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: 515-235-1719

Date of fiscal year end: August 31, 2022

Date of reporting period: August 31, 2022

ITEM 1 – REPORT TO STOCKHOLDERS

Principal

Funds

Annual

Report

August

31,

2022

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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

Economic

&

Financial

Market

Review

1

Important

Fund

Information

2

Blue

Chip

Fund

(unaudited)

3

Bond

Market

Index

Fund

(unaudited)

4

Diversified

Real

Asset

Fund

(unaudited)

5

Edge

MidCap

Fund

(unaudited)

6

Global

Multi-Strategy

Fund

(unaudited)

7

International

Equity

Index

Fund

(unaudited)

8

International

Small

Company

Fund

(unaudited)

9

Opportunistic

Municipal

Fund

(unaudited)

10

Origin

Emerging

Markets

Fund

(unaudited)

11

Small-MidCap

Dividend

Income

Fund

(unaudited)

12

Small-MidCap

Growth

Fund

(unaudited)

13

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(unaudited)

14

Financial

Statements

16

Notes

to

Financial

Statements

42

Schedules

of

Investments

68

Financial

Highlights

(includes

performance

information)

180

Report

of

Independent

Registered

Public

Accounting

Firm

208

Shareholder

Expense

Example

210

Supplemental

Information

213

1

Economic

&

Financial

Market

Review

Global

economic

growth

slowed

as

the

economy

entered

its

late

cycle.

Inflation

remained

persistently

high,

but

the

key

driver—oil

prices—

recently

began

falling.

Accelerated

hawkish

monetary

policy

continued

to

present

headwinds.

United

States

(U.S.)

real

Gross

Domestic

Product

(GDP)

grew

at

an

average

quarter-over-quarter

annualized

rate

of

1.8%

in

the

four

quarters

ending

2Q

2022,

with

sequential

contractions

in

last

two

quarters.

Germany

and

Japan

GDP

growth

rates

were

1.7%

and

1.1%,

respectively.

China

GDP

growth

was

challenged

by

a

resurgence

of

COVID

cases

and

a

weakening

housing

market,

and

stimulative

policies

were

more

constrained

than

expected.

Global

manufacturing

Purchasing

Managers’

Index

(PMI)

remained

well

above

50

in

the

last

12

months

(a

number

above

50

indicates

manufacturing

activity

is

expanding

and

a

number

below

50

indicates

contraction),

and

the

latest

reading,

as

of

August

2022,

was

51.0,

4.8

lower

than

August

2021.

The

global

slowdown

was

broad

based

but

developed

markets

readings

were

still

higher.

Geopolitical

disruptions

and

continued

supply

constraints

drove

inflation

up

during

the

last

12

months.

Global

inflation

increased

from

3.5%

in

August

2021

to

7.4%

in

July

2022.

High

inflation

and

the

risk

of

it

getting

“stickier”

led

some

global

central

banks

to

speed

up

their

tightening

paths.

Global

policy

rates

rose

by

97

basis

points

(bps)

in

the

last

twelve

months.

The

United

States

Federal

Reserve

hiked

interest

rates

four

times

with

a

total

225

bps

increase

and

more

hikes

are

being

priced

in.

Hawkish

monetary

policies

have

caused

global

financial

conditions

to

tighten

sharply

since

the

beginning

of

the

year.

Global

earnings

growth

slowed,

but

remained

positive,

in

the

last

12

months

ending

August

2022.

Compared

to

the

same

time

last

year,

MSCI

All

Country

World

Index

(ACWI)

trailing

12

months

earnings

per

share

(TTM

EPS)

grew

by

18%.

MSCI

World

TTM

EPS

increased

by

20%,

much

higher

than

MSCI

EM’s

10%.

Within

developed

markets,

MSCI

Europe

earnings

grew

at

a

faster

pace

than

U.S.

earnings.

Within

the

U.S.,

mid

cap

and

small

cap

stocks

delivered

much

higher

earnings

growth

(34%

and

32%)

than

large

cap

(23%),

and

value

stocks

beat

growth

stocks

(27%

vs.

16%).

Large

tech,

represented

by

the

Nasdaq

100

Index,

delivered

14%

earnings

growth.

Global

equities

outperformed

global

fixed

income

in

the

last

12

months,

but

both

delivered

negative

returns.

In

USD

terms,

MSCI

ACWI

recorded

a

-16%

loss

year-over-year,

while

the

Bloomberg

Global

Aggregate

Corporate

Index

ended

-18%.

Within

equities,

developed

markets

outperformed

emerging

markets

by

7%,

and

the

U.S.

outperformed

developed

markets

ex-U.S.

by

5%.

Among

major

markets,

China

was

the

worst

performer

with

a

-28%

loss,

bringing

MSCI

EM

down

to

-22%.

Within

the

U.S.,

value

was

the

largest

outperformer.

The

Bloomberg

Barclays

U.S.

Treasury

Index

delivered

a

-11%

loss

as

U.S.

10-year

treasury

yields

rose

from

1.31%

to

3.19%.

Global

high

yield

bonds

outperformed

investment

grade

corporate

bonds

and

global

treasury

bonds

by

2%

and

3%

respectively.

DXY

Index,

a

proxy

for

USD

strength,

increased

by

17%.

Commodity

prices,

represented

by

the

S&P

GSCI

Total

Return

Index,

increased

by

42%,

and

Nymex

crude

oil

rose

from

$68.5

to

$89.6

USD/barrel.

*

Unless

otherwise

stated,

data

sources

are

Bloomberg,

FactSet,

and

Principal

Global

Asset

Allocation.

Data

as

of

August

31,

2022.

Index

descriptions:

MSCI

All

Country

World

Index

(ACWI)

Index

includes

large

and

mid

cap

stocks

across

developed

and

emerging

market

countries.

MSCI

World

Index captures

large

and

mid

cap

representation

across

23

Developed

Markets

(DM)

countries.

MSCI

Europe

Index captures

large

and

mid

cap

representation

across

15

Developed

Markets

(DM)

countries

in Europe.

MSCI

Emerging

Markets

Index

consists

of

large

and

mid

cap

companies

across

24

countries

and

represents

10%

of

the

world

market

capitalization.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country

in

each

of

the

24

countries.

Nasdaq

100

Index

is

a

basket

of

the

100

largest,

most

actively

traded

U.S

companies

listed

on

the

Nasdaq

stock

exchange.

The

index

includes

companies

from

various

industries

except

for

the

financial

industry,

like

commercial

and

investment

banks.

Bloomberg

Barclays

Global

Aggregate

Index

is a

flagship

measure

of

global

investment

grade

debt

from

twenty-

four

local

currency

markets.

This

multi-

currency

benchmark

includes

treasury,

government-related,

corporate

and

securitized

fixed-rate

bonds

from

both

developed

and

emerging

markets

issuers.

Bloomberg

U.S.

Treasury

Index

measures

US

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury.

U.S.

Dollar

Index

(USDX,

DXY,

DX)

is

an

index

(or

measure)

of

the

value

of

the

United

States

dollar

relative

to

a

basket

of

foreign

currencies,

often

referred

to

as

a

basket

of

U.S.

trade

partners'

currencies.

S&P

GSCI

Total

Return

Index

is

an

index

of

24

exchange-traded

futures

contracts

that

represent

a

large

portion

of

the

global

commodities

market.

2

Important

Fund

Information

The

following

information

applies

to

all

funds

shown

in

the

annual

report:

Securities

described

in

the

fund

commentary

may

no

longer

be

held

in

the

fund.

Investment

results

shown

represent

historical

performance

and

do

not

guarantee

future

results.

Your

investment’s

returns

and

principal

values

will

fluctuate

with

changes

in

interest

rates

and

other

market

conditions

so

the

value,

when

redeemed,

may

be

worth

more

or

less

than

original

costs.

Current

performance

may

be

lower

or

higher

than

the

performance

shown.

For

more

information,

including

the

most

recent

month-end

performance,

visit

Principalam.com,

call

your

financial

professional,

or

call

800-222-5852.

A

sales

charge

may

apply

as

follows:

Class

A

shares:

maximum

up-front

sales

charges

on

sales

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;

Class

C

shares:

contingent

deferred

sales

charge

of

1%

on

redemptions

made

during

the

first

12

months;

Class

J

shares:

contingent

deferred

sales

charge

of

1%

on

redemptions

made

during

the

first

18

months.

Institutional

and

Class

R

shares

do

not

have

a

sales

charge.

See

the

prospectus

for

details.

Performance

listed

with

sales

charge

reflects

the

maximum

sales

charge.

*

Performance

assumes

reinvestment

of

all

dividends

and

capital

gains.

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

oldest

share

class,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

Performance

does

not

reflect

the

impact

of

federal,

state,

or

municipal

taxes.

If

it

did,

performance

would

be

lower.

**

Net

asset

value

is

not

adjusted

for

sales

charge.

***

Performance

shown

for

the

benchmark

assumes

reinvestment

of

all

dividends

and

distributions.

Indices

are

unmanaged,

and

individuals

cannot

invest

directly

in

an

index.

3

Blue

Chip

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

The

fund

normally

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

equity

securities

of

companies

with

large

market

capitalizations

at

the

time

of

purchase

that,

in

the

fund's

investment

advisor's

opinion,

display

characteristics

of

a

"blue

chip"

company.

The

advisor

tends

to

focus

on

securities

of

companies

that

show

potential

for

growth

of

capital

as

well

as

an

expectation

for

above

average

earnings.

The

fund

invests

in

securities

of

foreign

companies,

as

well

as

companies

with

medium

market

capitalizations.

The

largest

contributor

to

performance

was

Progressive,

one

of

the

largest

insurers

in

America.

Progressive

offers

a

full

suite

of

insurance

solutions

including

vehicle,

homeowners,

property,

commercial

and

personal

lines,

while

maintaining

its

innovative,

cost-efficient

culture.

The

next

largest

contributor

was

O’Reilly

Automotive,

a

leading

auto

parts

aftermarket

retailer

with

over

5,000

stores

in

the

United

States.

O’Reilly’s

investments

in

distribution

centers

have

put

them

in

a

position

to

quickly

deliver

a

massive

array

of

inventory

in

a

way

that

competitors

cannot

match.

The

third

largest

contributor

was

Costco,

a

retailer

that

operates

membership-based

warehouses.

Costco

benefits

from

a

positive

flywheel

effect:

their

scale

enables

them

to

offer

an

unmatched

value

proposition

to

members,

which

attracts

more

members

and

gives

Costco

even

more

scale.

Security

selection

detracted

from

relative

performance

over

the

last

year,

with

selection

in

the

Information

Technology

sector

being

the

most

significant

headwind.

The

largest

detractor

during

the

fiscal

year

was

PayPal,

the

leading

platform

in

digital

and

mobile

payments.

The

next

largest

detractor

was

Meta

Platforms,

the

parent

company

of

social

networking

platforms

like

Facebook

and

Instagram.

The

company

underwent

a

name

change

to

reflect

its

shifting

focus

to

building

the

next

platform

in

AR/VR

technology.

The

third

largest

detractor

was

Netflix,

the

leading

streaming

entertainment

service

with

more

than

200

million

subscribers

in

over

190

countries.

Value

of

a

$10,000

Investment*

August

31,

2012

-

August

31,

2022

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

*

Class

A

Shares

Excluding

Sales

Charge

-26.35%

13.62%

14.11%

9/30/13

6/14/12

Including

Sales

Charge

-30.40%

12.34%

13.47%

Class

C

Shares

Excluding

Sales

Charge

-26.86%

12.78%

13.34%

9/30/13

6/14/12

Including

Sales

Charge

-27.55%

12.78%

13.34%

Class

J

Shares

Excluding

Sales

Charge

-26.23%

13.72%

14.31%

9/11/17

6/14/12

Including

Sales

Charge

-26.92%

13.72%

14.31%

Institutional

Shares

-26.13%

13.95%

14.61%

6/14/12

–

R-3

Shares

-26.50%

13.40%

14.02%

3/29/16

6/14/12

R-4

Shares

-26.35%

13.61%

14.24%

3/29/16

6/14/12

R-5

Shares

-26.25%

13.75%

14.38%

3/29/16

6/14/12

R-6

Shares

-26.08%

14.05%

14.65%

1/3/17

6/14/12

*Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

4

Bond

Market

Index

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

to

provide

current

income.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

investments

designed

to

track

the

Bloomberg

U.S.

Aggregate

Bond

Index

(the

"index")

at

the

time

of

purchase.

The

index

is

composed

of

investment

grade,

fixed

rate

debt

issues

with

maturities

of

one

year

or

more,

including

government

securities,

corporate

securities,

and

asset-backed

and

mortgage-backed

securities

(securitized

products).

During

the

most

recently

completed

fiscal

year

ending

August

31,

2022,

the

portfolio

performed

in

line

with

the

index

during

the

past

twelve

months.

The

top

contributors

to

performance

included

slightly

higher

allocation

compared

to

index

weight

to

U.S.

Treasury

securities,

slightly

short

duration

position

relative

to

the

index

as

interest

rates

increased,

and

lower

allocation

compared

to

index

weight

to

commercial

mortgage-backed

securities.

The

top

detractors

from

performance

for

the

fiscal

year

included

slightly

higher

allocation

compared

to

index

weight

to

investment

grade

corporate

bonds,

security

specific

impacts

within

mortgage-backed

securities,

and

security

specific

impacts

within

investment

grade

corporate

bonds.

Value

of

a

$10,000

Investment*

August

31,

2012

-

August

31,

2022

1-Year

5-Year

10-Year

Inception

Date

Class

J

Shares

Excluding

Sales

Charge

-11.95%

-0.08%

0.61%

3/16/10

Including

Sales

Charge

-12.82%

-0.08%

0.61%

Institutional

Shares

-11.58%

0.36%

1.18%

12/30/09

R-1

Shares

-12.33%

-0.51%

0.20%

12/30/09

R-3

Shares

-11.99%

-0.20%

0.51%

12/30/09

R-4

Shares

-11.97%

0.02%

0.72%

12/30/09

R-5

Shares

-11.84%

0.09%

0.81%

12/30/09

5

Diversified

Real

Asset

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisors:

BlackRock

Financial

Management,

Inc.;

ClearBridge

Investments

(North

America)

Pty

Limited;

CoreCommodity

Management

LLC;

Delaware

Investments

Fund

Advisers;

Impax

Asset

Management

Limited;

Newton

Investment

Management

North

America

LLC;

Nuveen

Asset

Management

LLC;

Pictet

Asset

Management

SA;

Principal

Real

Estate

Investors,

LLC;

Wellington

Management

Company

LLP

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

a

long-term

total

return

in

excess

of

inflation.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

investments

related

to

real

assets

and

real

asset

companies.

It

allocates

its

assets

among

general

investment

categories

related

to

real

assets,

which

include

tangible

assets

and

investments

that

are

expected

to

perform

well

in

periods

of

rising

or

high

inflation,

such

as

the

following:

infrastructure,

natural

resources

and

timber,

commodities,

real

estate,

inflation-

indexed

bonds,

and

floating

rate

debt.

Within

real

return,

the

TIPS

sleeve

utilized

derivatives

to

express

opinions

on

real

vs

nominal

rates

as

well

as

views

on

the

shape

of

the

yield

curve.

The

derivatives

employed

are

among

the

most

efficient

and

liquid

ways

to

express

opinions

within

the

TIPS

universe.

Derivatives

used

within

the

Fund

performed

as

expected

and

were

not

among

the

most

positive

or

negative

contributors

to

performance.

During

the

one-year

period,

both

manager

selection

and

asset

allocation

factors

were

positive,

with

manager

selection

being

the

primary

driver

of

outperformance.

Manager

selection

was

particularly

favorable

within

the

active

Global

Natural

Resources

sleeve

sub-advised

by

Newton.

Newton’s

overweight

to

energy

contributed

significantly,

in

addition

to

an

underweight

in

and

favorable

security

selection

within

the

materials

sector.

Manager

selection

within

Global

Infrastructure

was

also

a

modest

positive,

led

by

Clearbridge.

Clearbridge

benefited

from

an

overweight

to

energy

and

an

underweight

to

transportation.

Asset

allocation

was

another

significant

performance

contributor

during

the

period.

An

underweight

to

REITS,

which

struggled

in

the

rising

rate

environment

clouded

by

the

potential

for

impending

economic

weakness

in

favor

of

natural

resources

and

commodities

was

rewarded.

Style

selection

within

natural

resources

and

infrastructure

detracted

from

relative

performance.

Within

natural

resources,

an

allocation

to

Climate

Change,

sub-advised

by

Impax,

and

to

the

passive

Global

Natural

Resources

sleeve,

sub-advised

by

PGI,

hindered

results.

The

passive

GNR

sleeve

is

an

equal-weighted

version

of

the

index,

and

by

design

has

a

smaller

market

cap

which

was

not

rewarded

during

the

period.

The

Climate

Change

sleeve

also

struggled

with

headwinds

facing

smaller

cap

companies

and

companies

that

were

more

growth-

oriented,

as

the

market

rotated

strongly

towards

value

in

the

second

half

of

the

one-year

period.

The

Timber

sleeve,

sub-advised

by

Pictet,

also

underperformed

the

S&P

Global

Natural

Resources

benchmark.

Within

infrastructure,

an

allocation

to

Global

Water

equities

hindered

results.

The

Global

Water

sleeve

was

terminated

in

June

2022.

An

overweight

to

real

return,

which

lagged

the

DRA

Strategic

Index,

further

moderated

results.

Value

of

a

$10,000

Investment*

August

31,

2012

-

August

31,

2022

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

*

Class

A

Shares

Excluding

Sales

Charge

0.95%

4.86%

3.03%

3/16/10

–

Including

Sales

Charge

-2.86%

4.06%

2.64%

Institutional

Shares

1.35%

5.24%

3.43%

3/16/10

–

R-3

Shares

0.89%

4.70%

2.89%

3/29/16

3/16/10

R-5

Shares

1.24%

5.06%

3.24%

3/29/16

3/16/10

R-6

Shares

1.45%

5.29%

3.45%

12/31/14

3/16/10

*

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

^The

Fund

uses

a

blended

benchmark,

Diversified

Real

Asset

Index

(Linked),

which

shows

how

the

Fund’s

performance

compares

to

a

blend

of

indices

with

similar

investment

objectives.

For

periods

prior

to

January

1,

2022

Diversified

Real

Asset

Index

(Linked)

was

known

as

Diversified

Real

Asset

Strategic

Index,

was

composed

of

35%

Bloomberg

U.S.

Treasury

TIPS

Index,

20%

S&P

Global

Infrastructure

Index

NTR,

20%

S&P

Global

Natural

Resources

Index

NTR,

15%

Bloomberg

Commodity

Index,

and

10%

FTSE

EPRA/NAREIT

Developed

Index

NTR.

Performance

for

the

benchmark

assumes

reinvestment

of

all

dividends

and

distributions.

Indices

are

unmanaged,

and

individuals

cannot

invest

directly

in

an

index.

^^

Effective

January

1,

2022

Diversified

Real

Asset

Index

(Linked)

is

composed

of

30%

S&P

Global

Infrastructure

Index

NTR,

25%

FTSE

EPRA/NAREIT

Developed

Index

NTR,

15%

Bloomberg

US

Treasury

TIPS

Index,

15%

Bloomberg

Commodity

Index,

and

15%

S&P

Global

Natural

Resources

Index

NTR.

Performance

for

the

benchmark

assumes

reinvestment

of

all

dividends

and

distributions.

Indices

are

unmanaged,

and

individuals

cannot

invest

directly

in

an

index.

6

Edge

MidCap

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

equity

securities

of

companies

with

medium

market

capitalizations

at

the

time

of

purchase.

It

invests

in

real

estate

investment

trust

securities.

The

fund

invests

in

equity

securities

with

value

and/or

growth

characteristics

and

constructs

an

investment

portfolio

that

has

a

"blend"

of

equity

securities

with

these

characteristics.

Helmerich

&

Payne,

Inc.

(HP)

outperformed

as

oil

prices

climbed.

Investors

anticipated

higher

rig

counts

and

that

HP

would

be

better

positioned

than

most

to

take

market

share

and

grow

profits.

Coterra

Energy

Inc.

(CTRA)

outperformed

as

the

energy

sector

benefited

from

improving

sentiment

as

gas

prices

increase

and

the

economy

reopens.

The

company

continued

to

achieve

strong

free

cash

flow

generation

and

productivity

gains.

FMC

Corporation

(FMC)

contributed

to

results

as

investors

became

less

concerned

about

rising

raw

materials

costs

and

focused

on

the

Ukraine

crisis’

effect

on

crop

commodity

availability,

pricing,

and

subsequent

demand

for

crop

protection

products.

YETI

Holdings,

Inc.

(YETI)

lagged

due

to

supply

chain

concerns

as

investors

worried

that

the

cooler

and

drinkware

provider

would

not

be

able

to

meet

high

demand.

Additionally,

rising

labor

costs

weighed

on

the

company.

PROG

Holdings,

Inc.

(PRG)

detracted

as

the

company

missed

earnings

and

tightened

lending

standards

in

light

of

a

tougher

macroeconomic

environment,

forcing

volumes

and

revenues

to

decline.

Teleflex

Incorporated

(TFX)

lagged

on

concerns

that

its

UroLift

product

would

not

meet

growth

expectations

and

slower

elective

surgery

demand

would

also

temper

earning’s

growth

for

other

TFX

medical

products.

Value

of

a

$10,000

Investment*

September

28,

2015

-

August

31,

2022

1-Year

5-Year

Since

Inception

Inception

Date

Extended

Performance

Inception

Date

*

Class

A

Shares

Excluding

Sales

Charge

-13.95%

8.28%

10.14%

12/31/18

9/28/15

Including

Sales

Charge

-18.67%

7.07%

9.24%

Institutional

Shares

-13.65%

8.63%

10.52%

9/28/15

–

R-6

Shares

-13.54%

8.75%

10.69%

1/3/17

9/28/15

*

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

7

Global

Multi-Strategy

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisors:

Gotham

Asset

Management,

LLC;

Graham

Capital

Management,

L.P.;

Loomis,

Sayles

&

Company,

L.P.;

Los

Angeles

Capital

Management

LLC;

Sound

Point

Capital

Management,

LP;

Wellington

Management

Company

LLP;

Westchester

Capital

Management

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

to

achieve

long-term

capital

appreciation

with

an

emphasis

on

positive

total

returns

and

managing

volatility.

The

fund

invests

in

a

broad

range

of

instruments

including,

but

not

limited

to,

equities,

bonds,

currencies,

commodities,

convertible

securities,

and

bank

loans.

Under

normal

market

conditions,

it

invests

in

securities

of

issuers

located

throughout

the

world,

including

the

U.S.,

invests

at

least

30%

of

its

net

assets

in

foreign

and

emerging

market

securities,

and

holds

investments

tied

economically

to

at

least

twenty

countries.

Derivatives

are

used

by

Global

Multi-Strategy

Fund’s

subadvisors

on

both

the

long

and

short

side

of

their

portfolios

to

either

gain

exposure

to

asset

classes

or

markets

or

to

express

a

bearish

view

on

markets

or

specific

assets.

In

addition,

derivatives

are

used

by

GMS’s

subadvisors

for

hedging

purposes.

The

fund’s

allocation

to

the

global

macro

sleeve

managed

by

Graham

Capital

Management

was

the

largest

contributor

to

the

fund’s

performance.

Graham

profited

from

long

positions

in

energy

commodities,

long

positions

in

the

U.S.

dollar

versus

the

Euro,

Japanese

yen,

and

British

pound,

and

from

short

positioning

across

U.S.

and

European

rates

markets.

Positive

contribution

also

came

from

the

fund’s

allocation

to

the

credit

long/short

sleeve

managed

by

Sound

Point

Capital

Management,

which

successfully

restructured

a

special

situations

investment

in

a

midstream

energy

company.

The

fund’s

allocation

to

the

equity

long/short

sleeve

managed

by

Gotham

Capital

Management

also

contributed.

Gotham’s

performance

benefited

from

a

resurgence

in

value.

Gotham

delivered

gains

via

short

positions

in

the

health

care

and

consumer

discretionary

sectors,

as

well

as

long

positions

in

the

energy

sector.

The

fund’s

largest

detractor

came

from

the

allocation

to

the

emerging

market

debt

long/short

sleeve

managed

by

Finisterre

Capital.

Emerging

market

debt

was

a

challenging

investment

universe

in

which

to

manage

for

the

twelve

months

ending

August

31,

2022,

given

a

strong

U.S.

dollar

and

a

weakening

global

growth

environment.

Finisterre’s

negative

performance

was

partially

driven

by

losses

in

the

Ukraine

sovereign

credit,

which

suffered

following

the

country’s

invasion

by

Russia.

The

credit

long/short

sleeve

managed

by

Loomis

Sayles

also

detracted,

largely

due

to

spread

widening

across

high

yield

corporates,

emerging

market

debt,

and

investment

grade

corporate

bonds.

The

equity

long/

short

sleeve

managed

by

Wellington

Management

was

also

a

detractor,

driven

primarily

by

stock

selection

in

the

information

technology

and

consumer

discretionary

sectors.

Value

of

a

$10,000

Investment*

August

31,

2012

-

August

31,

2022

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

*

Class

A

Shares

Excluding

Sales

Charge

-2.60%

2.30%

2.77%

10/24/11

–

Including

Sales

Charge

-6.26%

1.52%

2.38%

Institutional

Shares

-2.19%

2.74%

3.17%

10/24/11

–

R-6

Shares

-2.10%

2.78%

3.20%

6/12/17

10/24/11

*

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

8

International

Equity

Index

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

securities

that

compose

the

MSCI

EAFE

Index

NTR

at

the

time

of

purchase.

The

index

is

a

market-weighted

equity

index

designed

to

measure

the

equity

performance

of

developed

markets,

excluding

the

United

States

and

Canada.

The

advisor

employs

a

passive

investment

approach

designed

to

attempt

to

track

the

performance

of

the

index.

During

the

12

months

ending

in

August

2022,

the

Principal

International

Equity

Index

Fund

was

in

line

with

the

MSCI

EAFE

index

NTR.

The

Portfolio

uses

an

indexing

strategy

and

does

not

attempt

to

manage

market

volatility,

use

defensive

strategies

or

reduce

the

effect

of

any

long-term

periods

of

negative

stock

market

performance.

One

of

the

eleven

economic

sectors

in

the

index

posted

positive

returns

during

the

period

as

energy

posted

the

best

returns

for

the

year.

Equinor,

Shell,

and

BP

contributed

to

fund

performance

for

the

twelve

month

period

ending

in

August.

The

information

technology

and

industrial

sectors

were

the

weakest

performers

during

the

period.

Sea

Ltd,

Zalando,

and

Koninklijke

Philips

detracted

from

fund

performance

for

the

twelve

month

period

ending

in

August.

Value

of

a

$10,000

Investment*

August

31,

2012

-

August

31,

2022

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

*

Institutional

Shares

-20.27%

1.28%

4.67%

12/30/09

–

R-1

Shares

-21.00%

0.38%

3.76%

12/30/09

–

R-3

Shares

-20.75%

0.69%

4.08%

12/30/09

–

R-4

Shares

-20.53%

0.91%

4.28%

12/30/09

–

R-5

Shares

-20.45%

1.01%

4.40%

12/30/09

–

R-6

Shares

-20.25%

1.32%

4.65%

1/3/17

12/30/09

*Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

9

International

Small

Company

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

equity

securities

of

companies

with

small

market

capitalizations

at

the

time

of

purchase.

It

invests

primarily

in

foreign

equity

securities.

The

fund

typically

invests

in

foreign

securities

of

more

than

10

countries

but

has

no

limitation

on

the

percentage

of

assets

that

is

invested

in

each

country

or

denominated

in

any

currency.

Stock

selection

in

Canada

contributed

positively

to

relative

performance

during

the

year.

Canadian

natural

gas

companies

continued

to

perform

strongly

on

the

back

of

higher

commodity

prices,

further

amplified

by

the

Russia/Ukraine

conflict.

Canadian

renewable

energy

utility

companies

have

also

performed

well

amid

higher

power

prices.

On

a

sector

basis,

the

information

technology

and

energy

sectors

were

the

top

contributors

to

relative

performance.

Stock

selection

within

the

United

Kingdom

and

Japan

stood

out

as

a

key

detractor

from

relative

performance

during

the

period.

British

retail

companies

have

underperformed

amid

investor

concerns

over

future

growth

rates

and

consumer

spending.

Japanese

capital

goods

holdings

also

detracted

from

relative

performance

as

construction

and

machinery

holdings

underperformed

amid

recessionary

concerns.

On

a

sector

basis,

the

industrials

and

consumer

staples

sectors

were

the

top

detractors

to

relative

performance.

Value

of

a

$10,000

Investment*

June

11,

2014

-

August

31,

2022

1-Year

5-Year

Since

Inception

Inception

Date

Extended

Performance

Inception

Date

*

Institutional

Shares

-27.62%

-0.84%

2.12%

12/31/14

6/11/14

R-6

Shares

-27.61%

-0.75%

2.10%

1/3/17

6/11/14

*

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

Class

A

Shares,

which

discontinued

operations

on

February

23,

2021,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

10

Opportunistic

Municipal

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

to

provide

a

high

level

of

income

that

is

exempt

from

federal

income

tax

while

protecting

investors'

capital.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

municipal

obligations

(securities

issued

by

or

on

behalf

of

state

or

local

governments

and

other

public

authorities).

It

invests

in

other

debt

obligations,

including

(but

not

limited

to)

taxable

municipal

obligations,

U.S.

Treasury

securities,

obligations

of

the

U.S.

government,

its

agencies

and

instrumentalities

("Agency

Securities")

and

exchange-traded

funds

(ETFs)

to

gain

exposure

to

the

municipal

market.

During

the

fiscal

year

ending

August

31,

2022,

the

top

sector

contributors

were

State,

Housing,

Special

Tax

while

the

top

individual

security

contributors

were

Northern

Tobacco

Securitization,

Metropolitan

Water

District

of

Southern

California,

Metropolitan

Pier

and

Exposition.

The

top

sector

detractors

for

the

fiscal

year

included

Power,

IDB

and

PCR,

Single

Family

Housing

while

the

top

individual

security

detractors

were

New

York

State

Bridge

Authority

Revenue,

Public

Finance

Authority

Wisconsin

Exempt

Facility,

and

New

Hampshire

Health

and

Education

Facility.

For

the

twelve-month

period,

yields

on

the

Bloomberg

Municipal

Bond

Index

increased

significantly

resulting

in

losses

in

the

broad

municipal

bond

market.

Principal’s

Opportunistic

Municipal

bond

fund

underperformed

its

benchmark.

Duration

was

a

negative

detractor

as

the

fund

has

a

higher

duration

than

the

benchmark,

sector

allocation

was

negative

detractor

and

security

selection

was

a

negative

detractor.

Value

of

a

$10,000

Investment*

August

31,

2012

-

August

31,

2022

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

*

Class

A

Shares

Excluding

Sales

Charge

-13.42%

1.88%

3.31%

6/14/12

–

Including

Sales

Charge

-16.69%

1.11%

2.91%

Institutional

Shares

-13.25%

2.14%

3.51%

3/10/15

6/14/12

*

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

Class

A

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

11

Origin

Emerging

Markets

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisor:

Origin

Asset

Management

LLP

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

equity

securities

of

emerging

market

companies

at

the

time

of

purchase.

The

advisor

considers

a

security

to

be

tied

economically

to

an

emerging

market

(an

"emerging

market

security")

if

the

issuer

of

the

security

has

its

principal

place

of

business

or

principal

office

in

an

emerging

market,

has

its

principal

securities

trading

market

in

an

emerging

market,

or

derives

a

majority

of

its

revenue

from

emerging

markets.

The

twelve-month

period

ending

in

August

2022

was

a

difficult

time

for

investors

in

almost

all

asset

classes,

but

particularly

those

with

exposure

to

Emerging

Market

equities.

A

consistent

theme

during

the

year

has

been

the

marked

reduction

in

expectations

for

global

economic

growth,

initially

driven

by

China’s

fruitless

Zero-Covid

policy

and

more

recently,

the

Ukrainian

conflict

with

its

associated

sharp

rise

in

energy

prices.

This

conflagration

has

in

turn

raised

the

specter

of

perhaps

the

biggest

fear

for

equity

investors,

stagflation.

Depressed

growth

plus

inflation,

where

the

policy

response

trying

to

quell

sharp

growth

in

prices

has

the

effect

of

slowing

economic

activity

yet

further.

Adding

to

the

long

list

of

negatives

for

Emerging

Market

Equity

investors

has

been

the

rampant

U.S.

dollar,

normally

strong

during

difficult

economic

times,

but

right

now

boosted

by

the

hawkish

behavior

of

the

U.S.

Federal

reserve

seemingly

the

keenest

among

global

central

banks

to

stamp

down

hard

on

inflation

with

sharp

rate

rises.

The

internal

pattern

of

sector

and

country

rotation

of

leadership

within

the

emerging

market

universe

has

made

things

difficult

for

our

stock

selection

process

within

our

asset

class.

We

normally

rely

on

stable

trends

in

relative

performance

to

help

us

outperform

but

during

this

period,

constant

choppy

rotation

was

the

order

of

the

day.

Additionally,

our

focus

on

high

quality,

highly

profitable

companies

for

the

long

term

has

caused

us

to

miss

much

of

the

sharp

bounce

in

performance

from

energy

producers

that

has

followed

the

Russian

invasion

of

Ukraine;

a

difficult

period

then

both

for

absolute

and

relative

returns.

Value

of

a

$10,000

Investment*

January

23,

2015

-

August

31,

2022

1-Year

5-Year

Since

Inception

Inception

Date

Class

A

Shares

Excluding

Sales

Charge

-28.32%

-2.30%

0.74%

1/23/15

Including

Sales

Charge

-32.25%

-3.40%

0.00%

Institutional

Shares

-28.08%

-1.89%

0.94%

1/23/15

R-6

Shares

-27.96%

-1.79%

1.01%

1/23/15

12

Small-MidCap

Dividend

Income

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

to

provide

current

income

and

long-term

growth

of

income

and

capital.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

dividend-paying

equity

securities

of

companies

with

small

to

medium

market

capitalizations

at

the

time

of

purchase.

Its

investments

include

the

securities

of

foreign

issuers

and

real

estate

investment

trusts.

Diamondback

Energy,

Inc.

(FANG)

contributed

as

strong

cash

flows

due

to

higher

energy

prices

and

a

low

cost

structure

helped

results.

The

company

also

benefited

from

multiple

dividend

increases

during

the

period.

Targa

Resources

Corp.

(TRGP)

contributed

to

results

as

the

company

beat

expectations

due

to

higher

commodity

prices

and

increased

volumes.

The

company

also

benefited

from

a

large

dividend

increase

during

the

period.

Coterra

Energy

Inc.

(CTRA)

outperformed

as

the

energy

sector

benefited

from

improving

sentiment

as

gas

prices

increase

and

the

economy

reopens.

The

company

continued

to

achieve

strong

free

cash

flow

generation

and

productivity

gains.

MKS

Instruments,

Inc.

(MKSI)

lagged

during

the

period

as

investors

worried

about

supply

chain

issues

and

its

pending

Atotech

acquisition.

Devon

Energy

Corporation

(DVN)

detracted

from

results

as

the

portfolio

did

not

hold

the

company

which

outperformed

as

energy

prices

rose.

CONMED

Corporation

(CNMD)

lagged

despite

beating

expectations

as

its

company

management

noted

macroeconomic

headwinds

and

took

down

earnings

expectations

due

to

near

term

dilution

from

its

acquisition

of

In2Bones

Global,

Inc.,

which

operates

in

the

upper

and

lower

extremity

markets

and

should

enhance

its

orthopedic

device

portfolio.

Value

of

a

$10,000

Investment*

August

31,

2012

-

August

31,

2022

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

*

Class

A

Shares

Excluding

Sales

Charge

-5.31%

4.66%

9.04%

6/6/11

–

Including

Sales

Charge

-10.52%

3.49%

8.43%

Class

C

Shares

Excluding

Sales

Charge

-6.09%

3.87%

8.36%

6/14/12

–

Including

Sales

Charge

-7.02%

3.87%

8.36%

Institutional

Shares

-5.08%

4.94%

9.39%

6/6/11

–

R-6

Shares

-5.05%

5.03%

9.42%

1/3/17

6/6/11

*

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

13

Small-MidCap

Growth

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

long-term

growth

of

capital.

Under

normal

circumstances,

the

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

equity

securities

of

companies

with

small

to

medium

market

capitalizations

at

the

time

of

purchase.

For

this

fund,

companies

with

small

to

medium

market

capitalizations

are

those

with

market

capitalizations

within

the

range

of

companies

in

the

Russell

2500

Growth

Index.

After

a

strong

finish

to

calendar

year

2021,

equity

markets

have

faced

very

challenging

conditions

year-to-date

through

August

31,

2022.

The

abrupt

downshift

in

investor

sentiment

was

largely

driven

by

sharply

rising

inflation

amid

ongoing

supply

chain

disruptions

and

rising

commodity

prices.

In

turn,

this

fueled

rising

bond

yields

and

more

restrictive

monetary

policy

by

the

U.S.

Federal

Reserve.

These

pressures

were

further

amplified

by

the

Russian

invasion

of

Ukraine,

sending

most

global

equity

markets

into

“bear

market”

territory

(declines

of

20%

or

more).

The

declines

among

high

growth

stocks

and

sectors

(technology,

communications

and

consumer

discretionary)

were

even

more

pronounced

than

the

overall

market.

Conversely,

value-oriented

and

commodity

linked

sectors

fared

comparatively

better,

with

energy

stocks

posting

double

digit

gains

amid

the

sharp

rise

in

oil

and

gas

prices

globally.

Small

and

mid-capitalization

shares

also

marginally

lagged

their

generally

more

defensive

large-cap

counterparts.

Despite

this

very

difficult

market

backdrop,

the

Fund

outperformed

its

policy

benchmark

and

peer

group

category

average.

Relative

outperformance

for

the

year

versus

the

Russell

2500

Index

was

primarily

a

function

of

favorable

stock

selection,

but

also

benefited

from

overall

sector

allocation.

The

two

areas

of

most

favorable

contribution

were

Health

Care

and

Consumer

Staples.

Favorable

relative

results

were

also

seen

among

the

fund’s

technology

holdings.

Although

the

fund

holds

relatively

small

nominal

weights

in

the

energy

and

financial

services

sector,

favorable

stock

selection

in

those

areas

also

contributed

meaningfully

to

overall

relative

outperformance

Value

of

a

$10,000

Investment*

June

12,

2019

-

August

31,

2022

1-Year

Since

Inception

Inception

Date

Institutional

Shares

-21.76%

16.19%

6/12/19

14

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisor:

Spectrum

Asset

Management,

Inc.

Performance

of

other

share

classes

will

differ.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?

The

investment

seeks

to

provide

current

income.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowing

for

investment

purposes,

in

preferred

securities

and

capital

securities

at

the

time

of

purchase.

Preferred

securities

typically

include

preferred

stock

and

various

types

of

junior

subordinated

debt

and

trust

preferred

securities.

It

concentrates

its

investments

(invests

more

than

25%

of

its

net

assets)

in

securities

in

one

or

more

industries

(i.e.,

banking,

insurance

and

commercial

finance)

within

the

financial

services

sector.

The

markets

were

unsettled

throughout

the

period

at

first

due

to

a

combination

of

Omicron

fears

and

a

U.S.

Federal

Reserve

Bank

policy

shift.

The

Omicron

variant

spiked

global

coronavirus

cases

which

impelled

renewed

fears

and

lockdowns

around

the

globe,

among

other

dysfunctions.

The

U.S.

Central

Bank

started

its

long-awaited

taper

and

began

to

talk

down

inflation

being

more

than

just

transitory.

In

the

process,

the

Fed

changed

its

messaging

to

allow

for

the

possibility

of

a

rate

lift-off

on

federal

funds

to

happen

sooner

than

later

after

markets

had

largely

come

to

accept

that

lift-off

wouldn’t

happen

until

December

2022.

Chairman

Powell

stated

in

his

December

2021

press

conference,

“I

don’t

foresee

that

very

extended

wait”

meaning

that

he

doesn’t

expect

a

very

long

delay

between

completing

the

taper

and

raising

the

federal

funds

rate.

Powell

also

acknowledged

that

the

committee

discussed

potentially

shrinking

the

balance

sheet.

This

heightened

hawkishness

was

a

material

shift

from

the

Fed,

which

caused

yields

on

U.S.

Treasury

yields

to

zoom

swiftly

higher

as

inflation

flashed

its

loudest

alarm

in

four

decades.

The

Fed

moving

from

dismissive

inflation

narratives

to

expeditious

rate

hike

actions

was

a

mea

culpa

that

reset

market

conditions

causing

U.S.

Treasury

valuations

to

reprice

in

one

of

the

negative

trends

over

a

12

month

period

on

record.

As

a

result,

the

capital

securities

sectors

came

under

significant

pressure.

The

price

declines

happened

primarily

in

two

stages

during

the

period:

1)

during

the

first

quarter

of

2022,

duration

explained

most

of

the

price

declines

as

yields

rose

by

about

100

basis

points,

but

spreads

widened

just

modestly

and

2)

during

the

second

quarter

spread

duration

explained

over

half

the

price

declines

as

spreads

widened

by

130

bps

into

May

and

U.S.

Treasury

5

year

yields

rose

another

120

bps

too.

The

differential

in

performance

between

investment

grade

and

below

investment

grade

paper

did

not

widen

noticeably

until

the

second

quarter

when

equity

bottomed

below

3800

on

the

S&P

500

index,

which

indicated

elevated

recession

risks.

A

strong

summer

rally

in

equity

then

helped

to

tighten

spreads

from

June

through

July

only

to

give

most

of

the

gains

back

during

August

as

the

Fed

reaffirmed

its

intentions

to

push

rates

higher

and

keep

them

high

for

some

time.

Allocations

to

capital

securities

detracted

from

absolute

performance

and

allocations

to

the

interest

rate

hedge

contributed

to

absolute

performance.

The

fund

tactics

were

primarily

to

be

underweight

the

retail

$25

par

sector

because

of

the

sectors

long

duration

risk

and

overweight

Contingent

Convertible

Capital

Securities

because

of

the

sector’s

shorter

duration,

high

yield

and

liquidity.

The

fund

outperformed

its

benchmark

during

the

period.

Value

of

a

$10,000

Investment*

August

31,

2012

-

August

31,

2022

1-Year

5-Year

10-Year

Inception

Date

Extended

Performance

Inception

Date

*

Class

A

Shares

Excluding

Sales

Charge

-10.28%

1.75%

4.24%

6/28/05

–

Including

Sales

Charge

-13.61%

0.98%

3.85%

Class

C

Shares

Excluding

Sales

Charge

-10.98%

0.99%

3.62%

1/16/07

–

Including

Sales

Charge

-11.83%

0.99%

3.62%

Class

J

Shares

Excluding

Sales

Charge

-10.38%

1.75%

4.20%

12/29/03

–

Including

Sales

Charge

-11.23%

1.75%

4.20%

Institutional

Shares

-10.14%

2.00%

4.53%

5/1/02

–

R-1

Shares

-10.81%

1.21%

3.69%

11/1/04

–

R-3

Shares

-10.53%

1.54%

4.02%

6/1/04

–

R-4

Shares

-10.41%

1.71%

4.21%

6/1/04

–

R-5

Shares

-10.24%

1.85%

4.35%

6/1/04

–

R-6

Shares

-9.97%

2.10%

4.54%

1/3/17

5/1/02

*

Extended

performance

is

calculated

based

on

the

historical

performance

of

the

Fund’s

Institutional

Shares,

adjusted

for

the

fees

and

expenses

of

the

share

class

shown.

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2022

16

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

..........................................................

$

7,061,265‌

$

1,891,206‌

$

4,754,944‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

43,475‌

$

307,016‌

$

319,187‌

Foreign

currency--at

cost

..................................................................

$

–‌

$

–‌

$

513‌

Assets

Investment

in

securities--at

value 

..........................................................

$

8,701,084‌

(b)

$

1,796,501‌

(b)

$

4,630,250‌

(b)

Investment

in

affiliated

Funds--at

value

.....................................................

43,475‌

307,016‌

319,187‌

Foreign

currency--at

value

..................................................................

–‌

–‌

483‌

Deposits

with

counterparty

..................................................................

–‌

–‌

3,733‌

Receivables:

Dividends

and

interest

.................................................................

7,449‌

8,203‌

9,817‌

Expense

reimbursement

from

Manager

...............................................

223‌

17‌

374‌

Expense

reimbursement

from

Distributor

.............................................

3‌

–‌

–‌

Foreign

currency

contracts

...........................................................

–‌

–‌

68‌

Fund

shares

sold

.......................................................................

6,885‌

101,855‌

3,211‌

Investment

securities

sold

.............................................................

26,186‌

164,128‌

80,042‌

Variation

margin

on

futures

...........................................................

–‌

–‌

4,090‌

Variation

margin

on

swaps

............................................................

–‌

–‌

39‌

Other

assets

..................................................................................

1‌

–‌

–‌

Total

Assets  

8,785,306‌

2,377,720‌

5,051,294‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

4,579‌

156‌

3,248‌

Accrued

administrative

service

fees

........................................................

1‌

1‌

–‌

Accrued

distribution

fees

....................................................................

469‌

7‌

32‌

Accrued

service

fees

........................................................................

5‌

5‌

–‌

Accrued

transfer

agent

fees

.................................................................

810‌

33‌

594‌

Accrued

chief

compliance

officer

fees

......................................................

1‌

–‌

–‌

Accrued

directors'

expenses

.................................................................

25‌

5‌

13‌

Accrued

professional

fees

...................................................................

23‌

31‌

116‌

Accrued

other

expenses

.....................................................................

141‌

15‌

195‌

Cash

overdraft

...............................................................................

–‌

–‌

3,288‌

Deposits

from

counterparty

.................................................................

–‌

–‌

40‌

Payables:

Foreign

currency

contracts

............................................................

–‌

–‌

3‌

Fund

shares

redeemed

.................................................................

4,603‌

953‌

7,307‌

Investment

securities

purchased

......................................................

38,709‌

456,904‌

367,786‌

Options

and

swaptions

contracts

written

 (premiums

received

$

0

,

$

0

and

$

3,100

)

...

–‌

–‌

3,126‌

OTC

swap

agreements--at

value

(premiums

received

$

0

,

$

0

and

$

0

)

................

–‌

–‌

50‌

Unrealized

loss

on

unfunded

commitments

...........................................

–‌

–‌

7‌

Variation

margin

on

futures

...........................................................

–‌

–‌

19,675‌

Variation

margin

on

swaps

............................................................

–‌

–‌

121‌

Collateral

obligation

on

securities

loaned,

at

value

.........................................

24,875‌

6,619‌

17,151‌

Total

Liabilities  

74,241‌

464,729‌

422,752‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

8,711,065‌

$

1,912,991‌

$

4,628,542‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

7,025,905‌

$

2,009,394‌

$

4,380,042‌

Total

distributable

earnings

(accumulated

loss)

.............................................

1,685,160‌

(

96,403‌

)

248,500‌

Total

Net

Assets 

$

8,711,065‌

$

1,912,991‌

$

4,628,542‌

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2022

17

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

1,775,000‌

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

..........................................................................

$

850,509‌

N/A‌

$

150,176‌

Shares

Issued

and

Outstanding

........................................................

28,976‌

11,794‌

Net

Asset

Value

per

share

.............................................................

$

29

.35‌

(c)

$

12

.73‌

(c)

Maximum

Offering

Price

..............................................................

$

31

.06‌

$

13

.23‌

Class

C

:

Net

Assets

..........................................................................

$

276,796‌

N/A‌

N/A‌

Shares

Issued

and

Outstanding

........................................................

10,186‌

Net

Asset

Value

per

share

.............................................................

$

27

.18‌

(c)

Class

J

:

Net

Assets

..........................................................................

$

156,338‌

$

32,188‌

N/A‌

Shares

Issued

and

Outstanding

........................................................

5,233‌

3,760‌

Net

Asset

Value

per

share

.............................................................

$

29

.87‌

(c)

$

8

.56‌

(c)

Institutional

:

Net

Assets

.....................................................................

$

2,473,139‌

$

1,858,811‌

$

2,624,597‌

Shares

Issued

and

Outstanding

........................................................

82,124‌

211,972‌

206,194‌

Net

Asset

Value

per

share

.............................................................

$

30

.11‌

$

8

.77‌

$

12

.73‌

R-1

:

Net

Assets

..............................................................................

N/A‌

$

850‌

N/A‌

Shares

Issued

and

Outstanding

........................................................

99‌

Net

Asset

Value

per

share

.............................................................

$

8

.58‌

R-3

:

Net

Assets

..............................................................................

$

11,031‌

$

8,056‌

$

274‌

Shares

Issued

and

Outstanding

........................................................

378‌

942‌

22‌

Net

Asset

Value

per

share

.............................................................

$

29

.23‌

$

8

.55‌

$

12

.65‌

R-4

:

Net

Assets

..............................................................................

$

2,443‌

$

2,611‌

N/A‌

Shares

Issued

and

Outstanding

........................................................

82‌

302‌

Net

Asset

Value

per

share

.............................................................

$

29

.57‌

$

8

.64‌

R-5

:

Net

Assets

..............................................................................

$

7,938‌

$

10,475‌

$

73‌

Shares

Issued

and

Outstanding

........................................................

267‌

1,216‌

6‌

Net

Asset

Value

per

share

.............................................................

$

29

.84‌

$

8

.61‌

$

12

.72‌

R-6

:

Net

Assets

..............................................................................

$

4,932,871‌

N/A‌

$

1,853,422‌

Shares

Issued

and

Outstanding

........................................................

163,106‌

145,655‌

Net

Asset

Value

per

share

.............................................................

$

30

.24‌

$

12

.72‌

(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.

August

31,

2022

18

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

..........................................................

$

112,744‌

$

379,120‌

$

968,443‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

1,662‌

$

110,545‌

$

29,058‌

Foreign

currency--at

cost

..................................................................

$

–‌

$

307‌

$

104‌

Assets

Investment

in

securities--at

value 

..........................................................

$

108,318‌

$

343,857‌

$

993,624‌

(b)

Investment

in

affiliated

Funds--at

value

.....................................................

1,662‌

110,545‌

29,058‌

Foreign

currency--at

value

..................................................................

–‌

302‌

102‌

Cash

.........................................................................................

–‌

3,388‌

–‌

Deposits

with

counterparty

..................................................................

–‌

49,293‌

82‌

Receivables:

Dividends

and

interest

.................................................................

661‌

2,170‌

5,058‌

Expense

reimbursement

from

Manager

...............................................

18‌

49‌

–‌

Foreign

currency

contracts

...........................................................

–‌

5,053‌

–‌

Fund

shares

sold

.......................................................................

93‌

255‌

104‌

Investment

securities

sold

.............................................................

3,895‌

2,495‌

4,961‌

OTC

swap

agreements--at

value

(premiums

paid/(received)

$

0

,

$

(

1

)

and

$

0

)

.......

–‌

8,482‌

–‌

Variation

margin

on

futures

...........................................................

–‌

775‌

–‌

Variation

margin

on

swaps

............................................................

–‌

80‌

–‌

Other

assets

..................................................................................

–‌

4‌

–‌

Total

Assets  

114,647‌

526,748‌

1,032,989‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

243‌

658‌

219‌

Accrued

administrative

service

fees

........................................................

–‌

–‌

1‌

Accrued

distribution

fees

....................................................................

4‌

8‌

3‌

Accrued

service

fees

........................................................................

–‌

–‌

7‌

Accrued

transfer

agent

fees

.................................................................

21‌

49‌

11‌

Accrued

directors'

expenses

.................................................................

3‌

5‌

4‌

Accrued

professional

fees

...................................................................

20‌

151‌

57‌

Accrued

other

expenses

.....................................................................

9‌

67‌

219‌

Deposits

from

counterparty

.................................................................

–‌

930‌

–‌

Payables:

Dividends

and

interest

on

securities

sold

short

.......................................

–‌

89‌

–‌

Expense

reimbursement

to

Manager

..................................................

–‌

–‌

10‌

Foreign

currency

contracts

............................................................

–‌

2,235‌

–‌

Fund

shares

redeemed

.................................................................

645‌

152‌

1,118‌

Investment

securities

purchased

......................................................

2,687‌

5,597‌

4,185‌

Options

and

swaptions

contracts

written

 (premiums

received

$

0

,

$

593

and

$

0

)

.....

–‌

522‌

–‌

Short

sales

(proceeds

received

$

0

,

$

38,979

and

$

0

)

..................................

–‌

34,367‌

–‌

OTC

swap

agreements--at

value

(premiums

received

$

0

,

$

0

and

$

0

)

................

–‌

981‌

–‌

Variation

margin

on

futures

...........................................................

–‌

1,289‌

13‌

Variation

margin

on

swaps

............................................................

–‌

29‌

–‌

Collateral

obligation

on

securities

loaned,

at

value

.........................................

–‌

–‌

41,142‌

Total

Liabilities  

3,632‌

47,129‌

46,989‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

111,015‌

$

479,619‌

$

986,000‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

103,424‌

$

471,277‌

$

961,470‌

Total

distributable

earnings

(accumulated

loss)

.............................................

7,591‌

8,342‌

24,530‌

Total

Net

Assets 

$

111,015‌

$

479,619‌

$

986,000‌

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2022

19

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

..........................................................................

$

16,564‌

$

38,252‌

N/A‌

Shares

Issued

and

Outstanding

........................................................

1,386‌

3,459‌

Net

Asset

Value

per

share

.............................................................

$

11

.95‌

(c)

$

11

.06‌

(c)

Maximum

Offering

Price

..............................................................

$

12

.65‌

$

11

.49‌

Institutional

:

Net

Assets

.....................................................................

$

61,125‌

$

364,886‌

$

41,036‌

Shares

Issued

and

Outstanding

........................................................

5,072‌

32,452‌

4,369‌

Net

Asset

Value

per

share

.............................................................

$

12

.05‌

$

11

.24‌

$

9

.39‌

R-1

:

Net

Assets

..............................................................................

N/A‌

N/A‌

$

325‌

Shares

Issued

and

Outstanding

........................................................

37‌

Net

Asset

Value

per

share

.............................................................

$

9

.06‌

R-3

:

Net

Assets

..............................................................................

N/A‌

N/A‌

$

10,683‌

Shares

Issued

and

Outstanding

........................................................

1,163‌

Net

Asset

Value

per

share

.............................................................

$

9

.18‌

R-4

:

Net

Assets

..............................................................................

N/A‌

N/A‌

$

8,359‌

Shares

Issued

and

Outstanding

........................................................

899‌

Net

Asset

Value

per

share

.............................................................

$

9

.30‌

R-5

:

Net

Assets

..............................................................................

N/A‌

N/A‌

$

13,153‌

Shares

Issued

and

Outstanding

........................................................

1,409‌

Net

Asset

Value

per

share

.............................................................

$

9

.33‌

R-6

:

Net

Assets

..............................................................................

$

33,326‌

$

76,481‌

$

912,444‌

Shares

Issued

and

Outstanding

........................................................

2,752‌

6,799‌

97,088‌

Net

Asset

Value

per

share

.............................................................

$

12

.11‌

$

11

.25‌

$

9

.40‌

(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.

August

31,

2022

20

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

..........................................................

$

768,956‌

$

156,060‌

$

2,740,744‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

31,174‌

$

–‌

$

77,330‌

Foreign

currency--at

cost

..................................................................

$

578‌

$

–‌

$

24‌

Assets

Investment

in

securities--at

value 

..........................................................

$

692,697‌

(a)

$

145,863‌

$

2,212,830‌

(a)

Investment

in

affiliated

Funds--at

value

.....................................................

31,174‌

–‌

77,330‌

Foreign

currency--at

value

..................................................................

576‌

–‌

23‌

Cash

.........................................................................................

–‌

2‌

102‌

Receivables:

Dividends

and

interest

.................................................................

2,679‌

1,857‌

7,894‌

Expense

reimbursement

from

Manager

...............................................

–‌

8‌

–‌

Foreign

tax

refund

.....................................................................

–‌

–‌

801‌

Fund

shares

sold

.......................................................................

137‌

658‌

489‌

Investment

securities

sold

.............................................................

3,528‌

5,071‌

2,835‌

Total

Assets  

730,791‌

153,459‌

2,302,304‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

655‌

60‌

1,989‌

Accrued

distribution

fees

....................................................................

–‌

11‌

1‌

Accrued

transfer

agent

fees

.................................................................

10‌

27‌

28‌

Accrued

directors'

expenses

.................................................................

4‌

4‌

7‌

Accrued

foreign

tax

.........................................................................

–‌

–‌

3,533‌

Accrued

professional

fees

...................................................................

33‌

38‌

31‌

Accrued

other

expenses

.....................................................................

67‌

9‌

262‌

Payables:

Borrowing

.............................................................................

–‌

375‌

–‌

Dividends

payable

.....................................................................

–‌

519‌

–‌

Expense

reimbursement

to

Manager

..................................................

2‌

–‌

–‌

Fund

shares

redeemed

.................................................................

606‌

212‌

815‌

Interest

expense

and

fees

payable

.....................................................

–‌

35‌

–‌

Investment

securities

purchased

......................................................

4,619‌

5,909‌

–‌

Collateral

obligation

on

securities

loaned,

at

value

.........................................

20,146‌

–‌

13,320‌

Floating

rate

notes

issued

...................................................................

–‌

7,032‌

–‌

Total

Liabilities  

26,142‌

14,231‌

19,986‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

704,649‌

$

139,228‌

$

2,282,318‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

804,804‌

$

159,232‌

$

2,984,025‌

Total

distributable

earnings

(accumulated

loss)

.............................................

(

100,155‌

)

(

20,004‌

)

(

701,707‌

)

Total

Net

Assets 

$

704,649‌

$

139,228‌

$

2,282,318‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

............................................................................

300,000‌

300,000‌

800,000‌

Net

Asset

Value

Per

Share:

Class

A

:

Net

Assets

..........................................................................

N/A‌

$

49,013‌

$

5,426‌

Shares

Issued

and

Outstanding

........................................................

5,004‌

552‌

Net

Asset

Value

per

share

.............................................................

$

9

.80‌

(b)

$

9

.83‌

(b)

Maximum

Offering

Price

..............................................................

$

10

.18‌

$

10

.40‌

Institutional

:

Net

Assets

.....................................................................

$

49,278‌

$

90,215‌

$

96,342‌

Shares

Issued

and

Outstanding

........................................................

5,552‌

9,206‌

9,964‌

Net

Asset

Value

per

share

.............................................................

$

8

.88‌

$

9

.80‌

$

9

.67‌

R-6

:

Net

Assets

..............................................................................

$

655,371‌

N/A‌

$

2,180,550‌

Shares

Issued

and

Outstanding

........................................................

73,356‌

225,097‌

Net

Asset

Value

per

share

.............................................................

$

8

.93‌

$

9

.69‌

(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.

August

31,

2022

22

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

..........................................................

$

802,740‌

$

8,226‌

$

6,878,863‌

Investment

in

affiliated

Funds--at

cost

....................................................

$

13,815‌

$

145‌

$

42,280‌

Foreign

currency--at

cost

..................................................................

$

8‌

$

–‌

$

–‌

Assets

Investment

in

securities--at

value 

..........................................................

$

1,047,181‌

$

8,815‌

(a)

$

6,370,045‌

(a)

Investment

in

affiliated

Funds--at

value

.....................................................

13,815‌

145‌

42,280‌

Foreign

currency--at

value

..................................................................

8‌

–‌

–‌

Deposits

with

counterparty

..................................................................

–‌

–‌

12,435‌

Receivables:

Dividends

and

interest

.................................................................

1,891‌

2‌

85,753‌

Expense

reimbursement

from

Manager

...............................................

–‌

2‌

–‌

Expense

reimbursement

from

Distributor

.............................................

–‌

–‌

1‌

Fund

shares

sold

.......................................................................

545‌

–‌

20,999‌

Investment

securities

sold

.............................................................

–‌

151‌

29,254‌

Variation

margin

on

futures

...........................................................

–‌

–‌

301‌

Total

Assets  

1,063,440‌

9,115‌

6,561,068‌

Liabilities

Accrued

management

and

investment

advisory

fees

........................................

740‌

5‌

3,889‌

Accrued

distribution

fees

....................................................................

74‌

–‌

338‌

Accrued

service

fees

........................................................................

–‌

–‌

2‌

Accrued

transfer

agent

fees

.................................................................

113‌

–‌

877‌

Accrued

chief

compliance

officer

fees

......................................................

–‌

–‌

1‌

Accrued

directors'

expenses

.................................................................

4‌

2‌

17‌

Accrued

professional

fees

...................................................................

23‌

21‌

37‌

Accrued

other

expenses

.....................................................................

11‌

1‌

88‌

Cash

overdraft

...............................................................................

11‌

–‌

2,657‌

Payables:

Expense

reimbursement

to

Manager

..................................................

26‌

–‌

–‌

Fund

shares

redeemed

.................................................................

505‌

–‌

5,624‌

Investment

securities

purchased

......................................................

830‌

173‌

4,350‌

Options

and

swaptions

contracts

written

 (premiums

received

$

0

,

$

0

and

$

406

)

.....

–‌

–‌

369‌

Collateral

obligation

on

securities

loaned,

at

value

.........................................

–‌

206‌

63,908‌

Total

Liabilities  

2,337‌

408‌

82,157‌

Net

Assets

Applicable

to

Outstanding

Shares

............................................

$

1,061,103‌

$

8,707‌

$

6,478,911‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...............................................

$

779,781‌

$

9,268‌

$

7,053,431‌

Total

distributable

earnings

(accumulated

loss)

.............................................

281,322‌

(

561‌

)

(

574,520‌

)

Total

Net

Assets 

$

1,061,103‌

$

8,707‌

$

6,478,911‌

Statements

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2022

23

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

..........................................................................

$

145,799‌

N/A‌

$

808,228‌

Shares

Issued

and

Outstanding

........................................................

9,150‌

88,526‌

Net

Asset

Value

per

share

.............................................................

$

15

.94‌

(b)

$

9

.13‌

(b)

Maximum

Offering

Price

..............................................................

$

16

.87‌

$

9

.49‌

Class

C

:

Net

Assets

..........................................................................

$

45,460‌

N/A‌

$

180,824‌

Shares

Issued

and

Outstanding

........................................................

2,887‌

19,811‌

Net

Asset

Value

per

share

.............................................................

$

15

.74‌

(b)

$

9

.13‌

(b)

Class

J

:

Net

Assets

..........................................................................

N/A‌

N/A‌

$

36,128‌

Shares

Issued

and

Outstanding

........................................................

4,090‌

Net

Asset

Value

per

share

.............................................................

$

8

.83‌

(b)

Institutional

:

Net

Assets

.....................................................................

$

749,448‌

$

8,707‌

$

4,213,593‌

Shares

Issued

and

Outstanding

........................................................

46,757‌

795‌

465,405‌

Net

Asset

Value

per

share

.............................................................

$

16

.03‌

$

10

.95‌

$

9

.05‌

R-1

:

Net

Assets

..............................................................................

N/A‌

N/A‌

$

476‌

Shares

Issued

and

Outstanding

........................................................

53‌

Net

Asset

Value

per

share

.............................................................

$

9

.00‌

R-3

:

Net

Assets

..............................................................................

N/A‌

N/A‌

$

7,838‌

Shares

Issued

and

Outstanding

........................................................

873‌

Net

Asset

Value

per

share

.............................................................

$

8

.98‌

R-4

:

Net

Assets

..............................................................................

N/A‌

N/A‌

$

938‌

Shares

Issued

and

Outstanding

........................................................

105‌

Net

Asset

Value

per

share

.............................................................

$

8

.95‌

R-5

:

Net

Assets

..............................................................................

N/A‌

N/A‌

$

2,726‌

Shares

Issued

and

Outstanding

........................................................

303‌

Net

Asset

Value

per

share

.............................................................

$

9

.01‌

R-6

:

Net

Assets

..............................................................................

$

120,396‌

N/A‌

$

1,228,160‌

Shares

Issued

and

Outstanding

........................................................

7,474‌

135,721‌

Net

Asset

Value

per

share

.............................................................

$

16

.11‌

$

9

.05‌

(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.

Year

Ended

August

31,

2022

24

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

from

affiliated

Funds

..................................................................

$

78‌

$

416‌

$

675‌

Dividends

.........................................................................................

59,840‌

122‌

87,464‌

Withholding

tax

..................................................................................

(

757‌

)

(

2‌

)

(

5,357‌

)

Interest

............................................................................................

4‌

19,426‌

74,168‌

Other

income

.....................................................................................

–‌

–‌

43‌

Securities

lending

-

net

...........................................................................

1‌

36‌

290‌

Total

Income

59,166‌

19,998‌

157,283‌

Expenses:

Management

and

investment

advisory

fees

......................................................

57,901‌

1,323‌

36,917‌

Distribution

f

ees

-

Class

A

.......................................................................

2,552‌

N/A‌

298‌

Distribution

f

ees

-

Class

C

.......................................................................

3,475‌

N/A‌

N/A‌

Distribution

f

ees

-

Class

J

........................................................................

289‌

52‌

N/A‌

Distribution

f

ees

-

R-1

...........................................................................

N/A‌

3‌

N/A‌

Distribution

f

ees

-

R-3

...........................................................................

29‌

25‌

1‌

Distribution

f

ees

-

R-4

...........................................................................

4‌

3‌

–‌

Administrative

service

fees

-

R-1

................................................................

N/A‌

3‌

N/A‌

Administrative

service

fees

-

R-3

................................................................

8‌

7‌

–‌

Administrative

service

fees

-

R-4

................................................................

1‌

1‌

–‌

Administrative

service

fees

-

R-5

................................................................

1‌

1‌

–‌

Registration

fees

-

Class

A

.......................................................................

144‌

N/A‌

55‌

Registration

fees

-

Class

C

.......................................................................

25‌

N/A‌

N/A‌

Registration

fees

-

Class

J

........................................................................

22‌

14‌

N/A‌

Registration

fees

-

Institutional

..................................................................

130‌

19‌

120‌

Registration

fees

-

R-6

...........................................................................

33‌

N/A‌

23‌

Service

fees

-

R-1

................................................................................

N/A‌

2‌

N/A‌

Service

fees

-

R-3

................................................................................

29‌

25‌

1‌

Service

fees

-

R-4

................................................................................

10‌

8‌

–‌

Service

fees

-

R-5

................................................................................

28‌

31‌

–‌

Shareholder

reports

-

Class

A

....................................................................

80‌

N/A‌

22‌

Shareholder

reports

-

Class

C

....................................................................

18‌

N/A‌

N/A‌

Shareholder

reports

-

Class

J

.....................................................................

3‌

2‌

N/A‌

Shareholder

reports

-

Institutional

...............................................................

149‌

5‌

183‌

Shareholder

reports

-

R-6

........................................................................

8‌

N/A‌

17‌

Transfer agent

fees

-

Class

A

.....................................................................

1,083‌

N/A‌

171‌

Transfer agent

fees

-

Class

C

.....................................................................

294‌

N/A‌

N/A‌

Transfer agent

fees

-

Class

J

.....................................................................

127‌

58‌

N/A‌

Transfer agent

fees

-

Institutional

................................................................

2,563‌

81‌

2,047‌

Chief

compliance

officer

expenses

...............................................................

8‌

1‌

4‌

Custodian

fees

....................................................................................

5‌

27‌

289‌

Directors'

expenses

...............................................................................

178‌

24‌

87‌

Professional fees

.................................................................................

36‌

35‌

156‌

Other

expenses

...................................................................................

140‌

9‌

94‌

Total

Gross

Expenses

69,373‌

1,759‌

40,485‌

Less: Reimbursement

from

Manager

............................................................

3,315‌

142‌

2,306‌

Less:

Reimbursement

from

Manager

-

Class

A

..................................................

–‌

N/A‌

27‌

Less:

Reimbursement

from

Manager

-

Institutional

.............................................

–‌

–‌

771‌

Less:

Reimbursement

from

Distributor

-

Class

J

................................................

38‌

7‌

N/A‌

Total

Net

Expenses

66,020‌

1,610‌

37,381‌

Net

Investment

Income

(Loss)

(

6,854‌

)

18,388‌

119,902‌

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2022

25

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

..........................................................................

164,417‌

(

13,307‌

)

253,456‌

Foreign

currency

contracts

.......................................................................

–‌

–‌

1,406‌

Foreign

currency

transactions

....................................................................

–‌

–‌

(

1,477‌

)

Futures

contracts

.................................................................................

–‌

–‌

173,076‌

Options

and

swaptions

...........................................................................

–‌

–‌

(

1,604‌

)

Swap

agreements

.................................................................................

–‌

–‌

(

20,400‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

(

3,112,210‌

)

(

129,982‌

)

(

472,298‌

)

Foreign

currency

contracts

.......................................................................

–‌

–‌

(

114‌

)

Futures

contracts

.................................................................................

–‌

–‌

(

18,362‌

)

Options

and

swaptions

...........................................................................

–‌

–‌

(

528‌

)

Swap

agreements

.................................................................................

–‌

–‌

(

1,247‌

)

Translation

of

assets

and

liabilities

in

foreign

currencies

........................................

–‌

–‌

(

322‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions

and

swap

agreements

(

2,947,793‌

)

(

143,289‌

)

(

88,414‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

2,954,647‌

)

$

(

124,901‌

)

$

31,488‌

(a)

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b)

Class

R-4

shares

discontinued

operations

on

June

24,

2022.

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2022

26

See

accompanying

notes.

Amounts

in

thousands

Edge

MidCap

Fund

Global

Multi-

Strategy

Fund

(a)

International

Equity

Index

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

33‌

$

382‌

$

9‌

Dividends

.........................................................................................

7,209‌

5,053‌

41,254‌

Withholding

tax

..................................................................................

–‌

(197‌)

(3,344‌)

Interest

............................................................................................

–‌

9,386‌

–‌

Securities

lending

-

net

...........................................................................

–‌

–‌

326‌

Total

Income

7,242‌

14,624‌

38,245‌

Expenses:

Management

and

investment

advisory

fees

......................................................

3,481‌

8,180‌

2,816‌

Distribution

fees

-

Class

A

.......................................................................

48‌

96‌

N/A‌

Distribution

fees

-

R-1

...........................................................................

N/A‌

N/A‌

1‌

Distribution

fees

-

R-3

...........................................................................

N/A‌

N/A‌

35‌

Distribution

fees

-

R-4

...........................................................................

N/A‌

N/A‌

10‌

Administrative

service

fees

-

R-1

................................................................

N/A‌

N/A‌

1‌

Administrative

service

fees

-

R-3

................................................................

N/A‌

N/A‌

10‌

Administrative

service

fees

-

R-4

................................................................

N/A‌

N/A‌

3‌

Administrative

service

fees

-

R-5

................................................................

N/A‌

N/A‌

2‌

Registration

fees

-

Class

A

.......................................................................

16‌

17‌

N/A‌

Registration

fees

-

Institutional

..................................................................

17‌

24‌

15‌

Registration

fees

-

R-6

...........................................................................

18‌

17‌

19‌

Service

fees

-

R-1

................................................................................

N/A‌

N/A‌

1‌

Service

fees

-

R-3

................................................................................

N/A‌

N/A‌

35‌

Service

fees

-

R-4

................................................................................

N/A‌

N/A‌

24‌

Service

fees

-

R-5

................................................................................

N/A‌

N/A‌

40‌

Shareholder

reports

-

Class

A

....................................................................

2‌

5‌

N/A‌

Shareholder

reports

-

Institutional

...............................................................

9‌

62‌

7‌

Shareholder

reports

-

R-6

........................................................................

1‌

1‌

–‌

Transfer agent

fees

-

Class

A

.....................................................................

38‌

51‌

N/A‌

Transfer agent

fees

-

Institutional

................................................................

78‌

299‌

39‌

Chief

compliance

officer

expenses

...............................................................

–‌

–‌

1‌

Custodian

fees

....................................................................................

1‌

152‌

157‌

Directors'

expenses

...............................................................................

14‌

16‌

23‌

Dividends

and

interest

on

securities

sold

short

..................................................

–‌

1,029‌

–‌

Index

license

fees

................................................................................

–‌

–‌

359‌

Professional fees

.................................................................................

21‌

189‌

91‌

Short

sale

fees

....................................................................................

–‌

658‌

–‌

Other

expenses

...................................................................................

10‌

35‌

93‌

Total

Gross

Expenses

3,754‌

10,831‌

3,782‌

Less: Reimbursement

from

Manager

............................................................

249‌

205‌

–‌

Less:

Reimbursement

from

Manager

-

Class

A

..................................................

19‌

–‌

N/A‌

Less:

Reimbursement

from

Manager

-

Institutional

.............................................

13‌

386‌

60‌

Less:

Reimbursement

from

Manager

-

R-6

......................................................

–‌

85‌

199‌

Total

Net

Expenses

3,473‌

10,155‌

3,523‌

Net

Investment

Income

(Loss)

3,769‌

4,469‌

34,722‌

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2022

27

See

accompanying

notes.

Amounts

in

thousands

Edge

MidCap

Fund

Global

Multi-

Strategy

Fund

(a)

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

..........................................................................

105,754‌

4,935‌

(5,547‌)

Foreign

currency

contracts

.......................................................................

–‌

6,057‌

–‌

Foreign

currency

transactions

....................................................................

(5‌)

(135‌)

(656‌)

Futures

contracts

.................................................................................

–‌

21,847‌

(375‌)

Options

and

swaptions

...........................................................................

–‌

1,888‌

–‌

Short

sales

........................................................................................

–‌

2,505‌

–‌

Swap

agreements

.................................................................................

–‌

(2,785‌)

–‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

(169,018‌)

(68,564‌)

(273,405‌)

Foreign

currency

contracts

.......................................................................

–‌

3,598‌

–‌

Futures

contracts

.................................................................................

–‌

(2,635‌)

(79‌)

Options

and

swaptions

...........................................................................

–‌

(102‌)

–‌

Short

sales

........................................................................................

–‌

9,255‌

–‌

Swap

agreements

.................................................................................

–‌

8,170‌

–‌

Translation

of

assets

and

liabilities

in

foreign

currencies

........................................

–‌

(27‌)

(376‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures,

options

and

swaptions,

short

sales

and

swap

agreements

(63,269‌)

(15,993‌)

(280,438‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(59,500‌)

$

(11,524‌)

$

(245,716‌)

(a)

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2022

28

See

accompanying

notes.

Amounts

in

thousands

International

Small

Company

Fund

Opportunistic

Municipal

Fund

Origin

Emerging

Markets

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

..................................................................

$

57‌

$

–‌

$

178‌

Dividends

.........................................................................................

31,580‌

37‌

135,046‌

Withholding

tax

..................................................................................

(

2,493‌

)

–‌

(

14,740‌

)

Interest

............................................................................................

–‌

7,013‌

1‌

Securities

lending

-

net

...........................................................................

196‌

–‌

144‌

Total

Income

29,340‌

7,050‌

120,629‌

Expenses:

Management

and

investment

advisory

fees

......................................................

9,944‌

839‌

31,158‌

Distribution

f

ees

-

Class

A

.......................................................................

N/A‌

143‌

18‌

Registration

fees

-

Class

A

.......................................................................

N/A‌

27‌

17‌

Registration

fees

-

Institutional

..................................................................

17‌

32‌

31‌

Registration

fees

-

R-6

...........................................................................

21‌

N/A‌

18‌

Shareholder

reports

-

Class

A

....................................................................

N/A‌

1‌

2‌

Shareholder

reports

-

Institutional

...............................................................

7‌

3‌

37‌

Shareholder

reports

-

R-6

........................................................................

–‌

N/A‌

1‌

Transfer agent

fees

-

Class

A

.....................................................................

N/A‌

46‌

24‌

Transfer agent

fees

-

Institutional

................................................................

52‌

106‌

121‌

Chief

compliance

officer

expenses

...............................................................

1‌

–‌

3‌

Custodian

fees

....................................................................................

247‌

2‌

1,029‌

Directors'

expenses

...............................................................................

21‌

7‌

54‌

Interest

expense

and

fees

.........................................................................

–‌

100‌

–‌

Professional fees

.................................................................................

43‌

45‌

60‌

Other

expenses

...................................................................................

16‌

5‌

73‌

Total

Gross

Expenses

10,369‌

1,356‌

32,646‌

Less: Reimbursement

from

Manager

............................................................

–‌

100‌

–‌

Less:

Reimbursement

from

Manager

-

Class

A

..................................................

N/A‌

9‌

24‌

Less:

Reimbursement

from

Manager

-

Institutional

.............................................

14‌

46‌

26‌

Total

Net

Expenses

10,355‌

1,201‌

32,596‌

Net

Investment

Income

(Loss)

18,985‌

5,849‌

88,033‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

Net

realized

gain

(loss)

from:

Investment

transactions

 (

net

of

foreign

taxes

of 

$

0

,

$

0

and

$

3,356

,

respectively)

..............

2,629‌

(

8,969‌

)

(

229,376‌

)

Foreign

currency

transactions

....................................................................

(

644‌

)

–‌

(

5,103‌

)

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

 (net

of

foreign

taxes

of

$

0

,

$

0

and

$

3,533

,

respectively)

...........................

(

324,484‌

)

(

22,726‌

)

(

812,981‌

)

Translation

of

assets

and

liabilities

in

foreign

currencies

........................................

(

184‌

)

–‌

238‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

and

foreign

currencies

(

322,683‌

)

(

31,695‌

)

(

1,047,222‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

303,698‌

)

$

(

25,846‌

)

$

(

959,189‌

)

Statements

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2022

29

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

from

affiliated

Funds

..................................................................

$

54‌

$

1‌

$

192‌

Dividends

.........................................................................................

26,081‌

21‌

40,212‌

Withholding

tax

..................................................................................

(

109‌

)

–‌

–‌

Interest

............................................................................................

4‌

–‌

316,857‌

Securities

lending

-

net

...........................................................................

1‌

–‌

490‌

Total

Income

26,031‌

22‌

357,751‌

Expenses:

Management

and

investment

advisory

fees

......................................................

8,826‌

70‌

51,413‌

Distribution

f

ees

-

Class

A

.......................................................................

379‌

N/A‌

2,276‌

Distribution

f

ees

-

Class

C

.......................................................................

579‌

N/A‌

2,201‌

Distribution

f

ees

-

Class

J

........................................................................

N/A‌

N/A‌

59‌

Distribution

f

ees

-

R-1

...........................................................................

N/A‌

N/A‌

2‌

Distribution

f

ees

-

R-3

...........................................................................

N/A‌

N/A‌

5‌

Distribution

f

ees

-

R-4

...........................................................................

N/A‌

N/A‌

1‌

Administrative

service

fees

-

R-1

................................................................

N/A‌

N/A‌

2‌

Administrative

service

fees

-

R-3

................................................................

N/A‌

N/A‌

1‌

Registration

fees

-

Class

A

.......................................................................

22‌

N/A‌

27‌

Registration

fees

-

Class

C

.......................................................................

16‌

N/A‌

20‌

Registration

fees

-

Class

J

........................................................................

N/A‌

N/A‌

17‌

Registration

fees

-

Institutional

..................................................................

28‌

18‌

89‌

Registration

fees

-

R-6

...........................................................................

16‌

N/A‌

18‌

Service

fees

-

R-1

................................................................................

N/A‌

N/A‌

1‌

Service

fees

-

R-3

................................................................................

N/A‌

N/A‌

5‌

Service

fees

-

R-4

................................................................................

N/A‌

N/A‌

3‌

Service

fees

-

R-5

................................................................................

N/A‌

N/A‌

9‌

Shareholder

reports

-

Class

A

....................................................................

10‌

N/A‌

42‌

Shareholder

reports

-

Class

C

....................................................................

5‌

N/A‌

11‌

Shareholder

reports

-

Class

J

.....................................................................

N/A‌

N/A‌

2‌

Shareholder

reports

-

Institutional

...............................................................

28‌

1‌

246‌

Shareholder

reports

-

R-6

........................................................................

–‌

N/A‌

2‌

Transfer agent

fees

-

Class

A

.....................................................................

174‌

N/A‌

726‌

Transfer agent

fees

-

Class

C

.....................................................................

75‌

N/A‌

182‌

Transfer agent

fees

-

Class

J

.....................................................................

N/A‌

N/A‌

53‌

Transfer agent

fees

-

Institutional

................................................................

684‌

1‌

4,143‌

Chief

compliance

officer

expenses

...............................................................

1‌

–‌

7‌

Custodian

fees

....................................................................................

5‌

3‌

59‌

Directors'

expenses

...............................................................................

26‌

2‌

148‌

Professional fees

.................................................................................

25‌

22‌

50‌

Other

expenses

...................................................................................

16‌

1‌

103‌

Total

Gross

Expenses

10,915‌

118‌

61,923‌

Less:

Reimbursement

from

Manager

-

Class

A

..................................................

75‌

N/A‌

–‌

Less:

Reimbursement

from

Manager

-

Class

C

..................................................

46‌

N/A‌

–‌

Less:

Reimbursement

from

Manager

-

Institutional

.............................................

187‌

35‌

–‌

Less:

Reimbursement

from

Manager

-

R-6

......................................................

3‌

N/A‌

–‌

Less:

Reimbursement

from

Distributor

-

Class

J

................................................

N/A‌

N/A‌

8‌

Total

Net

Expenses

10,604‌

83‌

61,915‌

Net

Investment

Income

(Loss)

15,427‌

(

61‌

)

295,836‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

options

and

swaptions

Net

realized

gain

(loss)

from:

Investment

transactions

..........................................................................

56,738‌

(

866‌

)

21,484‌

Futures

contracts

.................................................................................

–‌

–‌

16,097‌

Options

and

swaptions

...........................................................................

–‌

–‌

8,520‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

.......................................................................................

(

136,214‌

)

(

1,543‌

)

(

1,144,778‌

)

Futures

contracts

.................................................................................

–‌

–‌

1,674‌

Options

and

swaptions

...........................................................................

–‌

–‌

37‌

Translation

of

assets

and

liabilities

in

foreign

currencies

........................................

(

1‌

)

–‌

–‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments,

foreign

currencies,

futures

and

options

and

swaptions

(

79,477‌

)

(

2,409‌

)

(

1,096,966‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

64,050‌

)

$

(

2,470‌

)

$

(

801,130‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

30

See

accompanying

notes.

Amounts

in

thousands

Blue

Chip

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

6,854‌

)

$

(

21,998‌

)

Net

realized

gain

(loss)

on

investments

................................................................................................

164,417‌

792,123‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

3,112,210‌

)

1,780,646‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

2,954,647‌

)

2,550,771‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

707,526‌

)

(

273,239‌

)

Total

Dividends

and

Distributions

(

707,526‌

)

(

273,239‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

1,310,811‌

947,341‌

Total

Increase

(Decrease)

in

Net

Assets

(

2,351,362‌

)

3,224,873‌

Net

Assets

Beginning

of

period

....................................................................................................................

11,062,427‌

7,837,554‌

End

of

period

..........................................................................................................................

$

8,711,065‌

$

11,062,427‌

Class

A

Class

C

Class

J

Institutional

R-3

R-4

R-5

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

................................

$

807,570‌

$

51,978‌

$

49,558‌

$

1,267,920‌

$

8,023‌

$

1,964‌

$

8,101‌

$

1,269,219‌

Reinvested

...........................

73,802‌

26,887‌

14,404‌

194,441‌

884‌

364‌

791‌

378,787‌

Redeemed

............................

(

770,601‌

)

(

76,770‌

)

(

55,089‌

)

(

1,050,923‌

)

(

4,754‌

)

(

3,883‌

)

(

8,787‌

)

(

873,075‌

)

Net

Increase

(Decrease)

$

110,771‌

$

2,095‌

$

8,873‌

$

411,438‌

$

4,153‌

$

(

1,555‌

)

$

105‌

$

774,931‌

Shares:

Sold

................................

24,212‌

1,532‌

1,319‌

35,987‌

226‌

50‌

228‌

36,892‌

Reinvested

...........................

1,862‌

729‌

357‌

4,790‌

22‌

9‌

20‌

9,300‌

Redeemed

............................

(

23,482‌

)

(

2,391‌

)

(

1,577‌

)

(

30,861‌

)

(

134‌

)

(

107‌

)

(

268‌

)

(

23,630‌

)

Net

Increase

(Decrease)

2,592‌

(

130‌

)

99‌

9,916‌

114‌

(

48‌

)

(

20‌

)

22,562‌

Year

Ended

August

31,

2021

Dollars:

Sold

................................

$

460,034‌

$

75,366‌

$

78,501‌

$

1,226,526‌

$

3,604‌

$

1,377‌

$

2,885‌

$

1,314,347‌

Reinvested

...........................

22,003‌

11,315‌

5,294‌

87,710‌

275‌

181‌

425‌

138,915‌

Redeemed

............................

(

208,606‌

)

(

79,458‌

)

(

58,408‌

)

(

1,466,536‌

)

(

3,576‌

)

(

2,411‌

)

(

6,008‌

)

(

656,414‌

)

Net

Increase

(Decrease)

$

273,431‌

$

7,223‌

$

25,387‌

$

(

152,300‌

)

$

303‌

$

(

853‌

)

$

(

2,698‌

)

$

796,848‌

Shares:

Sold

................................

12,444‌

2,265‌

2,163‌

33,988‌

100‌

39‌

79‌

37,295‌

Reinvested

...........................

666‌

363‌

158‌

2,603‌

9‌

5‌

13‌

4,112‌

Redeemed

............................

(

5,823‌

)

(

2,377‌

)

(

1,658‌

)

(

40,934‌

)

(

104‌

)

(

67‌

)

(

157‌

)

(

18,165‌

)

Net

Increase

(Decrease)

7,287‌

251‌

663‌

(

4,343‌

)

5‌

(

23‌

)

(

65‌

)

23,242‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.........................

$

(

75,167‌

)

$

(

28,072‌

)

$

(

14,420‌

)

$

(

204,612‌

)

$

(

884‌

)

$

(

364‌

)

$

(

791‌

)

$

(

383,216‌

)

Total

Dividends

and

Distributions

$

(

75,167‌

)

$

(

28,072‌

)

$

(

14,420‌

)

$

(

204,612‌

)

$

(

884‌

)

$

(

364‌

)

$

(

791‌

)

$

(

383,216‌

)

Year

Ended

August

31,

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

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

31

See

accompanying

notes.

Amounts

in

thousands

Bond

Market

Index

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

18,388‌

$

18,529‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

13,307‌

)

111,727‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

129,982‌

)

(

135,202‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

124,901‌

)

(

4,946‌

)

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

17,934‌

)

(

131,463‌

)

Total

Dividends

and

Distributions

(

17,934‌

)

(

131,463‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

1,157,471‌

(

1,346,178‌

)

Total

Increase

(Decrease)

in

Net

Assets

1,014,636‌

(

1,482,587‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

898,355‌

2,380,942‌

End

of

period

..........................................................................................................................

$

1,912,991‌

$

898,355‌

Class

J

Institutional

R-1

R-2

R-3

R-4

R-5

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

...........................................

$

12,574‌

$

1,328,710‌

$

152‌

N/A‌

$

2,492‌

$

1,107‌

$

3,027‌

Reinvested

......................................

609‌

16,869‌

12‌

N/A‌

146‌

58‌

240‌

Redeemed

.......................................

(

12,302‌

)

(

183,631‌

)

(

321‌

)

N/A‌

(

4,450‌

)

(

2,213‌

)

(

5,608‌

)

Net

Increase

(Decrease)

$

881‌

$

1,161,948‌

$

(

157‌

)

N/A‌

$

(

1,812‌

)

$

(

1,048‌

)

$

(

2,341‌

)

Shares:

Sold

...........................................

1,374‌

147,636‌

17‌

N/A‌

267‌

119‌

323‌

Reinvested

......................................

63‌

1,713‌

1‌

N/A‌

15‌

6‌

25‌

Redeemed

.......................................

(

1,344‌

)

(

19,486‌

)

(

35‌

)

N/A‌

(

482‌

)

(

234‌

)

(

598‌

)

Net

Increase

(Decrease)

93‌

129,863‌

(

17‌

)

N/A‌

(

200‌

)

(

109‌

)

(

250‌

)

Year

Ended

August

31,

2021

(a)

Dollars:

Sold

...........................................

$

10,051‌

$

289,179‌

$

347‌

$

1,364‌

$

10,337‌

$

1,747‌

$

4,011‌

Reinvested

......................................

7,097‌

116,860‌

240‌

1,145‌

2,125‌

1,081‌

2,898‌

Redeemed

.......................................

(

17,675‌

)

(

1,743,935‌

)

(

589‌

)

(

8,521‌

)

(

12,193‌

)

(

4,107‌

)

(

7,640‌

)

Net

Increase

(Decrease)

$

(

527‌

)

$

(

1,337,896‌

)

$

(

2‌

)

$

(

6,012‌

)

$

269‌

$

(

1,279‌

)

$

(

731‌

)

Shares:

Sold

...........................................

935‌

27,388‌

32‌

125‌

1,039‌

162‌

390‌

Reinvested

......................................

687‌

11,062‌

23‌

111‌

206‌

104‌

279‌

Redeemed

.......................................

(

1,703‌

)

(

146,690‌

)

(

58‌

)

(

858‌

)

(

1,224‌

)

(

404‌

)

(

745‌

)

Net

Increase

(Decrease)

(

81‌

)

(

108,240‌

)

(

3‌

)

(

622‌

)

21‌

(

138‌

)

(

76‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

$

(

609‌

)

$

(

16,869‌

)

$

(

12‌

)

$

N/A‌

$

(

146‌

)

$

(

58‌

)

$

(

240‌

)

Total

Dividends

and

Distributions

$

(

609‌

)

$

(

16,869‌

)

$

(

12‌

)

$

N/A‌

$

(

146‌

)

$

(

58‌

)

$

(

240‌

)

Year

Ended

August

31,

2021

(a)

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

)

(a)

Class

R-2

shares

discontinued

operations

and

converted

to

Class

R-3

shares

on

March

1,

2021.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

32

See

accompanying

notes.

Amounts

in

thousands

Diversified

Real

Asset

Fund

(a)

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

119,902‌

$

76,537‌

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

swap

agreements

..................

404,457‌

365,412‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

and

swap

agreements

.......................................................................................................................

(

492,871‌

)

291,328‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

31,488‌

733,277‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

326,365‌

)

(

17,546‌

)

Total

Dividends

and

Distributions

(

326,365‌

)

(

17,546‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

539,566‌

490,194‌

Total

Increase

(Decrease)

in

Net

Assets

244,689‌

1,205,925‌

Net

Assets

Beginning

of

period

....................................................................................................................

4,383,853‌

3,177,928‌

End

of

period

..........................................................................................................................

$

4,628,542‌

$

4,383,853‌

Class

A

Class

C

Institutional

R-3

R-4

R-5

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2022

(b)

Dollars:

Sold

...........................................

$

97,318‌

N/A‌

$

1,245,535‌

$

68‌

–‌

$

36‌

$

636,787‌

Reinvested

......................................

6,202‌

N/A‌

151,580‌

17‌

1‌

4‌

157,486‌

Redeemed

.......................................

(

28,614‌

)

N/A‌

(

697,978‌

)

(

19‌

)

(

14‌

)

(

1‌

)

(

1,028,842‌

)

Net

Increase

(Decrease)

$

74,906‌

N/A‌

$

699,137‌

$

66‌

$

(

13‌

)

$

39‌

$

(

234,569‌

)

Shares:

Sold

...........................................

7,266‌

N/A‌

93,023‌

6‌

–‌

3‌

47,624‌

Reinvested

......................................

474‌

N/A‌

11,596‌

1‌

–‌

–‌

12,056‌

Redeemed

.......................................

(

2,152‌

)

N/A‌

(

52,578‌

)

(

2‌

)

(

1‌

)

–‌

(

77,567‌

)

Net

Increase

(Decrease)

5,588‌

N/A‌

52,041‌

5‌

(

1‌

)

3‌

(

17,887‌

)

Year

Ended

August

31,

2021

(c)

Dollars:

Sold

...........................................

$

42,836‌

$

126‌

$

541,536‌

$

47‌

–‌

$

58‌

$

1,103,343‌

Reinvested

......................................

83‌

–‌

10,673‌

–‌

–‌

–‌

6,294‌

Redeemed

.......................................

(

13,633‌

)

(

12,365‌

)

(

857,950‌

)

–‌

–‌

(

60‌

)

(

330,794‌

)

Net

Increase

(Decrease)

$

29,286‌

$

(

12,239‌

)

$

(

305,741‌

)

$

47‌

–‌

$

(

2‌

)

$

778,843‌

Shares:

Sold

...........................................

3,383‌

11‌

43,438‌

4‌

–‌

5‌

86,468‌

Reinvested

......................................

7‌

–‌

892‌

–‌

–‌

–‌

526‌

Redeemed

.......................................

(

1,090‌

)

(

1,021‌

)

(

66,250‌

)

–‌

–‌

(

5‌

)

(

27,849‌

)

Net

Increase

(Decrease)

2,300‌

(

1,010‌

)

(

21,920‌

)

4‌

–‌

–‌

59,145‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

(b)

From

net

investment

income

and

net

realized

gain

on

investments

$

(

6,684‌

)

$

N/A‌

$

(

160,097‌

)

$

(

17‌

)

$

(

1‌

)

$

(

4‌

)

$

(

159,562‌

)

Total

Dividends

and

Distributions

$

(

6,684‌

)

$

N/A‌

$

(

160,097‌

)

$

(

17‌

)

$

(

1‌

)

$

(

4‌

)

$

(

159,562‌

)

Year

Ended

August

31,

2021

(c)

From

net

investment

income

and

net

realized

gain

on

investments

$

(

88‌

)

$

–‌

$

(

11,011‌

)

$

–‌

$

–‌

$

–‌

$

(

6,447‌

)

Total

Dividends

and

Distributions

$

(

88‌

)

$

–‌

$

(

11,011‌

)

$

–‌

$

–‌

$

–‌

$

(

6,447‌

)

(a)

Consolidated

financial

statement;

see

"Basis

for

Consolidation"

in

Notes

to

Financial

Statements.

(b)

Class

R-4

shares

discontinued

operations

on

June

24,

2022.

(c)

Class

C

shares

discontinued

operations

and

converted

to

Class

A

shares

on

February

23,

2021.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

33

See

accompanying

notes.

Amounts

in

thousands

Edge

MidCap

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

3,769‌

$

4,453‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.......................................................................

105,749‌

182,758‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

169,018‌

)

66,615‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

59,500‌

)

253,826‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

140,225‌

)

(

47,266‌

)

Total

Dividends

and

Distributions

(

140,225‌

)

(

47,266‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

274,258‌

)

(

474,522‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

473,983‌

)

(

267,962‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

584,998‌

852,960‌

End

of

period

..........................................................................................................................

$

111,015‌

$

584,998‌

Class

A

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

.....................................................................................

$

5,438‌

$

28,271‌

$

22,219‌

Reinvested

................................................................................

5,392‌

20,070‌

105,996‌

Redeemed

.................................................................................

(

7,314‌

)

(

68,826‌

)

(

385,504‌

)

Net

Increase

(Decrease)

$

3,516‌

$

(

20,485‌

)

$

(

257,289‌

)

Shares:

Sold

.....................................................................................

368‌

2,024‌

1,464‌

Reinvested

................................................................................

388‌

1,430‌

7,510‌

Redeemed

.................................................................................

(

511‌

)

(

4,407‌

)

(

30,240‌

)

Net

Increase

(Decrease)

245‌

(

953‌

)

(

21,266‌

)

Year

Ended

August

31,

2021

Dollars:

Sold

.....................................................................................

$

10,882‌

$

33,248‌

$

43,898‌

Reinvested

................................................................................

711‌

4,807‌

40,574‌

Redeemed

.................................................................................

(

6,730‌

)

(

30,514‌

)

(

571,398‌

)

Net

Increase

(Decrease)

$

4,863‌

$

7,541‌

$

(

486,926‌

)

Shares:

Sold

.....................................................................................

646‌

1,972‌

2,572‌

Reinvested

................................................................................

44‌

295‌

2,479‌

Redeemed

.................................................................................

(

399‌

)

(

1,785‌

)

(

31,985‌

)

Net

Increase

(Decrease)

291‌

482‌

(

26,934‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.........................................

$

(

5,394‌

)

$

(

20,450‌

)

$

(

114,381‌

)

Total

Dividends

and

Distributions

$

(

5,394‌

)

$

(

20,450‌

)

$

(

114,381‌

)

Year

Ended

August

31,

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

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

34

See

accompanying

notes.

Amounts

in

thousands

Global

Multi-Strategy

Fund

(a)

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

4,469‌

$

5,465‌

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

......

34,312‌

46,593‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

,

futures

,

options

and

swaptions

,

short

sales

and

swap

agreements

.......................................................................................................

(

50,305‌

)

6,581‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

11,524‌

)

58,639‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

21,550‌

)

(

12,889‌

)

Total

Dividends

and

Distributions

(

21,550‌

)

(

12,889‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

51,009‌

)

(

283,471‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

84,083‌

)

(

237,721‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

563,702‌

801,423‌

End

of

period

..........................................................................................................................

$

479,619‌

$

563,702‌

Class

A

Class

C

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

..........................................................................

$

7,764‌

N/A‌

$

143,357‌

$

25,590‌

Reinvested

.....................................................................

1,140‌

N/A‌

11,318‌

643‌

Redeemed

......................................................................

(

7,733‌

)

N/A‌

(

119,042‌

)

(

114,046‌

)

Net

Increase

(Decrease)

$

1,171‌

N/A‌

$

35,633‌

$

(

87,813‌

)

Shares:

Sold

..........................................................................

683‌

N/A‌

12,421‌

2,194‌

Reinvested

.....................................................................

101‌

N/A‌

987‌

56‌

Redeemed

......................................................................

(

679‌

)

N/A‌

(

10,308‌

)

(

9,915‌

)

Net

Increase

(Decrease)

105‌

N/A‌

3,100‌

(

7,665‌

)

Year

Ended

August

31,

2021

(b)

Dollars:

Sold

..........................................................................

$

17,733‌

$

162‌

$

83,371‌

$

27,567‌

Reinvested

.....................................................................

267‌

50‌

8,856‌

289‌

Redeemed

......................................................................

(

8,032‌

)

(

17,483‌

)

(

362,608‌

)

(

33,643‌

)

Net

Increase

(Decrease)

$

9,968‌

$

(

17,271‌

)

$

(

270,381‌

)

$

(

5,787‌

)

Shares:

Sold

..........................................................................

1,563‌

15‌

7,245‌

2,382‌

Reinvested

.....................................................................

24‌

5‌

781‌

25‌

Redeemed

......................................................................

(

705‌

)

(

1,596‌

)

(

31,841‌

)

(

2,916‌

)

Net

Increase

(Decrease)

882‌

(

1,576‌

)

(

23,815‌

)

(

509‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................

$

(

1,345‌

)

$

N/A‌

$

(

13,625‌

)

$

(

6,580‌

)

Total

Dividends

and

Distributions

$

(

1,345‌

)

$

N/A‌

$

(

13,625‌

)

$

(

6,580‌

)

Year

Ended

August

31,

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

)

(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.

35

See

accompanying

notes.

Amounts

in

thousands

International

Equity

Index

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

34,722‌

$

27,490‌

Net

realized

gain

(loss)

on

investments

,

foreign

currencies

and

futures

...............................................................

(

6,578‌

)

37,361‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

,

foreign

currencies

and

futures

................................

(

273,860‌

)

206,022‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

245,716‌

)

270,873‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

61,068‌

)

(

27,015‌

)

Total

Dividends

and

Distributions

(

61,068‌

)

(

27,015‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

44,704‌

(

93,651‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

262,080‌

)

150,207‌

Net

Assets

Beginning

of

period

....................................................................................................................

1,248,080‌

1,097,873‌

End

of

period

..........................................................................................................................

$

986,000‌

$

1,248,080‌

Institutional

R-1

R-2

R-3

R-4

R-5

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

...........................................

$

16,138‌

$

43‌

N/A‌

$

2,821‌

$

3,578‌

$

3,817‌

$

152,932‌

Reinvested

......................................

2,602‌

19‌

N/A‌

715‌

478‌

803‌

56,451‌

Redeemed

.......................................

(

14,831‌

)

(

118‌

)

N/A‌

(

5,830‌

)

(

3,591‌

)

(

5,987‌

)

(

165,336‌

)

Net

Increase

(Decrease)

$

3,909‌

$

(

56‌

)

N/A‌

$

(

2,294‌

)

$

465‌

$

(

1,367‌

)

$

44,047‌

Shares:

Sold

...........................................

1,467‌

4‌

N/A‌

261‌

335‌

347‌

14,176‌

Reinvested

......................................

221‌

2‌

N/A‌

62‌

41‌

69‌

4,808‌

Redeemed

.......................................

(

1,374‌

)

(

11‌

)

N/A‌

(

537‌

)

(

333‌

)

(

539‌

)

(

14,767‌

)

Net

Increase

(Decrease)

314‌

(

5‌

)

N/A‌

(

214‌

)

43‌

(

123‌

)

4,217‌

Year

Ended

August

31,

2021

(a)

Dollars:

Sold

...........................................

$

17,412‌

$

65‌

$

74‌

$

3,835‌

$

3,567‌

$

5,772‌

$

106,980‌

Reinvested

......................................

950‌

7‌

8‌

315‌

203‌

338‌

25,194‌

Redeemed

.......................................

(

12,893‌

)

(

173‌

)

(

697‌

)

(

6,479‌

)

(

4,343‌

)

(

7,123‌

)

(

226,663‌

)

Net

Increase

(Decrease)

$

5,469‌

$

(

101‌

)

$

(

615‌

)

$

(

2,329‌

)

$

(

573‌

)

$

(

1,013‌

)

$

(

94,489‌

)

Shares:

Sold

...........................................

1,536‌

6‌

7‌

343‌

314‌

506‌

9,319‌

Reinvested

......................................

85‌

1‌

–‌

29‌

18‌

31‌

2,253‌

Redeemed

.......................................

(

1,125‌

)

(

16‌

)

(

62‌

)

(

589‌

)

(

381‌

)

(

626‌

)

(

20,079‌

)

Net

Increase

(Decrease)

496‌

(

9‌

)

(

55‌

)

(

217‌

)

(

49‌

)

(

89‌

)

(

8,507‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

$

(

2,602‌

)

$

(

19‌

)

$

N/A‌

$

(

715‌

)

$

(

478‌

)

$

(

803‌

)

$

(

56,451‌

)

Total

Dividends

and

Distributions

$

(

2,602‌

)

$

(

19‌

)

$

N/A‌

$

(

715‌

)

$

(

478‌

)

$

(

803‌

)

$

(

56,451‌

)

Year

Ended

August

31,

2021

(a)

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

)

(a)

Class

R-2

shares

discontinued

operations

and

converted

to

Class

R-3

shares

on

March

1,

2021.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

36

See

accompanying

notes.

Amounts

in

thousands

International

Small

Company

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

18,985‌

$

11,826‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.......................................................................

1,985‌

115,085‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.........................................

(

324,668‌

)

142,151‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

303,698‌

)

269,062‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

99,426‌

)

(

12,895‌

)

Total

Dividends

and

Distributions

(

99,426‌

)

(

12,895‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

73,753‌

)

(

118,904‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

476,877‌

)

137,263‌

Net

Assets

Beginning

of

period

....................................................................................................................

1,181,526‌

1,044,263‌

End

of

period

..........................................................................................................................

$

704,649‌

$

1,181,526‌

Class

A

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

.....................................................................................

N/A‌

$

25,908‌

$

139,248‌

Reinvested

................................................................................

N/A‌

8,197‌

91,228‌

Redeemed

.................................................................................

N/A‌

(

47,337‌

)

(

290,997‌

)

Net

Increase

(Decrease)

N/A‌

$

(

13,232‌

)

$

(

60,521‌

)

Shares:

Sold

.....................................................................................

N/A‌

2,414‌

12,077‌

Reinvested

................................................................................

N/A‌

719‌

7,941‌

Redeemed

.................................................................................

N/A‌

(

4,566‌

)

(

26,917‌

)

Net

Increase

(Decrease)

N/A‌

(

1,433‌

)

(

6,899‌

)

Year

Ended

August

31,

2021

(a)

Dollars:

Sold

.....................................................................................

$

290‌

$

33,977‌

$

169,805‌

Reinvested

................................................................................

43‌

1,046‌

11,806‌

Redeemed

.................................................................................

(

5,816‌

)

(

32,846‌

)

(

297,209‌

)

Net

Increase

(Decrease)

$

(

5,483‌

)

$

2,177‌

$

(

115,598‌

)

Shares:

Sold

.....................................................................................

26‌

2,827‌

14,059‌

Reinvested

................................................................................

4‌

88‌

990‌

Redeemed

.................................................................................

(

482‌

)

(

2,749‌

)

(

25,198‌

)

Net

Increase

(Decrease)

(

452‌

)

166‌

(

10,149‌

)

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.........................................

$

N/A‌

$

(

8,197‌

)

$

(

91,229‌

)

Total

Dividends

and

Distributions

$

N/A‌

$

(

8,197‌

)

$

(

91,229‌

)

Year

Ended

August

31,

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

)

(a)

Class

A

shares

discontinued

operations

on

February

23,

2021.

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

37

See

accompanying

notes.

Amounts

in

thousands

Opportunistic

Municipal

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

5,849‌

$

5,039‌

Net

realized

gain

(loss)

on

investments

................................................................................................

(

8,969‌

)

1,160‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

22,726‌

)

8,370‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

25,846‌

)

14,569‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

5,875‌

)

(

5,108‌

)

Total

Dividends

and

Distributions

(

5,875‌

)

(

5,108‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

4,527‌

)

33,091‌

Total

Increase

(Decrease)

in

Net

Assets

(

36,248‌

)

42,552‌

Net

Assets

Beginning

of

period

....................................................................................................................

175,476‌

132,924‌

End

of

period

..........................................................................................................................

$

139,228‌

$

175,476‌

Class

A

Institutional

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

...............................................................................................

$

23,837‌

$

68,211‌

Reinvested

..........................................................................................

1,850‌

3,934‌

Redeemed

...........................................................................................

(

25,814‌

)

(

76,545‌

)

Net

Increase

(Decrease)

$

(

127‌

)

$

(

4,400‌

)

Shares:

Sold

...............................................................................................

2,202‌

6,481‌

Reinvested

..........................................................................................

174‌

368‌

Redeemed

...........................................................................................

(

2,432‌

)

(

7,560‌

)

Net

Increase

(Decrease)

(

56‌

)

(

711‌

)

Year

Ended

August

31,

2021

Dollars:

Sold

...............................................................................................

$

16,220‌

$

37,888‌

Reinvested

..........................................................................................

1,725‌

3,313‌

Redeemed

...........................................................................................

(

12,651‌

)

(

13,404‌

)

Net

Increase

(Decrease)

$

5,294‌

$

27,797‌

Shares:

Sold

...............................................................................................

1,419‌

3,296‌

Reinvested

..........................................................................................

152‌

291‌

Redeemed

...........................................................................................

(

1,114‌

)

(

1,188‌

)

Net

Increase

(Decrease)

457‌

2,399‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

1,915‌

)

$

(

3,960‌

)

Total

Dividends

and

Distributions

$

(

1,915‌

)

$

(

3,960‌

)

Year

Ended

August

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

...................................................

$

(

1,769‌

)

$

(

3,339‌

)

Total

Dividends

and

Distributions

$

(

1,769‌

)

$

(

3,339‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

38

See

accompanying

notes.

Amounts

in

thousands

Origin

Emerging

Markets

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

88,033‌

$

47,354‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.......................................................................

(

234,479‌

)

142,323‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.........................................

(

812,743‌

)

33,160‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

959,189‌

)

222,837‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

142,189‌

)

(

17,592‌

)

Total

Dividends

and

Distributions

(

142,189‌

)

(

17,592‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(

480,040‌

)

1,800,621‌

Total

Increase

(Decrease)

in

Net

Assets

(

1,581,418‌

)

2,005,866‌

Net

Assets

Beginning

of

period

....................................................................................................................

3,863,736‌

1,857,870‌

End

of

period

..........................................................................................................................

$

2,282,318‌

$

3,863,736‌

Class

A

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

.....................................................................................

$

1,047‌

$

39,942‌

$

425,440‌

Reinvested

................................................................................

244‌

4,233‌

137,294‌

Redeemed

.................................................................................

(

2,780‌

)

(

32,743‌

)

(

1,052,717‌

)

Net

Increase

(Decrease)

$

(

1,489‌

)

$

11,432‌

$

(

489,983‌

)

Shares:

Sold

.....................................................................................

82‌

3,494‌

35,911‌

Reinvested

................................................................................

19‌

328‌

10,620‌

Redeemed

.................................................................................

(

222‌

)

(

2,797‌

)

(

88,132‌

)

Net

Increase

(Decrease)

(

121‌

)

1,025‌

(

41,601‌

)

Year

Ended

August

31,

2021

Dollars:

Sold

.....................................................................................

$

7,512‌

$

110,756‌

$

2,219,452‌

Reinvested

................................................................................

17‌

601‌

16,940‌

Redeemed

.................................................................................

(

2,444‌

)

(

21,423‌

)

(

530,790‌

)

Net

Increase

(Decrease)

$

5,085‌

$

89,934‌

$

1,705,602‌

Shares:

Sold

.....................................................................................

521‌

8,253‌

155,917‌

Reinvested

................................................................................

2‌

46‌

1,274‌

Redeemed

.................................................................................

(

174‌

)

(

1,536‌

)

(

40,477‌

)

Net

Increase

(Decrease)

349‌

6,763‌

116,714‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

.........................................

$

(

249‌

)

$

(

4,286‌

)

$

(

137,654‌

)

Total

Dividends

and

Distributions

$

(

249‌

)

$

(

4,286‌

)

$

(

137,654‌

)

Year

Ended

August

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

.........................................

$

(

17‌

)

$

(

603‌

)

$

(

16,972‌

)

Total

Dividends

and

Distributions

$

(

17‌

)

$

(

603‌

)

$

(

16,972‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

39

See

accompanying

notes.

Amounts

in

thousands

Small-MidCap

Dividend

Income

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

15,427‌

$

12,891‌

Net

realized

gain

(loss)

on

investments

and

foreign

currencies

.......................................................................

56,738‌

250,778‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

and

foreign

currencies

.........................................

(

136,215‌

)

320,555‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

64,050‌

)

584,224‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

13,607‌

)

(

18,307‌

)

Total

Dividends

and

Distributions

(

13,607‌

)

(

18,307‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

26,002‌

(

1,045,441‌

)

Total

Increase

(Decrease)

in

Net

Assets

(

51,655‌

)

(

479,524‌

)

Net

Assets

Beginning

of

period

....................................................................................................................

1,112,758‌

1,592,282‌

End

of

period

..........................................................................................................................

$

1,061,103‌

$

1,112,758‌

Class

A

Class

C

Institutional

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

..........................................................................

$

31,834‌

$

3,463‌

$

158,657‌

$

86,955‌

Reinvested

.....................................................................

1,389‌

164‌

9,795‌

1,413‌

Redeemed

......................................................................

(

26,013‌

)

(

23,930‌

)

(

200,309‌

)

(

17,416‌

)

Net

Increase

(Decrease)

$

7,210‌

$

(

20,303‌

)

$

(

31,857‌

)

$

70,952‌

Shares:

Sold

..........................................................................

1,879‌

207‌

9,237‌

4,812‌

Reinvested

.....................................................................

84‌

10‌

589‌

85‌

Redeemed

......................................................................

(

1,536‌

)

(

1,435‌

)

(

11,761‌

)

(

1,027‌

)

Net

Increase

(Decrease)

427‌

(

1,218‌

)

(

1,935‌

)

3,870‌

Year

Ended

August

31,

2021

Dollars:

Sold

..........................................................................

$

40,724‌

$

3,995‌

$

318,215‌

$

52,413‌

Reinvested

.....................................................................

1,181‌

373‌

15,730‌

215‌

Redeemed

......................................................................

(

38,941‌

)

(

32,965‌

)

(

1,398,642‌

)

(

7,739‌

)

Net

Increase

(Decrease)

$

2,964‌

$

(

28,597‌

)

$

(

1,064,697‌

)

$

44,889‌

Shares:

Sold

..........................................................................

2,675‌

270‌

22,826‌

3,311‌

Reinvested

.....................................................................

85‌

27‌

1,173‌

15‌

Redeemed

......................................................................

(

2,720‌

)

(

2,275‌

)

(

92,912‌

)

(

481‌

)

Net

Increase

(Decrease)

40‌

(

1,978‌

)

(

68,913‌

)

2,845‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................

$

(

1,538‌

)

$

(

167‌

)

$

(

10,488‌

)

$

(

1,414‌

)

Total

Dividends

and

Distributions

$

(

1,538‌

)

$

(

167‌

)

$

(

10,488‌

)

$

(

1,414‌

)

Year

Ended

August

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................

$

(

1,301‌

)

$

(

382‌

)

$

(

16,409‌

)

$

(

215‌

)

Total

Dividends

and

Distributions

$

(

1,301‌

)

$

(

382‌

)

$

(

16,409‌

)

$

(

215‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

40

See

accompanying

notes.

Amounts

in

thousands

Small-MidCap

Growth

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

(

61‌

)

$

(

35‌

)

Net

realized

gain

(loss)

on

investments

................................................................................................

(

866‌

)

3,371‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(

1,543‌

)

183‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(

2,470‌

)

3,519‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(

2,998‌

)

(

788‌

)

Total

Dividends

and

Distributions

(

2,998‌

)

(

788‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

2,686‌

1,132‌

Total

Increase

(Decrease)

in

Net

Assets

(

2,782‌

)

3,863‌

Net

Assets

Beginning

of

period

....................................................................................................................

11,489‌

7,626‌

End

of

period

..........................................................................................................................

$

8,707‌

$

11,489‌

Institutional

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

..........................................................................................................

$

105‌

Reinvested

.....................................................................................................

2,998‌

Redeemed

......................................................................................................

(

417‌

)

Net

Increase

(Decrease)

$

2,686‌

Shares:

Sold

..........................................................................................................

6‌

Reinvested

.....................................................................................................

223‌

Redeemed

......................................................................................................

(

34‌

)

Net

Increase

(Decrease)

195‌

Year

Ended

August

31,

2021

Dollars:

Sold

..........................................................................................................

$

421‌

Reinvested

.....................................................................................................

788‌

Redeemed

......................................................................................................

(

77‌

)

Net

Increase

(Decrease)

$

1,132‌

Shares:

Sold

..........................................................................................................

27‌

Reinvested

.....................................................................................................

45‌

Redeemed

......................................................................................................

(

4‌

)

Net

Increase

(Decrease)

68‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

2,998‌

)

Total

Dividends

and

Distributions

$

(

2,998‌

)

Year

Ended

August

31,

2021

From

net

investment

income

and

net

realized

gain

on

investments

..............................................................

$

(

788‌

)

Total

Dividends

and

Distributions

$

(

788‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

41

See

accompanying

notes.

Amounts

in

thousands

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

295,836‌

$

307,111‌

Net

realized

gain

(loss)

on

investments

,

futures

and

options

and

swaptions

..........................................................

46,101‌

60,335‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments,

futures

and

options

and

swaptions

...........................

(1,143,067‌)

215,531‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(801,130‌)

582,977‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(346,751‌)

(339,747‌)

Total

Dividends

and

Distributions

(346,751‌)

(339,747‌)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

(830,667‌)

688,899‌

Total

Increase

(Decrease)

in

Net

Assets

(1,978,548‌)

932,129‌

Net

Assets

Beginning

of

period

....................................................................................................................

8,457,459‌

7,525,330‌

End

of

period

..........................................................................................................................

$

6,478,911‌

$

8,457,459‌

Class

A

Class

C

Class

J

Institutional

R-1

R-2

R-3

R-4

R-5

R-6

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

..............................

$

189,619‌

$

22,493‌

$

6,973‌

$

1,799,183‌

$

22‌

N/A‌

$

6,682‌

$

506‌

$

435‌

$

268,352‌

Reinvested

.........................

32,321‌

6,964‌

1,792‌

168,471‌

22‌

N/A‌

92‌

49‌

154‌

40,688‌

Redeemed

..........................

(245,248‌)

(71,715‌)

(8,745‌)

(2,500,578‌)

(102‌)

N/A‌

(1,026‌)

(285‌)

(1,474‌)

(

546,312‌)

Net

Increase

(Decrease)

$

(23,308‌)

$

(42,258‌)

$

20‌

$

(532,924‌)

$

(58‌)

N/A‌

$

5,748‌

$

270‌

$

(885‌)

$

(237,272‌)

Shares:

Sold

..............................

18,882‌

2,243‌

713‌

185,803‌

2‌

N/A‌

721‌

50‌

44‌

27,338‌

Reinvested

.........................

3,280‌

706‌

188‌

17,213‌

2‌

N/A‌

10‌

5‌

16‌

4,170‌

Redeemed

..........................

(24,892‌)

(7,276‌)

(911‌)

(255,879‌)

(10‌)

N/A‌

(99‌)

(30‌)

(150‌)

(57,468‌)

Net

Increase

(Decrease)

(2,730‌)

(4,327‌)

(10‌)

(52,863‌)

(6‌)

N/A‌

632‌

25‌

(90‌)

(25,960‌)

Year

Ended

August

31,

2021

(a)

Dollars:

Sold

..............................

$

288,143‌

$

48,270‌

$

6,004‌

$

1,878,075‌

$

72‌

$

153‌

$

2,271‌

$

97‌

$

1,039‌

$

347,720‌

Reinvested

.........................

28,454‌

9,063‌

1,727‌

167,861‌

23‌

13‌

67‌

39‌

157‌

39,487‌

Redeemed

..........................

(217,288‌)

(176,876‌)

(9,245‌)

(1,474,750‌)

(108‌)

(1,751‌)

(1,214‌)

(362‌)

(709‌)

(247,533‌)

Net

Increase

(Decrease)

$

99,309‌

$

(1,514‌)

$

571,186‌

$

(13‌)

$

(1,585‌)

$

1,124‌

$

(226‌)

$

487‌

$

139,674‌

Shares:

Sold

..............................

27,396‌

4,597‌

588‌

180,259‌

7‌

15‌

220‌

9‌

100‌

33,345‌

Reinvested

.........................

2,712‌

866‌

170‌

16,125‌

2‌

1‌

6‌

4‌

15‌

3,795‌

Redeemed

..........................

(20,694‌)

(16,805‌)

(908‌)

(141,631‌)

(10‌)

(171‌)

(116‌)

(35‌)

(68‌)

(23,774‌)

Net

Increase

(Decrease)

9,414‌

(11,342‌)

(150‌)

54,753‌

(1‌)

(155‌)

110‌

(22‌)

47‌

13,366‌

Dividends

and

Distributions

to

Shareholders:

Year

Ended

August

31,

2022

From

net

investment

income

and

net

realized

gain

on

investments

...................

$

(40,364‌)

$

(7,981‌)

$

(1,825‌)

$

(222,556‌)

$

(22‌)

$

N/A‌

$

(100‌)

$

(49‌)

$

(154‌)

$

(

73,700‌)

Total

Dividends

and

Distributions

$

(40,364‌)

$

(7,981‌)

$

(1,825‌)

$

(222,556‌)

$

(22‌)

$

N/A‌

$

(100‌)

$

(49‌)

$

(154‌)

$

(73,700‌)

Year

Ended

August

31,

2021

(a)

From

net

investment

income

and

net

realized

gain

on

investments

...................

$

(

36,063‌)

$

(10,211‌)

$

(1,762‌)

$

(220,025‌)

$

(23‌)

$

(30‌)

$

(80‌)

$

(39‌)

$

(157‌)

$

(71,357‌)

Total

Dividends

and

Distributions

$

(36,063‌)

$

(10,211‌)

$

(1,762‌)

$

(220,025‌)

$

(23‌)

$

(30‌)

$

(80‌)

$

(39‌)

$

(157‌)

$

(71,357‌)

(a)

Class

R-2

shares

discontinued

operations

and

converted

to

Class

R-3

shares

on

March

1,

2021.

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

42

1.

Organization

Principal

Funds,

Inc.

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

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,

series

of

the

Fund,

(known

as

the

"Funds")

are

presented

herein.

The

Funds

may

offer

up

to

nine

classes

of

shares:

Class

A,

Class

C,

Class

J,

Institutional,

R-1,

R-3,

R-4,

R-5,

and

R-6.

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

operations

and

converted

into

Class

A

shares

for

Diversified

Real

Asset

Fund

and

Global

Multi-Asset

Strategy

Fund.

Effective

February

23,

2021,

Class

A

shares

discontinued

operations

for

International

Small

Company

Fund.

Effective

March

1,

2021,

Class

R-2

shares

discontinued

operations

and

converted

into

Class

R-3

shares

for

all

Funds.

Effective

June

24,

2022,

Class

R-4

shares

discontinued

operations

for

Diversified

Real

Asset

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

Fund's

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

investment

funds,

which

may

include

closed-end

investment

companies,

exchange-traded

funds,

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered open-

end

investment

companies,

other

than

exchange-traded

funds, are

valued

at

the

respective

fund's

closing

net

asset

value

per

share

on

the

day

of

valuation.

The

Funds

value

securities,

including

exchange-traded

funds,

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

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.

August

31,

2022

43

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

August

31,

2022:

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.

Payment

in

kind

(“PIK”)

income

is

computed

on

the

value

of

the

securities

received

at

the

contractual

rate

specified

in

each

loan

agreement.

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

10

.0%

International

Equity

Index

Fund

Euro

29

.1%

Japanese

Yen

22

.1

British

Pound

Sterling

14

.9

Swiss

Franc

10

.1

Australian

Dollar

7

.9

International

Small

Company

Fund

Japanese

Yen

26

.0%

British

Pound

Sterling

17

.6

Euro

16

.5

Canadian

Dollar

13

.5

Australian

Dollar

8

.0

Origin

Emerging

Markets

Fund

Hong

Kong

Dollar

20

.8%

New

Taiwan

Dollar

15

.3

Chinese

Renminbi

12

.7

South

Korean

Won

11

.1

Indian

Rupee

10

.1

Brazilian

Real

7

.9

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

44

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

other

series

of

the

Fund

and

other

investment

companies

(collectively,

“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

redemptions-in-kind.

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 year

ended

August

31,

2022,

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.

Any

tax

reclaims

received

are

included

in

dividend

income

on

the

statements

of

operations.

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

statements

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

foreign

tax

refund

and

any

accrued

foreign

tax

liability

are

shown

on

the

statements

of

assets

and

liabilities.

At

August

31,

2022,

Origin

Emerging

Markets

Fund

had

a

foreign

tax

refund

receivable

of

$801,000

and

an

accrued

foreign

tax

liability

of

$3,533,000. 

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

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

45

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

August

31,

2022,

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 expects

the impact

of

the

ASU will

not

have

a

material

impact

on

the

Funds'

financial

statements.

In

June

2022,

the

FASB

issued

ASU

No.

2022-03

Fair

Value

Measurement

(Topic

820);

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

provides

clarifying

guidance

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

Management

expects

the

ASU

will

not

have

a

material

impact

on

the

Funds’

financial

statements.

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.

Effective

April

18,

2022,

interest

paid

and

received

on

borrowings

is

the

average

of

the

current

repurchase

agreement

rate

and

the

bank

loan

rate

plus

the

applicable

margin

of

1.00%.

The

bank

loan

rate

equals

the

higher

of

(i)

the

Federal

Funds

Rate

or

(ii)

the

secured

overnight

financing

rate

plus

.10%

(“Adjusted

SOFR”).

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Prior

to

April

18,

2022,

the

bank

loan

rate

equaled

the

higher

of

(i)

the

Federal

Funds

Rate

or

(ii)

the

One

Month

LIBOR

rate

plus

the

applicable

margin

of

1.25%.

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

August

31,

2022,

Opportunistic

Municipal

Fund

had

outstanding

borrowings

of

$375,000

from

the

Facility.

There

were

no

outstanding

loans

to

the

Facility

as

of

August

31,

2022.

During

the year

ended

August

31,

2022, Funds

lending

to

the

Facility

were

as

follows

(amounts

in

thousands):

Net

Assets

Percent

of

Consolidated

Fund's

Net

Assets

DRA

Cayman

Corporation

$

702,785

15.18

%

GMS

Cayman

Corporation

9,758

2.03

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Blue

Chip

Fund

$

335

1.07

%

Bond

Market

Index

Fund

281

1.10

Diversified

Real

Asset

Fund

778

1.19

Edge

MidCap

Fund

38

0.78

Global

Multi-Strategy

Fund

73

0.96

International

Equity

Index

Fund

7

1.08

International

Small

Company

Fund

153

1.55

Origin

Emerging

Markets

Fund

202

0.97

Small-MidCap

Dividend

Income

Fund

292

1.17

Small-MidCap

Growth

Fund

1

1.53

Spectrum

Preferred

and

Capital

Securities

Income

Fund

328

1.34

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

46

During

the year

ended

August

31,

2022,

Funds

borrowing

from

the

Facility

were

as

follows

(amounts

in

thousands): 

In

addition,

the

Funds

participate

with

other

registered

investment

companies

managed

by

the

Manager

in

an

unsecured

joint

line

of

credit

with

a

group

of

financial

institutions

which

allows

the

participants

to

borrow

up

to

$250

million,

collectively.

Borrowings

are

made

solely

to

facilitate

the

handling

of

unusual

and/or

unanticipated

short-term

cash

requirements.

Prior

to

April

18,

2022,

Diversified

Real

Asset

Fund

did

not

participate

in

the

line

of

credit

as

the

lender

was

a

single

bank

affiliated

to

one

of

its

sub-advisors.

Effective

April

18,

2022,

the

line

of

credit

is

available

under

a

group

of

revolving

financial

institutions

and

lending

is

carried

out

with

unaffiliated

financial

institutions.

Effective

April

18,

2022,

interest

is

charged

to

each

participant,

based

on

its

borrowings,

at

a

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

plus

1.00%.

Prior

to

April

18,

2022,

interest

was

charged

at

an

annual

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

One

Month

LIBOR

rate

plus

1.25%.

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Additionally,

a

commitment

fee

is

charged

at

an

annual

rate

of

.15%

on

the

amount

of

the

line

of

credit

which

is

allocated

to

each

participant

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

year

ended

August

31,

2022.

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.

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Blue

Chip

Fund

$

2,415

1.08

%

Global

Multi-Strategy

Fund

89

0.90

International

Equity

Index

Fund

192

0.99

International

Small

Company

Fund

571

0.71

Opportunistic

Municipal

Fund

127

1.83

Origin

Emerging

Markets

Fund

3,617

0.79

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,525

1.55

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

47

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

August

31,

2022,

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

Bank

of

America

NA

Foreign

Currency

Contracts

$

11

$

—

$

11

Total

Return

Swaps

—

(22)

(22)

$

11

$

(22)

$

(11)

$

—

$

(11)

Barclays

Bank

PLC

Written

Interest

Rate

Swaptions

—

(1,198)

(1,198)

$

—

$

(1,198)

$

(1,198)

$

—

$

(1,198)

BNP

Paribas

Foreign

Currency

Contracts

13

(3)

10

$

13

$

(3)

$

10

$

—

$

10

Citigroup

Inc

Foreign

Currency

Contracts

31

—

31

Purchased

Options

—

—

—

Total

Return

Swaps

—

(24)

(24)

$

31

$

(24)

$

7

$

(7)

$

—

Deutsche

Bank

AG

Written

Interest

Rate

Swaptions

—

(1,287)

(1,287)

$

—

$

(1,287)

$

(1,287)

$

—

$

(1,287)

JPMorgan

Chase

Foreign

Currency

Contracts

13

—

13

Purchased

Interest

Rate

Swaptions

733

—

733

Purchased

Options

—

—

—

Written

Interest

Rate

Swaptions

—

(316)

(316)

Written

Options

—

—

—

$

746

$

(316)

$

430

$

—

$

430

Morgan

Stanley

&

Co

Purchased

Options

71

—

71

Written

Options

—

(3)

(3)

$

71

$

(3)

$

68

$

(13)

$

55

UBS

AG

Total

Return

Swaps

—

(4)

(4)

$

—

$

(4)

$

(4)

$

—

$

(4)

Total

OTC

$

872

$

(2,857)

$

(1,985)

$

(2,005)

Global

Multi-Strategy

Fund

Bank

of

America

NA

Foreign

Currency

Contracts

3,799

(2,013)

1,786

$

3,799

$

(2,013)

$

1,786

$

(710)

$

1,076

Barclays

Bank

PLC

Foreign

Currency

Contracts

3

—

3

$

3

$

—

$

3

$

—

$

3

BNP

Paribas

Foreign

Currency

Contracts

303

—

303

$

303

$

—

$

303

$

—

$

303

Citigroup

Inc

Foreign

Currency

Contracts

5

(12)

(7)

$

5

$

(12)

$

(7)

$

7

$

—

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

48

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

1940

Act

are

satisfied.

For

the

year ended

August

31,

2022,

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

August

31,

2022,

deposits

with

counterparty

were

as

follows

(amounts

in

thousands):

Assets

*

Liabilities

*

Net

Market

Value

of

OTC

Derivatives

Collateral

(Received)/

Pledged

†

Net

Exposure

Global

Multi-Strategy

Fund

(continued)

Credit

Agricole

CIB

Foreign

Currency

Contracts

$

—

$

(44)

$

(44)

$

—

$

(44)

$

(44)

$

—

$

(44)

Deutsche

Bank

AG

Foreign

Currency

Contracts

—

(29)

(29)

$

—

$

(29)

$

(29)

$

—

$

(29)

Goldman

Sachs

&

Co

Equity

Basket

Swaps

—

(537)

(537)

Foreign

Currency

Contracts

175

(12)

163

$

175

$

(549)

$

(374)

$

310

$

(64)

JPMorgan

Chase

Equity

Basket

Swaps

—

(444)

(444)

Foreign

Currency

Contracts

456

(125)

331

$

456

$

(569)

$

(113)

$

113

$

—

Merrill

Lynch

Foreign

Currency

Contracts

4

—

4

$

4

$

—

$

4

$

—

$

4

Morgan

Stanley

&

Co

Credit

Default

Swaps

41

—

41

Equity

Basket

Swaps

8,441

—

8,441

$

8,482

$

—

$

8,482

$

—

$

8,482

Toronto

Dominion

Bank

Foreign

Currency

Contracts

308

—

308

$

308

$

—

$

308

$

—

$

308

Total

OTC

$

13,535

$

(3,216)

$

10,319

$

10,039

*

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.

FCM

(Futures

and

Cleared

Swaps)

ISDA

(OTC

Derivatives)

Shorts

Total

Deposits

with

Counterparty

Diversified

Real

Asset

Fund

$

3,733

$

—

$

—

$

3,733

Global

Multi-Strategy

Fund

12,112

1,763

35,418

49,293

International

Equity

Index

Fund

82

—

—

82

Spectrum

Preferred

and

Capital

Securities

Income

Fund

12,435

—

—

12,435

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

49

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

August

31,

2022,

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

Floaters)

include

the

right

of

the

fund

(1)

to

cause

the

holders

of

the

floating

rate

notes

to

tender

their

notes

at

par

at

the

next

interest

rate

reset

date,

and

(2)

to

transfer

the

fixed

rate

bond

from

the

trusts

to

the

fund,

thereby

collapsing

the

trusts.

The

fund

accounts

for

the

transfer

of

bonds

to

the

trusts

as

secured

borrowings,

with

the

securities

transferred

remaining

in

the

fund’s

investment

assets,

and

the

related

floating

rate

notes

reflected

as

fund

liabilities

under

the

caption

“floating

rate

notes

issued”

in

the

statements

of

assets

and

liabilities.

The

fund

holds

the

"floating

rate

notes

issued"

in

which

the

carrying

value,

including

accrued

interest,

approximates

fair

value

for

financial

statement

purposes.

As

of

year

end

,

the

“floating

rate

notes

issued”

payable

is

categorized

as

Level

2

within

the

disclosure

hierarchy.

The

balance

of

the

"floating

rate

notes

issued"

as

of 

August

31,

2022

 was

$7,032,000.

The

average

outstanding

balance

for

the

liability

during

the

year

ended 

August

31,

2022

was

$8,366,000

at

a weighted

average

annual

interest

rate

of

1.10%.

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,

typically

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.

For

those

contracts

where

daily

variation

margin

payments

are

not

received

from

or

paid

to

the

broker,

the

cumulative

unrealized

gains

or

losses

are

included

in

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. 

ISDA

(OTC

Derivatives)

Diversified

Real

Asset

Fund

$

40

Global

Multi-Strategy

Fund

930

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

50

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.

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

year, certain

of

the

Funds

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

schedules

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 year

end

are

included

in

the

Funds'

schedules

of

investments. 

Private

Investments

in

Public

Equity.

The

Funds

may

invest

in

private

investments

in

public

equity

(“PIPEs”)

which

are

issued

by

a

company

in

the

secondary

market

as

a

means

of

raising

capital.

In

connection

with

PIPEs,

the

Funds

may

enter

into

unfunded

commitments.

Commitments

may

be

subject

to

various

contingencies

and

are

recognized

when

the

commitment

is

legally

binding.

These

contingencies

are

considered

in

the

valuation

of

the

commitments.

The

Funds

are

obligated

to

fund

these

commitments

when

the

contingencies

are

met

and

therefore,

the

Funds

must

have

funds

sufficient

to

cover

their

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

unfunded

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

typically

categorized

as

Level

2

within

the

disclosure

hierarchy.

As of

August

31,

2022,

the

Funds

had

no

unfunded

commitments

in

connection

with

PIPEs.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

51

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

may

enter

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

may

hold

reverse

repurchase

agreements

in

which

the

carrying

value,

including

accrued

interest,

approximates

fair

value

for

financial

statement

purposes.

Global

Multi-Strategy

Fund

did

not

enter

into

any

reverse

repurchase

agreements

during

the

year

ended

August

31,

2022

.

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

an

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

their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

Securities

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”),

and

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

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

52

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

(or

such

successor

if

no

longer

available).

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.

All

or

a

portion

of

the

loan

commitments

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

Borrower’s

discretion.

Therefore,

the

Funds

must

have

funds

sufficient

to

cover their

contractual

obligation.

Unfunded

loan

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

unfunded

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

unfunded

loan

commitments

are

categorized

as

Level

2

within

the

disclosure

hierarchy.

As

of

August

31,

2022,

the

Funds

had

unfunded

loan

commitments

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

schedules

of

investments.

The

fund

may

pay

broker’s

fees

on

the

borrowed

securities

and

may

also

pay

a

financing

charge

for

the

difference

in

the

market

value

of

the

short

position

and

cash

collateral

deposited

with

the

broker.

These

fees

are

included

as

short

sale

fees

on

the

statements

of

operations.

Swap

Agreements.

Certain

of

the

Funds

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

last

traded

price

from

the

primary

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.

Unfunded

Loan

Commitment

Net

Unrealized

Gain/(Loss)

Diversified

Real

Asset

Fund

$

253

$

(7)

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

53

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

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.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

54

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

August

31,

2022

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.,

Principal

Exchange-Traded

Funds,

and

other

asset

allocation

programs.

The

Manager

is

committed

to

minimizing

the

potential

impact

of

underlying

fund

risk

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

other

series

of

the

Fund,

Principal

Variable

Contracts

Funds,

Inc.,

and

Principal

Exchange-Traded

Funds

can

be

found

at

www.Principalam.com.

As

of August

31,

2022,

series

of

the

Fund

and

Principal

Variable

Contracts

Funds,

Inc.

owned

the

following

percentages,

in

the

aggregate,

of

the

outstanding

shares

of

the

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

Percentage

of

Outstanding

Shares

Owned

Blue

Chip

Fund

38.04

%

Bond

Market

Index

Fund

90.43

Diversified

Real

Asset

Fund

14.65

International

Equity

Index

Fund

56.44

International

Small

Company

Fund

91.25

Origin

Emerging

Markets

Fund

45.99

Small-MidCap

Dividend

Income

Fund

8.29

Spectrum

Preferred

and

Capital

Securities

Income

Fund

9.78

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

55

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

August

31,

2022

Liability

Derivatives

August

31,

2022

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

Investment

in

securities-at

value,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

9,858

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

21,226

*

Foreign

Exchange

Contracts

Investment

in

securities-at

value,

Receivables

$

84

Payables

$

6

Interest

Rate

Contracts

Investment

in

securities-at

value,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,938

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

3,998

*

Total

$

11,880

*

$

25,230

*

Global

Multi-Strategy

Fund

Commodity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

857

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

958

*

Credit

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

420

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

—

Equity

Contracts

Investment

in

securities-at

value,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

9,550

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

2,814

*

Foreign

Exchange

Contracts

Receivables

$

5,108

*

Payables

$

2,235

Interest

Rate

Contracts

Investment

in

securities-at

value,

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

653

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

635

*

Total

$

16,588

$

6,642

International

Equity

Index

Fund

Equity

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

—

Payables,

Total

distributable

earnings

(accumulated

loss)

$

86

*

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

1,212

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

369

*

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

Investment

transactions/Investments*

$

(113)

$

(352)

Futures

contracts

$

169,016

$

(18,589)

Options

and

swaptions

$

162

$

(64)

Swap

agreements

$

(21,327)

$

(50)

Foreign

Exchange

Contracts

Investment

transactions/Investments*

$

(3)

$

(21)

Foreign

currency

contracts

$

1,406

$

(114)

Options

and

swaptions

$

11

$

9

Interest

Rate

Contracts

Investment

transactions/Investments*

$

627

$

117

Futures

contracts

$

4,060

$

227

Options

and

swaptions

$

(1,777)

$

(473)

Swap

agreements

$

927

$

(1,197)

Total

$

152,989

$

(20,507)

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

56

The

following

table

includes

a

summary

of

the

average

quarterly

outstanding

notional

by

derivative

instrument

type

for

the year

ended August

31,

2022

(amounts

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

Futures

contracts

$

10,826

$

(748)

Credit

Contracts

Swap

agreements

$

156

$

441

Equity

Contracts

Investment

transactions/Investments*

$

(1,066)

$

106

Futures

contracts

$

3,691

$

(2,142)

Options

and

swaptions

$

1,888

$

(101)

Swap

agreements

$

(4,726)

$

8,078

Foreign

Exchange

Contracts

Futures

contracts

$

307

$

61

Foreign

currency

contracts

$

6,057

$

3,598

Interest

Rate

Contracts

Investment

transactions/Investments*

$

—

$

11

Futures

contracts

$

7,023

$

194

Options

and

swaptions

$

—

$

(1)

Swap

agreements

$

1,785

$

(349)

Total

$

25,941

$

(9,148)

International

Equity

Index

Fund

Equity

Contracts

Futures

contracts

$

(375)

$

(79)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Interest

Rate

Contracts

Investment

transactions/Investments*

$

(2,903)

$

24

Futures

contracts

$

16,097

$

1,674

Options

and

swaptions

$

8,520

$

37

Total

$

21,714

$

1,735

*Investment

transactions

includes

purchased

options

and/or

purchased

swaptions.

Contract

Type

Derivative

Type

Average

Notional

Diversified

Real

Asset

Fund

Commodity

Contracts

Futures

-

Long

$

696,765

Futures

-

Short

203,969

Purchased

Options

447

Total

Return

Swaps

-

Receive

Positive

Return

511,574

Written

Options

487

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

7,096

Foreign

Currency

Contracts

-

Contracts

to

Deliver

14,813

Purchased

Options

10,031

Written

Options

6,885

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

100,957

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

173,804

Futures

-

Long

64,872

Futures

-

Short

72,684

Purchased

Interest

Rate

Swaptions

66,532

Purchased

Options

532

Written

Interest

Rate

Swaptions

288,482

Written

Options

692

Global

Multi-Strategy

Fund

Commodity

Contracts

Futures

-

Long

39,309

Futures

-

Short

15,965

Credit

Contracts

Credit

Default

Swaps

–

Buy

Protection

6,854

Credit

Default

Swaps

–

Sell

Protection

9,700

Exchange

Cleared

Credit

Default

Swaps

–

Buy

Protection

7,474

Exchange

Cleared

Credit

Default

Swaps

–

Sell

Protection

870

Equity

Contracts

Futures

-

Long

25,403

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

57

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, 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,

convertible

preferred

stocks,

corporate

bonds,

preferred

stocks, 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.

Contract

Type

Derivative

Type

Average

Notional

Global

Multi-Strategy

Fund

(continued)

Futures

-

Short

$

36,698

Purchased

Options

366

Total

Return

Equity

Basket

Swaps

116,586

Written

Options

341

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

-

Contracts

to

Accept

118,053

Foreign

Currency

Contracts

-

Contracts

to

Deliver

191,735

Futures

-

Long

1,817

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

40,893

Exchange

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

59,206

Futures

-

Long

55,133

Futures

-

Short

206,974

Interest

Rate

Swaps

-

Pay

Floating

Rate

7,674

Interest

Rate

Swaps

-

Receive

Floating

Rate

7,674

Purchased

Options

18

Total

Return

Swaps

-

Receive

Positive

Return

619

Written

Options

15

International

Equity

Index

Fund

Equity

Contracts

Futures

-

Long

1,962

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Interest

Rate

Contracts

Futures

-

Short

203,662

Purchased

Options

1,808

Written

Options

225

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

58

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

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.

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 August

31,

2022

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*

$

8,692,669

$

—

$

—

$

8,692,669

Investment

Companies

51,890

—

—

51,890

Total

investments

in

securities

$

8,744,559

$

—

$

—

$

8,744,559

Bond

Market

Index

Fund

Bonds*

—

521,386

—

521,386

Investment

Companies

317,380

—

—

317,380

Municipal

Bonds*

—

3,499

—

3,499

U.S.

Government

&

Government

Agency

Obligations*

—

1,261,252

—

1,261,252

Total

investments

in

securities

$

317,380

$

1,786,137

$

—

$

2,103,517

Diversified

Real

Asset

Fund

Bonds*

—

16,841

—

16,841

Common

Stocks

Basic

Materials

124,103

49,855

—

173,958

Communications

—

3,539

—

3,539

Consumer,

Cyclical

14,169

4,190

—

18,359

Consumer,

Non-cyclical

110,658

144,533

4

255,195

Energy

496,726

72,287

—

569,013

Financial

429,044

190,155

—

619,199

Industrial

99,359

228,905

23

328,287

Technology

9,443

1,312

57

10,812

Utilities

396,280

375,003

—

771,283

Convertible

Preferred

Stocks

Technology

—

43

—

43

Investment

Companies

370,494

—

—

370,494

Preferred

Stocks

Industrial

—

294

—

294

Senior

Floating

Rate

Interests*

—

236,530

—

236,530

U.S.

Government

&

Government

Agency

Obligations*

—

1,574,310

—

1,574,310

Purchased

Options

476

71

—

547

Purchased

Interest

Rate

Swaptions

—

733

—

733

Total

investments

in

securities

$

2,050,752

$

2,898,601

$

84

$

4,949,437

Derivative

Assets

Commodity

Contracts

Futures**

9,803

—

—

9,803

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

59

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

(continued)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

$

—

$

68

$

—

$

68

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

432

—

432

Futures**

297

—

—

297

Derivative

Liabilities

Commodity

Contracts

Futures**

(21,

027

)

(5)

—

(21,

032

)

Total

Return

Swaps

—

(50)

—

(50)

Written

Options

(144)

—

—

(144)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(3)

—

(3)

Written

Options

—

(3)

—

(3)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

(880)

—

(880)

Futures**

(139)

—

—

(139)

Interest

Rate

Swaptions

—

(2,801)

—

(2,801)

Written

Options

(178)

—

—

(178)

Edge

MidCap

Fund

Common

Stocks

Basic

Materials

3,387

—

—

3,387

Communications

2,989

1,102

—

4,091

Consumer,

Cyclical

11,882

—

—

11,882

Consumer,

Non-cyclical

19,261

—

—

19,261

Energy

5,372

—

—

5,372

Financial

20,623

—

—

20,623

Industrial

21,348

—

—

21,348

Technology

16,046

—

—

16,046

Utilities

6,308

—

—

6,308

Investment

Companies

1,662

—

—

1,662

Total

investments

in

securities

$

108,878

$

1,102

$

—

$

109,980

Global

Multi-Strategy

Fund

Bonds*

—

134,097

153

134,250

Common

Stocks

Basic

Materials

5,572

1,703

—

7,275

Communications

17,025

703

—

17,728

Consumer,

Cyclical

12,302

4,651

—

16,953

Consumer,

Non-cyclical

26,198

12,184

—

38,382

Diversified

9,017

3,177

—

12,194

Energy

6,792

546

—

7,338

Financial

20,425

4,742

25

25,192

Industrial

16,416

6,163

—

22,579

Technology

25,937

2,322

337

28,596

Utilities

4,859

1,023

—

5,882

Convertible

Bonds*

—

4,148

—

4,148

Convertible

Preferred

Stocks

Communications

—

610

—

610

Energy

21

—

120

141

Technology

96

—

—

96

Investment

Companies

121,905

—

—

121,905

Preferred

Stocks

Consumer,

Cyclical

49

—

—

49

Industrial

35

—

—

35

Senior

Floating

Rate

Interests*

—

254

4

258

U.S.

Government

&

Government

Agency

Obligations*

—

10,009

—

10,009

Purchased

Options

782

—

—

782

Total

investments

in

securities

$

267,431

$

186,332

$

639

$

454,402

Short

Sales

Common

Stocks

Basic

Materials

(2,183)

(1,115)

—

(3,298)

Communications

(1,360)

(758)

—

(2,118)

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

60

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Common

Stocks

(continued)

Consumer,

Cyclical

$

(1,721)

$

(1,356)

$

—

$

(3,077)

Consumer,

Non-cyclical

(2,539)

(3,667)

—

(6,206)

Energy

(651)

(518)

—

(1,169)

Financial

(1,669)

(3,336)

—

(5,005)

Industrial

(2,782)

(5,060)

—

(7,842)

Technology

(3,323)

(1,042)

—

(4,365)

Utilities

(144)

(754)

—

(898)

Preferred

Stocks

Consumer,

Non-cyclical

—

(316)

—

(316)

U.S.

Government

&

Government

Agency

Obligations

—

(73)

—

(73)

Total

Short

Sales

$

(16,372)

$

(17,995)

$

—

$

(34,367)

Derivative

Assets

Credit

Contracts

Credit

Default

Swaps

—

41

—

41

Exchange

Cleared

Credit

Default

Swaps**

—

379

—

379

Commodity

Contracts

Futures**

857

—

—

857

Equity

Contracts

Futures**

292

—

—

292

Total

Return

Equity

Basket

Swaps

—

8,441

—

8,441

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

5,053

—

5,053

Futures**

55

—

—

55

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

146

—

146

Futures**

542

—

—

542

Derivative

Liabilities

Commodity

Contracts

Futures**

(958

)

—

—

(958

)

Equity

Contracts

Futures**

(1,324)

—

—

(1,324)

Written

Options

(

509

)

—

—

(

509

)

Total

Return

Equity

Basket

Swaps

—

(981

)

—

(981

)

Foreign

Exchange

Contracts

Foreign

Currency

Contracts

—

(2,235)

—

(2,235)

Interest

Rate

Contracts

Exchange

Cleared

Interest

Rate

Swaps**

—

(308)

—

(308)

Futures**

(314)

—

—

(314)

Written

Options

(13)

—

—

(13)

International

Equity

Index

Fund

Common

Stocks

Basic

Materials

—

63,155

—

63,155

Communications

2,098

49,106

—

51,204

Consumer,

Cyclical

—

123,281

—

123,281

Consumer,

Non-cyclical

1,421

252,582

—

254,003

Diversified

—

2,063

—

2,063

Energy

—

48,774

—

48,774

Financial

626

191,747

—

192,373

Industrial

215

125,117

—

125,332

Technology

1,284

52,608

—

53,892

Utilities

—

31,627

—

31,627

Investment

Companies

72,535

—

—

72,535

Preferred

Stocks

Consumer,

Cyclical

—

2,916

—

2,916

Consumer,

Non-cyclical

—

812

—

812

Industrial

—

715

—

715

Total

investments

in

securities

$

78,179

$

944,503

$

—

$

1,022,682

Derivative

Liabilities

Equity

Contracts

Futures**

(86)

—

—

(86)

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

61

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

International

Small

Company

Fund

Common

Stocks

Basic

Materials

$

15,455

$

31,213

$

—

$

46,668

Communications

2,979

26,553

—

29,532

Consumer,

Cyclical

8,044

80,436

—

88,480

Consumer,

Non-cyclical

7,031

87,898

—

94,929

Diversified

—

3,631

—

3,631

Energy

20,509

10,540

—

31,049

Financial

11,995

132,802

—

144,797

Industrial

13,044

118,267

—

131,311

Technology

21,477

61,431

—

82,908

Utilities

17,865

14,710

—

32,575

Investment

Companies

37,991

—

—

37,991

Total

investments

in

securities

$

156,390

$

567,481

$

—

$

723,871

Opportunistic

Municipal

Fund

Investment

Companies

189

—

—

189

Municipal

Bonds*

—

145,544

130

145,674

Total

investments

in

securities

$

189

$

145,544

$

130

$

145,863

Origin

Emerging

Markets

Fund

Common

Stocks

Basic

Materials

33,483

216,249

—

249,732

Communications

77,222

133,269

—

210,491

Consumer,

Cyclical

11,990

85,967

—

97,957

Consumer,

Non-cyclical

55,131

75,798

—

130,929

Energy

7,008

134,394

—

141,402

Financial

88,419

490,022

—

578,441

Industrial

—

209,746

—

209,746

Technology

66,459

431,194

—

497,653

Utilities

—

46,619

—

46,619

Investment

Companies

81,840

—

—

81,840

Preferred

Stocks

45,350

—

—

45,350

Total

investments

in

securities

$

466,902

$

1,823,258

$

—

$

2,290,160

Small-MidCap

Dividend

Income

Fund

Common

Stocks*

1,047,181

—

—

1,047,181

Investment

Companies

13,815

—

—

13,815

Total

investments

in

securities

$

1,060,996

$

—

$

—

$

1,060,996

Small-MidCap

Growth

Fund

Common

Stocks*

8,609

—

—

8,609

Investment

Companies

351

—

—

351

Total

investments

in

securities

$

8,960

$

—

$

—

$

8,960

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Bonds*

—

5,732,185

—

5,732,185

Convertible

Preferred

Stocks

Financial

41,953

—

—

41,953

Investment

Companies

71,351

—

—

71,351

Preferred

Stocks

Communications

41,038

—

—

41,038

Consumer,

Non-cyclical

—

23,394

—

23,394

Financial

361,059

15,279

—

376,338

Government

—

59,046

—

59,046

Utilities

67,020

—

—

67,020

Total

investments

in

securities

$

582,421

$

5,829,904

$

—

$

6,412,325

Derivative

Assets

Interest

Rate

Contracts

Futures**

1,212

—

—

1,212

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

62

*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.

At

the

end

of

the

year

,

there

were

no

Funds

which

had

a

significant

Level

3

balance.

During

the

year

,

there

were

no

significant

purchases,

sales,

or

transfers

into

or

out

of

Level

3.

5.

Management

Agreement

and

Transactions

with

Affiliates

Management

Services.

The

Funds

have

agreed

to

pay

management

and

investment

advisory 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:

In

addition

to

the

management

fee,

R-1, 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%,

and

.25%

and

the

annual

rates

for

the

administrative

service

fee

are

.28%, .07%,

.03%,

and

.01%

for

R-1, R-3,

R-4,

and

R-5,

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

(continued)

Interest

Rate

Contracts

(continued)

Derivative

Liabilities

Interest

Rate

Contracts

Written

Options

$

(369)

$

—

$

—

$

(369)

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

Small-MidCap

Growth

Fund

.70

.68

.66

.65

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Over

$3

billion

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

Origin

Emerging

Markets

Fund

1.05

1.03

1.01

1.00

0.99

0.98

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

$7

billion

Over

$10

billion

Blue

Chip

Fund

(Prior

to

December

31,

2021)

.65%

.63%

.61%

.60%

.59%

.58%

.58%

Blue

Chip

Fund

(Effective

December

31,

2021)

.65

.63

.61

.60

.59

.58

.57

Net

Assets

of

Fund

First

$500

million

Next

$500

million

Next

$500

million

Next

$500

million

Next

$1

billion

Next

$2

billion

Next

$2

billion

Next

$3

billion

Over

$10

billion

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(Prior

to

December

31,

2021)

.75%

.73%

.71%

.70%

.69%

.68%

.67%

.67%

.67%

Spectrum

Preferred

and

Capital

Securities

Income

Fund

(Effective

December

31,

2021)

.75

.73

.71

.70

.69

.68

.67

.66

.65

All

Net

Assets

Bond

Market

Index

Fund

.14%

International

Equity

Index

Fund

.25

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

63

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 tax

reclaim

recovery

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:

#

Prior

to

December

31,

2021,

there

was

no

contractual

limit.

^

Prior

to

December

31,

2021,

the

contractual

expense

limit

was

1.20%.

*

Prior

to

December

31,

2021,

the

contractual

expense

limit

was

1.60%.

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

tax

reclaim

recovery

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:

Period

from

September

1,

2021

through

August

31,

2022

Class

A

Class

C

Class

J

Institutional

Expiration

Blue

Chip

Fund

N/A

N/A

N/A

.66%

December

30,

2022

Bond

Market

Index

Fund

N/A

N/A

.54%#

N/A

December

30,

2022

Diversified

Real

Asset

Fund

1.20%

N/A

N/A

.83

December

30,

2022

Edge

MidCap

Fund

1.10

N/A

N/A

.77

December

30,

2022

Global

Multi-Strategy

Fund

N/A

N/A

N/A

1.63

December

30,

2022

International

Equity

Index

Fund

N/A

N/A

N/A

.31

December

30,

2022

International

Small

Company

Fund

N/A

N/A

N/A

1.15^

December

30,

2022

Opportunistic

Municipal

Fund

.84

N/A

N/A

.56

December

30,

2022

Origin

Emerging

Markets

Fund

1.55*

N/A

N/A

1.20

December

30,

2022

Small-MidCap

Dividend

Income

Fund

1.12

1.87%

N/A

.85

December

30,

2022

Small-MidCap

Growth

Fund

N/A

N/A

N/A

.83

December

30,

2022

Spectrum

Preferred

and

Capital

Securities

Income

Fund

N/A

N/A

N/A

.81

December

30,

2022

Period

from

September

1,

2021

through

August

31,

2022

R-6

Expiration

Blue

Chip

Fund

.01%

December

30,

2021

Diversified

Real

Asset

Fund

.02

December

30,

2022

Edge

MidCap

Fund

.02**

December

30,

2023

Global

Multi-Strategy

Fund

.02

December

30,

2022

International

Equity

Index

Fund

.04

December

30,

2022

International

Small

Company

Fund

.04

December

30,

2022

Origin

Emerging

Markets

Fund

.04

December

30,

2021

Small-MidCap

Dividend

Income

Fund

.02

December

30,

2022

**

Prior

to

August

24,

2022,

there

was

no

contractual

limit.

Period

from

September

1,

2021

through

August

31,

2022

Expiration

Blue

Chip

Fund

.030%#

December

30,

2022

Bond

Market

Index

Fund

.015

December

30,

2022

Diversified

Real

Asset

Fund

.050

December

30,

2022

Edge

MidCap

Fund

.050

December

30,

2022

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

64

#

Prior

to

December

31,

2021,

the

contractual

limit

was

.04%.

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-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%,

.25%,

and

.10%

for

Class

A,

Class

C,

Class

J,

R-1,

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.

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

year

ended

August

31,

2022,

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),

8

years

after

purchase.

Affiliated

Ownership.

At

August

31,

2022,

Principal

Life

Insurance

Company

(an

affiliate

of

the

Manager),

the

Manager,

the

Distributor,

Principal

Financial

Services,

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):

Period

from

September

1,

2021

through

August

31,

2022

Expiration

Global

Multi-Strategy

Fund

.040

December

30,

2022

Opportunistic

Municipal

Fund

.060

December

30,

2022

Class

A

Class

C

Class

J

Blue

Chip

Fund

$

738

$

32

$

20

Bond

Market

Index

Fund

N/A

N/A

1

Diversified

Real

Asset

Fund

56

N/A

N/A

Edge

MidCap

Fund

32

N/A

N/A

Global

Multi-Strategy

Fund

3

N/A

N/A

Opportunistic

Municipal

Fund

7

N/A

N/A

Origin

Emerging

Markets

Fund

7

N/A

N/A

Small-MidCap

Dividend

Income

Fund

34

2

N/A

Spectrum

Preferred

and

Capital

Securities

Income

Fund

200

32

2

Institutional

R-5

R-6

Blue

Chip

Fund

498

–

35,716

Bond

Market

Index

Fund

1,221

–

N/A

Diversified

Real

Asset

Fund

585

1

10,216

Edge

MidCap

Fund

165

N/A

–

Global

Multi-Strategy

Fund

12

N/A

1,197

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

65

Affiliated

Brokerage

Commissions.

With

respect

to

Spectrum

Preferred

and

Capital

Securities

Income

Fund,

$83,000

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

year

ended

August

31,

2022

.

6.

Investment

Transactions

For

the year ended

August

31,

2022,

the

cost

of

investment

securities

purchased

and

proceeds

from

investment

securities

sold

(not

including

short-term

investments,

return

of

capital,

and

U.S.

government

securities)

by

the

Funds

were

as

follows

(amounts

in

thousands):

For

the year

ended

August

31,

2022,

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):

Edge

MidCap

Fund

had

in-kind

redemptions

to

other

series

of

the

Fund

and

affiliates

of

the

Manager

during

the

year

ended

August

31,

2022.

The

in-kind

redemptions

resulted

in

distributions

of

securities

with

a

value

of

$298,317,000

and

realized

gains

of

$52,296,000.

The

realized

gains

are

included

in

net

realized

gain

(loss)

from

investment

transactions

on

the

statements

of

operations.

7.

Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the years

ended August

31,

2022 and

August

31,

2021 were

as

follows

(amounts

in

thousands):

Institutional

R-5

R-6

International

Equity

Index

Fund

–

–

36,045

International

Small

Company

Fund

138

N/A

332

Opportunistic

Municipal

Fund

59

N/A

N/A

Origin

Emerging

Markets

Fund

60

N/A

113,615

Small-MidCap

Dividend

Income

Fund

72

N/A

497

Small-MidCap

Growth

Fund

764

N/A

N/A

Spectrum

Preferred

and

Capital

Securities

Income

Fund

–

–

4,016

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Blue

Chip

Fund

$

2,933,237

$

2,362,873

$

—

$

—

Bond

Market

Index

Fund

1,190,159

654,175

—

—

Diversified

Real

Asset

Fund

3,092,551

3,109,069

—

—

Edge

MidCap

Fund

75,183

474,855

—

—

Global

Multi-Strategy

Fund

461,564

502,237

111,277

85,274

International

Equity

Index

Fund

239,016

224,940

—

—

International

Small

Company

Fund

576,723

739,571

—

—

Opportunistic

Municipal

Fund

87,213

90,902

—

—

Origin

Emerging

Markets

Fund

1,472,841

2,023,294

—

—

Small-MidCap

Dividend

Income

Fund

273,924

246,504

—

—

Small-MidCap

Growth

Fund

15,815

16,069

—

—

Spectrum

Preferred

and

Capital

Securities

Income

Fund

1,125,877

1,752,643

—

—

Purchases

Sales

Covers

on

Securities

Sold

Short

Securities

Sold

Short

Bond

Market

Index

Fund

$

970,574

$

446,120

$

—

$

—

Diversified

Real

Asset

Fund

656,287

933,391

—

—

Global

Multi-Strategy

Fund

4,510

109

—

75

Ordinary

Income

Tax-Exempt

Income^

Long-Term

Capital

Gain*

2022

2021

2022

2021

2022

2021

Blue

Chip

Fund

$

81,670

$

44,704

$

—

$

—

$

625,856

$

228,535

Bond

Market

Index

Fund

17,934

63,068

—

—

—

68,395

Diversified

Real

Asset

Fund

274,667

17,546

—

—

51,698

—

Edge

MidCap

Fund

19,208

12,421

—

—

121,017

34,845

Global

Multi-Strategy

Fund

13,506

12,889

—

—

8,044

—

International

Equity

Index

Fund

38,588

24,413

—

—

22,480

2,602

International

Small

Company

Fund

16,651

12,895

—

—

82,775

—

Opportunistic

Municipal

Fund

31

10

5,844

5,098

—

—

Origin

Emerging

Markets

Fund

74,003

17,592

—

—

68,186

—

5.

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

66

^

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,

2022,

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,

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,

2022,

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,

2022

,

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

Ordinary

Income

Tax-Exempt

Income^

Long-Term

Capital

Gain*

2022

2021

2022

2021

2022

2021

Small-MidCap

Dividend

Income

Fund

$

13,607

$

18,307

$

—

$

—

$

—

$

—

Small-MidCap

Growth

Fund

1,503

600

—

—

1,495

188

Spectrum

Preferred

and

Capital

Securities

Income

Fund

346,751

339,747

—

—

—

—

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

$

—

$

—

$

57,172

$

—

$

1,627,988

$

—

$

1,685,160

Bond

Market

Index

Fund

14,015

—

—

(12,988

)

(97,430

)

—

(96,403

)

Diversified

Real

Asset

Fund

186,082

—

228,978

—

(166,536

)

(24

)

248,500

Edge

MidCap

Fund

2,411

—

9,606

—

(4,426

)

—

7,591

Global

Multi-Strategy

Fund

16,151

—

25,066

—

(31,196

)

(1,679

)

8,342

International

Equity

Index

Fund

19,694

—

—

(2,327

)

7,163

—

24,530

International

Small

Company

Fund

5,776

—

—

(22,219

)

(83,712

)

—

(100,155

)

Opportunistic

Municipal

Fund

—

74

—

(9,963

)

(9,925

)

(190

)

(20,004

)

Origin

Emerging

Markets

Fund

68,990

—

—

(236,909

)

(533,788

)

—

(701,707

)

Small-MidCap

Dividend

Income

Fund

10,715

—

34,129

—

236,478

—

281,322

Small-MidCap

Growth

Fund

—

—

—

(1,127

)

566

—

(561

)

Spectrum

Preferred

and

Capital

Securities

Income

Fund

5,350

—

—

(25,971

)

(611,827

)

57,928

(574,520

)

Short-Term

Long-Term

Total

Bond

Market

Index

Fund

$

8,948

$

4,040

$

12,988

Opportunistic

Municipal

Fund

7,985

1,978

9,963

Origin

Emerging

Markets

Fund

236,909

—

236,909

Spectrum

Preferred

and

Capital

Securities

Income

Fund

8,526

17,445

25,971

Utilized

Diversified

Real

Asset

Fund

$

14,467

Small-MidCap

Dividend

Income

Fund

10,166

Spectrum

Preferred

and

Capital

Securities

Income

Fund

20,879

7.

Federal

Tax

Information

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

67

year

subsequent

to

October

31

and

December

31,

respectively. As

of

August

31,

2022,

the

Funds

intend

to

defer

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

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,

2022,

the

Funds

recorded

reclassifications

as

follows

(amounts

in

thousands):

Federal

Income

Tax

Basis.

As

of August

31,

2022,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

the

Funds

were

as

follows

(amounts

in

thousands):

8.

Subsequent

Events

Management

has

evaluated

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were issued

that

would

merit

recognition

or

disclosure

in

the

financial

statements.

On

June

14,

2022,

the

Fund’s

Board

of

Directors

approved

the

conversion

of

Class

R-5

shares

of

Diversified

Real

Asset

Fund

into

Class

R-6

shares.

Following

the

close

of

business,

on

or

about

January

13,

2023,

Class

R-5

shares

of

the

Diversified

Real

Asset

Fund

will

automatically

convert

into

R-6

shares

of

the

fund

on

the

basis

of

the

share

classes’

relative

net

asset

values

on

such

date.

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.

Late

Year

Ordinary

Loss

Post

October

Capital

Loss

International

Equity

Index

Fund

$

–

$

2,327

International

Small

Company

Fund

–

22,219

Small-MidCap

Growth

Fund

35

1,092

Total

Distributable

Earnings

(Accumulated

Loss)

Capital

Shares

and

Additional

Paid-in-Capital

Blue

Chip

Fund

$

(34,036)

$

34,036

Diversified

Real

Asset

Fund

64,281

(64,281)

Edge

MidCap

Fund

(90,945)

90,945

Global

Multi-Strategy

Fund

4,310

(4,310)

International

Equity

Index

Fund

(1)

1

International

Small

Company

Fund

10

(10)

Origin

Emerging

Markets

Fund

26

(26)

Small-MidCap

Dividend

Income

Fund

(3,527)

3,527

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation/

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Blue

Chip

Fund

$

2,223,150

$

(595,162)

$

1,627,988

$

7,116,571

Bond

Market

Index

Fund

249

(97,679)

(97,430)

2,200,947

Diversified

Real

Asset

Fund

228,938

(395,156)

(166,218)

5,101,0

18

Edge

MidCap

Fund

9,155

(13,581)

(4,426)

114,406

Global

Multi-Strategy

Fund

29,679

(60,859)

(31,180)

460,379

International

Equity

Index

Fund

188,531

(181,072)

7,459

1,015,137

International

Small

Company

Fund

43,844

(127,401)

(83,557)

807,428

Opportunistic

Municipal

Fund

2,117

(12,042)

(9,925)

155,788

Origin

Emerging

Markets

Fund

120,686

(654,672)

(533,986)

2,824,146

Small-MidCap

Dividend

Income

Fund

296,438

(59,960)

236,478

824,518

Small-MidCap

Growth

Fund

942

(376)

566

8,394

Spectrum

Preferred

and

Capital

Securities

Income

Fund

37,204

(649,031)

(611,827)

7,024,995

7.

Federal

Tax

Information

(continued)

Schedule

of

Investments

Blue

Chip

Fund

August

31,

2022

See

accompanying

notes.

68

INVESTMENT

COMPANIES

-

0.59%

Shares

Held

Value

(000's)

Money

Market

Funds

-

0.59%

BlackRock

Liquidity

FedFund

-

Institutional

Class

2.03%

(a),(b)

8,415,001‌

$

8,415‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(a),(b),(c)

43,474,740‌

43,475‌

$

51,890‌

TOTAL

INVESTMENT

COMPANIES

$

51,890‌

COMMON

STOCKS

-

99.79%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

5.31%

TransDigm

Group

Inc

769,870‌

$

462,222‌

Chemicals

-

2.13%

Linde

PLC

424,860‌

120,176‌

Sherwin-Williams

Co/The

282,543‌

65,578‌

$

185,754‌

Commercial

Services

-

7.91%

CoStar

Group

Inc

(d)

3,131,663‌

218,089‌

Moody's

Corp

1,012,248‌

288,005‌

S&P

Global

Inc

519,729‌

183,038‌

$

689,132‌

Distribution

&

Wholesale

-

1.33%

Copart

Inc

(d)

965,809‌

115,559‌

Diversified

Financial

Services

-

11.68%

Brookfield

Asset

Management

Reinsurance

Partners

Ltd

(d)

62,308‌

3,000‌

Charles

Schwab

Corp/The

2,165,881‌

153,669‌

Mastercard

Inc

1,352,757‌

438,794‌

Visa

Inc

2,125,127‌

422,284‌

$

1,017,747‌

Healthcare

-

Products

-

5.44%

Danaher

Corp

1,257,848‌

339,506‌

IDEXX

Laboratories

Inc

(d)

240,722‌

83,680‌

Intuitive

Surgical

Inc

(d)

244,602‌

50,324‌

$

473,510‌

Insurance

-

3.08%

Progressive

Corp/The

2,188,200‌

268,383‌

Internet

-

19.02%

Alphabet

Inc

-

A

Shares

(d)

924,280‌

100,026‌

Alphabet

Inc

-

C

Shares

(d)

4,286,045‌

467,822‌

Amazon.com

Inc

(d)

5,685,703‌

720,776‌

Meta

Platforms

Inc

(d)

1,298,743‌

211,604‌

Netflix

Inc

(d)

700,684‌

156,645‌

$

1,656,873‌

Lodging

-

2.09%

Hilton

Worldwide

Holdings

Inc

1,430,797‌

182,226‌

Pharmaceuticals

-

1.63%

Zoetis

Inc

907,760‌

142,092‌

Private

Equity

-

6.65%

Brookfield

Asset

Management

Inc

(e)

9,232,389‌

444,170‌

KKR

&

Co

Inc

2,662,833‌

134,633‌

$

578,803‌

REITs

-

5.29%

American

Tower

Corp

1,682,836‌

427,525‌

SBA

Communications

Corp

102,881‌

33,462‌

$

460,987‌

Retail

-

3.41%

CarMax

Inc

(d)

905,663‌

80,097‌

Costco

Wholesale

Corp

174,813‌

91,270‌

O'Reilly

Automotive

Inc

(d)

180,093‌

125,546‌

$

296,913‌

Semiconductors

-

0.37%

NVIDIA

Corp

215,454‌

32,521‌

Software

-

21.18%

Adobe

Inc

(d)

1,037,329‌

387,380‌

Intuit

Inc

675,521‌

291,676‌

Microsoft

Corp

3,317,436‌

867,410‌

Roper

Technologies

Inc

498,827‌

200,818‌

Salesforce

Inc

(d)

610,518‌

95,314‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Snowflake

Inc

-

Class

A

(d)

14,229‌

$

2,575‌

$

1,845,173‌

Transportation

-

3.27%

Union

Pacific

Corp

1,268,425‌

284,774‌

TOTAL

COMMON

STOCKS

$

8,692,669‌

Total

Investments

$

8,744,559‌

Other

Assets

and

Liabilities

-  (0.38)%

(33,494‌)

TOTAL

NET

ASSETS

-

100.00%

$

8,711,065‌

(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

$24,875

or

0.29%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(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

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$24,055

or

0.28%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

26.70‌%

Technology

21.55‌%

Communications

19.02‌%

Consumer,

Non-cyclical

14.98‌%

Industrial

8.58‌%

Consumer,

Cyclical

6.83‌%

Basic

Materials

2.13‌%

Money

Market

Funds

0.59‌%

Other

Assets

and

Liabilities

(0.38‌)%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Blue

Chip

Fund

August

31,

2022

See

accompanying

notes.

69

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

18,611‌

$

1,325,147‌

$

1,300,283‌

$

43,475‌

$

18,611‌

$

1,325,147‌

$

1,300,283‌

$

43,475‌

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

2.13%

$

78‌

$

—‌

$

—‌

$

—‌

$

78‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

70

INVESTMENT

COMPANIES

-

16.59%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.42%

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

50,000‌

$

5,463‌

Vanguard

Short-Term

Corporate

Bond

ETF

(a)

35,000‌

2,662‌

$

8,125‌

Money

Market

Funds

-

16.17%

BlackRock

Liquidity

FedFund

-

Institutional

Class

2.03%

(b),(c)

2,239,039‌

2,239‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(b),(c),(d)

307,015,904‌

307,016‌

$

309,255‌

TOTAL

INVESTMENT

COMPANIES

$

317,380‌

BONDS

-

27.26%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.01%

Interpublic

Group

of

Cos

Inc/The

2.40%,

03/01/2031

$

60‌

$

48‌

Omnicom

Group

Inc

2.45%,

04/30/2030

155‌

131‌

2.60%,

08/01/2031

35‌

29‌

WPP

Finance

2010

3.75%,

09/19/2024

75‌

74‌

$

282‌

Aerospace

&

Defense

-

0.52%

Boeing

Co/The

1.95%,

02/01/2024

600‌

581‌

2.70%,

02/01/2027

110‌

100‌

2.75%,

02/01/2026

85‌

80‌

2.80%,

03/01/2024

200‌

195‌

2.95%,

02/01/2030

140‌

120‌

3.25%,

02/01/2028

685‌

622‌

3.50%,

03/01/2039

200‌

147‌

3.63%,

02/01/2031

85‌

75‌

3.95%,

08/01/2059

290‌

201‌

5.04%,

05/01/2027

315‌

314‌

5.71%,

05/01/2040

120‌

114‌

5.81%,

05/01/2050

505‌

484‌

5.88%,

02/15/2040

100‌

98‌

5.93%,

05/01/2060

350‌

334‌

General

Dynamics

Corp

1.15%,

06/01/2026

760‌

685‌

2.25%,

06/01/2031

640‌

555‌

3.25%,

04/01/2025

780‌

768‌

3.50%,

05/15/2025

235‌

234‌

4.25%,

04/01/2040

155‌

149‌

L3Harris

Technologies

Inc

1.80%,

01/15/2031

35‌

28‌

Lockheed

Martin

Corp

3.90%,

06/15/2032

75‌

74‌

4.07%,

12/15/2042

105‌

98‌

4.09%,

09/15/2052

162‌

151‌

4.15%,

06/15/2053

75‌

70‌

4.70%,

05/15/2046

75‌

75‌

Northrop

Grumman

Corp

3.20%,

02/01/2027

130‌

126‌

5.25%,

05/01/2050

600‌

630‌

Raytheon

Technologies

Corp

1.90%,

09/01/2031

155‌

125‌

2.38%,

03/15/2032

60‌

50‌

2.82%,

09/01/2051

150‌

105‌

3.03%,

03/15/2052

60‌

44‌

3.20%,

03/15/2024

1,375‌

1,361‌

4.05%,

05/04/2047

610‌

534‌

4.13%,

11/16/2028

270‌

264‌

4.70%,

12/15/2041

350‌

333‌

Teledyne

Technologies

Inc

0.95%,

04/01/2024

60‌

57‌

2.25%,

04/01/2028

60‌

52‌

$

10,033‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Agriculture

-

0.25%

Altria

Group

Inc

2.35%,

05/06/2025

$

65‌

$

62‌

2.45%,

02/04/2032

60‌

45‌

3.40%,

05/06/2030

125‌

108‌

3.70%,

02/04/2051

60‌

39‌

3.88%,

09/16/2046

410‌

284‌

4.00%,

02/04/2061

60‌

40‌

5.38%,

01/31/2044

375‌

331‌

5.80%,

02/14/2039

350‌

324‌

Archer-Daniels-Midland

Co

2.70%,

09/15/2051

60‌

45‌

2.90%,

03/01/2032

130‌

117‌

BAT

Capital

Corp

2.26%,

03/25/2028

150‌

127‌

2.73%,

03/25/2031

150‌

120‌

2.79%,

09/06/2024

210‌

204‌

3.22%,

08/15/2024

700‌

684‌

3.46%,

09/06/2029

210‌

181‌

3.98%,

09/25/2050

390‌

265‌

4.39%,

08/15/2037

540‌

427‌

4.54%,

08/15/2047

400‌

292‌

BAT

International

Finance

PLC

1.67%,

03/25/2026

150‌

134‌

Bunge

Ltd

Finance

Corp

2.75%,

05/14/2031

60‌

50‌

Philip

Morris

International

Inc

0.88%,

05/01/2026

85‌

76‌

1.75%,

11/01/2030

85‌

66‌

4.13%,

03/04/2043

300‌

236‌

Reynolds

American

Inc

4.45%,

06/12/2025

220‌

218‌

5.70%,

08/15/2035

50‌

46‌

5.85%,

08/15/2045

375‌

317‌

$

4,838‌

Airlines

-

0.03%

American

Airlines

2019-1

Class

AA

Pass

Through

Trust

3.15%,

08/15/2033

121‌

106‌

Delta

Air

Lines

2020-1

Class

AA

Pass

Through

Trust

2.00%,

06/10/2028

273‌

237‌

Southwest

Airlines

Co

3.00%,

11/15/2026

80‌

76‌

5.25%,

05/04/2025

130‌

133‌

United

Airlines

2019-2

Class

AA

Pass

Through

Trust

2.70%,

11/01/2033

64‌

54‌

$

606‌

Apparel

-

0.01%

NIKE

Inc

2.40%,

03/27/2025

155‌

150‌

3.25%,

03/27/2040

155‌

131‌

$

281‌

Automobile

Manufacturers

-

0.49%

American

Honda

Finance

Corp

0.55%,

07/12/2024

55‌

52‌

0.65%,

09/08/2023

150‌

145‌

1.20%,

07/08/2025

160‌

148‌

1.30%,

09/09/2026

60‌

54‌

2.25%,

01/12/2029

65‌

57‌

Cummins

Inc

4.88%,

10/01/2043

25‌

25‌

General

Motors

Co

4.00%,

04/01/2025

120‌

118‌

4.20%,

10/01/2027

700‌

672‌

4.88%,

10/02/2023

80‌

80‌

5.15%,

04/01/2038

160‌

141‌

5.20%,

04/01/2045

85‌

72‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

71

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Manufacturers

(continued)

General

Motors

Co  

(continued)

5.40%,

04/01/2048

$

65‌

$

57‌

5.95%,

04/01/2049

230‌

214‌

6.25%,

10/02/2043

305‌

294‌

General

Motors

Financial

Co

Inc

1.05%,

03/08/2024

810‌

769‌

1.20%,

10/15/2024

155‌

145‌

1.25%,

01/08/2026

655‌

577‌

1.50%,

06/10/2026

60‌

53‌

2.35%,

02/26/2027

240‌

213‌

2.35%,

01/08/2031

55‌

43‌

2.40%,

04/10/2028

60‌

51‌

2.40%,

10/15/2028

155‌

129‌

2.70%,

06/10/2031

60‌

47‌

3.80%,

04/07/2025

405‌

395‌

3.95%,

04/13/2024

940‌

933‌

4.00%,

10/06/2026

75‌

72‌

4.35%,

01/17/2027

110‌

106‌

5.25%,

03/01/2026

200‌

201‌

Honda

Motor

Co

Ltd

2.53%,

03/10/2027

135‌

126‌

PACCAR

Financial

Corp

0.35%,

02/02/2024

60‌

57‌

1.80%,

02/06/2025

100‌

95‌

3.55%,

08/11/2025

65‌

64‌

Toyota

Motor

Corp

1.34%,

03/25/2026

115‌

105‌

Toyota

Motor

Credit

Corp

0.45%,

01/11/2024

755‌

723‌

0.50%,

06/18/2024

660‌

624‌

0.80%,

10/16/2025

55‌

50‌

1.15%,

08/13/2027

160‌

139‌

1.65%,

01/10/2031

55‌

45‌

1.80%,

02/13/2025

155‌

147‌

1.90%,

01/13/2027

65‌

60‌

1.90%,

09/12/2031

660‌

545‌

2.00%,

10/07/2024

145‌

139‌

3.65%,

08/18/2025

355‌

352‌

4.45%,

06/29/2029

205‌

207‌

$

9,341‌

Automobile

Parts

&

Equipment

-

0.02%

Aptiv

PLC

/

Aptiv

Corp

3.25%,

03/01/2032

160‌

134‌

BorgWarner

Inc

4.38%,

03/15/2045

300‌

239‌

$

373‌

Banks

-

5.53%

Banco

Santander

SA

1.85%,

03/25/2026

400‌

356‌

2.75%,

05/28/2025

800‌

752‌

3.49%,

05/28/2030

200‌

171‌

4.18%,

03/24/2028

(e)

600‌

563‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%

5.29%,

08/18/2027

200‌

196‌

Bank

of

America

Corp

0.81%,

10/24/2024

(e)

205‌

197‌

Secured

Overnight

Financing

Rate

+

0.74%

0.98%,

04/22/2025

(e)

815‌

768‌

Secured

Overnight

Financing

Rate

+

0.69%

0.98%,

09/25/2025

(e)

150‌

139‌

Secured

Overnight

Financing

Rate

+

0.91%

1.32%,

06/19/2026

(e)

310‌

282‌

Secured

Overnight

Financing

Rate

+

1.15%

1.66%,

03/11/2027

(e)

210‌

188‌

Secured

Overnight

Financing

Rate

+

0.91%

1.73%,

07/22/2027

(e)

115‌

102‌

Secured

Overnight

Financing

Rate

+

0.96%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

America

Corp  

(continued)

1.90%,

07/23/2031

(e)

$

250‌

$

197‌

Secured

Overnight

Financing

Rate

+

1.53%

1.92%,

10/24/2031

(e)

205‌

162‌

Secured

Overnight

Financing

Rate

+

1.37%

2.02%,

02/13/2026

(e)

365‌

342‌

3

Month

USD

LIBOR

+

0.64%

2.09%,

06/14/2029

(e)

60‌

51‌

Secured

Overnight

Financing

Rate

+

1.06%

2.30%,

07/21/2032

(e)

115‌

92‌

Secured

Overnight

Financing

Rate

+

1.22%

2.46%,

10/22/2025

(e)

300‌

286‌

3

Month

USD

LIBOR

+

0.87%

2.48%,

09/21/2036

(e)

870‌

674‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%

2.50%,

02/13/2031

(e)

225‌

189‌

3

Month

USD

LIBOR

+

0.99%

2.55%,

02/04/2028

(e)

255‌

231‌

Secured

Overnight

Financing

Rate

+

1.05%

2.57%,

10/20/2032

(e)

260‌

213‌

Secured

Overnight

Financing

Rate

+

1.21%

2.65%,

03/11/2032

(e)

175‌

145‌

Secured

Overnight

Financing

Rate

+

1.22%

2.68%,

06/19/2041

(e)

465‌

333‌

Secured

Overnight

Financing

Rate

+

1.93%

2.83%,

10/24/2051

(e)

75‌

51‌

Secured

Overnight

Financing

Rate

+

1.88%

2.88%,

10/22/2030

(e)

650‌

564‌

3

Month

USD

LIBOR

+

1.19%

2.97%,

02/04/2033

(e)

130‌

109‌

Secured

Overnight

Financing

Rate

+

1.33%

2.97%,

07/21/2052

(e)

115‌

80‌

Secured

Overnight

Financing

Rate

+

1.56%

3.19%,

07/23/2030

(e)

700‌

623‌

3

Month

USD

LIBOR

+

1.18%

3.25%,

10/21/2027

350‌

330‌

3.31%,

04/22/2042

(e)

115‌

90‌

Secured

Overnight

Financing

Rate

+

1.58%

3.37%,

01/23/2026

(e)

700‌

677‌

3

Month

USD

LIBOR

+

0.81%

3.38%,

04/02/2026

(e)

65‌

63‌

Secured

Overnight

Financing

Rate

+

1.33%

3.42%,

12/20/2028

(e)

500‌

463‌

3

Month

USD

LIBOR

+

1.04%

3.46%,

03/15/2025

(e)

1,200‌

1,180‌

3

Month

USD

LIBOR

+

0.97%

3.48%,

03/13/2052

(e)

630‌

489‌

Secured

Overnight

Financing

Rate

+

1.65%

3.84%,

04/25/2025

(e)

600‌

593‌

Secured

Overnight

Financing

Rate

+

1.11%

3.85%,

03/08/2037

(e)

700‌

602‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

3.95%,

01/23/2049

(e)

550‌

467‌

3

Month

USD

LIBOR

+

1.19%

3.97%,

03/05/2029

(e)

75‌

71‌

3

Month

USD

LIBOR

+

1.07%

3.97%,

02/07/2030

(e)

600‌

563‌

3

Month

USD

LIBOR

+

1.21%

4.00%,

01/22/2025

90‌

89‌

4.33%,

03/15/2050

(e)

255‌

228‌

3

Month

USD

LIBOR

+

1.52%

4.38%,

04/27/2028

(e)

175‌

171‌

Secured

Overnight

Financing

Rate

+

1.58%

4.57%,

04/27/2033

(e)

115‌

110‌

Secured

Overnight

Financing

Rate

+

1.83%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

72

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

America

Corp  

(continued)

4.83%,

07/22/2026

(e)

$

885‌

$

887‌

Secured

Overnight

Financing

Rate

+

1.75%

5.00%,

01/21/2044

75‌

73‌

5.02%,

07/22/2033

(e)

135‌

134‌

Secured

Overnight

Financing

Rate

+

2.16%

5.88%,

02/07/2042

60‌

65‌

6.11%,

01/29/2037

250‌

265‌

Bank

of

Montreal

0.95%,

01/22/2027

(e)

55‌

49‌

Secured

Overnight

Financing

Rate

+

0.60%

1.85%,

05/01/2025

160‌

151‌

3.09%,

01/10/2037

(e)

125‌

100‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%

3.30%,

02/05/2024

350‌

347‌

3.70%,

06/07/2025

70‌

69‌

Bank

of

New

York

Mellon

Corp/The

0.35%,

12/07/2023

245‌

236‌

0.50%,

04/26/2024

150‌

143‌

0.75%,

01/28/2026

60‌

54‌

1.65%,

07/14/2028

245‌

212‌

1.80%,

07/28/2031

600‌

485‌

2.05%,

01/26/2027

(a)

65‌

60‌

2.50%,

01/26/2032

65‌

55‌

3.35%,

04/25/2025

65‌

64‌

3.99%,

06/13/2028

(e)

70‌

68‌

Secured

Overnight

Financing

Rate

+

1.15%

4.41%,

07/24/2026

(e)

65‌

65‌

Secured

Overnight

Financing

Rate

+

1.35%

Bank

of

Nova

Scotia/The

0.55%,

09/15/2023

150‌

145‌

1.05%,

03/02/2026

60‌

54‌

1.30%,

06/11/2025

155‌

143‌

1.30%,

09/15/2026

260‌

231‌

1.45%,

01/10/2025

175‌

164‌

2.15%,

08/01/2031

60‌

49‌

4.50%,

12/16/2025

60‌

60‌

Barclays

PLC

1.01%,

12/10/2024

(e)

200‌

190‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.80%

2.65%,

06/24/2031

(e)

750‌

595‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%

3.56%,

09/23/2035

(e)

200‌

160‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

3.81%,

03/10/2042

(e)

200‌

144‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%

4.38%,

01/12/2026

380‌

372‌

4.97%,

05/16/2029

(e)

750‌

716‌

3

Month

USD

LIBOR

+

1.90%

5.50%,

08/09/2028

(e)

800‌

787‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%

Canadian

Imperial

Bank

of

Commerce

0.50%,

12/14/2023

55‌

53‌

1.25%,

06/22/2026

60‌

54‌

3.30%,

04/07/2025

250‌

244‌

Citigroup

Inc

0.78%,

10/30/2024

(e)

130‌

125‌

Secured

Overnight

Financing

Rate

+

0.69%

0.98%,

05/01/2025

(e)

385‌

362‌

Secured

Overnight

Financing

Rate

+

0.67%

1.12%,

01/28/2027

(e)

60‌

53‌

Secured

Overnight

Financing

Rate

+

0.77%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Citigroup

Inc  

(continued)

1.28%,

11/03/2025

(e)

$

295‌

$

274‌

Secured

Overnight

Financing

Rate

+

0.53%

1.46%,

06/09/2027

(e)

885‌

781‌

Secured

Overnight

Financing

Rate

+

0.77%

2.01%,

01/25/2026

(e)

130‌

122‌

Secured

Overnight

Financing

Rate

+

0.69%

2.52%,

11/03/2032

(e)

155‌

125‌

Secured

Overnight

Financing

Rate

+

1.18%

2.56%,

05/01/2032

(e)

200‌

164‌

Secured

Overnight

Financing

Rate

+

1.17%

2.57%,

06/03/2031

(e)

310‌

259‌

Secured

Overnight

Financing

Rate

+

2.11%

2.90%,

11/03/2042

(e)

60‌

44‌

Secured

Overnight

Financing

Rate

+

1.38%

2.98%,

11/05/2030

(e)

150‌

131‌

Secured

Overnight

Financing

Rate

+

1.42%

3.06%,

01/25/2033

(e)

130‌

110‌

Secured

Overnight

Financing

Rate

+

1.35%

3.20%,

10/21/2026

875‌

836‌

3.35%,

04/24/2025

(e)

600‌

588‌

3

Month

USD

LIBOR

+

0.90%

3.52%,

10/27/2028

(e)

125‌

116‌

3

Month

USD

LIBOR

+

1.15%

3.70%,

01/12/2026

110‌

107‌

3.75%,

06/16/2024

400‌

400‌

3.79%,

03/17/2033

(e)

830‌

746‌

Secured

Overnight

Financing

Rate

+

1.94%

3.88%,

01/24/2039

(e)

220‌

191‌

3

Month

USD

LIBOR

+

1.17%

4.13%,

07/25/2028

620‌

591‌

4.28%,

04/24/2048

(e)

100‌

90‌

3

Month

USD

LIBOR

+

1.84%

4.30%,

11/20/2026

75‌

74‌

4.40%,

06/10/2025

600‌

597‌

4.45%,

09/29/2027

875‌

853‌

4.65%,

07/30/2045

115‌

105‌

4.66%,

05/24/2028

(e)

835‌

823‌

Secured

Overnight

Financing

Rate

+

1.89%

4.91%,

05/24/2033

(e)

165‌

161‌

Secured

Overnight

Financing

Rate

+

2.09%

6.68%,

09/13/2043

360‌

407‌

Cooperatieve

Rabobank

UA

5.25%,

05/24/2041

185‌

200‌

Cooperatieve

Rabobank

UA/NY

0.38%,

01/12/2024

250‌

238‌

3.88%,

08/22/2024

250‌

249‌

Credit

Suisse

AG/New

York

NY

0.50%,

02/02/2024

500‌

471‌

5.00%,

07/09/2027

500‌

487‌

Deutsche

Bank

AG/New

York

NY

2.13%,

11/24/2026

(e)

600‌

529‌

Secured

Overnight

Financing

Rate

+

1.87%

2.22%,

09/18/2024

(e)

300‌

289‌

Secured

Overnight

Financing

Rate

+

2.16%

4.10%,

01/13/2026

250‌

244‌

6.12%,

07/14/2026

(e)

700‌

700‌

Secured

Overnight

Financing

Rate

+

3.19%

Fifth

Third

Bancorp

4.06%,

04/25/2028

(e)

275‌

268‌

Secured

Overnight

Financing

Rate

+

1.36%

Goldman

Sachs

Group

Inc/The

0.66%,

09/10/2024

(e)

115‌

110‌

Secured

Overnight

Financing

Rate

+

0.51%

0.86%,

02/12/2026

(e)

245‌

223‌

Secured

Overnight

Financing

Rate

+

0.61%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

73

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Goldman

Sachs

Group

Inc/The  

(continued)

0.93%,

10/21/2024

(e)

$

120‌

$

115‌

Secured

Overnight

Financing

Rate

+

0.49%

1.09%,

12/09/2026

(e)

395‌

352‌

Secured

Overnight

Financing

Rate

+

0.79%

1.43%,

03/09/2027

(e)

115‌

102‌

Secured

Overnight

Financing

Rate

+

0.80%

1.54%,

09/10/2027

(e)

60‌

53‌

Secured

Overnight

Financing

Rate

+

0.82%

1.95%,

10/21/2027

(e)

235‌

209‌

Secured

Overnight

Financing

Rate

+

0.91%

1.99%,

01/27/2032

(e)

355‌

281‌

Secured

Overnight

Financing

Rate

+

1.09%

2.38%,

07/21/2032

(e)

85‌

69‌

Secured

Overnight

Financing

Rate

+

1.25%

2.60%,

02/07/2030

590‌

505‌

2.62%,

04/22/2032

(e)

115‌

95‌

Secured

Overnight

Financing

Rate

+

1.28%

2.64%,

02/24/2028

(e)

185‌

168‌

Secured

Overnight

Financing

Rate

+

1.11%

2.65%,

10/21/2032

(e)

760‌

624‌

Secured

Overnight

Financing

Rate

+

1.26%

2.91%,

07/21/2042

(e)

115‌

84‌

Secured

Overnight

Financing

Rate

+

1.47%

3.10%,

02/24/2033

(e)

210‌

179‌

Secured

Overnight

Financing

Rate

+

1.41%

3.21%,

04/22/2042

(e)

60‌

46‌

Secured

Overnight

Financing

Rate

+

1.51%

3.27%,

09/29/2025

(e)

675‌

657‌

3

Month

USD

LIBOR

+

1.20%

3.44%,

02/24/2043

(e)

200‌

158‌

Secured

Overnight

Financing

Rate

+

1.63%

3.50%,

01/23/2025

125‌

123‌

3.69%,

06/05/2028

(e)

890‌

841‌

3

Month

USD

LIBOR

+

1.51%

3.75%,

02/25/2026

75‌

74‌

3.81%,

04/23/2029

(e)

75‌

70‌

3

Month

USD

LIBOR

+

1.16%

3.85%,

01/26/2027

110‌

107‌

4.00%,

03/03/2024

300‌

300‌

4.41%,

04/23/2039

(e)

175‌

159‌

3

Month

USD

LIBOR

+

1.43%

4.48%,

08/23/2028

(e)

445‌

434‌

Secured

Overnight

Financing

Rate

+

1.73%

4.75%,

10/21/2045

750‌

707‌

5.15%,

05/22/2045

450‌

428‌

6.25%,

02/01/2041

220‌

246‌

6.75%,

10/01/2037

300‌

333‌

HSBC

Holdings

PLC

1.65%,

04/18/2026

(e)

240‌

219‌

Secured

Overnight

Financing

Rate

+

1.54%

2.01%,

09/22/2028

(e)

300‌

254‌

Secured

Overnight

Financing

Rate

+

1.73%

2.10%,

06/04/2026

(e)

310‌

286‌

Secured

Overnight

Financing

Rate

+

1.93%

2.36%,

08/18/2031

(e)

200‌

158‌

Secured

Overnight

Financing

Rate

+

1.95%

2.63%,

11/07/2025

(e)

225‌

213‌

Secured

Overnight

Financing

Rate

+

1.40%

2.85%,

06/04/2031

(e)

200‌

165‌

Secured

Overnight

Financing

Rate

+

2.39%

3.90%,

05/25/2026

300‌

292‌

3.97%,

05/22/2030

(e)

300‌

271‌

3

Month

USD

LIBOR

+

1.61%

4.18%,

12/09/2025

(e)

200‌

196‌

Secured

Overnight

Financing

Rate

+

1.51%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

HSBC

Holdings

PLC  

(continued)

4.58%,

06/19/2029

(e)

$

240‌

$

226‌

3

Month

USD

LIBOR

+

1.53%

5.40%,

08/11/2033

(e)

900‌

856‌

Secured

Overnight

Financing

Rate

+

2.87%

6.50%,

09/15/2037

100‌

104‌

HSBC

USA

Inc

3.50%,

06/23/2024

500‌

495‌

ING

Groep

NV

1.73%,

04/01/2027

(e)

1,300‌

1,151‌

Secured

Overnight

Financing

Rate

+

1.01%

3.55%,

04/09/2024

900‌

890‌

4.55%,

10/02/2028

300‌

290‌

JPMorgan

Chase

&

Co

0.56%,

02/16/2025

(e)

60‌

57‌

Secured

Overnight

Financing

Rate

+

0.42%

0.65%,

09/16/2024

(e)

195‌

188‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.60%

0.77%,

08/09/2025

(e)

115‌

107‌

Secured

Overnight

Financing

Rate

+

0.49%

0.82%,

06/01/2025

(e)

370‌

346‌

Secured

Overnight

Financing

Rate

+

0.54%

0.97%,

06/23/2025

(e)

115‌

108‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.58%

1.04%,

02/04/2027

(e)

115‌

101‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

0.70%

1.05%,

11/19/2026

(e)

135‌

120‌

Secured

Overnight

Financing

Rate

+

0.80%

1.47%,

09/22/2027

(e)

245‌

215‌

Secured

Overnight

Financing

Rate

+

0.77%

1.58%,

04/22/2027

(e)

115‌

103‌

Secured

Overnight

Financing

Rate

+

0.89%

1.76%,

11/19/2031

(e)

135‌

106‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.11%

1.95%,

02/04/2032

(e)

115‌

91‌

Secured

Overnight

Financing

Rate

+

1.07%

2.01%,

03/13/2026

(e)

855‌

802‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

1.59%

2.07%,

06/01/2029

(e)

855‌

731‌

Secured

Overnight

Financing

Rate

+

1.02%

2.08%,

04/22/2026

(e)

845‌

790‌

Secured

Overnight

Financing

Rate

+

1.85%

2.18%,

06/01/2028

(e)

820‌

729‌

Secured

Overnight

Financing

Rate

+

1.89%

2.30%,

10/15/2025

(e)

320‌

305‌

Secured

Overnight

Financing

Rate

+

1.16%

2.53%,

11/19/2041

(e)

65‌

45‌

Secured

Overnight

Financing

Rate

+

1.51%

2.55%,

11/08/2032

(e)

420‌

345‌

Secured

Overnight

Financing

Rate

+

1.18%

2.58%,

04/22/2032

(e)

115‌

95‌

Secured

Overnight

Financing

Rate

+

1.25%

2.96%,

05/13/2031

(e)

575‌

493‌

Secured

Overnight

Financing

Rate

+

2.52%

3.11%,

04/22/2041

(e)

235‌

181‌

Secured

Overnight

Financing

Rate

+

2.46%

3.11%,

04/22/2051

(e)

235‌

170‌

Secured

Overnight

Financing

Rate

+

2.44%

3.13%,

01/23/2025

100‌

98‌

3.22%,

03/01/2025

(e)

1,360‌

1,334‌

3

Month

USD

LIBOR

+

1.16%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

74

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

JPMorgan

Chase

&

Co  

(continued)

3.33%,

04/22/2052

(e)

$

115‌

$

87‌

Secured

Overnight

Financing

Rate

+

1.58%

3.51%,

01/23/2029

(e)

590‌

546‌

3

Month

USD

LIBOR

+

0.95%

3.88%,

02/01/2024

85‌

85‌

3.88%,

09/10/2024

75‌

75‌

3.88%,

07/24/2038

(e)

100‌

88‌

3

Month

USD

LIBOR

+

1.36%

3.96%,

11/15/2048

(e)

825‌

696‌

3

Month

USD

LIBOR

+

1.38%

4.01%,

04/23/2029

(e)

200‌

189‌

3

Month

USD

LIBOR

+

1.12%

4.20%,

07/23/2029

(e)

230‌

220‌

3

Month

USD

LIBOR

+

1.26%

4.32%,

04/26/2028

(e)

200‌

195‌

Secured

Overnight

Financing

Rate

+

1.56%

4.57%,

06/14/2030

(e)

305‌

296‌

Secured

Overnight

Financing

Rate

+

1.75%

4.59%,

04/26/2033

(e)

135‌

130‌

Secured

Overnight

Financing

Rate

+

1.80%

4.85%,

07/25/2028

(e)

815‌

813‌

Secured

Overnight

Financing

Rate

+

1.99%

4.91%,

07/25/2033

(e)

435‌

430‌

Secured

Overnight

Financing

Rate

+

2.08%

4.95%,

06/01/2045

430‌

412‌

5.60%,

07/15/2041

370‌

393‌

6.40%,

05/15/2038

600‌

684‌

KeyCorp

2.25%,

04/06/2027

110‌

99‌

3.88%,

05/23/2025

(e)

175‌

173‌

Secured

Overnight

Financing

Rate

+

1.25%

Korea

Development

Bank/The

0.40%,

06/19/2024

200‌

188‌

0.80%,

04/27/2026

200‌

179‌

3.00%,

01/13/2026

400‌

388‌

4.00%,

09/08/2025

(f)

1,000‌

998‌

Kreditanstalt

fuer

Wiederaufbau

0.00%,

06/29/2037

(g)

250‌

149‌

0.25%,

10/19/2023

305‌

294‌

0.25%,

03/08/2024

525‌

500‌

0.38%,

07/18/2025

315‌

287‌

0.50%,

09/20/2024

175‌

164‌

0.63%,

01/22/2026

155‌

141‌

1.00%,

10/01/2026

(a)

90‌

81‌

1.25%,

01/31/2025

625‌

591‌

2.00%,

05/02/2025

300‌

288‌

2.50%,

11/20/2024

500‌

489‌

2.88%,

04/03/2028

600‌

581‌

3.00%,

05/20/2027

630‌

617‌

3.13%,

06/10/2025

705‌

696‌

Landwirtschaftliche

Rentenbank

0.88%,

03/30/2026

575‌

523‌

1.75%,

07/27/2026

200‌

186‌

2.00%,

01/13/2025

400‌

385‌

2.38%,

06/10/2025

230‌

223‌

Lloyds

Banking

Group

PLC

3.57%,

11/07/2028

(e)

200‌

185‌

3

Month

USD

LIBOR

+

1.21%

3.87%,

07/09/2025

(e)

210‌

206‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%

3.90%,

03/12/2024

200‌

199‌

4.34%,

01/09/2048

400‌

327‌

4.58%,

12/10/2025

575‌

560‌

4.65%,

03/24/2026

675‌

659‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Lloyds

Banking

Group

PLC  

(continued)

4.98%,

08/11/2033

(e)

$

200‌

$

190‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%

Mitsubishi

UFJ

Financial

Group

Inc

0.95%,

07/19/2025

(e)

800‌

747‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%

1.41%,

07/17/2025

200‌

184‌

1.54%,

07/20/2027

(e)

800‌

705‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%

1.64%,

10/13/2027

(e)

200‌

175‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%

2.19%,

02/25/2025

200‌

190‌

2.56%,

02/25/2030

600‌

513‌

2.80%,

07/18/2024

200‌

195‌

3.20%,

07/18/2029

200‌

181‌

3.75%,

07/18/2039

200‌

172‌

4.08%,

04/19/2028

(e)

600‌

581‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.30%

4.32%,

04/19/2033

(e)

200‌

189‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%

4.79%,

07/18/2025

(e)

750‌

752‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%

Mizuho

Financial

Group

Inc

2.20%,

07/10/2031

(e)

200‌

160‌

Secured

Overnight

Financing

Rate

+

1.77%

2.23%,

05/25/2026

(e)

200‌

186‌

3

Month

USD

LIBOR

+

0.83%

2.84%,

07/16/2025

(e)

400‌

385‌

Secured

Overnight

Financing

Rate

+

1.24%

3.15%,

07/16/2030

(e)

700‌

617‌

3

Month

USD

LIBOR

+

1.13%

Morgan

Stanley

0.79%,

01/22/2025

(e)

115‌

109‌

Secured

Overnight

Financing

Rate

+

0.51%

0.79%,

05/30/2025

(e)

715‌

668‌

Secured

Overnight

Financing

Rate

+

0.53%

0.99%,

12/10/2026

(e)

80‌

71‌

Secured

Overnight

Financing

Rate

+

0.72%

1.16%,

10/21/2025

(e)

200‌

186‌

Secured

Overnight

Financing

Rate

+

0.56%

1.51%,

07/20/2027

(e)

115‌

102‌

Secured

Overnight

Financing

Rate

+

0.86%

1.59%,

05/04/2027

(e)

155‌

138‌

Secured

Overnight

Financing

Rate

+

0.88%

1.79%,

02/13/2032

(e)

135‌

106‌

Secured

Overnight

Financing

Rate

+

1.03%

1.93%,

04/28/2032

(e)

95‌

75‌

Secured

Overnight

Financing

Rate

+

1.02%

2.19%,

04/28/2026

(e)

700‌

658‌

Secured

Overnight

Financing

Rate

+

1.99%

2.24%,

07/21/2032

(e)

115‌

93‌

Secured

Overnight

Financing

Rate

+

1.18%

2.48%,

01/21/2028

(e)

40‌

36‌

Secured

Overnight

Financing

Rate

+

1.00%

2.48%,

09/16/2036

(e)

810‌

624‌

Secured

Overnight

Financing

Rate

+

1.36%

2.51%,

10/20/2032

(e)

130‌

106‌

Secured

Overnight

Financing

Rate

+

1.20%

2.70%,

01/22/2031

(e)

175‌

151‌

Secured

Overnight

Financing

Rate

+

1.14%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

75

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Morgan

Stanley  

(continued)

2.72%,

07/22/2025

(e)

$

855‌

$

826‌

Secured

Overnight

Financing

Rate

+

1.15%

2.80%,

01/25/2052

(e)

210‌

143‌

Secured

Overnight

Financing

Rate

+

1.43%

2.94%,

01/21/2033

(e)

90‌

77‌

Secured

Overnight

Financing

Rate

+

1.29%

3.13%,

07/27/2026

150‌

143‌

3.22%,

04/22/2042

(e)

60‌

47‌

Secured

Overnight

Financing

Rate

+

1.49%

3.59%,

07/22/2028

(e)

90‌

85‌

3

Month

USD

LIBOR

+

1.34%

3.62%,

04/17/2025

(e)

310‌

305‌

Secured

Overnight

Financing

Rate

+

1.16%

3.63%,

01/20/2027

375‌

364‌

3.70%,

10/23/2024

285‌

283‌

3.77%,

01/24/2029

(e)

600‌

566‌

3

Month

USD

LIBOR

+

1.14%

3.88%,

04/29/2024

75‌

75‌

3.95%,

04/23/2027

60‌

58‌

4.00%,

07/23/2025

25‌

25‌

4.21%,

04/20/2028

(e)

135‌

132‌

Secured

Overnight

Financing

Rate

+

1.61%

4.30%,

01/27/2045

320‌

286‌

4.68%,

07/17/2026

(e)

65‌

65‌

Secured

Overnight

Financing

Rate

+

1.67%

4.89%,

07/20/2033

(e)

85‌

85‌

Secured

Overnight

Financing

Rate

+

2.08%

5.00%,

11/24/2025

675‌

686‌

6.38%,

07/24/2042

200‌

228‌

NatWest

Group

PLC

1.64%,

06/14/2027

(e)

200‌

175‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%

4.27%,

03/22/2025

(e)

1,250‌

1,236‌

3

Month

USD

LIBOR

+

1.76%

5.08%,

01/27/2030

(e)

400‌

389‌

3

Month

USD

LIBOR

+

1.91%

Northern

Trust

Corp

4.00%,

05/10/2027

145‌

144‌

Oesterreichische

Kontrollbank

AG

0.38%,

09/17/2025

305‌

277‌

2.88%,

05/23/2025

270‌

264‌

PNC

Financial

Services

Group

Inc/The

2.20%,

11/01/2024

120‌

116‌

2.31%,

04/23/2032

(e)

245‌

205‌

Secured

Overnight

Financing

Rate

+

0.98%

2.60%,

07/23/2026

110‌

104‌

3.45%,

04/23/2029

175‌

166‌

4.63%,

06/06/2033

(e)

160‌

151‌

Secured

Overnight

Financing

Rate

+

1.85%

Royal

Bank

of

Canada

0.43%,

01/19/2024

115‌

110‌

0.50%,

10/26/2023

100‌

96‌

1.15%,

07/14/2026

60‌

53‌

1.20%,

04/27/2026

555‌

499‌

1.60%,

01/21/2025

295‌

278‌

3.63%,

05/04/2027

(a)

670‌

646‌

3.88%,

05/04/2032

(a)

145‌

137‌

Santander

Holdings

USA

Inc

2.49%,

01/06/2028

(e)

290‌

252‌

Secured

Overnight

Financing

Rate

+

1.25%

4.26%,

06/09/2025

(e)

600‌

588‌

Secured

Overnight

Financing

Rate

+

1.38%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Santander

UK

Group

Holdings

PLC

1.53%,

08/21/2026

(e)

$

200‌

$

179‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%

2.47%,

01/11/2028

(e)

200‌

175‌

Secured

Overnight

Financing

Rate

+

1.22%

2.90%,

03/15/2032

(e)

600‌

482‌

Secured

Overnight

Financing

Rate

+

1.48%

State

Street

Corp

2.20%,

02/07/2028

(e)

65‌

59‌

Secured

Overnight

Financing

Rate

+

0.73%

2.20%,

03/03/2031

60‌

50‌

2.35%,

11/01/2025

(e)

110‌

106‌

Secured

Overnight

Financing

Rate

+

0.94%

3.30%,

12/16/2024

75‌

74‌

3.70%,

11/20/2023

75‌

75‌

4.42%,

05/13/2033

(e)

135‌

133‌

Secured

Overnight

Financing

Rate

+

1.61%

Sumitomo

Mitsui

Financial

Group

Inc

1.47%,

07/08/2025

200‌

184‌

1.90%,

09/17/2028

200‌

167‌

2.13%,

07/08/2030

200‌

164‌

2.14%,

09/23/2030

150‌

119‌

2.35%,

01/15/2025

200‌

191‌

2.93%,

09/17/2041

60‌

43‌

3.01%,

10/19/2026

75‌

71‌

3.04%,

07/16/2029

200‌

177‌

3.45%,

01/11/2027

165‌

157‌

Toronto-Dominion

Bank/The

0.45%,

09/11/2023

240‌

232‌

0.70%,

09/10/2024

60‌

56‌

1.15%,

06/12/2025

825‌

759‌

1.20%,

06/03/2026

60‌

54‌

1.95%,

01/12/2027

(a)

125‌

113‌

2.00%,

09/10/2031

60‌

49‌

2.35%,

03/08/2024

65‌

63‌

3.20%,

03/10/2032

65‌

58‌

3.77%,

06/06/2025

30‌

30‌

4.11%,

06/08/2027

30‌

30‌

4.46%,

06/08/2032

70‌

69‌

Truist

Bank

3.80%,

10/30/2026

250‌

244‌

Truist

Financial

Corp

1.20%,

08/05/2025

60‌

55‌

1.27%,

03/02/2027

(e)

195‌

175‌

Secured

Overnight

Financing

Rate

+

0.61%

1.89%,

06/07/2029

(e)

130‌

111‌

Secured

Overnight

Financing

Rate

+

0.86%

1.95%,

06/05/2030

(a)

60‌

50‌

4.00%,

05/01/2025

75‌

75‌

4.12%,

06/06/2028

(e)

290‌

284‌

Secured

Overnight

Financing

Rate

+

1.37%

US

Bancorp

1.38%,

07/22/2030

110‌

88‌

2.22%,

01/27/2028

(e)

275‌

251‌

Secured

Overnight

Financing

Rate

+

0.73%

2.40%,

07/30/2024

190‌

185‌

2.49%,

11/03/2036

(e)

170‌

137‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.95%

Wells

Fargo

&

Co

0.81%,

05/19/2025

(e)

175‌

164‌

Secured

Overnight

Financing

Rate

+

0.51%

2.16%,

02/11/2026

(e)

175‌

165‌

3

Month

USD

LIBOR

+

0.75%

2.19%,

04/30/2026

(e)

1,185‌

1,109‌

Secured

Overnight

Financing

Rate

+

2.00%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

76

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Wells

Fargo

&

Co  

(continued)

2.39%,

06/02/2028

(e)

$

220‌

$

197‌

Secured

Overnight

Financing

Rate

+

2.10%

2.57%,

02/11/2031

(e)

700‌

593‌

Secured

Overnight

Financing

Rate

+

1.26%

3.07%,

04/30/2041

(e)

485‌

371‌

Secured

Overnight

Financing

Rate

+

2.53%

3.35%,

03/02/2033

(e)

755‌

659‌

Secured

Overnight

Financing

Rate

+

1.50%

3.53%,

03/24/2028

(e)

160‌

151‌

Secured

Overnight

Financing

Rate

+

1.51%

3.55%,

09/29/2025

75‌

74‌

3.58%,

05/22/2028

(e)

375‌

354‌

3

Month

USD

LIBOR

+

1.31%

3.91%,

04/25/2026

(e)

235‌

230‌

Secured

Overnight

Financing

Rate

+

1.32%

4.40%,

06/14/2046

110‌

96‌

4.61%,

04/25/2053

(e)

235‌

216‌

Secured

Overnight

Financing

Rate

+

2.13%

4.65%,

11/04/2044

600‌

541‌

4.75%,

12/07/2046

250‌

228‌

4.81%,

07/25/2028

(e)

65‌

65‌

Secured

Overnight

Financing

Rate

+

1.98%

4.90%,

07/25/2033

(e)

735‌

723‌

Secured

Overnight

Financing

Rate

+

2.10%

4.90%,

11/17/2045

75‌

69‌

5.01%,

04/04/2051

(e)

440‌

430‌

Secured

Overnight

Financing

Rate

+

4.50%

5.38%,

11/02/2043

185‌

184‌

Westpac

Banking

Corp

1.15%,

06/03/2026

60‌

54‌

1.95%,

11/20/2028

60‌

52‌

2.15%,

06/03/2031

60‌

50‌

2.35%,

02/19/2025

150‌

145‌

2.89%,

02/04/2030

(e)

155‌

146‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.35%

3.02%,

11/18/2036

(e)

405‌

320‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%

3.13%,

11/18/2041

60‌

43‌

3.74%,

08/26/2025

120‌

119‌

4.04%,

08/26/2027

120‌

119‌

4.11%,

07/24/2034

(e)

555‌

499‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%

$

105,718‌

Beverages

-

0.59%

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

3.65%,

02/01/2026

250‌

246‌

4.70%,

02/01/2036

250‌

242‌

4.90%,

02/01/2046

720‌

684‌

Anheuser-Busch

InBev

Finance

Inc

4.63%,

02/01/2044

75‌

69‌

Anheuser-Busch

InBev

Worldwide

Inc

3.50%,

06/01/2030

130‌

122‌

4.35%,

06/01/2040

130‌

118‌

4.50%,

06/01/2050

130‌

118‌

4.60%,

04/15/2048

35‌

32‌

4.75%,

01/23/2029

250‌

255‌

4.75%,

04/15/2058

75‌

68‌

4.90%,

01/23/2031

600‌

616‌

4.95%,

01/15/2042

725‌

709‌

5.45%,

01/23/2039

200‌

206‌

5.55%,

01/23/2049

470‌

489‌

5.80%,

01/23/2059

210‌

224‌

8.20%,

01/15/2039

60‌

78‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Beverages

(continued)

Coca-Cola

Co/The

1.00%,

03/15/2028

(a)

$

265‌

$

228‌

1.50%,

03/05/2028

60‌

54‌

1.75%,

09/06/2024

(a)

140‌

136‌

2.25%,

01/05/2032

(a)

60‌

52‌

2.50%,

06/01/2040

140‌

108‌

2.50%,

03/15/2051

115‌

82‌

2.60%,

06/01/2050

140‌

102‌

2.88%,

05/05/2041

60‌

49‌

3.00%,

03/05/2051

90‌

71‌

Constellation

Brands

Inc

2.25%,

08/01/2031

150‌

122‌

3.15%,

08/01/2029

90‌

81‌

3.60%,

05/09/2024

75‌

74‌

3.60%,

02/15/2028

700‌

665‌

4.35%,

05/09/2027

160‌

159‌

4.65%,

11/15/2028

700‌

694‌

Diageo

Capital

PLC

2.13%,

10/24/2024

200‌

193‌

2.38%,

10/24/2029

200‌

177‌

Fomento

Economico

Mexicano

SAB

de

CV

3.50%,

01/16/2050

160‌

124‌

Keurig

Dr

Pepper

Inc

2.25%,

03/15/2031

60‌

49‌

3.35%,

03/15/2051

60‌

44‌

3.40%,

11/15/2025

750‌

734‌

3.95%,

04/15/2029

735‌

700‌

4.05%,

04/15/2032

745‌

695‌

4.42%,

05/25/2025

18‌

18‌

4.50%,

04/15/2052

85‌

74‌

Molson

Coors

Beverage

Co

3.00%,

07/15/2026

105‌

98‌

4.20%,

07/15/2046

250‌

206‌

PepsiCo

Inc

0.40%,

10/07/2023

100‌

97‌

1.40%,

02/25/2031

130‌

106‌

1.95%,

10/21/2031

370‌

313‌

2.63%,

10/21/2041

225‌

177‌

2.75%,

10/21/2051

225‌

170‌

2.85%,

02/24/2026

90‌

88‌

2.88%,

10/15/2049

145‌

113‌

3.60%,

02/18/2028

70‌

69‌

$

11,198‌

Biotechnology

-

0.27%

Amgen

Inc

1.65%,

08/15/2028

125‌

108‌

2.00%,

01/15/2032

120‌

98‌

2.45%,

02/21/2030

155‌

136‌

2.60%,

08/19/2026

700‌

662‌

3.00%,

02/22/2029

200‌

184‌

3.00%,

01/15/2052

120‌

84‌

3.15%,

02/21/2040

155‌

122‌

3.38%,

02/21/2050

155‌

118‌

4.20%,

03/01/2033

80‌

77‌

4.20%,

02/22/2052

200‌

174‌

4.40%,

05/01/2045

700‌

630‌

4.66%,

06/15/2051

410‌

384‌

4.88%,

03/01/2053

80‌

78‌

5.15%,

11/15/2041

113‌

112‌

Biogen

Inc

4.05%,

09/15/2025

160‌

159‌

5.20%,

09/15/2045

30‌

29‌

Gilead

Sciences

Inc

1.65%,

10/01/2030

150‌

122‌

2.60%,

10/01/2040

75‌

54‌

2.80%,

10/01/2050

150‌

103‌

2.95%,

03/01/2027

240‌

227‌

3.50%,

02/01/2025

75‌

74‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

77

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Biotechnology

(continued)

Gilead

Sciences

Inc  

(continued)

3.65%,

03/01/2026

$

190‌

$

187‌

4.15%,

03/01/2047

25‌

22‌

4.75%,

03/01/2046

150‌

144‌

Regeneron

Pharmaceuticals

Inc

1.75%,

09/15/2030

160‌

126‌

Royalty

Pharma

PLC

0.75%,

09/02/2023

155‌

149‌

1.75%,

09/02/2027

655‌

569‌

2.20%,

09/02/2030

155‌

126‌

3.30%,

09/02/2040

155‌

117‌

$

5,175‌

Building

Materials

-

0.11%

Carrier

Global

Corp

2.24%,

02/15/2025

147‌

140‌

2.49%,

02/15/2027

35‌

32‌

2.72%,

02/15/2030

1,010‌

872‌

3.38%,

04/05/2040

155‌

122‌

3.58%,

04/05/2050

155‌

118‌

Johnson

Controls

International

plc

5.13%,

09/14/2045

47‌

45‌

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

2.00%,

09/16/2031

120‌

97‌

Martin

Marietta

Materials

Inc

2.50%,

03/15/2030

155‌

131‌

3.20%,

07/15/2051

60‌

42‌

Masco

Corp

1.50%,

02/15/2028

60‌

50‌

Owens

Corning

4.30%,

07/15/2047

150‌

122‌

Vulcan

Materials

Co

3.50%,

06/01/2030

295‌

266‌

$

2,037‌

Chemicals

-

0.36%

Air

Products

and

Chemicals

Inc

2.80%,

05/15/2050

300‌

223‌

Celanese

US

Holdings

LLC

6.05%,

03/15/2025

135‌

135‌

6.17%,

07/15/2027

135‌

135‌

6.38%,

07/15/2032

(a)

135‌

134‌

Dow

Chemical

Co/The

2.10%,

11/15/2030

160‌

131‌

3.60%,

11/15/2050

160‌

122‌

4.38%,

11/15/2042

700‌

607‌

4.80%,

11/30/2028

90‌

91‌

DuPont

de

Nemours

Inc

4.21%,

11/15/2023

200‌

200‌

4.73%,

11/15/2028

700‌

706‌

5.32%,

11/15/2038

145‌

145‌

5.42%,

11/15/2048

185‌

182‌

Eastman

Chemical

Co

4.65%,

10/15/2044

75‌

65‌

Ecolab

Inc

1.30%,

01/30/2031

150‌

120‌

1.65%,

02/01/2027

105‌

96‌

2.13%,

08/15/2050

150‌

96‌

2.75%,

08/18/2055

700‌

490‌

4.80%,

03/24/2030

620‌

637‌

EI

du

Pont

de

Nemours

and

Co

1.70%,

07/15/2025

60‌

57‌

Linde

Inc/CT

1.10%,

08/10/2030

160‌

128‌

LYB

International

Finance

III

LLC

1.25%,

10/01/2025

64‌

58‌

2.25%,

10/01/2030

130‌

106‌

3.63%,

04/01/2051

130‌

96‌

4.20%,

10/15/2049

160‌

128‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

Mosaic

Co/The

4.25%,

11/15/2023

$

300‌

$

300‌

5.63%,

11/15/2043

25‌

25‌

Nutrien

Ltd

3.00%,

04/01/2025

150‌

145‌

4.20%,

04/01/2029

400‌

388‌

5.00%,

04/01/2049

280‌

277‌

PPG

Industries

Inc

1.20%,

03/15/2026

60‌

54‌

Sherwin-Williams

Co/The

2.20%,

03/15/2032

(a)

250‌

203‌

3.30%,

05/15/2050

90‌

66‌

4.50%,

06/01/2047

390‌

347‌

Westlake

Corp

3.13%,

08/15/2051

60‌

42‌

3.60%,

08/15/2026

110‌

106‌

$

6,841‌

Commercial

Mortgage

Backed

Securities

-

0.28%

Citigroup

Commercial

Mortgage

Trust

2013-GC15

4.37%,

09/10/2046

(h)

500‌

499‌

COMM

2012-CCRE4

Mortgage

Trust

3.25%,

10/15/2045

500‌

491‌

COMM

2015-PC1

Mortgage

Trust

3.90%,

07/10/2050

885‌

868‌

Fannie

Mae-Aces

2.51%,

11/25/2022

(h)

142‌

142‌

3.09%,

12/25/2027

(h)

797‌

770‌

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

3.17%,

10/25/2024

1,000‌

987‌

3.21%,

03/25/2025

1,248‌

1,227‌

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C19

3.67%,

04/15/2047

93‌

93‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C21

3.15%,

03/15/2048

251‌

246‌

$

5,323‌

Commercial

Services

-

0.23%

American

University/The

3.67%,

04/01/2049

35‌

29‌

Automatic

Data

Processing

Inc

1.70%,

05/15/2028

60‌

54‌

California

Institute

of

Technology

4.32%,

08/01/2045

50‌

48‌

Global

Payments

Inc

1.20%,

03/01/2026

645‌

569‌

1.50%,

11/15/2024

665‌

622‌

2.65%,

02/15/2025

740‌

705‌

3.20%,

08/15/2029

140‌

122‌

4.15%,

08/15/2049

70‌

53‌

Massachusetts

Institute

of

Technology

3.96%,

07/01/2038

185‌

178‌

4.68%,

07/01/2114

100‌

98‌

Moody's

Corp

2.55%,

08/18/2060

160‌

98‌

4.25%,

08/08/2032

65‌

63‌

5.25%,

07/15/2044

90‌

91‌

PayPal

Holdings

Inc

2.40%,

10/01/2024

145‌

141‌

2.85%,

10/01/2029

755‌

683‌

3.90%,

06/01/2027

(a)

65‌

64‌

4.40%,

06/01/2032

65‌

64‌

S&P

Global

Inc

1.25%,

08/15/2030

160‌

128‌

2.30%,

08/15/2060

600‌

361‌

2.45%,

03/01/2027

(i)

100‌

93‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

78

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

(continued)

S&P

Global

Inc  

(continued)

2.50%,

12/01/2029

$

55‌

$

49‌

3.25%,

12/01/2049

55‌

43‌

3.70%,

03/01/2052

(i)

100‌

86‌

University

of

Southern

California

5.25%,

10/01/2111

20‌

21‌

$

4,463‌

Computers

-

0.55%

Apple

Inc

0.70%,

02/08/2026

275‌

249‌

1.13%,

05/11/2025

300‌

280‌

1.20%,

02/08/2028

285‌

248‌

1.40%,

08/05/2028

60‌

52‌

1.65%,

05/11/2030

150‌

127‌

1.65%,

02/08/2031

140‌

117‌

1.70%,

08/05/2031

(a)

115‌

97‌

2.38%,

02/08/2041

140‌

105‌

2.40%,

08/20/2050

210‌

145‌

2.55%,

08/20/2060

105‌

71‌

2.65%,

05/11/2050

700‌

513‌

2.65%,

02/08/2051

140‌

102‌

2.70%,

08/05/2051

85‌

62‌

2.80%,

02/08/2061

140‌

99‌

2.90%,

09/12/2027

300‌

287‌

2.95%,

09/11/2049

140‌

109‌

3.00%,

06/20/2027

500‌

485‌

3.20%,

05/11/2027

110‌

107‌

3.25%,

08/08/2029

65‌

62‌

3.35%,

02/09/2027

125‌

123‌

3.35%,

08/08/2032

465‌

440‌

3.75%,

11/13/2047

195‌

176‌

3.85%,

05/04/2043

200‌

184‌

3.95%,

08/08/2052

465‌

429‌

4.38%,

05/13/2045

80‌

78‌

4.65%,

02/23/2046

170‌

174‌

Dell

International

LLC

/

EMC

Corp

3.38%,

12/15/2041

(i)

310‌

217‌

3.45%,

12/15/2051

(i)

120‌

78‌

4.00%,

07/15/2024

300‌

299‌

5.30%,

10/01/2029

300‌

297‌

6.02%,

06/15/2026

300‌

312‌

8.35%,

07/15/2046

26‌

31‌

Hewlett

Packard

Enterprise

Co

1.45%,

04/01/2024

320‌

307‌

4.45%,

10/02/2023

160‌

161‌

4.90%,

10/15/2025

200‌

203‌

6.20%,

10/15/2035

75‌

79‌

6.35%,

10/15/2045

340‌

343‌

HP

Inc

1.45%,

06/17/2026

60‌

54‌

3.00%,

06/17/2027

140‌

130‌

4.75%,

01/15/2028

495‌

487‌

6.00%,

09/15/2041

355‌

344‌

International

Business

Machines

Corp

2.20%,

02/09/2027

575‌

530‌

3.30%,

05/15/2026

500‌

485‌

3.50%,

05/15/2029

160‌

151‌

4.00%,

07/27/2025

100‌

100‌

4.15%,

05/15/2039

195‌

176‌

4.25%,

05/15/2049

600‌

533‌

4.40%,

07/27/2032

100‌

98‌

4.70%,

02/19/2046

145‌

136‌

NetApp

Inc

2.38%,

06/22/2027

155‌

143‌

$

10,615‌

Consumer

Products

-

0.01%

Church

&

Dwight

Co

Inc

3.95%,

08/01/2047

200‌

174‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Cosmetics

&

Personal

Care

-

0.19%

Colgate-Palmolive

Co

3.10%,

08/15/2025

$

65‌

$

64‌

3.25%,

08/15/2032

65‌

62‌

Estee

Lauder

Cos

Inc/The

1.95%,

03/15/2031

160‌

135‌

GSK

Consumer

Healthcare

Capital

UK

PLC

3.13%,

03/24/2025

(i)

1,200‌

1,156‌

GSK

Consumer

Healthcare

Capital

US

LLC

3.38%,

03/24/2027

(i)

250‌

235‌

3.63%,

03/24/2032

(i)

250‌

223‌

Procter

&

Gamble

Co/The

0.55%,

10/29/2025

180‌

163‌

1.20%,

10/29/2030

280‌

228‌

1.90%,

02/01/2027

40‌

37‌

2.30%,

02/01/2032

40‌

35‌

3.55%,

03/25/2040

155‌

140‌

Unilever

Capital

Corp

1.38%,

09/14/2030

150‌

121‌

2.60%,

05/05/2024

850‌

835‌

2.90%,

05/05/2027

150‌

144‌

$

3,578‌

Diversified

Financial

Services

-

1.07%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.15%,

10/29/2023

150‌

144‌

1.65%,

10/29/2024

1,205‌

1,115‌

1.75%,

10/29/2024

150‌

139‌

1.75%,

01/30/2026

150‌

132‌

2.45%,

10/29/2026

150‌

132‌

2.88%,

08/14/2024

225‌

215‌

3.00%,

10/29/2028

600‌

510‌

3.30%,

01/30/2032

150‌

121‌

3.40%,

10/29/2033

150‌

117‌

Air

Lease

Corp

2.10%,

09/01/2028

585‌

480‌

2.30%,

02/01/2025

585‌

548‌

2.88%,

01/15/2026

700‌

646‌

2.88%,

01/15/2032

65‌

52‌

3.00%,

09/15/2023

200‌

197‌

Ally

Financial

Inc

1.45%,

10/02/2023

55‌

53‌

2.20%,

11/02/2028

60‌

50‌

3.88%,

05/21/2024

700‌

694‌

4.75%,

06/09/2027

160‌

156‌

8.00%,

11/01/2031

170‌

189‌

American

Express

Co

1.65%,

11/04/2026

310‌

280‌

2.25%,

03/04/2025

65‌

62‌

2.50%,

07/30/2024

220‌

214‌

3.38%,

05/03/2024

170‌

168‌

4.05%,

05/03/2029

100‌

97‌

4.05%,

12/03/2042

440‌

401‌

4.42%,

08/03/2033

(e)

350‌

338‌

Secured

Overnight

Financing

Rate

+

1.76%

BlackRock

Inc

2.10%,

02/25/2032

295‌

245‌

Brookfield

Finance

Inc

2.72%,

04/15/2031

60‌

51‌

3.50%,

03/30/2051

150‌

107‌

3.90%,

01/25/2028

700‌

661‌

4.00%,

04/01/2024

225‌

224‌

Capital

One

Financial

Corp

1.34%,

12/06/2024

(e)

200‌

192‌

Secured

Overnight

Financing

Rate

+

0.69%

1.88%,

11/02/2027

(e)

390‌

344‌

Secured

Overnight

Financing

Rate

+

0.86%

2.36%,

07/29/2032

(e)

510‌

393‌

Secured

Overnight

Financing

Rate

+

1.34%

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

79

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Capital

One

Financial

Corp  

(continued)

3.20%,

02/05/2025

$

60‌

$

58‌

3.30%,

10/30/2024

775‌

760‌

4.93%,

05/10/2028

(e)

245‌

242‌

Secured

Overnight

Financing

Rate

+

2.06%

4.99%,

07/24/2026

(e)

1,250‌

1,248‌

Secured

Overnight

Financing

Rate

+

2.16%

Charles

Schwab

Corp/The

0.90%,

03/11/2026

140‌

126‌

1.15%,

05/13/2026

60‌

54‌

1.65%,

03/11/2031

400‌

322‌

1.95%,

12/01/2031

540‌

440‌

2.00%,

03/20/2028

115‌

103‌

3.00%,

03/10/2025

500‌

489‌

CME

Group

Inc

5.30%,

09/15/2043

200‌

219‌

Discover

Financial

Services

4.10%,

02/09/2027

75‌

72‌

Intercontinental

Exchange

Inc

1.85%,

09/15/2032

120‌

95‌

2.65%,

09/15/2040

160‌

120‌

3.00%,

09/15/2060

160‌

109‌

3.75%,

12/01/2025

75‌

74‌

3.75%,

09/21/2028

700‌

677‌

4.00%,

09/15/2027

135‌

133‌

4.25%,

09/21/2048

250‌

226‌

4.60%,

03/15/2033

65‌

65‌

4.95%,

06/15/2052

65‌

64‌

Jefferies

Group

LLC

/

Jefferies

Group

Capital

Finance

Inc

2.63%,

10/15/2031

200‌

155‌

Legg

Mason

Inc

5.63%,

01/15/2044

25‌

26‌

Mastercard

Inc

2.00%,

03/03/2025

130‌

125‌

2.00%,

11/18/2031

190‌

160‌

2.95%,

03/15/2051

60‌

46‌

3.35%,

03/26/2030

75‌

71‌

3.38%,

04/01/2024

150‌

150‌

3.85%,

03/26/2050

125‌

113‌

Nasdaq

Inc

2.50%,

12/21/2040

55‌

38‌

Nomura

Holdings

Inc

1.85%,

07/16/2025

1,015‌

934‌

2.33%,

01/22/2027

200‌

178‌

2.65%,

01/16/2025

600‌

571‌

2.68%,

07/16/2030

915‌

746‌

Synchrony

Financial

3.95%,

12/01/2027

720‌

655‌

4.25%,

08/15/2024

290‌

287‌

4.50%,

07/23/2025

275‌

269‌

Visa

Inc

1.10%,

02/15/2031

160‌

128‌

1.90%,

04/15/2027

80‌

74‌

2.00%,

08/15/2050

160‌

104‌

2.70%,

04/15/2040

155‌

124‌

2.75%,

09/15/2027

200‌

191‌

4.30%,

12/14/2045

200‌

192‌

$

20,500‌

Electric

-

1.70%

AEP

Texas

Inc

2.10%,

07/01/2030

160‌

132‌

3.45%,

01/15/2050

50‌

38‌

3.45%,

05/15/2051

60‌

47‌

4.70%,

05/15/2032

105‌

103‌

5.25%,

05/15/2052

105‌

106‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

AEP

Transmission

Co

LLC

2.75%,

08/15/2051

$

60‌

$

42‌

4.50%,

06/15/2052

70‌

67‌

AES

Corp/The

2.45%,

01/15/2031

60‌

49‌

Alabama

Power

Co

1.45%,

09/15/2030

155‌

126‌

3.13%,

07/15/2051

60‌

45‌

Ameren

Corp

1.75%,

03/15/2028

60‌

51‌

Ameren

Illinois

Co

1.55%,

11/15/2030

65‌

53‌

3.25%,

03/15/2050

75‌

58‌

3.85%,

09/01/2032

355‌

341‌

American

Electric

Power

Co

Inc

1.00%,

11/01/2025

15‌

13‌

2.30%,

03/01/2030

155‌

130‌

Arizona

Public

Service

Co

2.60%,

08/15/2029

90‌

78‌

2.65%,

09/15/2050

150‌

94‌

Baltimore

Gas

and

Electric

Co

2.25%,

06/15/2031

60‌

51‌

4.55%,

06/01/2052

20‌

19‌

Berkshire

Hathaway

Energy

Co

1.65%,

05/15/2031

365‌

292‌

2.85%,

05/15/2051

85‌

61‌

3.80%,

07/15/2048

650‌

549‌

4.60%,

05/01/2053

(i)

65‌

62‌

5.15%,

11/15/2043

200‌

203‌

5.95%,

05/15/2037

600‌

646‌

CenterPoint

Energy

Houston

Electric

LLC

3.35%,

04/01/2051

60‌

49‌

CenterPoint

Energy

Inc

1.45%,

06/01/2026

60‌

54‌

2.95%,

03/01/2030

100‌

89‌

3.70%,

09/01/2049

60‌

48‌

CMS

Energy

Corp

3.75%,

12/01/2050

(e)

60‌

48‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

Commonwealth

Edison

Co

3.00%,

03/01/2050

155‌

117‌

3.13%,

03/15/2051

60‌

46‌

4.70%,

01/15/2044

150‌

145‌

Connecticut

Light

and

Power

Co/The

0.75%,

12/01/2025

60‌

54‌

2.05%,

07/01/2031

60‌

51‌

3.20%,

03/15/2027

140‌

135‌

Consolidated

Edison

Co

of

New

York

Inc

2.40%,

06/15/2031

55‌

47‌

3.00%,

12/01/2060

65‌

44‌

3.70%,

11/15/2059

80‌

63‌

3.88%,

06/15/2047

300‌

252‌

4.30%,

12/01/2056

500‌

434‌

4.45%,

03/15/2044

250‌

232‌

6.30%,

08/15/2037

370‌

414‌

6.75%,

04/01/2038

160‌

183‌

Consumers

Energy

Co

2.50%,

05/01/2060

155‌

98‌

4.20%,

09/01/2052

665‌

619‌

Dominion

Energy

Inc

1.45%,

04/15/2026

760‌

691‌

3.30%,

04/15/2041

60‌

47‌

3.38%,

04/01/2030

315‌

286‌

4.90%,

08/01/2041

360‌

344‌

5.95%,

06/15/2035

200‌

212‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

80

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

DTE

Electric

Co

1.90%,

04/01/2028

$

40‌

$

35‌

3.70%,

03/15/2045

200‌

169‌

DTE

Energy

Co

1.05%,

06/01/2025

80‌

73‌

Duke

Energy

Carolinas

LLC

4.00%,

09/30/2042

145‌

128‌

5.30%,

02/15/2040

125‌

129‌

6.00%,

01/15/2038

520‌

575‌

6.05%,

04/15/2038

460‌

511‌

Duke

Energy

Corp

0.90%,

09/15/2025

150‌

136‌

2.65%,

09/01/2026

90‌

84‌

3.15%,

08/15/2027

90‌

85‌

3.30%,

06/15/2041

60‌

46‌

3.50%,

06/15/2051

60‌

46‌

3.95%,

08/15/2047

150‌

123‌

4.20%,

06/15/2049

150‌

127‌

4.50%,

08/15/2032

665‌

641‌

4.80%,

12/15/2045

230‌

213‌

5.00%,

08/15/2052

65‌

62‌

Duke

Energy

Florida

LLC

1.75%,

06/15/2030

155‌

129‌

2.50%,

12/01/2029

255‌

227‌

3.40%,

10/01/2046

200‌

159‌

Duke

Energy

Indiana

LLC

2.75%,

04/01/2050

155‌

108‌

Duke

Energy

Ohio

Inc

2.13%,

06/01/2030

155‌

131‌

Duke

Energy

Progress

LLC

2.50%,

08/15/2050

160‌

110‌

4.10%,

03/15/2043

700‌

624‌

Emera

US

Finance

LP

4.75%,

06/15/2046

75‌

65‌

Entergy

Arkansas

LLC

2.65%,

06/15/2051

45‌

31‌

4.20%,

04/01/2049

600‌

546‌

Entergy

Corp

1.90%,

06/15/2028

35‌

30‌

2.40%,

06/15/2031

60‌

49‌

Entergy

Louisiana

LLC

2.90%,

03/15/2051

35‌

25‌

3.10%,

06/15/2041

60‌

47‌

3.12%,

09/01/2027

200‌

189‌

4.75%,

09/15/2052

415‌

402‌

Entergy

Texas

Inc

1.75%,

03/15/2031

150‌

120‌

4.00%,

03/30/2029

170‌

165‌

Evergy

Inc

2.45%,

09/15/2024

140‌

135‌

Evergy

Metro

Inc

2.25%,

06/01/2030

155‌

133‌

Eversource

Energy

0.80%,

08/15/2025

160‌

144‌

1.65%,

08/15/2030

160‌

128‌

4.25%,

04/01/2029

700‌

683‌

Exelon

Corp

3.35%,

03/15/2032

(i)

65‌

58‌

4.95%,

06/15/2035

320‌

313‌

Florida

Power

&

Light

Co

2.45%,

02/03/2032

65‌

56‌

2.88%,

12/04/2051

65‌

48‌

3.70%,

12/01/2047

70‌

61‌

4.05%,

10/01/2044

145‌

132‌

5.65%,

02/01/2037

250‌

270‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Georgia

Power

Co

2.20%,

09/15/2024

$

140‌

$

135‌

3.25%,

03/30/2027

400‌

378‌

4.30%,

03/15/2042

460‌

409‌

4.70%,

05/15/2032

65‌

65‌

Interstate

Power

and

Light

Co

2.30%,

06/01/2030

40‌

34‌

Kentucky

Utilities

Co

3.30%,

06/01/2050

205‌

160‌

MidAmerican

Energy

Co

3.15%,

04/15/2050

145‌

113‌

4.25%,

07/15/2049

100‌

93‌

Mississippi

Power

Co

4.25%,

03/15/2042

30‌

26‌

National

Rural

Utilities

Cooperative

Finance

Corp

0.35%,

02/08/2024

245‌

233‌

1.00%,

06/15/2026

60‌

54‌

2.85%,

01/27/2025

100‌

97‌

4.15%,

12/15/2032

1,265‌

1,223‌

Nevada

Power

Co

2.40%,

05/01/2030

200‌

173‌

NextEra

Energy

Capital

Holdings

Inc

1.88%,

01/15/2027

700‌

628‌

1.90%,

06/15/2028

45‌

39‌

2.25%,

06/01/2030

250‌

211‌

2.44%,

01/15/2032

700‌

583‌

2.75%,

11/01/2029

545‌

485‌

3.55%,

05/01/2027

700‌

674‌

4.20%,

06/20/2024

70‌

70‌

5.00%,

07/15/2032

70‌

71‌

Northern

States

Power

Co/MN

2.25%,

04/01/2031

60‌

52‌

2.60%,

06/01/2051

155‌

110‌

2.90%,

03/01/2050

70‌

53‌

5.35%,

11/01/2039

30‌

32‌

NSTAR

Electric

Co

4.55%,

06/01/2052

65‌

64‌

Ohio

Power

Co

1.63%,

01/15/2031

265‌

212‌

Oncor

Electric

Delivery

Co

LLC

0.55%,

10/01/2025

150‌

135‌

3.10%,

09/15/2049

195‌

151‌

4.15%,

06/01/2032

(i)

65‌

65‌

4.60%,

06/01/2052

(i)

65‌

64‌

Pacific

Gas

and

Electric

Co

2.10%,

08/01/2027

605‌

512‌

2.50%,

02/01/2031

880‌

673‌

3.30%,

08/01/2040

155‌

109‌

3.50%,

08/01/2050

850‌

565‌

4.20%,

06/01/2041

510‌

379‌

4.95%,

06/08/2025

180‌

179‌

5.90%,

06/15/2032

60‌

58‌

PacifiCorp

2.90%,

06/15/2052

60‌

43‌

6.00%,

01/15/2039

310‌

336‌

6.25%,

10/15/2037

330‌

362‌

PECO

Energy

Co

2.80%,

06/15/2050

110‌

80‌

2.85%,

09/15/2051

150‌

109‌

4.38%,

08/15/2052

360‌

343‌

4.60%,

05/15/2052

20‌

20‌

PPL

Electric

Utilities

Corp

3.00%,

10/01/2049

70‌

52‌

3.95%,

06/01/2047

100‌

89‌

Public

Service

Co

of

Colorado

1.88%,

06/15/2031

45‌

37‌

2.70%,

01/15/2051

95‌

67‌

4.50%,

06/01/2052

25‌

24‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

81

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

(continued)

Public

Service

Electric

and

Gas

Co

2.05%,

08/01/2050

$

160‌

$

99‌

3.15%,

01/01/2050

155‌

118‌

3.65%,

09/01/2028

200‌

193‌

Public

Service

Enterprise

Group

Inc

0.80%,

08/15/2025

320‌

289‌

Puget

Sound

Energy

Inc

2.89%,

09/15/2051

170‌

121‌

San

Diego

Gas

&

Electric

Co

1.70%,

10/01/2030

150‌

123‌

3.32%,

04/15/2050

155‌

121‌

3.70%,

03/15/2052

65‌

55‌

4.50%,

08/15/2040

50‌

47‌

Sempra

Energy

4.00%,

02/01/2048

70‌

59‌

Southern

California

Edison

Co

2.25%,

06/01/2030

155‌

130‌

2.85%,

08/01/2029

100‌

88‌

3.45%,

02/01/2052

65‌

50‌

3.65%,

02/01/2050

640‌

490‌

4.00%,

04/01/2047

450‌

364‌

4.70%,

06/01/2027

135‌

135‌

5.50%,

03/15/2040

350‌

346‌

5.95%,

02/01/2038

30‌

31‌

Southern

Co/The

1.75%,

03/15/2028

60‌

51‌

3.75%,

09/15/2051

(e)

40‌

35‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%

4.00%,

01/15/2051

(e)

150‌

139‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.73%

Southern

Power

Co

0.90%,

01/15/2026

10‌

9‌

4.95%,

12/15/2046

35‌

32‌

Southwestern

Public

Service

Co

4.50%,

08/15/2041

150‌

141‌

Tampa

Electric

Co

3.45%,

03/15/2051

100‌

80‌

Tucson

Electric

Power

Co

1.50%,

08/01/2030

105‌

84‌

3.25%,

05/01/2051

60‌

44‌

Union

Electric

Co

2.15%,

03/15/2032

60‌

49‌

2.63%,

03/15/2051

130‌

90‌

Virginia

Electric

and

Power

Co

2.30%,

11/15/2031

65‌

55‌

2.45%,

12/15/2050

145‌

97‌

2.95%,

11/15/2051

120‌

89‌

3.75%,

05/15/2027

40‌

39‌

8.88%,

11/15/2038

225‌

316‌

WEC

Energy

Group

Inc

0.55%,

09/15/2023

150‌

145‌

1.38%,

10/15/2027

130‌

112‌

2.20%,

12/15/2028

60‌

52‌

Wisconsin

Public

Service

Corp

2.85%,

12/01/2051

65‌

47‌

Xcel

Energy

Inc

0.50%,

10/15/2023

75‌

72‌

1.75%,

03/15/2027

15‌

13‌

2.60%,

12/01/2029

140‌

123‌

4.60%,

06/01/2032

40‌

40‌

$

32,501‌

Electrical

Components

&

Equipment

-

0.02%

Emerson

Electric

Co

0.88%,

10/15/2026

225‌

201‌

2.20%,

12/21/2031

120‌

102‌

$

303‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electronics

-

0.04%

Agilent

Technologies

Inc

2.10%,

06/04/2030

$

155‌

$

127‌

2.30%,

03/12/2031

60‌

49‌

Fortive

Corp

3.15%,

06/15/2026

100‌

96‌

Honeywell

International

Inc

1.10%,

03/01/2027

60‌

54‌

1.35%,

06/01/2025

80‌

75‌

1.75%,

09/01/2031

60‌

50‌

2.80%,

06/01/2050

155‌

121‌

3.81%,

11/21/2047

100‌

92‌

Jabil

Inc

1.70%,

04/15/2026

60‌

54‌

Tyco

Electronics

Group

SA

7.13%,

10/01/2037

37‌

45‌

$

763‌

Entertainment

-

0.09%

Magallanes

Inc

3.43%,

03/15/2024

(i)

135‌

132‌

3.64%,

03/15/2025

(i)

130‌

126‌

3.76%,

03/15/2027

(i)

130‌

121‌

4.05%,

03/15/2029

(i)

130‌

118‌

4.28%,

03/15/2032

(i)

195‌

170‌

5.05%,

03/15/2042

(i)

330‌

270‌

5.14%,

03/15/2052

(i)

740‌

592‌

5.39%,

03/15/2062

(i)

215‌

173‌

$

1,702‌

Environmental

Control

-

0.15%

Republic

Services

Inc

1.75%,

02/15/2032

35‌

28‌

2.30%,

03/01/2030

685‌

589‌

2.50%,

08/15/2024

650‌

631‌

3.38%,

11/15/2027

385‌

367‌

Waste

Connections

Inc

2.20%,

01/15/2032

120‌

99‌

4.20%,

01/15/2033

735‌

707‌

Waste

Management

Inc

0.75%,

11/15/2025

210‌

190‌

2.00%,

06/01/2029

60‌

52‌

2.50%,

11/15/2050

75‌

50‌

4.15%,

04/15/2032

100‌

98‌

$

2,811‌

Federal

&

Federally

Sponsored

Credit

-

0.05%

Federal

Farm

Credit

Banks

Funding

Corp

0.25%,

02/26/2024

115‌

110‌

0.88%,

11/18/2024

555‌

524‌

1.13%,

01/06/2025

220‌

208‌

2.63%,

05/16/2024

135‌

133‌

$

975‌

Finance

-

Mortgage

Loan/Banker

-

0.61%

Fannie

Mae

0.50%,

06/17/2025

710‌

653‌

0.50%,

11/07/2025

535‌

487‌

0.75%,

10/08/2027

(a)

270‌

237‌

0.88%,

08/05/2030

710‌

585‌

2.13%,

04/24/2026

700‌

668‌

2.50%,

02/05/2024

1,000‌

987‌

5.63%,

07/15/2037

65‌

79‌

6.63%,

11/15/2030

230‌

281‌

7.13%,

01/15/2030

250‌

311‌

7.25%,

05/15/2030

249‌

313‌

Federal

Home

Loan

Banks

0.38%,

09/04/2025

150‌

137‌

1.00%,

12/20/2024

300‌

284‌

1.25%,

12/21/2026

450‌

412‌

2.50%,

02/13/2024

500‌

494‌

2.75%,

06/28/2024

520‌

513‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

82

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Finance

-

Mortgage

Loan/Banker

(continued)

Federal

Home

Loan

Banks  

(continued)

3.25%,

03/08/2024

$

1,000‌

$

994‌

3.25%,

11/16/2028

150‌

149‌

5.50%,

07/15/2036

370‌

441‌

Freddie

Mac

0.13%,

10/16/2023

205‌

197‌

0.25%,

09/08/2023

460‌

445‌

0.25%,

11/06/2023

850‌

818‌

0.25%,

12/04/2023

510‌

489‌

0.38%,

09/23/2025

1,455‌

1,325‌

6.25%,

07/15/2032

280‌

344‌

6.75%,

03/15/2031

43‌

53‌

$

11,696‌

Food

-

0.38%

Campbell

Soup

Co

4.15%,

03/15/2028

185‌

182‌

Conagra

Brands

Inc

1.38%,

11/01/2027

100‌

84‌

4.30%,

05/01/2024

1,200‌

1,199‌

4.60%,

11/01/2025

600‌

599‌

4.85%,

11/01/2028

140‌

139‌

5.30%,

11/01/2038

85‌

81‌

5.40%,

11/01/2048

445‌

425‌

General

Mills

Inc

2.25%,

10/14/2031

175‌

145‌

4.00%,

04/17/2025

75‌

75‌

Hershey

Co/The

1.70%,

06/01/2030

155‌

129‌

2.65%,

06/01/2050

185‌

134‌

J

M

Smucker

Co/The

2.13%,

03/15/2032

60‌

48‌

Kellogg

Co

2.10%,

06/01/2030

155‌

129‌

Koninklijke

Ahold

Delhaize

NV

5.70%,

10/01/2040

9‌

9‌

Kraft

Heinz

Foods

Co

3.00%,

06/01/2026

200‌

189‌

4.38%,

06/01/2046

200‌

170‌

4.88%,

10/01/2049

200‌

181‌

5.00%,

06/04/2042

200‌

186‌

5.20%,

07/15/2045

170‌

160‌

6.50%,

02/09/2040

200‌

214‌

Kroger

Co/The

1.70%,

01/15/2031

60‌

48‌

3.70%,

08/01/2027

700‌

682‌

4.45%,

02/01/2047

345‌

313‌

5.15%,

08/01/2043

300‌

293‌

5.40%,

07/15/2040

30‌

30‌

McCormick

&

Co

Inc/MD

0.90%,

02/15/2026

60‌

54‌

1.85%,

02/15/2031

60‌

48‌

Mondelez

International

Inc

1.50%,

02/04/2031

165‌

130‌

2.63%,

03/17/2027

65‌

61‌

2.63%,

09/04/2050

165‌

111‌

Sysco

Corp

2.45%,

12/14/2031

115‌

96‌

4.85%,

10/01/2045

250‌

233‌

Tyson

Foods

Inc

3.55%,

06/02/2027

75‌

72‌

4.55%,

06/02/2047

700‌

641‌

$

7,290‌

Forest

Products

&

Paper

-

0.04%

Fibria

Overseas

Finance

Ltd

5.50%,

01/17/2027

300‌

303‌

Georgia-Pacific

LLC

7.75%,

11/15/2029

20‌

24‌

8.00%,

01/15/2024

400‌

422‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Forest

Products

&

Paper

(continued)

Suzano

Austria

GmbH

2.50%,

09/15/2028

$

75‌

$

63‌

$

812‌

Gas

-

0.12%

Atmos

Energy

Corp

1.50%,

01/15/2031

150‌

119‌

3.38%,

09/15/2049

145‌

114‌

4.13%,

10/15/2044

140‌

123‌

CenterPoint

Energy

Resources

Corp

1.75%,

10/01/2030

150‌

122‌

4.40%,

07/01/2032

(a)

70‌

70‌

NiSource

Inc

0.95%,

08/15/2025

320‌

291‌

3.60%,

05/01/2030

640‌

588‌

4.80%,

02/15/2044

210‌

194‌

5.00%,

06/15/2052

135‌

131‌

5.65%,

02/01/2045

250‌

253‌

Southern

California

Gas

Co

2.55%,

02/01/2030

155‌

138‌

Southern

Co

Gas

Capital

Corp

1.75%,

01/15/2031

160‌

127‌

3.15%,

09/30/2051

60‌

42‌

Washington

Gas

Light

Co

3.65%,

09/15/2049

25‌

20‌

$

2,332‌

Hand

&

Machine

Tools

-

0.01%

Stanley

Black

&

Decker

Inc

2.30%,

02/24/2025

150‌

144‌

2.75%,

11/15/2050

85‌

58‌

$

202‌

Healthcare

-

Products

-

0.32%

Abbott

Laboratories

1.15%,

01/30/2028

250‌

218‌

4.75%,

11/30/2036

175‌

184‌

4.75%,

04/15/2043

300‌

303‌

Baxter

International

Inc

0.87%,

12/01/2023

120‌

115‌

1.73%,

04/01/2031

85‌

67‌

1.92%,

02/01/2027

770‌

693‌

2.27%,

12/01/2028

665‌

577‌

2.54%,

02/01/2032

380‌

314‌

3.13%,

12/01/2051

260‌

183‌

Boston

Scientific

Corp

1.90%,

06/01/2025

155‌

146‌

Danaher

Corp

2.60%,

10/01/2050

150‌

104‌

DH

Europe

Finance

II

Sarl

2.60%,

11/15/2029

150‌

135‌

3.25%,

11/15/2039

150‌

124‌

Koninklijke

Philips

NV

5.00%,

03/15/2042

30‌

28‌

Medtronic

Inc

4.38%,

03/15/2035

200‌

199‌

4.63%,

03/15/2045

286‌

287‌

PerkinElmer

Inc

0.85%,

09/15/2024

40‌

37‌

1.90%,

09/15/2028

45‌

38‌

Stryker

Corp

1.95%,

06/15/2030

600‌

498‌

3.38%,

11/01/2025

800‌

780‌

4.38%,

05/15/2044

25‌

22‌

4.63%,

03/15/2046

150‌

142‌

Thermo

Fisher

Scientific

Inc

1.22%,

10/18/2024

120‌

114‌

2.00%,

10/15/2031

65‌

55‌

2.60%,

10/01/2029

145‌

132‌

2.80%,

10/15/2041

650‌

504‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

83

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Products

(continued)

Zimmer

Biomet

Holdings

Inc

2.60%,

11/24/2031

$

210‌

$

175‌

$

6,174‌

Healthcare

-

Services

-

0.60%

Advocate

Health

&

Hospitals

Corp

3.83%,

08/15/2028

300‌

294‌

Aetna

Inc

3.88%,

08/15/2047

60‌

49‌

6.75%,

12/15/2037

205‌

230‌

Baylor

Scott

&

White

Holdings

4.19%,

11/15/2045

125‌

116‌

Elevance

Health

Inc

1.50%,

03/15/2026

60‌

55‌

2.88%,

09/15/2029

220‌

198‌

3.13%,

05/15/2050

75‌

56‌

3.60%,

03/15/2051

60‌

48‌

4.10%,

03/01/2028

255‌

250‌

4.10%,

05/15/2032

160‌

154‌

4.65%,

01/15/2043

30‌

28‌

HCA

Inc

2.38%,

07/15/2031

60‌

48‌

3.38%,

03/15/2029

(i)

135‌

119‌

3.50%,

09/01/2030

680‌

593‌

3.50%,

07/15/2051

260‌

178‌

4.38%,

03/15/2042

(i)

65‌

53‌

5.00%,

03/15/2024

630‌

634‌

5.25%,

04/15/2025

600‌

607‌

5.25%,

06/15/2026

970‌

975‌

5.50%,

06/15/2047

240‌

222‌

5.88%,

02/01/2029

600‌

612‌

Humana

Inc

1.35%,

02/03/2027

660‌

577‌

2.15%,

02/03/2032

60‌

49‌

3.13%,

08/15/2029

670‌

611‌

4.50%,

04/01/2025

155‌

156‌

4.95%,

10/01/2044

320‌

307‌

Providence

St

Joseph

Health

Obligated

Group

3.74%,

10/01/2047

250‌

213‌

Quest

Diagnostics

Inc

2.95%,

06/30/2030

155‌

137‌

UnitedHealth

Group

Inc

0.55%,

05/15/2024

60‌

57‌

1.25%,

01/15/2026

155‌

142‌

2.30%,

05/15/2031

60‌

51‌

2.38%,

08/15/2024

250‌

244‌

2.75%,

05/15/2040

155‌

120‌

2.88%,

08/15/2029

150‌

138‌

2.90%,

05/15/2050

155‌

114‌

3.05%,

05/15/2041

660‌

527‌

3.25%,

05/15/2051

435‌

342‌

3.45%,

01/15/2027

100‌

98‌

3.50%,

08/15/2039

125‌

108‌

3.70%,

05/15/2027

65‌

64‌

3.88%,

12/15/2028

700‌

688‌

3.88%,

08/15/2059

390‌

332‌

4.20%,

05/15/2032

255‌

252‌

4.25%,

04/15/2047

320‌

297‌

4.25%,

06/15/2048

110‌

101‌

4.45%,

12/15/2048

95‌

90‌

4.75%,

05/15/2052

65‌

64‌

$

11,398‌

Home

Builders

-

0.01%

DR

Horton

Inc

1.30%,

10/15/2026

60‌

52‌

1.40%,

10/15/2027

150‌

125‌

$

177‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Home

Furnishings

-

0.01%

Leggett

&

Platt

Inc

4.40%,

03/15/2029

$

250‌

$

242‌

Insurance

-

0.62%

Aflac

Inc

1.13%,

03/15/2026

60‌

54‌

Allstate

Corp/The

0.75%,

12/15/2025

170‌

153‌

1.45%,

12/15/2030

170‌

135‌

American

International

Group

Inc

3.90%,

04/01/2026

250‌

246‌

4.38%,

06/30/2050

100‌

90‌

5.75%,

04/01/2048

(e)

200‌

189‌

3

Month

USD

LIBOR

+

2.87%

Aon

Corp

2.80%,

05/15/2030

155‌

135‌

Aon

Corp

/

Aon

Global

Holdings

PLC

2.60%,

12/02/2031

50‌

42‌

2.85%,

05/28/2027

65‌

61‌

2.90%,

08/23/2051

60‌

42‌

Arch

Capital

Finance

LLC

5.03%,

12/15/2046

45‌

42‌

Athene

Holding

Ltd

4.13%,

01/12/2028

575‌

539‌

AXA

SA

8.60%,

12/15/2030

30‌

37‌

Berkshire

Hathaway

Finance

Corp

1.45%,

10/15/2030

130‌

106‌

2.30%,

03/15/2027

(a)

65‌

61‌

2.50%,

01/15/2051

90‌

62‌

2.85%,

10/15/2050

100‌

73‌

2.88%,

03/15/2032

65‌

58‌

3.85%,

03/15/2052

440‌

380‌

4.20%,

08/15/2048

180‌

167‌

4.30%,

05/15/2043

700‌

659‌

5.75%,

01/15/2040

25‌

28‌

Brown

&

Brown

Inc

4.50%,

03/15/2029

300‌

292‌

Chubb

Corp/The

6.00%,

05/11/2037

350‌

397‌

Chubb

INA

Holdings

Inc

1.38%,

09/15/2030

300‌

239‌

2.85%,

12/15/2051

30‌

22‌

3.05%,

12/15/2061

200‌

142‌

4.35%,

11/03/2045

700‌

658‌

CNA

Financial

Corp

2.05%,

08/15/2030

160‌

128‌

Corebridge

Financial

Inc

3.50%,

04/04/2025

(i)

65‌

63‌

3.85%,

04/05/2029

(i)

65‌

60‌

3.90%,

04/05/2032

(i)

65‌

58‌

Equitable

Holdings

Inc

4.35%,

04/20/2028

140‌

138‌

5.00%,

04/20/2048

90‌

84‌

First

American

Financial

Corp

4.60%,

11/15/2024

300‌

300‌

Hartford

Financial

Services

Group

Inc/The

2.90%,

09/15/2051

195‌

134‌

Markel

Corp

3.45%,

05/07/2052

75‌

55‌

Marsh

&

McLennan

Cos

Inc

2.38%,

12/15/2031

295‌

249‌

4.38%,

03/15/2029

440‌

437‌

4.90%,

03/15/2049

110‌

110‌

MetLife

Inc

3.00%,

03/01/2025

200‌

197‌

4.13%,

08/13/2042

250‌

225‌

4.60%,

05/13/2046

195‌

188‌

4.88%,

11/13/2043

50‌

49‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

84

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

MetLife

Inc  

(continued)

5.70%,

06/15/2035

$

600‌

$

651‌

Progressive

Corp/The

3.70%,

03/15/2052

210‌

177‌

4.35%,

04/25/2044

30‌

27‌

Prudential

Financial

Inc

2.10%,

03/10/2030

150‌

127‌

3.70%,

10/01/2050

(e)

160‌

139‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.04%

3.70%,

03/13/2051

785‌

649‌

5.20%,

03/15/2044

(e)

400‌

389‌

3

Month

USD

LIBOR

+

3.04%

5.70%,

09/15/2048

(e)

100‌

98‌

3

Month

USD

LIBOR

+

2.67%

Travelers

Cos

Inc/The

3.05%,

06/08/2051

90‌

69‌

4.00%,

05/30/2047

175‌

156‌

5.35%,

11/01/2040

690‌

730‌

6.25%,

06/15/2037

650‌

761‌

W

R

Berkley

Corp

4.00%,

05/12/2050

75‌

62‌

Willis

North

America

Inc

2.95%,

09/15/2029

50‌

43‌

3.88%,

09/15/2049

140‌

108‌

$

11,770‌

Internet

-

0.50%

Alibaba

Group

Holding

Ltd

3.15%,

02/09/2051

200‌

132‌

3.40%,

12/06/2027

860‌

812‌

3.60%,

11/28/2024

600‌

591‌

4.20%,

12/06/2047

200‌

160‌

Alphabet

Inc

1.10%,

08/15/2030

160‌

130‌

1.90%,

08/15/2040

160‌

113‌

2.25%,

08/15/2060

160‌

102‌

Amazon.com

Inc

0.45%,

05/12/2024

210‌

199‌

1.65%,

05/12/2028

265‌

235‌

2.10%,

05/12/2031

210‌

181‌

2.50%,

06/03/2050

285‌

198‌

2.70%,

06/03/2060

570‌

382‌

2.80%,

08/22/2024

75‌

74‌

2.88%,

05/12/2041

210‌

168‌

3.00%,

04/13/2025

270‌

266‌

3.10%,

05/12/2051

210‌

164‌

3.15%,

08/22/2027

600‌

579‌

3.25%,

05/12/2061

615‌

467‌

3.30%,

04/13/2027

180‌

176‌

3.60%,

04/13/2032

180‌

173‌

3.80%,

12/05/2024

75‌

75‌

3.95%,

04/13/2052

540‌

491‌

4.05%,

08/22/2047

500‌

464‌

4.25%,

08/22/2057

75‌

70‌

Baidu

Inc

3.08%,

04/07/2025

(a)

950‌

914‌

4.38%,

05/14/2024

1,300‌

1,299‌

Booking

Holdings

Inc

3.60%,

06/01/2026

200‌

197‌

eBay

Inc

1.90%,

03/11/2025

155‌

146‌

2.60%,

05/10/2031

60‌

50‌

3.45%,

08/01/2024

60‌

59‌

4.00%,

07/15/2042

20‌

17‌

Expedia

Group

Inc

2.95%,

03/15/2031

45‌

38‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

(continued)

Meta

Platforms

Inc

3.50%,

08/15/2027

(i)

$

135‌

$

131‌

3.85%,

08/15/2032

(i)

135‌

127‌

4.45%,

08/15/2052

(i)

120‌

109‌

$

9,489‌

Iron

&

Steel

-

0.04%

Nucor

Corp

2.00%,

06/01/2025

155‌

146‌

3.13%,

04/01/2032

65‌

57‌

4.30%,

05/23/2027

65‌

65‌

Steel

Dynamics

Inc

1.65%,

10/15/2027

65‌

55‌

2.40%,

06/15/2025

40‌

38‌

2.80%,

12/15/2024

75‌

73‌

Vale

Overseas

Ltd

6.25%,

08/10/2026

200‌

210‌

6.88%,

11/10/2039

125‌

130‌

$

774‌

Leisure

Products

&

Services

-

0.01%

Harley-Davidson

Inc

3.50%,

07/28/2025

300‌

290‌

Lodging

-

0.02%

Marriott

International

Inc/MD

2.85%,

04/15/2031

510‌

425‌

Machinery

-

Construction

&

Mining

-

0.04%

Caterpillar

Financial

Services

Corp

0.45%,

09/14/2023

120‌

116‌

0.45%,

05/17/2024

60‌

57‌

0.80%,

11/13/2025

65‌

59‌

0.95%,

01/10/2024

65‌

63‌

1.10%,

09/14/2027

120‌

105‌

1.15%,

09/14/2026

60‌

54‌

3.40%,

05/13/2025

135‌

133‌

3.65%,

08/12/2025

65‌

65‌

Caterpillar

Inc

3.25%,

09/19/2049

145‌

119‌

3.80%,

08/15/2042

50‌

45‌

$

816‌

Machinery

-

Diversified

-

0.09%

CNH

Industrial

Capital

LLC

1.88%,

01/15/2026

150‌

137‌

Dover

Corp

5.38%,

03/01/2041

30‌

29‌

John

Deere

Capital

Corp

0.40%,

10/10/2023

130‌

126‌

0.70%,

01/15/2026

225‌

203‌

1.05%,

06/17/2026

60‌

54‌

1.50%,

03/06/2028

60‌

53‌

2.00%,

06/17/2031

55‌

47‌

2.05%,

01/09/2025

155‌

149‌

2.35%,

03/08/2027

65‌

61‌

2.80%,

07/18/2029

115‌

106‌

3.40%,

06/06/2025

70‌

69‌

Otis

Worldwide

Corp

2.06%,

04/05/2025

155‌

146‌

2.57%,

02/15/2030

155‌

133‌

3.36%,

02/15/2050

155‌

116‌

Rockwell

Automation

Inc

1.75%,

08/15/2031

40‌

33‌

2.80%,

08/15/2061

60‌

39‌

Westinghouse

Air

Brake

Technologies

Corp

4.95%,

09/15/2028

300‌

291‌

$

1,792‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

85

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

-

0.58%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.25%,

01/15/2029

$

120‌

$

99‌

2.30%,

02/01/2032

250‌

190‌

2.80%,

04/01/2031

110‌

89‌

3.50%,

06/01/2041

115‌

80‌

3.70%,

04/01/2051

110‌

73‌

3.85%,

04/01/2061

670‌

429‌

3.90%,

06/01/2052

60‌

41‌

4.40%,

12/01/2061

30‌

21‌

4.80%,

03/01/2050

600‌

471‌

4.91%,

07/23/2025

770‌

767‌

5.38%,

04/01/2038

50‌

44‌

5.38%,

05/01/2047

240‌

205‌

5.75%,

04/01/2048

280‌

249‌

6.48%,

10/23/2045

395‌

377‌

Comcast

Corp

1.50%,

02/15/2031

160‌

129‌

2.35%,

01/15/2027

155‌

144‌

2.45%,

08/15/2052

(a)

160‌

104‌

2.65%,

02/01/2030

115‌

102‌

2.65%,

08/15/2062

160‌

101‌

2.94%,

11/01/2056

660‌

447‌

2.99%,

11/01/2063

409‌

273‌

3.15%,

03/01/2026

75‌

73‌

3.25%,

11/01/2039

230‌

187‌

3.38%,

08/15/2025

175‌

172‌

3.40%,

07/15/2046

410‌

319‌

3.55%,

05/01/2028

735‌

709‌

3.90%,

03/01/2038

160‌

144‌

3.97%,

11/01/2047

105‌

90‌

4.00%,

03/01/2048

210‌

180‌

4.05%,

11/01/2052

427‌

367‌

4.70%,

10/15/2048

300‌

286‌

Discovery

Communications

LLC

3.63%,

05/15/2030

60‌

53‌

3.95%,

06/15/2025

170‌

166‌

3.95%,

03/20/2028

250‌

230‌

4.00%,

09/15/2055

91‌

60‌

5.20%,

09/20/2047

200‌

164‌

5.30%,

05/15/2049

180‌

149‌

Fox

Corp

5.48%,

01/25/2039

110‌

108‌

5.58%,

01/25/2049

140‌

135‌

Paramount

Global

4.38%,

03/15/2043

400‌

302‌

4.85%,

07/01/2042

300‌

244‌

7.88%,

07/30/2030

30‌

34‌

Thomson

Reuters

Corp

5.85%,

04/15/2040

30‌

31‌

Time

Warner

Cable

LLC

4.50%,

09/15/2042

170‌

128‌

5.88%,

11/15/2040

260‌

233‌

6.55%,

05/01/2037

360‌

354‌

7.30%,

07/01/2038

60‌

62‌

Time

Warner

Entertainment

Co

LP

8.38%,

07/15/2033

20‌

23‌

TWDC

Enterprises

18

Corp

7.00%,

03/01/2032

30‌

35‌

Walt

Disney

Co/The

1.75%,

01/13/2026

175‌

163‌

2.20%,

01/13/2028

155‌

141‌

2.65%,

01/13/2031

150‌

132‌

3.38%,

11/15/2026

170‌

166‌

3.50%,

05/13/2040

155‌

132‌

3.60%,

01/13/2051

305‌

255‌

4.70%,

03/23/2050

220‌

220‌

4.95%,

10/15/2045

125‌

124‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

(continued)

Walt

Disney

Co/The  

(continued)

6.40%,

12/15/2035

$

179‌

$

206‌

$

11,012‌

Metal

Fabrication

&

Hardware

-

0.01%

Precision

Castparts

Corp

3.90%,

01/15/2043

193‌

167‌

Mining

-

0.11%

BHP

Billiton

Finance

USA

Ltd

4.13%,

02/24/2042

170‌

156‌

Freeport-McMoRan

Inc

4.38%,

08/01/2028

200‌

188‌

4.63%,

08/01/2030

700‌

648‌

5.45%,

03/15/2043

290‌

261‌

Newmont

Corp

2.60%,

07/15/2032

170‌

139‌

6.25%,

10/01/2039

100‌

107‌

Rio

Tinto

Alcan

Inc

6.13%,

12/15/2033

30‌

34‌

Rio

Tinto

Finance

USA

Ltd

2.75%,

11/02/2051

155‌

112‌

Southern

Copper

Corp

5.25%,

11/08/2042

200‌

193‌

5.88%,

04/23/2045

110‌

115‌

Teck

Resources

Ltd

3.90%,

07/15/2030

115‌

104‌

$

2,057‌

Miscellaneous

Manufacturers

-

0.13%

3M

Co

2.38%,

08/26/2029

250‌

215‌

3.25%,

08/26/2049

(a)

100‌

75‌

Eaton

Corp

4.15%,

03/15/2033

575‌

554‌

4.15%,

11/02/2042

95‌

85‌

GE

Capital

International

Funding

Co

Unlimited

Co

4.42%,

11/15/2035

400‌

378‌

General

Electric

Co

6.75%,

03/15/2032

150‌

170‌

Illinois

Tool

Works

Inc

2.65%,

11/15/2026

90‌

86‌

Parker-Hannifin

Corp

4.25%,

09/15/2027

135‌

134‌

4.50%,

09/15/2029

135‌

133‌

Textron

Inc

4.00%,

03/15/2026

500‌

490‌

Trane

Technologies

Luxembourg

Finance

SA

3.80%,

03/21/2029

90‌

85‌

$

2,405‌

Oil

&

Gas

-

0

.78%

BP

Capital

Markets

America

Inc

1.75%,

08/10/2030

205‌

169‌

2.72%,

01/12/2032

30‌

26‌

2.94%,

06/04/2051

750‌

537‌

3.00%,

02/24/2050

155‌

113‌

3.00%,

03/17/2052

60‌

44‌

3.06%,

06/17/2041

115‌

90‌

3.12%,

05/04/2026

110‌

107‌

3.54%,

04/06/2027

215‌

209‌

3.59%,

04/14/2027

900‌

876‌

4.23%,

11/06/2028

210‌

208‌

BP

Capital

Markets

PLC

3.28%,

09/19/2027

115‌

110‌

Canadian

Natural

Resources

Ltd

2.05%,

07/15/2025

750‌

698‌

3.80%,

04/15/2024

470‌

466‌

Cenovus

Energy

Inc

6.75%,

11/15/2039

310‌

339‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

86

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Chevron

Corp

2.00%,

05/11/2027

$

155‌

$

143‌

Chevron

USA

Inc

1.02%,

08/12/2027

160‌

140‌

2.34%,

08/12/2050

160‌

110‌

3.25%,

10/15/2029

290‌

271‌

ConocoPhillips

Co

2.40%,

03/07/2025

470‌

455‌

3.80%,

03/15/2052

345‌

297‌

4.03%,

03/15/2062

(i)

440‌

375‌

Devon

Energy

Corp

5.00%,

06/15/2045

75‌

69‌

5.60%,

07/15/2041

380‌

376‌

Diamondback

Energy

Inc

3.25%,

12/01/2026

150‌

144‌

Equinor

ASA

2.38%,

05/22/2030

250‌

219‌

2.88%,

04/06/2025

955‌

929‌

3.00%,

04/06/2027

155‌

148‌

3.25%,

11/18/2049

445‌

356‌

3.63%,

09/10/2028

370‌

361‌

3.63%,

04/06/2040

155‌

136‌

Exxon

Mobil

Corp

2.02%,

08/16/2024

200‌

194‌

2.44%,

08/16/2029

100‌

90‌

3.00%,

08/16/2039

150‌

123‌

3.45%,

04/15/2051

100‌

83‌

3.57%,

03/06/2045

700‌

592‌

4.23%,

03/19/2040

315‌

299‌

Hess

Corp

4.30%,

04/01/2027

300‌

293‌

7.13%,

03/15/2033

21‌

24‌

7.30%,

08/15/2031

109‌

122‌

Marathon

Oil

Corp

4.40%,

07/15/2027

300‌

291‌

Marathon

Petroleum

Corp

3.63%,

09/15/2024

145‌

144‌

5.00%,

09/15/2054

200‌

179‌

Phillips

66

1.30%,

02/15/2026

30‌

27‌

2.15%,

12/15/2030

110‌

90‌

3.85%,

04/09/2025

95‌

94‌

4.88%,

11/15/2044

350‌

335‌

5.88%,

05/01/2042

30‌

32‌

Phillips

66

Co

4.90%,

10/01/2046

(i)

270‌

255‌

Pioneer

Natural

Resources

Co

1.13%,

01/15/2026

55‌

49‌

1.90%,

08/15/2030

160‌

130‌

2.15%,

01/15/2031

55‌

45‌

Shell

International

Finance

BV

0.38%,

09/15/2023

150‌

145‌

2.00%,

11/07/2024

150‌

145‌

2.38%,

11/07/2029

150‌

132‌

2.88%,

05/10/2026

155‌

149‌

2.88%,

11/26/2041

120‌

93‌

3.13%,

11/07/2049

150‌

117‌

4.38%,

05/11/2045

325‌

304‌

6.38%,

12/15/2038

600‌

698‌

Suncor

Energy

Inc

3.75%,

03/04/2051

60‌

48‌

4.00%,

11/15/2047

100‌

84‌

6.50%,

06/15/2038

140‌

153‌

6.80%,

05/15/2038

140‌

154‌

6.85%,

06/01/2039

73‌

81‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

TotalEnergies

Capital

International

SA

2.99%,

06/29/2041

$

115‌

$

91‌

3.13%,

05/29/2050

155‌

120‌

3.39%,

06/29/2060

115‌

89‌

Valero

Energy

Corp

2.80%,

12/01/2031

120‌

101‌

2.85%,

04/15/2025

37‌

36‌

4.00%,

06/01/2052

65‌

52‌

6.63%,

06/15/2037

60‌

65‌

7.50%,

04/15/2032

60‌

69‌

$

14,938‌

Oil

&

Gas

Services

-

0.07%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor

Inc

2.06%,

12/15/2026

60‌

55‌

3.14%,

11/07/2029

150‌

134‌

3.34%,

12/15/2027

135‌

126‌

Halliburton

Co

3.80%,

11/15/2025

6‌

6‌

4.50%,

11/15/2041

400‌

345‌

5.00%,

11/15/2045

230‌

209‌

7.45%,

09/15/2039

26‌

30‌

NOV

Inc

3.60%,

12/01/2029

150‌

133‌

Schlumberger

Investment

SA

2.65%,

06/26/2030

160‌

141‌

3.65%,

12/01/2023

75‌

75‌

$

1,254‌

Packaging

&

Containers

-

0.02%

Amcor

Flexibles

North

America

Inc

4.00%,

05/17/2025

135‌

133‌

Packaging

Corp

of

America

3.05%,

10/01/2051

200‌

141‌

WRKCo

Inc

3.00%,

06/15/2033

80‌

67‌

$

341‌

Pharmaceuticals

-

1.12%

AbbVie

Inc

2.95%,

11/21/2026

300‌

283‌

3.20%,

11/21/2029

180‌

164‌

3.60%,

05/14/2025

345‌

339‌

3.85%,

06/15/2024

1,090‌

1,085‌

4.05%,

11/21/2039

375‌

331‌

4.25%,

11/14/2028

140‌

138‌

4.25%,

11/21/2049

175‌

154‌

4.40%,

11/06/2042

25‌

23‌

4.45%,

05/14/2046

270‌

243‌

4.55%,

03/15/2035

170‌

163‌

4.85%,

06/15/2044

550‌

522‌

4.88%,

11/14/2048

440‌

427‌

Astrazeneca

Finance

LLC

0.70%,

05/28/2024

90‌

85‌

1.75%,

05/28/2028

105‌

93‌

2.25%,

05/28/2031

60‌

52‌

AstraZeneca

PLC

0.70%,

04/08/2026

120‌

107‌

1.38%,

08/06/2030

160‌

131‌

2.13%,

08/06/2050

(a)

680‌

443‌

3.00%,

05/28/2051

45‌

35‌

4.38%,

08/17/2048

60‌

58‌

6.45%,

09/15/2037

30‌

35‌

Becton

Dickinson

and

Co

1.96%,

02/11/2031

60‌

49‌

3.73%,

12/15/2024

250‌

248‌

4.67%,

06/06/2047

155‌

148‌

4.69%,

12/15/2044

59‌

56‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

87

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Bristol-Myers

Squibb

Co

0.75%,

11/13/2025

$

65‌

$

59‌

1.13%,

11/13/2027

120‌

106‌

1.45%,

11/13/2030

65‌

53‌

2.55%,

11/13/2050

65‌

45‌

2.95%,

03/15/2032

200‌

181‌

3.90%,

02/20/2028

130‌

129‌

4.13%,

06/15/2039

195‌

183‌

4.25%,

10/26/2049

360‌

333‌

4.35%,

11/15/2047

210‌

198‌

4.55%,

02/20/2048

171‌

166‌

Cardinal

Health

Inc

3.41%,

06/15/2027

400‌

385‌

Cigna

Corp

0.61%,

03/15/2024

650‌

619‌

1.25%,

03/15/2026

180‌

162‌

3.20%,

03/15/2040

155‌

122‌

3.25%,

04/15/2025

100‌

98‌

3.40%,

03/15/2051

90‌

68‌

3.88%,

10/15/2047

755‌

608‌

4.13%,

11/15/2025

170‌

169‌

4.38%,

10/15/2028

175‌

172‌

4.80%,

08/15/2038

170‌

164‌

CVS

Health

Corp

1.30%,

08/21/2027

160‌

139‌

1.75%,

08/21/2030

160‌

129‌

1.88%,

02/28/2031

55‌

44‌

2.63%,

08/15/2024

140‌

137‌

2.70%,

08/21/2040

160‌

116‌

3.00%,

08/15/2026

105‌

101‌

3.25%,

08/15/2029

740‌

676‌

3.88%,

07/20/2025

885‌

879‌

4.78%,

03/25/2038

800‌

760‌

4.88%,

07/20/2035

510‌

498‌

5.05%,

03/25/2048

175‌

168‌

5.13%,

07/20/2045

430‌

412‌

Eli

Lilly

&

Co

2.50%,

09/15/2060

155‌

105‌

4.15%,

03/15/2059

600‌

569‌

GlaxoSmithKline

Capital

Inc

3.63%,

05/15/2025

85‌

85‌

3.88%,

05/15/2028

165‌

162‌

6.38%,

05/15/2038

760‌

890‌

GlaxoSmithKline

Capital

PLC

0.53%,

10/01/2023

150‌

145‌

Johnson

&

Johnson

0.55%,

09/01/2025

115‌

105‌

0.95%,

09/01/2027

115‌

101‌

2.10%,

09/01/2040

115‌

84‌

2.25%,

09/01/2050

115‌

79‌

2.45%,

09/01/2060

115‌

77‌

2.95%,

03/03/2027

110‌

107‌

3.70%,

03/01/2046

90‌

80‌

5.95%,

08/15/2037

75‌

88‌

McKesson

Corp

0.90%,

12/03/2025

60‌

54‌

Mead

Johnson

Nutrition

Co

4.60%,

06/01/2044

30‌

29‌

Merck

&

Co

Inc

0.75%,

02/24/2026

80‌

72‌

1.45%,

06/24/2030

210‌

174‌

1.70%,

06/10/2027

155‌

141‌

1.90%,

12/10/2028

110‌

97‌

2.15%,

12/10/2031

215‌

183‌

2.35%,

06/24/2040

135‌

99‌

2.75%,

12/10/2051

140‌

101‌

3.60%,

09/15/2042

500‌

432‌

3.70%,

02/10/2045

600‌

519‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Merck

&

Co

Inc  

(continued)

4.15%,

05/18/2043

$

450‌

$

420‌

Novartis

Capital

Corp

2.75%,

08/14/2050

155‌

118‌

Pfizer

Inc

0.80%,

05/28/2025

100‌

93‌

1.75%,

08/18/2031

245‌

203‌

2.55%,

05/28/2040

100‌

77‌

3.40%,

05/15/2024

100‌

100‌

4.00%,

12/15/2036

45‌

43‌

4.20%,

09/15/2048

80‌

77‌

4.30%,

06/15/2043

225‌

216‌

4.40%,

05/15/2044

75‌

73‌

7.20%,

03/15/2039

60‌

77‌

Takeda

Pharmaceutical

Co

Ltd

2.05%,

03/31/2030

700‌

585‌

3.18%,

07/09/2050

645‌

473‌

Utah

Acquisition

Sub

Inc

5.25%,

06/15/2046

305‌

242‌

Viatris

Inc

2.30%,

06/22/2027

115‌

99‌

2.70%,

06/22/2030

155‌

122‌

3.85%,

06/22/2040

115‌

80‌

4.00%,

06/22/2050

155‌

100‌

Wyeth

LLC

5.95%,

04/01/2037

60‌

68‌

Zoetis

Inc

2.00%,

05/15/2030

85‌

71‌

3.00%,

05/15/2050

40‌

29‌

$

21,435‌

Pipelines

-

0.90%

Cheniere

Corpus

Christi

Holdings

LLC

3.70%,

11/15/2029

300‌

276‌

5.88%,

03/31/2025

600‌

612‌

7.00%,

06/30/2024

600‌

617‌

Eastern

Gas

Transmission

&

Storage

Inc

4.60%,

12/15/2044

200‌

182‌

Enbridge

Energy

Partners

LP

7.38%,

10/15/2045

70‌

83‌

Enbridge

Inc

1.60%,

10/04/2026

20‌

18‌

2.50%,

01/15/2025

150‌

144‌

2.50%,

08/01/2033

465‌

376‌

3.13%,

11/15/2029

150‌

136‌

3.40%,

08/01/2051

45‌

34‌

4.25%,

12/01/2026

75‌

74‌

Energy

Transfer

LP

2.90%,

05/15/2025

910‌

862‌

3.75%,

05/15/2030

715‌

643‌

4.05%,

03/15/2025

100‌

98‌

4.20%,

04/15/2027

300‌

288‌

5.30%,

04/15/2047

500‌

438‌

5.35%,

05/15/2045

250‌

220‌

6.25%,

04/15/2049

155‌

152‌

6.50%,

02/01/2042

370‌

374‌

Enterprise

Products

Operating

LLC

3.30%,

02/15/2053

80‌

59‌

3.90%,

02/15/2024

290‌

289‌

4.20%,

01/31/2050

680‌

577‌

4.25%,

02/15/2048

250‌

213‌

4.45%,

02/15/2043

350‌

309‌

4.85%,

03/15/2044

750‌

692‌

6.45%,

09/01/2040

490‌

536‌

6.88%,

03/01/2033

39‌

44‌

Kinder

Morgan

Energy

Partners

LP

4.70%,

11/01/2042

20‌

17‌

5.00%,

03/01/2043

550‌

498‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

88

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pipelines

(continued)

Kinder

Morgan

Inc

1.75%,

11/15/2026

$

60‌

$

54‌

2.00%,

02/15/2031

130‌

103‌

3.25%,

08/01/2050

130‌

90‌

3.60%,

02/15/2051

245‌

182‌

5.05%,

02/15/2046

30‌

27‌

5.55%,

06/01/2045

500‌

486‌

MPLX

LP

1.75%,

03/01/2026

160‌

145‌

4.13%,

03/01/2027

840‌

814‌

4.25%,

12/01/2027

300‌

290‌

4.50%,

04/15/2038

200‌

177‌

5.50%,

02/15/2049

130‌

124‌

ONEOK

Inc

2.20%,

09/15/2025

155‌

144‌

2.75%,

09/01/2024

375‌

364‌

3.40%,

09/01/2029

350‌

310‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

4.70%,

06/15/2044

330‌

261‌

Sabine

Pass

Liquefaction

LLC

4.20%,

03/15/2028

645‌

608‌

5.00%,

03/15/2027

1,075‌

1,071‌

5.63%,

03/01/2025

75‌

76‌

5.75%,

05/15/2024

600‌

609‌

Spectra

Energy

Partners

LP

4.75%,

03/15/2024

105‌

106‌

Targa

Resources

Corp

5.20%,

07/01/2027

220‌

219‌

TransCanada

PipeLines

Ltd

2.50%,

10/12/2031

60‌

49‌

4.25%,

05/15/2028

300‌

293‌

4.88%,

05/15/2048

190‌

181‌

Williams

Cos

Inc/The

2.60%,

03/15/2031

160‌

134‌

3.50%,

10/15/2051

60‌

45‌

3.75%,

06/15/2027

45‌

43‌

3.90%,

01/15/2025

500‌

494‌

4.00%,

09/15/2025

50‌

49‌

4.85%,

03/01/2048

350‌

315‌

5.30%,

08/15/2052

65‌

63‌

6.30%,

04/15/2040

430‌

458‌

$

17,245‌

Private

Equity

-

0.02%

Brookfield

Asset

Management

Inc

4.00%,

01/15/2025

300‌

297‌

Regional

Authority

-

0.32%

Province

of

Alberta

Canada

1.00%,

05/20/2025

210‌

195‌

1.30%,

07/22/2030

175‌

146‌

3.30%,

03/15/2028

650‌

634‌

Province

of

British

Columbia

Canada

0.90%,

07/20/2026

515‌

464‌

1.30%,

01/29/2031

160‌

133‌

6.50%,

01/15/2026

45‌

48‌

Province

of

Manitoba

Canada

1.50%,

10/25/2028

85‌

75‌

3.05%,

05/14/2024

430‌

425‌

Province

of

Ontario

Canada

0.63%,

01/21/2026

530‌

477‌

1.05%,

04/14/2026

(a)

415‌

377‌

1.13%,

10/07/2030

300‌

245‌

2.13%,

01/21/2032

25‌

22‌

3.10%,

05/19/2027

565‌

550‌

3.20%,

05/16/2024

665‌

660‌

3.40%,

10/17/2023

210‌

209‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Regional

Authority

(continued)

Province

of

Quebec

Canada

0.60%,

07/23/2025

$

600‌

$

549‌

1.35%,

05/28/2030

315‌

266‌

1.50%,

02/11/2025

100‌

95‌

2.88%,

10/16/2024

500‌

492‌

7.50%,

09/15/2029

36‌

44‌

$

6,106‌

REITs

-

1

.04%

Alexandria

Real

Estate

Equities

Inc

1.88%,

02/01/2033

240‌

181‌

2.00%,

05/18/2032

400‌

316‌

2.75%,

12/15/2029

70‌

61‌

2.95%,

03/15/2034

65‌

55‌

3.00%,

05/18/2051

530‌

360‌

4.00%,

02/01/2050

70‌

58‌

4.90%,

12/15/2030

80‌

80‌

American

Tower

Corp

0.60%,

01/15/2024

120‌

114‌

1.30%,

09/15/2025

80‌

73‌

1.60%,

04/15/2026

60‌

54‌

1.88%,

10/15/2030

550‌

434‌

2.90%,

01/15/2030

155‌

134‌

2.95%,

01/15/2051

60‌

40‌

3.38%,

10/15/2026

500‌

472‌

3.65%,

03/15/2027

515‌

490‌

3.70%,

10/15/2049

300‌

227‌

3.95%,

03/15/2029

200‌

187‌

4.00%,

06/01/2025

600‌

589‌

AvalonBay

Communities

Inc

1.90%,

12/01/2028

60‌

52‌

2.05%,

01/15/2032

60‌

49‌

2.30%,

03/01/2030

755‌

659‌

Boston

Properties

LP

2.55%,

04/01/2032

245‌

195‌

2.90%,

03/15/2030

600‌

512‌

3.20%,

01/15/2025

700‌

683‌

Brixmor

Operating

Partnership

LP

3.65%,

06/15/2024

400‌

390‌

Corporate

Office

Properties

LP

2.75%,

04/15/2031

60‌

47‌

Crown

Castle

Inc

1.05%,

07/15/2026

115‌

101‌

1.35%,

07/15/2025

115‌

105‌

2.50%,

07/15/2031

60‌

49‌

2.90%,

04/01/2041

60‌

43‌

3.10%,

11/15/2029

125‌

110‌

3.20%,

09/01/2024

75‌

74‌

3.25%,

01/15/2051

115‌

82‌

3.70%,

06/15/2026

600‌

581‌

3.80%,

02/15/2028

430‌

405‌

4.00%,

11/15/2049

95‌

76‌

CubeSmart

LP

2.00%,

02/15/2031

110‌

87‌

2.25%,

12/15/2028

60‌

51‌

Duke

Realty

LP

1.75%,

07/01/2030

155‌

127‌

2.25%,

01/15/2032

60‌

50‌

2.88%,

11/15/2029

75‌

67‌

Equinix

Inc

1.00%,

09/15/2025

150‌

135‌

1.25%,

07/15/2025

155‌

142‌

1.80%,

07/15/2027

155‌

136‌

2.50%,

05/15/2031

460‌

377‌

2.63%,

11/18/2024

150‌

144‌

3.20%,

11/18/2029

130‌

116‌

3.40%,

02/15/2052

60‌

44‌

ERP

Operating

LP

1.85%,

08/01/2031

115‌

93‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

89

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Essex

Portfolio

LP

1.70%,

03/01/2028

$

60‌

$

51‌

3.00%,

01/15/2030

140‌

123‌

4.00%,

03/01/2029

784‌

743‌

Federal

Realty

Investment

Trust

1.25%,

02/15/2026

115‌

103‌

GLP

Capital

LP

/

GLP

Financing

II

Inc

4.00%,

01/15/2030

140‌

123‌

5.25%,

06/01/2025

400‌

395‌

Healthcare

Realty

Holdings

LP

2.00%,

03/15/2031

150‌

117‌

Healthpeak

Properties

Inc

2.13%,

12/01/2028

210‌

181‌

Kilroy

Realty

LP

2.50%,

11/15/2032

160‌

124‌

Kimco

Realty

Corp

2.25%,

12/01/2031

60‌

48‌

2.70%,

03/01/2024

300‌

294‌

2.70%,

10/01/2030

160‌

136‌

3.70%,

10/01/2049

30‌

23‌

4.60%,

02/01/2033

165‌

160‌

Life

Storage

LP

2.20%,

10/15/2030

75‌

60‌

2.40%,

10/15/2031

60‌

48‌

Mid-America

Apartments

LP

1.70%,

02/15/2031

120‌

95‌

National

Retail

Properties

Inc

3.60%,

12/15/2026

300‌

286‌

Omega

Healthcare

Investors

Inc

4.75%,

01/15/2028

30‌

29‌

4.95%,

04/01/2024

30‌

30‌

Prologis

LP

1.25%,

10/15/2030

160‌

128‌

3.00%,

04/15/2050

680‌

517‌

Public

Storage

0.88%,

02/15/2026

40‌

36‌

1.85%,

05/01/2028

115‌

102‌

2.25%,

11/09/2031

60‌

50‌

Realty

Income

Corp

0.75%,

03/15/2026

40‌

35‌

2.20%,

06/15/2028

65‌

57‌

3.10%,

12/15/2029

300‌

273‌

3.25%,

01/15/2031

160‌

143‌

4.13%,

10/15/2026

220‌

218‌

4.88%,

06/01/2026

700‌

713‌

Simon

Property

Group

LP

1.75%,

02/01/2028

555‌

481‌

2.00%,

09/13/2024

150‌

145‌

2.65%,

02/01/2032

765‌

636‌

3.25%,

11/30/2026

300‌

288‌

3.50%,

09/01/2025

160‌

158‌

4.75%,

03/15/2042

164‌

151‌

Spirit

Realty

LP

2.10%,

03/15/2028

60‌

50‌

UDR

Inc

2.10%,

08/01/2032

100‌

77‌

3.20%,

01/15/2030

145‌

129‌

Ventas

Realty

LP

3.00%,

01/15/2030

500‌

435‌

3.75%,

05/01/2024

500‌

494‌

4.75%,

11/15/2030

525‌

509‌

VICI

Properties

LP

4.38%,

05/15/2025

200‌

195‌

Welltower

Inc

2.75%,

01/15/2032

565‌

468‌

3.63%,

03/15/2024

120‌

119‌

4.13%,

03/15/2029

300‌

285‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

WP

Carey

Inc

2.40%,

02/01/2031

$

65‌

$

53‌

$

19,821‌

Retail

-

0.53%

AutoZone

Inc

1.65%,

01/15/2031

160‌

126‌

Costco

Wholesale

Corp

1.38%,

06/20/2027

125‌

112‌

1.75%,

04/20/2032

150‌

123‌

Dollar

Tree

Inc

4.20%,

05/15/2028

130‌

127‌

Home

Depot

Inc/The

0.90%,

03/15/2028

(a)

55‌

47‌

1.88%,

09/15/2031

760‌

629‌

2.13%,

09/15/2026

350‌

329‌

2.38%,

03/15/2051

55‌

36‌

2.70%,

04/15/2025

65‌

64‌

2.75%,

09/15/2051

60‌

43‌

2.88%,

04/15/2027

65‌

63‌

2.95%,

06/15/2029

500‌

467‌

3.13%,

12/15/2049

235‌

180‌

4.20%,

04/01/2043

300‌

275‌

4.25%,

04/01/2046

180‌

167‌

4.40%,

03/15/2045

300‌

283‌

5.88%,

12/16/2036

400‌

449‌

Lowe's

Cos

Inc

1.30%,

04/15/2028

130‌

110‌

1.70%,

10/15/2030

130‌

104‌

2.50%,

04/15/2026

90‌

86‌

3.38%,

09/15/2025

50‌

49‌

3.65%,

04/05/2029

135‌

127‌

3.70%,

04/15/2046

20‌

16‌

3.75%,

04/01/2032

65‌

60‌

4.00%,

04/15/2025

700‌

700‌

4.25%,

04/01/2052

540‌

460‌

4.55%,

04/05/2049

135‌

121‌

5.00%,

04/15/2040

155‌

150‌

McDonald's

Corp

2.63%,

09/01/2029

140‌

126‌

3.25%,

06/10/2024

175‌

173‌

3.70%,

01/30/2026

150‌

149‌

3.70%,

02/15/2042

300‌

251‌

6.30%,

03/01/2038

600‌

681‌

O'Reilly

Automotive

Inc

1.75%,

03/15/2031

75‌

59‌

Starbucks

Corp

2.00%,

03/12/2027

580‌

529‌

3.00%,

02/14/2032

345‌

301‌

3.75%,

12/01/2047

370‌

300‌

4.30%,

06/15/2045

225‌

198‌

4.45%,

08/15/2049

220‌

197‌

Target

Corp

1.95%,

01/15/2027

(a)

280‌

261‌

2.95%,

01/15/2052

325‌

244‌

TJX

Cos

Inc/The

1.15%,

05/15/2028

65‌

55‌

1.60%,

05/15/2031

65‌

52‌

Walmart

Inc

1.05%,

09/17/2026

105‌

95‌

1.50%,

09/22/2028

105‌

92‌

1.80%,

09/22/2031

160‌

135‌

2.50%,

09/22/2041

135‌

104‌

2.65%,

09/22/2051

105‌

79‌

3.95%,

06/28/2038

195‌

185‌

4.00%,

04/11/2043

250‌

232‌

4.05%,

06/29/2048

100‌

96‌

$

10,097‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

90

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Semiconductors

-

0.60%

Analog

Devices

Inc

2.10%,

10/01/2031

$

40‌

$

34‌

2.80%,

10/01/2041

60‌

47‌

Applied

Materials

Inc

4.35%,

04/01/2047

45‌

44‌

Broadcom

Corp

/

Broadcom

Cayman

Finance

Ltd

3.88%,

01/15/2027

650‌

625‌

Broadcom

Inc

3.14%,

11/15/2035

(i)

738‌

559‌

3.19%,

11/15/2036

(i)

30‌

22‌

3.42%,

04/15/2033

(i)

452‌

373‌

3.47%,

04/15/2034

(i)

415‌

336‌

3.75%,

02/15/2051

(i)

570‌

418‌

4.15%,

11/15/2030

310‌

283‌

4.75%,

04/15/2029

355‌

349‌

Intel

Corp

2.00%,

08/12/2031

60‌

50‌

2.88%,

05/11/2024

105‌

104‌

3.05%,

08/12/2051

60‌

43‌

3.15%,

05/11/2027

150‌

145‌

3.20%,

08/12/2061

60‌

42‌

3.40%,

03/25/2025

(a)

155‌

153‌

3.73%,

12/08/2047

105‌

85‌

3.75%,

03/25/2027

155‌

153‌

3.75%,

08/05/2027

65‌

64‌

4.00%,

08/05/2029

585‌

569‌

4.10%,

05/19/2046

250‌

221‌

4.15%,

08/05/2032

765‌

740‌

4.60%,

03/25/2040

155‌

148‌

KLA

Corp

4.95%,

07/15/2052

140‌

141‌

Marvell

Technology

Inc

2.45%,

04/15/2028

115‌

100‌

Micron

Technology

Inc

2.70%,

04/15/2032

90‌

70‌

4.19%,

02/15/2027

405‌

394‌

NVIDIA

Corp

0.58%,

06/14/2024

115‌

109‌

1.55%,

06/15/2028

60‌

52‌

2.00%,

06/15/2031

115‌

97‌

3.50%,

04/01/2040

600‌

515‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.50%,

05/11/2031

115‌

92‌

3.13%,

02/15/2042

265‌

189‌

3.15%,

05/01/2027

80‌

75‌

3.25%,

05/11/2041

60‌

44‌

4.40%,

06/01/2027

80‌

78‌

QUALCOMM

Inc

1.30%,

05/20/2028

327‌

282‌

1.65%,

05/20/2032

243‌

195‌

4.50%,

05/20/2052

700‌

678‌

4.80%,

05/20/2045

110‌

110‌

Texas

Instruments

Inc

1.13%,

09/15/2026

60‌

54‌

1.75%,

05/04/2030

650‌

553‌

1.90%,

09/15/2031

60‌

51‌

4.15%,

05/15/2048

165‌

157‌

TSMC

Arizona

Corp

1.75%,

10/25/2026

750‌

680‌

3.88%,

04/22/2027

1,190‌

1,169‌

$

11,492‌

Software

-

0.60%

Activision

Blizzard

Inc

1.35%,

09/15/2030

80‌

63‌

2.50%,

09/15/2050

160‌

108‌

Electronic

Arts

Inc

1.85%,

02/15/2031

60‌

49‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Fidelity

National

Information

Services

Inc

0.60%,

03/01/2024

$

655‌

$

622‌

1.65%,

03/01/2028

105‌

89‌

3.10%,

03/01/2041

55‌

40‌

4.50%,

07/15/2025

700‌

701‌

5.10%,

07/15/2032

550‌

548‌

Fiserv

Inc

3.50%,

07/01/2029

900‌

824‌

3.85%,

06/01/2025

250‌

246‌

4.40%,

07/01/2049

590‌

512‌

Intuit

Inc

1.35%,

07/15/2027

160‌

141‌

Microsoft

Corp

2.40%,

08/08/2026

250‌

239‌

2.53%,

06/01/2050

311‌

226‌

2.68%,

06/01/2060

349‌

248‌

2.92%,

03/17/2052

476‌

374‌

3.04%,

03/17/2062

141‌

108‌

3.30%,

02/06/2027

140‌

138‌

3.45%,

08/08/2036

225‌

212‌

3.70%,

08/08/2046

500‌

460‌

Oracle

Corp

2.30%,

03/25/2028

115‌

100‌

2.40%,

09/15/2023

75‌

74‌

2.50%,

04/01/2025

155‌

147‌

2.65%,

07/15/2026

300‌

277‌

2.80%,

04/01/2027

155‌

142‌

2.88%,

03/25/2031

115‌

95‌

2.95%,

11/15/2024

85‌

83‌

2.95%,

05/15/2025

105‌

101‌

2.95%,

04/01/2030

155‌

132‌

3.40%,

07/08/2024

145‌

143‌

3.60%,

04/01/2040

355‌

258‌

3.60%,

04/01/2050

200‌

136‌

3.65%,

03/25/2041

115‌

84‌

3.90%,

05/15/2035

130‌

106‌

3.95%,

03/25/2051

115‌

83‌

4.00%,

07/15/2046

500‌

366‌

4.00%,

11/15/2047

75‌

54‌

4.10%,

03/25/2061

60‌

42‌

4.30%,

07/08/2034

75‌

65‌

4.38%,

05/15/2055

150‌

113‌

4.50%,

07/08/2044

50‌

40‌

6.13%,

07/08/2039

60‌

59‌

Roper

Technologies

Inc

1.40%,

09/15/2027

160‌

137‌

2.35%,

09/15/2024

90‌

87‌

2.95%,

09/15/2029

1,200‌

1,057‌

Salesforce

Inc

1.95%,

07/15/2031

60‌

50‌

2.70%,

07/15/2041

265‌

202‌

2.90%,

07/15/2051

115‌

85‌

ServiceNow

Inc

1.40%,

09/01/2030

160‌

125‌

Take-Two

Interactive

Software

Inc

3.55%,

04/14/2025

215‌

210‌

VMware

Inc

1.40%,

08/15/2026

180‌

159‌

1.80%,

08/15/2028

685‌

570‌

2.20%,

08/15/2031

115‌

90‌

$

11,420‌

Sovereign

-

1.47%

Canada

Government

International

Bond

0.75%,

05/19/2026

(a)

615‌

556‌

1.63%,

01/22/2025

200‌

191‌

2.88%,

04/28/2025

210‌

206‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

91

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Chile

Government

International

Bond

2.45%,

01/31/2031

(a)

$

300‌

$

253‌

2.55%,

01/27/2032

(a)

400‌

333‌

2.75%,

01/31/2027

600‌

555‌

3.10%,

05/07/2041

400‌

293‌

3.24%,

02/06/2028

500‌

466‌

3.50%,

04/15/2053

200‌

143‌

4.00%,

01/31/2052

200‌

158‌

Export

Development

Canada

3.38%,

08/26/2025

625‌

620‌

Export-Import

Bank

of

Korea

0.38%,

02/09/2024

200‌

190‌

1.25%,

01/18/2025

200‌

187‌

1.38%,

02/09/2031

200‌

163‌

2.63%,

05/26/2026

700‌

669‌

Indonesia

Government

International

Bond

2.15%,

07/28/2031

200‌

172‌

2.85%,

02/14/2030

200‌

184‌

3.05%,

03/12/2051

(a)

200‌

153‌

3.50%,

01/11/2028

500‌

486‌

3.70%,

10/30/2049

200‌

164‌

4.20%,

10/15/2050

200‌

174‌

4.35%,

01/11/2048

200‌

180‌

4.75%,

02/11/2029

700‌

725‌

Israel

Government

International

Bond

2.75%,

07/03/2030

200‌

190‌

3.88%,

07/03/2050

200‌

181‌

4.50%,

01/30/2043

200‌

202‌

Japan

Bank

for

International

Cooperation

0.38%,

09/15/2023

460‌

444‌

0.50%,

04/15/2024

200‌

190‌

1.25%,

01/21/2031

200‌

165‌

1.75%,

10/17/2024

500‌

480‌

1.88%,

07/21/2026

264‌

244‌

2.13%,

02/16/2029

200‌

180‌

2.25%,

11/04/2026

400‌

374‌

2.75%,

01/21/2026

400‌

385‌

2.88%,

04/14/2025

500‌

487‌

2.88%,

07/21/2027

330‌

315‌

3.00%,

05/29/2024

300‌

296‌

Korea

International

Bond

1.00%,

09/16/2030

200‌

164‌

3.88%,

09/20/2048

250‌

243‌

Mexico

Government

International

Bond

2.66%,

05/24/2031

500‌

415‌

3.25%,

04/16/2030

(a)

200‌

178‌

3.50%,

02/12/2034

400‌

335‌

3.75%,

01/11/2028

225‌

216‌

3.75%,

04/19/2071

200‌

131‌

3.90%,

04/27/2025

400‌

399‌

4.50%,

04/22/2029

600‌

587‌

4.60%,

01/23/2046

200‌

162‌

4.60%,

02/10/2048

300‌

241‌

4.75%,

03/08/2044

500‌

424‌

5.55%,

01/21/2045

360‌

336‌

5.75%,

10/12/2110

100‌

86‌

6.05%,

01/11/2040

200‌

200‌

6.75%,

09/27/2034

650‌

715‌

Panama

Government

International

Bond

2.25%,

09/29/2032

200‌

156‌

3.16%,

01/23/2030

600‌

528‌

3.30%,

01/19/2033

(a)

500‌

424‌

3.75%,

03/16/2025

400‌

395‌

3.88%,

03/17/2028

200‌

192‌

4.30%,

04/29/2053

200‌

153‌

4.50%,

04/16/2050

200‌

159‌

6.70%,

01/26/2036

400‌

430‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Peruvian

Government

International

Bond

1.86%,

12/01/2032

$

60‌

$

46‌

2.78%,

01/23/2031

620‌

528‌

2.78%,

12/01/2060

60‌

37‌

3.30%,

03/11/2041

300‌

228‌

3.55%,

03/10/2051

(a)

60‌

45‌

4.13%,

08/25/2027

400‌

392‌

5.63%,

11/18/2050

150‌

156‌

6.55%,

03/14/2037

200‌

219‌

8.75%,

11/21/2033

180‌

231‌

Philippine

Government

International

Bond

2.65%,

12/10/2045

400‌

288‌

3.00%,

02/01/2028

300‌

289‌

3.20%,

07/06/2046

200‌

155‌

3.70%,

03/01/2041

400‌

347‌

7.75%,

01/14/2031

190‌

234‌

10.63%,

03/16/2025

100‌

117‌

Republic

of

Italy

Government

International

Bond

0.88%,

05/06/2024

400‌

375‌

1.25%,

02/17/2026

700‌

611‌

2.38%,

10/17/2024

200‌

190‌

2.88%,

10/17/2029

200‌

170‌

3.88%,

05/06/2051

400‌

293‌

5.38%,

06/15/2033

205‌

204‌

6.88%,

09/27/2023

260‌

266‌

State

of

Israel

2.50%,

01/15/2030

200‌

187‌

3.38%,

01/15/2050

200‌

166‌

Svensk

Exportkredit

AB

0.38%,

03/11/2024

200‌

190‌

0.50%,

08/26/2025

720‌

654‌

3.63%,

09/03/2024

(f)

700‌

698‌

Tennessee

Valley

Authority

3.50%,

12/15/2042

200‌

180‌

4.25%,

09/15/2065

115‌

116‌

5.25%,

09/15/2039

250‌

282‌

5.38%,

04/01/2056

196‌

237‌

5.88%,

04/01/2036

325‌

387‌

6.75%,

11/01/2025

57‌

62‌

Uruguay

Government

International

Bond

4.13%,

11/20/2045

136‌

129‌

4.38%,

10/27/2027

80‌

82‌

4.98%,

04/20/2055

100‌

101‌

5.10%,

06/18/2050

300‌

306‌

7.63%,

03/21/2036

250‌

322‌

$

28,143‌

Supranational

Bank

-

1.28%

African

Development

Bank

0.88%,

03/23/2026

305‌

277‌

0.88%,

07/22/2026

115‌

104‌

Asian

Development

Bank

0.25%,

10/06/2023

450‌

434‌

0.38%,

06/11/2024

615‌

581‌

0.38%,

09/03/2025

310‌

282‌

0.50%,

02/04/2026

400‌

360‌

1.00%,

04/14/2026

115‌

105‌

1.50%,

01/20/2027

125‌

115‌

1.50%,

03/04/2031

115‌

99‌

1.88%,

03/15/2029

135‌

123‌

2.13%,

03/19/2025

300‌

289‌

2.38%,

08/10/2027

500‌

475‌

2.63%,

01/30/2024

500‌

494‌

2.75%,

01/19/2028

130‌

125‌

2.88%,

05/06/2025

135‌

132‌

3.13%,

08/20/2027

790‌

776‌

3.13%,

04/27/2032

135‌

132‌

5.82%,

06/16/2028

39‌

44‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

92

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Supranational

Bank

(continued)

Asian

Infrastructure

Investment

Bank/The

0.25%,

09/29/2023

$

305‌

$

294‌

0.50%,

05/28/2025

400‌

366‌

2.25%,

05/16/2024

900‌

879‌

3.38%,

06/29/2025

540‌

534‌

Council

Of

Europe

Development

Bank

0.38%,

06/10/2024

115‌

109‌

1.38%,

02/27/2025

310‌

294‌

European

Bank

for

Reconstruction

&

Development

0.50%,

11/25/2025

150‌

136‌

0.50%,

01/28/2026

515‌

463‌

European

Investment

Bank

0.38%,

07/24/2024

345‌

325‌

0.38%,

12/15/2025

305‌

275‌

0.38%,

03/26/2026

470‌

420‌

0.63%,

10/21/2027

60‌

52‌

0.75%,

10/26/2026

60‌

54‌

1.25%,

02/14/2031

(a)

255‌

217‌

1.38%,

03/15/2027

425‌

388‌

1.63%,

03/14/2025

780‌

743‌

1.63%,

05/13/2031

60‌

53‌

1.75%,

03/15/2029

615‌

556‌

1.88%,

02/10/2025

250‌

240‌

2.38%,

05/24/2027

120‌

114‌

2.63%,

03/15/2024

800‌

789‌

3.25%,

01/29/2024

400‌

398‌

3.25%,

11/15/2027

210‌

208‌

FMS

Wertmanagement

2.75%,

01/30/2024

500‌

494‌

Inter-American

Development

Bank

0.25%,

11/15/2023

310‌

299‌

0.50%,

09/23/2024

445‌

418‌

0.63%,

09/16/2027

305‌

265‌

0.88%,

04/20/2026

900‌

818‌

1.13%,

07/20/2028

515‌

450‌

1.13%,

01/13/2031

610‌

510‌

1.50%,

01/13/2027

125‌

115‌

1.75%,

03/14/2025

230‌

220‌

2.13%,

01/15/2025

500‌

483‌

2.38%,

07/07/2027

250‌

238‌

3.00%,

02/21/2024

400‌

397‌

3.13%,

09/18/2028

300‌

293‌

4.38%,

01/24/2044

50‌

54‌

International

Bank

for

Reconstruction

&

Development

0.25%,

11/24/2023

60‌

58‌

0.50%,

10/28/2025

400‌

363‌

0.63%,

04/22/2025

693‌

642‌

0.75%,

11/24/2027

270‌

235‌

0.75%,

08/26/2030

710‌

578‌

0.88%,

07/15/2026

325‌

294‌

1.25%,

02/10/2031

115‌

97‌

1.38%,

04/20/2028

365‌

325‌

1.63%,

01/15/2025

470‌

449‌

1.63%,

11/03/2031

245‌

212‌

1.75%,

10/23/2029

200‌

179‌

2.50%,

03/19/2024

415‌

408‌

2.50%,

11/25/2024

300‌

293‌

2.50%,

07/29/2025

170‌

165‌

2.50%,

03/29/2032

320‌

297‌

3.00%,

09/27/2023

300‌

298‌

3.13%,

06/15/2027

535‌

527‌

International

Finance

Corp

0.38%,

07/16/2025

315‌

288‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Supranational

Bank

(continued)

Nordic

Investment

Bank

0.38%,

09/11/2025

$

230‌

$

209‌

0.50%,

01/21/2026

(a)

200‌

181‌

2.25%,

05/21/2024

350‌

342‌

3.38%,

09/08/2027

(f)

235‌

234‌

$

24,582‌

Telecommunications

-

1.06%

America

Movil

SAB

de

CV

2.88%,

05/07/2030

600‌

531‌

4.38%,

04/22/2049

450‌

415‌

6.13%,

03/30/2040

380‌

416‌

AT&T

Inc

0.90%,

03/25/2024

115‌

110‌

1.65%,

02/01/2028

200‌

172‌

1.70%,

03/25/2026

340‌

310‌

2.25%,

02/01/2032

145‌

117‌

3.10%,

02/01/2043

145‌

107‌

3.50%,

06/01/2041

1,300‌

1,025‌

3.50%,

09/15/2053

1,002‌

739‌

3.55%,

09/15/2055

815‌

597‌

3.65%,

09/15/2059

699‌

507‌

4.35%,

06/15/2045

600‌

517‌

4.50%,

05/15/2035

700‌

657‌

Bell

Telephone

Co

of

Canada

or

Bell

Canada/The

3.65%,

03/17/2051

60‌

47‌

Cisco

Systems

Inc

5.50%,

01/15/2040

60‌

65‌

Juniper

Networks

Inc

2.00%,

12/10/2030

55‌

43‌

Orange

SA

5.38%,

01/13/2042

30‌

31‌

Rogers

Communications

Inc

2.95%,

03/15/2025

(i)

65‌

63‌

3.20%,

03/15/2027

(i)

130‌

124‌

3.70%,

11/15/2049

90‌

68‌

3.80%,

03/15/2032

(i)

65‌

59‌

5.00%,

03/15/2044

75‌

68‌

7.50%,

08/15/2038

250‌

297‌

Telefonica

Emisiones

SA

4.10%,

03/08/2027

700‌

679‌

5.21%,

03/08/2047

550‌

476‌

T-Mobile

USA

Inc

1.50%,

02/15/2026

155‌

140‌

2.05%,

02/15/2028

190‌

165‌

2.25%,

11/15/2031

150‌

120‌

2.40%,

03/15/2029

25‌

22‌

2.55%,

02/15/2031

600‌

499‌

2.63%,

02/15/2029

600‌

517‌

3.00%,

02/15/2041

150‌

110‌

3.30%,

02/15/2051

150‌

107‌

3.38%,

04/15/2029

600‌

540‌

3.40%,

10/15/2052

135‌

98‌

3.50%,

04/15/2025

155‌

151‌

3.50%,

04/15/2031

600‌

531‌

3.75%,

04/15/2027

315‌

302‌

3.88%,

04/15/2030

600‌

555‌

4.38%,

04/15/2040

155‌

137‌

Verizon

Communications

Inc

0.75%,

03/22/2024

145‌

138‌

1.45%,

03/20/2026

115‌

105‌

1.50%,

09/18/2030

180‌

143‌

1.68%,

10/30/2030

2,211‌

1,758‌

1.75%,

01/20/2031

135‌

107‌

2.10%,

03/22/2028

175‌

155‌

2.36%,

03/15/2032

65‌

53‌

2.55%,

03/21/2031

115‌

97‌

2.65%,

11/20/2040

50‌

36‌

2.88%,

11/20/2050

505‌

348‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

93

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Telecommunications

(continued)

Verizon

Communications

Inc  

(continued)

2.99%,

10/30/2056

$

89‌

$

60‌

3.00%,

11/20/2060

65‌

43‌

3.38%,

02/15/2025

700‌

691‌

3.40%,

03/22/2041

715‌

576‌

3.55%,

03/22/2051

115‌

90‌

3.70%,

03/22/2061

480‌

370‌

3.85%,

11/01/2042

90‌

76‌

4.33%,

09/21/2028

60‌

59‌

4.67%,

03/15/2055

650‌

604‌

4.81%,

03/15/2039

75‌

73‌

Vodafone

Group

PLC

4.13%,

05/30/2025

675‌

673‌

4.25%,

09/17/2050

250‌

204‌

4.38%,

05/30/2028

550‌

544‌

4.38%,

02/19/2043

360‌

310‌

5.00%,

05/30/2038

80‌

76‌

5.25%,

05/30/2048

470‌

434‌

6.15%,

02/27/2037

240‌

252‌

$

20,309‌

Transportation

-

0.57%

Burlington

Northern

Santa

Fe

LLC

3.05%,

02/15/2051

600‌

463‌

3.40%,

09/01/2024

70‌

70‌

3.55%,

02/15/2050

155‌

129‌

4.15%,

04/01/2045

200‌

183‌

4.40%,

03/15/2042

30‌

28‌

4.45%,

01/15/2053

40‌

39‌

5.40%,

06/01/2041

710‌

754‌

Canadian

National

Railway

Co

3.85%,

08/05/2032

1,415‌

1,370‌

Canadian

Pacific

Railway

Co

1.75%,

12/02/2026

145‌

131‌

2.45%,

12/02/2031

85‌

73‌

3.00%,

12/02/2041

85‌

67‌

3.10%,

12/02/2051

85‌

63‌

6.13%,

09/15/2115

75‌

80‌

CSX

Corp

2.40%,

02/15/2030

60‌

52‌

3.35%,

09/15/2049

60‌

47‌

3.80%,

03/01/2028

75‌

73‌

3.80%,

04/15/2050

700‌

592‌

4.30%,

03/01/2048

200‌

181‌

4.50%,

11/15/2052

160‌

149‌

FedEx

Corp

3.10%,

08/05/2029

800‌

733‌

3.88%,

08/01/2042

30‌

25‌

4.55%,

04/01/2046

820‌

735‌

5.10%,

01/15/2044

670‌

645‌

Norfolk

Southern

Corp

2.30%,

05/15/2031

60‌

51‌

2.55%,

11/01/2029

150‌

133‌

2.90%,

08/25/2051

60‌

43‌

3.94%,

11/01/2047

192‌

166‌

4.05%,

08/15/2052

200‌

174‌

4.55%,

06/01/2053

30‌

28‌

4.84%,

10/01/2041

630‌

616‌

Ryder

System

Inc

2.90%,

12/01/2026

150‌

140‌

4.30%,

06/15/2027

20‌

20‌

Union

Pacific

Corp

2.38%,

05/20/2031

710‌

616‌

2.80%,

02/14/2032

110‌

98‌

2.89%,

04/06/2036

140‌

116‌

2.97%,

09/16/2062

90‌

62‌

3.20%,

05/20/2041

60‌

49‌

3.38%,

02/14/2042

65‌

55‌

3.55%,

08/15/2039

435‌

377‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Transportation

(continued)

Union

Pacific

Corp  

(continued)

3.80%,

10/01/2051

$

310‌

$

268‌

3.84%,

03/20/2060

220‌

185‌

3.95%,

08/15/2059

410‌

349‌

4.00%,

04/15/2047

250‌

222‌

United

Parcel

Service

Inc

2.50%,

09/01/2029

125‌

113‌

3.40%,

09/01/2049

(a)

180‌

152‌

3.90%,

04/01/2025

155‌

155‌

4.88%,

11/15/2040

30‌

31‌

$

10,901‌

Trucking

&

Leasing

-

0.00%

GATX

Corp

1.90%,

06/01/2031

115‌

88‌

Water

-

0.06%

American

Water

Capital

Corp

2.30%,

06/01/2031

60‌

51‌

3.25%,

06/01/2051

300‌

234‌

3.75%,

09/01/2047

740‌

622‌

4.45%,

06/01/2032

130‌

129‌

6.59%,

10/15/2037

13‌

15‌

Essential

Utilities

Inc

2.40%,

05/01/2031

60‌

50‌

5.30%,

05/01/2052

65‌

65‌

$

1,166‌

TOTAL

BONDS

$

521,386‌

MUNICIPAL

BONDS

-

0.18%

Principal

Amount

(000's)

Value

(000's)

California

-

0.06%

Bay

Area

Toll

Authority

6.26%,

04/01/2049

$

175‌

$

214‌

6.91%,

10/01/2050

125‌

167‌

California

State

University

2.98%,

11/01/2051

155‌

118‌

East

Bay

Municipal

Utility

District

Water

System

Revenue

5.87%,

06/01/2040

20‌

23‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

6.55%,

05/15/2048

20‌

25‌

State

of

California

3.50%,

04/01/2028

115‌

113‌

7.30%,

10/01/2039

300‌

381‌

$

1,041‌

Georgia

-

0.01%

Municipal

Electric

Authority

of

Georgia

6.64%,

04/01/2057

151‌

173‌

Illinois

-

0.06%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue

6.90%,

12/01/2040

300‌

354‌

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

6.20%,

12/01/2040

30‌

34‌

State

of

Illinois

5.10%,

06/01/2033

700‌

697‌

$

1,085‌

New

Jersey

-

0.02%

New

Jersey

Economic

Development

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

7.43%,

02/15/2029

(j)

250‌

277‌

New

Jersey

Transportation

Trust

Fund

Authority

6.56%,

12/15/2040

146‌

170‌

$

447‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

94

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

New

York

-

0.01%

Port

Authority

of

New

York

&

New

Jersey

4.46%,

10/01/2062

$

250‌

$

242‌

Ohio

-

0.00%

Ohio

State

University/The

4.91%,

06/01/2040

50‌

54‌

Texas

-

0.01%

Dallas

Area

Rapid

Transit

5.02%,

12/01/2048

30‌

32‌

State

of

Texas

4.68%,

04/01/2040

160‌

166‌

$

198‌

Wisconsin

-

0.01%

State

of

Wisconsin

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.70%,

05/01/2026

(j)

250‌

259‌

TOTAL

MUNICIPAL

BONDS

$

3,499‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

65.93%

Principal

Amount

(000's)

Value

(000's)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

-

0.73%

2.00%,

09/01/2031

$

82‌

$

77‌

2.00%,

12/01/2031

96‌

90‌

2.50%,

08/01/2028

70‌

67‌

2.50%,

01/01/2030

199‌

191‌

2.50%,

01/01/2031

181‌

174‌

2.50%,

02/01/2031

179‌

172‌

2.50%,

12/01/2031

294‌

281‌

2.50%,

01/01/2032

317‌

304‌

2.50%,

03/01/2032

98‌

94‌

2.50%,

11/01/2036

57‌

52‌

3.00%,

11/01/2028

141‌

138‌

3.00%,

04/01/2029

115‌

113‌

3.00%,

09/01/2029

107‌

105‌

3.00%,

10/01/2029

161‌

158‌

3.00%,

11/01/2029

74‌

72‌

3.00%,

01/01/2030

65‌

64‌

3.00%,

11/01/2030

67‌

65‌

3.00%,

03/01/2031

41‌

40‌

3.00%,

05/01/2032

195‌

188‌

3.00%,

03/01/2033

91‌

89‌

3.00%,

04/01/2033

29‌

28‌

3.00%,

09/01/2036

50‌

48‌

3.00%,

09/01/2036

86‌

83‌

3.00%,

02/01/2037

88‌

85‌

3.00%,

10/01/2042

194‌

184‌

3.00%,

11/01/2042

310‌

296‌

3.00%,

02/01/2043

294‌

280‌

3.00%,

08/01/2043

435‌

413‌

3.00%,

08/01/2043

372‌

354‌

3.00%,

09/01/2043

78‌

74‌

3.00%,

10/01/2043

61‌

58‌

3.00%,

01/01/2045

59‌

56‌

3.00%,

06/01/2046

205‌

193‌

3.00%,

10/01/2046

100‌

95‌

3.00%,

02/01/2047

150‌

142‌

3.50%,

12/01/2031

119‌

117‌

3.50%,

05/01/2034

41‌

40‌

3.50%,

11/01/2034

49‌

49‌

3.50%,

01/01/2035

105‌

104‌

3.50%,

04/01/2037

39‌

38‌

3.50%,

06/01/2042

70‌

68‌

3.50%,

06/01/2042

294‌

286‌

3.50%,

06/01/2042

243‌

237‌

3.50%,

07/01/2042

648‌

631‌

3.50%,

10/01/2042

399‌

389‌

3.50%,

02/01/2045

49‌

48‌

3.50%,

03/01/2045

128‌

125‌

3.50%,

06/01/2045

135‌

131‌

3.50%,

07/01/2045

127‌

123‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

(continued)

3.50%,

06/01/2046

$

164‌

$

158‌

3.50%,

08/01/2046

143‌

138‌

3.50%,

09/01/2046

172‌

167‌

4.00%,

12/01/2024

32‌

32‌

4.00%,

12/01/2030

12‌

12‌

4.00%,

11/01/2033

81‌

81‌

4.00%,

07/01/2034

54‌

54‌

4.00%,

04/01/2038

95‌

94‌

4.00%,

12/01/2040

106‌

106‌

4.00%,

02/01/2044

94‌

94‌

4.00%,

04/01/2044

100‌

100‌

4.00%,

07/01/2044

111‌

111‌

4.00%,

09/01/2044

44‌

43‌

4.00%,

11/01/2044

155‌

155‌

4.00%,

01/01/2045

130‌

129‌

4.00%,

08/01/2045

186‌

186‌

4.00%,

11/01/2045

14‌

14‌

4.00%,

12/01/2045

31‌

30‌

4.00%,

02/01/2046

50‌

50‌

4.00%,

05/01/2046

103‌

103‌

4.50%,

10/01/2030

48‌

49‌

4.50%,

05/01/2031

6‌

6‌

4.50%,

02/01/2041

67‌

68‌

4.50%,

09/01/2043

14‌

14‌

4.50%,

12/01/2043

127‌

129‌

4.50%,

03/01/2044

186‌

190‌

4.50%,

04/01/2044

69‌

71‌

4.50%,

09/01/2044

119‌

121‌

4.50%,

10/01/2044

64‌

65‌

4.50%,

03/01/2047

54‌

55‌

4.50%,

07/01/2047

45‌

45‌

4.50%,

11/01/2047

12‌

12‌

4.50%,

05/01/2049

2,301‌

2,319‌

5.00%,

11/01/2035

42‌

44‌

5.00%,

12/01/2036

131‌

136‌

5.00%,

08/01/2039

55‌

57‌

5.00%,

12/01/2041

59‌

62‌

5.00%,

02/01/2042

289‌

301‌

5.00%,

04/01/2044

49‌

50‌

5.00%,

02/01/2048

67‌

69‌

5.00%,

07/01/2048

34‌

35‌

5.50%,

06/01/2034

75‌

78‌

5.50%,

07/01/2038

66‌

70‌

5.50%,

07/01/2038

55‌

57‌

5.50%,

12/01/2038

105‌

111‌

5.50%,

10/01/2039

173‌

179‌

5.50%,

06/01/2041

71‌

76‌

6.00%,

04/01/2038

298‌

322‌

6.00%,

11/01/2038

74‌

78‌

$

14,035‌

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

20.04%

1.50%,

03/01/2036

1,486‌

1,337‌

1.50%,

05/01/2036

1,743‌

1,576‌

1.50%,

05/01/2036

6,491‌

5,840‌

1.50%,

11/01/2036

1,195‌

1,074‌

1.50%,

01/01/2037

959‌

863‌

1.50%,

11/01/2050

915‌

751‌

1.50%,

01/01/2051

4,049‌

3,322‌

1.50%,

06/01/2051

1,907‌

1,564‌

2.00%,

09/01/2029

172‌

164‌

2.00%,

05/01/2030

70‌

65‌

2.00%,

12/01/2031

128‌

120‌

2.00%,

02/01/2032

81‌

76‌

2.00%,

05/01/2036

1,183‌

1,092‌

2.00%,

02/01/2037

9,589‌

8,850‌

2.00%,

09/01/2037

(k)

9,500‌

8,758‌

2.00%,

03/01/2042

1,943‌

1,712‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

95

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.00%,

02/01/2051

$

3,345‌

$

2,882‌

2.00%,

02/01/2051

2,455‌

2,118‌

2.00%,

04/01/2051

5,770‌

4,987‌

2.00%,

04/01/2051

9,050‌

7,818‌

2.00%,

04/01/2051

2,630‌

2,283‌

2.00%,

04/01/2051

13,543‌

11,705‌

2.00%,

06/01/2051

2,219‌

1,913‌

2.00%,

07/01/2051

2,473‌

2,133‌

2.00%,

09/01/2051

3,249‌

2,802‌

2.00%,

10/01/2051

2,834‌

2,455‌

2.00%,

10/01/2051

2,411‌

2,078‌

2.00%,

11/01/2051

1,910‌

1,651‌

2.00%,

12/01/2051

3,350‌

2,891‌

2.00%,

12/01/2051

13,040‌

11,246‌

2.00%,

12/01/2051

3,018‌

2,607‌

2.00%,

01/01/2052

2,386‌

2,061‌

2.00%,

04/01/2052

2,453‌

2,121‌

2.00%,

04/01/2052

11,894‌

10,259‌

2.00%,

04/01/2052

1,465‌

1,265‌

2.00%,

10/01/2052

(k)

41,000‌

35,261‌

2.50%,

01/01/2028

63‌

61‌

2.50%,

07/01/2028

175‌

169‌

2.50%,

07/01/2028

60‌

58‌

2.50%,

11/01/2028

197‌

189‌

2.50%,

09/01/2029

123‌

117‌

2.50%,

02/01/2030

73‌

70‌

2.50%,

03/01/2030

165‌

158‌

2.50%,

05/01/2030

144‌

138‌

2.50%,

07/01/2030

106‌

102‌

2.50%,

08/01/2030

176‌

169‌

2.50%,

08/01/2030

191‌

183‌

2.50%,

12/01/2030

235‌

225‌

2.50%,

03/01/2031

180‌

173‌

2.50%,

07/01/2031

206‌

197‌

2.50%,

11/01/2031

321‌

307‌

2.50%,

12/01/2031

59‌

56‌

2.50%,

01/01/2032

89‌

86‌

2.50%,

03/01/2032

107‌

102‌

2.50%,

07/01/2033

9‌

8‌

2.50%,

02/01/2035

1,415‌

1,342‌

2.50%,

10/01/2036

26‌

24‌

2.50%,

10/01/2036

61‌

57‌

2.50%,

12/01/2036

73‌

66‌

2.50%,

04/01/2037

1,456‌

1,378‌

2.50%,

09/01/2037

(k)

5,000‌

4,730‌

2.50%,

01/01/2043

56‌

51‌

2.50%,

05/01/2043

93‌

83‌

2.50%,

10/01/2043

74‌

67‌

2.50%,

08/01/2046

49‌

44‌

2.50%,

12/01/2046

122‌

110‌

2.50%,

12/01/2046

83‌

75‌

2.50%,

07/01/2050

1,379‌

1,238‌

2.50%,

08/01/2050

5,234‌

4,705‌

2.50%,

09/01/2050

1,636‌

1,468‌

2.50%,

02/01/2051

2,470‌

2,220‌

2.50%,

07/01/2051

1,092‌

977‌

2.50%,

07/01/2051

682‌

610‌

2.50%,

08/01/2051

1,243‌

1,111‌

2.50%,

09/01/2051

2,079‌

1,863‌

2.50%,

09/01/2051

1,118‌

1,005‌

2.50%,

10/01/2051

2,309‌

2,064‌

2.50%,

11/01/2051

2,884‌

2,598‌

2.50%,

02/01/2052

2,405‌

2,166‌

2.50%,

02/01/2052

1,401‌

1,257‌

2.50%,

02/01/2052

2,424‌

2,180‌

2.50%,

02/01/2052

12,626‌

11,353‌

2.50%,

03/01/2052

2,507‌

2,247‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

2.50%,

03/01/2052

$

12,127‌

$

10,905‌

2.50%,

05/01/2052

1,211‌

1,086‌

2.50%,

10/01/2052

(k)

36,350‌

32,440‌

3.00%,

04/01/2027

48‌

47‌

3.00%,

01/01/2029

43‌

42‌

3.00%,

02/01/2029

45‌

44‌

3.00%,

12/01/2029

95‌

93‌

3.00%,

12/01/2029

45‌

44‌

3.00%,

01/01/2030

241‌

236‌

3.00%,

01/01/2030

209‌

205‌

3.00%,

06/01/2030

128‌

125‌

3.00%,

09/01/2030

49‌

47‌

3.00%,

10/01/2030

223‌

218‌

3.00%,

11/01/2030

232‌

227‌

3.00%,

12/01/2030

44‌

43‌

3.00%,

03/01/2031

136‌

133‌

3.00%,

04/01/2031

46‌

45‌

3.00%,

09/01/2031

223‌

218‌

3.00%,

12/01/2031

90‌

88‌

3.00%,

01/01/2033

26‌

25‌

3.00%,

04/01/2033

27‌

26‌

3.00%,

08/01/2034

266‌

258‌

3.00%,

05/01/2035

264‌

254‌

3.00%,

09/01/2037

(k)

5,000‌

4,843‌

3.00%,

06/01/2040

462‌

436‌

3.00%,

04/01/2043

71‌

68‌

3.00%,

04/01/2043

151‌

144‌

3.00%,

04/01/2043

257‌

244‌

3.00%,

05/01/2043

113‌

107‌

3.00%,

05/01/2043

335‌

319‌

3.00%,

05/01/2043

64‌

60‌

3.00%,

07/01/2043

67‌

64‌

3.00%,

07/01/2043

325‌

309‌

3.00%,

08/01/2043

354‌

336‌

3.00%,

08/01/2043

48‌

45‌

3.00%,

10/01/2043

206‌

195‌

3.00%,

10/01/2043

326‌

310‌

3.00%,

11/01/2043

90‌

86‌

3.00%,

01/01/2045

450‌

428‌

3.00%,

05/01/2046

67‌

64‌

3.00%,

05/01/2046

62‌

59‌

3.00%,

10/01/2046

380‌

359‌

3.00%,

09/01/2049

1,129‌

1,050‌

3.00%,

10/01/2049

2,050‌

1,913‌

3.00%,

11/01/2049

2,040‌

1,897‌

3.00%,

11/01/2049

704‌

656‌

3.00%,

11/01/2049

1,688‌

1,573‌

3.00%,

12/01/2049

2,101‌

1,957‌

3.00%,

03/01/2050

3,394‌

3,161‌

3.00%,

02/01/2052

2,462‌

2,310‌

3.00%,

03/01/2052

9,780‌

9,106‌

3.00%,

04/01/2052

2,470‌

2,296‌

3.00%,

05/01/2052

3,432‌

3,203‌

3.00%,

05/01/2052

9,931‌

9,220‌

3.00%,

10/01/2052

(k)

10,000‌

9,250‌

3.50%,

12/01/2026

67‌

66‌

3.50%,

03/01/2029

99‌

97‌

3.50%,

09/01/2029

91‌

90‌

3.50%,

11/01/2030

70‌

69‌

3.50%,

04/01/2032

12‌

11‌

3.50%,

07/01/2032

10‌

10‌

3.50%,

09/01/2032

10‌

10‌

3.50%,

12/01/2032

1,433‌

1,411‌

3.50%,

10/01/2033

7‌

7‌

3.50%,

05/01/2034

34‌

33‌

3.50%,

06/01/2034

23‌

23‌

3.50%,

07/01/2034

147‌

145‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

96

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%,

10/01/2034

$

38‌

$

38‌

3.50%,

02/01/2036

39‌

39‌

3.50%,

02/01/2037

32‌

31‌

3.50%,

05/01/2037

43‌

42‌

3.50%,

03/01/2041

16‌

15‌

3.50%,

02/01/2042

159‌

155‌

3.50%,

03/01/2042

36‌

35‌

3.50%,

05/01/2042

250‌

243‌

3.50%,

06/01/2042

213‌

207‌

3.50%,

07/01/2042

36‌

35‌

3.50%,

10/01/2042

313‌

305‌

3.50%,

04/01/2043

265‌

258‌

3.50%,

05/01/2043

289‌

281‌

3.50%,

05/01/2043

194‌

189‌

3.50%,

06/01/2043

54‌

53‌

3.50%,

08/01/2043

208‌

202‌

3.50%,

09/01/2043

790‌

769‌

3.50%,

01/01/2044

865‌

846‌

3.50%,

01/01/2044

71‌

69‌

3.50%,

07/01/2044

321‌

313‌

3.50%,

10/01/2044

105‌

102‌

3.50%,

11/01/2044

116‌

112‌

3.50%,

12/01/2044

178‌

173‌

3.50%,

02/01/2045

108‌

105‌

3.50%,

02/01/2045

172‌

167‌

3.50%,

04/01/2045

109‌

105‌

3.50%,

04/01/2045

206‌

200‌

3.50%,

10/01/2045

56‌

54‌

3.50%,

10/01/2045

50‌

48‌

3.50%,

11/01/2045

129‌

125‌

3.50%,

11/01/2045

114‌

111‌

3.50%,

12/01/2045

14‌

13‌

3.50%,

12/01/2045

77‌

74‌

3.50%,

12/01/2045

160‌

155‌

3.50%,

01/01/2046

206‌

199‌

3.50%,

03/01/2046

180‌

174‌

3.50%,

03/01/2046

50‌

49‌

3.50%,

05/01/2046

34‌

33‌

3.50%,

06/01/2046

87‌

84‌

3.50%,

07/01/2046

177‌

171‌

3.50%,

12/01/2046

146‌

141‌

3.50%,

03/01/2047

131‌

127‌

3.50%,

07/01/2049

1,415‌

1,365‌

3.50%,

08/01/2049

392‌

376‌

3.50%,

11/01/2049

2,024‌

1,965‌

3.50%,

05/01/2052

2,958‌

2,846‌

3.50%,

10/01/2052

(k)

23,700‌

22,562‌

4.00%,

12/01/2024

46‌

46‌

4.00%,

04/01/2029

5‌

5‌

4.00%,

12/01/2030

6‌

6‌

4.00%,

03/01/2031

26‌

26‌

4.00%,

03/01/2031

241‌

241‌

4.00%,

11/01/2031

8‌

8‌

4.00%,

11/01/2033

21‌

21‌

4.00%,

11/01/2033

137‌

137‌

4.00%,

10/01/2034

79‌

79‌

4.00%,

02/01/2036

128‌

128‌

4.00%,

01/01/2037

41‌

41‌

4.00%,

10/01/2037

58‌

58‌

4.00%,

03/01/2038

21‌

21‌

4.00%,

07/01/2038

80‌

79‌

4.00%,

12/01/2038

53‌

53‌

4.00%,

01/01/2039

70‌

69‌

4.00%,

09/01/2040

39‌

39‌

4.00%,

01/01/2041

49‌

49‌

4.00%,

02/01/2041

16‌

16‌

4.00%,

12/01/2041

71‌

71‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

4.00%,

06/01/2042

$

119‌

$

119‌

4.00%,

06/01/2042

74‌

74‌

4.00%,

07/01/2042

402‌

402‌

4.00%,

12/01/2042

119‌

119‌

4.00%,

11/01/2043

157‌

157‌

4.00%,

09/01/2044

55‌

55‌

4.00%,

11/01/2044

56‌

56‌

4.00%,

01/01/2045

46‌

46‌

4.00%,

04/01/2045

76‌

74‌

4.00%,

08/01/2045

79‌

77‌

4.00%,

11/01/2045

214‌

213‌

4.00%,

07/01/2046

49‌

49‌

4.00%,

05/01/2048

102‌

101‌

4.00%,

04/01/2049

232‌

229‌

4.00%,

07/01/2049

1,056‌

1,043‌

4.00%,

10/01/2049

1,863‌

1,838‌

4.00%,

11/01/2049

872‌

862‌

4.00%,

04/01/2050

1,578‌

1,557‌

4.00%,

10/01/2052

(k)

19,000‌

18,527‌

4.50%,

08/01/2023

12‌

12‌

4.50%,

06/01/2029

10‌

10‌

4.50%,

07/01/2029

2‌

2‌

4.50%,

08/01/2030

5‌

6‌

4.50%,

01/01/2034

17‌

17‌

4.50%,

04/01/2039

65‌

66‌

4.50%,

09/01/2040

135‌

138‌

4.50%,

05/01/2041

149‌

152‌

4.50%,

09/01/2041

167‌

171‌

4.50%,

11/01/2043

92‌

94‌

4.50%,

11/01/2043

90‌

92‌

4.50%,

01/01/2044

92‌

94‌

4.50%,

02/01/2044

32‌

32‌

4.50%,

04/01/2044

145‌

148‌

4.50%,

04/01/2044

111‌

113‌

4.50%,

05/01/2044

30‌

31‌

4.50%,

08/01/2044

139‌

142‌

4.50%,

10/01/2044

88‌

88‌

4.50%,

04/01/2046

37‌

38‌

4.50%,

05/01/2046

76‌

77‌

4.50%,

01/01/2047

53‌

53‌

4.50%,

01/01/2047

181‌

182‌

4.50%,

10/01/2052

(k)

10,000‌

9,925‌

5.00%,

12/01/2025

7‌

7‌

5.00%,

01/01/2039

300‌

308‌

5.00%,

07/01/2039

118‌

123‌

5.00%,

02/01/2041

80‌

83‌

5.00%,

02/01/2041

54‌

56‌

5.00%,

04/01/2041

203‌

212‌

5.00%,

05/01/2042

106‌

110‌

5.00%,

07/01/2042

47‌

49‌

5.00%,

03/01/2044

46‌

47‌

5.00%,

05/01/2044

59‌

62‌

5.00%,

02/01/2045

96‌

100‌

5.00%,

06/01/2045

288‌

301‌

5.00%,

06/01/2048

12‌

12‌

5.00%,

08/01/2048

19‌

20‌

5.00%,

10/01/2052

(k)

2,500‌

2,519‌

5.50%,

12/01/2027

13‌

13‌

5.50%,

03/01/2038

67‌

70‌

5.50%,

05/01/2038

75‌

80‌

5.50%,

06/01/2038

100‌

107‌

5.50%,

09/01/2038

164‌

174‌

5.50%,

11/01/2038

77‌

82‌

5.50%,

04/01/2039

82‌

87‌

5.50%,

04/01/2040

69‌

73‌

6.00%,

04/01/2026

8‌

8‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

97

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

(continued)

6.00%,

10/01/2036

$

58‌

$

63‌

$

383,247‌

Government

National

Mortgage

Association

(GNMA)

-

6.26%

2.00%,

08/20/2050

2,508‌

2,230‌

2.00%,

01/20/2051

2,696‌

2,397‌

2.00%,

02/20/2051

8,865‌

7,882‌

2.00%,

07/20/2051

13,392‌

11,887‌

2.00%,

09/01/2052

(k)

5,500‌

4,857‌

2.50%,

06/20/2027

55‌

53‌

2.50%,

12/20/2030

54‌

51‌

2.50%,

03/20/2031

93‌

88‌

2.50%,

07/20/2043

85‌

77‌

2.50%,

12/20/2046

200‌

183‌

2.50%,

01/20/2047

63‌

58‌

2.50%,

06/20/2050

4,627‌

4,249‌

2.50%,

05/20/2051

4,590‌

4,201‌

2.50%,

07/20/2051

11,750‌

10,745‌

2.50%,

09/01/2052

(k)

9,800‌

8,929‌

3.00%,

02/15/2027

32‌

32‌

3.00%,

08/20/2029

39‌

38‌

3.00%,

09/20/2029

47‌

45‌

3.00%,

07/20/2030

38‌

37‌

3.00%,

01/20/2031

43‌

41‌

3.00%,

07/20/2032

48‌

47‌

3.00%,

09/20/2042

43‌

41‌

3.00%,

11/20/2042

318‌

304‌

3.00%,

12/20/2042

235‌

224‌

3.00%,

01/20/2043

227‌

217‌

3.00%,

03/20/2043

58‌

56‌

3.00%,

03/20/2043

286‌

273‌

3.00%,

03/20/2043

280‌

266‌

3.00%,

04/20/2043

357‌

341‌

3.00%,

06/20/2043

317‌

302‌

3.00%,

08/20/2043

345‌

329‌

3.00%,

05/20/2044

156‌

149‌

3.00%,

12/15/2044

36‌

34‌

3.00%,

12/20/2044

300‌

286‌

3.00%,

01/15/2045

35‌

33‌

3.00%,

01/15/2045

24‌

23‌

3.00%,

02/20/2045

31‌

29‌

3.00%,

05/20/2045

199‌

190‌

3.00%,

06/20/2045

81‌

77‌

3.00%,

07/20/2045

589‌

563‌

3.00%,

08/20/2045

290‌

277‌

3.00%,

09/20/2045

121‌

115‌

3.00%,

10/20/2045

250‌

239‌

3.00%,

12/20/2045

138‌

131‌

3.00%,

01/20/2046

61‌

58‌

3.00%,

03/20/2046

248‌

237‌

3.00%,

04/20/2046

535‌

512‌

3.00%,

05/20/2046

400‌

382‌

3.00%,

06/20/2046

388‌

370‌

3.00%,

07/20/2046

880‌

841‌

3.00%,

08/20/2046

364‌

347‌

3.00%,

09/20/2046

275‌

262‌

3.00%,

10/20/2046

208‌

199‌

3.00%,

11/20/2046

470‌

444‌

3.00%,

12/15/2046

67‌

63‌

3.00%,

12/20/2051

10,391‌

9,767‌

3.00%,

09/01/2052

(k)

7,200‌

6,758‌

3.50%,

05/20/2042

85‌

84‌

3.50%,

06/20/2042

87‌

85‌

3.50%,

07/20/2042

341‌

335‌

3.50%,

09/20/2042

262‌

258‌

3.50%,

10/20/2042

189‌

184‌

3.50%,

11/20/2042

166‌

163‌

3.50%,

12/20/2042

173‌

170‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

3.50%,

01/20/2043

$

287‌

$

281‌

3.50%,

02/20/2043

450‌

442‌

3.50%,

03/20/2043

305‌

299‌

3.50%,

04/15/2043

105‌

104‌

3.50%,

04/20/2043

204‌

197‌

3.50%,

05/20/2043

134‌

132‌

3.50%,

07/20/2043

173‌

170‌

3.50%,

08/20/2043

419‌

411‌

3.50%,

09/20/2043

300‌

294‌

3.50%,

10/20/2043

142‌

139‌

3.50%,

09/20/2044

115‌

113‌

3.50%,

10/20/2044

132‌

129‌

3.50%,

11/20/2044

126‌

123‌

3.50%,

12/20/2044

130‌

128‌

3.50%,

01/20/2045

127‌

125‌

3.50%,

02/20/2045

172‌

168‌

3.50%,

03/15/2045

26‌

25‌

3.50%,

03/20/2045

213‌

208‌

3.50%,

04/15/2045

9‌

9‌

3.50%,

04/20/2045

210‌

204‌

3.50%,

04/20/2045

126‌

124‌

3.50%,

05/20/2045

208‌

204‌

3.50%,

06/20/2045

32‌

32‌

3.50%,

07/20/2045

177‌

174‌

3.50%,

08/20/2045

194‌

190‌

3.50%,

09/20/2045

184‌

180‌

3.50%,

10/20/2045

166‌

163‌

3.50%,

11/20/2045

295‌

288‌

3.50%,

12/20/2045

217‌

212‌

3.50%,

02/20/2046

177‌

174‌

3.50%,

08/15/2046

38‌

37‌

3.50%,

09/15/2046

70‌

68‌

3.50%,

01/15/2048

52‌

50‌

3.50%,

09/15/2048

92‌

89‌

3.50%,

09/01/2052

(k)

10,100‌

9,738‌

4.00%,

11/20/2043

243‌

242‌

4.00%,

02/20/2044

99‌

99‌

4.00%,

05/15/2044

73‌

73‌

4.00%,

05/20/2044

56‌

56‌

4.00%,

07/20/2044

16‌

16‌

4.00%,

08/20/2044

125‌

125‌

4.00%,

09/20/2044

111‌

110‌

4.00%,

10/20/2044

410‌

409‌

4.00%,

11/15/2044

51‌

51‌

4.00%,

11/20/2044

79‌

79‌

4.00%,

12/20/2044

149‌

148‌

4.00%,

01/20/2045

64‌

64‌

4.00%,

03/20/2045

98‌

98‌

4.00%,

08/20/2045

109‌

109‌

4.00%,

09/15/2045

21‌

21‌

4.00%,

09/20/2045

126‌

126‌

4.00%,

10/20/2045

161‌

161‌

4.00%,

11/20/2045

222‌

222‌

4.00%,

12/15/2045

44‌

45‌

4.00%,

01/20/2046

261‌

260‌

4.00%,

02/20/2046

41‌

41‌

4.00%,

04/20/2046

155‌

154‌

4.00%,

10/20/2046

44‌

44‌

4.00%,

11/20/2046

201‌

201‌

4.00%,

01/20/2047

12‌

12‌

4.00%,

02/20/2047

184‌

183‌

4.00%,

03/20/2047

127‌

127‌

4.00%,

05/20/2047

43‌

42‌

4.00%,

11/20/2047

280‌

279‌

4.00%,

10/01/2052

(k)

7,500‌

7,378‌

4.50%,

03/15/2039

94‌

97‌

4.50%,

03/15/2040

100‌

103‌

4.50%,

07/15/2040

119‌

122‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

98

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Government

National

Mortgage

Association

(GNMA)

(continued)

4.50%,

02/20/2041

$

22‌

$

22‌

4.50%,

03/20/2041

16‌

16‌

4.50%,

05/15/2045

26‌

26‌

4.50%,

12/20/2046

152‌

158‌

4.50%,

10/15/2047

64‌

65‌

4.50%,

09/01/2052

(k)

7,500‌

7,501‌

5.00%,

05/15/2033

95‌

99‌

5.00%,

07/20/2038

75‌

79‌

5.00%,

10/15/2038

132‌

139‌

5.00%,

04/20/2039

52‌

55‌

5.00%,

10/15/2041

110‌

113‌

5.00%,

01/20/2045

81‌

84‌

5.00%,

02/20/2046

29‌

30‌

5.00%,

12/20/2046

62‌

65‌

5.00%,

08/20/2048

21‌

21‌

5.00%,

10/20/2048

74‌

76‌

5.50%,

03/15/2038

52‌

54‌

5.50%,

02/15/2039

45‌

47‌

5.50%,

06/15/2040

128‌

133‌

5.50%,

07/20/2044

66‌

71‌

5.50%,

09/20/2044

87‌

93‌

5.50%,

12/20/2048

12‌

13‌

$

119,826‌

U.S.

Treasury

-

38.90%

0.13%,

09/15/2023

1,700‌

1,642‌

0.13%,

10/15/2023

5,775‌

5,563‌

0.13%,

01/15/2024

5,105‌

4,876‌

0.13%,

02/15/2024

3,390‌

3,230‌

0.25%,

09/30/2023

6,035‌

5,830‌

0.25%,

11/15/2023

2,525‌

2,431‌

0.25%,

03/15/2024

2,255‌

2,146‌

0.25%,

05/15/2024

13,315‌

12,609‌

0.25%,

06/15/2024

3,035‌

2,866‌

0.25%,

05/31/2025

1,430‌

1,309‌

0.25%,

06/30/2025

2,945‌

2,691‌

0.25%,

07/31/2025

5,885‌

5,360‌

0.25%,

08/31/2025

1,680‌

1,525‌

0.25%,

09/30/2025

1,600‌

1,450‌

0.25%,

10/31/2025

5,070‌

4,581‌

0.38%,

04/15/2024

4,865‌

4,627‌

0.38%,

07/15/2024

3,340‌

3,155‌

0.38%,

08/15/2024

3,115‌

2,934‌

0.38%,

09/15/2024

1,440‌

1,353‌

0.38%,

04/30/2025

3,195‌

2,943‌

0.38%,

11/30/2025

1,680‌

1,520‌

0.38%,

12/31/2025

3,835‌

3,462‌

0.38%,

01/31/2026

8,890‌

8,003‌

0.38%,

07/31/2027

3,605‌

3,126‌

0.38%,

09/30/2027

5,090‌

4,387‌

0.50%,

11/30/2023

4,810‌

4,637‌

0.50%,

03/31/2025

950‌

880‌

0.50%,

02/28/2026

2,580‌

2,328‌

0.50%,

04/30/2027

3,650‌

3,201‌

0.50%,

05/31/2027

3,475‌

3,041‌

0.50%,

06/30/2027

3,790‌

3,310‌

0.50%,

08/31/2027

1,520‌

1,322‌

0.50%,

10/31/2027

5,120‌

4,433‌

0.63%,

10/15/2024

4,910‌

4,626‌

0.63%,

07/31/2026

4,240‌

3,804‌

0.63%,

03/31/2027

885‌

783‌

0.63%,

11/30/2027

7,625‌

6,629‌

0.63%,

12/31/2027

3,090‌

2,680‌

0.63%,

05/15/2030

3,870‌

3,190‌

0.63%,

08/15/2030

5,675‌

4,656‌

0.75%,

12/31/2023

970‌

936‌

0.75%,

11/15/2024

1,345‌

1,267‌

0.75%,

03/31/2026

2,790‌

2,535‌

0.75%,

04/30/2026

4,560‌

4,136‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

0.75%,

05/31/2026

$

1,410‌

$

1,276‌

0.75%,

08/31/2026

2,570‌

2,313‌

0.75%,

01/31/2028

3,370‌

2,937‌

0.88%,

01/31/2024

7,255‌

6,993‌

0.88%,

06/30/2026

3,925‌

3,564‌

0.88%,

09/30/2026

4,565‌

4,124‌

0.88%,

11/15/2030

7,690‌

6,428‌

1.00%,

12/15/2024

1,285‌

1,215‌

1.00%,

07/31/2028

5,990‌

5,236‌

1.13%,

01/15/2025

4,980‌

4,713‌

1.13%,

02/28/2025

1,160‌

1,095‌

1.13%,

10/31/2026

2,675‌

2,437‌

1.13%,

02/28/2027

605‌

549‌

1.13%,

02/29/2028

5,245‌

4,660‌

1.13%,

08/31/2028

2,885‌

2,537‌

1.13%,

02/15/2031

5,985‌

5,089‌

1.13%,

05/15/2040

3,735‌

2,542‌

1.13%,

08/15/2040

3,960‌

2,671‌

1.25%,

08/31/2024

3,140‌

3,007‌

1.25%,

11/30/2026

3,415‌

3,125‌

1.25%,

12/31/2026

2,470‌

2,257‌

1.25%,

03/31/2028

5,660‌

5,052‌

1.25%,

04/30/2028

3,680‌

3,280‌

1.25%,

05/31/2028

2,420‌

2,155‌

1.25%,

06/30/2028

2,990‌

2,657‌

1.25%,

09/30/2028

2,255‌

1,995‌

1.25%,

08/15/2031

10,625‌

9,043‌

1.25%,

05/15/2050

3,995‌

2,470‌

1.38%,

09/30/2023

295‌

288‌

1.38%,

01/31/2025

6,680‌

6,356‌

1.38%,

08/31/2026

4,375‌

4,041‌

1.38%,

10/31/2028

7,355‌

6,548‌

1.38%,

12/31/2028

3,275‌

2,913‌

1.38%,

11/15/2031

6,885‌

5,898‌

1.38%,

11/15/2040

4,680‌

3,292‌

1.38%,

08/15/2050

4,220‌

2,698‌

1.50%,

02/29/2024

2,530‌

2,457‌

1.50%,

09/30/2024

1,485‌

1,427‌

1.50%,

10/31/2024

930‌

892‌

1.50%,

11/30/2024

3,420‌

3,275‌

1.50%,

02/15/2025

1,830‌

1,745‌

1.50%,

08/15/2026

4,500‌

4,177‌

1.50%,

01/31/2027

6,230‌

5,749‌

1.50%,

11/30/2028

2,650‌

2,374‌

1.50%,

02/15/2030

4,640‌

4,116‌

1.63%,

10/31/2023

2,195‌

2,149‌

1.63%,

02/15/2026

2,808‌

2,637‌

1.63%,

05/15/2026

2,161‌

2,024‌

1.63%,

09/30/2026

495‌

462‌

1.63%,

10/31/2026

3,085‌

2,871‌

1.63%,

11/30/2026

2,925‌

2,722‌

1.63%,

08/15/2029

4,085‌

3,676‌

1.63%,

05/15/2031

7,735‌

6,833‌

1.63%,

11/15/2050

4,460‌

3,051‌

1.75%,

03/15/2025

4,605‌

4,413‌

1.75%,

12/31/2026

2,155‌

2,014‌

1.75%,

01/31/2029

1,090‌

991‌

1.75%,

11/15/2029

2,415‌

2,192‌

1.75%,

08/15/2041

4,175‌

3,102‌

1.88%,

08/31/2024

2,065‌

2,002‌

1.88%,

06/30/2026

3,625‌

3,424‌

1.88%,

07/31/2026

1,340‌

1,264‌

1.88%,

02/28/2027

4,970‌

4,660‌

1.88%,

02/28/2029

5,460‌

5,005‌

1.88%,

02/15/2032

6,335‌

5,664‌

1.88%,

02/15/2041

5,725‌

4,386‌

1.88%,

02/15/2051

5,705‌

4,163‌

1.88%,

11/15/2051

4,295‌

3,128‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

99

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

2.00%,

04/30/2024

$

2,110‌

$

2,060‌

2.00%,

05/31/2024

5,715‌

5,574‌

2.00%,

06/30/2024

1,500‌

1,461‌

2.00%,

02/15/2025

4,825‌

4,658‌

2.00%,

08/15/2025

3,995‌

3,828‌

2.00%,

11/15/2026

3,065‌

2,894‌

2.00%,

11/15/2041

4,485‌

3,484‌

2.00%,

02/15/2050

9,490‌

7,178‌

2.00%,

08/15/2051

4,420‌

3,321‌

2.13%,

02/29/2024

3,230‌

3,167‌

2.13%,

03/31/2024

810‌

793‌

2.13%,

07/31/2024

1,625‌

1,585‌

2.13%,

09/30/2024

600‌

584‌

2.13%,

11/30/2024

2,465‌

2,393‌

2.13%,

05/15/2025

3,870‌

3,733‌

2.25%,

12/31/2023

1,740‌

1,712‌

2.25%,

01/31/2024

1,430‌

1,406‌

2.25%,

03/31/2024

1,510‌

1,481‌

2.25%,

04/30/2024

3,710‌

3,637‌

2.25%,

10/31/2024

1,950‌

1,901‌

2.25%,

11/15/2024

1,805‌

1,759‌

2.25%,

12/31/2024

4,000‌

3,890‌

2.25%,

11/15/2025

3,405‌

3,276‌

2.25%,

03/31/2026

1,425‌

1,367‌

2.25%,

02/15/2027

2,670‌

2,542‌

2.25%,

08/15/2027

2,755‌

2,616‌

2.25%,

11/15/2027

2,830‌

2,681‌

2.25%,

05/15/2041

3,245‌

2,646‌

2.25%,

08/15/2046

2,700‌

2,114‌

2.25%,

08/15/2049

2,200‌

1,762‌

2.25%,

02/15/2052

3,845‌

3,071‌

2.38%,

02/29/2024

10,675‌

10,503‌

2.38%,

08/15/2024

7,555‌

7,400‌

2.38%,

04/30/2026

2,895‌

2,791‌

2.38%,

05/15/2027

1,810‌

1,731‌

2.38%,

03/31/2029

2,240‌

2,112‌

2.38%,

05/15/2029

2,215‌

2,089‌

2.38%,

02/15/2042

3,205‌

2,657‌

2.38%,

11/15/2049

3,305‌

2,724‌

2.38%,

05/15/2051

5,060‌

4,166‌

2.50%,

01/31/2024

3,600‌

3,551‌

2.50%,

04/30/2024

755‌

743‌

2.50%,

05/15/2024

1,825‌

1,796‌

2.50%,

05/31/2024

200‌

197‌

2.50%,

01/31/2025

6,200‌

6,059‌

2.50%,

02/28/2026

845‌

818‌

2.50%,

03/31/2027

1,825‌

1,757‌

2.50%,

02/15/2045

3,700‌

3,059‌

2.50%,

02/15/2046

1,520‌

1,253‌

2.50%,

05/15/2046

1,395‌

1,150‌

2.63%,

12/31/2023

3,435‌

3,398‌

2.63%,

04/15/2025

4,745‌

4,642‌

2.63%,

12/31/2025

2,160‌

2,103‌

2.63%,

01/31/2026

805‌

783‌

2.63%,

05/31/2027

4,250‌

4,116‌

2.63%,

02/15/2029

7,695‌

7,380‌

2.63%,

07/31/2029

10,540‌

10,104‌

2.75%,

11/15/2023

1,725‌

1,710‌

2.75%,

02/15/2024

4,600‌

4,552‌

2.75%,

02/28/2025

7,295‌

7,165‌

2.75%,

05/15/2025

4,995‌

4,899‌

2.75%,

06/30/2025

3,290‌

3,225‌

2.75%,

04/30/2027

2,180‌

2,122‌

2.75%,

07/31/2027

8,070‌

7,854‌

2.75%,

02/15/2028

3,420‌

3,313‌

2.75%,

05/31/2029

2,500‌

2,412‌

2.75%,

08/15/2032

2,160‌

2,084‌

2.75%,

08/15/2042

739‌

649‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

2.75%,

11/15/2042

$

585‌

$

513‌

2.75%,

08/15/2047

2,150‌

1,868‌

2.75%,

11/15/2047

1,605‌

1,397‌

2.88%,

09/30/2023

1,480‌

1,471‌

2.88%,

10/31/2023

2,695‌

2,677‌

2.88%,

11/30/2023

3,345‌

3,321‌

2.88%,

04/30/2025

3,325‌

3,272‌

2.88%,

05/31/2025

1,325‌

1,303‌

2.88%,

11/30/2025

1,470‌

1,443‌

2.88%,

05/15/2028

3,870‌

3,770‌

2.88%,

08/15/2028

3,215‌

3,130‌

2.88%,

04/30/2029

2,620‌

2,548‌

2.88%,

05/15/2032

9,320‌

9,084‌

2.88%,

05/15/2043

3,125‌

2,785‌

2.88%,

08/15/2045

765‌

676‌

2.88%,

11/15/2046

600‌

532‌

2.88%,

05/15/2049

5,370‌

4,884‌

2.88%,

05/15/2052

6,295‌

5,801‌

3.00%,

06/30/2024

1,000‌

991‌

3.00%,

07/31/2024

1,900‌

1,883‌

3.00%,

07/15/2025

1,450‌

1,431‌

3.00%,

09/30/2025

540‌

532‌

3.00%,

10/31/2025

15,165‌

14,944‌

3.00%,

05/15/2042

1,705‌

1,567‌

3.00%,

11/15/2044

2,290‌

2,071‌

3.00%,

05/15/2045

825‌

745‌

3.00%,

11/15/2045

1,095‌

991‌

3.00%,

02/15/2047

2,980‌

2,703‌

3.00%,

05/15/2047

1,190‌

1,081‌

3.00%,

02/15/2048

3,500‌

3,206‌

3.00%,

08/15/2048

3,785‌

3,486‌

3.00%,

02/15/2049

3,715‌

3,454‌

3.13%,

08/15/2025

7,555‌

7,479‌

3.13%,

11/15/2028

6,035‌

5,958‌

3.13%,

08/31/2029

2,580‌

2,555‌

3.13%,

11/15/2041

435‌

410‌

3.13%,

02/15/2042

1,140‌

1,071‌

3.13%,

02/15/2043

815‌

758‌

3.13%,

08/15/2044

2,320‌

2,145‌

3.13%,

05/15/2048

2,140‌

2,014‌

3.25%,

06/30/2027

1,635‌

1,627‌

3.25%,

05/15/2042

7,610‌

7,279‌

3.38%,

05/15/2044

1,125‌

1,085‌

3.38%,

11/15/2048

3,420‌

3,387‌

3.50%,

02/15/2039

375‌

384‌

3.63%,

08/15/2043

2,310‌

2,321‌

3.63%,

02/15/2044

1,245‌

1,249‌

3.75%,

08/15/2041

400‌

413‌

3.75%,

11/15/2043

760‌

778‌

3.88%,

08/15/2040

1,350‌

1,429‌

4.25%,

05/15/2039

375‌

421‌

4.25%,

11/15/2040

1,188‌

1,320‌

4.38%,

02/15/2038

495‌

565‌

4.38%,

11/15/2039

700‌

796‌

4.38%,

05/15/2040

440‌

499‌

4.38%,

05/15/2041

1,090‌

1,228‌

4.50%,

02/15/2036

440‌

507‌

4.50%,

05/15/2038

3,015‌

3,485‌

4.50%,

08/15/2039

730‌

843‌

4.63%,

02/15/2040

1,345‌

1,575‌

4.75%,

02/15/2037

285‌

337‌

4.75%,

02/15/2041

674‌

798‌

5.00%,

05/15/2037

385‌

467‌

5.25%,

11/15/2028

409‌

451‌

5.25%,

02/15/2029

795‌

883‌

5.38%,

02/15/2031

1,100‌

1,274‌

6.25%,

05/15/2030

1,050‌

1,264‌

6.38%,

08/15/2027

1,540‌

1,747‌

Schedule

of

Investments

Bond

Market

Index

Fund

August

31,

2022

See

accompanying

notes.

100

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

(continued)

6.50%,

11/15/2026

$

1,000‌

$

1,120‌

6.63%,

02/15/2027

450‌

509‌

$

744,144‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,261,252‌

Total

Investments

$

2,103,517‌

Other

Assets

and

Liabilities

-  (9.96)%

(190,526‌)

TOTAL

NET

ASSETS

-

100.00%

$

1,912,991‌

(a)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$6,397

or

0.33%

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

$6,619

or

0.35%

of

net

assets.

(d)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e)

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.

(f)

Security

purchased

on

a

when-issued

basis.

(g)

Non-income

producing

security

(h)

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.

Rate

shown

is

the

rate

in

effect

as

of

period

end.

(i)

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

$7,343

or

0.38%

of

net

assets.

(j)

Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(k)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

Portfolio

Summary  (unaudited)

Sector

Percent

Government

42.63‌%

Mortgage

Securities

27.31‌%

Money

Market

Funds

16.17‌%

Financial

8.28‌%

Consumer,

Non-cyclical

3.96‌%

Communications

2.15‌%

Utilities

1.88‌%

Technology

1.75‌%

Energy

1.75‌%

Industrial

1.71‌%

Consumer,

Cyclical

1.22‌%

Basic

Materials

0.55‌%

Investment

Companies

0.42‌%

Revenue

Bonds

0.08‌%

General

Obligation

Unlimited

0.08‌%

Insured

0.02‌%

Other

Assets

and

Liabilities

(9.96‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

77,789‌

$

989,714‌

$

760,487‌

$

307,016‌

$

77,789‌

$

989,714‌

$

760,487‌

$

307,016‌

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

2.13%

$

416‌

$

—‌

$

—‌

$

—‌

$

416‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

101

INVESTMENT

COMPANIES

-

8.01%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.02%

Sprott

Physical

Uranium

Trust

(a)

64,100‌

$

805‌

Exchange-Traded

Funds

-

0.43%

Invesco

Optimum

Yield

Diversified

Commodity

Strategy

No

K-1

ETF

168,875‌

2,933‌

iShares

Global

Infrastructure

ETF

123,750‌

5,857‌

Schwab

US

TIPS

ETF

53,275‌

2,977‌

SPDR

S&P

Global

Natural

Resources

ETF

54,875‌

2,964‌

Vanguard

Real

Estate

ETF

53,500‌

4,976‌

$

19,707‌

Money

Market

Funds

-

7.56%

BlackRock

Liquidity

FedFund

-

Institutional

Class

2.03%

(b),(c)

5,800,726‌

5,800‌

BlackRock

Liquidity

Funds

FedFund

Portfolio

-

Institutional

Class

2.06%

(a),(b)

24,995,281‌

24,995‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(b),(c),(d)

319,186,486‌

319,187‌

$

349,982‌

TOTAL

INVESTMENT

COMPANIES

$

370,494‌

COMMON

STOCKS

-

59.41%

Shares

Held

Value

(000's)

Agriculture

-

1.37%

Adecoagro

SA

781,076‌

$

7,202‌

Archer-Daniels-Midland

Co

243,613‌

21,411‌

Bunge

Ltd

235,046‌

23,310‌

Darling

Ingredients

Inc

(e)

153,138‌

11,647‌

$

63,570‌

Automobile

Parts

&

Equipment

-

0.05%

Aptiv

PLC

(e)

25,646‌

2,396‌

Beverages

-

0.02%

Vitasoy

International

Holdings

Ltd

(e)

656,000‌

1,027‌

Biotechnology

-

0.40%

Corteva

Inc

300,218‌

18,442‌

Building

Materials

-

0.25%

AZEK

Co

Inc

/The

(e)

55,576‌

1,014‌

Builders

FirstSource

Inc

(e)

6,106‌

358‌

Dexco

SA

252,300‌

483‌

Fortune

Brands

Home

&

Security

Inc

8,106‌

498‌

Interfor

Corp

(e)

114,724‌

2,822‌

Lennox

International

Inc

8,273‌

1,987‌

Louisiana-Pacific

Corp

13,492‌

732‌

Nibe

Industrier

AB

236,247‌

2,212‌

UFP

Industries

Inc

17,655‌

1,402‌

$

11,508‌

Chemicals

-

1.36%

Albemarle

Corp

11,816‌

3,166‌

CF

Industries

Holdings

Inc

217,069‌

22,458‌

Chr

Hansen

Holding

A/S

33,458‌

1,950‌

Ingevity

Corp

(e)

9,071‌

636‌

Koninklijke

DSM

NV

17,189‌

2,192‌

Lenzing

AG

5,600‌

414‌

Mosaic

Co/The

133,162‌

7,174‌

Novozymes

A/S

26,386‌

1,514‌

Nutrien

Ltd

235,196‌

21,584‌

OCI

NV

55,299‌

2,076‌

$

63,164‌

Commercial

Services

-

3.27%

ALEATICA

SAB

de

CV

(e)

9,159,945‌

7,047‌

Ashtead

Group

PLC

34,741‌

1,707‌

Atlantia

SpA

1,031,054‌

23,610‌

Atlas

Arteria

Ltd

5,997,208‌

32,626‌

Brambles

Ltd

345,153‌

2,905‌

CCR

SA

7,331,584‌

19,589‌

Cengage

Learning

Holdings

II

Inc

(e)

2,772‌

38‌

Transurban

Group

6,557,477‌

62,214‌

Verisk

Analytics

Inc

9,532‌

1,784‌

$

151,520‌

Computers

-

0.00%

IQOR

US

Inc

(e),(f)

14,193‌

57‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Consumer

Products

-

0.06%

Kimberly-Clark

Corp

17,906‌

$

2,284‌

Ontex

Group

NV

(e)

60,488‌

347‌

$

2,631‌

Cosmetics

&

Personal

Care

-

0.13%

Essity

AB

91,357‌

2,027‌

Kao

Corp

19,500‌

844‌

Procter

&

Gamble

Co/The

8,561‌

1,181‌

Unicharm

Corp

60,800‌

2,113‌

$

6,165‌

Distribution

&

Wholesale

-

0.02%

Veritiv

Corp

(e)

6,723‌

801‌

Diversified

Financial

Services

-

0.05%

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc

55,806‌

2,205‌

Electric

-

13.75%

Ameren

Corp

119,932‌

11,108‌

American

Electric

Power

Co

Inc

308,304‌

30,892‌

Boralex

Inc

58,038‌

2,187‌

Brookfield

Renewable

Corp

(g)

537,009‌

20,616‌

Clearway

Energy

Inc

-

Class

C

628,658‌

23,323‌

CLP

Holdings

Ltd

1,582,500‌

13,635‌

CMS

Energy

Corp

137,246‌

9,270‌

CPFL

Energia

SA

3,200,097‌

21,671‌

EDP

-

Energias

de

Portugal

SA

6,959,023‌

33,234‌

EDP

Renovaveis

SA

92,513‌

2,244‌

Emera

Inc

676,259‌

31,291‌

Enel

SpA

2,356,969‌

11,076‌

Engie

Brasil

Energia

SA

1,789,614‌

14,004‌

Entergy

Corp

236,849‌

27,309‌

Eversource

Energy

186,639‌

16,740‌

Hydro

One

Ltd

(h)

185,334‌

5,018‌

Iberdrola

SA

4,799,609‌

49,972‌

National

Grid

PLC

4,582,780‌

57,064‌

NextEra

Energy

Inc

504,945‌

42,951‌

OGE

Energy

Corp

572,339‌

23,203‌

Ormat

Technologies

Inc

26,084‌

2,438‌

Orsted

AS

(h)

110,526‌

10,787‌

PPL

Corp

736,055‌

21,404‌

Public

Service

Enterprise

Group

Inc

552,961‌

35,588‌

Red

Electrica

Corp

SA

764,967‌

13,986‌

Sempra

Energy

137,429‌

22,672‌

SSE

PLC

2,539,195‌

48,658‌

Terna

-

Rete

Elettrica

Nazionale

2,516,511‌

17,890‌

Xcel

Energy

Inc

218,415‌

16,217‌

$

636,448‌

Electrical

Components

&

Equipment

-

0.26%

Delta

Electronics

Inc

271,000‌

2,320‌

Generac

Holdings

Inc

(e)

10,996‌

2,424‌

Legrand

SA

31,890‌

2,307‌

Littelfuse

Inc

11,433‌

2,712‌

Signify

NV

(h)

74,072‌

2,106‌

$

11,869‌

Electronics

-

0.23%

Azbil

Corp

58,000‌

1,653‌

Badger

Meter

Inc

17,706‌

1,677‌

Halma

PLC

88,061‌

2,118‌

Hubbell

Inc

14,722‌

3,037‌

Trimble

Inc

(e)

37,581‌

2,377‌

$

10,862‌

Energy

-

Alternate

Sources

-

1.25%

Archaea

Energy

Inc

(e)

917,020‌

18,121‌

NextEra

Energy

Partners

LP

(g)

402,207‌

33,017‌

SolarEdge

Technologies

Inc

(e)

6,697‌

1,848‌

Stem

Inc

(e)

69,472‌

1,092‌

Vestas

Wind

Systems

A/S

84,811‌

2,122‌

Xinyi

Solar

Holdings

Ltd

1,308,000‌

1,799‌

$

57,999‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

102

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Engineering

&

Construction

-

3.95%

Aena

SME

SA

(e),(h)

381,572‌

$

46,866‌

Auckland

International

Airport

Ltd

(e)

1,509,248‌

6,960‌

Cellnex

Telecom

SA

(h)

184,958‌

7,203‌

Enav

SpA

(h)

5,720,912‌

23,651‌

Ferrovial

SA

765,303‌

19,190‌

Fluor

Corp

(e)

675,596‌

17,863‌

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

2,051,877‌

13,428‌

Sacyr

SA

2,467,623‌

5,520‌

Vantage

Towers

AG

262,508‌

6,806‌

Vinci

SA

383,455‌

35,375‌

$

182,862‌

Entertainment

-

0.00%

Cineworld

Group

PLC

-

Warrants

(e)

29,862‌

3‌

Environmental

Control

-

0.13%

Befesa

SA

(h)

31,086‌

1,279‌

Li-Cycle

Holdings

Corp

(e)

119,207‌

859‌

Pentair

PLC

55,540‌

2,472‌

TOMRA

Systems

ASA

65,661‌

1,496‌

$

6,106‌

Food

-

0.04%

Salmar

ASA

25,812‌

1,707‌

Forest

Products

&

Paper

-

0.83%

Acadian

Timber

Corp

(g)

88,943‌

1,139‌

Canfor

Corp

(e)

111,323‌

2,184‌

Clearwater

Paper

Corp

(e)

15,313‌

651‌

Empresas

CMPC

SA

462,977‌

878‌

Holmen

AB

45,768‌

1,964‌

International

Paper

Co

51,142‌

2,129‌

Mercer

International

Inc

26,599‌

432‌

Mondi

PLC

105,174‌

1,785‌

Nine

Dragons

Paper

Holdings

Ltd

645,000‌

506‌

Oji

Holdings

Corp

513,500‌

2,049‌

Sappi

Ltd

(e)

441,623‌

1,177‌

Smurfit

Kappa

Group

PLC

50,634‌

1,698‌

Stora

Enso

Oyj

206,773‌

3,078‌

Sumitomo

Forestry

Co

Ltd

105,500‌

1,784‌

Suzano

SA

347,200‌

2,985‌

Svenska

Cellulosa

AB

SCA

271,914‌

4,074‌

Sylvamo

Corp

17,921‌

796‌

UPM-

Kymmene

Oyj

106,602‌

3,622‌

West

Fraser

Timber

Co

Ltd

52,504‌

4,697‌

Western

Forest

Products

Inc

510,590‌

599‌

$

38,227‌

Gas

-

1.56%

Enagas

SA

1,192,930‌

21,783‌

Italgas

SpA

2,142,075‌

11,018‌

NiSource

Inc

178,449‌

5,266‌

Snam

SpA

7,189,066‌

34,169‌

$

72,236‌

Healthcare

-

Products

-

0.14%

Hengan

International

Group

Co

Ltd

115,595‌

553‌

PerkinElmer

Inc

11,561‌

1,561‌

Repligen

Corp

(e)

10,241‌

2,247‌

Tecan

Group

AG

5,529‌

2,035‌

$

6,396‌

Healthcare

-

Services

-

0.00%

Millennium

Health

LLC

(e),(f),(

i

)

20,580‌

3‌

Millennium

Health

LLC

(e),(f),(

i

)

19,318‌

1‌

$

4‌

Home

Builders

-

0.15%

DR

Horton

Inc

12,494‌

889‌

KB

Home

29,245‌

838‌

Lennar

Corp

-

A

Shares

10,943‌

848‌

PulteGroup

Inc

20,669‌

841‌

Sekisui

Chemical

Co

Ltd

166,900‌

2,275‌

Toll

Brothers

Inc

18,437‌

807‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Home

Builders

(continued)

Tri

Pointe

Homes

Inc

(e)

19,410‌

$

336‌

$

6,834‌

Insurance

-

0.08%

Hannover

Rueck

SE

19,417‌

2,862‌

Hiscox

Ltd

97,235‌

1,013‌

$

3,875‌

Internet

-

0.00%

Catalina

Marketing

Corp

(e)

3,965‌

1‌

Iron

&

Steel

-

0.00%

Novolipetsk

Steel

PJSC

112,475‌

—‌

Severstal

PAO

149,085‌

—‌

$

—‌

Leisure

Products

&

Services

-

0.04%

Shimano

Inc

10,800‌

1,911‌

Lodging

-

0.08%

Travel

+

Leisure

Co

81,600‌

3,460‌

Machinery

-

Construction

&

Mining

-

0.27%

Caterpillar

Inc

25,600‌

4,729‌

Terex

Corp

156,744‌

5,207‌

Vertiv

Holdings

Co

116,503‌

1,343‌

Weir

Group

PLC/The

74,362‌

1,252‌

$

12,531‌

Machinery

-

Diversified

-

0.31%

ANDRITZ

AG

22,731‌

1,047‌

Duerr

AG

18,944‌

417‌

Flowserve

Corp

184,165‌

5,612‌

Husqvarna

AB

55,726‌

375‌

Spirax-Sarco

Engineering

PLC

22,208‌

2,711‌

Valmet

Oyj

37,129‌

941‌

Watts

Water

Technologies

Inc

11,514‌

1,595‌

Zurn

Elkay

Water

Solutions

Corp

60,849‌

1,678‌

$

14,376‌

Media

-

0.00%

Cumulus

Media

Inc

(e)

6‌

—‌

Metal

Fabrication

&

Hardware

-

0.09%

Advanced

Drainage

Systems

Inc

18,622‌

2,527‌

Valmont

Industries

Inc

6,126‌

1,696‌

$

4,223‌

Mining

-

1.57%

Alcoa

Corp

358,870‌

17,757‌

Anglo

American

PLC

555,615‌

17,854‌

Cameco

Corp

87,534‌

2,552‌

Energy

Fuels

Inc

/Canada

(e)

440,371‌

3,576‌

First

Quantum

Minerals

Ltd

284,650‌

5,037‌

Freeport-McMoRan

Inc

566,233‌

16,760‌

MP

Materials

Corp

(e)

43,411‌

1,519‌

NexGen

Energy

Ltd

(e)

1,410,436‌

6,272‌

Polyus

PJSC

24,918‌

—‌

Sibanye

Stillwater

Ltd

555,055‌

1,240‌

$

72,567‌

Oil

&

Gas

-

4.67%

California

Resources

Corp

5,818‌

291‌

California

Resources

Corp

-

Warrants

(e)

439‌

8‌

Chesapeake

Energy

Corp

153,787‌

15,454‌

Comstock

Resources

Inc

(e)

302,846‌

5,936‌

Devon

Energy

Corp

325,724‌

23,003‌

Diamondback

Energy

Inc

46,282‌

6,168‌

Empresas

Copec

SA

131,116‌

1,131‌

EQT

Corp

339,717‌

16,238‌

Equinor

ASA

558,040‌

21,658‌

Hess

Corp

187,287‌

22,621‌

HF

Sinclair

Corp

49,664‌

2,614‌

Marathon

Petroleum

Corp

182,203‌

18,357‌

Occidental

Petroleum

Corp

352,510‌

25,028‌

Patterson-UTI

Energy

Inc

644,731‌

9,606‌

PBF

Energy

Inc

(e)

143,535‌

4,903‌

Pioneer

Natural

Resources

Co

64,930‌

16,442‌

Quarternorth

Energy

Holding

Inc

(e),(

i

)

75,260‌

8,705‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

103

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Oil

&

Gas

(continued)

Quarternorth

Energy

Holding

Inc

-

Warrants

(e)

19,603‌

$

147‌

Quarternorth

Energy

Holding

Inc

-

Warrants

(e)

37,753‌

170‌

Range

Resources

Corp

80,546‌

2,647‌

Transocean

Ltd

(e)

54,446‌

197‌

Valero

Energy

Corp

127,504‌

14,933‌

Vantage

Drilling

International

(e)

4,456‌

65‌

$

216,322‌

Oil

&

Gas

Services

-

0.88%

Halliburton

Co

352,732‌

10,628‌

Liberty

Energy

Inc

(e)

429,880‌

6,448‌

NexTier

Oilfield

Solutions

Inc

(e)

727,353‌

6,815‌

Schlumberger

NV

436,900‌

16,668‌

$

40,559‌

Packaging

&

Containers

-

0.31%

DS

Smith

PLC

263,681‌

817‌

Graphic

Packaging

Holding

Co

106,655‌

2,375‌

Huhtamaki

Oyj

17,739‌

621‌

Klabin

SA

460,300‌

1,678‌

Packaging

Corp

of

America

16,801‌

2,301‌

SIG

Group

AG

(e)

65,909‌

1,545‌

Sonoco

Products

Co

37,259‌

2,348‌

Westrock

Co

65,661‌

2,665‌

$

14,350‌

Pharmaceuticals

-

0.08%

Bayer

AG

70,585‌

3,733‌

Pipelines

-

5.49%

APA

Group

3,672,244‌

27,692‌

Cheniere

Energy

Inc

107,421‌

17,207‌

Enbridge

Inc

1,712,534‌

70,622‌

Gibson

Energy

Inc

1,435,472‌

27,095‌

Kinder

Morgan

Inc

1,103,769‌

20,221‌

Koninklijke

Vopak

NV

399,360‌

8,790‌

Magellan

Midstream

Partners

LP

104,025‌

5,371‌

ONEOK

Inc

173,861‌

10,645‌

Pembina

Pipeline

Corp

725,136‌

25,608‌

TC

Energy

Corp

590,509‌

28,456‌

Williams

Cos

Inc

/The

365,145‌

12,426‌

$

254,133‌

Private

Equity

-

0.14%

Capitaland

Investment

Ltd/Singapore

2,474,800‌

6,515‌

Real

Estate

-

1.21%

Castellum

AB

92,800‌

1,302‌

CK

Asset

Holdings

Ltd

563,400‌

3,803‌

Fabege

AB

169,375‌

1,497‌

Hongkong

Land

Holdings

Ltd

950,000‌

4,592‌

Mitsui

Fudosan

Co

Ltd

1,004,200‌

20,326‌

New

World

Development

Co

Ltd

1,710,260‌

5,573‌

Qualitas

Ltd

1,648,569‌

2,752‌

Swiss

Prime

Site

AG

64,100‌

5,513‌

Vonovia

SE

348,868‌

9,444‌

Wihlborgs

Fastigheter

AB

168,198‌

1,205‌

$

56,007‌

REITs

-

11.90%

Agree

Realty

Corp

62,861‌

4,735‌

Alexandria

Real

Estate

Equities

Inc

72,488‌

11,120‌

Allied

Properties

Real

Estate

Investment

Trust

175,600‌

4,196‌

American

Homes

4

Rent

333,980‌

11,876‌

American

Tower

Corp

47,444‌

12,053‌

Ascendas

Real

Estate

Investment

Trust

2,584,400‌

5,209‌

AvalonBay

Communities

Inc

99,466‌

19,984‌

Camden

Property

Trust

97,749‌

12,562‌

CapitaLand

Integrated

Commercial

Trust

4,418,506‌

6,535‌

CatchMark

Timber

Trust

Inc

115,957‌

1,235‌

Centuria

Industrial

REIT

1,660,326‌

3,488‌

Cousins

Properties

Inc

232,353‌

6,239‌

Crown

Castle

Inc

158,840‌

27,135‌

CubeSmart

186,166‌

8,573‌

Daiwa

Office

Investment

Corp

616‌

3,113‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Dexus

1,114,589‌

$

6,593‌

Digital

Core

REIT

Management

Pte

Ltd

5,550,026‌

4,184‌

Equinix

Inc

32,752‌

21,530‌

Essex

Property

Trust

Inc

60,613‌

16,066‌

Extra

Space

Storage

Inc

111,435‌

22,145‌

Federal

Realty

Investment

Trust

43,185‌

4,373‌

First

Industrial

Realty

Trust

Inc

136,100‌

6,897‌

Gecina

SA

24,713‌

2,199‌

Goodman

Group

550,534‌

7,321‌

Healthcare

Realty

Trust

Inc

294,200‌

7,155‌

Host

Hotels

&

Resorts

Inc

432,952‌

7,694‌

Industrial

&

Infrastructure

Fund

Investment

Corp

1,400‌

1,847‌

Inmobiliaria

Colonial

Socimi

SA

936,353‌

5,546‌

InterRent

Real

Estate

Investment

Trust

184,960‌

1,727‌

InvenTrust

Properties

Corp

191,700‌

5,034‌

Invitation

Homes

Inc

550,250‌

19,963‌

Japan

Metropolitan

Fund

Invest

12,292‌

9,762‌

Kilroy

Realty

Corp

216,996‌

10,583‌

Klepierre

SA

324,624‌

6,659‌

Link

REIT

1,091,770‌

8,449‌

Merlin

Properties

Socimi

SA

814,600‌

7,454‌

Minto

Apartment

Real

Estate

Investment

Trust

(h)

185,442‌

2,121‌

Nippon

Accommodations

Fund

Inc

200‌

982‌

Nippon

Prologis

REIT

Inc

(e)

2,067‌

5,200‌

Park

Hotels

&

Resorts

Inc

201,983‌

2,828‌

PotlatchDeltic

Corp

125,739‌

5,837‌

Prologis

Inc

259,664‌

32,331‌

Public

Storage

35,200‌

11,645‌

Rayonier

Inc

250,341‌

8,892‌

Regency

Centers

Corp

128,877‌

7,841‌

Rexford

Industrial

Realty

Inc

280,915‌

17,476‌

Safestore

Holdings

PLC

658,751‌

8,433‌

Segro

PLC

893,071‌

9,746‌

STORE

Capital

Corp

289,511‌

7,811‌

Summit

Industrial

Income

REIT

404,547‌

5,674‌

Sun

Communities

Inc

116,203‌

17,862‌

Sunstone

Hotel

Investors

Inc

(e)

239,235‌

2,605‌

UNITE

Group

PLC/The

826,542‌

10,077‌

United

Urban

Investment

Corp

4,254‌

4,526‌

Ventas

Inc

376,091‌

18,000‌

VICI

Properties

Inc

555,811‌

18,336‌

Warehouses

De

Pauw

CVA

211,500‌

6,435‌

Welltower

Inc

235,444‌

18,047‌

Weyerhaeuser

Co

194,907‌

6,658‌

$

550,597‌

Retail

-

0.06%

Belk

Inc

(e)

139‌

1‌

Gymboree

Corp/The

(e),(f)

17,842‌

—‌

Gymboree

Holding

Corp

(e),(f)

48,577‌

—‌

Home

Depot

Inc

/The

5,446‌

1,571‌

Lowe's

Cos

Inc

7,117‌

1,382‌

$

2,954‌

Semiconductors

-

0.05%

Monolithic

Power

Systems

Inc

4,807‌

2,178‌

Software

-

0.19%

Altair

Engineering

Inc

(e)

30,934‌

1,609‌

Cadence

Design

Systems

Inc

(e)

13,727‌

2,385‌

Nemetschek

SE

22,275‌

1,312‌

PTC

Inc

(e)

25,850‌

2,970‌

Skillsoft

Corp

(e)

93,356‌

301‌

$

8,577‌

Telecommunications

-

0.08%

NEXTDC

Ltd

(e)

442,600‌

3,128‌

Windstream

(e)

9,809‌

150‌

Windstream

-

Warrants

(e)

17,064‌

260‌

$

3,538‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

104

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Transportation

-

1.29%

American

Commercial

Lines

Inc

(e),(f)

573‌

$

11‌

American

Commercial

Lines

Inc

-

Warrants

(e),(f)

603‌

12‌

East

Japan

Railway

Co

369,100‌

19,118‌

Frontline

Ltd/Bermuda

(e)

120,841‌

1,433‌

Getlink

SE

943,085‌

17,759‌

Kirby

Corp

(e)

76,417‌

5,125‌

Scorpio

Tankers

Inc

21,678‌

902‌

West

Japan

Railway

Co

391,600‌

15,240‌

$

59,600‌

Water

-

1.35%

American

Water

Works

Co

Inc

15,093‌

2,240‌

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

ADR

205,743‌

1,926‌

Essential

Utilities

Inc

182,006‌

8,946‌

Pennon

Group

PLC

182,302‌

1,974‌

Severn

Trent

PLC

677,988‌

21,900‌

United

Utilities

Group

PLC

1,920,419‌

23,537‌

Veolia

Environnement

SA

93,153‌

2,076‌

$

62,599‌

TOTAL

COMMON

STOCKS

$

2,749,645‌

CONVERTIBLE

PREFERRED

STOCKS

-

0.00%

Shares

Held

Value

(000's)

Software

-

0.00%

Riverbed

Technology

Inc

0.26%

12,193‌

$

43‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

43‌

PREFERRED

STOCKS

-

0.01%

Shares

Held

Value

(000's)

Transportation

-

0.01%

American

Commercial

Lines

Inc

Preferred

A

1.87%

2,133‌

$

52‌

American

Commercial

Lines

Inc

Preferred

A

-

Anti-Dilution

Warrants

0.00%,

04/30/2045

(e)

20,187‌

6‌

American

Commercial

Lines

Inc

Preferred

A

-

Warrants

0.00%,

04/30/2045

(e)

2,243‌

55‌

American

Commercial

Lines

Inc

Preferred

B

2.50%

2,428‌

103‌

American

Commercial

Lines

Inc

Preferred

B

-

Anti-Dilution

Warrants

0.00%,

04/30/2045

(e)

15,354‌

6‌

American

Commercial

Lines

Inc

Preferred

B

-

Warrants

0.00%,

04/30/2045

(e)

1,706‌

72‌

$

294‌

TOTAL

PREFERRED

STOCKS

$

294‌

BONDS

-

0.36%

Principal

Amount

(000's)

Value

(000's)

Electric

-

0.06%

Pacific

Gas

and

Electric

Co

3.15%,

01/01/2026

$

1,591‌

$

1,475‌

4.50%,

07/01/2040

1,591‌

1,239‌

$

2,714‌

Media

-

0.00%

iHeartCommunications

Inc

8.38%,

05/01/2027

1‌

1‌

Mortgage

Backed

Securities

-

0.13%

CSMC

2022-NQM4

Trust

4.82%,

06/25/2067

(h),(j)

734‌

727‌

CSMC

2022-NQM5

Trust

5.17%,

05/25/2067

(h),(j)

1,482‌

1,474‌

Homeward

Opportunities

Fund

Trust

2022-1

5.08%,

07/25/2067

(h),(j)

728‌

723‌

MFA

2022-INV2

Trust

4.95%,

07/25/2057

(h),(j)

864‌

856‌

SG

Residential

Mortgage

Trust

2022-2

5.35%,

09/25/2067

(h),(j)

372‌

372‌

Verus

Securitization

Trust

2022-7

5.15%,

07/25/2067

(h),(j)

1,089‌

1,086‌

Visio

2022-1

Trust

5.76%,

08/25/2057

(h),(j)

790‌

787‌

$

6,025‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

-

0.07%

AMSR

2022-SFR3

Trust

4.00%,

10/17/2039

(h)

$

1,051‌

$

949‌

New

Residential

Mortgage

Loan

Trust

2022-SFR2

4.00%,

09/04/2039

1,060‌

947‌

Pagaya

AI

Technology

in

Housing

Trust

2022-1

4.25%,

08/25/2025

(h)

660‌

599‌

Progress

Residential

2022-SFR6

Trust

6.04%,

07/20/2039

(h)

1,035‌

1,017‌

$

3,512‌

Sovereign

-

0.10%

Colombia

Government

International

Bond

3.00%,

01/30/2030

(g)

1,060‌

822‌

Dominican

Republic

International

Bond

6.00%,

02/22/2033

(h)

705‌

614‌

European

Union

0.70%,

07/06/2051

EUR

1,605‌

1,028‌

Japanese

Government

CPI

Linked

Bond

0.10%,

03/10/2028

JPY

505‌

4‌

Mexico

Government

International

Bond

4.75%,

04/27/2032

$

920‌

892‌

5.00%,

04/27/2051

950‌

801‌

Panama

Government

International

Bond

2.25%,

09/29/2032

550‌

428‌

$

4,589‌

TOTAL

BONDS

$

16,841‌

SENIOR

FLOATING

RATE

INTERESTS

-

5.11%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.09%

ABG

Intermediate

Holdings

2

LLC

5.93%,

12/08/2028

(k)

$

540‌

$

526‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

8.43%,

12/10/2029

(k)

240‌

223‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.00%

Checkout

Holding

Corp

3.52%,

PIK

9.50%,

08/15/2023

(k),(l)

311‌

103‌

3

Month

USD

LIBOR

+

1.00%

10.02%,

02/15/2023

(k)

162‌

135‌

3

Month

USD

LIBOR

+

7.50%

Clear

Channel

Outdoor

Holdings

Inc

6.31%,

08/07/2026

(k)

3,472‌

3,209‌

1

Month

USD

LIBOR

+

3.50%

Red

Ventures

LLC

5.02%,

11/08/2024

(k)

205‌

201‌

1

Month

USD

LIBOR

+

2.50%

$

4,397‌

Aerospace

&

Defense

-

0.04%

Chromalloy

Holdings

LLC

9.76%,

11/28/2023

(k)

782‌

775‌

1

Month

USD

LIBOR

+

6.75%

TransDigm

Inc

4.77%,

05/30/2025

(k)

552‌

538‌

1

Month

USD

LIBOR

+

2.25%

4.77%,

12/09/2025

(k)

398‌

387‌

1

Month

USD

LIBOR

+

2.25%

$

1,700‌

Agriculture

-

0.01%

Sycamore

Buyer

LLC

5.02%,

07/23/2029

(k)

700‌

683‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

Airlines

-

0.12%

AAdvantage

Loyalty

IP

Ltd

7.46%,

03/10/2028

(k)

1,451‌

1,426‌

1

Month

USD

LIBOR

+

4.75%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

105

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Airlines

(continued)

American

Airlines

Inc

4.39%,

12/14/2023

(k)

$

102‌

$

101‌

3

Month

USD

LIBOR

+

2.00%

Mileage

Plus

Holdings

LLC

7.31%,

06/21/2027

(k)

419‌

425‌

1

Month

USD

LIBOR

+

5.25%

SkyMiles

IP

Ltd

6.46%,

09/16/2027

(k)

600‌

607‌

3

Month

USD

LIBOR

+

3.75%

United

Airlines

Inc

6.53%,

04/21/2028

(k)

736‌

715‌

1

Month

USD

LIBOR

+

3.75%

WestJet

Airlines

Ltd

5.03%,

12/11/2026

(k)

2,394‌

2,184‌

3

Month

USD

LIBOR

+

3.00%

$

5,458‌

Apparel

-

0.02%

Birkenstock

US

BidCo

Inc

5.10%,

04/27/2028

(k)

771‌

743‌

1

Month

USD

LIBOR

+

3.75%

Automobile

Parts

&

Equipment

-

0.03%

Clarios

Global

LP

5.62%,

04/30/2026

(k)

882‌

858‌

1

Month

USD

LIBOR

+

3.25%

Dexko

Global

Inc

6.00%,

09/22/2028

(k)

599‌

571‌

1

Month

USD

LIBOR

+

3.75%

$

1,429‌

Beverages

-

0.07%

Naked

Juice

LLC

5.41%,

01/19/2029

(k)

375‌

359‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.25%

8.15%,

01/18/2030

(k)

135‌

123‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.00%

Pegasus

Bidco

BV

6.96%,

05/05/2029

(k)

800‌

776‌

Secured

Overnight

Financing

Rate

+

4.25%

Triton

Water

Holdings

Inc

5.75%,

03/31/2028

(k)

2,282‌

2,130‌

1

Month

USD

LIBOR

+

3.50%

$

3,388‌

Building

Materials

-

0.04%

Chariot

Buyer

LLC

6.02%,

10/22/2028

(k)

1,218‌

1,157‌

1

Month

USD

LIBOR

+

3.50%

Cornerstone

Building

Brands

Inc

5.64%,

04/12/2028

(k)

282‌

252‌

1

Month

USD

LIBOR

+

3.25%

Zurn

LLC

4.77%,

09/15/2028

(k)

484‌

483‌

1

Month

USD

LIBOR

+

2.25%

$

1,892‌

Chemicals

-

0.09%

ASP

Unifrax

Holdings

Inc

6.00%,

12/12/2025

(k)

677‌

624‌

3

Month

USD

LIBOR

+

3.75%

Diamond

BC

BV

5.56%,

09/15/2028

(k)

689‌

663‌

1

Month

USD

LIBOR

+

3.00%

Discovery

Purchaser

Corp

0.00%,

08/04/2029

(k),(m)

635‌

594‌

INEOS

US

Finance

LLC

4.59%,

03/31/2024

(k)

230‌

227‌

3

Month

USD

LIBOR

+

2.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Chemicals

(continued)

Innophos

Holdings

Inc

5.77%,

02/07/2027

(k)

$

326‌

$

319‌

1

Month

USD

LIBOR

+

3.75%

Kraton

Corp

5.11%,

03/15/2029

(k)

165‌

162‌

1

Month

USD

LIBOR

+

3.25%

Trinseo

Materials

Operating

SCA

0.00%,

09/06/2024

(k),(m)

140‌

136‌

3

Month

USD

LIBOR

+

2.00%

Vibrantz

Technologies

Inc

6.98%,

04/21/2029

(k)

455‌

406‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

4.25%

WR

Grace

Holdings

LLC

6.06%,

09

/22/2028

(k)

1,033‌

1,011‌

3

Month

USD

LIBOR

+

3.75%

$

4,142‌

Commercial

Services

-

0.35%

All-Star

Bidco

AB

5.10%,

11/16/2028

(k)

249‌

240‌

3

Month

USD

LIBOR

+

3.50%

Amentum

Government

Services

Holdings

LLC

5.16%,

02/10/2029

(k)

610‌

593‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Avis

Budget

Car

Rental

LLC

4.28%,

08/06/2027

(k)

846‌

815‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.25%

5.93%,

03/15/2029

(k)

459‌

449‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

AVSC

Holding

Corp

5.00%,

10/08/2028

(k)

345‌

343‌

Belron

Finance

5.06%,

10/30/2026

(k)

108‌

106‌

1

Month

USD

LIBOR

+

2.50%

CHG

Healthcare

Services

Inc

4.75%,

09/22/2028

(k)

471‌

459‌

1

Month

USD

LIBOR

+

3.50%

Driven

Brands

Holdings

Inc

3.52%,

11/17/2028

(k)

339‌

329‌

12

Month

USD

LIBOR

+

3.00%

Garda

World

Security

Corp

7.24%,

10/30/2026

(k)

356‌

346‌

1

Month

USD

LIBOR

+

4.25%

Hertz

Corp/The

5.78%,

06/14/2028

(k)

1,440‌

1,404‌

1

Month

USD

LIBOR

+

3.50%

5.78%,

06/14/2028

(k)

274‌

268‌

1

Month

USD

LIBOR

+

3.50%

Ingenovis

Health

Inc

6.01%,

03/05/2028

(k)

65‌

63‌

3

Month

USD

LIBOR

+

3.75%

Prime

Security

Services

Borrower

LLC

5.30%,

09/23/2026

(k)

3,170‌

3,092‌

1

Month

USD

LIBOR

+

2.75%

R1

RCM

Inc

5.25%,

06/21/2029

(k)

250‌

246‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Sabert

Corp

7.06%,

11/26/2026

(k)

402‌

396‌

1

Month

USD

LIBOR

+

4.50%

Sabre

GLBL

Inc

4.52%,

02/22/2024

(k)

225‌

224‌

3

Month

USD

LIBOR

+

2.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

106

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Services

(continued)

Syniverse

Holdings

LLC/DE

6.90%,

05/13/2027

(k)

$

2,344‌

$

2,066‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

7.00%

Team

Health

Holdings

Inc

5.27%,

02/06/2024

(k)

229‌

215‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

2.75%

7.58%,

03/02/2027

(k)

446‌

395‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.25%

Trans

Union

LLC

4.27%,

11/13/2026

(k)

429‌

420‌

1

Month

USD

LIBOR

+

1.75%

4.62%,

11/17/2028

(k)

476‌

466‌

1

Month

USD

LIBOR

+

2.25%

Travelport

Finance

Luxembourg

Sarl

3.75%,

02/28/2025

(k)

1,469‌

1,436‌

1

Month

USD

LIBOR

+

7.00%

Verscend

Holding

Corp

6.37%,

08/27/2025

(k)

774‌

768‌

1

Month

USD

LIBOR

+

4.00%

Wand

NewCo

3

Inc

5.48%,

02/05/2026

(k)

963‌

922‌

1

Month

USD

LIBOR

+

3.00%

WEX

Inc

4.77%,

03/19/2028

(k)

85‌

83‌

1

Month

USD

LIBOR

+

2.25%

$

16,144‌

Computers

-

0.12%

iQor

US

Inc

8.50%,

11/20/2024

(k)

152‌

150‌

1

Month

USD

LIBOR

+

7.50%

9.17%,

11/20/2025

(k)

419‌

336‌

1

Month

USD

LIBOR

+

7.50%

Magenta

Buyer

LLC

7.25%,

07/27/2028

(k)

266‌

253‌

1

Month

USD

LIBOR

+

5.00%

McAfee

Corp

6.41%,

02/02/2029

(k)

1,595‌

1,509‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

NCR

Corp

5.31%,

08/28/2026

(k)

481‌

473‌

3

Month

USD

LIBOR

+

2.50%

Perforce

Software

Inc

6.18%,

07/01/2026

(k)

407‌

374‌

1

Month

USD

LIBOR

+

3.75%

Tempo

Acquisition

LLC

5.33%,

09/21/2028

(k)

1,647‌

1,619‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Vision

Solutions

Inc

6.78%,

04/24/2028

(k)

990‌

939‌

1

Month

USD

LIBOR

+

4.00%

$

5,653‌

Cosmetics

&

Personal

Care

-

0.04%

Conair

Holdings

LLC

6.00%,

05/12/2028

(k)

617‌

531‌

1

Month

USD

LIBOR

+

3.75%

Revlon

Consumer

Products

Corp

5.58%,

07/21/2023

(k)

3,697‌

1,518‌

1

Month

USD

LIBOR

+

3.50%

$

2,049‌

Distribution

&

Wholesale

-

0.02%

Core

&

Main

LP

4.77%,

07/27/2028

(k)

938‌

914‌

1

Month

USD

LIBOR

+

2.50%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

-

0.06%

Astra

Acquisition

Corp

7.77%,

10/25/2028

(k)

$

1,067‌

$

900‌

1

Month

USD

LIBOR

+

5.25%

Avolon

TLB

Borrower

1

US

LLC

3.87%,

02/12/2027

(k)

399‌

389‌

1

Month

USD

LIBOR

+

1.50%

Ditech

Holding

Corp

0.00%,

06/30/2022

(e),(k)

923‌

106‌

3

Month

USD

LIBOR

+

6.00%

FleetCor

Technologies

Operating

Co

LLC

4.27%,

04/21/2028

(k)

837‌

816‌

1

Month

USD

LIBOR

+

1.75%

Fly

Funding

II

Sarl

4.62%,

08/09/2025

(k)

553‌

503‌

1

Month

USD

LIBOR

+

1.75%

$

2,714‌

Electric

-

0.05%

Calpine

Corp

4.52%,

08/12/2026

(k)

420‌

410‌

1

Month

USD

LIBOR

+

2.00%

Constellation

Renewables

LLC

5.57%,

12/11/2027

(k)

300‌

296‌

1

Month

USD

LIBOR

+

2.50%

Talen

Energy

Supply

LLC

6.12%,

07/08/2026

(k)

1,200‌

1,203‌

1

Month

USD

LIBOR

+

3.75%

7.32%,

11/13/2023

(k)

642‌

640‌

Secured

Overnight

Financing

Rate

+

4.75%

$

2,549‌

Electronics

-

0.03%

II-VI

Inc

5.12%,

07/02/2029

(k)

500‌

488‌

3

Month

USD

LIBOR

+

2.75%

Ingram

Micro

Inc

5.75%,

06/30/2028

(k)

792‌

761‌

1

Month

USD

LIBOR

+

3.50%

TTM

Technologies

Inc

4.88%,

09/13/2024

(k)

33‌

33‌

3

Month

USD

LIBOR

+

2.50%

$

1,282‌

Engineering

&

Construction

-

0.05%

Brown

Group

Holding

LLC

4.95%,

06/07/2028

(k)

1,121‌

1,101‌

1

Month

USD

LIBOR

+

2.75%

6.08%,

06/08/2029

(k)

300‌

296‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

Centuri

Group

Inc

5.57%,

08/18/2028

(k)

457‌

445‌

3

Month

USD

LIBOR

+

2.50%

KKR

Apple

Bidco

LLC

5.27%,

07/14/2028

(k)

248‌

242‌

1

Month

USD

LIBOR

+

3.00%

Osmose

Utilities

Services

Inc

5.77%,

06/16/2028

(k)

397‌

377‌

1

Month

USD

LIBOR

+

3.25%

$

2,461‌

Entertainment

-

0.41%

AMC

Entertainment

Holdings

Inc

5.38%,

03/20/2026

(k)

2,869‌

2,456‌

3

Month

USD

LIBOR

+

3.00%

Bally's

Corp

5.62%,

08/06/2028

(k)

2,718‌

2,586‌

1

Month

USD

LIBOR

+

3.25%

Churchill

Downs

Inc

4.53%,

03/17/2028

(k)

577‌

565‌

1

Month

USD

LIBOR

+

2.00%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

107

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Entertainment

(continued)

Crown

Finance

US

Inc

4.00%,

02/07/2025

(k)

$

1,070‌

$

685‌

1

Month

USD

LIBOR

+

2.50%

4.25%,

09/30/2026

(k)

599‌

376‌

1

Month

USD

LIBOR

+

2.75%

7.00%,

05/23/2024

(k)

134‌

154‌

10.07%,

02/28/2025

(k)

51‌

54‌

1

Month

USD

LIBOR

+

8.25%

Crown

UK

Holdco

Ltd

5.01%,

02/28/2023

(k)

564‌

372‌

3

Month

USD

LIBOR

+

2.75%

Delta

2

Lux

Sarl

5.02%,

02/01/2024

(k)

3,223‌

3,192‌

3

Month

USD

LIBOR

+

2.50%

Everi

Holdings

Inc

4.75%,

06/30/2028

(k)

1,582‌

1,556‌

1

Month

USD

LIBOR

+

2.50%

Lions

Gate

Capital

Holdings

LLC

4.77%,

03/24/2025

(k)

460‌

450‌

3

Month

USD

LIBOR

+

2.25%

Nascar

Holdings

LLC

5.02%,

10/19/2026

(k)

987‌

970‌

3

Month

USD

LIBOR

+

2.50%

PCI

Gaming

Authority

5.02%,

05/29/2026

(k)

243‌

237‌

1

Month

USD

LIBOR

+

2.50%

Scientific

Games

Holdings

LP

5.41%,

04/07/2029

(k)

127‌

125‌

1

Month

USD

LIBOR

+

3.00%

5.61%,

02/04/2029

(k)

375‌

361‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

SeaWorld

Parks

&

Entertainment

Inc

5.56%,

08/13/2028

(k)

494‌

485‌

1

Month

USD

LIBOR

+

3.00%

Stars

Group

Holdings

BV

4.50%,

07/21/2026

(k)

3,244‌

3,164‌

1

Month

USD

LIBOR

+

2.25%

William

Morris

Endeavor

Entertainment

LLC

5.28%,

05/16/2025

(k)

1,013‌

978‌

3

Month

USD

LIBOR

+

2.75%

$

18,766‌

Environmental

Control

-

0.03%

Covanta

Holding

Corp

5.02%,

11/17/2028

(k)

432‌

422‌

1

Month

USD

LIBOR

+

2.50%

5.02%,

11/17/2028

(k)

32‌

32‌

1

Month

USD

LIBOR

+

2.50%

GFL

Environmental

Inc

5.81%,

05/30/2025

(k)

1,174‌

1,166‌

1

Month

USD

LIBOR

+

3.00%

$

1,620‌

Food

-

0.06%

8th

Avenue

Food

&

Provisions

Inc

6.12%,

09/19/2025

(k)

623‌

547‌

3

Month

USD

LIBOR

+

3.50%

7.12%,

10/01/2025

(k)

298‌

261‌

1

Month

USD

LIBOR

+

4.75%

CHG

PPC

Parent

LLC

5.56%,

11/17/2028

(k)

334‌

325‌

1

Month

USD

LIBOR

+

3.00%

Froneri

US

Inc

4.77%,

01/31/2027

(k)

292‌

281‌

1

Month

USD

LIBOR

+

2.25%

H-Food

Holdings

LLC

6.06%,

05/23/2025

(k)

169‌

157‌

3

Month

USD

LIBOR

+

3.69%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Food

(continued)

Total

Produce

USA

Holdings

Inc

4.44%,

08/03/2028

(k)

$

261‌

$

255‌

1

Month

USD

LIBOR

+

2.00%

US

Foods

Inc

3.57%,

09/13/2026

(k)

289‌

281‌

3

Month

USD

LIBOR

+

2.00%

4.32%,

11/17/2028

(k)

590‌

582‌

3

Month

USD

LIBOR

+

2.75%

$

2,689‌

Forest

Products

&

Paper

-

0.02%

Asplundh

Tree

Expert

LLC

4.27%,

09/06/2027

(k)

864‌

850‌

1

Month

USD

LIBOR

+

1.75%

Hand

&

Machine

Tools

-

0.01%

Alliance

Laundry

Systems

LLC

5.95%,

09/30/2027

(k)

481‌

471‌

1

Month

USD

LIBOR

+

3.50%

Healthcare

-

Products

-

0.21%

Avantor

Funding

Inc

4.83%,

11/08/2027

(k)

364‌

358‌

1

Month

USD

LIBOR

+

2.25%

Bausch

+

Lomb

Corp

5.71%,

05/05/2027

(k)

2,035‌

1,908‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

Carestream

Health

Inc

6.75%,

PIK

8.00%,

08/08/2023

(k),(l)

694‌

572‌

1

Month

USD

LIBOR

+

4.50%

9.50%,

05/08/2023

(k)

1,182‌

1,111‌

1

Month

USD

LIBOR

+

6.75%

ICU

Medical

Inc

4.45%,

12/15/2028

(k)

269‌

263‌

1

Month

USD

LIBOR

+

2.50%

Insulet

Corp

5.77%,

05/04/2028

(k)

739‌

720‌

1

Month

USD

LIBOR

+

3.25%

Medline

Borrower

LP

5.62%,

09/30/2028

(k)

3,094‌

2,947‌

1

Month

USD

LIBOR

+

3.25%

Onex

Carestream

Finance

LP

0.00%,

08/15/2023

(k),(m)

132‌

132‌

Viant

Medical

Holdings

Inc

6.27%,

07/02/2025

(k)

1,032‌

972‌

3

Month

USD

LIBOR

+

3.75%

Vyaire

Medical

Inc

7.04%,

04/11/2025

(k)

899‌

656‌

3

Month

USD

LIBOR

+

4.75%

$

9,639‌

Healthcare

-

Services

-

0.34%

AHP

Health

Partners

Inc

6.02%,

08/04/2028

(k)

741‌

711‌

1

Month

USD

LIBOR

+

3.50%

Catalent

Pharma

Solutions

Inc

4.38%,

02/22/2028

(k)

198‌

195‌

1

Month

USD

LIBOR

+

2.00%

DaVita

Inc

4.27%,

08/12/2026

(k)

135‌

131‌

1

Month

USD

LIBOR

+

1.75%

Global

Medical

Response

Inc

6.62%,

09/24/2025

(k)

1,354‌

1,236‌

1

Month

USD

LIBOR

+

4.25%

6.73%,

03/14/2025

(k)

198‌

182‌

3

Month

USD

LIBOR

+

4.25%

ICON

Luxembourg

Sarl

4.56%,

06/16/2028

(k)

1,082‌

1,064‌

1

Month

USD

LIBOR

+

2.50%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

108

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Healthcare

-

Services

(continued)

LifePoint

Health

Inc

6.27%,

11/14/2025

(k)

$

4,706‌

$

4,556‌

1

Month

USD

LIBOR

+

3.75%

Onex

TSG

Intermediate

Corp

7.12%,

02/25/2028

(k)

312‌

274‌

1

Month

USD

LIBOR

+

4.75%

Phoenix

Guarantor

Inc

5.77%,

03/05/2026

(k)

604‌

583‌

1

Month

USD

LIBOR

+

3.25%

Phoenix

Newco

Inc

5.77%,

11/15/2028

(k)

2,923‌

2,842‌

1

Month

USD

LIBOR

+

3.50%

Quorum

Health

Corp

8.75%,

04/29/2025

(k)

341‌

225‌

3

Month

USD

LIBOR

+

7.00%

Select

Medical

Corp

5.03%,

03/06/2025

(k)

1,083‌

1,058‌

3

Month

USD

LIBOR

+

2.50%

Surgery

Center

Holdings

Inc

6.14%,

09/03/2026

(k)

2,392‌

2,318‌

1

Month

USD

LIBOR

+

3.75%

US

Radiology

Specialists

Inc

7.56%,

12/10/2027

(k)

343‌

327‌

1

Month

USD

LIBOR

+

5.50%

$

15,702‌

Home

Furnishings

-

0.04%

AI

Aqua

Merger

Sub

Inc

0.00%,

07/31/2028

(k),(m)

407‌

391‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

6.04%,

07/31/2028

(k)

375‌

360‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

MillerKnoll

Inc

4.38%,

07/19/2028

(k)

865‌

837‌

1

Month

USD

LIBOR

+

2.00%

Weber-Stephen

Products

LLC

5.77%,

10/30/2027

(k)

320‌

271‌

1

Month

USD

LIBOR

+

3.25%

$

1,859‌

Insurance

-

0.11%

Acrisure

LLC

6.02%,

02/15/2027

(k)

526‌

503‌

1

Month

USD

LIBOR

+

3.50%

Alliant

Holdings

Intermediate

LLC

5.77%,

05/09/2025

(k)

520‌

509‌

1

Month

USD

LIBOR

+

3.25%

5.88%,

11/05/2027

(k)

246‌

239‌

1

Month

USD

LIBOR

+

3.50%

Asurion

LLC

0.00%,

11/03/2024

(k),(m)

232‌

223‌

1

Month

USD

LIBOR

+

3.00%

5.77%,

07/29/2027

(k)

434‌

396‌

1

Month

USD

LIBOR

+

3.25%

7.64%,

01/20/2029

(k)

1,590‌

1,350‌

1

Month

USD

LIBOR

+

5.25%

BroadStreet

Partners

Inc

5.52%,

01/27/2027

(k)

232‌

224‌

1

Month

USD

LIBOR

+

3.00%

5.77%,

01/27/2027

(k)

496‌

481‌

1

Month

USD

LIBOR

+

3.25%

HUB

International

Ltd

5.77%,

04/25/2025

(k)

263‌

257‌

1

Month

USD

LIBOR

+

2.75%

5.98%,

04/25/2025

(k)

604‌

594‌

1

Month

USD

LIBOR

+

3.25%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

USI

Inc

/NY

5.25%,

05/16/2024

(k)

$

145‌

$

143‌

3

Month

USD

LIBOR

+

3.00%

$

4,919‌

Internet

-

0.09%

CNT

Holdings

I

Corp

5.81%,

11/08/2027

(k)

1,105‌

1,079‌

1

Month

USD

LIBOR

+

3.75%

NortonLifeLock

Inc

0.00%,

01/28/2029

(k),(m)

2,750‌

2,664‌

Uber

Technologies

Inc

6.57%,

04/04/2025

(k)

325‌

322‌

1

Month

USD

LIBOR

+

3.50%

$

4,065‌

Leisure

Products

&

Services

-

0.14%

Alterra

Mountain

Co

5.27%,

07/31/2024

(k)

340‌

333‌

1

Month

USD

LIBOR

+

2.75%

Callaway

Golf

Co

7.02%,

01/02/2026

(k)

426‌

425‌

3

Month

USD

LIBOR

+

4.50%

Carnival

Corp

5.88%,

06/30/2025

(k)

1,185‌

1,126‌

1

Month

USD

LIBOR

+

3.00%

6.13%,

10/06/2028

(k)

114‌

106‌

1

Month

USD

LIBOR

+

3.25%

ClubCorp

Holdings

Inc

5.00%,

08/16/2024

(k)

1,870‌

1,789‌

3

Month

USD

LIBOR

+

2.75%

Equinox

Holdings

Inc

5.25%,

03/08/2024

(k)

967‌

738‌

3

Month

USD

LIBOR

+

3.00%

Hayward

Industries

Inc

5.02%,

05/29/2028

(k)

986‌

952‌

1

Month

USD

LIBOR

+

2.50%

Life

Time

Inc

7.82%,

12/10/2024

(k)

403‌

397‌

1

Month

USD

LIBOR

+

4.75%

SRAM

LLC

5.37%,

05/18/2028

(k)

548‌

535‌

1

Month

USD

LIBOR

+

2.75%

$

6,401‌

Lodging

-

0.12%

Caesars

Resort

Collection

LLC

5.27%,

12/22/2024

(k)

1,262‌

1,244‌

3

Month

USD

LIBOR

+

2.75%

6.02%,

07/20/2025

(k)

206‌

204‌

1

Month

USD

LIBOR

+

3.50%

Fertitta

Entertainment

LLC/NV

6.33%,

01/13/2029

(k)

4,076‌

3,911‌

Secured

Overnight

Financing

Rate

+

4.00%

$

5,359‌

Machinery

-

Construction

&

Mining

-

0.00%

Vertiv

Group

Corp

5.11%,

03/02/2027

(k)

235‌

226‌

1

Month

USD

LIBOR

+

2.75%

Machinery

-

Diversified

-

0.03%

Ali

Group

North

America

Corp

4.59%,

07/30/2029

(k)

1,178‌

1,144‌

1

Month

USD

LIBOR

+

2.00%

TK

Elevator

US

Newco

Inc

6.86%,

07/30/2027

(k)

82‌

80‌

6

Month

USD

LIBOR

+

3.50%

$

1,224‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

109

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Media

-

0.34%

Altice

Financing

SA

5.26%,

07/15/2025

(k)

$

165‌

$

160‌

3

Month

USD

LIBOR

+

2.75%

5.26%,

01/06/2026

(k)

477‌

458‌

3

Month

USD

LIBOR

+

2.75%

Cengage

Learning

Inc

7.81%,

07/14/2026

(k)

840‌

792‌

1

Month

USD

LIBOR

+

4.75%

CSC

Holdings

LLC

4.64%,

07/17/2025

(k)

2,426‌

2,346‌

3

Month

USD

LIBOR

+

2.25%

4.89%,

04/15/2027

(k)

1,290‌

1,242‌

1

Month

USD

LIBOR

+

2.50%

Diamond

Sports

Group

LLC

5.64%,

08/24/2026

(k)

2,308‌

419‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

10.39%,

05/25/2026

(k)

409‌

384‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

8.00%

Directv

Financing

LLC

7.52%,

08/02/2027

(k)

1,893‌

1,807‌

1

Month

USD

LIBOR

+

5.00%

Dotdash

Meredith

6.41%,

11/23/2028

(k)

1,135‌

1,053‌

3

Month

USD

LIBOR

+

4.00%

Gray

Television

Inc

4.87%,

02/07/2024

(k)

295‌

293‌

1

Month

USD

LIBOR

+

2.50%

4.87%,

01/02/2026

(k)

387‌

380‌

3

Month

USD

LIBOR

+

2.50%

iHeartCommunications

Inc

5.52%,

05/01/2026

(k)

2,069‌

1,997‌

1

Month

USD

LIBOR

+

3.00%

LCPR

Loan

Financing

LLC

6.14%,

10/15/2028

(k)

395‌

386‌

1

Month

USD

LIBOR

+

3.75%

McGraw-Hill

Education

Inc

8.31%,

07/21/2028

(k)

1,272‌

1,227‌

1

Month

USD

LIBOR

+

4.75%

Nexstar

Media

Inc

5.02%,

09/18/2026

(k)

465‌

461‌

1

Month

USD

LIBOR

+

2.50%

Nielsen

Finance

LLC

3.72%,

10/04/2023

(k)

200‌

199‌

3

Month

USD

LIBOR

+

2.00%

Radiate

Holdco

LLC

5.77%,

09/25/2026

(k)

216‌

205‌

1

Month

USD

LIBOR

+

3.25%

Univision

Communications

Inc

5.12%,

03/15/2024

(k)

58‌

58‌

3

Month

USD

LIBOR

+

2.75%

Virgin

Media

Bristol

LLC

4.89%,

01/31/2028

(k)

311‌

304‌

1

Month

USD

LIBOR

+

2.50%

WideOpenWest

Finance

LLC

5.30%,

12/08/2028

(k)

462‌

452‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Ziggo

Financing

Partnership

4.89%,

04/17/2028

(k)

936‌

903‌

1

Month

USD

LIBOR

+

2.50%

$

15,526‌

Metal

Fabrication

&

Hardware

-

0.01%

Grinding

Media

Inc

4.80%,

09/22/2028

(k)

486‌

467‌

1

Month

USD

LIBOR

+

4.00%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Miscellaneous

Manufacturers

-

0.04%

Gates

Global

LLC

5.02%,

03/31/2027

(k)

$

1,913‌

$

1,872‌

1

Month

USD

LIBOR

+

2.75%

Oil

&

Gas

-

0.15%

CITGO

Petroleum

Corp

8.77%,

03/28/2024

(k)

1,091‌

1,089‌

1

Month

USD

LIBOR

+

6.25%

Delek

US

Holdings

Inc

4.77%,

03/30/2025

(k)

435‌

424‌

3

Month

USD

LIBOR

+

2.25%

8.02%,

03/30/2025

(k)

892‌

885‌

1

Month

USD

LIBOR

+

5.50%

Gulf

Finance

LLC

9.13%,

08/25/2026

(k)

2,346‌

1,911‌

1

Month

USD

LIBOR

+

6.75%

Quarternorth

Energy

Holding

Inc

10.37%,

08/27/2026

(k)

2,494‌

2,473‌

1

Month

USD

LIBOR

+

8.00%

$

6,782‌

Oil

&

Gas

Services

-

0.01%

PGS

ASA

9.77%,

03/19/2024

(k)

377‌

352‌

1

Month

USD

LIBOR

+

7.00%

Packaging

&

Containers

-

0.06%

Berry

Global

Inc

4.18%,

07/01/2026

(k)

583‌

569‌

1

Month

USD

LIBOR

+

1.75%

Clydesdale

Acquisition

Holdings

Inc

6.60%,

03/30/2029

(k)

355‌

342‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

Kloeckner

Pentaplast

of

America

Inc

5.55%,

02/12/2026

(k)

506‌

464‌

1

Month

USD

LIBOR

+

4.75%

Pactiv

Evergreen

Group

Holdings

Inc

6.02%,

09/17/2028

(k)

371‌

360‌

1

Month

USD

LIBOR

+

3.50%

Plaze

Inc

6.12%,

08/03/2026

(k)

612‌

581‌

1

Month

USD

LIBOR

+

3.75%

TricorBraun

Holdings

Inc

5.62%,

03/03/2028

(k)

491‌

475‌

1

Month

USD

LIBOR

+

3.25%

$

2,791‌

Pharmaceuticals

-

0.24%

Amneal

Pharmaceuticals

LLC

5.94%,

05/04/2025

(k)

172‌

164‌

3

Month

USD

LIBOR

+

3.50%

Bausch

Health

Cos

Inc

7.66%,

01/27/2027

(k)

663‌

527‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

5.25%

Change

Healthcare

Holdings

LLC

5.02%,

03/01/2024

(k)

1,407‌

1,397‌

1

Month

USD

LIBOR

+

2.50%

Embecta

Corp

5.05%,

03/31/2029

(k)

309‌

302‌

CME

Term

Secured

Overnight

Financing

Rate

3

Month

+

3.00%

Gainwell

Acquisition

Corp

6.25%,

10/01/2027

(k)

1,338‌

1,306‌

1

Month

USD

LIBOR

+

4.00%

Grifols

Worldwide

Operations

USA

Inc

4.52%,

11/15/2027

(k)

897‌

866‌

3

Month

USD

LIBOR

+

2.00%

Jazz

Financing

Lux

Sarl

6.02%,

05/05/2028

(k)

2,343‌

2,295‌

1

Month

USD

LIBOR

+

3.50%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

110

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Mallinckrodt

International

Finance

SA

7.25%,

09/30/2027

(k)

$

1,701‌

$

1,322‌

3

Month

USD

LIBOR

+

5.25%

7.50%,

09/30/2027

(k)

857‌

659‌

3

Month

USD

LIBOR

+

5.50%

Organon

&

Co

4.62%,

06/02/2028

(k)

2,034‌

2,008‌

1

Month

USD

LIBOR

+

3.00%

PRA

Health

Sciences

Inc

4.56%,

06/16/2028

(k)

270‌

265‌

1

Month

USD

LIBOR

+

2.50%

$

11,111‌

Pipelines

-

0.08%

BCP

Renaissance

Parent

LLC

5.53%,

10/31/2026

(k)

410‌

402‌

3

Month

USD

LIBOR

+

3.50%

Buckeye

Partners

LP

4.62%,

11/01/2026

(k)

329‌

324‌

1

Month

USD

LIBOR

+

2.25%

Freeport

LNG

Investments

LLLP

0.00%,

11/17/2026

(k),(m)

1,660‌

1,593‌

M6

ETX

Holdings

II

Midco

LLC

0.00%,

08/10/2029

(k),(m)

335‌

330‌

TransMontaigne

Operating

Co

LP

5.87%,

11/03/2028

(k)

332‌

322‌

1

Month

USD

LIBOR

+

3.50%

Traverse

Midstream

Partners

LLC

5.87%,

09/21/2024

(k)

565‌

560‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

$

3,531‌

Real

Estate

-

0.01%

Cushman

&

Wakefield

US

Borrower

LLC

5.27%,

08/21/2025

(k)

360‌

350‌

1

Month

USD

LIBOR

+

2.75%

REITs

-

0.01%

Blackstone

Mortgage

Trust

Inc

4.77%,

04/23/2026

(k)

713‌

689‌

1

Month

USD

LIBOR

+

2.25%

Retail

-

0.18%

1011778

BC

ULC

4.27%,

11/14/2026

(k)

908‌

881‌

1

Month

USD

LIBOR

+

1.75%

Academy

Ltd

6.12%,

11/05/2027

(k)

242‌

237‌

1

Month

USD

LIBOR

+

3.75%

Belk

Inc

5.00%,

07/31/2025

(k)

1,104‌

360‌

10.48%,

07/31/2025

(k)

232‌

208‌

3

Month

USD

LIBOR

+

7.50%

EG

America

LLC

6.23%,

02/07/2025

(k)

10‌

9‌

3

Month

USD

LIBOR

+

4.00%

IRB

Holding

Corp

5.44%,

12/15/2027

(k)

986‌

952‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

Jo-Ann

Stores

LLC

7.52%,

06/30/2028

(k)

656‌

424‌

1

Month

USD

LIBOR

+

4.75%

LS

Group

OpCo

Acquistion

LLC

6.58%,

11/02/2027

(k)

213‌

207‌

1

Month

USD

LIBOR

+

3.25%

PetSmart

LLC

6.27%,

02/11/2028

(k)

3,360‌

3,276‌

1

Month

USD

LIBOR

+

3.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Retail

(continued)

Reverb

Buyer

Inc

5.54%,

10/06/2028

(k)

$

11‌

$

11‌

1

Month

USD

LIBOR

+

3.50%

6.38%,

10/06/2028

(k)

419‌

408‌

1

Month

USD

LIBOR

+

3.50%

RH

5.02%,

10/15/2028

(k)

742‌

682‌

1

Month

USD

LIBOR

+

2.50%

Serta

Simmons

Bedding

LLC

9.89%,

08/10/2023

(k)

60‌

59‌

1

Month

USD

LIBOR

+

7.50%

9.89%,

08/10/2023

(k)

1,019‌

568‌

1

Month

USD

LIBOR

+

7.50%

Staples

Inc

7.78%,

04/09/2026

(k)

211‌

185‌

3

Month

USD

LIBOR

+

5.00%

$

8,467‌

Semiconductors

-

0.05%

Bright

Bidco

BV

0.00%,

08/31/2023

(k),(m)

476‌

476‌

0.00%,

06/30/2024

(e),(k)

3,986‌

1,451‌

3

Month

USD

LIBOR

+

3.50%

Entegris

Inc

5.47%,

07/06/2029

(k)

220‌

219‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.00%

MACOM

Technology

Solutions

Holdings

Inc

4.62%,

05/17/2024

(k)

68‌

67‌

3

Month

USD

LIBOR

+

2.25%

Ultra

Clean

Holdings

Inc

6.27%,

08/27/2025

(k)

270‌

265‌

1

Month

USD

LIBOR

+

3.75%

$

2,478‌

Software

-

0.65%

Apttus

Corp

7.12%,

04/28/2028

(k)

1,136‌

1,110‌

1

Month

USD

LIBOR

+

4.25%

AthenaHealth

Group

Inc

5.80%,

01/26/2029

(k)

479‌

457‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.50%

Avaya

Holdings

Corp

11.96%,

12/15/2027

(k)

1,170‌

718‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

10.00%

Boxer

Parent

Co

Inc

6.27%,

10/02/2025

(k)

281‌

271‌

1

Month

USD

LIBOR

+

3.75%

Camelot

Finance

SA

5.52%,

10/30/2026

(k)

442‌

430‌

1

Month

USD

LIBOR

+

3.00%

CCC

Intelligent

Solutions

Inc

4.50%,

09/15/2028

(k)

433‌

423‌

3

Month

USD

LIBOR

+

2.50%

Central

Parent

Inc

6.61%,

06/08/2029

(k)

815‌

793‌

Secured

Overnight

Financing

Rate

+

4.50%

Ceridian

HCM

Holding

Inc

4.87%,

04/04/2025

(k)

378‌

368‌

1

Month

USD

LIBOR

+

2.50%

DTI

Holdco

Inc

7.33%,

04/21/2029

(k)

1,000‌

952‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.75%

Dun

&

Bradstreet

Corp/The

5.74%,

02/06/2026

(k)

772‌

749‌

1

Month

USD

LIBOR

+

3.25%

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

111

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Dynatrace

LLC

4.78%,

08/08/2025

(k)

$

100‌

$

98‌

1

Month

USD

LIBOR

+

2.25%

Epicor

Software

Corp

5.77%,

07/30/2027

(k)

2,061‌

1,997‌

1

Month

USD

LIBOR

+

3.25%

Finastra

USA

Inc

6.24%,

06/13/2024

(k)

2,464‌

2,301‌

3

Month

USD

LIBOR

+

3.50%

Genesys

Cloud

Services

Holdings

II

LLC

6.52%,

12/01/2027

(k)

1,919‌

1,883‌

1

Month

USD

LIBOR

+

4.00%

Greenway

Health

LLC

5.25%,

02/16/2024

(k)

310‌

276‌

3

Month

USD

LIBOR

+

4.25%

IGT

Holding

IV

AB

5.65%,

03/31/2028

(k)

744‌

724‌

1

Month

USD

LIBOR

+

3.75%

Informatica

LLC

5.12%,

10/13/2028

(k)

1,347‌

1,311‌

1

Month

USD

LIBOR

+

2.75%

MA

FinanceCo

LLC

5.91%,

06/05/2025

(k)

248‌

244‌

1

Month

USD

LIBOR

+

4.25%

Physician

Partners

LLC

6.43%,

12/23/2028

(k)

499‌

479‌

1

Month

USD

LIBOR

+

4.00%

Playtika

Holding

Corp

5.23%,

03/11/2028

(k)

380‌

371‌

1

Month

USD

LIBOR

+

2.75%

Polaris

Newco

LLC

6.37%,

06/02/2028

(k)

792‌

759‌

1

Month

USD

LIBOR

+

4.00%

Project

Ruby

Ultimate

Parent

Corp

5.77%,

03/03/2028

(k)

247‌

239‌

1

Month

USD

LIBOR

+

3.25%

Rackspace

Technology

Global

Inc

5.62%,

02/03/2028

(k)

4,208‌

3,387‌

1

Month

USD

LIBOR

+

2.75%

Riverbed

Technology

Inc

7.63%,

12/08/2026

(k)

1,394‌

640‌

3

Month

USD

LIBOR

+

6.00%

Seattle

SpinCo

Inc

5.27%,

06/21/2024

(k)

2,104‌

2,073‌

3

Month

USD

LIBOR

+

2.50%

6.40%,

02/28/2027

(k)

1,433‌

1,411‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.00%

Sophia

LP

5.75%,

10/07/2027

(k)

656‌

633‌

1

Month

USD

LIBOR

+

3.50%

SS&C

Technologies

Inc

4.27%,

04/16/2025

(k)

229‌

224‌

1

Month

USD

LIBOR

+

1.75%

4.27%,

04/16/2025

(k)

186‌

182‌

1

Month

USD

LIBOR

+

1.75%

4.27%,

04/16/2025

(k)

136‌

133‌

1

Month

USD

LIBOR

+

1.75%

TIBCO

Software

Inc

6.28%,

06/30/2026

(k)

314‌

312‌

1

Month

USD

LIBOR

+

3.75%

UKG

Inc

5.54%,

05/04/2026

(k)

2,143‌

2,073‌

1

Month

USD

LIBOR

+

3.25%

6.27%,

05/04/2026

(k)

707‌

688‌

3

Month

USD

LIBOR

+

3.75%

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Software

(continued)

Zelis

Payments

Buyer

Inc

5.87%,

09/30/2026

(k)

$

1,310‌

$

1,278‌

1

Month

USD

LIBOR

+

3.50%

ZoomInfo

LLC

5.52%,

02/01/2026

(k)

292‌

290‌

1

Month

USD

LIBOR

+

3.00%

$

30,277‌

Telecommunications

-

0.43%

Altice

France

SA/France

6.20%,

01/31/2026

(k)

306‌

296‌

3

Month

USD

LIBOR

+

3.69%

6.91%,

08/14/2026

(k)

2,126‌

2,056‌

3

Month

USD

LIBOR

+

4.00%

Avaya

Inc

6.39%,

12/15/2027

(k)

875‌

489‌

1

Month

USD

LIBOR

+

4.00%

6.64%,

12/15/2027

(k)

2,951‌

1,667‌

1

Month

USD

LIBOR

+

4.25%

Cincinnati

Bell

Inc

5.68%,

11/17/2028

(k)

668‌

654‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.25%

CommScope

Inc

5.77%,

04/06/2026

(k)

473‌

453‌

3

Month

USD

LIBOR

+

3.25%

Cyxtera

DC

Holdings

Inc

0.00%,

03/15/2024

(k),(m)

1,055‌

1,019‌

3

Month

USD

LIBOR

+

3.00%

Dawn

Acquisitions

LLC

6.00%,

12/31/2025

(k)

1,913‌

1,489‌

3

Month

USD

LIBOR

+

3.75%

Delta

Topco

Inc

5.84%,

12/01/2027

(k)

981‌

927‌

3

Month

USD

LIBOR

+

3.75%

EOS

US

Finco

LLC

0.00%,

08/03/2029

(k),(m)

215‌

204‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.00%

Frontier

Communications

Holdings

LLC

6.06%,

10/08/2027

(k)

2,379‌

2,300‌

1

Month

USD

LIBOR

+

3.75%

Gogo

Intermediate

Holdings

LLC

6.56%,

04/28/2028

(k)

739‌

723‌

1

Month

USD

LIBOR

+

3.75%

Intelsat

Jackson

Holdings

SA

7.44%,

01/26/2029

(k)

1,783‌

1,687‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

Intrado

Corp

6.02%,

10/10/2024

(k)

254‌

206‌

3

Month

USD

LIBOR

+

3.50%

6.52%,

10/10/2024

(k)

2,104‌

1,713‌

3

Month

USD

LIBOR

+

4.00%

Iridium

Satellite

LLC

5.02%,

11/06/2026

(k)

1,057‌

1,043‌

1

Month

USD

LIBOR

+

2.50%

Maxar

Technologies

Inc

6.68%,

06/08/2029

(k)

1,355‌

1,299‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

4.25%

Metronet

Systems

Holdings

LLC

6.18%,

06/02/2028

(k)

739‌

714‌

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

3.75%

MLN

US

Holdco

LLC

6.87%,

11/30/2025

(k)

1,462‌

827‌

1

Month

USD

LIBOR

+

4.50%

$

19,766‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

112

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Transportation

-

0.01%

Genesee

&

Wyoming

Inc

4.25%,

12/30/2026

(k)

$

303‌

$

297‌

3

Month

USD

LIBOR

+

2.00%

XPO

Logistics

Inc

4.12%,

02/24/2025

(k)

394‌

386‌

1

Month

USD

LIBOR

+

1.75%

$

683‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

236,530‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

34.01%

Principal

Amount

(000's)

Value

(000's)

Federal

National

Mortgage

Association

(FNMA)/Federal

Home

Loan

Mortgage

Corporation

(FHLMC)

Uniform

Mortgage-Backed

Security

-

0.44%

3.50%,

09/01/2052

(n)

$

6,065‌

$

5,778‌

3.50%,

10/01/2052

(n)

4,100‌

3,903‌

4.50%,

10/01/2052

(n)

10,907‌

10,826‌

$

20,507‌

U.S.

Cash

Management

Bill

-

9.08%

1.15%,

09/13/2022

(a),(o),(p)

148,250‌

148,143‌

2.57%,

11/22/2022

(a),(o)

5,500‌

5,465‌

2.73%,

12/06/2022

(a),(o),(q)

17,300‌

17,170‌

2.99%,

12/20/2022

(a),(o)

252,000‌

249,672‌

$

420,450‌

U.S.

Treasury

Bill

-

8.17%

1.02%,

09/08/2022

(a),(o),(p)

97,215‌

97,176‌

1.04%,

09/01/2022

(a),(o)

140,000‌

140,000‌

1.25%,

10/13/2022

(a),(o),(p),(q)

45,000‌

44,879‌

1.28%,

09/29/2022

(a),(o),(q)

38,000‌

37,937‌

2.21%,

09/15/2022

(a),(o)

27,960‌

27,937‌

2.31%,

10/04/2022

(a),(o),(q)

6,575‌

6,561‌

2.46%,

10/20/2022

(a),(o)

5,400‌

5,382‌

2.48%,

11/10/2022

(a),(o)

7,000‌

6,964‌

2.49%,

10/18/2022

(a),(o)

600‌

598‌

2.62%,

10/25/2022

(a),(o)

10,540‌

10,499‌

$

377,933‌

U.S.

Treasury

Inflation-Indexed

Obligations

-

16.32%

0.13%,

07/15/2024

25,683‌

25,290‌

0.13%,

10/15/2024

25,385‌

24,978‌

0.13%,

04/15/2025

18,676‌

18,270‌

0.13%,

10/15/2025

25,135‌

24,637‌

0.13%,

04/15/2026

16,468‌

16,060‌

0.13%,

07/15/2026

21,587‌

21,135‌

0.13%,

10/15/2026

28,692‌

28,017‌

0.13%,

04/15/2027

25,707‌

24,947‌

0.13%,

01/15/2030

23,425‌

22,364‌

0.13%,

07/15/2030

26,009‌

24,864‌

0.13%,

01/15/2031

24,979‌

23,747‌

0.13%,

07/15/2031

21,321‌

20,244‌

0.13%,

01/15/2032

(p)

30,026‌

28,368‌

0.13%,

02/15/2051

6,009‌

4,668‌

0.13%,

02/15/2052

11,304‌

8,842‌

0.25%,

01/15/2025

23,454‌

23,081‌

0.25%,

07/15/2029

22,120‌

21,475‌

0.25%,

02/15/2050

9,347‌

7,500‌

0.38%,

07/15/2025

19,072‌

18,830‌

0.38%,

01/15/2027

19,884‌

19,548‌

0.38%,

07/15/2027

18,188‌

17,913‌

0.50%,

04/15/2024

18,351‌

18,155‌

0.50%,

01/15/2028

23,594‌

23,231‌

0.63%,

04/15/2023

6,004‌

5,925‌

0.63%,

01/15/2024

29,565‌

29,284‌

0.63%,

01/15/2026

21,222‌

21,089‌

0.63%,

07/15/2032

10,479‌

10,422‌

0.63%,

02/15/2043

10,091‌

9,038‌

0.75%,

07/15/2028

20,945‌

21,017‌

0.75%,

02/15/2042

12,866‌

12,005‌

0.75%,

02/15/2045

15,291‌

13,897‌

0.88%,

01/15/2029

17,844‌

17,967‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

U.S.

Treasury

Inflation-Indexed

Obligations

(continued)

0.88%,

02/15/2047

$

9,808‌

$

9,148‌

1.00%,

02/15/2046

7,523‌

7,222‌

1.00%,

02/15/2048

7,258‌

7,010‌

1.00%,

02/15/2049

6,582‌

6,422‌

1.38%,

02/15/2044

14,074‌

14,574‌

1.75%,

01/15/2028

10,324‌

10,837‌

2.00%,

01/15/2026

10,011‌

10,386‌

2.13%,

02/15/2040

6,144‌

7,272‌

2.13%,

02/15/2041

7,267‌

8,558‌

2.38%,

01/15/2025

16,731‌

17,281‌

2.38%,

01/15/2027

9,384‌

10,020‌

2.50%,

01/15/2029

8,787‌

9,715‌

3.38%,

04/15/2032

4,159‌

5,148‌

3.63%,

04/15/2028

10,052‌

11,592‌

3.88%,

04/15/2029

11,220‌

13,427‌

$

755,420‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

1,574,310‌

TOTAL

PURCHASED

OPTIONS

-

0.01%

$

547‌

TOTAL

PURCHASED

INTEREST

RATE

SWAPTIONS

-

0.02%

$

733‌

Total

Investments

$

4,949,437‌

Other

Assets

and

Liabilities

-  (6.94)%

(320,895‌)

TOTAL

NET

ASSETS

-

100.00%

$

4,628,542‌

(a)

All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

100%

owned

subsidiary

of

the

fund.

(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

$17,151

or

0.37%

of

net

assets.

(d)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(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)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(g)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$16,764

or

0.36%

of

net

assets.

(h)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$108,235

or

2.34%

of

net

assets.

(

i

)

Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

(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)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(l)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(m)

This

Senior

Floating

Rate

Note

will

settle

after

August

31,

2022,

at

which

time

the

interest

rate

will

be

determined.

(n)

Security

was

purchased

in

a

"to-be-announced"

("TBA")

transaction.

(o)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

(p)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

and/or

swaption

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$78,455

or

1.70%

of

net

assets.

(q)

Security

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

futures

contracts.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$52,494

or

1.13%

of

net

assets.

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

113

Portfolio

Summary  (unaudited)

Sector

Percent

Government

33.67‌%

Utilities

16.77‌%

Financial

13.57‌%

Energy

12.53‌%

Money

Market

Funds

7.56‌%

Industrial

7.45‌%

Consumer,

Non-cyclical

6.83‌%

Basic

Materials

3.87‌%

Consumer,

Cyclical

1.48‌%

Technology

1.06‌%

Communications

1.03‌%

Mortgage

Securities

0.57‌%

Investment

Companies

0.45‌%

Asset

Backed

Securities

0.07‌%

Purchased

Interest

Rate

Swaptions

0.02‌%

Purchased

Options

0.01‌%

Other

Assets

and

Liabilities

(6.94‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

129,281‌

$

3,833,847‌

$

3,643,941‌

$

319,187‌

$

129,281‌

$

3,833,847‌

$

3,643,941‌

$

319,187‌

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

2.13%

$

675‌

$

—‌

$

—‌

$

—‌

$

675‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Millennium

Health

LLC

03/15/2016

$

—‌

$

3‌

0.00%

Millennium

Health

LLC

03/15/2016

—‌

1‌

0.00%

Quarternorth

Energy

Holding

Inc

08/27/2021

4,842‌

8,705‌

0.19%

Total

$

8,709‌

0.19%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

LME

Copper

Future;

September

2022

(a)

N/A

23‌

$

1‌

$

11,300.00‌

09/08/2022

$

195‌

$

—‌

$

(195‌)

Call

-

LME

PRI

Alum

Future;

September

2022

(a)

N/A

12‌

—‌

$

3,500.00‌

09/08/2022

39‌

—‌

(39‌)

Put

-

Bloomberg

Commodity

Index

(a)

Morgan

Stanley

&

Co

45,604‌

46‌

$

115.00‌

09/26/2022

173‌

55‌

(118‌)

Put

-

EUR

versus

NOK

Morgan

Stanley

&

Co

1

EUR

1,557‌

EUR

9.20‌

09/09/2022

—‌

—‌

—‌

Put

-

EUR

versus

NOK

JPMorgan

Chase

1

1,557‌

EUR

9.65‌

09/09/2022

1‌

—‌

(1‌)

Put

-

EUR

versus

NOK

Citigroup

Inc

1

3,131‌

EUR

9.39‌

10/03/2022

2‌

—‌

(2‌)

Put

-

EUR

versus

NOK

Morgan

Stanley

&

Co

1

3,737‌

EUR

9.65‌

11/17/2022

34‌

16‌

(18‌)

Put

-

US

10

Year

Note

Future;

December

2022

N/A

133‌

$

133‌

$

116.00‌

09/26/2022

73‌

77‌

4‌

Put

-

US

10

Year

Note

Future;

December

2022

N/A

399‌

399‌

$

117.00‌

09/26/2022

338‌

399‌

61‌

Total

$

855‌

$

547‌

$

(308‌)

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

114

Options

(continued)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

LME

Copper

Future;

September

2022

(a)

N/A

23‌

$

1‌

$

13,500.00‌

09/08/2022

$

(34‌)

$

—‌

$

34‌

Put

-

LME

PRI

Alum

Future;

September

2022

(a)

N/A

14‌

—‌

$

2,800.00‌

09/08/2022

(46‌)

(144‌)

(98‌)

Put

-

EUR

versus

NOK

Morgan

Stanley

&

Co

1

EUR

1,557‌

EUR

9.65‌

09/09/2022

(3‌)

—‌

3‌

Put

-

EUR

versus

NOK

JPMorgan

Chase

1

1,557‌

EUR

9.20‌

09/09/2022

—‌

—‌

—‌

Put

-

EUR

versus

NOK

Morgan

Stanley

&

Co

1

3,737‌

EUR

9.35‌

11/17/2022

(9‌)

(3‌)

6‌

Put

-

US

10

Year

Note

Future;

December

2022

N/A

173‌

$

173‌

$

114.00‌

09/26/2022

(21‌)

(24‌)

(3‌)

Put

-

US

10

Year

Note

Future;

December

2022

N/A

519‌

519‌

$

115.00‌

09/26/2022

(156‌)

(154‌)

2‌

Total

$

(269‌)

$

(325‌)

$

(56‌)

Amounts

in

thousands

except

contracts/shares.

(a)

All

or

a

portion

of

this

security

is

owned

by

the

DRA

Cayman

Corporation,

which

is

a

100%

owned

subsidiary

of

the

fund.

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

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

Secured

Overnight

Financing

Rate

Pay

$

9,841‌

2.87%

08/31/2023

$

365‌

$

364‌

$

(1‌)

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

Secured

Overnight

Financing

Rate

Receive

9,841‌

2.87%

08/31/2023

365‌

369‌

4‌

Total

$

730‌

$

733‌

$

3‌

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

Barclays

Bank

PLC

Secured

Overnight

Financing

Rate

Receive

$

13,992‌

3.18%

06/14/2023

$

(554‌)

$

(662‌)

$

(108‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Receive

4,727‌

3.19%

06/16/2023

(181‌)

(227‌)

(46‌)

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Receive

1,399‌

2.75%

07/20/2023

(51‌)

(42‌)

9‌

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Receive

7,313‌

2.54%

08/08/2023

(259‌)

(169‌)

90‌

Call

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Receive

3,682‌

2.44%

08/11/2023

(129‌)

(74‌)

55‌

Call

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

Secured

Overnight

Financing

Rate

Receive

4,267‌

2.68%

08/22/2023

(154‌)

(122‌)

32‌

Put

-

10

Year

Interest

Rate

Swap

Barclays

Bank

PLC

Secured

Overnight

Financing

Rate

Pay

13,992‌

3.18%

06/14/2023

(554‌)

(343‌)

211‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Pay

4,727‌

3.19%

06/16/2023

(182‌)

(115‌)

67‌

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Pay

1,399‌

2.75%

07/20/2023

(50‌)

(58‌)

(8‌)

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Pay

7,313‌

2.54%

08/08/2023

(260‌)

(380‌)

(120‌)

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

Secured

Overnight

Financing

Rate

Pay

3,682‌

2.44%

08/11/2023

(129‌)

(212‌)

(83‌)

Put

-

10

Year

Interest

Rate

Swap

Deutsche

Bank

AG

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

885‌

2.90%

12/05/2022

(9‌)

(10‌)

(1‌)

Put

-

10

Year

Interest

Rate

Swap

JPMorgan

Chase

Secured

Overnight

Financing

Rate

Pay

$

4,267‌

2.68%

08/22/2023

(154‌)

(194‌)

(40‌)

Put

-

5

Year

Interest

Rate

Swap

Barclays

Bank

PLC

6

Month

Euro

Interbank

Offered

Rate

Pay

EUR

7,771‌

3.50%

08/26/2027

(165‌)

(193‌)

(28‌)

Total

$

(2,831‌)

$

(2,801‌)

$

30‌

Amounts

in

thousands.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

3

Month

SOFR;

December

2023

Short

8‌

$

1,931‌

$

—‌

3

Month

SOFR;

June

2023

Short

33‌

7,934‌

25‌

3

Month

SOFR;

March

2023

Long

17‌

4,086‌

(11‌)

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

115

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Brent

Crude;

December

2022

(a)

Long

126‌

$

11,870‌

$

(641‌)

Brent

Crude;

December

2023

(a)

Short

31‌

2,633‌

80‌

Brent

Crude;

December

2025

(a)

Short

12‌

902‌

(6‌)

Brent

Crude;

November

2022

(a)

Long

410‌

39,212‌

(190‌)

California

Carbon

Allowance;

December

2022

(a)

Long

10‌

274‌

(5‌)

Canadian

Bank

Acceptance;

December

2023

Long

10‌

1,825‌

—‌

CBL

Nature-Based

Global

Emissions

Offset;

December

2022

(a)

Long

13‌

114‌

(25‌)

Cocoa;

December

2022

(a)

Short

497‌

11,993‌

(183‌)

Cocoa;

December

2022

(a)

Long

9‌

217‌

(3‌)

Cocoa;

March

2023

(a)

Short

194‌

4,648‌

68‌

Coffee

'C';

December

2022

(a)

Short

116‌

10,233‌

(518‌)

Coffee

'C';

December

2022

(a)

Long

2‌

176‌

(2‌)

Copper;

December

2022

(a)

Long

8‌

704‌

(17‌)

Corn;

December

2022

(a)

Long

467‌

15,656‌

1,005‌

Corn;

December

2023

(a)

Short

71‌

2,202‌

(29‌)

Cotton

No.2;

December

2022

(a)

Short

196‌

11,095‌

598‌

Cotton

No.2;

December

2022

(a)

Long

33‌

1,868‌

80‌

Euribor

;

December

2022

Short

16‌

3,946‌

27‌

Euribor

;

March

2023

Short

21‌

5,156‌

26‌

Euro

Bond

10

Year

Bond;

September

2022

Short

34‌

5,056‌

(82‌)

Euro

Buxl

30

Year

Bond;

September

2022

Short

7‌

1,158‌

70‌

Euro

Milling

Wheat;

December

2022

(a)

Long

144‌

2,348‌

(18‌)

Euro

Schatz;

September

2022

Short

132‌

14,408‌

93‌

Feeder

Cattle;

October

2022

(a)

Long

2‌

183‌

(4‌)

Frozen

Concentrated

Orange

Juice-A;

November

2022

(a)

Short

18‌

500‌

(33‌)

Gasoline

RBOB;

December

2022

(a)

Long

16‌

1,585‌

(128‌)

Gasoline

RBOB;

January

2023

(a)

Short

17‌

1,671‌

141‌

Gasoline

RBOB;

November

2022

(a)

Long

16‌

1,605‌

(158‌)

Gold

100

oz

;

December

2022

(a)

Long

86‌

14,845‌

(26‌)

Gold

100

oz

;

October

2022

(a)

Long

99‌

16,997‌

4‌

ICE

3

Month

Sterling

Overnight

Index

Average;

December

2022

Long

27‌

7,552‌

(11‌)

ICE

3

Month

Sterling

Overnight

Index

Average;

March

2023

Long

18‌

5,005‌

(9‌)

Japan

10

Year

Bond

TSE;

September

2022

Short

7‌

7,534‌

10‌

KC

HRW

Wheat;

December

2022

(a)

Long

62‌

2,829‌

151‌

Lean

Hogs;

December

2022

(a)

Long

32‌

1,074‌

15‌

Lean

Hogs;

October

2022

(a)

Long

40‌

1,464‌

(108‌)

Live

Cattle;

December

2022

(a)

Short

150‌

8,909‌

(22‌)

Live

Cattle;

February

2023

(a)

Short

44‌

2,699‌

18‌

Live

Cattle;

October

2022

(a)

Long

4‌

228‌

4‌

LME

Copper;

December

2022

(a)

Long

49‌

$

9,548‌

$

(963‌)

LME

Copper;

September

2022

(a)

Short

—‌

—‌

(4,821‌)

LME

Lead;

December

2022

(a)

Long

18‌

878‌

(224‌)

LME

Lead;

September

2022

(a)

Short

—‌

—‌

196‌

LME

Nickel;

December

2022

(a)

Long

19‌

2,443‌

(383‌)

LME

Nickel;

September

2022

(a)

Long

85‌

10,882‌

(461‌)

LME

Nickel;

September

2022

(a)

Short

—‌

—‌

(1,770‌)

LME

PRI

Alum;

December

2022

(a)

Long

191‌

11,279‌

(2,767‌)

LME

PRI

Alum;

December

2024

(a)

Short

45‌

2,776‌

33‌

LME

PRI

Alum;

March

2023

(a)

Short

449‌

26,629‌

267‌

LME

PRI

Alum;

September

2022

(a)

Long

398‌

23,530‌

(474‌)

LME

PRI

Alum;

September

2022

(a)

Short

—‌

—‌

(3,506‌)

LME

Zinc;

December

2022

(a)

Long

31‌

2,667‌

(84‌)

LME

Zinc;

September

2022

(a)

Long

257‌

22,671‌

(826‌)

LME

Zinc;

September

2022

(a)

Short

—‌

—‌

203‌

Low

Sulphur

Gasoline;

April

2023

(a)

Short

63‌

5,809‌

4‌

Low

Sulphur

Gasoline;

December

2022

(a)

Long

30‌

3,014‌

128‌

Low

Sulphur

Gasoline;

February

2023

(a)

Long

60‌

5,784‌

32‌

Low

Sulphur

Gasoline;

September

2022

(a)

Long

184‌

20,212‌

1,796‌

Natural

Gas;

December

2022

(a)

Long

6‌

560‌

81‌

Natural

Gas;

October

2022

(a)

Long

832‌

75,937‌

2,390‌

NY

Harb

ULSD;

December

2022

(a)

Short

43‌

6,405‌

58‌

NY

Harb

ULSD;

December

2022

(a)

Long

3‌

447‌

(15‌)

NY

Harb

ULSD;

January

2023

(a)

Short

6‌

878‌

30‌

NY

Harb

ULSD;

November

2022

(a)

Long

8‌

1,213‌

75‌

Platinum;

October

2022

(a)

Long

109‌

4,507‌

(596‌)

Silver;

December

2022

(a)

Long

188‌

16,809‌

(1,311‌)

Soybean

Meal;

December

2022

(a)

Long

286‌

11,872‌

173‌

Soybean

Oil;

December

2022

(a)

Long

291‌

11,782‌

(147‌)

Soybean;

November

2022

(a)

Short

161‌

11,451‌

636‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

116

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Soybean;

November

2022

(a)

Long

20‌

$

1,423‌

$

(137‌)

Sugar

#11;

March

2023

(a)

Long

67‌

1,333‌

(26‌)

Sugar

#11;

October

2022

(a)

Short

634‌

12,703‌

570‌

US

10

Year

Note;

December

2022

Short

36‌

4,209‌

1‌

US

10

Year

Ultra

Note;

December

2022

Long

41‌

5,133‌

(22‌)

US

2

Year

Note;

December

2022

Long

16‌

3,333‌

(2‌)

US

5

Year

Note;

December

2022

Short

30‌

3,325‌

13‌

US

Long

Bond;

December

2022

Short

22‌

2,989‌

(2‌)

US

Ultra

Bond;

December

2022

Long

30‌

4,485‌

32‌

Wheat;

December

2022

(a)

Long

198‌

8,232‌

356‌

WTI

Crude;

December

2022

(a)

Short

282‌

24,903‌

282‌

WTI

Crude;

December

2022

(a)

Long

83‌

7,330‌

(405‌)

WTI

Crude;

January

2023

(a)

Short

488‌

42,710‌

329‌

Total

$

(11,071‌)

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

Bank

of

America

NA

09/02/2022

$

371‌

EUR

358‌

$

11‌

$

—‌

BNP

Paribas

09/02/2022

EUR

709‌

$

709‌

4‌

—‌

BNP

Paribas

09/02/2022

$

685‌

EUR

672‌

9‌

—‌

BNP

Paribas

10/04/2022

$

710‌

EUR

709‌

—‌

(3‌)

Citigroup

Inc

09/21/2022

NOK

7,807‌

EUR

751‌

31‌

—‌

JPMorgan

Chase

09/21/2022

NOK

7,917‌

EUR

779‌

13‌

—‌

Total

$

68‌

$

(3‌)

Amounts

in

thousands.

Exchange

Cleared

Interest

Rate

Swaps

Floating

Rate

Index

(Pay)/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid

by

Fund

Payment

Frequency

Received

by

Fund

Effective

Date

(a)

Maturity

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Upfront

Payments/

(Receipts)

Fair

Value

6

Month

Euro

Interbank

Offered

Rate

Pay

0.64%

Semiannual

Annual

N/A

02/15/2031

EUR

1,655‌

$

(231‌)

$

14‌

$

(217‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

0.69%

Semiannual

Annual

N/A

02/15/2031

825‌

(112‌)

7‌

(105‌)

6

Month

Euro

Interbank

Offered

Rate

Pay

1.87%

Semiannual

Annual

N/A

08/15/2031

6,095‌

(257‌)

5‌

(252‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.47%

Annual

Annual

N/A

04/19/2031

$

1,190‌

134‌

—‌

134‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

3.05%

Annual

Annual

N/A

08/30/2027

5,275‌

(32‌)

—‌

(32‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

3.24%

Annual

Annual

N/A

08/19/2023

3,920‌

(2‌)

—‌

(2‌)

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.43%

Annual

Annual

N/A

08/17/2052

130‌

4‌

—‌

4‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.47%

Annual

Annual

N/A

07/21/2052

130‌

3‌

—‌

3‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.67%

Annual

Annual

N/A

07/11/2031

6,790‌

163‌

—‌

163‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

3.19%

Annual

Annual

N/A

08/01/2025

7,820‌

53‌

—‌

53‌

Consumer

Price

All

Urban

Non-

Seasonally

Adjusted

Index

Receive

2.63%

Annual

Annual

N/A

06/29/2052

2,940‌

(47‌)

—‌

(47‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.43%

Annual

Annual

N/A

07/15/2052

EUR

200‌

(5‌)

—‌

(5‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.68%

Annual

Annual

N/A

08/15/2032

185‌

1‌

—‌

1‌

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

117

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

Receive

2.60%

Annual

Annual

N/A

08/15/2052

EUR

105‌

$

(4‌)

$

—‌

$

(4‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

2.44%

Annual

Annual

N/A

08/15/2052

200‌

(3‌)

—‌

(3‌)

Harmonised

Indices

of

Consumer

Prices

Excluding

Food

and

Energy

Pay

7.68%

Annual

Annual

N/A

08/15/2023

3,860‌

(1‌)

—‌

(1‌)

Secured

Overnight

Financing

Rate

Pay

2.83%

Annual

Annual

N/A

07/05/2032

$

2,087‌

(16‌)

—‌

(16‌)

Secured

Overnight

Financing

Rate

Pay

2.62%

Annual

Annual

N/A

07/07/2032

949‌

(25‌)

—‌

(25‌)

Secured

Overnight

Financing

Rate

Pay

2.78%

Annual

Annual

N/A

07/05/2032

2,087‌

(25‌)

—‌

(25‌)

Secured

Overnight

Financing

Rate

Receive

2.75%

Annual

Annual

N/A

08/23/2032

2,113‌

32‌

—‌

32‌

Secured

Overnight

Financing

Rate

Receive

2.93%

Annual

Annual

N/A

09/02/2032

2,249‌

—‌

—‌

—‌

Secured

Overnight

Financing

Rate

Pay

2.60%

Annual

Annual

N/A

07/26/2032

1,015‌

(29‌)

—‌

(29‌)

Secured

Overnight

Financing

Rate

Pay

2.71%

Annual

Annual

N/A

07/06/2032

1,530‌

(28‌)

—‌

(28‌)

Secured

Overnight

Financing

Rate

Receive

2.93%

Annual

Annual

N/A

09/01/2032

2,126‌

2‌

—‌

2‌

Secured

Overnight

Financing

Rate

Pay

2.92%

Annual

Annual

N/A

09/02/2032

600‌

(1‌)

—‌

(1‌)

Secured

Overnight

Financing

Rate

Receive

2.99%

Annual

Annual

N/A

09/02/2032

2,249‌

(11‌)

—‌

(11‌)

United

Kingdom

Retail

Prices

Index

Receive

4.63%

Annual

Annual

N/A

08/15/2027

GBP

965‌

40‌

(1‌)

39‌

United

Kingdom

Retail

Prices

Index

Pay

4.16%

Annual

Annual

N/A

08/15/2032

965‌

(51‌)

2‌

(49‌)

Total

$

(448‌)

$

27‌

$

(421‌)

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

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

1,471

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.25%

Monthly

05/01/2023

$

1,320‌

$

—‌

$

—‌

$

—‌

Bank

of

America

NA

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

63,533

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.25%

Monthly

05/01/2023

57,017‌

—‌

—‌

(5‌)

Bank

of

America

NA

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

80,374

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.25%

Monthly

05/01/2023

72,132‌

—‌

—‌

(6‌)

Bank

of

America

NA

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

72,435

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.25%

Monthly

05/01/2023

65,007‌

—‌

—‌

(6‌)

Bank

of

America

NA

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

7,819

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.25%

Monthly

05/01/2023

7,017‌

—‌

—‌

(1‌)

Bank

of

America

NA

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

16,638

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.25%

Monthly

05/01/2023

14,932‌

—‌

—‌

(1‌)

Bank

of

America

NA

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

33,090

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.25%

Monthly

05/01/2023

29,696‌

—‌

—‌

(3‌)

Consolidated

Schedule

of

Investments

Diversified

Real

Asset

Fund

August

31,

2022

See

accompanying

notes.

118

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

Citigroup

Inc

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

64,274

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.24%

Monthly

05/01/2023

$

57,682‌

$

—‌

$

—‌

$

(5‌)

Citigroup

Inc

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

81,767

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.24%

Monthly

05/01/2023

73,382‌

—‌

—‌

(6‌)

Citigroup

Inc

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

81,183

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.24%

Monthly

05/01/2023

72,857‌

—‌

—‌

(6‌)

Citigroup

Inc

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

89,011

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.24%

Monthly

05/01/2023

79,883‌

—‌

—‌

(7‌)

UBS

AG

Refinitiv

/

CoreCommodity

CRB

3-Month

Forward

Index

Total

Return

(a)

46,602

Receive

UST

13

Week

Bill

High

Discount

Rate

+

0.25%

Monthly

05/01/2023

41,823‌

—‌

—‌

(4‌)

Total

$

—‌

$

—‌

$

(50‌)

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

August

31,

2022

See

accompanying

notes.

119

INVESTMENT

COMPANIES

-

1.50%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.50%

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(a),(b)

1,662,137‌

$

1,662‌

TOTAL

INVESTMENT

COMPANIES

$

1,662‌

COMMON

STOCKS

-

97.57%

Shares

Held

Value

(000's)

Advertising

-

1.50%

Interpublic

Group

of

Cos

Inc

/The

60,074‌

$

1,660‌

Automobile

Parts

&

Equipment

-

1.99%

Autoliv

Inc

28,446‌

2,213‌

Banks

-

3.35%

Bank

OZK

39,857‌

1,615‌

Cullen/Frost

Bankers

Inc

16,156‌

2,100‌

$

3,715‌

Building

Materials

-

2.00%

Lennox

International

Inc

9,245‌

2,220‌

Chemicals

-

3.05%

FMC

Corp

31,341‌

3,387‌

Commercial

Services

-

2.38%

Morningstar

Inc

11,598‌

2,644‌

Computers

-

2.39%

Amdocs

Ltd

31,036‌

2,653‌

Consumer

Products

-

4.95%

Avery

Dennison

Corp

20,874‌

3,834‌

WD-40

Co

8,814‌

1,667‌

$

5,501‌

Diversified

Financial

Services

-

0.57%

Hamilton

Lane

Inc

9,075‌

631‌

Electric

-

2.98%

Alliant

Energy

Corp

54,322‌

3,316‌

Electrical

Components

&

Equipment

-

3.59%

Energizer

Holdings

Inc

34,490‌

969‌

Littelfuse

Inc

12,724‌

3,018‌

$

3,987‌

Hand

&

Machine

Tools

-

6.80%

Lincoln

Electric

Holdings

Inc

29,385‌

4,017‌

Snap-on

Inc

16,212‌

3,532‌

$

7,549‌

Healthcare

-

Products

-

7.58%

Bio-

Techne

Corp

8,316‌

2,759‌

STERIS

PLC

16,918‌

3,407‌

Teleflex

Inc

9,906‌

2,241‌

$

8,407‌

Healthcare

-

Services

-

2.44%

Universal

Health

Services

Inc

27,685‌

2,709‌

Insurance

-

4.87%

Fidelity

National

Financial

Inc

76,925‌

3,009‌

Kinsale

Capital

Group

Inc

5,101‌

1,294‌

Markel

Corp

(c)

919‌

1,097‌

$

5,400‌

Internet

-

0.99%

Rightmove

PLC

156,722‌

1,102‌

Leisure

Products

&

Services

-

5.81%

Brunswick

Corp/DE

40,683‌

3,039‌

Peloton

Interactive

Inc

(c)

27,762‌

283‌

YETI

Holdings

Inc

(c)

84,912‌

3,132‌

$

6,454‌

Machinery

-

Diversified

-

3.17%

Nordson

Corp

15,482‌

3,517‌

Media

-

1.20%

Cable

One

Inc

1,171‌

1,329‌

Oil

&

Gas

-

4.84%

Coterra

Energy

Inc

65,508‌

2,026‌

Helmerich

&

Payne

Inc

38,649‌

1,652‌

HF

Sinclair

Corp

32,196‌

1,694‌

$

5,372‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

-

8.12%

Alexandria

Real

Estate

Equities

Inc

20,152‌

$

3,091‌

Equity

LifeStyle

Properties

Inc

32,345‌

2,267‌

STORE

Capital

Corp

53,307‌

1,438‌

Terreno

Realty

Corp

36,462‌

2,224‌

$

9,020‌

Retail

-

2.90%

Tractor

Supply

Co

17,363‌

3,215‌

Savings

&

Loans

-

1.67%

Washington

Federal

Inc

58,025‌

1,857‌

Semiconductors

-

3.92%

MKS

Instruments

Inc

13,420‌

1,337‌

Teradyne

Inc

35,583‌

3,012‌

$

4,349‌

Software

-

8.14%

Black

Knight

Inc

(c)

7,250‌

480‌

Cloudflare

Inc

(c)

11,779‌

737‌

Fair

Isaac

Corp

(c)

9,699‌

4,358‌

HubSpot

Inc

(c)

2,050‌

691‌

Tyler

Technologies

Inc

(c)

7,480‌

2,778‌

$

9,044‌

Transportation

-

3.67%

Expeditors

International

of

Washington

Inc

39,595‌

4,075‌

Water

-

2.70%

Essential

Utilities

Inc

60,878‌

2,992‌

TOTAL

COMMON

STOCKS

$

108,318‌

Total

Investments

$

109,980‌

Other

Assets

and

Liabilities

-  0.93%

1,035‌

TOTAL

NET

ASSETS

-

100.00%

$

111,015‌

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

(c)

Non-income

producing

security

Portfolio

Summary  (unaudited)

Sector

Percent

Industrial

19.23‌%

Financial

18.58‌%

Consumer,

Non-cyclical

17.35‌%

Technology

14.45‌%

Consumer,

Cyclical

10.70‌%

Utilities

5.68‌%

Energy

4.84‌%

Communications

3.69‌%

Basic

Materials

3.05‌%

Money

Market

Funds

1.50‌%

Other

Assets

and

Liabilities

0.93‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Edge

MidCap

Fund

August

31,

2022

See

accompanying

notes.

120

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

12,944‌

$

121,950‌

$

133,232‌

$

1,662‌

$

12,944‌

$

121,950‌

$

133,232‌

$

1,662‌

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

2.13%

$

33‌

$

—‌

$

—‌

$

—‌

$

33‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

121

INVESTMENT

COMPANIES

-

25.42%

Shares

Held

Value

(000's)

Closed-End

Funds

-

0.22%

Apollo

Tactical

Income

Fund

Inc

13,886‌

$

181‌

Ares

Dynamic

Credit

Allocation

Fund

Inc

6,383‌

83‌

BlackRock

Debt

Strategies

Fund

Inc

9,085‌

87‌

BlackRock

Floating

Rate

Income

Strategies

Fund

Inc

6,525‌

79‌

DoubleLine

Income

Solutions

Fund

6,507‌

81‌

First

Trust

Senior

Floating

Rate

Income

Fund

II

8,544‌

89‌

Franklin

Universal

Trust

13,711‌

110‌

Invesco

Senior

Income

Trust

20,396‌

79‌

Nuveen

Credit

Strategies

Income

Fund

33,083‌

178‌

Saba

Capital

Income

&

Opportunities

Fund

10,973‌

92‌

$

1,059‌

Exchange-Traded

Funds

-

0.11%

iShares

Russell

1000

Growth

ETF

1,061‌

248‌

iShares

Russell

2000

ETF

1,004‌

$

184‌

iShares

Russell

2000

Growth

ETF

109‌

25‌

iShares

Russell

2000

Value

ETF

493‌

72‌

$

529‌

Money

Market

Funds

-

25.09%

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

2.12%

(a),(b),(c)

9,772,140‌

9,772‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(b),(d)

110,545,216‌

110,545‌

$

120,317‌

TOTAL

INVESTMENT

COMPANIES

$

121,905‌

COMMON

STOCKS

-

37.97%

Shares

Held

Value

(000's)

Advertising

-

0.08%

Interpublic

Group

of

Cos

Inc/The

(e)

3,210‌

89‌

Omnicom

Group

Inc

(e)

891‌

60‌

Publicis

Groupe

SA

389‌

19‌

Trade

Desk

Inc/The

(c),(f)

1,603‌

100‌

WPP

PLC

11,931‌

103‌

$

371‌

Aerospace

&

Defense

-

0.35%

Airbus

SE

2,534‌

248‌

BAE

Systems

PLC

16,336‌

147‌

Boeing

Co/The

(f)

336‌

54‌

General

Dynamics

Corp

(e)

1,919‌

439‌

Lockheed

Martin

Corp

(e)

769‌

323‌

Northrop

Grumman

Corp

609‌

291‌

Spirit

AeroSystems

Holdings

Inc

2,047‌

62‌

Thales

SA

941‌

114‌

$

1,678‌

Agriculture

-

0.28%

Altria

Group

Inc

(e)

2,108‌

95‌

Archer-Daniels-Midland

Co

(e)

1,160‌

102‌

Imperial

Brands

PLC

2,843‌

62‌

Japan

Tobacco

Inc

22,000‌

373‌

Philip

Morris

International

Inc

(c),(e)

7,680‌

734‌

$

1,366‌

Airlines

-

0.03%

Sun

Country

Airlines

Holdings

Inc

(f)

3,010‌

60‌

United

Airlines

Holdings

Inc

(e),(f)

1,783‌

62‌

$

122‌

Apparel

-

0.32%

Adidas

AG

271‌

40‌

Carter's

Inc

725‌

54‌

Crocs

Inc

(f)

405‌

30‌

Dr

Martens

PLC

9,220‌

25‌

Kering

SA

740‌

371‌

Kontoor

Brands

Inc

1,689‌

63‌

NIKE

Inc

(e)

3,522‌

375‌

PVH

Corp

(e)

3,224‌

181‌

Steven

Madden

Ltd

4,341‌

126‌

Tapestry

Inc

(e)

8,276‌

288‌

$

1,553‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Automobile

Manufacturers

-

0.57%

Bayerische

Motoren

Werke

AG

871‌

$

64‌

Cummins

Inc

(e)

640‌

138‌

Ferrari

NV

814‌

157‌

Ford

Motor

Co

(e)

14,181‌

216‌

General

Motors

Co

(e)

2,034‌

77‌

Honda

Motor

Co

Ltd

18,900‌

503‌

Isuzu

Motors

Ltd

19,700‌

245‌

Mazda

Motor

Corp

25,700‌

228‌

Mercedes-Benz

Group

AG

1,515‌

85‌

PACCAR

Inc

(c)

4,597‌

402‌

REV

Group

Inc

5,331‌

61‌

Stellantis

NV

9,425‌

126‌

Tesla

Inc

(c),(f)

1,269‌

350‌

Volvo

AB

-

B

Shares

6,128‌

97‌

$

2,749‌

Automobile

Parts

&

Equipment

-

0.15%

BorgWarner

Inc

(e)

5,209‌

196‌

Cie

Generale

des

Etablissements

Michelin

SCA

1,676‌

41‌

Continental

AG

1,298‌

75‌

Dana

Inc

4,893‌

76‌

NGK

Insulators

Ltd

9,000‌

128‌

Tenneco

Inc

(f)

9,551‌

180‌

$

696‌

Banks

-

1.53%

Allegiance

Bancshares

Inc

2,070‌

88‌

Ameris

Bancorp

1,283‌

60‌

Bank

of

America

Corp

(e)

3,577‌

120‌

Bank

OZK

1,792‌

73‌

Bankinter

SA

7,399‌

38‌

Barclays

PLC

39,964‌

76‌

BAWAG

Group

AG

(f),(g)

904‌

41‌

Cadence

Bank

2,693‌

69‌

Citigroup

Inc

(e)

3,740‌

183‌

Citizens

Financial

Group

Inc

(c)

3,726‌

137‌

DBS

Group

Holdings

Ltd

2,800‌

65‌

DNB

Bank

ASA

8,883‌

169‌

Erste

Group

Bank

AG

2,224‌

50‌

FinecoBank

Banca

Fineco

SpA

4,921‌

53‌

First

Citizens

BancShares

Inc/NC

108‌

88‌

First

Foundation

Inc

2,084‌

39‌

First

Hawaiian

Inc

2,325‌

60‌

First

Horizon

Corp

21,818‌

494‌

First

Interstate

BancSystem

Inc

1,938‌

78‌

First

Republic

Bank/CA

(e)

2,163‌

329‌

FNB

Corp/PA

5,246‌

63‌

Goldman

Sachs

Group

Inc/The

(e)

381‌

126‌

Home

BancShares

Inc/AR

3,516‌

83‌

HSBC

Holdings

PLC

33,187‌

203‌

ING

Groep

NV

9,725‌

85‌

JPMorgan

Chase

&

Co

(e)

2,988‌

340‌

Lloyds

Banking

Group

PLC

255,445‌

129‌

M&T

Bank

Corp

1,739‌

316‌

Mizuho

Financial

Group

Inc

11,500‌

132‌

Morgan

Stanley

223‌

19‌

National

Bank

of

Canada

1,800‌

119‌

Nordea

Bank

Abp

35,775‌

332‌

OFG

Bancorp

2,408‌

65‌

Old

National

Bancorp/IN

4,678‌

78‌

Oversea-Chinese

Banking

Corp

Ltd

49,000‌

422‌

PNC

Financial

Services

Group

Inc/The

(e)

1,071‌

169‌

Regions

Financial

Corp

(c)

9,728‌

211‌

Royal

Bank

of

Canada

1,200‌

111‌

Sandy

Spring

Bancorp

Inc

1,760‌

68‌

Signature

Bank/New

York

NY

(e)

1,327‌

231‌

Skandinaviska

Enskilda

Banken

AB

23,448‌

234‌

Societe

Generale

SA

1,541‌

34‌

Standard

Chartered

PLC

15,094‌

105‌

SVB

Financial

Group

(e),(f)

525‌

213‌

Synovus

Financial

Corp

1,456‌

58‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

122

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Toronto-Dominion

Bank/The

3,100‌

$

199‌

Truist

Financial

Corp

(c)

2,654‌

124‌

UBS

Group

AG

8,333‌

132‌

United

Community

Banks

Inc/GA

2,182‌

73‌

United

Overseas

Bank

Ltd

9,700‌

189‌

US

Bancorp

(c)

7,028‌

321‌

Veritex

Holdings

Inc

2,247‌

68‌

$

7,362‌

Beverages

-

0.59%

Brown-Forman

Corp

-

B

Shares

6,356‌

462‌

Celsius

Holdings

Inc

(f)

379‌

39‌

Coca-Cola

Co/The

(e)

10,361‌

639‌

Coca-Cola

Europacific

Partners

PLC

(c)

2,410‌

118‌

Coca-Cola

HBC

AG

(f)

13,990‌

319‌

Constellation

Brands

Inc

(e)

40‌

10‌

Diageo

PLC

2,417‌

105‌

Keurig

Dr

Pepper

Inc

3,529‌

135‌

Kirin

Holdings

Co

Ltd

23,100‌

380‌

Molson

Coors

Beverage

Co

(e)

941‌

49‌

Monster

Beverage

Corp

(f)

673‌

60‌

PepsiCo

Inc

(e)

2,529‌

436‌

Suntory

Beverage

&

Food

Ltd

2,300‌

84‌

$

2,836‌

Biotechnology

-

0.91%

Abcam

PLC

(f)

9,481‌

140‌

ACADIA

Pharmaceuticals

Inc

(f)

3,559‌

58‌

Amgen

Inc

(c),(e)

1,035‌

249‌

Biogen

Inc

(c),(e),(f)

1,352‌

264‌

Biohaven

Pharmaceutical

Holding

Co

Ltd

(c),(f)

5,566‌

831‌

Celldex

Therapeutics

Inc

(f)

2,072‌

63‌

ChemoCentryx

Inc

(f)

1,369‌

70‌

Cytokinetics

Inc

(f)

1,987‌

105‌

Genmab

A/S

(f)

1,688‌

601‌

Gilead

Sciences

Inc

(c),(e)

4,313‌

273‌

Global

Blood

Therapeutics

Inc

(f)

5,674‌

385‌

Illumina

Inc

(e),(f)

482‌

97‌

Incyte

Corp

(c),(e),(f)

1,059‌

74‌

Intellia

Therapeutics

Inc

(f)

422‌

25‌

Iovance

Biotherapeutics

Inc

(f)

3,695‌

40‌

Karuna

Therapeutics

Inc

(f)

100‌

26‌

Kymera

Therapeutics

Inc

(f)

2,219‌

63‌

PTC

Therapeutics

Inc

(f)

751‌

38‌

Regeneron

Pharmaceuticals

Inc

(e),(f)

163‌

95‌

REVOLUTION

Medicines

Inc

(f)

1,068‌

22‌

Rocket

Pharmaceuticals

Inc

(f)

1,743‌

27‌

Sage

Therapeutics

Inc

(f)

1,399‌

53‌

Seagen

Inc

(f)

674‌

104‌

Vertex

Pharmaceuticals

Inc

(c),(e),(f)

2,432‌

686‌

$

4,389‌

Building

Materials

-

0.59%

Apogee

Enterprises

Inc

1,548‌

63‌

Boise

Cascade

Co

1,716‌

107‌

Cemex

SAB

de

CV

ADR

(f)

19,313‌

72‌

Cie

de

Saint-Gobain

5,744‌

232‌

CRH

PLC

2,247‌

82‌

CRH

PLC

2,466‌

91‌

Griffon

Corp

21,200‌

665‌

Johnson

Controls

International

plc

5,424‌

294‌

Lennox

International

Inc

563‌

135‌

Marshalls

PLC

9,837‌

38‌

Masco

Corp

(e)

3,873‌

197‌

Owens

Corning

(c)

6,668‌

545‌

Sika

AG

594‌

134‌

Vulcan

Materials

Co

(c)

501‌

83‌

Wienerberger

AG

3,631‌

85‌

$

2,823‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

-

1.06%

Albemarle

Corp

375‌

$

100‌

Asahi

Kasei

Corp

7,900‌

58‌

BASF

SE

7,812‌

330‌

Borregaard

ASA

3,054‌

47‌

Brenntag

SE

1,832‌

120‌

Cabot

Corp

1,228‌

88‌

Celanese

Corp

(c),(e)

6,081‌

674‌

CF

Industries

Holdings

Inc

(e)

1,776‌

184‌

Codexis

Inc

(f)

6,849‌

48‌

Dow

Inc

(c),(e)

1,912‌

97‌

DuPont

de

Nemours

Inc

(e)

2,028‌

113‌

Eastman

Chemical

Co

(e)

3,064‌

279‌

Ecolab

Inc

1,694‌

278‌

FMC

Corp

693‌

75‌

Linde

PLC

(c)

1,728‌

490‌

LyondellBasell

Industries

NV

(c)

2,289‌

190‌

Mativ

Holdings

Inc

3,068‌

72‌

Minerals

Technologies

Inc

868‌

51‌

Mosaic

Co/The

(e)

4,846‌

261‌

Nutrien

Ltd

575‌

53‌

PPG

Industries

Inc

687‌

87‌

Quaker

Chemical

Corp

460‌

80‌

Rogers

Corp

(f)

2,028‌

508‌

Sherwin-Williams

Co/The

556‌

129‌

Shin-Etsu

Chemical

Co

Ltd

1,500‌

174‌

Tosoh

Corp

6,300‌

81‌

Umicore

SA

1,503‌

48‌

Valvoline

Inc

8,445‌

246‌

Victrex

PLC

5,039‌

102‌

$

5,063‌

Commercial

Services

-

1.58%

Adtalem

Global

Education

Inc

(f)

1,810‌

68‌

ALD

SA

(g)

4,430‌

48‌

AMERCO

(c)

431‌

227‌

AMN

Healthcare

Services

Inc

(f)

1,011‌

104‌

Automatic

Data

Processing

Inc

(e)

1,122‌

274‌

Block

Inc

(f)

1,163‌

80‌

BrightView

Holdings

Inc

(f)

5,205‌

53‌

Bureau

Veritas

SA

7,590‌

189‌

Cintas

Corp

401‌

163‌

CoreCivic

Inc

(f)

4,441‌

42‌

CoStar

Group

Inc

(f)

1,216‌

85‌

Cross

Country

Healthcare

Inc

(f)

546‌

14‌

Deluxe

Corp

2,021‌

39‌

Elis

SA

5,267‌

67‌

Escrow

Altegrity

Inc

NPV

(f)

461,427‌

1,744‌

FleetCor

Technologies

Inc

(c),(e),(f)

1,725‌

367‌

GMO

Payment

Gateway

Inc

2,800‌

222‌

H&R

Block

Inc

1,555‌

70‌

Hypoport

SE

(f)

82‌

16‌

I3

Verticals

Inc

(f)

3,405‌

79‌

Insperity

Inc

953‌

104‌

Loomis

AB

4,064‌

110‌

Medifast

Inc

477‌

60‌

MoneyGram

International

Inc

(f)

28,165‌

290‌

Monro

Inc

3,353‌

155‌

Moody's

Corp

(e)

685‌

195‌

Nielsen

Holdings

PLC

(c)

27,122‌

755‌

Nihon

M&A

Center

Holdings

Inc

28,300‌

351‌

PayPal

Holdings

Inc

(e),(f)

1,117‌

104‌

PROG

Holdings

Inc

(f)

3,517‌

65‌

QinetiQ

Group

PLC

24,605‌

99‌

R1

RCM

Inc

(f)

4,098‌

90‌

Robert

Half

International

Inc

(c),(e)

3,244‌

250‌

S&P

Global

Inc

294‌

104‌

Secom

Co

Ltd

2,000‌

127‌

Securitas

AB

7,674‌

67‌

Terminix

Global

Holdings

Inc

(f)

911‌

39‌

TriNet

Group

Inc

(f)

1,213‌

100‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

123

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Commercial

Services

(continued)

United

Rentals

Inc

(f)

1,707‌

$

498‌

Verisk

Analytics

Inc

(e)

417‌

78‌

$

7,592‌

Computers

-

1.35%

Accenture

PLC

-

Class

A

(c)

2,296‌

662‌

Apple

Inc

(c),(e)

23,082‌

3,629‌

Cognizant

Technology

Solutions

Corp

(c),(e)

6,253‌

396‌

Computer

Services

Inc

3,396‌

193‌

Crowdstrike

Holdings

Inc

(c),(f)

1,037‌

189‌

DXC

Technology

Co

(e),(f)

4,321‌

107‌

EPAM

Systems

Inc

(e),(f)

37‌

16‌

Genpact

Ltd

1,621‌

76‌

HP

Inc

(e)

9,670‌

278‌

Leidos

Holdings

Inc

1,031‌

98‌

Lumentum

Holdings

Inc

(f)

621‌

52‌

NetApp

Inc

(e)

2,326‌

168‌

Otsuka

Corp

2,600‌

84‌

Ping

Identity

Holding

Corp

(f)

615‌

17‌

Rapid7

Inc

(f)

1,237‌

71‌

Science

Applications

International

Corp

780‌

71‌

Softcat

PLC

2,212‌

33‌

Stratasys

Ltd

(f)

3,675‌

63‌

Teleperformance

806‌

230‌

Western

Digital

Corp

(e),(f)

1,541‌

65‌

$

6,498‌

Consumer

Products

-

0.05%

Kimberly-Clark

Corp

(e)

1,033‌

132‌

Reckitt

Benckiser

Group

PLC

1,291‌

99‌

$

231‌

Cosmetics

&

Personal

Care

-

0.23%

Colgate-Palmolive

Co

(e)

5,547‌

434‌

Edgewell

Personal

Care

Co

1,675‌

65‌

elf

Beauty

Inc

(f)

3,168‌

121‌

Estee

Lauder

Cos

Inc/The

(e)

10‌

2‌

Haleon

PLC

(f)

16,280‌

49‌

Procter

&

Gamble

Co/The

(e)

2,492‌

344‌

Unilever

PLC

2,427‌

110‌

$

1,125‌

Distribution

&

Wholesale

-

0.39%

Copart

Inc

(e),(f)

2,340‌

280‌

Fastenal

Co

1,473‌

74‌

IMCD

NV

368‌

51‌

LKQ

Corp

(e)

4,329‌

230‌

MARR

SpA

2,998‌

35‌

RS

GROUP

PLC

6,978‌

88‌

Sumitomo

Corp

30,400‌

428‌

Toyota

Tsusho

Corp

7,000‌

245‌

WESCO

International

Inc

(f)

857‌

113‌

WW

Grainger

Inc

(c),(e)

606‌

336‌

$

1,880‌

Diversified

Financial

Services

-

1.22%

4L

Technologies

(f),(h)

24,306‌

1‌

Air

Lease

Corp

1,643‌

60‌

American

Express

Co

(e)

2,711‌

412‌

Apollo

Global

Management

Inc

1,366‌

76‌

Banca

Generali

SpA

1,998‌

53‌

BlackRock

Inc

(e)

572‌

381‌

Cboe

Global

Markets

Inc

(c)

1,413‌

167‌

Charles

Schwab

Corp/The

(e)

7,732‌

549‌

CME

Group

Inc

282‌

55‌

Cowen

Inc

2,356‌

90‌

Credit

Acceptance

Corp

(f)

364‌

194‌

Element

Comm

Aviation

(f),(h),(i)

280‌

24‌

Enova

International

Inc

(f)

2,857‌

100‌

Euronext

NV

(g)

831‌

61‌

Federal

Agricultural

Mortgage

Corp

1,292‌

141‌

Franklin

Resources

Inc

(e)

5,924‌

154‌

Futu

Holdings

Ltd

ADR

(c),(f)

756‌

37‌

Greenhill

&

Co

Inc

7,668‌

60‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Diversified

Financial

Services

(continued)

Hamilton

Lane

Inc

933‌

$

65‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc

1,497‌

59‌

Intercontinental

Exchange

Inc

(e)

3,277‌

330‌

Invesco

Ltd

13,824‌

228‌

Mastercard

Inc

(e)

1,428‌

463‌

Nasdaq

Inc

(e)

3,942‌

235‌

Navient

Corp

3,367‌

52‌

PRA

Group

Inc

(f)

3,898‌

144‌

Radian

Group

Inc

3,942‌

83‌

Raymond

James

Financial

Inc

1,244‌

130‌

Synchrony

Financial

(c)

1,895‌

62‌

T

Rowe

Price

Group

Inc

(e)

3,422‌

410‌

TMX

Group

Ltd

2,300‌

231‌

Tradeweb

Markets

Inc

1,866‌

130‌

Visa

Inc

(e)

2,775‌

552‌

VZ

Holding

AG

787‌

63‌

$

5,852‌

Electric

-

1.09%

AES

Corp/The

673‌

17‌

Algonquin

Power

&

Utilities

Corp

14,100‌

194‌

Avangrid

Inc

713‌

35‌

CenterPoint

Energy

Inc

(e)

1,275‌

40‌

CMS

Energy

Corp

(c)

2,163‌

146‌

Constellation

Energy

Corp

(e)

4,829‌

394‌

DTE

Energy

Co

(e)

2,747‌

358‌

Duke

Energy

Corp

1,242‌

133‌

EDP

-

Energias

de

Portugal

SA

37,897‌

181‌

Endesa

SA

7,598‌

130‌

Enel

SpA

42,717‌

201‌

Exelon

Corp

(c),(e)

12,979‌

570‌

Iberdrola

SA

24,477‌

254‌

NextEra

Energy

Inc

268‌

23‌

Northland

Power

Inc

9,800‌

335‌

NRG

Energy

Inc

(c),(e)

22,215‌

918‌

Pinnacle

West

Capital

Corp

939‌

71‌

Portland

General

Electric

Co

1,426‌

74‌

PPL

Corp

(c)

9,547‌

278‌

Public

Service

Enterprise

Group

Inc

(e)

5,007‌

322‌

Southern

Co/The

(e)

1,892‌

146‌

Terna

-

Rete

Elettrica

Nazionale

9,629‌

68‌

Vistra

Corp

(c)

3,708‌

92‌

WEC

Energy

Group

Inc

(c)

2,561‌

264‌

$

5,244‌

Electrical

Components

&

Equipment

-

0.28%

Acuity

Brands

Inc

512‌

84‌

AMETEK

Inc

(c),(e)

3,079‌

370‌

Emerson

Electric

Co

(c),(e)

5,030‌

412‌

Energizer

Holdings

Inc

2,109‌

59‌

EnerSys

940‌

59‌

Insteel

Industries

Inc

1,572‌

45‌

Novanta

Inc

(f)

553‌

74‌

Schneider

Electric

SE

869‌

103‌

Signify

NV

(g)

3,325‌

94‌

Universal

Display

Corp

364‌

41‌

$

1,341‌

Electronics

-

0.34%

Agilent

Technologies

Inc

(e)

937‌

120‌

Amphenol

Corp

(e)

1,020‌

75‌

Arrow

Electronics

Inc

(c),(f)

1,148‌

120‌

Assa

Abloy

AB

7,922‌

160‌

DiscoverIE

Group

PLC

7,429‌

68‌

FARO

Technologies

Inc

(f)

2,783‌

93‌

Fortive

Corp

(e)

2,577‌

163‌

Honeywell

International

Inc

1,590‌

301‌

II-VI

Inc

(f)

1,290‌

61‌

Keysight

Technologies

Inc

(e),(f)

205‌

34‌

LEM

Holding

SA

29‌

48‌

Mettler-Toledo

International

Inc

(e),(f)

12‌

15‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

124

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electronics

(continued)

Shimadzu

Corp

3,900‌

$

114‌

Spectris

PLC

1,799‌

58‌

TDK

Corp

3,200‌

112‌

TE

Connectivity

Ltd

554‌

70‌

$

1,612‌

Energy

-

Alternate

Sources

-

0.03%

Enphase

Energy

Inc

(c),(f)

208‌

60‌

First

Solar

Inc

(f)

342‌

44‌

SolarEdge

Technologies

Inc

(e),(f)

226‌

62‌

$

166‌

Engineering

&

Construction

-

0.11%

Aeroports

de

Paris

(f)

596‌

82‌

Badger

Infrastructure

Solutions

Ltd

3,539‌

83‌

Fluor

Corp

(f)

3,234‌

86‌

Kajima

Corp

12,400‌

130‌

Vinci

SA

1,595‌

147‌

$

528‌

Entertainment

-

0.11%

Caesars

Entertainment

Inc

(c),(f)

4,234‌

183‌

CTS

Eventim

AG

&

Co

KGaA

(f)

871‌

47‌

Deluxe

Entertainment

(f),(h)

67,049‌

—‌

DraftKings

Inc

(f)

3,515‌

56‌

Penn

Entertainment

Inc

(e),(f)

7,942‌

248‌

$

534‌

Environmental

Control

-

0.15%

Casella

Waste

Systems

Inc

(f)

754‌

62‌

Pentair

PLC

6,269‌

279‌

Waste

Connections

Inc

1,200‌

167‌

Waste

Management

Inc

(e)

1,117‌

189‌

$

697‌

Food

-

0.99%

AAK

AB

3,718‌

57‌

Ajinomoto

Co

Inc

5,300‌

146‌

Calavo

Growers

Inc

2,339‌

98‌

Campbell

Soup

Co

(e)

3,256‌

164‌

Coles

Group

Ltd

9,942‌

119‌

Cranswick

PLC

1,699‌

61‌

Empire

Co

Ltd

14,800‌

422‌

Fresh

Market

Inc

-

Escrow

(f),(h)

12,280‌

—‌

General

Mills

Inc

(c),(e)

7,395‌

568‌

George

Weston

Ltd

3,100‌

354‌

HelloFresh

SE

(f)

1,927‌

46‌

Hershey

Co/The

(c),(e)

1,144‌

257‌

Jeronimo

Martins

SGPS

SA

9,115‌

202‌

Kellogg

Co

(e)

2,171‌

158‌

Kesko

Oyj

18,446‌

388‌

Koninklijke

Ahold

Delhaize

NV

4,619‌

127‌

Kraft

Heinz

Co/The

(c),(e)

5,446‌

203‌

Kroger

Co/The

(c),(e)

6,062‌

291‌

Loblaw

Cos

Ltd

300‌

27‌

Metro

Inc/CN

1,200‌

63‌

Mondelez

International

Inc

(e)

3,753‌

232‌

Nestle

SA

3,701‌

433‌

Tate

&

Lyle

PLC

13,321‌

118‌

Tesco

PLC

25,805‌

75‌

Tyson

Foods

Inc

(c),(e)

1,606‌

121‌

$

4,730‌

Food

Service

-

0.02%

Compass

Group

PLC

4,625‌

99‌

Forest

Products

&

Paper

-

0.10%

International

Paper

Co

(c),(e)

8,081‌

337‌

Smurfit

Kappa

Group

PLC

4,006‌

134‌

$

471‌

Gas

-

0.11%

New

Jersey

Resources

Corp

2,513‌

111‌

Tokyo

Gas

Co

Ltd

4,500‌

85‌

UGI

Corp

(c)

8,574‌

338‌

$

534‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Hand

&

Machine

Tools

-

0.06%

Disco

Corp

700‌

$

170‌

Kennametal

Inc

2,220‌

52‌

Snap-on

Inc

(e)

378‌

82‌

$

304‌

Healthcare

-

Products

-

0.81%

Abbott

Laboratories

(e)

4,237‌

435‌

Artivion

Inc

(f)

3,760‌

83‌

Avantor

Inc

(f)

3,402‌

85‌

Baxter

International

Inc

2,472‌

142‌

Boston

Scientific

Corp

(f)

2,024‌

82‌

ConvaTec

Group

PLC

(g)

17,914‌

45‌

Danaher

Corp

(e)

2,072‌

559‌

DENTSPLY

SIRONA

Inc

(e)

9,273‌

304‌

DiaSorin

SpA

202‌

27‌

EssilorLuxottica

SA

214‌

32‌

Exact

Sciences

Corp

(f)

1,408‌

50‌

Globus

Medical

Inc

(f)

696‌

41‌

Hanger

Inc

(f)

467‌

9‌

Hologic

Inc

(e),(f)

2,161‌

146‌

Inari

Medical

Inc

(f)

804‌

56‌

Inspire

Medical

Systems

Inc

(f)

536‌

103‌

Insulet

Corp

(f)

417‌

107‌

Integra

LifeSciences

Holdings

Corp

(f)

1,032‌

49‌

Intuitive

Surgical

Inc

(f)

453‌

93‌

Koninklijke

Philips

NV

3,633‌

60‌

Lantheus

Holdings

Inc

(f)

1,369‌

108‌

Medtronic

PLC

5,528‌

486‌

NuVasive

Inc

(f)

1,419‌

60‌

PerkinElmer

Inc

(e)

1,042‌

141‌

SI-BONE

Inc

(f)

4,247‌

70‌

Smith

&

Nephew

PLC

9,794‌

115‌

Stryker

Corp

(e)

1,168‌

239‌

Sysmex

Corp

1,300‌

79‌

Tecan

Group

AG

143‌

53‌

Thermo

Fisher

Scientific

Inc

(e)

33‌

18‌

Waters

Corp

(e),(f)

55‌

16‌

$

3,893‌

Healthcare

-

Services

-

0.71%

Acadia

Healthcare

Co

Inc

(f)

927‌

76‌

Centene

Corp

(e),(f)

3,844‌

345‌

DaVita

Inc

(e),(f)

342‌

29‌

Elevance

Health

Inc

(e)

141‌

68‌

Encompass

Health

Corp

1,123‌

55‌

Enhabit

Inc

(f)

585‌

10‌

HCA

Healthcare

Inc

(c),(e)

1,887‌

373‌

Humana

Inc

438‌

211‌

Laboratory

Corp

of

America

Holdings

(e)

267‌

60‌

LHC

Group

Inc

(c),(f)

5,901‌

953‌

Molina

Healthcare

Inc

(c),(f)

369‌

124‌

Sonic

Healthcare

Ltd

4,094‌

95‌

UnitedHealth

Group

Inc

(c),(e)

1,936‌

1,006‌

$

3,405‌

Holding

Companies

-

Diversified

-

2.54%

10X

Capital

Venture

Acquisition

Corp

II

(f)

12,483‌

124‌

26

Capital

Acquisition

Corp

(f)

4,681‌

46‌

Accelerate

Acquisition

Corp

(f)

15,021‌

147‌

Achari

Ventures

Holdings

Corp

I

(f)

5,451‌

55‌

AEA-Bridges

Impact

Corp

(f)

4,971‌

50‌

African

Gold

Acquisition

Corp

(f)

9,428‌

93‌

AfterNext

HealthTech

Acquisition

Corp

(f)

18,125‌

177‌

Alpha

Partners

Technology

Merger

Corp

(f)

4,617‌

45‌

AltEnergy

Acquisition

Corp

(f)

899‌

9‌

Altimeter

Growth

Corp

2

(f)

3,579‌

36‌

Andretti

Acquisition

Corp

(f)

1,563‌

16‌

Anzu

Special

Acquisition

Corp

I

(f)

4,584‌

45‌

Ares

Acquisition

Corp

(f)

8,583‌

85‌

Arrowroot

Acquisition

Corp

(f)

6,980‌

69‌

Arrowroot

Acquisition

Corp

-

Warrants

(f)

1,824‌

—‌

ARYA

Sciences

Acquisition

Corp

IV

(f)

1,245‌

12‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

125

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Holding

Companies

-

Diversified

(continued)

Astrea

Acquisition

Corp

(f)

3,085‌

$

30‌

Athena

Consumer

Acquisition

Corp

(f)

599‌

6‌

Atlas

Crest

Investment

Corp

II

(f)

4,570‌

45‌

Aurora

Acquisition

Corp

(f)

1,047‌

10‌

Avanti

Acquisition

Corp

(f)

13,402‌

134‌

Belong

Acquisition

Corp

(f)

635‌

6‌

Bilander

Acquisition

Corp

(f)

3,159‌

31‌

Biotech

Acquisition

Co

(f)

4,527‌

45‌

BOA

Acquisition

Corp

(f)

4,001‌

39‌

Brigade-M3

European

Acquisition

Corp

(f)

2,616‌

26‌

Bright

Lights

Acquisition

Corp

(f)

1,116‌

11‌

Cartesian

Growth

Corp

(f)

1,273‌

13‌

CARTESIAN

GROWTH

CORP

II

(f)

2,344‌

23‌

Catalyst

Partners

Acquisition

Corp

(f)

19,496‌

192‌

CF

Acquisition

Corp

IV

(f)

13,970‌

138‌

Churchill

Capital

Corp

V

(f)

2,976‌

29‌

Churchill

Capital

Corp

VII

(f)

13,738‌

134‌

CIIG

Capital

Partners

II

Inc

(f)

2,334‌

23‌

CIIG

Capital

Partners

II

Inc

-

Class

A

(f)

16,342‌

163‌

CK

Hutchison

Holdings

Ltd

3,500‌

23‌

Climate

Real

Impact

Solutions

II

Acquisition

Corp

(f)

3,015‌

30‌

Cohn

Robbins

Holdings

Corp

(f)

8,462‌

85‌

Compute

Health

Acquisition

Corp

(f)

6,080‌

60‌

Compute

Health

Acquisition

Corp

-

Warrants

(f)

1,520‌

—‌

Concord

Acquisition

Corp

II

(f)

19,495‌

189‌

Concord

Acquisition

Corp

III

(f)

11,725‌

117‌

Conx

Corp

(f)

26,133‌

260‌

Conyers

Park

III

Acquisition

Corp

(f)

4,555‌

44‌

Corazon

Capital

V838

Monoceros

Corp

(f)

2,646‌

26‌

D

&

Z

Media

Acquisition

Corp

(f)

889‌

9‌

Decarbonization

Plus

Acquisition

Corp

IV

(f)

2,920‌

29‌

Deep

Lake

Capital

Acquisition

Corp

(f)

14,150‌

141‌

Direct

Selling

Acquisition

Corp

(f)

1,000‌

10‌

dMY

Technology

Group

Inc

VI

(f)

8,842‌

87‌

Dragoneer

Growth

Opportunities

Corp

III

(f)

19,456‌

190‌

Elliott

Opportunity

II

Corp

(f)

6,023‌

59‌

Enphys

Acquisition

Corp

(f)

40,100‌

389‌

Enterprise

4.0

Technology

Acquisition

Corp

(f)

898‌

9‌

Equity

Distribution

Acquisition

Corp

(f)

15,385‌

154‌

ESGEN

Acquisition

Corp

(f)

1,049‌

11‌

Eucrates

Biomedical

Acquisition

Corp

(f)

7‌

—‌

ExcelFin

Acquisition

Corp

(f)

900‌

9‌

ExcelFin

Acquisition

Corp

-

Class

A

(f)

4,364‌

44‌

Fat

Projects

Acquisition

Corp

(f)

12,408‌

123‌

Fifth

Wall

Acquisition

Corp

III

(f)

6,837‌

67‌

FinServ

Acquisition

Corp

II

(f)

926‌

9‌

FinServ

Acquisition

Corp

II

-

Class

A

(f)

1,352‌

13‌

FinTech

Acquisition

Corp

VI

(f)

3,128‌

31‌

Fortress

Capital

Acquisition

Corp

(f)

14,774‌

147‌

Fortress

Value

Acquisition

Corp

III

(f)

868‌

9‌

Fortress

Value

Acquisition

Corp

III

-

Class

A

(f)

20,832‌

206‌

Fortress

Value

Acquisition

Corp

IV

(f)

10,631‌

104‌

FTAC

Athena

Acquisition

Corp

(f)

4,469‌

44‌

FTAC

Emerald

Acquisition

Corp

(f)

4,347‌

43‌

FTAC

Parnassus

Acquisition

Corp

(f)

15,240‌

150‌

FTAC

Zeus

Acquisition

Corp

(f)

867‌

9‌

G

Squared

Ascend

I

Inc

(f)

10,084‌

100‌

G

Squared

Ascend

I

Inc

-

Warrants

(f)

1,415‌

—‌

Gesher

I

Acquisition

Corp

(f)

896‌

9‌

Goal

Acquisitions

Corp

(f)

31,661‌

312‌

Golden

Falcon

Acquisition

Corp

(f)

21,781‌

216‌

Gores

Holdings

VII

Inc

(f)

16,342‌

161‌

Gores

Holdings

VIII

Inc

(f)

37‌

—‌

Gores

Technology

Partners

II

Inc

(f)

340‌

3‌

Gores

Technology

Partners

Inc

(f)

17,326‌

170‌

Health

Assurance

Acquisition

Corp

(f)

3,121‌

31‌

Healthcare

Services

Acquisition

Corp

(c),(f)

21,846‌

216‌

Home

Plate

Acquisition

Corp

(f)

3,679‌

36‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Holding

Companies

-

Diversified

(continued)

Horizon

Acquisition

Corp

II

(f)

2,997‌

$

30‌

Independence

Holdings

Corp

(f)

22,891‌

226‌

Infinite

Acquisition

Corp

(f)

1,084‌

11‌

INSU

Acquisition

Corp

III

(f)

3,125‌

31‌

ION

Acquisition

Corp

3

Ltd

(f)

3,027‌

30‌

Jaws

Hurricane

Acquisition

Corp

(f)

10,207‌

100‌

Jaws

Juggernaut

Acquisition

Corp

(f)

2,040‌

20‌

Jaws

Juggernaut

Acquisition

Corp

-

Class

A

(f)

17,277‌

169‌

Jaws

Mustang

Acquisition

Corp

(f)

3,004‌

30‌

Kensington

Capital

Acquisition

Corp

IV

(f)

3,707‌

37‌

Khosla

Ventures

Acquisition

Co

(f)

17,800‌

174‌

Kismet

Acquisition

Three

Corp

(f)

1‌

—‌

Kismet

Acquisition

Three

Corp

-

Class

A

(f)

10,533‌

104‌

KKR

Acquisition

Holdings

I

Corp

(f)

2‌

—‌

KKR

Acquisition

Holdings

I

Corp

-

Class

A

(f)

10,436‌

102‌

KKR

Acquisition

Holdings

I

Corp

-

Warrants

(f)

734‌

—‌

KL

Acquisition

Corp

(f)

18,376‌

181‌

L

Catterton

Asia

Acquisition

Corp

(f)

3,362‌

33‌

Landcadia

Holdings

IV

Inc

(f)

3,005‌

29‌

LDH

Growth

Corp

I

(f)

3,131‌

31‌

Lead

Edge

Growth

Opportunities

Ltd

(f)

54‌

1‌

Live

Oak

Crestview

Climate

Acquisition

Corp

(f)

3,003‌

29‌

Live

Oak

Mobility

Acquisition

Corp

(f)

11,840‌

116‌

Logistics

Innovation

Technologies

Corp

(f)

7,552‌

74‌

Longview

Acquisition

Corp

II

(f)

3,310‌

33‌

M3-Brigade

Acquisition

II

Corp

(f)

2,570‌

25‌

Macondray

Capital

Acquisition

Corp

I

(f)

4,047‌

40‌

Magnum

Opus

Acquisition

Ltd

(f)

2,970‌

29‌

MDH

Acquisition

Corp

(f)

8,164‌

80‌

MedTech

Acquisition

Corp/NY

(f)

2,475‌

25‌

Motive

Capital

Corp

II

(f)

11,171‌

111‌

Mount

Rainier

Acquisition

Corp

(f)

4,633‌

47‌

New

Vista

Acquisition

Corp

(f)

10,476‌

103‌

New

Vista

Acquisition

Corp

-

Class

A

(f)

527‌

5‌

Newcourt

Acquisition

Corp

(f)

1,948‌

20‌

Newcourt

Acquisition

Corp

-

Class

A

(f)

919‌

9‌

NewHold

Investment

Corp

II

(f)

3,195‌

32‌

Noble

Rock

Acquisition

Corp

(f)

7,560‌

75‌

Noble

Rock

Acquisition

Corp

-

Class

A

(f)

5,171‌

51‌

North

Atlantic

Acquisition

Corp

(f)

3,128‌

31‌

North

Mountain

Merger

Corp

(f)

4,550‌

46‌

Northern

Genesis

Acquisition

Corp

III

(f)

3,024‌

30‌

Omega

Alpha

SPAC

(f)

9,021‌

90‌

One

Equity

Partners

Open

Water

I

Corp

(f)

6,552‌

64‌

Patria

Latin

American

Opportunity

Acquisition

Corp

(f)

377‌

4‌

Peridot

Acquisition

Corp

II

(f)

10,530‌

104‌

Pershing

Square

Tontine

Holdings

Ltd

-

Escrow

(f),(h)

3,910‌

—‌

Phoenix

Biotech

Acquisition

Corp

(f)

898‌

9‌

Plum

Acquisition

Corp

I

(f)

6,853‌

67‌

Pontem

Corp

(f)

16,655‌

165‌

Post

Holdings

Partnering

Corp

(f)

4,331‌

42‌

Prime

Impact

Acquisition

I

(f)

8,470‌

85‌

PROOF

Acquisition

Corp

I

(f)

3,456‌

35‌

PropTech

Investment

Corp

II

(f)

493‌

5‌

Prospector

Capital

Corp

(f)

14,159‌

140‌

Pyrophyte

Acquisition

Corp

(f)

1,200‌

11‌

Revolution

Healthcare

Acquisition

Corp

(f)

16,550‌

162‌

RMG

Acquisition

Corp

III

(f)

23,914‌

237‌

Rocket

Internet

Growth

Opportunities

Corp

(f)

3‌

—‌

Rocket

Internet

Growth

Opportunities

Corp

-

Class

A

(f)

5,252‌

52‌

Rocket

Internet

Growth

Opportunities

Corp

-

Warrants

(f)

1,313‌

—‌

Screaming

Eagle

Acquisition

Corp

(f)

1‌

—‌

Screaming

Eagle

Acquisition

Corp

-

Class

A

(f)

15,432‌

150‌

Screaming

Eagle

Acquisition

Corp

-

Warrants

(f)

2,644‌

1‌

Seaport

Calibre

Materials

Acquisition

Corp

(f)

2,289‌

23‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

126

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Holding

Companies

-

Diversified

(continued)

Semper

Paratus

Acquisition

Corp

(f)

1,195‌

$

12‌

Simon

Property

Group

Acquisition

Holdings

Inc

(f)

11,972‌

118‌

Slam

Corp

(f)

1‌

—‌

Slam

Corp

-

Class

A

(f)

4,575‌

45‌

Slam

Corp

-

Warrants

(f)

1,062‌

—‌

Soar

Technology

Acquisition

Corp

(f)

584‌

6‌

Social

Capital

Suvretta

Holdings

Corp

II

(f)

8,842‌

86‌

Sound

Point

Acquisition

Corp

I

Ltd

(f)

471‌

5‌

SportsTek

Acquisition

Corp

(f)

911‌

9‌

Supernova

Partners

Acquisition

Co

III

Ltd

(f)

8,842‌

87‌

SVF

Investment

Corp

(f)

10,042‌

100‌

SVF

Investment

Corp

2

(f)

16,440‌

162‌

Swire

Pacific

Ltd

55,500‌

384‌

Target

Global

Acquisition

I

Corp

(f)

3,928‌

39‌

TCV

Acquisition

Corp

(f)

12,270‌

121‌

Thunder

Bridge

Capital

Partners

III

Inc

(f)

16,589‌

163‌

Tio

Tech

A

(f)

1,790‌

18‌

Tishman

Speyer

Innovation

Corp

II

(f)

8,488‌

84‌

TortoiseEcofin

Acquisition

Corp

III

(f)

12,098‌

118‌

TPG

Pace

Beneficial

II

Corp

(f)

16,342‌

159‌

VectoIQ

Acquisition

Corp

II

(f)

16,558‌

164‌

Viscogliosi

Brothers

Acquisition

Corp

(f)

1,321‌

13‌

Vy

Global

Growth

(f)

15,217‌

152‌

Warburg

Pincus

Capital

Corp

I-A

(f)

3,002‌

30‌

Williams

Rowland

Acquisition

Corp

(f)

3,140‌

32‌

$

12,194‌

Home

Builders

-

0.29%

DR

Horton

Inc

(e)

2,020‌

144‌

Glenveagh

Properties

PLC

(f),(g)

59,037‌

60‌

Lennar

Corp

-

A

Shares

(c),(e)

5,966‌

461‌

NVR

Inc

(f)

58‌

240‌

Persimmon

PLC

1,029‌

18‌

Sekisui

Chemical

Co

Ltd

9,800‌

134‌

Sekisui

House

Ltd

5,200‌

88‌

Skyline

Champion

Corp

(f)

2,802‌

159‌

Thor

Industries

Inc

858‌

70‌

$

1,374‌

Home

Furnishings

-

0.02%

MillerKnoll

Inc

1,827‌

51‌

Whirlpool

Corp

(e)

378‌

59‌

$

110‌

Insurance

-

1.47%

Aflac

Inc

(e)

1,785‌

106‌

Alleghany

Corp

(c),(f)

481‌

405‌

Allianz

SE

1,401‌

237‌

Allstate

Corp/The

(c)

911‌

110‌

American

International

Group

Inc

(c)

1,711‌

88‌

Aon

PLC

428‌

120‌

Arch

Capital

Group

Ltd

(c),(f)

5,226‌

239‌

Arthur

J

Gallagher

&

Co

(e)

584‌

106‌

Assicurazioni

Generali

SpA

6,441‌

94‌

Assurant

Inc

(e)

1,123‌

178‌

AXA

SA

5,026‌

118‌

Beazley

PLC

7,311‌

49‌

Berkshire

Hathaway

Inc

-

Class

B

(e),(f)

2,470‌

694‌

Chubb

Ltd

(c)

3,453‌

652‌

Equitable

Holdings

Inc

2,670‌

79‌

Everest

Re

Group

Ltd

(c)

1,168‌

314‌

Fairfax

Financial

Holdings

Ltd

800‌

399‌

Fidelity

National

Financial

Inc

(c)

7,354‌

288‌

Globe

Life

Inc

2,255‌

219‌

Japan

Post

Holdings

Co

Ltd

44,100‌

304‌

Kemper

Corp

1,227‌

56‌

Lancashire

Holdings

Ltd

9,415‌

54‌

Legal

&

General

Group

PLC

64,623‌

189‌

Loews

Corp

(e)

885‌

49‌

Markel

Corp

(f)

190‌

227‌

Marsh

&

McLennan

Cos

Inc

1,743‌

281‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

MetLife

Inc

1,907‌

$

123‌

MGIC

Investment

Corp

6,426‌

92‌

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

768‌

184‌

NMI

Holdings

Inc

(f)

2,491‌

51‌

ProAssurance

Corp

2,997‌

64‌

Progressive

Corp/The

(e)

2,559‌

314‌

SiriusPoint

Ltd

(f)

8,451‌

38‌

Sompo

Holdings

Inc

2,100‌

90‌

Voya

Financial

Inc

1,458‌

90‌

W

R

Berkley

Corp

(e)

3,913‌

254‌

White

Mountains

Insurance

Group

Ltd

56‌

77‌

Willis

Towers

Watson

PLC

128‌

26‌

$

7,058‌

Internet

-

1.91%

Airbnb

Inc

(f)

1,659‌

188‌

Alphabet

Inc

-

A

Shares

(c),(e),(f)

17,838‌

1,931‌

Alphabet

Inc

-

C

Shares

(f)

1,620‌

177‌

Amazon.com

Inc

(e),(f)

13,069‌

1,656‌

Atea

ASA

(f)

2,266‌

25‌

Booking

Holdings

Inc

(c),(f)

64‌

120‌

Cargurus

Inc

(f)

2,403‌

45‌

CDW

Corp/DE

(e)

223‌

38‌

Criteo

SA

ADR

(f)

1,856‌

50‌

eBay

Inc

(c),(e)

5,933‌

262‌

F5

Inc

(f)

628‌

99‌

GoDaddy

Inc

(f)

1,077‌

82‌

Grab

Holdings

Ltd

(c),(f)

6,476‌

18‌

Kakaku.com

Inc

3,300‌

61‌

Magnite

Inc

(f)

9,160‌

69‌

Mandiant

Inc

(f)

38,367‌

877‌

Match

Group

Inc

(f)

2,117‌

120‌

MediaAlpha

Inc

(f)

3,251‌

27‌

MercadoLibre

Inc

(c),(f)

194‌

166‌

Meta

Platforms

Inc

(e),(f)

5,178‌

844‌

Netflix

Inc

(e),(f)

1,279‌

285‌

NortonLifeLock

Inc

(e)

1,521‌

34‌

Okta

Inc

(c),(f)

2,043‌

186‌

Palo

Alto

Networks

Inc

(f)

648‌

361‌

Perficient

Inc

(f)

821‌

64‌

Snap

Inc

Class

A

(f)

1,924‌

21‌

Spotify

Technology

SA

(f)

533‌

58‌

Twitter

Inc

(e),(f)

10,866‌

421‌

Uber

Technologies

Inc

(c),(f)

923‌

27‌

VeriSign

Inc

(e),(f)

1,609‌

293‌

Zendesk

Inc

(f)

7,156‌

549‌

$

9,154‌

Investment

Companies

-

0.04%

Wendel

SE

2,243‌

176‌

Iron

&

Steel

-

0.16%

BlueScope

Steel

Ltd

19,992‌

224‌

Carpenter

Technology

Corp

2,147‌

73‌

Nippon

Steel

Corp

10,400‌

164‌

Nucor

Corp

(e)

1,238‌

165‌

Reliance

Steel

&

Aluminum

Co

667‌

125‌

$

751‌

Leisure

Products

&

Services

-

0.04%

Carnival

Corp

(f)

8,343‌

79‌

MIPS

AB

498‌

23‌

Shimano

Inc

200‌

35‌

Thule

Group

AB

(g)

1,641‌

40‌

$

177‌

Lodging

-

0.14%

Choice

Hotels

International

Inc

1,237‌

142‌

Hilton

Grand

Vacations

Inc

(f)

2,270‌

93‌

Las

Vegas

Sands

Corp

(f)

2,668‌

100‌

Marriott

International

Inc/MD

(e)

693‌

106‌

MGM

Resorts

International

(e)

7,658‌

250‌

$

691‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

127

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Construction

&

Mining

-

0.05%

Caterpillar

Inc

(e)

139‌

$

26‌

Mitsubishi

Electric

Corp

22,900‌

231‌

$

257‌

Machinery

-

Diversified

-

0.49%

Applied

Industrial

Technologies

Inc

1,033‌

110‌

Atlas

Copco

AB

-

A

Shares

33,751‌

343‌

Burckhardt

Compression

Holding

AG

105‌

44‌

Cactus

Inc

1,597‌

64‌

Chart

Industries

Inc

(f)

356‌

69‌

Crane

Holdings

Co

1,100‌

104‌

Deere

&

Co

(e)

165‌

60‌

Dover

Corp

(e)

183‌

23‌

Enovis

Corp

(f)

782‌

40‌

FANUC

Corp

400‌

64‌

Graco

Inc

1,091‌

70‌

Ichor

Holdings

Ltd

(f)

2,001‌

61‌

IDEX

Corp

848‌

171‌

Inficon

Holding

AG

50‌

35‌

Interpump

Group

SpA

1,140‌

40‌

Kone

Oyj

4,460‌

178‌

Middleby

Corp/The

(f)

689‌

99‌

Nordson

Corp

(c),(e)

720‌

163‌

Otis

Worldwide

Corp

(c),(e)

1,091‌

79‌

Rotork

PLC

47,097‌

135‌

Spirax-Sarco

Engineering

PLC

262‌

32‌

Stabilus

SE

1,088‌

56‌

Wartsila

OYJ

Abp

11,795‌

97‌

Washtec

AG

988‌

40‌

Westinghouse

Air

Brake

Technologies

Corp

1,246‌

109‌

Zurn

Elkay

Water

Solutions

Corp

1,858‌

51‌

$

2,337‌

Media

-

0.69%

Altice

USA

Inc

(f)

23,755‌

238‌

Cable

One

Inc

210‌

238‌

Charter

Communications

Inc

(e),(f)

681‌

281‌

Comcast

Corp

-

Class

A

(e)

7,687‌

278‌

Fox

Corp

-

A

Shares

(c),(e)

3,127‌

107‌

iHeartMedia

Inc

(f)

6,333‌

56‌

Liberty

Broadband

Corp

-

C

Shares

(c),(f)

4,183‌

425‌

Liberty

Global

PLC

-

A

Shares

(c),(f)

3,847‌

78‌

News

Corp

-

A

Shares

(e)

3,717‌

63‌

Shaw

Communications

Inc

9,531‌

244‌

TEGNA

Inc

(c)

35,466‌

759‌

Walt

Disney

Co/The

(e),(f)

3,065‌

344‌

Warner

Bros

Discovery

Inc

(f)

8,902‌

118‌

Wolters

Kluwer

NV

1,067‌

104‌

$

3,333‌

Metal

Fabrication

&

Hardware

-

0.03%

MISUMI

Group

Inc

4,800‌

118‌

Troax

Group

AB

1,496‌

24‌

$

142‌

Mining

-

0.68%

Barrick

Gold

Corp

6,190‌

92‌

Compass

Minerals

International

Inc

1,396‌

57‌

Ecobat

Holdings,

Inc

-

Class

B

(f)

2,998‌

2,248‌

Freeport-McMoRan

Inc

(e)

2,193‌

65‌

Kinross

Gold

Corp

42,900‌

141‌

Livent

Corp

(f)

5,461‌

176‌

MP

Materials

Corp

(f)

2,165‌

76‌

Newcrest

Mining

Ltd

1,599‌

19‌

Newmont

Corp

(e)

1,314‌

54‌

Rio

Tinto

PLC

3,653‌

202‌

Rio

Tinto

PLC

ADR

444‌

25‌

Turquoise

Hill

Resources

Ltd

(f)

3,034‌

83‌

$

3,238‌

Miscellaneous

Manufacturers

-

0.51%

3M

Co

(e)

1,264‌

157‌

A

O

Smith

Corp

(c),(e)

8,811‌

497‌

Alfa

Laval

AB

10,654‌

284‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Miscellaneous

Manufacturers

(continued)

Diploma

PLC

2,059‌

$

60‌

General

Electric

Co

(e)

3,595‌

264‌

Hexpol

AB

6,332‌

56‌

Illinois

Tool

Works

Inc

(c),(e)

1,033‌

202‌

Materion

Corp

898‌

78‌

Parker-Hannifin

Corp

(e)

869‌

230‌

Siemens

AG

1,106‌

112‌

Sturm

Ruger

&

Co

Inc

1,188‌

62‌

Textron

Inc

(c),(e)

4,592‌

287‌

Trane

Technologies

PLC

989‌

152‌

$

2,441‌

Office

&

Business

Equipment

-

0.07%

Zebra

Technologies

Corp

(e),(f)

1,056‌

319‌

Office

Furnishings

-

0.02%

Interface

Inc

6,620‌

74‌

Oil

&

Gas

-

1.15%

APA

Corp

(e)

376‌

15‌

Bellatrix

Exploration

Ltd

(f),(h)

94,641‌

—‌

California

Resources

Corp

2,144‌

107‌

Canadian

Natural

Resources

Ltd

900‌

49‌

Canadian

Natural

Resources

Ltd

2,555‌

140‌

Cenovus

Energy

Inc

6,500‌

122‌

Chevron

Corp

(c),(e)

3,771‌

596‌

Chord

Energy

Corp

615‌

87‌

ConocoPhillips

(c),(e)

2,474‌

270‌

Devon

Energy

Corp

(e)

2,775‌

196‌

Diamondback

Energy

Inc

(e)

3,587‌

479‌

Eni

SpA

20,552‌

243‌

EOG

Resources

Inc

(e)

800‌

97‌

Exxon

Mobil

Corp

(c),(e)

9,438‌

902‌

Imperial

Oil

Ltd

700‌

34‌

Marathon

Oil

Corp

(e)

5,147‌

132‌

Marathon

Petroleum

Corp

(c),(e)

4,346‌

438‌

Nabors

Industries

Ltd

(f)

756‌

100‌

Nabors

Industries

Ltd

-

Warrants

(f)

333‌

11‌

Neste

Oyj

1,640‌

81‌

Occidental

Petroleum

Corp

(e)

898‌

64‌

Parkland

Corp

3,600‌

88‌

Patterson-UTI

Energy

Inc

4,336‌

65‌

Phillips

66

(c)

3,827‌

342‌

Pioneer

Natural

Resources

Co

(e)

1,113‌

281‌

SM

Energy

Co

1,494‌

66‌

TotalEnergies

SE

4,383‌

222‌

Valero

Energy

Corp

(c),(e)

1,910‌

224‌

Viper

Energy

Partners

LP

2,345‌

72‌

$

5,523‌

Oil

&

Gas

Services

-

0.21%

ChampionX

Corp

3,106‌

68‌

DMC

Global

Inc

(f)

2,481‌

55‌

Halliburton

Co

(e)

13,050‌

393‌

Liberty

Energy

Inc

(f)

6,555‌

98‌

MRC

Global

Inc

(f)

9,351‌

91‌

Schlumberger

NV

6,416‌

245‌

TechnipFMC

PLC

(f)

7,570‌

62‌

$

1,012‌

Packaging

&

Containers

-

0.22%

Ball

Corp

1,727‌

96‌

Packaging

Corp

of

America

(c),(e)

2,277‌

312‌

Sealed

Air

Corp

(c)

4,201‌

226‌

Vidrala

SA

747‌

47‌

Westrock

Co

(c),(e)

8,687‌

353‌

$

1,034‌

Pharmaceuticals

-

1.37%

AbbVie

Inc

(e)

611‌

82‌

Aerie

Pharmaceuticals

Inc

(f)

141‌

2‌

Alkermes

PLC

(f)

1,372‌

32‌

AmerisourceBergen

Corp

(e)

960‌

141‌

Arvinas

Inc

(f)

968‌

41‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

128

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

(continued)

Ascendis

Pharma

A/S

ADR

(f)

239‌

$

21‌

AstraZeneca

PLC

ADR

1,410‌

88‌

Becton

Dickinson

and

Co

271‌

68‌

BioGaia

AB

5,520‌

45‌

Bristol-Myers

Squibb

Co

(e)

3,594‌

242‌

Cardinal

Health

Inc

(e)

2,209‌

156‌

Chugai

Pharmaceutical

Co

Ltd

8,800‌

227‌

Cigna

Corp

(e)

484‌

137‌

Covetrus

Inc

(f)

466‌

10‌

CVS

Health

Corp

(e)

3,484‌

342‌

Dexcom

Inc

(f)

1,381‌

114‌

Eisai

Co

Ltd

8,300‌

338‌

Eli

Lilly

&

Co

457‌

138‌

GSK

PLC

13,024‌

208‌

Johnson

&

Johnson

(c),(e)

5,320‌

859‌

McKesson

Corp

(e)

415‌

152‌

Merck

&

Co

Inc

(e)

3,152‌

269‌

Merck

KGaA

506‌

87‌

Myovant

Sciences

Ltd

(f)

6,633‌

113‌

Neurocrine

Biosciences

Inc

(f)

1,814‌

190‌

Novartis

AG

6,251‌

506‌

Novo

Nordisk

A/S

4,391‌

469‌

Organon

&

Co

(e)

1,998‌

57‌

Owens

&

Minor

Inc

1,763‌

52‌

Pacira

BioSciences

Inc

(f)

2,667‌

140‌

Pfizer

Inc

(c),(e)

15,961‌

722‌

Premier

Inc

1,977‌

70‌

Roche

Holding

AG

807‌

260‌

Shionogi

&

Co

Ltd

3,200‌

156‌

Viatris

Inc

(c)

3,419‌

33‌

$

6,567‌

Pipelines

-

0.13%

Cheniere

Energy

Inc

252‌

41‌

Enbridge

Inc

1,900‌

78‌

ONEOK

Inc

(e)

1,782‌

109‌

Southcross

Holdings

(f),(h)

615,976‌

—‌

Targa

Resources

Corp

5,721‌

390‌

Williams

Cos

Inc/The

551‌

19‌

$

637‌

Private

Equity

-

0.02%

Onex

Corp

1,800‌

89‌

Real

Estate

-

0.15%

Catena

AB

1,356‌

56‌

CBRE

Group

Inc

(e)

564‌

45‌

Fastighets

AB

Balder

(f)

37,920‌

209‌

Hang

Lung

Properties

Ltd

28,000‌

47‌

Marcus

&

Millichap

Inc

2,151‌

80‌

McGrath

RentCorp

903‌

76‌

Nyfosa

AB

3,306‌

28‌

PSP

Swiss

Property

AG

427‌

48‌

Shurgard

Self

Storage

SA

1,095‌

53‌

Tricon

Residential

Inc

7,231‌

75‌

$

717‌

REITs

-

0.78%

Alexandria

Real

Estate

Equities

Inc

(e)

1,798‌

276‌

American

Tower

Corp

(e)

1,653‌

420‌

Americold

Realty

Trust

Inc

2,654‌

78‌

AvalonBay

Communities

Inc

(e)

836‌

168‌

Big

Yellow

Group

PLC

3,545‌

55‌

Camden

Property

Trust

(e)

812‌

104‌

CatchMark

Timber

Trust

Inc

332‌

4‌

Crown

Castle

Inc

(e)

304‌

52‌

Duke

Realty

Corp

(e)

129‌

8‌

Equinix

Inc

124‌

82‌

Essential

Properties

Realty

Trust

Inc

2,657‌

60‌

Extra

Space

Storage

Inc

(e)

806‌

160‌

Federal

Realty

Investment

Trust

(e)

1,366‌

138‌

Healthpeak

Properties

Inc

(e)

6,879‌

181‌

Innovative

Industrial

Properties

Inc

338‌

31‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Mid-America

Apartment

Communities

Inc

(e)

213‌

$

35‌

Mirvac

Group

27,455‌

39‌

Pebblebrook

Hotel

Trust

3,007‌

53‌

Piedmont

Office

Realty

Trust

Inc

9,028‌

106‌

Prologis

Inc

(e)

1,138‌

142‌

Public

Storage

(e)

800‌

264‌

Realty

Income

Corp

(e)

1,626‌

111‌

Rithm

Capital

Corp

6,400‌

60‌

Ryman

Hospitality

Properties

Inc

828‌

68‌

SBA

Communications

Corp

(e)

38‌

12‌

Simon

Property

Group

Inc

(c),(e)

2,236‌

229‌

UDR

Inc

(e)

1,455‌

65‌

UNITE

Group

PLC/The

3,800‌

46‌

Uniti

Group

Inc

8,100‌

76‌

Ventas

Inc

(e)

81‌

4‌

Veris

Residential

Inc

(f)

5,037‌

68‌

VICI

Properties

Inc

(e)

8,111‌

267‌

Weyerhaeuser

Co

(e)

7,772‌

266‌

$

3,728‌

Retail

-

1.34%

Alimentation

Couche-Tard

Inc

6,400‌

275‌

AutoZone

Inc

(e),(f)

172‌

365‌

Bath

&

Body

Works

Inc

(e)

9,189‌

343‌

Best

Buy

Co

Inc

(e)

1,247‌

88‌

CarMax

Inc

(f)

1,649‌

146‌

Costco

Wholesale

Corp

15‌

8‌

Cracker

Barrel

Old

Country

Store

Inc

690‌

75‌

Dollar

Tree

Inc

(f)

840‌

114‌

Domino's

Pizza

Inc

156‌

58‌

Europris

ASA

(g)

9,347‌

56‌

Fast

Retailing

Co

Ltd

200‌

117‌

Genuine

Parts

Co

(c),(e)

1,492‌

233‌

Home

Depot

Inc/The

(c),(e)

1,210‌

349‌

Industria

de

Diseno

Textil

SA

10,262‌

222‌

LL

Flooring

Holdings

Inc

(f)

6,618‌

54‌

Lowe's

Cos

Inc

(c),(e)

2,125‌

413‌

Lululemon

Athletica

Inc

(f)

417‌

125‌

McDonald's

Corp

(e)

1,621‌

409‌

Moncler

SpA

3,379‌

150‌

O'Reilly

Automotive

Inc

(e),(f)

343‌

239‌

Ross

Stores

Inc

(e)

2,570‌

222‌

Sportsman's

Warehouse

Holdings

Inc

(f)

3,312‌

26‌

Starbucks

Corp

(e)

3,714‌

312‌

Target

Corp

(c),(e)

1,240‌

199‌

Texas

Roadhouse

Inc

751‌

67‌

TJX

Cos

Inc/The

(c)

12,576‌

784‌

Ulta

Beauty

Inc

(e),(f)

451‌

189‌

Walgreens

Boots

Alliance

Inc

(e)

1,577‌

55‌

Walmart

Inc

(e)

1,732‌

229‌

WH

Smith

PLC

(f)

3,768‌

62‌

Wingstop

Inc

537‌

61‌

Yum!

Brands

Inc

(c),(e)

3,423‌

381‌

$

6,426‌

Savings

&

Loans

-

0.04%

Berkshire

Hills

Bancorp

Inc

2,854‌

81‌

Pacific

Premier

Bancorp

Inc

2,156‌

71‌

WSFS

Financial

Corp

1,209‌

58‌

$

210‌

Semiconductors

-

1.83%

Advanced

Micro

Devices

Inc

(c),(f)

540‌

46‌

Advantest

Corp

3,400‌

193‌

Applied

Materials

Inc

(e)

2,653‌

250‌

ASML

Holding

NV

1,165‌

569‌

BE

Semiconductor

Industries

NV

1,056‌

50‌

Broadcom

Inc

(c),(e)

1,151‌

574‌

Entegris

Inc

1,478‌

140‌

Hensoldt

AG

2,129‌

47‌

KLA

Corp

(c),(e)

1,763‌

607‌

Lam

Research

Corp

(e)

275‌

120‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

129

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Semiconductors

(continued)

Marvell

Technology

Inc

(c)

4,098‌

$

192‌

Microchip

Technology

Inc

(e)

10,187‌

665‌

Micron

Technology

Inc

(c),(e)

11,097‌

627‌

MKS

Instruments

Inc

363‌

36‌

Monolithic

Power

Systems

Inc

(c)

729‌

330‌

NVIDIA

Corp

(c),(e)

1,770‌

268‌

NXP

Semiconductors

NV

(c)

3,516‌

579‌

ON

Semiconductor

Corp

(e),(f)

946‌

65‌

Qorvo

Inc

(c),(e),(f)

3,651‌

328‌

QUALCOMM

Inc

(c),(e)

5,798‌

767‌

Rambus

Inc

(f)

2,956‌

76‌

Samsung

Electronics

Co

Ltd

887‌

39‌

Silicon

Motion

Technology

Corp

ADR

(c)

14,002‌

1,079‌

Skyworks

Solutions

Inc

(c)

1,639‌

162‌

SOITEC

(f)

357‌

50‌

STMicroelectronics

NV

8,956‌

312‌

Synaptics

Inc

(f)

795‌

92‌

Texas

Instruments

Inc

(c),(e)

2,329‌

385‌

Tower

Semiconductor

Ltd

(f)

2,377‌

110‌

$

8,758‌

Software

-

2.71%

1Life

Healthcare

Inc

(f)

53,665‌

924‌

Activision

Blizzard

Inc

(e)

8,157‌

640‌

Adobe

Inc

(e),(f)

509‌

190‌

Agilysys

Inc

(f)

1,492‌

77‌

ANSYS

Inc

(e),(f)

73‌

18‌

Autodesk

Inc

(e),(f)

229‌

46‌

Avalara

Inc

(f)

10,944‌

1,002‌

AVEVA

Group

PLC

2,528‌

82‌

Black

Knight

Inc

(f)

1,662‌

110‌

Box

Inc

(f)

2,641‌

68‌

Broadridge

Financial

Solutions

Inc

(e)

562‌

96‌

Cadence

Design

Systems

Inc

(e),(f)

1,191‌

208‌

Cerence

Inc

(f)

2,910‌

58‌

Change

Healthcare

Inc

(f)

3,939‌

97‌

Consensus

Cloud

Solutions

Inc

(f)

1,603‌

81‌

Constellation

Software

Inc/Canada

182‌

274‌

Dassault

Systemes

SE

9,052‌

349‌

Datadog

Inc

(c),(f)

1,150‌

121‌

Dynatrace

Inc

(c),(f)

3,574‌

136‌

Electronic

Arts

Inc

(e)

833‌

106‌

Fidelity

National

Information

Services

Inc

1,225‌

112‌

Fiserv

Inc

(e),(f)

190‌

19‌

Five9

Inc

(f)

1,370‌

134‌

HubSpot

Inc

(c),(f)

244‌

82‌

Intuit

Inc

(e)

19‌

8‌

Jamf

Holding

Corp

(f)

2,791‌

67‌

Manhattan

Associates

Inc

(f)

382‌

54‌

ManTech

International

Corp/VA

1,010‌

97‌

Microsoft

Corp

(c),(e)

11,875‌

3,105‌

MINDBODY

Inc

(f),(h)

9,229‌

337‌

MongoDB

Inc

(f)

218‌

70‌

Nexon

Co

Ltd

6,300‌

125‌

NextGen

Healthcare

Inc

(f)

4,090‌

70‌

Oracle

Corp

(e)

4,530‌

336‌

Paychex

Inc

(e)

2,644‌

326‌

Paycom

Software

Inc

(f)

383‌

135‌

RingCentral

Inc

(f)

1,408‌

61‌

Roper

Technologies

Inc

(e)

205‌

83‌

Salesforce

Inc

(e),(f)

3,404‌

531‌

SAP

SE

553‌

47‌

ServiceNow

Inc

(e),(f)

146‌

63‌

SimCorp

A/S

471‌

34‌

Snowflake

Inc

-

Class

A

(c),(f)

368‌

67‌

Square

Enix

Holdings

Co

Ltd

400‌

17‌

Synopsys

Inc

(e),(f)

83‌

29‌

Take-Two

Interactive

Software

Inc

(e),(f)

508‌

62‌

Topicus.com

Inc

(f)

280‌

15‌

Veeva

Systems

Inc

(c),(f)

1,410‌

281‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Software

(continued)

Verra

Mobility

Corp

(f)

5,952‌

$

95‌

VMware

Inc

(c)

11,159‌

1,295‌

WiseTech

Global

Ltd

1,555‌

61‌

Workday

Inc

(f)

1,110‌

183‌

Xperi

Holding

Corp

3,575‌

57‌

Ziff

Davis

Inc

(f)

633‌

49‌

ZoomInfo

Technologies

Inc

(c),(f)

5,094‌

231‌

$

13,021‌

Telecommunications

-

1.02%

Arista

Networks

Inc

(f)

1,499‌

180‌

AT&T

Inc

(e)

39,571‌

694‌

Calix

Inc

(f)

2,248‌

132‌

Cisco

Systems

Inc

(c),(e)

15,290‌

684‌

Corning

Inc

(e)

362‌

12‌

Deutsche

Telekom

AG

5,195‌

98‌

Hellenic

Telecommunications

Organization

SA

6,595‌

105‌

HMS

Networks

AB

677‌

25‌

InterDigital

Inc

908‌

46‌

Koninklijke

KPN

NV

6,518‌

21‌

Lumen

Technologies

Inc

(e)

2,536‌

25‌

Motorola

Solutions

Inc

(c)

1,193‌

290‌

Nokia

OYJ

10,988‌

55‌

Sierra

Wireless

Inc

(f)

125‌

4‌

SoftBank

Corp

7,900‌

87‌

Switch

Inc

(c)

26,536‌

901‌

T-Mobile

US

Inc

(e),(f)

3,488‌

502‌

Verizon

Communications

Inc

(e)

4,140‌

173‌

Vodafone

Group

PLC

ADR

(c)

62,300‌

836‌

$

4,870‌

Toys,

Games

&

Hobbies

-

0.10%

Games

Workshop

Group

PLC

712‌

59‌

Nintendo

Co

Ltd

1,000‌

409‌

$

468‌

Transportation

-

1.54%

AP

Moller

-

Maersk

A/S

-

B

32‌

77‌

Atlas

Air

Worldwide

Holdings

Inc

(f)

13,078‌

1,307‌

Aurizon

Holdings

Ltd

212,177‌

537‌

Canadian

National

Railway

Co

1,374‌

163‌

Central

Japan

Railway

Co

2,900‌

341‌

CSX

Corp

(e)

1,646‌

52‌

Deutsche

Post

AG

3,712‌

135‌

DSV

A/S

445‌

66‌

Expeditors

International

of

Washington

Inc

(e)

4,398‌

453‌

FedEx

Corp

(c),(e)

2,032‌

428‌

Kirby

Corp

(f)

1,698‌

114‌

Knight-Swift

Transportation

Holdings

Inc

(c)

3,714‌

188‌

Kuehne

+

Nagel

International

AG

1,057‌

244‌

Nippon

Express

Holdings

Inc

3,300‌

182‌

Norfolk

Southern

Corp

(c)

2,423‌

589‌

Old

Dominion

Freight

Line

Inc

(c),(e)

1,747‌

474‌

TFI

International

Inc

2,400‌

239‌

Tobu

Railway

Co

Ltd

5,400‌

128‌

Union

Pacific

Corp

(e)

1,563‌

351‌

United

Parcel

Service

Inc

(c),(e)

3,296‌

641‌

XPO

Logistics

Inc

(f)

12,900‌

676‌

$

7,385‌

Water

-

0.02%

Veolia

Environnement

SA

4,654‌

104‌

TOTAL

COMMON

STOCKS

$

182,119‌

CONVERTIBLE

PREFERRED

STOCKS

-

0.18%

Shares

Held

Value

(000's)

Pipelines

-

0.03%

El

Paso

Energy

Capital

Trust

I

4.75%,

03/31/2028

452‌

$

21‌

Southcross

Energy

Series

A

0.00%

(f),(h)

2,399,339‌

120‌

$

141‌

Software

-

0.02%

Clarivate

PLC

5.25%,

06/01/2024

1,950‌

96‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

130

CONVERTIBLE

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000’s)

Telecommunications

-

0.13%

2020

Cash

Mandatory

Exchangeable

Trust

5.25%,

06/01/2023

(g)

512‌

$

610‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

847‌

PREFERRED

STOCKS

-

0.02%

Shares

Held

Value

(000's)

Apparel

-

0.01%

Fossil

Group

Inc

7.00%,

11/30/2026

2,730‌

$

49‌

Machinery

-

Construction

&

Mining

-

0.01%

Babcock

&

Wilcox

Enterprises

Inc

6.50%,

12/31/2026

1,519‌

35‌

TOTAL

PREFERRED

STOCKS

$

84‌

BONDS

-

27.99%

Principal

Amount

(000's)

Value

(000's)

Advertising

-

0.08%

Clear

Channel

Outdoor

Holdings

Inc

7.50%,

06/01/2029

(g)

$

382‌

$

307‌

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

5.00%,

08/15/2027

(g)

110‌

101‌

$

408‌

Aerospace

&

Defense

-

0.29%

Boeing

Co/The

3.38%,

06/15/2046

115‌

79‌

3.55%,

03/01/2038

30‌

23‌

3.63%,

03/01/2048

155‌

107‌

3.75%,

02/01/2050

15‌

11‌

5.15%,

05/01/2030

245‌

241‌

Bombardier

Inc

7.88%,

04/15/2027

(g)

159‌

152‌

Embraer

Netherlands

Finance

BV

5.05%,

06/15/2025

75‌

74‌

Leonardo

US

Holding

Inc

6.25%,

01/15/2040

(g)

541‌

507‌

TransDigm

Inc

8.00%,

12/15/2025

(g)

180‌

184‌

$

1,378‌

Agriculture

-

0.07%

Darling

Ingredients

Inc

6.00%,

06/15/2030

(g)

10‌

10‌

Vector

Group

Ltd

10.50%,

11/01/2026

(g)

352‌

341‌

$

351‌

Airlines

-

0.19%

Latam

Finance

Ltd

0.00%,

04/11/2024

(f),(g)

200‌

191‌

0.00%,

03/01/2026

(f),(g)

449‌

428‌

United

Airlines

2019-2

Class

B

Pass

Through

Trust

3.50%,

11/01/2029

357‌

301‌

United

Airlines

2020-1

Class

B

Pass

Through

Trust

4.88%,

07/15/2027

16‌

15‌

$

935‌

Automobile

Asset

Backed

Securities

-

0.70%

Avid

Automobile

Receivables

Trust

2019-1

3.14%,

07/15/2026

(g)

150‌

149‌

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2.13%,

08/20/2027

(g)

350‌

306‌

Carvana

Auto

Receivables

Trust

2021-N3

1.02%,

06/12/2028

100‌

96‌

Carvana

Auto

Receivables

Trust

2021-N4

2.30%,

09/11/2028

100‌

93‌

Carvana

Auto

Receivables

Trust

2021-P1

1.53%,

03/10/2027

140‌

125‌

Drive

Auto

Receivables

Trust

2021-1

1.45%,

01/16/2029

220‌

207‌

DT

Auto

Owner

Trust

2021-4

1.99%,

09/15/2027

(g)

115‌

103‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Automobile

Asset

Backed

Securities

(continued)

DT

Auto

Owner

Trust

2022-2

5.46%,

03/15/2028

(g)

$

150‌

$

145‌

Exeter

Automobile

Receivables

Trust

2020-2

4.73%,

04/15/2026

(g)

140‌

140‌

First

Investors

Auto

Owner

Trust

2019-2

2.80%,

12/15/2025

(g)

75‌

74‌

3.88%,

01/15/2026

(g)

175‌

172‌

Flagship

Credit

Auto

Trust

2022-1

3.64%,

03/15/2028

(g)

200‌

187‌

GLS

Auto

Receivables

Issuer

Trust

2021-4

2.48%,

10/15/2027

(g)

205‌

188‌

Hertz

Vehicle

Financing

III

LLC

4.85%,

06/25/2026

(g)

250‌

221‌

Prestige

Auto

Receivables

Trust

2019-1

3.90%,

05/15/2026

(g)

145‌

143‌

Prestige

Auto

Receivables

Trust

2021-1

2.08%,

02/15/2028

(g)

170‌

155‌

Santander

Drive

Auto

Receivables

Trust

2020-1

5.35%,

03/15/2028

385‌

389‌

Santander

Drive

Auto

Receivables

Trust

2021-4

1.67%,

10/15/2027

355‌

330‌

Westlake

Automobile

Receivables

Trust

2022-2

5.48%,

09/15/2027

(g)

125‌

125‌

$

3,348‌

Automobile

Manufacturers

-

0.64%

American

Honda

Finance

Corp

1.50%,

01/13/2025

900‌

852‌

Ford

Motor

Co

9.00%,

04/22/2025

365‌

408‌

General

Motors

Co

5.40%,

04/01/2048

260‌

227‌

5.95%,

04/01/2049

150‌

139‌

General

Motors

Financial

Co

Inc

5.70%,

09/30/2030

(j),(k)

35‌

32‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%

5.75%,

09/30/2027

(j),(k)

100‌

88‌

3

Month

USD

LIBOR

+

3.60%

6.50%,

09/30/2028

(j),(k)

75‌

69‌

3

Month

USD

LIBOR

+

3.44%

Toyota

Motor

Credit

Corp

1.45%,

01/13/2025

905‌

856‌

3.95%,

06/30/2025

385‌

385‌

$

3,056‌

Automobile

Parts

&

Equipment

-

0.15%

Meritor

Inc

4.50%,

12/15/2028

(g)

237‌

242‌

Tenneco

Inc

5.13%,

04/15/2029

(g)

477‌

463‌

$

705‌

Banks

-

1.55%

Absa

Group

Ltd

6.38%,

05/27/2026

(j),(k),(l)

275‌

250‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.41%

Banco

Hipotecario

SA

68.63%,

11/07/2022

(g)

ARS

3,422‌

20‌

Argentina

Deposit

Rates

Badlar

Private

Banks

ARS

30

to

35

Days

+

4.00%

Banco

Mercantil

del

Norte

SA/Grand

Cayman

5.88%,

01/24/2027

(g),(j),(k),(l)

$

625‌

541‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%

Bank

Hapoalim

BM

3.26%,

01/21/2032

(g),(k),(l)

1,000‌

870‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.16%

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

131

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

Leumi

Le-Israel

BM

5.13%,

07/27/2027

(g)

$

775‌

$

791‌

Bank

of

America

Corp

3.39%,

04/25/2025

380‌

378‌

Secured

Overnight

Financing

Rate

+

1.10%

Bank

of

New

York

Mellon

Corp/The

2.92%,

04/25/2025

190‌

188‌

Secured

Overnight

Financing

Rate

+

0.62%

Barclays

PLC

3.56%,

09/23/2035

(k)

495‌

397‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.90%

4.38%,

03/15/2028

(j),(k),(l)

230‌

173‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%

Deutsche

Bank

AG/New

York

NY

3.73%,

01/14/2032

(k)

200‌

147‌

Secured

Overnight

Financing

Rate

+

2.76%

Goldman

Sachs

Group

Inc/The

1.76%,

01/24/2025

(k)

440‌

423‌

Secured

Overnight

Financing

Rate

+

0.73%

International

Bank

of

Azerbaijan

OJSC

3.50%,

09/01/2024

825‌

794‌

Morgan

Stanley

2.48%,

01/21/2028

(k)

290‌

263‌

Secured

Overnight

Financing

Rate

+

1.00%

3.49%,

04/17/2025

380‌

378‌

Secured

Overnight

Financing

Rate

+

1.17%

Standard

Chartered

PLC

3.27%,

02/18/2036

(g),(k)

375‌

294‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.30%

7.75%,

08/15/2027

(g),(j),(k),(l)

850‌

825‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.98%

UniCredit

SpA

2.57%,

09/22/2026

(g),(k)

350‌

306‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%

Wells

Fargo

&

Co

3.60%,

04/25/2026

380‌

379‌

Secured

Overnight

Financing

Rate

+

1.32%

$

7,417‌

Building

Materials

-

0.19%

Cemex

SAB

de

CV

3.88%,

07/11/2031

(g)

200‌

168‌

5.13%,

06/08/2026

(g),(j)

475‌

394‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

9.07%

5.20%,

09/17/2030

(g)

375‌

341‌

$

903‌

Chemicals

-

0.47%

Ashland

LLC

3.38%,

09/01/2031

(g)

155‌

127‌

Braskem

Netherlands

Finance

BV

4.50%,

01/31/2030

(g)

200‌

177‌

Celanese

US

Holdings

LLC

6.33%,

07/15/2029

55‌

55‌

6.38%,

07/15/2032

40‌

40‌

ICL

Group

Ltd

6.38%,

05/31/2038

(g)

500‌

495‌

Orbia

Advance

Corp

SAB

de

CV

2.88%,

05/11/2031

(g)

205‌

169‌

Sasol

Financing

USA

LLC

4.38%,

09/18/2026

700‌

651‌

5.50%,

03/18/2031

625‌

525‌

$

2,239‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Commercial

Mortgage

Backed

Securities

-

0.65%

BPR

Trust

2021-NRD

9.17%,

12/15/2023

(g)

$

140‌

$

133‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

6.87%

Citigroup

Commercial

Mortgage

Trust

2014-GC21

5.11%,

05/10/2047

(g),(m)

135‌

122‌

COMM

2012-CCRE3

Mortgage

Trust

3.92%,

10/15/2045

(g)

110‌

104‌

COMM

2012-LC4

Mortgage

Trust

5.46%,

12/10/2044

(m)

10‌

9‌

CSMC

2014-USA

OA

LLC

4.37%,

09/15/2037

(g)

1,055‌

829‌

Morgan

Stanley

Capital

I

Trust

2011-C2

5.39%,

06/15/2044

(g),(m)

321‌

305‌

5.39%,

06/15/2044

(g),(m)

160‌

128‌

Starwood

Retail

Property

Trust

2014-STAR

5.14%,

11/15/2027

(g),(h)

170‌

86‌

1.00

x

1

Month

USD

LIBOR

+

2.75%

6.79%,

11/15/2027

(g),(h)

645‌

67‌

1.00

x

1

Month

USD

LIBOR

+

4.40%

Wells

Fargo

Commercial

Mortgage

Trust

2013-LC12

4.43%,

07/15/2046

(m)

215‌

202‌

Wells

Fargo

Commercial

Mortgage

Trust

2016-C36

4.27%,

11/15/2059

(m)

100‌

80‌

WFRBS

Commercial

Mortgage

Trust

2011-C3

5.42%,

03/15/2044

(g),(m)

330‌

134‌

WFRBS

Commercial

Mortgage

Trust

2011-C4

4.99%,

06/15/2044

(g),(m)

845‌

748‌

WFRBS

Commercial

Mortgage

Trust

2012-C7

4.81%,

06/15/2045

(m)

80‌

57‌

4.81%,

06/15/2045

(g),(m)

225‌

20‌

WFRBS

Commercial

Mortgage

Trust

2014-C20

4.38%,

05/15/2047

100‌

94‌

$

3,118‌

Commercial

Services

-

0.32%

MoneyGram

International

Inc

5.38%,

08/01/2026

(g)

470‌

461‌

Nielsen

Finance

LLC

/

Nielsen

Finance

Co

5.63%,

10/01/2028

(g)

522‌

523‌

5.88%,

10/01/2030

(g)

509‌

510‌

TriNet

Group

Inc

3.50%,

03/01/2029

(g)

65‌

56‌

$

1,550‌

Computers

-

0.05%

Western

Digital

Corp

2.85%,

02/01/2029

160‌

130‌

4.75%,

02/15/2026

120‌

116‌

$

246‌

Cosmetics

&

Personal

Care

-

0.03%

Natura

Cosmeticos

SA

4.13%,

05/03/2028

(g)

200‌

165‌

Credit

Card

Asset

Backed

Securities

-

0.04%

Mercury

Financial

Credit

Card

Master

Trust

1.54%,

03/20/2026

(g)

190‌

180‌

Diversified

Financial

Services

-

0.63%

Aircastle

Ltd

5.25%,

06/15/2026

(g),(j),(k)

60‌

47‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.41%

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

132

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Ally

Financial

Inc

4.70%,

05/15/2026

(j),(k)

$

125‌

$

103‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%

4.70%,

05/15/2028

(j),(k)

185‌

144‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.48%

American

Express

Co

3.01%,

05/03/2024

380‌

379‌

Secured

Overnight

Financing

Rate

+

0.72%

Antares

Holdings

LP

2.75%,

01/15/2027

(g)

255‌

211‌

Capital

One

Financial

Corp

3.63%,

05/09/2025

375‌

370‌

Secured

Overnight

Financing

Rate

+

1.35%

OneMain

Finance

Corp

3.50%,

01/15/2027

180‌

149‌

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-

Issuer

Inc

2.88%,

10/15/2026

(g)

1,060‌

890‌

3.63%,

03/01/2029

(g)

285‌

229‌

3.88%,

03/01/2031

(g)

5‌

4‌

4.00%,

10/15/2033

(g)

255‌

190‌

SOCAR

Turkey

Enerji

AS

via

Steas

Funding

1

DAC

7.23%,

03/17/2026

320‌

316‌

$

3,032‌

Electric

-

0.48%

Adani

Electricity

Mumbai

Ltd

3.95%,

02/12/2030

(g)

525‌

434‌

Alfa

Desarrollo

SpA

4.55%,

09/27/2051

(g)

324‌

233‌

Comision

Federal

de

Electricidad

5.00%,

09/29/2036

553‌

481‌

Edison

International

5.38%,

03/15/2026

(j),(k)

255‌

228‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.70%

NextEra

Energy

Capital

Holdings

Inc

4.20%,

06/20/2024

385‌

385‌

NPC

Ukrenergo

0.00%,

11/09/2028

(f),(g)

425‌

79‌

NRG

Energy

Inc

5.75%,

01/15/2028

200‌

188‌

Pacific

Gas

and

Electric

Co

3.50%,

08/01/2050

55‌

37‌

4.30%,

03/15/2045

220‌

159‌

4.95%,

07/01/2050

25‌

20‌

5.45%,

06/15/2027

45‌

44‌

$

2,288‌

Energy

-

Alternate

Sources

-

0.08%

Energo-Pro

AS

8.50%,

02/04/2027

(g)

425‌

396‌

Engineering

&

Construction

-

0.23%

GMR

Hyderabad

International

Airport

Ltd

4.75%,

02/02/2026

(g)

200‌

184‌

HTA

Group

Ltd/Mauritius

7.00%,

12/18/2025

(g)

365‌

342‌

IEA

Energy

Services

LLC

6.63%,

08/15/2029

(g)

140‌

139‌

IHS

Holding

Ltd

5.63%,

11/29/2026

(g)

275‌

236‌

State

Agency

of

Roads

of

Ukraine

0.00%,

06/24/2030

(f),(g)

700‌

125‌

0.00%,

06/24/2030

(f)

200‌

36‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Engineering

&

Construction

(continued)

TopBuild

Corp

4.13%,

02/15/2032

(g)

$

80‌

$

66‌

$

1,128‌

Entertainment

-

0.50%

Allen

Media

LLC

/

Allen

Media

Co-Issuer

Inc

10.50%,

02/15/2028

(g)

471‌

238‌

Everi

Holdings

Inc

5.00%,

07/15/2029

(g)

25‌

22‌

Genm

Capital

Labuan

Ltd

3.88%,

04/19/2031

(g)

200‌

156‌

Magallanes

Inc

3.76%,

03/15/2027

(g)

65‌

61‌

4.05%,

03/15/2029

(g)

50‌

45‌

4.28%,

03/15/2032

(g)

80‌

70‌

Peninsula

Pacific

Entertainment

LLC

/

Peninsula

Pacific

Entertainment

Finance

Inc

8.50%,

11/15/2027

(g)

1,007‌

1,082‌

Scientific

Games

International

Inc

7.00%,

05/15/2028

(g)

661‌

647‌

7.25%,

11/15/2029

(g)

75‌

74‌

$

2,395‌

Food

-

0.19%

JBS

USA

LUX

SA

/

JBS

USA

Food

Co

/

JBS

USA

Finance

Inc

3.00%,

02/02/2029

(g)

70‌

61‌

MARB

BondCo

PLC

3.95%,

01/29/2031

(g)

360‌

284‌

Pilgrim's

Pride

Corp

5.88%,

09/30/2027

(g)

195‌

192‌

TreeHouse

Foods

Inc

4.00%,

09/01/2028

445‌

373‌

$

910‌

Food

Service

-

0.03%

Aramark

Services

Inc

6.38%,

05/01/2025

(g)

135‌

134‌

Forest

Products

&

Paper

-

0.12%

Resolute

Forest

Products

Inc

4.88%,

03/01/2026

(g)

581‌

573‌

Gas

-

0.09%

Rockpoint

Gas

Storage

Canada

Ltd

7.00%,

03/31/2023

(g)

441‌

437‌

Healthcare

-

Services

-

0.11%

Charles

River

Laboratories

International

Inc

3.75%,

03/15/2029

(g)

35‌

30‌

4.25%,

05/01/2028

(g)

30‌

28‌

HCA

Inc

5.38%,

02/01/2025

120‌

121‌

5.88%,

02/15/2026

240‌

245‌

Molina

Healthcare

Inc

4.38%,

06/15/2028

(g)

80‌

74‌

Tenet

Healthcare

Corp

4.63%,

06/15/2028

(g)

5‌

5‌

6.13%,

10/01/2028

(g)

20‌

18‌

$

521‌

Insurance

-

0.10%

Athene

Global

Funding

1.72%,

01/07/2025

(g)

375‌

347‌

Global

Atlantic

Fin

Co

4.40%,

10/15/2029

(g)

130‌

116‌

$

463‌

Internet

-

1.22%

Expedia

Group

Inc

2.95%,

03/15/2031

30‌

25‌

3.25%,

02/15/2030

30‌

26‌

Getty

Images

Inc

9.75%,

03/01/2027

(g)

1,544‌

1,548‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

133

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Internet

(continued)

Go

Daddy

Operating

Co

LLC

/

GD

Finance

Co

Inc

5.25%,

12/01/2027

(g)

$

105‌

$

99‌

Netflix

Inc

4.88%,

04/15/2028

25‌

24‌

4.88%,

06/15/2030

(g)

230‌

220‌

5.38%,

11/15/2029

(g)

35‌

34‌

5.88%,

11/15/2028

145‌

147‌

6.38%,

05/15/2029

200‌

207‌

Prosus

NV

3.26%,

01/19/2027

(g)

1,025‌

887‌

Tencent

Holdings

Ltd

3.68%,

04/22/2041

200‌

155‌

3.93%,

01/19/2038

600‌

498‌

Twitter

Inc

3.88%,

12/15/2027

(g)

645‌

600‌

5.00%,

03/01/2030

(g)

158‌

149‌

Uber

Technologies

Inc

4.50%,

08/15/2029

(g)

440‌

382‌

6.25%,

01/15/2028

(g)

55‌

53‌

7.50%,

09/15/2027

(g)

785‌

786‌

8.00%,

11/01/2026

(g)

15‌

15‌

$

5,855‌

Investment

Companies

-

0.35%

Ares

Capital

Corp

2.88%,

06/15/2028

165‌

137‌

3.20%,

11/15/2031

225‌

176‌

Barings

BDC

Inc

3.30%,

11/23/2026

(g)

125‌

108‌

Blackstone

Secured

Lending

Fund

2.13%,

02/15/2027

450‌

373‌

FS

KKR

Capital

Corp

3.13%,

10/12/2028

165‌

134‌

3.40%,

01/15/2026

515‌

469‌

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.25%,

05/15/2027

185‌

168‌

6.25%,

05/15/2026

10‌

10‌

6.38%,

12/15/2025

35‌

34‌

Owl

Rock

Capital

Corp

2.88%,

06/11/2028

75‌

61‌

Owl

Rock

Technology

Finance

Corp

2.50%,

01/15/2027

25‌

21‌

$

1,691‌

Iron

&

Steel

-

0.14%

ABJA

Investment

Co

Pte

Ltd

5.45%,

01/24/2028

210‌

206‌

CSN

Inova

Ventures

6.75%,

01/28/2028

(g)

300‌

285‌

6.75%,

01/28/2028

200‌

190‌

$

681‌

Leisure

Products

&

Services

-

0.17%

Carnival

Corp

5.75%,

03/01/2027

(g)

546‌

424‌

NCL

Corp

Ltd

5.88%,

03/15/2026

(g)

105‌

85‌

5.88%,

02/15/2027

(g)

85‌

77‌

NCL

Finance

Ltd

6.13%,

03/15/2028

(g)

40‌

31‌

Royal

Caribbean

Cruises

Ltd

4.25%,

07/01/2026

(g)

35‌

27‌

5.50%,

04/01/2028

(g)

205‌

155‌

$

799‌

Lodging

-

0.22%

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

4.88%,

07/01/2031

(g)

30‌

25‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Lodging

(continued)

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Escrow

Inc

5.00%,

06/01/2029

(g)

$

105‌

$

93‌

Hilton

Worldwide

Finance

LLC

/

Hilton

Worldwide

Finance

Corp

4.88%,

04/01/2027

105‌

100‌

Marriott

Ownership

Resorts

Inc

4.50%,

06/15/2029

(g)

80‌

67‌

Melco

Resorts

Finance

Ltd

5.63%,

07/17/2027

200‌

142‌

5.75%,

07/21/2028

200‌

135‌

Studio

City

Finance

Ltd

5.00%,

01/15/2029

400‌

208‌

Travel

+

Leisure

Co

4.50%,

12/01/2029

(g)

100‌

81‌

4.63%,

03/01/2030

(g)

95‌

76‌

6.00%,

04/01/2027

10‌

10‌

6.63%,

07/31/2026

(g)

100‌

97‌

$

1,034‌

Machinery

-

Construction

&

Mining

-

0.07%

Caterpillar

Financial

Services

Corp

0.95%,

01/10/2024

340‌

328‌

Machinery

-

Diversified

-

0.04%

John

Deere

Capital

Corp

0.90%,

01/10/2024

85‌

82‌

1.25%,

01/10/2025

130‌

123‌

$

205‌

Media

-

0.86%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.13%,

05/01/2027

(g)

905‌

859‌

5.50%,

05/01/2026

(g)

30‌

30‌

Cengage

Learning

Inc

9.50%,

06/15/2024

(g)

243‌

232‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.30%,

02/01/2032

20‌

15‌

2.80%,

04/01/2031

50‌

40‌

4.40%,

04/01/2033

25‌

22‌

4.40%,

12/01/2061

955‌

672‌

CSC

Holdings

LLC

4.63%,

12/01/2030

(g)

850‌

608‌

DISH

DBS

Corp

5.13%,

06/01/2029

175‌

104‌

5.25%,

12/01/2026

(g)

465‌

384‌

iHeartCommunications

Inc

4.75%,

01/15/2028

(g)

320‌

275‌

8.38%,

05/01/2027

80‌

70‌

LCPR

Senior

Secured

Financing

DAC

5.13%,

07/15/2029

(g)

425‌

365‌

TEGNA

Inc

4.63%,

03/15/2028

62‌

59‌

5.00%,

09/15/2029

390‌

373‌

$

4,108‌

Mining

-

0.48%

First

Quantum

Minerals

Ltd

6.88%,

03/01/2026

(g)

405‌

389‌

7.50%,

04/01/2025

(g)

200‌

197‌

FMG

Resources

August

2006

Pty

Ltd

4.50%,

09/15/2027

(g)

150‌

137‌

Freeport-McMoRan

Inc

4.25%,

03/01/2030

85‌

77‌

4.63%,

08/01/2030

110‌

102‌

Glencore

Funding

LLC

2.85%,

04/27/2031

(g)

315‌

260‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

134

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mining

(continued)

Stillwater

Mining

Co

4.00%,

11/16/2026

(g)

$

750‌

$

661‌

4.00%,

11/16/2026

200‌

176‌

4.50%,

11/16/2029

(g)

350‌

288‌

Volcan

Cia

Minera

SAA

4.38%,

02/11/2026

(g)

30‌

26‌

$

2,313‌

Miscellaneous

Manufacturers

-

0.11%

FXI

Holdings

Inc

12.25%,

11/15/2026

(g)

438‌

365‌

Parker-Hannifin

Corp

4.25%,

09/15/2027

155‌

154‌

$

519‌

Mortgage

Backed

Securities

-

0.47%

Alternative

Loan

Trust

2003-22CB

5.75%,

12/25/2033

59‌

56‌

Alternative

Loan

Trust

2004-16CB

5.50%,

07/25/2034

33‌

32‌

5.50%,

08/25/2034

35‌

34‌

Alternative

Loan

Trust

2004-J10

6.00%,

09/25/2034

71‌

68‌

Alternative

Loan

Trust

2005-J1

5.50%,

02/25/2025

21‌

20‌

Banc

of

America

Alternative

Loan

Trust

2003-8

5.50%,

10/25/2033

36‌

34‌

Banc

of

America

Funding

2005-7

Trust

5.75%,

11/25/2035

25‌

25‌

Banc

of

America

Funding

2007-4

Trust

5.50%,

11/25/2034

33‌

30‌

Banc

of

America

Mortgage

2005-A

Trust

2.54%,

02/25/2035

(m)

11‌

11‌

BINOM

Securitization

Trust

2022-RPL1

3.00%,

02/25/2061

(g),(m)

140‌

127‌

CHL

Mortgage

Pass-Through

Trust

2004-HYB4

3.87%,

09/20/2034

(m)

18‌

17‌

CIM

Trust

2021-NR2

2.57%,

07/25/2059

(g),(m)

135‌

128‌

Connecticut

Avenue

Securities

Trust

2020-R01

4.49%,

01/25/2040

(g)

50‌

49‌

1.00

x

1

Month

USD

LIBOR

+

2.05%

Connecticut

Avenue

Securities

Trust

2022-R06

4.93%,

05/25/2042

(g)

93‌

95‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

2.75%

CSFB

Mortgage-Backed

Pass-Through

Certificates

Series

2003-27

5.75%,

11/25/2033

23‌

23‌

CSMC

2020-RPL3

Trust

2.69%,

03/25/2060

(g),(m)

144‌

139‌

DSLA

Mortgage

Loan

Trust

2005-AR5

3.03%,

09/19/2045

93‌

62‌

1.00

x

1

Month

USD

LIBOR

+

0.66%

Freddie

Mac

STACR

REMIC

Trust

2022-DNA4

4.38%,

05/25/2042

(g)

93‌

93‌

1.00

x

30

Day

Average

Secured

Overnight

Financing

Rate

+

2.20%

GSR

Mortgage

Loan

Trust

2005-4F

6.50%,

02/25/2035

32‌

30‌

IndyMac

INDX

Mortgage

Loan

Trust

2004-AR7

3.66%,

09/25/2034

76‌

69‌

1.00

x

1

Month

USD

LIBOR

+

1.22%

IndyMac

INDX

Mortgage

Loan

Trust

2005-AR11

3.19%,

08/25/2035

(m)

343‌

290‌

Lehman

XS

Trust

Series

2006-2N

2.96%,

02/25/2046

58‌

53‌

1.00

x

1

Month

USD

LIBOR

+

0.52%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Mortgage

Backed

Securities

(continued)

MASTR

Alternative

Loan

Trust

2003-9

5.25%,

11/25/2033

$

20‌

$

19‌

MASTR

Alternative

Loan

Trust

2004-5

5.50%,

06/25/2034

17‌

16‌

6.00%,

06/25/2034

20‌

20‌

MASTR

Alternative

Loan

Trust

2004-8

6.00%,

09/25/2034

108‌

103‌

Merrill

Lynch

Mortgage

Investors

Trust

Series

MLCC

2006-2

2.69%,

05/25/2036

(m)

5‌

5‌

PRPM

2021-2

LLC

2.12%,

03/25/2026

(g),(m)

75‌

71‌

PRPM

2021-3

LLC

1.87%,

04/25/2026

(g),(m)

161‌

151‌

PRPM

2021-9

LLC

2.36%,

10/25/2026

(g),(m)

128‌

120‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust

2.75%,

07/25/2035

367‌

242‌

1.00

x

1

Month

USD

LIBOR

+

0.31%

$

2,232‌

Office

&

Business

Equipment

-

0.05%

CDW

LLC

/

CDW

Finance

Corp

2.67%,

12/01/2026

115‌

104‌

3.25%,

02/15/2029

140‌

121‌

4.25%,

04/01/2028

30‌

28‌

$

253‌

Oil

&

Gas

-

1.69%

Aker

BP

ASA

3.75%,

01/15/2030

(g)

210‌

189‌

Bellatrix

Exploration

8.5

-

Escrow

0.00%,

09/11/2023

(f),(h)

236‌

—‌

Bellatrix

Exploration

PIK

-

Escrow

0.00%,

12/15/2023

(f),(h)

257‌

—‌

Cobalt

International

Energy

Inc

0.00%,

12/01/2023

(f)

4,635‌

67‌

Continental

Resources

Inc/OK

2.88%,

04/01/2032

(g)

35‌

27‌

5.75%,

01/15/2031

(g)

320‌

306‌

Energean

Israel

Finance

Ltd

4.88%,

03/30/2026

(g)

725‌

667‌

5.38%,

03/30/2028

(g)

780‌

700‌

EQT

Corp

3.13%,

05/15/2026

(g)

30‌

28‌

3.63%,

05/15/2031

(g)

150‌

132‌

3.90%,

10/01/2027

165‌

156‌

5.00%,

01/15/2029

45‌

44‌

Kosmos

Energy

Ltd

7.13%,

04/04/2026

400‌

352‌

7.50%,

03/01/2028

(g)

350‌

301‌

Leviathan

Bond

Ltd

5.75%,

06/30/2023

(g)

350‌

349‌

6.13%,

06/30/2025

(g)

580‌

568‌

6.50%,

06/30/2027

(g)

805‌

781‌

MC

Brazil

Downstream

Trading

SARL

7.25%,

06/30/2031

(g)

450‌

376‌

Occidental

Petroleum

Corp

5.55%,

03/15/2026

350‌

359‌

6.13%,

01/01/2031

5‌

5‌

7.88%,

09/15/2031

10‌

12‌

8.88%,

07/15/2030

10‌

12‌

OGX

Austria

GmbH

0.00%,

06/01/2018

(f),(g)

600‌

—‌

0.00%,

04/01/2022

(f),(g)

1,100‌

—‌

Ovintiv

Inc

6.50%,

08/15/2034

20‌

21‌

6.50%,

02/01/2038

10‌

10‌

6.63%,

08/15/2037

40‌

41‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

135

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Oil

&

Gas

(continued)

Ovintiv

Inc  

(continued)

7.20%,

11/01/2031

$

5‌

$

5‌

7.38%,

11/01/2031

5‌

5‌

8.13%,

09/15/2030

25‌

28‌

Petroleos

Mexicanos

5.35%,

02/12/2028

475‌

387‌

5.95%,

01/28/2031

555‌

420‌

6.63%,

06/15/2035

905‌

650‌

6.70%,

02/16/2032

475‌

371‌

6.84%,

01/23/2030

750‌

609‌

Southwestern

Energy

Co

4.75%,

02/01/2032

25‌

22‌

YPF

SA

6.95%,

07/21/2027

(g)

135‌

83‌

$

8,083‌

Oil

&

Gas

Services

-

0.05%

Exterran

Energy

Solutions

LP

/

EES

Finance

Corp

8.13%,

05/01/2025

265‌

258‌

Other

Asset

Backed

Securities

-

2.38%

510

Asset

Backed

2021-NPL1

Trust

2.24%,

06/25/2061

(g),(m)

126‌

118‌

Accelerated

Assets

2018-1

LLC

4.51%,

12/02/2033

(g)

83‌

80‌

Adams

Outdoor

Advertising

LP

4.81%,

11/15/2048

(g)

686‌

662‌

AIM

Aviation

Finance

Ltd

7.07%,

02/15/2040

(g),(m)

675‌

190‌

Allegro

CLO

VI

Ltd

5.49%,

01/17/2031

(g)

250‌

230‌

1.00

x

3

Month

USD

LIBOR

+

2.75%

American

Homes

4

Rent

2014-SFR2

Trust

5.15%,

10/17/2036

(g)

280‌

278‌

6.23%,

10/17/2036

(g)

695‌

704‌

American

Homes

4

Rent

2014-SFR3

Trust

6.42%,

12/17/2036

(g)

900‌

914‌

American

Homes

4

Rent

2015-SFR1

Trust

5.64%,

04/17/2052

(g)

1,045‌

1,050‌

Barings

Clo

Ltd

2019-IV

5.31%,

01/15/2033

(g)

250‌

238‌

1.00

x

3

Month

USD

LIBOR

+

2.80%

Blackbird

Capital

Aircraft

Lease

Securitization

Ltd

2016-1

4.21%,

12/16/2041

(g),(m)

171‌

151‌

CARLYLE

US

CLO

2017-4

Ltd

5.31%,

01/15/2030

(g)

280‌

242‌

1.00

x

3

Month

USD

LIBOR

+

2.80%

CLI

Funding

VIII

LLC

1.64%,

02/18/2046

(g)

339‌

297‌

DB

Master

Finance

LLC

4.35%,

05/20/2049

(g)

204‌

192‌

Diamond

Resorts

Owner

Trust

2018-1

4.53%,

01/21/2031

(g)

96‌

95‌

Diamond

Resorts

Owner

Trust

2019-1

3.53%,

02/20/2032

(g)

88‌

86‌

Domino's

Pizza

Master

Issuer

LLC

2.66%,

04/25/2051

(g)

217‌

186‌

3.67%,

10/25/2049

(g)

195‌

175‌

4.12%,

07/25/2047

(g)

506‌

482‌

Elevation

CLO

2017-6

Ltd

5.21%,

07/15/2029

(g)

250‌

243‌

1.00

x

3

Month

USD

LIBOR

+

2.70%

Generate

CLO

7

Ltd

6.56%,

01/22/2033

(g)

295‌

276‌

1.00

x

3

Month

USD

LIBOR

+

3.80%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Other

Asset

Backed

Securities

(continued)

Greystone

CRE

Notes

2021-HC2

LTD

4.22%,

12/15/2039

(g)

$

110‌

$

106‌

1.00

x

CME

Term

Secured

Overnight

Financing

Rate

1

Month

+

1.91%

Hilton

Grand

Vacations

Trust

2018-A

4.00%,

02/25/2032

(g)

32‌

31‌

HPEFS

Equipment

Trust

2.79%,

07/22/2030

(g)

500‌

492‌

HPEFS

Equipment

Trust

2020-1

2.26%,

02/20/2030

(g)

115‌

113‌

Kestrel

Aircraft

Funding

Ltd

4.25%,

12/15/2038

(g)

313‌

272‌

Madison

Park

Funding

XXVI

Ltd

5.81%,

07/29/2030

(g)

255‌

238‌

1.00

x

3

Month

USD

LIBOR

+

3.00%

Madison

Park

Funding

XXX

LTD

5.01%,

04/15/2029

(g)

255‌

239‌

1.00

x

3

Month

USD

LIBOR

+

2.50%

Octagon

Investment

Partners

XVI

Ltd

8.49%,

07/17/2030

(g)

500‌

418‌

1.00

x

3

Month

USD

LIBOR

+

5.75%

Octagon

Investment

Partners

XXII

Ltd

4.66%,

01/22/2030

(g)

250‌

237‌

1.00

x

3

Month

USD

LIBOR

+

1.90%

OHA

Credit

Funding

3

LTD

8.96%,

07/02/2035

(g)

250‌

226‌

1.00

x

3

Month

USD

LIBOR

+

6.25%

OHA

Loan

Funding

2013-1

Ltd

5.83%,

07/23/2031

(g)

275‌

255‌

1.00

x

3

Month

USD

LIBOR

+

3.05%

OZLM

XXIII

Ltd

6.26%,

04/15/2034

(g)

390‌

371‌

1.00

x

3

Month

USD

LIBOR

+

3.75%

Parallel

2017-1

Ltd

4.71%,

07/20/2029

(g)

305‌

292‌

1.00

x

3

Month

USD

LIBOR

+

2.00%

Planet

Fitness

Master

Issuer

LLC

3.86%,

12/05/2049

(g)

268‌

228‌

Sierra

Timeshare

2020-2

Receivables

Funding

LLC

3.51%,

07/20/2037

(g)

36‌

35‌

S-Jets

2017-1

Ltd

3.97%,

08/15/2042

(g)

612‌

513‌

VCAT

2021-NPL5

LLC

1.87%,

08/25/2051

(g),(m)

83‌

76‌

VOLT

XCIII

LLC

1.89%,

02/27/2051

(g),(m)

214‌

202‌

VOLT

XCVI

LLC

2.12%,

03/27/2051

(g),(m)

131‌

123‌

Wendy's

Funding

LLC

4.08%,

06/15/2049

(g)

78‌

72‌

$

11,428‌

Packaging

&

Containers

-

0.16%

Mauser

Packaging

Solutions

Holding

Co

7.25%,

04/15/2025

(g)

858‌

781‌

Pharmaceuticals

-

0.35%

Bausch

Health

Cos

Inc

4.88%,

06/01/2028

(g)

45‌

31‌

5.00%,

01/30/2028

(g)

90‌

34‌

5.00%,

02/15/2029

(g)

10‌

4‌

5.25%,

01/30/2030

(g)

75‌

28‌

5.25%,

02/15/2031

(g)

205‌

79‌

6.25%,

02/15/2029

(g)

10‌

4‌

7.00%,

01/15/2028

(g)

20‌

7‌

Mallinckrodt

International

Finance

SA

/

Mallinckrodt

CB

LLC

10.00%,

04/15/2025

(g)

358‌

322‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

136

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pharmaceuticals

(continued)

Teva

Pharmaceutical

Finance

Netherlands

II

BV

6.00%,

01/31/2025

EUR

190‌

$

189‌

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%,

10/01/2026

$

60‌

50‌

4.10%,

10/01/2046

1,420‌

929‌

$

1,677‌

Pipelines

-

0.45%

DCP

Midstream

Operating

LP

5.38%,

07/15/2025

220‌

220‌

Galaxy

Pipeline

Assets

Bidco

Ltd

2.16%,

03/31/2034

(g)

745‌

650‌

2.16%,

03/31/2034

937‌

817‌

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

5.63%,

06/15/2024

250‌

239‌

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(g)

50‌

43‌

5.63%,

02/15/2026

(g)

50‌

49‌

Western

Midstream

Operating

LP

3.35%,

02/01/2025

165‌

156‌

$

2,174‌

Real

Estate

-

0.28%

Agile

Group

Holdings

Ltd

5.50%,

04/21/2025

200‌

79‌

6.05%,

10/13/2025

210‌

81‌

CFLD

Cayman

Investment

Ltd

0.00%,

09/28/2022

(f)

205‌

21‌

China

Evergrande

Group

0.00%,

06/28/2025

(f)

200‌

14‌

Kaisa

Group

Holdings

Ltd

0.00%,

07/23/2023

(f)

200‌

22‌

0.00%,

06/30/2024

(f)

600‌

66‌

0.00%,

04/16/2025

(f)

200‌

22‌

0.00%,

11/11/2025

(f)

200‌

22‌

0.00%,

06/01/2026

(f)

200‌

22‌

KWG

Group

Holdings

Ltd

6.30%,

02/13/2026

210‌

26‌

Logan

Group

Co

Ltd

4.25%,

07/12/2025

200‌

32‌

4.85%,

12/14/2026

200‌

33‌

5.75%,

01/14/2025

200‌

33‌

Powerlong

Real

Estate

Holdings

Ltd

6.95%,

07/23/2023

200‌

30‌

Sunac

China

Holdings

Ltd

0.00%,

10/20/2024

(f)

400‌

57‌

0.00%,

01/26/2026

(f)

200‌

28‌

Times

China

Holdings

Ltd

6.20%,

03/22/2026

210‌

29‌

WeWork

Cos

Inc

7.88%,

05/01/2025

(g)

602‌

449‌

WeWork

Cos

LLC

/

WW

Co-Obligor

Inc

5.00%,

07/10/2025

(g)

367‌

238‌

Yuzhou

Group

Holdings

Co

Ltd

0.00%,

08/12/2026

(f)

200‌

14‌

0.00%,

01/13/2027

(f)

400‌

27‌

Zhenro

Properties

Group

Ltd

0.00%,

01/07/2026

(f)

200‌

7‌

$

1,352‌

Regional

Authority

-

0.02%

Provincia

de

Buenos

Aires/Government

Bonds

61.10%,

04/12/2025

(g)

ARS

11,045‌

73‌

Argentina

Deposit

Rates

Badlar

Private

Banks

ARS

30

to

35

Days

+

3.75%

REITs

-

0.39%

iStar

Inc

4.25%,

08/01/2025

$

844‌

842‌

4.75%,

10/01/2024

270‌

270‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

(continued)

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp

4.25%,

02/01/2027

(g)

$

135‌

$

118‌

National

Health

Investors

Inc

3.00%,

02/01/2031

35‌

27‌

SBA

Communications

Corp

3.88%,

02/15/2027

260‌

237‌

VICI

Properties

LP

/

VICI

Note

Co

Inc

4.25%,

12/01/2026

(g)

125‌

117‌

4.50%,

09/01/2026

(g)

90‌

85‌

4.63%,

06/15/2025

(g)

95‌

92‌

5.63%,

05/01/2024

(g)

70‌

70‌

$

1,858‌

Retail

-

0.09%

1011778

BC

ULC

/

New

Red

Finance

Inc

4.38%,

01/15/2028

(g)

255‌

228‌

Lithia

Motors

Inc

3.88%,

06/01/2029

(g)

75‌

63‌

Target

Corp

1.95%,

01/15/2027

50‌

47‌

Yum!

Brands

Inc

3.63%,

03/15/2031

130‌

109‌

$

447‌

Semiconductors

-

0.03%

Broadcom

Inc

4.15%,

11/15/2030

155‌

141‌

Software

-

0.19%

Citrix

Systems

Inc

1.25%,

03/01/2026

10‌

10‌

3.30%,

03/01/2030

706‌

697‌

Oracle

Corp

3.95%,

03/25/2051

230‌

165‌

Playtika

Holding

Corp

4.25%,

03/15/2029

(g)

40‌

34‌

$

906‌

Sovereign

-

8.83%

1MDB

Global

Investments

Ltd

4.40%,

03/09/2023

1,800‌

1,720‌

Angolan

Government

International

Bond

8.00%,

11/26/2029

200‌

166‌

8.75%,

04/14/2032

(g)

1,100‌

900‌

8.75%,

04/14/2032

600‌

491‌

9.13%,

11/26/2049

350‌

262‌

Argentine

Republic

Government

International

Bond

0.50%,

07/09/2030

(m)

1,300‌

309‌

1.50%,

07/09/2035

(m)

2,526‌

568‌

3.50%,

07/09/2041

(m)

475‌

125‌

3.88%,

01/09/2038

(m)

275‌

77‌

Bahamas

Government

International

Bond

6.00%,

11/21/2028

725‌

466‌

9.00%,

06/16/2029

(g)

200‌

148‌

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10.00%,

01/01/2027

BRL

21,200‌

3,808‌

Brazilian

Government

International

Bond

4.75%,

01/14/2050

$

200‌

145‌

5.00%,

01/27/2045

400‌

308‌

Colombia

Government

International

Bond

3.00%,

01/30/2030

200‌

155‌

4.50%,

03/15/2029

300‌

262‌

5.63%,

02/26/2044

900‌

654‌

6.13%,

01/18/2041

550‌

440‌

Czech

Republic

Government

Bond

1.00%,

06/26/2026

CZK

21,800‌

761‌

1.25%,

02/14/2025

14,600‌

534‌

2.40%,

09/17/2025

14,500‌

542‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

137

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Dominican

Republic

International

Bond

4.50%,

01/30/2030

$

575‌

$

482‌

4.88%,

09/23/2032

400‌

323‌

6.00%,

02/22/2033

(g)

225‌

196‌

6.00%,

02/22/2033

225‌

196‌

El

Salvador

Government

International

Bond

5.88%,

01/30/2025

225‌

112‌

6.38%,

01/18/2027

325‌

124‌

7.12%,

01/20/2050

200‌

64‌

7.63%,

09/21/2034

125‌

38‌

7.63%,

02/01/2041

650‌

218‌

7.65%,

06/15/2035

350‌

121‌

8.63%,

02/28/2029

400‌

147‌

Indonesia

Treasury

Bond

7.00%,

02/15/2033

IDR

22,000,000‌

1,466‌

8.38%,

03/15/2034

20,100,000‌

1,472‌

Iraq

International

Bond

5.80%,

01/15/2028

$

1,616‌

1,345‌

Ivory

Coast

Government

International

Bond

4.88%,

01/30/2032

EUR

975‌

740‌

4.88%,

01/30/2032

(g)

1,100‌

835‌

5.88%,

10/17/2031

200‌

161‌

Malaysia

Government

Bond

3.90%,

11/16/2027

MYR

6,700‌

1,507‌

Mexican

Bonos

7.75%,

11/23/2034

MXN

73,100‌

3,266‌

Mexico

Government

International

Bond

4.35%,

01/15/2047

$

200‌

156‌

4.40%,

02/12/2052

200‌

153‌

4.88%,

05/19/2033

1,040‌

996‌

Nigeria

Government

International

Bond

7.14%,

02/23/2030

675‌

496‌

8.38%,

03/24/2029

(g)

800‌

633‌

8.38%,

03/24/2029

200‌

158‌

Oman

Government

International

Bond

6.50%,

03/08/2047

400‌

350‌

6.75%,

01/17/2048

925‌

827‌

7.00%,

01/25/2051

200‌

184‌

Republic

of

Poland

Government

Bond

0.00%,

07/25/2024

(f)

PLN

4,200‌

785‌

2.50%,

07/25/2026

4,000‌

729‌

Republic

of

South

Africa

Government

Bond

8.88%,

02/28/2035

ZAR

57,000‌

2,822‌

Republic

of

South

Africa

Government

International

Bond

5.00%,

10/12/2046

$

400‌

269‌

5.75%,

09/30/2049

975‌

694‌

7.30%,

04/20/2052

600‌

498‌

Republic

of

Uzbekistan

International

Bond

4.75%,

02/20/2024

400‌

392‌

Romania

Government

Bond

4.85%,

07/25/2029

RON

2,400‌

418‌

5.00%,

02/12/2029

2,000‌

354‌

Romanian

Government

International

Bond

1.38%,

12/02/2029

EUR

175‌

127‌

2.00%,

04/14/2033

1,025‌

677‌

2.75%,

04/14/2041

275‌

160‌

2.88%,

04/13/2042

325‌

189‌

Saudi

Government

International

Bond

4.50%,

10/26/2046

$

1,200‌

1,120‌

4.63%,

10/04/2047

200‌

189‌

Senegal

Government

International

Bond

5.38%,

06/08/2037

EUR

325‌

221‌

6.25%,

07/30/2024

$

200‌

188‌

6.25%,

05/23/2033

400‌

324‌

6.75%,

03/13/2048

200‌

140‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Sovereign

(continued)

Sri

Lanka

Government

International

Bond

0.00%,

11/03/2025

(f)

$

1,400‌

$

484‌

0.00%,

07/18/2026

(f)

600‌

203‌

0.00%,

05/11/2027

(f)

200‌

66‌

0.00%,

04/18/2028

(f)

200‌

66‌

Tunisian

Republic

5.63%,

02/17/2024

EUR

225‌

147‌

5.75%,

01/30/2025

$

250‌

150‌

6.38%,

07/15/2026

EUR

950‌

559‌

Ukraine

Government

International

Bond

0.00%,

09/01/2026

(f)

$

250‌

49‌

0.00%,

09/01/2027

(f)

200‌

40‌

0.00%,

09/01/2028

(f)

800‌

164‌

0.00%,

05/21/2031

(f),(g)

325‌

61‌

0.00%,

08/01/2041

(f),(m)

675‌

200‌

Zambia

Government

International

Bond

0.00%,

04/14/2024

(f)

425‌

256‌

$

42,348‌

Student

Loan

Asset

Backed

Securities

-

0.28%

Navient

Private

Education

Refi

Loan

Trust

2018-A

3.68%,

02/18/2042

(g)

140‌

140‌

Navient

Private

Education

Refi

Loan

Trust

2018-C

4.22%,

06/16/2042

(g)

340‌

334‌

Navient

Private

Education

Refi

Loan

Trust

2020-F

2.69%,

07/15/2069

(g)

100‌

87‌

Nelnet

Student

Loan

Trust

2021-D

2.90%,

04/20/2062

(g)

100‌

84‌

SLM

Private

Credit

Student

Loan

Trust

2003-A

5.50%,

06/15/2032

87‌

85‌

1.00

x

US

28

Day

Auction

Rate

+

0.00%

SLM

Private

Credit

Student

Loan

Trust

2003-B

5.75%,

03/15/2033

300‌

292‌

1.00

x

US

28

Day

Auction

Rate

+

0.00%

SMB

Private

Education

Loan

Trust

2015-C

3.50%,

09/15/2043

(g)

100‌

95‌

SMB

Private

Education

Loan

Trust

2018-C

4.00%,

11/17/2042

(g)

100‌

94‌

SoFi

Professional

Loan

Program

2020-ATrust

3.12%,

05/15/2046

(g)

160‌

140‌

$

1,351‌

Supranational

Bank

-

0.11%

Africa

Finance

Corp

2.88%,

04/28/2028

(g)

600‌

516‌

Telecommunications

-

0.53%

CommScope

Inc

7.13%,

07/01/2028

(g)

455‌

374‌

CommScope

Technologies

LLC

5.00%,

03/15/2027

(g)

190‌

150‌

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.75%,

10/01/2026

(g)

868‌

796‌

Kenbourne

Invest

SA

6.88%,

11/26/2024

(g)

355‌

344‌

Plantronics

Inc

4.75%,

03/01/2029

(g)

486‌

485‌

SoftBank

Group

Corp

4.63%,

07/06/2028

200‌

165‌

Switch

Ltd

3.75%,

09/15/2028

(g)

250‌

247‌

4.13%,

06/15/2029

(g)

2‌

2‌

$

2,563‌

TOTAL

BONDS

$

134,250‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

138

CONVERTIBLE

BONDS

-

0.87%

Principal

Amount

(000's)

Value

(000's)

Airlines

-

0.08%

JetBlue

Airways

Corp

0.50%,

04/01/2026

$

60‌

$

45‌

Southwest

Airlines

Co

1.25%,

05/01/2025

285‌

356‌

$

401‌

Biotechnology

-

0.17%

BioMarin

Pharmaceutical

Inc

0.60%,

08/01/2024

125‌

129‌

1.25%,

05/15/2027

495‌

514‌

Guardant

Health

Inc

0.00%,

11/15/2027

(f)

60‌

44‌

Ionis

Pharmaceuticals

Inc

0.00%,

04/01/2026

(f)

75‌

74‌

Livongo

Health

Inc

0.88%,

06/01/2025

50‌

43‌

$

804‌

Entertainment

-

0.01%

Penn

Entertainment

Inc

2.75%,

05/15/2026

40‌

62‌

Healthcare

-

Services

-

0.07%

Teladoc

Health

Inc

1.25%,

06/01/2027

450‌

343‌

Internet

-

0.08%

Snap

Inc

0.00%,

05/01/2027

(f)

105‌

76‌

Spotify

USA

Inc

0.00%,

03/15/2026

(f)

90‌

73‌

Twitter

Inc

0.00%,

03/15/2026

(f)

25‌

22‌

Uber

Technologies

Inc

0.00%,

12/15/2025

(f)

220‌

189‌

$

360‌

Leisure

Products

&

Services

-

0.04%

NCL

Corp

Ltd

1.13%,

02/15/2027

(g)

235‌

161‌

Peloton

Interactive

Inc

0.00%,

02/15/2026

(f)

15‌

10‌

$

171‌

Media

-

0.15%

Cable

One

Inc

0.00%,

03/15/2026

(f)

5‌

4‌

DISH

Network

Corp

0.00%,

12/15/2025

(f)

15‌

11‌

2.38%,

03/15/2024

140‌

126‌

3.38%,

08/15/2026

770‌

554‌

$

695‌

Oil

&

Gas

-

0.12%

Abu

Dhabi

National

Oil

Co

0.70%,

06/04/2024

600‌

570‌

Software

-

0.15%

Avalara

Inc

0.25%,

08/01/2026

570‌

548‌

Bentley

Systems

Inc

0.38%,

07/01/2027

5‌

4‌

RingCentral

Inc

0.00%,

03/15/2026

(f)

85‌

66‌

Splunk

Inc

1.13%,

06/15/2027

80‌

67‌

Unity

Software

Inc

0.00%,

11/15/2026

(f),(g)

75‌

57‌

$

742‌

TOTAL

CONVERTIBLE

BONDS

$

4,148‌

SENIOR

FLOATING

RATE

INTERESTS

-

0.05%

Principal

Amount

(000's)

Value

(000's)

Entertainment

-

0.00%

Deluxe

Entertainment

Services

Group

Inc

0.00%,

PIK

0.00%,

03/25/2024

(f),(h),(n),(o)

$

68‌

$

4‌

1

Month

USD

LIBOR

+

6.50%

Deluxe

Entertainment

Services

Group

Inc

-

Escrow

0.00%,

PIK

2.50%,

09/25/2024

(f),(h),(n),(o)

843‌

—‌

1

Month

USD

LIBOR

+

6.50%

$

4‌

Media

-

0.02%

Ziggo

BV

3.77%,

01/17/2029

(n)

EUR

115‌

109‌

3

Month

Euro

Interbank

Offered

Rate

+

3.00%

Software

-

0.03%

Playtika

Holding

Corp

5.23%,

03/11/2028

(n)

$

148‌

145‌

1

Month

USD

LIBOR

+

2.75%

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

$

258‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

2.09%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

1.77%

0.13%,

02/28/2023

(p)

$

1,555‌

$

1,531‌

0.13%,

03/31/2023

780‌

766‌

0.13%,

07/15/2023

1,585‌

1,539‌

0.13%,

08/15/2023

805‌

780‌

0.13%,

08/31/2023

1,215‌

1,175‌

0.25%,

04/15/2023

390‌

383‌

1.25%,

07/31/2023

1,165‌

1,142‌

1.38%,

08/31/2023

1,205‌

1,180‌

$

8,496‌

U.S.

Treasury

Bill

-

0.32%

2.61%,

04/20/2023

(q)

780‌

765‌

2.75%,

05/18/2023

(q)

765‌

748‌

$

1,513‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

$

10,009‌

TOTAL

PURCHASED

OPTIONS

-

0.16%

$

782‌

Total

Investments

$

454,402‌

Other

Assets

and

Liabilities

-  5.25%

25,217‌

TOTAL

NET

ASSETS

-

100.00%

$

479,619‌

(a)

All

or

a

portion

of

this

security

is

owned

by

the

GMS

Cayman

Corporation,

which

is

a

100%

owned

subsidiary

of

the

fund.

(b)

Current

yield

shown

is

as

of

period

end.

(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

$23,912

or

4.99%

of

net

assets.

(d)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

Act

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e)

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

$42,781

or

8.92%

of

net

assets.

(f)

Non-income

producing

security

(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

$63,543

or

13.25%

of

net

assets.

(h)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(i)

Restricted

Security.

Please

see

Restricted

Securities

sub-schedule

for

additional

information.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

139

(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)

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".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$2,659

or

0.55%

of

net

assets.

(m)

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.

(n)

Rate

information

disclosed

is

based

on

an

average

weighted

rate

of

the

underlying

tranches

as

of

period

end.

(o)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(p)

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

$773

or

0.16%

of

net

assets.

(q)

Rate

shown

is

the

discount

rate

of

the

original

purchase.

Portfolio

Summary  (unaudited)

Sector

Percent

Money

Market

Funds

25.09‌%

Government

11.08‌%

Consumer,

Non-cyclical

9.30‌%

Financial

8.55‌%

Communications

6.77‌%

Technology

6.48‌%

Industrial

5.79‌%

Consumer,

Cyclical

5.67‌%

Energy

3.94‌%

Asset

Backed

Securities

3.40‌%

Basic

Materials

2.74‌%

Diversified

2.54‌%

Utilities

1.79‌%

Mortgage

Securities

1.12‌%

Investment

Companies

0.33‌%

Purchased

Options

0.16‌%

Investments

Sold

Short

(7.17‌)%

Other

Assets

and

Liabilities

12.42‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

93,359‌

$

455,282‌

$

438,096‌

$

110,545‌

$

93,359‌

$

455,282‌

$

438,096‌

$

110,545‌

Income

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/

(Loss)

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

382‌

$

—‌

$

—‌

$

—‌

$

382‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

Restricted

Securities

Security

Name

Acquisition

Date

Cost

Value

Percent

of

Net

Assets

Element

Comm

Aviation

06/15/2015

$

2,800‌

$

24‌

0.01%

Total

$

24‌

0.01%

Amounts

in

thousands.

Options

Purchased

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Payments

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Put

-

Crane

Holdings

Co

N/A

21‌

$

2‌

$

85.00‌

09/19/2022

$

9‌

$

1‌

$

(8‌)

Put

-

Deutsche

Telekom

AG

N/A

371‌

EUR

37‌

EUR

17.60‌

10/24/2022

12‌

9‌

(3‌)

Put

-

Griffon

Corp

N/A

212‌

$

21‌

$

23.00‌

10/24/2022

41‌

11‌

(30‌)

Put

-

Ishares

Iboxx

$

High

Yield

N/A

120‌

12‌

$

75.00‌

10/24/2022

23‌

26‌

3‌

Put

-

Ishares

Iboxx

$

High

Yield

N/A

44‌

4‌

$

77.00‌

10/24/2022

7‌

15‌

8‌

Put

-

S&P

500

Index

N/A

10‌

1‌

$

3,700.00‌

12/19/2022

172‌

110‌

(62‌)

Put

-

S&P

500

Index

N/A

10‌

1‌

$

3,775.00‌

12/19/2022

171‌

130‌

(41‌)

Put

-

S&P

500

Index

N/A

20‌

2‌

$

3,775.00‌

09/19/2022

361‌

47‌

(314‌)

Put

-

S&P

500

Index

N/A

9‌

1‌

$

3,950.00‌

03/20/2023

143‌

226‌

83‌

Put

-

SPDR

S&P

500

ETF

TRUST

N/A

14‌

1‌

$

415.00‌

10/03/2022

12‌

33‌

21‌

Put

-

Valvoline

Inc

N/A

286‌

29‌

$

30.00‌

09/19/2022

54‌

39‌

(15‌)

Put

-

Vivendi

SA

N/A

131‌

EUR

13‌

EUR

9.00‌

09/19/2022

4‌

2‌

(2‌)

Put

-

Vivendi

SA

N/A

886‌

89‌

EUR

9.00‌

10/24/2022

35‌

32‌

(3‌)

Put

-

Vodafone

Group

PLC

N/A

90‌

$

9‌

$

13.00‌

10/24/2022

4‌

4‌

—‌

Put

-

Vodafone

Group

PLC

N/A

533‌

53‌

$

15.00‌

09/19/2022

34‌

84‌

50‌

Put

-

XPO

Logistics

Inc

N/A

129‌

13‌

$

40.00‌

11/21/2022

8‌

13‌

5‌

Total

$

1,090‌

$

782‌

$

(308‌)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

140

Options

(continued)

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

1Life

Healthcare

Inc

N/A

201‌

$

20‌

$

17.50‌

09/19/2022

$

(5‌)

$

(1‌)

$

4‌

Call

-

1Life

Healthcare

Inc

N/A

121‌

12‌

$

17.50‌

11/21/2022

(3‌)

(2‌)

1‌

Call

-

Activision

Blizzard

Inc

N/A

33‌

3‌

$

80.00‌

10/24/2022

(10‌)

(7‌)

3‌

Call

-

Apple

Computer

Inc.

N/A

1‌

—‌

$

180.00‌

10/24/2022

—‌

—‌

—‌

Call

-

Atlas

Air

Worldwide

Holdings

N/A

10‌

1‌

$

100.00‌

09/19/2022

(1‌)

(2‌)

(1‌)

Call

-

Avalara

Inc

N/A

2‌

—‌

$

95.00‌

01/23/2023

—‌

—‌

—‌

Call

-

Avalara

Inc

N/A

3‌

—‌

$

100.00‌

11/21/2022

—‌

—‌

—‌

Call

-

Bristol-Myers

Squibb

Co

N/A

1‌

—‌

$

77.50‌

10/24/2022

—‌

—‌

—‌

Call

-

Coca-Cola

Co

N/A

2‌

—‌

$

67.50‌

10/24/2022

—‌

—‌

—‌

Call

-

Comcast

Corp

-

Class

A

N/A

1‌

—‌

$

40.00‌

10/24/2022

—‌

—‌

—‌

Call

-

Crane

Holdings

Co

N/A

21‌

2‌

$

90.00‌

09/19/2022

(10‌)

(11‌)

(1‌)

Call

-

Deutsche

Telekom

AG

N/A

277‌

EUR

28‌

EUR

18.80‌

10/24/2022

(18‌)

(18‌)

—‌

Call

-

Dufry

AG

N/A

35‌

CHF

4‌

CHF

40.00‌

03/20/2023

(10‌)

(8‌)

2‌

Call

-

Duke

Energy

Corp

N/A

1‌

$

—‌

$

115.00‌

10/24/2022

—‌

—‌

—‌

Call

-

Global

Blood

Therapeutics

Inc

N/A

51‌

5‌

$

70.00‌

12/19/2022

(1‌)

(4‌)

(3‌)

Call

-

Griffon

Corp

N/A

212‌

21‌

$

28.00‌

10/24/2022

(42‌)

(107‌)

(65‌)

Call

-

Merck

&

Co

Inc

N/A

1‌

—‌

$

95.00‌

10/24/2022

—‌

—‌

—‌

Call

-

Microchip

Technology

Inc

N/A

1‌

—‌

$

80.00‌

10/24/2022

—‌

—‌

—‌

Call

-

Morgan

Stanley

N/A

1‌

—‌

$

97.50‌

10/24/2022

—‌

—‌

—‌

Call

-

Newmont

Mining

Corp

N/A

2‌

—‌

$

50.00‌

10/24/2022

—‌

—‌

—‌

Call

-

Nextera

Energy,

Inc.

N/A

2‌

—‌

$

92.50‌

10/24/2022

—‌

—‌

—‌

Call

-

Ping

Identity

Holding

Corp

N/A

2‌

—‌

$

30.00‌

11/21/2022

—‌

—‌

—‌

Call

-

Procter

&

Gamble

Co/The

N/A

1‌

—‌

$

155.00‌

10/24/2022

—‌

—‌

—‌

Call

-

QUALCOMM

Inc

N/A

1‌

—‌

$

165.00‌

10/24/2022

—‌

—‌

—‌

Call

-

SPDR

S&P

500

ETF

TRUST

N/A

7‌

1‌

$

430.00‌

10/03/2022

(5‌)

—‌

5‌

Call

-

Starbucks

Corp

N/A

1‌

—‌

$

92.50‌

10/24/2022

—‌

—‌

—‌

Call

-

Valvoline

Inc

N/A

145‌

15‌

$

35.00‌

10/24/2022

(13‌)

(2‌)

11‌

Call

-

Vivendi

SA

N/A

131‌

EUR

13‌

EUR

10.00‌

09/19/2022

(2‌)

—‌

2‌

Call

-

Vodafone

Group

PLC

N/A

90‌

$

9‌

$

14.00‌

10/24/2022

(3‌)

(3‌)

—‌

Call

-

Vodafone

Group

PLC

N/A

133‌

13‌

$

16.00‌

09/19/2022

(8‌)

—‌

8‌

Call

-

Warner

Bros

Discovery

Inc

N/A

89‌

9‌

$

17.50‌

09/19/2022

(10‌)

—‌

10‌

Call

-

Williams

Cos

Inc/The

N/A

4‌

—‌

$

37.00‌

10/24/2022

—‌

—‌

—‌

Call

-

XPO

Logistics

Inc

N/A

69‌

7‌

$

50.00‌

11/21/2022

(86‌)

(44‌)

42‌

Call

-

XPO

Logistics

Inc

N/A

60‌

6‌

$

47.50‌

11/21/2022

(68‌)

(48‌)

20‌

Call

-

Zendesk

Inc

N/A

1‌

—‌

$

80.00‌

10/24/2022

—‌

—‌

—‌

Call

-

Zendesk

Inc

N/A

44‌

4‌

$

75.00‌

10/24/2022

(11‌)

(12‌)

(1‌)

Put

-

Ishares

Iboxx

$

High

Yield

N/A

44‌

4‌

$

72.00‌

10/24/2022

(3‌)

(5‌)

(2‌)

Put

-

Ishares

Iboxx

$

High

Yield

N/A

120‌

12‌

$

70.00‌

10/24/2022

(9‌)

(8‌)

1‌

Put

-

S&P

500

Index

N/A

9‌

1‌

$

3,600.00‌

03/20/2023

(83‌)

(129‌)

(46‌)

Put

-

S&P

500

Index

N/A

10‌

1‌

$

3,450.00‌

12/19/2022

(99‌)

(60‌)

39‌

Put

-

S&P

500

Index

N/A

10‌

1‌

$

3,350.00‌

12/19/2022

(90‌)

(47‌)

43‌

Put

-

SPDR

S&P

500

ETF

TRUST

N/A

5‌

1‌

$

385.00‌

10/03/2022

(3‌)

(4‌)

(1‌)

Total

$

(593‌)

$

(522‌)

$

71‌

Amounts

in

thousands

except

contracts/shares.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

3

Month

SOFR;

December

2023

Short

94‌

$

22,683‌

$

12‌

Australia

10

Year

Bond;

September

2022

Short

76‌

6,238‌

(15‌)

Brent

Crude;

November

2022

(a)

Long

19‌

1,817‌

11‌

CAC40

Index;

September

2022

Long

58‌

3,570‌

(227‌)

Canada

10

Year

Bond;

December

2022

Short

52‌

4,933‌

18‌

Cocoa;

December

2022

(a)

Short

22‌

480‌

(25‌)

Coffee

'C';

December

2022

(a)

Long

11‌

970‌

48‌

Corn;

December

2022

(a)

Long

63‌

2,112‌

130‌

Cotton

No.2;

December

2022

(a)

Long

19‌

1,076‌

91‌

DAX

Index;

September

2022

Short

20‌

6,455‌

55‌

DJ

Euro

Stoxx

50;

September

2022

Short

158‌

5,590‌

(37‌)

Dollar

Index;

September

2022

Long

19‌

2,065‌

55‌

E-Mini

DJIA

Index;

September

2022

Long

42‌

6,622‌

(282‌)

Euribor;

December

2023

Long

136‌

33,331‌

(176‌)

Euro

Bond

10

Year

Bond;

September

2022

Long

20‌

2,974‌

(90‌)

Euro

Bond

10

Year

Bond;

September

2022

Short

7‌

1,041‌

5‌

Euro

Schatz;

September

2022

Short

246‌

26,850‌

203‌

Euro-Bobl

5

Year;

September

2022

Long

8‌

990‌

(14‌)

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

141

Futures

Contracts

(continued)

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

FTSE100

Index;

September

2022

Short

26‌

$

2,201‌

$

(35‌)

FTSE100

Index;

September

2022

Long

156‌

13,207‌

(26‌)

Gasoline

RBOB;

October

2022

(a)

Long

8‌

817‌

(93‌)

Gold

100

oz;

December

2022

(a)

Short

28‌

4,833‌

58‌

Hang

Seng

Index;

September

2022

Short

35‌

4,420‌

38‌

ICE

3

Month

Sterling

Overnight

Index

Average;

December

2023

Short

36‌

10,017‌

22‌

Japan

10

Year

Bond

TSE;

September

2022

Short

6‌

6,458‌

(16‌)

Japan

Topix

Index;

September

2022

Long

25‌

3,531‌

35‌

KC

HRW

Wheat;

December

2022

(a)

Short

30‌

1,369‌

(58‌)

LME

Copper;

December

2022

(a)

Short

17‌

$

3,313‌

$

51‌

LME

Copper;

September

2022

(a)

Short

—‌

—‌

101‌

LME

PRI

Alum;

December

2022

(a)

Short

11‌

650‌

21‌

LME

PRI

Alum;

September

2022

(a)

Short

—‌

—‌

(151‌)

LME

Zinc;

December

2022

(a)

Long

8‌

688‌

(24‌)

LME

Zinc;

September

2022

(a)

Short

—‌

—‌

(354‌)

Low

Sulphur

Gasoline;

October

2022

(a)

Long

16‌

1,720‌

42‌

Mini

Japan

10

Year

Bond;

September

2022

Short

10‌

1,076‌

4‌

Nasdaq

100

E-Mini;

September

2022

Long

16‌

3,931‌

(276‌)

Natural

Gas;

October

2022

(a)

Long

15‌

1,369‌

(21‌)

Nikkei

225

OSE;

September

2022

Long

29‌

5,870‌

(18‌)

NY

Harb

ULSD;

October

2022

(a)

Long

12‌

1,848‌

52‌

Russell

2000

Emini;

September

2022

Short

135‌

12,451‌

41‌

Russell

2000

Emini;

September

2022

Long

30‌

2,767‌

(130‌)

S&P

500

Emini;

September

2022

Short

8‌

1,583‌

80‌

S&P

500

Emini;

September

2022

Long

32‌

6,330‌

(293‌)

S&P/TSX

60

Index;

September

2022

Short

4‌

710‌

43‌

Silver;

December

2022

(a)

Short

33‌

2,951‌

182‌

Soybean

Meal;

December

2022

(a)

Long

31‌

1,287‌

54‌

Soybean

Oil;

December

2022

(a)

Long

27‌

1,093‌

(97‌)

Soybean;

November

2022

(a)

Long

39‌

2,774‌

(112‌)

Sugar

#11;

October

2022

(a)

Short

64‌

1,282‌

(19‌)

UK

10

Year

Gilt;

December

2022

Short

48‌

6,018‌

106‌

US

10

Year

Note;

December

2022

Short

89‌

10,405‌

56‌

US

10

Year

Ultra

Note;

December

2022

Short

37‌

4,632‌

10‌

US

2

Year

Note;

December

2022

Short

149‌

31,041‌

15‌

US

5

Year

Note;

December

2022

Short

139‌

15,404‌

56‌

US

Long

Bond;

December

2022

Long

3‌

408‌

(2‌)

US

Long

Bond;

December

2022

Short

41‌

5,570‌

35‌

US

Ultra

Bond;

December

2022

Short

11‌

1,644‌

(1‌)

Wheat;

December

2022

(a)

Short

34‌

1,414‌

(4‌)

WTI

Crude;

October

2022

(a)

Long

18‌

1,612‌

16‌

Total

$

(850‌)

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

09/22/2022

JPY

3,121,505‌

$

23,271‌

$

—‌

$

(766‌)

Bank

of

America

NA

09/22/2022

$

26,799‌

JPY

3,608,489‌

781‌

—‌

Bank

of

America

NA

09/23/2022

AUD

6,582‌

$

4,607‌

—‌

(98‌)

Bank

of

America

NA

09/23/2022

GBP

6,710‌

$

8,142‌

—‌

(346‌)

Bank

of

America

NA

09/23/2022

CAD

2,635‌

$

2,089‌

—‌

(81‌)

Bank

of

America

NA

09/23/2022

EUR

16,124‌

$

16,646‌

3‌

(426‌)

Bank

of

America

NA

09/23/2022

MXN

110,055‌

$

5,493‌

7‌

(61‌)

Bank

of

America

NA

09/23/2022

NZD

4,073‌

$

2,551‌

—‌

(58‌)

Bank

of

America

NA

09/23/2022

CHF

7,313‌

$

7,535‌

45‌

(84‌)

Bank

of

America

NA

09/23/2022

$

668‌

MXN

13,752‌

—‌

(11‌)

Bank

of

America

NA

09/23/2022

$

18,438‌

CHF

17,898‌

95‌

(3‌)

Bank

of

America

NA

09/23/2022

$

8,735‌

NZD

13,699‌

357‌

—‌

Bank

of

America

NA

09/23/2022

$

34,224‌

EUR

32,919‌

1,127‌

(28‌)

Bank

of

America

NA

09/23/2022

$

21,890‌

GBP

17,929‌

1,057‌

—‌

Bank

of

America

NA

09/23/2022

$

7,854‌

AUD

11,357‌

133‌

(51‌)

Bank

of

America

NA

09/23/2022

$

4,533‌

CAD

5,701‌

194‌

—‌

Barclays

Bank

PLC

10/26/2022

$

119‌

EUR

115‌

3‌

—‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

142

Foreign

Currency

Contracts

(continued)

Unrealized

Appreciation/

(Depreciation)

Counterparty

Settlement

Date

Currency

to

Accept

Currency

to

Deliver

Asset

Liability

BNP

Paribas

09/21/2022

$

4,685‌

EUR

4,357‌

$

303‌

$

—‌

Citigroup

Inc

09/15/2022

EUR

75‌

$

76‌

—‌

(1‌)

Citigroup

Inc

09/15/2022

$

25‌

EUR

25‌

—‌

—‌

Citigroup

Inc

09/23/2022

$

3,045‌

CNH

21,100‌

—‌

(10‌)

Citigroup

Inc

09/23/2022

$

2,432‌

BRL

12,700‌

3‌

—‌

Citigroup

Inc

10/28/2022

IDR

20,800,000‌

$

1,398‌

2‌

(1‌)

Citigroup

Inc

10/28/2022

$

53‌

IDR

800,000‌

—‌

—‌

Credit

Agricole

CIB

09/21/2022

EUR

838‌

$

887‌

—‌

(44‌)

Deutsche

Bank

AG

09/21/2022

GBP

421‌

$

519‌

—‌

(29‌)

Goldman

Sachs

&

Co

09/12/2022

$

27‌

GBP

22‌

1‌

—‌

Goldman

Sachs

&

Co

09/13/2022

$

308‌

AUD

445‌

2‌

—‌

Goldman

Sachs

&

Co

10/05/2022

$

297‌

GBP

228‌

33‌

—‌

Goldman

Sachs

&

Co

10/07/2022

$

749‌

GBP

574‌

82‌

—‌

Goldman

Sachs

&

Co

10/13/2022

EUR

91‌

$

98‌

—‌

(6‌)

Goldman

Sachs

&

Co

10/13/2022

$

426‌

EUR

400‌

23‌

—‌

Goldman

Sachs

&

Co

10/27/2022

$

857‌

EUR

833‌

18‌

—‌

Goldman

Sachs

&

Co

11/15/2022

$

136‌

AUD

192‌

4‌

—‌

Goldman

Sachs

&

Co

11/23/2022

EUR

92‌

$

99‌

—‌

(6‌)

Goldman

Sachs

&

Co

11/23/2022

$

102‌

EUR

91‌

9‌

—‌

Goldman

Sachs

&

Co

12/15/2022

$

177‌

EUR

172‌

3‌

—‌

JPMorgan

Chase

09/15/2022

EUR

625‌

$

634‌

2‌

(7‌)

JPMorgan

Chase

09/15/2022

$

5,095‌

EUR

4,911‌

155‌

—‌

JPMorgan

Chase

09/23/2022

CNH

21,100‌

$

3,075‌

—‌

(20‌)

JPMorgan

Chase

09/23/2022

EUR

1,750‌

$

1,750‌

13‌

(3‌)

JPMorgan

Chase

09/23/2022

MXN

25,200‌

$

1,256‌

—‌

(10‌)

JPMorgan

Chase

09/23/2022

ZAR

19,600‌

$

1,162‌

—‌

(19‌)

JPMorgan

Chase

09/23/2022

THB

54,600‌

$

1,532‌

—‌

(32‌)

JPMorgan

Chase

09/23/2022

$

1,500‌

PLN

7,100‌

—‌

(7‌)

JPMorgan

Chase

09/23/2022

$

2,330‌

ILS

7,600‌

44‌

—‌

JPMorgan

Chase

09/23/2022

$

1,938‌

MXN

39,100‌

5‌

—‌

JPMorgan

Chase

09/23/2022

$

5,543‌

EUR

5,460‌

49‌

—‌

JPMorgan

Chase

09/28/2022

$

1,123‌

EUR

1,105‌

11‌

—‌

JPMorgan

Chase

10/07/2022

$

232‌

GBP

178‌

25‌

—‌

JPMorgan

Chase

10/07/2022

$

301‌

CAD

390‌

4‌

—‌

JPMorgan

Chase

10/13/2022

$

755‌

EUR

691‌

58‌

—‌

JPMorgan

Chase

10/24/2022

$

736‌

EUR

735‌

—‌

(5‌)

JPMorgan

Chase

10/25/2022

GBP

134‌

$

158‌

—‌

(2‌)

JPMorgan

Chase

10/25/2022

$

127‌

EUR

124‌

—‌

—‌

JPMorgan

Chase

10/25/2022

$

159‌

GBP

134‌

3‌

—‌

JPMorgan

Chase

10/26/2022

$

790‌

SEK

8,003‌

37‌

—‌

JPMorgan

Chase

10/26/2022

$

8‌

EUR

8‌

—‌

—‌

JPMorgan

Chase

10/27/2022

$

59‌

GBP

51‌

—‌

—‌

JPMorgan

Chase

10/28/2022

$

1,326‌

IDR

20,000,000‌

—‌

(20‌)

JPMorgan

Chase

11/10/2022

$

860‌

GBP

696‌

48‌

—‌

JPMorgan

Chase

12/15/2022

$

42‌

AUD

60‌

1‌

—‌

JPMorgan

Chase

12/23/2022

$

56‌

GBP

46‌

1‌

—‌

Merrill

Lynch

10/26/2022

$

196‌

EUR

190‌

4‌

—‌

Toronto

Dominion

Bank

09/21/2022

$

940‌

CAD

1,180‌

41‌

—‌

Toronto

Dominion

Bank

09/21/2022

$

3,394‌

GBP

2,692‌

267‌

—‌

Total

$

5,053‌

$

(2,235‌)

Amounts

in

thousands.

Credit

Default

Swaps

Buy

Protection

Counterparty

Reference

Entity

Implied

Credit

Spread

as

of

August

31,

2022

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

Asset

----

Liability

Morgan

Stanley

&

Co

Mexico

Government

International

Bond,

4.15%,

03/28/2027

1.52%

(1.00)%

Quarterly

12/20/2026

$

2,035‌

$

(1‌)

$

42‌

$

41‌

$

—‌

Total

$

(1‌)

$

42‌

$

41‌

$

—‌

Amounts

in

thousands.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

143

Exchange

Cleared

Credit

Default

Swaps

Buy

Protection

Reference

Entity

Implied

Credit

Spread

as

of

August

31,

2022

(a)

(Pay)/

Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

Upfront

Payments/

(Receipts)

Unrealized

Appreciation/

(Depreciation)

Fair

Value

CDX.EM.37

N/A

(1.00)%

Quarterly

06/20/2027

$

3,000‌

$

245‌

$

34‌

$

279‌

CDX.NA.HY.38

N/A

(5.00)%

Quarterly

06/20/2027

797‌

(19‌)

29‌

10‌

CDX.NA.HY.38

N/A

(5.00)%

Quarterly

06/20/2027

713‌

(18‌)

26‌

8‌

CDX.NA.HY.38

N/A

(5.00)%

Quarterly

06/20/2027

752‌

(22‌)

31‌

9‌

CDX.NA.HY.38

N/A

(5.00)%

Quarterly

06/20/2027

752‌

(22‌)

31‌

9‌

CDX.NA.HY.38

N/A

(5.00)%

Quarterly

06/20/2027

1,535‌

(17‌)

36‌

19‌

ITRX.XOVER.37

N/A

(5.00)%

Quarterly

06/20/2027

EUR

2,650‌

(34‌)

124‌

90‌

Turkey

Government

International

Bond,

11.88%,

01/15/2030

7.76%

(1.00)%

Quarterly

06/20/2027

$

3,250‌

713‌

68‌

781‌

Total

$

826‌

$

379‌

$

1,205‌

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.

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

KRW

Certificate

of

Deposit

Receive

3.22%

Annual

Annual

N/A

09/21/2027

KRW

8,300,000‌

$

123‌

$

—‌

$

123‌

3

Month

KRW

Certificate

of

Deposit

Pay

3.22%

Annual

Annual

N/A

09/21/2027

1,500,000‌

(19‌)

(3‌)

(22‌)

3

Month

KRW

Certificate

of

Deposit

Pay

3.22%

Annual

Annual

N/A

09/21/2027

6,800,000‌

(138‌)

37‌

(101‌)

Brazil

Cetip

DI

Interbank

Deposit

Rate

Pay

11.77%

Annual

Annual

N/A

01/02/2025

BRL

35,000‌

(24‌)

—‌

(24‌)

India

Overnight

Mumbai

Interbank

Outright

Rate

Receive

5.87%

Annual

Annual

N/A

06/15/2024

INR

167,000‌

13‌

—‌

13‌

India

Overnight

Mumbai

Interbank

Outright

Rate

Receive

5.87%

Annual

Annual

N/A

06/15/2024

161,000‌

10‌

3‌

13‌

India

Overnight

Mumbai

Interbank

Outright

Rate

Receive

6.68%

Annual

Annual

N/A

09/21/2027

485,000‌

(57‌)

—‌

(57‌)

India

Overnight

Mumbai

Interbank

Outright

Rate

Pay

6.68%

Annual

Annual

N/A

09/21/2027

235,000‌

(7‌)

35‌

28‌

India

Overnight

Mumbai

Interbank

Outright

Rate

Pay

6.68%

Annual

Annual

N/A

09/21/2027

63,000‌

(1‌)

8‌

7‌

India

Overnight

Mumbai

Interbank

Outright

Rate

Pay

5.87%

Annual

Annual

N/A

06/15/2024

130,000‌

(4‌)

(6‌)

(10‌)

India

Overnight

Mumbai

Interbank

Outright

Rate

Pay

6.68%

Annual

Annual

N/A

09/21/2027

70,000‌

(6‌)

14‌

8‌

Thai

Overnight

Repurchase

Rate

Receive

2.20%

Annual

Annual

N/A

09/21/2024

THB

291,000‌

(28‌)

—‌

(28‌)

Thai

Overnight

Repurchase

Rate

Receive

2.20%

Annual

Annual

N/A

09/21/2024

110,000‌

(12‌)

1‌

(11‌)

Thai

Overnight

Repurchase

Rate

Pay

2.20%

Annual

Annual

N/A

09/21/2024

175,000‌

(12‌)

29‌

17‌

Total

$

(162‌)

$

118‌

$

(44‌)

Amounts

in

thousands.

(a)    

Forward

swap.

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

144

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

Goldman

Sachs

&

Co

(a)

Floating

rate

based

on

1

Month

LIBOR

plus/less

spread

for

long

securities

and

1

Day

Federal

Funds

Rate

plus/less

spread

for

short

securities

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

foreign

currencies

but

settle

in

USD

Monthly

10/05/2022-

10/26/2022

$

9,752‌

$

—‌

$

—‌

$

(537‌)

JPMorgan

Chase

(b)

Floating

rate

based

on

Overnight

Bank

Funding

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

foreign

currencies

but

settle

in

USD

Monthly

09/23/2022-

10/02/2023

5,344‌

—‌

—‌

(444‌)

Morgan

Stanley

&

Co

(c)

Floating

rate

based

on

1

Day

Federal

Funds

Rate

plus/less

spread

Total

return

on

a

custom

basket

of

long

and

short

securities

traded

in

USD

Monthly

07/29/2026

98,453‌

—‌

8,441‌

—‌

Total

$

113,549‌

$

—‌

$

8,441‌

$

(981‌)

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

August

31,

2022

See

accompanying

notes.

145

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Valvoline

Inc

47,961

$

1,394

14.30%

First

Horizon

Corp

53,902

1,219

12.50%

Citrix

Systems

Inc

10,256

1,054

10.81%

Electricite

de

France

SA

69,336

832

8.53%

Meggitt

PLC

74,191

688

7.05%

Rogers

Corp

2,618

656

6.72%

Twitter

Inc

16,000

620

6.36%

Avast

PLC

58,687

482

4.94%

Mandiant

Inc

15,000

343

3.51%

LHC

Group

Inc

2,000

323

3.31%

Atlantia

SpA

13,473

309

3.17%

Link

Administration

Holdings

Ltd

92,467

272

2.79%

Bluerock

Residential

Growth

REIT

Inc

10,046

268

2.75%

Brewin

Dolphin

Holdings

PLC

44,200

263

2.70%

Tower

Semiconductor

Ltd

5,478

254

2.61%

Biohaven

Pharmaceutical

Holding

Co

Ltd

1,122

168

1.72%

Activision

Blizzard

Inc

1,982

156

1.59%

Ramsay

Health

Care

Ltd

2,196

108

1.11%

Crane

Holdings

Co

1,000

94

0.97%

Telecom

Italia

SpA/Milano

-

RSP

403,616

80

0.82%

Willis

Towers

Watson

PLC

273

56

0.58%

Nielsen

Holdings

PLC

2,000

56

0.57%

Rentokil

Initial

PLC

(4,828)

(29

)

(0.30)%

Entain

PLC

1,083

16

0.16%

Haleon

PLC

1,060

6

0.06%

Cazoo

Group

Ltd

8,050

5

0.06%

Uniper

SE

193

1

0.01%

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Vivendi

SE

101,700

$

925

17.32%

HomeServe

PLC

58,087

800

14.97%

Swedish

Match

AB

75,514

759

14.20%

Deutsche

Telekom

AG

37,100

700

13.11%

Atlantia

SpA

30,058

690

12.91%

Avast

PLC

46,243

380

7.11%

Autogrill

SpA

39,439

260

4.86%

Intertrust

NV

10,279

201

3.76%

Meggitt

PLC

19,752

183

3.43%

Nuveen

New

York

AMT-Free

Quality

Municipal

Income

Fund

11,197

123

2.29%

Invesco

Senior

Income

Trust

23,034

89

1.67%

Euromoney

Institutional

Investor

PLC

3,459

58

1.09%

EMIS

Group

PLC

2,420

53

0.99%

Invesco

Dynamic

Credit

Opportunity

Fund

3,767

43

0.80%

Tassal

Group

Ltd

11,406

40

0.75%

Dufry

AG

(1,060)

(40

)

(0.75)%

(a)

Top

Underlying

Securities

WESTGSUSD

(b)

Top

Underlying

Securities

WESEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

146

Description

Shares

Notional

Amount

%

of

Total

Absolute

Notional

Amount

Microsoft

Corp

3,207

$

839

0.85%

J

M

Smucker

Co/The

(5,626)

(788

)

(0.80)%

Tractor

Supply

Co

(3,778)

(699

)

(0.71)%

Corteva

Inc

(11,357)

(698

)

(0.71)%

Alphabet

Inc

-

A

Shares

6,436

697

0.71%

Hess

Corp

(5,531)

(668

)

(0.68)%

Exelon

Corp

14,256

626

0.64%

Apple

Inc

3,873

609

0.62%

McCormick

&

Co

Inc/MD

(7,219)

(607

)

(0.62)%

DISH

Network

Corp

(34,954)

(606

)

(0.62)%

Stanley

Black

&

Decker

Inc

(6,861)

(604

)

(0.61)%

Pinnacle

West

Capital

Corp

(7,922)

(597

)

(0.61)%

Pool

Corp

(1,720)

(583

)

(0.59)%

Equinix

Inc

(866)

(569

)

(0.58)%

Aptiv

PLC

(5,782)

(540

)

(0.55)%

Catalent

Inc

(6,012)

(529

)

(0.54)%

International

Flavors

&

Fragrances

Inc

(4,711)

(520

)

(0.53)%

Becton

Dickinson

and

Co

(2,037)

(514

)

(0.52)%

Monster

Beverage

Corp

(5,739)

(510

)

(0.52)%

Northern

Trust

Corp

(5,227)

(497

)

(0.50)%

Fidelity

National

Information

Services

Inc

(5,412)

(494

)

(0.50)%

VF

Corp

(11,859)

(492

)

(0.50)%

Meta

Platforms

Inc

3,007

490

0.50%

Alliant

Energy

Corp

(7,845)

(479

)

(0.49)%

Advance

Auto

Parts

Inc

(2,823)

(476

)

(0.48)%

Constellation

Energy

Corp

5,758

470

0.48%

Walmart

Inc

3,539

469

0.48%

CH

Robinson

Worldwide

Inc

(4,095)

(467

)

(0.48)%

Clorox

Co/The

(3,190)

(460

)

(0.47)%

L3Harris

Technologies

Inc

(2,002)

(457

)

(0.46)%

Coterra

Energy

Inc

(14,732)

(455

)

(0.46)%

Abbott

Laboratories

4,395

451

0.46%

APA

Corp

11,456

448

0.46%

Live

Nation

Entertainment

Inc

(4,845)

(438

)

(0.45)%

CarMax

Inc

(4,902)

(434

)

(0.44)%

State

Street

Corp

(6,336)

(433

)

(0.44)%

Merck

&

Co

Inc

5,055

431

0.44%

NRG

Energy

Inc

10,289

425

0.43%

Intel

Corp

(13,306)

(425

)

(0.43)%

Chevron

Corp

2,675

423

0.43%

Amazon.com

Inc

3,330

422

0.43%

Eversource

Energy

(4,678)

(420

)

(0.43)%

Elevance

Health

Inc

859

417

0.42%

Schlumberger

NV

(10,916)

(416

)

(0.42)%

West

Pharmaceutical

Services

Inc

(1,392)

(413

)

(0.42)%

Procter

&

Gamble

Co/The

2,990

412

0.42%

Hewlett

Packard

Enterprise

Co

(29,835)

(406

)

(0.41)%

Ameriprise

Financial

Inc

(1,500)

(402

)

(0.41)%

PTC

Inc

(3,441)

(395

)

(0.40)%

CF

Industries

Holdings

Inc

3,816

395

0.40%

(c)

Top

Underlying

Securities

GOTEBSUSD

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

147

Short

Sales

Outstanding

COMMON

STOCKS

-

(7.08)%

Shares

Value

(000's)

Advertising

-

(0.01)%

Dentsu

Group

Inc

1,400‌

$

45‌

Aerospace

&

Defense

-

(0.20)%

CAE

Inc

14,300‌

261‌

Dassault

Aviation

SA

1,974‌

271‌

Lockheed

Martin

Corp

844‌

355‌

Northrop

Grumman

Corp

205‌

98‌

$

985‌

Airlines

-

(0.09)%

Air

Canada

26,700‌

360‌

Southwest

Airlines

Co

2,073‌

76‌

$

436‌

Apparel

-

(0.02)%

VF

Corp

2,840‌

118‌

Automobile

Parts

&

Equipment

-

(0.10)%

Aptiv

PLC

1,834‌

171‌

Continental

AG

824‌

47‌

Denso

Corp

2,100‌

115‌

Koito

Manufacturing

Co

Ltd

1,200‌

41‌

Lear

Corp

836‌

116‌

$

490‌

Banks

-

(0.26)%

Chiba

Bank

Ltd/The

56,500‌

305‌

Commerzbank

AG

38,895‌

259‌

Commonwealth

Bank

of

Australia

3,014‌

199‌

Credit

Agricole

SA

12,383‌

114‌

Goldman

Sachs

Group

Inc/The

361‌

120‌

ING

Groep

NV

14,632‌

128‌

State

Street

Corp

588‌

40‌

Sumitomo

Mitsui

Trust

Holdings

Inc

1,400‌

44‌

SVB

Financial

Group

243‌

99‌

$

1,308‌

Beverages

-

(0.04)%

Endeavour

Group

Ltd/Australia

8,550‌

42‌

Molson

Coors

Beverage

Co

2,026‌

105‌

Remy

Cointreau

SA

179‌

33‌

$

180‌

Biotechnology

-

(0.06)%

Alnylam

Pharmaceuticals

Inc

150‌

31‌

Argenx

SE

72‌

27‌

Bachem

Holding

AG

1,416‌

98‌

Seagen

Inc

780‌

120‌

$

276‌

Building

Materials

-

(0.14)%

CRH

PLC

1,179‌

44‌

Investment

AB

Latour

17,122‌

337‌

Mohawk

Industries

Inc

2,212‌

244‌

Nibe

Industrier

AB

3,890‌

36‌

$

661‌

Chemicals

-

(0.21)%

Akzo

Nobel

NV

732‌

46‌

CF

Industries

Holdings

Inc

1,382‌

143‌

Chr

Hansen

Holding

A/S

1,947‌

113‌

Croda

International

PLC

334‌

26‌

Ecolab

Inc

1,358‌

222‌

Mitsubishi

Chemical

Group

Corp

2,700‌

14‌

Mosaic

Co/The

1,788‌

96‌

Nutrien

Ltd

400‌

37‌

OCI

NV

8,359‌

314‌

$

1,011‌

Commercial

Services

-

(0.15)%

Amadeus

IT

Group

SA

2,191‌

116‌

Clarivate

PLC

6,517‌

76‌

Quanta

Services

Inc

1,368‌

193‌

Rollins

Inc

1,422‌

48‌

S&P

Global

Inc

280‌

99‌

Transurban

Group

21,866‌

207‌

Worldline

SA/France

209‌

9‌

$

748‌

COMMON

STOCKS

(continued)

Shares

Value

(000’s)

Computers

-

(0.10)%

Bechtle

AG

7,066‌

$

271‌

Dell

Technologies

Inc

979‌

37‌

Fujitsu

Ltd

1,000‌

118‌

Leidos

Holdings

Inc

641‌

61‌

$

487‌

Consumer

Products

-

(0.13)%

Clorox

Co/The

2,886‌

417‌

Kimberly-Clark

Corp

1,598‌

204‌

$

621‌

Cosmetics

&

Personal

Care

-

(0.13)%

Beiersdorf

AG

3,622‌

366‌

Kose

Corp

2,700‌

254‌

$

620‌

Diversified

Financial

Services

-

(0.27)%

AerCap

Holdings

NV

872‌

38‌

Capital

One

Financial

Corp

2,340‌

248‌

Discover

Financial

Services

1,049‌

105‌

Hong

Kong

Exchanges

&

Clearing

Ltd

5,900‌

238‌

Julius

Baer

Group

Ltd

5,190‌

251‌

London

Stock

Exchange

Group

PLC

582‌

55‌

LPL

Financial

Holdings

Inc

159‌

35‌

Mitsubishi

HC

Capital

Inc

35,500‌

172‌

St

James's

Place

PLC

9,885‌

127‌

$

1,269‌

Electric

-

(0.09)%

Elia

Group

SA/NV

1,229‌

179‌

Kansai

Electric

Power

Co

Inc/The

4,300‌

42‌

NextEra

Energy

Inc

1,688‌

144‌

Power

Assets

Holdings

Ltd

6,000‌

36‌

$

401‌

Electronics

-

(0.18)%

Azbil

Corp

6,900‌

197‌

Garmin

Ltd

500‌

44‌

Sensata

Technologies

Holding

PLC

4,707‌

190‌

Trimble

Inc

4,405‌

279‌

Yokogawa

Electric

Corp

8,500‌

148‌

$

858‌

Energy

-

Alternate

Sources

-

(0.13)%

Plug

Power

Inc

6,755‌

189‌

Siemens

Gamesa

Renewable

Energy

SA

10,290‌

185‌

Vestas

Wind

Systems

A/S

10,123‌

253‌

$

627‌

Engineering

&

Construction

-

(0.08)%

ACS

Actividades

de

Construccion

y

Servicios

SA

9,814‌

219‌

Shimizu

Corp

24,800‌

136‌

$

355‌

Entertainment

-

(0.02)%

Entain

PLC

1,182‌

17‌

Flutter

Entertainment

PLC

441‌

55‌

Toho

Co

Ltd/Tokyo

1,500‌

57‌

$

129‌

Environmental

Control

-

(0.07)%

Kurita

Water

Industries

Ltd

8,700‌

338‌

Food

-

(0.18)%

Barry

Callebaut

AG

36‌

74‌

Kerry

Group

PLC

1,997‌

206‌

Kikkoman

Corp

500‌

31‌

Ocado

Group

PLC

5,426‌

46‌

Seven

&

i

Holdings

Co

Ltd

12,200‌

485‌

$

842‌

Forest

Products

&

Paper

-

(0.05)%

Stora

Enso

Oyj

5,976‌

89‌

West

Fraser

Timber

Co

Ltd

1,500‌

134‌

$

223‌

Gas

-

(0.10)%

Naturgy

Energy

Group

SA

11,404‌

314‌

Osaka

Gas

Co

Ltd

8,400‌

141‌

$

455‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

148

Short

Sales

Outstanding

COMMON

STOCKS

(continued)

Shares

Value

(000’s)

Hand

&

Machine

Tools

-

(0.09)%

Makita

Corp

8,900‌

$

209‌

Schindler

Holding

AG

-

PC

1,104‌

192‌

Stanley

Black

&

Decker

Inc

315‌

28‌

$

429‌

Healthcare

-

Products

-

(0.40)%

ABIOMED

Inc

294‌

76‌

Alcon

Inc

6,054‌

399‌

DENTSPLY

SIRONA

Inc

6,470‌

212‌

DiaSorin

SpA

632‌

83‌

Exact

Sciences

Corp

1,845‌

66‌

Fisher

&

Paykel

Healthcare

Corp

Ltd

8,064‌

97‌

Getinge

AB

5,092‌

94‌

Hologic

Inc

1,266‌

86‌

Insulet

Corp

581‌

148‌

Intuitive

Surgical

Inc

326‌

67‌

Novocure

Ltd

719‌

59‌

STERIS

PLC

1,372‌

276‌

Terumo

Corp

3,000‌

96‌

Zimmer

Biomet

Holdings

Inc

1,961‌

208‌

$

1,967‌

Healthcare

-

Services

-

(0.12)%

BioMerieux

4,023‌

368‌

Fresenius

Medical

Care

AG

&

Co

KGaA

4,335‌

148‌

Teladoc

Health

Inc

1,507‌

47‌

$

563‌

Home

Furnishings

-

(0.08)%

Electrolux

AB

25,622‌

324‌

Sharp

Corp/Japan

6,800‌

49‌

$

373‌

Insurance

-

(0.22)%

Aflac

Inc

6,617‌

393‌

Ageas

SA/NV

5,120‌

208‌

Aon

PLC

134‌

37‌

Erie

Indemnity

Co

679‌

146‌

Power

Corp

of

Canada

2,200‌

57‌

Prudential

Financial

Inc

2,427‌

232‌

$

1,073‌

Internet

-

(0.16)%

Chewy

Inc

1,998‌

69‌

CyberAgent

Inc

21,300‌

208‌

Lyft

Inc

1,696‌

25‌

Netflix

Inc

212‌

47‌

NortonLifeLock

Inc

3,224‌

73‌

Prosus

NV

1,609‌

99‌

Rakuten

Group

Inc

27,100‌

132‌

Sea

Ltd

ADR

91‌

6‌

Snap

Inc

Class

A

3,015‌

33‌

Trend

Micro

Inc/Japan

100‌

6‌

Wayfair

Inc

950‌

50‌

Zillow

Group

Inc

-

C

Shares

2,949‌

99‌

$

847‌

Investment

Companies

-

(0.11)%

EXOR

NV

3,933‌

237‌

Groupe

Bruxelles

Lambert

SA

2,328‌

176‌

Investor

AB

-

B

Shares

6,901‌

109‌

$

522‌

Iron

&

Steel

-

(0.07)%

Fortescue

Metals

Group

Ltd

13,579‌

169‌

Hitachi

Metals

Ltd

11,200‌

169‌

JFE

Holdings

Inc

2,800‌

30‌

$

368‌

Leisure

Products

&

Services

-

(0.02)%

Carnival

Corp

893‌

8‌

Peloton

Interactive

Inc

9,725‌

99‌

$

107‌

COMMON

STOCKS

(continued)

Shares

Value

(000’s)

Lodging

-

(0.05)%

Galaxy

Entertainment

Group

Ltd

5,000‌

$

28‌

Whitbread

PLC

4,437‌

129‌

Wynn

Resorts

Ltd

1,209‌

73‌

$

230‌

Machinery

-

Construction

&

Mining

-

(0.11)%

Hitachi

Ltd

7,800‌

390‌

Siemens

Energy

AG

8,728‌

128‌

$

518‌

Machinery

-

Diversified

-

(0.27)%

Cognex

Corp

698‌

29‌

Deere

&

Co

9‌

3‌

Husqvarna

AB

9,138‌

61‌

Ingersoll

Rand

Inc

6,747‌

320‌

KION

Group

AG

985‌

39‌

Kubota

Corp

39,400‌

612‌

Xylem

Inc/NY

1,957‌

178‌

$

1,242‌

Media

-

(0.11)%

Bollore

SE

56,066‌

268‌

Comcast

Corp

-

Class

A

4,375‌

158‌

DISH

Network

Corp

2,023‌

35‌

Warner

Bros

Discovery

Inc

4,525‌

60‌

$

521‌

Metal

Fabrication

&

Hardware

-

(0.07)%

SKF

AB

22,126‌

332‌

Mining

-

(0.37)%

Agnico

Eagle

Mines

Ltd

3,200‌

132‌

Alcoa

Corp

3,899‌

193‌

First

Quantum

Minerals

Ltd

13,200‌

234‌

Freeport-McMoRan

Inc

7,507‌

222‌

Glencore

PLC

7,934‌

43‌

Ivanhoe

Mines

Ltd

44,100‌

283‌

Lundin

Mining

Corp

9,000‌

47‌

Newmont

Corp

5,309‌

220‌

Norsk

Hydro

ASA

14,820‌

102‌

Teck

Resources

Ltd

6,500‌

220‌

$

1,696‌

Miscellaneous

Manufacturers

-

(0.11)%

Alstom

SA

12,747‌

261‌

General

Electric

Co

463‌

34‌

JSR

Corp

11,000‌

245‌

$

540‌

Oil

&

Gas

-

(0.06)%

EQT

Corp

2,681‌

128‌

Inpex

Corp

4,300‌

49‌

Occidental

Petroleum

Corp

756‌

54‌

Santos

Ltd

5,829‌

31‌

$

262‌

Oil

&

Gas

Services

-

(0.03)%

Baker

Hughes

Co

5,356‌

135‌

Packaging

&

Containers

-

(0.03)%

Ball

Corp

2,178‌

122‌

Pharmaceuticals

-

(0.08)%

Elanco

Animal

Health

Inc

46‌

1‌

Kyowa

Kirin

Co

Ltd

2,700‌

60‌

Nippon

Shinyaku

Co

Ltd

5,400‌

295‌

Otsuka

Holdings

Co

Ltd

1,000‌

33‌

$

389‌

Pipelines

-

(0.03)%

TC

Energy

Corp

3,000‌

145‌

Private

Equity

-

(0.07)%

3i

Group

PLC

17,742‌

250‌

Brookfield

Asset

Management

Inc

2,400‌

115‌

$

365‌

Real

Estate

-

(0.09)%

Hongkong

Land

Holdings

Ltd

12,400‌

60‌

REA

Group

Ltd

41‌

4‌

Sumitomo

Realty

&

Development

Co

Ltd

2,800‌

68‌

Consolidated

Schedule

of

Investments

Global

Multi-Strategy

Fund

August

31,

2022

See

accompanying

notes.

149

Short

Sales

Outstanding

COMMON

STOCKS

(continued)

Shares

Value

(000’s)

Real

Estate

(continued)

Wharf

Real

Estate

Investment

Co

Ltd

73,000‌

$

332‌

$

464‌

REITs

-

0.00%

PotlatchDeltic

Corp

76‌

4‌

Retail

-

(0.26)%

CarMax

Inc

4,012‌

355‌

Dollar

Tree

Inc

600‌

81‌

Domino's

Pizza

Inc

540‌

201‌

H

&

M

Hennes

&

Mauritz

AB

2,576‌

27‌

McDonald's

Holdings

Co

Japan

Ltd

1,400‌

50‌

Nitori

Holdings

Co

Ltd

3,800‌

363‌

Pan

Pacific

International

Holdings

Corp

3,000‌

54‌

Ross

Stores

Inc

337‌

29‌

Starbucks

Corp

399‌

34‌

$

1,194‌

Semiconductors

-

(0.24)%

Broadcom

Inc

1,300‌

649‌

Intel

Corp

10,116‌

323‌

Lasertec

Corp

100‌

14‌

MaxLinear

Inc

5,097‌

183‌

$

1,169‌

Software

-

(0.56)%

Akamai

Technologies

Inc

4,364‌

394‌

AVEVA

Group

PLC

15,958‌

517‌

BlackBerry

Ltd

104,900‌

623‌

Broadridge

Financial

Solutions

Inc

2,027‌

347‌

Capcom

Co

Ltd

1,800‌

49‌

Citrix

Systems

Inc

4,299‌

442‌

Guidewire

Software

Inc

1,514‌

109‌

Lightspeed

Commerce

Inc

1,600‌

31‌

Open

Text

Corp

1,500‌

47‌

Temenos

AG

895‌

73‌

Tyler

Technologies

Inc

207‌

77‌

$

2,709‌

Telecommunications

-

(0.15)%

Arista

Networks

Inc

728‌

87‌

AT&T

Inc

12,648‌

222‌

BCE

Inc

1,500‌

72‌

Lumen

Technologies

Inc

32,569‌

324‌

$

705‌

Transportation

-

(0.30)%

Canadian

Pacific

Railway

Ltd

3,300‌

247‌

CH

Robinson

Worldwide

Inc

3,062‌

350‌

Keisei

Electric

Railway

Co

Ltd

10,500‌

293‌

MTR

Corp

Ltd

57,599‌

295‌

Odakyu

Electric

Railway

Co

Ltd

400‌

5‌

Tokyu

Corp

22,900‌

272‌

$

1,462‌

Water

-

(0.01)%

United

Utilities

Group

PLC

3,409‌

42‌

TOTAL

COMMON

STOCKS

(proceeds

$38,426)

$

33,978‌

PREFERRED

STOCKS

-

(0.07)%

Consumer

Products

-

(0.07)%

Henkel

AG

&

Co

KGaA

1.85%

4,903‌

$

316‌

TOTAL

PREFERRED

STOCKS

(proceeds

$478)

$

316‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

(0.02)%

Principal

Amount

(000's)

Value

(000's)

U.S.

Treasury

-

(0.02)%

3.25%,

06/30/2029

$

73‌

$

73‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

(proceeds

$75)

$

73‌

TOTAL

SHORT

SALES

(proceeds

$38,979)

$

34,367‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2022

See

accompanying

notes.

150

INVESTMENT

COMPANIES

-

7.36%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

3.00%

iShares

MSCI

EAFE

ETF

(a)

478,994‌

$

29,554‌

Money

Market

Funds

-

4.36%

BlackRock

Liquidity

FedFund

-

Institutional

Class

2.03%

(b),(c)

13,922,391‌

13,923‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(b),(c),(d)

29,058,114‌

29,058‌

$

42,981‌

TOTAL

INVESTMENT

COMPANIES

$

72,535‌

COMMON

STOCKS

-

95.91%

Shares

Held

Value

(000's)

Advertising

-

0.21%

Dentsu

Group

Inc

15,300‌

$

493‌

Hakuhodo

DY

Holdings

Inc

16,600‌

148‌

Publicis

Groupe

SA

16,099‌

786‌

WPP

PLC

77,079‌

664‌

$

2,091‌

Aerospace

&

Defense

-

1.22%

Airbus

SE

41,719‌

4,088‌

BAE

Systems

PLC

222,752‌

2,006‌

Dassault

Aviation

SA

1,767‌

243‌

Elbit

Systems

Ltd

1,876‌

401‌

MTU

Aero

Engines

AG

3,771‌

665‌

Rheinmetall

AG

3,073‌

488‌

Rolls-Royce

Holdings

PLC

(e)

590,582‌

526‌

Safran

SA

24,122‌

2,459‌

Singapore

Technologies

Engineering

Ltd

110,100‌

293‌

Thales

SA

7,530‌

908‌

$

12,077‌

Agriculture

-

1.01%

British

American

Tobacco

PLC

152,025‌

6,089‌

Imperial

Brands

PLC

63,724‌

1,401‌

Japan

Tobacco

Inc

84,600‌

1,433‌

Swedish

Match

AB

107,635‌

1,081‌

$

10,004‌

Airlines

-

0.13%

ANA

Holdings

Inc

(e)

11,300‌

217‌

Deutsche

Lufthansa

AG

(e)

42,188‌

251‌

Japan

Airlines

Co

Ltd

(e)

10,200‌

187‌

Qantas

Airways

Ltd

(e)

65,227‌

234‌

Singapore

Airlines

Ltd

(a),(e)

94,500‌

359‌

$

1,248‌

Apparel

-

2.13%

Adidas

AG

12,202‌

1,809‌

Burberry

Group

PLC

28,000‌

567‌

Hermes

International

2,235‌

2,863‌

Kering

SA

5,279‌

2,649‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

19,592‌

12,642‌

Puma

SE

7,450‌

455‌

$

20,985‌

Automobile

Manufacturers

-

3.03%

Bayerische

Motoren

Werke

AG

23,367‌

1,722‌

Daimler

Truck

Holding

AG

(e)

31,945‌

817‌

Ferrari

NV

8,896‌

1,717‌

Honda

Motor

Co

Ltd

115,000‌

3,062‌

Isuzu

Motors

Ltd

41,100‌

511‌

Mazda

Motor

Corp

40,100‌

355‌

Mercedes-Benz

Group

AG

56,631‌

3,175‌

Nissan

Motor

Co

Ltd

163,800‌

644‌

Renault

SA

(e)

13,566‌

386‌

Stellantis

NV

155,325‌

2,069‌

Subaru

Corp

43,400‌

789‌

Suzuki

Motor

Corp

26,000‌

909‌

Toyota

Motor

Corp

748,300‌

11,198‌

Volkswagen

AG

2,082‌

385‌

Volvo

AB

-

A

Shares

14,132‌

235‌

Volvo

AB

-

B

Shares

106,507‌

1,687‌

Volvo

Car

AB

(a),(e)

42,058‌

256‌

$

29,917‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Automobile

Parts

&

Equipment

-

0.72%

Aisin

Corp

10,400‌

$

309‌

Bridgestone

Corp

40,300‌

1,546‌

Cie

Generale

des

Etablissements

Michelin

SCA

47,881‌

1,165‌

Continental

AG

7,763‌

447‌

Denso

Corp

30,500‌

1,665‌

Koito

Manufacturing

Co

Ltd

7,400‌

253‌

NGK

Insulators

Ltd

16,900‌

241‌

Sumitomo

Electric

Industries

Ltd

50,500‌

578‌

Toyota

Industries

Corp

10,300‌

576‌

Valeo

14,551‌

278‌

$

7,058‌

Banks

-

9.59%

ABN

AMRO

Bank

NV

(f)

29,854‌

287‌

Australia

&

New

Zealand

Banking

Group

Ltd

210,356‌

3,252‌

Banco

Bilbao

Vizcaya

Argentaria

SA

470,617‌

2,112‌

Banco

Santander

SA

1,205,553‌

2,918‌

Bank

Hapoalim

BM

89,635‌

929‌

Bank

Leumi

Le-Israel

BM

108,960‌

1,152‌

Barclays

PLC

1,181,750‌

2,253‌

BNP

Paribas

SA

78,406‌

3,643‌

BOC

Hong

Kong

Holdings

Ltd

261,000‌

898‌

CaixaBank

SA

312,904‌

945‌

Chiba

Bank

Ltd/The

37,500‌

203‌

Commerzbank

AG

(e)

75,132‌

500‌

Commonwealth

Bank

of

Australia

120,435‌

7,959‌

Concordia

Financial

Group

Ltd

76,800‌

243‌

Credit

Agricole

SA

85,428‌

786‌

Credit

Suisse

Group

AG

187,088‌

965‌

Danske

Bank

A/S

48,682‌

650‌

DBS

Group

Holdings

Ltd

127,800‌

2,976‌

Deutsche

Bank

AG

145,872‌

1,217‌

DNB

Bank

ASA

65,654‌

1,248‌

Erste

Group

Bank

AG

24,268‌

546‌

FinecoBank

Banca

Fineco

SpA

43,061‌

466‌

Hang

Seng

Bank

Ltd

53,900‌

844‌

HSBC

Holdings

PLC

1,418,622‌

8,692‌

ING

Groep

NV

275,749‌

2,417‌

Intesa

Sanpaolo

SpA

1,165,686‌

2,007‌

Israel

Discount

Bank

Ltd

87,307‌

534‌

Japan

Post

Bank

Co

Ltd

29,100‌

212‌

KBC

Group

NV

17,653‌

842‌

Lloyds

Banking

Group

PLC

4,915,130‌

2,491‌

Macquarie

Group

Ltd

25,723‌

3,078‌

Mediobanca

Banca

di

Credito

Finanziario

SpA

42,720‌

338‌

Mitsubishi

UFJ

Financial

Group

Inc

843,600‌

4,373‌

Mizrahi

Tefahot

Bank

Ltd

10,865‌

442‌

Mizuho

Financial

Group

Inc

170,180‌

1,949‌

National

Australia

Bank

Ltd

226,554‌

4,698‌

NatWest

Group

PLC

367,658‌

1,049‌

Nordea

Bank

Abp

240,715‌

2,232‌

Oversea-Chinese

Banking

Corp

Ltd

238,900‌

2,059‌

Resona

Holdings

Inc

152,400‌

561‌

Shizuoka

Bank

Ltd/The

31,400‌

182‌

Skandinaviska

Enskilda

Banken

AB

114,869‌

1,145‌

Societe

Generale

SA

56,128‌

1,237‌

Standard

Chartered

PLC

178,049‌

1,233‌

Sumitomo

Mitsui

Financial

Group

Inc

92,100‌

2,778‌

Sumitomo

Mitsui

Trust

Holdings

Inc

23,744‌

738‌

Svenska

Handelsbanken

AB

102,945‌

843‌

Swedbank

AB

63,916‌

826‌

UBS

Group

AG

248,249‌

3,934‌

UniCredit

SpA

146,467‌

1,433‌

United

Overseas

Bank

Ltd

83,200‌

1,622‌

Westpac

Banking

Corp

247,108‌

3,627‌

$

94,564‌

Beverages

-

2.18%

Anheuser-Busch

InBev

SA/NV

61,304‌

2,961‌

Asahi

Group

Holdings

Ltd

32,200‌

1,080‌

Budweiser

Brewing

Co

APAC

Ltd

(f)

121,400‌

357‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2022

See

accompanying

notes.

151

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Beverages

(continued)

Carlsberg

AS

6,871‌

$

892‌

Coca-Cola

Europacific

Partners

PLC

14,506‌

713‌

Coca-Cola

HBC

AG

(e)

14,223‌

324‌

Davide

Campari-Milano

NV

36,892‌

362‌

Diageo

PLC

161,429‌

7,013‌

Endeavour

Group

Ltd/Australia

94,804‌

469‌

Heineken

Holding

NV

7,114‌

505‌

Heineken

NV

18,294‌

1,644‌

Ito

En

Ltd

3,700‌

162‌

JDE

Peet's

NV

7,095‌

219‌

Kirin

Holdings

Co

Ltd

58,000‌

955‌

Pernod

Ricard

SA

14,785‌

2,713‌

Remy

Cointreau

SA

1,624‌

301‌

Suntory

Beverage

&

Food

Ltd

9,900‌

362‌

Treasury

Wine

Estates

Ltd

50,947‌

457‌

$

21,489‌

Biotechnology

-

1.05%

Argenx

SE

(e)

3,885‌

1,463‌

Bachem

Holding

AG

2,342‌

162‌

CSL

Ltd

33,998‌

6,800‌

Genmab

A/S

(e)

4,640‌

1,652‌

Swedish

Orphan

Biovitrum

AB

(e)

11,921‌

263‌

$

10,340‌

Building

Materials

-

1.65%

AGC

Inc

13,600‌

462‌

Cie

de

Saint-Gobain

35,135‌

1,415‌

CRH

PLC

53,864‌

1,989‌

Daikin

Industries

Ltd

17,500‌

3,055‌

Geberit

AG

2,531‌

1,169‌

HeidelbergCement

AG

10,221‌

462‌

Holcim

AG

(e)

39,124‌

1,734‌

Investment

AB

Latour

10,449‌

206‌

James

Hardie

Industries

PLC

31,431‌

712‌

Kingspan

Group

PLC

10,897‌

622‌

Lixil

Corp

21,000‌

365‌

Nibe

Industrier

AB

106,963‌

1,002‌

ROCKWOOL

A/S

627‌

129‌

Sika

AG

10,307‌

2,319‌

TOTO

Ltd

10,000‌

345‌

Xinyi

Glass

Holdings

Ltd

129,000‌

238‌

$

16,224‌

Chemicals

-

2.75%

Air

Liquide

SA

36,908‌

4,625‌

Akzo

Nobel

NV

12,817‌

808‌

Arkema

SA

4,193‌

354‌

Asahi

Kasei

Corp

88,500‌

647‌

BASF

SE

64,825‌

2,742‌

Brenntag

SE

10,904‌

715‌

Chr

Hansen

Holding

A/S

7,412‌

432‌

Clariant

AG

(e)

15,227‌

281‌

Covestro

AG

(f)

13,635‌

411‌

Croda

International

PLC

9,846‌

767‌

EMS-Chemie

Holding

AG

495‌

348‌

Evonik

Industries

AG

14,799‌

276‌

Givaudan

SA

651‌

2,077‌

ICL

Group

Ltd

49,965‌

477‌

Johnson

Matthey

PLC

12,962‌

302‌

Koninklijke

DSM

NV

12,335‌

1,573‌

Mitsubishi

Chemical

Group

Corp

90,300‌

474‌

Mitsui

Chemicals

Inc

13,000‌

292‌

Nippon

Paint

Holdings

Co

Ltd

58,500‌

451‌

Nippon

Sanso

Holdings

Corp

12,200‌

222‌

Nissan

Chemical

Corp

9,000‌

453‌

Nitto

Denko

Corp

10,000‌

616‌

Novozymes

A/S

14,436‌

829‌

OCI

NV

7,435‌

279‌

Shin-Etsu

Chemical

Co

Ltd

26,400‌

3,066‌

Solvay

SA

5,230‌

422‌

Sumitomo

Chemical

Co

Ltd

105,100‌

414‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Chemicals

(continued)

Symrise

AG

9,371‌

$

981‌

Toray

Industries

Inc

97,800‌

558‌

Tosoh

Corp

18,400‌

238‌

Umicore

SA

14,781‌

470‌

Yara

International

ASA

11,685‌

494‌

$

27,094‌

Commercial

Services

-

2.67%

Adecco

Group

AG

11,388‌

361‌

Adyen

NV

(e),(f)

1,529‌

2,359‌

Amadeus

IT

Group

SA

(e)

31,795‌

1,678‌

Ashtead

Group

PLC

31,258‌

1,536‌

Atlantia

SpA

34,969‌

801‌

Brambles

Ltd

101,327‌

853‌

Bureau

Veritas

SA

20,752‌

515‌

Dai

Nippon

Printing

Co

Ltd

15,700‌

330‌

Edenred

17,615‌

891‌

Experian

PLC

64,989‌

1,972‌

GMO

Payment

Gateway

Inc

2,900‌

230‌

IDP

Education

Ltd

14,732‌

290‌

Intertek

Group

PLC

11,390‌

523‌

Nexi

SpA

(e),(f)

37,029‌

304‌

Nihon

M&A

Center

Holdings

Inc

21,400‌

265‌

Persol

Holdings

Co

Ltd

12,600‌

253‌

Randstad

NV

8,439‌

393‌

Recruit

Holdings

Co

Ltd

101,700‌

3,233‌

RELX

PLC

135,868‌

3,563‌

Rentokil

Initial

PLC

131,548‌

794‌

Secom

Co

Ltd

14,800‌

943‌

Securitas

AB

(a)

22,099‌

194‌

SGS

SA

449‌

989‌

TOPPAN

INC

18,500‌

291‌

Transurban

Group

216,729‌

2,056‌

Worldline

SA/France

(e),(f)

16,850‌

722‌

$

26,339‌

Computers

-

1.09%

Bechtle

AG

5,779‌

221‌

Capgemini

SE

11,558‌

1,997‌

Check

Point

Software

Technologies

Ltd

(e)

7,234‌

870‌

Computershare

Ltd

38,349‌

640‌

CyberArk

Software

Ltd

(e)

2,873‌

414‌

Fujitsu

Ltd

13,800‌

1,624‌

Itochu

Techno-Solutions

Corp

6,800‌

172‌

Logitech

International

SA

12,217‌

608‌

NEC

Corp

17,300‌

631‌

Nomura

Research

Institute

Ltd

23,743‌

639‌

NTT

Data

Corp

44,500‌

626‌

Obic

Co

Ltd

4,900‌

725‌

Otsuka

Corp

8,100‌

262‌

SCSK

Corp

11,000‌

179‌

Teleperformance

4,145‌

1,180‌

$

10,788‌

Consumer

Products

-

0.44%

Henkel

AG

&

Co

KGaA

7,333‌

459‌

Reckitt

Benckiser

Group

PLC

50,468‌

3,894‌

$

4,353‌

Cosmetics

&

Personal

Care

-

2.08%

Beiersdorf

AG

7,113‌

718‌

Essity

AB

42,982‌

953‌

Haleon

PLC

(e)

358,475‌

1,078‌

Kao

Corp

33,500‌

1,451‌

Kose

Corp

2,300‌

217‌

L'Oreal

SA

17,032‌

5,850‌

Shiseido

Co

Ltd

28,200‌

1,065‌

Unicharm

Corp

28,400‌

987‌

Unilever

PLC

180,112‌

8,170‌

$

20,489‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2022

See

accompanying

notes.

152

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Distribution

&

Wholesale

-

1.39%

Bunzl

PLC

23,813‌

$

790‌

D'ieteren

Group

1,756‌

265‌

Ferguson

PLC

15,135‌

1,753‌

IMCD

NV

4,021‌

555‌

ITOCHU

Corp

(a)

83,800‌

2,306‌

Marubeni

Corp

109,200‌

1,138‌

Mitsubishi

Corp

89,100‌

2,917‌

Mitsui

&

Co

Ltd

98,500‌

2,311‌

Sumitomo

Corp

79,400‌

1,117‌

Toyota

Tsusho

Corp

15,000‌

525‌

$

13,677‌

Diversified

Financial

Services

-

1.62%

abrdn

plc

153,914‌

262‌

AerCap

Holdings

NV

(e)

9,525‌

420‌

Amundi

SA

(f)

4,299‌

218‌

ASX

Ltd

13,663‌

727‌

Daiwa

Securities

Group

Inc

(a)

94,300‌

412‌

Deutsche

Boerse

AG

13,409‌

2,267‌

Euronext

NV

(f)

6,046‌

447‌

Futu

Holdings

Ltd

ADR

(e)

4,207‌

206‌

Hargreaves

Lansdown

PLC

25,107‌

238‌

Hong

Kong

Exchanges

&

Clearing

Ltd

84,900‌

3,421‌

Japan

Exchange

Group

Inc

35,600‌

530‌

Julius

Baer

Group

Ltd

15,613‌

754‌

London

Stock

Exchange

Group

PLC

23,259‌

2,182‌

Mitsubishi

HC

Capital

Inc

46,500‌

225‌

Nomura

Holdings

Inc

205,300‌

743‌

ORIX

Corp

84,400‌

1,387‌

SBI

Holdings

Inc/Japan

17,290‌

340‌

Schroders

PLC

8,773‌

273‌

Singapore

Exchange

Ltd

60,500‌

411‌

St

James's

Place

PLC

38,365‌

491‌

$

15,954‌

Electric

-

2.68%

Chubu

Electric

Power

Co

Inc

45,500‌

463‌

CLP

Holdings

Ltd

116,000‌

999‌

E.ON

SE

158,459‌

1,352‌

EDP

-

Energias

de

Portugal

SA

195,927‌

936‌

EDP

Renovaveis

SA

20,338‌

493‌

Electricite

de

France

SA

39,561‌

473‌

Elia

Group

SA/NV

2,330‌

338‌

Endesa

SA

22,417‌

384‌

Enel

SpA

574,049‌

2,698‌

Engie

SA

128,910‌

1,531‌

Fortum

Oyj

31,346‌

322‌

HK

Electric

Investments

&

HK

Electric

Investments

Ltd

187,000‌

156‌

Iberdrola

SA

420,284‌

4,376‌

Kansai

Electric

Power

Co

Inc/The

49,600‌

481‌

Mercury

NZ

Ltd

48,765‌

173‌

Meridian

Energy

Ltd

90,961‌

277‌

National

Grid

PLC

257,375‌

3,205‌

Origin

Energy

Ltd

124,305‌

529‌

Orsted

AS

(f)

13,351‌

1,303‌

Power

Assets

Holdings

Ltd

97,500‌

583‌

Red

Electrica

Corp

SA

28,641‌

524‌

RWE

AG

45,340‌

1,731‌

SSE

PLC

75,355‌

1,444‌

Terna

-

Rete

Elettrica

Nazionale

99,304‌

706‌

Tokyo

Electric

Power

Co

Holdings

Inc

(e)

107,700‌

421‌

Uniper

SE

(a)

6,430‌

35‌

Verbund

AG

4,805‌

459‌

$

26,392‌

Electrical

Components

&

Equipment

-

1.01%

ABB

Ltd

115,928‌

3,195‌

Brother

Industries

Ltd

16,800‌

322‌

Legrand

SA

18,876‌

1,366‌

Prysmian

SpA

17,979‌

552‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Electrical

Components

&

Equipment

(continued)

Schneider

Electric

SE

38,291‌

$

4,551‌

$

9,986‌

Electronics

-

1.37%

Assa

Abloy

AB

70,741‌

1,433‌

Azbil

Corp

8,200‌

234‌

Halma

PLC

26,794‌

644‌

Hirose

Electric

Co

Ltd

2,199‌

311‌

Hoya

Corp

25,900‌

2,641‌

Ibiden

Co

Ltd

8,000‌

254‌

Kyocera

Corp

22,600‌

1,256‌

MINEBEA

MITSUMI

Inc

25,600‌

440‌

Murata

Manufacturing

Co

Ltd

40,500‌

2,181‌

Nidec

Corp

31,500‌

2,092‌

Shimadzu

Corp

16,700‌

488‌

TDK

Corp

27,400‌

958‌

Venture

Corp

Ltd

19,500‌

255‌

Yokogawa

Electric

Corp

16,200‌

283‌

$

13,470‌

Energy

-

Alternate

Sources

-

0.21%

Siemens

Gamesa

Renewable

Energy

SA

(e)

16,826‌

303‌

Vestas

Wind

Systems

A/S

71,275‌

1,784‌

$

2,087‌

Engineering

&

Construction

-

1.20%

Acciona

SA

1,742‌

341‌

ACS

Actividades

de

Construccion

y

Servicios

SA

16,300‌

363‌

Aena

SME

SA

(e),(f)

5,292‌

650‌

Aeroports

de

Paris

(e)

2,095‌

287‌

Auckland

International

Airport

Ltd

(e)

88,349‌

407‌

Bouygues

SA

16,198‌

476‌

Cellnex

Telecom

SA

(f)

38,356‌

1,494‌

CK

Infrastructure

Holdings

Ltd

45,000‌

274‌

Eiffage

SA

5,878‌

517‌

Ferrovial

SA

34,041‌

853‌

Infrastrutture

Wireless

Italiane

SpA

(f)

23,718‌

220‌

Kajima

Corp

30,000‌

316‌

Keppel

Corp

Ltd

102,700‌

533‌

Lendlease

Corp

Ltd

48,622‌

339‌

Obayashi

Corp

45,800‌

317‌

Shimizu

Corp

38,900‌

213‌

Skanska

AB

24,010‌

355‌

Taisei

Corp

12,800‌

388‌

Vinci

SA

37,660‌

3,474‌

$

11,817‌

Entertainment

-

0.86%

Aristocrat

Leisure

Ltd

42,535‌

1,027‌

Entain

PLC

41,521‌

611‌

Evolution

AB

(f)

12,904‌

1,032‌

Flutter

Entertainment

PLC

(e)

11,785‌

1,477‌

Genting

Singapore

Ltd

426,700‌

236‌

La

Francaise

des

Jeux

SAEM

(f)

7,413‌

240‌

Lottery

Corp

Ltd/The

(e)

157,093‌

472‌

Oriental

Land

Co

Ltd/Japan

14,100‌

2,102‌

Toho

Co

Ltd/Tokyo

7,900‌

300‌

Universal

Music

Group

NV

51,194‌

1,017‌

$

8,514‌

Environmental

Control

-

0.03%

Kurita

Water

Industries

Ltd

7,300‌

284‌

Food

-

4.77%

Aeon

Co

Ltd

(a)

46,100‌

899‌

Ajinomoto

Co

Inc

32,400‌

896‌

Associated

British

Foods

PLC

25,144‌

444‌

Barry

Callebaut

AG

251‌

514‌

Carrefour

SA

42,612‌

711‌

Chocoladefabriken

Lindt

&

Spruengli

AG

-

PC

75‌

793‌

Chocoladefabriken

Lindt

&

Spruengli

AG

-

REG

8‌

871‌

Coles

Group

Ltd

94,305‌

1,129‌

Danone

SA

45,313‌

2,384‌

HelloFresh

SE

(e)

11,662‌

279‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2022

See

accompanying

notes.

153

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

(continued)

J

Sainsbury

PLC

123,801‌

$

292‌

Jeronimo

Martins

SGPS

SA

19,986‌

443‌

Kerry

Group

PLC

11,238‌

1,159‌

Kesko

Oyj

19,277‌

406‌

Kikkoman

Corp

10,200‌

624‌

Kobe

Bussan

Co

Ltd

10,600‌

270‌

Koninklijke

Ahold

Delhaize

NV

73,806‌

2,030‌

MEIJI

Holdings

Co

Ltd

7,900‌

376‌

Mowi

ASA

29,197‌

599‌

Nestle

SA

198,681‌

23,250‌

Nisshin

Seifun

Group

Inc

13,995‌

158‌

Nissin

Foods

Holdings

Co

Ltd

4,400‌

315‌

Ocado

Group

PLC

(e)

40,742‌

342‌

Orkla

ASA

53,009‌

444‌

Salmar

ASA

4,156‌

275‌

Seven

&

i

Holdings

Co

Ltd

53,100‌

2,109‌

Tesco

PLC

532,807‌

1,539‌

WH

Group

Ltd

(f)

588,500‌

401‌

Wilmar

International

Ltd

135,500‌

391‌

Woolworths

Group

Ltd

85,676‌

2,112‌

Yakult

Honsha

Co

Ltd

9,000‌

532‌

$

46,987‌

Food

Service

-

0.32%

Compass

Group

PLC

125,907‌

2,708‌

Sodexo

SA

6,243‌

478‌

$

3,186‌

Forest

Products

&

Paper

-

0.42%

Holmen

AB

6,620‌

284‌

Mondi

PLC

34,270‌

582‌

Oji

Holdings

Corp

57,200‌

228‌

Smurfit

Kappa

Group

PLC

17,447‌

585‌

Stora

Enso

Oyj

38,898‌

579‌

Svenska

Cellulosa

AB

SCA

42,762‌

641‌

UPM-Kymmene

Oyj

37,670‌

1,280‌

$

4,179‌

Gas

-

0.31%

Enagas

SA

17,566‌

321‌

Hong

Kong

&

China

Gas

Co

Ltd

789,387‌

778‌

Naturgy

Energy

Group

SA

10,264‌

283‌

Osaka

Gas

Co

Ltd

26,400‌

445‌

Snam

SpA

142,324‌

676‌

Tokyo

Gas

Co

Ltd

28,000‌

525‌

$

3,028‌

Hand

&

Machine

Tools

-

0.33%

Alleima

AB

(e)

15,025‌

60‌

Disco

Corp

2,000‌

486‌

Fuji

Electric

Co

Ltd

8,900‌

385‌

Makita

Corp

15,900‌

374‌

Schindler

Holding

AG

-

PC

2,873‌

500‌

Schindler

Holding

AG

-

REG

1,656‌

280‌

Techtronic

Industries

Co

Ltd

97,000‌

1,144‌

$

3,229‌

Healthcare

-

Products

-

1.94%

Alcon

Inc

35,268‌

2,322‌

Asahi

Intecc

Co

Ltd

15,400‌

274‌

Carl

Zeiss

Meditec

AG

2,840‌

353‌

Cochlear

Ltd

4,641‌

676‌

Coloplast

A/S

8,384‌

958‌

Demant

A/S

(e)

6,505‌

200‌

DiaSorin

SpA

1,776‌

233‌

EssilorLuxottica

SA

20,302‌

3,024‌

Fisher

&

Paykel

Healthcare

Corp

Ltd

40,744‌

488‌

Getinge

AB

16,144‌

299‌

Koninklijke

Philips

NV

62,384‌

1,036‌

Lifco

AB

16,452‌

255‌

Olympus

Corp

87,100‌

1,855‌

QIAGEN

NV

(e)

16,054‌

728‌

Sartorius

Stedim

Biotech

1,951‌

714‌

Siemens

Healthineers

AG

(f)

19,903‌

973‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Products

(continued)

Smith

&

Nephew

PLC

61,573‌

$

724‌

Sonova

Holding

AG

3,789‌

998‌

Straumann

Holding

AG

7,877‌

863‌

Sysmex

Corp

11,800‌

721‌

Terumo

Corp

45,500‌

1,461‌

$

19,155‌

Healthcare

-

Services

-

0.69%

BioMerieux

2,955‌

270‌

Eurofins

Scientific

SE

9,498‌

657‌

Fresenius

Medical

Care

AG

&

Co

KGaA

14,476‌

496‌

Fresenius

SE

&

Co

KGaA

29,563‌

731‌

Lonza

Group

AG

5,255‌

2,803‌

Medibank

Pvt

Ltd

194,376‌

490‌

Ramsay

Health

Care

Ltd

12,922‌

630‌

Sonic

Healthcare

Ltd

32,189‌

744‌

$

6,821‌

Holding

Companies

-

Diversified

-

0.21%

CK

Hutchison

Holdings

Ltd

189,632‌

1,225‌

Jardine

Matheson

Holdings

Ltd

11,237‌

596‌

Swire

Pacific

Ltd

35,000‌

242‌

$

2,063‌

Home

Builders

-

0.39%

Barratt

Developments

PLC

72,170‌

357‌

Berkeley

Group

Holdings

PLC

7,860‌

333‌

Daiwa

House

Industry

Co

Ltd

42,300‌

946‌

Iida

Group

Holdings

Co

Ltd

10,420‌

159‌

Open

House

Group

Co

Ltd

5,800‌

227‌

Persimmon

PLC

22,535‌

386‌

Sekisui

Chemical

Co

Ltd

26,300‌

358‌

Sekisui

House

Ltd

43,500‌

740‌

Taylor

Wimpey

PLC

251,527‌

315‌

$

3,821‌

Home

Furnishings

-

0.93%

Electrolux

AB

15,522‌

196‌

Hoshizaki

Corp

7,600‌

226‌

Panasonic

Holdings

Corp

155,800‌

1,264‌

Rational

AG

361‌

195‌

SEB

SA

1,755‌

130‌

Sharp

Corp/Japan

17,200‌

123‌

Sony

Group

Corp

88,900‌

7,068‌

$

9,202‌

Insurance

-

4.79%

Admiral

Group

PLC

12,699‌

312‌

Aegon

NV

126,362‌

565‌

Ageas

SA/NV

11,384‌

462‌

AIA

Group

Ltd

850,400‌

8,182‌

Allianz

SE

28,828‌

4,873‌

Assicurazioni

Generali

SpA

78,386‌

1,150‌

Aviva

PLC

199,683‌

969‌

AXA

SA

131,917‌

3,107‌

Baloise

Holding

AG

3,232‌

467‌

Dai-ichi

Life

Holdings

Inc

69,300‌

1,197‌

Gjensidige

Forsikring

ASA

14,115‌

286‌

Hannover

Rueck

SE

4,255‌

627‌

Insurance

Australia

Group

Ltd

173,985‌

550‌

Japan

Post

Holdings

Co

Ltd

167,900‌

1,158‌

Japan

Post

Insurance

Co

Ltd

14,100‌

216‌

Legal

&

General

Group

PLC

421,397‌

1,234‌

M&G

PLC

181,475‌

412‌

MS&AD

Insurance

Group

Holdings

Inc

31,400‌

937‌

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

9,887‌

2,362‌

NN

Group

NV

19,693‌

809‌

Phoenix

Group

Holdings

PLC

52,910‌

370‌

Prudential

PLC

194,045‌

2,037‌

QBE

Insurance

Group

Ltd

104,686‌

858‌

Sampo

Oyj

33,799‌

1,529‌

Sompo

Holdings

Inc

22,050‌

945‌

Suncorp

Group

Ltd

89,114‌

658‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2022

See

accompanying

notes.

154

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Insurance

(continued)

Swiss

Life

Holding

AG

2,225‌

$

1,163‌

Swiss

Re

AG

21,287‌

1,655‌

T&D

Holdings

Inc

37,400‌

409‌

Tokio

Marine

Holdings

Inc

43,200‌

2,394‌

Tryg

A/S

25,412‌

574‌

Zurich

Insurance

Group

AG

10,619‌

4,714‌

$

47,181‌

Internet

-

1.15%

Adevinta

ASA

-

B

Shares

(e)

20,567‌

166‌

Auto

Trader

Group

PLC

(f)

66,565‌

503‌

CyberAgent

Inc

30,300‌

295‌

Delivery

Hero

SE

(e),(f)

11,520‌

478‌

Grab

Holdings

Ltd

(e)

91,632‌

261‌

Just

Eat

Takeaway.com

NV

(e),(f)

12,895‌

215‌

Kakaku.com

Inc

9,500‌

175‌

M3

Inc

31,100‌

996‌

MonotaRO

Co

Ltd

17,700‌

318‌

Prosus

NV

(e)

58,542‌

3,618‌

Rakuten

Group

Inc

61,500‌

298‌

Scout24

SE

(f)

5,659‌

326‌

Sea

Ltd

ADR

(e)

25,503‌

1,581‌

SEEK

Ltd

23,729‌

335‌

Trend

Micro

Inc/Japan

9,400‌

579‌

United

Internet

AG

6,845‌

155‌

Wix.com

Ltd

(e)

4,040‌

256‌

Z

Holdings

Corp

187,600‌

552‌

ZOZO

Inc

8,800‌

194‌

$

11,301‌

Investment

Companies

-

0.59%

Eurazeo

SE

3,075‌

184‌

EXOR

NV

7,653‌

461‌

Groupe

Bruxelles

Lambert

SA

7,020‌

531‌

Industrivarden

AB

-

A

Shares

9,203‌

204‌

Industrivarden

AB

-

C

Shares

10,868‌

238‌

Investor

AB

-

A

Shares

35,198‌

585‌

Investor

AB

-

B

Shares

128,590‌

2,027‌

Kinnevik

AB

-

B

Shares

(e)

17,109‌

243‌

L

E

Lundbergforetagen

AB

5,363‌

221‌

Melrose

Industries

PLC

308,604‌

487‌

Sofina

SA

1,087‌

218‌

Washington

H

Soul

Pattinson

&

Co

Ltd

15,280‌

266‌

Wendel

SE

1,880‌

148‌

$

5,813‌

Iron

&

Steel

-

0.50%

ArcelorMittal

SA

37,174‌

882‌

BlueScope

Steel

Ltd

33,854‌

380‌

Fortescue

Metals

Group

Ltd

119,521‌

1,485‌

Hitachi

Metals

Ltd

(e)

15,100‌

227‌

JFE

Holdings

Inc

(a)

34,600‌

372‌

Mineral

Resources

Ltd

12,017‌

512‌

Nippon

Steel

Corp

(a)

57,077‌

902‌

voestalpine

AG

8,191‌

165‌

$

4,925‌

Leisure

Products

&

Services

-

0.18%

Shimano

Inc

5,200‌

920‌

Yamaha

Corp

9,900‌

386‌

Yamaha

Motor

Co

Ltd

21,000‌

435‌

$

1,741‌

Lodging

-

0.29%

Accor

SA

(e)

12,012‌

287‌

City

Developments

Ltd

29,000‌

168‌

Galaxy

Entertainment

Group

Ltd

154,000‌

861‌

InterContinental

Hotels

Group

PLC

12,987‌

705‌

Sands

China

Ltd

(e)

171,200‌

383‌

Whitbread

PLC

14,257‌

413‌

$

2,817‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Machinery

-

Construction

&

Mining

-

1.00%

Epiroc

AB

-

A

Shares

46,512‌

$

712‌

Epiroc

AB

-

B

Shares

27,523‌

375‌

Hitachi

Construction

Machinery

Co

Ltd

7,600‌

156‌

Hitachi

Ltd

68,300‌

3,412‌

Komatsu

Ltd

65,200‌

1,364‌

Mitsubishi

Electric

Corp

136,300‌

1,378‌

Mitsubishi

Heavy

Industries

Ltd

22,600‌

871‌

Sandvik

AB

75,253‌

1,173‌

Siemens

Energy

AG

30,771‌

453‌

$

9,894‌

Machinery

-

Diversified

-

2.01%

Atlas

Copco

AB

-

A

Shares

189,580‌

1,924‌

Atlas

Copco

AB

-

B

Shares

110,165‌

1,003‌

CNH

Industrial

NV

72,223‌

879‌

Daifuku

Co

Ltd

7,100‌

414‌

FANUC

Corp

13,500‌

2,175‌

GEA

Group

AG

10,639‌

370‌

Hexagon

AB

137,377‌

1,404‌

Husqvarna

AB

29,615‌

199‌

Keyence

Corp

13,660‌

5,129‌

KION

Group

AG

5,092‌

204‌

Kone

Oyj

23,988‌

959‌

Kubota

Corp

72,100‌

1,120‌

Omron

Corp

13,100‌

689‌

SMC

Corp

4,000‌

1,898‌

Spirax-Sarco

Engineering

PLC

5,206‌

636‌

Wartsila

OYJ

Abp

33,410‌

276‌

Yaskawa

Electric

Corp

(a)

16,900‌

550‌

$

19,829‌

Media

-

0.38%

Bollore

SE

62,408‌

298‌

Informa

PLC

103,429‌

655‌

Pearson

PLC

47,295‌

473‌

Vivendi

SE

50,856‌

461‌

Wolters

Kluwer

NV

18,528‌

1,812‌

$

3,699‌

Metal

Fabrication

&

Hardware

-

0.18%

MISUMI

Group

Inc

20,100‌

493‌

SKF

AB

27,056‌

406‌

Tenaris

SA

33,328‌

456‌

VAT

Group

AG

(f)

1,905‌

455‌

$

1,810‌

Mining

-

2.73%

Anglo

American

PLC

89,685‌

2,882‌

Antofagasta

PLC

27,832‌

354‌

BHP

Group

Ltd

357,297‌

9,747‌

Boliden

AB

(e)

19,303‌

618‌

Evolution

Mining

Ltd

129,373‌

208‌

Glencore

PLC

695,866‌

3,805‌

Newcrest

Mining

Ltd

63,035‌

758‌

Norsk

Hydro

ASA

94,918‌

652‌

Northern

Star

Resources

Ltd

82,234‌

434‌

Rio

Tinto

Ltd

26,200‌

1,664‌

Rio

Tinto

PLC

79,355‌

4,381‌

South32

Ltd

327,792‌

903‌

Sumitomo

Metal

Mining

Co

Ltd

17,500‌

551‌

$

26,957‌

Miscellaneous

Manufacturers

-

0.93%

Alfa

Laval

AB

20,449‌

545‌

Alstom

SA

22,423‌

460‌

Indutrade

AB

19,284‌

357‌

JSR

Corp

12,800‌

286‌

Knorr-Bremse

AG

5,119‌

248‌

Orica

Ltd

31,721‌

332‌

Siemens

AG

53,992‌

5,469‌

Smiths

Group

PLC

26,469‌

457‌

Toshiba

Corp

27,500‌

1,018‌

$

9,172‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2022

See

accompanying

notes.

155

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Office

&

Business

Equipment

-

0.37%

Canon

Inc

70,500‌

$

1,688‌

FUJIFILM

Holdings

Corp

25,400‌

1,290‌

Ricoh

Co

Ltd

40,600‌

319‌

Seiko

Epson

Corp

19,800‌

311‌

$

3,608‌

Oil

&

Gas

-

4.67%

Aker

BP

ASA

(a)

22,303‌

781‌

Ampol

Ltd

16,819‌

395‌

BP

PLC

1,363,690‌

6,968‌

DCC

PLC

6,961‌

401‌

ENEOS

Holdings

Inc

216,530‌

818‌

Eni

SpA

178,137‌

2,104‌

Equinor

ASA

68,977‌

2,677‌

Galp

Energia

SGPS

SA

35,378‌

382‌

Idemitsu

Kosan

Co

Ltd

14,681‌

387‌

Inpex

Corp

73,300‌

843‌

Neste

Oyj

29,859‌

1,473‌

OMV

AG

10,394‌

419‌

Repsol

SA

102,412‌

1,330‌

Santos

Ltd

227,095‌

1,212‌

Shell

PLC

525,002‌

13,896‌

TotalEnergies

SE

174,986‌

8,860‌

Woodside

Energy

Group

Ltd

134,012‌

3,113‌

$

46,059‌

Packaging

&

Containers

-

0.05%

SIG

Group

AG

(e)

21,583‌

506‌

Pharmaceuticals

-

8.93%

Amplifon

SpA

8,788‌

229‌

Astellas

Pharma

Inc

129,700‌

1,839‌

AstraZeneca

PLC

109,360‌

13,527‌

Bayer

AG

69,338‌

3,667‌

Chugai

Pharmaceutical

Co

Ltd

47,500‌

1,226‌

Daiichi

Sankyo

Co

Ltd

123,600‌

3,714‌

Eisai

Co

Ltd

17,700‌

722‌

Grifols

SA

(e)

21,052‌

255‌

GSK

PLC

287,059‌

4,589‌

Hikma

Pharmaceuticals

PLC

11,710‌

178‌

Ipsen

SA

2,661‌

255‌

Kobayashi

Pharmaceutical

Co

Ltd

3,700‌

210‌

Kyowa

Kirin

Co

Ltd

19,000‌

426‌

Merck

KGaA

9,121‌

1,567‌

Nippon

Shinyaku

Co

Ltd

3,400‌

186‌

Novartis

AG

152,689‌

12,351‌

Novo

Nordisk

A/S

116,841‌

12,492‌

Ono

Pharmaceutical

Co

Ltd

25,700‌

613‌

Orion

Oyj

7,526‌

341‌

Otsuka

Holdings

Co

Ltd

27,500‌

898‌

Recordati

Industria

Chimica

e

Farmaceutica

SpA

7,379‌

301‌

Roche

Holding

AG

(a)

1,882‌

719‌

Roche

Holding

AG

49,586‌

15,978‌

Sanofi

80,368‌

6,570‌

Shionogi

&

Co

Ltd

18,600‌

908‌

Takeda

Pharmaceutical

Co

Ltd

106,000‌

2,930‌

Teva

Pharmaceutical

Industries

Ltd

ADR

(e)

78,367‌

708‌

UCB

SA

8,923‌

627‌

$

88,026‌

Pipelines

-

0.06%

APA

Group

83,276‌

628‌

Private

Equity

-

0.35%

3i

Group

PLC

68,690‌

967‌

Capitaland

Investment

Ltd/Singapore

183,500‌

483‌

EQT

AB

21,042‌

471‌

Partners

Group

Holding

AG

1,601‌

1,546‌

$

3,467‌

Real

Estate

-

1.26%

Aroundtown

SA

70,513‌

206‌

Azrieli

Group

Ltd

2,995‌

248‌

CK

Asset

Holdings

Ltd

142,132‌

959‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Real

Estate

(continued)

Daito

Trust

Construction

Co

Ltd

4,400‌

$

433‌

ESR

Group

Ltd

(f)

141,800‌

397‌

Fastighets

AB

Balder

(e)

44,533‌

246‌

Hang

Lung

Properties

Ltd

143,000‌

238‌

Henderson

Land

Development

Co

Ltd

102,982‌

345‌

Hongkong

Land

Holdings

Ltd

79,677‌

385‌

Hulic

Co

Ltd

27,000‌

205‌

LEG

Immobilien

SE

5,140‌

388‌

Mitsubishi

Estate

Co

Ltd

83,400‌

1,123‌

Mitsui

Fudosan

Co

Ltd

64,100‌

1,297‌

New

World

Development

Co

Ltd

106,750‌

348‌

Nomura

Real

Estate

Holdings

Inc

8,400‌

206‌

REA

Group

Ltd

3,729‌

322‌

Sagax

AB

13,433‌

289‌

Sino

Land

Co

Ltd

245,073‌

358‌

Sumitomo

Realty

&

Development

Co

Ltd

21,800‌

533‌

Sun

Hung

Kai

Properties

Ltd

102,000‌

1,198‌

Swire

Properties

Ltd

82,400‌

190‌

Swiss

Prime

Site

AG

5,414‌

466‌

UOL

Group

Ltd

32,800‌

162‌

Vonovia

SE

50,553‌

1,369‌

Wharf

Real

Estate

Investment

Co

Ltd

119,000‌

542‌

$

12,453‌

REITs

-

1.31%

Ascendas

Real

Estate

Investment

Trust

236,950‌

478‌

British

Land

Co

PLC/The

62,145‌

310‌

CapitaLand

Integrated

Commercial

Trust

374,238‌

553‌

Covivio

3,342‌

187‌

Daiwa

House

REIT

Investment

Corp

155‌

358‌

Dexus

75,911‌

449‌

Gecina

SA

3,242‌

289‌

GLP

J-Reit

301‌

367‌

Goodman

Group

118,672‌

1,578‌

GPT

Group/The

135,200‌

385‌

Japan

Metropolitan

Fund

Invest

493‌

392‌

Japan

Real

Estate

Investment

Corp

88‌

408‌

Klepierre

SA

15,184‌

311‌

Land

Securities

Group

PLC

49,717‌

375‌

Link

REIT

148,900‌

1,152‌

Mapletree

Logistics

Trust

231,000‌

276‌

Mapletree

Pan

Asia

Commercial

Trust

166,100‌

218‌

Mirvac

Group

278,300‌

396‌

Nippon

Building

Fund

Inc

108‌

538‌

Nippon

Prologis

REIT

Inc

(e)

150‌

377‌

Nomura

Real

Estate

Master

Fund

Inc

(e)

299‌

366‌

Scentre

Group

366,335‌

728‌

Segro

PLC

85,275‌

931‌

Stockland

168,485‌

414‌

Unibail-Rodamco-Westfield

(e)

8,324‌

428‌

Vicinity

Centres

273,102‌

358‌

Warehouses

De

Pauw

CVA

10,498‌

319‌

$

12,941‌

Retail

-

1.71%

Chow

Tai

Fook

Jewellery

Group

Ltd

141,000‌

284‌

Cie

Financiere

Richemont

SA

36,842‌

4,120‌

Domino's

Pizza

Enterprises

Ltd

4,275‌

184‌

Fast

Retailing

Co

Ltd

(a)

4,100‌

2,397‌

H

&

M

Hennes

&

Mauritz

AB

51,546‌

535‌

Industria

de

Diseno

Textil

SA

76,989‌

1,662‌

JD

Sports

Fashion

PLC

182,029‌

238‌

Kingfisher

PLC

142,339‌

382‌

McDonald's

Holdings

Co

Japan

Ltd

6,100‌

218‌

Moncler

SpA

14,486‌

645‌

Next

PLC

9,208‌

620‌

Nitori

Holdings

Co

Ltd

5,600‌

535‌

Pan

Pacific

International

Holdings

Corp

27,000‌

485‌

Pandora

A/S

6,404‌

385‌

Reece

Ltd

15,956‌

173‌

Swatch

Group

AG/The

-

BR

2,042‌

495‌

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2022

See

accompanying

notes.

156

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

(continued)

Swatch

Group

AG/The

-

REG

3,713‌

$

169‌

USS

Co

Ltd

15,500‌

274‌

Welcia

Holdings

Co

Ltd

6,600‌

138‌

Wesfarmers

Ltd

80,046‌

2,561‌

Zalando

SE

(e),(f)

15,725‌

364‌

$

16,864‌

Semiconductors

-

2.63%

Advantest

Corp

13,400‌

759‌

ASM

International

NV

3,305‌

899‌

ASML

Holding

NV

28,688‌

14,003‌

Hamamatsu

Photonics

KK

9,900‌

420‌

Infineon

Technologies

AG

92,171‌

2,255‌

Lasertec

Corp

5,300‌

734‌

Renesas

Electronics

Corp

(e)

82,300‌

779‌

Rohm

Co

Ltd

6,100‌

456‌

STMicroelectronics

NV

48,237‌

1,681‌

SUMCO

Corp

24,700‌

335‌

Tokyo

Electron

Ltd

10,500‌

3,293‌

Tower

Semiconductor

Ltd

(e)

7,697‌

361‌

$

25,975‌

Shipbuilding

-

0.02%

Kongsberg

Gruppen

ASA

6,310‌

216‌

Software

-

1.37%

AVEVA

Group

PLC

8,515‌

276‌

Capcom

Co

Ltd

12,500‌

341‌

Dassault

Systemes

SE

47,042‌

1,814‌

Embracer

Group

AB

(a),(e)

47,288‌

293‌

Koei

Tecmo

Holdings

Co

Ltd

4,060‌

136‌

Konami

Group

Corp

6,500‌

330‌

Nemetschek

SE

4,075‌

240‌

Nexon

Co

Ltd

34,900‌

695‌

Oracle

Corp

Japan

2,700‌

161‌

Sage

Group

PLC/The

71,897‌

596‌

SAP

SE

73,701‌

6,277‌

Square

Enix

Holdings

Co

Ltd

6,100‌

265‌

Temenos

AG

4,484‌

367‌

TIS

Inc

16,000‌

456‌

Ubisoft

Entertainment

SA

(e)

6,625‌

306‌

WiseTech

Global

Ltd

10,364‌

409‌

Xero

Ltd

(e)

9,499‌

559‌

$

13,521‌

Telecommunications

-

3.46%

Bezeq

The

Israeli

Telecommunication

Corp

Ltd

146,393‌

247‌

BT

Group

PLC

490,450‌

858‌

Deutsche

Telekom

AG

228,762‌

4,311‌

Elisa

Oyj

10,038‌

537‌

GN

Store

Nord

AS

9,200‌

260‌

Hikari

Tsushin

Inc

1,500‌

190‌

HKT

Trust

&

HKT

Ltd

266,980‌

358‌

KDDI

Corp

113,800‌

3,482‌

Koninklijke

KPN

NV

233,147‌

742‌

Nice

Ltd

(e)

4,479‌

957‌

Nippon

Telegraph

&

Telephone

Corp

84,300‌

2,285‌

Nokia

OYJ

381,938‌

1,925‌

Orange

SA

140,809‌

1,426‌

Proximus

SADP

10,735‌

137‌

Singapore

Telecommunications

Ltd

582,700‌

1,094‌

SoftBank

Corp

202,700‌

2,222‌

SoftBank

Group

Corp

85,100‌

3,371‌

Spark

New

Zealand

Ltd

132,095‌

437‌

Swisscom

AG

1,827‌

945‌

Tele2

AB

40,061‌

427‌

Telecom

Italia

SpA/Milano

(e)

703,267‌

145‌

Telefonaktiebolaget

LM

Ericsson

206,005‌

1,541‌

Telefonica

Deutschland

Holding

AG

73,480‌

191‌

Telefonica

SA

369,805‌

1,526‌

Telenor

ASA

49,386‌

540‌

Telia

Co

AB

187,619‌

660‌

Telstra

Corp

Ltd

286,627‌

775‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Telecommunications

(continued)

Vodafone

Group

PLC

1,885,614‌

$

2,524‌

$

34,113‌

Toys,

Games

&

Hobbies

-

0.43%

Bandai

Namco

Holdings

Inc

14,100‌

1,058‌

Nintendo

Co

Ltd

7,800‌

3,193‌

$

4,251‌

Transportation

-

1.71%

AP

Moller

-

Maersk

A/S

-

A

219‌

512‌

AP

Moller

-

Maersk

A/S

-

B

355‌

852‌

Aurizon

Holdings

Ltd

129,916‌

329‌

Central

Japan

Railway

Co

10,200‌

1,201‌

Deutsche

Post

AG

69,961‌

2,553‌

DSV

A/S

13,213‌

1,952‌

East

Japan

Railway

Co

21,300‌

1,103‌

Getlink

SE

31,054‌

585‌

Hankyu

Hanshin

Holdings

Inc

16,200‌

486‌

Keio

Corp

7,200‌

274‌

Keisei

Electric

Railway

Co

Ltd

9,200‌

257‌

Kintetsu

Group

Holdings

Co

Ltd

12,200‌

414‌

Kuehne

+

Nagel

International

AG

3,834‌

886‌

Mitsui

OSK

Lines

Ltd

(a)

24,200‌

630‌

MTR

Corp

Ltd

109,500‌

561‌

Nippon

Express

Holdings

Inc

5,400‌

297‌

Nippon

Yusen

KK

(a)

11,400‌

869‌

Odakyu

Electric

Railway

Co

Ltd

20,800‌

284‌

Poste

Italiane

SpA

(f)

36,873‌

295‌

SG

Holdings

Co

Ltd

20,500‌

340‌

SITC

International

Holdings

Co

Ltd

95,000‌

241‌

Tobu

Railway

Co

Ltd

13,400‌

317‌

Tokyu

Corp

37,400‌

445‌

West

Japan

Railway

Co

15,400‌

599‌

Yamato

Holdings

Co

Ltd

20,600‌

321‌

ZIM

Integrated

Shipping

Services

Ltd

(a)

5,949‌

215‌

$

16,818‌

Water

-

0.22%

Severn

Trent

PLC

17,665‌

570‌

United

Utilities

Group

PLC

48,126‌

590‌

Veolia

Environnement

SA

46,973‌

1,047‌

$

2,207‌

TOTAL

COMMON

STOCKS

$

945,704‌

PREFERRED

STOCKS

-

0.45%

Shares

Held

Value

(000's)

Automobile

Manufacturers

-

0.30%

Bayerische

Motoren

Werke

AG

5.82%

4,192‌

$

291‌

Porsche

Automobil

Holding

SE

2.56%

10,807‌

762‌

Volkswagen

AG

7.56%

13,097‌

1,863‌

$

2,916‌

Consumer

Products

-

0.08%

Henkel

AG

&

Co

KGaA

1.85%

12,574‌

812‌

Electronics

-

0.07%

Sartorius

AG

1.26%

1,717‌

715‌

TOTAL

PREFERRED

STOCKS

$

4,443‌

Total

Investments

$

1,022,682‌

Other

Assets

and

Liabilities

-  (3.72)%

(36,682‌)

TOTAL

NET

ASSETS

-

100.00%

$

986,000‌

(a)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$39,961

or

4.05%

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

$41,142

or

4.17%

of

net

assets.

(d)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(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

Schedule

of

Investments

International

Equity

Index

Fund

August

31,

2022

See

accompanying

notes.

157

(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

$14,451

or

1.47%

of

net

assets.

Portfolio

Summary  (unaudited)

Location

Percent

Japan

22.04‌%

United

Kingdom

14.32‌%

Switzerland

10.64‌%

France

10.40‌%

Australia

7.78‌%

United

States

7.36‌%

Germany

7.13‌%

Netherlands

4.36‌%

Sweden

3.06‌%

Hong

Kong

2.95‌%

Denmark

2.63‌%

Spain

2.32‌%

Italy

1.74‌%

Singapore

1.47‌%

Finland

1.21‌%

Ireland

0.94‌%

Norway

0.86‌%

Israel

0.83‌%

Belgium

0.76‌%

New

Zealand

0.24‌%

Luxembourg

0.23‌%

Portugal

0.18‌%

Austria

0.17‌%

Chile

0.04‌%

Macao

0.04‌%

Jordan

0.02‌%

Other

Assets

and

Liabilities

(3.72‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

10,018‌

$

651,212‌

$

632,172‌

$

29,058‌

$

10,018‌

$

651,212‌

$

632,172‌

$

29,058‌

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

2.13%

$

9‌

$

—‌

$

—‌

$

—‌

$

9‌

$

—‌

$

—‌

$

—‌

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;

September

2022

Long

19‌

$

1,736‌

$

(86‌)

Total

$

(86‌)

Amounts

in

thousands

except

contracts.

Schedule

of

Investments

International

Small

Company

Fund

August

31,

2022

See

accompanying

notes.

158

INVESTMENT

COMPANIES

-

5.39%

Shares

Held

Value

(000's)

Money

Market

Funds

-

5.39%

BlackRock

Liquidity

FedFund

-

Institutional

Class

2.03%

(a),(b)

6,816,428‌

$

6,817‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(a),(b),(c)

31,174,328‌

31,174‌

$

37,991‌

TOTAL

INVESTMENT

COMPANIES

$

37,991‌

COMMON

STOCKS

-

97.34%

Shares

Held

Value

(000's)

Advertising

-

0.26%

Stroeer

SE

&

Co

KGaA

43,164‌

$

1,834‌

Aerospace

&

Defense

-

1.03%

Rheinmetall

AG

22,485‌

3,570‌

Saab

AB

110,763‌

3,700‌

$

7,270‌

Agriculture

-

0.35%

First

Resources

Ltd

2,260,500‌

2,437‌

Apparel

-

0.61%

Dr

Martens

PLC

999,159‌

2,724‌

Yue

Yuen

Industrial

Holdings

Ltd

1,062,500‌

1,584‌

$

4,308‌

Automobile

Manufacturers

-

0.65%

Mazda

Motor

Corp

521,000‌

4,614‌

Automobile

Parts

&

Equipment

-

1.69%

CIE

Automotive

SA

113,661‌

2,787‌

Faurecia

SE

(d)

166,045‌

2,381‌

Toyoda

Gosei

Co

Ltd

190,500‌

3,314‌

Toyota

Boshoku

Corp

173,800‌

2,524‌

Yokohama

Rubber

Co

Ltd/The

53,100‌

869‌

$

11,875‌

Banks

-

4.09%

Banca

Mediolanum

SpA

512,886‌

3,268‌

Banco

de

Sabadell

SA

4,883,216‌

3,358‌

Bank

of

Ireland

Group

PLC

925,987‌

5,706‌

BAWAG

Group

AG

(d),(e)

113,410‌

5,117‌

Chiba

Bank

Ltd/The

767,200‌

4,144‌

Fukuoka

Financial

Group

Inc

283,500‌

5,066‌

Paragon

Banking

Group

PLC

349,709‌

2,174‌

$

28,833‌

Beverages

-

0.68%

Royal

Unibrew

A/S

64,125‌

4,804‌

Biotechnology

-

0.24%

Bavarian

Nordic

A/S

(d)

17,760‌

669‌

Cellectis

SA

ADR

(d)

117,012‌

387‌

Immunocore

Holdings

PLC

ADR

(d)

6,489‌

343‌

Olink

Holding

AB

ADR

(d),(f)

20,234‌

306‌

$

1,705‌

Building

Materials

-

1.14%

Ibstock

PLC

(e)

706,303‌

1,553‌

ROCKWOOL

A/S

14,964‌

3,080‌

Sumitomo

Osaka

Cement

Co

Ltd

64,800‌

1,641‌

Wienerberger

AG

75,347‌

1,762‌

$

8,036‌

Chemicals

-

1.86%

ADEKA

Corp

177,700‌

2,999‌

Incitec

Pivot

Ltd

1,771,896‌

4,683‌

K+S

AG

27,799‌

633‌

Kureha

Corp

71,200‌

4,781‌

$

13,096‌

Commercial

Services

-

2.29%

Hays

PLC

2,738,405‌

3,713‌

Loomis

AB

116,365‌

3,143‌

M&A

Capital

Partners

Co

Ltd

(d)

46,800‌

1,155‌

Persol

Holdings

Co

Ltd

229,500‌

4,607‌

Rentokil

Initial

PLC

193,510‌

1,169‌

Sixt

SE

(f)

23,988‌

2,346‌

$

16,133‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

-

5.04%

BayCurrent

Consulting

Inc

14,100‌

$

4,143‌

BIPROGY

Inc

158,800‌

3,517‌

Computacenter

PLC

120,418‌

3,450‌

CyberArk

Software

Ltd

(d)

31,190‌

4,500‌

GB

Group

PLC

460,146‌

2,382‌

Internet

Initiative

Japan

Inc

143,800‌

5,193‌

Keywords

Studios

PLC

121,556‌

3,503‌

Kontron

AG

(f)

3,708‌

56‌

Serco

Group

PLC

2,135,582‌

4,332‌

Sopra

Steria

Group

SACA

24,340‌

3,360‌

Teleperformance

3,875‌

1,104‌

$

35,540‌

Cosmetics

&

Personal

Care

-

0.49%

Pola

Orbis

Holdings

Inc

313,400‌

3,457‌

Distribution

&

Wholesale

-

2.33%

Rexel

SA

(d)

250,368‌

4,066‌

RS

GROUP

PLC

487,413‌

6,131‌

Seven

Group

Holdings

Ltd

214,971‌

2,704‌

Toromont

Industries

Ltd

45,404‌

3,515‌

$

16,416‌

Diversified

Financial

Services

-

3.65%

Euronext

NV

(e)

55,686‌

4,115‌

IG

Group

Holdings

PLC

519,371‌

4,929‌

Man

Group

PLC/Jersey

1,529,632‌

4,322‌

OSB

Group

PLC

487,260‌

3,107‌

SBI

Holdings

Inc

/Japan

172,000‌

3,380‌

St

James's

Place

PLC

261,798‌

3,351‌

Zenkoku

Hosho

Co

Ltd

76,500‌

2,528‌

$

25,732‌

Electric

-

4.62%

BKW

AG

23,424‌

2,838‌

Boralex

Inc

149,700‌

5,642‌

Capital

Power

Corp

183,700‌

7,126‌

Encavis

AG

119,134‌

2,546‌

Hera

SpA

1,463,489‌

3,666‌

Northland

Power

Inc

148,900‌

5,097‌

Sembcorp

Industries

Ltd

2,336,000‌

5,660‌

$

32,575‌

Electrical

Components

&

Equipment

-

1.44%

Nexans

SA

27,364‌

2,500‌

Prysmian

SpA

130,171‌

3,994‌

Signify

NV

(e)

127,411‌

3,622‌

$

10,116‌

Electronics

-

0.41%

Comet

Holding

AG

16,516‌

2,872‌

Engineering

&

Construction

-

3.37%

Alten

SA

20,441‌

2,513‌

Arcadis

NV

71,387‌

2,276‌

Balfour

Beatty

PLC

883,575‌

3,232‌

Downer

EDI

Ltd

995,943‌

3,406‌

Kumagai

Gumi

Co

Ltd

67,000‌

1,282‌

MIRAIT

ONE

corp

194,200‌

2,183‌

SPIE

SA

188,482‌

4,103‌

Stantec

Inc

100,100‌

4,751‌

$

23,746‌

Entertainment

-

1.20%

CTS

Eventim

AG

&

Co

KGaA

(d)

69,105‌

3,715‌

Entain

PLC

210,073‌

3,091‌

Tokyotokeiba

Co

Ltd

55,300‌

1,673‌

$

8,479‌

Environmental

Control

-

0.77%

Hitachi

Zosen

Corp

571,600‌

3,608‌

TRE

Holdings

Corp

150,700‌

1,846‌

$

5,454‌

Food

-

4.25%

AAK

AB

223,340‌

3,421‌

Cranswick

PLC

68,108‌

2,437‌

Empire

Co

Ltd

170,000‌

4,842‌

Schedule

of

Investments

International

Small

Company

Fund

August

31,

2022

See

accompanying

notes.

159

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Food

(continued)

GrainCorp

Ltd

551,467‌

$

3,119‌

J

Sainsbury

PLC

1,189,002‌

2,807‌

Morinaga

Milk

Industry

Co

Ltd

115,200‌

3,522‌

Sonae

SGPS

SA

3,143,345‌

3,160‌

Toyo

Suisan

Kaisha

Ltd

161,100‌

6,608‌

$

29,916‌

Forest

Products

&

Paper

-

0.74%

Sumitomo

Forestry

Co

Ltd

307,300‌

5,196‌

Hand

&

Machine

Tools

-

0.66%

Amada

Co

Ltd

593,900‌

4,647‌

Healthcare

-

Products

-

1.17%

Carl

Zeiss

Meditec

AG

6,553‌

816‌

ConvaTec

Group

PLC

(e)

1,068,304‌

2,695‌

Tecan

Group

AG

12,907‌

4,749‌

$

8,260‌

Healthcare

-

Services

-

0.16%

ICON

PLC

(d)

5,496‌

1,153‌

Holding

Companies

-

Diversified

-

0.52%

Swire

Pacific

Ltd

525,000‌

3,631‌

Home

Builders

-

0.43%

Redrow

PLC

521,286‌

3,062‌

Insurance

-

2.01%

ASR

Nederland

NV

172,380‌

7,036‌

Beazley

PLC

695,688‌

4,694‌

Definity

Financial

Corp

86,100‌

2,439‌

$

14,169‌

Internet

-

2.32%

Criteo

SA

ADR

(d)

110,234‌

2,979‌

Future

PLC

170,181‌

3,071‌

Scout24

SE

(e)

54,142‌

3,119‌

SMS

Co

Ltd

94,500‌

2,152‌

Trend

Micro

Inc

/Japan

81,900‌

5,042‌

$

16,363‌

Iron

&

Steel

-

0.21%

Salzgitter

AG

59,056‌

1,452‌

Leisure

Products

&

Services

-

0.64%

BRP

Inc

65,300‌

4,529‌

Lodging

-

0.92%

City

Developments

Ltd

564,000‌

3,275‌

Whitbread

PLC

110,303‌

3,197‌

$

6,472‌

Machinery

-

Construction

&

Mining

-

0.48%

Weir

Group

PLC/The

202,650‌

3,413‌

Machinery

-

Diversified

-

1.28%

ATS

Automation

Tooling

Systems

Inc

(d)

96,400‌

2,945‌

CKD

Corp

188,700‌

2,482‌

IMI

PLC

270,120‌

3,593‌

$

9,020‌

Media

-

0.64%

Nine

Entertainment

Co

Holdings

Ltd

3,027,142‌

4,493‌

Metal

Fabrication

&

Hardware

-

1.09%

Hanwa

Co

Ltd

87,200‌

2,157‌

Vallourec

SA

(d)

236,292‌

2,460‌

VAT

Group

AG

(e)

12,665‌

3,028‌

$

7,645‌

Mining

-

3.82%

Alamos

Gold

Inc

576,000‌

4,153‌

Allkem

Ltd

(d)

552,022‌

5,117‌

Capstone

Copper

Corp

(d)

415,100‌

932‌

Constellium

SE

(d)

236,740‌

3,153‌

Deterra

Royalties

Ltd

677,341‌

1,914‌

IGO

Ltd

495,905‌

4,438‌

SSR

Mining

Inc

221,634‌

2,992‌

Yamana

Gold

Inc

956,600‌

4,225‌

$

26,924‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Miscellaneous

Manufacturers

-

1.39%

Aalberts

NV

100,699‌

$

3,693‌

Amano

Corp

77,200‌

1,428‌

Trelleborg

AB

223,213‌

4,638‌

$

9,759‌

Office

&

Business

Equipment

-

0.47%

Canon

Marketing

Japan

Inc

147,500‌

3,345‌

Oil

&

Gas

-

3.50%

Aker

BP

ASA

1‌

—‌

Ampol

Ltd

208,317‌

4,896‌

ARC

Resources

Ltd

230,300‌

3,179‌

Birchcliff

Energy

Ltd

366,690‌

3,230‌

Crescent

Point

Energy

Corp

502,400‌

3,818‌

Harbour

Energy

PLC

388,300‌

2,143‌

Tourmaline

Oil

Corp

65,930‌

3,898‌

Whitecap

Resources

Inc

477,700‌

3,481‌

$

24,645‌

Packaging

&

Containers

-

2.52%

DS

Smith

PLC

1,190,461‌

3,689‌

Orora

Ltd

1,901,979‌

4,284‌

Rengo

Co

Ltd

808,900‌

4,766‌

SIG

Group

AG

(d)

214,079‌

5,019‌

$

17,758‌

Pharmaceuticals

-

3.84%

ALK-

Abello

A/S

(d)

170,262‌

3,166‌

CVS

Group

PLC

211,118‌

4,448‌

Dechra

Pharmaceuticals

PLC

123,696‌

5,003‌

Galenica

AG

(e)

61,234‌

4,306‌

Nippon

Shinyaku

Co

Ltd

72,500‌

3,966‌

Ship

Healthcare

Holdings

Inc

100,100‌

1,871‌

Suzuken

Co

Ltd/Aichi

Japan

149,900‌

3,592‌

Towa

Pharmaceutical

Co

Ltd

44,900‌

712‌

$

27,064‌

Pipelines

-

0.91%

Gaztransport

Et

Technigaz

SA

27,501‌

3,501‌

Keyera

Corp

(f)

117,800‌

2,903‌

$

6,404‌

Private

Equity

-

0.60%

Intermediate

Capital

Group

PLC

266,529‌

4,213‌

Real

Estate

-

2.01%

CA

Immobilien

Anlagen

AG

65,371‌

2,082‌

Castellum

AB

144,534‌

2,028‌

PSP

Swiss

Property

AG

40,000‌

4,525‌

Tokyu

Fudosan

Holdings

Corp

1,026,400‌

5,516‌

$

14,151‌

REITs

-

8.19%

Aedifica

SA

22,081‌

2,089‌

Charter

Hall

Group

414,653‌

3,782‌

Cofinimmo

SA

18,845‌

1,912‌

Derwent

London

PLC

72,296‌

2,040‌

Digital

Core

REIT

Management

Pte

Ltd

1,448,100‌

1,092‌

First

Capital

Real

Estate

Investment

Trust

251,700‌

2,898‌

Frasers

Logistics

&

Commercial

Trust

1,612,000‌

1,566‌

Granite

Real

Estate

Investment

Trust

65,800‌

3,738‌

HomeCo

Daily

Needs

REIT

1,934,383‌

1,700‌

Japan

Hotel

REIT

Investment

Corp

8,567‌

4,223‌

Japan

Metropolitan

Fund

Invest

3,557‌

2,825‌

Japan

Prime

Realty

Investment

Corp

1,234‌

3,655‌

Klepierre

SA

185,353‌

3,802‌

Lendlease

Global

Commercial

REIT

4,112,600‌

2,423‌

Mitsui

Fudosan

Logistics

Park

Inc

(d)

1,336‌

5,233‌

Safestore

Holdings

PLC

247,547‌

3,169‌

Summit

Industrial

Income

REIT

208,200‌

2,920‌

Supermarket

Income

Reit

PLC

1,614,763‌

2,270‌

Tritax

Big

Box

REIT

PLC

1,765,361‌

3,406‌

Warehouses

De

Pauw

CVA

97,159‌

2,956‌

$

57,699‌

Schedule

of

Investments

International

Small

Company

Fund

August

31,

2022

See

accompanying

notes.

160

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Retail

-

4.08%

ABC-Mart

Inc

(f)

64,800‌

$

2,607‌

B&M

European

Value

Retail

SA

822,398‌

3,527‌

Eagers

Automotive

Ltd

(f)

323,736‌

2,914‌

Grafton

Group

PLC

303,590‌

2,548‌

J

Front

Retailing

Co

Ltd

(f)

486,100‌

3,852‌

JD

Sports

Fashion

PLC

2,674,042‌

3,498‌

KOMEDA

Holdings

Co

Ltd

(f)

139,900‌

2,308‌

Moncler

SpA

21,018‌

935‌

Super

Retail

Group

Ltd

613,576‌

4,383‌

WH

Smith

PLC

(d)

129,867‌

2,153‌

$

28,725‌

Semiconductors

-

2.90%

ASM

International

NV

4,331‌

1,178‌

Japan

Material

Co

Ltd

178,200‌

2,466‌

Nova

Ltd

(d)

47,732‌

4,741‌

Tokyo

Ohka

Kogyo

Co

Ltd

40,400‌

1,981‌

Tower

Semiconductor

Ltd

(d)

115,178‌

5,343‌

Ulvac

Inc

121,700‌

4,719‌

$

20,428‌

Software

-

3.35%

CompuGroup

Medical

SE

&

Co

KgaA

42,040‌

1,581‌

Descartes

Systems

Group

Inc

/The

(d)

80,400‌

5,664‌

Open

Text

Corp

31,400‌

989‌

Pro

Medicus

Ltd

(f)

115,799‌

4,256‌

Sega

Sammy

Holdings

Inc

367,600‌

5,457‌

Sophia

Genetics

SA

(d)

72,908‌

240‌

TIS

Inc

189,900‌

5,408‌

$

23,595‌

Telecommunications

-

0.97%

Bezeq

The

Israeli

Telecommunication

Corp

Ltd

4,058,057‌

6,842‌

Transportation

-

3.06%

ComfortDelGro

Corp

Ltd

3,111,900‌

3,136‌

Kamigumi

Co

Ltd

266,600‌

5,217‌

Nippon

Express

Holdings

Inc

79,100‌

4,352‌

Sankyu

Inc

114,500‌

3,522‌

TFI

International

Inc

53,600‌

5,348‌

$

21,575‌

TOTAL

COMMON

STOCKS

$

685,880‌

Total

Investments

$

723,871‌

Other

Assets

and

Liabilities

-  (2.73)%

(19,222‌)

TOTAL

NET

ASSETS

-

100.00%

$

704,649‌

(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

$20,146

or

2.86%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(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

$27,555

or

3.91%

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

$17,007

or

2.41%

of

net

assets.

Portfolio

Summary  (unaudited)

Location

Percent

Japan

26.03‌%

United

Kingdom

16.84‌%

Canada

13.09‌%

Australia

7.95‌%

United

States

5.81‌%

France

5.15‌%

Switzerland

3.90‌%

Netherlands

3.11‌%

Germany

3.07‌%

Israel

3.04‌%

Singapore

2.78‌%

Sweden

2.44‌%

Ireland

1.83‌%

Italy

1.68‌%

Denmark

1.67‌%

Austria

1.28‌%

Belgium

0.99‌%

Spain

0.88‌%

Hong

Kong

0.74‌%

Portugal

0.45‌%

Norway

0.00‌%

Other

Assets

and

Liabilities

(2.73‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

36,399‌

$

572,040‌

$

577,265‌

$

31,174‌

$

36,399‌

$

572,040‌

$

577,265‌

$

31,174‌

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

2.13%

$

57‌

$

—‌

$

—‌

$

—‌

$

57‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2022

See

accompanying

notes.

161

INVESTMENT

COMPANIES

-

0.13%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.13%

iShares

Short-Term

National

Muni

Bond

ETF

1,000‌

$

104‌

JPMorgan

Ultra-Short

Municipal

Income

ETF

6‌

1‌

SPDR

Nuveen

Bloomberg

High

Yield

Municipal

Bond

ETF

839‌

43‌

VanEck

High

Yield

Muni

ETF

341‌

18‌

VanEck

Short

High

Yield

Muni

ETF

1,000‌

23‌

$

189‌

TOTAL

INVESTMENT

COMPANIES

$

189‌

MUNICIPAL

BONDS

-

104.63%

Principal

Amount

(000's)

Value

(000's)

Alabama

-

2.37%

Lower

Alabama

Gas

District/The

5.00%,

09/01/2034

$

1,500‌

$

1,601‌

Tuscaloosa

County

Industrial

Development

Authority

4.50%,

05/01/2032

(a)

855‌

780‌

5.25%,

05/01/2044

(a)

1,000‌

912‌

$

3,293‌

Arizona

-

4.54%

Arizona

Industrial

Development

Authority

7.25%,

01/01/2054

(a)

1,000‌

634‌

Maricopa

County

Industrial

Development

Authority

4.00%,

10/15/2047

(a)

2,000‌

1,734‌

Navajo

Nation

5.50%,

12/01/2030

(a)

2,500‌

2,666‌

Salt

Verde

Financial

Corp

5.00%,

12/01/2032

1,200‌

1,283‌

$

6,317‌

Arkansas

-

1.39%

Arkansas

Development

Finance

Authority

4.75%,

09/01/2049

(a)

1,000‌

953‌

5.45%,

09/01/2052

(a),(b)

1,000‌

986‌

$

1,939‌

California

-

3.94%

Alameda

Corridor

Transportation

Authority

(credit

support

from

Assured

Guaranty

Municipal

Corp

)

5.00%,

10/01/2052

(c)

1,000‌

1,055‌

Bay

Area

Toll

Authority

2.60%,

04/01/2056

620‌

415‌

California

Statewide

Communities

Development

Authority

5.25%,

12/01/2048

(a)

1,000‌

1,004‌

California

Statewide

Financing

Authority

6.00%,

05/01/2043

1,000‌

1,018‌

City

of

Los

Angeles

Department

of

Airports

5.00%,

05/15/2035

(d)

1,500‌

1,623‌

La

Verne

Public

Financing

Authority

7.25%,

09/01/2026

370‌

371‌

$

5,486‌

Colorado

-

5.42%

Centerra

Metropolitan

District

No

1

5.00%,

12/01/2037

(a)

1,000‌

1,001‌

Creekside

Village

Metropolitan

District

5.00%,

12/01/2039

1,255‌

1,235‌

Eagle

County

Airport

Terminal

Corp

5.00%,

05/01/2037

1,000‌

1,023‌

Elbert

County

Independence

Water

&

Sanitation

District

7.25%,

12/01/2038

1,000‌

1,009‌

Painted

Prairie

Public

Improvement

Authority

5.00%,

12/01/2049

500‌

484‌

Pueblo

Urban

Renewal

Authority

4.75%,

12/01/2045

(a)

2,000‌

1,844‌

Regional

Transportation

District

4.00%,

07/15/2040

1,000‌

948‌

$

7,544‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Connecticut

-

1.31%

Mohegan

Tribal

Finance

Authority

7.00%,

02/01/2045

(a)

$

1,800‌

$

1,819‌

Delaware

-

0.82%

Delaware

River

&

Bay

Authority

5.00%,

01/01/2033

(b)

1,000‌

1,135‌

District

of

Columbia

-

1.44%

District

of

Columbia

4.00%,

07/01/2039

1,000‌

940‌

5.50%,

02/28/2037

1,000‌

1,069‌

$

2,009‌

Florida

-

5.64%

Florida

Development

Finance

Corp

5.25%,

08/01/2029

(a)

2,500‌

2,445‌

7.38%,

01/01/2049

(a)

1,000‌

951‌

Greater

Orlando

Aviation

Authority

5.00%,

10/01/2047

(d)

3,000‌

3,081‌

Ocean

Highway

&

Port

Authority

5.50%,

12/01/2049

(a)

1,500‌

1,156‌

Orange

County

Housing

Finance

Authority

7.00%,

10/01/2025

225‌

225‌

$

7,858‌

Georgia

-

1.22%

George

L

Smith

II

Congress

Center

Authority

5.00%,

01/01/2054

(a)

2,000‌

1,703‌

Illinois

-

11.91%

Chicago

O'Hare

International

Airport

5.50%,

01/01/2055

(b)

1,000‌

1,064‌

City

of

Chicago

IL

5.50%,

01/01/2049

1,000‌

1,053‌

6.00%,

01/01/2038

1,900‌

2,042‌

7.46%,

02/15/2026

1,456‌

1,360‌

City

of

Chicago

IL

Wastewater

Transmission

Revenue

5.00%,

01/01/2031

760‌

792‌

5.00%,

01/01/2039

1,200‌

1,235‌

Illinois

State

Toll

Highway

Authority

5.00%,

01/01/2040

(d)

5,000‌

5,246‌

Metropolitan

Pier

&

Exposition

Authority

5.00%,

06/15/2050

1,000‌

1,020‌

5.00%,

06/15/2057

500‌

509‌

Metropolitan

Pier

&

Exposition

Authority

(credit

support

from

National

Public

Finance

Guarantee

Corp

)

5.50%,

06/15/2029

(c)

1,000‌

1,084‌

State

of

Illinois

5.50%,

07/01/2027

1,150‌

1,176‌

$

16,581‌

Indiana

-

0.22%

Town

of

Shoals

IN

7.25%,

11/01/2043

300‌

307‌

Iowa

-

0.74%

Iowa

Finance

Authority

5.00%,

12/01/2050

(e)

1,000‌

1,023‌

Kentucky

-

0.71%

City

of

Henderson

KY

4.45%,

01/01/2042

(a)

1,000‌

988‌

Louisiana

-

5.69%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

3.50%,

11/01/2032

1,000‌

965‌

4.40%,

11/01/2044

(a)

905‌

801‌

5.50%,

11/01/2039

(a)

800‌

817‌

5.65%,

11/01/2037

(a)

1,000‌

1,035‌

Louisiana

Public

Facilities

Authority

0.00%,

07/01/2039

(f)

278‌

—‌

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2022

See

accompanying

notes.

162

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Louisiana

(continued)

Parish

of

St

James

LA

6.35%,

10/01/2040

(a)

$

3,000‌

$

3,320‌

Parish

of

St

John

the

Baptist

LA

2.10%,

06/01/2037

(e)

1,000‌

986‌

$

7,924‌

Maine

-

1

.88%

Finance

Authority

of

Maine

5.25%,

01/01/2025

(a)

1,000‌

1,016‌

8.00%,

12/01/2051

(a)

2,000‌

1,607‌

$

2,623‌

Maryland

-

0.73%

City

of

Westminster

MD

6.25%,

07/01/2044

600‌

615‌

Maryland

Stadium

Authority

(credit

support

from

State

Intercept

Program

)

0.00%,

05/01/2051

(c),(f)

1,500‌

397‌

$

1,012‌

Massachusetts

-

1.10%

Massachusetts

Development

Finance

Agency

5.00%,

07/15/2040

1,300‌

1,529‌

Michigan

-

2.72%

City

of

Detroit

MI

5.00%,

04/01/2046

1,000‌

1,005‌

Kalamazoo

Economic

Development

Corp

5.00%,

05/15/2032

870‌

855‌

Michigan

Strategic

Fund

5.00%,

11/15/2043

1,000‌

990‌

5.00%,

11/15/2049

1,000‌

936‌

$

3,786‌

Mississippi

-

0

.41%

County

of

Lowndes

MS

2.65%,

04/01/2037

(e)

600‌

575‌

Missouri

-

0.75%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

5.00%,

02/01/2034

1,000‌

1,038‌

Montana

-

2.07%

City

of

Kalispell

MT

5.25%,

05/15/2037

1,400‌

1,400‌

County

of

Gallatin

MT

4.00%,

10/15/2051

(a)

2,000‌

1,476‌

$

2,876‌

Nevada

-

1.60%

Las

Vegas

Convention

&

Visitors

Authority

5.00%,

07/01/2043

(d)

1,400‌

1,492‌

State

of

Nevada

Department

of

Business

&

Industry

5.13%,

12/15/2037

(a)

942‌

735‌

$

2,227‌

New

Hampshire

-

2.11%

New

Hampshire

Business

Finance

Authority

2.95%,

04/01/2029

(a),(e)

1,000‌

889‌

4.38%,

09/20/2036

998‌

955‌

New

Hampshire

Health

and

Education

Facilities

Authority

Act

5.00%,

08/01/2059

1,000‌

1,097‌

$

2,941‌

New

Jersey

-

5.37%

Casino

Reinvestment

Development

Authority

Inc

5.25%,

11/01/2039

250‌

257‌

New

Jersey

Economic

Development

Authority

5.00%,

07/15/2028

500‌

533‌

5.00%,

06/15/2047

500‌

514‌

5.25%,

06/15/2040

55‌

59‌

5.25%,

06/15/2040

945‌

976‌

5.63%,

11/15/2030

1,500‌

1,542‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

New

Jersey

(continued)

New

Jersey

Economic

Development

Authority  

(continued)

5.75%,

09/15/2027

$

500‌

$

501‌

New

Jersey

Transportation

Trust

Fund

Authority

5.25%,

06/15/2032

2,000‌

2,084‌

South

Jersey

Port

Corp

5.00%,

01/01/2048

1,000‌

1,009‌

$

7,475‌

New

York

-

8.75%

New

York

Counties

Tobacco

Trust

VI

5.00%,

06/01/2041

150‌

155‌

New

York

State

Bridge

Authority

4.00%,

01/01/2046

725‌

674‌

New

York

State

Thruway

Authority

5.25%,

01/01/2056

1,000‌

1,035‌

New

York

Transportation

Development

Corp

3.00%,

08/01/2031

1,000‌

931‌

4.00%,

10/01/2030

1,000‌

984‌

4.00%,

12/01/2041

1,250‌

1,159‌

4.00%,

04/30/2053

1,000‌

843‌

5.00%,

01/01/2036

1,000‌

1,028‌

5.38%,

08/01/2036

1,000‌

1,076‌

Westchester

County

Local

Development

Corp

5.00%,

07/01/2036

(a)

1,000‌

924‌

5.00%,

07/01/2056

(a)

1,250‌

1,033‌

Western

Regional

Off-Track

Betting

Corp

3.00%,

12/01/2026

(a)

1,240‌

1,146‌

4.13%,

12/01/2041

(a)

1,500‌

1,193‌

$

12,181‌

Ohio

-

3.08%

Buckeye

Tobacco

Settlement

Financing

Authority

5.00%,

06/01/2055

150‌

143‌

Cleveland-Cuyahoga

County

Port

Authority

4.00%,

12/01/2055

(a)

1,000‌

830‌

4.50%,

12/01/2055

(a)

1,300‌

1,078‌

Jefferson

County

Port

Authority/OH

3.50%,

12/01/2051

(a)

1,500‌

1,112‌

Ohio

Air

Quality

Development

Authority

4.50%,

01/15/2048

(a)

1,000‌

1,001‌

Ohio

State

Air

Quality

Development

Authority

Escrow

0.00%,

12/01/2023

(f),(g)

1,000‌

130‌

$

4,294‌

Oklahoma

-

1.41%

Oklahoma

Development

Finance

Authority

5.00%,

08/15/2038

1,000‌

939‌

Tulsa

County

Industrial

Authority

5.25%,

11/15/2045

1,000‌

1,024‌

$

1,963‌

Oregon

-

0.05%

Oregon

State

Business

Development

Commission

0.00%,

04/01/2031

(a),(f)

1,000‌

73‌

Pennsylvania

-

4.12%

Allegheny

County

Industrial

Development

Authority

4.88%,

11/01/2024

500‌

506‌

Allentown

Neighborhood

Improvement

Zone

Development

Authority

5.00%,

05/01/2042

1,000‌

1,039‌

Commonwealth

Financing

Authority

5.00%,

06/01/2028

1,000‌

1,106‌

5.00%,

06/01/2035

1,000‌

1,078‌

Lancaster

County

Hospital

Authority/PA

5.00%,

07/01/2045

1,000‌

1,001‌

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2022

See

accompanying

notes.

163

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Pennsylvania

(continued)

Pennsylvania

Economic

Development

Financing

Authority

5.50%,

11/01/2044

$

1,000‌

$

1,004‌

$

5,734‌

Puerto

Rico

-

0.93%

Commonwealth

of

Puerto

Rico

0.00%,

07/01/2024

(f)

34‌

32‌

0.00%,

07/01/2033

(f)

133‌

76‌

0.00%,

11/01/2043

(e),(f)

515‌

265‌

4.00%,

07/01/2033

103‌

97‌

4.00%,

07/01/2035

93‌

85‌

4.00%,

07/01/2037

80‌

71‌

4.00%,

07/01/2041

108‌

94‌

4.00%,

07/01/2046

113‌

95‌

5.38%,

07/01/2025

115‌

119‌

5.63%,

07/01/2027

114‌

121‌

5.63%,

07/01/2029

112‌

121‌

5.75%,

07/01/2031

109‌

119‌

$

1,295‌

South

Carolina

-

2.07%

South

Carolina

Jobs-Economic

Development

Authority

5.25%,

11/15/2052

500‌

484‌

6.50%,

06/01/2051

(a)

3,000‌

2,401‌

$

2,885‌

South

Dakota

-

0.35%

Oglala

Sioux

Tribe

5.75%,

10/01/2025

(a)

500‌

491‌

Tennessee

-

2.65%

Chattanooga

Health

Educational

&

Housing

Facility

Board

5.00%,

10/01/2028

1,050‌

1,073‌

5.00%,

10/01/2035

500‌

507‌

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

4.00%,

06/01/2051

(a)

1,600‌

1,344‌

Nashville

Metropolitan

Development

&

Housing

Agency

5.13%,

06/01/2036

(a)

750‌

772‌

$

3,696‌

Texas

-

5.99%

City

of

Houston

TX

Airport

System

Revenue

4.00%,

07/15/2041

1,500‌

1,352‌

North

Texas

Tollway

Authority

5.00%,

01/01/2045

615‌

636‌

5.00%,

01/01/2048

500‌

523‌

Port

Beaumont

Navigation

District

3.63%,

01/01/2035

(a)

2,000‌

1,693‌

4.00%,

01/01/2050

(a)

3,500‌

2,762‌

Texas

Municipal

Gas

Acquisition

and

Supply

Corp

I

6.25%,

12/15/2026

1,000‌

1,062‌

Texas

Private

Activity

Bond

Surface

Transportation

Corp

7.00%,

12/31/2038

300‌

310‌

$

8,338‌

Utah

-

0.92%

Utah

Infrastructure

Agency

5.25%,

10/15/2033

1,250‌

1,286‌

Vermont

-

0.92%

Vermont

Economic

Development

Authority

4.63%,

04/01/2036

(a),(e)

1,300‌

1,280‌

Virgin

Islands

-

0

.74%

Matching

Fund

Special

Purpose

Securitization

Corp

5.00%,

10/01/2039

1,000‌

1,036‌

MUNICIPAL

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Virginia

-

1.51%

Virginia

Small

Business

Financing

Authority

4.00%,

12/01/2036

$

510‌

$

483‌

4.00%,

01/01/2039

800‌

751‌

4.00%,

01/01/2048

1,000‌

870‌

$

2,104‌

Washington

-

1.97%

Port

of

Seattle

WA

4.00%,

08/01/2047

2,000‌

1,848‌

Washington

State

Housing

Finance

Commission

3.50%,

12/20/2035

982‌

895‌

$

2,743‌

Wisconsin

-

3.07%

Public

Finance

Authority

4.00%,

03/31/2056

1,165‌

919‌

5.00%,

01/01/2024

500‌

511‌

5.00%,

12/01/2025

1,200‌

1,260‌

5.00%,

09/01/2039

(a)

1,000‌

1,000‌

Wisconsin

Health

&

Educational

Facilities

Authority

5.50%,

07/01/2023

25‌

24‌

6.50%,

07/01/2033

300‌

219‌

7.00%,

07/01/2043

500‌

334‌

$

4,267‌

TOTAL

MUNICIPAL

BONDS

$

145,674‌

Total

Investments

$

145,863‌

Liability

for

Floating

Rate

Notes

Issued

in

Conjunction

with

Securities

Held

-

(5.05)%

Notes

with

interest

rates

of

1.70%

-

1.86%

at

August

31,

2022

and

contractual

maturity

of

collateral

from

2024-2029.

(h)

$

(7,032‌)

(7,032‌)

Total

Net

Investments

$

138,831‌

Other

Assets

and

Liabilities

-  0.29%

397‌

TOTAL

NET

ASSETS

-

100.00%

$

139,228‌

(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

$53,405

or

38.36%

of

net

assets.

(b)

Security

purchased

on

a

when-issued

basis.

(c)

Credit

support

indicates

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution,

or

government

agency.

(d)

Security

or

portion

of

underlying

security

related

to

Inverse

Floaters

entered

into

by

the

fund.

(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)

Non-income

producing

security

(g)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Manager,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Directors.

(h)

Floating

rate

securities.

The

interest

rate(s)

shown

reflect

the

rates

in

effect

at

August

31,

2022.

Schedule

of

Investments

Opportunistic

Municipal

Fund

August

31,

2022

See

accompanying

notes.

164

Portfolio

Summary  (unaudited)

Sector

Percent

Revenue

Bonds

90.19‌%

General

Obligation

Unlimited

4.53‌%

Tax

Allocation

3.96‌%

Insured

1.83‌%

Certificate

Participation

0.98‌%

Special

Assessment

0.97‌%

General

Obligation

Limited

0.89‌%

Prerefunded

0.74‌%

Special

Tax

0.35‌%

Notes

0.19‌%

Investment

Companies

0.13‌%

Liability

For

Floating

Rate

Notes

Issued

(5.05‌)%

Other

Assets

and

Liabilities

0.29‌%

TOTAL

NET

ASSETS

100.00%

Schedule

of

Investments

Origin

Emerging

Markets

Fund

August

31,

2022

See

accompanying

notes.

165

INVESTMENT

COMPANIES

-

3.58%

Shares

Held

Value

(000's)

Money

Market

Funds

-

3.58%

BlackRock

Liquidity

FedFund

-

Institutional

Class

2.03%

(a),(b)

4,510,390‌

$

4,510‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(a),(b),(c)

77,330,633‌

77,330‌

$

81,840‌

TOTAL

INVESTMENT

COMPANIES

$

81,840‌

COMMON

STOCKS

-

94.77%

Shares

Held

Value

(000's)

Aerospace

&

Defense

-

1.66%

Bharat

Electronics

Ltd

9,934,800‌

$

37,961‌

Agriculture

-

0.32%

ITC

Ltd

1,813,000‌

7,245‌

Automobile

Manufacturers

-

0.92%

Kia

Corp

351,700‌

21,080‌

Automobile

Parts

&

Equipment

-

0.49%

Fangda

Special

Steel

Technology

Co

Ltd

12,090,200‌

11,286‌

Banks

-

20.63%

Absa

Group

Ltd

1,750,300‌

18,128‌

Agricultural

Bank

of

China

Ltd

38,328,000‌

12,524‌

Banco

do

Brasil

SA

4,113,000‌

33,023‌

Bank

Mandiri

Persero

Tbk

PT

16,308,000‌

9,705‌

Bank

of

Chengdu

Co

Ltd

10,929,400‌

24,754‌

Bank

of

China

Ltd

129,567,400‌

45,215‌

China

Construction

Bank

Corp

59,984,000‌

37,081‌

China

Merchants

Bank

Co

Ltd

5,866,500‌

30,002‌

FirstRand

Ltd

8,959,500‌

33,465‌

Grupo

Financiero

Banorte

SAB

de

CV

5,922,100‌

34,980‌

Hana

Financial

Group

Inc

1,222,800‌

35,641‌

ICICI

Bank

Ltd

3,709,000‌

40,670‌

Industrial

&

Commercial

Bank

of

China

Ltd

23,376,800‌

11,876‌

Nedbank

Group

Ltd

(d)

1,004,100‌

11,852‌

Sberbank

of

Russia

PJSC

ADR

(e)

3,419,500‌

—‌

SCB

X

PCL

4,976,000‌

14,974‌

Shinhan

Financial

Group

Co

Ltd

753,500‌

20,415‌

State

Bank

of

India

7,353,000‌

48,412‌

Woori

Financial

Group

Inc

897,500‌

8,119‌

$

470,836‌

Beverages

-

0.63%

Ambev

SA

4,872,900‌

14,359‌

Building

Materials

-

0.48%

Xinyi

Glass

Holdings

Ltd

5,895,200‌

10,888‌

Chemicals

-

9.10%

Anhui

Guangxin

Agrochemical

Co

Ltd

4,987,746‌

19,786‌

Anhui

Jinhe

Industrial

Co

Ltd

2,424,986‌

15,041‌

Beijing

Easpring

Material

Technology

Co

Ltd

666,929‌

7,534‌

Chengdu

Wintrue

Holding

Co

Ltd

5,534,999‌

11,372‌

Coromandel

International

Ltd

1,465,600‌

19,242‌

Daqo

New

Energy

Corp

ADR

(e)

95,000‌

6,334‌

Formosa

Plastics

Corp

4,417,300‌

13,171‌

Jiangsu

Yangnong

Chemical

Co

Ltd

592,990‌

9,751‌

Lier

Chemical

Co

Ltd

2,868,842‌

9,183‌

LOTTE

Fine

Chemical

Co

Ltd

143,100‌

7,487‌

Luxi

Chemical

Group

Co

Ltd

6,142,996‌

12,214‌

Ningxia

Baofeng

Energy

Group

Co

Ltd

6,748,933‌

13,218‌

SABIC

Agri

-Nutrients

Co

312,000‌

14,403‌

Sasol

Ltd

(e)

1,018,700‌

19,592‌

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

5,737,966‌

24,169‌

Tianqi

Lithium

Corp

(e)

316,951‌

5,210‌

$

207,707‌

Coal

-

2.25%

China

Shenhua

Energy

Co

Ltd

10,934,900‌

34,295‌

Shaanxi

Coal

Industry

Co

Ltd

5,393,168‌

17,162‌

$

51,457‌

Computers

-

4.59%

Asia

Vital

Components

Co

Ltd

3,222,000‌

11,350‌

Asustek

Computer

Inc

3,594,500‌

29,910‌

Infosys

Ltd

ADR

2,228,718‌

40,785‌

Lenovo

Group

Ltd

14,845,000‌

12,226‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Computers

(continued)

Tata

Elxsi

Ltd

94,462‌

$

10,537‌

$

104,808‌

Diversified

Financial

Services

-

4.71%

Banco

BTG

Pactual

SA

4,149,000‌

20,416‌

Chailease

Holding

Co

Ltd

3,355,111‌

21,542‌

Fubon

Financial

Holding

Co

Ltd

7,296,312‌

13,681‌

Housing

Development

Finance

Corp

Ltd

845,000‌

25,583‌

KB

Financial

Group

Inc

718,700‌

26,383‌

$

107,605‌

Electrical

Components

&

Equipment

-

1.72%

Ecopro

BM

Co

Ltd

96,344‌

7,972‌

L&F

Co

Ltd

(e)

68,000‌

11,533‌

LG

Innotek

Co

Ltd

77,500‌

19,728‌

$

39,233‌

Electronics

-

3.43%

China

Zhenhua

Group

Science

&

Technology

Co

Ltd

534,953‌

8,655‌

E

Ink

Holdings

Inc

3,108,900‌

24,174‌

Gold

Circuit

Electronics

Ltd

(e)

4,110,000‌

11,177‌

Lotes

Co

Ltd

729,885‌

17,304‌

Nan

Ya

Printed

Circuit

Board

Corp

919,400‌

8,021‌

SIMMTECH

Co

Ltd

310,000‌

8,886‌

$

78,217‌

Energy

-

Alternate

Sources

-

0.76%

Tongwei

Co

Ltd

2,260,560‌

17,243‌

Entertainment

-

0.57%

JYP

Entertainment

Corp

288,000‌

13,039‌

Food

-

2.95%

Dino

Polska

SA

(e),(f)

363,800‌

26,540‌

JBS

SA

5,898,900‌

33,552‌

Marfrig

Global

Foods

SA

2,845,600‌

7,220‌

$

67,312‌

Gas

-

2.04%

ENN

Energy

Holdings

Ltd

2,027,700‌

29,458‌

ENN

Natural

Gas

Co

Ltd

5,792,300‌

17,161‌

$

46,619‌

Healthcare

-

Products

-

0.36%

Jafron

Biomedical

Co

Ltd

1,220,948‌

8,275‌

Internet

-

8.66%

Alibaba

Group

Holding

Ltd

ADR

(e)

507,400‌

48,411‌

JD.com

Inc

335,000‌

10,604‌

Kuaishou

Technology

(e),(f)

700,000‌

6,065‌

Meituan

(e),(f)

872,000‌

20,943‌

Pinduoduo

Inc

ADR

(e)

404,076‌

28,811‌

Tencent

Holdings

Ltd

2,002,282‌

82,756‌

$

197,590‌

Iron

&

Steel

-

0.73%

Kumba

Iron

Ore

Ltd

157,263‌

3,482‌

Vale

SA

1,062,900‌

13,282‌

$

16,764‌

Metal

Fabrication

&

Hardware

-

0.41%

YongXing

Special

Materials

Technology

Co

Ltd

481,923‌

9,314‌

Mining

-

1.11%

China

Hongqiao

Group

Ltd

7,049,700‌

6,836‌

Grupo

Mexico

SAB

de

CV

3,680,800‌

13,867‌

MMC

Norilsk

Nickel

PJSC

ADR

671,346‌

—‌

Northam

Platinum

Holdings

Ltd

(e)

483,800‌

4,558‌

$

25,261‌

Oil

&

Gas

-

3.19%

Gazprom

PJSC

ADR

(e)

2,043,000‌

—‌

LUKOIL

PJSC

ADR

338,000‌

—‌

Novatek

PJSC

102,600‌

—‌

Petro

Rio

SA

(e)

1,333,000‌

7,008‌

PetroChina

Co

Ltd

40,091,200‌

18,643‌

PTT

Exploration

&

Production

PCL

4,798,200‌

22,192‌

Saudi

Arabian

Oil

Co

(f)

2,495,680‌

24,859‌

$

72,702‌

Schedule

of

Investments

Origin

Emerging

Markets

Fund

August

31,

2022

See

accompanying

notes.

166

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Pharmaceuticals

-

1.48%

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

616,362‌

$

11,375‌

CSPC

Pharmaceutical

Group

Ltd

12,547,600‌

12,729‌

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

2,994,800‌

9,634‌

$

33,738‌

Retail

-

2.30%

Astra

International

Tbk

PT

25,160,205‌

11,806‌

Li

Ning

Co

Ltd

1,369,100‌

12,470‌

Wal-Mart

de

Mexico

SAB

de

CV

3,659,000‌

11,990‌

Zhongsheng

Group

Holdings

Ltd

3,444,300‌

16,286‌

$

52,552‌

Semiconductors

-

13.97%

Amlogic

Shanghai

Co

Ltd

(e)

733,500‌

9,119‌

LX

Semicon

Co

Ltd

108,400‌

7,627‌

MediaTek

Inc

873,148‌

18,892‌

Parade

Technologies

Ltd

414,700‌

11,609‌

Realtek

Semiconductor

Corp

583,938‌

6,562‌

Samsung

Electronics

Co

Ltd

1,494,949‌

66,227‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

9,314,756‌

152,481‌

Taiwan

Semiconductor

Manufacturing

Co

Ltd

ADR

232,717‌

19,397‌

Yangzhou

Yangjie

Electronic

Technology

Co

Ltd

1,086,000‌

9,171‌

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

1,632,765‌

17,835‌

$

318,920‌

Software

-

3.24%

HCL

Technologies

Ltd

3,416,200‌

39,737‌

NetEase

Inc

1,563,000‌

27,911‌

TOTVS

SA

1,149,000‌

6,277‌

$

73,925‌

Telecommunications

-

0.57%

MTN

Group

Ltd

1,782,400‌

12,901‌

Transportation

-

1.50%

COSCO

SHIPPING

Holdings

Co

Ltd

8,966,800‌

13,386‌

Evergreen

Marine

Corp

Taiwan

Ltd

(e)

3,035,000‌

8,697‌

SITC

International

Holdings

Co

Ltd

4,751,700‌

12,050‌

$

34,133‌

TOTAL

COMMON

STOCKS

$

2,162,970‌

PREFERRED

STOCKS

-

1.99%

Shares

Held

Value

(000's)

Banks

-

0.85%

Banco

Bradesco

SA

0.20%

5,328,895‌

$

19,472‌

Oil

&

Gas

-

1.14%

Petroleo

Brasileiro

SA

11.76%

4,050,100‌

25,878‌

TOTAL

PREFERRED

STOCKS

$

45,350‌

Total

Investments

$

2,290,160‌

Other

Assets

and

Liabilities

-  (0.34)%

(7,842‌)

TOTAL

NET

ASSETS

-

100.00%

$

2,282,318‌

(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

$13,320

or

0.58%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,733

or

0.51%

of

net

assets.

(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

$78,407

or

3.44%

of

net

assets.

Portfolio

Summary  (unaudited)

Location

Percent

China

36.06‌%

Taiwan

15.62‌%

India

11.83‌%

Korea,

Republic

Of

11.13‌%

Brazil

7.92‌%

South

Africa

4.56‌%

United

States

4.09‌%

Mexico

2.66‌%

Saudi

Arabia

1.72‌%

Thailand

1.63‌%

Poland

1

.16‌%

Hong

Kong

1.01‌%

Indonesia

0.95‌%

Russian

Federation

0.00‌%

Other

Assets

and

Liabilities

(0.34‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

88,192‌

$

1,272,288‌

$

1,283,150‌

$

77,330‌

$

88,192‌

$

1,272,288‌

$

1,283,150‌

$

77,330‌

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

2.13%

$

178‌

$

—‌

$

—‌

$

—‌

$

178‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Small-MidCap

Dividend

Income

Fund

August

31,

2022

See

accompanying

notes.

167

INVESTMENT

COMPANIES

-

1.30%

Shares

Held

Value

(000's)

Money

Market

Funds

-

1.30%

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(a),(b)

13,815,405‌

$

13,815‌

TOTAL

INVESTMENT

COMPANIES

$

13,815‌

COMMON

STOCKS

-

98.69%

Shares

Held

Value

(000's)

Advertising

-

1.51%

Interpublic

Group

of

Cos

Inc

/The

580,144‌

$

16,035‌

Automobile

Parts

&

Equipment

-

1.31%

Linamar

Corp

294,640‌

13,929‌

Banks

-

10

.78%

Bank

OZK

676,801‌

27,431‌

Cathay

General

Bancorp

415,434‌

17,423‌

Cullen/Frost

Bankers

Inc

143,966‌

18,710‌

East

West

Bancorp

Inc

366,907‌

26,480‌

ServisFirst

Bancshares

Inc

200,098‌

16,880‌

Washington

Trust

Bancorp

Inc

146,743‌

7,429‌

$

114,353‌

Chemicals

-

3.84%

HB

Fuller

Co

153,489‌

9,955‌

Huntsman

Corp

480,001‌

13,450‌

RPM

International

Inc

186,478‌

17,372‌

$

40,777‌

Commercial

Services

-

1.49%

John

Wiley

&

Sons

Inc

192,821‌

8,876‌

Morningstar

Inc

30,229‌

6,892‌

$

15,768‌

Computers

-

3.45%

Amdocs

Ltd

312,133‌

26,678‌

Leidos

Holdings

Inc

104,839‌

9,965‌

$

36,643‌

Consumer

Products

-

2.50%

Avery

Dennison

Corp

113,166‌

20,779‌

WD-40

Co

30,385‌

5,748‌

$

26,527‌

Diversified

Financial

Services

-

4.47%

Federal

Agricultural

Mortgage

Corp

118,964‌

12,996‌

Hamilton

Lane

Inc

229,287‌

15,954‌

Raymond

James

Financial

Inc

177,197‌

18,494‌

$

47,444‌

Electric

-

3.03%

ALLETE

Inc

245,461‌

14,527‌

IDACORP

Inc

160,997‌

17,587‌

$

32,114‌

Electrical

Components

&

Equipment

-

2.61%

Energizer

Holdings

Inc

308,572‌

8,671‌

Littelfuse

Inc

80,128‌

19,008‌

$

27,679‌

Electronics

-

3.67%

Hubbell

Inc

85,669‌

17,674‌

Mesa

Laboratories

Inc

42,023‌

7,180‌

nVent

Electric

PLC

426,245‌

14,049‌

$

38,903‌

Engineering

&

Construction

-

0.72%

Comfort

Systems

USA

Inc

75,899‌

7,616‌

Food

-

1.70%

Ingredion

Inc

207,197‌

18,041‌

Gas

-

1.56%

NiSource

Inc

560,483‌

16,540‌

Hand

&

Machine

Tools

-

4.55%

Lincoln

Electric

Holdings

Inc

127,284‌

17,398‌

MSA

Safety

Inc

113,182‌

13,453‌

Snap-on

Inc

80,006‌

17,430‌

$

48,281‌

Healthcare

-

Products

-

3.99%

CONMED

Corp

214,099‌

18,963‌

DENTSPLY

SIRONA

Inc

267,192‌

8,756‌

STERIS

PLC

72,763‌

14,653‌

$

42,372‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Healthcare

-

Services

-

1

.52%

Select

Medical

Holdings

Corp

630,628‌

$

16,169‌

Home

Builders

-

3.20%

LCI

Industries

155,477‌

18,015‌

MDC

Holdings

Inc

511,234‌

15,889‌

$

33,904‌

Insurance

-

4.62%

Assured

Guaranty

Ltd

348,692‌

17,808‌

Fidelity

National

Financial

Inc

557,012‌

21,779‌

Kinsale

Capital

Group

Inc

37,206‌

9,435‌

$

49,022‌

Leisure

Products

&

Services

-

3.97%

Acushnet

Holdings

Corp

414,193‌

19,736‌

Brunswick

Corp/DE

299,403‌

22,369‌

$

42,105‌

Machinery

-

Diversified

-

4.66%

Albany

International

Corp

181,496‌

16,006‌

Crane

Holdings

Co

147,062‌

13,877‌

Nordson

Corp

86,126‌

19,565‌

$

49,448‌

Media

-

0.75%

Cable

One

Inc

6,966‌

7,906‌

Metal

Fabrication

&

Hardware

-

1.51%

Timken

Co/The

254,819‌

16,051‌

Miscellaneous

Manufacturers

-

1.43%

Donaldson

Co

Inc

162,366‌

8,338‌

EnPro

Industries

Inc

75,811‌

6,865‌

$

15,203‌

Oil

&

Gas

-

3.77%

Coterra

Energy

Inc

428,306‌

13,239‌

Diamondback

Energy

Inc

113,884‌

15,178‌

HF

Sinclair

Corp

220,475‌

11,604‌

$

40,021‌

Packaging

&

Containers

-

1.08%

Packaging

Corp

of

America

83,656‌

11,454‌

Pharmaceuticals

-

1.05%

Organon

&

Co

390,872‌

11,152‌

Pipelines

-

1.28%

Targa

Resources

Corp

198,781‌

13,563‌

REITs

-

11.56%

Agree

Realty

Corp

238,180‌

17,940‌

Camden

Property

Trust

79,989‌

10,279‌

Cousins

Properties

Inc

402,548‌

10,809‌

EastGroup

Properties

Inc

86,372‌

14,254‌

Four

Corners

Property

Trust

Inc

479,818‌

12,902‌

Granite

Real

Estate

Investment

Trust

246,264‌

13,988‌

Medical

Properties

Trust

Inc

832,868‌

12,168‌

STORE

Capital

Corp

676,317‌

18,247‌

Terreno

Realty

Corp

198,797‌

12,125‌

$

122,712‌

Retail

-

1.70%

Papa

John's

International

Inc

101,481‌

8,203‌

Williams-Sonoma

Inc

66,008‌

9,818‌

$

18,021‌

Semiconductors

-

3.43%

MKS

Instruments

Inc

225,241‌

22,436‌

Monolithic

Power

Systems

Inc

30,840‌

13,976‌

$

36,412‌

Shipbuilding

-

0.95%

Huntington

Ingalls

Industries

Inc

43,865‌

10,100‌

Toys,

Games

&

Hobbies

-

1.03%

Hasbro

Inc

138,497‌

10,916‌

TOTAL

COMMON

STOCKS

$

1,047,181‌

Total

Investments

$

1,060,996‌

Other

Assets

and

Liabilities

-  0.01%

107‌

TOTAL

NET

ASSETS

-

100.00%

$

1,061,103‌

Schedule

of

Investments

Small-MidCap

Dividend

Income

Fund

August

31,

2022

See

accompanying

notes.

168

(a)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(b)

Current

yield

shown

is

as

of

period

end.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

31.43‌%

Industrial

21.18‌%

Consumer,

Non-cyclical

12.25‌%

Consumer,

Cyclical

11.21‌%

Technology

6.88‌%

Energy

5.05‌%

Utilities

4.59‌%

Basic

Materials

3.84‌%

Communications

2.26‌%

Money

Market

Funds

1.30‌%

Other

Assets

and

Liabilities

0.01‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

12,632‌

$

276,422‌

$

275,239‌

$

13,815‌

$

12,632‌

$

276,422‌

$

275,239‌

$

13,815‌

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

2.13%

$

54‌

$

—‌

$

—‌

$

—‌

$

54‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Small-MidCap

Growth

Fund

August

31,

2022

See

accompanying

notes.

169

INVESTMENT

COMPANIES

-

4.03%

Shares

Held

Value

(000's)

Money

Market

Funds

-

4.03%

BlackRock

Liquidity

FedFund

-

Institutional

Class

2.03%

(a),(b)

205,799‌

$

206‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(a),(c)

144,824‌

145‌

$

351‌

TOTAL

INVESTMENT

COMPANIES

$

351‌

COMMON

STOCKS

-

98.88%

Shares

Held

Value

(000's)

Apparel

-

2.00%

Deckers

Outdoor

Corp

(d)

301‌

$

97‌

On

Holding

AG

(d)

3,870‌

77‌

$

174‌

Automobile

Parts

&

Equipment

-

1.95%

Visteon

Corp

(d)

1,419‌

170‌

Beverages

-

2.80%

Celsius

Holdings

Inc

(d)

2,356‌

244‌

Biotechnology

-

3.80%

Cytokinetics

Inc

(d)

1,933‌

102‌

Halozyme

Therapeutics

Inc

(d)

1,604‌

65‌

United

Therapeutics

Corp

(d)

722‌

164‌

$

331‌

Building

Materials

-

0.44%

Builders

FirstSource

Inc

(d)

647‌

38‌

Commercial

Services

-

7.70%

Driven

Brands

Holdings

Inc

(d)

3,823‌

120‌

Herc

Holdings

Inc

537‌

60‌

Paylocity

Holding

Corp

(d)

590‌

142‌

Quanta

Services

Inc

1,242‌

176‌

WillScot

Mobile

Mini

Holdings

Corp

(d)

4,274‌

172‌

$

670‌

Computers

-

1.02%

Pure

Storage

Inc

(d)

3,088‌

89‌

Cosmetics

&

Personal

Care

-

1.11%

elf

Beauty

Inc

(d)

2,532‌

97‌

Diversified

Financial

Services

-

1.40%

Flywire

Corp

(d)

4,910‌

122‌

Electronics

-

1.96%

Hubbell

Inc

829‌

171‌

Energy

-

Alternate

Sources

-

6.23%

Enphase

Energy

Inc

(d)

692‌

198‌

Plug

Power

Inc

(d)

4,947‌

139‌

Shoals

Technologies

Group

Inc

(d)

7,771‌

205‌

$

542‌

Engineering

&

Construction

-

3.63%

AECOM

2,345‌

171‌

Dycom

Industries

Inc

(d)

1,290‌

145‌

$

316‌

Food

-

1.71%

Hostess

Brands

Inc

(d)

6,416‌

149‌

Healthcare

-

Products

-

7.02%

Axonics

Inc

(d)

1,869‌

135‌

Inspire

Medical

Systems

Inc

(d)

569‌

109‌

Repligen

Corp

(d)

371‌

81‌

Shockwave

Medical

Inc

(d)

451‌

134‌

STAAR

Surgical

Co

(d)

1,604‌

152‌

$

611‌

Healthcare

-

Services

-

4.82%

Acadia

Healthcare

Co

Inc

(d)

2,378‌

195‌

Molina

Healthcare

Inc

(d)

420‌

142‌

Oak

Street

Health

Inc

(d)

3,177‌

83‌

$

420‌

Insurance

-

2.00%

BRP

Group

Inc

(d)

1,439‌

45‌

Kinsale

Capital

Group

Inc

510‌

129‌

$

174‌

Internet

-

0.87%

Chewy

Inc

(d),(e)

2,213‌

76‌

COMMON

STOCKS

(continued)

Shares

Held

Value

(000’s)

Lodging

-

0.80%

Hyatt

Hotels

Corp

(d)

776‌

$

70‌

Machinery

-

Diversified

-

1.13%

Chart

Industries

Inc

(d)

505‌

98‌

Media

-

1.17

%

Endeavor

Group

Holdings

Inc

(d)

4,494‌

102‌

Metal

Fabrication

&

Hardware

-

1.32%

RBC

Bearings

Inc

(d)

253‌

61‌

Xometry

Inc

(d)

1,111‌

54‌

$

115‌

Mining

-

0.55%

Livent

Corp

(d)

1,481‌

48‌

Oil

&

Gas

-

5.34%

Matador

Resources

Co

4,041‌

241‌

Range

Resources

Corp

6,838‌

224‌

$

465‌

Pharmaceuticals

-

3.65%

Jazz

Pharmaceuticals

PLC

(d)

596‌

92‌

Option

Care

Health

Inc

(d)

7,293‌

226‌

$

318‌

Retail

-

5.69%

Academy

Sports

&

Outdoors

Inc

2,891‌

124‌

BJ's

Wholesale

Club

Holdings

Inc

(d)

2,371‌

177‌

Floor

&

Decor

Holdings

Inc

(d)

948‌

77‌

Ollie's

Bargain

Outlet

Holdings

Inc

(d)

754‌

42‌

Wingstop

Inc

663‌

75‌

$

495‌

Semiconductors

-

4.64%

Axcelis

Technologies

Inc

(d)

902‌

61‌

Impinj

Inc

(d)

607‌

54‌

Monolithic

Power

Systems

Inc

241‌

109‌

Wolfspeed

Inc

(d)

1,585‌

180‌

$

404‌

Software

-

21.00%

Alignment

Healthcare

Inc

(d)

6,700‌

102‌

Braze

Inc

(d)

2,831‌

117‌

Confluent

Inc

(d)

1,572‌

43‌

DoubleVerify

Holdings

Inc

(d)

3,292‌

85‌

Duolingo

Inc

(d)

881‌

83‌

EngageSmart

Inc

(d)

3,626‌

72‌

Evolent

Health

Inc

(d)

9,519‌

350‌

Five9

Inc

(d)

689‌

68‌

Gitlab

Inc

(d)

2,258‌

135‌

HashiCorp

Inc

(d),(e)

2,313‌

82‌

Manhattan

Associates

Inc

(d)

964‌

136‌

MongoDB

Inc

(d)

306‌

99‌

Privia

Health

Group

Inc

(d)

1,140‌

45‌

Procore

Technologies

Inc

(d)

1,618‌

88‌

Signify

Health

Inc

(d)

8,899‌

248‌

ZoomInfo

Technologies

Inc

(d)

1,642‌

75‌

$

1,828‌

Telecommunications

-

1.84%

Arista

Networks

Inc

(d)

417‌

50‌

Calix

Inc

(d)

1,865‌

110‌

$

160‌

Toys,

Games

&

Hobbies

-

1.29%

Mattel

Inc

(d)

5,064‌

112‌

TOTAL

COMMON

STOCKS

$

8,609‌

Total

Investments

$

8,960‌

Other

Assets

and

Liabilities

-  (2.91)%

(253‌)

TOTAL

NET

ASSETS

-

100.00%

$

8,707‌

Schedule

of

Investments

Small-MidCap

Growth

Fund

August

31,

2022

See

accompanying

notes.

170

(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

$206

or

2.37%

of

net

assets.

(c)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(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

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$190

or

2.18%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Consumer,

Non-cyclical

32.61‌%

Technology

26.66‌%

Consumer,

Cyclical

11.73‌%

Energy

11.57‌%

Industrial

8.48‌%

Money

Market

Funds

4.03‌%

Communications

3.88‌%

Financial

3.40‌%

Basic

Materials

0.55‌%

Other

Assets

and

Liabilities

(2.91‌)%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

260‌

$

5,282‌

$

5,397‌

$

145‌

$

260‌

$

5,282‌

$

5,397‌

$

145‌

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

2.13%

$

1‌

$

—‌

$

—‌

$

—‌

$

1‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2022

See

accompanying

notes.

171

INVESTMENT

COMPANIES

-

1.10%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.11%

Invesco

Preferred

ETF

600,293‌

$

7,426‌

iShares

Preferred

&

Income

Securities

ETF

(a)

528‌

17‌

$

7,443‌

Money

Market

Funds

-

0.99%

BlackRock

Liquidity

FedFund

-

Institutional

Class

2.03%

(b),(c)

21,628,405‌

21,628‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(b),(c),(d)

42,280,100‌

42,280‌

$

63,908‌

TOTAL

INVESTMENT

COMPANIES

$

71,351‌

CONVERTIBLE

PREFERRED

STOCKS

-

0.65%

Shares

Held

Value

(000's)

Banks

-

0.65%

Wells

Fargo

&

Co

7.50%

(a),(e)

33,833‌

$

41,953‌

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

$

41,953‌

PREFERRED

STOCKS

-

8.75%

Shares

Held

Value

(000's)

Banks

-

3.43%

AgriBank

FCB

6.88%,

01/01/2024

(e)

61,700‌

$

6,263‌

3

Month

USD

LIBOR

+

4.23%

Associated

Banc-Corp

5.63%,

09/15/2025

(a),(e)

201,260‌

4,659‌

Bank

of

America

Corp

4.38%,

11/03/2025

(a),(e)

335,849‌

6,549‌

Bank

of

Hawaii

Corp

4.38%,

08/01/2026

(a),(e)

1,981‌

37‌

Citigroup

Inc

6.88%,

11/15/2023

(e)

374,723‌

9,499‌

3

Month

USD

LIBOR

+

4.13%

Citizens

Financial

Group

Inc

5.00%,

01/06/2025

(e)

6,909‌

141‌

Citizens

Financial

Group

Inc

6.35%,

04/06/2024

(e)

14,879‌

370‌

3

Month

USD

LIBOR

+

3.64%

Cullen/Frost

Bankers

Inc

4.45%,

12/15/2025

(a),(e)

382,212‌

7,809‌

First

Republic

Bank/CA

4.00%,

08/30/2026

(e)

136,033‌

2,333‌

Fulton

Financial

Corp

5.13%,

01/15/2026

(a),(e)

451,133‌

9,411‌

Goldman

Sachs

Group

Inc/The

5.50%,

05/10/2023

(e)

552,860‌

13,534‌

3

Month

USD

LIBOR

+

3.64%

JPMorgan

Chase

&

Co

4.75%,

12/01/2024

(e)

277,529‌

6,022‌

JPMorgan

Chase

&

Co

5.75%,

12/01/2023

(e)

198,458‌

4,904‌

KeyCorp

0.00%,

12/15/2027

(a),(e),(f)

247,324‌

6,178‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.13%

KeyCorp

6.13%,

12/15/2026

(e)

742,822‌

18,920‌

3

Month

USD

LIBOR

+

3.89%

Morgan

Stanley

4.88%,

01/15/2025

(e)

7,107‌

149‌

Morgan

Stanley

5.85%,

04/15/2027

(e)

649,481‌

16,075‌

3

Month

USD

LIBOR

+

3.49%

Morgan

Stanley

6.50%,

12/31/2049

(e)

772,000‌

20,149‌

PNC

Financial

Services

Group

Inc/The

6.85%,

11/01/2022

(e)

512,467‌

12,924‌

3

Month

USD

LIBOR

+

4.07%

Regions

Financial

Corp

4.45%,

06/15/2026

(a),(e)

305,618‌

5,788‌

Regions

Financial

Corp

5.70%,

05/15/2029

(e)

328,950‌

7,622‌

3

Month

USD

LIBOR

+

3.15%

State

Street

Corp

5.90%,

03/15/2024

(e)

227,530‌

5,620‌

3

Month

USD

LIBOR

+

3.11%

SVB

Financial

Group

5.25%,

02/15/2025

(e)

5,341‌

112‌

Synovus

Financial

Corp

5.88%,

07/01/2024

(e)

344,110‌

8,248‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.13%

Truist

Financial

Corp

4.75%,

09/01/2025

(e)

475,202‌

9,575‌

US

Bancorp

3.75%,

01/15/2026

(a),(e)

13,090‌

225‌

US

Bancorp

4.00%,

04/15/2026

(a),(e)

35,656‌

640‌

Valley

National

Bancorp

6.25%,

06/30/2025

(e)

170,096‌

4,174‌

3

Month

USD

LIBOR

+

3.85%

Webster

Financial

Corp

5.25%,

12/15/2022

(e)

194,856‌

4,232‌

Webster

Financial

Corp

6.50%,

10/15/2022

(e)

38,338‌

961‌

Wells

Fargo

&

Co

4.75%,

03/15/2025

(e)

338,394‌

6,683‌

Wells

Fargo

&

Co

5.63%,

12/15/2022

(a),(e)

165,080‌

3,906‌

Wells

Fargo

&

Co

5.85%,

09/15/2023

(e)

56,255‌

1,351‌

3

Month

USD

LIBOR

+

3.09%

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000’s)

Banks

(continued)

Wells

Fargo

&

Co

6.63%,

03/15/2024

(e)

195,025‌

$

4,924‌

3

Month

USD

LIBOR

+

3.69%

Western

Alliance

Bancorp

4.25%,

09/30/2026

(e)

567,000‌

12,406‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%

$

222,393‌

Diversified

Financial

Services

-

0.29%

Affiliated

Managers

Group

Inc

4.20%,

09/30/2061

160,000‌

2,763‌

Affiliated

Managers

Group

Inc

4.75%,

09/30/2060

8,200‌

159‌

Affiliated

Managers

Group

Inc

5.88%,

03/30/2059

147,110‌

3,431‌

Capital

One

Financial

Corp

4.80%,

06/01/2025

(e)

167,734‌

3,225‌

Capital

One

Financial

Corp

5.00%,

12/01/2024

(a),(e)

345,769‌

6,985‌

Stifel

Financial

Corp

4.50%,

08/15/2026

(e)

110,647‌

1,985‌

$

18,548‌

Electric

-

1.04%

Alabama

Power

Co

5.00%,

10/03/2022

(e)

490,533‌

12,116‌

Algonquin

Power

&

Utilities

Corp

6.20%,

07/01/2079

490,152‌

11,891‌

3

Month

USD

LIBOR

+

4.01%

CMS

Energy

Corp

5.88%,

03/01/2079

118,402‌

2,842‌

DTE

Energy

Co

4.38%,

12/01/2081

256,039‌

4,752‌

DTE

Energy

Co

5.25%,

12/01/2077

311,382‌

7,252‌

Duke

Energy

Corp

5.75%,

06/15/2024

(e)

45,234‌

1,141‌

Entergy

Arkansas

LLC

4.88%,

09/01/2066

23,992‌

554‌

Entergy

Louisiana

LLC

4.88%,

09/01/2066

5,990‌

139‌

Entergy

Texas

Inc

5.38%,

10/15/2024

(a),(e)

30,000‌

754‌

Georgia

Power

Co

5.00%,

10/01/2077

(a)

220,092‌

5,432‌

NextEra

Energy

Capital

Holdings

Inc

5.65%,

03/01/2079

80,326‌

1,958‌

Southern

Co/The

4.95%,

01/30/2080

238,836‌

5,216‌

Southern

Co/The

5.25%,

12/01/2077

552,515‌

12,973‌

$

67,020‌

Food

-

0.36%

Dairy

Farmers

of

America

Inc

7.88%,

12/01/2025

(e),(g)

236,300‌

23,394‌

Insurance

-

0.74%

Allstate

Corp/The

4.75%,

01/15/2025

(a),(e)

140,920‌

2,964‌

Allstate

Corp/The

5.10%,

01/15/2053

517,116‌

12,457‌

3

Month

USD

LIBOR

+

3.17%

Allstate

Corp/The

5.10%,

10/15/2024

(e)

7,000‌

155‌

American

Financial

Group

Inc/OH

5.63%,

06/01/2060

126,116‌

2,957‌

American

Financial

Group

Inc/OH

5.88%,

03/30/2059

98,097‌

2,405‌

American

International

Group

Inc

5.85%,

03/15/2024

(e)

2,332‌

56‌

Arch

Capital

Group

Ltd

5.45%,

10/03/2022

(e)

51,935‌

1,178‌

Equitable

Holdings

Inc

4.30%,

03/15/2026

(a),(e)

362,625‌

6,745‌

Equitable

Holdings

Inc

5.25%,

12/15/2024

(e)

468,094‌

9,910‌

Prudential

Financial

Inc

5.95%,

09/01/2062

(a)

186,800‌

4,668‌

RenaissanceRe

Holdings

Ltd

4.20%,

07/15/2026

(e)

136,330‌

2,363‌

RenaissanceRe

Holdings

Ltd

5.75%,

06/30/2023

(e)

20,777‌

478‌

Voya

Financial

Inc

5.35%,

09/15/2029

(a),(e)

72,909‌

1,725‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%

$

48,061‌

REITs

-

1.33%

Federal

Realty

Investment

Trust

5.00%,

10/03/2022

(e)

14,868‌

362‌

Hudson

Pacific

Properties

Inc

4.75%,

11/16/2026

(a),(e)

365,900‌

6,992‌

Kimco

Realty

Corp

5.25%,

12/20/2022

(a),(e)

130,059‌

3,131‌

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2022

See

accompanying

notes.

172

PREFERRED

STOCKS

(continued)

Shares

Held

Value

(000’s)

REITs

(continued)

Prologis

Inc

8.54%,

11/13/2026

(e)

154,653‌

$

9,016‌

Public

Storage

4.00%,

11/19/2026

(e)

381,000‌

7,071‌

Public

Storage

4.00%,

06/16/2026

(e)

797,754‌

14,894‌

Public

Storage

4.13%,

08/14/2025

(a),(e)

317,525‌

6,214‌

Public

Storage

4.63%,

06/17/2025

(a),(e)

277,658‌

6,131‌

Public

Storage

4.70%,

11/15/2024

(e)

206,117‌

4,574‌

Public

Storage

4.75%,

12/20/2024

(a),(e)

186,253‌

4,047‌

Public

Storage

5.05%,

10/03/2022

(a),(e)

173,379‌

4,215‌

Public

Storage

5.60%,

03/11/2024

(a),(e)

295,003‌

7,475‌

Vornado

Realty

Trust

5.25%,

11/24/2025

(e)

200,390‌

4,180‌

Vornado

Realty

Trust

5.25%,

12/13/2022

(e)

382,344‌

7,957‌

$

86,259‌

Savings

&

Loans

-

0.02%

Washington

Federal

Inc

4.88%,

04/15/2026

(e)

55,040‌

1,077‌

Sovereign

-

0.91%

CoBank

ACB

6.20%,

01/01/2025

(e)

65,000‌

6,663‌

3

Month

USD

LIBOR

+

3.74%

CoBank

ACB

6.25%,

10/01/2022

(e)

246,500‌

24,927‌

3

Month

USD

LIBOR

+

4.56%

Farm

Credit

Bank

of

Texas

6.75%,

09/15/2023

(e),(g)

270,500‌

27,456‌

3

Month

USD

LIBOR

+

4.01%

$

59,046‌

Telecommunications

-

0.63%

AT&T

Inc

4.75%,

02/18/2025

(e)

2,072,703‌

40,190‌

AT&T

Inc

5.00%,

12/12/2024

(e)

40,144‌

848‌

$

41,038‌

TOTAL

PREFERRED

STOCKS

$

566,836‌

BONDS

-

88.47%

Principal

Amount

(000's)

Value

(000's)

Banks

-

53.15%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

(a),(e),(g),(h),(i)

$

12,200‌

$

12,144‌

USD

Swap

Rate

NY

5

Year

+

5.17%

6.75%,

06/15/2026

(e),(h),(i)

2,700‌

2,688‌

USD

Swap

Rate

NY

5

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.13%,

11/16/2027

(e),(h),(i)

14,200‌

12,151‌

USD

Swap

Semi-Annual

5

Year

+

3.87%

6.50%,

03/05/2025

(e),(h),(i)

57,800‌

54,125‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.19%

Banco

Santander

SA

4.75%,

11/12/2026

(e),(h),(i)

47,800‌

38,097‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.75%

7.50%,

02/08/2024

(e),(h),(i)

60,600‌

59,644‌

USD

Swap

Semi-Annual

5

Year

+

4.99%

Bank

of

America

Corp

4.38%,

01/27/2027

(e),(h)

20,400‌

17,484‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.76%

6.10%,

03/17/2025

(e),(h)

5,332‌

5,282‌

3

Month

USD

LIBOR

+

3.90%

6.13%,

04/27/2027

(e),(h)

35,600‌

35,041‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.23%

6.25%,

09/05/2024

(e),(h)

30,071‌

29,720‌

3

Month

USD

LIBOR

+

3.71%

6.50%,

10/23/2024

(e),(h)

92,318‌

92,895‌

3

Month

USD

LIBOR

+

4.17%

8.05%,

06/15/2027

6,312‌

6,967‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(e),(h)

$

38,575‌

$

35,317‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%

3.75%,

12/20/2026

(e),(h)

33,250‌

28,010‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.63%

4.63%,

09/20/2026

(e),(h)

19,945‌

18,349‌

3

Month

USD

LIBOR

+

3.13%

4.70%,

09/20/2025

(e),(h)

12,258‌

12,050‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.36%

Bank

of

Nova

Scotia/The

4.90%,

06/04/2025

(e),(h)

51,100‌

48,422‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.55%

Barclays

PLC

4.38%,

03/15/2028

(e),(h),(i)

12,900‌

9,678‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%

6.13%,

12/15/2025

(e),(h),(i)

5,900‌

5,450‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%

7.75%,

09/15/2023

(e),(h),(i)

47,300‌

46,228‌

USD

Swap

Semi-Annual

5

Year

+

4.84%

8.00%,

06/15/2024

(e),(h),(i)

67,803‌

66,640‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%

8.00%,

03/15/2029

(e),(h),(i)

8,600‌

8,320‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.43%

BNP

Paribas

SA

4.63%,

01/12/2027

(e),(g),(h),(i)

48,300‌

39,659‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%

4.63%,

02/25/2031

(e),(g),(h),(i)

10,100‌

7,423‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%

6.63%,

03/25/2024

(e),(g),(h),(i)

41,500‌

39,972‌

USD

Swap

Semi-Annual

5

Year

+

4.15%

6.63%,

03/25/2024

(e),(h),(i)

8,700‌

8,380‌

USD

Swap

Rate

NY

5

Year

+

4.15%

7.00%,

08/16/2028

(e),(g),(h),(i)

2,500‌

2,374‌

USD

Swap

Semi-Annual

5

Year

+

3.98%

7.38%,

08/19/2025

(e),(g),(h),(i)

100‌

101‌

USD

Swap

Semi-Annual

5

Year

+

5.15%

7.38%,

08/19/2025

(a),(e),(h),(i)

24,000‌

24,130‌

USD

Swap

Semi-Annual

5

Year

+

5.15%

7.75%,

08/16/2029

(e),(g),(h),(i)

27,000‌

26,973‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.90%

Citigroup

Capital

III

7.63%,

12/01/2036

3,300‌

3,803‌

Citigroup

Inc

3.88%,

02/18/2026

(e),(h)

60,200‌

52,073‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%

4.00%,

12/10/2025

(e),(h)

25,110‌

22,034‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%

5.95%,

05/15/2025

(e),(h)

11,073‌

10,611‌

3

Month

USD

LIBOR

+

3.91%

6.25%,

08/15/2026

(e),(h)

75,407‌

74,838‌

3

Month

USD

LIBOR

+

4.52%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2022

See

accompanying

notes.

173

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(e),(h)

$

20,000‌

$

17,044‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

5.65%,

10/06/2025

(e),(h)

62,097‌

62,182‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%

6.00%,

07/06/2023

(e),(h)

6,515‌

5,968‌

3

Month

USD

LIBOR

+

3.00%

6.38%,

04/06/2024

(a),(e),(h)

11,335‌

10,349‌

3

Month

USD

LIBOR

+

3.16%

Comerica

Inc

5.63%,

07/01/2025

(e),(h)

18,600‌

18,643‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.29%

Corestates

Capital

III

3.48%,

02/15/2027

(g)

18,621‌

17,375‌

3

Month

USD

LIBOR

+

0.57%

Credit

Agricole

SA

4.75%,

03/23/2029

(e),(g),(h),(i)

2,100‌

1,644‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%

7.88%,

01/23/2024

(e),(g),(h),(i)

34,840‌

34,666‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

7.88%,

01/23/2024

(e),(h),(i)

18,100‌

18,009‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

8.13%,

12/23/2025

(e),(g),(h),(i)

34,368‌

35,184‌

USD

Swap

Semi-Annual

5

Year

+

6.19%

8.13%,

12/23/2025

(a),(e),(h),(i)

15,000‌

15,356‌

USD

Swap

Semi-Annual

5

Year

+

6.19%

Credit

Suisse

AG

6.50%,

08/08/2023

(g),(i)

23,254‌

23,315‌

6.50%,

08/08/2023

(i)

6,000‌

6,016‌

Credit

Suisse

Group

AG

5.25%,

02/11/2027

(e),(g),(h),(i)

28,100‌

21,124‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%

6.25%,

12/18/2024

(e),(g),(h),(i)

11,000‌

9,872‌

USD

Swap

Semi-Annual

5

Year

+

3.46%

7.50%,

07/17/2023

(e),(g),(h),(i)

1,500‌

1,322‌

USD

Swap

Semi-Annual

5

Year

+

4.60%

7.50%,

12/11/2023

(e),(g),(h),(i)

70,240‌

66,585‌

USD

Swap

Semi-Annual

5

Year

+

4.60%

7.50%,

07/17/2023

(e),(h),(i)

5,000‌

4,405‌

USD

Swap

Semi-Annual

5

Year

+

4.60%

9.75%,

06/23/2027

(e),(g),(h),(i)

46,200‌

46,662‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%

Danske

Bank

A/S

6.13%,

03/28/2024

(e),(h),(i)

5,500‌

5,211‌

USD

Swap

Semi-Annual

7

Year

+

3.90%

7.00%,

06/26/2025

(e),(h),(i)

62,745‌

59,608‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%

DNB

Bank

ASA

4.88%,

11/12/2024

(e),(h),(i)

4,775‌

4,524‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%

Fifth

Third

Bancorp

4.50%,

09/30/2025

(a),(e),(h)

13,525‌

12,842‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%

First

Maryland

Capital

I

3.51%,

01/15/2027

2,000‌

1,882‌

3

Month

USD

LIBOR

+

1.00%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Goldman

Sachs

Group

Inc/The

3.65%,

08/10/2026

(e),(h)

$

10,000‌

$

8,105‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%

3.80%,

05/10/2026

(e),(h)

13,500‌

11,171‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%

4.13%,

11/10/2026

(e),(h)

11,800‌

10,107‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.95%

4.95%,

02/10/2025

(a),(e),(h)

23,663‌

22,250‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

5.50%,

08/10/2024

(a),(e),(h)

15,750‌

15,558‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%

HSBC

Capital

Funding

Dollar

1

LP

10.18%,

06/30/2030

(e),(g),(h)

69,567‌

92,915‌

3

Month

USD

LIBOR

+

4.98%

10.18%,

06/30/2030

(a),(e),(h)

55,708‌

74,404‌

3

Month

USD

LIBOR

+

4.98%

HSBC

Holdings

PLC

6.00%,

05/22/2027

(e),(h),(i)

15,900‌

14,607‌

USD

Swap

Rate

NY

5

Year

+

3.75%

6.37%,

03/30/2025

(e),(h),(i)

14,800‌

14,280‌

USD

Swap

Rate

NY

5

Year

+

4.37%

6.38%,

09/17/2024

(e),(h),(i)

3,300‌

3,173‌

USD

Swap

Rate

NY

5

Year

+

3.71%

6.50%,

03/23/2028

(e),(h),(i)

5,600‌

5,203‌

USD

Swap

Rate

NY

5

Year

+

3.61%

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(a),(e),(h)

87,459‌

81,298‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.05%

5.63%,

07/15/2030

(a),(e),(h)

41,103‌

39,870‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.95%

ING

Groep

NV

3.88%,

05/16/2027

(e),(h),(i)

22,300‌

16,505‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%

4.25%,

05/16/2031

(e),(h),(i)

14,500‌

10,065‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%

5.75%,

11/16/2026

(e),(h),(i)

19,275‌

17,784‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%

6.50%,

04/16/2025

(e),(h),(i)

46,800‌

44,708‌

USD

Swap

Semi-Annual

5

Year

+

4.45%

6.75%,

04/16/2024

(e),(h),(i)

45,000‌

44,005‌

USD

Swap

Rate

NY

5

Year

+

4.20%

Intesa

Sanpaolo

SpA

7.70%,

09/17/2025

(a),(e),(g),(h),(i)

32,021‌

28,785‌

USD

Swap

Semi-Annual

5

Year

+

5.46%

JPMorgan

Chase

&

Co

3.65%,

06/01/2026

(e),(h)

137,806‌

119,547‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%

6.75%,

02/01/2024

(e),(h)

121,483‌

122,221‌

3

Month

USD

LIBOR

+

3.78%

KeyCorp

5.00%,

09/15/2026

(a),(e),(h)

16,131‌

14,837‌

3

Month

USD

LIBOR

+

3.61%

KeyCorp

Capital

I

3.02%,

07/01/2028

6,825‌

6,313‌

3

Month

USD

LIBOR

+

0.74%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2022

See

accompanying

notes.

174

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

KeyCorp

Capital

III

7.75%,

07/15/2029

$

3,500‌

$

3,930‌

Lloyds

Banking

Group

PLC

6.75%,

06/27/2026

(a),(e),(h),(i)

200‌

193‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%

7.50%,

09/27/2025

(e),(h),(i)

25,600‌

24,818‌

USD

Swap

Semi-Annual

5

Year

+

4.50%

7.50%,

06/27/2024

(e),(h),(i)

47,496‌

46,974‌

USD

Swap

Semi-Annual

5

Year

+

4.76%

M&T

Bank

Corp

3.50%,

09/01/2026

(e),(h)

7,620‌

6,122‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%

5.00%,

08/01/2024

(a),(e),(h)

4,702‌

4,476‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%

5.13%,

11/01/2026

(e),(h)

9,670‌

8,961‌

3

Month

USD

LIBOR

+

3.52%

6.45%,

02/15/2024

(e),(h)

4,450‌

4,405‌

3

Month

USD

LIBOR

+

3.61%

Macquarie

Bank

Ltd/London

6.13%,

03/08/2027

(e),(g),(h),(i)

21,000‌

19,405‌

USD

Swap

Semi-Annual

5

Year

+

3.70%

6.13%,

03/08/2027

(a),(e),(h),(i)

5,000‌

4,620‌

USD

Swap

Semi-Annual

5

Year

+

3.70%

NatWest

Group

PLC

4.60%,

06/28/2031

(e),(h),(i)

7,685‌

5,762‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%

6.00%,

12/29/2025

(e),(h),(i)

55,100‌

51,783‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.63%

8.00%,

08/10/2025

(a),(e),(h),(i)

22,825‌

22,770‌

USD

Swap

Semi-Annual

5

Year

+

5.72%

Nordea

Bank

Abp

6.13%,

09/23/2024

(e),(g),(h),(i)

42,131‌

41,198‌

USD

Swap

Semi-Annual

5

Year

+

3.39%

6.13%,

09/23/2024

(a),(e),(h),(i)

18,735‌

18,320‌

USD

Swap

Semi-Annual

5

Year

+

3.39%

6.63%,

03/26/2026

(a),(e),(h),(i)

12,400‌

12,153‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%

6.63%,

03/26/2026

(e),(g),(h),(i)

74,562‌

73,076‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%

PNC

Financial

Services

Group

Inc/The

3.40%,

09/15/2026

(e),(h)

11,500‌

9,292‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%

6.20%,

09/15/2027

(e),(h)

24,200‌

23,835‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%

Regions

Financial

Corp

5.75%,

06/15/2025

(a),(e),(h)

16,750‌

16,894‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.43%

Skandinaviska

Enskilda

Banken

AB

5.13%,

05/13/2025

(e),(h),(i)

32,800‌

31,078‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.46%

Societe

Generale

SA

4.75%,

05/26/2026

(e),(g),(h),(i)

16,300‌

13,491‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.93%

7.38%,

10/04/2023

(e),(g),(h),(i)

16,800‌

16,183‌

USD

Swap

Semi-Annual

5

Year

+

4.30%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Societe

Generale

SA  

(continued)

7.88%,

12/18/2023

(e),(g),(h),(i)

$

4,900‌

$

4,852‌

USD

Swap

Semi-Annual

5

Year

+

4.98%

7.88%,

12/18/2023

(e),(h),(i)

14,000‌

13,863‌

USD

Swap

Semi-Annual

5

Year

+

4.98%

8.00%,

09/29/2025

(a),(e),(g),(h),(i)

35,060‌

35,404‌

USD

Swap

Rate

NY

5

Year

+

5.87%

8.00%,

09/29/2025

(e),(h),(i)

19,000‌

19,186‌

USD

Swap

Semi-Annual

5

Year

+

5.87%

Standard

Chartered

PLC

4.30%,

08/19/2028

(e),(g),(h),(i)

16,032‌

11,568‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%

6.00%,

07/26/2025

(e),(h),(i)

8,000‌

7,601‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%

6.00%,

07/26/2025

(e),(g),(h),(i)

15,000‌

14,252‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%

7.01%,

07/30/2037

(e),(g),(h)

13,500‌

14,041‌

3

Month

USD

LIBOR

+

1.46%

7.01%,

07/30/2037

(e),(h)

2,800‌

2,912‌

3

Month

USD

LIBOR

+

1.46%

7.75%,

04/02/2023

(a),(e),(g),(h),(i)

15,000‌

15,053‌

USD

Swap

Semi-Annual

5

Year

+

5.72%

7.75%,

08/15/2027

(a),(e),(g),(h),(i)

45,000‌

43,668‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.98%

SVB

Financial

Group

4.00%,

05/15/2026

(e),(h)

22,100‌

17,875‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%

4.10%,

02/15/2031

(e),(h)

9,350‌

7,018‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.06%

4.25%,

11/15/2026

(e),(h)

26,800‌

21,369‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.07%

Svenska

Handelsbanken

AB

4.38%,

03/01/2027

(e),(h),(i)

16,400‌

14,145‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.94%

6.25%,

03/01/2024

(e),(h),(i)

13,800‌

13,604‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.69%

Truist

Financial

Corp

2.48%,

03/15/2028

9,022‌

8,345‌

3

Month

USD

LIBOR

+

0.65%

3.26%,

04/01/2027

7,000‌

6,579‌

3

Month

USD

LIBOR

+

0.98%

3.58%,

05/15/2027

10,900‌

10,140‌

3

Month

USD

LIBOR

+

0.67%

4.80%,

09/01/2024

(e),(h)

84,023‌

78,053‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

4.95%,

09/01/2025

(e),(h)

43,690‌

43,089‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%

UBS

Group

AG

3.88%,

06/02/2026

(e),(g),(h),(i)

20,000‌

16,636‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%

4.38%,

02/10/2031

(e),(g),(h),(i)

7,000‌

5,271‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2022

See

accompanying

notes.

175

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

UBS

Group

AG  

(continued)

4.88%,

02/12/2027

(e),(g),(h),(i)

$

13,800‌

$

11,895‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.40%

6.88%,

08/07/2025

(e),(h),(i)

16,933‌

16,774‌

USD

Swap

Semi-Annual

(VS

6

Month)

5

Year

+

4.59%

7.00%,

01/31/2024

(e),(g),(h),(i)

20,500‌

20,024‌

USD

Swap

Semi-Annual

5

Year

+

4.34%

7.00%,

01/31/2024

(e),(h),(i)

13,900‌

13,577‌

USD

Swap

Semi-Annual

(VS

6

Month)

5

Year

+

4.34%

7.00%,

02/19/2025

(e),(h),(i)

21,700‌

21,808‌

USD

Swap

Semi-Annual

(VS

6

Month)

5

Year

+

4.87%

UniCredit

SpA

8.00%,

06/03/2024

(e),(h),(i)

36,950‌

34,775‌

USD

Swap

Semi-Annual

5

Year

+

5.18%

US

Bancorp

3.70%,

01/15/2027

(e),(h)

33,243‌

27,817‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.54%

USB

Realty

Corp

3.66%,

01/15/2027

(e),(g)

1,500‌

1,125‌

3

Month

USD

LIBOR

+

1.15%

Wells

Fargo

&

Co

3.01%,

01/15/2027

5,345‌

4,971‌

3

Month

USD

LIBOR

+

0.50%

3.90%,

03/15/2026

(e),(h)

88,143‌

77,676‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%

5.88%,

06/15/2025

(e),(h)

50,330‌

50,077‌

3

Month

USD

LIBOR

+

3.99%

7.95%,

11/15/2029

3,700‌

4,289‌

$

3,443,643‌

Diversified

Financial

Services

-

5.79%

Ally

Financial

Inc

4.70%,

05/15/2026

(e),(h)

39,600‌

32,668‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%

4.70%,

05/15/2028

(e),(h)

8,500‌

6,603‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.48%

American

Express

Co

3.55%,

09/15/2026

(e),(h)

50,250‌

43,152‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%

Capital

One

Financial

Corp

3.95%,

09/01/2026

(e),(h)

20,900‌

17,750‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%

Charles

Schwab

Corp/The

4.00%,

06/01/2026

(e),(h)

106,900‌

91,934‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%

5.38%,

06/01/2025

(e),(h)

106,477‌

105,812‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

7.60%,

11/01/2022

(a),(e)

28,358‌

28,297‌

3

Month

USD

LIBOR

+

4.82%

Depository

Trust

&

Clearing

Corp/The

3.38%,

06/20/2026

(e),(g),(h)

19,750‌

15,799‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Diversified

Financial

Services

(continued)

Discover

Financial

Services

5.50%,

10/30/2027

(e),(h)

$

6,121‌

$

5,275‌

3

Month

USD

LIBOR

+

3.08%

6.13%,

06/23/2025

(a),(e),(h)

27,160‌

27,521‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.78%

$

374,811‌

Electric

-

5.18%

Algonquin

Power

&

Utilities

Corp

4.75%,

01/18/2082

(h)

58,400‌

50,562‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(h)

20,000‌

17,018‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%

Dominion

Energy

Inc

4.65%,

12/15/2024

(e),(h)

120,652‌

111,000‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%

Duke

Energy

Corp

4.88%,

09/16/2024

(a),(e),(h)

95,109‌

89,640‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.39%

Emera

Inc

6.75%,

06/15/2076

(h)

32,145‌

32,464‌

3

Month

USD

LIBOR

+

5.44%

Enel

SpA

8.75%,

09/24/2073

(g),(h)

5,403‌

5,511‌

USD

Swap

Semi-Annual

5

Year

+

5.88%

NextEra

Energy

Capital

Holdings

Inc

3.80%,

03/15/2082

(h)

2,000‌

1,684‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%

4.34%,

10/01/2066

17,264‌

14,100‌

3

Month

USD

LIBOR

+

2.07%

5.65%,

05/01/2079

(h)

800‌

731‌

3

Month

USD

LIBOR

+

3.16%

Southern

Co/The

5.46%,

03/15/2057

13,268‌

13,208‌

3

Month

USD

LIBOR

+

3.63%

$

335,918‌

Food

-

0.12%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(e),(g)

8,700‌

8,091‌

Gas

-

1.01%

NiSource

Inc

5.65%,

06/15/2023

(e),(h)

70,300‌

65,379‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.84%

Insurance

-

15.21%

ACE

Capital

Trust

II

9.70%,

04/01/2030

15,505‌

19,668‌

Allianz

SE

3.20%,

10/30/2027

(e),(g),(h),(i)

5,800‌

4,418‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%

3.50%,

11/17/2025

(e),(g),(h),(i)

27,400‌

23,775‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%

Allstate

Corp/The

6.50%,

05/15/2067

(h)

10,500‌

10,671‌

3

Month

USD

LIBOR

+

2.12%

American

International

Group

Inc

5.75%,

04/01/2048

(a),(h)

31,769‌

30,099‌

3

Month

USD

LIBOR

+

2.87%

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2022

See

accompanying

notes.

176

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Aon

Corp

8.21%,

01/01/2027

$

4,750‌

$

5,082‌

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.63%,

08/15/2052

(h)

88,620‌

84,411‌

3

Month

USD

LIBOR

+

3.78%

5.75%,

08/15/2050

(h)

49,400‌

48,142‌

3

Month

USD

LIBOR

+

3.59%

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(h)

8,590‌

8,311‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.27%

AXA

SA

5.13%,

01/17/2047

(h)

500‌

493‌

3

Month

USD

LIBOR

+

3.88%

6.38%,

12/14/2036

(e),(g),(h)

4,033‌

4,522‌

3

Month

USD

LIBOR

+

2.26%

8.60%,

12/15/2030

21,874‌

27,233‌

Corebridge

Financial

Inc

6.88%,

12/15/2052

(g),(h)

10,000‌

9,658‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.85%

Everest

Reinsurance

Holdings

Inc

5.29%,

05/01/2067

14,420‌

11,752‌

3

Month

USD

LIBOR

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(g),(h)

19,000‌

15,699‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%

7.80%,

03/07/2087

(g)

76,240‌

87,964‌

3

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(g)

5,025‌

5,992‌

Lincoln

National

Corp

4.75%,

04/20/2067

(a)

29,748‌

22,208‌

3

Month

USD

LIBOR

+

2.04%

Meiji

Yasuda

Life

Insurance

Co

5.20%,

10/20/2045

(g),(h)

9,545‌

9,525‌

USD

Swap

Semi-Annual

5

Year

+

4.23%

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(g)

24,540‌

27,060‌

MetLife

Inc

3.85%,

09/15/2025

(a),(e),(h)

36,205‌

33,631‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%

6.40%,

12/15/2066

10,650‌

10,914‌

3

Month

USD

LIBOR

+

2.21%

9.25%,

04/08/2068

(g)

53,475‌

63,802‌

3

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

50,463‌

68,643‌

3

Month

USD

LIBOR

+

7.55%

Mitsui

Sumitomo

Insurance

Co

Ltd

4.95%,

03/06/2029

(e),(h)

520‌

517‌

USD

Swap

Semi-Annual

5

Year

+

3.26%

4.95%,

03/06/2029

(e),(g),(h)

1,800‌

1,789‌

USD

Swap

Semi-Annual

5

Year

+

3.26%

MMI

Capital

Trust

I

7.63%,

12/15/2027

1,073‌

1,197‌

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(g),(h)

19,800‌

20,394‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%

Nationwide

Financial

Services

Inc

6.75%,

05/15/2087

79,015‌

77,804‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(g),(h)

$

3,200‌

$

2,667‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%

2.90%,

09/16/2051

(g),(h)

24,900‌

20,757‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%

4.70%,

01/20/2046

(a),(g),(h)

5,000‌

4,928‌

USD

Swap

Rate

NY

5

Year

+

3.75%

5.10%,

10/16/2044

(g),(h)

19,700‌

19,651‌

USD

Swap

Semi-Annual

5

Year

+

3.65%

Prudential

Financial

Inc

5.20%,

03/15/2044

(h)

3,870‌

3,759‌

3

Month

USD

LIBOR

+

3.04%

5.63%,

06/15/2043

(h)

25,000‌

24,906‌

3

Month

USD

LIBOR

+

3.92%

6.00%,

09/01/2052

(h)

35,900‌

35,442‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.23%

Sompo

Japan

Insurance

Inc

5.33%,

03/28/2073

(g),(h)

60,300‌

60,162‌

3

Month

USD

LIBOR

+

4.27%

Sumitomo

Life

Insurance

Co

4.00%,

09/14/2077

(g),(h)

4,700‌

4,457‌

3

Month

USD

LIBOR

+

2.99%

6.50%,

09/20/2073

(g),(h)

15,500‌

15,660‌

3

Month

USD

LIBOR

+

4.44%

Voya

Financial

Inc

4.70%,

01/23/2048

(h)

8,055‌

6,689‌

3

Month

USD

LIBOR

+

2.08%

6.13%,

09/15/2023

(a),(e),(h)

11,706‌

11,400‌

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)

49,000‌

39,445‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.78%

$

985,297‌

Oil

&

Gas

-

0.68%

BP

Capital

Markets

PLC

4.38%,

06/22/2025

(a),(e),(h)

24,400‌

23,357‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%

4.88%,

03/22/2030

(e),(h)

22,562‌

20,638‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%

$

43,995‌

Pipelines

-

3.78%

Enbridge

Inc

5.75%,

07/15/2080

(h)

65,201‌

61,235‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%

6.00%,

01/15/2077

(h)

46,935‌

44,718‌

3

Month

USD

LIBOR

+

3.89%

6.25%,

03/01/2078

(h)

34,882‌

32,983‌

3

Month

USD

LIBOR

+

3.64%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(h)

54,285‌

46,971‌

3

Month

USD

LIBOR

+

3.03%

Transcanada

Trust

5.50%,

09/15/2079

(h)

41,000‌

37,713‌

Secured

Overnight

Financing

Rate

+

4.42%

5.88%,

08/15/2076

(h)

21,652‌

21,246‌

3

Month

USD

LIBOR

+

4.64%

$

244,866‌

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2022

See

accompanying

notes.

177

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

-

0.89%

Scentre

Group

Trust

2

4.75%,

09/24/2080

(g),(h)

$

10,500‌

$

9,699‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.38%

4.75%,

09/24/2080

(a),(h)

4,300‌

3,972‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.38%

5.13%,

09/24/2080

(g),(h)

51,600‌

44,312‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.69%

$

57,983‌

Sovereign

-

0.63%

CoBank

ACB

4.25%,

01/01/2027

(e),(h)

1,000‌

870‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.05%

6.25%,

10/01/2026

(e),(h)

16,400‌

16,322‌

3

Month

USD

LIBOR

+

4.66%

6.45%,

10/01/2027

(e),(h)

12,200‌

12,414‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%

Farm

Credit

Bank

of

Texas

5.70%,

09/15/2025

(e),(g),(h)

11,800‌

11,295‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.42%

$

40,901‌

Telecommunications

-

1.32%

Vodafone

Group

PLC

3.25%,

06/04/2081

(h)

24,000‌

20,743‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%

7.00%,

04/04/2079

(h)

62,686‌

64,714‌

USD

Swap

Semi-Annual

5

Year

+

4.87%

$

85,457‌

Transportation

-

0.71%

BNSF

Funding

Trust

I

6.61%,

12/15/2055

(h)

46,656‌

45,844‌

3

Month

USD

LIBOR

+

2.35%

TOTAL

BONDS

$

5,732,185‌

Total

Investments

$

6,412,325‌

Other

Assets

and

Liabilities

-  1.03%

66,586‌

TOTAL

NET

ASSETS

-

100.00%

$

6,478,911‌

(a)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$61,750

or

0.95%

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

$63,908

or

0.99%

of

net

assets.

(d)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e)

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.

(f)

Non-income

producing

security

(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

$1,413,674

or

21.82%

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".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,760,768

or

27.18%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

81.50‌%

Utilities

7.23‌%

Energy

4.46‌%

Communications

1.95‌%

Government

1.54‌%

Money

Market

Funds

0.99‌%

Industrial

0.71‌%

Consumer,

Non-cyclical

0.48‌%

Investment

Companies

0.11‌%

Other

Assets

and

Liabilities

1.03‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

230,734‌

$

2,215,635‌

$

2,404,089‌

$

42,280‌

$

230,734‌

$

2,215,635‌

$

2,404,089‌

$

42,280‌

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

2.13%

$

192‌

$

—‌

$

—‌

$

—‌

$

192‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Spectrum

Preferred

and

Capital

Securities

Income

Fund

August

31,

2022

See

accompanying

notes.

178

Options

Written

Options

Outstanding

Counterparty

Contracts/

Shares

Notional

Amount

Exercise

Price

Expiration

Date

Upfront

Receipts

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Call

-

US

Long

Bond

Future;

September

2022

N/A

200‌

$

200‌

$

137.00‌

09/06/2022

$

(219‌)

$

(69‌)

$

150‌

Put

-

US

Long

Bond

Future;

September

2022

N/A

200‌

200‌

$

137.00‌

09/06/2022

(187‌)

(300‌)

(113‌)

Total

$

(406‌)

$

(369‌)

$

37‌

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;

December

2022

Short

450‌

$

52,608‌

$

431‌

US

Long

Bond;

December

2022

Short

550‌

74,714‌

781‌

Total

$

1,212‌

Amounts

in

thousands

except

contracts.

Glossary

to

the

Schedule

of

Investments

August

31,

2022

See

accompanying

notes.

179

Currency

Abbreviations

ARS

Argentine

Peso

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Renminbi

CZK

Czech

Koruna

EUR

Euro

GBP

British

Pound

Sterling

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

RON

Romanian

New

Leu

THB

Thai

Baht

USD/$

United

States

Dollar

ZAR

South

African

Rand

See

accompanying

notes.

180

Financial

Highlights

Principal

Funds,

Inc.

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

2022

$

42.59‌

(

$

0.12‌)

(

$

10.39‌)

(

$

10.51‌)

$

–‌

(

$

2.73‌)

(

$

2.73‌)

$

29.35‌

2021

33.85‌

(

0.18‌)

10.06‌

9.88‌

–‌

(

1.14‌)

(

1.14‌)

42.59‌

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

Class

C

shares

2022

39.91‌

(

0.35‌)

(

9.65‌)

(

10.00‌)

–‌

(

2.73‌)

(

2.73‌)

27.18‌

2021

32.01‌

(

0.42‌)

9.46‌

9.04‌

–‌

(

1.14‌)

(

1.14‌)

39.91‌

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

Class

J

shares

2022

43.23‌

(

0.07‌)

(

10.56‌)

(

10.63‌)

–‌

(

2.73‌)

(

2.73‌)

29.87‌

2021

34.29‌

(

0.13‌)

10.21‌

10.08‌

–‌

(

1.14‌)

(

1.14‌)

43.23‌

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(f)

20.16‌

(

0.05‌)

5.22‌

5.17‌

–‌

(

0.59‌)

(

0.59‌)

24.74‌

Institutional

shares

2022

43.51‌

(

0.02‌)

(

10.65‌)

(

10.67‌)

–‌

(

2.73‌)

(

2.73‌)

30.11‌

2021

34.47‌

(

0.08‌)

10.26‌

10.18‌

–‌

(

1.14‌)

(

1.14‌)

43.51‌

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

See

accompanying

notes.

181

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(26.35‌)

%

(b)

$

850,509‌

0.94‌

%

(c)

–‌

%

(0.35‌)

%

24.0‌

%

30.18‌

(b)

1,123,747‌

0

.91‌

(c)

–‌

(0.49‌)

25.6‌

38.51‌

(b)

646,386‌

0.93‌

(c)

–‌

(0.25‌)

30.0‌

12.75‌

(b)

302,904‌

1.00‌

(c)

–‌

(0.06‌)

15.9‌

26.45‌

(b)

164,310‌

1.09‌

(c)

–‌

(0.30‌)

34.0‌

(26.86‌)

(b)

276,796‌

1.66‌

(c)

–‌

(1.08‌)

24.0‌

29.26‌

(b)

411,694‌

1.65‌

(c)

–‌

(1.23‌)

25.6‌

37.43‌

(b)

322,210‌

1.66‌

(c)

–‌

(0.99‌)

30.0‌

11.91‌

(b)

156,734‌

1.73‌

(c)

–‌

(0.80‌)

15.9‌

25.47‌

(b)

91,660‌

1.84‌

(c)

–‌

(1.05‌)

34.0‌

(26.23‌)

(b)

156,338‌

0.77‌

(d)

0.82‌

(e)

(0.18‌)

24.0‌

30.38‌

(b)

221,942‌

0.77‌

(d)

0.83‌

(e)

(0.35‌)

25.6‌

38.58‌

(b)

153,325‌

0.82‌

(d)

0.91‌

(e)

(0.14‌)

30.0‌

12.82‌

(b)

80,050‌

0.96‌

(d)

1.08‌

(e)

(0.06‌)

15.9‌

26.12‌

(b),(g)

59,232‌

1.01‌

(d),(h)

1.04‌

(e),(h)

(0.21‌)

(h)

34.0‌

(26.13‌)

(i)

2,473,139‌

0.66‌

(c)

–‌

(0.06‌)

24.0‌

30.51‌

3,141,819‌

0.65‌

(c)

–‌

(0.23‌)

25.6‌

38.88‌

2,638,389‌

0.66‌

(c)

–‌

(0.02‌)

30.0‌

13.09‌

725,718‌

0.67‌

(c)

–‌

0

.39‌

15.9‌

26.88‌

175,887‌

0.75‌

(c)

–‌

0.03‌

34.0‌

(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)

Reflects

Manager's

contractual

expense

limit.

(d)

Reflects

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(e)

Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(f)

Period

from

September

11,

2017,

date

operations

commenced,

through

August

31,

2018.

(g)

Total

return

amounts

have

not

been

annualized.

(h)

Computed

on

an

annualized

basis.

(i)

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

See

accompanying

notes.

182

Financial

Highlights

Principal

Funds,

Inc.

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

R-3

shares

2022

$

42

.51‌

(

$

0

.18‌

)

(

$

10

.37‌

)

(

$

10

.55‌

)

$

–‌

(

$

2

.73‌

)

(

$

2

.73‌

)

$

29

.23‌

2021

33

.85‌

(

0

.25‌

)

10

.05‌

9

.80‌

–‌

(

1

.14‌

)

(

1

.14‌

)

42

.51‌

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

R-4

shares

2022

42

.89‌

(

0

.15‌

)

(

10

.44‌

)

(

10

.59‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

29

.57‌

2021

34

.08‌

(

0

.18‌

)

10

.13‌

9

.95‌

–‌

(

1

.14‌

)

(

1

.14‌

)

42

.89‌

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

R-5

shares

2022

43

.20‌

(

0

.09‌

)

(

10

.54‌

)

(

10

.63‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

29

.84‌

2021

34

.29‌

(

0

.14‌

)

10

.19‌

10

.05‌

–‌

(

1

.14‌

)

(

1

.14‌

)

43

.20‌

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

R-6

shares

2022

43

.64‌

0

.02‌

(

10

.69‌

)

(

10

.67‌

)

–‌

(

2

.73‌

)

(

2

.73‌

)

30

.24‌

2021

34

.54‌

(

0

.05‌

)

10

.29‌

10

.24‌

–‌

(

1

.14‌

)

(

1

.14‌

)

43

.64‌

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

See

accompanying

notes.

183

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(

26

.50‌

)

%

$

11,031‌

1

.13‌

%

(b)

(

0

.51‌

)

%

24

.0‌

%

29

.94‌

11,204‌

1

.12‌

(b)

(

0

.70‌

)

25

.6‌

38

.20‌

8,764‌

1

.12‌

(b)

(

0

.43‌

)

30

.0‌

12

.58‌

5,913‌

1

.15‌

(b)

(

0

.32‌

)

15

.9‌

26

.18‌

8,402‌

1

.24‌

(

0

.45‌

)

34

.0‌

(

26

.35‌

)

2,443‌

0

.94‌

(b)

(

0

.40‌

)

24

.0‌

30

.18‌

5,608‌

0

.93‌

(b)

(

0

.51‌

)

25

.6‌

38

.45‌

5,230‌

0

.93‌

(b)

(

0

.23‌

)

30

.0‌

12

.78‌

3,989‌

0

.96‌

(b)

(

0

.05‌

)

15

.9‌

26

.42‌

1,300‌

1

.05‌

(

0

.27‌

)

34

.0‌

(

26

.25‌

)

7,938‌

0

.82‌

(b)

(

0

.25‌

)

24

.0‌

30

.29‌

12,383‌

0

.81‌

(b)

(

0

.39‌

)

25

.6‌

38

.66‌

12,060‌

0

.81‌

(b)

(

0

.15‌

)

30

.0‌

12

.92‌

6,380‌

0

.84‌

(b)

0

.07‌

15

.9‌

26

.59‌

5,279‌

0

.93‌

(

0

.15‌

)

34

.0‌

(

26

.08‌

)

(c)

4,932,871‌

0

.56‌

(b)

0

.05‌

24

.0‌

30

.66‌

(c)

6,134,030‌

0

.55‌

(b)

(

0

.14‌

)

25

.6‌

39

.01‌

4,051,190‌

0

.55‌

(b)

0

.15‌

30

.0‌

13

.22‌

3,052,936‌

0

.58‌

(b)

0

.29‌

15

.9‌

26

.93‌

2,709,836‌

0

.67‌

(b)

0

.12‌

34

.0‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Reflects

Manager's

contractual

expense

limit.

(c)

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

See

accompanying

notes.

184

Financial

Highlights

Principal

Funds,

Inc.

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

2022

$

9

.89‌

$

0

.15‌

(

$

1

.32‌

)

(

$

1

.17‌

)

(

$

0

.13‌

)

(

$

0

.03‌

)

(

$

0

.16‌

)

$

8

.56‌

2021

11

.79‌

0

.15‌

(

0

.19‌

)

(

0

.04‌

)

(

0

.64‌

)

(

1

.22‌

)

(

1

.86‌

)

9

.89‌

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

Institutional

shares

2022

10

.12‌

0

.18‌

(

1

.33‌

)

(

1

.15‌

)

(

0

.17‌

)

(

0

.03‌

)

(

0

.20‌

)

8

.77‌

2021

12

.03‌

0

.19‌

(

0

.20‌

)

(

0

.01‌

)

(

0

.68‌

)

(

1

.22‌

)

(

1

.90‌

)

10

.12‌

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

R-1

shares

2022

9

.89‌

0

.10‌

(

1

.31‌

)

(

1

.21‌

)

(

0

.07‌

)

(

0

.03‌

)

(

0

.10‌

)

8

.58‌

2021

11

.82‌

0

.09‌

(

0

.19‌

)

(

0

.10‌

)

(

0

.61‌

)

(

1

.22‌

)

(

1

.83‌

)

9

.89‌

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

R-3

shares

2022

9

.86‌

0

.13‌

(

1

.31‌

)

(

1

.18‌

)

(

0

.10‌

)

(

0

.03‌

)

(

0

.13‌

)

8

.55‌

2021

11

.78‌

0

.12‌

(

0

.20‌

)

(

0

.08‌

)

(

0

.62‌

)

(

1

.22‌

)

(

1

.84‌

)

9

.86‌

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

R-4

shares

2022

9

.97‌

0

.15‌

(

1

.33‌

)

(

1

.18‌

)

(

0

.12‌

)

(

0

.03‌

)

(

0

.15‌

)

8

.64‌

2021

11

.88‌

0

.15‌

(

0

.20‌

)

(

0

.05‌

)

(

0

.64‌

)

(

1

.22‌

)

(

1

.86‌

)

9

.97‌

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

R-5

shares

2022

9

.94‌

0

.16‌

(

1

.32‌

)

(

1

.16‌

)

(

0

.14‌

)

(

0

.03‌

)

(

0

.17‌

)

8

.61‌

2021

11

.85‌

0

.16‌

(

0

.20‌

)

(

0

.04‌

)

(

0

.65‌

)

(

1

.22‌

)

(

1

.87‌

)

9

.94‌

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

See

accompanying

notes.

185

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(

11

.95‌

)

%

(b)

$

32,188‌

0

.48‌

%

(c)

0

.52‌

%

(d)

1

.61‌

%

113

.4‌

%

(

0

.44‌

)

(b)

36,254‌

0

.48‌

(c)

0

.52‌

(d)

1

.42‌

161

.7‌

5

.75‌

(b)

44,200‌

0

.57‌

(c)

0

.62‌

(d)

1

.79‌

94

.1‌

9

.38‌

(b)

29,025‌

0

.71‌

(c)

0

.91‌

(d)

2

.10‌

107

.7‌

(

1

.79‌

)

(b)

27,466‌

0

.62‌

(c)

0

.75‌

(d)

1

.86‌

102

.7‌

(

11

.58‌

)

1,858,811‌

0

.15‌

(e)

–‌

1

.97‌

113

.4‌

(

0

.18‌

)

831,018‌

0

.14‌

(e)

–‌

1

.77‌

161

.7‌

6

.29‌

2,290,008‌

0

.14‌

(e)

–‌

2

.25‌

94

.1‌

9

.92‌

2,056,135‌

0

.16‌

(e)

–‌

2

.65‌

107

.7‌

(

1

.29‌

)

1,472,817‌

0

.16‌

(e)

–‌

2

.32‌

102

.7‌

(

12

.33‌

)

850‌

1

.02‌

(e)

–‌

1

.07‌

113

.4‌

(

1

.02‌

)

1,148‌

1

.01‌

(e)

–‌

0

.88‌

161

.7‌

5

.27‌

1,412‌

1

.02‌

(e)

–‌

1

.36‌

94

.1‌

8

.99‌

1,169‌

1

.04‌

(e)

–‌

1

.78‌

107

.7‌

(

2

.10‌

)

1,391‌

1

.04‌

(e)

–‌

1

.44‌

102

.7‌

(

11

.99‌

)

(f)

8,056‌

0

.71‌

(e)

–‌

1

.38‌

113

.4‌

(

0

.84‌

)

11,264‌

0

.70‌

(e)

–‌

1

.18‌

161

.7‌

5

.66‌

13,196‌

0

.71‌

(e)

–‌

1

.67‌

94

.1‌

9

.41‌

11,337‌

0

.73‌

(e)

–‌

2

.09‌

107

.7‌

(

1

.87‌

)

13,934‌

0

.73‌

(e)

–‌

1

.75‌

102

.7‌

(

11

.97‌

)

2,611‌

0

.52‌

(e)

–‌

1

.56‌

113

.4‌

(

0

.51‌

)

4,099‌

0

.51‌

(e)

–‌

1

.39‌

161

.7‌

5

.84‌

6,523‌

0

.52‌

(e)

–‌

1

.87‌

94

.1‌

9

.82‌

5,521‌

0

.54‌

(e)

–‌

2

.29‌

107

.7‌

(

1

.67‌

)

44,422‌

0

.54‌

(e)

–‌

1

.95‌

102

.7‌

(

11

.84‌

)

10,475‌

0

.40‌

(e)

–‌

1

.68‌

113

.4‌

(

0

.44‌

)

14,572‌

0

.39‌

(e)

–‌

1

.50‌

161

.7‌

6

.01‌

18,279‌

0

.40‌

(e)

–‌

1

.98‌

94

.1‌

9

.67‌

16,552‌

0

.42‌

(e)

–‌

2

.40‌

107

.7‌

(

1

.56‌

)

18,775‌

0

.42‌

(e)

–‌

2

.05‌

102

.7‌

(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)

Reflects

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d)

Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e)

Reflects

Manager's

contractual

expense

limit.

(f)

Total

return

is

calculated

using

the

traded

net

asset

value

which

may

differ

from

the

reported

net

asset

value.

The

traded

net

asset

value

is

the

net

asset

value

which

a

shareholder

would

have

paid

or

received

from

a

subscription

or

redemption.

See

accompanying

notes.

186

Financial

Highlights

Principal

Funds,

Inc.

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

Class

A

shares

2022

$

13.53‌

$

0.31‌

(

$

0.18‌)

$

0.13‌

(

$

0.77‌)

(

$

0.16‌)

(

$

0.93‌)

$

12.73‌

2021

11.13‌

0.22‌

2.20‌

2.42‌

(

0.02‌)

–‌

(

0.02‌)

13.53‌

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

Institutional

shares

2022

13.54‌

0.35‌

(

0.17‌)

0.18‌

(

0.83‌)

(

0.16‌)

(

0.99‌)

12.73‌

2021

11.14‌

0.24‌

2.22‌

2.46‌

(

0.06‌)

–‌

(

0.06‌)

13.54‌

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

R-3

shares

2022

13.43‌

0.27‌

(

0.15‌)

0.12‌

(

0.74‌)

(

0.16‌)

(

0.90‌)

12.65‌

2021

11.07‌

0.18‌

2.20‌

2.38‌

(

0.02‌)

–‌

(

0.02‌)

13.43‌

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

R-5

shares

2022

13.51‌

0.33‌

(

0.16‌)

0.17‌

(

0.80‌)

(

0.16‌)

(

0.96‌)

12.72‌

2021

11.10‌

0.21‌

2.23‌

2.44‌

(

0.03‌)

–‌

(

0.03‌)

13.51‌

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

R-6

shares

2022

13.53‌

0.35‌

(

0.16‌)

0.19‌

(

0.84‌)

(

0.16‌)

(

1.00‌)

12.72‌

2021

11.14‌

0.28‌

2.18‌

2.46‌

(

0.07‌)

–‌

(

0.07‌)

13.53‌

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

See

accompanying

notes.

187

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

0.95‌

%

(b)

$

150,176‌

1.20‌

%

(c)

2.34‌

%

90.9‌

%

21.79‌

(b)

83,941‌

1.20‌

(c)

1.74‌

70.0‌

0.89‌

(b)

43,485‌

1.19‌

(c)

1.57‌

85.4‌

(1.11‌)

(b)

54,880‌

1.22‌

(c)

2.35‌

71.5‌

3.36‌

(b)

107,180‌

1.22‌

(c)

2.05‌

84.1‌

1.35‌

2,624,597‌

0.83‌

(c)

2.61‌

90.9‌

22.18‌

2,086,484‌

0.83‌

(c)

1.97‌

70.0‌

1.36‌

1,960,593‌

0.84‌

(c)

1.95‌

85.4‌

(0.83‌)

2,388,382‌

0.85‌

(c)

2.74‌

71.5‌

3.72‌

2,518,033‌

0.85‌

(c)

2.45‌

84.1‌

0.89‌

274‌

1.33‌

(c)

2.06‌

90.9‌

21.47‌

225‌

1.34‌

(c)

1.49‌

70.0‌

0.78‌

138‌

1.36‌

(c)

1.39‌

85.4‌

(1.27‌)

113‌

1.36‌

(c)

2.22‌

71.5‌

3.15‌

81‌

1.35‌

(c)

1.99‌

84.1‌

1.24‌

73‌

1.02‌

(c)

2.49‌

90.9‌

21.99‌

38‌

1.03‌

(c)

1.71‌

70.0‌

1.01‌

32‌

1.05‌

(c)

1.71‌

85.4‌

(0.92‌)

74‌

1.05‌

(c)

2.71‌

71.5‌

3.53‌

12‌

1.04‌

(c)

2.35‌

84.1‌

1.45‌

1,853,422‌

0.77‌

(c)

2.61‌

90.9‌

22.14‌

2,213,151‌

0.78‌

(c)

2.22‌

70.0‌

1.32‌

1,162,658‌

0.79‌

(c)

1.99‌

85.4‌

(0.68‌)

1,330,773‌

0.79‌

(c)

2.82‌

71.5‌

3.78‌

1,523,846‌

0.79‌

(c)

2.50‌

84.1‌

(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)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

188

Financial

Highlights

Principal

Funds,

Inc.

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

EDGE

MIDCAP

FUND

Class

A

shares

2022

$

18.61‌

$

0.05‌

(

$

1.99‌)

(

$

1.94‌)

(

$

0.04‌)

(

$

4.68‌)

(

$

4.72‌)

$

11.95‌

2021

14.76‌

0.02‌

4.61‌

4.63‌

(

0.05‌)

(

0.73‌)

(

0.78‌)

18.61‌

2020

14.39‌

0.06‌

0.92‌

0.98‌

(

0.11‌)

(

0.50‌)

(

0.61‌)

14.76‌

2019(e)

11.98‌

0.06‌

2.35‌

2.41‌

–‌

–‌

–‌

14.39‌

Institutional

shares

2022

18.71‌

0.10‌

(

2.00‌)

(

1.90‌)

(

0.08‌)

(

4.68‌)

(

4.76‌)

12.05‌

2021

14.83‌

0.08‌

4.62‌

4.70‌

(

0.09‌)

(

0.73‌)

(

0.82‌)

18.71‌

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

R-6

shares

2022

18.78‌

0.11‌

(

2.00‌)

(

1.89‌)

(

0.10‌)

(

4.68‌)

(

4.78‌)

12.11‌

2021

14.88‌

0.09‌

4.65‌

4.74‌

(

0.11‌)

(

0.73‌)

(

0.84‌)

18.78‌

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

See

accompanying

notes.

189

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(13.95‌)

%

(b)

$

16,564‌

1.10‌

%

(c)

0.38‌

%

16.1‌

%

32.16‌

(b)

21,225‌

1.10‌

(c)

0.13‌

14.4‌

6.54‌

(b),(d)

12,547‌

1.10‌

(c)

0.46‌

27.9‌

20.20‌

(b),(d),(f)

5,587‌

1.10‌

(c),(g)

0.59‌

(g)

19.8‌

(13.65‌)

61,125‌

0.77‌

(c)

0.70‌

16.1‌

32.55‌

112,703‌

0.77‌

(c)

0.46‌

14.4‌

6.97‌

82,198‌

0.77‌

(c)

0.79‌

27.9‌

2.47‌

34,358‌

0.82‌

(c)

0.81‌

19.8‌

20.58‌

14,470‌

0.90‌

(c)

1.17‌

17.4‌

(13.54‌)

33,326‌

0.66‌

(c)

0.79‌

16.1‌

32.68‌

451,070‌

0.65‌

(c)

0.57‌

14.4‌

7.11‌

758,215‌

0.66‌

(c)

0.90‌

27.9‌

2.56‌

653,991‌

0.71‌

(c)

0.90‌

19.8‌

20.69‌

657,980‌

0.76‌

(c)

1.15‌

17.4‌

(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)

Reflects

Manager's

contractual

expense

limit.

(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)

Period

from

December

31,

2018,

date

operations

commenced,

through

August

31,

2019.

(f)

Total

return

amounts

have

not

been

annualized.

(g)

Computed

on

an

annualized

basis.

See

accompanying

notes.

190

Financial

Highlights

Principal

Funds,

Inc.

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

Class

A

shares

2022

$

11

.77‌

$

0

.05‌

(

$

0

.35‌

)

(

$

0

.30‌

)

(

$

0

.02‌

)

(

$

0

.39‌

)

$

–‌

(

$

0

.41‌

)

$

11

.06‌

2021

10

.95‌

0

.03‌

0

.93‌

0

.96‌

(

0

.14‌

)

–‌

–‌

(

0

.14‌

)

11

.77‌

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

Institutional

shares

2022

11

.96‌

0

.11‌

(

0

.37‌

)

(

0

.26‌

)

(

0

.07‌

)

(

0

.39‌

)

–‌

(

0

.46‌

)

11

.24‌

2021

11

.12‌

0

.10‌

0

.93‌

1

.03‌

(

0

.19‌

)

–‌

–‌

(

0

.19‌

)

11

.96‌

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

R-6

shares

2022

11

.96‌

0

.10‌

(

0

.35‌

)

(

0

.25‌

)

(

0

.07‌

)

(

0

.39‌

)

–‌

(

0

.46‌

)

11

.25‌

2021

11

.12‌

0

.10‌

0

.93‌

1

.03‌

(

0

.19‌

)

–‌

–‌

(

0

.19‌

)

11

.96‌

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

See

accompanying

notes.

191

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(

2

.60‌

)

%

(b)

$

38,252‌

2

.41‌

%

(c)

2

.08‌

%

(c)

,(d)

0

.47‌

%

123

.2‌

%

8

.71‌

(b)

,(e)

39,485‌

2

.60‌

(c)

2

.12‌

(c)

,(d)

0

.30‌

289

.8‌

3

.01‌

(b)

,(e)

27,072‌

3

.68‌

(c)

,(f)

2

.11‌

(c)

,(d)

,(f)

1

.68‌

439

.7‌

1

.82‌

(b)

41,100‌

3

.37‌

(c)

,(f)

2

.02‌

(c)

,(d)

,(f)

1

.72‌

387

.8‌

0

.90‌

(b)

63,860‌

2

.48‌

(c)

1

.95‌

(c)

,(d)

1

.02‌

378

.0‌

(

2

.19‌

)

364,886‌

1

.96‌

(c)

1

.63‌

(c)

,(d)

0

.92‌

123

.2‌

9

.27‌

(e)

351,188‌

2

.16‌

(c)

1

.63‌

(c)

,(d)

0

.89‌

289

.8‌

3

.44‌

(e)

591,298‌

3

.21‌

(c)

,(f)

1

.64‌

(c)

,(d)

,(f)

1

.98‌

439

.7‌

2

.24‌

453,013‌

2

.99‌

(c)

,(f)

1

.64‌

(c)

,(d)

,(f)

2

.11‌

387

.8‌

1

.29‌

749,738‌

2

.16‌

(c)

1

.63‌

(c)

,(d)

1

.35‌

378

.0‌

(

2

.10‌

)

76,481‌

1

.91‌

(c)

1

.58‌

(c)

,(d)

0

.88‌

123

.2‌

9

.37‌

173,029‌

2

.08‌

(c)

1

.58‌

(c)

,(d)

0

.89‌

289

.8‌

3

.44‌

166,448‌

3

.15‌

(c)

,(f)

1

.58‌

(c)

,(d)

,(f)

2

.74‌

439

.7‌

2

.28‌

818,258‌

2

.91‌

(c)

,(f)

1

.56‌

(c)

,(d)

,(f)

2

.19‌

387

.8‌

1

.25‌

(e)

1,780,595‌

2

.08‌

(c)

1

.55‌

(c)

,(d)

1

.43‌

378

.0‌

(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)

Reflects

Manager's

contractual

expense

limit.

(d)

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.

(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)

Includes

0.01%

of

expenses

associated

with

fund

investments.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

See

accompanying

notes.

192

Financial

Highlights

Principal

Funds,

Inc.

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

2022

$

12

.39‌

$

0

.34‌

(

$

2

.74‌

)

(

$

2

.40‌

)

(

$

0

.36‌

)

(

$

0

.24‌

)

(

$

0

.60‌

)

$

9

.39‌

2021

10

.06‌

0

.27‌

2

.32‌

2

.59‌

(

0

.23‌

)

(

0

.03‌

)

(

0

.26‌

)

12

.39‌

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

R-1

shares

2022

11

.97‌

0

.23‌

(

2

.65‌

)

(

2

.42‌

)

(

0

.25‌

)

(

0

.24‌

)

(

0

.49‌

)

9

.06‌

2021

9

.73‌

0

.16‌

2

.25‌

2

.41‌

(

0

.14‌

)

(

0

.03‌

)

(

0

.17‌

)

11

.97‌

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

R-3

shares

2022

12

.13‌

0

.27‌

(

2

.69‌

)

(

2

.42‌

)

(

0

.29‌

)

(

0

.24‌

)

(

0

.53‌

)

9

.18‌

2021

9

.85‌

0

.19‌

2

.29‌

2

.48‌

(

0

.17‌

)

(

0

.03‌

)

(

0

.20‌

)

12

.13‌

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

R-4

shares

2022

12

.27‌

0

.29‌

(

2

.71‌

)

(

2

.42‌

)

(

0

.31‌

)

(

0

.24‌

)

(

0

.55‌

)

9

.30‌

2021

9

.97‌

0

.22‌

2

.31‌

2

.53‌

(

0

.20‌

)

(

0

.03‌

)

(

0

.23‌

)

12

.27‌

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

R-5

shares

2022

12

.31‌

0

.31‌

(

2

.72‌

)

(

2

.41‌

)

(

0

.33‌

)

(

0

.24‌

)

(

0

.57‌

)

9

.33‌

2021

10

.00‌

0

.24‌

2

.30‌

2

.54‌

(

0

.20‌

)

(

0

.03‌

)

(

0

.23‌

)

12

.31‌

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

R-6

shares

2022

12

.40‌

0

.34‌

(

2

.74‌

)

(

2

.40‌

)

(

0

.36‌

)

(

0

.24‌

)

(

0

.60‌

)

9

.40‌

2021

10

.06‌

0

.27‌

2

.33‌

2

.60‌

(

0

.23‌

)

(

0

.03‌

)

(

0

.26‌

)

12

.40‌

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

See

accompanying

notes.

193

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(

20

.27‌

)

%

$

41,036‌

0

.32‌

%

(b)

,(c)

3

.09‌

%

20

.1‌

%

26

.03‌

50,246‌

0

.31‌

(b)

2

.38‌

21

.7‌

5

.77‌

35,803‌

0

.31‌

(b)

2

.11‌

31

.1‌

(

3

.33‌

)

50,221‌

0

.31‌

(b)

3

.09‌

23

.4‌

3

.69‌

46,042‌

0

.34‌

(b)

2

.54‌

27

.2‌

(

21

.00‌

)

325‌

1

.19‌

(c)

2

.15‌

20

.1‌

24

.95‌

491‌

1

.19‌

1

.46‌

21

.7‌

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

(

20

.75‌

)

10,683‌

0

.88‌

(c)

2

.47‌

20

.1‌

25

.42‌

16,698‌

0

.88‌

1

.75‌

21

.7‌

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

(

20

.53‌

)

8,359‌

0

.69‌

(c)

2

.70‌

20

.1‌

25

.56‌

10,509‌

0

.69‌

1

.96‌

21

.7‌

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

(

20

.45‌

)

13,153‌

0

.57‌

(c)

2

.82‌

20

.1‌

25

.66‌

18,863‌

0

.57‌

2

.08‌

21

.7‌

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

(

20

.25‌

)

912,444‌

0

.30‌

(b)

,(c)

3

.10‌

20

.1‌

26

.14‌

1,151,273‌

0

.29‌

(b)

2

.35‌

21

.7‌

5

.66‌

(d)

1,020,094‌

0

.29‌

(b)

2

.25‌

31

.1‌

(

3

.23‌

)

(d)

1,003,550‌

0

.28‌

(b)

3

.04‌

23

.4‌

3

.80‌

997,061‌

0

.27‌

(b)

2

.67‌

27

.2‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Reflects

Manager's

contractual

expense

limit.

(c)

Includes

0.01%

of

expenses

associated

with

the

reclaim

of

foreign

taxes

paid.

The

expense

is

not

subject

to

the

Manager's

contractual

expense

limit.

(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.

See

accompanying

notes.

194

Financial

Highlights

Principal

Funds,

Inc.

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

2022

$

13

.47‌

$

0

.20‌

(

$

3

.69‌

)

(

$

3

.49‌

)

(

$

0

.16‌

)

(

$

0

.94‌

)

(

$

1

.10‌

)

$

8

.88‌

2021

10

.63‌

0

.12‌

2

.87‌

2

.99‌

(

0

.15‌

)

–‌

(

0

.15‌

)

13

.47‌

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

R-6

shares

2022

13

.55‌

0

.22‌

(

3

.72‌

)

(

3

.50‌

)

(

0

.18‌

)

(

0

.94‌

)

(

1

.12‌

)

8

.93‌

2021

10

.70‌

0

.13‌

2

.87‌

3

.00‌

(

0

.15‌

)

–‌

(

0

.15‌

)

13

.55‌

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

See

accompanying

notes.

195

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(

27

.62‌

)

%

$

49,278‌

1

.16‌

%

(b)

1

.81‌

%

61

.4‌

%

28

.27‌

94,066‌

1

.19‌

(b)

0

.96‌

54

.6‌

4

.49‌

72,515‌

1

.20‌

(b)

0

.88‌

44

.1‌

(

7

.31‌

)

34,866‌

1

.20‌

(b)

1

.36‌

46

.8‌

6

.63‌

18,212‌

1

.20‌

(b)

1

.19‌

45

.9‌

(

27

.61‌

)

655,371‌

1

.08‌

(b)

2

.00‌

61

.4‌

28

.27‌

1,087,460‌

1

.08‌

(b)

1

.11‌

54

.6‌

4

.67‌

966,964‌

1

.08‌

(b)

0

.91‌

44

.1‌

(

7

.20‌

)

855,932‌

1

.07‌

(b)

1

.36‌

46

.8‌

6

.79‌

976,593‌

1

.06‌

(b)

1

.06‌

45

.9‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

196

Financial

Highlights

Principal

Funds,

Inc.

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

2022

$

11

.71‌

$

0

.36‌

(

$

1

.91‌

)

(

$

1

.55‌

)

(

$

0

.36‌

)

(

$

0

.36‌

)

$

9

.80‌

2021

10

.96‌

0

.37‌

0

.76‌

1

.13‌

(

0

.38‌

)

(

0

.38‌

)

11

.71‌

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

Institutional

shares

2022

11

.72‌

0

.39‌

(

1

.92‌

)

(

1

.53‌

)

(

0

.39‌

)

(

0

.39‌

)

9

.80‌

2021

10

.97‌

0

.40‌

0

.76‌

1

.16‌

(

0

.41‌

)

(

0

.41‌

)

11

.72‌

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

See

accompanying

notes.

197

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

and

Fees)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

Portfolio

Turnover

Rate

(

13

.42‌

)

%

(b)

$

49,013‌

0

.90‌

%

(c)

0

.84‌

%

(c)

,(d)

3

.32‌

%

52

.4‌

%

10

.43‌

(b)

59,266‌

0

.88‌

(c)

0

.84‌

(c)

,(d)

3

.26‌

48

.0‌

0

.62‌

(b)

50,459‌

0

.91‌

(c)

0

.84‌

(c)

,(d)

3

.35‌

76

.6‌

10

.36‌

(b)

53,756‌

0

.98‌

(c)

0

.86‌

(c)

,(d)

4

.01‌

66

.1‌

3

.37‌

(b)

46,667‌

1

.00‌

(c)

0

.90‌

(c)

,(d)

3

.94‌

76

.0‌

(

13

.25‌

)

90,215‌

0

.62‌

(c)

0

.56‌

(c)

,(d)

3

.57‌

52

.4‌

10

.73‌

116,210‌

0

.60‌

(c)

0

.56‌

(c)

,(d)

3

.52‌

48

.0‌

0

.99‌

82,465‌

0

.63‌

(c)

0

.56‌

(c)

,(d)

3

.64‌

76

.6‌

10

.55‌

82,132‌

0

.70‌

(c)

0

.58‌

(c)

,(d)

4

.27‌

66

.1‌

3

.66‌

55,466‌

0

.72‌

(c)

0

.62‌

(c)

,(d)

4

.21‌

76

.0‌

(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)

Reflects

Manager's

contractual

expense

limit.

(d)

Excludes

interest

expense

and

fees

paid

through

inverse

floater

agreements.

See

"Operating

Policies"

in

notes

to

financial

statements.

See

accompanying

notes.

198

Financial

Highlights

Principal

Funds,

Inc.

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

2022

$

14

.16‌

$

0

.30‌

(

$

4

.21‌

)

(

$

3

.91‌

)

(

$

0

.18‌

)

(

$

0

.24‌

)

(

$

0

.42‌

)

$

9

.83‌

2021

12

.36‌

0

.14‌

1

.71‌

1

.85‌

(

0

.05‌

)

–‌

(

0

.05‌

)

14

.16‌

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

Institutional

shares

2022

13

.95‌

0

.35‌

(

4

.15‌

)

(

3

.80‌

)

(

0

.24‌

)

(

0

.24‌

)

(

0

.48‌

)

9

.67‌

2021

12

.17‌

0

.18‌

1

.69‌

1

.87‌

(

0

.09‌

)

–‌

(

0

.09‌

)

13

.95‌

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

R-6

shares

2022

13

.98‌

0

.34‌

(

4

.13‌

)

(

3

.79‌

)

(

0

.26‌

)

(

0

.24‌

)

(

0

.50‌

)

9

.69‌

2021

12

.18‌

0

.22‌

1

.68‌

1

.90‌

(

0

.10‌

)

–‌

(

0

.10‌

)

13

.98‌

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

See

accompanying

notes.

199

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

.32‌

)

%

(b)

$

5,426‌

1

.57‌

%

(c)

2

.45‌

%

48

.7‌

%

14

.95‌

(b)

9,524‌

1

.60‌

(c)

1

.00‌

71

.9‌

17

.73‌

(b)

4,003‌

1

.60‌

(c)

0

.96‌

72

.9‌

(

4

.94‌

)

(b)

2,455‌

1

.66‌

(c)

1

.08‌

59

.4‌

(

3

.49‌

)

(b)

4,384‌

1

.75‌

(c)

0

.97‌

52

.3‌

(

28

.08‌

)

96,342‌

1

.20‌

(c)

2

.97‌

48

.7‌

15

.42‌

124,727‌

1

.20‌

(c)

1

.30‌

71

.9‌

18

.21‌

26,478‌

1

.20‌

(c)

1

.44‌

72

.9‌

(

4

.55‌

)

11,710‌

1

.22‌

(c)

1

.78‌

59

.4‌

(

2

.98‌

)

12,032‌

1

.25‌

(c)

0

.58‌

52

.3‌

(

27

.96‌

)

2,180,550‌

1

.05‌

(c)

2

.85‌

48

.7‌

15

.61‌

3,729,485‌

1

.05‌

(c)

1

.56‌

71

.9‌

18

.30‌

1,827,389‌

1

.07‌

(c)

1

.43‌

72

.9‌

(

4

.42‌

)

1,082,059‌

1

.12‌

(c)

2

.40‌

59

.4‌

(

2

.97‌

)

622,846‌

1

.21‌

(c)

1

.21‌

52

.3‌

(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)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

200

Financial

Highlights

Principal

Funds,

Inc.

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

Class

A

shares

2022

$

17

.01‌

$

0

.20‌

(

$

1

.09‌

)

(

$

0

.89‌

)

(

$

0

.16‌

)

(

$

0

.02‌

)

(

$

0

.18‌

)

$

15

.94‌

2021

11

.91‌

0

.10‌

5

.16‌

5

.26‌

(

0

.16‌

)

–‌

(

0

.16‌

)

17

.01‌

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

Class

C

shares

2022

16

.81‌

0

.07‌

(

1

.09‌

)

(

1

.02‌

)

(

0

.03‌

)

(

0

.02‌

)

(

0

.05‌

)

15

.74‌

2021

11

.78‌

(

0

.01‌

)

5

.11‌

5

.10‌

(

0

.07‌

)

–‌

(

0

.07‌

)

16

.81‌

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

Institutional

shares

2022

17

.11‌

0

.24‌

(

1

.10‌

)

(

0

.86‌

)

(

0

.20‌

)

(

0

.02‌

)

(

0

.22‌

)

16

.03‌

2021

11

.97‌

0

.15‌

5

.18‌

5

.33‌

(

0

.19‌

)

–‌

(

0

.19‌

)

17

.11‌

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

R-6

shares

2022

17

.20‌

0

.26‌

(

1

.12‌

)

(

0

.86‌

)

(

0

.21‌

)

(

0

.02‌

)

(

0

.23‌

)

16

.11‌

2021

12

.03‌

0

.15‌

5

.22‌

5

.37‌

(

0

.20‌

)

–‌

(

0

.20‌

)

17

.20‌

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

See

accompanying

notes.

201

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(

5

.31‌

)

%

(b)

$

145,799‌

1

.12‌

%

(c)

1

.17‌

%

22

.1‌

%

44

.42‌

(b)

148,411‌

1

.12‌

(c)

0

.70‌

74

.6‌

(

12

.55‌

)

(b)

103,382‌

1

.12‌

(c)

1

.20‌

28

.9‌

(

7

.83‌

)

(b)

147,402‌

1

.13‌

(c)

1

.91‌

21

.9‌

13

.93‌

(b)

214,620‌

1

.13‌

(c)

1

.98‌

31

.5‌

(

6

.09‌

)

(b)

45,460‌

1

.87‌

(c)

0

.39‌

22

.1‌

43

.44‌

(b)

69,017‌

1

.87‌

(c)

(

0

.03‌

)

74

.6‌

(

13

.25‌

)

(b)

71,660‌

1

.87‌

(c)

0

.45‌

28

.9‌

(

8

.50‌

)

(b)

118,135‌

1

.88‌

(c)

1

.16‌

21

.9‌

13

.08‌

(b)

170,893‌

1

.88‌

(c)

1

.23‌

31

.5‌

(

5

.08‌

)

749,448‌

0

.85‌

(c)

1

.44‌

22

.1‌

44

.89‌

833,344‌

0

.85‌

(c)

1

.02‌

74

.6‌

(

12

.36‌

)

1,408,105‌

0

.85‌

(c)

1

.47‌

28

.9‌

(

7

.54‌

)

1,892,406‌

0

.86‌

(c)

2

.19‌

21

.9‌

14

.20‌

2,453,527‌

0

.86‌

(c)

2

.25‌

31

.5‌

(

5

.05‌

)

120,396‌

0

.80‌

(c)

1

.54‌

22

.1‌

45

.03‌

61,986‌

0

.79‌

(c)

0

.93‌

74

.6‌

(

12

.24‌

)

9,135‌

0

.79‌

(c)

1

.52‌

28

.9‌

(

7

.54‌

)

8,589‌

0

.79‌

(c)

2

.27‌

21

.9‌

14

.39‌

7,737‌

0

.78‌

(c)

2

.28‌

31

.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)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

202

Financial

Highlights

Principal

Funds,

Inc.

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

GROWTH

FUND

Institutional

shares

2022

$

19

.16‌

(

$

0

.08‌

)

(

$

3

.17‌

)

(

$

3

.25‌

)

(

$

0

.02‌

)

(

$

4

.94‌

)

(

$

4

.96‌

)

$

10

.95‌

2021

14

.33‌

(

0

.06‌

)

6

.31‌

6

.25‌

–‌

(

1

.42‌

)

(

1

.42‌

)

19

.16‌

2020

10

.26‌

(

0

.06‌

)

4

.13‌

4

.07‌

–‌

–‌

–‌

14

.33‌

2019(d)

10

.00‌

(

0

.01‌

)

0

.27‌

0

.26‌

–‌

–‌

–‌

10

.26‌

See

accompanying

notes.

203

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(

21

.76‌

)

%

$

8,707‌

0

.83‌

%

(b)

(

0

.60‌

)

%

161

.6‌

%

44

.49‌

(c)

11,489‌

0

.83‌

(b)

(

0

.33‌

)

148

.4‌

39

.77‌

(c)

7,626‌

0

.83‌

(b)

(

0

.59‌

)

134

.3‌

2

.60‌

(e)

5,131‌

0

.83‌

(b)

,(f)

(

0

.48‌

)

(f)

175

.8‌

(f)

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Reflects

Manager's

contractual

expense

limit.

(c)

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.

(d)

Period

from

June

12,

2019,

date

operations

commenced,

through

August

31,

2019.

(e)

Total

return

amounts

have

not

been

annualized.

(f)

Computed

on

an

annualized

basis.

See

accompanying

notes.

204

Financial

Highlights

Principal

Funds,

Inc.

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

2022

$

10

.64‌

$

0

.37‌

(

$

1

.44‌

)

(

$

1

.07‌

)

(

$

0

.44‌

)

$

–‌

(

$

0

.44‌

)

$

9

.13‌

2021

10

.32‌

0

.38‌

0

.36‌

0

.74‌

(

0

.42‌

)

–‌

(

0

.42‌

)

10

.64‌

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

Class

C

shares

2022

10

.64‌

0

.30‌

(

1

.45‌

)

(

1

.15‌

)

(

0

.36‌

)

–‌

(

0

.36‌

)

9

.13‌

2021

10

.31‌

0

.30‌

0

.37‌

0

.67‌

(

0

.34‌

)

–‌

(

0

.34‌

)

10

.64‌

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

Class

J

shares

2022

10

.32‌

0

.36‌

(

1

.41‌

)

(

1

.05‌

)

(

0

.44‌

)

–‌

(

0

.44‌

)

8

.83‌

2021

10

.01‌

0

.37‌

0

.37‌

0

.74‌

(

0

.43‌

)

–‌

(

0

.43‌

)

10

.32‌

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

Institutional

shares

2022

10

.56‌

0

.39‌

(

1

.44‌

)

(

1

.05‌

)

(

0

.46‌

)

–‌

(

0

.46‌

)

9

.05‌

2021

10

.24‌

0

.40‌

0

.37‌

0

.77‌

(

0

.45‌

)

–‌

(

0

.45‌

)

10

.56‌

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

R-1

shares

2022

10

.50‌

0

.32‌

(

1

.43‌

)

(

1

.11‌

)

(

0

.39‌

)

–‌

(

0

.39‌

)

9

.00‌

2021

10

.19‌

0

.32‌

0

.36‌

0

.68‌

(

0

.37‌

)

–‌

(

0

.37‌

)

10

.50‌

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

See

accompanying

notes.

205

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

(

10

.28‌

)

%

(b)

$

808,228‌

1

.03‌

%

–‌

%

3

.78‌

%

15

.4‌

%

7

.32‌

(b)

971,310‌

1

.04‌

–‌

3

.62‌

21

.6‌

4

.77‌

(b)

844,525‌

1

.05‌

–‌

4

.18‌

18

.1‌

7

.80‌

(b)

732,421‌

1

.06‌

–‌

4

.96‌

19

.8‌

0

.32‌

(b)

655,225‌

1

.06‌

–‌

4

.83‌

12

.3‌

(

10

.98‌

)

(b)

180,824‌

1

.79‌

–‌

3

.01‌

15

.4‌

6

.58‌

(b)

256,799‌

1

.79‌

–‌

2

.89‌

21

.6‌

3

.95‌

(b)

365,817‌

1

.81‌

–‌

3

.44‌

18

.1‌

6

.97‌

(b)

469,674‌

1

.81‌

–‌

4

.21‌

19

.8‌

(

0

.44‌

)

(b)

631,599‌

1

.81‌

–‌

4

.08‌

12

.3‌

(

10

.38‌

)

(b)

36,128‌

1

.01‌

(c)

1

.03‌

(d)

3

.80‌

15

.4‌

7

.50‌

(b)

42,288‌

1

.00‌

(c)

1

.02‌

(d)

3

.68‌

21

.6‌

4

.67‌

(b)

42,554‌

1

.07‌

(c)

1

.10‌

(d)

4

.17‌

18

.1‌

7

.75‌

(b)

45,660‌

1

.13‌

(c)

1

.16‌

(d)

4

.89‌

19

.8‌

0

.38‌

(b)

45,458‌

1

.02‌

(c)

1

.05‌

(d)

4

.87‌

12

.3‌

(

10

.14‌

)

4,213,593‌

0

.79‌

(e)

–‌

4

.01‌

15

.4‌

7

.64‌

5,472,494‌

0

.79‌

(e)

–‌

3

.87‌

21

.6‌

4

.96‌

4,746,270‌

0

.81‌

(e)

–‌

4

.42‌

18

.1‌

8

.12‌

3,591,388‌

0

.81‌

(e)

–‌

5

.21‌

19

.8‌

0

.59‌

3,306,108‌

0

.80‌

(e)

–‌

5

.09‌

12

.3‌

(

10

.81‌

)

476‌

1

.57‌

–‌

3

.23‌

15

.4‌

6

.75‌

620‌

1

.57‌

–‌

3

.10‌

21

.6‌

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

(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)

Reflects

Manager's

contractual

expense

limit

and/or

Distributor's

voluntary

distribution

fee

limit.

(d)

Excludes

expense

reimbursement

from

Manager

and/or

Distributor.

(e)

Reflects

Manager's

contractual

expense

limit.

See

accompanying

notes.

206

Financial

Highlights

Principal

Funds,

Inc.

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

2022

$

10

.48‌

$

0

.35‌

(

$

1

.43‌

)

(

$

1

.08‌

)

(

$

0

.42‌

)

$

–‌

(

$

0

.42‌

)

$

8

.98‌

2021

10

.16‌

0

.35‌

0

.37‌

0

.72‌

(

0

.40‌

)

–‌

(

0

.40‌

)

10

.48‌

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

R-4

shares

2022

10

.45‌

0

.36‌

(

1

.42‌

)

(

1

.06‌

)

(

0

.44‌

)

–‌

(

0

.44‌

)

8

.95‌

2021

10

.14‌

0

.37‌

0

.36‌

0

.73‌

(

0

.42‌

)

–‌

(

0

.42‌

)

10

.45‌

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

R-5

shares

2022

10

.51‌

0

.38‌

(

1

.43‌

)

(

1

.05‌

)

(

0

.45‌

)

–‌

(

0

.45‌

)

9

.01‌

2021

10

.19‌

0

.39‌

0

.36‌

0

.75‌

(

0

.43‌

)

–‌

(

0

.43‌

)

10

.51‌

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

R-6

shares

2022

10

.55‌

0

.40‌

(

1

.43‌

)

(

1

.03‌

)

(

0

.47‌

)

–‌

(

0

.47‌

)

9

.05‌

2021

10

.24‌

0

.41‌

0

.36‌

0

.77‌

(

0

.46‌

)

–‌

(

0

.46‌

)

10

.55‌

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

See

accompanying

notes.

207

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

.53‌

)

%

$

7,838‌

1

.26‌

%

3

.64‌

%

15

.4‌

%

7

.20‌

2,521‌

1

.26‌

3

.38‌

21

.6‌

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

(

10

.41‌

)

938‌

1

.07‌

3

.75‌

15

.4‌

7

.31‌

834‌

1

.07‌

3

.61‌

21

.6‌

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

(

10

.24‌

)

2,726‌

0

.95‌

3

.82‌

15

.4‌

7

.51‌

4,126‌

0

.95‌

3

.72‌

21

.6‌

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

(

9

.97‌

)

1,228,160‌

0

.70‌

4

.11‌

15

.4‌

7

.64‌

1,706,467‌

0

.70‌

(b)

3

.97‌

21

.6‌

5

.17‌

(c)

1,518,101‌

0

.71‌

(b)

4

.52‌

18

.1‌

8

.12‌

(c)

910,863‌

0

.71‌

(b)

5

.32‌

19

.8‌

0

.69‌

1,010,227‌

0

.71‌

(b)

5

.21‌

12

.3‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Reflects

Manager's

contractual

expense

limit.

(c)

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.

Report

of

Independent

Registered

Public

Accounting

Firm

208

To

the

Shareholders

of

Blue

Chip

Fund,

Bond

Market

Index

Fund,

Diversified

Real

Asset

Fund

(consolidated),

Edge

MidCap

Fund,

Global

Multi-Strategy

Fund

(consolidated),

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

and

the

Board

of

Directors

of

Principal

Funds,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Blue

Chip

Fund,

Bond

Market

Index

Fund,

Diversified

Real

Asset

Fund

(consolidated),

Edge

MidCap

Fund,

Global

Multi-Strategy

Fund

(consolidated),

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

(collectively

referred

to

as

the

“Funds”),

(12

of

the

portfolios

constituting

Principal

Funds,

Inc.

(the

“Fund”)),

including

the

schedules

of

investments,

as

of

August

31,

2022,

and

the

related

statements

of

operations

and

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

(12

of

the

portfolios

constituting

the

Fund)

at

August

31,

2022,

and

the

results

of

their

operations,

changes

in

net

assets

and

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

each

of

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Fund’s

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Individual

portfolio

constituting

the

Fund

Statement

of

operations

Statements

of

changes

in

net

assets

Financial

highlights

Blue

Chip

Fund

Bond

Market

Index

Fund

Diversified

Real

Asset

Fund

(consolidated)

Edge

MidCap

Fund

Global

Multi-Strategy

Fund

(consolidated)

International

Equity

Index

Fund

International

Small

Company

Fund

Opportunistic

Municipal

Fund

Origin

Emerging

Markets

Fund

Small-MidCap

Dividend

Income

Fund

Spectrum

Preferred

and

Capital

Securities

Income

Fund

For

the

year

ended

August

31,

2022

For

each

of

the

two

years

in

the

period

ended

August

31,

2022

For

each

of

the

five

years

in

the

period

ended

August

31,

2022

Small-MidCap

Growth

Fund

For

the

year

ended

August

31,

2022

For

each

of

the

two

years

in

the

period

ended

August

31,

2022

For

each

of

the

three

years

in

the

period

ended

August

31,

2022

and

the

period

from

June

12,

2019,

date

operations

commenced,

through

August

31,

2019

Report

of

Independent

Registered

Public

Accounting

Firm

209

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2022,

by

correspondence

with

the

custodian,

agent

banks,

transfer

agents

and

brokers;

when

replies

were

not

received

from

brokers

and

agent

banks,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Principal

investment

companies

since

1969.

Minneapolis,

Minnesota

October

21,

2022

Shareholder

Expense

Example

Principal

Funds,

Inc.

August

31,

2022

(unaudited)

210

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

(

March

1,

2022

to

August

31,

2022

),

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-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

March

1,

2022

Ending

Account

Value

August

31,

2022

Expenses

Paid

During Period

March

1,

2022 to

August

31,

2022

(a)

Beginning

Account

Value

March

1,

2022

Ending

Account

Value

August

31,

2022 

Expenses

Paid

During Period

March

1,

2022 to

August

31,

2022

(a)

Annualized

Expense

Ratio

Blue

Chip

Fund

Class

A

$

1,000.00‌

$

861.46‌

$

4.55‌

$

1,000.00‌

$

1,020.32‌

$

4.94‌

0.97‌

%

Class

C

1,000.00‌

858.50‌

7.82‌

1,000.00‌

1,016.79‌

8.49‌

1.67‌

Class

J

1,000.00‌

862.30‌

3.71‌

1,000.00‌

1,021.22‌

4.02‌

0.79‌

Institutional

1,000.00‌

863.04‌

3.15‌

1,000.00‌

1,021.83‌

3.41‌

0.67‌

R-3

1,000.00‌

860.72‌

5.35‌

1,000.00‌

1,019.46‌

5.80‌

1.14‌

R-4

1,000.00‌

861.60‌

4.46‌

1,000.00‌

1,020.42‌

4.84‌

0.95‌

R-5

1,000.00‌

862.18‌

3.90‌

1,000.00‌

1,021.02‌

4.23‌

0.83‌

R-6

1,000.00‌

863.01‌

2.68‌

1,000.00‌

1,022.33‌

2.91‌

0.57‌

Bond

Market

Index

Fund

Class

J

1,000.00‌

920.43‌

2.28‌

1,000.00‌

1,022.84‌

2.40‌

0.47‌

Institutional

1,000.00‌

922.19‌

0.73‌

1,000.00‌

1,024.45‌

0.77‌

0.15‌

R-1

1,000.00‌

918.63‌

4.93‌

1,000.00‌

1,020.06‌

5.19‌

1.02‌

R-3

1,000.00‌

920.43‌

3.44‌

1,000.00‌

1,021.63‌

3.62‌

0.71‌

R-4

1,000.00‌

920.13‌

2.52‌

1,000.00‌

1,022.58‌

2.65‌

0.52‌

R-5

1,000.00‌

920.86‌

1.94‌

1,000.00‌

1,023.19‌

2.04‌

0.40‌

Diversified

Real

Asset

Fund

Class

A

1,000.00‌

956.85‌

5.92‌

1,000.00‌

1,019.16‌

6.11‌

1.20‌

Institutional

1,000.00‌

959.08‌

4.10‌

1,000.00‌

1,021.02‌

4.23‌

0.83‌

R-3

1,000.00‌

956.59‌

6.56‌

1,000.00‌

1,018.50‌

6.77‌

1.33‌

R-5

1,000.00‌

958.20‌

5.03‌

1,000.00‌

1,020.06‌

5.19‌

1.02‌

R-6

1,000.00‌

959.33‌

3.75‌

1,000.00‌

1,021.37‌

3.87‌

0.76‌

Shareholder

Expense

Example

Principal

Funds,

Inc.

August

31,

2022

(unaudited)

211

Actual

Hypothetical

Beginning

Account

Value

March

1,

2022

Ending

Account

Value

August

31,

2022

Expenses

Paid

During Period

March

1,

2022 to

August

31,

2022

(a)

Beginning

Account

Value

March

1,

2022

Ending

Account

Value

August

31,

2022 

Expenses

Paid

During Period

March

1,

2022 to

August

31,

2022

(a)

Annualized

Expense

Ratio

Edge

MidCap

Fund

Class

A

$

1,000.00‌

$

905.99‌

$

5.28‌

$

1,000.00‌

$

1,019.66‌

$

5.60‌

1.10‌

%

Institutional

1,000.00‌

908.06‌

3.70‌

1,000.00‌

1,021.32‌

3.92‌

0.77‌

R-6

1,000.00‌

908.48‌

3.17‌

1,000.00‌

1,021.88‌

3.36‌

0.66‌

Global

Multi-Strategy

Fund

Class

A

1,000.00‌

982.24‌

12.09‌

1,000.00‌

1,013.01‌

12.28‌

2.42‌

Institutional

1,000.00‌

984.24‌

10.00‌

1,000.00‌

1,015.12‌

10.16‌

2.00‌

R-6

1,000.00‌

985.11‌

9.76‌

1,000.00‌

1,015.38‌

9.91‌

1.95‌

Global

Multi-Strategy

Fund

(Excluding

Dividend

and

Interest

Expense

on

Shorts)

Class

A

1,000.00‌

982.24‌

10.24‌

1,000.00‌

1,014.87‌

10.41‌

2.05‌

Institutional

1,000.00‌

984.24‌

8.15‌

1,000.00‌

1,016.99‌

8.29‌

1.63‌

R-6

1,000.00‌

985.11‌

7.91‌

1,000.00‌

1,017.24‌

8.03‌

1.58‌

International

Equity

Index

Fund

Institutional

1,000.00‌

857.53‌

1.50‌

1,000.00‌

1,023.59‌

1.63‌

0.32‌

R-1

1,000.00‌

853.11‌

5.56‌

1,000.00‌

1,019.21‌

6.06‌

1.19‌

R-3

1,000.00‌

854.75‌

4.11‌

1,000.00‌

1,020.77‌

4.48‌

0.88‌

R-4

1,000.00‌

856.35‌

3.23‌

1,000.00‌

1,021.73‌

3.52‌

0.69‌

R-5

1,000.00‌

855.96‌

2.67‌

1,000.00‌

1,022.33‌

2.91‌

0.57‌

R-6

1,000.00‌

857.66‌

1.40‌

1,000.00‌

1,023.69‌

1.53‌

0.30‌

International

Small

Company

Fund

Institutional

1,000.00‌

835.37‌

5.32‌

1,000.00‌

1,019.41‌

5.85‌

1.15‌

R-6

1,000.00‌

835.36‌

5.00‌

1,000.00‌

1,019.76‌

5.50‌

1.08‌

Opportunistic

Municipal

Fund

Class

A

1,000.00‌

905.18‌

4.42‌

1,000.00‌

1,020.57‌

4.69‌

0.92‌

Institutional

1,000.00‌

905.64‌

3.07‌

1,000.00‌

1,021.98‌

3.26‌

0.64‌

Opportunistic

Municipal

Fund

(Excluding

Interest

Expense

and

Fees)

Class

A

1,000.00‌

905.18‌

4.03‌

1,000.00‌

1,020.97‌

4.28‌

0.84‌

Institutional

1,000.00‌

905.64‌

2.69‌

1,000.00‌

1,022.38‌

2.85‌

0.56‌

Origin

Emerging

Markets

Fund

Class

A

1,000.00‌

797.89‌

7.02‌

1,000.00‌

1,017.39‌

7.88‌

1.55‌

Institutional

1,000.00‌

798.51‌

5.44‌

1,000.00‌

1,019.16‌

6.11‌

1.20‌

R-6

1,000.00‌

799.50‌

4.81‌

1,000.00‌

1,019.86‌

5.40‌

1.06‌

Small-MidCap

Dividend

Income

Fund

Class

A

1,000.00‌

923.19‌

5.43‌

1,000.00‌

1,019.56‌

5.70‌

1.12‌

Class

C

1,000.00‌

919.17‌

9.05‌

1,000.00‌

1,015.78‌

9.50‌

1.87‌

Institutional

1,000.00‌

924.29‌

4.12‌

1,000.00‌

1,020.92‌

4.33‌

0.85‌

R-6

1,000.00‌

924.88‌

3.88‌

1,000.00‌

1,021.17‌

4.08‌

0.80‌

Small-MidCap

Growth

Fund

Institutional

1,000.00‌

887.36‌

3.95‌

1,000.00‌

1,021.02‌

4.23‌

0.83‌

Shareholder

Expense

Example

Principal

Funds,

Inc.

August

31,

2022

(unaudited)

212

Actual

Hypothetical

Beginning

Account

Value

March

1,

2022

Ending

Account

Value

August

31,

2022

Expenses

Paid

During Period

March

1,

2022 to

August

31,

2022

(a)

Beginning

Account

Value

March

1,

2022

Ending

Account

Value

August

31,

2022 

Expenses

Paid

During Period

March

1,

2022 to

August

31,

2022

(a)

Annualized

Expense

Ratio

Spectrum

Preferred

and

Capital

Securities

Income

Fund

Class

A

$

1,000.00‌

$

944.22‌

$

5.05‌

$

1,000.00‌

$

1,020.01‌

$

5.24‌

1.03‌

%

Class

C

1,000.00‌

940.57‌

8.71‌

1,000.00‌

1,016.23‌

9.05‌

1.78‌

Class

J

1,000.00‌

943.57‌

5.00‌

1,000.00‌

1,020.06‌

5.19‌

1.02‌

Institutional

1,000.00‌

944.95‌

3.82‌

1,000.00‌

1,021.27‌

3.97‌

0.78‌

R-1

1,000.00‌

941.81‌

7.73‌

1,000.00‌

1,017.24‌

8.03‌

1.58‌

R-3

1,000.00‌

943.51‌

6.22‌

1,000.00‌

1,018.80‌

6.46‌

1.27‌

R-4

1,000.00‌

942.97‌

5.29‌

1,000.00‌

1,019.76‌

5.50‌

1.08‌

R-5

1,000.00‌

944.88‌

4.71‌

1,000.00‌

1,020.37‌

4.89‌

0.96‌

R-6

1,000.00‌

945.38‌

3.43‌

1,000.00‌

1,021.68‌

3.57‌

0.70‌

(a)

Expenses

are

equal

to

a

fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Principal

Funds,

Inc.

(unaudited)

213

Notification

of

Source

of

Distributions

Pursuant

to

Rule

19a-1

of

the

Investment

Company

Act

of

1940

As

noted

in

the

table

provided

below,

certain

of

the

Principal

Funds

made

distributions

for

the

months

of

June

2022

and

September

2022

for

which

a

portion

is

estimated

to

be

in

excess

of

the

Fund’s

current

and

accumulated

net

income.

As

of

these

month

ends,

the

estimated

sources

of

these

distributions

were

as

follows:

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

www.principal.com/individuals/dividends-capital-gains-distributions

.

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.

June

2022

Fund

Net

Income

Realized

Gain

Capital

Sources

Diversified

Real

Asset

Fund

0.00%

100.00%

0.00%

September

2022

Fund

Net

Income

Realized

Gain

Capital

Sources

Diversified

Real

Asset

Fund

0.00%

100.00%

0.00%

214

FUND

BOARD

OF

DIRECTORS

AND

OFFICERS

The

Board

of

Directors

(the

“Board”)

has

overall

responsibility

for

overseeing

the

Fund’s

operations

in

accordance

with

the

Investment

Act

of

1940,

as

amended

(the

“1940

Act”),

other

applicable

laws,

and

the

Fund’s

charter.

Each

member

of

the

Board

(“Board

Member”)

serves

on

the

Board

of

the

following

investment

companies

sponsored

by

Principal

Life

Insurance

Company:

Principal

Funds,

Inc.,

Principal

Variable

Contracts

Funds,

Inc.,

Principal

Exchange-Traded

Funds,

and

Principal

Diversified

Select

Real

Asset

Fund

which

are

collectively

referred

to

as

the

“Fund

Complex”.

Board

Members

that

are

affiliated

persons

of

any

investment

advisor,

the

principal

distributor,

or

the

principal

underwriter

of

the

Fund

Complex

are

considered

“interested

persons”

of

the

Fund

(as

defined

in

the

1940

Act)

and

are

shown

below

as

“Interested

Board

Members”.

Board

Members

who

are

not

Interested

Board

Members

are

shown

below

as

“Independent

Board

Members”.

Each

Board

Member

generally

serves

until

the

next

annual

meeting

of

stockholders

or

until

such

Board

Member’s

earlier

death,

resignation,

or

removal.

Independent

Board

Members

have

a

72-year

age

limit

and,

for

Independent

Board

Members

elected

on

or

after

September

14,

2021,

a

72-year

age

limit

or

a

15-year

term

limit,

whichever

occurs

first.

The

Board

may

waive

the

age

or

term

limits

in

the

Board’s

discretion.

Officers

serve

at

the

pleasure

of

the

Board,

and

each

officer

has

the

same

position

with

each

investment

company

in

the

Fund

Complex.

INDEPENDENT

BOARD

MEMBERS

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Leroy

T.

Barnes,

Jr.

Board

Member

since

2012

Member,

Audit

Committee

1951

Retired

131

McClatchy

Newspapers,

Inc.;

Frontier

Communications,

Inc.;

formerly,

Herbalife

Ltd.

Craig

Damos

Lead

Independent

Board

Member

since

2020

Board

Member

since

2008

Member,

Nominating

and

Governance

Committee

Member,

Operations

Committee

Member,

Executive

Committee

1954

President,

C.P.

Damos

Consulting

LLC

131

None

Fritz

S.

Hirsch

Board

Member

since

2005

Member,

Nominating

and

Governance

Committee

Chair,

15(c)

Committee

1951

Interim

CEO,

MAM

USA:

February

2020

to

October

2020

131

MAM

USA

Victor

Hymes

Board

Member

since

2020

Chair,

Audit

Committee

Member,

Nominating

and

Governance

Committee

1957

Founder

and

Managing

Member

of

Legato

Capital

Management,

LLC

131

Formerly,

Montgomery

Street

Income

Securities

Inc.

Padelford

(“Padel”)

L.

Lattimer

Board

Member

since

2020

Member,

Operations

Committee

Member,

15(c)

Committee

1961

TBA

Management

Consulting

LLC

131

None

Karen

(“Karrie”)

McMillan

Board

Member

since

2014

Chair,

Operations

Committee

Member,

15(c)

Committee

1961

Founder/Owner,

Tyche

Consulting

LLC

Formerly,

Managing

Director,

Patomak

Global

Partners,

LLC

131

None

215

INTERESTED

BOARD

MEMBERS

Correspondence

intended

for

each

Board

Member

who

is

other

than

an

Interested

Board

Member

may

be

sent

to

655

9th

Street,

Des

Moines,

IA

50392.

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Elizabeth

A.

Nickels

Board

Member

since

2015

Member,

Audit

Committee

Chair,

Nominating

and

Governance

Committee

1962

Retired

131

SpartanNash;

Formerly:

Charlotte

Russe;

Follet

Corporation;

PetSmart;

Spectrum

Health

Systems

Mary

M.

(“Meg”)

VanDeWeghe

Board

Member

since

2018

Member,

Audit

Committee

Member,

15(c)

Committee

1959

CEO

and

President,

Forte

Consulting,

Inc.

131

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

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Timothy

M.

Dunbar

Chair

and

Board

Member

since

2019

Chair,

Executive

Committee

1957

President-Principal

Global

Asset

Management

(“PGAM”),

Principal

Global

Investors,

LLC

(“PGI”)

(2018-2021)

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)

President

–

PGAM,

PFSI

and

PLIC

(2018-2020)

Director,

Post

Advisory

Group,

LLC

(“Post”)

(2018-

2020)

Chair

and

Executive

Vice

President,

RobustWealth,

Inc.

(2018-2020)

131

None

Patrick

G.

Halter

Board

Member

since

2017

Member,

Executive

Committee

1959

Chair,

PGI

since

2018

Chief

Executive

Officer

and

President,

PGI

and

Principal

Real

Estate

Investors,

LLC

(“PREI”)

since

2018

Chief

Operating

Officer,

PGI

(2017-2018)

Director,

PGI

(2003-2018)

Director,

Origin

Asset

Management

LLP

(2018-

2019)

President,

PGAM,

PFSI,

and

PLIC

since

2020

Chief

Executive

Officer

and

President,

PLIC

(2018-

2020)

Chair,

Post

(2017-2020)

Director,

Post

since

2017

Chair,

“PREI”

since

2004

Chief

Executive

Officer,

PREI

(2005-2018)

Chair,

Spectrum

Asset

Management,

Inc.

(“Spectrum”)

since

2017

131

None

216

FUND

COMPLEX

OFFICERS

Name,

Position

Held

with

the

Fund

Complex,

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

Funds

Distributor,

Inc.

(“PFD”)

since

2019

Senior

Executive

Director

and

Chief

Operating

Officer,

PFSI

and

PLIC

since

2020

President,

Principal

Funds,

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

Director,

Spectrum

since

2021

Randy

D.

Bolin

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1961

Vice

President/Associate

General

Counsel,

PGI

since

2016

Vice

President/Associate

General

Counsel,

PFSI

since

2013

Vice

President/Associate

General

Counsel,

PLIC

since

2013

Beth

Graff

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1968

Director

–

Fund

Accounting,

PLIC

since

2016

Gina

L.

Graham

Treasurer

Des

Moines,

IA

50392

1965

Vice

President

and

Treasurer,

PGI

since

2016

Vice

President

and

Treasurer,

PFD

since

2016

Vice

President

and

Treasurer,

PFSI

since

2016

Vice

President

and

Treasurer,

PLIC

since

2016

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

Megan

Hoffmann

Vice

President

and

Controller

Des

Moines,

IA

50392

1979

Director

–

Accounting,

PLIC

since

2020

Assistant

Director

–

Accounting,

PLIC

(2017-2020)

Laura

B.

Latham

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1986

Counsel,

PGI

since

2018

Counsel,

PLIC

since

2018

Diane

K.

Nelson

AML

Officer

Des

Moines,

IA

50392

1965

Chief

Compliance

Officer/AML

Officer,

PSS

since

2015

Tara

Parks

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1983

Director

–

Accounting,

PLIC

since

2019

Tax

Manager

–

ALPS

Fund

Services

(2011-2019)

Deanna

Y.

Pellack

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1987

Counsel,

PLIC

since

2022

Vice

President,

The

Northern

Trust

Company

(2019-

2022)

Second

Vice

President,

The

Northern

Trust

Company

(2014-2019)

Secretary,

Advisers

Investment

Trust

(2021-2022)

Assistant

Secretary,

Advisers

Investment

Trust

(2018-2021)

217

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Sara

L.

Reece

Vice

President

and

Chief

Operating

Officer

Des

Moines,

IA

50392

1975

Vice

President

and

Controller

(2016-2021)

Managing

Director

–

Global

Funds

Ops,

PLIC

since

2021

Managing

Director

–

Financial

Analysis/

Planning,

PLIC

(2021)

Director

-

Accounting,

PLIC

(2015-2021)

Teri

R.

Root

Chief

Compliance

Officer

Des

Moines,

IA

50392

1979

Interim

Chief

Compliance

Officer

-

Funds

(2018)

Deputy

Chief

Compliance

Officer

-

Funds

(2015-

2018)

Chief

Compliance

Officer

–

Funds,

PGI

since

2018

Deputy

Chief

Compliance

Officer,

PGI

(2017-2018)

Vice

President,

PSS

since

2015

Michael

Scholten

Chief

Financial

Officer

Des

Moines,

IA

50392

1979

Chief

Financial

Officer

–

PFD

since

2016

Assistant

Vice

President

and

Actuary,

PLIC

since

2021

Chief

Financial

Officer

–

Funds/Platforms,

PLIC

since

2015

Chief

Financial

Officer,

PSS

since

2015

Adam

U.

Shaikh

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1972

Assistant

General

Counsel,

PGI

since

2018

Counsel,

PGI

(2017-2018)

Counsel,

PLIC

since

2006

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-Treasury,

PGI

since

2013

Assistant

Vice

President-Treasury,

PFD

since

2013

Assistant

Vice

President-Treasury,

PLIC

since

2014

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

218

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

related

materials.

The

Audit

Committee’s

primary

purpose

is

to

assist

the

Board

by

serving

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

Fund

Complex's

business

except

the

power

to

1)

issue

stock,

except

as

permitted

by

law;

2)

recommend

to

the

stockholders

any

action

which

requires

stockholder

approval;

3)

amend

the

bylaws;

or

4)

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.

The

Committee

is

responsible

for

evaluating

Board

membership

and

functions,

committee

membership

and

functions,

insurance

coverage,

and

legal

matters.

The

Committee's

nominating

functions

include

selecting

and

nominating

Independent

Board

Member

candidates

for

election

to

the

Board.

Generally,

the

Committee

requests

nominee

suggestions

from

Board

Members

and

management.

In

addition,

the

Committee

considers

candidates

recommended

by

shareholders

of

the

Fund

Complex.

Recommendations

should

be

submitted

in

writing

to

the

Principal

Funds

Complex

Secretary,

in

care

of

the

Principal

Funds

Complex,

711

High

Street,

Des

Moines,

IA

50392.

Such

recommendations

must

include

all

information

specified

in

the

Committee’s

charter

and

must

conform

with

the

procedures

set

forth

in

Appendix

A

thereto,

which

can

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Clint

L.

Woods

Counsel,

Vice

President,

and

Assistant

Secretary

Des

Moines,

IA

50392

1961

Of

Counsel

(2015-2018)

Vice

President

(2016-2017)

Counsel

(2015-2017)

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary,

PGI

since

2021

Vice

President,

Associate

General

Counsel,

and

Secretary,

PGI

(2020-2021)

PSI

since

2021

PSS

since

2021

Vice

President,

Associate

General

Counsel,

Governance

Officer

and

Secretary,

PREI

since

2020

Vice

President,

Associate

General

Counsel,

Governance

Officer

and

Assistant

Corporate

Secretary,

PGI

(2018-2020)

PFSI

since

2015

PLIC

since

2015

PREI

(2020)

Vice

President,

Associate

General

Counsel

and

Assistant

Corporate

Secretary,

PFD

since

2019

PSI

(2019-2021)

PSS

(2019-2021)

RobustWealth,

Inc.

since

2019

Secretary,

Post

(2020-2021)

Spectrum

(2020-2021)

Assistant

Secretary,

Post

since

2021

Spectrum

since

2021

Jared

A.

Yepsen

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1981

Counsel,

PGI

(2017-2019)

Counsel,

PLIC

since

2015

219

be

found

at

https://www.principalglobal.com/documentdownload/160950.

Examples

of

such

information

include

the

nominee’s

biographical

information;

relevant

educational

and

professional

background

of

the

nominee;

the

number

of

shares

of

each

Fund

owned

of

record

and

beneficially

by

the

nominee

and

by

the

recommending

shareholder;

any

other

information

regarding

the

nominee

that

would

be

required

to

be

disclosed

in

a

proxy

statement

or

other

filing

required

to

be

made

in

connection

with

the

solicitation

of

proxies

for

the

election

of

board

members;

whether

the

nominee

is

an

“interested

person”

of

the

Fund

as

defined

in

the

1940

Act;

and

the

written

consent

of

the

nominee

to

be

named

as

a

nominee

and

serve

as

a

board

member

if

elected.

When

evaluating

a

potential

nominee

for

Independent

Board

Member,

the

Committee

may

consider,

among

other

factors:

educational

background;

relevant

business

and

industry

experience;

whether

the

person

is

an

"interested

person"

of

the

Fund

as

defined

in

the

1940

Act;

and

whether

the

person

is

willing

to

serve,

and

willing

and

able

to

commit

the

time

necessary

to

attend

meetings

and

perform

the

duties

of

an

Independent

Board

Member. In

addition,

the

Committee

may

consider

whether

a

candidate’s

background,

experience,

skills

and

views

would

complement

the

background,

experience,

skills

and

views

of

other

Board

Members

and

would

contribute

to

the

diversity

of

the

Board. The

Committee

meets

with

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

Board

does

not

regularly

use

the

services

of

professional

search

firms

to

identify

or

evaluate

potential

candidates

or

nominees.

The

Operations

Committee’s

primary

purpose

is

to

oversee

the

provision

of

administrative

and

distribution

services

to

the

Fund

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

Prospectuses

dated

December

31,

2021

(and

as

supplemented)

and

the

Statement

of

Additional

Information

dated

December

31,

2021

and

restated

September

22,

2022

(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.principalam.com/prospectuses.

220

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.Principalam.com.

STATEMENT

REGARDING

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

The

Board

of

Directors

of

Principal

Funds,

Inc.

(the

“Board”)

met

on

March

15,

2022

to

review

the

liquidity

risk

management

program

(the

“Program”)

applicable

to

all

series

of

the

Principal

Funds,

Inc.,

(each,

a

“Fund”),

pursuant

to

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”)

for

the

period

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

 At

the

meeting,

the

committee

designated

by

the

Board

to

administer

the

Program,

the

Liquidity

Risk

Management

Committee

(the

“Committee”),

addressed

the

operation,

adequacy

and

effectiveness

of

the

Program,

 the

operation

of

each

Fund’s

highly

liquid

investment

minimum,

where

applicable,

and

any

material

changes

made

to

the

Program

during

the

Reporting

Period.

The

Committee

noted

key

factors

it

considered

when

assessing,

managing

and

reviewing

each

Fund’s

liquidity

risk.

Such

factors

included

each

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

,

including

(a) whether

the

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund,

(b)

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

(c)

the

use

of

borrowings

for

investment

purposes

and

use

of

leveraged

derivatives

and

financial

commitment

obligations;

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources;

and

each

Fund’s

shareholder

ownership

concentration.

There

were

no

material

changes

to

the

Program

during

the

Reporting

Period.

The

Committee

concluded,

based

on

the

operation

of

the

functions

as

described

in

the

Report

that

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule

221

BOARD

CONSIDERATION

OF

INVESTMENT

ADVISORY

CONTRACTS

During

the

period

covered

by

this

report,

the

Board

of

Directors

of

Principal

Funds,

Inc.

(“PFI”)

approved:

(1)

a

new

sub-advisory

agreement

between

Principal

Global

Investors,

LLC

(the

“Manager”)

and

CoreCommodity

Management,

LLC

with

respect

to

the

commodities

investment

sleeve

of

the

Diversified

Real

Asset

Fund;

and

(2)

an

amended

sub-advisory

agreement

between

the

Manager

and

Delaware

investments

Fund

Advisers

with

respect

to

the

fee

schedule

for

the

Diversified

Real

Asset

Fund

CoreCommodity

Management,

LLC

Sub-Advisory

Agreement

–

Diversified

Real

Asset

Fund

On

March

15,

2022,

the

Board

considered

whether

to

approve

a

new

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

between

the

Manager

and

CoreCommodity

Management,

LLC

(the

“Sub-Advisor”)

with

respect

to

the

commodities

investment

sleeve

of

the

Fund.

The

Board

considered

various

factors,

including

the

following,

and

made

certain

findings

and

conclusions

with

regard

thereto,

in

approving

the

Sub-Advisory

Agreement.

Nature,

Quality

and

Extent

of

Services

.

The

Board

considered

the

nature,

quality

and

extent

of

the

services

expected

to

be

provided

under

the

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

the

Sub-Advisor’s

investment

personnel

who

would

be

responsible

for

the

day-

to-day

management

of

the

Fund

and

the

resources

made

available

to

such

personnel.

The

Board

considered

the

Manager’s

program

for

recommending,

monitoring

and

replacing

sub-advisors

and

that

the

Manager

recommended

the

Sub-Advisor

based

upon

that

program.

Investment

Performance.

The

Board

reviewed

the

historical

one

year,

three-year,

and

five-year

performance

returns,

gross

and

net

of

proposed

fees,

as

of

December

31,

2021

of

the

Sub-Advisor

in

a

composite

managed

in

the

proposed

investment

strategy

for

the

commodities

investment

sleeve

of

the

Fund

that

the

Sub-Advisor

is

proposed

to

manage,

as

compared

to

the

historical

performance

returns,

gross

and

net

of

fees,

of

the

current

sub-advisors

to

that

investment

sleeve;

a

relevant

benchmark

index

for

the

sleeve,

and

a

relevant

Morningstar

category.

The

Board

concluded,

based

upon

the

information

provided,

that

the

Sub-Advisor

is

qualified.

Fees,

Economies

of

Scale

and

Profitability.

The

Board

considered

the

proposed

sub-advisory

fee,

noting

that

the

Manager

compensates

sub-advisors

from

its

own

management

fee

so

that

shareholders

pay

only

the

management

fee.

The

Board

considered

whether

there

are

economies

of

scale

with

respect

to

the

sub-advisory

services

to

be

provided

to

the

Fund

under

the

Sub-Advisory

Agreement.

The

Board

noted

that

the

proposed

sub-advisory

fee

schedule

includes

breakpoints.

The

Board

considered

the

Sub-Advisors

representation

that

it

does

not

have

any

advisory

clients

with

a

lower

fee

for

the

specific

mandate

that

it

will

manage

for

the

Fund

and

the

Manager’s

statement

that

it

found

the

proposed

sub-advisory

fee

schedule

to

be

competitive.

On

the

basis

of

the

information

provided,

the

Board

concluded

that

the

proposed

sub-advisory

fee

was

reasonable.

Other

Benefits.

The

Board

also

considered

the

character

and

amount

of

other

fall-out

benefits

to

be

received

by

the

Sub-Advisor.

The

Board

noted

the

Sub-Advisor’s

statement

that

it

does

not

intend

to

use

Fund

commissions

to

buy

Section

28(e)

eligible

products

and

services.

The

Board

further

noted

the

Manager’s

statement

that

there

were

no

known

fall-out

benefits

to

the

Sub-Advisor

to

result

from

its

relationship

to

the

Fund.

Overall

Conclusions.

Based

upon

all

of

the

information

considered

and

the

conclusions

reached,

the

Board

determined

that

the

terms

of

the

Sub-Advisory

Agreement

are

fair

and

reasonable

and

that

approval

of

the

Sub-Advisory

Agreement

is

in

the

best

interests

of

the

Fund.

Delaware

Investments

Fund

Advisers

Amended

Sub-Advisory

Agreement

–

Diversified

Real

Asset

Fund

On

March

15,

2022,

the

Board

considered

whether

to

approve

an

amended

sub-advisory

agreement

(the

“Amended

Sub-Advisory

Agreement”)

between

the

Manager

and

Delaware

Investments

Fund

Advisers

(the

“Sub-Advisor”)

in

connection

with

the

proposal

to

amend

the

sub-

advisory

fee

schedule

to

reduce

the

sub-advisory

fee

rate

payable

at

all

assets

levels

for

the

Fund.

The

Board

reviewed

materials

received

from

the

Manager

regarding

the

proposed

amendment

to

the

Fund’s

Sub-Advisory

Agreement

and

noted

that

because

the

sub-advisory

fees

were

paid

by

the

Manager,

the

amendment

would

not

change

the

management

fee

rate

paid

by

the

Fund.

The

Board

considered

the

Manager’s

representation

that

the

amendment

would

not

reduce

the

quality

or

quantity

of

the

services

the

Sub-Advisor

provides

to

the

Fund

and

that

the

Sub-Advisor’s

obligations

under

the

Sub-Advisory

Agreement

would

remain

the

same

in

all

material

respects.

The

Board

also

considered

that

the

Manager

was

not

proposing

any

material

changes

to

the

terms

of

the

Sub-Advisory

Agreement

other

than

to

the

sub-advisory

fee

schedule.

The

Board

considered

that

they

had

last

approved

the

Sub-Advisory

Agreement

for

the

Fund

during

the

annual

contract

evaluation

process

that

concluded

at

the

Board

of

Directors’

September

2021

meeting.

They

noted

that

during

the

annual

contract

evaluation

process,

they

had

considered

the

nature,

quality

and

extent

of

the

services

provided

by

the

Sub-Advisor

under

the

Sub-Advisory

Agreement

and

had

concluded,

based

upon

the

information

provided,

that

the

terms

of

the

Sub-Advisory

Agreement

were

reasonable

and

that

approval

of

the

Sub-Advisory

Agreement

was

in

the

best

interests

of

the

Fund.

222

Based

upon

all

of

the

information

considered,

the

Board

concluded

that

it

was

in

the

best

interests

of

the

Fund

to

approve

the

amended

Sub-

Advisory

Agreement

and,

accordingly,

recommended

to

the

Board

of

Directors

the

approval

of

the

amended

Sub-Advisory

Agreement.

Federal

Income

Tax

Information

Principal

Funds,

Inc.

August

31,

2022

(unaudited)

223

Long-Term

Capital

Gain

Dividends.

Certain

funds

distributed

long-term

capital

gain

dividends

during

the

fiscal

year

ended

August

31,

2022

.

Details

of

designated

long-term

capital

gain

dividends

for

federal

income

tax

purposes

are

shown

in

the

Notes

to

Financial

Statements.

To

the

extent

necessary

to

distribute

such

capital

gains,

certain

funds

may

also

utilize,

and

hereby

designate,

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

Dividends

Paid

Deduction.

Dividends

Received

Deduction

(“DRD”).

For

corporate

shareholders,

the

funds

designate

the

following

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

DRD

eligible

for

the

calendar

year

ended

December

31,

2021

:

Qualified

Dividend

Income

(“QDI”).

Certain

dividends

paid

by

the

funds

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

funds

designate

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

QDI

eligible

for

the

calendar

year

ended

December

31,

2021

:

Foreign

Taxes

Paid.

The

following

funds

elect

under

the

Internal

Revenue

Code

(“IRC”)

Section

853

to

pass

through

foreign

taxes

paid

to

their

shareholders.

The

funds

designated

the

following

for

federal

income

tax

purposes

for

distributions

made

during

the

taxable

year

ended

August

31,

2022

:

DRD

Blue

Chip

Fund

31.20%

Bond

Market

Index

Fund

0.00

Diversified

Real

Asset

Fund

7.92

Edge

MidCap

Fund

37.66

Global

Multi-Strategy

Fund

18.62

International

Equity

Index

Fund

0.00

International

Small

Company

Fund

0.00

Opportunistic

Municipal

Fund

0.00

Origin

Emerging

Markets

Fund

0.00

Small-MidCap

Dividend

Income

Fund

100.00

Small-MidCap

Growth

Fund

3.35

Spectrum

Preferred

and

Capital

Securities

Income

Fund

41.65

QDI

Blue

Chip

Fund

43.18%

Bond

Market

Index

Fund

0.00

Diversified

Real

Asset

Fund

21.96

Edge

MidCap

Fund

40.44

Global

Multi-Strategy

Fund

30.11

International

Equity

Index

Fund

72.55

International

Small

Company

Fund

100.00

Opportunistic

Municipal

Fund

0.00

Origin

Emerging

Markets

Fund

54.99

Small-MidCap

Dividend

Income

Fund

100.00

Small-MidCap

Growth

Fund

3.47

Spectrum

Preferred

and

Capital

Securities

Income

Fund

81.77

Foreign

Taxes

Per

Share

International

Equity

Index

Fund

$

0.0130

International

Small

Company

Fund

0.0223

Origin

Emerging

Markets

Fund

0.0662

Federal

Income

Tax

Information

Principal

Funds,

Inc.

August

31,

2022

(unaudited)

224

Section

163(j)

Interest

Dividends.

The

fund

below

intends

to

pass

through

Section

163(j)

Interest

Dividends

as

defined

in

Proposed

Treasury

Regulation

§1.163(j)-1(b).

The

fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

163(j)

eligible

for

the

calendar

year

ended

December

31,

2021

:

In

early

2022,

if

applicable,

shareholders

of

record

received

the

above

information

on

QDI,

Foreign

Tax

Credit,

and

Section

199A

for

the

distribution

paid

to

them

by

the

funds

during

the

calendar

year

2021

via

Form

1099.

The

funds

will

notify

shareholders

in

early

2023

of

amounts

paid

to

them

by

the

funds,

including

QDI

and

Foreign

Tax

Credit,

if

any,

during

the

calendar

year

2022

.

This

information

is

given

to

meet

certain

requirements

of

the

IRC

and

should

not

be

used

by

shareholders

for

preparing

their

income

tax

returns.

For

tax

return

preparation

purposes,

please

refer

to

the

information

supplied

with

the

1099-DIV

form

you

will

receive

from

the

fund's

transfer

agent.

The

latest

tax

reporting

supplement

is

available

on

Principal's

Tax

Center

website.

Website:

https://www.principalfunds.com/individual-investor/customer-support/tax-center

Please

consult

your

tax

advisor

if

you

have

any

questions.

163(j)

Interest

Dividends

Bond

Market

Index

Fund

92.56%

Spectrum

Preferred

and

Capital

Securities

Income

Fund

25.36

Principal

Funds

Distributor,

Inc.

711

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Street

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Moines,

IA

50392-6370

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not

use

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PrincipalAM.com

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including

possible

loss

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principal.

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shareholder

report

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general

information

for

the

shareholders

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This

material

is

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distribution

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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

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trademarks

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a

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company,

in

the

United

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and

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Services,

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©

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Services,

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|

FV941AR-01

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2347695

Principal

Capital

Securities

Fund

Class

S

Shares

Annual

Report

August

31

,

2022

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

Economic

&

Financial

Market

Review

1

Capital

Securities

Fund

(unaudited)

2

Financial

Statements

3

Notes

to

Financial

Statements

6

Schedules

of

Investments

12

Financial

Highlights

(includes

performance

information)

20

Report

of

Independent

Registered

Public

Accounting

Firm

22

Shareholder

Expense

Example

23

Supplemental

Information

24

1

Economic

&

Financial

Market

Review

Global

economic

growth

slowed

as

the

economy

entered

its

late

cycle.

Inflation

remained

persistently

high,

but

the

key

driver—oil

prices—

recently

began

falling.

Accelerated

hawkish

monetary

policy

continued

to

present

headwinds.

United

States

(U.S.)

real

Gross

Domestic

Product

(GDP)

grew

at

an

average

quarter-over-quarter

annualized

rate

of

1.8%

in

the

four

quarters

ending

2Q

2022,

with

sequential

contractions

in

last

two

quarters.

Germany

and

Japan

GDP

growth

rates

were

1.7%

and

1.1%,

respectively.

China

GDP

growth

was

challenged

by

a

resurgence

of

COVID

cases

and

a

weakening

housing

market,

and

stimulative

policies

were

more

constrained

than

expected.

Global

manufacturing

Purchasing

Managers’

Index

(PMI)

remained

well

above

50

in

the

last

12

months

(a

number

above

50

indicates

manufacturing

activity

is

expanding

and

a

number

below

50

indicates

contraction),

and

the

latest

reading,

as

of

August

2022,

was

51.0,

4.8

lower

than

August

2021.

The

global

slowdown

was

broad

based

but

developed

markets

readings

were

still

higher.

Geopolitical

disruptions

and

continued

supply

constraints

drove

inflation

up

during

the

last

12

months.

Global

inflation

increased

from

3.5%

in

August

2021

to

7.4%

in

July

2022.

High

inflation

and

the

risk

of

it

getting

“stickier”

led

some

global

central

banks

to

speed

up

their

tightening

paths.

Global

policy

rates

rose

by

97

basis

points

(bps)

in

the

last

twelve

months.

The

United

States

Federal

Reserve

hiked

interest

rates

four

times

with

a

total

225

bps

increase

and

more

hikes

are

being

priced

in.

Hawkish

monetary

policies

have

caused

global

financial

conditions

to

tighten

sharply

since

the

beginning

of

the

year.

Global

earnings

growth

slowed,

but

remained

positive,

in

the

last

12

months

ending

August

2022.

Compared

to

the

same

time

last

year,

MSCI

All

Country

World

Index

(ACWI)

trailing

12

months

earnings

per

share

(TTM

EPS)

grew

by

18%.

MSCI

World

TTM

EPS

increased

by

20%,

much

higher

than

MSCI

EM’s

10%.

Within

developed

markets,

MSCI

Europe

earnings

grew

at

a

faster

pace

than

U.S.

earnings.

Within

the

U.S.,

mid

cap

and

small

cap

stocks

delivered

much

higher

earnings

growth

(34%

and

32%)

than

large

cap

(23%),

and

value

stocks

beat

growth

stocks

(27%

vs.

16%).

Large

tech,

represented

by

the

Nasdaq

100

Index,

delivered

14%

earnings

growth.

Global

equities

outperformed

global

fixed

income

in

the

last

12

months,

but

both

delivered

negative

returns.

In

USD

terms,

MSCI

ACWI

recorded

a

-16%

loss

year-over-year,

while

the

Bloomberg

Global

Aggregate

Corporate

Index

ended

-18%.

Within

equities,

developed

markets

outperformed

emerging

markets

by

7%,

and

the

U.S.

outperformed

developed

markets

ex-U.S.

by

5%.

Among

major

markets,

China

was

the

worst

performer

with

a

-28%

loss,

bringing

MSCI

EM

down

to

-22%.

Within

the

U.S.,

value

was

the

largest

outperformer.

The

Bloomberg

Barclays

U.S.

Treasury

Index

delivered

a

-11%

loss

as

U.S.

10-year

treasury

yields

rose

from

1.31%

to

3.19%.

Global

high

yield

bonds

outperformed

investment

grade

corporate

bonds

and

global

treasury

bonds

by

2%

and

3%

respectively.

DXY

Index,

a

proxy

for

USD

strength,

increased

by

17%.

Commodity

prices,

represented

by

the

S&P

GSCI

Total

Return

Index,

increased

by

42%,

and

Nymex

crude

oil

rose

from

$68.5

to

$89.6

USD/barrel.

*

Unless

otherwise

stated,

data

sources

are

Bloomberg,

FactSet,

and

Principal

Global

Asset

Allocation.

Data

as

of

August

31,

2022.

Index

descriptions:

MSCI

All

Country

World

Index

(ACWI)

Index

includes

large

and

mid

cap

stocks

across

developed

and

emerging

market

countries.

MSCI

World

Index captures

large

and

mid

cap

representation

across

23

Developed

Markets

(DM)

countries.

MSCI

Europe

Index captures

large

and

mid

cap

representation

across

15

Developed

Markets

(DM)

countries

in Europe.

MSCI

Emerging

Markets

Index

consists

of

large

and

mid

cap

companies

across

24

countries

and

represents

10%

of

the

world

market

capitalization.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country

in

each

of

the

24

countries.

Nasdaq

100

Index

is

a

basket

of

the

100

largest,

most

actively

traded

U.S

companies

listed

on

the

Nasdaq

stock

exchange.

The

index

includes

companies

from

various

industries

except

for

the

financial

industry,

like

commercial

and

investment

banks.

Bloomberg

Barclays

Global

Aggregate

Index

is a

flagship

measure

of

global

investment

grade

debt

from

twenty-

four

local

currency

markets.

This

multi-

currency

benchmark

includes

treasury,

government-related,

corporate

and

securitized

fixed-rate

bonds

from

both

developed

and

emerging

markets

issuers.

Bloomberg

U.S.

Treasury

Index

measures

US

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury.

U.S.

Dollar

Index

(USDX,

DXY,

DX)

is

an

index

(or

measure)

of

the

value

of

the

United

States

dollar

relative

to

a

basket

of

foreign

currencies,

often

referred

to

as

a

basket

of

U.S.

trade

partners'

currencies.

S&P

GSCI

Total

Return

Index

is

an

index

of

24

exchange-traded

futures

contracts

that

represent

a

large

portion

of

the

global

commodities

market.

2

Capital

Securities

Fund

Investment

Advisor:

Principal

Global

Investors,

LLC

Sub-Advisor:

Spectrum

Asset

Management,

Inc.

Investment

results

shown

represent

historical

performance

and

do

not

guarantee

future

results.

Your

investment’s

returns

and

principal

values

will

fluctuate

with

changes

in

interest

rates

and

other

market

conditions

so

the

value,

when

redeemed,

may

be

worth

more

or

less

than

original

costs.

Current

performance

may

be

lower

or

higher

than

the

performance

shown.

For

more

information,

including

the

most

recent

month-end

performance,

visit

www.Principalam.com

,

call

your

financial

professional,

or

call

800-222-5852

.

Average

Annual

Total

Returns*

as

of

August

31,

2022

What

contributed

to

or

detracted

from

Fund

performance

during

the

fiscal

year?***

The

investment

seeks

to

provide

current

income.

The

fund

invests

at

least

80%

of

its

net

assets,

plus

any

borrowings

for

investment

purposes,

in

capital

securities

at

the

time

of

purchase.

It

may

invest

up

to

100%

of

its

assets

in

below

investment

grade

(sometimes

called

"junk")

preferred

securities

which

are

rated

at

the

time

of

purchase

Ba1

or

lower

by

Moody's

and

BB+

or

lower

by

S&P

Global,

provided

that

the

issuer

of

such

below

investment

grade

preferred

securities

has

senior

debt

outstanding

that

is

rated

at

the

time

of

purchase

BBB-

or

higher

by

S&P

Global

or

Baa3

or

higher

by

Moody's.

The

markets

were

unsettled

throughout

the

period

at

first

due

to

a

combination

of

Omicron

fears

and

a

US

Federal

Reserve

Bank

policy

shift.

The

Omicron

variant

spiked

global

coronavirus

cases

which

impelled

renewed

fears

and

lockdowns

around

the

globe,

among

other

dysfunctions.

The

US

Central

Bank

started

its

long-awaited

taper

and

began

to

talk

down

inflation

being

more

than

just

transitory.

In

the

process,

the

Fed

changed

its

messaging

to

allow

for

the

possibility

of

a

rate

lift-off

on

federal

funds

to

happen

sooner

than

later

after

markets

had

largely

come

to

accept

that

lift-off

wouldn’t

happen

until

December

2022.

Chairman

Powell

stated

in

his

December

2021

press

conference,

“I

don’t

foresee

that

very

extended

wait”

meaning

that

he

doesn’t

expect

a

very

long

delay

between

completing

the

taper

and

raising

the

federal

funds

rate.

Powell

also

acknowledged

that

the

committee

discussed

potentially

shrinking

the

balance

sheet.

This

heightened

hawkishness

was

a

material

shift

from

the

Fed,

which

caused

yields

on

US

Treasury

yields

to

zoom

swiftly

higher

as

inflation

flashed

its

loudest

alarm

in

four

decades.

The

Fed

moving

from

dismissive

inflation

narratives

to

expeditious

rate

hike

actions

was

a

mea

culpa

that

reset

market

conditions

causing

US

Treasury

valuations

to

reprice

in

one

of

the

negative

trends

over

a

12

month

period

on

record.

As

a

result,

the

capital

securities

sectors

came

under

significant

pressure.

The

price

declines

happened

primarily

in

two

stages

during

the

period:

1)

during

the

first

quarter

of

2022,

duration

explained

most

of

the

price

declines

as

yields

rose

by

about

100

basis

points,

but

spreads

widened

just

modestly

and

2)

during

the

second

quarter

spread

duration

explained

over

half

the

price

declines

as

spreads

widened

by

130

bps

into

May

and

UST

5

year

yields

rose

another

120

bps

too.

The

differential

in

performance

between

investment

grade

and

below

investment

grade

paper

did

not

widen

noticeably

until

the

second

quarter

when

equity

bottomed

below

3800

on

the

S&P

500

index,

which

indicated

elevated

recession

risks.

A

strong

summer

rally

in

equity

then

helped

to

tighten

spreads

from

June

through

July

only

to

give

most

of

the

gains

back

during

August

as

the

Fed

reaffirmed

its

intentions

to

push

rates

higher

and

keep

them

high

for

some

time.

Allocations

to

capital

securities

detracted

from

absolute

performance.

The

Fund

tactics

were

primarily

to

be

underweight

the

retail

$25

par

sector

because

the

Fund

is

intended

to

tactically

allocate

$1,000

par

concentration

to

the

$25

par

preferred

securities

SMA

platforms.

Consequently,

the

Fund

is

overweight

$1,000

par

capital

securities,

which

outperformed

relative

to

the

benchmark.

Value

of

a

$10,000

Investment*

March

14,

2014

-

August

31,

2022

1-Year

5-Year

Since

Inception

Inception

Date

Class

S

Shares

-10.24%

2.77%

4.32%

3/14/14

*Performance

assumes

reinvestment

of

all

dividends

and

capital

gains.

Performance

does

not

reflect

the

impact

of

federal,

state,

or

municipal

taxes.

If

it

did,

performance

would

be

lower.

**Performance

shown

for

the

benchmark

assumes

reinvestment

of

all

dividends

and

distributions.

Indices

are

unmanaged,

and

individuals

cannot

invest

directly

in

an

index.

***Securities

described

in

the

fund

commentary

may

no

longer

be

held

in

the

fund.

Statement

of

Assets

and

Liabilities

Principal

Funds,

Inc.

August

31,

2022

3

See

accompanying

notes.

Amounts

in

thousands,

except

per

share

amounts

Capital

Securities

Fund

Investment

in

securities--at

cost

......................................................................................................................

$

1,247,259‌

Investment

in

affiliated

Funds--at

cost

................................................................................................................

$

6,388‌

Assets

Investment

in

securities--at

value 

......................................................................................................................

$

1,129,868‌

(a)

Investment

in

affiliated

Funds--at

value

.................................................................................................................

6,388‌

Receivables:

Dividends

and

interest

.............................................................................................................................

14,678‌

Expense

reimbursement

from

Manager

...........................................................................................................

28‌

Fund

shares

sold

...................................................................................................................................

1,528‌

Investment

securities

sold

.........................................................................................................................

1,964‌

Total

Assets  

1,154,454‌

Liabilities

Accrued

transfer

agent

fees

.............................................................................................................................

62‌

Accrued

directors'

expenses

.............................................................................................................................

2‌

Accrued

professional

fees

...............................................................................................................................

31‌

Accrued

other

expenses

.................................................................................................................................

14‌

Payables:

Fund

shares

redeemed

.............................................................................................................................

1,433‌

Collateral

obligation

on

securities

loaned,

at

value

.....................................................................................................

9,265‌

Total

Liabilities  

10,807‌

Net

Assets

Applicable

to

Outstanding

Shares

........................................................................................................

$

1,143,647‌

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

...........................................................................................................

$

1,275,100‌

Total

distributable

earnings

(accumulated

loss)

.........................................................................................................

(

131,453‌

)

Total

Net

Assets 

$

1,143,647‌

Capital

Stock

(par

value:

$.01

per

share):

Shares

authorized

........................................................................................................................................

500,000‌

Net

Asset

Value

Per

Share:

Class

S

:

Net

Assets

......................................................................................................................................

$

1,143,647‌

Shares

Issued

and

Outstanding

....................................................................................................................

124,370‌

Net

Asset

Value

per

share

.........................................................................................................................

$

9

.20‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

"Securities

Lending"

in

Notes

to

Financial

Statements.

Statement

of

Operations

Principal

Funds,

Inc.

Year

Ended

August

31,

2022

4

See

accompanying

notes.

Amounts

in

thousands

Capital

Securities

Fund

Net

Investment

Income

(Loss)

Income:

Dividends

from

affiliated

Funds

.......................................................................................................................

$

25‌

Dividends

..............................................................................................................................................

1,096‌

Interest

.................................................................................................................................................

51,821‌

Securities

lending

-

net

................................................................................................................................

82‌

Total

Income

53,024‌

Expenses:

Registration

fees

-

Class

S

............................................................................................................................

47‌

Shareholder

reports

-

Class

S

.........................................................................................................................

9‌

Transfer agent

fees

-

Class

S

..........................................................................................................................

415‌

Chief

compliance

officer

expenses

....................................................................................................................

1‌

Custodian

fees

.........................................................................................................................................

12‌

Directors'

expenses

....................................................................................................................................

22‌

Professional fees

......................................................................................................................................

37‌

Other

expenses

........................................................................................................................................

13‌

Total

Gross

Expenses

556‌

Less:

Reimbursement

from

Manager

-

Class

S

.......................................................................................................

555‌

Total

Net

Expenses

1‌

Net

Investment

Income

(Loss)

53,023‌

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

Net

realized

gain

(loss)

from:

Investment

transactions

...............................................................................................................................

1,168‌

Net

change

in

unrealized

appreciation/(depreciation)

of:

Investments

............................................................................................................................................

(

188,068‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

on

investments

(

186,900‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

133,877‌

)

Statement

of

Changes

in

Net

Assets

Principal

Funds,

Inc.

5

See

accompanying

notes.

Amounts

in

thousands

Capital

Securities

Fund

Year

Ended

August

31,

2022

Year

Ended

August

31,

2021

Operations

Net

investment

income

(loss)

..........................................................................................................

$

53,023‌

$

42,684‌

Net

realized

gain

(loss)

on

investments

................................................................................................

1,168‌

4,876‌

Net

change

in

unrealized

appreciation/(depreciation)

of

investments

.................................................................

(188,068‌)

34,419‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

(133,877‌)

81,979‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

...................................................................

(58,505‌)

(45,215‌)

Total

Dividends

and

Distributions

(58,505‌)

(45,215‌)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

..................................................................................

168,275‌

284,141‌

Total

Increase

(Decrease)

in

Net

Assets

(24,107‌)

320,905‌

Net

Assets

Beginning

of

period

....................................................................................................................

1,167,754‌

846,849‌

End

of

period

..........................................................................................................................

$

1,143,647‌

$

1,167,754‌

Class

S

Capital

Share

Transactions:

Year

Ended

August

31,

2022

Dollars:

Sold

..........................................................................................................

$

453,083

Reinvested

.....................................................................................................

35,848

Redeemed

......................................................................................................

(320,656

)

Net

Increase

(Decrease)

$

168,275

Shares:

Sold

..........................................................................................................

44,622

Reinvested

.....................................................................................................

3,618

Redeemed

......................................................................................................

(32,400

)

Net

Increase

(Decrease)

15,840

Year

Ended

August

31,

2021

Dollars:

Sold

..........................................................................................................

$

438,675

Reinvested

.....................................................................................................

27,537

Redeemed

......................................................................................................

(182,071

)

Net

Increase

(Decrease)

$

284,141

Shares:

Sold

..........................................................................................................

41,354

Reinvested

.....................................................................................................

2,606

Redeemed

......................................................................................................

(17,180

)

Net

Increase

(Decrease)

26,780

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

6

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”),

a

series

of

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

other

series

of

the

Fund

and

other

investment

funds,

which

may

include

closed-end

investment

companies,

exchange-traded

funds,

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered

open-end

investment

companies,

other

than

exchange-traded

funds,

are

valued

at

the

respective

fund’s

closing

net

asset

value

per

share

on

the

day

of

valuation.

The

fund

values

securities,

including

exchange-traded

funds,

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

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

other

series

of

the

Fund

and

other

investment

companies

(collectively,

“Underlying

Funds”)

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

Funds.

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

amortization

of

premiums

and

discounts

and

certain

preferred

securities.

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.

August

31,

2022

7

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

year

ended

August

31,

2022

,

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 expects

the impact

of

the

ASU will

not

have

a

material

impact

on

the

fund’s

financial

statements.

In

June

2022,

the

FASB

issued

ASU

No.

2022-03

Fair

Value

Measurement

(Topic

820);

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

provides

clarifying

guidance

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

Management

expects

the

ASU

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

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.

Effective

April

18,

2022,

interest

paid

and

received

on

borrowings

is

the

average

of

the

current

repurchase

agreement

rate

and

the

bank

loan

rate

plus

the

applicable

margin

of

1.00%.

The

bank

loan

rate

equals

the

higher

of

(i)

the

Federal

Funds

Rate

or

(ii)

the

secured

overnight

financing

rate

plus

.10%

(“Adjusted

SOFR”).

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Prior

to

April

18,

2022,

the

bank

loan

rate

equaled

the

higher

of

(i)

the

Federal

Funds

Rate

or

(ii)

the

One

Month

LIBOR

(or

such

successor

if

no

longer

available)

rate

plus

the

applicable

margin

of

1.25%.

The

interest

income

received

is

included

in

interest

income

on

the

statement

of

operations. The

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statement

of

operations.

The

fund

had

no

outstanding

loans

or borrowings

as

of

August

31,

2022.

During

the

year

ended

August

31,

2022,

the

fund’s

lending

to

the

Facility

was

as

follows

(amounts

in

thousands):

During

the

year

ended

August

31,

2022

,

the

fund’s

borrowing

from

the

Facility

was

as

follows

(amounts

in

thousands): 

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

$250

million,

collectively.

Borrowings

are

made

solely

to

facilitate

the

handling

of

unusual

and/or

unanticipated

short-term

cash

requirements.

Effective

April

18,

2022,

interest

is

charged

to

each

participant,

based

on

its

borrowings,

at

a

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

plus

1.00%.

Prior

to

April

18,

2022,

interest

was

charged

at

an

annual

rate

equal

to

the

higher

of

the

Federal

Funds

Rate

or

the

One

Month

LIBOR

rate

plus

1.25%.

If

the

Federal

Funds

Rate

or

the

Adjusted

SOFR

is

less

than

zero,

it

shall

be

deemed

to

be

zero

for

purposes

of

calculating

such

rate.

Additionally,

a

commitment

fee

is

charged

at

an

annual

rate

of

.15%

on

the

amount

of

the

line

of

credit

which

is

allocated

to

each

participant

based

on

average

net

assets.

The

Average

Daily

Amount

Loaned

Weighted

Average

Annual

Interest

Rate

Capital

Securities

Fund

$

244

0.80

%

Average

Daily

Amount

Borrowed

Weighted

Average

Annual

Interest

Rate

Capital

Securities

Fund

$

33

2.33

%

2.

Significant

Accounting

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

8

interest

expense

associated

with

these

borrowings

is

included

in

other

expenses

on

the

statement

of

operations. During

the year ended

August

31,

2022,

the

fund

did

not

borrow

against

the

line

of

credit.

Contingent

Convertible

Securities.

As

footnoted

in

the

schedule

of

investments, the

fund

invests 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.

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

schedule

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

an

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

their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

Securities

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.

3.

Operating

Policies

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

9

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

certain

foreign

equities,

corporate

bonds,

and

U.S.

Government

and

Government

Agency

Obligations.

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

or

preferred

stocks.

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

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

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

August

31,

2022

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

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*

$

—

$

1,107,102

$

—

$

1,107,102

Investment

Companies

10,995

—

—

10,995

Preferred

Stocks

Energy

2,488

—

—

2,488

Financial

9,707

—

—

9,707

Government

—

5,964

—

5,964

Total

investments

in

securities

$

23,190

$

1,113,066

$

—

$

1,136,256

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

10

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

tax

reclaim

recovery

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.

6.

Investment

Transactions

For

the

year

ended

August

31,

2022,

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 year

ended

August

31,

2022,

the

cost

of

U.S.

government

securities

purchased

and

proceeds

from

U.S.

government

securities

sold

(not

including

short-term

investments)

by

the

fund

were

as

follows

(amounts

in

thousands):

7.

Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the years

ended August

31,

2022 and

August

31,

2021 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,

2022,

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,

2022

,

the

fund

had

approximate

net

capital

loss

carryforwards

as

follows

(amounts

in

thousands):

Purchases

Sales

Capital

Securities

Fund

$

345,018

$

159,202

Purchases

Sales

Capital

Securities

Fund

$

–

$

4,487

Ordinary

Income

2022

2021

Capital

Securities

Fund

$

58,505

$

45,215

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Losses

Net

Unrealized

Appreciation

(Depreciation)

Other

Temporary

Differences

*

Total

Accumulated

Earnings

(Deficit)

Capital

Securities

Fund

$

778

$

—

$

(9,364

)

$

(132,436

)

$

9,569

$

(131,453

)

Short-Term

Long-Term

Total

Capital

Securities

Fund

$

685

$

8,679

$

9,364

4.

Fair

Valuation

(continued)

Notes

to

Financial

Statements

Principal

Funds,

Inc.

August

31,

2022

11

Capital

losses

will

be

carried

forward

with

no

expiration

and

with

the

character

of

the

loss

retained.

For

the

year

ended

August

31,

2022,

the

fund

did

not

utilize

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,

2022

,

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,

2022,

the

fund

did

not

record

reclassifications.

Federal

Income

Tax

Basis.

At

August

31,

2022,

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.

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

$

3,617

$

(136,053)

$

(132,436)

$

1,268,692

7.

Federal

Tax

Information

(continued)

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2022

See

accompanying

notes.

12

INVESTMENT

COMPANIES

-

0.96%

Shares

Held

Value

(000's)

Exchange-Traded

Funds

-

0.13%

Invesco

Preferred

ETF

(a)

119,047‌

$

1,472‌

Money

Market

Funds

-

0.83%

BlackRock

Liquidity

FedFund

-

Institutional

Class

2.03%

(b),(c)

3,134,660‌

3,135‌

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

(b),(c),(d)

6,388,127‌

6,388‌

$

9,523‌

TOTAL

INVESTMENT

COMPANIES

$

10,995‌

PREFERRED

STOCKS

-

1.59%

Shares

Held

Value

(000's)

Banks

-

0.74%

Cullen/Frost

Bankers

Inc

4.45%,

12/15/2025

(e)

59,183‌

$

1,209‌

Fifth

Third

Bancorp

6.63%,

12/31/2023

(a),(e)

14,014‌

359‌

3

Month

USD

LIBOR

+

3.71%

First

Republic

Bank/CA

5.13%,

10/03/2022

(e)

25,021‌

556‌

Fulton

Financial

Corp

5.13%,

01/15/2026

(e)

115,292‌

2,405‌

Morgan

Stanley

6.50%,

12/31/2049

(e)

119,116‌

3,109‌

Valley

National

Bancorp

6.25%,

06/30/2025

(e)

20,342‌

499‌

3

Month

USD

LIBOR

+

3.85%

Webster

Financial

Corp

5.25%,

12/15/2022

(e)

15,345‌

334‌

$

8,471‌

Diversified

Financial

Services

-

0.03%

Affiliated

Managers

Group

Inc

4.20%,

09/30/2061

18,947‌

327‌

Insurance

-

0.08%

Assurant

Inc

5.25%,

01/15/2061

(a)

38,498‌

823‌

Voya

Financial

Inc

5.35%,

09/15/2029

(e)

3,639‌

86‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%

$

909‌

Pipelines

-

0.22%

Enbridge

Inc

6.38%,

04/15/2078

101,327‌

2,488‌

3

Month

USD

LIBOR

+

3.59%

Sovereign

-

0.52%

CoBank

ACB

6.20%,

01/01/2025

(e)

10,000‌

1,025‌

3

Month

USD

LIBOR

+

3.74%

CoBank

ACB

6.25%,

10/01/2022

(e)

38,800‌

3,924‌

3

Month

USD

LIBOR

+

4.56%

Farm

Credit

Bank

of

Texas

6.75%,

09/15/2023

(e),(f)

10,000‌

1,015‌

3

Month

USD

LIBOR

+

4.01%

$

5,964‌

TOTAL

PREFERRED

STOCKS

$

18,159‌

BONDS

-

96.80%

Principal

Amount

(000's)

Value

(000's)

Banks

-

54.50%

Australia

&

New

Zealand

Banking

Group

Ltd/

United

Kingdom

6.75%,

06/15/2026

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

$

1,900‌

$

1,891‌

USD

Swap

Rate

NY

5

Year

+

5.17%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.13%,

11/16/2027

(e),(g),(h)

600‌

513‌

USD

Swap

Semi-Annual

5

Year

+

3.87%

6.50%,

03/05/2025

(e),(g),(h)

9,400‌

8,802‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.19%

Banco

Santander

SA

4.75%,

11/12/2026

(e),(g),(h)

10,000‌

7,970‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.75%

Bank

of

America

Corp

4.38%,

01/27/2027

(e),(g)

2,000‌

1,714‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.76%

6.13%,

04/27/2027

(e),(g)

13,000‌

12,796‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.23%

6.30%,

03/10/2026

(e),(g)

2,000‌

2,037‌

3

Month

USD

LIBOR

+

4.55%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Bank

of

America

Corp  

(continued)

6.50%,

10/23/2024

(e),(g)

$

2,767‌

$

2,784‌

3

Month

USD

LIBOR

+

4.17%

Bank

of

New

York

Mellon

Corp/The

3.70%,

03/20/2026

(e),(g)

25,000‌

22,888‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%

3.75%,

12/20/2026

(e),(g)

19,600‌

16,511‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.63%

4.63%,

09/20/2026

(e),(g)

7,373‌

6,783‌

3

Month

USD

LIBOR

+

3.13%

Bank

of

Nova

Scotia/The

3.63%,

10/27/2081

(g)

7,600‌

5,843‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%

4.90%,

06/04/2025

(e),(g)

24,000‌

22,742‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.55%

Barclays

Bank

PLC

6.28%,

12/15/2034

(e),(g)

5,450‌

5,879‌

3

Month

USD

LIBOR

+

1.55%

Barclays

PLC

4.38%,

03/15/2028

(e),(g),(h)

8,000‌

6,002‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%

7.75%,

09/15/2023

(e),(g),(h)

10,120‌

9,891‌

USD

Swap

Semi-Annual

5

Year

+

4.84%

8.00%,

06/15/2024

(e),(g),(h)

8,000‌

7,863‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%

8.00%,

03/15/2029

(e),(g),(h)

1,200‌

1,161‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.43%

BNP

Paribas

SA

4.50%,

02/25/2030

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

3,500‌

2,704‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%

6.63%,

03/25/2024

(e),(g),(h)

800‌

771‌

USD

Swap

Rate

NY

5

Year

+

4.15%

7.38%,

08/19/2025

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

6,103‌

6,136‌

USD

Swap

Semi-Annual

5

Year

+

5.15%

Citigroup

Inc

3.88%,

02/18/2026

(e),(g)

14,500‌

12,542‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.42%

4.00%,

12/10/2025

(e),(g)

8,000‌

7,020‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%

4.15%,

11/15/2026

(e),(g)

3,800‌

3,220‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

6.25%,

08/15/2026

(e),(g)

1,239‌

1,230‌

3

Month

USD

LIBOR

+

4.52%

Citizens

Financial

Group

Inc

4.00%,

10/06/2026

(e),(g)

3,900‌

3,324‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

5.65%,

10/06/2025

(e),(g)

6,500‌

6,509‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%

6.38%,

04/06/2024

(e),(g)

3,500‌

3,195‌

3

Month

USD

LIBOR

+

3.16%

Comerica

Inc

5.63%,

07/01/2025

(a),(e),(g)

13,000‌

13,030‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.29%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2022

See

accompanying

notes.

13

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Corestates

Capital

III

3.48%,

02/15/2027

(f)

$

22,771‌

$

21,247‌

3

Month

USD

LIBOR

+

0.57%

Credit

Agricole

SA

7.88%,

01/23/2024

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

1,383‌

1,376‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

7.88%,

01/23/2024

(e),(g),(h)

2,300‌

2,288‌

USD

Swap

Semi-Annual

5

Year

+

4.90%

8.13%,

12/23/2025

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

7,232‌

7,404‌

USD

Swap

Semi-Annual

5

Year

+

6.19%

Credit

Suisse

AG

6.50%,

08/08/2023

(h)

600‌

602‌

Credit

Suisse

Group

AG

4.50%,

09/03/2030

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

2,500‌

1,636‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.55%

5.25%,

02/11/2027

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

500‌

376‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%

5.25%,

02/11/2027

(a),(e),(g),(h)

5,000‌

3,759‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%

6.25%,

12/18/2024

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

1,790‌

1,607‌

USD

Swap

Semi-Annual

5

Year

+

3.46%

6.38%,

08/21/2026

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

5,000‌

3,910‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%

7.50%,

12/11/2023

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

6,250‌

5,925‌

USD

Swap

Semi-Annual

5

Year

+

4.60%

9.75%,

06/23/2027

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

15,800‌

15,958‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.38%

Danske

Bank

A/S

6.13%,

03/28/2024

(e),(g),(h)

6,600‌

6,254‌

USD

Swap

Semi-Annual

7

Year

+

3.90%

7.00%,

06/26/2025

(e),(g),(h)

2,000‌

1,900‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%

Fifth

Third

Bancorp

4.50%,

09/30/2025

(e),(g)

2,200‌

2,089‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%

Goldman

Sachs

Group

Inc/The

3.65%,

08/10/2026

(e),(g)

3,100‌

2,513‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%

3.80%,

05/10/2026

(e),(g)

3,000‌

2,482‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%

4.13%,

11/10/2026

(e),(g)

4,000‌

3,426‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.95%

4.95%,

02/10/2025

(e),(g)

1,000‌

940‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%

5.50%,

08/10/2024

(e),(g)

3,500‌

3,457‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%

HSBC

Capital

Funding

Dollar

1

LP

10.18%,

06/30/2030

(e),(f),(g)

1,700‌

2,271‌

3

Month

USD

LIBOR

+

4.98%

10.18%,

06/30/2030

(e),(g)

7,300‌

9,750‌

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

(e),(g),(h)

$

3,000‌

$

2,756‌

USD

Swap

Rate

NY

5

Year

+

3.75%

6.38%,

09/17/2024

(e),(g),(h)

1,300‌

1,250‌

USD

Swap

Rate

NY

5

Year

+

3.71%

6.50%,

03/23/2028

(e),(g),(h)

500‌

465‌

USD

Swap

Rate

NY

5

Year

+

3.61%

Huntington

Bancshares

Inc/OH

4.45%,

10/15/2027

(e),(g)

19,200‌

17,847‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.05%

5.63%,

07/15/2030

(e),(g)

8,750‌

8,487‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.95%

Huntington

Capital

II

2.45%,

06/15/2028

2,400‌

2,181‌

3

Month

USD

LIBOR

+

0.63%

Huntington

National

Bank/The

5.50%,

05/06/2030

(g)

2,000‌

2,017‌

3

Month

USD

LIBOR

+

5.09%

ING

Groep

NV

5.75%,

11/16/2026

(e),(g),(h)

7,000‌

6,459‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%

6.50%,

04/16/2025

(e),(g),(h)

500‌

478‌

USD

Swap

Semi-Annual

5

Year

+

4.45%

6.75%,

04/16/2024

(e),(g),(h)

10,000‌

9,779‌

USD

Swap

Rate

NY

5

Year

+

4.20%

JPMorgan

Chase

&

Co

3.65%,

06/01/2026

(e),(g)

19,000‌

16,482‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%

6.10%,

10/01/2024

(e),(g)

2,100‌

2,067‌

3

Month

USD

LIBOR

+

3.33%

6.75%,

02/01/2024

(e),(g)

3,594‌

3,616‌

3

Month

USD

LIBOR

+

3.78%

KeyCorp

5.00%,

09/15/2026

(e),(g)

3,775‌

3,472‌

3

Month

USD

LIBOR

+

3.61%

KeyCorp

Capital

I

3.02%,

07/01/2028

1,500‌

1,387‌

3

Month

USD

LIBOR

+

0.74%

KeyCorp

Capital

III

7.75%,

07/15/2029

1,500‌

1,684‌

Lloyds

Banking

Group

PLC

7.50%,

06/27/2024

(e),(g),(h)

4,300‌

4,253‌

USD

Swap

Semi-Annual

5

Year

+

4.76%

7.50%,

09/27/2025

(e),(g),(h)

9,050‌

8,773‌

USD

Swap

Semi-Annual

5

Year

+

4.50%

M&T

Bank

Corp

3.50%,

09/01/2026

(e),(g)

8,000‌

6,427‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%

5.13%,

11/01/2026

(e),(g)

4,000‌

3,707‌

3

Month

USD

LIBOR

+

3.52%

6.45%,

02/15/2024

(e),(g)

1,300‌

1,287‌

3

Month

USD

LIBOR

+

3.61%

NatWest

Group

PLC

4.60%,

06/28/2031

(e),(g),(h)

10,000‌

7,497‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%

6.00%,

12/29/2025

(e),(g),(h)

8,000‌

7,518‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.63%

8.00%,

08/10/2025

(e),(g),(h)

1,000‌

998‌

USD

Swap

Semi-Annual

5

Year

+

5.72%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2022

See

accompanying

notes.

14

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Nordea

Bank

Abp

6.13%,

09/23/2024

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

$

4,300‌

$

4,205‌

USD

Swap

Semi-Annual

5

Year

+

3.39%

6.63%,

03/26/2026

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

15,600‌

15,289‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%

Northern

Trust

Corp

4.60%,

10/01/2026

(a),(e),(g)

2,400‌

2,215‌

3

Month

USD

LIBOR

+

3.20%

PNC

Capital

Trust

C

2.15%,

06/01/2028

3,000‌

2,759‌

3

Month

USD

LIBOR

+

0.57%

PNC

Financial

Services

Group

Inc/The

3.40%,

09/15/2026

(e),(g)

2,300‌

1,858‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%

6.00%,

05/15/2027

(e),(g)

13,600‌

13,226‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

Regions

Financial

Corp

5.75%,

06/15/2025

(e),(g)

1,000‌

1,009‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.43%

Skandinaviska

Enskilda

Banken

AB

5.13%,

05/13/2025

(e),(g),(h)

5,000‌

4,738‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.46%

Societe

Generale

SA

7.38%,

10/04/2023

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

5,500‌

5,298‌

USD

Swap

Semi-Annual

5

Year

+

4.30%

7.38%,

10/04/2023

(e),(g),(h)

3,000‌

2,890‌

USD

Swap

Semi-Annual

5

Year

+

4.30%

8.00%,

09/29/2025

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

3,500‌

3,534‌

USD

Swap

Rate

NY

5

Year

+

5.87%

Standard

Chartered

PLC

6.00%,

07/26/2025

(e),(g),(h)

1,000‌

950‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%

7.01%,

07/30/2037

(e),(f),(g)

7,800‌

8,112‌

3

Month

USD

LIBOR

+

1.46%

7.01%,

07/30/2037

(e),(g)

3,600‌

3,744‌

3

Month

USD

LIBOR

+

1.46%

7.75%,

04/02/2023

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

1,000‌

1,004‌

USD

Swap

Semi-Annual

5

Year

+

5.72%

SVB

Financial

Group

4.00%,

05/15/2026

(e),(g)

13,000‌

10,515‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%

4.10%,

02/15/2031

(e),(g)

800‌

600‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.06%

4.25%,

11/15/2026

(e),(g)

5,800‌

4,625‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.07%

Swedbank

AB

5.63%,

09/17/2024

(e),(g),(h)

1,800‌

1,750‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.13%

Truist

Financial

Corp

2.48%,

03/15/2028

2,000‌

1,850‌

3

Month

USD

LIBOR

+

0.65%

3.58%,

05/15/2027

(a)

4,500‌

4,186‌

3

Month

USD

LIBOR

+

0.67%

4.80%,

09/01/2024

(e),(g)

21,120‌

19,619‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Banks

(continued)

Truist

Financial

Corp  

(continued)

4.95%,

09/01/2025

(e),(g)

$

11,430‌

$

11,273‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%

UBS

Group

AG

3.88%,

06/02/2026

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

10,000‌

8,318‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.10%

4.88%,

02/12/2027

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

12,000‌

10,344‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.40%

6.88%,

08/07/2025

(e),(g),(h)

9,200‌

9,114‌

USD

Swap

Semi-Annual

(VS

6

Month)

5

Year

+

4.59%

7.00%,

01/31/2024

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

1,400‌

1,368‌

USD

Swap

Semi-Annual

5

Year

+

4.34%

7.00%,

01/31/2024

(e),(g),(h)

5,000‌

4,884‌

USD

Swap

Semi-Annual

(VS

6

Month)

5

Year

+

4.34%

UniCredit

SpA

8.00%,

06/03/2024

(e),(g),(h)

3,500‌

3,294‌

USD

Swap

Semi-Annual

5

Year

+

5.18%

US

Bancorp

3.70%,

01/15/2027

(e),(g)

32,500‌

27,196‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.54%

Wells

Fargo

&

Co

3.90%,

03/15/2026

(e),(g)

8,800‌

7,755‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%

$

623,330‌

Diversified

Financial

Services

-

6.88%

Ally

Financial

Inc

4.70%,

05/15/2026

(e),(g)

10,500‌

8,662‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%

4.70%,

05/15/2028

(e),(g)

1,200‌

932‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.48%

American

Express

Co

3.55%,

09/15/2026

(e),(g)

24,000‌

20,610‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%

Capital

One

Financial

Corp

3.95%,

09/01/2026

(a),(e),(g)

10,200‌

8,662‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%

Charles

Schwab

Corp/The

4.00%,

06/01/2026

(e),(g)

17,000‌

14,620‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%

5.38%,

06/01/2025

(e),(g)

9,044‌

8,988‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%

7.60%,

11/01/2022

(e)

5,963‌

5,950‌

3

Month

USD

LIBOR

+

4.82%

Depository

Trust

&

Clearing

Corp/The

3.38%,

06/20/2026

(e),(f),(g)

2,500‌

2,000‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%

Discover

Financial

Services

6.13%,

06/23/2025

(e),(g)

8,100‌

8,208‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.78%

$

78,632‌

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2022

See

accompanying

notes.

15

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Electric

-

10.34%

Algonquin

Power

&

Utilities

Corp

4.75%,

01/18/2082

(g)

$

2,500‌

$

2,164‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%

American

Electric

Power

Co

Inc

3.88%,

02/15/2062

(g)

26,000‌

22,123‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%

Dominion

Energy

Inc

4.35%,

01/15/2027

(e),(g)

9,900‌

8,967‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%

4.65%,

12/15/2024

(e),(g)

24,300‌

22,356‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%

5.75%,

10/01/2054

(g)

6,625‌

6,369‌

3

Month

USD

LIBOR

+

3.06%

Duke

Energy

Corp

3.25%,

01/15/2082

(g)

5,000‌

3,995‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.32%

4.88%,

09/16/2024

(e),(g)

19,050‌

17,955‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.39%

Emera

Inc

6.75%,

06/15/2076

(g)

12,500‌

12,624‌

3

Month

USD

LIBOR

+

5.44%

Enel

SpA

8.75%,

09/24/2073

(f),(g)

6,700‌

6,834‌

USD

Swap

Semi-Annual

5

Year

+

5.88%

NextEra

Energy

Capital

Holdings

Inc

3.80%,

03/15/2082

(g)

7,000‌

5,895‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%

4.34%,

10/01/2066

(a)

3,341‌

2,729‌

3

Month

USD

LIBOR

+

2.07%

Southern

Co/The

3.75%,

09/15/2051

(g)

5,100‌

4,411‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%

4.00%,

01/15/2051

(g)

2,000‌

1,852‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.73%

$

118,274‌

Food

-

0.41%

Dairy

Farmers

of

America

Inc

7.13%,

12/01/2026

(e),(f)

5,000‌

4,650‌

Gas

-

0.79%

NiSource

Inc

5.65%,

06/15/2023

(e),(g)

9,695‌

9,016‌

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

(g)

2,100‌

1,918‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%

Insurance

-

14.93%

ACE

Capital

Trust

II

9.70%,

04/01/2030

2,570‌

3,260‌

Allianz

SE

3.20%,

10/30/2027

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

5,000‌

3,808‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%

Allstate

Corp/The

5.75%,

08/15/2053

(g)

7,500‌

6,881‌

3

Month

USD

LIBOR

+

2.94%

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

American

International

Group

Inc

5.75%,

04/01/2048

(g)

$

13,077‌

$

12,390‌

3

Month

USD

LIBOR

+

2.87%

Aon

Corp

8.21%,

01/01/2027

1,000‌

1,070‌

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

5.75%,

08/15/2050

(g)

1,500‌

1,462‌

3

Month

USD

LIBOR

+

3.59%

Argentum

Netherlands

BV

for

Zurich

Insurance

Co

Ltd

5.13%,

06/01/2048

(g)

2,000‌

1,935‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.27%

AXA

SA

6.38%,

12/14/2036

(e),(f),(g)

3,805‌

4,266‌

3

Month

USD

LIBOR

+

2.26%

8.60%,

12/15/2030

2,400‌

2,988‌

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

5.63%,

06/24/2046

(g)

4,900‌

4,918‌

3

Month

USD

LIBOR

+

4.92%

Equitable

Holdings

Inc

4.95%,

09/15/2025

(a),(e),(g)

1,400‌

1,362‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.74%

Everest

Reinsurance

Holdings

Inc

5.29%,

05/01/2067

1,100‌

896‌

3

Month

USD

LIBOR

+

2.39%

Liberty

Mutual

Group

Inc

4.13%,

12/15/2051

(f),(g)

6,500‌

5,371‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%

7.80%,

03/07/2087

(f)

6,100‌

7,038‌

3

Month

USD

LIBOR

+

3.58%

Liberty

Mutual

Insurance

Co

7.70%,

10/15/2097

(f)

1,100‌

1,312‌

Lincoln

National

Corp

4.75%,

04/20/2067

2,245‌

1,676‌

3

Month

USD

LIBOR

+

2.04%

Meiji

Yasuda

Life

Insurance

Co

5.20%,

10/20/2045

(f),(g)

1,000‌

998‌

USD

Swap

Semi-Annual

5

Year

+

4.23%

MetLife

Capital

Trust

IV

7.88%,

12/15/2067

(f)

1,800‌

1,985‌

MetLife

Inc

3.85%,

09/15/2025

(e),(g)

7,200‌

6,688‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%

6.40%,

12/15/2066

700‌

717‌

3

Month

USD

LIBOR

+

2.21%

9.25%,

04/08/2068

(f)

10,372‌

12,375‌

3

Month

USD

LIBOR

+

5.54%

10.75%,

08/01/2069

4,300‌

5,849‌

3

Month

USD

LIBOR

+

7.55%

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

5.88%,

05/23/2042

(f),(g)

3,600‌

3,708‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.98%

Nationwide

Financial

Services

Inc

6.75%,

05/15/2087

500‌

492‌

Nippon

Life

Insurance

Co

2.75%,

01/21/2051

(f),(g)

4,600‌

3,834‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%

2.90%,

09/16/2051

(f),(g)

10,500‌

8,753‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2022

See

accompanying

notes.

16

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

Insurance

(continued)

Nippon

Life

Insurance

Co  

(continued)

5.00%,

10/18/2042

(a),(f),(g)

$

1,525‌

$

1,523‌

3

Month

USD

LIBOR

+

4.24%

5.10%,

10/16/2044

(g)

785‌

783‌

USD

Swap

Semi-Annual

5

Year

+

3.65%

Prudential

Financial

Inc

3.70%,

10/01/2050

(g)

9,500‌

8,241‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.04%

5.63%,

06/15/2043

(g)

9,380‌

9,345‌

3

Month

USD

LIBOR

+

3.92%

Sumitomo

Life

Insurance

Co

3.38%,

04/15/2081

(f),(g)

5,000‌

4,411‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%

6.50%,

09/20/2073

(f),(g)

3,000‌

3,031‌

3

Month

USD

LIBOR

+

4.44%

Voya

Financial

Inc

4.70%,

01/23/2048

(g)

10,300‌

8,554‌

3

Month

USD

LIBOR

+

2.08%

6.13%,

09/15/2023

(e),(g)

1,400‌

1,363‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.36%

Zurich

Finance

Ireland

Designated

Activity

Co

3.00%,

04/19/2051

(g)

26,800‌

21,574‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.78%

3.50%,

05/02/2052

(g)

7,200‌

5,869‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.79%

$

170,726‌

Oil

&

Gas

-

0.79%

BP

Capital

Markets

PLC

4.38%,

06/22/2025

(e),(g)

9,500‌

9,094‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%

Pipelines

-

4.65%

Enbridge

Inc

5.75%,

07/15/2080

(g)

5,000‌

4,696‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%

6.00%,

01/15/2077

(g)

1,500‌

1,429‌

3

Month

USD

LIBOR

+

3.89%

6.25%,

03/01/2078

(g)

11,000‌

10,401‌

3

Month

USD

LIBOR

+

3.64%

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(g)

14,881‌

12,876‌

3

Month

USD

LIBOR

+

3.03%

5.38%,

02/15/2078

(g)

1,300‌

1,069‌

3

Month

USD

LIBOR

+

2.57%

Transcanada

Trust

5.50%,

09/15/2079

(g)

12,500‌

11,498‌

Secured

Overnight

Financing

Rate

+

4.42%

5.60%,

03/07/2082

(g)

7,300‌

6,764‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.99%

5.63%,

05/20/2075

(g)

600‌

580‌

3

Month

USD

LIBOR

+

3.53%

5.88%,

08/15/2076

(g)

4,000‌

3,925‌

3

Month

USD

LIBOR

+

4.64%

$

53,238‌

BONDS

(continued)

Principal

Amount

(000’s)

Value

(000’s)

REITs

-

0.66%

Scentre

Group

Trust

2

4.75%,

09/24/2080

(f),(g)

$

4,000‌

$

3,695‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.38%

5.13%,

09/24/2080

(f),(g)

4,500‌

3,864‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.69%

$

7,559‌

Sovereign

-

0.84%

CoBank

ACB

4.25%,

01/01/2027

(e),(g)

2,000‌

1,740‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.05%

6.25%,

10/01/2026

(e),(g)

1,000‌

995‌

3

Month

USD

LIBOR

+

4.66%

6.45%,

10/01/2027

(e),(g)

5,000‌

5,088‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%

Farm

Credit

Bank

of

Texas

5.70%,

09/15/2025

(e),(f),(g)

1,900‌

1,819‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.42%

$

9,642‌

Telecommunications

-

1.28%

Vodafone

Group

PLC

3.25%,

06/04/2081

(g)

8,000‌

6,914‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%

4.13%,

06/04/2081

(g)

9,250‌

7,257‌

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.77%

7.00%,

04/04/2079

(g)

450‌

465‌

USD

Swap

Semi-Annual

5

Year

+

4.87%

$

14,636‌

Transportation

-

0.56%

BNSF

Funding

Trust

I

6.61%,

12/15/2055

(g)

6,500‌

6,387‌

3

Month

USD

LIBOR

+

2.35%

TOTAL

BONDS

$

1,107,102‌

Total

Investments

$

1,136,256‌

Other

Assets

and

Liabilities

-  0.65%

7,391‌

TOTAL

NET

ASSETS

-

100.00%

$

1,143,647‌

(a)

Security

or

a

portion

of

the

security

was

on

loan.  At

the

end

of

the

period,

the

value

of

these

securities

totaled

$8,920

or

0.78%

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

$9,265

or

0.81%

of

net

assets.

(d)

Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act"))

or

an

affiliate

as

defined

by

the

1940

A

ct

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e)

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.

(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

$216,203

or

18.90%

of

net

assets.

(g)

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.

Schedule

of

Investments

Capital

Securities

Fund

August

31,

2022

See

accompanying

notes.

17

(h)

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".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$237,713

or

20.79%

of

net

assets.

Portfolio

Summary  (unaudited)

Sector

Percent

Financial

77.82‌%

Utilities

11.13‌%

Energy

5.66‌%

Government

1.36‌%

Communications

1.28‌%

Money

Market

Funds

0.83‌%

Industrial

0.73‌%

Consumer,

Non-cyclical

0.41‌%

Investment

Companies

0.13‌%

Other

Assets

and

Liabilities

0.65‌%

TOTAL

NET

ASSETS

100.00%

Affiliated

Securities

August

31,

2021

Purchases

Sales

August

31,

2022

Value

Cost

Proceeds

Value

Principal

Government

Money

Market

Fund

-

Institutional

Class

2.13%

$

12,082‌

$

515,501‌

$

521,195‌

$

6,388‌

$

12,082‌

$

515,501‌

$

521,195‌

$

6,388‌

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

2.13%

$

25‌

$

—‌

$

—‌

$

—‌

$

25‌

$

—‌

$

—‌

$

—‌

Amounts

in

thousands.

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Glossary

to

the

Schedule

of

Investments

August

31,

2022

See

accompanying

notes.

18

Currency

Abbreviations

USD/$

United

States

Dollar

See

accompanying

notes.

20

Financial

Highlights

Principal

Funds,

Inc.

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

2022

$

10

.76‌

$

0

.44‌

(

$

1

.52‌

)

(

$

1

.08‌

)

(

$

0

.48‌

)

(

$

0

.48‌

)

$

9

.20‌

2021

10

.36‌

0

.46‌

0

.43‌

0

.89‌

(

0

.49‌

)

(

0

.49‌

)

10

.76‌

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

See

accompanying

notes.

21

Financial

Highlights

(Continued)

Principal

Funds,

Inc.

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

.24‌

)

%

$

1,143,647‌

0

.00‌

%

(b)

4

.40‌

%

14

.0‌

%

8

.77‌

1,167,754‌

0

.00‌

(b)

4

.34‌

14

.2‌

7

.42‌

846,849‌

0

.00‌

(b)

4

.95‌

14

.0‌

8

.39‌

648,432‌

0

.00‌

(b)

5

.89‌

14

.7‌

0

.87‌

544,446‌

0

.00‌

(b)

5

.67‌

9

.1‌

(a)

Calculated

based

on

average

shares

outstanding

during

the

period.

(b)

Reflects

Manager's

contractual

expense

limit.

Report

of

Independent

Registered

Public

Accounting

Firm

22

To

the

Shareholders

and

the

Board

of

Directors

of

Capital

Securities

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Capital

Securities

Fund

(the

“fund”)

(one

of

the

portfolios

constituting

Principal

Funds,

Inc.

(the

“Fund”)),

including

the

schedule

of

investments,

as

of

August

31,

2022,

and

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

fund

(one

of

the

portfolios

constituting

the

Fund)

at

August

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

its

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Fund

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Fund’s

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2022,

by

correspondence

with

the

custodian

and

transfer

agent.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Principal

investment

companies

since

1969.

Minneapolis,

Minnesota

October

21,

2022

Shareholder

Expense

Example

Principal

Funds,

Inc.

August

31,

2022

(unaudited)

23

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

(

March

1,

2022

to

August

31,

2022

),

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

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

the

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

March

1,

2022

Ending

Account

Value

August

31,

2022

Expenses

Paid

During Period

March

1,

2022 to

August

31,

2022

(a)

Beginning

Account

Value

March

1,

2022

Ending

Account

Value

August

31,

2022 

Expenses

Paid

During Period

March

1,

2022 to

August

31,

2022

(a)

Annualized

Expense

Ratio

Capital

Securities

Fund

Class

S

$

1,000.00‌

$

943.20‌

$

0.00‌

$

1,000.00‌

$

1,025.21‌

$

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

184/365

(to

reflect

the

one-half

year

period).

24

FUND

BOARD

OF

DIRECTORS

AND

OFFICERS

The

Board

of

Directors

(the

“Board”)

has

overall

responsibility

for

overseeing

the

Fund’s

operations

in

accordance

with

the

Investment

Act

of

1940,

as

amended

(the

“1940

Act”),

other

applicable

laws,

and

the

Fund’s

charter.

Each

member

of

the

Board

(“Board

Member”)

serves

on

the

Board

of

the

following

investment

companies

sponsored

by

Principal

Life

Insurance

Company:

Principal

Funds,

Inc.,

Principal

Variable

Contracts

Funds,

Inc.,

Principal

Exchange-Traded

Funds,

and

Principal

Diversified

Select

Real

Asset

Fund

which

are

collectively

referred

to

as

the

“Fund

Complex”.

Board

Members

that

are

affiliated

persons

of

any

investment

advisor,

the

principal

distributor,

or

the

principal

underwriter

of

the

Fund

Complex

are

considered

“interested

persons”

of

the

Fund

(as

defined

in

the

1940

Act)

and

are

shown

below

as

“Interested

Board

Members”.

Board

Members

who

are

not

Interested

Board

Members

are

shown

below

as

“Independent

Board

Members”.

Each

Board

Member

generally

serves

until

the

next

annual

meeting

of

stockholders

or

until

such

Board

Member’s

earlier

death,

resignation,

or

removal.

Independent

Board

Members

have

a

72-year

age

limit

and,

for

Independent

Board

Members

elected

on

or

after

September

14,

2021,

a

72-year

age

limit

or

a

15-year

term

limit,

whichever

occurs

first.

The

Board

may

waive

the

age

or

term

limits

in

the

Board’s

discretion.

Officers

serve

at

the

pleasure

of

the

Board,

and

each

officer

has

the

same

position

with

each

investment

company

in

the

Fund

Complex.

INDEPENDENT

BOARD

MEMBERS

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Leroy

T.

Barnes,

Jr.

Board

Member

since

2012

Member,

Audit

Committee

1951

Retired

131

McClatchy

Newspapers,

Inc.;

Frontier

Communications,

Inc.;

formerly,

Herbalife

Ltd.

Craig

Damos

Lead

Independent

Board

Member

since

2020

Board

Member

since

2008

Member,

Nominating

and

Governance

Committee

Member,

Operations

Committee

Member,

Executive

Committee

1954

President,

C.P.

Damos

Consulting

LLC

131

None

Fritz

S.

Hirsch

Board

Member

since

2005

Member,

Nominating

and

Governance

Committee

Chair,

15(c)

Committee

1951

Interim

CEO,

MAM

USA:

February

2020

to

October

2020

131

MAM

USA

Victor

Hymes

Board

Member

since

2020

Chair,

Audit

Committee

Member,

Nominating

and

Governance

Committee

1957

Founder

and

Managing

Member

of

Legato

Capital

Management,

LLC

131

Formerly,

Montgomery

Street

Income

Securities

Inc.

Padelford

(“Padel”)

L.

Lattimer

Board

Member

since

2020

Member,

Operations

Committee

Member,

15(c)

Committee

1961

TBA

Management

Consulting

LLC

131

None

Karen

(“Karrie”)

McMillan

Board

Member

since

2014

Chair,

Operations

Committee

Member,

15(c)

Committee

1961

Founder/Owner,

Tyche

Consulting

LLC

Formerly,

Managing

Director,

Patomak

Global

Partners,

LLC

131

None

25

INTERESTED

BOARD

MEMBERS

Correspondence

intended

for

each

Board

Member

who

is

other

than

an

Interested

Board

Member

may

be

sent

to

655

9th

Street,

Des

Moines,

IA

50392.

Name,

Position

Held

with

the

Fund

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Elizabeth

A.

Nickels

Board

Member

since

2015

Member,

Audit

Committee

Chair,

Nominating

and

Governance

Committee

1962

Retired

131

SpartanNash;

Formerly:

Charlotte

Russe;

Follet

Corporation;

PetSmart;

Spectrum

Health

Systems

Mary

M.

(“Meg”)

VanDeWeghe

Board

Member

since

2018

Member,

Audit

Committee

Member,

15(c)

Committee

1959

CEO

and

President,

Forte

Consulting,

Inc.

131

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

Complex,

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member

Other

Directorships

Held

by

Board

Member

During

Past

5

Years

Timothy

M.

Dunbar

Chair

and

Board

Member

since

2019

Chair,

Executive

Committee

1957

President-Principal

Global

Asset

Management

(“PGAM”),

Principal

Global

Investors,

LLC

(“PGI”)

(2018-2021)

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)

President

–

PGAM,

PFSI

and

PLIC

(2018-2020)

Director,

Post

Advisory

Group,

LLC

(“Post”)

(2018-

2020)

Chair

and

Executive

Vice

President,

RobustWealth,

Inc.

(2018-2020)

131

None

Patrick

G.

Halter

Board

Member

since

2017

Member,

Executive

Committee

1959

Chair,

PGI

since

2018

Chief

Executive

Officer

and

President,

PGI

and

Principal

Real

Estate

Investors,

LLC

(“PREI”)

since

2018

Chief

Operating

Officer,

PGI

(2017-2018)

Director,

PGI

(2003-2018)

Director,

Origin

Asset

Management

LLP

(2018-

2019)

President,

PGAM,

PFSI,

and

PLIC

since

2020

Chief

Executive

Officer

and

President,

PLIC

(2018-

2020)

Chair,

Post

(2017-2020)

Director,

Post

since

2017

Chair,

“PREI”

since

2004

Chief

Executive

Officer,

PREI

(2005-2018)

Chair,

Spectrum

Asset

Management,

Inc.

(“Spectrum”)

since

2017

131

None

26

FUND

COMPLEX

OFFICERS

Name,

Position

Held

with

the

Fund

Complex,

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

Funds

Distributor,

Inc.

(“PFD”)

since

2019

Senior

Executive

Director

and

Chief

Operating

Officer,

PFSI

and

PLIC

since

2020

President,

Principal

Funds,

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

Director,

Spectrum

since

2021

Randy

D.

Bolin

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1961

Vice

President/Associate

General

Counsel,

PGI

since

2016

Vice

President/Associate

General

Counsel,

PFSI

since

2013

Vice

President/Associate

General

Counsel,

PLIC

since

2013

Beth

Graff

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1968

Director

–

Fund

Accounting,

PLIC

since

2016

Gina

L.

Graham

Treasurer

Des

Moines,

IA

50392

1965

Vice

President

and

Treasurer,

PGI

since

2016

Vice

President

and

Treasurer,

PFD

since

2016

Vice

President

and

Treasurer,

PFSI

since

2016

Vice

President

and

Treasurer,

PLIC

since

2016

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

Megan

Hoffmann

Vice

President

and

Controller

Des

Moines,

IA

50392

1979

Director

–

Accounting,

PLIC

since

2020

Assistant

Director

–

Accounting,

PLIC

(2017-2020)

Laura

B.

Latham

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1986

Counsel,

PGI

since

2018

Counsel,

PLIC

since

2018

Diane

K.

Nelson

AML

Officer

Des

Moines,

IA

50392

1965

Chief

Compliance

Officer/AML

Officer,

PSS

since

2015

Tara

Parks

Vice

President

and

Assistant

Controller

Des

Moines,

IA

50392

1983

Director

–

Accounting,

PLIC

since

2019

Tax

Manager

–

ALPS

Fund

Services

(2011-2019)

Deanna

Y.

Pellack

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1987

Counsel,

PLIC

since

2022

Vice

President,

The

Northern

Trust

Company

(2019-

2022)

Second

Vice

President,

The

Northern

Trust

Company

(2014-2019)

Secretary,

Advisers

Investment

Trust

(2021-2022)

Assistant

Secretary,

Advisers

Investment

Trust

(2018-2021)

27

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Sara

L.

Reece

Vice

President

and

Chief

Operating

Officer

Des

Moines,

IA

50392

1975

Vice

President

and

Controller

(2016-2021)

Managing

Director

–

Global

Funds

Ops,

PLIC

since

2021

Managing

Director

–

Financial

Analysis/

Planning,

PLIC

(2021)

Director

-

Accounting,

PLIC

(2015-2021)

Teri

R.

Root

Chief

Compliance

Officer

Des

Moines,

IA

50392

1979

Interim

Chief

Compliance

Officer

-

Funds

(2018)

Deputy

Chief

Compliance

Officer

-

Funds

(2015-

2018)

Chief

Compliance

Officer

–

Funds,

PGI

since

2018

Deputy

Chief

Compliance

Officer,

PGI

(2017-2018)

Vice

President,

PSS

since

2015

Michael

Scholten

Chief

Financial

Officer

Des

Moines,

IA

50392

1979

Chief

Financial

Officer

–

PFD

since

2016

Assistant

Vice

President

and

Actuary,

PLIC

since

2021

Chief

Financial

Officer

–

Funds/Platforms,

PLIC

since

2015

Chief

Financial

Officer,

PSS

since

2015

Adam

U.

Shaikh

Assistant

Counsel

and

Assistant

Secretary

Des

Moines,

IA

50392

1972

Assistant

General

Counsel,

PGI

since

2018

Counsel,

PGI

(2017-2018)

Counsel,

PLIC

since

2006

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-Treasury,

PGI

since

2013

Assistant

Vice

President-Treasury,

PFD

since

2013

Assistant

Vice

President-Treasury,

PLIC

since

2014

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

28

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

related

materials.

The

Audit

Committee’s

primary

purpose

is

to

assist

the

Board

by

serving

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

Fund

Complex's

business

except

the

power

to

1)

issue

stock,

except

as

permitted

by

law;

2)

recommend

to

the

stockholders

any

action

which

requires

stockholder

approval;

3)

amend

the

bylaws;

or

4)

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.

The

Committee

is

responsible

for

evaluating

Board

membership

and

functions,

committee

membership

and

functions,

insurance

coverage,

and

legal

matters.

The

Committee's

nominating

functions

include

selecting

and

nominating

Independent

Board

Member

candidates

for

election

to

the

Board.

Generally,

the

Committee

requests

nominee

suggestions

from

Board

Members

and

management.

In

addition,

the

Committee

considers

candidates

recommended

by

shareholders

of

the

Fund

Complex.

Recommendations

should

be

submitted

in

writing

to

the

Principal

Funds

Complex

Secretary,

in

care

of

the

Principal

Funds

Complex,

711

High

Street,

Des

Moines,

IA

50392.

Such

recommendations

must

include

all

information

specified

in

the

Committee’s

charter

and

must

conform

with

the

procedures

set

forth

in

Appendix

A

thereto,

which

can

Name,

Position

Held

with

the

Fund

Complex,

Address,

and

Year

of

Birth

Principal

Occupation(s)

During

past

5

years

Clint

L.

Woods

Counsel,

Vice

President,

and

Assistant

Secretary

Des

Moines,

IA

50392

1961

Of

Counsel

(2015-2018)

Vice

President

(2016-2017)

Counsel

(2015-2017)

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary,

PGI

since

2021

Vice

President,

Associate

General

Counsel,

and

Secretary,

PGI

(2020-2021)

PSI

since

2021

PSS

since

2021

Vice

President,

Associate

General

Counsel,

Governance

Officer

and

Secretary,

PREI

since

2020

Vice

President,

Associate

General

Counsel,

Governance

Officer

and

Assistant

Corporate

Secretary,

PGI

(2018-2020)

PFSI

since

2015

PLIC

since

2015

PREI

(2020)

Vice

President,

Associate

General

Counsel

and

Assistant

Corporate

Secretary,

PFD

since

2019

PSI

(2019-2021)

PSS

(2019-2021)

RobustWealth,

Inc.

since

2019

Secretary,

Post

(2020-2021)

Spectrum

(2020-2021)

Assistant

Secretary,

Post

since

2021

Spectrum

since

2021

Jared

A.

Yepsen

Assistant

Tax

Counsel

Des

Moines,

IA

50392

1981

Counsel,

PGI

(2017-2019)

Counsel,

PLIC

since

2015

29

be

found

at

https://www.principalglobal.com/documentdownload/160950.

Examples

of

such

information

include

the

nominee’s

biographical

information;

relevant

educational

and

professional

background

of

the

nominee;

the

number

of

shares

of

each

Fund

owned

of

record

and

beneficially

by

the

nominee

and

by

the

recommending

shareholder;

any

other

information

regarding

the

nominee

that

would

be

required

to

be

disclosed

in

a

proxy

statement

or

other

filing

required

to

be

made

in

connection

with

the

solicitation

of

proxies

for

the

election

of

board

members;

whether

the

nominee

is

an

“interested

person”

of

the

Fund

as

defined

in

the

1940

Act;

and

the

written

consent

of

the

nominee

to

be

named

as

a

nominee

and

serve

as

a

board

member

if

elected.

When

evaluating

a

potential

nominee

for

Independent

Board

Member,

the

Committee

may

consider,

among

other

factors:

educational

background;

relevant

business

and

industry

experience;

whether

the

person

is

an

"interested

person"

of

the

Fund

as

defined

in

the

1940

Act;

and

whether

the

person

is

willing

to

serve,

and

willing

and

able

to

commit

the

time

necessary

to

attend

meetings

and

perform

the

duties

of

an

Independent

Board

Member. In

addition,

the

Committee

may

consider

whether

a

candidate’s

background,

experience,

skills

and

views

would

complement

the

background,

experience,

skills

and

views

of

other

Board

Members

and

would

contribute

to

the

diversity

of

the

Board. The

Committee

meets

with

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

Board

does

not

regularly

use

the

services

of

professional

search

firms

to

identify

or

evaluate

potential

candidates

or

nominees.

The

Operations

Committee’s

primary

purpose

is

to

oversee

the

provision

of

administrative

and

distribution

services

to

the

Fund

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

Prospectuses

dated

December

31,

2021

(and

as

supplemented)

and

the

Statement

of

Additional

Information

dated

December

31,

2021

and

restated

September

22,

2022

(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.principalam.com/prospectuses.

30

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.Principalam.com.

STATEMENT

REGARDING

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

The

Board

of

Directors

of

Principal

Funds,

Inc.

(the

“Board”)

met

on

March

15,

2022

to

review

the

liquidity

risk

management

program

(the

“Program”)

applicable

to

all

series

of

the

Principal

Funds,

Inc.,

(each,

a

“Fund”),

pursuant

to

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”)

for

the

period

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

 At

the

meeting,

the

committee

designated

by

the

Board

to

administer

the

Program,

the

Liquidity

Risk

Management

Committee

(the

“Committee”),

addressed

the

operation,

adequacy

and

effectiveness

of

the

Program,

the

operation

of

each

Fund’s

highly

liquid

investment

minimum,

where

applicable,

and

any

material

changes

made

to

the

Program

during

the

Reporting

Period.

The

Committee

noted

key

factors

it

considered

when

assessing,

managing

and

reviewing

each

Fund’s

liquidity

risk.

Such

factors

included

each

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions,

including

(a) whether

the

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund,

(b)

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

(c)

the

use

of

borrowings

for

investment

purposes

and

use

of

leveraged

derivatives

and

financial

commitment

obligations;

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources;

and

each

Fund’s

shareholder

ownership

concentration.

There

were

no

material

changes

to

the

Program

during

the

Reporting

Period.

The

Committee

concluded,

based

on

the

operation

of

the

functions

as

described

in

the

Report

that

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Federal

Income

Tax

Information

Principal

Funds,

Inc.

August

31,

2022

(unaudited)

31

Dividends

Received

Deduction

(“DRD”).

For

corporate

shareholders,

the

fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

DRD

eligible

for

the

calendar

year

ended

December

31,

2021:

Qualified

Dividend

Income

(“QDI”).

Certain

dividends

paid

by

the

fund

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

QDI

eligible

for

the

calendar

year

ended

December

31,

2021:

Section

163(j)

Interest

Dividends.

The

fund

below

intends

to

pass

through

Section

163(j)

Interest

Dividends

as

defined

in

Proposed

Treasury

Regulation

§1.163(j)-1(b).The

fund

designates

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

163(j)

eligible

for

the

calendar

year

ended

December

31,

2021:

In

early

2022,

if

applicable,

shareholders

of

record

received

the

above

information

on

QDI,

Foreign

Tax

Credit,

and

Section

199A

for

the

distribution

paid

to

them

by

the

fund

during

the

calendar

year

2021

via

Form

1099.

The

fund

will

notify

shareholders

in

early

2023

of

amounts

paid

to

them

by

the

fund,

including

QDI

and

Foreign

Tax

Credit,

if

any,

during

the

calendar

year

2022.

This

information

is

given

to

meet

certain

requirements

of

the

Internal

Revenue

Code

and

should

not

be

used

by

shareholders

for

preparing

their

income

tax

returns.

For

tax

return

preparation

purposes,

please

refer

to

the

information

supplied

with

the

1099-DIV

form

you

will

receive

from

the

fund's

transfer

agent.

The

latest

tax

reporting

supplement

is

available

on

Principal's

Tax

Center

website.

Website:

https://www.principalfunds.com/individual-investor/customer-support/tax-center

Please

consult

your

tax

advisor

if

you

have

any

questions.

DRD

Capital

Securities

Fund

35.18%

QDI

Capital

Securities

Fund

66.68%

163(j)

Interest

Dividends

Capital

Securities

Fund

33.37%

Principal

Funds

Distributor,

Inc.

711

High

Street

Des

Moines,

IA

50392-6370

Do

not

use

this

address

for

business

correspondence

PrincipalAM.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

Financial

Group

®

,

and

Principal

and

the

logomark

design

are

registered

trademarks

of

Principal

Financial

Services,

Inc.,

a

Principal

Financial

Group

company,

in

the

United

States

and

are

trademarks

and

services

marks

of

Principal

Financial

Services,

Inc.,

in

various

countries

around

the

world.

©

2022

Principal

Financial

Services,

Inc.

|

FV903-08

|

10/2022

|

2347716

ITEM 2 – CODE OF ETHICS

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b) Not applicable.

(c) The Registrant has not amended, as described in Item 2(c) of Form N-CSR, its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit in response to Item 13(a)(1).

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

The Registrant's Board has determined that Elizabeth Nickels, a member of the Registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item.

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) Audit Fees.

Ernst & Young is the principal accountant for the registrant. As such, Ernst & Young has audited the financial statements of the registrant and reviewed regulatory filings that include those financial statements. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional services.

August 31, 2021 – $481,084

August 31, 2022 – $518,214

(b) Audit-Related Fees.

Ernst & Young provided audit-related services to the registrant that are not included in response to item 4(a). Those services related to the review of Form N-1A and Form N-14. Ernst & Young has billed the following amounts for those services.

August 31, 2021 - $0

August 31, 2022 - $0

Ernst & Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(c) Tax Fees.

Ernst & Young prepares and reviews the federal income tax returns and federal excise tax returns of the registrant. In connection with this service, Ernst & Young prepares and reviews the calculation of the registrant’s dividend distributions that are included as deductions on the tax returns. Ernst & Young also provides services to identify passive foreign investment companies. Ernst & Young also provides services to understand and comply with tax laws in certain foreign countries and services to determine the taxability of corporate actions. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional tax services.

August 31, 2021 - $155,580

August 31, 2022 - $132,411

Ernst & Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) All Other Fees.

Ernst & Young has not billed the registrant for other products or services during the last two fiscal years.

Ernst & Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(e) (1) Audit Committee Pre-Approval Policy.

  The audit committee of the registrant has adopted the following pre-approval policy:

Policy on Auditor Independence

The purpose of this policy is to ensure the independence of the Principal Funds' primary independent auditor.  This policy is established by the Audit Committee (the "Committee") of the Boards of Directors of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. and the Board of Trustees of Principal Exchange-Traded Funds and Principal Diversified Select Real Asset Fund (the “Funds”) (the “Boards of the Funds”) effective for all engagements of the primary independent auditor.

1.         The primary independent auditor, its subsidiaries and affiliates shall not provide Prohibited Services to the Funds.  For the purposes of this policy, Prohibited Services are:

·

Services that are subject to audit procedure during a financial statement audit;

·

Services where the auditor would act on behalf of management;

·

Services where the auditor is an advocate to the client's position in an adversarial proceeding;

·

Bookkeeping or other services related to the accounting records or financial statements of the Funds, its subsidiaries and affiliates;

·

Financial information systems design and implementation;

·

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

·

Actuarial services;

·

Internal audit functions or human resources;

·

Broker or dealer, investment advisor, or investment banking services;

·

Legal services and expert services unrelated to the audit;

·

Tax planning services related to listed, confidential and aggressive transactions;

·

Personal tax planning services to individuals in a financial reporting oversight role with regard to the Funds (other than members of the Boards of the Funds who are not also officers of the Funds), including the immediate family members of such individuals;

·

Any other service that the Public Company Accounting Oversight Board (PCAOB) determines, by regulation, is impermissible.

2.         (A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits of acquired or divested businesses or review of regulatory filings, any independent auditor provides, shall be approved by the Committee in advance in accordance with the following procedure:

Each quarter, Management will present to the Committee for pre-approval, a detailed description of each particular service, excluding tax services, for which pre-approval is sought and a range of fees for such service.  The Committee may delegate pre-approval authority to one or more of its members provided such delegated member(s) shall present a report of any services approved to the full Committee at its next regularly scheduled meeting.  The Committee Chairperson shall have pre-approval authority for changes to any range of fees applicable to services the Committee previously approved and for new services and the range of fees for such services that arise between regularly scheduled Committee meetings.

Similarly, the primary independent auditor will present to the Committee for pre-approval a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services, and the potential effects of such services on the audit firm’s independence.

In considering whether to pre-approve the primary independent auditor’s provision of non-audit services, the Committee will consider whether the services are compatible with the maintenance of such auditor's independence.  The Committee will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

3.         The provisions of this policy shall apply to all audit and non-audit services provided directly to the Funds.  Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Global Investors, LLC (“PGI”) or an affiliate of PGI that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds.

4.         Not less than annually, the primary independent auditor shall report to the Committee in writing all relationships that may reasonably be thought to bear on independence between the auditor and the Funds or persons in financial reporting oversight roles with respect to any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB.  The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor.  In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.

5.         The Committee shall ensure that the lead (or coordinating) audit partners, as well as the reviewing audit partner, of the Funds' primary independent auditor are rotated at least every five years and subject upon rotation to a five year "time out" period.  All other audit partners of the primary independent auditor, excluding partners who simply consult with others on the audit engagement regarding technical issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.

6.

Neither the Funds nor PGI may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or PGI proposes to hire or promote the Former Employee.  Neither the Funds nor PGI shall, without prior written consent of the primary independent auditor, hire or promote any Former Employee into a role not prohibited above if the Former Employee had provided any services to the Funds or PGI during the 12 months preceding the date of filing of the Funds' most recent annual report with the SEC.  Upon termination of the primary independent auditor, the Funds or PGI shall not, without prior written consent of the former primary independent auditor, hire or promote any Former Employee for a period of up to 12 months from termination.

7.

For persons recently promoted or hired into a financial reporting oversight role (other than members of the Boards of the Funds who are not also officers of the Funds), any personal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.

8.

The phrase "financial reporting oversight role" means a role in which a person is in a position to exercise influence over the contents of the financial statements or anyone who prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

(Adopted by the Audit Committee of the Boards of the Funds on March 10, 2020).

(End of policy)

(e) (2) Pre-Approval Waivers.

There were no services provided to the registrant by Ernst & Young that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Substantially all work in connection with the audit of the registrant’s financial statements was performed by full-time employees of Ernst & Young.

(g)

The aggregate non-audit fees Ernst & Young billed to the registrant, the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant for each of registrant's last two fiscal years were as follows.

August 31, 2021 - $155,580

August 31, 2022 - $132,411

(h)

The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the audit committee are Leroy Barnes, Victor Hymes, Elizabeth Nickels, and Meg VanDeWeghe.

(b) 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 required to be disclosed under Item 2 of Form N-CSR attached hereto as

Exhibit 99.CODE ETH

.

(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 10/07/2022

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 10/07/2022

By /s/ Michael Scholten

              Michael Scholten, Chief Financial Officer

Date 10/07/2022