
4.00%
LifeScan
Global
Corp
6.24%,
10/01/2024
(o)
869‌
842‌
3
Month
USD
LIBOR
+
6.00%
Viant
Medical
Holdings
Inc
3.86%,
07/02/2025
(o)
1,183‌
1,154‌
3
Month
USD
LIBOR
+
3.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Products
(continued)
Vyaire
Medical
Inc
5.75%,
04/11/2025
(o)
$
1,421‌
$
1,214‌
3
Month
USD
LIBOR
+
4.75%
$
6,395‌
Healthcare
-
Services
-
0.
66
%
Air
Methods
Corp
4.50%,
04/12/2024
(o)
640‌
620‌
3
Month
USD
LIBOR
+
3.50%
Ardnet
Health
Services
LLC
4.75%,
06/30/2025
(o)
1,653‌
1,661‌
1
Month
USD
LIBOR
+
3.75%
Aspen
Dental
Management
Inc
3.75%,
12/23/2027
(o)
607‌
604‌
1
Month
USD
LIBOR
+
3.25%
Athena
Health
Care
Associates,
Inc
4.45%,
02/11/2026
(o)
442‌
444‌
1
Month
USD
LIBOR
+
4.25%
ATI
Holdings
Acquisition
Inc
4.50%,
05/10/2023
(o)
643‌
642‌
3
Month
USD
LIBOR
+
3.50%
BrightSpring
Health
0.00%,
03/05/2026
(o),(q)
1,496‌
1,497‌
BW
NHHC
Holdco
Inc
5.19%,
05/15/2025
(o)
1,319‌
1,209‌
3
Month
USD
LIBOR
+
5.00%
Catalent
2.50%,
02/22/2028
(o)
484‌
485‌
1
Month
USD
LIBOR
+
2.00%
Envision
Healthcare
Corp
3.86%,
10/10/2025
(o)
1,630‌
1,398‌
3
Month
USD
LIBOR
+
3.75%
Eyecare
Partners
LLC
3.87%,
02/05/2027
(o)
481‌
473‌
1
Month
USD
LIBOR
+
3.75%
3.87%,
02/18/2027
(o)
113‌
111‌
1
Month
USD
LIBOR
+
3.75%
Gentiva
Health
Services
Inc
2.94%,
07/02/2025
(o)
1,026‌
1,026‌
1
Month
USD
LIBOR
+
2.75%
Global
Medical
Response
Inc
5.75%,
09/24/2025
(o)
2,000‌
2,000‌
1
Month
USD
LIBOR
+
4.75%
HCA
Inc
1.86%,
03/18/2026
(o)
831‌
832‌
1
Month
USD
LIBOR
+
1.75%
1.87%,
03/13/2025
(o)
291‌
292‌
1
Month
USD
LIBOR
+
1.75%
Heartland
Dental
LLC
3.62%,
04/18/2025
(o)
121‌
119‌
3
Month
USD
LIBOR
+
3.75%
LifePoint
Health
Inc
3.87%,
11/14/2025
(o)
2,662‌
2,664‌
1
Month
USD
LIBOR
+
3.75%
MMM
Holdings
LLC
6.75%,
10/30/2026
(o)
941‌
942‌
1
Month
USD
LIBOR
+
5.75%
PPD
Inc
2.75%,
01/13/2028
(o)
719‌
722‌
1
Month
USD
LIBOR
+
2.25%
Quorum
Health
Corp
9.25%,
04/29/2025
(o)
342‌
347‌
3
Month
USD
LIBOR
+
8.25%
Schumacher
Group
0.00%,
02/23/2028
(o),(q)
1,315‌
1,295‌
Select
Medical
Corp
2.53%,
03/06/2025
(o)
1,248‌
1,245‌
3
Month
USD
LIBOR
+
2.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
90
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Surgery
Center
Holdings
Inc
4.25%,
02/01/2026
(o)
$
1,752‌
$
1,745‌
3
Month
USD
LIBOR
+
3.25%
US
Radiology
Specialists
Inc
6.25%,
12/10/2027
(o)
600‌
604‌
1
Month
USD
LIBOR
+
5.50%
$
22
,9
77‌
Home
Furnishings
-
0.02%
Mattress
Firm
Inc
6.25%,
11/24/2027
(o)
735‌
747‌
1
Month
USD
LIBOR
+
5.25%
Insurance
-
0.14%
Acrisure
LLC
3.61%,
02/12/2027
(o)
1,544‌
1,533‌
1
Month
USD
LIBOR
+
3.50%
Alliant
Holdings
Intermediate
LLC
3.36%,
05/09/2025
(o)
910‌
903‌
1
Month
USD
LIBOR
+
3.25%
BroadStreet
Partners
Inc
3.36%,
01/27/2027
(o)
615‌
611‌
1
Month
USD
LIBOR
+
3.25%
4.75%,
01/27/2027
(o)
235‌
236‌
1
Month
USD
LIBOR
+
3.75%
HUB
International
Ltd
2.97%,
04/25/2025
(o)
1,270‌
1,256‌
1
Month
USD
LIBOR
+
2.75%
4.00%,
04/25/2025
(o)
320‌
321‌
1
Month
USD
LIBOR
+
3.25%
$
4,860‌
Internet
-
0.05%
Ancestry.com
3.75%,
12/06/2027
(o)
350‌
349‌
1
Month
USD
LIBOR
+
3.25%
CNT
Holdings
I
Corp
4.50%,
10/16/2027
(o)
1,000‌
1,004‌
1
Month
USD
LIBOR
+
3.75%
Uber
Technologies
0.00%,
04/04/2025
(o),(q)
330‌
331‌
1
Month
USD
LIBOR
+
3.50%
$
1,684‌
Leisure
Products
&
Services
-
0.17%
Alterra
Mountain
Co
2.86%,
07/31/2024
(o)
1,016‌
1,008‌
1
Month
USD
LIBOR
+
2.75%
Callaway
Golf
Co
4.61%,
01/02/2026
(o)
433‌
435‌
3
Month
USD
LIBOR
+
4.50%
Carnival
Corp
8.50%,
06/30/2025
(o)
432‌
448‌
1
Month
USD
LIBOR
+
7.50%
ClubCorp
Holdings
Inc
3.00%,
08/16/2024
(o)
1,774‌
1,672‌
3
Month
USD
LIBOR
+
2.75%
Equinox
Holdings
Inc
4.00%,
03/08/2024
(o)
1,249‌
1,120‌
3
Month
USD
LIBOR
+
3.00%
Life
Time
Inc
5.75%,
12/10/2024
(o)
1,000‌
997‌
1
Month
USD
LIBOR
+
4.75%
$
5,680‌
Lodging
-
0.16%
Boyd
Gaming
Corp
2.34%,
09/15/2023
(o)
1,679‌
1,676‌
3
Month
USD
LIBOR
+
2.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
(continued)
Caesars
Resort
Collection
LLC
2.86%,
12/22/2024
(o)
$
2,044‌
$
2,025‌
3
Month
USD
LIBOR
+
2.75%
4.62%,
07/20/2025
(o)
998‌
1,000‌
1
Month
USD
LIBOR
+
4.50%
CityCenter
Holdings
LLC
3.00%,
04/18/2024
(o)
579‌
574‌
3
Month
USD
LIBOR
+
2.25%
Hilton
Worldwide
Finance
LLC
1.87%,
06/18/2026
(o)
399‌
398‌
3
Month
USD
LIBOR
+
1.75%
$
5,673‌
Machinery
-
Construction
&
Mining
-
0.11%
TNT
Crane
&
Rigging
Inc
7.50%,
10/16/2024
(o)
3,000‌
3,120‌
1
Month
USD
LIBOR
+
6.50%
Vertiv
Group
Corp
3.12%,
02/11/2027
(o)
742‌
743‌
1
Month
USD
LIBOR
+
3.00%
$
3,863‌
Machinery
-
Diversified
-
0.06%
Altra
Industrial
Motion
Corp
2.12%,
10/01/2025
(o)
370‌
370‌
3
Month
USD
LIBOR
+
2.00%
Gardner
Denver
Inc
2.86%,
03/01/2027
(o)
263‌
262‌
1
Month
USD
LIBOR
+
2.75%
NN
Inc
5.86%,
10/19/2022
(o)
139‌
138‌
1
Month
USD
LIBOR
+
5.75%
6.50%,
10/19/2022
(o)
109‌
109‌
1
Month
USD
LIBOR
+
5.75%
Vertical
US
Newco
Inc
4.48%,
06/30/2027
(o)
1,247‌
1,257‌
1
Month
USD
LIBOR
+
4.25%
$
2,136‌
Media
-
0.49%
Altice
Financing
SA
2.86%,
07/15/2025
(o)
1,803‌
1,784‌
3
Month
USD
LIBOR
+
2.75%
CSC
Holdings
LLC
2.36%,
07/17/2025
(o)
492‌
489‌
3
Month
USD
LIBOR
+
2.25%
2.61%,
04/27/2027
(o)
1,068‌
1,063‌
1
Month
USD
LIBOR
+
2.50%
Entercom
Media
Corp
2.62%,
11/18/2024
(o)
514‌
505‌
1
Month
USD
LIBOR
+
2.50%
EW
Scripps
Co/The
3.31%,
05/01/2026
(o)
1,459‌
1,453‌
1
Month
USD
LIBOR
+
2.56%
Gray
Television
Inc
2.37%,
02/07/2024
(o)
323‌
321‌
3
Month
USD
LIBOR
+
2.25%
2.62%,
01/02/2026
(o)
387‌
387‌
3
Month
USD
LIBOR
+
2.50%
Houghton
Mifflin
Harcourt
Publishers
Inc
7.25%,
11/19/2024
(o)
1,055‌
1,040‌
1
Month
USD
LIBOR
+
6.25%
iHeartCommunications
Inc
3.11%,
05/01/2026
(o)
1,193‌
1,181‌
1
Month
USD
LIBOR
+
3.00%
LCPR
Loan
Financing
LLC
5.11%,
10/22/2026
(o)
1,065‌
1,074‌
1
Month
USD
LIBOR
+
5.00%
McGraw
Hill
LLC
5.75%,
11/01/2024
(o)
1,824‌
1,820‌
1
Month
USD
LIBOR
+
4.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
91
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Meredith
Corp
5.25%,
01/31/2025
(o)
$
433‌
$
440‌
1
Month
USD
LIBOR
+
4.25%
Nexstar
Broadcasting
Inc
2.36%,
01/17/2024
(o)
1,053‌
1,052‌
3
Month
USD
LIBOR
+
2.25%
2.87%,
09/18/2026
(o)
966‌
967‌
1
Month
USD
LIBOR
+
2.75%
Nielsen
Finance
LLC
2.12%,
10/04/2023
(o)
666‌
665‌
3
Month
USD
LIBOR
+
2.00%
Radiate
Holdco
LLC
4.25%,
09/11/2026
(o)
400‌
401‌
1
Month
USD
LIBOR
+
3.50%
Sinclair
Television
Group
Inc
2.35%,
01/03/2024
(o)
391‌
389‌
3
Month
USD
LIBOR
+
2.25%
Univision
Communications
Inc
3.75%,
03/15/2024
(o)
307‌
307‌
3
Month
USD
LIBOR
+
2.75%
WideOpenWest
Finance
LLC
4.25%,
08/18/2023
(o)
387‌
387‌
3
Month
USD
LIBOR
+
3.25%
Ziggo
Financing
Partnership
2.61%,
04/17/2028
(o)
1,125‌
1,118‌
1
Month
USD
LIBOR
+
2.50%
$
16,843‌
Miscellaneous
Manufactur
ers
-
0.05%
Gates
Global
0.00%,
02/19/2027
(o),(q)
1,004‌
1,004‌
Klockner
Pentaplast
Ltd
0.00%,
02/04/2026
(o),(q)
602‌
602‌
1
Month
USD
LIBOR
+
4.75%
$
1,606‌
Office
&
Business
Equipment
-
0.01%
Pitney
Bowes
Inc
5.63%,
01/17/2025
(o)
353‌
351‌
1
Month
USD
LIBOR
+
5.50%
Oil
&
Gas
-
0.18%
CITGO
Petroleum
Corp
7.25%,
03/28/2024
(o)
463‌
464‌
1
Month
USD
LIBOR
+
6.25%
Delek
US
Holdings
Inc
2.36%,
03/30/2025
(o)
943‌
923‌
3
Month
USD
LIBOR
+
2.25%
6.50%,
03/30/2025
(o)
1,158‌
1,160‌
1
Month
USD
LIBOR
+
5.50%
Fieldwood
Energy
LLC
0.00%,
04/11/2022
(d),(o)
8,736‌
2,504‌
3
Month
USD
LIBOR
+
5.25%
0.00%,
04/11/2023
(d),(o)
3,648‌
1‌
3
Month
USD
LIBOR
+
7.25%
9.75%,
08/04/2021
(o)
128‌
132‌
1
Month
USD
LIBOR
+
8.75%
Gulf
Finance
LLC
6.25%,
08/25/2023
(o)
1,408‌
1,087‌
3
Month
USD
LIBOR
+
5.25%
$
6,271‌
Oil
&
Gas
Services
-
0.04%
PGS
ASA
7.65%,
03/19/2024
(o)
1,572‌
1,253‌
3
Month
USD
LIBOR
+
5.50%
Packaging
&
Containers
-
0.14%
Berry
Global
0.00%,
07/01/2026
(o),(q)
1,433‌
1,432‌
Graham
Packaging
0.00%,
08/04/2027
(o),(q)
681‌
682‌
1
Month
USD
LIBOR
+
3.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
(continued)
Pactiv
Evergreen
Group
Holdings
Inc
2.87%,
02/05/2023
(o)
$
742‌
$
740‌
1
Month
USD
LIBOR
+
3.00%
PLZ
Aeroscience
0.00%,
08/03/2026
(o),(q)
1,122‌
1,118‌
TricorBraun
0.00%,
01/29/2028
(o),(q)
780‌
778‌
0.00%,
01/29/2028
(o),(q)
175‌
175‌
$
4,925‌
Pharmaceuticals
-
0.35%
Amneal
Pharmaceuticals
LLC
3.62%,
05/04/2025
(o)
689‌
678‌
3
Month
USD
LIBOR
+
3.50%
Bausch
Health
Americas
Inc
2.86%,
11/14/2025
(o)
1,048‌
1,047‌
3
Month
USD
LIBOR
+
2.75%
3.11%,
05/19/2025
(o)
2,548‌
2,550‌
3
Month
USD
LIBOR
+
3.00%
Change
Healthcare
Holdings
LLC
3.50%,
03/01/2024
(o)
1,581‌
1,583‌
1
Month
USD
LIBOR
+
2.50%
Gainwell
Acquisition
Corp
4.75%,
08/17/2027
(o)
1,865‌
1,859‌
1
Month
USD
LIBOR
+
4.00%
Grifols
Worldwide
Operations
USA
Inc
2.09%,
11/15/2027
(o)
922‌
919‌
1
Month
USD
LIBOR
+
2.00%
Mallinckrodt
International
Finance
SA
5.50%,
09/24/2024
(o)
2,493‌
2,405‌
3
Month
USD
LIBOR
+
2.75%
5.75%,
02/24/2025
(o)
1,062‌
1,027‌
3
Month
USD
LIBOR
+
3.00%
$
12,068‌
Pipelines
-
0.09%
BCP
Renaissance
Parent
LLC
4.50%,
10/31/2024
(o)
460‌
452‌
3
Month
USD
LIBOR
+
3.50%
Blackstone
CQP
Holdco
LP
3.74%,
09/30/2024
(o)
970‌
970‌
3
Month
USD
LIBOR
+
3.50%
Buckeye
Partners
LP
1.87%,
11/01/2026
(o)
589‌
588‌
1
Month
USD
LIBOR
+
2.25%
Traverse
Midstream
Partners
LLC
6.50%,
09/21/2024
(o)
1,146‌
1,138‌
1
Month
USD
LIBOR
+
5.50%
$
3,148‌
Real
Estate
-
0.09%
Brookfield
Retail
Holdings
VII
Sub
3
LLC
3.11%,
08/27/2023
(o)
2,516‌
2,463‌
3
Month
USD
LIBOR
+
3.00%
Realogy
Group
LLC
2.11%,
02/08/2023
(o)
291‌
289‌
1
Month
USD
LIBOR
+
2.25%
3.00%,
02/08/2025
(o)
172‌
171‌
3
Month
USD
LIBOR
+
2.25%
$
2,923‌
REITs
-
0.03%
Blackstone
Mortgage
Trust
Inc
2.37%,
04/23/2026
(o)
979‌
964‌
1
Month
USD
LIBOR
+
2.25%
Retail
-
0.24%
1011778
BC
ULC
1.86%,
11/14/2026
(o)
1,093‌
1,082‌
1
Month
USD
LIBOR
+
1.75%
Academy
Ltd
5.75%,
10/28/2027
(o)
1,000‌
1,000‌
1
Month
USD
LIBOR
+
5.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
92
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Belk
Inc
0.00%,
07/31/2025
(o),(q)
$
116‌
$
113‌
9.75%,
07/31/2025
(o)
1,386‌
527‌
1
Month
USD
LIBOR
+
6.75%
BJ's
Wholesale
Club
Inc
2.11%,
02/03/2024
(o)
82‌
82‌
1
Month
USD
LIBOR
+
2.00%
CWGS
Group
LLC
3.50%,
11/08/2023
(o)
2,420‌
2,417‌
3
Month
USD
LIBOR
+
2.75%
EG
America
LLC
4.25%,
02/07/2025
(o)
717‌
714‌
3
Month
USD
LIBOR
+
4.00%
LS
Group
OpCo
Acquistion
LLC
4.25%,
10/26/2027
(o)
750‌
751‌
1
Month
USD
LIBOR
+
3.50%
Petsmart
Inc
0.00%,
01/28/2028
(o),(q)
160‌
161‌
Serta
Simmons
Bedding
LLC
8.50%,
08/10/2023
(o)
61‌
61‌
1
Month
USD
LIBOR
+
7.50%
8.50%,
08/10/2023
(o)
382‌
359‌
1
Month
USD
LIBOR
+
7.50%
SRS
Distribution
Inc
3.11%,
05/23/2025
(o)
395‌
391‌
3
Month
USD
LIBOR
+
3.25%
Staples
Inc
5.20%,
04/09/2026
(o)
468‌
458‌
3
Month
USD
LIBOR
+
5.00%
$
8,116‌
Semiconductors
-
0.07%
Bright
Bidco
BV
4.50%,
06/30/2024
(o)
2,717‌
2,071‌
3
Month
USD
LIBOR
+
3.50%
MACOM
Technology
Solutions
Holdings
Inc
2.36%,
05/17/2024
(o)
374‌
370‌
3
Month
USD
LIBOR
+
2.25%
$
2,441‌
Software
-
0.87%
Blackboard
Inc
7.00%,
06/28/2024
(o)
1,716‌
1,708‌
1
Month
USD
LIBOR
+
6.00%
BMC
Software
Inc
0.00%,
10/02/2025
(o),(q)
321‌
321‌
1
Month
USD
LIBOR
+
3.75%
BY
Crown
Parent
LLC
4.00%,
01/31/2026
(o)
345‌
346‌
1
Month
USD
LIBOR
+
3.00%
Camelot
Finance
SA
3.12%,
10/30/2026
(o)
450‌
450‌
1
Month
USD
LIBOR
+
3.00%
Cengage
Learning
Inc
5.25%,
06/07/2023
(o)
2,064‌
2,032‌
3
Month
USD
LIBOR
+
4.25%
Ceridian
HCM
Holding
Inc
2.59%,
04/04/2025
(o)
766‌
762‌
1
Month
USD
LIBOR
+
2.50%
DTI
Holdco
Inc
5.75%,
09/30/2023
(o)
667‌
632‌
3
Month
USD
LIBOR
+
4.75%
Dun
&
Bradstreet
Corp/The
3.38%,
02/06/2026
(o)
1,041‌
1,042‌
1
Month
USD
LIBOR
+
3.25%
Dynatrace
LLC
2.37%,
08/08/2025
(o)
181‌
181‌
1
Month
USD
LIBOR
+
2.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Epicor
Software
Corp
4.00%,
07/30/2027
(o)
$
2,159‌
$
2,169‌
1
Month
USD
LIBOR
+
3.25%
Finastra
USA
Inc
4.51%,
06/13/2024
(o)
2,331‌
2,306‌
3
Month
USD
LIBOR
+
3.50%
Greeneden
US
Holdings
II
LLC
4.75%,
10/08/2027
(o)
2,761‌
2,772‌
1
Month
USD
LIBOR
+
4.00%
Greenway
Health
LLC
4.75%,
02/16/2024
(o)
315‌
298‌
3
Month
USD
LIBOR
+
4.25%
Informatica
LLC
3.36%,
02/14/2027
(o)
1,013‌
1,011‌
1
Month
USD
LIBOR
+
3.25%
MA
FinanceCo
LLC
2.87%,
06/21/2024
(o)
308‌
305‌
3
Month
USD
LIBOR
+
2.50%
5.25%,
05/29/2025
(o)
258‌
261‌
1
Month
USD
LIBOR
+
4.25%
Rackspace
Hosting
0.00%,
02/03/2028
(o),(q)
451‌
450‌
RealPage
0.00%,
02/18/2028
(o),(q)
675‌
675‌
Riverbed
Technology
Inc
7.00%,
12/31/2025
(o)
1,759‌
1,708‌
1
Month
USD
LIBOR
+
6.00%
Seattle
SpinCo
Inc
2.86%,
06/21/2024
(o)
2,080‌
2,058‌
3
Month
USD
LIBOR
+
2.50%
Skillsoft
8.50%,
04/27/2025
(o)
1,503‌
1,496‌
3
Month
USD
LIBOR
+
7.50%
Software
Luxembourg
Acquisition
Sarl
8.50%,
12/27/2024
(o)
465‌
475‌
1
Month
USD
LIBOR
+
7.50%
Sophia
LP
4.50%,
10/07/2027
(o)
1,048‌
1,050‌
1
Month
USD
LIBOR
+
3.75%
SS&C
Technologies
Inc
1.86%,
04/16/2025
(o)
285‌
284‌
1
Month
USD
LIBOR
+
1.75%
1.86%,
04/16/2025
(o)
217‌
216‌
1
Month
USD
LIBOR
+
1.75%
1.86%,
04/16/2025
(o)
1,282‌
1,277‌
1
Month
USD
LIBOR
+
1.75%
TIBCO
Software
Inc
3.89%,
06/30/2026
(o)
319‌
318‌
1
Month
USD
LIBOR
+
3.75%
UKG
Inc
3.86%,
05/03/2026
(o)
1,224‌
1,229‌
3
Month
USD
LIBOR
+
3.75%
4.75%,
05/04/2026
(o)
442‌
444‌
1
Month
USD
LIBOR
+
3.25%
Xperi
Holding
Corp
4.11%,
06/01/2025
(o)
145‌
146‌
1
Month
USD
LIBOR
+
4.00%
Zelis
3.62%,
09/30/2026
(o)
1,024‌
1,025‌
1
Month
USD
LIBOR
+
3.50%
ZoomInfo
LLC
3.12%,
02/02/2026
(o)
563‌
563‌
1
Month
USD
LIBOR
+
3.00%
$
30,010‌
Telecommunications
-
0.97%
Altice
France
SA/France
4.20%,
08/14/2026
(o)
1,919‌
1,915‌
3
Month
USD
LIBOR
+
4.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
93
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Avaya
Inc
0.00%,
12/15/2027
(o),(q)
$
223‌
$
223‌
4.36%,
12/15/2027
(o)
2,324‌
2,331‌
1
Month
USD
LIBOR
+
4.25%
CommScope
Inc
3.36%,
04/06/2026
(o)
1,262‌
1,259‌
3
Month
USD
LIBOR
+
3.25%
6.50%,
09/06/2024
(o)
5,941‌
5,926‌
3
Month
USD
LIBOR
+
3.25%
Connect
Finco
SARL
4.50%,
12/11/2026
(o)
1,113‌
1,116‌
1
Month
USD
LIBOR
+
3.50%
Delta
Topco
Inc
4.50%,
10/07/2027
(o)
1,500‌
1,507‌
1
Month
USD
LIBOR
+
3.75%
Frontier
Communications
Corp
5.75%,
10/08/2021
(o)
55‌
55‌
1
Month
USD
LIBOR
+
4.75%
GTT
Communications
8.50%,
12/28/2021
(o)
30‌
30‌
1
Month
USD
LIBOR
+
4.00%
GTT
Communications
Inc
3.00%,
05/31/2025
(o)
344‌
268‌
3
Month
USD
LIBOR
+
2.75%
Intelsat
Jackson
Holdings
SA
6.50%,
07/13/2022
(o)
2,746‌
2,786‌
1
Month
USD
LIBOR
+
5.50%
7.89%,
11/27/2023
(o)
5,816‌
5,898‌
1
Month
USD
LIBOR
+
3.75%
8.63%,
01/02/2024
(o)
1,425‌
1,452‌
Intrado
Corp
4.50%,
10/10/2024
(o)
291‌
285‌
3
Month
USD
LIBOR
+
3.50%
5.00%,
10/10/2024
(o)
2,853‌
2,812‌
3
Month
USD
LIBOR
+
4.00%
Iridium
Satellite
LLC
3.76%,
11/04/2026
(o)
1,586‌
1,593‌
1
Month
USD
LIBOR
+
2.75%
Lumen
Technologies
Inc
2.36%,
03/15/2027
(o)
381‌
379‌
1
Month
USD
LIBOR
+
2.25%
Maxar
Technologies
Ltd
2.87%,
10/05/2024
(o)
1,251‌
1,238‌
1
Month
USD
LIBOR
+
2.75%
MLN
US
Holdco
LLC
4.61%,
11/30/2025
(o)
357‌
333‌
3
Month
USD
LIBOR
+
4.50%
Plantronics
Inc
2.62%,
07/02/2025
(o)
852‌
848‌
3
Month
USD
LIBOR
+
2.50%
Windstream
Services
II
LLC
7.25%,
08/11/2027
(o)
885‌
886‌
1
Month
USD
LIBOR
+
6.25%
Zayo
Group
Holdings
Inc
3.11%,
02/19/2027
(o)
196‌
196‌
1
Month
USD
LIBOR
+
3.00%
$
33,336‌
Transportation
-
0.0
2
%
Genesee
&
Wyoming
Inc
2.25%,
11/06/2026
(o)
308‌
308‌
1
Month
USD
LIBOR
+
2.00%
XPO
Logistics
0.00%,
02/24/2025
(o),(q)
394‌
394‌
$
702‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
260,766‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
22.94%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
6.30%
0.08%,
01/31/2023
(l)
$
15,000‌
$
15,001‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.10%
0.09%,
07/31/2022
(l)
63,000‌
63,016‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%
0.09%,
10/31/2022
(l)
69,000‌
69,018‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%
0.13%,
02/28/2023
(l),(r)
3,000‌
2,999‌
0.14%,
04/30/2022
(l)
25,000‌
25,026‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%
0.33%,
10/31/2021
(l)
30,000‌
30,059‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.30%
1.13%,
08/15/2040
1,495‌
1,260‌
1.38%,
11/15/2040
8,555‌
7,544‌
1.38%,
08/15/2050
870‌
714‌
1.88%,
02/15/2041
(r)
2,710‌
2,613‌
$
217,250‌
U.S.
Treasury
Bill
-
0.96%
0.05%,
08/12/2021
(n)
1,000‌
1,000‌
0.07%,
05/06/2021
(l),(n)
3,000‌
3,000‌
0.09%,
03/02/2021
(l),(n)
5,000‌
5,000‌
0.09%,
04/27/2021
(l),(n)
7,000‌
6,999‌
0.09%,
05/27/2021
(n)
1,000‌
1,000‌
0.09%,
06/10/2021
(l),(n)
5,500‌
5,499‌
0.09%,
06/17/2021
(l),(n)
2,000‌
2,000‌
0.09%,
07/08/2021
(l),(n)
2,500‌
2,500‌
0.11%,
04/08/2021
(n)
1,000‌
1,000‌
0.12%,
03/11/2021
(n)
5,000‌
5,000‌
$
32,998‌
U.S.
Treasury
Inflation-Indexed
Obligations
-
15.68%
0.13%,
04/15/2022
8,672‌
8,912‌
0.13%,
07/15/2022
15,732‌
16,350‌
0.13%,
01/15/2023
24,013‌
25,118‌
0.13%,
07/15/2024
15,463‌
16,671‌
0.13%,
10/15/2024
10,924‌
11,776‌
0.13%,
04/15/2025
12,106‌
13,064‌
0.13%,
10/15/2025
3,137‌
3,415‌
0.13%,
07/15/2026
13,168‌
14,397‌
0.13%,
01/15/2030
17,175‌
18,651‌
0.13%,
07/15/2030
(s)
21,685‌
23,613‌
0.13%,
01/15/2031
11,227‌
12,160‌
0.13%,
02/15/2051
3,165‌
3,270‌
0.25%,
01/15/2025
11,413‌
12,361‌
0.25%,
07/15/2029
14,429‌
15,903‌
0.25%,
02/15/2050
8,622‌
9,083‌
0.38%,
07/15/2023
20,148‌
21,513‌
0.38%,
07/15/2025
18,435‌
20,263‌
0.38%,
01/15/2027
17,549‌
19,389‌
0.38%,
07/15/2027
(s)
16,478‌
18,315‌
0.50%,
04/15/2024
11,970‌
12,923‌
0.50%,
01/15/2028
(s)
19,347‌
21,617‌
0.63%,
04/15/2023
19,816‌
21,029‌
0.63%,
01/15/2024
19,235‌
20,777‌
0.63%,
01/15/2026
12,801‌
14,233‌
0.63%,
02/15/2043
6,531‌
7,458‌
0.75%,
07/15/2028
17,504‌
20,000‌
0.75%,
02/15/2042
8,722‌
10,206‌
0.75%,
02/15/2045
10,284‌
12,113‌
0.88%,
01/15/2029
12,080‌
13,908‌
0.88%,
02/15/2047
6,140‌
7,462‌
1.00%,
02/15/2046
5,893‌
7,301‌
1.00%,
02/15/2048
5,139‌
6,456‌
1.00%,
02/15/2049
5,119‌
6,468‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
94
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
Inflation-Indexed
Obligations
(continued)
1.38%,
02/15/2044
$
9,198‌
$
12,146‌
1.75%,
01/15/2028
4,867‌
5,878‌
2.00%,
01/15/2026
7,934‌
9,380‌
2.13%,
02/15/2040
3,539‌
5,100‌
2.13%,
02/15/2041
5,211‌
7,595‌
2.38%,
01/15/2025
6,361‌
7,437‌
2.38%,
01/15/2027
7,441‌
9,134‌
2.50%,
01/15/2029
4,272‌
5,494‌
3.38%,
04/15/2032
3,296‌
4,842‌
3.63%,
04/15/2028
5,664‌
7,638‌
3.88%,
04/15/2029
301‌
424‌
$
541,243‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
791,491‌
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
199‌
TOTAL
PURCHASED
INTEREST
RATE
SWAPTIONS
-
0.07%
$
2,367‌
TOTAL
PURCHASED
CAPPED
OPTIONS
-
0.00%
$
209‌
Total
Investments
$
3,453,124‌
Other
Assets
and
Liabilities
-  (0.07)%
(2,294‌)
TOTAL
NET
ASSETS
-
100.00%
$
3,450,830‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$13,231
or
0.38%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(f)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$12,309
or
0.36%
of
net
assets.
(g)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$191,530
or
5.55%
of
net
assets.
(h)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(
i
)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$2,496
or
0.07%
of
net
assets.
(j)
Security
is
an
Interest
Only
Strip.
(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)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
(m)
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
$27,199
or
0.79%
of
net
assets.
(n)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(o)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(p)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(q)
This
Senior
Floating
Rate
Note
will
settle
after
February
28,
2021,
at
which
time
the
interest
rate
will
be
determined.
(r)
Security
purchased
on
a
when-issued
basis.
(s)
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
$1,863
or
0.05%
of
net
assets.
Portfolio
Summary  (unaudited)
Sector
Percent
Government
31.73‌%
Energy
12.27‌%
Utilities
10.81‌%
Basic
Materials
10.35‌%
Financial
9.77‌%
Industrial
7.04‌%
Consumer,
Non-cyclical
5.72‌%
Mortgage
Securities
3.60‌%
Money
Market
Funds
3.44‌%
Consumer,
Cyclical
1.84‌%
Communications
1.82‌%
Technology
1.22‌%
Investment
Companies
0.31‌%
Diversified
0.08‌%
Purchased
Interest
Rate
Swaptions
0.07‌%
Purchased
Capped
Options
0.00‌%
Purchased
Options
0.00‌%
Other
Assets
and
Liabilities
(0.07‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
69,408‌
$
1,194,098‌
$
1,151,852‌
$
111,654‌
$
69,408‌
$
1,194,098‌
$
1,151,852‌
$
111,654‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
95
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Advanz
Pharma
Corp
Ltd
08/08/2018
$
209‌
$
256‌
0.01%
Fieldwood
Energy
LLC
04/05/2018-08/29/2018
329‌
—‌
0.00%
Millennium
Health
LLC
03/15/2016
—‌
22‌
0.00%
Millennium
Health
LLC
03/15/2016
—‌
20‌
0.00%
Total
$
298‌
0.01%
Amounts
in
thousands.
Purchased
Capped
Options
Description
Counterparty
Range
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.30%)
Receive
$
32,760‌
0.30%
02/15/2022
$
58‌
$
188‌
$
130‌
Call
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.30%)
Receive
3,630‌
0.30%
02/15/2022
15‌
21‌
6‌
Total
$
73‌
$
209‌
$
136‌
Written
Capped
Options
Description
Counterparty
Range
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.55%)
Receive
$
14,130‌
0.55%
02/15/2022
$
(12‌)
$
(52‌)
$
(40‌)
Put
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.55%)
Receive
19,100‌
0.55%
02/15/2022
(19‌)
(70‌)
(51‌)
Total
$
(31‌)
$
(122‌)
$
(91‌)
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
EUR
versus
GBP
Citigroup
Inc
1
EUR
1,245‌
EUR
0.88‌
08/09/2021
$
28‌
$
22‌
$
(6‌)
Call
-
90
Day
Eurodollar
Future;
December
2021
N/A
102‌
$
255‌
$
99.75‌
12/14/2021
22‌
19‌
(3‌)
Put
-
90
Day
Eurodollar
Future;
September
2022
N/A
78‌
195‌
$
99.63‌
09/13/2021
5‌
16‌
11‌
Put
-
90
Day
Eurodollar
Future;
September
2023
N/A
78‌
195‌
$
99.50‌
09/13/2021
24‌
92‌
68‌
Put
-
US
10
Year
Note
Future;
June
2021
N/A
11‌
11‌
$
132.00‌
05/24/2021
13‌
13‌
—‌
Put
-
US
10
Year
Note
Future;
June
2021
N/A
19‌
19‌
$
134.50‌
03/29/2021
11‌
37‌
26‌
Total
$
103‌
$
199‌
$
96‌
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
90
Day
Eurodollar
Future;
December
2021
N/A
34‌
$
85‌
$
100.00‌
12/14/2021
$
(6‌)
$
(1‌)
$
5‌
Call
-
90
Day
Eurodollar
Future;
December
2021
N/A
68‌
170‌
$
99.38‌
12/14/2021
(36‌)
(70‌)
(34‌)
Call
-
US
10
Year
Note
Future;
June
2021
N/A
11‌
11‌
$
134.00‌
05/24/2021
(9‌)
(9‌)
—‌
Put
-
90
Day
Eurodollar
Future;
September
2022
N/A
78‌
195‌
$
99.75‌
09/13/2021
(8‌)
(25‌)
(17‌)
Put
-
90
Day
Eurodollar
Future;
September
2023
N/A
78‌
195‌
$
99.38‌
09/13/2021
(16‌)
(75‌)
(59‌)
Put
-
US
10
Year
Note
Future;
June
2021
N/A
19‌
19‌
$
133.50‌
03/29/2021
(5‌)
(24‌)
(19‌)
Total
$
(80‌)
$
(204‌)
$
(124‌)
Amounts
in
thousands
except
contracts/shares.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
96
Interest
Rate
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
3,565‌
1.15%
01/09/2025
$
14‌
$
12‌
$
(2‌)
Call
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
10,630‌
1.60%
02/25/2025
57‌
56‌
(1‌)
Call
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
12,270‌
1.25%
01/14/2025
53‌
47‌
(6‌)
Call
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
18,510‌
1.62%
02/25/2025
103‌
100‌
(3‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,330‌
2.95%
03/13/2024
60‌
126‌
66‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,956‌
2.98%
03/08/2024
90‌
190‌
100‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
560‌
3.08%
01/30/2029
32‌
56‌
24‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
560‌
3.05%
01/11/2029
32‌
55‌
23‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,120‌
1.50%
02/26/2025
59‌
28‌
(31‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,490‌
3.09%
12/07/2038
69‌
155‌
86‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
280‌
1.42%
06/06/2025
20‌
7‌
(13‌)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
505‌
1.42%
06/06/2025
27‌
12‌
(15‌)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
505‌
1.28%
06/05/2025
28‌
11‌
(17‌)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
740‌
0.89%
05/01/2025
40‌
10‌
(30‌)
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
130‌
2.86%
02/23/2039
6‌
12‌
6‌
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
410‌
2.99%
04/28/2038
19‌
41‌
22‌
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
560‌
3.04%
01/12/2029
32‌
54‌
22‌
Call
-
20
Year
Interest
Rate
Swap
Deutsche
Bank
AG
6
Month
JPY
LIBOR
Pay
JPY
3,760‌
0.78%
04/19/2021
2‌
2‌
—‌
Call
-
20
Year
Interest
Rate
Swap
JPMorgan
Chase
6
Month
JPY
LIBOR
Receive
39,560‌
0.78%
04/19/2021
12‌
22‌
10‌
Call
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
2,140‌
1.67%
01/08/2026
55‌
41‌
(14‌)
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
10,630‌
1.60%
02/25/2025
53‌
69‌
16‌
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,565‌
1.15%
01/09/2025
15‌
31‌
16‌
Put
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
12,270‌
1.25%
01/14/2025
53‌
99‌
46‌
Put
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
18,510‌
1.62%
02/25/2025
103‌
118‌
15‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,120‌
1.50%
02/26/2025
59‌
101‌
42‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,390‌
2.25%
08/09/2022
33‌
28‌
(5‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,490‌
3.09%
12/07/2038
69‌
54‌
(15‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,956‌
2.98%
03/08/2024
90‌
39‌
(51‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
560‌
3.08%
01/30/2029
32‌
20‌
(12‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
560‌
3.05%
01/11/2029
31‌
20‌
(11‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,330‌
2.95%
03/13/2024
60‌
27‌
(33‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
JPY
LIBOR
Pay
JPY
758,545‌
1.10%
06/30/2022
103‌
1‌
(102‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
$
505‌
1.28%
06/05/2025
28‌
54‌
26‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
97
Interest
Rate
Swaptions
(continued)
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
$
740‌
0.89%
05/01/2025
$
40‌
$
99‌
$
59‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
505‌
1.42%
06/06/2025
27‌
49‌
22‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
320‌
2.50%
06/21/2024
4‌
11‌
7‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
280‌
1.42%
06/06/2025
12‌
27‌
15‌
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
410‌
2.99%
04/28/2038
19‌
16‌
(3‌)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
2,010‌
2.25%
08/03/2022
54‌
39‌
(15‌)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
130‌
2.86%
02/23/2039
6‌
5‌
(1‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
560‌
3.04%
01/12/2029
31‌
20‌
(11‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,960‌
2.50%
06/14/2024
88‌
69‌
(19‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,330‌
2.50%
06/21/2024
54‌
47‌
(7‌)
Put
-
20
Year
Interest
Rate
Swap
Deutsche
Bank
AG
6
Month
JPY
LIBOR
Receive
JPY
3,760‌
0.78%
04/19/2021
2‌
—‌
(2‌)
Put
-
20
Year
Interest
Rate
Swap
JPMorgan
Chase
6
Month
JPY
LIBOR
Receive
39,560‌
0.78%
04/19/2021
12‌
—‌
(12‌)
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
1,390‌
3.80%
06/08/2021
54‌
—‌
(54‌)
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,210‌
2.85%
05/10/2022
128‌
40‌
(88‌)
Put
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,140‌
1.67%
01/08/2026
56‌
96‌
40‌
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
4,480‌
2.10%
02/04/2026
97‌
151‌
54‌
Total
$
2,223‌
$
2,367‌
$
144‌
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
880‌
0.37%
03/18/2021
$
(2‌)
$
(2‌)
$
—‌
Call
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
9,290‌
0.41%
03/18/2021
(16‌)
(20‌)
(4‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,100‌
1.25%
01/02/2023
(36‌)
(16‌)
20‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,970‌
1.23%
12/16/2022
(65‌)
(27‌)
38‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,464‌
2.79%
03/09/2021
(74‌)
(296‌)
(222‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,220‌
1.25%
01/28/2022
(29‌)
(13‌)
16‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,590‌
3.05%
03/13/2029
(84‌)
(155‌)
(71‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,245‌
1.35%
02/23/2022
(52‌)
(44‌)
8‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,000‌
1.44%
01/10/2023
(65‌)
(38‌)
27‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,150‌
1.62%
02/21/2022
(30‌)
(26‌)
4‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,070‌
0.90%
10/01/2021
(4‌)
(4‌)
—‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,330‌
1.00%
01/28/2022
(18‌)
(8‌)
10‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
3,245‌
1.04%
01/21/2022
(44‌)
(21‌)
23‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,140‌
0.74%
05/03/2022
(39‌)
(5‌)
34‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
98
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
$
985‌
1.24%
12/19/2022
$
(32‌)
$
(14‌)
$
18‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
985‌
1.23%
12/19/2022
(33‌)
(14‌)
19‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
915‌
1.06%
10/12/2022
(31‌)
(9‌)
22‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,190‌
0.72%
06/30/2021
(31‌)
(1‌)
30‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
110‌
0.74%
05/03/2022
(3‌)
(1‌)
2‌
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
890‌
1.57%
01/13/2023
(30‌)
(21‌)
9‌
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,680‌
0.74%
04/20/2021
(46‌)
—‌
46‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
9,250‌
0.41%
02/24/2022
(23‌)
(20‌)
3‌
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
20,360‌
2.35%
05/18/2021
(41‌)
—‌
41‌
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
27,720‌
2.15%
05/28/2021
(78‌)
—‌
78‌
Put
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
34,330‌
2.40%
06/02/2021
(62‌)
—‌
62‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,300‌
1.85%
02/23/2022
(22‌)
(31‌)
(9‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,300‌
1.85%
02/23/2022
(23‌)
(31‌)
(8‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,100‌
1.25%
01/02/2023
(36‌)
(85‌)
(49‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,150‌
1.62%
02/21/2022
(31‌)
(40‌)
(9‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
2,464‌
2.79%
03/09/2021
(73‌)
—‌
73‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,216‌
1.60%
03/07/2022
(20‌)
(44‌)
(24‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
3,245‌
1.85%
02/23/2022
(57‌)
(78‌)
(21‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,670‌
1.00%
06/02/2021
(71‌)
(267‌)
(196‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,220‌
1.25%
01/28/2022
(29‌)
(68‌)
(39‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,930‌
3.87%
06/08/2021
(57‌)
—‌
57‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,590‌
3.05%
03/13/2029
(85‌)
(58‌)
27‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,070‌
1.05%
06/14/2021
(16‌)
(58‌)
(42‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,950‌
2.15%
01/11/2022
(45‌)
(25‌)
20‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,950‌
2.10%
01/07/2022
(45‌)
(27‌)
18‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,970‌
1.23%
12/16/2022
(64‌)
(155‌)
(91‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,390‌
3.25%
08/09/2022
(8‌)
(7‌)
1‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,390‌
2.75%
08/09/2022
(17‌)
(14‌)
3‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,810‌
2.75%
05/10/2022
(140‌)
(36‌)
104‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
2,000‌
1.44%
01/10/2023
(65‌)
(131‌)
(66‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
985‌
1.24%
12/19/2022
(32‌)
(76‌)
(44‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
2,140‌
1.45%
10/01/2021
(15‌)
(72‌)
(57‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
680‌
1.15%
01/11/2022
(10‌)
(42‌)
(32‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
99
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
915‌
1.06%
10/12/2022
$
(31‌)
$
(79‌)
$
(48‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
100‌
1.05%
06/14/2021
(1‌)
(5‌)
(4‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,190‌
0.72%
06/30/2021
(31‌)
(101‌)
(70‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,245‌
1.54%
01/21/2022
(44‌)
(119‌)
(75‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
985‌
1.23%
12/19/2022
(32‌)
(77‌)
(45‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
160‌
2.25%
08/21/2024
(2‌)
(7‌)
(5‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,330‌
1.50%
01/28/2022
(18‌)
(52‌)
(34‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
110‌
0.74%
05/03/2022
(4‌)
(11‌)
(7‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
440‌
1.00%
06/02/2021
(7‌)
(25‌)
(18‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,790‌
1.60%
03/07/2022
(19‌)
(65‌)
(46‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,140‌
0.74%
05/03/2022
(40‌)
(117‌)
(77‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
7,110‌
1.35%
07/13/2021
(85‌)
(237‌)
(152‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,935‌
1.60%
03/07/2022
(32‌)
(70‌)
(38‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,230‌
1.60%
03/04/2022
(22‌)
(45‌)
(23‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,230‌
1.60%
03/01/2022
(22‌)
(44‌)
(22‌)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
2,010‌
3.25%
08/03/2022
(13‌)
(10‌)
3‌
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
2,010‌
2.75%
08/03/2022
(28‌)
(20‌)
8‌
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
890‌
1.57%
01/13/2023
(30‌)
(51‌)
(21‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,960‌
3.00%
06/14/2024
(54‌)
(42‌)
12‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,960‌
3.50%
06/14/2024
(33‌)
(26‌)
7‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,330‌
3.00%
06/21/2024
(33‌)
(29‌)
4‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,330‌
3.50%
06/21/2024
(19‌)
(17‌)
2‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,730‌
2.25%
08/21/2024
(52‌)
(80‌)
(28‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,680‌
0.74%
04/20/2021
(47‌)
(130‌)
(83‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,760‌
1.95%
01/31/2022
(41‌)
(34‌)
7‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
2,570‌
0.00%
07/02/2021
(5‌)
—‌
5‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
10,110‌
0.10%
03/30/2021
(35‌)
—‌
35‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,130‌
0.00%
06/15/2021
(6‌)
—‌
6‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
7,830‌
0.10%
04/13/2021
(26‌)
—‌
26‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
3,330‌
0.15%
08/10/2021
(5‌)
(1‌)
4‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
5,880‌
0.15%
08/10/2021
(8‌)
(1‌)
7‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
8,490‌
0.25%
09/07/2021
(14‌)
(4‌)
10‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,500‌
0.05%
07/06/2021
(5‌)
—‌
5‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
100
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
2,200‌
0.00%
06/21/2021
$
(5‌)
$
—‌
$
5‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,570‌
0.00%
06/22/2021
(6‌)
—‌
6‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,630‌
0.00%
07/20/2021
(5‌)
—‌
5‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
7,830‌
0.16%
04/13/2021
(27‌)
—‌
27‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
4,870‌
0.05%
06/11/2021
(12‌)
—‌
12‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
4,950‌
0.11%
05/18/2021
(16‌)
—‌
16‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,190‌
0.00%
06/15/2021
(6‌)
—‌
6‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,400‌
0.00%
06/28/2021
(5‌)
—‌
5‌
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
9,250‌
0.41%
02/24/2022
(23‌)
(46‌)
(23‌)
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
7,790‌
0.15%
04/20/2021
(28‌)
—‌
28‌
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
6
Month
Euro
Interbank
Offered
Rate
Pay
3,140‌
0.08%
06/01/2021
(9‌)
—‌
9‌
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
6,710‌
1.10%
02/04/2022
(35‌)
(107‌)
(72‌)
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,330‌
0.60%
09/07/2021
(18‌)
(81‌)
(63‌)
Total
$
(2,968‌)
$
(3,833‌)
$
(865‌)
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Brent
Crude;
July
2021
(a)
Long
94‌
$
5,926‌
$
486‌
Brent
Crude;
May
2021
(a)
Long
165‌
10,629‌
2,475‌
Cocoa;
May
2021
(a)
Short
1,071‌
27,889‌
(1,825‌)
Coffee
'C';
May
2021
(a)
Long
81‌
4,177‌
(15‌)
Copper;
July
2021
(a)
Long
277‌
28,327‌
3,736‌
Copper;
May
2021
(a)
Long
27‌
2,762‌
367‌
Corn;
May
2021
(a)
Long
109‌
2,984‌
—‌
Corn;
September
2021
(a)
Long
1,082‌
26,482‌
961‌
Cotton
No.2;
July
2021
(a)
Short
1‌
45‌
(1‌)
Cotton
No.2;
May
2021
(a)
Long
396‌
17,588‌
(439‌)
Euro
Bond
10
Year
Bond;
March
2021
Short
19‌
3,975‌
98‌
Euro
Buxl
30
Year
Bond;
March
2021
Short
12‌
3,038‌
114‌
Euro
Schatz;
March
2021
Short
121‌
16,376‌
(5‌)
Euro-BTP;
March
2021
Short
26‌
4,699‌
66‌
Feeder
Cattle;
April
2021
(a)
Short
34‌
2,424‌
35‌
Feeder
Cattle;
May
2021
(a)
Short
268‌
19,440‌
136‌
Gasoline
RBOB;
May
2021
(a)
Long
243‌
19,817‌
411‌
Gold
100
oz
;
April
2021
(a)
Long
2‌
346‌
(26‌)
Gold
100
oz
;
June
2021
(a)
Long
80‌
13,853‌
(850‌)
KC
HRW
Wheat;
July
2021
(a)
Short
31‌
989‌
(24‌)
KC
HRW
Wheat;
May
2021
(a)
Short
28‌
887‌
(20‌)
Lean
Hogs;
April
2021
(a)
Short
285‌
9,935‌
(1,437‌)
Live
Cattle;
April
2021
(a)
Short
132‌
6,336‌
25‌
LME
Lead;
June
2021
(a)
Short
245‌
12,587‌
586‌
LME
Lead;
May
2021
(a)
Short
50‌
2,565‌
81‌
LME
Nickel;
June
2021
(a)
Long
120‌
13,377‌
437‌
LME
Nickel;
March
2021
(a)
Short
—‌
—‌
(964‌)
LME
PRI
Alum;
June
2021
(a)
Short
102‌
5,506‌
(149‌)
LME
PRI
Alum;
March
2021
(a)
Short
—‌
—‌
17‌
LME
Zinc;
July
2021
(a)
Short
—‌
—‌
(14‌)
LME
Zinc;
June
2021
(a)
Short
—‌
—‌
(37‌)
LME
Zinc;
March
2021
(a)
Short
—‌
—‌
538‌
LME
Zinc;
May
2021
(a)
Short
85‌
5,932‌
84‌
Low
Sulphur
Gasoline;
May
2021
(a)
Long
225‌
11,992‌
124‌
Natural
Gas;
April
2022
(a)
Short
811‌
19,967‌
843‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
101
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Natural
Gas;
July
2021
(a)
Short
91‌
$
2,656‌
$
(1‌)
Natural
Gas;
March
2022
(a)
Long
811‌
23,462‌
(608‌)
NY
Harb
ULSD;
May
2021
(a)
Long
376‌
28,977‌
2,027‌
Palladium;
June
2021
(a)
Short
85‌
19,665‌
711‌
Platinum;
April
2021
(a)
Short
69‌
4,089‌
(259‌)
Short
Term
Euro-BTP;
March
2021
Long
106‌
14,444‌
10‌
Silver;
July
2021
(a)
Long
39‌
5,162‌
(562‌)
Silver;
May
2021
(a)
Long
7‌
925‌
(23‌)
Silver;
September
2021
(a)
Long
18‌
2,385‌
(283‌)
Soybean
Meal;
December
2021
(a)
Short
98‌
3,709‌
17‌
Soybean
Meal;
July
2021
(a)
Short
50‌
2,094‌
20‌
Soybean
Meal;
May
2021
(a)
Short
315‌
13,274‌
178‌
Soybean
Oil;
December
2021
(a)
Long
356‌
9,465‌
270‌
Soybean
Oil;
May
2021
(a)
Long
321‌
9,618‌
94‌
Soybean;
May
2021
(a)
Long
67‌
4,704‌
23‌
Soybean;
November
2021
(a)
Long
231‌
14,126‌
1,063‌
Sugar
#11;
July
2021
(a)
Long
281‌
4,988‌
(177‌)
Sugar
#11;
May
2021
(a)
Long
563‌
10,373‌
(425‌)
US
10
Year
Note;
June
2021
Short
70‌
9,290‌
113‌
US
10
Year
Ultra
Note;
June
2021
Short
72‌
10,609‌
73‌
US
2
Year
Note;
June
2021
Long
70‌
15,454‌
(13‌)
US
5
Year
Note;
June
2021
Long
176‌
21,818‌
(176‌)
US
Long
Bond;
June
2021
Short
2‌
318‌
3‌
US
Ultra
Bond;
June
2021
Short
24‌
4,538‌
13‌
Wheat;
May
2021
(a)
Long
311‌
10,267‌
49‌
WTI
Crude;
June
2021
(a)
Long
993‌
60,315‌
15,955‌
WTI
Crude;
May
2021
(a)
Short
1,093‌
66,924‌
(2,858‌)
Total
$
21,048‌
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
ANZ
Stockbroking
03/03/2021
JPY
357,457‌
$
3,402‌
$
—‌
$
(48‌)
ANZ
Stockbroking
03/03/2021
$
9,667‌
NZD
13,573‌
—‌
(140‌)
Bank
of
America
NA
03/03/2021
EUR
7,920‌
$
9,687‌
—‌
(131‌)
Bank
of
America
NA
03/03/2021
$
989‌
EUR
820‌
—‌
(1‌)
Bank
of
America
NA
03/17/2021
$
681‌
EUR
560‌
5‌
—‌
Bank
of
America
NA
04/06/2021
$
9,695‌
EUR
7,920‌
131‌
—‌
Barclays
Bank
PLC
03/17/2021
AUD
775‌
$
602‌
—‌
(6‌)
Barclays
Bank
PLC
05/12/2021
MXN
31,113‌
EUR
1,225‌
—‌
(4‌)
BNP
Paribas
03/17/2021
$
1,194‌
EUR
990‌
—‌
(1‌)
Citigroup
Inc
03/11/2021
CAD
866‌
$
680‌
1‌
—‌
Citigroup
Inc
03/17/2021
CAD
1,636‌
$
1,285‌
—‌
—‌
Citigroup
Inc
03/17/2021
$
603‌
EUR
495‌
6‌
—‌
Citigroup
Inc
03/17/2021
$
2,660‌
CAD
3,379‌
7‌
(2‌)
Citigroup
Inc
04/06/2021
NZD
394‌
$
286‌
—‌
(2‌)
Citigroup
Inc
04/06/2021
$
420‌
EUR
346‌
2‌
—‌
Deutsche
Bank
AG
03/03/2021
$
131‌
NZD
182‌
—‌
—‌
Goldman
Sachs
&
Co
03/03/2021
$
6,598‌
JPY
688,619‌
138‌
—‌
Goldman
Sachs
&
Co
05/12/2021
MXN
30,498‌
EUR
1,240‌
—‌
(51‌)
HSBC
Securities
Inc
03/03/2021
JPY
330,590‌
$
3,115‌
—‌
(13‌)
HSBC
Securities
Inc
03/03/2021
$
7,957‌
EUR
6,555‌
48‌
—‌
HSBC
Securities
Inc
04/06/2021
$
3,116‌
JPY
330,590‌
13‌
—‌
JPMorgan
Chase
03/17/2021
CAD
1,651‌
$
1,295‌
4‌
(1‌)
JPMorgan
Chase
03/17/2021
EUR
4,615‌
$
5,593‌
4‌
(27‌)
JPMorgan
Chase
03/17/2021
$
5,624‌
EUR
4,620‌
49‌
(1‌)
JPMorgan
Chase
03/17/2021
$
1,205‌
CAD
1,533‌
4‌
(4‌)
Morgan
Stanley
&
Co
03/03/2021
$
960‌
EUR
793‌
3‌
—‌
Morgan
Stanley
&
Co
03/17/2021
CAD
768‌
$
605‌
—‌
(1‌)
Morgan
Stanley
&
Co
03/17/2021
EUR
560‌
$
687‌
—‌
(12‌)
Royal
Bank
of
Scotland
03/11/2021
$
680‌
CAD
869‌
—‌
(3‌)
Royal
Bank
of
Scotland
03/17/2021
CAD
869‌
$
680‌
3‌
—‌
UBS
AG
03/03/2021
NZD
13,163‌
$
9,776‌
5‌
(270‌)
UBS
AG
04/06/2021
$
9,222‌
NZD
12,391‌
273‌
—‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
102
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Westpac
Banking
Corporation
03/17/2021
AUD
775‌
JPY
63,711‌
$
—‌
$
(2‌)
Total
$
696‌
$
(720‌)
Amounts
in
thousands.
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
3
Month
USD
LIBOR
Receive
0.57%
Semiannual
Quarterly
N/A
11/21/2024
$
620‌
$
4‌
$
—‌
$
4‌
3
Month
USD
LIBOR
Receive
1.04%
Semiannual
Quarterly
N/A
01/08/2031
700‌
33‌
—‌
33‌
3
Month
USD
LIBOR
Receive
1.05%
Semiannual
Quarterly
N/A
01/11/2031
510‌
23‌
—‌
23‌
3
Month
USD
LIBOR
Receive
1.09%
Semiannual
Quarterly
N/A
01/11/2031
700‌
30‌
—‌
30‌
3
Month
USD
LIBOR
Receive
1.09%
Semiannual
Quarterly
N/A
01/12/2031
700‌
30‌
—‌
30‌
3
Month
USD
LIBOR
Receive
1.10%
Semiannual
Quarterly
N/A
01/12/2031
350‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Receive
0.56%
Semiannual
Quarterly
N/A
01/12/2026
280‌
4‌
—‌
4‌
3
Month
USD
LIBOR
Receive
1.02%
Semiannual
Quarterly
N/A
01/08/2031
700‌
35‌
—‌
35‌
3
Month
USD
LIBOR
Receive
1.13%
Semiannual
Quarterly
N/A
01/12/2031
350‌
14‌
—‌
14‌
3
Month
USD
LIBOR
Receive
1.13%
Semiannual
Quarterly
N/A
01/13/2031
700‌
28‌
—‌
28‌
3
Month
USD
LIBOR
Receive
0.84%
Semiannual
Quarterly
N/A
11/15/2027
3,050‌
70‌
—‌
70‌
3
Month
USD
LIBOR
Receive
1.15%
Semiannual
Quarterly
N/A
01/13/2031
350‌
13‌
—‌
13‌
3
Month
USD
LIBOR
Receive
1.18%
Semiannual
Quarterly
N/A
01/14/2031
610‌
21‌
—‌
21‌
3
Month
USD
LIBOR
Receive
1.19%
Semiannual
Quarterly
N/A
01/14/2031
610‌
20‌
—‌
20‌
3
Month
USD
LIBOR
Receive
1.18%
Semiannual
Quarterly
N/A
01/14/2031
305‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Receive
1.12%
Semiannual
Quarterly
N/A
01/13/2031
140‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Receive
0.95%
Semiannual
Quarterly
N/A
12/30/2030
240‌
13‌
—‌
13‌
3
Month
USD
LIBOR
Receive
0.97%
Semiannual
Quarterly
N/A
12/29/2030
280‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Receive
1.53%
Semiannual
Quarterly
N/A
12/15/2022
5,728‌
(136‌)
—‌
(136‌)
3
Month
USD
LIBOR
Receive
0.50%
Semiannual
Quarterly
N/A
08/19/2027
360‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Receive
1.10%
Semiannual
Quarterly
N/A
11/25/2050
360‌
72‌
—‌
72‌
3
Month
USD
LIBOR
Receive
0.86%
Semiannual
Quarterly
N/A
10/04/2031
90‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Receive
0.90%
Semiannual
Quarterly
N/A
10/27/2030
65‌
4‌
—‌
4‌
3
Month
USD
LIBOR
Receive
1.25%
Semiannual
Quarterly
N/A
11/05/2040
60‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Receive
1.58%
Semiannual
Quarterly
N/A
11/09/2021
9,290‌
(91‌)
—‌
(91‌)
3
Month
USD
LIBOR
Receive
0.96%
Semiannual
Quarterly
N/A
12/11/2030
550‌
29‌
—‌
29‌
3
Month
USD
LIBOR
Receive
0.95%
Semiannual
Quarterly
N/A
11/12/2030
690‌
37‌
—‌
37‌
3
Month
USD
LIBOR
Receive
0.96%
Semiannual
Quarterly
N/A
11/12/2030
650‌
34‌
—‌
34‌
3
Month
USD
LIBOR
Pay
0.79%
Quarterly
Semiannual
N/A
11/19/2025
6,330‌
(54‌)
—‌
(54‌)
3
Month
USD
LIBOR
Pay
0.40%
Quarterly
Semiannual
N/A
11/22/2023
2,775‌
(7‌)
—‌
(7‌)
3
Month
USD
LIBOR
Receive
0.40%
Semiannual
Quarterly
N/A
11/22/2023
2,775‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Receive
1.74%
Semiannual
Quarterly
N/A
11/23/2030
2,420‌
(48‌)
—‌
(48‌)
3
Month
USD
LIBOR
Receive
1.03%
Semiannual
Quarterly
N/A
11/26/2031
330‌
22‌
—‌
22‌
3
Month
USD
LIBOR
Receive
0.92%
Semiannual
Quarterly
N/A
12/10/2030
918‌
53‌
—‌
53‌
3
Month
USD
LIBOR
Receive
1.19%
Semiannual
Quarterly
N/A
01/14/2031
305‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Pay
0.48%
Quarterly
Semiannual
N/A
01/21/2026
2,710‌
(50‌)
—‌
(50‌)
3
Month
USD
LIBOR
Pay
1.28%
Quarterly
Semiannual
N/A
01/21/2032
230‌
(10‌)
—‌
(10‌)
3
Month
USD
LIBOR
Pay
1.19%
Quarterly
Semiannual
N/A
07/23/2031
540‌
(23‌)
—‌
(23‌)
3
Month
USD
LIBOR
Receive
1.59%
Semiannual
Quarterly
N/A
02/22/2032
1,175‌
20‌
—‌
20‌
3
Month
USD
LIBOR
Pay
1.91%
Quarterly
Semiannual
N/A
02/22/2051
233‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Receive
1.62%
Semiannual
Quarterly
N/A
02/22/2032
588‌
8‌
—‌
8‌
3
Month
USD
LIBOR
Pay
1.51%
Quarterly
Semiannual
N/A
08/19/2031
110‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Receive
1.53%
Semiannual
Quarterly
N/A
08/23/2031
450‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Receive
1.56%
Semiannual
Quarterly
N/A
08/24/2031
820‌
8‌
—‌
8‌
3
Month
USD
LIBOR
Pay
0.23%
Quarterly
Semiannual
N/A
03/31/2023
7,300‌
(4‌)
—‌
(4‌)
3
Month
USD
LIBOR
Receive
1.55%
Semiannual
Quarterly
N/A
02/25/2026
4,980‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Receive
1.58%
Semiannual
Quarterly
N/A
08/25/2031
290‌
2‌
—‌
2‌
3
Month
USD
LIBOR
Pay
1.58%
Quarterly
Semiannual
N/A
08/25/2031
6,540‌
(51‌)
—‌
(51‌)
3
Month
USD
LIBOR
Receive
1.51%
Semiannual
Quarterly
N/A
02/26/2031
620‌
3‌
—‌
3‌
3
Month
USD
LIBOR
Receive
1.62%
Semiannual
Quarterly
N/A
02/26/2026
3,870‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Receive
2.00%
Semiannual
Quarterly
N/A
02/15/2047
810‌
(7‌)
—‌
(7‌)
3
Month
USD
LIBOR
Receive
0.23%
Semiannual
Quarterly
N/A
03/01/2023
3,550‌
1‌
—‌
1‌
3
Month
USD
LIBOR
Receive
1.59%
Semiannual
Quarterly
N/A
03/01/2031
620‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Pay
1.87%
Quarterly
Semiannual
N/A
02/19/2051
465‌
(8‌)
—‌
(8‌)
3
Month
USD
LIBOR
Receive
0.97%
Semiannual
Quarterly
N/A
08/17/2040
300‌
46‌
—‌
46‌
3
Month
USD
LIBOR
Receive
1.89%
Semiannual
Quarterly
N/A
02/15/2047
810‌
13‌
(1‌)
12‌
3
Month
USD
LIBOR
Receive
1.56%
Semiannual
Quarterly
N/A
08/19/2031
660‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Pay
1.22%
Quarterly
Semiannual
N/A
07/23/2031
2,850‌
(115‌)
—‌
(115‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
103
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
3
Month
USD
LIBOR
Pay
1.18%
Quarterly
Semiannual
N/A
07/28/2031
$
720‌
$
(32‌)
$
—‌
$
(32‌)
3
Month
USD
LIBOR
Pay
1.17%
Quarterly
Semiannual
N/A
07/28/2031
320‌
(15‌)
—‌
(15‌)
3
Month
USD
LIBOR
Pay
1.15%
Quarterly
Semiannual
N/A
07/28/2031
320‌
(15‌)
—‌
(15‌)
3
Month
USD
LIBOR
Pay
1.22%
Quarterly
Semiannual
N/A
08/03/2031
270‌
(11‌)
—‌
(11‌)
3
Month
USD
LIBOR
Receive
1.17%
Semiannual
Quarterly
N/A
02/04/2031
620‌
22‌
—‌
22‌
3
Month
USD
LIBOR
Receive
1.19%
Semiannual
Quarterly
N/A
02/05/2031
310‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Receive
1.19%
Semiannual
Quarterly
N/A
02/05/2031
310‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Receive
1.23%
Semiannual
Quarterly
N/A
02/08/2031
620‌
19‌
—‌
19‌
3
Month
USD
LIBOR
Pay
1.35%
Quarterly
Semiannual
N/A
08/09/2031
860‌
(25‌)
—‌
(25‌)
3
Month
USD
LIBOR
Receive
1.26%
Semiannual
Quarterly
N/A
02/09/2031
390‌
11‌
—‌
11‌
3
Month
USD
LIBOR
Receive
1.38%
Semiannual
Quarterly
N/A
08/10/2031
190‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Receive
1.46%
Semiannual
Quarterly
N/A
08/18/2031
1,120‌
21‌
—‌
21‌
3
Month
USD
LIBOR
Receive
1.39%
Semiannual
Quarterly
N/A
02/18/2031
310‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Receive
1.41%
Semiannual
Quarterly
N/A
02/18/2031
310‌
4‌
—‌
4‌
3
Month
USD
LIBOR
Receive
0.22%
Semiannual
Quarterly
N/A
03/31/2023
16,390‌
10‌
2‌
12‌
3
Month
USD
LIBOR
Receive
0.50%
Semiannual
Quarterly
N/A
08/17/2027
640‌
26‌
—‌
26‌
3
Month
USD
LIBOR
Receive
1.27%
Semiannual
Quarterly
N/A
02/15/2028
2,700‌
1‌
—‌
1‌
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
04/20/2027
230‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Receive
2.33%
Semiannual
Quarterly
N/A
06/24/2034
150‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Receive
2.38%
Semiannual
Quarterly
N/A
07/05/2049
300‌
(5‌)
—‌
(5‌)
3
Month
USD
LIBOR
Receive
1.77%
Semiannual
Quarterly
N/A
07/12/2023
19,920‌
(266‌)
—‌
(266‌)
3
Month
USD
LIBOR
Receive
0.76%
Semiannual
Quarterly
N/A
05/03/2032
1,730‌
172‌
—‌
172‌
3
Month
USD
LIBOR
Pay
1.71%
Quarterly
Semiannual
N/A
07/13/2022
19,600‌
296‌
—‌
296‌
3
Month
USD
LIBOR
Receive
1.71%
Semiannual
Quarterly
N/A
08/16/2049
240‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Receive
1.67%
Semiannual
Quarterly
N/A
08/17/2049
180‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Pay
0.82%
Quarterly
Semiannual
N/A
04/14/2030
1,610‌
(93‌)
—‌
(93‌)
3
Month
USD
LIBOR
Receive
0.63%
Semiannual
Quarterly
N/A
04/14/2025
3,090‌
8‌
1‌
9‌
3
Month
USD
LIBOR
Receive
1.65%
Semiannual
Quarterly
N/A
08/22/2034
535‌
28‌
—‌
28‌
3
Month
USD
LIBOR
Receive
1.93%
Semiannual
Quarterly
N/A
10/22/2034
540‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Receive
1.98%
Semiannual
Quarterly
N/A
10/23/2034
240‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Pay
1.25%
Quarterly
Semiannual
N/A
09/08/2050
190‌
(31‌)
—‌
(31‌)
3
Month
USD
LIBOR
Receive
0.82%
Semiannual
Quarterly
N/A
09/08/2025
1,110‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Pay
0.68%
Quarterly
Semiannual
N/A
03/06/2022
1,720‌
9‌
—‌
9‌
3
Month
USD
LIBOR
Receive
1.11%
Semiannual
Quarterly
N/A
03/08/2032
545‌
35‌
—‌
35‌
3
Month
USD
LIBOR
Receive
2.46%
Semiannual
Quarterly
N/A
02/28/2022
9,730‌
(221‌)
—‌
(221‌)
3
Month
USD
LIBOR
Pay
2.52%
Quarterly
Semiannual
N/A
02/28/2025
700‌
52‌
—‌
52‌
3
Month
USD
LIBOR
Receive
2.40%
Semiannual
Quarterly
N/A
02/26/2022
37,510‌
(832‌)
—‌
(832‌)
3
Month
USD
LIBOR
Pay
1.17%
Quarterly
Semiannual
N/A
09/08/2021
2,650‌
14‌
—‌
14‌
3
Month
USD
LIBOR
Receive
1.91%
Semiannual
Quarterly
N/A
10/21/2034
20‌
1‌
—‌
1‌
3
Month
USD
LIBOR
Pay
1.83%
Quarterly
Semiannual
N/A
02/10/2050
180‌
(5‌)
—‌
(5‌)
3
Month
USD
LIBOR
Receive
0.55%
Semiannual
Quarterly
N/A
03/12/2021
11,570‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Receive
0.77%
Semiannual
Quarterly
N/A
05/04/2032
1,790‌
177‌
—‌
177‌
3
Month
USD
LIBOR
Receive
1.98%
Semiannual
Quarterly
N/A
10/23/2034
240‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Receive
1.77%
Semiannual
Quarterly
N/A
06/15/2021
9,380‌
(45‌)
—‌
(45‌)
3
Month
USD
LIBOR
Pay
0.65%
Quarterly
Semiannual
N/A
07/12/2028
1,890‌
(101‌)
—‌
(101‌)
3
Month
USD
LIBOR
Receive
0.67%
Semiannual
Quarterly
N/A
10/09/2030
1,070‌
84‌
—‌
84‌
3
Month
USD
LIBOR
Pay
0.25%
Quarterly
Semiannual
N/A
07/08/2023
2,610‌
(5‌)
—‌
(5‌)
3
Month
USD
LIBOR
Pay
3.09%
Quarterly
Semiannual
N/A
11/29/2024
6,660‌
619‌
—‌
619‌
3
Month
USD
LIBOR
Pay
1.93%
Quarterly
Semiannual
N/A
12/01/2056
50‌
(3‌)
—‌
(3‌)
3
Month
USD
LIBOR
Receive
2.57%
Semiannual
Quarterly
N/A
02/07/2025
5,220‌
(397‌)
4‌
(393‌)
3
Month
USD
LIBOR
Pay
2.53%
Semiannual
Semiannual
N/A
02/07/2022
55,240‌
1,234‌
(13‌)
1,221‌
3
Month
USD
LIBOR
Receive
0.88%
Semiannual
Quarterly
N/A
07/12/2053
350‌
99‌
—‌
99‌
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
11/04/2030
1,060‌
86‌
—‌
86‌
3
Month
USD
LIBOR
Receive
0.68%
Semiannual
Quarterly
N/A
09/16/2030
860‌
66‌
—‌
66‌
3
Month
USD
LIBOR
Receive
2.10%
Semiannual
Quarterly
N/A
10/23/2039
100‌
2‌
—‌
2‌
3
Month
USD
LIBOR
Receive
1.87%
Semiannual
Quarterly
N/A
06/03/2022
12,690‌
(212‌)
—‌
(212‌)
3
Month
USD
LIBOR
Pay
3.21%
Quarterly
Semiannual
N/A
10/29/2024
4,535‌
435‌
—‌
435‌
3
Month
USD
LIBOR
Receive
1.09%
Semiannual
Quarterly
N/A
06/20/2052
310‌
69‌
—‌
69‌
3
Month
USD
LIBOR
Pay
0.68%
Quarterly
Semiannual
N/A
06/20/2027
1,705‌
(57‌)
—‌
(57‌)
3
Month
USD
LIBOR
Receive
1.14%
Semiannual
Quarterly
N/A
06/20/2052
310‌
65‌
—‌
65‌
3
Month
USD
LIBOR
Receive
0.76%
Semiannual
Quarterly
N/A
06/03/2031
186‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Pay
0.36%
Quarterly
Semiannual
N/A
06/02/2025
1,720‌
(27‌)
1‌
(26‌)
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
06/02/2030
880‌
66‌
—‌
66‌
3
Month
USD
LIBOR
Receive
0.77%
Semiannual
Quarterly
N/A
05/06/2032
1,490‌
147‌
—‌
147‌
3
Month
USD
LIBOR
Pay
0.65%
Quarterly
Semiannual
N/A
06/20/2027
1,705‌
(60‌)
—‌
(60‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
0.19%
Annual
Semiannual
N/A
01/16/2030
EUR
510‌
(11‌)
(2‌)
(13‌)
6
Month
JPY
LIBOR
Receive
0.17%
Semiannual
Semiannual
N/A
08/08/2039
JPY
8,330‌
4‌
—‌
4‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
104
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
6
Month
JPY
LIBOR
Receive
0.72%
Semiannual
Semiannual
N/A
03/21/2044
JPY
8,220‌
$
(2‌)
$
—‌
$
(2‌)
6
Month
JPY
LIBOR
Receive
0.34%
Semiannual
Semiannual
N/A
02/08/2034
8,650‌
(1‌)
—‌
(1‌)
6
Month
JPY
LIBOR
Receive
0.23%
Semiannual
Semiannual
N/A
12/22/2040
11,260‌
5‌
—‌
5‌
6
Month
JPY
LIBOR
Receive
0.20%
Semiannual
Semiannual
N/A
08/28/2044
1,270‌
1‌
—‌
1‌
6
Month
JPY
LIBOR
Receive
0.30%
Semiannual
Semiannual
N/A
06/17/2039
11,470‌
2‌
1‌
3‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.32%
Annual
Annual
N/A
02/03/2031
$
1,330‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.85%
Annual
Annual
N/A
08/10/2030
2,855‌
(169‌)
—‌
(169‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.31%
Annual
Annual
N/A
02/24/2031
1,125‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.29%
Annual
Annual
N/A
02/25/2031
1,360‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.30%
Annual
Annual
N/A
02/25/2026
5,515‌
14‌
1‌
15‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.28%
Annual
Annual
N/A
02/26/2051
860‌
(7‌)
—‌
(7‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.33%
Annual
Annual
N/A
03/01/2026
5,360‌
(5‌)
—‌
(5‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.31%
Annual
Annual
N/A
03/01/2031
5,360‌
(13‌)
—‌
(13‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.39%
Annual
Annual
N/A
02/19/2031
1,350‌
(13‌)
—‌
(13‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.33%
Annual
Annual
N/A
01/26/2031
2,410‌
5‌
—‌
5‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.25%
Annual
Annual
N/A
10/30/2028
2,195‌
(18‌)
—‌
(18‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.19%
Annual
Annual
N/A
12/23/2030
4,565‌
62‌
—‌
62‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.17%
Annual
Annual
N/A
12/24/2030
2,980‌
(46‌)
—‌
(46‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.75%
Annual
Annual
N/A
08/21/2022
11,990‌
254‌
—‌
254‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.01%
Annual
Annual
N/A
09/04/2030
810‌
(32‌)
—‌
(32‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.92%
Annual
Annual
N/A
09/10/2030
2,455‌
(117‌)
—‌
(117‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.19%
Annual
Annual
N/A
12/31/2030
1,530‌
(20‌)
—‌
(20‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.11%
Annual
Annual
N/A
12/07/2030
2,830‌
(63‌)
—‌
(63‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.95%
Annual
Annual
N/A
09/18/2030
1,230‌
(53‌)
—‌
(53‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.26%
Annual
Annual
N/A
03/02/2031
1,355‌
5‌
—‌
5‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.29%
Annual
Annual
N/A
05/05/2030
5,115‌
503‌
—‌
503‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.33%
Annual
Annual
N/A
05/04/2030
3,205‌
299‌
—‌
299‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.12%
Annual
Annual
N/A
12/15/2030
EUR
2,305‌
46‌
(1‌)
45‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.25%
Annual
Annual
N/A
02/15/2031
1,085‌
(4‌)
—‌
(4‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.11%
Annual
Annual
N/A
12/15/2030
2,360‌
(53‌)
1‌
(52‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.13%
Annual
Annual
N/A
02/15/2030
605‌
(1‌)
(2‌)
(3‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.22%
Annual
Annual
N/A
02/15/2031
1,020‌
(8‌)
—‌
(8‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.25%
Annual
Annual
N/A
02/15/2031
1,095‌
(4‌)
—‌
(4‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.11%
Annual
Annual
N/A
12/15/2030
2,445‌
52‌
—‌
52‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.29%
Annual
Annual
N/A
03/15/2029
3,675‌
(94‌)
(18‌)
(112‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
105
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.23%
Annual
Annual
N/A
02/15/2026
EUR
4,610‌
$
7‌
$
—‌
$
7‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.41%
Annual
Annual
N/A
02/15/2036
1,330‌
2‌
—‌
2‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.29%
Annual
Annual
N/A
02/15/2031
4,290‌
(8‌)
(1‌)
(9‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.26%
Annual
Annual
N/A
02/15/2031
1,095‌
(3‌)
—‌
(3‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
0.92%
Annual
Annual
N/A
09/15/2030
2,095‌
75‌
—‌
75‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.28%
Annual
Annual
N/A
02/15/2031
1,055‌
—‌
—‌
—‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.23%
Annual
Annual
N/A
01/15/2031
1,065‌
(7‌)
—‌
(7‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.21%
Annual
Annual
N/A
01/15/2031
900‌
7‌
—‌
7‌
New
Zealand
Bank
Bill
3
Month
FRA
Pay
1.58%
Quarterly
Semiannual
N/A
02/22/2031
NZD
976‌
(27‌)
—‌
(27‌)
New
Zealand
Bank
Bill
3
Month
FRA
Receive
1.08%
Semiannual
Quarterly
N/A
09/16/2030
1,775‌
107‌
(9‌)
98‌
Secured
Overnight
Financing
Rate
Receive
0.53%
Annual
Annual
N/A
10/21/2030
$
120‌
8‌
—‌
8‌
United
Kingdom
Retail
Prices
Index
Pay
3.50%
Annual
Annual
N/A
12/15/2030
GBP
1,925‌
(30‌)
1‌
(29‌)
United
Kingdom
Retail
Prices
Index
Receive
3.13%
Annual
Annual
N/A
01/15/2050
1,300‌
114‌
6‌
120‌
United
Kingdom
Retail
Prices
Index
Pay
3.61%
Annual
Annual
N/A
01/15/2029
1,145‌
75‌
4‌
79‌
United
Kingdom
Retail
Prices
Index
Pay
3.24%
Annual
Annual
N/A
01/15/2045
1,300‌
(58‌)
(4‌)
(62‌)
United
Kingdom
Retail
Prices
Index
Pay
3.34%
Annual
Annual
N/A
01/15/2040
1,700‌
(30‌)
(4‌)
(34‌)
United
Kingdom
Retail
Prices
Index
Receive
3.58%
Annual
Annual
N/A
02/15/2026
2,845‌
(1‌)
1‌
—‌
United
Kingdom
Retail
Prices
Index
Pay
3.63%
Annual
Annual
N/A
02/15/2031
2,845‌
5‌
—‌
5‌
United
Kingdom
Retail
Prices
Index
Pay
3.31%
Annual
Annual
N/A
01/15/2040
1,700‌
(51‌)
(6‌)
(57‌)
United
Kingdom
Retail
Prices
Index
Pay
3.49%
Annual
Annual
N/A
03/15/2029
2,600‌
87‌
4‌
91‌
United
Kingdom
Retail
Prices
Index
Receive
3.43%
Annual
Annual
N/A
01/15/2031
815‌
29‌
—‌
29‌
United
Kingdom
Retail
Prices
Index
Receive
3.42%
Annual
Annual
N/A
01/15/2031
800‌
29‌
—‌
29‌
United
Kingdom
Retail
Prices
Index
Pay
3.27%
Annual
Annual
N/A
10/15/2044
2,725‌
(42‌)
2‌
(40‌)
United
Kingdom
Retail
Prices
Index
Receive
3.53%
Annual
Annual
N/A
10/15/2025
2,890‌
(8‌)
(1‌)
(9‌)
United
Kingdom
Retail
Prices
Index
Pay
3.57%
Annual
Annual
N/A
10/15/2030
2,890‌
(17‌)
6‌
(11‌)
United
Kingdom
Retail
Prices
Index
Pay
3.36%
Annual
Annual
N/A
10/15/2039
3,555‌
23‌
(11‌)
12‌
United
Kingdom
Retail
Prices
Index
Receive
3.42%
Annual
Annual
N/A
10/15/2034
3,555‌
(90‌)
11‌
(79‌)
United
Kingdom
Retail
Prices
Index
Receive
3.36%
Annual
Annual
N/A
01/15/2035
1,700‌
13‌
3‌
16‌
United
Kingdom
Retail
Prices
Index
Pay
3.22%
Annual
Annual
N/A
01/15/2045
1,300‌
(72‌)
(5‌)
(77‌)
United
Kingdom
Retail
Prices
Index
Receive
3.11%
Annual
Annual
N/A
01/15/2050
1,300‌
134‌
8‌
142‌
United
Kingdom
Retail
Prices
Index
Pay
3.33%
Annual
Annual
N/A
11/15/2040
690‌
(45‌)
1‌
(44‌)
United
Kingdom
Retail
Prices
Index
Pay
3.45%
Annual
Annual
N/A
02/15/2030
530‌
2‌
—‌
2‌
United
Kingdom
Retail
Prices
Index
Receive
3.38%
Annual
Annual
N/A
12/15/2030
965‌
34‌
—‌
34‌
United
Kingdom
Retail
Prices
Index
Receive
3.16%
Annual
Annual
N/A
10/15/2049
2,725‌
173‌
(21‌)
152‌
United
Kingdom
Retail
Prices
Index
Receive
3.39%
Annual
Annual
N/A
01/15/2035
1,700‌
(1‌)
2‌
1‌
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
0.56%
Annual
Annual
N/A
10/21/2030
$
120‌
(8‌)
—‌
(8‌)
Total
$
2,644‌
$
(39‌)
$
2,605‌
Amounts
in
thousands.
(a)    
Forward
swap.
Total
Return
Swaps
Counterparty
Reference
Entity
Contracts
Pay/Receive
Positive
Return
Financing
Rate
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
----
Liability
Bank
of
America
NA
BofA
Merrill
Lynch
Commodity
MLBXCS3T
Total
Return
Strategy
(a)
261,424
Receive
0.31%
Annual
03/08/2021
$
26,283‌
$
—‌
$
—‌
$
(1‌)
M3
Capital
Partners
Bloomberg
Commodity
Index
Total
Return
(a)
711,505
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.09%
Monthly
03/03/2021
122,251‌
—‌
7,280‌
—‌
M3
Capital
Partners
Macquarie
Commodity
Product
251E
(a)
193,342
Receive
0.32%
Annual
03/08/2021
18,406‌
—‌
—‌
—‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
106
Total
Return
Swaps
(continued)
Counterparty
Reference
Entity
Contracts
Pay/Receive
Positive
Return
Financing
Rate
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
----
Liability
Merrill
Lynch
Bloomberg
Commodity
Index
Total
Return
(a)
551,683
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.11%
Annual
03/03/2021
$
94,790‌
$
—‌
$
5,643‌
$
—‌
Societe
Generale
Bloomberg
Commodity
Index
Total
Return
(a)
346,721
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.11%
Monthly
03/03/2021
59,574‌
—‌
3,546‌
—‌
Societe
Generale
Societe
Generale
Commodities
Custom
Alpha
(a)
331,220
Receive
0.35%
Annual
03/08/2021
26,824‌
—‌
—‌
(1‌)
Total
$
—‌
$
16,469‌
$
(2‌)
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Schedule
of
Investments
Edge
MidCap
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
107
INVESTMENT
COMPANIES
-
2
.16
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.16
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
20,851,025‌
$
20,851‌
TOTAL
INVESTMENT
COMPANIES
$
20,851‌
COMMON
STOCKS
-
97
.78
%
Shares
Held
Value
(000's)
Advertising
-
1
.92
%
Interpublic
Group
of
Cos
Inc/The
707,968‌
$
18,492‌
Automobile
Parts
&
Equipment
-
1
.00
%
Autoliv
Inc
(b)
107,691‌
9,692‌
Banks
-
3
.20
%
Bank
OZK
327,599‌
13,504‌
Cullen/Frost
Bankers
Inc
166,409‌
17,373‌
$
30,877‌
Building
Materials
-
1
.65
%
Lennox
International
Inc
56,907‌
15,921‌
Chemicals
-
2
.24
%
FMC
Corp
212,950‌
21,655‌
Commercial
Services
-
2
.02
%
Morningstar
Inc
86,741‌
19,452‌
Computers
-
1
.26
%
Amdocs
Ltd
160,870‌
12,196‌
Consumer
Products
-
3
.17
%
Avery
Dennison
Corp
174,441‌
30,564‌
Diversified
Financial
Services
-
1
.79
%
PROG
Holdings
Inc
345,660‌
17,283‌
Electric
-
2
.33
%
Alliant
Energy
Corp
485,560‌
22,414‌
Electrical
Components
&
Equipment
-
5
.52
%
Energizer
Holdings
Inc
492,474‌
20,585‌
Littelfuse
Inc
126,013‌
32,791‌
$
53,376‌
Electronics
-
1
.71
%
Arrow
Electronics
Inc
(b)
164,711‌
16,514‌
Environmental
Control
-
1
.75
%
Waste
Connections
Inc
172,385‌
16,840‌
Gas
-
0
.65
%
ONE
Gas
Inc
93,940‌
6,291‌
Hand
&
Machine
Tools
-
5
.66
%
Lincoln
Electric
Holdings
Inc
277,415‌
32,765‌
Snap-on
Inc
107,130‌
21,759‌
$
54,524‌
Healthcare
-
Products
-
7
.86
%
Bio-Techne
Corp
7,417‌
2,683‌
STERIS
PLC
156,885‌
27,423‌
Teleflex
Inc
84,051‌
33,462‌
Varian
Medical
Systems
Inc
(b)
70,117‌
12,289‌
$
75,857‌
Healthcare
-
Services
-
2
.98
%
Universal
Health
Services
Inc
229,239‌
28,731‌
Insurance
-
4
.26
%
Fidelity
National
Financial
Inc
608,728‌
23,301‌
Markel
Corp
(b)
16,269‌
17,714‌
$
41,015‌
Internet
-
1
.63
%
Rightmove
PLC
1,998,372‌
15,761‌
Leisure
Products
&
Services
-
6
.58
%
Brunswick
Corp/DE
242,620‌
21,440‌
YETI
Holdings
Inc
(b)
611,838‌
42,077‌
$
63,517‌
Machinery
-
Diversified
-
2
.28
%
Nordson
Corp
114,276‌
21,988‌
Media
-
1
.00
%
Cable
One
Inc
5,019‌
9,611‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
3
.92
%
Cimarex
Energy
Co
372,342‌
$
21,592‌
Helmerich
&
Payne
Inc
316,078‌
9,081‌
HollyFrontier
Corp
188,282‌
7,132‌
$
37,805‌
REITs
-
6
.87
%
Alexandria
Real
Estate
Equities
Inc
148,614‌
23,732‌
CyrusOne
Inc
393,337‌
25,815‌
STORE
Capital
Corp
290,513‌
9,715‌
Terreno
Realty
Corp
124,426‌
6,973‌
$
66,235‌
Retail
-
1
.92
%
Tractor
Supply
Co
116,345‌
18,494‌
Savings
&
Loans
-
2
.60
%
Washington
Federal
Inc
831,275‌
25,121‌
Semiconductors
-
4
.56
%
Teradyne
Inc
342,019‌
43,987‌
Software
-
9
.61
%
Black
Knight
Inc
(b)
440,154‌
33,756‌
Fair
Isaac
Corp
(b)
86,632‌
39,638‌
Tyler
Technologies
Inc
(b)
41,544‌
19,252‌
$
92,646‌
Toys,
Games
&
Hobbies
-
1
.22
%
Hasbro
Inc
125,082‌
11,721‌
Transportation
-
3
.58
%
Expeditors
International
of
Washington
Inc
376,836‌
34,610‌
Water
-
1
.04
%
Essential
Utilities
Inc
238,668‌
10,038‌
TOTAL
COMMON
STOCKS
$
943,228‌
Total
Investments
$
964,079‌
Other
Assets
and
Liabilities
-  0.06%
549‌
TOTAL
NET
ASSETS
-
100.00%
$
964,628‌
(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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Industrial
22
.15‌
%
Financial
18
.72‌
%
Consumer,
Non-cyclical
16
.03‌
%
Technology
15
.43‌
%
Consumer,
Cyclical
10
.72‌
%
Communications
4
.55‌
%
Utilities
4
.02‌
%
Energy
3
.92‌
%
Basic
Materials
2
.24‌
%
Money
Market
Funds
2
.16‌
%
Other
Assets
and
Liabilities
0
.06‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Edge
MidCap
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
108
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
26,003‌
$
72,564‌
$
77,716‌
$
20,851‌
$
26,003‌
$
72,564‌
$
77,716‌
$
20,851‌
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
109
INVESTMENT
COMPANIES
-
21.52%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.01%
iShares
Russell
2000
Value
ETF
248‌
$
37‌
Money
Market
Funds
-
21.51%
First
American
Government
Obligations
Fund
-
Institutional
Class
0.03%
(a)
1,605,539‌
1,606‌
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
0.03%
(a),(b),(c)
7,498
,
945‌
7,499‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(d),(e)
107,191,222‌
107,191‌
$
116,296‌
TOTAL
INVESTMENT
COMPANIES
$
116,333‌
COMMON
STOCKS
-
40.80%
Shares
Held
Value
(000's)
Advertising
-
0.10%
Clear
Channel
Outdoor
Holdings
Inc
(e)
43,695‌
$
75‌
Interpublic
Group
of
Cos
Inc/The
(c)
8,030‌
210‌
Omnicom
Group
Inc
(c)
275‌
19‌
Quotient
Technology
Inc
(e)
7,324‌
98‌
WPP
PLC
11,815‌
141‌
$
543‌
Aerospace
&
Defense
-
0.72%
Airbus
SE
(e)
339‌
39‌
CAE
Inc
5,400‌
143‌
General
Dynamics
Corp
1,144‌
187‌
HEICO
Corp
-
Class
A
(c)
954‌
110‌
Howmet
Aerospace
Inc
(c),(e)
36,781‌
1,034‌
L3Harris
Technologies
Inc
(c)
214‌
39‌
Lockheed
Martin
Corp
(c)
2,011‌
664‌
MTU
Aero
Engines
AG
402‌
96‌
Northrop
Grumman
Corp
(c)
1,335‌
389‌
Raytheon
Technologies
Corp
1,334‌
96‌
Thales
SA
1,304‌
124‌
TransDigm
Group
Inc
(c),(e)
1,704‌
983‌
$
3,904‌
Agriculture
-
0.26%
Altria
Group
Inc
(c)
5,216‌
227‌
Archer-Daniels-Midland
Co
(c)
1,839‌
104‌
Philip
Morris
International
Inc
(c)
9,353‌
786‌
Swedish
Match
AB
3,889‌
279‌
$
1,396‌
Airlines
-
0.02%
Delta
Air
Lines
Inc
(e)
2,399‌
115‌
Apparel
-
0.44%
Carter's
Inc
984‌
82‌
Dr.
Martens
Plc
(e)
6,869‌
47‌
Gildan
Activewear
Inc
2,000‌
61‌
Hanesbrands
Inc
(c)
6,605‌
117‌
Kontoor
Brands
Inc
1,626‌
69‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
352‌
223‌
NIKE
Inc
(c)
3,388‌
457‌
PVH
Corp
(c)
10,777‌
1,077‌
Steven
Madden
Ltd
2,765‌
102‌
Tapestry
Inc
(c)
1,075‌
45‌
VF
Corp
619‌
49‌
Wolverine
World
Wide
Inc
2,047‌
72‌
$
2,401‌
Automobile
Manufacturers
-
0.34%
Cummins
Inc
(c)
2,191‌
554‌
Ferrari
NV
1,758‌
342‌
Ford
Motor
Co
(e)
27,629‌
323‌
General
Motors
Co
(c)
2,181‌
112‌
PACCAR
Inc
2,108‌
192‌
REV
Group
Inc
6,025‌
75‌
Tesla
Inc
(c),(e)
349‌
236‌
$
1,834‌
Automobile
Parts
&
Equipment
-
0.19%
Aptiv
PLC
(e)
699‌
105‌
Autoliv
Inc
(e)
1,697‌
153‌
Continental
AG
469‌
68‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
Dana
Inc
3,881‌
$
92‌
Faurecia
SE
(e)
1,495‌
77‌
Gentherm
Inc
(e)
1,332‌
94‌
Magna
International
Inc
2,900‌
244‌
NGK
Insulators
Ltd
3,200‌
57‌
Rheinmetall
AG
1,249‌
125‌
$
1,015‌
Banks
-
1.86%
Allegiance
Bancshares
Inc
1,157‌
44‌
Atlantic
Union
Bankshares
Corp
843‌
31‌
Bank
of
America
Corp
(c)
10,935‌
379‌
Bank
of
Montreal
800‌
65‌
Bank
of
New
York
Mellon
Corp/The
1,978‌
83‌
Bank
OZK
2,659‌
110‌
Cadence
BanCorp
3,737‌
77‌
Citigroup
Inc
2,053‌
135‌
Citizens
Financial
Group
Inc
5,151‌
224‌
Concordia
Financial
Group
Ltd
46,700‌
181‌
DBS
Group
Holdings
Ltd
15,700‌
311‌
Erste
Group
Bank
AG
(e)
3,640‌
120‌
Fifth
Third
Bancorp
(c)
23,444‌
813‌
FinecoBank
Banca
Fineco
SpA
(e)
6,120‌
107‌
First
Citizens
BancShares
Inc/NC
175‌
129‌
First
Hawaiian
Inc
2,156‌
60‌
First
Interstate
BancSystem
Inc
1,274‌
58‌
First
Midwest
Bancorp
Inc/IL
2,436‌
48‌
First
Republic
Bank/CA
(c)
2,105‌
347‌
FNB
Corp/PA
5,176‌
61‌
Goldman
Sachs
Group
Inc/The
(c)
2,163‌
691‌
Great
Western
Bancorp
Inc
2,934‌
79‌
Home
BancShares
Inc/AR
3,074‌
75‌
HSBC
Holdings
PLC
40,081‌
240‌
Huntington
Bancshares
Inc/OH
(c)
7,698‌
118‌
ING
Groep
NV
19,651‌
216‌
Intesa
Sanpaolo
SpA
37,486‌
96‌
JPMorgan
Chase
&
Co
(c)
6,372‌
939‌
M&T
Bank
Corp
(c)
4,058‌
612‌
Morgan
Stanley
(c)
17,785‌
1,368‌
National
Bank
of
Canada
1,800‌
113‌
Natixis
SA
(e)
8,213‌
40‌
PNC
Financial
Services
Group
Inc/The
120‌
20‌
Raiffeisen
Bank
International
AG
8,647‌
175‌
Regions
Financial
Corp
8,465‌
175‌
Sandy
Spring
Bancorp
Inc
1,835‌
69‌
Shinsei
Bank
Ltd
10,700‌
153‌
Shizuoka
Bank
Ltd/The
7,500‌
55‌
Standard
Chartered
PLC
13,331‌
86‌
Sumitomo
Mitsui
Trust
Holdings
Inc
8,600‌
284‌
SVB
Financial
Group
(c),(e)
165‌
83‌
Swedbank
AB
2,738‌
48‌
Truist
Financial
Corp
507‌
29‌
UBS
Group
AG
11,467‌
178‌
Umpqua
Holdings
Corp
3,357‌
57‌
United
Community
Banks
Inc/GA
1,757‌
58‌
Veritex
Holdings
Inc
1,809‌
53‌
Wells
Fargo
&
Co
(c)
9,087‌
329‌
Western
Alliance
Bancorp
949‌
87‌
Westpac
Banking
Corp
3,947‌
72‌
Zions
Bancorp
NA
1,626‌
86‌
$
10,067‌
Beverages
-
0.37%
Anheuser-Busch
InBev
SA/NV
1,123‌
65‌
Boston
Beer
Co
Inc/The
(e)
55‌
57‌
Coca-Cola
Co/The
(c)
11,065‌
542‌
Constellation
Brands
Inc
(c)
1,767‌
378‌
Diageo
PLC
7,009‌
276‌
Keurig
Dr
Pepper
Inc
2,771‌
84‌
Molson
Coors
Beverage
Co
(c)
1,352‌
60‌
Monster
Beverage
Corp
(c),(e)
2,212‌
194‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
110
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
(continued)
PepsiCo
Inc
(c)
2,718‌
$
351‌
$
2,007‌
Biotechnology
-
0.61%
Abcam
PLC
7,762‌
184‌
Acceleron
Pharma
Inc
(e)
164‌
22‌
Alexion
Pharmaceuticals
Inc
(c),(e)
1,849‌
282‌
Allakos
Inc
(e)
241‌
29‌
ALX
Oncology
Holdings
Inc
(e)
359‌
29‌
Amgen
Inc
(c)
859‌
193‌
Amicus
Therapeutics
Inc
(e)
1,375‌
17‌
Apellis
Pharmaceuticals
Inc
(e)
1,503‌
72‌
Arena
Pharmaceuticals
Inc
(e)
1,013‌
81‌
Ascendis
Pharma
A/S
ADR
(e)
236‌
37‌
Biogen
Inc
(c),(e)
555‌
152‌
Celldex
Therapeutics
Inc
(e)
1,900‌
51‌
ChemoCentryx
Inc
(e)
333‌
23‌
Corteva
Inc
2,254‌
102‌
Dicerna
Pharmaceuticals
Inc
(e)
1,712‌
46‌
Emergent
BioSolutions
Inc
(e)
524‌
50‌
Exact
Sciences
Corp
(e)
536‌
73‌
Genmab
A/S
(e)
269‌
90‌
Gilead
Sciences
Inc
(c)
7,516‌
461‌
Global
Blood
Therapeutics
Inc
(e)
655‌
28‌
Illumina
Inc
(c),(e)
934‌
410‌
Incyte
Corp
(c),(e)
191‌
15‌
Ionis
Pharmaceuticals
Inc
(c),(e)
1,362‌
71‌
Kodiak
Sciences
Inc
(e)
392‌
51‌
Mirati
Therapeutics
Inc
(e)
232‌
47‌
Moderna
Inc
(e)
307‌
48‌
NeoGenomics
Inc
(e)
919‌
47‌
Novavax
Inc
(e)
117‌
27‌
PTC
Therapeutics
Inc
(e)
436‌
25‌
Regeneron
Pharmaceuticals
Inc
(c),(e)
179‌
81‌
REVOLUTION
Medicines
Inc
(e)
468‌
21‌
Rocket
Pharmaceuticals
Inc
(e)
338‌
19‌
Sage
Therapeutics
Inc
(e)
452‌
38‌
Seagen
Inc
(e)
859‌
130‌
TCR2
Therapeutics
Inc
(e)
1,408‌
37‌
TG
Therapeutics
Inc
(e)
790‌
35‌
Turning
Point
Therapeutics
Inc
(e)
282‌
33‌
Vertex
Pharmaceuticals
Inc
(e)
584‌
125‌
Y-mAbs
Therapeutics
Inc
(e)
746‌
26‌
$
3,308‌
Building
Materials
-
0.88%
Boise
Cascade
Co
1,737‌
87‌
Builders
FirstSource
Inc
(e)
1,529‌
66‌
Carrier
Global
Corp
(c)
11,493‌
420‌
Cemex
SAB
de
CV
ADR
(e)
25,440‌
168‌
Cie
de
Saint-Gobain
3,864‌
208‌
CRH
PLC
631‌
27‌
CRH
PLC
1,979‌
86‌
Daikin
Industries
Ltd
1,700‌
331‌
Fortune
Brands
Home
&
Security
Inc
(c)
4,686‌
390‌
Geberit
AG
522‌
308‌
JELD-WEN
Holding
Inc
(e)
3,215‌
95‌
Johnson
Controls
International
plc
(c)
8,541‌
476‌
Lennox
International
Inc
767‌
215‌
Lixil
Corp
3,100‌
87‌
Marshalls
PLC
(e)
10,942‌
104‌
Martin
Marietta
Materials
Inc
(c)
1,375‌
464‌
Masco
Corp
(c)
747‌
40‌
Nibe
Industrier
AB
973‌
30‌
PGT
Innovations
Inc
(e)
3,272‌
77‌
Rinnai
Corp
2,100‌
213‌
ROCKWOOL
International
A/S
156‌
56‌
Sanwa
Holdings
Corp
3,200‌
40‌
TOTO
Ltd
5,900‌
358‌
Vulcan
Materials
Co
(c)
1,747‌
292‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
Wienerberger
AG
3,450‌
$
115‌
$
4,753‌
Chemicals
-
1.58%
Akzo
Nobel
NV
515‌
53‌
Asahi
Kasei
Corp
6,900‌
75‌
BASF
SE
3,622‌
296‌
Borregaard
ASA
4,000‌
75‌
Brenntag
SE
1,398‌
108‌
Celanese
Corp
(c)
5,489‌
763‌
CF
Industries
Holdings
Inc
(c)
4,475‌
203‌
Codexis
Inc
(e)
3,729‌
82‌
Dow
Inc
(c)
3,573‌
212‌
DuPont
de
Nemours
Inc
(c)
13,516‌
950‌
Eastman
Chemical
Co
(c)
2,146‌
234‌
Ecolab
Inc
801‌
168‌
FMC
Corp
(c)
2,004‌
204‌
Hexion
Holdings
Corp
(e)
22,049‌
342‌
IMCD
NV
536‌
66‌
International
Flavors
&
Fragrances
Inc
9,286‌
1,258‌
Kansai
Paint
Co
Ltd
4,200‌
110‌
Linde
PLC
(c)
1,584‌
387‌
LyondellBasell
Industries
NV
(c)
5,323‌
549‌
Minerals
Technologies
Inc
932‌
66‌
Mosaic
Co/The
(c)
5,688‌
167‌
Nippon
Paint
Holdings
Co
Ltd
600‌
45‌
Nippon
Sanso
Holdings
Corp
2,800‌
53‌
Nissan
Chemical
Corp
3,600‌
197‌
Nitto
Denko
Corp
300‌
26‌
Novozymes
A/S
3,518‌
217‌
Nutrien
Ltd
467‌
25‌
PPG
Industries
Inc
(c)
5,343‌
720‌
Sherwin-Williams
Co/The
(c)
682‌
465‌
Shin-Etsu
Chemical
Co
Ltd
1,600‌
262‌
Toray
Industries
Inc
15,000‌
99‌
Victrex
PLC
2,508‌
74‌
$
8,551‌
Commercial
Services
-
2.15%
2U
Inc
(e)
1,243‌
49‌
Adtalem
Global
Education
Inc
(e)
1,887‌
74‌
Adyen
NV
(e),(f)
256‌
597‌
AMERCO
345‌
198‌
AMN
Healthcare
Services
Inc
(e)
885‌
64‌
Automatic
Data
Processing
Inc
(c)
589‌
102‌
BrightView
Holdings
Inc
(e)
3,752‌
60‌
Bureau
Veritas
SA
19,941‌
540‌
Carriage
Services
Inc
1,776‌
59‌
Chegg
Inc
(e)
1,841‌
178‌
Cintas
Corp
(c)
2,719‌
882‌
CoreCivic
Inc
4,630‌
33‌
CoStar
Group
Inc
(e)
150‌
124‌
Deluxe
Corp
2,107‌
83‌
Elis
SA
(e)
5,522‌
95‌
Experian
PLC
957‌
30‌
FleetCor
Technologies
Inc
(e)
255‌
71‌
Gartner
Inc
(c),(e)
2,201‌
394‌
H&R
Block
Inc
3,293‌
63‌
Hypoport
SE
(e)
102‌
72‌
ICF
International
Inc
860‌
72‌
IHS
Markit
Ltd
(c)
306‌
28‌
Kforce
Inc
1,265‌
65‌
LiveRamp
Holdings
Inc
(e)
414‌
26‌
Loomis
AB
5,512‌
144‌
Medifast
Inc
295‌
75‌
Moody's
Corp
284‌
78‌
Multiplan
Corp
(e)
13,377‌
95‌
Nielsen
Holdings
PLC
(c)
2,791‌
63‌
PayPal
Holdings
Inc
(c),(e)
1,541‌
400‌
Persol
Holdings
Co
Ltd
14,500‌
290‌
QinetiQ
Group
PLC
19,376‌
81‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
111
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Quanta
Services
Inc
(c)
13,047‌
$
1,094‌
Randstad
NV
2,142‌
143‌
Recruit
Holdings
Co
Ltd
7,400‌
370‌
Repay
Holdings
Corp
(e)
2,399‌
52‌
Robert
Half
International
Inc
(c)
723‌
56‌
S&P
Global
Inc
(c)
1,433‌
472‌
Shift4
Payments
Inc
(e)
14,103‌
1,079‌
Square
Inc
(e)
582‌
134‌
TransUnion
(c)
22,617‌
1,905‌
TriNet
Group
Inc
(e)
716‌
57‌
United
Rentals
Inc
(c),(e)
3,547‌
1,055‌
Verisk
Analytics
Inc
(c)
152‌
25‌
$
11,627‌
Computers
-
1.30%
Accenture
PLC
-
Class
A
(c)
1,922‌
483‌
Amdocs
Ltd
479‌
36‌
Apple
Inc
(c)
26,446‌
3,206‌
CGI
Inc
(e)
1,300‌
97‌
Cognizant
Technology
Solutions
Corp
(c)
2,807‌
207‌
Dell
Technologies
Inc
(e)
1,253‌
102‌
Fortinet
Inc
(c),(e)
2,414‌
408‌
Genpact
Ltd
1,101‌
44‌
HP
Inc
(c)
16,895‌
490‌
International
Business
Machines
Corp
(c)
1,696‌
202‌
Leidos
Holdings
Inc
1,624‌
144‌
Logitech
International
SA
3,043‌
323‌
Lumentum
Holdings
Inc
(e)
1,310‌
118‌
NetApp
Inc
(c)
5,503‌
344‌
Nomura
Research
Institute
Ltd
3,200‌
99‌
NTT
Data
Corp
900‌
14‌
PAR
Technology
Corp
(e)
1,018‌
88‌
Perspecta
Inc
2,264‌
66‌
Rapid7
Inc
(e)
793‌
60‌
SCSK
Corp
1,200‌
71‌
Seagate
Technology
PLC
(c)
2,156‌
158‌
Softcat
PLC
3,647‌
74‌
Telos
Corp
(e)
1,070‌
36‌
Varonis
Systems
Inc
(e)
783‌
144‌
$
7,014‌
Consumer
Products
-
0.12%
Church
&
Dwight
Co
Inc
(c)
966‌
76‌
Clorox
Co/The
(c)
1,345‌
243‌
Kimberly-Clark
Corp
(c)
2,458‌
316‌
$
635‌
Cosmetics
&
Personal
Care
-
0.37%
Colgate-Palmolive
Co
(c)
9,231‌
694‌
Edgewell
Personal
Care
Co
1,705‌
52‌
Estee
Lauder
Cos
Inc/The
(c)
669‌
191‌
Procter
&
Gamble
Co/The
(c)
8,382‌
1,036‌
$
1,973‌
Distribution
&
Wholesale
-
0.35%
Bunzl
PLC
2,493‌
78‌
Copart
Inc
(e)
2,153‌
235‌
Fastenal
Co
2,404‌
111‌
LKQ
Corp
(c),(e)
20,428‌
805‌
MARR
SpA
(e)
3,387‌
77‌
Pool
Corp
1,024‌
343‌
Toyota
Tsusho
Corp
2,700‌
114‌
WW
Grainger
Inc
(c)
299‌
111‌
$
1,874‌
Diversified
Financial
Services
-
2.07%
4L
Technologies
(e),(g),(h)
24,306‌
12‌
Ally
Financial
Inc
5,394‌
224‌
American
Express
Co
2,551‌
345‌
Artisan
Partners
Asset
Management
Inc
561‌
27‌
Banca
Generali
SpA
(e)
2,973‌
101‌
BlackRock
Inc
(c)
716‌
497‌
Capital
One
Financial
Corp
1,650‌
198‌
Cboe
Global
Markets
Inc
(c)
3,534‌
350‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Charles
Schwab
Corp/The
6,540‌
$
403‌
CI
Financial
Corp
19,900‌
279‌
CME
Group
Inc
5,023‌
1,003‌
Credit
Acceptance
Corp
(e)
471‌
171‌
Discover
Financial
Services
(c)
8,316‌
782‌
ECN
Capital
Corp
16,476‌
103‌
Element
Comm
Aviation
(e),(g),(h),(i)
280‌
294‌
Euronext
NV
(f)
865‌
93‌
Federal
Agricultural
Mortgage
Corp
702‌
61‌
Franklin
Resources
Inc
(c)
722‌
19‌
Greenhill
&
Co
Inc
4,000‌
60‌
Hamilton
Lane
Inc
751‌
67‌
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
539‌
30‌
Hargreaves
Lansdown
PLC
4,754‌
101‌
Intercontinental
Exchange
Inc
(c)
1,935‌
214‌
Invesco
Ltd
(c)
47,035‌
1,055‌
LPL
Financial
Holdings
Inc
12,091‌
1,590‌
Mastercard
Inc
(c)
1,068‌
378‌
Moelis
&
Co
1,609‌
83‌
Nasdaq
Inc
(c)
2,013‌
278‌
Navient
Corp
6,046‌
75‌
PRA
Group
Inc
(e)
3,759‌
139‌
Raymond
James
Financial
Inc
1,035‌
121‌
Sanne
Group
PLC
5,352‌
44‌
SEI
Investments
Co
(c)
1,435‌
80‌
Singapore
Exchange
Ltd
28,500‌
212‌
Synchrony
Financial
(c)
12,758‌
493‌
T
Rowe
Price
Group
Inc
(c)
769‌
125‌
Tradeweb
Markets
Inc
1,259‌
92‌
Visa
Inc
(c)
2,634‌
560‌
VZ
Holding
AG
953‌
80‌
Western
Union
Co/The
(c)
15,152‌
352‌
$
11,191‌
Electric
-
0.43%
Avangrid
Inc
620‌
28‌
Consolidated
Edison
Inc
440‌
29‌
Dominion
Energy
Inc
(c)
2,098‌
143‌
Duke
Energy
Corp
(c)
1,449‌
124‌
Endesa
SA
14,372‌
355‌
Enel
SpA
10,841‌
102‌
Exelon
Corp
(c)
3,449‌
133‌
Iberdrola
SA
3,845‌
48‌
NRG
Energy
Inc
(c)
17,620‌
643‌
Pinnacle
West
Capital
Corp
2,811‌
197‌
Portland
General
Electric
Co
1,487‌
63‌
Power
Assets
Holdings
Ltd
8,000‌
45‌
Red
Electrica
Corp
SA
1,632‌
27‌
Southern
Co/The
(c)
222‌
13‌
Terna
Rete
Elettrica
Nazionale
SpA
40,737‌
283‌
Vistra
Corp
(c)
5,395‌
93‌
$
2,326‌
Electrical
Components
&
Equipment
-
0.41%
AMETEK
Inc
(c)
5,672‌
669‌
Casio
Computer
Co
Ltd
11,000‌
213‌
Emerson
Electric
Co
(c)
2,847‌
244‌
Energizer
Holdings
Inc
1,087‌
45‌
EnerSys
1,434‌
130‌
Insteel
Industries
Inc
2,565‌
79‌
Legrand
SA
4,795‌
417‌
Novanta
Inc
(e)
511‌
68‌
Schneider
Electric
SE
1,884‌
279‌
Signify
NV
(f)
1,677‌
73‌
$
2,217‌
Electronics
-
0.86%
Allegion
plc
(c)
2,969‌
323‌
DiscoverIE
Group
PLC
10,153‌
95‌
Electrocomponents
PLC
8,978‌
122‌
FARO
Technologies
Inc
(e)
882‌
82‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
112
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
(continued)
FLIR
Systems
Inc
(c)
325‌
$
17‌
Fortive
Corp
(c)
3,866‌
254‌
Garmin
Ltd
(c)
1,009‌
125‌
GoPro
Inc
(e)
8,601‌
65‌
Halma
PLC
2,923‌
92‌
Hirose
Electric
Co
Ltd
800‌
117‌
Honeywell
International
Inc
(c)
4,367‌
884‌
Hoya
Corp
1,000‌
114‌
II-VI
Inc
(e)
1,243‌
105‌
Knowles
Corp
(e)
3,577‌
74‌
LEM
Holding
SA
46‌
91‌
MINEBEA
MITSUMI
Inc
1,800‌
45‌
nVent
Electric
PLC
2,271‌
60‌
Roper
Technologies
Inc
(c)
91‌
34‌
Shimadzu
Corp
8,200‌
298‌
TE
Connectivity
Ltd
(c)
6,060‌
788‌
Trimble
Inc
(c),(e)
1,591‌
118‌
Vontier
Corp
(c),(e)
10,830‌
340‌
Waters
Corp
(c),(e)
1,469‌
402‌
$
4,645‌
Energy
-
Alternate
Sources
-
0.09%
Maxeon
Solar
Technologies
Ltd
(e)
534‌
18‌
NextEra
Energy
Partners
LP
5,339‌
388‌
SolarEdge
Technologies
Inc
(e)
261‌
78‌
$
484‌
Engineering
&
Construction
-
0.01%
Badger
Daylighting
Ltd
2,202‌
70‌
Entertainment
-
0.12%
Aristocrat
Leisure
Ltd
3,957‌
92‌
Cie
des
Alpes
1,704‌
44‌
CTS
Eventim
AG
&
Co
KGaA
(e)
1,085‌
74‌
Deluxe
Entertainment
(e),(g),(h)
67,048‌
7‌
DraftKings
Inc
(e)
3,622‌
223‌
Penn
National
Gaming
Inc
(e)
1,653‌
191‌
$
631‌
Environmental
Control
-
0.22%
GVS
SpA
(e),(f)
2,918‌
59‌
Pentair
PLC
(c)
14,715‌
823‌
Republic
Services
Inc
(c)
3,234‌
288‌
$
1,170‌
Food
-
1.16%
a2
Milk
Co
Ltd/The
(e)
25,075‌
176‌
Associated
British
Foods
PLC
(e)
1,641‌
55‌
Calavo
Growers
Inc
742‌
56‌
Campbell
Soup
Co
(c)
4,820‌
219‌
Conagra
Brands
Inc
(c)
6,278‌
213‌
Cranswick
PLC
1,958‌
93‌
Empire
Co
Ltd
2,200‌
61‌
General
Mills
Inc
(c)
4,216‌
232‌
HelloFresh
SE
(e)
4,274‌
332‌
Hershey
Co/The
(c)
2,436‌
355‌
Hostess
Brands
Inc
(e)
8,494‌
122‌
J
M
Smucker
Co/The
(c)
2,363‌
265‌
Kellogg
Co
(c)
2,949‌
170‌
Koninklijke
Ahold
Delhaize
NV
7,770‌
205‌
Kraft
Heinz
Co/The
(c)
5,856‌
213‌
Kroger
Co/The
(c)
3,529‌
114‌
Lamb
Weston
Holdings
Inc
(c)
26,098‌
2,082‌
Mondelez
International
Inc
(c)
2,673‌
142‌
Seven
&
i
Holdings
Co
Ltd
6,700‌
255‌
Sysco
Corp
(c)
6,819‌
543‌
Tate
&
Lyle
PLC
6,943‌
71‌
Tyson
Foods
Inc
(c)
3,004‌
203‌
Viscofan
SA
1,235‌
87‌
$
6,264‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
Service
-
0.06%
Compass
Group
PLC
(e)
11,413‌
$
232‌
Elior
Group
SA
(f)
10,465‌
85‌
$
317‌
Forest
Products
&
Paper
-
0.11%
International
Paper
Co
(c)
2,239‌
111‌
Mondi
PLC
5,116‌
124‌
Schweitzer-Mauduit
International
Inc
1,373‌
64‌
Smurfit
Kappa
Group
PLC
4,207‌
198‌
UPM-Kymmene
Oyj
3,218‌
123‌
$
620‌
Gas
-
0.24%
AltaGas
Ltd
7,300‌
111‌
Enagas
SA
4,290‌
90‌
New
Jersey
Resources
Corp
2,023‌
79‌
NiSource
Inc
7,965‌
172‌
Osaka
Gas
Co
Ltd
15,500‌
277‌
Tokyo
Gas
Co
Ltd
13,500‌
279‌
UGI
Corp
(c)
6,966‌
267‌
Western
Midstream
Partners
LP
1,852‌
31‌
$
1,306‌
Hand
&
Machine
Tools
-
0.30%
Kennametal
Inc
3,446‌
129‌
Makita
Corp
4,300‌
184‌
Schindler
Holding
AG
-
PC
1,426‌
389‌
Snap-on
Inc
(c)
4,558‌
926‌
$
1,628‌
Healthcare
-
Products
-
1.30%
Abbott
Laboratories
(c)
3,973‌
476‌
ABIOMED
Inc
(e)
326‌
106‌
Align
Technology
Inc
(c),(e)
498‌
283‌
Avanos
Medical
Inc
(e)
1,503‌
69‌
Avantor
Inc
(e)
3,315‌
92‌
Baxter
International
Inc
(c)
4,620‌
359‌
Boston
Scientific
Corp
(e)
1,485‌
58‌
Cellavision
AB
1,298‌
45‌
Coloplast
A/S
342‌
52‌
Danaher
Corp
(c)
2,221‌
488‌
DENTSPLY
SIRONA
Inc
(c)
4,660‌
247‌
DiaSorin
SpA
1,565‌
307‌
Envista
Holdings
Corp
(e)
1,538‌
59‌
Fisher
&
Paykel
Healthcare
Corp
Ltd
12,839‌
273‌
Globus
Medical
Inc
(e)
664‌
42‌
GN
Store
Nord
AS
760‌
64‌
Hill-Rom
Holdings
Inc
519‌
55‌
Hologic
Inc
(c),(e)
6,892‌
497‌
IDEXX
Laboratories
Inc
(c),(e)
328‌
171‌
Insulet
Corp
(e)
415‌
108‌
Integra
LifeSciences
Holdings
Corp
(e)
855‌
58‌
Intuitive
Surgical
Inc
(c),(e)
48‌
35‌
Koninklijke
Philips
NV
2,132‌
116‌
Medtronic
PLC
(c)
6,409‌
750‌
NuVasive
Inc
(e)
1,128‌
68‌
Omnicell
Inc
(e)
453‌
58‌
Orthofix
Medical
Inc
(e)
1,617‌
75‌
PerkinElmer
Inc
(c)
3,136‌
395‌
ResMed
Inc
(c)
865‌
167‌
Sartorius
Stedim
Biotech
360‌
157‌
Smith
&
Nephew
PLC
6,131‌
119‌
Sonova
Holding
AG
(e)
1,144‌
293‌
STERIS
PLC
(c)
142‌
25‌
Thermo
Fisher
Scientific
Inc
(c)
947‌
426‌
Varian
Medical
Systems
Inc
(c),(e)
2,228‌
390‌
West
Pharmaceutical
Services
Inc
(c)
183‌
51‌
$
7,034‌
Healthcare
-
Services
-
0.70%
Accolade
Inc
(e)
985‌
44‌
Anthem
Inc
563‌
170‌
Centene
Corp
(e)
2,396‌
140‌
DaVita
Inc
(c),(e)
1,417‌
145‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
113
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Eurofins
Scientific
SE
(e)
1,063‌
$
94‌
HCA
Healthcare
Inc
(c)
2,856‌
491‌
Humana
Inc
(c)
1,050‌
399‌
IQVIA
Holdings
Inc
(c),(e)
395‌
76‌
Laboratory
Corp
of
America
Holdings
(c),(e)
1,709‌
411‌
LHC
Group
Inc
(e)
244‌
44‌
Orpea
SA
(e)
613‌
74‌
Quest
Diagnostics
Inc
(c)
2,669‌
308‌
SI-BONE
Inc
(e)
2,416‌
76‌
UnitedHealth
Group
Inc
(c)
2,120‌
705‌
Universal
Health
Services
Inc
(c)
4,646‌
582‌
$
3,759‌
Holding
Companies
-
Diversified
-
0.03%
Jardine
Matheson
Holdings
Ltd
2,900‌
151‌
Soaring
Eagle
Acquisition
Corp
(e)
2,100‌
23‌
$
174‌
Home
Builders
-
0.38%
Cavco
Industries
Inc
(e)
367‌
77‌
Century
Communities
Inc
(e)
1,972‌
109‌
DR
Horton
Inc
365‌
28‌
Glenveagh
Properties
PLC
(e),(f)
95,808‌
96‌
Iida
Group
Holdings
Co
Ltd
5,800‌
132‌
Installed
Building
Products
Inc
665‌
73‌
Kaufman
&
Broad
SA
1,996‌
88‌
Lennar
Corp
-
A
Shares
(c)
1,205‌
100‌
NVR
Inc
(e)
69‌
311‌
Persimmon
PLC
4,085‌
148‌
PulteGroup
Inc
(c)
12,970‌
585‌
Skyline
Champion
Corp
(e)
2,117‌
94‌
Thor
Industries
Inc
1,662‌
194‌
$
2,035‌
Home
Furnishings
-
0.11%
Hoshizaki
Corp
3,100‌
274‌
Rational
AG
60‌
51‌
Whirlpool
Corp
(c)
1,405‌
267‌
$
592‌
Housewares
-
0.02%
Newell
Brands
Inc
(c)
3,981‌
92‌
Insurance
-
1.05%
Allstate
Corp/The
155‌
17‌
Aon
PLC
(c)
520‌
118‌
Arch
Capital
Group
Ltd
(c),(e)
3,423‌
123‌
Arthur
J
Gallagher
&
Co
(c)
344‌
41‌
Assurant
Inc
(c)
470‌
58‌
Athene
Holding
Ltd
(e)
1,313‌
60‌
AXA
SA
5,237‌
132‌
Beazley
PLC
(e)
12,155‌
59‌
Berkshire
Hathaway
Inc
-
Class
B
(c),(e)
2,990‌
719‌
Chubb
Ltd
2,235‌
363‌
Cincinnati
Financial
Corp
(c)
4,029‌
394‌
CNO
Financial
Group
Inc
2,078‌
50‌
Equitable
Holdings
Inc
1,247‌
37‌
Fidelity
National
Financial
Inc
(c)
7,666‌
293‌
Globe
Life
Inc
(c)
1,584‌
148‌
Lancashire
Holdings
Ltd
6,605‌
57‌
Markel
Corp
(e)
246‌
268‌
Marsh
&
McLennan
Cos
Inc
(c)
5,231‌
602‌
MetLife
Inc
(c)
9,671‌
557‌
MGIC
Investment
Corp
5,650‌
69‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
668‌
197‌
NMI
Holdings
Inc
(e)
2,930‌
67‌
ProAssurance
Corp
3,125‌
77‌
Progressive
Corp/The
(c)
3,918‌
337‌
Prudential
Financial
Inc
(c)
3,001‌
260‌
Radian
Group
Inc
3,098‌
63‌
Sampo
Oyj
2,696‌
120‌
Third
Point
Reinsurance
Ltd
(e)
5,778‌
59‌
Tokio
Marine
Holdings
Inc
1,300‌
65‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Travelers
Cos
Inc/The
331‌
$
48‌
Tryg
A/S
2,278‌
72‌
Unum
Group
885‌
23‌
Voya
Financial
Inc
725‌
44‌
White
Mountains
Insurance
Group
Ltd
82‌
98‌
$
5,695‌
Internet
-
3.83%
Airbnb
-
Class
A
(e),(i)
3,370‌
695‌
Alphabet
Inc
-
A
Shares
(c),(e)
1,418‌
2,868‌
Amazon.com
Inc
(c),(e)
990‌
3,062‌
Booking
Holdings
Inc
(e)
114‌
266‌
CDW
Corp/DE
(c)
291‌
46‌
eBay
Inc
(c)
6,918‌
390‌
Expedia
Group
Inc
(c)
13,523‌
2,177‌
F5
Networks
Inc
(c),(e)
2,383‌
453‌
Facebook
Inc
(c),(e)
5,505‌
1,418‌
GoDaddy
Inc
(c),(e)
4,968‌
402‌
IAC/InterActiveCorp
(c),(e)
233‌
57‌
JD.com
Inc
ADR
(e)
19,847‌
1,863‌
Kakaku.com
Inc
5,500‌
175‌
Match
Group
Inc
(e)
1,302‌
199‌
MonotaRO
Co
Ltd
1,300‌
75‌
Netflix
Inc
(c),(e)
690‌
371‌
NortonLifeLock
Inc
(c)
7,300‌
142‌
Perficient
Inc
(e)
1,160‌
65‌
Pinterest
Inc
(e)
18,444‌
1,486‌
Q2
Holdings
Inc
(e)
301‌
37‌
RealReal
Inc/The
(e)
2,099‌
54‌
Shopify
Inc
(e)
806‌
1,032‌
Snap
Inc
Class
A
(e)
3,122‌
205‌
Spotify
Technology
SA
(e)
598‌
184‌
Trend
Micro
Inc/Japan
3,100‌
150‌
Twitter
Inc
(c),(e)
14,454‌
1,114‌
Uber
Technologies
Inc
(e)
28,473‌
1,473‌
VeriSign
Inc
(c),(e)
241‌
47‌
Zillow
Group
Inc
-
C
Shares
(e)
537‌
87‌
ZOZO
Inc
4,400‌
138‌
$
20,731‌
Iron
&
Steel
-
0.06%
ArcelorMittal
SA
(e)
1,834‌
43‌
JFE
Holdings
Inc
5,700‌
60‌
Reliance
Steel
&
Aluminum
Co
537‌
71‌
voestalpine
AG
3,128‌
123‌
$
297‌
Leisure
Products
&
Services
-
0.23%
Jardine
Strategic
Holdings
Ltd
17,200‌
444‌
MIPS
AB
1,044‌
81‌
Planet
Fitness
Inc
(e)
599‌
52‌
Polaris
Inc
1,108‌
130‌
Shimano
Inc
1,200‌
268‌
Thule
Group
AB
(f)
1,669‌
70‌
Yamaha
Corp
1,200‌
67‌
Yamaha
Motor
Co
Ltd
4,100‌
90‌
YETI
Holdings
Inc
(e)
420‌
29‌
$
1,231‌
Lodging
-
0.13%
Choice
Hotels
International
Inc
1,871‌
196‌
Hilton
Worldwide
Holdings
Inc
(e)
122‌
15‌
Las
Vegas
Sands
Corp
623‌
39‌
Marriott
International
Inc/MD
(c),(e)
500‌
74‌
MGM
Resorts
International
(c)
10,046‌
380‌
$
704‌
Machinery
-
Construction
&
Mining
-
0.18%
Argan
Inc
1,014‌
51‌
Astec
Industries
Inc
1,319‌
90‌
Caterpillar
Inc
(c)
354‌
76‌
Mitsubishi
Heavy
Industries
Ltd
7,300‌
212‌
Sandvik
AB
19,669‌
528‌
$
957‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
114
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
-
0.74%
Applied
Industrial
Technologies
Inc
1,243‌
$
106‌
Curtiss-Wright
Corp
813‌
90‌
Deere
&
Co
(c)
485‌
170‌
Dover
Corp
(c)
2,638‌
325‌
FANUC
Corp
1,600‌
400‌
Flowserve
Corp
(c)
15,118‌
559‌
GEA
Group
AG
7,282‌
252‌
Hexagon
AB
712‌
59‌
Ichor
Holdings
Ltd
(e)
1,594‌
68‌
IDEX
Corp
1,099‌
214‌
Inficon
Holding
AG
54‌
59‌
Interpump
Group
SpA
1,757‌
81‌
Keyence
Corp
700‌
334‌
Kone
Oyj
2,446‌
195‌
Kornit
Digital
Ltd
(e)
260‌
29‌
Marel
HF
(f)
15,982‌
111‌
Middleby
Corp/The
(e)
1,160‌
170‌
Nabtesco
Corp
700‌
30‌
Otis
Worldwide
Corp
(c)
2,190‌
140‌
Rotork
PLC
20,982‌
105‌
SMC
Corp
300‌
178‌
Spirax-Sarco
Engineering
PLC
367‌
55‌
Stabilus
SA
1,237‌
93‌
Washtec
AG
(e)
1,129‌
67‌
Westinghouse
Air
Brake
Technologies
Corp
915‌
66‌
Yaskawa
Electric
Corp
900‌
45‌
$
4,001‌
Media
-
0.38%
Charter
Communications
Inc
(c),(e)
498‌
305‌
Comcast
Corp
-
Class
A
(c)
3,259‌
172‌
Discovery
Inc
-
C
Shares
(c),(e)
1,318‌
59‌
DISH
Network
Corp
(c),(e)
5,696‌
179‌
Fox
Corp
-
A
Shares
1,485‌
49‌
iHeartMedia
Inc
(e)
18,582‌
261‌
Liberty
Global
PLC
-
A
Shares
(e)
1,413‌
35‌
News
Corp
-
A
Shares
9,563‌
225‌
Nexstar
Media
Group
Inc
224‌
31‌
Sirius
XM
Holdings
Inc
(c)
59,077‌
347‌
TEGNA
Inc
3,844‌
70‌
ViacomCBS
Inc
-
Class
B
398‌
26‌
Walt
Disney
Co/The
(c),(e)
1,238‌
234‌
Wolters
Kluwer
NV
1,062‌
84‌
$
2,077‌
Metal
Fabrication
&
Hardware
-
0.05%
Tenaris
SA
16,689‌
175‌
Troax
Group
AB
2,768‌
80‌
$
255‌
Mining
-
0.68%
BHP
Group
Ltd
14,663‌
554‌
Boliden
AB
7,282‌
288‌
Compass
Minerals
International
Inc
764‌
48‌
Ecobat
Holdings,
Inc
-
Class
B
(e),(g),(h)
2,998‌
1,739‌
Freeport-McMoRan
Inc
(c),(e)
1,550‌
53‌
Kirkland
Lake
Gold
Ltd
6,000‌
196‌
Livent
Corp
(e)
4,685‌
87‌
Newmont
Corp
(c)
2,469‌
135‌
Norsk
Hydro
ASA
58,771‌
325‌
Rio
Tinto
PLC
2,696‌
234‌
$
3,659‌
Miscellaneous
Manufacturers
-
0.39%
3M
Co
(c)
1,268‌
222‌
Alfa
Laval
AB
2,212‌
68‌
Alstom
SA
(e)
4,051‌
202‌
Carlisle
Cos
Inc
281‌
41‌
Diploma
PLC
2,845‌
92‌
Eaton
Corp
PLC
1‌
—‌
Hexpol
AB
3,974‌
43‌
Illinois
Tool
Works
Inc
(c)
3,045‌
616‌
ITT
Inc
519‌
43‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
(continued)
Knorr-Bremse
AG
2,673‌
$
340‌
Lydall
Inc
(e)
2,511‌
88‌
Parker-Hannifin
Corp
104‌
30‌
Sturm
Ruger
&
Co
Inc
812‌
55‌
Trane
Technologies
PLC
(c)
1,895‌
290‌
$
2,130‌
Office
&
Business
Equipment
-
0.03%
Canon
Inc
7,100‌
154‌
Office
Furnishings
-
0.01%
Knoll
Inc
3,622‌
59‌
Oil
&
Gas
-
0.57%
APA
Corp
(c)
44,244‌
873‌
Bellatrix
Exploration
Ltd
(e),(g),(h)
94,641‌
—‌
BP
PLC
35,367‌
145‌
California
Resources
Corp
(e)
3,331‌
88‌
Canadian
Natural
Resources
Ltd
2,644‌
72‌
Cenovus
Energy
Inc
6,200‌
46‌
Chevron
Corp
1,357‌
136‌
ConocoPhillips
900‌
47‌
Devon
Energy
Corp
1,335‌
29‌
Diamondback
Energy
Inc
539‌
37‌
Exxon
Mobil
Corp
(c)
3,469‌
189‌
Lundin
Energy
AB
14,300‌
464‌
Nabors
Industries
Ltd
902‌
100‌
Occidental
Petroleum
Corp
11,514‌
306‌
OMV
AG
1,691‌
81‌
Royal
Dutch
Shell
PLC
-
A
Shares
6,763‌
138‌
Santos
Ltd
45,651‌
253‌
Whiting
Petroleum
Corp
(e)
2,723‌
93‌
$
3,097‌
Oil
&
Gas
Services
-
0.23%
DMC
Global
Inc
1,230‌
78‌
Halliburton
Co
(c)
34,514‌
753‌
NOV
Inc
(c),(e)
17,628‌
266‌
Schlumberger
NV
(c)
4,783‌
134‌
$
1,231‌
Packaging
&
Containers
-
0.30%
Amcor
PLC
(c)
11,533‌
126‌
Ball
Corp
1,361‌
116‌
CCL
Industries
Inc
5,400‌
284‌
Packaging
Corp
of
America
91‌
12‌
Sealed
Air
Corp
(c)
23,380‌
980‌
Vidrala
SA
807‌
96‌
$
1,614‌
Pharmaceuticals
-
1.21%
AbbVie
Inc
(c)
2,766‌
298‌
AmerisourceBergen
Corp
(c)
1,785‌
181‌
AstraZeneca
PLC
ADR
998‌
48‌
AstraZeneca
PLC
1,423‌
138‌
Becton
Dickinson
and
Co
(c)
1,377‌
332‌
BioGaia
AB
1,238‌
62‌
Bristol-Myers
Squibb
Co
(c)
1,699‌
104‌
Cardinal
Health
Inc
1,013‌
52‌
Chugai
Pharmaceutical
Co
Ltd
9,100‌
409‌
Cigna
Corp
(c)
201‌
42‌
CVS
Health
Corp
(c)
5,664‌
386‌
DexCom
Inc
(e)
490‌
195‌
Elanco
Animal
Health
Inc
(e)
2,162‌
71‌
Eli
Lilly
and
Co
(c)
443‌
91‌
Ipsen
SA
475‌
40‌
Jazz
Pharmaceuticals
PLC
(c),(e)
1,724‌
290‌
Johnson
&
Johnson
(c)
7,842‌
1,243‌
Kura
Oncology
Inc
(e)
1,397‌
39‌
McKesson
Corp
(c)
2,287‌
388‌
Merck
&
Co
Inc
(c)
6,091‌
442‌
Myovant
Sciences
Ltd
(e)
2,055‌
46‌
Nippon
Shinyaku
Co
Ltd
800‌
55‌
Novartis
AG
2,163‌
186‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
115
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Novo
Nordisk
A/S
4,239‌
$
302‌
Odonate
Therapeutics
Inc
(e)
1,884‌
40‌
Orion
Oyj
1,031‌
42‌
Pfizer
Inc
(c)
18,365‌
615‌
Premier
Inc
1,521‌
51‌
Sarepta
Therapeutics
Inc
(c),(e)
333‌
29‌
Takeda
Pharmaceutical
Co
Ltd
4,100‌
138‌
Viatris
Inc
(c),(e)
11,301‌
168‌
Zoetis
Inc
224‌
35‌
$
6,558‌
Pipelines
-
0.06%
Enterprise
Products
Partners
LP
992‌
21‌
Kinder
Morgan
Inc
(c)
9,344‌
138‌
Southcross
Holdings
(e),(g),(h)
615,976‌
6‌
Williams
Cos
Inc/The
(c)
6,973‌
159‌
$
324‌
Private
Equity
-
0.39%
Blackstone
Group
Inc/The
1,034‌
72‌
Brookfield
Asset
Management
Inc
42,235‌
1,704‌
Brookfield
Asset
Management
Inc
2,300‌
93‌
Intermediate
Capital
Group
PLC
4,927‌
119‌
Partners
Group
Holding
AG
112‌
134‌
$
2,122‌
Real
Estate
-
0.17%
Catena
AB
1,944‌
88‌
CBRE
Group
Inc
(c),(e)
233‌
18‌
CK
Asset
Holdings
Ltd
28,500‌
168‌
Daito
Trust
Construction
Co
Ltd
2,800‌
312‌
Kojamo
Oyj
3,114‌
60‌
Marcus
&
Millichap
Inc
(e)
1,731‌
66‌
REA
Group
Ltd
1,460‌
154‌
Shurgard
Self
Storage
SA
1,363‌
65‌
WE
Company
Common
Class
A
(e),(g),(h),(i)
356‌
1‌
$
932‌
REITs
-
0.88%
Acadia
Realty
Trust
4,100‌
78‌
Alexandria
Real
Estate
Equities
Inc
(c)
1,238‌
198‌
American
Tower
Corp
1,705‌
369‌
Americold
Realty
Trust
1,955‌
68‌
Annaly
Capital
Management
Inc
(c)
5,609‌
47‌
AvalonBay
Communities
Inc
2‌
—‌
Big
Yellow
Group
PLC
3,593‌
57‌
Camden
Property
Trust
411‌
43‌
Crown
Castle
International
Corp
(c)
533‌
83‌
Digital
Realty
Trust
Inc
309‌
42‌
Duke
Realty
Corp
363‌
14‌
Equinix
Inc
56‌
36‌
Essential
Properties
Realty
Trust
Inc
2,392‌
55‌
Hibernia
REIT
plc
61,548‌
83‌
Japan
Metropolitan
Fund
Invest
114‌
114‌
Kimco
Realty
Corp
(c)
5,014‌
92‌
Klepierre
SA
2,324‌
55‌
Lamar
Advertising
Co
9,751‌
844‌
Mid-America
Apartment
Communities
Inc
(c)
391‌
53‌
Pebblebrook
Hotel
Trust
3,135‌
71‌
Prologis
Inc
(c)
53‌
5‌
Public
Storage
1,009‌
236‌
SBA
Communications
Corp
(c)
95‌
24‌
Stockland
39,912‌
128‌
UNITE
Group
PLC/The
(e)
3,243‌
44‌
Ventas
Inc
(c)
14,144‌
748‌
VICI
Properties
Inc
2,783‌
79‌
Weyerhaeuser
Co
(c)
31,306‌
1,060‌
Xenia
Hotels
&
Resorts
Inc
2,253‌
45‌
$
4,771‌
Retail
-
3.17%
Advance
Auto
Parts
Inc
(c)
4,264‌
684‌
AutoZone
Inc
(c),(e)
159‌
185‌
Best
Buy
Co
Inc
(c)
1,741‌
175‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
CarMax
Inc
(e)
1,994‌
$
238‌
Children's
Place
Inc/The
(e)
984‌
68‌
Chipotle
Mexican
Grill
Inc
(e)
73‌
105‌
Cosmos
Pharmaceutical
Corp
1,000‌
143‌
Costco
Wholesale
Corp
(c)
804‌
266‌
Darden
Restaurants
Inc
(c)
9,551‌
1,312‌
Dollar
General
Corp
(c)
1,492‌
282‌
Dollar
Tree
Inc
(c),(e)
4,021‌
395‌
Five
Below
Inc
(e)
267‌
50‌
Floor
&
Decor
Holdings
Inc
(e)
748‌
71‌
Foot
Locker
Inc
17,167‌
826‌
Gap
Inc/The
(c)
42,702‌
1,065‌
Genuine
Parts
Co
(c)
2,122‌
224‌
H
&
M
Hennes
&
Mauritz
AB
(e)
8,278‌
195‌
Home
Depot
Inc/The
(c)
3,043‌
786‌
Industria
de
Diseno
Textil
SA
14,860‌
490‌
Jand
Inc
(e),(g),(h),(i)
1,693‌
39‌
JD
Sports
Fashion
PLC
(e)
24,675‌
287‌
Kingfisher
PLC
(e)
19,903‌
74‌
L
Brands
Inc
(c),(e)
20,185‌
1,103‌
Lawson
Inc
1,600‌
75‌
Lowe's
Cos
Inc
(c)
3,191‌
510‌
Lululemon
Athletica
Inc
(e)
557‌
174‌
McDonald's
Corp
(c)
8,536‌
1,759‌
McDonald's
Holdings
Co
Japan
Ltd
1,100‌
55‌
Michaels
Cos
Inc/The
(e)
4,007‌
60‌
Moncler
SpA
906‌
56‌
Movado
Group
Inc
3,074‌
70‌
Next
PLC
(e)
2,615‌
277‌
Ollie's
Bargain
Outlet
Holdings
Inc
(e)
964‌
80‌
O'Reilly
Automotive
Inc
(c),(e)
888‌
397‌
Pandora
A/S
2,485‌
241‌
Ross
Stores
Inc
2,113‌
246‌
Starbucks
Corp
1,700‌
183‌
Sundrug
Co
Ltd
6,200‌
233‌
Target
Corp
(c)
2,345‌
430‌
TJX
Cos
Inc/The
6,032‌
398‌
Tractor
Supply
Co
(c)
458‌
73‌
Ulta
Beauty
Inc
(c),(e)
3,180‌
1,025‌
USS
Co
Ltd
11,200‌
214‌
Walgreens
Boots
Alliance
Inc
(c)
471‌
23‌
Walmart
Inc
(c)
5,499‌
714‌
Wesfarmers
Ltd
5,219‌
198‌
WH
Smith
PLC
(e)
3,516‌
94‌
Yum!
Brands
Inc
(c)
4,967‌
514‌
$
17,162‌
Savings
&
Loans
-
0.05%
OceanFirst
Financial
Corp
2,167‌
47‌
Pacific
Premier
Bancorp
Inc
1,832‌
74‌
Sterling
Bancorp/DE
3,618‌
79‌
WSFS
Financial
Corp
989‌
52‌
$
252‌
Semiconductors
-
1.68%
ACM
Research
Inc
(e)
615‌
60‌
Advanced
Micro
Devices
Inc
(c),(e)
6,055‌
512‌
Advantest
Corp
1,500‌
124‌
Applied
Materials
Inc
(c)
7,219‌
853‌
ASML
Holding
NV
1,018‌
577‌
BE
Semiconductor
Industries
NV
1,406‌
106‌
Broadcom
Inc
(c)
870‌
409‌
Infineon
Technologies
AG
2,997‌
130‌
Intel
Corp
(c)
13,970‌
850‌
KLA
Corp
(c)
735‌
229‌
Kulicke
&
Soffa
Industries
Inc
2,055‌
102‌
Lam
Research
Corp
(c)
779‌
441‌
Marvell
Technology
Group
Ltd
2,504‌
121‌
Maxim
Integrated
Products
Inc
(c)
3,246‌
302‌
Microchip
Technology
Inc
(c)
1,387‌
212‌
Micron
Technology
Inc
(c),(e)
1,891‌
173‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
116
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
MKS
Instruments
Inc
879‌
$
145‌
Monolithic
Power
Systems
Inc
194‌
73‌
NVIDIA
Corp
(c)
703‌
385‌
NXP
Semiconductors
NV
134‌
24‌
Qorvo
Inc
(c),(e)
2,404‌
420‌
QUALCOMM
Inc
(c)
5,784‌
789‌
Rambus
Inc
(e)
3,223‌
68‌
Rohm
Co
Ltd
400‌
40‌
Samsung
Electronics
Co
Ltd
644‌
47‌
Silicon
Motion
Technology
Corp
ADR
1,201‌
71‌
Skyworks
Solutions
Inc
1,317‌
234‌
SOITEC
(e)
556‌
117‌
STMicroelectronics
NV
9,549‌
371‌
Teradyne
Inc
(c)
1,955‌
251‌
Texas
Instruments
Inc
(c)
3,663‌
631‌
Tower
Semiconductor
Ltd
(e)
7,916‌
233‌
$
9,100‌
Shipbuilding
-
0.00%
Huntington
Ingalls
Industries
Inc
10‌
2‌
Software
-
2.36%
Activision
Blizzard
Inc
(c)
2,268‌
216‌
Adobe
Inc
(c),(e)
707‌
325‌
Agilysys
Inc
(e)
1,650‌
98‌
ANSYS
Inc
(c),(e)
76‌
26‌
Autodesk
Inc
(c),(e)
1,075‌
297‌
Bandwidth
Inc
(e)
316‌
50‌
Black
Knight
Inc
(e)
1,407‌
108‌
Box
Inc
(e)
3,909‌
72‌
Broadridge
Financial
Solutions
Inc
1,459‌
208‌
Cadence
Design
Systems
Inc
(c),(e)
239‌
34‌
Cardlytics
Inc
(e)
884‌
117‌
Cerner
Corp
(c)
4,820‌
333‌
Citrix
Systems
Inc
(c)
1,421‌
190‌
Cloudera
Inc
(e)
7,219‌
116‌
Constellation
Software
Inc/Canada
216‌
280‌
CSG
Systems
International
Inc
1,230‌
57‌
Digital
Turbine
Inc
(e)
715‌
59‌
DocuSign
Inc
(e)
1,971‌
447‌
Dropbox
Inc
-
A
Shares
(c),(e)
8,147‌
184‌
Dynatrace
Inc
(e)
1,990‌
99‌
Electronic
Arts
Inc
(c)
1,121‌
150‌
Envestnet
Inc
(e)
775‌
50‌
Fair
Isaac
Corp
(c),(e)
1,191‌
545‌
Fiserv
Inc
(c),(e)
518‌
60‌
Guidewire
Software
Inc
(e)
735‌
81‌
Health
Catalyst
Inc
(e)
1,036‌
50‌
Intuit
Inc
(c)
304‌
119‌
J2
Global
Inc
(e)
921‌
102‌
Konami
Holdings
Corp
3,000‌
194‌
Manhattan
Associates
Inc
(e)
751‌
92‌
Microsoft
Corp
(c)
12,831‌
2,981‌
MINDBODY
Inc
(e),(g),(h)
9,229‌
337‌
NextGen
Healthcare
Inc
(e)
2,973‌
55‌
Oak
Street
Health
Inc
(e)
2,787‌
148‌
Oracle
Corp
(c)
8,948‌
577‌
Oracle
Corp
Japan
1,100‌
112‌
PagerDuty
Inc
(e)
456‌
20‌
Paychex
Inc
(c)
425‌
39‌
Paycom
Software
Inc
(e)
252‌
94‌
Porch
Group,
Inc.
(e),(h),(i)
2,545‌
46‌
PROS
Holdings
Inc
(e)
1,646‌
78‌
RingCentral
Inc
(e)
201‌
76‌
salesforce.com
Inc
(c),(e)
1,629‌
353‌
Sea
Ltd
ADR
(e)
5,273‌
1,243‌
ServiceNow
Inc
(c),(e)
490‌
262‌
SimCorp
A/S
437‌
53‌
Splunk
Inc
(e)
905‌
129‌
Square
Enix
Holdings
Co
Ltd
1,800‌
102‌
Synopsys
Inc
(c),(e)
158‌
39‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Take-Two
Interactive
Software
Inc
(c),(e)
1,277‌
$
235‌
Topicus.com
Inc
(e)
535‌
28‌
Verra
Mobility
Corp
(e)
3,071‌
44‌
VMware
Inc
(e)
456‌
63‌
WiseTech
Global
Ltd
4,748‌
99‌
Workday
Inc
(c),(e)
2,365‌
580‌
Xero
Ltd
(e)
624‌
57‌
Xperi
Holding
Corp
2,924‌
62‌
Zoom
Video
Communications
Inc
(c),(e)
241‌
90‌
$
12,761‌
Telecommunications
-
0.65%
AT&T
Inc
(c)
16,134‌
450‌
Cisco
Systems
Inc/Delaware
(c)
15,359‌
689‌
Corning
Inc
2,570‌
98‌
Deutsche
Telekom
AG
5,113‌
93‌
Harmonic
Inc
(e)
8,727‌
68‌
Hellenic
Telecommunications
Organization
SA
5,915‌
91‌
HMS
Networks
AB
1,212‌
43‌
InterDigital
Inc
947‌
60‌
Juniper
Networks
Inc
(c)
10,146‌
236‌
Koninklijke
KPN
NV
82,804‌
271‌
Lumen
Technologies
Inc
(c)
1,589‌
20‌
Motorola
Solutions
Inc
(c)
2,006‌
352‌
Plantronics
Inc
(e)
1,528‌
62‌
Telefonaktiebolaget
LM
Ericsson
7,693‌
96‌
T-Mobile
US
Inc
(c),(e)
4,268‌
512‌
Ubiquiti
Inc
82‌
26‌
Verizon
Communications
Inc
(c)
6,638‌
368‌
$
3,535‌
Textiles
-
0.10%
Mohawk
Industries
Inc
(c),(e)
3,161‌
553‌
Toys,
Games
&
Hobbies
-
0.07%
Games
Workshop
Group
PLC
734‌
98‌
Hasbro
Inc
(c)
1,106‌
104‌
Nintendo
Co
Ltd
300‌
183‌
$
385‌
Transportation
-
0.83%
Canadian
National
Railway
Co
3,010‌
329‌
CSX
Corp
(c)
6,085‌
557‌
Expeditors
International
of
Washington
Inc
(c)
7,302‌
671‌
FedEx
Corp
(c)
1,125‌
286‌
Hub
Group
Inc
(e)
1,078‌
62‌
JB
Hunt
Transport
Services
Inc
(c)
701‌
103‌
Kirby
Corp
(e)
1,238‌
77‌
Kuehne
+
Nagel
International
AG
332‌
79‌
Norfolk
Southern
Corp
122‌
31‌
Old
Dominion
Freight
Line
Inc
(c)
603‌
129‌
Ryder
System
Inc
437‌
30‌
Union
Pacific
Corp
(c)
9,349‌
1,925‌
United
Parcel
Service
Inc
(c)
1,457‌
230‌
$
4,509‌
Water
-
0.04%
Severn
Trent
PLC
1,544‌
47‌
Veolia
Environnement
SA
5,282‌
142‌
$
189‌
TOTAL
COMMON
STOCKS
$
220,619‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.67%
Shares
Held
Value
(000's)
Agriculture
-
0.10%
Bunge
Ltd
4.88%
(j)
4,608‌
$
522‌
Banks
-
0.08%
Bank
of
America
Corp
7.25%
(j)
150‌
209‌
Wells
Fargo
&
Co
7.50%
(j)
151‌
209‌
$
418‌
Diversified
Financial
Services
-
0.03%
4L
Technologies
-
Rights
0.00%
(e),(g),(h)
869‌
174‌
Electric
-
0.02%
NextEra
Energy
Inc
5.28%,
03/01/2023
1,803‌
88‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
117
CONVERTIBLE
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
0.04%
Boston
Scientific
Corp
5.50%,
06/01/2023
1,920‌
$
212‌
Pipelines
-
0.38%
El
Paso
Energy
Capital
Trust
I
4.75%,
03/31/2028
452‌
23‌
Southcross
Energy
Series
A
0.00%
(e),(g),(h)
2,399,339‌
1,128‌
Southcross
Energy
Series
B
0.00%
(e),(g),(h)
644,694‌
902‌
$
2,053‌
Real
Estate
-
0.01%
WE
Company
Preferred
D-1
0.00%
(e),(g),(h),(i)
4,867‌
31‌
WE
Company
Preferred
D-2
0.00%
(e),(g),(h),(i)
3,824‌
24‌
$
55‌
Retail
-
0.01%
Jand
Inc
0.00%
(e),(g),(h),(i)
3,781‌
88‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
3,610‌
PREFERRED
STOCKS
-
0.15%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0.01%
Volkswagen
AG
4.86%
335‌
$
70‌
Chemicals
-
0.02%
FUCHS
PETROLUB
SE
0.97%
2,402‌
132‌
Internet
-
0.00%
Veracode
Inc
-
Escrow
0.00%
(e),(g),(h),(i)
6,031‌
—‌
Private
Equity
-
0.12%
Forward
Venture
Services
LLC
0.00%
(e),(g),(h),(i)
32,815‌
632‌
Software
-
0.00%
Marklogic
-
Escrow
0.00%
(e),(g),(h),(i)
14,832‌
3‌
TOTAL
PREFERRED
STOCKS
$
837‌
BONDS
-
34.53%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.05%
Lamar
Media
Corp
3.75%,
02/15/2028
$
50‌
$
50‌
4.00%,
02/15/2030
100‌
102‌
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.63%,
03/15/2030
(f)
120‌
119‌
$
271‌
Aerospace
&
Defense
-
0.71%
Boeing
Co/The
2.20%,
02/04/2026
440‌
440‌
2.95%,
02/01/2030
85‌
86‌
3.25%,
02/01/2035
45‌
44‌
3.38%,
06/15/2046
250‌
225‌
3.50%,
03/01/2039
65‌
63‌
3.55%,
03/01/2038
30‌
29‌
3.63%,
03/01/2048
155‌
145‌
3.65%,
03/01/2047
50‌
47‌
3.75%,
02/01/2050
205‌
198‌
3.83%,
03/01/2059
25‌
24‌
3.85%,
11/01/2048
50‌
50‌
3.90%,
05/01/2049
100‌
98‌
3.95%,
08/01/2059
60‌
58‌
5.15%,
05/01/2030
380‌
441‌
5.81%,
05/01/2050
410‌
523‌
5.93%,
05/01/2060
110‌
143‌
Leonardo
US
Holdings
Inc
6.25%,
01/15/2040
(f)
541‌
628‌
Spirit
AeroSystems
Inc
4.60%,
06/15/2028
35‌
34‌
7.50%,
04/15/2025
(f)
310‌
328‌
TransDigm
Inc
4.63%,
01/15/2029
(f)
230‌
226‌
$
3,830‌
Agriculture
-
0.13%
JBS
Investments
II
GmbH
7.00%,
01/15/2026
(f)
650‌
689‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
-
0.16%
United
Airlines
2019-2
Class
B
Pass
Through
Trust
3.50%,
11/01/2029
$
884‌
$
847‌
United
Airlines
2020-1
Class
B
Pass
Through
Trust
4.88%,
07/15/2027
20‌
21‌
$
868‌
Automobile
Asset
Backed
Securities
-
0.46%
Avid
Automobile
Receivables
Trust
2019-1
3.14%,
07/15/2026
(f)
150‌
154‌
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2.96%,
02/20/2027
(f)
100‌
106‌
CarMax
Auto
Owner
Trust
2018-1
3.37%,
07/15/2024
25‌
26‌
Chesapeake
Funding
II
LLC
3.57%,
04/15/2030
(f)
175‌
178‌
3.92%,
04/15/2030
(f)
455‌
462‌
Exeter
Automobile
Receivables
Trust
2020-2
4.73%,
04/15/2026
(f)
140‌
151‌
First
Investors
Auto
Owner
Trust
2019-2
2.80%,
12/15/2025
(f)
75‌
77‌
3.88%,
01/15/2026
(f)
175‌
181‌
GLS
Auto
Receivables
Issuer
Trust
2020-4
1.64%,
10/15/2026
(f)
455‌
460‌
Prestige
Auto
Receivables
Trust
2019-1
3.90%,
05/15/2026
(f)
145‌
150‌
Santander
Drive
Auto
Receivables
Trust
2020-1
5.35%,
03/15/2028
385‌
426‌
Tidewater
Auto
Receivables
Trust
2018-A
4.30%,
11/15/2024
(f)
100‌
102‌
$
2,473‌
Automobile
Manufacturers
-
0.27%
General
Motors
Co
5.40%,
04/01/2048
260‌
315‌
5.95%,
04/01/2049
730‌
943‌
General
Motors
Financial
Co
Inc
5.70%,
09/30/2030
(j),(k)
35‌
39‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%
5.75%,
09/30/2027
(j),(k)
100‌
105‌
3
Month
USD
LIBOR
+
3.60%
6.50%,
09/30/2028
(j),(k)
75‌
82‌
3
Month
USD
LIBOR
+
3.44%
$
1,484‌
Banks
-
0.60%
Banco
Hipotecario
SA
38.12%,
11/07/2022
(f)
ARS
10,245‌
119‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
4.00%
Banco
Macro
SA
17.50%,
05/08/2022
(f)
5,115‌
48‌
Banco
Santander
SA
2.75%,
12/03/2030
$
200‌
197‌
Barclays
PLC
3.56%,
09/23/2035
(k)
495‌
505‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
Deutsche
Bank
AG/New
York
NY
3.55%,
09/18/2031
(k)
150‌
158‌
United
States
Secured
Overnight
Financing
Rate
+
3.04%
International
Bank
of
Azerbaijan
OJSC
3.50%,
09/01/2024
1,150‌
1,127‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
118
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Standard
Chartered
PLC
3.27%,
02/18/2036
(f),(k)
$
375‌
$
369‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.30%
4.64%,
04/01/2031
(f),(k)
295‌
342‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.85%
UniCredit
SpA
2.57%,
09/22/2026
(f),(k)
350‌
353‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
$
3,218‌
Beverages
-
0.04%
Fomento
Economico
Mexicano
SAB
de
CV
3.50%,
01/16/2050
206‌
210‌
Building
Materials
-
0.24%
Cemex
SAB
de
CV
3.88%,
07/11/2031
(f)
200‌
199‌
5.20%,
09/17/2030
(f)
1,025‌
1,113‌
$
1,312‌
Chemicals
-
0.20%
Braskem
Netherlands
Finance
BV
4.50%,
01/31/2030
(f)
200‌
203‌
MEGlobal
Canada
ULC
5.00%,
05/18/2025
800‌
888‌
$
1,091‌
Commercial
Mortgage
Backed
Securities
-
3.59%
Citigroup
Commercial
Mortgage
Trust
2019-C7
2.75%,
12/15/2072
(f)
1,125‌
980‌
COMM
2012-LC4
Mortgage
Trust
5.53%,
12/10/2044
(l)
10‌
9‌
COMM
2015-CCRE27
Mortgage
Trust
3.25%,
10/10/2048
(f)
2,800‌
2,002‌
COMM
2015-LC21
Mortgage
Trust
1.08%,
07/10/2048
(f),(l),(m)
10,000‌
446‌
1.08%,
07/10/2048
(f),(l),(m)
3,125‌
130‌
COMM
2016-CR28
Mortgage
Trust
3.25%,
02/10/2049
(f)
850‌
503‌
Credit
Suisse
Commercial
Mortgage
Securities
Corp
2019-SLKZ
3.71%,
01/15/2034
(f)
155‌
152‌
1.00
x
1
Month
USD
LIBOR
+
3.60%
Csail
2015-C2
Commercial
Mortgage
Trust
4.19%,
06/15/2057
(l)
960‌
922‌
4.19%,
06/15/2057
(l)
2,184‌
1,772‌
CSMC
2014-USA
OA
LLC
4.37%,
09/15/2037
(f)
1,055‌
876‌
GS
Mortgage
Securities
Corp
II
4.41%,
07/10/2051
(f),(l)
635‌
337‌
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C29
3.70%,
05/15/2048
(l)
2,735‌
2,166‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C25
4.52%,
10/15/2048
(f),(l)
350‌
250‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2017-C34
0.88%,
11/15/2052
(f),(l),(m)
3,150‌
163‌
Morgan
Stanley
Capital
I
Trust
2011-C2
5.40%,
06/15/2044
(f),(l)
475‌
395‌
5.40%,
06/15/2044
(f),(l)
160‌
103‌
Motel
6
Trust
2017-M6MZ
7.04%,
08/15/2024
(f)
559‌
538‌
1.00
x
1
Month
USD
LIBOR
+
6.93%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Starwood
Retail
Property
Trust
2014-STAR
2.86%,
11/15/2027
(f),(g),(h)
$
170‌
$
109‌
1.00
x
1
Month
USD
LIBOR
+
2.75%
4.51%,
11/15/2027
(f),(g),(h)
645‌
173‌
1.00
x
1
Month
USD
LIBOR
+
4.40%
Wells
Fargo
Commercial
Mortgage
Trust
2015-C26
3.25%,
02/15/2048
(f)
1,981‌
1,283‌
Wells
Fargo
Commercial
Mortgage
Trust
2015-LC22
3.36%,
09/15/2058
(f)
260‌
176‌
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS1
2.88%,
05/15/2048
(f),(l)
1,485‌
1,088‌
Wells
Fargo
Commercial
Mortgage
Trust
2016-C36
4.18%,
11/15/2059
(l)
100‌
86‌
Wells
Fargo
Commercial
Mortgage
Trust
2016-NXS6
2.00%,
11/15/2049
(f),(l),(m)
7,575‌
676‌
WFRBS
Commercial
Mortgage
Trust
2011-C3
5.57%,
03/15/2044
(f),(l)
430‌
221‌
WFRBS
Commercial
Mortgage
Trust
2011-C4
5.19%,
06/15/2044
(f),(l)
845‌
753‌
WFRBS
Commercial
Mortgage
Trust
2012-C6
5.58%,
04/15/2045
(f),(l)
500‌
508‌
WFRBS
Commercial
Mortgage
Trust
2012-C7
4.80%,
06/15/2045
(l)
80‌
63‌
4.80%,
06/15/2045
(f),(l)
225‌
39‌
WFRBS
Commercial
Mortgage
Trust
2014-C20
3.99%,
05/15/2047
(f)
267‌
126‌
WFRBS
Commercial
Mortgage
Trust
2014-C21
3.50%,
08/15/2047
(f)
2,885‌
2,359‌
$
19,404‌
Commercial
Services
-
0.16%
Adani
Ports
&
Special
Economic
Zone
Ltd
4.20%,
08/04/2027
(f)
650‌
698‌
Sabre
GLBL
Inc
9.25%,
04/15/2025
(f)
30‌
36‌
TriNet
Group
Inc
3.50%,
03/01/2029
(f)
155‌
154‌
$
888‌
Cosmetics
&
Personal
Care
-
0.02%
Edgewell
Personal
Care
Co
0.00%,
04/01/2029
(e),(n)
111‌
111‌
Diversified
Financial
Services
-
0.87%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.65%,
07/21/2027
150‌
159‌
3.88%,
01/23/2028
150‌
161‌
6.50%,
07/15/2025
150‌
175‌
Air
Lease
Corp
3.13%,
12/01/2030
535‌
534‌
4.65%,
06/15/2026
(j),(k),(n)
170‌
166‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Aircastle
Ltd
4.25%,
06/15/2026
425‌
450‌
Aviation
Capital
Group
LLC
1.95%,
01/30/2026
(f)
45‌
44‌
5.50%,
12/15/2024
(f)
175‌
197‌
Navient
Corp
5.00%,
03/15/2027
255‌
250‌
6.13%,
03/25/2024
5‌
5‌
7.25%,
09/25/2023
50‌
54‌
OneMain
Finance
Corp
7.13%,
03/15/2026
90‌
104‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
119
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
PHH
Mortgage
Corp
0.00%,
03/15/2026
(e),(f),(n)
$
28‌
$
28‌
Power
Finance
Corp
Ltd
3.95%,
04/23/2030
300‌
314‌
5.25%,
08/10/2028
1,140‌
1,274‌
Quicken
Loans
LLC
5.25%,
01/15/2028
(f)
85‌
90‌
Quicken
Loans
LLC
/
Quicken
Loans
Co-Issuer
Inc
3.63%,
03/01/2029
(f)
250‌
247‌
3.88%,
03/01/2031
(f)
445‌
442‌
$
4,694‌
Electric
-
0.38%
Adani
Electricity
Mumbai
Ltd
3.95%,
02/12/2030
(f)
725‌
745‌
AES
Corp/The
3.95%,
07/15/2030
(f)
115‌
126‌
Calpine
Corp
3.75%,
03/01/2031
(f)
135‌
130‌
5.13%,
03/15/2028
(f)
125‌
126‌
GenOn
Energy
Inc
-
Escrow
0.00%,
10/15/2018
(e),(g),(h)
6,993‌
—‌
0.00%,
10/15/2020
(e),(g),(h)
6,143‌
—‌
India
Green
Power
Holdings
4.00%,
02/22/2027
(f)
300‌
302‌
NRG
Energy
Inc
4.45%,
06/15/2029
(f)
130‌
144‌
5.25%,
06/15/2029
(f)
60‌
63‌
Pacific
Gas
and
Electric
Co
3.50%,
08/01/2050
210‌
188‌
4.30%,
03/15/2045
220‌
222‌
4.95%,
07/01/2050
25‌
27‌
$
2,073‌
Electronics
-
0.20%
Brightstar
Escrow
Corp
9.75%,
10/15/2025
(f)
1,000‌
1,063‌
Engineering
&
Construction
-
0.09%
GMR
Hyderabad
International
Airport
Ltd
4.75%,
02/02/2026
(f)
200‌
200‌
5.38%,
04/10/2024
270‌
278‌
$
478‌
Entertainment
-
0.01%
Scientific
Games
International
Inc
7.00%,
05/15/2028
(f)
25‌
26‌
Food
-
0.24%
Kraft
Heinz
Foods
Co
4.88%,
10/01/2049
570‌
665‌
5.20%,
07/15/2045
175‌
210‌
MARB
BondCo
PLC
3.95%,
01/29/2031
(f)
230‌
223‌
Post
Holdings
Inc
5.75%,
03/01/2027
(f)
125‌
131‌
Smithfield
Foods
Inc
3.00%,
10/15/2030
(f)
45‌
46‌
$
1,275‌
Forest
Products
&
Paper
-
0.03%
Suzano
Austria
GmbH
3.75%,
01/15/2031
170‌
180‌
Healthcare
-
Services
-
0.34%
Catalent
Pharma
Solutions
Inc
3.13%,
02/15/2029
(f)
50‌
49‌
Centene
Corp
2.50%,
03/01/2031
245‌
238‌
Hadrian
Merger
Sub
Inc
8.50%,
05/01/2026
(f)
971‌
1,010‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
HCA
Inc
3.50%,
09/01/2030
$
185‌
$
191‌
Tenet
Healthcare
Corp
4.63%,
06/15/2028
(f)
5‌
5‌
5.13%,
05/01/2025
255‌
258‌
6.13%,
10/01/2028
(f)
65‌
68‌
$
1,819‌
Insurance
-
0.06%
Athene
Holding
Ltd
3.50%,
01/15/2031
165‌
171‌
Global
Atlantic
Fin
Co
4.40%,
10/15/2029
(f)
130‌
141‌
$
312‌
Internet
-
0.57%
Expedia
Group
Inc
2.95%,
03/15/2031
(f),(n)
55‌
54‌
3.25%,
02/15/2030
670‌
683‌
3.80%,
02/15/2028
55‌
59‌
4.63%,
08/01/2027
(f)
165‌
184‌
6.25%,
05/01/2025
(f)
325‌
380‌
Go
Daddy
Operating
Co
LLC
/
GD
Finance
Co
Inc
3.50%,
03/01/2029
(f)
165‌
164‌
Netflix
Inc
4.88%,
06/15/2030
(f)
135‌
155‌
5.38%,
11/15/2029
(f)
15‌
18‌
5.88%,
11/15/2028
100‌
120‌
6.38%,
05/15/2029
120‌
149‌
Prosus
NV
3.83%,
02/08/2051
(f)
300‌
269‌
Uber
Technologies
Inc
6.25%,
01/15/2028
(f)
45‌
48‌
7.50%,
09/15/2027
(f)
715‌
781‌
8.00%,
11/01/2026
(f)
40‌
43‌
$
3,107‌
Investment
Companies
-
0.28%
FS
KKR
Capital
Corp
3.40%,
01/15/2026
535‌
534‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5.25%,
05/15/2027
235‌
247‌
6.25%,
05/15/2026
305‌
320‌
Owl
Rock
Capital
Corp
3.40%,
07/15/2026
425‌
437‌
$
1,538‌
Iron
&
Steel
-
0.44%
ABJA
Investment
Co
Pte
Ltd
5.45%,
01/24/2028
210‌
224‌
CSN
Inova
Ventures
6.75%,
01/28/2028
(f)
700‌
756‌
6.75%,
01/28/2028
200‌
216‌
CSN
Islands
XII
Corp
7.00%,
06/23/2021
(j)
625‌
629‌
Metinvest
BV
7.65%,
10/01/2027
(f)
250‌
274‌
8.50%,
04/23/2026
200‌
227‌
United
States
Steel
Corp
6.88%,
03/01/2029
56‌
55‌
$
2,381‌
Leisure
Products
&
Services
-
0.53%
Carnival
Corp
5.75%,
03/01/2027
(f)
601‌
610‌
Constellation
Merger
Sub
Inc
8.50%,
09/15/2025
(f)
2,449‌
2,278‌
$
2,888‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
120
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
-
0.10%
Hilton
Domestic
Operating
Co
Inc
3.63%,
02/15/2032
(f)
$
120‌
$
118‌
Hyatt
Hotels
Corp
5.38%,
04/23/2025
45‌
51‌
5.75%,
04/23/2030
80‌
95‌
Marriott
International
Inc/MD
4.63%,
06/15/2030
85‌
96‌
Travel
+
Leisure
Co
4.63%,
03/01/2030
(f)
35‌
36‌
6.00%,
04/01/2027
10‌
11‌
6.63%,
07/31/2026
(f)
100‌
113‌
$
520‌
Media
-
1.14%
AMC
Networks
Inc
4.25%,
02/15/2029
85‌
83‌
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.25%,
02/01/2031
(f)
675‌
683‌
4.50%,
05/01/2032
(f)
20‌
21‌
Cengage
Learning
Inc
9.50%,
06/15/2024
(f)
1,161‌
1,152‌
Clear
Channel
Worldwide
Holdings
Inc
5.13%,
08/15/2027
(f)
295‌
300‌
CSC
Holdings
LLC
6.50%,
02/01/2029
(f)
200‌
221‌
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co
5.38%,
08/15/2026
(f)
323‌
228‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(f)
320‌
327‌
8.38%,
05/01/2027
285‌
302‌
NBCUniversal
Enterprise
Inc
5.25%,
03/19/2024
(f),(j)
1,205‌
1,217‌
Townsquare
Media
Inc
6.88%,
02/01/2026
(f)
1,132‌
1,184‌
Virgin
Media
Finance
PLC
5.00%,
07/15/2030
(f)
200‌
204‌
Ziggo
BV
4.88%,
01/15/2030
(f)
215‌
224‌
$
6,146‌
Metal
Fabrication
&
Hardware
-
0.29%
HTA
Group
Ltd/Mauritius
7.00%,
12/18/2025
(f)
1,490‌
1,591‌
Mining
-
0.26%
Coeur
Mining
Inc
5.13%,
02/15/2029
(f),(n)
111‌
108‌
First
Quantum
Minerals
Ltd
6.88%,
03/01/2026
(f)
405‌
423‌
7.50%,
04/01/2025
(f)
200‌
206‌
Freeport-McMoRan
Inc
4.13%,
03/01/2028
140‌
147‌
4.25%,
03/01/2030
105‌
114‌
4.63%,
08/01/2030
35‌
39‌
5.40%,
11/14/2034
160‌
198‌
5.45%,
03/15/2043
55‌
68‌
Novelis
Corp
4.75%,
01/30/2030
(f)
70‌
73‌
Volcan
Cia
Minera
SAA
4.38%,
02/11/2026
(f)
30‌
31‌
$
1,407‌
Miscellaneous
Manufacturers
-
0.22%
FXI
Holdings
Inc
7.88%,
11/01/2024
(f),(o)
1,162‌
1,179‌
Mortgage
Backed
Securities
-
2.54%
Alternative
Loan
Trust
2003-22CB
5.75%,
12/25/2033
79‌
83‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Alternative
Loan
Trust
2004-16CB
5.50%,
07/25/2034
$
54‌
$
55‌
5.50%,
08/25/2034
61‌
62‌
Alternative
Loan
Trust
2004-J10
6.00%,
09/25/2034
135‌
141‌
Alternative
Loan
Trust
2005-J1
5.50%,
02/25/2025
52‌
53‌
Banc
of
America
Alternative
Loan
Trust
2003-8
5.50%,
10/25/2033
57‌
57‌
Banc
of
America
Funding
2005-7
Trust
5.75%,
11/25/2035
54‌
59‌
Banc
of
America
Funding
2007-4
Trust
5.50%,
11/25/2034
57‌
57‌
Banc
of
America
Mortgage
2005-A
Trust
2.56%,
02/25/2035
(l)
20‌
21‌
CHL
Mortgage
Pass-Through
Trust
2004-HYB4
2.85%,
09/20/2034
(l)
23‌
23‌
Citigroup
Mortgage
Loan
Trust
2019-B
3.26%,
04/25/2066
(f),(l)
306‌
309‌
Connecticut
Avenue
Securities
Trust
2019-R04
5.37%,
06/25/2039
(f)
280‌
286‌
1.00
x
1
Month
USD
LIBOR
+
5.25%
Connecticut
Avenue
Securities
Trust
2019-R07
3.52%,
10/25/2039
(f)
2,000‌
1,952‌
1.00
x
1
Month
USD
LIBOR
+
3.40%
Connecticut
Avenue
Securities
Trust
2020-R01
2.17%,
01/25/2040
(f)
155‌
155‌
1.00
x
1
Month
USD
LIBOR
+
2.05%
3.37%,
01/25/2040
(f)
260‌
252‌
1.00
x
1
Month
USD
LIBOR
+
3.25%
CSFB
Mortgage-Backed
Pass-Through
Certificates
Series
2003-27
5.75%,
11/25/2033
34‌
34‌
CSMC
2019-RP10
Trust
3.06%,
12/26/2059
(f),(l)
277‌
279‌
CSMC
2020-RPL3
Trust
2.69%,
03/25/2060
(f),(l)
199‌
202‌
DSLA
Mortgage
Loan
Trust
2005-AR5
0.44%,
09/19/2045
118‌
91‌
1.00
x
1
Month
USD
LIBOR
+
0.33%
Fannie
Mae
Connecticut
Avenue
Securities
2.32%,
01/25/2030
29‌
29‌
1.00
x
1
Month
USD
LIBOR
+
2.20%
Freddie
Mac
STACR
2019-HQA3
7.62%,
09/25/2049
(f)
240‌
248‌
1.00
x
1
Month
USD
LIBOR
+
7.50%
Freddie
Mac
Stacr
Remic
Trust
2019-Hqa4
6.72%,
11/25/2049
(f)
530‌
517‌
1.00
x
1
Month
USD
LIBOR
+
6.60%
Freddie
Mac
Stacr
Remic
Trust
2020-DNA1
5.37%,
01/25/2050
(f)
350‌
338‌
1.00
x
1
Month
USD
LIBOR
+
5.25%
Freddie
Mac
STACR
Remic
Trust
2020-DNA2
4.92%,
02/25/2050
(f)
470‌
448‌
1.00
x
1
Month
USD
LIBOR
+
4.80%
Freddie
Mac
STACR
REMIC
Trust
2020-HQA1
5.22%,
01/25/2050
(f)
220‌
210‌
1.00
x
1
Month
USD
LIBOR
+
5.10%
Freddie
Mac
Stacr
Remic
Trust
2020-HQA2
4.22%,
03/25/2050
(f)
660‌
678‌
1.00
x
1
Month
USD
LIBOR
+
4.10%
Freddie
Mac
STACR
Trust
2019-DNA4
6.37%,
10/25/2049
(f)
300‌
308‌
1.00
x
1
Month
USD
LIBOR
+
6.25%
Freddie
Mac
STACR
Trust
2019-HRP1
4.17%,
02/25/2049
(f)
270‌
269‌
1.00
x
1
Month
USD
LIBOR
+
4.05%
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
121
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
1.92%,
07/25/2030
$
22‌
$
21‌
1.00
x
1
Month
USD
LIBOR
+
1.80%
8.92%,
03/25/2028
2,471‌
2,688‌
1.00
x
1
Month
USD
LIBOR
+
8.80%
GCAT
2020-4
LLC
2.61%,
12/25/2025
(f),(l)
431‌
433‌
GSR
Mortgage
Loan
Trust
2005-4F
6.50%,
02/25/2035
37‌
38‌
IndyMac
INDX
Mortgage
Loan
Trust
2004-AR7
1.34%,
09/25/2034
106‌
102‌
1.00
x
1
Month
USD
LIBOR
+
1.22%
IndyMac
INDX
Mortgage
Loan
Trust
2005-AR11
2.99%,
08/25/2035
(l)
449‌
407‌
Lehman
XS
Trust
Series
2006-2N
0.64%,
02/25/2046
79‌
72‌
1.00
x
1
Month
USD
LIBOR
+
0.52%
MASTR
Alternative
Loan
Trust
2003-9
5.25%,
11/25/2033
33‌
34‌
MASTR
Alternative
Loan
Trust
2004-5
5.50%,
06/25/2034
29‌
30‌
6.00%,
06/25/2034
35‌
36‌
MASTR
Alternative
Loan
Trust
2004-8
6.00%,
09/25/2034
164‌
169‌
Merrill
Lynch
Mortgage
Investors
Trust
Series
MLCC
2006-2
2.40%,
05/25/2036
(l)
9‌
9‌
PRPM
2020-5
LLC
3.10%,
11/25/2025
(f),(l)
573‌
578‌
RCO
V
Mortgage
LLC
2020-1
3.10%,
09/25/2025
(f),(l)
158‌
159‌
Structured
Adjustable
Rate
Mortgage
Loan
Trust
0.43%,
07/25/2035
524‌
390‌
1.00
x
1
Month
USD
LIBOR
+
0.31%
Toorak
Mortgage
Corp
2018-1
Ltd
4.34%,
08/25/2021
(f),(l)
1,059‌
1,061‌
VOLT
XCIII
LLC
1.89%,
03/27/2051
(f),(l)
295‌
295‌
$
13,738‌
Oil
&
Gas
-
1.26%
Aker
BP
ASA
3.75%,
01/15/2030
(f)
505‌
530‌
Bellatrix
Exploration
Ltd
0.00%,
09/11/2023
(e),(g),(h)
236‌
—‌
0.00%,
PIK
0.00%;
12/15/2023
(e),(g),(h),(p)
257‌
—‌
Cobalt
International
Energy
Inc
0.00%,
12/01/2023
(e)
4,635‌
67‌
EQT
Corp
5.00%,
01/15/2029
15‌
16‌
Hess
Corp
5.60%,
02/15/2041
155‌
184‌
Kosmos
Energy
Ltd
7.50%,
03/01/2028
(f),(g),(h),(n)
350‌
347‌
Leviathan
Bond
Ltd
5.75%,
06/30/2023
(f)
350‌
369‌
6.13%,
06/30/2025
(f)
660‌
723‌
6.50%,
06/30/2027
(f)
755‌
837‌
Occidental
Petroleum
Corp
2.90%,
08/15/2024
105‌
102‌
3.50%,
06/15/2025
35‌
34‌
Odebrecht
Drilling
Norbe
VIII/IX
Ltd
6.35%,
12/01/2021
489‌
479‌
OGX
Austria
GmbH
0.00%,
06/01/2018
(e),(f)
600‌
—‌
0.00%,
04/01/2022
(e),(f)
1,100‌
—‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Petrobras
Global
Finance
BV
7.25%,
03/17/2044
$
125‌
$
144‌
Petroleos
Mexicanos
5.95%,
01/28/2031
1,005‌
969‌
6.63%,
06/15/2035
225‌
214‌
6.84%,
01/23/2030
700‌
706‌
Saudi
Arabian
Oil
Co
3.25%,
11/24/2050
(f)
225‌
209‌
Tullow
Oil
PLC
6.25%,
04/15/2022
500‌
453‌
7.00%,
03/01/2025
450‌
358‌
YPF
SA
6.95%,
07/21/2027
(f)
135‌
86‌
$
6,827‌
Other
Asset
Backed
Securities
-
5.18%
Accelerated
Assets
2018-1
LLC
4.51%,
12/02/2033
(f)
128‌
132‌
Adams
Outdoor
Advertising
LP
4.81%,
11/15/2048
(f)
737‌
792‌
AIG
CLO
2018-1
Ltd
6.67%,
01/20/2032
(f)
2,640‌
2,633‌
1.00
x
3
Month
USD
LIBOR
+
6.45%
AIM
Aviation
Finance
Ltd
5.07%,
02/15/2040
(f),(l)
675‌
235‌
Allegro
CLO
VI
Ltd
2.97%,
01/17/2031
(f)
250‌
245‌
1.00
x
3
Month
USD
LIBOR
+
2.75%
American
Homes
4
Rent
2014-SFR2
Trust
5.15%,
10/17/2036
(f)
280‌
305‌
6.23%,
10/17/2036
(f)
695‌
765‌
American
Homes
4
Rent
2014-SFR3
Trust
6.42%,
12/17/2036
(f)
900‌
999‌
American
Homes
4
Rent
2015-SFR1
5.64%,
04/17/2052
(f)
1,045‌
1,136‌
Anchorage
Capital
CLO
9
Ltd
4.24%,
07/15/2032
(f)
250‌
251‌
1.00
x
3
Month
USD
LIBOR
+
4.00%
Arbys
Funding
LLC
3.24%,
07/30/2050
(f)
313‌
319‌
ArrowMark
Colorado
Holdings
2.94%,
07/15/2029
(f)
250‌
250‌
1.00
x
3
Month
USD
LIBOR
+
2.70%
Ascentium
Equipment
Receivables
2017-2
Trust
2.87%,
08/10/2022
(f)
80‌
81‌
Avery
Point
VII
CLO
Ltd
6.84%,
01/15/2028
(f)
1,400‌
1,379‌
1.00
x
3
Month
USD
LIBOR
+
6.60%
Barings
Clo
Ltd
2019-IV
3.04%,
01/15/2033
(f)
250‌
251‌
1.00
x
3
Month
USD
LIBOR
+
2.80%
Battalion
Clo
XIV
Ltd
6.90%,
04/20/2032
(f)
250‌
250‌
1.00
x
3
Month
USD
LIBOR
+
6.68%
Bayview
Opportunity
Master
Fund
V
Trust
2020-RN3
3.23%,
09/25/2035
(f),(l)
161‌
163‌
BCC
Funding
XIV
LLC
6.00%,
04/21/2025
(f)
250‌
253‌
Blackbird
Capital
Aircraft
Lease
Securitization
Ltd
2016-1
4.21%,
12/16/2041
(f),(l)
190‌
190‌
Cairn
CLO
XI
DAC
6.77%,
07/15/2035
(f)
EUR
360‌
439‌
1.00
x
3
Month
Euro
Interbank
Offered
Rate
+
6.77%
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
122
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Canyon
Capital
CLO
2019-2
Ltd
7.39%,
10/15/2032
(f)
$
250‌
$
251‌
1.00
x
3
Month
USD
LIBOR
+
7.15%
Carlyle
Global
Market
Strategies
Euro
CLO
2015-1
Ltd
5.50%,
01/16/2033
(f)
EUR
882‌
1,002‌
1.00
x
3
Month
Euro
Interbank
Offered
Rate
+
5.50%
CARLYLE
US
CLO
2017-4
Ltd
3.04%,
01/15/2030
(f)
$
280‌
274‌
1.00
x
3
Month
USD
LIBOR
+
2.80%
CCG
Receivables
Trust
2018-1
3.42%,
06/16/2025
(f)
100‌
101‌
CLI
Funding
VIII
LLC
1.64%,
02/18/2046
(f)
400‌
397‌
Cole
Park
CLO
Ltd
2015-1
3.37%,
10/20/2028
(f)
255‌
256‌
1.00
x
3
Month
USD
LIBOR
+
3.15%
Colony
American
Finance
2016-1
Ltd
4.64%,
06/15/2048
(f),(l)
42‌
42‌
DB
Master
Finance
LLC
4.35%,
05/20/2049
(f)
207‌
223‌
Diamond
Resorts
Owner
Trust
6.07%,
10/22/2029
(f)
59‌
60‌
Diamond
Resorts
Owner
Trust
2018-1
4.53%,
01/21/2031
(f)
206‌
213‌
Diamond
Resorts
Owner
Trust
2019-1
3.53%,
02/20/2032
(f)
199‌
205‌
Domino's
Pizza
Master
Issuer
LLC
4.12%,
07/25/2047
(f)
514‌
554‌
Dryden
33
Senior
Loan
Fund
7.21%,
04/15/2029
(f)
700‌
702‌
1.00
x
3
Month
USD
LIBOR
+
6.97%
GCA2014
Holdings
Ltd
-
Class
C
6.00%,
01/05/2030
(f),(g),(h)
695‌
253‌
GCA2014
Holdings
Ltd
-
Class
D
7.50%,
01/05/2030
(f),(g),(h)
316‌
47‌
GCA2014
Holdings
Ltd
-
Class
E
0.00%,
01/05/2030
(e),(f),(g),(h)
1,030‌
—‌
Global
Container
Assets
Ltd
4.50%,
02/05/2030
(f)
169‌
169‌
Hardee's
Funding
LLC
3.98%,
12/20/2050
(f)
120‌
125‌
Hayfin
US
XII
Ltd
7.12%,
07/20/2032
(f)
110‌
110‌
1.00
x
3
Month
USD
LIBOR
+
6.90%
Hilton
Grand
Vacations
Trust
2018-A
4.00%,
02/25/2032
(f)
55‌
57‌
HPEFS
Equipment
Trust
2.79%,
07/22/2030
(f)
500‌
519‌
HPEFS
Equipment
Trust
2020-1
2.26%,
02/20/2030
(f)
115‌
118‌
Kestrel
Aircraft
Funding
Ltd
4.25%,
12/15/2038
(f)
332‌
331‌
KKR
Clo
25
Ltd
6.78%,
04/15/2032
(f)
640‌
636‌
1.00
x
3
Month
USD
LIBOR
+
6.54%
Legacy
Mortgage
Asset
Trust
2019-GS3
3.75%,
04/25/2059
(f),(l)
326‌
329‌
Legacy
Mortgage
Asset
Trust
2019-GS4
3.44%,
05/25/2059
(f),(l)
166‌
167‌
Madison
Park
Funding
XXVI
Ltd
3.21%,
07/29/2030
(f)
255‌
252‌
1.00
x
3
Month
USD
LIBOR
+
3.00%
Madison
Park
Funding
XXX
LTD
2.74%,
04/15/2029
(f)
255‌
249‌
1.00
x
3
Month
USD
LIBOR
+
2.50%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
MAPS
2018-1
Ltd
4.21%,
05/15/2043
(f)
$
598‌
$
609‌
New
Residential
Mortgage
Loan
Trust
2020-NPL2
3.23%,
08/25/2060
(f),(l)
88‌
89‌
Octagon
Investment
Partners
XVI
Ltd
5.97%,
07/17/2030
(f)
500‌
486‌
1.00
x
3
Month
USD
LIBOR
+
5.75%
Octagon
Investment
Partners
XXII
Ltd
2.12%,
01/22/2030
(f)
250‌
249‌
1.00
x
3
Month
USD
LIBOR
+
1.90%
OHA
Credit
Funding
3
LTD
5.22%,
07/20/2032
(f)
255‌
247‌
1.00
x
3
Month
USD
LIBOR
+
5.00%
OHA
Credit
Funding
4
Ltd
6.32%,
10/22/2032
(f)
255‌
254‌
1.00
x
3
Month
USD
LIBOR
+
6.10%
OHA
Loan
Funding
2013-1
Ltd
3.27%,
07/23/2031
(f)
275‌
276‌
1.00
x
3
Month
USD
LIBOR
+
3.05%
OneMain
Financial
Issuance
Trust
2015-3
4.16%,
11/20/2028
(f)
790‌
792‌
OneMain
Financial
Issuance
Trust
2019-1
4.22%,
02/14/2031
(f)
620‌
643‌
OZLM
XXIII
Ltd
7.04%,
04/15/2032
(f)
430‌
427‌
1.00
x
3
Month
USD
LIBOR
+
6.80%
Parallel
2017-1
Ltd
2.22%,
07/20/2029
(f)
305‌
301‌
1.00
x
3
Month
USD
LIBOR
+
2.00%
Parallel
2018-2
Ltd
2.37%,
10/20/2031
(f)
480‌
478‌
1.00
x
3
Month
USD
LIBOR
+
2.15%
Planet
Fitness
Master
Issuer
LLC
3.86%,
12/05/2049
(f)
272‌
260‌
Progress
Residential
2018-SFR2
Trust
4.66%,
08/17/2035
(f)
100‌
101‌
Progress
Residential
2019-SFR1
Trust
4.47%,
08/17/2035
(f)
420‌
431‌
PRPM
2020-1
LLC
2.98%,
02/25/2025
(f),(l)
385‌
386‌
Sierra
Timeshare
2020-2
Receivables
Funding
LLC
3.51%,
07/20/2037
(f)
78‌
81‌
S-Jets
2017-1
Ltd
3.97%,
08/15/2042
(f)
741‌
746‌
Sound
Point
Clo
XV
Ltd
6.18%,
01/23/2029
(f)
1,500‌
1,346‌
1.00
x
3
Month
USD
LIBOR
+
5.96%
Sprite
2017-1
Ltd
5.75%,
12/15/2037
(f)
240‌
220‌
Textainer
Marine
Containers
VII
Ltd
1.68%,
02/20/2046
(f)
195‌
193‌
Thunderbolt
Aircraft
Lease
Ltd
5.75%,
05/17/2032
(f),(l)
162‌
159‌
Towd
Point
Mortgage
Trust
2015-2
2.50%,
11/25/2060
(f),(l)
62‌
62‌
Wendy's
Funding
LLC
4.08%,
06/15/2049
(f)
82‌
86‌
Wingstop
Funding
LLC
2.84%,
12/05/2050
(f)
100‌
101‌
York
CLO-7
Ltd
4.02%,
01/22/2033
(f)
295‌
296‌
1.00
x
3
Month
USD
LIBOR
+
3.80%
$
28,029‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
123
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
-
0.37%
Teva
Pharmaceutical
Finance
Netherlands
II
BV
6.00%,
01/31/2025
EUR
190‌
$
250‌
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4.10%,
10/01/2046
$
1,420‌
1,221‌
7.13%,
01/31/2025
210‌
227‌
Viatris
Inc
4.00%,
06/22/2050
(f)
290‌
298‌
$
1,996‌
Pipelines
-
0.53%
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
630‌
678‌
Energy
Transfer
Operating
LP
3.75%,
05/15/2030
65‌
69‌
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
(f)
1,800‌
1,780‌
2.94%,
09/30/2040
(f)
205‌
202‌
Kinder
Morgan
Inc
5.05%,
02/15/2046
75‌
86‌
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
4.00%,
01/15/2032
(f)
55‌
54‌
$
2,869‌
Real
Estate
-
0.75%
Kaisa
Group
Holdings
Ltd
8.50%,
06/30/2022
750‌
758‌
9.38%,
06/30/2024
200‌
191‌
11.95%,
11/12/2023
325‌
338‌
Sunac
China
Holdings
Ltd
6.50%,
01/10/2025
375‌
374‌
6.65%,
08/03/2024
200‌
203‌
7.00%,
07/09/2025
775‌
783‌
7.25%,
06/14/2022
200‌
205‌
Yuzhou
Group
Holdings
Co
Ltd
6.00%,
01/25/2022
220‌
223‌
8.50%,
02/04/2023
725‌
772‌
8.50%,
02/26/2024
200‌
215‌
$
4,062‌
Regional
Authority
-
0.12%
Provincia
de
Buenos
Aires/Government
Bonds
37.85%,
04/12/2025
(f)
ARS
11,045‌
110‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
3.75%
37.93%,
05/31/2022
51,665‌
540‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
3.83%
$
650‌
REITs
-
0.14%
Iron
Mountain
Inc
5.00%,
07/15/2028
(f)
$
165‌
171‌
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.25%,
02/01/2027
(f)
160‌
155‌
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co-Issuer
Inc
3.88%,
02/15/2029
(f)
130‌
131‌
National
Health
Investors
Inc
3.00%,
02/01/2031
35‌
34‌
SBA
Communications
Corp
3.13%,
02/01/2029
(f)
260‌
254‌
$
745‌
Retail
-
0.57%
1011778
BC
ULC
/
New
Red
Finance
Inc
3.88%,
01/15/2028
(f)
50‌
51‌
4.38%,
01/15/2028
(f)
255‌
259‌
Carvana
Co
5.63%,
10/01/2025
(f)
125‌
130‌
5.88%,
10/01/2028
(f)
145‌
152‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Murphy
Oil
USA
Inc
3.75%,
02/15/2031
(f)
$
40‌
$
40‌
Sizzling
Platter
LLC
/
Sizzling
Platter
Finance
Corp
8.50%,
11/28/2025
(f)
259‌
269‌
Staples
Inc
10.75%,
04/15/2027
(f),(o)
2,048‌
1,956‌
Yum!
Brands
Inc
3.63%,
03/15/2031
230‌
221‌
$
3,078‌
Semiconductors
-
0.15%
Broadcom
Inc
4.30%,
11/15/2032
740‌
826‌
Sovereign
-
8.42%
1MDB
Global
Investments
Ltd
4.40%,
03/09/2023
900‌
904‌
Argentine
Republic
Government
International
Bond
0.12%,
07/09/2035
(l)
4,276‌
1,366‌
0.12%,
07/09/2046
(l)
EUR
64‌
24‌
0.50%,
07/09/2029
1‌
—‌
Brazilian
Government
International
Bond
2.88%,
06/06/2025
(o)
$
2,964‌
3,019‌
3.88%,
06/12/2030
(o)
997‌
992‌
Dominican
Republic
International
Bond
4.50%,
01/30/2030
400‌
404‌
5.95%,
01/25/2027
275‌
310‌
Egypt
Government
International
Bond
5.88%,
02/16/2031
(f)
575‌
554‌
6.38%,
04/11/2031
EUR
300‌
377‌
7.63%,
05/29/2032
$
1,300‌
1,387‌
El
Salvador
Government
International
Bond
5.88%,
01/30/2025
250‌
244‌
7.12%,
01/20/2050
300‌
277‌
7.65%,
06/15/2035
100‌
99‌
Export-Import
Bank
of
Korea
6.75%,
08/09/2022
INR
7,100‌
98‌
Ghana
Government
International
Bond
6.38%,
02/11/2027
$
750‌
770‌
7.88%,
03/26/2027
475‌
516‌
Indonesia
Treasury
Bond
5.50%,
04/15/2026
IDR
16,600,000‌
1,153‌
7.00%,
05/15/2027
19,600,000‌
1,436‌
Ivory
Coast
Government
International
Bond
4.88%,
01/30/2032
EUR
150‌
181‌
4.88%,
01/30/2032
(f)
1,100‌
1,327‌
5.88%,
10/17/2031
200‌
260‌
Mexico
Government
International
Bond
3.77%,
05/24/2061
$
405‌
356‌
Montenegro
Government
International
Bond
2.88%,
12/16/2027
(f)
EUR
650‌
753‌
5.75%,
03/10/2021
(o)
2,282‌
2,754‌
Oman
Government
International
Bond
7.38%,
10/28/2032
$
600‌
673‌
Peru
Government
Bond
6.15%,
08/12/2032
PEN
5,325‌
1,663‌
Republic
of
South
Africa
Government
Bond
6.25%,
03/31/2036
ZAR
34,042‌
1,557‌
8.88%,
02/28/2035
64,500‌
3,785‌
Romanian
Government
International
Bond
1.38%,
12/02/2029
(f)
EUR
250‌
300‌
2.00%,
01/28/2032
675‌
818‌
3.50%,
04/03/2034
350‌
487‌
3.62%,
05/26/2030
(f)
400‌
561‌
Russian
Federal
Bond
-
OFZ
6.10%,
07/18/2035
RUB
97,000‌
1,199‌
7.25%,
05/10/2034
136,000‌
1,870‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
124
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Serbia
International
Bond
3.13%,
05/15/2027
(f)
EUR
1,125‌
$
1,502‌
Turkey
Government
International
Bond
4.75%,
01/26/2026
$
600‌
601‌
5.60%,
11/14/2024
(o)
592‌
619‌
5.75%,
03/22/2024
(o)
747‌
782‌
5.88%,
06/26/2031
2,025‌
2,005‌
6.25%,
09/26/2022
(o)
358‌
374‌
6.35%,
08/10/2024
(o)
732‌
781‌
6.38%,
10/14/2025
(o)
1,978‌
2,119‌
Ukraine
Government
Bond
16.42%,
11/17/2021
UAH
3,800‌
141‌
16.75%,
06/16/2021
4,300‌
156‌
Ukraine
Government
International
Bond
0.00%,
05/31/2040
(e),(l)
$
1,125‌
1,234‌
7.75%,
09/01/2025
500‌
543‌
7.75%,
09/01/2027
1,000‌
1,082‌
Ukraine
Treasury
Bill
0.00%,
07/07/2021
(e)
UAH
20,100‌
696‌
Zambia
Government
International
Bond
0.00%,
04/14/2024
(e)
$
700‌
410‌
$
45,519‌
Student
Loan
Asset
Backed
Securities
-
0.34%
Navient
Private
Education
Refi
Loan
Trust
2018-A
3.68%,
02/18/2042
(f)
140‌
143‌
Navient
Private
Education
Refi
Loan
Trust
2019-F
3.12%,
08/15/2068
(f)
445‌
455‌
Navient
Private
Education
Refi
Loan
Trust
2020-F
2.69%,
07/15/2069
(f)
100‌
99‌
SLM
Private
Credit
Student
Loan
Trust
2003-A
3.18%,
06/15/2032
189‌
189‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SLM
Private
Credit
Student
Loan
Trust
2003-B
3.20%,
03/15/2033
350‌
350‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
3.63%,
03/15/2033
50‌
50‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SMB
Private
Education
Loan
Trust
2015-C
3.50%,
09/15/2043
(f)
100‌
104‌
SMB
Private
Education
Loan
Trust
2018-C
4.00%,
11/17/2042
(f)
100‌
104‌
SoFi
Professional
Loan
Program
2015-C
LLC
3.58%,
08/25/2036
(f)
23‌
23‌
Sofi
Professional
Loan
Program
2016-A
LLC
3.57%,
01/26/2038
(f)
138‌
140‌
SoFi
Professional
Loan
Program
2020-ATrust
3.12%,
05/15/2046
(f)
160‌
165‌
$
1,822‌
Supranational
Bank
-
0.18%
Banque
Ouest
Africaine
de
Developpement
2.75%,
01/22/2033
(f)
EUR
525‌
652‌
Eastern
&
Southern
African
Trade
&
Development
Bank/The
4.88%,
05/23/2024
$
200‌
211‌
International
Finance
Corp
5.85%,
11/25/2022
INR
8,170‌
112‌
$
975‌
Telecommunications
-
1.26%
AT&T
Inc
3.65%,
06/01/2051
$
325‌
311‌
C&W
Senior
Financing
DAC
7.50%,
10/15/2026
(f)
800‌
846‌
CommScope
Inc
7.13%,
07/01/2028
(f)
455‌
477‌
CommScope
Technologies
LLC
5.00%,
03/15/2027
(f)
190‌
186‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Intrado
Corp
8.50%,
10/15/2025
(f)
$
1,912‌
$
1,898‌
Kenbourne
Invest
SA
6.88%,
11/26/2024
(f)
355‌
382‌
MTN
Mauritius
Investments
Ltd
5.37%,
02/13/2022
1,260‌
1,292‌
Plantronics
Inc
4.75%,
03/01/2029
(f),(n)
111‌
111‌
VEON
Holdings
BV
3.38%,
11/25/2027
(f)
1,300‌
1,324‌
$
6,827‌
Transportation
-
0.04%
Indian
Railway
Finance
Corp
Ltd
2.80%,
02/10/2031
(f)
200‌
194‌
TOTAL
BONDS
$
186,683‌
CONVERTIBLE
BONDS
-
0.70%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0.06%
Southwest
Airlines
Co
1.25%,
05/01/2025
$
210‌
$
353‌
Biotechnology
-
0.15%
BioMarin
Pharmaceutical
Inc
0.60%,
08/01/2024
125‌
130‌
1.25%,
05/15/2027
(f)
495‌
505‌
Guardant
Health
Inc
0.00%,
11/15/2027
(e),(f)
60‌
77‌
Halozyme
Therapeutics
Inc
0.25%,
03/01/2027
(f),(n)
80‌
79‌
$
791‌
Commercial
Services
-
0.03%
Chegg
Inc
0.00%,
09/01/2026
(e),(f)
60‌
71‌
Shift4
Payments
Inc
0.00%,
12/15/2025
(e),(f)
80‌
98‌
$
169‌
Computers
-
0.01%
Lumentum
Holdings
Inc
0.50%,
12/15/2026
30‌
36‌
Energy
-
Alternate
Sources
-
0.01%
Sunrun
Inc
0.00%,
02/01/2026
(e),(f)
40‌
39‌
Entertainment
-
0.03%
Marriott
Vacations
Worldwide
Corp
0.00%,
01/15/2026
(e),(f)
120‌
142‌
Healthcare
-
Products
-
0.01%
SmileDirectClub
Inc
0.00%,
02/01/2026
(e),(f)
60‌
57‌
Healthcare
-
Services
-
0.08%
Teladoc
Health
Inc
1.25%,
06/01/2027
(f)
340‌
440‌
Internet
-
0.05%
Expedia
Group
Inc
0.00%,
02/15/2026
(e),(f)
85‌
91‌
Palo
Alto
Networks
Inc
0.38%,
06/01/2025
(f)
15‌
20‌
Uber
Technologies
Inc
0.00%,
12/15/2025
(e),(f)
170‌
178‌
$
289‌
Leisure
Products
&
Services
-
0.00%
Peloton
Interactive
Inc
0.00%,
02/15/2026
(e),(f)
30‌
30‌
Media
-
0.22%
DISH
Network
Corp
0.00%,
12/15/2025
(e),(f)
15‌
15‌
2.38%,
03/15/2024
140‌
132‌
3.38%,
08/15/2026
1,002‌
942‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
125
CONVERTIBLE
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Liberty
Media
Corp
0.50%,
12/01/2050
(f)
$
80‌
$
96‌
$
1,185‌
Pharmaceuticals
-
0.02%
Neurocrine
Biosciences
Inc
2.25%,
05/15/2024
85‌
126‌
Software
-
0.02%
Bentley
Systems
Inc
0.13%,
01/15/2026
(f)
30‌
31‌
LivePerson
Inc
0.00%,
12/15/2026
(e),(f)
55‌
63‌
$
94‌
Trucking
&
Leasing
-
0.01%
Greenbrier
Cos
Inc/The
2.88%,
02/01/2024
40‌
44‌
TOTAL
CONVERTIBLE
BONDS
$
3,795‌
CREDIT
LINKED
STRUCTURED
NOTES
-
1.36%
Principal
Amount
(000's)
Value
(000's)
Sovereign
-
1.36%
China
Government
Bond
-
JPMorgan
Chase
3.27%,
11/19/2030
(f)
CNY
47,600‌
$
7,355‌
TOTAL
CREDIT
LINKED
STRUCTURED
NOTES
$
7,355‌
SENIOR
FLOATING
RATE
INTERESTS
-
0.88%
Principal
Amount
(000's)
Value
(000's)
Automobile
Parts
&
Equipment
-
0.17%
GC
EOS
Buyer
Inc
4.62%,
06/27/2025
(q)
$
970‌
$
944‌
3
Month
USD
LIBOR
+
4.50%
Commercial
Services
-
0.19%
Garda
World
4.99%,
10/30/2026
(q)
1,000‌
1,001‌
3
Month
USD
LIBOR
+
4.75%
Consumer
Products
-
0.07%
KIK
Custom
Products
Inc
4.25%,
12/22/2026
(q)
372‌
372‌
Diversified
Financial
Services
-
0.18%
Syncapay
Inc
7.50%,
12/10/2027
(q)
1,000‌
990‌
1
Month
USD
LIBOR
+
6.50%
Engineering
&
Construction
-
0.01%
Tutor
Perini
Corp
4.49%,
08/13/2027
(q)
44‌
45‌
3
Month
USD
LIBOR
+
4.75%
Entertainment
-
0.01%
Deluxe
Entertainment
Services
Group
Inc
0.00%,
PIK
0.00%,
03/25/2024
(e),(h),(p),(q)
99‌
40‌
1
Month
USD
LIBOR
+
6.50%
0.00%,
PIK
0.00%,
09/25/2024
(e),(h),(p),(q)
806‌
—‌
1
Month
USD
LIBOR
+
8.50%
$
40‌
Hand
&
Machine
Tools
-
0.18%
Apex
Tool
6.50%,
08/01/2024
(q)
994‌
992‌
1
Month
USD
LIBOR
+
5.25%
Home
Furnishings
-
0.02%
Weber-Stephen
Products
LLC
4.00%,
10/20/2027
(q)
125‌
125‌
1
Month
USD
LIBOR
+
3.25%
Insurance
-
0.01%
Alliant
Holdings
Intermediate
LLC
4.25%,
10/08/2027
(q)
17‌
17‌
1
Month
USD
LIBOR
+
3.75%
Amwins
Group
Inc
3.00%,
02/17/2028
(q)
43‌
43‌
1
Month
USD
LIBOR
+
2.25%
$
60‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
-
0.03%
Ziggo
BV
3.00%,
01/17/2029
(q)
EUR
115‌
$
138‌
3
Month
Euro
Interbank
Offered
Rate
+
3.00%
Oil
&
Gas
Services
-
0.01%
Lealand
Finance
Co
BV
3.11%,
06/28/2024
(q)
$
44‌
35‌
1
Month
USD
LIBOR
+
3.00%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
4,742‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
25.64%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
25.06%
0.13%,
06/30/2022
(o)
$
2,773‌
$
2,773‌
0.25%,
09/30/2025
(o)
7,578‌
7,424‌
0.38%,
09/30/2027
(o)
10,570‌
10,075‌
1.13%,
08/15/2040
(o)
7,844‌
6,612‌
1.25%,
10/31/2021
(o)
20,120‌
20,279‌
1.88%,
03/31/2022
(o)
18,234‌
18,586‌
2.13%,
05/15/2022
(o)
23,265‌
23,826‌
2.50%,
01/15/2022
(o)
26,693‌
27,253‌
2.50%,
02/15/2022
(o)
18,234‌
18,653‌
$
135,481‌
U.S.
Treasury
Bill
-
0.58%
0.07%,
01/27/2022
(r)
1,830‌
1,829‌
0.12%,
11/04/2021
(r),(s)
1,300‌
1,299‌
$
3,128‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
138,609‌
REPURCHASE
AGREEMENTS
-
17.80%
Maturity
Amount
(000's)
Value
(000's)
Banks
-
17.80%
Merrill
Lynch
Repurchase
Agreement;
(0.02)%
traded
02/26/2021
maturing
03/01/2021
(collateralized
by
United
States
Treasury
Inflation
Indexed
Bonds;
$2,477,660;
0.13%;
dated
07/15/30)
$
2,542‌
$
2,542‌
Merrill
Lynch
Repurchase
Agreement;
(0.02)%
traded
02/26/2021
maturing
03/01/2021
(collateralized
by
United
States
Treasury
Inflation
Indexed
Bonds;
$6,157,998;
0.13%;
dated
10/15/25)
6,199‌
6,199‌
Merrill
Lynch
Repurchase
Agreement;
(0.02)%
traded
02/26/2021
maturing
03/01/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$2,158,608;
1.88%;
dated
02/15/51)
2,170‌
2,170‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.02)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$18,196,872;
2.25%;
dated
02/15/37)
18,250‌
18,250‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.02)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$3,454,720;
1.25%;
dated
05/15/50)
3,482‌
3,482‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.02)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$20,898,341;
1.13%;
dated
02/28/22)
21,022‌
21,022‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.02)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$29,986,451;
0.13%;
dated
09/30/22)
29,979‌
29,979‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
126
REPURCHASE
AGREEMENTS
(continued)
Maturity
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.10)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$3,428,684;
0.63%;
dated
08/15/30)
$
3,424‌
$
3,424‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.10)%
traded
02/26/2021
maturing
04/08/2021
(collateralized
by
Turkey
Government
International
Bond;
$713,667;
11.88%;
dated
01/15/30)
724‌
725‌
Merrill
Lynch
Repurchase
Agreement;
(0.30)%
traded
02/26/2021
maturing
03/01/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$5,454,304;
1.13%;
dated
02/15/31)
5,498‌
5,499‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.30)%
traded
03/18/2020
(collateralized
by
Republic
of
South
Africa
Government
International
Bond;
$3,257,188;
4.85%;
dated
09/27/27)
(t)
2,947‌
2,956‌
$
96,248‌
TOTAL
REPURCHASE
AGREEMENTS
$
96,248‌
TOTAL
PURCHASED
OPTIONS
-
0.24%
$
1,305‌
TOTAL
PURCHASED
INTEREST
RATE
SWAPTIONS
-
0.01%
$
54‌
Total
Investments
$
780,190‌
Other
Assets
and
Liabilities
-  (44.30)%
(239,500‌)
TOTAL
NET
ASSETS
-
100.00%
$
540,690‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
All
or
a
portion
of
this
security
is
owned
by
the
GMS
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
(c)
Security
or
a
portion
of
the
security
was
pledged
as
collateral
for
short
sales.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$85,532
or
15.82%
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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$112,320
or
20.77%
of
net
assets.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(h)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$6,432
or
1.19%
of
net
assets.
(i)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(j)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(k)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(l)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(m)
Security
is
an
Interest
Only
Strip.
(n)
Security
purchased
on
a
when-issued
basis.
(o)
Security
or
portion
of
the
security
was
pledged
as
collateral
for
reverse
repurchase
agreements.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$145,295
or
26.87%
of
net
assets.
(p)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(q)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(r)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(s)
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
$440
or
0.08%
of
net
assets.
(t)
Although
the
maturity
date
of
the
repurchase
agreement
is
open-ended
through
the
maturity
date
of
the
collateral,
the
Fund
has
a
right
to
terminate
the
repurchase
agreement
and
demand
repayment
from
the
counterparty
at
any
time
with
two
days'
notice
or
less.
During
periods
of
high
demand
for
the
collateral
security,
the
fund
may
also
pay
the
counterparty
a
fee.
Portfolio
Summary  (unaudited)
Sector
Percent
Government
35.72‌%
Financial
27.40‌%
Money
Market
Funds
21.51‌%
Consumer,
Non-cyclical
10.56‌%
Communications
8.28‌%
Industrial
7.88‌%
Consumer,
Cyclical
7.69‌%
Mortgage
Securities
6.13‌%
Asset
Backed
Securities
5.98‌%
Technology
5.55‌%
Energy
3.14‌%
Basic
Materials
3.06‌%
Utilities
1.11‌%
Purchased
Options
0.24‌%
Diversified
0.03‌%
Investment
Companies
0.01‌%
Purchased
Interest
Rate
Swaptions
0.01‌%
Investments
Sold
Short
(30.71‌)%
Other
Assets
and
Liabilities
(13.59‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
89,036‌
$
541,939‌
$
523,784‌
$
107,191‌
$
89,036‌
$
541,939‌
$
523,784‌
$
107,191‌
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
127
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Airbnb
-
Class
A
06/24/2015
$
157‌
$
695‌
0.13%
Element
Comm
Aviation
06/15/2015
2,800‌
294‌
0.05%
Forward
Venture
Services
LLC  
0.00%
11/20/2014
102‌
632‌
0.12%
Jand
Inc
04/23/2015
19‌
39‌
0.01%
Jand
Inc  
0.00%
04/23/2015
43‌
88‌
0.01%
Marklogic
-
Escrow  
0.00%
11/10/2020
4‌
3‌
0.00%
Porch
Group,
Inc.
12/23/2020
25‌
46‌
0.01%
Veracode
Inc
-
Escrow  
0.00%
04/18/2017
21‌
—‌
0.00%
WE
Company
Common
Class
A
12/08/2014
6‌
1‌
0.00%
WE
Company
Preferred
D-1  
0.00%
12/08/2014
81‌
31‌
0.01%
WE
Company
Preferred
D-2  
0.00%
12/08/2014
64‌
24‌
0.00%
Total
$
1,853‌
0.34%
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
SPDR
Gold
Shares
ETP
N/A
22‌
$
2‌
$
200.00‌
01/24/2022
$
27‌
$
7‌
$
(20‌)
Call
-
T-Mobile
US
Inc
N/A
71‌
7‌
$
125.00‌
04/19/2021
28‌
25‌
(3‌)
Put
-
iShares
Russell
2000
ETF
N/A
24‌
2‌
$
180.00‌
04/01/2021
13‌
3‌
(10‌)
Put
-
iShares
Russell
2000
ETF
N/A
24‌
2‌
$
175.00‌
04/01/2021
13‌
2‌
(11‌)
Put
-
iShares
Russell
2000
ETF
N/A
24‌
2‌
$
165.00‌
04/01/2021
9‌
1‌
(8‌)
Put
-
iShares
Russell
2000
ETF
N/A
24‌
2‌
$
171.00‌
03/22/2021
10‌
1‌
(9‌)
Put
-
S&P
500
Index
N/A
21‌
2‌
$
3,375.00‌
09/20/2021
376‌
303‌
(73‌)
Put
-
S&P
500
Index
N/A
24‌
2‌
$
3,150.00‌
03/22/2021
390‌
14‌
(376‌)
Put
-
S&P
500
Index
N/A
21‌
2‌
$
3,325.00‌
06/21/2021
184‌
160‌
(24‌)
Put
-
SPDR
S&P
500
ETF
Trust
N/A
12‌
1‌
$
334.00‌
03/22/2021
7‌
2‌
(5‌)
Put
-
SPDR
S&P
500
ETF
Trust
N/A
12‌
1‌
$
333.00‌
04/01/2021
9‌
3‌
(6‌)
Put
-
SPDR
S&P
500
ETF
Trust
N/A
12‌
1‌
$
330.00‌
04/01/2021
8‌
2‌
(6‌)
Put
-
SPDR
S&P
500
ETF
Trust
N/A
12‌
1‌
$
334.00‌
04/01/2021
9‌
3‌
(6‌)
Call
-
EUR
versus
ZAR
JPMorgan
Chase
1
EUR
2,220‌
EUR
18.80‌
04/01/2021
25‌
33‌
8‌
Call
-
EUR
versus
ZAR
Citigroup
Inc
1
1,839‌
EUR
19.30‌
04/01/2021
50‌
15‌
(35‌)
Call
-
EUR
versus
ZAR
Citigroup
Inc
1
1,510‌
EUR
19.30‌
04/01/2021
47‌
12‌
(35‌)
Call
-
USD
versus
CLP
Morgan
Stanley
&
Co
1
$
1,813‌
$
755.00‌
06/16/2021
42‌
25‌
(17‌)
Call
-
USD
versus
CLP
Morgan
Stanley
&
Co
1
5,439‌
$
755.00‌
06/16/2021
158‌
74‌
(84‌)
Call
-
USD
versus
MXN
UBS
AG
1
2,563‌
$
21.20‌
03/31/2021
46‌
43‌
(3‌)
Call
-
USD
versus
MXN
Goldman
Sachs
&
Co
1
4,343‌
$
21.20‌
03/31/2021
73‌
73‌
—‌
Call
-
USD
versus
PHP
JPMorgan
Chase
1
3,484‌
$
49.50‌
08/18/2021
28‌
47‌
19‌
Call
-
USD
versus
PHP
Nomura
Securities
1
2,136‌
$
49.50‌
08/18/2021
21‌
29‌
8‌
Call
-
USD
versus
USD
Jefferies
&
Company
1
2,775‌
$
1.36‌
03/29/2021
52‌
108‌
56‌
Put
-
USD
versus
BRL
Goldman
Sachs
&
Co
1
2,136‌
$
5.30‌
05/12/2021
55‌
23‌
(32‌)
Put
-
USD
versus
BRL
Citigroup
Inc
1
712‌
$
5.30‌
05/12/2021
26‌
8‌
(18‌)
Put
-
USD
versus
BRL
BNP
Paribas
1
3,916‌
$
5.30‌
05/12/2021
128‌
43‌
(85‌)
Put
-
USD
versus
BRL
Morgan
Stanley
&
Co
1
1,068‌
$
5.30‌
05/12/2021
36‌
12‌
(24‌)
Put
-
USD
versus
CNH
Standard
Chartered
Bank,
Hong
Kong
1
2,848‌
$
6.45‌
05/20/2021
17‌
15‌
(2‌)
Put
-
USD
versus
IDR
Barclays
Bank
PLC
1
3,060‌
$
13,800.00‌
04/02/2021
42‌
1‌
(41‌)
Put
-
USD
versus
IDR
UBS
AG
1
6,040‌
$
13,800.00‌
04/02/2021
86‌
3‌
(83‌)
Put
-
USD
versus
IDR
Barclays
Bank
PLC
1
1,224‌
$
13,800.00‌
04/21/2021
9‌
1‌
(8‌)
Put
-
USD
versus
JPY
Barclays
Bank
PLC
1
2,775‌
$
103.50‌
05/17/2021
16‌
12‌
(4‌)
Put
-
USD
versus
JPY
Barclays
Bank
PLC
1
2,775‌
$
103.50‌
05/17/2021
15‌
12‌
(3‌)
Put
-
USD
versus
JPY
Standard
Chartered
Bank,
Hong
Kong
1
2,850‌
$
104.25‌
06/16/2021
26‌
22‌
(4‌)
Put
-
USD
versus
TRY
Morgan
Stanley
&
Co
1
6,732‌
$
7.30‌
04/16/2021
108‌
72‌
(36‌)
Put
-
USD
versus
TRY
Deutsche
Bank
AG
1
3,752‌
$
7.25‌
05/03/2021
70‌
36‌
(34‌)
Put
-
US
5
Year
Note
Future;
June
2021
N/A
54‌
54‌
$
125.00‌
03/29/2021
16‌
60‌
44‌
Total
$
2,275‌
$
1,305‌
$
(970‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
Activision
Blizzard
Inc
N/A
2‌
$
—‌
$
110.00‌
04/19/2021
$
—‌
$
—‌
$
—‌
Call
-
Applied
Materials
Inc
N/A
1‌
—‌
$
135.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Bank
of
America
Corp
N/A
6‌
1‌
$
37.00‌
04/19/2021
(1‌)
(1‌)
—‌
Call
-
Chevron
Corp
N/A
2‌
—‌
$
105.00‌
04/19/2021
(1‌)
(1‌)
—‌
Call
-
Comcast
Corp
N/A
2‌
—‌
$
55.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Crown
Castle
International
Corp
N/A
1‌
—‌
$
175.00‌
04/19/2021
—‌
—‌
—‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
128
Options
(continued)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
DR
Horton
Inc
N/A
2‌
$
—‌
$
90.00‌
04/19/2021
$
—‌
$
—‌
$
—‌
Call
-
Exxon
Mobil
Corp
N/A
3‌
—‌
$
60.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Fox
Corp
N/A
2‌
—‌
$
37.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Gilead
Sciences
Inc
N/A
3‌
—‌
$
70.00‌
04/19/2021
—‌
—‌
—‌
Call
-
HCA
Holdings
Inc
N/A
1‌
—‌
$
190.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Intel
Corp
N/A
3‌
—‌
$
70.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Lowe's
Cos
Inc
N/A
1‌
—‌
$
195.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Morgan
Stanley
N/A
2‌
—‌
$
85.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Nexstar
Media
Group
Inc
N/A
1‌
—‌
$
140.00‌
04/19/2021
(1‌)
(1‌)
—‌
Call
-
Oracle
Corp
N/A
3‌
—‌
$
67.50‌
04/19/2021
(1‌)
(1‌)
—‌
Call
-
Pfizer
Inc
N/A
3‌
—‌
$
37.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Philip
Morris
International
Inc
N/A
1‌
—‌
$
90.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Skyworks
Solutions
Inc
N/A
1‌
—‌
$
210.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Target
Corp
N/A
1‌
—‌
$
210.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Texas
Instruments
Inc
N/A
1‌
—‌
$
190.00‌
04/19/2021
—‌
—‌
—‌
Call
-
T-Mobile
US
Inc
N/A
71‌
7‌
$
140.00‌
04/19/2021
(6‌)
(5‌)
1‌
Put
-
S&P
500
Index
N/A
21‌
2‌
$
3,100.00‌
09/20/2021
(251‌)
(204‌)
47‌
Put
-
S&P
500
Index
N/A
21‌
2‌
$
2,975.00‌
06/21/2021
(152‌)
(83‌)
69‌
Put
-
T-Mobile
US
Inc
N/A
71‌
7‌
$
115.00‌
04/19/2021
(19‌)
(23‌)
(4‌)
Call
-
EUR
versus
HUF
Barclays
Bank
PLC
1
EUR
2,144‌
EUR
368.00‌
08/18/2021
(27‌)
(35‌)
(8‌)
Put
-
USD
versus
CLP
Morgan
Stanley
&
Co
1
$
4,230‌
$
710.00‌
06/16/2021
(70‌)
(77‌)
(7‌)
Put
-
USD
versus
CNH
Standard
Chartered
Bank,
Hong
Kong
1
2,848‌
$
6.35‌
05/20/2021
(6‌)
(5‌)
1‌
Put
-
USD
versus
INR
Nomura
Securities
1
1,340‌
$
72.00‌
05/26/2021
(5‌)
(2‌)
3‌
Put
-
USD
versus
JPY
Standard
Chartered
Bank
,
Hong
Kong
1
2,850‌
$
102.00‌
06/16/2021
(13‌)
(12‌)
1‌
Put
-
USD
versus
TRY
Deutsche
Bank
AG
1
3,752‌
$
6.95‌
05/03/2021
(23‌)
(11‌)
12‌
Put
-
USD
versus
TRY
Goldman
Sachs
&
Co
1
6,732‌
$
7.00‌
04/16/2021
(48‌)
(20‌)
28‌
Put
-
USD
versus
ZAR
Goldman
Sachs
&
Co
1
3,204‌
$
14.90‌
05/19/2021
(62‌)
(63‌)
(1‌)
Put
-
USD
versus
ZAR
JPMorgan
Chase
1
1,876‌
$
14.90‌
07/07/2021
(51‌)
(46‌)
5‌
Put
-
US
5
Year
Note
Future;
June
2021
N/A
54‌
54‌
$
124.25‌
03/29/2021
(6‌)
(33‌)
(27‌)
Put
-
US
5
Year
Note
Future;
June
2021
N/A
54‌
54‌
$
124.75‌
03/29/2021
(11‌)
(49‌)
(38‌)
Total
$
(754‌)
$
(672‌)
$
82‌
Amounts
in
thousands
except
contracts/shares.
Interest
Rate
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
3
Year
Interest
Rate
Swap
Bank
of
America
NA
3
Month
Johannesburg
Interbank
Agreed
Rate
Receive
ZAR
489,806‌
4.50%
08/09/2021
$
199‌
$
31‌
$
(168‌)
Call
-
3
Year
Interest
Rate
Swap
Bank
of
America
NA
3
Month
Johannesburg
Interbank
Agreed
Rate
Receive
164,082‌
4.50%
08/25/2021
39‌
12‌
(27‌)
Call
-
5
Year
Interest
Rate
Swap
Bank
of
America
NA
3
Month
Johannesburg
Interbank
Agreed
Rate
Receive
87,510‌
5.25%
02/11/2022
60‌
11‌
(49‌)
Total
$
298‌
$
54‌
$
(244‌)
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
90
Day
Eurodollar;
June
2022
Long
402‌
$
100,244‌
$
(51‌)
90
Day
Short
Sterling;
December
2021
Long
301‌
52,359‌
(54‌)
Australia
10
Year
Bond;
March
2021
Short
27‌
2,848‌
109‌
Brent
Crude;
May
2021
(a)
Long
34‌
2,190‌
69‌
Canada
10
Year
Bond;
June
2021
Short
1‌
110‌
—‌
Cocoa;
May
2021
(a)
Long
17‌
419‌
26‌
Coffee
'C';
May
2021
(a)
Long
21‌
1,083‌
86‌
Corn;
May
2021
(a)
Long
98‌
2,683‌
6‌
Cotton
No.2;
May
2021
(a)
Long
11‌
489‌
(3‌)
DAX
Index;
March
2021
Long
3‌
1,245‌
(22‌)
DJ
Euro
Stoxx
50;
March
2021
Long
1‌
44‌
—‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
129
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
DJ
Euro
Stoxx
50;
March
2021
Short
146‌
$
6,389‌
$
(204‌)
Dollar
Index;
March
2021
Short
18‌
1,636‌
(7‌)
E-Mini
DJIA
Index;
March
2021
Long
6‌
927‌
(14‌)
Euribor;
June
2022
Long
201‌
60,923‌
(37‌)
Euro
Bond
10
Year
Bond;
March
2021
Short
7‌
1,464‌
33‌
Euro
Bond
10
Year
Bond;
March
2021
Long
53‌
11,088‌
(203‌)
Euro
Schatz;
March
2021
Long
148‌
20,030‌
(23‌)
Euro-Bobl
5
Year;
March
2021
Long
140‌
22,670‌
(141‌)
FTSE100
Index;
March
2021
Short
28‌
2,512‌
37‌
FTSE100
Index;
March
2021
Short
17‌
1,525‌
33‌
Gasoline
RBOB;
April
2021
(a)
Long
48‌
3,932‌
137‌
Gold
100
oz;
April
2021
(a)
Long
10‌
1,729‌
(85‌)
Hang
Seng
Index;
March
2021
Long
25‌
4,667‌
(215‌)
Japan
10
Year
Bond
TSE;
March
2021
Short
13‌
18,369‌
143‌
Japan
Topix
Index;
March
2021
Long
21‌
3,695‌
93‌
KC
HRW
Wheat;
July
2021
(a)
Long
39‌
1,244‌
(5‌)
LME
Copper;
June
2021
(a)
Long
7‌
1,588‌
278‌
LME
Copper;
March
2021
(a)
Short
—‌
—‌
558‌
LME
PRI
Alum;
June
2021
(a)
Long
31‌
1,673‌
91‌
LME
PRI
Alum;
March
2021
(a)
Short
—‌
—‌
74‌
LME
Zinc;
June
2021
(a)
Long
12‌
839‌
62‌
LME
Zinc;
March
2021
(a)
Short
—‌
—‌
(2‌)
Low
Sulphur
Gasoline;
April
2021
(a)
Long
45‌
2,397‌
31‌
Mini
Japan
10
Year
Bond;
March
2021
Short
16‌
2,263‌
9‌
Nasdaq
100
E-Mini;
March
2021
Long
21‌
5,423‌
(242‌)
Natural
Gas;
April
2021
(a)
Short
36‌
998‌
64‌
Nikkei
225
OSE;
March
2021
Long
8‌
2,195‌
6‌
NY
Harb
ULSD;
April
2021
(a)
Long
39‌
3,019‌
40‌
Russell
2000
Emini;
March
2021
Long
12‌
1,320‌
(41‌)
Russell
2000
Emini;
March
2021
Short
110‌
12,096‌
(1,536‌)
S&P
500
Emini;
March
2021
Long
18‌
3,428‌
(80‌)
S&P
Mid
400
Emini;
March
2021
Short
2‌
499‌
(52‌)
S&P/TSX
60
Index;
March
2021
Short
3‌
505‌
(14‌)
Silver;
May
2021
(a)
Long
19‌
2,512‌
(127‌)
Soybean
Meal;
May
2021
(a)
Long
24‌
1,011‌
(16‌)
Soybean
Oil;
May
2021
(a)
Long
21‌
629‌
51‌
Soybean;
May
2021
(a)
Long
36‌
2,528‌
29‌
Sugar
#11;
May
2021
(a)
Long
50‌
921‌
29‌
UK
10
Year
Gilt;
June
2021
Long
48‌
8,544‌
(86‌)
US
10
Year
Note;
June
2021
Short
93‌
12,343‌
112‌
US
10
Year
Note;
June
2021
Short
73‌
9,688‌
96‌
US
10
Year
Note;
June
2021
Long
23‌
3,053‌
(8‌)
US
10
Year
Ultra
Note;
June
2021
Short
20‌
2,947‌
16‌
US
2
Year
Note;
June
2021
Short
107‌
23,622‌
16‌
US
2
Year
Note;
June
2021
Long
235‌
51,880‌
(42‌)
US
5
Year
Note;
June
2021
Long
280‌
34,711‌
(273‌)
US
5
Year
Note;
June
2021
Short
28‌
3,471‌
3‌
US
Long
Bond;
June
2021
Short
49‌
7,802‌
87‌
US
Long
Bond;
June
2021
Short
13‌
2,070‌
15‌
US
Ultra
Bond;
June
2021
Short
26‌
4,916‌
31‌
Wheat;
May
2021
(a)
Long
42‌
1,387‌
20‌
WTI
Crude;
April
2021
(a)
Long
34‌
2,091‌
61‌
Total
$
(1,032‌)
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
GMS
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
03/01/2021
CLP
445,822‌
$
604‌
$
12‌
$
—‌
Bank
of
America
NA
03/01/2021
$
608‌
CLP
445,822‌
—‌
(8‌)
Bank
of
America
NA
03/02/2021
BRL
3,869‌
$
712‌
—‌
(21‌)
Bank
of
America
NA
03/02/2021
MXN
9,892‌
$
472‌
1‌
—‌
Bank
of
America
NA
03/02/2021
$
719‌
BRL
3,868‌
28‌
—‌
Bank
of
America
NA
03/04/2021
$
429‌
CLP
314,696‌
—‌
(6‌)
Bank
of
America
NA
03/09/2021
CNY
5,181‌
$
804‌
—‌
(6‌)
Bank
of
America
NA
03/09/2021
PHP
71,629‌
$
1,478‌
1‌
(6‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
130
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
03/09/2021
$
804‌
CNY
5,224‌
$
—‌
$
(1‌)
Bank
of
America
NA
03/09/2021
$
1,477‌
PHP
71,356‌
11‌
—‌
Bank
of
America
NA
03/10/2021
INR
86,112‌
$
1,158‌
11‌
—‌
Bank
of
America
NA
03/10/2021
MXN
110,622‌
$
5,491‌
—‌
(208‌)
Bank
of
America
NA
03/10/2021
$
1,718‌
MXN
34,626‌
64‌
—‌
Bank
of
America
NA
03/10/2021
$
1,158‌
INR
84,974‌
5‌
—‌
Bank
of
America
NA
03/16/2021
MXN
63,106‌
$
2,928‌
115‌
(33‌)
Bank
of
America
NA
03/16/2021
$
2,901‌
MXN
63,105‌
—‌
(111‌)
Bank
of
America
NA
03/17/2021
IDR
8,708,692‌
$
617‌
—‌
(10‌)
Bank
of
America
NA
03/17/2021
$
617‌
IDR
8,620,928‌
16‌
—‌
Bank
of
America
NA
03/18/2021
IDR
10,912,725‌
$
765‌
—‌
(5‌)
Bank
of
America
NA
03/18/2021
ZAR
23,094‌
$
1,544‌
—‌
(21‌)
Bank
of
America
NA
03/18/2021
TRY
9,004‌
$
1,233‌
—‌
(28‌)
Bank
of
America
NA
03/18/2021
$
1,544‌
ZAR
22,718‌
46‌
—‌
Bank
of
America
NA
03/18/2021
$
1,233‌
TRY
8,770‌
60‌
—‌
Bank
of
America
NA
03/18/2021
$
765‌
IDR
11,006,820‌
—‌
(2‌)
Bank
of
America
NA
03/19/2021
AUD
16,608‌
$
12,596‌
233‌
(48‌)
Bank
of
America
NA
03/19/2021
GBP
18,022‌
$
24,542‌
575‌
(6‌)
Bank
of
America
NA
03/19/2021
CAD
9,233‌
$
7,243‌
19‌
(9‌)
Bank
of
America
NA
03/19/2021
EUR
19,483‌
$
23,616‌
6‌
(106‌)
Bank
of
America
NA
03/19/2021
JPY
3,685,880‌
$
35,465‌
—‌
(876‌)
Bank
of
America
NA
03/19/2021
MXN
101,253‌
$
5,055‌
—‌
(224‌)
Bank
of
America
NA
03/19/2021
NZD
12,509‌
$
8,904‌
135‌
(3‌)
Bank
of
America
NA
03/19/2021
CHF
15,184‌
$
17,081‌
—‌
(375‌)
Bank
of
America
NA
03/19/2021
$
36,072‌
JPY
3,746,223‌
920‌
—‌
Bank
of
America
NA
03/19/2021
$
10,710‌
GBP
7,908‌
1‌
(308‌)
Bank
of
America
NA
03/19/2021
$
3,556‌
NZD
4,972‌
3‌
(37‌)
Bank
of
America
NA
03/19/2021
$
1,307‌
MXN
25,884‌
71‌
—‌
Bank
of
America
NA
03/19/2021
$
11,066‌
AUD
14,403‌
32‌
(46‌)
Bank
of
America
NA
03/19/2021
$
13,731‌
EUR
11,282‌
113‌
—‌
Bank
of
America
NA
03/19/2021
$
7,233‌
CHF
6,411‌
179‌
—‌
Bank
of
America
NA
03/19/2021
$
5,696‌
CAD
7,216‌
26‌
(2‌)
Bank
of
America
NA
03/25/2021
EUR
643‌
$
782‌
—‌
(6‌)
Bank
of
America
NA
03/25/2021
JPY
56,308‌
$
536‌
—‌
(8‌)
Bank
of
America
NA
03/26/2021
EUR
2,900‌
$
3,504‌
—‌
(3‌)
Bank
of
America
NA
03/26/2021
JPY
377,864‌
$
3,576‌
—‌
(30‌)
Bank
of
America
NA
03/26/2021
$
3,503‌
EUR
2,900‌
2‌
—‌
Bank
of
America
NA
03/29/2021
IDR
12,951,270‌
$
906‌
—‌
(8‌)
Bank
of
America
NA
03/29/2021
MXN
64,192‌
$
2,845‌
214‌
—‌
Bank
of
America
NA
03/29/2021
$
366‌
ARS
34,833‌
—‌
(10‌)
Bank
of
America
NA
03/29/2021
$
2,950‌
MXN
64,191‌
—‌
(111‌)
Bank
of
America
NA
03/29/2021
$
906‌
IDR
12,711,180‌
25‌
—‌
Bank
of
America
NA
03/30/2021
GBP
555‌
$
778‌
—‌
(5‌)
Bank
of
America
NA
03/30/2021
$
1,567‌
GBP
1,110‌
20‌
—‌
Bank
of
America
NA
03/31/2021
EUR
1,388‌
SEK
13,996‌
16‌
—‌
Bank
of
America
NA
03/31/2021
EUR
833‌
NOK
8,538‌
20‌
—‌
Bank
of
America
NA
03/31/2021
EUR
1,408‌
HUF
503,702‌
23‌
—‌
Bank
of
America
NA
03/31/2021
HUF
515,849‌
EUR
1,407‌
18‌
—‌
Bank
of
America
NA
03/31/2021
JPY
44,061‌
$
416‌
—‌
(3‌)
Bank
of
America
NA
03/31/2021
NZD
1,110‌
$
809‌
—‌
(7‌)
Bank
of
America
NA
03/31/2021
KRW
616,394‌
$
554‌
—‌
(8‌)
Bank
of
America
NA
03/31/2021
CHF
1,008‌
$
1,110‌
—‌
—‌
Bank
of
America
NA
03/31/2021
$
555‌
CAD
698‌
7‌
—‌
Bank
of
America
NA
03/31/2021
$
1,210‌
INR
89,042‌
11‌
—‌
Bank
of
America
NA
03/31/2021
$
36‌
HUF
12,147‌
—‌
(4‌)
Bank
of
America
NA
04/05/2021
THB
18,069‌
$
591‌
8‌
—‌
Bank
of
America
NA
04/05/2021
$
569‌
THB
18,069‌
—‌
(31‌)
Bank
of
America
NA
04/06/2021
EUR
1,995‌
ZAR
37,386‌
—‌
(52‌)
Bank
of
America
NA
04/06/2021
IDR
49,724,901‌
$
3,506‌
—‌
(68‌)
Bank
of
America
NA
04/06/2021
ZAR
37,842‌
EUR
1,996‌
83‌
—‌
Bank
of
America
NA
04/06/2021
$
3,506‌
IDR
49,037,064‌
115‌
—‌
Bank
of
America
NA
04/08/2021
EUR
1,638‌
PLN
7,362‌
10‌
—‌
Bank
of
America
NA
04/08/2021
PLN
7,362‌
EUR
1,638‌
—‌
(10‌)
Bank
of
America
NA
04/14/2021
BRL
4,981‌
$
981‌
—‌
(94‌)
Bank
of
America
NA
04/14/2021
$
982‌
BRL
5,115‌
70‌
—‌
Bank
of
America
NA
04/15/2021
INR
202,550‌
$
2,708‌
13‌
—‌
Bank
of
America
NA
04/15/2021
$
1,498‌
INR
110,960‌
7‌
—‌
Bank
of
America
NA
04/16/2021
TRY
26,806‌
$
3,549‌
24‌
(33‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
131
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
04/16/2021
$
2,692‌
TRY
20,560‌
$
10‌
$
(34‌)
Bank
of
America
NA
04/22/2021
IDR
2,619,045‌
$
185‌
—‌
(4‌)
Bank
of
America
NA
04/22/2021
$
185‌
IDR
2,592,035‌
6‌
—‌
Bank
of
America
NA
04/26/2021
ZAR
8,817‌
$
572‌
7‌
—‌
Bank
of
America
NA
04/26/2021
THB
30,962‌
$
1,031‌
—‌
(4‌)
Bank
of
America
NA
04/26/2021
$
572‌
ZAR
8,822‌
—‌
(8‌)
Bank
of
America
NA
04/26/2021
$
1,031‌
THB
30,969‌
3‌
—‌
Bank
of
America
NA
04/27/2021
COP
15,551,057‌
$
4,146‌
113‌
—‌
Bank
of
America
NA
04/27/2021
$
4,053‌
COP
15,551,056‌
—‌
(208‌)
Bank
of
America
NA
04/30/2021
JPY
55,579‌
$
534‌
—‌
(12‌)
Bank
of
America
NA
04/30/2021
PHP
31,334‌
$
640‌
—‌
(3‌)
Bank
of
America
NA
04/30/2021
$
534‌
JPY
56,405‌
4‌
—‌
Bank
of
America
NA
04/30/2021
$
3,642‌
PHP
176,804‌
49‌
—‌
Bank
of
America
NA
05/03/2021
CLP
260,628‌
$
356‌
5‌
—‌
Bank
of
America
NA
05/03/2021
MXN
66,941‌
$
3,273‌
—‌
(93‌)
Bank
of
America
NA
05/03/2021
$
356‌
CLP
259,079‌
—‌
(2‌)
Bank
of
America
NA
05/03/2021
$
858‌
TRY
6,383‌
21‌
—‌
Bank
of
America
NA
05/03/2021
$
3,065‌
MXN
66,941‌
—‌
(116‌)
Bank
of
America
NA
05/05/2021
PEN
16,723‌
$
4,590‌
—‌
(2‌)
Bank
of
America
NA
05/05/2021
PHP
69,520‌
$
1,424‌
—‌
(11‌)
Bank
of
America
NA
05/05/2021
$
4,590‌
PEN
16,564‌
45‌
—‌
Bank
of
America
NA
05/05/2021
$
3,920‌
PHP
189,918‌
60‌
—‌
Bank
of
America
NA
05/06/2021
MXN
32,742‌
$
1,625‌
—‌
(70‌)
Bank
of
America
NA
05/06/2021
$
1,530‌
MXN
32,742‌
—‌
(25‌)
Bank
of
America
NA
05/10/2021
MXN
32,305‌
$
1,590‌
—‌
(57‌)
Bank
of
America
NA
05/10/2021
$
1,530‌
MXN
32,305‌
—‌
(3‌)
Bank
of
America
NA
05/13/2021
BRL
12,691‌
$
2,314‌
—‌
(55‌)
Bank
of
America
NA
05/13/2021
$
2,314‌
BRL
12,631‌
66‌
—‌
Bank
of
America
NA
05/19/2021
$
858‌
CLP
615,714‌
6‌
—‌
Bank
of
America
NA
05/20/2021
ZAR
16,537‌
$
1,068‌
15‌
—‌
Bank
of
America
NA
05/20/2021
$
1,068‌
ZAR
16,220‌
5‌
—‌
Bank
of
America
NA
05/24/2021
MXN
5,519‌
$
268‌
—‌
(6‌)
Bank
of
America
NA
05/28/2021
ZAR
10,392‌
$
712‌
—‌
(32‌)
Bank
of
America
NA
05/28/2021
$
712‌
ZAR
10,739‌
9‌
—‌
Bank
of
America
NA
06/01/2021
MXN
32,249‌
$
1,430‌
97‌
—‌
Bank
of
America
NA
06/01/2021
$
1,486‌
MXN
32,249‌
—‌
(42‌)
Bank
of
America
NA
06/14/2021
MXN
32,550‌
$
1,478‌
61‌
—‌
Bank
of
America
NA
06/14/2021
$
1,423‌
MXN
32,550‌
—‌
(117‌)
Bank
of
America
NA
06/16/2021
INR
138,223‌
$
1,850‌
—‌
(6‌)
Bank
of
America
NA
06/16/2021
$
1,850‌
INR
137,598‌
15‌
—‌
Bank
of
America
NA
06/17/2021
CLP
644,716‌
$
890‌
9‌
(6‌)
Bank
of
America
NA
06/17/2021
$
890‌
CLP
650,572‌
—‌
(10‌)
Bank
of
America
NA
06/21/2021
MXN
61,789‌
$
3,020‌
—‌
(100‌)
Bank
of
America
NA
06/21/2021
$
3,056‌
MXN
61,789‌
137‌
—‌
Bank
of
America
NA
07/12/2021
HUF
2,105,473‌
$
7,161‌
—‌
(162‌)
Bank
of
America
NA
07/12/2021
$
3,560‌
HUF
1,058,833‌
40‌
—‌
Bank
of
America
NA
07/13/2021
HUF
1,058,744‌
$
3,560‌
—‌
(41‌)
Bank
of
America
NA
07/13/2021
$
3,567‌
HUF
1,058,744‌
48‌
—‌
Bank
of
America
NA
07/19/2021
HUF
1,058,210‌
$
3,560‌
—‌
(43‌)
Bank
of
America
NA
07/19/2021
$
3,591‌
HUF
1,058,210‌
74‌
—‌
Bank
of
America
NA
07/21/2021
HUF
1,060,880‌
$
3,586‌
—‌
(60‌)
Bank
of
America
NA
07/21/2021
$
3,560‌
HUF
1,060,880‌
34‌
—‌
Bank
of
America
NA
08/03/2021
MXN
67,668‌
$
3,065‌
118‌
—‌
Bank
of
America
NA
08/03/2021
$
3,275‌
MXN
67,668‌
92‌
—‌
Bank
of
America
NA
08/17/2021
INR
59,850‌
$
804‌
—‌
(11‌)
Bank
of
America
NA
08/18/2021
PHP
34,949‌
$
712‌
—‌
(6‌)
Bank
of
America
NA
08/18/2021
$
712‌
PHP
35,038‌
4‌
—‌
Bank
of
America
NA
08/20/2021
CNY
30,388‌
$
4,290‌
339‌
—‌
Bank
of
America
NA
08/20/2021
$
4,540‌
CNY
30,388‌
—‌
(89‌)
Bank
of
America
NA
08/23/2021
INR
40,007‌
$
536‌
—‌
(7‌)
Bank
of
America
NA
09/01/2021
MXN
84,927‌
$
3,718‌
265‌
—‌
Bank
of
America
NA
09/01/2021
$
3,753‌
MXN
84,927‌
—‌
(230‌)
Bank
of
America
NA
09/07/2021
MXN
66,212‌
$
2,907‌
196‌
—‌
Bank
of
America
NA
09/07/2021
$
2,978‌
MXN
66,211‌
—‌
(125‌)
Bank
of
America
NA
09/14/2021
MXN
31,562‌
$
1,422‌
55‌
—‌
Bank
of
America
NA
09/14/2021
$
1,509‌
MXN
31,562‌
32‌
—‌
Bank
of
America
NA
11/08/2021
MXN
33,466‌
$
1,530‌
28‌
—‌
Bank
of
America
NA
11/08/2021
$
1,627‌
MXN
33,466‌
69‌
—‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
132
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
11/09/2021
MXN
33,005‌
$
1,530‌
$
6‌
$
—‌
Bank
of
America
NA
11/09/2021
$
1,592‌
MXN
33,005‌
56‌
—‌
Bank
of
America
NA
12/21/2021
MXN
63,017‌
$
3,053‌
—‌
(134‌)
Bank
of
America
NA
12/21/2021
$
3,020‌
MXN
63,017‌
102‌
—‌
Bank
of
America
NA
01/12/2022
HUF
1,061,610‌
$
3,560‌
—‌
(42‌)
Bank
of
America
NA
01/12/2022
$
7,168‌
HUF
2,108,784‌
180‌
—‌
Bank
of
America
NA
01/13/2022
HUF
1,060,524‌
$
3,562‌
—‌
(48‌)
Bank
of
America
NA
01/13/2022
$
3,563‌
HUF
1,060,524‌
49‌
—‌
Bank
of
America
NA
01/19/2022
HUF
1,059,598‌
$
3,590‌
—‌
(79‌)
Bank
of
America
NA
01/19/2022
$
3,560‌
HUF
1,059,598‌
49‌
—‌
Bank
of
America
NA
01/21/2022
HUF
1,063,605‌
$
3,560‌
—‌
(36‌)
Bank
of
America
NA
01/21/2022
$
3,591‌
HUF
1,063,605‌
66‌
—‌
Bank
of
New
York
Mellon
03/02/2021
EUR
3,000‌
$
3,632‌
—‌
(12‌)
Bank
of
New
York
Mellon
03/02/2021
$
4,235‌
EUR
3,500‌
12‌
—‌
Bank
of
New
York
Mellon
03/10/2021
$
2,785‌
EUR
2,350‌
—‌
(51‌)
Bank
of
New
York
Mellon
03/17/2021
EUR
500‌
$
607‌
—‌
(3‌)
Bank
of
New
York
Mellon
03/17/2021
ZAR
35,742‌
$
2,420‌
—‌
(61‌)
Bank
of
New
York
Mellon
03/17/2021
$
2,357‌
ZAR
35,742‌
—‌
(2‌)
Bank
of
New
York
Mellon
03/17/2021
$
1,734‌
EUR
1,440‌
—‌
(4‌)
Bank
of
New
York
Mellon
04/06/2021
$
1,211‌
EUR
1,000‌
4‌
—‌
Bank
of
New
York
Mellon
04/16/2021
GBP
2,000‌
$
2,762‌
25‌
—‌
Bank
of
New
York
Mellon
04/16/2021
$
2,725‌
GBP
2,000‌
—‌
(62‌)
Bank
of
New
York
Mellon
04/26/2021
$
1,591‌
ZAR
24,220‌
2‌
(2‌)
Barclays
Bank
PLC
03/17/2021
CAD
950‌
$
745‌
2‌
—‌
Barclays
Bank
PLC
04/26/2021
EUR
130‌
$
158‌
—‌
(1‌)
Barclays
Bank
PLC
04/26/2021
$
299‌
EUR
245‌
3‌
—‌
BMO
Capital
Markets
03/17/2021
GBP
737‌
$
1,001‌
26‌
—‌
BNP
Paribas
03/17/2021
$
6,919‌
EUR
5,689‌
52‌
—‌
Citigroup
Inc
03/01/2021
$
40‌
RUB
2,951‌
—‌
—‌
HSBC
Securities
Inc
03/19/2021
CZK
38,800‌
$
1,818‌
—‌
(28‌)
HSBC
Securities
Inc
03/19/2021
PLN
6,700‌
$
1,813‌
—‌
(23‌)
HSBC
Securities
Inc
03/19/2021
TRY
20,400‌
$
2,854‌
—‌
(126‌)
HSBC
Securities
Inc
03/19/2021
$
2,963‌
BRL
16,400‌
39‌
—‌
HSBC
Securities
Inc
03/19/2021
$
436‌
RUB
32,400‌
3‌
—‌
HSBC
Securities
Inc
03/19/2021
$
3,624‌
PEN
13,200‌
5‌
—‌
HSBC
Securities
Inc
03/19/2021
$
2,529‌
MXN
51,100‌
91‌
—‌
HSBC
Securities
Inc
03/19/2021
$
725‌
PLN
2,700‌
4‌
—‌
HSBC
Securities
Inc
03/23/2021
EUR
10‌
$
12‌
—‌
—‌
HSBC
Securities
Inc
03/23/2021
$
5,678‌
EUR
4,670‌
40‌
—‌
JPMorgan
Chase
03/01/2021
$
15‌
CNY
97‌
—‌
—‌
JPMorgan
Chase
03/19/2021
BRL
16,400‌
$
3,028‌
—‌
(103‌)
JPMorgan
Chase
03/19/2021
CNY
5,800‌
$
901‌
—‌
(8‌)
JPMorgan
Chase
03/19/2021
EUR
1,475‌
$
1,789‌
—‌
(8‌)
JPMorgan
Chase
03/19/2021
INR
390,000‌
$
5,327‌
—‌
(51‌)
JPMorgan
Chase
03/19/2021
ILS
8,800‌
$
2,700‌
—‌
(40‌)
JPMorgan
Chase
03/19/2021
MXN
51,100‌
$
2,500‌
—‌
(62‌)
JPMorgan
Chase
03/19/2021
ZAR
41,000‌
$
2,836‌
—‌
(130‌)
JPMorgan
Chase
03/19/2021
$
3,603‌
CNY
23,400‌
—‌
—‌
JPMorgan
Chase
03/19/2021
$
1,798‌
EUR
1,475‌
18‌
—‌
JPMorgan
Chase
03/19/2021
$
9,534‌
ZAR
141,000‌
233‌
—‌
JPMorgan
Chase
03/19/2021
$
2,738‌
TRY
20,400‌
10‌
—‌
JPMorgan
Chase
03/19/2021
$
5,300‌
INR
390,000‌
25‌
—‌
JPMorgan
Chase
03/19/2021
$
1,795‌
CZK
38,800‌
5‌
—‌
JPMorgan
Chase
03/19/2021
$
1,080‌
PLN
4,000‌
12‌
—‌
JPMorgan
Chase
03/23/2021
$
1,804‌
EUR
1,475‌
24‌
—‌
JPMorgan
Chase
05/17/2021
INR
461,000‌
$
6,215‌
—‌
(44‌)
Merrill
Lynch
04/26/2021
$
232‌
EUR
190‌
2‌
—‌
Morgan
Stanley
&
Co
03/17/2021
$
1,676‌
CAD
2,130‌
2‌
—‌
Morgan
Stanley
&
Co
03/17/2021
$
3,837‌
GBP
2,865‌
—‌
(155‌)
Morgan
Stanley
&
Co
04/08/2021
COP
1,830,431‌
$
529‌
—‌
(28‌)
Morgan
Stanley
&
Co
04/08/2021
$
529‌
COP
1,830,431‌
28‌
—‌
Standard
Chartered
Bank,
Hong
Kong
04/06/2021
EUR
615‌
$
740‌
2‌
—‌
Standard
Chartered
Bank,
Hong
Kong
04/06/2021
$
758‌
EUR
615‌
15‌
—‌
Toronto
Dominion
Bank
03/17/2021
EUR
1,493‌
$
1,805‌
—‌
(3‌)
Total
$
6,698‌
$
(6,143‌)
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
133
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
February
28,
2021
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Barclays
Bank
PLC
CDX.EM.5Y
N/A
(1.00)%
Quarterly
12/20/2025
$
4,100‌
$
150‌
$
24‌
$
174‌
$
—‌
Citigroup
Inc
CDX.EM.5Y
N/A
(1.00)%
Quarterly
12/20/2025
2,000‌
75‌
10‌
85‌
—‌
Goldman
Sachs
&
Co
Pitney
Bowes
Inc,
4.70%,
04/01/2023
2.57%
(1.00)%
Quarterly
06/20/2023
300‌
76‌
(65‌)
11‌
—‌
Goldman
Sachs
&
Co
Royal
Caribbean
Cruises
Ltd,
5.25%,
11/15/2022
4.49%
(5.00)%
Quarterly
06/20/2025
450‌
89‌
(98‌)
—‌
(9‌)
Total
$
390‌
$
(129‌)
$
270‌
$
(9‌)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
February
28,
2021
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.NA.HY.35
N/A
(5.00)%
Quarterly
12/20/2025
$
22,500‌
$
(1,794‌)
$
(73‌)
$
(1,867‌)
Turkey
Government
International
Bond,
11.88%,
01/15/2030
3.08%
(1.00)%
Quarterly
12/20/2025
5,593‌
942‌
(410‌)
532‌
Total
$
(852‌)
$
(483‌)
$
(1,335‌)
Sell
Protection
Reference
Entity
Implied
Credit
Spread
as
of
February
28,
2021
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
(c)
CDX.NA.HY.35
N/A
5.00%
Quarterly
12/20/2025
$
2,660‌
$
102‌
$
119‌
$
221‌
Total
$
102‌
$
119‌
$
221‌
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
$2,660.
(c)
The
market
price
and
resulting
market
value
for
credit
default
swap
agreements
on
an
issuer
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
default
swap
as
of
the
period
end.
Increasing
market
values,
in
absolute
terms,
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Interest
Rate
Swaps
Counterparty
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
Asset
Liability
Morgan
Stanley
&
Co
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
3.09%
Quarterly
Quarterly
N/A
11/08/2024
CNY
18,894‌
$
23‌
$
—‌
$
23‌
$
—‌
Total
$
23‌
$
—‌
$
23‌
$
—‌
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
134
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
3
Month
Johannesburg
Interbank
Agreed
Rate
Pay
7.20%
Quarterly
Quarterly
N/A
11/11/2022
ZAR
105,000‌
$
289‌
$
49‌
$
338‌
3
Month
Johannesburg
Interbank
Agreed
Rate
Receive
6.59%
Quarterly
Quarterly
N/A
11/11/2022
105,000‌
(216‌)
(53‌)
(269‌)
3
Month
Johannesburg
Interbank
Agreed
Rate
Pay
4.02%
Quarterly
Quarterly
N/A
12/24/2023
38,656‌
(52‌)
1‌
(51‌)
3
Month
Johannesburg
Interbank
Agreed
Rate
Pay
4.95%
Quarterly
Quarterly
N/A
08/18/2024
28,140‌
(22‌)
1‌
(21‌)
3
Month
KRW
Certificate
of
Deposit
Receive
0.80%
Annual
Annual
N/A
10/08/2022
$
23,100,000‌
36‌
—‌
36‌
3
Month
KRW
Certificate
of
Deposit
Receive
0.79%
Annual
Annual
N/A
10/14/2022
23,100,000‌
41‌
—‌
41‌
3
Month
KRW
Certificate
of
Deposit
Pay
1.09%
Annual
Annual
N/A
10/07/2030
2,310,000‌
(86‌)
1‌
(85‌)
3
Month
KRW
Certificate
of
Deposit
Receive
0.80%
Annual
Annual
N/A
10/07/2022
11,560,000‌
16‌
—‌
16‌
3
Month
KRW
Certificate
of
Deposit
Receive
0.80%
Annual
Annual
N/A
10/07/2022
11,560,000‌
16‌
1‌
17‌
3
Month
KRW
Certificate
of
Deposit
Receive
1.39%
Quarterly
Quarterly
N/A
12/18/2029
1,690,489‌
16‌
—‌
16‌
3
Month
KRW
Certificate
of
Deposit
Receive
1.41%
Quarterly
Quarterly
N/A
01/28/2022
8,790,000‌
(48‌)
—‌
(48‌)
3
Month
KRW
Certificate
of
Deposit
Pay
1.09%
Annual
Annual
N/A
10/07/2030
2,310,000‌
(86‌)
1‌
(85‌)
3
Month
KRW
Certificate
of
Deposit
Receive
0.79%
Annual
Annual
N/A
02/05/2022
44,000,000‌
8‌
—‌
8‌
3
Month
KRW
Certificate
of
Deposit
Receive
1.75%
Annual
Annual
N/A
03/17/2030
12,855,000‌
(174‌)
—‌
(174‌)
3
Month
KRW
Certificate
of
Deposit
Pay
2.00%
Annual
Annual
N/A
03/17/2022
85,700,000‌
898‌
1‌
899‌
3
Month
KRW
Certificate
of
Deposit
Pay
1.07%
Annual
Annual
N/A
10/14/2030
4,620,000‌
(178‌)
—‌
(178‌)
3
Month
KRW
Certificate
of
Deposit
Pay
0.95%
Annual
Annual
N/A
08/07/2022
72,500,000‌
61‌
—‌
61‌
3
Month
KRW
Certificate
of
Deposit
Receive
1.31%
Quarterly
Quarterly
N/A
11/22/2029
1,391,000‌
23‌
(1‌)
22‌
3
Month
KRW
Certificate
of
Deposit
Pay
1.07%
Annual
Annual
N/A
10/08/2030
4,620,000‌
(178‌)
1‌
(177‌)
3
Month
USD
LIBOR
Pay
2.98%
Quarterly
Semiannual
N/A
08/07/2023
4,428‌
289‌
—‌
289‌
3
Month
USD
LIBOR
Receive
2.75%
Semiannual
Quarterly
N/A
03/29/2025
1,575‌
(133‌)
—‌
(133‌)
3
Month
USD
LIBOR
Receive
3.04%
Semiannual
Quarterly
N/A
08/07/2028
2,362‌
(304‌)
—‌
(304‌)
3
Month
USD
LIBOR
Receive
2.97%
Semiannual
Quarterly
N/A
05/04/2025
2,381‌
(226‌)
1‌
(225‌)
3
Month
USD
LIBOR
Receive
2.97%
Semiannual
Quarterly
N/A
04/25/2025
2,700‌
(255‌)
—‌
(255‌)
3
Month
USD
LIBOR
Receive
3.04%
Semiannual
Quarterly
N/A
05/22/2025
3,180‌
(313‌)
—‌
(313‌)
6
Month
Budapest
Interbank
Offered
Rate
Receive
1.28%
Annual
Semiannual
N/A
01/28/2026
HUF
519,760‌
48‌
—‌
48‌
6
Month
Budapest
Interbank
Offered
Rate
Receive
2.09%
Annual
Semiannual
N/A
07/11/2023
482,425‌
(34‌)
8‌
(26‌)
6
Month
Budapest
Interbank
Offered
Rate
Receive
1.79%
Annual
Semiannual
N/A
02/26/2026
496,872‌
6‌
1‌
7‌
6
Month
Budapest
Interbank
Offered
Rate
Receive
1.06%
Annual
Semiannual
N/A
01/22/2024
1,068,000‌
46‌
—‌
46‌
6
Month
Euro
Interbank
Offered
Rate
Receive
0.06%
Annual
Semiannual
N/A
04/18/2024
EUR
1,487‌
(25‌)
(2‌)
(27‌)
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.19)%
Semiannual
Annual
N/A
08/27/2029
1,305‌
(18‌)
1‌
(17‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
0.05%
Annual
Semiannual
N/A
08/27/2034
870‌
24‌
(1‌)
23‌
6
Month
Prague
Interbank
Offered
Rate
Pay
1.59%
Semiannual
Annual
N/A
08/16/2021
CZK
85,188‌
17‌
5‌
22‌
6
Month
Prague
Interbank
Offered
Rate
Receive
1.44%
Annual
Semiannual
N/A
02/09/2031
41,800‌
44‌
(1‌)
43‌
6
Month
Prague
Interbank
Offered
Rate
Receive
1.14%
Annual
Semiannual
N/A
02/05/2026
34,840‌
26‌
(1‌)
25‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Pay
0.71%
Annual
Annual
N/A
09/16/2023
$
28,860‌
3‌
—‌
3‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Pay
0.73%
Semiannual
Semiannual
N/A
09/16/2023
90,465‌
12‌
1‌
13‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Pay
1.00%
Annual
Annual
N/A
12/16/2023
88,800‌
15‌
—‌
15‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Receive
0.58%
Semiannual
Semiannual
N/A
11/12/2023
94,860‌
4‌
—‌
4‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Receive
0.68%
Annual
Annual
N/A
03/01/2024
54,136‌
—‌
1‌
1‌
6
Month
Warsaw
Interbank
Offered
Rate
Pay
0.29%
Semiannual
Annual
N/A
10/08/2022
PLN
122,600‌
(78‌)
2‌
(76‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
2.55%
Annual
Semiannual
N/A
03/10/2022
6,420‌
(37‌)
(2‌)
(39‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
0.76%
Annual
Semiannual
N/A
02/08/2026
4,020‌
19‌
1‌
20‌
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.10%
Annual
Semiannual
N/A
10/08/2030
25,500‌
375‌
(4‌)
371‌
6
Month
Warsaw
Interbank
Offered
Rate
Receive
2.48%
Annual
Semiannual
N/A
03/23/2023
4,152‌
(42‌)
(3‌)
(45‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
2.37%
Annual
Semiannual
N/A
04/26/2022
6,600‌
(39‌)
(2‌)
(41‌)
6
Month
Warsaw
Interbank
Offered
Rate
Pay
0.29%
Semiannual
Annual
N/A
10/08/2022
24,400‌
(19‌)
4‌
(15‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.10%
Annual
Semiannual
N/A
10/08/2030
5,100‌
79‌
(5‌)
74‌
6
Month
Warsaw
Interbank
Offered
Rate
Receive
0.29%
Annual
Semiannual
N/A
10/08/2022
57,000‌
54‌
(19‌)
35‌
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.10%
Semiannual
Annual
N/A
10/08/2030
12,000‌
(177‌)
2‌
(175‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
2.52%
Annual
Semiannual
N/A
03/09/2022
3,605‌
(20‌)
(2‌)
(22‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.40%
Annual
Semiannual
N/A
02/09/2031
7,200‌
61‌
(1‌)
60‌
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.48%
Annual
Annual
N/A
01/21/2023
$
23,496‌
(15‌)
1‌
(14‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.62%
Annual
Annual
N/A
02/22/2022
34,840‌
5‌
1‌
6‌
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.47%
Annual
Annual
N/A
01/19/2023
23,496‌
(11‌)
—‌
(11‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.04%
Annual
Annual
N/A
06/12/2023
13,714‌
(31‌)
—‌
(31‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.00%
Annual
Annual
N/A
04/13/2023
19,980‌
(61‌)
—‌
(61‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
135
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.56%
Annual
Annual
N/A
12/02/2021
$
105,096‌
$
28‌
$
—‌
$
28‌
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.42%
Annual
Annual
N/A
01/14/2023
54,112‌
(28‌)
—‌
(28‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
1.99%
Annual
Annual
N/A
06/16/2023
13,584‌
(33‌)
—‌
(33‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
3.00%
Annual
Annual
N/A
12/11/2025
26,361‌
(22‌)
—‌
(22‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.85%
Annual
Annual
N/A
12/10/2025
12,342‌
(1‌)
—‌
(1‌)
Financial
Benchmarks
India
Overnight
Mumbai
Interbank
Outright
Rate
Receive
5.35%
Annual
Annual
N/A
02/26/2026
176,880‌
(4‌)
—‌
(4‌)
Total
$
(407‌)
$
(12‌)
$
(419‌)
Amounts
in
thousands.
(a)    
Forward
swap.
Total
Return
Equity
Basket
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/(Depreciation)
Asset
-----
Liability
Morgan
Stanley
&
Co
(a)
Floating
rate
based
on
1
Month
LIBOR
plus/less
spread
Total
return
on
a
custom
basket
of
long
and
short
securities
traded
in
USD
Monthly
07/28/2021-
10/13/2021
$
32,393‌
$
—‌
$
—‌
$
(442‌)
Morgan
Stanley
&
Co
Floating
rate
based
on
1
Month
Euro
Interbank
Offered
Rate
plus/less
spread
Total
return
on
a
custom
basket
of
long
and
short
securities
traded
in
EUR
Monthly
10/11/2021
1,530‌
—‌
177‌
—‌
Total
$
33,923‌
$
—‌
$
177‌
$
(442‌)
The
expiration
dates
are
measured
from
the
commencement
of
investment
in
each
underlying
swap
position.
The
fund
pays
a
floating
rate
based
on
the
reference
rate
plus/less
a
spread.
The
spread
is
negotiated
at
the
security
level
and
is
usually
similar
within
a
region
but
may
vary
depending
on
how
difficult
it
is
to
borrow
the
security.
Notional
Amount
represents
the
total
absolute
value
of
the
underlying
securities.
Top
Underlying
Securities
includes
the
50
largest
components
and
any
other
components
where
the
notional
exceeds
1%
of
the
notional
amount
of
the
index
or
custom
basket.
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
136
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
MSYC1XCB
Index
(15,309)
$
(1,875
)
(5.79)%
MSYCHVIP
Index
(4,073)
(1,875
)
(5.79)%
Mastercard
Inc
4,305
1,523
4.70%
Broadridge
Financial
Solutions
Inc
10,134
1,444
4.46%
TJX
Cos
Inc/The
20,296
1,339
4.14%
Ross
Stores
Inc
10,062
1,174
3.62%
Armstrong
World
Industries
Inc
12,723
1,089
3.36%
Utilities
Select
Sector
SPDR
Fund
(15,993)
(933
)
(2.88)%
Cedar
Fair
LP
18,723
921
2.84%
MSXXPINS
Index
(11,243)
(820
)
(2.53)%
MSMSYLD
Index
(20,628)
(812
)
(2.51)%
Murphy
USA
Inc
(6,236)
(777
)
(2.40)%
Thomson
Reuters
Corp
(6,404)
(556
)
(1.72)%
Pentair
PLC
(9,917)
(555
)
(1.71)%
Western
Union
Co/The
(23,883)
(555
)
(1.71)%
Alibaba
Group
Holding
Ltd
(2,232)
(531
)
(1.64)%
FactSet
Research
Systems
Inc
(1,690)
(514
)
(1.59)%
Dun
&
Bradstreet
Holdings
Inc
(21,592)
(472
)
(1.46)%
Kroger
Co/The
(13,154)
(424
)
(1.31)%
NextEra
Energy
Inc
5,344
393
1.21%
FirstCash
Inc
(6,134)
(388
)
(1.20)%
Amcor
PLC
(33,396)
(365
)
(1.13)%
Verizon
Communications
Inc
(6,509)
(360
)
(1.11)%
J
M
Smucker
Co/The
(3,095)
(347
)
(1.07)%
Colgate-Palmolive
Co
(4,560)
(343
)
(1.06)%
Campbell
Soup
Co
(7,329)
(333
)
(1.03)%
Appfolio
Inc
(1,733)
(284
)
(0.88)%
Robert
Half
International
Inc
(3,600)
(280
)
(0.86)%
Aon
PLC
(1,216)
(277
)
(0.86)%
Dynatrace
Inc
(5,541)
(276
)
(0.85)%
MSXXSOFT
Index
(1,807)
(274
)
(0.84)%
Whirlpool
Corp
(1,419)
(270
)
(0.83)%
3M
Co
(1,495)
(262
)
(0.81)%
Kellogg
Co
(4,456)
(257
)
(0.79)%
General
Mills
Inc
(4,520)
(249
)
(0.77)%
MongoDB
Inc
(515)
(199
)
(0.61)%
Guidewire
Software
Inc
(1,560)
(173
)
(0.54)%
Starbucks
Corp
(942)
(102
)
(0.31)%
Netflix
Inc
(179)
(97
)
(0.30)%
Chevron
Corp
(966)
(97
)
(0.30)%
Texas
Instruments
Inc
(556)
(96
)
(0.30)%
Honeywell
International
Inc
(472)
(96
)
(0.30)%
Accenture
PLC
(378)
(95
)
(0.29)%
Broadcom
Inc
(202)
(95
)
(0.29)%
Cisco
Systems
Inc
(2,108)
(95
)
(0.29)%
NIKE
Inc
(701)
(94
)
(0.29)%
Adobe
Inc
(205)
(94
)
(0.29)%
PepsiCo
Inc
(728)
(94
)
(0.29)%
Thermo
Fisher
Scientific
Inc
(207)
(93
)
(0.29)%
Medtronic
PLC
(795)
(93
)
(0.29)%
(a)
Top
Underlying
Securities
YORKEBS
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
137
Total
Return
Swaps
Counterparty
Reference
Entity
Contracts
Pay/Receive
Positive
Return
Financing
Rate
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
----
Liability
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
03/02/2021
7,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
03/03/2021
$
425‌
$
—‌
$
19‌
$
—‌
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
03/23/2021
20,800,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
03/24/2021
1,290‌
—‌
24‌
—‌
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
04/07/2021
13,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
04/07/2021
821‌
—‌
—‌
(2‌)
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
07/13/2021
13,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
07/14/2021
774‌
—‌
15‌
—‌
JPMorgan
Chase
Ghana
Government
Bond,
17.6%,
02/21/2023
3,100,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
02/21/2023
538‌
—‌
8‌
—‌
JPMorgan
Chase
Ghana
Government
Bond,
19.25%,
12/19/2023
4,500,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
12/19/2023
810‌
—‌
30‌
—‌
JPMorgan
Chase
Ghana
Government
Bond,
19.50%,
07/09/2024
900,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
07/09/2024
160‌
—‌
8‌
—‌
Total
$
—‌
$
104‌
$
(2‌)
Amounts
in
thousands
except
contracts.
Reverse
Repurchase
Agreements
Counterparty
Security
Type
Coupon
Rate
Maturity
Date
Remaining
Contractual
Tenor
Principal
Amount
Payable
Merrill
Lynch
Corporate
Debt
Securities
(1.75‌)%
Open
ended
Greater
than
90
Days
$
825‌
$
(825‌)
Merrill
Lynch
Corporate
Debt
Securities
(1.75‌)%
Open
ended
Greater
than
90
Days
590‌
(599‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
2,834‌
(2,836‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
224‌
(224‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
701‌
(701‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
549‌
(549‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
335‌
(335‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
1,899‌
(1,900‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
706‌
(707‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.75‌)%
Open
ended
Greater
than
90
Days
EUR
2,171‌
(2,621‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/01/2021
Overnight
and
Continuous
$
5,975‌
(5,975‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
20,372‌
(20,372‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
18,713‌
(18,713‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
27,327‌
(27,327‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
21,115‌
(21,115‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
18,667‌
(18,667‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
6,746‌
(6,746‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
7,483‌
(7,483‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
2,773‌
(2,773‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
10,200‌
(10,200‌)
Total
$
(150,668‌)
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
138
Short
Sales
Outstanding
COMMON
STOCKS
-
(15.85)%
Shares
Value
(000's)
Advertising
-
(0.02)%
Trade
Desk
Inc/The
131‌
$
106‌
Aerospace
&
Defense
-
(0.44)%
Boeing
Co/The
3,518‌
746‌
Dassault
Aviation
SA
174‌
187‌
General
Dynamics
Corp
1,126‌
184‌
L3Harris
Technologies
Inc
1,520‌
277‌
Raytheon
Technologies
Corp
9,175‌
660‌
Teledyne
Technologies
Inc
647‌
240‌
TransDigm
Group
Inc
301‌
174‌
$
2,468‌
Agriculture
-
(0.11)%
Archer-Daniels-Midland
Co
10,757‌
609‌
Airlines
-
(0.24)%
Alaska
Air
Group
Inc
2,664‌
173‌
American
Airlines
Group
Inc
5,881‌
123‌
Delta
Air
Lines
Inc
7,624‌
365‌
Japan
Airlines
Co
Ltd
10,600‌
254‌
Southwest
Airlines
Co
3,932‌
228‌
United
Airlines
Holdings
Inc
3,407‌
180‌
$
1,323‌
Apparel
-
(0.18)%
Ralph
Lauren
Corp
4,887‌
572‌
Under
Armour
Inc
-
Class
C
11,499‌
209‌
VF
Corp
2,387‌
189‌
$
970‌
Automobile
Manufacturers
-
(0.10)%
Honda
Motor
Co
Ltd
2,800‌
77‌
Mazda
Motor
Corp
18,000‌
143‌
PACCAR
Inc
1,061‌
97‌
Volkswagen
AG
831‌
195‌
$
512‌
Automobile
Parts
&
Equipment
-
(0.12)%
BorgWarner
Inc
5,741‌
258‌
Denso
Corp
2,500‌
151‌
Lear
Corp
490‌
81‌
Toyoda
Gosei
Co
Ltd
4,900‌
128‌
$
618‌
Banks
-
(0.55)%
Bank
of
Kyoto
Ltd/The
800‌
48‌
Bank
of
New
York
Mellon
Corp/The
5,015‌
211‌
Citigroup
Inc
1,238‌
82‌
Citizens
Financial
Group
Inc
4,020‌
175‌
Comerica
Inc
3,118‌
212‌
Commonwealth
Bank
of
Australia
1,234‌
77‌
FinecoBank
Banca
Fineco
SpA
22,137‌
388‌
Huntington
Bancshares
Inc/OH
7,121‌
109‌
KeyCorp
10,733‌
216‌
M&T
Bank
Corp
1,402‌
212‌
Northern
Trust
Corp
4,695‌
446‌
PNC
Financial
Services
Group
Inc/The
549‌
92‌
Regions
Financial
Corp
6,235‌
129‌
State
Street
Corp
5,328‌
388‌
SVB
Financial
Group
100‌
51‌
Truist
Financial
Corp
2,064‌
118‌
Zions
Bancorp
NA
914‌
49‌
$
3,003‌
Beverages
-
(0.13)%
Brown-Forman
Corp
-
B
Shares
1,777‌
127‌
Coca-Cola
European
Partners
PLC
2,152‌
110‌
Ito
En
Ltd
700‌
39‌
Keurig
Dr
Pepper
Inc
9,230‌
282‌
Remy
Cointreau
SA
913‌
174‌
$
732‌
Biotechnology
-
(0.22)%
Argenx
SE
638‌
212‌
Biogen
Inc
705‌
192‌
BioMarin
Pharmaceutical
Inc
387‌
30‌
Bio-Rad
Laboratories
Inc
379‌
222‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Biotechnology
(continued)
Incyte
Corp
1,196‌
$
94‌
Regeneron
Pharmaceuticals
Inc
69‌
31‌
Vertex
Pharmaceuticals
Inc
1,601‌
340‌
$
1,121‌
Building
Materials
-
(0.17)%
Cie
de
Saint-Gobain
4,543‌
244‌
CRH
PLC
4,727‌
205‌
Investment
AB
Latour
10,394‌
236‌
Owens
Corning
1,438‌
117‌
Vulcan
Materials
Co
511‌
85‌
$
887‌
Chemicals
-
(0.50)%
Air
Products
and
Chemicals
Inc
1,584‌
404‌
Albemarle
Corp
4,254‌
669‌
Dow
Inc
3,389‌
201‌
Ecolab
Inc
1,371‌
287‌
Evonik
Industries
AG
2,689‌
91‌
International
Flavors
&
Fragrances
Inc
4,145‌
562‌
LANXESS
AG
1,916‌
142‌
Mitsubishi
Chemical
Holdings
Corp
21,100‌
148‌
Mosaic
Co/The
4,345‌
128‌
Umicore
SA
2,099‌
123‌
$
2,755‌
Commercial
Services
-
(0.40)%
Atlantia
SpA
8,630‌
162‌
Dai
Nippon
Printing
Co
Ltd
3,900‌
71‌
Equifax
Inc
612‌
99‌
FleetCor
Technologies
Inc
826‌
229‌
Global
Payments
Inc
2,454‌
486‌
GMO
Payment
Gateway
Inc
1,600‌
212‌
IHS
Markit
Ltd
773‌
70‌
MarketAxess
Holdings
Inc
208‌
116‌
Moody's
Corp
196‌
54‌
Nihon
M&A
Center
Inc
1,700‌
93‌
Rollins
Inc
4,816‌
160‌
Transurban
Group
22,238‌
220‌
United
Rentals
Inc
450‌
134‌
Worldline
SA/France
1,003‌
89‌
$
2,195‌
Computers
-
(0.43)%
Atos
SE
3,965‌
310‌
DXC
Technology
Co
7,451‌
188‌
Fortinet
Inc
2,869‌
484‌
Hewlett
Packard
Enterprise
Co
35,596‌
518‌
Leidos
Holdings
Inc
1,811‌
160‌
NEC
Corp
3,350‌
183‌
Western
Digital
Corp
8,203‌
562‌
$
2,405‌
Consumer
Products
-
(0.03)%
Avery
Dennison
Corp
378‌
66‌
Church
&
Dwight
Co
Inc
1,122‌
88‌
$
154‌
Cosmetics
&
Personal
Care
-
(0.07)%
Shiseido
Co
Ltd
5,100‌
381‌
Distribution
&
Wholesale
-
(0.34)%
Copart
Inc
3,915‌
427‌
Fastenal
Co
7,704‌
357‌
Mitsubishi
Corp
10,500‌
298‌
Pool
Corp
1,453‌
486‌
Toromont
Industries
Ltd
800‌
58‌
WW
Grainger
Inc
507‌
189‌
$
1,815‌
Diversified
Financial
Services
-
(0.53)%
Afterpay
Ltd
743‌
68‌
American
Express
Co
3,047‌
412‌
Ameriprise
Financial
Inc
1,083‌
240‌
Capital
One
Financial
Corp
3,337‌
401‌
Charles
Schwab
Corp/The
2,867‌
177‌
CME
Group
Inc
434‌
87‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
139
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Diversified
Financial
Services
(continued)
Intercontinental
Exchange
Inc
794‌
$
88‌
Japan
Exchange
Group
Inc
2,100‌
45‌
London
Stock
Exchange
Group
PLC
489‌
66‌
Raymond
James
Financial
Inc
3,519‌
411‌
SBI
Holdings
Inc/Japan
4,200‌
118‌
St
James's
Place
PLC
18,900‌
312‌
TMX
Group
Ltd
2,900‌
277‌
Tokyo
Century
Corp
1,000‌
66‌
Visa
Inc
494‌
105‌
$
2,873‌
Electric
-
(0.87)%
AES
Corp/The
550‌
15‌
Alliant
Energy
Corp
3,211‌
148‌
Ameren
Corp
3,960‌
279‌
American
Electric
Power
Co
Inc
1,842‌
138‌
CenterPoint
Energy
Inc
9,124‌
177‌
Chugoku
Electric
Power
Co
Inc/The
24,000‌
286‌
CMS
Energy
Corp
2,744‌
148‌
Consolidated
Edison
Inc
4,082‌
268‌
DTE
Energy
Co
2,542‌
299‌
Duke
Energy
Corp
623‌
53‌
E.ON
SE
3,177‌
32‌
Edison
International
5,233‌
283‌
EDP
-
Energias
de
Portugal
SA
18,636‌
107‌
Emera
Inc
5,100‌
201‌
Entergy
Corp
3,055‌
266‌
Evergy
Inc
1,305‌
70‌
Eversource
Energy
2,429‌
193‌
FirstEnergy
Corp
5,742‌
190‌
Kansai
Electric
Power
Co
Inc/The
11,300‌
113‌
NextEra
Energy
Inc
142‌
10‌
Pinnacle
West
Capital
Corp
3,516‌
246‌
PPL
Corp
6,585‌
172‌
Public
Service
Enterprise
Group
Inc
444‌
24‌
RWE
AG
4,620‌
175‌
Sempra
Energy
1,313‌
152‌
Tohoku
Electric
Power
Co
Inc
7,800‌
69‌
WEC
Energy
Group
Inc
1,759‌
142‌
Xcel
Energy
Inc
6,613‌
387‌
$
4,643‌
Electrical
Components
&
Equipment
-
(0.07)%
Generac
Holdings
Inc
302‌
100‌
Prysmian
SpA
7,725‌
248‌
$
348‌
Electronics
-
(0.18)%
Agilent
Technologies
Inc
40‌
5‌
Allegion
plc
4,088‌
445‌
Amphenol
Corp
202‌
25‌
Keysight
Technologies
Inc
1,006‌
142‌
Mettler-Toledo
International
Inc
26‌
29‌
Murata
Manufacturing
Co
Ltd
2,200‌
189‌
Roper
Technologies
Inc
215‌
81‌
Trimble
Inc
937‌
69‌
$
985‌
Energy
-
Alternate
Sources
-
(0.19)%
Enphase
Energy
Inc
3,284‌
578‌
Siemens
Gamesa
Renewable
Energy
SA
9,078‌
337‌
Sunrun
Inc
1,309‌
82‌
$
997‌
Engineering
&
Construction
-
(0.39)%
ACS
Actividades
de
Construccion
y
Servicios
SA
8,365‌
256‌
CIMIC
Group
Ltd
18,096‌
297‌
Ferrovial
SA
3,714‌
92‌
Jacobs
Engineering
Group
Inc
8,738‌
1,006‌
Japan
Airport
Terminal
Co
Ltd
8,000‌
387‌
Skanska
AB
4,263‌
103‌
$
2,141‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Entertainment
-
(0.26)%
DraftKings
Inc
1,096‌
$
67‌
Entain
PLC
4,148‌
82‌
Flutter
Entertainment
PLC
1,941‌
372‌
Live
Nation
Entertainment
Inc
3,515‌
313‌
Oriental
Land
Co
Ltd/Japan
1,350‌
227‌
Vail
Resorts
Inc
1,268‌
392‌
$
1,453‌
Environmental
Control
-
(0.04)%
Waste
Connections
Inc
502‌
49‌
Waste
Management
Inc
1,230‌
136‌
$
185‌
Food
-
(0.31)%
Barry
Callebaut
AG
91‌
197‌
Hormel
Foods
Corp
4,622‌
214‌
J
M
Smucker
Co/The
663‌
74‌
Kraft
Heinz
Co/The
8,466‌
308‌
Kroger
Co/The
8,072‌
260‌
Lamb
Weston
Holdings
Inc
3,548‌
283‌
McCormick
&
Co
Inc/MD
808‌
68‌
Metro
Inc/CN
900‌
37‌
NH
Foods
Ltd
2,000‌
85‌
Ocado
Group
PLC
4,383‌
135‌
$
1,661‌
Forest
Products
&
Paper
-
(0.06)%
Oji
Holdings
Corp
22,100‌
140‌
Stora
Enso
Oyj
5,989‌
118‌
Svenska
Cellulosa
AB
SCA
3,880‌
67‌
$
325‌
Gas
-
(0.08)%
Atmos
Energy
Corp
4,920‌
416‌
Hand
&
Machine
Tools
-
0.00%
Stanley
Black
&
Decker
Inc
55‌
10‌
Healthcare
-
Products
-
(0.42)%
10X
Genomics
Inc
666‌
119‌
ABIOMED
Inc
405‌
131‌
Align
Technology
Inc
427‌
242‌
Ambu
A/S
1,646‌
76‌
Boston
Scientific
Corp
5,117‌
198‌
Cooper
Cos
Inc/The
450‌
174‌
Danaher
Corp
190‌
42‌
Edwards
Lifesciences
Corp
3,222‌
268‌
IDEXX
Laboratories
Inc
16‌
8‌
Insulet
Corp
291‌
75‌
Intuitive
Surgical
Inc
271‌
200‌
ResMed
Inc
970‌
187‌
Stryker
Corp
125‌
30‌
Teleflex
Inc
783‌
312‌
Zimmer
Biomet
Holdings
Inc
1,542‌
251‌
$
2,313‌
Healthcare
-
Services
-
(0.35)%
BioMerieux
496‌
63‌
Catalent
Inc
6,377‌
725‌
Centene
Corp
2,649‌
155‌
DaVita
Inc
352‌
36‌
Fresenius
Medical
Care
AG
&
Co
KGaA
2,389‌
165‌
Fresenius
SE
&
Co
KGaA
1,268‌
54‌
HCA
Healthcare
Inc
447‌
77‌
IQVIA
Holdings
Inc
2,160‌
416‌
Ryman
Healthcare
Ltd
17,651‌
186‌
$
1,877‌
Home
Builders
-
(0.11)%
Daiwa
House
Industry
Co
Ltd
3,600‌
102‌
DR
Horton
Inc
2,127‌
164‌
NVR
Inc
78‌
351‌
$
617‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
140
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Home
Furnishings
-
(0.10)%
Electrolux
AB
8,133‌
$
192‌
Leggett
&
Platt
Inc
4,055‌
175‌
Whirlpool
Corp
938‌
178‌
$
545‌
Insurance
-
(0.67)%
Aflac
Inc
4,325‌
207‌
Allstate
Corp/The
375‌
40‌
American
International
Group
Inc
1,723‌
76‌
Athene
Holding
Ltd
1,180‌
54‌
Berkshire
Hathaway
Inc
-
Class
B
1,801‌
433‌
Chubb
Ltd
664‌
108‌
Dai-ichi
Life
Holdings
Inc
4,300‌
76‌
Erie
Indemnity
Co
679‌
164‌
Everest
Re
Group
Ltd
294‌
71‌
Globe
Life
Inc
1,488‌
139‌
Hartford
Financial
Services
Group
Inc/The
2,580‌
131‌
Japan
Post
Insurance
Co
Ltd
17,900‌
368‌
Lincoln
National
Corp
5,486‌
312‌
Loews
Corp
5,242‌
251‌
Progressive
Corp/The
3,012‌
259‌
Prudential
Financial
Inc
1,401‌
122‌
Travelers
Cos
Inc/The
77‌
11‌
Unum
Group
14,668‌
388‌
Voya
Financial
Inc
2,555‌
154‌
W
R
Berkley
Corp
2,102‌
146‌
Willis
Towers
Watson
PLC
551‌
122‌
$
3,632‌
Internet
-
(0.37)%
Booking
Holdings
Inc
193‌
449‌
Etsy
Inc
2,566‌
565‌
Expedia
Group
Inc
2,329‌
375‌
Iliad
SA
1,678‌
298‌
NortonLifeLock
Inc
13,778‌
269‌
Wayfair
Inc
195‌
56‌
$
2,012‌
Investment
Companies
-
(0.12)%
EXOR
NV
3,614‌
290‌
Kinnevik
AB
-
Class
B
1,616‌
75‌
Washington
H
Soul
Pattinson
&
Co
Ltd
14,394‌
331‌
$
696‌
Iron
&
Steel
-
0.00%
Nucor
Corp
251‌
15‌
Leisure
Products
&
Services
-
(0.16)%
Carnival
Corp
8,453‌
226‌
Norwegian
Cruise
Line
Holdings
Ltd
8,966‌
265‌
Peloton
Interactive
Inc
671‌
81‌
Royal
Caribbean
Cruises
Ltd
2,775‌
259‌
$
831‌
Lodging
-
(0.34)%
City
Developments
Ltd
23,600‌
129‌
Crown
Resorts
Ltd
38,123‌
293‌
Las
Vegas
Sands
Corp
10,275‌
643‌
Melco
Resorts
&
Entertainment
Ltd
ADR
3,764‌
82‌
MGM
Resorts
International
5,624‌
213‌
Whitbread
PLC
3,583‌
171‌
Wynn
Resorts
Ltd
2,718‌
358‌
$
1,889‌
Machinery
-
Construction
&
Mining
-
(0.05)%
Hitachi
Construction
Machinery
Co
Ltd
3,300‌
102‌
Hitachi
Ltd
3,500‌
161‌
$
263‌
Machinery
-
Diversified
-
(0.42)%
Atlas
Copco
AB
-
A
Shares
1,170‌
67‌
CNH
Industrial
NV
2,548‌
38‌
Daifuku
Co
Ltd
1,900‌
182‌
Deere
&
Co
407‌
142‌
Dover
Corp
423‌
52‌
Harmonic
Drive
Systems
Inc
2,700‌
208‌
IDEX
Corp
926‌
181‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Machinery
-
Diversified
(continued)
Ingersoll
Rand
Inc
11,993‌
$
556‌
KION
Group
AG
1,456‌
123‌
Otis
Worldwide
Corp
1,641‌
105‌
Rockwell
Automation
Inc
549‌
134‌
Westinghouse
Air
Brake
Technologies
Corp
3,413‌
247‌
Xylem
Inc/NY
2,792‌
278‌
$
2,313‌
Media
-
(0.24)%
Altice
USA
Inc
4,849‌
163‌
Discovery
Inc
-
A
Shares
2,701‌
143‌
DISH
Network
Corp
1,696‌
53‌
Liberty
Broadband
Corp
-
C
Shares
3,593‌
537‌
Pearson
PLC
30,857‌
325‌
Vivendi
SE
1,431‌
50‌
$
1,271‌
Metal
Fabrication
&
Hardware
-
(0.04)%
SKF
AB
8,828‌
241‌
Mining
-
(0.27)%
Agnico
Eagle
Mines
Ltd
500‌
28‌
Anglo
American
PLC
4,072‌
158‌
Cameco
Corp
5,500‌
86‌
First
Quantum
Minerals
Ltd
3,400‌
73‌
Freeport-McMoRan
Inc
9,203‌
312‌
Lundin
Mining
Corp
22,700‌
260‌
Newcrest
Mining
Ltd
1,608‌
30‌
Northern
Star
Resources
Ltd
16,774‌
130‌
Pan
American
Silver
Corp
2,500‌
83‌
SSR
Mining
Inc
3,900‌
55‌
Teck
Resources
Ltd
8,300‌
173‌
$
1,388‌
Miscellaneous
Manufacturers
-
(0.31)%
A
O
Smith
Corp
1,445‌
86‌
General
Electric
Co
38,831‌
487‌
Illinois
Tool
Works
Inc
251‌
51‌
JSR
Corp
11,800‌
354‌
Orica
Ltd
7,941‌
77‌
Parker-Hannifin
Corp
73‌
21‌
Siemens
AG
1,076‌
167‌
Smiths
Group
PLC
3,829‌
78‌
Textron
Inc
7,860‌
396‌
$
1,717‌
Office
&
Business
Equipment
-
(0.04)%
Ricoh
Co
Ltd
20,300‌
178‌
Zebra
Technologies
Corp
153‌
76‌
$
254‌
Oil
&
Gas
-
(0.49)%
Cabot
Oil
&
Gas
Corp
23,034‌
427‌
Chevron
Corp
1,063‌
106‌
ConocoPhillips
7,282‌
379‌
Diamondback
Energy
Inc
1,990‌
138‌
EOG
Resources
Inc
2,820‌
182‌
Exxon
Mobil
Corp
956‌
52‌
Hess
Corp
4,043‌
265‌
HollyFrontier
Corp
3,207‌
122‌
Idemitsu
Kosan
Co
Ltd
3,000‌
79‌
Marathon
Oil
Corp
1,680‌
19‌
Marathon
Petroleum
Corp
5,403‌
295‌
Neste
Oyj
1,015‌
67‌
Occidental
Petroleum
Corp
2,449‌
65‌
Phillips
66
1,132‌
94‌
Pioneer
Natural
Resources
Co
1,901‌
282‌
Valero
Energy
Corp
2,292‌
176‌
$
2,748‌
Oil
&
Gas
Services
-
(0.07)%
Baker
Hughes
Co
6,826‌
167‌
Schlumberger
NV
7,192‌
201‌
$
368‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
141
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Packaging
&
Containers
-
(0.07)%
Amcor
PLC
15,679‌
$
172‌
Ball
Corp
857‌
73‌
Westrock
Co
3,259‌
142‌
$
387‌
Pharmaceuticals
-
(0.47)%
Alfresa
Holdings
Corp
7,800‌
151‌
AmerisourceBergen
Corp
514‌
52‌
Becton
Dickinson
and
Co
403‌
97‌
Cardinal
Health
Inc
4,973‌
256‌
Cigna
Corp
492‌
103‌
Daiichi
Sankyo
Co
Ltd
2,400‌
68‌
DexCom
Inc
1,045‌
416‌
Eisai
Co
Ltd
1,400‌
97‌
Galapagos
NV
1,697‌
140‌
GlaxoSmithKline
PLC
1,712‌
29‌
Henry
Schein
Inc
863‌
53‌
Perrigo
Co
PLC
12,467‌
503‌
Pfizer
Inc
4,441‌
149‌
Sumitomo
Dainippon
Pharma
Co
Ltd
2,700‌
43‌
Taisho
Pharmaceutical
Holdings
Co
Ltd
3,700‌
228‌
$
2,385‌
Pipelines
-
(0.23)%
Cheniere
Energy
Inc
2,082‌
140‌
Keyera
Corp
7,800‌
151‌
Koninklijke
Vopak
NV
3,031‌
145‌
ONEOK
Inc
7,667‌
340‌
TC
Energy
Corp
3,000‌
126‌
Williams
Cos
Inc/The
14,568‌
333‌
$
1,235‌
Real
Estate
-
(0.18)%
Aeon
Mall
Co
Ltd
12,200‌
206‌
Deutsche
Wohnen
SE
3,002‌
141‌
Hulic
Co
Ltd
4,700‌
53‌
LEG
Immobilien
AG
354‌
48‌
Nomura
Real
Estate
Holdings
Inc
1,600‌
36‌
Tokyu
Fudosan
Holdings
Corp
17,500‌
111‌
UOL
Group
Ltd
9,700‌
53‌
Vonovia
SE
4,423‌
282‌
$
930‌
REITs
-
(0.51)%
Boston
Properties
Inc
761‌
75‌
Digital
Realty
Trust
Inc
1,714‌
231‌
Equinix
Inc
739‌
479‌
Equity
Residential
1,257‌
82‌
Essex
Property
Trust
Inc
302‌
77‌
Extra
Space
Storage
Inc
399‌
50‌
Federal
Realty
Investment
Trust
1,398‌
141‌
Healthpeak
Properties
Inc
11,090‌
323‌
Host
Hotels
&
Resorts
Inc
5,142‌
85‌
Iron
Mountain
Inc
3,306‌
115‌
Realty
Income
Corp
372‌
22‌
Regency
Centers
Corp
2,698‌
148‌
Simon
Property
Group
Inc
1,337‌
151‌
SL
Green
Realty
Corp
3,039‌
210‌
UDR
Inc
2,301‌
95‌
Vornado
Realty
Trust
3,871‌
166‌
Welltower
Inc
4,167‌
283‌
$
2,733‌
Retail
-
(0.84)%
Aeon
Co
Ltd
8,000‌
242‌
CarMax
Inc
7,118‌
851‌
Chipotle
Mexican
Grill
Inc
325‌
468‌
Dollar
Tree
Inc
1,682‌
165‌
Domino's
Pizza
Inc
460‌
159‌
Pan
Pacific
International
Holdings
Corp
2,400‌
56‌
Ross
Stores
Inc
7,304‌
852‌
Starbucks
Corp
5,925‌
640‌
TJX
Cos
Inc/The
10,090‌
666‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Retail
(continued)
Tractor
Supply
Co
3,226‌
$
513‌
$
4,612‌
Savings
&
Loans
-
(0.04)%
People's
United
Financial
Inc
12,074‌
217‌
Semiconductors
-
(0.50)%
Advanced
Micro
Devices
Inc
4,060‌
343‌
Analog
Devices
Inc
442‌
69‌
Hamamatsu
Photonics
KK
800‌
47‌
IPG
Photonics
Corp
3,397‌
772‌
Lasertec
Corp
300‌
37‌
Microchip
Technology
Inc
944‌
144‌
Monolithic
Power
Systems
Inc
1,133‌
424‌
NVIDIA
Corp
179‌
98‌
NXP
Semiconductors
NV
2,425‌
443‌
Skyworks
Solutions
Inc
411‌
73‌
SUMCO
Corp
4,400‌
101‌
Xilinx
Inc
1,005‌
131‌
$
2,682‌
Shipbuilding
-
(0.03)%
Huntington
Ingalls
Industries
Inc
246‌
43‌
Wartsila
OYJ
Abp
10,514‌
121‌
$
164‌
Software
-
(0.69)%
Akamai
Technologies
Inc
1,547‌
146‌
ANSYS
Inc
232‌
79‌
AVEVA
Group
PLC
2,831‌
135‌
Cadence
Design
Systems
Inc
1,118‌
158‌
Capcom
Co
Ltd
600‌
36‌
Ceridian
HCM
Holding
Inc
3,111‌
279‌
Citrix
Systems
Inc
76‌
10‌
Cloudflare
Inc
842‌
62‌
Dassault
Systemes
SE
3,026‌
629‌
Datadog
Inc
434‌
41‌
DocuSign
Inc
228‌
52‌
Fidelity
National
Information
Services
Inc
2,874‌
396‌
Fiserv
Inc
452‌
52‌
Intuit
Inc
170‌
66‌
Jack
Henry
&
Associates
Inc
632‌
94‌
Koei
Tecmo
Holdings
Co
Ltd
1,400‌
79‌
MongoDB
Inc
371‌
143‌
MSCI
Inc
989‌
410‌
Nexon
Co
Ltd
3,400‌
107‌
Paycom
Software
Inc
1,059‌
396‌
Splunk
Inc
608‌
87‌
Twilio
Inc
252‌
99‌
Tyler
Technologies
Inc
226‌
105‌
$
3,661‌
Telecommunications
-
(0.29)%
Arista
Networks
Inc
1,298‌
363‌
Corning
Inc
5,053‌
193‌
Juniper
Networks
Inc
15,811‌
368‌
KDDI
Corp
1,000‌
31‌
Lumen
Technologies
Inc
8,924‌
110‌
Motorola
Solutions
Inc
1,428‌
251‌
T-Mobile
US
Inc
1,499‌
180‌
$
1,496‌
Transportation
-
(0.35)%
Canadian
National
Railway
Co
1,300‌
142‌
CH
Robinson
Worldwide
Inc
947‌
86‌
Hankyu
Hanshin
Holdings
Inc
2,000‌
67‌
Kansas
City
Southern
767‌
163‌
Keio
Corp
2,900‌
218‌
Kintetsu
Group
Holdings
Co
Ltd
4,900‌
206‌
Kyushu
Railway
Co
3,900‌
102‌
MTR
Corp
Ltd
12,000‌
72‌
Nagoya
Railroad
Co
Ltd
8,300‌
212‌
Nippon
Express
Co
Ltd
1,300‌
97‌
Odakyu
Electric
Railway
Co
Ltd
6,800‌
200‌
Old
Dominion
Freight
Line
Inc
340‌
73‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
142
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Transportation
(continued)
SG
Holdings
Co
Ltd
2,100‌
$
48‌
Yamato
Holdings
Co
Ltd
7,100‌
187‌
$
1,873‌
Water
-
(0.05)%
American
Water
Works
Co
Inc
1,941‌
275‌
TOTAL
COMMON
STOCKS
(proceeds
$74,886)
$
85,731‌
PREFERRED
STOCKS
-
(0.06)%
Shares
Value
(000's)
Automobile
Manufacturers
-
(0.05)%
Porsche
Automobil
Holding
SE
2.21%
3,427‌
$
275‌
Electronics
-
(0.01)%
Sartorius
AG
0.71%
94‌
48‌
TOTAL
PREFERRED
STOCKS
(proceeds
$241)
$
323‌
BONDS
-
(0.76)%
Principal
Amount
(000's)
Value
(000's)
Entertainment
-
(0.04)%
Caesars
Resort
Collection
LLC
/
CRC
Finco
Inc
5.25%,
10/15/2025
$
188‌
$
187‌
Sovereign
-
(0.72)%
Republic
of
South
Africa
Government
International
Bond
4.85%,
09/27/2027
3,071‌
3,194‌
Turkey
Government
International
Bond
11.88%,
01/15/2030
497‌
707‌
$
3,901‌
TOTAL
BONDS
(proceeds
$3,748)
$
4,088‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
(14.04)%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
(14.04)%
0.13%,
09/30/2022
$
29,979‌
$
29,971‌
0.63%,
08/15/2030
3,692‌
3,428‌
1.13%,
02/28/2022
20,686‌
20,897‌
1.25%,
05/15/2050
4,332‌
3,439‌
2.25%,
02/15/2027
16,937‌
18,182‌
$
75,917‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(proceeds
$77,241)
$
75,917‌
TOTAL
SHORT
SALES
(proceeds
$156,116)
$
166,059‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
143
INVESTMENT
COMPANIES
-
1.69%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.64%
iShares
MSCI
EAFE
ETF
100,300‌
$
7,423‌
Money
Market
Funds
-
1.05%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(a),(b)
5,643,005‌
5,644‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
6,557,299‌
6,557‌
$
12,201‌
TOTAL
INVESTMENT
COMPANIES
$
19,624‌
COMMON
STOCKS
-
98.37%
Shares
Held
Value
(000's)
Advertising
-
0.24%
Dentsu
Group
Inc
15,600‌
$
545‌
Hakuhodo
DY
Holdings
Inc
16,800‌
279‌
Publicis
Groupe
SA
16,020‌
942‌
WPP
PLC
88,042‌
1,053‌
$
2,819‌
Aerospace
&
Defense
-
1.08%
Airbus
SE
(d)
42,257‌
4,909‌
BAE
Systems
PLC
231,224‌
1,565‌
Dassault
Aviation
SA
(d)
180‌
194‌
Elbit
Systems
Ltd
1,909‌
247‌
MTU
Aero
Engines
AG
3,816‌
908‌
Rolls-Royce
Holdings
PLC
(d)
601,215‌
906‌
Safran
SA
(d)
23,025‌
3,139‌
Thales
SA
7,657‌
725‌
$
12,593‌
Agriculture
-
0.81%
British
American
Tobacco
PLC
164,843‌
5,724‌
Imperial
Brands
PLC
68,001‌
1,267‌
Japan
Tobacco
Inc
86,300‌
1,563‌
Swedish
Match
AB
11,655‌
836‌
$
9,390‌
Airlines
-
0.12%
ANA
Holdings
Inc
11,200‌
271‌
Deutsche
Lufthansa
AG
(d)
21,475‌
320‌
Japan
Airlines
Co
Ltd
10,100‌
242‌
Qantas
Airways
Ltd
66,402‌
255‌
Singapore
Airlines
Ltd
(d)
96,300‌
357‌
$
1,445‌
Apparel
-
2.14%
Adidas
AG
13,681‌
4,769‌
Burberry
Group
PLC
(d)
29,082‌
740‌
Hermes
International
2,276‌
2,536‌
Kering
SA
5,445‌
3,444‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
19,948‌
12,639‌
Puma
SE
7,045‌
750‌
$
24,878‌
Automobile
Manufacturers
-
2.87%
Bayerische
Motoren
Werke
AG
23,790‌
2,056‌
Daimler
AG
61,495‌
4,930‌
Ferrari
NV
9,058‌
1,763‌
Hino
Motors
Ltd
20,600‌
195‌
Honda
Motor
Co
Ltd
117,200‌
3,240‌
Isuzu
Motors
Ltd
39,700‌
418‌
Mazda
Motor
Corp
40,900‌
325‌
Nissan
Motor
Co
Ltd
166,900‌
912‌
Renault
SA
(d)
13,812‌
620‌
Stellantis
NV
147,158‌
2,385‌
Subaru
Corp
44,300‌
835‌
Suzuki
Motor
Corp
26,500‌
1,156‌
Toyota
Motor
Corp
152,500‌
11,269‌
Volkswagen
AG
2,333‌
546‌
Volvo
AB
-
B
Shares
102,324‌
2,619‌
$
33,269‌
Automobile
Parts
&
Equipment
-
0.92%
Aisin
Seiki
Co
Ltd
11,600‌
399‌
Bridgestone
Corp
38,500‌
1,521‌
Cie
Generale
des
Etablissements
Michelin
SCA
12,174‌
1,760‌
Continental
AG
7,905‌
1,137‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
Denso
Corp
31,200‌
$
1,885‌
Faurecia
SE
(d)
5,951‌
308‌
Koito
Manufacturing
Co
Ltd
7,500‌
504‌
NGK
Insulators
Ltd
18,400‌
328‌
NGK
Spark
Plug
Co
Ltd
11,000‌
188‌
Stanley
Electric
Co
Ltd
9,400‌
280‌
Sumitomo
Electric
Industries
Ltd
54,300‌
796‌
Toyoda
Gosei
Co
Ltd
4,600‌
120‌
Toyota
Industries
Corp
10,500‌
902‌
Valeo
SA
16,499‌
583‌
$
10,711‌
Banks
-
9.31%
ABN
AMRO
Bank
NV
(d),(e)
30,394‌
350‌
Australia
&
New
Zealand
Banking
Group
Ltd
204,082‌
4,098‌
Banco
Bilbao
Vizcaya
Argentaria
SA
479,091‌
2,664‌
Banco
Espirito
Santo
SA
(d),(f),(g)
131,709‌
—‌
Banco
Santander
SA
(d)
1,24
5,932‌
4,332‌
Bank
Hapoalim
BM
(d)
81,740‌
576‌
Bank
Leumi
Le-Israel
BM
104,586‌
634‌
Bank
of
East
Asia
Ltd/The
94,200‌
222‌
Bank
of
Kyoto
Ltd/The
4,000‌
241‌
Banque
Cantonale
Vaudoise
2,165‌
227‌
Barclays
PLC
1,247,014‌
2,783‌
BNP
Paribas
SA
80,820‌
4,805‌
BOC
Hong
Kong
Holdings
Ltd
266,000‌
884‌
CaixaBank
SA
257,862‌
747‌
Chiba
Bank
Ltd/The
38,100‌
244‌
Commerzbank
AG
(d)
71,986‌
472‌
Commonwealth
Bank
of
Australia
127,468‌
8,001‌
Concordia
Financial
Group
Ltd
73,900‌
286‌
Credit
Agricole
SA
(d)
82,907‌
1,162‌
Credit
Suisse
Group
AG
175,873‌
2,544‌
Danske
Bank
A/S
49,560‌
911‌
DBS
Group
Holdings
Ltd
129,100‌
2,558‌
Deutsche
Bank
AG
(d)
141,075‌
1,736‌
DNB
ASA
66,837‌
1,299‌
Erste
Group
Bank
AG
(d)
20,074‌
659‌
FinecoBank
Banca
Fineco
SpA
(d)
43,798‌
768‌
Fukuoka
Financial
Group
Inc
12,300‌
222‌
Hang
Seng
Bank
Ltd
55,000‌
1,062‌
HSBC
Holdings
PLC
1,463,420‌
8,767‌
ING
Groep
NV
280,264‌
3,070‌
Intesa
Sanpaolo
SpA
1,186,674‌
3,051‌
Israel
Discount
Bank
Ltd
83,792‌
309‌
Japan
Post
Bank
Co
Ltd
29,100‌
278‌
KBC
Group
NV
17,952‌
1,288‌
Lloyds
Banking
Group
PLC
5,089,099‌
2,773‌
Macquarie
Group
Ltd
24,677‌
2,701‌
Mediobanca
Banca
di
Credito
Finanziario
SpA
(d)
44,624‌
463‌
Mitsubishi
UFJ
Financial
Group
Inc
878,400‌
4,620‌
Mizrahi
Tefahot
Bank
Ltd
10,098‌
240‌
Mizuho
Financial
Group
Inc
173,380‌
2,552‌
National
Australia
Bank
Ltd
236,409‌
4,489‌
Natixis
SA
(d)
68,028‌
331‌
Natwest
Group
PLC
348,589‌
900‌
Nordea
Bank
Abp
(d)
232,793‌
2,108‌
Oversea-Chinese
Banking
Corp
Ltd
241,100‌
1,972‌
Raiffeisen
Bank
International
AG
10,637‌
215‌
Resona
Holdings
Inc
149,000‌
602‌
Shinsei
Bank
Ltd
(h)
11,200‌
160‌
Shizuoka
Bank
Ltd/The
30,000‌
220‌
Skandinaviska
Enskilda
Banken
AB
116,938‌
1,343‌
Societe
Generale
SA
58,250‌
1,442‌
Standard
Chartered
PLC
192,757‌
1,248‌
Sumitomo
Mitsui
Financial
Group
Inc
93,900‌
3,315‌
Sumitomo
Mitsui
Trust
Holdings
Inc
24,344‌
804‌
Svenska
Handelsbanken
AB
111,787‌
1,179‌
Swedbank
AB
65,069‌
1,140‌
UBS
Group
AG
263,412‌
4,098‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
144
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
UniCredit
SpA
152,712‌
$
1,572‌
United
Overseas
Bank
Ltd
84,700‌
1,555‌
Westpac
Banking
Corp
259,501‌
4,757‌
$
108,049‌
Beverages
-
1.98%
Anheuser-Busch
InBev
SA/NV
54,748‌
3,150‌
Asahi
Group
Holdings
Ltd
32,700‌
1,428‌
Budweiser
Brewing
Co
APAC
Ltd
(e)
123,800‌
378‌
Carlsberg
AS
7,402‌
1,162‌
Coca-Cola
Amatil
Ltd
36,415‌
376‌
Coca-Cola
Bottlers
Japan
Holdings
Inc
(h)
8,800‌
152‌
Coca-Cola
European
Partners
PLC
14,698‌
749‌
Coca-Cola
HBC
AG
(d)
14,395‌
452‌
Davide
Campari-Milano
NV
41,732‌
472‌
Diageo
PLC
168,040‌
6,611‌
Heineken
Holding
NV
8,279‌
713‌
Heineken
NV
(h)
18,625‌
1,840‌
Ito
En
Ltd
3,800‌
210‌
JDE
Peet's
NV
(d)
5,387‌
218‌
Kirin
Holdings
Co
Ltd
59,200‌
1,166‌
Pernod
Ricard
SA
15,054‌
2,858‌
Remy
Cointreau
SA
1,633‌
311‌
Suntory
Beverage
&
Food
Ltd
10,000‌
343‌
Treasury
Wine
Estates
Ltd
51,837‌
435‌
$
23,024‌
Biotechnology
-
0.82%
Argenx
SE
(d)
3,241‌
1,078‌
CSL
Ltd
32,692‌
6,663‌
Genmab
A/S
(d)
4,709‌
1,579‌
H
Lundbeck
A/S
5,010‌
190‌
$
9,510‌
Building
Materials
-
1.76%
AGC
Inc
13,900‌
512‌
Cie
de
Saint-Gobain
36,566‌
1,966‌
CRH
PLC
56,405‌
2,449‌
Daikin
Industries
Ltd
18,000‌
3,508‌
Geberit
AG
2,662‌
1,569‌
HeidelbergCement
AG
10,694‌
846‌
Investment
AB
Latour
10,639‌
242‌
James
Hardie
Industries
PLC
31,898‌
895‌
Kingspan
Group
PLC
11,091‌
806‌
LafargeHolcim
Ltd
(d)
37,618‌
2,075‌
Lixil
Corp
19,100‌
538‌
Nibe
Industrier
AB
22,406‌
704‌
Rinnai
Corp
2,600‌
264‌
ROCKWOOL
International
A/S
580‌
210‌
Sika
AG
10,188‌
2,694‌
Taiheiyo
Cement
Corp
8,200‌
206‌
TOTO
Ltd
10,200‌
619‌
Xinyi
Glass
Holdings
Ltd
128,000‌
358‌
$
20,461‌
Chemicals
-
3.31%
Air
Liquide
SA
34,029‌
5,125‌
Air
Water
Inc
13,200‌
218‌
Akzo
Nobel
NV
13,865‌
1,434‌
Arkema
SA
4,964‌
547‌
Asahi
Kasei
Corp
90,200‌
979‌
BASF
SE
65,994‌
5,399‌
Brenntag
SE
11,101‌
860‌
Chr
Hansen
Holding
A/S
(d)
7,580‌
650‌
Clariant
AG
14,311‌
299‌
Covestro
AG
(e)
13,188‌
955‌
Croda
International
PLC
10,026‌
866‌
EMS-Chemie
Holding
AG
589‌
522‌
Evonik
Industries
AG
15,068‌
507‌
Givaudan
SA
664‌
2,501‌
ICL
Group
Ltd
50,700‌
292‌
Johnson
Matthey
PLC
13,906‌
594‌
Kansai
Paint
Co
Ltd
12,700‌
332‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Koninklijke
DSM
NV
12,384‌
$
2,042‌
Kuraray
Co
Ltd
22,900‌
258‌
LANXESS
AG
5,970‌
443‌
Mitsubishi
Chemical
Holdings
Corp
92,100‌
644‌
Mitsubishi
Gas
Chemical
Co
Inc
11,300‌
265‌
Mitsui
Chemicals
Inc
13,200‌
409‌
Nippon
Paint
Holdings
Co
Ltd
10,600‌
789‌
Nippon
Sanso
Holdings
Corp
10,900‌
206‌
Nissan
Chemical
Corp
8,900‌
487‌
Nitto
Denko
Corp
11,400‌
978‌
Novozymes
A/S
14,955‌
921‌
Shin-Etsu
Chemical
Co
Ltd
25,500‌
4,179‌
Solvay
SA
5,327‌
648‌
Sumitomo
Chemical
Co
Ltd
107,100‌
521‌
Symrise
AG
9,245‌
1,080‌
Toray
Industries
Inc
99,700‌
658‌
Tosoh
Corp
18,600‌
342‌
Umicore
SA
14,164‌
832‌
Yara
International
ASA
12,523‌
602‌
$
38,384‌
Commercial
Services
-
2.79%
Adecco
Group
AG
11,135‌
701‌
Adyen
NV
(d),(e)
1,307‌
3,050‌
Amadeus
IT
Group
SA
(d)
32,370‌
2,260‌
Ashtead
Group
PLC
32,429‌
1,762‌
Atlantia
SpA
(d)
35,601‌
666‌
Brambles
Ltd
106,325‌
812‌
Bureau
Veritas
SA
21,120‌
571‌
Dai
Nippon
Printing
Co
Ltd
17,400‌
315‌
Edenred
17,718‌
982‌
Experian
PLC
65,906‌
2,092‌
GMO
Payment
Gateway
Inc
2,900‌
384‌
Intertek
Group
PLC
11,597‌
869‌
Nexi
SpA
(d),(e)
31,575‌
565‌
Nihon
M&A
Center
Inc
10,900‌
595‌
Persol
Holdings
Co
Ltd
12,700‌
254‌
Randstad
NV
8,562‌
573‌
Recruit
Holdings
Co
Ltd
97,600‌
4,877‌
RELX
PLC
138,815‌
3,285‌
Rentokil
Initial
PLC
133,235‌
868‌
Secom
Co
Ltd
15,100‌
1,315‌
Securitas
AB
22,499‌
345‌
SGS
SA
435‌
1,243‌
Sohgo
Security
Services
Co
Ltd
5,100‌
230‌
Toppan
Printing
Co
Ltd
18,800‌
297‌
Transurban
Group
196,623‌
1,949‌
Worldline
SA/France
(d),(e)
17,044‌
1,520‌
$
32,380‌
Computers
-
1.12%
Atos
SE
(d)
7,114‌
556‌
Bechtle
AG
1,962‌
369‌
Capgemini
SE
11,567‌
1,858‌
Check
Point
Software
Technologies
Ltd
(d)
8,060‌
889‌
Computershare
Ltd
34,977‌
358‌
CyberArk
Software
Ltd
(d)
2,784‌
409‌
Fujitsu
Ltd
14,200‌
2,060‌
Itochu
Techno-Solutions
Corp
6,800‌
209‌
Logitech
International
SA
11,817‌
1,256‌
NEC
Corp
18,600‌
1,017‌
Nomura
Research
Institute
Ltd
22,943‌
712‌
NTT
Data
Corp
45,300‌
695‌
Obic
Co
Ltd
5,100‌
859‌
SCSK
Corp
3,700‌
219‌
Teleperformance
4,221‌
1,495‌
$
12,961‌
Consumer
Products
-
0.43%
Henkel
AG
&
Co
KGaA
7,467‌
662‌
Reckitt
Benckiser
Group
PLC
51,134‌
4,289‌
$
4,951‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
145
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Cosmetics
&
Personal
Care
-
2.18%
Beiersdorf
AG
7,243‌
$
716‌
Essity
AB
43,728‌
1,314‌
Kao
Corp
34,700‌
2,334‌
Kose
Corp
2,400‌
386‌
Lion
Corp
16,200‌
311‌
L'Oreal
SA
18,102‌
6,606‌
Pigeon
Corp
8,200‌
297‌
Pola
Orbis
Holdings
Inc
6,400‌
147‌
Shiseido
Co
Ltd
28,800‌
2,153‌
Unicharm
Corp
29,000‌
1,149‌
Unilever
PLC
188,913‌
9,847‌
$
25,260‌
Distribution
&
Wholesale
-
1.17%
Bunzl
PLC
24,214‌
756‌
Ferguson
PLC
16,171‌
1,913‌
ITOCHU
Corp
96,900‌
2,894‌
Marubeni
Corp
118,700‌
889‌
Mitsubishi
Corp
96,100‌
2,724‌
Mitsui
&
Co
Ltd
117,300‌
2,512‌
Sumitomo
Corp
85,500‌
1,246‌
Toyota
Tsusho
Corp
15,300‌
646‌
$
13,580‌
Diversified
Financial
Services
-
1.94%
Acom
Co
Ltd
28,700‌
129‌
Afterpay
Ltd
(d)
15,305‌
1,398‌
AMP
Ltd
246,922‌
286‌
Amundi
SA
(e)
4,367‌
332‌
ASX
Ltd
13,911‌
724‌
Daiwa
Securities
Group
Inc
103,900‌
509‌
Deutsche
Boerse
AG
13,653‌
2,237‌
Hargreaves
Lansdown
PLC
23,857‌
504‌
Hong
Kong
Exchanges
&
Clearing
Ltd
86,600‌
5,324‌
Japan
Exchange
Group
Inc
36,600‌
790‌
Julius
Baer
Group
Ltd
16,082‌
990‌
London
Stock
Exchange
Group
PLC
22,727‌
3,054‌
Magellan
Financial
Group
Ltd
9,237‌
309‌
Mitsubishi
UFJ
Lease
&
Finance
Co
Ltd
28,900‌
156‌
Nomura
Holdings
Inc
226,000‌
1,320‌
ORIX
Corp
94,500‌
1,612‌
SBI
Holdings
Inc/Japan
17,290‌
484‌
Schroders
PLC
8,933‌
437‌
Singapore
Exchange
Ltd
57,800‌
430‌
St
James's
Place
PLC
38,593‌
637‌
Standard
Life
Aberdeen
PLC
158,418‌
692‌
Tokyo
Century
Corp
3,000‌
197‌
$
22,551‌
Electric
-
2.90%
AGL
Energy
Ltd
44,766‌
322‌
AusNet
Services
134,830‌
172‌
Chubu
Electric
Power
Co
Inc
46,300‌
568‌
Chugoku
Electric
Power
Co
Inc/The
20,900‌
249‌
CLP
Holdings
Ltd
118,000‌
1,152‌
E.ON
SE
161,314‌
1,645‌
EDP
-
Energias
de
Portugal
SA
199,456‌
1,143‌
Electricite
de
France
SA
44,547‌
532‌
Elia
Group
SA/NV
2,221‌
239‌
Endesa
SA
22,822‌
564‌
Enel
SpA
584,384‌
5,510‌
Engie
SA
(d)
131,233‌
1,911‌
Fortum
Oyj
31,913‌
795‌
HK
Electric
Investments
&
HK
Electric
Investments
Ltd
190,500‌
187‌
Iberdrola
SA
439,635‌
5,509‌
Kansai
Electric
Power
Co
Inc/The
50,600‌
506‌
Kyushu
Electric
Power
Co
Inc
27,300‌
235‌
Mercury
NZ
Ltd
48,942‌
214‌
Meridian
Energy
Ltd
92,063‌
379‌
National
Grid
PLC
252,943‌
2,844‌
Origin
Energy
Ltd
126,545‌
438‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Orsted
AS
(e)
13,593‌
$
2,191‌
Power
Assets
Holdings
Ltd
99,500‌
552‌
Red
Electrica
Corp
SA
31,103‌
520‌
RWE
AG
46,158‌
1,743‌
SSE
PLC
74,861‌
1,387‌
Terna
Rete
Elettrica
Nazionale
SpA
101,094‌
701‌
Tohoku
Electric
Power
Co
Inc
30,800‌
271‌
Tokyo
Electric
Power
Co
Holdings
Inc
(d)
104,000‌
335‌
Uniper
SE
14,463‌
506‌
Verbund
AG
4,894‌
372‌
$
33,692‌
Electrical
Components
&
Equipment
-
0.74%
Brother
Industries
Ltd
16,100‌
319‌
Casio
Computer
Co
Ltd
13,900‌
269‌
Legrand
SA
19,186‌
1,668‌
Prysmian
SpA
17,340‌
557‌
Schneider
Electric
SE
38,707‌
5,724‌
$
8,537‌
Electronics
-
2.10%
ABB
Ltd
132,415‌
3,812‌
Assa
Abloy
AB
72,016‌
1,806‌
Azbil
Corp
8,800‌
374‌
Halma
PLC
27,279‌
864‌
Hirose
Electric
Co
Ltd
2,299‌
337‌
Hoya
Corp
27,100‌
3,082‌
Ibiden
Co
Ltd
7,500‌
306‌
Kyocera
Corp
23,000‌
1,489‌
MINEBEA
MITSUMI
Inc
26,100‌
646‌
Murata
Manufacturing
Co
Ltd
41,300‌
3,540‌
Nidec
Corp
32,200‌
4,106‌
Omron
Corp
13,300‌
1,079‌
Otsuka
Corp
7,400‌
344‌
Shimadzu
Corp
16,000‌
581‌
TDK
Corp
9,400‌
1,354‌
Venture
Corp
Ltd
19,800‌
283‌
Yokogawa
Electric
Corp
16,500‌
316‌
$
24,319‌
Energy
-
Alternate
Sources
-
0.28%
Siemens
Gamesa
Renewable
Energy
SA
17,130‌
635‌
Vestas
Wind
Systems
A/S
14,150‌
2,654‌
$
3,289‌
Engineering
&
Construction
-
1.22%
ACS
Actividades
de
Construccion
y
Servicios
SA
17,007‌
520‌
Aena
SME
SA
(d),(e)
4,851‌
823‌
Aeroports
de
Paris
(d)
2,134‌
271‌
Auckland
International
Airport
Ltd
(d)
89,934‌
491‌
Bouygues
SA
16,412‌
664‌
Cellnex
Telecom
SA
(e)
22,731‌
1,237‌
CIMIC
Group
Ltd
6,711‌
110‌
CK
Infrastructure
Holdings
Ltd
47,500‌
275‌
Eiffage
SA
5,986‌
615‌
Ferrovial
SA
34,970‌
868‌
HOCHTIEF
AG
1,777‌
159‌
Infrastrutture
Wireless
Italiane
SpA
(e)
24,148‌
251‌
Japan
Airport
Terminal
Co
Ltd
3,600‌
174‌
Kajima
Corp
32,300‌
415‌
Keppel
Corp
Ltd
104,700‌
396‌
Lendlease
Corp
Ltd
49,454‌
508‌
Obayashi
Corp
46,700‌
403‌
Shimizu
Corp
39,700‌
302‌
Singapore
Technologies
Engineering
Ltd
112,200‌
314‌
Skanska
AB
24,443‌
591‌
Sydney
Airport
(d)
95,013‌
431‌
Taisei
Corp
13,700‌
486‌
Vinci
SA
37,470‌
3,897‌
$
14,201‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
146
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Entertainment
-
0.82%
Aristocrat
Leisure
Ltd
41,293‌
$
966‌
Entain
PLC
42,034‌
831‌
Evolution
Gaming
Group
AB
(e)
11,497‌
1,434‌
Flutter
Entertainment
PLC
(d)
11,718‌
2,245‌
Genting
Singapore
Ltd
434,600‌
277‌
La
Francaise
des
Jeux
SAEM
(e)
6,176‌
279‌
Oriental
Land
Co
Ltd/Japan
14,400‌
2,425‌
Sega
Sammy
Holdings
Inc
12,400‌
209‌
Tabcorp
Holdings
Ltd
159,302‌
543‌
Toho
Co
Ltd/Tokyo
8,000‌
302‌
$
9,511‌
Environmental
Control
-
0.02%
Kurita
Water
Industries
Ltd
7,000‌
284‌
Food
-
4.38%
a2
Milk
Co
Ltd/The
(d)
53,358‌
375‌
Ajinomoto
Co
Inc
33,600‌
669‌
Associated
British
Foods
PLC
(d)
25,598‌
849‌
Barry
Callebaut
AG
217‌
469‌
Calbee
Inc
6,200‌
163‌
Carrefour
SA
44,060‌
769‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
PC
74‌
621‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
REG
7‌
619‌
Coles
Group
Ltd
95,844‌
1,135‌
Danone
SA
44,402‌
3,019‌
Etablissements
Franz
Colruyt
NV
3,908‌
234‌
HelloFresh
SE
(d)
10,620‌
825‌
ICA
Gruppen
AB
7,227‌
343‌
J
Sainsbury
PLC
127,839‌
405‌
Jeronimo
Martins
SGPS
SA
18,087‌
280‌
Just
Eat
Takeaway.com
NV
(d),(e)
9,086‌
874‌
Kerry
Group
PLC
11,427‌
1,375‌
Kesko
Oyj
19,626‌
499‌
Kikkoman
Corp
10,500‌
697‌
Kobe
Bussan
Co
Ltd
(h)
8,800‌
226‌
Koninklijke
Ahold
Delhaize
NV
79,088‌
2,088‌
MEIJI
Holdings
Co
Ltd
8,200‌
522‌
Mowi
ASA
31,583‌
762‌
Nestle
SA
207,002‌
21,605‌
NH
Foods
Ltd
5,800‌
245‌
Nisshin
Seifun
Group
Inc
14,195‌
229‌
Nissin
Foods
Holdings
Co
Ltd
4,500‌
340‌
Ocado
Group
PLC
(d)
34,941‌
1,074‌
Orkla
ASA
53,966‌
497‌
Seven
&
i
Holdings
Co
Ltd
(h)
54,200‌
2,066‌
Tesco
PLC
555,527‌
1,746‌
Toyo
Suisan
Kaisha
Ltd
6,200‌
264‌
WH
Group
Ltd
(e)
689,000‌
618‌
Wilmar
International
Ltd
138,100‌
544‌
Wm
Morrison
Supermarkets
PLC
173,137‌
413‌
Woolworths
Group
Ltd
90,917‌
2,773‌
Yakult
Honsha
Co
Ltd
9,200‌
456‌
Yamazaki
Baking
Co
Ltd
8,600‌
145‌
$
50,833‌
Food
Service
-
0.28%
Compass
Group
PLC
(d)
128,172‌
2,603‌
Sodexo
SA
(d)
6,357‌
609‌
$
3,212‌
Forest
Products
&
Paper
-
0.44%
Mondi
PLC
34,888‌
842‌
Oji
Holdings
Corp
61,900‌
392‌
Smurfit
Kappa
Group
PLC
17,610‌
830‌
Stora
Enso
Oyj
41,800‌
823‌
Svenska
Cellulosa
AB
SCA
43,533‌
749‌
UPM-Kymmene
Oyj
38,351‌
1,465‌
$
5,101‌
Gas
-
0.36%
Enagas
SA
17,884‌
375‌
Hong
Kong
&
China
Gas
Co
Ltd
766,321‌
1,156‌
Naturgy
Energy
Group
SA
20,901‌
520‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
(continued)
Osaka
Gas
Co
Ltd
26,900‌
$
482‌
Snam
SpA
144,888‌
750‌
Toho
Gas
Co
Ltd
5,300‌
311‌
Tokyo
Gas
Co
Ltd
27,000‌
558‌
$
4,152‌
Hand
&
Machine
Tools
-
0.40%
Amada
Co
Ltd
23,200‌
284‌
Disco
Corp
2,100‌
662‌
Fuji
Electric
Co
Ltd
9,100‌
381‌
Makita
Corp
16,100‌
688‌
Schindler
Holding
AG
-
PC
2,927‌
799‌
Schindler
Holding
AG
-
REG
1,447‌
385‌
Techtronic
Industries
Co
Ltd
98,500‌
1,499‌
$
4,698‌
Healthcare
-
Products
-
2.22%
Alcon
Inc
(d)
35,330‌
2,433‌
Ambu
A/S
(h)
11,775‌
543‌
Asahi
Intecc
Co
Ltd
14,000‌
402‌
Carl
Zeiss
Meditec
AG
2,893‌
435‌
Cochlear
Ltd
4,725‌
771‌
Coloplast
A/S
8,537‌
1,300‌
Demant
A/S
(d)
7,783‌
320‌
DiaSorin
SpA
1,810‌
355‌
EssilorLuxottica
SA
20,482‌
3,341‌
Fisher
&
Paykel
Healthcare
Corp
Ltd
41,404‌
880‌
GN
Store
Nord
AS
9,201‌
771‌
Koninklijke
Philips
NV
65,461‌
3,574‌
Olympus
Corp
83,800‌
1,766‌
QIAGEN
NV
(d)
16,586‌
820‌
Sartorius
Stedim
Biotech
1,988‌
869‌
Siemens
Healthineers
AG
(e)
19,311‌
1,070‌
Smith
&
Nephew
PLC
62,921‌
1,222‌
Sonova
Holding
AG
(d)
3,934‌
1,007‌
Straumann
Holding
AG
744‌
898‌
Sysmex
Corp
12,100‌
1,260‌
Terumo
Corp
46,400‌
1,726‌
$
25,763‌
Healthcare
-
Services
-
0.82%
BioMerieux
2,978‌
378‌
Eurofins
Scientific
SE
(d)
9,593‌
851‌
Fresenius
Medical
Care
AG
&
Co
KGaA
15,324‌
1,061‌
Fresenius
SE
&
Co
KGaA
30,042‌
1,287‌
Lonza
Group
AG
5,352‌
3,376‌
NMC
Health
PLC
(d),(f),(g)
7,238‌
—‌
Orpea
SA
(d)
3,715‌
446‌
PeptiDream
Inc
(d)
6,600‌
315‌
Ramsay
Health
Care
Ltd
13,157‌
669‌
Ryman
Healthcare
Ltd
28,741‌
303‌
Sonic
Healthcare
Ltd
32,612‌
800‌
$
9,486‌
Holding
Companies
-
Diversified
-
0.22%
CK
Hutchison
Holdings
Ltd
194,132‌
1,465‌
Jardine
Matheson
Holdings
Ltd
15,649‌
816‌
Swire
Pacific
Ltd
35,000‌
256‌
$
2,537‌
Home
Builders
-
0.46%
Barratt
Developments
PLC
73,167‌
680‌
Berkeley
Group
Holdings
PLC
9,007‌
510‌
Daiwa
House
Industry
Co
Ltd
40,700‌
1,155‌
Iida
Group
Holdings
Co
Ltd
10,520‌
239‌
Persimmon
PLC
22,917‌
830‌
Sekisui
Chemical
Co
Ltd
25,700‌
461‌
Sekisui
House
Ltd
44,300‌
836‌
Taylor
Wimpey
PLC
261,854‌
578‌
$
5,289‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
147
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Furnishings
-
1.14%
Electrolux
AB
16,207‌
$
383‌
Hoshizaki
Corp
3,700‌
326‌
Panasonic
Corp
158,700‌
2,052‌
Rational
AG
(h)
368‌
315‌
SEB
SA
1,627‌
292‌
Sharp
Corp/Japan
15,300‌
291‌
Sony
Corp
90,700‌
9,578‌
$
13,237‌
Insurance
-
5.09%
Admiral
Group
PLC
13,855‌
600‌
Aegon
NV
128,568‌
616‌
Ageas
SA/NV
12,582‌
705‌
AIA
Group
Ltd
869,200‌
10,962‌
Allianz
SE
29,624‌
7,150‌
Assicurazioni
Generali
SpA
79,269‌
1,487‌
Aviva
PLC
282,211‌
1,430‌
AXA
SA
138,975‌
3,495‌
Baloise
Holding
AG
3,332‌
583‌
CNP
Assurances
(d)
12,334‌
222‌
Dai-ichi
Life
Holdings
Inc
77,600‌
1,379‌
Direct
Line
Insurance
Group
PLC
98,045‌
438‌
Gjensidige
Forsikring
ASA
14,371‌
330‌
Hannover
Rueck
SE
4,334‌
734‌
Insurance
Australia
Group
Ltd
175,299‌
673‌
Japan
Post
Holdings
Co
Ltd
113,200‌
973‌
Japan
Post
Insurance
Co
Ltd
16,200‌
333‌
Legal
&
General
Group
PLC
428,726‌
1,559‌
M&G
PLC
186,806‌
481‌
Medibank
Pvt
Ltd
197,878‌
422‌
MS&AD
Insurance
Group
Holdings
Inc
32,000‌
908‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
10,067‌
2,961‌
NN
Group
NV
21,357‌
986‌
Phoenix
Group
Holdings
PLC
39,488‌
392‌
Prudential
PLC
187,454‌
3,734‌
QBE
Insurance
Group
Ltd
105,683‌
757‌
RSA
Insurance
Group
PLC
74,342‌
702‌
Sampo
Oyj
33,844‌
1,506‌
SCOR
SE
(d)
11,393‌
378‌
Sompo
Holdings
Inc
24,150‌
929‌
Suncorp
Group
Ltd
92,013‌
705‌
Swiss
Life
Holding
AG
2,186‌
1,087‌
Swiss
Re
AG
20,532‌
1,929‌
T&D
Holdings
Inc
38,700‌
527‌
Tokio
Marine
Holdings
Inc
45,500‌
2,260‌
Tryg
A/S
10,856‌
341‌
Zurich
Insurance
Group
AG
10,812‌
4,414‌
$
59,088‌
Internet
-
1.36%
Adevinta
ASA
-
B
Shares
(d)
17,225‌
240‌
Auto
Trader
Group
PLC
(d),(e)
69,415‌
534‌
CyberAgent
Inc
7,200‌
435‌
Delivery
Hero
SE
(d),(e)
9,313‌
1,190‌
Iliad
SA
1,064‌
189‌
Kakaku.com
Inc
9,600‌
306‌
M3
Inc
31,800‌
2,527‌
Mercari
Inc
(d)
6,000‌
289‌
MonotaRO
Co
Ltd
8,900‌
511‌
Prosus
NV
(d)
35,020‌
4,175‌
Rakuten
Inc
61,800‌
694‌
Scout24
AG
(e)
7,732‌
583‌
SEEK
Ltd
24,098‌
477‌
Trend
Micro
Inc/Japan
9,500‌
459‌
United
Internet
AG
7,667‌
338‌
Wix.com
Ltd
(d)
3,997‌
1,393‌
Z
Holdings
Corp
190,700‌
1,164‌
ZOZO
Inc
7,800‌
245‌
$
15,749‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Investment
Companies
-
0.63%
Eurazeo
SE
(d)
2,837‌
$
210‌
EXOR
NV
7,793‌
625‌
Groupe
Bruxelles
Lambert
SA
8,117‌
803‌
Industrivarden
AB
-
A
Shares
7,678‌
273‌
Industrivarden
AB
-
C
Shares
11,475‌
379‌
Investor
AB
32,728‌
2,418‌
Kinnevik
AB
-
Class
B
(d)
17,382‌
806‌
L
E
Lundbergforetagen
AB
5,462‌
272‌
Melrose
Industries
PLC
349,068‌
811‌
Sofina
SA
1,108‌
366‌
Washington
H
Soul
Pattinson
&
Co
Ltd
7,741‌
178‌
Wendel
SE
1,929‌
220‌
$
7,361‌
Iron
&
Steel
-
0.52%
ArcelorMittal
SA
(d)
51,505‌
1,203‌
BlueScope
Steel
Ltd
36,196‌
462‌
Evraz
PLC
36,638‌
294‌
Fortescue
Metals
Group
Ltd
121,674‌
2,247‌
Hitachi
Metals
Ltd
15,400‌
245‌
JFE
Holdings
Inc
35,400‌
373‌
Nippon
Steel
Corp
58,077‌
861‌
voestalpine
AG
8,340‌
330‌
$
6,015‌
Leisure
Products
&
Services
-
0.22%
Jardine
Strategic
Holdings
Ltd
15,929‌
411‌
Shimano
Inc
5,400‌
1,206‌
Yamaha
Corp
9,600‌
538‌
Yamaha
Motor
Co
Ltd
20,100‌
442‌
$
2,597‌
Lodging
-
0.47%
Accor
SA
(d)
13,142‌
548‌
City
Developments
Ltd
32,700‌
179‌
Crown
Resorts
Ltd
26,761‌
206‌
Galaxy
Entertainment
Group
Ltd
156,000‌
1,423‌
InterContinental
Hotels
Group
PLC
(d)
12,468‌
876‌
Melco
Resorts
&
Entertainment
Ltd
ADR
(d)
15,422‌
334‌
Sands
China
Ltd
(d)
174,400‌
822‌
SJM
Holdings
Ltd
142,000‌
198‌
Whitbread
PLC
(d)
14,503‌
690‌
Wynn
Macau
Ltd
(d)
112,000‌
211‌
$
5,487‌
Machinery
-
Construction
&
Mining
-
1.10%
Epiroc
AB
-
A
Shares
47,351‌
1,004‌
Epiroc
AB
-
B
Shares
28,020‌
551‌
Hitachi
Construction
Machinery
Co
Ltd
7,600‌
236‌
Hitachi
Ltd
69,600‌
3,210‌
Komatsu
Ltd
63,000‌
1,891‌
Mitsubishi
Electric
Corp
131,200‌
1,943‌
Mitsubishi
Heavy
Industries
Ltd
23,000‌
667‌
Sandvik
AB
81,116‌
2,178‌
Siemens
Energy
AG
(d)
28,716‌
1,080‌
$
12,760‌
Machinery
-
Diversified
-
2.36%
Atlas
Copco
AB
-
A
Shares
48,250‌
2,754‌
Atlas
Copco
AB
-
B
Shares
28,038‌
1,359‌
CNH
Industrial
NV
73,525‌
1,085‌
Daifuku
Co
Ltd
7,300‌
701‌
FANUC
Corp
13,800‌
3,449‌
GEA
Group
AG
11,024‌
382‌
Harmonic
Drive
Systems
Inc
3,100‌
239‌
Hexagon
AB
20,223‌
1,682‌
Husqvarna
AB
30,048‌
367‌
Keyence
Corp
13,160‌
6,276‌
KION
Group
AG
5,187‌
438‌
Kone
Oyj
24,422‌
1,949‌
Kubota
Corp
73,900‌
1,676‌
Miura
Co
Ltd
6,300‌
328‌
Nabtesco
Corp
8,000‌
341‌
SMC
Corp
4,100‌
2,432‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
148
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
Spirax-Sarco
Engineering
PLC
5,299‌
$
794‌
THK
Co
Ltd
8,600‌
280‌
Yaskawa
Electric
Corp
17,200‌
865‌
$
27,397‌
Media
-
0.50%
Bollore
SA
63,507‌
304‌
Informa
PLC
(d)
107,930‌
828‌
Pearson
PLC
(h)
54,103‌
570‌
Schibsted
ASA
-
A
Shares
5,434‌
219‌
Schibsted
ASA
-
B
Shares
7,043‌
241‌
Vivendi
SE
59,627‌
2,064‌
Wolters
Kluwer
NV
19,222‌
1,524‌
$
5,750‌
Metal
Fabrication
&
Hardware
-
0.17%
MISUMI
Group
Inc
20,400‌
625‌
NSK
Ltd
25,800‌
255‌
SKF
AB
27,411‌
747‌
Tenaris
SA
33,929‌
354‌
$
1,981‌
Mining
-
2.98%
Anglo
American
PLC
88,144‌
3,420‌
Antofagasta
PLC
28,334‌
707‌
BHP
Group
Ltd
211,661‌
8,001‌
BHP
Group
PLC
151,754‌
4,820‌
Boliden
AB
19,653‌
778‌
Evolution
Mining
Ltd
116,627‌
373‌
Fresnillo
PLC
13,237‌
167‌
Glencore
PLC
(d)
718,018‌
2,922‌
Newcrest
Mining
Ltd
58,671‌
1,103‌
Norsk
Hydro
ASA
96,629‌
535‌
Northern
Star
Resources
Ltd
79,027‌
612‌
Rio
Tinto
Ltd
26,673‌
2,617‌
Rio
Tinto
PLC
80,625‌
6,988‌
South32
Ltd
347,537‌
738‌
Sumitomo
Metal
Mining
Co
Ltd
16,800‌
815‌
$
34,596‌
Miscellaneous
Manufacturers
-
1.12%
Alfa
Laval
AB
22,604‌
698‌
Alstom
SA
(d)
19,076‌
951‌
JSR
Corp
14,600‌
438‌
Knorr-Bremse
AG
5,213‌
664‌
Orica
Ltd
29,163‌
283‌
Siemens
AG
54,967‌
8,507‌
Smiths
Group
PLC
28,478‌
583‌
Toshiba
Corp
27,800‌
880‌
$
13,004‌
Office
&
Business
Equipment
-
0.33%
Canon
Inc
71,900‌
1,559‌
FUJIFILM
Holdings
Corp
25,900‌
1,481‌
Ricoh
Co
Ltd
48,200‌
422‌
Seiko
Epson
Corp
20,100‌
333‌
$
3,795‌
Oil
&
Gas
-
3.36%
Ampol
Ltd
17,942‌
341‌
BP
PLC
1,456,308‌
5,964‌
DCC
PLC
7,082‌
572‌
ENEOS
Holdings
Inc
220,630‌
976‌
Eni
SpA
181,346‌
2,073‌
Equinor
ASA
70,221‌
1,332‌
Galp
Energia
SGPS
SA
36,017‌
403‌
Idemitsu
Kosan
Co
Ltd
13,981‌
368‌
Inpex
Corp
73,600‌
547‌
Lundin
Energy
AB
13,354‌
433‌
Neste
Oyj
30,398‌
2,008‌
Oil
Search
Ltd
141,831‌
460‌
OMV
AG
10,583‌
510‌
Repsol
SA
107,853‌
1,358‌
Royal
Dutch
Shell
PLC
-
A
Shares
294,676‌
6,027‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Royal
Dutch
Shell
PLC
-
B
Shares
266,291‌
$
5,220‌
Santos
Ltd
127,219‌
705‌
TOTAL
SE
181,098‌
8,445‌
Woodside
Petroleum
Ltd
(h)
69,135‌
1,304‌
$
39,046‌
Pharmaceuticals
-
7.87%
Alfresa
Holdings
Corp
13,500‌
261‌
Amplifon
SpA
8,947‌
356‌
Astellas
Pharma
Inc
133,800‌
2,116‌
AstraZeneca
PLC
94,290‌
9,159‌
Bayer
AG
70,589‌
4,288‌
Chugai
Pharmaceutical
Co
Ltd
48,300‌
2,168‌
Daiichi
Sankyo
Co
Ltd
122,300‌
3,473‌
Eisai
Co
Ltd
18,100‌
1,248‌
Galapagos
NV
(d)
3,053‌
252‌
GlaxoSmithKline
PLC
360,505‌
6,015‌
Grifols
SA
21,434‌
537‌
Hikma
Pharmaceuticals
PLC
12,422‌
389‌
Hisamitsu
Pharmaceutical
Co
Inc
(h)
3,600‌
226‌
Ipsen
SA
2,711‌
231‌
Kobayashi
Pharmaceutical
Co
Ltd
3,600‌
341‌
Kyowa
Kirin
Co
Ltd
19,400‌
543‌
Medipal
Holdings
Corp
13,200‌
262‌
Merck
KGaA
9,287‌
1,510‌
Nippon
Shinyaku
Co
Ltd
3,200‌
218‌
Novartis
AG
159,535‌
13,740‌
Novo
Nordisk
A/S
123,723‌
8,826‌
Ono
Pharmaceutical
Co
Ltd
26,600‌
717‌
Orion
Oyj
7,617‌
312‌
Otsuka
Holdings
Co
Ltd
28,100‌
1,121‌
Recordati
Industria
Chimica
e
Farmaceutica
SpA
7,514‌
382‌
Roche
Holding
AG
(d)
2,299‌
769‌
Roche
Holding
AG
50,480‌
16,560‌
Sanofi
81,413‌
7,471‌
Santen
Pharmaceutical
Co
Ltd
25,900‌
357‌
Shionogi
&
Co
Ltd
19,000‌
971‌
Sumitomo
Dainippon
Pharma
Co
Ltd
(h)
12,800‌
203‌
Suzuken
Co
Ltd/Aichi
Japan
4,700‌
180‌
Taisho
Pharmaceutical
Holdings
Co
Ltd
2,500‌
154‌
Takeda
Pharmaceutical
Co
Ltd
113,300‌
3,818‌
Teva
Pharmaceutical
Industries
Ltd
ADR
(d)
78,747‌
847‌
UCB
SA
9,085‌
901‌
Vifor
Pharma
AG
3,270‌
407‌
$
91,329‌
Pipelines
-
0.07%
APA
Group
84,777‌
609‌
Koninklijke
Vopak
NV
4,970‌
237‌
$
846‌
Private
Equity
-
0.27%
3i
Group
PLC
69,921‌
1,085‌
EQT
AB
17,119‌
475‌
Partners
Group
Holding
AG
1,344‌
1,609‌
$
3,169‌
Real
Estate
-
1.56%
Aeon
Mall
Co
Ltd
7,250‌
123‌
Aroundtown
SA
71,784‌
522‌
Azrieli
Group
Ltd
3,056‌
185‌
CapitaLand
Ltd
189,700‌
449‌
CK
Asset
Holdings
Ltd
185,632‌
1,091‌
Daito
Trust
Construction
Co
Ltd
4,700‌
524‌
Deutsche
Wohnen
SE
24,563‌
1,154‌
ESR
Cayman
Ltd
(d),(e)
131,600‌
416‌
Fastighets
AB
Balder
(d)
7,277‌
348‌
Hang
Lung
Properties
Ltd
145,000‌
376‌
Henderson
Land
Development
Co
Ltd
103,982‌
453‌
Hongkong
Land
Holdings
Ltd
83,847‌
403‌
Hulic
Co
Ltd
21,800‌
244‌
LEG
Immobilien
AG
5,180‌
707‌
Mitsubishi
Estate
Co
Ltd
85,000‌
1,479‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
149
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
(continued)
Mitsui
Fudosan
Co
Ltd
66,000‌
$
1,501‌
New
World
Development
Co
Ltd
109,750‌
558‌
Nomura
Real
Estate
Holdings
Inc
8,200‌
186‌
REA
Group
Ltd
3,787‌
400‌
Sino
Land
Co
Ltd
225,073‌
340‌
Sumitomo
Realty
&
Development
Co
Ltd
22,300‌
774‌
Sun
Hung
Kai
Properties
Ltd
93,500‌
1,518‌
Swire
Properties
Ltd
84,200‌
271‌
Swiss
Prime
Site
AG
5,460‌
511‌
Tokyu
Fudosan
Holdings
Corp
44,000‌
278‌
UOL
Group
Ltd
33,400‌
184‌
Vonovia
SE
38,625‌
2,460‌
Wharf
Real
Estate
Investment
Co
Ltd
119,000‌
711‌
$
18,166‌
REITs
-
1.36%
Ascendas
Real
Estate
Investment
Trust
231,050‌
505‌
British
Land
Co
PLC/The
63,256‌
432‌
CapitaLand
Integrated
Commercial
Trust
325,556‌
509‌
Covivio
3,735‌
314‌
Daiwa
House
REIT
Investment
Corp
143‌
376‌
Dexus
78,250‌
537‌
Gecina
SA
3,295‌
455‌
GLP
J-Reit
(d)
295‌
478‌
Goodman
Group
119,464‌
1,527‌
GPT
Group/The
139,960‌
460‌
Japan
Metropolitan
Fund
Invest
502‌
501‌
Japan
Real
Estate
Investment
Corp
95‌
581‌
Klepierre
SA
14,009‌
329‌
Land
Securities
Group
PLC
50,612‌
469‌
Link
REIT
148,300‌
1,400‌
Mapletree
Commercial
Trust
154,900‌
235‌
Mapletree
Logistics
Trust
207,900‌
287‌
Mirvac
Group
282,917‌
488‌
Nippon
Building
Fund
Inc
107‌
655‌
Nippon
Prologis
REIT
Inc
151‌
461‌
Nomura
Real
Estate
Master
Fund
Inc
305‌
459‌
Orix
JREIT
Inc
189‌
324‌
Scentre
Group
372,932‌
826‌
Segro
PLC
85,616‌
1,087‌
Stockland
171,513‌
548‌
Suntec
Real
Estate
Investment
Trust
142,000‌
153‌
Unibail-Rodamco-Westfield
9,951‌
733‌
United
Urban
Investment
Corp
213‌
294‌
Vicinity
Centres
278,021‌
350‌
$
15,773‌
Retail
-
2.27%
ABC-Mart
Inc
2,300‌
131‌
Aeon
Co
Ltd
(h)
47,000‌
1,419‌
Cie
Financiere
Richemont
SA
37,507‌
3,614‌
Cosmos
Pharmaceutical
Corp
1,400‌
200‌
Fast
Retailing
Co
Ltd
4,200‌
4,164‌
H
&
M
Hennes
&
Mauritz
AB
(d)
57,723‌
1,358‌
Industria
de
Diseno
Textil
SA
78,377‌
2,584‌
JD
Sports
Fashion
PLC
(d)
37,063‌
431‌
Kingfisher
PLC
(d)
151,616‌
562‌
Lawson
Inc
(h)
3,600‌
169‌
Marui
Group
Co
Ltd
13,600‌
261‌
McDonald's
Holdings
Co
Japan
Ltd
4,700‌
234‌
Moncler
SpA
13,923‌
861‌
Next
PLC
(d)
9,554‌
1,012‌
Nitori
Holdings
Co
Ltd
5,800‌
1,083‌
Pan
Pacific
International
Holdings
Corp
29,600‌
694‌
Pandora
A/S
7,186‌
698‌
Ryohin
Keikaku
Co
Ltd
17,100‌
387‌
Shimamura
Co
Ltd
1,600‌
160‌
Sundrug
Co
Ltd
5,100‌
192‌
Swatch
Group
AG/The
-
BR
2,080‌
621‌
Swatch
Group
AG/The
-
REG
3,782‌
217‌
Tsuruha
Holdings
Inc
2,700‌
348‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
USS
Co
Ltd
15,800‌
$
301‌
Welcia
Holdings
Co
Ltd
6,700‌
214‌
Wesfarmers
Ltd
81,468‌
3,099‌
Yamada
Holdings
Co
Ltd
52,100‌
250‌
Zalando
SE
(d),(e)
11,033‌
1,134‌
$
26,398‌
Semiconductors
-
2.85%
Advantest
Corp
14,400‌
1,189‌
ASM
International
NV
3,398‌
916‌
ASM
Pacific
Technology
Ltd
22,100‌
307‌
ASML
Holding
NV
30,585‌
17,345‌
Hamamatsu
Photonics
KK
10,000‌
590‌
Infineon
Technologies
AG
93,831‌
4,083‌
Lasertec
Corp
5,500‌
673‌
Renesas
Electronics
Corp
(d)
55,700‌
613‌
Rohm
Co
Ltd
6,300‌
624‌
STMicroelectronics
NV
45,798‌
1,779‌
SUMCO
Corp
18,800‌
433‌
Tokyo
Electron
Ltd
10,800‌
4,504‌
$
33,056‌
Shipbuilding
-
0.03%
Wartsila
OYJ
Abp
31,888‌
366‌
Software
-
1.59%
AVEVA
Group
PLC
8,261‌
392‌
Capcom
Co
Ltd
6,300‌
382‌
Dassault
Systemes
SE
9,495‌
1,972‌
Koei
Tecmo
Holdings
Co
Ltd
3,200‌
180‌
Konami
Holdings
Corp
6,700‌
432‌
Nemetschek
SE
4,151‌
261‌
Nexon
Co
Ltd
34,900‌
1,099‌
Oracle
Corp
Japan
2,800‌
284‌
Sage
Group
PLC/The
78,531‌
614‌
SAP
SE
75,029‌
9,280‌
Square
Enix
Holdings
Co
Ltd
6,600‌
375‌
TeamViewer
AG
(d),(e)
11,556‌
620‌
Temenos
AG
4,800‌
648‌
TIS
Inc
16,100‌
335‌
Ubisoft
Entertainment
SA
(d)
6,644‌
542‌
WiseTech
Global
Ltd
10,469‌
219‌
Xero
Ltd
(d)
8,726‌
799‌
$
18,434‌
Telecommunications
-
3.90%
BT
Group
PLC
(d)
641,288‌
1,110‌
Deutsche
Telekom
AG
239,480‌
4,356‌
Elisa
Oyj
10,221‌
611‌
Hikari
Tsushin
Inc
1,500‌
298‌
HKT
Trust
&
HKT
Ltd
271,980‌
370‌
KDDI
Corp
116,000‌
3,616‌
Koninklijke
KPN
NV
256,681‌
841‌
Nice
Ltd
(d)
4,516‌
1,043‌
Nippon
Telegraph
&
Telephone
Corp
92,600‌
2,399‌
Nokia
OYJ
(d)
406,235‌
1,619‌
Orange
SA
143,345‌
1,652‌
PCCW
Ltd
305,000‌
175‌
Proximus
SADP
10,931‌
214‌
SES
SA
27,552‌
220‌
Singapore
Telecommunications
Ltd
586,700‌
1,029‌
SoftBank
Corp
206,500‌
2,792‌
SoftBank
Group
Corp
112,700‌
10,518‌
Spark
New
Zealand
Ltd
133,056‌
441‌
Swisscom
AG
1,862‌
935‌
Tele2
AB
35,984‌
455‌
Telecom
Italia
SpA/Milano
600,793‌
285‌
Telecom
Italia
SpA/Milano
-
RSP
433,100‌
232‌
Telefonaktiebolaget
LM
Ericsson
209,716‌
2,621‌
Telefonica
Deutschland
Holding
AG
74,804‌
200‌
Telefonica
SA
363,708‌
1,553‌
Telenor
ASA
50,276‌
813‌
Telia
Co
AB
176,305‌
714‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
150
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
Telstra
Corp
Ltd
299,089‌
$
712‌
TPG
Telecom
Ltd
(d)
26,737‌
141‌
Vodafone
Group
PLC
1,927,894‌
3,300‌
$
45,265‌
Textiles
-
0.02%
Teijin
Ltd
12,800‌
221‌
Toys,
Games
&
Hobbies
-
0.52%
Bandai
Namco
Holdings
Inc
14,400‌
1,101‌
Nintendo
Co
Ltd
8,100‌
4,954‌
$
6,055‌
Transportation
-
1.83%
AP
Moller
-
Maersk
A/S
-
A
229‌
458‌
AP
Moller
-
Maersk
A/S
-
B
(h)
441‌
943‌
Aurizon
Holdings
Ltd
134,421‌
396‌
Central
Japan
Railway
Co
10,400‌
1,714‌
Deutsche
Post
AG
71,221‌
3,537‌
DSV
PANALPINA
A/S
14,874‌
2,720‌
East
Japan
Railway
Co
21,800‌
1,625‌
Getlink
SE
(d)
31,615‌
518‌
Hankyu
Hanshin
Holdings
Inc
16,500‌
552‌
Keihan
Holdings
Co
Ltd
6,800‌
307‌
Keikyu
Corp
15,900‌
253‌
Keio
Corp
7,300‌
548‌
Keisei
Electric
Railway
Co
Ltd
9,300‌
337‌
Kintetsu
Group
Holdings
Co
Ltd
12,300‌
517‌
Kuehne
+
Nagel
International
AG
3,881‌
921‌
Kyushu
Railway
Co
10,700‌
280‌
MTR
Corp
Ltd
111,000‌
666‌
Nagoya
Railroad
Co
Ltd
13,400‌
342‌
Nippon
Express
Co
Ltd
5,200‌
389‌
Nippon
Yusen
KK
11,000‌
318‌
Odakyu
Electric
Railway
Co
Ltd
21,200‌
623‌
Poste
Italiane
SpA
(e)
37,539‌
425‌
Seibu
Holdings
Inc
15,100‌
182‌
SG
Holdings
Co
Ltd
23,100‌
530‌
Tobu
Railway
Co
Ltd
13,600‌
389‌
Tokyu
Corp
35,900‌
495‌
West
Japan
Railway
Co
11,700‌
720‌
Yamato
Holdings
Co
Ltd
21,000‌
554‌
$
21,259‌
Water
-
0.23%
Severn
Trent
PLC
17,163‌
526‌
Suez
SA
24,832‌
516‌
United
Utilities
Group
PLC
48,995‌
587‌
Veolia
Environnement
SA
38,721‌
1,038‌
$
2,667‌
TOTAL
COMMON
STOCKS
$
1,141,987‌
PREFERRED
STOCKS
-
0.59
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0.34%
Bayerische
Motoren
Werke
AG
2.52%
4,087‌
$
277‌
Porsche
Automobil
Holding
SE
2.21%
11,004‌
881‌
Volkswagen
AG
4.86%
13,335‌
2,790‌
$
3,948‌
Chemicals
-
0.03%
FUCHS
PETROLUB
SE
0.97%
4,995‌
274‌
Consumer
Products
-
0.11%
Henkel
AG
&
Co
KGaA
1.85%
12,802‌
1,261‌
Electronics
-
0.11%
Sartorius
AG
0.71%
2,557‌
1,313‌
TOTAL
PREFERRED
STOCKS
$
6,796‌
Total
Investments
$
1,168,407‌
Other
Assets
and
Liabilities
-  (0.65)%
(7,526‌)
TOTAL
NET
ASSETS
-
100.00%
$
1,160,881‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$9,613
or
0.83%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$20,829
or
1.79%
of
net
assets.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(g)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$0
or
0.00%
of
net
assets.
(h)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$7,874
or
0.68%
of
net
assets.
Portfolio
Summary  (unaudited)
Location
Percent
Japan
25.12‌%
United
Kingdom
12.20‌%
France
10.56‌%
Switzerland
9.52‌%
Germany
9.05‌
%
Australia
7.34‌%
Netherlands
5.39‌%
Hong
Kong
3.31‌%
Sweden
3.27‌%
Denmark
2.38‌%
Spain
2.36‌%
Italy
2.02‌%
United
States
1.69‌%
Finland
1.21‌%
Singapore
1.04‌%
Ireland
0.97‌%
Belgium
0.83‌%
Israel
0.61‌%
Norway
0.60‌%
New
Zealand
0.33‌%
Luxembourg
0.26‌%
Austria
0.18‌%
Portugal
0.15‌%
Macao
0.09‌%
Isle
of
Man
0.07‌%
Chile
0.06‌%
Jordan
0.03‌%
Mexico
0.01‌%
United
Arab
Emirates
0.00‌%
Other
Assets
and
Liabilities
(0.65‌)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
151
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
10,634‌
$
159,627‌
$
163,704‌
$
6,557‌
$
10,634‌
$
159,627‌
$
163,704‌
$
6,557‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
eMini
MSCI
EAFE;
March
2021
Long
12‌
$
1,298‌
$
48‌
Total
$
48‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
152
INVESTMENT
COMPANIES
-
2
.70
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.70
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(a),(b)
12,496,666‌
$
12,497‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
13,988,206‌
13,988‌
$
26,485‌
TOTAL
INVESTMENT
COMPANIES
$
26,485‌
COMMON
STOCKS
-
98
.82
%
Shares
Held
Value
(000's)
Advertising
-
0
.56
%
Stroeer
SE
&
Co
KGaA
60,990‌
$
5,471‌
Aerospace
&
Defense
-
0
.35
%
CAE
Inc
129,600‌
3,430‌
Agriculture
-
0
.45
%
Genus
PLC
62,828‌
4,414‌
Airlines
-
0
.36
%
Wizz
Air
Holdings
Plc
(d),(e)
47,395‌
3,516‌
Apparel
-
1
.30
%
boohoo
Group
PLC
(d)
1,778,629‌
8,355‌
Puma
SE
24,637‌
2,623‌
Yue
Yuen
Industrial
Holdings
Ltd
(d)
814,000‌
1,734‌
$
12,712‌
Automobile
Parts
&
Equipment
-
2
.50
%
Faurecia
SE
(d)
108,167‌
5,596‌
FCC
Co
Ltd
92,500‌
1,489‌
Georg
Fischer
AG
1,990‌
2,556‌
Rheinmetall
AG
68,765‌
6,852‌
Toyoda
Gosei
Co
Ltd
193,200‌
5,052‌
TS
Tech
Co
Ltd
108,500‌
3,037‌
$
24,582‌
Banks
-
4
.60
%
Banca
Mediolanum
SpA
633,253‌
5,504‌
BAWAG
Group
AG
(d),(e)
88,181‌
4,552‌
BPER
Banca
(d)
3,200,477‌
6,999‌
Cembra
Money
Bank
AG
39,121‌
4,074‌
Chiba
Bank
Ltd/The
697,800‌
4,469‌
Israel
Discount
Bank
Ltd
1,460,057‌
5,384‌
Mediobanca
Banca
di
Credito
Finanziario
SpA
(d)
668,479‌
6,941‌
Paragon
Banking
Group
PLC
365,371‌
2,290‌
Shinsei
Bank
Ltd
(f)
347,800‌
4,976‌
$
45,189‌
Beverages
-
0
.92
%
Carlsberg
AS
14,166‌
2,225‌
Royal
Unibrew
A/S
66,036‌
6,775‌
$
9,000‌
Building
Materials
-
2
.22
%
Buzzi
Unicem
SpA
298,887‌
7,535‌
Ibstock
PLC
(d),(e)
1,059,338‌
3,162‌
ROCKWOOL
International
A/S
17,794‌
6,433‌
Wienerberger
AG
141,121‌
4,704‌
$
21,834‌
Chemicals
-
2
.91
%
Arkema
SA
59,100‌
6,515‌
Denka
Co
Ltd
210,900‌
7,970‌
Koninklijke
DSM
NV
13,607‌
2,244‌
Sumitomo
Bakelite
Co
Ltd
146,200‌
5,853‌
Zeon
Corp
405,500‌
5,974‌
$
28,556‌
Commercial
Services
-
1
.86
%
Dai
Nippon
Printing
Co
Ltd
94,800‌
1,714‌
Loomis
AB
206,722‌
5,404‌
Nishio
Rent
All
Co
Ltd
84,200‌
2,080‌
Nuvei
Corp
(d),(e)
31,739‌
1,679‌
Persol
Holdings
Co
Ltd
161,400‌
3,224‌
Rentokil
Initial
PLC
384,289‌
2,504‌
Sixt
SE
(d)
13,624‌
1,697‌
$
18,302‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
-
5
.19
%
Appen
Ltd
236,744‌
$
3,047‌
Computacenter
PLC
116,653‌
3,401‌
CyberArk
Software
Ltd
(d)
42,800‌
6,284‌
Keywords
Studios
PLC
(d)
113,614‌
3,983‌
Logitech
International
SA
34,581‌
3,676‌
MCJ
Co
Ltd
181,297‌
1,552‌
NEC
Corp
58,900‌
3,222‌
NEC
Networks
&
System
Integration
Corp
188,300‌
3,129‌
NET
One
Systems
Co
Ltd
101,000‌
3,141‌
Nomura
Research
Institute
Ltd
102,200‌
3,171‌
NSD
Co
Ltd
121,900‌
2,088‌
S&T
AG
(d),(f)
134,590‌
3,601‌
Softcat
PLC
165,845‌
3,377‌
Sopra
Steria
Group
23,082‌
3,751‌
Teleperformance
9,997‌
3,541‌
$
50,964‌
Distribution
&
Wholesale
-
1
.25
%
Seven
Group
Holdings
Ltd
(f)
388,889‌
6,499‌
Toromont
Industries
Ltd
79,204‌
5,770‌
$
12,269‌
Diversified
Financial
Services
-
3
.44
%
DWS
Group
GmbH
&
Co
KGaA
(e)
70,991‌
2,958‌
Euronext
NV
(e)
43,897‌
4,717‌
Futu
Holdings
Ltd
ADR
(d),(f)
6,842‌
1,045‌
IG
Group
Holdings
PLC
560,157‌
6,110‌
Mitsubishi
UFJ
Lease
&
Finance
Co
Ltd
1,043,100‌
5,628‌
St
James's
Place
PLC
335,004‌
5,525‌
TP
Icap
Group
PLC
846,046‌
2,824‌
Zenkoku
Hosho
Co
Ltd
108,100‌
4,991‌
$
33,798‌
Electric
-
2
.36
%
BKW
AG
19,413‌
2,147‌
Boralex
Inc
88,500‌
3,079‌
Capital
Power
Corp
219,800‌
5,926‌
Hera
SpA
1,455,627‌
5,167‌
Northland
Power
Inc
206,500‌
6,856‌
$
23,175‌
Electrical
Components
&
Equipment
-
1
.60
%
Nexans
SA
23,404‌
1,819‌
Prysmian
SpA
211,532‌
6,795‌
Signify
NV
(e)
162,694‌
7,089‌
$
15,703‌
Electronics
-
1
.32
%
Anritsu
Corp
(f)
281,500‌
6,020‌
Halma
PLC
87,757‌
2,778‌
Mycronic
AB
166,944‌
4,193‌
$
12,991‌
Energy
-
Alternate
Sources
-
0
.88
%
Ceres
Power
Holdings
PLC
(d)
162,497‌
2,831‌
ERG
SpA
74,023‌
2,113‌
Vestas
Wind
Systems
A/S
19,418‌
3,642‌
$
8,586‌
Engineering
&
Construction
-
5
.32
%
Balfour
Beatty
PLC
(d)
851,569‌
3,275‌
Downer
EDI
Ltd
1,549,390‌
6,141‌
Hazama
Ando
Corp
667,300‌
5,013‌
IMI
PLC
187,284‌
3,435‌
JGC
Holdings
Corp
509,100‌
6,610‌
Kajima
Corp
300,700‌
3,859‌
Kyowa
Exeo
Corp
253,500‌
6,496‌
Kyudenko
Corp
25,500‌
844‌
Mirait
Holdings
Corp
121,700‌
1,919‌
Penta-Ocean
Construction
Co
Ltd
777,500‌
5,811‌
SPIE
SA
(d)
195,369‌
4,402‌
Stantec
Inc
112,300‌
4,418‌
$
52,223‌
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
153
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Entertainment
-
1
.98
%
Entain
PLC
395,137‌
$
7,817‌
Flutter
Entertainment
PLC
(d)
14,690‌
2,840‌
Kindred
Group
PLC
(d)
380,846‌
6,083‌
Tokyotokeiba
Co
Ltd
57,200‌
2,683‌
$
19,423‌
Food
-
3
.78
%
AAK
AB
196,402‌
4,208‌
Empire
Co
Ltd
205,100‌
5,700‌
HelloFresh
SE
(d)
89,185‌
6,929‌
J
Sainsbury
PLC
2,026,047‌
6,413‌
Morinaga
Milk
Industry
Co
Ltd
132,200‌
6,013‌
NH
Foods
Ltd
131,700‌
5,572‌
Sonae
SGPS
SA
2,789,468‌
2,277‌
$
37,112‌
Forest
Products
&
Paper
-
0
.71
%
Sumitomo
Forestry
Co
Ltd
200,900‌
3,621‌
UPM-Kymmene
Oyj
86,364‌
3,300‌
$
6,921‌
Hand
&
Machine
Tools
-
0
.15
%
Amada
Co
Ltd
118,700‌
1,450‌
Healthcare
-
Products
-
1
.64
%
Carl
Zeiss
Meditec
AG
13,067‌
1,963‌
ConvaTec
Group
PLC
(e)
1,668,198‌
4,379‌
GN
Store
Nord
AS
72,407‌
6,068‌
Sartorius
Stedim
Biotech
8,510‌
3,721‌
$
16,131‌
Healthcare
-
Services
-
1
.01
%
Evotec
SE
(d)
114,153‌
4,415‌
ICON
PLC
(d)
30,395‌
5,492‌
$
9,907‌
Holding
Companies
-
Diversified
-
0
.16
%
Swire
Pacific
Ltd
218,500‌
1,601‌
Home
Builders
-
0
.94
%
Redrow
PLC
793,061‌
6,038‌
Taylor
Wimpey
PLC
1,451,261‌
3,202‌
$
9,240‌
Insurance
-
1
.70
%
ASR
Nederland
NV
204,143‌
8,529‌
Conduit
Holdings
Ltd
(d)
282,684‌
2,095‌
SCOR
SE
(d)
183,852‌
6,100‌
$
16,724‌
Internet
-
1
.14
%
Auto1
Group
SE
(d),(e)
21,414‌
1,188‌
Future
PLC
126,825‌
3,454‌
Moonpig
Group
PLC
(d)
241,022‌
1,511‌
Scout24
AG
(e)
66,853‌
5,043‌
$
11,196‌
Iron
&
Steel
-
0
.71
%
JFE
Holdings
Inc
664,300‌
7,005‌
Machinery
-
Diversified
-
3
.87
%
ATS
Automation
Tooling
Systems
Inc
(d)
187,800‌
4,140‌
Bucher
Industries
AG
17,556‌
8,478‌
Husqvarna
AB
510,060‌
6,238‌
KION
Group
AG
85,401‌
7,216‌
Okuma
Holdings
Inc
98,600‌
5,464‌
Sumitomo
Heavy
Industries
Ltd
140,300‌
3,894‌
Vesuvius
PLC
346,194‌
2,525‌
$
37,955‌
Media
-
0
.82
%
Nine
Entertainment
Co
Holdings
Ltd
3,623,359‌
8,008‌
Metal
Fabrication
&
Hardware
-
0
.69
%
Reliance
Worldwide
Corp
Ltd
1,056,588‌
3,492‌
SKF
AB
118,722‌
3,235‌
$
6,727‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
-
3
.64
%
Equinox
Gold
Corp
(d)
217,400‌
$
1,800‌
Lundin
Mining
Corp
943,800‌
10,806‌
Northern
Star
Resources
Ltd
488,122‌
3,781‌
NRW
Holdings
Ltd
1,588,811‌
2,465‌
OZ
Minerals
Ltd
604,007‌
10,331‌
Silver
Lake
Resources
Ltd
(d)
1,458,158‌
1,601‌
SSR
Mining
Inc
222,934‌
3,165‌
Wesdome
Gold
Mines
Ltd
(d)
262,900‌
1,766‌
$
35,715‌
Miscellaneous
Manufacturers
-
1
.10
%
Aalberts
NV
99,446‌
4,644‌
Trelleborg
AB
240,184‌
6,109‌
$
10,753‌
Office
&
Business
Equipment
-
0
.50
%
Canon
Marketing
Japan
Inc
137,700‌
3,026‌
Sato
Holdings
Corp
79,400‌
1,871‌
$
4,897‌
Oil
&
Gas
-
2
.00
%
DCC
PLC
60,219‌
4,864‌
Lundin
Energy
AB
102,860‌
3,338‌
Parex
Resources
Inc
(d)
385,767‌
6,166‌
Tourmaline
Oil
Corp
289,300‌
5,265‌
$
19,633‌
Oil
&
Gas
Services
-
0
.33
%
John
Wood
Group
PLC
(d)
758,684‌
3,189‌
Packaging
&
Containers
-
1
.69
%
DS
Smith
PLC
1,519,869‌
8,444‌
SIG
Combibloc
Group
AG
(d)
369,625‌
8,163‌
$
16,607‌
Pharmaceuticals
-
2
.86
%
ALK-Abello
A/S
(d)
7,921‌
3,334‌
Aphria
Inc
(d)
57,600‌
1,029‌
Clinigen
Group
Plc
168,456‌
1,673‌
CVS
Group
PLC
(d)
101,887‌
2,404‌
Dechra
Pharmaceuticals
PLC
100,699‌
4,824‌
Hikma
Pharmaceuticals
PLC
185,518‌
5,803‌
Nippon
Shinyaku
Co
Ltd
59,100‌
4,025‌
Ship
Healthcare
Holdings
Inc
57,800‌
3,208‌
Towa
Pharmaceutical
Co
Ltd
88,800‌
1,755‌
$
28,055‌
Pipelines
-
0
.32
%
Keyera
Corp
(f)
163,600‌
3,172‌
Private
Equity
-
1
.12
%
Intermediate
Capital
Group
PLC
337,281‌
8,179‌
JAFCO
Group
Co
ltd
46,100‌
2,828‌
$
11,007‌
Real
Estate
-
3
.68
%
CA
Immobilien
Anlagen
AG
61,444‌
2,635‌
Castellum
AB
310,943‌
7,249‌
Hysan
Development
Co
Ltd
1,396,000‌
5,959‌
Kojamo
Oyj
144,300‌
2,772‌
LEG
Immobilien
AG
41,296‌
5,634‌
PSP
Swiss
Property
AG
56,767‌
6,769‌
TAG
Immobilien
AG
(d)
94,814‌
2,693‌
UOL
Group
Ltd
442,400‌
2,436‌
$
36,147‌
REITs
-
6
.15
%
alstria
office
REIT-AG
221,622‌
3,680‌
Canadian
Apartment
Properties
REIT
60,200‌
2,414‌
Charter
Hall
Group
762,010‌
6,930‌
Cofinimmo
SA
16,196‌
2,507‌
Frasers
Logistics
&
Commercial
Trust
2,648,600‌
2,726‌
GLP
J-Reit
(d)
3,556‌
5,763‌
Granite
Real
Estate
Investment
Trust
54,700‌
3,133‌
Inmobiliaria
Colonial
Socimi
SA
350,587‌
3,405‌
Japan
Hotel
REIT
Investment
Corp
8,288‌
5,191‌
Japan
Metropolitan
Fund
Invest
3,137‌
3,130‌
Kenedix
Office
Investment
Corp
581‌
3,847‌
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
154
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Keppel
DC
REIT
1,936,000‌
$
3,947‌
Mapletree
Industrial
Trust
2,176,700‌
4,322‌
Mitsui
Fudosan
Logistics
Park
Inc
930‌
4,529‌
Summit
Industrial
Income
REIT
266,000‌
2,826‌
Waypoint
REIT
1,095,919‌
2,017‌
$
60,367‌
Retail
-
7
.23
%
ABC-Mart
Inc
47,500‌
2,714‌
B&M
European
Value
Retail
SA
1,182,259‌
9,044‌
cocokara
fine
Inc
41,100‌
2,866‌
Cosmos
Pharmaceutical
Corp
32,900‌
4,709‌
Grafton
Group
PLC
376,016‌
5,201‌
JD
Sports
Fashion
PLC
(d)
518,095‌
6,022‌
Man
Wah
Holdings
Ltd
1,660,400‌
3,629‌
Moncler
SpA
41,880‌
2,590‌
Ryohin
Keikaku
Co
Ltd
281,000‌
6,367‌
Saizeriya
Co
Ltd
8,700‌
183‌
Seiko
Holdings
Corp
115,800‌
1,935‌
Seria
Co
Ltd
144,400‌
4,602‌
Shop
Apotheke
Europe
NV
(d),(e),(f)
17,966‌
4,356‌
Super
Retail
Group
Ltd
488,991‌
4,147‌
Sushiro
Global
Holdings
Ltd
228,200‌
8,558‌
Zur
Rose
Group
AG
(d),(f)
8,614‌
4,064‌
$
70,987‌
Semiconductors
-
1
.67
%
ASM
International
NV
36,586‌
9,868‌
Tokyo
Ohka
Kogyo
Co
Ltd
61,800‌
3,645‌
Ulvac
Inc
63,900‌
2,891‌
$
16,404‌
Software
-
2
.45
%
Cint
Group
AB
(d)
131,536‌
1,324‌
CompuGroup
Medical
SE
&
Co
KgaA
30,889‌
2,652‌
Descartes
Systems
Group
Inc/The
(d)
68,900‌
4,034‌
Kinaxis
Inc
(d)
24,200‌
3,271‌
LINK
Mobility
Group
Holding
ASA
(d)
753,439‌
4,704‌
Open
Text
Corp
63,900‌
2,846‌
TIS
Inc
249,500‌
5,194‌
$
24,025‌
Telecommunications
-
1
.81
%
Bezeq
The
Israeli
Telecommunication
Corp
Ltd
(d)
4,791,489‌
4,686‌
Eutelsat
Communications
SA
289,263‌
3,491‌
Proximus
SADP
195,390‌
3,816‌
Spark
New
Zealand
Ltd
1,735,732‌
5,756‌
$
17,749‌
Transportation
-
3
.58
%
ComfortDelGro
Corp
Ltd
4,145,400‌
4,982‌
Kamigumi
Co
Ltd
279,100‌
5,251‌
Nippon
Express
Co
Ltd
78,200‌
5,848‌
PostNL
NV
1,051,823‌
4,471‌
Sankyu
Inc
123,400‌
5,170‌
TFI
International
Inc
134,900‌
9,423‌
$
35,145‌
TOTAL
COMMON
STOCKS
$
969,967‌
PREFERRED
STOCKS
-
0
.30
%
Shares
Held
Value
(000's)
Machinery
-
Diversified
-
0
.30
%
Jungheinrich
AG
0.48%
68,283‌
$
2,951‌
TOTAL
PREFERRED
STOCKS
$
2,951‌
Total
Investments
$
999,403‌
Other
Assets
and
Liabilities
-  (1.82)%
(
17,902‌
)
TOTAL
NET
ASSETS
-
100.00%
$
981,501‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$23,867
or
2.43%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$42,639
or
4.34%
of
net
assets.
(f)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$22,214
or
2.26%
of
net
assets.
Portfolio
Summary  (unaudited)
Location
Percent
Japan
24
.88‌
%
United
Kingdom
12
.78‌
%
Canada
10
.40‌
%
Germany
6
.50‌
%
Australia
5
.60‌
%
Netherlands
4
.68‌
%
Italy
4
.45‌
%
Switzerland
4
.42‌
%
Sweden
4
.22‌
%
France
3
.96‌
%
United
States
3
.06‌
%
Denmark
2
.90‌
%
Ireland
2
.28‌
%
Singapore
1
.88‌
%
Israel
1
.67‌
%
Austria
1
.58‌
%
Hong
Kong
1
.32‌
%
Isle
of
Man
0
.80‌
%
Belgium
0
.64‌
%
Finland
0
.62‌
%
Malta
0
.62‌
%
New
Zealand
0
.59‌
%
Jordan
0
.59‌
%
Norway
0
.48‌
%
Spain
0
.35‌
%
Portugal
0
.23‌
%
Bermuda
0
.21‌
%
China
0
.11‌
%
Other
Assets
and
Liabilities
(
1
.82‌
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
155
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
34,884‌
$
271,963‌
$
292,859‌
$
13,988‌
$
34,884‌
$
271,963‌
$
292,859‌
$
13,988‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
156
INVESTMENT
COMPANIES
-
0.13%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.13%
iShares
Short-Term
National
Muni
Bond
ETF
1,000‌
$
108‌
SPDR
Nuveen
Bloomberg
Barclays
High
Yield
Municipal
Bond
ETF
535‌
31‌
VanEck
Vectors
High
Yield
Muni
ETF
320‌
20‌
VanEck
Vectors
Short
High
Yield
Muni
ETF
1,000‌
25‌
$
184‌
TOTAL
INVESTMENT
COMPANIES
$
184‌
MUNICIPAL
BONDS
-
102.86%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
3.79%
Lower
Alabama
Gas
District/The
5.00%,
09/01/2034
$
1,500‌
$
2,006‌
Tuscaloosa
County
Industrial
Development
Authority
4.50%,
05/01/2032
(a)
1,000‌
1,111‌
5.25%,
05/01/2044
(a)
2,000‌
2,272‌
$
5,389‌
Arizona
-
3.98%
Arizona
Industrial
Development
Authority
5.00%,
01/01/2049
(a)
1,000‌
718‌
7.25%,
01/01/2054
(a)
1,000‌
834‌
Navajo
Nation
5.50%,
12/01/2030
(a)
2,500‌
2,783‌
Salt
Verde
Financial
Corp
5.00%,
12/01/2032
1,000‌
1,311‌
$
5,646‌
Arkansas
-
0.76%
Arkansas
Development
Finance
Authority
4.50%,
09/01/2049
(a)
1,000‌
1,075‌
California
-
5.62%
Abag
Finance
Authority
for
Nonprofit
Corps
5.00%,
08/01/2043
500‌
546‌
California
Statewide
Communities
Development
Authority
5.25%,
12/01/2048
(a)
1,000‌
1,161‌
California
Statewide
Communities
Development
Authority
(credit
support
from
Ginnie
Mae
Collateral
)
4.90%,
07/20/2039
(b)
500‌
506‌
California
Statewide
Financing
Authority
6.00%,
05/01/2043
1,000‌
1,009‌
CSCDA
Community
Improvement
Authority
3.13%,
08/01/2056
(a)
2,000‌
1,829‌
4.00%,
08/01/2056
(a)
1,000‌
1,079‌
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
430‌
431‌
Oakland
Unified
School
District/Alameda
County
5.00%,
08/01/2035
1,225‌
1,419‌
$
7,980‌
Colorado
-
7.63%
Centerra
Metropolitan
District
No
1
5.00%,
12/01/2037
(a)
1,000‌
1,054‌
Creekside
Village
Metropolitan
District
5.00%,
12/01/2039
1,255‌
1,342‌
Eagle
County
Airport
Terminal
Corp
5.00%,
05/01/2037
1,000‌
1,123‌
Elbert
County
Independence
Water
&
Sanitation
District
7.25%,
12/01/2038
1,000‌
1,083‌
Jefferson
County
School
District
R-1
(credit
support
from
State
Aid
Withholding
)
4.00%,
12/15/2034
(b),(c)
683‌
840‌
4.00%,
12/15/2036
(b),(c)
1,820‌
2,206‌
Painted
Prairie
Public
Improvement
Authority
5.00%,
12/01/2049
500‌
538‌
Transport
Metropolitan
District
No
3
5.00%,
12/01/2051
1,000‌
1,047‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Colorado
(continued)
Velocity
Metropolitan
District
No
3
5.50%,
12/01/2048
$
1,500‌
$
1,602‌
$
10,835‌
Connecticut
-
1.69%
Mohegan
Tribal
Finance
Authority
7.00%,
02/01/2045
(a)
2,400‌
2,401‌
District
of
Columbia
-
0.78%
District
of
Columbia
4.00%,
07/01/2039
1,000‌
1,107‌
Florida
-
6.29%
Florida
Development
Finance
Corp
7.38%,
01/01/2049
(a)
3,750‌
3,628‌
Greater
Orlando
Aviation
Authority
5.00%,
10/01/2047
(c)
2,999‌
3,508‌
Ocean
Highway
&
Port
Authority
5.50%,
12/01/2049
(a)
1,500‌
1,498‌
Orange
County
Housing
Finance
Authority
7.00%,
10/01/2025
300‌
301‌
$
8,935‌
Illinois
-
15.16%
Chicago
Board
of
Education
5.00%,
12/01/2041
1,000‌
1,172‌
City
of
Chicago
IL
5.50%,
01/01/2042
300‌
331‌
5.50%,
01/01/2049
1,000‌
1,160‌
6.00%,
01/01/2038
1,900‌
2,249‌
7.46%,
02/15/2026
1,595‌
1,182‌
City
of
Chicago
IL
Wastewater
Transmission
Revenue
5.00%,
01/01/2031
760‌
879‌
5.00%,
01/01/2039
1,200‌
1,373‌
Illinois
Finance
Authority
0.00%,
12/01/2042
(d)
300‌
240‌
Illinois
Sports
Facilities
Authority/The
5.00%,
06/15/2028
1,000‌
1,167‌
5.00%,
06/15/2029
1,000‌
1,178‌
Illinois
State
Toll
Highway
Authority
5.00%,
01/01/2040
(c)
4,991‌
5,861‌
Metropolitan
Pier
&
Exposition
Authority
5.00%,
06/15/2050
1,000‌
1,186‌
5.00%,
06/15/2057
500‌
583‌
Metropolitan
Pier
&
Exposition
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
06/15/2029
(b)
1,000‌
1,150‌
State
of
Illinois
5.00%,
11/01/2028
500‌
576‌
5.50%,
07/01/2027
1,150‌
1,242‌
$
21,529‌
Indiana
-
0.87%
Indiana
Finance
Authority
7.00%,
03/01/2039
(a)
1,000‌
918‌
Town
of
Shoals
IN
7.25%,
11/01/2043
300‌
317‌
$
1,235‌
Louisiana
-
5.53%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
4.40%,
11/01/2044
(a)
1,000‌
1,046‌
5.50%,
11/01/2039
(a)
800‌
870‌
5.65%,
11/01/2037
(a)
1,000‌
1,125‌
Louisiana
Public
Facilities
Authority
0.00%,
07/01/2039
(d)
278‌
—‌
Parish
of
St
James
LA
6.35%,
10/01/2040
(a)
3,000‌
3,792‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
157
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Louisiana
(continued)
Parish
of
St
John
the
Baptist
LA
2.10%,
06/01/2037
(e)
$
1,000‌
$
1,020‌
$
7,853‌
Maine
-
0.79%
Finance
Authority
of
Maine
5.25%,
01/01/2025
(a)
1,000‌
1,118‌
Maryland
-
0.46%
City
of
Westminster
MD
6.25%,
07/01/2044
600‌
651‌
Michigan
-
4.84%
City
of
Detroit
MI
5.00%,
04/01/2046
1,000‌
1,194‌
5.00%,
04/01/2050
1,000‌
1,190‌
Kalamazoo
Economic
Development
Corp
5.00%,
05/15/2032
1,000‌
1,105‌
Michigan
Finance
Authority
5.00%,
07/01/2035
1,000‌
1,168‌
Michigan
Strategic
Fund
5.00%,
11/15/2043
1,000‌
1,116‌
5.00%,
11/15/2049
1,000‌
1,104‌
$
6,877‌
Missouri
-
1.93%
City
of
St
Louis
MO
Airport
Revenue
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
07/01/2028
(b)
400‌
516‌
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
5.00%,
02/01/2034
1,000‌
1,114‌
Kansas
City
Industrial
Development
Authority
5.00%,
04/01/2046
(a)
1,100‌
1,114‌
$
2,744‌
Montana
-
1.01%
City
of
Kalispell
MT
5.25%,
05/15/2037
1,400‌
1,439‌
Nevada
-
1.76%
Las
Vegas
Convention
&
Visitors
Authority
5.00%,
07/01/2043
(c)
1,396‌
1,634‌
State
of
Nevada
Department
of
Business
&
Industry
5.13%,
12/15/2037
(a)
1,000‌
859‌
$
2,493‌
New
Hampshire
-
1.76%
New
Hampshire
Business
Finance
Authority
2.95%,
04/01/2029
(a),(e)
1,000‌
1,023‌
New
Hampshire
Health
and
Education
Facilities
Authority
Act
5.00%,
08/01/2059
1,000‌
1,482‌
$
2,505‌
New
Jersey
-
5.85%
Casino
Reinvestment
Development
Authority
Inc
5.25%,
11/01/2039
250‌
266‌
New
Jersey
Economic
Development
Authority
5.00%,
07/15/2028
500‌
587‌
5.00%,
06/15/2047
500‌
574‌
5.25%,
06/15/2040
55‌
66‌
5.25%,
06/15/2040
945‌
1,067‌
5.63%,
11/15/2030
1,500‌
1,675‌
5.75%,
09/15/2027
500‌
520‌
New
Jersey
Transportation
Trust
Fund
Authority
5.25%,
06/15/2032
2,000‌
2,259‌
New
Jersey
Turnpike
Authority
4.00%,
01/01/2051
150‌
172‌
South
Jersey
Port
Corp
5.00%,
01/01/2048
1,000‌
1,125‌
$
8,311‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
York
-
4.40%
New
York
Counties
Tobacco
Trust
VI
5.00%,
06/01/2041
$
400‌
$
450‌
New
York
State
Thruway
Authority
5.25%,
01/01/2056
1,000‌
1,174‌
New
York
Transportation
Development
Corp
4.00%,
10/01/2030
1,000‌
1,161‌
4.00%,
12/01/2042
1,000‌
1,110‌
5.00%,
01/01/2036
1,000‌
1,173‌
5.38%,
08/01/2036
1,000‌
1,185‌
$
6,253‌
Ohio
-
4.10%
Buckeye
Tobacco
Settlement
Financing
Authority
5.00%,
06/01/2055
3,000‌
3,375‌
Ohio
Air
Quality
Development
Authority
4.50%,
01/15/2048
(a)
1,000‌
1,110‌
5.00%,
07/01/2049
(a)
1,000‌
1,070‌
Ohio
State
Air
Quality
Development
Authority
Escrow
0.00%,
12/01/2023
(d),(f),(g)
1,000‌
269‌
$
5,824‌
Oklahoma
-
1.59%
Oklahoma
Development
Finance
Authority
5.25%,
08/15/2043
1,000‌
1,166‌
Tulsa
County
Industrial
Authority
5.25%,
11/15/2045
1,000‌
1,092‌
$
2,258‌
Oregon
-
0.19%
Oregon
State
Business
Development
Commission
0.00%,
04/01/2031
(a),(d)
1,000‌
275‌
Pennsylvania
-
4.94%
Allegheny
County
Industrial
Development
Authority
4.88%,
11/01/2024
500‌
535‌
Commonwealth
Financing
Authority
5.00%,
06/01/2028
1,000‌
1,261‌
5.00%,
06/01/2035
1,000‌
1,216‌
Lancaster
County
Hospital
Authority/PA
5.00%,
07/01/2045
1,000‌
1,070‌
Pennsylvania
Economic
Development
Financing
Authority
3.25%,
08/01/2039
(a)
1,000‌
1,015‌
5.50%,
11/01/2044
1,000‌
1,037‌
5.75%,
06/01/2036
(a)
1,000‌
880‌
$
7,014‌
Puerto
Rico
-
0.96%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2039
(d)
1,670‌
1,365‌
South
Carolina
-
0.38%
South
Carolina
Jobs-Economic
Development
Authority
5.25%,
11/15/2052
500‌
533‌
South
Dakota
-
0.35%
Oglala
Sioux
Tribe
5.75%,
10/01/2025
(a)
500‌
500‌
Tennessee
-
1.79%
Chattanooga
Health
Educational
&
Housing
Facility
Board
5.00%,
10/01/2028
1,050‌
1,156‌
5.00%,
10/01/2035
500‌
539‌
Nashville
Metropolitan
Development
&
Housing
Agency
5.13%,
06/01/2036
(a)
750‌
845‌
$
2,540‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
158
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Texas
-
7.66%
Calhoun
County
Navigation
Industrial
Development
Authority
7.00%,
07/27/2021
(a),(e)
$
2,000‌
$
2,000‌
North
Texas
Tollway
Authority
5.00%,
01/01/2045
615‌
696‌
5.00%,
01/01/2048
500‌
576‌
Port
Beaumont
Navigation
District
4.00%,
01/01/2050
(a)
3,500‌
3,599‌
Texas
Municipal
Gas
Acquisition
&
Supply
Corp
III
5.00%,
12/15/2032
1,000‌
1,323‌
Texas
Municipal
Gas
Acquisition
and
Supply
Corp
I
6.25%,
12/15/2026
1,990‌
2,336‌
Texas
Private
Activity
Bond
Surface
Transportation
Corp
7.00%,
12/31/2038
300‌
343‌
$
10,873‌
Utah
-
1.06%
Utah
Infrastructure
Agency
5.25%,
10/15/2033
1,250‌
1,501‌
Vermont
-
1.04%
Vermont
Economic
Development
Authority
4.63%,
04/01/2036
(a),(e)
1,300‌
1,476‌
Virginia
-
1.06%
Amelia
County
Industrial
Development
Authority
3.00%,
04/01/2027
(e)
1,500‌
1,502‌
Wisconsin
-
2.84%
Public
Finance
Authority
5.00%,
01/01/2024
500‌
551‌
5.00%,
12/01/2025
1,200‌
1,396‌
5.00%,
09/01/2039
(a)
1,000‌
1,129‌
Wisconsin
Health
&
Educational
Facilities
Authority
5.50%,
07/01/2023
60‌
59‌
6.00%,
07/01/2028
170‌
162‌
6.50%,
07/01/2033
300‌
277‌
7.00%,
07/01/2043
500‌
465‌
$
4,039‌
TOTAL
MUNICIPAL
BONDS
$
146,076‌
Total
Investments
$
146,260‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(5.42)%
Notes
with
interest
rates
of
0.06%
-
0.26%
at
February
28,
2021
and
contractual
maturity
of
collateral
from
2024-2036.
(h)
$
(7,691‌)
(7,691‌)
Total
Net
Investments
$
138,569‌
Other
Assets
and
Liabilities
-  2.43%
3,449‌
TOTAL
NET
ASSETS
-
100.00%
$
142,018‌
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$47,207
or
33.24%
of
net
assets.
(b)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(c)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
See
accompanying
notes
for
additional
information.
(d)
Non-income
producing
security
(e)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(g)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$269
or
0.19%
of
net
assets.
(h)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
February
28,
2021.
Portfolio
Summary  (unaudited)
Sector
Percent
Revenue
Bonds
83.26‌%
General
Obligation
Unlimited
8.38‌%
Insured
3.67‌%
General
Obligation
Limited
2.82‌%
Revenue
Notes
1.41‌%
Tax
Allocation
1.34‌%
Certificate
Participation
0.83‌%
Prerefunded
0.80‌%
Special
Tax
0.35‌%
Investment
Companies
0.13‌%
Liability
For
Floating
Rate
Notes
Issued
(5.42‌)%
Other
Assets
and
Liabilities
2.43‌%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
159
INVESTMENT
COMPANIES
-
2
.96
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.96
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(a),(b)
22‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
102,525,119‌
102,525‌
$
102,525‌
TOTAL
INVESTMENT
COMPANIES
$
102,525‌
COMMON
STOCKS
-
96
.81
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.00
%
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
7,291,500‌
$
16,729‌
Bharat
Electronics
Ltd
9,620,300‌
17,888‌
$
34,617‌
Apparel
-
0
.79
%
Shenzhou
International
Group
Holdings
Ltd
1,317,300‌
27,316‌
Automobile
Manufacturers
-
1
.72
%
Geely
Automobile
Holdings
Ltd
15,976,300‌
51,678‌
Sinotruk
Hong
Kong
Ltd
2,427,337‌
7,747‌
$
59,425‌
Automobile
Parts
&
Equipment
-
1
.65
%
Hyundai
Mobis
Co
Ltd
117,700‌
31,665‌
Weichai
Power
Co
Ltd
8,640,100‌
25,432‌
$
57,097‌
Banks
-
4
.15
%
Bank
Mandiri
Persero
Tbk
PT
(d)
34,465,500‌
14,759‌
China
Merchants
Bank
Co
Ltd
10,665,100‌
81,788‌
Grupo
Financiero
Banorte
SAB
de
CV
(d)
5,734,700‌
28,798‌
Sberbank
of
Russia
PJSC
ADR
1,249,800‌
18,187‌
$
143,532‌
Beverages
-
0
.58
%
Kweichow
Moutai
Co
Ltd
61,348‌
20,103‌
Building
Materials
-
2
.08
%
China
National
Building
Material
Co
Ltd
10,926,900‌
16,532‌
China
Resources
Cement
Holdings
Ltd
15,496,300‌
18,437‌
Xinyi
Glass
Holdings
Ltd
6,591,000‌
18,442‌
Zhuzhou
Kibing
Group
Co
Ltd
8,248,680‌
18,741‌
$
72,152‌
Chemicals
-
2
.43
%
Coromandel
International
Ltd
1,419,200‌
14,898‌
Hansol
Chemical
Co
Ltd
85,837‌
18,577‌
Kumho
Petrochemical
Co
Ltd
(d)
152,000‌
28,479‌
Soulbrain
Co
Ltd/New
80,312‌
22,052‌
$
84,006‌
Coal
-
0
.44
%
Shaanxi
Coal
Industry
Co
Ltd
9,213,068‌
15,230‌
Commercial
Services
-
0
.51
%
China
Yuhua
Education
Corp
Ltd
(e)
21,281,969‌
17,588‌
Computers
-
4
.89
%
Asustek
Computer
Inc
4,109,000‌
44,810‌
Gigabyte
Technology
Co
Ltd
5,907,600‌
18,442‌
Infosys
Ltd
ADR
3,370,818‌
57,708‌
LG
Corp
207,000‌
17,255‌
Phison
Electronics
Corp
1,874,700‌
30,876‌
$
169,091‌
Diversified
Financial
Services
-
4
.97
%
B3
SA
-
Brasil
Bolsa
Balcao
2,426,800‌
23,561‌
Chailease
Holding
Co
Ltd
3,771,990‌
23,297‌
Hana
Financial
Group
Inc
1,424,100‌
46,777‌
KB
Financial
Group
Inc
696,000‌
26,939‌
KIWOOM
Securities
Co
Ltd
(d)
136,000‌
15,570‌
Manappuram
Finance
Ltd
5,524,100‌
13,257‌
Muthoot
Finance
Ltd
1,273,400‌
22,536‌
$
171,937‌
Electrical
Components
&
Equipment
-
2
.09
%
Delta
Electronics
Inc
5,308,400‌
53,430‌
LG
Innotek
Co
Ltd
106,000‌
18,731‌
$
72,161‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
-
4
.96
%
BYD
Electronic
International
Co
Ltd
5,535,900‌
$
30,789‌
Flat
Glass
Group
Co
Ltd
4,023,900‌
15,009‌
Lotes
Co
Ltd
930,600‌
17,316‌
Micro-Star
International
Co
Ltd
8,165,600‌
43,674‌
Q
Technology
Group
Co
Ltd
4,993,632‌
9,462‌
Radiant
Opto-Electronics
Corp
3,883,800‌
16,648‌
Samsung
Electro-Mechanics
Co
Ltd
98,600‌
16,588‌
Shenzhen
Topband
Co
Ltd
12,342,603‌
22,311‌
$
171,797‌
Food
-
1
.67
%
BIM
Birlesik
Magazalar
AS
1,996,700‌
17,880‌
Dino
Polska
SA
(d),(e)
446,700‌
29,304‌
X5
Retail
Group
NV
329,700‌
10,737‌
$
57,921‌
Gas
-
1
.31
%
ENN
Energy
Holdings
Ltd
2,974,700‌
45,489‌
Home
Furnishings
-
0
.56
%
E
Ink
Holdings
Inc
10,665,800‌
19,334‌
Insurance
-
1
.35
%
BB
Seguridade
Participacoes
SA
3,695,300‌
16,834‌
Ping
An
Insurance
Group
Co
of
China
Ltd
2,403,700‌
29,745‌
$
46,579‌
Internet
-
24
.52
%
Alibaba
Group
Holding
Ltd
ADR
(d)
823,500‌
195,795‌
Autohome
Inc
ADR
239,500‌
27,313‌
Baidu
Inc
ADR
(d)
166,800‌
47,281‌
JD.com
Inc
ADR
(d)
522,006‌
49,001‌
Meituan
(d),(e)
1,496,100‌
67,197‌
Naspers
Ltd
459,600‌
108,455‌
NCSoft
Corp
23,200‌
19,269‌
Tencent
Holdings
Ltd
3,038,405‌
264,332‌
Vipshop
Holdings
Ltd
ADR
(d)
1,878,700‌
70,113‌
$
848,756‌
Iron
&
Steel
-
1
.29
%
Kumba
Iron
Ore
Ltd
468,600‌
20,072‌
Vale
SA
1,456,500‌
24,651‌
$
44,723‌
Machinery
-
Construction
&
Mining
-
1
.77
%
Sany
Heavy
Industry
Co
Ltd
6,253,079‌
39,664‌
Zoomlion
Heavy
Industry
Science
and
Technology
Co
Ltd
14,099,200‌
21,478‌
$
61,142‌
Mining
-
3
.07
%
Anglo
American
Platinum
Ltd
164,800‌
19,961‌
Grupo
Mexico
SAB
de
CV
4,492,500‌
21,298‌
Impala
Platinum
Holdings
Ltd
2,380,500‌
38,598‌
MMC
Norilsk
Nickel
PJSC
ADR
844,646‌
26,513‌
$
106,370‌
Miscellaneous
Manufacturers
-
1
.68
%
Elite
Material
Co
Ltd
3,186,700‌
19,313‌
Sunny
Optical
Technology
Group
Co
Ltd
1,560,300‌
38,877‌
$
58,190‌
Oil
&
Gas
-
1
.52
%
Reliance
Industries
Ltd
1,856,900‌
52,637‌
Pharmaceuticals
-
2
.15
%
Alkem
Laboratories
Ltd
294,902‌
10,908‌
Aurobindo
Pharma
Ltd
1,269,500‌
14,755‌
Changchun
High
&
New
Technology
Industry
Group
Inc
291,663‌
18,951‌
Chong
Kun
Dang
Pharmaceutical
Corp
106,965‌
16,252‌
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
2,900,000‌
13,662‌
$
74,528‌
Real
Estate
-
1
.75
%
China
Vanke
Co
Ltd
7,277,000‌
30,849‌
Country
Garden
Services
Holdings
Co
Ltd
3,629,100‌
29,852‌
$
60,701‌
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
160
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
-
2
.27
%
ANTA
Sports
Products
Ltd
3,781,300‌
$
57,931‌
Zhongsheng
Group
Holdings
Ltd
3,335,300‌
20,615‌
$
78,546‌
Semiconductors
-
17
.14
%
Global
Unichip
Corp
(d)
1,630,000‌
26,249‌
MediaTek
Inc
566,400‌
18,179‌
Novatek
Microelectronics
Corp
3,769,600‌
64,186‌
Parade
Technologies
Ltd
519,800‌
22,104‌
Realtek
Semiconductor
Corp
2,235,800‌
36,888‌
Samsung
Electronics
Co
Ltd
27,690‌
51,246‌
Samsung
Electronics
Co
Ltd
1,309,749‌
95,986‌
Shenzhen
SC
New
Energy
Technology
Corp
768,439‌
12,784‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
6,014,956‌
131,409‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
1,066,417‌
134,304‌
$
593,335‌
Software
-
2
.50
%
HCL
Technologies
Ltd
6,990,900‌
86,467‌
TOTAL
COMMON
STOCKS
$
3,350,770‌
PREFERRED
STOCKS
-
1
.06
%
Shares
Held
Value
(000's)
Banks
-
1
.06
%
Banco
Bradesco
SA
0.02%
8,875,470‌
$
36,489‌
TOTAL
PREFERRED
STOCKS
$
36,489‌
Total
Investments
$
3,489,784‌
Other
Assets
and
Liabilities
-  (0.83)%
(
28,581‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,461,203‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$0
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$114,089
or
3.30%
of
net
assets.
Portfolio
Summary  (unaudited)
Location
Percent
China
40
.12‌
%
Taiwan
20
.83‌
%
Korea,
Republic
Of
12
.30‌
%
India
8
.41‌
%
South
Africa
5
.40‌
%
United
States
2
.96‌
%
Brazil
2
.94‌
%
Hong
Kong
2
.55‌
%
Russian
Federation
1
.61‌
%
Mexico
1
.44‌
%
Turkey
0
.99‌
%
Poland
0
.85‌
%
Indonesia
0
.43‌
%
Other
Assets
and
Liabilities
(
0
.83‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
77,485‌
$
1,632,573‌
$
1,607,533‌
$
102,525‌
$
77,485‌
$
1,632,573‌
$
1,607,533‌
$
102,525‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
161
INVESTMENT
COMPANIES
-
9
.49
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
6
.59
%
iShares
Russell
2000
Value
ETF
372,391‌
$
56,454‌
iShares
Russell
Mid-Cap
Value
ETF
543,327‌
56,582‌
$
113,036‌
Money
Market
Funds
-
2
.90
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
49,861,743‌
49,862‌
TOTAL
INVESTMENT
COMPANIES
$
162,898‌
COMMON
STOCKS
-
90
.71
%
Shares
Held
Value
(000's)
Advertising
-
1
.33
%
Interpublic
Group
of
Cos
Inc/The
872,251‌
$
22,783‌
Automobile
Parts
&
Equipment
-
0
.97
%
Linamar
Corp
298,130‌
16,659‌
Banks
-
10
.29
%
Bank
OZK
1,379,305‌
56,855‌
Cathay
General
Bancorp
470,359‌
17,704‌
Cullen/Frost
Bankers
Inc
215,432‌
22,491‌
East
West
Bancorp
Inc
806,925‌
58,228‌
ServisFirst
Bancshares
Inc
170,707‌
8,460‌
Washington
Trust
Bancorp
Inc
271,561‌
12,913‌
$
176,651‌
Chemicals
-
3
.68
%
HB
Fuller
Co
216,610‌
12,145‌
Huntsman
Corp
1,110,999‌
30,330‌
RPM
International
Inc
260,841‌
20,774‌
$
63,249‌
Commercial
Services
-
1
.10
%
John
Wiley
&
Sons
Inc
358,924‌
18,908‌
Computers
-
3
.70
%
Amdocs
Ltd
620,500‌
47,040‌
Leidos
Holdings
Inc
185,964‌
16,449‌
$
63,489‌
Consumer
Products
-
1
.94
%
Avery
Dennison
Corp
190,249‌
33,334‌
Diversified
Financial
Services
-
2
.85
%
Federal
Agricultural
Mortgage
Corp
160,739‌
13,864‌
Raymond
James
Financial
Inc
299,654‌
34,981‌
$
48,845‌
Electric
-
2
.58
%
ALLETE
Inc
481,381‌
29,908‌
IDACORP
Inc
118,138‌
10,189‌
Portland
General
Electric
Co
101,143‌
4,264‌
$
44,361‌
Electrical
Components
&
Equipment
-
2
.99
%
Energizer
Holdings
Inc
534,083‌
22,325‌
Littelfuse
Inc
111,459‌
29,004‌
$
51,329‌
Electronics
-
3
.61
%
Hubbell
Inc
160,803‌
28,544‌
nVent
Electric
PLC
1,271,815‌
33,398‌
$
61,942‌
Engineering
&
Construction
-
0
.44
%
Comfort
Systems
USA
Inc
122,135‌
7,565‌
Food
-
1
.85
%
Ingredion
Inc
352,096‌
31,759‌
Gas
-
0
.77
%
ONE
Gas
Inc
48,491‌
3,248‌
Spire
Inc
149,476‌
9,928‌
$
13,176‌
Hand
&
Machine
Tools
-
5
.16
%
Lincoln
Electric
Holdings
Inc
233,271‌
27,552‌
MSA
Safety
Inc
162,784‌
26,206‌
Snap-on
Inc
171,779‌
34,890‌
$
88,648‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
4
.87
%
CONMED
Corp
297,825‌
$
36,651‌
Hill-Rom
Holdings
Inc
172,655‌
18,417‌
STERIS
PLC
163,313‌
28,547‌
$
83,615‌
Home
Builders
-
1
.93
%
LCI
Industries
174,443‌
24,586‌
MDC
Holdings
Inc
151,321‌
8,560‌
$
33,146‌
Insurance
-
5
.84
%
Assured
Guaranty
Ltd
683,628‌
30,230‌
Fidelity
National
Financial
Inc
1,376,934‌
52,709‌
James
River
Group
Holdings
Ltd
377,441‌
17,328‌
$
100,267‌
Leisure
Products
&
Services
-
4
.07
%
Acushnet
Holdings
Corp
634,145‌
26,773‌
Brunswick
Corp/DE
488,533‌
43,172‌
$
69,945‌
Machinery
-
Diversified
-
2
.68
%
Crane
Co
306,192‌
25,677‌
Nordson
Corp
105,399‌
20,280‌
$
45,957‌
Media
-
0
.66
%
Cable
One
Inc
5,914‌
11,324‌
Metal
Fabrication
&
Hardware
-
1
.85
%
Timken
Co/The
405,334‌
31,758‌
Miscellaneous
Manufacturers
-
1
.09
%
Donaldson
Co
Inc
156,908‌
9,243‌
EnPro
Industries
Inc
118,391‌
9,512‌
$
18,755‌
Oil
&
Gas
-
3
.76
%
Cimarex
Energy
Co
410,558‌
23,808‌
Diamondback
Energy
Inc
293,024‌
20,301‌
HollyFrontier
Corp
537,236‌
20,350‌
$
64,459‌
Packaging
&
Containers
-
1
.42
%
Packaging
Corp
of
America
185,227‌
24,454‌
Pharmaceuticals
-
0
.31
%
Phibro
Animal
Health
Corp
246,735‌
5,322‌
Pipelines
-
1
.15
%
Targa
Resources
Corp
636,857‌
19,698‌
REITs
-
9
.80
%
Agree
Realty
Corp
267,236‌
17,253‌
Camden
Property
Trust
85,983‌
8,955‌
CyrusOne
Inc
387,197‌
25,412‌
EastGroup
Properties
Inc
119,657‌
16,287‌
Four
Corners
Property
Trust
Inc
598,272‌
16,207‌
Granite
Real
Estate
Investment
Trust
149,526‌
8,565‌
Medical
Properties
Trust
Inc
1,219,690‌
26,333‌
National
Health
Investors
Inc
142,864‌
9,753‌
STORE
Capital
Corp
727,457‌
24,326‌
Terreno
Realty
Corp
268,962‌
15,073‌
$
168,164‌
Retail
-
0
.50
%
Papa
John's
International
Inc
95,404‌
8,604‌
Semiconductors
-
3
.56
%
MKS
Instruments
Inc
278,703‌
45,958‌
Monolithic
Power
Systems
Inc
40,299‌
15,093‌
$
61,051‌
Shipbuilding
-
1
.27
%
Huntington
Ingalls
Industries
Inc
123,419‌
21,711‌
Software
-
0
.39
%
ManTech
International
Corp/VA
85,068‌
6,649‌
Textiles
-
0
.99
%
Albany
International
Corp
214,612‌
16,965‌
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
162
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Toys,
Games
&
Hobbies
-
1
.31
%
Hasbro
Inc
239,708‌
$
22,463‌
TOTAL
COMMON
STOCKS
$
1,557,005‌
Total
Investments
$
1,719,903‌
Other
Assets
and
Liabilities
-  (0.20)%
(
3,367‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,716,536‌
(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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Financial
28
.78‌
%
Industrial
20
.51‌
%
Consumer,
Non-cyclical
10
.07‌
%
Consumer,
Cyclical
9
.77‌
%
Technology
7
.65‌
%
Investment
Companies
6
.59‌
%
Energy
4
.91‌
%
Basic
Materials
3
.68‌
%
Utilities
3
.35‌
%
Money
Market
Funds
2
.90‌
%
Communications
1
.99‌
%
Other
Assets
and
Liabilities
(
0
.20‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
15,508‌
$
334,498‌
$
300,144‌
$
49,862‌
$
15,508‌
$
334,498‌
$
300,144‌
$
49,862‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Small-MidCap
Growth
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
163
INVESTMENT
COMPANIES
-
3
.56
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3
.56
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
412,855‌
$
413‌
TOTAL
INVESTMENT
COMPANIES
$
413‌
COMMON
STOCKS
-
97
.51
%
Shares
Held
Value
(000's)
Airlines
-
2
.13
%
Allegiant
Travel
Co
(b)
756‌
$
191‌
JetBlue
Airways
Corp
(b)
3,051‌
56‌
$
247‌
Apparel
-
3
.11
%
Deckers
Outdoor
Corp
(b)
661‌
215‌
Tapestry
Inc
3,431‌
145‌
$
360‌
Automobile
Parts
&
Equipment
-
0
.96
%
Visteon
Corp
(b)
877‌
111‌
Banks
-
5
.74
%
Pinnacle
Financial
Partners
Inc
1,746‌
142‌
SVB
Financial
Group
(b)
1,036‌
523‌
$
665‌
Biotechnology
-
7
.52
%
Arrowhead
Pharmaceuticals
Inc
(b)
1,175‌
94‌
Biohaven
Pharmaceutical
Holding
Co
Ltd
(b)
1,619‌
138‌
Blueprint
Medicines
Corp
(b)
440‌
43‌
Denali
Therapeutics
Inc
(b)
720‌
52‌
Exact
Sciences
Corp
(b)
1,246‌
170‌
Fate
Therapeutics
Inc
(b)
1,635‌
147‌
Iovance
Biotherapeutics
Inc
(b)
1,555‌
58‌
Mirati
Therapeutics
Inc
(b)
291‌
58‌
Trillium
Therapeutics
Inc
(b)
3,729‌
42‌
Ultragenyx
Pharmaceutical
Inc
(b)
497‌
70‌
$
872‌
Building
Materials
-
1
.42
%
Trex
Co
Inc
(b)
1,797‌
165‌
Commercial
Services
-
3
.25
%
ASGN
Inc
(b)
1,661‌
155‌
Avalara
Inc
(b)
1,417‌
222‌
$
377‌
Computers
-
0
.70
%
Zscaler
Inc
(b)
397‌
81‌
Cosmetics
&
Personal
Care
-
1
.44
%
elf
Beauty
Inc
(b)
6,505‌
167‌
Diversified
Financial
Services
-
4
.13
%
Ally
Financial
Inc
4,389‌
182‌
OneMain
Holdings
Inc
3,656‌
172‌
Tradeweb
Markets
Inc
1,716‌
125‌
$
479‌
Electrical
Components
&
Equipment
-
2
.06
%
Littelfuse
Inc
919‌
239‌
Energy
-
Alternate
Sources
-
1
.68
%
Enphase
Energy
Inc
(b)
653‌
115‌
First
Solar
Inc
(b)
986‌
80‌
$
195‌
Entertainment
-
3
.14
%
Caesars
Entertainment
Inc
(b)
2,475‌
231‌
Penn
National
Gaming
Inc
(b)
1,147‌
133‌
$
364‌
Food
-
3
.02
%
Hain
Celestial
Group
Inc/The
(b)
5,324‌
224‌
Performance
Food
Group
Co
(b)
2,320‌
126‌
$
350‌
Healthcare
-
Products
-
12
.77
%
Alphatec
Holdings
Inc
(b)
8,516‌
137‌
Axonics
Modulation
Technologies
Inc
(b)
3,851‌
194‌
Haemonetics
Corp
(b)
913‌
115‌
Inspire
Medical
Systems
Inc
(b)
983‌
229‌
Insulet
Corp
(b)
880‌
228‌
NanoString
Technologies
Inc
(b)
727‌
51‌
Natera
Inc
(b)
2,464‌
286‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Repligen
Corp
(b)
500‌
$
106‌
Tandem
Diabetes
Care
Inc
(b)
1,413‌
135‌
$
1,481‌
Healthcare
-
Services
-
1
.36
%
SI-BONE
Inc
(b)
5,025‌
158‌
Home
Furnishings
-
1
.41
%
Sonos
Inc
(b)
4,194‌
163‌
Housewares
-
0
.67
%
Newell
Brands
Inc
3,364‌
78‌
Internet
-
6
.87
%
Anaplan
Inc
(b)
4,034‌
262‌
Revolve
Group
Inc
(b)
1,442‌
66‌
Zendesk
Inc
(b)
2,290‌
335‌
Zillow
Group
Inc
-
A
Shares
(b)
786‌
134‌
$
797‌
Leisure
Products
&
Services
-
1
.61
%
Norwegian
Cruise
Line
Holdings
Ltd
(b)
6,313‌
187‌
Machinery
-
Construction
&
Mining
-
0
.49
%
Oshkosh
Corp
538‌
57‌
Machinery
-
Diversified
-
3
.46
%
Altra
Industrial
Motion
Corp
2,540‌
147‌
Chart
Industries
Inc
(b)
1,352‌
193‌
CNH
Industrial
NV
4,085‌
61‌
$
401‌
Pharmaceuticals
-
4
.13
%
Aerie
Pharmaceuticals
Inc
(b)
4,708‌
87‌
Horizon
Therapeutics
Plc
(b)
4,038‌
367‌
Seres
Therapeutics
Inc
(b)
1,327‌
25‌
$
479‌
Retail
-
9
.16
%
Cheesecake
Factory
Inc/The
2,998‌
165‌
Five
Below
Inc
(b)
550‌
102‌
Floor
&
Decor
Holdings
Inc
(b)
2,626‌
250‌
National
Vision
Holdings
Inc
(b)
2,936‌
139‌
Shake
Shack
Inc
(b)
1,736‌
206‌
Ulta
Beauty
Inc
(b)
620‌
200‌
$
1,062‌
Semiconductors
-
6
.90
%
Ambarella
Inc
(b)
2,136‌
240‌
Cree
Inc
(b)
1,415‌
161‌
MACOM
Technology
Solutions
Holdings
Inc
(b)
3,051‌
196‌
MaxLinear
Inc
(b)
2,470‌
98‌
Teradyne
Inc
813‌
105‌
$
800‌
Software
-
6
.98
%
Cardlytics
Inc
(b)
872‌
116‌
Five9
Inc
(b)
595‌
110‌
MongoDB
Inc
(b)
455‌
176‌
Nuance
Communications
Inc
(b)
5,228‌
233‌
RingCentral
Inc
(b)
461‌
174‌
$
809‌
Telecommunications
-
1
.40
%
Arista
Networks
Inc
(b)
580‌
162‌
TOTAL
COMMON
STOCKS
$
11,306‌
Total
Investments
$
11,719‌
Other
Assets
and
Liabilities
-  (1.07)%
(
124‌
)
TOTAL
NET
ASSETS
-
100.00%
$
11,595‌
(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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Schedule
of
Investments
Small-MidCap
Growth
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
164
Portfolio
Summary  (unaudited)
Sector
Percent
Consumer,
Non-cyclical
33
.49‌
%
Consumer,
Cyclical
22
.19‌
%
Technology
14
.58‌
%
Financial
9
.87‌
%
Communications
8
.27‌
%
Industrial
7
.43‌
%
Money
Market
Funds
3
.56‌
%
Energy
1
.68‌
%
Other
Assets
and
Liabilities
(
1
.07‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
47‌
$
2,311‌
$
1,945‌
$
413‌
$
47‌
$
2,311‌
$
1,945‌
$
413‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
165
INVESTMENT
COMPANIES
-
2.13%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.54%
Invesco
Preferred
ETF
528,143‌
$
7,711‌
iShares
Preferred
&
Income
Securities
ETF
(a)
958,249‌
35,810‌
$
43,521‌
Money
Market
Funds
-
1.59%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(b),(c)
36,975,862‌
36,976‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
91,563,135‌
91,563‌
$
128,539‌
TOTAL
INVESTMENT
COMPANIES
$
172,060‌
CONVERTIBLE
PREFERRED
STOCKS
-
1.69%
Shares
Held
Value
(000's)
Banks
-
1.37%
Bank
of
America
Corp
7.25%
(f)
1,629‌
$
2,265‌
Wells
Fargo
&
Co
7.50%
(f)
77,835‌
108,035‌
$
110,300‌
Hand
&
Machine
Tools
-
0.32%
Stanley
Black
&
Decker
Inc
5.00%,
05/15/2021
(f)
21,000‌
25,620‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
135,920‌
PREFERRED
STOCKS
-
9.99%
Shares
Held
Value
(000's)
Banks
-
3.28%
AgriBank
FCB
6.88%,
01/01/2024
(f)
61,700‌
$
6,725‌
3
Month
USD
LIBOR
+
4.23%
Associated
Banc-Corp
5.63%,
09/15/2025
(a),(f)
202,744‌
5,178‌
Associated
Banc-Corp
5.88%,
12/15/2023
(a),(f)
2,493‌
64‌
Bank
of
America
Corp
4.38%,
11/03/2025
(a),(f)
358,000‌
8,843‌
Bank
of
America
Corp
5.00%,
09/17/2024
(a),(f)
2,300‌
59‌
Citigroup
Inc
6.88%,
11/15/2023
(f)
414,370‌
11,337‌
3
Month
USD
LIBOR
+
4.13%
Citizens
Financial
Group
Inc
5.00%,
01/06/2025
(a),(f)
6,909‌
177‌
Citizens
Financial
Group
Inc
6.35%,
04/06/2024
(a),(f)
14,879‌
409‌
3
Month
USD
LIBOR
+
3.64%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(f)
152,212‌
3,782‌
First
Republic
Bank/CA
4.13%,
10/30/2025
(f)
2,200‌
54‌
Fulton
Financial
Corp
5.13%,
01/15/2026
(f)
450,381‌
11,395‌
Goldman
Sachs
Group
Inc/The
5.50%,
05/10/2023
(f)
742,590‌
19,671‌
3
Month
USD
LIBOR
+
3.64%
Huntington
Bancshares
Inc/OH
5.88%,
10/15/2021
(f)
325,787‌
8,317‌
Huntington
Bancshares
Inc/OH
6.25%,
04/15/2021
(f)
990,034‌
25,107‌
JPMorgan
Chase
&
Co
4.75%,
12/01/2024
(f)
277,529‌
7,138‌
JPMorgan
Chase
&
Co
5.75%,
12/01/2023
(f)
222,039‌
5,882‌
KeyCorp
6.13%,
12/15/2026
(f)
750,031‌
21,263‌
3
Month
USD
LIBOR
+
3.89%
Morgan
Stanley
4.88%,
01/15/2025
(a),(f)
7,117‌
183‌
Morgan
Stanley
5.85%,
04/15/2027
(f)
649,481‌
18,030‌
3
Month
USD
LIBOR
+
3.49%
Northern
Trust
Corp
4.70%,
01/01/2025
(a),(f)
253‌
7‌
PNC
Financial
Services
Group
Inc/The
6.13%,
05/01/2022
(f)
1,239,905‌
32,473‌
3
Month
USD
LIBOR
+
4.07%
Regions
Financial
Corp
5.70%,
05/15/2029
(f)
328,950‌
8,882‌
3
Month
USD
LIBOR
+
3.15%
State
Street
Corp
5.90%,
03/15/2024
(a),(f)
236,076‌
6,528‌
3
Month
USD
LIBOR
+
3.11%
Synovus
Financial
Corp
5.88%,
07/01/2024
(f)
344,110‌
9,074‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.13%
Truist
Financial
Corp
4.75%,
09/01/2025
(f)
475,202‌
12,027‌
Truist
Financial
Corp
5.63%,
06/01/2021
(f)
134,160‌
3,373‌
US
Bancorp
0.00%,
04/15/2026
(a),(e),(f)
46,768‌
1,157‌
US
Bancorp
3.50%,
03/31/2021
(a),(f)
13,000‌
304‌
3
Month
USD
LIBOR
+
0.60%
US
Bancorp
3.75%,
01/15/2026
(f)
13,090‌
308‌
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
US
Bancorp
5.50%,
10/15/2023
(a),(f)
605‌
$
16‌
US
Bancorp
6.50%,
01/15/2022
(f)
234,945‌
6,170‌
3
Month
USD
LIBOR
+
4.47%
Valley
National
Bancorp
6.25%,
06/30/2025
(f)
170,096‌
4,545‌
3
Month
USD
LIBOR
+
3.85%
Webster
Financial
Corp
5.25%,
12/15/2022
(a),(f)
194,856‌
4,930‌
Wells
Fargo
&
Co
4.75%,
03/15/2025
(f)
338,394‌
8,358‌
Wells
Fargo
&
Co
5.63%,
06/15/2022
(f)
196,171‌
4,989‌
Wells
Fargo
&
Co
5.85%,
09/15/2023
(f)
62,555‌
1,621‌
3
Month
USD
LIBOR
+
3.09%
Wells
Fargo
&
Co
6.63%,
03/15/2024
(f)
207,457‌
5,755‌
3
Month
USD
LIBOR
+
3.69%
$
264,131‌
Diversified
Financial
Services
-
0.25%
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
147,110‌
3,924‌
Capital
One
Financial
Corp
0.00%,
06/01/2025
(e),(f)
165,734‌
4,012‌
Capital
One
Financial
Corp
5.00%,
12/01/2024
(f)
358,185‌
8,901‌
Charles
Schwab
Corp/The
6.00%,
03/31/2021
(f)
129,113‌
3,286‌
$
20,123‌
Electric
-
1.51%
Alabama
Power
Co
5.00%,
10/01/2022
(a),(f)
569,230‌
15,022‌
Algonquin
Power
&
Utilities
Corp
6.20%,
07/01/2079
490,152‌
13,538‌
3
Month
USD
LIBOR
+
4.01%
CMS
Energy
Corp
5.63%,
03/15/2078
420‌
11‌
CMS
Energy
Corp
5.88%,
03/01/2079
118,402‌
3,129‌
Dominion
Energy
Inc
5.25%,
07/30/2076
889,872‌
22,594‌
DTE
Energy
Co
5.25%,
12/01/2077
315,130‌
8,121‌
DTE
Energy
Co
5.38%,
06/01/2076
7,539‌
191‌
Duke
Energy
Corp
5.13%,
01/15/2073
198,839‌
5,045‌
Duke
Energy
Corp
5.75%,
06/15/2024
(f)
68,264‌
1,817‌
Entergy
Louisiana
LLC
4.88%,
09/01/2066
24,691‌
628‌
Entergy
Texas
Inc
5.38%,
10/15/2024
(f)
30,000‌
789‌
Georgia
Power
Co
5.00%,
10/01/2077
(a)
262,012‌
6,867‌
Integrys
Holding
Inc
6.00%,
08/01/2073
69,231‌
1,835‌
3
Month
USD
LIBOR
+
3.22%
Interstate
Power
and
Light
Co
5.10%,
03/31/2021
(f)
483,475‌
12,232‌
National
Rural
Utilities
Cooperative
Finance
Corp
5.50%,
05/15/2064
225,022‌
5,907‌
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
(a)
79,175‌
2,164‌
Southern
Co/The
0.00%,
01/30/2080
(a),(e)
239,337‌
6,129‌
Southern
Co/The
5.25%,
12/01/2077
555,000‌
14,474‌
Southern
Co/The
5.25%,
10/01/2076
50,061‌
1,290‌
$
121,783‌
Food
-
0.32%
Dairy
Farmers
of
America
Inc
7.88%,
03/31/2021
(f),(g)
16,000‌
1,600‌
Dairy
Farmers
of
America
Inc
7.88%,
12/01/2025
(f),(g)
236,300‌
24,221‌
$
25,821‌
Gas
-
0.01%
Entergy
New
Orleans
LLC
5.00%,
12/01/2052
2,683‌
69‌
Entergy
New
Orleans
LLC
5.50%,
04/01/2066
(a)
41,286‌
1,044‌
$
1,113‌
Insurance
-
1.26%
Allstate
Corp/The
4.75%,
01/15/2025
(f)
153,679‌
3,954‌
Allstate
Corp/The
5.10%,
01/15/2053
537,816‌
14,102‌
3
Month
USD
LIBOR
+
3.17%
Allstate
Corp/The
5.10%,
10/15/2024
(f)
8,147‌
211‌
American
Financial
Group
Inc/OH
5.63%,
06/01/2060
126,116‌
3,336‌
American
Financial
Group
Inc/OH
5.88%,
03/30/2059
101,467‌
2,715‌
American
International
Group
Inc
5.85%,
03/15/2024
(a),(f)
15,000‌
400‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
166
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Arch
Capital
Group
Ltd
5.25%,
09/29/2021
(f)
289,992‌
$
7,337‌
Arch
Capital
Group
Ltd
5.45%,
08/17/2022
(f)
53,235‌
1,369‌
Equitable
Holdings
Inc
4.30%,
03/15/2026
(f)
362,625‌
8,953‌
Equitable
Holdings
Inc
5.25%,
12/15/2024
(f)
485,000‌
12,372‌
Hartford
Financial
Services
Group
Inc/The
7.88%,
04/15/2042
1,042,030‌
28,166‌
3
Month
USD
LIBOR
+
5.60%
MetLife
Inc
0.00%,
03/15/2025
(e),(f)
31,500‌
799‌
Prudential
Financial
Inc
4.13%,
09/01/2060
(a)
1,020‌
25‌
RenaissanceRe
Holdings
Ltd
5.38%,
03/31/2021
(f)
533,234‌
13,437‌
RenaissanceRe
Holdings
Ltd
5.75%,
06/30/2023
(a),(f)
29,666‌
789‌
Voya
Financial
Inc
5.35%,
09/15/2029
(f)
72,909‌
1,917‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
W
R
Berkley
Corp
5.70%,
03/30/2058
1,933‌
52‌
W
R
Berkley
Corp
5.75%,
06/01/2056
65,882‌
1,666‌
$
101,600‌
Pipelines
-
0.00%
Enbridge
Inc
6.38%,
04/15/2078
2,031‌
54‌
3
Month
USD
LIBOR
+
3.59%
REITs
-
1.24%
Federal
Realty
Investment
Trust
5.00%,
09/29/2022
(a),(f)
49,775‌
1,288‌
Kimco
Realty
Corp
5.13%,
08/16/2022
(f)
12,477‌
319‌
Kimco
Realty
Corp
5.25%,
12/20/2022
(f)
406,949‌
10,455‌
National
Retail
Properties
Inc
5.20%,
10/11/2021
(f)
121,552‌
3,085‌
Prologis
Inc
8.54%,
11/13/2026
(f)
162,700‌
12,365‌
PS
Business
Parks
Inc
4.88%,
11/04/2024
(f)
3,847‌
98‌
PS
Business
Parks
Inc
5.25%,
09/21/2022
(f)
57,755‌
1,487‌
Public
Storage
4.13%,
08/14/2025
(a),(f)
316,800‌
7,961‌
Public
Storage
4.63%,
06/17/2025
(f)
277,443‌
7,047‌
Public
Storage
4.75%,
12/20/2024
(f)
185,477‌
4,874‌
Public
Storage
4.90%,
10/14/2021
(f)
6,561‌
167‌
Public
Storage
5.05%,
08/09/2022
(f)
177,565‌
4,565‌
Public
Storage
5.60%,
03/11/2024
(a),(f)
311,855‌
8,514‌
Vornado
Realty
Trust
5.25%,
11/24/2025
(f)
200,000‌
4,938‌
Vornado
Realty
Trust
5.25%,
12/13/2022
(f)
382,922‌
9,573‌
Vornado
Realty
Trust
5.40%,
03/31/2021
(f)
189,575‌
4,720‌
Vornado
Realty
Trust
5.70%,
03/31/2021
(f)
747,704‌
18,767‌
$
100,223‌
Savings
&
Loans
-
0.05%
People's
United
Financial
Inc
5.63%,
12/15/2026
(f)
94,067‌
2,550‌
3
Month
USD
LIBOR
+
4.02%
Sterling
Bancorp/DE
6.50%,
10/15/2022
(a),(f)
42,713‌
1,104‌
Washington
Federal
Inc
0.00%,
04/15/2026
(e),(f)
5,040‌
124‌
$
3,778‌
Sovereign
-
0.86%
CoBank
ACB
6.13%,
04/01/2021
(f)
8,000‌
822‌
CoBank
ACB
6.20%,
01/01/2025
(f)
65,000‌
7,215‌
3
Month
USD
LIBOR
+
3.74%
CoBank
ACB
6.25%,
10/01/2022
(f)
296,500‌
31,725‌
3
Month
USD
LIBOR
+
4.56%
Farm
Credit
Bank
of
Texas
6.75%,
09/15/2023
(f),(g)
270,500‌
29,214‌
3
Month
USD
LIBOR
+
4.01%
$
68,976‌
Telecommunications
-
1.21%
AT&T
Inc
0.00%,
02/18/2025
(e),(f)
2,704,019‌
65,626‌
AT&T
Inc
5.00%,
12/12/2024
(f)
40,144‌
1,016‌
Telephone
and
Data
Systems
Inc
6.63%,
03/31/2045
21,160‌
531‌
Telephone
and
Data
Systems
Inc
7.00%,
03/15/2060
(a)
1,036,855‌
26,305‌
United
States
Cellular
Corp
6.25%,
09/01/2069
151,769‌
3,825‌
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
United
States
Cellular
Corp
6.95%,
05/15/2060
1,251‌
$
32‌
$
97,335‌
TOTAL
PREFERRED
STOCKS
$
804,937‌
BONDS
-
86.39%
Principal
Amount
(000's)
Value
(000's)
Banks
-
51.11%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(f),(g),(h),(i)
$
12,200‌
$
14,437‌
USD
Swap
Rate
NY
5
Year
+
5.17%
6.75%,
06/15/2026
(f),(h),(i)
2,700‌
3,195‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(f),(h),(i)
14,200‌
14,910‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
6.50%,
03/05/2025
(f),(h),(i)
57,800‌
62,026‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.19%
Banco
Santander
SA
7.50%,
02/08/2024
(f),(h),(i)
47,400‌
51,844‌
USD
Swap
Semi-Annual
5
Year
+
4.99%
Bank
of
America
Corp
6.10%,
03/17/2025
(f),(h)
5,000‌
5,556‌
3
Month
USD
LIBOR
+
3.90%
6.25%,
09/05/2024
(f),(h)
30,643‌
33,580‌
3
Month
USD
LIBOR
+
3.71%
6.30%,
03/10/2026
(f),(h)
46,995‌
53,956‌
3
Month
USD
LIBOR
+
4.55%
6.50%,
10/23/2024
(f),(h)
97,810‌
108,843‌
3
Month
USD
LIBOR
+
4.17%
8.05%,
06/15/2027
6,312‌
8,250‌
Bank
of
Montreal
1.85%,
05/01/2025
11,800‌
12,144‌
Bank
of
New
York
Mellon
Corp/The
3.66%,
06/20/2021
(f)
70,400‌
70,838‌
3
Month
USD
LIBOR
+
3.42%
3.70%,
03/20/2026
(f),(h)
29,775‌
30,371‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
4.62%,
09/20/2026
(f),(h)
19,628‌
20,732‌
3
Month
USD
LIBOR
+
3.13%
4.70%,
09/20/2025
(f),(h)
12,400‌
13,361‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.36%
Bank
of
Nova
Scotia/The
1.63%,
05/01/2023
9,000‌
9,240‌
4.90%,
06/04/2025
(f),(h)
33,000‌
35,516‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.55%
Barclays
Bank
PLC
6.28%,
12/15/2034
(f),(h)
4,000‌
5,000‌
3
Month
USD
LIBOR
+
1.55%
6.86%,
06/15/2032
(f),(h)
517‌
719‌
6
Month
USD
LIBOR
+
1.73%
7.63%,
11/21/2022
(i)
1,951‌
2,145‌
Barclays
PLC
6.13%,
12/15/2025
(f),(h),(i)
5,000‌
5,481‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%
7.75%,
09/15/2023
(f),(h),(i)
47,300‌
51,005‌
USD
Swap
Semi-Annual
5
Year
+
4.84%
7.88%,
03/15/2022
(f),(h),(i)
30,065‌
31,568‌
USD
Swap
Semi-Annual
5
Year
+
6.77%
8.00%,
06/15/2024
(f),(h),(i)
67,803‌
76,536‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
167
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
BNP
Paribas
SA
4.63%,
02/25/2031
(f),(g),(h),(i)
$
10,000‌
$
9,913‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%
6.63%,
03/25/2024
(f),(g),(h),(i)
39,300‌
42,593‌
USD
Swap
Semi-Annual
5
Year
+
4.15%
6.63%,
03/25/2024
(f),(h),(i)
8,700‌
9,429‌
USD
Swap
Rate
NY
5
Year
+
4.15%
6.75%,
03/14/2022
(f),(h),(i)
11,525‌
11,972‌
USD
Swap
Semi-Annual
5
Year
+
4.92%
7.00%,
08/16/2028
(f),(g),(h),(i)
2,500‌
2,925‌
USD
Swap
Semi-Annual
5
Year
+
3.98%
7.20%,
06/25/2037
(f),(g),(h)
5,800‌
6,222‌
3
Month
USD
LIBOR
+
1.29%
7.37%,
08/19/2025
(f),(g),(h),(i)
100‌
116‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.37%,
08/19/2025
(f),(h),(i)
13,000‌
15,044‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.63%,
03/30/2021
(f),(g),(h),(i)
80,898‌
81,310‌
USD
Swap
Semi-Annual
5
Year
+
6.31%
7.63%,
03/30/2021
(f),(h),(i)
50,000‌
50,255‌
USD
Swap
Semi-Annual
5
Year
+
6.31%
BPCE
SA
5.15%,
07/21/2024
(g)
13,014‌
14,717‌
Citigroup
Capital
III
7.63%,
12/01/2036
2,700‌
3,868‌
Citigroup
Inc
3.88%,
02/18/2026
(f),(h)
42,520‌
42,281‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(f),(h)
15,110‌
15,223‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
4.29%,
05/15/2021
(f)
300‌
299‌
3
Month
USD
LIBOR
+
4.10%
4.68%,
05/15/2021
(f)
25,392‌
25,424‌
3
Month
USD
LIBOR
+
4.48%
5.90%,
02/15/2023
(a),(f),(h)
7,383‌
7,644‌
3
Month
USD
LIBOR
+
4.23%
5.95%,
01/30/2023
(f),(h)
14,400‌
15,012‌
3
Month
USD
LIBOR
+
4.07%
5.95%,
05/15/2025
(f),(h)
10,770‌
11,685‌
3
Month
USD
LIBOR
+
3.91%
6.25%,
08/15/2026
(f),(h)
86,582‌
98,729‌
3
Month
USD
LIBOR
+
4.52%
Citizens
Financial
Group
Inc
4.20%,
04/06/2021
(a),(f)
13,300‌
13,259‌
3
Month
USD
LIBOR
+
3.96%
5.65%,
10/06/2025
(f),(h)
62,097‌
68,307‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
07/06/2023
(f),(h)
7,000‌
7,215‌
3
Month
USD
LIBOR
+
3.00%
6.38%,
04/06/2024
(a),(f),(h)
11,200‌
11,892‌
3
Month
USD
LIBOR
+
3.16%
Comerica
Inc
5.63%,
07/01/2025
(f),(h)
18,600‌
20,389‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.29%
Corestates
Capital
III
0.77%,
02/15/2027
(a),(g)
18,621‌
18,068‌
3
Month
USD
LIBOR
+
0.57%
Credit
Agricole
SA
7.88%,
01/23/2024
(f),(g),(h),(i)
29,540‌
33,071‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
7.88%,
01/23/2024
(f),(h),(i)
18,100‌
20,263‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Credit
Agricole
SA  
(continued)
8.13%,
12/23/2025
(f),(g),(h),(i)
$
34,368‌
$
41,524‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Credit
Suisse
AG
6.50%,
08/08/2023
(g),(i)
23,254‌
26,044‌
6.50%,
08/08/2023
(i)
6,000‌
6,720‌
Credit
Suisse
Group
AG
4.50%,
09/03/2030
(f),(g),(h),(i)
34,000‌
33,193‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.55%
5.10%,
01/24/2030
(f),(g),(h),(i)
21,300‌
21,699‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%
5.10%,
01/24/2030
(f),(h),(i)
3,000‌
3,056‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%
5.25%,
02/11/2027
(f),(g),(h),(i)
34,800‌
36,975‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
6.25%,
12/18/2024
(f),(g),(h),(i)
6,000‌
6,600‌
USD
Swap
Semi-Annual
5
Year
+
3.46%
6.38%,
08/21/2026
(f),(g),(h),(i)
14,400‌
16,056‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
7.13%,
07/29/2022
(f),(h),(i)
4,838‌
5,092‌
USD
Swap
Semi-Annual
5
Year
+
5.11%
7.50%,
07/17/2023
(f),(g),(h),(i)
6,500‌
7,110‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
7.50%,
12/11/2023
(f),(g),(h),(i)
77,040‌
85,323‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
7.50%,
07/17/2023
(f),(h),(i)
10,000‌
10,938‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
Danske
Bank
A/S
6.13%,
03/28/2024
(f),(h),(i)
2,500‌
2,678‌
USD
Swap
Semi-Annual
7
Year
+
3.90%
7.00%,
06/26/2025
(f),(h),(i)
29,645‌
33,303‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.13%
DNB
Bank
ASA
4.88%,
11/12/2024
(f),(h),(i)
4,775‌
4,996‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%
Fifth
Third
Bancorp
4.50%,
09/30/2025
(f),(h)
13,525‌
14,327‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
First
Maryland
Capital
I
1.24%,
01/15/2027
2,000‌
1,931‌
3
Month
USD
LIBOR
+
1.00%
Goldman
Sachs
Group
Inc/The
4.95%,
02/10/2025
(f),(h)
23,363‌
24,852‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.50%,
08/10/2024
(a),(f),(h)
13,750‌
14,850‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%
HSBC
Capital
Funding
Dollar
1
LP
10.18%,
06/30/2030
(f),(g),(h)
69,567‌
116,177‌
3
Month
USD
LIBOR
+
4.98%
10.18%,
06/30/2030
(a),(f),(h)
49,608‌
82,845‌
3
Month
USD
LIBOR
+
4.98%
HSBC
Holdings
PLC
4.60%,
12/17/2030
(f),(h),(i)
9,150‌
9,197‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%
6.00%,
05/22/2027
(f),(h),(i)
15,900‌
17,291‌
USD
Swap
Rate
NY
5
Year
+
3.75%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
168
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
HSBC
Holdings
PLC  
(continued)
6.37%,
03/30/2025
(f),(h),(i)
$
14,800‌
$
16,203‌
USD
Swap
Rate
NY
5
Year
+
4.37%
6.38%,
09/17/2024
(f),(h),(i)
3,300‌
3,613‌
USD
Swap
Rate
NY
5
Year
+
3.71%
6.50%,
03/23/2028
(f),(h),(i)
25,600‌
29,056‌
USD
Swap
Rate
NY
5
Year
+
3.61%
6.87%,
06/01/2021
(f),(h),(i)
36,500‌
37,093‌
USD
Swap
Rate
NY
5
Year
+
5.51%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(f),(h)
80,434‌
84,057‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(f),(h)
41,103‌
46,344‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
ING
Groep
NV
5.75%,
11/16/2026
(f),(h),(i)
14,075‌
15,412‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
6.50%,
04/16/2025
(f),(h),(i)
44,300‌
49,102‌
USD
Swap
Semi-Annual
5
Year
+
4.45%
6.75%,
04/16/2024
(f),(h),(i)
30,000‌
32,775‌
USD
Swap
Rate
NY
5
Year
+
4.20%
6.87%,
04/16/2022
(f),(h),(i)
69,986‌
72,794‌
USD
Swap
Semi-Annual
5
Year
+
5.12%
Intesa
Sanpaolo
SpA
7.70%,
09/17/2025
(f),(g),(h),(i)
32,021‌
36,104‌
USD
Swap
Semi-Annual
5
Year
+
5.46%
JPMorgan
Chase
&
Co
4.01%,
05/01/2021
(f)
24,318‌
24,308‌
3
Month
USD
LIBOR
+
3.80%
4.60%,
02/01/2025
(f),(h)
3,200‌
3,264‌
United
States
Secured
Overnight
Financing
Rate
+
3.13%
6.00%,
08/01/2023
(f),(h)
6,680‌
7,073‌
3
Month
USD
LIBOR
+
3.30%
6.10%,
10/01/2024
(f),(h)
2,915‌
3,160‌
3
Month
USD
LIBOR
+
3.33%
6.75%,
02/01/2024
(f),(h)
147,336‌
162,806‌
3
Month
USD
LIBOR
+
3.78%
KeyCorp
5.00%,
09/15/2026
(f),(h)
16,101‌
17,147‌
3
Month
USD
LIBOR
+
3.61%
KeyCorp
Capital
I
0.98%,
07/01/2028
2,825‌
2,663‌
3
Month
USD
LIBOR
+
0.74%
KeyCorp
Capital
III
7.75%,
07/15/2029
3,500‌
4,494‌
Lloyds
Bank
PLC
12.00%,
12/16/2024
(f),(g),(h)
38,250‌
42,448‌
3
Month
USD
LIBOR
+
11.76%
12.00%,
12/16/2024
(f),(h)
19,489‌
21,628‌
3
Month
USD
LIBOR
+
11.76%
Lloyds
Banking
Group
PLC
3.87%,
07/09/2025
(h)
5,000‌
5,474‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%
6.41%,
10/01/2035
(f),(g),(h)
12,674‌
15,969‌
3
Month
USD
LIBOR
+
1.50%
6.66%,
05/21/2037
(a),(f),(h)
3,000‌
3,855‌
3
Month
USD
LIBOR
+
1.27%
6.66%,
05/21/2037
(a),(f),(g),(h)
51,385‌
66,030‌
3
Month
USD
LIBOR
+
1.27%
7.50%,
06/27/2024
(f),(h),(i)
47,496‌
52,661‌
USD
Swap
Semi-Annual
5
Year
+
4.76%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Lloyds
Banking
Group
PLC  
(continued)
7.50%,
09/27/2025
(f),(h),(i)
$
22,500‌
$
25,757‌
USD
Swap
Semi-Annual
5
Year
+
4.50%
M&T
Bank
Corp
5.00%,
08/01/2024
(f),(h)
4,678‌
4,969‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.12%,
11/01/2026
(f),(h)
14,020‌
15,121‌
3
Month
USD
LIBOR
+
3.52%
6.45%,
02/15/2024
(f),(h)
6,515‌
7,118‌
3
Month
USD
LIBOR
+
3.61%
Macquarie
Bank
Ltd/London
6.13%,
03/08/2027
(f),(g),(h),(i)
1,000‌
1,081‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
6.13%,
03/08/2027
(f),(h),(i)
5,000‌
5,406‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
Morgan
Stanley
4.05%,
04/15/2021
(a),(f)
6,002‌
6,006‌
3
Month
USD
LIBOR
+
3.81%
Natwest
Group
PLC
2.57%,
09/30/2027
(f)
1,900‌
1,868‌
3
Month
USD
LIBOR
+
2.32%
6.00%,
12/29/2025
(f),(h),(i)
35,000‌
38,763‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
8.00%,
08/10/2025
(f),(h),(i)
22,825‌
26,819‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
8.62%,
08/15/2021
(f),(h),(i)
35,275‌
36,421‌
USD
Swap
Semi-Annual
5
Year
+
7.60%
Nordea
Bank
Abp
6.13%,
09/23/2024
(f),(g),(h),(i)
42,131‌
45,870‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.13%,
09/23/2024
(a),(f),(h),(i)
18,735‌
20,398‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.63%,
03/26/2026
(f),(g),(h),(i)
41,520‌
47,385‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
Northern
Trust
Corp
4.60%,
10/01/2026
(f),(h)
1,200‌
1,296‌
3
Month
USD
LIBOR
+
3.20%
NTC
Capital
I
0.76%,
01/15/2027
5,500‌
5,308‌
3
Month
USD
LIBOR
+
0.52%
NTC
Capital
II
0.83%,
04/15/2027
6,500‌
6,241‌
3
Month
USD
LIBOR
+
0.59%
PNC
Financial
Services
Group
Inc/The
6.75%,
08/01/2021
(f),(h)
5,289‌
5,368‌
3
Month
USD
LIBOR
+
3.68%
RBS
Capital
Trust
II
6.43%,
01/03/2034
(f),(h)
3,810‌
5,686‌
3
Month
USD
LIBOR
+
1.94%
Regions
Financial
Corp
5.75%,
06/15/2025
(f),(h)
16,750‌
18,509‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
Skandinaviska
Enskilda
Banken
AB
5.13%,
05/13/2025
(f),(h),(i)
32,800‌
34,769‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.46%
5.63%,
05/13/2022
(f),(h),(i)
11,800‌
12,139‌
USD
Swap
Semi-Annual
5
Year
+
3.49%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
169
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Societe
Generale
SA
5.38%,
11/18/2030
(f),(g),(h),(i)
$
15,300‌
$
15,764‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.51%
7.37%,
09/13/2021
(a),(f),(h),(i)
14,120‌
14,411‌
USD
Swap
Semi-Annual
5
Year
+
6.24%
7.38%,
10/04/2023
(f),(g),(h),(i)
16,800‌
18,291‌
USD
Swap
Semi-Annual
5
Year
+
4.30%
7.38%,
09/13/2021
(f),(g),(h),(i)
25,026‌
25,542‌
USD
Swap
Semi-Annual
5
Year
+
6.24%
7.88%,
12/18/2023
(a),(f),(g),(h),(i)
4,900‌
5,411‌
USD
Swap
Semi-Annual
5
Year
+
4.98%
7.88%,
12/18/2023
(f),(h),(i)
14,000‌
15,461‌
USD
Swap
Semi-Annual
5
Year
+
4.98%
8.00%,
09/29/2025
(f),(g),(h),(i)
26,660‌
31,334‌
USD
Swap
Rate
NY
5
Year
+
5.87%
8.00%,
09/29/2025
(f),(h),(i)
19,000‌
22,331‌
USD
Swap
Rate
NY
5
Year
+
5.87%
Standard
Chartered
PLC
4.87%,
03/15/2033
(h)
1,026‌
1,133‌
USD
Swap
Rate
NY
5
Year
+
1.97%
6.00%,
07/26/2025
(a),(f),(h),(i)
1,000‌
1,088‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
6.00%,
07/26/2025
(f),(g),(h),(i)
15,000‌
16,317‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
7.01%,
07/30/2037
(a),(f),(g),(h)
42,900‌
56,382‌
3
Month
USD
LIBOR
+
1.46%
7.01%,
07/30/2037
(f),(h)
19,800‌
26,022‌
3
Month
USD
LIBOR
+
1.46%
7.50%,
04/02/2022
(f),(g),(h),(i)
17,700‌
18,474‌
USD
Swap
Semi-Annual
5
Year
+
6.30%
7.50%,
04/02/2022
(f),(h),(i)
23,500‌
24,528‌
USD
Swap
Semi-Annual
5
Year
+
6.30%
7.75%,
04/02/2023
(f),(g),(h),(i)
25,000‌
27,468‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
State
Street
Corp
3.81%,
06/15/2021
(f)
4,000‌
3,998‌
3
Month
USD
LIBOR
+
3.60%
SVB
Financial
Group
4.10%,
02/15/2031
(f),(h)
14,000‌
14,132‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.06%
Svenska
Handelsbanken
AB
5.25%,
03/01/2021
(f),(h),(i)
29,400‌
29,405‌
USD
Swap
Semi-Annual
5
Year
+
3.34%
6.25%,
03/01/2024
(f),(h),(i)
13,800‌
15,063‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.69%
Swedbank
AB
6.00%,
03/17/2022
(f),(h),(i)
5,200‌
5,356‌
USD
Swap
Semi-Annual
5
Year
+
4.11%
Truist
Bank
0.87%,
05/15/2027
10,900‌
10,600‌
3
Month
USD
LIBOR
+
0.67%
0.87%,
03/15/2028
9,022‌
8,749‌
3
Month
USD
LIBOR
+
0.65%
1.22%,
04/01/2027
7,000‌
6,770‌
3
Month
USD
LIBOR
+
0.98%
Truist
Financial
Corp
4.80%,
09/01/2024
(f),(h)
99,300‌
103,024‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(f),(h)
43,690‌
46,980‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
UBS
Group
AG
4.38%,
02/10/2031
(f),(g),(h),(i)
$
29,000‌
$
28,574‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%
6.88%,
03/22/2021
(f),(h),(i)
68,834‌
69,006‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
5.50%
6.88%,
08/07/2025
(f),(h),(i)
11,933‌
13,484‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
7.00%,
01/31/2024
(f),(g),(h),(i)
20,500‌
22,422‌
USD
Swap
Semi-Annual
5
Year
+
4.34%
7.00%,
01/31/2024
(f),(h),(i)
13,900‌
15,203‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.34%
7.00%,
02/19/2025
(f),(h),(i)
20,700‌
23,702‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.87%
7.13%,
08/10/2021
(f),(h),(i)
20,426‌
20,886‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
5.88%
UniCredit
SpA
8.00%,
06/03/2024
(f),(h),(i)
21,000‌
23,179‌
USD
Swap
Semi-Annual
5
Year
+
5.18%
USB
Realty
Corp
1.39%,
01/15/2022
(f),(g)
1,500‌
1,140‌
3
Month
USD
LIBOR
+
1.15%
Wachovia
Capital
Trust
II
0.74%,
01/15/2027
6,345‌
6,130‌
3
Month
USD
LIBOR
+
0.50%
Wachovia
Capital
Trust
III
5.57%,
03/15/2021
(f)
6,500‌
6,500‌
3
Month
USD
LIBOR
+
0.93%
Wells
Fargo
&
Co
3.90%,
03/15/2026
(f),(h)
36,600‌
36,459‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
5.87%,
06/15/2025
(f),(h)
50,300‌
55,091‌
3
Month
USD
LIBOR
+
3.99%
7.95%,
11/15/2029
3,700‌
4,987‌
$
4,119,783‌
Diversified
Financial
Services
-
3.17%
Capital
One
Financial
Corp
4.03%,
06/01/2021
(f)
19,021‌
18,810‌
3
Month
USD
LIBOR
+
3.80%
Charles
Schwab
Corp/The
4.00%,
12/01/2030
(f),(h)
28,200‌
28,306‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%
5.38%,
06/01/2025
(f),(h)
106,742‌
116,349‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
7.00%,
02/01/2022
(a),(f),(h)
28,358‌
29,811‌
3
Month
USD
LIBOR
+
4.82%
Depository
Trust
&
Clearing
Corp/The
3.38%,
06/15/2021
(f),(g)
27,000‌
26,719‌
3
Month
USD
LIBOR
+
3.17%
Discover
Financial
Services
5.50%,
10/30/2027
(f),(h)
5,947‌
6,230‌
3
Month
USD
LIBOR
+
3.08%
6.13%,
06/23/2025
(f),(h)
27,160‌
29,740‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
$
255,965‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
170
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
-
4.92%
Dominion
Energy
Inc
4.65%,
12/15/2024
(f),(h)
$
118,552‌
$
124,436‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
Duke
Energy
Corp
4.88%,
09/16/2024
(f),(h)
94,969‌
101,565‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Emera
Inc
6.75%,
06/15/2076
(h)
65,695‌
76,489‌
3
Month
USD
LIBOR
+
5.44%
Enel
SpA
8.75%,
09/24/2073
(g),(h)
2,991‌
3,477‌
USD
Swap
Semi-Annual
5
Year
+
5.88%
National
Rural
Utilities
Cooperative
Finance
Corp
5.25%,
04/20/2046
(h)
16,969‌
18,464‌
3
Month
USD
LIBOR
+
3.63%
NextEra
Energy
Capital
Holdings
Inc
2.31%,
10/01/2066
20,264‌
18,440‌
3
Month
USD
LIBOR
+
2.07%
2.34%,
06/15/2067
7,700‌
7,180‌
3
Month
USD
LIBOR
+
2.13%
4.80%,
12/01/2077
(h)
2,300‌
2,484‌
3
Month
USD
LIBOR
+
2.41%
5.65%,
05/01/2079
(h)
800‌
930‌
3
Month
USD
LIBOR
+
3.16%
PPL
Capital
Funding
Inc
2.91%,
03/30/2067
15,700‌
14,745‌
3
Month
USD
LIBOR
+
2.67%
Southern
Co/The
4.00%,
01/15/2051
(h)
14,700‌
15,303‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
5.50%,
03/15/2057
(h)
13,050‌
13,478‌
3
Month
USD
LIBOR
+
3.63%
$
396,991‌
Food
-
0.11%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(f),(g)
8,700‌
8,711‌
Gas
-
0.79%
NiSource
Inc
5.65%,
06/15/2023
(a),(f),(h)
61,800‌
63,654‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.84%
Hand
&
Machine
Tools
-
0.17%
Stanley
Black
&
Decker
Inc
4.00%,
03/15/2060
(h)
12,900‌
13,659‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%
Insurance
-
18.62%
ACE
Capital
Trust
II
9.70%,
04/01/2030
15,505‌
23,385‌
AIG
Life
Holdings
Inc
8.50%,
07/01/2030
31,200‌
41,488‌
Allianz
SE
3.50%,
11/17/2025
(f),(g),(h)
9,000‌
9,137‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
Allstate
Corp/The
5.75%,
08/15/2053
(h)
11,754‌
12,594‌
3
Month
USD
LIBOR
+
2.94%
6.50%,
05/15/2067
(h)
11,905‌
15,655‌
3
Month
USD
LIBOR
+
2.12%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
American
International
Group
Inc
5.75%,
04/01/2048
(h)
$
46,701‌
$
52,994‌
3
Month
USD
LIBOR
+
2.87%
8.18%,
05/15/2068
(h)
29,013‌
42,422‌
3
Month
USD
LIBOR
+
4.20%
Aon
Corp
8.21%,
01/01/2027
4,750‌
6,322‌
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.63%,
08/15/2052
(h)
66,620‌
75,780‌
3
Month
USD
LIBOR
+
3.78%
5.75%,
08/15/2050
(h)
34,400‌
38,614‌
3
Month
USD
LIBOR
+
3.59%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(h)
23,390‌
27,037‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
AXA
SA
5.12%,
01/17/2047
(h)
500‌
573‌
3
Month
USD
LIBOR
+
3.88%
6.38%,
12/14/2036
(f),(g),(h)
27,793‌
38,528‌
3
Month
USD
LIBOR
+
2.26%
8.60%,
12/15/2030
21,874‌
33,974‌
Cloverie
PLC
for
Swiss
Reinsurance
Co
Ltd
4.50%,
09/11/2044
(h)
20,000‌
21,510‌
USD
Swap
Semi-Annual
10
Year
+
2.91%
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
5.63%,
06/24/2046
(h)
5,000‌
5,780‌
3
Month
USD
LIBOR
+
4.92%
Dai-ichi
Life
Insurance
Co
Ltd/The
7.25%,
07/25/2021
(f),(g),(h)
13,250‌
13,532‌
3
Month
USD
LIBOR
+
4.56%
Everest
Reinsurance
Holdings
Inc
2.58%,
05/01/2067
(a)
22,020‌
20,318‌
3
Month
USD
LIBOR
+
2.39%
Hartford
Financial
Services
Group
Inc/The
2.32%,
02/12/2067
(g)
5,685‌
5,388‌
3
Month
USD
LIBOR
+
2.13%
Legal
&
General
Group
PLC
5.25%,
03/21/2047
(h)
37,104‌
41,093‌
USD
Swap
Semi-Annual
5
Year
+
3.69%
Liberty
Mutual
Group
Inc
7.80%,
03/07/2087
(g)
76,240‌
98,664‌
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(g)
20,025‌
29,249‌
Lincoln
National
Corp
2.26%,
04/20/2067
43,198‌
35,692‌
3
Month
USD
LIBOR
+
2.04%
2.55%,
05/17/2066
916‌
795‌
3
Month
USD
LIBOR
+
2.36%
M&G
PLC
6.50%,
10/20/2048
(h)
11,788‌
14,013‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.41%
Meiji
Yasuda
Life
Insurance
Co
5.20%,
10/20/2045
(g),(h)
9,545‌
10,860‌
USD
Swap
Semi-Annual
5
Year
+
4.23%
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(g)
24,540‌
34,448‌
MetLife
Inc
3.85%,
09/15/2025
(f),(h)
50,500‌
51,636‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
6.40%,
12/15/2066
20,770‌
26,221‌
3
Month
USD
LIBOR
+
2.21%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
171
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
MetLife
Inc  
(continued)
9.25%,
04/08/2068
(g)
$
63,475‌
$
96,042‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
50,439‌
85,004‌
3
Month
USD
LIBOR
+
7.55%
Mitsui
Sumitomo
Insurance
Co
Ltd
4.95%,
03/06/2029
(a),(f),(h)
520‌
599‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
4.95%,
03/06/2029
(f),(g),(h)
1,800‌
2,074‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
7.00%,
03/15/2072
(a),(g),(h)
10,700‌
11,262‌
3
Month
USD
LIBOR
+
5.90%
MMI
Capital
Trust
I
7.63%,
12/15/2027
1,073‌
1,431‌
Nationwide
Financial
Services
Inc
6.75%,
05/15/2087
79,015‌
95,213‌
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(g),(h)
2,500‌
2,444‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
4.70%,
01/20/2046
(g),(h)
5,000‌
5,537‌
USD
Swap
Rate
NY
5
Year
+
3.75%
5.10%,
10/16/2044
(g),(h)
26,700‌
29,637‌
USD
Swap
Rate
NY
5
Year
+
3.65%
Prudential
Financial
Inc
3.70%,
10/01/2050
(h)
11,400‌
11,671‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
5.20%,
03/15/2044
(h)
3,945‌
4,203‌
3
Month
USD
LIBOR
+
3.04%
5.63%,
06/15/2043
(h)
79,130‌
85,042‌
3
Month
USD
LIBOR
+
3.92%
5.88%,
09/15/2042
(h)
45,255‌
47,612‌
3
Month
USD
LIBOR
+
4.18%
Sompo
Japan
Insurance
Inc
5.33%,
03/28/2073
(a),(g),(h)
60,300‌
64,924‌
3
Month
USD
LIBOR
+
4.27%
Sumitomo
Life
Insurance
Co
4.00%,
09/14/2077
(g),(h)
4,700‌
5,100‌
3
Month
USD
LIBOR
+
2.99%
6.50%,
09/20/2073
(g),(h)
15,500‌
17,263‌
3
Month
USD
LIBOR
+
4.44%
Voya
Financial
Inc
4.70%,
01/23/2048
(h)
8,055‌
8,319‌
3
Month
USD
LIBOR
+
2.08%
5.65%,
05/15/2053
(h)
77,926‌
83,128‌
3
Month
USD
LIBOR
+
3.58%
6.13%,
09/15/2023
(f),(h)
11,706‌
12,587‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(h)
4,000‌
3,933‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
$
1,500,727‌
Oil
&
Gas
-
0.62%
BP
Capital
Markets
PLC
4.38%,
06/22/2025
(f),(h)
14,600‌
15,393‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%
4.88%,
03/22/2030
(f),(h)
32,562‌
34,955‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
$
50,348‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
-
3.99%
Enbridge
Inc
5.75%,
07/15/2080
(h)
$
53,675‌
$
57,786‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(h)
44,100‌
46,526‌
3
Month
USD
LIBOR
+
3.89%
6.25%,
03/01/2078
(h)
31,558‌
33,502‌
3
Month
USD
LIBOR
+
3.64%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(h)
58,300‌
58,107‌
3
Month
USD
LIBOR
+
3.03%
5.38%,
02/15/2078
(h)
16,800‌
16,690‌
3
Month
USD
LIBOR
+
2.57%
Transcanada
Trust
5.30%,
03/15/2077
(h)
6,000‌
6,210‌
3
Month
USD
LIBOR
+
3.21%
5.50%,
09/15/2079
(h)
51,000‌
55,781‌
3
Month
USD
LIBOR
+
4.15%
5.87%,
08/15/2076
(h)
42,281‌
46,686‌
3
Month
USD
LIBOR
+
4.64%
$
321,288‌
REITs
-
0.99%
Scentre
Group
Trust
2
4.75%,
09/24/2080
(g),(h)
10,500‌
10,935‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
4.75%,
09/24/2080
(a),(h)
4,300‌
4,478‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
5.13%,
09/24/2080
(g),(h)
61,600‌
64,107‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
$
79,520‌
Sovereign
-
0.46%
CoBank
ACB
6.25%,
10/01/2026
(f),(h)
16,400‌
18,204‌
3
Month
USD
LIBOR
+
4.66%
Farm
Credit
Bank
of
Texas
5.70%,
09/15/2025
(f),(g),(h)
17,000‌
18,658‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.42%
$
36,862‌
Telecommunications
-
0.93%
Vodafone
Group
PLC
7.00%,
04/04/2079
(h)
62,686‌
74,864‌
USD
Swap
Semi-Annual
5
Year
+
4.87%
Transportation
-
0.51%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(h)
35,709‌
41,088‌
3
Month
USD
LIBOR
+
2.35%
TOTAL
BONDS
$
6,963,460‌
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
5‌
Total
Investments
$
8,076,382‌
Other
Assets
and
Liabilities
-  (0.20)%
(15,902‌)
TOTAL
NET
ASSETS
-
100.00%
$
8,060,480‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$68,654
or
0.85%
of
net
assets.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$70,426
or
0.87%
of
net
assets.
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
172
(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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
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
$1,797,810
or
22.30%
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)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
See
accompanying
notes
for
additional
information.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,100,154
or
26.05%
of
net
assets.
Portfolio
Summary  (unaudited)
Sector
Percent
Financial
81.34‌%
Utilities
7.23‌%
Energy
4.61‌%
Communications
2.14‌%
Money
Market
Funds
1.59‌%
Government
1.32‌%
Industrial
1.00‌%
Investment
Companies
0.54‌%
Consumer,
Non-cyclical
0.43‌%
Purchased
Options
0.00‌%
Other
Assets
and
Liabilities
(0.20‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
245,019‌
$
1,230,363‌
$
1,383,819‌
$
91,563‌
$
245,019‌
$
1,230,363‌
$
1,383,819‌
$
91,563‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
US
10
Year
Note
Future;
June
2021
N/A
1,000‌
$
1,000‌
$
139.00‌
03/29/2021
$
22‌
$
—‌
$
(22‌)
Call
-
US
Long
Bond
Future;
June
2021
N/A
300‌
300‌
$
181.00‌
03/29/2021
10‌
4‌
(6‌)
Call
-
US
Long
Bond
Future;
June
2021
N/A
50‌
50‌
$
174.50‌
03/29/2021
2‌
1‌
(1‌)
Total
$
34‌
$
5‌
$
(29‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
US
Long
Bond
Future;
June
2021
N/A
50‌
$
50‌
$
162.00‌
03/29/2021
$
(56‌)
$
(34‌)
$
22‌
Call
-
US
Long
Bond
Future;
June
2021
N/A
300‌
300‌
$
163.00‌
03/29/2021
(267‌
)
(126‌)
141‌
Total
$
(323‌
)
$
(160‌)
$
163‌
Amounts
in
thousands
except
contracts/shares.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
June
2021
Short
1,000‌
$
132,719‌
$
1,509‌
Total
$
1,509‌
Amounts
in
thousands
except
contracts.
Glossary
to
the
Schedule
of
Investments
February
28,
2021
(unaudited)
See
accompanying
notes.
173
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
EUR
Euro
GBP
British
Pound
Sterling
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
ILS
Israeli
New
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NZD
New
Zealand
Dollar
PEN
Peruvian
Nuevo
Sol
PHP
Philippine
Peso
PLN
Polish
Zloty
RUB
Russian
Ruble
THB
Thai
Baht
TRY
Turkish
Lira
UAH
Ukrainian
Hryvnia
USD/$
United
States
Dollar
ZAR
South
African
Rand
See
accompanying
notes.
175
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
BLUE
CHIP
FUND
Class
J
shares
2021
(b)
$
34.29‌
(
$
0.04‌)
$
1.45‌
$
1.41‌
$
–‌
(
$
1
.14‌)
(
$
1.14‌)
$
34.56‌
2020
25.86‌
(
0.04‌)
9.64‌
9.60‌
(
0.01‌)
(
1.16‌)
(
1.17‌)
34.29‌
2019
24.74‌
(
0.02‌)
2.73‌
2.71‌
–‌
(
1.59‌)
(
1.59‌)
25.86‌
2018
(h)
20.16‌
(
0.05‌)
5.22‌
5.17‌
–‌
(
0.59‌)
(
0.59‌)
24.74‌
Institutional
shares
2021
(b)
34.47‌
(
0.01‌)
1.45‌
1.44‌
–‌
(
1.14‌)
(
1.14‌)
34.77‌
2020
26.00‌
(
0.01‌)
9.72‌
9.71‌
(
0.05‌)
(
1.19‌)
(
1.24‌)
34.47‌
2019
24.81‌
0.09‌
2.69‌
2.78‌
–‌
(
1.59‌)
(
1.59‌)
26.00‌
2018
20.10‌
0.01‌
5.29‌
5.30‌
–‌
(
0.59‌)
(
0.59‌)
24.81‌
2017
17.00‌
0.10‌
3.17‌
3.27‌
(
0.08‌)
(
0.09‌)
(
0.17‌)
20.10‌
2016
15.63‌
0.05‌
1.70‌
1.75‌
(
0.07‌)
(
0.31‌)
(
0.38‌)
17.00‌
R-3
shares
2021
(b)
33.85‌
(
0.09‌)
1.43‌
1.34‌
–‌
(
1.14‌)
(
1.14‌)
34.05‌
2020
25.59‌
(
0.12‌)
9.53‌
9.41‌
–‌
(
1.15‌)
(
1.15‌)
33.85‌
2019
24.55‌
(
0.07‌)
2.70‌
2.63‌
–‌
(
1.59‌)
(
1.59‌)
25.59‌
2018
20.00‌
(
0.10‌)
5.24‌
5.14‌
–‌
(
0.59‌)
(
0.59‌)
24.55‌
2017
16.96‌
0.21‌
2
.95‌
3.16‌
(
0.03‌)
(
0.09‌)
(
0.12‌)
20.00‌
2016
(j)
15.64‌
(
0.01‌)
1.33‌
1.32‌
–‌
–‌
–‌
16.96‌
R-4
shares
2021
(b)
34.08‌
(
0.06‌)
1.44‌
1.38‌
–‌
(
1.14‌)
(
1.14‌)
34.32‌
2020
25.76‌
(
0.06‌)
9.58‌
9.52‌
(
0.03‌)
(
1.17‌)
(
1.20‌)
34.08‌
2019
24.66‌
(
0.01‌)
2.70‌
2.69‌
–‌
(
1.59‌)
(
1.59‌)
25.76‌
2018
20.05‌
(
0.06‌)
5.26‌
5.20‌
–‌
(
0.59‌)
(
0.59‌)
24.66‌
2017
16.98‌
0.09‌
3.11‌
3.20‌
(
0.04‌)
(
0.09‌)
(
0.13‌)
20.05‌
2016
(j)
15.64‌
–‌
1.34‌
1.34‌
–‌
–‌
–‌
16.98‌
R-5
shares
2021
(b)
34.29‌
(
0.04‌)
1.44‌
1.40‌
–‌
(
1.14‌)
(
1.14‌)
34.55‌
2020
25.86‌
(
0.04‌)
9.66‌
9.62‌
(
0.03‌)
(
1.16‌)
(
1.19‌)
34.29‌
2019
24.72‌
0.02‌
2.71‌
2.73‌
–‌
(
1.59‌)
(
1.59‌)
25.86‌
2018
20.07‌
(
0.03‌)
5.27‌
5.24‌
–‌
(
0.59‌)
(
0.59‌)
24.72‌
2017
16.99‌
0.18‌
3.04‌
3.22‌
(
0.05‌)
(
0.09‌)
(
0.14‌)
20.07‌
2016
(j)
15.64‌
0.01‌
1.34‌
1.35‌
–‌
–‌
–‌
16.99‌
R-6
shares
2021
(b)
34.54‌
–‌
1.46‌
1.46‌
–‌
(
1.14‌)
(
1.14‌)
34.86‌
2020
26.04‌
0.04‌
9.72‌
9.76‌
(
0.07‌)
(
1.19‌)
(
1.26‌)
34.54‌
2019
24.82‌
0.07‌
2.74‌
2.81‌
–‌
(
1.59‌)
(
1.59‌)
26.04‌
2018
20.10‌
0.03‌
5.28‌
5.31‌
–‌
(
0.59‌)
(
0.59‌)
24.82‌
2017
(k)
17.03‌
0.23‌
2.84‌
3.07‌
–‌
–‌
–‌
20.10‌
See
accompanying
notes.
176
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
4.23‌
%
(c),(d)
$
163,414‌
0.78‌
%
(e),(f)
0.85‌
%
(e),(g)
(0.21‌)
%
(e)
32.9‌
%
(e)
38.58‌
(d)
153,325‌
0.82‌
(f)
0.91‌
(g)
(0.14‌)
30
.0‌
12.82‌
(d)
80,050‌
0.96‌
(f)
1.08‌
(g)
(0.06‌)
15.9‌
26.12‌
(c),(d)
59,232‌
1.01‌
(e),(f)
1.04‌
(e),(g)
(0.21‌)
(e)
34.0‌
(e)
4.30‌
(c)
2,667,443‌
0.64‌
(e),(i)
–‌
(0.07‌)
(e)
32.9‌
(e)
38.88‌
2,638,389‌
0.66‌
(i)
–‌
(0.02‌)
30.0‌
13.09‌
725,718‌
0.67‌
(i)
–‌
0.39‌
15.9‌
26.88‌
175,887‌
0.75‌
(i)
–‌
0.03‌
34.0‌
19.42‌
63,268‌
0.69‌
(i)
–‌
0.57‌
27.1‌
11.39‌
1,257,265‌
0.69‌
(i)
–‌
0.33‌
36.4‌
4.08‌
(c)
8,222‌
1.12‌
(e),(i)
–‌
(0.56‌)
(e)
32.9‌
(e)
38.20‌
8,764‌
1.12‌
(i)
–‌
(0.43‌)
30.0‌
12.58‌
5,913‌
1.15‌
(i)
–‌
(0.32‌)
15.9‌
26.18‌
8,402‌
1.24‌
–‌
(0.45‌)
34.0‌
18.77‌
337‌
1.25‌
–‌
1.08‌
27.1‌
8.44‌
(c)
11‌
1.26‌
(e)
–‌
(0.13‌)
(e)
36.4‌
(e)
4.17‌
(c)
5,229‌
0.93‌
(e),(i)
–‌
(0.36‌)
(e)
32.9‌
(e)
38.45‌
5,230‌
0.93‌
(i)
–‌
(0.23‌)
30.0‌
12.78‌
3,989‌
0.96‌
(i)
–‌
(0.05‌)
15.9‌
26.42‌
1,300‌
1.05‌
–‌
(0.27‌)
34.0‌
19.02‌
27‌
1.06‌
–‌
0.51‌
27.1‌
8.57‌
(c)
11‌
1.07‌
(e)
–‌
0.05‌
(e)
36.4‌
(e)
4.20‌
(c)
13,133‌
0.81‌
(e),(i)
–‌
(0.24‌)
(e)
32.9‌
(e)
38.66‌
12,060‌
0.81‌
(i)
–‌
(0.15‌)
30.0‌
12.92‌
6,380‌
0.84‌
(i)
–‌
0.07‌
15.9‌
26.59‌
5,279‌
0.93‌
–‌
(0.15‌)
34.0‌
19.11‌
83‌
0.94‌
–‌
0.95‌
27.1‌
8.63‌
(c)
11‌
0.95‌
(e)
–‌
0.19‌
(e)
36.4‌
(e)
4.35‌
(c)
4,915,171‌
0.55‌
(e),(i)
–‌
0.02‌
(e)
32.9‌
(e)
39.01‌
4,051,190‌
0.55‌
(i)
–‌
0.15‌
30.0‌
13
.22‌
3,052,936‌
0.58‌
(i)
–‌
0.29‌
15.9‌
26.93‌
2,709,836‌
0.67‌
(i)
–‌
0.12‌
34.0‌
18.03‌
(c)
1,582,450‌
0.68‌
(e),(i)
–‌
1.74‌
(e)
27.1‌
(e)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2021.
(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)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(g)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
(h)
Period
from
September
11,
2017,
date operations
commenced,
through
August
31,
2018.
(i)
Reflects
Manager's
contractual
expense
limit.
(j)
Period
from
March
29,
2016,
date operations
commenced,
through
August
31,
2016.
(k)
Period
from
January
3,
2017,
date operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
177
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
BOND
MARKET
INDEX
FUND
Class
J
shares
2021
(b)
$
11.79‌
$
0.08‌
(
$
0.28‌)
(
$
0.20‌)
(
$
0.64‌)
(
$
1.22‌)
(
$
1.86‌)
$
9.73‌
2020
11.36‌
0.21‌
0.43‌
0.64‌
(
0.21‌)
–‌
(
0.21‌)
11.79‌
2019
10.60‌
0.23‌
0.74‌
0.97‌
(
0.21‌)
–‌
(
0.21‌)
11.36‌
2018
11.01‌
0.20‌
(
0.39‌)
(
0.19‌)
(
0.22‌)
–‌
(
0.22‌)
10.60‌
2017
11.17‌
0.17‌
(
0.20‌)
(
0.03‌)
(
0.13‌)
–‌
(
0.13‌)
11.01‌
2016
10.82‌
0.13‌
0.40‌
0.53‌
(
0.17‌)
(
0
.01‌)
(
0.18‌)
11.17‌
Institutional
shares
2021
(b)
12.03‌
0.10‌
(
0.29‌)
(
0.19‌)
(
0.68‌)
(
1.22‌)
(
1.90‌)
9.94‌
2020
11.59‌
0.26‌
0.45‌
0.71‌
(
0.27‌)
–‌
(
0.27‌)
12.03‌
2019
10.81‌
0.29‌
0.76‌
1.05‌
(
0.27‌)
–‌
(
0.27‌)
11.59‌
2018
11.21‌
0.25‌
(
0.39‌)
(
0.14‌)
(
0.26‌)
–‌
(
0.26‌)
10.81‌
2017
11.39‌
0.21‌
(
0.20‌)
0.01‌
(
0.19‌)
–‌
(
0.19‌)
11.21‌
2016
11.02‌
0.20‌
0.39‌
0.59‌
(
0.21‌)
(
0.01‌)
(
0.22‌)
11.39‌
R-1
shares
2021
(b)
11.82‌
0.05‌
(
0.28‌)
(
0.23‌
)
(
0.61‌)
(
1.22‌)
(
1.83‌)
9.76‌
2020
11.36‌
0.16‌
0.43‌
0.59‌
(
0.13‌)
–‌
(
0.13‌)
11.82‌
2019
10
.58‌
0.19‌
0.75‌
0.94‌
(
0.16‌)
–‌
(
0.16‌)
11.36‌
2018
10.97‌
0.15‌
(
0.38‌)
(
0.23‌)
(
0.16‌)
–‌
(
0.16‌)
10.58‌
2017
11.16‌
0.12‌
(
0.20‌)
(
0.08‌)
(
0.11‌)
–‌
(
0.11‌)
10.97‌
2016
10.80‌
0.10‌
0.39‌
0.49‌
(
0.12‌)
(
0.01‌)
(
0.13‌)
11.16‌
R-2
shares
2021
(b)
11.78‌
0.06‌
(
0.29‌)
(
0.23‌)
(
0.61‌)
(
1.22‌)
(
1.83‌)
9.72‌
2020
11.37‌
0.17‌
0.44‌
0.61‌
(
0.20‌)
–‌
(
0.20‌)
11.78‌
2019
10.61‌
0.20‌
0.76‌
0.96‌
(
0.20‌)
–‌
(
0.20‌)
11.37‌
2018
11.00‌
0.17‌
(
0.39‌)
(
0.22‌)
(
0.17‌)
–‌
(
0.17‌)
10.61‌
2017
11.18‌
0.13‌
(
0.20‌)
(
0.07‌)
(
0.11‌)
–‌
(
0.11‌)
11.00‌
2016
10.80‌
0.11‌
0.39‌
0.50‌
(
0.11‌)
(
0.01‌)
(
0.12‌)
11.18‌
R-3
shares
2021
(b)
11.78‌
0.07‌
(
0.29‌)
(
0.22‌)
(
0.62‌)
(
1.22‌)
(
1.84‌)
9.72‌
2020
11.35‌
0.19‌
0.44‌
0.63‌
(
0.20‌)
–‌
(
0.20‌)
11.78‌
2019
10.57‌
0.22‌
0.76‌
0.98‌
(
0.20‌)
–‌
(
0.20‌)
11.35‌
2018
10.97‌
0.19‌
(
0.39‌)
(
0.20‌)
(
0.20‌)
–‌
(
0.20‌)
10.57‌
2017
11.16‌
0.15‌
(
0.20‌)
(
0.05‌)
(
0.14‌)
–‌
(
0.14‌)
10.97‌
2016
10.79‌
0.13‌
0.40‌
0.53‌
(
0.15‌)
(
0.01‌)
(
0.16‌)
11.16‌
R-4
shares
2021
(b)
11.88‌
0.08‌
(
0.29‌)
(
0.21‌)
(
0.64‌)
(
1.22‌)
(
1.86‌)
9.81‌
2020
11.39‌
0.22‌
0.43‌
0.65‌
(
0.16‌)
–‌
(
0.16‌)
11.88‌
2019
10.60‌
0.24‌
0.78‌
1.02‌
(
0.23‌)
–‌
(
0.23‌)
11.39‌
2018
11.00‌
0.21‌
(
0.39‌)
(
0.18‌)
(
0.22‌)
–‌
(
0.22‌)
10.60‌
2017
11.18‌
0.17‌
(
0.20‌)
(
0.03‌)
(
0.15‌)
–‌
(
0.15‌)
11.00‌
2016
10.84‌
0.15‌
0.39‌
0.54‌
(
0.19‌)
(
0.01‌)
(
0.20‌)
11.18‌
R-5
shares
2021
(b)
11.85‌
0.09‌
(
0.29‌)
(
0.20‌)
(
0.65‌)
(
1.22‌)
(
1.87‌)
9.78‌
2020
11.42‌
0.23‌
0.44‌
0.67‌
(
0.24‌)
–‌
(
0.24‌)
11.85‌
2019
10.65‌
0.26‌
0.75‌
1.01‌
(
0.24‌)
–‌
(
0.24‌)
11.42‌
2018
11.05‌
0.22‌
(
0.39‌)
(
0.17‌)
(
0
.23‌)
–‌
(
0.23‌)
10.65‌
2017
11.23‌
0.18‌
(
0.19‌)
(
0.01‌)
(
0.17‌)
–‌
(
0.17‌)
11.05‌
2016
10.85‌
0.16‌
0
.41‌
0.57‌
(
0.18‌)
(
0.01‌)
(
0.19‌)
11.23‌
See
accompanying
notes.
178
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(2.15‌)
%
(c),(d),(e)
$
39,436‌
0.53‌
%
(f),(g)
0.57‌
%
(f),(h)
1.42‌
%
(f)
187.4‌
%
(f)
5.75‌
(d)
44,200‌
0.57‌
(g)
0.62‌
(h)
1.79‌
94.1‌
9.38‌
(d)
29,025‌
0.71‌
(g)
0.91‌
(h)
2.10‌
107.7‌
(1.79‌)
(d)
27,466‌
0.62‌
(g)
0.75‌
(h)
1.86‌
102.7‌
(0.20‌)
(d)
30,315‌
0.64‌
(g)
0.70‌
(h)
1.53‌
117.8‌
4.98‌
(d)
33,765‌
0.76‌
(g)
0.83‌
(h)
1.23‌
151.8‌
(1.96‌)
(c)
756,466‌
0.14‌
(f),(i)
–‌
1.83‌
(f)
187.4‌
(f)
6.29‌
2,290,008‌
0.14‌
(i)
–‌
2.25‌
94.1‌
9.92‌
2,056,135‌
0.16‌
(i)
–‌
2.65‌
107.7‌
(1.29‌)
1,472,817‌
0.16‌
(i)
–‌
2.32‌
102.7‌
0.19‌
1,795,872‌
0.23‌
(i)
–‌
1.94‌
117.8‌
5.52‌
1,648,408‌
0.23‌
(i)
–‌
1.75‌
151.8‌
(2.33‌)
(c)
1,449‌
1.02‌
(f),(i)
–‌
0.94‌
(f)
187.4‌
(f)
5.27‌
1,412‌
1.02‌
(i)
–‌
1.36‌
94.1‌
8.99‌
1,169‌
1.04‌
(i)
–‌
1.78‌
107.7‌
(2.10‌)
1,391‌
1.04‌
(i)
–‌
1.44‌
102.7‌
(0.70‌)
2,158‌
1.11‌
(i)
–‌
1.07‌
117.8‌
4.60‌
1,913‌
1.11‌
(i)
–‌
0.88‌
151.8‌
(2.30‌)
(c)
615‌
0.89‌
(f),(i)
–‌
1.07‌
(f)
187.4‌
(f)
5.46‌
7,324‌
0.89‌
(i)
–‌
1.46‌
94.1‌
9.18‌
3,546‌
0.91‌
(i)
–‌
1.91‌
107.7‌
(2.03‌)
2,151‌
0.91‌
(i)
–‌
1.58‌
102.7‌
(0.59‌)
2,936‌
0.98‌
(i)
–‌
1.19‌
117.8‌
4.76‌
2,940‌
0.98‌
(i)
–‌
1.01‌
151.8‌
(2.25‌)
(c)
17,816‌
0.71‌
(f),(i)
–‌
1
.21‌
(f)
187.4‌
(f)
5.66‌
13,196‌
0.71‌
(i)
–‌
1.67‌
94.1‌
9.41‌
11,337‌
0
.73‌
(i)
–‌
2.09‌
107.7‌
(1.87‌)
13,934‌
0.73‌
(i)
–‌
1.75‌
102.7‌
(0.42‌)
17,123‌
0.80‌
(i)
–‌
1.38‌
117.8‌
5.00‌
16,998‌
0.80‌
(i)
–‌
1.19‌
151.8‌
(2.11‌)
(c)
5,636‌
0.52‌
(f),(i)
–‌
1.44‌
(f)
187.4‌
(f)
5.84‌
6,523‌
0.52‌
(i)
–‌
1.87‌
94.1‌
9.82‌
5,521‌
0.54‌
(i)
–‌
2.29‌
107.7‌
(1.67‌)
44,422‌
0.54‌
(i)
–‌
1.95‌
102.7‌
(0.18‌)
42,411‌
0.61‌
(i)
–‌
1.57‌
117.8‌
5.10‌
36,951‌
0.61‌
(i)
–‌
1.38‌
151.8‌
(2.04‌)
(c)
15,323‌
0.40‌
(f),(i)
–‌
1.56‌
(f)
187.4‌
(f)
6.01‌
18,279‌
0.40‌
(i)
–‌
1.98‌
94.1‌
9.67‌
16,552‌
0.42‌
(i)
–‌
2.40‌
107.7‌
(1.56‌)
18,775‌
0.42‌
(i)
–‌
2.05‌
102.7‌
(0.06‌)
26,153‌
0.49‌
(i)
–‌
1.67‌
117.8‌
5.24‌
(e)
31,929‌
0.49‌
(i)
–‌
1.50‌
151.8‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2021.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the contingent
deferred
sales
charge.
(e)
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.
(f)
Computed
on
an
annualized
basis.
(g)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(h)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
(i)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
179
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
DIVERSIFIED
REAL
ASSET
FUND
Institutional
shares
2021
(b)
$
11
.14‌
$
0
.09‌
$
1
.13‌
$
1
.22‌
(
$
0
.06‌
)
$
–‌
(
$
0
.06‌
)
$
12
.30‌
2020
11
.25‌
0
.21‌
(
0
.04‌
)
0
.17‌
(
0
.28‌
)
–‌
(
0
.28‌
)
11
.14‌
2019
11
.74‌
0
.31‌
(
0
.44‌
)
(
0
.13‌
)
(
0
.36‌
)
–‌
(
0
.36‌
)
11
.25‌
2018
11
.57‌
0
.29‌
0
.14‌
0
.43‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.74‌
2017
11
.08‌
0
.23‌
0
.54‌
0
.77‌
(
0
.28‌
)
–‌
(
0
.28‌
)
11
.57‌
2016
11
.25‌
0
.22‌
(
0
.29‌
)
(
0
.07‌
)
(
0
.10‌
)
–‌
(
0
.10‌
)
11
.08‌
R-3
shares
2021
(b)
11
.07‌
0
.06‌
1
.13‌
1
.19‌
(
0
.02‌
)
–‌
(
0
.02‌
)
12
.24‌
2020
11
.20‌
0
.15‌
(
0
.05‌
)
0
.10‌
(
0
.23‌
)
–‌
(
0
.23‌
)
11
.07‌
2019
11
.69‌
0
.25‌
(
0
.43‌
)
(
0
.18‌
)
(
0
.31‌
)
–‌
(
0
.31‌
)
11
.20‌
2018
11
.53‌
0
.23‌
0
.13‌
0
.36‌
(
0
.20‌
)
–‌
(
0
.20‌
)
11
.69‌
2017
11
.06‌
0
.19‌
0
.52‌
0
.71‌
(
0
.24‌
)
–‌
(
0
.24‌
)
11
.53‌
2016
(f)
10
.45‌
0
.10‌
0
.51‌
0
.61‌
–‌
–‌
–‌
11
.06‌
R-4
shares
2021
(b)
11
.11‌
0
.07‌
1
.15‌
1
.22‌
(
0
.03‌
)
–‌
(
0
.03‌
)
12
.30‌
2020
11
.23‌
0
.18‌
(
0
.06‌
)
0
.12‌
(
0
.24‌
)
–‌
(
0
.24‌
)
11
.11‌
2019
11
.72‌
0
.26‌
(
0
.42‌
)
(
0
.16‌
)
(
0
.33‌
)
–‌
(
0
.33‌
)
11
.23‌
2018
11
.54‌
0
.25‌
0
.15‌
0
.40‌
(
0
.22‌
)
–‌
(
0
.22‌
)
11
.72‌
2017
11
.07‌
0
.20‌
0
.53‌
0
.73‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.54‌
2016
(f)
10
.45‌
0
.10‌
0
.52‌
0
.62‌
–‌
–‌
–‌
11
.07‌
R-5
shares
2021
(b)
11
.10‌
0
.08‌
1
.14‌
1
.22‌
(
0
.03‌
)
–‌
(
0
.03‌
)
12
.29‌
2020
11
.23‌
0
.19‌
(
0
.06‌
)
0
.13‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.10‌
2019
11
.73‌
0
.30‌
(
0
.44‌
)
(
0
.14‌
)
(
0
.36‌
)
–‌
(
0
.36‌
)
11
.23‌
2018
11
.56‌
0
.27‌
0
.14‌
0
.41‌
(
0
.24‌
)
–‌
(
0
.24‌
)
11
.73‌
2017
11
.08‌
0
.21‌
0
.54‌
0
.75‌
(
0
.27‌
)
–‌
(
0
.27‌
)
11
.56‌
2016
(f)
10
.45‌
0
.11‌
0
.52‌
0
.63‌
–‌
–‌
–‌
11
.08‌
R-6
shares
2021
(b)
11
.14‌
0
.10‌
1
.13‌
1
.23‌
(
0
.07‌
)
–‌
(
0
.07‌
)
12
.30‌
2020
11
.26‌
0
.22‌
(
0
.06‌
)
0
.16‌
(
0
.28‌
)
–‌
(
0
.28‌
)
11
.14‌
2019
11
.74‌
0
.32‌
(
0
.43‌
)
(
0
.11‌
)
(
0
.37‌
)
–‌
(
0
.37‌
)
11
.26‌
2018
11
.57‌
0
.29‌
0
.14‌
0
.43‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.74‌
2017
11
.08‌
0
.27‌
0
.50‌
0
.77‌
(
0
.28‌
)
–‌
(
0
.28‌
)
11
.57‌
2016
11
.25‌
0
.26‌
(
0
.32‌
)
(
0
.06‌
)
(
0
.11‌
)
–‌
(
0
.11‌
)
11
.08‌
EDGE
MIDCAP
FUND
Institutional
shares
2021
(b)
14
.83‌
0
.05‌
2
.25‌
2
.30‌
(
0
.09‌
)
(
0
.73‌
)
(
0
.82‌
)
16
.31‌
2020
14
.42‌
0
.11‌
0
.92‌
1
.03‌
(
0
.12‌
)
(
0
.50‌
)
(
0
.62‌
)
14
.83‌
2019
14
.99‌
0
.11‌
0
.09‌
0
.20‌
(
0
.15‌
)
(
0
.62‌
)
(
0
.77‌
)
14
.42‌
2018
12
.60‌
0
.16‌
2
.42‌
2
.58‌
–‌
(
0
.19‌
)
(
0
.19‌
)
14
.99‌
2017
12
.24‌
0
.12‌
0
.78‌
0
.90‌
(
0
.10‌
)
(
0
.44‌
)
(
0
.54‌
)
12
.60‌
2016
(h)
10
.00‌
0
.11‌
2
.17‌
2
.28‌
(
0
.03‌
)
(
0
.01‌
)
(
0
.04‌
)
12
.24‌
R-6
shares
2021
(b)
14
.88‌
0
.06‌
2
.27‌
2
.33‌
(
0
.11‌
)
(
0
.73‌
)
(
0
.84‌
)
16
.37‌
2020
14
.46‌
0
.13‌
0
.92‌
1
.05‌
(
0
.13‌
)
(
0
.50‌
)
(
0
.63‌
)
14
.88‌
2019
15
.03‌
0
.13‌
0
.09‌
0
.22‌
(
0
.17‌
)
(
0
.62‌
)
(
0
.79‌
)
14
.46‌
2018
12
.68‌
0
.16‌
2
.44‌
2
.60‌
(
0
.06‌
)
(
0
.19‌
)
(
0
.25‌
)
15
.03‌
2017
(i)
12
.12‌
0
.09‌
0
.47‌
0
.56‌
–‌
–‌
–‌
12
.68‌
See
accompanying
notes.
180
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
10
.99‌
%
(c)
$
2,284,549‌
0
.83‌
%
(d)
,(e)
1
.58‌
%
(d)
78
.9‌
%
(d)
1
.36‌
1,960,593‌
0
.84‌
(e)
1
.95‌
85
.4‌
(
0
.83‌
)
2,388,382‌
0
.85‌
(e)
2
.74‌
71
.5‌
3
.72‌
2,518,033‌
0
.85‌
(e)
2
.45‌
84
.1‌
7
.16‌
2,591,713‌
0
.88‌
(e)
2
.08‌
65
.1‌
(
0
.53‌
)
3,294,419‌
0
.87‌
(e)
2
.02‌
77
.6‌
10
.71‌
(c)
205‌
1
.34‌
(d)
,(e)
1
.04‌
(d)
78
.9‌
(d)
0
.78‌
138‌
1
.36‌
(e)
1
.39‌
85
.4‌
(
1
.27‌
)
113‌
1
.36‌
(e)
2
.22‌
71
.5‌
3
.15‌
81‌
1
.35‌
(e)
1
.99‌
84
.1‌
6
.60‌
17‌
1
.38‌
1
.71‌
65
.1‌
5
.84‌
(c)
11‌
1
.39‌
(d)
2
.08‌
(d)
77
.6‌
(d)
10
.96‌
(c)
13‌
1
.15‌
(d)
,(e)
1
.25‌
(d)
78
.9‌
(d)
0
.95‌
12‌
1
.17‌
(e)
1
.61‌
85
.4‌
(
1
.13‌
)
12‌
1
.17‌
(e)
2
.36‌
71
.5‌
3
.41‌
(g)
15‌
1
.16‌
(e)
2
.17‌
84
.1‌
6
.82‌
(g)
11‌
1
.19‌
1
.76‌
65
.1‌
5
.93‌
(c)
11‌
1
.20‌
(d)
2
.25‌
(d)
77
.6‌
(d)
10
.97‌
(c)
60‌
1
.03‌
(d)
,(e)
1
.44‌
(d)
78
.9‌
(d)
1
.01‌
32‌
1
.05‌
(e)
1
.71‌
85
.4‌
(
0
.92‌
)
74‌
1
.05‌
(e)
2
.71‌
71
.5‌
3
.53‌
12‌
1
.04‌
(e)
2
.35‌
84
.1‌
6
.93‌
11‌
1
.07‌
1
.90‌
65
.1‌
6
.03‌
(c)
11‌
1
.08‌
(d)
2
.39‌
(d)
77
.6‌
(d)
11
.04‌
(c)
1,102,892‌
0
.78‌
(d)
,(e)
1
.66‌
(d)
78
.9‌
(d)
1
.32‌
1,162,658‌
0
.79‌
(e)
1
.99‌
85
.4‌
(
0
.68‌
)
1,330,773‌
0
.79‌
(e)
2
.82‌
71
.5‌
3
.78‌
1,523,846‌
0
.79‌
(e)
2
.50‌
84
.1‌
7
.17‌
1,568,988‌
0
.83‌
(e)
2
.42‌
65
.1‌
(
0
.50‌
)
29,601‌
0
.88‌
(e)
2
.43‌
77
.6‌
15
.55‌
(c)
103,535‌
0
.77‌
(d)
,(e)
0
.65‌
(d)
14
.9‌
(d)
6
.97‌
82,198‌
0
.77‌
(e)
0
.79‌
27
.9‌
2
.47‌
34,358‌
0
.82‌
(e)
0
.81‌
19
.8‌
20
.58‌
14,470‌
0
.90‌
(e)
1
.17‌
17
.4‌
7
.51‌
1,289‌
0
.78‌
(e)
1
.00‌
11
.9‌
22
.89‌
(c)
292,615‌
0
.79‌
(d)
,(e)
1
.04‌
(d)
22
.4‌
(d)
15
.65‌
(c)
844,693‌
0
.65‌
(d)
,(e)
0
.77‌
(d)
14
.9‌
(d)
7
.11‌
758,215‌
0
.66‌
(e)
0
.90‌
27
.9‌
2
.56‌
653,991‌
0
.71‌
(e)
0
.90‌
19
.8‌
20
.69‌
657,980‌
0
.76‌
(e)
1
.15‌
17
.4‌
4
.62‌
(c)
286,832‌
0
.77‌
(d)
,(e)
1
.06‌
(d)
11
.9‌
(d)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2021.
(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
29,
2016,
date operations
commenced,
through
August
31,
2016.
(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)
Period
from
September
28,
2015,
date operations
commenced,
through
August
31,
2016.
(i)
Period
from
January
3,
2017,
date operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
181
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Tax
Return
of
Capital
Distribution
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
GLOBAL
MULTI-STRATEGY
FUND
Institutional
shares
2021
(b)
$
11.12‌
$
0.07‌
$
0.43‌
$
0.50‌
(
$
0.19‌)
$
–‌
$
–‌
(
$
0.19‌)
$
11.43‌
2020
10.76‌
0.21‌
0.15‌
0.36‌
–‌
–‌
–‌
–‌
11.12‌
2019
11.21‌
0.23‌
(
0.02‌)
0.21‌
(
0.16‌)
(
0.47‌)
(
0.03‌)
(
0.66‌)
10.76‌
2018
11.39‌
0.15‌
–‌
0.15‌
(
0.09‌)
(
0.24‌)
–‌
(
0.33‌)
11.21‌
2017
10.86‌
0.11‌
0.44‌
0.55‌
(
0.02‌)
–‌
–‌
(
0.02‌)
11.39‌
2016
10.99‌
0.05‌
0.14‌
0.19‌
(
0.09‌)
(
0.23‌)
–‌
(
0.32‌)
10.86‌
R-6
shares
2021
(b)
11.12‌
0.07‌
0.42‌
0.49‌
(
0.19‌)
–‌
–‌
(
0.19‌)
11.42‌
2020
10.75‌
0.29‌
0.08‌
0.37‌
–‌
–‌
–‌
–‌
11.12‌
2019
11.21‌
0.23‌
(
0.02‌)
0.21‌
(
0.17‌)
(
0.47‌)
(
0.03‌)
(
0.67‌)
10.75‌
2018
11.39‌
0.16‌
(
0.01‌)
0.15‌
(
0.09‌)
(
0.24‌)
–‌
(
0.33‌)
11.21‌
2017
(
i
)
11.28‌
0.04‌
0.07‌
0.11‌
–‌
–‌
–‌
–‌
11.39‌
See
accompanying
notes.
182
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Expenses
to
Average
Net
Assets
(Excluding
Dividends
and
Interest
Expense
on
Short
Sales,
Short
Sale
Fees
and
Reverse
Repurchase
Agreement
Expense)
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
4.33‌
%
(c),(d)
$
332,717‌
2.
24‌
%
(e),(f),(g)
1.64‌
%
(e),(f),(g),(h)
1.17‌
%
(e)
330.4‌
%
(e)
3.44‌
(d)
591,298‌
3.21‌
(f),(g)
1.64‌
(f),(g),(h)
1.98‌
439.7‌
2.24‌
453,013‌
2.99‌
(f),(g)
1.64‌
(f),(g),(h)
2.11‌
387.8‌
1.29‌
749,738‌
2.16‌
(f)
1.63‌
(f),(h)
1.35‌
378.0‌
5.04‌
1,156,731‌
2.18‌
(f)
1.60‌
(f),(h)
1.03‌
317.6‌
1.80‌
2,265,206‌
2.08‌
(f)
1.61‌
(f),(h)
0.46‌
233.9‌
4.44‌
(c)
166,107‌
2.18‌
(e),(f),(g)
1.58‌
(e),(f),(g),(h)
1.23‌
(e)
330.4‌
(e)
3.44‌
166,448‌
3.15‌
(f),(g)
1.59‌
(f),(g),(h)
2.74‌
439.7‌
2.28‌
818,258‌
2.91‌
(f),(g)
1.56‌
(f),(g),(h)
2.19‌
387.8‌
1.25‌
(d)
1,780,595‌
2.08‌
(f)
1.55‌
(f),(h)
1.43‌
378.0‌
1.06‌
(c),(d)
1,532,177‌
2.10‌
(e),(f)
1.54‌
(e),(f),(h)
1.51‌
(e)
317.6‌
(e)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2021.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
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.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Includes
0.01%
of
expenses
associated
with
fund
investments.
The
expense
is
not
subject
to
the
Manager's
contractual
expense
limit.
(h)
Excludes
dividends
and
interest
expense
on
short
sales
and
short
sale
fees.
See
"Operating
Policies"
in
notes
to
financial
statements.
(
i
)
Period
from
June
12,
2017,
date operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
183
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
INTERNATIONAL
EQUITY
INDEX
FUND
Institutional
shares
2021
(b)
$
10
.06‌
$
0
.08‌
$
1
.36‌
$
1
.44‌
(
$
0
.23‌
)
(
$
0
.03‌
)
(
$
0
.26‌
)
$
11
.24‌
2020
9
.83‌
0
.21‌
0
.37‌
0
.58‌
(
0
.32‌
)
(
0
.03‌
)
(
0
.35‌
)
10
.06‌
2019
10
.57‌
0
.30‌
(
0
.69‌
)
(
0
.39‌
)
(
0
.26‌
)
(
0
.09‌
)
(
0
.35‌
)
9
.83‌
2018
10
.55‌
0
.28‌
0
.12‌
0
.40‌
(
0
.30‌
)
(
0
.08‌
)
(
0
.38‌
)
10
.57‌
2017
9
.24‌
0
.27‌
1
.29‌
1
.56‌
(
0
.25‌
)
–‌
(
0
.25‌
)
10
.55‌
2016
9
.58‌
0
.26‌
(
0
.26‌
)
–‌
(
0
.23‌
)
(
0
.11‌
)
(
0
.34‌
)
9
.24‌
R-1
shares
2021
(b)
9
.73‌
0
.03‌
1
.31‌
1
.34‌
(
0
.14‌
)
(
0
.03‌
)
(
0
.17‌
)
10
.90‌
2020
9
.50‌
0
.12‌
0
.35‌
0
.47‌
(
0
.21‌
)
(
0
.03‌
)
(
0
.24‌
)
9
.73‌
2019
10
.20‌
0
.20‌
(
0
.65‌
)
(
0
.45‌
)
(
0
.16‌
)
(
0
.09‌
)
(
0
.25‌
)
9
.50‌
2018
10
.20‌
0
.18‌
0
.11‌
0
.29‌
(
0
.21‌
)
(
0
.08‌
)
(
0
.29‌
)
10
.20‌
2017
8
.93‌
0
.18‌
1
.26‌
1
.44‌
(
0
.17‌
)
–‌
(
0
.17‌
)
10
.20‌
2016
9
.28‌
0
.17‌
(
0
.25‌
)
(
0
.08‌
)
(
0
.16‌
)
(
0
.11‌
)
(
0
.27‌
)
8
.93‌
R-2
shares
2021
(b)
10
.05‌
0
.04‌
1
.36‌
1
.40‌
(
0
.15‌
)
(
0
.03‌
)
(
0
.18‌
)
11
.27‌
2020
9
.79‌
0
.15‌
0
.35‌
0
.50‌
(
0
.21‌
)
(
0
.03‌
)
(
0
.24‌
)
10
.05‌
2019
10
.51‌
0
.22‌
(
0
.68‌
)
(
0
.46‌
)
(
0
.17‌
)
(
0
.09‌
)
(
0
.26‌
)
9
.79‌
2018
10
.49‌
0
.21‌
0
.11‌
0
.32‌
(
0
.22‌
)
(
0
.08‌
)
(
0
.30‌
)
10
.51‌
2017
9
.18‌
0
.19‌
1
.30‌
1
.49‌
(
0
.18‌
)
–‌
(
0
.18‌
)
10
.49‌
2016
9
.52‌
0
.19‌
(
0
.26‌
)
(
0
.07‌
)
(
0
.16‌
)
(
0
.11‌
)
(
0
.27‌
)
9
.18‌
R-3
shares
2021
(b)
9
.85‌
0
.05‌
1
.33‌
1
.38‌
(
0
.17‌
)
(
0
.03‌
)
(
0
.20‌
)
11
.03‌
2020
9
.64‌
0
.16‌
0
.35‌
0
.51‌
(
0
.27‌
)
(
0
.03‌
)
(
0
.30‌
)
9
.85‌
2019
10
.35‌
0
.23‌
(
0
.65‌
)
(
0
.42‌
)
(
0
.20‌
)
(
0
.09‌
)
(
0
.29‌
)
9
.64‌
2018
10
.35‌
0
.22‌
0
.10‌
0
.32‌
(
0
.24‌
)
(
0
.08‌
)
(
0
.32‌
)
10
.35‌
2017
9
.07‌
0
.20‌
1
.28‌
1
.48‌
(
0
.20‌
)
–‌
(
0
.20‌
)
10
.35‌
2016
9
.40‌
0
.20‌
(
0
.25‌
)
(
0
.05‌
)
(
0
.17‌
)
(
0
.11‌
)
(
0
.28‌
)
9
.07‌
R-4
shares
2021
(b)
9
.97‌
0
.06‌
1
.35‌
1
.41‌
(
0
.20‌
)
(
0
.03‌
)
(
0
.23‌
)
11
.15‌
2020
9
.75‌
0
.18‌
0
.36‌
0
.54‌
(
0
.29‌
)
(
0
.03‌
)
(
0
.32‌
)
9
.97‌
2019
10
.48‌
0
.25‌
(
0
.67‌
)
(
0
.42‌
)
(
0
.22‌
)
(
0
.09‌
)
(
0
.31‌
)
9
.75‌
2018
10
.46‌
0
.24‌
0
.12‌
0
.36‌
(
0
.26‌
)
(
0
.08‌
)
(
0
.34‌
)
10
.48‌
2017
9
.17‌
0
.20‌
1
.31‌
1
.51‌
(
0
.22‌
)
–‌
(
0
.22‌
)
10
.46‌
2016
9
.50‌
0
.21‌
(
0
.24‌
)
(
0
.03‌
)
(
0
.19‌
)
(
0
.11‌
)
(
0
.30‌
)
9
.17‌
R-5
shares
2021
(b)
10
.00‌
0
.06‌
1
.35‌
1
.41‌
(
0
.20‌
)
(
0
.03‌
)
(
0
.23‌
)
11
.18‌
2020
9
.78‌
0
.19‌
0
.36‌
0
.55‌
(
0
.30‌
)
(
0
.03‌
)
(
0
.33‌
)
10
.00‌
2019
10
.50‌
0
.27‌
(
0
.67‌
)
(
0
.40‌
)
(
0
.23‌
)
(
0
.09‌
)
(
0
.32‌
)
9
.78‌
2018
10
.49‌
0
.24‌
0
.12‌
0
.36‌
(
0
.27‌
)
(
0
.08‌
)
(
0
.35‌
)
10
.50‌
2017
9
.18‌
0
.23‌
1
.31‌
1
.54‌
(
0
.23‌
)
–‌
(
0
.23‌
)
10
.49‌
2016
9
.52‌
0
.22‌
(
0
.25‌
)
(
0
.03‌
)
(
0
.20‌
)
(
0
.11‌
)
(
0
.31‌
)
9
.18‌
R-6
shares
2021
(b)
10
.06‌
0
.08‌
1
.36‌
1
.44‌
(
0
.23‌
)
(
0
.03‌
)
(
0
.26‌
)
11
.24‌
2020
9
.83‌
0
.22‌
0
.36‌
0
.58‌
(
0
.32‌
)
(
0
.03‌
)
(
0
.35‌
)
10
.06‌
2019
10
.57‌
0
.30‌
(
0
.69‌
)
(
0
.39‌
)
(
0
.26‌
)
(
0
.09‌
)
(
0
.35‌
)
9
.83‌
2018
10
.54‌
0
.29‌
0
.12‌
0
.41‌
(
0
.30‌
)
(
0
.08‌
)
(
0
.38‌
)
10
.57‌
2017
(g)
9
.01‌
0
.14‌
1
.39‌
1
.53‌
–‌
–‌
–‌
10
.54‌
See
accompanying
notes.
184
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
14
.34‌
%
(c)
$
44,969‌
0
.31‌
%
(d)
,(e)
1
.42‌
%
(d)
23
.1‌
%
(d)
5
.77‌
35,803‌
0
.31‌
(e)
2
.11‌
31
.1‌
(
3
.33‌
)
50,221‌
0
.31‌
(e)
3
.09‌
23
.4‌
3
.69‌
46,042‌
0
.34‌
(e)
2
.54‌
27
.2‌
17
.42‌
67,784‌
0
.32‌
(e)
2
.83‌
24
.7‌
(
0
.02‌
)
831,719‌
0
.34‌
(e)
2
.83‌
31
.3‌
13
.78‌
(c)
502‌
1
.19‌
(d)
0
.56‌
(d)
23
.1‌
(d)
4
.86‌
491‌
1
.19‌
1
.31‌
31
.1‌
(
4
.19‌
)
588‌
1
.20‌
2
.09‌
23
.4‌
2
.78‌
722‌
1
.19‌
1
.71‌
27
.2‌
16
.43‌
1,000‌
1
.19‌
1
.93‌
24
.7‌
(
0
.90‌
)
586‌
1
.21‌
1
.93‌
31
.3‌
13
.89‌
(c)
350‌
1
.06‌
(d)
0
.72‌
(d)
23
.1‌
(d)
5
.02‌
548‌
1
.06‌
1
.50‌
31
.1‌
(
4
.09‌
)
745‌
1
.07‌
2
.28‌
23
.4‌
2
.90‌
(f)
907‌
1
.06‌
1
.94‌
27
.2‌
16
.66‌
(f)
874‌
1
.06‌
1
.96‌
24
.7‌
(
0
.75‌
)
903‌
1
.08‌
2
.12‌
31
.3‌
14
.04‌
(c)
14,915‌
0
.88‌
(d)
0
.87‌
(d)
23
.1‌
(d)
5
.11‌
15,706‌
0
.88‌
1
.65‌
31
.1‌
(
3
.82‌
)
16,499‌
0
.89‌
2
.41‌
23
.4‌
3
.03‌
17,816‌
0
.88‌
2
.04‌
27
.2‌
16
.77‌
18,585‌
0
.88‌
2
.14‌
24
.7‌
(
0
.49‌
)
15,789‌
0
.90‌
2
.26‌
31
.3‌
14
.10‌
(c)
10,790‌
0
.69‌
(d)
1
.05‌
(d)
23
.1‌
(d)
5
.34‌
9,023‌
0
.69‌
1
.84‌
31
.1‌
(
3
.72‌
)
7,466‌
0
.70‌
2
.51‌
23
.4‌
3
.37‌
11,977‌
0
.69‌
2
.22‌
27
.2‌
16
.93‌
13,372‌
0
.69‌
2
.14‌
24
.7‌
(
0
.30‌
)
11,997‌
0
.71‌
2
.32‌
31
.3‌
14
.12‌
(c)
16,594‌
0
.57‌
(d)
1
.19‌
(d)
23
.1‌
(d)
5
.45‌
16,208‌
0
.57‌
1
.95‌
31
.1‌
(
3
.50‌
)
16,948‌
0
.58‌
2
.80‌
23
.4‌
3
.38‌
18,479‌
0
.57‌
2
.26‌
27
.2‌
17
.23‌
29,429‌
0
.57‌
2
.35‌
24
.7‌
(
0
.30‌
)
29,179‌
0
.59‌
2
.49‌
31
.3‌
14
.34‌
(c)
1,072,761‌
0
.29‌
(d)
,(e)
1
.46‌
(d)
23
.1‌
(d)
5
.66‌
(f)
1,020,094‌
0
.29‌
(e)
2
.25‌
31
.1‌
(
3
.23‌
)
(f)
1,003,550‌
0
.28‌
(e)
3
.04‌
23
.4‌
3
.80‌
997,061‌
0
.27‌
(e)
2
.67‌
27
.2‌
16
.98‌
(c)
924,600‌
0
.27‌
(d)
,(e)
2
.02‌
(d)
24
.7‌
(d)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2021.
(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.
(g)
Period
from
January
3,
2017,
date operations
commenced,
through
August
31,
2017.
See
accompanying
notes.
185
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
INTERNATIONAL
SMALL
COMPANY
FUND
Institutional
shares
2021
(b)
$
10.63‌
$
0.02‌
$
1.51‌
$
1.53‌
(
$
0.15‌)
$
–‌
(
$
0.15‌)
$
12.01‌
2020
10.46‌
0.09‌
0.40‌
0.49‌
(
0.32‌)
–‌
(
0.32‌)
10.63‌
2019
12.36‌
0.14‌
(
1.17‌)
(
1.03‌)
(
0.14‌)
(
0.73‌)
(
0.87‌)
10.46‌
2018
12.17‌
0.15‌
0.67‌
0.82‌
(
0.26‌)
(
0.37‌)
(
0.63‌)
12.36‌
2017
9.87‌
0.18‌
2.15‌
2.33‌
(
0.03‌)
–‌
(
0.03‌)
12.17‌
2016
9.61‌
0.08‌
0.30‌
0.38‌
(
0.12‌)
–‌
(
0.12‌)
9.87‌
R-6
shares
2021
(b)
10.70‌
0.03‌
1.49‌
1.52‌
(
0.15‌)
–‌
(
0.15‌)
12.07‌
2020
10.52‌
0.09‌
0.42‌
0.51‌
(
0.33‌)
–‌
(
0.33‌)
10.70‌
2019
12.42‌
0.14‌
(
1.16‌)
(
1.02‌)
(
0.15‌)
(
0.73‌)
(
0.88‌)
10.52‌
2018
12.21‌
0.13‌
0.71‌
0.84‌
(
0.26‌)
(
0.37‌)
(
0.63‌)
12.42‌
2017
(f)
9.83‌
0.02‌
2.36‌
2.38‌
–‌
–‌
–‌
12.21‌
OPPORTUNISTIC
MUNICIPAL
FUND
Institutional
shares
2021
(b)
10.97‌
0.21‌
0.24‌
0.45‌
(
0.20‌)
–‌
(
0.20‌)
11.22‌
2020
11.26‌
0.40‌
(
0.30‌)
0.10‌
(
0.39‌)
–‌
(
0.39‌)
10.97‌
2019
10.61‌
0.46‌
0.63‌
1.09‌
(
0.44‌)
–‌
(
0.44‌)
11.26‌
2018
10.66‌
0.45‌
(
0.07‌)
0.38‌
(
0.43‌)
–‌
(
0.43‌)
10.61‌
2017
11.03‌
0.43‌
(
0.39‌)
0.04‌
(
0.41‌)
–‌
(
0.41‌)
10.66‌
2016
10.20‌
0.39‌
0.84‌
1.23‌
(
0.40‌)
–‌
(
0.40‌)
11.03‌
ORIGIN
EMERGING
MARKETS
FUND
Institutional
shares
2021
(b)
12.17‌
(
0.01‌)
2.32‌
2.31‌
(
0.09‌)
–‌
(
0.09‌)
14.39‌
2020
10.47‌
0.16‌
1.74‌
1.90‌
(
0.20‌)
–‌
(
0.20‌)
12.17‌
2019
11.16‌
0.18‌
(
0.71‌)
(
0.53‌)
(
0.16‌)
–‌
(
0.16‌)
10.47‌
2018
11.61‌
0.07‌
(
0.41‌)
(
0.34‌)
(
0.11‌)
–‌
(
0.11‌)
11.16‌
2017
8.97‌
0.05‌
2.66‌
2.71‌
(
0.07‌)
–‌
(
0.07‌)
11.61‌
2016
8.42‌
0.07‌
0.56‌
0.63‌
(
0.08‌)
–‌
(
0.08‌)
8.97‌
R-6
shares
2021
(b)
12.18‌
0.01‌
2.31‌
2.32‌
(
0.10‌)
–‌
(
0.10‌)
14.40‌
2020
10.48‌
0.16‌
1.75‌
1.91‌
(
0.21‌)
–‌
(
0.21‌)
12.18‌
2019
11.16‌
0.25‌
(
0.76‌)
(
0.51‌)
(
0.17‌)
–‌
(
0.17‌)
10.48‌
2018
11.61‌
0.15‌
(
0.49‌)
(
0.34‌)
(
0.11‌)
–‌
(
0.11‌)
11.16‌
2017
8.97‌
0.50‌
2.21‌
2.71‌
(
0.07‌)
–‌
(
0.07‌)
11.61‌
2016
8.42‌
0.07‌
0.56‌
0.63‌
(
0.08‌)
–‌
(
0.08‌)
8.97‌
See
accompanying
notes.
186
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Expenses
to
Average
Net
Assets
(Excluding
Interest
Expense
Fees)
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
14.37‌
%
(c)
$
77,068‌
1.16‌
%
(d),(e)
N/A‌
–‌
%
0.40‌
%
(d)
46.4‌
%
(d)
4.49‌
72,515‌
1.20‌
(e)
N/A‌
–‌
0.88‌
44.1‌
(7.31‌)
34,866‌
1.20‌
(e)
N/A‌
–‌
1.36‌
46.8‌
6.63‌
18,212‌
1.20‌
(e)
N/A‌
–‌
1.19‌
45.9‌
23.66‌
1,991‌
1.08‌
(e)
N/A‌
–‌
1.72‌
58.8‌
3.99‌
168,786‌
1.20‌
(e)
N/A‌
–‌
0.82‌
49.9‌
14.26‌
(c)
904,433‌
1.07‌
(d),(e)
N/A‌
–‌
0.53‌
(d)
46.4‌
(d)
4.67‌
966,964‌
1.08‌
(e)
N/A‌
–‌
0.91‌
44.1‌
(7.20‌)
855,932‌
1.07‌
(e)
N/A‌
–‌
1.36‌
46.8‌
6.79‌
976,593‌
1.06‌
(e)
N/A‌
–‌
1.06‌
45.9‌
24.21‌
(c)
1,002,985‌
1.06‌
(d),(e)
N/A‌
–‌
0.24‌
(d)
58.8‌
(d)
4.07‌
(c),(g)
90,428‌
0.61‌
%
(d),(e)
0.56‌
(d),(e),(h)
–‌
3.72‌
(d)
52.9‌
(d)
0.99‌
82,465‌
0.63‌
(e)
0.56‌
(e),(h)
–‌
3.64‌
76.6‌
10.55‌
82,132‌
0.70‌
(e)
0.58‌
(e),(h)
–‌
4.27‌
66.1‌
3.66‌
55,466‌
0.72‌
(e)
0.62‌
(e),(h)
–‌
4.21‌
76.0‌
0.48‌
61,797‌
0.69‌
(e)
0.63‌
(e),(h)
–‌
4.10‌
67.9‌
12.23‌
3,606‌
0.70‌
(e)
0.65‌
(e),(h)
–‌
3.57‌
53.5‌
19.06‌
(c)
120,750‌
1.12‌
(d),(e)
N/A‌
–‌
(0.10‌)
(d)
80.3‌
(d)
18.21‌
26,478‌
1.20‌
(e)
N/A‌
–‌
1.44‌
72.9‌
(4.55‌)
11,710‌
1.22‌
(e)
N/A‌
–‌
1.78‌
59.4‌
(2.98‌)
12,032‌
1.25‌
(e)
N/A‌
–‌
0.58‌
52.3‌
30.58‌
35,584‌
1.24‌
(e)
N/A‌
–‌
0.51‌
66.3‌
7.50‌
778,143‌
1.24‌
(i)
N/A‌
1.24‌
(j)
0.86‌
69.0‌
19.08‌
(c)
3,331,966‌
1.04‌
(d),(e)
N/A‌
–‌
0.12‌
(d)
80.3‌
(d)
18.30‌
1,827,389‌
1.07‌
(e)
N/A‌
–‌
1.43‌
72.9‌
(4.42‌)
1,082,059‌
1.12‌
(e)
N/A‌
–‌
2.40‌
59.4‌
(2.97‌)
622,846‌
1.21‌
(e)
N/A‌
–‌
1.21‌
52.3‌
30.54‌
662,808‌
1.21‌
(e)
N/A‌
–‌
4.54‌
66.3‌
7.50‌
90‌
1.26‌
(e)
N/A‌
–‌
0.87‌
69.0‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2021.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
(f)
Period
from
January
3,
2017,
date operations
commenced,
through
August
31,
2017.
(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)
Excludes
interest
expense
and
fees
paid
through
inverse
floater
agreements.
See
"Operating
Policies"
in
notes
to
financial
statements.
(i)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(j)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
See
accompanying
notes.
187
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
SMALL-MIDCAP
DIVIDEND
INCOME
FUND
Institutional
shares
2021
(b)
$
11
.97‌
$
0
.10‌
$
3
.33‌
$
3
.43‌
(
$
0
.11‌
)
$
–‌
(
$
0
.11‌
)
$
15
.29‌
2020
14
.04‌
0
.19‌
(
1
.89‌
)
(
1
.70‌
)
(
0
.27‌
)
(
0
.10‌
)
(
0
.37‌
)
11
.97‌
2019
17
.92‌
0
.32‌
(
1
.91‌
)
(
1
.59‌
)
(
0
.40‌
)
(
1
.89‌
)
(
2
.29‌
)
14
.04‌
2018
16
.65‌
0
.39‌
1
.92‌
2
.31‌
(
0
.26‌
)
(
0
.78‌
)
(
1
.04‌
)
17
.92‌
2017
15
.01‌
0
.41‌
1
.61‌
2
.02‌
(
0
.38‌
)
–‌
(
0
.38‌
)
16
.65‌
2016
12
.79‌
0
.39‌
2
.43‌
2
.82‌
(
0
.34‌
)
(
0
.26‌
)
(
0
.60‌
)
15
.01‌
R-6
shares
2021
(b)
12
.03‌
0
.11‌
3
.35‌
3
.46‌
(
0
.12‌
)
–‌
(
0
.12‌
)
15
.37‌
2020
14
.10‌
0
.20‌
(
1
.89‌
)
(
1
.69‌
)
(
0
.28‌
)
(
0
.10‌
)
(
0
.38‌
)
12
.03‌
2019
17
.98‌
0
.33‌
(
1
.93‌
)
(
1
.60‌
)
(
0
.39‌
)
(
1
.89‌
)
(
2
.28‌
)
14
.10‌
2018
16
.66‌
0
.40‌
1
.94‌
2
.34‌
(
0
.24‌
)
(
0
.78‌
)
(
1
.02‌
)
17
.98‌
2017
(f)
16
.17‌
0
.33‌
0
.22‌
0
.55‌
(
0
.06‌
)
–‌
(
0
.06‌
)
16
.66‌
SMALL-MIDCAP
GROWTH
FUND
Institutional
shares
2021
(b)
14
.33‌
(
0
.03‌
)
6
.36‌
6
.33‌
–‌
(
1
.42‌
)
(
1
.42‌
)
19
.24‌
2020
10
.26‌
(
0
.06‌
)
4
.13‌
4
.07‌
–‌
–‌
–‌
14
.33‌
2019
(h)
10
.00‌
(
0
.01‌
)
0
.27‌
0
.26‌
–‌
–‌
–‌
10
.26‌
See
accompanying
notes.
188
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
28
.87‌
%
(c)
$
1,505,914‌
0
.85‌
%
(d)
,(e)
1
.57‌
%
(d)
35
.7‌
%
(d)
(
12
.36‌
)
1,408,105‌
0
.85‌
(e)
1
.47‌
28
.9‌
(
7
.54‌
)
1,892,406‌
0
.86‌
(e)
2
.19‌
21
.9‌
14
.20‌
2,453,527‌
0
.86‌
(e)
2
.25‌
31
.5‌
13
.56‌
2,179,792‌
0
.86‌
(e)
2
.51‌
25
.5‌
22
.94‌
1,142,465‌
0
.82‌
(e)
2
.90‌
25
.8‌
28
.93‌
(c)
11,627‌
0
.79‌
(d)
,(e)
1
.62‌
(d)
35
.7‌
(d)
(
12
.24‌
)
9,135‌
0
.79‌
(e)
1
.52‌
28
.9‌
(
7
.54‌
)
8,589‌
0
.79‌
(e)
2
.27‌
21
.9‌
14
.39‌
7,737‌
0
.78‌
(e)
2
.28‌
31
.5‌
3
.43‌
(c)
610,070‌
0
.77‌
(d)
,(e)
2
.96‌
(d)
25
.5‌
(d)
45
.09‌
(c)
,(g)
11,595‌
0
.83‌
(d)
,(e)
(
0
.32‌
)
(d)
130
.8‌
(d)
39
.77‌
(g)
7,626‌
0
.83‌
(e)
(
0
.59‌
)
134
.3‌
2
.60‌
(c)
5,131‌
0
.83‌
(d)
,(e)
(
0
.48‌
)
(d)
175
.8‌
(d)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2021.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
(f)
Period
from
January
3,
2017,
date operations
commenced,
through
August
31,
2017.
(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)
Period
from
June
12,
2019,
date operations
commenced,
through
August
31,
2019.
See
accompanying
notes.
189
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
SPECTRUM
PREFERRED
AND
CAPITAL
SECURITIES
INCOME
FUND
Class
J
shares
2021
(b)
$
10.01‌
$
0.19‌
$
0.16‌
$
0.35‌
(
$
0.22‌)
$
–‌
(
$
0.22‌)
$
10.14‌
2020
10.01‌
0.41‌
0.04‌
0.45‌
(
0.45‌)
–‌
(
0.45‌)
10.01‌
2019
9.79‌
0.47‌
0.26‌
0.73‌
(
0.51‌)
–‌
(
0.51‌)
10.01‌
2018
10.26‌
0.49‌
(
0.45‌)
0.04‌
(
0.49‌)
(
0.02‌)
(
0.51‌)
9
.79‌
2017
10.11‌
0.49‌
0.22‌
0.71‌
(
0.47‌)
(
0.09‌)
(
0.56‌)
10.26‌
2016
10.01‌
0.48‌
0.18‌
0.66‌
(
0.47‌)
(
0.09‌)
(
0.56‌)
10.11‌
Institutional
shares
2021
(b)
10.24‌
0.21‌
0.15‌
0.36‌
(
0.23‌)
–‌
(
0.23‌)
10.37‌
2020
10.23‌
0.45‌
0.04‌
0.49‌
(
0.48‌)
–‌
(
0.48‌)
10.24‌
2019
9.99‌
0.52‌
0.26‌
0.78‌
(
0.54‌)
–‌
(
0.54‌)
10.23‌
2018
10.46‌
0.52‌
(
0.46‌)
0.06‌
(
0.51‌)
(
0.02‌)
(
0.53‌)
9.99‌
2017
10.30‌
0.52‌
0.23‌
0.75‌
(
0.50‌)
(
0.09‌)
(
0.59‌)
10
.46‌
2016
10.18‌
0.52‌
0.19‌
0.71‌
(
0.50‌)
(
0.09‌)
(
0.59‌)
10.30‌
R-1
shares
2021
(b)
10.19‌
0.16‌
0.17‌
0.33‌
(
0.20‌)
–‌
(
0.20‌)
10.32‌
2020
10.17‌
0.36‌
0.06‌
0.42‌
(
0.40‌)
–‌
(
0.40‌)
10.19‌
2019
9.94‌
0.44‌
0
.25‌
0.69‌
(
0.46‌)
–‌
(
0.46‌)
10.17‌
2018
10.41‌
0.44‌
(
0.46‌)
(
0.02‌)
(
0.43‌)
(
0.02‌)
(
0.45‌)
9.94‌
2017
10.25‌
0
.44‌
0.22‌
0.66‌
(
0.41‌)
(
0.09‌)
(
0.50‌)
10.41‌
2016
10.14‌
0.43‌
0.19‌
0.62‌
(
0.42‌)
(
0.09‌)
(
0.51‌)
10.25‌
R-2
shares
2021
(b)
10.11‌
0.17‌
0.16‌
0.33‌
(
0.20‌)
–‌
(
0.20‌)
10.24‌
2020
10.11‌
0.38‌
0.03‌
0.41‌
(
0.41‌)
–‌
(
0.41‌)
10.11‌
2019
9.88‌
0.45‌
0.25‌
0.70‌
(
0.47‌)
–‌
(
0.47‌)
10.11‌
2018
10.35‌
0.45‌
(
0.45‌)
–‌
(
0.45‌)
(
0.02‌)
(
0.47‌)
9.88‌
2017
10.20‌
0.45‌
0.22‌
0.67‌
(
0.43‌)
(
0.09‌)
(
0.52‌)
10.35‌
2016
10.09‌
0.45‌
0.18‌
0.63‌
(
0.43‌)
(
0.09‌)
(
0.52‌)
10.20‌
See
accompanying
notes.
190
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
3.44‌
%
(c),(d),(e)
$
42,268‌
1.06‌
%
(f),(g)
1.09‌
%
(f),(h)
3.73‌
%
(f)
17.5‌
%
(f)
4.67‌
(d)
42,554‌
1.07‌
(g)
1.10‌
(h)
4.17‌
18.1‌
7.75‌
(d)
45,660‌
1.13‌
(g)
1.16‌
(h)
4.89‌
19.8‌
0.38‌
(d)
45,458‌
1.02‌
(g)
1.05‌
(h)
4.87‌
12.3‌
7.37‌
(d)
51,417‌
1.00‌
(g)
1.03‌
(h)
4.88‌
16.1‌
6.87‌
(d)
50,135‌
1.06‌
(g)
1.10‌
(h)
4.84‌
13.9‌
3.59‌
(c)
5,129,359‌
0.79‌
(f),(i)
–‌
4.00‌
(f)
17.5‌
(f)
4.96‌
4,746,270‌
0.81‌
(i)
–‌
4.42‌
18.1‌
8.12‌
3,591,388‌
0.81‌
(i)
–‌
5.21‌
19.8‌
0.59‌
3,306,108‌
0.80‌
(i)
–‌
5.09‌
12.3‌
7.58‌
3,817,309‌
0.77‌
(i)
–‌
5.11‌
16.1‌
7.26‌
2,444,823‌
0.76‌
–‌
5.14‌
13.9‌
3.11‌
(c),(e)
654‌
1.57‌
(f)
–‌
3.22‌
(f)
17.5‌
(f)
4.24‌
613‌
1.58‌
–‌
3.62‌
18.1‌
7.23‌
1,024‌
1.58‌
–‌
4.44‌
19.8‌
(0.20‌)
987‌
1.58‌
–‌
4.29‌
12.3‌
6.75‌
1,315‌
1.58‌
–‌
4.31‌
16.1‌
6.32‌
1,572‌
1.58‌
–‌
4.32‌
13.9‌
3.30‌
(c)
1,558‌
1.44‌
(f)
–‌
3.35‌
(f)
17.5‌
(f)
4.24‌
1,565‌
1.45‌
–‌
3.79‌
18.1‌
7.42‌
1,514‌
1.45‌
–‌
4.58‌
19.8‌
(0.06‌)
1,788‌
1.45‌
–‌
4.45‌
12.3‌
6.84‌
1,760‌
1.45‌
–‌
4.44‌
16.1‌
6.49‌
1,234‌
1.45‌
–‌
4.45‌
13.9‌
See
accompanying
notes.
191
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
SPECTRUM
PREFERRED
AND
CAPITAL
SECURITIES
INCOME
FUND
R-3
shares
2021
(b)
$
10.16‌
$
0.18‌
$
0.16‌
$
0.34‌
(
$
0.21‌)
$
–‌
(
$
0.21‌)
$
10.29‌
2020
10.15‌
0.40‌
0.04‌
0.44‌
(
0.43‌)
–‌
(
0.43‌)
10.16‌
2019
9.92‌
0.47‌
0.25‌
0.72‌
(
0.49‌)
–‌
(
0.49‌)
10.15‌
2018
10.39‌
0.47‌
(
0.46‌)
0.01‌
(
0.46‌)
(
0.02‌)
(
0.48‌)
9.92‌
2017
10.23‌
0.47‌
0.22‌
0.69‌
(
0.44‌)
(
0.09‌)
(
0.53‌)
10.39‌
2016
10.12‌
0.47‌
0.18‌
0.65‌
(
0.45‌)
(
0.09‌)
(
0.54‌)
10.23‌
R-4
shares
2021
(b)
10.14‌
0.19‌
0.16‌
0.35‌
(
0.22‌)
–‌
(
0.22‌)
10.27‌
2020
10.13‌
0.42‌
0.04‌
0.46‌
(
0.45‌)
–‌
(
0.45‌)
10.14‌
2019
9.90‌
0.48‌
0.26‌
0.74‌
(
0.51‌)
–‌
(
0.51‌)
10.13‌
2018
10.37‌
0.49‌
(
0.46‌)
0.03‌
(
0.48‌)
(
0.02‌)
(
0.50‌)
9.90‌
2017
10.21‌
0.48‌
0.23‌
0.71‌
(
0.46‌)
(
0.09‌)
(
0.55‌)
10.37‌
2016
10.10‌
0.49‌
0.18‌
0.67‌
(
0.47‌)
(
0.09‌)
(
0.56‌)
10.21‌
R-5
shares
2021
(b)
10.19‌
0.20‌
0.16‌
0.36‌
(
0.23‌)
–‌
(
0.23‌)
10.32‌
2020
10.18‌
0.43‌
0.04‌
0.47‌
(
0.46‌)
–‌
(
0.46‌)
10.19‌
2019
9.95‌
0.50‌
0.25‌
0.75‌
(
0.52‌)
–‌
(
0.52‌)
10.18‌
2018
10.42‌
0.50‌
(
0.45‌)
0.05‌
(
0.50‌)
(
0.02‌)
(
0.52‌)
9.95‌
2017
10.26‌
0.50‌
0.23‌
0.73‌
(
0.48‌)
(
0.09‌)
(
0.57‌)
10.42‌
2016
10.15‌
0.50‌
0.18‌
0.68‌
(
0.48‌)
(
0.09‌)
(
0.57‌)
10.26‌
R-6
shares
2021
(b)
10.24‌
0.21‌
0.16‌
0.37‌
(
0.24‌)
–‌
(
0.24‌)
10.37‌
2020
10.23‌
0.46‌
0.04‌
0.50‌
(
0.49‌)
–‌
(
0.49‌)
10.24‌
2019
9.99‌
0.53‌
0.25‌
0.78‌
(
0.54‌)
–‌
(
0.54‌)
10.23‌
2018
10.46‌
0.53‌
(
0.46‌)
0.07‌
(
0.52‌)
(
0.02‌)
(
0.54‌)
9.99‌
2017
(j)
9.91‌
0.35‌
0.53‌
0.88‌
(
0.33‌)
–‌
(
0.33‌)
10.46‌
See
accompanying
notes.
192
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
3.38‌
%
(c)
$
1,434‌
1.26‌
%
(f)
–‌
%
3.53‌
%
(f)
17.5‌
(f)
4.49‌
1,328‌
1.27‌
–‌
3.98‌
18.1‌
7.58‌
2,101‌
1.27‌
–‌
4.77‌
19.8‌
0.11‌
2,319‌
1.27‌
–‌
4.62‌
12.3‌
7.09‌
2,676‌
1.27‌
–‌
4.62‌
16.1‌
6.66‌
3,311‌
1.27‌
–‌
4.63‌
13.9‌
3.38‌
(c),(e)
1,035‌
1.07‌
(f)
–‌
3.72‌
(f)
17.5‌
(f)
4.71‌
1,031‌
1.08‌
–‌
4.16‌
18.1‌
7.80‌
1,397‌
1.08‌
–‌
4.93‌
19.8‌
0.31‌
1,284‌
1.08‌
–‌
4.82‌
12.3‌
7.30‌
1,304‌
1.08‌
–‌
4.78‌
16.1‌
6.86‌
1,395‌
1.08‌
–‌
4.89‌
13.9‌
3.53‌
(c)
3,939‌
0.95‌
(f)
–‌
3.84‌
(f)
17.5‌
(f)
4.82‌
3,526‌
0.96‌
–‌
4.29‌
18.1‌
7.89‌
3,200‌
0.96‌
–‌
5.05‌
19.8‌
0.43‌
3,023‌
0.96‌
–‌
4.92‌
12.3‌
7.40‌
3,506‌
0.96‌
–‌
4.92‌
16.1‌
7.07‌
(e)
4,216‌
0.96‌
–‌
4.93‌
13.9‌
3.54‌
(c),(e)
1,670,690‌
0.70‌
(f),(i)
–‌
4.10‌
(f)
17.5‌
(f)
5.17‌
(e)
1,518,101‌
0.71‌
(i)
–‌
4.52‌
18.1‌
8.12‌
(e)
910,863‌
0.71‌
(i)
–‌
5.32‌
19.8‌
0.69‌
1,010,227‌
0.71‌
(i)
–‌
5.21‌
12.3‌
8.98‌
(c)
520,462‌
0.71‌
(f),(i)
–‌
5.08‌
(f)
16.1‌
(f)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2021.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the contingent
deferred
sales
charge.
(e)
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.
(f)
Computed
on
an
annualized
basis.
(g)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(h)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
(i)
Reflects
Manager's
contractual
expense
limit.
(j)
Period
from
January
3,
2017,
date operations
commenced,
through
August
31,
2017.
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
193
As
a
shareholder
of
Principal
Funds,
Inc.,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
on
purchase
payments
and
contingent
deferred
sales
charges;
and
(2)
ongoing
costs,
including
management
fees;
distribution
fees;
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.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(
September
1,
2020
to
February
28,
2021
),
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.
R-1,
R-2,
R-3,
R-4,
and
R-5
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
Beginning
Account
Value
September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During
Period
September
1,
2020
 to
February
28,
2021
(a)
Beginning
Account
Value
September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During
Period
September
1,
2020
 to
February
28,
2021
(a)
Annualized
Expense
Ratio
Blue
Chip
Fund
Class
J
$
1,000.00
$
1,042.31
$
3.95
$
1,000.00
$
1,020.93
$
3.91
0.78
%
Institutional
1,000.00
1,042.97
3.24
1,000.00
1,021.62
3.21
0.64
R-3
1,000.00
1,040.77
5.67
1,000.00
1,019.24
5.61
1.12
R-4
1,000.00
1,041.68
4.71
1,000.00
1,020.18
4.66
0.93
R-5
1,000.00
1,042.01
4.10
1,000.00
1,020.78
4.06
0.81
R-6
1,000.00
1,043.47
2.79
1,000.00
1,022.07
2.76
0.55
Bond
Market
Index
Fund
Class
J
1,000.00
978.47
2.60
1,000.00
1,022.17
2.66
0.53
Institutional
1,000.00
980.45
0.69
1,000.00
1,024.10
0.70
0.14
R-1
1,000.00
976.74
5.00
1,000.00
1,019.74
5.11
1.02
R-2
1,000.00
977.05
4.36
1,000.00
1,020.38
4.46
0.89
R-3
1,000.00
977.55
3.48
1,000.00
1,021.27
3.56
0.71
R-4
1,000.00
978.89
2.55
1,000.00
1,022.22
2.61
0.52
R-5
1,000.00
979.60
1.96
1,000.00
1,022.81
2.01
0.40
Diversified
Real
Asset
Fund
Institutional
1,000.00
1,109.86
4.34
1,000.00
1,020.68
4.16
0.83
R-3
1,000.00
1,107.11
7.00
1,000.00
1,018.15
6.71
1.34
R-4
1,000.00
1,109.63
6.02
1,000.00
1,019.09
5.76
1.15
R-5
1,000.00
1,109.75
5.39
1,000.00
1,019.69
5.16
1.03
R-6
1,000.00
1,110.41
4.08
1,000.00
1,020.93
3.91
0.78
Edge
MidCap
Fund
Institutional
1,000.00
1,155.45
4.12
1,000.00
1,020.98
3.86
0.77
R-6
1,000.00
1,156.53
3.48
1,000.00
1,021.57
3.26
0.65
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
194
(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).
Actual
Hypothetical
Beginning
Account
Value
September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During
Period
September
1,
2020
 to
February
28,
2021
(a)
Beginning
Account
Value
September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During
Period
September
1,
2020
 to
February
28,
2021
(a)
Annualized
Expense
Ratio
Global
Multi-Strategy
Fund
Institutional
$
1,000.00
$
1,043.33
$
11.35
$
1,000.00
$
1,013.69
$
11.18
2.24
%
R-6
1,000.00
1,044.35
11.05
1,000.00
1,013.98
10.89
2.18
Global
Multi-Strategy
Fund
(Excluding
Dividend
and
Interest
Expense
on
Shorts)
Institutional
 1,000.00
 1,043.30
 8.31
 1,000.00
 1,016.56
 8.23
1.64 
R-6
 1,000.00
 1,044.40
 8.01
 1,000.00
 1,016.86
 7.93
1.58 
International
Equity
Index
Fund
Institutional
1,000.00
1,143.36
1.65
1,000.00
1,023.26
1.56
0.31
R-1
1,000.00
1,137.79
6.31
1,000.00
1,018.89
5.96
1.19
R-2
1,000.00
1,138.87
5.62
1,000.00
1,019.54
5.31
1.06
R-3
1,000.00
1,140.45
4.67
1,000.00
1,020.43
4.41
0.88
R-4
1,000.00
1,140.96
3.66
1,000.00
1,021.37
3.46
0.69
R-5
1,000.00
1,141.21
3.03
1,000.00
1,021.97
2.86
0.57
R-6
1,000.00
1,143.35
1.54
1,000.00
1,023.36
1.45
0.29
International
Small
Company
Fund
Institutional
1,000.00
1,143.66
6.17
1,000.00
1,019.04
5.81
1.16
R-6
1,000.00
1,142.61
5.68
1,000.00
1,019.49
5.36
1.07
Opportunistic
Municipal
Fund
Institutional
1,000.00
1,040.71
3.09
1,000.00
1,021.77
3.06
0.61
Opportunistic
Municipal
Fund
(Excluding
Interest
Expense
and
Fees)
Institutional
 1,000.00
 1,040.70
 2.83
 1,000.00
 1,021.98
 2.81
0.56 
Origin
Emerging
Markets
Fund
Institutional
1,000.00
1,190.63
6.08
1,000.00
1,019.24
5.61
1.12
R-6
1,000.00
1,190.84
5.65
1,000.00
1,019.64
5.21
1.04
Small-MidCap
Dividend
Income
Fund
Institutional
1,000.00
1,288.67
4.82
1,000.00
1,020.58
4.26
0.85
R-6
1,000.00
1,289.34
4.48
1,000.00
1,020.88
3.96
0.79
Small-MidCap
Growth
Fund
Institutional
1,000.00
1,450.90
5.04
1,000.00
1,020.68
4.16
0.83
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Class
J
1,000.00
1,034.39
5.35
1,000.00
1,019.54
5.31
1.06
Institutional
1,000.00
1,035.91
3.99
1,000.00
1,020.88
3.96
0.79
R-1
1,000.00
1,031.13
7.91
1,000.00
1,017.01
7.85
1.57
R-2
1,000.00
1,033.04
7.26
1,000.00
1,017.65
7.20
1.44
R-3
1,000.00
1,033.80
6.35
1,000.00
1,018.55
6.31
1.26
R-4
1,000.00
1,033.84
5.40
1,000.00
1,019.49
5.36
1.07
R-5
1,000.00
1,035.25
4.79
1,000.00
1,020.08
4.76
0.95
R-6
1,000.00
1,035.41
3.53
1,000.00
1,021.32
3.51
0.70
Principal
Funds,
Inc.
(unaudited)
195
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
month
of
December
2020
for
which
a
portion
is
estimated
to
be
in
excess
of
the
fund’s
current
and
accumulated
net
income.
As
of
December
2020,
the
estimated
sources
of
these
distributions
were
as
follows:
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.
December
2020
Fund
Net
Income
Realized
Gain
Capital
Sources
Bond
Market
Index
Fund
96.55%
3.45%
0.00%
Global
Multi-Strategy
Fund
25.58
0.00
74.42
International
Equity
Index
Fund
66.11
23.77
10.12
International
Small
Company
Fund
0.00
0.00
100.00
Origin
Emerging
Markets
Fund
52.67
0.00
47.33
196
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.,
Principal
Exchange-Traded
Funds,
and
Principal
Diversified
Select
Real
Asset
Fund
which
are
also
sponsored
by
Principal
Life
Insurance
Company.
Each
director
generally
holds
office
for
an
indefinite
term
until
the
director
reaches
age
72
(unless
such
mandatory
retirement
age
is
waived
by
the
Board).
Directors
considered
to
be
“interested
persons”
as
defined
in
the
Investment
Company
Act
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.
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Elizabeth
Ballantine
Director
since
2004
Chair,
Nominating
and
Governance
Committee
1948
Principal,
EBA
Associates
123
Durango
Herald,
Inc.;
McClatchy
Newspapers,
Inc.
Leroy
T.
Barnes,
Jr.
Director
since
2012
Member,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1951
Retired
123
McClatchy
Newspapers,
Inc.;
Frontier
Communications,
Inc.;
formerly,
Herbalife
Ltd.
Craig
Damos
Lead
Independent
Director
since
2020
Director
since
2008
Member,
Nominating
and
Governance
Committee
Member,
Executive
Committee
1954
President,
C.P.
Damos
Consulting
LLC
123
None
Fritz
S.
Hirsch
Director
since
2005
Member,
Operations
Committee
Chair,
15(c)
Committee
1951
Interim
CEO,
MAM
USA
February
2020
to
October
2020
123
MAM
USA
Victor
Hymes
Director
since
2020
Member,
Audit
Committee
1957
Founder
and
Managing
Member
of
Legato
Capital
Management,
LLC
123
Formerly,
Montgomery
Street
Income
Securities
Inc.
John
D.
Kenney
Director
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1965
Formerly,
Legg
Mason
Global
Asset
Management
123
Formerly:
Legg
Mason
Investment
Management
Affiliates:
Brandywine
Global;
Clarion
Partners;
ClearBridge
Investments;
Entrust
Global;
Legg
Mason
Poland;
Martin
Currie
Investment
Management;
Permal
Group
(merged
into
Entrust);
QS
Investors;
RARE
Infrastructure;
Royce
and
Associates;
and
Western
Asset
Management
Padelford
L.
Lattimer
Director
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1961
TBA
Management
Consulting
LLC
123
None
Karen
(“Karrie”)
McMillan
Director
since
2014
Chair,
Operations
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
Formerly,
Managing
Director,
Patomak
Global
Partners,
LLC
123
None
197
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.
Correspondence
intended
for
each
Director
who
is
other
than
an
Interested
Director
may
be
sent
to
655
9th
Street,
Des
Moines,
IA
50392.
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Elizabeth
A.
Nickels
Director
since
2015
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1962
Retired
123
SpartanNash;
Formerly:
Charlotte
Russe;
Follet
Corporation;
PetSmart;
Spectrum
Health
Systems
Mary
M.
(“Meg”)
VanDeWeghe
Director
since
2018
Member,
Audit
Committee
Member,
15(c)
Committee
1959
CEO
and
President,
Forte
Consulting,
Inc.
123
Helmerich
&
Payne;
Formerly:
B/E
Aerospace;
Brown
Advisory;
Denbury
Resources
Inc.;
Nalco
(and
its
successor
Ecolab);
and
WP
Carey
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Timothy
M.
Dunbar
Chair
and
Director
since
2019
Chair,
Executive
Committee
1957
President-Principal
Global
Asset
Management
(“PGAM”),
Principal
Global
Investors,
LLC
(“PGI”)
since
2018
Director,
PGI
(2018-2020)
Division
President,
Principal
Financial
Services,
Inc.
(“PFSI)
and
Principal
Life
Insurance
Company
(“PLIC”)
(2020–2021)
Executive
Vice
President
and
Chief
Investment
Officer,
PFSI
and
PLIC
(2014-2018)
Director,
Post
Advisory
Group,
LLC
(“Post”)
(2018-
2020)
Chair
and
Executive
Vice
President,
RobustWealth,
Inc.,
(2018-2020)
123
None
Patrick
G.
Halter
Member,
Executive
Committee
Director
since
2017
1959
Chair,
PGI
since
2018
Chief
Executive
Officer
and
President,
PGI
since
2018
Chief
Operating
Officer,
PGI
(2017-2018)
Senior
Executive
Director
–
Real
Estate,
PGI
and
PFSI
(2014-2016)
Director,
PGI
(2003-2018)
Chair,
CCIP,
LLC
(“CCIP”)
since
2017
Director,
Origin
Asset
Management
LLP
(2018-
2019)
President,
PGAM,
PFSI,
and
PLIC
since
2020
Director,
Post
since
2017
Chair,
Principal
Real
Estate
Investors,
LLC
(“PREI”)
since
2004
President
and
Chief
Executive
Officer,
PGI,
PREI
since
2018
Chief
Executive
Officer,
PREI
(2005-2018)
Chair,
Spectrum
Asset
Management,
Inc.
(“Spectrum”)
since
2017
123
None
198
The
following
table
presents
officers
of
the
Funds.
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Kamal
Bhatia
President
and
Chief
Executive
Officer
Des
Moines,
IA
50392
1972
Director,
PGI
since
2019
President-Principal
Funds,
PGI
since
2019
Principal
Executive
Officer,
OPC
Private
Capital
(2017-2019)
Senior
Vice
President,
OppenheimerFunds
(2011-
2019)
Director,
Principal
Financial
Advisors,
Inc.
(“PFA”)
since
2020
Director,
Principal
Funds
Distributor,
Inc.
(“PFD”)
since
2019
Senior
Executive
Director
and
Chief
Operating
Officer,
PFSI
and
PLIC
since
2020
President,
PFSI
and
PLIC
(2019-2020)
Director,
Post
since
2020
Director,
PREI
since
2020
Chair
and
Executive
Vice
President,
(Principal
Shareholder
Services,
Inc.
(“PSS’)
since
2019
Randy
D.
Bolin
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1961
Vice
President
and
Associate
General
Counsel,
PGI
since
2016
Assistant
General
Counsel,
PGI
(2007–2016)
Vice
President
and
Associate
General
Counsel,
PFSI
since
2013
Vice
President
and
Associate
General
Counsel,
PLIC
since
2013
Tracy
W.
Bollin
Chief
Financial
Officer
Des
Moines,
IA
50392
1970
Managing
Director,
PGI
since
2016
Senior
Vice
President,
PFD
since
2016
Senior
Vice
President
and
Chief
Financial
Officer,
PFD
(2015-2016)
Chief
Operating
Officer
and
Senior
Vice
President,
Principal
Management
Corporation,
now
PGI
(“PMC”)
(2015-2017)
Director,
PMC
(2014–2017)
Director,
PSS
since
2014
President,
PSS
since
2015
Gina
L.
Graham
Treasurer
Des
Moines,
IA
50392
1965
Vice
President
and
Treasurer,
PGI
since
2016
Vice
President
and
Treasurer,
CCIP
since
2020
Vice
President
and
Treasurer,
PFA
since
2016
Vice
President
and
Treasurer,
PFD
since
2016
Vice
President
and
Treasurer,
PFSI
since
2016
Vice
President
and
Chief
Financial
Officer
–
Principal
International,
PFSI
(2010-2016)
Vice
President
and
Treasurer,
PLIC
since
2016
Vice
President
and
Chief
Financial
Officer
–
Principal
International,
PLIC
(2010-2016)
Vice
President
and
Treasurer,
PMC
(2016-2017)
Vice
President
and
Treasurer,
PREI
since
2017
Vice
President
and
Treasurer,
Principal
Securities,
Inc.
(“PSI”)
since
2016
Vice
President
and
Treasurer,
PSS
since
2016
Vice
President
and
Treasurer,
RobustWealth,
Inc.
since
2018
Laura
B.
Latham
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1986
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2018
Prior
thereto,
Attorney
in
Private
Practice
Diane
K.
Nelson
AML
Officer
Des
Moines,
IA
50392
1965
Chief
Compliance
Officer/AML
Officer,
PSS
since
2015
Sara
L.
Reece
Vice
President
and
Controller
Des
Moines,
IA
50392
1975
Director
-
Accounting,
PLIC
since
2015
199
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Teri
R.
Root
Chief
Compliance
Officer
Des
Moines,
IA
50392
1979
Chief
Compliance
Officer
–
Funds,
PGI
since
2018
Interim
Chief
Compliance
Officer
(2018)
Deputy
Chief
Compliance
Officer,
PGI
(2015-2018)
Vice
President
and
Chief
Compliance
Officer,
PMC
(2015–2017)
Vice
President,
PSS
since
2015
Britney
L.
Schnathorst
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1981
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2013
Adam
U.
Shaikh
Assistant
Counsel
Des
Moines,
IA
50392
1972
Assistant
General
Counsel,
PGI
since
2018
Counsel,
PGI
(2017-2018)
Counsel,
PLIC
since
2006
Counsel,
PMC
(2007-2017)
John
L.
Sullivan
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1970
Counsel,
PGI
since
2020
Counsel,
PLIC
since
2019
Prior
thereto,
Attorney
in
Private
Practice
Dan
L.
Westholm
Assistant
Treasurer
Des
Moines,
IA
50392
1966
Assistant
Vice
President
and
Treasurer,
PGI
since
2017
Assistant
Vice
President-Treasury,
PFA
since
2013
Assistant
Vice
President-Treasury,
PFD
since
2013
Assistant
Vice
President-Treasury,
PLIC
since
2014
Assistant
Vice
President-Treasury,
PMC
(2013-
2017)
Assistant
Vice
President-Treasury,
PSI
since
2013
Assistant
Vice
President-Treasury,
PSS
since
2013
Beth
C.
Wilson
Vice
President
and
Secretary
Des
Moines,
IA
50392
1956
Director
and
Secretary
–
Funds,
PLIC
since
2007
Clint
L.
Woods
Vice
President,
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1961
Of
Counsel
(2017-2018)
Vice
President
(2016-2017)
Counsel
(2015-2017)
Vice
President,
Associate
General
Counsel
and
Secretary,
PGI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary,
PGI
(2018-2020)
Vice
President,
Associate
General
Counsel
and
Secretary,
CCIP
since
2020
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PFA
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PFD
since
2019
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PLIC
since
2015
Secretary,
Post
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Secretary,
PREI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PREI
(2020)
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PSI
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PSS
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary,
RobustWealth,
Inc.
since
2019
Secretary,
Spectrum
since
2020
200
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.
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
December
31,
2020
and
as
supplemented,
and
the
Statement
of
Additional
Information
dated
December
31,
2020
and
as
supplemented.
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.
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Jared
A.
Yepsen
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Counsel,
PGI
(2017-2019)
Counsel,
PLIC
since
2015
201
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
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
reports
are available
on the
Commission’s
website
at
www.
sec.gov and
www.PrincipalFunds.com.
202
BOARD
CONSIDERATION
OF
INVESTMENT
ADVISORY
CONTRACTS
During
the
period
covered
by
this
report,
the
Board
of
Directors
of
Principal
Funds,
Inc.
(“PFI”)
approved
the
annual
review
and
renewal
of
the
Management
Agreement
and
various
sub-advisory
agreements
for
all
Funds.
Annual
Review
and
Renewal
of
Management
Agreement
and
Sub-Advisory
Agreements
At
its
September
15,
2020
meeting,
the
Board
performed
its
annual
review
and
renewal
process
relating
to
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
all
Funds.
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
the
Board,
including
a
majority
of
the
Directors
who
have
no
direct
or
indirect
interest
in
the
investment
advisory
agreements
and
who
are
not
“interested
persons”
of
PFI,
as
defined
in
the
1940
Act
(the
“Board”),
annually
to
review
and
to
consider
the
continuation
of:
(1)
the
Management
Agreement
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
PFI,
on
behalf
of
each
of
the
thirteen
(13)
series
of
PFI
(each
series
is
referred
to
as
a
“Fund”)
(2)
the
Sub-Advisory
Agreements
between
the
Manager
and
each
of
BlackRock
Financial
Management,
Inc.;
BlackRock
International
Limited;
ClearBridge
RARE
Infrastructure
(North
America)
Pty
Limited;
Credit
Suisse
Asset
Management,
LLC;
Delaware
Investments
Fund
Advisers;
Gotham
Asset
Management,
LLC;
Graham
Capital
Management,
L.P.;
KLS
Diversified
Asset
Management
LP;
Loomis,
Sayles
&
Company,
L.P.;
Los
Angeles
Capital
Management
and
Equity
Research,
Inc.;
Mellon
Investments
Corporation;
Nuveen
Asset
Management
LLC;
Origin
Asset
Management
LLP;
Pictet
Asset
Management
SA;
Principal
Real
Estate
Investors,
LLC;
Sound
Point
Capital
Management,
LP;
Spectrum
Asset
Management,
Inc.;
Wellington
Management
Company
LLP;
and
York
Registered
Holdings,
L.P.
(collectively,
the
“Sub-Advisors”).
The
Management
Agreement
and
the
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements.”
The
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
continuation
of
the
Advisory
Agreements.
In
evaluating
the
Advisory
Agreements,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose,
including,
among
other
information,
information
regarding
performance,
advisory
fees,
total
expenses,
profitability
from
the
Advisory
Agreements
to
the
Manager
and
information
about
economies
of
scale.
The
Board
reviewed
the
materials
provided
and
concluded
that
it
was
provided
all
information
reasonably
necessary
to
evaluate
the
Advisory
Agreements.
Management
Agreement
The
Board
considered,
among
other
factors,
that
the
Manager,
that
the
Manager
and
its
affiliates
have
demonstrated
a
long-term
commitment
to
support
the
Funds,
including
undertakings
to
cap
Fund
expenses
and/or
waive
management
fees
for
certain
Funds.
The
Board
concluded
that
a
relationship
with
a
capable
and
conscientious
investment
adviser
is
in
the
best
interests
of
each
Fund.
In
addition,
the
Board
considered
various
factors,
including
the
following
factors
for
each
of
the
Funds.
Nature,
Extent
and
Quality
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
the
Management
Agreement,
including
accounting
and
administrative
services,
as
applicable.
The
Board
considered
the
experience
and
skills
of
senior
management
leading
Fund
operations,
the
experience
and
skills
of
the
personnel
performing
the
functions
under
the
Management
Agreement
and
the
resources
made
available
to
such
personnel,
the
ability
of
the
Manager
to
attract
and
retain
high-quality
personnel
and
the
organizational
depth
and
stability
of
the
Manager.
The
Board
concluded
that
appropriate
resources
were
provided
under
the
Management
Agreement.
The
Board
also
considered
that
for
certain
Funds,
during
the
periods
reviewed,
the
Manager
had
delegated
day-to-day
portfolio
management
responsibility
to
the
Sub-Advisors.
The
Board
noted
that
the
Manager’s
process
for
the
selection
of
sub-advisors
emphasizes
the
selection
of
Principal-affiliated
sub-advisors
that
are
determined
to
be
qualified
under
the
Manager’s
due
diligence
process,
but
that
the
Manager
will
select
an
unaffiliated
sub-advisor
to
manage
all
or
a
portion
of
a
Fund’s
investment
portfolio
when
deemed
necessary
or
appropriate
based
upon
a
consideration
of
the
Fund’s
investment
mandate
and
available
expertise
and
resources
within
the
Principal
organization.
With
respect
to
Funds
with
unaffiliated
sub-
advisors,
the
Board
considered
the
due
diligence
process
developed
by
the
Manager
for
purposes
of
selecting
a
qualified
unaffiliated
sub-advisor
for
a
Fund.
The
Board
considered
the
Manager’s
due
diligence
process
for
monitoring
and
replacing
Sub-
Advisors
and
for
monitoring
the
investment
performance
of
the
Manager.
The
Board
also
considered
the
compliance
program
established
by
the
Manager
for
the
Funds,
the
quality
of
that
program
and
the
Funds’
compliance
history.
The
Board
noted
that
they
had
previously
reviewed
information
regarding
the
cost
and
quality
of
Fund
portfolio
transactions,
including
best
execution
and
soft
dollar
reports
and
information
regarding
the
research
payment
accounts
for
applicable
Funds,
and
included
this
information
in
their
consideration
of
the
renewal
of
the
Advisory
Agreements.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Manager
to
the
Funds
under
the
Management
Agreement
were
satisfactory.
Investment
Performance
The
Board
reviewed
each
Fund’s
investment
performance
over
longer-term
periods,
reviewing
both
the
investment
return
during
the
three-
year
period
ended
March
31,
2020
and
the
blended
investment
return
(50%/50%)
of
the
three-
and
five-year
periods
ended
March
31,
2020,
and
compared
those
returns
to
various
agreed-upon
performance
measures
for
all
Funds.
For
Funds
or
Subadvisors
that
did
not
have
a
five-year
performance
history,
the
Board
reviewed
performance
for
a
three-year
period
ended
March
31,
2020,
if
available.
For
Funds
or
Subadvisors
that
did
not
have
a
three-year
performance
history,
the
Board
reviewed
performance
203
for
a
one-year
period
ended
March
31,
2020,
if
available.
The
Board
also
compared
each
Fund’s
investment
performance
over
the
one-,
three-
and
five-year
periods
ended
March
31,
2020,
as
available,
to
one
or
more
relevant
benchmark
indices.
The
Board
noted
that
certain
Funds
had
commenced
operations
recently
and,
accordingly,
no
or
limited
performance
information
was
considered.
The
Board
also
considered
whether
investment
results
were
consistent
with
a
Fund’s
investment
objective(s)
and
policies.
For
most
Funds,
the
Board
concluded
that
the
Fund’s
investment
returns
met
acceptable
levels
of
investment
performance.
There
were
certain
Funds,
and
certain
Subadvisors
for
multi-
manager
Funds,
that
had
not
attained
during
the
relevant
period(s)
a
level
of
investment
performance
considered
satisfactory
by
the
Board.
For
such
Funds,
the
Board
also
considered
other
factors,
such
as
the
longer-term
performance
of
each
such
Fund
or
Subadvisor,
remedial
efforts
being
undertaken
to
improve
performance
and/or
the
Manager’s
explanation
for
the
performance
of
such
Fund
or
Subadvisor.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds
and
all
Subadvisors,
for
which
they
receive
regular
reporting,
and
concluded
that
the
Manager
has
in
place
an
effective
due
diligence
process
to
monitor
investment
performance,
to
encourage
remedial
action
and
to
make
changes
in
the
Subadvisors
at
the
appropriate
time,
if
necessary.
Investment
Management
Fees
The
Board
considered
each
Fund’s
management
fee
rate.
For
each
Fund,
the
Board
received
certain
information
from
Broadridge.
The
Board
received
information
comparing
each
Fund’s
(1)
effective
contractual
management
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels,
(2)
effective
net
management
fee
rate
(after
any
fee
waivers)
at
average
fiscal-year
asset
levels,
(3)
actual
non-management
expense
rate
at
average
fiscal-year
asset
levels,
and
(4)
total
net
expense
ratio
(including,
as
applicable,
acquired
fund
fees
and
expenses
and
after
any
expense
caps
or
fee
waivers)
at
average
fiscal-year
asset
levels
for
Institutional
Class
shares
for
each
Fund,
except
for
the
Capital
Securities
Fund
as
described
below,
to
investment
advisory
fee
rates,
non-management
expense
rates
and
expense
ratios
of
funds
in
a
peer
group
selected
by
Broadridge
(“Expense
Group”),
and,
if
available,
a
broad-based,
industry
category
defined
by
Broadridge
(“Expense
Universe”).
For
the
Capital
Securities
Fund,
the
Board
considered
that
the
Fund
does
not
pay
a
management
fee
or
any
other
Fund-level
expenses
and
therefore
did
not
consider
comparative
fee
and
expense
information.
In
evaluating
the
effective
management
fee
rates,
the
Board
considered
a
variety
of
factors,
including
the
effective
fee
rates,
breakpoints,
comparisons
to
fee
rates
of
peer
group
funds
and
other
funds
and
non-fund
accounts
managed
by
the
Manager,
sub-advisory
fee
rates
paid,
services
provided,
investment
performance,
total
net
expense
ratios,
profitability,
the
existence
and
sharing
of
economies
of
scale,
fall-
out
benefits
and
expense
caps
and
fee
waivers.
The
Board
considered
the
impact
of
changes
in
sub-advisory
fee
rates
put
into
effect
since
September
2019.The
Board
considered
that
certain
Funds
with
similar
investment
strategies
and
policies
have
different
management
fee
schedules
and
noted
the
reasons
cited
by
the
Manager
for
the
differing
fee
rates.
For
most
Funds,
effective
net
management
fee
rates
were
within
the
third
quartile
or
better
when
compared
to
their
Expense
Group.
For
some
Funds,
although
effective
net
management
fee
rates
were
higher
than
the
third
quartile,
total
net
expense
ratios
were
within
the
third
quartile
or
better.
The
Board
also
considered
the
expense
caps
and
fee
waivers
that
would
be
in
place
with
respect
to
certain
Funds
and
share
classes.
With
regard
to
each
of
the
Spectrum
Preferred
and
Capital
Securities
Fund,
the
Board
accepted
management’s
proposal
to
amend
the
Management
Agreement
for
the
Fund
to
add
a
new
breakpoint
to
the
management
fee
schedule
and
considered
this
new
breakpoint
in
concluding
that
the
Management
Agreement,
as
amended,
should
be
renewed.
With
regard
to
the
Global
Multi-Strategy
Fund,
which
is
permitted
to
invest
in
unaffiliated
exchange-traded
funds
in
excess
of
the
limits
set
forth
in
Section
12(d)(1)
of
the
Investment
Company
Act
of
1940,
as
amended,
in
accordance
with
exemptive
orders
issued
to
such
exchange-
traded
funds
and
procedures
previously
adopted
by
the
Board,
the
Board
considered
information
provided
by
the
Manager
relating
to
the
non-duplicative
nature
of
the
Fund’s
management
fees
and
found
that
the
management
fees
charged
by
the
Manager
under
the
Management
Agreement
for
the
Fund
are
for
services
provided
in
addition
to,
and
are
not
duplicative
of,
services
provided
under
the
investment
advisory
contract(s)
of
the
exchange-traded
funds
in
which
the
Fund
may
invest.
Profitability
The
Board
reviewed
detailed
information
regarding
revenues
the
Manager
received
under
the
Management
Agreement
and
the
estimated
direct
and
indirect
costs
incurred
in
providing
to
each
Fund
the
services
described
in
the
Management
Agreement
for
the
year
ended
December
31,
2019.
The
Board
also
considered
the
returns
on
revenue
generated
in
connection
with
the
payment
of
sub-advisory
fees
to
affiliated
Sub-
Advisors
(Origin
Asset
Management
LLP,
Principal
Real
Estate
Investors
LLC
and
Spectrum
Asset
Management,
Inc.)
and
the
aggregated
return
on
revenue
to
the
Manager
and
its
affiliates
for
the
year
ended
December
31,
2019.
The
Board
concluded
that,
for
each
Fund,
the
profitability
to
the
Manager
of
the
Management
Agreement
was
reasonable.
Economies
of
Scale
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
management
of
each
Fund
and
whether
the
Funds
benefit
from
any
such
economies
of
scale.
The
Board
considered
the
Manager’s
biennial
breakpoint
study
that
was
received
by
the
Board
in
March
2020
and
the
Manager’s
representation
that
Funds
are
initially
priced
as
though
the
Fund
had
reached
scale,
reflecting
a
sharing
of
economies
of
scale.
The
Board
then
reviewed
the
levels
at
which
breakpoints
occur,
the
incremental
declines
in
management
fee
rates
at
each
breakpoint
and
the
amount
of
fee
reductions
that
had
been
provided
to
shareholders
as
a
result
of
these
breakpoints.
The
Board
considered
cost
saving
passed
along
to
the
Funds
as
a
result
of
certain
expense
caps
and
fee
waivers.
The
Board
considered
whether
the
effective
management
fee
rate
for
each
Fund
under
the
Management
Agreement
is
reasonable
in
relation
to
the
asset
size
of
such
Fund.
The
Board
also
noted
204
management’s
explanation
of
efficiencies
in
the
Manager’s
cost
structure.
The
Board
concluded
that
the
fee
schedule
for
each
Fund,
taking
into
account
the
proposed
amendments
described
above,
reflects
an
appropriate
level
of
sharing
of
any
economies
of
scale.
The
Board
noted
that
the
Capital
Securities
Fund
does
not
pay
management
fees,
although
shareholders
pay
a
separately
managed
account-
level
fee
that
covers,
among
other
things,
the
expenses
of
the
Fund’s
Sub-Advisor.
The
Board
also
noted
that
the
management
fee
schedules
for
the
Bond
Market
Index
Fund
and
the
International
Equity
Index
Fund
do
not
include
breakpoints,
but
each
such
Fund
has
a
relatively
low
management
fee
rate
(25
basis
points
or
less)
on
all
Fund
assets.
Considering
all
relevant
factors,
including
the
level
of
the
fee,
the
Board
determined
that
no
breakpoints
were
necessary
at
this
time.
Other
Benefits
to
Manager
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
the
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
The
Board
noted
that
the
Manager
uses
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services.
The
Board
concluded
that
the
incidental
benefits
received
by
the
Manager
and
its
affiliates
were
appropriate.
Sub-Advisory
Agreements
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
each
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
investment
personnel
responsible
for
the
day-to-day
management
of
each
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
also
considered
the
Sub-Advisors’
compliance
with
investment
policies
and
general
legal
compliance.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisors
to
the
sub-advised
Funds
under
the
Sub-Advisory
Agreements
are
satisfactory.
Investment
Performance
As
to
each
sub-advised
Fund,
the
Manager
had
advised
the
Board
that
the
investment
services
delivered
by
each
Sub-Advisor
to
the
Fund
were
reasonable.
Based
upon
all
relevant
factors,
the
Board
concluded
that
each
Sub-Advisor
is
qualified
and
that
either:
(1)
the
investment
performance
of
the
Sub-Advisor
met
acceptable
levels
of
investment
performance;
or
(2)
although
the
Fund
experienced
underperformance
from
the
applicable
Sub-Advisor,
based
upon
that
Fund’s
particular
circumstances
or
in
light
of
remedial
efforts
being
taken
to
improve
performance,
as
applicable,
it
was
in
the
best
interests
of
the
Fund
to
continue
to
closely
monitor
performance
and
to
renew
the
Sub-Advisory
Agreement.
In
each
case
involving
underperformance,
the
Board
concluded
that
the
Manager
was
providing
effective
monitoring.
Fees,
Economies
of
Scale
and
Profitability
For
each
sub-advised
Fund,
the
Board
considered
the
sub-advisory
fee
rates,
noting
that
the
Manager
compensates
each
Sub-Advisor
from
its
own
management
fee,
so
that
shareholders
pay
only
the
management
fee.
For
each
sub-advised
Fund,
the
Board
received
certain
information
from
Broadridge
comparing
each
such
Fund’s
sub-advisory
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels
to
sub-advisory
fee
rates
of
sub-advised
funds
in
the
Expense
Group
and,
if
available,
the
Expense
Universe.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
provided
to
each
sub-advised
Fund
and,
if
so,
whether
the
sub-advisory
fees
reflect
such
economies
of
scale
through
breakpoints
in
fee
schedules
or
whether
the
sub-advisory
fee
schedule
is
otherwise
appropriate
at
current
asset
levels.
In
addition,
in
evaluating
the
subadvisory
fee
rates
and
the
factor
of
profitability,
with
respect
to
unaffiliated
Sub-Advisors,
the
Board
considered
that
the
sub-advisory
fee
rate
was
negotiated
at
arm’s
length
between
the
Manager
and
the
Sub-Advisor.
The
Board
considered
the
profitability
of
the
affiliated
SubAdvisors
in
conjunction
with
their
review
of
the
profitability
of
the
Manager.
Other
Benefits
to
Sub-Advisors
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
each
Sub-Advisor
when
evaluating
the
sub-
advisory
fees.
The
Board
considered
as
a
part
of
this
analysis
each
Sub-Advisor’s
brokerage
practices,
soft
dollar
practices
and
use
of
research
payment
accounts.
The
Board
concluded
that
the
incidental
benefits
received
by
each
Sub-Advisor
were
appropriate.
Special
Circumstances
For
certain
Funds,
in
reaching
the
conclusion
that
the
Sub-Advisory
Agreements
should
be
renewed,
the
Board
included
within
their
considerations
certain
actions
previously
taken
by
the
Board.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
each
Advisory
Agreement,
including
the
fee
rate
payable
thereunder,
continue
to
be
fair
and
reasonable
and
that
the
continuation
of
each
Advisory
Agreement,
with
the
actions
proposed
by
the
Manager,
is
in
the
best
interests
of
each
Fund.
Principal
Funds
Distributor,
Inc.
711
High
Street
Des
Moines,
IA
50392-6370
Do
not
use
this
address
for
business
correspondence
principalfunds.com
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.
Principal,
Principal
and
symbol
design,
and
Principal
Financial
Group
are
trademarks
and
services
marks
of
Principal
Financial
Services,
Inc.,
a
member
of
the
Principal
Financial
Group
company.
©
2021
Principal
Financial
Services,
Inc.
|
FV675-11
|
02/2021
|
1517532
Principal
Funds:
Equity
&
Fixed-Income
Funds
Class
A
&
C
Shares
Semiannual
Report
February
28,
2021
Beginning
on
January
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.
Sign
up
for
eDelivery!
Safe,
secure
and
ready
when
you
are,
sign
up
for
eDelivery
today.
Visit
PrincipalFunds.com
>
Note:
If
your
shares
are
not
held
directly
with
Principal
Funds
but
through
a
brokerage
firm,
please
contact
your
broker
for
electronic
delivery
options
available.
Rev.
01/2020
EE11865PFI-03
FACTS
WHAT
DOES
PRINCIPAL
FUNDS
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
•
Social
Security
number
and
income
•
Assets
and
transaction
history
•
Account
transactions
and
account
balances
When
you
are
no
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
Principal
Funds
chooses
to
share;
and
whether
you
can
limit
this
sharing.
REASONS
WE
CAN
SHARE
YOUR
PERSONAL
INFORMATION
DOES
PRINCIPAL
FUNDS
SHARE?
CAN
YOU
LIMIT
THIS
SHARING?
For
our
everyday
business
purposes
—such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—to
offer
our
products
and
services
to
you
Yes
No
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
affiliates’
everyday
business
purposes
—
information
about
your
transactions
and
experiences
Yes
No
For
our
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
No
We
don’t
share
For
nonaffiliates
to
market
to
you
No
We
don’t
share
Questions?
Call
1-800-222-5852
or
go
to
www.principalfunds.com/customer-support/contact-us
Page
2
EE11865PFI-03
|
01/2020
Who
we
are
Who
is
providing
this
notice?
Principal
Funds
includes
Principal
Funds,
Inc.,
Principal
Funds
Distributor,
Inc.,
and
Principal
Diversified
Select
Real
Asset
Fund.
What
we
do
How
does
Principal
Funds
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Principal
Funds
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
•
Open
an
account
or
seek
advice
about
your
investments
•
Direct
us
to
buy
securities
or
make
deposits,
or
withdrawals
from
your
account
•
Give
us
your
contact
information
or
show
your
government
issued
ID
We
also
collect
your
personal
information
from
others,
such
as
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
•
sharing
for
affiliates’
everyday
business
purposes—information
about
your
creditworthiness
•
affiliates
from
using
your
information
to
market
to
you
•
sharing
for
nonaffiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
Definitions
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Our
affiliates
include
companies
of
Principal
Financial
Group
®
Nonaffiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Principal
Funds
does
not
share
with
nonaffiliates
so
they
can
market
to
you.
Joint
marketing
A
formal
agreement
between
nonaffiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
•
Principal
Funds
does
not
jointly
market.
Other
important
information
This
Privacy
Notice
governs
information
that
you
provide
to
Principal
(or
that
we
otherwise
receive)
when
you
apply
for
or
receive
a
product
or
service
used
primarily
for
personal,
family
or
household
purposes.
We
may
collect
additional
information
depending
on
the
nature
of
your
relationship
with
Principal
or
if
you
interact
with
us
through
our
website
or
other
digital
technologies.
Details
about
how
we
protect
and
use
this
additional
information,
including
information
about
your
privacy
rights
under
California
law
such
as
the
California
Consumer
Privacy
Act,
are
available
online
at
www.principal.com/privacy-policies
.
If
you
do
not
have
access
to
www.principal.com/privacy-policies,
please
contact
us
at
1-800-986-3343
to
have
a
copy
mailed
to
you.
Table
of
Contents
Not
FDIC
or
NCUA
insured
May
lose
value
•
Not
a
deposit
•
No
bank
or
credit
union
guarantee
Not
insured
by
any
Federal
government
agency
Financial
Statements
1
Notes
to
Financial
Statements
20
Schedules
of
Investments
47
Financial
Highlights
(includes
performance
information)
127
Shareholder
Expense
Example
137
Supplemental
Information
139
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
1
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Blue
Chip
Fund
Diversified
Real
Asset
Fund
(a)
Edge
MidCap
Fund
Investment
in
securities--at
cost
..........................................................
$
5,879,617‌
$
3,100,307‌
$
721,385‌
Investment
in
affiliated
Funds--at
cost
...................................................
$
2‌
$
111,654‌
$
20,851‌
Foreign
currency--at
cost
..................................................................
$
–‌
$
1,381‌
$
944‌
Assets
Investment
in
securities--at
value 
..........................................................
$
8,814,407‌
$
3,341,470‌
(b)
$
943,228‌
Investment
in
affiliated
Funds--at
value
....................................................
2‌
111,654‌
20,851‌
Foreign
currency--at
value
..................................................................
–‌
1,551‌
943‌
Cash
.........................................................................................
–‌
7,992‌
–‌
Deposits
with
counterparty
..................................................................
–‌
2,960‌
–‌
Receivables:
Dividends
and
interest
.................................................................
4,846‌
5,998‌
1,257‌
Expense
reimbursement
from
Manager
...............................................
280‌
197‌
41‌
Expense
reimbursement
from
Distributor
.............................................
2‌
–‌
–‌
Foreign
currency
contracts
...........................................................
–‌
696‌
–‌
Fund
shares
sold
.......................................................................
19,547‌
9,665‌
446‌
Investment
securities
sold
.............................................................
78,006‌
45,652‌
829‌
OTC
swap
agreements--at
value
(premiums
paid
$
0
,
$
0
and
$
0
)
.....................
–‌
16,469‌
–‌
Unrealized
gain
on
unfunded
loan
commitments
.....................................
–‌
993‌
–‌
Variation
margin
on
futures
...........................................................
–‌
6,078‌
–‌
Variation
margin
on
swaps
............................................................
–‌
345‌
–‌
Prepaid
expenses
............................................................................
–‌
–‌
8‌
Total
Assets  
8,917,090‌
3,551,720‌
967,603‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
4,136‌
2,139‌
519‌
Accrued
administrative
service
fees
........................................................
1‌
–‌
–‌
Accrued
distribution
fees
....................................................................
429‌
11‌
3‌
Accrued
service
fees
........................................................................
5‌
–‌
–‌
Accrued
transfer
agent
fees
.................................................................
425‌
442‌
22‌
Accrued
chief
compliance
officer
fees
......................................................
–‌
1‌
–‌
Accrued
directors'
expenses
.................................................................
6‌
5‌
1‌
Accrued
professional
fees
...................................................................
29‌
110‌
21‌
Accrued
other
expenses
.....................................................................
183‌
220‌
–‌
Deposits
from
counterparty
.................................................................
–‌
230‌
–‌
Payables:
Borrowing
.............................................................................
52,935‌
–‌
–‌
Foreign
currency
contracts
............................................................
–‌
720‌
–‌
Fund
shares
redeemed
.................................................................
13,245‌
3,249‌
522‌
Investment
securities
purchased
......................................................
24,970‌
67,684‌
1,887‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
3,079
and
$
0
)
...
–‌
4,159‌
–‌
OTC
swap
agreements--at
value
(premiums
received
$
0
,
$
0
and
$
0
)
................
–‌
2‌
–‌
Variation
margin
on
futures
...........................................................
–‌
8,270‌
–‌
Variation
margin
on
swaps
............................................................
–‌
417‌
–‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–‌
13,231‌
–‌
Total
Liabilities  
96,364‌
100,890‌
2,975‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
8,820,726‌
$
3,450,830‌
$
964,628‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
5,572,889‌
$
3,358,801‌
$
737,985‌
Total
distributable
earnings
(accumulated
loss)
.............................................
3,247,837‌
92,029‌
226,643‌
Total
Net
Assets 
$
8,820,726‌
$
3,450,830‌
$
964,628‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
2
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Blue
Chip
Fund
Diversified
Real
Asset
Fund
(a)
Edge
MidCap
Fund
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
1,300,000‌
1,875,000‌
300,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
705,835‌
$
63,111‌
$
16,400‌
Shares
Issued
and
Outstanding
........................................................
20,711‌
5,122‌
1,009‌
Net
Asset
Value
per
share
.............................................................
$
34
.08‌
(c)
$
12
.32‌
(c)
$
16
.25‌
(c)
Maximum
Offering
Price
.............................................................
$
36
.06‌
$
12
.80‌
$
17
.20‌
Class
C
:
Net
Assets
..........................................................................
$
342,279‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
10,680‌
Net
Asset
Value
per
share
.............................................................
$
32
.05‌
(c)
Class
J
:
Net
Assets
..........................................................................
$
163,414‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
4,728‌
Net
Asset
Value
per
share
.............................................................
$
34
.56‌
(c)
Institutional
:
Net
Assets
.....................................................................
$
2,667,443‌
$
2,284,549‌
$
103,535‌
Shares
Issued
and
Outstanding
........................................................
76,719‌
185,668‌
6,346‌
Net
Asset
Value
per
share
.............................................................
$
34
.77‌
$
12
.30‌
$
16
.31‌
R-3
:
Net
Assets
..............................................................................
$
8,222‌
$
205‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
242‌
17‌
Net
Asset
Value
per
share
.............................................................
$
34
.05‌
$
12
.24‌
R-4
:
Net
Assets
..............................................................................
$
5,229‌
$
13‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
152‌
1‌
Net
Asset
Value
per
share
.............................................................
$
34
.32‌
$
12
.30‌
R-5
:
Net
Assets
..............................................................................
$
13,133‌
$
60‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
380‌
5‌
Net
Asset
Value
per
share
.............................................................
$
34
.55‌
$
12
.29‌
R-6
:
Net
Assets
..............................................................................
$
4,915,171‌
$
1,102,892‌
$
844,693‌
Shares
Issued
and
Outstanding
........................................................
141,006‌
89,642‌
51,602‌
Net
Asset
Value
per
share
.............................................................
$
34
.86‌
$
12
.30‌
$
16
.37‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(c)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
3
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Global
Multi-Strategy
Fund
(a)
Opportunistic
Municipal
Fund
Origin
Emerging
Markets
Fund
Investment
in
securities--at
cost
..........................................................
$
544,556‌
$
139,761‌
$
2,897,471‌
Investment
in
affiliated
Funds--at
cost
...................................................
$
107,191‌
$
–‌
$
102,525‌
Repurchase
agreements--at
cost
..........................................................
$
96,248‌
$
–‌
$
–‌
Foreign
currency--at
cost
..................................................................
$
1,705‌
$
–‌
$
22,201‌
Assets
Investment
in
securities--at
value 
..........................................................
$
576,751‌
$
146,260‌
$
3,387,259‌
Investment
in
affiliated
Funds--at
value
....................................................
107,191‌
–‌
102,525‌
Repurchase
agreements--at
value
...........................................................
96,248‌
–‌
–‌
Foreign
currency--at
value
..................................................................
1,688‌
–‌
22,125‌
Cash
.........................................................................................
1,079‌
1,316‌
–‌
Deposits
with
counterparty
..................................................................
73,279‌
–‌
–‌
Receivables:
Dividends
and
interest
.................................................................
3,333‌
1,608‌
4,152‌
Expense
reimbursement
from
Manager
...............................................
60‌
9‌
1‌
Foreign
currency
contracts
...........................................................
6,698‌
–‌
–‌
Fund
shares
sold
.......................................................................
540‌
456‌
2,279‌
Investment
securities
sold
.............................................................
69,595‌
800‌
22,162‌
OTC
swap
agreements--at
value
(premiums
paid
$
301
,
$
0
and
$
0
)
..................
574‌
–‌
–‌
Variation
margin
on
futures
...........................................................
1,742‌
–‌
–‌
Variation
margin
on
swaps
............................................................
252‌
–‌
–‌
Prepaid
transfer
agent
fees
..................................................................
–‌
–‌
4‌
Total
Assets  
939,030‌
150,449‌
3,540,507‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
670‌
56‌
2,662‌
Accrued
distribution
fees
....................................................................
6‌
10‌
2‌
Accrued
transfer
agent
fees
.................................................................
88‌
27‌
2‌
Accrued
directors'
expenses
.................................................................
2‌
1‌
1‌
Accrued
professional
fees
...................................................................
141‌
26‌
26‌
Accrued
foreign
tax
.........................................................................
–‌
–‌
2,205‌
Accrued
other
expenses
.....................................................................
156‌
5‌
6‌
Payables:
Dividends
payable
.....................................................................
–‌
386‌
–‌
Dividends
and
interest
on
securities
sold
short
.......................................
240‌
–‌
–‌
Foreign
currency
contracts
............................................................
6,143‌
–‌
–‌
Fund
shares
redeemed
.................................................................
2,415‌
211‌
436‌
Interest
expense
and
fees
payable
.....................................................
–‌
18‌
–‌
Investment
securities
purchased
......................................................
69,138‌
–‌
73,964‌
Options
and
swaptions
contracts
written
 (premiums
received
$
754
,
$
0
and
$
0
)
.....
672‌
–‌
–‌
Reverse
repurchase
agreements
.......................................................
150,668‌
–‌
–‌
Short
sales
(proceeds
received
$
156,116
,
$
0
and
$
0
)
.................................
166,059‌
–‌
–‌
OTC
swap
agreements--at
value
(premiums
received/(paid)
$
(
89
)
,
$
0
and
$
0
)
......
453‌
–‌
–‌
Unrealized
loss
on
unfunded
loan
commitments
......................................
33‌
–‌
–‌
Variation
margin
on
futures
...........................................................
1,313‌
–‌
–‌
Variation
margin
on
swaps
............................................................
143‌
–‌
–‌
Floating
rate
notes
issued
...................................................................
–‌
7,691‌
–‌
Total
Liabilities  
398,340‌
8,431‌
79,304‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
540,690‌
$
142,018‌
$
3,461,203‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
529,399‌
$
136,762‌
$
2,945,835‌
Total
distributable
earnings
(accumulated
loss)
.............................................
11,291‌
5,256‌
515,368‌
Total
Net
Assets 
$
540,690‌
$
142,018‌
$
3,461,203‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
1,750,000‌
300,000‌
550,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
41,866‌
$
51,590‌
$
8,487‌
Shares
Issued
and
Outstanding
........................................................
3,714‌
4,601‌
580‌
Net
Asset
Value
per
share
.............................................................
$
11
.27‌
(b)
$
11
.21‌
(b)
$
14
.63‌
(b)
Maximum
Offering
Price
.............................................................
$
11
.71‌
$
11
.65‌
$
15
.48‌
Institutional
:
Net
Assets
.....................................................................
$
332,717‌
$
90,428‌
$
120,750‌
Shares
Issued
and
Outstanding
........................................................
29,115‌
8,060‌
8,394‌
Net
Asset
Value
per
share
.............................................................
$
11
.43‌
$
11
.22‌
$
14
.39‌
R-6
:
Net
Assets
..............................................................................
$
166,107‌
N/A‌
$
3,331,966‌
Shares
Issued
and
Outstanding
........................................................
14,541‌
231,346‌
Net
Asset
Value
per
share
.............................................................
$
11
.42‌
$
14
.40‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
5
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Small-MidCap
Dividend
Income
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Investment
in
securities--at
cost
........................................................................................
$
1,282,731‌
$
7,470,092‌
Investment
in
affiliated
Funds--at
cost
.................................................................................
$
49,862‌
$
91,563‌
Assets
Investment
in
securities--at
value 
........................................................................................
$
1,670,041‌
$
7,984,819‌
(a)
Investment
in
affiliated
Funds--at
value
..................................................................................
49,862‌
91,563‌
Deposits
with
counterparty
................................................................................................
–‌
8,029‌
Receivables:
Dividends
and
interest
...............................................................................................
2,712‌
112,044‌
Expense
reimbursement
from
Manager
.............................................................................
75‌
–‌
Expense
reimbursement
from
Distributor
...........................................................................
–‌
1‌
Fund
shares
sold
.....................................................................................................
4,077‌
18,395‌
Investment
securities
sold
...........................................................................................
64,951‌
58,383‌
Total
Assets  
1,791,718‌
8,273,234‌
Liabilities
Accrued
management
and
investment
advisory
fees
......................................................................
1,015‌
4,308‌
Accrued
distribution
fees
..................................................................................................
82‌
439‌
Accrued
service
fees
......................................................................................................
–‌
2‌
Accrued
transfer
agent
fees
...............................................................................................
323‌
797‌
Accrued
directors'
expenses
...............................................................................................
3‌
5‌
Accrued
professional
fees
.................................................................................................
26‌
43‌
Accrued
other
expenses
...................................................................................................
83‌
138‌
Cash
overdraft
.............................................................................................................
12,948‌
14‌
Payables:
Borrowing
...........................................................................................................
–‌
14,490‌
Fund
shares
redeemed
...............................................................................................
3,208‌
45,891‌
Investment
securities
purchased
....................................................................................
57,494‌
75,900‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
and
$
323
)
.......................................
–‌
160‌
Variation
margin
on
futures
.........................................................................................
–‌
141‌
Collateral
obligation
on
securities
loaned,
at
value
.......................................................................
–‌
70,426‌
Total
Liabilities  
75,182‌
212,754‌
Net
Assets
Applicable
to
Outstanding
Shares
..........................................................................
$
1,716,536‌
$
8,060,480‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
.............................................................................
$
1,518,685‌
$
7,632,472‌
Total
distributable
earnings
(accumulated
loss)
...........................................................................
197,851‌
428,008‌
Total
Net
Assets 
$
1,716,536‌
$
8,060,480‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
6
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Small-MidCap
Dividend
Income
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
..........................................................................................................
1,700,000‌
2,500,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
........................................................................................................
$
123,571‌
$
871,237‌
Shares
Issued
and
Outstanding
......................................................................................
8,126‌
83,344‌
Net
Asset
Value
per
share
...........................................................................................
$
15
.21‌
(b)
$
10
.45‌
(b)
Maximum
Offering
Price
...........................................................................................
$
16
.10‌
$
10
.86‌
Class
C
:
Net
Assets
........................................................................................................
$
75,424‌
$
338,306‌
Shares
Issued
and
Outstanding
......................................................................................
5,011‌
32,387‌
Net
Asset
Value
per
share
...........................................................................................
$
15
.05‌
(b)
$
10
.45‌
(b)
Class
J
:
Net
Assets
........................................................................................................
N/A‌
$
42,268‌
Shares
Issued
and
Outstanding
......................................................................................
4,170‌
Net
Asset
Value
per
share
...........................................................................................
$
10
.14‌
(b)
Institutional
:
Net
Assets
...................................................................................................
$
1,505,914‌
$
5,129,359‌
Shares
Issued
and
Outstanding
......................................................................................
98,480‌
494,559‌
Net
Asset
Value
per
share
...........................................................................................
$
15
.29‌
$
10
.37‌
R-1
:
Net
Assets
............................................................................................................
N/A‌
$
654‌
Shares
Issued
and
Outstanding
......................................................................................
63‌
Net
Asset
Value
per
share
...........................................................................................
$
10
.32‌
R-2
:
Net
Assets
............................................................................................................
N/A‌
$
1,558‌
Shares
Issued
and
Outstanding
......................................................................................
152‌
Net
Asset
Value
per
share
...........................................................................................
$
10
.24‌
R-3
:
Net
Assets
............................................................................................................
N/A‌
$
1,434‌
Shares
Issued
and
Outstanding
......................................................................................
139‌
Net
Asset
Value
per
share
...........................................................................................
$
10
.29‌
R-4
:
Net
Assets
............................................................................................................
N/A‌
$
1,035‌
Shares
Issued
and
Outstanding
......................................................................................
101‌
Net
Asset
Value
per
share
...........................................................................................
$
10
.27‌
R-5
:
Net
Assets
............................................................................................................
N/A‌
$
3,939‌
Shares
Issued
and
Outstanding
......................................................................................
382‌
Net
Asset
Value
per
share
...........................................................................................
$
10
.32‌
R-6
:
Net
Assets
............................................................................................................
$
11,627‌
$
1,670,690‌
Shares
Issued
and
Outstanding
......................................................................................
757‌
161,152‌
Net
Asset
Value
per
share
...........................................................................................
$
15
.37‌
$
10
.37‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
7
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Diversified
Real
Asset
Fund
(a),(b)
Edge
MidCap
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
.........................................................................................
$
23,632‌
$
23,838‌
$
6,430‌
Withholding
tax
..................................................................................
(394‌)
(1,355‌)
(5‌)
Interest
............................................................................................
1‌
16,467‌
2‌
Securities
lending
-
net
...........................................................................
1‌
94‌
–‌
Total
Income
23,240‌
39,044‌
6,427‌
Expenses:
Management
and
investment
advisory
fees
......................................................
24,074‌
13,033‌
3,132‌
Distribution
fees
-
Class
A
.......................................................................
825‌
58‌
18‌
Distribution
fees
-
Class
C
.......................................................................
1,623‌
51‌
N/A‌
Distribution
fees
-
Class
J
........................................................................
117‌
N/A‌
N/A‌
Distribution
fees
-
R-3
...........................................................................
10‌
–‌
N/A‌
Distribution
fees
-
R-4
...........................................................................
3‌
–‌
N/A‌
Administrative
service
fees
-
R-3
................................................................
3‌
–‌
N/A‌
Administrative
service
fees
-
R-4
................................................................
1‌
–‌
N/A‌
Registration
fees
-
Class
A
.......................................................................
35‌
9‌
8‌
Registration
fees
-
Class
C
.......................................................................
17‌
8‌
N/A‌
Registration
fees
-
Class
J
........................................................................
14‌
N/A‌
N/A‌
Registration
fees
-
Institutional
..................................................................
86‌
21‌
11‌
Registration
fees
-
R-6
...........................................................................
28‌
26‌
10‌
Service
fees
-
R-3
................................................................................
10‌
–‌
N/A‌
Service
fees
-
R-4
................................................................................
7‌
–‌
N/A‌
Service
fees
-
R-5
................................................................................
15‌
–‌
N/A‌
Shareholder
reports
-
Class
A
....................................................................
22‌
8‌
1‌
Shareholder
reports
-
Class
C
....................................................................
9‌
2‌
N/A‌
Shareholder
reports
-
Class
J
.....................................................................
27‌
N/A‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
51‌
69‌
2‌
Shareholder
reports
-
R-6
........................................................................
20‌
61‌
1‌
Transfer agent
fees
-
Class
A
.....................................................................
278‌
35‌
14‌
Transfer agent
fees
-
Class
C
.....................................................................
123‌
14‌
N/A‌
Transfer agent
fees
-
Class
J
.....................................................................
42‌
N/A‌
N/A‌
Transfer agent
fees
-
Institutional
................................................................
1,066‌
945‌
53‌
Chief
compliance
officer
expenses
...............................................................
3‌
1‌
–‌
Custodian
fees
....................................................................................
3‌
126‌
1‌
Directors'
expenses
...............................................................................
62‌
34‌
8‌
Professional fees
.................................................................................
18‌
84‌
13‌
Other
expenses
...................................................................................
43‌
17‌
5‌
Total
Gross
Expenses
28,635‌
14,602‌
3,277‌
Less: Reimbursement
from
Manager
............................................................
1,888‌
805‌
227‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
–‌
11‌
9‌
Less:
Reimbursement
from
Manager
-
Class
C
..................................................
–‌
15‌
N/A‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
–‌
446‌
8‌
Less:
Reimbursement
from
Manager
-
R-6
......................................................
–‌
65‌
–‌
Less:
Reimbursement
from
Distributor
-
Class
J
................................................
21‌
N/A‌
N/A‌
Total
Net
Expenses
26,726‌
13,260‌
3,033‌
Net
Investment
Income
(Loss)
(3,486‌)
25,784‌
3,394‌
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
8
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Diversified
Real
Asset
Fund
(a),(b)
Edge
MidCap
Fund
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions
and
swap
agreements
Net
realized
gain
(loss)
from:
Investment
transactions
..........................................................................
403,167‌
62,990‌
4,434‌
Foreign
currency
contracts
.......................................................................
–‌
(809‌)
–‌
Foreign
currency
transactions
....................................................................
–‌
(277‌)
3‌
Futures
contracts
.................................................................................
–‌
5,761‌
–‌
Options
and
swaptions
...........................................................................
–‌
469‌
–‌
Swap
agreements
.................................................................................
–‌
28,286‌
–‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.......................................................................................
(36,593‌)
195,103‌
123,867‌
Foreign
currency
contracts
.......................................................................
–‌
74‌
–‌
Futures
contracts
.................................................................................
–‌
7,163‌
–‌
Options
and
swaptions
...........................................................................
–‌
(1,187‌)
–‌
Swap
agreements
.................................................................................
–‌
15,184‌
–‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
–‌
(108‌)
(3‌)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions
and
swap
agreements
366,574‌
312,649‌
128,301‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
363,088‌
$
338,433‌
$
131,695‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
9
See
accompanying
notes.
Amounts
in
thousands
Global
Multi-Strategy
Fund
(a),(b)
Opportunistic
Municipal
Fund
Origin
Emerging
Markets
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
.........................................................................................
$
2,521‌
$
7‌
$
15,142‌
Withholding
tax
..................................................................................
(
143‌
)
–‌
(
2,061‌
)
Interest
............................................................................................
10,072‌
2,945‌
5‌
Securities
lending
-
net
...........................................................................
–‌
–‌
2‌
Total
Income
12,450‌
2,952‌
13,088‌
Expenses:
Management
and
investment
advisory
fees
......................................................
5,813‌
340‌
11,515‌
Distribution
f
ees
-
Class
A
.......................................................................
34‌
64‌
7‌
Distribution
f
ees
-
Class
C
.......................................................................
74‌
N/A‌
N/A‌
Registration
fees
-
Class
A
.......................................................................
8‌
10‌
9‌
Registration
fees
-
Class
C
.......................................................................
4‌
N/A‌
N/A‌
Registration
fees
-
Institutional
..................................................................
23‌
10‌
11‌
Registration
fees
-
R-6
...........................................................................
9‌
N/A‌
17‌
Shareholder
reports
-
Class
A
....................................................................
3‌
2‌
1‌
Shareholder
reports
-
Class
C
....................................................................
2‌
N/A‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
73‌
1‌
2‌
Shareholder
reports
-
R-6
........................................................................
1‌
N/A‌
2‌
Transfer agent
fees
-
Class
A
.....................................................................
22‌
21‌
8‌
Transfer agent
fees
-
Class
C
.....................................................................
14‌
N/A‌
N/A‌
Transfer agent
fees
-
Institutional
................................................................
241‌
40‌
17‌
Chief
compliance
officer
expenses
...............................................................
–‌
–‌
1‌
Custodian
fees
....................................................................................
130‌
1‌
200‌
Directors'
expenses
...............................................................................
10‌
3‌
16‌
Dividends
and
interest
on
securities
sold
short
..................................................
1,345‌
–‌
–‌
Interest
expense
and
fees
.........................................................................
–‌
32‌
–‌
Professional fees
.................................................................................
115‌
22‌
24‌
Short
sale
fees
....................................................................................
679‌
–‌
–‌
Other
expenses
...................................................................................
26‌
1‌
18‌
Reverse
repurchase
agreement
interest
expense
.................................................
159‌
–‌
–‌
Total
Gross
Expenses
8,785‌
547‌
11,848‌
Less: Reimbursement
from
Manager
............................................................
146‌
41‌
–‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
–‌
4‌
10‌
Less:
Reimbursement
from
Manager
-
Class
C
..................................................
12‌
N/A‌
N/A‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
311‌
16‌
–‌
Less:
Reimbursement
from
Manager
-
R-6
......................................................
55‌
N/A‌
–‌
Total
Net
Expenses
8,261‌
486‌
11,838‌
Net
Investment
Income
(Loss)
4,189‌
2,466‌
1,250‌
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
..........................................................................
72,061‌
633‌
102,059‌
Foreign
currency
contracts
.......................................................................
(
4,932‌
)
–‌
–‌
Foreign
currency
transactions
....................................................................
725‌
–‌
(
4,473‌
)
Futures
contracts
.................................................................................
(
8,122‌
)
–‌
–‌
Options
and
swaptions
...........................................................................
1,222‌
–‌
–‌
Short
sales
........................................................................................
(
28,023‌
)
–‌
–‌
Swap
agreements
.................................................................................
(
1,766‌
)
–‌
–‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
 (net
of
foreign
taxes
of
$
0
,
$
0
and
$
2,205
,
respectively)
...........................
(
13,216‌
)
2,340‌
237,789‌
Foreign
currency
contracts
.......................................................................
1,709‌
–‌
–‌
Futures
contracts
.................................................................................
2,482‌
–‌
–‌
Options
and
swaptions
...........................................................................
13‌
–‌
–‌
Short
sales
........................................................................................
5,162‌
–‌
–‌
Swap
agreements
.................................................................................
1,871‌
–‌
–‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
(
28‌
)
–‌
250‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions,
short
sales
and
swap
agreements
29,158‌
2,973‌
335,625‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
33,347‌
$
5,439‌
$
336,875‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
10
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Dividend
Income
Fund
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
...................................................................................................................
$
19,707‌
$
27,313‌
Withholding
tax
............................................................................................................
(
68‌
)
–‌
Interest
......................................................................................................................
1‌
159,075‌
Securities
lending
-
net
.....................................................................................................
1‌
240‌
Total
Income
19,641‌
186,628‌
Expenses:
Management
and
investment
advisory
fees
................................................................................
6,212‌
26,858‌
Distribution
f
ees
-
Class
A
.................................................................................................
137‌
1,070‌
Distribution
f
ees
-
Class
C
.................................................................................................
355‌
1,762‌
Distribution
f
ees
-
Class
J
..................................................................................................
N/A‌
32‌
Distribution
f
ees
-
R-1
.....................................................................................................
N/A‌
1‌
Distribution
f
ees
-
R-2
.....................................................................................................
N/A‌
2‌
Distribution
f
ees
-
R-3
.....................................................................................................
N/A‌
2‌
Distribution
f
ees
-
R-4
.....................................................................................................
N/A‌
1‌
Administrative
service
fees
-
R-1
..........................................................................................
N/A‌
1‌
Administrative
service
fees
-
R-2
..........................................................................................
N/A‌
1‌
Administrative
service
fees
-
R-3
..........................................................................................
N/A‌
1‌
Registration
fees
-
Class
A
.................................................................................................
12‌
23‌
Registration
fees
-
Class
C
.................................................................................................
9‌
12‌
Registration
fees
-
Class
J
..................................................................................................
N/A‌
8‌
Registration
fees
-
Institutional
............................................................................................
18‌
96‌
Registration
fees
-
R-6
.....................................................................................................
9‌
10‌
Service
fees
-
R-1
..........................................................................................................
N/A‌
1‌
Service
fees
-
R-2
..........................................................................................................
N/A‌
2‌
Service
fees
-
R-3
..........................................................................................................
N/A‌
2‌
Service
fees
-
R-4
..........................................................................................................
N/A‌
1‌
Service
fees
-
R-5
..........................................................................................................
N/A‌
4‌
Shareholder
reports
-
Class
A
..............................................................................................
8‌
22‌
Shareholder
reports
-
Class
C
..............................................................................................
6‌
14‌
Shareholder
reports
-
Class
J
...............................................................................................
N/A‌
18‌
Shareholder
reports
-
Institutional
.........................................................................................
72‌
110‌
Shareholder
reports
-
R-6
..................................................................................................
1‌
9‌
Transfer agent
fees
-
Class
A
...............................................................................................
70‌
335‌
Transfer agent
fees
-
Class
C
...............................................................................................
52‌
177‌
Transfer agent
fees
-
Class
J
...............................................................................................
N/A‌
25‌
Transfer agent
fees
-
Institutional
..........................................................................................
921‌
2,160‌
Chief
compliance
officer
expenses
.........................................................................................
1‌
3‌
Custodian
fees
..............................................................................................................
5‌
26‌
Directors'
expenses
.........................................................................................................
18‌
66‌
Professional fees
...........................................................................................................
16‌
26‌
Other
expenses
.............................................................................................................
9‌
30‌
Total
Gross
Expenses
7,931‌
32,911‌
Less:
Reimbursement
from
Manager
-
Class
A
............................................................................
36‌
–‌
Less:
Reimbursement
from
Manager
-
Class
C
............................................................................
32‌
–‌
Less:
Reimbursement
from
Manager
-
Institutional
.......................................................................
445‌
–‌
Less:
Reimbursement
from
Manager
-
R-6
................................................................................
9‌
–‌
Less:
Reimbursement
from
Distributor
-
Class
J
..........................................................................
N/A‌
6‌
Total
Net
Expenses
7,409‌
32,905‌
Net
Investment
Income
(Loss)
12,232‌
153,723‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures
and
options
and
swaptions
Net
realized
gain
(loss)
from:
Investment
transactions
....................................................................................................
74,187‌
16,803‌
Foreign
currency
transactions
..............................................................................................
64‌
–‌
Futures
contracts
...........................................................................................................
–‌
2,730‌
Options
and
swaptions
.....................................................................................................
–‌
3,795‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.................................................................................................................
327,210‌
95,280‌
Futures
contracts
...........................................................................................................
–‌
1,668‌
Options
and
swaptions
.....................................................................................................
–‌
(
515‌
)
Translation
of
assets
and
liabilities
in
foreign
currencies
..................................................................
(
3‌
)
–‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures
and
options
and
swaptions
401,458‌
119,761‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
413,690‌
$
273,484‌
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
11
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
(
3,486‌
)
$
1,204‌
Net
realized
gain
(loss)
on
investments
.............................................................................................
403,167‌
316,866‌
Net
change
in
unrealized
appreciation/depreciation
of
investments
................................................................
(
36,593‌
)
1,825,862‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
363,088‌
2,143,932‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
273,239‌
)
(
218,915‌
)
Total
Dividends
and
Distributions
(
273,239‌
)
(
218,915‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
893,323‌
1,577,913‌
Total
Increase
(Decrease)
in
Net
Assets
983,172‌
3,502,930‌
Net
Assets
Beginning
of
period
.................................................................................................................
7,837,554‌
4,334,624‌
End
of
period
.......................................................................................................................
$
8,820,726‌
$
7,837,554‌
Class
A
Class
C
Class
J
Institutional
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.......................................
$
134,353‌
$
45,249‌
$
39,960‌
$
687,362‌
$
1,554‌
$
1,022‌
$
1,635‌
$
1,042,982‌
Reinvested
..................................
22,003‌
11,315‌
5,294‌
87,710‌
275‌
181‌
425‌
138,915‌
Redeemed
...................................
(
102,441‌
)
(
37,140‌
)
(
36,296‌
)
(
776,806‌
)
(
2,404‌
)
(
1,223‌
)
(
1,077‌
)
(
369,525‌
)
Net
Increase
(Decrease)
.........................
$
53,915‌
$
19,424‌
$
8,958‌
$
(
1,734‌
)
$
(
575‌
)
$
(
20‌
)
$
983‌
$
812,372‌
Shares:
Sold
.......................................
4,005‌
1,432‌
1,175‌
20,143‌
47‌
30‌
47‌
30,352‌
Reinvested
..................................
666‌
363‌
158‌
2,603‌
8‌
5‌
13‌
4,113‌
Redeemed
...................................
(
3,057‌
)
(
1,180‌
)
(
1,076‌
)
(
22,578‌
)
(
72‌
)
(
36‌
)
(
32‌
)
(
10,761‌
)
Net
Increase
(Decrease)
.........................
1,614‌
615‌
257‌
168‌
(
17‌
)
(
1‌
)
28‌
23,704‌
Year
Ended
August
31,
2020
Dollars:
Sold
.......................................
$
330,206‌
$
123,814‌
$
80,027‌
$
1,979,502‌
$
3,089‌
$
1,473‌
$
6,893‌
$
765,698‌
Reinvested
..................................
15,360‌
8,054‌
3,750‌
42,915‌
259‌
187‌
298‌
144,416‌
Redeemed
...................................
(
153,829‌
)
(
40,458‌
)
(
45,104‌
)
(
755,174‌
)
(
2,485‌
)
(
1,782‌
)
(
4,409‌
)
(
924,787‌
)
Net
Increase
(Decrease)
.........................
$
191,737‌
$
91,410‌
$
38,673‌
$
1,267,243‌
$
863‌
$
(
122‌
)
$
2,782‌
$
(
14,673‌
)
Shares:
Sold
.......................................
12,395‌
4,890‌
2,934‌
74,141‌
115‌
56‌
254‌
27,502‌
Reinvested
..................................
601‌
332‌
145‌
1,644‌
10‌
7‌
12‌
5,521‌
Redeemed
...................................
(
5,751‌
)
(
1,583‌
)
(
1,704‌
)
(
27,142‌
)
(
97‌
)
(
66‌
)
(
161‌
)
(
32,947‌
)
Net
Increase
(Decrease)
.........................
7,245‌
3,639‌
1,375‌
48,643‌
28‌
(
2‌
)
105‌
76‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
..................................
$
(
22,518‌
)
$
(
11,763‌
)
$
(
5,295‌
)
$
(
91,882‌
)
$
(
275‌
)
$
(
181‌
)
$
(
425‌
)
$
(
140,900‌
)
Total
Dividends
and
Distributions
$
(
22,518‌
)
$
(
11,763‌
)
$
(
5,295‌
)
$
(
91,882‌
)
$
(
275‌
)
$
(
181‌
)
$
(
425‌
)
$
(
140,900‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
..................................
$
(
15,698‌
)
$
(
8,184‌
)
$
(
3,753‌
)
$
(
44,715‌
)
$
(
259‌
)
$
(
187‌
)
$
(
298‌
)
$
(
145,821‌
)
Total
Dividends
and
Distributions
$
(
15,698‌
)
$
(
8,184‌
)
$
(
3,753‌
)
$
(
44,715‌
)
$
(
259‌
)
$
(
187‌
)
$
(
298‌
)
$
(
145,821‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
12
See
accompanying
notes.
Amounts
in
thousands
Diversified
Real
Asset
Fund
(a)
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
25,784‌
$
69,874‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
and
swap
agreements
...............
96,420‌
(
118,031‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
swap
agreements
and
translation
of
assets
&
liabilities
in
foreign
currencies
......................................................
216,229‌
51,404‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
338,433‌
3,247‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
17,546‌
)
(
96,919‌
)
Total
Dividends
and
Distributions
(
17,546‌
)
(
96,919‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
(
47,985‌
)
(
518,671‌
)
Total
Increase
(Decrease)
in
Net
Assets
272,902‌
(
612,343‌
)
Net
Assets
Beginning
of
period
.................................................................................................................
3,177,928‌
3,790,271‌
End
of
period
.......................................................................................................................
$
3,450,830‌
$
3,177,928‌
Class
A
Class
C
Institutional
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
(b)
Dollars:
Sold
................................................
$
21,060‌
$
126‌
$
259,122‌
$
46‌
$
–‌
$
41‌
$
67,980‌
Reinvested
...........................................
83‌
–‌
10,673‌
–‌
–‌
–‌
6,294‌
Redeemed
............................................
(
6,015‌
)
(
12,365‌
)
(
152,409‌
)
–‌
–‌
(
16‌
)
(
242,605‌
)
Net
Increase
(Decrease)
..................................
$
15,128‌
$
(
12,239‌
)
$
117,386‌
$
46‌
$
–‌
$
25‌
$
(
168,331‌
)
Shares:
Sold
................................................
1,718‌
11‌
21,820‌
4‌
–‌
3‌
5,850‌
Reinvested
...........................................
7‌
–‌
892‌
–‌
–‌
–‌
526‌
Redeemed
............................................
(
509‌
)
(
1,021‌
)
(
13,117‌
)
–‌
–‌
(
1‌
)
(
21,131‌
)
Net
Increase
(Decrease)
..................................
1,216‌
(
1,010‌
)
9,595‌
4‌
–‌
2‌
(
14,755‌
)
Year
Ended
August
31,
2020
Dollars:
Sold
................................................
$
9,246‌
$
478‌
$
581,088‌
$
37‌
$
–‌
$
25‌
$
293,360‌
Reinvested
...........................................
940‌
143‌
59,146‌
3‌
–‌
2‌
34,843‌
Redeemed
............................................
(
20,412‌
)
(
5,378‌
)
(
995,309‌
)
(
11‌
)
–‌
(
66‌
)
(
476,806‌
)
Net
Increase
(Decrease)
..................................
$
(
10,226‌
)
$
(
4,757‌
)
$
(
355,075‌
)
$
29‌
$
–‌
$
(
39‌
)
$
(
148,603‌
)
Shares:
Sold
................................................
856‌
44‌
52,290‌
4‌
–‌
2‌
26,766‌
Reinvested
...........................................
81‌
12‌
5,077‌
–‌
–‌
–‌
2,991‌
Redeemed
............................................
(
1,918‌
)
(
504‌
)
(
93,511‌
)
(
1‌
)
–‌
(
6‌
)
(
43,586‌
)
Net
Increase
(Decrease)
..................................
(
981‌
)
(
448‌
)
(
36,144‌
)
3‌
–‌
(
4‌
)
(
13,829‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
(b)
From
net
investment
income
and
net
realized
gain
on
investments
....
$
(
88‌
)
$
–‌
$
(
11,011‌
)
$
–‌
$
–‌
$
–‌
$
(
6,447‌
)
Total
Dividends
and
Distributions
$
(
88‌
)
$
–‌
$
(
11,011‌
)
$
–‌
$
–‌
$
–‌
$
(
6,447‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
....
$
(
961‌
)
$
(
162‌
)
$
(
60,790‌
)
$
(
3‌
)
$
–‌
$
(
2‌
)
$
(
35,001‌
)
Total
Dividends
and
Distributions
$
(
961‌
)
$
(
162‌
)
$
(
60,790‌
)
$
(
3‌
)
$
–‌
$
(
2‌
)
$
(
35,001‌
)
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
13
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
3,394‌
$
6,243‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
....................................................................
4,437‌
46,455‌
Net
change
in
unrealized
appreciation/depreciation
of
investments
and
translation
of
assets
&
liabilities
in
foreign
currencies
..
123,864‌
6,587‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
131,695‌
59,285‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
47,266‌
)
(
29,654‌
)
Total
Dividends
and
Distributions
(
47,266‌
)
(
29,654‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
27,239‌
129,393‌
Total
Increase
(Decrease)
in
Net
Assets
111,668‌
159,024‌
Net
Assets
Beginning
of
period
.................................................................................................................
852,960‌
693,936‌
End
of
period
.......................................................................................................................
$
964,628‌
$
852,960‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.......................................................................................
$
5,366‌
$
17,057‌
$
10,206‌
Reinvested
..................................................................................
711‌
4,807‌
40,574‌
Redeemed
...................................................................................
(
3,567‌
)
(
9,165‌
)
(
38,750‌
)
Net
Increase
(Decrease)
.........................................................................
$
2,510‌
$
12,699‌
$
12,030‌
Shares:
Sold
.......................................................................................
338‌
1,076‌
644‌
Reinvested
..................................................................................
44‌
295‌
2,479‌
Redeemed
...................................................................................
(
223‌
)
(
568‌
)
(
2,473‌
)
Net
Increase
(Decrease)
.........................................................................
159‌
803‌
650‌
Year
Ended
August
31,
2020
Dollars:
Sold
.......................................................................................
$
9,975‌
$
66,971‌
$
133,178‌
Reinvested
..................................................................................
364‌
1,564‌
27,287‌
Redeemed
...................................................................................
(
3,584‌
)
(
29,934‌
)
(
76,428‌
)
Net
Increase
(Decrease)
.........................................................................
$
6,755‌
$
38,601‌
$
84,037‌
Shares:
Sold
.......................................................................................
699‌
5,413‌
9,273‌
Reinvested
..................................................................................
24‌
101‌
1,759‌
Redeemed
...................................................................................
(
261‌
)
(
2,354‌
)
(
5,303‌
)
Net
Increase
(Decrease)
.........................................................................
462‌
3,160‌
5,729‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
715‌
)
$
(
4,877‌
)
$
(
41,674‌
)
Total
Dividends
and
Distributions
$
(
715‌
)
$
(
4,877‌
)
$
(
41,674‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
364‌
)
$
(
1,569‌
)
$
(
27,721‌
)
Total
Dividends
and
Distributions
$
(
364‌
)
$
(
1,569‌
)
$
(
27,721‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
14
See
accompanying
notes.
Amounts
in
thousands
Global
Multi-Strategy
Fund
(a)
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
4,189‌
$
19,216‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
...
31,165‌
(
21,381‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
,
swap
agreements
and
translation
of
assets
&
liabilities
in
foreign
currencies
.........................................
(
2,007‌
)
20,941‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
33,347‌
18,776‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
12,889‌
)
–‌
Total
Dividends
and
Distributions
(
12,889‌
)
–‌
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
(
281,191‌
)
(
556,309‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
260,733‌
)
(
537,533‌
)
Net
Assets
Beginning
of
period
.................................................................................................................
801,423‌
1,338,956‌
End
of
period
.......................................................................................................................
$
540,690‌
$
801,423‌
Class
A
Class
C
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
(b)
Dollars:
Sold
.............................................................................
$
16,832‌
$
162‌
$
43,014‌
$
9,633‌
Reinvested
........................................................................
267‌
50‌
8,856‌
289‌
Redeemed
.........................................................................
(
2,957‌
)
(
17,483‌
)
(
325,058‌
)
(
14,796‌
)
Net
Increase
(Decrease)
...............................................................
$
14,142‌
$
(
17,271‌
)
$
(
273,188‌
)
$
(
4,874‌
)
Shares:
Sold
.............................................................................
1,485‌
15‌
3,812‌
855‌
Reinvested
........................................................................
24‌
5‌
782‌
25‌
Redeemed
.........................................................................
(
267‌
)
(
1,596‌
)
(
28,646‌
)
(
1,312‌
)
Net
Increase
(Decrease)
...............................................................
1,242‌
(
1,576‌
)
(
24,052‌
)
(
432‌
)
Year
Ended
August
31,
2020
Dollars:
Sold
.............................................................................
$
6,523‌
$
828‌
$
341,435‌
$
32,821‌
Redeemed
.........................................................................
(
21,346‌
)
(
11,049‌
)
(
218,027‌
)
(
687,494‌
)
Net
Increase
(Decrease)
...............................................................
$
(
14,823‌
)
$
(
10,221‌
)
$
123,408‌
$
(
654,673‌
)
Shares:
Sold
.............................................................................
615‌
81‌
31,837‌
3,070‌
Redeemed
.........................................................................
(
2,005‌
)
(
1,084‌
)
(
20,773‌
)
(
64,199‌
)
Net
Increase
(Decrease)
...............................................................
(
1,390‌
)
(
1,003‌
)
11,064‌
(
61,129‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
(b)
From
net
investment
income
and
net
realized
gain
on
investments
.................................
$
(
334‌
)
$
(
52‌
)
$
(
9,671‌
)
$
(
2,832‌
)
Total
Dividends
and
Distributions
$
(
334‌
)
$
(
52‌
)
$
(
9,671‌
)
$
(
2,832‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
.................................
$
–‌
$
–‌
$
–‌
$
–‌
Total
Dividends
and
Distributions
$
–‌
$
–‌
$
–‌
$
–‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
C
shares
discontinued
operations
and
converted
to
Class
A
shares
on
February
23,
2021.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
15
See
accompanying
notes.
Amounts
in
thousands
Opportunistic
Municipal
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
2,466‌
$
4,804‌
Net
realized
gain
(loss)
on
investments
.............................................................................................
633‌
(
1,272‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
................................................................
2,340‌
(
3,908‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
5,439‌
(
376‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
2,439‌
)
(
4,773‌
)
Total
Dividends
and
Distributions
(
2,439‌
)
(
4,773‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
6,094‌
2,185‌
Total
Increase
(Decrease)
in
Net
Assets
9,094‌
(
2,964‌
)
Net
Assets
Beginning
of
period
.................................................................................................................
132,924‌
135,888‌
End
of
period
.......................................................................................................................
$
142,018‌
$
132,924‌
Class
A
Institutional
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.................................................................................................
$
5,635‌
$
12,934‌
Reinvested
............................................................................................
847‌
1,557‌
Redeemed
.............................................................................................
(
6,501‌
)
(
8,378‌
)
Net
Increase
(Decrease)
...................................................................................
$
(
19‌
)
$
6,113‌
Shares:
Sold
.................................................................................................
507‌
1,152‌
Reinvested
............................................................................................
76‌
140‌
Redeemed
.............................................................................................
(
585‌
)
(
750‌
)
Net
Increase
(Decrease)
...................................................................................
(
2‌
)
542‌
Year
Ended
August
31,
2020
Dollars:
Sold
.................................................................................................
$
18,916‌
$
26,901‌
Reinvested
............................................................................................
1,699‌
3,025‌
Redeemed
.............................................................................................
(
21,795‌
)
(
26,561‌
)
Net
Increase
(Decrease)
...................................................................................
$
(
1,180‌
)
$
3,365‌
Shares:
Sold
.................................................................................................
1,732‌
2,476‌
Reinvested
............................................................................................
156‌
278‌
Redeemed
.............................................................................................
(
2,060‌
)
(
2,528‌
)
Net
Increase
(Decrease)
...................................................................................
(
172‌
)
226‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
.....................................................
$
(
869‌
)
$
(
1,570‌
)
Total
Dividends
and
Distributions
$
(
869‌
)
$
(
1,570‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
.....................................................
$
(
1,736‌
)
$
(
3,037‌
)
Total
Dividends
and
Distributions
$
(
1,736‌
)
$
(
3,037‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
16
See
accompanying
notes.
Amounts
in
thousands
Origin
Emerging
Markets
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
1,250‌
$
18,784‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
....................................................................
97,586‌
40,345‌
Net
change
in
unrealized
appreciation/depreciation
of
investments
and
translation
of
assets
&
liabilities
in
foreign
currencies
..
238,039‌
183,179‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
336,875‌
242,308‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
17,592‌
)
(
21,257‌
)
Total
Dividends
and
Distributions
(
17,592‌
)
(
21,257‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
1,284,050‌
540,595‌
Total
Increase
(Decrease)
in
Net
Assets
1,603,333‌
761,646‌
Net
Assets
Beginning
of
period
.................................................................................................................
1,857,870‌
1,096,224‌
End
of
period
.......................................................................................................................
$
3,461,203‌
$
1,857,870‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.......................................................................................
$
4,746‌
$
88,938‌
$
1,586,638‌
Reinvested
..................................................................................
17‌
601‌
16,940‌
Redeemed
...................................................................................
(
1,028‌
)
(
7,568‌
)
(
405,234‌
)
Net
Increase
(Decrease)
.........................................................................
$
3,735‌
$
81,971‌
$
1,198,344‌
Shares:
Sold
.......................................................................................
332‌
6,737‌
111,851‌
Reinvested
..................................................................................
1‌
45‌
1,275‌
Redeemed
...................................................................................
(
77‌
)
(
564‌
)
(
31,764‌
)
Net
Increase
(Decrease)
.........................................................................
256‌
6,218‌
81,362‌
Year
Ended
August
31,
2020
Dollars:
Sold
.......................................................................................
$
5,736‌
$
14,587‌
$
661,748‌
Reinvested
..................................................................................
34‌
268‌
20,953‌
Redeemed
...................................................................................
(
4,644‌
)
(
3,310‌
)
(
154,777‌
)
Net
Increase
(Decrease)
.........................................................................
$
1,126‌
$
11,545‌
$
527,924‌
Shares:
Sold
.......................................................................................
523‌
1,335‌
58,724‌
Reinvested
..................................................................................
3‌
23‌
1,813‌
Redeemed
...................................................................................
(
433‌
)
(
301‌
)
(
13,852‌
)
Net
Increase
(Decrease)
.........................................................................
93‌
1,057‌
46,685‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
17‌
)
$
(
603‌
)
$
(
16,972‌
)
Total
Dividends
and
Distributions
$
(
17‌
)
$
(
603‌
)
$
(
16,972‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
...........................................
$
(
35‌
)
$
(
269‌
)
$
(
20,953‌
)
Total
Dividends
and
Distributions
$
(
35‌
)
$
(
269‌
)
$
(
20,953‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
17
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Dividend
Income
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
12,232‌
$
26,964‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
....................................................................
74,251‌
(
234,454‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
and
translation
of
assets
&
liabilities
in
foreign
currencies
..
327,207‌
(
65,838‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
413,690‌
(
273,328‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
13,647‌
)
(
54,509‌
)
Total
Dividends
and
Distributions
(
13,647‌
)
(
54,509‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
(
275,789‌
)
(
246,413‌
)
Total
Increase
(Decrease)
in
Net
Assets
124,254‌
(
574,250‌
)
Net
Assets
Beginning
of
period
.................................................................................................................
1,592,282‌
2,166,532‌
End
of
period
.......................................................................................................................
$
1,716,536‌
$
1,592,282‌
Class
A
Class
C
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
.............................................................................
$
16,623‌
$
1,766‌
$
211,565‌
$
1,638‌
Reinvested
........................................................................
728‌
227‌
12,109‌
89‌
Redeemed
.........................................................................
(
24,251‌
)
(
15,717‌
)
(
478,776‌
)
(
1,790‌
)
Net
Increase
(Decrease)
...............................................................
$
(
6,900‌
)
$
(
13,724‌
)
$
(
255,102‌
)
$
(
63‌
)
Shares:
Sold
.............................................................................
1,220‌
133‌
16,390‌
122‌
Reinvested
........................................................................
57‌
18‌
953‌
7‌
Redeemed
.........................................................................
(
1,834‌
)
(
1,223‌
)
(
36,468‌
)
(
131‌
)
Net
Increase
(Decrease)
...............................................................
(
557‌
)
(
1,072‌
)
(
19,125‌
)
(
2‌
)
Year
Ended
August
31,
2020
Dollars:
Sold
.............................................................................
$
24,533‌
$
5,431‌
$
408,894‌
$
4,595‌
Reinvested
........................................................................
3,179‌
1,809‌
46,420‌
243‌
Redeemed
.........................................................................
(
49,634‌
)
(
36,833‌
)
(
651,935‌
)
(
3,115‌
)
Net
Increase
(Decrease)
...............................................................
$
(
21,922‌
)
$
(
29,593‌
)
$
(
196,621‌
)
$
1,723‌
Shares:
Sold
.............................................................................
1,879‌
414‌
32,943‌
364‌
Reinvested
........................................................................
236‌
131‌
3,472‌
18‌
Redeemed
.........................................................................
(
3,991‌
)
(
3,012‌
)
(
53,606‌
)
(
232‌
)
Net
Increase
(Decrease)
...............................................................
(
1,876‌
)
(
2,467‌
)
(
17,191‌
)
150‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
.................................
$
(
801‌
)
$
(
233‌
)
$
(
12,524‌
)
$
(
89‌
)
Total
Dividends
and
Distributions
$
(
801‌
)
$
(
233‌
)
$
(
12,524‌
)
$
(
89‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
.................................
$
(
3,378‌
)
$
(
1,955‌
)
$
(
48,933‌
)
$
(
243‌
)
Total
Dividends
and
Distributions
$
(
3,378‌
)
$
(
1,955‌
)
$
(
48,933‌
)
$
(
243‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
18
See
accompanying
notes.
Amounts
in
thousands
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
153,723‌
$
274,568‌
Net
realized
gain
(loss)
on
investments
,
futures
and
options
and
swaptions
.......................................................
23,328‌
(
58,865‌
)
Net
change
in
unrealized
appreciation/depreciation
of
investments
,
futures
and
options
and
swaptions
..........................
96,433‌
119,640‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
273,484‌
335,343‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(
176,011‌
)
(
294,361‌
)
From
tax
return
of
capital
...........................................................................................................
–‌
(
404‌
)
Total
Dividends
and
Distributions
(
176,011‌
)
(
294,765‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
437,677‌
1,725,510‌
Total
Increase
(Decrease)
in
Net
Assets
535,150‌
1,766,088‌
Net
Assets
Beginning
of
period
.................................................................................................................
7,525,330‌
5,759,242‌
End
of
period
.......................................................................................................................
$
8,060,480‌
$
7,525,330‌
Class
A
Class
C
Class
J
Institutional
R-1
R-2
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
...................
$
120,440‌
$
25,056‌
$
2,621‌
$
1,024,605‌
$
40‌
$
153‌
$
202‌
$
68‌
$
691‌
$
211,919‌
Reinvested
..............
14,466‌
5,501‌
910‌
86,836‌
12‌
13‌
30‌
23‌
81‌
21,087‌
Redeemed
...............
(
119,414‌
)
(
62,896‌
)
(
4,336‌
)
(
790,030‌
)
(
20‌
)
(
191‌
)
(
147‌
)
(
99‌
)
(
402‌
)
(
99,542‌
)
Net
Increase
(Decrease)
.....
$
15,492‌
$
(
32,339‌
)
$
(
805‌
)
$
321,411‌
$
32‌
$
(
25‌
)
$
85‌
$
(
8‌
)
$
370‌
$
133,464‌
Shares:
Sold
...................
11,545‌
2,401‌
258‌
98,928‌
4‌
15‌
19‌
7‌
67‌
20,398‌
Reinvested
..............
1,388‌
528‌
90‌
8,397‌
1‌
1‌
3‌
2‌
8‌
2,040‌
Redeemed
...............
(
11,431‌
)
(
6,022‌
)
(
428‌
)
(
76,281‌
)
(
2‌
)
(
19‌
)
(
14‌
)
(
10‌
)
(
39‌
)
(
9,601‌
)
Net
Increase
(Decrease)
.....
1,502‌
(
3,093‌
)
(
80‌
)
31,044‌
3‌
(
3‌
)
8‌
(
1‌
)
36‌
12,837‌
Year
Ended
August
31,
2020
Dollars:
Sold
...................
$
347,464‌
$
66,453‌
$
8,581‌
$
2,770,700‌
$
300‌
$
603‌
$
426‌
$
166‌
$
1,576‌
$
759,895‌
Reinvested
..............
29,399‌
12,743‌
1,992‌
145,879‌
21‌
40‌
82‌
47‌
154‌
27,727‌
Redeemed
...............
(
268,600‌
)
(
180,666‌
)
(
13,241‌
)
(
1,796,262‌
)
(
742‌
)
(
558‌
)
(
1,203‌
)
(
574‌
)
(
1,350‌
)
(
185,542‌
)
Net
Increase
(Decrease)
.....
$
108,263‌
$
(
101,470‌
)
$
(
2,668‌
)
$
1,120,317‌
$
(
421‌
)
$
85‌
$
(
695‌
)
$
(
361‌
)
$
380‌
$
602,080‌
Shares:
Sold
...................
34,368‌
6,543‌
864‌
280,348‌
29‌
60‌
42‌
17‌
158‌
75,629‌
Reinvested
..............
2,905‌
1,260‌
203‌
14,521‌
2‌
4‌
8‌
5‌
16‌
2,761‌
Redeemed
...............
(
26,508‌
)
(
17,952‌
)
(
1,378‌
)
(
182,431‌
)
(
72‌
)
(
59‌
)
(
126‌
)
(
58‌
)
(
142‌
)
(
19,155‌
)
Net
Increase
(Decrease)
.....
10,765‌
(
10,149‌
)
(
311‌
)
112,438‌
(
41‌
)
5‌
(
76‌
)
(
36‌
)
32‌
59,235‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2021
From
net
investment
income
and
net
realized
gain
on
investments
$
(
18,429‌
)
$
(
6,143‌
)
$
(
927‌
)
$
(
113,504‌
)
$
(
12‌
)
$
(
30‌
)
$
(
30‌
)
$
(
23‌
)
$
(
81‌
)
$
(
36,832‌
)
Total
Dividends
and
Distributions
$
(
18,429‌
)
$
(
6,143‌
)
$
(
927‌
)
$
(
113,504‌
)
$
(
12‌
)
$
(
30‌
)
$
(
30‌
)
$
(
23‌
)
$
(
81‌
)
$
(
36,832‌
)
Year
Ended
August
31,
2020
From
net
investment
income
and
net
realized
gain
on
investments
$
(
34,841‌
)
$
(
15,830‌
)
$
(
2,015‌
)
$
(
191,108‌
)
$
(
21‌
)
$
(
69‌
)
$
(
82‌
)
$
(
47‌
)
$
(
154‌
)
$
(
50,194‌
)
From
tax
return
of
capital
....
(
47‌
)
(
20‌
)
(
3‌
)
(
265‌
)
–‌
–‌
–‌
–‌
–‌
(
69‌
)
Total
Dividends
and
Distributions
$
(
34,888‌
)
$
(
15,850‌
)
$
(
2,018‌
)
$
(
191,373‌
)
$
(
21‌
)
$
(
69‌
)
$
(
82‌
)
$
(
47‌
)
$
(
154‌
)
$
(
50,263‌
)
Statement
of
Cash
Flows
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
19
See
accompanying
notes.
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
Amounts
in
thousands
Global
Multi-
Strategy
Fund
(a)
Cash
Flows
from
Operating
Activities:
Net increase
in
net
assets
from
operations
..............................................................................
$
33,347
Adjustments
to
reconcile
net
increase
in
net
assets
from
operations
to
net
cash
provided
by
operating
activities:
Purchase
of
investment
securities
...............................................................................
(1,350,944)
Proceeds
from
sale
of
investment
securities
........................................................................
1,950,684
Net
sales
or
(purchases)
of
short
term
securities
.....................................................................
442,669
Proceeds
from
(
p
ayments
on)
p
urchased
o
ptions,
net
..................................................................
(2,202)
Proceeds
from
(
p
ayments
on)
short
sales
transactions,
net
..............................................................
(283,783)
Net
accretion
of
bond
discounts
and
amortization
of
premiums
..........................................................
(274,265)
Proceeds
from
(payments
on)
OTC
swaps,
net
......................................................................
1,035
Proceeds
from
(
p
ayments
on)
option
and
swaption
contracts
written
,
net
....................................................
1,311
Change
in
unrealized
ap
preciation
on
investments
....................................................................
13,216
Change
in
unrealized
ap
preciation
on
OTC
swaps
....................................................................
(1,871)
Change
in
unrealized
depreciation
on
options
and
swaptions
............................................................
(13)
Change
in
unrealized
appreciation
on
shorts
........................................................................
(5,162)
Net
realized
gain
(loss)
from
investments
..........................................................................
(72,061)
Net
realized
gain
(loss)
from
OTC
swaps
..........................................................................
1,766
Net
realized
gain
(loss)
from
options
and
swaptions
..................................................................
(1,222)
Net
realized
gain
(loss)
from
shorts
..............................................................................
28,023
(Increase)
decrease in
dividends
and
interest
receivable
...............................................................
2,653
(Increase)
decrease in
fund
shares
sold
...........................................................................
(40)
(Increase)
decrease in
deposits
with
counterparty
....................................................................
66,197
(Increase)
decrease in
investment
securities
sold
....................................................................
(32,829)
(Increase)
decrease in
variation
margin
on
futures,
net
................................................................
(406)
(Increase)
decrease in
variation
margin
on
swaps,
net
.................................................................
64
Increase
(decrease)
in
accrued
fees,
expenses,
and
expense
reimbursement
from
Manager
.......................................
(405)
Increase
(decrease)
in
dividends
and
interest
on
securities
sold
short
......................................................
(313)
Increase
(decrease)
in
fund
shares
redeemed
........................................................................
1,766
Increase
(decrease)
in
deposits
from
counterparty
....................................................................
(220)
Increase (decrease)
in
investment
securities
purchased
................................................................
40,010
Increase (decrease)
in
foreign
currency
contracts,
net
.................................................................
(1,709)
Increase (decrease)
in
unrealized
loss
on
unfunded
loan
commitments
.....................................................
28
Net
cash
provided
by
operating
activities
555,324
Cash
Flows
from
Financing
Activities:
Net
payments
from
reverse
repurchase
agreements
...................................................................
(262,009)
Proceeds
from
shares
sold
.....................................................................................
69,641
Dividends
and
distributions
paid
to
shareholders
.....................................................................
(3,427)
Payment
on
shares
redeemed
...................................................................................
(360,294)
Net
cash
used
in
financing
activities
(556,089)
Net
increase
(decrease) in
cash
and
foreign
currency
..................................................................
(765)
Cash
and
Foreign
Currency:
Beginning
of
period
.........................................................................................
$
3,532
End
of
period
..............................................................................................
$
2,767
Supplemental
disclosure
of
cash
flow
information:
Reverse
repurchase
agreement
interest
paid
........................................................................
$
159
R
einvestment
of
dividends
and
distributions
paid
to
shareholders
.........................................................
$
9,462
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
20
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
Blue
Chip
Fund,
Diversified
Real
Asset
Fund,
Edge
MidCap
Fund,
Global
Multi-Strategy
Fund,
Opportunistic
Municipal
Fund,
Origin
Emerging
Markets
Fund,
Small-
MidCap
Dividend
Income
Fund,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(known
as
the
"Funds")
are
presented
herein.
The
Funds
may
offer
up
to
ten
classes
of
shares:
Class
A,
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
A
and
Class
C
shares.
Certain
detailed
financial
information
for
Class
J,
Institutional,
R-1,
R-2,
R-3,
R-4,
R-5,
and
R-6
classes
of
shares
is
provided
separately.
Each
of
the
Funds
is
an
investment
company
and
applies
specialized
accounting
and
reporting
under
Accounting
Standards
Codification
(“ASC”)
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
February
23,
2021,
Class
C
shares
discontinued
and
converted
into
Class
A
shares
for
Diversified
Real
Asset
Fund
and
Global
Multi-Asset
Strategy
Fund.
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.
generally
accepted
accounting
principles
(“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:
Security
Valuation.
The
Funds
may
invest
in
other
series
of the
Fund
and
other
publicly
traded
investment
funds.
The
shares
of
the
other
series
of
Principal
Funds,
Inc.
are
referred
to
as
the
“Affiliated
Underlying
Funds”
and
collectively,
with
other
publicly
traded
investment
funds,
are
referred
to
as
the
“Underlying
Funds”.
Investments
in
the
Underlying
Funds
are
valued
at
the
respective
fund's
closing
net
asset
value
per
share
on
the
day
of
valuation.
The
Funds
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
Principal
Global
Investors,
LLC
(the
“Manager”)
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
The
value
of
foreign
securities
used
in
computing
the
net
asset
value
per
share
is
generally
determined
as
of
the
close
of
the
foreign
exchange
where
the
security
is
principally
traded.
Events
that
occur
after
the
close
of
the
applicable
foreign
market
or
exchange,
but
prior
to
the
calculation
of
the
Funds’
net
asset
values
are
reflected
in
the
Funds’
net
asset
values
and
these
securities
are
valued
at
fair
value.
Many
factors,
provided
by
independent
pricing
services,
are
reviewed
in
the
course
of
making
a
good
faith
determination
of
a
security’s
fair
value,
including,
but
not
limited
to,
price
movements
in
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
Fund
to
value
such
securities
at
prices
at
which
it
is
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
21
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.
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.
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
February
28,
2021:
for
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.
Callable
debt
securities
purchased
at
a
premium
are
amortized
to
the
earliest
call
date
and
to
the
callable
amount,
if
other
than
par.
The
Funds
allocate
all
income
and
realized
and
unrealized
gains
or
losses
on
a
daily
basis
to
each
class
of
shares
based
upon
the
relative
proportion
of
the
value
of
shares
outstanding
of
each
class.
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
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.
Dividends
and
Distributions
to
Shareholders.
With
respect
to
Opportunistic
Municipal
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
Diversified
Real
Asset
Fund
Euro
7
.4%
Canadian
Dollar
5
.2
Origin
Emerging
Markets
Fund
Hong
Kong
Dollar
27
.2%
New
Taiwan
Dollar
16
.9
South
Korean
Won
10
.8
Indian
Rupee
6
.7
South
African
Rand
5
.4
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
22
treatments
for
amortization
of
premiums
and
discounts,
net
operating
losses,
foreign
currency
transactions,
inverse
floating
rate
securities
(“Inverse
Floaters”),
options
and
futures
contracts,
certain
defaulted
securities,
sales
of
passive
foreign
investment
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.
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
February
28,
2021,
the
Funds
did
not
record
any
such
tax
benefit
or
expense
in
the
accompanying
financial
statements.
The
statute
of
limitations
remains
open
for
the
last
three
years,
once
a
return
is
filed.
No
examinations
are
in
progress
at
this
time.
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
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
regarding
collectability
and
timing
of
these
reclaims,
among
other
factors,
a
corresponding
receivable
will
only
be
recognized
when
the
tax
position
meets
the
"more
likely
than
not"
threshold.
Gains
realized
upon
the
disposition
of
certain
foreign
securities
held
by
certain
Funds
may
be
subject
to
capital
gains
tax,
payable
prior
to
the
repatriation
of
sale
proceeds.
The
tax
is
computed
on
certain
net
realized
gains
and,
if
any,
is
shown
on
the
statement
of
operations.
Realized
losses
in
excess
of
gains
may
be
carried
forward
to
offset
future
gains.
In
addition,
the
Funds
accrue
an
estimated
tax
liability
for
future
gains
on
certain
foreign
securities.
Any
accrued
foreign
tax
liability
is
shown
on
the
statement
of
assets
and
liabilities.
At
February
28,
2021,
Origin
Emerging
Markets
Fund
had
an
accrued
tax
liability
of
$2,205,000
relating
to
foreign
securities. 
Basis
for
Consolidation.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund
(the
“Consolidated
Funds”)
may
invest
up
to
25%
of
their
total
assets
in
their
respective
wholly-owned
subsidiaries
DRA
Cayman
Corporation
and
GMS
Cayman
Corporation
(the
“Cayman
Subsidiaries”),
each
organized
under
the
laws
of
the
Cayman
Islands.
The
Consolidated
Funds
are
the
sole
shareholder
of
their
respective
Cayman
Subsidiaries,
and
shares
of
the
Cayman
Subsidiaries
will
not
be
sold
or
offered
to
other
investors.
To
the
extent
that
the
Consolidated
Funds
invest
in
their
Cayman
Subsidiaries,
they
will
be
subject
to
the
particular
risks
associated
with
the
Cayman
Subsidiaries'
investments,
which
are
discussed
in
the
applicable
Prospectus
and
Statement
of
Additional
Information.
The
principal
purpose
of
investing
in
the
Cayman
Subsidiaries
is
to
allow
the
Consolidated
Funds
to
gain
exposure
to
the
commodity
markets
within
the
limitations
of
federal
tax
laws
applicable
to
regulated
investment
companies.
Diversified
Real
Asset
Fund’s
investment
portfolio
has
been
consolidated
and
includes
the
portfolio
holdings
of
Diversified
Real
Asset
Fund
and
its
Cayman
subsidiary.
Global
Multi-Strategy
Fund’s
investment
portfolio
has
been
consolidated
and
includes
the
portfolio
holdings
of
Global
Multi-Strategy
Fund
and
its
Cayman
subsidiary.
The
consolidated
financial
statements
for
Diversified
Real
Asset
Fund
include
the
accounts
of
Diversified
Real
Asset
Fund
and
its
Cayman
subsidiary
and
the
consolidated
financial
statements
for
Global
Multi-Strategy
Fund
include
the
accounts
of
Global
Multi-Strategy
Fund
and
its
Cayman
subsidiary.
All
intercompany
transactions
and
balances
have
been
eliminated
in
consolidation.
At
February
28,
2021,
the
net
assets
of
the
Cayman
Subsidiaries
were
as
follows
(amounts
in
thousands):
Recent
Accounting
Pronouncements.
In
March
2020,
the
Financial
Accounting
Standards
Board
("FASB") issued
Accounting
Standards
Update
("ASU")
No.
2020-04
Reference
Rate
Reform
(Topic
848);
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting, 
which
provides
optional
guidance
for
a
limited
period
of
time
to
ease
the
potential
burden
in
accounting
for
(or
recognizing
the
Net
Assets
Percent
of
Consolidated
Fund's
Net
Assets
DRA
Cayman
Corporation
$
511,869
14.83
%
GMS
Cayman
Corporation
9,368
1.73
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
23
effects
of)
reference
rate
reform.
The
guidance
is
applicable
to
contracts
referencing
London
Interbank
Offered
Rate
(“LIBOR”)
or
another
reference
rate
that
is
expected
to
be
discontinued
due
to
reference
rate
reform.
The
ASU
is
effective
as
of
March
12,
2020
and
generally
can
be
applied
through
December
31,
2022.
Management
is
evaluating
the
underlying
securities
referencing
LIBOR
or
another
reference
rate
that
is
expected
to
be
discontinued
as
a
reference
rate
over
the
period
of
time
the
ASU
is
effective.  
3.
Operating
Policies
Borrowings.
Pursuant
to
an
exemptive
order
issued
by
the
Securities
and
Exchange
Commission
(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
LIBOR
rate
plus
1.00%).
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.
As
of
February
28,
2021,
Blue
Chip
Fund
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund
had
outstanding
borrowings
of
$52,935,000
and
$14,490,000,
respectively.
As
of
February
28,
2021,
there
were
no
outstanding
loans
on
the
Facility.
During
the period
ended
February
28,
2021,
Funds
lending
to
the
Facility
were
as
follows
(amounts
in
thousands):
During
the period
ended
February
28,
2021,
Funds
borrowing
from
the
Facility
were
as
follows
(amounts
in
thousands): 
In
addition,
the
Funds,
with
the
exception
of
Diversified
Real
Asset
Fund,
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
LIBOR
rate
(or
such
successor
if
no
longer
available)
plus
1.25%.
Additionally,
a
commitment
fee
is
charged
at
an
annual
rate
of
.20%
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.
The
Funds
did
not
borrow
against
the
line
of
credit
during
the
period
ended
February
28,
2021.
Commodity
Linked
Notes.
Diversified
Real
Asset
Fund
invests
in
structured
notes
whose
market
values
are
primarily
derived
from
changes
in
the
value
of
various
commodity
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.
As
footnoted
in
the
schedules
of
investments,
certain
of
the
Funds
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
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Blue
Chip
Fund
$
394
0.58
%
Diversified
Real
Asset
Fund
156
0.60
Edge
MidCap
Fund
723
0.62
Global
Multi-Strategy
Fund
169
0.60
Origin
Emerging
Markets
Fund
1,618
0.59
Small-
MidCap
Dividend
Income
Fund
290
0.60
Spectrum
Preferred
and
Capital
Securities
Income
Fund
779
0.67
Average
Daily
Outstanding
Balance
Weighted
Average
Annual
Interest
Rate
Blue
Chip
Fund
$
6,786
0.61
%
Diversified
Real
Asset
Fund
769
0.59
Opportunistic
Municipal
Fund
8
0.61
Origin
Emerging
Markets
Fund
2,769
0.70
Spectrum
Preferred
and
Capital
Securities
Income
Fund
240
0.70
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
24
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,
as
stated
in
the
counterparties'
master
netting
agreements
("Master
Netting
Agreements"),
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.
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
are
shown gross
on
the
statements
of
assets
and
liabilities.
Derivative
instruments
also
include
collateral
provisions.
Collateral
received
and
pledged
are
generally
settled
daily
with
each
counterparty.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund
have
financial
instruments
that
are
subject
to
Master
Netting
Agreements
or
similar
agreements.
As
of
February
28,
2021,
financial
assets
and
liabilities
subject
to
Master
Netting
Agreements
or
similar
agreements
were
as
follows
(amounts
in
thousands):
Assets
*
Liabilities
*
Net
Market
Value
of
OTC
Derivatives
Collateral
(Received)/
Pledged
†
Net
Exposure
Diversified
Real
Asset
Fund
ANZ
Stockbroking
Foreign
Currency
Contracts
$
—
$
(188)
$
(188)
$
—
$
(188)
$
(188)
$
—
$
(188)
Bank
of
America
NA
Foreign
Currency
Contracts
136
(132)
4
Total
Return
Swaps
—
(1)
(1)
$
136
$
(133)
$
3
$
—
$
3
Barclays
Bank
PLC
Foreign
Currency
Contracts
—
(10)
(10)
Purchased
Capped
Options
209
—
209
Purchased
Interest
Rate
Swaptions
1,245
—
1,245
Written
Capped
Options
—
(122)
(122)
Written
Interest
Rate
Swaptions
—
(1,778)
(1,778)
$
1,454
$
(1,910)
$
(456)
$
—
$
(456)
BNP
Paribas
Foreign
Currency
Contracts
—
(1)
(1)
$
—
$
(1)
$
(1)
$
—
$
(1)
Citigroup
Inc
Foreign
Currency
Contracts
16
(4)
12
Purchased
Options
22
—
22
$
38
$
(4)
$
34
$
(20)
$
14
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
25
Assets
*
Liabilities
*
Net
Market
Value
of
OTC
Derivatives
Collateral
(Received)/
Pledged
†
Net
Exposure
Diversified
Real
Asset
Fund
(continued)
Deutsche
Bank
AG
Foreign
Currency
Contracts
$
—
$
—
$
—
Purchased
Interest
Rate
Swaptions
433
—
433
Written
Interest
Rate
Swaptions
—
(1,575)
(1,575)
$
433
$
(1,575)
$
(1,142)
$
—
$
(1,142)
Goldman
Sachs
&
Co
Foreign
Currency
Contracts
138
(51)
87
$
138
$
(51)
$
87
$
—
$
87
HSBC
Securities
Inc
Foreign
Currency
Contracts
61
(13)
48
$
61
$
(13)
$
48
$
—
$
48
JPMorgan
Chase
Foreign
Currency
Contracts
61
(33)
28
Purchased
Interest
Rate
Swaptions
281
—
281
Written
Interest
Rate
Swaptions
—
(102)
(102)
$
342
$
(135)
$
207
$
(170)
$
37
M3
Capital
Partners
Total
Return
Swaps
7,280
—
7,280
$
7,280
$
—
$
7,280
$
—
$
7,280
Merrill
Lynch
Total
Return
Swaps
5,643
—
5,643
$
5,643
$
—
$
5,643
$
—
$
5,643
Morgan
Stanley
&
Co
Foreign
Currency
Contracts
3
(13)
(10)
Purchased
Interest
Rate
Swaptions
408
—
408
Written
Interest
Rate
Swaptions
—
(378)
(378)
$
411
$
(391)
$
20
$
(20)
$
—
Royal
Bank
of
Scotland
Foreign
Currency
Contracts
3
(3)
—
$
3
$
(3)
$
—
$
—
$
—
Societe
Generale
Total
Return
Swaps
3,546
(1)
3,545
$
3,546
$
(1)
$
3,545
$
—
$
3,545
UBS
AG
Foreign
Currency
Contracts
278
(270)
8
$
278
$
(270)
$
8
$
—
$
8
Westpac
Banking
Corporation
Foreign
Currency
Contracts
—
(2)
(2)
$
—
$
(2)
$
(2)
$
—
$
(2)
Total
OTC
$
19,763
$
(4,677)
$
15,086
$
(210)
$
14,876
Global
Multi-Strategy
Fund
Bank
of
America
NA
Foreign
Currency
Contracts
6,014
(5,136)
878
Purchased
Interest
Rate
Swaptions
54
—
54
$
6,068
$
(5,136)
$
932
$
—
$
932
Bank
of
New
York
Mellon
Foreign
Currency
Contracts
43
(197)
(154)
$
43
$
(197)
$
(154)
$
—
$
(154)
Barclays
Bank
PLC
Credit
Default
Swaps
174
—
174
Foreign
Currency
Contracts
5
(1)
4
Purchased
Options
26
—
26
Written
Options
—
(35)
(35)
$
205
$
(36)
$
169
$
—
$
169
BMO
Capital
Markets
Foreign
Currency
Contracts
26
—
26
$
26
$
—
$
26
$
—
$
26
BNP
Paribas
Foreign
Currency
Contracts
52
—
52
Purchased
Options
43
—
43
$
95
$
—
$
95
$
—
$
95
Citigroup
Inc
Credit
Default
Swaps
85
—
85
Foreign
Currency
Contracts
—
—
—
Purchased
Options
35
—
35
$
120
$
—
$
120
$
—
$
120
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
26
Financial
Instrument:
Repurchase
Agreements
and
Reverse
Repurchase
Agreements
Global
Multi-Strategy
Fund
*
The
fund
has
pledged
cash
and
securities
to
the
counterparty
as
collateral
which
may
be
in
excess
of
the
amount
owed
to
the
counterparty.
Cross
Trades. 
The
Funds
may
engage
in
cross
trades.
A
cross
trade
is
a
purchase
or
sale
transaction
between
affiliated
portfolios
executed
directly
or
through
an
intermediary.
Mutual
funds
and
other
managed
portfolios
may
be
considered
affiliated
if
they
have
a
common
investment
advisor,
so
a
fund
may
be
considered
affiliated
with
any
portfolio
for
which
the
fund's
sub-advisor
acts
as
an
investment
advisor.
Assets
*
Liabilities
*
Net
Market
Value
of
OTC
Derivatives
Collateral
(Received)/
Pledged
†
Net
Exposure
Global
Multi-Strategy
Fund
(continued)
Deutsche
Bank
AG
Purchased
Options
$
36
$
—
$
36
Written
Options
—
(11)
(11)
$
36
$
(11)
$
25
$
—
$
25
Goldman
Sachs
&
Co
Credit
Default
Swaps
11
(9)
2
Purchased
Options
96
—
96
Written
Options
—
(83)
(83)
$
107
$
(92)
$
15
$
—
$
15
HSBC
Securities
Inc
Foreign
Currency
Contracts
182
(177)
5
Total
Return
Swaps
58
(2)
56
$
240
$
(179)
$
61
$
—
$
61
Jefferies
&
Company
Purchased
Options
108
—
108
$
108
$
—
$
108
$
—
$
108
JPMorgan
Chase
Foreign
Currency
Contracts
327
(446)
(119)
Purchased
Options
80
—
80
Total
Return
Swaps
46
—
46
Written
Options
—
(46)
(46)
$
453
$
(492)
$
(39)
$
39
$
—
Merrill
Lynch
Foreign
Currency
Contracts
2
—
2
$
2
$
—
$
2
$
—
$
2
Morgan
Stanley
&
Co
Equity
Basket
Swaps
177
(442)
(265)
Foreign
Currency
Contracts
30
(183)
(153)
Interest
Rate
Swaps
23
—
23
Purchased
Options
183
—
183
Written
Options
—
(77)
(77)
$
413
$
(702)
$
(289)
$
289
$
—
Nomura
Securities
Purchased
Options
29
—
29
Written
Options
—
(2)
(2)
$
29
$
(2)
$
27
$
—
$
27
Standard
Chartered
Bank,
Hong
Kong
Foreign
Currency
Contracts
17
—
17
Purchased
Options
37
—
37
Written
Options
—
(17)
(17)
$
54
$
(17)
$
37
$
—
$
3
7
Toronto
Dominion
Bank
Foreign
Currency
Contracts
—
(3)
(3)
$
—
$
(3)
$
(3)
$
—
$
(3)
UBS
AG
Purchased
Options
46
—
46
$
46
$
—
$
46
$
—
$
46
Total
OTC
$
8,045
$
(6,867)
$
1,178
$
$
1,506
*
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
statements
of
assets
and
liabilities.
†
Collateral
pledged
or
received
may
be
in
excess
of
recognized
assets
or
liabilities,
see
the
schedules
of
investments.
Counterparty
Repurchase
Agreement
Proceeds
to
be
Received
Payable
for
Reverse
Repurchase
Agreements
Net
Receivable/(Payable)
Collateral
(Received)/Pledged
Net
Exposure
Merrill
Lynch
$
96,248
$
(150,668)
$
(54,420)
$
51,200*
$
(3,220)
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
27
Such
transactions
are
permissible
provided
that
the
conditions
of
Rule
17a-7
under
the
Investment
Company
Act
of
1940
are
satisfied.
For
the
period ended
February
28,
2021,
none
of
the
Funds
had
material
cross
trades.
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
over-the-counter
("OTC")
derivatives.
Master
Securities
Forward
Transaction
Agreements
("MSFTA")
accounts
are
also
maintained
in
a
segregated
account
at
the
custodian
for
collateral
related
to
forward
currency
contracts
and
"to-be-announced"
("TBA")
securities.
Certain
of
the Funds may
pledge
cash
to
a
broker
for
securities
sold
short
and
repurchase
agreements.
As
of
February
28,
2021,
deposits
with
counterparty
were
as
follows
(amounts
in
thousands):
,
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 Funds
by
the
broker
is
received
in
the
fund’s
custodian
account.
As
of
February
28,
2021,
deposits
from
counterparty
were
as
follows
(amounts
in
thousands):
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held.
Opportunistic
Municipal
Fund
has
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
Floaters.
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
Floater)
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
statement
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 February
28,
2021 was
 $7,691,000.
The
average
outstanding
balance
for
the
liability
during
the
 period
ended February
28,
2021
was
$6,261,000
at
a weighted
average
annual
interest
rate
of
1.02%.
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
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.
Repurchase
Agreements
FCM
(Futures
and
Cleared
Swaps)
ISDA
(OTC
Derivatives)
Shorts
Total
Deposits
with
Counterparty
Diversified
Real
Asset
Fund
$
—
$
2,960
$
—
$
—
$
2,960
Global
Multi-Strategy
Fund
2,089
12,875
12,860
45,455
73,279
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—
8,029
—
—
8,029
ISDA
(OTC
Derivatives)
Diversified
Real
Asset
Fund
$
230
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
28
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
or
other
respective
currency. 
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
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. 
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
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund.
The
Spectrum
Preferred
and
Capital
Securities
Income
Fund
uses
long
and
short
U.S.
Treasury
futures
and
options
on
those
listed
U.S.
Treasury
future
contracts
to
mitigate
interest
rate
volatility
and
for
income
generation.
The
notional
values
of
the
futures
contracts
will
vary
in
accordance
with
changing
duration
of
these
funds. 
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.
Options
Contracts.
During
the
period, Diversified
Real
Asset
Fund,
Global
Multi-Strategy
Fund,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund
wrote
call
and
put
options
on
swaps,
securities,
indices
and
currencies
they
own
or
in
which
they
may
invest
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
or
put
option,
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.
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
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
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
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
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
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
29
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
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
Fund's
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. 
In
addition,
Global
Multi-Strategy
Fund
may
enter
into
repurchase
agreements
with
certain
counterparties
that
are
collateralized
by
assets
other
than
U.S.
government
or
U.S.
government
agency
securities.
The
collateral
pledged
by
the
counterparty
under
these
repurchase
agreements
is
maintained
in
a
segregated
account
at
the
counterparty’s
custodian.
After
entering
into
the
repurchase
agreement,
the
fund
may
sell
short
the
security
pledged
by
the
counterparty
as
collateral
in
anticipation
of
a
decline
in
market
value.
Upon
the
settlement
of
the
short
sale,
the
fund
will
unwind
the
repurchase
agreement.
Although
the
repurchase
agreements
are
typically
open-ended
through
the
maturity
date
of
the
collateral,
the
fund
has
a
right
to
terminate
the
repurchase
agreement
at
any
time
with
two
days’
notice.
During
periods
of
high
demand
for
the
collateral
security,
the
fund
may
also
pay
the
counterparty
a
fee
and
the
amount
is
recorded
as
interest
expense
on
the
statements
of
operations.
Global
master
repurchase
agreements
govern
the
repurchase
and
reverse
repurchase
transactions
between
the
fund
and
the
counterparty.
Collateral
requirements
for
certain
counterparties
may
be
determined
on
a
total
exposure
basis,
rather
than
on
an
individual
repurchase
agreement
or
reverse
repurchase
agreement
basis
in
order
to
determine
the
collateral
to
be
received
or
pledged.
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. 
Reverse
Repurchase
Agreements.
Global
Multi-Strategy
Fund
has
entered
into
reverse
repurchase
agreements.
Under
a
reverse
repurchase
agreement,
a
fund
sells
securities
and
agrees
to
repurchase
them
at
a
specified
date
and
price.
Reverse
repurchase
agreements
are
considered
to
be
borrowings
by
the
fund
and
are
subject
to
the
fund’s
restrictions
on
borrowing.
Reverse
repurchase
agreements
may
increase
the
volatility
of
a
fund
and
involve
the
risk
that
interest
costs
on
money
borrowed
may
exceed
the
return
on
securities
purchased
with
the
borrowed
money.
While
a
reverse
repurchase
agreement
is
outstanding,
the
Fund
will
maintain
cash
or
appropriate
liquid
assets
to
cover
its
obligation
under
the
agreement.
The
Fund
will
enter
into
reverse
repurchase
agreements
only
with
parties
that
the
sub-advisor
deems
creditworthy.
The
fund
must
segregate
assets
in
an
amount
equal
to
the
amount
the
fund
owes
pursuant
to
the
terms
of
the
reverse
repurchase
agreements.
Reverse
repurchase
agreements
are
shown
as
a
separate
line
item
on
the
statements
of
assets
and
liabilities.
Interest
payments
made
are
shown
as
reverse
repurchase
agreement
interest
expense
on
the
statements
of
operations.
The
fund
holds
reverse
repurchase
agreements
in
which
the
carrying
value,
including
accrued
interest,
approximates
fair
value
for
financial
statement
purposes.
The
average
amount
of
borrowings
outstanding
during
the
year
ended
February
28,
2021
was
$91,117,000
at
a
weighted
average
interest
rate
of
0.380%.
The
breakdown
of
obligations
owned,
security
type
sold
and
remaining
maturity
for
the
reverse
repurchase
agreements
are
included
in
the
schedules
of
investments.
Securities
Lending.
As
footnoted
in
the
schedules
of
investments,
certain
of
the
Funds
may
lend
portfolio
securities
to
approved
brokerage
firms
to
earn
additional
income.
The
Funds
receive
collateral,
in
the
form
of
cash,
against
the
loaned
securities.
During
the
period
of
the
loan,
the
borrower
must
maintain
collateral
in
an
amount
not
less
than
102%
of
the
market
value
of
the
domestic
and
foreign
fixed
income
loaned
securities
and
105%
of
the
market
value
of
the
foreign
equity
loaned
securities.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
The
cash
collateral
received
is
usually
invested
in
a
SEC-registered
money
market
mutual
fund
and
the
Funds
could
realize
a
loss
on
such
investments.
Further,
the
Funds
could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
Security
lending
income,
net
of
related
fees,
is
shown
on
the
statements
of
operations.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
30
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
and
included
in
the
net
change
in
unrealized
appreciation/(depreciation)
of
investments
on
the
statements
of
operations,
as
applicable.
As
of
year
end,
the
commitments
are
categorized
as
Level
2
within
the
disclosure
hierarchy.
As
of
February
28,
2021,
the
commitments
were
as
follows
(amounts
in
thousands):
Short
Sales.
Certain
of
the
Funds
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
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
schedule
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.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
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.
Centrally
cleared
swaps
are
valued
using
the
preliminary
last
traded
price
from
the
trading
exchange.
OTC
swaps
are
modeled
taking
into
account
the
counterparties’
creditworthiness
and
using
a
series
of
techniques,
including
simulation
models.
Changes
in
value
are
recorded
as
unrealized
gain
or
loss
which
is
included
as
a
component
of
total
distributable
earnings
(accumulated
loss)
on
the
statements
of
assets
and
liabilities.
Equity
basket
swaps
are
valued
using
the
closing
price
of
each
of
the
underlying
securities
multiplied
by
the
holdings
of
each
equity
security.
Unfunded
Loan
Commitment
Unrealized
Gain/
(Loss)
Diversified
Real
Asset
Fund
$13,836
$993
Global
Multi-Strategy
Fund
663
(33)
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
31
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
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
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
32
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
February
28,
2021
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.
Synthetic
futures,
which
are
total
return
swaps
on
futures
contracts,
along
with
equity
basket
swaps
generally,
involve
the
commitment
to
receive
positive
returns
or
pay
negative
returns
on
a
specified
reference
security,
basket
of
securities,
security
index
or
index
component,
without
actually
owning
the
underlying
position.
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.
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
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 each
of
the
Affiliated
Underlying
Funds. 
The
Manager is
committed
to
minimizing
the
potential
impact
of
underlying
fund
risk
on
Affiliated
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.
Shareholder
reports
for
the
Affiliated
Underlying
Funds
can
be
found
at
www.principalfunds.com.
As
of
February
28,
2021,
series
of
the
Fund
and
Principal
Variable
Contracts
Funds,
Inc.
owned
the
following
percentages,
in
the
aggregate,
of
the
outstanding
shares
of
the
Affiliated Funds
listed
below:
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
Percentage
of
Outstanding
Shares
Owned
Blue
Chip
Fund
38.00
%
Diversified
Real
Asset
Fund
11.22
Edge
MidCap
Fund
83.93
International
Small
Company
Fund
82.16
Origin
Emerging
Markets
Fund
43.75
Spectrum
Preferred
and
Capital
Securities
Income
Fund
9.44
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
33
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
the 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):
Asset
Derivatives
February
28,
2021
Liability
Derivatives
February
28,
2021
Derivatives
not
accounted
for
as
hedging
instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Diversified
Real
Asset
Fund
Commodity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
48,218
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
10,999
*
Foreign
exchange
contracts
Receivables
$
718
Payables
$
720
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
10,195
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
8,661
*
Total
$
59,131
$
20,380
Global
Multi-Strategy
Fund
Commodity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
1,719
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
238
*
Credit
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
389
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
492
*
Equity
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
865
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
3,181
*
Foreign
exchange
contracts
Receivables
$
7,417
Payables
$
6,421
*
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
3,470
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
3,968
*
Total
$
13,860
$
14,300
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
rate
contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
1,514
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
160
*
Includes
cumulative
unrealized
appreciation/depreciation
of
exchange
traded
swaps
and
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.
Derivatives
not
accounted
for
as
hedging
instruments
Location
of
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Realized
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
of
Derivatives
Recognized
in
Statement
of
Operations
Diversified
Real
Asset
Fund
Commodity
contracts
Net
realized
gain
(loss)
from
Futures
contracts
and
Swap
agreements/Net
change
in
unrealized
appreciation/(depreciation)
of
Futures
contracts
and
Swap
agreements
$
32,464
$
20,369
Foreign
exchange
contracts
Net
realized
gain
(loss)
from
Investment
transactions
and
Foreign
currency
contracts/Net
change
in
unrealized
appreciation/(depreciation)
of
Investments
and
Foreign
currency
contracts
$
(804)
$
82
Interest
rate
contracts
Net
realized
gain
(loss)
from
Investment
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
$
2,029
$
517
Total
$
33,689
$
20,968
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
34
The
following
table
includes
a
summary
of
the
average
quarterly
outstanding
notional
by
derivative
instrument
type
for
the period
ended February
28,
2021
(amount
in
thousands):
Derivatives
not
accounted
for
as
hedging
instruments
Location
of
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Realized
Gain
or
(Loss)
on
Derivatives
Recognized
in
Statement
of
Operations
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
of
Derivatives
Recognized
in
Statement
of
Operations
Global
Multi-Strategy
Fund
Commodity
contracts
Net
realized
gain
(loss)
from
Futures
contracts
and
Swap
agreements/Net
change
in
unrealized
appreciation/(depreciation)
of
Investments
and
Futures
contracts
$
1,094
$
2,038
Credit
contracts
Net
realized
gain
(loss)
from
Swap
agreements/
Net
change
in
unrealized
appreciation/
(depreciation)
of
Swap
agreements
$
(430)
$
(879)
Equity
contracts
Net
realized
gain
(loss)
from
Investment
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
$
(7,881)
$
(515)
Foreign
exchange
contracts
Net
realized
gain
(loss)
from
Investment
transactions,
Foreign
currency
contracts,
Futures
contracts,
and
Options
and
swaptions
/Net
change
in
unrealized
appreciation/(depreciation)
of
Investments,
Foreign
currency
contracts,
Futures
contracts,
and
Options
and
swaptions
.
$
(4,132)
$
1,366
Interest
rate
contracts
Net
realized
gain
(loss)
from
Investment
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
$
(4,183)
$
3,592
Total
$
(15,532)
$
5,602
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
rate
contracts
Net
realized
gain
(loss)
from
Investment
transactions,
Futures
contracts,
and
Options
and
swaptions
/Net
change
in
unrealized
appreciation/
(depreciation)
of
Investments,
Futures
contracts,
and
Options
and
swaptions
$
3,066
$
1,863
Contract
Type
Derivative
Type
Average
Notional
Diversified
Real
Asset
Fund
Commodity
Contracts
Futures
-
Long
$
372,469
Futures
-
Short
266,396
Total
Return
Swaps
-
Receive
Positive
Return
247,859
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
47,319
Foreign
Currency
Contracts
-
Contracts
to
Deliver
79,889
Purchased
Options
2,455
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
266,255
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
328,051
Futures
-
Long
71,884
Futures
-
Short
53,280
Purchased
Capped
Options
43,685
Purchased
Interest
Rate
Swaptions
104,936
Purchased
Options
575
Written
Capped
Options
45,205
Written
Interest
Rate
Swaptions
428,847
Written
Options
418
Global
Multi-Strategy
Fund
Commodity
Contracts
Futures
-
Long
24,415
Futures
-
Short
16,235
Purchased
Options
2
Credit
Contracts
Credit
Default
Swaps
–
Buy
Protection
11,762
Credit
Default
Swaps
–
Sell
Protection
4,402
Exchange
Cleared
Credit
Default
Swaps
–
Buy
Protection
21,419
Exchange
Cleared
Credit
Default
Swaps
–
Sell
Protection
6,186
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
35
4.
Fair
Valuation
Fair
value
is
defined
as
the
price
that
the
Funds
would
receive
upon
selling
a
security
or
transferring
a
liability 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.
Investments
which
are
generally
included
in
this
category
include listed
equities
and
listed
derivatives.
●
Level
2
–
Other
significant
observable
inputs
(including
quoted
prices
for
similar
investments,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Investments
which
are
generally
included
in
this
category
include
certain
foreign
equities,
corporate
bonds,
municipal
bonds,
OTC
derivatives,
senior
floating
rate
interests,
reverse
repurchase
agreements,
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.
Contract
Type
Derivative
Type
Average
Notional
Global
Multi-Strategy
Fund
(continued)
Equity
Contracts
Futures
-
Long
$
22,699
Futures
-
Short
49,585
Purchased
Options
43
Total
Return
Equity
Basket
Swaps
61,705
Total
Return
Swaps
-
Pay
Positive
Return
218
Written
Options
34
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
305,103
Foreign
Currency
Contracts
-
Contracts
to
Deliver
317,639
Futures
-
Long
98
Futures
-
Short
1,220
Purchased
Options
54,842
Written
Options
27,416
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
147,545,790
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
70,581,233
Futures
-
Long
377,962
Futures
-
Short
187,943
Interest
Rate
Swaps
-
Pay
Floating
Rate
11,565
Interest
Rate
Swaps
-
Receive
Floating
Rate
31,594
Purchased
Interest
Rate
Swaptions
42,078
Purchased
Options
1,983
Total
Return
Swaps
-
Receive
Positive
Return
4,952
Written
Interest
Rate
Swaptions
12,377
Written
Options
1,621
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
Rate
Contracts
Futures
-
Long
53,513
Futures
-
Short
125,199
Purchased
Options
1,125
Written
Options
483
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
36
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.
Benchmark
pricing
procedures
set
the
base
price
of
a
security
based
on
current
market
data.
The
base
price
may
be
a
broker-dealer
quote,
transaction
price,
or
internal
value
based
on
relevant
market
data.
The
fair
values
of
these
securities
are
dependent
on
economic,
political,
and
other
considerations.
The
values
of
such
securities
may
be
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
pandemics, accidents,
conflicts,
etc.).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
The
following
is
a
summary
of
the
inputs
used
as
of February
28,
2021
in
valuing
the
Funds'
securities
carried
at
fair
value
(amounts
in
thousands):
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Blue
Chip
Fund
Common
Stocks*
$
8,814,407
$
—
$
—
$
8,814,407
Investment
Companies
2
—
—
2
Total
investments
in
securities
$
8,814,409
$
—
$
—
$
8,814,409
Diversified
Real
Asset
Fund
Bonds*
—
428,945
—
428,945
Commodity
Indexed
Structured
Notes*
—
30,953
—
30,953
Common
Stocks
Basic
Materials
210,959
142,443
—
353,402
Communications
3,825
2,530
—
6,355
Consumer,
Cyclical
12,387
8,614
17
21,018
Consumer,
Non-cyclical
55,926
69,236
42
125,204
Diversified
2,612
—
—
2,612
Energy
339,114
73,144
4
412,262
Financial
182,347
113,855
—
296,202
Industrial
73,042
145,387
—
218,429
Technology
188
—
2,429
2,617
Utilities
189,324
178,011
—
367,335
Investment
Companies
129,315
—
—
129,315
Preferred
Stocks
Industrial
125
147
4
276
Utilities
3,167
—
—
3,167
Senior
Floating
Rate
Interests*
—
260,766
—
260,766
U.S.
Government
&
Government
Agency
Obligations*
—
791,491
—
791,491
Purchased
Options
177
22
—
199
Purchased
Interest
Rate
Swaptions
—
2,367
—
2,367
Purchased
Capped
Options
—
209
—
209
Total
investments
in
securities
$
1,202,508
$
2,248,120
$
2,496
$
3,453,124
Assets
Commodity
Contracts
Futures**
31,749
—
—
31,749
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
37
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Diversified
Real
Asset
Fund
Total
Return
Swaps
$
—
$
16,469
$
—
$
16,469
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
696
—
696
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
6,952
—
6,952
Futures**
490
—
—
490
Liabilities
Commodity
Contracts
Futures**
(10,997
)
—
—
(10,997
)
Total
Return
Swaps
—
(2)
—
(2)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(720)
—
(720)
Interest
Rate
Contracts
Capped
Options
—
(122)
—
(122)
Exchange
Cleared
Interest
Rate
Swaps**
—
(4,308)
—
(4,308)
Futures**
(194)
—
—
(194)
Interest
Rate
Swaptions
—
(3,833)
—
(3,833)
Written
Options
(204)
—
—
(204)
Edge
MidCap
Fund
Common
Stocks
Basic
Materials
21,655
—
—
21,655
Communications
28,103
15,761
—
43,864
Consumer,
Cyclical
103,424
—
—
103,424
Consumer,
Non-cyclical
154,604
—
—
154,604
Energy
37,805
—
—
37,805
Financial
180,531
—
—
180,531
Industrial
213,773
—
—
213,773
Technology
148,829
—
—
148,829
Utilities
38,743
—
—
38,743
Investment
Companies
20,851
—
—
20,851
Total
investments
in
securities
$
948,318
$
15,761
$
—
$
964,079
Global
Multi-Strategy
Fund
Bonds*
—
185,754
929
186,683
Common
Stocks
Basic
Materials
7,218
4,170
—
11,388
Communications
25,529
1,357
—
26,886
Consumer,
Cyclical
24,497
6,45
8
45
31,000
Consumer,
Non-cyclical
37,065
7,496
1,739
46,300
Diversified
23
151
—
174
Energy
4,049
1,081
6
5,136
Financial
29,447
5,276
307
35,030
Industrial
23,066
8,789
—
31,855
Technology
25,782
2,910
337
29,029
Utilities
2,126
1,695
—
3,821
Convertible
Bonds*
—
3,795
—
3,795
Convertible
Preferred
Stocks
Consumer,
Cyclical
—
—
88
88
Consumer,
Non-cyclical
734
—
—
734
Energy
22
—
2,031
2,053
Financial
419
—
22
8
647
Utilities
88
—
—
88
Credit
Linked
Structured
Notes*
—
7,355
—
7,355
Investment
Companies
116,333
—
—
116,333
Preferred
Stocks
Basic
Materials
—
13
1
—
13
1
Communications
—
—
—
—
Consumer,
Cyclical
—
70
—
70
Financial
—
—
63
3
63
3
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
38
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Global
Multi-Strategy
Fund
Technology
$
—
$
—
$
3
$
3
Repurchase
Agreements*
—
96,248
—
96,248
Senior
Floating
Rate
Interests*
—
4,742
—
4,742
U.S.
Government
&
Government
Agency
Obligations*
—
138,609
—
138,609
Purchased
Options
586
719
—
1,305
Purchased
Interest
Rate
Swaptions
—
54
—
54
Total
investments
in
securities
$
296,984
$
476,86
0
$
6,346
$
780,190
Short
Sales
Bonds
—
(4,088)
—
(4,088)
Common
Stocks
Basic
Materials
(3,336)
(1,147)
—
(4,483)
Communications
(4,181)
(704)
—
(4,885)
Consumer,
Cyclical
(12,073)
(3,112)
—
(15,185)
Consumer,
Non-cyclical
(10,058)
(3,370)
—
(13,428)
Energy
(4,720)
(628)
—
(5,348)
Financial
(10,826)
(3,258)
—
(14,084)
Industrial
(8,210)
(5,772)
—
(13,982)
Technology
(7,160)
(1,842)
—
(9,002)
Utilities
(4,552)
(782)
—
(5,334)
Preferred
Stocks
Consumer,
Cyclical
—
(275)
—
(275)
Industrial
—
(48)
—
(48)
U.S.
Government
&
Government
Agency
Obligations
—
(75,917)
—
(75,917)
Total
Short
Sales
$
(65,116)
$
(100,943)
$
—
$
(166,059)
Reverse
Repurchase
Agreements
—
(150,668)
—
(150,668)
Assets
Credit
Contracts
Credit
Default
Swaps
—
270
—
270
Exchange
Cleared
Credit
Default
Swaps**
—
119
—
119
Commodity
Contracts
Futures**
1,712
—
—
1,712
Equity
Contracts
Futures**
169
—
—
169
Total
Return
Equity
Basket
Swaps
—
177
—
177
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
6,698
—
6,698
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
2,559
—
2,559
Futures**
670
—
—
670
Interest
Rate
Swaps
—
23
—
23
Total
Return
Swaps
—
104
—
104
Liabilities
Credit
Contracts
Credit
Default
Swaps
—
(9)
—
(9)
Exchange
Cleared
Credit
Default
Swaps**
—
(483)
—
(483)
Commodity
Contracts
Futures**
(238
)
—
—
(238
)
Equity
Contracts
Futures**
(2,420
)
—
—
(2,420
)
Written
Options
(319)
—
—
(319)
Total
Return
Equity
Basket
Swaps
—
(442
)
—
(442
)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(6,143)
—
(6,143)
Futures**
(7)
—
—
(7)
Written
Options
—
(271)
—
(271)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(2,966)
—
(2,966)
Futures**
(918
)
—
—
(91
8
)
Total
Return
Swaps
—
(2)
—
(2)
Written
Options
(82)
—
—
(82)
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
39
*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.
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Opportunistic
Municipal
Fund
Investment
Companies
$
184
$
—
$
—
$
184
Municipal
Bonds*
—
145,807
269
146,076
Total
investments
in
securities
$
184
$
145,807
$
269
$
146,260
Origin
Emerging
Markets
Fund
Common
Stocks
Basic
Materials
72,462
162,637
—
235,099
Communications
389,503
459,253
—
848,756
Consumer,
Cyclical
—
241,718
—
241,718
Consumer,
Non-cyclical
—
170,140
—
170,140
Energy
—
67,867
—
67,867
Financial
69,193
353,556
—
422,749
Industrial
—
470,059
—
470,059
Technology
192,012
656,881
—
848,893
Utilities
—
45,489
—
45,489
Investment
Companies
102,525
—
—
102,525
Preferred
Stocks
36,489
—
—
36,489
Total
investments
in
securities
$
862,184
$
2,627,600
$
—
$
3,489,784
Small-
MidCap
Dividend
Income
Fund
Common
Stocks*
1,557,005
—
—
1,557,005
Investment
Companies
162,898
—
—
162,898
Total
investments
in
securities
$
1,719,903
$
—
$
—
$
1,719,903
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Bonds*
—
6,963,460
—
6,963,460
Convertible
Preferred
Stocks
Financial
110,300
—
—
110,300
Industrial
25,620
—
—
25,620
Investment
Companies
172,060
—
—
172,060
Preferred
Stocks
Communications
97,335
—
—
97,335
Consumer,
Non-cyclical
—
25,821
—
25,821
Energy
54
—
—
54
Financial
470,765
19,090
—
489,855
Government
—
68,976
—
68,976
Utilities
121,061
1,835
—
122,896
Purchased
Options
5
—
—
5
Total
investments
in
securities
$
997,200
$
7,079,182
$
—
$
8,076,382
Assets
Interest
Rate
Contracts
Futures**
1,509
—
—
1,509
Liabilities
Interest
Rate
Contracts
Written
Options
(160)
—
—
(160)
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
40
Certain
detailed
information
is
provided
for
those
Funds
with
significant
investments
in
Level
3
securities.
Quantitative
information
about
the
significant
unobservable
inputs
used
in
the
fair
value
measurements
categorized
with
Level
3
of
the
fair
value
hierarchy
is
as
follows
(amounts
in
thousands):
*Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
Fund
Fair
Value
as
of
February
28,
2021
Valuation
Technique
Unobservable
Input
Input
Valuations
(Weighted
Average)*
Impact
to
Valuation
if
Input
had
Increased
Global
Multi-Strategy
Fund
Bonds
$
282
Cash
Payout
Methodology
Probability
Factor
5%
-
30%
Variable
647
Indicative
Market
Quotations
Broker
Quote
$
17.79
–
99.14
($
68.72)
Increase
Common
Stocks
293
Comparable
Debt
Methodology
Internal
Rate
of
Return
19.40%
Increase
38
Enterprise
Valuation
Model
Enterprise
Value
to
Revenue
Multiple
5.64x
Increase
Discount
Rate
15%
Decrease
Option
Pricing
Model
–
Volatility
51.21%
Variable
2
Enterprise
Valuation
Model
NTM
Revenue
Multiple
4.25x
Increase
Option
Pricing
Model
–
Volatility
94%
Variable
Discount
for
Lack
of
Marketability
10%
Decrease
1,764
Indicative
Market
Quotations
Broker
Quote
$
0.01
–
580.00
($
571.78)
Increase
337
Transactions
of
Indicative
Value
Acquisition
Price
$
36.50
Increase
Convertible
Preferred
Stock
2,204
Indicative
Market
Quotations
Broker
Quote
$0.47
–
200.00
($16.58)
Increase
88
Enterprise
Valuation
Model
Enterprise
Value
to
Revenue
Multiple
5.64x
Increase
Discount
Rate
15%
Decrease
Option
Pricing
Model
–
Volatility
51.21%
Variable
55
Enterprise
Valuation
Model
NTM
Revenue
Multiple
4.25x
Increase
Option
Pricing
Model
–
Volatility
94%
Variable
Discount
for
Lack
of
Marketability
10%
Decrease
Preferred
Stock
3
Cash
Payout
Methodology
Discount
Rate
50%
Decrease
633
Enterprise
Valuation
Model
Enterprise
Value/NTM
Revenue
Multiple
1.98x
Increase
Cost
of
Capital
Discount
15%
Decrease
$6,346
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
41
The
changes
in
investments
measured
at
fair
value
for
which
Level
3
inputs
have
been
used
to
determine
fair
value
are
as
follows
(amounts
shown
in
thousands):
*Securities
are
transferred
into
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
has
been
halted
2.
Securities
that
have
certain
restrictions
on
trading
3.
Instances
in
which
a
security
is
not
priced
by
a
pricing
services
**Securities
are
transferred
out
of
Level
3
for
a
variety
of
reasons
including,
but
not
limited
to:
1.
Securities
where
trading
resumes
2.
Securities
where
trading
restrictions
have
expired
3.
Instances
in
which
a
price
becomes
available
from
a
pricing
service
At
the
end
of
the
period,
there
were
no
other
Funds
which
had
a
significant
Level
3
balance.
During
the
period,
there
were
no
significant
purchases,
sales,
or
transfers
into
or
out
of
Level
3,
except
as
noted
above.
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
of
the Funds'
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
rates
used
in
this
calculation
for
each
of
the
Funds
are
as
follows:
Fund
Fair
Value
August
30,
2020
Realized
Gain/
(Loss)
Accrued
Discounts/
Premiums
and
Change
in
Unrealized
Gain/
(Loss)
Purchases
Proceeds
from
Sales
Transfers
into
Level
3*
Transfers
Out
of
Level
3**
Fair
Value
February
28,
2021
Net
Change
in
Unrealized
Appreciation/
(Depreciation)
on
Investments
Held
at
February
28,
2021
Global
Multi-Strategy
Fund
Bonds
$
1,381
$
11
$
(26)
$
377
$
(11)
$
—
$
(803)
$
929
$
(45)
Common
Stock
Consumer,
Cyclical
38
—
(21)
—
—
28
—
45
(21)
Consumer,
Non-Cyclical
—
—
(187)
—
—
1,926
—
1,739
(187)
Energy
39
—
(33)
—
—
—
—
6
(33)
Financial
334
—
(22)
—
—
—
(5)
307
(22)
Technology
337
—
—
—
—
—
—
337
—
Convertible
Preferred
Stock
Communications
137
—
20
—
(157)
—
—
—
—
Consumer,
Non-Cyclical
86
—
2
—
—
—
—
88
2
Energy
2,606
108
(532)
—
(151)
—
—
2,031
(532)
Financial
157
—
71
—
—
—
—
228
71
Preferred
Stock
Communications
3
—
1
21
(25)
—
—
—
1
Financial
300
—
333
—
—
—
—
633
333
Technology
129
(30)
42
4
(142)
—
—
3
(1)
Senior
Floating
Rate
Interests
590
—
—
—
—
—
(590)
—
—
Total
$
6,137
$
89
$
(352)
$
402
$
(486)
$
1,954
$
(1,398)
$
6,346
$
(434)
Net
Assets
of
Fund
First
$500
million
Next
$500
million
Next
$500
million
Over
$1.5
billion
Edge
MidCap
Fund
.70%
.68%
.66%
.65%
Opportunistic
Municipal
Fund
.50
.48
.46
.45
Origin
Emerging
Markets
Fund
1.05
1.03
1.01
1.00
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
42
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 pay
Principal
Shareholder
Services,
Inc.
(the
“Transfer
Agent”)
(wholly
owned
by
the
Manager)
for
transfer
agent
services.
Class
J
shares
pay
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
expenses
borne
by
the
Manager
are
subject
to
reimbursement
by
the
Funds
through
the
fiscal
year
end,
provided
no
reimbursement
will
be
made
if
it
would
result
in
the
Funds
exceeding
the
total
operating
expense
limits.
Any
amounts
outstanding
at
the
end
of
the
year
are
shown
as
an
expense
reimbursement
from
Manager or
expense
reimbursement
to
Manager
on
the
statements
of
assets
and
liabilities.
The
operating
expense
limits are
as
follows:
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:
Net
Assets
of
Fund
First
$500
million
Next
$500
million
Next
$500
million
Next
$500
million
Next
$1
billion
Over
$3
billion
Blue
Chip
Fund
.65%
.63%
.61%
.60%
.59%
.58%
Diversified
Real
Asset
Fund
.85
.83
.81
.80
.79
.78
Global
Multi-Strategy
Fund
1.60
1.58
1.56
1.55
1.54
1.53
Small-
MidCap
Dividend
Income
Fund
.79
.77
.75
.74
.73
.72
Net
Assets
of
Fund
First
$500
million
Next
$500
million
Next
$500
million
Next
$500
million
Next
$1
billion
Next
$2
billion
Over
$5
billion
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(Prior
to
December
31,
2020)
.75%
.73%
.71%
.70%
.69%
.68%
.68%
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(Effective
December
31,
2020)
.75
.73
.71
.70
.69
.68
.67
Period
from
September
1,
2020
through
February
28,
2021
Class
A
Class
C
Institutional
Expiration
Blue
Chip
Fund
N/A
N/A
.66%
December
30,
2021
Diversified
Real
Asset
Fund
1.20%
N/A
.83
December
30,
2021
Edge
MidCap
Fund
1.10
N/A
.77
December
30,
2021
Global
Multi-Strategy
Fund
N/A
N/A
1.63
December
30,
2021
Opportunistic
Municipal
Fund
.84
N/A
.56
December
30,
2021
Origin
Emerging
Markets
Fund
1.60
N/A
1.20
December
30,
2021
Small-MidCap
Dividend
Income
Fund
1.12
1.87
.85
December
30,
2021
Spectrum
Preferred
and
Capital
Securities
Income
Fund
N/A
N/A
.81
December
30,
2021
Period
from
September
1,
2020
through
February
28,
2021
R-6
Expiration
Blue
Chip
Fund
.01%
December
30,
2021
Diversified
Real
Asset
Fund
.02
December
30,
2021
Edge
MidCap
Fund
.02
December
30,
2020
Global
Multi-Strategy
Fund
.02
December
30,
2021
Origin
Emerging
Markets
Fund
.04
December
30,
2021
Small-
MidCap
Dividend
Income
Fund
.02
December
30,
2021
Spectrum
Preferred
and
Capital
Securities
Income
Fund
.02
December
30,
2020
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
43
In
addition,
the
Manager
has
contractually
agreed
to waive
certain
of
the
Funds'
management
and
investment
advisory
fees.
The
expense waiver
will
reduce
the
Funds'
management
and
investment
advisory
fees.
The
waivers
are
expressed
as
a
percentage
of
average
daily
net
assets on
an
annualized
basis
during
the
reporting
period.
The
waivers
are
as
follows:
#Prior
to
December
31,
2020,
the
contractual
limit
was
.05%.
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.
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.
The
limit
will
maintain
the
level
of
distribution
fees
not
to
exceed
.13%
for
Class
J
shares
effective
January
1,
2021.
Prior
to
January
1,
2021
the
limit
was
.12%.
The
voluntary
expense
limit
may
be
terminated
at
any
time.
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
monthly.
Chief
Compliance
Officer
Expenses.
The
Funds
pay
certain
expenses
associated
with
the
Chief
Compliance
Officer
(“CCO”).
This
expense
is
allocated
among
the
registered
investment
companies
managed
by
the
Manager
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%
of
the
lesser
of
current
market
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
3.75%
for
Diversified
Real
Asset
Fund,
Global
Multi-Strategy
Fund,
Opportunistic
Municipal
Fund,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund
and
5.50%
for
Blue
Chip
Fund,
Edge
MidCap
Fund,
Origin
Emerging
Markets
Fund,
and
Small-MidCap
Dividend
Income
Fund.
The
aggregate
amounts
of
these
charges
retained
by
the
Distributor
for
the
period
ended
February
28,
2021,
were
as
follows
(amounts
in
thousands):
Class
C
shares
automatically
convert
into
Class
A
shares,
based
on
relative
net
asset
value
(without
a
sales
charge),
10
years
after
purchase.
Affiliated
Ownership.
At
February
28,
2021,
Principal
Life
Insurance
Company
(an
affiliate
of
the
Manager),
the
Manager,
the
Distributor,
Principal
Securities,
Inc.
(an
affiliate
of
the
Manager),
collective
investment
trusts
sponsored
by
Principal
Global
Investors
Trust
Company
Period
from
September
1,
2020
through
February
28,
2021
Expiration
Blue
Chip
Fund
.04%#
December
30,
2021
Diversified
Real
Asset
Fund
.05
December
30,
2021
Edge
MidCap
Fund
.05
December
30,
2021
Global
Multi-Strategy
Fund
.04
December
30,
2021
Opportunistic
Municipal
Fund
.06
December
30,
2021
Class
A
Class
C
Class
J
Blue
Chip
Fund
$
250
$
18
$
15
Diversified
Real
Asset
Fund
2
N/A
N/A
Edge
MidCap
Fund
4
N/A
N/A
Origin
Emerging
Markets
Fund
4
N/A
N/A
Small-
MidCap
Dividend
Income
Fund
6
3
N/A
Spectrum
Preferred
and
Capital
Securities
Income
Fund
91
18
2
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
44
(an
affiliate
of
the
Manager),
and benefit
plans
and
separate
accounts
sponsored
on
behalf
of
Principal
Life
Insurance
Company
owned
shares
of
the
Funds
as
follows
(amounts
in
thousands):
Affiliated
Brokerage
Commissions.
With
respect
to
Spectrum
Preferred
and
Capital
Securities
Income
Fund,
$30,000
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
February
28,
2021
.
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 February
28,
2021
(amounts
in
thousands).
7.
Investment
Transactions
For
the
period
ended
February
28,
2021,
the
cost
of
investment
securities
purchased
and
proceeds
from
investment
securities
sold
(not
including
short-term
investments
and
U.S.
government
securities)
by
the
Funds
were
as
follows
(amounts
in
thousands):
For
the period
ended
February
28,
2021,
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):
8.
Federal
Tax
Information
Distributions
to
Shareholders.
The
federal
income
tax
character
of
distributions
paid
for
the periods
ended February
28,
2021 and
August
31,
2020 were
as
follows
(amounts
in
thousands):
Institutional
R-4
R-5
R-6
Blue
Chip
Fund
535
–
–
33,430
Diversified
Real
Asset
Fund
100
1
1
7,361
Edge
MidCap
Fund
97
N/A
N/A
–
Global
Multi-Strategy
Fund
47
N/A
N/A
1,264
Opportunistic
Municipal
Fund
71
N/A
N/A
N/A
Origin
Emerging
Markets
Fund
58
N/A
N/A
122,842
Small-
MidCap
Dividend
Income
Fund
74
N/A
N/A
531
Spectrum
Preferred
and
Capital
Securities
Income
Fund
–
–
–
4,366
Shares
Dollars
Diversified
Real
Asset
Fund
486
$
5,911
Global
Multi-Strategy
Fund
619
6,811
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Blue
Chip
Fund
$
1,967,087
$
1,341,472
$
—
$
—
Diversified
Real
Asset
Fund
767,383
1,009,062
—
—
Edge
MidCap
Fund
65,329
77,202
—
—
Global
Multi-Strategy
Fund
457,879
777,503
231,475
143,790
Opportunistic
Municipal
Fund
39,020
35,305
—
—
Origin
Emerging
Markets
Fund
2,168,775
900,929
—
—
Small-
MidCap
Dividend
Income
Fund
281,829
587,745
—
—
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,205,965
442,645
—
—
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Diversified
Real
Asset
Fund
$
454,361
$
266,295
$
—
$
—
Global
Multi-Strategy
Fund
887,106
1,167,342
626,692
430,552
Spectrum
Preferred
and
Capital
Securities
Income
Fund
56,980
225,747
—
—
Ordinary
Income
Tax-Exempt
Income
Long-Term
Capital
Gain
Return
of
Capital
2021
2020
2021
2020^
2021
2020*
2021
2020
Blue
Chip
Fund
$
44,704
$
35,653
$
—
$
—
$
228,535
$
183,262
$
—
$
—
Diversified
Real
Asset
Fund
17,546
96,919
—
—
—
—
—
—
Edge
MidCap
Fund
12,421
7,567
—
—
34,845
22,087
—
—
Global
Multi-Strategy
Fund
12,889
—
—
—
—
—
—
—
Opportunistic
Municipal
Fund
—
7
2,439
4,766
—
—
—
—
Origin
Emerging
Markets
Fund
17,592
21,257
—
—
—
—
—
—
Small-
MidCap
Dividend
Income
Fund
$
13,647
$
39,231
—
—
—
$
15,278
—
—
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
45
^
The
Funds
designate
these
distributions
as
exempt
interest
per
Internal
Revenue
Code
(“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).
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 August
31,
2020,
the
components
of
total
distributable
earnings
(accumulated
loss)
on
a
federal
tax
basis
were
as
follows
(amounts
in
thousands):
*Represents
book-to-tax
accounting
differences
related
to
straddle
loss
deferrals,
constructive
sale
gain
recognition,
defaulted
securities,
inverse
floating
rate
securities,
contingent
convertible
bonds,
foreign
capital
gain
taxes,
short
sales,
and
perpetual
bonds.
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.
As
of
August
31,
2020,
the
Funds
had
approximate
net
capital
loss
carryforwards
as
follows
(amounts
in
thousands):
All
of
these
capital
losses
were
generated
in
taxable
years
beginning
after
the
enactment
date
of
the
Regulated
Investment
Company
Modernization
Act
of
2010
on
December
22,
2010,
and
will
be
carried
forward
with
no
expiration
and
with
the
character
of
the
loss
retained.
For
the
year
ended
August
31,
2020
,
the
Funds
utilized
capital
loss
carryforwards
as
follows
(amounts
in
thousands): 
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. As
of
August
31,
2020
,
t
he
Funds
had
late-year
capital
and
ordinary
losses
as
follows
(amounts
in
thousands):
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
Ordinary
Income
Tax-Exempt
Income
Long-Term
Capital
Gain
Return
of
Capital
2021
2020
2021
2020^
2021
2020*
2021
2020
Spectrum
Preferred
and
Capital
Securities
Income
Fund
176,011
294,361
—
—
—
—
—
404
Undistributed
Ordinary
Income
Undistributed
Tax-Exempt
Income
Undistributed
Long-Term
Capital
Gains
Accumulated
Losses
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences*
Total
Accumulated
Earnings
(Deficit)
Blue
Chip
Fund
$
16,859
$
—
$
180,691
$
—
$
2,960,438
$
—
$
3,157,988
Diversified
Real
Asset
Fund
3,859
—
—
(211,409
)
(20,486
)
(822
)
(228,858
)
Edge
MidCap
Fund
10,154
—
34,843
—
97,217
—
142,214
Global
Multi-Strategy
Fund
9,764
—
—
(18,879
)
5,104
(5,156
)
(9,167
)
Opportunistic
Municipal
Fund
—
124
—
(2,121
)
4,329
(76
)
2,256
Origin
Emerging
Markets
Fund
12,750
—
—
(63,076
)
246,455
(44
)
196,085
Small-
MidCap
Dividend
Income
Fund
2,786
—
—
(257,934
)
52,956
—
(202,192
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
—
—
—
(79,870
)
353,523
56,882
330,535
Short-Term
Long-Term
Total
Diversified
Real
Asset
Fund
$
173,672
$
37,737
$
211,409
Global
Multi-Strategy
Fund
—
18,879
18,879
Opportunistic
Municipal
Fund
1,812
309
2,121
Origin
Emerging
Markets
Fund
63,076
—
63,076
Spectrum
Preferred
and
Capital
Securities
Income
Fund
9,542
70,328
79,870
Utilized
Origin
Emerging
Markets
Fund
$
44,424
Post
October
Capital
Loss
Small-
MidCap
Dividend
Income
Fund
$
257,934
8.
Federal
Tax
Information
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
46
gain
on
investments
or
from
tax
return
of
capital
depending
on
the
type
of
book
and
tax
differences
that
exist.
For
the
year
ended August
31,
2020,
the
Funds
recorded
reclassifications
as
follows
(amounts
in
thousands):
Federal
Income
Tax
Basis.
As
of February
28,
2021,
the
net
federal
income
tax
unrealized
appreciation
(depreciation)
and
federal
tax
cost
of
investments
held
by
the
Funds
were
as
follows
(amounts
in
thousands):
9.
Other
Matters
The
outbreak
of
the
novel
coronavirus
(“COVID-19”)
in
many
countries
continues
to
adversely
impact
global
commercial
activity
and
has
contributed
to
significant
volatility
in
financial
markets.
The
global
impact
of
the
outbreak
has
been
rapidly
evolving
and
many
countries
have
reacted
by
instituting
quarantines
and
restriction
on
travel.
Such
measures,
as
well
as
the
general
uncertainty
surrounding
the
dangers
and
impact
of
COVID-19,
are
creating
significant
disruption
in
supply
chains
and
economic
activity.
As
COVID-19
continues
to
spread,
the
potential
impacts,
including
a
global,
regional
or
other
economic
recession,
are
increasingly
difficult
to
assess.
These
events,
or
fear
of
such
an
event,
present
material
uncertainty
and
risk
with
respect
to
the
Funds'
performance
and
financial
results.
10.
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
September
15,
2020,
the
Fund’s
Board
of
Directors
approved
the
conversion
of
Class
R-2
shares
into
Class
R-3
shares.
Following
the
close
of
business
on
March
1,
2021,
Class
R-2
shares
will
automatically
convert
into
Class
R-3
shares
of
the
same
fund
on
the
basis
of
the
share
classes’
relative
net
asset
values
on
such
date
without
the
imposition
of
a
sales
charge
or
any
other
charge.
The
Fund
expects
these
share
class
conversions
will
not
constitute
taxable
sales
or
exchanges
to
shareholders. There
were
no
other
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Total
Distributable
Earnings
(Accumulated
Loss)
Capital
Shares
and
Additional
Paid-in-Capital
Blue
Chip
Fund
$
(32,705
)
$
32,705
Diversified
Real
Asset
Fund
19,989
(19,989
)
Edge
MidCap
Fund
(3,194
)
3,194
Global
Multi-Strategy
Fund
(1,580
)
1,580
Small-
MidCap
Dividend
Income
Fund
(12,395
)
12,395
Spectrum
Preferred
and
Capital
Securities
Income
Fund
404
(404
)
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation/
(Depreciation)
Cost
for
Federal
Income
Tax
Purposes
Blue
Chip
Fund
$
2,987,529
$
(63,684)
$
2,923,845
$
5,890,564
Diversified
Real
Asset
Fund
375,708
(197,116)
178,592
3,297,446
Edge
MidCap
Fund
248,190
(27,107)
221,083
742,996
Global
Multi-Strategy
Fund
76,643
(70,923)
5,720
607,583
Opportunistic
Municipal
Fund
*
9,015
(2,350)
6,665
131,881
Origin
Emerging
Markets
Fund
584,871
(100,539)
484,332
3,005,452
Small-
MidCap
Dividend
Income
Fund
410,363
(30,198)
380,165
1,339,738
Spectrum
Preferred
and
Capital
Securities
Income
Fund
486,368
(51,306)
435,062
7,642,669
*
The
Fund
holds
floating
rate
securities
which
are
accounted
for
differently
for
U.S.
GAAP
vs.
federal
income
tax
purposes.
This
may
cause
a
difference
in
cost
basis
and
fair
market
value
of
investments
for
tax
and
U.S.
GAAP
purposes.
8.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Blue
Chip
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
47
INVESTMENT
COMPANIES
-
0
.00
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.00
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
1,711‌
$
2‌
TOTAL
INVESTMENT
COMPANIES
$
2‌
COMMON
STOCKS
-
99
.93
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
4
.46
%
TransDigm
Group
Inc
(b)
682,498‌
$
393,576‌
Chemicals
-
1
.96
%
Ecolab
Inc
123,388‌
25,833‌
Linde
PLC
472,225‌
115,350‌
Sherwin-Williams
Co/The
46,993‌
31,971‌
$
173,154‌
Commercial
Services
-
8
.20
%
CoStar
Group
Inc
(b)
126,290‌
104,032‌
Moody's
Corp
340,968‌
93,729‌
PayPal
Holdings
Inc
(b)
1,512,777‌
393,095‌
S&P
Global
Inc
403,003‌
132,733‌
$
723,589‌
Diversified
Financial
Services
-
11
.28
%
Charles
Schwab
Corp/The
1,259,063‌
77,709‌
Intercontinental
Exchange
Inc
589,298‌
65,006‌
Mastercard
Inc
1,245,497‌
440,719‌
Visa
Inc
1,937,903‌
411,591‌
$
995,025‌
Electronics
-
1
.41
%
Roper
Technologies
Inc
329,655‌
124,484‌
Healthcare
-
Products
-
4
.81
%
Danaher
Corp
856,383‌
188,122‌
IDEXX
Laboratories
Inc
(b)
150,410‌
78,239‌
Intuitive
Surgical
Inc
(b)
214,080‌
157,734‌
$
424,095‌
Insurance
-
1
.72
%
Aon
PLC
419,449‌
95,513‌
Progressive
Corp/The
656,603‌
56,435‌
$
151,948‌
Internet
-
21
.50
%
Alphabet
Inc
-
A
Shares
(b)
48,434‌
97,929‌
Alphabet
Inc
-
C
Shares
(b)
229,732‌
467,932‌
Amazon.com
Inc
(b)
248,394‌
768,265‌
Facebook
Inc
(b)
1,043,956‌
268,944‌
Netflix
Inc
(b)
379,888‌
204,703‌
Spotify
Technology
SA
(b)
149,174‌
45,853‌
VeriSign
Inc
(b)
221,860‌
43,048‌
$
1,896,674‌
Lodging
-
2
.13
%
Hilton
Worldwide
Holdings
Inc
(b)
1,515,070‌
187,384‌
Media
-
3
.65
%
Charter
Communications
Inc
(b)
443,524‌
272,067‌
Liberty
Broadband
Corp
-
C
Shares
(b)
334,781‌
50,053‌
$
322,120‌
Pharmaceuticals
-
0
.82
%
Zoetis
Inc
463,090‌
71,890‌
Private
Equity
-
5
.47
%
Brookfield
Asset
Management
Inc
10,124,105‌
408,508‌
KKR
&
Co
Inc
1,620,729‌
73,840‌
$
482,348‌
REITs
-
3
.77
%
American
Tower
Corp
1,539,622‌
332,758‌
Retail
-
3
.35
%
CarMax
Inc
(b)
621,589‌
74,286‌
Costco
Wholesale
Corp
184,087‌
60,933‌
O'Reilly
Automotive
Inc
(b)
137,234‌
61,389‌
Starbucks
Corp
914,408‌
98,783‌
$
295,391‌
Semiconductors
-
1
.60
%
NVIDIA
Corp
257,286‌
141,142‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
-
23
.80
%
Adobe
Inc
(b)
877,690‌
$
403,448‌
Autodesk
Inc
(b)
497,526‌
137,317‌
Intuit
Inc
1,063,337‌
414,850‌
Microsoft
Corp
3,265,710‌
758,886‌
salesforce.com
Inc
(b)
1,770,616‌
383,338‌
Snowflake
Inc
-
Class
A
(b)
3,812‌
990‌
$
2,098,829‌
TOTAL
COMMON
STOCKS
$
8,814,407‌
Total
Investments
$
8,814,409‌
Other
Assets
and
Liabilities
-  0.07%
6,317‌
TOTAL
NET
ASSETS
-
100.00%
$
8,820,726‌
(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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Technology
25
.40‌
%
Communications
25
.15‌
%
Financial
22
.24‌
%
Consumer,
Non-cyclical
13
.83‌
%
Industrial
5
.87‌
%
Consumer,
Cyclical
5
.48‌
%
Basic
Materials
1
.96‌
%
Money
Market
Funds
0
.00‌
%
Other
Assets
and
Liabilities
0
.07‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Blue
Chip
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
48
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
11,250‌
$
871,394‌
$
882,642‌
$
2‌
$
11,250‌
$
871,394‌
$
882,642‌
$
2‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
49
INVESTMENT
COMPANIES
-
3.75%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.31%
Invesco
S&P
Global
Water
Index
ETF
61,241‌
$
2,889‌
SPDR
S&P
Global
Natural
Resources
ETF
159,247‌
7,821‌
$
10,710‌
Money
Market
Funds
-
3.44%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(a),(b)
6,951,378‌
6,951‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c),(d)
111,653,774‌
111,654‌
$
118,605‌
TOTAL
INVESTMENT
COMPANIES
$
129,315‌
COMMON
STOCKS
-
52.32%
Shares
Held
Value
(000's)
Advertising
-
0.03%
Clear
Channel
Outdoor
Holdings
Inc
(d)
596,711‌
$
1,026‌
Agriculture
-
0.62%
Archer-Daniels-Midland
Co
68,774‌
3,891‌
Bunge
Ltd
230,349‌
17,640‌
$
21,531‌
Automobile
Parts
&
Equipment
-
0.05%
Georg
Fischer
AG
1,471‌
1,889‌
Biotechnology
-
0.54%
Advanz
Pharma
Corp
Ltd
(d),(e)
15,259‌
256‌
Corteva
Inc
410,022‌
18,512‌
$
18,768‌
Building
Materials
-
0.44%
American
Woodmark
Corp
(d)
9,346‌
873‌
Builders
FirstSource
Inc
(d)
31,603‌
1,367‌
Forterra
Inc
(d)
6,785‌
158‌
Fortune
Brands
Home
&
Security
Inc
9,182‌
764‌
Geberit
AG
5,221‌
3,078‌
Louisiana-Pacific
Corp
161,046‌
7,667‌
Pinnacle
Renewable
Energy
Inc
67,099‌
579‌
UFP
Industries
Inc
14,019‌
855‌
$
15,341‌
Chemicals
-
1.73%
CF
Industries
Holdings
Inc
391,214‌
17,714‌
FMC
Corp
29,507‌
3,000‌
ICL
Group
Ltd
720,532‌
4,145‌
Ingevity
Corp
(d)
15,970‌
1,110‌
Lenzing
AG
(d),(f)
9,268‌
1,327‌
Mosaic
Co/The
635,086‌
18,671‌
Nutrien
Ltd
69,200‌
3,735‌
Olin
Corp
50,960‌
1,577‌
Rayonier
Advanced
Materials
Inc
(d)
69,762‌
645‌
Sociedad
Quimica
y
Minera
de
Chile
SA
ADR
72,719‌
3,898‌
Yara
International
ASA
84,253‌
4,048‌
$
59,870‌
Commercial
Services
-
1.95%
ALEATICA
SAB
de
CV
6,205,165‌
6,107‌
Atlantia
SpA
(d)
703,786‌
13,176‌
Atlas
Arteria
Ltd
3,947,680‌
16,799‌
Cengage
Learning
Holdings
II
Inc
(d)
2,772‌
35‌
Sembcorp
Industries
Ltd
251,700‌
325‌
Transurban
Group
3,109,285‌
30,814‌
$
67,256‌
Computers
-
0.01%
IQOR
US
Inc
(d)
14,193‌
188‌
Consumer
Products
-
0.16%
Avery
Dennison
Corp
22,921‌
4,016‌
Kimberly-Clark
Corp
11,702‌
1,502‌
$
5,518‌
Cosmetics
&
Personal
Care
-
0.07%
Essity
AB
51,651‌
1,552‌
Unicharm
Corp
24,500‌
971‌
$
2,523‌
Electric
-
7.98%
ACEA
SpA
12,012‌
236‌
Algonquin
Power
&
Utilities
Corp
165,300‌
2,560‌
American
Electric
Power
Co
Inc
197,949‌
14,817‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
AusNet
Services
9,816,944‌
$
12,534‌
Brookfield
Renewable
Corp
243,821‌
11,260‌
Clearway
Energy
Inc
-
Class
C
463,736‌
12,734‌
CLP
Holdings
Ltd
631,500‌
6,165‌
CMS
Energy
Corp
107,043‌
5,792‌
CPFL
Energia
SA
1,215,200‌
6,243‌
EDP
-
Energias
de
Portugal
SA
2,194,702‌
12,579‌
Emera
Inc
225,503‌
8,885‌
Enel
SpA
377,937‌
3,564‌
Eversource
Energy
77,436‌
6,155‌
Evoqua
Water
Technologies
Corp
(d)
33,209‌
815‌
Exelon
Corp
293,077‌
11,313‌
Hydro
One
Ltd
(g)
236,861‌
5,029‌
Iberdrola
SA
632,594‌
7,928‌
Infraestructura
Energetica
Nova
SAB
de
CV
(d)
1,846,825‌
6,473‌
National
Grid
PLC
1,745,075‌
19,622‌
NextEra
Energy
Inc
127,442‌
9,364‌
Orsted
AS
(g)
19,945‌
3,215‌
PPL
Corp
54,929‌
1,439‌
Public
Service
Enterprise
Group
Inc
207,061‌
11,146‌
Red
Electrica
Corp
SA
636,300‌
10,630‌
Sempra
Energy
176,955‌
20,523‌
Southern
Co/The
285,919‌
16,217‌
Spark
Infrastructure
Group
6,169,135‌
9,683‌
SSE
PLC
1,002,692‌
18,584‌
Terna
Rete
Elettrica
Nazionale
SpA
1,603,427‌
11,123‌
Transmissora
Alianca
de
Energia
Eletrica
SA
1,629,900‌
8,870‌
$
275,498‌
Electronics
-
0.13%
Badger
Meter
Inc
10,444‌
1,134‌
Halma
PLC
100,426‌
3,179‌
$
4,313‌
Energy
-
Alternate
Sources
-
0.80%
Array
Technologies
Inc
(d)
50,747‌
1,882‌
NEL
ASA
(d)
551,589‌
1,599‌
NextEra
Energy
Partners
LP
261,398‌
18,988‌
Sunnova
Energy
International
Inc
(d)
114,989‌
5,156‌
$
27,625‌
Engineering
&
Construction
-
3.12%
Aegion
Corp
(d)
8,678‌
224‌
Aena
SME
SA
(d),(g)
110,069‌
18,668‌
Auckland
International
Airport
Ltd
(d)
1,021,686‌
5,576‌
Eiffage
SA
90,624‌
9,315‌
Enav
SpA
(g)
2,589,310‌
12,478‌
Ferrovial
SA
138,345‌
3,433‌
Flughafen
Zurich
AG
(d)
26,136‌
4,621‌
Fluor
Corp
(d)
203,285‌
3,488‌
Fomento
de
Construcciones
y
Contratas
SA
14,999‌
177‌
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
(d)
477,300‌
4,825‌
Sacyr
SA
636,071‌
1,602‌
Sydney
Airport
(d)
4,697,763‌
21,296‌
Vinci
SA
211,728‌
22,020‌
$
107,723‌
Entertainment
-
0.00%
Cineworld
Group
PLC
-
Warrants
(d)
29,862‌
24‌
Environmental
Control
-
0.44%
China
Water
Affairs
Group
Ltd
240,000‌
189‌
Clean
Harbors
Inc
(d)
41,525‌
3,536‌
Covanta
Holding
Corp
296,815‌
4,170‌
Energy
Recovery
Inc
(d)
14,380‌
253‌
Kurita
Water
Industries
Ltd
38,400‌
1,560‌
METAWATER
Co
Ltd
10,800‌
205‌
Pentair
PLC
59,509‌
3,329‌
Tetra
Tech
Inc
15,199‌
2,103‌
$
15,345‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
50
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
-
0.24%
Ingredion
Inc
44,365‌
$
4,002‌
Wilmar
International
Ltd
1,089,200‌
4,288‌
$
8,290‌
Forest
Products
&
Paper
-
2.63%
Acadian
Timber
Corp
108,581‌
1,558‌
BillerudKorsnas
AB
28,635‌
526‌
Canfor
Corp
(d)
236,105‌
4,816‌
Clearwater
Paper
Corp
(d)
12,724‌
445‌
Domtar
Corp
23,749‌
880‌
Empresas
CMPC
SA
622,710‌
1,815‌
Holmen
AB
32,885‌
1,447‌
Interfor
Corp
(d)
228,547‌
5,000‌
International
Paper
Co
133,456‌
6,626‌
Mercer
International
Inc
89,014‌
1,368‌
Mondi
PLC
274,711‌
6,630‌
Nine
Dragons
Paper
Holdings
Ltd
3,047,000‌
4,906‌
Oji
Holdings
Corp
1,109,800‌
7,023‌
Sappi
Ltd
(d)
388,328‌
1,138‌
Smurfit
Kappa
Group
PLC
122,118‌
5,756‌
Stora
Enso
Oyj
423,271‌
8,336‌
Sumitomo
Forestry
Co
Ltd
67,500‌
1,217‌
Suzano
SA
(d)
314,600‌
4,118‌
Svenska
Cellulosa
AB
SCA
351,547‌
6,046‌
UPM-
Kymmene
Oyj
177,873‌
6,796‌
West
Fraser
Timber
Co
Ltd
176,601‌
12,073‌
Western
Forest
Products
Inc
1,583,464‌
2,090‌
$
90,610‌
Gas
-
1.13%
Atmos
Energy
Corp
56,150‌
4,751‌
Enagas
SA
445,339‌
9,328‌
NiSource
Inc
255,825‌
5,526‌
Snam
SpA
3,092,717‌
16,010‌
Southwest
Gas
Holdings
Inc
53,093‌
3,310‌
$
38,925‌
Hand
&
Machine
Tools
-
0.03%
Franklin
Electric
Co
Inc
13,752‌
1,032‌
Healthcare
-
Products
-
0.04%
Hengan
International
Group
Co
Ltd
184,595‌
1,276‌
Healthcare
-
Services
-
0.00%
Millennium
Health
LLC
(d),(e),(h),(
i
)
20,580‌
22‌
Millennium
Health
LLC
(d),(e),(h),(
i
)
19,318‌
20‌
$
42‌
Holding
Companies
-
Diversified
-
0.08%
Star
Peak
Energy
Transition
Corp
(d),(f)
76,405‌
2,612‌
Home
Builders
-
0.19%
DR
Horton
Inc
18,974‌
1,459‌
Lennar
Corp
-
A
Shares
14,580‌
1,210‌
PulteGroup
Inc
30,375‌
1,370‌
Toll
Brothers
Inc
28,441‌
1,519‌
Tri
Pointe
Homes
Inc
(d)
49,353‌
938‌
$
6,496‌
Housewares
-
0.12%
Scotts
Miracle-
Gro
Co/The
19,472‌
4,150‌
Internet
-
0.07%
21Vianet
Group
Inc
ADR
(d)
67,100‌
2,445‌
Catalina
Marketing
Corp
(d)
3,965‌
7‌
$
2,452‌
Iron
&
Steel
-
0.72%
ArcelorMittal
SA
(d)
186,414‌
4,353‌
Fortescue
Metals
Group
Ltd
254,812‌
4,706‌
Nippon
Steel
Corp
279,800‌
4,146‌
Nucor
Corp
63,742‌
3,813‌
POSCO
16,187‌
4,019‌
Vale
SA
ADR
235,087‌
3,973‌
$
25,010‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Lodging
-
0.14%
Choice
Hotels
International
Inc
16,600‌
$
1,741‌
City
Developments
Ltd
551,200‌
3,018‌
$
4,759‌
Machinery
-
Diversified
-
0.49%
ANDRITZ
AG
52,409‌
2,510‌
Duerr
AG
18,214‌
718‌
Gorman-Rupp
Co/The
6,740‌
216‌
Husqvarna
AB
57,960‌
709‌
Interpump
Group
SpA
29,290‌
1,342‌
Kadant
Inc
4,389‌
764‌
Lindsay
Corp
3,887‌
623‌
Mueller
Water
Products
Inc
-
Class
A
56,606‌
730‌
Organo
Corp
1,900‌
107‌
Valmet
Oyj
47,777‌
1,608‌
Watts
Water
Technologies
Inc
9,847‌
1,123‌
Xylem
Inc
/NY
64,548‌
6,426‌
$
16,876‌
Media
-
0.00%
Cumulus
Media
Inc
(d)
406‌
4‌
Metal
Fabrication
&
Hardware
-
0.14%
Advanced
Drainage
Systems
Inc
17,510‌
1,926‌
Northwest
Pipe
Co
(d)
3,516‌
120‌
Reliance
Worldwide
Corp
Ltd
222,811‌
737‌
Rexnord
Corp
43,277‌
1,945‌
$
4,728‌
Mining
-
5.16%
Agnico
Eagle
Mines
Ltd
52,100‌
2,908‌
Alamos
Gold
Inc
597,689‌
4,244‌
Anglo
American
PLC
390,638‌
15,157‌
AngloGold
Ashanti
Ltd
ADR
157,953‌
3,153‌
Antofagasta
PLC
204,536‌
5,105‌
Barrick
Gold
Corp
581,522‌
10,853‌
BHP
Group
Ltd
122,017‌
4,612‌
Coeur
Mining
Inc
(d)
629,854‌
5,675‌
First
Quantum
Minerals
Ltd
304,290‌
6,559‌
Franco-Nevada
Corp
25,700‌
2,752‌
Freeport-McMoRan
Inc
(d)
548,363‌
18,595‌
Fresnillo
PLC
243,593‌
3,076‌
Glencore
PLC
(d)
1,210,213‌
4,925‌
Gold
Fields
Ltd
ADR
392,978‌
3,219‌
Kinross
Gold
Corp
2,054,375‌
12,769‌
Kirkland
Lake
Gold
Ltd
83,400‌
2,728‌
Korea
Zinc
Co
Ltd
9,994‌
3,578‌
Lundin
Mining
Corp
679,648‌
7,781‌
MMC
Norilsk
Nickel
PJSC
ADR
122,726‌
3,852‌
MP
Materials
Corp
(d),(f)
99,582‌
4,185‌
Newcrest
Mining
Ltd
172,493‌
3,241‌
Newmont
Corp
246,572‌
13,408‌
Polymetal
International
PLC
164,138‌
3,245‌
Polyus
PJSC
36,220‌
3,385‌
Rio
Tinto
Ltd
45,811‌
4,495‌
Sibanye
Stillwater
Ltd
1,017,486‌
4,678‌
South32
Ltd
1,935,520‌
4,113‌
Southern
Copper
Corp
112,240‌
8,006‌
Sumitomo
Metal
Mining
Co
Ltd
91,800‌
4,453‌
Wheaton
Precious
Metals
Corp
88,400‌
3,162‌
$
177,912‌
Miscellaneous
Manufacturers
-
0.05%
Aalberts
NV
34,507‌
1,611‌
Oil
&
Gas
-
7.83%
BP
PLC
1,035,264‌
4,240‌
California
Resources
Corp
(d)
220,999‌
5,808‌
California
Resources
Corp
-
Warrants
(d)
439‌
2‌
Canadian
Natural
Resources
Ltd
149,900‌
4,089‌
Chesapeake
Energy
Corp
(d)
22,724‌
1,004‌
Chevron
Corp
39,262‌
3,926‌
CNX
Resources
Corp
(d)
296,215‌
3,735‌
Comstock
Resources
Inc
(d)
800,705‌
4,572‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
51
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
ConocoPhillips
410,539‌
$
21,352‌
Devon
Energy
Corp
536,056‌
11,547‌
Diamondback
Energy
Inc
74,297‌
5,147‌
Ecopetrol
SA
ADR
297,121‌
3,640‌
Empresas
COPEC
SA
163,036‌
1,840‌
Eni
SpA
344,625‌
3,940‌
EOG
Resources
Inc
73,012‌
4,714‌
EQT
Corp
(d)
757,587‌
13,477‌
Equinor
ASA
668,111‌
12,671‌
Exxon
Mobil
Corp
89,767‌
4,881‌
Fieldwood
Energy
Inc
(d)
2,556‌
—‌
Fieldwood
Energy
LLC
(d),(e),(
i
)
12,648‌
—‌
Gazprom
PJSC
ADR
736,095‌
4,258‌
Hess
Corp
222,877‌
14,605‌
LUKOIL
PJSC
ADR
52,659‌
3,924‌
Marathon
Petroleum
Corp
374,791‌
20,472‌
Neste
Oyj
50,936‌
3,364‌
Novatek
PJSC
22,025‌
3,769‌
Occidental
Petroleum
Corp
662,697‌
17,634‌
Petroleo
Brasileiro
SA
ADR
357,666‌
2,836‌
Phillips
66
130,429‌
10,832‌
Pioneer
Natural
Resources
Co
134,566‌
19,992‌
Range
Resources
Corp
(d)
454,688‌
4,383‌
Reliance
Industries
Ltd
(g)
65,446‌
3,772‌
Repsol
SA
355,106‌
4,470‌
Rosneft
Oil
Co
PJSC
589,336‌
4,081‌
Royal
Dutch
Shell
PLC
-
A
Shares
201,687‌
4,125‌
Suncor
Energy
Inc
213,500‌
4,239‌
Tatneft
PJSC
ADR
90,074‌
3,769‌
TOTAL
SE
79,875‌
3,725‌
Transocean
Ltd
(d)
54,446‌
189‌
Valero
Energy
Corp
276,889‌
21,315‌
Vantage
Drilling
International
(d),(h),(
i
)
4,456‌
4‌
Woodside
Petroleum
Ltd
(f)
207,657‌
3,916‌
$
270,259‌
Oil
&
Gas
Services
-
0.27%
Halliburton
Co
206,318‌
4,504‌
Schlumberger
NV
164,641‌
4,595‌
Select
Energy
Services
Inc
(d)
22,439‌
142‌
$
9,241‌
Packaging
&
Containers
-
0.97%
Amcor
PLC
302,104‌
3,305‌
DS
Smith
PLC
1,231,910‌
6,845‌
Graphic
Packaging
Holding
Co
82,242‌
1,305‌
Greif
Inc
-
Class
A
11,372‌
549‌
Klabin
SA
(d)
252,500‌
1,310‌
Packaging
Corp
of
America
41,611‌
5,493‌
Sealed
Air
Corp
75,963‌
3,183‌
SIG
Combibloc
Group
AG
(d)
169,383‌
3,740‌
Sonoco
Products
Co
20,313‌
1,210‌
Westrock
Co
147,451‌
6,428‌
$
33,368‌
Pipelines
-
3.05%
APA
Group
791,149‌
5,679‌
Cheniere
Energy
Inc
(d)
238,174‌
16,051‌
Enbridge
Inc
751,160‌
25,370‌
Enterprise
Products
Partners
LP
109,112‌
2,326‌
Gibson
Energy
Inc
583,439‌
9,930‌
Kinder
Morgan
Inc
416,013‌
6,115‌
Magellan
Midstream
Partners
LP
61,639‌
2,568‌
Pembina
Pipeline
Corp
(f)
65,210‌
1,658‌
TC
Energy
Corp
602,992‌
25,255‌
Williams
Cos
Inc
/The
445,900‌
10,185‌
$
105,137‌
Real
Estate
-
1.11%
ESR
Cayman
Ltd
(d),(g)
596,600‌
1,886‌
Fabege
AB
236,275‌
3,283‌
Mitsubishi
Estate
Co
Ltd
429,900‌
7,481‌
New
World
Development
Co
Ltd
1,470,660‌
7,480‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
(continued)
Sunac
Services
Holdings
Ltd
(d),(g)
448,000‌
$
1,436‌
Vonovia
SE
228,101‌
14,528‌
Zhongliang
Holdings
Group
Co
Ltd
3,183,500‌
2,116‌
$
38,210‌
REITs
-
7.48%
Agree
Realty
Corp
30,000‌
1,937‌
Alexandria
Real
Estate
Equities
Inc
35,008‌
5,590‌
Allied
Properties
Real
Estate
Investment
Trust
100,600‌
3,032‌
American
Homes
4
Rent
200,199‌
6,234‌
American
Tower
Corp
26,494‌
5,726‌
Ascendas
Real
Estate
Investment
Trust
1,143,000‌
2,500‌
AvalonBay
Communities
Inc
55,934‌
9,830‌
Camden
Property
Trust
56,400‌
5,874‌
CatchMark
Timber
Trust
Inc
168,946‌
1,725‌
CFE
Capital
S
de
RL
de
CV
4,530,163‌
6,135‌
Cousins
Properties
Inc
106,593‌
3,575‌
Crown
Castle
International
Corp
46,766‌
7,284‌
CubeSmart
96,732‌
3,575‌
Daiwa
Office
Investment
Corp
616‌
4,233‌
Dexus
708,077‌
4,857‌
Equinix
Inc
7,191‌
4,662‌
Essential
Properties
Realty
Trust
Inc
27‌
1‌
Essex
Property
Trust
Inc
32,428‌
8,262‌
Federal
Realty
Investment
Trust
27,900‌
2,823‌
Frasers
Logistics
&
Commercial
Trust
2,689,251‌
2,768‌
Gecina
SA
27,713‌
3,824‌
Goodman
Group
703,834‌
8,995‌
Industrial
&
Infrastructure
Fund
Investment
Corp
1,300‌
2,242‌
Inmobiliaria
Colonial
Socimi
SA
700,753‌
6,805‌
InterRent
Real
Estate
Investment
Trust
265,460‌
2,847‌
Invitation
Homes
Inc
323,677‌
9,432‌
Japan
Metropolitan
Fund
Invest
2,892‌
2,886‌
Kilroy
Realty
Corp
43,791‌
2,779‌
Klepierre
SA
73,900‌
1,738‌
Link
REIT
697,570‌
6,585‌
Minto
Apartment
Real
Estate
Investment
Trust
(g)
316,942‌
4,782‌
Nippon
Prologis
REIT
Inc
2,467‌
7,524‌
Park
Hotels
&
Resorts
Inc
115,600‌
2,514‌
PotlatchDeltic
Corp
117,478‌
5,962‌
Prologis
Inc
152,893‌
15,147‌
Rayonier
Inc
339,822‌
11,092‌
Regency
Centers
Corp
56,852‌
3,114‌
Rexford
Industrial
Realty
Inc
130,213‌
6,214‌
Segro
PLC
647,671‌
8,222‌
STORE
Capital
Corp
165,220‌
5,525‌
Summit
Industrial
Income
REIT
255,647‌
2,716‌
Sun
Communities
Inc
50,468‌
7,669‌
UNITE
Group
PLC/The
(d)
323,380‌
4,380‌
United
Urban
Investment
Corp
3,413‌
4,709‌
VICI
Properties
Inc
142,818‌
4,070‌
Warehouses
De
Pauw
CVA
99,000‌
3,377‌
Welltower
Inc
167,912‌
11,401‌
Weyerhaeuser
Co
319,390‌
10,818‌
$
257,992‌
Retail
-
0.00%
Gymboree
Corp/The
(d),(h),(
i
)
17,842‌
5‌
Gymboree
Holding
Corp
(d),(h),(
i
)
48,577‌
12‌
$
17‌
Software
-
0.07%
Skillsoft
-
Class
A
(d),(h),(
i
)
14,073‌
2,392‌
Skillsoft
-
Class
A
Warrants
(d)
282‌
—‌
Skillsoft
-
Class
B
(d),(h),(
i
)
192‌
37‌
Skillsoft
-
Class
B
Warrants
(d)
565‌
—‌
$
2,429‌
Storage
&
Warehousing
-
0.11%
Safestore
Holdings
PLC
330,851‌
3,683‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
52
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
-
0.08%
Eutelsat
Communications
SA
101,078‌
$
1,220‌
NEXTDC
Ltd
(d)
152,600‌
1,310‌
Windstream
(d)
9,809‌
121‌
Windstream
-
Warrants
(d)
17,064‌
222‌
$
2,873‌
Transportation
-
0.52%
American
Commercial
Lines
Inc
(d)
573‌
14‌
American
Commercial
Lines
Inc
-
Warrants
(d)
603‌
15‌
East
Japan
Railway
Co
91,200‌
6,798‌
Getlink
SE
(d)
368,123‌
6,033‌
West
Japan
Railway
Co
85,000‌
5,232‌
$
18,092‌
Water
-
1.53%
Aguas
Andinas
SA
22,881,751‌
6,554‌
American
States
Water
Co
10,402‌
760‌
American
Water
Works
Co
Inc
39,742‌
5,639‌
Artesian
Resources
Corp
2,383‌
88‌
Beijing
Enterprises
Water
Group
Ltd
(d)
1,444,000‌
572‌
California
Water
Service
Group
13,931‌
766‌
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
ADR
96,378‌
636‌
Essential
Utilities
Inc
172,577‌
7,258‌
Guangdong
Investment
Ltd
810,000‌
1,447‌
Middlesex
Water
Co
4,925‌
338‌
Pennon
Group
PLC
118,713‌
1,453‌
Severn
Trent
PLC
338,232‌
10,358‌
SJW
Group
7,403‌
464‌
Suez
SA
114,265‌
2,375‌
United
Utilities
Group
PLC
862,396‌
10,323‌
Veolia
Environnement
SA
139,029‌
3,728‌
York
Water
Co/The
3,677‌
153‌
$
52,912‌
TOTAL
COMMON
STOCKS
$
1,805,436‌
PREFERRED
STOCKS
-
0.10%
Shares
Held
Value
(000's)
Electric
-
0.09%
Cia
de
Transmissao
de
Energia
Eletrica
Paulista
0.80%
742,100‌
$
3,167‌
Transportation
-
0.01%
American
Commercial
Lines
Inc
Preferred
A
0.32%
2,133‌
64‌
American
Commercial
Lines
Inc
Preferred
A
-
Anti-Dilution
Warrants
0.00%,
04/30/2045
(d),(h),(
i
)
6,729‌
2‌
American
Commercial
Lines
Inc
Preferred
A
-
Warrants
0.00%,
04/30/2045
(d)
2,243‌
67‌
American
Commercial
Lines
Inc
Preferred
B
0.42%
2,428‌
83‌
American
Commercial
Lines
Inc
Preferred
B
-
Anti-Dilution
Warrants
0.00%,
04/30/2045
(d),(h),(
i
)
5,118‌
2‌
American
Commercial
Lines
Inc
Preferred
B
-
Warrants
0.00%,
04/30/2045
(d)
1,706‌
58‌
$
276‌
TOTAL
PREFERRED
STOCKS
$
3,443‌
BONDS
-
12.43%
Principal
Amount
(000's)
Value
(000's)
Commercial
Mortgage
Backed
Securities
-
3.60%
BBCMS
2018-TALL
Mortgage
Trust
0.83%,
03/15/2037
(g)
$
6,000‌
$
5,993‌
1.00
x
1
Month
USD
LIBOR
+
0.72%
BBCMS
2019-BWAY
Mortgage
Trust
1.07%,
11/15/2034
(g)
7,670‌
7,641‌
1.00
x
1
Month
USD
LIBOR
+
0.96%
Benchmark
2019-B12
Mortgage
Trust
1.07%,
08/15/2052
(j),(k)
94,600‌
6,033‌
2.26%,
08/15/2052
2,267‌
2,317‌
Benchmark
2019-B15
Mortgage
Trust
0.83%,
12/15/2072
(j),(k)
16,053‌
902‌
2.00%,
12/15/2072
2,598‌
2,652‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
BF
2019-NYT
Mortgage
Trust
1.31%,
12/15/2035
(g)
$
5,950‌
$
5,962‌
1.00
x
1
Month
USD
LIBOR
+
1.20%
BHP
Trust
2019-BXHP
1.09%,
08/15/2036
(g)
5,122‌
5,122‌
1.00
x
1
Month
USD
LIBOR
+
0.98%
BX
Commercial
Mortgage
Trust
2018-IND
0.86%,
11/15/2035
(g)
2,518‌
2,519‌
1.00
x
1
Month
USD
LIBOR
+
0.75%
BX
Commercial
Mortgage
Trust
2019-XL
1.03%,
10/15/2036
(g)
13,048‌
13,070‌
1.00
x
1
Month
USD
LIBOR
+
0.92%
BX
Commercial
Mortgage
Trust
2020-BXLP
0.91%,
12/15/2036
(g)
3,992‌
3,995‌
1.00
x
1
Month
USD
LIBOR
+
0.80%
1.11%,
12/15/2036
(g)
2,844‌
2,844‌
1.00
x
1
Month
USD
LIBOR
+
1.00%
BX
Trust
2018-EXCL
1.20%,
09/15/2037
(g)
5,762‌
5,525‌
1.00
x
1
Month
USD
LIBOR
+
1.09%
BX
Trust
2019-CALM
0.99%,
11/15/2032
(g)
2,500‌
2,502‌
1.00
x
1
Month
USD
LIBOR
+
0.88%
CGDB
Commercial
Mortgage
Trust
2019-MOB
1.06%,
11/15/2036
(g)
6,500‌
6,500‌
1.00
x
1
Month
USD
LIBOR
+
0.95%
Citigroup
Commercial
Mortgage
Trust
2019-GC41
1.06%,
08/10/2056
(j),(k)
80,471‌
5,458‌
1.95%,
08/10/2056
1,150‌
1,171‌
Citigroup
Commercial
Mortgage
Trust
2020-GC46
0.99%,
02/15/2053
(j),(k)
6,238‌
440‌
COMM
2013-CCRE8
Mortgage
Trust
3.61%,
06/10/2046
(k)
525‌
557‌
COMM
2018-HCLV
Mortgage
Trust
1.11%,
09/15/2033
(g)
10,120‌
10,111‌
1.00
x
1
Month
USD
LIBOR
+
1.00%
CORE
2019-CORE
Mortgage
Trust
0.99%,
12/15/2031
(g)
6,100‌
6,112‌
1.00
x
1
Month
USD
LIBOR
+
0.88%
DBCG
2017-BBG
Mortgage
Trust
0.81%,
06/15/2034
(g)
3,840‌
3,838‌
1.00
x
1
Month
USD
LIBOR
+
0.70%
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
0.96%,
05/25/2026
(j),(k)
69,911‌
3,178‌
1.31%,
07/25/2026
(j),(k)
12,094‌
725‌
GS
Mortgage
Securities
Corp
Trust
2019-SMP
1.26%,
08/15/2032
(g)
4,000‌
3,997‌
1.00
x
1
Month
USD
LIBOR
+
1.15%
GS
Mortgage
Securities
Corp
Trust
2019-SOHO
1.01%,
06/15/2036
(g)
3,000‌
3,002‌
1.00
x
1
Month
USD
LIBOR
+
0.90%
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2019-BKWD
1.11%,
09/15/2029
(g)
5,000‌
5,010‌
1.00
x
1
Month
USD
LIBOR
+
1.00%
KNDL
2019-KNSQ
Mortgage
Trust
0.91%,
05/15/2036
(g)
2,000‌
2,003‌
1.00
x
1
Month
USD
LIBOR
+
0.80%
Merit
2020-Hill
1.26%,
08/15/2037
(g)
4,250‌
4,267‌
1.00
x
1
Month
USD
LIBOR
+
1.15%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
53
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
UBS-Barclays
Commercial
Mortgage
Trust
2012-C3
3.09%,
08/10/2049
$
917‌
$
946‌
$
124,392‌
Electric
-
0.04%
Pacific
Gas
and
Electric
Co
3.15%,
01/01/2026
1,189‌
1,259‌
4.50%,
07/01/2040
204‌
217‌
$
1,476‌
Federal
&
Federally
Sponsored
Credit
-
1.97%
Federal
Farm
Credit
Banks
Funding
Corp
0.12%,
01/12/2023
(l)
15,300‌
15,293‌
0.13%,
06/28/2021
(l)
3,800‌
3,800‌
1
Month
USD
LIBOR
+
0.01%
0.13%,
12/27/2021
(l)
11,000‌
11,002‌
1
Month
USD
LIBOR
+
0.02%
0.13%,
11/23/2022
(l)
2,500‌
2,499‌
0.15%,
09/23/2022
2,400‌
2,402‌
United
States
Secured
Overnight
Financing
Rate
+
0.09%
0.17%,
10/21/2022
(l)
1,200‌
1,199‌
0.17%,
11/30/2022
(l)
1,000‌
1,000‌
0.20%,
12/13/2021
2,100‌
2,101‌
1
Month
USD
LIBOR
+
0.09%
0.24%,
11/05/2021
(l)
15,000‌
15,018‌
1
Month
USD
LIBOR
+
0.13%
0.28%,
05/27/2022
(l)
12,000‌
12,017‌
Federal
Reserve
Bank
Prime
Loan
Rate
US
+
(2.97)%
0.35%,
01/18/2022
(l)
1,500‌
1,504‌
1
Month
USD
LIBOR
+
0.24%
$
67,835‌
Finance
-
Mortgage
Loan/Banker
-
6.15%
Fannie
Mae
0.18%,
03/04/2022
(l)
17,000‌
17,014‌
United
States
Secured
Overnight
Financing
Rate
+
0.22%
0.21%,
05/13/2022
(l)
7,000‌
7,012‌
United
States
Secured
Overnight
Financing
Rate
+
0.18%
0.26%,
05/06/2022
(l)
14,000‌
14,034‌
United
States
Secured
Overnight
Financing
Rate
+
0.23%
0.36%,
10/22/2021
1,000‌
1,002‌
United
States
Secured
Overnight
Financing
Rate
+
0.32%
0.40%,
04/07/2022
(l),(m)
40,000‌
40,146‌
United
States
Secured
Overnight
Financing
Rate
+
0.35%
0.44%,
04/15/2022
(l)
10,000‌
10,041‌
United
States
Secured
Overnight
Financing
Rate
+
0.39%
Federal
Home
Loan
Bank
Discount
Notes
0.09%,
06/18/2021
(l),(n)
11,000‌
10,998‌
Federal
Home
Loan
Banks
0.10%,
04/05/2021
(l)
7,500‌
7,500‌
1
Month
USD
LIBOR
+
(0.01)%
0.10%,
05/03/2021
(l)
20,500‌
20,502‌
1
Month
USD
LIBOR
+
(0.01)%
0.10%,
11/10/2022
(l)
14,000‌
14,003‌
United
States
Secured
Overnight
Financing
Rate
+
0.07%
0.11%,
10/15/2021
(l)
14,000‌
13,994‌
1
Month
USD
LIBOR
+
0.00%
2.00%,
09/09/2022
(l)
9,700‌
9,971‌
Freddie
Mac
0.20%,
12/30/2022
(l)
9,000‌
8,996‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Finance
-
Mortgage
Loan/Banker
(continued)
Freddie
Mac  
(continued)
0.21%,
12/09/2021
(l)
$
6,000‌
$
6,003‌
United
States
Secured
Overnight
Financing
Rate
+
0.15%
0.22%,
03/04/2022
2,000‌
2,002‌
United
States
Secured
Overnight
Financing
Rate
+
0.15%
0.26%,
06/02/2022
(l)
15,000‌
15,026‌
United
States
Secured
Overnight
Financing
Rate
+
0.19%
0.30%,
02/06/2023
(l)
2,000‌
2,001‌
0.35%,
12/30/2022
(l)
2,000‌
2,000‌
0.38%,
09/23/2021
(l)
10,000‌
10,016‌
United
States
Secured
Overnight
Financing
Rate
+
0.32%
$
212,261‌
Media
-
0.00%
iHeartCommunications
Inc
8.38%,
05/01/2027
1‌
1‌
Sovereign
-
0.67%
Colombia
Government
International
Bond
3.00%,
01/30/2030
340‌
337‌
3.13%,
04/15/2031
440‌
438‌
Italy
Buoni
Poliennali
Del
Tesoro
0.40%,
05/15/2030
(g)
EUR
1,072‌
1,373‌
1.30%,
05/15/2028
(g)
2,913‌
3,952‌
Japanese
Government
CPI
Linked
Bond
0.10%,
03/10/2028
JPY
172,236‌
1,628‌
0.20%,
03/10/2030
164,265‌
1,574‌
Mexico
Government
International
Bond
1.45%,
10/25/2033
EUR
490‌
571‌
2.66%,
05/24/2031
$
395‌
380‌
New
Zealand
Government
Bond
1.75%,
05/15/2041
NZD
2,670‌
1,613‌
New
Zealand
Government
Inflation
Linked
Bond
2.00%,
09/20/2025
8,179‌
6,619‌
2.50%,
09/20/2035
423‌
390‌
Panama
Government
International
Bond
4.50%,
04/01/2056
$
120‌
132‌
Spain
Government
Bond
1.00%,
10/31/2050
(g)
EUR
310‌
351‌
3.45%,
07/30/2066
(g)
1,000‌
1,937‌
Spain
Government
Inflation
Linked
Bond
1.00%,
11/30/2030
(g)
1,184‌
1,685‌
$
22,980‌
TOTAL
BONDS
$
428,945‌
COMMODITY
INDEXED
STRUCTURED
NOTES
-
0.90%
Principal
Amount
(000's)
Value
(000's)
Banks
-
0.90%
Royal
Bank
of
Canada;
Dow
Jones
-
UBS
Commodity
Index
Linked
Note
0.07%,
04/26/2021
(g),(k)
$
16,700‌
$
30,953‌
TOTAL
COMMODITY
INDEXED
STRUCTURED
NOTES
$
30,953‌
SENIOR
FLOATING
RATE
INTERESTS
-
7.56%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.13%
Checkout
Holding
Corp
2.00%,
PIK
9.50%,
08/15/2023
(o),(p)
$
269‌
$
93‌
3
Month
USD
LIBOR
+
1.00%
8.50%,
02/15/2023
(o)
167‌
143‌
3
Month
USD
LIBOR
+
7.50%
Clear
Channel
Outdoor
Holdings
Inc
3.71%,
08/07/2026
(o)
4,051‌
3,937‌
1
Month
USD
LIBOR
+
3.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
54
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Advertising
(continued)
Red
Ventures
LLC
2.61%,
11/08/2024
(o)
$
376‌
$
369‌
1
Month
USD
LIBOR
+
2.50%
$
4,542‌
Aerospace
&
Defense
-
0.10%
Dynasty
Acquisition
Co
Inc
3.75%,
04/06/2026
(o)
331‌
319‌
1
Month
USD
LIBOR
+
3.50%
Sequa
Mezzanine
Holdings
LLC
5.00%,
PIK
6.75%,
04/28/2024
(o),(p)
685‌
617‌
1
Month
USD
LIBOR
+
10.75%
8.75%,
11/28/2023
(o)
1,516‌
1,520‌
1
Month
USD
LIBOR
+
6.75%
Standard
Aero
Ltd
3.75%,
04/06/2026
(o)
178‌
171‌
1
Month
USD
LIBOR
+
3.50%
TransDigm
Inc
2.36%,
05/30/2025
(o)
474‌
468‌
1
Month
USD
LIBOR
+
2.25%
2.36%,
12/24/2025
(o)
511‌
504‌
1
Month
USD
LIBOR
+
2.25%
$
3,599‌
Airlines
-
0.11%
Allegiant
Travel
Co
3.20%,
02/05/2024
(o)
339‌
335‌
1
Month
USD
LIBOR
+
3.00%
American
Airlines
Inc
2.11%,
04/28/2023
(o)
148‌
139‌
3
Month
USD
LIBOR
+
2.00%
2.11%,
12/14/2023
(o)
240‌
227‌
3
Month
USD
LIBOR
+
2.00%
Delta
Air
Lines
Inc
5.75%,
04/27/2023
(o)
341‌
343‌
1
Month
USD
LIBOR
+
4.75%
SkyMiles
IP
Ltd
4.75%,
09/16/2027
(o)
1,100‌
1,163‌
3
Month
USD
LIBOR
+
3.75%
WestJet
Airlines
Ltd
4.00%,
12/11/2026
(o)
1,675‌
1,621‌
3
Month
USD
LIBOR
+
3.00%
$
3,828‌
Apparel
-
0.02%
Champ
Acquisition
Corp
5.76%,
12/19/2025
(o)
452‌
451‌
3
Month
USD
LIBOR
+
5.50%
New
Trojan
Parent
Inc
3.75%,
01/06/2028
(o)
335‌
335‌
1
Month
USD
LIBOR
+
3.25%
$
786‌
Building
Materials
-
0.08%
Johnson
Controls
0.00%,
04/30/2026
(o),(q)
1,820‌
1,821‌
1
Month
USD
LIBOR
+
3.25%
Quikrete
Holdings
Inc
2.61%,
01/31/2027
(o)
788‌
786‌
1
Month
USD
LIBOR
+
2.50%
$
2,607‌
Casino
Hotels
-
0.05%
Golden
Nugget
LLC
3.25%,
10/04/2023
(o)
1,762‌
1,746‌
1
Month
USD
LIBOR
+
2.50%
Chemicals
-
0.08%
ASP
Unifrax
Holdings
Inc
4.00%,
12/12/2025
(o)
1,321‌
1,259‌
3
Month
USD
LIBOR
+
3.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Ineos
Petro
3.25%,
01/21/2026
(o)
$
425‌
$
427‌
1
Month
USD
LIBOR
+
2.75%
INEOS
US
Finance
LLC
2.11%,
03/31/2024
(o)
233‌
232‌
3
Month
USD
LIBOR
+
2.00%
Innophos
Holdings
Inc
3.61%,
02/04/2027
(o)
710‌
713‌
1
Month
USD
LIBOR
+
3.75%
Tronox
Finance
LLC
3.18%,
09/20/2024
(o)
29‌
29‌
3
Month
USD
LIBOR
+
3.00%
$
2,660‌
Coal
-
0.01%
Peabody
Energy
Corp
2.87%,
03/31/2025
(o)
540‌
205‌
3
Month
USD
LIBOR
+
2.75%
Commercial
Services
-
0.63%
Belron
Finance
2.46%,
10/25/2026
(o)
491‌
491‌
1
Month
USD
LIBOR
+
2.50%
Fly
Funding
1.95%,
08/09/2025
(o)
886‌
847‌
3
Month
USD
LIBOR
+
1.75%
Garda
World
Security
4.99%,
10/23/2026
(o)
356‌
356‌
1
Month
USD
LIBOR
+
4.75%
Hertz
Corp/The
3.50%,
06/30/2023
(o)
3,728‌
3,683‌
3
Month
USD
LIBOR
+
2.75%
8.25%,
12/31/2021
(o)
2,814‌
2,865‌
1
Month
USD
LIBOR
+
7.25%
HGIM
Corp
7.00%,
07/02/2023
(o)
1,272‌
725‌
3
Month
USD
LIBOR
+
6.00%
Nielsen
Consumer
LLC
0.00%,
02/05/2028
(o),(q)
240‌
240‌
PAREXEL
International
Corp
2.82%,
09/27/2024
(o)
2,540‌
2,525‌
3
Month
USD
LIBOR
+
2.75%
Prime
Security
Services
Borrower
LLC
0.00%,
09/23/2026
(o),(q)
410‌
410‌
1
Month
USD
LIBOR
+
2.75%
Sabert
Corp
5.50%,
11/26/2026
(o)
479‌
479‌
1
Month
USD
LIBOR
+
4.50%
Syniverse
Holdings
Inc
6.00%,
02/09/2023
(o)
1,782‌
1,620‌
3
Month
USD
LIBOR
+
5.00%
10.00%,
02/09/2024
(o)
2,350‌
1,488‌
3
Month
USD
LIBOR
+
9.00%
Team
Health
Holdings
Inc
3.75%,
02/06/2024
(o)
1,171‌
1,092‌
3
Month
USD
LIBOR
+
2.75%
Trans
Union
LLC
1.86%,
11/13/2026
(o)
458‌
458‌
1
Month
USD
LIBOR
+
1.75%
Travelport
Finance
Luxembourg
Sarl
9.00%,
02/28/2025
(o)
1,518‌
1,514‌
1
Month
USD
LIBOR
+
7.00%
Verscend
Holding
0.00%,
08/27/2025
(o),(q)
1,292‌
1,298‌
1
Month
USD
LIBOR
+
4.00%
Wand
NewCo
3
Inc
3.11%,
02/05/2026
(o)
1,233‌
1,224‌
1
Month
USD
LIBOR
+
3.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
55
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
WEX
Inc
2.36%,
05/14/2026
(o)
$
456‌
$
454‌
3
Month
USD
LIBOR
+
2.25%
$
21,769‌
Computers
-
0.19%
Ahead
DB
Holdings
LLC
6.00%,
10/13/2027
(o)
772‌
777‌
1
Month
USD
LIBOR
+
5.00%
Conduent
Business
Services
LLC
1.86%,
12/07/2022
(o)
705‌
694‌
3
Month
USD
LIBOR
+
1.75%
Dell
International
2.00%,
09/19/2025
(o)
447‌
448‌
1
Month
USD
LIBOR
+
1.75%
iQor
US
Inc
8.50%,
11/20/2024
(o)
160‌
161‌
1
Month
USD
LIBOR
+
7.50%
8.50%,
11/20/2025
(o)
426‌
406‌
1
Month
USD
LIBOR
+
7.50%
McAfee
LLC
3.86%,
09/30/2024
(o)
839‌
841‌
3
Month
USD
LIBOR
+
3.75%
NCR
Corp
2.72%,
08/07/2026
(o)
484‌
480‌
1
Month
USD
LIBOR
+
2.50%
NeuStar
Inc
4.50%,
08/08/2024
(o)
697‌
671‌
3
Month
USD
LIBOR
+
3.50%
Peraton
0.00%,
02/01/2028
(o),(q)
362‌
364‌
1
Month
USD
LIBOR
+
3.75%
Perforce
Software
Inc
3.86%,
07/01/2026
(o)
413‌
412‌
1
Month
USD
LIBOR
+
3.75%
Tempo
Acquisition
LLC
3.75%,
11/02/2026
(o)
1,175‌
1,176‌
1
Month
USD
LIBOR
+
3.25%
$
6,430‌
Consumer
Products
-
0.06%
Kronos
Acquisition
Holdings
Inc
4.25%,
12/22/2026
(o)
2,090‌
2,087‌
1
Month
USD
LIBOR
+
3.75%
Cosmetics
&
Personal
Care
-
0.08%
Coty
Inc
1.87%,
04/05/2023
(o)
790‌
765‌
1
Month
USD
LIBOR
+
1.75%
Domtar
Personal
Care
0.00%,
02/18/2028
(o),(q)
400‌
401‌
Revlon
Consumer
Products
Corp
4.25%,
07/21/2023
(o)
3,746‌
1,732‌
1
Month
USD
LIBOR
+
3.50%
$
2,898‌
Distribution
&
Wholesale
-
0.03%
Core
&
Main
LP
3.75%,
08/01/2024
(o)
704‌
703‌
3
Month
USD
LIBOR
+
3.00%
IAA
Inc
2.38%,
06/28/2026
(o)
209‌
209‌
3
Month
USD
LIBOR
+
2.25%
KAR
Auction
Services
Inc
2.37%,
09/11/2026
(o)
277‌
273‌
1
Month
USD
LIBOR
+
2.25%
$
1,185‌
Diversified
Financial
Services
-
0.02%
Avolon
TLB
Borrower
1
US
LLC
2.25%,
02/12/2027
(o)
405‌
401‌
1
Month
USD
LIBOR
+
1.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Ditech
Holding
Corp
0.00%,
06/30/2022
(d),(o)
$
1,225‌
$
402‌
3
Month
USD
LIBOR
+
6.00%
$
803‌
Electric
-
0.04%
Calpine
Corp
2.11%,
08/12/2026
(o)
928‌
922‌
1
Month
USD
LIBOR
+
2.00%
2.63%,
12/02/2027
(o)
275‌
274‌
1
Month
USD
LIBOR
+
2.50%
Exgen
Renewables
IV
LLC
3.76%,
12/11/2027
(o)
324‌
326‌
1
Month
USD
LIBOR
+
2.75%
$
1,522‌
Electronics
-
0.01%
TTM
Technologies
Inc
2.62%,
09/13/2024
(o)
408‌
408‌
3
Month
USD
LIBOR
+
2.50%
Engineering
&
Construction
-
0.03%
Atlantic
Aviation
FBO
Inc
3.87%,
12/06/2025
(o)
486‌
486‌
3
Month
USD
LIBOR
+
3.75%
Brand
Industrial
Services
Inc
5.25%,
06/21/2024
(o)
376‌
374‌
3
Month
USD
LIBOR
+
4.25%
$
860‌
Entertainment
-
0.41%
AMC
Entertainment
Holdings
Inc
3.20%,
03/20/2026
(o)
2,003‌
1,714‌
3
Month
USD
LIBOR
+
3.00%
Crown
Finance
US
Inc
2.77%,
02/07/2025
(o)
755‌
652‌
1
Month
USD
LIBOR
+
2.50%
3.02%,
09/30/2026
(o)
154‌
131‌
1
Month
USD
LIBOR
+
2.75%
7.00%,
05/23/2024
(o)
114‌
145‌
Delta
2
Lux
Sarl
3.50%,
02/01/2024
(o)
2,112‌
2,098‌
3
Month
USD
LIBOR
+
2.50%
Lions
Gate
Capital
Holdings
LLC
2.36%,
03/24/2025
(o)
470‌
466‌
3
Month
USD
LIBOR
+
2.25%
Merlin
Entertainment
3.50%,
10/16/2026
(o)
930‌
904‌
3
Month
USD
LIBOR
+
3.25%
3.50%,
11/12/2026
(o)
155‌
151‌
3
Month
USD
LIBOR
+
3.25%
Metro-Goldwyn-Mayer
Inc
2.62%,
07/03/2025
(o)
1,799‌
1,792‌
3
Month
USD
LIBOR
+
2.50%
5.50%,
07/03/2026
(o)
500‌
500‌
3
Month
USD
LIBOR
+
4.50%
Nascar
Holdings
LLC
0.00%,
10/19/2026
(o),(q)
233‌
232‌
3
Month
USD
LIBOR
+
2.75%
PCI
Gaming
Authority
2.61%,
05/29/2026
(o)
757‌
755‌
1
Month
USD
LIBOR
+
2.50%
Penn
National
Gaming
Inc
3.00%,
10/15/2025
(o)
646‌
645‌
3
Month
USD
LIBOR
+
2.25%
Scientific
Games
International
Inc
2.86%,
08/14/2024
(o)
1,379‌
1,356‌
1
Month
USD
LIBOR
+
2.75%
SeaWorld
Parks
&
Entertainment
Inc
3.75%,
04/01/2024
(o)
1,144‌
1,126‌
3
Month
USD
LIBOR
+
3.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
56
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Stars
Group
Holdings
BV
3.75%,
06/27/2025
(o)
$
338‌
$
339‌
3
Month
USD
LIBOR
+
3.50%
William
Morris
Endeavor
Entertainment
LLC
2.90%,
05/16/2025
(o)
1,292‌
1,223‌
3
Month
USD
LIBOR
+
2.75%
$
14,229‌
Environmental
Control
-
0.06%
GFL
Environmental
Inc
3.50%,
05/30/2025
(o)
1,953‌
1,961‌
1
Month
USD
LIBOR
+
3.00%
Food
-
0.13%
Atkins
Nutritionals
Holdings
Inc
4.75%,
07/07/2024
(o)
724‌
729‌
1
Month
USD
LIBOR
+
3.75%
Bellring
Brands
LLC
4.75%,
10/21/2024
(o)
1,209‌
1,219‌
1
Month
USD
LIBOR
+
4.00%
CHG
PPC
Parent
LLC
2.87%,
03/30/2025
(o)
240‌
239‌
3
Month
USD
LIBOR
+
2.75%
Froneri
US
Inc
2.37%,
01/29/2027
(o)
174‌
173‌
1
Month
USD
LIBOR
+
2.25%
5.86%,
01/28/2028
(o)
500‌
505‌
1
Month
USD
LIBOR
+
5.75%
Shearer's
Foods
LLC
4.75%,
09/15/2027
(o)
673‌
676‌
1
Month
USD
LIBOR
+
4.00%
US
Foods
Inc
1.86%,
06/27/2023
(o)
543‌
537‌
1
Month
USD
LIBOR
+
1.75%
Utz
Quality
Foods
LLC
0.00%,
01/20/2028
(o),(q)
310‌
311‌
1
Month
USD
LIBOR
+
3.00%
$
4,389‌
Food
Service
-
0.02%
8th
Avenue
Food
&
Provisions
Inc
3.61%,
09/19/2025
(o)
633‌
634‌
3
Month
USD
LIBOR
+
3.50%
Forest
Products
&
Paper
-
0.03%
Asplundh
Tree
Expert
LLC
0.00%,
09/07/2027
(o),(q)
1,132‌
1,133‌
1
Month
USD
LIBOR
+
1.75%
Hand
&
Machine
Tools
-
0.04%
Alliance
Laundry
Systems
LLC
4.25%,
09/30/2027
(o)
750‌
752‌
1
Month
USD
LIBOR
+
3.50%
Apex
Tool
Group
LLC
6.50%,
08/01/2024
(o)
762‌
761‌
3
Month
USD
LIBOR
+
5.50%
$
1,513‌
Healthcare
-
Products
-
0.19%
Carestream
Health
Inc
5.50%,
PIK
8.00%,
08/08/2023
(o),(p)
615‌
543‌
1
Month
USD
LIBOR
+
4.50%
7.75%,
05/08/2023
(o)
1,276‌
1,271‌
1
Month
USD
LIBOR
+
6.75%
CPI
Holdco
LLC
4.12%,
11/04/2026
(o)
1,367‌
1,371‌
1
Month
USD
LIBOR
+
4.00%
LifeScan
Global
Corp
6.24%,
10/01/2024
(o)
869‌
842‌
3
Month
USD
LIBOR
+
6.00%
Viant
Medical
Holdings
Inc
3.86%,
07/02/2025
(o)
1,183‌
1,154‌
3
Month
USD
LIBOR
+
3.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Products
(continued)
Vyaire
Medical
Inc
5.75%,
04/11/2025
(o)
$
1,421‌
$
1,214‌
3
Month
USD
LIBOR
+
4.75%
$
6,395‌
Healthcare
-
Services
-
0.
66
%
Air
Methods
Corp
4.50%,
04/12/2024
(o)
640‌
620‌
3
Month
USD
LIBOR
+
3.50%
Ardnet
Health
Services
LLC
4.75%,
06/30/2025
(o)
1,653‌
1,661‌
1
Month
USD
LIBOR
+
3.75%
Aspen
Dental
Management
Inc
3.75%,
12/23/2027
(o)
607‌
604‌
1
Month
USD
LIBOR
+
3.25%
Athena
Health
Care
Associates,
Inc
4.45%,
02/11/2026
(o)
442‌
444‌
1
Month
USD
LIBOR
+
4.25%
ATI
Holdings
Acquisition
Inc
4.50%,
05/10/2023
(o)
643‌
642‌
3
Month
USD
LIBOR
+
3.50%
BrightSpring
Health
0.00%,
03/05/2026
(o),(q)
1,496‌
1,497‌
BW
NHHC
Holdco
Inc
5.19%,
05/15/2025
(o)
1,319‌
1,209‌
3
Month
USD
LIBOR
+
5.00%
Catalent
2.50%,
02/22/2028
(o)
484‌
485‌
1
Month
USD
LIBOR
+
2.00%
Envision
Healthcare
Corp
3.86%,
10/10/2025
(o)
1,630‌
1,398‌
3
Month
USD
LIBOR
+
3.75%
Eyecare
Partners
LLC
3.87%,
02/05/2027
(o)
481‌
473‌
1
Month
USD
LIBOR
+
3.75%
3.87%,
02/18/2027
(o)
113‌
111‌
1
Month
USD
LIBOR
+
3.75%
Gentiva
Health
Services
Inc
2.94%,
07/02/2025
(o)
1,026‌
1,026‌
1
Month
USD
LIBOR
+
2.75%
Global
Medical
Response
Inc
5.75%,
09/24/2025
(o)
2,000‌
2,000‌
1
Month
USD
LIBOR
+
4.75%
HCA
Inc
1.86%,
03/18/2026
(o)
831‌
832‌
1
Month
USD
LIBOR
+
1.75%
1.87%,
03/13/2025
(o)
291‌
292‌
1
Month
USD
LIBOR
+
1.75%
Heartland
Dental
LLC
3.62%,
04/18/2025
(o)
121‌
119‌
3
Month
USD
LIBOR
+
3.75%
LifePoint
Health
Inc
3.87%,
11/14/2025
(o)
2,662‌
2,664‌
1
Month
USD
LIBOR
+
3.75%
MMM
Holdings
LLC
6.75%,
10/30/2026
(o)
941‌
942‌
1
Month
USD
LIBOR
+
5.75%
PPD
Inc
2.75%,
01/13/2028
(o)
719‌
722‌
1
Month
USD
LIBOR
+
2.25%
Quorum
Health
Corp
9.25%,
04/29/2025
(o)
342‌
347‌
3
Month
USD
LIBOR
+
8.25%
Schumacher
Group
0.00%,
02/23/2028
(o),(q)
1,315‌
1,295‌
Select
Medical
Corp
2.53%,
03/06/2025
(o)
1,248‌
1,245‌
3
Month
USD
LIBOR
+
2.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
57
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Surgery
Center
Holdings
Inc
4.25%,
02/01/2026
(o)
$
1,752‌
$
1,745‌
3
Month
USD
LIBOR
+
3.25%
US
Radiology
Specialists
Inc
6.25%,
12/10/2027
(o)
600‌
604‌
1
Month
USD
LIBOR
+
5.50%
$
22
,9
77‌
Home
Furnishings
-
0.02%
Mattress
Firm
Inc
6.25%,
11/24/2027
(o)
735‌
747‌
1
Month
USD
LIBOR
+
5.25%
Insurance
-
0.14%
Acrisure
LLC
3.61%,
02/12/2027
(o)
1,544‌
1,533‌
1
Month
USD
LIBOR
+
3.50%
Alliant
Holdings
Intermediate
LLC
3.36%,
05/09/2025
(o)
910‌
903‌
1
Month
USD
LIBOR
+
3.25%
BroadStreet
Partners
Inc
3.36%,
01/27/2027
(o)
615‌
611‌
1
Month
USD
LIBOR
+
3.25%
4.75%,
01/27/2027
(o)
235‌
236‌
1
Month
USD
LIBOR
+
3.75%
HUB
International
Ltd
2.97%,
04/25/2025
(o)
1,270‌
1,256‌
1
Month
USD
LIBOR
+
2.75%
4.00%,
04/25/2025
(o)
320‌
321‌
1
Month
USD
LIBOR
+
3.25%
$
4,860‌
Internet
-
0.05%
Ancestry.com
3.75%,
12/06/2027
(o)
350‌
349‌
1
Month
USD
LIBOR
+
3.25%
CNT
Holdings
I
Corp
4.50%,
10/16/2027
(o)
1,000‌
1,004‌
1
Month
USD
LIBOR
+
3.75%
Uber
Technologies
0.00%,
04/04/2025
(o),(q)
330‌
331‌
1
Month
USD
LIBOR
+
3.50%
$
1,684‌
Leisure
Products
&
Services
-
0.17%
Alterra
Mountain
Co
2.86%,
07/31/2024
(o)
1,016‌
1,008‌
1
Month
USD
LIBOR
+
2.75%
Callaway
Golf
Co
4.61%,
01/02/2026
(o)
433‌
435‌
3
Month
USD
LIBOR
+
4.50%
Carnival
Corp
8.50%,
06/30/2025
(o)
432‌
448‌
1
Month
USD
LIBOR
+
7.50%
ClubCorp
Holdings
Inc
3.00%,
08/16/2024
(o)
1,774‌
1,672‌
3
Month
USD
LIBOR
+
2.75%
Equinox
Holdings
Inc
4.00%,
03/08/2024
(o)
1,249‌
1,120‌
3
Month
USD
LIBOR
+
3.00%
Life
Time
Inc
5.75%,
12/10/2024
(o)
1,000‌
997‌
1
Month
USD
LIBOR
+
4.75%
$
5,680‌
Lodging
-
0.16%
Boyd
Gaming
Corp
2.34%,
09/15/2023
(o)
1,679‌
1,676‌
3
Month
USD
LIBOR
+
2.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
(continued)
Caesars
Resort
Collection
LLC
2.86%,
12/22/2024
(o)
$
2,044‌
$
2,025‌
3
Month
USD
LIBOR
+
2.75%
4.62%,
07/20/2025
(o)
998‌
1,000‌
1
Month
USD
LIBOR
+
4.50%
CityCenter
Holdings
LLC
3.00%,
04/18/2024
(o)
579‌
574‌
3
Month
USD
LIBOR
+
2.25%
Hilton
Worldwide
Finance
LLC
1.87%,
06/18/2026
(o)
399‌
398‌
3
Month
USD
LIBOR
+
1.75%
$
5,673‌
Machinery
-
Construction
&
Mining
-
0.11%
TNT
Crane
&
Rigging
Inc
7.50%,
10/16/2024
(o)
3,000‌
3,120‌
1
Month
USD
LIBOR
+
6.50%
Vertiv
Group
Corp
3.12%,
02/11/2027
(o)
742‌
743‌
1
Month
USD
LIBOR
+
3.00%
$
3,863‌
Machinery
-
Diversified
-
0.06%
Altra
Industrial
Motion
Corp
2.12%,
10/01/2025
(o)
370‌
370‌
3
Month
USD
LIBOR
+
2.00%
Gardner
Denver
Inc
2.86%,
03/01/2027
(o)
263‌
262‌
1
Month
USD
LIBOR
+
2.75%
NN
Inc
5.86%,
10/19/2022
(o)
139‌
138‌
1
Month
USD
LIBOR
+
5.75%
6.50%,
10/19/2022
(o)
109‌
109‌
1
Month
USD
LIBOR
+
5.75%
Vertical
US
Newco
Inc
4.48%,
06/30/2027
(o)
1,247‌
1,257‌
1
Month
USD
LIBOR
+
4.25%
$
2,136‌
Media
-
0.49%
Altice
Financing
SA
2.86%,
07/15/2025
(o)
1,803‌
1,784‌
3
Month
USD
LIBOR
+
2.75%
CSC
Holdings
LLC
2.36%,
07/17/2025
(o)
492‌
489‌
3
Month
USD
LIBOR
+
2.25%
2.61%,
04/27/2027
(o)
1,068‌
1,063‌
1
Month
USD
LIBOR
+
2.50%
Entercom
Media
Corp
2.62%,
11/18/2024
(o)
514‌
505‌
1
Month
USD
LIBOR
+
2.50%
EW
Scripps
Co/The
3.31%,
05/01/2026
(o)
1,459‌
1,453‌
1
Month
USD
LIBOR
+
2.56%
Gray
Television
Inc
2.37%,
02/07/2024
(o)
323‌
321‌
3
Month
USD
LIBOR
+
2.25%
2.62%,
01/02/2026
(o)
387‌
387‌
3
Month
USD
LIBOR
+
2.50%
Houghton
Mifflin
Harcourt
Publishers
Inc
7.25%,
11/19/2024
(o)
1,055‌
1,040‌
1
Month
USD
LIBOR
+
6.25%
iHeartCommunications
Inc
3.11%,
05/01/2026
(o)
1,193‌
1,181‌
1
Month
USD
LIBOR
+
3.00%
LCPR
Loan
Financing
LLC
5.11%,
10/22/2026
(o)
1,065‌
1,074‌
1
Month
USD
LIBOR
+
5.00%
McGraw
Hill
LLC
5.75%,
11/01/2024
(o)
1,824‌
1,820‌
1
Month
USD
LIBOR
+
4.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
58
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Meredith
Corp
5.25%,
01/31/2025
(o)
$
433‌
$
440‌
1
Month
USD
LIBOR
+
4.25%
Nexstar
Broadcasting
Inc
2.36%,
01/17/2024
(o)
1,053‌
1,052‌
3
Month
USD
LIBOR
+
2.25%
2.87%,
09/18/2026
(o)
966‌
967‌
1
Month
USD
LIBOR
+
2.75%
Nielsen
Finance
LLC
2.12%,
10/04/2023
(o)
666‌
665‌
3
Month
USD
LIBOR
+
2.00%
Radiate
Holdco
LLC
4.25%,
09/11/2026
(o)
400‌
401‌
1
Month
USD
LIBOR
+
3.50%
Sinclair
Television
Group
Inc
2.35%,
01/03/2024
(o)
391‌
389‌
3
Month
USD
LIBOR
+
2.25%
Univision
Communications
Inc
3.75%,
03/15/2024
(o)
307‌
307‌
3
Month
USD
LIBOR
+
2.75%
WideOpenWest
Finance
LLC
4.25%,
08/18/2023
(o)
387‌
387‌
3
Month
USD
LIBOR
+
3.25%
Ziggo
Financing
Partnership
2.61%,
04/17/2028
(o)
1,125‌
1,118‌
1
Month
USD
LIBOR
+
2.50%
$
16,843‌
Miscellaneous
Manufactur
ers
-
0.05%
Gates
Global
0.00%,
02/19/2027
(o),(q)
1,004‌
1,004‌
Klockner
Pentaplast
Ltd
0.00%,
02/04/2026
(o),(q)
602‌
602‌
1
Month
USD
LIBOR
+
4.75%
$
1,606‌
Office
&
Business
Equipment
-
0.01%
Pitney
Bowes
Inc
5.63%,
01/17/2025
(o)
353‌
351‌
1
Month
USD
LIBOR
+
5.50%
Oil
&
Gas
-
0.18%
CITGO
Petroleum
Corp
7.25%,
03/28/2024
(o)
463‌
464‌
1
Month
USD
LIBOR
+
6.25%
Delek
US
Holdings
Inc
2.36%,
03/30/2025
(o)
943‌
923‌
3
Month
USD
LIBOR
+
2.25%
6.50%,
03/30/2025
(o)
1,158‌
1,160‌
1
Month
USD
LIBOR
+
5.50%
Fieldwood
Energy
LLC
0.00%,
04/11/2022
(d),(o)
8,736‌
2,504‌
3
Month
USD
LIBOR
+
5.25%
0.00%,
04/11/2023
(d),(o)
3,648‌
1‌
3
Month
USD
LIBOR
+
7.25%
9.75%,
08/04/2021
(o)
128‌
132‌
1
Month
USD
LIBOR
+
8.75%
Gulf
Finance
LLC
6.25%,
08/25/2023
(o)
1,408‌
1,087‌
3
Month
USD
LIBOR
+
5.25%
$
6,271‌
Oil
&
Gas
Services
-
0.04%
PGS
ASA
7.65%,
03/19/2024
(o)
1,572‌
1,253‌
3
Month
USD
LIBOR
+
5.50%
Packaging
&
Containers
-
0.14%
Berry
Global
0.00%,
07/01/2026
(o),(q)
1,433‌
1,432‌
Graham
Packaging
0.00%,
08/04/2027
(o),(q)
681‌
682‌
1
Month
USD
LIBOR
+
3.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
(continued)
Pactiv
Evergreen
Group
Holdings
Inc
2.87%,
02/05/2023
(o)
$
742‌
$
740‌
1
Month
USD
LIBOR
+
3.00%
PLZ
Aeroscience
0.00%,
08/03/2026
(o),(q)
1,122‌
1,118‌
TricorBraun
0.00%,
01/29/2028
(o),(q)
780‌
778‌
0.00%,
01/29/2028
(o),(q)
175‌
175‌
$
4,925‌
Pharmaceuticals
-
0.35%
Amneal
Pharmaceuticals
LLC
3.62%,
05/04/2025
(o)
689‌
678‌
3
Month
USD
LIBOR
+
3.50%
Bausch
Health
Americas
Inc
2.86%,
11/14/2025
(o)
1,048‌
1,047‌
3
Month
USD
LIBOR
+
2.75%
3.11%,
05/19/2025
(o)
2,548‌
2,550‌
3
Month
USD
LIBOR
+
3.00%
Change
Healthcare
Holdings
LLC
3.50%,
03/01/2024
(o)
1,581‌
1,583‌
1
Month
USD
LIBOR
+
2.50%
Gainwell
Acquisition
Corp
4.75%,
08/17/2027
(o)
1,865‌
1,859‌
1
Month
USD
LIBOR
+
4.00%
Grifols
Worldwide
Operations
USA
Inc
2.09%,
11/15/2027
(o)
922‌
919‌
1
Month
USD
LIBOR
+
2.00%
Mallinckrodt
International
Finance
SA
5.50%,
09/24/2024
(o)
2,493‌
2,405‌
3
Month
USD
LIBOR
+
2.75%
5.75%,
02/24/2025
(o)
1,062‌
1,027‌
3
Month
USD
LIBOR
+
3.00%
$
12,068‌
Pipelines
-
0.09%
BCP
Renaissance
Parent
LLC
4.50%,
10/31/2024
(o)
460‌
452‌
3
Month
USD
LIBOR
+
3.50%
Blackstone
CQP
Holdco
LP
3.74%,
09/30/2024
(o)
970‌
970‌
3
Month
USD
LIBOR
+
3.50%
Buckeye
Partners
LP
1.87%,
11/01/2026
(o)
589‌
588‌
1
Month
USD
LIBOR
+
2.25%
Traverse
Midstream
Partners
LLC
6.50%,
09/21/2024
(o)
1,146‌
1,138‌
1
Month
USD
LIBOR
+
5.50%
$
3,148‌
Real
Estate
-
0.09%
Brookfield
Retail
Holdings
VII
Sub
3
LLC
3.11%,
08/27/2023
(o)
2,516‌
2,463‌
3
Month
USD
LIBOR
+
3.00%
Realogy
Group
LLC
2.11%,
02/08/2023
(o)
291‌
289‌
1
Month
USD
LIBOR
+
2.25%
3.00%,
02/08/2025
(o)
172‌
171‌
3
Month
USD
LIBOR
+
2.25%
$
2,923‌
REITs
-
0.03%
Blackstone
Mortgage
Trust
Inc
2.37%,
04/23/2026
(o)
979‌
964‌
1
Month
USD
LIBOR
+
2.25%
Retail
-
0.24%
1011778
BC
ULC
1.86%,
11/14/2026
(o)
1,093‌
1,082‌
1
Month
USD
LIBOR
+
1.75%
Academy
Ltd
5.75%,
10/28/2027
(o)
1,000‌
1,000‌
1
Month
USD
LIBOR
+
5.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
59
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Belk
Inc
0.00%,
07/31/2025
(o),(q)
$
116‌
$
113‌
9.75%,
07/31/2025
(o)
1,386‌
527‌
1
Month
USD
LIBOR
+
6.75%
BJ's
Wholesale
Club
Inc
2.11%,
02/03/2024
(o)
82‌
82‌
1
Month
USD
LIBOR
+
2.00%
CWGS
Group
LLC
3.50%,
11/08/2023
(o)
2,420‌
2,417‌
3
Month
USD
LIBOR
+
2.75%
EG
America
LLC
4.25%,
02/07/2025
(o)
717‌
714‌
3
Month
USD
LIBOR
+
4.00%
LS
Group
OpCo
Acquistion
LLC
4.25%,
10/26/2027
(o)
750‌
751‌
1
Month
USD
LIBOR
+
3.50%
Petsmart
Inc
0.00%,
01/28/2028
(o),(q)
160‌
161‌
Serta
Simmons
Bedding
LLC
8.50%,
08/10/2023
(o)
61‌
61‌
1
Month
USD
LIBOR
+
7.50%
8.50%,
08/10/2023
(o)
382‌
359‌
1
Month
USD
LIBOR
+
7.50%
SRS
Distribution
Inc
3.11%,
05/23/2025
(o)
395‌
391‌
3
Month
USD
LIBOR
+
3.25%
Staples
Inc
5.20%,
04/09/2026
(o)
468‌
458‌
3
Month
USD
LIBOR
+
5.00%
$
8,116‌
Semiconductors
-
0.07%
Bright
Bidco
BV
4.50%,
06/30/2024
(o)
2,717‌
2,071‌
3
Month
USD
LIBOR
+
3.50%
MACOM
Technology
Solutions
Holdings
Inc
2.36%,
05/17/2024
(o)
374‌
370‌
3
Month
USD
LIBOR
+
2.25%
$
2,441‌
Software
-
0.87%
Blackboard
Inc
7.00%,
06/28/2024
(o)
1,716‌
1,708‌
1
Month
USD
LIBOR
+
6.00%
BMC
Software
Inc
0.00%,
10/02/2025
(o),(q)
321‌
321‌
1
Month
USD
LIBOR
+
3.75%
BY
Crown
Parent
LLC
4.00%,
01/31/2026
(o)
345‌
346‌
1
Month
USD
LIBOR
+
3.00%
Camelot
Finance
SA
3.12%,
10/30/2026
(o)
450‌
450‌
1
Month
USD
LIBOR
+
3.00%
Cengage
Learning
Inc
5.25%,
06/07/2023
(o)
2,064‌
2,032‌
3
Month
USD
LIBOR
+
4.25%
Ceridian
HCM
Holding
Inc
2.59%,
04/04/2025
(o)
766‌
762‌
1
Month
USD
LIBOR
+
2.50%
DTI
Holdco
Inc
5.75%,
09/30/2023
(o)
667‌
632‌
3
Month
USD
LIBOR
+
4.75%
Dun
&
Bradstreet
Corp/The
3.38%,
02/06/2026
(o)
1,041‌
1,042‌
1
Month
USD
LIBOR
+
3.25%
Dynatrace
LLC
2.37%,
08/08/2025
(o)
181‌
181‌
1
Month
USD
LIBOR
+
2.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Epicor
Software
Corp
4.00%,
07/30/2027
(o)
$
2,159‌
$
2,169‌
1
Month
USD
LIBOR
+
3.25%
Finastra
USA
Inc
4.51%,
06/13/2024
(o)
2,331‌
2,306‌
3
Month
USD
LIBOR
+
3.50%
Greeneden
US
Holdings
II
LLC
4.75%,
10/08/2027
(o)
2,761‌
2,772‌
1
Month
USD
LIBOR
+
4.00%
Greenway
Health
LLC
4.75%,
02/16/2024
(o)
315‌
298‌
3
Month
USD
LIBOR
+
4.25%
Informatica
LLC
3.36%,
02/14/2027
(o)
1,013‌
1,011‌
1
Month
USD
LIBOR
+
3.25%
MA
FinanceCo
LLC
2.87%,
06/21/2024
(o)
308‌
305‌
3
Month
USD
LIBOR
+
2.50%
5.25%,
05/29/2025
(o)
258‌
261‌
1
Month
USD
LIBOR
+
4.25%
Rackspace
Hosting
0.00%,
02/03/2028
(o),(q)
451‌
450‌
RealPage
0.00%,
02/18/2028
(o),(q)
675‌
675‌
Riverbed
Technology
Inc
7.00%,
12/31/2025
(o)
1,759‌
1,708‌
1
Month
USD
LIBOR
+
6.00%
Seattle
SpinCo
Inc
2.86%,
06/21/2024
(o)
2,080‌
2,058‌
3
Month
USD
LIBOR
+
2.50%
Skillsoft
8.50%,
04/27/2025
(o)
1,503‌
1,496‌
3
Month
USD
LIBOR
+
7.50%
Software
Luxembourg
Acquisition
Sarl
8.50%,
12/27/2024
(o)
465‌
475‌
1
Month
USD
LIBOR
+
7.50%
Sophia
LP
4.50%,
10/07/2027
(o)
1,048‌
1,050‌
1
Month
USD
LIBOR
+
3.75%
SS&C
Technologies
Inc
1.86%,
04/16/2025
(o)
285‌
284‌
1
Month
USD
LIBOR
+
1.75%
1.86%,
04/16/2025
(o)
217‌
216‌
1
Month
USD
LIBOR
+
1.75%
1.86%,
04/16/2025
(o)
1,282‌
1,277‌
1
Month
USD
LIBOR
+
1.75%
TIBCO
Software
Inc
3.89%,
06/30/2026
(o)
319‌
318‌
1
Month
USD
LIBOR
+
3.75%
UKG
Inc
3.86%,
05/03/2026
(o)
1,224‌
1,229‌
3
Month
USD
LIBOR
+
3.75%
4.75%,
05/04/2026
(o)
442‌
444‌
1
Month
USD
LIBOR
+
3.25%
Xperi
Holding
Corp
4.11%,
06/01/2025
(o)
145‌
146‌
1
Month
USD
LIBOR
+
4.00%
Zelis
3.62%,
09/30/2026
(o)
1,024‌
1,025‌
1
Month
USD
LIBOR
+
3.50%
ZoomInfo
LLC
3.12%,
02/02/2026
(o)
563‌
563‌
1
Month
USD
LIBOR
+
3.00%
$
30,010‌
Telecommunications
-
0.97%
Altice
France
SA/France
4.20%,
08/14/2026
(o)
1,919‌
1,915‌
3
Month
USD
LIBOR
+
4.00%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
60
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Avaya
Inc
0.00%,
12/15/2027
(o),(q)
$
223‌
$
223‌
4.36%,
12/15/2027
(o)
2,324‌
2,331‌
1
Month
USD
LIBOR
+
4.25%
CommScope
Inc
3.36%,
04/06/2026
(o)
1,262‌
1,259‌
3
Month
USD
LIBOR
+
3.25%
6.50%,
09/06/2024
(o)
5,941‌
5,926‌
3
Month
USD
LIBOR
+
3.25%
Connect
Finco
SARL
4.50%,
12/11/2026
(o)
1,113‌
1,116‌
1
Month
USD
LIBOR
+
3.50%
Delta
Topco
Inc
4.50%,
10/07/2027
(o)
1,500‌
1,507‌
1
Month
USD
LIBOR
+
3.75%
Frontier
Communications
Corp
5.75%,
10/08/2021
(o)
55‌
55‌
1
Month
USD
LIBOR
+
4.75%
GTT
Communications
8.50%,
12/28/2021
(o)
30‌
30‌
1
Month
USD
LIBOR
+
4.00%
GTT
Communications
Inc
3.00%,
05/31/2025
(o)
344‌
268‌
3
Month
USD
LIBOR
+
2.75%
Intelsat
Jackson
Holdings
SA
6.50%,
07/13/2022
(o)
2,746‌
2,786‌
1
Month
USD
LIBOR
+
5.50%
7.89%,
11/27/2023
(o)
5,816‌
5,898‌
1
Month
USD
LIBOR
+
3.75%
8.63%,
01/02/2024
(o)
1,425‌
1,452‌
Intrado
Corp
4.50%,
10/10/2024
(o)
291‌
285‌
3
Month
USD
LIBOR
+
3.50%
5.00%,
10/10/2024
(o)
2,853‌
2,812‌
3
Month
USD
LIBOR
+
4.00%
Iridium
Satellite
LLC
3.76%,
11/04/2026
(o)
1,586‌
1,593‌
1
Month
USD
LIBOR
+
2.75%
Lumen
Technologies
Inc
2.36%,
03/15/2027
(o)
381‌
379‌
1
Month
USD
LIBOR
+
2.25%
Maxar
Technologies
Ltd
2.87%,
10/05/2024
(o)
1,251‌
1,238‌
1
Month
USD
LIBOR
+
2.75%
MLN
US
Holdco
LLC
4.61%,
11/30/2025
(o)
357‌
333‌
3
Month
USD
LIBOR
+
4.50%
Plantronics
Inc
2.62%,
07/02/2025
(o)
852‌
848‌
3
Month
USD
LIBOR
+
2.50%
Windstream
Services
II
LLC
7.25%,
08/11/2027
(o)
885‌
886‌
1
Month
USD
LIBOR
+
6.25%
Zayo
Group
Holdings
Inc
3.11%,
02/19/2027
(o)
196‌
196‌
1
Month
USD
LIBOR
+
3.00%
$
33,336‌
Transportation
-
0.0
2
%
Genesee
&
Wyoming
Inc
2.25%,
11/06/2026
(o)
308‌
308‌
1
Month
USD
LIBOR
+
2.00%
XPO
Logistics
0.00%,
02/24/2025
(o),(q)
394‌
394‌
$
702‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
260,766‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
22.94%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
6.30%
0.08%,
01/31/2023
(l)
$
15,000‌
$
15,001‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.10%
0.09%,
07/31/2022
(l)
63,000‌
63,016‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%
0.09%,
10/31/2022
(l)
69,000‌
69,018‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%
0.13%,
02/28/2023
(l),(r)
3,000‌
2,999‌
0.14%,
04/30/2022
(l)
25,000‌
25,026‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.11%
0.33%,
10/31/2021
(l)
30,000‌
30,059‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.30%
1.13%,
08/15/2040
1,495‌
1,260‌
1.38%,
11/15/2040
8,555‌
7,544‌
1.38%,
08/15/2050
870‌
714‌
1.88%,
02/15/2041
(r)
2,710‌
2,613‌
$
217,250‌
U.S.
Treasury
Bill
-
0.96%
0.05%,
08/12/2021
(n)
1,000‌
1,000‌
0.07%,
05/06/2021
(l),(n)
3,000‌
3,000‌
0.09%,
03/02/2021
(l),(n)
5,000‌
5,000‌
0.09%,
04/27/2021
(l),(n)
7,000‌
6,999‌
0.09%,
05/27/2021
(n)
1,000‌
1,000‌
0.09%,
06/10/2021
(l),(n)
5,500‌
5,499‌
0.09%,
06/17/2021
(l),(n)
2,000‌
2,000‌
0.09%,
07/08/2021
(l),(n)
2,500‌
2,500‌
0.11%,
04/08/2021
(n)
1,000‌
1,000‌
0.12%,
03/11/2021
(n)
5,000‌
5,000‌
$
32,998‌
U.S.
Treasury
Inflation-Indexed
Obligations
-
15.68%
0.13%,
04/15/2022
8,672‌
8,912‌
0.13%,
07/15/2022
15,732‌
16,350‌
0.13%,
01/15/2023
24,013‌
25,118‌
0.13%,
07/15/2024
15,463‌
16,671‌
0.13%,
10/15/2024
10,924‌
11,776‌
0.13%,
04/15/2025
12,106‌
13,064‌
0.13%,
10/15/2025
3,137‌
3,415‌
0.13%,
07/15/2026
13,168‌
14,397‌
0.13%,
01/15/2030
17,175‌
18,651‌
0.13%,
07/15/2030
(s)
21,685‌
23,613‌
0.13%,
01/15/2031
11,227‌
12,160‌
0.13%,
02/15/2051
3,165‌
3,270‌
0.25%,
01/15/2025
11,413‌
12,361‌
0.25%,
07/15/2029
14,429‌
15,903‌
0.25%,
02/15/2050
8,622‌
9,083‌
0.38%,
07/15/2023
20,148‌
21,513‌
0.38%,
07/15/2025
18,435‌
20,263‌
0.38%,
01/15/2027
17,549‌
19,389‌
0.38%,
07/15/2027
(s)
16,478‌
18,315‌
0.50%,
04/15/2024
11,970‌
12,923‌
0.50%,
01/15/2028
(s)
19,347‌
21,617‌
0.63%,
04/15/2023
19,816‌
21,029‌
0.63%,
01/15/2024
19,235‌
20,777‌
0.63%,
01/15/2026
12,801‌
14,233‌
0.63%,
02/15/2043
6,531‌
7,458‌
0.75%,
07/15/2028
17,504‌
20,000‌
0.75%,
02/15/2042
8,722‌
10,206‌
0.75%,
02/15/2045
10,284‌
12,113‌
0.88%,
01/15/2029
12,080‌
13,908‌
0.88%,
02/15/2047
6,140‌
7,462‌
1.00%,
02/15/2046
5,893‌
7,301‌
1.00%,
02/15/2048
5,139‌
6,456‌
1.00%,
02/15/2049
5,119‌
6,468‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
61
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
Inflation-Indexed
Obligations
(continued)
1.38%,
02/15/2044
$
9,198‌
$
12,146‌
1.75%,
01/15/2028
4,867‌
5,878‌
2.00%,
01/15/2026
7,934‌
9,380‌
2.13%,
02/15/2040
3,539‌
5,100‌
2.13%,
02/15/2041
5,211‌
7,595‌
2.38%,
01/15/2025
6,361‌
7,437‌
2.38%,
01/15/2027
7,441‌
9,134‌
2.50%,
01/15/2029
4,272‌
5,494‌
3.38%,
04/15/2032
3,296‌
4,842‌
3.63%,
04/15/2028
5,664‌
7,638‌
3.88%,
04/15/2029
301‌
424‌
$
541,243‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
791,491‌
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
199‌
TOTAL
PURCHASED
INTEREST
RATE
SWAPTIONS
-
0.07%
$
2,367‌
TOTAL
PURCHASED
CAPPED
OPTIONS
-
0.00%
$
209‌
Total
Investments
$
3,453,124‌
Other
Assets
and
Liabilities
-  (0.07)%
(2,294‌)
TOTAL
NET
ASSETS
-
100.00%
$
3,450,830‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$13,231
or
0.38%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(f)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$12,309
or
0.36%
of
net
assets.
(g)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$191,530
or
5.55%
of
net
assets.
(h)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(
i
)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$2,496
or
0.07%
of
net
assets.
(j)
Security
is
an
Interest
Only
Strip.
(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)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
(m)
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
$27,199
or
0.79%
of
net
assets.
(n)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(o)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(p)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(q)
This
Senior
Floating
Rate
Note
will
settle
after
February
28,
2021,
at
which
time
the
interest
rate
will
be
determined.
(r)
Security
purchased
on
a
when-issued
basis.
(s)
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
$1,863
or
0.05%
of
net
assets.
Portfolio
Summary  (unaudited)
Sector
Percent
Government
31.73‌%
Energy
12.27‌%
Utilities
10.81‌%
Basic
Materials
10.35‌%
Financial
9.77‌%
Industrial
7.04‌%
Consumer,
Non-cyclical
5.72‌%
Mortgage
Securities
3.60‌%
Money
Market
Funds
3.44‌%
Consumer,
Cyclical
1.84‌%
Communications
1.82‌%
Technology
1.22‌%
Investment
Companies
0.31‌%
Diversified
0.08‌%
Purchased
Interest
Rate
Swaptions
0.07‌%
Purchased
Capped
Options
0.00‌%
Purchased
Options
0.00‌%
Other
Assets
and
Liabilities
(0.07‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
69,408‌
$
1,194,098‌
$
1,151,852‌
$
111,654‌
$
69,408‌
$
1,194,098‌
$
1,151,852‌
$
111,654‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
62
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Advanz
Pharma
Corp
Ltd
08/08/2018
$
209‌
$
256‌
0.01%
Fieldwood
Energy
LLC
04/05/2018-08/29/2018
329‌
—‌
0.00%
Millennium
Health
LLC
03/15/2016
—‌
22‌
0.00%
Millennium
Health
LLC
03/15/2016
—‌
20‌
0.00%
Total
$
298‌
0.01%
Amounts
in
thousands.
Purchased
Capped
Options
Description
Counterparty
Range
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.30%)
Receive
$
32,760‌
0.30%
02/15/2022
$
58‌
$
188‌
$
130‌
Call
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.30%)
Receive
3,630‌
0.30%
02/15/2022
15‌
21‌
6‌
Total
$
73‌
$
209‌
$
136‌
Written
Capped
Options
Description
Counterparty
Range
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.55%)
Receive
$
14,130‌
0.55%
02/15/2022
$
(12‌)
$
(52‌)
$
(40‌)
Put
-
5Y-30Y
CMS
Index
Cap
Barclays
Bank
PLC
Max
(0,
5Y
CMS-0.55%)
Receive
19,100‌
0.55%
02/15/2022
(19‌)
(70‌)
(51‌)
Total
$
(31‌)
$
(122‌)
$
(91‌)
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
EUR
versus
GBP
Citigroup
Inc
1
EUR
1,245‌
EUR
0.88‌
08/09/2021
$
28‌
$
22‌
$
(6‌)
Call
-
90
Day
Eurodollar
Future;
December
2021
N/A
102‌
$
255‌
$
99.75‌
12/14/2021
22‌
19‌
(3‌)
Put
-
90
Day
Eurodollar
Future;
September
2022
N/A
78‌
195‌
$
99.63‌
09/13/2021
5‌
16‌
11‌
Put
-
90
Day
Eurodollar
Future;
September
2023
N/A
78‌
195‌
$
99.50‌
09/13/2021
24‌
92‌
68‌
Put
-
US
10
Year
Note
Future;
June
2021
N/A
11‌
11‌
$
132.00‌
05/24/2021
13‌
13‌
—‌
Put
-
US
10
Year
Note
Future;
June
2021
N/A
19‌
19‌
$
134.50‌
03/29/2021
11‌
37‌
26‌
Total
$
103‌
$
199‌
$
96‌
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
90
Day
Eurodollar
Future;
December
2021
N/A
34‌
$
85‌
$
100.00‌
12/14/2021
$
(6‌)
$
(1‌)
$
5‌
Call
-
90
Day
Eurodollar
Future;
December
2021
N/A
68‌
170‌
$
99.38‌
12/14/2021
(36‌)
(70‌)
(34‌)
Call
-
US
10
Year
Note
Future;
June
2021
N/A
11‌
11‌
$
134.00‌
05/24/2021
(9‌)
(9‌)
—‌
Put
-
90
Day
Eurodollar
Future;
September
2022
N/A
78‌
195‌
$
99.75‌
09/13/2021
(8‌)
(25‌)
(17‌)
Put
-
90
Day
Eurodollar
Future;
September
2023
N/A
78‌
195‌
$
99.38‌
09/13/2021
(16‌)
(75‌)
(59‌)
Put
-
US
10
Year
Note
Future;
June
2021
N/A
19‌
19‌
$
133.50‌
03/29/2021
(5‌)
(24‌)
(19‌)
Total
$
(80‌)
$
(204‌)
$
(124‌)
Amounts
in
thousands
except
contracts/shares.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
63
Interest
Rate
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
3,565‌
1.15%
01/09/2025
$
14‌
$
12‌
$
(2‌)
Call
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
10,630‌
1.60%
02/25/2025
57‌
56‌
(1‌)
Call
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
12,270‌
1.25%
01/14/2025
53‌
47‌
(6‌)
Call
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
18,510‌
1.62%
02/25/2025
103‌
100‌
(3‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,330‌
2.95%
03/13/2024
60‌
126‌
66‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,956‌
2.98%
03/08/2024
90‌
190‌
100‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
560‌
3.08%
01/30/2029
32‌
56‌
24‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
560‌
3.05%
01/11/2029
32‌
55‌
23‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,120‌
1.50%
02/26/2025
59‌
28‌
(31‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,490‌
3.09%
12/07/2038
69‌
155‌
86‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
280‌
1.42%
06/06/2025
20‌
7‌
(13‌)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
505‌
1.42%
06/06/2025
27‌
12‌
(15‌)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
505‌
1.28%
06/05/2025
28‌
11‌
(17‌)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
740‌
0.89%
05/01/2025
40‌
10‌
(30‌)
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
130‌
2.86%
02/23/2039
6‌
12‌
6‌
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
410‌
2.99%
04/28/2038
19‌
41‌
22‌
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
560‌
3.04%
01/12/2029
32‌
54‌
22‌
Call
-
20
Year
Interest
Rate
Swap
Deutsche
Bank
AG
6
Month
JPY
LIBOR
Pay
JPY
3,760‌
0.78%
04/19/2021
2‌
2‌
—‌
Call
-
20
Year
Interest
Rate
Swap
JPMorgan
Chase
6
Month
JPY
LIBOR
Receive
39,560‌
0.78%
04/19/2021
12‌
22‌
10‌
Call
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
$
2,140‌
1.67%
01/08/2026
55‌
41‌
(14‌)
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
10,630‌
1.60%
02/25/2025
53‌
69‌
16‌
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,565‌
1.15%
01/09/2025
15‌
31‌
16‌
Put
-
1
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
12,270‌
1.25%
01/14/2025
53‌
99‌
46‌
Put
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
18,510‌
1.62%
02/25/2025
103‌
118‌
15‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,120‌
1.50%
02/26/2025
59‌
101‌
42‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,390‌
2.25%
08/09/2022
33‌
28‌
(5‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,490‌
3.09%
12/07/2038
69‌
54‌
(15‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,956‌
2.98%
03/08/2024
90‌
39‌
(51‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
560‌
3.08%
01/30/2029
32‌
20‌
(12‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
560‌
3.05%
01/11/2029
31‌
20‌
(11‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,330‌
2.95%
03/13/2024
60‌
27‌
(33‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
JPY
LIBOR
Pay
JPY
758,545‌
1.10%
06/30/2022
103‌
1‌
(102‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
$
505‌
1.28%
06/05/2025
28‌
54‌
26‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
64
Interest
Rate
Swaptions
(continued)
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
$
740‌
0.89%
05/01/2025
$
40‌
$
99‌
$
59‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
505‌
1.42%
06/06/2025
27‌
49‌
22‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
320‌
2.50%
06/21/2024
4‌
11‌
7‌
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
280‌
1.42%
06/06/2025
12‌
27‌
15‌
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
410‌
2.99%
04/28/2038
19‌
16‌
(3‌)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
2,010‌
2.25%
08/03/2022
54‌
39‌
(15‌)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
130‌
2.86%
02/23/2039
6‌
5‌
(1‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
560‌
3.04%
01/12/2029
31‌
20‌
(11‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,960‌
2.50%
06/14/2024
88‌
69‌
(19‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,330‌
2.50%
06/21/2024
54‌
47‌
(7‌)
Put
-
20
Year
Interest
Rate
Swap
Deutsche
Bank
AG
6
Month
JPY
LIBOR
Receive
JPY
3,760‌
0.78%
04/19/2021
2‌
—‌
(2‌)
Put
-
20
Year
Interest
Rate
Swap
JPMorgan
Chase
6
Month
JPY
LIBOR
Receive
39,560‌
0.78%
04/19/2021
12‌
—‌
(12‌)
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
1,390‌
3.80%
06/08/2021
54‌
—‌
(54‌)
Put
-
30
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,210‌
2.85%
05/10/2022
128‌
40‌
(88‌)
Put
-
5
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,140‌
1.67%
01/08/2026
56‌
96‌
40‌
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
4,480‌
2.10%
02/04/2026
97‌
151‌
54‌
Total
$
2,223‌
$
2,367‌
$
144‌
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
$
880‌
0.37%
03/18/2021
$
(2‌)
$
(2‌)
$
—‌
Call
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
9,290‌
0.41%
03/18/2021
(16‌)
(20‌)
(4‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,100‌
1.25%
01/02/2023
(36‌)
(16‌)
20‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,970‌
1.23%
12/16/2022
(65‌)
(27‌)
38‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,464‌
2.79%
03/09/2021
(74‌)
(296‌)
(222‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,220‌
1.25%
01/28/2022
(29‌)
(13‌)
16‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,590‌
3.05%
03/13/2029
(84‌)
(155‌)
(71‌)
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
3,245‌
1.35%
02/23/2022
(52‌)
(44‌)
8‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,000‌
1.44%
01/10/2023
(65‌)
(38‌)
27‌
Call
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
1,150‌
1.62%
02/21/2022
(30‌)
(26‌)
4‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,070‌
0.90%
10/01/2021
(4‌)
(4‌)
—‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,330‌
1.00%
01/28/2022
(18‌)
(8‌)
10‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
3,245‌
1.04%
01/21/2022
(44‌)
(21‌)
23‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,140‌
0.74%
05/03/2022
(39‌)
(5‌)
34‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
65
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
$
985‌
1.24%
12/19/2022
$
(32‌)
$
(14‌)
$
18‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
985‌
1.23%
12/19/2022
(33‌)
(14‌)
19‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
915‌
1.06%
10/12/2022
(31‌)
(9‌)
22‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
1,190‌
0.72%
06/30/2021
(31‌)
(1‌)
30‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
110‌
0.74%
05/03/2022
(3‌)
(1‌)
2‌
Call
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Receive
890‌
1.57%
01/13/2023
(30‌)
(21‌)
9‌
Call
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Receive
1,680‌
0.74%
04/20/2021
(46‌)
—‌
46‌
Call
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
9,250‌
0.41%
02/24/2022
(23‌)
(20‌)
3‌
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
20,360‌
2.35%
05/18/2021
(41‌)
—‌
41‌
Put
-
1
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
27,720‌
2.15%
05/28/2021
(78‌)
—‌
78‌
Put
-
1
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
34,330‌
2.40%
06/02/2021
(62‌)
—‌
62‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,300‌
1.85%
02/23/2022
(22‌)
(31‌)
(9‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,300‌
1.85%
02/23/2022
(23‌)
(31‌)
(8‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,100‌
1.25%
01/02/2023
(36‌)
(85‌)
(49‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,150‌
1.62%
02/21/2022
(31‌)
(40‌)
(9‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
2,464‌
2.79%
03/09/2021
(73‌)
—‌
73‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,216‌
1.60%
03/07/2022
(20‌)
(44‌)
(24‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
3,245‌
1.85%
02/23/2022
(57‌)
(78‌)
(21‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,670‌
1.00%
06/02/2021
(71‌)
(267‌)
(196‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,220‌
1.25%
01/28/2022
(29‌)
(68‌)
(39‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Receive
2,930‌
3.87%
06/08/2021
(57‌)
—‌
57‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,590‌
3.05%
03/13/2029
(85‌)
(58‌)
27‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,070‌
1.05%
06/14/2021
(16‌)
(58‌)
(42‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,950‌
2.15%
01/11/2022
(45‌)
(25‌)
20‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,950‌
2.10%
01/07/2022
(45‌)
(27‌)
18‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,970‌
1.23%
12/16/2022
(64‌)
(155‌)
(91‌)
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,390‌
3.25%
08/09/2022
(8‌)
(7‌)
1‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
1,390‌
2.75%
08/09/2022
(17‌)
(14‌)
3‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
4,810‌
2.75%
05/10/2022
(140‌)
(36‌)
104‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
3
Month
USD
LIBOR
Pay
2,000‌
1.44%
01/10/2023
(65‌)
(131‌)
(66‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
985‌
1.24%
12/19/2022
(32‌)
(76‌)
(44‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
2,140‌
1.45%
10/01/2021
(15‌)
(72‌)
(57‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
680‌
1.15%
01/11/2022
(10‌)
(42‌)
(32‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
66
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
915‌
1.06%
10/12/2022
$
(31‌)
$
(79‌)
$
(48‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
100‌
1.05%
06/14/2021
(1‌)
(5‌)
(4‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,190‌
0.72%
06/30/2021
(31‌)
(101‌)
(70‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,245‌
1.54%
01/21/2022
(44‌)
(119‌)
(75‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
985‌
1.23%
12/19/2022
(32‌)
(77‌)
(45‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
160‌
2.25%
08/21/2024
(2‌)
(7‌)
(5‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,330‌
1.50%
01/28/2022
(18‌)
(52‌)
(34‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
110‌
0.74%
05/03/2022
(4‌)
(11‌)
(7‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Receive
440‌
1.00%
06/02/2021
(7‌)
(25‌)
(18‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,790‌
1.60%
03/07/2022
(19‌)
(65‌)
(46‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,140‌
0.74%
05/03/2022
(40‌)
(117‌)
(77‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
7,110‌
1.35%
07/13/2021
(85‌)
(237‌)
(152‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,935‌
1.60%
03/07/2022
(32‌)
(70‌)
(38‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,230‌
1.60%
03/04/2022
(22‌)
(45‌)
(23‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
1,230‌
1.60%
03/01/2022
(22‌)
(44‌)
(22‌)
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
2,010‌
3.25%
08/03/2022
(13‌)
(10‌)
3‌
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
2,010‌
2.75%
08/03/2022
(28‌)
(20‌)
8‌
Put
-
10
Year
Interest
Rate
Swap
JPMorgan
Chase
3
Month
USD
LIBOR
Pay
890‌
1.57%
01/13/2023
(30‌)
(51‌)
(21‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,960‌
3.00%
06/14/2024
(54‌)
(42‌)
12‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,960‌
3.50%
06/14/2024
(33‌)
(26‌)
7‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,330‌
3.00%
06/21/2024
(33‌)
(29‌)
4‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,330‌
3.50%
06/21/2024
(19‌)
(17‌)
2‌
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,730‌
2.25%
08/21/2024
(52‌)
(80‌)
(28‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,680‌
0.74%
04/20/2021
(47‌)
(130‌)
(83‌)
Put
-
10
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
3
Month
USD
LIBOR
Pay
1,760‌
1.95%
01/31/2022
(41‌)
(34‌)
7‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
2,570‌
0.00%
07/02/2021
(5‌)
—‌
5‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
10,110‌
0.10%
03/30/2021
(35‌)
—‌
35‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,130‌
0.00%
06/15/2021
(6‌)
—‌
6‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
7,830‌
0.10%
04/13/2021
(26‌)
—‌
26‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
3,330‌
0.15%
08/10/2021
(5‌)
(1‌)
4‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
5,880‌
0.15%
08/10/2021
(8‌)
(1‌)
7‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
8,490‌
0.25%
09/07/2021
(14‌)
(4‌)
10‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,500‌
0.05%
07/06/2021
(5‌)
—‌
5‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
67
Interest
Rate
Swaptions
(continued)
Written
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
2,200‌
0.00%
06/21/2021
$
(5‌)
$
—‌
$
5‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,570‌
0.00%
06/22/2021
(6‌)
—‌
6‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,630‌
0.00%
07/20/2021
(5‌)
—‌
5‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
7,830‌
0.16%
04/13/2021
(27‌)
—‌
27‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
4,870‌
0.05%
06/11/2021
(12‌)
—‌
12‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
4,950‌
0.11%
05/18/2021
(16‌)
—‌
16‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,190‌
0.00%
06/15/2021
(6‌)
—‌
6‌
Put
-
2
Year
Interest
Rate
Swap
Barclays
Bank
PLC
6
Month
Euro
Interbank
Offered
Rate
Pay
2,400‌
0.00%
06/28/2021
(5‌)
—‌
5‌
Put
-
2
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
9,250‌
0.41%
02/24/2022
(23‌)
(46‌)
(23‌)
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
6
Month
Euro
Interbank
Offered
Rate
Pay
EUR
7,790‌
0.15%
04/20/2021
(28‌)
—‌
28‌
Put
-
2
Year
Interest
Rate
Swap
Morgan
Stanley
&
Co
6
Month
Euro
Interbank
Offered
Rate
Pay
3,140‌
0.08%
06/01/2021
(9‌)
—‌
9‌
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
$
6,710‌
1.10%
02/04/2022
(35‌)
(107‌)
(72‌)
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
3
Month
USD
LIBOR
Pay
3,330‌
0.60%
09/07/2021
(18‌)
(81‌)
(63‌)
Total
$
(2,968‌)
$
(3,833‌)
$
(865‌)
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Brent
Crude;
July
2021
(a)
Long
94‌
$
5,926‌
$
486‌
Brent
Crude;
May
2021
(a)
Long
165‌
10,629‌
2,475‌
Cocoa;
May
2021
(a)
Short
1,071‌
27,889‌
(1,825‌)
Coffee
'C';
May
2021
(a)
Long
81‌
4,177‌
(15‌)
Copper;
July
2021
(a)
Long
277‌
28,327‌
3,736‌
Copper;
May
2021
(a)
Long
27‌
2,762‌
367‌
Corn;
May
2021
(a)
Long
109‌
2,984‌
—‌
Corn;
September
2021
(a)
Long
1,082‌
26,482‌
961‌
Cotton
No.2;
July
2021
(a)
Short
1‌
45‌
(1‌)
Cotton
No.2;
May
2021
(a)
Long
396‌
17,588‌
(439‌)
Euro
Bond
10
Year
Bond;
March
2021
Short
19‌
3,975‌
98‌
Euro
Buxl
30
Year
Bond;
March
2021
Short
12‌
3,038‌
114‌
Euro
Schatz;
March
2021
Short
121‌
16,376‌
(5‌)
Euro-BTP;
March
2021
Short
26‌
4,699‌
66‌
Feeder
Cattle;
April
2021
(a)
Short
34‌
2,424‌
35‌
Feeder
Cattle;
May
2021
(a)
Short
268‌
19,440‌
136‌
Gasoline
RBOB;
May
2021
(a)
Long
243‌
19,817‌
411‌
Gold
100
oz
;
April
2021
(a)
Long
2‌
346‌
(26‌)
Gold
100
oz
;
June
2021
(a)
Long
80‌
13,853‌
(850‌)
KC
HRW
Wheat;
July
2021
(a)
Short
31‌
989‌
(24‌)
KC
HRW
Wheat;
May
2021
(a)
Short
28‌
887‌
(20‌)
Lean
Hogs;
April
2021
(a)
Short
285‌
9,935‌
(1,437‌)
Live
Cattle;
April
2021
(a)
Short
132‌
6,336‌
25‌
LME
Lead;
June
2021
(a)
Short
245‌
12,587‌
586‌
LME
Lead;
May
2021
(a)
Short
50‌
2,565‌
81‌
LME
Nickel;
June
2021
(a)
Long
120‌
13,377‌
437‌
LME
Nickel;
March
2021
(a)
Short
—‌
—‌
(964‌)
LME
PRI
Alum;
June
2021
(a)
Short
102‌
5,506‌
(149‌)
LME
PRI
Alum;
March
2021
(a)
Short
—‌
—‌
17‌
LME
Zinc;
July
2021
(a)
Short
—‌
—‌
(14‌)
LME
Zinc;
June
2021
(a)
Short
—‌
—‌
(37‌)
LME
Zinc;
March
2021
(a)
Short
—‌
—‌
538‌
LME
Zinc;
May
2021
(a)
Short
85‌
5,932‌
84‌
Low
Sulphur
Gasoline;
May
2021
(a)
Long
225‌
11,992‌
124‌
Natural
Gas;
April
2022
(a)
Short
811‌
19,967‌
843‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
68
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Natural
Gas;
July
2021
(a)
Short
91‌
$
2,656‌
$
(1‌)
Natural
Gas;
March
2022
(a)
Long
811‌
23,462‌
(608‌)
NY
Harb
ULSD;
May
2021
(a)
Long
376‌
28,977‌
2,027‌
Palladium;
June
2021
(a)
Short
85‌
19,665‌
711‌
Platinum;
April
2021
(a)
Short
69‌
4,089‌
(259‌)
Short
Term
Euro-BTP;
March
2021
Long
106‌
14,444‌
10‌
Silver;
July
2021
(a)
Long
39‌
5,162‌
(562‌)
Silver;
May
2021
(a)
Long
7‌
925‌
(23‌)
Silver;
September
2021
(a)
Long
18‌
2,385‌
(283‌)
Soybean
Meal;
December
2021
(a)
Short
98‌
3,709‌
17‌
Soybean
Meal;
July
2021
(a)
Short
50‌
2,094‌
20‌
Soybean
Meal;
May
2021
(a)
Short
315‌
13,274‌
178‌
Soybean
Oil;
December
2021
(a)
Long
356‌
9,465‌
270‌
Soybean
Oil;
May
2021
(a)
Long
321‌
9,618‌
94‌
Soybean;
May
2021
(a)
Long
67‌
4,704‌
23‌
Soybean;
November
2021
(a)
Long
231‌
14,126‌
1,063‌
Sugar
#11;
July
2021
(a)
Long
281‌
4,988‌
(177‌)
Sugar
#11;
May
2021
(a)
Long
563‌
10,373‌
(425‌)
US
10
Year
Note;
June
2021
Short
70‌
9,290‌
113‌
US
10
Year
Ultra
Note;
June
2021
Short
72‌
10,609‌
73‌
US
2
Year
Note;
June
2021
Long
70‌
15,454‌
(13‌)
US
5
Year
Note;
June
2021
Long
176‌
21,818‌
(176‌)
US
Long
Bond;
June
2021
Short
2‌
318‌
3‌
US
Ultra
Bond;
June
2021
Short
24‌
4,538‌
13‌
Wheat;
May
2021
(a)
Long
311‌
10,267‌
49‌
WTI
Crude;
June
2021
(a)
Long
993‌
60,315‌
15,955‌
WTI
Crude;
May
2021
(a)
Short
1,093‌
66,924‌
(2,858‌)
Total
$
21,048‌
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
ANZ
Stockbroking
03/03/2021
JPY
357,457‌
$
3,402‌
$
—‌
$
(48‌)
ANZ
Stockbroking
03/03/2021
$
9,667‌
NZD
13,573‌
—‌
(140‌)
Bank
of
America
NA
03/03/2021
EUR
7,920‌
$
9,687‌
—‌
(131‌)
Bank
of
America
NA
03/03/2021
$
989‌
EUR
820‌
—‌
(1‌)
Bank
of
America
NA
03/17/2021
$
681‌
EUR
560‌
5‌
—‌
Bank
of
America
NA
04/06/2021
$
9,695‌
EUR
7,920‌
131‌
—‌
Barclays
Bank
PLC
03/17/2021
AUD
775‌
$
602‌
—‌
(6‌)
Barclays
Bank
PLC
05/12/2021
MXN
31,113‌
EUR
1,225‌
—‌
(4‌)
BNP
Paribas
03/17/2021
$
1,194‌
EUR
990‌
—‌
(1‌)
Citigroup
Inc
03/11/2021
CAD
866‌
$
680‌
1‌
—‌
Citigroup
Inc
03/17/2021
CAD
1,636‌
$
1,285‌
—‌
—‌
Citigroup
Inc
03/17/2021
$
603‌
EUR
495‌
6‌
—‌
Citigroup
Inc
03/17/2021
$
2,660‌
CAD
3,379‌
7‌
(2‌)
Citigroup
Inc
04/06/2021
NZD
394‌
$
286‌
—‌
(2‌)
Citigroup
Inc
04/06/2021
$
420‌
EUR
346‌
2‌
—‌
Deutsche
Bank
AG
03/03/2021
$
131‌
NZD
182‌
—‌
—‌
Goldman
Sachs
&
Co
03/03/2021
$
6,598‌
JPY
688,619‌
138‌
—‌
Goldman
Sachs
&
Co
05/12/2021
MXN
30,498‌
EUR
1,240‌
—‌
(51‌)
HSBC
Securities
Inc
03/03/2021
JPY
330,590‌
$
3,115‌
—‌
(13‌)
HSBC
Securities
Inc
03/03/2021
$
7,957‌
EUR
6,555‌
48‌
—‌
HSBC
Securities
Inc
04/06/2021
$
3,116‌
JPY
330,590‌
13‌
—‌
JPMorgan
Chase
03/17/2021
CAD
1,651‌
$
1,295‌
4‌
(1‌)
JPMorgan
Chase
03/17/2021
EUR
4,615‌
$
5,593‌
4‌
(27‌)
JPMorgan
Chase
03/17/2021
$
5,624‌
EUR
4,620‌
49‌
(1‌)
JPMorgan
Chase
03/17/2021
$
1,205‌
CAD
1,533‌
4‌
(4‌)
Morgan
Stanley
&
Co
03/03/2021
$
960‌
EUR
793‌
3‌
—‌
Morgan
Stanley
&
Co
03/17/2021
CAD
768‌
$
605‌
—‌
(1‌)
Morgan
Stanley
&
Co
03/17/2021
EUR
560‌
$
687‌
—‌
(12‌)
Royal
Bank
of
Scotland
03/11/2021
$
680‌
CAD
869‌
—‌
(3‌)
Royal
Bank
of
Scotland
03/17/2021
CAD
869‌
$
680‌
3‌
—‌
UBS
AG
03/03/2021
NZD
13,163‌
$
9,776‌
5‌
(270‌)
UBS
AG
04/06/2021
$
9,222‌
NZD
12,391‌
273‌
—‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
69
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Westpac
Banking
Corporation
03/17/2021
AUD
775‌
JPY
63,711‌
$
—‌
$
(2‌)
Total
$
696‌
$
(720‌)
Amounts
in
thousands.
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
3
Month
USD
LIBOR
Receive
0.57%
Semiannual
Quarterly
N/A
11/21/2024
$
620‌
$
4‌
$
—‌
$
4‌
3
Month
USD
LIBOR
Receive
1.04%
Semiannual
Quarterly
N/A
01/08/2031
700‌
33‌
—‌
33‌
3
Month
USD
LIBOR
Receive
1.05%
Semiannual
Quarterly
N/A
01/11/2031
510‌
23‌
—‌
23‌
3
Month
USD
LIBOR
Receive
1.09%
Semiannual
Quarterly
N/A
01/11/2031
700‌
30‌
—‌
30‌
3
Month
USD
LIBOR
Receive
1.09%
Semiannual
Quarterly
N/A
01/12/2031
700‌
30‌
—‌
30‌
3
Month
USD
LIBOR
Receive
1.10%
Semiannual
Quarterly
N/A
01/12/2031
350‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Receive
0.56%
Semiannual
Quarterly
N/A
01/12/2026
280‌
4‌
—‌
4‌
3
Month
USD
LIBOR
Receive
1.02%
Semiannual
Quarterly
N/A
01/08/2031
700‌
35‌
—‌
35‌
3
Month
USD
LIBOR
Receive
1.13%
Semiannual
Quarterly
N/A
01/12/2031
350‌
14‌
—‌
14‌
3
Month
USD
LIBOR
Receive
1.13%
Semiannual
Quarterly
N/A
01/13/2031
700‌
28‌
—‌
28‌
3
Month
USD
LIBOR
Receive
0.84%
Semiannual
Quarterly
N/A
11/15/2027
3,050‌
70‌
—‌
70‌
3
Month
USD
LIBOR
Receive
1.15%
Semiannual
Quarterly
N/A
01/13/2031
350‌
13‌
—‌
13‌
3
Month
USD
LIBOR
Receive
1.18%
Semiannual
Quarterly
N/A
01/14/2031
610‌
21‌
—‌
21‌
3
Month
USD
LIBOR
Receive
1.19%
Semiannual
Quarterly
N/A
01/14/2031
610‌
20‌
—‌
20‌
3
Month
USD
LIBOR
Receive
1.18%
Semiannual
Quarterly
N/A
01/14/2031
305‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Receive
1.12%
Semiannual
Quarterly
N/A
01/13/2031
140‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Receive
0.95%
Semiannual
Quarterly
N/A
12/30/2030
240‌
13‌
—‌
13‌
3
Month
USD
LIBOR
Receive
0.97%
Semiannual
Quarterly
N/A
12/29/2030
280‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Receive
1.53%
Semiannual
Quarterly
N/A
12/15/2022
5,728‌
(136‌)
—‌
(136‌)
3
Month
USD
LIBOR
Receive
0.50%
Semiannual
Quarterly
N/A
08/19/2027
360‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Receive
1.10%
Semiannual
Quarterly
N/A
11/25/2050
360‌
72‌
—‌
72‌
3
Month
USD
LIBOR
Receive
0.86%
Semiannual
Quarterly
N/A
10/04/2031
90‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Receive
0.90%
Semiannual
Quarterly
N/A
10/27/2030
65‌
4‌
—‌
4‌
3
Month
USD
LIBOR
Receive
1.25%
Semiannual
Quarterly
N/A
11/05/2040
60‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Receive
1.58%
Semiannual
Quarterly
N/A
11/09/2021
9,290‌
(91‌)
—‌
(91‌)
3
Month
USD
LIBOR
Receive
0.96%
Semiannual
Quarterly
N/A
12/11/2030
550‌
29‌
—‌
29‌
3
Month
USD
LIBOR
Receive
0.95%
Semiannual
Quarterly
N/A
11/12/2030
690‌
37‌
—‌
37‌
3
Month
USD
LIBOR
Receive
0.96%
Semiannual
Quarterly
N/A
11/12/2030
650‌
34‌
—‌
34‌
3
Month
USD
LIBOR
Pay
0.79%
Quarterly
Semiannual
N/A
11/19/2025
6,330‌
(54‌)
—‌
(54‌)
3
Month
USD
LIBOR
Pay
0.40%
Quarterly
Semiannual
N/A
11/22/2023
2,775‌
(7‌)
—‌
(7‌)
3
Month
USD
LIBOR
Receive
0.40%
Semiannual
Quarterly
N/A
11/22/2023
2,775‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Receive
1.74%
Semiannual
Quarterly
N/A
11/23/2030
2,420‌
(48‌)
—‌
(48‌)
3
Month
USD
LIBOR
Receive
1.03%
Semiannual
Quarterly
N/A
11/26/2031
330‌
22‌
—‌
22‌
3
Month
USD
LIBOR
Receive
0.92%
Semiannual
Quarterly
N/A
12/10/2030
918‌
53‌
—‌
53‌
3
Month
USD
LIBOR
Receive
1.19%
Semiannual
Quarterly
N/A
01/14/2031
305‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Pay
0.48%
Quarterly
Semiannual
N/A
01/21/2026
2,710‌
(50‌)
—‌
(50‌)
3
Month
USD
LIBOR
Pay
1.28%
Quarterly
Semiannual
N/A
01/21/2032
230‌
(10‌)
—‌
(10‌)
3
Month
USD
LIBOR
Pay
1.19%
Quarterly
Semiannual
N/A
07/23/2031
540‌
(23‌)
—‌
(23‌)
3
Month
USD
LIBOR
Receive
1.59%
Semiannual
Quarterly
N/A
02/22/2032
1,175‌
20‌
—‌
20‌
3
Month
USD
LIBOR
Pay
1.91%
Quarterly
Semiannual
N/A
02/22/2051
233‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Receive
1.62%
Semiannual
Quarterly
N/A
02/22/2032
588‌
8‌
—‌
8‌
3
Month
USD
LIBOR
Pay
1.51%
Quarterly
Semiannual
N/A
08/19/2031
110‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Receive
1.53%
Semiannual
Quarterly
N/A
08/23/2031
450‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Receive
1.56%
Semiannual
Quarterly
N/A
08/24/2031
820‌
8‌
—‌
8‌
3
Month
USD
LIBOR
Pay
0.23%
Quarterly
Semiannual
N/A
03/31/2023
7,300‌
(4‌)
—‌
(4‌)
3
Month
USD
LIBOR
Receive
1.55%
Semiannual
Quarterly
N/A
02/25/2026
4,980‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Receive
1.58%
Semiannual
Quarterly
N/A
08/25/2031
290‌
2‌
—‌
2‌
3
Month
USD
LIBOR
Pay
1.58%
Quarterly
Semiannual
N/A
08/25/2031
6,540‌
(51‌)
—‌
(51‌)
3
Month
USD
LIBOR
Receive
1.51%
Semiannual
Quarterly
N/A
02/26/2031
620‌
3‌
—‌
3‌
3
Month
USD
LIBOR
Receive
1.62%
Semiannual
Quarterly
N/A
02/26/2026
3,870‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Receive
2.00%
Semiannual
Quarterly
N/A
02/15/2047
810‌
(7‌)
—‌
(7‌)
3
Month
USD
LIBOR
Receive
0.23%
Semiannual
Quarterly
N/A
03/01/2023
3,550‌
1‌
—‌
1‌
3
Month
USD
LIBOR
Receive
1.59%
Semiannual
Quarterly
N/A
03/01/2031
620‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Pay
1.87%
Quarterly
Semiannual
N/A
02/19/2051
465‌
(8‌)
—‌
(8‌)
3
Month
USD
LIBOR
Receive
0.97%
Semiannual
Quarterly
N/A
08/17/2040
300‌
46‌
—‌
46‌
3
Month
USD
LIBOR
Receive
1.89%
Semiannual
Quarterly
N/A
02/15/2047
810‌
13‌
(1‌)
12‌
3
Month
USD
LIBOR
Receive
1.56%
Semiannual
Quarterly
N/A
08/19/2031
660‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Pay
1.22%
Quarterly
Semiannual
N/A
07/23/2031
2,850‌
(115‌)
—‌
(115‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
70
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
3
Month
USD
LIBOR
Pay
1.18%
Quarterly
Semiannual
N/A
07/28/2031
$
720‌
$
(32‌)
$
—‌
$
(32‌)
3
Month
USD
LIBOR
Pay
1.17%
Quarterly
Semiannual
N/A
07/28/2031
320‌
(15‌)
—‌
(15‌)
3
Month
USD
LIBOR
Pay
1.15%
Quarterly
Semiannual
N/A
07/28/2031
320‌
(15‌)
—‌
(15‌)
3
Month
USD
LIBOR
Pay
1.22%
Quarterly
Semiannual
N/A
08/03/2031
270‌
(11‌)
—‌
(11‌)
3
Month
USD
LIBOR
Receive
1.17%
Semiannual
Quarterly
N/A
02/04/2031
620‌
22‌
—‌
22‌
3
Month
USD
LIBOR
Receive
1.19%
Semiannual
Quarterly
N/A
02/05/2031
310‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Receive
1.19%
Semiannual
Quarterly
N/A
02/05/2031
310‌
10‌
—‌
10‌
3
Month
USD
LIBOR
Receive
1.23%
Semiannual
Quarterly
N/A
02/08/2031
620‌
19‌
—‌
19‌
3
Month
USD
LIBOR
Pay
1.35%
Quarterly
Semiannual
N/A
08/09/2031
860‌
(25‌)
—‌
(25‌)
3
Month
USD
LIBOR
Receive
1.26%
Semiannual
Quarterly
N/A
02/09/2031
390‌
11‌
—‌
11‌
3
Month
USD
LIBOR
Receive
1.38%
Semiannual
Quarterly
N/A
08/10/2031
190‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Receive
1.46%
Semiannual
Quarterly
N/A
08/18/2031
1,120‌
21‌
—‌
21‌
3
Month
USD
LIBOR
Receive
1.39%
Semiannual
Quarterly
N/A
02/18/2031
310‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Receive
1.41%
Semiannual
Quarterly
N/A
02/18/2031
310‌
4‌
—‌
4‌
3
Month
USD
LIBOR
Receive
0.22%
Semiannual
Quarterly
N/A
03/31/2023
16,390‌
10‌
2‌
12‌
3
Month
USD
LIBOR
Receive
0.50%
Semiannual
Quarterly
N/A
08/17/2027
640‌
26‌
—‌
26‌
3
Month
USD
LIBOR
Receive
1.27%
Semiannual
Quarterly
N/A
02/15/2028
2,700‌
1‌
—‌
1‌
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
04/20/2027
230‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Receive
2.33%
Semiannual
Quarterly
N/A
06/24/2034
150‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Receive
2.38%
Semiannual
Quarterly
N/A
07/05/2049
300‌
(5‌)
—‌
(5‌)
3
Month
USD
LIBOR
Receive
1.77%
Semiannual
Quarterly
N/A
07/12/2023
19,920‌
(266‌)
—‌
(266‌)
3
Month
USD
LIBOR
Receive
0.76%
Semiannual
Quarterly
N/A
05/03/2032
1,730‌
172‌
—‌
172‌
3
Month
USD
LIBOR
Pay
1.71%
Quarterly
Semiannual
N/A
07/13/2022
19,600‌
296‌
—‌
296‌
3
Month
USD
LIBOR
Receive
1.71%
Semiannual
Quarterly
N/A
08/16/2049
240‌
7‌
—‌
7‌
3
Month
USD
LIBOR
Receive
1.67%
Semiannual
Quarterly
N/A
08/17/2049
180‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Pay
0.82%
Quarterly
Semiannual
N/A
04/14/2030
1,610‌
(93‌)
—‌
(93‌)
3
Month
USD
LIBOR
Receive
0.63%
Semiannual
Quarterly
N/A
04/14/2025
3,090‌
8‌
1‌
9‌
3
Month
USD
LIBOR
Receive
1.65%
Semiannual
Quarterly
N/A
08/22/2034
535‌
28‌
—‌
28‌
3
Month
USD
LIBOR
Receive
1.93%
Semiannual
Quarterly
N/A
10/22/2034
540‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Receive
1.98%
Semiannual
Quarterly
N/A
10/23/2034
240‌
6‌
—‌
6‌
3
Month
USD
LIBOR
Pay
1.25%
Quarterly
Semiannual
N/A
09/08/2050
190‌
(31‌)
—‌
(31‌)
3
Month
USD
LIBOR
Receive
0.82%
Semiannual
Quarterly
N/A
09/08/2025
1,110‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Pay
0.68%
Quarterly
Semiannual
N/A
03/06/2022
1,720‌
9‌
—‌
9‌
3
Month
USD
LIBOR
Receive
1.11%
Semiannual
Quarterly
N/A
03/08/2032
545‌
35‌
—‌
35‌
3
Month
USD
LIBOR
Receive
2.46%
Semiannual
Quarterly
N/A
02/28/2022
9,730‌
(221‌)
—‌
(221‌)
3
Month
USD
LIBOR
Pay
2.52%
Quarterly
Semiannual
N/A
02/28/2025
700‌
52‌
—‌
52‌
3
Month
USD
LIBOR
Receive
2.40%
Semiannual
Quarterly
N/A
02/26/2022
37,510‌
(832‌)
—‌
(832‌)
3
Month
USD
LIBOR
Pay
1.17%
Quarterly
Semiannual
N/A
09/08/2021
2,650‌
14‌
—‌
14‌
3
Month
USD
LIBOR
Receive
1.91%
Semiannual
Quarterly
N/A
10/21/2034
20‌
1‌
—‌
1‌
3
Month
USD
LIBOR
Pay
1.83%
Quarterly
Semiannual
N/A
02/10/2050
180‌
(5‌)
—‌
(5‌)
3
Month
USD
LIBOR
Receive
0.55%
Semiannual
Quarterly
N/A
03/12/2021
11,570‌
(2‌)
—‌
(2‌)
3
Month
USD
LIBOR
Receive
0.77%
Semiannual
Quarterly
N/A
05/04/2032
1,790‌
177‌
—‌
177‌
3
Month
USD
LIBOR
Receive
1.98%
Semiannual
Quarterly
N/A
10/23/2034
240‌
5‌
—‌
5‌
3
Month
USD
LIBOR
Receive
1.77%
Semiannual
Quarterly
N/A
06/15/2021
9,380‌
(45‌)
—‌
(45‌)
3
Month
USD
LIBOR
Pay
0.65%
Quarterly
Semiannual
N/A
07/12/2028
1,890‌
(101‌)
—‌
(101‌)
3
Month
USD
LIBOR
Receive
0.67%
Semiannual
Quarterly
N/A
10/09/2030
1,070‌
84‌
—‌
84‌
3
Month
USD
LIBOR
Pay
0.25%
Quarterly
Semiannual
N/A
07/08/2023
2,610‌
(5‌)
—‌
(5‌)
3
Month
USD
LIBOR
Pay
3.09%
Quarterly
Semiannual
N/A
11/29/2024
6,660‌
619‌
—‌
619‌
3
Month
USD
LIBOR
Pay
1.93%
Quarterly
Semiannual
N/A
12/01/2056
50‌
(3‌)
—‌
(3‌)
3
Month
USD
LIBOR
Receive
2.57%
Semiannual
Quarterly
N/A
02/07/2025
5,220‌
(397‌)
4‌
(393‌)
3
Month
USD
LIBOR
Pay
2.53%
Semiannual
Semiannual
N/A
02/07/2022
55,240‌
1,234‌
(13‌)
1,221‌
3
Month
USD
LIBOR
Receive
0.88%
Semiannual
Quarterly
N/A
07/12/2053
350‌
99‌
—‌
99‌
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
11/04/2030
1,060‌
86‌
—‌
86‌
3
Month
USD
LIBOR
Receive
0.68%
Semiannual
Quarterly
N/A
09/16/2030
860‌
66‌
—‌
66‌
3
Month
USD
LIBOR
Receive
2.10%
Semiannual
Quarterly
N/A
10/23/2039
100‌
2‌
—‌
2‌
3
Month
USD
LIBOR
Receive
1.87%
Semiannual
Quarterly
N/A
06/03/2022
12,690‌
(212‌)
—‌
(212‌)
3
Month
USD
LIBOR
Pay
3.21%
Quarterly
Semiannual
N/A
10/29/2024
4,535‌
435‌
—‌
435‌
3
Month
USD
LIBOR
Receive
1.09%
Semiannual
Quarterly
N/A
06/20/2052
310‌
69‌
—‌
69‌
3
Month
USD
LIBOR
Pay
0.68%
Quarterly
Semiannual
N/A
06/20/2027
1,705‌
(57‌)
—‌
(57‌)
3
Month
USD
LIBOR
Receive
1.14%
Semiannual
Quarterly
N/A
06/20/2052
310‌
65‌
—‌
65‌
3
Month
USD
LIBOR
Receive
0.76%
Semiannual
Quarterly
N/A
06/03/2031
186‌
15‌
—‌
15‌
3
Month
USD
LIBOR
Pay
0.36%
Quarterly
Semiannual
N/A
06/02/2025
1,720‌
(27‌)
1‌
(26‌)
3
Month
USD
LIBOR
Receive
0.65%
Semiannual
Quarterly
N/A
06/02/2030
880‌
66‌
—‌
66‌
3
Month
USD
LIBOR
Receive
0.77%
Semiannual
Quarterly
N/A
05/06/2032
1,490‌
147‌
—‌
147‌
3
Month
USD
LIBOR
Pay
0.65%
Quarterly
Semiannual
N/A
06/20/2027
1,705‌
(60‌)
—‌
(60‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
0.19%
Annual
Semiannual
N/A
01/16/2030
EUR
510‌
(11‌)
(2‌)
(13‌)
6
Month
JPY
LIBOR
Receive
0.17%
Semiannual
Semiannual
N/A
08/08/2039
JPY
8,330‌
4‌
—‌
4‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
71
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
6
Month
JPY
LIBOR
Receive
0.72%
Semiannual
Semiannual
N/A
03/21/2044
JPY
8,220‌
$
(2‌)
$
—‌
$
(2‌)
6
Month
JPY
LIBOR
Receive
0.34%
Semiannual
Semiannual
N/A
02/08/2034
8,650‌
(1‌)
—‌
(1‌)
6
Month
JPY
LIBOR
Receive
0.23%
Semiannual
Semiannual
N/A
12/22/2040
11,260‌
5‌
—‌
5‌
6
Month
JPY
LIBOR
Receive
0.20%
Semiannual
Semiannual
N/A
08/28/2044
1,270‌
1‌
—‌
1‌
6
Month
JPY
LIBOR
Receive
0.30%
Semiannual
Semiannual
N/A
06/17/2039
11,470‌
2‌
1‌
3‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.32%
Annual
Annual
N/A
02/03/2031
$
1,330‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.85%
Annual
Annual
N/A
08/10/2030
2,855‌
(169‌)
—‌
(169‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.31%
Annual
Annual
N/A
02/24/2031
1,125‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.29%
Annual
Annual
N/A
02/25/2031
1,360‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.30%
Annual
Annual
N/A
02/25/2026
5,515‌
14‌
1‌
15‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.28%
Annual
Annual
N/A
02/26/2051
860‌
(7‌)
—‌
(7‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.33%
Annual
Annual
N/A
03/01/2026
5,360‌
(5‌)
—‌
(5‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.31%
Annual
Annual
N/A
03/01/2031
5,360‌
(13‌)
—‌
(13‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.39%
Annual
Annual
N/A
02/19/2031
1,350‌
(13‌)
—‌
(13‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.33%
Annual
Annual
N/A
01/26/2031
2,410‌
5‌
—‌
5‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.25%
Annual
Annual
N/A
10/30/2028
2,195‌
(18‌)
—‌
(18‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.19%
Annual
Annual
N/A
12/23/2030
4,565‌
62‌
—‌
62‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.17%
Annual
Annual
N/A
12/24/2030
2,980‌
(46‌)
—‌
(46‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.75%
Annual
Annual
N/A
08/21/2022
11,990‌
254‌
—‌
254‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.01%
Annual
Annual
N/A
09/04/2030
810‌
(32‌)
—‌
(32‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.92%
Annual
Annual
N/A
09/10/2030
2,455‌
(117‌)
—‌
(117‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.19%
Annual
Annual
N/A
12/31/2030
1,530‌
(20‌)
—‌
(20‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.11%
Annual
Annual
N/A
12/07/2030
2,830‌
(63‌)
—‌
(63‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
1.95%
Annual
Annual
N/A
09/18/2030
1,230‌
(53‌)
—‌
(53‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.26%
Annual
Annual
N/A
03/02/2031
1,355‌
5‌
—‌
5‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.29%
Annual
Annual
N/A
05/05/2030
5,115‌
503‌
—‌
503‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
1.33%
Annual
Annual
N/A
05/04/2030
3,205‌
299‌
—‌
299‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.12%
Annual
Annual
N/A
12/15/2030
EUR
2,305‌
46‌
(1‌)
45‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.25%
Annual
Annual
N/A
02/15/2031
1,085‌
(4‌)
—‌
(4‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.11%
Annual
Annual
N/A
12/15/2030
2,360‌
(53‌)
1‌
(52‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.13%
Annual
Annual
N/A
02/15/2030
605‌
(1‌)
(2‌)
(3‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.22%
Annual
Annual
N/A
02/15/2031
1,020‌
(8‌)
—‌
(8‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.25%
Annual
Annual
N/A
02/15/2031
1,095‌
(4‌)
—‌
(4‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.11%
Annual
Annual
N/A
12/15/2030
2,445‌
52‌
—‌
52‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.29%
Annual
Annual
N/A
03/15/2029
3,675‌
(94‌)
(18‌)
(112‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
72
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.23%
Annual
Annual
N/A
02/15/2026
EUR
4,610‌
$
7‌
$
—‌
$
7‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.41%
Annual
Annual
N/A
02/15/2036
1,330‌
2‌
—‌
2‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.29%
Annual
Annual
N/A
02/15/2031
4,290‌
(8‌)
(1‌)
(9‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.26%
Annual
Annual
N/A
02/15/2031
1,095‌
(3‌)
—‌
(3‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
0.92%
Annual
Annual
N/A
09/15/2030
2,095‌
75‌
—‌
75‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.28%
Annual
Annual
N/A
02/15/2031
1,055‌
—‌
—‌
—‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
1.23%
Annual
Annual
N/A
01/15/2031
1,065‌
(7‌)
—‌
(7‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
1.21%
Annual
Annual
N/A
01/15/2031
900‌
7‌
—‌
7‌
New
Zealand
Bank
Bill
3
Month
FRA
Pay
1.58%
Quarterly
Semiannual
N/A
02/22/2031
NZD
976‌
(27‌)
—‌
(27‌)
New
Zealand
Bank
Bill
3
Month
FRA
Receive
1.08%
Semiannual
Quarterly
N/A
09/16/2030
1,775‌
107‌
(9‌)
98‌
Secured
Overnight
Financing
Rate
Receive
0.53%
Annual
Annual
N/A
10/21/2030
$
120‌
8‌
—‌
8‌
United
Kingdom
Retail
Prices
Index
Pay
3.50%
Annual
Annual
N/A
12/15/2030
GBP
1,925‌
(30‌)
1‌
(29‌)
United
Kingdom
Retail
Prices
Index
Receive
3.13%
Annual
Annual
N/A
01/15/2050
1,300‌
114‌
6‌
120‌
United
Kingdom
Retail
Prices
Index
Pay
3.61%
Annual
Annual
N/A
01/15/2029
1,145‌
75‌
4‌
79‌
United
Kingdom
Retail
Prices
Index
Pay
3.24%
Annual
Annual
N/A
01/15/2045
1,300‌
(58‌)
(4‌)
(62‌)
United
Kingdom
Retail
Prices
Index
Pay
3.34%
Annual
Annual
N/A
01/15/2040
1,700‌
(30‌)
(4‌)
(34‌)
United
Kingdom
Retail
Prices
Index
Receive
3.58%
Annual
Annual
N/A
02/15/2026
2,845‌
(1‌)
1‌
—‌
United
Kingdom
Retail
Prices
Index
Pay
3.63%
Annual
Annual
N/A
02/15/2031
2,845‌
5‌
—‌
5‌
United
Kingdom
Retail
Prices
Index
Pay
3.31%
Annual
Annual
N/A
01/15/2040
1,700‌
(51‌)
(6‌)
(57‌)
United
Kingdom
Retail
Prices
Index
Pay
3.49%
Annual
Annual
N/A
03/15/2029
2,600‌
87‌
4‌
91‌
United
Kingdom
Retail
Prices
Index
Receive
3.43%
Annual
Annual
N/A
01/15/2031
815‌
29‌
—‌
29‌
United
Kingdom
Retail
Prices
Index
Receive
3.42%
Annual
Annual
N/A
01/15/2031
800‌
29‌
—‌
29‌
United
Kingdom
Retail
Prices
Index
Pay
3.27%
Annual
Annual
N/A
10/15/2044
2,725‌
(42‌)
2‌
(40‌)
United
Kingdom
Retail
Prices
Index
Receive
3.53%
Annual
Annual
N/A
10/15/2025
2,890‌
(8‌)
(1‌)
(9‌)
United
Kingdom
Retail
Prices
Index
Pay
3.57%
Annual
Annual
N/A
10/15/2030
2,890‌
(17‌)
6‌
(11‌)
United
Kingdom
Retail
Prices
Index
Pay
3.36%
Annual
Annual
N/A
10/15/2039
3,555‌
23‌
(11‌)
12‌
United
Kingdom
Retail
Prices
Index
Receive
3.42%
Annual
Annual
N/A
10/15/2034
3,555‌
(90‌)
11‌
(79‌)
United
Kingdom
Retail
Prices
Index
Receive
3.36%
Annual
Annual
N/A
01/15/2035
1,700‌
13‌
3‌
16‌
United
Kingdom
Retail
Prices
Index
Pay
3.22%
Annual
Annual
N/A
01/15/2045
1,300‌
(72‌)
(5‌)
(77‌)
United
Kingdom
Retail
Prices
Index
Receive
3.11%
Annual
Annual
N/A
01/15/2050
1,300‌
134‌
8‌
142‌
United
Kingdom
Retail
Prices
Index
Pay
3.33%
Annual
Annual
N/A
11/15/2040
690‌
(45‌)
1‌
(44‌)
United
Kingdom
Retail
Prices
Index
Pay
3.45%
Annual
Annual
N/A
02/15/2030
530‌
2‌
—‌
2‌
United
Kingdom
Retail
Prices
Index
Receive
3.38%
Annual
Annual
N/A
12/15/2030
965‌
34‌
—‌
34‌
United
Kingdom
Retail
Prices
Index
Receive
3.16%
Annual
Annual
N/A
10/15/2049
2,725‌
173‌
(21‌)
152‌
United
Kingdom
Retail
Prices
Index
Receive
3.39%
Annual
Annual
N/A
01/15/2035
1,700‌
(1‌)
2‌
1‌
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
0.56%
Annual
Annual
N/A
10/21/2030
$
120‌
(8‌)
—‌
(8‌)
Total
$
2,644‌
$
(39‌)
$
2,605‌
Amounts
in
thousands.
(a)    
Forward
swap.
Total
Return
Swaps
Counterparty
Reference
Entity
Contracts
Pay/Receive
Positive
Return
Financing
Rate
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
----
Liability
Bank
of
America
NA
BofA
Merrill
Lynch
Commodity
MLBXCS3T
Total
Return
Strategy
(a)
261,424
Receive
0.31%
Annual
03/08/2021
$
26,283‌
$
—‌
$
—‌
$
(1‌)
M3
Capital
Partners
Bloomberg
Commodity
Index
Total
Return
(a)
711,505
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.09%
Monthly
03/03/2021
122,251‌
—‌
7,280‌
—‌
M3
Capital
Partners
Macquarie
Commodity
Product
251E
(a)
193,342
Receive
0.32%
Annual
03/08/2021
18,406‌
—‌
—‌
—‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
73
Total
Return
Swaps
(continued)
Counterparty
Reference
Entity
Contracts
Pay/Receive
Positive
Return
Financing
Rate
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
----
Liability
Merrill
Lynch
Bloomberg
Commodity
Index
Total
Return
(a)
551,683
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.11%
Annual
03/03/2021
$
94,790‌
$
—‌
$
5,643‌
$
—‌
Societe
Generale
Bloomberg
Commodity
Index
Total
Return
(a)
346,721
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.11%
Monthly
03/03/2021
59,574‌
—‌
3,546‌
—‌
Societe
Generale
Societe
Generale
Commodities
Custom
Alpha
(a)
331,220
Receive
0.35%
Annual
03/08/2021
26,824‌
—‌
—‌
(1‌)
Total
$
—‌
$
16,469‌
$
(2‌)
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
DRA
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Schedule
of
Investments
Edge
MidCap
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
74
INVESTMENT
COMPANIES
-
2
.16
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.16
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
20,851,025‌
$
20,851‌
TOTAL
INVESTMENT
COMPANIES
$
20,851‌
COMMON
STOCKS
-
97
.78
%
Shares
Held
Value
(000's)
Advertising
-
1
.92
%
Interpublic
Group
of
Cos
Inc/The
707,968‌
$
18,492‌
Automobile
Parts
&
Equipment
-
1
.00
%
Autoliv
Inc
(b)
107,691‌
9,692‌
Banks
-
3
.20
%
Bank
OZK
327,599‌
13,504‌
Cullen/Frost
Bankers
Inc
166,409‌
17,373‌
$
30,877‌
Building
Materials
-
1
.65
%
Lennox
International
Inc
56,907‌
15,921‌
Chemicals
-
2
.24
%
FMC
Corp
212,950‌
21,655‌
Commercial
Services
-
2
.02
%
Morningstar
Inc
86,741‌
19,452‌
Computers
-
1
.26
%
Amdocs
Ltd
160,870‌
12,196‌
Consumer
Products
-
3
.17
%
Avery
Dennison
Corp
174,441‌
30,564‌
Diversified
Financial
Services
-
1
.79
%
PROG
Holdings
Inc
345,660‌
17,283‌
Electric
-
2
.33
%
Alliant
Energy
Corp
485,560‌
22,414‌
Electrical
Components
&
Equipment
-
5
.52
%
Energizer
Holdings
Inc
492,474‌
20,585‌
Littelfuse
Inc
126,013‌
32,791‌
$
53,376‌
Electronics
-
1
.71
%
Arrow
Electronics
Inc
(b)
164,711‌
16,514‌
Environmental
Control
-
1
.75
%
Waste
Connections
Inc
172,385‌
16,840‌
Gas
-
0
.65
%
ONE
Gas
Inc
93,940‌
6,291‌
Hand
&
Machine
Tools
-
5
.66
%
Lincoln
Electric
Holdings
Inc
277,415‌
32,765‌
Snap-on
Inc
107,130‌
21,759‌
$
54,524‌
Healthcare
-
Products
-
7
.86
%
Bio-Techne
Corp
7,417‌
2,683‌
STERIS
PLC
156,885‌
27,423‌
Teleflex
Inc
84,051‌
33,462‌
Varian
Medical
Systems
Inc
(b)
70,117‌
12,289‌
$
75,857‌
Healthcare
-
Services
-
2
.98
%
Universal
Health
Services
Inc
229,239‌
28,731‌
Insurance
-
4
.26
%
Fidelity
National
Financial
Inc
608,728‌
23,301‌
Markel
Corp
(b)
16,269‌
17,714‌
$
41,015‌
Internet
-
1
.63
%
Rightmove
PLC
1,998,372‌
15,761‌
Leisure
Products
&
Services
-
6
.58
%
Brunswick
Corp/DE
242,620‌
21,440‌
YETI
Holdings
Inc
(b)
611,838‌
42,077‌
$
63,517‌
Machinery
-
Diversified
-
2
.28
%
Nordson
Corp
114,276‌
21,988‌
Media
-
1
.00
%
Cable
One
Inc
5,019‌
9,611‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
3
.92
%
Cimarex
Energy
Co
372,342‌
$
21,592‌
Helmerich
&
Payne
Inc
316,078‌
9,081‌
HollyFrontier
Corp
188,282‌
7,132‌
$
37,805‌
REITs
-
6
.87
%
Alexandria
Real
Estate
Equities
Inc
148,614‌
23,732‌
CyrusOne
Inc
393,337‌
25,815‌
STORE
Capital
Corp
290,513‌
9,715‌
Terreno
Realty
Corp
124,426‌
6,973‌
$
66,235‌
Retail
-
1
.92
%
Tractor
Supply
Co
116,345‌
18,494‌
Savings
&
Loans
-
2
.60
%
Washington
Federal
Inc
831,275‌
25,121‌
Semiconductors
-
4
.56
%
Teradyne
Inc
342,019‌
43,987‌
Software
-
9
.61
%
Black
Knight
Inc
(b)
440,154‌
33,756‌
Fair
Isaac
Corp
(b)
86,632‌
39,638‌
Tyler
Technologies
Inc
(b)
41,544‌
19,252‌
$
92,646‌
Toys,
Games
&
Hobbies
-
1
.22
%
Hasbro
Inc
125,082‌
11,721‌
Transportation
-
3
.58
%
Expeditors
International
of
Washington
Inc
376,836‌
34,610‌
Water
-
1
.04
%
Essential
Utilities
Inc
238,668‌
10,038‌
TOTAL
COMMON
STOCKS
$
943,228‌
Total
Investments
$
964,079‌
Other
Assets
and
Liabilities
-  0.06%
549‌
TOTAL
NET
ASSETS
-
100.00%
$
964,628‌
(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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Industrial
22
.15‌
%
Financial
18
.72‌
%
Consumer,
Non-cyclical
16
.03‌
%
Technology
15
.43‌
%
Consumer,
Cyclical
10
.72‌
%
Communications
4
.55‌
%
Utilities
4
.02‌
%
Energy
3
.92‌
%
Basic
Materials
2
.24‌
%
Money
Market
Funds
2
.16‌
%
Other
Assets
and
Liabilities
0
.06‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Edge
MidCap
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
75
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
26,003‌
$
72,564‌
$
77,716‌
$
20,851‌
$
26,003‌
$
72,564‌
$
77,716‌
$
20,851‌
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
76
INVESTMENT
COMPANIES
-
21.52%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.01%
iShares
Russell
2000
Value
ETF
248‌
$
37‌
Money
Market
Funds
-
21.51%
First
American
Government
Obligations
Fund
-
Institutional
Class
0.03%
(a)
1,605,539‌
1,606‌
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
0.03%
(a),(b),(c)
7,498
,
945‌
7,499‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(d),(e)
107,191,222‌
107,191‌
$
116,296‌
TOTAL
INVESTMENT
COMPANIES
$
116,333‌
COMMON
STOCKS
-
40.80%
Shares
Held
Value
(000's)
Advertising
-
0.10%
Clear
Channel
Outdoor
Holdings
Inc
(e)
43,695‌
$
75‌
Interpublic
Group
of
Cos
Inc/The
(c)
8,030‌
210‌
Omnicom
Group
Inc
(c)
275‌
19‌
Quotient
Technology
Inc
(e)
7,324‌
98‌
WPP
PLC
11,815‌
141‌
$
543‌
Aerospace
&
Defense
-
0.72%
Airbus
SE
(e)
339‌
39‌
CAE
Inc
5,400‌
143‌
General
Dynamics
Corp
1,144‌
187‌
HEICO
Corp
-
Class
A
(c)
954‌
110‌
Howmet
Aerospace
Inc
(c),(e)
36,781‌
1,034‌
L3Harris
Technologies
Inc
(c)
214‌
39‌
Lockheed
Martin
Corp
(c)
2,011‌
664‌
MTU
Aero
Engines
AG
402‌
96‌
Northrop
Grumman
Corp
(c)
1,335‌
389‌
Raytheon
Technologies
Corp
1,334‌
96‌
Thales
SA
1,304‌
124‌
TransDigm
Group
Inc
(c),(e)
1,704‌
983‌
$
3,904‌
Agriculture
-
0.26%
Altria
Group
Inc
(c)
5,216‌
227‌
Archer-Daniels-Midland
Co
(c)
1,839‌
104‌
Philip
Morris
International
Inc
(c)
9,353‌
786‌
Swedish
Match
AB
3,889‌
279‌
$
1,396‌
Airlines
-
0.02%
Delta
Air
Lines
Inc
(e)
2,399‌
115‌
Apparel
-
0.44%
Carter's
Inc
984‌
82‌
Dr.
Martens
Plc
(e)
6,869‌
47‌
Gildan
Activewear
Inc
2,000‌
61‌
Hanesbrands
Inc
(c)
6,605‌
117‌
Kontoor
Brands
Inc
1,626‌
69‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
352‌
223‌
NIKE
Inc
(c)
3,388‌
457‌
PVH
Corp
(c)
10,777‌
1,077‌
Steven
Madden
Ltd
2,765‌
102‌
Tapestry
Inc
(c)
1,075‌
45‌
VF
Corp
619‌
49‌
Wolverine
World
Wide
Inc
2,047‌
72‌
$
2,401‌
Automobile
Manufacturers
-
0.34%
Cummins
Inc
(c)
2,191‌
554‌
Ferrari
NV
1,758‌
342‌
Ford
Motor
Co
(e)
27,629‌
323‌
General
Motors
Co
(c)
2,181‌
112‌
PACCAR
Inc
2,108‌
192‌
REV
Group
Inc
6,025‌
75‌
Tesla
Inc
(c),(e)
349‌
236‌
$
1,834‌
Automobile
Parts
&
Equipment
-
0.19%
Aptiv
PLC
(e)
699‌
105‌
Autoliv
Inc
(e)
1,697‌
153‌
Continental
AG
469‌
68‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
Dana
Inc
3,881‌
$
92‌
Faurecia
SE
(e)
1,495‌
77‌
Gentherm
Inc
(e)
1,332‌
94‌
Magna
International
Inc
2,900‌
244‌
NGK
Insulators
Ltd
3,200‌
57‌
Rheinmetall
AG
1,249‌
125‌
$
1,015‌
Banks
-
1.86%
Allegiance
Bancshares
Inc
1,157‌
44‌
Atlantic
Union
Bankshares
Corp
843‌
31‌
Bank
of
America
Corp
(c)
10,935‌
379‌
Bank
of
Montreal
800‌
65‌
Bank
of
New
York
Mellon
Corp/The
1,978‌
83‌
Bank
OZK
2,659‌
110‌
Cadence
BanCorp
3,737‌
77‌
Citigroup
Inc
2,053‌
135‌
Citizens
Financial
Group
Inc
5,151‌
224‌
Concordia
Financial
Group
Ltd
46,700‌
181‌
DBS
Group
Holdings
Ltd
15,700‌
311‌
Erste
Group
Bank
AG
(e)
3,640‌
120‌
Fifth
Third
Bancorp
(c)
23,444‌
813‌
FinecoBank
Banca
Fineco
SpA
(e)
6,120‌
107‌
First
Citizens
BancShares
Inc/NC
175‌
129‌
First
Hawaiian
Inc
2,156‌
60‌
First
Interstate
BancSystem
Inc
1,274‌
58‌
First
Midwest
Bancorp
Inc/IL
2,436‌
48‌
First
Republic
Bank/CA
(c)
2,105‌
347‌
FNB
Corp/PA
5,176‌
61‌
Goldman
Sachs
Group
Inc/The
(c)
2,163‌
691‌
Great
Western
Bancorp
Inc
2,934‌
79‌
Home
BancShares
Inc/AR
3,074‌
75‌
HSBC
Holdings
PLC
40,081‌
240‌
Huntington
Bancshares
Inc/OH
(c)
7,698‌
118‌
ING
Groep
NV
19,651‌
216‌
Intesa
Sanpaolo
SpA
37,486‌
96‌
JPMorgan
Chase
&
Co
(c)
6,372‌
939‌
M&T
Bank
Corp
(c)
4,058‌
612‌
Morgan
Stanley
(c)
17,785‌
1,368‌
National
Bank
of
Canada
1,800‌
113‌
Natixis
SA
(e)
8,213‌
40‌
PNC
Financial
Services
Group
Inc/The
120‌
20‌
Raiffeisen
Bank
International
AG
8,647‌
175‌
Regions
Financial
Corp
8,465‌
175‌
Sandy
Spring
Bancorp
Inc
1,835‌
69‌
Shinsei
Bank
Ltd
10,700‌
153‌
Shizuoka
Bank
Ltd/The
7,500‌
55‌
Standard
Chartered
PLC
13,331‌
86‌
Sumitomo
Mitsui
Trust
Holdings
Inc
8,600‌
284‌
SVB
Financial
Group
(c),(e)
165‌
83‌
Swedbank
AB
2,738‌
48‌
Truist
Financial
Corp
507‌
29‌
UBS
Group
AG
11,467‌
178‌
Umpqua
Holdings
Corp
3,357‌
57‌
United
Community
Banks
Inc/GA
1,757‌
58‌
Veritex
Holdings
Inc
1,809‌
53‌
Wells
Fargo
&
Co
(c)
9,087‌
329‌
Western
Alliance
Bancorp
949‌
87‌
Westpac
Banking
Corp
3,947‌
72‌
Zions
Bancorp
NA
1,626‌
86‌
$
10,067‌
Beverages
-
0.37%
Anheuser-Busch
InBev
SA/NV
1,123‌
65‌
Boston
Beer
Co
Inc/The
(e)
55‌
57‌
Coca-Cola
Co/The
(c)
11,065‌
542‌
Constellation
Brands
Inc
(c)
1,767‌
378‌
Diageo
PLC
7,009‌
276‌
Keurig
Dr
Pepper
Inc
2,771‌
84‌
Molson
Coors
Beverage
Co
(c)
1,352‌
60‌
Monster
Beverage
Corp
(c),(e)
2,212‌
194‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
77
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
(continued)
PepsiCo
Inc
(c)
2,718‌
$
351‌
$
2,007‌
Biotechnology
-
0.61%
Abcam
PLC
7,762‌
184‌
Acceleron
Pharma
Inc
(e)
164‌
22‌
Alexion
Pharmaceuticals
Inc
(c),(e)
1,849‌
282‌
Allakos
Inc
(e)
241‌
29‌
ALX
Oncology
Holdings
Inc
(e)
359‌
29‌
Amgen
Inc
(c)
859‌
193‌
Amicus
Therapeutics
Inc
(e)
1,375‌
17‌
Apellis
Pharmaceuticals
Inc
(e)
1,503‌
72‌
Arena
Pharmaceuticals
Inc
(e)
1,013‌
81‌
Ascendis
Pharma
A/S
ADR
(e)
236‌
37‌
Biogen
Inc
(c),(e)
555‌
152‌
Celldex
Therapeutics
Inc
(e)
1,900‌
51‌
ChemoCentryx
Inc
(e)
333‌
23‌
Corteva
Inc
2,254‌
102‌
Dicerna
Pharmaceuticals
Inc
(e)
1,712‌
46‌
Emergent
BioSolutions
Inc
(e)
524‌
50‌
Exact
Sciences
Corp
(e)
536‌
73‌
Genmab
A/S
(e)
269‌
90‌
Gilead
Sciences
Inc
(c)
7,516‌
461‌
Global
Blood
Therapeutics
Inc
(e)
655‌
28‌
Illumina
Inc
(c),(e)
934‌
410‌
Incyte
Corp
(c),(e)
191‌
15‌
Ionis
Pharmaceuticals
Inc
(c),(e)
1,362‌
71‌
Kodiak
Sciences
Inc
(e)
392‌
51‌
Mirati
Therapeutics
Inc
(e)
232‌
47‌
Moderna
Inc
(e)
307‌
48‌
NeoGenomics
Inc
(e)
919‌
47‌
Novavax
Inc
(e)
117‌
27‌
PTC
Therapeutics
Inc
(e)
436‌
25‌
Regeneron
Pharmaceuticals
Inc
(c),(e)
179‌
81‌
REVOLUTION
Medicines
Inc
(e)
468‌
21‌
Rocket
Pharmaceuticals
Inc
(e)
338‌
19‌
Sage
Therapeutics
Inc
(e)
452‌
38‌
Seagen
Inc
(e)
859‌
130‌
TCR2
Therapeutics
Inc
(e)
1,408‌
37‌
TG
Therapeutics
Inc
(e)
790‌
35‌
Turning
Point
Therapeutics
Inc
(e)
282‌
33‌
Vertex
Pharmaceuticals
Inc
(e)
584‌
125‌
Y-mAbs
Therapeutics
Inc
(e)
746‌
26‌
$
3,308‌
Building
Materials
-
0.88%
Boise
Cascade
Co
1,737‌
87‌
Builders
FirstSource
Inc
(e)
1,529‌
66‌
Carrier
Global
Corp
(c)
11,493‌
420‌
Cemex
SAB
de
CV
ADR
(e)
25,440‌
168‌
Cie
de
Saint-Gobain
3,864‌
208‌
CRH
PLC
631‌
27‌
CRH
PLC
1,979‌
86‌
Daikin
Industries
Ltd
1,700‌
331‌
Fortune
Brands
Home
&
Security
Inc
(c)
4,686‌
390‌
Geberit
AG
522‌
308‌
JELD-WEN
Holding
Inc
(e)
3,215‌
95‌
Johnson
Controls
International
plc
(c)
8,541‌
476‌
Lennox
International
Inc
767‌
215‌
Lixil
Corp
3,100‌
87‌
Marshalls
PLC
(e)
10,942‌
104‌
Martin
Marietta
Materials
Inc
(c)
1,375‌
464‌
Masco
Corp
(c)
747‌
40‌
Nibe
Industrier
AB
973‌
30‌
PGT
Innovations
Inc
(e)
3,272‌
77‌
Rinnai
Corp
2,100‌
213‌
ROCKWOOL
International
A/S
156‌
56‌
Sanwa
Holdings
Corp
3,200‌
40‌
TOTO
Ltd
5,900‌
358‌
Vulcan
Materials
Co
(c)
1,747‌
292‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
Wienerberger
AG
3,450‌
$
115‌
$
4,753‌
Chemicals
-
1.58%
Akzo
Nobel
NV
515‌
53‌
Asahi
Kasei
Corp
6,900‌
75‌
BASF
SE
3,622‌
296‌
Borregaard
ASA
4,000‌
75‌
Brenntag
SE
1,398‌
108‌
Celanese
Corp
(c)
5,489‌
763‌
CF
Industries
Holdings
Inc
(c)
4,475‌
203‌
Codexis
Inc
(e)
3,729‌
82‌
Dow
Inc
(c)
3,573‌
212‌
DuPont
de
Nemours
Inc
(c)
13,516‌
950‌
Eastman
Chemical
Co
(c)
2,146‌
234‌
Ecolab
Inc
801‌
168‌
FMC
Corp
(c)
2,004‌
204‌
Hexion
Holdings
Corp
(e)
22,049‌
342‌
IMCD
NV
536‌
66‌
International
Flavors
&
Fragrances
Inc
9,286‌
1,258‌
Kansai
Paint
Co
Ltd
4,200‌
110‌
Linde
PLC
(c)
1,584‌
387‌
LyondellBasell
Industries
NV
(c)
5,323‌
549‌
Minerals
Technologies
Inc
932‌
66‌
Mosaic
Co/The
(c)
5,688‌
167‌
Nippon
Paint
Holdings
Co
Ltd
600‌
45‌
Nippon
Sanso
Holdings
Corp
2,800‌
53‌
Nissan
Chemical
Corp
3,600‌
197‌
Nitto
Denko
Corp
300‌
26‌
Novozymes
A/S
3,518‌
217‌
Nutrien
Ltd
467‌
25‌
PPG
Industries
Inc
(c)
5,343‌
720‌
Sherwin-Williams
Co/The
(c)
682‌
465‌
Shin-Etsu
Chemical
Co
Ltd
1,600‌
262‌
Toray
Industries
Inc
15,000‌
99‌
Victrex
PLC
2,508‌
74‌
$
8,551‌
Commercial
Services
-
2.15%
2U
Inc
(e)
1,243‌
49‌
Adtalem
Global
Education
Inc
(e)
1,887‌
74‌
Adyen
NV
(e),(f)
256‌
597‌
AMERCO
345‌
198‌
AMN
Healthcare
Services
Inc
(e)
885‌
64‌
Automatic
Data
Processing
Inc
(c)
589‌
102‌
BrightView
Holdings
Inc
(e)
3,752‌
60‌
Bureau
Veritas
SA
19,941‌
540‌
Carriage
Services
Inc
1,776‌
59‌
Chegg
Inc
(e)
1,841‌
178‌
Cintas
Corp
(c)
2,719‌
882‌
CoreCivic
Inc
4,630‌
33‌
CoStar
Group
Inc
(e)
150‌
124‌
Deluxe
Corp
2,107‌
83‌
Elis
SA
(e)
5,522‌
95‌
Experian
PLC
957‌
30‌
FleetCor
Technologies
Inc
(e)
255‌
71‌
Gartner
Inc
(c),(e)
2,201‌
394‌
H&R
Block
Inc
3,293‌
63‌
Hypoport
SE
(e)
102‌
72‌
ICF
International
Inc
860‌
72‌
IHS
Markit
Ltd
(c)
306‌
28‌
Kforce
Inc
1,265‌
65‌
LiveRamp
Holdings
Inc
(e)
414‌
26‌
Loomis
AB
5,512‌
144‌
Medifast
Inc
295‌
75‌
Moody's
Corp
284‌
78‌
Multiplan
Corp
(e)
13,377‌
95‌
Nielsen
Holdings
PLC
(c)
2,791‌
63‌
PayPal
Holdings
Inc
(c),(e)
1,541‌
400‌
Persol
Holdings
Co
Ltd
14,500‌
290‌
QinetiQ
Group
PLC
19,376‌
81‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
78
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Quanta
Services
Inc
(c)
13,047‌
$
1,094‌
Randstad
NV
2,142‌
143‌
Recruit
Holdings
Co
Ltd
7,400‌
370‌
Repay
Holdings
Corp
(e)
2,399‌
52‌
Robert
Half
International
Inc
(c)
723‌
56‌
S&P
Global
Inc
(c)
1,433‌
472‌
Shift4
Payments
Inc
(e)
14,103‌
1,079‌
Square
Inc
(e)
582‌
134‌
TransUnion
(c)
22,617‌
1,905‌
TriNet
Group
Inc
(e)
716‌
57‌
United
Rentals
Inc
(c),(e)
3,547‌
1,055‌
Verisk
Analytics
Inc
(c)
152‌
25‌
$
11,627‌
Computers
-
1.30%
Accenture
PLC
-
Class
A
(c)
1,922‌
483‌
Amdocs
Ltd
479‌
36‌
Apple
Inc
(c)
26,446‌
3,206‌
CGI
Inc
(e)
1,300‌
97‌
Cognizant
Technology
Solutions
Corp
(c)
2,807‌
207‌
Dell
Technologies
Inc
(e)
1,253‌
102‌
Fortinet
Inc
(c),(e)
2,414‌
408‌
Genpact
Ltd
1,101‌
44‌
HP
Inc
(c)
16,895‌
490‌
International
Business
Machines
Corp
(c)
1,696‌
202‌
Leidos
Holdings
Inc
1,624‌
144‌
Logitech
International
SA
3,043‌
323‌
Lumentum
Holdings
Inc
(e)
1,310‌
118‌
NetApp
Inc
(c)
5,503‌
344‌
Nomura
Research
Institute
Ltd
3,200‌
99‌
NTT
Data
Corp
900‌
14‌
PAR
Technology
Corp
(e)
1,018‌
88‌
Perspecta
Inc
2,264‌
66‌
Rapid7
Inc
(e)
793‌
60‌
SCSK
Corp
1,200‌
71‌
Seagate
Technology
PLC
(c)
2,156‌
158‌
Softcat
PLC
3,647‌
74‌
Telos
Corp
(e)
1,070‌
36‌
Varonis
Systems
Inc
(e)
783‌
144‌
$
7,014‌
Consumer
Products
-
0.12%
Church
&
Dwight
Co
Inc
(c)
966‌
76‌
Clorox
Co/The
(c)
1,345‌
243‌
Kimberly-Clark
Corp
(c)
2,458‌
316‌
$
635‌
Cosmetics
&
Personal
Care
-
0.37%
Colgate-Palmolive
Co
(c)
9,231‌
694‌
Edgewell
Personal
Care
Co
1,705‌
52‌
Estee
Lauder
Cos
Inc/The
(c)
669‌
191‌
Procter
&
Gamble
Co/The
(c)
8,382‌
1,036‌
$
1,973‌
Distribution
&
Wholesale
-
0.35%
Bunzl
PLC
2,493‌
78‌
Copart
Inc
(e)
2,153‌
235‌
Fastenal
Co
2,404‌
111‌
LKQ
Corp
(c),(e)
20,428‌
805‌
MARR
SpA
(e)
3,387‌
77‌
Pool
Corp
1,024‌
343‌
Toyota
Tsusho
Corp
2,700‌
114‌
WW
Grainger
Inc
(c)
299‌
111‌
$
1,874‌
Diversified
Financial
Services
-
2.07%
4L
Technologies
(e),(g),(h)
24,306‌
12‌
Ally
Financial
Inc
5,394‌
224‌
American
Express
Co
2,551‌
345‌
Artisan
Partners
Asset
Management
Inc
561‌
27‌
Banca
Generali
SpA
(e)
2,973‌
101‌
BlackRock
Inc
(c)
716‌
497‌
Capital
One
Financial
Corp
1,650‌
198‌
Cboe
Global
Markets
Inc
(c)
3,534‌
350‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Charles
Schwab
Corp/The
6,540‌
$
403‌
CI
Financial
Corp
19,900‌
279‌
CME
Group
Inc
5,023‌
1,003‌
Credit
Acceptance
Corp
(e)
471‌
171‌
Discover
Financial
Services
(c)
8,316‌
782‌
ECN
Capital
Corp
16,476‌
103‌
Element
Comm
Aviation
(e),(g),(h),(i)
280‌
294‌
Euronext
NV
(f)
865‌
93‌
Federal
Agricultural
Mortgage
Corp
702‌
61‌
Franklin
Resources
Inc
(c)
722‌
19‌
Greenhill
&
Co
Inc
4,000‌
60‌
Hamilton
Lane
Inc
751‌
67‌
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
539‌
30‌
Hargreaves
Lansdown
PLC
4,754‌
101‌
Intercontinental
Exchange
Inc
(c)
1,935‌
214‌
Invesco
Ltd
(c)
47,035‌
1,055‌
LPL
Financial
Holdings
Inc
12,091‌
1,590‌
Mastercard
Inc
(c)
1,068‌
378‌
Moelis
&
Co
1,609‌
83‌
Nasdaq
Inc
(c)
2,013‌
278‌
Navient
Corp
6,046‌
75‌
PRA
Group
Inc
(e)
3,759‌
139‌
Raymond
James
Financial
Inc
1,035‌
121‌
Sanne
Group
PLC
5,352‌
44‌
SEI
Investments
Co
(c)
1,435‌
80‌
Singapore
Exchange
Ltd
28,500‌
212‌
Synchrony
Financial
(c)
12,758‌
493‌
T
Rowe
Price
Group
Inc
(c)
769‌
125‌
Tradeweb
Markets
Inc
1,259‌
92‌
Visa
Inc
(c)
2,634‌
560‌
VZ
Holding
AG
953‌
80‌
Western
Union
Co/The
(c)
15,152‌
352‌
$
11,191‌
Electric
-
0.43%
Avangrid
Inc
620‌
28‌
Consolidated
Edison
Inc
440‌
29‌
Dominion
Energy
Inc
(c)
2,098‌
143‌
Duke
Energy
Corp
(c)
1,449‌
124‌
Endesa
SA
14,372‌
355‌
Enel
SpA
10,841‌
102‌
Exelon
Corp
(c)
3,449‌
133‌
Iberdrola
SA
3,845‌
48‌
NRG
Energy
Inc
(c)
17,620‌
643‌
Pinnacle
West
Capital
Corp
2,811‌
197‌
Portland
General
Electric
Co
1,487‌
63‌
Power
Assets
Holdings
Ltd
8,000‌
45‌
Red
Electrica
Corp
SA
1,632‌
27‌
Southern
Co/The
(c)
222‌
13‌
Terna
Rete
Elettrica
Nazionale
SpA
40,737‌
283‌
Vistra
Corp
(c)
5,395‌
93‌
$
2,326‌
Electrical
Components
&
Equipment
-
0.41%
AMETEK
Inc
(c)
5,672‌
669‌
Casio
Computer
Co
Ltd
11,000‌
213‌
Emerson
Electric
Co
(c)
2,847‌
244‌
Energizer
Holdings
Inc
1,087‌
45‌
EnerSys
1,434‌
130‌
Insteel
Industries
Inc
2,565‌
79‌
Legrand
SA
4,795‌
417‌
Novanta
Inc
(e)
511‌
68‌
Schneider
Electric
SE
1,884‌
279‌
Signify
NV
(f)
1,677‌
73‌
$
2,217‌
Electronics
-
0.86%
Allegion
plc
(c)
2,969‌
323‌
DiscoverIE
Group
PLC
10,153‌
95‌
Electrocomponents
PLC
8,978‌
122‌
FARO
Technologies
Inc
(e)
882‌
82‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
79
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
(continued)
FLIR
Systems
Inc
(c)
325‌
$
17‌
Fortive
Corp
(c)
3,866‌
254‌
Garmin
Ltd
(c)
1,009‌
125‌
GoPro
Inc
(e)
8,601‌
65‌
Halma
PLC
2,923‌
92‌
Hirose
Electric
Co
Ltd
800‌
117‌
Honeywell
International
Inc
(c)
4,367‌
884‌
Hoya
Corp
1,000‌
114‌
II-VI
Inc
(e)
1,243‌
105‌
Knowles
Corp
(e)
3,577‌
74‌
LEM
Holding
SA
46‌
91‌
MINEBEA
MITSUMI
Inc
1,800‌
45‌
nVent
Electric
PLC
2,271‌
60‌
Roper
Technologies
Inc
(c)
91‌
34‌
Shimadzu
Corp
8,200‌
298‌
TE
Connectivity
Ltd
(c)
6,060‌
788‌
Trimble
Inc
(c),(e)
1,591‌
118‌
Vontier
Corp
(c),(e)
10,830‌
340‌
Waters
Corp
(c),(e)
1,469‌
402‌
$
4,645‌
Energy
-
Alternate
Sources
-
0.09%
Maxeon
Solar
Technologies
Ltd
(e)
534‌
18‌
NextEra
Energy
Partners
LP
5,339‌
388‌
SolarEdge
Technologies
Inc
(e)
261‌
78‌
$
484‌
Engineering
&
Construction
-
0.01%
Badger
Daylighting
Ltd
2,202‌
70‌
Entertainment
-
0.12%
Aristocrat
Leisure
Ltd
3,957‌
92‌
Cie
des
Alpes
1,704‌
44‌
CTS
Eventim
AG
&
Co
KGaA
(e)
1,085‌
74‌
Deluxe
Entertainment
(e),(g),(h)
67,048‌
7‌
DraftKings
Inc
(e)
3,622‌
223‌
Penn
National
Gaming
Inc
(e)
1,653‌
191‌
$
631‌
Environmental
Control
-
0.22%
GVS
SpA
(e),(f)
2,918‌
59‌
Pentair
PLC
(c)
14,715‌
823‌
Republic
Services
Inc
(c)
3,234‌
288‌
$
1,170‌
Food
-
1.16%
a2
Milk
Co
Ltd/The
(e)
25,075‌
176‌
Associated
British
Foods
PLC
(e)
1,641‌
55‌
Calavo
Growers
Inc
742‌
56‌
Campbell
Soup
Co
(c)
4,820‌
219‌
Conagra
Brands
Inc
(c)
6,278‌
213‌
Cranswick
PLC
1,958‌
93‌
Empire
Co
Ltd
2,200‌
61‌
General
Mills
Inc
(c)
4,216‌
232‌
HelloFresh
SE
(e)
4,274‌
332‌
Hershey
Co/The
(c)
2,436‌
355‌
Hostess
Brands
Inc
(e)
8,494‌
122‌
J
M
Smucker
Co/The
(c)
2,363‌
265‌
Kellogg
Co
(c)
2,949‌
170‌
Koninklijke
Ahold
Delhaize
NV
7,770‌
205‌
Kraft
Heinz
Co/The
(c)
5,856‌
213‌
Kroger
Co/The
(c)
3,529‌
114‌
Lamb
Weston
Holdings
Inc
(c)
26,098‌
2,082‌
Mondelez
International
Inc
(c)
2,673‌
142‌
Seven
&
i
Holdings
Co
Ltd
6,700‌
255‌
Sysco
Corp
(c)
6,819‌
543‌
Tate
&
Lyle
PLC
6,943‌
71‌
Tyson
Foods
Inc
(c)
3,004‌
203‌
Viscofan
SA
1,235‌
87‌
$
6,264‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
Service
-
0.06%
Compass
Group
PLC
(e)
11,413‌
$
232‌
Elior
Group
SA
(f)
10,465‌
85‌
$
317‌
Forest
Products
&
Paper
-
0.11%
International
Paper
Co
(c)
2,239‌
111‌
Mondi
PLC
5,116‌
124‌
Schweitzer-Mauduit
International
Inc
1,373‌
64‌
Smurfit
Kappa
Group
PLC
4,207‌
198‌
UPM-Kymmene
Oyj
3,218‌
123‌
$
620‌
Gas
-
0.24%
AltaGas
Ltd
7,300‌
111‌
Enagas
SA
4,290‌
90‌
New
Jersey
Resources
Corp
2,023‌
79‌
NiSource
Inc
7,965‌
172‌
Osaka
Gas
Co
Ltd
15,500‌
277‌
Tokyo
Gas
Co
Ltd
13,500‌
279‌
UGI
Corp
(c)
6,966‌
267‌
Western
Midstream
Partners
LP
1,852‌
31‌
$
1,306‌
Hand
&
Machine
Tools
-
0.30%
Kennametal
Inc
3,446‌
129‌
Makita
Corp
4,300‌
184‌
Schindler
Holding
AG
-
PC
1,426‌
389‌
Snap-on
Inc
(c)
4,558‌
926‌
$
1,628‌
Healthcare
-
Products
-
1.30%
Abbott
Laboratories
(c)
3,973‌
476‌
ABIOMED
Inc
(e)
326‌
106‌
Align
Technology
Inc
(c),(e)
498‌
283‌
Avanos
Medical
Inc
(e)
1,503‌
69‌
Avantor
Inc
(e)
3,315‌
92‌
Baxter
International
Inc
(c)
4,620‌
359‌
Boston
Scientific
Corp
(e)
1,485‌
58‌
Cellavision
AB
1,298‌
45‌
Coloplast
A/S
342‌
52‌
Danaher
Corp
(c)
2,221‌
488‌
DENTSPLY
SIRONA
Inc
(c)
4,660‌
247‌
DiaSorin
SpA
1,565‌
307‌
Envista
Holdings
Corp
(e)
1,538‌
59‌
Fisher
&
Paykel
Healthcare
Corp
Ltd
12,839‌
273‌
Globus
Medical
Inc
(e)
664‌
42‌
GN
Store
Nord
AS
760‌
64‌
Hill-Rom
Holdings
Inc
519‌
55‌
Hologic
Inc
(c),(e)
6,892‌
497‌
IDEXX
Laboratories
Inc
(c),(e)
328‌
171‌
Insulet
Corp
(e)
415‌
108‌
Integra
LifeSciences
Holdings
Corp
(e)
855‌
58‌
Intuitive
Surgical
Inc
(c),(e)
48‌
35‌
Koninklijke
Philips
NV
2,132‌
116‌
Medtronic
PLC
(c)
6,409‌
750‌
NuVasive
Inc
(e)
1,128‌
68‌
Omnicell
Inc
(e)
453‌
58‌
Orthofix
Medical
Inc
(e)
1,617‌
75‌
PerkinElmer
Inc
(c)
3,136‌
395‌
ResMed
Inc
(c)
865‌
167‌
Sartorius
Stedim
Biotech
360‌
157‌
Smith
&
Nephew
PLC
6,131‌
119‌
Sonova
Holding
AG
(e)
1,144‌
293‌
STERIS
PLC
(c)
142‌
25‌
Thermo
Fisher
Scientific
Inc
(c)
947‌
426‌
Varian
Medical
Systems
Inc
(c),(e)
2,228‌
390‌
West
Pharmaceutical
Services
Inc
(c)
183‌
51‌
$
7,034‌
Healthcare
-
Services
-
0.70%
Accolade
Inc
(e)
985‌
44‌
Anthem
Inc
563‌
170‌
Centene
Corp
(e)
2,396‌
140‌
DaVita
Inc
(c),(e)
1,417‌
145‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
80
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Eurofins
Scientific
SE
(e)
1,063‌
$
94‌
HCA
Healthcare
Inc
(c)
2,856‌
491‌
Humana
Inc
(c)
1,050‌
399‌
IQVIA
Holdings
Inc
(c),(e)
395‌
76‌
Laboratory
Corp
of
America
Holdings
(c),(e)
1,709‌
411‌
LHC
Group
Inc
(e)
244‌
44‌
Orpea
SA
(e)
613‌
74‌
Quest
Diagnostics
Inc
(c)
2,669‌
308‌
SI-BONE
Inc
(e)
2,416‌
76‌
UnitedHealth
Group
Inc
(c)
2,120‌
705‌
Universal
Health
Services
Inc
(c)
4,646‌
582‌
$
3,759‌
Holding
Companies
-
Diversified
-
0.03%
Jardine
Matheson
Holdings
Ltd
2,900‌
151‌
Soaring
Eagle
Acquisition
Corp
(e)
2,100‌
23‌
$
174‌
Home
Builders
-
0.38%
Cavco
Industries
Inc
(e)
367‌
77‌
Century
Communities
Inc
(e)
1,972‌
109‌
DR
Horton
Inc
365‌
28‌
Glenveagh
Properties
PLC
(e),(f)
95,808‌
96‌
Iida
Group
Holdings
Co
Ltd
5,800‌
132‌
Installed
Building
Products
Inc
665‌
73‌
Kaufman
&
Broad
SA
1,996‌
88‌
Lennar
Corp
-
A
Shares
(c)
1,205‌
100‌
NVR
Inc
(e)
69‌
311‌
Persimmon
PLC
4,085‌
148‌
PulteGroup
Inc
(c)
12,970‌
585‌
Skyline
Champion
Corp
(e)
2,117‌
94‌
Thor
Industries
Inc
1,662‌
194‌
$
2,035‌
Home
Furnishings
-
0.11%
Hoshizaki
Corp
3,100‌
274‌
Rational
AG
60‌
51‌
Whirlpool
Corp
(c)
1,405‌
267‌
$
592‌
Housewares
-
0.02%
Newell
Brands
Inc
(c)
3,981‌
92‌
Insurance
-
1.05%
Allstate
Corp/The
155‌
17‌
Aon
PLC
(c)
520‌
118‌
Arch
Capital
Group
Ltd
(c),(e)
3,423‌
123‌
Arthur
J
Gallagher
&
Co
(c)
344‌
41‌
Assurant
Inc
(c)
470‌
58‌
Athene
Holding
Ltd
(e)
1,313‌
60‌
AXA
SA
5,237‌
132‌
Beazley
PLC
(e)
12,155‌
59‌
Berkshire
Hathaway
Inc
-
Class
B
(c),(e)
2,990‌
719‌
Chubb
Ltd
2,235‌
363‌
Cincinnati
Financial
Corp
(c)
4,029‌
394‌
CNO
Financial
Group
Inc
2,078‌
50‌
Equitable
Holdings
Inc
1,247‌
37‌
Fidelity
National
Financial
Inc
(c)
7,666‌
293‌
Globe
Life
Inc
(c)
1,584‌
148‌
Lancashire
Holdings
Ltd
6,605‌
57‌
Markel
Corp
(e)
246‌
268‌
Marsh
&
McLennan
Cos
Inc
(c)
5,231‌
602‌
MetLife
Inc
(c)
9,671‌
557‌
MGIC
Investment
Corp
5,650‌
69‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
668‌
197‌
NMI
Holdings
Inc
(e)
2,930‌
67‌
ProAssurance
Corp
3,125‌
77‌
Progressive
Corp/The
(c)
3,918‌
337‌
Prudential
Financial
Inc
(c)
3,001‌
260‌
Radian
Group
Inc
3,098‌
63‌
Sampo
Oyj
2,696‌
120‌
Third
Point
Reinsurance
Ltd
(e)
5,778‌
59‌
Tokio
Marine
Holdings
Inc
1,300‌
65‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Travelers
Cos
Inc/The
331‌
$
48‌
Tryg
A/S
2,278‌
72‌
Unum
Group
885‌
23‌
Voya
Financial
Inc
725‌
44‌
White
Mountains
Insurance
Group
Ltd
82‌
98‌
$
5,695‌
Internet
-
3.83%
Airbnb
-
Class
A
(e),(i)
3,370‌
695‌
Alphabet
Inc
-
A
Shares
(c),(e)
1,418‌
2,868‌
Amazon.com
Inc
(c),(e)
990‌
3,062‌
Booking
Holdings
Inc
(e)
114‌
266‌
CDW
Corp/DE
(c)
291‌
46‌
eBay
Inc
(c)
6,918‌
390‌
Expedia
Group
Inc
(c)
13,523‌
2,177‌
F5
Networks
Inc
(c),(e)
2,383‌
453‌
Facebook
Inc
(c),(e)
5,505‌
1,418‌
GoDaddy
Inc
(c),(e)
4,968‌
402‌
IAC/InterActiveCorp
(c),(e)
233‌
57‌
JD.com
Inc
ADR
(e)
19,847‌
1,863‌
Kakaku.com
Inc
5,500‌
175‌
Match
Group
Inc
(e)
1,302‌
199‌
MonotaRO
Co
Ltd
1,300‌
75‌
Netflix
Inc
(c),(e)
690‌
371‌
NortonLifeLock
Inc
(c)
7,300‌
142‌
Perficient
Inc
(e)
1,160‌
65‌
Pinterest
Inc
(e)
18,444‌
1,486‌
Q2
Holdings
Inc
(e)
301‌
37‌
RealReal
Inc/The
(e)
2,099‌
54‌
Shopify
Inc
(e)
806‌
1,032‌
Snap
Inc
Class
A
(e)
3,122‌
205‌
Spotify
Technology
SA
(e)
598‌
184‌
Trend
Micro
Inc/Japan
3,100‌
150‌
Twitter
Inc
(c),(e)
14,454‌
1,114‌
Uber
Technologies
Inc
(e)
28,473‌
1,473‌
VeriSign
Inc
(c),(e)
241‌
47‌
Zillow
Group
Inc
-
C
Shares
(e)
537‌
87‌
ZOZO
Inc
4,400‌
138‌
$
20,731‌
Iron
&
Steel
-
0.06%
ArcelorMittal
SA
(e)
1,834‌
43‌
JFE
Holdings
Inc
5,700‌
60‌
Reliance
Steel
&
Aluminum
Co
537‌
71‌
voestalpine
AG
3,128‌
123‌
$
297‌
Leisure
Products
&
Services
-
0.23%
Jardine
Strategic
Holdings
Ltd
17,200‌
444‌
MIPS
AB
1,044‌
81‌
Planet
Fitness
Inc
(e)
599‌
52‌
Polaris
Inc
1,108‌
130‌
Shimano
Inc
1,200‌
268‌
Thule
Group
AB
(f)
1,669‌
70‌
Yamaha
Corp
1,200‌
67‌
Yamaha
Motor
Co
Ltd
4,100‌
90‌
YETI
Holdings
Inc
(e)
420‌
29‌
$
1,231‌
Lodging
-
0.13%
Choice
Hotels
International
Inc
1,871‌
196‌
Hilton
Worldwide
Holdings
Inc
(e)
122‌
15‌
Las
Vegas
Sands
Corp
623‌
39‌
Marriott
International
Inc/MD
(c),(e)
500‌
74‌
MGM
Resorts
International
(c)
10,046‌
380‌
$
704‌
Machinery
-
Construction
&
Mining
-
0.18%
Argan
Inc
1,014‌
51‌
Astec
Industries
Inc
1,319‌
90‌
Caterpillar
Inc
(c)
354‌
76‌
Mitsubishi
Heavy
Industries
Ltd
7,300‌
212‌
Sandvik
AB
19,669‌
528‌
$
957‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
81
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
-
0.74%
Applied
Industrial
Technologies
Inc
1,243‌
$
106‌
Curtiss-Wright
Corp
813‌
90‌
Deere
&
Co
(c)
485‌
170‌
Dover
Corp
(c)
2,638‌
325‌
FANUC
Corp
1,600‌
400‌
Flowserve
Corp
(c)
15,118‌
559‌
GEA
Group
AG
7,282‌
252‌
Hexagon
AB
712‌
59‌
Ichor
Holdings
Ltd
(e)
1,594‌
68‌
IDEX
Corp
1,099‌
214‌
Inficon
Holding
AG
54‌
59‌
Interpump
Group
SpA
1,757‌
81‌
Keyence
Corp
700‌
334‌
Kone
Oyj
2,446‌
195‌
Kornit
Digital
Ltd
(e)
260‌
29‌
Marel
HF
(f)
15,982‌
111‌
Middleby
Corp/The
(e)
1,160‌
170‌
Nabtesco
Corp
700‌
30‌
Otis
Worldwide
Corp
(c)
2,190‌
140‌
Rotork
PLC
20,982‌
105‌
SMC
Corp
300‌
178‌
Spirax-Sarco
Engineering
PLC
367‌
55‌
Stabilus
SA
1,237‌
93‌
Washtec
AG
(e)
1,129‌
67‌
Westinghouse
Air
Brake
Technologies
Corp
915‌
66‌
Yaskawa
Electric
Corp
900‌
45‌
$
4,001‌
Media
-
0.38%
Charter
Communications
Inc
(c),(e)
498‌
305‌
Comcast
Corp
-
Class
A
(c)
3,259‌
172‌
Discovery
Inc
-
C
Shares
(c),(e)
1,318‌
59‌
DISH
Network
Corp
(c),(e)
5,696‌
179‌
Fox
Corp
-
A
Shares
1,485‌
49‌
iHeartMedia
Inc
(e)
18,582‌
261‌
Liberty
Global
PLC
-
A
Shares
(e)
1,413‌
35‌
News
Corp
-
A
Shares
9,563‌
225‌
Nexstar
Media
Group
Inc
224‌
31‌
Sirius
XM
Holdings
Inc
(c)
59,077‌
347‌
TEGNA
Inc
3,844‌
70‌
ViacomCBS
Inc
-
Class
B
398‌
26‌
Walt
Disney
Co/The
(c),(e)
1,238‌
234‌
Wolters
Kluwer
NV
1,062‌
84‌
$
2,077‌
Metal
Fabrication
&
Hardware
-
0.05%
Tenaris
SA
16,689‌
175‌
Troax
Group
AB
2,768‌
80‌
$
255‌
Mining
-
0.68%
BHP
Group
Ltd
14,663‌
554‌
Boliden
AB
7,282‌
288‌
Compass
Minerals
International
Inc
764‌
48‌
Ecobat
Holdings,
Inc
-
Class
B
(e),(g),(h)
2,998‌
1,739‌
Freeport-McMoRan
Inc
(c),(e)
1,550‌
53‌
Kirkland
Lake
Gold
Ltd
6,000‌
196‌
Livent
Corp
(e)
4,685‌
87‌
Newmont
Corp
(c)
2,469‌
135‌
Norsk
Hydro
ASA
58,771‌
325‌
Rio
Tinto
PLC
2,696‌
234‌
$
3,659‌
Miscellaneous
Manufacturers
-
0.39%
3M
Co
(c)
1,268‌
222‌
Alfa
Laval
AB
2,212‌
68‌
Alstom
SA
(e)
4,051‌
202‌
Carlisle
Cos
Inc
281‌
41‌
Diploma
PLC
2,845‌
92‌
Eaton
Corp
PLC
1‌
—‌
Hexpol
AB
3,974‌
43‌
Illinois
Tool
Works
Inc
(c)
3,045‌
616‌
ITT
Inc
519‌
43‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
(continued)
Knorr-Bremse
AG
2,673‌
$
340‌
Lydall
Inc
(e)
2,511‌
88‌
Parker-Hannifin
Corp
104‌
30‌
Sturm
Ruger
&
Co
Inc
812‌
55‌
Trane
Technologies
PLC
(c)
1,895‌
290‌
$
2,130‌
Office
&
Business
Equipment
-
0.03%
Canon
Inc
7,100‌
154‌
Office
Furnishings
-
0.01%
Knoll
Inc
3,622‌
59‌
Oil
&
Gas
-
0.57%
APA
Corp
(c)
44,244‌
873‌
Bellatrix
Exploration
Ltd
(e),(g),(h)
94,641‌
—‌
BP
PLC
35,367‌
145‌
California
Resources
Corp
(e)
3,331‌
88‌
Canadian
Natural
Resources
Ltd
2,644‌
72‌
Cenovus
Energy
Inc
6,200‌
46‌
Chevron
Corp
1,357‌
136‌
ConocoPhillips
900‌
47‌
Devon
Energy
Corp
1,335‌
29‌
Diamondback
Energy
Inc
539‌
37‌
Exxon
Mobil
Corp
(c)
3,469‌
189‌
Lundin
Energy
AB
14,300‌
464‌
Nabors
Industries
Ltd
902‌
100‌
Occidental
Petroleum
Corp
11,514‌
306‌
OMV
AG
1,691‌
81‌
Royal
Dutch
Shell
PLC
-
A
Shares
6,763‌
138‌
Santos
Ltd
45,651‌
253‌
Whiting
Petroleum
Corp
(e)
2,723‌
93‌
$
3,097‌
Oil
&
Gas
Services
-
0.23%
DMC
Global
Inc
1,230‌
78‌
Halliburton
Co
(c)
34,514‌
753‌
NOV
Inc
(c),(e)
17,628‌
266‌
Schlumberger
NV
(c)
4,783‌
134‌
$
1,231‌
Packaging
&
Containers
-
0.30%
Amcor
PLC
(c)
11,533‌
126‌
Ball
Corp
1,361‌
116‌
CCL
Industries
Inc
5,400‌
284‌
Packaging
Corp
of
America
91‌
12‌
Sealed
Air
Corp
(c)
23,380‌
980‌
Vidrala
SA
807‌
96‌
$
1,614‌
Pharmaceuticals
-
1.21%
AbbVie
Inc
(c)
2,766‌
298‌
AmerisourceBergen
Corp
(c)
1,785‌
181‌
AstraZeneca
PLC
ADR
998‌
48‌
AstraZeneca
PLC
1,423‌
138‌
Becton
Dickinson
and
Co
(c)
1,377‌
332‌
BioGaia
AB
1,238‌
62‌
Bristol-Myers
Squibb
Co
(c)
1,699‌
104‌
Cardinal
Health
Inc
1,013‌
52‌
Chugai
Pharmaceutical
Co
Ltd
9,100‌
409‌
Cigna
Corp
(c)
201‌
42‌
CVS
Health
Corp
(c)
5,664‌
386‌
DexCom
Inc
(e)
490‌
195‌
Elanco
Animal
Health
Inc
(e)
2,162‌
71‌
Eli
Lilly
and
Co
(c)
443‌
91‌
Ipsen
SA
475‌
40‌
Jazz
Pharmaceuticals
PLC
(c),(e)
1,724‌
290‌
Johnson
&
Johnson
(c)
7,842‌
1,243‌
Kura
Oncology
Inc
(e)
1,397‌
39‌
McKesson
Corp
(c)
2,287‌
388‌
Merck
&
Co
Inc
(c)
6,091‌
442‌
Myovant
Sciences
Ltd
(e)
2,055‌
46‌
Nippon
Shinyaku
Co
Ltd
800‌
55‌
Novartis
AG
2,163‌
186‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
82
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Novo
Nordisk
A/S
4,239‌
$
302‌
Odonate
Therapeutics
Inc
(e)
1,884‌
40‌
Orion
Oyj
1,031‌
42‌
Pfizer
Inc
(c)
18,365‌
615‌
Premier
Inc
1,521‌
51‌
Sarepta
Therapeutics
Inc
(c),(e)
333‌
29‌
Takeda
Pharmaceutical
Co
Ltd
4,100‌
138‌
Viatris
Inc
(c),(e)
11,301‌
168‌
Zoetis
Inc
224‌
35‌
$
6,558‌
Pipelines
-
0.06%
Enterprise
Products
Partners
LP
992‌
21‌
Kinder
Morgan
Inc
(c)
9,344‌
138‌
Southcross
Holdings
(e),(g),(h)
615,976‌
6‌
Williams
Cos
Inc/The
(c)
6,973‌
159‌
$
324‌
Private
Equity
-
0.39%
Blackstone
Group
Inc/The
1,034‌
72‌
Brookfield
Asset
Management
Inc
42,235‌
1,704‌
Brookfield
Asset
Management
Inc
2,300‌
93‌
Intermediate
Capital
Group
PLC
4,927‌
119‌
Partners
Group
Holding
AG
112‌
134‌
$
2,122‌
Real
Estate
-
0.17%
Catena
AB
1,944‌
88‌
CBRE
Group
Inc
(c),(e)
233‌
18‌
CK
Asset
Holdings
Ltd
28,500‌
168‌
Daito
Trust
Construction
Co
Ltd
2,800‌
312‌
Kojamo
Oyj
3,114‌
60‌
Marcus
&
Millichap
Inc
(e)
1,731‌
66‌
REA
Group
Ltd
1,460‌
154‌
Shurgard
Self
Storage
SA
1,363‌
65‌
WE
Company
Common
Class
A
(e),(g),(h),(i)
356‌
1‌
$
932‌
REITs
-
0.88%
Acadia
Realty
Trust
4,100‌
78‌
Alexandria
Real
Estate
Equities
Inc
(c)
1,238‌
198‌
American
Tower
Corp
1,705‌
369‌
Americold
Realty
Trust
1,955‌
68‌
Annaly
Capital
Management
Inc
(c)
5,609‌
47‌
AvalonBay
Communities
Inc
2‌
—‌
Big
Yellow
Group
PLC
3,593‌
57‌
Camden
Property
Trust
411‌
43‌
Crown
Castle
International
Corp
(c)
533‌
83‌
Digital
Realty
Trust
Inc
309‌
42‌
Duke
Realty
Corp
363‌
14‌
Equinix
Inc
56‌
36‌
Essential
Properties
Realty
Trust
Inc
2,392‌
55‌
Hibernia
REIT
plc
61,548‌
83‌
Japan
Metropolitan
Fund
Invest
114‌
114‌
Kimco
Realty
Corp
(c)
5,014‌
92‌
Klepierre
SA
2,324‌
55‌
Lamar
Advertising
Co
9,751‌
844‌
Mid-America
Apartment
Communities
Inc
(c)
391‌
53‌
Pebblebrook
Hotel
Trust
3,135‌
71‌
Prologis
Inc
(c)
53‌
5‌
Public
Storage
1,009‌
236‌
SBA
Communications
Corp
(c)
95‌
24‌
Stockland
39,912‌
128‌
UNITE
Group
PLC/The
(e)
3,243‌
44‌
Ventas
Inc
(c)
14,144‌
748‌
VICI
Properties
Inc
2,783‌
79‌
Weyerhaeuser
Co
(c)
31,306‌
1,060‌
Xenia
Hotels
&
Resorts
Inc
2,253‌
45‌
$
4,771‌
Retail
-
3.17%
Advance
Auto
Parts
Inc
(c)
4,264‌
684‌
AutoZone
Inc
(c),(e)
159‌
185‌
Best
Buy
Co
Inc
(c)
1,741‌
175‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
CarMax
Inc
(e)
1,994‌
$
238‌
Children's
Place
Inc/The
(e)
984‌
68‌
Chipotle
Mexican
Grill
Inc
(e)
73‌
105‌
Cosmos
Pharmaceutical
Corp
1,000‌
143‌
Costco
Wholesale
Corp
(c)
804‌
266‌
Darden
Restaurants
Inc
(c)
9,551‌
1,312‌
Dollar
General
Corp
(c)
1,492‌
282‌
Dollar
Tree
Inc
(c),(e)
4,021‌
395‌
Five
Below
Inc
(e)
267‌
50‌
Floor
&
Decor
Holdings
Inc
(e)
748‌
71‌
Foot
Locker
Inc
17,167‌
826‌
Gap
Inc/The
(c)
42,702‌
1,065‌
Genuine
Parts
Co
(c)
2,122‌
224‌
H
&
M
Hennes
&
Mauritz
AB
(e)
8,278‌
195‌
Home
Depot
Inc/The
(c)
3,043‌
786‌
Industria
de
Diseno
Textil
SA
14,860‌
490‌
Jand
Inc
(e),(g),(h),(i)
1,693‌
39‌
JD
Sports
Fashion
PLC
(e)
24,675‌
287‌
Kingfisher
PLC
(e)
19,903‌
74‌
L
Brands
Inc
(c),(e)
20,185‌
1,103‌
Lawson
Inc
1,600‌
75‌
Lowe's
Cos
Inc
(c)
3,191‌
510‌
Lululemon
Athletica
Inc
(e)
557‌
174‌
McDonald's
Corp
(c)
8,536‌
1,759‌
McDonald's
Holdings
Co
Japan
Ltd
1,100‌
55‌
Michaels
Cos
Inc/The
(e)
4,007‌
60‌
Moncler
SpA
906‌
56‌
Movado
Group
Inc
3,074‌
70‌
Next
PLC
(e)
2,615‌
277‌
Ollie's
Bargain
Outlet
Holdings
Inc
(e)
964‌
80‌
O'Reilly
Automotive
Inc
(c),(e)
888‌
397‌
Pandora
A/S
2,485‌
241‌
Ross
Stores
Inc
2,113‌
246‌
Starbucks
Corp
1,700‌
183‌
Sundrug
Co
Ltd
6,200‌
233‌
Target
Corp
(c)
2,345‌
430‌
TJX
Cos
Inc/The
6,032‌
398‌
Tractor
Supply
Co
(c)
458‌
73‌
Ulta
Beauty
Inc
(c),(e)
3,180‌
1,025‌
USS
Co
Ltd
11,200‌
214‌
Walgreens
Boots
Alliance
Inc
(c)
471‌
23‌
Walmart
Inc
(c)
5,499‌
714‌
Wesfarmers
Ltd
5,219‌
198‌
WH
Smith
PLC
(e)
3,516‌
94‌
Yum!
Brands
Inc
(c)
4,967‌
514‌
$
17,162‌
Savings
&
Loans
-
0.05%
OceanFirst
Financial
Corp
2,167‌
47‌
Pacific
Premier
Bancorp
Inc
1,832‌
74‌
Sterling
Bancorp/DE
3,618‌
79‌
WSFS
Financial
Corp
989‌
52‌
$
252‌
Semiconductors
-
1.68%
ACM
Research
Inc
(e)
615‌
60‌
Advanced
Micro
Devices
Inc
(c),(e)
6,055‌
512‌
Advantest
Corp
1,500‌
124‌
Applied
Materials
Inc
(c)
7,219‌
853‌
ASML
Holding
NV
1,018‌
577‌
BE
Semiconductor
Industries
NV
1,406‌
106‌
Broadcom
Inc
(c)
870‌
409‌
Infineon
Technologies
AG
2,997‌
130‌
Intel
Corp
(c)
13,970‌
850‌
KLA
Corp
(c)
735‌
229‌
Kulicke
&
Soffa
Industries
Inc
2,055‌
102‌
Lam
Research
Corp
(c)
779‌
441‌
Marvell
Technology
Group
Ltd
2,504‌
121‌
Maxim
Integrated
Products
Inc
(c)
3,246‌
302‌
Microchip
Technology
Inc
(c)
1,387‌
212‌
Micron
Technology
Inc
(c),(e)
1,891‌
173‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
83
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
MKS
Instruments
Inc
879‌
$
145‌
Monolithic
Power
Systems
Inc
194‌
73‌
NVIDIA
Corp
(c)
703‌
385‌
NXP
Semiconductors
NV
134‌
24‌
Qorvo
Inc
(c),(e)
2,404‌
420‌
QUALCOMM
Inc
(c)
5,784‌
789‌
Rambus
Inc
(e)
3,223‌
68‌
Rohm
Co
Ltd
400‌
40‌
Samsung
Electronics
Co
Ltd
644‌
47‌
Silicon
Motion
Technology
Corp
ADR
1,201‌
71‌
Skyworks
Solutions
Inc
1,317‌
234‌
SOITEC
(e)
556‌
117‌
STMicroelectronics
NV
9,549‌
371‌
Teradyne
Inc
(c)
1,955‌
251‌
Texas
Instruments
Inc
(c)
3,663‌
631‌
Tower
Semiconductor
Ltd
(e)
7,916‌
233‌
$
9,100‌
Shipbuilding
-
0.00%
Huntington
Ingalls
Industries
Inc
10‌
2‌
Software
-
2.36%
Activision
Blizzard
Inc
(c)
2,268‌
216‌
Adobe
Inc
(c),(e)
707‌
325‌
Agilysys
Inc
(e)
1,650‌
98‌
ANSYS
Inc
(c),(e)
76‌
26‌
Autodesk
Inc
(c),(e)
1,075‌
297‌
Bandwidth
Inc
(e)
316‌
50‌
Black
Knight
Inc
(e)
1,407‌
108‌
Box
Inc
(e)
3,909‌
72‌
Broadridge
Financial
Solutions
Inc
1,459‌
208‌
Cadence
Design
Systems
Inc
(c),(e)
239‌
34‌
Cardlytics
Inc
(e)
884‌
117‌
Cerner
Corp
(c)
4,820‌
333‌
Citrix
Systems
Inc
(c)
1,421‌
190‌
Cloudera
Inc
(e)
7,219‌
116‌
Constellation
Software
Inc/Canada
216‌
280‌
CSG
Systems
International
Inc
1,230‌
57‌
Digital
Turbine
Inc
(e)
715‌
59‌
DocuSign
Inc
(e)
1,971‌
447‌
Dropbox
Inc
-
A
Shares
(c),(e)
8,147‌
184‌
Dynatrace
Inc
(e)
1,990‌
99‌
Electronic
Arts
Inc
(c)
1,121‌
150‌
Envestnet
Inc
(e)
775‌
50‌
Fair
Isaac
Corp
(c),(e)
1,191‌
545‌
Fiserv
Inc
(c),(e)
518‌
60‌
Guidewire
Software
Inc
(e)
735‌
81‌
Health
Catalyst
Inc
(e)
1,036‌
50‌
Intuit
Inc
(c)
304‌
119‌
J2
Global
Inc
(e)
921‌
102‌
Konami
Holdings
Corp
3,000‌
194‌
Manhattan
Associates
Inc
(e)
751‌
92‌
Microsoft
Corp
(c)
12,831‌
2,981‌
MINDBODY
Inc
(e),(g),(h)
9,229‌
337‌
NextGen
Healthcare
Inc
(e)
2,973‌
55‌
Oak
Street
Health
Inc
(e)
2,787‌
148‌
Oracle
Corp
(c)
8,948‌
577‌
Oracle
Corp
Japan
1,100‌
112‌
PagerDuty
Inc
(e)
456‌
20‌
Paychex
Inc
(c)
425‌
39‌
Paycom
Software
Inc
(e)
252‌
94‌
Porch
Group,
Inc.
(e),(h),(i)
2,545‌
46‌
PROS
Holdings
Inc
(e)
1,646‌
78‌
RingCentral
Inc
(e)
201‌
76‌
salesforce.com
Inc
(c),(e)
1,629‌
353‌
Sea
Ltd
ADR
(e)
5,273‌
1,243‌
ServiceNow
Inc
(c),(e)
490‌
262‌
SimCorp
A/S
437‌
53‌
Splunk
Inc
(e)
905‌
129‌
Square
Enix
Holdings
Co
Ltd
1,800‌
102‌
Synopsys
Inc
(c),(e)
158‌
39‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Take-Two
Interactive
Software
Inc
(c),(e)
1,277‌
$
235‌
Topicus.com
Inc
(e)
535‌
28‌
Verra
Mobility
Corp
(e)
3,071‌
44‌
VMware
Inc
(e)
456‌
63‌
WiseTech
Global
Ltd
4,748‌
99‌
Workday
Inc
(c),(e)
2,365‌
580‌
Xero
Ltd
(e)
624‌
57‌
Xperi
Holding
Corp
2,924‌
62‌
Zoom
Video
Communications
Inc
(c),(e)
241‌
90‌
$
12,761‌
Telecommunications
-
0.65%
AT&T
Inc
(c)
16,134‌
450‌
Cisco
Systems
Inc/Delaware
(c)
15,359‌
689‌
Corning
Inc
2,570‌
98‌
Deutsche
Telekom
AG
5,113‌
93‌
Harmonic
Inc
(e)
8,727‌
68‌
Hellenic
Telecommunications
Organization
SA
5,915‌
91‌
HMS
Networks
AB
1,212‌
43‌
InterDigital
Inc
947‌
60‌
Juniper
Networks
Inc
(c)
10,146‌
236‌
Koninklijke
KPN
NV
82,804‌
271‌
Lumen
Technologies
Inc
(c)
1,589‌
20‌
Motorola
Solutions
Inc
(c)
2,006‌
352‌
Plantronics
Inc
(e)
1,528‌
62‌
Telefonaktiebolaget
LM
Ericsson
7,693‌
96‌
T-Mobile
US
Inc
(c),(e)
4,268‌
512‌
Ubiquiti
Inc
82‌
26‌
Verizon
Communications
Inc
(c)
6,638‌
368‌
$
3,535‌
Textiles
-
0.10%
Mohawk
Industries
Inc
(c),(e)
3,161‌
553‌
Toys,
Games
&
Hobbies
-
0.07%
Games
Workshop
Group
PLC
734‌
98‌
Hasbro
Inc
(c)
1,106‌
104‌
Nintendo
Co
Ltd
300‌
183‌
$
385‌
Transportation
-
0.83%
Canadian
National
Railway
Co
3,010‌
329‌
CSX
Corp
(c)
6,085‌
557‌
Expeditors
International
of
Washington
Inc
(c)
7,302‌
671‌
FedEx
Corp
(c)
1,125‌
286‌
Hub
Group
Inc
(e)
1,078‌
62‌
JB
Hunt
Transport
Services
Inc
(c)
701‌
103‌
Kirby
Corp
(e)
1,238‌
77‌
Kuehne
+
Nagel
International
AG
332‌
79‌
Norfolk
Southern
Corp
122‌
31‌
Old
Dominion
Freight
Line
Inc
(c)
603‌
129‌
Ryder
System
Inc
437‌
30‌
Union
Pacific
Corp
(c)
9,349‌
1,925‌
United
Parcel
Service
Inc
(c)
1,457‌
230‌
$
4,509‌
Water
-
0.04%
Severn
Trent
PLC
1,544‌
47‌
Veolia
Environnement
SA
5,282‌
142‌
$
189‌
TOTAL
COMMON
STOCKS
$
220,619‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.67%
Shares
Held
Value
(000's)
Agriculture
-
0.10%
Bunge
Ltd
4.88%
(j)
4,608‌
$
522‌
Banks
-
0.08%
Bank
of
America
Corp
7.25%
(j)
150‌
209‌
Wells
Fargo
&
Co
7.50%
(j)
151‌
209‌
$
418‌
Diversified
Financial
Services
-
0.03%
4L
Technologies
-
Rights
0.00%
(e),(g),(h)
869‌
174‌
Electric
-
0.02%
NextEra
Energy
Inc
5.28%,
03/01/2023
1,803‌
88‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
84
CONVERTIBLE
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
0.04%
Boston
Scientific
Corp
5.50%,
06/01/2023
1,920‌
$
212‌
Pipelines
-
0.38%
El
Paso
Energy
Capital
Trust
I
4.75%,
03/31/2028
452‌
23‌
Southcross
Energy
Series
A
0.00%
(e),(g),(h)
2,399,339‌
1,128‌
Southcross
Energy
Series
B
0.00%
(e),(g),(h)
644,694‌
902‌
$
2,053‌
Real
Estate
-
0.01%
WE
Company
Preferred
D-1
0.00%
(e),(g),(h),(i)
4,867‌
31‌
WE
Company
Preferred
D-2
0.00%
(e),(g),(h),(i)
3,824‌
24‌
$
55‌
Retail
-
0.01%
Jand
Inc
0.00%
(e),(g),(h),(i)
3,781‌
88‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
3,610‌
PREFERRED
STOCKS
-
0.15%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0.01%
Volkswagen
AG
4.86%
335‌
$
70‌
Chemicals
-
0.02%
FUCHS
PETROLUB
SE
0.97%
2,402‌
132‌
Internet
-
0.00%
Veracode
Inc
-
Escrow
0.00%
(e),(g),(h),(i)
6,031‌
—‌
Private
Equity
-
0.12%
Forward
Venture
Services
LLC
0.00%
(e),(g),(h),(i)
32,815‌
632‌
Software
-
0.00%
Marklogic
-
Escrow
0.00%
(e),(g),(h),(i)
14,832‌
3‌
TOTAL
PREFERRED
STOCKS
$
837‌
BONDS
-
34.53%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.05%
Lamar
Media
Corp
3.75%,
02/15/2028
$
50‌
$
50‌
4.00%,
02/15/2030
100‌
102‌
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.63%,
03/15/2030
(f)
120‌
119‌
$
271‌
Aerospace
&
Defense
-
0.71%
Boeing
Co/The
2.20%,
02/04/2026
440‌
440‌
2.95%,
02/01/2030
85‌
86‌
3.25%,
02/01/2035
45‌
44‌
3.38%,
06/15/2046
250‌
225‌
3.50%,
03/01/2039
65‌
63‌
3.55%,
03/01/2038
30‌
29‌
3.63%,
03/01/2048
155‌
145‌
3.65%,
03/01/2047
50‌
47‌
3.75%,
02/01/2050
205‌
198‌
3.83%,
03/01/2059
25‌
24‌
3.85%,
11/01/2048
50‌
50‌
3.90%,
05/01/2049
100‌
98‌
3.95%,
08/01/2059
60‌
58‌
5.15%,
05/01/2030
380‌
441‌
5.81%,
05/01/2050
410‌
523‌
5.93%,
05/01/2060
110‌
143‌
Leonardo
US
Holdings
Inc
6.25%,
01/15/2040
(f)
541‌
628‌
Spirit
AeroSystems
Inc
4.60%,
06/15/2028
35‌
34‌
7.50%,
04/15/2025
(f)
310‌
328‌
TransDigm
Inc
4.63%,
01/15/2029
(f)
230‌
226‌
$
3,830‌
Agriculture
-
0.13%
JBS
Investments
II
GmbH
7.00%,
01/15/2026
(f)
650‌
689‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
-
0.16%
United
Airlines
2019-2
Class
B
Pass
Through
Trust
3.50%,
11/01/2029
$
884‌
$
847‌
United
Airlines
2020-1
Class
B
Pass
Through
Trust
4.88%,
07/15/2027
20‌
21‌
$
868‌
Automobile
Asset
Backed
Securities
-
0.46%
Avid
Automobile
Receivables
Trust
2019-1
3.14%,
07/15/2026
(f)
150‌
154‌
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2.96%,
02/20/2027
(f)
100‌
106‌
CarMax
Auto
Owner
Trust
2018-1
3.37%,
07/15/2024
25‌
26‌
Chesapeake
Funding
II
LLC
3.57%,
04/15/2030
(f)
175‌
178‌
3.92%,
04/15/2030
(f)
455‌
462‌
Exeter
Automobile
Receivables
Trust
2020-2
4.73%,
04/15/2026
(f)
140‌
151‌
First
Investors
Auto
Owner
Trust
2019-2
2.80%,
12/15/2025
(f)
75‌
77‌
3.88%,
01/15/2026
(f)
175‌
181‌
GLS
Auto
Receivables
Issuer
Trust
2020-4
1.64%,
10/15/2026
(f)
455‌
460‌
Prestige
Auto
Receivables
Trust
2019-1
3.90%,
05/15/2026
(f)
145‌
150‌
Santander
Drive
Auto
Receivables
Trust
2020-1
5.35%,
03/15/2028
385‌
426‌
Tidewater
Auto
Receivables
Trust
2018-A
4.30%,
11/15/2024
(f)
100‌
102‌
$
2,473‌
Automobile
Manufacturers
-
0.27%
General
Motors
Co
5.40%,
04/01/2048
260‌
315‌
5.95%,
04/01/2049
730‌
943‌
General
Motors
Financial
Co
Inc
5.70%,
09/30/2030
(j),(k)
35‌
39‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%
5.75%,
09/30/2027
(j),(k)
100‌
105‌
3
Month
USD
LIBOR
+
3.60%
6.50%,
09/30/2028
(j),(k)
75‌
82‌
3
Month
USD
LIBOR
+
3.44%
$
1,484‌
Banks
-
0.60%
Banco
Hipotecario
SA
38.12%,
11/07/2022
(f)
ARS
10,245‌
119‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
4.00%
Banco
Macro
SA
17.50%,
05/08/2022
(f)
5,115‌
48‌
Banco
Santander
SA
2.75%,
12/03/2030
$
200‌
197‌
Barclays
PLC
3.56%,
09/23/2035
(k)
495‌
505‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
Deutsche
Bank
AG/New
York
NY
3.55%,
09/18/2031
(k)
150‌
158‌
United
States
Secured
Overnight
Financing
Rate
+
3.04%
International
Bank
of
Azerbaijan
OJSC
3.50%,
09/01/2024
1,150‌
1,127‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
85
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Standard
Chartered
PLC
3.27%,
02/18/2036
(f),(k)
$
375‌
$
369‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.30%
4.64%,
04/01/2031
(f),(k)
295‌
342‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.85%
UniCredit
SpA
2.57%,
09/22/2026
(f),(k)
350‌
353‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
$
3,218‌
Beverages
-
0.04%
Fomento
Economico
Mexicano
SAB
de
CV
3.50%,
01/16/2050
206‌
210‌
Building
Materials
-
0.24%
Cemex
SAB
de
CV
3.88%,
07/11/2031
(f)
200‌
199‌
5.20%,
09/17/2030
(f)
1,025‌
1,113‌
$
1,312‌
Chemicals
-
0.20%
Braskem
Netherlands
Finance
BV
4.50%,
01/31/2030
(f)
200‌
203‌
MEGlobal
Canada
ULC
5.00%,
05/18/2025
800‌
888‌
$
1,091‌
Commercial
Mortgage
Backed
Securities
-
3.59%
Citigroup
Commercial
Mortgage
Trust
2019-C7
2.75%,
12/15/2072
(f)
1,125‌
980‌
COMM
2012-LC4
Mortgage
Trust
5.53%,
12/10/2044
(l)
10‌
9‌
COMM
2015-CCRE27
Mortgage
Trust
3.25%,
10/10/2048
(f)
2,800‌
2,002‌
COMM
2015-LC21
Mortgage
Trust
1.08%,
07/10/2048
(f),(l),(m)
10,000‌
446‌
1.08%,
07/10/2048
(f),(l),(m)
3,125‌
130‌
COMM
2016-CR28
Mortgage
Trust
3.25%,
02/10/2049
(f)
850‌
503‌
Credit
Suisse
Commercial
Mortgage
Securities
Corp
2019-SLKZ
3.71%,
01/15/2034
(f)
155‌
152‌
1.00
x
1
Month
USD
LIBOR
+
3.60%
Csail
2015-C2
Commercial
Mortgage
Trust
4.19%,
06/15/2057
(l)
960‌
922‌
4.19%,
06/15/2057
(l)
2,184‌
1,772‌
CSMC
2014-USA
OA
LLC
4.37%,
09/15/2037
(f)
1,055‌
876‌
GS
Mortgage
Securities
Corp
II
4.41%,
07/10/2051
(f),(l)
635‌
337‌
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C29
3.70%,
05/15/2048
(l)
2,735‌
2,166‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C25
4.52%,
10/15/2048
(f),(l)
350‌
250‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2017-C34
0.88%,
11/15/2052
(f),(l),(m)
3,150‌
163‌
Morgan
Stanley
Capital
I
Trust
2011-C2
5.40%,
06/15/2044
(f),(l)
475‌
395‌
5.40%,
06/15/2044
(f),(l)
160‌
103‌
Motel
6
Trust
2017-M6MZ
7.04%,
08/15/2024
(f)
559‌
538‌
1.00
x
1
Month
USD
LIBOR
+
6.93%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Starwood
Retail
Property
Trust
2014-STAR
2.86%,
11/15/2027
(f),(g),(h)
$
170‌
$
109‌
1.00
x
1
Month
USD
LIBOR
+
2.75%
4.51%,
11/15/2027
(f),(g),(h)
645‌
173‌
1.00
x
1
Month
USD
LIBOR
+
4.40%
Wells
Fargo
Commercial
Mortgage
Trust
2015-C26
3.25%,
02/15/2048
(f)
1,981‌
1,283‌
Wells
Fargo
Commercial
Mortgage
Trust
2015-LC22
3.36%,
09/15/2058
(f)
260‌
176‌
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS1
2.88%,
05/15/2048
(f),(l)
1,485‌
1,088‌
Wells
Fargo
Commercial
Mortgage
Trust
2016-C36
4.18%,
11/15/2059
(l)
100‌
86‌
Wells
Fargo
Commercial
Mortgage
Trust
2016-NXS6
2.00%,
11/15/2049
(f),(l),(m)
7,575‌
676‌
WFRBS
Commercial
Mortgage
Trust
2011-C3
5.57%,
03/15/2044
(f),(l)
430‌
221‌
WFRBS
Commercial
Mortgage
Trust
2011-C4
5.19%,
06/15/2044
(f),(l)
845‌
753‌
WFRBS
Commercial
Mortgage
Trust
2012-C6
5.58%,
04/15/2045
(f),(l)
500‌
508‌
WFRBS
Commercial
Mortgage
Trust
2012-C7
4.80%,
06/15/2045
(l)
80‌
63‌
4.80%,
06/15/2045
(f),(l)
225‌
39‌
WFRBS
Commercial
Mortgage
Trust
2014-C20
3.99%,
05/15/2047
(f)
267‌
126‌
WFRBS
Commercial
Mortgage
Trust
2014-C21
3.50%,
08/15/2047
(f)
2,885‌
2,359‌
$
19,404‌
Commercial
Services
-
0.16%
Adani
Ports
&
Special
Economic
Zone
Ltd
4.20%,
08/04/2027
(f)
650‌
698‌
Sabre
GLBL
Inc
9.25%,
04/15/2025
(f)
30‌
36‌
TriNet
Group
Inc
3.50%,
03/01/2029
(f)
155‌
154‌
$
888‌
Cosmetics
&
Personal
Care
-
0.02%
Edgewell
Personal
Care
Co
0.00%,
04/01/2029
(e),(n)
111‌
111‌
Diversified
Financial
Services
-
0.87%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.65%,
07/21/2027
150‌
159‌
3.88%,
01/23/2028
150‌
161‌
6.50%,
07/15/2025
150‌
175‌
Air
Lease
Corp
3.13%,
12/01/2030
535‌
534‌
4.65%,
06/15/2026
(j),(k),(n)
170‌
166‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Aircastle
Ltd
4.25%,
06/15/2026
425‌
450‌
Aviation
Capital
Group
LLC
1.95%,
01/30/2026
(f)
45‌
44‌
5.50%,
12/15/2024
(f)
175‌
197‌
Navient
Corp
5.00%,
03/15/2027
255‌
250‌
6.13%,
03/25/2024
5‌
5‌
7.25%,
09/25/2023
50‌
54‌
OneMain
Finance
Corp
7.13%,
03/15/2026
90‌
104‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
86
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
PHH
Mortgage
Corp
0.00%,
03/15/2026
(e),(f),(n)
$
28‌
$
28‌
Power
Finance
Corp
Ltd
3.95%,
04/23/2030
300‌
314‌
5.25%,
08/10/2028
1,140‌
1,274‌
Quicken
Loans
LLC
5.25%,
01/15/2028
(f)
85‌
90‌
Quicken
Loans
LLC
/
Quicken
Loans
Co-Issuer
Inc
3.63%,
03/01/2029
(f)
250‌
247‌
3.88%,
03/01/2031
(f)
445‌
442‌
$
4,694‌
Electric
-
0.38%
Adani
Electricity
Mumbai
Ltd
3.95%,
02/12/2030
(f)
725‌
745‌
AES
Corp/The
3.95%,
07/15/2030
(f)
115‌
126‌
Calpine
Corp
3.75%,
03/01/2031
(f)
135‌
130‌
5.13%,
03/15/2028
(f)
125‌
126‌
GenOn
Energy
Inc
-
Escrow
0.00%,
10/15/2018
(e),(g),(h)
6,993‌
—‌
0.00%,
10/15/2020
(e),(g),(h)
6,143‌
—‌
India
Green
Power
Holdings
4.00%,
02/22/2027
(f)
300‌
302‌
NRG
Energy
Inc
4.45%,
06/15/2029
(f)
130‌
144‌
5.25%,
06/15/2029
(f)
60‌
63‌
Pacific
Gas
and
Electric
Co
3.50%,
08/01/2050
210‌
188‌
4.30%,
03/15/2045
220‌
222‌
4.95%,
07/01/2050
25‌
27‌
$
2,073‌
Electronics
-
0.20%
Brightstar
Escrow
Corp
9.75%,
10/15/2025
(f)
1,000‌
1,063‌
Engineering
&
Construction
-
0.09%
GMR
Hyderabad
International
Airport
Ltd
4.75%,
02/02/2026
(f)
200‌
200‌
5.38%,
04/10/2024
270‌
278‌
$
478‌
Entertainment
-
0.01%
Scientific
Games
International
Inc
7.00%,
05/15/2028
(f)
25‌
26‌
Food
-
0.24%
Kraft
Heinz
Foods
Co
4.88%,
10/01/2049
570‌
665‌
5.20%,
07/15/2045
175‌
210‌
MARB
BondCo
PLC
3.95%,
01/29/2031
(f)
230‌
223‌
Post
Holdings
Inc
5.75%,
03/01/2027
(f)
125‌
131‌
Smithfield
Foods
Inc
3.00%,
10/15/2030
(f)
45‌
46‌
$
1,275‌
Forest
Products
&
Paper
-
0.03%
Suzano
Austria
GmbH
3.75%,
01/15/2031
170‌
180‌
Healthcare
-
Services
-
0.34%
Catalent
Pharma
Solutions
Inc
3.13%,
02/15/2029
(f)
50‌
49‌
Centene
Corp
2.50%,
03/01/2031
245‌
238‌
Hadrian
Merger
Sub
Inc
8.50%,
05/01/2026
(f)
971‌
1,010‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
HCA
Inc
3.50%,
09/01/2030
$
185‌
$
191‌
Tenet
Healthcare
Corp
4.63%,
06/15/2028
(f)
5‌
5‌
5.13%,
05/01/2025
255‌
258‌
6.13%,
10/01/2028
(f)
65‌
68‌
$
1,819‌
Insurance
-
0.06%
Athene
Holding
Ltd
3.50%,
01/15/2031
165‌
171‌
Global
Atlantic
Fin
Co
4.40%,
10/15/2029
(f)
130‌
141‌
$
312‌
Internet
-
0.57%
Expedia
Group
Inc
2.95%,
03/15/2031
(f),(n)
55‌
54‌
3.25%,
02/15/2030
670‌
683‌
3.80%,
02/15/2028
55‌
59‌
4.63%,
08/01/2027
(f)
165‌
184‌
6.25%,
05/01/2025
(f)
325‌
380‌
Go
Daddy
Operating
Co
LLC
/
GD
Finance
Co
Inc
3.50%,
03/01/2029
(f)
165‌
164‌
Netflix
Inc
4.88%,
06/15/2030
(f)
135‌
155‌
5.38%,
11/15/2029
(f)
15‌
18‌
5.88%,
11/15/2028
100‌
120‌
6.38%,
05/15/2029
120‌
149‌
Prosus
NV
3.83%,
02/08/2051
(f)
300‌
269‌
Uber
Technologies
Inc
6.25%,
01/15/2028
(f)
45‌
48‌
7.50%,
09/15/2027
(f)
715‌
781‌
8.00%,
11/01/2026
(f)
40‌
43‌
$
3,107‌
Investment
Companies
-
0.28%
FS
KKR
Capital
Corp
3.40%,
01/15/2026
535‌
534‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5.25%,
05/15/2027
235‌
247‌
6.25%,
05/15/2026
305‌
320‌
Owl
Rock
Capital
Corp
3.40%,
07/15/2026
425‌
437‌
$
1,538‌
Iron
&
Steel
-
0.44%
ABJA
Investment
Co
Pte
Ltd
5.45%,
01/24/2028
210‌
224‌
CSN
Inova
Ventures
6.75%,
01/28/2028
(f)
700‌
756‌
6.75%,
01/28/2028
200‌
216‌
CSN
Islands
XII
Corp
7.00%,
06/23/2021
(j)
625‌
629‌
Metinvest
BV
7.65%,
10/01/2027
(f)
250‌
274‌
8.50%,
04/23/2026
200‌
227‌
United
States
Steel
Corp
6.88%,
03/01/2029
56‌
55‌
$
2,381‌
Leisure
Products
&
Services
-
0.53%
Carnival
Corp
5.75%,
03/01/2027
(f)
601‌
610‌
Constellation
Merger
Sub
Inc
8.50%,
09/15/2025
(f)
2,449‌
2,278‌
$
2,888‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
87
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
-
0.10%
Hilton
Domestic
Operating
Co
Inc
3.63%,
02/15/2032
(f)
$
120‌
$
118‌
Hyatt
Hotels
Corp
5.38%,
04/23/2025
45‌
51‌
5.75%,
04/23/2030
80‌
95‌
Marriott
International
Inc/MD
4.63%,
06/15/2030
85‌
96‌
Travel
+
Leisure
Co
4.63%,
03/01/2030
(f)
35‌
36‌
6.00%,
04/01/2027
10‌
11‌
6.63%,
07/31/2026
(f)
100‌
113‌
$
520‌
Media
-
1.14%
AMC
Networks
Inc
4.25%,
02/15/2029
85‌
83‌
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.25%,
02/01/2031
(f)
675‌
683‌
4.50%,
05/01/2032
(f)
20‌
21‌
Cengage
Learning
Inc
9.50%,
06/15/2024
(f)
1,161‌
1,152‌
Clear
Channel
Worldwide
Holdings
Inc
5.13%,
08/15/2027
(f)
295‌
300‌
CSC
Holdings
LLC
6.50%,
02/01/2029
(f)
200‌
221‌
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co
5.38%,
08/15/2026
(f)
323‌
228‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(f)
320‌
327‌
8.38%,
05/01/2027
285‌
302‌
NBCUniversal
Enterprise
Inc
5.25%,
03/19/2024
(f),(j)
1,205‌
1,217‌
Townsquare
Media
Inc
6.88%,
02/01/2026
(f)
1,132‌
1,184‌
Virgin
Media
Finance
PLC
5.00%,
07/15/2030
(f)
200‌
204‌
Ziggo
BV
4.88%,
01/15/2030
(f)
215‌
224‌
$
6,146‌
Metal
Fabrication
&
Hardware
-
0.29%
HTA
Group
Ltd/Mauritius
7.00%,
12/18/2025
(f)
1,490‌
1,591‌
Mining
-
0.26%
Coeur
Mining
Inc
5.13%,
02/15/2029
(f),(n)
111‌
108‌
First
Quantum
Minerals
Ltd
6.88%,
03/01/2026
(f)
405‌
423‌
7.50%,
04/01/2025
(f)
200‌
206‌
Freeport-McMoRan
Inc
4.13%,
03/01/2028
140‌
147‌
4.25%,
03/01/2030
105‌
114‌
4.63%,
08/01/2030
35‌
39‌
5.40%,
11/14/2034
160‌
198‌
5.45%,
03/15/2043
55‌
68‌
Novelis
Corp
4.75%,
01/30/2030
(f)
70‌
73‌
Volcan
Cia
Minera
SAA
4.38%,
02/11/2026
(f)
30‌
31‌
$
1,407‌
Miscellaneous
Manufacturers
-
0.22%
FXI
Holdings
Inc
7.88%,
11/01/2024
(f),(o)
1,162‌
1,179‌
Mortgage
Backed
Securities
-
2.54%
Alternative
Loan
Trust
2003-22CB
5.75%,
12/25/2033
79‌
83‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Alternative
Loan
Trust
2004-16CB
5.50%,
07/25/2034
$
54‌
$
55‌
5.50%,
08/25/2034
61‌
62‌
Alternative
Loan
Trust
2004-J10
6.00%,
09/25/2034
135‌
141‌
Alternative
Loan
Trust
2005-J1
5.50%,
02/25/2025
52‌
53‌
Banc
of
America
Alternative
Loan
Trust
2003-8
5.50%,
10/25/2033
57‌
57‌
Banc
of
America
Funding
2005-7
Trust
5.75%,
11/25/2035
54‌
59‌
Banc
of
America
Funding
2007-4
Trust
5.50%,
11/25/2034
57‌
57‌
Banc
of
America
Mortgage
2005-A
Trust
2.56%,
02/25/2035
(l)
20‌
21‌
CHL
Mortgage
Pass-Through
Trust
2004-HYB4
2.85%,
09/20/2034
(l)
23‌
23‌
Citigroup
Mortgage
Loan
Trust
2019-B
3.26%,
04/25/2066
(f),(l)
306‌
309‌
Connecticut
Avenue
Securities
Trust
2019-R04
5.37%,
06/25/2039
(f)
280‌
286‌
1.00
x
1
Month
USD
LIBOR
+
5.25%
Connecticut
Avenue
Securities
Trust
2019-R07
3.52%,
10/25/2039
(f)
2,000‌
1,952‌
1.00
x
1
Month
USD
LIBOR
+
3.40%
Connecticut
Avenue
Securities
Trust
2020-R01
2.17%,
01/25/2040
(f)
155‌
155‌
1.00
x
1
Month
USD
LIBOR
+
2.05%
3.37%,
01/25/2040
(f)
260‌
252‌
1.00
x
1
Month
USD
LIBOR
+
3.25%
CSFB
Mortgage-Backed
Pass-Through
Certificates
Series
2003-27
5.75%,
11/25/2033
34‌
34‌
CSMC
2019-RP10
Trust
3.06%,
12/26/2059
(f),(l)
277‌
279‌
CSMC
2020-RPL3
Trust
2.69%,
03/25/2060
(f),(l)
199‌
202‌
DSLA
Mortgage
Loan
Trust
2005-AR5
0.44%,
09/19/2045
118‌
91‌
1.00
x
1
Month
USD
LIBOR
+
0.33%
Fannie
Mae
Connecticut
Avenue
Securities
2.32%,
01/25/2030
29‌
29‌
1.00
x
1
Month
USD
LIBOR
+
2.20%
Freddie
Mac
STACR
2019-HQA3
7.62%,
09/25/2049
(f)
240‌
248‌
1.00
x
1
Month
USD
LIBOR
+
7.50%
Freddie
Mac
Stacr
Remic
Trust
2019-Hqa4
6.72%,
11/25/2049
(f)
530‌
517‌
1.00
x
1
Month
USD
LIBOR
+
6.60%
Freddie
Mac
Stacr
Remic
Trust
2020-DNA1
5.37%,
01/25/2050
(f)
350‌
338‌
1.00
x
1
Month
USD
LIBOR
+
5.25%
Freddie
Mac
STACR
Remic
Trust
2020-DNA2
4.92%,
02/25/2050
(f)
470‌
448‌
1.00
x
1
Month
USD
LIBOR
+
4.80%
Freddie
Mac
STACR
REMIC
Trust
2020-HQA1
5.22%,
01/25/2050
(f)
220‌
210‌
1.00
x
1
Month
USD
LIBOR
+
5.10%
Freddie
Mac
Stacr
Remic
Trust
2020-HQA2
4.22%,
03/25/2050
(f)
660‌
678‌
1.00
x
1
Month
USD
LIBOR
+
4.10%
Freddie
Mac
STACR
Trust
2019-DNA4
6.37%,
10/25/2049
(f)
300‌
308‌
1.00
x
1
Month
USD
LIBOR
+
6.25%
Freddie
Mac
STACR
Trust
2019-HRP1
4.17%,
02/25/2049
(f)
270‌
269‌
1.00
x
1
Month
USD
LIBOR
+
4.05%
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
88
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
1.92%,
07/25/2030
$
22‌
$
21‌
1.00
x
1
Month
USD
LIBOR
+
1.80%
8.92%,
03/25/2028
2,471‌
2,688‌
1.00
x
1
Month
USD
LIBOR
+
8.80%
GCAT
2020-4
LLC
2.61%,
12/25/2025
(f),(l)
431‌
433‌
GSR
Mortgage
Loan
Trust
2005-4F
6.50%,
02/25/2035
37‌
38‌
IndyMac
INDX
Mortgage
Loan
Trust
2004-AR7
1.34%,
09/25/2034
106‌
102‌
1.00
x
1
Month
USD
LIBOR
+
1.22%
IndyMac
INDX
Mortgage
Loan
Trust
2005-AR11
2.99%,
08/25/2035
(l)
449‌
407‌
Lehman
XS
Trust
Series
2006-2N
0.64%,
02/25/2046
79‌
72‌
1.00
x
1
Month
USD
LIBOR
+
0.52%
MASTR
Alternative
Loan
Trust
2003-9
5.25%,
11/25/2033
33‌
34‌
MASTR
Alternative
Loan
Trust
2004-5
5.50%,
06/25/2034
29‌
30‌
6.00%,
06/25/2034
35‌
36‌
MASTR
Alternative
Loan
Trust
2004-8
6.00%,
09/25/2034
164‌
169‌
Merrill
Lynch
Mortgage
Investors
Trust
Series
MLCC
2006-2
2.40%,
05/25/2036
(l)
9‌
9‌
PRPM
2020-5
LLC
3.10%,
11/25/2025
(f),(l)
573‌
578‌
RCO
V
Mortgage
LLC
2020-1
3.10%,
09/25/2025
(f),(l)
158‌
159‌
Structured
Adjustable
Rate
Mortgage
Loan
Trust
0.43%,
07/25/2035
524‌
390‌
1.00
x
1
Month
USD
LIBOR
+
0.31%
Toorak
Mortgage
Corp
2018-1
Ltd
4.34%,
08/25/2021
(f),(l)
1,059‌
1,061‌
VOLT
XCIII
LLC
1.89%,
03/27/2051
(f),(l)
295‌
295‌
$
13,738‌
Oil
&
Gas
-
1.26%
Aker
BP
ASA
3.75%,
01/15/2030
(f)
505‌
530‌
Bellatrix
Exploration
Ltd
0.00%,
09/11/2023
(e),(g),(h)
236‌
—‌
0.00%,
PIK
0.00%;
12/15/2023
(e),(g),(h),(p)
257‌
—‌
Cobalt
International
Energy
Inc
0.00%,
12/01/2023
(e)
4,635‌
67‌
EQT
Corp
5.00%,
01/15/2029
15‌
16‌
Hess
Corp
5.60%,
02/15/2041
155‌
184‌
Kosmos
Energy
Ltd
7.50%,
03/01/2028
(f),(g),(h),(n)
350‌
347‌
Leviathan
Bond
Ltd
5.75%,
06/30/2023
(f)
350‌
369‌
6.13%,
06/30/2025
(f)
660‌
723‌
6.50%,
06/30/2027
(f)
755‌
837‌
Occidental
Petroleum
Corp
2.90%,
08/15/2024
105‌
102‌
3.50%,
06/15/2025
35‌
34‌
Odebrecht
Drilling
Norbe
VIII/IX
Ltd
6.35%,
12/01/2021
489‌
479‌
OGX
Austria
GmbH
0.00%,
06/01/2018
(e),(f)
600‌
—‌
0.00%,
04/01/2022
(e),(f)
1,100‌
—‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Petrobras
Global
Finance
BV
7.25%,
03/17/2044
$
125‌
$
144‌
Petroleos
Mexicanos
5.95%,
01/28/2031
1,005‌
969‌
6.63%,
06/15/2035
225‌
214‌
6.84%,
01/23/2030
700‌
706‌
Saudi
Arabian
Oil
Co
3.25%,
11/24/2050
(f)
225‌
209‌
Tullow
Oil
PLC
6.25%,
04/15/2022
500‌
453‌
7.00%,
03/01/2025
450‌
358‌
YPF
SA
6.95%,
07/21/2027
(f)
135‌
86‌
$
6,827‌
Other
Asset
Backed
Securities
-
5.18%
Accelerated
Assets
2018-1
LLC
4.51%,
12/02/2033
(f)
128‌
132‌
Adams
Outdoor
Advertising
LP
4.81%,
11/15/2048
(f)
737‌
792‌
AIG
CLO
2018-1
Ltd
6.67%,
01/20/2032
(f)
2,640‌
2,633‌
1.00
x
3
Month
USD
LIBOR
+
6.45%
AIM
Aviation
Finance
Ltd
5.07%,
02/15/2040
(f),(l)
675‌
235‌
Allegro
CLO
VI
Ltd
2.97%,
01/17/2031
(f)
250‌
245‌
1.00
x
3
Month
USD
LIBOR
+
2.75%
American
Homes
4
Rent
2014-SFR2
Trust
5.15%,
10/17/2036
(f)
280‌
305‌
6.23%,
10/17/2036
(f)
695‌
765‌
American
Homes
4
Rent
2014-SFR3
Trust
6.42%,
12/17/2036
(f)
900‌
999‌
American
Homes
4
Rent
2015-SFR1
5.64%,
04/17/2052
(f)
1,045‌
1,136‌
Anchorage
Capital
CLO
9
Ltd
4.24%,
07/15/2032
(f)
250‌
251‌
1.00
x
3
Month
USD
LIBOR
+
4.00%
Arbys
Funding
LLC
3.24%,
07/30/2050
(f)
313‌
319‌
ArrowMark
Colorado
Holdings
2.94%,
07/15/2029
(f)
250‌
250‌
1.00
x
3
Month
USD
LIBOR
+
2.70%
Ascentium
Equipment
Receivables
2017-2
Trust
2.87%,
08/10/2022
(f)
80‌
81‌
Avery
Point
VII
CLO
Ltd
6.84%,
01/15/2028
(f)
1,400‌
1,379‌
1.00
x
3
Month
USD
LIBOR
+
6.60%
Barings
Clo
Ltd
2019-IV
3.04%,
01/15/2033
(f)
250‌
251‌
1.00
x
3
Month
USD
LIBOR
+
2.80%
Battalion
Clo
XIV
Ltd
6.90%,
04/20/2032
(f)
250‌
250‌
1.00
x
3
Month
USD
LIBOR
+
6.68%
Bayview
Opportunity
Master
Fund
V
Trust
2020-RN3
3.23%,
09/25/2035
(f),(l)
161‌
163‌
BCC
Funding
XIV
LLC
6.00%,
04/21/2025
(f)
250‌
253‌
Blackbird
Capital
Aircraft
Lease
Securitization
Ltd
2016-1
4.21%,
12/16/2041
(f),(l)
190‌
190‌
Cairn
CLO
XI
DAC
6.77%,
07/15/2035
(f)
EUR
360‌
439‌
1.00
x
3
Month
Euro
Interbank
Offered
Rate
+
6.77%
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
89
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Canyon
Capital
CLO
2019-2
Ltd
7.39%,
10/15/2032
(f)
$
250‌
$
251‌
1.00
x
3
Month
USD
LIBOR
+
7.15%
Carlyle
Global
Market
Strategies
Euro
CLO
2015-1
Ltd
5.50%,
01/16/2033
(f)
EUR
882‌
1,002‌
1.00
x
3
Month
Euro
Interbank
Offered
Rate
+
5.50%
CARLYLE
US
CLO
2017-4
Ltd
3.04%,
01/15/2030
(f)
$
280‌
274‌
1.00
x
3
Month
USD
LIBOR
+
2.80%
CCG
Receivables
Trust
2018-1
3.42%,
06/16/2025
(f)
100‌
101‌
CLI
Funding
VIII
LLC
1.64%,
02/18/2046
(f)
400‌
397‌
Cole
Park
CLO
Ltd
2015-1
3.37%,
10/20/2028
(f)
255‌
256‌
1.00
x
3
Month
USD
LIBOR
+
3.15%
Colony
American
Finance
2016-1
Ltd
4.64%,
06/15/2048
(f),(l)
42‌
42‌
DB
Master
Finance
LLC
4.35%,
05/20/2049
(f)
207‌
223‌
Diamond
Resorts
Owner
Trust
6.07%,
10/22/2029
(f)
59‌
60‌
Diamond
Resorts
Owner
Trust
2018-1
4.53%,
01/21/2031
(f)
206‌
213‌
Diamond
Resorts
Owner
Trust
2019-1
3.53%,
02/20/2032
(f)
199‌
205‌
Domino's
Pizza
Master
Issuer
LLC
4.12%,
07/25/2047
(f)
514‌
554‌
Dryden
33
Senior
Loan
Fund
7.21%,
04/15/2029
(f)
700‌
702‌
1.00
x
3
Month
USD
LIBOR
+
6.97%
GCA2014
Holdings
Ltd
-
Class
C
6.00%,
01/05/2030
(f),(g),(h)
695‌
253‌
GCA2014
Holdings
Ltd
-
Class
D
7.50%,
01/05/2030
(f),(g),(h)
316‌
47‌
GCA2014
Holdings
Ltd
-
Class
E
0.00%,
01/05/2030
(e),(f),(g),(h)
1,030‌
—‌
Global
Container
Assets
Ltd
4.50%,
02/05/2030
(f)
169‌
169‌
Hardee's
Funding
LLC
3.98%,
12/20/2050
(f)
120‌
125‌
Hayfin
US
XII
Ltd
7.12%,
07/20/2032
(f)
110‌
110‌
1.00
x
3
Month
USD
LIBOR
+
6.90%
Hilton
Grand
Vacations
Trust
2018-A
4.00%,
02/25/2032
(f)
55‌
57‌
HPEFS
Equipment
Trust
2.79%,
07/22/2030
(f)
500‌
519‌
HPEFS
Equipment
Trust
2020-1
2.26%,
02/20/2030
(f)
115‌
118‌
Kestrel
Aircraft
Funding
Ltd
4.25%,
12/15/2038
(f)
332‌
331‌
KKR
Clo
25
Ltd
6.78%,
04/15/2032
(f)
640‌
636‌
1.00
x
3
Month
USD
LIBOR
+
6.54%
Legacy
Mortgage
Asset
Trust
2019-GS3
3.75%,
04/25/2059
(f),(l)
326‌
329‌
Legacy
Mortgage
Asset
Trust
2019-GS4
3.44%,
05/25/2059
(f),(l)
166‌
167‌
Madison
Park
Funding
XXVI
Ltd
3.21%,
07/29/2030
(f)
255‌
252‌
1.00
x
3
Month
USD
LIBOR
+
3.00%
Madison
Park
Funding
XXX
LTD
2.74%,
04/15/2029
(f)
255‌
249‌
1.00
x
3
Month
USD
LIBOR
+
2.50%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
MAPS
2018-1
Ltd
4.21%,
05/15/2043
(f)
$
598‌
$
609‌
New
Residential
Mortgage
Loan
Trust
2020-NPL2
3.23%,
08/25/2060
(f),(l)
88‌
89‌
Octagon
Investment
Partners
XVI
Ltd
5.97%,
07/17/2030
(f)
500‌
486‌
1.00
x
3
Month
USD
LIBOR
+
5.75%
Octagon
Investment
Partners
XXII
Ltd
2.12%,
01/22/2030
(f)
250‌
249‌
1.00
x
3
Month
USD
LIBOR
+
1.90%
OHA
Credit
Funding
3
LTD
5.22%,
07/20/2032
(f)
255‌
247‌
1.00
x
3
Month
USD
LIBOR
+
5.00%
OHA
Credit
Funding
4
Ltd
6.32%,
10/22/2032
(f)
255‌
254‌
1.00
x
3
Month
USD
LIBOR
+
6.10%
OHA
Loan
Funding
2013-1
Ltd
3.27%,
07/23/2031
(f)
275‌
276‌
1.00
x
3
Month
USD
LIBOR
+
3.05%
OneMain
Financial
Issuance
Trust
2015-3
4.16%,
11/20/2028
(f)
790‌
792‌
OneMain
Financial
Issuance
Trust
2019-1
4.22%,
02/14/2031
(f)
620‌
643‌
OZLM
XXIII
Ltd
7.04%,
04/15/2032
(f)
430‌
427‌
1.00
x
3
Month
USD
LIBOR
+
6.80%
Parallel
2017-1
Ltd
2.22%,
07/20/2029
(f)
305‌
301‌
1.00
x
3
Month
USD
LIBOR
+
2.00%
Parallel
2018-2
Ltd
2.37%,
10/20/2031
(f)
480‌
478‌
1.00
x
3
Month
USD
LIBOR
+
2.15%
Planet
Fitness
Master
Issuer
LLC
3.86%,
12/05/2049
(f)
272‌
260‌
Progress
Residential
2018-SFR2
Trust
4.66%,
08/17/2035
(f)
100‌
101‌
Progress
Residential
2019-SFR1
Trust
4.47%,
08/17/2035
(f)
420‌
431‌
PRPM
2020-1
LLC
2.98%,
02/25/2025
(f),(l)
385‌
386‌
Sierra
Timeshare
2020-2
Receivables
Funding
LLC
3.51%,
07/20/2037
(f)
78‌
81‌
S-Jets
2017-1
Ltd
3.97%,
08/15/2042
(f)
741‌
746‌
Sound
Point
Clo
XV
Ltd
6.18%,
01/23/2029
(f)
1,500‌
1,346‌
1.00
x
3
Month
USD
LIBOR
+
5.96%
Sprite
2017-1
Ltd
5.75%,
12/15/2037
(f)
240‌
220‌
Textainer
Marine
Containers
VII
Ltd
1.68%,
02/20/2046
(f)
195‌
193‌
Thunderbolt
Aircraft
Lease
Ltd
5.75%,
05/17/2032
(f),(l)
162‌
159‌
Towd
Point
Mortgage
Trust
2015-2
2.50%,
11/25/2060
(f),(l)
62‌
62‌
Wendy's
Funding
LLC
4.08%,
06/15/2049
(f)
82‌
86‌
Wingstop
Funding
LLC
2.84%,
12/05/2050
(f)
100‌
101‌
York
CLO-7
Ltd
4.02%,
01/22/2033
(f)
295‌
296‌
1.00
x
3
Month
USD
LIBOR
+
3.80%
$
28,029‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
90
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
-
0.37%
Teva
Pharmaceutical
Finance
Netherlands
II
BV
6.00%,
01/31/2025
EUR
190‌
$
250‌
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4.10%,
10/01/2046
$
1,420‌
1,221‌
7.13%,
01/31/2025
210‌
227‌
Viatris
Inc
4.00%,
06/22/2050
(f)
290‌
298‌
$
1,996‌
Pipelines
-
0.53%
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
630‌
678‌
Energy
Transfer
Operating
LP
3.75%,
05/15/2030
65‌
69‌
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
(f)
1,800‌
1,780‌
2.94%,
09/30/2040
(f)
205‌
202‌
Kinder
Morgan
Inc
5.05%,
02/15/2046
75‌
86‌
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
4.00%,
01/15/2032
(f)
55‌
54‌
$
2,869‌
Real
Estate
-
0.75%
Kaisa
Group
Holdings
Ltd
8.50%,
06/30/2022
750‌
758‌
9.38%,
06/30/2024
200‌
191‌
11.95%,
11/12/2023
325‌
338‌
Sunac
China
Holdings
Ltd
6.50%,
01/10/2025
375‌
374‌
6.65%,
08/03/2024
200‌
203‌
7.00%,
07/09/2025
775‌
783‌
7.25%,
06/14/2022
200‌
205‌
Yuzhou
Group
Holdings
Co
Ltd
6.00%,
01/25/2022
220‌
223‌
8.50%,
02/04/2023
725‌
772‌
8.50%,
02/26/2024
200‌
215‌
$
4,062‌
Regional
Authority
-
0.12%
Provincia
de
Buenos
Aires/Government
Bonds
37.85%,
04/12/2025
(f)
ARS
11,045‌
110‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
3.75%
37.93%,
05/31/2022
51,665‌
540‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
3.83%
$
650‌
REITs
-
0.14%
Iron
Mountain
Inc
5.00%,
07/15/2028
(f)
$
165‌
171‌
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.25%,
02/01/2027
(f)
160‌
155‌
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co-Issuer
Inc
3.88%,
02/15/2029
(f)
130‌
131‌
National
Health
Investors
Inc
3.00%,
02/01/2031
35‌
34‌
SBA
Communications
Corp
3.13%,
02/01/2029
(f)
260‌
254‌
$
745‌
Retail
-
0.57%
1011778
BC
ULC
/
New
Red
Finance
Inc
3.88%,
01/15/2028
(f)
50‌
51‌
4.38%,
01/15/2028
(f)
255‌
259‌
Carvana
Co
5.63%,
10/01/2025
(f)
125‌
130‌
5.88%,
10/01/2028
(f)
145‌
152‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Murphy
Oil
USA
Inc
3.75%,
02/15/2031
(f)
$
40‌
$
40‌
Sizzling
Platter
LLC
/
Sizzling
Platter
Finance
Corp
8.50%,
11/28/2025
(f)
259‌
269‌
Staples
Inc
10.75%,
04/15/2027
(f),(o)
2,048‌
1,956‌
Yum!
Brands
Inc
3.63%,
03/15/2031
230‌
221‌
$
3,078‌
Semiconductors
-
0.15%
Broadcom
Inc
4.30%,
11/15/2032
740‌
826‌
Sovereign
-
8.42%
1MDB
Global
Investments
Ltd
4.40%,
03/09/2023
900‌
904‌
Argentine
Republic
Government
International
Bond
0.12%,
07/09/2035
(l)
4,276‌
1,366‌
0.12%,
07/09/2046
(l)
EUR
64‌
24‌
0.50%,
07/09/2029
1‌
—‌
Brazilian
Government
International
Bond
2.88%,
06/06/2025
(o)
$
2,964‌
3,019‌
3.88%,
06/12/2030
(o)
997‌
992‌
Dominican
Republic
International
Bond
4.50%,
01/30/2030
400‌
404‌
5.95%,
01/25/2027
275‌
310‌
Egypt
Government
International
Bond
5.88%,
02/16/2031
(f)
575‌
554‌
6.38%,
04/11/2031
EUR
300‌
377‌
7.63%,
05/29/2032
$
1,300‌
1,387‌
El
Salvador
Government
International
Bond
5.88%,
01/30/2025
250‌
244‌
7.12%,
01/20/2050
300‌
277‌
7.65%,
06/15/2035
100‌
99‌
Export-Import
Bank
of
Korea
6.75%,
08/09/2022
INR
7,100‌
98‌
Ghana
Government
International
Bond
6.38%,
02/11/2027
$
750‌
770‌
7.88%,
03/26/2027
475‌
516‌
Indonesia
Treasury
Bond
5.50%,
04/15/2026
IDR
16,600,000‌
1,153‌
7.00%,
05/15/2027
19,600,000‌
1,436‌
Ivory
Coast
Government
International
Bond
4.88%,
01/30/2032
EUR
150‌
181‌
4.88%,
01/30/2032
(f)
1,100‌
1,327‌
5.88%,
10/17/2031
200‌
260‌
Mexico
Government
International
Bond
3.77%,
05/24/2061
$
405‌
356‌
Montenegro
Government
International
Bond
2.88%,
12/16/2027
(f)
EUR
650‌
753‌
5.75%,
03/10/2021
(o)
2,282‌
2,754‌
Oman
Government
International
Bond
7.38%,
10/28/2032
$
600‌
673‌
Peru
Government
Bond
6.15%,
08/12/2032
PEN
5,325‌
1,663‌
Republic
of
South
Africa
Government
Bond
6.25%,
03/31/2036
ZAR
34,042‌
1,557‌
8.88%,
02/28/2035
64,500‌
3,785‌
Romanian
Government
International
Bond
1.38%,
12/02/2029
(f)
EUR
250‌
300‌
2.00%,
01/28/2032
675‌
818‌
3.50%,
04/03/2034
350‌
487‌
3.62%,
05/26/2030
(f)
400‌
561‌
Russian
Federal
Bond
-
OFZ
6.10%,
07/18/2035
RUB
97,000‌
1,199‌
7.25%,
05/10/2034
136,000‌
1,870‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
91
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Serbia
International
Bond
3.13%,
05/15/2027
(f)
EUR
1,125‌
$
1,502‌
Turkey
Government
International
Bond
4.75%,
01/26/2026
$
600‌
601‌
5.60%,
11/14/2024
(o)
592‌
619‌
5.75%,
03/22/2024
(o)
747‌
782‌
5.88%,
06/26/2031
2,025‌
2,005‌
6.25%,
09/26/2022
(o)
358‌
374‌
6.35%,
08/10/2024
(o)
732‌
781‌
6.38%,
10/14/2025
(o)
1,978‌
2,119‌
Ukraine
Government
Bond
16.42%,
11/17/2021
UAH
3,800‌
141‌
16.75%,
06/16/2021
4,300‌
156‌
Ukraine
Government
International
Bond
0.00%,
05/31/2040
(e),(l)
$
1,125‌
1,234‌
7.75%,
09/01/2025
500‌
543‌
7.75%,
09/01/2027
1,000‌
1,082‌
Ukraine
Treasury
Bill
0.00%,
07/07/2021
(e)
UAH
20,100‌
696‌
Zambia
Government
International
Bond
0.00%,
04/14/2024
(e)
$
700‌
410‌
$
45,519‌
Student
Loan
Asset
Backed
Securities
-
0.34%
Navient
Private
Education
Refi
Loan
Trust
2018-A
3.68%,
02/18/2042
(f)
140‌
143‌
Navient
Private
Education
Refi
Loan
Trust
2019-F
3.12%,
08/15/2068
(f)
445‌
455‌
Navient
Private
Education
Refi
Loan
Trust
2020-F
2.69%,
07/15/2069
(f)
100‌
99‌
SLM
Private
Credit
Student
Loan
Trust
2003-A
3.18%,
06/15/2032
189‌
189‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SLM
Private
Credit
Student
Loan
Trust
2003-B
3.20%,
03/15/2033
350‌
350‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
3.63%,
03/15/2033
50‌
50‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SMB
Private
Education
Loan
Trust
2015-C
3.50%,
09/15/2043
(f)
100‌
104‌
SMB
Private
Education
Loan
Trust
2018-C
4.00%,
11/17/2042
(f)
100‌
104‌
SoFi
Professional
Loan
Program
2015-C
LLC
3.58%,
08/25/2036
(f)
23‌
23‌
Sofi
Professional
Loan
Program
2016-A
LLC
3.57%,
01/26/2038
(f)
138‌
140‌
SoFi
Professional
Loan
Program
2020-ATrust
3.12%,
05/15/2046
(f)
160‌
165‌
$
1,822‌
Supranational
Bank
-
0.18%
Banque
Ouest
Africaine
de
Developpement
2.75%,
01/22/2033
(f)
EUR
525‌
652‌
Eastern
&
Southern
African
Trade
&
Development
Bank/The
4.88%,
05/23/2024
$
200‌
211‌
International
Finance
Corp
5.85%,
11/25/2022
INR
8,170‌
112‌
$
975‌
Telecommunications
-
1.26%
AT&T
Inc
3.65%,
06/01/2051
$
325‌
311‌
C&W
Senior
Financing
DAC
7.50%,
10/15/2026
(f)
800‌
846‌
CommScope
Inc
7.13%,
07/01/2028
(f)
455‌
477‌
CommScope
Technologies
LLC
5.00%,
03/15/2027
(f)
190‌
186‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Intrado
Corp
8.50%,
10/15/2025
(f)
$
1,912‌
$
1,898‌
Kenbourne
Invest
SA
6.88%,
11/26/2024
(f)
355‌
382‌
MTN
Mauritius
Investments
Ltd
5.37%,
02/13/2022
1,260‌
1,292‌
Plantronics
Inc
4.75%,
03/01/2029
(f),(n)
111‌
111‌
VEON
Holdings
BV
3.38%,
11/25/2027
(f)
1,300‌
1,324‌
$
6,827‌
Transportation
-
0.04%
Indian
Railway
Finance
Corp
Ltd
2.80%,
02/10/2031
(f)
200‌
194‌
TOTAL
BONDS
$
186,683‌
CONVERTIBLE
BONDS
-
0.70%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0.06%
Southwest
Airlines
Co
1.25%,
05/01/2025
$
210‌
$
353‌
Biotechnology
-
0.15%
BioMarin
Pharmaceutical
Inc
0.60%,
08/01/2024
125‌
130‌
1.25%,
05/15/2027
(f)
495‌
505‌
Guardant
Health
Inc
0.00%,
11/15/2027
(e),(f)
60‌
77‌
Halozyme
Therapeutics
Inc
0.25%,
03/01/2027
(f),(n)
80‌
79‌
$
791‌
Commercial
Services
-
0.03%
Chegg
Inc
0.00%,
09/01/2026
(e),(f)
60‌
71‌
Shift4
Payments
Inc
0.00%,
12/15/2025
(e),(f)
80‌
98‌
$
169‌
Computers
-
0.01%
Lumentum
Holdings
Inc
0.50%,
12/15/2026
30‌
36‌
Energy
-
Alternate
Sources
-
0.01%
Sunrun
Inc
0.00%,
02/01/2026
(e),(f)
40‌
39‌
Entertainment
-
0.03%
Marriott
Vacations
Worldwide
Corp
0.00%,
01/15/2026
(e),(f)
120‌
142‌
Healthcare
-
Products
-
0.01%
SmileDirectClub
Inc
0.00%,
02/01/2026
(e),(f)
60‌
57‌
Healthcare
-
Services
-
0.08%
Teladoc
Health
Inc
1.25%,
06/01/2027
(f)
340‌
440‌
Internet
-
0.05%
Expedia
Group
Inc
0.00%,
02/15/2026
(e),(f)
85‌
91‌
Palo
Alto
Networks
Inc
0.38%,
06/01/2025
(f)
15‌
20‌
Uber
Technologies
Inc
0.00%,
12/15/2025
(e),(f)
170‌
178‌
$
289‌
Leisure
Products
&
Services
-
0.00%
Peloton
Interactive
Inc
0.00%,
02/15/2026
(e),(f)
30‌
30‌
Media
-
0.22%
DISH
Network
Corp
0.00%,
12/15/2025
(e),(f)
15‌
15‌
2.38%,
03/15/2024
140‌
132‌
3.38%,
08/15/2026
1,002‌
942‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
92
CONVERTIBLE
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Liberty
Media
Corp
0.50%,
12/01/2050
(f)
$
80‌
$
96‌
$
1,185‌
Pharmaceuticals
-
0.02%
Neurocrine
Biosciences
Inc
2.25%,
05/15/2024
85‌
126‌
Software
-
0.02%
Bentley
Systems
Inc
0.13%,
01/15/2026
(f)
30‌
31‌
LivePerson
Inc
0.00%,
12/15/2026
(e),(f)
55‌
63‌
$
94‌
Trucking
&
Leasing
-
0.01%
Greenbrier
Cos
Inc/The
2.88%,
02/01/2024
40‌
44‌
TOTAL
CONVERTIBLE
BONDS
$
3,795‌
CREDIT
LINKED
STRUCTURED
NOTES
-
1.36%
Principal
Amount
(000's)
Value
(000's)
Sovereign
-
1.36%
China
Government
Bond
-
JPMorgan
Chase
3.27%,
11/19/2030
(f)
CNY
47,600‌
$
7,355‌
TOTAL
CREDIT
LINKED
STRUCTURED
NOTES
$
7,355‌
SENIOR
FLOATING
RATE
INTERESTS
-
0.88%
Principal
Amount
(000's)
Value
(000's)
Automobile
Parts
&
Equipment
-
0.17%
GC
EOS
Buyer
Inc
4.62%,
06/27/2025
(q)
$
970‌
$
944‌
3
Month
USD
LIBOR
+
4.50%
Commercial
Services
-
0.19%
Garda
World
4.99%,
10/30/2026
(q)
1,000‌
1,001‌
3
Month
USD
LIBOR
+
4.75%
Consumer
Products
-
0.07%
KIK
Custom
Products
Inc
4.25%,
12/22/2026
(q)
372‌
372‌
Diversified
Financial
Services
-
0.18%
Syncapay
Inc
7.50%,
12/10/2027
(q)
1,000‌
990‌
1
Month
USD
LIBOR
+
6.50%
Engineering
&
Construction
-
0.01%
Tutor
Perini
Corp
4.49%,
08/13/2027
(q)
44‌
45‌
3
Month
USD
LIBOR
+
4.75%
Entertainment
-
0.01%
Deluxe
Entertainment
Services
Group
Inc
0.00%,
PIK
0.00%,
03/25/2024
(e),(h),(p),(q)
99‌
40‌
1
Month
USD
LIBOR
+
6.50%
0.00%,
PIK
0.00%,
09/25/2024
(e),(h),(p),(q)
806‌
—‌
1
Month
USD
LIBOR
+
8.50%
$
40‌
Hand
&
Machine
Tools
-
0.18%
Apex
Tool
6.50%,
08/01/2024
(q)
994‌
992‌
1
Month
USD
LIBOR
+
5.25%
Home
Furnishings
-
0.02%
Weber-Stephen
Products
LLC
4.00%,
10/20/2027
(q)
125‌
125‌
1
Month
USD
LIBOR
+
3.25%
Insurance
-
0.01%
Alliant
Holdings
Intermediate
LLC
4.25%,
10/08/2027
(q)
17‌
17‌
1
Month
USD
LIBOR
+
3.75%
Amwins
Group
Inc
3.00%,
02/17/2028
(q)
43‌
43‌
1
Month
USD
LIBOR
+
2.25%
$
60‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
-
0.03%
Ziggo
BV
3.00%,
01/17/2029
(q)
EUR
115‌
$
138‌
3
Month
Euro
Interbank
Offered
Rate
+
3.00%
Oil
&
Gas
Services
-
0.01%
Lealand
Finance
Co
BV
3.11%,
06/28/2024
(q)
$
44‌
35‌
1
Month
USD
LIBOR
+
3.00%
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
4,742‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
25.64%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
25.06%
0.13%,
06/30/2022
(o)
$
2,773‌
$
2,773‌
0.25%,
09/30/2025
(o)
7,578‌
7,424‌
0.38%,
09/30/2027
(o)
10,570‌
10,075‌
1.13%,
08/15/2040
(o)
7,844‌
6,612‌
1.25%,
10/31/2021
(o)
20,120‌
20,279‌
1.88%,
03/31/2022
(o)
18,234‌
18,586‌
2.13%,
05/15/2022
(o)
23,265‌
23,826‌
2.50%,
01/15/2022
(o)
26,693‌
27,253‌
2.50%,
02/15/2022
(o)
18,234‌
18,653‌
$
135,481‌
U.S.
Treasury
Bill
-
0.58%
0.07%,
01/27/2022
(r)
1,830‌
1,829‌
0.12%,
11/04/2021
(r),(s)
1,300‌
1,299‌
$
3,128‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
138,609‌
REPURCHASE
AGREEMENTS
-
17.80%
Maturity
Amount
(000's)
Value
(000's)
Banks
-
17.80%
Merrill
Lynch
Repurchase
Agreement;
(0.02)%
traded
02/26/2021
maturing
03/01/2021
(collateralized
by
United
States
Treasury
Inflation
Indexed
Bonds;
$2,477,660;
0.13%;
dated
07/15/30)
$
2,542‌
$
2,542‌
Merrill
Lynch
Repurchase
Agreement;
(0.02)%
traded
02/26/2021
maturing
03/01/2021
(collateralized
by
United
States
Treasury
Inflation
Indexed
Bonds;
$6,157,998;
0.13%;
dated
10/15/25)
6,199‌
6,199‌
Merrill
Lynch
Repurchase
Agreement;
(0.02)%
traded
02/26/2021
maturing
03/01/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$2,158,608;
1.88%;
dated
02/15/51)
2,170‌
2,170‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.02)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$18,196,872;
2.25%;
dated
02/15/37)
18,250‌
18,250‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.02)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$3,454,720;
1.25%;
dated
05/15/50)
3,482‌
3,482‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.02)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$20,898,341;
1.13%;
dated
02/28/22)
21,022‌
21,022‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.02)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$29,986,451;
0.13%;
dated
09/30/22)
29,979‌
29,979‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
93
REPURCHASE
AGREEMENTS
(continued)
Maturity
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.10)%
traded
02/26/2021
maturing
03/02/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$3,428,684;
0.63%;
dated
08/15/30)
$
3,424‌
$
3,424‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.10)%
traded
02/26/2021
maturing
04/08/2021
(collateralized
by
Turkey
Government
International
Bond;
$713,667;
11.88%;
dated
01/15/30)
724‌
725‌
Merrill
Lynch
Repurchase
Agreement;
(0.30)%
traded
02/26/2021
maturing
03/01/2021
(collateralized
by
United
States
Treasury
Note/
Bond;
$5,454,304;
1.13%;
dated
02/15/31)
5,498‌
5,499‌
Merrill
Lynch
Repurchase
Agreement
on
securities
sold
short;
(0.30)%
traded
03/18/2020
(collateralized
by
Republic
of
South
Africa
Government
International
Bond;
$3,257,188;
4.85%;
dated
09/27/27)
(t)
2,947‌
2,956‌
$
96,248‌
TOTAL
REPURCHASE
AGREEMENTS
$
96,248‌
TOTAL
PURCHASED
OPTIONS
-
0.24%
$
1,305‌
TOTAL
PURCHASED
INTEREST
RATE
SWAPTIONS
-
0.01%
$
54‌
Total
Investments
$
780,190‌
Other
Assets
and
Liabilities
-  (44.30)%
(239,500‌)
TOTAL
NET
ASSETS
-
100.00%
$
540,690‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
All
or
a
portion
of
this
security
is
owned
by
the
GMS
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
(c)
Security
or
a
portion
of
the
security
was
pledged
as
collateral
for
short
sales.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$85,532
or
15.82%
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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$112,320
or
20.77%
of
net
assets.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(h)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$6,432
or
1.19%
of
net
assets.
(i)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(j)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(k)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(l)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(m)
Security
is
an
Interest
Only
Strip.
(n)
Security
purchased
on
a
when-issued
basis.
(o)
Security
or
portion
of
the
security
was
pledged
as
collateral
for
reverse
repurchase
agreements.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$145,295
or
26.87%
of
net
assets.
(p)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(q)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(r)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(s)
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
$440
or
0.08%
of
net
assets.
(t)
Although
the
maturity
date
of
the
repurchase
agreement
is
open-ended
through
the
maturity
date
of
the
collateral,
the
Fund
has
a
right
to
terminate
the
repurchase
agreement
and
demand
repayment
from
the
counterparty
at
any
time
with
two
days'
notice
or
less.
During
periods
of
high
demand
for
the
collateral
security,
the
fund
may
also
pay
the
counterparty
a
fee.
Portfolio
Summary  (unaudited)
Sector
Percent
Government
35.72‌%
Financial
27.40‌%
Money
Market
Funds
21.51‌%
Consumer,
Non-cyclical
10.56‌%
Communications
8.28‌%
Industrial
7.88‌%
Consumer,
Cyclical
7.69‌%
Mortgage
Securities
6.13‌%
Asset
Backed
Securities
5.98‌%
Technology
5.55‌%
Energy
3.14‌%
Basic
Materials
3.06‌%
Utilities
1.11‌%
Purchased
Options
0.24‌%
Diversified
0.03‌%
Investment
Companies
0.01‌%
Purchased
Interest
Rate
Swaptions
0.01‌%
Investments
Sold
Short
(30.71‌)%
Other
Assets
and
Liabilities
(13.59‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
89,036‌
$
541,939‌
$
523,784‌
$
107,191‌
$
89,036‌
$
541,939‌
$
523,784‌
$
107,191‌
Income
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
94
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Airbnb
-
Class
A
06/24/2015
$
157‌
$
695‌
0.13%
Element
Comm
Aviation
06/15/2015
2,800‌
294‌
0.05%
Forward
Venture
Services
LLC  
0.00%
11/20/2014
102‌
632‌
0.12%
Jand
Inc
04/23/2015
19‌
39‌
0.01%
Jand
Inc  
0.00%
04/23/2015
43‌
88‌
0.01%
Marklogic
-
Escrow  
0.00%
11/10/2020
4‌
3‌
0.00%
Porch
Group,
Inc.
12/23/2020
25‌
46‌
0.01%
Veracode
Inc
-
Escrow  
0.00%
04/18/2017
21‌
—‌
0.00%
WE
Company
Common
Class
A
12/08/2014
6‌
1‌
0.00%
WE
Company
Preferred
D-1  
0.00%
12/08/2014
81‌
31‌
0.01%
WE
Company
Preferred
D-2  
0.00%
12/08/2014
64‌
24‌
0.00%
Total
$
1,853‌
0.34%
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
SPDR
Gold
Shares
ETP
N/A
22‌
$
2‌
$
200.00‌
01/24/2022
$
27‌
$
7‌
$
(20‌)
Call
-
T-Mobile
US
Inc
N/A
71‌
7‌
$
125.00‌
04/19/2021
28‌
25‌
(3‌)
Put
-
iShares
Russell
2000
ETF
N/A
24‌
2‌
$
180.00‌
04/01/2021
13‌
3‌
(10‌)
Put
-
iShares
Russell
2000
ETF
N/A
24‌
2‌
$
175.00‌
04/01/2021
13‌
2‌
(11‌)
Put
-
iShares
Russell
2000
ETF
N/A
24‌
2‌
$
165.00‌
04/01/2021
9‌
1‌
(8‌)
Put
-
iShares
Russell
2000
ETF
N/A
24‌
2‌
$
171.00‌
03/22/2021
10‌
1‌
(9‌)
Put
-
S&P
500
Index
N/A
21‌
2‌
$
3,375.00‌
09/20/2021
376‌
303‌
(73‌)
Put
-
S&P
500
Index
N/A
24‌
2‌
$
3,150.00‌
03/22/2021
390‌
14‌
(376‌)
Put
-
S&P
500
Index
N/A
21‌
2‌
$
3,325.00‌
06/21/2021
184‌
160‌
(24‌)
Put
-
SPDR
S&P
500
ETF
Trust
N/A
12‌
1‌
$
334.00‌
03/22/2021
7‌
2‌
(5‌)
Put
-
SPDR
S&P
500
ETF
Trust
N/A
12‌
1‌
$
333.00‌
04/01/2021
9‌
3‌
(6‌)
Put
-
SPDR
S&P
500
ETF
Trust
N/A
12‌
1‌
$
330.00‌
04/01/2021
8‌
2‌
(6‌)
Put
-
SPDR
S&P
500
ETF
Trust
N/A
12‌
1‌
$
334.00‌
04/01/2021
9‌
3‌
(6‌)
Call
-
EUR
versus
ZAR
JPMorgan
Chase
1
EUR
2,220‌
EUR
18.80‌
04/01/2021
25‌
33‌
8‌
Call
-
EUR
versus
ZAR
Citigroup
Inc
1
1,839‌
EUR
19.30‌
04/01/2021
50‌
15‌
(35‌)
Call
-
EUR
versus
ZAR
Citigroup
Inc
1
1,510‌
EUR
19.30‌
04/01/2021
47‌
12‌
(35‌)
Call
-
USD
versus
CLP
Morgan
Stanley
&
Co
1
$
1,813‌
$
755.00‌
06/16/2021
42‌
25‌
(17‌)
Call
-
USD
versus
CLP
Morgan
Stanley
&
Co
1
5,439‌
$
755.00‌
06/16/2021
158‌
74‌
(84‌)
Call
-
USD
versus
MXN
UBS
AG
1
2,563‌
$
21.20‌
03/31/2021
46‌
43‌
(3‌)
Call
-
USD
versus
MXN
Goldman
Sachs
&
Co
1
4,343‌
$
21.20‌
03/31/2021
73‌
73‌
—‌
Call
-
USD
versus
PHP
JPMorgan
Chase
1
3,484‌
$
49.50‌
08/18/2021
28‌
47‌
19‌
Call
-
USD
versus
PHP
Nomura
Securities
1
2,136‌
$
49.50‌
08/18/2021
21‌
29‌
8‌
Call
-
USD
versus
USD
Jefferies
&
Company
1
2,775‌
$
1.36‌
03/29/2021
52‌
108‌
56‌
Put
-
USD
versus
BRL
Goldman
Sachs
&
Co
1
2,136‌
$
5.30‌
05/12/2021
55‌
23‌
(32‌)
Put
-
USD
versus
BRL
Citigroup
Inc
1
712‌
$
5.30‌
05/12/2021
26‌
8‌
(18‌)
Put
-
USD
versus
BRL
BNP
Paribas
1
3,916‌
$
5.30‌
05/12/2021
128‌
43‌
(85‌)
Put
-
USD
versus
BRL
Morgan
Stanley
&
Co
1
1,068‌
$
5.30‌
05/12/2021
36‌
12‌
(24‌)
Put
-
USD
versus
CNH
Standard
Chartered
Bank,
Hong
Kong
1
2,848‌
$
6.45‌
05/20/2021
17‌
15‌
(2‌)
Put
-
USD
versus
IDR
Barclays
Bank
PLC
1
3,060‌
$
13,800.00‌
04/02/2021
42‌
1‌
(41‌)
Put
-
USD
versus
IDR
UBS
AG
1
6,040‌
$
13,800.00‌
04/02/2021
86‌
3‌
(83‌)
Put
-
USD
versus
IDR
Barclays
Bank
PLC
1
1,224‌
$
13,800.00‌
04/21/2021
9‌
1‌
(8‌)
Put
-
USD
versus
JPY
Barclays
Bank
PLC
1
2,775‌
$
103.50‌
05/17/2021
16‌
12‌
(4‌)
Put
-
USD
versus
JPY
Barclays
Bank
PLC
1
2,775‌
$
103.50‌
05/17/2021
15‌
12‌
(3‌)
Put
-
USD
versus
JPY
Standard
Chartered
Bank,
Hong
Kong
1
2,850‌
$
104.25‌
06/16/2021
26‌
22‌
(4‌)
Put
-
USD
versus
TRY
Morgan
Stanley
&
Co
1
6,732‌
$
7.30‌
04/16/2021
108‌
72‌
(36‌)
Put
-
USD
versus
TRY
Deutsche
Bank
AG
1
3,752‌
$
7.25‌
05/03/2021
70‌
36‌
(34‌)
Put
-
US
5
Year
Note
Future;
June
2021
N/A
54‌
54‌
$
125.00‌
03/29/2021
16‌
60‌
44‌
Total
$
2,275‌
$
1,305‌
$
(970‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
Activision
Blizzard
Inc
N/A
2‌
$
—‌
$
110.00‌
04/19/2021
$
—‌
$
—‌
$
—‌
Call
-
Applied
Materials
Inc
N/A
1‌
—‌
$
135.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Bank
of
America
Corp
N/A
6‌
1‌
$
37.00‌
04/19/2021
(1‌)
(1‌)
—‌
Call
-
Chevron
Corp
N/A
2‌
—‌
$
105.00‌
04/19/2021
(1‌)
(1‌)
—‌
Call
-
Comcast
Corp
N/A
2‌
—‌
$
55.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Crown
Castle
International
Corp
N/A
1‌
—‌
$
175.00‌
04/19/2021
—‌
—‌
—‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
95
Options
(continued)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
DR
Horton
Inc
N/A
2‌
$
—‌
$
90.00‌
04/19/2021
$
—‌
$
—‌
$
—‌
Call
-
Exxon
Mobil
Corp
N/A
3‌
—‌
$
60.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Fox
Corp
N/A
2‌
—‌
$
37.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Gilead
Sciences
Inc
N/A
3‌
—‌
$
70.00‌
04/19/2021
—‌
—‌
—‌
Call
-
HCA
Holdings
Inc
N/A
1‌
—‌
$
190.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Intel
Corp
N/A
3‌
—‌
$
70.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Lowe's
Cos
Inc
N/A
1‌
—‌
$
195.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Morgan
Stanley
N/A
2‌
—‌
$
85.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Nexstar
Media
Group
Inc
N/A
1‌
—‌
$
140.00‌
04/19/2021
(1‌)
(1‌)
—‌
Call
-
Oracle
Corp
N/A
3‌
—‌
$
67.50‌
04/19/2021
(1‌)
(1‌)
—‌
Call
-
Pfizer
Inc
N/A
3‌
—‌
$
37.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Philip
Morris
International
Inc
N/A
1‌
—‌
$
90.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Skyworks
Solutions
Inc
N/A
1‌
—‌
$
210.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Target
Corp
N/A
1‌
—‌
$
210.00‌
04/19/2021
—‌
—‌
—‌
Call
-
Texas
Instruments
Inc
N/A
1‌
—‌
$
190.00‌
04/19/2021
—‌
—‌
—‌
Call
-
T-Mobile
US
Inc
N/A
71‌
7‌
$
140.00‌
04/19/2021
(6‌)
(5‌)
1‌
Put
-
S&P
500
Index
N/A
21‌
2‌
$
3,100.00‌
09/20/2021
(251‌)
(204‌)
47‌
Put
-
S&P
500
Index
N/A
21‌
2‌
$
2,975.00‌
06/21/2021
(152‌)
(83‌)
69‌
Put
-
T-Mobile
US
Inc
N/A
71‌
7‌
$
115.00‌
04/19/2021
(19‌)
(23‌)
(4‌)
Call
-
EUR
versus
HUF
Barclays
Bank
PLC
1
EUR
2,144‌
EUR
368.00‌
08/18/2021
(27‌)
(35‌)
(8‌)
Put
-
USD
versus
CLP
Morgan
Stanley
&
Co
1
$
4,230‌
$
710.00‌
06/16/2021
(70‌)
(77‌)
(7‌)
Put
-
USD
versus
CNH
Standard
Chartered
Bank,
Hong
Kong
1
2,848‌
$
6.35‌
05/20/2021
(6‌)
(5‌)
1‌
Put
-
USD
versus
INR
Nomura
Securities
1
1,340‌
$
72.00‌
05/26/2021
(5‌)
(2‌)
3‌
Put
-
USD
versus
JPY
Standard
Chartered
Bank
,
Hong
Kong
1
2,850‌
$
102.00‌
06/16/2021
(13‌)
(12‌)
1‌
Put
-
USD
versus
TRY
Deutsche
Bank
AG
1
3,752‌
$
6.95‌
05/03/2021
(23‌)
(11‌)
12‌
Put
-
USD
versus
TRY
Goldman
Sachs
&
Co
1
6,732‌
$
7.00‌
04/16/2021
(48‌)
(20‌)
28‌
Put
-
USD
versus
ZAR
Goldman
Sachs
&
Co
1
3,204‌
$
14.90‌
05/19/2021
(62‌)
(63‌)
(1‌)
Put
-
USD
versus
ZAR
JPMorgan
Chase
1
1,876‌
$
14.90‌
07/07/2021
(51‌)
(46‌)
5‌
Put
-
US
5
Year
Note
Future;
June
2021
N/A
54‌
54‌
$
124.25‌
03/29/2021
(6‌)
(33‌)
(27‌)
Put
-
US
5
Year
Note
Future;
June
2021
N/A
54‌
54‌
$
124.75‌
03/29/2021
(11‌)
(49‌)
(38‌)
Total
$
(754‌)
$
(672‌)
$
82‌
Amounts
in
thousands
except
contracts/shares.
Interest
Rate
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Floating
Rate
Index
Pay/
Receive
Floating
Rate
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
3
Year
Interest
Rate
Swap
Bank
of
America
NA
3
Month
Johannesburg
Interbank
Agreed
Rate
Receive
ZAR
489,806‌
4.50%
08/09/2021
$
199‌
$
31‌
$
(168‌)
Call
-
3
Year
Interest
Rate
Swap
Bank
of
America
NA
3
Month
Johannesburg
Interbank
Agreed
Rate
Receive
164,082‌
4.50%
08/25/2021
39‌
12‌
(27‌)
Call
-
5
Year
Interest
Rate
Swap
Bank
of
America
NA
3
Month
Johannesburg
Interbank
Agreed
Rate
Receive
87,510‌
5.25%
02/11/2022
60‌
11‌
(49‌)
Total
$
298‌
$
54‌
$
(244‌)
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
90
Day
Eurodollar;
June
2022
Long
402‌
$
100,244‌
$
(51‌)
90
Day
Short
Sterling;
December
2021
Long
301‌
52,359‌
(54‌)
Australia
10
Year
Bond;
March
2021
Short
27‌
2,848‌
109‌
Brent
Crude;
May
2021
(a)
Long
34‌
2,190‌
69‌
Canada
10
Year
Bond;
June
2021
Short
1‌
110‌
—‌
Cocoa;
May
2021
(a)
Long
17‌
419‌
26‌
Coffee
'C';
May
2021
(a)
Long
21‌
1,083‌
86‌
Corn;
May
2021
(a)
Long
98‌
2,683‌
6‌
Cotton
No.2;
May
2021
(a)
Long
11‌
489‌
(3‌)
DAX
Index;
March
2021
Long
3‌
1,245‌
(22‌)
DJ
Euro
Stoxx
50;
March
2021
Long
1‌
44‌
—‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
96
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
DJ
Euro
Stoxx
50;
March
2021
Short
146‌
$
6,389‌
$
(204‌)
Dollar
Index;
March
2021
Short
18‌
1,636‌
(7‌)
E-Mini
DJIA
Index;
March
2021
Long
6‌
927‌
(14‌)
Euribor;
June
2022
Long
201‌
60,923‌
(37‌)
Euro
Bond
10
Year
Bond;
March
2021
Short
7‌
1,464‌
33‌
Euro
Bond
10
Year
Bond;
March
2021
Long
53‌
11,088‌
(203‌)
Euro
Schatz;
March
2021
Long
148‌
20,030‌
(23‌)
Euro-Bobl
5
Year;
March
2021
Long
140‌
22,670‌
(141‌)
FTSE100
Index;
March
2021
Short
28‌
2,512‌
37‌
FTSE100
Index;
March
2021
Short
17‌
1,525‌
33‌
Gasoline
RBOB;
April
2021
(a)
Long
48‌
3,932‌
137‌
Gold
100
oz;
April
2021
(a)
Long
10‌
1,729‌
(85‌)
Hang
Seng
Index;
March
2021
Long
25‌
4,667‌
(215‌)
Japan
10
Year
Bond
TSE;
March
2021
Short
13‌
18,369‌
143‌
Japan
Topix
Index;
March
2021
Long
21‌
3,695‌
93‌
KC
HRW
Wheat;
July
2021
(a)
Long
39‌
1,244‌
(5‌)
LME
Copper;
June
2021
(a)
Long
7‌
1,588‌
278‌
LME
Copper;
March
2021
(a)
Short
—‌
—‌
558‌
LME
PRI
Alum;
June
2021
(a)
Long
31‌
1,673‌
91‌
LME
PRI
Alum;
March
2021
(a)
Short
—‌
—‌
74‌
LME
Zinc;
June
2021
(a)
Long
12‌
839‌
62‌
LME
Zinc;
March
2021
(a)
Short
—‌
—‌
(2‌)
Low
Sulphur
Gasoline;
April
2021
(a)
Long
45‌
2,397‌
31‌
Mini
Japan
10
Year
Bond;
March
2021
Short
16‌
2,263‌
9‌
Nasdaq
100
E-Mini;
March
2021
Long
21‌
5,423‌
(242‌)
Natural
Gas;
April
2021
(a)
Short
36‌
998‌
64‌
Nikkei
225
OSE;
March
2021
Long
8‌
2,195‌
6‌
NY
Harb
ULSD;
April
2021
(a)
Long
39‌
3,019‌
40‌
Russell
2000
Emini;
March
2021
Long
12‌
1,320‌
(41‌)
Russell
2000
Emini;
March
2021
Short
110‌
12,096‌
(1,536‌)
S&P
500
Emini;
March
2021
Long
18‌
3,428‌
(80‌)
S&P
Mid
400
Emini;
March
2021
Short
2‌
499‌
(52‌)
S&P/TSX
60
Index;
March
2021
Short
3‌
505‌
(14‌)
Silver;
May
2021
(a)
Long
19‌
2,512‌
(127‌)
Soybean
Meal;
May
2021
(a)
Long
24‌
1,011‌
(16‌)
Soybean
Oil;
May
2021
(a)
Long
21‌
629‌
51‌
Soybean;
May
2021
(a)
Long
36‌
2,528‌
29‌
Sugar
#11;
May
2021
(a)
Long
50‌
921‌
29‌
UK
10
Year
Gilt;
June
2021
Long
48‌
8,544‌
(86‌)
US
10
Year
Note;
June
2021
Short
93‌
12,343‌
112‌
US
10
Year
Note;
June
2021
Short
73‌
9,688‌
96‌
US
10
Year
Note;
June
2021
Long
23‌
3,053‌
(8‌)
US
10
Year
Ultra
Note;
June
2021
Short
20‌
2,947‌
16‌
US
2
Year
Note;
June
2021
Short
107‌
23,622‌
16‌
US
2
Year
Note;
June
2021
Long
235‌
51,880‌
(42‌)
US
5
Year
Note;
June
2021
Long
280‌
34,711‌
(273‌)
US
5
Year
Note;
June
2021
Short
28‌
3,471‌
3‌
US
Long
Bond;
June
2021
Short
49‌
7,802‌
87‌
US
Long
Bond;
June
2021
Short
13‌
2,070‌
15‌
US
Ultra
Bond;
June
2021
Short
26‌
4,916‌
31‌
Wheat;
May
2021
(a)
Long
42‌
1,387‌
20‌
WTI
Crude;
April
2021
(a)
Long
34‌
2,091‌
61‌
Total
$
(1,032‌)
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
GMS
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
03/01/2021
CLP
445,822‌
$
604‌
$
12‌
$
—‌
Bank
of
America
NA
03/01/2021
$
608‌
CLP
445,822‌
—‌
(8‌)
Bank
of
America
NA
03/02/2021
BRL
3,869‌
$
712‌
—‌
(21‌)
Bank
of
America
NA
03/02/2021
MXN
9,892‌
$
472‌
1‌
—‌
Bank
of
America
NA
03/02/2021
$
719‌
BRL
3,868‌
28‌
—‌
Bank
of
America
NA
03/04/2021
$
429‌
CLP
314,696‌
—‌
(6‌)
Bank
of
America
NA
03/09/2021
CNY
5,181‌
$
804‌
—‌
(6‌)
Bank
of
America
NA
03/09/2021
PHP
71,629‌
$
1,478‌
1‌
(6‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
97
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
03/09/2021
$
804‌
CNY
5,224‌
$
—‌
$
(1‌)
Bank
of
America
NA
03/09/2021
$
1,477‌
PHP
71,356‌
11‌
—‌
Bank
of
America
NA
03/10/2021
INR
86,112‌
$
1,158‌
11‌
—‌
Bank
of
America
NA
03/10/2021
MXN
110,622‌
$
5,491‌
—‌
(208‌)
Bank
of
America
NA
03/10/2021
$
1,718‌
MXN
34,626‌
64‌
—‌
Bank
of
America
NA
03/10/2021
$
1,158‌
INR
84,974‌
5‌
—‌
Bank
of
America
NA
03/16/2021
MXN
63,106‌
$
2,928‌
115‌
(33‌)
Bank
of
America
NA
03/16/2021
$
2,901‌
MXN
63,105‌
—‌
(111‌)
Bank
of
America
NA
03/17/2021
IDR
8,708,692‌
$
617‌
—‌
(10‌)
Bank
of
America
NA
03/17/2021
$
617‌
IDR
8,620,928‌
16‌
—‌
Bank
of
America
NA
03/18/2021
IDR
10,912,725‌
$
765‌
—‌
(5‌)
Bank
of
America
NA
03/18/2021
ZAR
23,094‌
$
1,544‌
—‌
(21‌)
Bank
of
America
NA
03/18/2021
TRY
9,004‌
$
1,233‌
—‌
(28‌)
Bank
of
America
NA
03/18/2021
$
1,544‌
ZAR
22,718‌
46‌
—‌
Bank
of
America
NA
03/18/2021
$
1,233‌
TRY
8,770‌
60‌
—‌
Bank
of
America
NA
03/18/2021
$
765‌
IDR
11,006,820‌
—‌
(2‌)
Bank
of
America
NA
03/19/2021
AUD
16,608‌
$
12,596‌
233‌
(48‌)
Bank
of
America
NA
03/19/2021
GBP
18,022‌
$
24,542‌
575‌
(6‌)
Bank
of
America
NA
03/19/2021
CAD
9,233‌
$
7,243‌
19‌
(9‌)
Bank
of
America
NA
03/19/2021
EUR
19,483‌
$
23,616‌
6‌
(106‌)
Bank
of
America
NA
03/19/2021
JPY
3,685,880‌
$
35,465‌
—‌
(876‌)
Bank
of
America
NA
03/19/2021
MXN
101,253‌
$
5,055‌
—‌
(224‌)
Bank
of
America
NA
03/19/2021
NZD
12,509‌
$
8,904‌
135‌
(3‌)
Bank
of
America
NA
03/19/2021
CHF
15,184‌
$
17,081‌
—‌
(375‌)
Bank
of
America
NA
03/19/2021
$
36,072‌
JPY
3,746,223‌
920‌
—‌
Bank
of
America
NA
03/19/2021
$
10,710‌
GBP
7,908‌
1‌
(308‌)
Bank
of
America
NA
03/19/2021
$
3,556‌
NZD
4,972‌
3‌
(37‌)
Bank
of
America
NA
03/19/2021
$
1,307‌
MXN
25,884‌
71‌
—‌
Bank
of
America
NA
03/19/2021
$
11,066‌
AUD
14,403‌
32‌
(46‌)
Bank
of
America
NA
03/19/2021
$
13,731‌
EUR
11,282‌
113‌
—‌
Bank
of
America
NA
03/19/2021
$
7,233‌
CHF
6,411‌
179‌
—‌
Bank
of
America
NA
03/19/2021
$
5,696‌
CAD
7,216‌
26‌
(2‌)
Bank
of
America
NA
03/25/2021
EUR
643‌
$
782‌
—‌
(6‌)
Bank
of
America
NA
03/25/2021
JPY
56,308‌
$
536‌
—‌
(8‌)
Bank
of
America
NA
03/26/2021
EUR
2,900‌
$
3,504‌
—‌
(3‌)
Bank
of
America
NA
03/26/2021
JPY
377,864‌
$
3,576‌
—‌
(30‌)
Bank
of
America
NA
03/26/2021
$
3,503‌
EUR
2,900‌
2‌
—‌
Bank
of
America
NA
03/29/2021
IDR
12,951,270‌
$
906‌
—‌
(8‌)
Bank
of
America
NA
03/29/2021
MXN
64,192‌
$
2,845‌
214‌
—‌
Bank
of
America
NA
03/29/2021
$
366‌
ARS
34,833‌
—‌
(10‌)
Bank
of
America
NA
03/29/2021
$
2,950‌
MXN
64,191‌
—‌
(111‌)
Bank
of
America
NA
03/29/2021
$
906‌
IDR
12,711,180‌
25‌
—‌
Bank
of
America
NA
03/30/2021
GBP
555‌
$
778‌
—‌
(5‌)
Bank
of
America
NA
03/30/2021
$
1,567‌
GBP
1,110‌
20‌
—‌
Bank
of
America
NA
03/31/2021
EUR
1,388‌
SEK
13,996‌
16‌
—‌
Bank
of
America
NA
03/31/2021
EUR
833‌
NOK
8,538‌
20‌
—‌
Bank
of
America
NA
03/31/2021
EUR
1,408‌
HUF
503,702‌
23‌
—‌
Bank
of
America
NA
03/31/2021
HUF
515,849‌
EUR
1,407‌
18‌
—‌
Bank
of
America
NA
03/31/2021
JPY
44,061‌
$
416‌
—‌
(3‌)
Bank
of
America
NA
03/31/2021
NZD
1,110‌
$
809‌
—‌
(7‌)
Bank
of
America
NA
03/31/2021
KRW
616,394‌
$
554‌
—‌
(8‌)
Bank
of
America
NA
03/31/2021
CHF
1,008‌
$
1,110‌
—‌
—‌
Bank
of
America
NA
03/31/2021
$
555‌
CAD
698‌
7‌
—‌
Bank
of
America
NA
03/31/2021
$
1,210‌
INR
89,042‌
11‌
—‌
Bank
of
America
NA
03/31/2021
$
36‌
HUF
12,147‌
—‌
(4‌)
Bank
of
America
NA
04/05/2021
THB
18,069‌
$
591‌
8‌
—‌
Bank
of
America
NA
04/05/2021
$
569‌
THB
18,069‌
—‌
(31‌)
Bank
of
America
NA
04/06/2021
EUR
1,995‌
ZAR
37,386‌
—‌
(52‌)
Bank
of
America
NA
04/06/2021
IDR
49,724,901‌
$
3,506‌
—‌
(68‌)
Bank
of
America
NA
04/06/2021
ZAR
37,842‌
EUR
1,996‌
83‌
—‌
Bank
of
America
NA
04/06/2021
$
3,506‌
IDR
49,037,064‌
115‌
—‌
Bank
of
America
NA
04/08/2021
EUR
1,638‌
PLN
7,362‌
10‌
—‌
Bank
of
America
NA
04/08/2021
PLN
7,362‌
EUR
1,638‌
—‌
(10‌)
Bank
of
America
NA
04/14/2021
BRL
4,981‌
$
981‌
—‌
(94‌)
Bank
of
America
NA
04/14/2021
$
982‌
BRL
5,115‌
70‌
—‌
Bank
of
America
NA
04/15/2021
INR
202,550‌
$
2,708‌
13‌
—‌
Bank
of
America
NA
04/15/2021
$
1,498‌
INR
110,960‌
7‌
—‌
Bank
of
America
NA
04/16/2021
TRY
26,806‌
$
3,549‌
24‌
(33‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
98
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
04/16/2021
$
2,692‌
TRY
20,560‌
$
10‌
$
(34‌)
Bank
of
America
NA
04/22/2021
IDR
2,619,045‌
$
185‌
—‌
(4‌)
Bank
of
America
NA
04/22/2021
$
185‌
IDR
2,592,035‌
6‌
—‌
Bank
of
America
NA
04/26/2021
ZAR
8,817‌
$
572‌
7‌
—‌
Bank
of
America
NA
04/26/2021
THB
30,962‌
$
1,031‌
—‌
(4‌)
Bank
of
America
NA
04/26/2021
$
572‌
ZAR
8,822‌
—‌
(8‌)
Bank
of
America
NA
04/26/2021
$
1,031‌
THB
30,969‌
3‌
—‌
Bank
of
America
NA
04/27/2021
COP
15,551,057‌
$
4,146‌
113‌
—‌
Bank
of
America
NA
04/27/2021
$
4,053‌
COP
15,551,056‌
—‌
(208‌)
Bank
of
America
NA
04/30/2021
JPY
55,579‌
$
534‌
—‌
(12‌)
Bank
of
America
NA
04/30/2021
PHP
31,334‌
$
640‌
—‌
(3‌)
Bank
of
America
NA
04/30/2021
$
534‌
JPY
56,405‌
4‌
—‌
Bank
of
America
NA
04/30/2021
$
3,642‌
PHP
176,804‌
49‌
—‌
Bank
of
America
NA
05/03/2021
CLP
260,628‌
$
356‌
5‌
—‌
Bank
of
America
NA
05/03/2021
MXN
66,941‌
$
3,273‌
—‌
(93‌)
Bank
of
America
NA
05/03/2021
$
356‌
CLP
259,079‌
—‌
(2‌)
Bank
of
America
NA
05/03/2021
$
858‌
TRY
6,383‌
21‌
—‌
Bank
of
America
NA
05/03/2021
$
3,065‌
MXN
66,941‌
—‌
(116‌)
Bank
of
America
NA
05/05/2021
PEN
16,723‌
$
4,590‌
—‌
(2‌)
Bank
of
America
NA
05/05/2021
PHP
69,520‌
$
1,424‌
—‌
(11‌)
Bank
of
America
NA
05/05/2021
$
4,590‌
PEN
16,564‌
45‌
—‌
Bank
of
America
NA
05/05/2021
$
3,920‌
PHP
189,918‌
60‌
—‌
Bank
of
America
NA
05/06/2021
MXN
32,742‌
$
1,625‌
—‌
(70‌)
Bank
of
America
NA
05/06/2021
$
1,530‌
MXN
32,742‌
—‌
(25‌)
Bank
of
America
NA
05/10/2021
MXN
32,305‌
$
1,590‌
—‌
(57‌)
Bank
of
America
NA
05/10/2021
$
1,530‌
MXN
32,305‌
—‌
(3‌)
Bank
of
America
NA
05/13/2021
BRL
12,691‌
$
2,314‌
—‌
(55‌)
Bank
of
America
NA
05/13/2021
$
2,314‌
BRL
12,631‌
66‌
—‌
Bank
of
America
NA
05/19/2021
$
858‌
CLP
615,714‌
6‌
—‌
Bank
of
America
NA
05/20/2021
ZAR
16,537‌
$
1,068‌
15‌
—‌
Bank
of
America
NA
05/20/2021
$
1,068‌
ZAR
16,220‌
5‌
—‌
Bank
of
America
NA
05/24/2021
MXN
5,519‌
$
268‌
—‌
(6‌)
Bank
of
America
NA
05/28/2021
ZAR
10,392‌
$
712‌
—‌
(32‌)
Bank
of
America
NA
05/28/2021
$
712‌
ZAR
10,739‌
9‌
—‌
Bank
of
America
NA
06/01/2021
MXN
32,249‌
$
1,430‌
97‌
—‌
Bank
of
America
NA
06/01/2021
$
1,486‌
MXN
32,249‌
—‌
(42‌)
Bank
of
America
NA
06/14/2021
MXN
32,550‌
$
1,478‌
61‌
—‌
Bank
of
America
NA
06/14/2021
$
1,423‌
MXN
32,550‌
—‌
(117‌)
Bank
of
America
NA
06/16/2021
INR
138,223‌
$
1,850‌
—‌
(6‌)
Bank
of
America
NA
06/16/2021
$
1,850‌
INR
137,598‌
15‌
—‌
Bank
of
America
NA
06/17/2021
CLP
644,716‌
$
890‌
9‌
(6‌)
Bank
of
America
NA
06/17/2021
$
890‌
CLP
650,572‌
—‌
(10‌)
Bank
of
America
NA
06/21/2021
MXN
61,789‌
$
3,020‌
—‌
(100‌)
Bank
of
America
NA
06/21/2021
$
3,056‌
MXN
61,789‌
137‌
—‌
Bank
of
America
NA
07/12/2021
HUF
2,105,473‌
$
7,161‌
—‌
(162‌)
Bank
of
America
NA
07/12/2021
$
3,560‌
HUF
1,058,833‌
40‌
—‌
Bank
of
America
NA
07/13/2021
HUF
1,058,744‌
$
3,560‌
—‌
(41‌)
Bank
of
America
NA
07/13/2021
$
3,567‌
HUF
1,058,744‌
48‌
—‌
Bank
of
America
NA
07/19/2021
HUF
1,058,210‌
$
3,560‌
—‌
(43‌)
Bank
of
America
NA
07/19/2021
$
3,591‌
HUF
1,058,210‌
74‌
—‌
Bank
of
America
NA
07/21/2021
HUF
1,060,880‌
$
3,586‌
—‌
(60‌)
Bank
of
America
NA
07/21/2021
$
3,560‌
HUF
1,060,880‌
34‌
—‌
Bank
of
America
NA
08/03/2021
MXN
67,668‌
$
3,065‌
118‌
—‌
Bank
of
America
NA
08/03/2021
$
3,275‌
MXN
67,668‌
92‌
—‌
Bank
of
America
NA
08/17/2021
INR
59,850‌
$
804‌
—‌
(11‌)
Bank
of
America
NA
08/18/2021
PHP
34,949‌
$
712‌
—‌
(6‌)
Bank
of
America
NA
08/18/2021
$
712‌
PHP
35,038‌
4‌
—‌
Bank
of
America
NA
08/20/2021
CNY
30,388‌
$
4,290‌
339‌
—‌
Bank
of
America
NA
08/20/2021
$
4,540‌
CNY
30,388‌
—‌
(89‌)
Bank
of
America
NA
08/23/2021
INR
40,007‌
$
536‌
—‌
(7‌)
Bank
of
America
NA
09/01/2021
MXN
84,927‌
$
3,718‌
265‌
—‌
Bank
of
America
NA
09/01/2021
$
3,753‌
MXN
84,927‌
—‌
(230‌)
Bank
of
America
NA
09/07/2021
MXN
66,212‌
$
2,907‌
196‌
—‌
Bank
of
America
NA
09/07/2021
$
2,978‌
MXN
66,211‌
—‌
(125‌)
Bank
of
America
NA
09/14/2021
MXN
31,562‌
$
1,422‌
55‌
—‌
Bank
of
America
NA
09/14/2021
$
1,509‌
MXN
31,562‌
32‌
—‌
Bank
of
America
NA
11/08/2021
MXN
33,466‌
$
1,530‌
28‌
—‌
Bank
of
America
NA
11/08/2021
$
1,627‌
MXN
33,466‌
69‌
—‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
99
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
11/09/2021
MXN
33,005‌
$
1,530‌
$
6‌
$
—‌
Bank
of
America
NA
11/09/2021
$
1,592‌
MXN
33,005‌
56‌
—‌
Bank
of
America
NA
12/21/2021
MXN
63,017‌
$
3,053‌
—‌
(134‌)
Bank
of
America
NA
12/21/2021
$
3,020‌
MXN
63,017‌
102‌
—‌
Bank
of
America
NA
01/12/2022
HUF
1,061,610‌
$
3,560‌
—‌
(42‌)
Bank
of
America
NA
01/12/2022
$
7,168‌
HUF
2,108,784‌
180‌
—‌
Bank
of
America
NA
01/13/2022
HUF
1,060,524‌
$
3,562‌
—‌
(48‌)
Bank
of
America
NA
01/13/2022
$
3,563‌
HUF
1,060,524‌
49‌
—‌
Bank
of
America
NA
01/19/2022
HUF
1,059,598‌
$
3,590‌
—‌
(79‌)
Bank
of
America
NA
01/19/2022
$
3,560‌
HUF
1,059,598‌
49‌
—‌
Bank
of
America
NA
01/21/2022
HUF
1,063,605‌
$
3,560‌
—‌
(36‌)
Bank
of
America
NA
01/21/2022
$
3,591‌
HUF
1,063,605‌
66‌
—‌
Bank
of
New
York
Mellon
03/02/2021
EUR
3,000‌
$
3,632‌
—‌
(12‌)
Bank
of
New
York
Mellon
03/02/2021
$
4,235‌
EUR
3,500‌
12‌
—‌
Bank
of
New
York
Mellon
03/10/2021
$
2,785‌
EUR
2,350‌
—‌
(51‌)
Bank
of
New
York
Mellon
03/17/2021
EUR
500‌
$
607‌
—‌
(3‌)
Bank
of
New
York
Mellon
03/17/2021
ZAR
35,742‌
$
2,420‌
—‌
(61‌)
Bank
of
New
York
Mellon
03/17/2021
$
2,357‌
ZAR
35,742‌
—‌
(2‌)
Bank
of
New
York
Mellon
03/17/2021
$
1,734‌
EUR
1,440‌
—‌
(4‌)
Bank
of
New
York
Mellon
04/06/2021
$
1,211‌
EUR
1,000‌
4‌
—‌
Bank
of
New
York
Mellon
04/16/2021
GBP
2,000‌
$
2,762‌
25‌
—‌
Bank
of
New
York
Mellon
04/16/2021
$
2,725‌
GBP
2,000‌
—‌
(62‌)
Bank
of
New
York
Mellon
04/26/2021
$
1,591‌
ZAR
24,220‌
2‌
(2‌)
Barclays
Bank
PLC
03/17/2021
CAD
950‌
$
745‌
2‌
—‌
Barclays
Bank
PLC
04/26/2021
EUR
130‌
$
158‌
—‌
(1‌)
Barclays
Bank
PLC
04/26/2021
$
299‌
EUR
245‌
3‌
—‌
BMO
Capital
Markets
03/17/2021
GBP
737‌
$
1,001‌
26‌
—‌
BNP
Paribas
03/17/2021
$
6,919‌
EUR
5,689‌
52‌
—‌
Citigroup
Inc
03/01/2021
$
40‌
RUB
2,951‌
—‌
—‌
HSBC
Securities
Inc
03/19/2021
CZK
38,800‌
$
1,818‌
—‌
(28‌)
HSBC
Securities
Inc
03/19/2021
PLN
6,700‌
$
1,813‌
—‌
(23‌)
HSBC
Securities
Inc
03/19/2021
TRY
20,400‌
$
2,854‌
—‌
(126‌)
HSBC
Securities
Inc
03/19/2021
$
2,963‌
BRL
16,400‌
39‌
—‌
HSBC
Securities
Inc
03/19/2021
$
436‌
RUB
32,400‌
3‌
—‌
HSBC
Securities
Inc
03/19/2021
$
3,624‌
PEN
13,200‌
5‌
—‌
HSBC
Securities
Inc
03/19/2021
$
2,529‌
MXN
51,100‌
91‌
—‌
HSBC
Securities
Inc
03/19/2021
$
725‌
PLN
2,700‌
4‌
—‌
HSBC
Securities
Inc
03/23/2021
EUR
10‌
$
12‌
—‌
—‌
HSBC
Securities
Inc
03/23/2021
$
5,678‌
EUR
4,670‌
40‌
—‌
JPMorgan
Chase
03/01/2021
$
15‌
CNY
97‌
—‌
—‌
JPMorgan
Chase
03/19/2021
BRL
16,400‌
$
3,028‌
—‌
(103‌)
JPMorgan
Chase
03/19/2021
CNY
5,800‌
$
901‌
—‌
(8‌)
JPMorgan
Chase
03/19/2021
EUR
1,475‌
$
1,789‌
—‌
(8‌)
JPMorgan
Chase
03/19/2021
INR
390,000‌
$
5,327‌
—‌
(51‌)
JPMorgan
Chase
03/19/2021
ILS
8,800‌
$
2,700‌
—‌
(40‌)
JPMorgan
Chase
03/19/2021
MXN
51,100‌
$
2,500‌
—‌
(62‌)
JPMorgan
Chase
03/19/2021
ZAR
41,000‌
$
2,836‌
—‌
(130‌)
JPMorgan
Chase
03/19/2021
$
3,603‌
CNY
23,400‌
—‌
—‌
JPMorgan
Chase
03/19/2021
$
1,798‌
EUR
1,475‌
18‌
—‌
JPMorgan
Chase
03/19/2021
$
9,534‌
ZAR
141,000‌
233‌
—‌
JPMorgan
Chase
03/19/2021
$
2,738‌
TRY
20,400‌
10‌
—‌
JPMorgan
Chase
03/19/2021
$
5,300‌
INR
390,000‌
25‌
—‌
JPMorgan
Chase
03/19/2021
$
1,795‌
CZK
38,800‌
5‌
—‌
JPMorgan
Chase
03/19/2021
$
1,080‌
PLN
4,000‌
12‌
—‌
JPMorgan
Chase
03/23/2021
$
1,804‌
EUR
1,475‌
24‌
—‌
JPMorgan
Chase
05/17/2021
INR
461,000‌
$
6,215‌
—‌
(44‌)
Merrill
Lynch
04/26/2021
$
232‌
EUR
190‌
2‌
—‌
Morgan
Stanley
&
Co
03/17/2021
$
1,676‌
CAD
2,130‌
2‌
—‌
Morgan
Stanley
&
Co
03/17/2021
$
3,837‌
GBP
2,865‌
—‌
(155‌)
Morgan
Stanley
&
Co
04/08/2021
COP
1,830,431‌
$
529‌
—‌
(28‌)
Morgan
Stanley
&
Co
04/08/2021
$
529‌
COP
1,830,431‌
28‌
—‌
Standard
Chartered
Bank,
Hong
Kong
04/06/2021
EUR
615‌
$
740‌
2‌
—‌
Standard
Chartered
Bank,
Hong
Kong
04/06/2021
$
758‌
EUR
615‌
15‌
—‌
Toronto
Dominion
Bank
03/17/2021
EUR
1,493‌
$
1,805‌
—‌
(3‌)
Total
$
6,698‌
$
(6,143‌)
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
100
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
February
28,
2021
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Barclays
Bank
PLC
CDX.EM.5Y
N/A
(1.00)%
Quarterly
12/20/2025
$
4,100‌
$
150‌
$
24‌
$
174‌
$
—‌
Citigroup
Inc
CDX.EM.5Y
N/A
(1.00)%
Quarterly
12/20/2025
2,000‌
75‌
10‌
85‌
—‌
Goldman
Sachs
&
Co
Pitney
Bowes
Inc,
4.70%,
04/01/2023
2.57%
(1.00)%
Quarterly
06/20/2023
300‌
76‌
(65‌)
11‌
—‌
Goldman
Sachs
&
Co
Royal
Caribbean
Cruises
Ltd,
5.25%,
11/15/2022
4.49%
(5.00)%
Quarterly
06/20/2025
450‌
89‌
(98‌)
—‌
(9‌)
Total
$
390‌
$
(129‌)
$
270‌
$
(9‌)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
February
28,
2021
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.NA.HY.35
N/A
(5.00)%
Quarterly
12/20/2025
$
22,500‌
$
(1,794‌)
$
(73‌)
$
(1,867‌)
Turkey
Government
International
Bond,
11.88%,
01/15/2030
3.08%
(1.00)%
Quarterly
12/20/2025
5,593‌
942‌
(410‌)
532‌
Total
$
(852‌)
$
(483‌)
$
(1,335‌)
Sell
Protection
Reference
Entity
Implied
Credit
Spread
as
of
February
28,
2021
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
(c)
CDX.NA.HY.35
N/A
5.00%
Quarterly
12/20/2025
$
2,660‌
$
102‌
$
119‌
$
221‌
Total
$
102‌
$
119‌
$
221‌
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
$2,660.
(c)
The
market
price
and
resulting
market
value
for
credit
default
swap
agreements
on
an
issuer
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
default
swap
as
of
the
period
end.
Increasing
market
values,
in
absolute
terms,
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Interest
Rate
Swaps
Counterparty
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
Asset
Liability
Morgan
Stanley
&
Co
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
3.09%
Quarterly
Quarterly
N/A
11/08/2024
CNY
18,894‌
$
23‌
$
—‌
$
23‌
$
—‌
Total
$
23‌
$
—‌
$
23‌
$
—‌
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
101
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
3
Month
Johannesburg
Interbank
Agreed
Rate
Pay
7.20%
Quarterly
Quarterly
N/A
11/11/2022
ZAR
105,000‌
$
289‌
$
49‌
$
338‌
3
Month
Johannesburg
Interbank
Agreed
Rate
Receive
6.59%
Quarterly
Quarterly
N/A
11/11/2022
105,000‌
(216‌)
(53‌)
(269‌)
3
Month
Johannesburg
Interbank
Agreed
Rate
Pay
4.02%
Quarterly
Quarterly
N/A
12/24/2023
38,656‌
(52‌)
1‌
(51‌)
3
Month
Johannesburg
Interbank
Agreed
Rate
Pay
4.95%
Quarterly
Quarterly
N/A
08/18/2024
28,140‌
(22‌)
1‌
(21‌)
3
Month
KRW
Certificate
of
Deposit
Receive
0.80%
Annual
Annual
N/A
10/08/2022
$
23,100,000‌
36‌
—‌
36‌
3
Month
KRW
Certificate
of
Deposit
Receive
0.79%
Annual
Annual
N/A
10/14/2022
23,100,000‌
41‌
—‌
41‌
3
Month
KRW
Certificate
of
Deposit
Pay
1.09%
Annual
Annual
N/A
10/07/2030
2,310,000‌
(86‌)
1‌
(85‌)
3
Month
KRW
Certificate
of
Deposit
Receive
0.80%
Annual
Annual
N/A
10/07/2022
11,560,000‌
16‌
—‌
16‌
3
Month
KRW
Certificate
of
Deposit
Receive
0.80%
Annual
Annual
N/A
10/07/2022
11,560,000‌
16‌
1‌
17‌
3
Month
KRW
Certificate
of
Deposit
Receive
1.39%
Quarterly
Quarterly
N/A
12/18/2029
1,690,489‌
16‌
—‌
16‌
3
Month
KRW
Certificate
of
Deposit
Receive
1.41%
Quarterly
Quarterly
N/A
01/28/2022
8,790,000‌
(48‌)
—‌
(48‌)
3
Month
KRW
Certificate
of
Deposit
Pay
1.09%
Annual
Annual
N/A
10/07/2030
2,310,000‌
(86‌)
1‌
(85‌)
3
Month
KRW
Certificate
of
Deposit
Receive
0.79%
Annual
Annual
N/A
02/05/2022
44,000,000‌
8‌
—‌
8‌
3
Month
KRW
Certificate
of
Deposit
Receive
1.75%
Annual
Annual
N/A
03/17/2030
12,855,000‌
(174‌)
—‌
(174‌)
3
Month
KRW
Certificate
of
Deposit
Pay
2.00%
Annual
Annual
N/A
03/17/2022
85,700,000‌
898‌
1‌
899‌
3
Month
KRW
Certificate
of
Deposit
Pay
1.07%
Annual
Annual
N/A
10/14/2030
4,620,000‌
(178‌)
—‌
(178‌)
3
Month
KRW
Certificate
of
Deposit
Pay
0.95%
Annual
Annual
N/A
08/07/2022
72,500,000‌
61‌
—‌
61‌
3
Month
KRW
Certificate
of
Deposit
Receive
1.31%
Quarterly
Quarterly
N/A
11/22/2029
1,391,000‌
23‌
(1‌)
22‌
3
Month
KRW
Certificate
of
Deposit
Pay
1.07%
Annual
Annual
N/A
10/08/2030
4,620,000‌
(178‌)
1‌
(177‌)
3
Month
USD
LIBOR
Pay
2.98%
Quarterly
Semiannual
N/A
08/07/2023
4,428‌
289‌
—‌
289‌
3
Month
USD
LIBOR
Receive
2.75%
Semiannual
Quarterly
N/A
03/29/2025
1,575‌
(133‌)
—‌
(133‌)
3
Month
USD
LIBOR
Receive
3.04%
Semiannual
Quarterly
N/A
08/07/2028
2,362‌
(304‌)
—‌
(304‌)
3
Month
USD
LIBOR
Receive
2.97%
Semiannual
Quarterly
N/A
05/04/2025
2,381‌
(226‌)
1‌
(225‌)
3
Month
USD
LIBOR
Receive
2.97%
Semiannual
Quarterly
N/A
04/25/2025
2,700‌
(255‌)
—‌
(255‌)
3
Month
USD
LIBOR
Receive
3.04%
Semiannual
Quarterly
N/A
05/22/2025
3,180‌
(313‌)
—‌
(313‌)
6
Month
Budapest
Interbank
Offered
Rate
Receive
1.28%
Annual
Semiannual
N/A
01/28/2026
HUF
519,760‌
48‌
—‌
48‌
6
Month
Budapest
Interbank
Offered
Rate
Receive
2.09%
Annual
Semiannual
N/A
07/11/2023
482,425‌
(34‌)
8‌
(26‌)
6
Month
Budapest
Interbank
Offered
Rate
Receive
1.79%
Annual
Semiannual
N/A
02/26/2026
496,872‌
6‌
1‌
7‌
6
Month
Budapest
Interbank
Offered
Rate
Receive
1.06%
Annual
Semiannual
N/A
01/22/2024
1,068,000‌
46‌
—‌
46‌
6
Month
Euro
Interbank
Offered
Rate
Receive
0.06%
Annual
Semiannual
N/A
04/18/2024
EUR
1,487‌
(25‌)
(2‌)
(27‌)
6
Month
Euro
Interbank
Offered
Rate
Pay
(0.19)%
Semiannual
Annual
N/A
08/27/2029
1,305‌
(18‌)
1‌
(17‌)
6
Month
Euro
Interbank
Offered
Rate
Receive
0.05%
Annual
Semiannual
N/A
08/27/2034
870‌
24‌
(1‌)
23‌
6
Month
Prague
Interbank
Offered
Rate
Pay
1.59%
Semiannual
Annual
N/A
08/16/2021
CZK
85,188‌
17‌
5‌
22‌
6
Month
Prague
Interbank
Offered
Rate
Receive
1.44%
Annual
Semiannual
N/A
02/09/2031
41,800‌
44‌
(1‌)
43‌
6
Month
Prague
Interbank
Offered
Rate
Receive
1.14%
Annual
Semiannual
N/A
02/05/2026
34,840‌
26‌
(1‌)
25‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Pay
0.71%
Annual
Annual
N/A
09/16/2023
$
28,860‌
3‌
—‌
3‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Pay
0.73%
Semiannual
Semiannual
N/A
09/16/2023
90,465‌
12‌
1‌
13‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Pay
1.00%
Annual
Annual
N/A
12/16/2023
88,800‌
15‌
—‌
15‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Receive
0.58%
Semiannual
Semiannual
N/A
11/12/2023
94,860‌
4‌
—‌
4‌
6
Month
Thai
Baht
Interest
Rate
Fixing
Receive
0.68%
Annual
Annual
N/A
03/01/2024
54,136‌
—‌
1‌
1‌
6
Month
Warsaw
Interbank
Offered
Rate
Pay
0.29%
Semiannual
Annual
N/A
10/08/2022
PLN
122,600‌
(78‌)
2‌
(76‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
2.55%
Annual
Semiannual
N/A
03/10/2022
6,420‌
(37‌)
(2‌)
(39‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
0.76%
Annual
Semiannual
N/A
02/08/2026
4,020‌
19‌
1‌
20‌
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.10%
Annual
Semiannual
N/A
10/08/2030
25,500‌
375‌
(4‌)
371‌
6
Month
Warsaw
Interbank
Offered
Rate
Receive
2.48%
Annual
Semiannual
N/A
03/23/2023
4,152‌
(42‌)
(3‌)
(45‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
2.37%
Annual
Semiannual
N/A
04/26/2022
6,600‌
(39‌)
(2‌)
(41‌)
6
Month
Warsaw
Interbank
Offered
Rate
Pay
0.29%
Semiannual
Annual
N/A
10/08/2022
24,400‌
(19‌)
4‌
(15‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.10%
Annual
Semiannual
N/A
10/08/2030
5,100‌
79‌
(5‌)
74‌
6
Month
Warsaw
Interbank
Offered
Rate
Receive
0.29%
Annual
Semiannual
N/A
10/08/2022
57,000‌
54‌
(19‌)
35‌
6
Month
Warsaw
Interbank
Offered
Rate
Pay
1.10%
Semiannual
Annual
N/A
10/08/2030
12,000‌
(177‌)
2‌
(175‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
2.52%
Annual
Semiannual
N/A
03/09/2022
3,605‌
(20‌)
(2‌)
(22‌)
6
Month
Warsaw
Interbank
Offered
Rate
Receive
1.40%
Annual
Semiannual
N/A
02/09/2031
7,200‌
61‌
(1‌)
60‌
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.48%
Annual
Annual
N/A
01/21/2023
$
23,496‌
(15‌)
1‌
(14‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.62%
Annual
Annual
N/A
02/22/2022
34,840‌
5‌
1‌
6‌
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.47%
Annual
Annual
N/A
01/19/2023
23,496‌
(11‌)
—‌
(11‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.04%
Annual
Annual
N/A
06/12/2023
13,714‌
(31‌)
—‌
(31‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.00%
Annual
Annual
N/A
04/13/2023
19,980‌
(61‌)
—‌
(61‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
102
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/
(Receipts)
Fair
Value
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.56%
Annual
Annual
N/A
12/02/2021
$
105,096‌
$
28‌
$
—‌
$
28‌
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.42%
Annual
Annual
N/A
01/14/2023
54,112‌
(28‌)
—‌
(28‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
1.99%
Annual
Annual
N/A
06/16/2023
13,584‌
(33‌)
—‌
(33‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
3.00%
Annual
Annual
N/A
12/11/2025
26,361‌
(22‌)
—‌
(22‌)
China
Foreign
Exchange
Trade
System
Fixing
Repo
Rates
7
Day
Pay
2.85%
Annual
Annual
N/A
12/10/2025
12,342‌
(1‌)
—‌
(1‌)
Financial
Benchmarks
India
Overnight
Mumbai
Interbank
Outright
Rate
Receive
5.35%
Annual
Annual
N/A
02/26/2026
176,880‌
(4‌)
—‌
(4‌)
Total
$
(407‌)
$
(12‌)
$
(419‌)
Amounts
in
thousands.
(a)    
Forward
swap.
Total
Return
Equity
Basket
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/(Depreciation)
Asset
-----
Liability
Morgan
Stanley
&
Co
(a)
Floating
rate
based
on
1
Month
LIBOR
plus/less
spread
Total
return
on
a
custom
basket
of
long
and
short
securities
traded
in
USD
Monthly
07/28/2021-
10/13/2021
$
32,393‌
$
—‌
$
—‌
$
(442‌)
Morgan
Stanley
&
Co
Floating
rate
based
on
1
Month
Euro
Interbank
Offered
Rate
plus/less
spread
Total
return
on
a
custom
basket
of
long
and
short
securities
traded
in
EUR
Monthly
10/11/2021
1,530‌
—‌
177‌
—‌
Total
$
33,923‌
$
—‌
$
177‌
$
(442‌)
The
expiration
dates
are
measured
from
the
commencement
of
investment
in
each
underlying
swap
position.
The
fund
pays
a
floating
rate
based
on
the
reference
rate
plus/less
a
spread.
The
spread
is
negotiated
at
the
security
level
and
is
usually
similar
within
a
region
but
may
vary
depending
on
how
difficult
it
is
to
borrow
the
security.
Notional
Amount
represents
the
total
absolute
value
of
the
underlying
securities.
Top
Underlying
Securities
includes
the
50
largest
components
and
any
other
components
where
the
notional
exceeds
1%
of
the
notional
amount
of
the
index
or
custom
basket.
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
103
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
MSYC1XCB
Index
(15,309)
$
(1,875
)
(5.79)%
MSYCHVIP
Index
(4,073)
(1,875
)
(5.79)%
Mastercard
Inc
4,305
1,523
4.70%
Broadridge
Financial
Solutions
Inc
10,134
1,444
4.46%
TJX
Cos
Inc/The
20,296
1,339
4.14%
Ross
Stores
Inc
10,062
1,174
3.62%
Armstrong
World
Industries
Inc
12,723
1,089
3.36%
Utilities
Select
Sector
SPDR
Fund
(15,993)
(933
)
(2.88)%
Cedar
Fair
LP
18,723
921
2.84%
MSXXPINS
Index
(11,243)
(820
)
(2.53)%
MSMSYLD
Index
(20,628)
(812
)
(2.51)%
Murphy
USA
Inc
(6,236)
(777
)
(2.40)%
Thomson
Reuters
Corp
(6,404)
(556
)
(1.72)%
Pentair
PLC
(9,917)
(555
)
(1.71)%
Western
Union
Co/The
(23,883)
(555
)
(1.71)%
Alibaba
Group
Holding
Ltd
(2,232)
(531
)
(1.64)%
FactSet
Research
Systems
Inc
(1,690)
(514
)
(1.59)%
Dun
&
Bradstreet
Holdings
Inc
(21,592)
(472
)
(1.46)%
Kroger
Co/The
(13,154)
(424
)
(1.31)%
NextEra
Energy
Inc
5,344
393
1.21%
FirstCash
Inc
(6,134)
(388
)
(1.20)%
Amcor
PLC
(33,396)
(365
)
(1.13)%
Verizon
Communications
Inc
(6,509)
(360
)
(1.11)%
J
M
Smucker
Co/The
(3,095)
(347
)
(1.07)%
Colgate-Palmolive
Co
(4,560)
(343
)
(1.06)%
Campbell
Soup
Co
(7,329)
(333
)
(1.03)%
Appfolio
Inc
(1,733)
(284
)
(0.88)%
Robert
Half
International
Inc
(3,600)
(280
)
(0.86)%
Aon
PLC
(1,216)
(277
)
(0.86)%
Dynatrace
Inc
(5,541)
(276
)
(0.85)%
MSXXSOFT
Index
(1,807)
(274
)
(0.84)%
Whirlpool
Corp
(1,419)
(270
)
(0.83)%
3M
Co
(1,495)
(262
)
(0.81)%
Kellogg
Co
(4,456)
(257
)
(0.79)%
General
Mills
Inc
(4,520)
(249
)
(0.77)%
MongoDB
Inc
(515)
(199
)
(0.61)%
Guidewire
Software
Inc
(1,560)
(173
)
(0.54)%
Starbucks
Corp
(942)
(102
)
(0.31)%
Netflix
Inc
(179)
(97
)
(0.30)%
Chevron
Corp
(966)
(97
)
(0.30)%
Texas
Instruments
Inc
(556)
(96
)
(0.30)%
Honeywell
International
Inc
(472)
(96
)
(0.30)%
Accenture
PLC
(378)
(95
)
(0.29)%
Broadcom
Inc
(202)
(95
)
(0.29)%
Cisco
Systems
Inc
(2,108)
(95
)
(0.29)%
NIKE
Inc
(701)
(94
)
(0.29)%
Adobe
Inc
(205)
(94
)
(0.29)%
PepsiCo
Inc
(728)
(94
)
(0.29)%
Thermo
Fisher
Scientific
Inc
(207)
(93
)
(0.29)%
Medtronic
PLC
(795)
(93
)
(0.29)%
(a)
Top
Underlying
Securities
YORKEBS
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
104
Total
Return
Swaps
Counterparty
Reference
Entity
Contracts
Pay/Receive
Positive
Return
Financing
Rate
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
----
Liability
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
03/02/2021
7,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
03/03/2021
$
425‌
$
—‌
$
19‌
$
—‌
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
03/23/2021
20,800,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
03/24/2021
1,290‌
—‌
24‌
—‌
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
04/07/2021
13,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
04/07/2021
821‌
—‌
—‌
(2‌)
HSBC
Securities
Inc
Egypt
Treasury
Bills,
0.00%,
07/13/2021
13,000,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
07/14/2021
774‌
—‌
15‌
—‌
JPMorgan
Chase
Ghana
Government
Bond,
17.6%,
02/21/2023
3,100,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
02/21/2023
538‌
—‌
8‌
—‌
JPMorgan
Chase
Ghana
Government
Bond,
19.25%,
12/19/2023
4,500,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
12/19/2023
810‌
—‌
30‌
—‌
JPMorgan
Chase
Ghana
Government
Bond,
19.50%,
07/09/2024
900,000
Receive
3
Month
USD
LIBOR
+
0.80%
Quarterly
07/09/2024
160‌
—‌
8‌
—‌
Total
$
—‌
$
104‌
$
(2‌)
Amounts
in
thousands
except
contracts.
Reverse
Repurchase
Agreements
Counterparty
Security
Type
Coupon
Rate
Maturity
Date
Remaining
Contractual
Tenor
Principal
Amount
Payable
Merrill
Lynch
Corporate
Debt
Securities
(1.75‌)%
Open
ended
Greater
than
90
Days
$
825‌
$
(825‌)
Merrill
Lynch
Corporate
Debt
Securities
(1.75‌)%
Open
ended
Greater
than
90
Days
590‌
(599‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
2,834‌
(2,836‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
224‌
(224‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
701‌
(701‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
549‌
(549‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
335‌
(335‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
1,899‌
(1,900‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.50‌)%
Open
ended
Greater
than
90
Days
706‌
(707‌)
Merrill
Lynch
Other
Instrument
-
International
Debt
(0.75‌)%
Open
ended
Greater
than
90
Days
EUR
2,171‌
(2,621‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/01/2021
Overnight
and
Continuous
$
5,975‌
(5,975‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
20,372‌
(20,372‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
18,713‌
(18,713‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
27,327‌
(27,327‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
21,115‌
(21,115‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
18,667‌
(18,667‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
6,746‌
(6,746‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
7,483‌
(7,483‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
2,773‌
(2,773‌)
Merrill
Lynch
U.S.
Treasuries
(including
strips)
(0.08‌)%
03/02/2021
Overnight
and
Continuous
10,200‌
(10,200‌)
Total
$
(150,668‌)
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
105
Short
Sales
Outstanding
COMMON
STOCKS
-
(15.85)%
Shares
Value
(000's)
Advertising
-
(0.02)%
Trade
Desk
Inc/The
131‌
$
106‌
Aerospace
&
Defense
-
(0.44)%
Boeing
Co/The
3,518‌
746‌
Dassault
Aviation
SA
174‌
187‌
General
Dynamics
Corp
1,126‌
184‌
L3Harris
Technologies
Inc
1,520‌
277‌
Raytheon
Technologies
Corp
9,175‌
660‌
Teledyne
Technologies
Inc
647‌
240‌
TransDigm
Group
Inc
301‌
174‌
$
2,468‌
Agriculture
-
(0.11)%
Archer-Daniels-Midland
Co
10,757‌
609‌
Airlines
-
(0.24)%
Alaska
Air
Group
Inc
2,664‌
173‌
American
Airlines
Group
Inc
5,881‌
123‌
Delta
Air
Lines
Inc
7,624‌
365‌
Japan
Airlines
Co
Ltd
10,600‌
254‌
Southwest
Airlines
Co
3,932‌
228‌
United
Airlines
Holdings
Inc
3,407‌
180‌
$
1,323‌
Apparel
-
(0.18)%
Ralph
Lauren
Corp
4,887‌
572‌
Under
Armour
Inc
-
Class
C
11,499‌
209‌
VF
Corp
2,387‌
189‌
$
970‌
Automobile
Manufacturers
-
(0.10)%
Honda
Motor
Co
Ltd
2,800‌
77‌
Mazda
Motor
Corp
18,000‌
143‌
PACCAR
Inc
1,061‌
97‌
Volkswagen
AG
831‌
195‌
$
512‌
Automobile
Parts
&
Equipment
-
(0.12)%
BorgWarner
Inc
5,741‌
258‌
Denso
Corp
2,500‌
151‌
Lear
Corp
490‌
81‌
Toyoda
Gosei
Co
Ltd
4,900‌
128‌
$
618‌
Banks
-
(0.55)%
Bank
of
Kyoto
Ltd/The
800‌
48‌
Bank
of
New
York
Mellon
Corp/The
5,015‌
211‌
Citigroup
Inc
1,238‌
82‌
Citizens
Financial
Group
Inc
4,020‌
175‌
Comerica
Inc
3,118‌
212‌
Commonwealth
Bank
of
Australia
1,234‌
77‌
FinecoBank
Banca
Fineco
SpA
22,137‌
388‌
Huntington
Bancshares
Inc/OH
7,121‌
109‌
KeyCorp
10,733‌
216‌
M&T
Bank
Corp
1,402‌
212‌
Northern
Trust
Corp
4,695‌
446‌
PNC
Financial
Services
Group
Inc/The
549‌
92‌
Regions
Financial
Corp
6,235‌
129‌
State
Street
Corp
5,328‌
388‌
SVB
Financial
Group
100‌
51‌
Truist
Financial
Corp
2,064‌
118‌
Zions
Bancorp
NA
914‌
49‌
$
3,003‌
Beverages
-
(0.13)%
Brown-Forman
Corp
-
B
Shares
1,777‌
127‌
Coca-Cola
European
Partners
PLC
2,152‌
110‌
Ito
En
Ltd
700‌
39‌
Keurig
Dr
Pepper
Inc
9,230‌
282‌
Remy
Cointreau
SA
913‌
174‌
$
732‌
Biotechnology
-
(0.22)%
Argenx
SE
638‌
212‌
Biogen
Inc
705‌
192‌
BioMarin
Pharmaceutical
Inc
387‌
30‌
Bio-Rad
Laboratories
Inc
379‌
222‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Biotechnology
(continued)
Incyte
Corp
1,196‌
$
94‌
Regeneron
Pharmaceuticals
Inc
69‌
31‌
Vertex
Pharmaceuticals
Inc
1,601‌
340‌
$
1,121‌
Building
Materials
-
(0.17)%
Cie
de
Saint-Gobain
4,543‌
244‌
CRH
PLC
4,727‌
205‌
Investment
AB
Latour
10,394‌
236‌
Owens
Corning
1,438‌
117‌
Vulcan
Materials
Co
511‌
85‌
$
887‌
Chemicals
-
(0.50)%
Air
Products
and
Chemicals
Inc
1,584‌
404‌
Albemarle
Corp
4,254‌
669‌
Dow
Inc
3,389‌
201‌
Ecolab
Inc
1,371‌
287‌
Evonik
Industries
AG
2,689‌
91‌
International
Flavors
&
Fragrances
Inc
4,145‌
562‌
LANXESS
AG
1,916‌
142‌
Mitsubishi
Chemical
Holdings
Corp
21,100‌
148‌
Mosaic
Co/The
4,345‌
128‌
Umicore
SA
2,099‌
123‌
$
2,755‌
Commercial
Services
-
(0.40)%
Atlantia
SpA
8,630‌
162‌
Dai
Nippon
Printing
Co
Ltd
3,900‌
71‌
Equifax
Inc
612‌
99‌
FleetCor
Technologies
Inc
826‌
229‌
Global
Payments
Inc
2,454‌
486‌
GMO
Payment
Gateway
Inc
1,600‌
212‌
IHS
Markit
Ltd
773‌
70‌
MarketAxess
Holdings
Inc
208‌
116‌
Moody's
Corp
196‌
54‌
Nihon
M&A
Center
Inc
1,700‌
93‌
Rollins
Inc
4,816‌
160‌
Transurban
Group
22,238‌
220‌
United
Rentals
Inc
450‌
134‌
Worldline
SA/France
1,003‌
89‌
$
2,195‌
Computers
-
(0.43)%
Atos
SE
3,965‌
310‌
DXC
Technology
Co
7,451‌
188‌
Fortinet
Inc
2,869‌
484‌
Hewlett
Packard
Enterprise
Co
35,596‌
518‌
Leidos
Holdings
Inc
1,811‌
160‌
NEC
Corp
3,350‌
183‌
Western
Digital
Corp
8,203‌
562‌
$
2,405‌
Consumer
Products
-
(0.03)%
Avery
Dennison
Corp
378‌
66‌
Church
&
Dwight
Co
Inc
1,122‌
88‌
$
154‌
Cosmetics
&
Personal
Care
-
(0.07)%
Shiseido
Co
Ltd
5,100‌
381‌
Distribution
&
Wholesale
-
(0.34)%
Copart
Inc
3,915‌
427‌
Fastenal
Co
7,704‌
357‌
Mitsubishi
Corp
10,500‌
298‌
Pool
Corp
1,453‌
486‌
Toromont
Industries
Ltd
800‌
58‌
WW
Grainger
Inc
507‌
189‌
$
1,815‌
Diversified
Financial
Services
-
(0.53)%
Afterpay
Ltd
743‌
68‌
American
Express
Co
3,047‌
412‌
Ameriprise
Financial
Inc
1,083‌
240‌
Capital
One
Financial
Corp
3,337‌
401‌
Charles
Schwab
Corp/The
2,867‌
177‌
CME
Group
Inc
434‌
87‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
106
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Diversified
Financial
Services
(continued)
Intercontinental
Exchange
Inc
794‌
$
88‌
Japan
Exchange
Group
Inc
2,100‌
45‌
London
Stock
Exchange
Group
PLC
489‌
66‌
Raymond
James
Financial
Inc
3,519‌
411‌
SBI
Holdings
Inc/Japan
4,200‌
118‌
St
James's
Place
PLC
18,900‌
312‌
TMX
Group
Ltd
2,900‌
277‌
Tokyo
Century
Corp
1,000‌
66‌
Visa
Inc
494‌
105‌
$
2,873‌
Electric
-
(0.87)%
AES
Corp/The
550‌
15‌
Alliant
Energy
Corp
3,211‌
148‌
Ameren
Corp
3,960‌
279‌
American
Electric
Power
Co
Inc
1,842‌
138‌
CenterPoint
Energy
Inc
9,124‌
177‌
Chugoku
Electric
Power
Co
Inc/The
24,000‌
286‌
CMS
Energy
Corp
2,744‌
148‌
Consolidated
Edison
Inc
4,082‌
268‌
DTE
Energy
Co
2,542‌
299‌
Duke
Energy
Corp
623‌
53‌
E.ON
SE
3,177‌
32‌
Edison
International
5,233‌
283‌
EDP
-
Energias
de
Portugal
SA
18,636‌
107‌
Emera
Inc
5,100‌
201‌
Entergy
Corp
3,055‌
266‌
Evergy
Inc
1,305‌
70‌
Eversource
Energy
2,429‌
193‌
FirstEnergy
Corp
5,742‌
190‌
Kansai
Electric
Power
Co
Inc/The
11,300‌
113‌
NextEra
Energy
Inc
142‌
10‌
Pinnacle
West
Capital
Corp
3,516‌
246‌
PPL
Corp
6,585‌
172‌
Public
Service
Enterprise
Group
Inc
444‌
24‌
RWE
AG
4,620‌
175‌
Sempra
Energy
1,313‌
152‌
Tohoku
Electric
Power
Co
Inc
7,800‌
69‌
WEC
Energy
Group
Inc
1,759‌
142‌
Xcel
Energy
Inc
6,613‌
387‌
$
4,643‌
Electrical
Components
&
Equipment
-
(0.07)%
Generac
Holdings
Inc
302‌
100‌
Prysmian
SpA
7,725‌
248‌
$
348‌
Electronics
-
(0.18)%
Agilent
Technologies
Inc
40‌
5‌
Allegion
plc
4,088‌
445‌
Amphenol
Corp
202‌
25‌
Keysight
Technologies
Inc
1,006‌
142‌
Mettler-Toledo
International
Inc
26‌
29‌
Murata
Manufacturing
Co
Ltd
2,200‌
189‌
Roper
Technologies
Inc
215‌
81‌
Trimble
Inc
937‌
69‌
$
985‌
Energy
-
Alternate
Sources
-
(0.19)%
Enphase
Energy
Inc
3,284‌
578‌
Siemens
Gamesa
Renewable
Energy
SA
9,078‌
337‌
Sunrun
Inc
1,309‌
82‌
$
997‌
Engineering
&
Construction
-
(0.39)%
ACS
Actividades
de
Construccion
y
Servicios
SA
8,365‌
256‌
CIMIC
Group
Ltd
18,096‌
297‌
Ferrovial
SA
3,714‌
92‌
Jacobs
Engineering
Group
Inc
8,738‌
1,006‌
Japan
Airport
Terminal
Co
Ltd
8,000‌
387‌
Skanska
AB
4,263‌
103‌
$
2,141‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Entertainment
-
(0.26)%
DraftKings
Inc
1,096‌
$
67‌
Entain
PLC
4,148‌
82‌
Flutter
Entertainment
PLC
1,941‌
372‌
Live
Nation
Entertainment
Inc
3,515‌
313‌
Oriental
Land
Co
Ltd/Japan
1,350‌
227‌
Vail
Resorts
Inc
1,268‌
392‌
$
1,453‌
Environmental
Control
-
(0.04)%
Waste
Connections
Inc
502‌
49‌
Waste
Management
Inc
1,230‌
136‌
$
185‌
Food
-
(0.31)%
Barry
Callebaut
AG
91‌
197‌
Hormel
Foods
Corp
4,622‌
214‌
J
M
Smucker
Co/The
663‌
74‌
Kraft
Heinz
Co/The
8,466‌
308‌
Kroger
Co/The
8,072‌
260‌
Lamb
Weston
Holdings
Inc
3,548‌
283‌
McCormick
&
Co
Inc/MD
808‌
68‌
Metro
Inc/CN
900‌
37‌
NH
Foods
Ltd
2,000‌
85‌
Ocado
Group
PLC
4,383‌
135‌
$
1,661‌
Forest
Products
&
Paper
-
(0.06)%
Oji
Holdings
Corp
22,100‌
140‌
Stora
Enso
Oyj
5,989‌
118‌
Svenska
Cellulosa
AB
SCA
3,880‌
67‌
$
325‌
Gas
-
(0.08)%
Atmos
Energy
Corp
4,920‌
416‌
Hand
&
Machine
Tools
-
0.00%
Stanley
Black
&
Decker
Inc
55‌
10‌
Healthcare
-
Products
-
(0.42)%
10X
Genomics
Inc
666‌
119‌
ABIOMED
Inc
405‌
131‌
Align
Technology
Inc
427‌
242‌
Ambu
A/S
1,646‌
76‌
Boston
Scientific
Corp
5,117‌
198‌
Cooper
Cos
Inc/The
450‌
174‌
Danaher
Corp
190‌
42‌
Edwards
Lifesciences
Corp
3,222‌
268‌
IDEXX
Laboratories
Inc
16‌
8‌
Insulet
Corp
291‌
75‌
Intuitive
Surgical
Inc
271‌
200‌
ResMed
Inc
970‌
187‌
Stryker
Corp
125‌
30‌
Teleflex
Inc
783‌
312‌
Zimmer
Biomet
Holdings
Inc
1,542‌
251‌
$
2,313‌
Healthcare
-
Services
-
(0.35)%
BioMerieux
496‌
63‌
Catalent
Inc
6,377‌
725‌
Centene
Corp
2,649‌
155‌
DaVita
Inc
352‌
36‌
Fresenius
Medical
Care
AG
&
Co
KGaA
2,389‌
165‌
Fresenius
SE
&
Co
KGaA
1,268‌
54‌
HCA
Healthcare
Inc
447‌
77‌
IQVIA
Holdings
Inc
2,160‌
416‌
Ryman
Healthcare
Ltd
17,651‌
186‌
$
1,877‌
Home
Builders
-
(0.11)%
Daiwa
House
Industry
Co
Ltd
3,600‌
102‌
DR
Horton
Inc
2,127‌
164‌
NVR
Inc
78‌
351‌
$
617‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
107
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Home
Furnishings
-
(0.10)%
Electrolux
AB
8,133‌
$
192‌
Leggett
&
Platt
Inc
4,055‌
175‌
Whirlpool
Corp
938‌
178‌
$
545‌
Insurance
-
(0.67)%
Aflac
Inc
4,325‌
207‌
Allstate
Corp/The
375‌
40‌
American
International
Group
Inc
1,723‌
76‌
Athene
Holding
Ltd
1,180‌
54‌
Berkshire
Hathaway
Inc
-
Class
B
1,801‌
433‌
Chubb
Ltd
664‌
108‌
Dai-ichi
Life
Holdings
Inc
4,300‌
76‌
Erie
Indemnity
Co
679‌
164‌
Everest
Re
Group
Ltd
294‌
71‌
Globe
Life
Inc
1,488‌
139‌
Hartford
Financial
Services
Group
Inc/The
2,580‌
131‌
Japan
Post
Insurance
Co
Ltd
17,900‌
368‌
Lincoln
National
Corp
5,486‌
312‌
Loews
Corp
5,242‌
251‌
Progressive
Corp/The
3,012‌
259‌
Prudential
Financial
Inc
1,401‌
122‌
Travelers
Cos
Inc/The
77‌
11‌
Unum
Group
14,668‌
388‌
Voya
Financial
Inc
2,555‌
154‌
W
R
Berkley
Corp
2,102‌
146‌
Willis
Towers
Watson
PLC
551‌
122‌
$
3,632‌
Internet
-
(0.37)%
Booking
Holdings
Inc
193‌
449‌
Etsy
Inc
2,566‌
565‌
Expedia
Group
Inc
2,329‌
375‌
Iliad
SA
1,678‌
298‌
NortonLifeLock
Inc
13,778‌
269‌
Wayfair
Inc
195‌
56‌
$
2,012‌
Investment
Companies
-
(0.12)%
EXOR
NV
3,614‌
290‌
Kinnevik
AB
-
Class
B
1,616‌
75‌
Washington
H
Soul
Pattinson
&
Co
Ltd
14,394‌
331‌
$
696‌
Iron
&
Steel
-
0.00%
Nucor
Corp
251‌
15‌
Leisure
Products
&
Services
-
(0.16)%
Carnival
Corp
8,453‌
226‌
Norwegian
Cruise
Line
Holdings
Ltd
8,966‌
265‌
Peloton
Interactive
Inc
671‌
81‌
Royal
Caribbean
Cruises
Ltd
2,775‌
259‌
$
831‌
Lodging
-
(0.34)%
City
Developments
Ltd
23,600‌
129‌
Crown
Resorts
Ltd
38,123‌
293‌
Las
Vegas
Sands
Corp
10,275‌
643‌
Melco
Resorts
&
Entertainment
Ltd
ADR
3,764‌
82‌
MGM
Resorts
International
5,624‌
213‌
Whitbread
PLC
3,583‌
171‌
Wynn
Resorts
Ltd
2,718‌
358‌
$
1,889‌
Machinery
-
Construction
&
Mining
-
(0.05)%
Hitachi
Construction
Machinery
Co
Ltd
3,300‌
102‌
Hitachi
Ltd
3,500‌
161‌
$
263‌
Machinery
-
Diversified
-
(0.42)%
Atlas
Copco
AB
-
A
Shares
1,170‌
67‌
CNH
Industrial
NV
2,548‌
38‌
Daifuku
Co
Ltd
1,900‌
182‌
Deere
&
Co
407‌
142‌
Dover
Corp
423‌
52‌
Harmonic
Drive
Systems
Inc
2,700‌
208‌
IDEX
Corp
926‌
181‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Machinery
-
Diversified
(continued)
Ingersoll
Rand
Inc
11,993‌
$
556‌
KION
Group
AG
1,456‌
123‌
Otis
Worldwide
Corp
1,641‌
105‌
Rockwell
Automation
Inc
549‌
134‌
Westinghouse
Air
Brake
Technologies
Corp
3,413‌
247‌
Xylem
Inc/NY
2,792‌
278‌
$
2,313‌
Media
-
(0.24)%
Altice
USA
Inc
4,849‌
163‌
Discovery
Inc
-
A
Shares
2,701‌
143‌
DISH
Network
Corp
1,696‌
53‌
Liberty
Broadband
Corp
-
C
Shares
3,593‌
537‌
Pearson
PLC
30,857‌
325‌
Vivendi
SE
1,431‌
50‌
$
1,271‌
Metal
Fabrication
&
Hardware
-
(0.04)%
SKF
AB
8,828‌
241‌
Mining
-
(0.27)%
Agnico
Eagle
Mines
Ltd
500‌
28‌
Anglo
American
PLC
4,072‌
158‌
Cameco
Corp
5,500‌
86‌
First
Quantum
Minerals
Ltd
3,400‌
73‌
Freeport-McMoRan
Inc
9,203‌
312‌
Lundin
Mining
Corp
22,700‌
260‌
Newcrest
Mining
Ltd
1,608‌
30‌
Northern
Star
Resources
Ltd
16,774‌
130‌
Pan
American
Silver
Corp
2,500‌
83‌
SSR
Mining
Inc
3,900‌
55‌
Teck
Resources
Ltd
8,300‌
173‌
$
1,388‌
Miscellaneous
Manufacturers
-
(0.31)%
A
O
Smith
Corp
1,445‌
86‌
General
Electric
Co
38,831‌
487‌
Illinois
Tool
Works
Inc
251‌
51‌
JSR
Corp
11,800‌
354‌
Orica
Ltd
7,941‌
77‌
Parker-Hannifin
Corp
73‌
21‌
Siemens
AG
1,076‌
167‌
Smiths
Group
PLC
3,829‌
78‌
Textron
Inc
7,860‌
396‌
$
1,717‌
Office
&
Business
Equipment
-
(0.04)%
Ricoh
Co
Ltd
20,300‌
178‌
Zebra
Technologies
Corp
153‌
76‌
$
254‌
Oil
&
Gas
-
(0.49)%
Cabot
Oil
&
Gas
Corp
23,034‌
427‌
Chevron
Corp
1,063‌
106‌
ConocoPhillips
7,282‌
379‌
Diamondback
Energy
Inc
1,990‌
138‌
EOG
Resources
Inc
2,820‌
182‌
Exxon
Mobil
Corp
956‌
52‌
Hess
Corp
4,043‌
265‌
HollyFrontier
Corp
3,207‌
122‌
Idemitsu
Kosan
Co
Ltd
3,000‌
79‌
Marathon
Oil
Corp
1,680‌
19‌
Marathon
Petroleum
Corp
5,403‌
295‌
Neste
Oyj
1,015‌
67‌
Occidental
Petroleum
Corp
2,449‌
65‌
Phillips
66
1,132‌
94‌
Pioneer
Natural
Resources
Co
1,901‌
282‌
Valero
Energy
Corp
2,292‌
176‌
$
2,748‌
Oil
&
Gas
Services
-
(0.07)%
Baker
Hughes
Co
6,826‌
167‌
Schlumberger
NV
7,192‌
201‌
$
368‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
108
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Packaging
&
Containers
-
(0.07)%
Amcor
PLC
15,679‌
$
172‌
Ball
Corp
857‌
73‌
Westrock
Co
3,259‌
142‌
$
387‌
Pharmaceuticals
-
(0.47)%
Alfresa
Holdings
Corp
7,800‌
151‌
AmerisourceBergen
Corp
514‌
52‌
Becton
Dickinson
and
Co
403‌
97‌
Cardinal
Health
Inc
4,973‌
256‌
Cigna
Corp
492‌
103‌
Daiichi
Sankyo
Co
Ltd
2,400‌
68‌
DexCom
Inc
1,045‌
416‌
Eisai
Co
Ltd
1,400‌
97‌
Galapagos
NV
1,697‌
140‌
GlaxoSmithKline
PLC
1,712‌
29‌
Henry
Schein
Inc
863‌
53‌
Perrigo
Co
PLC
12,467‌
503‌
Pfizer
Inc
4,441‌
149‌
Sumitomo
Dainippon
Pharma
Co
Ltd
2,700‌
43‌
Taisho
Pharmaceutical
Holdings
Co
Ltd
3,700‌
228‌
$
2,385‌
Pipelines
-
(0.23)%
Cheniere
Energy
Inc
2,082‌
140‌
Keyera
Corp
7,800‌
151‌
Koninklijke
Vopak
NV
3,031‌
145‌
ONEOK
Inc
7,667‌
340‌
TC
Energy
Corp
3,000‌
126‌
Williams
Cos
Inc/The
14,568‌
333‌
$
1,235‌
Real
Estate
-
(0.18)%
Aeon
Mall
Co
Ltd
12,200‌
206‌
Deutsche
Wohnen
SE
3,002‌
141‌
Hulic
Co
Ltd
4,700‌
53‌
LEG
Immobilien
AG
354‌
48‌
Nomura
Real
Estate
Holdings
Inc
1,600‌
36‌
Tokyu
Fudosan
Holdings
Corp
17,500‌
111‌
UOL
Group
Ltd
9,700‌
53‌
Vonovia
SE
4,423‌
282‌
$
930‌
REITs
-
(0.51)%
Boston
Properties
Inc
761‌
75‌
Digital
Realty
Trust
Inc
1,714‌
231‌
Equinix
Inc
739‌
479‌
Equity
Residential
1,257‌
82‌
Essex
Property
Trust
Inc
302‌
77‌
Extra
Space
Storage
Inc
399‌
50‌
Federal
Realty
Investment
Trust
1,398‌
141‌
Healthpeak
Properties
Inc
11,090‌
323‌
Host
Hotels
&
Resorts
Inc
5,142‌
85‌
Iron
Mountain
Inc
3,306‌
115‌
Realty
Income
Corp
372‌
22‌
Regency
Centers
Corp
2,698‌
148‌
Simon
Property
Group
Inc
1,337‌
151‌
SL
Green
Realty
Corp
3,039‌
210‌
UDR
Inc
2,301‌
95‌
Vornado
Realty
Trust
3,871‌
166‌
Welltower
Inc
4,167‌
283‌
$
2,733‌
Retail
-
(0.84)%
Aeon
Co
Ltd
8,000‌
242‌
CarMax
Inc
7,118‌
851‌
Chipotle
Mexican
Grill
Inc
325‌
468‌
Dollar
Tree
Inc
1,682‌
165‌
Domino's
Pizza
Inc
460‌
159‌
Pan
Pacific
International
Holdings
Corp
2,400‌
56‌
Ross
Stores
Inc
7,304‌
852‌
Starbucks
Corp
5,925‌
640‌
TJX
Cos
Inc/The
10,090‌
666‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Retail
(continued)
Tractor
Supply
Co
3,226‌
$
513‌
$
4,612‌
Savings
&
Loans
-
(0.04)%
People's
United
Financial
Inc
12,074‌
217‌
Semiconductors
-
(0.50)%
Advanced
Micro
Devices
Inc
4,060‌
343‌
Analog
Devices
Inc
442‌
69‌
Hamamatsu
Photonics
KK
800‌
47‌
IPG
Photonics
Corp
3,397‌
772‌
Lasertec
Corp
300‌
37‌
Microchip
Technology
Inc
944‌
144‌
Monolithic
Power
Systems
Inc
1,133‌
424‌
NVIDIA
Corp
179‌
98‌
NXP
Semiconductors
NV
2,425‌
443‌
Skyworks
Solutions
Inc
411‌
73‌
SUMCO
Corp
4,400‌
101‌
Xilinx
Inc
1,005‌
131‌
$
2,682‌
Shipbuilding
-
(0.03)%
Huntington
Ingalls
Industries
Inc
246‌
43‌
Wartsila
OYJ
Abp
10,514‌
121‌
$
164‌
Software
-
(0.69)%
Akamai
Technologies
Inc
1,547‌
146‌
ANSYS
Inc
232‌
79‌
AVEVA
Group
PLC
2,831‌
135‌
Cadence
Design
Systems
Inc
1,118‌
158‌
Capcom
Co
Ltd
600‌
36‌
Ceridian
HCM
Holding
Inc
3,111‌
279‌
Citrix
Systems
Inc
76‌
10‌
Cloudflare
Inc
842‌
62‌
Dassault
Systemes
SE
3,026‌
629‌
Datadog
Inc
434‌
41‌
DocuSign
Inc
228‌
52‌
Fidelity
National
Information
Services
Inc
2,874‌
396‌
Fiserv
Inc
452‌
52‌
Intuit
Inc
170‌
66‌
Jack
Henry
&
Associates
Inc
632‌
94‌
Koei
Tecmo
Holdings
Co
Ltd
1,400‌
79‌
MongoDB
Inc
371‌
143‌
MSCI
Inc
989‌
410‌
Nexon
Co
Ltd
3,400‌
107‌
Paycom
Software
Inc
1,059‌
396‌
Splunk
Inc
608‌
87‌
Twilio
Inc
252‌
99‌
Tyler
Technologies
Inc
226‌
105‌
$
3,661‌
Telecommunications
-
(0.29)%
Arista
Networks
Inc
1,298‌
363‌
Corning
Inc
5,053‌
193‌
Juniper
Networks
Inc
15,811‌
368‌
KDDI
Corp
1,000‌
31‌
Lumen
Technologies
Inc
8,924‌
110‌
Motorola
Solutions
Inc
1,428‌
251‌
T-Mobile
US
Inc
1,499‌
180‌
$
1,496‌
Transportation
-
(0.35)%
Canadian
National
Railway
Co
1,300‌
142‌
CH
Robinson
Worldwide
Inc
947‌
86‌
Hankyu
Hanshin
Holdings
Inc
2,000‌
67‌
Kansas
City
Southern
767‌
163‌
Keio
Corp
2,900‌
218‌
Kintetsu
Group
Holdings
Co
Ltd
4,900‌
206‌
Kyushu
Railway
Co
3,900‌
102‌
MTR
Corp
Ltd
12,000‌
72‌
Nagoya
Railroad
Co
Ltd
8,300‌
212‌
Nippon
Express
Co
Ltd
1,300‌
97‌
Odakyu
Electric
Railway
Co
Ltd
6,800‌
200‌
Old
Dominion
Freight
Line
Inc
340‌
73‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
109
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Transportation
(continued)
SG
Holdings
Co
Ltd
2,100‌
$
48‌
Yamato
Holdings
Co
Ltd
7,100‌
187‌
$
1,873‌
Water
-
(0.05)%
American
Water
Works
Co
Inc
1,941‌
275‌
TOTAL
COMMON
STOCKS
(proceeds
$74,886)
$
85,731‌
PREFERRED
STOCKS
-
(0.06)%
Shares
Value
(000's)
Automobile
Manufacturers
-
(0.05)%
Porsche
Automobil
Holding
SE
2.21%
3,427‌
$
275‌
Electronics
-
(0.01)%
Sartorius
AG
0.71%
94‌
48‌
TOTAL
PREFERRED
STOCKS
(proceeds
$241)
$
323‌
BONDS
-
(0.76)%
Principal
Amount
(000's)
Value
(000's)
Entertainment
-
(0.04)%
Caesars
Resort
Collection
LLC
/
CRC
Finco
Inc
5.25%,
10/15/2025
$
188‌
$
187‌
Sovereign
-
(0.72)%
Republic
of
South
Africa
Government
International
Bond
4.85%,
09/27/2027
3,071‌
3,194‌
Turkey
Government
International
Bond
11.88%,
01/15/2030
497‌
707‌
$
3,901‌
TOTAL
BONDS
(proceeds
$3,748)
$
4,088‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
(14.04)%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
(14.04)%
0.13%,
09/30/2022
$
29,979‌
$
29,971‌
0.63%,
08/15/2030
3,692‌
3,428‌
1.13%,
02/28/2022
20,686‌
20,897‌
1.25%,
05/15/2050
4,332‌
3,439‌
2.25%,
02/15/2027
16,937‌
18,182‌
$
75,917‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(proceeds
$77,241)
$
75,917‌
TOTAL
SHORT
SALES
(proceeds
$156,116)
$
166,059‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
110
INVESTMENT
COMPANIES
-
0.13%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.13%
iShares
Short-Term
National
Muni
Bond
ETF
1,000‌
$
108‌
SPDR
Nuveen
Bloomberg
Barclays
High
Yield
Municipal
Bond
ETF
535‌
31‌
VanEck
Vectors
High
Yield
Muni
ETF
320‌
20‌
VanEck
Vectors
Short
High
Yield
Muni
ETF
1,000‌
25‌
$
184‌
TOTAL
INVESTMENT
COMPANIES
$
184‌
MUNICIPAL
BONDS
-
102.86%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
3.79%
Lower
Alabama
Gas
District/The
5.00%,
09/01/2034
$
1,500‌
$
2,006‌
Tuscaloosa
County
Industrial
Development
Authority
4.50%,
05/01/2032
(a)
1,000‌
1,111‌
5.25%,
05/01/2044
(a)
2,000‌
2,272‌
$
5,389‌
Arizona
-
3.98%
Arizona
Industrial
Development
Authority
5.00%,
01/01/2049
(a)
1,000‌
718‌
7.25%,
01/01/2054
(a)
1,000‌
834‌
Navajo
Nation
5.50%,
12/01/2030
(a)
2,500‌
2,783‌
Salt
Verde
Financial
Corp
5.00%,
12/01/2032
1,000‌
1,311‌
$
5,646‌
Arkansas
-
0.76%
Arkansas
Development
Finance
Authority
4.50%,
09/01/2049
(a)
1,000‌
1,075‌
California
-
5.62%
Abag
Finance
Authority
for
Nonprofit
Corps
5.00%,
08/01/2043
500‌
546‌
California
Statewide
Communities
Development
Authority
5.25%,
12/01/2048
(a)
1,000‌
1,161‌
California
Statewide
Communities
Development
Authority
(credit
support
from
Ginnie
Mae
Collateral
)
4.90%,
07/20/2039
(b)
500‌
506‌
California
Statewide
Financing
Authority
6.00%,
05/01/2043
1,000‌
1,009‌
CSCDA
Community
Improvement
Authority
3.13%,
08/01/2056
(a)
2,000‌
1,829‌
4.00%,
08/01/2056
(a)
1,000‌
1,079‌
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
430‌
431‌
Oakland
Unified
School
District/Alameda
County
5.00%,
08/01/2035
1,225‌
1,419‌
$
7,980‌
Colorado
-
7.63%
Centerra
Metropolitan
District
No
1
5.00%,
12/01/2037
(a)
1,000‌
1,054‌
Creekside
Village
Metropolitan
District
5.00%,
12/01/2039
1,255‌
1,342‌
Eagle
County
Airport
Terminal
Corp
5.00%,
05/01/2037
1,000‌
1,123‌
Elbert
County
Independence
Water
&
Sanitation
District
7.25%,
12/01/2038
1,000‌
1,083‌
Jefferson
County
School
District
R-1
(credit
support
from
State
Aid
Withholding
)
4.00%,
12/15/2034
(b),(c)
683‌
840‌
4.00%,
12/15/2036
(b),(c)
1,820‌
2,206‌
Painted
Prairie
Public
Improvement
Authority
5.00%,
12/01/2049
500‌
538‌
Transport
Metropolitan
District
No
3
5.00%,
12/01/2051
1,000‌
1,047‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Colorado
(continued)
Velocity
Metropolitan
District
No
3
5.50%,
12/01/2048
$
1,500‌
$
1,602‌
$
10,835‌
Connecticut
-
1.69%
Mohegan
Tribal
Finance
Authority
7.00%,
02/01/2045
(a)
2,400‌
2,401‌
District
of
Columbia
-
0.78%
District
of
Columbia
4.00%,
07/01/2039
1,000‌
1,107‌
Florida
-
6.29%
Florida
Development
Finance
Corp
7.38%,
01/01/2049
(a)
3,750‌
3,628‌
Greater
Orlando
Aviation
Authority
5.00%,
10/01/2047
(c)
2,999‌
3,508‌
Ocean
Highway
&
Port
Authority
5.50%,
12/01/2049
(a)
1,500‌
1,498‌
Orange
County
Housing
Finance
Authority
7.00%,
10/01/2025
300‌
301‌
$
8,935‌
Illinois
-
15.16%
Chicago
Board
of
Education
5.00%,
12/01/2041
1,000‌
1,172‌
City
of
Chicago
IL
5.50%,
01/01/2042
300‌
331‌
5.50%,
01/01/2049
1,000‌
1,160‌
6.00%,
01/01/2038
1,900‌
2,249‌
7.46%,
02/15/2026
1,595‌
1,182‌
City
of
Chicago
IL
Wastewater
Transmission
Revenue
5.00%,
01/01/2031
760‌
879‌
5.00%,
01/01/2039
1,200‌
1,373‌
Illinois
Finance
Authority
0.00%,
12/01/2042
(d)
300‌
240‌
Illinois
Sports
Facilities
Authority/The
5.00%,
06/15/2028
1,000‌
1,167‌
5.00%,
06/15/2029
1,000‌
1,178‌
Illinois
State
Toll
Highway
Authority
5.00%,
01/01/2040
(c)
4,991‌
5,861‌
Metropolitan
Pier
&
Exposition
Authority
5.00%,
06/15/2050
1,000‌
1,186‌
5.00%,
06/15/2057
500‌
583‌
Metropolitan
Pier
&
Exposition
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
06/15/2029
(b)
1,000‌
1,150‌
State
of
Illinois
5.00%,
11/01/2028
500‌
576‌
5.50%,
07/01/2027
1,150‌
1,242‌
$
21,529‌
Indiana
-
0.87%
Indiana
Finance
Authority
7.00%,
03/01/2039
(a)
1,000‌
918‌
Town
of
Shoals
IN
7.25%,
11/01/2043
300‌
317‌
$
1,235‌
Louisiana
-
5.53%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
4.40%,
11/01/2044
(a)
1,000‌
1,046‌
5.50%,
11/01/2039
(a)
800‌
870‌
5.65%,
11/01/2037
(a)
1,000‌
1,125‌
Louisiana
Public
Facilities
Authority
0.00%,
07/01/2039
(d)
278‌
—‌
Parish
of
St
James
LA
6.35%,
10/01/2040
(a)
3,000‌
3,792‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
111
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Louisiana
(continued)
Parish
of
St
John
the
Baptist
LA
2.10%,
06/01/2037
(e)
$
1,000‌
$
1,020‌
$
7,853‌
Maine
-
0.79%
Finance
Authority
of
Maine
5.25%,
01/01/2025
(a)
1,000‌
1,118‌
Maryland
-
0.46%
City
of
Westminster
MD
6.25%,
07/01/2044
600‌
651‌
Michigan
-
4.84%
City
of
Detroit
MI
5.00%,
04/01/2046
1,000‌
1,194‌
5.00%,
04/01/2050
1,000‌
1,190‌
Kalamazoo
Economic
Development
Corp
5.00%,
05/15/2032
1,000‌
1,105‌
Michigan
Finance
Authority
5.00%,
07/01/2035
1,000‌
1,168‌
Michigan
Strategic
Fund
5.00%,
11/15/2043
1,000‌
1,116‌
5.00%,
11/15/2049
1,000‌
1,104‌
$
6,877‌
Missouri
-
1.93%
City
of
St
Louis
MO
Airport
Revenue
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
07/01/2028
(b)
400‌
516‌
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
5.00%,
02/01/2034
1,000‌
1,114‌
Kansas
City
Industrial
Development
Authority
5.00%,
04/01/2046
(a)
1,100‌
1,114‌
$
2,744‌
Montana
-
1.01%
City
of
Kalispell
MT
5.25%,
05/15/2037
1,400‌
1,439‌
Nevada
-
1.76%
Las
Vegas
Convention
&
Visitors
Authority
5.00%,
07/01/2043
(c)
1,396‌
1,634‌
State
of
Nevada
Department
of
Business
&
Industry
5.13%,
12/15/2037
(a)
1,000‌
859‌
$
2,493‌
New
Hampshire
-
1.76%
New
Hampshire
Business
Finance
Authority
2.95%,
04/01/2029
(a),(e)
1,000‌
1,023‌
New
Hampshire
Health
and
Education
Facilities
Authority
Act
5.00%,
08/01/2059
1,000‌
1,482‌
$
2,505‌
New
Jersey
-
5.85%
Casino
Reinvestment
Development
Authority
Inc
5.25%,
11/01/2039
250‌
266‌
New
Jersey
Economic
Development
Authority
5.00%,
07/15/2028
500‌
587‌
5.00%,
06/15/2047
500‌
574‌
5.25%,
06/15/2040
55‌
66‌
5.25%,
06/15/2040
945‌
1,067‌
5.63%,
11/15/2030
1,500‌
1,675‌
5.75%,
09/15/2027
500‌
520‌
New
Jersey
Transportation
Trust
Fund
Authority
5.25%,
06/15/2032
2,000‌
2,259‌
New
Jersey
Turnpike
Authority
4.00%,
01/01/2051
150‌
172‌
South
Jersey
Port
Corp
5.00%,
01/01/2048
1,000‌
1,125‌
$
8,311‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
York
-
4.40%
New
York
Counties
Tobacco
Trust
VI
5.00%,
06/01/2041
$
400‌
$
450‌
New
York
State
Thruway
Authority
5.25%,
01/01/2056
1,000‌
1,174‌
New
York
Transportation
Development
Corp
4.00%,
10/01/2030
1,000‌
1,161‌
4.00%,
12/01/2042
1,000‌
1,110‌
5.00%,
01/01/2036
1,000‌
1,173‌
5.38%,
08/01/2036
1,000‌
1,185‌
$
6,253‌
Ohio
-
4.10%
Buckeye
Tobacco
Settlement
Financing
Authority
5.00%,
06/01/2055
3,000‌
3,375‌
Ohio
Air
Quality
Development
Authority
4.50%,
01/15/2048
(a)
1,000‌
1,110‌
5.00%,
07/01/2049
(a)
1,000‌
1,070‌
Ohio
State
Air
Quality
Development
Authority
Escrow
0.00%,
12/01/2023
(d),(f),(g)
1,000‌
269‌
$
5,824‌
Oklahoma
-
1.59%
Oklahoma
Development
Finance
Authority
5.25%,
08/15/2043
1,000‌
1,166‌
Tulsa
County
Industrial
Authority
5.25%,
11/15/2045
1,000‌
1,092‌
$
2,258‌
Oregon
-
0.19%
Oregon
State
Business
Development
Commission
0.00%,
04/01/2031
(a),(d)
1,000‌
275‌
Pennsylvania
-
4.94%
Allegheny
County
Industrial
Development
Authority
4.88%,
11/01/2024
500‌
535‌
Commonwealth
Financing
Authority
5.00%,
06/01/2028
1,000‌
1,261‌
5.00%,
06/01/2035
1,000‌
1,216‌
Lancaster
County
Hospital
Authority/PA
5.00%,
07/01/2045
1,000‌
1,070‌
Pennsylvania
Economic
Development
Financing
Authority
3.25%,
08/01/2039
(a)
1,000‌
1,015‌
5.50%,
11/01/2044
1,000‌
1,037‌
5.75%,
06/01/2036
(a)
1,000‌
880‌
$
7,014‌
Puerto
Rico
-
0.96%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2039
(d)
1,670‌
1,365‌
South
Carolina
-
0.38%
South
Carolina
Jobs-Economic
Development
Authority
5.25%,
11/15/2052
500‌
533‌
South
Dakota
-
0.35%
Oglala
Sioux
Tribe
5.75%,
10/01/2025
(a)
500‌
500‌
Tennessee
-
1.79%
Chattanooga
Health
Educational
&
Housing
Facility
Board
5.00%,
10/01/2028
1,050‌
1,156‌
5.00%,
10/01/2035
500‌
539‌
Nashville
Metropolitan
Development
&
Housing
Agency
5.13%,
06/01/2036
(a)
750‌
845‌
$
2,540‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
112
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Texas
-
7.66%
Calhoun
County
Navigation
Industrial
Development
Authority
7.00%,
07/27/2021
(a),(e)
$
2,000‌
$
2,000‌
North
Texas
Tollway
Authority
5.00%,
01/01/2045
615‌
696‌
5.00%,
01/01/2048
500‌
576‌
Port
Beaumont
Navigation
District
4.00%,
01/01/2050
(a)
3,500‌
3,599‌
Texas
Municipal
Gas
Acquisition
&
Supply
Corp
III
5.00%,
12/15/2032
1,000‌
1,323‌
Texas
Municipal
Gas
Acquisition
and
Supply
Corp
I
6.25%,
12/15/2026
1,990‌
2,336‌
Texas
Private
Activity
Bond
Surface
Transportation
Corp
7.00%,
12/31/2038
300‌
343‌
$
10,873‌
Utah
-
1.06%
Utah
Infrastructure
Agency
5.25%,
10/15/2033
1,250‌
1,501‌
Vermont
-
1.04%
Vermont
Economic
Development
Authority
4.63%,
04/01/2036
(a),(e)
1,300‌
1,476‌
Virginia
-
1.06%
Amelia
County
Industrial
Development
Authority
3.00%,
04/01/2027
(e)
1,500‌
1,502‌
Wisconsin
-
2.84%
Public
Finance
Authority
5.00%,
01/01/2024
500‌
551‌
5.00%,
12/01/2025
1,200‌
1,396‌
5.00%,
09/01/2039
(a)
1,000‌
1,129‌
Wisconsin
Health
&
Educational
Facilities
Authority
5.50%,
07/01/2023
60‌
59‌
6.00%,
07/01/2028
170‌
162‌
6.50%,
07/01/2033
300‌
277‌
7.00%,
07/01/2043
500‌
465‌
$
4,039‌
TOTAL
MUNICIPAL
BONDS
$
146,076‌
Total
Investments
$
146,260‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(5.42)%
Notes
with
interest
rates
of
0.06%
-
0.26%
at
February
28,
2021
and
contractual
maturity
of
collateral
from
2024-2036.
(h)
$
(7,691‌)
(7,691‌)
Total
Net
Investments
$
138,569‌
Other
Assets
and
Liabilities
-  2.43%
3,449‌
TOTAL
NET
ASSETS
-
100.00%
$
142,018‌
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$47,207
or
33.24%
of
net
assets.
(b)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(c)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
See
accompanying
notes
for
additional
information.
(d)
Non-income
producing
security
(e)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs.
(g)
Fair
value
of
these
investments
is
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Certain
inputs
used
in
the
valuation
may
be
unobservable;
however,
each
security
is
evaluated
individually
for
purposes
of
ASC
820
which
results
in
not
all
securities
being
identified
as
Level
3
of
the
fair
value
hierarchy.
At
the
end
of
the
period,
the
fair
value
of
these
securities
totaled
$269
or
0.19%
of
net
assets.
(h)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
February
28,
2021.
Portfolio
Summary  (unaudited)
Sector
Percent
Revenue
Bonds
83.26‌%
General
Obligation
Unlimited
8.38‌%
Insured
3.67‌%
General
Obligation
Limited
2.82‌%
Revenue
Notes
1.41‌%
Tax
Allocation
1.34‌%
Certificate
Participation
0.83‌%
Prerefunded
0.80‌%
Special
Tax
0.35‌%
Investment
Companies
0.13‌%
Liability
For
Floating
Rate
Notes
Issued
(5.42‌)%
Other
Assets
and
Liabilities
2.43‌%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
113
INVESTMENT
COMPANIES
-
2
.96
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.96
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(a),(b)
22‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(c),(d)
102,525,119‌
102,525‌
$
102,525‌
TOTAL
INVESTMENT
COMPANIES
$
102,525‌
COMMON
STOCKS
-
96
.81
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.00
%
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
7,291,500‌
$
16,729‌
Bharat
Electronics
Ltd
9,620,300‌
17,888‌
$
34,617‌
Apparel
-
0
.79
%
Shenzhou
International
Group
Holdings
Ltd
1,317,300‌
27,316‌
Automobile
Manufacturers
-
1
.72
%
Geely
Automobile
Holdings
Ltd
15,976,300‌
51,678‌
Sinotruk
Hong
Kong
Ltd
2,427,337‌
7,747‌
$
59,425‌
Automobile
Parts
&
Equipment
-
1
.65
%
Hyundai
Mobis
Co
Ltd
117,700‌
31,665‌
Weichai
Power
Co
Ltd
8,640,100‌
25,432‌
$
57,097‌
Banks
-
4
.15
%
Bank
Mandiri
Persero
Tbk
PT
(d)
34,465,500‌
14,759‌
China
Merchants
Bank
Co
Ltd
10,665,100‌
81,788‌
Grupo
Financiero
Banorte
SAB
de
CV
(d)
5,734,700‌
28,798‌
Sberbank
of
Russia
PJSC
ADR
1,249,800‌
18,187‌
$
143,532‌
Beverages
-
0
.58
%
Kweichow
Moutai
Co
Ltd
61,348‌
20,103‌
Building
Materials
-
2
.08
%
China
National
Building
Material
Co
Ltd
10,926,900‌
16,532‌
China
Resources
Cement
Holdings
Ltd
15,496,300‌
18,437‌
Xinyi
Glass
Holdings
Ltd
6,591,000‌
18,442‌
Zhuzhou
Kibing
Group
Co
Ltd
8,248,680‌
18,741‌
$
72,152‌
Chemicals
-
2
.43
%
Coromandel
International
Ltd
1,419,200‌
14,898‌
Hansol
Chemical
Co
Ltd
85,837‌
18,577‌
Kumho
Petrochemical
Co
Ltd
(d)
152,000‌
28,479‌
Soulbrain
Co
Ltd/New
80,312‌
22,052‌
$
84,006‌
Coal
-
0
.44
%
Shaanxi
Coal
Industry
Co
Ltd
9,213,068‌
15,230‌
Commercial
Services
-
0
.51
%
China
Yuhua
Education
Corp
Ltd
(e)
21,281,969‌
17,588‌
Computers
-
4
.89
%
Asustek
Computer
Inc
4,109,000‌
44,810‌
Gigabyte
Technology
Co
Ltd
5,907,600‌
18,442‌
Infosys
Ltd
ADR
3,370,818‌
57,708‌
LG
Corp
207,000‌
17,255‌
Phison
Electronics
Corp
1,874,700‌
30,876‌
$
169,091‌
Diversified
Financial
Services
-
4
.97
%
B3
SA
-
Brasil
Bolsa
Balcao
2,426,800‌
23,561‌
Chailease
Holding
Co
Ltd
3,771,990‌
23,297‌
Hana
Financial
Group
Inc
1,424,100‌
46,777‌
KB
Financial
Group
Inc
696,000‌
26,939‌
KIWOOM
Securities
Co
Ltd
(d)
136,000‌
15,570‌
Manappuram
Finance
Ltd
5,524,100‌
13,257‌
Muthoot
Finance
Ltd
1,273,400‌
22,536‌
$
171,937‌
Electrical
Components
&
Equipment
-
2
.09
%
Delta
Electronics
Inc
5,308,400‌
53,430‌
LG
Innotek
Co
Ltd
106,000‌
18,731‌
$
72,161‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
-
4
.96
%
BYD
Electronic
International
Co
Ltd
5,535,900‌
$
30,789‌
Flat
Glass
Group
Co
Ltd
4,023,900‌
15,009‌
Lotes
Co
Ltd
930,600‌
17,316‌
Micro-Star
International
Co
Ltd
8,165,600‌
43,674‌
Q
Technology
Group
Co
Ltd
4,993,632‌
9,462‌
Radiant
Opto-Electronics
Corp
3,883,800‌
16,648‌
Samsung
Electro-Mechanics
Co
Ltd
98,600‌
16,588‌
Shenzhen
Topband
Co
Ltd
12,342,603‌
22,311‌
$
171,797‌
Food
-
1
.67
%
BIM
Birlesik
Magazalar
AS
1,996,700‌
17,880‌
Dino
Polska
SA
(d),(e)
446,700‌
29,304‌
X5
Retail
Group
NV
329,700‌
10,737‌
$
57,921‌
Gas
-
1
.31
%
ENN
Energy
Holdings
Ltd
2,974,700‌
45,489‌
Home
Furnishings
-
0
.56
%
E
Ink
Holdings
Inc
10,665,800‌
19,334‌
Insurance
-
1
.35
%
BB
Seguridade
Participacoes
SA
3,695,300‌
16,834‌
Ping
An
Insurance
Group
Co
of
China
Ltd
2,403,700‌
29,745‌
$
46,579‌
Internet
-
24
.52
%
Alibaba
Group
Holding
Ltd
ADR
(d)
823,500‌
195,795‌
Autohome
Inc
ADR
239,500‌
27,313‌
Baidu
Inc
ADR
(d)
166,800‌
47,281‌
JD.com
Inc
ADR
(d)
522,006‌
49,001‌
Meituan
(d),(e)
1,496,100‌
67,197‌
Naspers
Ltd
459,600‌
108,455‌
NCSoft
Corp
23,200‌
19,269‌
Tencent
Holdings
Ltd
3,038,405‌
264,332‌
Vipshop
Holdings
Ltd
ADR
(d)
1,878,700‌
70,113‌
$
848,756‌
Iron
&
Steel
-
1
.29
%
Kumba
Iron
Ore
Ltd
468,600‌
20,072‌
Vale
SA
1,456,500‌
24,651‌
$
44,723‌
Machinery
-
Construction
&
Mining
-
1
.77
%
Sany
Heavy
Industry
Co
Ltd
6,253,079‌
39,664‌
Zoomlion
Heavy
Industry
Science
and
Technology
Co
Ltd
14,099,200‌
21,478‌
$
61,142‌
Mining
-
3
.07
%
Anglo
American
Platinum
Ltd
164,800‌
19,961‌
Grupo
Mexico
SAB
de
CV
4,492,500‌
21,298‌
Impala
Platinum
Holdings
Ltd
2,380,500‌
38,598‌
MMC
Norilsk
Nickel
PJSC
ADR
844,646‌
26,513‌
$
106,370‌
Miscellaneous
Manufacturers
-
1
.68
%
Elite
Material
Co
Ltd
3,186,700‌
19,313‌
Sunny
Optical
Technology
Group
Co
Ltd
1,560,300‌
38,877‌
$
58,190‌
Oil
&
Gas
-
1
.52
%
Reliance
Industries
Ltd
1,856,900‌
52,637‌
Pharmaceuticals
-
2
.15
%
Alkem
Laboratories
Ltd
294,902‌
10,908‌
Aurobindo
Pharma
Ltd
1,269,500‌
14,755‌
Changchun
High
&
New
Technology
Industry
Group
Inc
291,663‌
18,951‌
Chong
Kun
Dang
Pharmaceutical
Corp
106,965‌
16,252‌
Shanghai
Fosun
Pharmaceutical
Group
Co
Ltd
2,900,000‌
13,662‌
$
74,528‌
Real
Estate
-
1
.75
%
China
Vanke
Co
Ltd
7,277,000‌
30,849‌
Country
Garden
Services
Holdings
Co
Ltd
3,629,100‌
29,852‌
$
60,701‌
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
114
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
-
2
.27
%
ANTA
Sports
Products
Ltd
3,781,300‌
$
57,931‌
Zhongsheng
Group
Holdings
Ltd
3,335,300‌
20,615‌
$
78,546‌
Semiconductors
-
17
.14
%
Global
Unichip
Corp
(d)
1,630,000‌
26,249‌
MediaTek
Inc
566,400‌
18,179‌
Novatek
Microelectronics
Corp
3,769,600‌
64,186‌
Parade
Technologies
Ltd
519,800‌
22,104‌
Realtek
Semiconductor
Corp
2,235,800‌
36,888‌
Samsung
Electronics
Co
Ltd
27,690‌
51,246‌
Samsung
Electronics
Co
Ltd
1,309,749‌
95,986‌
Shenzhen
SC
New
Energy
Technology
Corp
768,439‌
12,784‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
6,014,956‌
131,409‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
1,066,417‌
134,304‌
$
593,335‌
Software
-
2
.50
%
HCL
Technologies
Ltd
6,990,900‌
86,467‌
TOTAL
COMMON
STOCKS
$
3,350,770‌
PREFERRED
STOCKS
-
1
.06
%
Shares
Held
Value
(000's)
Banks
-
1
.06
%
Banco
Bradesco
SA
0.02%
8,875,470‌
$
36,489‌
TOTAL
PREFERRED
STOCKS
$
36,489‌
Total
Investments
$
3,489,784‌
Other
Assets
and
Liabilities
-  (0.83)%
(
28,581‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,461,203‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$0
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$114,089
or
3.30%
of
net
assets.
Portfolio
Summary  (unaudited)
Location
Percent
China
40
.12‌
%
Taiwan
20
.83‌
%
Korea,
Republic
Of
12
.30‌
%
India
8
.41‌
%
South
Africa
5
.40‌
%
United
States
2
.96‌
%
Brazil
2
.94‌
%
Hong
Kong
2
.55‌
%
Russian
Federation
1
.61‌
%
Mexico
1
.44‌
%
Turkey
0
.99‌
%
Poland
0
.85‌
%
Indonesia
0
.43‌
%
Other
Assets
and
Liabilities
(
0
.83‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
77,485‌
$
1,632,573‌
$
1,607,533‌
$
102,525‌
$
77,485‌
$
1,632,573‌
$
1,607,533‌
$
102,525‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
115
INVESTMENT
COMPANIES
-
9
.49
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
6
.59
%
iShares
Russell
2000
Value
ETF
372,391‌
$
56,454‌
iShares
Russell
Mid-Cap
Value
ETF
543,327‌
56,582‌
$
113,036‌
Money
Market
Funds
-
2
.90
%
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(a),(b),(c)
49,861,743‌
49,862‌
TOTAL
INVESTMENT
COMPANIES
$
162,898‌
COMMON
STOCKS
-
90
.71
%
Shares
Held
Value
(000's)
Advertising
-
1
.33
%
Interpublic
Group
of
Cos
Inc/The
872,251‌
$
22,783‌
Automobile
Parts
&
Equipment
-
0
.97
%
Linamar
Corp
298,130‌
16,659‌
Banks
-
10
.29
%
Bank
OZK
1,379,305‌
56,855‌
Cathay
General
Bancorp
470,359‌
17,704‌
Cullen/Frost
Bankers
Inc
215,432‌
22,491‌
East
West
Bancorp
Inc
806,925‌
58,228‌
ServisFirst
Bancshares
Inc
170,707‌
8,460‌
Washington
Trust
Bancorp
Inc
271,561‌
12,913‌
$
176,651‌
Chemicals
-
3
.68
%
HB
Fuller
Co
216,610‌
12,145‌
Huntsman
Corp
1,110,999‌
30,330‌
RPM
International
Inc
260,841‌
20,774‌
$
63,249‌
Commercial
Services
-
1
.10
%
John
Wiley
&
Sons
Inc
358,924‌
18,908‌
Computers
-
3
.70
%
Amdocs
Ltd
620,500‌
47,040‌
Leidos
Holdings
Inc
185,964‌
16,449‌
$
63,489‌
Consumer
Products
-
1
.94
%
Avery
Dennison
Corp
190,249‌
33,334‌
Diversified
Financial
Services
-
2
.85
%
Federal
Agricultural
Mortgage
Corp
160,739‌
13,864‌
Raymond
James
Financial
Inc
299,654‌
34,981‌
$
48,845‌
Electric
-
2
.58
%
ALLETE
Inc
481,381‌
29,908‌
IDACORP
Inc
118,138‌
10,189‌
Portland
General
Electric
Co
101,143‌
4,264‌
$
44,361‌
Electrical
Components
&
Equipment
-
2
.99
%
Energizer
Holdings
Inc
534,083‌
22,325‌
Littelfuse
Inc
111,459‌
29,004‌
$
51,329‌
Electronics
-
3
.61
%
Hubbell
Inc
160,803‌
28,544‌
nVent
Electric
PLC
1,271,815‌
33,398‌
$
61,942‌
Engineering
&
Construction
-
0
.44
%
Comfort
Systems
USA
Inc
122,135‌
7,565‌
Food
-
1
.85
%
Ingredion
Inc
352,096‌
31,759‌
Gas
-
0
.77
%
ONE
Gas
Inc
48,491‌
3,248‌
Spire
Inc
149,476‌
9,928‌
$
13,176‌
Hand
&
Machine
Tools
-
5
.16
%
Lincoln
Electric
Holdings
Inc
233,271‌
27,552‌
MSA
Safety
Inc
162,784‌
26,206‌
Snap-on
Inc
171,779‌
34,890‌
$
88,648‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
4
.87
%
CONMED
Corp
297,825‌
$
36,651‌
Hill-Rom
Holdings
Inc
172,655‌
18,417‌
STERIS
PLC
163,313‌
28,547‌
$
83,615‌
Home
Builders
-
1
.93
%
LCI
Industries
174,443‌
24,586‌
MDC
Holdings
Inc
151,321‌
8,560‌
$
33,146‌
Insurance
-
5
.84
%
Assured
Guaranty
Ltd
683,628‌
30,230‌
Fidelity
National
Financial
Inc
1,376,934‌
52,709‌
James
River
Group
Holdings
Ltd
377,441‌
17,328‌
$
100,267‌
Leisure
Products
&
Services
-
4
.07
%
Acushnet
Holdings
Corp
634,145‌
26,773‌
Brunswick
Corp/DE
488,533‌
43,172‌
$
69,945‌
Machinery
-
Diversified
-
2
.68
%
Crane
Co
306,192‌
25,677‌
Nordson
Corp
105,399‌
20,280‌
$
45,957‌
Media
-
0
.66
%
Cable
One
Inc
5,914‌
11,324‌
Metal
Fabrication
&
Hardware
-
1
.85
%
Timken
Co/The
405,334‌
31,758‌
Miscellaneous
Manufacturers
-
1
.09
%
Donaldson
Co
Inc
156,908‌
9,243‌
EnPro
Industries
Inc
118,391‌
9,512‌
$
18,755‌
Oil
&
Gas
-
3
.76
%
Cimarex
Energy
Co
410,558‌
23,808‌
Diamondback
Energy
Inc
293,024‌
20,301‌
HollyFrontier
Corp
537,236‌
20,350‌
$
64,459‌
Packaging
&
Containers
-
1
.42
%
Packaging
Corp
of
America
185,227‌
24,454‌
Pharmaceuticals
-
0
.31
%
Phibro
Animal
Health
Corp
246,735‌
5,322‌
Pipelines
-
1
.15
%
Targa
Resources
Corp
636,857‌
19,698‌
REITs
-
9
.80
%
Agree
Realty
Corp
267,236‌
17,253‌
Camden
Property
Trust
85,983‌
8,955‌
CyrusOne
Inc
387,197‌
25,412‌
EastGroup
Properties
Inc
119,657‌
16,287‌
Four
Corners
Property
Trust
Inc
598,272‌
16,207‌
Granite
Real
Estate
Investment
Trust
149,526‌
8,565‌
Medical
Properties
Trust
Inc
1,219,690‌
26,333‌
National
Health
Investors
Inc
142,864‌
9,753‌
STORE
Capital
Corp
727,457‌
24,326‌
Terreno
Realty
Corp
268,962‌
15,073‌
$
168,164‌
Retail
-
0
.50
%
Papa
John's
International
Inc
95,404‌
8,604‌
Semiconductors
-
3
.56
%
MKS
Instruments
Inc
278,703‌
45,958‌
Monolithic
Power
Systems
Inc
40,299‌
15,093‌
$
61,051‌
Shipbuilding
-
1
.27
%
Huntington
Ingalls
Industries
Inc
123,419‌
21,711‌
Software
-
0
.39
%
ManTech
International
Corp/VA
85,068‌
6,649‌
Textiles
-
0
.99
%
Albany
International
Corp
214,612‌
16,965‌
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
116
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Toys,
Games
&
Hobbies
-
1
.31
%
Hasbro
Inc
239,708‌
$
22,463‌
TOTAL
COMMON
STOCKS
$
1,557,005‌
Total
Investments
$
1,719,903‌
Other
Assets
and
Liabilities
-  (0.20)%
(
3,367‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,716,536‌
(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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
Non-income
producing
security
(c)
Current
yield
shown
is
as
of
period
end.
Portfolio
Summary  (unaudited)
Sector
Percent
Financial
28
.78‌
%
Industrial
20
.51‌
%
Consumer,
Non-cyclical
10
.07‌
%
Consumer,
Cyclical
9
.77‌
%
Technology
7
.65‌
%
Investment
Companies
6
.59‌
%
Energy
4
.91‌
%
Basic
Materials
3
.68‌
%
Utilities
3
.35‌
%
Money
Market
Funds
2
.90‌
%
Communications
1
.99‌
%
Other
Assets
and
Liabilities
(
0
.20‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
15,508‌
$
334,498‌
$
300,144‌
$
49,862‌
$
15,508‌
$
334,498‌
$
300,144‌
$
49,862‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
117
INVESTMENT
COMPANIES
-
2.13%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.54%
Invesco
Preferred
ETF
528,143‌
$
7,711‌
iShares
Preferred
&
Income
Securities
ETF
(a)
958,249‌
35,810‌
$
43,521‌
Money
Market
Funds
-
1.59%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(b),(c)
36,975,862‌
36,976‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
91,563,135‌
91,563‌
$
128,539‌
TOTAL
INVESTMENT
COMPANIES
$
172,060‌
CONVERTIBLE
PREFERRED
STOCKS
-
1.69%
Shares
Held
Value
(000's)
Banks
-
1.37%
Bank
of
America
Corp
7.25%
(f)
1,629‌
$
2,265‌
Wells
Fargo
&
Co
7.50%
(f)
77,835‌
108,035‌
$
110,300‌
Hand
&
Machine
Tools
-
0.32%
Stanley
Black
&
Decker
Inc
5.00%,
05/15/2021
(f)
21,000‌
25,620‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
135,920‌
PREFERRED
STOCKS
-
9.99%
Shares
Held
Value
(000's)
Banks
-
3.28%
AgriBank
FCB
6.88%,
01/01/2024
(f)
61,700‌
$
6,725‌
3
Month
USD
LIBOR
+
4.23%
Associated
Banc-Corp
5.63%,
09/15/2025
(a),(f)
202,744‌
5,178‌
Associated
Banc-Corp
5.88%,
12/15/2023
(a),(f)
2,493‌
64‌
Bank
of
America
Corp
4.38%,
11/03/2025
(a),(f)
358,000‌
8,843‌
Bank
of
America
Corp
5.00%,
09/17/2024
(a),(f)
2,300‌
59‌
Citigroup
Inc
6.88%,
11/15/2023
(f)
414,370‌
11,337‌
3
Month
USD
LIBOR
+
4.13%
Citizens
Financial
Group
Inc
5.00%,
01/06/2025
(a),(f)
6,909‌
177‌
Citizens
Financial
Group
Inc
6.35%,
04/06/2024
(a),(f)
14,879‌
409‌
3
Month
USD
LIBOR
+
3.64%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(f)
152,212‌
3,782‌
First
Republic
Bank/CA
4.13%,
10/30/2025
(f)
2,200‌
54‌
Fulton
Financial
Corp
5.13%,
01/15/2026
(f)
450,381‌
11,395‌
Goldman
Sachs
Group
Inc/The
5.50%,
05/10/2023
(f)
742,590‌
19,671‌
3
Month
USD
LIBOR
+
3.64%
Huntington
Bancshares
Inc/OH
5.88%,
10/15/2021
(f)
325,787‌
8,317‌
Huntington
Bancshares
Inc/OH
6.25%,
04/15/2021
(f)
990,034‌
25,107‌
JPMorgan
Chase
&
Co
4.75%,
12/01/2024
(f)
277,529‌
7,138‌
JPMorgan
Chase
&
Co
5.75%,
12/01/2023
(f)
222,039‌
5,882‌
KeyCorp
6.13%,
12/15/2026
(f)
750,031‌
21,263‌
3
Month
USD
LIBOR
+
3.89%
Morgan
Stanley
4.88%,
01/15/2025
(a),(f)
7,117‌
183‌
Morgan
Stanley
5.85%,
04/15/2027
(f)
649,481‌
18,030‌
3
Month
USD
LIBOR
+
3.49%
Northern
Trust
Corp
4.70%,
01/01/2025
(a),(f)
253‌
7‌
PNC
Financial
Services
Group
Inc/The
6.13%,
05/01/2022
(f)
1,239,905‌
32,473‌
3
Month
USD
LIBOR
+
4.07%
Regions
Financial
Corp
5.70%,
05/15/2029
(f)
328,950‌
8,882‌
3
Month
USD
LIBOR
+
3.15%
State
Street
Corp
5.90%,
03/15/2024
(a),(f)
236,076‌
6,528‌
3
Month
USD
LIBOR
+
3.11%
Synovus
Financial
Corp
5.88%,
07/01/2024
(f)
344,110‌
9,074‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.13%
Truist
Financial
Corp
4.75%,
09/01/2025
(f)
475,202‌
12,027‌
Truist
Financial
Corp
5.63%,
06/01/2021
(f)
134,160‌
3,373‌
US
Bancorp
0.00%,
04/15/2026
(a),(e),(f)
46,768‌
1,157‌
US
Bancorp
3.50%,
03/31/2021
(a),(f)
13,000‌
304‌
3
Month
USD
LIBOR
+
0.60%
US
Bancorp
3.75%,
01/15/2026
(f)
13,090‌
308‌
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
US
Bancorp
5.50%,
10/15/2023
(a),(f)
605‌
$
16‌
US
Bancorp
6.50%,
01/15/2022
(f)
234,945‌
6,170‌
3
Month
USD
LIBOR
+
4.47%
Valley
National
Bancorp
6.25%,
06/30/2025
(f)
170,096‌
4,545‌
3
Month
USD
LIBOR
+
3.85%
Webster
Financial
Corp
5.25%,
12/15/2022
(a),(f)
194,856‌
4,930‌
Wells
Fargo
&
Co
4.75%,
03/15/2025
(f)
338,394‌
8,358‌
Wells
Fargo
&
Co
5.63%,
06/15/2022
(f)
196,171‌
4,989‌
Wells
Fargo
&
Co
5.85%,
09/15/2023
(f)
62,555‌
1,621‌
3
Month
USD
LIBOR
+
3.09%
Wells
Fargo
&
Co
6.63%,
03/15/2024
(f)
207,457‌
5,755‌
3
Month
USD
LIBOR
+
3.69%
$
264,131‌
Diversified
Financial
Services
-
0.25%
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
147,110‌
3,924‌
Capital
One
Financial
Corp
0.00%,
06/01/2025
(e),(f)
165,734‌
4,012‌
Capital
One
Financial
Corp
5.00%,
12/01/2024
(f)
358,185‌
8,901‌
Charles
Schwab
Corp/The
6.00%,
03/31/2021
(f)
129,113‌
3,286‌
$
20,123‌
Electric
-
1.51%
Alabama
Power
Co
5.00%,
10/01/2022
(a),(f)
569,230‌
15,022‌
Algonquin
Power
&
Utilities
Corp
6.20%,
07/01/2079
490,152‌
13,538‌
3
Month
USD
LIBOR
+
4.01%
CMS
Energy
Corp
5.63%,
03/15/2078
420‌
11‌
CMS
Energy
Corp
5.88%,
03/01/2079
118,402‌
3,129‌
Dominion
Energy
Inc
5.25%,
07/30/2076
889,872‌
22,594‌
DTE
Energy
Co
5.25%,
12/01/2077
315,130‌
8,121‌
DTE
Energy
Co
5.38%,
06/01/2076
7,539‌
191‌
Duke
Energy
Corp
5.13%,
01/15/2073
198,839‌
5,045‌
Duke
Energy
Corp
5.75%,
06/15/2024
(f)
68,264‌
1,817‌
Entergy
Louisiana
LLC
4.88%,
09/01/2066
24,691‌
628‌
Entergy
Texas
Inc
5.38%,
10/15/2024
(f)
30,000‌
789‌
Georgia
Power
Co
5.00%,
10/01/2077
(a)
262,012‌
6,867‌
Integrys
Holding
Inc
6.00%,
08/01/2073
69,231‌
1,835‌
3
Month
USD
LIBOR
+
3.22%
Interstate
Power
and
Light
Co
5.10%,
03/31/2021
(f)
483,475‌
12,232‌
National
Rural
Utilities
Cooperative
Finance
Corp
5.50%,
05/15/2064
225,022‌
5,907‌
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
(a)
79,175‌
2,164‌
Southern
Co/The
0.00%,
01/30/2080
(a),(e)
239,337‌
6,129‌
Southern
Co/The
5.25%,
12/01/2077
555,000‌
14,474‌
Southern
Co/The
5.25%,
10/01/2076
50,061‌
1,290‌
$
121,783‌
Food
-
0.32%
Dairy
Farmers
of
America
Inc
7.88%,
03/31/2021
(f),(g)
16,000‌
1,600‌
Dairy
Farmers
of
America
Inc
7.88%,
12/01/2025
(f),(g)
236,300‌
24,221‌
$
25,821‌
Gas
-
0.01%
Entergy
New
Orleans
LLC
5.00%,
12/01/2052
2,683‌
69‌
Entergy
New
Orleans
LLC
5.50%,
04/01/2066
(a)
41,286‌
1,044‌
$
1,113‌
Insurance
-
1.26%
Allstate
Corp/The
4.75%,
01/15/2025
(f)
153,679‌
3,954‌
Allstate
Corp/The
5.10%,
01/15/2053
537,816‌
14,102‌
3
Month
USD
LIBOR
+
3.17%
Allstate
Corp/The
5.10%,
10/15/2024
(f)
8,147‌
211‌
American
Financial
Group
Inc/OH
5.63%,
06/01/2060
126,116‌
3,336‌
American
Financial
Group
Inc/OH
5.88%,
03/30/2059
101,467‌
2,715‌
American
International
Group
Inc
5.85%,
03/15/2024
(a),(f)
15,000‌
400‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
118
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Arch
Capital
Group
Ltd
5.25%,
09/29/2021
(f)
289,992‌
$
7,337‌
Arch
Capital
Group
Ltd
5.45%,
08/17/2022
(f)
53,235‌
1,369‌
Equitable
Holdings
Inc
4.30%,
03/15/2026
(f)
362,625‌
8,953‌
Equitable
Holdings
Inc
5.25%,
12/15/2024
(f)
485,000‌
12,372‌
Hartford
Financial
Services
Group
Inc/The
7.88%,
04/15/2042
1,042,030‌
28,166‌
3
Month
USD
LIBOR
+
5.60%
MetLife
Inc
0.00%,
03/15/2025
(e),(f)
31,500‌
799‌
Prudential
Financial
Inc
4.13%,
09/01/2060
(a)
1,020‌
25‌
RenaissanceRe
Holdings
Ltd
5.38%,
03/31/2021
(f)
533,234‌
13,437‌
RenaissanceRe
Holdings
Ltd
5.75%,
06/30/2023
(a),(f)
29,666‌
789‌
Voya
Financial
Inc
5.35%,
09/15/2029
(f)
72,909‌
1,917‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
W
R
Berkley
Corp
5.70%,
03/30/2058
1,933‌
52‌
W
R
Berkley
Corp
5.75%,
06/01/2056
65,882‌
1,666‌
$
101,600‌
Pipelines
-
0.00%
Enbridge
Inc
6.38%,
04/15/2078
2,031‌
54‌
3
Month
USD
LIBOR
+
3.59%
REITs
-
1.24%
Federal
Realty
Investment
Trust
5.00%,
09/29/2022
(a),(f)
49,775‌
1,288‌
Kimco
Realty
Corp
5.13%,
08/16/2022
(f)
12,477‌
319‌
Kimco
Realty
Corp
5.25%,
12/20/2022
(f)
406,949‌
10,455‌
National
Retail
Properties
Inc
5.20%,
10/11/2021
(f)
121,552‌
3,085‌
Prologis
Inc
8.54%,
11/13/2026
(f)
162,700‌
12,365‌
PS
Business
Parks
Inc
4.88%,
11/04/2024
(f)
3,847‌
98‌
PS
Business
Parks
Inc
5.25%,
09/21/2022
(f)
57,755‌
1,487‌
Public
Storage
4.13%,
08/14/2025
(a),(f)
316,800‌
7,961‌
Public
Storage
4.63%,
06/17/2025
(f)
277,443‌
7,047‌
Public
Storage
4.75%,
12/20/2024
(f)
185,477‌
4,874‌
Public
Storage
4.90%,
10/14/2021
(f)
6,561‌
167‌
Public
Storage
5.05%,
08/09/2022
(f)
177,565‌
4,565‌
Public
Storage
5.60%,
03/11/2024
(a),(f)
311,855‌
8,514‌
Vornado
Realty
Trust
5.25%,
11/24/2025
(f)
200,000‌
4,938‌
Vornado
Realty
Trust
5.25%,
12/13/2022
(f)
382,922‌
9,573‌
Vornado
Realty
Trust
5.40%,
03/31/2021
(f)
189,575‌
4,720‌
Vornado
Realty
Trust
5.70%,
03/31/2021
(f)
747,704‌
18,767‌
$
100,223‌
Savings
&
Loans
-
0.05%
People's
United
Financial
Inc
5.63%,
12/15/2026
(f)
94,067‌
2,550‌
3
Month
USD
LIBOR
+
4.02%
Sterling
Bancorp/DE
6.50%,
10/15/2022
(a),(f)
42,713‌
1,104‌
Washington
Federal
Inc
0.00%,
04/15/2026
(e),(f)
5,040‌
124‌
$
3,778‌
Sovereign
-
0.86%
CoBank
ACB
6.13%,
04/01/2021
(f)
8,000‌
822‌
CoBank
ACB
6.20%,
01/01/2025
(f)
65,000‌
7,215‌
3
Month
USD
LIBOR
+
3.74%
CoBank
ACB
6.25%,
10/01/2022
(f)
296,500‌
31,725‌
3
Month
USD
LIBOR
+
4.56%
Farm
Credit
Bank
of
Texas
6.75%,
09/15/2023
(f),(g)
270,500‌
29,214‌
3
Month
USD
LIBOR
+
4.01%
$
68,976‌
Telecommunications
-
1.21%
AT&T
Inc
0.00%,
02/18/2025
(e),(f)
2,704,019‌
65,626‌
AT&T
Inc
5.00%,
12/12/2024
(f)
40,144‌
1,016‌
Telephone
and
Data
Systems
Inc
6.63%,
03/31/2045
21,160‌
531‌
Telephone
and
Data
Systems
Inc
7.00%,
03/15/2060
(a)
1,036,855‌
26,305‌
United
States
Cellular
Corp
6.25%,
09/01/2069
151,769‌
3,825‌
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
(continued)
United
States
Cellular
Corp
6.95%,
05/15/2060
1,251‌
$
32‌
$
97,335‌
TOTAL
PREFERRED
STOCKS
$
804,937‌
BONDS
-
86.39%
Principal
Amount
(000's)
Value
(000's)
Banks
-
51.11%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(f),(g),(h),(i)
$
12,200‌
$
14,437‌
USD
Swap
Rate
NY
5
Year
+
5.17%
6.75%,
06/15/2026
(f),(h),(i)
2,700‌
3,195‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(f),(h),(i)
14,200‌
14,910‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
6.50%,
03/05/2025
(f),(h),(i)
57,800‌
62,026‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.19%
Banco
Santander
SA
7.50%,
02/08/2024
(f),(h),(i)
47,400‌
51,844‌
USD
Swap
Semi-Annual
5
Year
+
4.99%
Bank
of
America
Corp
6.10%,
03/17/2025
(f),(h)
5,000‌
5,556‌
3
Month
USD
LIBOR
+
3.90%
6.25%,
09/05/2024
(f),(h)
30,643‌
33,580‌
3
Month
USD
LIBOR
+
3.71%
6.30%,
03/10/2026
(f),(h)
46,995‌
53,956‌
3
Month
USD
LIBOR
+
4.55%
6.50%,
10/23/2024
(f),(h)
97,810‌
108,843‌
3
Month
USD
LIBOR
+
4.17%
8.05%,
06/15/2027
6,312‌
8,250‌
Bank
of
Montreal
1.85%,
05/01/2025
11,800‌
12,144‌
Bank
of
New
York
Mellon
Corp/The
3.66%,
06/20/2021
(f)
70,400‌
70,838‌
3
Month
USD
LIBOR
+
3.42%
3.70%,
03/20/2026
(f),(h)
29,775‌
30,371‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
4.62%,
09/20/2026
(f),(h)
19,628‌
20,732‌
3
Month
USD
LIBOR
+
3.13%
4.70%,
09/20/2025
(f),(h)
12,400‌
13,361‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.36%
Bank
of
Nova
Scotia/The
1.63%,
05/01/2023
9,000‌
9,240‌
4.90%,
06/04/2025
(f),(h)
33,000‌
35,516‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.55%
Barclays
Bank
PLC
6.28%,
12/15/2034
(f),(h)
4,000‌
5,000‌
3
Month
USD
LIBOR
+
1.55%
6.86%,
06/15/2032
(f),(h)
517‌
719‌
6
Month
USD
LIBOR
+
1.73%
7.63%,
11/21/2022
(i)
1,951‌
2,145‌
Barclays
PLC
6.13%,
12/15/2025
(f),(h),(i)
5,000‌
5,481‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%
7.75%,
09/15/2023
(f),(h),(i)
47,300‌
51,005‌
USD
Swap
Semi-Annual
5
Year
+
4.84%
7.88%,
03/15/2022
(f),(h),(i)
30,065‌
31,568‌
USD
Swap
Semi-Annual
5
Year
+
6.77%
8.00%,
06/15/2024
(f),(h),(i)
67,803‌
76,536‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
119
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
BNP
Paribas
SA
4.63%,
02/25/2031
(f),(g),(h),(i)
$
10,000‌
$
9,913‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%
6.63%,
03/25/2024
(f),(g),(h),(i)
39,300‌
42,593‌
USD
Swap
Semi-Annual
5
Year
+
4.15%
6.63%,
03/25/2024
(f),(h),(i)
8,700‌
9,429‌
USD
Swap
Rate
NY
5
Year
+
4.15%
6.75%,
03/14/2022
(f),(h),(i)
11,525‌
11,972‌
USD
Swap
Semi-Annual
5
Year
+
4.92%
7.00%,
08/16/2028
(f),(g),(h),(i)
2,500‌
2,925‌
USD
Swap
Semi-Annual
5
Year
+
3.98%
7.20%,
06/25/2037
(f),(g),(h)
5,800‌
6,222‌
3
Month
USD
LIBOR
+
1.29%
7.37%,
08/19/2025
(f),(g),(h),(i)
100‌
116‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.37%,
08/19/2025
(f),(h),(i)
13,000‌
15,044‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.63%,
03/30/2021
(f),(g),(h),(i)
80,898‌
81,310‌
USD
Swap
Semi-Annual
5
Year
+
6.31%
7.63%,
03/30/2021
(f),(h),(i)
50,000‌
50,255‌
USD
Swap
Semi-Annual
5
Year
+
6.31%
BPCE
SA
5.15%,
07/21/2024
(g)
13,014‌
14,717‌
Citigroup
Capital
III
7.63%,
12/01/2036
2,700‌
3,868‌
Citigroup
Inc
3.88%,
02/18/2026
(f),(h)
42,520‌
42,281‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(f),(h)
15,110‌
15,223‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
4.29%,
05/15/2021
(f)
300‌
299‌
3
Month
USD
LIBOR
+
4.10%
4.68%,
05/15/2021
(f)
25,392‌
25,424‌
3
Month
USD
LIBOR
+
4.48%
5.90%,
02/15/2023
(a),(f),(h)
7,383‌
7,644‌
3
Month
USD
LIBOR
+
4.23%
5.95%,
01/30/2023
(f),(h)
14,400‌
15,012‌
3
Month
USD
LIBOR
+
4.07%
5.95%,
05/15/2025
(f),(h)
10,770‌
11,685‌
3
Month
USD
LIBOR
+
3.91%
6.25%,
08/15/2026
(f),(h)
86,582‌
98,729‌
3
Month
USD
LIBOR
+
4.52%
Citizens
Financial
Group
Inc
4.20%,
04/06/2021
(a),(f)
13,300‌
13,259‌
3
Month
USD
LIBOR
+
3.96%
5.65%,
10/06/2025
(f),(h)
62,097‌
68,307‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
07/06/2023
(f),(h)
7,000‌
7,215‌
3
Month
USD
LIBOR
+
3.00%
6.38%,
04/06/2024
(a),(f),(h)
11,200‌
11,892‌
3
Month
USD
LIBOR
+
3.16%
Comerica
Inc
5.63%,
07/01/2025
(f),(h)
18,600‌
20,389‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.29%
Corestates
Capital
III
0.77%,
02/15/2027
(a),(g)
18,621‌
18,068‌
3
Month
USD
LIBOR
+
0.57%
Credit
Agricole
SA
7.88%,
01/23/2024
(f),(g),(h),(i)
29,540‌
33,071‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
7.88%,
01/23/2024
(f),(h),(i)
18,100‌
20,263‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Credit
Agricole
SA  
(continued)
8.13%,
12/23/2025
(f),(g),(h),(i)
$
34,368‌
$
41,524‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Credit
Suisse
AG
6.50%,
08/08/2023
(g),(i)
23,254‌
26,044‌
6.50%,
08/08/2023
(i)
6,000‌
6,720‌
Credit
Suisse
Group
AG
4.50%,
09/03/2030
(f),(g),(h),(i)
34,000‌
33,193‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.55%
5.10%,
01/24/2030
(f),(g),(h),(i)
21,300‌
21,699‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%
5.10%,
01/24/2030
(f),(h),(i)
3,000‌
3,056‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%
5.25%,
02/11/2027
(f),(g),(h),(i)
34,800‌
36,975‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
6.25%,
12/18/2024
(f),(g),(h),(i)
6,000‌
6,600‌
USD
Swap
Semi-Annual
5
Year
+
3.46%
6.38%,
08/21/2026
(f),(g),(h),(i)
14,400‌
16,056‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
7.13%,
07/29/2022
(f),(h),(i)
4,838‌
5,092‌
USD
Swap
Semi-Annual
5
Year
+
5.11%
7.50%,
07/17/2023
(f),(g),(h),(i)
6,500‌
7,110‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
7.50%,
12/11/2023
(f),(g),(h),(i)
77,040‌
85,323‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
7.50%,
07/17/2023
(f),(h),(i)
10,000‌
10,938‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
Danske
Bank
A/S
6.13%,
03/28/2024
(f),(h),(i)
2,500‌
2,678‌
USD
Swap
Semi-Annual
7
Year
+
3.90%
7.00%,
06/26/2025
(f),(h),(i)
29,645‌
33,303‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.13%
DNB
Bank
ASA
4.88%,
11/12/2024
(f),(h),(i)
4,775‌
4,996‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%
Fifth
Third
Bancorp
4.50%,
09/30/2025
(f),(h)
13,525‌
14,327‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
First
Maryland
Capital
I
1.24%,
01/15/2027
2,000‌
1,931‌
3
Month
USD
LIBOR
+
1.00%
Goldman
Sachs
Group
Inc/The
4.95%,
02/10/2025
(f),(h)
23,363‌
24,852‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.50%,
08/10/2024
(a),(f),(h)
13,750‌
14,850‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%
HSBC
Capital
Funding
Dollar
1
LP
10.18%,
06/30/2030
(f),(g),(h)
69,567‌
116,177‌
3
Month
USD
LIBOR
+
4.98%
10.18%,
06/30/2030
(a),(f),(h)
49,608‌
82,845‌
3
Month
USD
LIBOR
+
4.98%
HSBC
Holdings
PLC
4.60%,
12/17/2030
(f),(h),(i)
9,150‌
9,197‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%
6.00%,
05/22/2027
(f),(h),(i)
15,900‌
17,291‌
USD
Swap
Rate
NY
5
Year
+
3.75%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
120
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
HSBC
Holdings
PLC  
(continued)
6.37%,
03/30/2025
(f),(h),(i)
$
14,800‌
$
16,203‌
USD
Swap
Rate
NY
5
Year
+
4.37%
6.38%,
09/17/2024
(f),(h),(i)
3,300‌
3,613‌
USD
Swap
Rate
NY
5
Year
+
3.71%
6.50%,
03/23/2028
(f),(h),(i)
25,600‌
29,056‌
USD
Swap
Rate
NY
5
Year
+
3.61%
6.87%,
06/01/2021
(f),(h),(i)
36,500‌
37,093‌
USD
Swap
Rate
NY
5
Year
+
5.51%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(f),(h)
80,434‌
84,057‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(f),(h)
41,103‌
46,344‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
ING
Groep
NV
5.75%,
11/16/2026
(f),(h),(i)
14,075‌
15,412‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
6.50%,
04/16/2025
(f),(h),(i)
44,300‌
49,102‌
USD
Swap
Semi-Annual
5
Year
+
4.45%
6.75%,
04/16/2024
(f),(h),(i)
30,000‌
32,775‌
USD
Swap
Rate
NY
5
Year
+
4.20%
6.87%,
04/16/2022
(f),(h),(i)
69,986‌
72,794‌
USD
Swap
Semi-Annual
5
Year
+
5.12%
Intesa
Sanpaolo
SpA
7.70%,
09/17/2025
(f),(g),(h),(i)
32,021‌
36,104‌
USD
Swap
Semi-Annual
5
Year
+
5.46%
JPMorgan
Chase
&
Co
4.01%,
05/01/2021
(f)
24,318‌
24,308‌
3
Month
USD
LIBOR
+
3.80%
4.60%,
02/01/2025
(f),(h)
3,200‌
3,264‌
United
States
Secured
Overnight
Financing
Rate
+
3.13%
6.00%,
08/01/2023
(f),(h)
6,680‌
7,073‌
3
Month
USD
LIBOR
+
3.30%
6.10%,
10/01/2024
(f),(h)
2,915‌
3,160‌
3
Month
USD
LIBOR
+
3.33%
6.75%,
02/01/2024
(f),(h)
147,336‌
162,806‌
3
Month
USD
LIBOR
+
3.78%
KeyCorp
5.00%,
09/15/2026
(f),(h)
16,101‌
17,147‌
3
Month
USD
LIBOR
+
3.61%
KeyCorp
Capital
I
0.98%,
07/01/2028
2,825‌
2,663‌
3
Month
USD
LIBOR
+
0.74%
KeyCorp
Capital
III
7.75%,
07/15/2029
3,500‌
4,494‌
Lloyds
Bank
PLC
12.00%,
12/16/2024
(f),(g),(h)
38,250‌
42,448‌
3
Month
USD
LIBOR
+
11.76%
12.00%,
12/16/2024
(f),(h)
19,489‌
21,628‌
3
Month
USD
LIBOR
+
11.76%
Lloyds
Banking
Group
PLC
3.87%,
07/09/2025
(h)
5,000‌
5,474‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%
6.41%,
10/01/2035
(f),(g),(h)
12,674‌
15,969‌
3
Month
USD
LIBOR
+
1.50%
6.66%,
05/21/2037
(a),(f),(h)
3,000‌
3,855‌
3
Month
USD
LIBOR
+
1.27%
6.66%,
05/21/2037
(a),(f),(g),(h)
51,385‌
66,030‌
3
Month
USD
LIBOR
+
1.27%
7.50%,
06/27/2024
(f),(h),(i)
47,496‌
52,661‌
USD
Swap
Semi-Annual
5
Year
+
4.76%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Lloyds
Banking
Group
PLC  
(continued)
7.50%,
09/27/2025
(f),(h),(i)
$
22,500‌
$
25,757‌
USD
Swap
Semi-Annual
5
Year
+
4.50%
M&T
Bank
Corp
5.00%,
08/01/2024
(f),(h)
4,678‌
4,969‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.12%,
11/01/2026
(f),(h)
14,020‌
15,121‌
3
Month
USD
LIBOR
+
3.52%
6.45%,
02/15/2024
(f),(h)
6,515‌
7,118‌
3
Month
USD
LIBOR
+
3.61%
Macquarie
Bank
Ltd/London
6.13%,
03/08/2027
(f),(g),(h),(i)
1,000‌
1,081‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
6.13%,
03/08/2027
(f),(h),(i)
5,000‌
5,406‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
Morgan
Stanley
4.05%,
04/15/2021
(a),(f)
6,002‌
6,006‌
3
Month
USD
LIBOR
+
3.81%
Natwest
Group
PLC
2.57%,
09/30/2027
(f)
1,900‌
1,868‌
3
Month
USD
LIBOR
+
2.32%
6.00%,
12/29/2025
(f),(h),(i)
35,000‌
38,763‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
8.00%,
08/10/2025
(f),(h),(i)
22,825‌
26,819‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
8.62%,
08/15/2021
(f),(h),(i)
35,275‌
36,421‌
USD
Swap
Semi-Annual
5
Year
+
7.60%
Nordea
Bank
Abp
6.13%,
09/23/2024
(f),(g),(h),(i)
42,131‌
45,870‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.13%,
09/23/2024
(a),(f),(h),(i)
18,735‌
20,398‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.63%,
03/26/2026
(f),(g),(h),(i)
41,520‌
47,385‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
Northern
Trust
Corp
4.60%,
10/01/2026
(f),(h)
1,200‌
1,296‌
3
Month
USD
LIBOR
+
3.20%
NTC
Capital
I
0.76%,
01/15/2027
5,500‌
5,308‌
3
Month
USD
LIBOR
+
0.52%
NTC
Capital
II
0.83%,
04/15/2027
6,500‌
6,241‌
3
Month
USD
LIBOR
+
0.59%
PNC
Financial
Services
Group
Inc/The
6.75%,
08/01/2021
(f),(h)
5,289‌
5,368‌
3
Month
USD
LIBOR
+
3.68%
RBS
Capital
Trust
II
6.43%,
01/03/2034
(f),(h)
3,810‌
5,686‌
3
Month
USD
LIBOR
+
1.94%
Regions
Financial
Corp
5.75%,
06/15/2025
(f),(h)
16,750‌
18,509‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
Skandinaviska
Enskilda
Banken
AB
5.13%,
05/13/2025
(f),(h),(i)
32,800‌
34,769‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.46%
5.63%,
05/13/2022
(f),(h),(i)
11,800‌
12,139‌
USD
Swap
Semi-Annual
5
Year
+
3.49%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
121
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Societe
Generale
SA
5.38%,
11/18/2030
(f),(g),(h),(i)
$
15,300‌
$
15,764‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.51%
7.37%,
09/13/2021
(a),(f),(h),(i)
14,120‌
14,411‌
USD
Swap
Semi-Annual
5
Year
+
6.24%
7.38%,
10/04/2023
(f),(g),(h),(i)
16,800‌
18,291‌
USD
Swap
Semi-Annual
5
Year
+
4.30%
7.38%,
09/13/2021
(f),(g),(h),(i)
25,026‌
25,542‌
USD
Swap
Semi-Annual
5
Year
+
6.24%
7.88%,
12/18/2023
(a),(f),(g),(h),(i)
4,900‌
5,411‌
USD
Swap
Semi-Annual
5
Year
+
4.98%
7.88%,
12/18/2023
(f),(h),(i)
14,000‌
15,461‌
USD
Swap
Semi-Annual
5
Year
+
4.98%
8.00%,
09/29/2025
(f),(g),(h),(i)
26,660‌
31,334‌
USD
Swap
Rate
NY
5
Year
+
5.87%
8.00%,
09/29/2025
(f),(h),(i)
19,000‌
22,331‌
USD
Swap
Rate
NY
5
Year
+
5.87%
Standard
Chartered
PLC
4.87%,
03/15/2033
(h)
1,026‌
1,133‌
USD
Swap
Rate
NY
5
Year
+
1.97%
6.00%,
07/26/2025
(a),(f),(h),(i)
1,000‌
1,088‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
6.00%,
07/26/2025
(f),(g),(h),(i)
15,000‌
16,317‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
7.01%,
07/30/2037
(a),(f),(g),(h)
42,900‌
56,382‌
3
Month
USD
LIBOR
+
1.46%
7.01%,
07/30/2037
(f),(h)
19,800‌
26,022‌
3
Month
USD
LIBOR
+
1.46%
7.50%,
04/02/2022
(f),(g),(h),(i)
17,700‌
18,474‌
USD
Swap
Semi-Annual
5
Year
+
6.30%
7.50%,
04/02/2022
(f),(h),(i)
23,500‌
24,528‌
USD
Swap
Semi-Annual
5
Year
+
6.30%
7.75%,
04/02/2023
(f),(g),(h),(i)
25,000‌
27,468‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
State
Street
Corp
3.81%,
06/15/2021
(f)
4,000‌
3,998‌
3
Month
USD
LIBOR
+
3.60%
SVB
Financial
Group
4.10%,
02/15/2031
(f),(h)
14,000‌
14,132‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.06%
Svenska
Handelsbanken
AB
5.25%,
03/01/2021
(f),(h),(i)
29,400‌
29,405‌
USD
Swap
Semi-Annual
5
Year
+
3.34%
6.25%,
03/01/2024
(f),(h),(i)
13,800‌
15,063‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.69%
Swedbank
AB
6.00%,
03/17/2022
(f),(h),(i)
5,200‌
5,356‌
USD
Swap
Semi-Annual
5
Year
+
4.11%
Truist
Bank
0.87%,
05/15/2027
10,900‌
10,600‌
3
Month
USD
LIBOR
+
0.67%
0.87%,
03/15/2028
9,022‌
8,749‌
3
Month
USD
LIBOR
+
0.65%
1.22%,
04/01/2027
7,000‌
6,770‌
3
Month
USD
LIBOR
+
0.98%
Truist
Financial
Corp
4.80%,
09/01/2024
(f),(h)
99,300‌
103,024‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(f),(h)
43,690‌
46,980‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
UBS
Group
AG
4.38%,
02/10/2031
(f),(g),(h),(i)
$
29,000‌
$
28,574‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%
6.88%,
03/22/2021
(f),(h),(i)
68,834‌
69,006‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
5.50%
6.88%,
08/07/2025
(f),(h),(i)
11,933‌
13,484‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
7.00%,
01/31/2024
(f),(g),(h),(i)
20,500‌
22,422‌
USD
Swap
Semi-Annual
5
Year
+
4.34%
7.00%,
01/31/2024
(f),(h),(i)
13,900‌
15,203‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.34%
7.00%,
02/19/2025
(f),(h),(i)
20,700‌
23,702‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.87%
7.13%,
08/10/2021
(f),(h),(i)
20,426‌
20,886‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
5.88%
UniCredit
SpA
8.00%,
06/03/2024
(f),(h),(i)
21,000‌
23,179‌
USD
Swap
Semi-Annual
5
Year
+
5.18%
USB
Realty
Corp
1.39%,
01/15/2022
(f),(g)
1,500‌
1,140‌
3
Month
USD
LIBOR
+
1.15%
Wachovia
Capital
Trust
II
0.74%,
01/15/2027
6,345‌
6,130‌
3
Month
USD
LIBOR
+
0.50%
Wachovia
Capital
Trust
III
5.57%,
03/15/2021
(f)
6,500‌
6,500‌
3
Month
USD
LIBOR
+
0.93%
Wells
Fargo
&
Co
3.90%,
03/15/2026
(f),(h)
36,600‌
36,459‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
5.87%,
06/15/2025
(f),(h)
50,300‌
55,091‌
3
Month
USD
LIBOR
+
3.99%
7.95%,
11/15/2029
3,700‌
4,987‌
$
4,119,783‌
Diversified
Financial
Services
-
3.17%
Capital
One
Financial
Corp
4.03%,
06/01/2021
(f)
19,021‌
18,810‌
3
Month
USD
LIBOR
+
3.80%
Charles
Schwab
Corp/The
4.00%,
12/01/2030
(f),(h)
28,200‌
28,306‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%
5.38%,
06/01/2025
(f),(h)
106,742‌
116,349‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
7.00%,
02/01/2022
(a),(f),(h)
28,358‌
29,811‌
3
Month
USD
LIBOR
+
4.82%
Depository
Trust
&
Clearing
Corp/The
3.38%,
06/15/2021
(f),(g)
27,000‌
26,719‌
3
Month
USD
LIBOR
+
3.17%
Discover
Financial
Services
5.50%,
10/30/2027
(f),(h)
5,947‌
6,230‌
3
Month
USD
LIBOR
+
3.08%
6.13%,
06/23/2025
(f),(h)
27,160‌
29,740‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
$
255,965‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
122
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
-
4.92%
Dominion
Energy
Inc
4.65%,
12/15/2024
(f),(h)
$
118,552‌
$
124,436‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
Duke
Energy
Corp
4.88%,
09/16/2024
(f),(h)
94,969‌
101,565‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Emera
Inc
6.75%,
06/15/2076
(h)
65,695‌
76,489‌
3
Month
USD
LIBOR
+
5.44%
Enel
SpA
8.75%,
09/24/2073
(g),(h)
2,991‌
3,477‌
USD
Swap
Semi-Annual
5
Year
+
5.88%
National
Rural
Utilities
Cooperative
Finance
Corp
5.25%,
04/20/2046
(h)
16,969‌
18,464‌
3
Month
USD
LIBOR
+
3.63%
NextEra
Energy
Capital
Holdings
Inc
2.31%,
10/01/2066
20,264‌
18,440‌
3
Month
USD
LIBOR
+
2.07%
2.34%,
06/15/2067
7,700‌
7,180‌
3
Month
USD
LIBOR
+
2.13%
4.80%,
12/01/2077
(h)
2,300‌
2,484‌
3
Month
USD
LIBOR
+
2.41%
5.65%,
05/01/2079
(h)
800‌
930‌
3
Month
USD
LIBOR
+
3.16%
PPL
Capital
Funding
Inc
2.91%,
03/30/2067
15,700‌
14,745‌
3
Month
USD
LIBOR
+
2.67%
Southern
Co/The
4.00%,
01/15/2051
(h)
14,700‌
15,303‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
5.50%,
03/15/2057
(h)
13,050‌
13,478‌
3
Month
USD
LIBOR
+
3.63%
$
396,991‌
Food
-
0.11%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(f),(g)
8,700‌
8,711‌
Gas
-
0.79%
NiSource
Inc
5.65%,
06/15/2023
(a),(f),(h)
61,800‌
63,654‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.84%
Hand
&
Machine
Tools
-
0.17%
Stanley
Black
&
Decker
Inc
4.00%,
03/15/2060
(h)
12,900‌
13,659‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%
Insurance
-
18.62%
ACE
Capital
Trust
II
9.70%,
04/01/2030
15,505‌
23,385‌
AIG
Life
Holdings
Inc
8.50%,
07/01/2030
31,200‌
41,488‌
Allianz
SE
3.50%,
11/17/2025
(f),(g),(h)
9,000‌
9,137‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
Allstate
Corp/The
5.75%,
08/15/2053
(h)
11,754‌
12,594‌
3
Month
USD
LIBOR
+
2.94%
6.50%,
05/15/2067
(h)
11,905‌
15,655‌
3
Month
USD
LIBOR
+
2.12%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
American
International
Group
Inc
5.75%,
04/01/2048
(h)
$
46,701‌
$
52,994‌
3
Month
USD
LIBOR
+
2.87%
8.18%,
05/15/2068
(h)
29,013‌
42,422‌
3
Month
USD
LIBOR
+
4.20%
Aon
Corp
8.21%,
01/01/2027
4,750‌
6,322‌
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.63%,
08/15/2052
(h)
66,620‌
75,780‌
3
Month
USD
LIBOR
+
3.78%
5.75%,
08/15/2050
(h)
34,400‌
38,614‌
3
Month
USD
LIBOR
+
3.59%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(h)
23,390‌
27,037‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
AXA
SA
5.12%,
01/17/2047
(h)
500‌
573‌
3
Month
USD
LIBOR
+
3.88%
6.38%,
12/14/2036
(f),(g),(h)
27,793‌
38,528‌
3
Month
USD
LIBOR
+
2.26%
8.60%,
12/15/2030
21,874‌
33,974‌
Cloverie
PLC
for
Swiss
Reinsurance
Co
Ltd
4.50%,
09/11/2044
(h)
20,000‌
21,510‌
USD
Swap
Semi-Annual
10
Year
+
2.91%
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
5.63%,
06/24/2046
(h)
5,000‌
5,780‌
3
Month
USD
LIBOR
+
4.92%
Dai-ichi
Life
Insurance
Co
Ltd/The
7.25%,
07/25/2021
(f),(g),(h)
13,250‌
13,532‌
3
Month
USD
LIBOR
+
4.56%
Everest
Reinsurance
Holdings
Inc
2.58%,
05/01/2067
(a)
22,020‌
20,318‌
3
Month
USD
LIBOR
+
2.39%
Hartford
Financial
Services
Group
Inc/The
2.32%,
02/12/2067
(g)
5,685‌
5,388‌
3
Month
USD
LIBOR
+
2.13%
Legal
&
General
Group
PLC
5.25%,
03/21/2047
(h)
37,104‌
41,093‌
USD
Swap
Semi-Annual
5
Year
+
3.69%
Liberty
Mutual
Group
Inc
7.80%,
03/07/2087
(g)
76,240‌
98,664‌
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(g)
20,025‌
29,249‌
Lincoln
National
Corp
2.26%,
04/20/2067
43,198‌
35,692‌
3
Month
USD
LIBOR
+
2.04%
2.55%,
05/17/2066
916‌
795‌
3
Month
USD
LIBOR
+
2.36%
M&G
PLC
6.50%,
10/20/2048
(h)
11,788‌
14,013‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.41%
Meiji
Yasuda
Life
Insurance
Co
5.20%,
10/20/2045
(g),(h)
9,545‌
10,860‌
USD
Swap
Semi-Annual
5
Year
+
4.23%
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(g)
24,540‌
34,448‌
MetLife
Inc
3.85%,
09/15/2025
(f),(h)
50,500‌
51,636‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
6.40%,
12/15/2066
20,770‌
26,221‌
3
Month
USD
LIBOR
+
2.21%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
123
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
MetLife
Inc  
(continued)
9.25%,
04/08/2068
(g)
$
63,475‌
$
96,042‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
50,439‌
85,004‌
3
Month
USD
LIBOR
+
7.55%
Mitsui
Sumitomo
Insurance
Co
Ltd
4.95%,
03/06/2029
(a),(f),(h)
520‌
599‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
4.95%,
03/06/2029
(f),(g),(h)
1,800‌
2,074‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
7.00%,
03/15/2072
(a),(g),(h)
10,700‌
11,262‌
3
Month
USD
LIBOR
+
5.90%
MMI
Capital
Trust
I
7.63%,
12/15/2027
1,073‌
1,431‌
Nationwide
Financial
Services
Inc
6.75%,
05/15/2087
79,015‌
95,213‌
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(g),(h)
2,500‌
2,444‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
4.70%,
01/20/2046
(g),(h)
5,000‌
5,537‌
USD
Swap
Rate
NY
5
Year
+
3.75%
5.10%,
10/16/2044
(g),(h)
26,700‌
29,637‌
USD
Swap
Rate
NY
5
Year
+
3.65%
Prudential
Financial
Inc
3.70%,
10/01/2050
(h)
11,400‌
11,671‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
5.20%,
03/15/2044
(h)
3,945‌
4,203‌
3
Month
USD
LIBOR
+
3.04%
5.63%,
06/15/2043
(h)
79,130‌
85,042‌
3
Month
USD
LIBOR
+
3.92%
5.88%,
09/15/2042
(h)
45,255‌
47,612‌
3
Month
USD
LIBOR
+
4.18%
Sompo
Japan
Insurance
Inc
5.33%,
03/28/2073
(a),(g),(h)
60,300‌
64,924‌
3
Month
USD
LIBOR
+
4.27%
Sumitomo
Life
Insurance
Co
4.00%,
09/14/2077
(g),(h)
4,700‌
5,100‌
3
Month
USD
LIBOR
+
2.99%
6.50%,
09/20/2073
(g),(h)
15,500‌
17,263‌
3
Month
USD
LIBOR
+
4.44%
Voya
Financial
Inc
4.70%,
01/23/2048
(h)
8,055‌
8,319‌
3
Month
USD
LIBOR
+
2.08%
5.65%,
05/15/2053
(h)
77,926‌
83,128‌
3
Month
USD
LIBOR
+
3.58%
6.13%,
09/15/2023
(f),(h)
11,706‌
12,587‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(h)
4,000‌
3,933‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
$
1,500,727‌
Oil
&
Gas
-
0.62%
BP
Capital
Markets
PLC
4.38%,
06/22/2025
(f),(h)
14,600‌
15,393‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%
4.88%,
03/22/2030
(f),(h)
32,562‌
34,955‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
$
50,348‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
-
3.99%
Enbridge
Inc
5.75%,
07/15/2080
(h)
$
53,675‌
$
57,786‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(h)
44,100‌
46,526‌
3
Month
USD
LIBOR
+
3.89%
6.25%,
03/01/2078
(h)
31,558‌
33,502‌
3
Month
USD
LIBOR
+
3.64%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(h)
58,300‌
58,107‌
3
Month
USD
LIBOR
+
3.03%
5.38%,
02/15/2078
(h)
16,800‌
16,690‌
3
Month
USD
LIBOR
+
2.57%
Transcanada
Trust
5.30%,
03/15/2077
(h)
6,000‌
6,210‌
3
Month
USD
LIBOR
+
3.21%
5.50%,
09/15/2079
(h)
51,000‌
55,781‌
3
Month
USD
LIBOR
+
4.15%
5.87%,
08/15/2076
(h)
42,281‌
46,686‌
3
Month
USD
LIBOR
+
4.64%
$
321,288‌
REITs
-
0.99%
Scentre
Group
Trust
2
4.75%,
09/24/2080
(g),(h)
10,500‌
10,935‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
4.75%,
09/24/2080
(a),(h)
4,300‌
4,478‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
5.13%,
09/24/2080
(g),(h)
61,600‌
64,107‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
$
79,520‌
Sovereign
-
0.46%
CoBank
ACB
6.25%,
10/01/2026
(f),(h)
16,400‌
18,204‌
3
Month
USD
LIBOR
+
4.66%
Farm
Credit
Bank
of
Texas
5.70%,
09/15/2025
(f),(g),(h)
17,000‌
18,658‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.42%
$
36,862‌
Telecommunications
-
0.93%
Vodafone
Group
PLC
7.00%,
04/04/2079
(h)
62,686‌
74,864‌
USD
Swap
Semi-Annual
5
Year
+
4.87%
Transportation
-
0.51%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(h)
35,709‌
41,088‌
3
Month
USD
LIBOR
+
2.35%
TOTAL
BONDS
$
6,963,460‌
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
5‌
Total
Investments
$
8,076,382‌
Other
Assets
and
Liabilities
-  (0.20)%
(15,902‌)
TOTAL
NET
ASSETS
-
100.00%
$
8,060,480‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$68,654
or
0.85%
of
net
assets.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$70,426
or
0.87%
of
net
assets.
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
124
(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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
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
$1,797,810
or
22.30%
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)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
See
accompanying
notes
for
additional
information.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,100,154
or
26.05%
of
net
assets.
Portfolio
Summary  (unaudited)
Sector
Percent
Financial
81.34‌%
Utilities
7.23‌%
Energy
4.61‌%
Communications
2.14‌%
Money
Market
Funds
1.59‌%
Government
1.32‌%
Industrial
1.00‌%
Investment
Companies
0.54‌%
Consumer,
Non-cyclical
0.43‌%
Purchased
Options
0.00‌%
Other
Assets
and
Liabilities
(0.20‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
245,019‌
$
1,230,363‌
$
1,383,819‌
$
91,563‌
$
245,019‌
$
1,230,363‌
$
1,383,819‌
$
91,563‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
US
10
Year
Note
Future;
June
2021
N/A
1,000‌
$
1,000‌
$
139.00‌
03/29/2021
$
22‌
$
—‌
$
(22‌)
Call
-
US
Long
Bond
Future;
June
2021
N/A
300‌
300‌
$
181.00‌
03/29/2021
10‌
4‌
(6‌)
Call
-
US
Long
Bond
Future;
June
2021
N/A
50‌
50‌
$
174.50‌
03/29/2021
2‌
1‌
(1‌)
Total
$
34‌
$
5‌
$
(29‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
US
Long
Bond
Future;
June
2021
N/A
50‌
$
50‌
$
162.00‌
03/29/2021
$
(56‌)
$
(34‌)
$
22‌
Call
-
US
Long
Bond
Future;
June
2021
N/A
300‌
300‌
$
163.00‌
03/29/2021
(267‌
)
(126‌)
141‌
Total
$
(323‌
)
$
(160‌)
$
163‌
Amounts
in
thousands
except
contracts/shares.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
June
2021
Short
1,000‌
$
132,719‌
$
1,509‌
Total
$
1,509‌
Amounts
in
thousands
except
contracts.
Glossary
to
the
Schedule
of
Investments
February
28,
2021
(unaudited)
See
accompanying
notes.
125
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
EUR
Euro
GBP
British
Pound
Sterling
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
ILS
Israeli
New
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NZD
New
Zealand
Dollar
PEN
Peruvian
Nuevo
Sol
PHP
Philippine
Peso
PLN
Polish
Zloty
RUB
Russian
Ruble
THB
Thai
Baht
TRY
Turkish
Lira
UAH
Ukrainian
Hryvnia
USD/$
United
States
Dollar
ZAR
South
African
Rand
See
accompanying
notes.
127
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
BLUE
CHIP
FUND
Class
A
shares
2021(c)
$
33
.85‌
(
$
0
.05‌
)
$
1
.42‌
$
1
.37‌
$
–‌
(
$
1
.14‌
)
(
$
1
.14‌
)
$
34
.08‌
2020
25
.56‌
(
0
.07‌
)
9
.54‌
9
.47‌
(
0
.02‌
)
(
1
.16‌
)
(
1
.18‌
)
33
.85‌
2019
24
.49‌
(
0
.01‌
)
2
.67‌
2
.66‌
–‌
(
1
.59‌
)
(
1
.59‌
)
25
.56‌
2018
19
.91‌
(
0
.07‌
)
5
.24‌
5
.17‌
–‌
(
0
.59‌
)
(
0
.59‌
)
24
.49‌
2017
16
.85‌
0
.07‌
3
.08‌
3
.15‌
–‌
(
0
.09‌
)
(
0
.09‌
)
19
.91‌
2016
15
.52‌
(
0
.04‌
)
1
.69‌
1
.65‌
(
0
.01‌
)
(
0
.31‌
)
(
0
.32‌
)
16
.85‌
Class
C
shares
2021(c)
32
.01‌
(
0
.17‌
)
1
.35‌
1
.18‌
–‌
(
1
.14‌
)
(
1
.14‌
)
32
.05‌
2020
24
.39‌
(
0
.26‌
)
9
.03‌
8
.77‌
–‌
(
1
.15‌
)
(
1
.15‌
)
32
.01‌
2019
23
.62‌
(
0
.18‌
)
2
.54‌
2
.36‌
–‌
(
1
.59‌
)
(
1
.59‌
)
24
.39‌
2018
19
.37‌
(
0
.23‌
)
5
.07‌
4
.84‌
–‌
(
0
.59‌
)
(
0
.59‌
)
23
.62‌
2017
16
.52‌
(
0
.07‌
)
3
.01‌
2
.94‌
–‌
(
0
.09‌
)
(
0
.09‌
)
19
.37‌
2016
15
.33‌
(
0
.16‌
)
1
.66‌
1
.50‌
–‌
(
0
.31‌
)
(
0
.31‌
)
16
.52‌
DIVERSIFIED
REAL
ASSET
FUND
Class
A
shares
2021(c)
11
.13‌
0
.07‌
1
.14‌
1
.21‌
(
0
.02‌
)
–‌
(
0
.02‌
)
12
.32‌
2020
11
.23‌
0
.17‌
(
0
.06‌
)
0
.11‌
(
0
.21‌
)
–‌
(
0
.21‌
)
11
.13‌
2019
11
.70‌
0
.26‌
(
0
.42‌
)
(
0
.16‌
)
(
0
.31‌
)
–‌
(
0
.31‌
)
11
.23‌
2018
11
.53‌
0
.24‌
0
.15‌
0
.39‌
(
0
.22‌
)
–‌
(
0
.22‌
)
11
.70‌
2017
11
.07‌
0
.17‌
0
.55‌
0
.72‌
(
0
.26‌
)
–‌
(
0
.26‌
)
11
.53‌
2016
11
.22‌
0
.17‌
(
0
.27‌
)
(
0
.10‌
)
(
0
.05‌
)
–‌
(
0
.05‌
)
11
.07‌
See
accompanying
notes.
128
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return(b)
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
4
.17‌
%
(d)
$
705,835‌
0
.90‌
%
(e)
,(f)
(
0
.33‌
)
%
(e)
32
.9‌
%
(e)
38
.51‌
646,386‌
0
.93‌
(f)
(
0
.25‌
)
30
.0‌
12
.75‌
302,904‌
1
.00‌
(f)
(
0
.06‌
)
15
.9‌
26
.45‌
164,310‌
1
.09‌
(f)
(
0
.30‌
)
34
.0‌
18
.81‌
71,738‌
1
.15‌
(f)
0
.41‌
27
.1‌
10
.77‌
36,575‌
1
.28‌
(f)
(
0
.26‌
)
36
.4‌
3
.81‌
(d)
342,279‌
1
.64‌
(e)
,(f)
(
1
.07‌
)
(e)
32
.9‌
(e)
37
.43‌
322,210‌
1
.66‌
(f)
(
0
.99‌
)
30
.0‌
11
.91‌
156,734‌
1
.73‌
(f)
(
0
.80‌
)
15
.9‌
25
.47‌
91,660‌
1
.84‌
(f)
(
1
.05‌
)
34
.0‌
17
.91‌
40,344‌
1
.94‌
(f)
(
0
.41‌
)
27
.1‌
9
.93‌
21,705‌
2
.08‌
(f)
(
1
.06‌
)
36
.4‌
10
.90‌
(d)
63,111‌
1
.20‌
(e)
,(f)
1
.20‌
(e)
78
.9‌
(e)
0
.89‌
43,485‌
1
.19‌
(f)
1
.57‌
85
.4‌
(
1
.11‌
)
54,880‌
1
.22‌
(f)
2
.35‌
71
.5‌
3
.36‌
107,180‌
1
.22‌
(f)
2
.05‌
84
.1‌
6
.63‌
118,212‌
1
.25‌
(f)
1
.58‌
65
.1‌
(
0
.85‌
)
210,864‌
1
.25‌
(f)
1
.59‌
77
.6‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(c)
Six
months
ended
February
28,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
129
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Tax
Return
of
Capital
Distribution
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
EDGE
MIDCAP
FUND
Class
A
shares
2021(c)
$
14.76‌
$
0.03‌
$
2.24‌
$
2.27‌
(
$
0.05‌)
(
$
0.73‌)
$
–‌
(
$
0.78‌)
$
16.25‌
2020
14.39‌
0.06‌
0.92‌
0.98‌
(
0.11‌)
(
0.50‌)
–‌
(
0.61‌)
14.76‌
2019(h)
11.98‌
0.06‌
2.35‌
2.41‌
–‌
–‌
–‌
–‌
14.39‌
GLOBAL
MULTI-STRATEGY
FUND
Class
A
shares
2021(c)
10.95‌
0.04‌
0.42‌
0.46‌
(
0.14‌)
–‌
–‌
(
0.14‌)
11.27‌
2020
10.64‌
0.18‌
0.13‌
0.31‌
–‌
–‌
–‌
–‌
10.95‌
2019
11.09‌
0.18‌
(
0.02‌)
0.16‌
(
0.11‌)
(
0.47‌)
(
0.03‌)
(
0.61‌)
10.64‌
2018
11.28‌
0.11‌
(
0.01‌)
0.10‌
(
0.05‌)
(
0.24‌)
–‌
(
0.29‌)
11.09‌
2017
10.77‌
0.08‌
0.43‌
0.51‌
–‌
–‌
–‌
–‌
11.28‌
2016
10.91‌
0.01‌
0.14‌
0.15‌
(
0.06‌)
(
0.23‌)
–‌
(
0.29‌)
10.77‌
See
accompanying
notes.
130
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return(b)
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Expenses
to
Average
Net
Assets
(Excluding
Dividends
and
Interest
Expense
on
Short
Sales,
Short
Sale
Fees
and
Reverse
Repurchase
Agreement
Expense)
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
15.47‌
%
(d),(e)
$
16,400‌
1.10‌
%
(f),(g)
N/A‌
0.32‌
%
(f)
14.9‌
%
(f)
6.54‌
(e)
12,547‌
1.10‌
(g)
N/A‌
0.46‌
27.9‌
20.20‌
(d),(e)
5,587‌
1.10‌
(f),(g)
N/A‌
0.59‌
(f)
19.8‌
(f)
4.09‌
(d)
41,866‌
2.72‌
%
(f),(g),(i)
2.12‌
(f),(g),(i),(j)
0.71‌
(f)
330.4‌
(f)
3.01‌
(e)
27,072‌
3.68‌
(g),(i)
2.11‌
(g),(i),(j)
1.68‌
439.7‌
1.82‌
41,100‌
3.37‌
(g),(i)
2.02‌
(g),(i),(j)
1.72‌
387.8‌
0.90‌
63,860‌
2.48‌
(g)
1.95‌
(g),(j)
1.02‌
378.0‌
4.74‌
112,799‌
2.50‌
(g)
1.92‌
(g),(j)
0.72‌
317.6‌
1.41‌
145,370‌
2.41‌
(g)
1.94‌
(g),(j)
0.11‌
233.9‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(c)
Six
months
ended
February
28,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
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.
(f)
Computed
on
an
annualized
basis.
(g)
Reflects
Manager's
contractual
expense
limit.
(h)
Period
from
December
31,
2018,
date
operations
commenced,
through
August
31,
2019.
(i)
Includes
0.01%
of
expenses
associated
with
fund
investments.
The
expense
is
not
subject
to
the
Manager's
contractual
expense
limit.
(j)
Excludes
dividends
and
interest
expense
on
short
sales
and
short
sale
fees
and
reverse
repurchase
agreement
expense.
See
"Operating
Policies"
in
notes
to
financial
statements.
See
accompanying
notes.
131
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
OPPORTUNISTIC
MUNICIPAL
FUND
Class
A
shares
2021(c)
$
10
.96‌
$
0
.19‌
$
0
.25‌
$
0
.44‌
(
$
0
.19‌
)
(
$
0
.19‌
)
$
11
.21‌
2020
11
.26‌
0
.36‌
(
0
.30‌
)
0
.06‌
(
0
.36‌
)
(
0
.36‌
)
10
.96‌
2019
10
.60‌
0
.43‌
0
.64‌
1
.07‌
(
0
.41‌
)
(
0
.41‌
)
11
.26‌
2018
10
.65‌
0
.42‌
(
0
.07‌
)
0
.35‌
(
0
.40‌
)
(
0
.40‌
)
10
.60‌
2017
11
.03‌
0
.40‌
(
0
.40‌
)
–‌
(
0
.38‌
)
(
0
.38‌
)
10
.65‌
2016
10
.20‌
0
.38‌
0
.82‌
1
.20‌
(
0
.37‌
)
(
0
.37‌
)
11
.03‌
See
accompanying
notes.
132
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return(b)
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Expenses
to
Average
Net
Assets
(Excluding
Interest
Expense
and
Fees)
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
4
.02‌
%
(d)
$
51,590‌
0
.89‌
%
(e)
,(f)
0
.84‌
%
(e)
,(f)
,(g)
3
.44‌
%
(e)
52
.9‌
%
(e)
0
.62‌
50,459‌
0
.91‌
(f)
0
.84‌
(f)
,(g)
3
.35‌
76
.6‌
10
.36‌
53,756‌
0
.98‌
(f)
0
.86‌
(f)
,(g)
4
.01‌
66
.1‌
3
.37‌
46,667‌
1
.00‌
(f)
0
.90‌
(f)
,(g)
3
.94‌
76
.0‌
0
.13‌
40,758‌
0
.95‌
(f)
0
.89‌
(f)
,(g)
3
.83‌
67
.9‌
11
.94‌
49,208‌
0
.95‌
(f)
0
.90‌
(f)
,(g)
3
.52‌
53
.5‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(c)
Six
months
ended
February
28,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Excludes
interest
expense
and
fees
paid
through
inverse
floater
agreements.
See
"Operating
Policies"
in
notes
to
financial
statements.
See
accompanying
notes.
133
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
ORIGIN
EMERGING
MARKETS
FUND
Class
A
shares
2021(c)
$
12
.36‌
(
$
0
.03‌
)
$
2
.35‌
$
2
.32‌
(
$
0
.05‌
)
$
–‌
(
$
0
.05‌
)
$
14
.63‌
2020
10
.63‌
0
.11‌
1
.77‌
1
.88‌
(
0
.15‌
)
–‌
(
0
.15‌
)
12
.36‌
2019
11
.28‌
0
.11‌
(
0
.68‌
)
(
0
.57‌
)
(
0
.08‌
)
–‌
(
0
.08‌
)
10
.63‌
2018
11
.74‌
0
.12‌
(
0
.52‌
)
(
0
.40‌
)
(
0
.06‌
)
–‌
(
0
.06‌
)
11
.28‌
2017
9
.07‌
0
.18‌
2
.52‌
2
.70‌
(
0
.03‌
)
–‌
(
0
.03‌
)
11
.74‌
2016
8
.55‌
0
.04‌
0
.56‌
0
.60‌
(
0
.08‌
)
–‌
(
0
.08‌
)
9
.07‌
SMALL-MIDCAP
DIVIDEND
INCOME
FUND
Class
A
shares
2021(c)
11
.91‌
0
.09‌
3
.31‌
3
.40‌
(
0
.10‌
)
–‌
(
0
.10‌
)
15
.21‌
2020
13
.96‌
0
.16‌
(
1
.88‌
)
(
1
.72‌
)
(
0
.23‌
)
(
0
.10‌
)
(
0
.33‌
)
11
.91‌
2019
17
.84‌
0
.28‌
(
1
.92‌
)
(
1
.64‌
)
(
0
.35‌
)
(
1
.89‌
)
(
2
.24‌
)
13
.96‌
2018
16
.57‌
0
.34‌
1
.92‌
2
.26‌
(
0
.21‌
)
(
0
.78‌
)
(
0
.99‌
)
17
.84‌
2017
14
.95‌
0
.35‌
1
.60‌
1
.95‌
(
0
.33‌
)
–‌
(
0
.33‌
)
16
.57‌
2016
12
.73‌
0
.34‌
2
.44‌
2
.78‌
(
0
.30‌
)
(
0
.26‌
)
(
0
.56‌
)
14
.95‌
Class
C
shares
2021(c)
11
.78‌
0
.04‌
3
.27‌
3
.31‌
(
0
.04‌
)
–‌
(
0
.04‌
)
15
.05‌
2020
13
.82‌
0
.06‌
(
1
.86‌
)
(
1
.80‌
)
(
0
.14‌
)
(
0
.10‌
)
(
0
.24‌
)
11
.78‌
2019
17
.68‌
0
.17‌
(
1
.90‌
)
(
1
.73‌
)
(
0
.24‌
)
(
1
.89‌
)
(
2
.13‌
)
13
.82‌
2018
16
.43‌
0
.21‌
1
.90‌
2
.11‌
(
0
.08‌
)
(
0
.78‌
)
(
0
.86‌
)
17
.68‌
2017
14
.84‌
0
.23‌
1
.60‌
1
.83‌
(
0
.24‌
)
–‌
(
0
.24‌
)
16
.43‌
2016
12
.65‌
0
.24‌
2
.41‌
2
.65‌
(
0
.20‌
)
(
0
.26‌
)
(
0
.46‌
)
14
.84‌
See
accompanying
notes.
134
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return(b)
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
18
.77‌
%
(d)
$
8,487‌
1
.60‌
%
(e)
,(f)
(
0
.50‌
)
%
(e)
80
.3‌
%
(e)
17
.73‌
4,003‌
1
.60‌
(f)
0
.96‌
72
.9‌
(
4
.94‌
)
2,455‌
1
.66‌
(f)
1
.08‌
59
.4‌
(
3
.49‌
)
4,384‌
1
.75‌
(f)
0
.97‌
52
.3‌
29
.91‌
3,003‌
1
.75‌
(f)
1
.83‌
66
.3‌
7
.03‌
401‌
1
.75‌
(f)
0
.47‌
69
.0‌
28
.66‌
(d)
123,571‌
1
.12‌
(e)
,(f)
1
.30‌
(e)
35
.7‌
(e)
(
12
.55‌
)
103,382‌
1
.12‌
(f)
1
.20‌
28
.9‌
(
7
.83‌
)
147,402‌
1
.13‌
(f)
1
.91‌
21
.9‌
13
.93‌
214,620‌
1
.13‌
(f)
1
.98‌
31
.5‌
13
.17‌
232,872‌
1
.17‌
2
.15‌
25
.5‌
22
.61‌
207,431‌
1
.17‌
2
.56‌
25
.8‌
28
.18‌
(d)
75,424‌
1
.87‌
(e)
,(f)
0
.56‌
(e)
35
.7‌
(e)
(
13
.25‌
)
71,660‌
1
.87‌
(f)
0
.45‌
28
.9‌
(
8
.50‌
)
118,135‌
1
.88‌
(f)
1
.16‌
21
.9‌
13
.08‌
170,893‌
1
.88‌
(f)
1
.23‌
31
.5‌
12
.37‌
178,599‌
1
.92‌
(f)
1
.41‌
25
.5‌
21
.57‌
165,335‌
1
.94‌
(f)
1
.79‌
25
.8‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(c)
Six
months
ended
February
28,
2021.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
135
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
SPECTRUM
PREFERRED
AND
CAPITAL
SECURITIES
INCOME
FUND
Class
A
shares
2021(c)
$
10
.32‌
$
0
.19‌
$
0
.16‌
$
0
.35‌
(
$
0
.22‌
)
$
–‌
(
$
0
.22‌
)
$
10
.45‌
2020
10
.30‌
0
.42‌
0
.05‌
0
.47‌
(
0
.45‌
)
–‌
(
0
.45‌
)
10
.32‌
2019
10
.06‌
0
.49‌
0
.26‌
0
.75‌
(
0
.51‌
)
–‌
(
0
.51‌
)
10
.30‌
2018
10
.53‌
0
.50‌
(
0
.46‌
)
0
.04‌
(
0
.49‌
)
(
0
.02‌
)
(
0
.51‌
)
10
.06‌
2017
10
.36‌
0
.49‌
0
.24‌
0
.73‌
(
0
.47‌
)
(
0
.09‌
)
(
0
.56‌
)
10
.53‌
2016
10
.24‌
0
.49‌
0
.19‌
0
.68‌
(
0
.47‌
)
(
0
.09‌
)
(
0
.56‌
)
10
.36‌
Class
C
shares
2021(c)
10
.31‌
0
.15‌
0
.17‌
0
.32‌
(
0
.18‌
)
–‌
(
0
.18‌
)
10
.45‌
2020
10
.29‌
0
.35‌
0
.04‌
0
.39‌
(
0
.37‌
)
–‌
(
0
.37‌
)
10
.31‌
2019
10
.05‌
0
.42‌
0
.25‌
0
.67‌
(
0
.43‌
)
–‌
(
0
.43‌
)
10
.29‌
2018
10
.52‌
0
.42‌
(
0
.46‌
)
(
0
.04‌
)
(
0
.41‌
)
(
0
.02‌
)
(
0
.43‌
)
10
.05‌
2017
10
.35‌
0
.42‌
0
.23‌
0
.65‌
(
0
.39‌
)
(
0
.09‌
)
(
0
.48‌
)
10
.52‌
2016
10
.23‌
0
.42‌
0
.19‌
0
.61‌
(
0
.40‌
)
(
0
.09‌
)
(
0
.49‌
)
10
.35‌
See
accompanying
notes.
136
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return(b)
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
3
.44‌
%
(d)
$
871,237‌
1
.03‌
%
(e)
3
.76‌
%
(e)
17
.5‌
%
(e)
4
.77‌
844,525‌
1
.05‌
4
.18‌
18
.1‌
7
.80‌
732,421‌
1
.06‌
4
.96‌
19
.8‌
0
.32‌
655,225‌
1
.06‌
4
.83‌
12
.3‌
7
.31‌
732,471‌
1
.06‌
4
.81‌
16
.1‌
6
.89‌
883,381‌
1
.07‌
4
.83‌
13
.9‌
3
.04‌
(d)
,(f)
338,306‌
1
.81‌
(e)
2
.98‌
(e)
17
.5‌
(e)
3
.95‌
365,817‌
1
.81‌
3
.44‌
18
.1‌
6
.97‌
469,674‌
1
.81‌
4
.21‌
19
.8‌
(
0
.44‌
)
631,599‌
1
.81‌
4
.08‌
12
.3‌
6
.53‌
751,561‌
1
.81‌
4
.07‌
16
.1‌
6
.11‌
859,055‌
1
.81‌
4
.09‌
13
.9‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(c)
Six
months
ended
February
28,
2021.
(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.
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
137
As
a
shareholder
of
Principal
Funds,
Inc.,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
on
purchase
payments
and
contingent
deferred
sales
charges;
and
(2)
ongoing
costs,
including
management
fees;
distribution
fees;
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.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(
September
1,
2020
to
February
28,
2021
),
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.
Class
A
and
Class
C
shares
may
be
purchased
through
retirement
plans.
Such
plans
my
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
Beginning
Account
Value
September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During Period
September
1,
2020 to
February
28,
2021
(a)
Beginning
Account
Value
September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During Period
September
1,
2020 to
February
28,
2021
(a)
Annualized
Expense
Ratio
Blue
Chip
Fund
Class
A
$
1,000.00
$
1,041.67
$
4.56
$
1,000.00
$
1,020.33
$
4.51
0.90
%
Class
C
1,000.00
1,038.07
8.29
1,000.00
1,016.66
8.20
1.64
Diversified
Real
Asset
Fund
Class
A
1,000.00
1,108.96
6.27
1,000.00
1,018.84
6.01
1.20
Edge
MidCap
Fund
Class
A
1,000.00
1,154.73
5.88
1,000.00
1,019.34
5.51
1.10
Global
Multi-Strategy
Fund
Class
A
1,000.00
1,040.88
13.76
1,000.00
1,011.31
13.56
2.72
Global
Multi-Strategy
Fund
(Excluding
Dividend
and
Interest
Expense
on
Shorts)
Class
A
 1,000.00
 1,040.90
 10.73
1,000.00
 1,014.15
 10.64
2.12 
Opportunistic
Municipal
Fund
Class
A
1,000.00
1,040.23
4.50
1,000.00
1,020.38
4.46
0.89
Opportunistic
Municipal
Fund
(Excluding
Interest
Expense
and
Fees)
Class
A
 1,000.00
 1,040.20
 4.25
1,000.00
 1,020.58
 4.22
0.84 
Origin
Emerging
Markets
Fund
Class
A
1,000.00
1,187.65
8.68
1,000.00
1,016.86
8.00
1.60
Small-MidCap
Dividend
Income
Fund
Class
A
1,000.00
1,286.63
6.35
1,000.00
1,019.24
5.61
1.12
Class
C
1,000.00
1,281.82
10.58
1,000.00
1,015.52
9.35
1.87
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
138
(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).
Actual
Hypothetical
Beginning
Account
Value
September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During Period
September
1,
2020 to
February
28,
2021
(a)
Beginning
Account
Value
September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During Period
September
1,
2020 to
February
28,
2021
(a)
Annualized
Expense
Ratio
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Class
A
$
1,000.00
$
1,034.40
$
5.20
$
1,000.00
$
1,019.69
$
5.16
1.03
%
Class
C
1,000.00
1,030.39
9.11
1,000.00
1,015.82
9.05
1.81
Principal
Funds,
Inc.
(unaudited)
139
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
month
of
December
2020
for
which
a
portion
is
estimated
to
be
in
excess
of
the
fund’s
current
and
accumulated
net
income.
As
of
December
2020,
the
estimated
sources
of
these
distributions
were
as
follows:
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.
December
2020
Fund
Net
Income
Realized
Gain
Capital
Sources
Global
Multi-Strategy
Fund
25.58%
0.00%
74.42%
Origin
Emerging
Markets
Fund
52.67
0.00
47.33
140
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.,
Principal
Exchange-Traded
Funds,
and
Principal
Diversified
Select
Real
Asset
Fund
which
are
also
sponsored
by
Principal
Life
Insurance
Company.
Each
director
generally
holds
office
for
an
indefinite
term
until
the
director
reaches
age
72
(unless
such
mandatory
retirement
age
is
waived
by
the
Board).
Directors
considered
to
be
“interested
persons”
as
defined
in
the
Investment
Company
Act
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.
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Elizabeth
Ballantine
Director
since
2004
Chair,
Nominating
and
Governance
Committee
1948
Principal,
EBA
Associates
123
Durango
Herald,
Inc.;
McClatchy
Newspapers,
Inc.
Leroy
T.
Barnes,
Jr.
Director
since
2012
Member,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1951
Retired
123
McClatchy
Newspapers,
Inc.;
Frontier
Communications,
Inc.;
formerly,
Herbalife
Ltd.
Craig
Damos
Lead
Independent
Director
since
2020
Director
since
2008
Member,
Nominating
and
Governance
Committee
Member,
Executive
Committee
1954
President,
C.P.
Damos
Consulting
LLC
123
None
Fritz
S.
Hirsch
Director
since
2005
Member,
Operations
Committee
Chair,
15(c)
Committee
1951
Interim
CEO,
MAM
USA
February
2020
to
October
2020
123
MAM
USA
Victor
Hymes
Director
since
2020
Member,
Audit
Committee
1957
Founder
and
Managing
Member
of
Legato
Capital
Management,
LLC
123
Formerly,
Montgomery
Street
Income
Securities
Inc.
John
D.
Kenney
Director
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1965
Formerly,
Legg
Mason
Global
Asset
Management
123
Formerly:
Legg
Mason
Investment
Management
Affiliates:
Brandywine
Global;
Clarion
Partners;
ClearBridge
Investments;
Entrust
Global;
Legg
Mason
Poland;
Martin
Currie
Investment
Management;
Permal
Group
(merged
into
Entrust);
QS
Investors;
RARE
Infrastructure;
Royce
and
Associates;
and
Western
Asset
Management
Padelford
L.
Lattimer
Director
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1961
TBA
Management
Consulting
LLC
123
None
Karen
(“Karrie”)
McMillan
Director
since
2014
Chair,
Operations
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
Formerly,
Managing
Director,
Patomak
Global
Partners,
LLC
123
None
141
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.
Correspondence
intended
for
each
Director
who
is
other
than
an
Interested
Director
may
be
sent
to
655
9th
Street,
Des
Moines,
IA
50392.
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Elizabeth
A.
Nickels
Director
since
2015
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1962
Retired
123
SpartanNash;
Formerly:
Charlotte
Russe;
Follet
Corporation;
PetSmart;
Spectrum
Health
Systems
Mary
M.
(“Meg”)
VanDeWeghe
Director
since
2018
Member,
Audit
Committee
Member,
15(c)
Committee
1959
CEO
and
President,
Forte
Consulting,
Inc.
123
Helmerich
&
Payne;
Formerly:
B/E
Aerospace;
Brown
Advisory;
Denbury
Resources
Inc.;
Nalco
(and
its
successor
Ecolab);
and
WP
Carey
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Timothy
M.
Dunbar
Chair
and
Director
since
2019
Chair,
Executive
Committee
1957
President-Principal
Global
Asset
Management
(“PGAM”),
Principal
Global
Investors,
LLC
(“PGI”)
since
2018
Director,
PGI
(2018-2020)
Division
President,
Principal
Financial
Services,
Inc.
(“PFSI)
and
Principal
Life
Insurance
Company
(“PLIC”)
(2020–2021)
Executive
Vice
President
and
Chief
Investment
Officer,
PFSI
and
PLIC
(2014-2018)
Director,
Post
Advisory
Group,
LLC
(“Post”)
(2018-
2020)
Chair
and
Executive
Vice
President,
RobustWealth,
Inc.,
(2018-2020)
123
None
Patrick
G.
Halter
Member,
Executive
Committee
Director
since
2017
1959
Chair,
PGI
since
2018
Chief
Executive
Officer
and
President,
PGI
since
2018
Chief
Operating
Officer,
PGI
(2017-2018)
Senior
Executive
Director
–
Real
Estate,
PGI
and
PFSI
(2014-2016)
Director,
PGI
(2003-2018)
Chair,
CCIP,
LLC
(“CCIP”)
since
2017
Director,
Origin
Asset
Management
LLP
(2018-
2019)
President,
PGAM,
PFSI,
and
PLIC
since
2020
Director,
Post
since
2017
Chair,
Principal
Real
Estate
Investors,
LLC
(“PREI”)
since
2004
President
and
Chief
Executive
Officer,
PGI,
PREI
since
2018
Chief
Executive
Officer,
PREI
(2005-2018)
Chair,
Spectrum
Asset
Management,
Inc.
(“Spectrum”)
since
2017
123
None
142
The
following
table
presents
officers
of
the
Funds.
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Kamal
Bhatia
President
and
Chief
Executive
Officer
Des
Moines,
IA
50392
1972
Director,
PGI
since
2019
President-Principal
Funds,
PGI
since
2019
Principal
Executive
Officer,
OPC
Private
Capital
(2017-2019)
Senior
Vice
President,
OppenheimerFunds
(2011-
2019)
Director,
Principal
Financial
Advisors,
Inc.
(“PFA”)
since
2020
Director,
Principal
Funds
Distributor,
Inc.
(“PFD”)
since
2019
Senior
Executive
Director
and
Chief
Operating
Officer,
PFSI
and
PLIC
since
2020
President,
PFSI
and
PLIC
(2019-2020)
Director,
Post
since
2020
Director,
PREI
since
2020
Chair
and
Executive
Vice
President,
(Principal
Shareholder
Services,
Inc.
(“PSS’)
since
2019
Randy
D.
Bolin
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1961
Vice
President
and
Associate
General
Counsel,
PGI
since
2016
Assistant
General
Counsel,
PGI
(2007–2016)
Vice
President
and
Associate
General
Counsel,
PFSI
since
2013
Vice
President
and
Associate
General
Counsel,
PLIC
since
2013
Tracy
W.
Bollin
Chief
Financial
Officer
Des
Moines,
IA
50392
1970
Managing
Director,
PGI
since
2016
Senior
Vice
President,
PFD
since
2016
Senior
Vice
President
and
Chief
Financial
Officer,
PFD
(2015-2016)
Chief
Operating
Officer
and
Senior
Vice
President,
Principal
Management
Corporation,
now
PGI
(“PMC”)
(2015-2017)
Director,
PMC
(2014–2017)
Director,
PSS
since
2014
President,
PSS
since
2015
Gina
L.
Graham
Treasurer
Des
Moines,
IA
50392
1965
Vice
President
and
Treasurer,
PGI
since
2016
Vice
President
and
Treasurer,
CCIP
since
2020
Vice
President
and
Treasurer,
PFA
since
2016
Vice
President
and
Treasurer,
PFD
since
2016
Vice
President
and
Treasurer,
PFSI
since
2016
Vice
President
and
Chief
Financial
Officer
–
Principal
International,
PFSI
(2010-2016)
Vice
President
and
Treasurer,
PLIC
since
2016
Vice
President
and
Chief
Financial
Officer
–
Principal
International,
PLIC
(2010-2016)
Vice
President
and
Treasurer,
PMC
(2016-2017)
Vice
President
and
Treasurer,
PREI
since
2017
Vice
President
and
Treasurer,
Principal
Securities,
Inc.
(“PSI”)
since
2016
Vice
President
and
Treasurer,
PSS
since
2016
Vice
President
and
Treasurer,
RobustWealth,
Inc.
since
2018
Laura
B.
Latham
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1986
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2018
Prior
thereto,
Attorney
in
Private
Practice
Diane
K.
Nelson
AML
Officer
Des
Moines,
IA
50392
1965
Chief
Compliance
Officer/AML
Officer,
PSS
since
2015
Sara
L.
Reece
Vice
President
and
Controller
Des
Moines,
IA
50392
1975
Director
-
Accounting,
PLIC
since
2015
143
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Teri
R.
Root
Chief
Compliance
Officer
Des
Moines,
IA
50392
1979
Chief
Compliance
Officer
–
Funds,
PGI
since
2018
Interim
Chief
Compliance
Officer
(2018)
Deputy
Chief
Compliance
Officer,
PGI
(2015-2018)
Vice
President
and
Chief
Compliance
Officer,
PMC
(2015–2017)
Vice
President,
PSS
since
2015
Britney
L.
Schnathorst
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1981
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2013
Adam
U.
Shaikh
Assistant
Counsel
Des
Moines,
IA
50392
1972
Assistant
General
Counsel,
PGI
since
2018
Counsel,
PGI
(2017-2018)
Counsel,
PLIC
since
2006
Counsel,
PMC
(2007-2017)
John
L.
Sullivan
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1970
Counsel,
PGI
since
2020
Counsel,
PLIC
since
2019
Prior
thereto,
Attorney
in
Private
Practice
Dan
L.
Westholm
Assistant
Treasurer
Des
Moines,
IA
50392
1966
Assistant
Vice
President
and
Treasurer,
PGI
since
2017
Assistant
Vice
President-Treasury,
PFA
since
2013
Assistant
Vice
President-Treasury,
PFD
since
2013
Assistant
Vice
President-Treasury,
PLIC
since
2014
Assistant
Vice
President-Treasury,
PMC
(2013-
2017)
Assistant
Vice
President-Treasury,
PSI
since
2013
Assistant
Vice
President-Treasury,
PSS
since
2013
Beth
C.
Wilson
Vice
President
and
Secretary
Des
Moines,
IA
50392
1956
Director
and
Secretary
–
Funds,
PLIC
since
2007
Clint
L.
Woods
Vice
President,
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1961
Of
Counsel
(2017-2018)
Vice
President
(2016-2017)
Counsel
(2015-2017)
Vice
President,
Associate
General
Counsel
and
Secretary,
PGI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary,
PGI
(2018-2020)
Vice
President,
Associate
General
Counsel
and
Secretary,
CCIP
since
2020
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PFA
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PFD
since
2019
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PLIC
since
2015
Secretary,
Post
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Secretary,
PREI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PREI
(2020)
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PSI
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PSS
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary,
RobustWealth,
Inc.
since
2019
Secretary,
Spectrum
since
2020
144
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.
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
December
31,
2020
and
as
supplemented,
and
the
Statement
of
Additional
Information
dated
December
31,
2020
and
as
supplemented.
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.
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Jared
A.
Yepsen
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Counsel,
PGI
(2017-2019)
Counsel,
PLIC
since
2015
145
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
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
reports
are available
on the
Commission’s
website
at
www.
sec.gov and
www.PrincipalFunds.com.
146
BOARD
CONSIDERATION
OF
INVESTMENT
ADVISORY
CONTRACTS
During
the
period
covered
by
this
report,
the
Board
of
Directors
of
Principal
Funds,
Inc.
(“PFI”)
approved
the
annual
review
and
renewal
of
the
Management
Agreement
and
various
sub-advisory
agreements
for
all
Funds.
Annual
Review
and
Renewal
of
Management
Agreement
and
Sub-Advisory
Agreements
At
its
September
15,
2020
meeting,
the
Board
performed
its
annual
review
and
renewal
process
relating
to
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
all
Funds.
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
the
Board,
including
a
majority
of
the
Directors
who
have
no
direct
or
indirect
interest
in
the
investment
advisory
agreements
and
who
are
not
“interested
persons”
of
PFI,
as
defined
in
the
1940
Act
(the
“Board”),
annually
to
review
and
to
consider
the
continuation
of:
(1)
the
Management
Agreement
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
PFI,
on
behalf
of
each
of
the
thirteen
(13)
series
of
PFI
(each
series
is
referred
to
as
a
“Fund”)
(2)
the
Sub-Advisory
Agreements
between
the
Manager
and
each
of
BlackRock
Financial
Management,
Inc.;
BlackRock
International
Limited;
ClearBridge
RARE
Infrastructure
(North
America)
Pty
Limited;
Credit
Suisse
Asset
Management,
LLC;
Delaware
Investments
Fund
Advisers;
Gotham
Asset
Management,
LLC;
Graham
Capital
Management,
L.P.;
KLS
Diversified
Asset
Management
LP;
Loomis,
Sayles
&
Company,
L.P.;
Los
Angeles
Capital
Management
and
Equity
Research,
Inc.;
Mellon
Investments
Corporation;
Nuveen
Asset
Management
LLC;
Origin
Asset
Management
LLP;
Pictet
Asset
Management
SA;
Principal
Real
Estate
Investors,
LLC;
Sound
Point
Capital
Management,
LP;
Spectrum
Asset
Management,
Inc.;
Wellington
Management
Company
LLP;
and
York
Registered
Holdings,
L.P.
(collectively,
the
“Sub-Advisors”).
The
Management
Agreement
and
the
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements.”
The
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
continuation
of
the
Advisory
Agreements.
In
evaluating
the
Advisory
Agreements,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose,
including,
among
other
information,
information
regarding
performance,
advisory
fees,
total
expenses,
profitability
from
the
Advisory
Agreements
to
the
Manager
and
information
about
economies
of
scale.
The
Board
reviewed
the
materials
provided
and
concluded
that
it
was
provided
all
information
reasonably
necessary
to
evaluate
the
Advisory
Agreements.
Management
Agreement
The
Board
considered,
among
other
factors,
that
the
Manager,
that
the
Manager
and
its
affiliates
have
demonstrated
a
long-term
commitment
to
support
the
Funds,
including
undertakings
to
cap
Fund
expenses
and/or
waive
management
fees
for
certain
Funds.
The
Board
concluded
that
a
relationship
with
a
capable
and
conscientious
investment
adviser
is
in
the
best
interests
of
each
Fund.
In
addition,
the
Board
considered
various
factors,
including
the
following
factors
for
each
of
the
Funds.
Nature,
Extent
and
Quality
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
the
Management
Agreement,
including
accounting
and
administrative
services,
as
applicable.
The
Board
considered
the
experience
and
skills
of
senior
management
leading
Fund
operations,
the
experience
and
skills
of
the
personnel
performing
the
functions
under
the
Management
Agreement
and
the
resources
made
available
to
such
personnel,
the
ability
of
the
Manager
to
attract
and
retain
high-quality
personnel
and
the
organizational
depth
and
stability
of
the
Manager.
The
Board
concluded
that
appropriate
resources
were
provided
under
the
Management
Agreement.
The
Board
also
considered
that
for
certain
Funds,
during
the
periods
reviewed,
the
Manager
had
delegated
day-to-day
portfolio
management
responsibility
to
the
Sub-Advisors.
The
Board
noted
that
the
Manager’s
process
for
the
selection
of
sub-advisors
emphasizes
the
selection
of
Principal-affiliated
sub-advisors
that
are
determined
to
be
qualified
under
the
Manager’s
due
diligence
process,
but
that
the
Manager
will
select
an
unaffiliated
sub-advisor
to
manage
all
or
a
portion
of
a
Fund’s
investment
portfolio
when
deemed
necessary
or
appropriate
based
upon
a
consideration
of
the
Fund’s
investment
mandate
and
available
expertise
and
resources
within
the
Principal
organization.
With
respect
to
Funds
with
unaffiliated
sub-
advisors,
the
Board
considered
the
due
diligence
process
developed
by
the
Manager
for
purposes
of
selecting
a
qualified
unaffiliated
sub-advisor
for
a
Fund.
The
Board
considered
the
Manager’s
due
diligence
process
for
monitoring
and
replacing
Sub-
Advisors
and
for
monitoring
the
investment
performance
of
the
Manager.
The
Board
also
considered
the
compliance
program
established
by
the
Manager
for
the
Funds,
the
quality
of
that
program
and
the
Funds’
compliance
history.
The
Board
noted
that
they
had
previously
reviewed
information
regarding
the
cost
and
quality
of
Fund
portfolio
transactions,
including
best
execution
and
soft
dollar
reports
and
information
regarding
the
research
payment
accounts
for
applicable
Funds,
and
included
this
information
in
their
consideration
of
the
renewal
of
the
Advisory
Agreements.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Manager
to
the
Funds
under
the
Management
Agreement
were
satisfactory.
Investment
Performance
The
Board
reviewed
each
Fund’s
investment
performance
over
longer-term
periods,
reviewing
both
the
investment
return
during
the
three-
year
period
ended
March
31,
2020
and
the
blended
investment
return
(50%/50%)
of
the
three-
and
five-year
periods
ended
March
31,
2020,
and
compared
those
returns
to
various
agreed-upon
performance
measures
for
all
Funds.
For
Funds
or
Subadvisors
that
did
not
have
a
five-year
performance
history,
the
Board
reviewed
performance
for
a
three-year
period
ended
March
31,
2020,
if
available.
For
Funds
or
Subadvisors
that
did
not
have
a
three-year
performance
history,
the
Board
reviewed
performance
147
for
a
one-year
period
ended
March
31,
2020,
if
available.
The
Board
also
compared
each
Fund’s
investment
performance
over
the
one-,
three-
and
five-year
periods
ended
March
31,
2020,
as
available,
to
one
or
more
relevant
benchmark
indices.
The
Board
noted
that
certain
Funds
had
commenced
operations
recently
and,
accordingly,
no
or
limited
performance
information
was
considered.
The
Board
also
considered
whether
investment
results
were
consistent
with
a
Fund’s
investment
objective(s)
and
policies.
For
most
Funds,
the
Board
concluded
that
the
Fund’s
investment
returns
met
acceptable
levels
of
investment
performance.
There
were
certain
Funds,
and
certain
Subadvisors
for
multi-
manager
Funds,
that
had
not
attained
during
the
relevant
period(s)
a
level
of
investment
performance
considered
satisfactory
by
the
Board.
For
such
Funds,
the
Board
also
considered
other
factors,
such
as
the
longer-term
performance
of
each
such
Fund
or
Subadvisor,
remedial
efforts
being
undertaken
to
improve
performance
and/or
the
Manager’s
explanation
for
the
performance
of
such
Fund
or
Subadvisor.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds
and
all
Subadvisors,
for
which
they
receive
regular
reporting,
and
concluded
that
the
Manager
has
in
place
an
effective
due
diligence
process
to
monitor
investment
performance,
to
encourage
remedial
action
and
to
make
changes
in
the
Subadvisors
at
the
appropriate
time,
if
necessary.
Investment
Management
Fees
The
Board
considered
each
Fund’s
management
fee
rate.
For
each
Fund,
the
Board
received
certain
information
from
Broadridge.
The
Board
received
information
comparing
each
Fund’s
(1)
effective
contractual
management
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels,
(2)
effective
net
management
fee
rate
(after
any
fee
waivers)
at
average
fiscal-year
asset
levels,
(3)
actual
non-management
expense
rate
at
average
fiscal-year
asset
levels,
and
(4)
total
net
expense
ratio
(including,
as
applicable,
acquired
fund
fees
and
expenses
and
after
any
expense
caps
or
fee
waivers)
at
average
fiscal-year
asset
levels
for
Institutional
Class
shares
for
each
Fund,
except
for
the
Capital
Securities
Fund
as
described
below,
to
investment
advisory
fee
rates,
non-management
expense
rates
and
expense
ratios
of
funds
in
a
peer
group
selected
by
Broadridge
(“Expense
Group”),
and,
if
available,
a
broad-based,
industry
category
defined
by
Broadridge
(“Expense
Universe”).
For
the
Capital
Securities
Fund,
the
Board
considered
that
the
Fund
does
not
pay
a
management
fee
or
any
other
Fund-level
expenses
and
therefore
did
not
consider
comparative
fee
and
expense
information.
In
evaluating
the
effective
management
fee
rates,
the
Board
considered
a
variety
of
factors,
including
the
effective
fee
rates,
breakpoints,
comparisons
to
fee
rates
of
peer
group
funds
and
other
funds
and
non-fund
accounts
managed
by
the
Manager,
sub-advisory
fee
rates
paid,
services
provided,
investment
performance,
total
net
expense
ratios,
profitability,
the
existence
and
sharing
of
economies
of
scale,
fall-
out
benefits
and
expense
caps
and
fee
waivers.
The
Board
considered
the
impact
of
changes
in
sub-advisory
fee
rates
put
into
effect
since
September
2019.The
Board
considered
that
certain
Funds
with
similar
investment
strategies
and
policies
have
different
management
fee
schedules
and
noted
the
reasons
cited
by
the
Manager
for
the
differing
fee
rates.
For
most
Funds,
effective
net
management
fee
rates
were
within
the
third
quartile
or
better
when
compared
to
their
Expense
Group.
For
some
Funds,
although
effective
net
management
fee
rates
were
higher
than
the
third
quartile,
total
net
expense
ratios
were
within
the
third
quartile
or
better.
The
Board
also
considered
the
expense
caps
and
fee
waivers
that
would
be
in
place
with
respect
to
certain
Funds
and
share
classes.
With
regard
to
each
of
the
Spectrum
Preferred
and
Capital
Securities
Fund,
the
Board
accepted
management’s
proposal
to
amend
the
Management
Agreement
for
the
Fund
to
add
a
new
breakpoint
to
the
management
fee
schedule
and
considered
this
new
breakpoint
in
concluding
that
the
Management
Agreement,
as
amended,
should
be
renewed.
With
regard
to
the
Global
Multi-Strategy
Fund,
which
is
permitted
to
invest
in
unaffiliated
exchange-traded
funds
in
excess
of
the
limits
set
forth
in
Section
12(d)(1)
of
the
Investment
Company
Act
of
1940,
as
amended,
in
accordance
with
exemptive
orders
issued
to
such
exchange-
traded
funds
and
procedures
previously
adopted
by
the
Board,
the
Board
considered
information
provided
by
the
Manager
relating
to
the
non-duplicative
nature
of
the
Fund’s
management
fees
and
found
that
the
management
fees
charged
by
the
Manager
under
the
Management
Agreement
for
the
Fund
are
for
services
provided
in
addition
to,
and
are
not
duplicative
of,
services
provided
under
the
investment
advisory
contract(s)
of
the
exchange-traded
funds
in
which
the
Fund
may
invest.
Profitability
The
Board
reviewed
detailed
information
regarding
revenues
the
Manager
received
under
the
Management
Agreement
and
the
estimated
direct
and
indirect
costs
incurred
in
providing
to
each
Fund
the
services
described
in
the
Management
Agreement
for
the
year
ended
December
31,
2019.
The
Board
also
considered
the
returns
on
revenue
generated
in
connection
with
the
payment
of
sub-advisory
fees
to
affiliated
Sub-
Advisors
(Origin
Asset
Management
LLP,
Principal
Real
Estate
Investors
LLC
and
Spectrum
Asset
Management,
Inc.)
and
the
aggregated
return
on
revenue
to
the
Manager
and
its
affiliates
for
the
year
ended
December
31,
2019.
The
Board
concluded
that,
for
each
Fund,
the
profitability
to
the
Manager
of
the
Management
Agreement
was
reasonable.
Economies
of
Scale
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
management
of
each
Fund
and
whether
the
Funds
benefit
from
any
such
economies
of
scale.
The
Board
considered
the
Manager’s
biennial
breakpoint
study
that
was
received
by
the
Board
in
March
2020
and
the
Manager’s
representation
that
Funds
are
initially
priced
as
though
the
Fund
had
reached
scale,
reflecting
a
sharing
of
economies
of
scale.
The
Board
then
reviewed
the
levels
at
which
breakpoints
occur,
the
incremental
declines
in
management
fee
rates
at
each
breakpoint
and
the
amount
of
fee
reductions
that
had
been
provided
to
shareholders
as
a
result
of
these
breakpoints.
The
Board
considered
cost
saving
passed
along
to
the
Funds
as
a
result
of
certain
expense
caps
and
fee
waivers.
The
Board
considered
whether
the
effective
management
fee
rate
for
each
Fund
under
the
Management
Agreement
is
reasonable
in
relation
to
the
asset
size
of
such
Fund.
The
Board
also
noted
148
management’s
explanation
of
efficiencies
in
the
Manager’s
cost
structure.
The
Board
concluded
that
the
fee
schedule
for
each
Fund,
taking
into
account
the
proposed
amendments
described
above,
reflects
an
appropriate
level
of
sharing
of
any
economies
of
scale.
The
Board
noted
that
the
Capital
Securities
Fund
does
not
pay
management
fees,
although
shareholders
pay
a
separately
managed
account-
level
fee
that
covers,
among
other
things,
the
expenses
of
the
Fund’s
Sub-Advisor.
The
Board
also
noted
that
the
management
fee
schedules
for
the
Bond
Market
Index
Fund
and
the
International
Equity
Index
Fund
do
not
include
breakpoints,
but
each
such
Fund
has
a
relatively
low
management
fee
rate
(25
basis
points
or
less)
on
all
Fund
assets.
Considering
all
relevant
factors,
including
the
level
of
the
fee,
the
Board
determined
that
no
breakpoints
were
necessary
at
this
time.
Other
Benefits
to
Manager
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
the
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
The
Board
noted
that
the
Manager
uses
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services.
The
Board
concluded
that
the
incidental
benefits
received
by
the
Manager
and
its
affiliates
were
appropriate.
Sub-Advisory
Agreements
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
each
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
investment
personnel
responsible
for
the
day-to-day
management
of
each
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
also
considered
the
Sub-Advisors’
compliance
with
investment
policies
and
general
legal
compliance.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisors
to
the
sub-advised
Funds
under
the
Sub-Advisory
Agreements
are
satisfactory.
Investment
Performance
As
to
each
sub-advised
Fund,
the
Manager
had
advised
the
Board
that
the
investment
services
delivered
by
each
Sub-Advisor
to
the
Fund
were
reasonable.
Based
upon
all
relevant
factors,
the
Board
concluded
that
each
Sub-Advisor
is
qualified
and
that
either:
(1)
the
investment
performance
of
the
Sub-Advisor
met
acceptable
levels
of
investment
performance;
or
(2)
although
the
Fund
experienced
underperformance
from
the
applicable
Sub-Advisor,
based
upon
that
Fund’s
particular
circumstances
or
in
light
of
remedial
efforts
being
taken
to
improve
performance,
as
applicable,
it
was
in
the
best
interests
of
the
Fund
to
continue
to
closely
monitor
performance
and
to
renew
the
Sub-Advisory
Agreement.
In
each
case
involving
underperformance,
the
Board
concluded
that
the
Manager
was
providing
effective
monitoring.
Fees,
Economies
of
Scale
and
Profitability
For
each
sub-advised
Fund,
the
Board
considered
the
sub-advisory
fee
rates,
noting
that
the
Manager
compensates
each
Sub-Advisor
from
its
own
management
fee,
so
that
shareholders
pay
only
the
management
fee.
For
each
sub-advised
Fund,
the
Board
received
certain
information
from
Broadridge
comparing
each
such
Fund’s
sub-advisory
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels
to
sub-advisory
fee
rates
of
sub-advised
funds
in
the
Expense
Group
and,
if
available,
the
Expense
Universe.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
provided
to
each
sub-advised
Fund
and,
if
so,
whether
the
sub-advisory
fees
reflect
such
economies
of
scale
through
breakpoints
in
fee
schedules
or
whether
the
sub-advisory
fee
schedule
is
otherwise
appropriate
at
current
asset
levels.
In
addition,
in
evaluating
the
subadvisory
fee
rates
and
the
factor
of
profitability,
with
respect
to
unaffiliated
Sub-Advisors,
the
Board
considered
that
the
sub-advisory
fee
rate
was
negotiated
at
arm’s
length
between
the
Manager
and
the
Sub-Advisor.
The
Board
considered
the
profitability
of
the
affiliated
SubAdvisors
in
conjunction
with
their
review
of
the
profitability
of
the
Manager.
Other
Benefits
to
Sub-Advisors
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
each
Sub-Advisor
when
evaluating
the
sub-
advisory
fees.
The
Board
considered
as
a
part
of
this
analysis
each
Sub-Advisor’s
brokerage
practices,
soft
dollar
practices
and
use
of
research
payment
accounts.
The
Board
concluded
that
the
incidental
benefits
received
by
each
Sub-Advisor
were
appropriate.
Special
Circumstances
For
certain
Funds,
in
reaching
the
conclusion
that
the
Sub-Advisory
Agreements
should
be
renewed,
the
Board
included
within
their
considerations
certain
actions
previously
taken
by
the
Board.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
each
Advisory
Agreement,
including
the
fee
rate
payable
thereunder,
continue
to
be
fair
and
reasonable
and
that
the
continuation
of
each
Advisory
Agreement,
with
the
actions
proposed
by
the
Manager,
is
in
the
best
interests
of
each
Fund.
Principal
Funds
Distributor,
Inc.
711
High
Street
Des
Moines,
IA
50392-6370
Do
not
use
this
address
for
business
correspondence
principalfunds.com
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.
Principal,
Principal
and
symbol
design,
and
Principal
Financial
Group
are
trademarks
and
services
marks
of
Principal
Financial
Services,
Inc.,
a
member
of
the
Principal
Financial
Group
company.
©
2021
Principal
Financial
Services,
Inc.
|
FV674-11
|
02/2021
|
1517522
Principal
Capital
Securities
Fund
Class
S
Shares
Semiannual
Report
February
28,
2021
Beginning
on
January
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.
Rev.
01/2020
EE11865PFI-03
FACTS
WHAT
DOES
PRINCIPAL
FUNDS
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
•
Social
Security
number
and
income
•
Assets
and
transaction
history
•
Account
transactions
and
account
balances
When
you
are
no
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
Principal
Funds
chooses
to
share;
and
whether
you
can
limit
this
sharing.
REASONS
WE
CAN
SHARE
YOUR
PERSONAL
INFORMATION
DOES
PRINCIPAL
FUNDS
SHARE?
CAN
YOU
LIMIT
THIS
SHARING?
For
our
everyday
business
purposes
—such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—to
offer
our
products
and
services
to
you
Yes
No
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
affiliates’
everyday
business
purposes
—
information
about
your
transactions
and
experiences
Yes
No
For
our
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
No
We
don’t
share
For
nonaffiliates
to
market
to
you
No
We
don’t
share
Questions?
Call
1-800-222-5852
or
go
to
www.principalfunds.com/customer-support/contact-us
Page
2
EE11865PFI-03
|
01/2020
Who
we
are
Who
is
providing
this
notice?
Principal
Funds
includes
Principal
Funds,
Inc.,
Principal
Funds
Distributor,
Inc.,
and
Principal
Diversified
Select
Real
Asset
Fund.
What
we
do
How
does
Principal
Funds
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Principal
Funds
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
•
Open
an
account
or
seek
advice
about
your
investments
•
Direct
us
to
buy
securities
or
make
deposits,
or
withdrawals
from
your
account
•
Give
us
your
contact
information
or
show
your
government
issued
ID
We
also
collect
your
personal
information
from
others,
such
as
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
•
sharing
for
affiliates’
everyday
business
purposes—information
about
your
creditworthiness
•
affiliates
from
using
your
information
to
market
to
you
•
sharing
for
nonaffiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
Definitions
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Our
affiliates
include
companies
of
Principal
Financial
Group
®
Nonaffiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Principal
Funds
does
not
share
with
nonaffiliates
so
they
can
market
to
you.
Joint
marketing
A
formal
agreement
between
nonaffiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
•
Principal
Funds
does
not
jointly
market.
Other
important
information
This
Privacy
Notice
governs
information
that
you
provide
to
Principal
(or
that
we
otherwise
receive)
when
you
apply
for
or
receive
a
product
or
service
used
primarily
for
personal,
family
or
household
purposes.
We
may
collect
additional
information
depending
on
the
nature
of
your
relationship
with
Principal
or
if
you
interact
with
us
through
our
website
or
other
digital
technologies.
Details
about
how
we
protect
and
use
this
additional
information,
including
information
about
your
privacy
rights
under
California
law
such
as
the
California
Consumer
Privacy
Act,
are
available
online
at
www.principal.com/privacy-policies
.
If
you
do
not
have
access
to
www.principal.com/privacy-policies,
please
contact
us
at
1-800-986-3343
to
have
a
copy
mailed
to
you.
Table
of
Contents
Not
FDIC
or
NCUA
insured
May
lose
value
•
Not
a
deposit
•
No
bank
or
credit
union
guarantee
Not
insured
by
any
Federal
government
agency
Financial
Statements
1
Notes
to
Financial
Statements
4
Schedule
of
Investments
10
Financial
Highlights
(includes
performance
information)
18
Shareholder
Expense
Example
20
Supplemental
Information
21
Statement
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
1
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Capital
Securities
Fund
Investment
in
securities--at
cost
......................................................................................................................
$
888,177‌
Investment
in
affiliated
Funds--at
cost
...............................................................................................................
$
13,688‌
Assets
Investment
in
securities--at
value 
......................................................................................................................
$
942,746‌
(a)
Investment
in
affiliated
Funds--at
value
................................................................................................................
13,688‌
Cash
.....................................................................................................................................................
2‌
Receivables:
Dividends
and
interest
.............................................................................................................................
13,305‌
Expense
reimbursement
from
Manager
...........................................................................................................
39‌
Fund
shares
sold
...................................................................................................................................
5,746‌
Investment
securities
sold
.........................................................................................................................
259‌
Total
Assets  
975,785‌
Liabilities
Accrued
transfer
agent
fees
.............................................................................................................................
48‌
Accrued
directors'
expenses
.............................................................................................................................
1‌
Accrued
professional
fees
...............................................................................................................................
24‌
Accrued
other
expenses
.................................................................................................................................
9‌
Payables:
Fund
shares
redeemed
.............................................................................................................................
6,078‌
Collateral
obligation
on
securities
loaned,
at
value
.....................................................................................................
10,710‌
Total
Liabilities  
16,870‌
Net
Assets
Applicable
to
Outstanding
Shares
........................................................................................................
$
958,915‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...........................................................................................................
$
917,365‌
Total
distributable
earnings
(accumulated
loss)
.........................................................................................................
41,550‌
Total
Net
Assets 
$
958,915‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
........................................................................................................................................
500,000‌
Net
Asset
Value
Per
Share:
Class
S
:
Net
Assets
......................................................................................................................................
$
958,915‌
Shares
Issued
and
Outstanding
....................................................................................................................
90,783‌
Net
Asset
Value
per
share
.........................................................................................................................
$
10
.56‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
Statement
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2021
(unaudited)
2
See
accompanying
notes.
Amounts
in
thousands
Capital
Securities
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
..............................................................................................................................................
$
923‌
Interest
.................................................................................................................................................
19,398‌
Securities
lending
-
net
................................................................................................................................
18‌
Total
Income
20,339‌
Expenses:
Registration
fees
-
Class
S
............................................................................................................................
19‌
Shareholder
reports
-
Class
S
.........................................................................................................................
4‌
Transfer agent
fees
-
Class
S
..........................................................................................................................
173‌
Custodian
fees
.........................................................................................................................................
4‌
Directors'
expenses
....................................................................................................................................
7‌
Professional fees
......................................................................................................................................
18‌
Other
expenses
........................................................................................................................................
3‌
Total
Gross
Expenses
228‌
Less:
Reimbursement
from
Manager
-
Class
S
.......................................................................................................
228‌
Total
Net
Expenses
–‌
Net
Investment
Income
(Loss)
20,339‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
...............................................................................................................................
2,272‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
............................................................................................................................................
18,311‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
20,583‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
40,922‌
Statement
of
Changes
in
Net
Assets
(unaudited)
Principal
Funds,
Inc.
(unaudited)
3
See
accompanying
notes.
Amounts
in
thousands
Capital
Securities
Fund
Period
Ended
February
28,
2021
Year
Ended
August
31,
2020
Operations
Net
investment
income
(loss)
.......................................................................................................
$
20,339‌
$
35,626‌
Net
realized
gain
(loss)
on
investments
.............................................................................................
2,272‌
(3,951‌)
Net
change
in
unrealized
appreciation/depreciation
of
investments
................................................................
18,311‌
21,252‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
40,922‌
52,927‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
................................................................
(23,528‌)
(38,142‌)
From
tax
return
of
capital
...........................................................................................................
–‌
(99‌)
Total
Dividends
and
Distributions
(23,528‌)
(38,241‌)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
...............................................................................
94,672‌
183,731‌
Total
Increase
(Decrease)
in
Net
Assets
112,066‌
198,417‌
Net
Assets
Beginning
of
period
.................................................................................................................
846,849‌
648,432‌
End
of
period
.......................................................................................................................
$
958,915‌
$
846,849‌
Class
S
Capital
Share
Transactions:
Period
Ended
February
28,
2021
Dollars:
Sold
...........................................................................................................
$
173,990‌
Reinvested
......................................................................................................
14,355‌
Redeemed
.......................................................................................................
(93,673‌)
Net
Increase
(Decrease)
.............................................................................................
$
94,672‌
Shares:
Sold
...........................................................................................................
16,541‌
Reinvested
......................................................................................................
1,369‌
Redeemed
.......................................................................................................
(8,877‌)
Net
Increase
(Decrease)
.............................................................................................
9,033‌
Year
Ended
August
31,
2020
Dollars:
Sold
...........................................................................................................
$
332,732‌
Reinvested
......................................................................................................
23,946‌
Redeemed
.......................................................................................................
(172,947‌)
Net
Increase
(Decrease)
.............................................................................................
$
183,731‌
Shares:
Sold
...........................................................................................................
33,081‌
Reinvested
......................................................................................................
2,381‌
Redeemed
.......................................................................................................
(17,461‌)
Net
Increase
(Decrease)
.............................................................................................
18,001‌
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
4
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
Capital
Securities
Fund
(the
“fund”)
are
presented
herein.
The
fund
is
an
investment
company
and
applies
specialized
accounting
and
reporting
under
Accounting
Standards
Codification
(“ASC”)
Topic
946,
Financial
Services
-
Investment
Companies
.
The
fund
has
not
provided
financial
support
and
is
not
contractually
required
to
provide
financial
support
to
any
investee.
2.
Significant
Accounting
Policies
The
preparation
of
financial
statements
in
conformity
with
U.S.
generally
accepted
accounting
principles
(“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
fund:
Security
Valuation.
The
fund
may
invest
in
the
Institutional
shares
of
Principal
Government
Money
Market
Fund
(“Underlying
Fund”),
another
series
the
Fund.
Investments
in
the
Underlying
Fund
are
valued
at
the
closing
net
asset
value
per
share
of
the
Underlying
Fund
on
the
day
of
valuation.
The
fund
values
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
Principal
Global
Investors,
LLC
(the
“Manager”)
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
Income
and
Investment
Transactions.
The
fund
records
investment
transactions
on
a
trade
date
basis.
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
fund
records
dividend
income
on
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.
Callable
debt
securities
purchased
at
a
premium
are
amortized
to
the
earliest
call
date
and
to
the
callable
amount,
if
other
than
par.
Expenses.
Expenses
directly
attributed
to
the
fund
are
charged
to
the
fund.
Other
expenses
not
directly
attributed
to
a
particular
fund
are
apportioned
among
the
registered
investment
companies
managed
by
the
Manager.
In
addition
to
the
expenses
that
the
fund
bears
directly,
the
fund
may
indirectly
bear
a
pro
rata
share
of
the
fees
and
expenses
of
the
Underlying
Fund
in
which
it
invests.
Expenses
included
in
the
statement
of
operations
reflect
the
expenses
of
the
fund
and
do
not
include
any
expenses
associated
with
the
Underlying
Fund.
Dividends
and
Distributions
to
Shareholders.
Dividends
and
distributions
to
shareholders
of
the
fund
are
recorded
on
the
ex-dividend
date.
Dividends
and
distributions
to
shareholders
from
net
investment
income
and
net
realized
gain
from
investments
are
determined
in
accordance
with
federal
tax
regulations,
which
may
differ
from
U.S.
GAAP.
These
differences
are
primarily
due
to
differing
treatments
for
losses
deferred
due
to
amortization
of
premiums
and
discounts,
wash
sales
and
certain
preferred
securities,
and
utilization
of
earnings
and
profits
distributed
to
shareholders
on
redemption
of
shares.
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.
Federal
Income
Taxes.
No
provision
for
federal
income
taxes
is
considered
necessary
because
the
fund
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.
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
5
Management
evaluates
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
the
fund’s
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
February
28,
2021
,
the
fund
did
not
record
any
such
tax
benefit
or
expense
in
the
accompanying
financial
statements.
The
statute
of
limitations
remains
open
for
the
last
three
years,
once
a
return
is
filed.
No
examinations
are
in
progress
at
this
time.
Foreign
Taxes.
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Foreign
income
taxes
are
accrued
by
the
fund
as
a
reduction
of
income.
This
amount
is
shown
as
withholding
tax
on
the
statement
of
operations.
Recent
Accounting
Pronouncements.
In
March
2020,
the
Financial
Accounting
Standards
Board
("FASB") issued
Accounting
Standards
Update
("ASU")
No.
2020-04
Reference
Rate
Reform
(Topic
848);
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting, 
which
provides
optional
guidance
for
a
limited
period
of
time
to
ease
the
potential
burden
in
accounting
for
(or
recognizing
the
effects
of)
reference
rate
reform.
The
guidance
is
applicable
to
contracts
referencing
London
Interbank
Offered
Rate
(“LIBOR”)
or
another
reference
rate
that
is
expected
to
be
discontinued
due
to
reference
rate
reform.
The
ASU
is
effective
as
of
March
12,
2020
and
generally
can
be
applied
through
December
31,
2022.
Management
is
evaluating
the
underlying
securities
referencing
LIBOR
or
another
reference
rate
that
is
expected
to
be
discontinued
as
a
reference
rate
over
the
period
of
time
the
ASU
is
effective.  
3.
Operating
Policies
Borrowings.
Pursuant
to
an
exemptive
order
issued
by
the
Securities
and
Exchange
Commission
(the
“SEC”),
the
fund
and
other
registered
investment
companies
managed
by
the
Manager
may
participate
in
an
interfund
lending
facility
(“Facility”).
The
Facility
allows
the
fund
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
LIBOR
rate
plus
1.00%).
The
interest
income
received
is
included
in
interest
income
on
the
statement
of
operations.
The
interest
expense
associated
with
this
borrowing
is
included
in
other
expenses
on
the
statement
of
operations.
There
were
no
outstanding
loans
or
borrowings
on
the
Facility
as
of
February
28,
2021.
During
the
period
ended
February
28,
2021,
the
fund
lent
to
the
Facility
as
follows
(amounts
in
thousands):
During
the
period
ended
February
28,
2021,
the
fund
did
not
borrow
from
the
Facility.
In
addition,
the
fund
participates
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
LIBOR
rate
(or
such
successor
if
no
longer
available)
plus
1.25%.
Additionally,
a
commitment
fee
is
charged
at
an
annual
rate
of
.20%
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
statement
of
operations.
The
fund
did
not
borrow
against
the
line
of
credit
during
the
period
ended
February
28,
2021
.
Contingent
Convertible
Securities.
As
footnoted
in
the
schedules
of
investments,
the
fund
may
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
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Capital
Securities
Fund
$
337
0.62
%
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
6
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.
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. 
Securities
Lending.
As
footnoted
in
the
schedules
of
investments,
the
fund
may
lend
portfolio
securities
to
approved
brokerage
firms
to
earn
additional
income.
The
fund
receives
collateral,
in
the
form
of
cash,
against
the
loaned
securities.
During
the
period
of
the
loan,
the
borrower
must
maintain
collateral
in
an
amount
not
less
than
102%
of
the
market
value
of
the
domestic
and
foreign
fixed
income
loaned
securities
and
105%
of
the
market
value
of
the
foreign
equity
loaned
securities.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
fund
and
any
additional
required
collateral
is
delivered
to
the
fund
on
the
next
business
day.
The
cash
collateral
received
is
usually
invested
in
a
SEC-registered
money
market
mutual
fund
and
the
fund
could
realize
a
loss
on
such
investments.
Further,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
Security
lending
income,
net
of
related
fees,
is
shown
on
the
statement
of
operations.
4.
Fair
Valuation
Fair
value
is
defined
as
the
price
that
the
fund
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
fund
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
fund.
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.
Investments
which
are
generally
included
in
the
category
include
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
corporate
bonds,
senior
floating
rate
interests,
and
municipal
bonds.
Level
3
–
Significant
unobservable
inputs
(including
the
fund’s
assumptions
in
determining
the
fair
value
of
investments).
Investments
which
are
generally
included
in
this
category
include
certain
corporate
bonds
and
certain
mortgage
backed
securities.
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
fund
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Fair
value
is
a
market
based
measure
considered
from
the
perspective
of
a
market
participant
who
holds
the
asset
rather
than
an
entity
specific
measure.
Therefore,
even
when
market
assumptions
are
not
readily
available,
the
fund’s
own
assumptions
are
set
to
reflect
those
that
market
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
7
participants
would
use
in
pricing
the
asset
or
liability
at
the
measurement
date.
The
fund
uses
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.
Benchmark
pricing
procedures
set
the
base
price
of
a
security
based
on
current
market
data.
The
base
price
may
be
a
broker-dealer
quote,
transaction
price,
or
internal
value
based
on
relevant
market
data.
The
fair
values
of
these
securities
are
dependent
on
economic,
political,
and
other
considerations.
The
values
of
such
securities
may
be
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
pandemics,
accidents,
conflicts,
etc.).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
The
following
is
a
summary
of
the
inputs
used
as
of
February
28,
2021
in
valuing
the
fund’s
securities
carried
at
fair
value
(amounts
in
thousands):
*For
additional
detail
regarding
sector
classifications,
please
see
the
schedule
of
investments
During
the
year,
there
were
no
purchases,
sales,
or
transfers
into
or
out
of
Level
3.
5.
Management
Agreement
and
Transactions
with
Affiliates
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
the
fund.
The
reductions
and
reimbursements
are
in
amounts
that
maintain
total
operating
expenses
at
0.00%.
The
limit
is
expressed
as
a
percentage
of
average
daily
net
assets
on
an
annualized
basis
during
the
reporting
period.
It
is
expected
that
the
expense
limit
will
continue
permanently.
There
is
no
management
fee
charged
by
the
fund.
The
fund
is
an
integral
part
of
“wrap-fee”
programs,
including
those
sponsored
by
registered
investment
advisors
and
broker-dealers
unaffiliated
with
the
fund.
Participants
in
these
programs
pay
a
“wrap”
fee
to
the
wrap-fee
program’s
sponsor.
Amounts
owed
to
the
fund
under
the
terms
of
the
expense
limitation
agreements
are
reflected
in
the
statement
of
assets
and
liabilities
as
an
expense
reimbursement
from
Manager
and
are
settled
periodically.
Chief
Compliance
Officer
Expense
.
The
fund
pays
certain
expenses
associated
with
the
Chief
Compliance
Officer
(“CCO”).
This
expense
is
allocated
among
the
registered
investment
companies
managed
by
the
Manager
based
on
the
relative
net
assets
of
each
fund
and
is
shown
on
the
statement
of
operations.
For
the
period
ended
February
28,
2021,
the
fund’s
CCO
expenses
were
less
than
$500.
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Capital
Securities
Fund
Bonds*
$
—
$
891,177
$
—
$
891,177
Convertible
Preferred
Stocks
Financial
1,391
—
—
1,391
Industrial
3,050
—
—
3,050
Investment
Companies
20,885
—
—
20,885
Preferred
Stocks
Communications
1,604
—
—
1,604
Energy
4,082
—
—
4,082
Financial
15,252
—
—
15,252
Government
—
6,958
—
6,958
Utilities
1,027
—
—
1,027
U.S.
Government
&
Government
Agency
Obligations*
—
11,008
—
11,008
Total
investments
in
securities
$
47,291
$
909,143
$
—
$
956,434
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
8
6.
Investment
Transactions
For
the
period
ended
February
28,
2021,
the
cost
of
investment
securities
purchased
and
proceeds
from
investment
securities
sold
(not
including
short-term
investments
and
U.S.
government
securities)
by
the
fund
was
as
follows
(amounts
in
thousands):
For
the period
ended
February
28,
2021,
the
cost
of
U.S.
government
securities
purchased
and
proceeds
from
U.S.
government
securities
sold
(not
including
short-term
investments)
by
the
fund
was
as
follows
(amounts
in
thousands):
7.
Federal
Tax
Information
Distributions
to
Shareholders.
The
federal
income
tax
character
of
distributions
paid
for
the periods
ended February
28,
2021 and
August
31,
2020 were
as
follows
(amounts
in
thousands):
For
U.S.
federal
income
tax
purposes,
short-term
capital
gain
distributions
are
considered
ordinary
income
distributions.
Distributable
Earnings.
As
of
August
31,
2020,
the
components
of
total
distributable
earnings/(accumulated
loss)
on
a
federal
tax
basis
were
as
follows
(amounts
in
thousands):
*Represents
book-to-tax
accounting
differences
related
to
contingent
convertible
bonds
and
perpetual
bonds.
Capital
Loss
Carryforwards.
For
federal
income
tax
purposes,
capital
loss
carryforwards
are
losses
that
can
be
used
to
offset
future
capital
gains
of
the
fund.
As
of
August
31,
2020,
the
fund
had
approximate
net
capital
loss
carryforwards
as
follows
(amounts
in
thousands):
Capital
losses
will
be
carried
forward
with
no
expiration
and
with
the
character
of
the
loss
retained.
For
the
year
ended
August
31,
2020
,
the
fund
did
not
utilize
any
capital
loss
carryforwards.
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. As
of
August
31,
2020
,
the
fund
does
not
plan
to
defer
any
late
year
losses.
Reclassification
of
Capital
Accounts.
The
fund
may
record
reclassifications
in
its
capital
accounts.
These
reclassifications
have
no
impact
on
the
total
net
assets
of
the
fund.
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
fund’s
distributions
may
be
shown
in
the
accompanying
statement
of
changes
in
net
assets
as
from
net
investment
income
and
net
realized
gain
on
investments
or
from
tax
return
of
capital
depending
on
the
type
of
book
and
tax
differences
that
exist.
For
the
year
ended
August
31,
2020,
the
fund
recorded
reclassifications
as
follows
(amounts
in
thousands):
Purchases
Sales
Capital
Securities
Fund
$
151,436
$
37,871
Purchases
Sales
Capital
Securities
Fund
$
2,999
$
13,935
Ordinary
Income
Return
of
Capital
2021
2020
2021
2020
Capital
Securities
Fund
$
23,528
$
38,142
$
—
$
99
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Accumulated
Losses
Net
Unrealized
Appreciation
(Depreciation)
Other
Temporary
Differences*
Total
Accumulated
Earnings
(Deficit)
Capital
Securities
Fund
$
—
$
—
$
(8,956
)
$
26,644
$
6,468
$
24,156
Short-Term
Long-Term
Total
Capital
Securities
Fund
$
619
$
8,337
$
8,956
Total
Distributable
Earnings
(Accumulated
Loss)
Capital
Shares
and
Additional
Paid-in-Capital
Capital
Securities
Fund
$
99
$
(99
)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
9
Federal
Income
Tax
Basis.
At
February
28,
2021,
the
net
federal
income
tax
unrealized
appreciation
(depreciation)
and
federal
tax
cost
of
investments
held
by
the
fund
were
as
follows
(amounts
in
thousands):
8.
Other
Matters
The
outbreak
of
the
novel
coronavirus
(“COVID-19”)
in
many
countries
continues
to
adversely
impact
global
commercial
activity
and
has
contributed
to
significant
volatility
in
financial
markets.
The
global
impact
of
the
outbreak
has
been
rapidly
evolving
and
many
countries
have
reacted
by
instituting
quarantines
and
restriction
on
travel.
Such
measures,
as
well
as
the
general
uncertainty
surrounding
the
dangers
and
impact
of
COVID-19,
are
creating
significant
disruption
in
supply
chains
and
economic
activity.
As
COVID-19
continues
to
spread,
the
potential
impacts,
including
a
global,
regional
or
other
economic
recession,
are
increasingly
difficult
to
assess.
These
events,
or
fear
of
such
an
event,
present
material
uncertainty
and
risk
with
respect
to
the
fund’s
performance
and
financial
results.
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. 
There
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation/
(Depreciation)
Cost
for
Federal
Income
Tax
Purposes
Capital
Securities
Fund
$
50,370
$
(7,223)
$
43,147
$
913,287
7.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
10
INVESTMENT
COMPANIES
-
2
.18
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.17
%
Invesco
Preferred
ETF
54,169‌
$
791‌
iShares
Preferred
&
Income
Securities
ETF
(a)
21,031‌
786‌
$
1,577‌
Money
Market
Funds
-
2
.01
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
0.04%
(b),(c)
5,620,193‌
5,620‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
(b),(c),(d),(e)
13,688,469‌
13,688‌
$
19,308‌
TOTAL
INVESTMENT
COMPANIES
$
20,885‌
CONVERTIBLE
PREFERRED
STOCKS
-
0
.46
%
Shares
Held
Value
(000's)
Banks
-
0
.14
%
Bank
of
America
Corp
7.25%
(f)
1,000‌
$
1,391‌
Hand
&
Machine
Tools
-
0
.32
%
Stanley
Black
&
Decker
Inc
5.00%,
05/15/2021
(f)
2,500‌
3,050‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
4,441‌
PREFERRED
STOCKS
-
3
.02
%
Shares
Held
Value
(000's)
Banks
-
1
.09
%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(a),(f)
60,000‌
$
1,491‌
Fifth
Third
Bancorp
6.63%,
12/31/2023
(f)
53,385‌
1,491‌
3
Month
USD
LIBOR
+
3.71%
First
Republic
Bank/CA
5.13%,
06/30/2022
(a),(f)
40,136‌
1,019‌
Fulton
Financial
Corp
5.13%,
01/15/2026
(a),(f)
120,153‌
3,040‌
Huntington
Bancshares
Inc/OH
6.25%,
04/15/2021
(f)
76,459‌
1,939‌
KeyCorp
6.13%,
12/15/2026
(f)
5,786‌
164‌
3
Month
USD
LIBOR
+
3.89%
Valley
National
Bancorp
6.25%,
06/30/2025
(f)
25,803‌
689‌
3
Month
USD
LIBOR
+
3.85%
Webster
Financial
Corp
5.25%,
12/15/2022
(f)
24,861‌
629‌
$
10,462‌
Diversified
Financial
Services
-
0
.08
%
Capital
One
Financial
Corp
4.80%,
06/01/2025
(f)
11,119‌
269‌
Capital
One
Financial
Corp
5.00%,
12/01/2024
(f)
20,095‌
500‌
$
769‌
Electric
-
0
.10
%
Southern
Co/The
0.00%,
01/30/2080
(e)
37,500‌
960‌
Gas
-
0
.01
%
NiSource
Inc
6.50%,
03/15/2024
(a),(f)
2,439‌
67‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.63%
Insurance
-
0
.31
%
Assurant
Inc
0.00%,
01/15/2061
(e)
40,000‌
1,004‌
Equitable
Holdings
Inc
5.25%,
12/15/2024
(f)
20,466‌
522‌
MetLife
Inc
0.00%,
03/15/2025
(e),(f)
14,623‌
371‌
Prudential
Financial
Inc
4.13%,
09/01/2060
(a)
9,926‌
245‌
Voya
Financial
Inc
5.35%,
09/15/2029
(f)
30,000‌
789‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
$
2,931‌
Pipelines
-
0
.43
%
Enbridge
Inc
6.38%,
04/15/2078
152,368‌
4,082‌
3
Month
USD
LIBOR
+
3.59%
REITs
-
0
.11
%
Boston
Properties
Inc
5.25%,
03/31/2021
(f)
610‌
15‌
Kimco
Realty
Corp
5.25%,
12/20/2022
(a),(f)
3,464‌
89‌
PS
Business
Parks
Inc
5.20%,
12/07/2022
(f)
2,000‌
51‌
Public
Storage
3.88%,
10/06/2025
(f)
1,200‌
30‌
Public
Storage
4.63%,
06/17/2025
(f)
2,700‌
69‌
Public
Storage
4.88%,
09/12/2024
(f)
31,749‌
836‌
$
1,090‌
Sovereign
-
0
.72
%
CoBank
ACB
6.13%,
04/01/2021
(f)
6,000‌
616‌
CoBank
ACB
6.20%,
01/01/2025
(f)
10,000‌
1,110‌
3
Month
USD
LIBOR
+
3.74%
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Sovereign
(continued)
CoBank
ACB
6.25%,
10/01/2022
(f)
38,800‌
$
4,152‌
3
Month
USD
LIBOR
+
4.56%
Farm
Credit
Bank
of
Texas
6.75%,
09/15/2023
(f),(g)
10,000‌
1,080‌
3
Month
USD
LIBOR
+
4.01%
$
6,958‌
Telecommunications
-
0
.17
%
AT&T
Inc
0.00%,
02/18/2025
(e),(f)
66,085‌
1,604‌
TOTAL
PREFERRED
STOCKS
$
28,923‌
BONDS
-
92
.93
%
Principal
Amount
(000's)
Value
(000's)
Banks
-
48
.25
%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(f),(g),(h),(i)
$
1,900‌
$
2,248‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.50%,
03/05/2025
(f),(h),(i)
9,400‌
10,087‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.19%
Bank
of
America
Corp
6.25%,
09/05/2024
(f),(h)
2,000‌
2,192‌
3
Month
USD
LIBOR
+
3.71%
6.30%,
03/10/2026
(f),(h)
2,000‌
2,296‌
3
Month
USD
LIBOR
+
4.55%
6.50%,
10/23/2024
(f),(h)
3,000‌
3,338‌
3
Month
USD
LIBOR
+
4.17%
Bank
of
New
York
Mellon
Corp/The
3.66%,
06/20/2021
(f)
8,100‌
8,150‌
3
Month
USD
LIBOR
+
3.42%
3.70%,
03/20/2026
(f),(h)
13,000‌
13,260‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
4.62%,
09/20/2026
(f),(h)
7,408‌
7,825‌
3
Month
USD
LIBOR
+
3.13%
Bank
of
Nova
Scotia/The
4.90%,
06/04/2025
(f),(h)
9,000‌
9,686‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.55%
Barclays
Bank
PLC
6.28%,
12/15/2034
(f),(h)
5,450‌
6,812‌
3
Month
USD
LIBOR
+
1.55%
10.18%,
06/12/2021
(g)
3,000‌
3,079‌
10.18%,
06/12/2021
900‌
924‌
Barclays
PLC
8.00%,
06/15/2024
(f),(h),(i)
5,000‌
5,644‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%
BNP
Paribas
SA
4.50%,
02/25/2030
(f),(g),(h),(i)
3,000‌
2,951‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
6.63%,
03/25/2024
(f),(h),(i)
800‌
867‌
USD
Swap
Rate
NY
5
Year
+
4.15%
7.20%,
06/25/2037
(f),(g),(h)
1,300‌
1,395‌
3
Month
USD
LIBOR
+
1.29%
7.37%,
08/19/2025
(f),(g),(h),(i)
6,103‌
7,063‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.63%,
03/30/2021
(f),(g),(h),(i)
2,242‌
2,253‌
USD
Swap
Semi-Annual
5
Year
+
6.31%
7.63%,
03/30/2021
(f),(h),(i)
9,942‌
9,993‌
USD
Swap
Semi-Annual
5
Year
+
6.31%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
11
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc
3.88%,
02/18/2026
(f),(h)
$
7,000‌
$
6,961‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(f),(h)
4,900‌
4,937‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
4.68%,
05/15/2021
(f)
4,140‌
4,145‌
3
Month
USD
LIBOR
+
4.48%
6.25%,
08/15/2026
(f),(h)
1,500‌
1,710‌
3
Month
USD
LIBOR
+
4.52%
Citizens
Financial
Group
Inc
4.20%,
04/06/2021
(f)
9,490‌
9,460‌
3
Month
USD
LIBOR
+
3.96%
5.65%,
10/06/2025
(f),(h)
2,000‌
2,200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.38%,
04/06/2024
(a),(f),(h)
3,500‌
3,716‌
3
Month
USD
LIBOR
+
3.16%
Comerica
Inc
5.63%,
07/01/2025
(f),(h)
13,000‌
14,251‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.29%
Corestates
Capital
III
0.77%,
02/15/2027
(g)
22,771‌
22,094‌
3
Month
USD
LIBOR
+
0.57%
Credit
Agricole
SA
7.88%,
01/23/2024
(f),(h),(i)
2,300‌
2,575‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
8.13%,
12/23/2025
(f),(g),(h),(i)
7,232‌
8,738‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Credit
Suisse
AG
6.50%,
08/08/2023
(i)
600‌
672‌
Credit
Suisse
Group
AG
4.50%,
09/03/2030
(f),(g),(h),(i)
3,700‌
3,612‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.55%
5.10%,
01/24/2030
(f),(h),(i)
5,000‌
5,094‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.29%
6.25%,
12/18/2024
(f),(g),(h),(i)
1,790‌
1,969‌
USD
Swap
Semi-Annual
5
Year
+
3.46%
6.38%,
08/21/2026
(f),(g),(h),(i)
5,000‌
5,575‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
7.50%,
12/11/2023
(f),(g),(h),(i)
6,250‌
6,922‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
Danske
Bank
A/S
6.13%,
03/28/2024
(f),(h),(i)
6,600‌
7,070‌
USD
Swap
Semi-Annual
7
Year
+
3.90%
Fifth
Third
Bancorp
4.50%,
09/30/2025
(f),(h)
2,200‌
2,330‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
Goldman
Sachs
Group
Inc/The
4.95%,
02/10/2025
(f),(h)
1,000‌
1,064‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.50%,
08/10/2024
(a),(f),(h)
2,000‌
2,160‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.62%
HSBC
Capital
Funding
Dollar
1
LP
10.18%,
06/30/2030
(f),(g),(h)
1,700‌
2,839‌
3
Month
USD
LIBOR
+
4.98%
10.18%,
06/30/2030
(f),(h)
4,400‌
7,348‌
3
Month
USD
LIBOR
+
4.98%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
HSBC
Holdings
PLC
6.00%,
05/22/2027
(f),(h),(i)
$
3,000‌
$
3,263‌
USD
Swap
Rate
NY
5
Year
+
3.75%
6.38%,
09/17/2024
(f),(h),(i)
1,300‌
1,423‌
USD
Swap
Rate
NY
5
Year
+
3.71%
6.50%,
03/23/2028
(f),(h),(i)
500‌
568‌
USD
Swap
Rate
NY
5
Year
+
3.61%
6.87%,
06/01/2021
(f),(h),(i)
8,100‌
8,232‌
USD
Swap
Rate
NY
5
Year
+
5.51%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(f),(h)
10,200‌
10,659‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(f),(h)
8,800‌
9,922‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
Huntington
Capital
II
0.84%,
06/15/2028
2,400‌
2,201‌
3
Month
USD
LIBOR
+
0.63%
ING
Groep
NV
5.75%,
11/16/2026
(f),(h),(i)
7,000‌
7,665‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
6.50%,
04/16/2025
(f),(h),(i)
500‌
554‌
USD
Swap
Semi-Annual
5
Year
+
4.45%
JPMorgan
Chase
&
Co
4.01%,
05/01/2021
(f)
5,000‌
4,998‌
3
Month
USD
LIBOR
+
3.80%
4.60%,
02/01/2025
(f),(h)
2,100‌
2,142‌
United
States
Secured
Overnight
Financing
Rate
+
3.13%
6.10%,
10/01/2024
(f),(h)
4,128‌
4,475‌
3
Month
USD
LIBOR
+
3.33%
6.75%,
02/01/2024
(f),(h)
2,025‌
2,238‌
3
Month
USD
LIBOR
+
3.78%
KeyCorp
5.00%,
09/15/2026
(f),(h)
3,875‌
4,127‌
3
Month
USD
LIBOR
+
3.61%
KeyCorp
Capital
I
0.98%,
07/01/2028
2,000‌
1,885‌
3
Month
USD
LIBOR
+
0.74%
KeyCorp
Capital
III
7.75%,
07/15/2029
1,500‌
1,926‌
Lloyds
Bank
PLC
12.00%,
12/16/2024
(f),(g),(h)
3,100‌
3,440‌
3
Month
USD
LIBOR
+
11.76%
12.00%,
12/16/2024
(f),(h)
5,500‌
6,104‌
3
Month
USD
LIBOR
+
11.76%
Lloyds
Banking
Group
PLC
6.41%,
10/01/2035
(f),(g),(h)
1,200‌
1,512‌
3
Month
USD
LIBOR
+
1.50%
7.50%,
06/27/2024
(f),(h),(i)
4,300‌
4,768‌
USD
Swap
Semi-Annual
5
Year
+
4.76%
7.50%,
09/27/2025
(f),(h),(i)
6,250‌
7,155‌
USD
Swap
Semi-Annual
5
Year
+
4.50%
M&T
Bank
Corp
5.12%,
11/01/2026
(f),(h)
4,000‌
4,314‌
3
Month
USD
LIBOR
+
3.52%
6.45%,
02/15/2024
(f),(h)
1,300‌
1,420‌
3
Month
USD
LIBOR
+
3.61%
Natwest
Group
PLC
2.57%,
09/30/2027
(f)
1,000‌
983‌
3
Month
USD
LIBOR
+
2.32%
6.00%,
12/29/2025
(a),(f),(h),(i)
8,000‌
8,860‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
12
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Natwest
Group
PLC  
(continued)
8.00%,
08/10/2025
(f),(h),(i)
$
1,000‌
$
1,175‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
8.62%,
08/15/2021
(f),(h),(i)
2,800‌
2,891‌
USD
Swap
Semi-Annual
5
Year
+
7.60%
Nordea
Bank
Abp
6.13%,
09/23/2024
(f),(g),(h),(i)
4,300‌
4,682‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.63%,
03/26/2026
(f),(g),(h),(i)
13,400‌
15,293‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
Northern
Trust
Corp
4.60%,
10/01/2026
(f),(h)
2,400‌
2,592‌
3
Month
USD
LIBOR
+
3.20%
NTC
Capital
I
0.76%,
01/15/2027
1,250‌
1,206‌
3
Month
USD
LIBOR
+
0.52%
NTC
Capital
II
0.83%,
04/15/2027
1,200‌
1,152‌
3
Month
USD
LIBOR
+
0.59%
PNC
Capital
Trust
C
0.80%,
06/01/2028
3,000‌
2,890‌
3
Month
USD
LIBOR
+
0.57%
Regions
Financial
Corp
5.75%,
06/15/2025
(f),(h)
1,000‌
1,105‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
Skandinaviska
Enskilda
Banken
AB
5.13%,
05/13/2025
(f),(h),(i)
5,000‌
5,300‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.46%
5.63%,
05/13/2022
(f),(h),(i)
200‌
206‌
USD
Swap
Semi-Annual
5
Year
+
3.49%
Societe
Generale
SA
7.38%,
10/04/2023
(f),(g),(h),(i)
5,500‌
5,988‌
USD
Swap
Semi-Annual
5
Year
+
4.30%
7.38%,
09/13/2021
(f),(g),(h),(i)
5,000‌
5,103‌
USD
Swap
Semi-Annual
5
Year
+
6.24%
8.00%,
09/29/2025
(f),(g),(h),(i)
3,500‌
4,114‌
USD
Swap
Rate
NY
5
Year
+
5.87%
Standard
Chartered
PLC
7.01%,
07/30/2037
(f),(g),(h)
7,800‌
10,251‌
3
Month
USD
LIBOR
+
1.46%
7.01%,
07/30/2037
(f),(h)
3,600‌
4,731‌
3
Month
USD
LIBOR
+
1.46%
7.50%,
04/02/2022
(f),(g),(h),(i)
3,300‌
3,444‌
USD
Swap
Semi-Annual
5
Year
+
6.30%
7.75%,
04/02/2023
(f),(g),(h),(i)
1,000‌
1,099‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
SVB
Financial
Group
4.10%,
02/15/2031
(f),(h)
800‌
808‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.06%
Swedbank
AB
6.00%,
03/17/2022
(f),(h),(i)
4,400‌
4,532‌
USD
Swap
Semi-Annual
5
Year
+
4.11%
TCF
National
Bank
5.50%,
05/06/2030
(h)
2,000‌
2,147‌
3
Month
USD
LIBOR
+
5.09%
Truist
Bank
0.87%,
05/15/2027
4,500‌
4,376‌
3
Month
USD
LIBOR
+
0.67%
0.87%,
03/15/2028
2,000‌
1,940‌
3
Month
USD
LIBOR
+
0.65%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Truist
Financial
Corp
4.80%,
09/01/2024
(f),(h)
$
21,200‌
$
21,995‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(f),(h)
2,800‌
3,011‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
UBS
Group
AG
6.88%,
03/22/2021
(f),(h),(i)
1,600‌
1,604‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
5.50%
6.88%,
08/07/2025
(f),(h),(i)
9,200‌
10,396‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
7.00%,
01/31/2024
(f),(g),(h),(i)
1,400‌
1,531‌
USD
Swap
Semi-Annual
5
Year
+
4.34%
Wells
Fargo
&
Co
3.90%,
03/15/2026
(f),(h)
4,800‌
4,782‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
$
462,683‌
Diversified
Financial
Services
-
5
.43
%
American
Express
Co
3.50%,
06/15/2021
(f)
4,500‌
4,455‌
3
Month
USD
LIBOR
+
3.29%
Capital
One
Financial
Corp
4.03%,
06/01/2021
(a),(f)
4,000‌
3,956‌
3
Month
USD
LIBOR
+
3.80%
Charles
Schwab
Corp/The
4.00%,
12/01/2030
(f),(h)
12,000‌
12,045‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%
5.38%,
06/01/2025
(f),(h)
9,700‌
10,573‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
7.00%,
02/01/2022
(a),(f),(h)
5,963‌
6,268‌
3
Month
USD
LIBOR
+
4.82%
Depository
Trust
&
Clearing
Corp/The
3.38%,
06/15/2021
(f),(g)
6,000‌
5,938‌
3
Month
USD
LIBOR
+
3.17%
Discover
Financial
Services
6.13%,
06/23/2025
(f),(h)
8,100‌
8,869‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
$
52,104‌
Electric
-
8
.75
%
Dominion
Energy
Inc
4.65%,
12/15/2024
(f),(h)
21,800‌
22,882‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
5.75%,
10/01/2054
(h)
6,775‌
7,409‌
3
Month
USD
LIBOR
+
3.06%
Duke
Energy
Corp
4.88%,
09/16/2024
(f),(h)
19,050‌
20,373‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Emera
Inc
6.75%,
06/15/2076
(h)
12,500‌
14,554‌
3
Month
USD
LIBOR
+
5.44%
Enel
SpA
8.75%,
09/24/2073
(g),(h)
6,700‌
7,789‌
USD
Swap
Semi-Annual
5
Year
+
5.88%
National
Rural
Utilities
Cooperative
Finance
Corp
5.25%,
04/20/2046
(h)
700‌
762‌
3
Month
USD
LIBOR
+
3.63%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
NextEra
Energy
Capital
Holdings
Inc
2.31%,
10/01/2066
$
3,341‌
$
3,040‌
3
Month
USD
LIBOR
+
2.07%
2.34%,
06/15/2067
580‌
541‌
3
Month
USD
LIBOR
+
2.13%
4.80%,
12/01/2077
(h)
250‌
270‌
3
Month
USD
LIBOR
+
2.41%
Southern
Co/The
4.00%,
01/15/2051
(h)
6,000‌
6,246‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
$
83,866‌
Food
-
0
.52
%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(f),(g)
5,000‌
5,006‌
Gas
-
0
.99
%
NiSource
Inc
5.65%,
06/15/2023
(f),(h)
9,195‌
9,471‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.84%
Hand
&
Machine
Tools
-
0
.12
%
Stanley
Black
&
Decker
Inc
4.00%,
03/15/2060
(h)
1,100‌
1,165‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%
Insurance
-
21
.30
%
ACE
Capital
Trust
II
9.70%,
04/01/2030
2,570‌
3,876‌
Allstate
Corp/The
5.75%,
08/15/2053
(h)
9,900‌
10,608‌
3
Month
USD
LIBOR
+
2.94%
American
International
Group
Inc
5.75%,
04/01/2048
(h)
13,077‌
14,839‌
3
Month
USD
LIBOR
+
2.87%
8.18%,
05/15/2068
(h)
6,700‌
9,796‌
3
Month
USD
LIBOR
+
4.20%
Aon
Corp
8.21%,
01/01/2027
1,000‌
1,331‌
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(h)
2,000‌
2,312‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
AXA
SA
6.38%,
12/14/2036
(f),(g),(h)
4,905‌
6,800‌
3
Month
USD
LIBOR
+
2.26%
8.60%,
12/15/2030
2,400‌
3,728‌
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
5.63%,
06/24/2046
(h)
12,100‌
13,987‌
3
Month
USD
LIBOR
+
4.92%
Everest
Reinsurance
Holdings
Inc
2.58%,
05/01/2067
1,600‌
1,476‌
3
Month
USD
LIBOR
+
2.39%
Hartford
Financial
Services
Group
Inc/The
2.32%,
02/12/2067
(g)
2,800‌
2,654‌
3
Month
USD
LIBOR
+
2.13%
Legal
&
General
Group
PLC
5.25%,
03/21/2047
(h)
4,700‌
5,205‌
USD
Swap
Semi-Annual
5
Year
+
3.69%
Liberty
Mutual
Group
Inc
7.80%,
03/07/2087
(g)
6,100‌
7,894‌
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(g)
1,100‌
1,607‌
Lincoln
National
Corp
2.26%,
04/20/2067
3,200‌
2,644‌
3
Month
USD
LIBOR
+
2.04%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Meiji
Yasuda
Life
Insurance
Co
5.20%,
10/20/2045
(g),(h)
$
1,000‌
$
1,138‌
USD
Swap
Semi-Annual
5
Year
+
4.23%
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(g)
1,800‌
2,527‌
MetLife
Inc
3.79%,
04/01/2021
(f)
1,167‌
1,161‌
3
Month
USD
LIBOR
+
3.58%
3.85%,
09/15/2025
(f),(h)
6,200‌
6,339‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
6.40%,
12/15/2066
700‌
884‌
3
Month
USD
LIBOR
+
2.21%
9.25%,
04/08/2068
(g)
10,372‌
15,694‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
4,300‌
7,247‌
3
Month
USD
LIBOR
+
7.55%
Mitsui
Sumitomo
Insurance
Co
Ltd
7.00%,
03/15/2072
(g),(h)
3,600‌
3,789‌
3
Month
USD
LIBOR
+
5.90%
7.00%,
03/15/2072
(h)
2,500‌
2,631‌
3
Month
USD
LIBOR
+
5.90%
Nationwide
Financial
Services
Inc
6.75%,
05/15/2087
500‌
603‌
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(g),(h)
3,600‌
3,520‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
5.00%,
10/18/2042
(g),(h)
1,525‌
1,605‌
3
Month
USD
LIBOR
+
4.24%
5.10%,
10/16/2044
(h)
785‌
871‌
USD
Swap
Rate
NY
5
Year
+
3.65%
Prudential
Financial
Inc
3.70%,
10/01/2050
(h)
6,000‌
6,143‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
5.63%,
06/15/2043
(h)
9,380‌
10,081‌
3
Month
USD
LIBOR
+
3.92%
5.88%,
09/15/2042
(h)
11,000‌
11,573‌
3
Month
USD
LIBOR
+
4.18%
Sumitomo
Life
Insurance
Co
6.50%,
09/20/2073
(g),(h)
3,000‌
3,341‌
3
Month
USD
LIBOR
+
4.44%
Swiss
Re
Finance
Luxembourg
SA
5.00%,
04/02/2049
(g),(h)
17,400‌
19,940‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
Voya
Financial
Inc
4.70%,
01/23/2048
(h)
3,300‌
3,408‌
3
Month
USD
LIBOR
+
2.08%
5.65%,
05/15/2053
(h)
10,800‌
11,521‌
3
Month
USD
LIBOR
+
3.58%
6.13%,
09/15/2023
(f),(h)
1,400‌
1,505‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
$
204,278‌
Oil
&
Gas
-
0
.52
%
BP
Capital
Markets
PLC
4.38%,
06/22/2025
(f),(h)
4,700‌
4,955‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
-
5
.14
%
Enbridge
Inc
5.75%,
07/15/2080
(h)
$
5,000‌
$
5,383‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(h)
1,500‌
1,583‌
3
Month
USD
LIBOR
+
3.89%
6.25%,
03/01/2078
(h)
7,000‌
7,431‌
3
Month
USD
LIBOR
+
3.64%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(h)
14,881‌
14,832‌
3
Month
USD
LIBOR
+
3.03%
5.38%,
02/15/2078
(h)
1,300‌
1,291‌
3
Month
USD
LIBOR
+
2.57%
Transcanada
Trust
5.50%,
09/15/2079
(h)
12,500‌
13,672‌
3
Month
USD
LIBOR
+
4.15%
5.63%,
05/20/2075
(h)
600‌
646‌
3
Month
USD
LIBOR
+
3.53%
5.87%,
08/15/2076
(h)
4,000‌
4,417‌
3
Month
USD
LIBOR
+
4.64%
$
49,255‌
REITs
-
0
.92
%
Scentre
Group
Trust
2
4.75%,
09/24/2080
(a),(g),(h)
4,000‌
4,166‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
5.13%,
09/24/2080
(g),(h)
4,500‌
4,683‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
$
8,849‌
Sovereign
-
0
.33
%
CoBank
ACB
6.25%,
10/01/2026
(f),(h)
1,000‌
1,110‌
3
Month
USD
LIBOR
+
4.66%
Farm
Credit
Bank
of
Texas
5.70%,
09/15/2025
(f),(g),(h)
1,900‌
2,085‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.42%
$
3,195‌
Telecommunications
-
0
.06
%
Vodafone
Group
PLC
7.00%,
04/04/2079
(h)
500‌
597‌
USD
Swap
Semi-Annual
5
Year
+
4.87%
Transportation
-
0
.60
%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(h)
5,000‌
5,753‌
3
Month
USD
LIBOR
+
2.35%
TOTAL
BONDS
$
891,177‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
1
.15
%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
1
.15
%
0.13%,
08/31/2022
$
6,500‌
$
6,499‌
0.25%,
04/15/2023
2,500‌
2,504‌
0.38%,
03/31/2022
2,000‌
2,005‌
$
11,008‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
11,008‌
Total
Investments
$
956,434‌
Other
Assets
and
Liabilities
-  0.26%
2,481‌
TOTAL
NET
ASSETS
-
100.00%
$
958,915‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,435
or
1.09%
of
net
assets.
(b)
Current
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,710
or
1.12%
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
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
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
$228,451
or
23.82%
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)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
See
accompanying
notes
for
additional
information.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$193,179
or
20.15%
of
net
assets.
Portfolio
Summary  (unaudited)
Sector
Percent
Financial
77
.63‌
%
Utilities
9
.85‌
%
Energy
6
.09‌
%
Government
2
.20‌
%
Money
Market
Funds
2
.01‌
%
Industrial
1
.04‌
%
Consumer,
Non-cyclical
0
.52‌
%
Communications
0
.23‌
%
Investment
Companies
0
.17‌
%
Other
Assets
and
Liabilities
0
.26‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2021
(unaudited)
See
accompanying
notes.
15
Affiliated
Securities
August
31,
2020
Purchases
Sales
February
28,
2021
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
30,689‌
$
212,702‌
$
229,703‌
$
13,688‌
$
30,689‌
$
212,702‌
$
229,703‌
$
13,688‌
Income
(a)
Realized
Gain/Loss
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
Loss
Principal
Government
Money
Market
Fund
-
Institutional
Class
0.00%
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Glossary
to
the
Schedule
of
Investments
February
28,
2021
(unaudited)
See
accompanying
notes.
16
Currency
Abbreviations
USD/$
United
States
Dollar
See
accompanying
notes.
18
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted)
:
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Total
Dividends
and
Distributions
Net
Asset
Value
End
of
Period
CAPITAL
SECURITIES
FUND
Class
S
shares
2021
(b)
$
10
.36‌
$
0
.23‌
$
0
.24‌
$
0
.47‌
(
$
0
.27‌
)
(
$
0
.27‌
)
$
10
.56‌
2020
10
.17‌
0
.50‌
0
.23‌
0
.73‌
(
0
.54‌
)
(
0
.54‌
)
10
.36‌
2019
9
.95‌
0
.58‌
0
.21‌
0
.79‌
(
0
.57‌
)
(
0
.57‌
)
10
.17‌
2018
10
.40‌
0
.58‌
(
0
.49‌
)
0
.09‌
(
0
.54‌
)
(
0
.54‌
)
9
.95‌
2017
9
.98‌
0
.57‌
0
.36‌
0
.93‌
(
0
.51‌
)
(
0
.51‌
)
10
.40‌
2016
9
.87‌
0
.57‌
0
.07‌
0
.64‌
(
0
.53‌
)
(
0
.53‌
)
9
.98‌
See
accompanying
notes.
19
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
4
.58‌
%
(c)
$
958,915‌
0
.00‌
%
(d)
,(e)
4
.49‌
%
(d)
11
.7‌
%
(d)
7
.42‌
846,849‌
0
.00‌
(e)
4
.95‌
14
.0‌
8
.39‌
648,432‌
0
.00‌
(e)
5
.89‌
14
.7‌
0
.87‌
544,446‌
0
.00‌
(e)
5
.67‌
9
.1‌
9
.62‌
457,089‌
0
.00‌
(e)
5
.67‌
8
.4‌
6
.77‌
298,208‌
0
.00‌
(e)
5
.89‌
8
.8‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2021.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2021
(unaudited)
20
As
a
shareholder
of
Capital
Securities
Fund,
you
may
incur
ongoing
costs,
including
management
fees;
distribution
fees;
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.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(
September
1,
2020
to
February
28,
2021
),
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.
Class
S
class
of
shares
may
be
purchased
through
wrap
programs.
Such
plans
may
impose
fees
in
addition
to
those
charge
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.
Beginning
Account
Value
September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During
Period
September
1,
2020
 to
February
28,
2021
   (a)
Beginning
Account
Value September
1,
2020
Ending
Account
Value
February
28,
2021
Expenses
Paid
During
Period
September
1,
2020 to
February
28,
2021(a)
Annualized
Expense
Ratio
Capital
Securities
Fund
Class
S
$1,000.00
$1,045.80
$0.00
$1,000.00
$1,024.79
$0.00
0.00%
(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).
21
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.,
Principal
Exchange-Traded
Funds,
and
Principal
Diversified
Select
Real
Asset
Fund
which
are
also
sponsored
by
Principal
Life
Insurance
Company.
Each
director
generally
holds
office
for
an
indefinite
term
until
the
director
reaches
age
72
(unless
such
mandatory
retirement
age
is
waived
by
the
Board).
Directors
considered
to
be
“interested
persons”
as
defined
in
the
Investment
Company
Act
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.
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Elizabeth
Ballantine
Director
since
2004
Chair,
Nominating
and
Governance
Committee
1948
Principal,
EBA
Associates
123
Durango
Herald,
Inc.;
McClatchy
Newspapers,
Inc.
Leroy
T.
Barnes,
Jr.
Director
since
2012
Member,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1951
Retired
123
McClatchy
Newspapers,
Inc.;
Frontier
Communications,
Inc.;
formerly,
Herbalife
Ltd.
Craig
Damos
Lead
Independent
Director
since
2020
Director
since
2008
Member,
Nominating
and
Governance
Committee
Member,
Executive
Committee
1954
President,
C.P.
Damos
Consulting
LLC
123
None
Fritz
S.
Hirsch
Director
since
2005
Member,
Operations
Committee
Chair,
15(c)
Committee
1951
Interim
CEO,
MAM
USA
February
2020
to
October
2020
123
MAM
USA
Victor
Hymes
Director
since
2020
Member,
Audit
Committee
1957
Founder
and
Managing
Member
of
Legato
Capital
Management,
LLC
123
Formerly,
Montgomery
Street
Income
Securities
Inc.
John
D.
Kenney
Director
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1965
Formerly,
Legg
Mason
Global
Asset
Management
123
Formerly:
Legg
Mason
Investment
Management
Affiliates:
Brandywine
Global;
Clarion
Partners;
ClearBridge
Investments;
Entrust
Global;
Legg
Mason
Poland;
Martin
Currie
Investment
Management;
Permal
Group
(merged
into
Entrust);
QS
Investors;
RARE
Infrastructure;
Royce
and
Associates;
and
Western
Asset
Management
Padelford
L.
Lattimer
Director
since
2020
Member,
Operations
Committee
Member,
15(c)
Committee
1961
TBA
Management
Consulting
LLC
123
None
Karen
(“Karrie”)
McMillan
Director
since
2014
Chair,
Operations
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
Formerly,
Managing
Director,
Patomak
Global
Partners,
LLC
123
None
22
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.
Correspondence
intended
for
each
Director
who
is
other
than
an
Interested
Director
may
be
sent
to
655
9th
Street,
Des
Moines,
IA
50392.
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Elizabeth
A.
Nickels
Director
since
2015
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1962
Retired
123
SpartanNash;
Formerly:
Charlotte
Russe;
Follet
Corporation;
PetSmart;
Spectrum
Health
Systems
Mary
M.
(“Meg”)
VanDeWeghe
Director
since
2018
Member,
Audit
Committee
Member,
15(c)
Committee
1959
CEO
and
President,
Forte
Consulting,
Inc.
123
Helmerich
&
Payne;
Formerly:
B/E
Aerospace;
Brown
Advisory;
Denbury
Resources
Inc.;
Nalco
(and
its
successor
Ecolab);
and
WP
Carey
Name,
Position
Held
with
the
Fund,
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Director
Other
Directorships
Held
by
Director
During
Past
5
Years
Timothy
M.
Dunbar
Chair
and
Director
since
2019
Chair,
Executive
Committee
1957
President-Principal
Global
Asset
Management
(“PGAM”),
Principal
Global
Investors,
LLC
(“PGI”)
since
2018
Director,
PGI
(2018-2020)
Division
President,
Principal
Financial
Services,
Inc.
(“PFSI)
and
Principal
Life
Insurance
Company
(“PLIC”)
(2020–2021)
Executive
Vice
President
and
Chief
Investment
Officer,
PFSI
and
PLIC
(2014-2018)
Director,
Post
Advisory
Group,
LLC
(“Post”)
(2018-
2020)
Chair
and
Executive
Vice
President,
RobustWealth,
Inc.,
(2018-2020)
123
None
Patrick
G.
Halter
Member,
Executive
Committee
Director
since
2017
1959
Chair,
PGI
since
2018
Chief
Executive
Officer
and
President,
PGI
since
2018
Chief
Operating
Officer,
PGI
(2017-2018)
Senior
Executive
Director
–
Real
Estate,
PGI
and
PFSI
(2014-2016)
Director,
PGI
(2003-2018)
Chair,
CCIP,
LLC
(“CCIP”)
since
2017
Director,
Origin
Asset
Management
LLP
(2018-
2019)
President,
PGAM,
PFSI,
and
PLIC
since
2020
Director,
Post
since
2017
Chair,
Principal
Real
Estate
Investors,
LLC
(“PREI”)
since
2004
President
and
Chief
Executive
Officer,
PGI,
PREI
since
2018
Chief
Executive
Officer,
PREI
(2005-2018)
Chair,
Spectrum
Asset
Management,
Inc.
(“Spectrum”)
since
2017
123
None
23
The
following
table
presents
officers
of
the
Funds.
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Kamal
Bhatia
President
and
Chief
Executive
Officer
Des
Moines,
IA
50392
1972
Director,
PGI
since
2019
President-Principal
Funds,
PGI
since
2019
Principal
Executive
Officer,
OPC
Private
Capital
(2017-2019)
Senior
Vice
President,
OppenheimerFunds
(2011-
2019)
Director,
Principal
Financial
Advisors,
Inc.
(“PFA”)
since
2020
Director,
Principal
Funds
Distributor,
Inc.
(“PFD”)
since
2019
Senior
Executive
Director
and
Chief
Operating
Officer,
PFSI
and
PLIC
since
2020
President,
PFSI
and
PLIC
(2019-2020)
Director,
Post
since
2020
Director,
PREI
since
2020
Chair
and
Executive
Vice
President,
(Principal
Shareholder
Services,
Inc.
(“PSS’)
since
2019
Randy
D.
Bolin
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1961
Vice
President
and
Associate
General
Counsel,
PGI
since
2016
Assistant
General
Counsel,
PGI
(2007–2016)
Vice
President
and
Associate
General
Counsel,
PFSI
since
2013
Vice
President
and
Associate
General
Counsel,
PLIC
since
2013
Tracy
W.
Bollin
Chief
Financial
Officer
Des
Moines,
IA
50392
1970
Managing
Director,
PGI
since
2016
Senior
Vice
President,
PFD
since
2016
Senior
Vice
President
and
Chief
Financial
Officer,
PFD
(2015-2016)
Chief
Operating
Officer
and
Senior
Vice
President,
Principal
Management
Corporation,
now
PGI
(“PMC”)
(2015-2017)
Director,
PMC
(2014–2017)
Director,
PSS
since
2014
President,
PSS
since
2015
Gina
L.
Graham
Treasurer
Des
Moines,
IA
50392
1965
Vice
President
and
Treasurer,
PGI
since
2016
Vice
President
and
Treasurer,
CCIP
since
2020
Vice
President
and
Treasurer,
PFA
since
2016
Vice
President
and
Treasurer,
PFD
since
2016
Vice
President
and
Treasurer,
PFSI
since
2016
Vice
President
and
Chief
Financial
Officer
–
Principal
International,
PFSI
(2010-2016)
Vice
President
and
Treasurer,
PLIC
since
2016
Vice
President
and
Chief
Financial
Officer
–
Principal
International,
PLIC
(2010-2016)
Vice
President
and
Treasurer,
PMC
(2016-2017)
Vice
President
and
Treasurer,
PREI
since
2017
Vice
President
and
Treasurer,
Principal
Securities,
Inc.
(“PSI”)
since
2016
Vice
President
and
Treasurer,
PSS
since
2016
Vice
President
and
Treasurer,
RobustWealth,
Inc.
since
2018
Laura
B.
Latham
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1986
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2018
Prior
thereto,
Attorney
in
Private
Practice
Diane
K.
Nelson
AML
Officer
Des
Moines,
IA
50392
1965
Chief
Compliance
Officer/AML
Officer,
PSS
since
2015
Sara
L.
Reece
Vice
President
and
Controller
Des
Moines,
IA
50392
1975
Director
-
Accounting,
PLIC
since
2015
24
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Teri
R.
Root
Chief
Compliance
Officer
Des
Moines,
IA
50392
1979
Chief
Compliance
Officer
–
Funds,
PGI
since
2018
Interim
Chief
Compliance
Officer
(2018)
Deputy
Chief
Compliance
Officer,
PGI
(2015-2018)
Vice
President
and
Chief
Compliance
Officer,
PMC
(2015–2017)
Vice
President,
PSS
since
2015
Britney
L.
Schnathorst
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1981
Counsel,
PGI
since
2018
Counsel,
PLIC
since
2013
Adam
U.
Shaikh
Assistant
Counsel
Des
Moines,
IA
50392
1972
Assistant
General
Counsel,
PGI
since
2018
Counsel,
PGI
(2017-2018)
Counsel,
PLIC
since
2006
Counsel,
PMC
(2007-2017)
John
L.
Sullivan
Assistant
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1970
Counsel,
PGI
since
2020
Counsel,
PLIC
since
2019
Prior
thereto,
Attorney
in
Private
Practice
Dan
L.
Westholm
Assistant
Treasurer
Des
Moines,
IA
50392
1966
Assistant
Vice
President
and
Treasurer,
PGI
since
2017
Assistant
Vice
President-Treasury,
PFA
since
2013
Assistant
Vice
President-Treasury,
PFD
since
2013
Assistant
Vice
President-Treasury,
PLIC
since
2014
Assistant
Vice
President-Treasury,
PMC
(2013-
2017)
Assistant
Vice
President-Treasury,
PSI
since
2013
Assistant
Vice
President-Treasury,
PSS
since
2013
Beth
C.
Wilson
Vice
President
and
Secretary
Des
Moines,
IA
50392
1956
Director
and
Secretary
–
Funds,
PLIC
since
2007
Clint
L.
Woods
Vice
President,
Counsel
and
Assistant
Secretary
Des
Moines,
IA
50392
1961
Of
Counsel
(2017-2018)
Vice
President
(2016-2017)
Counsel
(2015-2017)
Vice
President,
Associate
General
Counsel
and
Secretary,
PGI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary,
PGI
(2018-2020)
Vice
President,
Associate
General
Counsel
and
Secretary,
CCIP
since
2020
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PFA
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PFD
since
2019
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PLIC
since
2015
Secretary,
Post
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Secretary,
PREI
since
2020
Vice
President,
Associate
General
Counsel,
Governance
Officer
and
Assistant
Corporate
Secretary,
PREI
(2020)
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PSI
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Corporate
Secretary,
PSS
since
2019
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary,
RobustWealth,
Inc.
since
2019
Secretary,
Spectrum
since
2020
25
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.
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
December
31,
2020
and
as
supplemented,
and
the
Statement
of
Additional
Information
dated
December
31,
2020
and
as
supplemented.
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.
Name,
Position
Held
with
the
Fund,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Jared
A.
Yepsen
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Counsel,
PGI
(2017-2019)
Counsel,
PLIC
since
2015
26
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
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
reports
are available
on the
Commission’s
website
at
www.
sec.gov and
www.PrincipalFunds.com.
27
BOARD
CONSIDERATION
OF
INVESTMENT
ADVISORY
CONTRACTS
During
the
period
covered
by
this
report,
the
Board
of
Directors
of
Principal
Funds,
Inc.
(“PFI”)
approved
the
annual
review
and
renewal
of
the
Management
Agreement
and
various
sub-advisory
agreements
for
all
Funds.
Annual
Review
and
Renewal
of
Management
Agreement
and
Sub-Advisory
Agreements
At
its
September
15,
2020
meeting,
the
Board
performed
its
annual
review
and
renewal
process
relating
to
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
all
Funds.
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
the
Board,
including
a
majority
of
the
Directors
who
have
no
direct
or
indirect
interest
in
the
investment
advisory
agreements
and
who
are
not
“interested
persons”
of
PFI,
as
defined
in
the
1940
Act
(the
“Board”),
annually
to
review
and
to
consider
the
continuation
of:
(1)
the
Management
Agreement
between
Principal
Global
Investors,
LLC
(the
“Manager”)
and
PFI,
on
behalf
of
each
of
the
thirteen
(13)
series
of
PFI
(each
series
is
referred
to
as
a
“Fund”)
(2)
the
Sub-Advisory
Agreements
between
the
Manager
and
each
of
BlackRock
Financial
Management,
Inc.;
BlackRock
International
Limited;
ClearBridge
RARE
Infrastructure
(North
America)
Pty
Limited;
Credit
Suisse
Asset
Management,
LLC;
Delaware
Investments
Fund
Advisers;
Gotham
Asset
Management,
LLC;
Graham
Capital
Management,
L.P.;
KLS
Diversified
Asset
Management
LP;
Loomis,
Sayles
&
Company,
L.P.;
Los
Angeles
Capital
Management
and
Equity
Research,
Inc.;
Mellon
Investments
Corporation;
Nuveen
Asset
Management
LLC;
Origin
Asset
Management
LLP;
Pictet
Asset
Management
SA;
Principal
Real
Estate
Investors,
LLC;
Sound
Point
Capital
Management,
LP;
Spectrum
Asset
Management,
Inc.;
Wellington
Management
Company
LLP;
and
York
Registered
Holdings,
L.P.
(collectively,
the
“Sub-Advisors”).
The
Management
Agreement
and
the
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements.”
The
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
continuation
of
the
Advisory
Agreements.
In
evaluating
the
Advisory
Agreements,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose,
including,
among
other
information,
information
regarding
performance,
advisory
fees,
total
expenses,
profitability
from
the
Advisory
Agreements
to
the
Manager
and
information
about
economies
of
scale.
The
Board
reviewed
the
materials
provided
and
concluded
that
it
was
provided
all
information
reasonably
necessary
to
evaluate
the
Advisory
Agreements.
Management
Agreement
The
Board
considered,
among
other
factors,
that
the
Manager,
that
the
Manager
and
its
affiliates
have
demonstrated
a
long-term
commitment
to
support
the
Funds,
including
undertakings
to
cap
Fund
expenses
and/or
waive
management
fees
for
certain
Funds.
The
Board
concluded
that
a
relationship
with
a
capable
and
conscientious
investment
adviser
is
in
the
best
interests
of
each
Fund.
In
addition,
the
Board
considered
various
factors,
including
the
following
factors
for
each
of
the
Funds.
Nature,
Extent
and
Quality
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
the
Management
Agreement,
including
accounting
and
administrative
services,
as
applicable.
The
Board
considered
the
experience
and
skills
of
senior
management
leading
Fund
operations,
the
experience
and
skills
of
the
personnel
performing
the
functions
under
the
Management
Agreement
and
the
resources
made
available
to
such
personnel,
the
ability
of
the
Manager
to
attract
and
retain
high-quality
personnel
and
the
organizational
depth
and
stability
of
the
Manager.
The
Board
concluded
that
appropriate
resources
were
provided
under
the
Management
Agreement.
The
Board
also
considered
that
for
certain
Funds,
during
the
periods
reviewed,
the
Manager
had
delegated
day-to-day
portfolio
management
responsibility
to
the
Sub-Advisors.
The
Board
noted
that
the
Manager’s
process
for
the
selection
of
sub-advisors
emphasizes
the
selection
of
Principal-affiliated
sub-advisors
that
are
determined
to
be
qualified
under
the
Manager’s
due
diligence
process,
but
that
the
Manager
will
select
an
unaffiliated
sub-advisor
to
manage
all
or
a
portion
of
a
Fund’s
investment
portfolio
when
deemed
necessary
or
appropriate
based
upon
a
consideration
of
the
Fund’s
investment
mandate
and
available
expertise
and
resources
within
the
Principal
organization.
With
respect
to
Funds
with
unaffiliated
sub-
advisors,
the
Board
considered
the
due
diligence
process
developed
by
the
Manager
for
purposes
of
selecting
a
qualified
unaffiliated
sub-advisor
for
a
Fund.
The
Board
considered
the
Manager’s
due
diligence
process
for
monitoring
and
replacing
Sub-
Advisors
and
for
monitoring
the
investment
performance
of
the
Manager.
The
Board
also
considered
the
compliance
program
established
by
the
Manager
for
the
Funds,
the
quality
of
that
program
and
the
Funds’
compliance
history.
The
Board
noted
that
they
had
previously
reviewed
information
regarding
the
cost
and
quality
of
Fund
portfolio
transactions,
including
best
execution
and
soft
dollar
reports
and
information
regarding
the
research
payment
accounts
for
applicable
Funds,
and
included
this
information
in
their
consideration
of
the
renewal
of
the
Advisory
Agreements.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Manager
to
the
Funds
under
the
Management
Agreement
were
satisfactory.
Investment
Performance
The
Board
reviewed
each
Fund’s
investment
performance
over
longer-term
periods,
reviewing
both
the
investment
return
during
the
three-
year
period
ended
March
31,
2020
and
the
blended
investment
return
(50%/50%)
of
the
three-
and
five-year
periods
ended
March
31,
2020,
and
compared
those
returns
to
various
agreed-upon
performance
measures
for
all
Funds.
For
Funds
or
Subadvisors
that
did
not
have
a
five-year
performance
history,
the
Board
reviewed
performance
for
a
three-year
period
ended
March
31,
2020,
if
available.
For
Funds
or
Subadvisors
that
did
not
have
a
three-year
performance
history,
the
Board
reviewed
performance
28
for
a
one-year
period
ended
March
31,
2020,
if
available.
The
Board
also
compared
each
Fund’s
investment
performance
over
the
one-,
three-
and
five-year
periods
ended
March
31,
2020,
as
available,
to
one
or
more
relevant
benchmark
indices.
The
Board
noted
that
certain
Funds
had
commenced
operations
recently
and,
accordingly,
no
or
limited
performance
information
was
considered.
The
Board
also
considered
whether
investment
results
were
consistent
with
a
Fund’s
investment
objective(s)
and
policies.
For
most
Funds,
the
Board
concluded
that
the
Fund’s
investment
returns
met
acceptable
levels
of
investment
performance.
There
were
certain
Funds,
and
certain
Subadvisors
for
multi-
manager
Funds,
that
had
not
attained
during
the
relevant
period(s)
a
level
of
investment
performance
considered
satisfactory
by
the
Board.
For
such
Funds,
the
Board
also
considered
other
factors,
such
as
the
longer-term
performance
of
each
such
Fund
or
Subadvisor,
remedial
efforts
being
undertaken
to
improve
performance
and/or
the
Manager’s
explanation
for
the
performance
of
such
Fund
or
Subadvisor.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds
and
all
Subadvisors,
for
which
they
receive
regular
reporting,
and
concluded
that
the
Manager
has
in
place
an
effective
due
diligence
process
to
monitor
investment
performance,
to
encourage
remedial
action
and
to
make
changes
in
the
Subadvisors
at
the
appropriate
time,
if
necessary.
Investment
Management
Fees
The
Board
considered
each
Fund’s
management
fee
rate.
For
each
Fund,
the
Board
received
certain
information
from
Broadridge.
The
Board
received
information
comparing
each
Fund’s
(1)
effective
contractual
management
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels,
(2)
effective
net
management
fee
rate
(after
any
fee
waivers)
at
average
fiscal-year
asset
levels,
(3)
actual
non-management
expense
rate
at
average
fiscal-year
asset
levels,
and
(4)
total
net
expense
ratio
(including,
as
applicable,
acquired
fund
fees
and
expenses
and
after
any
expense
caps
or
fee
waivers)
at
average
fiscal-year
asset
levels
for
Institutional
Class
shares
for
each
Fund,
except
for
the
Capital
Securities
Fund
as
described
below,
to
investment
advisory
fee
rates,
non-management
expense
rates
and
expense
ratios
of
funds
in
a
peer
group
selected
by
Broadridge
(“Expense
Group”),
and,
if
available,
a
broad-based,
industry
category
defined
by
Broadridge
(“Expense
Universe”).
For
the
Capital
Securities
Fund,
the
Board
considered
that
the
Fund
does
not
pay
a
management
fee
or
any
other
Fund-level
expenses
and
therefore
did
not
consider
comparative
fee
and
expense
information.
In
evaluating
the
effective
management
fee
rates,
the
Board
considered
a
variety
of
factors,
including
the
effective
fee
rates,
breakpoints,
comparisons
to
fee
rates
of
peer
group
funds
and
other
funds
and
non-fund
accounts
managed
by
the
Manager,
sub-advisory
fee
rates
paid,
services
provided,
investment
performance,
total
net
expense
ratios,
profitability,
the
existence
and
sharing
of
economies
of
scale,
fall-
out
benefits
and
expense
caps
and
fee
waivers.
The
Board
considered
the
impact
of
changes
in
sub-advisory
fee
rates
put
into
effect
since
September
2019.The
Board
considered
that
certain
Funds
with
similar
investment
strategies
and
policies
have
different
management
fee
schedules
and
noted
the
reasons
cited
by
the
Manager
for
the
differing
fee
rates.
For
most
Funds,
effective
net
management
fee
rates
were
within
the
third
quartile
or
better
when
compared
to
their
Expense
Group.
For
some
Funds,
although
effective
net
management
fee
rates
were
higher
than
the
third
quartile,
total
net
expense
ratios
were
within
the
third
quartile
or
better.
The
Board
also
considered
the
expense
caps
and
fee
waivers
that
would
be
in
place
with
respect
to
certain
Funds
and
share
classes.
With
regard
to
each
of
the
Spectrum
Preferred
and
Capital
Securities
Fund,
the
Board
accepted
management’s
proposal
to
amend
the
Management
Agreement
for
the
Fund
to
add
a
new
breakpoint
to
the
management
fee
schedule
and
considered
this
new
breakpoint
in
concluding
that
the
Management
Agreement,
as
amended,
should
be
renewed.
With
regard
to
the
Global
Multi-Strategy
Fund,
which
is
permitted
to
invest
in
unaffiliated
exchange-traded
funds
in
excess
of
the
limits
set
forth
in
Section
12(d)(1)
of
the
Investment
Company
Act
of
1940,
as
amended,
in
accordance
with
exemptive
orders
issued
to
such
exchange-
traded
funds
and
procedures
previously
adopted
by
the
Board,
the
Board
considered
information
provided
by
the
Manager
relating
to
the
non-duplicative
nature
of
the
Fund’s
management
fees
and
found
that
the
management
fees
charged
by
the
Manager
under
the
Management
Agreement
for
the
Fund
are
for
services
provided
in
addition
to,
and
are
not
duplicative
of,
services
provided
under
the
investment
advisory
contract(s)
of
the
exchange-traded
funds
in
which
the
Fund
may
invest.
Profitability
The
Board
reviewed
detailed
information
regarding
revenues
the
Manager
received
under
the
Management
Agreement
and
the
estimated
direct
and
indirect
costs
incurred
in
providing
to
each
Fund
the
services
described
in
the
Management
Agreement
for
the
year
ended
December
31,
2019.
The
Board
also
considered
the
returns
on
revenue
generated
in
connection
with
the
payment
of
sub-advisory
fees
to
affiliated
Sub-
Advisors
(Origin
Asset
Management
LLP,
Principal
Real
Estate
Investors
LLC
and
Spectrum
Asset
Management,
Inc.)
and
the
aggregated
return
on
revenue
to
the
Manager
and
its
affiliates
for
the
year
ended
December
31,
2019.
The
Board
concluded
that,
for
each
Fund,
the
profitability
to
the
Manager
of
the
Management
Agreement
was
reasonable.
Economies
of
Scale
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
management
of
each
Fund
and
whether
the
Funds
benefit
from
any
such
economies
of
scale.
The
Board
considered
the
Manager’s
biennial
breakpoint
study
that
was
received
by
the
Board
in
March
2020
and
the
Manager’s
representation
that
Funds
are
initially
priced
as
though
the
Fund
had
reached
scale,
reflecting
a
sharing
of
economies
of
scale.
The
Board
then
reviewed
the
levels
at
which
breakpoints
occur,
the
incremental
declines
in
management
fee
rates
at
each
breakpoint
and
the
amount
of
fee
reductions
that
had
been
provided
to
shareholders
as
a
result
of
these
breakpoints.
The
Board
considered
cost
saving
passed
along
to
the
Funds
as
a
result
of
certain
expense
caps
and
fee
waivers.
The
Board
considered
whether
the
effective
management
fee
rate
for
each
Fund
under
the
Management
Agreement
is
reasonable
in
relation
to
the
asset
size
of
such
Fund.
The
Board
also
noted
29
management’s
explanation
of
efficiencies
in
the
Manager’s
cost
structure.
The
Board
concluded
that
the
fee
schedule
for
each
Fund,
taking
into
account
the
proposed
amendments
described
above,
reflects
an
appropriate
level
of
sharing
of
any
economies
of
scale.
The
Board
noted
that
the
Capital
Securities
Fund
does
not
pay
management
fees,
although
shareholders
pay
a
separately
managed
account-
level
fee
that
covers,
among
other
things,
the
expenses
of
the
Fund’s
Sub-Advisor.
The
Board
also
noted
that
the
management
fee
schedules
for
the
Bond
Market
Index
Fund
and
the
International
Equity
Index
Fund
do
not
include
breakpoints,
but
each
such
Fund
has
a
relatively
low
management
fee
rate
(25
basis
points
or
less)
on
all
Fund
assets.
Considering
all
relevant
factors,
including
the
level
of
the
fee,
the
Board
determined
that
no
breakpoints
were
necessary
at
this
time.
Other
Benefits
to
Manager
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
the
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
The
Board
noted
that
the
Manager
uses
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services.
The
Board
concluded
that
the
incidental
benefits
received
by
the
Manager
and
its
affiliates
were
appropriate.
Sub-Advisory
Agreements
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
each
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
experience
and
skills
of
investment
personnel
responsible
for
the
day-to-day
management
of
each
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
also
considered
the
Sub-Advisors’
compliance
with
investment
policies
and
general
legal
compliance.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisors
to
the
sub-advised
Funds
under
the
Sub-Advisory
Agreements
are
satisfactory.
Investment
Performance
As
to
each
sub-advised
Fund,
the
Manager
had
advised
the
Board
that
the
investment
services
delivered
by
each
Sub-Advisor
to
the
Fund
were
reasonable.
Based
upon
all
relevant
factors,
the
Board
concluded
that
each
Sub-Advisor
is
qualified
and
that
either:
(1)
the
investment
performance
of
the
Sub-Advisor
met
acceptable
levels
of
investment
performance;
or
(2)
although
the
Fund
experienced
underperformance
from
the
applicable
Sub-Advisor,
based
upon
that
Fund’s
particular
circumstances
or
in
light
of
remedial
efforts
being
taken
to
improve
performance,
as
applicable,
it
was
in
the
best
interests
of
the
Fund
to
continue
to
closely
monitor
performance
and
to
renew
the
Sub-Advisory
Agreement.
In
each
case
involving
underperformance,
the
Board
concluded
that
the
Manager
was
providing
effective
monitoring.
Fees,
Economies
of
Scale
and
Profitability
For
each
sub-advised
Fund,
the
Board
considered
the
sub-advisory
fee
rates,
noting
that
the
Manager
compensates
each
Sub-Advisor
from
its
own
management
fee,
so
that
shareholders
pay
only
the
management
fee.
For
each
sub-advised
Fund,
the
Board
received
certain
information
from
Broadridge
comparing
each
such
Fund’s
sub-advisory
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels
to
sub-advisory
fee
rates
of
sub-advised
funds
in
the
Expense
Group
and,
if
available,
the
Expense
Universe.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
provided
to
each
sub-advised
Fund
and,
if
so,
whether
the
sub-advisory
fees
reflect
such
economies
of
scale
through
breakpoints
in
fee
schedules
or
whether
the
sub-advisory
fee
schedule
is
otherwise
appropriate
at
current
asset
levels.
In
addition,
in
evaluating
the
subadvisory
fee
rates
and
the
factor
of
profitability,
with
respect
to
unaffiliated
Sub-Advisors,
the
Board
considered
that
the
sub-advisory
fee
rate
was
negotiated
at
arm’s
length
between
the
Manager
and
the
Sub-Advisor.
The
Board
considered
the
profitability
of
the
affiliated
SubAdvisors
in
conjunction
with
their
review
of
the
profitability
of
the
Manager.
Other
Benefits
to
Sub-Advisors
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
each
Sub-Advisor
when
evaluating
the
sub-
advisory
fees.
The
Board
considered
as
a
part
of
this
analysis
each
Sub-Advisor’s
brokerage
practices,
soft
dollar
practices
and
use
of
research
payment
accounts.
The
Board
concluded
that
the
incidental
benefits
received
by
each
Sub-Advisor
were
appropriate.
Special
Circumstances
For
certain
Funds,
in
reaching
the
conclusion
that
the
Sub-Advisory
Agreements
should
be
renewed,
the
Board
included
within
their
considerations
certain
actions
previously
taken
by
the
Board.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
each
Advisory
Agreement,
including
the
fee
rate
payable
thereunder,
continue
to
be
fair
and
reasonable
and
that
the
continuation
of
each
Advisory
Agreement,
with
the
actions
proposed
by
the
Manager,
is
in
the
best
interests
of
each
Fund.
Principal
Funds
Distributor,
Inc.
711
High
Street
Des
Moines,
IA
50392-6370
Do
not
use
this
address
for
business
correspondence
principalfunds.com
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.
Principal,
Principal
and
symbol
design,
and
Principal
Financial
Group
are
trademarks
and
services
marks
of
Principal
Financial
Services,
Inc.,
a
member
of
the
Principal
Financial
Group
company.
©
2021
Principal
Financial
Services,
Inc.
|
FV908-06
|
02/2021
|
1517537

ITEM 2 – CODE OF ETHICS

 
Not applicable to semi-annual reports.
 

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

 
Not applicable to semi-annual reports.
 

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

 
Not applicable to semi-annual reports.
 

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

 
Not applicable.
 

ITEM 6 – SCHEDULE OF INVESTMENTS

 
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.
 
ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
 
Not applicable.
 
ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
 
Not applicable.
 
ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
 
Not applicable.
 

ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

None

 

ITEM 11 – CONTROLS AND PROCEDURES

 
a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).
 
(b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
 

ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

 
Not applicable.
 
ITEM 13 – EXHIBITS
 
(a)(1) Code of Ethics - Not applicable to semi-annual reports.
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as
Exhibit 99.CERT
.
 
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto as
Exhibit 99.906CERT
.

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)
Principal Funds, Inc.
 
 
 
By
/s/ Kamal Bhatia
 
            Kamal Bhatia, President and CEO
 
Date
4/9/2021
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
 
By
/s/ Kamal Bhatia
 
            Kamal Bhatia, President and CEO
 
Date
4/9/2021
 
 
 
By
/s/ Tracy W. Bollin
 
            Tracy W. Bollin, Chief Financial Officer
 
Date
4/9/2021