N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES
 
 
 Investment Company Act file number
 
811-07572
 
Principal Funds, Inc.
(Exact name of registrant as specified in charter)
 
 801 Grand Avenue, Des Moines, IA 50309
(Address of principal executive offices)                                                         (Zip code)
 
Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309
(Name and address of agent for service)
                                                                                               
Registrant’s telephone number, including area code:
515-235-1719
 
Date of fiscal year end:
August 31, 2023
 
Date of reporting period:
February 28, 2023
 

ITEM 1 – REPORT TO STOCKHOLDERS
 
Principal
Funds
Semiannual
Report
February
28,
2023
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up
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Note:
If
your
shares
are
not
held
directly
with
Principal
Funds
but
through
a
brokerage
firm,
please
contact
your
broker
for
electronic
delivery
options
available.
Rev.
11/2022,
PSI
V.5
FACTS
WHAT
DOES
PRINCIPAL
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
•
Social
Security
number,
credit
history,
credit
scores,
income,
or
payment
history
•
Account
transactions,
account
balances,
and
account
investment
experience
•
Medical
information
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
Principal
chooses
to
share;
and
whether
you
can
limit
this
sharing.
REASONS
WE
CAN
SHARE
YOUR
PERSONAL
INFORMATION
DOES
PRINCIPAL
SHARE?
CAN
YOU
LIMIT
THIS
SHARING?
For
our
everyday
business
purposes
—such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—to
offer
our
products
and
services
to
you
Yes
No
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
affiliates’
everyday
business
purposes
—information
about
your
transactions
and
experiences
Yes
No
For
our
affiliates’
everyday
business
purposes
—information
about
your
creditworthiness
No
We
don’t
share
For
our
affiliates
to
market
to
you
No
We
don’t
share
For
nonaffiliates
to
market
to
you
—
All
entities
other
than
Principal
Securities,
Inc.)
No
We
don’t
share
For
nonaffiliates
to
market
to
you
—
(Applies
only
to
Principal
Securities,
Inc.
(“PSI”),
and
only
if
your
financial
professional
changes
their
affiliation
and
leaves
PSI.)
Yes
Yes
To
limit
our
sharing
To
limit
Principal
Securities,
Inc.’s
sharing
with
nonaffiliates,
call
1-800-986-3343
or
visit
https://
www.principal.com/optout-principalsecurities/
.
Please
note:
If
you
are
a
~
new
customer,
we
can
begin
sharing
your
information
45
days
from
the
date
we
sent
this
notice.
When
you
are
~
no
~
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
1-800-986-3343
or
visit
https://www.principal.com/privacy-policies/
for
additional
information.
Who
we
are
Who
is
providing
this
notice?
The
following
Principal
Financial
Group
companies:
Principal
Life
Insurance
Company;
Principal
National
Life
Insurance
Company;
Principal
Funds,
Inc.;
Principal
Global
Investors,
LLC;
Principal
Real
Estate
Investors,
LLC;
Principal
Securities,
Inc.;
Principal
Advised
Services,
LLC;
Principal
Trust
Company;
Principal
Funds
Distributor,
Inc.;
Spectrum
Asset
Management,
Inc.;
Employers
Dental
Services,
Inc.;
and
Principal
Dental
Services,
Inc.
Additional
entities
to
which
this
notice
applies
are
listed
in
the
“Other
important
information”
section
below.
What
we
do
How
does
Principal
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
and
state
laws.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Principal
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you
•
Open
an
account,
apply
for
insurance,
or
seek
advice
about
your
investments
•
Direct
us
to
buy
securities
or
make
deposits
or
withdrawals
from
your
account
•
File
an
insurance
claim
We
also
collect
your
personal
information
from
others,
such
as
affiliates,
credit
bureaus
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
and
state
laws
give
you
the
right
to
limit
only
•
sharing
for
affiliates’
everyday
business
purposes—information
about
your
creditworthiness
•
affiliates
from
using
your
information
to
market
to
you
•
sharing
for
nonaffiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Our
affiliates
include
companies
of
Principal
Financial
Group
and
other
companies
of
Principal
name.
Nonaffiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Your
financial
professional
and
their
new
financial
institution
if
he/she
changes
his/her
affiliation
and
leaves
Principal
Securities.
Joint
marketing
A
formal
agreement
between
nonaffiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
•
Principal
does
not
jointly
market.
Other
important
information
In
addition
to
the
companies
listed
above,
this
notice
applies
to:
All
funds
or
other
vehicles
advised,
organized,
or
managed
by
Principal
Global
Investors,
LLC,
Principal
Real
Estate
Investors,
LLC,
or
their
affiliates;
Principal
Diversified
Select
Real
Asset
Fund;
Principal
Life
Insurance
Company
Variable
Life
Separate
Account;
Principal
National
Life
Insurance
Company
Variable
Life
Separate
Account;
and
Principal
Life
Insurance
Company
Separate
Account
B.
Nevada
Residents:
You
may
request
to
be
placed
on
our
internal
Do
Not
Call
list.
Send
an
email
with
your
phone
number
to
connect@principal.
com.
You
may
request
a
copy
of
our
telemarketing
practices.
For
more
on
this
Nevada
law,
contact
Bureau
of
Consumer
Protection,
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
St.,
Suite
3900,
Las
Vegas,
NV
89101;
phone
number:
1-702-486-3132;
email:
BCPINFO@ag.state.
nv.us.
For
Vermont
Customers:
We
will
not
disclose
information
about
your
creditworthiness
to
our
affiliates
and
will
not
disclose
your
personal
information,
financial
information,
credit
report,
or
health
information
to
nonaffiliated
third
parties
to
market
to
you,
other
than
as
permitted
by
Vermont
law,
unless
you
authorize
us
to
make
those
disclosures.
California:
Under
California
law,
we
will
not
share
information
we
collect
about
you
with
companies
outside
of
Principal,
unless
the
law
allows.
For
example,
we
may
share
information
with
your
consent,
to
service
your
accounts,
or
to
provide
rewards
or
benefits
you
are
entitled
to.
We
will
limit
sharing
among
our
companies
to
the
extent
required
by
California
law.
For
insurance
customers
in
AZ,
CT,
GA,
IL,
ME,
MA,
MT,
NV,
NJ,
NM,
NC,
ND,
OH,
OR,
and
VA
only:
The
term
“information”
means
information
we
collect
during
an
insurance
transaction.
We
will
not
use
your
medical
information
for
marketing
purposes
without
your
consent.
We
may
share
your
Information
with
others,
including
insurance-support
organizations,
insurance
regulatory
authorities,
law
enforcement,
and
consumer
reporting
agencies,
without
your
prior
authorization
as
permitted
or
required
by
law.
Information
obtained
from
a
report
prepared
by
an
insurance-
support
organization
may
be
retained
by
the
insurance-support
organization
and
disclosed
to
other
persons.
For
MA
Insurance
Customers
only.
You
may
ask,
in
writing,
for
the
specific
reasons
for
an
adverse
underwriting
decision.
An
adverse
underwriting
decision
is
where
we
decline
your
application
for
insurance,
offer
to
insure
you
at
a
higher
than
standard
rate
or
terminate
your
coverage.
For
insurance
customers,
to
request
access
to
or
deletion
of
your
personal
information,
send
a
written
letter
to
Privacy
Officer,
P.O.
Box
14582,
Des
Moines,
IA
50306-3582.
Include
your
name,
address,
and
your
policy,
contract,
or
account
number,
and
describe
the
information
you
wish
to
access
or
delete.
You
may
correct
inaccurate
personal
information
by
sending
a
written
letter
identifying
the
information
to
be
corrected.
We
can’t
change
information
other
companies,
like
credit
agencies,
provide
to
us.
You’ll
need
to
ask
them
to
change
it.
Table
of
Contents
Not
FDIC
or
NCUA
insured
May
lose
value
•
Not
a
deposit
•
No
bank
or
credit
union
guarantee
Not
insured
by
any
Federal
government
agency
Financial
Statements
1
Notes
to
Financial
Statements
28
Schedules
of
Investments
55
Financial
Highlights
(includes
performance
information)
171
Shareholder
Expense
Example
201
Supplemental
Information
204
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
1
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
Investment
in
securities--at
cost
..........................................................
$
7,007,087‌
$
2,572,977‌
$
3,855,681‌
Investment
in
affiliated
Funds--at
cost
....................................................
$
8,481‌
$
153,956‌
$
93,922‌
Foreign
currency--at
cost
..................................................................
$
–‌
$
–‌
$
2,262‌
Assets
Investment
in
securities--at
value 
..........................................................
$
8,605,362‌
(b)
$
2,414,584‌
(b)
$
3,665,787‌
(b)
Investment
in
affiliated
Funds--at
value
.....................................................
8,481‌
153,956‌
93,922‌
Foreign
currency--at
value
..................................................................
–‌
–‌
2,203‌
Cash
.........................................................................................
–‌
3‌
306‌
Deposits
with
counterparty
..................................................................
–‌
–‌
1,382‌
Receivables:
Dividends
and
interest
.................................................................
9,285‌
13,418‌
9,283‌
Expense
reimbursement
from
Manager
...............................................
221‌
28‌
89‌
Expense
reimbursement
from
Distributor
.............................................
2‌
1‌
–‌
Foreign
currency
contracts
...........................................................
–‌
–‌
52‌
Fund
shares
sold
.......................................................................
6,708‌
956‌
8,148‌
Investment
securities
sold
.............................................................
5,411‌
34,009‌
101,127‌
Unrealized
gain
on
unfunded
commitments
..........................................
–‌
–‌
15‌
Variation
margin
on
futures
...........................................................
–‌
–‌
4,479‌
Variation
margin
on
swaps
............................................................
–‌
–‌
131‌
Prepaid
directors'
expenses
..................................................................
–‌
8‌
–‌
Prepaid
expenses
............................................................................
–‌
44‌
–‌
Total
Assets  
8,635,470‌
2,617,007‌
3,886,924‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
4,042‌
263‌
2,287‌
Accrued
administrative
service
fees
........................................................
1‌
1‌
–‌
Accrued
distribution
fees
....................................................................
400‌
6‌
21‌
Accrued
service
fees
........................................................................
4‌
4‌
–‌
Accrued
transfer
agent
fees
.................................................................
768‌
32‌
651‌
Accrued
directors'
expenses
.................................................................
7‌
–‌
2‌
Accrued
professional
fees
...................................................................
27‌
27‌
96‌
Accrued
other
expenses
.....................................................................
176‌
–‌
190‌
Cash
overdraft
...............................................................................
1‌
–‌
–‌
Payables:
Borrowing
.............................................................................
4,925‌
–‌
–‌
Dividends
and
interest
on
securities
sold
short
.......................................
–‌
–‌
7‌
Foreign
currency
contracts
............................................................
–‌
–‌
3‌
Fund
shares
redeemed
.................................................................
6,830‌
365‌
1,973‌
Investment
securities
purchased
......................................................
–‌
173,409‌
35,633‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
0
and
$
643
)
.....
–‌
–‌
412‌
Short
sales
(proceeds
received
$
0
,
$
0
and
$
3,932
)
...................................
–‌
–‌
3,932‌
OTC
swap
agreements--at
value
(premiums
received
$
0
,
$
0
and
$
0
)
................
–‌
–‌
9,123‌
Unrealized
loss
on
unfunded
commitments
...........................................
–‌
–‌
7‌
Variation
margin
on
futures
...........................................................
–‌
–‌
5,844‌
Variation
margin
on
swaps
............................................................
–‌
–‌
81‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
19,814‌
11,019‌
17,752‌
Total
Liabilities  
36,995‌
185,126‌
78,014‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
8,598,475‌
$
2,431,881‌
$
3,808,910‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
7,120,823‌
$
2,614,352‌
$
4,136,269‌
Total
distributable
earnings
(accumulated
loss)
.............................................
1,477,652‌
(
182,471‌
)
(
327,359‌
)
Total
Net
Assets 
$
8,598,475‌
$
2,431,881‌
$
3,808,910‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
2
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a)
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
1,300,000‌
710,000‌
1,775,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
886,259‌
N/A‌
$
104,274‌
Shares
Issued
and
Outstanding
........................................................
30,972‌
9,442‌
Net
Asset
Value
per
share
.............................................................
$
28
.61‌
(c)
$
11
.04‌
(c)
Maximum
Offering
Price
..............................................................
$
30
.28‌
$
11
.47‌
Class
C
:
Net
Assets
..........................................................................
$
251,925‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
9,549‌
Net
Asset
Value
per
share
.............................................................
$
26
.38‌
(c)
Class
J
:
Net
Assets
..........................................................................
$
152,950‌
$
30,952‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
5,247‌
3,754‌
Net
Asset
Value
per
share
.............................................................
$
29
.15‌
(c)
$
8
.24‌
(c)
Institutional
:
Net
Assets
.....................................................................
$
2,363,700‌
$
2,378,690‌
$
2,165,194‌
Shares
Issued
and
Outstanding
........................................................
80,382‌
282,078‌
196,219‌
Net
Asset
Value
per
share
.............................................................
$
29
.41‌
$
8
.43‌
$
11
.03‌
R-1
:
Net
Assets
..............................................................................
N/A‌
$
592‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
71‌
Net
Asset
Value
per
share
.............................................................
$
8
.30‌
R-3
:
Net
Assets
..............................................................................
$
9,632‌
$
8,420‌
$
272‌
Shares
Issued
and
Outstanding
........................................................
338‌
1,021‌
25‌
Net
Asset
Value
per
share
.............................................................
$
28
.47‌
$
8
.25‌
$
10
.96‌
R-4
:
Net
Assets
..............................................................................
$
1,980‌
$
3,262‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
69‌
392‌
Net
Asset
Value
per
share
.............................................................
$
28
.83‌
$
8
.33‌
R-5
:
Net
Assets
..............................................................................
$
8,859‌
$
9,965‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
304‌
1,202‌
Net
Asset
Value
per
share
.............................................................
$
29
.11‌
$
8
.29‌
R-6
:
Net
Assets
..............................................................................
$
4,923,170‌
N/A‌
$
1,539,170‌
Shares
Issued
and
Outstanding
........................................................
166,625‌
139,542‌
Net
Asset
Value
per
share
.............................................................
$
29
.55‌
$
11
.03‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(c)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
3
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Edge
MidCap
Fund
Global
Multi-Strategy
Fund
(a)
Global
Sustainable
Listed
Infrastructure
Fund
Investment
in
securities--at
cost
..........................................................
$
94,045‌
$
353,475‌
$
14,244‌
Investment
in
affiliated
Funds--at
cost
....................................................
$
2,025‌
$
77,832‌
$
685‌
Foreign
currency--at
cost
..................................................................
$
–‌
$
644‌
$
18‌
Assets
Investment
in
securities--at
value 
..........................................................
$
94,485‌
$
337,124‌
$
14,262‌
Investment
in
affiliated
Funds--at
value
.....................................................
2,025‌
77,832‌
685‌
Foreign
currency--at
value
..................................................................
–‌
644‌
19‌
Cash
.........................................................................................
–‌
556‌
–‌
Deposits
with
counterparty
..................................................................
–‌
44,578‌
–‌
Receivables:
Dividends
and
interest
.................................................................
162‌
2,425‌
34‌
Expense
reimbursement
from
Manager
...............................................
5‌
51‌
5‌
Foreign
currency
contracts
...........................................................
–‌
1,748‌
–‌
Fund
shares
sold
.......................................................................
208‌
387‌
49‌
Investment
securities
sold
.............................................................
121‌
4,818‌
167‌
OTC
swap
agreements--at
value
(premiums
paid
$
0
,
$
0
and
$
0
)
.....................
–‌
5,056‌
–‌
Variation
margin
on
futures
...........................................................
–‌
331‌
–‌
Variation
margin
on
swaps
............................................................
–‌
26‌
–‌
Prepaid
expenses
............................................................................
–‌
–‌
16‌
Total
Assets  
97,006‌
475,576‌
15,237‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
49‌
484‌
9‌
Accrued
distribution
fees
....................................................................
3‌
7‌
–‌
Accrued
transfer
agent
fees
.................................................................
16‌
33‌
–‌
Accrued
directors'
expenses
.................................................................
4‌
2‌
1‌
Accrued
professional
fees
...................................................................
17‌
121‌
14‌
Accrued
other
expenses
.....................................................................
10‌
69‌
–‌
Deposits
from
counterparty
.................................................................
–‌
30‌
–‌
Payables:
Dividends
and
interest
on
securities
sold
short
.......................................
–‌
43‌
–‌
Foreign
currency
contracts
............................................................
–‌
1,437‌
–‌
Fund
shares
redeemed
.................................................................
5,353‌
1,169‌
–‌
Investment
securities
purchased
......................................................
–‌
5,242‌
204‌
Options
and
swaptions
contracts
written
 (premiums
received
$
0
,
$
873
and
$
0
)
.....
–‌
490‌
–‌
Short
sales
(proceeds
received
$
0
,
$
30,410
and
$
0
)
..................................
–‌
30,869‌
–‌
Variation
margin
on
futures
...........................................................
–‌
928‌
–‌
Variation
margin
on
swaps
............................................................
–‌
45‌
–‌
Total
Liabilities  
5,452‌
40,969‌
228‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
91,554‌
$
434,607‌
$
15,009‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
89,661‌
$
465,419‌
$
14,730‌
Total
distributable
earnings
(accumulated
loss)
.............................................
1,893‌
(
30,812‌
)
279‌
Total
Net
Assets 
$
91,554‌
$
434,607‌
$
15,009‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
300,000‌
1,750,000‌
200,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
16,678‌
$
37,605‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
1,506‌
3,726‌
Net
Asset
Value
per
share
.............................................................
$
11
.08‌
(b)
$
10
.09‌
(b)
Maximum
Offering
Price
..............................................................
$
11
.72‌
$
10
.48‌
Institutional
:
Net
Assets
.....................................................................
$
46,668‌
$
327,859‌
$
15,009‌
Shares
Issued
and
Outstanding
........................................................
4,179‌
31,957‌
1,427‌
Net
Asset
Value
per
share
.............................................................
$
11
.17‌
$
10
.26‌
$
10
.52‌
R-6
:
Net
Assets
..............................................................................
$
28,208‌
$
69,143‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
2,513‌
6,734‌
Net
Asset
Value
per
share
.............................................................
$
11
.22‌
$
10
.27‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
4
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
International
Equity
Index
Fund
International
Small
Company
Fund
Opportunistic
Municipal
Fund
Investment
in
securities--at
cost
..........................................................
$
885,898‌
$
702,190‌
$
134,808‌
Investment
in
affiliated
Funds--at
cost
....................................................
$
7,106‌
$
15,228‌
$
–‌
Assets
Investment
in
securities--at
value 
..........................................................
$
1,014,455‌
(a)
$
698,360‌
(a)
$
122,773‌
Investment
in
affiliated
Funds--at
value
.....................................................
7,106‌
15,228‌
–‌
Cash
.........................................................................................
–‌
–‌
1,182‌
Deposits
with
counterparty
..................................................................
63‌
–‌
–‌
Receivables:
Dividends
and
interest
.................................................................
4,089‌
2,203‌
1,582‌
Expense
reimbursement
from
Manager
...............................................
23‌
8‌
7‌
Fund
shares
sold
.......................................................................
586‌
173‌
612‌
Investment
securities
sold
.............................................................
4,386‌
9,356‌
20‌
Other
assets
..................................................................................
–‌
1‌
–‌
Total
Assets  
1,030,708‌
725,329‌
126,176‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
198‌
546‌
40‌
Accrued
administrative
service
fees
........................................................
1‌
–‌
–‌
Accrued
distribution
fees
....................................................................
3‌
–‌
8‌
Accrued
service
fees
........................................................................
7‌
–‌
–‌
Accrued
transfer
agent
fees
.................................................................
11‌
7‌
18‌
Accrued
directors'
expenses
.................................................................
–‌
3‌
2‌
Accrued
professional
fees
...................................................................
61‌
32‌
30‌
Accrued
other
expenses
.....................................................................
182‌
78‌
10‌
Cash
overdraft
...............................................................................
13‌
3,021‌
–‌
Payables:
Dividends
payable
.....................................................................
–‌
–‌
388‌
Fund
shares
redeemed
.................................................................
558‌
119‌
131‌
Interest
expense
and
fees
payable
.....................................................
–‌
–‌
60‌
Investment
securities
purchased
......................................................
4,308‌
3,272‌
1,158‌
Variation
margin
on
futures
...........................................................
15‌
–‌
–‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
12,365‌
11,526‌
–‌
Floating
rate
notes
issued
...................................................................
–‌
–‌
7,032‌
Total
Liabilities  
17,722‌
18,604‌
8,877‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
1,012,986‌
$
706,725‌
$
117,299‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
893,434‌
$
761,621‌
$
143,146‌
Total
distributable
earnings
(accumulated
loss)
.............................................
119,552‌
(
54,896‌
)
(
25,847‌
)
Total
Net
Assets 
$
1,012,986‌
$
706,725‌
$
117,299‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
650,000‌
300,000‌
300,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
N/A‌
N/A‌
$
42,199‌
Shares
Issued
and
Outstanding
........................................................
4,496‌
Net
Asset
Value
per
share
.............................................................
$
9
.39‌
(b)
Maximum
Offering
Price
..............................................................
$
9
.76‌
Institutional
:
Net
Assets
.....................................................................
$
49,637‌
$
43,039‌
$
75,100‌
Shares
Issued
and
Outstanding
........................................................
4,827‌
4,537‌
7,996‌
Net
Asset
Value
per
share
.............................................................
$
10
.28‌
$
9
.49‌
$
9
.39‌
R-1
:
Net
Assets
..............................................................................
$
368‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
37‌
Net
Asset
Value
per
share
.............................................................
$
9
.97‌
R-3
:
Net
Assets
..............................................................................
$
11,356‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
1,126‌
Net
Asset
Value
per
share
.............................................................
$
10
.09‌
R-4
:
Net
Assets
..............................................................................
$
9,324‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
914‌
Net
Asset
Value
per
share
.............................................................
$
10
.20‌
R-5
:
Net
Assets
..............................................................................
$
15,989‌
N/A‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
1,563‌
Net
Asset
Value
per
share
.............................................................
$
10
.23‌
R-6
:
Net
Assets
..............................................................................
$
926,312‌
$
663,686‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
89,980‌
69,541‌
Net
Asset
Value
per
share
.............................................................
$
10
.29‌
$
9
.54‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
5
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Origin
Emerging
Markets
Fund
Small-MidCap
Dividend
Income
Fund
Small-MidCap
Growth
Fund
Investment
in
securities--at
cost
..........................................................
$
2,740,152‌
$
1,002,922‌
$
7,329‌
Investment
in
affiliated
Funds--at
cost
....................................................
$
52,535‌
$
22,047‌
$
325‌
Foreign
currency--at
cost
..................................................................
$
308‌
$
–‌
$
–‌
Assets
Investment
in
securities--at
value 
..........................................................
$
2,425,002‌
$
1,291,960‌
$
8,078‌
(a)
Investment
in
affiliated
Funds--at
value
.....................................................
52,535‌
22,047‌
325‌
Foreign
currency--at
value
..................................................................
308‌
–‌
–‌
Receivables:
Dividends
and
interest
.................................................................
7,753‌
2,020‌
3‌
Expense
reimbursement
from
Manager
...............................................
6‌
15‌
3‌
Foreign
tax
refund
.....................................................................
973‌
–‌
–‌
Fund
shares
sold
.......................................................................
379‌
2,227‌
–‌
Investment
securities
sold
.............................................................
–‌
–‌
80‌
Other
assets
..................................................................................
1‌
–‌
–‌
Prepaid
expenses
............................................................................
–‌
–‌
12‌
Total
Assets  
2,486,957‌
1,318,269‌
8,501‌
Liabilities
Accrued
management
and
investment
advisory
fees
........................................
1,869‌
798‌
5‌
Accrued
distribution
fees
....................................................................
1‌
61‌
–‌
Accrued
transfer
agent
fees
.................................................................
27‌
90‌
–‌
Accrued
directors'
expenses
.................................................................
5‌
1‌
1‌
Accrued
foreign
tax
.........................................................................
4,365‌
–‌
–‌
Accrued
professional
fees
...................................................................
19‌
22‌
19‌
Accrued
other
expenses
.....................................................................
257‌
20‌
–‌
Cash
overdraft
...............................................................................
2‌
–‌
–‌
Payables:
Fund
shares
redeemed
.................................................................
471‌
1,058‌
–‌
Collateral
obligation
on
securities
loaned,
at
value
.........................................
–‌
–‌
39‌
Total
Liabilities  
7,016‌
2,050‌
64‌
Net
Assets
Applicable
to
Outstanding
Shares
............................................
$
2,479,941‌
$
1,316,219‌
$
8,437‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...............................................
$
3,291,309‌
$
1,026,026‌
$
9,280‌
Total
distributable
earnings
(accumulated
loss)
.............................................
(
811,368‌
)
290,193‌
(
843‌
)
Total
Net
Assets 
$
2,479,941‌
$
1,316,219‌
$
8,437‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
............................................................................
800,000‌
1,700,000‌
100,000‌
Net
Asset
Value
Per
Share:
Class
A
:
Net
Assets
..........................................................................
$
5,010‌
$
153,723‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
534‌
9,579‌
Net
Asset
Value
per
share
.............................................................
$
9
.38‌
(b)
$
16
.05‌
(b)
Maximum
Offering
Price
..............................................................
$
9
.93‌
$
16
.98‌
Class
C
:
Net
Assets
..........................................................................
N/A‌
$
38,352‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
2,419‌
Net
Asset
Value
per
share
.............................................................
$
15
.86‌
(b)
Institutional
:
Net
Assets
.....................................................................
$
88,039‌
$
731,883‌
$
8,437‌
Shares
Issued
and
Outstanding
........................................................
9,562‌
45,327‌
796‌
Net
Asset
Value
per
share
.............................................................
$
9
.21‌
$
16
.15‌
$
10
.60‌
R-6
:
Net
Assets
..............................................................................
$
2,386,892‌
$
392,261‌
N/A‌
Shares
Issued
and
Outstanding
........................................................
259,017‌
24,163‌
Net
Asset
Value
per
share
.............................................................
$
9
.22‌
$
16
.23‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
7
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Investment
in
securities--at
cost
......................................................................................................................
$
6,478,301‌
Investment
in
affiliated
Funds--at
cost
................................................................................................................
$
89,255‌
Assets
Investment
in
securities--at
value 
......................................................................................................................
$
5,995,595‌
(a)
Investment
in
affiliated
Funds--at
value
.................................................................................................................
89,255‌
Deposits
with
counterparty
..............................................................................................................................
11,994‌
Receivables:
Dividends
and
interest
.............................................................................................................................
86,142‌
Expense
reimbursement
from
Distributor
.........................................................................................................
1‌
Fund
shares
sold
...................................................................................................................................
15,616‌
Investment
securities
sold
.........................................................................................................................
9,263‌
Total
Assets  
6,207,866‌
Liabilities
Accrued
management
and
investment
advisory
fees
....................................................................................................
3,252‌
Accrued
administrative
service
fees
....................................................................................................................
1‌
Accrued
distribution
fees
................................................................................................................................
282‌
Accrued
service
fees
....................................................................................................................................
2‌
Accrued
transfer
agent
fees
.............................................................................................................................
771‌
Accrued
chief
compliance
officer
fees
..................................................................................................................
1‌
Accrued
directors'
expenses
.............................................................................................................................
5‌
Accrued
professional
fees
...............................................................................................................................
38‌
Accrued
other
expenses
.................................................................................................................................
62‌
Payables:
Fund
shares
redeemed
.............................................................................................................................
52,106‌
Investment
securities
purchased
..................................................................................................................
39,836‌
Variation
margin
on
futures
.......................................................................................................................
201‌
Collateral
obligation
on
securities
loaned,
at
value
.....................................................................................................
103,820‌
Total
Liabilities  
200,377‌
Net
Assets
Applicable
to
Outstanding
Shares
........................................................................................................
$
6,007,489‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...........................................................................................................
$
6,642,066‌
Total
distributable
earnings
(accumulated
loss)
.........................................................................................................
(634,577‌)
Total
Net
Assets 
$
6,007,489‌
Statements
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
8
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
........................................................................................................................................
2,500,000‌
Net
Asset
Value
Per
Share:
Class
A:
Net
Assets
......................................................................................................................................
$
753,100‌
Shares
Issued
and
Outstanding
....................................................................................................................
83,064‌
Net
Asset
Value
per
share
.........................................................................................................................
$
9.07‌
(b)
Maximum
Offering
Price
..........................................................................................................................
$
9.42‌
Class
C:
Net
Assets
......................................................................................................................................
$
166,977‌
Shares
Issued
and
Outstanding
....................................................................................................................
18,421‌
Net
Asset
Value
per
share
.........................................................................................................................
$
9.06‌
(b)
Class
J:
Net
Assets
......................................................................................................................................
$
35,596‌
Shares
Issued
and
Outstanding
....................................................................................................................
4,062‌
Net
Asset
Value
per
share
.........................................................................................................................
$
8.76‌
(b)
Institutional:
Net
Assets
.................................................................................................................................
$
3,883,154‌
Shares
Issued
and
Outstanding
....................................................................................................................
432,005‌
Net
Asset
Value
per
share
.........................................................................................................................
$
8.99‌
R-1:
Net
Assets
..........................................................................................................................................
$
487‌
Shares
Issued
and
Outstanding
....................................................................................................................
54‌
Net
Asset
Value
per
share
.........................................................................................................................
$
8.94‌
R-3:
Net
Assets
..........................................................................................................................................
$
7,115‌
Shares
Issued
and
Outstanding
....................................................................................................................
798‌
Net
Asset
Value
per
share
.........................................................................................................................
$
8.91‌
R-4
:
Net
Assets
..........................................................................................................................................
$
940‌
Shares
Issued
and
Outstanding
....................................................................................................................
106‌
Net
Asset
Value
per
share
.........................................................................................................................
$
8.89‌
R-5:
Net
Assets
..........................................................................................................................................
$
2,282‌
Shares
Issued
and
Outstanding
....................................................................................................................
255‌
Net
Asset
Value
per
share
.........................................................................................................................
$
8.94‌
R-6:
Net
Assets
..........................................................................................................................................
$
1,157,838‌
Shares
Issued
and
Outstanding
....................................................................................................................
128,863‌
Net
Asset
Value
per
share
.........................................................................................................................
$
8.98‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
(b)
Redemption
price
per
share
is
equal
to
net
asset
value
per
share
less
any
applicable
contingent
deferred
sales
charge.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2023
(unaudited)
9
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a),(b)
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
..................................................................
$
535‌
$
3,531‌
$
1,823‌
Dividends
.........................................................................................
30,734‌
270‌
39,698‌
Withholding
tax
..................................................................................
(
336‌
)
–‌
(
1,710‌
)
Interest
............................................................................................
18‌
36,946‌
22,114‌
Securities
lending
-
net
...........................................................................
2‌
59‌
89‌
Total
Income
30,953‌
40,806‌
62,014‌
Expenses:
Management
and
investment
advisory
fees
......................................................
24,639‌
1,630‌
15,949‌
Distribution
f
ees
-
Class
A
.......................................................................
1,016‌
N/A‌
147‌
Distribution
f
ees
-
Class
C
.......................................................................
1,280‌
N/A‌
N/A‌
Distribution
f
ees
-
Class
J
........................................................................
111‌
23‌
N/A‌
Distribution
f
ees
-
R-1
...........................................................................
N/A‌
1‌
N/A‌
Distribution
f
ees
-
R-3
...........................................................................
12‌
10‌
–‌
Distribution
f
ees
-
R-4
...........................................................................
1‌
1‌
N/A‌
Administrative
service
fees
-
R-1
................................................................
N/A‌
1‌
N/A‌
Administrative
service
fees
-
R-3
................................................................
3‌
3‌
–‌
Administrative
service
fees
-
R-5
................................................................
–‌
1‌
–‌
Registration
fees
-
Class
A
.......................................................................
46‌
N/A‌
27‌
Registration
fees
-
Class
C
.......................................................................
11‌
N/A‌
N/A‌
Registration
fees
-
Class
J
........................................................................
10‌
8‌
N/A‌
Registration
fees
-
Institutional
..................................................................
65‌
15‌
62‌
Registration
fees
-
R-6
...........................................................................
14‌
N/A‌
8‌
Service
fees
-
R-1
................................................................................
N/A‌
1‌
N/A‌
Service
fees
-
R-3
................................................................................
12‌
10‌
–‌
Service
fees
-
R-4
................................................................................
3‌
3‌
N/A‌
Service
fees
-
R-5
................................................................................
10‌
12‌
–‌
Shareholder
reports
-
Class
A
....................................................................
40‌
N/A‌
17‌
Shareholder
reports
-
Class
C
....................................................................
9‌
N/A‌
N/A‌
Shareholder
reports
-
Class
J
.....................................................................
1‌
1‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
72‌
2‌
103‌
Shareholder
reports
-
R-6
........................................................................
4‌
N/A‌
7‌
Transfer agent
fees
-
Class
A
.....................................................................
455‌
N/A‌
96‌
Transfer agent
fees
-
Class
C
.....................................................................
129‌
N/A‌
N/A‌
Transfer agent
fees
-
Class
J
.....................................................................
59‌
30‌
N/A‌
Transfer agent
fees
-
Institutional
................................................................
1,146‌
41‌
1,154‌
Chief
compliance
officer
expenses
...............................................................
2‌
–‌
1‌
Custodian
fees
....................................................................................
3‌
16‌
130‌
Directors'
expenses
...............................................................................
95‌
17‌
48‌
Professional fees
.................................................................................
18‌
18‌
76‌
Other
expenses
...................................................................................
86‌
5‌
61‌
Total
Gross
Expenses
29,352‌
1,849‌
17,886‌
Less: Reimbursement
from
Manager
............................................................
1,250‌
175‌
685‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
–‌
N/A‌
34‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
188‌
–‌
610‌
Less:
Reimbursement
from
Distributor
-
Class
J
................................................
15‌
3‌
N/A‌
Total
Net
Expenses
27,899‌
1,671‌
16,557‌
Net
Investment
Income
(Loss)
3,054‌
39,135‌
45,457‌
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2023
(unaudited)
10
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Bond
Market
Index
Fund
Diversified
Real
Asset
Fund
(a),(b)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions,
short
sales
and
swap
agreements
Net
realized
gain
(loss)
from:
Investment
transactions
..........................................................................
(
111,871‌
)
(
22,789‌
)
(
26,897‌
)
Foreign
currency
contracts
.......................................................................
–‌
–‌
(
18‌
)
Foreign
currency
transactions
....................................................................
–‌
–‌
(
475‌
)
Futures
contracts
.................................................................................
–‌
–‌
(
66,134‌
)
Options
and
swaptions
...........................................................................
–‌
–‌
(
12‌
)
Short
sales
........................................................................................
–‌
–‌
(
17‌
)
Swap
agreements
.................................................................................
–‌
–‌
(
22,869‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.......................................................................................
(
41,544‌
)
(
63,688‌
)
(
65,186‌
)
Foreign
currency
contracts
.......................................................................
–‌
–‌
(
16‌
)
Futures
contracts
.................................................................................
–‌
–‌
8,433‌
Options
and
swaptions
...........................................................................
–‌
–‌
257‌
Swap
agreements
.................................................................................
–‌
–‌
(
8,898‌
)
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
–‌
–‌
187‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions,
short
sales
and
swap
agreements
(
153,415‌
)
(
86,477‌
)
(
181,645‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
(
150,361‌
)
$
(
47,342‌
)
$
(
136,188‌
)
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
R-5
shares
discontinued
operations
and
converted
to
Class
R-6
shares
on
January
13,
2023.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2023
(unaudited)
11
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Global
Multi-
Strategy
Fund
(a)
Global
Sustainable
Listed
Infrastructure
Fund
(b)
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
..................................................................
$
37‌
$
1,544‌
$
11‌
Dividends
.........................................................................................
967‌
2,144‌
145‌
Withholding
tax
..................................................................................
–‌
(
53‌
)
(
8‌
)
Interest
............................................................................................
–‌
5,794‌
–‌
Total
Income
1,004‌
9,429‌
148‌
Expenses:
Management
and
investment
advisory
fees
......................................................
343‌
3,501‌
36‌
Distribution
f
ees
-
Class
A
.......................................................................
21‌
48‌
N/A‌
Registration
fees
-
Class
A
.......................................................................
8‌
8‌
N/A‌
Registration
fees
-
Institutional
..................................................................
9‌
12‌
14‌
Registration
fees
-
R-6
...........................................................................
9‌
9‌
N/A‌
Shareholder
reports
-
Class
A
....................................................................
1‌
3‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
4‌
32‌
–‌
Transfer agent
fees
-
Class
A
.....................................................................
18‌
25‌
N/A‌
Transfer agent
fees
-
Institutional
................................................................
26‌
161‌
–‌
Custodian
fees
....................................................................................
1‌
88‌
2‌
Directors'
expenses
...............................................................................
5‌
7‌
1‌
Dividends
and
interest
on
securities
sold
short
..................................................
–‌
306‌
–‌
Professional fees
.................................................................................
12‌
99‌
14‌
Short
sale
fees
....................................................................................
–‌
205‌
–‌
Other
expenses
...................................................................................
6‌
18‌
1‌
Total
Gross
Expenses
463‌
4,522‌
68‌
Less: Reimbursement
from
Manager
............................................................
17‌
62‌
–‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
14‌
–‌
N/A‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
18‌
252‌
26‌
Less:
Reimbursement
from
Manager
-
R-6
......................................................
13‌
36‌
N/A‌
Total
Net
Expenses
401‌
4,172‌
42‌
Net
Investment
Income
(Loss)
603‌
5,257‌
106‌
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
..........................................................................
1,250‌
(
11,219‌
)
283‌
Foreign
currency
contracts
.......................................................................
–‌
2,708‌
–‌
Foreign
currency
transactions
....................................................................
(
1‌
)
72‌
(
5‌
)
Futures
contracts
.................................................................................
–‌
(
2,116‌
)
–‌
Options
and
swaptions
...........................................................................
–‌
536‌
–‌
Short
sales
........................................................................................
–‌
1,794‌
–‌
Swap
agreements
.................................................................................
–‌
2,747‌
–‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.......................................................................................
4,866‌
18,912‌
18‌
Foreign
currency
contracts
.......................................................................
–‌
(
2,507‌
)
–‌
Futures
contracts
.................................................................................
–‌
1,735‌
–‌
Options
and
swaptions
...........................................................................
–‌
312‌
–‌
Short
sales
........................................................................................
–‌
(
5,071‌
)
–‌
Swap
agreements
.................................................................................
–‌
(
3,044‌
)
–‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
–‌
23‌
–‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies,
futures,
options
and
swaptions,
short
sales
and
swap
agreements
6,115‌
4,882‌
296‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
6,718‌
$
10,139‌
$
402‌
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Period
from
September
22,
2022,
date
operations
commenced,
through
February
28,
2023.
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2023
(unaudited)
12
See
accompanying
notes.
Amounts
in
thousands
International
Equity
Index
Fund
International
Small
Company
Fund
Opportunistic
Municipal
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
..................................................................
$
31‌
$
156‌
$
–‌
Dividends
.........................................................................................
10,744‌
7,057‌
2‌
Withholding
tax
..................................................................................
(
735‌
)
(
532‌
)
–‌
Interest
............................................................................................
8‌
2‌
3,182‌
Securities
lending
-
net
...........................................................................
49‌
29‌
–‌
Total
Income
10,097‌
6,712‌
3,184‌
Expenses:
Management
and
investment
advisory
fees
......................................................
1,235‌
3,373‌
290‌
Distribution
f
ees
-
Class
A
.......................................................................
N/A‌
N/A‌
55‌
Distribution
f
ees
-
R-1
...........................................................................
1‌
N/A‌
N/A‌
Distribution
f
ees
-
R-3
...........................................................................
13‌
N/A‌
N/A‌
Distribution
f
ees
-
R-4
...........................................................................
4‌
N/A‌
N/A‌
Administrative
service
fees
-
R-1
................................................................
1‌
N/A‌
N/A‌
Administrative
service
fees
-
R-3
................................................................
4‌
N/A‌
N/A‌
Administrative
service
fees
-
R-4
................................................................
1‌
N/A‌
N/A‌
Administrative
service
fees
-
R-5
................................................................
1‌
N/A‌
N/A‌
Registration
fees
-
Class
A
.......................................................................
N/A‌
N/A‌
11‌
Registration
fees
-
Institutional
..................................................................
8‌
9‌
13‌
Registration
fees
-
R-6
...........................................................................
10‌
10‌
N/A‌
Service
fees
-
R-3
................................................................................
13‌
N/A‌
N/A‌
Service
fees
-
R-4
................................................................................
11‌
N/A‌
N/A‌
Service
fees
-
R-5
................................................................................
18‌
N/A‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
3‌
3‌
1‌
Transfer agent
fees
-
Class
A
.....................................................................
N/A‌
N/A‌
21‌
Transfer agent
fees
-
Institutional
................................................................
18‌
11‌
38‌
Custodian
fees
....................................................................................
84‌
125‌
1‌
Directors'
expenses
...............................................................................
11‌
10‌
3‌
Index
license
fees
................................................................................
149‌
–‌
–‌
Interest
expense
and
fees
.........................................................................
–‌
–‌
118‌
Professional fees
.................................................................................
48‌
21‌
22‌
Other
expenses
...................................................................................
85‌
7‌
3‌
Total
Gross
Expenses
1,718‌
3,569‌
576‌
Less: Reimbursement
from
Manager
............................................................
–‌
–‌
25‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
N/A‌
N/A‌
10‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
29‌
12‌
23‌
Less:
Reimbursement
from
Manager
-
R-6
......................................................
101‌
40‌
N/A‌
Total
Net
Expenses
1,588‌
3,517‌
518‌
Net
Investment
Income
(Loss)
8,509‌
3,195‌
2,666‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies
and
futures
Net
realized
gain
(loss)
from:
Investment
transactions
..........................................................................
10,321‌
(
21,887‌
)
(
4,046‌
)
Foreign
currency
transactions
....................................................................
(
121‌
)
25‌
–‌
Futures
contracts
.................................................................................
147‌
–‌
–‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
.......................................................................................
103,376‌
72,429‌
(
1,838‌
)
Futures
contracts
.................................................................................
86‌
–‌
–‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
185‌
67‌
–‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
foreign
currencies
and
futures
113,994‌
50,634‌
(
5,884‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
122,503‌
$
53,829‌
$
(
3,218‌
)
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2023
(unaudited)
13
See
accompanying
notes.
Amounts
in
thousands
Origin
Emerging
Markets
Fund
Small-MidCap
Dividend
Income
Fund
Small-MidCap
Growth
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
..................................................................
$
940‌
$
419‌
$
6‌
Dividends
.........................................................................................
28,748‌
13,462‌
12‌
Withholding
tax
..................................................................................
(
3,785‌
)
(
42‌
)
–‌
Interest
............................................................................................
19‌
4‌
–‌
Securities
lending
-
net
...........................................................................
85‌
–‌
–‌
Total
Income
26,007‌
13,843‌
18‌
Expenses:
Management
and
investment
advisory
fees
......................................................
11,432‌
4,091‌
29‌
Distribution
f
ees
-
Class
A
.......................................................................
6‌
180‌
N/A‌
Distribution
f
ees
-
Class
C
.......................................................................
N/A‌
206‌
N/A‌
Registration
fees
-
Class
A
.......................................................................
9‌
11‌
N/A‌
Registration
fees
-
Class
C
.......................................................................
N/A‌
8‌
N/A‌
Registration
fees
-
Institutional
..................................................................
15‌
12‌
9‌
Registration
fees
-
R-6
...........................................................................
10‌
8‌
N/A‌
Shareholder
reports
-
Class
A
....................................................................
–‌
5‌
N/A‌
Shareholder
reports
-
Class
C
....................................................................
N/A‌
2‌
N/A‌
Shareholder
reports
-
Institutional
...............................................................
14‌
20‌
–‌
Transfer agent
fees
-
Class
A
.....................................................................
9‌
82‌
N/A‌
Transfer agent
fees
-
Class
C
.....................................................................
N/A‌
32‌
N/A‌
Transfer agent
fees
-
Institutional
................................................................
53‌
299‌
–‌
Chief
compliance
officer
expenses
...............................................................
1‌
–‌
–‌
Custodian
fees
....................................................................................
437‌
3‌
1‌
Directors'
expenses
...............................................................................
30‌
12‌
1‌
Professional fees
.................................................................................
28‌
13‌
12‌
Other
expenses
...................................................................................
19‌
7‌
1‌
Total
Gross
Expenses
12,063‌
4,991‌
53‌
Less:
Reimbursement
from
Manager
-
Class
A
..................................................
13‌
36‌
N/A‌
Less:
Reimbursement
from
Manager
-
Class
C
..................................................
N/A‌
25‌
N/A‌
Less:
Reimbursement
from
Manager
-
Institutional
.............................................
28‌
96‌
19‌
Total
Net
Expenses
12,022‌
4,834‌
34‌
Net
Investment
Income
(Loss)
13,985‌
9,009‌
(
16‌
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
Net
realized
gain
(loss)
from:
Investment
transactions
 (
net
of
foreign
taxes
of 
$
173
,
$
0
and
$
0
,
respectively)
................
(
263,045‌
)
12,044‌
(
426‌
)
Foreign
currency
transactions
....................................................................
(
58‌
)
2‌
–‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
 (net
of
foreign
taxes
of
$
(
832
)
,
$
0
and
$
0
,
respectively)
...........................
208,399‌
44,598‌
160‌
Translation
of
assets
and
liabilities
in
foreign
currencies
........................................
61‌
–‌
–‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
and
foreign
currencies
(
54,643‌
)
56,644‌
(
266‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
(
40,658‌
)
$
65,653‌
$
(
282‌
)
Statements
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2023
(unaudited)
14
See
accompanying
notes.
Amounts
in
thousands
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
.......................................................................................................................
$
721‌
Dividends
..............................................................................................................................................
17,036‌
Interest
.................................................................................................................................................
146,598‌
Securities
lending
-
net
................................................................................................................................
303‌
Total
Income
164,658‌
Expenses:
Management
and
investment
advisory
fees
...........................................................................................................
20,618‌
Distribution
f
ees
-
Class
A
............................................................................................................................
942‌
Distribution
f
ees
-
Class
C
............................................................................................................................
835‌
Distribution
f
ees
-
Class
J
.............................................................................................................................
26‌
Distribution
f
ees
-
R-1
................................................................................................................................
1‌
Distribution
f
ees
-
R-3
................................................................................................................................
9‌
Administrative
service
fees
-
R-1
.....................................................................................................................
1‌
Administrative
service
fees
-
R-3
.....................................................................................................................
3‌
Registration
fees
-
Class
A
............................................................................................................................
21‌
Registration
fees
-
Class
C
............................................................................................................................
9‌
Registration
fees
-
Class
J
.............................................................................................................................
8‌
Registration
fees
-
Institutional
.......................................................................................................................
88‌
Registration
fees
-
R-6
................................................................................................................................
8‌
Service
fees
-
R-1
.....................................................................................................................................
1‌
Service
fees
-
R-3
.....................................................................................................................................
9‌
Service
fees
-
R-4
.....................................................................................................................................
1‌
Service
fees
-
R-5
.....................................................................................................................................
3‌
Shareholder
reports
-
Class
A
.........................................................................................................................
17‌
Shareholder
reports
-
Class
C
.........................................................................................................................
5‌
Shareholder
reports
-
Class
J
..........................................................................................................................
1‌
Shareholder
reports
-
Institutional
....................................................................................................................
92‌
Shareholder
reports
-
R-6
.............................................................................................................................
1‌
Transfer agent
fees
-
Class
A
..........................................................................................................................
324‌
Transfer agent
fees
-
Class
C
..........................................................................................................................
77‌
Transfer agent
fees
-
Class
J
..........................................................................................................................
25‌
Transfer agent
fees
-
Institutional
.....................................................................................................................
1,752‌
Chief
compliance
officer
expenses
....................................................................................................................
2‌
Custodian
fees
.........................................................................................................................................
26‌
Directors'
expenses
....................................................................................................................................
70‌
Professional fees
......................................................................................................................................
24‌
Other
expenses
........................................................................................................................................
73‌
Total
Gross
Expenses
25,072‌
Less:
Reimbursement
from
Distributor
-
Class
J
.....................................................................................................
3‌
Total
Net
Expenses
25,069‌
Net
Investment
Income
(Loss)
139,589‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
futures
and
options
and
swaptions
Net
realized
gain
(loss)
from:
Investment
transactions
...............................................................................................................................
(
45,642‌
)
Futures
contracts
......................................................................................................................................
(
1,486‌
)
Options
and
swaptions
................................................................................................................................
3,923‌
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
............................................................................................................................................
26,112‌
Futures
contracts
......................................................................................................................................
(
2,870‌
)
Options
and
swaptions
................................................................................................................................
(
37‌
)
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments,
futures
and
options
and
swaptions
(
20,000‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
119,589‌
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
15
See
accompanying
notes.
Amounts
in
thousands
Blue
Chip
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
3,054‌
$
(
6,854‌
)
Net
realized
gain
(loss)
on
investments
................................................................................................
(
111,871‌
)
164,417‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
(
41,544‌
)
(
3,112,210‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
150,361‌
)
(
2,954,647‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
57,147‌
)
(
707,526‌
)
Total
Dividends
and
Distributions
(
57,147‌
)
(
707,526‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
94,918‌
1,310,811‌
Total
Increase
(Decrease)
in
Net
Assets
(
112,590‌
)
(
2,351,362‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
8,711,065‌
11,062,427‌
End
of
period
..........................................................................................................................
$
8,598,475‌
$
8,711,065‌
Class
A
Class
C
Class
J
Institutional
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
................................
$
274,462‌
$
12,286‌
$
14,140‌
$
437,722‌
$
1,302‌
$
484‌
$
2,002‌
$
339,449‌
Reinvested
...........................
5,338‌
1,883‌
1,022‌
15,210‌
73‌
18‌
53‌
32,338‌
Redeemed
............................
(
225,152‌
)
(
30,457‌
)
(
14,496‌
)
(
495,183‌
)
(
2,449‌
)
(
908‌
)
(
964‌
)
(
273,255‌
)
Net
Increase
(Decrease)
$
54,648‌
$
(
16,288‌
)
$
666‌
$
(
42,251‌
)
$
(
1,074‌
)
$
(
406‌
)
$
1,091‌
$
98,532‌
Shares:
Sold
................................
9,988‌
470‌
486‌
14,943‌
45‌
18‌
70‌
11,816‌
Reinvested
...........................
185‌
71‌
35‌
514‌
3‌
1‌
2‌
1,089‌
Redeemed
............................
(
8,177‌
)
(
1,178‌
)
(
507‌
)
(
17,199‌
)
(
88‌
)
(
32‌
)
(
35‌
)
(
9,386‌
)
Net
Increase
(Decrease)
1,996‌
(
637‌
)
14‌
(
1,742‌
)
(
40‌
)
(
13‌
)
37‌
3,519‌
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
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.........................
$
(
5,419‌
)
$
(
1,962‌
)
$
(
1,024‌
)
$
(
15,841‌
)
$
(
73‌
)
$
(
18‌
)
$
(
53‌
)
$
(
32,757‌
)
Total
Dividends
and
Distributions
$
(
5,419‌
)
$
(
1,962‌
)
$
(
1,024‌
)
$
(
15,841‌
)
$
(
73‌
)
$
(
18‌
)
$
(
53‌
)
$
(
32,757‌
)
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
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
16
See
accompanying
notes.
Amounts
in
thousands
Bond
Market
Index
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
39,135‌
$
18,388‌
Net
realized
gain
(loss)
on
investments
................................................................................................
(
22,789‌
)
(
13,307‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
(
63,688‌
)
(
129,982‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
47,342‌
)
(
124,901‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
38,726‌
)
(
17,934‌
)
Total
Dividends
and
Distributions
(
38,726‌
)
(
17,934‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
604,958‌
1,157,471‌
Total
Increase
(Decrease)
in
Net
Assets
518,890‌
1,014,636‌
Net
Assets
Beginning
of
period
....................................................................................................................
1,912,991‌
898,355‌
End
of
period
..........................................................................................................................
$
2,431,881‌
$
1,912,991‌
Class
J
Institutional
R-1
R-3
R-4
R-5
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
.....................................................
$
4,153‌
$
643,662‌
$
51‌
$
1,366‌
$
1,340‌
$
985‌
Reinvested
................................................
389‌
38,078‌
4‌
84‌
32‌
139‌
Redeemed
.................................................
(
4,554‌
)
(
77,865‌
)
(
288‌
)
(
778‌
)
(
594‌
)
(
1,246‌
)
Net
Increase
(Decrease)
$
(
12‌
)
$
603,875‌
$
(
233‌
)
$
672‌
$
778‌
$
(
122‌
)
Shares:
Sold
.....................................................
500‌
74,732‌
6‌
163‌
157‌
117‌
Reinvested
................................................
47‌
4,480‌
–‌
10‌
4‌
17‌
Redeemed
.................................................
(
553‌
)
(
9,106‌
)
(
34‌
)
(
94‌
)
(
71‌
)
(
148‌
)
Net
Increase
(Decrease)
(
6‌
)
70,106‌
(
28‌
)
79‌
90‌
(
14‌
)
Year
Ended
August
31,
2022
Dollars:
Sold
.....................................................
$
12,574‌
$
1,328,710‌
$
152‌
$
2,492‌
$
1,107‌
$
3,027‌
Reinvested
................................................
609‌
16,869‌
12‌
146‌
58‌
240‌
Redeemed
.................................................
(
12,302‌
)
(
183,631‌
)
(
321‌
)
(
4,450‌
)
(
2,213‌
)
(
5,608‌
)
Net
Increase
(Decrease)
$
881‌
$
1,161,948‌
$
(
157‌
)
$
(
1,812‌
)
$
(
1,048‌
)
$
(
2,341‌
)
Shares:
Sold
.....................................................
1,374‌
147,636‌
17‌
267‌
119‌
323‌
Reinvested
................................................
63‌
1,713‌
1‌
15‌
6‌
25‌
Redeemed
.................................................
(
1,344‌
)
(
19,486‌
)
(
35‌
)
(
482‌
)
(
234‌
)
(
598‌
)
Net
Increase
(Decrease)
93‌
129,863‌
(
17‌
)
(
200‌
)
(
109‌
)
(
250‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.........
$
(
389‌
)
$
(
38,078‌
)
$
(
4‌
)
$
(
84‌
)
$
(
32‌
)
$
(
139‌
)
Total
Dividends
and
Distributions
$
(
389‌
)
$
(
38,078‌
)
$
(
4‌
)
$
(
84‌
)
$
(
32‌
)
$
(
139‌
)
Year
Ended
August
31,
2022
From
net
investment
income
and
net
realized
gain
on
investments
.........
$
(
609‌
)
$
(
16,869‌
)
$
(
12‌
)
$
(
146‌
)
$
(
58‌
)
$
(
240‌
)
Total
Dividends
and
Distributions
$
(
609‌
)
$
(
16,869‌
)
$
(
12‌
)
$
(
146‌
)
$
(
58‌
)
$
(
240‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
17
See
accompanying
notes.
Amounts
in
thousands
Diversified
Real
Asset
Fund
(a)
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
45,457‌
$
119,902‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
......
(
116,422‌
)
404,457‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
and
swap
agreements
.......................................................................................................................
(
65,223‌
)
(
492,871‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
136,188‌
)
31,488‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
439,671‌
)
(
326,365‌
)
Total
Dividends
and
Distributions
(
439,671‌
)
(
326,365‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(
243,773‌
)
539,566‌
Total
Increase
(Decrease)
in
Net
Assets
(
819,632‌
)
244,689‌
Net
Assets
Beginning
of
period
....................................................................................................................
4,628,542‌
4,383,853‌
End
of
period
..........................................................................................................................
$
3,808,910‌
$
4,628,542‌
Class
A
Institutional
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2023
(b)
Dollars:
Sold
.....................................................
$
12,778‌
$
365,429‌
$
33‌
N/A‌
$
6‌
$
192,117‌
Reinvested
................................................
11,407‌
231,021‌
29‌
N/A‌
8‌
177,174‌
Redeemed
.................................................
(
52,185‌
)
(
732,993‌
)
(
26‌
)
N/A‌
(
78‌
)
(
448,493‌
)
Net
Increase
(Decrease)
$
(
28,000‌
)
$
(
136,543‌
)
$
36‌
N/A‌
$
(
64‌
)
$
(
79,202‌
)
Shares:
Sold
.....................................................
1,098‌
31,510‌
2‌
N/A‌
–‌
15,781‌
Reinvested
................................................
1,003‌
20,378‌
3‌
N/A‌
1‌
15,630‌
Redeemed
.................................................
(
4,453‌
)
(
61,863‌
)
(
2‌
)
N/A‌
(
7‌
)
(
37,524‌
)
Net
Increase
(Decrease)
(
2,352‌
)
(
9,975‌
)
3‌
N/A‌
(
6‌
)
(
6,113‌
)
Year
Ended
August
31,
2022
(c)
Dollars:
Sold
.....................................................
$
97,318‌
$
1,245,535‌
$
68‌
–‌
$
36‌
$
636,787‌
Reinvested
................................................
6,202‌
151,580‌
17‌
1‌
4‌
157,486‌
Redeemed
.................................................
(
28,614‌
)
(
697,978‌
)
(
19‌
)
(
14‌
)
(
1‌
)
(
1,028,842‌
)
Net
Increase
(Decrease)
$
74,906‌
$
699,137‌
$
66‌
$
(
13‌
)
$
39‌
$
(
234,569‌
)
Shares:
Sold
.....................................................
7,266‌
93,023‌
6‌
–‌
3‌
47,624‌
Reinvested
................................................
474‌
11,596‌
1‌
–‌
–‌
12,056‌
Redeemed
.................................................
(
2,152‌
)
(
52,578‌
)
(
2‌
)
(
1‌
)
–‌
(
77,567‌
)
Net
Increase
(Decrease)
5,588‌
52,041‌
5‌
(
1‌
)
3‌
(
17,887‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
(b)
From
net
investment
income
and
net
realized
gain
on
investments
.........
$
(
12,173‌
)
$
(
247,092‌
)
$
(
29‌
)
$
N/A‌
$
(
8‌
)
$
(
180,369‌
)
Total
Dividends
and
Distributions
$
(
12,173‌
)
$
(
247,092‌
)
$
(
29‌
)
$
N/A‌
$
(
8‌
)
$
(
180,369‌
)
Year
Ended
August
31,
2022
(c)
From
net
investment
income
and
net
realized
gain
on
investments
.........
$
(
6,684‌
)
$
(
160,097‌
)
$
(
17‌
)
$
(
1‌
)
$
(
4‌
)
$
(
159,562‌
)
Total
Dividends
and
Distributions
$
(
6,684‌
)
$
(
160,097‌
)
$
(
17‌
)
$
(
1‌
)
$
(
4‌
)
$
(
159,562‌
)
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(b)
Class
R-5
shares
discontinued
operations
and
converted
to
Class
R-6
shares
on
January
13,
2023.
(c)
Class
R-4
shares
discontinued
operations
on
June
24,
2022.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
18
See
accompanying
notes.
Amounts
in
thousands
Edge
MidCap
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
603‌
$
3,769‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.......................................................................
1,249‌
105,749‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
4,866‌
(
169,018‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
6,718‌
(
59,500‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
12,416‌
)
(
140,225‌
)
Total
Dividends
and
Distributions
(
12,416‌
)
(
140,225‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(
13,763‌
)
(
274,258‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
19,461‌
)
(
473,983‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
111,015‌
584,998‌
End
of
period
..........................................................................................................................
$
91,554‌
$
111,015‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
.....................................................................................
$
2,415‌
$
12,785‌
$
1,572‌
Reinvested
................................................................................
2,232‌
6,105‌
1,954‌
Redeemed
.................................................................................
(
3,400‌
)
(
30,923‌
)
(
6,503‌
)
Net
Increase
(Decrease)
$
1,247‌
$
(
12,033‌
)
$
(
2,977‌
)
Shares:
Sold
.....................................................................................
209‌
1,111‌
136‌
Reinvested
................................................................................
208‌
563‌
179‌
Redeemed
.................................................................................
(
297‌
)
(
2,567‌
)
(
554‌
)
Net
Increase
(Decrease)
120‌
(
893‌
)
(
239‌
)
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
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
(
2,232‌
)
$
(
6,177‌
)
$
(
4,007‌
)
Total
Dividends
and
Distributions
$
(
2,232‌
)
$
(
6,177‌
)
$
(
4,007‌
)
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
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
19
See
accompanying
notes.
Amounts
in
thousands
Global
Multi-Strategy
Fund
(a)
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
5,257‌
$
4,469‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
......
(
5,478‌
)
34,312‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
foreign
currencies
,
futures
,
options
and
swaptions
,
short
sales
and
swap
agreements
.......................................................................................................
10,360‌
(
50,305‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
10,139‌
(
11,524‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
49,293‌
)
(
21,550‌
)
Total
Dividends
and
Distributions
(
49,293‌
)
(
21,550‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(
5,858‌
)
(
51,009‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
45,012‌
)
(
84,083‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
479,619‌
563,702‌
End
of
period
..........................................................................................................................
$
434,607‌
$
479,619‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
.....................................................................................
$
4,391‌
$
60,263‌
$
18,255‌
Reinvested
................................................................................
3,628‌
29,922‌
2,209‌
Redeemed
.................................................................................
(
5,259‌
)
(
98,372‌
)
(
20,895‌
)
Net
Increase
(Decrease)
$
2,760‌
$
(
8,187‌
)
$
(
431‌
)
Shares:
Sold
.....................................................................................
412‌
5,569‌
1,675‌
Reinvested
................................................................................
356‌
2,890‌
213‌
Redeemed
.................................................................................
(
501‌
)
(
8,954‌
)
(
1,953‌
)
Net
Increase
(Decrease)
267‌
(
495‌
)
(
65‌
)
Year
Ended
August
31,
2022
Dollars:
Sold
.....................................................................................
$
7,764‌
$
143,357‌
$
25,590‌
Reinvested
................................................................................
1,140‌
11,318‌
643‌
Redeemed
.................................................................................
(
7,733‌
)
(
119,042‌
)
(
114,046‌
)
Net
Increase
(Decrease)
$
1,171‌
$
35,633‌
$
(
87,813‌
)
Shares:
Sold
.....................................................................................
683‌
12,421‌
2,194‌
Reinvested
................................................................................
101‌
987‌
56‌
Redeemed
.................................................................................
(
679‌
)
(
10,308‌
)
(
9,915‌
)
Net
Increase
(Decrease)
105‌
3,100‌
(
7,665‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
(
4,216‌
)
$
(
36,388‌
)
$
(
8,689‌
)
Total
Dividends
and
Distributions
$
(
4,216‌
)
$
(
36,388‌
)
$
(
8,689‌
)
Year
Ended
August
31,
2022
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
(
1,345‌
)
$
(
13,625‌
)
$
(
6,580‌
)
Total
Dividends
and
Distributions
$
(
1,345‌
)
$
(
13,625‌
)
$
(
6,580‌
)
(a)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
20
See
accompanying
notes.
Amounts
in
thousands
Global
Sustainable
Listed
Infrastructure
Fund
Period Ended
February
28,
2023
(a)
Operations
Net
investment
income
(loss)
..................................................................................................................................
$
106‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
...............................................................................................
278‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.........................................................................................
18‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
402‌
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...........................................................................................
(
123‌
)
Total
Dividends
and
Distributions
(
123‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..........................................................................................................
14,730‌
Total
Increase
(Decrease)
in
Net
Assets
15,009‌
Net
Assets
Beginning
of
period
............................................................................................................................................
–‌
End
of
period
..................................................................................................................................................
$
15,009‌
Institutional
Capital
Share
Transactions:
Period Ended
February
28,
2023
(a)
Dollars:
Sold
..........................................................................................................
$
14,607‌
Reinvested
.....................................................................................................
123‌
Net
Increase
(Decrease)
$
14,730‌
Shares:
Sold
..........................................................................................................
1,415‌
Reinvested
.....................................................................................................
12‌
Redeemed
......................................................................................................
–‌
Net
Increase
(Decrease)
1,427‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
(a)
From
net
investment
income
and
net
realized
gain
on
investments
..............................................................
$
(
123‌
)
Total
Dividends
and
Distributions
$
(
123‌
)
(a)
Period
from
September
22,
2022,
date
operations
commenced,
through
February
28,
2023.
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
21
See
accompanying
notes.
Amounts
in
thousands
International
Equity
Index
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
8,509‌
$
34,722‌
Net
realized
gain
(loss)
on
investments
,
foreign
currencies
and
futures
...............................................................
10,347‌
(
6,578‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
foreign
currencies
and
futures
................................
103,647‌
(
273,860‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
122,503‌
(
245,716‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
27,481‌
)
(
61,068‌
)
Total
Dividends
and
Distributions
(
27,481‌
)
(
61,068‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(
68,036‌
)
44,704‌
Total
Increase
(Decrease)
in
Net
Assets
26,986‌
(
262,080‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
986,000‌
1,248,080‌
End
of
period
..........................................................................................................................
$
1,012,986‌
$
986,000‌
Institutional
R-1
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
.....................................................
$
7,162‌
$
12‌
$
1,190‌
$
939‌
$
2,709‌
$
58,384‌
Reinvested
................................................
1,269‌
6‌
233‌
211‌
360‌
25,402‌
Redeemed
.................................................
(
4,025‌
)
(
8‌
)
(
1,721‌
)
(
1,018‌
)
(
1,664‌
)
(
157,477‌
)
Net
Increase
(Decrease)
$
4,406‌
$
10‌
$
(
298‌
)
$
132‌
$
1,405‌
$
(
73,691‌
)
Shares:
Sold
.....................................................
736‌
–‌
124‌
98‌
285‌
6,222‌
Reinvested
................................................
131‌
1‌
24‌
22‌
37‌
2,613‌
Redeemed
.................................................
(
409‌
)
(
1‌
)
(
185‌
)
(
105‌
)
(
168‌
)
(
15,943‌
)
Net
Increase
(Decrease)
458‌
–‌
(
37‌
)
15‌
154‌
(
7,108‌
)
Year
Ended
August
31,
2022
Dollars:
Sold
.....................................................
$
16,138‌
$
43‌
$
2,821‌
$
3,578‌
$
3,817‌
$
152,932‌
Reinvested
................................................
2,602‌
19‌
715‌
478‌
803‌
56,451‌
Redeemed
.................................................
(
14,831‌
)
(
118‌
)
(
5,830‌
)
(
3,591‌
)
(
5,987‌
)
(
165,336‌
)
Net
Increase
(Decrease)
$
3,909‌
$
(
56‌
)
$
(
2,294‌
)
$
465‌
$
(
1,367‌
)
$
44,047‌
Shares:
Sold
.....................................................
1,467‌
4‌
261‌
335‌
347‌
14,176‌
Reinvested
................................................
221‌
2‌
62‌
41‌
69‌
4,808‌
Redeemed
.................................................
(
1,374‌
)
(
11‌
)
(
537‌
)
(
333‌
)
(
539‌
)
(
14,767‌
)
Net
Increase
(Decrease)
314‌
(
5‌
)
(
214‌
)
43‌
(
123‌
)
4,217‌
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.........
$
(
1,269‌
)
$
(
6‌
)
$
(
233‌
)
$
(
211‌
)
$
(
360‌
)
$
(
25,402‌
)
Total
Dividends
and
Distributions
$
(
1,269‌
)
$
(
6‌
)
$
(
233‌
)
$
(
211‌
)
$
(
360‌
)
$
(
25,402‌
)
Year
Ended
August
31,
2022
From
net
investment
income
and
net
realized
gain
on
investments
.........
$
(
2,602‌
)
$
(
19‌
)
$
(
715‌
)
$
(
478‌
)
$
(
803‌
)
$
(
56,451‌
)
Total
Dividends
and
Distributions
$
(
2,602‌
)
$
(
19‌
)
$
(
715‌
)
$
(
478‌
)
$
(
803‌
)
$
(
56,451‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
22
See
accompanying
notes.
Amounts
in
thousands
International
Small
Company
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
3,195‌
$
18,985‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.......................................................................
(
21,862‌
)
1,985‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
and
foreign
currencies
.........................................
72,496‌
(
324,668‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
53,829‌
(
303,698‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
8,570‌
)
(
99,426‌
)
Total
Dividends
and
Distributions
(
8,570‌
)
(
99,426‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(
43,183‌
)
(
73,753‌
)
Total
Increase
(Decrease)
in
Net
Assets
2,076‌
(
476,877‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
704,649‌
1,181,526‌
End
of
period
..........................................................................................................................
$
706,725‌
$
704,649‌
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
...............................................................................................
$
11,138‌
$
48,972‌
Reinvested
..........................................................................................
498‌
8,072‌
Redeemed
...........................................................................................
(
20,869‌
)
(
90,994‌
)
Net
Increase
(Decrease)
$
(
9,233‌
)
$
(
33,950‌
)
Shares:
Sold
...............................................................................................
1,280‌
5,379‌
Reinvested
..........................................................................................
56‌
901‌
Redeemed
...........................................................................................
(
2,351‌
)
(
10,095‌
)
Net
Increase
(Decrease)
(
1,015‌
)
(
3,815‌
)
Year
Ended
August
31,
2022
Dollars:
Sold
...............................................................................................
$
25,908‌
$
139,248‌
Reinvested
..........................................................................................
8,197‌
91,228‌
Redeemed
...........................................................................................
(
47,337‌
)
(
290,997‌
)
Net
Increase
(Decrease)
$
(
13,232‌
)
$
(
60,521‌
)
Shares:
Sold
...............................................................................................
2,414‌
12,077‌
Reinvested
..........................................................................................
719‌
7,941‌
Redeemed
...........................................................................................
(
4,566‌
)
(
26,917‌
)
Net
Increase
(Decrease)
(
1,433‌
)
(
6,899‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
...................................................
$
(
498‌
)
$
(
8,072‌
)
Total
Dividends
and
Distributions
$
(
498‌
)
$
(
8,072‌
)
Year
Ended
August
31,
2022
From
net
investment
income
and
net
realized
gain
on
investments
...................................................
$
(
8,197‌
)
$
(
91,229‌
)
Total
Dividends
and
Distributions
$
(
8,197‌
)
$
(
91,229‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
23
See
accompanying
notes.
Amounts
in
thousands
Opportunistic
Municipal
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
2,666‌
$
5,849‌
Net
realized
gain
(loss)
on
investments
................................................................................................
(
4,046‌
)
(
8,969‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
(
1,838‌
)
(
22,726‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
3,218‌
)
(
25,846‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
2,625‌
)
(
5,875‌
)
Total
Dividends
and
Distributions
(
2,625‌
)
(
5,875‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(
16,086‌
)
(
4,527‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
21,929‌
)
(
36,248‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
139,228‌
175,476‌
End
of
period
..........................................................................................................................
$
117,299‌
$
139,228‌
Class
A
Institutional
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
...............................................................................................
$
5,749‌
$
20,910‌
Reinvested
..........................................................................................
886‌
1,691‌
Redeemed
...........................................................................................
(
11,412‌
)
(
33,910‌
)
Net
Increase
(Decrease)
$
(
4,777‌
)
$
(
11,309‌
)
Shares:
Sold
...............................................................................................
611‌
2,207‌
Reinvested
..........................................................................................
95‌
181‌
Redeemed
...........................................................................................
(
1,214‌
)
(
3,598‌
)
Net
Increase
(Decrease)
(
508‌
)
(
1,210‌
)
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
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
...................................................
$
(
921‌
)
$
(
1,704‌
)
Total
Dividends
and
Distributions
$
(
921‌
)
$
(
1,704‌
)
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
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
24
See
accompanying
notes.
Amounts
in
thousands
Origin
Emerging
Markets
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
13,985‌
$
88,033‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.......................................................................
(
263,103‌
)
(
234,479‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
and
foreign
currencies
.........................................
208,460‌
(
812,743‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
40,658‌
)
(
959,189‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
69,003‌
)
(
142,189‌
)
Total
Dividends
and
Distributions
(
69,003‌
)
(
142,189‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
307,284‌
(
480,040‌
)
Total
Increase
(Decrease)
in
Net
Assets
197,623‌
(
1,581,418‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
2,282,318‌
3,863,736‌
End
of
period
..........................................................................................................................
$
2,479,941‌
$
2,282,318‌
Class
A
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
.....................................................................................
$
335‌
$
11,843‌
$
341,668‌
Reinvested
................................................................................
110‌
2,373‌
66,235‌
Redeemed
.................................................................................
(
608‌
)
(
18,070‌
)
(
96,602‌
)
Net
Increase
(Decrease)
$
(
163‌
)
$
(
3,854‌
)
$
311,301‌
Shares:
Sold
.....................................................................................
36‌
1,295‌
37,118‌
Reinvested
................................................................................
12‌
267‌
7,467‌
Redeemed
.................................................................................
(
66‌
)
(
1,964‌
)
(
10,665‌
)
Net
Increase
(Decrease)
(
18‌
)
(
402‌
)
33,920‌
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
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.........................................
$
(
111‌
)
$
(
2,378‌
)
$
(
66,514‌
)
Total
Dividends
and
Distributions
$
(
111‌
)
$
(
2,378‌
)
$
(
66,514‌
)
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
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
25
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Dividend
Income
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
9,009‌
$
15,427‌
Net
realized
gain
(loss)
on
investments
and
foreign
currencies
.......................................................................
12,046‌
56,738‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
44,598‌
(
136,215‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
65,653‌
(
64,050‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
56,782‌
)
(
13,607‌
)
Total
Dividends
and
Distributions
(
56,782‌
)
(
13,607‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
246,245‌
26,002‌
Total
Increase
(Decrease)
in
Net
Assets
255,116‌
(
51,655‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
1,061,103‌
1,112,758‌
End
of
period
..........................................................................................................................
$
1,316,219‌
$
1,061,103‌
Class
A
Class
C
Institutional
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
..........................................................................
$
14,289‌
$
1,931‌
$
72,321‌
$
324,389‌
Reinvested
.....................................................................
7,488‌
2,158‌
39,752‌
4,055‌
Redeemed
......................................................................
(
14,955‌
)
(
11,393‌
)
(
134,310‌
)
(
59,480‌
)
Net
Increase
(Decrease)
$
6,822‌
$
(
7,304‌
)
$
(
22,237‌
)
$
268,964‌
Shares:
Sold
..........................................................................
910‌
124‌
4,548‌
20,269‌
Reinvested
.....................................................................
484‌
141‌
2,553‌
259‌
Redeemed
......................................................................
(
965‌
)
(
733‌
)
(
8,531‌
)
(
3,839‌
)
Net
Increase
(Decrease)
429‌
(
468‌
)
(
1,430‌
)
16,689‌
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
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
..............................
$
(
8,268‌
)
$
(
2,197‌
)
$
(
42,260‌
)
$
(
4,057‌
)
Total
Dividends
and
Distributions
$
(
8,268‌
)
$
(
2,197‌
)
$
(
42,260‌
)
$
(
4,057‌
)
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
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
26
See
accompanying
notes.
Amounts
in
thousands
Small-MidCap
Growth
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
(
16‌
)
$
(
61‌
)
Net
realized
gain
(loss)
on
investments
................................................................................................
(
426‌
)
(
866‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
160‌
(
1,543‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
(
282‌
)
(
2,470‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
–‌
(
2,998‌
)
Total
Dividends
and
Distributions
–‌
(
2,998‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
12‌
2,686‌
Total
Increase
(Decrease)
in
Net
Assets
(
270‌
)
(
2,782‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
8,707‌
11,489‌
End
of
period
..........................................................................................................................
$
8,437‌
$
8,707‌
Institutional
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
..........................................................................................................
$
49‌
Redeemed
......................................................................................................
(
37‌
)
Net
Increase
(Decrease)
$
12‌
Shares:
Sold
..........................................................................................................
5‌
Redeemed
......................................................................................................
(
4‌
)
Net
Increase
(Decrease)
1‌
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
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
..............................................................
$
–‌
Total
Dividends
and
Distributions
$
–‌
Year
Ended
August
31,
2022
From
net
investment
income
and
net
realized
gain
on
investments
..............................................................
$
(
2,998‌
)
Total
Dividends
and
Distributions
$
(
2,998‌
)
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
27
See
accompanying
notes.
Amounts
in
thousands
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
139,589‌
$
295,836‌
Net
realized
gain
(loss)
on
investments
,
futures
and
options
and
swaptions
..........................................................
(
43,205‌
)
46,101‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
,
futures
and
options
and
swaptions
...........................
23,205‌
(
1,143,067‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
119,589‌
(
801,130‌
)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(
179,646‌
)
(
346,751‌
)
Total
Dividends
and
Distributions
(
179,646‌
)
(
346,751‌
)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(
411,365‌
)
(
830,667‌
)
Total
Increase
(Decrease)
in
Net
Assets
(
471,422‌
)
(
1,978,548‌
)
Net
Assets
Beginning
of
period
....................................................................................................................
6,478,911‌
8,457,459‌
End
of
period
..........................................................................................................................
$
6,007,489‌
$
6,478,911‌
Class
A
Class
C
Class
J
Institutional
R-1
R-3
R-4
R-5
R-6
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
......................
$
72,711‌
$
15,513‌
$
2,488‌
$
1,089,456‌
$
6‌
$
334‌
$
38‌
$
81‌
$
354,545‌
Reinvested
.................
17,429‌
3,654‌
1,033‌
92,079‌
13‌
202‌
27‌
67‌
23,358‌
Redeemed
..................
(
138,228‌
)
(
31,404‌
)
(
3,770‌
)
(
1,462,983‌
)
(
4‌
)
(
1,212‌
)
(
56‌
)
(
564‌
)
(
446,178‌
)
Net
Increase
(Decrease)
$
(
48,088‌
)
$
(
12,237‌
)
$
(
249‌
)
$
(
281,448‌
)
$
15‌
$
(
676‌
)
$
9‌
$
(
416‌
)
$
(
68,275‌
)
Shares:
Sold
......................
8,124‌
1,724‌
288‌
122,584‌
–‌
37‌
4‌
8‌
40,770‌
Reinvested
.................
1,967‌
413‌
121‌
10,477‌
1‌
23‌
3‌
8‌
2,660‌
Redeemed
..................
(
15,553‌
)
(
3,527‌
)
(
437‌
)
(
166,461‌
)
–‌
(
135‌
)
(
6‌
)
(
64‌
)
(
50,288‌
)
Net
Increase
(Decrease)
(
5,462‌
)
(
1,390‌
)
(
28‌
)
(
33,400‌
)
1‌
(
75‌
)
1‌
(
48‌
)
(
6,858‌
)
Year
Ended
August
31,
2022
Dollars:
Sold
......................
$
189,619‌
$
22,493‌
$
6,973‌
$
1,799,183‌
$
22‌
$
6,682‌
$
506‌
$
435‌
$
268,352‌
Reinvested
.................
32,321‌
6,964‌
1,792‌
168,471‌
22‌
92‌
49‌
154‌
40,688‌
Redeemed
..................
(
245,248‌
)
(
71,715‌
)
(
8,745‌
)
(
2,500,578‌
)
(
102‌
)
(
1,026‌
)
(
285‌
)
(
1,474‌
)
(
546,312‌
)
Net
Increase
(Decrease)
$
(
23,308‌
)
$
(
42,258‌
)
$
20‌
$
(
532,924‌
)
$
(
58‌
)
$
5,748‌
$
270‌
$
(
885‌
)
$
(
237,272‌
)
Shares:
Sold
......................
18,882‌
2,243‌
713‌
185,803‌
2‌
721‌
50‌
44‌
27,338‌
Reinvested
.................
3,280‌
706‌
188‌
17,213‌
2‌
10‌
5‌
16‌
4,170‌
Redeemed
..................
(
24,892‌
)
(
7,276‌
)
(
911‌
)
(
255,879‌
)
(
10‌
)
(
99‌
)
(
30‌
)
(
150‌
)
(
57,468‌
)
Net
Increase
(Decrease)
(
2,730‌
)
(
4,327‌
)
(
10‌
)
(
52,863‌
)
(
6‌
)
632‌
25‌
(
90‌
)
(
25,960‌
)
Dividends
and
Distributions
to
Shareholders:
Period Ended
February
28,
2023
From
net
investment
income
and
net
realized
gain
on
investments
.....
$
(
21,972‌
)
$
(
4,200‌
)
$
(
1,047‌
)
$
(
113,110‌
)
$
(
13‌
)
$
(
216‌
)
$
(
27‌
)
$
(
67‌
)
$
(
38,994‌
)
Total
Dividends
and
Distributions
$
(
21,972‌
)
$
(
4,200‌
)
$
(
1,047‌
)
$
(
113,110‌
)
$
(
13‌
)
$
(
216‌
)
$
(
27‌
)
$
(
67‌
)
$
(
38,994‌
)
Year
Ended
August
31,
2022
From
net
investment
income
and
net
realized
gain
on
investments
.....
$
(
40,364‌
)
$
(
7,981‌
)
$
(
1,825‌
)
$
(
222,556‌
)
$
(
22‌
)
$
(
100‌
)
$
(
49‌
)
$
(
154‌
)
$
(
73,700‌
)
Total
Dividends
and
Distributions
$
(
40,364‌
)
$
(
7,981‌
)
$
(
1,825‌
)
$
(
222,556‌
)
$
(
22‌
)
$
(
100‌
)
$
(
49‌
)
$
(
154‌
)
$
(
73,700‌
)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
28
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,
Global
Sustainable
Listed
Infrastructure
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
June
24,
2022,
Class
R-4
shares
discontinued
operations
for
Diversified
Real
Asset
Fund.
Effective
September
22,
2022,
the
initial
purchase
of
$9,500,000
of
Institutional
shares
of
Global
Sustainable
Listed
Infrastructure
Fund
was
made
by
Principal
Financial
Services,
Inc.
(“PFSI”),
an
affiliate
of
the
Principal
Global
Investors,
LLC
(“the
Manager”).
Effective
January
13,
2023,
Class
R-5
shares
discontinued
operations
and
converted
into
Class
R-6
shares
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.
When
reliable
market
quotations
are
not
considered
to
be
readily
available,
which
may
be
the
case,
for
example,
with
respect
to
restricted
securities,
certain
debt
securities,
preferred
stocks,
and
foreign
securities,
the
investments
are
valued
at
their
fair
value
as
determined
in
good
faith
by
the
Manager
under
procedures
established
and
periodically
reviewed
by
the
Fund’s
Board
of
Directors.
The
value
of
foreign
securities
used
in
computing
the
net
asset
value
per
share
is
generally
determined
as
of
the
close
of
the
foreign
exchange
where
the
security
is
principally
traded.
Events
that
occur
after
the
close
of
the
applicable
foreign
market
or
exchange,
but
prior
to
the
calculation
of
the
Funds’
net
asset
values
are
reflected
in
the
Funds’
net
asset
values
and
these
securities
are
valued
at
fair
value.
Many
factors,
provided
by
independent
pricing
services,
are
reviewed
in
the
course
of
making
a
good
faith
determination
of
a
security’s
fair
value,
including,
but
not
limited
to,
price
movements
in
American
depository
receipts
(“ADRs”),
futures
contracts,
industry
indices,
general
indices,
and
foreign
currencies.
To
the
extent
the
Funds
invest
in
foreign
securities
listed
on
foreign
exchanges
which
trade
on
days
on
which
the
Funds
do
not
determine
net
asset
values,
for
example,
weekends
and
other
customary
national
U.S.
holidays,
the
Funds’
net
asset
values
could
be
significantly
affected
on
days
when
shareholders
cannot
purchase
or
redeem
shares.
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
29
Certain
securities
issued
by
companies
in
emerging
market
countries
may
have
more
than
one
quoted
valuation
at
any
given
point
in
time,
sometimes
referred
to
as
a
“local”
price
and
a
“premium”
price.
The
premium
price
is
often
a
negotiated
price,
which
may
not
consistently
represent
a
price
at
which
a
specific
transaction
can
be
effected.
It
is
the
policy
of
the
Fund
to
value
such
securities
at
prices
at
which
it
is
expected
those
shares
may
be
sold,
and
the
Manager
or
any
sub-advisor
is
authorized
to
make
such
determinations
subject
to
such
oversight
by
the
Fund’s
Board
of
Directors
as
may
occasionally
be
necessary.
Currency
Translation.
Foreign
holdings
are
translated
to
U.S.
dollars
using
the
exchange
rate
at
the
daily
close
of
the
New
York
Stock
Exchange.
The
identified
cost
of
the
Funds’
holdings
is
translated
at
approximate
rates
prevailing
when
acquired.
Income
and
expense
amounts
are
translated
at
approximate
rates
prevailing
when
received
or
paid,
with
daily
accruals
of
such
amounts
reported
at
approximate
rates
prevailing
at
the
date
of
valuation.
Since
the
carrying
amount
of
the
foreign
securities
is
determined
based
on
the
exchange
rate
and
market
values
at
the
close
of
the
period,
it
is
not
practicable
to
isolate
that
portion
of
the
results
of
operations
arising
as
a
result
of
changes
in
the
foreign
exchange
rates
from
the
fluctuations
arising
from
changes
in
the
market
prices
of
securities
during
the
period.
Net
realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
trade
and
settlement
dates
on
security
transactions,
and
the
difference
between
the
amount
of
dividends,
interest
income,
interest
expense,
and
foreign
withholding
taxes
recorded
on
the
books
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
appreciation
(depreciation)
on
translation
of
assets
and
liabilities
in
foreign
currencies
arise
from
changes
in
the
exchange
rate
relating
to
assets
and
liabilities,
other
than
investments
in
securities,
purchased
and
held
in
non-U.S.
denominated
currencies.
The
following
Funds
held
securities
denominated
in
foreign
currencies
that
exceeded
5%
of
net
assets
of
the
respective
fund
as
of
February
28,
2023:
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
Diversified
Real
Asset
Fund
Euro
9
.1%
British
Pound
Sterling
5
.4
Global
Sustainable
Listed
Infrastructure
Fund
Euro
13
.1%
Canadian
Dollar
9
.3
Hong
Kong
Dollar
7
.4
Australian
Dollar
6
.0
British
Pound
Sterling
5
.9
International
Equity
Index
Fund
Euro
32
.6%
Japanese
Yen
20
.7
British
Pound
Sterling
14
.8
Swiss
Franc
9
.6
Australian
Dollar
7
.5
International
Small
Company
Fund
Japanese
Yen
26
.5%
Euro
20
.7
British
Pound
Sterling
15
.5
Canadian
Dollar
13
.6
Australian
Dollar
7
.6
Origin
Emerging
Markets
Fund
Hong
Kong
Dollar
20
.6%
New
Taiwan
Dollar
16
.3
Chinese
Renminbi
11
.7
Indian
Rupee
11
.1
South
Korean
Won
9
.9
Brazilian
Real
7
.3
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
30
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.
Distributions
received
from
other
series
of
the
Fund
and
other
investment
companies
(collectively,
“Underlying
Funds”)
are
recorded
in
accordance
with
the
character
of
the
distributions
as
designated
by
the
Underlying
Funds.
Distributions
received
from
Real
Estate
Investment
Trusts
(“REITs”)
may
be
characterized
as
ordinary
income,
capital
gain,
or
a
return
of
capital
to
the
Funds.
The
proper
characterization
of
distributions
from
REITs
is
generally
not
known
until
after
the
end
of
each
calendar
year.
As
such,
estimates
are
used
in
reporting
the
character
of
income
and
distributions
for
financial
statement
purposes.
Expenses.
Expenses
directly
attributed
to
a
particular
fund
are
charged
to
that
fund.
Other
expenses
not
directly
attributed
to
a
particular
fund
are
apportioned
among
the
registered
investment
companies
managed
by
the
Manager.
Management
fees
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
the
value
of
shares
outstanding
of
each
class.
Expenses
specifically
attributable
to
a
particular
class
are
charged
directly
to
such
class
and
are
included
separately
in
the
statements
of
operations.
In
addition
to
the
expenses
the
Funds
bear
directly,
each
of
the
Funds
may
indirectly
bear
a
pro
rata
share
of
the
fees
and
expenses
of
the
other
series
of
the
Fund
and
other
investment
companies
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
and
financial
highlights
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,
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.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
positions
as
tax
expense
on
the
statements
of
operations. During
the period
ended
February
28,
2023,
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
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
31
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
receivables and
any
accrued
foreign
tax
liabilities
are
shown
on
the
statements
of
assets
and
liabilities.
At
February
28,
2023,
the
Funds’
had
foreign
tax
refund
receivables
and
accrued
foreign
tax
liabilities
as
follows
(amounts
in
thousands):
Basis
for
Consolidation.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund
(the
“Consolidated
Funds”)
may
invest
up
to
25%
of
their
total
assets
in
their
respective
wholly-owned
subsidiaries
DRA
Cayman
Corporation
and
GMS
Cayman
Corporation
(the
“Cayman
Subsidiaries”),
each
organized
under
the
laws
of
the
Cayman
Islands.
The
Consolidated
Funds
are
the
sole
shareholder
of
their
respective
Cayman
Subsidiaries,
and
shares
of
the
Cayman
Subsidiaries
will
not
be
sold
or
offered
to
other
investors.
To
the
extent
that
the
Consolidated
Funds
invest
in
their
Cayman
Subsidiaries,
they
will
be
subject
to
the
particular
risks
associated
with
the
Cayman
Subsidiaries'
investments,
which
are
discussed
in
the
applicable
Prospectus
and
Statement
of
Additional
Information.
The
principal
purpose
of
investing
in
the
Cayman
Subsidiaries
is
to
allow
the
Consolidated
Funds
to
gain
exposure
to
the
commodity
markets
within
the
limitations
of
federal
tax
laws
applicable
to
regulated
investment
companies.
Diversified
Real
Asset
Fund’s
investment
portfolio
has
been
consolidated
and
includes
the
portfolio
holdings
of
Diversified
Real
Asset
Fund
and
its
Cayman
subsidiary.
Global
Multi-Strategy
Fund’s
investment
portfolio
has
been
consolidated
and
includes
the
portfolio
holdings
of
Global
Multi-Strategy
Fund
and
its
Cayman
subsidiary.
The
consolidated
financial
statements
for
Diversified
Real
Asset
Fund
include
the
accounts
of
Diversified
Real
Asset
Fund
and
its
Cayman
subsidiary
and
the
consolidated
financial
statements
for
Global
Multi-Strategy
Fund
include
the
accounts
of
Global
Multi-Strategy
Fund
and
its
Cayman
subsidiary.
All
intercompany
transactions
and
balances
have
been
eliminated
in
consolidation.
At
February
28,
2023,
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.
In
December
2022,
the
FASB
issued
ASU
No.
2022-06
Reference
Rate
Reform
(Topic
848):
Deferral
of
the
Sunset
Date
of
Topic
848
which
updates
and
clarifies
ASU
No.
2020-04.
The amendments
in
this ASU
defer
the
sunset
date
of
Topic
848
from
December
31,
2022,
to
December
31,
2024. Management expects
the impact
of
these
ASUs 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.
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.
The
interest
income
received
is
included
in
interest
income
on
the
statements
of
operations. The
interest
Foreign
Tax
Refund
Receivable
Accrued
Foreign
Tax
Liability
Origin
Emerging
Markets
Fund
$
973
$
4,365
Net
Assets
Percent
of
Consolidated
Fund's
Net
Assets
DRA
Cayman
Corporation
$
579,756
15.22
%
GMS
Cayman
Corporation
5,390
1.24
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
32
expense
associated
with
these
borrowings
is
included
in
other
expenses
on
the
statements
of
operations. As
of
February
28,
2023,
none
of
the
Funds
had
loans
to
the
Facility
while
Blue
Chip
Fund
had
an
outstanding
borrowing
of
$4,925,000
from
the
Facility.
During
the period
ended
February
28,
2023, Funds
lending
to
the
Facility
were
as
follows
(amounts
in
thousands):
During
the period
ended
February
28,
2023,
Funds
borrowing
from
the
Facility
were
as
follows
(amounts
in
thousands): 
In
addition,
the
Funds
(with
the
exception
of
Global
Sustainable
Listed
Infrastructure
Fund)
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. The
line
of
credit
is
available
under
a
group
of
revolving
financial
institutions
and
lending
is
carried
out
with
unaffiliated
financial
institutions.
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%.
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.
As
of February
28,
2023,
none
of
the
Funds
had
outstanding
borrowings.
During
the period ended
February
28,
2023,
Funds
borrowing
against
the
line
of
credit
were
as
follows
(amounts
in
thousands):
Commodity
Linked
Notes.
Diversified
Real
Asset
Fund
invests
in
structured
notes
whose
market
values
are
primarily
derived
from
changes
in
the
value
of
various
commodity
indices
and
other
factors.
Valuations
on
these
securities
may
be
volatile
as
the
payment
features
on
certain
notes
may
contain
attributes
that
multiply
the
effects
of
changes
in
the
values
of
the
underlying
indices.
Structured
notes
may
entail
a
greater
degree
of
market
risk
than
other
types
of
debt
securities.
Structured
notes
may
also
be
more
volatile,
less
liquid,
and
more
difficult
to
accurately
price
than
less
complex
securities
or
more
traditional
debt
securities.
Fluctuations
in
the
fair
value
of
the
structured
notes
are
recorded
as
unrealized
gains
and
losses
in
the
accompanying
financial
statements.
Interest
income
is
accrued
daily.
These
notes
are
subject
to
prepayment,
credit,
and
interest
rate
risks.
At
maturity,
or
when
a
note
is
sold,
the
fund
records
a
realized
gain
or
loss. 
Contingent
Convertible
Securities.
As
footnoted
in
the
schedules
of
investments, 
certain
of
the
Funds
invest 
in
contingent
convertible securities
(“
CoCos
”).
CoCos
 are
hybrid
debt
securities
that
may
convert
into
equity
or
have
their
principal
written
down
upon
the
occurrence
of
certain
“triggers.”
Although
a
contingent
convertible
security’s
equity
conversion
and
principal
write-down
features
are
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Blue
Chip
Fund
$
803
4.47
%
Bond
Market
Index
Fund
964
3.84
Diversified
Real
Asset
Fund
520
4.72
Edge
MidCap
Fund
9
4.35
Global
Multi-Strategy
Fund
103
4.04
Global
Sustainable
Listed
Infrastructure
Fund
12
4.89
International
Equity
Index
Fund
320
4.48
International
Small
Company
Fund
75
3.81
Origin
Emerging
Markets
Fund
918
4.10
Small-
MidCap
Dividend
Income
Fund
170
4.81
Small-
MidCap
Growth
Fund
9
4.78
Spectrum
Preferred
and
Capital
Securities
Income
Fund
35
4.85
Average
Daily
Amount
Borrowed
Weighted
Average
Annual
Interest
Rate
Blue
Chip
Fund
$
1,613
4.18
%
Diversified
Real
Asset
Fund
1,351
3.96
Edge
MidCap
Fund
136
4.46
International
Equity
Index
Fund
1,197
4.53
Opportunistic
Municipal
Fund
57
4.00
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,543
4.35
Average
Daily
Amount
Borrowed
Weighted
Average
Annual
Interest
Rate
Spectrum
Preferred
and
Capital
Securities
Income
Fund
$
74
3.43
%
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
33
tailored
to
the
particular
issuing
banking
institution
and
its
regulatory
requirements,
triggers
are
generally
linked
to
regulatory
capital
thresholds
or
regulatory
actions
calling
into
question
such
institution’s
continued
viability
as
a
going-concern.
CoCos
may
have
no
stated
maturity
and
fully
discretionary
coupons,
which
means
coupon
payments
can
be
canceled
at
the
issuing
banking
institution’s
discretion
or
at
the
request
of
the
relevant
regulatory
authority
without
causing
a
default.
To
provide
the
appropriate
regulatory
capital
treatment,
CoCos
are
usually
issued
in
the
form
of
subordinated
debt
instruments
that
rank
junior
to
the
claims
of
holders
of
more
senior
obligations
in
the
event
of
the
issuer’s
liquidation.
If
CoCos
are
converted
into
equity
securities
due
to
a
trigger
event,
holders
will
be
further
subordinated.
The
future
value
of
CoCos
is
unpredictable
and
is
influenced
by
many
factors
including,
without
limitation:
the
creditworthiness
of
the
issuer
and/or
fluctuations
in
such
issuer’s
applicable
capital
ratios;
supply
and
demand
for
CoCos
;
general
market
conditions
and
available
liquidity;
and
economic,
financial
and
political
events
that
affect
the
issuer,
its
particular
market
or
the
financial
markets
in
general.
Due
to
these
features,
CoCos
may
have
substantially
greater
risk
than
other
securities
in
times
of
financial
stress.
Because
of
the
uncertainty
regarding
whether
a
conversion
event
will
occur,
it
may
be
difficult
to
predict
when,
if
at
all,
a
contingent
convertible
security
will
be
converted
to
equity,
and
a
fund
may
suffer
losses
as
a
result.
If
the
trigger
level
is
breached,
the
issuer’s
decision
to
write
down,
write
off
or
convert
a
contingent
convertible
security
may
result
in
the
fund's
complete
loss
on
an
investment
in
CoCos
with
no
chance
of
recovery
even
if
the
issuer
remains
in
existence.
Counterparties.
The
Funds
may
be
exposed
to
counterparty
risk,
or
the
risk
that
another
party
with
which
the
Funds
have
unsettled
or
open
transactions
will
fail
to
perform
on
their
commitment.
To
the
extent
that
unpaid
amounts
owed
to
the
Funds
exceed
a
predetermined
threshold
agreed
to
with
the
counterparty,
as
stated
in
the
counterparties'
master
netting
agreements
("Master
Netting
Agreements"),
such
counterparty
shall
advance
collateral
to
the
Funds
in
the
form
of
cash
or
cash
equivalents
equal
in
value
to
the
unpaid
amount
owed
to
the
Funds.
If
the
unpaid
amount
owed
to
the
Funds
subsequently
decreases,
the
Funds
would
be
required
to
return
all
or
a
portion
of
the
collateral.
Master
Netting
Agreements
may
also
help
limit
counterparty
risk
by
specifying
collateral
posting
arrangements
at
pre-arranged
exposure
levels.
Under
the
Master
Netting
Agreements,
collateral
is
routinely
transferred
if
the
total
net
exposure
to
certain
transactions
governed
under
the
relevant
master
netting
agreement
with
a
counterparty
exceeds
a
specified
threshold.
The
financial
instruments
that
are
subject
to
Master
Netting
Agreements
or
similar
agreements
may
include
right
of
setoff
provisions.
Derivative
instruments
include
provisions
to
setoff
positions
covered
under
the
agreements
with
the
same
counterparties
and
provisions
to
setoff
positions
outside
of
the
agreements
with
the
same
counterparties
in
the
event
of
default
by
one
of
the
parties.
Derivative
instruments
are
shown gross
on
the
statements
of
assets
and
liabilities.
Derivative
instruments
also
include
collateral
provisions.
Collateral
received
and
pledged
are
generally
settled
daily
with
each
counterparty.
Diversified
Real
Asset
Fund
and
Global
Multi-Strategy
Fund
have
financial
instruments
that
are
subject
to
Master
Netting
Agreements
or
similar
agreements.
As
of
February
28,
2023,
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
$
1
$
—
$
1
Total
Return
Swaps
—
(3,322)
(3,322)
$
1
$
(3,322)
$
(3,321)
$
—
$
(3,321)
Barclays
Bank
PLC
Written
Interest
Rate
Swaptions
—
(6
8
)
(6
8
)
$
—
$
(6
8
)
$
(6
8
)
$
—
$
(6
8
)
Citigroup
Inc
Foreign
Currency
Contracts
5
(3)
2
Total
Return
Swaps
—
(4,615)
(4,615)
$
5
$
(4,61
8
)
$
(4,613)
$
—
$
(4,613)
Deutsche
Bank
AG
Written
Interest
Rate
Swaptions
—
(335)
(335)
$
—
$
(335)
$
(335)
$
—
$
(335)
HSBC
Securities
Inc
Foreign
Currency
Contracts
46
—
46
$
46
$
—
$
46
$
—
$
46
UBS
AG
Total
Return
Swaps
—
(1,186)
(1,186)
$
—
$
(1,186)
$
(1,186)
$
—
$
(1,186)
Total
OTC
$
52
$
(9,52
9
)
$
(9,477)
$
(9,477)
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
34
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
period ended
February
28,
2023,
none
of
the
Funds
had
material
cross
trades.
Deposits
with
Counterparty.
Cash
pledged
as
collateral
is
reflected
as
an
asset
on
the
statements
of
assets
and
liabilities
as
deposits
with
counterparty.
There
are
a
variety
of
security
types
which
require
varying
levels
of
pledged
collateral.
Customer
account
agreements
govern
cleared
derivatives
transactions
such
as
futures
contracts
and
certain
swap
agreements.
Such
transactions
require
posting
of
initial
margin
as
determined
by
each
relevant
clearing
agency
which
is
segregated
in
an
account
at
a
futures
commission
merchant
(“FCM”)
registered
with
the
Commodity
Futures
Trading
Commission.
International
Swaps
and
Derivatives
Association
(“ISDA”)
accounts
are
maintained
in
a
segregated
account
at
the
custodian
for
over-the-counter
("OTC")
derivatives.
Master
Securities
Forward
Transaction
Agreements
("MSFTA")
accounts
are
also
maintained
in
a
segregated
account
at
the
custodian
for
collateral
related
to
forward
currency
contracts
and
"to-be-announced"
("TBA")
securities.
Certain
of
the Funds may
pledge
cash
to
a
broker
for
securities
sold
short
and
repurchase
agreements.
As
of
February
28,
2023,
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
Bank
of
America
NA
Foreign
Currency
Contracts
$
1,50
7
$
(1,327)
$
1
80
$
1,50
7
$
(1,327)
$
1
80
$
—
$
1
80
Barclays
Bank
PLC
Foreign
Currency
Contracts
8
(1)
7
$
8
$
(1)
$
7
$
—
$
7
BNP
Paribas
Foreign
Currency
Contracts
54
—
54
$
54
$
—
$
54
$
—
$
54
Citigroup
Inc
Foreign
Currency
Contracts
9
6
(7
2
)
2
4
$
9
6
$
(7
2
)
$
2
4
$
—
$
2
4
Goldman
Sachs
&
Co
Equity
Basket
Swaps
12
2
—
122
Foreign
Currency
Contracts
—
(8
)
(8)
$
12
2
$
(
8
)
$
114
$
—
$
114
JPMorgan
Chase
Equity
Basket
Swaps
6
5
—
65
Foreign
Currency
Contracts
7
5
(29)
4
6
$
1
40
$
(
2
9)
$
11
1
$
(22)
$
89
Merrill
Lynch
Foreign
Currency
Contracts
7
—
7
$
7
$
—
$
7
$
—
$
7
Morgan
Stanley
&
Co
Equity
Basket
Swaps
4,869
—
4,869
Foreign
Currency
Contracts
1
—
1
$
4,870
$
—
$
4,870
$
—
$
4,870
Total
OTC
$
6,8
04
$
(1,4
37
)
$
5,36
7
$
5,345
*
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
$
1,382
$
—
$
—
$
1,382
Global
Multi-Strategy
Fund
11,722
853
32,003
44,578
International
Equity
Index
Fund
63
—
—
63
Spectrum
Preferred
and
Capital
Securities
Income
Fund
11,994
—
—
11,994
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
35
Deposits
from
Counterparty.
Cash
received
from
a
counterparty
as
collateral
is
reflected
as
a
liability
on
the
statements
of
assets
and
liabilities
as
deposits
from
counterparty.
There
are
a
variety
of
security
types
which
require
varying
levels
of
pledged
collateral.
The
collateral
posted
to
the Funds
by
the
broker
is
received
in
the
fund’s
custodian
account.
As
of
February
28,
2023,
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
period
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 
February
28,
2023 was
$7,032,000.
The
average
outstanding
balance
for
the
liability
during
the
period
ended February
28,
2023
was
$7,032,000
at
a weighted
average
annual
interest
rate
of
2.87%.
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)
Global
Multi-Strategy
Fund
$
30
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
36
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
period, 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 period
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
period
end,
the
commitments
are
typically
categorized
as
Level
2
within
the
disclosure
hierarchy.
As of
February
28,
2023,
the
Funds
had
no
unfunded
commitments
in
connection
with
PIPEs. 
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
37
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
period
ended
February
28,
2023
.
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
transactions
are
accounted
for
as
secured
borrowings
and
the
remaining
contractual
maturity
is
overnight
and
continuous
for
all
securities.
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
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
38
are
more
likely
to
default
than
investment-grade
loans.
A
default
could
lead
to
non-payment
of
income
which
would
result
in
a
reduction
of
income
to
the
fund
and
there
can
be
no
assurance
that
the
liquidation
of
any
collateral
would
satisfy
the
Borrower’s
obligation
in
the
event
of
non-payment
of
scheduled
interest
or
principal
payments,
or
that
such
collateral
could
be
readily
liquidated.
Senior
floating
rate
interests
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
LIBOR
rate
(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
period
end,
the
unfunded
loan
commitments
are
categorized
as
Level
2
within
the
disclosure
hierarchy.
As
of
February
28,
2023,
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
Unfunded
Loan
Commitment
Net
Unrealized
Gain/(Loss)
Diversified
Real
Asset
Fund
$
344
$
8
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
39
swap
agreement
and
prevailing
market
conditions
(credit
spreads,
interest
rates,
and
other
relevant
factors).
These
upfront
payments
are
amortized
daily
over
the
term
of
the
swap
agreement
as
realized
gains
or
losses
on
the
statements
of
operations.
Notional
principal
amounts
are
used
to
express
the
extent
of
involvement
in
these
agreements.
Risks
may
exceed
amounts
shown
on
the
statements
of
assets
and
liabilities.
These
risks
include
changes
in
the
returns
of
the
underlying
instruments,
unfavorable
interest
rate
fluctuation,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
contractual
terms
in
the
agreements,
and
the
possible
lack
of
liquidity
with
respect
to
the
swap
agreements.
The
Funds
and
any
counterparty
are
required
to
maintain
an
agreement
that
requires
the
Funds
and
that
counterparty
to
monitor
the
net
fair
value
of
all
derivative
transactions
entered
into
pursuant
to
the
contract
between
the
Funds
and
such
counterparty.
If
the
net
fair
value
of
such
derivatives
transactions
between
the
Funds
and
that
counterparty
exceeds
a
certain
threshold
(as
defined
in
the
agreement),
the
Funds
or
the
counterparty
are
required
to
post
cash
and/or
securities
as
collateral.
Fair
values
of
derivatives
transactions
presented
in
the
financial
statements
are
not
netted
with
the
fair
values
of
other
derivatives
transactions
or
with
any
collateral
amounts
posted
by
the
Funds
or
any
counterparty.
Credit
default
swaps
involve
commitments
to
pay
a
fixed
rate
at
a
predetermined
frequency
in
exchange
for
a
lump
sum
payment
if
a
“credit
event”,
as
defined
in
the
agreement,
affecting
a
third
party
occurs.
Credit
events
may
include
a
failure
to
pay
interest,
bankruptcy,
restructuring,
or
other
event
as
defined
in
the
agreement.
A
“buyer”
of
credit
protection
agrees
to
pay
a
counterparty
to
assume
the
credit
risk
of
an
issuer
upon
the
occurrence
of
a
credit
event.
The
“seller”
of
the
protection
receives
periodic
payments
and
agrees
to
assume
the
credit
risk
of
an
issuer
upon
the
occurrence
of
a
credit
event.
As
the
seller
of
credit
protection,
a
fund
would
add
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
a
fund
would
be
subject
to
investment
exposure
on
the
notional
amount
of
the
swap.
If
a
fund
is
a
seller
of
protection
and
a
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
the
fund
will
either
(i)
pay
to
the
buyer
of
protection
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index
or
(ii)
pay
a
net
settlement
amount
in
the
form
of
cash
or
securities
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
If
a
fund
is
a
buyer
of
protection
and
a
credit
event
occurs,
as
defined
under
the
terms
of
that
particular
swap
agreement,
a
fund
will
either
(i)
receive
from
the
seller
of
protection
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index
or
(ii)
receive
a
net
settlement
amount
in
the
form
of
cash
or
securities
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
Credit
default
swap
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
some
part
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
credit
default
swap
market
based
on
the
sector
of
the
index.
Components
of
the
indices
may
include,
but
are
not
limited
to,
investment
grade
securities,
high
yield
securities,
asset
backed
securities,
emerging
markets,
and/or
various
credit
ratings
within
each
sector.
Credit
indices
are
traded
using
credit
default
swaps
with
standardized
terms
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
that
name’s
weight
in
the
index.
The
composition
of
the
indices
changes
periodically,
usually
every
six
months,
and
for
most
indices,
each
name
has
an
equal
weight
in
the
index.
A
fund
may
use
credit
default
swaps
on
credit
indices
to
hedge
a
portfolio
of
credit
default
swaps
or
bonds,
which
is
less
expensive
than
it
would
be
to
buy
many
credit
default
swaps
to
achieve
a
similar
effect.
Credit
default
swaps
on
indices
are
benchmarks
for
protecting
investors
owning
bonds
against
default,
and
traders
use
them
to
speculate
on
changes
in
credit
quality.
Credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
default
or
other
credit
event.
If
a
credit
event
occurs
and
cash
settlement
is
not
elected,
a
variety
of
other
deliverable
obligations
may
be
delivered
in
lieu
of
the
specific
referenced
obligation.
The
ability
to
deliver
other
obligations
may
result
in
a
cheapest-to-deliver
option
(the
buyer
of
protection’s
right
to
choose
the
deliverable
obligation
with
the
lowest
value
following
a
credit
event).
The
Funds
may
use
credit
default
swaps
on
corporate
issues
or
sovereign
issues
of
an
emerging
country
to
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
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
40
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
The
maximum
potential
amount
of
future
payments
(undiscounted)
that
a
fund
as
a
seller
of
protection
could
be
required
to
make
under
a
credit
default
swap
agreement
would
be
an
amount
equal
to
the
notional
amount
of
the
agreement.
Notional
amounts
of
all
credit
default
swap
agreements
outstanding
as
of
February
28,
2023
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 February
28,
2023,
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.
Total
Percentage
of
Outstanding
Shares
Owned
Blue
Chip
Fund
37.51%
Bond
Market
Index
Fund
91.89
Diversified
Real
Asset
Fund
16.63
International
Equity
Index
Fund
53.68
International
Small
Company
Fund
92.50
Origin
Emerging
Markets
Fund
47.37
Small-MidCap
Dividend
Income
Fund
27.07
Spectrum
Preferred
and
Capital
Securities
Income
Fund
9.06
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
41
Government
related
guarantors
(those
not
backed
by
the
full
faith
and
credit
of
the U.S.
Government)
include
the FNMA
and
the
Federal
Home
Loan
Mortgage
Corporation
(“FHLMC”).
The
FNMA
is
a
government
sponsored
corporation,
the
common
stock
of
which
is
owned
entirely
by
private
stockholders.
The
FNMA
purchases
conventional
residential
mortgages
from
a
list
of
approved
seller/servicers
which
include
state
and
federally
chartered
savings
and
loan
associations,
mutual
savings
banks,
commercial
banks,
credit
unions,
and
mortgage
bankers.
Pass-through
securities
issued
by
the
FNMA
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
the
FNMA,
but
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
Government.
The
FHLMC
issues
participation
certificates,
which
are
pass-through
securities,
each
representing
an
undivided
interest
in
a
pool
of
residential
mortgages.
The
FHLMC
guarantees
the
timely
payment
of
interest
and
ultimate
collection
of
principal,
but
participation
certificates
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
Government. 
Derivatives.
The
following
tables
provide
information
about
where
in
the
statements
of
assets
and
liabilities
and
statements
of
operations
information
about
derivatives
can
be
found
(amounts
in
thousands):
Asset
Derivatives
February
28,
2023
Liability
Derivatives
February
28,
2023
Derivatives
not
accounted
for
as
hedging
instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Diversified
Real
Asset
Fund
Commodity
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
8,548
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
20,467
*
Foreign
Exchange
Contracts
Receivables
$
52
Payables
$
3
Interest
Rate
Contracts
Investment
in
Securities
–
at
value,
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
1,299
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
1,798
*
Total
$
9,899
*
$
22,268
*
Global
Multi-Strategy
Fund
Commodity
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
310
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
1,024
*
Credit
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
10
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
373
*
Equity
Contracts
Investment
in
Securities
–
at
value,
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
6,523
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
1,838
*
Foreign
Exchange
Contracts
Receivables
$
1,767
*
Payables
$
1,437
Interest
Rate
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
2,190
*
Payables,
Total
distributable
earnings
(accumulated
loss)
$
366
*
Total
$
10,800
$
5,038
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
Rate
Contracts
Receivables,
Total
distributable
earnings
(accumulated
loss)
$
—
Payables,
Total
distributable
earnings
(accumulated
loss)
$
1,658
*
*
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.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
42
Diversified
Real
Asset
Fund
Commodity
Contracts
Investment
transactions/Investments*
$
(328)
$
352
Futures
contracts
$
(68,587)
$
8,433
Options
and
swaptions
$
80
$
64
Swap
agreements
$
(21,582)
$
(9,073)
Foreign
Exchange
Contracts
Investment
transactions/Investments*
$
(114)
$
21
Foreign
currency
contracts
$
(18)
$
(16)
Options
and
swaptions
$
22
$
(9)
Interest
Rate
Contracts
Investment
transactions/Investments*
$
743
$
(476)
Futures
contracts
$
2,453
$
—
Options
and
swaptions
$
(114)
$
202
Swap
agreements
$
(1,287)
$
175
Total
$
(88,732)
$
(327)
Global
Multi-Strategy
Fund
Commodity
Contracts
Futures
contracts
$
(3,881)
$
(613)
Credit
Contracts
Swap
agreements
$
286
$
(784)
Equity
Contracts
Investment
transactions/Investments*
$
(837)
$
(71)
Futures
contracts
$
(3,466)
$
694
Options
and
swaptions
$
532
$
311
Swap
agreements
$
2,523
$
(2,404)
Foreign
Exchange
Contracts
Investment
transactions/Investments*
$
—
$
—
Futures
contracts
$
22
$
(36)
Foreign
currency
contracts
$
2,708
$
(2,507)
Options
and
swaptions
$
—
$
—
Interest
Rate
Contracts
Investment
transactions/Investments*
$
(1)
$
(11)
Futures
contracts
$
5,209
$
1,690
Options
and
swaptions
$
4
$
1
Swap
agreements
$
(62)
$
144
Total
$
3,037
$
(3,586)
International
Equity
Index
Fund
Equity
Contracts
Futures
contracts
$
147
$
86
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
Rate
Contracts
Investment
transactions/Investments*
$
(314)
$
—
Futures
contracts
$
(1,486)
$
(2,870)
Options
and
swaptions
$
3,923
$
(37)
Total
$
2,123
$
(2,907)
*Investment
transactions
includes
purchased
options
and/or
purchased
swaptions
.
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
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
43
The
following
table
includes
a
summary
of
the
average
quarterly
outstanding
notional
by
derivative
instrument
type
for
the
period 
ended February
28,
2023
(amounts
in
thousands):
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.
Contract
Type
Derivative
Type
Average
Notional
Diversified
Real
Asset
Fund
Commodity
Contracts
Futures
-
Long
$
418,609
Futures
-
Short
180,767
Purchased
Options
447
Total
Return
Swaps
-
Receive
Positive
Return
472,102
Written
Options
487
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
5,381
Foreign
Currency
Contracts
-
Contracts
to
Deliver
8,726
Purchased
Options
10,031
Written
Options
6,885
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
39,357
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
57,415
Futures
-
Long
32,938
Futures
-
Short
46,222
Purchased
Interest
Rate
Swaptions
18,624
Purchased
Options
1,397
Written
Interest
Rate
Swaptions
62,120
Written
Options
1,756
Global
Multi-Strategy
Fund
Commodity
Contracts
Futures
-
Long
18,803
Futures
-
Short
8,816
Credit
Contracts
Credit
Default
Swaps
–
Buy
Protection
1,835
Exchange
Cleared
Credit
Default
Swaps
–
Buy
Protection
10,705
Equity
Contracts
Futures
-
Long
31,800
Futures
-
Short
29,776
Purchased
Options
257
Total
Return
Equity
Basket
Swaps
115,361
Written
Options
237
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
-
Contracts
to
Accept
86,592
Foreign
Currency
Contracts
-
Contracts
to
Deliver
141,757
Futures
-
Long
1,712
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps
-
Pay
Floating
Rate
31,020
Exchange
Cleared
Interest
Rate
Swaps
-
Receive
Floating
Rate
33,529
Futures
-
Long
27,677
Futures
-
Short
204,291
Interest
Rate
Swaps
-
Pay
Floating
Rate
7,674
Interest
Rate
Swaps
-
Receive
Floating
Rate
7,674
Purchased
Options
13
Written
Options
12
International
Equity
Index
Fund
Equity
Contracts
Futures
-
Long
1,874
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Interest
Rate
Contracts
Futures
-
Long
675,354
Futures
-
Short
111,305
Purchased
Options
1,000
Written
Options
275
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
44
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.
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.
Benchmark
pricing
procedures
set
the
base
price
of
a
security
based
on
current
market
data.
The
base
price
may
be
a
broker-dealer
quote,
transaction
price,
or
internal
value
based
on
relevant
market
data.
The
fair
values
of
these
securities
are
dependent
on
economic,
political,
and
other
considerations.
The
values
of
such
securities
may
be
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
pandemics,
accidents,
conflicts,
etc.).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
The
following
is
a
summary
of
the
inputs
used
as
of February
28,
2023
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*
$
8,594,028
$
—
$
—
$
8,594,028
Investment
Companies
19,815
—
—
19,815
Total
investments
in
securities
$
8,613,843
$
—
$
—
$
8,613,843
Bond
Market
Index
Fund
Bonds*
—
705,251
—
705,251
Investment
Companies
178,989
—
—
178,989
Municipal
Bonds*
—
3,367
—
3,367
U.S.
Government
&
Government
Agency
Obligations*
—
1,680,933
—
1,680,933
Total
investments
in
securities
$
178,989
$
2,389,551
$
—
$
2,568,540
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
45
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
Bonds*
$
—
$
14,575
$
—
$
14,575
Common
Stocks
Basic
Materials
126,981
32,884
—
159,865
Communications
—
3,102
1
3,103
Consumer,
Cyclical
10,723
1,959
1
12,683
Consumer,
Non-cyclical
53,999
111,335
265
165,599
Energy
329,777
66,604
—
396,381
Financial
388,674
186,840
—
575,514
Industrial
103,886
195,133
—
299,019
Technology
8,996
1,800
4
10,800
Utilities
315,506
356,871
—
672,377
Convertible
Preferred
Stocks
Technology
—
—
—
—
Investment
Companies
188,973
—
—
188,973
Preferred
Stocks
Industrial
—
243
12
255
Utilities
8,955
—
—
8,955
Senior
Floating
Rate
Interests*
—
77,631
—
77,631
U.S.
Government
&
Government
Agency
Obligations*
—
1,173,951
—
1,173,951
Purchased
Options
28
—
—
28
Total
investments
in
securities
$
1,536,498
$
2,222,928
$
283
$
3,759,709
Short
Sales
U.S.
Government
&
Government
Agency
Obligations
—
(3,932)
—
(3,932)
Total
Short
Sales
$
—
$
(3,932)
$
—
$
(3,932)
Derivative
Assets
Commodity
Contracts
Futures**
8,548
—
—
8,548
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
52
—
52
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
1,05
7
—
1,05
7
Futures**
214
—
—
214
Derivative
Liabilities
Commodity
Contracts
Futures**
(11,338)
(6)
—
(11,344)
Total
Return
Swaps
—
(9,123)
—
(9,123)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(3)
—
(3)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(1,33
0
)
—
(1,33
0
)
Futures**
(56)
—
—
(56)
Interest
Rate
Swaptions
—
(403)
—
(403)
Written
Options
(9)
—
—
(9)
Edge
MidCap
Fund
Common
Stocks
Basic
Materials
3,060
—
—
3,060
Communications
2,705
888
—
3,593
Consumer,
Cyclical
11,590
—
—
11,590
Consumer,
Non-cyclical
16,488
—
—
16,488
Energy
4,211
—
—
4,211
Financial
18,032
—
—
18,032
Industrial
18,391
—
—
18,391
Technology
14,487
—
—
14,487
Utilities
4,633
—
—
4,633
Investment
Companies
2,025
—
—
2,025
Total
investments
in
securities
$
95,622
$
888
$
—
$
96,510
Global
Multi-Strategy
Fund
Bonds*
—
121,685
157
121,842
Common
Stocks
Basic
Materials
5,429
2,045
—
7,474
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
46
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Global
Multi-Strategy
Fund
(continued)
Common
Stocks
(continued)
Communications
$
11,771
$
1,651
$
—
$
13,422
Consumer,
Cyclical
12,985
5,816
—
18,801
Consumer,
Non-cyclical
29,925
8,756
11
38,692
Diversified
13,455
3,388
—
16,843
Energy
5,762
512
3
6,277
Financial
21,399
6,459
20
27,878
Industrial
19,021
5,490
—
24,511
Technology
21,585
2,605
337
24,527
Utilities
3,547
960
—
4,507
Convertible
Bonds*
—
5,156
—
5,156
Convertible
Preferred
Stocks
Communications
—
304
—
304
Energy
21
—
96
117
Technology
86
—
—
86
Investment
Companies
94,292
—
—
94,292
Preferred
Stocks
Consumer,
Cyclical
99
—
—
99
Industrial
28
—
—
28
Senior
Floating
Rate
Interests*
—
581
4
585
U.S.
Government
&
Government
Agency
Obligations*
—
9,134
—
9,134
Purchased
Options
22
359
—
381
Total
investments
in
securities
$
239,427
$
174,901
$
628
$
414,956
Short
Sales
Common
Stocks
Basic
Materials
(1,005)
(1,927)
—
(2,932)
Communications
(948)
(348)
—
(1,296)
Consumer,
Cyclical
(1,194)
(1,425)
—
(2,619)
Consumer,
Non-cyclical
(2,190)
(2,989)
—
(5,179)
Energy
(645)
(310)
—
(955)
Financial
(1,549)
(4,092)
—
(5,641)
Industrial
(2,183)
(4,544)
—
(6,727)
Technology
(3,325)
(732)
—
(4,057)
Utilities
(71)
(1,316)
—
(1,387)
Preferred
Stocks
Consumer,
Non-cyclical
—
(6)
—
(6)
U.S.
Government
&
Government
Agency
Obligations
—
(70)
—
(70)
Total
Short
Sales
(13,110)
(17,759)
—
(30,869)
Derivative
Assets
Credit
Contracts
Exchange
Cleared
Credit
Default
Swaps**
—
10
—
10
Commodity
Contracts
Futures**
310
—
—
310
Equity
Contracts
Futures**
1,086
—
—
1,086
Total
Return
Equity
Basket
Swaps
—
5,056
—
5,056
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
1,748
—
1,748
Futures**
19
—
—
19
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
296
—
296
Futures**
1,894
—
—
1,894
Derivative
Liabilities
Credit
Contracts
Exchange
Cleared
Credit
Default
Swaps**
—
(373
)
—
(37
3
)
Commodity
Contracts
Futures**
(1,024)
—
—
(1,024)
Equity
Contracts
Futures**
(1,348)
—
—
(1,348)
Written
Options
—
(490)
—
(490)
Foreign
Exchange
Contracts
Foreign
Currency
Contracts
—
(1,437)
—
(1,437)
Interest
Rate
Contracts
Exchange
Cleared
Interest
Rate
Swaps**
—
(314)
—
(314)
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
47
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Preferred
Stocks
(continued)
Interest
Rate
Contracts
(continued)
Futures**
$
(52)
$
—
$
—
$
(52)
Global
Sustainable
Listed
Infrastructure
Fund
Common
Stocks
Consumer,
Non-cyclical
—
898
—
898
Energy
1,530
—
—
1,530
Financial
747
—
—
747
Industrial
670
3,058
—
3,728
Utilities
5,489
1,870
—
7,359
Investment
Companies
685
—
—
685
Total
investments
in
securities
$
9,121
$
5,826
$
—
$
14,947
International
Equity
Index
Fund
Common
Stocks
Basic
Materials
—
67,016
—
67,016
Communications
2,102
46,668
—
48,770
Consumer,
Cyclical
—
128,659
—
128,659
Consumer,
Non-cyclical
1,468
245,653
—
247,121
Diversified
—
780
—
780
Energy
—
49,678
—
49,678
Financial
749
213,014
—
213,763
Industrial
—
133,943
—
133,943
Technology
1,205
56,651
—
57,856
Utilities
—
31,293
—
31,293
Investment
Companies
37,642
—
—
37,642
Preferred
Stocks
Consumer,
Cyclical
—
3,507
—
3,507
Consumer,
Non-cyclical
—
853
—
853
Industrial
—
680
—
680
Total
investments
in
securities
$
43,166
$
978,395
$
—
$
1,021,561
International
Small
Company
Fund
Common
Stocks
Basic
Materials
18,151
20,662
—
38,813
Communications
—
16,287
—
16,287
Consumer,
Cyclical
11,585
99,896
—
111,481
Consumer,
Non-cyclical
8,828
76,102
—
84,930
Energy
13,995
12,697
—
26,692
Financial
9,986
140,324
—
150,310
Industrial
20,361
142,689
—
163,050
Technology
11,798
67,573
—
79,371
Utilities
11,053
9,777
—
20,830
Investment
Companies
21,824
—
—
21,824
Total
investments
in
securities
$
127,581
$
586,007
$
—
$
713,588
Opportunistic
Municipal
Fund
Investment
Companies
185
—
—
185
Municipal
Bonds*
—
122,458
130
122,588
Total
investments
in
securities
$
185
$
122,458
$
130
$
122,773
Origin
Emerging
Markets
Fund
Common
Stocks
Basic
Materials
27,630
102,410
—
130,040
Communications
141,490
229,998
—
371,488
Consumer,
Cyclical
24,015
54,016
—
78,031
Consumer,
Non-cyclical
17,720
161,391
—
179,111
Energy
8,700
142,627
—
151,327
Financial
128,294
629,914
—
758,208
Industrial
12,854
209,825
—
222,679
Technology
69,925
419,545
—
489,470
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
48
*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
period
,
there
were
no
Funds
which
had
a
significant
Level
3
balance.
During
the
period
,
there
were
no
significant
purchases,
sales,
or
transfers
into
or
out
of
Level
3.
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:
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Origin
Emerging
Markets
Fund
(continued)
Common
Stocks
(continued)
Utilities
$
—
$
33,796
$
—
$
33,796
Investment
Companies
52,535
—
—
52,535
Preferred
Stocks
10,852
—
—
10,852
Total
investments
in
securities
$
494,015
$
1,983,522
$
—
$
2,477,537
Small-
MidCap
Dividend
Income
Fund
Common
Stocks*
1,291,960
—
—
1,291,960
Investment
Companies
22,047
—
—
22,047
Total
investments
in
securities
$
1,314,007
$
—
$
—
$
1,314,007
Small-
MidCap
Growth
Fund
Common
Stocks*
8,039
—
—
8,039
Investment
Companies
364
—
—
364
Total
investments
in
securities
$
8,403
$
—
$
—
$
8,403
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Bonds*
—
5,414,891
—
5,414,891
Convertible
Preferred
Stocks
Financial
37,788
—
—
37,788
Investment
Companies
163,457
—
—
163,457
Preferred
Stocks
Communications
40,261
—
—
40,261
Consumer,
Non-cyclical
—
21,858
—
21,858
Financial
347,319
—
—
347,319
Government
4,518
—
—
4,518
Utilities
54,758
—
—
54,758
Total
investments
in
securities
$
648,101
$
5,436,749
$
—
$
6,084,850
Derivative
Liabilities
Interest
Rate
Contracts
Futures**
(1,658)
—
—
(1,658)
Net
Assets
of
Fund
First
$500
million
Next
$500
million
Next
$500
million
Over
$1.5
billion
Edge
MidCap
Fund
(Prior
to
December
31,
2022)
.70%
.68%
.66%
.65%
Edge
MidCap
Fund
(Effective
December
31,
2022)
.65
.63
.61
.60
Global
Sustainable
Listed
Infrastructure
Fund
.75
.73
.71
.70
International
Small
Company
Fund
(Prior
to
December
31,
2022)
1.05
1.03
1.01
1.00
International
Small
Company
Fund
(Effective
December
31,
2022)
1.00
.98
.96
.95
Opportunistic
Municipal
Fund
(Prior
to
December
31,
2022)
.50
.48
.46
.45
Opportunistic
Municipal
Fund
(Effective
December
31,
2022)
.44
.42
.40
.39
Small-
MidCap
Growth
Fund
.70
.68
.66
.65
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
49
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,
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 period 
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:
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
(Prior
to
December
31,
2022)
.85%
.83%
.81%
.80%
.79%
.78%
Diversified
Real
Asset
Fund
(Effective
December
31,
2022)
.80
.78
.76
.75
.74
.73
Global
Multi-Strategy
Fund
(Prior
to
December
31,
2022)
1.60
1.58
1.56
1.55
1.54
1.53
Global
Multi-Strategy
Fund
(Effective
December
31,
2022)
1.44
1.42
1.40
1.39
1.38
1.37
Origin
Emerging
Markets
Fund
(Prior
to
December
31,
2022)
1.05
1.03
1.01
1.00
0.99
0.98
Origin
Emerging
Markets
Fund
(Effective
December
31,
2022)
.99
.97
.95
.94
.93
.92
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
.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
.75%
.73%
.71%
.70%
.69%
.68%
.67%
.66%
.65%
All
Net
Assets
Bond
Market
Index
Fund
.14%
International
Equity
Index
Fund
.25
Period
from
September
1,
2022
through
February
28,
2023
Class
A
Class
C
Class
J
Institutional
Expiration
Blue
Chip
Fund
N/A
N/A
N/A
.66%
December
30,
2023
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,
2023
Edge
MidCap
Fund
1.10
N/A
N/A
.77
December
30,
2023
Global
Multi-Strategy
Fund
N/A
N/A
N/A
1.48*
December
30,
2023
Global
Sustainable
Listed
Infrastructure
Fund
N/A
N/A
N/A
.88#
December
30,
2023
International
Equity
Index
Fund
N/A
N/A
N/A
.31
December
30,
2023
International
Small
Company
Fund
N/A
N/A
N/A
1.08^
December
30,
2023
Opportunistic
Municipal
Fund
.84
N/A
N/A
.56
December
30,
2023
Origin
Emerging
Markets
Fund
1.45**
N/A
N/A
1.10**
December
30,
2023
Small-MidCap
Dividend
Income
Fund
1.12
1.87%
N/A
.85
December
30,
2023
Small-MidCap
Growth
Fund
N/A
N/A
N/A
.83
December
30,
2023
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
50
#
Period
from
September
23,
2022
(date
operations
commenced)
to
February
28,
2023.
*
Prior
to
December
31,
2022,
the
contractual
limit
was
1.63%.
^
Prior
to
December
31,
2022,
the
contractual
limit
was
1.15%.
**
Prior
to
December
31,
2022,
the
contractual
limits
were
1.55%
and
1.20%
for
Class
A
and
Institutional
classes,
respectively.
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:
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
Period
from
September
1,
2022
through
February
28,
2023
Class
A
Class
C
Class
J
Institutional
Expiration
Spectrum
Preferred
and
Capital
Securities
Income
Fund
N/A
N/A
N/A
.81
December
30,
2022
Period
from
September
1,
2022
through
February
28,
2023
R-6
Expiration
Diversified
Real
Asset
Fund
.02%
December
30,
2023
Edge
MidCap
Fund
.02
December
30,
2023
Global
Multi-Strategy
Fund
.02
December
30,
2023
International
Equity
Index
Fund
.04
December
30,
2023
International
Small
Company
Fund
.04
December
30,
2023
Small-
MidCap
Dividend
Income
Fund
.02
December
30,
2023
Period
from
September
1,
2022
through
February
28,
2023
Expiration
Blue
Chip
Fund
.030%
December
30,
2023
Bond
Market
Index
Fund
.015
December
30,
2023
Diversified
Real
Asset
Fund
.050
December
30,
2022
Edge
MidCap
Fund
.050
December
30,
2022
Global
Multi-Strategy
Fund
.040
December
30,
2022
Opportunistic
Municipal
Fund
.060
December
30,
2022
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
51
value
or
the
cost
of
shares
redeemed
within
18
months
of
purchase.
The
Distributor
also
retains
sales
charges
on
sales
of
Class
A
shares
based
on
declining
rates
which
begin
at
3.75%
for
Diversified
Real
Asset
Fund,
Global
Multi-Strategy
Fund,
Opportunistic
Municipal
Fund,
and
Spectrum
Preferred
and
Capital
Securities
Income
Fund,
and
5.50%
for
Blue
Chip
Fund,
Edge
MidCap
Fund,
Origin
Emerging
Markets
Fund,
and
Small-MidCap
Dividend
Income
Fund.
The
aggregate
amounts
of
these
charges
retained
by
the
Distributor
for
the
period
ended
February
28,
2023,
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
February
28,
2023,
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):
Affiliated
Brokerage
Commissions.
With
respect
to
Spectrum
Preferred
and
Capital
Securities
Income
Fund,
$38,000
of
brokerage
commission
was
paid
to
SAMI
Brokerage
LLC,
a
member
of
the
Principal
Financial
Group.
The
other
Funds
did
not
pay
brokerage
commissions
to
any
member
of
the
Principal
Financial
Group
during
the
period
ended
February
28,
2023
.
6.
Capital
Share
Transactions
The
conversion
of
Class
R-5
shares
into
Class
R-6
shares
(reflected
in
the
statements
of
changes
in
net
assets
as
Class
R-5
shares
as
dollars
redeemed
and
Class
R-6
dollars
sold)
for
the
period
ended
February
28,
2023
were
as
follows
(amounts
in
thousands):
7.
Investment
Transactions
For
the period ended
February
28,
2023,
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):
Class
A
Class
C
Class
J
Blue
Chip
Fund
$
267
$
14
$
9
Bond
Market
Index
Fund
N/A
N/A
1
Diversified
Real
Asset
Fund
13
N/A
N/A
Edge
MidCap
Fund
13
N/A
N/A
Global
Multi-Strategy
Fund
3
N/A
N/A
Opportunistic
Municipal
Fund
1
N/A
N/A
Origin
Emerging
Markets
Fund
2
N/A
N/A
Small-
MidCap
Dividend
Income
Fund
18
1
N/A
Spectrum
Preferred
and
Capital
Securities
Income
Fund
44
5
1
Institutional
R-6
Blue
Chip
Fund
501
37,244
Bond
Market
Index
Fund
1,096
N/A
Diversified
Real
Asset
Fund
81
10,387
Edge
MidCap
Fund
190
–
Global
Multi-Strategy
Fund
–
810
Global
Sustainable
Listed
Infrastructure
Fund
962
N/A
International
Equity
Index
Fund
–
35,268
International
Small
Company
Fund
140
324
Opportunistic
Municipal
Fund
61
N/A
Origin
Emerging
Markets
Fund
62
127,384
Small-
MidCap
Dividend
Income
Fund
76
414
Small-
MidCap
Growth
Fund
764
N/A
Spectrum
Preferred
and
Capital
Securities
Income
Fund
–
3,587
Shares
Dollars
Diversified
Real
Asset
Fund
7,000
$78,000
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Blue
Chip
Fund
$
645,408
$
589,964
$
—
$
—
Bond
Market
Index
Fund
1,248,703
879,976
—
—
Diversified
Real
Asset
Fund
1,076,024
1,616,392
10,183
14,097
Edge
MidCap
Fund
6,273
26,309
—
—
Global
Multi-Strategy
Fund
225,728
232,963
30,977
24,094
5.
Management
Agreement
and
Transactions
with
Affiliates
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
52
For
the period
ended
February
28,
2023,
the
cost
of
U.S.
government
securities
purchased
and
proceeds
from
U.S.
government
securities
sold
(not
including
short-term
investments)
by
the
Funds
were
as
follows
(amounts
in
thousands):
8.
Federal
Tax
Information
Distributions
to
Shareholders.
The
federal
income
tax
character
of
distributions
paid
for
the periods
ended February
28,
2023 and
August
31,
2022 were
as
follows
(amounts
in
thousands):
^
The
Funds
designate
these
distributions
as
exempt
interest
per
Internal
Revenue
Code
(“IRC”)
Sec.
852(b)(5).
*The
Funds
designate
these
distributions
as
long-term
capital
gain
dividends
per
IRC
Sec.
852
(b)(3)(C)
in
the
20-percent
group
(which
may
be
taxed
at
a
20-percent
rate,
a
15-percent
rate
or
a
0-percent
rate,
depending
on
the
shareholder’s
taxable
income).
Certain
Funds
may
also
utilize
earnings
and
profits
distributed
to
shareholders
on
redemptions
of
shares
as
part
of
the
dividends
paid
deduction.
For
U.S.
federal
income
tax
purposes,
short-term
capital
gain
distributions
are
considered
ordinary
income
distributions.
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):
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Global
Sustainable
Listed
Infrastructure
Fund
$
16,266
$
2,304
$
—
$
—
International
Equity
Index
Fund
189,695
275,712
—
—
International
Small
Company
Fund
217,055
261,744
—
—
Opportunistic
Municipal
Fund
19,635
36,630
—
—
Origin
Emerging
Markets
Fund
991,549
720,977
—
—
Small-
MidCap
Dividend
Income
Fund
366,952
179,494
—
—
Small-
MidCap
Growth
Fund
7,259
7,563
—
—
Spectrum
Preferred
and
Capital
Securities
Income
Fund
334,990
706,392
—
—
Purchases
Sales
Covers
on
Securities
Sold
Short
Securities
Sold
Short
Bond
Market
Index
Fund
$
760,783
$
436,509
$
—
$
—
Diversified
Real
Asset
Fund
204,105
299,371
—
—
Global
Multi-Strategy
Fund
9,251
4,293
4
4
Ordinary
Income
Tax-Exempt
Income
Long-Term
Capital
Gain
2023
2022
2023
2022^
2023
2022*
Blue
Chip
Fund
$
—
$
81,670
$
—
$
—
$
57,147
$
625,856
Bond
Market
Index
Fund
38,726
17,934
—
—
—
—
Diversified
Real
Asset
Fund
210,679
274,667
—
—
228,992
51,698
Edge
MidCap
Fund
2,809
19,208
—
—
9,607
121,017
Global
Multi-Strategy
Fund
25,816
13,506
—
—
23,477
8,044
Global
Sustainable
Listed
Infrastructure
Fund
123
—
—
—
—
—
International
Equity
Index
Fund
26,394
38,588
—
—
1,087
22,480
International
Small
Company
Fund
8,570
16,651
—
—
—
82,775
Opportunistic
Municipal
Fund
—
31
2,625
5,844
—
—
Origin
Emerging
Markets
Fund
69,003
74,003
—
—
—
68,186
Small-
MidCap
Dividend
Income
Fund
16,644
13,607
—
—
40,138
—
Small-
MidCap
Growth
Fund
—
1,503
—
—
—
1,495
Spectrum
Preferred
and
Capital
Securities
Income
Fund
179,646
346,751
—
—
—
—
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
7.
Investment
Transactions
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
53
*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
year
subsequent
to
October
31
and
December
31,
respectively. As
of
August
31,
2022
,
the
Funds
had
late-year
capital
and
ordinary
losses
as
follows
(amounts
in
thousands):
Reclassification
of
Capital
Accounts.
The
Funds
may
record
reclassifications
in
their
capital
accounts.
These
reclassifications
have
no
impact
on
the
total
net
assets
of
the
Funds.
The
reclassifications
are
a
result
of
permanent
differences
between
U.S.
GAAP
and
tax
accounting.
Adjustments
are
made
to
reflect
the
impact
these
items
have
on
current
and
future
distributions
to
shareholders.
Therefore,
the
source
of
the
Funds’
distributions
may
be
shown
in
the
accompanying
statements
of
changes
in
net
assets
as
from
net
investment
income
and net
realized
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):
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)
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
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
8.
Federal
Tax
Information
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
54
Federal
Income
Tax
Basis.
As
of February
28,
2023,
the
net
federal
income
tax
unrealized
appreciation
(depreciation)
and
federal
tax
cost
of
investments
held
by
the
Funds
were
as
follows
(amounts
in
thousands):
9.
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
Blue
Chip
Fund
$
2,096,711
$
(510,267)
$
1,586,444
$
7,027,399
Bond
Market
Index
Fund
5,238
(166,363)
(161,125)
2,729,665
Diversified
Real
Asset
Fund
142,793
(374,421)
(231,628)
3,975,016
Edge
MidCap
Fund
10,856
(10,416)
440
96,070
Global
Multi-Strategy
Fund
26,381
(47,225)
(20,844)
410,312
Global
Sustainable
Listed
Infrastructure
Fund
677
(659)
18
14,929
International
Equity
Index
Fund
231,850
(120,929)
110,921
910,640
International
Small
Company
Fund
60,625
(71,753)
(11,128)
724,716
Opportunistic
Municipal
Fund
1,142
(12,893)
(11,751)
134,524
Origin
Emerging
Markets
Fund
202,433
(523,655)
(321,222)
2,798,759
Small-
MidCap
Dividend
Income
Fund
333,330
(52,254)
281,076
1,032,931
Small-
MidCap
Growth
Fund
974
(248)
726
7,677
Spectrum
Preferred
and
Capital
Securities
Income
Fund
28,640
(631,882)
(603,242)
6,686,434
8.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Blue
Chip
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
55
INVESTMENT
COMPANIES
-
0
.23
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.23
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(a),(b)
11,333,603‌
$
11,334‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(a),(b),(c)
8,481,481‌
8,481‌
$
19,815‌
TOTAL
INVESTMENT
COMPANIES
$
19,815‌
COMMON
STOCKS
-
99
.95
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
5
.51
%
TransDigm
Group
Inc
637,268‌
$
474,045‌
Chemicals
-
2
.48
%
New
Linde
PLC
430,552‌
149,991‌
Sherwin-Williams
Co/The
285,166‌
63,123‌
$
213,114‌
Commercial
Services
-
8
.57
%
CoStar
Group
Inc
(d)
3,082,387‌
217,801‌
Moody's
Corp
1,099,270‌
318,953‌
S&P
Global
Inc
587,039‌
200,298‌
$
737,052‌
Distribution
&
Wholesale
-
1
.99
%
Copart
Inc
(d)
2,430,931‌
171,283‌
Diversified
Financial
Services
-
13
.28
%
Brookfield
Asset
Management
Ltd
(e)
2,576,839‌
86,633‌
Brookfield
Reinsurance
Ltd
(d)
62,308‌
2,082‌
Charles
Schwab
Corp/The
2,775,507‌
216,268‌
Mastercard
Inc
1,154,438‌
410,160‌
Visa
Inc
1,938,268‌
426,303‌
$
1,141,446‌
Healthcare
-
Products
-
5
.38
%
Danaher
Corp
1,384,882‌
342,800‌
IDEXX
Laboratories
Inc
(d)
200,574‌
94,919‌
Intuitive
Surgical
Inc
(d)
108,509‌
24,891‌
$
462,610‌
Insurance
-
4
.05
%
Progressive
Corp/The
2,424,794‌
348,007‌
Internet
-
14
.93
%
Alphabet
Inc
-
A
Shares
(d)
1,006,636‌
90,657‌
Alphabet
Inc
-
C
Shares
(d)
4,370,321‌
394,640‌
Amazon.com
Inc
(d)
6,061,983‌
571,221‌
Netflix
Inc
(d)
706,187‌
227,484‌
$
1,284,002‌
Lodging
-
2
.72
%
Hilton
Worldwide
Holdings
Inc
1,615,496‌
233,455‌
Pharmaceuticals
-
2
.08
%
Zoetis
Inc
1,073,420‌
179,261‌
Private
Equity
-
6
.21
%
Brookfield
Corp
10,821,685‌
359,821‌
KKR
&
Co
Inc
3,085,018‌
173,841‌
$
533,662‌
REITs
-
4
.46
%
American
Tower
Corp
1,825,981‌
361,563‌
SBA
Communications
Corp
85,163‌
22,087‌
$
383,650‌
Retail
-
3
.88
%
CarMax
Inc
(d)
923,489‌
63,758‌
Costco
Wholesale
Corp
175,846‌
85,141‌
O'Reilly
Automotive
Inc
(d)
222,853‌
184,990‌
$
333,889‌
Semiconductors
-
0
.50
%
NVIDIA
Corp
183,569‌
42,617‌
Software
-
20
.80
%
Adobe
Inc
(d)
931,481‌
301,753‌
Intuit
Inc
769,300‌
313,244‌
Microsoft
Corp
3,785,441‌
944,165‌
Roper
Technologies
Inc
498,618‌
214,505‌
Salesforce
Inc
(d)
78,516‌
12,846‌
Snowflake
Inc
-
Class
A
(d)
14,229‌
2,197‌
$
1,788,710‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
3
.11
%
Union
Pacific
Corp
1,289,199‌
$
267,225‌
TOTAL
COMMON
STOCKS
$
8,594,028‌
Total
Investments
$
8,613,843‌
Other
Assets
and
Liabilities
-  (0.18)%
(
15,368‌
)
TOTAL
NET
ASSETS
-
100.00%
$
8,598,475‌
(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
$19,814
or
0.23%
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
Act
(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
$19,449
or
0.23%
of
net
assets.
Portfolio
Summary
Sector
Percent
Financial
28
.00‌
%
Technology
21
.30‌
%
Consumer,
Non-cyclical
16
.03‌
%
Communications
14
.93‌
%
Industrial
8
.62‌
%
Consumer,
Cyclical
8
.59‌
%
Basic
Materials
2
.48‌
%
Money
Market
Funds
0
.23‌
%
Other
Assets
and
Liabilities
(
0
.18‌
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Blue
Chip
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
56
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
265,849‌
$
257,368‌
$
8,481‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
43,475‌
228,016‌
271,491‌
—‌
$
43,475‌
$
493,865‌
$
528,859‌
$
8,481‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
453‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
82‌
—‌
—‌
—‌
$
535‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
57
INVESTMENT
COMPANIES
-
7.36%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.77%
iShares
Core
U.S.
Aggregate
Bond
ETF
100,000‌
$
9,731‌
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
85,000‌
9,003‌
$
18,734‌
Money
Market
Funds
-
6.59%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(a),(b)
6,298,910‌
6,299‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(a),(b),(c)
153,955,831‌
153,956‌
$
160,255‌
TOTAL
INVESTMENT
COMPANIES
$
178,989‌
BONDS
-
29.00%
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
129‌
2.60%,
08/01/2031
35‌
29‌
WPP
Finance
2010
3.75%,
09/19/2024
75‌
73‌
$
279‌
Aerospace
&
Defense
-
0.55%
Boeing
Co/The
2.70%,
02/01/2027
110‌
100‌
2.75%,
02/01/2026
785‌
728‌
2.80%,
03/01/2024
200‌
195‌
2.95%,
02/01/2030
140‌
119‌
3.25%,
02/01/2028
685‌
620‌
3.50%,
03/01/2039
200‌
148‌
3.63%,
02/01/2031
85‌
75‌
3.95%,
08/01/2059
290‌
201‌
5.04%,
05/01/2027
315‌
310‌
5.15%,
05/01/2030
1,000‌
968‌
5.71%,
05/01/2040
120‌
114‌
5.81%,
05/01/2050
505‌
480‌
5.88%,
02/15/2040
100‌
98‌
5.93%,
05/01/2060
350‌
327‌
General
Dynamics
Corp
1.15%,
06/01/2026
760‌
673‌
2.25%,
06/01/2031
640‌
533‌
3.25%,
04/01/2025
780‌
751‌
3.50%,
05/15/2025
235‌
227‌
4.25%,
04/01/2040
155‌
141‌
L3Harris
Technologies
Inc
1.80%,
01/15/2031
35‌
27‌
Lockheed
Martin
Corp
3.90%,
06/15/2032
75‌
69‌
4.07%,
12/15/2042
105‌
92‌
4.09%,
09/15/2052
162‌
139‌
4.15%,
06/15/2053
765‌
658‌
4.70%,
05/15/2046
75‌
71‌
4.95%,
10/15/2025
740‌
741‌
5.10%,
11/15/2027
155‌
157‌
5.25%,
01/15/2033
155‌
159‌
5.70%,
11/15/2054
155‌
168‌
Northrop
Grumman
Corp
3.20%,
02/01/2027
130‌
122‌
4.70%,
03/15/2033
160‌
154‌
4.95%,
03/15/2053
120‌
113‌
5.25%,
05/01/2050
600‌
593‌
Raytheon
Technologies
Corp
1.90%,
09/01/2031
155‌
121‌
2.38%,
03/15/2032
60‌
48‌
2.82%,
09/01/2051
150‌
99‌
3.03%,
03/15/2052
60‌
41‌
3.20%,
03/15/2024
875‌
857‌
4.05%,
05/04/2047
610‌
507‌
4.13%,
11/16/2028
270‌
257‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
Raytheon
Technologies
Corp  
(continued)
4.70%,
12/15/2041
$
350‌
$
320‌
5.00%,
02/27/2026
410‌
409‌
5.15%,
02/27/2033
410‌
408‌
5.38%,
02/27/2053
305‌
306‌
$
13,444‌
Agriculture
-
0.33%
Altria
Group
Inc
2.35%,
05/06/2025
65‌
61‌
2.45%,
02/04/2032
60‌
45‌
3.40%,
05/06/2030
1,125‌
969‌
3.70%,
02/04/2051
60‌
38‌
3.88%,
09/16/2046
410‌
275‌
4.00%,
02/04/2061
60‌
40‌
5.38%,
01/31/2044
375‌
327‌
5.80%,
02/14/2039
350‌
323‌
Archer-Daniels-Midland
Co
2.70%,
09/15/2051
60‌
40‌
2.90%,
03/01/2032
130‌
112‌
BAT
Capital
Corp
2.26%,
03/25/2028
150‌
126‌
2.73%,
03/25/2031
150‌
117‌
2.79%,
09/06/2024
210‌
201‌
3.22%,
08/15/2024
1,200‌
1,157‌
3.46%,
09/06/2029
210‌
180‌
3.98%,
09/25/2050
390‌
256‌
4.39%,
08/15/2037
540‌
419‌
4.54%,
08/15/2047
400‌
287‌
BAT
International
Finance
PLC
1.67%,
03/25/2026
150‌
133‌
Bunge
Ltd
Finance
Corp
2.75%,
05/14/2031
60‌
49‌
Philip
Morris
International
Inc
0.88%,
05/01/2026
85‌
74‌
1.75%,
11/01/2030
85‌
66‌
4.13%,
03/04/2043
300‌
237‌
4.88%,
02/13/2026
400‌
396‌
5.13%,
11/17/2027
580‌
577‌
5.63%,
11/17/2029
580‌
588‌
5.75%,
11/17/2032
290‌
293‌
Reynolds
American
Inc
4.45%,
06/12/2025
220‌
214‌
5.70%,
08/15/2035
50‌
46‌
5.85%,
08/15/2045
375‌
322‌
$
7,968‌
Airlines
-
0.02%
American
Airlines
2019-1
Class
AA
Pass
Through
Trust
3.15%,
08/15/2033
117‌
102‌
Delta
Air
Lines
2020-1
Class
AA
Pass
Through
Trust
2.00%,
06/10/2028
264‌
231‌
Southwest
Airlines
Co
3.00%,
11/15/2026
80‌
74‌
5.25%,
05/04/2025
130‌
129‌
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
62‌
52‌
$
588‌
Apparel
-
0.01%
NIKE
Inc
2.40%,
03/27/2025
155‌
148‌
3.25%,
03/27/2040
155‌
124‌
$
272‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
58
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
-
0.55%
American
Honda
Finance
Corp
0.55%,
07/12/2024
$
755‌
$
708‌
1.20%,
07/08/2025
160‌
146‌
1.30%,
09/09/2026
60‌
53‌
2.15%,
09/10/2024
1,000‌
954‌
2.25%,
01/12/2029
65‌
56‌
4.70%,
01/12/2028
160‌
158‌
Cummins
Inc
4.88%,
10/01/2043
25‌
24‌
General
Motors
Co
4.00%,
04/01/2025
120‌
116‌
4.20%,
10/01/2027
700‌
662‌
5.15%,
04/01/2038
160‌
138‌
5.20%,
04/01/2045
85‌
70‌
5.40%,
04/01/2048
65‌
54‌
5.95%,
04/01/2049
230‌
206‌
6.25%,
10/02/2043
305‌
287‌
General
Motors
Financial
Co
Inc
1.05%,
03/08/2024
810‌
774‌
1.20%,
10/15/2024
155‌
144‌
1.25%,
01/08/2026
655‌
579‌
1.50%,
06/10/2026
60‌
52‌
2.35%,
02/26/2027
240‌
212‌
2.35%,
01/08/2031
55‌
42‌
2.40%,
04/10/2028
60‌
51‌
2.40%,
10/15/2028
155‌
130‌
2.70%,
06/10/2031
60‌
47‌
3.80%,
04/07/2025
1,105‌
1,063‌
3.95%,
04/13/2024
940‌
922‌
4.00%,
10/06/2026
75‌
71‌
4.35%,
01/17/2027
810‌
774‌
5.25%,
03/01/2026
200‌
198‌
6.00%,
01/09/2028
160‌
161‌
Honda
Motor
Co
Ltd
2.53%,
03/10/2027
135‌
124‌
PACCAR
Financial
Corp
1.80%,
02/06/2025
100‌
94‌
3.55%,
08/11/2025
65‌
63‌
Toyota
Motor
Corp
1.34%,
03/25/2026
115‌
103‌
Toyota
Motor
Credit
Corp
0.50%,
06/18/2024
660‌
621‌
0.80%,
10/16/2025
555‌
498‌
1.15%,
08/13/2027
160‌
136‌
1.65%,
01/10/2031
55‌
44‌
1.80%,
02/13/2025
655‌
614‌
1.90%,
01/13/2027
65‌
58‌
1.90%,
09/12/2031
660‌
529‌
2.00%,
10/07/2024
145‌
138‌
3.65%,
08/18/2025
355‌
343‌
4.40%,
09/20/2024
120‌
118‌
4.45%,
06/29/2029
205‌
200‌
4.55%,
09/20/2027
490‌
482‌
4.63%,
01/12/2028
320‌
316‌
$
13,333‌
Automobile
Parts
&
Equipment
-
0.02%
Aptiv
PLC
/
Aptiv
Corp
3.25%,
03/01/2032
160‌
133‌
BorgWarner
Inc
4.38%,
03/15/2045
300‌
231‌
$
364‌
Banks
-
6.15%
Banco
Santander
SA
1.85%,
03/25/2026
400‌
355‌
2.75%,
05/28/2025
800‌
750‌
3.49%,
05/28/2030
200‌
172‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Banco
Santander
SA  
(continued)
4.18%,
03/24/2028
(d)
$
600‌
$
561‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.00%
5.29%,
08/18/2027
200‌
196‌
Bank
of
America
Corp
0.98%,
04/22/2025
(d)
815‌
770‌
Secured
Overnight
Financing
Rate
+
0.69%
0.98%,
09/25/2025
(d)
150‌
139‌
Secured
Overnight
Financing
Rate
+
0.91%
1.32%,
06/19/2026
(d)
310‌
281‌
Secured
Overnight
Financing
Rate
+
1.15%
1.66%,
03/11/2027
(d)
210‌
187‌
Secured
Overnight
Financing
Rate
+
0.91%
1.73%,
07/22/2027
(d)
115‌
101‌
Secured
Overnight
Financing
Rate
+
0.96%
1.90%,
07/23/2031
(d)
980‌
764‌
Secured
Overnight
Financing
Rate
+
1.53%
1.92%,
10/24/2031
(d)
205‌
159‌
Secured
Overnight
Financing
Rate
+
1.37%
2.02%,
02/13/2026
(d)
1,065‌
991‌
3
Month
USD
LIBOR
+
0.64%
2.09%,
06/14/2029
(d)
60‌
50‌
Secured
Overnight
Financing
Rate
+
1.06%
2.30%,
07/21/2032
(d)
115‌
90‌
Secured
Overnight
Financing
Rate
+
1.22%
2.46%,
10/22/2025
(d)
300‌
285‌
3
Month
USD
LIBOR
+
0.87%
2.48%,
09/21/2036
(d)
870‌
652‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%
2.50%,
02/13/2031
(d)
225‌
186‌
3
Month
USD
LIBOR
+
0.99%
2.55%,
02/04/2028
(d)
255‌
228‌
Secured
Overnight
Financing
Rate
+
1.05%
2.57%,
10/20/2032
(d)
260‌
207‌
Secured
Overnight
Financing
Rate
+
1.21%
2.65%,
03/11/2032
(d)
175‌
142‌
Secured
Overnight
Financing
Rate
+
1.22%
2.68%,
06/19/2041
(d)
465‌
319‌
Secured
Overnight
Financing
Rate
+
1.93%
2.83%,
10/24/2051
(d)
75‌
48‌
Secured
Overnight
Financing
Rate
+
1.88%
2.88%,
10/22/2030
(d)
650‌
550‌
3
Month
USD
LIBOR
+
1.19%
2.97%,
02/04/2033
(d)
130‌
106‌
Secured
Overnight
Financing
Rate
+
1.33%
2.97%,
07/21/2052
(d)
115‌
75‌
Secured
Overnight
Financing
Rate
+
1.56%
3.19%,
07/23/2030
(d)
1,060‌
921‌
3
Month
USD
LIBOR
+
1.18%
3.25%,
10/21/2027
350‌
322‌
3.31%,
04/22/2042
(d)
715‌
532‌
Secured
Overnight
Financing
Rate
+
1.58%
3.37%,
01/23/2026
(d)
700‌
670‌
3
Month
USD
LIBOR
+
0.81%
3.38%,
04/02/2026
(d)
65‌
62‌
Secured
Overnight
Financing
Rate
+
1.33%
3.42%,
12/20/2028
(d)
500‌
455‌
3
Month
USD
LIBOR
+
1.04%
3.46%,
03/15/2025
(d)
2,190‌
2,140‌
3
Month
USD
LIBOR
+
0.97%
3.48%,
03/13/2052
(d)
630‌
462‌
Secured
Overnight
Financing
Rate
+
1.65%
3.84%,
04/25/2025
(d)
600‌
588‌
Secured
Overnight
Financing
Rate
+
1.11%
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
59
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp  
(continued)
3.85%,
03/08/2037
(d)
$
700‌
$
591‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
3.95%,
01/23/2049
(d)
550‌
437‌
3
Month
USD
LIBOR
+
1.19%
3.97%,
03/05/2029
(d)
75‌
70‌
3
Month
USD
LIBOR
+
1.07%
3.97%,
02/07/2030
(d)
600‌
549‌
3
Month
USD
LIBOR
+
1.21%
4.00%,
01/22/2025
90‌
88‌
4.33%,
03/15/2050
(d)
255‌
214‌
3
Month
USD
LIBOR
+
1.52%
4.38%,
04/27/2028
(d)
175‌
167‌
Secured
Overnight
Financing
Rate
+
1.58%
4.57%,
04/27/2033
(d)
115‌
107‌
Secured
Overnight
Financing
Rate
+
1.83%
4.83%,
07/22/2026
(d)
885‌
871‌
Secured
Overnight
Financing
Rate
+
1.75%
5.00%,
01/21/2044
75‌
71‌
5.02%,
07/22/2033
(d),(e)
585‌
563‌
Secured
Overnight
Financing
Rate
+
2.16%
5.08%,
01/20/2027
(d)
570‌
564‌
Secured
Overnight
Financing
Rate
+
1.29%
5.88%,
02/07/2042
60‌
62‌
6.11%,
01/29/2037
250‌
257‌
Bank
of
Montreal
0.95%,
01/22/2027
(d)
55‌
48‌
Secured
Overnight
Financing
Rate
+
0.60%
1.85%,
05/01/2025
160‌
148‌
3.09%,
01/10/2037
(d)
125‌
98‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.40%
3.70%,
06/07/2025
70‌
68‌
4.25%,
09/14/2024
435‌
427‌
4.70%,
09/14/2027
435‌
425‌
Bank
of
New
York
Mellon
Corp/The
0.50%,
04/26/2024
150‌
142‌
0.75%,
01/28/2026
60‌
53‌
1.65%,
07/14/2028
245‌
209‌
1.80%,
07/28/2031
600‌
468‌
2.05%,
01/26/2027
(e)
65‌
58‌
2.50%,
01/26/2032
65‌
53‌
3.35%,
04/25/2025
65‌
63‌
3.99%,
06/13/2028
(d)
70‌
67‌
Secured
Overnight
Financing
Rate
+
1.15%
4.41%,
07/24/2026
(d)
665‌
652‌
Secured
Overnight
Financing
Rate
+
1.35%
4.54%,
02/01/2029
(d)
370‌
360‌
Secured
Overnight
Financing
Rate
+
1.17%
5.83%,
10/25/2033
(d)
155‌
161‌
Secured
Overnight
Financing
Rate
+
2.07%
Bank
of
Nova
Scotia/The
1.05%,
03/02/2026
60‌
53‌
1.30%,
06/11/2025
155‌
142‌
1.30%,
09/15/2026
260‌
226‌
1.45%,
01/10/2025
175‌
163‌
2.15%,
08/01/2031
60‌
48‌
4.50%,
12/16/2025
60‌
58‌
4.85%,
02/01/2030
615‌
597‌
5.25%,
12/06/2024
155‌
155‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Barclays
PLC
2.65%,
06/24/2031
(d)
$
1,600‌
$
1,274‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
3.56%,
09/23/2035
(d)
200‌
159‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
3.81%,
03/10/2042
(d)
200‌
145‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
4.38%,
01/12/2026
380‌
367‌
4.97%,
05/16/2029
(d)
750‌
714‌
3
Month
USD
LIBOR
+
1.90%
5.50%,
08/09/2028
(d)
800‌
784‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.65%
7.33%,
11/02/2026
(d)
310‌
321‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.05%
7.44%,
11/02/2033
(d)
310‌
335‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%
Canadian
Imperial
Bank
of
Commerce
1.25%,
06/22/2026
60‌
53‌
3.30%,
04/07/2025
250‌
240‌
Citigroup
Inc
0.98%,
05/01/2025
(d)
385‌
364‌
Secured
Overnight
Financing
Rate
+
0.67%
1.12%,
01/28/2027
(d)
60‌
53‌
Secured
Overnight
Financing
Rate
+
0.77%
1.28%,
11/03/2025
(d)
295‌
274‌
Secured
Overnight
Financing
Rate
+
0.53%
1.46%,
06/09/2027
(d)
885‌
774‌
Secured
Overnight
Financing
Rate
+
0.77%
2.01%,
01/25/2026
(d)
380‌
354‌
Secured
Overnight
Financing
Rate
+
0.69%
2.52%,
11/03/2032
(d)
155‌
122‌
Secured
Overnight
Financing
Rate
+
1.18%
2.56%,
05/01/2032
(d)
200‌
161‌
Secured
Overnight
Financing
Rate
+
1.17%
2.57%,
06/03/2031
(d)
310‌
254‌
Secured
Overnight
Financing
Rate
+
2.11%
2.90%,
11/03/2042
(d)
60‌
42‌
Secured
Overnight
Financing
Rate
+
1.38%
2.98%,
11/05/2030
(d)
150‌
128‌
Secured
Overnight
Financing
Rate
+
1.42%
3.06%,
01/25/2033
(d)
1,130‌
928‌
Secured
Overnight
Financing
Rate
+
1.35%
3.20%,
10/21/2026
875‌
814‌
3.35%,
04/24/2025
(d)
600‌
584‌
3
Month
USD
LIBOR
+
0.90%
3.52%,
10/27/2028
(d)
125‌
114‌
3
Month
USD
LIBOR
+
1.15%
3.70%,
01/12/2026
110‌
105‌
3.75%,
06/16/2024
400‌
392‌
3.79%,
03/17/2033
(d)
830‌
722‌
Secured
Overnight
Financing
Rate
+
1.94%
3.88%,
01/24/2039
(d)
220‌
181‌
3
Month
USD
LIBOR
+
1.17%
4.13%,
07/25/2028
620‌
580‌
4.28%,
04/24/2048
(d)
100‌
85‌
3
Month
USD
LIBOR
+
1.84%
4.30%,
11/20/2026
75‌
72‌
4.40%,
06/10/2025
600‌
587‌
4.45%,
09/29/2027
875‌
836‌
4.65%,
07/30/2045
115‌
102‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
60
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc  
(continued)
4.66%,
05/24/2028
(d)
$
835‌
$
808‌
Secured
Overnight
Financing
Rate
+
1.89%
4.91%,
05/24/2033
(d)
165‌
156‌
Secured
Overnight
Financing
Rate
+
2.09%
5.61%,
09/29/2026
(d)
625‌
625‌
Secured
Overnight
Financing
Rate
+
1.55%
6.27%,
11/17/2033
(d)
310‌
325‌
Secured
Overnight
Financing
Rate
+
2.34%
6.68%,
09/13/2043
360‌
397‌
Citizens
Bank
NA/Providence
RI
6.06%,
10/24/2025
(d)
310‌
312‌
Secured
Overnight
Financing
Rate
+
1.45%
Cooperatieve
Rabobank
UA
5.25%,
05/24/2041
185‌
193‌
Cooperatieve
Rabobank
UA/NY
3.88%,
08/22/2024
250‌
245‌
5.00%,
01/13/2025
1,000‌
997‌
Credit
Suisse
AG/New
York
NY
5.00%,
07/09/2027
500‌
458‌
7.95%,
01/09/2025
320‌
323‌
Credit
Suisse
Group
AG
3.75%,
03/26/2025
500‌
457‌
Deutsche
Bank
AG/New
York
NY
2.13%,
11/24/2026
(d)
600‌
538‌
Secured
Overnight
Financing
Rate
+
1.87%
4.10%,
01/13/2026
250‌
239‌
5.37%,
09/09/2027
255‌
253‌
6.12%,
07/14/2026
(d)
700‌
698‌
Secured
Overnight
Financing
Rate
+
3.19%
6.72%,
01/18/2029
(d)
320‌
323‌
Secured
Overnight
Financing
Rate
+
3.18%
7.08%,
02/10/2034
(d)
320‌
312‌
Secured
Overnight
Financing
Rate
+
3.65%
Fifth
Third
Bancorp
4.06%,
04/25/2028
(d)
275‌
262‌
Secured
Overnight
Financing
Rate
+
1.36%
Fifth
Third
Bank
NA
5.85%,
10/27/2025
(d)
1,000‌
1,005‌
Secured
Overnight
Financing
Rate
+
1.23%
Goldman
Sachs
Group
Inc/The
0.86%,
02/12/2026
(d)
245‌
222‌
Secured
Overnight
Financing
Rate
+
0.61%
1.09%,
12/09/2026
(d)
395‌
348‌
Secured
Overnight
Financing
Rate
+
0.79%
1.43%,
03/09/2027
(d)
1,115‌
983‌
Secured
Overnight
Financing
Rate
+
0.80%
1.54%,
09/10/2027
(d)
60‌
52‌
Secured
Overnight
Financing
Rate
+
0.82%
1.95%,
10/21/2027
(d)
235‌
206‌
Secured
Overnight
Financing
Rate
+
0.91%
1.99%,
01/27/2032
(d)
355‌
273‌
Secured
Overnight
Financing
Rate
+
1.09%
2.38%,
07/21/2032
(d)
935‌
734‌
Secured
Overnight
Financing
Rate
+
1.25%
2.60%,
02/07/2030
590‌
496‌
2.62%,
04/22/2032
(d)
115‌
92‌
Secured
Overnight
Financing
Rate
+
1.28%
2.64%,
02/24/2028
(d)
185‌
165‌
Secured
Overnight
Financing
Rate
+
1.11%
2.65%,
10/21/2032
(d)
760‌
606‌
Secured
Overnight
Financing
Rate
+
1.26%
2.91%,
07/21/2042
(d)
115‌
79‌
Secured
Overnight
Financing
Rate
+
1.47%
3.10%,
02/24/2033
(d)
210‌
173‌
Secured
Overnight
Financing
Rate
+
1.41%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The  
(continued)
3.21%,
04/22/2042
(d)
$
60‌
$
44‌
Secured
Overnight
Financing
Rate
+
1.51%
3.27%,
09/29/2025
(d)
675‌
649‌
3
Month
USD
LIBOR
+
1.20%
3.44%,
02/24/2043
(d)
200‌
149‌
Secured
Overnight
Financing
Rate
+
1.63%
3.50%,
01/23/2025
375‌
362‌
3.69%,
06/05/2028
(d)
890‌
827‌
3
Month
USD
LIBOR
+
1.51%
3.75%,
02/25/2026
75‌
72‌
3.81%,
04/23/2029
(d)
75‌
69‌
3
Month
USD
LIBOR
+
1.16%
3.85%,
01/26/2027
110‌
104‌
4.00%,
03/03/2024
300‌
296‌
4.22%,
05/01/2029
(d)
500‌
468‌
3
Month
USD
LIBOR
+
1.30%
4.41%,
04/23/2039
(d)
175‌
152‌
3
Month
USD
LIBOR
+
1.43%
4.48%,
08/23/2028
(d)
445‌
426‌
Secured
Overnight
Financing
Rate
+
1.73%
4.75%,
10/21/2045
750‌
671‌
5.15%,
05/22/2045
450‌
417‌
6.25%,
02/01/2041
220‌
235‌
6.75%,
10/01/2037
785‌
836‌
HSBC
Holdings
PLC
0.98%,
05/24/2025
(d)
500‌
470‌
Secured
Overnight
Financing
Rate
+
0.71%
1.59%,
05/24/2027
(d)
500‌
437‌
Secured
Overnight
Financing
Rate
+
1.29%
1.65%,
04/18/2026
(d)
240‌
220‌
Secured
Overnight
Financing
Rate
+
1.54%
2.01%,
09/22/2028
(d)
300‌
254‌
Secured
Overnight
Financing
Rate
+
1.73%
2.10%,
06/04/2026
(d)
310‌
285‌
Secured
Overnight
Financing
Rate
+
1.93%
2.36%,
08/18/2031
(d)
200‌
158‌
Secured
Overnight
Financing
Rate
+
1.95%
2.63%,
11/07/2025
(d)
225‌
213‌
Secured
Overnight
Financing
Rate
+
1.40%
2.80%,
05/24/2032
(d)
600‌
479‌
Secured
Overnight
Financing
Rate
+
1.19%
2.85%,
06/04/2031
(d)
200‌
165‌
Secured
Overnight
Financing
Rate
+
2.39%
3.90%,
05/25/2026
300‌
286‌
3.97%,
05/22/2030
(d)
300‌
269‌
3
Month
USD
LIBOR
+
1.61%
4.18%,
12/09/2025
(d)
200‌
195‌
Secured
Overnight
Financing
Rate
+
1.51%
4.58%,
06/19/2029
(d)
540‌
507‌
3
Month
USD
LIBOR
+
1.53%
4.76%,
06/09/2028
(d)
500‌
480‌
Secured
Overnight
Financing
Rate
+
2.11%
5.40%,
08/11/2033
(d)
900‌
863‌
Secured
Overnight
Financing
Rate
+
2.87%
6.50%,
09/15/2037
100‌
103‌
7.39%,
11/03/2028
(d)
310‌
327‌
Secured
Overnight
Financing
Rate
+
3.35%
HSBC
USA
Inc
3.50%,
06/23/2024
500‌
487‌
Huntington
National
Bank/The
5.65%,
01/10/2030
310‌
313‌
ING
Groep
NV
1.73%,
04/01/2027
(d)
1,300‌
1,154‌
Secured
Overnight
Financing
Rate
+
1.01%
3.55%,
04/09/2024
900‌
880‌
4.55%,
10/02/2028
300‌
286‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
61
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co
0.77%,
08/09/2025
(d)
$
115‌
$
107‌
Secured
Overnight
Financing
Rate
+
0.49%
0.82%,
06/01/2025
(d)
370‌
347‌
Secured
Overnight
Financing
Rate
+
0.54%
0.97%,
06/23/2025
(d)
115‌
108‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.58%
1.04%,
02/04/2027
(d)
115‌
101‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.70%
1.05%,
11/19/2026
(d)
135‌
120‌
Secured
Overnight
Financing
Rate
+
0.80%
1.47%,
09/22/2027
(d)
245‌
212‌
Secured
Overnight
Financing
Rate
+
0.77%
1.58%,
04/22/2027
(d)
115‌
102‌
Secured
Overnight
Financing
Rate
+
0.89%
1.76%,
11/19/2031
(d)
135‌
104‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.11%
1.95%,
02/04/2032
(d)
115‌
89‌
Secured
Overnight
Financing
Rate
+
1.07%
2.01%,
03/13/2026
(d)
855‌
795‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.59%
2.07%,
06/01/2029
(d)
855‌
721‌
Secured
Overnight
Financing
Rate
+
1.02%
2.08%,
04/22/2026
(d)
845‌
785‌
Secured
Overnight
Financing
Rate
+
1.85%
2.18%,
06/01/2028
(d)
820‌
717‌
Secured
Overnight
Financing
Rate
+
1.89%
2.30%,
10/15/2025
(d)
320‌
303‌
Secured
Overnight
Financing
Rate
+
1.16%
2.53%,
11/19/2041
(d)
65‌
44‌
Secured
Overnight
Financing
Rate
+
1.51%
2.55%,
11/08/2032
(d)
420‌
336‌
Secured
Overnight
Financing
Rate
+
1.18%
2.58%,
04/22/2032
(d)
115‌
93‌
Secured
Overnight
Financing
Rate
+
1.25%
2.96%,
05/13/2031
(d)
575‌
483‌
Secured
Overnight
Financing
Rate
+
2.52%
3.11%,
04/22/2041
(d)
235‌
173‌
Secured
Overnight
Financing
Rate
+
2.46%
3.11%,
04/22/2051
(d)
235‌
160‌
Secured
Overnight
Financing
Rate
+
2.44%
3.13%,
01/23/2025
100‌
96‌
3.22%,
03/01/2025
(d)
2,230‌
2,176‌
3
Month
USD
LIBOR
+
1.16%
3.33%,
04/22/2052
(d)
115‌
82‌
Secured
Overnight
Financing
Rate
+
1.58%
3.51%,
01/23/2029
(d)
590‌
540‌
3
Month
USD
LIBOR
+
0.95%
3.88%,
09/10/2024
75‌
73‌
3.88%,
07/24/2038
(d)
100‌
83‌
3
Month
USD
LIBOR
+
1.36%
3.96%,
11/15/2048
(d)
825‌
662‌
3
Month
USD
LIBOR
+
1.38%
4.01%,
04/23/2029
(d)
200‌
186‌
3
Month
USD
LIBOR
+
1.12%
4.20%,
07/23/2029
(d)
230‌
216‌
3
Month
USD
LIBOR
+
1.26%
4.32%,
04/26/2028
(d)
1,200‌
1,150‌
Secured
Overnight
Financing
Rate
+
1.56%
4.57%,
06/14/2030
(d)
305‌
290‌
Secured
Overnight
Financing
Rate
+
1.75%
4.59%,
04/26/2033
(d)
135‌
126‌
Secured
Overnight
Financing
Rate
+
1.80%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co  
(continued)
4.85%,
07/25/2028
(d)
$
815‌
$
796‌
Secured
Overnight
Financing
Rate
+
1.99%
4.91%,
07/25/2033
(d)
435‌
416‌
Secured
Overnight
Financing
Rate
+
2.08%
4.95%,
06/01/2045
430‌
395‌
5.55%,
12/15/2025
(d)
310‌
310‌
Secured
Overnight
Financing
Rate
+
1.07%
5.60%,
07/15/2041
370‌
377‌
5.72%,
09/14/2033
(d)
255‌
253‌
Secured
Overnight
Financing
Rate
+
2.58%
6.40%,
05/15/2038
600‌
657‌
KeyBank
NA/Cleveland
OH
5.85%,
11/15/2027
775‌
793‌
KeyCorp
2.25%,
04/06/2027
110‌
98‌
3.88%,
05/23/2025
(d)
175‌
171‌
Secured
Overnight
Financing
Rate
+
1.25%
Korea
Development
Bank/The
0.40%,
06/19/2024
200‌
188‌
0.80%,
04/27/2026
200‌
174‌
3.00%,
01/13/2026
400‌
376‌
4.00%,
09/08/2025
1,000‌
970‌
4.38%,
02/15/2028
315‌
309‌
Kreditanstalt
fuer
Wiederaufbau
0.00%,
06/29/2037
(f)
250‌
137‌
0.25%,
03/08/2024
525‌
499‌
0.38%,
07/18/2025
315‌
285‌
0.50%,
09/20/2024
925‌
862‌
0.63%,
01/22/2026
905‌
809‌
1.00%,
10/01/2026
90‌
80‌
1.25%,
01/31/2025
625‌
584‌
2.00%,
05/02/2025
300‌
283‌
2.50%,
11/20/2024
500‌
479‌
2.88%,
04/03/2028
600‌
561‌
3.00%,
05/20/2027
630‌
597‌
3.13%,
06/10/2025
705‌
680‌
3.75%,
02/15/2028
(e)
510‌
498‌
Landwirtschaftliche
Rentenbank
0.88%,
03/30/2026
575‌
514‌
1.75%,
07/27/2026
200‌
182‌
2.00%,
01/13/2025
400‌
379‌
2.38%,
06/10/2025
230‌
218‌
3.88%,
09/28/2027
320‌
313‌
Lloyds
Banking
Group
PLC
3.57%,
11/07/2028
(d)
200‌
181‌
3
Month
USD
LIBOR
+
1.21%
3.87%,
07/09/2025
(d)
210‌
205‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%
3.90%,
03/12/2024
200‌
197‌
4.34%,
01/09/2048
400‌
309‌
4.58%,
12/10/2025
575‌
553‌
4.65%,
03/24/2026
675‌
650‌
4.98%,
08/11/2033
(d)
200‌
186‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
5.30%,
12/01/2045
300‌
267‌
5.87%,
03/06/2029
(d),(g)
200‌
200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
Mitsubishi
UFJ
Financial
Group
Inc
0.95%,
07/19/2025
(d)
800‌
747‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.55%
1.41%,
07/17/2025
200‌
182‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
62
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Mitsubishi
UFJ
Financial
Group
Inc  
(continued)
1.54%,
07/20/2027
(d)
$
800‌
$
700‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%
1.64%,
10/13/2027
(d)
200‌
174‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.67%
2.19%,
02/25/2025
200‌
187‌
2.56%,
02/25/2030
600‌
502‌
2.80%,
07/18/2024
200‌
193‌
3.20%,
07/18/2029
200‌
176‌
3.75%,
07/18/2039
200‌
168‌
4.08%,
04/19/2028
(d)
600‌
569‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%
4.32%,
04/19/2033
(d)
200‌
182‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.55%
4.79%,
07/18/2025
(d)
750‌
740‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
5.13%,
07/20/2033
(d)
700‌
676‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.13%
5.35%,
09/13/2028
(d)
255‌
252‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
Mizuho
Financial
Group
Inc
2.20%,
07/10/2031
(d)
200‌
158‌
Secured
Overnight
Financing
Rate
+
1.77%
2.23%,
05/25/2026
(d)
700‌
646‌
3
Month
USD
LIBOR
+
0.83%
2.84%,
07/16/2025
(d)
400‌
382‌
Secured
Overnight
Financing
Rate
+
1.24%
3.15%,
07/16/2030
(d)
700‌
603‌
3
Month
USD
LIBOR
+
1.13%
5.41%,
09/13/2028
(d)
255‌
254‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.05%
5.74%,
05/27/2031
(d)
320‌
320‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%
Morgan
Stanley
0.79%,
05/30/2025
(d)
715‌
670‌
Secured
Overnight
Financing
Rate
+
0.53%
0.99%,
12/10/2026
(d)
80‌
70‌
Secured
Overnight
Financing
Rate
+
0.72%
1.16%,
10/21/2025
(d)
200‌
185‌
Secured
Overnight
Financing
Rate
+
0.56%
1.51%,
07/20/2027
(d)
115‌
100‌
Secured
Overnight
Financing
Rate
+
0.86%
1.59%,
05/04/2027
(d)
155‌
137‌
Secured
Overnight
Financing
Rate
+
0.88%
1.79%,
02/13/2032
(d)
1,135‌
864‌
Secured
Overnight
Financing
Rate
+
1.03%
1.93%,
04/28/2032
(d)
95‌
73‌
Secured
Overnight
Financing
Rate
+
1.02%
2.19%,
04/28/2026
(d)
700‌
652‌
Secured
Overnight
Financing
Rate
+
1.99%
2.24%,
07/21/2032
(d)
115‌
89‌
Secured
Overnight
Financing
Rate
+
1.18%
2.48%,
01/21/2028
(d)
40‌
36‌
Secured
Overnight
Financing
Rate
+
1.00%
2.48%,
09/16/2036
(d)
810‌
604‌
Secured
Overnight
Financing
Rate
+
1.36%
2.51%,
10/20/2032
(d)
130‌
103‌
Secured
Overnight
Financing
Rate
+
1.20%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley  
(continued)
2.70%,
01/22/2031
(d)
$
175‌
$
146‌
Secured
Overnight
Financing
Rate
+
1.14%
2.72%,
07/22/2025
(d)
855‌
820‌
Secured
Overnight
Financing
Rate
+
1.15%
2.80%,
01/25/2052
(d)
210‌
135‌
Secured
Overnight
Financing
Rate
+
1.43%
2.94%,
01/21/2033
(d)
90‌
74‌
Secured
Overnight
Financing
Rate
+
1.29%
3.13%,
07/27/2026
150‌
140‌
3.22%,
04/22/2042
(d)
60‌
45‌
Secured
Overnight
Financing
Rate
+
1.49%
3.59%,
07/22/2028
(d)
90‌
83‌
3
Month
USD
LIBOR
+
1.34%
3.62%,
04/17/2025
(d)
310‌
303‌
Secured
Overnight
Financing
Rate
+
1.16%
3.62%,
04/01/2031
(d)
1,000‌
885‌
Secured
Overnight
Financing
Rate
+
3.12%
3.63%,
01/20/2027
375‌
354‌
3.70%,
10/23/2024
285‌
278‌
3.77%,
01/24/2029
(d)
600‌
554‌
3
Month
USD
LIBOR
+
1.14%
3.88%,
04/29/2024
75‌
74‌
3.95%,
04/23/2027
1,060‌
1,002‌
4.00%,
07/23/2025
25‌
24‌
4.21%,
04/20/2028
(d)
135‌
128‌
Secured
Overnight
Financing
Rate
+
1.61%
4.30%,
01/27/2045
320‌
275‌
4.43%,
01/23/2030
(d)
1,000‌
941‌
3
Month
USD
LIBOR
+
1.63%
4.68%,
07/17/2026
(d)
765‌
750‌
Secured
Overnight
Financing
Rate
+
1.67%
4.89%,
07/20/2033
(d)
85‌
81‌
Secured
Overnight
Financing
Rate
+
2.08%
5.00%,
11/24/2025
675‌
668‌
5.05%,
01/28/2027
(d)
240‌
237‌
Secured
Overnight
Financing
Rate
+
1.30%
5.12%,
02/01/2029
(d)
320‌
314‌
Secured
Overnight
Financing
Rate
+
1.73%
5.95%,
01/19/2038
(d)
160‌
156‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%
6.14%,
10/16/2026
(d)
310‌
316‌
Secured
Overnight
Financing
Rate
+
1.77%
6.30%,
10/18/2028
(d)
310‌
318‌
Secured
Overnight
Financing
Rate
+
2.24%
6.34%,
10/18/2033
(d)
310‌
327‌
Secured
Overnight
Financing
Rate
+
2.56%
6.38%,
07/24/2042
200‌
220‌
National
Australia
Bank
Ltd/New
York
4.97%,
01/12/2026
(e)
320‌
319‌
NatWest
Group
PLC
1.64%,
06/14/2027
(d)
200‌
175‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%
4.27%,
03/22/2025
(d)
1,250‌
1,227‌
3
Month
USD
LIBOR
+
1.76%
4.89%,
05/18/2029
(d)
700‌
669‌
3
Month
USD
LIBOR
+
1.75%
5.08%,
01/27/2030
(d)
400‌
383‌
3
Month
USD
LIBOR
+
1.91%
5.85%,
03/02/2027
(d),(g)
200‌
200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%
Northern
Trust
Corp
4.00%,
05/10/2027
145‌
140‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
63
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Oesterreichische
Kontrollbank
AG
0.38%,
09/17/2025
$
305‌
$
273‌
2.88%,
05/23/2025
270‌
258‌
3.63%,
09/09/2027
325‌
315‌
4.13%,
01/20/2026
155‌
153‌
4.25%,
03/01/2028
(g)
320‌
319‌
PNC
Financial
Services
Group
Inc/The
2.20%,
11/01/2024
120‌
114‌
2.31%,
04/23/2032
(d)
245‌
199‌
Secured
Overnight
Financing
Rate
+
0.98%
2.60%,
07/23/2026
610‌
563‌
3.45%,
04/23/2029
175‌
161‌
4.63%,
06/06/2033
(d)
160‌
149‌
Secured
Overnight
Financing
Rate
+
1.85%
4.76%,
01/26/2027
(d)
655‌
645‌
Secured
Overnight
Financing
Rate
+
1.09%
5.35%,
12/02/2028
(d)
410‌
411‌
Secured
Overnight
Financing
Rate
+
1.62%
Royal
Bank
of
Canada
1.15%,
07/14/2026
60‌
53‌
1.20%,
04/27/2026
555‌
493‌
1.60%,
01/21/2025
295‌
277‌
2.25%,
11/01/2024
1,000‌
952‌
3.63%,
05/04/2027
670‌
630‌
3.88%,
05/04/2032
(e)
145‌
131‌
4.90%,
01/12/2028
(e)
320‌
315‌
6.00%,
11/01/2027
155‌
159‌
Santander
Holdings
USA
Inc
2.49%,
01/06/2028
(d)
290‌
253‌
Secured
Overnight
Financing
Rate
+
1.25%
4.26%,
06/09/2025
(d)
600‌
583‌
Secured
Overnight
Financing
Rate
+
1.38%
Santander
UK
Group
Holdings
PLC
1.53%,
08/21/2026
(d)
200‌
179‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.25%
2.47%,
01/11/2028
(d)
200‌
175‌
Secured
Overnight
Financing
Rate
+
1.22%
2.90%,
03/15/2032
(d)
600‌
477‌
Secured
Overnight
Financing
Rate
+
1.48%
State
Street
Corp
2.20%,
02/07/2028
(d)
65‌
58‌
Secured
Overnight
Financing
Rate
+
0.73%
2.20%,
03/03/2031
60‌
48‌
2.35%,
11/01/2025
(d)
110‌
105‌
Secured
Overnight
Financing
Rate
+
0.94%
3.30%,
12/16/2024
75‌
73‌
4.42%,
05/13/2033
(d)
135‌
128‌
Secured
Overnight
Financing
Rate
+
1.61%
4.82%,
01/26/2034
(d)
245‌
236‌
Secured
Overnight
Financing
Rate
+
1.57%
5.75%,
11/04/2026
(d)
495‌
502‌
Secured
Overnight
Financing
Rate
+
1.35%
Sumitomo
Mitsui
Financial
Group
Inc
1.47%,
07/08/2025
400‌
364‌
1.90%,
09/17/2028
200‌
166‌
2.13%,
07/08/2030
200‌
160‌
2.14%,
09/23/2030
150‌
118‌
2.35%,
01/15/2025
200‌
189‌
2.93%,
09/17/2041
60‌
42‌
3.01%,
10/19/2026
75‌
69‌
3.04%,
07/16/2029
200‌
173‌
3.36%,
07/12/2027
400‌
370‌
3.45%,
01/11/2027
165‌
154‌
5.46%,
01/13/2026
820‌
818‌
5.52%,
01/13/2028
410‌
409‌
5.77%,
01/13/2033
400‌
403‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Toronto-Dominion
Bank/The
0.70%,
09/10/2024
$
60‌
$
56‌
1.15%,
06/12/2025
825‌
753‌
1.20%,
06/03/2026
260‌
228‌
1.95%,
01/12/2027
125‌
111‌
2.00%,
09/10/2031
60‌
47‌
2.35%,
03/08/2024
65‌
63‌
3.20%,
03/10/2032
65‌
56‌
3.77%,
06/06/2025
30‌
29‌
4.11%,
06/08/2027
30‌
29‌
4.29%,
09/13/2024
350‌
345‌
4.46%,
06/08/2032
70‌
66‌
4.69%,
09/15/2027
655‌
641‌
5.10%,
01/09/2026
160‌
159‌
Truist
Bank
2.25%,
03/11/2030
1,000‌
825‌
3.80%,
10/30/2026
250‌
236‌
Truist
Financial
Corp
1.20%,
08/05/2025
60‌
55‌
1.27%,
03/02/2027
(d)
195‌
174‌
Secured
Overnight
Financing
Rate
+
0.61%
1.89%,
06/07/2029
(d)
130‌
109‌
Secured
Overnight
Financing
Rate
+
0.86%
1.95%,
06/05/2030
(e)
60‌
48‌
4.00%,
05/01/2025
75‌
73‌
4.12%,
06/06/2028
(d),(e)
290‌
277‌
Secured
Overnight
Financing
Rate
+
1.37%
4.87%,
01/26/2029
(d)
160‌
157‌
Secured
Overnight
Financing
Rate
+
1.44%
4.92%,
07/28/2033
(d)
700‌
661‌
Secured
Overnight
Financing
Rate
+
2.24%
5.12%,
01/26/2034
(d)
160‌
156‌
Secured
Overnight
Financing
Rate
+
1.85%
5.90%,
10/28/2026
(d)
155‌
157‌
Secured
Overnight
Financing
Rate
+
1.63%
US
Bancorp
1.38%,
07/22/2030
110‌
85‌
2.22%,
01/27/2028
(d)
275‌
246‌
Secured
Overnight
Financing
Rate
+
0.73%
2.40%,
07/30/2024
190‌
182‌
2.49%,
11/03/2036
(d)
170‌
131‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
4.55%,
07/22/2028
(d)
1,000‌
972‌
Secured
Overnight
Financing
Rate
+
1.66%
4.65%,
02/01/2029
(d)
285‌
277‌
Secured
Overnight
Financing
Rate
+
1.23%
4.84%,
02/01/2034
(d)
285‌
273‌
Secured
Overnight
Financing
Rate
+
1.60%
5.73%,
10/21/2026
(d)
155‌
157‌
Secured
Overnight
Financing
Rate
+
1.43%
5.85%,
10/21/2033
(d)
155‌
160‌
Secured
Overnight
Financing
Rate
+
2.09%
Wells
Fargo
&
Co
0.81%,
05/19/2025
(d)
175‌
165‌
Secured
Overnight
Financing
Rate
+
0.51%
2.16%,
02/11/2026
(d)
175‌
164‌
3
Month
USD
LIBOR
+
0.75%
2.19%,
04/30/2026
(d)
1,185‌
1,102‌
Secured
Overnight
Financing
Rate
+
2.00%
2.39%,
06/02/2028
(d)
220‌
194‌
Secured
Overnight
Financing
Rate
+
2.10%
2.41%,
10/30/2025
(d)
700‌
664‌
Secured
Overnight
Financing
Rate
+
1.09%
2.57%,
02/11/2031
(d)
700‌
583‌
Secured
Overnight
Financing
Rate
+
1.26%
3.00%,
10/23/2026
1,000‌
923‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
64
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co  
(continued)
3.07%,
04/30/2041
(d)
$
485‌
$
351‌
Secured
Overnight
Financing
Rate
+
2.53%
3.35%,
03/02/2033
(d)
755‌
638‌
Secured
Overnight
Financing
Rate
+
1.50%
3.53%,
03/24/2028
(d)
160‌
148‌
Secured
Overnight
Financing
Rate
+
1.51%
3.55%,
09/29/2025
75‌
72‌
3.58%,
05/22/2028
(d)
375‌
347‌
3
Month
USD
LIBOR
+
1.31%
3.91%,
04/25/2026
(d)
235‌
227‌
Secured
Overnight
Financing
Rate
+
1.32%
4.40%,
06/14/2046
110‌
90‌
4.61%,
04/25/2053
(d)
955‌
827‌
Secured
Overnight
Financing
Rate
+
2.13%
4.65%,
11/04/2044
600‌
513‌
4.75%,
12/07/2046
250‌
214‌
4.81%,
07/25/2028
(d)
65‌
63‌
Secured
Overnight
Financing
Rate
+
1.98%
4.90%,
07/25/2033
(d)
735‌
702‌
Secured
Overnight
Financing
Rate
+
2.10%
4.90%,
11/17/2045
75‌
66‌
5.01%,
04/04/2051
(d)
440‌
405‌
Secured
Overnight
Financing
Rate
+
4.50%
5.38%,
11/02/2043
185‌
175‌
Westpac
Banking
Corp
1.15%,
06/03/2026
60‌
53‌
1.95%,
11/20/2028
60‌
51‌
2.15%,
06/03/2031
(e)
60‌
50‌
2.35%,
02/19/2025
150‌
142‌
2.89%,
02/04/2030
(d)
855‌
795‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.35%
3.02%,
11/18/2036
(d)
405‌
311‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%
3.13%,
11/18/2041
60‌
41‌
3.74%,
08/26/2025
120‌
116‌
4.04%,
08/26/2027
120‌
116‌
4.11%,
07/24/2034
(d)
555‌
491‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
5.46%,
11/18/2027
265‌
269‌
$
149,662‌
Beverages
-
0.64%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
3.65%,
02/01/2026
250‌
239‌
4.70%,
02/01/2036
250‌
235‌
4.90%,
02/01/2046
720‌
660‌
Anheuser-Busch
InBev
Finance
Inc
4.63%,
02/01/2044
75‌
67‌
Anheuser-Busch
InBev
Worldwide
Inc
3.50%,
06/01/2030
130‌
118‌
4.35%,
06/01/2040
440‌
386‌
4.60%,
04/15/2048
26‌
23‌
4.75%,
01/23/2029
250‌
246‌
4.90%,
01/23/2031
(e)
600‌
600‌
4.95%,
01/15/2042
725‌
677‌
5.45%,
01/23/2039
750‌
748‌
5.55%,
01/23/2049
470‌
473‌
5.80%,
01/23/2059
550‌
569‌
8.20%,
01/15/2039
60‌
75‌
Coca-Cola
Co/The
1.00%,
03/15/2028
265‌
222‌
1.45%,
06/01/2027
500‌
439‌
1.50%,
03/05/2028
(e)
60‌
52‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Beverages
(continued)
Coca-Cola
Co/The  
(continued)
1.75%,
09/06/2024
$
140‌
$
134‌
2.25%,
01/05/2032
(e)
60‌
50‌
2.50%,
06/01/2040
140‌
102‌
2.50%,
03/15/2051
1,015‌
664‌
2.60%,
06/01/2050
140‌
94‌
2.88%,
05/05/2041
60‌
46‌
3.00%,
03/05/2051
90‌
66‌
Constellation
Brands
Inc
2.25%,
08/01/2031
1,040‌
819‌
3.15%,
08/01/2029
90‌
79‌
3.60%,
05/09/2024
75‌
73‌
3.60%,
02/15/2028
700‌
649‌
4.35%,
05/09/2027
160‌
155‌
4.65%,
11/15/2028
700‌
677‌
Diageo
Capital
PLC
2.13%,
10/24/2024
200‌
190‌
2.38%,
10/24/2029
200‌
169‌
5.30%,
10/24/2027
310‌
314‌
Fomento
Economico
Mexicano
SAB
de
CV
3.50%,
01/16/2050
160‌
121‌
Keurig
Dr
Pepper
Inc
2.25%,
03/15/2031
60‌
48‌
3.35%,
03/15/2051
60‌
41‌
3.40%,
11/15/2025
750‌
714‌
3.95%,
04/15/2029
735‌
680‌
4.05%,
04/15/2032
745‌
674‌
4.42%,
05/25/2025
18‌
18‌
4.50%,
04/15/2052
85‌
71‌
Molson
Coors
Beverage
Co
3.00%,
07/15/2026
105‌
97‌
4.20%,
07/15/2046
250‌
195‌
PepsiCo
Inc
1.40%,
02/25/2031
130‌
102‌
1.95%,
10/21/2031
370‌
298‌
2.63%,
10/21/2041
725‌
532‌
2.75%,
10/21/2051
(e)
225‌
156‌
2.85%,
02/24/2026
90‌
85‌
2.88%,
10/15/2049
145‌
104‌
3.00%,
10/15/2027
600‌
558‌
3.60%,
02/18/2028
70‌
67‌
3.90%,
07/18/2032
400‌
376‌
4.45%,
05/15/2028
250‌
248‌
4.45%,
02/15/2033
(e)
150‌
148‌
$
15,443‌
Biotechnology
-
0.37%
Amgen
Inc
1.65%,
08/15/2028
125‌
105‌
2.00%,
01/15/2032
120‌
93‌
2.45%,
02/21/2030
155‌
130‌
2.60%,
08/19/2026
700‌
643‌
2.77%,
09/01/2053
510‌
308‌
3.00%,
02/22/2029
200‌
178‌
3.00%,
01/15/2052
120‌
77‌
3.15%,
02/21/2040
155‌
114‌
3.38%,
02/21/2050
545‌
381‌
4.20%,
03/01/2033
80‌
74‌
4.20%,
02/22/2052
200‌
161‌
4.40%,
05/01/2045
760‌
635‌
4.66%,
06/15/2051
410‌
354‌
4.88%,
03/01/2053
80‌
71‌
5.15%,
03/02/2028
(g)
280‌
279‌
5.15%,
11/15/2041
113‌
105‌
5.25%,
03/02/2025
(g)
700‌
698‌
5.25%,
03/02/2030
(g)
135‌
134‌
5.25%,
03/02/2033
(g)
160‌
159‌
5.60%,
03/02/2043
(g)
320‌
316‌
5.65%,
03/02/2053
(g)
320‌
317‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
65
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Biotechnology
(continued)
Amgen
Inc  
(continued)
5.75%,
03/02/2063
(g)
$
240‌
$
237‌
Biogen
Inc
4.05%,
09/15/2025
160‌
155‌
5.20%,
09/15/2045
30‌
29‌
Gilead
Sciences
Inc
1.65%,
10/01/2030
150‌
119‌
2.60%,
10/01/2040
775‌
540‌
2.80%,
10/01/2050
150‌
97‌
2.95%,
03/01/2027
240‌
222‌
3.50%,
02/01/2025
75‌
73‌
3.65%,
03/01/2026
190‌
181‌
4.15%,
03/01/2047
25‌
21‌
4.50%,
02/01/2045
500‌
441‌
4.75%,
03/01/2046
580‌
524‌
Regeneron
Pharmaceuticals
Inc
1.75%,
09/15/2030
160‌
124‌
Royalty
Pharma
PLC
1.75%,
09/02/2027
655‌
555‌
2.20%,
09/02/2030
155‌
122‌
3.30%,
09/02/2040
155‌
108‌
$
8,880‌
Building
Materials
-
0.11%
Carrier
Global
Corp
2.24%,
02/15/2025
847‌
795‌
2.49%,
02/15/2027
35‌
31‌
2.72%,
02/15/2030
1,010‌
852‌
3.38%,
04/05/2040
155‌
116‌
3.58%,
04/05/2050
155‌
112‌
Johnson
Controls
International
plc
5.13%,
09/14/2045
47‌
44‌
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
2.00%,
09/16/2031
120‌
95‌
Martin
Marietta
Materials
Inc
2.50%,
03/15/2030
155‌
128‌
3.20%,
07/15/2051
60‌
41‌
Masco
Corp
1.50%,
02/15/2028
60‌
49‌
Owens
Corning
4.30%,
07/15/2047
150‌
120‌
Trane
Technologies
Luxembourg
Finance
SA
3.80%,
03/21/2029
90‌
83‌
Vulcan
Materials
Co
3.50%,
06/01/2030
295‌
262‌
$
2,728‌
Chemicals
-
0.28%
Air
Products
and
Chemicals
Inc
2.80%,
05/15/2050
300‌
207‌
4.80%,
03/03/2033
(g)
160‌
159‌
Celanese
US
Holdings
LLC
6.05%,
03/15/2025
135‌
135‌
6.17%,
07/15/2027
135‌
134‌
6.38%,
07/15/2032
(e)
135‌
131‌
Dow
Chemical
Co/The
2.10%,
11/15/2030
(e)
160‌
129‌
3.60%,
11/15/2050
160‌
115‌
4.38%,
11/15/2042
700‌
589‌
4.63%,
10/01/2044
270‌
233‌
4.80%,
11/30/2028
90‌
88‌
4.80%,
05/15/2049
340‌
291‌
DuPont
de
Nemours
Inc
4.73%,
11/15/2028
700‌
689‌
5.32%,
11/15/2038
145‌
141‌
5.42%,
11/15/2048
185‌
177‌
Eastman
Chemical
Co
4.65%,
10/15/2044
75‌
63‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Ecolab
Inc
1.30%,
01/30/2031
$
150‌
$
115‌
1.65%,
02/01/2027
105‌
93‌
2.13%,
08/15/2050
150‌
86‌
2.75%,
08/18/2055
700‌
431‌
4.80%,
03/24/2030
620‌
613‌
EIDP
Inc
1.70%,
07/15/2025
60‌
55‌
Linde
Inc/CT
1.10%,
08/10/2030
160‌
124‌
LYB
International
Finance
III
LLC
1.25%,
10/01/2025
64‌
57‌
2.25%,
10/01/2030
130‌
104‌
3.63%,
04/01/2051
130‌
89‌
4.20%,
10/15/2049
160‌
120‌
Mosaic
Co/The
5.63%,
11/15/2043
25‌
24‌
Nutrien
Ltd
3.00%,
04/01/2025
150‌
143‌
4.20%,
04/01/2029
400‌
377‌
5.00%,
04/01/2049
280‌
252‌
5.95%,
11/07/2025
155‌
157‌
PPG
Industries
Inc
1.20%,
03/15/2026
60‌
53‌
Sherwin-Williams
Co/The
2.20%,
03/15/2032
250‌
195‌
3.30%,
05/15/2050
90‌
61‌
4.50%,
06/01/2047
390‌
327‌
Westlake
Corp
3.13%,
08/15/2051
60‌
37‌
3.60%,
08/15/2026
110‌
104‌
$
6,898‌
Commercial
Mortgage
Backed
Securities
-
0.20%
Citigroup
Commercial
Mortgage
Trust
2013-GC15
4.37%,
09/10/2046
(h)
500‌
496‌
COMM
2012-CCRE4
Mortgage
Trust
3.25%,
10/15/2045
500‌
454‌
COMM
2015-PC1
Mortgage
Trust
3.90%,
07/10/2050
885‌
852‌
Fannie
Mae-Aces
2.99%,
12/25/2027
(h)
712‌
666‌
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
3.17%,
10/25/2024
1,000‌
969‌
3.21%,
03/25/2025
1,248‌
1,202‌
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C19
3.67%,
04/15/2047
79‌
79‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C21
3.15%,
03/15/2048
197‌
192‌
$
4,910‌
Commercial
Services
-
0.21%
American
University/The
3.67%,
04/01/2049
35‌
28‌
Automatic
Data
Processing
Inc
1.70%,
05/15/2028
60‌
52‌
California
Institute
of
Technology
4.32%,
08/01/2045
50‌
44‌
Global
Payments
Inc
1.20%,
03/01/2026
645‌
564‌
1.50%,
11/15/2024
665‌
619‌
2.65%,
02/15/2025
740‌
698‌
3.20%,
08/15/2029
140‌
119‌
4.15%,
08/15/2049
70‌
51‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
66
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Massachusetts
Institute
of
Technology
3.96%,
07/01/2038
$
185‌
$
170‌
4.68%,
07/01/2114
100‌
92‌
Moody's
Corp
4.25%,
08/08/2032
65‌
60‌
5.25%,
07/15/2044
90‌
86‌
PayPal
Holdings
Inc
2.40%,
10/01/2024
1,145‌
1,096‌
2.85%,
10/01/2029
755‌
655‌
3.90%,
06/01/2027
(e)
65‌
63‌
4.40%,
06/01/2032
65‌
61‌
S&P
Global
Inc
1.25%,
08/15/2030
160‌
124‌
2.30%,
08/15/2060
600‌
332‌
2.45%,
03/01/2027
(i)
100‌
91‌
2.50%,
12/01/2029
55‌
47‌
3.25%,
12/01/2049
55‌
40‌
3.70%,
03/01/2052
(i)
100‌
79‌
University
of
Southern
California
5.25%,
10/01/2111
20‌
20‌
$
5,191‌
Computers
-
0.65%
Apple
Inc
0.70%,
02/08/2026
275‌
244‌
1.13%,
05/11/2025
300‌
277‌
1.20%,
02/08/2028
785‌
665‌
1.25%,
08/20/2030
600‌
472‌
1.40%,
08/05/2028
60‌
51‌
1.65%,
05/11/2030
150‌
123‌
1.65%,
02/08/2031
140‌
112‌
1.70%,
08/05/2031
115‌
92‌
2.38%,
02/08/2041
1,140‌
806‌
2.40%,
08/20/2050
210‌
133‌
2.55%,
08/20/2060
105‌
65‌
2.65%,
05/11/2050
700‌
470‌
2.65%,
02/08/2051
140‌
93‌
2.70%,
08/05/2051
85‌
57‌
2.80%,
02/08/2061
850‌
545‌
2.90%,
09/12/2027
300‌
279‌
2.95%,
09/11/2049
140‌
101‌
3.00%,
06/20/2027
500‌
470‌
3.20%,
05/11/2027
110‌
104‌
3.25%,
02/23/2026
500‌
478‌
3.25%,
08/08/2029
65‌
60‌
3.35%,
02/09/2027
125‌
119‌
3.35%,
08/08/2032
(e)
465‌
419‌
3.75%,
11/13/2047
195‌
163‌
3.85%,
05/04/2043
200‌
172‌
3.95%,
08/08/2052
465‌
396‌
4.38%,
05/13/2045
80‌
73‌
4.65%,
02/23/2046
170‌
162‌
Dell
International
LLC
/
EMC
Corp
3.38%,
12/15/2041
(i)
310‌
206‌
3.45%,
12/15/2051
(i)
680‌
416‌
4.00%,
07/15/2024
300‌
294‌
5.25%,
02/01/2028
160‌
157‌
5.30%,
10/01/2029
300‌
290‌
6.02%,
06/15/2026
1,300‌
1,316‌
8.35%,
07/15/2046
26‌
30‌
Hewlett
Packard
Enterprise
Co
1.45%,
04/01/2024
320‌
306‌
4.90%,
10/15/2025
200‌
198‌
6.20%,
10/15/2035
75‌
77‌
6.35%,
10/15/2045
340‌
335‌
HP
Inc
1.45%,
06/17/2026
660‌
579‌
3.00%,
06/17/2027
140‌
127‌
4.75%,
01/15/2028
495‌
476‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
HP
Inc  
(continued)
6.00%,
09/15/2041
$
355‌
$
347‌
International
Business
Machines
Corp
2.20%,
02/09/2027
575‌
517‌
3.30%,
05/15/2026
500‌
473‌
3.50%,
05/15/2029
160‌
146‌
4.00%,
07/27/2025
100‌
97‌
4.00%,
06/20/2042
830‌
679‌
4.15%,
05/15/2039
195‌
165‌
4.25%,
05/15/2049
600‌
496‌
4.40%,
07/27/2032
(e)
100‌
94‌
4.50%,
02/06/2028
370‌
360‌
4.70%,
02/19/2046
145‌
127‌
5.10%,
02/06/2053
160‌
149‌
NetApp
Inc
2.38%,
06/22/2027
155‌
139‌
$
15,797‌
Consumer
Products
-
0.01%
Church
&
Dwight
Co
Inc
3.95%,
08/01/2047
200‌
161‌
Cosmetics
&
Personal
Care
-
0.28%
Colgate-Palmolive
Co
3.10%,
08/15/2025
65‌
62‌
3.25%,
08/15/2032
65‌
59‌
4.60%,
03/01/2028
(g)
160‌
160‌
Estee
Lauder
Cos
Inc/The
1.95%,
03/15/2031
160‌
130‌
GSK
Consumer
Healthcare
Capital
UK
PLC
3.13%,
03/24/2025
1,900‌
1,807‌
GSK
Consumer
Healthcare
Capital
US
LLC
3.38%,
03/24/2027
250‌
233‌
3.63%,
03/24/2032
250‌
218‌
Procter
&
Gamble
Co/The
0.55%,
10/29/2025
180‌
161‌
1.20%,
10/29/2030
280‌
221‌
1.90%,
02/01/2027
540‌
491‌
2.30%,
02/01/2032
40‌
34‌
3.55%,
03/25/2040
885‌
761‌
3.95%,
01/26/2028
160‌
156‌
Unilever
Capital
Corp
1.38%,
09/14/2030
150‌
118‌
1.75%,
08/12/2031
680‌
539‌
2.60%,
05/05/2024
850‌
824‌
2.90%,
05/05/2027
850‌
789‌
$
6,763‌
Diversified
Financial
Services
-
1.13%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.65%,
10/29/2024
1,205‌
1,118‌
1.75%,
10/29/2024
150‌
139‌
1.75%,
01/30/2026
150‌
133‌
2.45%,
10/29/2026
150‌
132‌
2.88%,
08/14/2024
225‌
214‌
3.00%,
10/29/2028
600‌
511‌
3.30%,
01/30/2032
750‌
600‌
3.40%,
10/29/2033
150‌
117‌
6.50%,
07/15/2025
1,000‌
1,003‌
Air
Lease
Corp
1.88%,
08/15/2026
350‌
306‌
2.10%,
09/01/2028
585‌
483‌
2.30%,
02/01/2025
585‌
546‌
2.88%,
01/15/2026
700‌
645‌
2.88%,
01/15/2032
65‌
51‌
3.38%,
07/01/2025
700‌
660‌
Ally
Financial
Inc
2.20%,
11/02/2028
60‌
49‌
3.88%,
05/21/2024
700‌
685‌
4.75%,
06/09/2027
160‌
152‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
67
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Ally
Financial
Inc  
(continued)
8.00%,
11/01/2031
$
420‌
$
455‌
American
Express
Co
1.65%,
11/04/2026
310‌
274‌
2.25%,
03/04/2025
65‌
61‌
2.50%,
07/30/2024
220‌
212‌
3.30%,
05/03/2027
500‌
467‌
3.38%,
05/03/2024
170‌
166‌
4.05%,
05/03/2029
100‌
95‌
4.05%,
12/03/2042
440‌
389‌
4.42%,
08/03/2033
(d)
350‌
327‌
Secured
Overnight
Financing
Rate
+
1.76%
BlackRock
Inc
2.10%,
02/25/2032
295‌
236‌
2.40%,
04/30/2030
700‌
596‌
Brookfield
Finance
Inc
2.72%,
04/15/2031
60‌
49‌
3.50%,
03/30/2051
150‌
101‌
3.90%,
01/25/2028
700‌
652‌
4.00%,
04/01/2024
625‌
615‌
Capital
One
Financial
Corp
1.88%,
11/02/2027
(d)
390‌
341‌
Secured
Overnight
Financing
Rate
+
0.86%
2.36%,
07/29/2032
(d)
510‌
375‌
Secured
Overnight
Financing
Rate
+
1.34%
3.20%,
02/05/2025
60‌
58‌
3.30%,
10/30/2024
775‌
748‌
4.93%,
05/10/2028
(d)
245‌
237‌
Secured
Overnight
Financing
Rate
+
2.06%
4.99%,
07/24/2026
(d)
1,250‌
1,230‌
Secured
Overnight
Financing
Rate
+
2.16%
5.82%,
02/01/2034
(d)
160‌
155‌
Secured
Overnight
Financing
Rate
+
2.60%
Charles
Schwab
Corp/The
0.90%,
03/11/2026
800‌
705‌
1.15%,
05/13/2026
60‌
53‌
1.65%,
03/11/2031
400‌
312‌
1.95%,
12/01/2031
540‌
423‌
2.00%,
03/20/2028
115‌
100‌
3.00%,
03/10/2025
500‌
479‌
CME
Group
Inc
5.30%,
09/15/2043
200‌
204‌
Discover
Financial
Services
4.10%,
02/09/2027
75‌
71‌
Intercontinental
Exchange
Inc
1.85%,
09/15/2032
120‌
89‌
2.10%,
06/15/2030
850‌
690‌
2.65%,
09/15/2040
160‌
112‌
3.00%,
09/15/2060
160‌
100‌
3.75%,
12/01/2025
75‌
72‌
3.75%,
09/21/2028
700‌
656‌
4.00%,
09/15/2027
135‌
131‌
4.25%,
09/21/2048
250‌
214‌
4.60%,
03/15/2033
805‌
764‌
4.95%,
06/15/2052
65‌
61‌
Jefferies
Financial
Group
Inc
2.63%,
10/15/2031
200‌
157‌
Legg
Mason
Inc
5.63%,
01/15/2044
25‌
25‌
Mastercard
Inc
2.00%,
03/03/2025
130‌
123‌
2.00%,
11/18/2031
190‌
154‌
2.95%,
03/15/2051
60‌
43‌
3.35%,
03/26/2030
875‌
802‌
3.38%,
04/01/2024
150‌
147‌
3.85%,
03/26/2050
125‌
105‌
Nasdaq
Inc
2.50%,
12/21/2040
55‌
36‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Nomura
Holdings
Inc
1.85%,
07/16/2025
$
1,015‌
$
926‌
2.33%,
01/22/2027
200‌
177‌
2.65%,
01/16/2025
600‌
567‌
2.68%,
07/16/2030
915‌
743‌
5.84%,
01/18/2028
(e)
320‌
322‌
Synchrony
Financial
3.95%,
12/01/2027
720‌
655‌
4.25%,
08/15/2024
290‌
283‌
4.50%,
07/23/2025
275‌
265‌
Visa
Inc
1.10%,
02/15/2031
160‌
123‌
1.90%,
04/15/2027
80‌
72‌
2.00%,
08/15/2050
160‌
95‌
2.70%,
04/15/2040
155‌
116‌
2.75%,
09/15/2027
200‌
185‌
4.15%,
12/14/2035
500‌
470‌
4.30%,
12/14/2045
200‌
181‌
$
27,391‌
Electric
-
1.83%
AEP
Texas
Inc
2.10%,
07/01/2030
160‌
129‌
3.45%,
01/15/2050
50‌
36‌
3.45%,
05/15/2051
60‌
43‌
4.70%,
05/15/2032
105‌
100‌
5.25%,
05/15/2052
105‌
100‌
AEP
Transmission
Co
LLC
2.75%,
08/15/2051
60‌
39‌
4.50%,
06/15/2052
70‌
62‌
AES
Corp/The
2.45%,
01/15/2031
60‌
48‌
Alabama
Power
Co
1.45%,
09/15/2030
155‌
121‌
3.13%,
07/15/2051
60‌
41‌
Ameren
Corp
1.75%,
03/15/2028
60‌
51‌
Ameren
Illinois
Co
1.55%,
11/15/2030
65‌
51‌
3.25%,
03/15/2050
75‌
54‌
3.85%,
09/01/2032
355‌
325‌
4.15%,
03/15/2046
1,000‌
827‌
American
Electric
Power
Co
Inc
1.00%,
11/01/2025
15‌
13‌
2.30%,
03/01/2030
155‌
126‌
5.63%,
03/01/2033
(g)
160‌
160‌
Arizona
Public
Service
Co
2.60%,
08/15/2029
90‌
76‌
2.65%,
09/15/2050
150‌
91‌
Baltimore
Gas
and
Electric
Co
2.25%,
06/15/2031
60‌
49‌
4.55%,
06/01/2052
20‌
18‌
Berkshire
Hathaway
Energy
Co
1.65%,
05/15/2031
365‌
283‌
2.85%,
05/15/2051
85‌
55‌
3.80%,
07/15/2048
650‌
502‌
4.60%,
05/01/2053
65‌
57‌
5.15%,
11/15/2043
200‌
189‌
5.95%,
05/15/2037
600‌
620‌
CenterPoint
Energy
Houston
Electric
LLC
3.35%,
04/01/2051
60‌
44‌
4.85%,
10/01/2052
565‌
537‌
CenterPoint
Energy
Inc
1.45%,
06/01/2026
60‌
53‌
2.95%,
03/01/2030
100‌
86‌
3.70%,
09/01/2049
60‌
45‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
68
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
CMS
Energy
Corp
3.75%,
12/01/2050
(d)
$
60‌
$
48‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
Commonwealth
Edison
Co
3.00%,
03/01/2050
715‌
491‌
3.13%,
03/15/2051
420‌
290‌
4.00%,
03/01/2048
750‌
615‌
4.70%,
01/15/2044
150‌
137‌
5.30%,
02/01/2053
160‌
159‌
Connecticut
Light
and
Power
Co/The
0.75%,
12/01/2025
60‌
53‌
2.05%,
07/01/2031
60‌
48‌
3.20%,
03/15/2027
140‌
131‌
Consolidated
Edison
Co
of
New
York
Inc
2.40%,
06/15/2031
55‌
45‌
3.00%,
12/01/2060
65‌
40‌
3.70%,
11/15/2059
80‌
58‌
3.88%,
06/15/2047
300‌
234‌
4.30%,
12/01/2056
500‌
402‌
4.45%,
03/15/2044
250‌
212‌
5.20%,
03/01/2033
160‌
160‌
6.15%,
11/15/2052
155‌
166‌
6.30%,
08/15/2037
370‌
399‌
6.75%,
04/01/2038
160‌
178‌
Consumers
Energy
Co
2.50%,
05/01/2060
155‌
87‌
4.20%,
09/01/2052
665‌
565‌
Dominion
Energy
Inc
1.45%,
04/15/2026
760‌
675‌
3.30%,
04/15/2041
60‌
45‌
3.38%,
04/01/2030
315‌
276‌
4.90%,
08/01/2041
360‌
317‌
5.38%,
11/15/2032
410‌
402‌
5.95%,
06/15/2035
200‌
205‌
DTE
Electric
Co
1.90%,
04/01/2028
40‌
34‌
3.70%,
03/15/2045
200‌
159‌
4.05%,
05/15/2048
540‌
452‌
5.40%,
04/01/2053
(g)
160‌
161‌
DTE
Energy
Co
1.05%,
06/01/2025
80‌
72‌
Duke
Energy
Carolinas
LLC
4.00%,
09/30/2042
145‌
119‌
5.30%,
02/15/2040
125‌
122‌
5.35%,
01/15/2053
160‌
158‌
6.00%,
01/15/2038
520‌
553‌
6.05%,
04/15/2038
460‌
490‌
Duke
Energy
Corp
0.90%,
09/15/2025
150‌
134‌
2.65%,
09/01/2026
90‌
82‌
3.15%,
08/15/2027
90‌
83‌
3.30%,
06/15/2041
60‌
44‌
3.50%,
06/15/2051
60‌
42‌
3.75%,
04/15/2024
300‌
294‌
3.95%,
08/15/2047
150‌
113‌
4.20%,
06/15/2049
150‌
119‌
4.30%,
03/15/2028
1,000‌
955‌
4.50%,
08/15/2032
665‌
615‌
4.80%,
12/15/2045
230‌
202‌
5.00%,
08/15/2052
65‌
58‌
Duke
Energy
Florida
LLC
1.75%,
06/15/2030
155‌
124‌
2.50%,
12/01/2029
255‌
217‌
3.40%,
10/01/2046
200‌
143‌
5.95%,
11/15/2052
155‌
165‌
Duke
Energy
Indiana
LLC
2.75%,
04/01/2050
155‌
97‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Duke
Energy
Ohio
Inc
2.13%,
06/01/2030
$
155‌
$
127‌
Duke
Energy
Progress
LLC
2.50%,
08/15/2050
160‌
96‌
4.10%,
03/15/2043
700‌
583‌
Emera
US
Finance
LP
4.75%,
06/15/2046
75‌
59‌
Entergy
Arkansas
LLC
2.65%,
06/15/2051
45‌
28‌
4.20%,
04/01/2049
600‌
501‌
5.15%,
01/15/2033
160‌
159‌
Entergy
Corp
1.90%,
06/15/2028
35‌
30‌
2.40%,
06/15/2031
60‌
47‌
Entergy
Louisiana
LLC
2.90%,
03/15/2051
35‌
23‌
3.10%,
06/15/2041
60‌
45‌
3.12%,
09/01/2027
200‌
183‌
4.75%,
09/15/2052
415‌
377‌
Entergy
Texas
Inc
1.75%,
03/15/2031
150‌
117‌
4.00%,
03/30/2029
170‌
159‌
Evergy
Inc
2.45%,
09/15/2024
140‌
133‌
Evergy
Metro
Inc
2.25%,
06/01/2030
155‌
127‌
Eversource
Energy
0.80%,
08/15/2025
160‌
143‌
1.65%,
08/15/2030
160‌
123‌
4.25%,
04/01/2029
700‌
657‌
Exelon
Corp
3.35%,
03/15/2032
65‌
56‌
4.95%,
06/15/2035
320‌
303‌
Florida
Power
&
Light
Co
2.45%,
02/03/2032
65‌
53‌
2.88%,
12/04/2051
65‌
43‌
3.70%,
12/01/2047
70‌
55‌
4.05%,
10/01/2044
145‌
122‌
4.13%,
02/01/2042
600‌
511‌
5.10%,
04/01/2033
(g)
160‌
160‌
5.65%,
02/01/2037
250‌
254‌
Georgia
Power
Co
2.20%,
09/15/2024
140‌
133‌
3.25%,
03/30/2027
400‌
369‌
4.30%,
03/15/2042
460‌
386‌
4.70%,
05/15/2032
65‌
62‌
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
40‌
33‌
Kentucky
Utilities
Co
3.30%,
06/01/2050
205‌
145‌
MidAmerican
Energy
Co
3.15%,
04/15/2050
145‌
103‌
4.25%,
07/15/2049
470‌
406‌
Mississippi
Power
Co
4.25%,
03/15/2042
30‌
25‌
National
Rural
Utilities
Cooperative
Finance
Corp
1.00%,
06/15/2026
60‌
52‌
2.85%,
01/27/2025
100‌
96‌
4.15%,
12/15/2032
765‌
704‌
4.80%,
03/15/2028
365‌
359‌
Nevada
Power
Co
2.40%,
05/01/2030
200‌
168‌
NextEra
Energy
Capital
Holdings
Inc
1.88%,
01/15/2027
700‌
617‌
1.90%,
06/15/2028
45‌
38‌
2.25%,
06/01/2030
250‌
202‌
2.44%,
01/15/2032
990‌
784‌
2.75%,
11/01/2029
545‌
464‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
69
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
NextEra
Energy
Capital
Holdings
Inc  
(continued)
3.55%,
05/01/2027
$
700‌
$
653‌
4.20%,
06/20/2024
570‌
560‌
4.90%,
02/28/2028
160‌
158‌
5.00%,
07/15/2032
70‌
67‌
5.25%,
02/28/2053
160‌
153‌
Northern
States
Power
Co/MN
2.25%,
04/01/2031
60‌
50‌
2.60%,
06/01/2051
155‌
100‌
2.90%,
03/01/2050
70‌
48‌
5.35%,
11/01/2039
30‌
30‌
NSTAR
Electric
Co
4.55%,
06/01/2052
65‌
59‌
4.95%,
09/15/2052
565‌
540‌
Ohio
Power
Co
1.63%,
01/15/2031
265‌
205‌
Oncor
Electric
Delivery
Co
LLC
0.55%,
10/01/2025
150‌
134‌
3.10%,
09/15/2049
195‌
137‌
4.15%,
06/01/2032
65‌
61‌
4.55%,
09/15/2032
390‌
376‌
4.60%,
06/01/2052
65‌
59‌
Pacific
Gas
and
Electric
Co
2.10%,
08/01/2027
605‌
515‌
2.50%,
02/01/2031
880‌
686‌
3.30%,
08/01/2040
155‌
105‌
3.50%,
08/01/2050
850‌
534‌
4.20%,
06/01/2041
510‌
383‌
4.95%,
06/08/2025
180‌
176‌
5.90%,
06/15/2032
60‌
58‌
6.75%,
01/15/2053
160‌
159‌
PacifiCorp
2.90%,
06/15/2052
60‌
40‌
5.35%,
12/01/2053
155‌
153‌
6.00%,
01/15/2039
310‌
324‌
6.25%,
10/15/2037
330‌
355‌
PECO
Energy
Co
2.80%,
06/15/2050
110‌
72‌
2.85%,
09/15/2051
150‌
99‌
4.38%,
08/15/2052
360‌
317‌
4.60%,
05/15/2052
20‌
18‌
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
70‌
49‌
3.95%,
06/01/2047
100‌
83‌
5.00%,
05/15/2033
(g)
160‌
159‌
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
45‌
36‌
2.70%,
01/15/2051
95‌
62‌
4.50%,
06/01/2052
525‌
468‌
Public
Service
Co
of
Oklahoma
5.25%,
01/15/2033
160‌
159‌
Public
Service
Electric
and
Gas
Co
2.05%,
08/01/2050
160‌
91‌
3.15%,
01/01/2050
155‌
112‌
3.65%,
09/01/2028
200‌
187‌
3.80%,
03/01/2046
570‌
456‌
Public
Service
Enterprise
Group
Inc
0.80%,
08/15/2025
320‌
286‌
Puget
Sound
Energy
Inc
2.89%,
09/15/2051
170‌
111‌
San
Diego
Gas
&
Electric
Co
1.70%,
10/01/2030
150‌
118‌
3.32%,
04/15/2050
155‌
111‌
3.70%,
03/15/2052
65‌
50‌
4.50%,
08/15/2040
50‌
45‌
Sempra
Energy
4.00%,
02/01/2048
70‌
54‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Southern
California
Edison
Co
2.25%,
06/01/2030
$
155‌
$
127‌
2.85%,
08/01/2029
100‌
86‌
3.45%,
02/01/2052
65‌
46‌
3.65%,
02/01/2050
640‌
470‌
4.00%,
04/01/2047
450‌
353‌
4.70%,
06/01/2027
135‌
133‌
4.88%,
03/01/2049
380‌
339‌
5.30%,
03/01/2028
(g)
160‌
159‌
5.50%,
03/15/2040
350‌
338‌
5.70%,
03/01/2053
(g)
160‌
160‌
5.85%,
11/01/2027
155‌
159‌
5.95%,
02/01/2038
30‌
31‌
Southern
Co/The
1.75%,
03/15/2028
60‌
50‌
3.75%,
09/15/2051
(d)
40‌
34‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
4.00%,
01/15/2051
(d)
150‌
141‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.73%
5.15%,
10/06/2025
495‌
493‌
5.70%,
10/15/2032
665‌
676‌
Southern
Power
Co
0.90%,
01/15/2026
10‌
9‌
4.95%,
12/15/2046
35‌
30‌
Southwestern
Electric
Power
Co
4.10%,
09/15/2028
1,000‌
946‌
Southwestern
Public
Service
Co
4.50%,
08/15/2041
150‌
131‌
Tampa
Electric
Co
3.45%,
03/15/2051
100‌
71‌
Tucson
Electric
Power
Co
1.50%,
08/01/2030
105‌
81‌
3.25%,
05/01/2051
60‌
40‌
Union
Electric
Co
2.15%,
03/15/2032
60‌
47‌
2.63%,
03/15/2051
130‌
83‌
5.45%,
03/15/2053
(g)
160‌
160‌
Virginia
Electric
and
Power
Co
2.30%,
11/15/2031
65‌
52‌
2.45%,
12/15/2050
145‌
86‌
2.95%,
11/15/2051
120‌
79‌
3.75%,
05/15/2027
40‌
38‌
8.88%,
11/15/2038
225‌
302‌
WEC
Energy
Group
Inc
1.38%,
10/15/2027
130‌
110‌
2.20%,
12/15/2028
60‌
51‌
4.75%,
01/09/2026
160‌
158‌
5.00%,
09/27/2025
75‌
74‌
Wisconsin
Electric
Power
Co
4.75%,
09/30/2032
360‌
352‌
Wisconsin
Public
Service
Corp
2.85%,
12/01/2051
65‌
43‌
Xcel
Energy
Inc
1.75%,
03/15/2027
15‌
13‌
2.60%,
12/01/2029
140‌
118‌
4.60%,
06/01/2032
40‌
38‌
$
44,624‌
Electrical
Components
&
Equipment
-
0.04%
Emerson
Electric
Co
0.88%,
10/15/2026
225‌
194‌
2.20%,
12/21/2031
820‌
658‌
$
852‌
Electronics
-
0.05%
Agilent
Technologies
Inc
2.10%,
06/04/2030
155‌
126‌
2.30%,
03/12/2031
60‌
49‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
70
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electronics
(continued)
Fortive
Corp
3.15%,
06/15/2026
$
100‌
$
93‌
Honeywell
International
Inc
1.10%,
03/01/2027
60‌
52‌
1.35%,
06/01/2025
80‌
74‌
1.75%,
09/01/2031
60‌
47‌
1.95%,
06/01/2030
450‌
372‌
2.80%,
06/01/2050
(e)
155‌
112‌
3.81%,
11/21/2047
100‌
84‌
5.00%,
02/15/2033
150‌
152‌
Jabil
Inc
1.70%,
04/15/2026
60‌
53‌
Tyco
Electronics
Group
SA
7.13%,
10/01/2037
37‌
42‌
$
1,256‌
Entertainment
-
0.13%
Warnermedia
Holdings
Inc
3.43%,
03/15/2024
(i)
635‌
620‌
3.64%,
03/15/2025
(i)
830‌
792‌
3.76%,
03/15/2027
(i)
130‌
119‌
4.05%,
03/15/2029
(i)
130‌
116‌
4.28%,
03/15/2032
(i)
195‌
168‌
5.05%,
03/15/2042
(i)
830‌
672‌
5.14%,
03/15/2052
(i)
740‌
580‌
5.39%,
03/15/2062
(i)
215‌
168‌
$
3,235‌
Environmental
Control
-
0.17%
Republic
Services
Inc
1.75%,
02/15/2032
635‌
486‌
2.30%,
03/01/2030
685‌
574‌
2.50%,
08/15/2024
650‌
624‌
3.38%,
11/15/2027
385‌
356‌
Waste
Connections
Inc
2.20%,
01/15/2032
120‌
95‌
4.20%,
01/15/2033
735‌
679‌
Waste
Management
Inc
0.75%,
11/15/2025
210‌
187‌
2.00%,
06/01/2029
60‌
50‌
2.50%,
11/15/2050
75‌
47‌
3.15%,
11/15/2027
790‌
731‌
4.15%,
04/15/2032
(e)
100‌
94‌
4.63%,
02/15/2033
160‌
154‌
$
4,077‌
Federal
&
Federally
Sponsored
Credit
-
0.08%
Federal
Farm
Credit
Banks
Funding
Corp
0.88%,
11/18/2024
555‌
518‌
1.13%,
01/06/2025
220‌
205‌
2.63%,
05/16/2024
135‌
131‌
4.25%,
09/26/2024
650‌
641‌
4.50%,
11/18/2024
460‌
456‌
$
1,951‌
Finance
-
Mortgage
Loan/Banker
-
0.55%
Fannie
Mae
0.50%,
06/17/2025
710‌
645‌
0.50%,
11/07/2025
535‌
480‌
0.75%,
10/08/2027
270‌
231‌
0.88%,
08/05/2030
710‌
563‌
2.13%,
04/24/2026
700‌
652‌
2.63%,
09/06/2024
1,000‌
965‌
5.63%,
07/15/2037
65‌
74‌
6.25%,
05/15/2029
750‌
833‌
6.63%,
11/15/2030
230‌
266‌
7.13%,
01/15/2030
250‌
294‌
7.25%,
05/15/2030
249‌
296‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Finance
-
Mortgage
Loan/Banker
(continued)
Federal
Home
Loan
Banks
0.38%,
09/04/2025
$
150‌
$
135‌
1.00%,
12/20/2024
300‌
280‌
1.25%,
12/21/2026
450‌
401‌
2.75%,
06/28/2024
520‌
504‌
3.25%,
03/08/2024
1,350‌
1,323‌
3.25%,
11/16/2028
950‌
903‌
4.50%,
10/03/2024
1,200‌
1,190‌
5.50%,
07/15/2036
370‌
413‌
Freddie
Mac
0.38%,
09/23/2025
2,055‌
1,847‌
6.25%,
07/15/2032
280‌
325‌
6.75%,
03/15/2031
543‌
638‌
$
13,258‌
Food
-
0.34%
Campbell
Soup
Co
4.15%,
03/15/2028
185‌
177‌
Conagra
Brands
Inc
1.38%,
11/01/2027
100‌
83‌
4.30%,
05/01/2024
700‌
690‌
4.60%,
11/01/2025
600‌
587‌
4.85%,
11/01/2028
140‌
136‌
5.30%,
11/01/2038
85‌
79‌
5.40%,
11/01/2048
445‌
405‌
General
Mills
Inc
2.25%,
10/14/2031
775‌
621‌
4.00%,
04/17/2025
75‌
73‌
Hershey
Co/The
1.70%,
06/01/2030
155‌
125‌
2.65%,
06/01/2050
185‌
124‌
J
M
Smucker
Co/The
2.13%,
03/15/2032
60‌
47‌
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
USA
Finance
Inc
5.13%,
02/01/2028
(i)
265‌
252‌
5.75%,
04/01/2033
(i)
265‌
247‌
6.50%,
12/01/2052
(i)
265‌
252‌
Kellogg
Co
2.10%,
06/01/2030
155‌
126‌
Koninklijke
Ahold
Delhaize
NV
5.70%,
10/01/2040
9‌
9‌
Kraft
Heinz
Foods
Co
3.00%,
06/01/2026
200‌
186‌
4.38%,
06/01/2046
930‌
759‌
4.88%,
10/01/2049
200‌
176‌
5.00%,
06/04/2042
200‌
182‌
5.20%,
07/15/2045
170‌
157‌
6.50%,
02/09/2040
200‌
210‌
Kroger
Co/The
1.70%,
01/15/2031
60‌
46‌
3.70%,
08/01/2027
700‌
660‌
4.45%,
02/01/2047
345‌
288‌
5.15%,
08/01/2043
300‌
275‌
5.40%,
07/15/2040
30‌
29‌
McCormick
&
Co
Inc/MD
0.90%,
02/15/2026
60‌
53‌
1.85%,
02/15/2031
60‌
47‌
Mondelez
International
Inc
1.50%,
02/04/2031
165‌
127‌
2.63%,
03/17/2027
65‌
59‌
2.63%,
09/04/2050
165‌
104‌
Sysco
Corp
2.45%,
12/14/2031
115‌
93‌
4.85%,
10/01/2045
250‌
219‌
Tyson
Foods
Inc
3.55%,
06/02/2027
75‌
70‌
4.55%,
06/02/2047
700‌
586‌
$
8,359‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
71
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Forest
Products
&
Paper
-
0.02%
Fibria
Overseas
Finance
Ltd
5.50%,
01/17/2027
$
300‌
$
297‌
Georgia-Pacific
LLC
7.75%,
11/15/2029
20‌
22‌
Suzano
Austria
GmbH
2.50%,
09/15/2028
75‌
63‌
$
382‌
Gas
-
0
.15%
Atmos
Energy
Corp
1.50%,
01/15/2031
150‌
117‌
3.38%,
09/15/2049
145‌
107‌
4.13%,
10/15/2044
140‌
117‌
5.75%,
10/15/2052
410‌
430‌
CenterPoint
Energy
Resources
Corp
1.75%,
10/01/2030
150‌
118‌
4.40%,
07/01/2032
(e)
70‌
66‌
5.25%,
03/01/2028
160‌
160‌
NiSource
Inc
0.95%,
08/15/2025
320‌
289‌
2.95%,
09/01/2029
1,000‌
863‌
3.60%,
05/01/2030
640‌
571‌
4.80%,
02/15/2044
210‌
186‌
5.00%,
06/15/2052
135‌
123‌
5.65%,
02/01/2045
250‌
245‌
Southern
California
Gas
Co
2.55%,
02/01/2030
155‌
131‌
Southern
Co
Gas
Capital
Corp
1.75%,
01/15/2031
160‌
124‌
3.15%,
09/30/2051
60‌
40‌
Washington
Gas
Light
Co
3.65%,
09/15/2049
25‌
19‌
$
3,706‌
Hand
&
Machine
Tools
-
0.03%
Stanley
Black
&
Decker
Inc
2.30%,
02/24/2025
150‌
142‌
2.30%,
03/15/2030
700‌
569‌
2.75%,
11/15/2050
85‌
51‌
$
762‌
Healthcare
-
Products
-
0.39%
Abbott
Laboratories
1.15%,
01/30/2028
250‌
212‌
4.75%,
11/30/2036
615‌
612‌
4.75%,
04/15/2043
300‌
290‌
4.90%,
11/30/2046
700‌
688‌
Baxter
International
Inc
1.73%,
04/01/2031
85‌
63‌
1.92%,
02/01/2027
770‌
672‌
2.27%,
12/01/2028
665‌
557‌
2.54%,
02/01/2032
(e)
380‌
294‌
3.13%,
12/01/2051
260‌
158‌
Boston
Scientific
Corp
1.90%,
06/01/2025
155‌
144‌
3.45%,
03/01/2024
800‌
785‌
Danaher
Corp
2.60%,
10/01/2050
150‌
96‌
DH
Europe
Finance
II
Sarl
2.60%,
11/15/2029
150‌
130‌
3.25%,
11/15/2039
150‌
119‌
GE
HealthCare
Technologies
Inc
5.60%,
11/15/2025
(i)
155‌
155‌
5.65%,
11/15/2027
(i)
155‌
157‌
5.86%,
03/15/2030
(i)
155‌
159‌
5.91%,
11/22/2032
(i)
155‌
160‌
6.38%,
11/22/2052
(i)
155‌
167‌
Koninklijke
Philips
NV
5.00%,
03/15/2042
30‌
27‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Products
(continued)
Medtronic
Inc
4.38%,
03/15/2035
$
200‌
$
190‌
4.63%,
03/15/2045
286‌
267‌
PerkinElmer
Inc
0.85%,
09/15/2024
40‌
37‌
1.90%,
09/15/2028
45‌
37‌
Stryker
Corp
1.95%,
06/15/2030
600‌
488‌
3.38%,
11/01/2025
800‌
764‌
4.38%,
05/15/2044
25‌
21‌
4.63%,
03/15/2046
620‌
551‌
Thermo
Fisher
Scientific
Inc
1.22%,
10/18/2024
120‌
113‌
2.00%,
10/15/2031
65‌
52‌
2.60%,
10/01/2029
145‌
126‌
2.80%,
10/15/2041
650‌
469‌
4.80%,
11/21/2027
155‌
155‌
Zimmer
Biomet
Holdings
Inc
2.60%,
11/24/2031
610‌
494‌
$
9,409‌
Healthcare
-
Services
-
0.66%
Advocate
Health
&
Hospitals
Corp
3.83%,
08/15/2028
300‌
281‌
Aetna
Inc
3.88%,
08/15/2047
60‌
45‌
6.75%,
12/15/2037
205‌
220‌
Baylor
Scott
&
White
Holdings
4.19%,
11/15/2045
125‌
109‌
Centene
Corp
4.63%,
12/15/2029
600‌
549‌
Elevance
Health
Inc
1.50%,
03/15/2026
60‌
54‌
2.88%,
09/15/2029
220‌
192‌
3.13%,
05/15/2050
75‌
52‌
3.60%,
03/15/2051
60‌
45‌
4.10%,
03/01/2028
255‌
243‌
4.10%,
05/15/2032
785‌
721‌
4.65%,
01/15/2043
660‌
591‌
4.75%,
02/15/2033
160‌
154‌
6.10%,
10/15/2052
155‌
166‌
HCA
Inc
2.38%,
07/15/2031
60‌
47‌
3.38%,
03/15/2029
(i)
135‌
118‌
3.50%,
09/01/2030
680‌
585‌
3.50%,
07/15/2051
260‌
169‌
4.38%,
03/15/2042
(i)
65‌
52‌
5.00%,
03/15/2024
630‌
626‌
5.25%,
04/15/2025
600‌
594‌
5.25%,
06/15/2026
970‌
955‌
5.50%,
06/15/2047
240‌
216‌
5.88%,
02/01/2029
600‌
600‌
Humana
Inc
1.35%,
02/03/2027
660‌
568‌
2.15%,
02/03/2032
60‌
46‌
3.13%,
08/15/2029
1,090‌
951‌
4.50%,
04/01/2025
155‌
152‌
4.95%,
10/01/2044
320‌
287‌
5.50%,
03/15/2053
(g)
160‌
154‌
Laboratory
Corp
of
America
Holdings
2.30%,
12/01/2024
600‌
568‌
4.70%,
02/01/2045
500‌
427‌
Providence
St
Joseph
Health
Obligated
Group
3.74%,
10/01/2047
250‌
195‌
Quest
Diagnostics
Inc
2.95%,
06/30/2030
155‌
134‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
72
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
UnitedHealth
Group
Inc
0.55%,
05/15/2024
$
60‌
$
57‌
1.25%,
01/15/2026
155‌
140‌
2.30%,
05/15/2031
60‌
49‌
2.38%,
08/15/2024
250‌
240‌
2.75%,
05/15/2040
155‌
113‌
2.88%,
08/15/2029
150‌
132‌
2.90%,
05/15/2050
155‌
105‌
3.05%,
05/15/2041
660‌
496‌
3.10%,
03/15/2026
400‌
379‌
3.25%,
05/15/2051
435‌
312‌
3.45%,
01/15/2027
100‌
95‌
3.50%,
08/15/2039
125‌
102‌
3.70%,
05/15/2027
65‌
62‌
3.88%,
12/15/2028
700‌
661‌
3.88%,
08/15/2059
390‌
304‌
4.20%,
05/15/2032
255‌
240‌
4.25%,
04/15/2047
320‌
277‌
4.25%,
06/15/2048
110‌
95‌
4.45%,
12/15/2048
95‌
84‌
4.75%,
05/15/2052
65‌
60‌
5.25%,
02/15/2028
310‌
314‌
5.35%,
02/15/2033
310‌
317‌
5.88%,
02/15/2053
310‌
334‌
6.88%,
02/15/2038
200‌
232‌
$
16,066‌
Home
Builders
-
0.01%
DR
Horton
Inc
1.30%,
10/15/2026
60‌
52‌
1.40%,
10/15/2027
(e)
150‌
125‌
$
177‌
Home
Furnishings
-
0.01%
Leggett
&
Platt
Inc
4.40%,
03/15/2029
250‌
234‌
Insurance
-
0.68%
Aflac
Inc
1.13%,
03/15/2026
60‌
53‌
Allstate
Corp/The
0.75%,
12/15/2025
170‌
151‌
1.45%,
12/15/2030
170‌
130‌
American
International
Group
Inc
3.90%,
04/01/2026
126‌
121‌
4.38%,
06/30/2050
100‌
84‌
4.80%,
07/10/2045
700‌
625‌
5.75%,
04/01/2048
(d)
200‌
193‌
3
Month
USD
LIBOR
+
2.87%
Aon
Corp
2.80%,
05/15/2030
155‌
132‌
Aon
Corp
/
Aon
Global
Holdings
PLC
2.60%,
12/02/2031
50‌
41‌
2.85%,
05/28/2027
65‌
59‌
2.90%,
08/23/2051
60‌
39‌
5.00%,
09/12/2032
520‌
508‌
5.35%,
02/28/2033
160‌
160‌
Aon
Global
Ltd
3.50%,
06/14/2024
700‌
683‌
Arch
Capital
Finance
LLC
5.03%,
12/15/2046
45‌
40‌
Athene
Holding
Ltd
4.13%,
01/12/2028
575‌
538‌
Berkshire
Hathaway
Finance
Corp
1.45%,
10/15/2030
130‌
103‌
2.30%,
03/15/2027
(e)
65‌
60‌
2.50%,
01/15/2051
90‌
57‌
2.85%,
10/15/2050
100‌
67‌
2.88%,
03/15/2032
65‌
56‌
3.85%,
03/15/2052
440‌
355‌
4.20%,
08/15/2048
180‌
159‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Berkshire
Hathaway
Finance
Corp  
(continued)
4.25%,
01/15/2049
$
500‌
$
444‌
4.30%,
05/15/2043
700‌
632‌
5.75%,
01/15/2040
25‌
27‌
Brown
&
Brown
Inc
4.50%,
03/15/2029
300‌
276‌
Chubb
Corp/The
6.00%,
05/11/2037
350‌
376‌
Chubb
INA
Holdings
Inc
1.38%,
09/15/2030
300‌
233‌
2.85%,
12/15/2051
30‌
20‌
3.05%,
12/15/2061
200‌
131‌
4.35%,
11/03/2045
700‌
626‌
CNA
Financial
Corp
2.05%,
08/15/2030
160‌
127‌
Corebridge
Financial
Inc
3.50%,
04/04/2025
(i)
340‌
325‌
3.85%,
04/05/2029
(i)
65‌
59‌
3.90%,
04/05/2032
(i)
390‌
341‌
Equitable
Holdings
Inc
4.35%,
04/20/2028
140‌
133‌
5.00%,
04/20/2048
90‌
79‌
First
American
Financial
Corp
4.60%,
11/15/2024
300‌
296‌
Hartford
Financial
Services
Group
Inc/The
2.90%,
09/15/2051
195‌
126‌
Markel
Corp
3.45%,
05/07/2052
75‌
51‌
Marsh
&
McLennan
Cos
Inc
2.38%,
12/15/2031
295‌
237‌
4.38%,
03/15/2029
440‌
419‌
4.90%,
03/15/2049
110‌
102‌
6.25%,
11/01/2052
155‌
172‌
MetLife
Inc
3.00%,
03/01/2025
200‌
192‌
4.13%,
08/13/2042
250‌
213‌
4.60%,
05/13/2046
195‌
174‌
4.88%,
11/13/2043
50‌
47‌
5.25%,
01/15/2054
160‌
157‌
5.70%,
06/15/2035
600‌
629‌
Progressive
Corp/The
3.70%,
03/15/2052
210‌
167‌
4.35%,
04/25/2044
30‌
26‌
Prudential
Financial
Inc
1.50%,
03/10/2026
1,700‌
1,532‌
2.10%,
03/10/2030
150‌
124‌
3.70%,
10/01/2050
(d)
160‌
135‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
3.70%,
03/13/2051
785‌
600‌
5.20%,
03/15/2044
(d)
400‌
392‌
3
Month
USD
LIBOR
+
3.04%
5.70%,
09/15/2048
(d)
780‌
737‌
3
Month
USD
LIBOR
+
2.67%
Travelers
Cos
Inc/The
3.05%,
06/08/2051
90‌
63‌
4.00%,
05/30/2047
175‌
146‌
5.35%,
11/01/2040
690‌
699‌
6.25%,
06/15/2037
650‌
726‌
W
R
Berkley
Corp
4.00%,
05/12/2050
75‌
59‌
Willis
North
America
Inc
2.95%,
09/15/2029
50‌
43‌
3.88%,
09/15/2049
140‌
101‌
$
16,608‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
73
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
-
0.47%
Alibaba
Group
Holding
Ltd
3.15%,
02/09/2051
$
200‌
$
128‌
3.40%,
12/06/2027
860‌
790‌
3.60%,
11/28/2024
600‌
581‌
4.20%,
12/06/2047
200‌
156‌
4.40%,
12/06/2057
300‌
234‌
Alphabet
Inc
1.10%,
08/15/2030
160‌
126‌
1.90%,
08/15/2040
160‌
106‌
2.25%,
08/15/2060
160‌
93‌
Amazon.com
Inc
0.45%,
05/12/2024
210‌
199‌
1.65%,
05/12/2028
265‌
227‌
2.10%,
05/12/2031
210‌
173‌
2.50%,
06/03/2050
285‌
183‌
2.70%,
06/03/2060
570‌
350‌
2.80%,
08/22/2024
75‌
73‌
2.88%,
05/12/2041
210‌
157‌
3.00%,
04/13/2025
270‌
260‌
3.10%,
05/12/2051
210‌
150‌
3.15%,
08/22/2027
600‌
560‌
3.25%,
05/12/2061
615‌
426‌
3.30%,
04/13/2027
180‌
170‌
3.60%,
04/13/2032
180‌
165‌
3.80%,
12/05/2024
75‌
73‌
3.95%,
04/13/2052
540‌
453‌
4.05%,
08/22/2047
500‌
432‌
4.25%,
08/22/2057
75‌
65‌
4.60%,
12/01/2025
455‌
452‌
4.65%,
12/01/2029
455‌
449‌
4.70%,
12/01/2032
455‌
450‌
Baidu
Inc
3.08%,
04/07/2025
(e)
950‌
900‌
4.38%,
05/14/2024
1,300‌
1,280‌
Booking
Holdings
Inc
3.60%,
06/01/2026
200‌
191‌
eBay
Inc
1.90%,
03/11/2025
155‌
145‌
2.60%,
05/10/2031
60‌
49‌
3.45%,
08/01/2024
60‌
59‌
4.00%,
07/15/2042
20‌
16‌
5.95%,
11/22/2027
(e)
155‌
159‌
Expedia
Group
Inc
2.95%,
03/15/2031
13‌
10‌
Meta
Platforms
Inc
3.50%,
08/15/2027
135‌
127‌
3.85%,
08/15/2032
135‌
121‌
4.45%,
08/15/2052
750‌
622‌
$
11,360‌
Iron
&
Steel
-
0.05%
Nucor
Corp
2.00%,
06/01/2025
155‌
144‌
3.13%,
04/01/2032
65‌
55‌
4.30%,
05/23/2027
65‌
63‌
Steel
Dynamics
Inc
1.65%,
10/15/2027
65‌
55‌
2.40%,
06/15/2025
40‌
37‌
2.80%,
12/15/2024
75‌
72‌
Vale
Overseas
Ltd
6.25%,
08/10/2026
200‌
204‌
6.88%,
11/21/2036
500‌
512‌
6.88%,
11/10/2039
125‌
128‌
$
1,270‌
Leisure
Products
&
Services
-
0.01%
Harley-Davidson
Inc
3.50%,
07/28/2025
300‌
289‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
-
0.03%
Marriott
International
Inc/MD
2.85%,
04/15/2031
$
510‌
$
420‌
5.00%,
10/15/2027
275‌
272‌
$
692‌
Machinery
-
Construction
&
Mining
-
0.10%
Caterpillar
Financial
Services
Corp
0.45%,
05/17/2024
60‌
57‌
0.80%,
11/13/2025
65‌
58‌
1.10%,
09/14/2027
120‌
103‌
1.15%,
09/14/2026
60‌
53‌
3.40%,
05/13/2025
135‌
130‌
3.65%,
08/12/2025
65‌
63‌
4.90%,
01/17/2025
155‌
154‌
Caterpillar
Inc
2.60%,
04/09/2030
1,000‌
872‌
3.25%,
09/19/2049
145‌
110‌
3.80%,
08/15/2042
1,020‌
870‌
$
2,470‌
Machinery
-
Diversified
-
0.15%
CNH
Industrial
Capital
LLC
1.88%,
01/15/2026
150‌
136‌
Dover
Corp
5.38%,
03/01/2041
30‌
29‌
John
Deere
Capital
Corp
0.70%,
01/15/2026
225‌
200‌
1.05%,
06/17/2026
60‌
53‌
1.50%,
03/06/2028
60‌
51‌
2.00%,
06/17/2031
55‌
44‌
2.05%,
01/09/2025
155‌
147‌
2.35%,
03/08/2027
(e)
65‌
59‌
2.80%,
07/18/2029
115‌
102‌
3.40%,
06/06/2025
70‌
68‌
4.15%,
09/15/2027
905‌
880‌
4.35%,
09/15/2032
345‌
332‌
4.55%,
10/11/2024
325‌
323‌
4.80%,
01/09/2026
160‌
159‌
5.15%,
03/03/2025
(g)
320‌
320‌
Otis
Worldwide
Corp
2.06%,
04/05/2025
155‌
145‌
2.57%,
02/15/2030
155‌
131‌
3.36%,
02/15/2050
155‌
110‌
Rockwell
Automation
Inc
1.75%,
08/15/2031
40‌
31‌
2.80%,
08/15/2061
60‌
37‌
Westinghouse
Air
Brake
Technologies
Corp
4.95%,
09/15/2028
300‌
289‌
$
3,646‌
Media
-
0.60%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.25%,
01/15/2029
120‌
96‌
2.30%,
02/01/2032
250‌
184‌
2.80%,
04/01/2031
110‌
86‌
3.50%,
06/01/2041
115‌
75‌
3.70%,
04/01/2051
110‌
67‌
3.85%,
04/01/2061
670‌
395‌
3.90%,
06/01/2052
60‌
38‌
4.40%,
12/01/2061
30‌
20‌
4.80%,
03/01/2050
600‌
439‌
4.91%,
07/23/2025
770‌
753‌
5.38%,
04/01/2038
50‌
42‌
5.38%,
05/01/2047
240‌
191‌
5.75%,
04/01/2048
280‌
234‌
6.38%,
10/23/2035
150‌
144‌
6.48%,
10/23/2045
395‌
357‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
74
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Comcast
Corp
1.50%,
02/15/2031
$
160‌
$
124‌
2.35%,
01/15/2027
155‌
140‌
2.45%,
08/15/2052
(e)
160‌
95‌
2.65%,
02/01/2030
115‌
99‌
2.65%,
08/15/2062
160‌
92‌
2.94%,
11/01/2056
660‌
414‌
2.99%,
11/01/2063
409‌
250‌
3.15%,
03/01/2026
75‌
71‌
3.25%,
11/01/2039
230‌
179‌
3.38%,
08/15/2025
175‌
168‌
3.40%,
07/15/2046
910‌
672‌
3.55%,
05/01/2028
735‌
685‌
3.90%,
03/01/2038
160‌
137‌
3.97%,
11/01/2047
105‌
85‌
4.00%,
03/01/2048
210‌
169‌
4.05%,
11/01/2052
427‌
343‌
4.40%,
08/15/2035
890‌
823‌
4.70%,
10/15/2048
300‌
271‌
5.25%,
11/07/2025
185‌
186‌
5.50%,
11/15/2032
325‌
334‌
Discovery
Communications
LLC
3.63%,
05/15/2030
60‌
51‌
3.95%,
06/15/2025
170‌
162‌
3.95%,
03/20/2028
250‌
228‌
4.00%,
09/15/2055
91‌
59‌
5.20%,
09/20/2047
200‌
159‌
5.30%,
05/15/2049
180‌
144‌
Fox
Corp
5.48%,
01/25/2039
110‌
101‌
5.58%,
01/25/2049
140‌
127‌
Paramount
Global
4.38%,
03/15/2043
400‌
279‌
4.85%,
07/01/2042
300‌
225‌
7.88%,
07/30/2030
30‌
32‌
Thomson
Reuters
Corp
5.85%,
04/15/2040
30‌
29‌
Time
Warner
Cable
Enterprises
LLC
8.38%,
07/15/2033
20‌
22‌
Time
Warner
Cable
LLC
4.50%,
09/15/2042
170‌
127‌
5.88%,
11/15/2040
260‌
230‌
6.55%,
05/01/2037
360‌
345‌
7.30%,
07/01/2038
60‌
60‌
TWDC
Enterprises
18
Corp
4.13%,
06/01/2044
580‌
499‌
7.00%,
03/01/2032
30‌
34‌
Walt
Disney
Co/The
1.75%,
01/13/2026
1,175‌
1,073‌
2.20%,
01/13/2028
155‌
138‌
2.65%,
01/13/2031
150‌
128‌
3.38%,
11/15/2026
170‌
160‌
3.50%,
05/13/2040
155‌
125‌
3.60%,
01/13/2051
305‌
236‌
4.70%,
03/23/2050
220‌
206‌
4.95%,
10/15/2045
125‌
119‌
6.40%,
12/15/2035
869‌
960‌
$
14,516‌
Metal
Fabrication
&
Hardware
-
0.01%
Precision
Castparts
Corp
3.90%,
01/15/2043
193‌
163‌
Mining
-
0.21%
Barrick
PD
Australia
Finance
Pty
Ltd
5.95%,
10/15/2039
600‌
618‌
BHP
Billiton
Finance
USA
Ltd
4.13%,
02/24/2042
170‌
148‌
4.88%,
02/27/2026
160‌
159‌
4.90%,
02/28/2033
160‌
159‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
Freeport-McMoRan
Inc
4.38%,
08/01/2028
$
200‌
$
186‌
4.63%,
08/01/2030
700‌
646‌
5.25%,
09/01/2029
700‌
676‌
5.40%,
11/14/2034
700‌
659‌
5.45%,
03/15/2043
290‌
262‌
Newmont
Corp
2.60%,
07/15/2032
170‌
136‌
4.88%,
03/15/2042
500‌
456‌
6.25%,
10/01/2039
100‌
105‌
Rio
Tinto
Alcan
Inc
6.13%,
12/15/2033
30‌
32‌
Rio
Tinto
Finance
USA
Ltd
2.75%,
11/02/2051
155‌
102‌
Rio
Tinto
Finance
USA
PLC
4.75%,
03/22/2042
500‌
470‌
Southern
Copper
Corp
5.25%,
11/08/2042
200‌
187‌
5.88%,
04/23/2045
110‌
111‌
Teck
Resources
Ltd
3.90%,
07/15/2030
115‌
103‌
$
5,215‌
Miscellaneous
Manufacturers
-
0.08%
3M
Co
2.38%,
08/26/2029
(e)
250‌
210‌
3.25%,
08/26/2049
(e)
100‌
69‌
Eaton
Corp
4.15%,
03/15/2033
575‌
530‌
4.15%,
11/02/2042
95‌
81‌
Illinois
Tool
Works
Inc
2.65%,
11/15/2026
90‌
83‌
Parker-Hannifin
Corp
4.25%,
09/15/2027
135‌
129‌
4.50%,
09/15/2029
135‌
129‌
Teledyne
Technologies
Inc
0.95%,
04/01/2024
60‌
57‌
2.25%,
04/01/2028
60‌
52‌
Textron
Inc
4.00%,
03/15/2026
500‌
483‌
$
1,823‌
Oil
&
Gas
-
0.78%
BP
Capital
Markets
America
Inc
1.75%,
08/10/2030
205‌
164‌
2.72%,
01/12/2032
30‌
25‌
2.94%,
06/04/2051
750‌
498‌
3.00%,
02/24/2050
155‌
105‌
3.00%,
03/17/2052
60‌
40‌
3.06%,
06/17/2041
115‌
85‌
3.12%,
05/04/2026
110‌
104‌
3.54%,
04/06/2027
215‌
203‌
3.59%,
04/14/2027
900‌
851‌
4.23%,
11/06/2028
210‌
203‌
4.81%,
02/13/2033
160‌
157‌
BP
Capital
Markets
PLC
3.28%,
09/19/2027
115‌
107‌
Canadian
Natural
Resources
Ltd
2.05%,
07/15/2025
750‌
693‌
3.80%,
04/15/2024
470‌
461‌
Cenovus
Energy
Inc
6.75%,
11/15/2039
138‌
144‌
Chevron
Corp
2.00%,
05/11/2027
155‌
139‌
2.95%,
05/16/2026
1,000‌
941‌
Chevron
USA
Inc
1.02%,
08/12/2027
160‌
137‌
2.34%,
08/12/2050
160‌
100‌
3.25%,
10/15/2029
290‌
264‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
75
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
ConocoPhillips
Co
2.40%,
03/07/2025
$
470‌
$
445‌
3.80%,
03/15/2052
345‌
274‌
4.03%,
03/15/2062
440‌
348‌
Devon
Energy
Corp
5.00%,
06/15/2045
75‌
64‌
5.60%,
07/15/2041
380‌
350‌
Diamondback
Energy
Inc
3.25%,
12/01/2026
150‌
139‌
EQT
Corp
5.68%,
10/01/2025
305‌
301‌
Equinor
ASA
2.38%,
05/22/2030
250‌
213‌
2.88%,
04/06/2025
955‌
913‌
3.00%,
04/06/2027
155‌
144‌
3.13%,
04/06/2030
250‌
225‌
3.25%,
11/18/2049
445‌
330‌
3.63%,
09/10/2028
370‌
351‌
3.63%,
04/06/2040
155‌
128‌
Exxon
Mobil
Corp
2.02%,
08/16/2024
200‌
191‌
2.44%,
08/16/2029
100‌
88‌
3.00%,
08/16/2039
150‌
115‌
3.45%,
04/15/2051
950‌
725‌
3.57%,
03/06/2045
700‌
553‌
4.23%,
03/19/2040
315‌
283‌
Hess
Corp
4.30%,
04/01/2027
300‌
287‌
7.13%,
03/15/2033
21‌
23‌
7.30%,
08/15/2031
109‌
118‌
Marathon
Oil
Corp
4.40%,
07/15/2027
300‌
286‌
Marathon
Petroleum
Corp
3.63%,
09/15/2024
145‌
141‌
5.00%,
09/15/2054
200‌
168‌
Phillips
66
1.30%,
02/15/2026
30‌
27‌
2.15%,
12/15/2030
110‌
88‌
3.85%,
04/09/2025
95‌
92‌
4.65%,
11/15/2034
560‌
523‌
4.88%,
11/15/2044
350‌
318‌
5.88%,
05/01/2042
30‌
31‌
Phillips
66
Co
4.90%,
10/01/2046
(i)
270‌
238‌
Pioneer
Natural
Resources
Co
1.13%,
01/15/2026
55‌
49‌
1.90%,
08/15/2030
160‌
125‌
2.15%,
01/15/2031
55‌
43‌
Shell
International
Finance
BV
2.00%,
11/07/2024
150‌
143‌
2.38%,
11/07/2029
150‌
129‌
2.88%,
05/10/2026
155‌
145‌
2.88%,
11/26/2041
120‌
88‌
3.13%,
11/07/2049
950‌
681‌
4.00%,
05/10/2046
360‌
299‌
4.13%,
05/11/2035
130‌
120‌
4.38%,
05/11/2045
325‌
287‌
4.55%,
08/12/2043
340‌
310‌
6.38%,
12/15/2038
600‌
666‌
Suncor
Energy
Inc
3.75%,
03/04/2051
60‌
44‌
4.00%,
11/15/2047
100‌
78‌
6.50%,
06/15/2038
140‌
144‌
6.80%,
05/15/2038
140‌
149‌
6.85%,
06/01/2039
73‌
78‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
TotalEnergies
Capital
International
SA
2.99%,
06/29/2041
$
115‌
$
86‌
3.13%,
05/29/2050
155‌
111‌
3.39%,
06/29/2060
115‌
82‌
Valero
Energy
Corp
2.80%,
12/01/2031
740‌
601‌
4.00%,
06/01/2052
525‌
396‌
6.63%,
06/15/2037
60‌
64‌
7.50%,
04/15/2032
60‌
68‌
$
18,927‌
Oil
&
Gas
Services
-
0.06%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor
Inc
2.06%,
12/15/2026
60‌
54‌
3.14%,
11/07/2029
(e)
150‌
132‌
3.34%,
12/15/2027
135‌
124‌
Halliburton
Co
3.80%,
11/15/2025
6‌
6‌
4.50%,
11/15/2041
400‌
334‌
5.00%,
11/15/2045
230‌
203‌
7.45%,
09/15/2039
386‌
438‌
NOV
Inc
3.60%,
12/01/2029
150‌
133‌
Schlumberger
Investment
SA
2.65%,
06/26/2030
160‌
138‌
$
1,562‌
Packaging
&
Containers
-
0.03%
Amcor
Flexibles
North
America
Inc
4.00%,
05/17/2025
135‌
130‌
Packaging
Corp
of
America
3.05%,
10/01/2051
200‌
131‌
WRKCo
Inc
3.00%,
06/15/2033
80‌
64‌
4.65%,
03/15/2026
500‌
490‌
$
815‌
Pharmaceuticals
-
1
.11%
AbbVie
Inc
2.95%,
11/21/2026
300‌
277‌
3.20%,
11/21/2029
820‌
725‌
3.60%,
05/14/2025
345‌
332‌
3.85%,
06/15/2024
1,090‌
1,070‌
4.05%,
11/21/2039
375‌
316‌
4.25%,
11/14/2028
140‌
134‌
4.25%,
11/21/2049
175‌
146‌
4.40%,
11/06/2042
25‌
22‌
4.45%,
05/14/2046
270‌
231‌
4.55%,
03/15/2035
170‌
158‌
4.85%,
06/15/2044
900‌
818‌
4.88%,
11/14/2048
440‌
403‌
Astrazeneca
Finance
LLC
0.70%,
05/28/2024
90‌
85‌
1.75%,
05/28/2028
105‌
90‌
2.25%,
05/28/2031
60‌
50‌
4.88%,
03/03/2033
(g)
285‌
284‌
4.88%,
03/03/2028
(g)
285‌
284‌
AstraZeneca
PLC
0.70%,
04/08/2026
120‌
105‌
1.38%,
08/06/2030
160‌
126‌
2.13%,
08/06/2050
680‌
405‌
3.00%,
05/28/2051
45‌
32‌
4.38%,
08/17/2048
60‌
55‌
6.45%,
09/15/2037
30‌
34‌
Becton
Dickinson
and
Co
1.96%,
02/11/2031
60‌
47‌
3.70%,
06/06/2027
600‌
567‌
3.73%,
12/15/2024
250‌
243‌
3.79%,
05/20/2050
710‌
548‌
4.67%,
06/06/2047
155‌
136‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
76
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Becton
Dickinson
and
Co  
(continued)
4.69%,
12/15/2044
$
59‌
$
52‌
Bristol-Myers
Squibb
Co
0.75%,
11/13/2025
65‌
58‌
1.13%,
11/13/2027
120‌
102‌
1.45%,
11/13/2030
65‌
51‌
2.55%,
11/13/2050
65‌
41‌
2.95%,
03/15/2032
200‌
173‌
3.90%,
02/20/2028
130‌
125‌
4.13%,
06/15/2039
195‌
174‌
4.25%,
10/26/2049
360‌
311‌
4.35%,
11/15/2047
210‌
185‌
4.55%,
02/20/2048
171‌
156‌
Cardinal
Health
Inc
3.41%,
06/15/2027
400‌
373‌
Cigna
Group/The
0.61%,
03/15/2024
650‌
619‌
1.25%,
03/15/2026
180‌
160‌
2.40%,
03/15/2030
910‌
761‌
3.20%,
03/15/2040
155‌
116‌
3.25%,
04/15/2025
100‌
96‌
3.40%,
03/15/2051
90‌
63‌
3.88%,
10/15/2047
755‌
577‌
4.13%,
11/15/2025
170‌
165‌
4.38%,
10/15/2028
175‌
168‌
4.80%,
08/15/2038
870‌
801‌
CVS
Health
Corp
1.30%,
08/21/2027
160‌
135‌
1.75%,
08/21/2030
160‌
125‌
1.88%,
02/28/2031
55‌
43‌
2.63%,
08/15/2024
140‌
135‌
2.70%,
08/21/2040
160‌
108‌
3.00%,
08/15/2026
105‌
97‌
3.25%,
08/15/2029
740‌
654‌
3.88%,
07/20/2025
885‌
857‌
4.78%,
03/25/2038
800‌
727‌
4.88%,
07/20/2035
510‌
479‌
5.05%,
03/25/2048
725‌
651‌
5.13%,
07/20/2045
430‌
388‌
5.25%,
02/21/2033
160‌
158‌
5.63%,
02/21/2053
160‌
155‌
Eli
Lilly
&
Co
2.50%,
09/15/2060
155‌
94‌
4.15%,
03/15/2059
600‌
525‌
4.70%,
02/27/2033
130‌
129‌
4.88%,
02/27/2053
120‌
120‌
GlaxoSmithKline
Capital
Inc
3.63%,
05/15/2025
85‌
83‌
3.88%,
05/15/2028
165‌
157‌
6.38%,
05/15/2038
760‌
859‌
Johnson
&
Johnson
0.55%,
09/01/2025
115‌
104‌
0.95%,
09/01/2027
115‌
98‌
2.10%,
09/01/2040
115‌
79‌
2.25%,
09/01/2050
115‌
73‌
2.45%,
09/01/2060
835‌
512‌
2.95%,
03/03/2027
110‌
104‌
3.70%,
03/01/2046
90‌
76‌
5.95%,
08/15/2037
75‌
83‌
McKesson
Corp
0.90%,
12/03/2025
60‌
54‌
Mead
Johnson
Nutrition
Co
4.60%,
06/01/2044
30‌
27‌
Merck
&
Co
Inc
0.75%,
02/24/2026
80‌
71‌
1.45%,
06/24/2030
210‌
168‌
1.70%,
06/10/2027
155‌
137‌
1.90%,
12/10/2028
110‌
94‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Merck
&
Co
Inc  
(continued)
2.15%,
12/10/2031
$
215‌
$
175‌
2.35%,
06/24/2040
135‌
94‌
2.75%,
12/10/2051
140‌
94‌
2.90%,
12/10/2061
420‌
269‌
3.60%,
09/15/2042
500‌
408‌
3.70%,
02/10/2045
600‌
494‌
4.15%,
05/18/2043
450‌
402‌
Novartis
Capital
Corp
2.75%,
08/14/2050
155‌
108‌
Pfizer
Inc
0.80%,
05/28/2025
100‌
92‌
1.75%,
08/18/2031
245‌
195‌
2.55%,
05/28/2040
800‌
578‌
3.40%,
05/15/2024
100‌
98‌
4.00%,
12/15/2036
45‌
41‌
4.20%,
09/15/2048
80‌
71‌
4.30%,
06/15/2043
225‌
205‌
4.40%,
05/15/2044
75‌
69‌
7.20%,
03/15/2039
60‌
73‌
Takeda
Pharmaceutical
Co
Ltd
2.05%,
03/31/2030
700‌
571‌
3.18%,
07/09/2050
645‌
441‌
Utah
Acquisition
Sub
Inc
5.25%,
06/15/2046
305‌
237‌
Viatris
Inc
2.30%,
06/22/2027
115‌
99‌
2.70%,
06/22/2030
155‌
123‌
3.85%,
06/22/2040
115‌
78‌
4.00%,
06/22/2050
155‌
100‌
Wyeth
LLC
5.95%,
04/01/2037
60‌
64‌
Zoetis
Inc
2.00%,
05/15/2030
85‌
70‌
3.00%,
05/15/2050
40‌
27‌
5.40%,
11/14/2025
390‌
392‌
$
27,077‌
Pipelines
-
0.84%
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
300‌
270‌
5.88%,
03/31/2025
600‌
602‌
Eastern
Gas
Transmission
&
Storage
Inc
4.60%,
12/15/2044
640‌
534‌
Enbridge
Energy
Partners
LP
7.38%,
10/15/2045
70‌
79‌
Enbridge
Inc
1.60%,
10/04/2026
20‌
18‌
2.50%,
01/15/2025
150‌
142‌
2.50%,
08/01/2033
465‌
359‌
3.13%,
11/15/2029
150‌
131‌
3.40%,
08/01/2051
45‌
31‌
4.25%,
12/01/2026
75‌
72‌
Energy
Transfer
LP
2.90%,
05/15/2025
910‌
859‌
3.75%,
05/15/2030
715‌
634‌
4.05%,
03/15/2025
100‌
97‌
4.20%,
04/15/2027
300‌
284‌
4.75%,
01/15/2026
1,000‌
979‌
5.30%,
04/15/2047
500‌
424‌
5.35%,
05/15/2045
710‌
605‌
5.75%,
02/15/2033
155‌
153‌
6.25%,
04/15/2049
155‌
147‌
6.50%,
02/01/2042
370‌
369‌
Enterprise
Products
Operating
LLC
3.30%,
02/15/2053
80‌
54‌
4.20%,
01/31/2050
680‌
546‌
4.25%,
02/15/2048
250‌
202‌
4.45%,
02/15/2043
350‌
299‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
77
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Enterprise
Products
Operating
LLC  
(continued)
4.85%,
03/15/2044
$
750‌
$
666‌
5.05%,
01/10/2026
160‌
160‌
6.45%,
09/01/2040
490‌
518‌
6.88%,
03/01/2033
39‌
43‌
Kinder
Morgan
Energy
Partners
LP
4.70%,
11/01/2042
20‌
17‌
5.00%,
03/01/2043
550‌
467‌
Kinder
Morgan
Inc
1.75%,
11/15/2026
60‌
53‌
2.00%,
02/15/2031
130‌
101‌
3.25%,
08/01/2050
130‌
82‌
3.60%,
02/15/2051
245‌
166‌
5.05%,
02/15/2046
30‌
25‌
5.20%,
06/01/2033
160‌
152‌
5.55%,
06/01/2045
500‌
452‌
MPLX
LP
1.75%,
03/01/2026
160‌
143‌
4.13%,
03/01/2027
840‌
801‌
4.25%,
12/01/2027
300‌
284‌
4.50%,
04/15/2038
200‌
171‌
5.00%,
03/01/2033
160‌
150‌
5.50%,
02/15/2049
830‌
745‌
ONEOK
Inc
2.20%,
09/15/2025
155‌
142‌
2.75%,
09/01/2024
375‌
359‌
3.40%,
09/01/2029
350‌
304‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
3.55%,
12/15/2029
950‌
824‌
4.70%,
06/15/2044
330‌
254‌
Sabine
Pass
Liquefaction
LLC
4.20%,
03/15/2028
645‌
605‌
5.00%,
03/15/2027
1,075‌
1,049‌
5.63%,
03/01/2025
75‌
75‌
5.75%,
05/15/2024
600‌
600‌
Spectra
Energy
Partners
LP
4.75%,
03/15/2024
105‌
104‌
Targa
Resources
Corp
5.20%,
07/01/2027
220‌
216‌
6.13%,
03/15/2033
160‌
161‌
TransCanada
PipeLines
Ltd
2.50%,
10/12/2031
60‌
48‌
4.25%,
05/15/2028
300‌
284‌
4.88%,
05/15/2048
190‌
167‌
Williams
Cos
Inc/The
2.60%,
03/15/2031
160‌
130‌
3.50%,
10/15/2051
60‌
41‌
3.75%,
06/15/2027
45‌
42‌
3.90%,
01/15/2025
500‌
485‌
4.00%,
09/15/2025
50‌
48‌
4.85%,
03/01/2048
350‌
301‌
4.90%,
01/15/2045
430‌
368‌
5.10%,
09/15/2045
120‌
105‌
5.30%,
08/15/2052
65‌
59‌
5.65%,
03/15/2033
(g)
160‌
160‌
6.30%,
04/15/2040
430‌
441‌
$
20,458‌
Private
Equity
-
0.01%
Brookfield
Corp
4.00%,
01/15/2025
300‌
293‌
Regional
Authority
-
0.32%
Province
of
Alberta
Canada
1.00%,
05/20/2025
810‌
743‌
1.30%,
07/22/2030
175‌
141‌
3.30%,
03/15/2028
650‌
615‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Regional
Authority
(continued)
Province
of
British
Columbia
Canada
0.90%,
07/20/2026
$
515‌
$
455‌
1.30%,
01/29/2031
(e)
160‌
128‌
6.50%,
01/15/2026
45‌
47‌
Province
of
Manitoba
Canada
1.50%,
10/25/2028
85‌
72‌
3.05%,
05/14/2024
430‌
419‌
Province
of
Ontario
Canada
0.63%,
01/21/2026
(e)
530‌
472‌
1.05%,
04/14/2026
415‌
371‌
1.13%,
10/07/2030
300‌
237‌
2.13%,
01/21/2032
675‌
565‌
3.10%,
05/19/2027
565‌
533‌
3.20%,
05/16/2024
665‌
648‌
Province
of
Quebec
Canada
0.60%,
07/23/2025
600‌
543‌
1.35%,
05/28/2030
815‌
663‌
1.50%,
02/11/2025
600‌
561‌
2.88%,
10/16/2024
500‌
482‌
7.50%,
09/15/2029
36‌
42‌
$
7,737‌
REITs
-
1
.01%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
240‌
178‌
2.00%,
05/18/2032
400‌
306‌
2.75%,
12/15/2029
70‌
59‌
2.95%,
03/15/2034
65‌
52‌
3.00%,
05/18/2051
530‌
341‌
4.00%,
02/01/2050
70‌
54‌
4.90%,
12/15/2030
80‌
78‌
5.15%,
04/15/2053
160‌
149‌
American
Tower
Corp
1.30%,
09/15/2025
80‌
72‌
1.60%,
04/15/2026
60‌
53‌
1.88%,
10/15/2030
550‌
423‌
2.75%,
01/15/2027
1,000‌
904‌
2.90%,
01/15/2030
155‌
131‌
2.95%,
01/15/2051
60‌
36‌
3.38%,
10/15/2026
500‌
465‌
3.65%,
03/15/2027
515‌
480‌
3.70%,
10/15/2049
300‌
209‌
3.95%,
03/15/2029
200‌
182‌
4.00%,
06/01/2025
600‌
581‌
5.65%,
03/15/2033
(g)
160‌
159‌
AvalonBay
Communities
Inc
1.90%,
12/01/2028
60‌
51‌
2.05%,
01/15/2032
60‌
48‌
2.30%,
03/01/2030
755‌
632‌
5.00%,
02/15/2033
(e)
155‌
154‌
Boston
Properties
LP
2.55%,
04/01/2032
245‌
187‌
2.90%,
03/15/2030
600‌
493‌
3.20%,
01/15/2025
700‌
669‌
3.65%,
02/01/2026
1,000‌
947‌
Brixmor
Operating
Partnership
LP
3.65%,
06/15/2024
400‌
387‌
Corporate
Office
Properties
LP
2.75%,
04/15/2031
60‌
45‌
Crown
Castle
Inc
1.05%,
07/15/2026
115‌
100‌
1.35%,
07/15/2025
115‌
104‌
2.50%,
07/15/2031
60‌
48‌
2.90%,
04/01/2041
60‌
41‌
3.10%,
11/15/2029
125‌
108‌
3.20%,
09/01/2024
(e)
75‌
72‌
3.25%,
01/15/2051
115‌
76‌
3.70%,
06/15/2026
600‌
568‌
3.80%,
02/15/2028
430‌
399‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
78
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Crown
Castle
Inc  
(continued)
4.00%,
11/15/2049
$
95‌
$
72‌
5.00%,
01/11/2028
160‌
158‌
CubeSmart
LP
2.00%,
02/15/2031
110‌
84‌
2.25%,
12/15/2028
60‌
50‌
Digital
Realty
Trust
LP
5.55%,
01/15/2028
345‌
344‌
Equinix
Inc
1.00%,
09/15/2025
850‌
759‌
1.25%,
07/15/2025
155‌
140‌
1.80%,
07/15/2027
155‌
133‌
2.50%,
05/15/2031
460‌
368‌
2.63%,
11/18/2024
150‌
143‌
3.20%,
11/18/2029
130‌
113‌
3.40%,
02/15/2052
60‌
41‌
ERP
Operating
LP
1.85%,
08/01/2031
115‌
90‌
Essex
Portfolio
LP
1.70%,
03/01/2028
60‌
50‌
3.00%,
01/15/2030
140‌
119‌
4.00%,
03/01/2029
784‌
720‌
Federal
Realty
Investment
Trust
1.25%,
02/15/2026
115‌
102‌
GLP
Capital
LP
/
GLP
Financing
II
Inc
4.00%,
01/15/2030
140‌
123‌
5.25%,
06/01/2025
400‌
392‌
Healthcare
Realty
Holdings
LP
2.00%,
03/15/2031
150‌
114‌
Healthpeak
Properties
Interim
Inc
2.13%,
12/01/2028
210‌
178‌
5.25%,
12/15/2032
80‌
79‌
Kilroy
Realty
LP
2.50%,
11/15/2032
160‌
113‌
Kimco
Realty
OP
LLC
2.25%,
12/01/2031
60‌
47‌
2.70%,
03/01/2024
300‌
291‌
2.70%,
10/01/2030
160‌
132‌
3.70%,
10/01/2049
30‌
21‌
4.60%,
02/01/2033
165‌
152‌
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
94‌
National
Retail
Properties
Inc
3.60%,
12/15/2026
300‌
279‌
Omega
Healthcare
Investors
Inc
4.75%,
01/15/2028
30‌
28‌
4.95%,
04/01/2024
30‌
30‌
Prologis
LP
1.25%,
10/15/2030
160‌
123‌
1.75%,
07/01/2030
155‌
124‌
2.25%,
01/15/2032
60‌
48‌
2.88%,
11/15/2029
75‌
65‌
3.00%,
04/15/2050
680‌
462‌
4.63%,
01/15/2033
575‌
556‌
Public
Storage
0.88%,
02/15/2026
40‌
35‌
1.85%,
05/01/2028
115‌
99‌
2.25%,
11/09/2031
60‌
48‌
Realty
Income
Corp
0.75%,
03/15/2026
40‌
35‌
2.20%,
06/15/2028
65‌
56‌
3.10%,
12/15/2029
300‌
264‌
3.25%,
01/15/2031
160‌
139‌
4.13%,
10/15/2026
220‌
212‌
4.85%,
03/15/2030
160‌
155‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Realty
Income
Corp  
(continued)
4.88%,
06/01/2026
$
700‌
$
694‌
Simon
Property
Group
LP
1.75%,
02/01/2028
555‌
475‌
2.00%,
09/13/2024
150‌
143‌
2.65%,
02/01/2032
765‌
618‌
3.25%,
11/30/2026
300‌
280‌
3.30%,
01/15/2026
700‌
664‌
3.50%,
09/01/2025
160‌
153‌
4.75%,
03/15/2042
164‌
144‌
Spirit
Realty
LP
2.10%,
03/15/2028
60‌
50‌
UDR
Inc
2.10%,
08/01/2032
100‌
75‌
3.20%,
01/15/2030
145‌
127‌
Ventas
Realty
LP
3.00%,
01/15/2030
500‌
425‌
3.75%,
05/01/2024
500‌
489‌
4.75%,
11/15/2030
525‌
495‌
VICI
Properties
LP
4.38%,
05/15/2025
200‌
193‌
Welltower
OP
LLC
2.75%,
01/15/2032
1,115‌
890‌
3.63%,
03/15/2024
120‌
118‌
4.13%,
03/15/2029
300‌
277‌
WP
Carey
Inc
2.40%,
02/01/2031
65‌
52‌
$
24,491‌
Retail
-
0.58%
AutoZone
Inc
1.65%,
01/15/2031
160‌
123‌
Costco
Wholesale
Corp
1.38%,
06/20/2027
125‌
109‌
1.75%,
04/20/2032
150‌
118‌
Dollar
Tree
Inc
4.20%,
05/15/2028
130‌
124‌
Home
Depot
Inc/The
0.90%,
03/15/2028
55‌
46‌
1.88%,
09/15/2031
760‌
602‌
2.13%,
09/15/2026
350‌
318‌
2.38%,
03/15/2051
55‌
33‌
2.70%,
04/15/2025
65‌
62‌
2.75%,
09/15/2051
60‌
39‌
2.88%,
04/15/2027
65‌
60‌
2.95%,
06/15/2029
500‌
447‌
3.13%,
12/15/2049
235‌
167‌
4.00%,
09/15/2025
265‌
260‌
4.20%,
04/01/2043
300‌
262‌
4.25%,
04/01/2046
180‌
156‌
4.40%,
03/15/2045
300‌
266‌
4.95%,
09/15/2052
135‌
130‌
5.88%,
12/16/2036
400‌
428‌
Lowe's
Cos
Inc
1.30%,
04/15/2028
130‌
108‌
1.70%,
10/15/2030
130‌
101‌
2.50%,
04/15/2026
90‌
83‌
3.38%,
09/15/2025
50‌
48‌
3.65%,
04/05/2029
135‌
123‌
3.70%,
04/15/2046
20‌
15‌
3.75%,
04/01/2032
65‌
58‌
4.00%,
04/15/2025
700‌
682‌
4.25%,
04/01/2052
540‌
425‌
4.40%,
09/08/2025
130‌
128‌
4.55%,
04/05/2049
135‌
112‌
5.00%,
04/15/2033
130‌
125‌
5.00%,
04/15/2040
155‌
142‌
5.63%,
04/15/2053
380‌
364‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
79
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
McDonald's
Corp
2.63%,
09/01/2029
$
140‌
$
122‌
3.25%,
06/10/2024
175‌
171‌
3.70%,
01/30/2026
150‌
145‌
3.70%,
02/15/2042
300‌
238‌
4.45%,
03/01/2047
1,000‌
864‌
5.15%,
09/09/2052
255‌
244‌
6.30%,
03/01/2038
600‌
648‌
O'Reilly
Automotive
Inc
1.75%,
03/15/2031
75‌
58‌
Starbucks
Corp
2.00%,
03/12/2027
580‌
516‌
3.00%,
02/14/2032
345‌
293‌
3.75%,
12/01/2047
370‌
281‌
4.30%,
06/15/2045
225‌
191‌
4.45%,
08/15/2049
220‌
187‌
4.80%,
02/15/2033
(e)
120‌
116‌
Target
Corp
1.95%,
01/15/2027
280‌
252‌
2.95%,
01/15/2052
325‌
222‌
4.50%,
09/15/2032
690‌
663‌
4.80%,
01/15/2053
160‌
150‌
TJX
Cos
Inc/The
1.15%,
05/15/2028
65‌
54‌
1.60%,
05/15/2031
65‌
51‌
Walmart
Inc
1.05%,
09/17/2026
105‌
92‌
1.50%,
09/22/2028
105‌
89‌
1.80%,
09/22/2031
160‌
129‌
2.50%,
09/22/2041
135‌
97‌
2.65%,
09/22/2051
105‌
71‌
3.90%,
09/09/2025
130‌
127‌
3.95%,
06/28/2038
195‌
177‌
4.00%,
04/11/2043
250‌
219‌
4.05%,
06/29/2048
100‌
88‌
4.15%,
09/09/2032
(e)
630‌
607‌
4.50%,
09/09/2052
630‌
594‌
$
14,020‌
Semiconductors
-
0.57%
Analog
Devices
Inc
2.10%,
10/01/2031
40‌
32‌
2.80%,
10/01/2041
60‌
44‌
Applied
Materials
Inc
4.35%,
04/01/2047
45‌
40‌
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3.88%,
01/15/2027
650‌
613‌
Broadcom
Inc
3.14%,
11/15/2035
(i)
738‌
544‌
3.19%,
11/15/2036
(i)
30‌
22‌
3.42%,
04/15/2033
(i)
452‌
364‌
3.47%,
04/15/2034
(i)
415‌
329‌
3.75%,
02/15/2051
(i)
570‌
397‌
4.15%,
11/15/2030
310‌
279‌
4.75%,
04/15/2029
355‌
340‌
Intel
Corp
2.00%,
08/12/2031
60‌
47‌
2.88%,
05/11/2024
105‌
102‌
3.05%,
08/12/2051
60‌
38‌
3.15%,
05/11/2027
150‌
140‌
3.20%,
08/12/2061
60‌
38‌
3.40%,
03/25/2025
(e)
155‌
150‌
3.73%,
12/08/2047
105‌
78‌
3.75%,
03/25/2027
155‌
148‌
3.75%,
08/05/2027
65‌
62‌
4.00%,
08/05/2029
585‌
547‌
4.10%,
05/19/2046
250‌
201‌
4.15%,
08/05/2032
(e)
765‌
705‌
4.60%,
03/25/2040
155‌
139‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
Intel
Corp  
(continued)
4.88%,
02/10/2026
$
605‌
$
599‌
5.20%,
02/10/2033
300‌
294‌
5.63%,
02/10/2043
300‌
293‌
5.70%,
02/10/2053
605‌
591‌
KLA
Corp
4.95%,
07/15/2052
140‌
132‌
Lam
Research
Corp
2.88%,
06/15/2050
500‌
334‌
Marvell
Technology
Inc
2.45%,
04/15/2028
115‌
98‌
Micron
Technology
Inc
2.70%,
04/15/2032
90‌
68‌
4.19%,
02/15/2027
405‌
383‌
NVIDIA
Corp
0.58%,
06/14/2024
115‌
108‌
1.55%,
06/15/2028
60‌
51‌
2.00%,
06/15/2031
115‌
93‌
3.50%,
04/01/2040
600‌
493‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.50%,
05/11/2031
115‌
91‌
3.13%,
02/15/2042
265‌
179‌
3.15%,
05/01/2027
80‌
73‌
3.25%,
05/11/2041
60‌
42‌
4.40%,
06/01/2027
480‌
460‌
QUALCOMM
Inc
1.30%,
05/20/2028
327‌
275‌
1.65%,
05/20/2032
243‌
186‌
4.50%,
05/20/2052
950‌
845‌
4.80%,
05/20/2045
110‌
104‌
6.00%,
05/20/2053
155‌
167‌
Texas
Instruments
Inc
1.13%,
09/15/2026
60‌
53‌
1.75%,
05/04/2030
650‌
532‌
1.90%,
09/15/2031
60‌
49‌
4.15%,
05/15/2048
165‌
146‌
TSMC
Arizona
Corp
1.75%,
10/25/2026
750‌
664‌
3.88%,
04/22/2027
1,190‌
1,143‌
$
13,945‌
Software
-
0.80%
Activision
Blizzard
Inc
1.35%,
09/15/2030
80‌
62‌
2.50%,
09/15/2050
160‌
100‌
Electronic
Arts
Inc
1.85%,
02/15/2031
60‌
47‌
Fidelity
National
Information
Services
Inc
0.60%,
03/01/2024
655‌
625‌
1.65%,
03/01/2028
1,105‌
925‌
3.10%,
03/01/2041
55‌
38‌
4.50%,
07/15/2025
700‌
684‌
5.10%,
07/15/2032
550‌
526‌
Fiserv
Inc
2.75%,
07/01/2024
1,000‌
963‌
3.50%,
07/01/2029
900‌
805‌
3.85%,
06/01/2025
250‌
241‌
4.40%,
07/01/2049
590‌
477‌
5.45%,
03/02/2028
(g)
240‌
240‌
Intuit
Inc
1.35%,
07/15/2027
160‌
139‌
Microsoft
Corp
2.40%,
08/08/2026
250‌
232‌
2.53%,
06/01/2050
311‌
208‌
2.68%,
06/01/2060
349‌
226‌
2.92%,
03/17/2052
476‌
342‌
3.04%,
03/17/2062
1,141‌
799‌
3.30%,
02/06/2027
140‌
134‌
3.45%,
08/08/2036
225‌
197‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
80
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Microsoft
Corp  
(continued)
3.70%,
08/08/2046
$
500‌
$
427‌
Oracle
Corp
2.30%,
03/25/2028
115‌
100‌
2.50%,
04/01/2025
555‌
523‌
2.65%,
07/15/2026
300‌
274‌
2.80%,
04/01/2027
155‌
141‌
2.88%,
03/25/2031
115‌
95‌
2.95%,
11/15/2024
85‌
81‌
2.95%,
05/15/2025
105‌
100‌
2.95%,
04/01/2030
655‌
559‌
3.40%,
07/08/2024
145‌
141‌
3.60%,
04/01/2040
355‌
262‌
3.60%,
04/01/2050
700‌
474‌
3.65%,
03/25/2041
115‌
85‌
3.90%,
05/15/2035
130‌
108‌
3.95%,
03/25/2051
115‌
83‌
4.00%,
07/15/2046
500‌
365‌
4.00%,
11/15/2047
75‌
55‌
4.10%,
03/25/2061
60‌
42‌
4.30%,
07/08/2034
75‌
66‌
4.38%,
05/15/2055
150‌
114‌
4.50%,
05/06/2028
285‌
274‌
4.50%,
07/08/2044
50‌
41‌
4.65%,
05/06/2030
530‌
503‌
5.55%,
02/06/2053
305‌
279‌
5.80%,
11/10/2025
715‌
723‌
6.13%,
07/08/2039
60‌
60‌
6.15%,
11/09/2029
180‌
186‌
6.25%,
11/09/2032
360‌
375‌
6.90%,
11/09/2052
360‌
389‌
Roper
Technologies
Inc
1.40%,
09/15/2027
860‌
729‌
2.35%,
09/15/2024
90‌
86‌
2.95%,
09/15/2029
1,200‌
1,043‌
Salesforce
Inc
1.95%,
07/15/2031
60‌
48‌
2.70%,
07/15/2041
265‌
187‌
2.90%,
07/15/2051
815‌
548‌
ServiceNow
Inc
1.40%,
09/01/2030
160‌
122‌
Take-Two
Interactive
Software
Inc
3.55%,
04/14/2025
215‌
206‌
VMware
Inc
1.40%,
08/15/2026
1,180‌
1,019‌
1.80%,
08/15/2028
685‌
560‌
2.20%,
08/15/2031
115‌
87‌
$
19,570‌
Sovereign
-
1.53%
Canada
Government
International
Bond
0.75%,
05/19/2026
615‌
546‌
1.63%,
01/22/2025
200‌
188‌
2.88%,
04/28/2025
710‌
682‌
Chile
Government
International
Bond
2.45%,
01/31/2031
(e)
300‌
250‌
2.55%,
01/27/2032
(e)
400‌
328‌
2.75%,
01/31/2027
1,100‌
1,009‌
3.10%,
05/07/2041
400‌
290‌
3.24%,
02/06/2028
500‌
463‌
3.50%,
04/15/2053
200‌
142‌
4.00%,
01/31/2052
200‌
155‌
Export
Development
Canada
3.38%,
08/26/2025
625‌
606‌
3.88%,
02/14/2028
315‌
309‌
Export-Import
Bank
of
Korea
1.25%,
01/18/2025
200‌
186‌
1.38%,
02/09/2031
200‌
151‌
2.63%,
05/26/2026
700‌
646‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Export-Import
Bank
of
Korea  
(continued)
4.25%,
09/15/2027
$
200‌
$
195‌
4.50%,
09/15/2032
200‌
195‌
4.88%,
01/11/2026
310‌
308‌
Indonesia
Government
International
Bond
2.15%,
07/28/2031
200‌
163‌
2.85%,
02/14/2030
200‌
176‌
3.05%,
03/12/2051
(e)
200‌
145‌
3.50%,
01/11/2028
500‌
469‌
3.70%,
10/30/2049
(e)
200‌
157‌
4.20%,
10/15/2050
400‌
336‌
4.35%,
01/11/2048
200‌
175‌
4.55%,
01/11/2028
200‌
196‌
4.65%,
09/20/2032
200‌
195‌
4.75%,
02/11/2029
700‌
696‌
5.65%,
01/11/2053
400‌
407‌
Israel
Government
International
Bond
2.75%,
07/03/2030
400‌
353‌
3.88%,
07/03/2050
200‌
161‌
4.13%,
01/17/2048
200‌
169‌
4.50%,
01/17/2033
200‌
193‌
4.50%,
01/30/2043
200‌
180‌
Japan
Bank
for
International
Cooperation
0.50%,
04/15/2024
(e)
200‌
189‌
1.25%,
01/21/2031
200‌
157‌
1.75%,
10/17/2024
500‌
473‌
1.88%,
07/21/2026
264‌
239‌
2.13%,
02/16/2029
200‌
173‌
2.25%,
11/04/2026
400‌
364‌
2.75%,
01/21/2026
400‌
377‌
2.88%,
04/14/2025
500‌
477‌
2.88%,
07/21/2027
(e)
330‌
306‌
3.00%,
05/29/2024
300‌
291‌
3.88%,
09/16/2025
900‌
875‌
Korea
International
Bond
1.00%,
09/16/2030
200‌
158‌
3.88%,
09/20/2048
250‌
220‌
Mexico
Government
International
Bond
2.66%,
05/24/2031
500‌
403‌
3.25%,
04/16/2030
(e)
200‌
174‌
3.50%,
02/12/2034
400‌
326‌
3.75%,
01/11/2028
225‌
210‌
3.75%,
04/19/2071
200‌
129‌
3.90%,
04/27/2025
400‌
391‌
4.13%,
01/21/2026
750‌
730‌
4.50%,
04/22/2029
800‌
760‌
4.60%,
01/23/2046
200‌
160‌
4.60%,
02/10/2048
300‌
239‌
4.75%,
03/08/2044
500‌
414‌
5.55%,
01/21/2045
360‌
331‌
5.75%,
10/12/2110
100‌
88‌
6.05%,
01/11/2040
700‌
696‌
6.35%,
02/09/2035
200‌
205‌
6.75%,
09/27/2034
650‌
694‌
Panama
Government
International
Bond
2.25%,
09/29/2032
200‌
149‌
3.16%,
01/23/2030
600‌
515‌
3.30%,
01/19/2033
(e)
500‌
405‌
3.75%,
03/16/2025
400‌
387‌
3.88%,
03/17/2028
700‌
655‌
4.30%,
04/29/2053
200‌
144‌
4.50%,
04/16/2050
200‌
151‌
6.70%,
01/26/2036
600‌
633‌
Peruvian
Government
International
Bond
1.86%,
12/01/2032
60‌
43‌
2.78%,
01/23/2031
920‌
757‌
2.78%,
12/01/2060
60‌
34‌
3.30%,
03/11/2041
300‌
218‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
81
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Peruvian
Government
International
Bond  
(continued)
3.55%,
03/10/2051
(e)
$
60‌
$
42‌
4.13%,
08/25/2027
600‌
580‌
5.63%,
11/18/2050
150‌
147‌
6.55%,
03/14/2037
400‌
426‌
8.75%,
11/21/2033
180‌
222‌
Philippine
Government
International
Bond
2.65%,
12/10/2045
400‌
269‌
3.00%,
02/01/2028
300‌
276‌
3.20%,
07/06/2046
200‌
144‌
3.70%,
03/01/2041
400‌
323‌
3.70%,
02/02/2042
500‌
401‌
5.00%,
07/17/2033
200‌
198‌
5.17%,
10/13/2027
500‌
505‌
5.50%,
01/17/2048
200‌
202‌
5.61%,
04/13/2033
500‌
515‌
7.75%,
01/14/2031
190‌
222‌
10.63%,
03/16/2025
100‌
111‌
Republic
of
Italy
Government
International
Bond
0.88%,
05/06/2024
400‌
376‌
1.25%,
02/17/2026
700‌
613‌
2.38%,
10/17/2024
200‌
189‌
2.88%,
10/17/2029
900‌
760‌
3.88%,
05/06/2051
400‌
277‌
5.38%,
06/15/2033
205‌
200‌
State
of
Israel
2.50%,
01/15/2030
200‌
174‌
3.38%,
01/15/2050
200‌
148‌
Svensk
Exportkredit
AB
0.38%,
03/11/2024
200‌
190‌
0.50%,
08/26/2025
720‌
647‌
3.63%,
09/03/2024
700‌
683‌
4.38%,
02/13/2026
315‌
311‌
Tennessee
Valley
Authority
3.50%,
12/15/2042
200‌
166‌
4.25%,
09/15/2065
115‌
102‌
5.25%,
09/15/2039
250‌
263‌
5.38%,
04/01/2056
196‌
212‌
5.88%,
04/01/2036
325‌
362‌
6.75%,
11/01/2025
57‌
60‌
Uruguay
Government
International
Bond
4.13%,
11/20/2045
136‌
123‌
4.38%,
10/27/2027
80‌
79‌
4.98%,
04/20/2055
100‌
95‌
5.10%,
06/18/2050
300‌
293‌
5.75%,
10/28/2034
(e)
155‌
167‌
7.63%,
03/21/2036
750‌
932‌
$
37,165‌
Supranational
Bank
-
1.33%
African
Development
Bank
0.88%,
03/23/2026
705‌
630‌
0.88%,
07/22/2026
115‌
102‌
Asian
Development
Bank
0.38%,
06/11/2024
615‌
579‌
0.38%,
09/03/2025
310‌
278‌
0.50%,
02/04/2026
400‌
355‌
1.00%,
04/14/2026
865‌
775‌
1.50%,
01/20/2027
125‌
112‌
1.50%,
03/04/2031
115‌
94‌
1.75%,
09/19/2029
300‌
258‌
1.88%,
03/15/2029
135‌
118‌
2.13%,
03/19/2025
300‌
284‌
2.38%,
08/10/2027
500‌
461‌
2.75%,
01/19/2028
130‌
121‌
2.88%,
05/06/2025
885‌
849‌
3.13%,
08/20/2027
790‌
751‌
3.13%,
04/27/2032
135‌
125‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
Asian
Development
Bank  
(continued)
3.88%,
09/28/2032
$
450‌
$
442‌
4.00%,
01/12/2033
160‌
158‌
4.13%,
09/27/2024
300‌
295‌
4.25%,
01/09/2026
310‌
307‌
5.82%,
06/16/2028
39‌
41‌
Asian
Infrastructure
Investment
Bank/The
0.50%,
05/28/2025
400‌
362‌
2.25%,
05/16/2024
900‌
868‌
3.38%,
06/29/2025
540‌
521‌
3.75%,
09/14/2027
255‌
247‌
Council
Of
Europe
Development
Bank
0.38%,
06/10/2024
115‌
108‌
1.38%,
02/27/2025
310‌
289‌
3.63%,
01/26/2028
315‌
304‌
European
Bank
for
Reconstruction
&
Development
0.50%,
11/25/2025
150‌
134‌
0.50%,
01/28/2026
515‌
457‌
European
Investment
Bank
0.38%,
07/24/2024
(e)
345‌
323‌
0.38%,
12/15/2025
305‌
270‌
0.38%,
03/26/2026
870‌
767‌
0.63%,
10/21/2027
60‌
51‌
0.75%,
10/26/2026
660‌
578‌
1.25%,
02/14/2031
255‌
207‌
1.38%,
03/15/2027
425‌
378‌
1.63%,
03/14/2025
780‌
732‌
1.63%,
05/13/2031
60‌
50‌
1.75%,
03/15/2029
(e)
615‌
533‌
1.88%,
02/10/2025
750‌
708‌
2.38%,
05/24/2027
120‌
111‌
2.63%,
03/15/2024
800‌
779‌
3.25%,
11/15/2027
710‌
679‌
3.75%,
02/14/2033
315‌
308‌
3.88%,
03/15/2028
310‌
304‌
Inter-American
Development
Bank
0.50%,
09/23/2024
445‌
415‌
0.63%,
09/16/2027
305‌
259‌
0.88%,
04/20/2026
900‌
803‌
1.13%,
07/20/2028
515‌
437‌
1.13%,
01/13/2031
610‌
486‌
1.50%,
01/13/2027
425‌
381‌
1.75%,
03/14/2025
230‌
216‌
2.13%,
01/15/2025
900‌
856‌
2.38%,
07/07/2027
250‌
230‌
3.13%,
09/18/2028
300‌
282‌
3.50%,
09/14/2029
255‌
244‌
4.00%,
01/12/2028
310‌
306‌
4.38%,
01/24/2044
50‌
49‌
International
Bank
for
Reconstruction
&
Development
0.50%,
10/28/2025
400‌
359‌
0.63%,
04/22/2025
693‌
634‌
0.75%,
11/24/2027
270‌
229‌
0.75%,
08/26/2030
710‌
553‌
0.88%,
07/15/2026
325‌
288‌
1.25%,
02/10/2031
615‌
496‌
1.38%,
04/20/2028
365‌
316‌
1.63%,
01/15/2025
470‌
443‌
1.63%,
11/03/2031
495‌
408‌
1.75%,
10/23/2029
950‌
815‌
2.50%,
03/19/2024
715‌
695‌
2.50%,
11/25/2024
800‌
767‌
2.50%,
07/29/2025
170‌
162‌
2.50%,
03/29/2032
620‌
547‌
3.13%,
06/15/2027
935‌
888‌
3.63%,
09/21/2029
295‌
285‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
82
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
International
Bank
for
Reconstruction
&
Development  
(continued)
3.88%,
02/14/2030
$
315‌
$
308‌
International
Finance
Corp
0.38%,
07/16/2025
315‌
285‌
3.63%,
09/15/2025
435‌
425‌
Nordic
Investment
Bank
0.38%,
09/11/2025
230‌
207‌
0.50%,
01/21/2026
(e)
200‌
178‌
2.25%,
05/21/2024
650‌
627‌
3.38%,
09/08/2027
235‌
226‌
$
32,308‌
Telecommunications
-
1.08%
America
Movil
SAB
de
CV
2.88%,
05/07/2030
600‌
515‌
3.63%,
04/22/2029
1,000‌
910‌
4.38%,
04/22/2049
450‌
386‌
6.13%,
03/30/2040
380‌
401‌
AT&T
Inc
0.90%,
03/25/2024
115‌
110‌
1.65%,
02/01/2028
200‌
170‌
1.70%,
03/25/2026
340‌
306‌
2.25%,
02/01/2032
145‌
113‌
2.30%,
06/01/2027
750‌
668‌
3.10%,
02/01/2043
145‌
102‌
3.50%,
06/01/2041
1,005‌
754‌
3.50%,
09/15/2053
1,002‌
688‌
3.55%,
09/15/2055
815‌
552‌
3.65%,
09/15/2059
999‌
677‌
4.35%,
03/01/2029
500‌
474‌
4.35%,
06/15/2045
600‌
489‌
4.50%,
05/15/2035
700‌
630‌
4.50%,
03/09/2048
500‌
411‌
Bell
Telephone
Co
of
Canada
or
Bell
Canada/The
3.65%,
03/17/2051
60‌
44‌
Cisco
Systems
Inc
2.50%,
09/20/2026
400‌
370‌
5.50%,
01/15/2040
735‌
773‌
5.90%,
02/15/2039
400‌
438‌
Juniper
Networks
Inc
2.00%,
12/10/2030
55‌
42‌
Orange
SA
5.38%,
01/13/2042
30‌
30‌
Rogers
Communications
Inc
2.95%,
03/15/2025
(i)
65‌
62‌
3.20%,
03/15/2027
(i)
130‌
120‌
3.70%,
11/15/2049
90‌
63‌
3.80%,
03/15/2032
(i)
65‌
57‌
5.00%,
03/15/2044
75‌
65‌
7.50%,
08/15/2038
250‌
279‌
Telefonica
Emisiones
SA
4.10%,
03/08/2027
700‌
663‌
5.21%,
03/08/2047
550‌
462‌
7.05%,
06/20/2036
700‌
739‌
T-Mobile
USA
Inc
1.50%,
02/15/2026
155‌
139‌
2.05%,
02/15/2028
190‌
163‌
2.25%,
11/15/2031
150‌
118‌
2.40%,
03/15/2029
25‌
21‌
2.55%,
02/15/2031
600‌
490‌
2.63%,
02/15/2029
1,190‌
1,012‌
3.00%,
02/15/2041
150‌
104‌
3.30%,
02/15/2051
500‌
335‌
3.38%,
04/15/2029
600‌
530‌
3.40%,
10/15/2052
485‌
330‌
3.50%,
04/15/2025
155‌
148‌
3.50%,
04/15/2031
600‌
519‌
3.75%,
04/15/2027
315‌
296‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
T-Mobile
USA
Inc  
(continued)
3.88%,
04/15/2030
$
600‌
$
544‌
4.38%,
04/15/2040
155‌
132‌
4.95%,
03/15/2028
95‌
93‌
5.20%,
01/15/2033
160‌
156‌
5.65%,
01/15/2053
265‌
260‌
Verizon
Communications
Inc
0.75%,
03/22/2024
145‌
138‌
1.45%,
03/20/2026
115‌
103‌
1.50%,
09/18/2030
180‌
139‌
1.68%,
10/30/2030
1,911‌
1,479‌
1.75%,
01/20/2031
135‌
104‌
2.10%,
03/22/2028
175‌
151‌
2.36%,
03/15/2032
65‌
51‌
2.55%,
03/21/2031
115‌
94‌
2.65%,
11/20/2040
750‌
508‌
2.88%,
11/20/2050
505‌
318‌
2.99%,
10/30/2056
89‌
55‌
3.00%,
11/20/2060
65‌
39‌
3.38%,
02/15/2025
700‌
676‌
3.40%,
03/22/2041
715‌
539‌
3.55%,
03/22/2051
115‌
83‌
3.70%,
03/22/2061
480‌
337‌
3.85%,
11/01/2042
90‌
71‌
4.13%,
03/16/2027
600‌
578‌
4.33%,
09/21/2028
60‌
57‌
4.40%,
11/01/2034
300‌
273‌
4.67%,
03/15/2055
650‌
563‌
4.81%,
03/15/2039
75‌
69‌
4.86%,
08/21/2046
300‌
271‌
Vodafone
Group
PLC
4.13%,
05/30/2025
675‌
657‌
4.25%,
09/17/2050
250‌
196‌
4.38%,
02/19/2043
360‌
294‌
5.63%,
02/10/2053
160‌
154‌
6.15%,
02/27/2037
240‌
248‌
$
26,198‌
Transportation
-
0.54%
Burlington
Northern
Santa
Fe
LLC
3.05%,
02/15/2051
600‌
414‌
3.40%,
09/01/2024
70‌
68‌
3.55%,
02/15/2050
155‌
119‌
4.15%,
04/01/2045
200‌
170‌
4.40%,
03/15/2042
30‌
27‌
4.45%,
01/15/2053
40‌
36‌
5.40%,
06/01/2041
710‌
711‌
Canadian
National
Railway
Co
3.85%,
08/05/2032
915‌
840‌
Canadian
Pacific
Railway
Co
1.75%,
12/02/2026
145‌
128‌
2.45%,
12/02/2031
85‌
71‌
3.00%,
12/02/2041
85‌
64‌
3.10%,
12/02/2051
985‌
672‌
6.13%,
09/15/2115
75‌
77‌
CSX
Corp
2.40%,
02/15/2030
60‌
51‌
3.35%,
09/15/2049
60‌
43‌
3.80%,
03/01/2028
75‌
71‌
3.80%,
04/15/2050
700‌
542‌
4.30%,
03/01/2048
200‌
170‌
4.50%,
11/15/2052
160‌
139‌
FedEx
Corp
3.10%,
08/05/2029
800‌
706‌
3.88%,
08/01/2042
30‌
23‌
4.55%,
04/01/2046
820‌
678‌
5.10%,
01/15/2044
880‌
797‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
83
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
(continued)
Norfolk
Southern
Corp
2.30%,
05/15/2031
$
60‌
$
49‌
2.55%,
11/01/2029
150‌
127‌
2.90%,
08/25/2051
60‌
39‌
3.94%,
11/01/2047
192‌
152‌
4.05%,
08/15/2052
200‌
159‌
4.45%,
03/01/2033
160‌
150‌
4.55%,
06/01/2053
990‌
855‌
4.84%,
10/01/2041
630‌
573‌
Ryder
System
Inc
2.90%,
12/01/2026
150‌
136‌
4.30%,
06/15/2027
20‌
19‌
Union
Pacific
Corp
2.38%,
05/20/2031
710‌
588‌
2.80%,
02/14/2032
110‌
93‌
2.89%,
04/06/2036
140‌
110‌
2.97%,
09/16/2062
90‌
57‌
3.20%,
05/20/2041
60‌
46‌
3.38%,
02/14/2042
65‌
51‌
3.55%,
08/15/2039
435‌
356‌
3.80%,
10/01/2051
310‌
247‌
3.80%,
04/06/2071
590‌
432‌
3.84%,
03/20/2060
220‌
168‌
3.95%,
08/15/2059
410‌
320‌
4.00%,
04/15/2047
250‌
205‌
4.50%,
01/20/2033
130‌
125‌
4.95%,
09/09/2052
130‌
125‌
United
Parcel
Service
Inc
2.50%,
09/01/2029
125‌
108‌
3.40%,
09/01/2049
(e)
180‌
140‌
3.90%,
04/01/2025
155‌
152‌
4.88%,
03/03/2033
410‌
407‌
4.88%,
11/15/2040
30‌
29‌
5.05%,
03/03/2053
410‌
405‌
$
13,040‌
Trucking
&
Leasing
-
0.00%
GATX
Corp
1.90%,
06/01/2031
115‌
86‌
Water
-
0.04%
American
Water
Capital
Corp
2.30%,
06/01/2031
60‌
49‌
3.25%,
06/01/2051
(e)
300‌
214‌
3.75%,
09/01/2047
740‌
577‌
4.45%,
06/01/2032
130‌
124‌
6.59%,
10/15/2037
13‌
14‌
Essential
Utilities
Inc
2.40%,
05/01/2031
60‌
48‌
5.30%,
05/01/2052
65‌
61‌
$
1,087‌
TOTAL
BONDS
$
705,251‌
MUNICIPAL
BONDS
-
0.14%
Principal
Amount
(000's)
Value
(000's)
California
-
0.04%
Bay
Area
Toll
Authority
6.26%,
04/01/2049
$
175‌
$
209‌
6.91%,
10/01/2050
125‌
160‌
California
State
University
2.98%,
11/01/2051
155‌
111‌
East
Bay
Municipal
Utility
District
Water
System
Revenue
5.87%,
06/01/2040
20‌
22‌
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
6.55%,
05/15/2048
20‌
24‌
State
of
California
3.50%,
04/01/2028
115‌
108‌
7.30%,
10/01/2039
300‌
366‌
$
1,000‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Georgia
-
0.01%
Municipal
Electric
Authority
of
Georgia
6.64%,
04/01/2057
$
151‌
$
166‌
Illinois
-
0.04%
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts
Revenue
6.90%,
12/01/2040
295‌
331‌
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
6.20%,
12/01/2040
30‌
32‌
State
of
Illinois
5.10%,
06/01/2033
700‌
688‌
$
1,051‌
New
Jersey
-
0.02%
New
Jersey
Economic
Development
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
7.43%,
02/15/2029
(j)
250‌
269‌
New
Jersey
Transportation
Trust
Fund
Authority
6.56%,
12/15/2040
146‌
163‌
$
432‌
New
York
-
0.01%
Port
Authority
of
New
York
&
New
Jersey
4.46%,
10/01/2062
250‌
228‌
Ohio
-
0.00%
Ohio
State
University/The
4.91%,
06/01/2040
50‌
50‌
Texas
-
0.01%
Dallas
Area
Rapid
Transit
5.02%,
12/01/2048
30‌
30‌
State
of
Texas
4.68%,
04/01/2040
160‌
158‌
$
188‌
Wisconsin
-
0.01%
State
of
Wisconsin
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.70%,
05/01/2026
(j)
250‌
252‌
TOTAL
MUNICIPAL
BONDS
$
3,367‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
69.12%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0.52%
2.00%,
09/01/2031
$
74‌
$
68‌
2.00%,
12/01/2031
86‌
78‌
2.50%,
08/01/2028
61‌
57‌
2.50%,
01/01/2030
177‌
166‌
2.50%,
01/01/2031
163‌
152‌
2.50%,
02/01/2031
161‌
150‌
2.50%,
12/01/2031
269‌
250‌
2.50%,
01/01/2032
289‌
268‌
2.50%,
03/01/2032
89‌
82‌
2.50%,
11/01/2036
54‌
49‌
3.00%,
11/01/2028
122‌
116‌
3.00%,
04/01/2029
101‌
96‌
3.00%,
09/01/2029
95‌
90‌
3.00%,
10/01/2029
143‌
136‌
3.00%,
11/01/2029
65‌
61‌
3.00%,
01/01/2030
58‌
55‌
3.00%,
11/01/2030
60‌
57‌
3.00%,
03/01/2031
37‌
35‌
3.00%,
05/01/2032
177‌
164‌
3.00%,
03/01/2033
71‌
67‌
3.00%,
04/01/2033
27‌
25‌
3.00%,
09/01/2036
47‌
43‌
3.00%,
09/01/2036
81‌
74‌
3.00%,
02/01/2037
85‌
77‌
3.00%,
10/01/2042
180‌
163‌
3.00%,
11/01/2042
294‌
267‌
3.00%,
02/01/2043
282‌
255‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
84
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.00%,
08/01/2043
$
412‌
$
374‌
3.00%,
08/01/2043
351‌
318‌
3.00%,
09/01/2043
74‌
67‌
3.00%,
10/01/2043
58‌
53‌
3.00%,
01/01/2045
58‌
53‌
3.00%,
06/01/2046
114‌
102‌
3.00%,
10/01/2046
92‌
83‌
3.00%,
02/01/2047
143‌
129‌
3.50%,
12/01/2031
105‌
101‌
3.50%,
05/01/2034
38‌
37‌
3.50%,
11/01/2034
46‌
44‌
3.50%,
01/01/2035
98‌
94‌
3.50%,
04/01/2037
35‌
33‌
3.50%,
06/01/2042
66‌
62‌
3.50%,
06/01/2042
278‌
261‌
3.50%,
06/01/2042
231‌
217‌
3.50%,
07/01/2042
614‌
576‌
3.50%,
10/01/2042
376‌
353‌
3.50%,
02/01/2045
45‌
42‌
3.50%,
03/01/2045
121‌
113‌
3.50%,
06/01/2045
128‌
119‌
3.50%,
07/01/2045
120‌
112‌
3.50%,
06/01/2046
155‌
143‌
3.50%,
08/01/2046
140‌
130‌
3.50%,
09/01/2046
170‌
158‌
4.00%,
12/01/2024
22‌
21‌
4.00%,
12/01/2030
10‌
10‌
4.00%,
11/01/2033
74‌
71‌
4.00%,
07/01/2034
49‌
47‌
4.00%,
04/01/2038
87‌
84‌
4.00%,
12/01/2040
100‌
96‌
4.00%,
02/01/2044
88‌
85‌
4.00%,
04/01/2044
94‌
90‌
4.00%,
07/01/2044
107‌
103‌
4.00%,
09/01/2044
40‌
38‌
4.00%,
11/01/2044
150‌
144‌
4.00%,
01/01/2045
123‌
118‌
4.00%,
08/01/2045
175‌
168‌
4.00%,
11/01/2045
9‌
9‌
4.00%,
12/01/2045
28‌
26‌
4.00%,
02/01/2046
47‌
44‌
4.00%,
05/01/2046
100‌
96‌
4.50%,
10/01/2030
43‌
43‌
4.50%,
05/01/2031
5‌
5‌
4.50%,
02/01/2041
65‌
65‌
4.50%,
09/01/2043
13‌
12‌
4.50%,
12/01/2043
125‌
122‌
4.50%,
03/01/2044
173‌
171‌
4.50%,
04/01/2044
64‌
63‌
4.50%,
09/01/2044
113‌
111‌
4.50%,
10/01/2044
63‌
62‌
4.50%,
03/01/2047
50‌
49‌
4.50%,
07/01/2047
41‌
41‌
4.50%,
11/01/2047
11‌
11‌
4.50%,
05/01/2049
2,156‌
2,116‌
5.00%,
11/01/2035
40‌
41‌
5.00%,
12/01/2036
122‌
123‌
5.00%,
08/01/2039
53‌
53‌
5.00%,
12/01/2041
58‌
59‌
5.00%,
02/01/2042
264‌
266‌
5.00%,
04/01/2044
43‌
43‌
5.00%,
02/01/2048
62‌
62‌
5.00%,
07/01/2048
33‌
33‌
5.50%,
06/01/2034
66‌
67‌
5.50%,
07/01/2038
61‌
62‌
5.50%,
07/01/2038
53‌
54‌
5.50%,
12/01/2038
102‌
105‌
5.50%,
10/01/2039
163‌
164‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
5.50%,
06/01/2041
$
66‌
$
68‌
6.00%,
04/01/2038
292‌
302‌
6.00%,
11/01/2038
65‌
66‌
$
12,564‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
21.15%
1.50%,
12/01/2035
2,425‌
2,098‌
1.50%,
03/01/2036
1,418‌
1,226‌
1.50%,
05/01/2036
1,633‌
1,419‌
1.50%,
05/01/2036
6,158‌
5,326‌
1.50%,
11/01/2036
1,111‌
961‌
1.50%,
12/01/2036
4,454‌
3,852‌
1.50%,
01/01/2037
910‌
787‌
1.50%,
11/01/2050
888‌
690‌
1.50%,
01/01/2051
3,941‌
3,054‌
1.50%,
06/01/2051
1,856‌
1,439‌
2.00%,
09/01/2029
155‌
144‌
2.00%,
05/01/2030
65‌
58‌
2.00%,
12/01/2031
118‌
107‌
2.00%,
02/01/2032
76‌
68‌
2.00%,
02/01/2036
6,528‌
5,809‌
2.00%,
03/01/2036
3,075‌
2,737‌
2.00%,
04/01/2036
5,775‌
5,157‌
2.00%,
05/01/2036
1,118‌
995‌
2.00%,
02/01/2037
9,105‌
8,102‌
2.00%,
03/01/2042
1,882‌
1,587‌
2.00%,
12/01/2050
15,756‌
12,890‌
2.00%,
02/01/2051
16,321‌
13,349‌
2.00%,
02/01/2051
11,037‌
9,021‌
2.00%,
02/01/2051
15,886‌
12,968‌
2.00%,
02/01/2051
2,388‌
1,952‌
2.00%,
04/01/2051
2,523‌
2,091‌
2.00%,
04/01/2051
8,640‌
7,090‌
2.00%,
04/01/2051
5,578‌
4,585‌
2.00%,
04/01/2051
13,010‌
10,693‌
2.00%,
06/01/2051
2,159‌
1,764‌
2.00%,
07/01/2051
9,005‌
7,350‌
2.00%,
07/01/2051
2,429‌
1,984‌
2.00%,
09/01/2051
3,170‌
2,590‌
2.00%,
10/01/2051
2,742‌
2,257‌
2.00%,
10/01/2051
4,379‌
3,582‌
2.00%,
10/01/2051
2,318‌
1,892‌
2.00%,
11/01/2051
1,838‌
1,506‌
2.00%,
12/01/2051
12,830‌
10,492‌
2.00%,
12/01/2051
3,229‌
2,643‌
2.00%,
12/01/2051
2,953‌
2,417‌
2.00%,
01/01/2052
2,298‌
1,881‌
2.00%,
01/01/2052
12,899‌
10,580‌
2.00%,
03/01/2052
5,047‌
4,121‌
2.00%,
04/01/2052
11,533‌
9,442‌
2.00%,
04/01/2052
1,428‌
1,174‌
2.00%,
04/01/2052
2,383‌
1,964‌
2.50%,
01/01/2028
54‌
52‌
2.50%,
07/01/2028
154‌
145‌
2.50%,
07/01/2028
53‌
50‌
2.50%,
11/01/2028
170‌
159‌
2.50%,
09/01/2029
111‌
103‌
2.50%,
02/01/2030
67‌
63‌
2.50%,
03/01/2030
135‌
126‌
2.50%,
05/01/2030
131‌
122‌
2.50%,
07/01/2030
93‌
86‌
2.50%,
08/01/2030
165‌
154‌
2.50%,
08/01/2030
172‌
160‌
2.50%,
12/01/2030
217‌
202‌
2.50%,
03/01/2031
158‌
147‌
2.50%,
07/01/2031
187‌
173‌
2.50%,
11/01/2031
289‌
267‌
2.50%,
12/01/2031
54‌
50‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
85
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%,
01/01/2032
$
81‌
$
76‌
2.50%,
03/01/2032
97‌
89‌
2.50%,
07/01/2033
8‌
7‌
2.50%,
02/01/2035
1,275‌
1,171‌
2.50%,
10/01/2036
24‌
22‌
2.50%,
10/01/2036
58‌
52‌
2.50%,
12/01/2036
69‌
62‌
2.50%,
04/01/2037
1,399‌
1,280‌
2.50%,
07/01/2037
9,832‌
9,005‌
2.50%,
04/01/2042
4,723‌
4,116‌
2.50%,
01/01/2043
55‌
47‌
2.50%,
05/01/2043
89‌
76‌
2.50%,
10/01/2043
71‌
61‌
2.50%,
08/01/2046
47‌
41‌
2.50%,
12/01/2046
115‌
99‌
2.50%,
12/01/2046
79‌
68‌
2.50%,
07/01/2050
1,313‌
1,122‌
2.50%,
08/01/2050
5,029‌
4,301‌
2.50%,
09/01/2050
1,582‌
1,353‌
2.50%,
11/01/2050
683‌
583‌
2.50%,
02/01/2051
2,396‌
2,049‌
2.50%,
07/01/2051
13,013‌
11,047‌
2.50%,
07/01/2051
1,048‌
889‌
2.50%,
07/01/2051
661‌
561‌
2.50%,
08/01/2051
1,150‌
975‌
2.50%,
09/01/2051
2,267‌
1,924‌
2.50%,
09/01/2051
1,981‌
1,686‌
2.50%,
09/01/2051
1,103‌
943‌
2.50%,
10/01/2051
2,169‌
1,840‌
2.50%,
11/01/2051
6,472‌
5,559‌
2.50%,
11/01/2051
2,786‌
2,386‌
2.50%,
02/01/2052
2,337‌
1,997‌
2.50%,
02/01/2052
2,325‌
1,990‌
2.50%,
02/01/2052
12,234‌
10,447‌
2.50%,
02/01/2052
1,333‌
1,135‌
2.50%,
02/01/2052
15,605‌
13,235‌
2.50%,
03/01/2052
2,449‌
2,085‌
2.50%,
03/01/2052
6,786‌
5,796‌
2.50%,
03/01/2052
3,292‌
2,803‌
2.50%,
03/01/2052
11,633‌
9,934‌
2.50%,
04/01/2052
13,992‌
11,914‌
2.50%,
04/01/2052
3,437‌
2,935‌
2.50%,
05/01/2052
1,182‌
1,007‌
3.00%,
04/01/2027
39‌
38‌
3.00%,
01/01/2029
38‌
36‌
3.00%,
02/01/2029
40‌
38‌
3.00%,
12/01/2029
75‌
71‌
3.00%,
12/01/2029
41‌
39‌
3.00%,
01/01/2030
183‌
173‌
3.00%,
01/01/2030
215‌
203‌
3.00%,
06/01/2030
113‌
107‌
3.00%,
09/01/2030
45‌
42‌
3.00%,
10/01/2030
200‌
188‌
3.00%,
11/01/2030
203‌
191‌
3.00%,
12/01/2030
36‌
34‌
3.00%,
03/01/2031
128‌
120‌
3.00%,
04/01/2031
41‌
39‌
3.00%,
09/01/2031
202‌
190‌
3.00%,
12/01/2031
82‌
77‌
3.00%,
01/01/2033
24‌
22‌
3.00%,
04/01/2033
25‌
23‌
3.00%,
08/01/2034
239‌
224‌
3.00%,
05/01/2035
245‌
226‌
3.00%,
03/01/2038
(k)
7,100‌
6,620‌
3.00%,
06/01/2040
437‌
396‌
3.00%,
04/01/2043
68‌
61‌
3.00%,
04/01/2043
139‌
126‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.00%,
04/01/2043
$
246‌
$
222‌
3.00%,
05/01/2043
105‌
95‌
3.00%,
05/01/2043
60‌
54‌
3.00%,
05/01/2043
319‌
289‌
3.00%,
07/01/2043
314‌
284‌
3.00%,
07/01/2043
64‌
58‌
3.00%,
08/01/2043
336‌
304‌
3.00%,
08/01/2043
45‌
41‌
3.00%,
10/01/2043
193‌
175‌
3.00%,
10/01/2043
312‌
282‌
3.00%,
11/01/2043
85‌
77‌
3.00%,
01/01/2045
429‌
388‌
3.00%,
05/01/2046
57‌
52‌
3.00%,
05/01/2046
66‌
60‌
3.00%,
10/01/2046
361‌
324‌
3.00%,
09/01/2049
1,104‌
981‌
3.00%,
10/01/2049
1,977‌
1,758‌
3.00%,
11/01/2049
617‌
548‌
3.00%,
11/01/2049
1,603‌
1,429‌
3.00%,
11/01/2049
1,962‌
1,744‌
3.00%,
12/01/2049
1,981‌
1,765‌
3.00%,
03/01/2050
3,234‌
2,874‌
3.00%,
02/01/2052
2,415‌
2,153‌
3.00%,
03/01/2052
7,772‌
6,874‌
3.00%,
03/01/2052
9,508‌
8,430‌
3.00%,
04/01/2052
2,389‌
2,118‌
3.00%,
05/01/2052
12,163‌
10,759‌
3.00%,
05/01/2052
9,735‌
8,593‌
3.00%,
05/01/2052
3,306‌
2,941‌
3.00%,
03/01/2053
(k)
5,325‌
4,683‌
3.50%,
12/01/2026
54‌
53‌
3.50%,
03/01/2029
71‌
68‌
3.50%,
09/01/2029
83‌
80‌
3.50%,
11/01/2030
63‌
61‌
3.50%,
04/01/2032
11‌
10‌
3.50%,
07/01/2032
9‌
9‌
3.50%,
09/01/2032
10‌
9‌
3.50%,
12/01/2032
1,290‌
1,240‌
3.50%,
10/01/2033
6‌
6‌
3.50%,
05/01/2034
31‌
30‌
3.50%,
06/01/2034
22‌
21‌
3.50%,
07/01/2034
136‌
130‌
3.50%,
10/01/2034
35‌
34‌
3.50%,
02/01/2036
37‌
35‌
3.50%,
02/01/2037
30‌
28‌
3.50%,
05/01/2037
40‌
38‌
3.50%,
03/01/2038
(k)
2,075‌
1,978‌
3.50%,
03/01/2041
15‌
14‌
3.50%,
02/01/2042
152‌
142‌
3.50%,
03/01/2042
34‌
32‌
3.50%,
05/01/2042
230‌
215‌
3.50%,
06/01/2042
198‌
185‌
3.50%,
07/01/2042
34‌
32‌
3.50%,
10/01/2042
297‌
279‌
3.50%,
04/01/2043
255‌
239‌
3.50%,
05/01/2043
270‌
253‌
3.50%,
05/01/2043
180‌
169‌
3.50%,
06/01/2043
52‌
48‌
3.50%,
08/01/2043
194‌
182‌
3.50%,
09/01/2043
736‌
690‌
3.50%,
01/01/2044
813‌
763‌
3.50%,
01/01/2044
65‌
61‌
3.50%,
07/01/2044
304‌
285‌
3.50%,
10/01/2044
98‌
92‌
3.50%,
11/01/2044
110‌
102‌
3.50%,
12/01/2044
170‌
159‌
3.50%,
02/01/2045
166‌
155‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
86
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%,
02/01/2045
$
102‌
$
95‌
3.50%,
04/01/2045
193‌
180‌
3.50%,
04/01/2045
98‌
92‌
3.50%,
10/01/2045
48‌
45‌
3.50%,
10/01/2045
52‌
48‌
3.50%,
11/01/2045
104‌
96‌
3.50%,
11/01/2045
121‌
112‌
3.50%,
12/01/2045
14‌
13‌
3.50%,
12/01/2045
152‌
142‌
3.50%,
12/01/2045
71‌
66‌
3.50%,
01/01/2046
196‌
182‌
3.50%,
03/01/2046
47‌
44‌
3.50%,
03/01/2046
170‌
158‌
3.50%,
05/01/2046
32‌
30‌
3.50%,
06/01/2046
85‌
79‌
3.50%,
07/01/2046
167‌
155‌
3.50%,
12/01/2046
137‌
127‌
3.50%,
03/01/2047
129‌
119‌
3.50%,
07/01/2049
1,396‌
1,288‌
3.50%,
08/01/2049
376‌
345‌
3.50%,
11/01/2049
1,939‌
1,801‌
3.50%,
01/01/2050
7,024‌
6,464‌
3.50%,
05/01/2052
2,839‌
2,616‌
3.50%,
06/01/2052
7,421‌
6,765‌
3.50%,
08/01/2052
4,044‌
3,720‌
3.50%,
03/01/2053
(k)
17,525‌
15,952‌
4.00%,
12/01/2024
32‌
32‌
4.00%,
04/01/2029
4‌
4‌
4.00%,
12/01/2030
5‌
5‌
4.00%,
03/01/2031
191‌
187‌
4.00%,
03/01/2031
17‌
17‌
4.00%,
11/01/2031
7‌
7‌
4.00%,
11/01/2033
126‌
121‌
4.00%,
11/01/2033
16‌
15‌
4.00%,
10/01/2034
74‌
71‌
4.00%,
02/01/2036
118‌
113‌
4.00%,
01/01/2037
38‌
36‌
4.00%,
10/01/2037
55‌
52‌
4.00%,
03/01/2038
19‌
18‌
4.00%,
07/01/2038
74‌
71‌
4.00%,
12/01/2038
49‌
47‌
4.00%,
01/01/2039
66‌
63‌
4.00%,
09/01/2040
35‌
34‌
4.00%,
01/01/2041
46‌
44‌
4.00%,
02/01/2041
15‌
14‌
4.00%,
12/01/2041
68‌
65‌
4.00%,
06/01/2042
114‌
109‌
4.00%,
06/01/2042
69‌
67‌
4.00%,
07/01/2042
371‌
357‌
4.00%,
12/01/2042
113‌
109‌
4.00%,
11/01/2043
148‌
142‌
4.00%,
09/01/2044
52‌
50‌
4.00%,
11/01/2044
52‌
50‌
4.00%,
01/01/2045
44‌
42‌
4.00%,
04/01/2045
75‌
74‌
4.00%,
08/01/2045
77‌
75‌
4.00%,
11/01/2045
201‌
193‌
4.00%,
07/01/2046
48‌
46‌
4.00%,
05/01/2048
100‌
96‌
4.00%,
04/01/2049
229‌
218‌
4.00%,
07/01/2049
943‌
896‌
4.00%,
10/01/2049
1,790‌
1,701‌
4.00%,
11/01/2049
716‌
682‌
4.00%,
04/01/2050
1,482‌
1,405‌
4.00%,
08/01/2052
7,565‌
7,159‌
4.00%,
09/01/2052
5,418‌
5,127‌
4.00%,
03/01/2053
(k)
20,000‌
18,772‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.50%,
08/01/2023
$
4‌
$
4‌
4.50%,
06/01/2029
9‌
9‌
4.50%,
07/01/2029
2‌
2‌
4.50%,
08/01/2030
5‌
5‌
4.50%,
01/01/2034
16‌
16‌
4.50%,
04/01/2039
61‌
60‌
4.50%,
09/01/2040
133‌
132‌
4.50%,
05/01/2041
140‌
139‌
4.50%,
09/01/2041
151‌
150‌
4.50%,
11/01/2043
90‌
89‌
4.50%,
11/01/2043
84‌
82‌
4.50%,
01/01/2044
88‌
87‌
4.50%,
02/01/2044
31‌
31‌
4.50%,
04/01/2044
137‌
135‌
4.50%,
04/01/2044
103‌
101‌
4.50%,
05/01/2044
29‌
29‌
4.50%,
08/01/2044
109‌
107‌
4.50%,
10/01/2044
67‌
65‌
4.50%,
04/01/2046
35‌
34‌
4.50%,
05/01/2046
70‌
68‌
4.50%,
01/01/2047
138‌
136‌
4.50%,
01/01/2047
50‌
49‌
4.50%,
10/01/2052
5,843‌
5,692‌
4.50%,
03/01/2053
(k)
14,200‌
13,681‌
5.00%,
12/01/2025
5‌
5‌
5.00%,
01/01/2039
278‌
278‌
5.00%,
07/01/2039
96‌
96‌
5.00%,
02/01/2041
73‌
73‌
5.00%,
02/01/2041
50‌
50‌
5.00%,
04/01/2041
186‌
188‌
5.00%,
05/01/2042
99‌
100‌
5.00%,
07/01/2042
44‌
44‌
5.00%,
03/01/2044
44‌
44‌
5.00%,
05/01/2044
53‌
54‌
5.00%,
02/01/2045
90‌
90‌
5.00%,
06/01/2045
271‌
273‌
5.00%,
08/01/2048
9‌
9‌
5.00%,
08/01/2052
2,493‌
2,479‌
5.00%,
11/01/2052
4,935‌
4,867‌
5.00%,
03/01/2053
(k)
7,500‌
7,372‌
5.50%,
12/01/2027
9‌
9‌
5.50%,
03/01/2038
59‌
60‌
5.50%,
05/01/2038
68‌
70‌
5.50%,
06/01/2038
93‌
96‌
5.50%,
09/01/2038
151‌
154‌
5.50%,
11/01/2038
75‌
77‌
5.50%,
04/01/2039
76‌
78‌
5.50%,
04/01/2040
61‌
62‌
5.50%,
03/01/2053
(k)
7,000‌
6,988‌
6.00%,
04/01/2026
6‌
6‌
6.00%,
10/01/2036
56‌
59‌
6.00%,
03/01/2053
(k)
3,400‌
3,439‌
6.50%,
03/01/2053
(k)
1,000‌
1,024‌
$
514,454‌
Government
National
Mortgage
Association
(GNMA)
-
6.16%
2.00%,
08/20/2050
2,378‌
2,010‌
2.00%,
01/20/2051
2,568‌
2,164‌
2.00%,
02/20/2051
13,809‌
11,603‌
2.00%,
05/20/2051
6,686‌
5,634‌
2.00%,
07/20/2051
12,810‌
10,780‌
2.00%,
12/20/2051
1,293‌
1,084‌
2.50%,
06/20/2027
46‌
44‌
2.50%,
12/20/2030
48‌
45‌
2.50%,
03/20/2031
84‌
77‌
2.50%,
07/20/2043
79‌
69‌
2.50%,
12/20/2046
187‌
165‌
2.50%,
01/20/2047
60‌
53‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
87
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
2.50%,
06/20/2050
$
4,360‌
$
3,802‌
2.50%,
05/20/2051
14,113‌
12,248‌
2.50%,
07/20/2051
11,230‌
9,735‌
2.50%,
09/20/2051
9,547‌
8,272‌
3.00%,
02/15/2027
26‌
25‌
3.00%,
08/20/2029
34‌
32‌
3.00%,
09/20/2029
41‌
39‌
3.00%,
07/20/2030
34‌
32‌
3.00%,
01/20/2031
38‌
36‌
3.00%,
07/20/2032
42‌
40‌
3.00%,
09/20/2042
40‌
37‌
3.00%,
11/20/2042
300‌
274‌
3.00%,
12/20/2042
222‌
203‌
3.00%,
01/20/2043
214‌
196‌
3.00%,
03/20/2043
267‌
241‌
3.00%,
03/20/2043
56‌
51‌
3.00%,
03/20/2043
270‌
248‌
3.00%,
04/20/2043
337‌
308‌
3.00%,
06/20/2043
298‌
273‌
3.00%,
08/20/2043
325‌
298‌
3.00%,
05/20/2044
149‌
136‌
3.00%,
12/15/2044
36‌
32‌
3.00%,
12/20/2044
280‌
257‌
3.00%,
01/15/2045
24‌
21‌
3.00%,
01/15/2045
32‌
29‌
3.00%,
02/20/2045
29‌
26‌
3.00%,
05/20/2045
186‌
171‌
3.00%,
06/20/2045
76‌
69‌
3.00%,
07/20/2045
553‌
505‌
3.00%,
08/20/2045
274‌
250‌
3.00%,
09/20/2045
114‌
104‌
3.00%,
10/20/2045
235‌
214‌
3.00%,
12/20/2045
129‌
118‌
3.00%,
01/20/2046
57‌
52‌
3.00%,
03/20/2046
231‌
210‌
3.00%,
04/20/2046
504‌
459‌
3.00%,
05/20/2046
375‌
341‌
3.00%,
06/20/2046
363‌
330‌
3.00%,
07/20/2046
823‌
749‌
3.00%,
08/20/2046
341‌
310‌
3.00%,
09/20/2046
257‌
233‌
3.00%,
10/20/2046
195‌
177‌
3.00%,
11/20/2046
447‌
402‌
3.00%,
12/15/2046
66‌
59‌
3.00%,
09/20/2051
11,829‌
10,612‌
3.00%,
12/20/2051
9,950‌
8,916‌
3.50%,
05/20/2042
80‌
75‌
3.50%,
06/20/2042
82‌
77‌
3.50%,
07/20/2042
321‌
303‌
3.50%,
09/20/2042
247‌
233‌
3.50%,
10/20/2042
178‌
167‌
3.50%,
11/20/2042
156‌
147‌
3.50%,
12/20/2042
164‌
154‌
3.50%,
01/20/2043
269‌
254‌
3.50%,
02/20/2043
423‌
399‌
3.50%,
03/20/2043
288‌
272‌
3.50%,
04/15/2043
103‌
98‌
3.50%,
04/20/2043
192‌
178‌
3.50%,
05/20/2043
126‌
119‌
3.50%,
07/20/2043
163‌
154‌
3.50%,
08/20/2043
393‌
370‌
3.50%,
09/20/2043
282‌
266‌
3.50%,
10/20/2043
133‌
125‌
3.50%,
09/20/2044
108‌
101‌
3.50%,
10/20/2044
124‌
116‌
3.50%,
11/20/2044
118‌
110‌
3.50%,
12/20/2044
122‌
114‌
3.50%,
01/20/2045
118‌
111‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
3.50%,
02/20/2045
$
161‌
$
150‌
3.50%,
03/15/2045
25‌
24‌
3.50%,
03/20/2045
198‌
185‌
3.50%,
04/15/2045
9‌
9‌
3.50%,
04/20/2045
118‌
110‌
3.50%,
04/20/2045
193‌
181‌
3.50%,
05/20/2045
195‌
182‌
3.50%,
06/20/2045
30‌
28‌
3.50%,
07/20/2045
166‌
155‌
3.50%,
08/20/2045
182‌
170‌
3.50%,
09/20/2045
172‌
160‌
3.50%,
10/20/2045
156‌
146‌
3.50%,
11/20/2045
277‌
258‌
3.50%,
12/20/2045
203‌
189‌
3.50%,
02/20/2046
166‌
155‌
3.50%,
08/15/2046
37‌
35‌
3.50%,
09/15/2046
69‌
64‌
3.50%,
01/15/2048
44‌
40‌
3.50%,
09/15/2048
91‌
84‌
3.50%,
03/01/2053
(k)
15,100‌
13,875‌
4.00%,
11/20/2043
227‌
219‌
4.00%,
02/20/2044
93‌
90‌
4.00%,
05/15/2044
72‌
69‌
4.00%,
05/20/2044
52‌
51‌
4.00%,
07/20/2044
15‌
15‌
4.00%,
08/20/2044
117‌
114‌
4.00%,
09/20/2044
104‌
101‌
4.00%,
10/20/2044
382‌
370‌
4.00%,
11/15/2044
44‌
42‌
4.00%,
11/20/2044
74‌
72‌
4.00%,
12/20/2044
139‌
134‌
4.00%,
01/20/2045
60‌
58‌
4.00%,
03/20/2045
93‌
90‌
4.00%,
08/20/2045
102‌
98‌
4.00%,
09/15/2045
21‌
20‌
4.00%,
09/20/2045
118‌
114‌
4.00%,
10/20/2045
151‌
145‌
4.00%,
11/20/2045
208‌
200‌
4.00%,
12/15/2045
40‌
38‌
4.00%,
01/20/2046
243‌
233‌
4.00%,
02/20/2046
39‌
37‌
4.00%,
04/20/2046
145‌
138‌
4.00%,
10/20/2046
41‌
39‌
4.00%,
11/20/2046
187‌
180‌
4.00%,
01/20/2047
11‌
10‌
4.00%,
02/20/2047
172‌
165‌
4.00%,
03/20/2047
118‌
113‌
4.00%,
05/20/2047
40‌
38‌
4.00%,
11/20/2047
261‌
251‌
4.00%,
03/01/2053
(k)
12,500‌
11,809‌
4.50%,
03/15/2039
87‌
86‌
4.50%,
03/15/2040
94‌
93‌
4.50%,
07/15/2040
111‌
110‌
4.50%,
02/20/2041
20‌
20‌
4.50%,
03/20/2041
15‌
15‌
4.50%,
05/15/2045
17‌
16‌
4.50%,
12/20/2046
140‌
141‌
4.50%,
10/15/2047
64‌
62‌
4.50%,
03/01/2053
(k)
9,500‌
9,211‌
5.00%,
05/15/2033
86‌
87‌
5.00%,
07/20/2038
70‌
71‌
5.00%,
10/15/2038
109‌
111‌
5.00%,
04/20/2039
50‌
50‌
5.00%,
10/15/2041
108‌
108‌
5.00%,
01/20/2045
73‌
75‌
5.00%,
02/20/2046
27‌
28‌
5.00%,
12/20/2046
56‌
57‌
5.00%,
08/20/2048
19‌
19‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
88
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
5.00%,
10/20/2048
$
68‌
$
68‌
5.00%,
03/01/2053
(k)
5,400‌
5,335‌
5.50%,
03/15/2038
51‌
51‌
5.50%,
02/15/2039
44‌
44‌
5.50%,
06/15/2040
125‌
126‌
5.50%,
07/20/2044
62‌
64‌
5.50%,
09/20/2044
82‌
85‌
5.50%,
12/20/2048
11‌
11‌
5.50%,
03/01/2053
(k)
2,575‌
2,584‌
6.00%,
03/01/2053
(k)
1,000‌
1,014‌
$
149,838‌
U.S.
Treasury
-
41.29%
0.25%,
03/15/2024
2,255‌
2,144‌
0.25%,
05/15/2024
13,315‌
12,559‌
0.25%,
06/15/2024
14,485‌
13,613‌
0.25%,
05/31/2025
1,430‌
1,295‌
0.25%,
06/30/2025
2,945‌
2,662‌
0.25%,
07/31/2025
5,885‌
5,302‌
0.25%,
08/31/2025
1,680‌
1,509‌
0.25%,
09/30/2025
1,600‌
1,434‌
0.25%,
10/31/2025
5,070‌
4,528‌
0.38%,
04/15/2024
4,865‌
4,614‌
0.38%,
07/15/2024
3,340‌
3,133‌
0.38%,
08/15/2024
3,115‌
2,912‌
0.38%,
09/15/2024
5,925‌
5,522‌
0.38%,
04/30/2025
3,195‌
2,911‌
0.38%,
11/30/2025
4,380‌
3,913‌
0.38%,
12/31/2025
3,835‌
3,421‌
0.38%,
01/31/2026
8,890‌
7,897‌
0.38%,
07/31/2027
3,605‌
3,048‌
0.38%,
09/30/2027
5,090‌
4,281‌
0.50%,
03/31/2025
2,165‌
1,984‌
0.50%,
02/28/2026
13,455‌
11,962‌
0.50%,
04/30/2027
3,750‌
3,215‌
0.50%,
05/31/2027
4,955‌
4,234‌
0.50%,
06/30/2027
3,790‌
3,231‌
0.50%,
08/31/2027
1,520‌
1,289‌
0.50%,
10/31/2027
5,120‌
4,320‌
0.63%,
10/15/2024
4,910‌
4,580‌
0.63%,
07/31/2026
4,240‌
3,735‌
0.63%,
03/31/2027
3,635‌
3,141‌
0.63%,
11/30/2027
7,625‌
6,461‌
0.63%,
12/31/2027
7,180‌
6,069‌
0.63%,
05/15/2030
9,840‌
7,783‌
0.63%,
08/15/2030
11,910‌
9,367‌
0.75%,
11/15/2024
1,345‌
1,253‌
0.75%,
03/31/2026
5,340‌
4,778‌
0.75%,
04/30/2026
4,560‌
4,065‌
0.75%,
05/31/2026
9,830‌
8,740‌
0.75%,
08/31/2026
10,800‌
9,532‌
0.75%,
01/31/2028
10,210‌
8,664‌
0.88%,
06/30/2026
3,925‌
3,498‌
0.88%,
09/30/2026
4,565‌
4,038‌
0.88%,
11/15/2030
14,350‌
11,467‌
1.00%,
12/15/2024
4,185‌
3,906‌
1.00%,
07/31/2028
10,915‌
9,257‌
1.13%,
01/15/2025
4,980‌
4,650‌
1.13%,
02/28/2025
1,160‌
1,079‌
1.13%,
10/31/2026
5,395‌
4,806‌
1.13%,
02/28/2027
605‌
536‌
1.13%,
02/29/2028
5,245‌
4,528‌
1.13%,
08/31/2028
7,015‌
5,980‌
1.13%,
02/15/2031
11,165‌
9,086‌
1.13%,
05/15/2040
8,015‌
5,073‌
1.13%,
08/15/2040
8,000‌
5,038‌
1.25%,
08/31/2024
3,140‌
2,968‌
1.25%,
11/30/2026
3,415‌
3,050‌
1.25%,
12/31/2026
9,625‌
8,582‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
1.25%,
03/31/2028
$
5,660‌
$
4,908‌
1.25%,
04/30/2028
3,680‌
3,184‌
1.25%,
05/31/2028
8,310‌
7,176‌
1.25%,
06/30/2028
9,680‌
8,344‌
1.25%,
09/30/2028
7,900‌
6,767‌
1.25%,
08/15/2031
14,750‌
11,957‌
1.25%,
05/15/2050
8,790‌
4,876‌
1.38%,
01/31/2025
6,680‌
6,262‌
1.38%,
08/31/2026
4,375‌
3,951‌
1.38%,
10/31/2028
7,355‌
6,334‌
1.38%,
12/31/2028
7,435‌
6,388‌
1.38%,
11/15/2031
11,620‌
9,459‌
1.38%,
11/15/2040
6,545‌
4,301‌
1.38%,
08/15/2050
11,025‌
6,320‌
1.50%,
09/30/2024
1,485‌
1,407‌
1.50%,
10/31/2024
930‌
879‌
1.50%,
11/30/2024
3,420‌
3,226‌
1.50%,
02/15/2025
2,235‌
2,097‌
1.50%,
08/15/2026
4,500‌
4,084‌
1.50%,
01/31/2027
6,230‌
5,599‌
1.50%,
11/30/2028
6,840‌
5,924‌
1.50%,
02/15/2030
4,640‌
3,940‌
1.63%,
02/15/2026
2,808‌
2,587‌
1.63%,
05/15/2026
2,161‌
1,980‌
1.63%,
09/30/2026
495‌
450‌
1.63%,
10/31/2026
3,185‌
2,892‌
1.63%,
11/30/2026
2,925‌
2,654‌
1.63%,
08/15/2029
4,085‌
3,531‌
1.63%,
05/15/2031
10,765‌
9,050‌
1.63%,
11/15/2050
6,315‌
3,869‌
1.75%,
03/15/2025
4,605‌
4,333‌
1.75%,
12/31/2026
2,155‌
1,963‌
1.75%,
01/31/2029
14,125‌
12,371‌
1.75%,
11/15/2029
2,415‌
2,101‌
1.75%,
08/15/2041
8,245‌
5,714‌
1.88%,
08/31/2024
2,065‌
1,970‌
1.88%,
06/30/2026
3,625‌
3,345‌
1.88%,
07/31/2026
1,340‌
1,234‌
1.88%,
02/28/2027
4,970‌
4,526‌
1.88%,
02/28/2029
5,460‌
4,816‌
1.88%,
02/15/2032
13,400‌
11,352‌
1.88%,
02/15/2041
5,725‌
4,092‌
1.88%,
02/15/2051
9,470‌
6,183‌
1.88%,
11/15/2051
7,140‌
4,644‌
2.00%,
04/30/2024
2,110‌
2,035‌
2.00%,
05/31/2024
5,715‌
5,500‌
2.00%,
06/30/2024
14,970‌
14,369‌
2.00%,
02/15/2025
4,825‌
4,573‌
2.00%,
08/15/2025
3,995‌
3,754‌
2.00%,
11/15/2026
3,845‌
3,537‌
2.00%,
11/15/2041
4,485‌
3,242‌
2.00%,
02/15/2050
4,900‌
3,314‌
2.00%,
08/15/2051
7,230‌
4,860‌
2.13%,
03/31/2024
810‌
784‌
2.13%,
07/31/2024
1,625‌
1,560‌
2.13%,
09/30/2024
600‌
574‌
2.13%,
11/30/2024
2,465‌
2,350‌
2.13%,
05/15/2025
3,870‌
3,661‌
2.13%,
05/31/2026
4,130‌
3,844‌
2.25%,
03/31/2024
1,510‌
1,464‌
2.25%,
04/30/2024
3,710‌
3,590‌
2.25%,
10/31/2024
1,950‌
1,866‌
2.25%,
11/15/2024
7,200‌
6,886‌
2.25%,
12/31/2024
4,000‌
3,817‌
2.25%,
11/15/2025
3,405‌
3,206‌
2.25%,
03/31/2026
1,425‌
1,336‌
2.25%,
02/15/2027
2,670‌
2,471‌
2.25%,
08/15/2027
4,875‌
4,482‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
89
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
2.25%,
11/15/2027
$
6,555‌
$
6,006‌
2.25%,
05/15/2041
6,930‌
5,265‌
2.25%,
08/15/2046
2,700‌
1,948‌
2.25%,
08/15/2049
6,950‌
4,985‌
2.25%,
02/15/2052
6,160‌
4,392‌
2.38%,
08/15/2024
7,555‌
7,270‌
2.38%,
04/30/2026
2,895‌
2,720‌
2.38%,
05/15/2027
1,810‌
1,677‌
2.38%,
03/31/2029
2,240‌
2,030‌
2.38%,
05/15/2029
6,050‌
5,475‌
2.38%,
02/15/2042
6,020‌
4,634‌
2.38%,
11/15/2049
3,305‌
2,437‌
2.38%,
05/15/2051
5,295‌
3,887‌
2.50%,
04/30/2024
8,455‌
8,202‌
2.50%,
05/15/2024
1,825‌
1,769‌
2.50%,
05/31/2024
13,205‌
12,787‌
2.50%,
01/31/2025
6,200‌
5,937‌
2.50%,
02/28/2026
945‌
893‌
2.50%,
03/31/2027
1,825‌
1,702‌
2.50%,
02/15/2045
3,700‌
2,827‌
2.50%,
02/15/2046
1,520‌
1,155‌
2.50%,
05/15/2046
4,140‌
3,146‌
2.63%,
03/31/2025
2,525‌
2,419‌
2.63%,
04/15/2025
4,745‌
4,541‌
2.63%,
12/31/2025
4,285‌
4,074‌
2.63%,
01/31/2026
3,180‌
3,020‌
2.63%,
05/31/2027
4,250‌
3,977‌
2.63%,
02/15/2029
7,695‌
7,084‌
2.63%,
07/31/2029
4,540‌
4,163‌
2.75%,
02/28/2025
7,295‌
7,013‌
2.75%,
05/15/2025
4,995‌
4,788‌
2.75%,
06/30/2025
3,290‌
3,151‌
2.75%,
08/31/2025
13,465‌
12,874‌
2.75%,
04/30/2027
2,180‌
2,052‌
2.75%,
07/31/2027
8,070‌
7,581‌
2.75%,
02/15/2028
4,470‌
4,182‌
2.75%,
05/31/2029
2,500‌
2,312‌
2.75%,
08/15/2032
7,495‌
6,811‌
2.75%,
08/15/2042
739‌
602‌
2.75%,
11/15/2042
1,090‌
886‌
2.75%,
08/15/2047
4,745‌
3,772‌
2.75%,
11/15/2047
1,605‌
1,276‌
2.88%,
04/30/2025
3,325‌
3,198‌
2.88%,
05/31/2025
1,325‌
1,273‌
2.88%,
06/15/2025
10,905‌
10,481‌
2.88%,
11/30/2025
3,075‌
2,944‌
2.88%,
05/15/2028
3,870‌
3,634‌
2.88%,
08/15/2028
3,215‌
3,013‌
2.88%,
04/30/2029
2,620‌
2,443‌
2.88%,
05/15/2032
10,200‌
9,381‌
2.88%,
05/15/2043
3,125‌
2,585‌
2.88%,
08/15/2045
3,235‌
2,638‌
2.88%,
11/15/2046
600‌
489‌
2.88%,
05/15/2049
4,490‌
3,672‌
2.88%,
05/15/2052
6,070‌
4,971‌
3.00%,
06/30/2024
1,000‌
973‌
3.00%,
07/31/2024
9,350‌
9,086‌
3.00%,
07/15/2025
650‌
626‌
3.00%,
09/30/2025
540‌
519‌
3.00%,
10/31/2025
9,965‌
9,572‌
3.00%,
05/15/2042
1,705‌
1,451‌
3.00%,
11/15/2044
2,290‌
1,915‌
3.00%,
05/15/2045
825‌
689‌
3.00%,
11/15/2045
1,095‌
913‌
3.00%,
02/15/2047
2,980‌
2,480‌
3.00%,
05/15/2047
1,190‌
991‌
3.00%,
02/15/2048
3,500‌
2,917‌
3.00%,
08/15/2048
4,395‌
3,668‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
3.00%,
02/15/2049
$
5,175‌
$
4,330‌
3.00%,
08/15/2052
4,610‌
3,875‌
3.13%,
08/15/2025
7,555‌
7,294‌
3.13%,
08/31/2027
9,390‌
8,961‌
3.13%,
11/15/2028
6,035‌
5,721‌
3.13%,
08/31/2029
3,010‌
2,842‌
3.13%,
11/15/2041
435‌
380‌
3.13%,
02/15/2042
1,140‌
992‌
3.13%,
02/15/2043
815‌
702‌
3.13%,
08/15/2044
2,320‌
1,984‌
3.13%,
05/15/2048
5,475‌
4,674‌
3.25%,
08/31/2024
1,385‌
1,349‌
3.25%,
06/30/2027
1,635‌
1,569‌
3.25%,
06/30/2029
4,380‌
4,168‌
3.25%,
05/15/2042
5,235‌
4,627‌
3.38%,
08/15/2042
3,025‌
2,723‌
3.38%,
05/15/2044
3,610‌
3,220‌
3.38%,
11/15/2048
3,420‌
3,060‌
3.50%,
09/15/2025
6,800‌
6,621‌
3.50%,
02/15/2033
100‌
97‌
3.50%,
02/15/2039
375‌
353‌
3.63%,
08/15/2043
2,310‌
2,151‌
3.63%,
02/15/2044
1,245‌
1,155‌
3.75%,
08/15/2041
2,175‌
2,087‌
3.75%,
11/15/2043
3,045‌
2,886‌
3.88%,
12/31/2027
5,365‌
5,287‌
3.88%,
09/30/2029
6,260‌
6,176‌
3.88%,
11/30/2029
1,800‌
1,777‌
3.88%,
08/15/2040
1,350‌
1,324‌
4.00%,
11/15/2042
5,720‌
5,639‌
4.00%,
11/15/2052
6,535‌
6,651‌
4.13%,
11/15/2032
7,240‌
7,355‌
4.25%,
09/30/2024
3,370‌
3,332‌
4.25%,
10/15/2025
6,070‌
6,019‌
4.25%,
05/15/2039
375‌
386‌
4.25%,
11/15/2040
1,188‌
1,222‌
4.38%,
10/31/2024
10,235‌
10,139‌
4.38%,
02/15/2038
495‌
519‌
4.38%,
11/15/2039
700‌
732‌
4.38%,
05/15/2040
695‌
725‌
4.38%,
05/15/2041
1,090‌
1,138‌
4.50%,
02/15/2036
440‌
470‌
4.50%,
05/15/2038
6,485‌
6,880‌
4.50%,
08/15/2039
730‌
774‌
4.63%,
02/15/2040
1,345‌
1,449‌
4.75%,
02/15/2037
1,150‌
1,257‌
4.75%,
02/15/2041
674‌
737‌
5.00%,
05/15/2037
385‌
430‌
5.25%,
11/15/2028
409‌
431‌
5.25%,
02/15/2029
795‌
840‌
5.38%,
02/15/2031
1,100‌
1,203‌
5.50%,
08/15/2028
1,115‌
1,185‌
6.13%,
11/15/2027
700‌
756‌
6.25%,
05/15/2030
1,050‌
1,193‌
6.38%,
08/15/2027
1,540‌
1,669‌
6.50%,
11/15/2026
1,000‌
1,072‌
6.63%,
02/15/2027
450‌
487‌
$
1,004,077‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,680,933‌
Total
Investments
$
2,568,540‌
Other
Assets
and
Liabilities
-  (5.62)%
(136,659‌)
TOTAL
NET
ASSETS
-
100.00%
$
2,431,881‌
Schedule
of
Investments
Bond
Market
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
90
(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
$11,019
or
0.45%
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
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
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.
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,678
or
0.44%
of
net
assets.
(f)
Non-income
producing
security
(g)
Security
purchased
on
a
when-issued
basis.
(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
$8,604
or
0.35%
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
Sector
Percent
Government
45.10‌%
Mortgage
Securities
28.03‌%
Financial
8.98‌%
Money
Market
Funds
6.59‌%
Consumer,
Non-cyclical
4.34‌%
Communications
2.16‌%
Utilities
2.02‌%
Technology
2.02‌%
Industrial
1.86‌%
Energy
1.68‌%
Consumer,
Cyclical
1.37‌%
Investment
Companies
0.77‌%
Basic
Materials
0.56‌%
Revenue
Bonds
0.06‌%
General
Obligation
Unlimited
0.06‌%
Insured
0.02‌%
Other
Assets
and
Liabilities
(5.62‌)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
276,974‌
$
123,018‌
$
153,956‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
307,016‌
707,018‌
1,014,034‌
—‌
$
307,016‌
$
983,992‌
$
1,137,052‌
$
153,956‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
1,430‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
2,101‌
—‌
—‌
—‌
$
3,531‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
91
INVESTMENT
COMPANIES
-
4.96%
Shares
Held
Value
(000's)
Closed-End
Funds
-
0.03%
Sprott
Physical
Uranium
Trust
(a)
91,000‌
$
1,127‌
Exchange-Traded
Funds
-
1.13%
Invesco
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1
ETF
459,795‌
6,543‌
iShares
Global
Infrastructure
ETF
296,216‌
13,780‌
Schwab
US
TIPS
ETF
207,827‌
10,832‌
SPDR
S&P
Global
Natural
Resources
ETF
97,347‌
5,598‌
Vanguard
Real
Estate
ETF
74,908‌
6,421‌
$
43,174‌
Money
Market
Funds
-
3.80%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(a),(b),(c)
10,979,375‌
10,979‌
BlackRock
Liquidity
Funds
Treasury
Trust
Fund
-
Institutional
Class
4.47%
(a),(b)
39,770,703‌
39,771‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(b),(c),(d)
93,921,677‌
93,922‌
$
144,672‌
TOTAL
INVESTMENT
COMPANIES
$
188,973‌
COMMON
STOCKS
-
60.27%
Shares
Held
Value
(000's)
Agriculture
-
0.80%
Adecoagro
SA
506,705‌
$
4,114‌
Archer-Daniels-Midland
Co
109,080‌
8,683‌
Bunge
Ltd
112,906‌
10,783‌
Darling
Ingredients
Inc
(e)
105,844‌
6,696‌
$
30,276‌
Automobile
Parts
&
Equipment
-
0.05%
Aptiv
PLC
(e)
17,960‌
2,088‌
Beverages
-
0.03%
Vitasoy
International
Holdings
Ltd
492,000‌
1,008‌
Biotechnology
-
0.22%
Corteva
Inc
133,753‌
8,331‌
Building
Materials
-
0.32%
AZEK
Co
Inc/The
(e)
19,940‌
480‌
Builders
FirstSource
Inc
(e)
2,945‌
250‌
Dexco
SA
186,520‌
233‌
Interfor
Corp
(e)
82,675‌
1,392‌
Lennox
International
Inc
6,629‌
1,689‌
Louisiana-Pacific
Corp
18,807‌
1,100‌
Nibe
Industrier
AB
140,759‌
1,456‌
Trex
Co
Inc
(e)
19,554‌
1,000‌
UFP
Industries
Inc
15,843‌
1,355‌
West
Fraser
Timber
Co
Ltd
42,229‌
3,172‌
$
12,127‌
Chemicals
-
0.91%
CF
Industries
Holdings
Inc
151,146‌
12,982‌
Chr
Hansen
Holding
A/S
28,345‌
1,965‌
Ingevity
Corp
(e)
9,916‌
819‌
Koninklijke
DSM
NV
18,973‌
2,338‌
Lenzing
AG
4,048‌
307‌
Mosaic
Co/The
102,204‌
5,436‌
Novozymes
A/S
32,567‌
1,569‌
Nutrien
Ltd
88,226‌
6,862‌
OCI
NV
67,488‌
2,242‌
$
34,520‌
Commercial
Services
-
3.00%
ALEATICA
SAB
de
CV
(e)
10,209,945‌
18,973‌
Ashtead
Group
PLC
26,226‌
1,735‌
Atlas
Arteria
Ltd
6,688,090‌
30,732‌
Brambles
Ltd
288,521‌
2,493‌
CCR
SA
4,805,843‌
10,107‌
Cengage
Learning
Holdings
II
Inc
(e)
2,772‌
30‌
Transurban
Group
5,282,966‌
50,271‌
$
114,341‌
Computers
-
0.00%
IQOR
US
Inc
(e),(f)
14,193‌
4‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Consumer
Products
-
0.06%
Kimberly-Clark
Corp
13,741‌
$
1,718‌
Ontex
Group
NV
(e)
47,181‌
374‌
$
2,092‌
Cosmetics
&
Personal
Care
-
0.10%
Essity
AB
62,805‌
1,694‌
Procter
&
Gamble
Co/The
5,581‌
768‌
Unicharm
Corp
35,600‌
1,317‌
$
3,779‌
Distribution
&
Wholesale
-
0.02%
Veritiv
Corp
3,987‌
604‌
Electric
-
13.77%
Ameren
Corp
114,731‌
9,489‌
American
Electric
Power
Co
Inc
277,270‌
24,392‌
Boralex
Inc
78,840‌
2,100‌
Brookfield
Renewable
Corp
(g)
346,976‌
9,663‌
Clearway
Energy
Inc
-
Class
C
315,670‌
9,915‌
CLP
Holdings
Ltd
1,779,500‌
12,584‌
CMS
Energy
Corp
184,413‌
10,875‌
Constellation
Energy
Corp
101,682‌
7,615‌
CPFL
Energia
SA
2,130,035‌
12,254‌
Edison
International
155,099‌
10,269‌
EDP
-
Energias
de
Portugal
SA
6,647,788‌
33,476‌
EDP
Renovaveis
SA
82,493‌
1,688‌
Enel
SpA
2,125,234‌
11,922‌
Engie
Brasil
Energia
SA
811,038‌
6,090‌
Entergy
Corp
156,228‌
16,071‌
Eversource
Energy
172,444‌
12,995‌
Exelon
Corp
272,343‌
11,000‌
Iberdrola
SA
3,708,168‌
42,508‌
National
Grid
PLC
3,815,531‌
47,884‌
NextEra
Energy
Inc
433,314‌
30,778‌
OGE
Energy
Corp
521,697‌
18,635‌
Ormat
Technologies
Inc
18,001‌
1,522‌
Orsted
AS
(h)
91,515‌
7,966‌
PPL
Corp
637,417‌
17,255‌
Public
Service
Enterprise
Group
Inc
482,191‌
29,139‌
Red
Electrica
Corp
SA
554,985‌
9,207‌
Sempra
Energy
126,409‌
18,956‌
Southern
Co/The
306,215‌
19,310‌
SSE
PLC
2,424,858‌
50,750‌
Terna
-
Rete
Elettrica
Nazionale
2,076,908‌
15,613‌
Xcel
Energy
Inc
196,141‌
12,665‌
$
524,586‌
Electrical
Components
&
Equipment
-
0.27%
Delta
Electronics
Inc
224,000‌
2,096‌
Generac
Holdings
Inc
(e)
12,970‌
1,556‌
Legrand
SA
21,630‌
1,998‌
Littelfuse
Inc
9,373‌
2,425‌
Signify
NV
(h)
60,775‌
2,106‌
$
10,181‌
Electronics
-
0.25%
Azbil
Corp
47,600‌
1,238‌
Badger
Meter
Inc
11,871‌
1,444‌
Halma
PLC
81,144‌
2,112‌
Hubbell
Inc
7,743‌
1,948‌
Silergy
Corp
51,000‌
959‌
Trimble
Inc
(e)
37,526‌
1,953‌
$
9,654‌
Energy
-
Alternate
Sources
-
0.47%
NextEra
Energy
Partners
LP
(g)
189,000‌
12,523‌
SolarEdge
Technologies
Inc
(e)
5,542‌
1,762‌
Vestas
Wind
Systems
A/S
67,126‌
1,916‌
Xinyi
Solar
Holdings
Ltd
1,534,000‌
1,640‌
$
17,841‌
Engineering
&
Construction
-
3.90%
Aena
SME
SA
(e),(h)
250,145‌
38,699‌
AFRY
AB
10,910‌
188‌
Auckland
International
Airport
Ltd
(e)
1,330,823‌
7,191‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
92
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
Cellnex
Telecom
SA
-
Rights
(h)
323,523‌
$
12,138‌
China
Tower
Corp
Ltd
(h)
62,560,835‌
6,775‌
Enav
SpA
(h)
5,177,136‌
22,911‌
Ferrovial
SA
528,890‌
14,680‌
Fluor
Corp
(e)
388,947‌
14,263‌
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
1,333,948‌
12,754‌
Sacyr
SA
2,034,808‌
6,636‌
Vinci
SA
109,916‌
12,498‌
$
148,733‌
Entertainment
-
0.00%
Cineworld
Group
PLC
-
Warrants
(e)
29,862‌
—‌
Environmental
Control
-
0.18%
Befesa
SA
(h)
28,700‌
1,499‌
Energy
Recovery
Inc
(e)
68,664‌
1,515‌
Li-Cycle
Holdings
Corp
(e)
77,223‌
468‌
Pentair
PLC
45,056‌
2,521‌
TOMRA
Systems
ASA
52,370‌
835‌
$
6,838‌
Forest
Products
&
Paper
-
0.63%
Acadian
Timber
Corp
(g)
78,798‌
900‌
Canfor
Corp
(e)
87,176‌
1,487‌
Empresas
CMPC
SA
312,998‌
520‌
Holmen
AB
40,114‌
1,620‌
International
Paper
Co
40,308‌
1,467‌
Mercer
International
Inc
18,324‌
197‌
Mondi
PLC
88,735‌
1,491‌
Nine
Dragons
Paper
Holdings
Ltd
526,000‌
429‌
Oji
Holdings
Corp
356,800‌
1,448‌
Sappi
Ltd
308,110‌
820‌
Smurfit
Kappa
Group
PLC
47,481‌
1,771‌
Stora
Enso
Oyj
164,692‌
2,328‌
Sumitomo
Forestry
Co
Ltd
67,800‌
1,301‌
Suzano
SA
263,000‌
2,391‌
Svenska
Cellulosa
AB
SCA
215,095‌
3,002‌
Sylvamo
Corp
6,602‌
326‌
UPM-Kymmene
Oyj
57,704‌
2,091‌
Western
Forest
Products
Inc
(g)
379,826‌
348‌
$
23,937‌
Gas
-
2.16%
China
Resources
Gas
Group
Ltd
2,295,822‌
9,688‌
Enagas
SA
1,091,152‌
19,571‌
Italgas
SpA
1,943,783‌
11,042‌
NiSource
Inc
180,276‌
4,945‌
Snam
SpA
5,319,922‌
26,136‌
Southwest
Gas
Holdings
Inc
172,013‌
10,839‌
$
82,221‌
Healthcare
-
Products
-
0.15%
Carestream
Health
Inc
(e),(f)
17,410‌
261‌
Hengan
International
Group
Co
Ltd
134,595‌
619‌
PerkinElmer
Inc
10,631‌
1,325‌
Repligen
Corp
(e)
8,453‌
1,474‌
Tecan
Group
AG
5,169‌
2,089‌
$
5,768‌
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
-
0.08%
DR
Horton
Inc
7,661‌
708‌
KB
Home
18,782‌
662‌
Lennar
Corp
-
A
Shares
6,063‌
587‌
PulteGroup
Inc
7,271‌
398‌
Toll
Brothers
Inc
9,606‌
576‌
$
2,931‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
0.11%
Hannover
Rueck
SE
13,295‌
$
2,582‌
Lancashire
Holdings
Ltd
232,865‌
1,714‌
$
4,296‌
Internet
-
0.00%
Catalina
Marketing
Corp
(e),(f)
3,965‌
1‌
Iron
&
Steel
-
0.00%
Novolipetsk
Steel
PJSC
1,124,750‌
—‌
Severstal
PAO
(e)
149,085‌
—‌
$
—‌
Leisure
Products
&
Services
-
0.05%
Shimano
Inc
12,600‌
1,959‌
Lodging
-
0.08%
Travel
+
Leisure
Co
77,000‌
3,230‌
Machinery
-
Construction
&
Mining
-
0.23%
Caterpillar
Inc
14,977‌
3,588‌
Terex
Corp
62,631‌
3,708‌
Vertiv
Holdings
Co
93,230‌
1,515‌
$
8,811‌
Machinery
-
Diversified
-
0.30%
ANDRITZ
AG
9,951‌
614‌
Duerr
AG
13,692‌
515‌
Flowserve
Corp
103,415‌
3,588‌
Husqvarna
AB
(g)
52,755‌
467‌
Spirax-Sarco
Engineering
PLC
17,628‌
2,476‌
Valmet
Oyj
30,890‌
1,019‌
Watts
Water
Technologies
Inc
9,215‌
1,615‌
Zurn
Elkay
Water
Solutions
Corp
50,293‌
1,157‌
$
11,451‌
Media
-
0.00%
Cumulus
Media
Inc
(e)
6‌
—‌
Metal
Fabrication
&
Hardware
-
0.08%
Advanced
Drainage
Systems
Inc
19,051‌
1,690‌
Valmont
Industries
Inc
4,708‌
1,494‌
$
3,184‌
Mining
-
2.66%
Alcoa
Corp
338,512‌
16,567‌
Anglo
American
PLC
168,304‌
5,816‌
BHP
Group
Ltd
ADR
130,132‌
7,934‌
Cameco
Corp
515,467‌
14,093‌
Energy
Fuels
Inc/Canada
(e),(g)
478,299‌
3,209‌
First
Quantum
Minerals
Ltd
297,565‌
6,501‌
Freeport-McMoRan
Inc
430,419‌
17,634‌
Ivanhoe
Mines
Ltd
(e)
747,506‌
6,245‌
MP
Materials
Corp
(e)
28,113‌
984‌
NexGen
Energy
Ltd
(e)
1,201,646‌
5,064‌
Norsk
Hydro
ASA
250,861‌
1,826‌
Polyus
PJSC
(e)
12,459‌
—‌
Teck
Resources
Ltd
389,163‌
15,535‌
$
101,408‌
Miscellaneous
Manufacturers
-
0.04%
Carlisle
Cos
Inc
6,258‌
1,616‌
Oil
&
Gas
-
3.58%
California
Resources
Corp
5,818‌
245‌
California
Resources
Corp
-
Warrants
(e)
439‌
5‌
Chesapeake
Energy
Corp
65,672‌
5,307‌
ConocoPhillips
135,405‌
13,994‌
Empresas
Copec
SA
90,962‌
657‌
EOG
Resources
Inc
117,037‌
13,228‌
EQT
Corp
181,041‌
6,007‌
Hess
Corp
116,084‌
15,636‌
Marathon
Petroleum
Corp
88,305‌
10,914‌
Occidental
Petroleum
Corp
264,149‌
15,469‌
Patterson-UTI
Energy
Inc
191,513‌
2,624‌
Quarternorth
Energy
Holding
Inc
(e)
75,260‌
10,336‌
Quarternorth
Energy
Holding
Inc
-
Warrants
(e)
37,753‌
264‌
Quarternorth
Energy
Holding
Inc
-
Warrants
(e)
19,603‌
176‌
Shell
PLC
363,865‌
11,021‌
Transocean
Ltd
(e)
1,682,316‌
11,760‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
93
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Vantage
Drilling
International
(e)
4,456‌
$
68‌
Weatherford
International
PLC
(e)
187,522‌
12,493‌
Woodside
Energy
Group
Ltd
257,790‌
6,246‌
$
136,450‌
Oil
&
Gas
Services
-
0.73%
Halliburton
Co
184,779‌
6,694‌
NOV
Inc
274,863‌
6,014‌
Schlumberger
Ltd
284,414‌
15,134‌
$
27,842‌
Packaging
&
Containers
-
0.31%
Clearwater
Paper
Corp
(e)
8,918‌
344‌
DS
Smith
PLC
321,212‌
1,305‌
Graphic
Packaging
Holding
Co
89,999‌
2,142‌
Huhtamaki
Oyj
14,016‌
495‌
Klabin
SA
321,600‌
1,197‌
Packaging
Corp
of
America
12,855‌
1,757‌
SIG
Group
AG
(e)
48,900‌
1,183‌
Sonoco
Products
Co
31,637‌
1,868‌
Westrock
Co
45,744‌
1,436‌
$
11,727‌
Pipelines
-
5.63%
APA
Group
3,878,284‌
27,942‌
Cheniere
Energy
Inc
102,369‌
16,107‌
Enbridge
Inc
1,054,235‌
39,550‌
Gibson
Energy
Inc
1,353,333‌
22,743‌
Kinder
Morgan
Inc
1,175,317‌
20,051‌
Koninklijke
Vopak
NV
198,679‌
6,338‌
ONEOK
Inc
159,093‌
10,413‌
Pembina
Pipeline
Corp
501,848‌
16,477‌
TC
Energy
Corp
1,129,165‌
44,943‌
Williams
Cos
Inc/The
321,726‌
9,684‌
$
214,248‌
Private
Equity
-
0.20%
Capitaland
Investment
Ltd/Singapore
2,751,700‌
7,589‌
Real
Estate
-
1.65%
CK
Asset
Holdings
Ltd
911,900‌
5,719‌
Hongkong
Land
Holdings
Ltd
950,000‌
4,346‌
Mitsui
Fudosan
Co
Ltd
896,300‌
17,082‌
Qualitas
Ltd
1,648,569‌
3,108‌
Sun
Hung
Kai
Properties
Ltd
1,053,500‌
14,397‌
Swiss
Prime
Site
AG
61,600‌
5,191‌
Vonovia
SE
329,068‌
8,276‌
Wharf
Real
Estate
Investment
Co
Ltd
868,000‌
4,759‌
$
62,878‌
REITs
-
13.15%
Agree
Realty
Corp
102,461‌
7,252‌
Alexandria
Real
Estate
Equities
Inc
68,388‌
10,243‌
Allied
Properties
Real
Estate
Investment
Trust
165,500‌
3,471‌
American
Homes
4
Rent
297,780‌
9,237‌
American
Tower
Corp
139,101‌
27,543‌
AvalonBay
Communities
Inc
93,166‌
16,073‌
Camden
Property
Trust
89,949‌
10,323‌
CapitaLand
Ascendas
REIT
2,413,600‌
4,957‌
CapitaLand
Integrated
Commercial
Trust
5,131,406‌
7,382‌
Centuria
Industrial
REIT
1,546,126‌
3,428‌
Cousins
Properties
Inc
218,953‌
5,362‌
Crown
Castle
Inc
156,199‌
20,423‌
CubeSmart
175,566‌
8,250‌
Daiwa
Office
Investment
Corp
316‌
1,420‌
Dexus
662,889‌
3,746‌
Digital
Core
REIT
Management
Pte
Ltd
4,789,826‌
2,922‌
Equinix
Inc
34,852‌
23,988‌
Essex
Property
Trust
Inc
54,213‌
12,364‌
Extra
Space
Storage
Inc
102,735‌
16,915‌
First
Industrial
Realty
Trust
Inc
128,200‌
6,763‌
Gaming
and
Leisure
Properties
Inc
158,900‌
8,562‌
Goodman
Group
603,934‌
8,034‌
Healthcare
Realty
Trust
Inc
229,700‌
4,479‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Host
Hotels
&
Resorts
Inc
411,252‌
$
6,909‌
Industrial
&
Infrastructure
Fund
Investment
Corp
1,300‌
1,370‌
Inmobiliaria
Colonial
Socimi
SA
482,453‌
3,461‌
InterRent
Real
Estate
Investment
Trust
184,960‌
1,995‌
InvenTrust
Properties
Corp
177,200‌
4,286‌
Invitation
Homes
Inc
494,650‌
15,463‌
Japan
Metropolitan
Fund
Invest
12,992‌
9,754‌
Kilroy
Realty
Corp
187,996‌
6,772‌
Klepierre
SA
(e)
389,223‌
9,707‌
Link
REIT
1,065,870‌
7,015‌
Link
REIT
-
Rights
(e)
213,174‌
203‌
Merlin
Properties
Socimi
SA
676,800‌
6,439‌
Minto
Apartment
Real
Estate
Investment
Trust
(h)
185,442‌
2,183‌
Nippon
Accommodations
Fund
Inc
800‌
3,565‌
Nippon
Prologis
REIT
Inc
(e)
2,267‌
4,836‌
Park
Hotels
&
Resorts
Inc
190,183‌
2,615‌
PotlatchDeltic
Corp
107,465‌
4,961‌
Prologis
Inc
245,364‌
30,278‌
Public
Storage
32,600‌
9,746‌
Rayonier
Inc
197,545‌
6,634‌
Regency
Centers
Corp
121,977‌
7,672‌
Rexford
Industrial
Realty
Inc
265,515‌
16,053‌
Sabra
Health
Care
REIT
Inc
259,400‌
3,089‌
Safestore
Holdings
PLC
608,851‌
7,396‌
Segro
PLC
662,871‌
6,547‌
Simon
Property
Group
Inc
42,400‌
5,177‌
Sun
Communities
Inc
106,003‌
15,173‌
UNITE
Group
PLC/The
792,342‌
9,353‌
United
Urban
Investment
Corp
4,154‌
4,588‌
Ventas
Inc
350,791‌
17,066‌
VICI
Properties
Inc
603,011‌
20,219‌
Warehouses
De
Pauw
CVA
195,100‌
5,954‌
Welltower
Inc
217,344‌
16,110‌
Weyerhaeuser
Co
160,814‌
5,025‌
$
500,751‌
Retail
-
0.05%
Belk
Inc
(e),(f)
139‌
1‌
Gymboree
Corp/The
(e),(f)
17,842‌
—‌
Gymboree
Holding
Corp
(e),(f)
48,577‌
—‌
Home
Depot
Inc/The
3,353‌
995‌
Lowe's
Cos
Inc
4,254‌
875‌
$
1,871‌
Semiconductors
-
0.07%
Bright
Bidco
(e)
15,091‌
254‌
Bright
Bidco
(e),(i)
11,047‌
186‌
Monolithic
Power
Systems
Inc
4,458‌
2,159‌
$
2,599‌
Software
-
0.22%
Altair
Engineering
Inc
(e)
32,695‌
2,094‌
Cadence
Design
Systems
Inc
(e)
10,435‌
2,013‌
Nemetschek
SE
24,014‌
1,360‌
PTC
Inc
(e)
20,616‌
2,584‌
Skillsoft
Corp
(e)
93,356‌
146‌
$
8,197‌
Telecommunications
-
0.08%
NEXTDC
Ltd
(e)
409,200‌
2,815‌
Windstream
(e)
9,809‌
105‌
Windstream
-
Warrants
(e)
17,064‌
182‌
$
3,102‌
Transportation
-
1.96%
American
Commercial
Lines
Inc
(e)
573‌
15‌
American
Commercial
Lines
Inc
-
Warrants
(e)
603‌
16‌
East
Japan
Railway
Co
315,000‌
15,909‌
Frontline
PLC
419,499‌
7,920‌
Scorpio
Tankers
Inc
86,184‌
5,202‌
Union
Pacific
Corp
50,805‌
10,531‌
West
Japan
Railway
Co
904,430‌
35,104‌
$
74,697‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
94
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Water
-
1.72%
American
Water
Works
Co
Inc
12,258‌
$
1,721‌
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
ADR
121,199‌
1,206‌
Essential
Utilities
Inc
135,749‌
5,807‌
Pennon
Group
PLC
1,434,155‌
14,199‌
Severn
Trent
PLC
567,806‌
18,754‌
United
Utilities
Group
PLC
1,751,579‌
21,387‌
Veolia
Environnement
SA
83,619‌
2,496‌
$
65,570‌
TOTAL
COMMON
STOCKS
$
2,295,341‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.00%
Shares
Held
Value
(000's)
Software
-
0.00%
Riverbed
Technology
Inc
0.35%
(f)
12,193‌
$
—‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
—‌
PREFERRED
STOCKS
-
0.24%
Shares
Held
Value
(000's)
Electric
-
0.23%
Centrais
Eletricas
Brasileiras
SA
3.23%
1,307,387‌
$
8,955‌
Transportation
-
0.01%
American
Commercial
Lines
Inc
Preferred
A
1.87%
2,133‌
42‌
American
Commercial
Lines
Inc
Preferred
A
-
Anti-Dilution
Warrants
0.00%,
04/30/2045
(e),(f)
24,673‌
6‌
American
Commercial
Lines
Inc
Preferred
A
-
Warrants
0.00%,
04/30/2045
(e)
2,243‌
44‌
American
Commercial
Lines
Inc
Preferred
B
2.50%
2,428‌
92‌
American
Commercial
Lines
Inc
Preferred
B
-
Anti-Dilution
Warrants
0.00%,
04/30/2045
(e),(f)
18,766‌
6‌
American
Commercial
Lines
Inc
Preferred
B
-
Warrants
0.00%,
04/30/2045
(e)
1,706‌
65‌
$
255‌
TOTAL
PREFERRED
STOCKS
$
9,210‌
BONDS
-
0.38%
Principal
Amount
(000's)
Value
(000's)
Electric
-
0.07%
Pacific
Gas
and
Electric
Co
3.15%,
01/01/2026
$
1,591‌
$
1,476‌
4.50%,
07/01/2040
1,591‌
1,247‌
$
2,723‌
Media
-
0.00%
iHeartCommunications
Inc
8.38%,
05/01/2027
1‌
1‌
Mortgage
Backed
Securities
-
0.15%
CSMC
2022-NQM4
Trust
4.82%,
06/25/2067
(h),(j)
705‌
684‌
CSMC
2022-NQM5
Trust
5.17%,
05/25/2067
(h),(j)
1,432‌
1,388‌
Homeward
Opportunities
Fund
Trust
2022-1
5.08%,
07/25/2067
(h),(j)
694‌
680‌
OBX
2022-NQM9
Trust
6.45%,
09/25/2062
(h),(j)
934‌
934‌
PRKCM
2022-AFC2
Trust
5.33%,
08/25/2057
(h),(j)
225‌
220‌
SG
Residential
Mortgage
Trust
2022-2
5.35%,
08/25/2062
(h),(j)
360‌
352‌
Verus
Securitization
Trust
2022-7
5.15%,
07/25/2067
(h),(j)
1,050‌
1,022‌
Verus
Securitization
Trust
2022-INV2
6.79%,
10/25/2067
(h),(j)
307‌
308‌
$
5,588‌
Other
Asset
Backed
Securities
-
0.12%
AMSR
2022-SFR3
Trust
4.00%,
10/17/2039
(h)
1,051‌
930‌
New
Residential
Mortgage
Loan
Trust
2022-SFR2
4.00%,
09/04/2039
(h)
1,060‌
937‌
Pagaya
AI
Technology
in
Housing
Trust
2022-1
4.25%,
08/25/2025
(h)
660‌
601‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Progress
Residential
2022-SFR6
Trust
6.04%,
07/20/2039
(h)
$
1,035‌
$
1,005‌
Progress
Residential
2022-SFR7
Trust
5.50%,
10/27/2039
(h)
1,385‌
1,323‌
$
4,796‌
Sovereign
-
0.04%
European
Union
2.50%,
10/04/2052
EUR
1,695‌
1,467‌
TOTAL
BONDS
$
14,575‌
SENIOR
FLOATING
RATE
INTERESTS
-
2.04%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.05%
ABG
Intermediate
Holdings
2
LLC
8.16%,
12/21/2028
(k)
$
37‌
$
36‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
10.66%,
12/20/2029
(k)
240‌
221‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.00%
Checkout
Holding
Corp
5.63%,
PIK
9.50%,
08/15/2023
(k),(l)
327‌
72‌
3
Month
USD
LIBOR
+
1.00%
14.09%,
03/15/2023
(k)
162‌
124‌
3
Month
USD
LIBOR
+
7.50%
Clear
Channel
Outdoor
Holdings
Inc
8.32%,
08/07/2026
(k)
956‌
904‌
3
Month
USD
LIBOR
+
3.50%
Dotdash
Meredith
Inc
8.67%,
12/01/2028
(k)
530‌
466‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Red
Ventures
LLC
7.07%,
11/08/2024
(k)
203‌
203‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
$
2,026‌
Aerospace
&
Defense
-
0.02%
TransDigm
Inc
5.92%,
05/30/2025
(k)
299‌
298‌
3
Month
USD
LIBOR
+
2.25%
6.98%,
12/09/2025
(k)
396‌
395‌
3
Month
USD
LIBOR
+
2.25%
$
693‌
Agriculture
-
0.00%
Sycamore
Buyer
LLC
6.94%,
07/23/2029
(k)
64‌
62‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
Airlines
-
0.05%
AAdvantage
Loyalty
IP
Ltd
9.56%,
03/10/2028
(k)
451‌
462‌
3
Month
USD
LIBOR
+
4.75%
Mileage
Plus
Holdings
LLC
10.00%,
06/21/2027
(k)
127‌
132‌
3
Month
USD
LIBOR
+
5.25%
SkyMiles
IP
Ltd
8.56%,
09/16/2027
(k)
306‌
317‌
3
Month
USD
LIBOR
+
3.75%
United
Airlines
Inc
8.57%,
04/21/2028
(k)
233‌
232‌
3
Month
USD
LIBOR
+
3.75%
WestJet
Airlines
Ltd
7.59%,
12/11/2026
(k)
613‌
582‌
1
Month
USD
LIBOR
+
3.00%
$
1,725‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
95
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Apparel
-
0.00%
Birkenstock
US
BidCo
Inc
8.06%,
04/28/2028
(k)
$
117‌
$
116‌
1
Month
USD
LIBOR
+
3.75%
Automobile
Parts
&
Equipment
-
0.01%
Clarios
Global
LP
8.84%,
04/30/2026
(k)
282‌
281‌
1
Month
USD
LIBOR
+
3.25%
Dexko
Global
Inc
8.59%,
10/04/2028
(k)
96‌
89‌
1
Month
USD
LIBOR
+
3.75%
$
370‌
Beverages
-
0.02%
City
Brewing
Co
LLC
8.33%,
04/05/2028
(k)
91‌
44‌
1
Month
USD
LIBOR
+
3.50%
Naked
Juice
LLC
7.93%,
01/24/2029
(k)
23‌
21‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
10.68%,
01/24/2030
(k)
82‌
62‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.00%
Pegasus
Bidco
BV
8.01%,
05/05/2029
(k)
150‌
149‌
Secured
Overnight
Financing
Rate
+
4.25%
Triton
Water
Holdings
Inc
8.23%,
03/31/2028
(k)
523‌
486‌
3
Month
USD
LIBOR
+
3.50%
$
762‌
Building
Materials
-
0.02%
Chariot
Buyer
LLC
7.82%,
10/22/2028
(k)
464‌
447‌
1
Month
USD
LIBOR
+
3.50%
Cornerstone
Building
Brands
Inc
7.84%,
04/12/2028
(k)
77‌
71‌
1
Month
USD
LIBOR
+
3.25%
Zurn
LLC
6.57%,
10/04/2028
(k)
232‌
231‌
1
Month
USD
LIBOR
+
2.25%
$
749‌
Chemicals
-
0.04%
ASP
Unifrax
Holdings
Inc
8.48%,
12/12/2025
(k)
424‌
392‌
3
Month
USD
LIBOR
+
3.75%
Axalta
Coating
Systems
US
Holdings
Inc
7.51%,
12/07/2029
(k)
200‌
201‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Diamond
BC
BV
7.57%,
09/29/2028
(k)
36‌
36‌
3
Month
USD
LIBOR
+
2.75%
Discovery
Purchaser
Corp
8.96%,
08/04/2029
(k)
285‌
272‌
Secured
Overnight
Financing
Rate
+
4.38%
Innophos
Holdings
Inc
7.82%,
02/05/2027
(k)
274‌
272‌
1
Month
USD
LIBOR
+
3.25%
Kraton
Corp
8.04%,
03/15/2029
(k)
164‌
163‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Trinseo
Materials
Operating
SCA
6.63%,
09/06/2024
(k)
171‌
169‌
3
Month
USD
LIBOR
+
2.00%
WR
Grace
Holdings
LLC
8.50%,
09/22/2028
(k)
31‌
31‌
3
Month
USD
LIBOR
+
3.75%
$
1,536‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
-
0.11%
Anticimex
Global
AB
8.23%,
11/16/2028
(k)
$
248‌
$
244‌
3
Month
USD
LIBOR
+
3.50%
Avis
Budget
Car
Rental
LLC
6.32%,
08/06/2027
(k)
292‌
287‌
1
Month
USD
LIBOR
+
1.75%
8.16%,
03/16/2029
(k)
107‌
107‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
AVSC
Holding
Corp
15.00%,
10/15/2026
(k)
95‌
101‌
Belron
Finance
7.06%,
10/30/2026
(k)
107‌
107‌
1
Month
USD
LIBOR
+
2.50%
CHG
Healthcare
Services
Inc
7.82%,
09/29/2028
(k)
70‌
69‌
1
Month
USD
LIBOR
+
3.25%
Driven
Brands
Holdings
Inc
7.74%,
12/17/2028
(k)
238‌
232‌
12
Month
USD
LIBOR
+
3.00%
Hertz
Corp/The
7.63%,
06/14/2028
(k)
90‌
89‌
1
Month
USD
LIBOR
+
3.25%
7.82%,
06/14/2028
(k)
468‌
465‌
1
Month
USD
LIBOR
+
3.25%
Ingenovis
Health
Inc
8.32%,
03/06/2028
(k)
65‌
64‌
1
Month
USD
LIBOR
+
3.75%
Prime
Security
Services
Borrower
LLC
7.52%,
09/23/2026
(k)
657‌
656‌
3
Month
USD
LIBOR
+
2.75%
Sabert
Corp
9.13%,
12/10/2026
(k)
215‌
214‌
1
Month
USD
LIBOR
+
4.50%
Syniverse
Holdings
LLC/DE
10.57%,
05/13/2027
(k)
588‌
525‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
Trans
Union
LLC
6.32%,
11/13/2026
(k)
177‌
176‌
1
Month
USD
LIBOR
+
1.75%
6.82%,
11/17/2028
(k)
211‌
209‌
1
Month
USD
LIBOR
+
2.25%
Travelport
Finance
Luxembourg
Sarl
6.23%,
PIK
7.25%,
02/28/2025
(k),(l)
353‌
363‌
3
Month
USD
LIBOR
+
7.00%
Verscend
Holding
Corp
8.57%,
08/27/2025
(k)
22‌
22‌
1
Month
USD
LIBOR
+
4.00%
Wand
NewCo
3
Inc
7.57%,
02/05/2026
(k)
209‌
201‌
1
Month
USD
LIBOR
+
3.00%
WEX
Inc
6.82%,
03/31/2028
(k)
85‌
84‌
1
Month
USD
LIBOR
+
2.25%
$
4,215‌
Computers
-
0.05%
Amentum
Government
Services
Holdings
LLC
8.12%,
02/15/2029
(k)
208‌
205‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
iQor
US
Inc
12.05%,
11/20/2024
(k)
151‌
149‌
1
Month
USD
LIBOR
+
7.50%
12.05%,
11/20/2025
(k)
417‌
292‌
1
Month
USD
LIBOR
+
7.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
96
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
McAfee
Corp
8.52%,
03/01/2029
(k)
$
337‌
$
316‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
NCR
Corp
7.33%,
08/28/2026
(k)
225‌
223‌
3
Month
USD
LIBOR
+
2.50%
Perforce
Software
Inc
8.32%,
07/01/2026
(k)
155‌
146‌
1
Month
USD
LIBOR
+
3.75%
Tempo
Acquisition
LLC
7.56%,
08/31/2028
(k)
440‌
439‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Vision
Solutions
Inc
8.82%,
04/23/2028
(k)
132‌
120‌
3
Month
USD
LIBOR
+
4.00%
$
1,890‌
Consumer
Products
-
0.01%
Kronos
Acquisition
Holdings
Inc
0.00%,
12/22/2026
(k),(m)
240‌
234‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.00%
8.48%,
12/22/2026
(k)
25‌
24‌
3
Month
USD
LIBOR
+
3.75%
$
258‌
Cosmetics
&
Personal
Care
-
0.00%
Conair
Holdings
LLC
8.48%,
05/17/2028
(k)
105‌
92‌
3
Month
USD
LIBOR
+
3.75%
Distribution
&
Wholesale
-
0.01%
Core
&
Main
LP
7.15%,
07/27/2028
(k)
284‌
282‌
1
Month
USD
LIBOR
+
2.50%
Diversified
Financial
Services
-
0.02%
Avolon
TLB
Borrower
1
US
LLC
6.10%,
02/12/2027
(k)
147‌
145‌
1
Month
USD
LIBOR
+
1.50%
Ditech
Holding
Corp
0.00%,
06/30/2022
(e),(k)
875‌
44‌
3
Month
USD
LIBOR
+
6.00%
FleetCor
Technologies
Operating
Co
LLC
6.32%,
04/28/2028
(k)
183‌
182‌
1
Month
USD
LIBOR
+
1.75%
Fly
Funding
II
Sarl
6.60%,
08/09/2025
(k)
518‌
453‌
3
Month
USD
LIBOR
+
1.75%
$
824‌
Electric
-
0.05%
Calpine
Corp
6.57%,
08/12/2026
(k)
168‌
168‌
1
Month
USD
LIBOR
+
2.00%
Constellation
Renewables
LLC
7.24%,
12/11/2027
(k)
50‌
49‌
3
Month
USD
LIBOR
+
2.50%
Talen
Energy
Supply
LLC
8.32%,
07/08/2026
(k)
1,200‌
1,214‌
1
Month
USD
LIBOR
+
3.75%
9.46%,
11/10/2023
(k)
642‌
646‌
Secured
Overnight
Financing
Rate
+
4.75%
$
2,077‌
Electronics
-
0.01%
Coherent
Corp
7.40%,
07/01/2029
(k)
91‌
91‌
1
Month
USD
LIBOR
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electronics
(continued)
Ingram
Micro
Inc
8.23%,
06/30/2028
(k)
$
213‌
$
212‌
3
Month
USD
LIBOR
+
3.50%
TTM
Technologies
Inc
7.07%,
09/28/2024
(k)
29‌
29‌
3
Month
USD
LIBOR
+
2.50%
$
332‌
Engineering
&
Construction
-
0.02%
Brown
Group
Holding
LLC
7.07%,
06/07/2028
(k)
367‌
364‌
1
Month
USD
LIBOR
+
2.50%
8.39%,
06/08/2029
(k)
49‌
49‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Centuri
Group
Inc
7.22%,
08/18/2028
(k)
205‌
203‌
3
Month
USD
LIBOR
+
2.50%
KKR
Apple
Bidco
LLC
7.32%,
07/14/2028
(k)
147‌
146‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
762‌
Entertainment
-
0.14%
AMC
Entertainment
Holdings
Inc
7.57%,
03/20/2026
(k)
854‌
533‌
1
Month
USD
LIBOR
+
3.00%
Bally's
Corp
7.85%,
08/06/2028
(k)
208‌
198‌
1
Month
USD
LIBOR
+
3.25%
Caesars
Entertainment
Inc
7.92%,
01/20/2030
(k)
210‌
209‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Churchill
Downs
Inc
6.57%,
03/17/2028
(k)
74‌
73‌
1
Month
USD
LIBOR
+
2.00%
Crown
Finance
US
Inc
0.00%,
02/07/2025
(e),(k)
1,070‌
162‌
3
Month
USD
LIBOR
+
2.50%
0.00%,
09/30/2026
(e),(k)
599‌
92‌
3
Month
USD
LIBOR
+
2.75%
14.66%,
09/08/2023
(k)
1,387‌
1,412‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
10.00%
Crown
UK
Holdco
Ltd
0.00%,
02/28/2023
(e),(k)
564‌
89‌
3
Month
USD
LIBOR
+
2.75%
Entain
Holdings
Gibraltar
Ltd
7.51%,
10/18/2029
(k)
220‌
220‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Everi
Holdings
Inc
7.07%,
06/30/2028
(k)
312‌
310‌
1
Month
USD
LIBOR
+
2.50%
Flutter
Financing
BV
8.09%,
09/16/2028
(k)
249‌
249‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Formula
One
7.81%,
01/15/2030
(k)
5‌
5‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Lions
Gate
Capital
Holdings
LLC
6.88%,
03/24/2025
(k)
207‌
205‌
3
Month
USD
LIBOR
+
2.25%
Nascar
Holdings
LLC
7.07%,
10/19/2026
(k)
187‌
187‌
1
Month
USD
LIBOR
+
2.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
97
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
PCI
Gaming
Authority
7.07%,
05/29/2026
(k)
$
243‌
$
242‌
1
Month
USD
LIBOR
+
2.50%
Scientific
Games
Holdings
LP
8.10%,
02/04/2029
(k)
124‌
122‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Scientific
Games
International
Inc
7.58%,
04/14/2029
(k)
126‌
126‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
SeaWorld
Parks
&
Entertainment
Inc
7.63%,
08/25/2028
(k)
142‌
141‌
1
Month
USD
LIBOR
+
3.00%
Stars
Group
Holdings
BV
6.98%,
07/21/2026
(k)
733‌
731‌
3
Month
USD
LIBOR
+
2.25%
William
Morris
Endeavor
Entertainment
LLC
7.32%,
05/16/2025
(k)
218‌
217‌
3
Month
USD
LIBOR
+
2.75%
$
5,523‌
Environmental
Control
-
0.01%
Covanta
Holding
Corp
7.06%,
11/17/2028
(k)
197‌
196‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
7.06%,
11/17/2028
(k)
15‌
15‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
GFL
Environmental
Inc
7.66%,
05/27/2027
(k)
269‌
269‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
480‌
Food
-
0.03%
8th
Avenue
Food
&
Provisions
Inc
8.32%,
09/19/2025
(k)
263‌
230‌
1
Month
USD
LIBOR
+
3.75%
9.32%,
10/01/2025
(k)
46‌
41‌
1
Month
USD
LIBOR
+
4.75%
CHG
PPC
Parent
LLC
7.62%,
12/08/2028
(k)
233‌
229‌
1
Month
USD
LIBOR
+
3.00%
Froneri
US
Inc
6.82%,
01/31/2027
(k)
41‌
40‌
1
Month
USD
LIBOR
+
2.25%
H-Food
Holdings
LLC
8.26%,
05/23/2025
(k)
168‌
150‌
3
Month
USD
LIBOR
+
3.69%
Total
Produce
USA
Holdings
Inc
6.76%,
08/03/2028
(k)
9‌
9‌
1
Month
USD
LIBOR
+
2.00%
US
Foods
Inc
6.57%,
09/14/2026
(k)
248‌
247‌
1
Month
USD
LIBOR
+
2.00%
7.32%,
11/22/2028
(k)
139‌
139‌
1
Month
USD
LIBOR
+
2.75%
$
1,085‌
Forest
Products
&
Paper
-
0.01%
Asplundh
Tree
Expert
LLC
6.32%,
09/06/2027
(k)
359‌
358‌
1
Month
USD
LIBOR
+
1.75%
Hand
&
Machine
Tools
-
0.01%
Alliance
Laundry
Systems
LLC
8.31%,
09/30/2027
(k)
229‌
227‌
3
Month
USD
LIBOR
+
3.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Products
-
0.10%
Avantor
Funding
Inc
6.82%,
11/08/2027
(k)
$
56‌
$
56‌
1
Month
USD
LIBOR
+
2.25%
Bausch
+
Lomb
Corp
7.84%,
05/10/2027
(k)
671‌
655‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Carestream
Health
Inc
12.18%,
09/30/2027
(k)
1,180‌
785‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.50%
Curia
Global
Inc
8.53%,
08/30/2026
(k)
478‌
408‌
1
Month
USD
LIBOR
+
3.75%
Embecta
Corp
7.79%,
03/31/2029
(k)
57‌
56‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
ICU
Medical
Inc
7.22%,
12/15/2028
(k)
18‌
18‌
1
Month
USD
LIBOR
+
2.50%
Insulet
Corp
7.93%,
05/04/2028
(k)
86‌
86‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Medline
Borrower
LP
7.82%,
10/23/2028
(k)
830‌
799‌
1
Month
USD
LIBOR
+
3.25%
Viant
Medical
Holdings
Inc
8.32%,
07/02/2025
(k)
277‌
258‌
1
Month
USD
LIBOR
+
3.75%
Vyaire
Medical
Inc
9.52%,
04/16/2025
(k)
895‌
639‌
3
Month
USD
LIBOR
+
4.75%
$
3,760‌
Healthcare
-
Services
-
0.10%
Catalent
Pharma
Solutions
Inc
6.62%,
02/22/2028
(k)
197‌
196‌
1
Month
USD
LIBOR
+
2.00%
DaVita
Inc
6.32%,
08/12/2026
(k)
134‌
132‌
1
Month
USD
LIBOR
+
1.75%
Global
Medical
Response
Inc
8.82%,
03/14/2025
(k)
197‌
156‌
1
Month
USD
LIBOR
+
4.25%
8.83%,
10/02/2025
(k)
509‌
402‌
1
Month
USD
LIBOR
+
4.25%
ICON
Luxembourg
Sarl
7.00%,
07/03/2028
(k)
392‌
391‌
3
Month
USD
LIBOR
+
2.25%
LifePoint
Health
Inc
7.86%,
11/17/2025
(k)
235‌
224‌
1
Month
USD
LIBOR
+
3.75%
Onex
TSG
Intermediate
Corp
9.57%,
02/25/2028
(k)
60‌
53‌
1
Month
USD
LIBOR
+
4.75%
Phoenix
Guarantor
Inc
7.82%,
03/05/2026
(k)
101‌
99‌
1
Month
USD
LIBOR
+
3.25%
Phoenix
Newco
Inc
7.82%,
11/15/2028
(k)
760‌
744‌
1
Month
USD
LIBOR
+
3.25%
Quorum
Health
Corp
12.98%,
04/29/2025
(k)
317‌
222‌
3
Month
USD
LIBOR
+
7.00%
Select
Medical
Corp
7.07%,
03/06/2025
(k)
433‌
431‌
1
Month
USD
LIBOR
+
2.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
98
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Surgery
Center
Holdings
Inc
8.36%,
09/03/2026
(k)
$
475‌
$
472‌
1
Month
USD
LIBOR
+
3.75%
Team
Health
Holdings
Inc
7.32%,
02/06/2024
(k)
228‌
210‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
9.81%,
03/02/2027
(k)
15‌
13‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
US
Radiology
Specialists
Inc
9.87%,
12/10/2027
(k)
91‌
85‌
3
Month
USD
LIBOR
+
5.25%
$
3,830‌
Home
Furnishings
-
0.03%
AI
Aqua
Merger
Sub
Inc
0.00%,
07/31/2028
(k),(m)
406‌
390‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
8.31%,
07/30/2028
(k)
373‌
358‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
MillerKnoll
Inc
6.68%,
07/19/2028
(k)
361‌
354‌
1
Month
USD
LIBOR
+
2.00%
Weber-Stephen
Products
LLC
7.82%,
10/30/2027
(k)
197‌
172‌
1
Month
USD
LIBOR
+
3.25%
$
1,274‌
Insurance
-
0.06%
Acrisure
LLC
6.04%,
02/15/2027
(k)
274‌
261‌
1
Month
USD
LIBOR
+
3.50%
Alliant
Holdings
Intermediate
LLC
8.09%,
11/06/2027
(k)
244‌
241‌
1
Month
USD
LIBOR
+
3.50%
10.10%,
11/04/2027
(k)
131‌
129‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Asurion
LLC
7.57%,
11/03/2024
(k)
156‌
156‌
1
Month
USD
LIBOR
+
3.00%
7.82%,
07/31/2027
(k)
126‌
117‌
1
Month
USD
LIBOR
+
3.25%
9.82%,
01/20/2029
(k)
480‌
409‌
1
Month
USD
LIBOR
+
5.25%
BroadStreet
Partners
Inc
7.57%,
01/27/2027
(k)
30‌
30‌
1
Month
USD
LIBOR
+
3.00%
7.82%,
01/27/2027
(k)
95‌
93‌
1
Month
USD
LIBOR
+
3.25%
HUB
International
Ltd
7.82%,
04/25/2025
(k)
162‌
162‌
3
Month
USD
LIBOR
+
3.00%
8.06%,
04/25/2025
(k)
103‌
102‌
1
Month
USD
LIBOR
+
3.25%
8.73%,
10/30/2029
(k)
125‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
USI
Inc/NY
8.33%,
11/14/2029
(k)
498‌
496‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
2,321‌
Internet
-
0.03%
CNT
Holdings
I
Corp
8.13%,
11/08/2027
(k)
151‌
149‌
1
Month
USD
LIBOR
+
3.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
Gen
Digital
Inc
6.66%,
09/12/2029
(k)
$
614‌
$
607‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Uber
Technologies
Inc
8.23%,
04/04/2025
(k)
324‌
323‌
3
Month
USD
LIBOR
+
3.50%
$
1,079‌
Leisure
Products
&
Services
-
0.07%
Alterra
Mountain
Co
7.38%,
07/31/2024
(k)
88‌
87‌
1
Month
USD
LIBOR
+
2.75%
Carnival
Corp
7.38%,
06/30/2025
(k)
430‌
422‌
6
Month
USD
LIBOR
+
3.00%
7.82%,
10/18/2028
(k)
113‌
110‌
6
Month
USD
LIBOR
+
3.25%
ClubCorp
Holdings
Inc
7.48%,
09/18/2024
(k)
610‌
572‌
3
Month
USD
LIBOR
+
2.75%
Equinox
Holdings
Inc
7.73%,
03/08/2024
(k)
462‌
387‌
3
Month
USD
LIBOR
+
3.00%
Hayward
Industries
Inc
7.07%,
05/28/2028
(k)
481‌
468‌
1
Month
USD
LIBOR
+
2.50%
Life
Time
Inc
9.48%,
12/10/2024
(k)
153‌
153‌
3
Month
USD
LIBOR
+
4.75%
SRAM
LLC
7.40%,
05/18/2028
(k)
221‌
219‌
1
Month
USD
LIBOR
+
2.75%
Topgolf
Callaway
Brands
Corp
9.07%,
01/02/2026
(k)
174‌
174‌
1
Month
USD
LIBOR
+
4.50%
$
2,592‌
Lodging
-
0.02%
Fertitta
Entertainment
LLC/NV
8.56%,
01/13/2029
(k)
813‌
790‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Machinery
-
Diversified
-
0.02%
Ali
Group
North
America
Corp
6.69%,
07/30/2029
(k)
413‌
411‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Chart
Industries
Inc
0.00%,
12/07/2029
(k),(m)
235‌
235‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
TK
Elevator
US
Newco
Inc
8.60%,
07/30/2027
(k)
82‌
80‌
6
Month
USD
LIBOR
+
3.50%
$
726‌
Media
-
0.10%
Altice
Financing
SA
9.57%,
10/31/2027
(k)
140‌
140‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
Cengage
Learning
Inc
9.88%,
07/14/2026
(k)
336‌
316‌
6
Month
USD
LIBOR
+
4.75%
CSC
Holdings
LLC
9.06%,
01/16/2028
(k)
540‌
505‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
99
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Diamond
Sports
Group
LLC
8.03%,
08/24/2026
(k)
$
2,296‌
$
260‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Directv
Financing
LLC
9.57%,
08/02/2027
(k)
611‌
593‌
1
Month
USD
LIBOR
+
5.00%
Gray
Television
Inc
7.07%,
02/07/2024
(k)
160‌
160‌
1
Month
USD
LIBOR
+
2.50%
7.07%,
01/02/2026
(k)
137‌
135‌
1
Month
USD
LIBOR
+
2.50%
iHeartCommunications
Inc
7.57%,
05/01/2026
(k)
569‌
551‌
1
Month
USD
LIBOR
+
3.00%
LCPR
Loan
Financing
LLC
8.34%,
10/13/2028
(k)
145‌
144‌
1
Month
USD
LIBOR
+
3.75%
McGraw-Hill
Education
Inc
8.32%,
07/28/2028
(k)
366‌
351‌
1
Month
USD
LIBOR
+
4.75%
Nexstar
Media
Inc
7.07%,
09/18/2026
(k)
173‌
172‌
1
Month
USD
LIBOR
+
2.50%
Univision
Communications
Inc
7.32%,
03/15/2024
(k)
58‌
58‌
3
Month
USD
LIBOR
+
2.75%
Virgin
Media
Bristol
LLC
7.09%,
01/31/2028
(k)
61‌
60‌
1
Month
USD
LIBOR
+
2.50%
WideOpenWest
Finance
LLC
7.58%,
12/20/2028
(k)
210‌
209‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Ziggo
Financing
Partnership
7.09%,
04/28/2028
(k)
236‌
231‌
1
Month
USD
LIBOR
+
2.50%
$
3,885‌
Metal
Fabrication
&
Hardware
-
0.01%
Grinding
Media
Inc
8.07%,
10/12/2028
(k)
234‌
219‌
1
Month
USD
LIBOR
+
4.00%
Miscellaneous
Manufacturers
-
0.02%
Gates
Global
LLC
7.07%,
03/31/2027
(k)
654‌
650‌
1
Month
USD
LIBOR
+
2.50%
Oil
&
Gas
-
0.08%
Gulf
Finance
LLC
11.44%,
08/25/2026
(k)
585‌
572‌
1
Month
USD
LIBOR
+
6.75%
Quarternorth
Energy
Holding
Inc
12.57%,
08/27/2026
(k)
2,494‌
2,479‌
1
Month
USD
LIBOR
+
8.00%
$
3,051‌
Packaging
&
Containers
-
0.02%
Berry
Global
Inc
6.32%,
07/01/2026
(k)
177‌
176‌
1
Month
USD
LIBOR
+
1.75%
Clydesdale
Acquisition
Holdings
Inc
8.84%,
04/13/2029
(k)
103‌
102‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.18%
Kloeckner
Pentaplast
of
America
Inc
8.26%,
02/12/2026
(k)
253‌
233‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
(continued)
Pactiv
Evergreen
Group
Holdings
Inc
7.82%,
09/22/2028
(k)
$
220‌
$
218‌
1
Month
USD
LIBOR
+
3.50%
Plaze
Inc
8.32%,
08/03/2026
(k)
109‌
102‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
831‌
Pharmaceuticals
-
0.09%
Amneal
Pharmaceuticals
LLC
8.19%,
05/04/2025
(k)
171‌
160‌
3
Month
USD
LIBOR
+
3.50%
Gainwell
Acquisition
Corp
8.73%,
10/01/2027
(k)
383‌
369‌
3
Month
USD
LIBOR
+
4.00%
Grifols
Worldwide
Operations
USA
Inc
6.57%,
11/15/2027
(k)
497‌
483‌
1
Month
USD
LIBOR
+
2.00%
Jazz
Financing
Lux
Sarl
8.07%,
05/05/2028
(k)
469‌
468‌
1
Month
USD
LIBOR
+
3.50%
Mallinckrodt
International
Finance
SA
9.99%,
09/24/2024
(k)
8‌
7‌
3
Month
USD
LIBOR
+
2.75%
10.24%,
09/30/2027
(k)
347‌
273‌
3
Month
USD
LIBOR
+
5.50%
10.51%,
09/30/2027
(k)
920‌
726‌
3
Month
USD
LIBOR
+
5.25%
Organon
&
Co
7.75%,
06/02/2028
(k)
634‌
626‌
3
Month
USD
LIBOR
+
3.00%
PRA
Health
Sciences
Inc
7.00%,
07/03/2028
(k)
160‌
160‌
3
Month
USD
LIBOR
+
2.25%
$
3,272‌
Pipelines
-
0.02%
BCP
Renaissance
Parent
LLC
8.06%,
10/31/2026
(k)
158‌
157‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Buckeye
Partners
LP
6.82%,
11/01/2026
(k)
78‌
77‌
1
Month
USD
LIBOR
+
2.25%
Freeport
LNG
Investments
LLLP
7.81%,
11/17/2026
(k)
461‌
451‌
3
Month
USD
LIBOR
+
3.00%
M6
ETX
Holdings
II
Midco
LLC
9.16%,
08/10/2029
(k)
84‌
83‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
TransMontaigne
Operating
Co
LP
8.07%,
11/03/2028
(k)
80‌
80‌
1
Month
USD
LIBOR
+
3.50%
Traverse
Midstream
Partners
LLC,
Term
Loan
0.00%,
02/12/2028
(k),(m)
40‌
40‌
$
888‌
Real
Estate
-
0.00%
Cushman
&
Wakefield
US
Borrower
LLC
7.91%,
01/31/2030
(k)
19‌
19‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Retail
-
0.09%
1011778
BC
ULC
5.57%,
11/19/2026
(k)
404‌
400‌
1
Month
USD
LIBOR
+
1.75%
Academy
Ltd
8.32%,
11/05/2027
(k)
159‌
159‌
1
Month
USD
LIBOR
+
3.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
100
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Belk
Inc
5.00%,
PIK
8.00%,
07/31/2025
(k),(l)
$
1,139‌
$
173‌
12.46%,
07/31/2025
(k)
232‌
195‌
3
Month
USD
LIBOR
+
7.50%
EG
America
LLC
8.74%,
02/07/2025
(k)
10‌
9‌
3
Month
USD
LIBOR
+
4.00%
IRB
Holding
Corp
7.69%,
12/15/2027
(k)
284‌
280‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Jo-Ann
Stores
LLC
9.57%,
07/07/2028
(k)
854‌
473‌
3
Month
USD
LIBOR
+
4.75%
LS
Group
OpCo
Acquistion
LLC
8.06%,
11/02/2027
(k)
212‌
210‌
1
Month
USD
LIBOR
+
3.25%
Michaels
Cos
Inc/The
8.98%,
04/15/2028
(k)
219‌
200‌
3
Month
USD
LIBOR
+
4.25%
PetSmart
LLC
8.41%,
02/11/2028
(k)
845‌
842‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Reverb
Buyer
Inc
8.07%,
10/06/2028
(k)
97‌
94‌
3
Month
USD
LIBOR
+
3.50%
RH
7.07%,
10/20/2028
(k)
280‌
269‌
1
Month
USD
LIBOR
+
2.50%
Staples
Inc
9.81%,
04/09/2026
(k)
210‌
194‌
3
Month
USD
LIBOR
+
5.00%
$
3,498‌
Semiconductors
-
0.03%
Bright
Bidco
BV
12.68%,
10/31/2027
(k)
777‌
679‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
8.00%
Entegris
Inc
7.58%,
07/06/2029
(k)
220‌
220‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
MACOM
Technology
Solutions
Holdings
Inc
6.82%,
05/17/2024
(k)
68‌
68‌
3
Month
USD
LIBOR
+
2.25%
$
967‌
Software
-
0.25%
AthenaHealth
Group
Inc
8.06%,
02/15/2029
(k)
27‌
25‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
8.06%,
02/15/2029
(k)
11‌
10‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Avaya
Holdings
Corp
14.48%,
12/15/2027
(k)
457‌
112‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
10.00%
Avaya
Inc
8.46%,
12/15/2027
(k)
2,269‌
564‌
1
Month
USD
LIBOR
+
4.00%
Boxer
Parent
Co
Inc
8.32%,
10/02/2025
(k)
30‌
29‌
1
Month
USD
LIBOR
+
3.75%
Camelot
Finance
SA
7.52%,
10/30/2026
(k)
10‌
10‌
1
Month
USD
LIBOR
+
3.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
CCC
Intelligent
Solutions
Inc
6.80%,
09/21/2028
(k)
$
181‌
$
179‌
3
Month
USD
LIBOR
+
2.25%
Central
Parent
Inc
9.08%,
06/07/2029
(k)
165‌
164‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Ceridian
HCM
Holding
Inc
7.07%,
04/04/2025
(k)
126‌
126‌
1
Month
USD
LIBOR
+
2.50%
DTI
Holdco
Inc
9.43%,
04/26/2029
(k)
298‌
277‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Dun
&
Bradstreet
Corp/The
7.77%,
02/06/2026
(k)
5‌
5‌
1
Month
USD
LIBOR
+
3.25%
Epicor
Software
Corp
7.82%,
07/30/2027
(k)
743‌
728‌
1
Month
USD
LIBOR
+
3.25%
Finastra
USA
Inc
8.33%,
06/13/2024
(k)
707‌
665‌
3
Month
USD
LIBOR
+
3.50%
Genesys
Cloud
Services
Holdings
II
LLC
8.57%,
12/01/2027
(k)
510‌
504‌
1
Month
USD
LIBOR
+
4.00%
Greenway
Health
LLC
8.48%,
02/16/2024
(k)
308‌
231‌
3
Month
USD
LIBOR
+
4.25%
IGT
Holding
IV
AB
8.13%,
03/31/2028
(k)
140‌
138‌
3
Month
USD
LIBOR
+
3.40%
Informatica
LLC
7.37%,
10/27/2028
(k)
341‌
340‌
1
Month
USD
LIBOR
+
2.75%
Open
Text
Corp
0.00%,
11/16/2029
(k),(m)
650‌
649‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Physician
Partners
LLC
8.66%,
12/26/2028
(k)
117‌
112‌
1
Month
USD
LIBOR
+
4.00%
Playtika
Holding
Corp
7.32%,
03/11/2028
(k)
128‌
127‌
1
Month
USD
LIBOR
+
2.75%
Project
Ruby
Ultimate
Parent
Corp
7.82%,
03/10/2028
(k)
246‌
238‌
1
Month
USD
LIBOR
+
3.25%
Rackspace
Technology
Global
Inc
7.59%,
02/15/2028
(k)
1,712‌
1,072‌
3
Month
USD
LIBOR
+
2.75%
Riverbed
Technology
Inc
10.84%,
PIK
2.00%,
12/08/2026
(k),(l)
1,413‌
479‌
3
Month
USD
LIBOR
+
6.00%
Sophia
LP
8.23%,
10/07/2027
(k)
153‌
151‌
3
Month
USD
LIBOR
+
3.50%
SS&C
Technologies
Inc
6.32%,
04/16/2025
(k)
180‌
179‌
1
Month
USD
LIBOR
+
1.75%
6.32%,
04/16/2025
(k)
131‌
131‌
1
Month
USD
LIBOR
+
1.75%
6.38%,
04/16/2025
(k)
203‌
202‌
1
Month
USD
LIBOR
+
1.75%
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
101
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
UKG
Inc
8.03%,
05/04/2026
(k)
$
534‌
$
523‌
3
Month
USD
LIBOR
+
3.25%
8.57%,
05/04/2026
(k)
205‌
202‌
1
Month
USD
LIBOR
+
3.75%
West
Technology
Group
LLC
8.08%,
10/10/2024
(k)
203‌
190‌
3
Month
USD
LIBOR
+
3.50%
8.83%,
10/10/2024
(k)
831‌
727‌
3
Month
USD
LIBOR
+
4.00%
Zelis
Payments
Buyer
Inc
8.07%,
09/30/2026
(k)
58‌
57‌
1
Month
USD
LIBOR
+
3.50%
ZoomInfo
LLC
7.66%,
02/01/2026
(k)
292‌
293‌
1
Month
USD
LIBOR
+
3.00%
$
9,439‌
Telecommunications
-
0.20%
Altice
France
SA/France
8.52%,
01/31/2026
(k)
55‌
53‌
3
Month
USD
LIBOR
+
3.69%
8.86%,
08/14/2026
(k)
616‌
597‌
3
Month
USD
LIBOR
+
4.00%
Avaya
Inc
8.71%,
12/15/2027
(k)
3,273‌
823‌
1
Month
USD
LIBOR
+
4.25%
10.00%,
08/14/2023
(k)
945‌
973‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
8.00%
Cincinnati
Bell
Inc
7.91%,
11/23/2028
(k)
165‌
164‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
CommScope
Inc
7.82%,
04/06/2026
(k)
145‌
141‌
1
Month
USD
LIBOR
+
3.25%
Cyxtera
DC
Holdings
Inc
7.82%,
05/01/2024
(k)
799‌
709‌
3
Month
USD
LIBOR
+
3.00%
Dawn
Acquisitions
LLC
8.48%,
12/31/2025
(k)
1,903‌
1,182‌
3
Month
USD
LIBOR
+
3.75%
Delta
Topco
Inc
8.15%,
12/01/2027
(k)
312‌
290‌
3
Month
USD
LIBOR
+
3.75%
EOS
US
Finco
LLC
10.60%,
08/03/2029
(k)
215‌
212‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.00%
Frontier
Communications
Holdings
LLC
8.50%,
05/01/2028
(k)
619‌
604‌
3
Month
USD
LIBOR
+
3.75%
Gogo
Intermediate
Holdings
LLC
8.58%,
04/28/2028
(k)
87‌
87‌
3
Month
USD
LIBOR
+
3.75%
Intelsat
Jackson
Holdings
SA
9.08%,
01/26/2029
(k)
468‌
463‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.25%
Iridium
Satellite
LLC
7.16%,
11/06/2026
(k)
346‌
346‌
1
Month
USD
LIBOR
+
2.50%
Maxar
Technologies
Inc
8.91%,
06/14/2029
(k)
399‌
400‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
MLN
US
Holdco
LLC
8.25%,
11/30/2025
(k)
$
1,058‌
$
276‌
6
Month
USD
LIBOR
+
4.50%
11.15%,
10/17/2027
(k)
615‌
430‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.80%
$
7,750‌
Transportation
-
0.01%
Genesee
&
Wyoming
Inc
6.73%,
12/30/2026
(k)
202‌
202‌
3
Month
USD
LIBOR
+
2.00%
XPO
Inc
6.33%,
02/24/2025
(k)
144‌
144‌
1
Month
USD
LIBOR
+
1.75%
$
346‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
77,631‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
30.82%
Principal
Amount
(000's)
Value
(000's)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
0.10%
5.00%,
04/01/2053
(n)
$
4,000‌
$
3,931‌
U.S.
Treasury
Bill
-
14.38%
4.20%,
04/13/2023
(a),(o)
5,000‌
4,973‌
4.22%,
03/09/2023
(a),(o)
36,475‌
36,439‌
4.25%,
03/23/2023
(a),(o),(p),(q)
141,000‌
140,627‌
4.28%,
03/07/2023
(a),(o),(p)
24,105‌
24,087‌
4.40%,
04/11/2023
(a),(o),(p),(q)
185,220‌
184,252‌
4.49%,
03/28/2023
(a),(o)
11,355‌
11,317‌
4.49%,
04/25/2023
(a),(o)
95,640‌
94,962‌
4.54%,
03/21/2023
(a),(o)
14,010‌
13,975‌
4.55%,
04/04/2023
(a),(o)
14,515‌
14,453‌
4.67%,
04/18/2023
(a),(o),(p)
17,700‌
17,591‌
4.68%,
05/30/2023
(a),(o),(q)
5,200‌
5,139‌
$
547,815‌
U.S.
Treasury
Inflation-Indexed
Obligations
-
16.34%
0.13%,
07/15/2024
24,482‌
23,956‌
0.13%,
10/15/2024
19,330‌
18,808‌
0.13%,
04/15/2025
16,121‌
15,485‌
0.13%,
10/15/2025
18,267‌
17,503‌
0.13%,
04/15/2026
15,409‌
14,577‌
0.13%,
07/15/2026
18,681‌
17,709‌
0.13%,
10/15/2026
21,663‌
20,454‌
0.13%,
04/15/2027
21,817‌
20,389‌
0.13%,
01/15/2030
19,588‌
17,742‌
0.13%,
07/15/2030
(q)
21,699‌
19,596‌
0.13%,
01/15/2031
22,518‌
20,160‌
0.13%,
07/15/2031
23,288‌
20,772‌
0.13%,
01/15/2032
24,000‌
21,197‌
0.13%,
02/15/2051
8,539‌
5,717‌
0.13%,
02/15/2052
9,580‌
6,395‌
0.25%,
01/15/2025
18,154‌
17,568‌
0.25%,
07/15/2029
17,335‌
15,989‌
0.25%,
02/15/2050
8,433‌
5,915‌
0.38%,
07/15/2025
22,545‌
21,828‌
0.38%,
01/15/2027
17,446‌
16,532‌
0.38%,
07/15/2027
18,867‌
17,857‌
0.50%,
04/15/2024
12,539‌
12,324‌
0.50%,
01/15/2028
8,201‌
7,744‌
0.63%,
01/15/2026
19,045‌
18,385‌
0.63%,
07/15/2032
(q)
25,962‌
23,998‌
0.63%,
02/15/2043
8,378‌
6,910‌
0.75%,
07/15/2028
15,842‌
15,159‌
0.75%,
02/15/2042
10,496‌
8,965‌
0.75%,
02/15/2045
12,695‌
10,543‌
0.88%,
01/15/2029
14,670‌
14,045‌
0.88%,
02/15/2047
8,029‌
6,750‌
1.00%,
02/15/2046
6,608‌
5,754‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
102
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
Inflation-Indexed
Obligations
(continued)
1.00%,
02/15/2048
$
5,771‌
$
4,977‌
1.00%,
02/15/2049
5,113‌
4,406‌
1.13%,
01/15/2033
9,198‌
8,868‌
1.38%,
02/15/2044
11,786‌
11,163‌
1.50%,
02/15/2053
4,119‌
4,060‌
1.63%,
10/15/2027
15,845‌
15,837‌
1.75%,
01/15/2028
7,763‌
7,780‌
2.00%,
01/15/2026
9,175‌
9,200‌
2.13%,
02/15/2040
4,554‌
4,907‌
2.13%,
02/15/2041
6,575‌
7,084‌
2.38%,
01/15/2025
15,207‌
15,305‌
2.38%,
01/15/2027
8,869‌
9,059‌
2.50%,
01/15/2029
8,006‌
8,377‌
3.38%,
04/15/2032
3,538‌
4,068‌
3.63%,
04/15/2028
8,536‌
9,326‌
3.88%,
04/15/2029
9,812‌
11,062‌
$
622,205‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,173,951‌
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
28‌
Total
Investments
$
3,759,709‌
Other
Assets
and
Liabilities
-  1.29%
49,201‌
TOTAL
NET
ASSETS
-
100.00%
$
3,808,910‌
(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
$17,752
or
0.47%
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
$17,306
or
0.45%
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
$104,661
or
2.75%
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
February
28,
2023,
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
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$62,242
or
1.63%
of
net
assets.
(q)
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
$50,773
or
1.33%
of
net
assets.
Portfolio
Summary
Sector
Percent
Government
30.76‌%
Utilities
18.00‌%
Financial
15.19‌%
Energy
10.51‌%
Industrial
8.02‌%
Consumer,
Non-cyclical
4.82‌%
Basic
Materials
4.25‌%
Money
Market
Funds
3.80‌%
Investment
Companies
1.16‌%
Consumer,
Cyclical
0.75‌%
Technology
0.62‌%
Communications
0.46‌%
Mortgage
Securities
0.25‌%
Asset
Backed
Securities
0.12‌%
Purchased
Options
0.00‌%
Investments
Sold
Short
(0.10‌)%
Other
Assets
and
Liabilities
1.39‌%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
790,957‌
$
697,035‌
$
93,922‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
319,187‌
1,157,047‌
1,476,234‌
—‌
$
319,187‌
$
1,948,004‌
$
2,173,269‌
$
93,922‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
980‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
843‌
—‌
—‌
—‌
$
1,823‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
103
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Bright
Bidco
12/09/2022
$
331‌
$
186‌
0.00%
Millennium
Health
LLC
03/15/2016
—‌
3‌
0.00%
Millennium
Health
LLC
03/15/2016
—‌
1‌
0.00%
Total
$
190‌
0.00%
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
3
Month
SOFR
Future;
June
2024
N/A
732‌
$
1,830‌
$
97.00‌
06/20/2023
$
436‌
$
28‌
$
(408‌)
Total
$
436‌
$
28‌
$
(408‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
3
Month
SOFR
Future;
June
2024
N/A
732‌
$
1,830‌
$
97.63‌
06/20/2023
$
(178‌)
$
(9‌)
$
169‌
Total
$
(178‌)
$
(9‌)
$
169‌
Amounts
in
thousands
except
contracts/shares.
Interest
Rate
Swaptions
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
Pay
$
1,013‌
3.35%
02/21/2024
$
(35‌)
$
(30‌)
$
5‌
Call
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Receive
4,983‌
3.02%
12/15/2023
(198‌)
(74‌)
124‌
Put
-
10
Year
Interest
Rate
Swap
Barclays
Bank
PLC
Secured
Overnight
Financing
Rate
Receive
1,013‌
3.35%
02/21/2024
(34‌)
(38‌)
(4‌)
Put
-
10
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Pay
4,983‌
3.02%
12/15/2023
(198‌)
(261‌)
(63‌)
Total
$
(465‌)
$
(403‌)
$
62‌
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Brent
Crude;
December
2024
(a)
Short
67‌
$
5,040‌
$
33‌
Brent
Crude;
December
2025
(a)
Short
18‌
1,285‌
46‌
Brent
Crude;
May
2023
(a)
Long
437‌
36,468‌
(408‌)
Brent
Crude;
September
2023
(a)
Long
227‌
18,471‌
(105‌)
California
Carbon
Allowance
Vintage;
December
2023
(a)
Long
32‌
958‌
(6‌)
Cocoa;
July
2023
(a)
Short
663‌
18,484‌
(1,058‌)
Cocoa;
September
2023
(a)
Long
13‌
361‌
2‌
Coffee
'C';
July
2023
(a)
Short
70‌
4,854‌
(743‌)
Coffee
'C';
May
2023
(a)
Short
18‌
1,257‌
(78‌)
Copper;
May
2023
(a)
Long
46‌
4,703‌
147‌
Corn;
December
2023
(a)
Short
221‌
6,296‌
311‌
Corn;
May
2023
(a)
Long
113‌
3,561‌
(266‌)
Corn;
September
2023
(a)
Long
539‌
15,698‌
(148‌)
Cotton
No.2;
December
2023
(a)
Long
19‌
796‌
(3‌)
Cotton
No.2;
July
2023
(a)
Short
219‌
9,248‌
140‌
Cotton
No.2;
May
2023
(a)
Short
17‌
714‌
14‌
Euribor;
December
2023
Long
19‌
4,828‌
(25‌)
Euribor;
June
2023
Short
19‌
4,841‌
9‌
Euro
Buxl
30
Year
Bond;
March
2023
Short
10‌
1,420‌
126‌
Euro
Milling
Wheat;
September
2023
(a)
Long
84‌
1,206‌
6‌
Frozen
Concentrated
Orange
Juice-A;
May
2023
(a)
Short
47‌
1,788‌
(214‌)
Gasoline
RBOB;
June
2023
(a)
Short
47‌
5,127‌
280‌
Gasoline
RBOB;
September
2023
(a)
Long
35‌
3,632‌
19‌
Gold
100
oz;
April
2023
(a)
Long
93‌
17,081‌
(1,017‌)
Gold
100
oz;
August
2023
(a)
Long
132‌
24,703‌
150‌
Japan
10
Year
Bond
TSE;
June
2023
Short
1‌
1,067‌
—‌
Japan
10
Year
Bond
TSE;
March
2023
Short
11‌
11,848‌
38‌
KC
HRW
Wheat;
May
2023
(a)
Long
43‌
1,747‌
(125‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
104
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
KC
HRW
Wheat;
September
2023
(a)
Long
15‌
$
607‌
$
(10‌)
Lean
Hogs;
April
2023
(a)
Long
72‌
2,453‌
(152‌)
Live
Cattle;
April
2023
(a)
Short
178‌
11,782‌
(200‌)
LME
Copper;
June
2023
(a)
Long
87‌
$
19,495‌
$
375‌
LME
Copper;
March
2023
(a)
Short
—‌
—‌
867‌
LME
Lead;
June
2023
(a)
Long
18‌
948‌
17‌
LME
Lead;
March
2023
(a)
Long
71‌
3,724‌
13‌
LME
Lead;
March
2023
(a)
Short
—‌
—‌
(107‌)
LME
Nickel;
June
2023
(a)
Long
7‌
1,044‌
(58‌)
LME
Nickel;
March
2023
(a)
Long
59‌
8,715‌
(902‌)
LME
Nickel;
March
2023
(a)
Short
—‌
—‌
28‌
LME
PRI
Alum;
December
2024
(a)
Short
73‌
4,689‌
23‌
LME
PRI
Alum;
June
2023
(a)
Short
55‌
3,278‌
(399‌)
LME
PRI
Alum;
June
2023
(a)
Long
259‌
15,436‌
(321‌)
LME
PRI
Alum;
March
2023
(a)
Long
12‌
701‌
181‌
LME
PRI
Alum;
March
2023
(a)
Short
—‌
—‌
(431‌)
LME
Zinc;
June
2023
(a)
Long
61‌
4,572‌
(156‌)
LME
Zinc;
March
2023
(a)
Long
205‌
15,445‌
(706‌)
LME
Zinc;
March
2023
(a)
Short
—‌
—‌
186‌
Low
Sulphur
Gasoline;
April
2023
(a)
Long
60‌
4,950‌
42‌
Low
Sulphur
Gasoline;
June
2023
(a)
Long
19‌
1,516‌
14‌
Low
Sulphur
Gasoline;
March
2023
(a)
Long
104‌
8,666‌
257‌
Low
Sulphur
Gasoline;
September
2023
(a)
Long
26‌
2,037‌
7‌
Natural
Gas;
April
2023
(a)
Long
953‌
26,179‌
1,882‌
Natural
Gas;
July
2023
(a)
Short
228‌
7,323‌
(818‌)
Natural
Gas;
June
2023
(a)
Short
194‌
5,890‌
28‌
Natural
Gas;
May
2023
(a)
Short
20‌
573‌
(26‌)
Natural
Gas;
September
2023
(a)
Long
36‌
1,163‌
20‌
NY
Harb
ULSD;
July
2023
(a)
Short
4‌
452‌
(15‌)
NY
Harb
ULSD;
June
2023
(a)
Short
44‌
5,013‌
410‌
NY
Harb
ULSD;
September
2023
(a)
Long
22‌
2,476‌
11‌
Platinum;
April
2023
(a)
Long
89‌
4,252‌
(228‌)
Platinum;
July
2023
(a)
Long
30‌
1,442‌
8‌
SGX
Iron
Ore
62%;
April
2023
(a)
Long
39‌
481‌
12‌
Silver;
May
2023
(a)
Long
169‌
17,805‌
(1,002‌)
Silver;
September
2023
(a)
Long
30‌
3,216‌
44‌
Soybean
Meal;
December
2023
(a)
Long
18‌
748‌
23‌
Soybean
Meal;
May
2023
(a)
Long
250‌
11,678‌
(205‌)
Soybean
Oil;
December
2023
(a)
Long
69‌
2,381‌
(14‌)
Soybean
Oil;
May
2023
(a)
Long
436‌
15,707‌
73‌
Soybean;
May
2023
(a)
Short
54‌
3,993‌
149‌
Soybean;
November
2023
(a)
Long
122‌
8,218‌
(95‌)
Sugar
#11;
May
2023
(a)
Short
589‌
13,240‌
(191‌)
Sugar
#11;
October
2023
(a)
Long
123‌
2,682‌
6‌
US
10
Year
Note;
June
2023
Short
215‌
24,006‌
41‌
US
5
Year
Note;
June
2023
Long
97‌
10,384‌
(31‌)
Wheat;
May
2023
(a)
Long
314‌
11,076‌
(955‌)
Wheat;
September
2023
(a)
Long
13‌
471‌
(6‌)
WTI
Crude;
December
2024
(a)
Long
9‌
630‌
(13‌)
WTI
Crude;
July
2023
(a)
Short
68‌
5,229‌
(163‌)
WTI
Crude;
June
2023
(a)
Short
646‌
49,832‌
2,651‌
WTI
Crude;
May
2023
(a)
Long
5‌
386‌
8‌
WTI
Crude;
September
2023
(a)
Long
163‌
12,396‌
65‌
Total
$
(2,638‌)
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
03/02/2023
$
65‌
GBP
53‌
$
1‌
$
—‌
Citigroup
Inc
03/02/2023
GBP
7‌
$
8‌
—‌
—‌
Citigroup
Inc
03/02/2023
EUR
1,440‌
$
1,526‌
—‌
(3‌)
Citigroup
Inc
03/02/2023
$
36‌
JPY
4,695‌
2‌
—‌
Citigroup
Inc
04/04/2023
$
1,529‌
EUR
1,440‌
3‌
—‌
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
105
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/
(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
HSBC
Securities
Inc
03/02/2023
$
1,607‌
EUR
1,476‌
$
46‌
$
—‌
Total
$
52‌
$
(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
1
Day
Euro
Short
Term
Rate
Pay
2.55%
Annual
Annual
N/A
02/14/2033
EUR
1,530‌
$
(19‌)
$
—‌
$
(19‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.55%
Annual
Annual
N/A
02/10/2033
$
740‌
(4‌)
—‌
(4‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
3.17%
Annual
Annual
N/A
10/21/2023
860‌
(2‌)
—‌
(2‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.99%
Annual
Annual
N/A
10/21/2024
860‌
(1‌)
—‌
(1‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.21%
Annual
Annual
N/A
01/06/2024
865‌
(5‌)
—‌
(5‌)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.31%
Annual
Annual
N/A
01/06/2025
865‌
7‌
—‌
7‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.45%
Annual
Annual
N/A
02/10/2053
265‌
3‌
(1‌)
2‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.61%
Annual
Annual
N/A
12/12/2027
5,845‌
15‌
—‌
15‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.49%
Annual
Annual
N/A
12/12/2052
125‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.61%
Annual
Annual
N/A
12/12/2027
11,405‌
32‌
—‌
32‌
France
Consumer
Price
Index
Excluding
Tobacco
Pay
3.08%
Annual
Annual
N/A
12/15/2032
EUR
1,620‌
(3‌)
1‌
(2‌)
France
Consumer
Price
Index
Excluding
Tobacco
Receive
3.32%
Annual
Annual
N/A
12/15/2027
1,620‌
3‌
(1‌)
2‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.42%
Annual
Annual
N/A
10/15/2032
1,530‌
(62‌)
(2‌)
(64‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.57%
Annual
Annual
N/A
12/15/2032
1,620‌
23‌
—‌
23‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.77%
Annual
Annual
N/A
12/15/2027
1,620‌
(14‌)
—‌
(14‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.60%
Annual
Annual
N/A
08/15/2052
105‌
6‌
—‌
6‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
3.08%
Annual
Annual
N/A
09/15/2027
685‌
7‌
(1‌)
6‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.43%
Annual
Annual
N/A
07/15/2052
200‌
(23‌)
(1‌)
(24‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Receive
2.56%
Annual
Annual
N/A
10/15/2027
1,530‌
46‌
2‌
48‌
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.65%
Annual
Annual
N/A
11/15/2052
105‌
(3‌)
—‌
(3‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.44%
Annual
Annual
N/A
08/15/2052
200‌
(21‌)
(1‌)
(22‌)
Harmonised
Indices
of
Consumer
Prices
Excluding
Food
and
Energy
Pay
2.67%
Annual
Annual
N/A
09/15/2032
685‌
(14‌)
—‌
(14‌)
Secured
Overnight
Financing
Rate
Pay
3.20%
Annual
Annual
N/A
12/06/2032
$
1,683‌
(66‌)
—‌
(66‌)
Secured
Overnight
Financing
Rate
Pay
3.21%
Annual
Annual
N/A
12/06/2032
1,179‌
(46‌)
—‌
(46‌)
Secured
Overnight
Financing
Rate
Pay
3.18%
Annual
Annual
N/A
12/12/2032
1,970‌
(80‌)
—‌
(80‌)
Secured
Overnight
Financing
Rate
Pay
2.78%
Annual
Annual
N/A
07/05/2032
2,087‌
(151‌)
—‌
(151‌)
Secured
Overnight
Financing
Rate
Receive
3.36%
Annual
Annual
N/A
12/22/2032
1,877‌
48‌
—‌
48‌
Secured
Overnight
Financing
Rate
Pay
3.24%
Annual
Annual
N/A
12/05/2032
1,970‌
(72‌)
—‌
(72‌)
Secured
Overnight
Financing
Rate
Receive
2.99%
Annual
Annual
N/A
02/14/2033
1,765‌
18‌
—‌
18‌
Secured
Overnight
Financing
Rate
Receive
3.36%
Annual
Annual
N/A
02/13/2033
882‌
21‌
—‌
21‌
Secured
Overnight
Financing
Rate
Receive
3.46%
Annual
Annual
N/A
02/13/2033
1,103‌
18‌
—‌
18‌
Secured
Overnight
Financing
Rate
Receive
3.46%
Annual
Annual
N/A
02/15/2033
882‌
14‌
—‌
14‌
Secured
Overnight
Financing
Rate
Receive
3.49%
Annual
Annual
N/A
02/17/2033
1,164‌
15‌
—‌
15‌
Secured
Overnight
Financing
Rate
Pay
3.63%
Annual
Annual
N/A
02/22/2033
12,639‌
(21‌)
—‌
(21‌)
Secured
Overnight
Financing
Rate
Receive
3.29%
Annual
Annual
N/A
12/13/2032
1,133‌
37‌
—‌
37‌
Secured
Overnight
Financing
Rate
Pay
3.41%
Annual
Annual
N/A
11/21/2032
1,587‌
(35‌)
—‌
(35‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
106
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
Secured
Overnight
Financing
Rate
Pay
3.58%
Annual
Annual
N/A
11/16/2032
$
1,128‌
$
(9‌)
$
—‌
$
(9‌)
Secured
Overnight
Financing
Rate
Receive
3.59%
Annual
Annual
N/A
02/22/2033
1,744‌
8‌
—‌
8‌
Secured
Overnight
Financing
Rate
Pay
2.83%
Annual
Annual
N/A
07/05/2032
2,087‌
(143‌)
—‌
(143‌)
Secured
Overnight
Financing
Rate
Pay
2.71%
Annual
Annual
N/A
07/06/2032
1,530‌
(121‌)
—‌
(121‌)
Secured
Overnight
Financing
Rate
Pay
2.62%
Annual
Annual
N/A
07/07/2032
949‌
(82‌)
—‌
(82‌)
Secured
Overnight
Financing
Rate
Pay
2.60%
Annual
Annual
N/A
07/26/2032
1,015‌
(90‌)
—‌
(90‌)
Secured
Overnight
Financing
Rate
Receive
2.75%
Annual
Annual
N/A
08/23/2032
2,113‌
161‌
—‌
161‌
Secured
Overnight
Financing
Rate
Receive
2.93%
Annual
Annual
N/A
09/01/2032
2,126‌
132‌
—‌
132‌
Secured
Overnight
Financing
Rate
Pay
2.92%
Annual
Annual
N/A
09/02/2032
600‌
(38‌)
—‌
(38‌)
Secured
Overnight
Financing
Rate
Receive
2.93%
Annual
Annual
N/A
09/02/2032
2,249‌
138‌
1‌
139‌
Secured
Overnight
Financing
Rate
Receive
2.99%
Annual
Annual
N/A
09/02/2032
2,249‌
128‌
—‌
128‌
Secured
Overnight
Financing
Rate
Pay
3.47%
Annual
Annual
N/A
11/18/2032
1,192‌
(21‌)
—‌
(21‌)
Secured
Overnight
Financing
Rate
Receive
3.08%
Annual
Annual
N/A
09/09/2032
1,332‌
66‌
—‌
66‌
Secured
Overnight
Financing
Rate
Receive
3.47%
Annual
Annual
N/A
09/30/2032
1,998‌
34‌
1‌
35‌
Secured
Overnight
Financing
Rate
Receive
3.62%
Annual
Annual
N/A
02/23/2033
1,764‌
5‌
—‌
5‌
Secured
Overnight
Financing
Rate
Pay
3.48%
Annual
Annual
N/A
10/04/2032
1,382‌
(23‌)
—‌
(23‌)
Secured
Overnight
Financing
Rate
Pay
3.56%
Annual
Annual
N/A
11/14/2032
1,116‌
(11‌)
—‌
(11‌)
Secured
Overnight
Financing
Rate
Receive
3.81%
Annual
Annual
N/A
11/15/2032
744‌
(8‌)
—‌
(8‌)
Secured
Overnight
Financing
Rate
Receive
3.82%
Annual
Annual
N/A
11/15/2032
1,998‌
(24‌)
—‌
(24‌)
Secured
Overnight
Financing
Rate
Receive
3.56%
Annual
Annual
N/A
10/03/2032
2,998‌
29‌
—‌
29‌
Secured
Overnight
Financing
Rate
Receive
3.94%
Annual
Annual
N/A
10/25/2032
1,400‌
(30‌)
—‌
(30‌)
Secured
Overnight
Financing
Rate
Pay
3.83%
Annual
Annual
N/A
10/27/2032
1,883‌
23‌
—‌
23‌
Secured
Overnight
Financing
Rate
Receive
3.62%
Annual
Annual
N/A
10/17/2032
1,648‌
8‌
—‌
8‌
Secured
Overnight
Financing
Rate
Receive
3.65%
Annual
Annual
N/A
10/14/2032
790‌
2‌
—‌
2‌
Secured
Overnight
Financing
Rate
Receive
3.62%
Annual
Annual
N/A
10/12/2032
1,977‌
10‌
—‌
10‌
Secured
Overnight
Financing
Rate
Pay
3.41%
Annual
Annual
N/A
10/05/2032
784‌
(17‌)
—‌
(17‌)
Secured
Overnight
Financing
Rate
Receive
3.85%
Annual
Annual
N/A
10/21/2032
2,775‌
(40‌)
—‌
(40‌)
Tokyo
Overnight  Average
Rate
Receive
0.92%
Annual
Annual
N/A
02/15/2033
JPY
93,270‌
(7‌)
—‌
(7‌)
Tokyo
Overnight  Average
Rate
Receive
0.90%
Annual
Annual
N/A
02/15/2033
64,401‌
(4‌)
—‌
(4‌)
Tokyo
Overnight  Average
Rate
Receive
0.90%
Annual
Annual
N/A
02/15/2033
32,200‌
(2‌)
—‌
(2‌)
Tokyo
Overnight  Average
Rate
Receive
0.89%
Annual
Annual
N/A
02/15/2033
32,200‌
(2‌)
—‌
(2‌)
United
Kingdom
Retail
Prices
Index
Receive
4.26%
Annual
Annual
N/A
01/15/2024
GBP
2,735‌
(6‌)
1‌
(5‌)
United
Kingdom
Retail
Prices
Index
Pay
3.98%
Annual
Annual
N/A
01/15/2025
2,735‌
(10‌)
—‌
(10‌)
Total
$
(273‌)
$
(1‌)
$
(274‌)
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
$
1,309‌
$
—‌
$
—‌
$
(37‌)
Bank
of
America
NA
Refinitiv/CoreCommodity
CRB
3-Month
Forward
Index
Total
Return
(a)
51,958
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.25%
Monthly
05/01/2023
46,243‌
—‌
—‌
(1,322‌)
Bank
of
America
NA
Refinitiv/CoreCommodity
CRB
3-Month
Forward
Index
Total
Return
(a)
3,153
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.25%
Monthly
05/01/2023
2,806‌
—‌
—‌
(81‌)
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
6,959‌
—‌
—‌
(200‌)
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
14,808‌
—‌
—‌
(423‌)
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
29,450‌
—‌
—‌
(842‌)
Bank
of
America
NA
Refinitiv/CoreCommodity
CRB(R)
Index
Total
Return
(a)
224,587
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.21%
Monthly
05/01/2023
66,500‌
—‌
—‌
(417‌)
Consolidated
Schedule
of
Investments
Diversified
Real
Asset
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
107
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
$
57,204‌
$
—‌
$
—‌
$
(1,636‌)
Citigroup
Inc
Refinitiv/CoreCommodity
CRB
3-Month
Forward
Index
Total
Return
(a)
12,797
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.24%
Monthly
05/01/2023
11,390‌
—‌
—‌
(325‌)
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
79,221‌
—‌
—‌
(2,265‌)
Citigroup
Inc
Refinitiv/CoreCommodity
CRB(R)
Index
Total
Return
(a)
185,712
Receive
UST
13
Week
Bill
High
Discount
Rate
+
0.21%
Monthly
05/01/2023
55,033‌
—‌
—‌
(389‌)
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
41,476‌
—‌
—‌
(1,186‌)
Total
$
—‌
$
—‌
$
(9,123‌)
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.
Short
Sales
Outstanding
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
(0.10)%
Principal
Amount
(000's)
Value
(000's)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
(0.10)%
5.00%,
03/01/2053
$
4,000‌
$
3,932‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(proceeds
$3,932)
$
3,932‌
TOTAL
SHORT
SALES
(proceeds
$3,932)
$
3,932‌
Schedule
of
Investments
Edge
MidCap
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
108
INVESTMENT
COMPANIES
-
2
.21
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.21
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(a),(b)
2,025,745‌
$
2,025‌
TOTAL
INVESTMENT
COMPANIES
$
2,025‌
COMMON
STOCKS
-
103
.20
%
Shares
Held
Value
(000's)
Advertising
-
2
.18
%
Interpublic
Group
of
Cos
Inc/The
56,348‌
$
2,002‌
Automobile
Parts
&
Equipment
-
2
.62
%
Autoliv
Inc
25,920‌
2,400‌
Banks
-
3
.58
%
Bank
OZK
35,352‌
1,627‌
Cullen/Frost
Bankers
Inc
12,506‌
1,649‌
$
3,276‌
Building
Materials
-
2
.76
%
Lennox
International
Inc
9,912‌
2,526‌
Chemicals
-
3
.34
%
FMC
Corp
23,690‌
3,060‌
Commercial
Services
-
2
.53
%
Morningstar
Inc
11,173‌
2,316‌
Computers
-
2
.57
%
Amdocs
Ltd
25,649‌
2,350‌
Consumer
Products
-
4
.98
%
Avery
Dennison
Corp
16,799‌
3,061‌
WD-40
Co
8,658‌
1,502‌
$
4,563‌
Diversified
Financial
Services
-
0
.97
%
Hamilton
Lane
Inc
11,429‌
889‌
Electric
-
2
.53
%
Alliant
Energy
Corp
45,162‌
2,315‌
Electrical
Components
&
Equipment
-
3
.67
%
Energizer
Holdings
Inc
15,391‌
558‌
Littelfuse
Inc
10,842‌
2,805‌
$
3,363‌
Hand
&
Machine
Tools
-
7
.64
%
Lincoln
Electric
Holdings
Inc
22,364‌
3,755‌
Snap-on
Inc
13,010‌
3,234‌
$
6,989‌
Healthcare
-
Products
-
7
.93
%
Bio-Techne
Corp
33,089‌
2,404‌
STERIS
PLC
15,344‌
2,885‌
Teleflex
Inc
8,270‌
1,970‌
$
7,259‌
Healthcare
-
Services
-
2
.57
%
Universal
Health
Services
Inc
17,595‌
2,350‌
Insurance
-
5
.36
%
F&G
Annuities
&
Life
Inc
4,413‌
90‌
Fidelity
National
Financial
Inc
65,876‌
2,626‌
Kinsale
Capital
Group
Inc
3,785‌
1,206‌
Markel
Corp
(c)
738‌
981‌
$
4,903‌
Internet
-
0
.97
%
Rightmove
PLC
131,887‌
888‌
Leisure
Products
&
Services
-
6
.72
%
Brunswick
Corp/DE
34,285‌
2,997‌
Peloton
Interactive
Inc
(c)
19,151‌
247‌
YETI
Holdings
Inc
(c)
74,442‌
2,902‌
$
6,146‌
Machinery
-
Diversified
-
3
.15
%
Nordson
Corp
13,120‌
2,882‌
Media
-
0
.77
%
Cable
One
Inc
1,018‌
703‌
Oil
&
Gas
-
4
.60
%
Coterra
Energy
Inc
56,514‌
1,411‌
Helmerich
&
Payne
Inc
33,047‌
1,391‌
HF
Sinclair
Corp
28,341‌
1,409‌
$
4,211‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
8
.00
%
Alexandria
Real
Estate
Equities
Inc
16,171‌
$
2,422‌
Equity
LifeStyle
Properties
Inc
30,461‌
2,087‌
Essential
Properties
Realty
Trust
Inc
26,821‌
691‌
Terreno
Realty
Corp
34,166‌
2,125‌
$
7,325‌
Retail
-
3
.32
%
Tractor
Supply
Co
13,049‌
3,044‌
Savings
&
Loans
-
1
.79
%
Washington
Federal
Inc
46,722‌
1,639‌
Semiconductors
-
4
.37
%
MKS
Instruments
Inc
10,675‌
1,035‌
Teradyne
Inc
29,365‌
2,970‌
$
4,005‌
Software
-
8
.88
%
Black
Knight
Inc
(c)
4,558‌
272‌
Cloudflare
Inc
(c)
11,383‌
683‌
Fair
Isaac
Corp
(c)
5,997‌
4,062‌
HubSpot
Inc
(c)
2,141‌
828‌
Tyler
Technologies
Inc
(c)
7,119‌
2,287‌
$
8,132‌
Transportation
-
2
.87
%
Expeditors
International
of
Washington
Inc
25,162‌
2,631‌
Water
-
2
.53
%
Essential
Utilities
Inc
54,168‌
2,318‌
TOTAL
COMMON
STOCKS
$
94,485‌
Total
Investments
$
96,510‌
Other
Assets
and
Liabilities
-  (5.41)%
(
4,956‌
)
TOTAL
NET
ASSETS
-
100.00%
$
91,554‌
(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
Act
(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
Sector
Percent
Industrial
20
.09‌
%
Financial
19
.70‌
%
Consumer,
Non-cyclical
18
.01‌
%
Technology
15
.82‌
%
Consumer,
Cyclical
12
.66‌
%
Utilities
5
.06‌
%
Energy
4
.60‌
%
Communications
3
.92‌
%
Basic
Materials
3
.34‌
%
Money
Market
Funds
2
.21‌
%
Other
Assets
and
Liabilities
(
5
.41‌
)
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Edge
MidCap
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
109
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
10,792‌
$
8,767‌
$
2,025‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
1,662‌
7,244‌
8,906‌
—‌
$
1,662‌
$
18,036‌
$
17,673‌
$
2,025‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
19‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
18‌
—‌
—‌
—‌
$
37‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
110
INVESTMENT
COMPANIES
-
21.70%
Shares
Held
Value
(000's)
Closed-End
Funds
-
0.22%
Apollo
Tactical
Income
Fund
Inc
13,886‌
$
178‌
Ares
Dynamic
Credit
Allocation
Fund
Inc
6,383‌
81‌
BlackRock
Debt
Strategies
Fund
Inc
9,085‌
90‌
BlackRock
Floating
Rate
Income
Strategies
Fund
Inc
6,525‌
78‌
First
Trust
Senior
Floating
Rate
Income
Fund
II
8,544‌
86‌
Franklin
Universal
Trust
13,711‌
98‌
Invesco
Senior
Income
Trust
20,396‌
80‌
Nuveen
Credit
Strategies
Income
Fund
33,083‌
176‌
Saba
Capital
Income
&
Opportunities
Fund
10,973‌
90‌
$
957‌
Exchange-Traded
Funds
-
2.32%
Invesco
Optimum
Yield
Diversified
Commodity
Strategy
No
K-1
ETF
11,775‌
168‌
iShares
0-5
Year
TIPS
Bond
ETF
23,900‌
2,326‌
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
12,150‌
425‌
iShares
Core
MSCI
Emerging
Markets
ETF
11,450‌
542‌
iShares
Floating
Rate
Bond
ETF
47,125‌
2,394‌
iShares
MSCI
EAFE
Value
ETF
8,000‌
388‌
iShares
Russell
1000
Growth
ETF
567‌
130‌
iShares
Russell
2000
ETF
1,086‌
$
204‌
iShares
Russell
2000
Growth
ETF
4,262‌
994‌
iShares
Russell
2000
Value
ETF
722‌
107‌
iShares
Short
Treasury
Bond
ETF
21,550‌
2,375‌
$
10,053‌
Money
Market
Funds
-
19.16%
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.43%
(a),(b),(c)
5,449,171‌
5,450‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(b),(d)
77,831,469‌
77,832‌
$
83,282‌
TOTAL
INVESTMENT
COMPANIES
$
94,292‌
COMMON
STOCKS
-
42.09%
Shares
Held
Value
(000's)
Advertising
-
0.17%
Hakuhodo
DY
Holdings
Inc
31,400‌
350‌
Interpublic
Group
of
Cos
Inc/The
(e)
2,351‌
84‌
Omnicom
Group
Inc
(e)
875‌
79‌
Publicis
Groupe
SA
389‌
31‌
Taboola.com
Ltd
(f)
22,069‌
69‌
WPP
PLC
10,967‌
135‌
$
748‌
Aerospace
&
Defense
-
0.56%
Aerojet
Rocketdyne
Holdings
Inc
(f)
16,407‌
924‌
Airbus
SE
1,054‌
138‌
Boeing
Co/The
(e),(f)
2,631‌
530‌
Howmet
Aerospace
Inc
(e)
3,171‌
134‌
Lockheed
Martin
Corp
(e)
552‌
262‌
Northrop
Grumman
Corp
(e)
579‌
269‌
Spirit
AeroSystems
Holdings
Inc
1,994‌
68‌
Thales
SA
858‌
120‌
$
2,445‌
Agriculture
-
0.29%
Altria
Group
Inc
(e)
3,382‌
157‌
Archer-Daniels-Midland
Co
(e)
948‌
75‌
Imperial
Brands
PLC
2,843‌
68‌
Japan
Tobacco
Inc
16,400‌
334‌
Philip
Morris
International
Inc
(c),(e)
6,340‌
617‌
$
1,251‌
Airlines
-
0.21%
American
Airlines
Group
Inc
(e),(f)
23,839‌
381‌
ANA
Holdings
Inc
(f)
17,300‌
351‌
United
Airlines
Holdings
Inc
(e),(f)
3,089‌
160‌
$
892‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Apparel
-
0.36%
Carter's
Inc
706‌
$
53‌
Crocs
Inc
(f)
573‌
70‌
Deckers
Outdoor
Corp
(f)
129‌
54‌
Kering
SA
740‌
434‌
Kontoor
Brands
Inc
1,270‌
66‌
NIKE
Inc
(e)
3,380‌
401‌
Steven
Madden
Ltd
3,137‌
114‌
Tapestry
Inc
(e)
8,259‌
360‌
$
1,552‌
Automobile
Manufacturers
-
0.78%
Cummins
Inc
(c)
1,070‌
260‌
Ferrari
NV
186‌
48‌
General
Motors
Co
(e)
9,168‌
355‌
Honda
Motor
Co
Ltd
20,400‌
530‌
Isuzu
Motors
Ltd
16,300‌
195‌
Mazda
Motor
Corp
27,200‌
243‌
Mercedes-Benz
Group
AG
2,710‌
208‌
Nissan
Motor
Co
Ltd
7,900‌
31‌
PACCAR
Inc
(c),(e)
9,484‌
684‌
REV
Group
Inc
4,757‌
56‌
Stellantis
NV
19,420‌
340‌
Tesla
Inc
(c),(f)
1,289‌
265‌
Volvo
AB
-
B
Shares
6,128‌
123‌
Volvo
Car
AB
(f)
7,166‌
34‌
$
3,372‌
Automobile
Parts
&
Equipment
-
0.17%
BorgWarner
Inc
(e)
6,756‌
340‌
Cie
Generale
des
Etablissements
Michelin
SCA
2,963‌
93‌
Dana
Inc
5,438‌
86‌
Gentherm
Inc
(f)
1,234‌
78‌
Visteon
Corp
(f)
329‌
55‌
XPEL
Inc
(f)
1,161‌
78‌
$
730‌
Banks
-
1.99%
Ameris
Bancorp
1,356‌
65‌
ANZ
Group
Holdings
Ltd
1,045‌
17‌
Banco
Bilbao
Vizcaya
Argentaria
SA
15,319‌
119‌
Bank
of
America
Corp
(c),(e)
12,203‌
419‌
Bank
OZK
1,335‌
61‌
Bankinter
SA
8,735‌
61‌
Banner
Corp
811‌
51‌
BAWAG
Group
AG
(f),(g)
1,223‌
76‌
Cadence
Bank
4,343‌
115‌
Citigroup
Inc
51‌
3‌
DBS
Group
Holdings
Ltd
6,000‌
152‌
DNB
Bank
ASA
19,488‌
389‌
Fifth
Third
Bancorp
2,101‌
76‌
FinecoBank
Banca
Fineco
SpA
2,988‌
52‌
First
Citizens
BancShares
Inc/NC
104‌
76‌
First
Hawaiian
Inc
2,264‌
62‌
First
Horizon
Corp
1,889‌
47‌
First
Interstate
BancSystem
Inc
1,888‌
67‌
First
Republic
Bank/CA
(e)
1,743‌
215‌
FNB
Corp/PA
5,109‌
73‌
Goldman
Sachs
Group
Inc/The
(e)
838‌
294‌
Home
BancShares
Inc/AR
3,425‌
83‌
HSBC
Holdings
PLC
33,187‌
254‌
ING
Groep
NV
10,752‌
150‌
JPMorgan
Chase
&
Co
(c),(e)
3,793‌
544‌
KeyCorp
(e)
7,136‌
131‌
Lloyds
Banking
Group
PLC
312,513‌
197‌
M&T
Bank
Corp
1,821‌
283‌
Mizuho
Financial
Group
Inc
13,700‌
214‌
Morgan
Stanley
193‌
19‌
Nordea
Bank
Abp
35,775‌
453‌
OFG
Bancorp
2,299‌
70‌
Old
National
Bancorp/IN
4,467‌
79‌
Oversea-Chinese
Banking
Corp
Ltd
49,000‌
461‌
PNC
Financial
Services
Group
Inc/The
(e)
548‌
87‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
111
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Regions
Financial
Corp
(c)
7,838‌
$
183‌
Royal
Bank
of
Canada
1,025‌
104‌
Sandy
Spring
Bancorp
Inc
1,714‌
56‌
Shizuoka
Financial
Group
Inc
15,800‌
126‌
Signature
Bank/New
York
NY
(e)
2,210‌
254‌
Skandinaviska
Enskilda
Banken
AB
26,202‌
328‌
Standard
Chartered
PLC
15,183‌
144‌
Stellar
Bancorp
Inc
2,344‌
69‌
Sumitomo
Mitsui
Financial
Group
Inc
6,500‌
284‌
Sumitomo
Mitsui
Trust
Holdings
Inc
1,300‌
48‌
SVB
Financial
Group
(e),(f)
697‌
201‌
Swedbank
AB
5,938‌
121‌
Synovus
Financial
Corp
737‌
31‌
Toronto-Dominion
Bank/The
1,800‌
120‌
Truist
Financial
Corp
(c)
75‌
4‌
UBS
Group
AG
7,150‌
155‌
United
Community
Banks
Inc/GA
2,084‌
69‌
United
Overseas
Bank
Ltd
10,700‌
237‌
US
Bancorp
(c),(e)
10,953‌
522‌
Veritex
Holdings
Inc
2,146‌
57‌
Wells
Fargo
&
Co
(c)
109‌
5‌
$
8,633‌
Beverages
-
0.48%
Brown-Forman
Corp
-
B
Shares
(c)
6,356‌
412‌
Celsius
Holdings
Inc
(f)
496‌
45‌
Coca-Cola
Co/The
(e)
6,202‌
369‌
Coca-Cola
HBC
AG
(f)
13,990‌
358‌
Constellation
Brands
Inc
(e)
164‌
37‌
Keurig
Dr
Pepper
Inc
(e)
8,100‌
280‌
Kirin
Holdings
Co
Ltd
1,700‌
26‌
Molson
Coors
Beverage
Co
(e)
319‌
17‌
Monster
Beverage
Corp
(f)
535‌
54‌
PepsiCo
Inc
(c),(e)
2,729‌
474‌
$
2,072‌
Biotechnology
-
1.19%
Abcam
PLC
ADR
(f)
8,951‌
129‌
ACADIA
Pharmaceuticals
Inc
(f)
2,828‌
58‌
Akero
Therapeutics
Inc
(f)
317‌
14‌
Akouos
Inc
(f),(h)
4,410‌
3‌
Amgen
Inc
(e)
229‌
53‌
Biogen
Inc
(c),(e),(f)
1,024‌
276‌
Bio-Rad
Laboratories
Inc
(f)
237‌
113‌
Blueprint
Medicines
Corp
(f)
474‌
20‌
Celldex
Therapeutics
Inc
(f)
2,375‌
102‌
Cytokinetics
Inc
(f)
1,838‌
80‌
Genmab
A/S
(f)
674‌
254‌
Gilead
Sciences
Inc
(e)
1,984‌
160‌
Horizon
Therapeutics
Plc
(c),(f)
25,016‌
2,739‌
Illumina
Inc
(e),(f)
108‌
21‌
Immunocore
Holdings
PLC
ADR
(f)
357‌
20‌
Incyte
Corp
(c),(e),(f)
1,086‌
84‌
Intellia
Therapeutics
Inc
(f)
454‌
18‌
Intra-Cellular
Therapies
Inc
(f)
454‌
22‌
Karuna
Therapeutics
Inc
(f)
148‌
30‌
Kymera
Therapeutics
Inc
(f)
1,375‌
43‌
Moderna
Inc
(e),(f)
1,562‌
217‌
Oyster
Point
Pharma
Inc
(f),(h)
48,284‌
7‌
Prothena
Corp
PLC
(f)
302‌
17‌
PTC
Therapeutics
Inc
(f)
627‌
27‌
Regeneron
Pharmaceuticals
Inc
(e),(f)
149‌
113‌
REVOLUTION
Medicines
Inc
(f)
358‌
10‌
Rocket
Pharmaceuticals
Inc
(f)
699‌
13‌
Royalty
Pharma
PLC
(c)
2,700‌
97‌
Sage
Therapeutics
Inc
(f)
1,336‌
56‌
Seagen
Inc
(f)
615‌
110‌
Syndax
Pharmaceuticals
Inc
(f)
582‌
15‌
United
Therapeutics
Corp
(f)
167‌
41‌
Vertex
Pharmaceuticals
Inc
(c),(e),(f)
690‌
201‌
$
5,163‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
-
0.87%
AGC
Inc
5,000‌
$
185‌
Apogee
Enterprises
Inc
1,478‌
68‌
AZEK
Co
Inc/The
(f)
2,100‌
51‌
Boise
Cascade
Co
1,344‌
93‌
Carrier
Global
Corp
(c)
5,244‌
236‌
Cemex
SAB
de
CV
ADR
(f)
19,313‌
96‌
Cie
de
Saint-Gobain
3,079‌
182‌
CRH
PLC
2,084‌
98‌
CRH
PLC
2,466‌
116‌
Griffon
Corp
37,100‌
1,353‌
Imerys
SA
1,446‌
64‌
Inwido
AB
4,277‌
47‌
Johnson
Controls
International
plc
3,744‌
235‌
Lennox
International
Inc
540‌
138‌
Marshalls
PLC
12,176‌
49‌
Masco
Corp
(e)
1,654‌
87‌
Nibe
Industrier
AB
9,654‌
100‌
Sika
AG
694‌
195‌
Trane
Technologies
PLC
1,238‌
229‌
West
Fraser
Timber
Co
Ltd
500‌
37‌
Wienerberger
AG
3,631‌
113‌
$
3,772‌
Chemicals
-
0.95%
Albemarle
Corp
369‌
94‌
BASF
SE
758‌
39‌
Borregaard
ASA
2,533‌
43‌
Brenntag
SE
1,832‌
138‌
Cabot
Corp
1,003‌
80‌
Celanese
Corp
(c),(e)
3,232‌
375‌
CF
Industries
Holdings
Inc
(e)
1,963‌
169‌
Dow
Inc
(e)
1,718‌
98‌
DuPont
de
Nemours
Inc
(e)
4,594‌
336‌
Eastman
Chemical
Co
(e)
3,474‌
296‌
Ecolab
Inc
1,500‌
239‌
Element
Solutions
Inc
5,193‌
107‌
Elementis
PLC
(f)
33,445‌
51‌
FMC
Corp
(e)
1,574‌
203‌
Livent
Corp
(f)
2,625‌
62‌
LyondellBasell
Industries
NV
531‌
51‌
Mativ
Holdings
Inc
2,989‌
77‌
Minerals
Technologies
Inc
821‌
50‌
Mosaic
Co/The
(e)
3,818‌
203‌
New
Linde
PLC
1,135‌
395‌
PPG
Industries
Inc
641‌
85‌
Quaker
Chemical
Corp
446‌
87‌
Rogers
Corp
(f)
1,881‌
277‌
Sherwin-Williams
Co/The
534‌
118‌
Shin-Etsu
Chemical
Co
Ltd
1,500‌
208‌
Tosoh
Corp
6,800‌
93‌
Umicore
SA
1,362‌
45‌
Victrex
PLC
4,503‌
95‌
Yara
International
ASA
125‌
6‌
$
4,120‌
Commercial
Services
-
1.56%
Adtalem
Global
Education
Inc
(f)
1,763‌
69‌
ALD
SA
(g)
5,954‌
79‌
AMN
Healthcare
Services
Inc
(f)
798‌
72‌
Aramark
1,067‌
39‌
Automatic
Data
Processing
Inc
(e)
1,269‌
279‌
Babcock
International
Group
PLC
(f)
17,084‌
67‌
Block
Inc
(c),(f)
1,252‌
97‌
BrightView
Holdings
Inc
(f)
5,070‌
32‌
Bureau
Veritas
SA
6,808‌
194‌
Chegg
Inc
(f)
2,735‌
43‌
Cintas
Corp
457‌
200‌
Coor
Service
Management
Holding
AB
(g)
10,004‌
67‌
CoreCivic
Inc
(f)
6,263‌
61‌
CoStar
Group
Inc
(f)
649‌
46‌
Cross
Country
Healthcare
Inc
(f)
1,985‌
53‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
112
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Deluxe
Corp
1,969‌
$
36‌
Escrow
Altegrity
Inc
NPV
(f)
598,640‌
1,398‌
European
Wax
Center
Inc
1,666‌
31‌
Evo
Payments
Inc
(f)
1,692‌
57‌
FleetCor
Technologies
Inc
(c),(e),(f)
2,677‌
575‌
GMO
Payment
Gateway
Inc
2,800‌
230‌
H&R
Block
Inc
1,396‌
51‌
Hypoport
SE
(f)
82‌
12‌
I3
Verticals
Inc
(f)
3,252‌
80‌
Insperity
Inc
910‌
113‌
Loomis
AB
3,996‌
129‌
Medifast
Inc
436‌
49‌
Monro
Inc
3,232‌
163‌
Moody's
Corp
196‌
57‌
PayPal
Holdings
Inc
(c),(e),(f)
7,973‌
587‌
PROG
Holdings
Inc
(f)
3,426‌
85‌
QinetiQ
Group
PLC
22,146‌
90‌
Robert
Half
International
Inc
(e)
926‌
75‌
S&P
Global
Inc
(e)
315‌
107‌
Shift4
Payments
Inc
(f)
1,338‌
86‌
TriNet
Group
Inc
(f)
853‌
71‌
U-Haul
Holding
Co
(c)
3,794‌
211‌
United
Rentals
Inc
(c)
1,630‌
764‌
Verisk
Analytics
Inc
(e)
296‌
51‌
Vivint
Smart
Home
Inc
(f)
23,113‌
260‌
$
6,766‌
Computers
-
1.20%
Accenture
PLC
-
Class
A
(c)
1,909‌
507‌
Apple
Inc
(c),(e)
17,826‌
2,628‌
Cognizant
Technology
Solutions
Corp
(c),(e)
1,089‌
68‌
DXC
Technology
Co
(e),(f)
3,054‌
85‌
EPAM
Systems
Inc
(e),(f)
38‌
12‌
ExlService
Holdings
Inc
(f)
429‌
70‌
Genpact
Ltd
1,425‌
68‌
Hewlett
Packard
Enterprise
Co
(e)
9,149‌
143‌
HP
Inc
(e)
7,845‌
232‌
International
Business
Machines
Corp
(e)
1,383‌
179‌
Leidos
Holdings
Inc
(e)
3,303‌
320‌
Lumentum
Holdings
Inc
(f)
485‌
26‌
NetApp
Inc
(e)
2,759‌
178‌
Otsuka
Corp
2,600‌
88‌
Ricoh
Co
Ltd
7,300‌
57‌
Seagate
Technology
Holdings
PLC
(c)
6,937‌
447‌
Teleperformance
282‌
73‌
Zscaler
Inc
(c),(f)
242‌
32‌
$
5,213‌
Consumer
Products
-
0.10%
Helen
of
Troy
Ltd
(f)
625‌
70‌
Kimberly-Clark
Corp
(e)
2,367‌
296‌
Reckitt
Benckiser
Group
PLC
1,291‌
90‌
$
456‌
Cosmetics
&
Personal
Care
-
0.25%
Colgate-Palmolive
Co
3,226‌
236‌
Edgewell
Personal
Care
Co
1,631‌
70‌
elf
Beauty
Inc
(f)
989‌
74‌
Procter
&
Gamble
Co/The
(e)
4,255‌
585‌
Unilever
PLC
2,251‌
112‌
$
1,077‌
Distribution
&
Wholesale
-
0.55%
Copart
Inc
(f)
2,278‌
161‌
Fastenal
Co
1,764‌
91‌
Ferguson
PLC
580‌
84‌
IAA
Inc
(f)
2,687‌
110‌
LKQ
Corp
(e)
2,651‌
152‌
Marubeni
Corp
11,000‌
140‌
Mitsubishi
Corp
6,300‌
214‌
MRC
Global
Inc
(f)
7,415‌
83‌
RS
GROUP
PLC
6,978‌
82‌
Sumitomo
Corp
21,000‌
358‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
(continued)
Toyota
Tsusho
Corp
7,000‌
$
285‌
WESCO
International
Inc
518‌
86‌
WW
Grainger
Inc
(e)
829‌
554‌
$
2,400‌
Diversified
Financial
Services
-
1.31%
4L
Technologies
(f),(h)
24,306‌
1‌
Air
Lease
Corp
1,600‌
69‌
Ally
Financial
Inc
563‌
17‌
American
Express
Co
(e)
2,523‌
439‌
Apollo
Global
Management
Inc
936‌
66‌
Banca
Generali
SpA
1,998‌
69‌
BlackRock
Inc
(e)
389‌
268‌
Bread
Financial
Holdings
Inc
1,805‌
74‌
Cboe
Global
Markets
Inc
442‌
56‌
Charles
Schwab
Corp/The
(e)
6,053‌
471‌
CME
Group
Inc
(e)
1,302‌
241‌
Cowen
Inc
2,356‌
92‌
Credit
Acceptance
Corp
(f)
408‌
181‌
Daiwa
Securities
Group
Inc
37,700‌
180‌
Element
Comm
Aviation
(f),(h),(i)
280‌
19‌
Enova
International
Inc
(f)
2,331‌
114‌
Euronext
NV
(g)
831‌
61‌
Federal
Agricultural
Mortgage
Corp
1,099‌
156‌
Focus
Financial
Partners
Inc
(f)
1,175‌
61‌
Franklin
Resources
Inc
(e)
8,113‌
239‌
Futu
Holdings
Ltd
ADR
(c),(f)
1,082‌
53‌
Greenhill
&
Co
Inc
5,307‌
60‌
Hamilton
Lane
Inc
891‌
69‌
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
1,344‌
42‌
Intercontinental
Exchange
Inc
(e)
2,648‌
270‌
Invesco
Ltd
8,428‌
149‌
Mastercard
Inc
(c),(e)
1,800‌
640‌
Nasdaq
Inc
(e)
4,599‌
258‌
Navient
Corp
3,280‌
59‌
PRA
Group
Inc
(f)
3,755‌
160‌
Radian
Group
Inc
3,839‌
82‌
Raymond
James
Financial
Inc
791‌
86‌
T
Rowe
Price
Group
Inc
(e)
1,833‌
206‌
Tradeweb
Markets
Inc
1,486‌
105‌
Visa
Inc
(e)
2,375‌
522‌
VZ
Holding
AG
787‌
62‌
Western
Union
Co/The
(c)
796‌
10‌
$
5,707‌
Electric
-
0.85%
AES
Corp/The
3,468‌
86‌
Alliant
Energy
Corp
(c)
3,774‌
193‌
Ameresco
Inc
(f)
774‌
34‌
Avangrid
Inc
587‌
23‌
Brookfield
Renewable
Corp
3,400‌
95‌
CMS
Energy
Corp
(c)
2,163‌
128‌
Constellation
Energy
Corp
(e)
6,317‌
473‌
Duke
Energy
Corp
1,287‌
121‌
E.ON
SE
3,098‌
34‌
Edison
International
1,356‌
90‌
EDP
-
Energias
de
Portugal
SA
24,364‌
123‌
Eversource
Energy
(c)
1,602‌
121‌
Exelon
Corp
(c),(e)
14,563‌
588‌
Iberdrola
SA
17,397‌
199‌
NextEra
Energy
Inc
278‌
20‌
Northland
Power
Inc
6,600‌
160‌
NRG
Energy
Inc
(c),(e)
10,483‌
343‌
PG&E
Corp
(e),(f)
988‌
15‌
Portland
General
Electric
Co
1,389‌
66‌
PPL
Corp
(c)
9,547‌
258‌
Public
Service
Enterprise
Group
Inc
(e)
3,625‌
219‌
Sempra
Energy
(e)
137‌
21‌
Southern
Co/The
(e)
3,434‌
217‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
113
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Vistra
Corp
2,131‌
$
47‌
$
3,674‌
Electrical
Components
&
Equipment
-
0.56%
Acuity
Brands
Inc
458‌
89‌
AMETEK
Inc
(c),(e)
3,276‌
464‌
Emerson
Electric
Co
(c),(e)
16,754‌
1,386‌
Energizer
Holdings
Inc
2,054‌
74‌
EnerSys
915‌
83‌
Novanta
Inc
(f)
495‌
78‌
Schneider
Electric
SE
869‌
139‌
Signify
NV
(g)
3,325‌
115‌
$
2,428‌
Electronics
-
0.49%
Agilent
Technologies
Inc
660‌
94‌
Amphenol
Corp
(e)
2,393‌
185‌
Assa
Abloy
AB
7,922‌
193‌
DiscoverIE
Group
PLC
6,453‌
66‌
Flex
Ltd
(f)
1,904‌
43‌
Fortive
Corp
(e)
1,606‌
107‌
Garmin
Ltd
(c)
582‌
57‌
Honeywell
International
Inc
1,408‌
270‌
Ibiden
Co
Ltd
3,900‌
134‌
Keysight
Technologies
Inc
(f)
443‌
71‌
LEM
Holding
SA
23‌
47‌
National
Instruments
Corp
11,965‌
604‌
Sensata
Technologies
Holding
PLC
167‌
8‌
Shimadzu
Corp
3,900‌
113‌
Smart
Metering
Systems
PLC
4,581‌
48‌
Spectris
PLC
1,799‌
76‌
TE
Connectivity
Ltd
14‌
2‌
$
2,118‌
Energy
-
Alternate
Sources
-
0.03%
First
Solar
Inc
(f)
273‌
46‌
SolarEdge
Technologies
Inc
(e),(f)
220‌
70‌
$
116‌
Engineering
&
Construction
-
0.20%
ACS
Actividades
de
Construccion
y
Servicios
SA
6,603‌
200‌
Badger
Infrastructure
Solutions
Ltd
3,379‌
75‌
Bouygues
SA
2,561‌
87‌
Fluor
Corp
(f)
2,896‌
106‌
Jacobs
Solutions
Inc
(e)
432‌
52‌
Kajima
Corp
12,400‌
148‌
Taisei
Corp
200‌
7‌
Vinci
SA
1,595‌
181‌
$
856‌
Entertainment
-
0.17%
Caesars
Entertainment
Inc
(c),(f)
1,375‌
70‌
CTS
Eventim
AG
&
Co
KGaA
(f)
871‌
57‌
Deluxe
Entertainment
(f),(h)
67,049‌
—‌
DraftKings
Inc
(f)
2,800‌
53‌
Genting
Singapore
Ltd
266,000‌
201‌
Vail
Resorts
Inc
(c)
1,543‌
360‌
$
741‌
Environmental
Control
-
0.11%
Befesa
SA
(g)
1,161‌
60‌
Casella
Waste
Systems
Inc
(f)
677‌
53‌
Pentair
PLC
2,589‌
145‌
Republic
Services
Inc
542‌
70‌
Waste
Connections
Inc
(c)
1,200‌
161‌
$
489‌
Food
-
1.05%
AAK
AB
4,411‌
76‌
Calavo
Growers
Inc
2,234‌
72‌
Campbell
Soup
Co
(e)
4,804‌
252‌
Cranswick
PLC
1,710‌
65‌
Empire
Co
Ltd
9,900‌
263‌
Fresh
Market
Inc
-
Escrow
(f),(h)
12,280‌
—‌
General
Mills
Inc
(c),(e)
4,165‌
331‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
George
Weston
Ltd
3,100‌
$
388‌
Hershey
Co/The
(c),(e)
330‌
78‌
Jeronimo
Martins
SGPS
SA
7,446‌
153‌
Kellogg
Co
(c),(e)
23,176‌
1,528‌
Kraft
Heinz
Co/The
(e)
5,357‌
209‌
Kroger
Co/The
(c),(e)
7,971‌
344‌
Lamb
Weston
Holdings
Inc
(e)
814‌
82‌
Mondelez
International
Inc
(e)
1,665‌
109‌
Nestle
SA
249‌
28‌
Saputo
Inc
1,800‌
48‌
Sysco
Corp
886‌
66‌
Tate
&
Lyle
PLC
14,479‌
140‌
Tesco
PLC
29,816‌
91‌
Tyson
Foods
Inc
(e)
3,753‌
222‌
$
4,545‌
Food
Service
-
0.02%
Compass
Group
PLC
4,146‌
96‌
Forest
Products
&
Paper
-
0.13%
International
Paper
Co
(c),(e)
11,805‌
430‌
Smurfit
Kappa
Group
PLC
3,782‌
141‌
$
571‌
Gas
-
0.16%
New
Jersey
Resources
Corp
2,400‌
122‌
Tokyo
Gas
Co
Ltd
23,400‌
451‌
UGI
Corp
(c)
2,857‌
107‌
$
680‌
Hand
&
Machine
Tools
-
0.08%
Kennametal
Inc
2,770‌
79‌
Snap-on
Inc
(e)
834‌
207‌
Techtronic
Industries
Co
Ltd
7,416‌
74‌
$
360‌
Healthcare
-
Products
-
1.25%
Abbott
Laboratories
1,222‌
125‌
ABIOMED
Inc
(f),(h)
692‌
1‌
Align
Technology
Inc
(f)
66‌
20‌
Artivion
Inc
(f)
4,793‌
64‌
Avantor
Inc
(f)
3,144‌
77‌
Baxter
International
Inc
24,900‌
995‌
Boston
Scientific
Corp
(f)
1,118‌
52‌
ConvaTec
Group
PLC
(g)
22,135‌
60‌
Danaher
Corp
(e)
1,349‌
334‌
DENTSPLY
SIRONA
Inc
(e)
11,574‌
441‌
DiaSorin
SpA
202‌
24‌
Exact
Sciences
Corp
(f)
885‌
55‌
GE
HealthCare
Technologies
Inc
(e),(f)
7,989‌
607‌
Glaukos
Corp
(f)
729‌
34‌
Hologic
Inc
(e),(f)
2,307‌
184‌
Inari
Medical
Inc
(f)
717‌
40‌
Inspire
Medical
Systems
Inc
(f)
412‌
107‌
Insulet
Corp
(f)
430‌
119‌
Intuitive
Surgical
Inc
(c),(f)
571‌
131‌
Koninklijke
Philips
NV
3,633‌
59‌
Lantheus
Holdings
Inc
(f)
1,300‌
96‌
Medtronic
PLC
4,364‌
361‌
NuVasive
Inc
(f)
1,382‌
60‌
Omnicell
Inc
(f)
611‌
33‌
PerkinElmer
Inc
(e)
999‌
124‌
QIAGEN
NV
(f)
578‌
27‌
Shockwave
Medical
Inc
(f)
211‌
40‌
SI-BONE
Inc
(f)
4,056‌
80‌
Smith
&
Nephew
PLC
9,600‌
137‌
Stryker
Corp
(e)
1,873‌
492‌
Sysmex
Corp
1,300‌
78‌
Tecan
Group
AG
115‌
47‌
Teleflex
Inc
(e)
1,037‌
247‌
Thermo
Fisher
Scientific
Inc
33‌
18‌
West
Pharmaceutical
Services
Inc
29‌
9‌
Zimmer
Biomet
Holdings
Inc
472‌
59‌
$
5,437‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
114
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
-
0.89%
Acadia
Healthcare
Co
Inc
(f)
830‌
$
60‌
Centene
Corp
(e),(f)
4,842‌
331‌
Charles
River
Laboratories
International
Inc
(e),(f)
566‌
124‌
DaVita
Inc
(f)
1,117‌
92‌
Elevance
Health
Inc
41‌
19‌
Encompass
Health
Corp
664‌
37‌
HCA
Healthcare
Inc
(e)
924‌
225‌
Humana
Inc
272‌
135‌
IQVIA
Holdings
Inc
(e),(f)
92‌
19‌
Laboratory
Corp
of
America
Holdings
(e)
418‌
100‌
Molina
Healthcare
Inc
(c),(e),(f)
1,256‌
346‌
Oak
Street
Health
Inc
(f)
10,505‌
372‌
Signify
Health
Inc
(f)
43,239‌
1,245‌
UnitedHealth
Group
Inc
(c),(e)
1,600‌
762‌
Universal
Health
Services
Inc
(c)
171‌
23‌
$
3,890‌
Holding
Companies
-
Diversified
-
3.88%
7
Acquisition
Corp
(f)
12,086‌
126‌
A
SPAC
II
Acquisition
Corp
(f)
5,573‌
58‌
Achari
Ventures
Holdings
Corp
I
-
Warrants
(f)
3,610‌
—‌
AfterNext
HealthTech
Acquisition
Corp
(f)
18,125‌
184‌
Ahren
Acquisition
Corp
(f)
3,361‌
35‌
Alpha
Partners
Technology
Merger
Corp
(f)
4,617‌
47‌
Alpine
Acquisition
Corp
(f)
11,055‌
115‌
ALSP
Orchid
Acquisition
Corp
I
(f)
10,434‌
107‌
AltC
Acquisition
Corp
(f)
3,348‌
34‌
AltEnergy
Acquisition
Corp
(f)
899‌
9‌
Amprius
Technologies
Inc
-
Warrants
(f)
3,707‌
1‌
Andretti
Acquisition
Corp
(f)
6,012‌
63‌
Anzu
Special
Acquisition
Corp
I
(f)
7,732‌
77‌
AP
Acquisition
Corp
(f)
1,392‌
15‌
Apollo
Strategic
Growth
Capital
II
(f)
34,115‌
347‌
APx
Acquisition
Corp
I
(f)
5,645‌
59‌
Ares
Acquisition
Corp
-
A
Shares
(f)
29,668‌
303‌
Ares
Acquisition
Corp
-
Warrants
(f)
1,716‌
1‌
Arrowroot
Acquisition
Corp
(f)
6,980‌
71‌
Arrowroot
Acquisition
Corp
-
Warrants
(f)
1,824‌
—‌
ARYA
Sciences
Acquisition
Corp
IV
(f)
8,745‌
89‌
Athena
Consumer
Acquisition
Corp
-
Warrants
(f)
299‌
—‌
Athena
Technology
Acquisition
Corp
II
(f)
2,989‌
30‌
Aura
FAT
Projects
Acquisition
Corp
(f)
5,105‌
53‌
Aurora
Acquisition
Corp
(f)
1,047‌
11‌
Aurora
Technology
Acquisition
Corp
(f)
8,996‌
93‌
B
Riley
Principal
250
Merger
Corp
(f)
5,091‌
51‌
Bannix
Acquisition
Corp
(f)
293‌
3‌
Battery
Future
Acquisition
Corp
(f)
8,970‌
93‌
Bilander
Acquisition
Corp
(f)
3,159‌
32‌
BioPlus
Acquisition
Corp
(f)
3,994‌
41‌
Black
Spade
Acquisition
Co
(f)
275‌
3‌
bleuacacia
ltd
(f)
22,111‌
224‌
Blue
Ocean
Acquisition
Corp
(f)
11,158‌
116‌
Brigade-M3
European
Acquisition
Corp
(f)
2,616‌
26‌
Bullpen
Parlay
Acquisition
Co
(f)
3,583‌
37‌
BurTech
Acquisition
Corp
(f)
17,011‌
175‌
BYTE
Acquisition
Corp
-
Warrants
(f)
42,462‌
3‌
C5
Acquisition
Corp
(f)
2‌
—‌
Canna-Global
Acquisition
Corp
(f)
1,481‌
16‌
Capitalworks
Emerging
Markets
Acquisition
Corp
(f)
967‌
10‌
CARTESIAN
GROWTH
CORP
II
(f)
2,344‌
24‌
Cartica
Acquisition
Corp
(f)
11,088‌
116‌
Cascadia
Acquisition
Corp
(f)
644‌
7‌
Chain
Bridge
I
(f)
3,248‌
34‌
Chenghe
Acquisition
Co
(f)
2,185‌
23‌
Churchill
Capital
Corp
VII
(f)
28,600‌
287‌
CIIG
Capital
Partners
II
Inc
-
Class
A
(f)
18,676‌
191‌
CIIG
Capital
Partners
II
Inc
-
Warrants
(f)
1,167‌
—‌
Coliseum
Acquisition
Corp
(f)
2,202‌
22‌
Compass
Digital
Acquisition
Corp
(f)
553‌
6‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
(continued)
Compute
Health
Acquisition
Corp
-
Warrants
(f)
1,520‌
$
1‌
Concord
Acquisition
Corp
II
(f)
19,495‌
196‌
Concord
Acquisition
Corp
III
(f)
18,406‌
190‌
Consilium
Acquisition
Corp
I
Ltd
(f)
7,639‌
79‌
Conyers
Park
III
Acquisition
Corp
(f)
4,555‌
46‌
Corazon
Capital
V838
Monoceros
Corp
(f)
5,696‌
58‌
Corsair
Partnering
Corp
(f)
2,939‌
30‌
Crescera
Capital
Acquisition
Corp
(f)
5,573‌
58‌
DHC
Acquisition
Corp
(f)
16,994‌
170‌
dMY
Technology
Group
Inc
VI
(f)
14,429‌
146‌
DP
Cap
Acquisition
Corp
I
(f)
4,386‌
46‌
Dragoneer
Growth
Opportunities
Corp
III
(f)
25,139‌
248‌
EG
Acquisition
Corp
(f)
3,782‌
38‌
Elliott
Opportunity
II
Corp
(f)
34,131‌
347‌
Embrace
Change
Acquisition
Corp
(f)
2,707‌
28‌
Enphys
Acquisition
Corp
(f)
42,178‌
426‌
Enterprise
4.0
Technology
Acquisition
Corp
(f)
898‌
9‌
Enterprise
4.0
Technology
Acquisition
Corp
(f)
974‌
10‌
ESGEN
Acquisition
Corp
-
Warrants
(f)
524‌
—‌
ExcelFin
Acquisition
Corp
(f)
900‌
9‌
ExcelFin
Acquisition
Corp
-
Class
A
(f)
4,364‌
45‌
Far
Peak
Acquisition
Corp
(f)
21,590‌
220‌
Fifth
Wall
Acquisition
Corp
III
(f)
8,082‌
82‌
Fintech
Evolution
Acquisition
Group
(f)
2,932‌
30‌
Flame
Acquisition
Corp
(f)
12,505‌
129‌
Focus
Impact
Acquisition
Corp
(f)
3,489‌
36‌
Forbion
European
Acquisition
Corp
(f)
4,501‌
47‌
Forum
Merger
IV
Corp
(f)
5,877‌
60‌
Freedom
Acquisition
I
Corp
(f)
6,083‌
62‌
FTAC
Emerald
Acquisition
Corp
(f)
4,346‌
44‌
FTAC
Emerald
Acquisition
Corp
-
Warrants
(f)
2,173‌
—‌
FTAC
Hera
Acquisition
Corp
(f)
45,287‌
461‌
FTAC
Parnassus
Acquisition
Corp
(f)
19,470‌
197‌
FTAC
Zeus
Acquisition
Corp
(f)
21,678‌
221‌
Fusion
Acquisition
Corp
II
(f)
9,367‌
95‌
G
Squared
Ascend
II
Inc
(f)
656‌
7‌
Global
Blockchain
Acquisition
Corp
-
Warrants
(f)
10,160‌
—‌
Global
Systems
Dynamics
Inc
(f)
2,335‌
25‌
Global
Technology
Acquisition
Corp
I
(f)
1,411‌
15‌
Goal
Acquisitions
Corp
(f)
15,830‌
160‌
Gores
Holdings
IX
Inc
(f)
1,896‌
19‌
Green
Visor
Financial
Technology
Acquisition
Corp
I
(f)
17,799‌
187‌
GX
Acquisition
Corp
II
(f)
5,833‌
59‌
Hainan
Manaslu
Acquisition
Corp
(f)
11,500‌
118‌
HCM
ACQUISITION
CORP
(f)
14,900‌
155‌
HH&L
Acquisition
Co
(f)
11,391‌
117‌
Home
Plate
Acquisition
Corp
(f)
5,185‌
52‌
Ibere
Pharmaceuticals
(f)
7,923‌
81‌
Iconic
Sports
Acquisition
Corp
(f)
2,443‌
26‌
Inception
Growth
Acquisition
Ltd
(f)
3,302‌
34‌
Independence
Holdings
Corp
(f)
27,758‌
283‌
Infinite
Acquisition
Corp
(f)
1,084‌
11‌
Infinite
Acquisition
Corp
-
A
Shares
(f)
11,159‌
116‌
Insight
Acquisition
Corp/DE
(f)
2,409‌
25‌
International
Media
Acquisition
Corp
-
Warrants
(f)
2,300‌
—‌
Investcorp
Europe
Acquisition
Corp
I
(f)
7,411‌
77‌
Investcorp
India
Acquisition
Corp
(f)
3,616‌
38‌
Jardine
Matheson
Holdings
Ltd
9,600‌
476‌
Jaws
Hurricane
Acquisition
Corp
(f)
17,786‌
180‌
Jaws
Juggernaut
Acquisition
Corp
(f)
2,040‌
21‌
Jaws
Juggernaut
Acquisition
Corp
-
Class
A
(f)
17,277‌
176‌
Kadem
Sustainable
Impact
Corp
(f)
10,704‌
108‌
Kernel
Group
Holdings
Inc
(f)
5,927‌
61‌
Khosla
Ventures
Acquisition
Co
(f)
17,800‌
180‌
Kimbell
Tiger
Acquisition
Corp
(f)
3,713‌
39‌
L
Catterton
Asia
Acquisition
Corp
(f)
519‌
5‌
LDH
Growth
Corp
I
(f)
3,131‌
32‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
115
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
(continued)
Lead
Edge
Growth
Opportunities
Ltd
(f)
28,472‌
$
290‌
Learn
CW
Investment
Corp
(f)
11,701‌
120‌
Live
Oak
Crestview
Climate
Acquisition
Corp
(f)
3,003‌
30‌
Live
Oak
Mobility
Acquisition
Corp
(f)
15,277‌
156‌
Logistics
Innovation
Technologies
Corp
(f)
9,150‌
92‌
M3-Brigade
Acquisition
II
Corp
(f)
2,570‌
26‌
M3-Brigade
Acquisition
III
Corp
(f)
5,747‌
59‌
Magnum
Opus
Acquisition
Ltd
(f)
2,970‌
30‌
MELI
Kaszek
Pioneer
Corp
(f)
3,173‌
32‌
Motive
Capital
Corp
II
(f)
11,169‌
116‌
Motive
Capital
Corp
II
-
Warrants
(f)
3,723‌
1‌
Mountain
&
Co
I
Acquisition
Corp
(f)
8,121‌
86‌
MSD
Acquisition
Corp
(f)
35,115‌
358‌
Nabors
Energy
Transition
Corp
(f)
8,301‌
87‌
Newcourt
Acquisition
Corp
-
Class
A
(f)
1,948‌
21‌
Newcourt
Acquisition
Corp
-
Warrants
(f)
974‌
—‌
NewHold
Investment
Corp
II
(f)
3,195‌
33‌
Northern
Genesis
Acquisition
Corp
III
(f)
3,024‌
31‌
Northern
Star
Investment
Corp
III
(f)
3,752‌
38‌
Northern
Star
Investment
Corp
IV
(f)
10,960‌
111‌
Orion
Biotech
Opportunities
Corp
(f)
298‌
3‌
Oxus
Acquisition
Corp
(f)
1,967‌
20‌
Panacea
Acquisition
Corp
II
(f)
3,598‌
37‌
PepperLime
Health
Acquisition
Corp
-
Warrants
(f)
1,103‌
—‌
Peridot
Acquisition
Corp
II
(f)
15,397‌
157‌
Pershing
Square
Tontine
Holdings
Ltd
-
Escrow
(f),(h)
3,910‌
—‌
Phoenix
Biotech
Acquisition
Corp
-
Warrants
(f)
449‌
—‌
Pine
Technology
Acquisition
Corp
(f)
6,905‌
70‌
Plum
Acquisition
Corp
I
(f)
6,850‌
70‌
Plum
Acquisition
Corp
I
-
Warrants
(f)
1,370‌
—‌
Pontem
Corp
(f)
47,096‌
483‌
Post
Holdings
Partnering
Corp
(f)
4,331‌
44‌
Power
&
Digital
Infrastructure
Acquisition
II
Corp
(f)
548‌
6‌
PowerUp
Acquisition
Corp
(f)
4,288‌
45‌
Project
Energy
Reimagined
Acquisition
Corp
(f)
4,437‌
45‌
PROOF
Acquisition
Corp
I
(f)
3,456‌
36‌
PROOF
Acquisition
Corp
I
-
Warrants
(f)
1,728‌
—‌
Prospector
Capital
Corp
-
Warrants
(f)
2,297‌
—‌
Pyrophyte
Acquisition
Corp
(f)
1,200‌
13‌
Quadro
Acquisition
One
Corp
(f)
936‌
10‌
Rigel
Resource
Acquisition
Corp
(f)
13,593‌
141‌
ROC
Energy
Acquisition
Corp
(f)
11,122‌
115‌
Rocket
Internet
Growth
Opportunities
Corp
-
Class
A
(f)
8,300‌
85‌
Rocket
Internet
Growth
Opportunities
Corp
-
Warrants
(f)
1,313‌
—‌
Ross
Acquisition
Corp
II
(f)
17,827‌
182‌
Screaming
Eagle
Acquisition
Corp
-
Class
A
(f)
21,229‌
214‌
Screaming
Eagle
Acquisition
Corp
-
Warrants
(f)
2,644‌
1‌
Semper
Paratus
Acquisition
Corp
-
Warrants
(f)
597‌
—‌
SILVERspac
Inc
(f)
3,414‌
35‌
Slam
Corp
-
Class
A
(f)
20,931‌
214‌
Slam
Corp
-
Warrants
(f)
1,062‌
—‌
Social
Capital
Suvretta
Holdings
Corp
II
(f)
14,196‌
145‌
Social
Capital
Suvretta
Holdings
Corp
IV
(f)
13,484‌
137‌
Sound
Point
Acquisition
Corp
I
Ltd
(f)
5,000‌
52‌
Spree
Acquisition
Corp
1
Ltd
(f)
9,105‌
94‌
Spring
Valley
Acquisition
Corp
II
(f)
1,102‌
12‌
ST
Energy
Transition
I
Ltd
(f)
15,987‌
165‌
Supernova
Partners
Acquisition
Co
III
Ltd
(f)
13,366‌
136‌
SVF
Investment
Corp
2
(f)
16,440‌
168‌
Swire
Pacific
Ltd
8,500‌
69‌
Talon
1
Acquisition
Corp
(f)
8,154‌
86‌
Target
Global
Acquisition
I
Corp
(f)
3,927‌
41‌
Target
Global
Acquisition
I
Corp
-
Warrants
(f)
1,309‌
—‌
TCV
Acquisition
Corp
(f)
12,270‌
125‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Holding
Companies
-
Diversified
(continued)
Tech
and
Energy
Transition
Corp
(f)
17,807‌
$
180‌
TenX
Keane
Acquisition
(f)
3,330‌
35‌
Thunder
Bridge
Capital
Partners
IV
Inc
(f)
6,818‌
69‌
Tio
Tech
A
(f)
18,185‌
185‌
TLGY
Acquisition
Corp
(f)
9,046‌
94‌
TortoiseEcofin
Acquisition
Corp
III
(f)
12,098‌
123‌
TPG
Pace
Beneficial
II
Corp
(f)
16,342‌
162‌
Tristar
Acquisition
I
Corp
(f)
2,081‌
21‌
Twin
Ridge
Capital
Acquisition
Corp
(f)
8,439‌
86‌
Valor
Latitude
Acquisition
Corp
(f)
9,761‌
99‌
Valuence
Merger
Corp
I
(f)
549‌
6‌
Vector
Acquisition
Corp
II
(f)
8,050‌
82‌
Viscogliosi
Brothers
Acquisition
Corp
(f)
1,321‌
14‌
Warburg
Pincus
Capital
Corp
I-A
(f)
11,156‌
114‌
Warburg
Pincus
Capital
Corp
I-B
(f)
16,964‌
173‌
Waverley
Capital
Acquisition
Corp
1
(f)
6,982‌
71‌
XPAC
Acquisition
Corp
(f)
10,265‌
104‌
Zimmer
Energy
Transition
Acquisition
Corp
(f)
3,687‌
37‌
$
16,843‌
Home
Builders
-
0.28%
DR
Horton
Inc
(e)
2,139‌
198‌
Lennar
Corp
-
A
Shares
(c),(e)
1,469‌
142‌
NVR
Inc
(f)
55‌
285‌
Sekisui
Chemical
Co
Ltd
23,300‌
312‌
Skyline
Champion
Corp
(f)
2,602‌
178‌
Thor
Industries
Inc
1,166‌
106‌
$
1,221‌
Home
Furnishings
-
0.06%
MillerKnoll
Inc
2,954‌
70‌
SEB
SA
1,125‌
130‌
Xperi
Inc
(f)
6,220‌
73‌
$
273‌
Insurance
-
2.00%
Aflac
Inc
(e)
1,735‌
118‌
Allianz
SE
1,093‌
257‌
Allstate
Corp/The
1,063‌
137‌
American
International
Group
Inc
(c)
5,249‌
321‌
Aon
PLC
216‌
66‌
Arch
Capital
Group
Ltd
(c),(f)
7,439‌
520‌
Assicurazioni
Generali
SpA
6,441‌
127‌
Assurant
Inc
(e)
1,440‌
183‌
AXA
SA
5,400‌
170‌
Beazley
PLC
7,051‌
58‌
Berkshire
Hathaway
Inc
-
Class
B
(e),(f)
2,591‌
791‌
Brown
&
Brown
Inc
(e)
4,202‌
236‌
Chubb
Ltd
(c)
6,216‌
1,312‌
Cincinnati
Financial
Corp
94‌
11‌
Equitable
Holdings
Inc
2,614‌
82‌
Everest
Re
Group
Ltd
(c)
1,055‌
405‌
Fairfax
Financial
Holdings
Ltd
500‌
350‌
Fidelity
National
Financial
Inc
(c)
721‌
29‌
Globe
Life
Inc
(e)
2,541‌
309‌
Hannover
Rueck
SE
343‌
67‌
Intact
Financial
Corp
700‌
101‌
Japan
Post
Holdings
Co
Ltd
19,900‌
177‌
Kemper
Corp
2,525‌
156‌
Lancashire
Holdings
Ltd
9,158‌
67‌
Legal
&
General
Group
PLC
127,752‌
393‌
Loews
Corp
(c),(e)
4,262‌
260‌
Manulife
Financial
Corp
1,500‌
30‌
Markel
Corp
(f)
182‌
242‌
Marsh
&
McLennan
Cos
Inc
(e)
2,165‌
351‌
MetLife
Inc
1,635‌
117‌
MS&AD
Insurance
Group
Holdings
Inc
6,100‌
200‌
NMI
Holdings
Inc
(f)
3,405‌
79‌
Power
Corp
of
Canada
200‌
5‌
ProAssurance
Corp
2,919‌
58‌
Progressive
Corp/The
1,898‌
273‌
SiriusPoint
Ltd
(f)
11,066‌
79‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
116
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Sompo
Holdings
Inc
2,100‌
$
90‌
Sun
Life
Financial
Inc
600‌
29‌
Travelers
Cos
Inc/The
(c)
745‌
138‌
Voya
Financial
Inc
1,359‌
101‌
W
R
Berkley
Corp
369‌
24‌
Willis
Towers
Watson
PLC
677‌
159‌
$
8,678‌
Internet
-
1.56%
Airbnb
Inc
(f)
858‌
106‌
Alphabet
Inc
-
A
Shares
(c),(e),(f)
19,266‌
1,736‌
Alphabet
Inc
-
C
Shares
(f)
1,091‌
99‌
Amazon.com
Inc
(c),(e),(f)
13,087‌
1,233‌
Atea
ASA
4,237‌
48‌
Booking
Holdings
Inc
(c),(e),(f)
244‌
616‌
CDW
Corp/DE
(e)
243‌
49‌
Criteo
SA
ADR
(f)
1,645‌
55‌
DoorDash
Inc
-
Class
A
(c),(f)
1,448‌
79‌
eBay
Inc
(e)
4,477‌
205‌
Expedia
Group
Inc
(c),(f)
638‌
70‌
F5
Inc
(f)
591‌
84‌
Gen
Digital
Inc
(e)
9,495‌
185‌
GoDaddy
Inc
(f)
999‌
76‌
Kakaku.com
Inc
3,300‌
49‌
M3
Inc
300‌
7‌
Magnite
Inc
(f)
7,965‌
89‌
Match
Group
Inc
(f)
1,403‌
58‌
MercadoLibre
Inc
(c),(f)
88‌
107‌
Meta
Platforms
Inc
(c),(e),(f)
3,942‌
690‌
Netflix
Inc
(e),(f)
1,016‌
327‌
Okta
Inc
(f)
654‌
47‌
Perficient
Inc
(f)
325‌
23‌
Shopify
Inc
(f)
100‌
4‌
Uber
Technologies
Inc
(f)
1,809‌
60‌
VeriSign
Inc
(c),(e),(f)
1,233‌
242‌
Z
Holdings
Corp
128,200‌
344‌
Ziff
Davis
Inc
(f)
568‌
45‌
ZOZO
Inc
2,100‌
47‌
$
6,780‌
Iron
&
Steel
-
0.22%
BlueScope
Steel
Ltd
12,188‌
156‌
Carpenter
Technology
Corp
2,043‌
99‌
Nippon
Steel
Corp
10,400‌
232‌
Nucor
Corp
(e)
953‌
159‌
Reliance
Steel
&
Aluminum
Co
477‌
118‌
Steel
Dynamics
Inc
(e)
997‌
126‌
voestalpine
AG
1,668‌
62‌
$
952‌
Leisure
Products
&
Services
-
0.03%
Carnival
Corp
(f)
836‌
9‌
MIPS
AB
723‌
33‌
Shimano
Inc
200‌
31‌
Thule
Group
AB
(g)
1,641‌
36‌
YETI
Holdings
Inc
(f)
860‌
34‌
$
143‌
Lodging
-
0.20%
Choice
Hotels
International
Inc
1,186‌
140‌
Hilton
Grand
Vacations
Inc
(f)
2,168‌
103‌
Hilton
Worldwide
Holdings
Inc
(c)
234‌
34‌
Las
Vegas
Sands
Corp
(f)
2,571‌
148‌
Marriott
International
Inc/MD
(e)
984‌
167‌
MGM
Resorts
International
(e)
5,710‌
246‌
Sands
China
Ltd
(f)
10,400‌
36‌
$
874‌
Machinery
-
Construction
&
Mining
-
0.17%
Caterpillar
Inc
(c),(e)
3,120‌
747‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
-
0.68%
Altra
Industrial
Motion
Corp
3,854‌
$
237‌
Applied
Industrial
Technologies
Inc
646‌
92‌
Atlas
Copco
AB
-
A
Shares
34,260‌
407‌
Burckhardt
Compression
Holding
AG
64‌
39‌
Cactus
Inc
1,430‌
66‌
Deere
&
Co
(e)
318‌
133‌
Dover
Corp
(e)
1,086‌
163‌
Graco
Inc
1,048‌
73‌
Ichor
Holdings
Ltd
(f)
1,949‌
64‌
IDEX
Corp
(e)
1,241‌
279‌
Inficon
Holding
AG
50‌
52‌
Interpump
Group
SpA
1,020‌
56‌
Middleby
Corp/The
(f)
581‌
90‌
Nordson
Corp
(c)
520‌
114‌
Otis
Worldwide
Corp
(c)
5,317‌
450‌
Rotork
PLC
45,885‌
179‌
Spirax-Sarco
Engineering
PLC
200‌
28‌
Stabilus
SE
1,088‌
74‌
Wartsila
OYJ
Abp
10,624‌
103‌
Westinghouse
Air
Brake
Technologies
Corp
1,163‌
121‌
Xylem
Inc/NY
949‌
97‌
Zurn
Elkay
Water
Solutions
Corp
2,092‌
48‌
$
2,965‌
Media
-
0.77%
Altice
USA
Inc
(f)
23,755‌
94‌
Cable
One
Inc
200‌
138‌
Charter
Communications
Inc
(e),(f)
840‌
309‌
Comcast
Corp
-
Class
A
(e)
8,140‌
303‌
Fox
Corp
-
A
Shares
(e)
3,478‌
122‌
iHeartMedia
Inc
(f)
6,333‌
46‌
Liberty
Broadband
Corp
-
C
Shares
(c),(f)
1,835‌
159‌
Liberty
Global
PLC
-
A
Shares
(c),(f)
3,847‌
79‌
News
Corp
-
A
Shares
(e)
2,612‌
45‌
Shaw
Communications
Inc
42,654‌
1,236‌
TEGNA
Inc
12,793‌
222‌
Walt
Disney
Co/The
(e),(f)
1,969‌
196‌
Warner
Bros
Discovery
Inc
(e),(f)
2,743‌
43‌
Wolters
Kluwer
NV
3,171‌
366‌
$
3,358‌
Metal
Fabrication
&
Hardware
-
0.01%
Troax
Group
AB
1,965‌
42‌
Mining
-
0.87%
Antofagasta
PLC
3,722‌
70‌
Barrick
Gold
Corp
6,190‌
100‌
BHP
Group
Ltd
2,561‌
78‌
Compass
Minerals
International
Inc
1,360‌
52‌
Ecobat
Holdings,
Inc
-
Class
B
(f)
2,998‌
1,929‌
Freeport-McMoRan
Inc
(e)
1,805‌
74‌
Kinross
Gold
Corp
37,900‌
140‌
MP
Materials
Corp
(f)
2,061‌
72‌
Newcrest
Mining
Ltd
8,005‌
123‌
Newmont
Corp
(e)
433‌
19‌
Northern
Star
Resources
Ltd
32,353‌
226‌
Rio
Tinto
PLC
2,878‌
197‌
Rio
Tinto
PLC
ADR
1,418‌
99‌
South32
Ltd
14,499‌
42‌
Yamana
Gold
Inc
(c)
105,785‌
539‌
$
3,760‌
Miscellaneous
Manufacturers
-
0.50%
3M
Co
(c),(e)
2,656‌
286‌
A
O
Smith
Corp
(e)
5,433‌
357‌
Alfa
Laval
AB
2,752‌
91‌
Avon
Protection
PLC
3,394‌
40‌
Diploma
PLC
1,524‌
51‌
Eaton
Corp
PLC
683‌
119‌
General
Electric
Co
(e)
2,720‌
230‌
Hexpol
AB
4,384‌
49‌
Illinois
Tool
Works
Inc
(c),(e)
1,297‌
302‌
Siemens
AG
1,193‌
182‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
117
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
(continued)
Sturm
Ruger
&
Co
Inc
1,157‌
$
67‌
Textron
Inc
(c),(e)
5,047‌
366‌
Volution
Group
PLC
8,946‌
40‌
$
2,180‌
Office
&
Business
Equipment
-
0.08%
Zebra
Technologies
Corp
(e),(f)
1,092‌
328‌
Office
Furnishings
-
0.01%
Interface
Inc
7,219‌
64‌
Oil
&
Gas
-
1.03%
APA
Corp
(e)
4,381‌
168‌
Bellatrix
Exploration
Ltd
(f),(h)
94,641‌
—‌
California
Resources
Corp
2,144‌
90‌
Canadian
Natural
Resources
Ltd
3,554‌
201‌
Cenovus
Energy
Inc
2,200‌
41‌
Chevron
Corp
(c),(e)
1,880‌
302‌
Chord
Energy
Corp
635‌
86‌
ConocoPhillips
(c),(e)
3,001‌
310‌
Devon
Energy
Corp
1,289‌
70‌
Diamondback
Energy
Inc
(e)
2,365‌
332‌
Eni
SpA
13,605‌
192‌
EOG
Resources
Inc
(e)
2,978‌
336‌
EQT
Corp
(e)
5,552‌
184‌
Exxon
Mobil
Corp
(c),(e)
7,954‌
874‌
Galp
Energia
SGPS
SA
7,445‌
91‌
Hess
Corp
297‌
40‌
Imperial
Oil
Ltd
1,900‌
94‌
Marathon
Petroleum
Corp
(e)
1,788‌
221‌
Nabors
Industries
Ltd
(f)
524‌
79‌
Nabors
Industries
Ltd
-
Warrants
(f)
333‌
9‌
Occidental
Petroleum
Corp
(e)
1,528‌
90‌
Parkland
Corp
1,700‌
37‌
Patterson-UTI
Energy
Inc
4,140‌
57‌
PBF
Energy
Inc
1,755‌
77‌
Phillips
66
(c)
111‌
11‌
Pioneer
Natural
Resources
Co
(e)
675‌
136‌
Ranger
Oil
Corp
4‌
—‌
TotalEnergies
SE
2,378‌
147‌
Valero
Energy
Corp
(e)
1,170‌
154‌
Viper
Energy
Partners
LP
2,101‌
60‌
$
4,489‌
Oil
&
Gas
Services
-
0.24%
Baker
Hughes
Co
(c)
2,135‌
65‌
ChampionX
Corp
2,075‌
63‌
DMC
Global
Inc
(f)
2,695‌
72‌
Halliburton
Co
(e)
9,927‌
360‌
John
Wood
Group
PLC
(f)
34,996‌
82‌
Liberty
Energy
Inc
5,069‌
77‌
Schlumberger
Ltd
(c)
4,875‌
260‌
TechnipFMC
PLC
(f)
5,425‌
83‌
$
1,062‌
Packaging
&
Containers
-
0.18%
Ball
Corp
1,659‌
93‌
Packaging
Corp
of
America
(e)
1,773‌
243‌
Sealed
Air
Corp
(c),(e)
7,860‌
382‌
Vidrala
SA
547‌
58‌
$
776‌
Pharmaceuticals
-
1.40%
AbbVie
Inc
(e)
496‌
76‌
Aclaris
Therapeutics
Inc
(f)
3,825‌
48‌
Ascendis
Pharma
A/S
ADR
(f)
125‌
14‌
AstraZeneca
PLC
ADR
1,721‌
112‌
Bristol-Myers
Squibb
Co
(c),(e)
2,528‌
175‌
Cardinal
Health
Inc
(e)
2,739‌
207‌
Chugai
Pharmaceutical
Co
Ltd
5,600‌
139‌
Cigna
Group/The
(e)
630‌
184‌
CVS
Health
Corp
(c),(e)
2,780‌
232‌
Daiichi
Sankyo
Co
Ltd
200‌
6‌
Dexcom
Inc
(c),(f)
2,077‌
230‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Elanco
Animal
Health
Inc
(c),(f)
1,779‌
$
20‌
Eli
Lilly
&
Co
423‌
132‌
Grifols
SA
(f)
11,223‌
137‌
GSK
PLC
13,024‌
223‌
Johnson
&
Johnson
(e)
3,872‌
594‌
McKesson
Corp
(e)
395‌
138‌
Merck
&
Co
Inc
(e)
3,111‌
331‌
Merck
KGaA
92‌
17‌
Merus
NV
(f)
3,861‌
74‌
Neurocrine
Biosciences
Inc
(c),(f)
1,507‌
155‌
Novartis
AG
5,828‌
491‌
Novo
Nordisk
A/S
4,655‌
658‌
Ono
Pharmaceutical
Co
Ltd
5,100‌
104‌
Organon
&
Co
(e)
10,104‌
247‌
Pacira
BioSciences
Inc
(f)
2,504‌
107‌
Pfizer
Inc
(e)
14,248‌
578‌
Premier
Inc
1,925‌
62‌
Revance
Therapeutics
Inc
(f)
587‌
20‌
Roche
Holding
AG
1,031‌
297‌
Shionogi
&
Co
Ltd
4,600‌
204‌
Vaxcyte
Inc
(f)
406‌
17‌
Verona
Pharma
PLC
ADR
(f)
909‌
19‌
Virbac
SA
193‌
58‌
$
6,106‌
Pipelines
-
0.14%
Cheniere
Energy
Inc
246‌
39‌
Kinder
Morgan
Inc
(e)
10,965‌
187‌
ONEOK
Inc
(c),(e)
4,282‌
280‌
Southcross
Holdings
(f),(h)
615,976‌
3‌
Targa
Resources
Corp
(c)
1,164‌
86‌
Williams
Cos
Inc/The
493‌
15‌
$
610‌
Private
Equity
-
0.02%
Onex
Corp
1,800‌
96‌
Real
Estate
-
0.16%
Catena
AB
1,356‌
53‌
CBRE
Group
Inc
(e),(f)
1,406‌
120‌
Fastighets
AB
Balder
(f)
37,920‌
187‌
Marcus
&
Millichap
Inc
2,054‌
71‌
McGrath
RentCorp
658‌
68‌
PSP
Swiss
Property
AG
483‌
54‌
Sekisui
House
Ltd
2,100‌
40‌
Shurgard
Self
Storage
Ltd
1,169‌
57‌
Tricon
Residential
Inc
6,906‌
56‌
$
706‌
REITs
-
0.89%
Alexandria
Real
Estate
Equities
Inc
(e)
867‌
130‌
American
Tower
Corp
(e)
1,900‌
375‌
Americold
Realty
Trust
Inc
2,212‌
65‌
Annaly
Capital
Management
Inc
(c)
3,249‌
67‌
AvalonBay
Communities
Inc
(e)
813‌
140‌
Camden
Property
Trust
(e)
1,190‌
137‌
CareTrust
REIT
Inc
3,794‌
75‌
Crown
Castle
Inc
(e)
271‌
35‌
Digital
Realty
Trust
Inc
(e)
1,675‌
175‌
Equinix
Inc
117‌
80‌
Equity
LifeStyle
Properties
Inc
1,811‌
124‌
Equity
Residential
1,579‌
99‌
Extra
Space
Storage
Inc
(e)
1,436‌
236‌
Federal
Realty
Investment
Trust
(e)
743‌
79‌
Healthcare
Realty
Trust
Inc
(c)
1,401‌
27‌
Healthpeak
Properties
Inc
(e)
368‌
9‌
Innovative
Industrial
Properties
Inc
315‌
28‌
Medical
Properties
Trust
Inc
(c)
13,359‌
138‌
Mid-America
Apartment
Communities
Inc
(c)
879‌
141‌
Pebblebrook
Hotel
Trust
4,084‌
58‌
Piedmont
Office
Realty
Trust
Inc
6,770‌
62‌
Prologis
Inc
(e)
1,010‌
125‌
Public
Storage
(e)
581‌
174‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
118
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Realty
Income
Corp
(e)
3,555‌
$
227‌
Rithm
Capital
Corp
6,234‌
57‌
Ryman
Hospitality
Properties
Inc
744‌
69‌
SBA
Communications
Corp
(e)
33‌
9‌
Simon
Property
Group
Inc
(c),(e)
2,046‌
250‌
UDR
Inc
(e)
1,642‌
70‌
UNITE
Group
PLC/The
4,379‌
52‌
Uniti
Group
Inc
13,485‌
74‌
VICI
Properties
Inc
(e)
3,929‌
132‌
Welltower
Inc
(e)
2,270‌
168‌
Weyerhaeuser
Co
(e)
5,894‌
184‌
$
3,871‌
Retail
-
1.46%
Alimentation
Couche-Tard
Inc
1,800‌
84‌
AutoZone
Inc
(e),(f)
143‌
356‌
Bath
&
Body
Works
Inc
(c),(e)
9,486‌
388‌
Best
Buy
Co
Inc
(c),(e)
3,877‌
323‌
CarMax
Inc
(f)
2,045‌
141‌
Cazoo
Group
Ltd
(f)
258‌
1‌
Chipotle
Mexican
Grill
Inc
(c),(f)
88‌
131‌
Costco
Wholesale
Corp
74‌
36‌
Cracker
Barrel
Old
Country
Store
Inc
672‌
73‌
Dollar
General
Corp
(e)
113‌
24‌
Dollar
Tree
Inc
(f)
710‌
103‌
Domino's
Pizza
Inc
244‌
72‌
Europris
ASA
(g)
6,922‌
49‌
Fast
Retailing
Co
Ltd
900‌
178‌
Freshpet
Inc
(f)
1,370‌
85‌
Genuine
Parts
Co
(e)
1,044‌
185‌
Home
Depot
Inc/The
(c)
462‌
137‌
Industria
de
Diseno
Textil
SA
11,558‌
356‌
JD
Sports
Fashion
PLC
89,478‌
195‌
Lowe's
Cos
Inc
(c),(e)
2,727‌
561‌
Lululemon
Athletica
Inc
(f)
222‌
69‌
McDonald's
Corp
(e)
1,819‌
480‌
Moncler
SpA
2,309‌
141‌
O'Reilly
Automotive
Inc
(e),(f)
202‌
168‌
OVS
SpA
(g)
24,468‌
66‌
Pandora
A/S
285‌
27‌
Ross
Stores
Inc
(e)
2,739‌
302‌
Rush
Enterprises
Inc
-
Class
A
866‌
49‌
Starbucks
Corp
(e)
2,598‌
265‌
Target
Corp
(e)
548‌
92‌
Texas
Roadhouse
Inc
507‌
51‌
TJX
Cos
Inc/The
4,447‌
341‌
Ulta
Beauty
Inc
(f)
175‌
91‌
Walgreens
Boots
Alliance
Inc
(e)
1,941‌
69‌
Walmart
Inc
(e)
2,280‌
324‌
WH
Smith
PLC
3,214‌
61‌
Wingstop
Inc
482‌
82‌
Yum!
Brands
Inc
(e)
1,459‌
185‌
$
6,341‌
Savings
&
Loans
-
0.04%
Berkshire
Hills
Bancorp
Inc
2,112‌
61‌
Pacific
Premier
Bancorp
Inc
2,099‌
68‌
WSFS
Financial
Corp
1,155‌
58‌
$
187‌
Semiconductors
-
1.86%
Advantest
Corp
4,100‌
325‌
Applied
Materials
Inc
(c),(e)
4,049‌
471‌
ASM
International
NV
199‌
68‌
ASML
Holding
NV
1,165‌
718‌
BE
Semiconductor
Industries
NV
809‌
62‌
Broadcom
Inc
(c),(e)
1,603‌
953‌
Hensoldt
AG
2,129‌
69‌
Infineon
Technologies
AG
1,134‌
40‌
KLA
Corp
(e)
437‌
166‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
Lam
Research
Corp
(e)
857‌
$
417‌
Marvell
Technology
Inc
(c)
1,611‌
73‌
Microchip
Technology
Inc
(e)
3,640‌
295‌
Micron
Technology
Inc
(c),(e)
7,394‌
428‌
MKS
Instruments
Inc
219‌
21‌
Monolithic
Power
Systems
Inc
(c)
729‌
353‌
NVIDIA
Corp
(c),(e)
1,460‌
339‌
NXP
Semiconductors
NV
(c)
2,966‌
529‌
ON
Semiconductor
Corp
(e),(f)
5,035‌
390‌
Qorvo
Inc
(e),(f)
3,216‌
324‌
QUALCOMM
Inc
(c),(e)
3,264‌
403‌
Samsung
Electronics
Co
Ltd
822‌
38‌
Silicon
Motion
Technology
Corp
ADR
6,587‌
442‌
SiTime
Corp
(f)
467‌
58‌
Skyworks
Solutions
Inc
(c),(e)
3,927‌
438‌
SOITEC
(f)
357‌
53‌
STMicroelectronics
NV
3,758‌
180‌
SUMCO
Corp
10,100‌
139‌
Synaptics
Inc
(f)
614‌
72‌
Texas
Instruments
Inc
(c)
1,269‌
218‌
Tower
Semiconductor
Ltd
(f)
414‌
17‌
$
8,099‌
Software
-
2.50%
Activision
Blizzard
Inc
(e)
19,812‌
1,511‌
Adeia
Inc
6,860‌
68‌
Adobe
Inc
(c),(e),(f)
818‌
265‌
Agilysys
Inc
(f)
1,424‌
114‌
Akamai
Technologies
Inc
(e),(f)
1,071‌
78‌
ANSYS
Inc
(e),(f)
75‌
23‌
Autodesk
Inc
(e),(f)
137‌
27‌
Black
Knight
Inc
(f)
1,597‌
95‌
Box
Inc
(f)
2,522‌
84‌
Cadence
Design
Systems
Inc
(e),(f)
174‌
34‌
Consensus
Cloud
Solutions
Inc
(f)
1,031‌
42‌
Constellation
Software
Inc/Canada
175‌
301‌
Dassault
Systemes
SE
7,892‌
305‌
Datadog
Inc
(c),(f)
1,150‌
88‌
DocuSign
Inc
(f)
1,009‌
62‌
Dynatrace
Inc
(c),(f)
1,567‌
67‌
Electronic
Arts
Inc
(e)
689‌
77‌
Fair
Isaac
Corp
(f)
15‌
10‌
Fidelity
National
Information
Services
Inc
9,685‌
613‌
Fiserv
Inc
(e),(f)
1,528‌
176‌
Five9
Inc
(f)
610‌
40‌
HubSpot
Inc
(c),(f)
297‌
115‌
Jamf
Holding
Corp
(f)
2,505‌
53‌
Lumine
Group
Inc
(f)
525‌
5‌
Manhattan
Associates
Inc
(f)
343‌
49‌
Microsoft
Corp
(c),(e)
9,312‌
2,322‌
MINDBODY
Inc
(f),(h)
9,229‌
337‌
MongoDB
Inc
(f)
44‌
9‌
MSCI
Inc
(c)
399‌
208‌
NextGen
Healthcare
Inc
(f)
2,851‌
52‌
Open
Text
Corp
200‌
7‌
Paychex
Inc
(c)
753‌
83‌
Paycom
Software
Inc
(c),(f)
1,050‌
304‌
PowerSchool
Holdings
Inc
(f)
1,217‌
28‌
RingCentral
Inc
(f)
560‌
18‌
Roper
Technologies
Inc
(c),(e)
378‌
163‌
Salesforce
Inc
(c),(e),(f)
3,295‌
538‌
ServiceNow
Inc
(c),(e),(f)
177‌
76‌
Snowflake
Inc
-
Class
A
(c),(f)
294‌
45‌
SolarWinds
Corp
(f)
8,305‌
71‌
Square
Enix
Holdings
Co
Ltd
400‌
18‌
Synopsys
Inc
(e),(f)
66‌
24‌
Take-Two
Interactive
Software
Inc
(e),(f)
92‌
10‌
Topicus.com
Inc
(f)
273‌
18‌
Veeva
Systems
Inc
(c),(f)
611‌
101‌
Verra
Mobility
Corp
(f)
5,330‌
92‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
119
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
VMware
Inc
(c),(f)
13,413‌
$
1,477‌
WiseTech
Global
Ltd
8,537‌
361‌
Workday
Inc
(c),(f)
977‌
182‌
Xero
Ltd
(f)
115‌
6‌
ZoomInfo
Technologies
Inc
(f)
1,432‌
35‌
$
10,887‌
Storage
&
Warehousing
-
0.01%
ID
Logistics
Group
(f)
175‌
56‌
Telecommunications
-
0.58%
Arista
Networks
Inc
(f)
1,019‌
141‌
AT&T
Inc
(e)
7,184‌
136‌
Calix
Inc
(f)
1,132‌
58‌
Cisco
Systems
Inc
(c),(e)
11,388‌
552‌
Hellenic
Telecommunications
Organization
SA
6,595‌
101‌
InterDigital
Inc
996‌
73‌
Koninklijke
KPN
NV
6,518‌
22‌
Lumen
Technologies
Inc
(e)
22,881‌
78‌
Maxar
Technologies
Inc
7,108‌
366‌
Motorola
Solutions
Inc
(c),(e)
1,897‌
499‌
SoftBank
Corp
7,900‌
89‌
Telefonaktiebolaget
LM
Ericsson
11,266‌
62‌
T-Mobile
US
Inc
(e),(f)
1,688‌
240‌
Verizon
Communications
Inc
(e)
3,074‌
119‌
$
2,536‌
Toys,
Games
&
Hobbies
-
0.01%
Games
Workshop
Group
PLC
416‌
46‌
Transportation
-
1.23%
AP
Moller
-
Maersk
A/S
-
B
32‌
75‌
Atlas
Air
Worldwide
Holdings
Inc
(f)
11,268‌
1,136‌
Atlas
Corp
(c)
45,332‌
696‌
Aurizon
Holdings
Ltd
123,377‌
274‌
Canadian
National
Railway
Co
1,318‌
150‌
Central
Japan
Railway
Co
1,500‌
168‌
CSX
Corp
2,570‌
78‌
Deutsche
Post
AG
3,712‌
157‌
DSV
A/S
158‌
29‌
Euronav
NV
10,301‌
188‌
Expeditors
International
of
Washington
Inc
(e)
3,273‌
342‌
FedEx
Corp
385‌
78‌
Freightos
Ltd
-
Warrants
(f)
388‌
—‌
Heartland
Express
Inc
4,932‌
80‌
Kirby
Corp
(f)
1,445‌
105‌
Knight-Swift
Transportation
Holdings
Inc
1,992‌
113‌
Nippon
Express
Holdings
Inc
3,300‌
184‌
Norfolk
Southern
Corp
(c),(e)
875‌
197‌
Old
Dominion
Freight
Line
Inc
(e)
452‌
153‌
SITC
International
Holdings
Co
Ltd
8,000‌
17‌
TFI
International
Inc
1,200‌
147‌
Union
Pacific
Corp
(e)
1,418‌
294‌
United
Parcel
Service
Inc
(c),(e)
3,683‌
672‌
$
5,333‌
Water
-
0.04%
Veolia
Environnement
SA
5,137‌
153‌
TOTAL
COMMON
STOCKS
$
182,932‌
CONVERTIBLE
PREFERRED
STOCKS
-
0.12%
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
96‌
$
117‌
Software
-
0.02%
Clarivate
PLC
5.25%,
06/01/2024
1,950‌
86‌
Telecommunications
-
0.07%
2020
Cash
Mandatory
Exchangeable
Trust
5.25%,
06/01/2023
(g)
262‌
304‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
507‌
PREFERRED
STOCKS
-
0.03%
Shares
Held
Value
(000's)
Apparel
-
0.01%
Fossil
Group
Inc
7.00%,
11/30/2026
2,730‌
$
50‌
Entertainment
-
0.01%
AMC
Entertainment
Holdings
Inc
0.00%
(f)
23,627‌
49‌
Machinery
-
Construction
&
Mining
-
0.01%
Babcock
&
Wilcox
Enterprises
Inc
6.50%,
12/31/2026
1,245‌
28‌
TOTAL
PREFERRED
STOCKS
$
127‌
BONDS
-
28.03%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.09%
Clear
Channel
Outdoor
Holdings
Inc
7.50%,
06/01/2029
(g)
$
382‌
$
310‌
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
5.00%,
08/15/2027
(g)
110‌
99‌
$
409‌
Aerospace
&
Defense
-
0.18%
Boeing
Co/The
3.38%,
06/15/2046
70‌
47‌
5.15%,
05/01/2030
245‌
237‌
Bombardier
Inc
7.88%,
04/15/2027
(g)
159‌
158‌
Embraer
Netherlands
Finance
BV
5.05%,
06/15/2025
75‌
72‌
Raytheon
Technologies
Corp
5.00%,
02/27/2026
65‌
65‌
TransDigm
Inc
8.00%,
12/15/2025
(g)
180‌
184‌
$
763‌
Agriculture
-
0.08%
Vector
Group
Ltd
10.50%,
11/01/2026
(g)
352‌
353‌
Airlines
-
0.10%
United
Airlines
2016-2
Class
B
Pass
Through
Trust
3.65%,
04/07/2027
156‌
144‌
United
Airlines
2019-2
Class
B
Pass
Through
Trust
3.50%,
11/01/2029
329‌
298‌
United
Airlines
2020-1
Class
B
Pass
Through
Trust
4.88%,
07/15/2027
14‌
14‌
$
456‌
Automobile
Asset
Backed
Securities
-
0.74%
Avid
Automobile
Receivables
Trust
2019-1
3.14%,
07/15/2026
(g)
102‌
102‌
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2.13%,
08/20/2027
(g)
350‌
297‌
Carvana
Auto
Receivables
Trust
2021-N3
1.02%,
06/12/2028
70‌
66‌
Carvana
Auto
Receivables
Trust
2021-N4
2.30%,
09/11/2028
100‌
92‌
Carvana
Auto
Receivables
Trust
2021-P1
1.53%,
03/10/2027
140‌
121‌
Drive
Auto
Receivables
Trust
2021-1
1.45%,
01/16/2029
220‌
206‌
DT
Auto
Owner
Trust
2021-4
1.99%,
09/15/2027
(g)
115‌
103‌
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
139‌
First
Investors
Auto
Owner
Trust
2019-2
2.80%,
12/15/2025
(g)
75‌
73‌
3.88%,
01/15/2026
(g)
175‌
170‌
Flagship
Credit
Auto
Trust
2022-1
3.64%,
03/15/2028
(g)
200‌
183‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
120
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
GLS
Auto
Receivables
Issuer
Trust
2021-4
2.48%,
10/15/2027
(g)
$
205‌
$
183‌
Hertz
Vehicle
Financing
III
LLC
4.85%,
06/25/2026
(g)
250‌
229‌
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
152‌
Santander
Drive
Auto
Receivables
Trust
2020-1
5.35%,
03/15/2028
385‌
384‌
Santander
Drive
Auto
Receivables
Trust
2021-4
1.67%,
10/15/2027
355‌
328‌
Westlake
Automobile
Receivables
Trust
2022-2
5.48%,
09/15/2027
(g)
125‌
121‌
$
3,237‌
Automobile
Manufacturers
-
0.72%
American
Honda
Finance
Corp
1.50%,
01/13/2025
900‌
842‌
General
Motors
Co
5.40%,
04/01/2048
260‌
217‌
5.95%,
04/01/2049
150‌
135‌
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
91‌
3
Month
USD
LIBOR
+
3.60%
6.00%,
01/09/2028
160‌
161‌
6.50%,
09/30/2028
(j),(k)
75‌
70‌
3
Month
USD
LIBOR
+
3.44%
Toyota
Motor
Credit
Corp
1.45%,
01/13/2025
905‌
847‌
3.95%,
06/30/2025
385‌
376‌
4.40%,
09/20/2024
385‌
380‌
$
3,151‌
Banks
-
1.76%
Banco
Mercantil
del
Norte
SA/Grand
Cayman
5.88%,
01/24/2027
(g),(j),(k),(l)
625‌
554‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.64%
5.88%,
01/24/2027
(j),(k),(l)
200‌
177‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.64%
Banco
Santander
SA
5.15%,
08/18/2025
200‌
197‌
Bank
Hapoalim
BM
3.26%,
01/21/2032
(g),(k),(l)
1,000‌
856‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.16%
Bank
Leumi
Le-Israel
BM
7.13%,
07/18/2033
(g),(k),(l)
500‌
501‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.47%
Bank
of
America
Corp
5.67%,
04/25/2025
380‌
382‌
Secured
Overnight
Financing
Rate
+
1.10%
Bank
of
New
York
Mellon
Corp/The
5.19%,
04/25/2025
190‌
189‌
Secured
Overnight
Financing
Rate
+
0.62%
Barclays
PLC
3.56%,
09/23/2035
(k)
495‌
395‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
4.38%,
03/15/2028
(j),(k),(l)
230‌
181‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Credit
Suisse
Group
AG
2.19%,
06/05/2026
(g),(k)
$
250‌
$
215‌
Secured
Overnight
Financing
Rate
+
2.04%
6.44%,
08/11/2028
(g),(k)
250‌
231‌
Secured
Overnight
Financing
Rate
+
3.70%
Deutsche
Bank
AG/New
York
NY
3.73%,
01/14/2032
(k)
200‌
157‌
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%
Israel
Discount
Bank
Ltd
5.38%,
01/26/2028
(g)
675‌
665‌
KeyBank
NA/Cleveland
OH
4.70%,
01/26/2026
370‌
365‌
Mitsubishi
UFJ
Financial
Group
Inc
5.06%,
09/12/2025
(k)
390‌
386‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.55%
Morgan
Stanley
5.76%,
04/17/2025
380‌
382‌
Secured
Overnight
Financing
Rate
+
1.17%
OTP
Bank
Nyrt
7.35%,
03/04/2026
(k)
EUR
125‌
134‌
3
Month
Euro
Interbank
Offered
Rate
+
4.52%
Standard
Chartered
PLC
3.27%,
02/18/2036
(g),(k)
$
375‌
302‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.30%
7.75%,
08/15/2027
(g),(j),(k),(l)
250‌
250‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.98%
UniCredit
SpA
2.57%,
09/22/2026
(g),(k)
350‌
316‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
Wells
Fargo
&
Co
5.89%,
04/25/2026
380‌
384‌
Secured
Overnight
Financing
Rate
+
1.32%
$
7,642‌
Biotechnology
-
0.06%
Amgen
Inc
5.25%,
03/02/2025
(m)
280‌
279‌
Building
Materials
-
0.26%
Cemex
SAB
de
CV
3.88%,
07/11/2031
(g)
200‌
161‌
5.13%,
06/08/2026
(g),(j)
475‌
431‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
9.07%
5.13%,
06/08/2026
(j),(k)
200‌
182‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.53%
5.20%,
09/17/2030
(g)
375‌
343‌
$
1,117‌
Chemicals
-
0.29%
Ashland
LLC
3.38%,
09/01/2031
(g)
155‌
123‌
Braskem
Netherlands
Finance
BV
4.50%,
01/31/2030
(g)
200‌
169‌
Orbia
Advance
Corp
SAB
de
CV
2.88%,
05/11/2031
(g)
205‌
161‌
Sasol
Financing
USA
LLC
4.38%,
09/18/2026
500‌
449‌
5.50%,
03/18/2031
225‌
188‌
6.50%,
09/27/2028
200‌
187‌
$
1,277‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
121
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Coal
-
0.10%
CONSOL
Energy
Inc
11.00%,
11/15/2025
(g)
$
405‌
$
414‌
Commercial
Mortgage
Backed
Securities
-
0.68%
BPR
Trust
2021-NRD
11.43%,
12/15/2038
(g)
140‌
125‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.87%
Citigroup
Commercial
Mortgage
Trust
2014-GC21
4.94%,
05/10/2047
(g),(n)
135‌
104‌
COMM
2012-CCRE3
Mortgage
Trust
3.92%,
10/15/2045
(g)
110‌
95‌
COMM
2012-LC4
Mortgage
Trust
5.30%,
12/10/2044
(n)
10‌
8‌
CSMC
2014-USA
OA
LLC
4.37%,
09/15/2037
(g)
1,055‌
610‌
Extended
Stay
America
Trust
2021-ESH
8.29%,
07/15/2038
(g)
117‌
113‌
1.00
x
1
Month
USD
LIBOR
+
3.70%
Med
Trust
2021-MDLN
6.39%,
11/15/2038
(g)
100‌
97‌
1.00
x
1
Month
USD
LIBOR
+
1.80%
Morgan
Stanley
Capital
I
Trust
2011-C2
5.21%,
06/15/2044
(g),(n)
296‌
277‌
5.21%,
06/15/2044
(g),(n)
160‌
120‌
Starwood
Retail
Property
Trust
2014-STAR
7.34%,
11/15/2027
(g),(h)
170‌
84‌
1.00
x
1
Month
USD
LIBOR
+
2.75%
8.99%,
11/15/2027
(g),(h)
645‌
63‌
1.00
x
1
Month
USD
LIBOR
+
4.40%
Wells
Fargo
Commercial
Mortgage
Trust
2013-LC12
4.28%,
07/15/2046
(n)
215‌
207‌
Wells
Fargo
Commercial
Mortgage
Trust
2016-C36
4.13%,
11/15/2059
(n)
100‌
75‌
WFRBS
Commercial
Mortgage
Trust
2011-C3
5.38%,
03/15/2044
(g),(n)
330‌
124‌
WFRBS
Commercial
Mortgage
Trust
2011-C4
4.85%,
06/15/2044
(g),(n)
845‌
748‌
WFRBS
Commercial
Mortgage
Trust
2014-C20
4.38%,
05/15/2047
100‌
86‌
$
2,936‌
Commercial
Services
-
0.20%
Global
Payments
Inc
2.90%,
11/15/2031
30‌
24‌
5.40%,
08/15/2032
15‌
14‌
MoneyGram
International
Inc
5.38%,
08/01/2026
(g)
470‌
475‌
TriNet
Group
Inc
3.50%,
03/01/2029
(g)
65‌
54‌
Verscend
Escrow
Corp
9.75%,
08/15/2026
(g)
312‌
313‌
$
880‌
Computers
-
0.15%
Leidos
Inc
5.75%,
03/15/2033
150‌
148‌
NCR
Corp
6.13%,
09/01/2029
(g)
319‌
310‌
Western
Digital
Corp
2.85%,
02/01/2029
120‌
95‌
4.75%,
02/15/2026
120‌
113‌
$
666‌
Cosmetics
&
Personal
Care
-
0.04%
Natura
Cosmeticos
SA
4.13%,
05/03/2028
(g)
200‌
155‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Distribution
&
Wholesale
-
0.07%
IAA
Inc
5.50%,
06/15/2027
(g)
$
314‌
$
318‌
Diversified
Financial
Services
-
0.71%
Aircastle
Ltd
5.25%,
06/15/2026
(g),(j),(k)
60‌
49‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.41%
Ally
Financial
Inc
4.70%,
05/15/2026
(j),(k)
125‌
98‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%
4.70%,
05/15/2028
(j),(k)
185‌
136‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
3.48%
American
Express
Co
5.28%,
05/03/2024
380‌
381‌
Secured
Overnight
Financing
Rate
+
0.72%
Antares
Holdings
LP
2.75%,
01/15/2027
(g)
255‌
211‌
Aviation
Capital
Group
LLC
1.95%,
01/30/2026
(g)
50‌
44‌
Capital
One
Financial
Corp
5.91%,
05/09/2025
375‌
375‌
Secured
Overnight
Financing
Rate
+
1.35%
OneMain
Finance
Corp
3.50%,
01/15/2027
180‌
151‌
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-
Issuer
Inc
2.88%,
10/15/2026
(g)
1,060‌
915‌
3.63%,
03/01/2029
(g)
285‌
229‌
3.88%,
03/01/2031
(g)
5‌
4‌
4.00%,
10/15/2033
(g)
255‌
188‌
SOCAR
Turkey
Enerji
AS
via
Steas
Funding
1
DAC
7.23%,
03/17/2026
320‌
310‌
$
3,091‌
Electric
-
0.38%
Comision
Federal
de
Electricidad
5.00%,
09/29/2036
524‌
448‌
Edison
International
5.38%,
03/15/2026
(j),(k)
255‌
232‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.70%
Lamar
Funding
Ltd
3.96%,
05/07/2025
325‌
309‌
NextEra
Energy
Capital
Holdings
Inc
4.20%,
06/20/2024
385‌
378‌
6.05%,
03/01/2025
(m)
45‌
45‌
NPC
Ukrenergo
0.00%,
11/09/2028
(f),(g)
425‌
68‌
Pacific
Gas
and
Electric
Co
4.30%,
03/15/2045
155‌
112‌
5.45%,
06/15/2027
45‌
44‌
$
1,636‌
Electronics
-
0.04%
Trimble
Inc
6.10%,
03/15/2033
(m)
175‌
174‌
Energy
-
Alternate
Sources
-
0.09%
Energo-Pro
AS
8.50%,
02/04/2027
(g)
425‌
408‌
Engineering
&
Construction
-
0.27%
GMR
Hyderabad
International
Airport
Ltd
4.75%,
02/02/2026
(g)
200‌
187‌
HTA
Group
Ltd/Mauritius
7.00%,
12/18/2025
200‌
190‌
7.00%,
12/18/2025
(g)
365‌
346‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
122
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Engineering
&
Construction
(continued)
IEA
Energy
Services
LLC
6.63%,
08/15/2029
(g)
$
140‌
$
134‌
IHS
Holding
Ltd
5.63%,
11/29/2026
(g)
275‌
234‌
TopBuild
Corp
4.13%,
02/15/2032
(g)
80‌
66‌
$
1,157‌
Entertainment
-
0.32%
Allen
Media
LLC
/
Allen
Media
Co-Issuer
Inc
10.50%,
02/15/2028
(g)
471‌
202‌
Everi
Holdings
Inc
5.00%,
07/15/2029
(g)
25‌
22‌
GENM
Capital
Labuan
Ltd
3.88%,
04/19/2031
(g)
200‌
155‌
Scientific
Games
International
Inc
7.00%,
05/15/2028
(g)
661‌
646‌
7.25%,
11/15/2029
(g)
75‌
74‌
Warnermedia
Holdings
Inc
3.76%,
03/15/2027
(g)
65‌
60‌
4.05%,
03/15/2029
(g)
50‌
45‌
4.28%,
03/15/2032
(g)
195‌
168‌
$
1,372‌
Food
-
0.14%
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
USA
Finance
Inc
3.00%,
02/02/2029
(g)
70‌
58‌
Pilgrim's
Pride
Corp
5.88%,
09/30/2027
(g)
195‌
191‌
TreeHouse
Foods
Inc
4.00%,
09/01/2028
445‌
382‌
$
631‌
Food
Service
-
0.30%
Aramark
Services
Inc
5.00%,
04/01/2025
(g)
152‌
148‌
6.38%,
05/01/2025
(g)
1,145‌
1,137‌
$
1,285‌
Forest
Products
&
Paper
-
0.14%
Resolute
Forest
Products
Inc
4.88%,
03/01/2026
(g)
581‌
595‌
Healthcare
-
Services
-
0.04%
Centene
Corp
2.45%,
07/15/2028
15‌
13‌
Charles
River
Laboratories
International
Inc
3.75%,
03/15/2029
(g)
35‌
30‌
4.25%,
05/01/2028
(g)
30‌
27‌
Molina
Healthcare
Inc
4.38%,
06/15/2028
(g)
80‌
73‌
Tenet
Healthcare
Corp
4.63%,
06/15/2028
20‌
18‌
$
161‌
Insurance
-
0.03%
Global
Atlantic
Fin
Co
4.40%,
10/15/2029
(g)
130‌
112‌
Internet
-
1.22%
Expedia
Group
Inc
2.95%,
03/15/2031
30‌
24‌
3.25%,
02/15/2030
30‌
25‌
Getty
Images
Inc
9.75%,
03/01/2027
(g)
1,544‌
1,532‌
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
221‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
Netflix
Inc  
(continued)
5.38%,
11/15/2029
(g)
$
35‌
$
35‌
5.88%,
11/15/2028
145‌
147‌
6.38%,
05/15/2029
200‌
208‌
Prosus
NV
3.26%,
01/19/2027
(g)
1,025‌
912‌
4.19%,
01/19/2032
400‌
328‌
Tencent
Holdings
Ltd
3.93%,
01/19/2038
600‌
484‌
Uber
Technologies
Inc
4.50%,
08/15/2029
(g)
440‌
389‌
6.25%,
01/15/2028
(g)
55‌
54‌
7.50%,
09/15/2027
(g)
785‌
796‌
8.00%,
11/01/2026
(g)
15‌
15‌
$
5,293‌
Investment
Companies
-
0.28%
Ares
Capital
Corp
2.88%,
06/15/2028
165‌
135‌
3.20%,
11/15/2031
225‌
172‌
Barings
BDC
Inc
3.30%,
11/23/2026
125‌
110‌
Blackstone
Secured
Lending
Fund
2.13%,
02/15/2027
450‌
379‌
FS
KKR
Capital
Corp
3.13%,
10/12/2028
165‌
136‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5.25%,
05/15/2027
185‌
171‌
6.25%,
05/15/2026
10‌
10‌
6.38%,
12/15/2025
35‌
35‌
Owl
Rock
Capital
Corp
2.88%,
06/11/2028
75‌
60‌
Owl
Rock
Technology
Finance
Corp
2.50%,
01/15/2027
25‌
20‌
$
1,228‌
Iron
&
Steel
-
0.20%
ABJA
Investment
Co
Pte
Ltd
5.45%,
01/24/2028
210‌
201‌
CSN
Inova
Ventures
6.75%,
01/28/2028
(g)
300‌
286‌
6.75%,
01/28/2028
400‌
382‌
$
869‌
Leisure
Products
&
Services
-
0.20%
Carnival
Corp
5.75%,
03/01/2027
(g)
546‌
449‌
NCL
Corp
Ltd
5.88%,
03/15/2026
(g)
105‌
91‌
5.88%,
02/15/2027
(g)
85‌
79‌
NCL
Finance
Ltd
6.13%,
03/15/2028
(g)
40‌
33‌
Royal
Caribbean
Cruises
Ltd
4.25%,
07/01/2026
(g)
35‌
30‌
5.50%,
04/01/2028
(g)
205‌
179‌
$
861‌
Lodging
-
0.29%
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Escrow
Inc
4.88%,
07/01/2031
(g)
30‌
25‌
5.00%,
06/01/2029
(g)
105‌
92‌
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
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
123
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
(continued)
Melco
Resorts
Finance
Ltd
5.25%,
04/26/2026
$
200‌
$
180‌
5.63%,
07/17/2027
200‌
177‌
5.75%,
07/21/2028
400‌
344‌
Travel
+
Leisure
Co
4.50%,
12/01/2029
(g)
100‌
84‌
4.63%,
03/01/2030
(g)
95‌
80‌
6.00%,
04/01/2027
10‌
10‌
6.63%,
07/31/2026
(g)
85‌
83‌
$
1,242‌
Machinery
-
Construction
&
Mining
-
0.08%
Caterpillar
Financial
Services
Corp
0.95%,
01/10/2024
340‌
328‌
Machinery
-
Diversified
-
0.36%
Granite
US
Holdings
Corp
11.00%,
10/01/2027
(g)
1,156‌
1,219‌
John
Deere
Capital
Corp
0.90%,
01/10/2024
85‌
82‌
1.25%,
01/10/2025
130‌
121‌
Stevens
Holding
Co
Inc
6.13%,
10/01/2026
(g)
121‌
123‌
$
1,545‌
Media
-
0.94%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
5.13%,
05/01/2027
(g)
905‌
837‌
5.50%,
05/01/2026
(g)
30‌
29‌
Cengage
Learning
Inc
9.50%,
06/15/2024
(g)
243‌
237‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.30%,
02/01/2032
20‌
15‌
2.80%,
04/01/2031
50‌
39‌
4.40%,
04/01/2033
25‌
21‌
4.40%,
12/01/2061
955‌
622‌
CSC
Holdings
LLC
4.63%,
12/01/2030
(g)
850‌
458‌
DISH
DBS
Corp
5.13%,
06/01/2029
175‌
104‌
5.25%,
12/01/2026
(g)
465‌
390‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(g)
320‌
269‌
8.38%,
05/01/2027
80‌
70‌
Lagardere
SA
1.75%,
10/07/2027
EUR
200‌
201‌
2.13%,
10/16/2026
300‌
303‌
TEGNA
Inc
4.63%,
03/15/2028
$
361‌
321‌
5.00%,
09/15/2029
206‌
183‌
$
4,099‌
Mining
-
0.56%
BHP
Billiton
Finance
USA
Ltd
4.88%,
02/27/2026
185‌
184‌
Corp
Nacional
del
Cobre
de
Chile
5.13%,
02/02/2033
(g)
225‌
218‌
First
Quantum
Minerals
Ltd
6.88%,
03/01/2026
(g)
405‌
386‌
7.50%,
04/01/2025
(g)
200‌
194‌
FMG
Resources
August
2006
Pty
Ltd
4.50%,
09/15/2027
(g)
150‌
138‌
Freeport-McMoRan
Inc
4.25%,
03/01/2030
55‌
50‌
4.63%,
08/01/2030
25‌
23‌
Glencore
Funding
LLC
2.85%,
04/27/2031
(g)
315‌
258‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
Stillwater
Mining
Co
4.00%,
11/16/2026
(g)
$
550‌
$
489‌
4.00%,
11/16/2026
200‌
178‌
4.50%,
11/16/2029
(g)
350‌
287‌
Volcan
Cia
Minera
SAA
4.38%,
02/11/2026
(g)
30‌
24‌
$
2,429‌
Mortgage
Backed
Securities
-
0.46%
Alternative
Loan
Trust
2003-22CB
5.75%,
12/25/2033
54‌
53‌
Alternative
Loan
Trust
2004-16CB
5.50%,
07/25/2034
31‌
29‌
5.50%,
08/25/2034
31‌
29‌
Alternative
Loan
Trust
2004-J10
6.00%,
09/25/2034
67‌
64‌
Alternative
Loan
Trust
2005-J1
5.50%,
02/25/2025
17‌
17‌
Banc
of
America
Alternative
Loan
Trust
2003-8
5.50%,
10/25/2033
33‌
32‌
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
30‌
27‌
Banc
of
America
Mortgage
2005-A
Trust
3.90%,
02/25/2035
(n)
10‌
10‌
BINOM
Securitization
Trust
2022-RPL1
3.00%,
02/25/2061
(g),(n)
140‌
104‌
CHL
Mortgage
Pass-Through
Trust
2004-HYB4
4.15%,
09/20/2034
(n)
17‌
15‌
CIM
Trust
2021-NR2
2.57%,
07/25/2059
(g),(n)
115‌
109‌
Connecticut
Avenue
Securities
Trust
2020-R01
6.67%,
01/25/2040
(g)
43‌
44‌
1.00
x
1
Month
USD
LIBOR
+
2.05%
Connecticut
Avenue
Securities
Trust
2022-R06
7.23%,
05/25/2042
(g)
84‌
85‌
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
22‌
CSMC
2020-RPL3
Trust
2.69%,
03/25/2060
(g),(n)
135‌
131‌
DSLA
Mortgage
Loan
Trust
2005-AR5
5.25%,
09/19/2045
90‌
57‌
1.00
x
1
Month
USD
LIBOR
+
0.66%
Freddie
Mac
STACR
REMIC
Trust
2022-DNA4
6.68%,
05/25/2042
(g)
84‌
84‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
2.20%
GSR
Mortgage
Loan
Trust
2005-4F
6.50%,
02/25/2035
31‌
29‌
IndyMac
INDX
Mortgage
Loan
Trust
2004-AR7
5.84%,
09/25/2034
75‌
65‌
1.00
x
1
Month
USD
LIBOR
+
1.22%
IndyMac
INDX
Mortgage
Loan
Trust
2005-AR11
3.47%,
08/25/2035
(n)
331‌
264‌
Lehman
XS
Trust
Series
2006-2N
5.14%,
02/25/2046
56‌
49‌
1.00
x
1
Month
USD
LIBOR
+
0.52%
MASTR
Alternative
Loan
Trust
2003-9
5.25%,
11/25/2033
19‌
18‌
MASTR
Alternative
Loan
Trust
2004-5
5.50%,
06/25/2034
15‌
14‌
6.00%,
06/25/2034
20‌
19‌
MASTR
Alternative
Loan
Trust
2004-8
6.00%,
09/25/2034
102‌
98‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
124
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Merrill
Lynch
Mortgage
Investors
Trust
Series
MLCC
2006-2
3.96%,
05/25/2036
(n)
$
4‌
$
4‌
PRPM
2021-2
LLC
2.12%,
03/25/2026
(g),(n)
66‌
62‌
PRPM
2021-3
LLC
1.87%,
04/25/2026
(g),(n)
142‌
131‌
PRPM
2021-9
LLC
2.36%,
10/25/2026
(g),(n)
115‌
107‌
Structured
Adjustable
Rate
Mortgage
Loan
Trust
4.93%,
07/25/2035
352‌
223‌
1.00
x
1
Month
USD
LIBOR
+
0.31%
$
2,020‌
Office
&
Business
Equipment
-
0.03%
CDW
LLC
/
CDW
Finance
Corp
3.25%,
02/15/2029
140‌
118‌
4.25%,
04/01/2028
30‌
27‌
$
145‌
Oil
&
Gas
-
1.78%
Aker
BP
ASA
3.75%,
01/15/2030
(g)
210‌
185‌
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)
65‌
49‌
5.75%,
01/15/2031
(g)
370‌
350‌
Ecopetrol
SA
8.88%,
01/13/2033
225‌
221‌
Energean
Israel
Finance
Ltd
4.88%,
03/30/2026
(g)
125‌
116‌
5.38%,
03/30/2028
(g)
780‌
701‌
EQT
Corp
3.13%,
05/15/2026
(g)
30‌
28‌
3.63%,
05/15/2031
(g)
150‌
126‌
3.90%,
10/01/2027
165‌
151‌
5.00%,
01/15/2029
45‌
42‌
7.00%,
02/01/2030
10‌
10‌
KazMunayGas
National
Co
JSC
5.38%,
04/24/2030
1,200‌
1,081‌
Kosmos
Energy
Ltd
7.13%,
04/04/2026
200‌
180‌
7.50%,
03/01/2028
(g)
350‌
300‌
7.75%,
05/01/2027
200‌
176‌
Leviathan
Bond
Ltd
5.75%,
06/30/2023
(g)
350‌
349‌
6.13%,
06/30/2025
(g)
405‌
394‌
6.50%,
06/30/2027
(g)
805‌
768‌
Occidental
Petroleum
Corp
5.55%,
03/15/2026
350‌
348‌
6.13%,
01/01/2031
5‌
5‌
7.88%,
09/15/2031
10‌
11‌
8.88%,
07/15/2030
10‌
11‌
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
20‌
6.50%,
02/01/2038
10‌
10‌
6.63%,
08/15/2037
40‌
40‌
7.20%,
11/01/2031
5‌
5‌
7.38%,
11/01/2031
5‌
5‌
8.13%,
09/15/2030
25‌
27‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Petroleos
Mexicanos
5.35%,
02/12/2028
$
525‌
$
444‌
5.95%,
01/28/2031
175‌
134‌
6.50%,
01/23/2029
150‌
130‌
6.70%,
02/16/2032
375‌
298‌
6.84%,
01/23/2030
175‌
146‌
10.00%,
02/07/2033
(g)
250‌
241‌
Polski
Koncern
Naftowy
ORLEN
SA
1.13%,
05/27/2028
EUR
100‌
87‌
Southwestern
Energy
Co
4.75%,
02/01/2032
$
25‌
22‌
Tengizchevroil
Finance
Co
International
Ltd
4.00%,
08/15/2026
525‌
462‌
$
7,740‌
Other
Asset
Backed
Securities
-
2.62%
510
Asset
Backed
2021-NPL1
Trust
2.24%,
06/25/2061
(g),(n)
108‌
99‌
Accelerated
Assets
2018-1
LLC
4.51%,
12/02/2033
(g)
71‌
68‌
Adams
Outdoor
Advertising
LP
4.81%,
11/15/2048
(g)
666‌
629‌
AIM
Aviation
Finance
Ltd
7.07%,
02/15/2040
(g),(n)
675‌
217‌
Allegro
CLO
VI
Ltd
7.54%,
01/17/2031
(g)
250‌
234‌
1.00
x
3
Month
USD
LIBOR
+
2.75%
American
Homes
4
Rent
2014-SFR2
Trust
5.15%,
10/17/2036
(g)
280‌
275‌
6.23%,
10/17/2036
(g)
695‌
684‌
American
Homes
4
Rent
2014-SFR3
Trust
6.42%,
12/17/2036
(g)
900‌
889‌
American
Homes
4
Rent
2015-SFR1
Trust
5.64%,
04/17/2052
(g)
1,045‌
1,027‌
Barings
Clo
Ltd
2019-IV
7.59%,
01/15/2033
(g)
250‌
246‌
1.00
x
3
Month
USD
LIBOR
+
2.80%
Blackbird
Capital
Aircraft
Lease
Securitization
Ltd
2016-1
4.21%,
12/16/2041
(g),(n)
162‌
136‌
CARLYLE
US
CLO
2017-4
Ltd
7.59%,
01/15/2030
(g)
280‌
253‌
1.00
x
3
Month
USD
LIBOR
+
2.80%
CLI
Funding
VIII
LLC
1.64%,
02/18/2046
(g)
318‌
273‌
DB
Master
Finance
LLC
4.35%,
05/20/2049
(g)
203‌
189‌
Diamond
Resorts
Owner
Trust
2019-1
3.53%,
02/20/2032
(g)
67‌
65‌
Domino's
Pizza
Master
Issuer
LLC
2.66%,
04/25/2051
(g)
216‌
185‌
3.67%,
10/25/2049
(g)
194‌
172‌
4.12%,
07/25/2047
(g)
504‌
472‌
Elevation
CLO
2017-6
Ltd
7.49%,
07/15/2029
(g)
250‌
245‌
1.00
x
3
Month
USD
LIBOR
+
2.70%
EWC
Master
Issuer
LLC
5.50%,
03/15/2052
(g)
100‌
89‌
Generate
CLO
7
Ltd
8.62%,
01/22/2033
(g)
295‌
280‌
1.00
x
3
Month
USD
LIBOR
+
3.80%
Greystone
CRE
Notes
2021-HC2
LTD
6.48%,
12/15/2039
(g)
110‌
107‌
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)
26‌
25‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
125
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
HPEFS
Equipment
Trust
2.79%,
07/22/2030
(g)
$
500‌
$
497‌
HPEFS
Equipment
Trust
2020-1
2.26%,
02/20/2030
(g)
105‌
105‌
Kestrel
Aircraft
Funding
Ltd
4.25%,
12/15/2038
(g)
310‌
256‌
Madison
Park
Funding
XXVI
Ltd
7.80%,
07/29/2030
(g)
255‌
242‌
1.00
x
3
Month
USD
LIBOR
+
3.00%
Madison
Park
Funding
XXX
LTD
7.29%,
04/15/2029
(g)
255‌
241‌
1.00
x
3
Month
USD
LIBOR
+
2.50%
Octagon
Investment
Partners
XVI
Ltd
10.54%,
07/17/2030
(g)
500‌
416‌
1.00
x
3
Month
USD
LIBOR
+
5.75%
Octagon
Investment
Partners
XXII
Ltd
6.72%,
01/22/2030
(g)
250‌
239‌
1.00
x
3
Month
USD
LIBOR
+
1.90%
OHA
Credit
Funding
3
LTD
11.06%,
07/02/2035
(g)
250‌
229‌
1.00
x
3
Month
USD
LIBOR
+
6.25%
OHA
Loan
Funding
2013-1
Ltd
7.87%,
07/23/2031
(g)
275‌
260‌
1.00
x
3
Month
USD
LIBOR
+
3.05%
OZLM
XXIII
Ltd
8.54%,
04/15/2034
(g)
390‌
360‌
1.00
x
3
Month
USD
LIBOR
+
3.75%
Parallel
2017-1
Ltd
6.81%,
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)
267‌
225‌
Post
CLO
2023-1
Ltd
0.00%,
04/20/2036
(f),(g),(m)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.95%
Rockford
Tower
CLO
2018-1
Ltd
6.02%,
05/20/2031
(g)
250‌
248‌
1.00
x
3
Month
USD
LIBOR
+
1.10%
Sierra
Timeshare
2020-2
Receivables
Funding
LLC
3.51%,
07/20/2037
(g)
29‌
27‌
VCAT
2021-NPL5
LLC
1.87%,
08/25/2051
(g),(n)
74‌
67‌
VCAT
2021-NPL6
LLC
1.92%,
09/25/2051
(g),(n)
77‌
70‌
VERDE
CLO
Ltd
5.89%,
04/15/2032
(g)
100‌
99‌
1.00
x
3
Month
USD
LIBOR
+
1.10%
VOLT
XCIII
LLC
1.89%,
02/27/2051
(g),(n)
202‌
183‌
VOLT
XCIV
LLC
2.24%,
02/27/2051
(g),(n)
66‌
61‌
VOLT
XCVI
LLC
2.12%,
03/27/2051
(g),(n)
121‌
112‌
Wendy's
Funding
LLC
4.08%,
06/15/2049
(g)
77‌
70‌
$
11,408‌
Packaging
&
Containers
-
0.19%
Mauser
Packaging
Solutions
Holding
Co
9.25%,
04/15/2027
(g)
858‌
807‌
Pharmaceuticals
-
0.44%
Bausch
Health
Cos
Inc
4.88%,
06/01/2028
(g)
215‌
134‌
5.00%,
01/30/2028
(g)
90‌
39‌
5.00%,
02/15/2029
(g)
10‌
4‌
5.25%,
01/30/2030
(g)
75‌
32‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Bausch
Health
Cos
Inc  
(continued)
6.25%,
02/15/2029
(g)
$
10‌
$
4‌
7.00%,
01/15/2028
(g)
20‌
9‌
Eli
Lilly
&
Co
5.00%,
02/27/2026
185‌
185‌
Mallinckrodt
International
Finance
SA
/
Mallinckrodt
CB
LLC
10.00%,
04/15/2025
(g)
358‌
321‌
Teva
Pharmaceutical
Finance
Netherlands
II
BV
6.00%,
01/31/2025
EUR
190‌
204‌
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/2026
$
60‌
52‌
4.10%,
10/01/2046
1,420‌
924‌
$
1,908‌
Pipelines
-
0.53%
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
(g)
532‌
449‌
2.16%,
03/31/2034
902‌
761‌
Greensaif
Pipelines
Bidco
Sarl
6.13%,
02/23/2038
(g)
525‌
524‌
Hess
Midstream
Operations
LP
4.25%,
02/15/2030
(g)
50‌
42‌
5.63%,
02/15/2026
(g)
50‌
48‌
Targa
Resources
Corp
6.13%,
03/15/2033
50‌
50‌
TMS
Issuer
Sarl
5.78%,
08/23/2032
(g)
275‌
279‌
Western
Midstream
Operating
LP
3.35%,
02/01/2025
165‌
156‌
$
2,309‌
Real
Estate
-
0.38%
Agile
Group
Holdings
Ltd
6.05%,
10/13/2025
210‌
116‌
CFLD
Cayman
Investment
Ltd
0.00%,
01/31/2031
(f),(g)
12‌
1‌
2.50%,
01/31/2031
(g),(h)
90‌
10‌
2.50%,
01/31/2031
(g)
109‌
12‌
China
Evergrande
Group
0.00%,
06/28/2025
(f)
200‌
17‌
Country
Garden
Holdings
Co
Ltd
3.13%,
10/22/2025
200‌
128‌
4.20%,
02/06/2026
600‌
386‌
6.15%,
09/17/2025
200‌
141‌
7.25%,
04/08/2026
250‌
170‌
Kaisa
Group
Holdings
Ltd
0.00%,
06/30/2024
(f)
400‌
65‌
0.00%,
04/16/2025
(f)
200‌
32‌
0.00%,
11/11/2025
(f)
200‌
32‌
0.00%,
06/01/2026
(f)
200‌
32‌
KWG
Group
Holdings
Ltd
6.30%,
02/13/2026
210‌
65‌
MAF
Global
Securities
Ltd
7.88%,
06/30/2027
(j),(k)
200‌
203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
Powerlong
Real
Estate
Holdings
Ltd
6.95%,
07/23/2023
200‌
62‌
Sunac
China
Holdings
Ltd
0.00%,
01/26/2026
(f)
200‌
52‌
Times
China
Holdings
Ltd
6.20%,
03/22/2026
210‌
32‌
Yuzhou
Group
Holdings
Co
Ltd
0.00%,
08/12/2026
(f)
200‌
26‌
0.00%,
01/13/2027
(f)
400‌
51‌
Zhenro
Properties
Group
Ltd
0.00%,
01/07/2026
(f)
200‌
16‌
$
1,649‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
126
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Regional
Authority
-
0.01%
Provincia
de
Buenos
Aires/Government
Bonds
73.38%,
04/12/2025
(g)
ARS
11,045‌
$
50‌
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
30
to
35
Days
+
3.75%
REITs
-
0.46%
iStar
Inc
4.25%,
08/01/2025
$
874‌
870‌
4.75%,
10/01/2024
372‌
371‌
5.50%,
02/15/2026
15‌
15‌
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.25%,
02/01/2027
(g)
135‌
115‌
National
Health
Investors
Inc
3.00%,
02/01/2031
35‌
26‌
SBA
Communications
Corp
3.88%,
02/15/2027
260‌
235‌
VICI
Properties
LP
/
VICI
Note
Co
Inc
4.25%,
12/01/2026
(g)
125‌
116‌
4.50%,
09/01/2026
(g)
90‌
84‌
4.63%,
06/15/2025
(g)
95‌
91‌
5.63%,
05/01/2024
(g)
70‌
70‌
$
1,993‌
Retail
-
0.18%
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
Starbucks
Corp
4.75%,
02/15/2026
370‌
366‌
Yum!
Brands
Inc
3.63%,
03/15/2031
130‌
109‌
$
766‌
Semiconductors
-
0.18%
Broadcom
Inc
3.14%,
11/15/2035
(g)
80‌
59‌
4.15%,
11/15/2030
190‌
171‌
Micron
Technology
Inc
5.88%,
02/09/2033
55‌
53‌
6.75%,
11/01/2029
285‌
295‌
SK
Hynix
Inc
6.25%,
01/17/2026
(g)
225‌
226‌
$
804‌
Software
-
0.06%
Open
Text
Corp
6.90%,
12/01/2027
(g)
60‌
61‌
Oracle
Corp
3.95%,
03/25/2051
230‌
165‌
Playtika
Holding
Corp
4.25%,
03/15/2029
(g)
40‌
32‌
$
258‌
Sovereign
-
7.64%
1MDB
Global
Investments
Ltd
4.40%,
03/09/2023
100‌
99‌
Angolan
Government
International
Bond
8.00%,
11/26/2029
775‌
696‌
8.75%,
04/14/2032
200‌
180‌
Bahamas
Government
International
Bond
6.00%,
11/21/2028
725‌
590‌
9.00%,
06/16/2029
(g)
200‌
182‌
Brazil
Notas
do
Tesouro
Nacional
Serie
F
9.76%,
01/01/2027
BRL
18,400‌
3,223‌
Colombia
Government
International
Bond
3.00%,
01/30/2030
$
575‌
433‌
3.13%,
04/15/2031
200‌
145‌
4.50%,
03/15/2029
625‌
535‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Czech
Republic
Government
Bond
1.00%,
06/26/2026
CZK
17,900‌
$
701‌
1.25%,
02/14/2025
11,600‌
480‌
2.40%,
09/17/2025
12,500‌
522‌
Ecuador
Government
International
Bond
2.50%,
07/31/2035
(n)
$
1,575‌
557‌
El
Salvador
Government
International
Bond
6.38%,
01/18/2027
325‌
171‌
7.63%,
09/21/2034
125‌
57‌
7.63%,
02/01/2041
450‌
203‌
7.65%,
06/15/2035
850‌
391‌
8.63%,
02/28/2029
400‌
198‌
Hungary
Government
International
Bond
6.13%,
05/22/2028
(g)
675‌
685‌
6.13%,
05/22/2028
200‌
203‌
6.25%,
09/22/2032
(g)
425‌
431‌
Indonesia
Treasury
Bond
5.13%,
04/15/2027
IDR
2,100,000‌
131‌
6.38%,
08/15/2028
9,400,000‌
610‌
7.00%,
02/15/2033
24,800,000‌
1,639‌
Iraq
International
Bond
5.80%,
01/15/2028
$
1,469‌
1,348‌
Israel
Government
International
Bond
4.50%,
01/17/2033
775‌
747‌
Ivory
Coast
Government
International
Bond
4.88%,
01/30/2032
EUR
575‌
464‌
4.88%,
01/30/2032
(g)
900‌
727‌
5.88%,
10/17/2031
200‌
176‌
Mexican
Bonos
7.75%,
11/23/2034
MXN
61,100‌
2,979‌
7.75%,
11/13/2042
14,500‌
679‌
Mexico
Government
International
Bond
4.88%,
05/19/2033
$
840‌
780‌
6.35%,
02/09/2035
800‌
821‌
Peruvian
Government
International
Bond
6.35%,
08/12/2028
PEN
3,250‌
808‌
Republic
of
Poland
Government
Bond
0.00%,
07/25/2024
(f)
PLN
3,900‌
804‌
2.50%,
07/25/2026
4,000‌
794‌
Republic
of
South
Africa
Government
Bond
8.88%,
02/28/2035
ZAR
38,000‌
1,757‌
Republic
of
Uzbekistan
International
Bond
4.75%,
02/20/2024
$
200‌
195‌
Romania
Government
Bond
4.85%,
07/25/2029
RON
2,000‌
369‌
5.00%,
02/12/2029
2,200‌
413‌
Romanian
Government
International
Bond
1.38%,
12/02/2029
EUR
125‌
98‌
2.00%,
04/14/2033
875‌
616‌
3.62%,
05/26/2030
225‌
198‌
Saudi
Government
International
Bond
4.50%,
10/26/2046
$
1,075‌
926‌
4.75%,
01/18/2028
(g)
550‌
544‌
4.88%,
07/18/2033
(g)
350‌
344‌
5.00%,
01/18/2053
(g)
250‌
228‌
Senegal
Government
International
Bond
4.75%,
03/13/2028
EUR
725‌
654‌
6.25%,
07/30/2024
$
200‌
194‌
Serbia
International
Bond
6.25%,
05/26/2028
(g)
250‌
249‌
Sri
Lanka
Government
International
Bond
0.00%,
06/03/2025
(f)
200‌
76‌
0.00%,
11/03/2025
(f)
1,400‌
525‌
0.00%,
07/18/2026
(f)
200‌
75‌
0.00%,
05/11/2027
(f)
200‌
72‌
State
Agency
of
Roads
of
Ukraine
0.00%,
06/24/2030
(f),(g)
700‌
121‌
0.00%,
06/24/2030
(f)
200‌
34‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
127
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Tunisian
Republic
6.38%,
07/15/2026
EUR
1,300‌
$
857‌
Ukraine
Government
International
Bond
0.00%,
09/01/2027
(f)
$
200‌
36‌
0.00%,
09/01/2028
(f)
800‌
150‌
0.00%,
05/21/2031
(f),(g)
325‌
55‌
0.00%,
08/01/2041
(f),(n)
175‌
48‌
Zambia
Government
International
Bond
0.00%,
04/14/2024
(f)
425‌
194‌
$
33,217‌
Student
Loan
Asset
Backed
Securities
-
0.30%
Navient
Private
Education
Refi
Loan
Trust
2018-A
3.68%,
02/18/2042
(g)
140‌
132‌
Navient
Private
Education
Refi
Loan
Trust
2018-C
4.22%,
06/16/2042
(g)
340‌
313‌
Navient
Private
Education
Refi
Loan
Trust
2020-F
2.69%,
07/15/2069
(g)
100‌
82‌
Nelnet
Student
Loan
Trust
2021-D
2.90%,
04/20/2062
(g)
100‌
83‌
SLM
Private
Credit
Student
Loan
Trust
2003-A
7.91%,
06/15/2032
87‌
86‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SLM
Private
Credit
Student
Loan
Trust
2003-B
7.77%,
03/15/2033
300‌
297‌
1.00
x
US
28
Day
Auction
Rate
+
0.00%
SMB
Private
Education
Loan
Trust
2015-C
3.50%,
09/15/2043
(g)
100‌
94‌
SMB
Private
Education
Loan
Trust
2018-C
4.00%,
11/17/2042
(g)
100‌
90‌
SoFi
Professional
Loan
Program
2020-ATrust
3.12%,
05/15/2046
(g)
160‌
132‌
$
1,309‌
Supranational
Bank
-
0.11%
Africa
Finance
Corp
2.88%,
04/28/2028
(g)
400‌
333‌
2.88%,
04/28/2028
200‌
166‌
$
499‌
Telecommunications
-
0.35%
CommScope
Inc
7.13%,
07/01/2028
(g)
455‌
358‌
CommScope
Technologies
LLC
5.00%,
03/15/2027
(g)
190‌
145‌
Connect
Finco
SARL
/
Connect
US
Finco
LLC
6.75%,
10/01/2026
(g)
468‌
433‌
SoftBank
Group
Corp
4.63%,
07/06/2028
200‌
171‌
Viasat
Inc
5.63%,
04/15/2027
(g)
434‌
396‌
$
1,503‌
Transportation
-
0.20%
Rand
Parent
LLC
8.50%,
02/15/2030
(g)
65‌
63‌
Seaspan
Corp
6.50%,
04/29/2026
(g)
200‌
199‌
Transnet
SOC
Ltd
8.25%,
02/06/2028
(g)
625‌
626‌
$
888‌
TOTAL
BONDS
$
121,842‌
CONVERTIBLE
BONDS
-
1.19%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
0.08%
JetBlue
Airways
Corp
0.50%,
04/01/2026
$
60‌
$
46‌
CONVERTIBLE
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
(continued)
Southwest
Airlines
Co
1.25%,
05/01/2025
$
285‌
$
325‌
$
371‌
Biotechnology
-
0.18%
BioMarin
Pharmaceutical
Inc
0.60%,
08/01/2024
125‌
127‌
1.25%,
05/15/2027
495‌
507‌
Guardant
Health
Inc
0.00%,
11/15/2027
(f)
60‌
41‌
Ionis
Pharmaceuticals
Inc
0.00%,
04/01/2026
(f)
75‌
68‌
Livongo
Health
Inc
0.88%,
06/01/2025
50‌
44‌
$
787‌
Entertainment
-
0.01%
Penn
Entertainment
Inc
2.75%,
05/15/2026
40‌
59‌
Healthcare
-
Services
-
0.16%
Oak
Street
Health
Inc
0.00%,
03/15/2026
(f)
373‌
345‌
Teladoc
Health
Inc
1.25%,
06/01/2027
450‌
352‌
$
697‌
Internet
-
0.08%
Snap
Inc
0.00%,
05/01/2027
(f)
105‌
75‌
Spotify
USA
Inc
0.00%,
03/15/2026
(f)
90‌
74‌
Uber
Technologies
Inc
0.00%,
12/15/2025
(f)
220‌
191‌
$
340‌
Leisure
Products
&
Services
-
0.03%
NCL
Corp
Ltd
1.13%,
02/15/2027
140‌
104‌
Peloton
Interactive
Inc
0.00%,
02/15/2026
(f)
15‌
12‌
$
116‌
Media
-
0.15%
Cable
One
Inc
0.00%,
03/15/2026
(f)
5‌
4‌
DISH
Network
Corp
0.00%,
12/15/2025
(f)
15‌
9‌
2.38%,
03/15/2024
140‌
129‌
3.38%,
08/15/2026
770‌
492‌
$
634‌
Oil
&
Gas
-
0.13%
Abu
Dhabi
National
Oil
Co
0.70%,
06/04/2024
600‌
564‌
Software
-
0.37%
Bentley
Systems
Inc
0.38%,
07/01/2027
5‌
4‌
Coupa
Software
Inc
0.13%,
06/15/2025
552‌
548‌
0.38%,
06/15/2026
829‌
823‌
RingCentral
Inc
0.00%,
03/15/2026
(f)
85‌
69‌
Splunk
Inc
1.13%,
06/15/2027
80‌
68‌
Unity
Software
Inc
0.00%,
11/15/2026
(f)
100‌
76‌
$
1,588‌
TOTAL
CONVERTIBLE
BONDS
$
5,156‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
128
SENIOR
FLOATING
RATE
INTERESTS
-
0.13%
Principal
Amount
(000's)
Value
(000's)
Entertainment
-
0.00%
Deluxe
Entertainment
Services
Group
Inc
0.00%,
PIK
1.50%,
03/25/2024
(f),(h),(o),(p)
$
69‌
$
4‌
1
Month
USD
LIBOR
+
6.50%
Deluxe
Entertainment
Services
Group
Inc
-
Escrow
0.00%,
PIK
2.50%,
09/25/2024
(f),(h),(o),(p)
854‌
—‌
1
Month
USD
LIBOR
+
6.50%
$
4‌
Insurance
-
0.00%
AmWINS
Group
Inc
7.41%,
02/18/2028
(o)
20‌
20‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Internet
-
0.02%
Uber
Technologies
Inc
0.00%,
02/27/2030
(o),(q)
90‌
90‌
Leisure
Products
&
Services
-
0.04%
Carnival
Corp
0.00%,
06/30/2025
(o),(q)
95‌
93‌
6
Month
USD
LIBOR
+
3.00%
0.00%,
10/18/2028
(o),(q)
70‌
68‌
6
Month
USD
LIBOR
+
3.25%
$
161‌
Media
-
0.03%
Ziggo
BV
6.10%,
01/31/2029
(o)
EUR
115‌
116‌
6
Month
Euro
Interbank
Offered
Rate
+
3.00%
Software
-
0.03%
Playtika
Holding
Corp
7.32%,
03/11/2028
(o)
$
147‌
145‌
1
Month
USD
LIBOR
+
2.75%
Transportation
-
0.01%
Rand
Parent
LLC
0.00%,
02/08/2030
(o),(q)
50‌
49‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
585‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
2.10%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
2.10%
1.38%,
09/30/2023
(r)
$
795‌
$
778‌
3.25%,
08/31/2024
2,000‌
1,949‌
4.25%,
09/30/2024
2,000‌
1,977‌
4.25%,
12/31/2024
1,100‌
1,088‌
4.38%,
10/31/2024
1,355‌
1,342‌
4.50%,
11/30/2024
2,015‌
2,000‌
$
9,134‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
9,134‌
TOTAL
PURCHASED
OPTIONS
-
0.09%
$
381‌
Total
Investments
$
414,956‌
Other
Assets
and
Liabilities
-  4.52%
19,651‌
TOTAL
NET
ASSETS
-
100.00%
$
434,607‌
(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
$19,112
or
4.40%
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
$40,490
or
9.32%
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
$58,834
or
13.54%
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.
(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
$2,519
or
0.58%
of
net
assets.
(m)
Security
purchased
on
a
when-issued
basis.
(n)
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.
(o)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(p)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(q)
This
Senior
Floating
Rate
Note
will
settle
after
February
28,
2023,
at
which
time
the
interest
rate
will
be
determined.
(r)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$303
or
0.07%
of
net
assets.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
129
Portfolio
Summary
Location
Percent
United
States
69.39‌%
Cayman
Islands
2.26‌%
Japan
2.13‌%
Mexico
1.97‌%
Canada
1.59‌%
United
Kingdom
1.36‌%
Netherlands
1.27‌%
Israel
1.22‌%
Switzerland
0.88‌%
France
0.80‌%
Brazil
0.78‌%
Indonesia
0.55‌%
South
Africa
0.54‌%
Sweden
0.51‌%
Czech
Republic
0.48‌%
Saudi
Arabia
0.47‌%
Bermuda
0.43‌%
Germany
0.40‌%
Ireland
0.40‌%
Poland
0.38‌%
Romania
0.38‌%
Australia
0.36‌%
Hungary
0.34‌%
Singapore
0.32‌%
Cote
d'Ivoire
0.32‌%
Spain
0.31‌%
Iraq
0.31‌%
Jersey,
Channel
Islands
0.30‌%
Colombia
0.30‌%
Luxembourg
0.28‌%
Denmark
0.25‌%
Kazakhstan
0.25‌%
Italy
0.25‌%
El
Salvador
0.24‌%
Supranational
0.22‌%
Peru
0.20‌%
Angola
0.20‌%
Tunisia
0.20‌%
Hong
Kong
0.19‌%
Senegal
0.19‌%
Sri
Lanka
0.18‌%
Bahamas
0.18‌%
Norway
0.16‌%
Panama
0.14‌%
United
Arab
Emirates
0.13‌%
Ecuador
0.13‌%
Finland
0.12‌%
Mauritius
0.12‌%
Ukraine
0.12‌%
Taiwan
0.10‌%
Purchased
Options
0.09‌%
Portugal
0.09‌%
Chile
0.07‌%
Austria
0.06‌%
Serbia
0.06‌%
Korea,
Republic
Of
0.06‌%
Liberia
0.05‌%
Marshall
Islands
0.05‌%
Belgium
0.05‌%
Zambia
0.04‌%
Uzbekistan
0.04‌%
Malaysia
0.04‌%
China
0.04‌%
India
0.04‌%
Greece
0.02‌%
Virgin
Islands,
British
0.02‌%
Puerto
Rico
0.02‌%
Uruguay
0.02‌%
Macao
0.01‌%
Argentina
0.01‌%
Portfolio
Summary
(continued)
Location
Percent
New
Zealand
0.00‌%
Investments
Sold
Short
(7.10‌)%
Other
Assets
and
Liabilities
11.62‌%
TOTAL
NET
ASSETS
100.00%
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
130
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
190,733‌
$
112,901‌
$
77,832‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
110,545‌
149,697‌
260,242‌
—‌
$
110,545‌
$
340,430‌
$
373,143‌
$
77,832‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
689‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
855‌
—‌
—‌
—‌
$
1,544‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Element
Comm
Aviation
06/15/2015
$
2,800‌
$
19‌
0.00%
Total
$
19‌
0.00%
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
AMC
Entertainment
Holding
N/A
232‌
$
23‌
$
5.00‌
04/24/2023
$
73‌
$
22‌
$
(51‌)
Put
-
Baxter
International
Inc
N/A
57‌
6‌
$
35.00‌
05/22/2023
7‌
5‌
(2‌)
Put
-
Baxter
International
Inc
N/A
71‌
7‌
$
30.00‌
05/22/2023
4‌
2‌
(2‌)
Put
-
Baxter
International
Inc
N/A
121‌
12‌
$
40.00‌
05/22/2023
15‌
29‌
14‌
Put
-
Emerson
Electric
Co
N/A
35‌
4‌
$
70.00‌
04/24/2023
1‌
1‌
—‌
Put
-
Emerson
Electric
Co
N/A
126‌
13‌
$
80.00‌
03/20/2023
9‌
9‌
—‌
Put
-
Fidelity
National
Information
Services
Inc
N/A
42‌
4‌
$
60.00‌
04/24/2023
3‌
7‌
4‌
Put
-
Fidelity
National
Information
Services
Inc
N/A
45‌
5‌
$
55.00‌
04/24/2023
3‌
3‌
—‌
Put
-
Griffon
Corp
N/A
73‌
7‌
$
31.00‌
03/20/2023
4‌
2‌
(2‌)
Put
-
Griffon
Corp
N/A
76‌
8‌
$
29.00‌
03/20/2023
4‌
1‌
(3‌)
Put
-
Griffon
Corp
N/A
145‌
15‌
$
32.00‌
04/24/2023
16‌
18‌
2‌
Put
-
Griffon
Corp
N/A
77‌
8‌
$
31.00‌
04/24/2023
13‌
8‌
(5‌)
Put
-
Kellogg
Co
N/A
42‌
4‌
$
60.00‌
03/20/2023
2‌
—‌
(2‌)
Put
-
Kellogg
Co
N/A
163‌
16‌
$
62.50‌
03/20/2023
8‌
2‌
(6‌)
Put
-
S&P
500
Index
N/A
12‌
1‌
$
3,700.00‌
05/22/2023
78‌
62‌
(16‌)
Put
-
S&P
500
Index
N/A
16‌
2‌
$
3,650.00‌
03/20/2023
256‌
6‌
(250‌)
Put
-
S&P
500
Index
N/A
9‌
1‌
$
3,750.00‌
04/24/2023
92‌
36‌
(56‌)
Put
-
S&P
500
Index
N/A
12‌
1‌
$
3,825.00‌
06/20/2023
92‌
119‌
27‌
Put
-
S&P
500
Index
Weekly
N/A
6‌
1‌
$
3,600.00‌
03/01/2023
32‌
—‌
(32‌)
Put
-
S&P
500
Index
Weekly
N/A
6‌
1‌
$
3,825.00‌
03/01/2023
15‌
—‌
(15‌)
Put
-
Siemens
AG
N/A
17‌
EUR
2‌
EUR
125.00‌
03/20/2023
4‌
1‌
(3‌)
Put
-
Siemens
AG
N/A
36‌
4‌
EUR
130.00‌
03/20/2023
7‌
2‌
(5‌)
Put
-
SPDR
S&P
500
ETF
TRUST
N/A
33‌
$
3‌
$
405.00‌
03/20/2023
23‌
39‌
16‌
Put
-
Vale
SA
N/A
169‌
17‌
$
15.00‌
04/24/2023
6‌
5‌
(1‌)
Put
-
Vale
SA
N/A
169‌
17‌
$
15.00‌
03/20/2023
4‌
2‌
(2‌)
Total
$
771‌
$
381‌
$
(390‌)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
Activision
Blizzard
Inc
N/A
15‌
$
2‌
$
72.00‌
03/20/2023
$
(7‌)
$
(7‌)
$
—‌
Call
-
Activision
Blizzard
Inc
N/A
19‌
2‌
$
72.50‌
04/24/2023
(8‌)
(11‌)
(3‌)
Call
-
Activision
Blizzard
Inc
N/A
40‌
4‌
$
70.00‌
03/20/2023
(22‌)
(27‌)
(5‌)
Call
-
Activision
Blizzard
Inc
N/A
80‌
8‌
$
72.50‌
03/20/2023
(46‌)
(35‌)
11‌
Call
-
Activision
Blizzard
Inc
N/A
8‌
1‌
$
75.00‌
03/20/2023
(3‌)
(2‌)
1‌
Call
-
Activision
Blizzard
Inc
N/A
34‌
3‌
$
70.00‌
04/24/2023
(28‌)
(26‌)
2‌
Call
-
Apple
Computer
Inc.
N/A
1‌
—‌
$
165.00‌
04/24/2023
—‌
—‌
—‌
Call
-
Baxter
International
Inc
N/A
63‌
6‌
$
45.00‌
05/22/2023
(28‌)
(6‌)
22‌
Call
-
Baxter
International
Inc
N/A
71‌
7‌
$
37.50‌
05/22/2023
(31‌)
(30‌)
1‌
Call
-
Baxter
International
Inc
N/A
115‌
12‌
$
47.50‌
05/22/2023
(62‌)
(6‌)
56‌
Call
-
Bristol-Myers
Squibb
Co
N/A
1‌
—‌
$
75.00‌
04/24/2023
—‌
—‌
—‌
Call
-
CISCO
SYSTEMS
N/A
1‌
—‌
$
52.50‌
04/24/2023
—‌
—‌
—‌
Call
-
Coca-Cola
Co/The
N/A
3‌
—‌
$
62.50‌
04/24/2023
—‌
—‌
—‌
Call
-
Deutsche
Telekom
AG
N/A
94‌
EUR
9‌
EUR
20.50‌
03/20/2023
(4‌)
(8‌)
(4‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
131
Options
(continued)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
Dufry
AG
N/A
35‌
CHF
4‌
CHF
40.00‌
03/20/2023
$
(10‌)
$
(9‌)
$
1‌
Call
-
Emerson
Electric
Co
N/A
60‌
$
6‌
$
90.00‌
03/20/2023
(31‌)
(1‌)
30‌
Call
-
Emerson
Electric
Co
N/A
35‌
4‌
$
77.50‌
04/24/2023
(23‌)
(24‌)
(1‌)
Call
-
Emerson
Electric
Co
N/A
66‌
7‌
$
87.50‌
03/20/2023
(21‌)
(2‌)
19‌
Call
-
Fidelity
National
Information
Services
Inc
N/A
42‌
4‌
$
65.00‌
04/24/2023
(25‌)
(9‌)
16‌
Call
-
Fidelity
National
Information
Services
Inc
N/A
45‌
5‌
$
60.00‌
04/24/2023
(26‌)
(22‌)
4‌
Call
-
Griffon
Corp
N/A
145‌
15‌
$
37.00‌
04/24/2023
(83‌)
(43‌)
40‌
Call
-
Griffon
Corp
N/A
73‌
7‌
$
35.00‌
03/20/2023
(42‌)
(19‌)
23‌
Call
-
Griffon
Corp
N/A
76‌
8‌
$
33.00‌
03/20/2023
(43‌)
(31‌)
12‌
Call
-
Griffon
Corp
N/A
77‌
8‌
$
36.00‌
04/24/2023
(31‌)
(26‌)
5‌
Call
-
Horizon
Therapeutics
PLC
N/A
6‌
1‌
$
120.00‌
05/22/2023
—‌
—‌
—‌
Call
-
Kellogg
Co
N/A
163‌
16‌
$
67.50‌
03/20/2023
(66‌)
(8‌)
58‌
Call
-
Kellogg
Co
N/A
42‌
4‌
$
65.00‌
03/20/2023
(18‌)
(7‌)
11‌
Call
-
Maxar
Technologies
Inc
N/A
71‌
7‌
$
50.00‌
03/20/2023
(15‌)
(15‌)
—‌
Call
-
Merck
&
Co
Inc
N/A
1‌
—‌
$
115.00‌
04/24/2023
—‌
—‌
—‌
Call
-
Microchip
Technology
Inc
N/A
2‌
—‌
$
90.00‌
04/24/2023
—‌
—‌
—‌
Call
-
Morgan
Stanley
N/A
1‌
—‌
$
105.00‌
04/24/2023
—‌
—‌
—‌
Call
-
National
Instruments
Corp
N/A
97‌
10‌
$
50.00‌
03/20/2023
(32‌)
(17‌)
15‌
Call
-
Oak
Street
Health
Inc
N/A
13‌
1‌
$
35.00‌
04/24/2023
(1‌)
(1‌)
—‌
Call
-
QUALCOMM
Inc
N/A
1‌
—‌
$
140.00‌
04/24/2023
—‌
—‌
—‌
Call
-
Rogers
Corp
N/A
3‌
—‌
$
150.00‌
03/20/2023
(4‌)
(1‌)
3‌
Call
-
SPDR
S&P
500
ETF
TRUST
N/A
12‌
1‌
$
420.00‌
03/20/2023
(7‌)
—‌
7‌
Call
-
Starbucks
Corp
N/A
2‌
—‌
$
115.00‌
04/24/2023
—‌
—‌
—‌
Call
-
Valvoline
Inc
N/A
18‌
2‌
$
35.00‌
04/24/2023
(3‌)
(3‌)
—‌
Put
-
S&P
500
Index
N/A
12‌
1‌
$
3,300.00‌
05/22/2023
(28‌)
(16‌)
12‌
Put
-
S&P
500
Index
N/A
9‌
1‌
$
3,350.00‌
04/24/2023
(36‌)
(6‌)
30‌
Put
-
S&P
500
Index
N/A
12‌
1‌
$
3,425.00‌
06/20/2023
(35‌)
(36‌)
(1‌)
Put
-
Siemens
AG
N/A
36‌
EUR
4‌
EUR
140.00‌
03/20/2023
(17‌)
(4‌)
13‌
Put
-
Siemens
AG
N/A
17‌
2‌
EUR
135.00‌
03/20/2023
(8‌)
(1‌)
7‌
Put
-
SPDR
S&P
500
ETF
TRUST
N/A
33‌
$
3‌
$
390.00‌
03/20/2023
(11‌)
(15‌)
(4‌)
Put
-
Vale
SA
N/A
169‌
17‌
$
16.00‌
04/24/2023
(12‌)
(11‌)
1‌
Put
-
Vale
SA
N/A
169‌
17‌
$
16.00‌
03/20/2023
(6‌)
(5‌)
1‌
Total
$
(873‌)
$
(490‌)
$
383‌
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
117‌
$
27,714‌
$
249‌
3
Month
SOFR;
June
2024
Short
107‌
25,542‌
69‌
Australia
10
Year
Bond;
March
2023
Short
78‌
6,176‌
11‌
Brent
Crude;
May
2023
(a)
Short
1‌
84‌
(1‌)
CAC40
Index;
March
2023
Long
43‌
3,310‌
(1‌)
Canada
10
Year
Bond;
June
2023
Short
50‌
4,451‌
(11‌)
Cocoa;
May
2023
(a)
Long
16‌
410‌
23‌
Coffee
'C';
May
2023
(a)
Short
11‌
769‌
(45‌)
Corn;
May
2023
(a)
Long
52‌
1,639‌
(124‌)
Cotton
No.2;
May
2023
(a)
Short
13‌
546‌
(2‌)
DAX
Index;
March
2023
Long
18‌
7,333‌
330‌
DJ
Euro
Stoxx
50;
March
2023
Short
121‌
5,435‌
(397‌)
DJ
Euro
Stoxx
50;
March
2023
Long
150‌
6,738‌
352‌
Dollar
Index;
March
2023
Long
14‌
1,467‌
19‌
E-Mini
DJIA
Index;
March
2023
Long
19‌
3,105‌
(141‌)
Euribor;
December
2023
Short
76‌
19,314‌
81‌
Euribor;
June
2024
Short
113‌
28,771‌
89‌
Euro
Bond
10
Year
Bond;
March
2023
Short
47‌
6,607‌
252‌
Euro
Schatz;
March
2023
Short
284‌
31,535‌
511‌
Euro-Bobl
5
Year;
March
2023
Short
115‌
14,010‌
402‌
Euro-BTP;
March
2023
Short
9‌
1,073‌
45‌
FTSE100
Index;
March
2023
Short
22‌
2,080‌
(109‌)
FTSE100
Index;
March
2023
Long
112‌
10,591‌
331‌
Gasoline
RBOB;
April
2023
(a)
Long
10‌
1,110‌
(11‌)
Gold
100
oz;
April
2023
(a)
Long
11‌
2,020‌
(117‌)
Hang
Seng
Index;
March
2023
Short
9‌
1,132‌
35‌
ICE
3
Month
Sterling
Overnight
Index
Average;
June
2024
Short
28‌
8,046‌
41‌
Japan
10
Year
Bond
TSE;
March
2023
Short
13‌
14,002‌
24‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
132
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
KC
HRW
Wheat;
July
2023
(a)
Short
25‌
$
1,008‌
$
87‌
LME
Copper;
June
2023
(a)
Long
8‌
$
1,793‌
$
9‌
LME
Copper;
March
2023
(a)
Short
—‌
—‌
(191‌)
LME
PRI
Alum;
June
2023
(a)
Short
1‌
60‌
(30‌)
LME
PRI
Alum;
March
2023
(a)
Short
—‌
—‌
(145‌)
LME
Zinc;
June
2023
(a)
Long
9‌
675‌
(22‌)
LME
Zinc;
March
2023
(a)
Short
—‌
—‌
(130‌)
Low
Sulphur
Gasoline;
April
2023
(a)
Long
7‌
577‌
—‌
Mini
Japan
10
Year
Bond;
March
2023
Short
12‌
1,293‌
1‌
Nasdaq
100
E-Mini;
March
2023
Long
1‌
241‌
(9‌)
Natural
Gas;
April
2023
(a)
Short
20‌
549‌
(49‌)
Nikkei
225
OSE;
March
2023
Short
7‌
1,412‌
7‌
NY
Harb
ULSD;
April
2023
(a)
Long
3‌
353‌
(1‌)
Russell
2000
Emini;
March
2023
Short
125‌
11,869‌
(547‌)
Russell
2000
Emini;
March
2023
Long
24‌
2,279‌
(67‌)
S&P
500
Emini;
March
2023
Short
4‌
795‌
31‌
S&P
500
Emini;
March
2023
Long
9‌
1,789‌
(70‌)
S&P
Mid
400
Emini;
March
2023
Short
2‌
521‌
(7‌)
Silver;
May
2023
(a)
Long
3‌
316‌
(5‌)
Soybean
Meal;
May
2023
(a)
Long
23‌
1,074‌
(30‌)
Soybean
Oil;
May
2023
(a)
Short
14‌
504‌
8‌
Soybean;
May
2023
(a)
Long
47‌
3,476‌
(116‌)
Sugar
#11;
May
2023
(a)
Long
47‌
1,056‌
15‌
UK
10
Year
Gilt;
June
2023
Short
43‌
5,170‌
44‌
US
10
Year
Note;
June
2023
Short
142‌
15,855‌
(15‌)
US
10
Year
Ultra
Note;
June
2023
Short
35‌
4,102‌
10‌
US
2
Year
Note;
June
2023
Long
35‌
7,130‌
(16‌)
US
2
Year
Note;
June
2023
Short
159‌
32,393‌
31‌
US
5
Year
Note;
June
2023
Long
40‌
4,282‌
(10‌)
US
5
Year
Note;
June
2023
Short
154‌
16,486‌
3‌
US
Long
Bond;
June
2023
Short
45‌
5,634‌
17‌
US
Ultra
Bond;
June
2023
Short
12‌
1,621‌
14‌
Wheat;
May
2023
(a)
Short
40‌
1,411‌
168‌
WTI
Crude;
April
2023
(a)
Short
3‌
231‌
(5‌)
Total
$
885‌
Amounts
in
thousands
except
contracts.
(a)
All
or
a
portion
of
this
security
is
owned
by
the
GMS
Cayman
Corporation,
which
is
a
100%
owned
subsidiary
of
the
fund.
Foreign
Currency
Contracts
Unrealized
Appreciation/
(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
03/17/2023
AUD
11,853‌
$
8,228‌
$
4‌
$
(253‌)
Bank
of
America
NA
03/17/2023
GBP
2,495‌
$
3,062‌
—‌
(59‌)
Bank
of
America
NA
03/17/2023
CAD
3,560‌
$
2,655‌
—‌
(47‌)
Bank
of
America
NA
03/17/2023
EUR
12,600‌
$
13,541‌
—‌
(202‌)
Bank
of
America
NA
03/17/2023
JPY
1,320,967‌
$
10,260‌
—‌
(535‌)
Bank
of
America
NA
03/17/2023
MXN
73,210‌
$
3,672‌
318‌
—‌
Bank
of
America
NA
03/17/2023
NZD
6,937‌
$
4,414‌
—‌
(126‌)
Bank
of
America
NA
03/17/2023
CHF
3,375‌
$
3,680‌
—‌
(92‌)
Bank
of
America
NA
03/17/2023
$
4,759‌
NZD
7,607‌
59‌
(3‌)
Bank
of
America
NA
03/17/2023
$
109‌
MXN
2,112‌
—‌
(6‌)
Bank
of
America
NA
03/17/2023
$
10,416‌
GBP
8,530‌
157‌
(2‌)
Bank
of
America
NA
03/17/2023
$
14,057‌
EUR
13,101‌
189‌
(1‌)
Bank
of
America
NA
03/17/2023
$
10,079‌
JPY
1,320,967‌
355‌
—‌
Bank
of
America
NA
03/17/2023
$
6,372‌
CHF
5,858‌
141‌
—‌
Bank
of
America
NA
03/17/2023
$
8,801‌
AUD
12,815‌
176‌
(1‌)
Bank
of
America
NA
03/17/2023
$
15,058‌
CAD
20,395‌
108‌
—‌
Barclays
Bank
PLC
03/15/2023
$
3,724‌
EUR
3,519‌
—‌
(1‌)
Barclays
Bank
PLC
04/28/2023
$
126‌
EUR
115‌
4‌
—‌
Barclays
Bank
PLC
05/08/2023
NOK
3,842‌
EUR
346‌
4‌
—‌
BNP
Paribas
03/15/2023
$
2,786‌
GBP
2,271‌
54‌
—‌
Citigroup
Inc
03/15/2023
$
4,076‌
EUR
3,805‌
48‌
—‌
Citigroup
Inc
03/24/2023
CZK
30,300‌
$
1,358‌
5‌
—‌
Citigroup
Inc
03/24/2023
EUR
1,250‌
$
1,327‌
—‌
(4‌)
Citigroup
Inc
03/24/2023
KRW
2,125,000‌
$
1,637‌
—‌
(27‌)
Citigroup
Inc
03/24/2023
THB
67,500‌
$
1,955‌
—‌
(41‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
133
Foreign
Currency
Contracts
(continued)
Unrealized
Appreciation/
(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Citigroup
Inc
03/24/2023
$
3,115‌
ZAR
57,200‌
$
6‌
$
—‌
Citigroup
Inc
03/24/2023
$
2,097‌
CNH
14,400‌
21‌
—‌
Citigroup
Inc
03/24/2023
$
948‌
BRL
4,900‌
16‌
—‌
Goldman
Sachs
&
Co
03/10/2023
GBP
170‌
$
209‌
—‌
(5‌)
Goldman
Sachs
&
Co
03/10/2023
$
201‌
GBP
170‌
—‌
(3‌)
Goldman
Sachs
&
Co
03/22/2023
$
27‌
GBP
22‌
—‌
—‌
Goldman
Sachs
&
Co
05/30/2023
$
92‌
EUR
86‌
—‌
—‌
JPMorgan
Chase
03/03/2023
EUR
546‌
$
583‌
—‌
(5‌)
JPMorgan
Chase
03/03/2023
$
783‌
EUR
735‌
6‌
—‌
JPMorgan
Chase
03/10/2023
GBP
338‌
$
418‌
—‌
(10‌)
JPMorgan
Chase
03/10/2023
$
408‌
GBP
339‌
1‌
—‌
JPMorgan
Chase
03/15/2023
EUR
250‌
$
267‌
—‌
(2‌)
JPMorgan
Chase
03/15/2023
$
426‌
EUR
399‌
3‌
—‌
JPMorgan
Chase
03/15/2023
$
1,282‌
CAD
1,732‌
12‌
—‌
JPMorgan
Chase
03/24/2023
EUR
1,650‌
$
1,749‌
—‌
(2‌)
JPMorgan
Chase
03/24/2023
PLN
5,800‌
$
1,301‌
1‌
—‌
JPMorgan
Chase
03/24/2023
ZAR
7,200‌
$
394‌
—‌
(2‌)
JPMorgan
Chase
03/24/2023
$
1,312‌
CNH
9,050‌
8‌
—‌
JPMorgan
Chase
03/24/2023
$
1,054‌
MXN
19,500‌
—‌
(8‌)
JPMorgan
Chase
03/24/2023
$
3,096‌
EUR
2,900‌
25‌
—‌
JPMorgan
Chase
03/27/2023
$
153‌
EUR
140‌
4‌
—‌
JPMorgan
Chase
03/28/2023
$
174‌
GBP
143‌
2‌
—‌
JPMorgan
Chase
04/17/2023
$
81‌
EUR
76‌
1‌
—‌
JPMorgan
Chase
09/20/2023
$
546‌
EUR
500‌
12‌
—‌
Merrill
Lynch
04/28/2023
$
208‌
EUR
190‌
7‌
—‌
Morgan
Stanley
&
Co
03/15/2023
$
866‌
CAD
1,180‌
1‌
—‌
Total
$
1,748‌
$
(1,437‌)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
February
28,
2023
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Arab
Republic
of
Egypt,
4.55%,
11/20/2023
10.39%
(1.00)%
Quarterly
12/20/2027
$
150‌
$
37‌
$
9‌
$
46‌
CDX.NA.HY.39
N/A
(5.00)%
Quarterly
12/20/2027
3,020‌
118‌
(164‌)
(46‌)
CDX.NA.HY.39
N/A
(5.00)%
Quarterly
12/20/2027
1,905‌
19‌
(48‌)
(29‌)
CDX.NA.HY.39
N/A
(5.00)%
Quarterly
12/20/2027
1,510‌
(22‌)
(1‌)
(23‌)
CDX.NA.HY.39
N/A
(5.00)%
Quarterly
12/20/2027
665‌
(11‌)
1‌
(10‌)
ITRX.38
N/A
(5.00)%
Quarterly
12/20/2027
EUR
5,600‌
(124‌)
(72‌)
(196‌)
Republic
of
South
Africa,
5.87%,
09/16/2025
2.58%
(1.00)%
Quarterly
12/20/2027
$
1,800‌
121‌
(5‌)
116‌
Turkey
Government
International
Bond,
11.88%,
01/15/2030
5.65%
(1.00)%
Quarterly
12/20/2027
2,375‌
490‌
(83‌)
407‌
Total
$
628‌
$
(363‌)
$
265‌
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
Pay
3.25%
Annual
Annual
N/A
03/15/2028
KRW
1,900,000‌
$
(25‌)
$
—‌
$
(25‌)
3
Month
KRW
Certificate
of
Deposit
Pay
3.25%
Quarterly
Quarterly
N/A
03/15/2028
850,000‌
(15‌)
4‌
(11‌)
3
Month
Tel
AVIV
Inter-Bank
Offered
Rate
Pay
3.21%
Quarterly
Annual
N/A
03/15/2028
ILS
10,450‌
(130‌)
2‌
(128‌)
Brazil
Cetip
DI
Interbank
Deposit
Rate
Pay
11.77%
Annual
Annual
N/A
01/02/2025
BRL
35,000‌
(131‌)
—‌
(131‌)
Brazil
Cetip
DI
Interbank
Deposit
Rate
Pay
11.77%
Annual
Annual
N/A
01/02/2025
45,000‌
56‌
(190‌)
(134‌)
MXN
TIIE
Banxico
Pay
8.76%
Monthly
Monthly
N/A
12/08/2032
MXN
16,200‌
(13‌)
1‌
(12‌)
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
134
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
Sinacofi
Chile
Interbank
Rate
Avg
Receive
7.37%
Annual
Annual
N/A
11/29/2024
CLP
3,900,000‌
$
138‌
$
—‌
$
138‌
Sinacofi
Chile
Interbank
Rate
Avg
Receive
7.37%
Annual
Annual
N/A
11/29/2024
3,000,000‌
102‌
4‌
106‌
Total
$
(18‌)
$
(179‌)
$
(197‌)
Amounts
in
thousands.
(a)    
Forward
swap.
Total
Return
Equity
Basket
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Expiration
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/(Depreciation)
Asset
-----
Liability
Goldman
Sachs
&
Co
Floating
rate
based
on
Overnight
Bank
Funding
Rate
plus/less
spread
Total
return
on
a
custom
basket
of
long
securities
traded
in
foreign
currencies
but
settle
in
USD
Monthly
04/06/2023-
02/22/2024
$
4,299‌
$
—‌
$
122‌
$
—‌
JPMorgan
Chase
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
09/01/2023-
03/27/2024
1,259‌
—‌
65‌
—‌
Morgan
Stanley
&
Co
(a)
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
87,085‌
—‌
4,869‌
—‌
Total
$
92,643‌
$
—‌
$
5,056‌
$
—‌
The
expiration
dates
are
measured
from
the
commencement
of
investment
in
each
underlying
swap
position.
The
fund
pays
a
floating
rate
based
on
the
reference
rate
plus/less
a
spread.
The
spread
is
negotiated
at
the
security
level
and
is
usually
similar
within
a
region
but
may
vary
depending
on
how
difficult
it
is
to
borrow
the
security.
Notional
Amount
represents
the
total
absolute
value
of
the
underlying
securities.
Top
Underlying
Securities
includes
the
50
largest
components
and
any
other
components
where
the
notional
exceeds
1%
of
the
notional
amount
of
the
index
or
custom
basket.
Amounts
in
thousands.
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
135
Description
Shares
Notional
Amount
%
of
Total
Absolute
Notional
Amount
Marathon
Oil
Corp
(32,908)
$
(828
)
(0.95)%
Microsoft
Corp
3,244
809
0.93%
Apple
Inc
5,469
806
0.93%
Catalent
Inc
(11,114)
(758
)
(0.87)%
First
Solar
Inc
(4,336)
(733
)
(0.84)%
Alphabet
Inc
-
A
Shares
7,590
684
0.79%
Coterra
Energy
Inc
(26,415)
(660
)
(0.76)%
Western
Digital
Corp
(17,115)
(659
)
(0.76)%
Clorox
Co/The
(3,977)
(618
)
(0.71)%
DISH
Network
Corp
(53,119)
(606
)
(0.70)%
Enphase
Energy
Inc
(2,689)
(566
)
(0.65)%
McCormick
&
Co
Inc/MD
(7,535)
(560
)
(0.64)%
Intel
Corp
(21,517)
(536
)
(0.62)%
Equinix
Inc
(764)
(526
)
(0.60)%
Westrock
Co
(16,531)
(519
)
(0.59)%
Huntington
Ingalls
Industries
Inc
(2,404)
(517
)
(0.59)%
Allstate
Corp/The
(4,006)
(516
)
(0.59)%
Becton
Dickinson
and
Co
(2,180)
(511
)
(0.59)%
Cummins
Inc
(2,068)
(503
)
(0.57)%
Iron
Mountain
Inc
(9,290)
(490
)
(0.56)%
Constellation
Energy
Corp
6,412
480
0.55%
Sherwin-Williams
Co/The
(2,166)
(479
)
(0.55)%
Amcor
PLC
(42,353)
(472
)
(0.54)%
Juniper
Networks
Inc
(14,800)
(456
)
(0.52)%
Advance
Auto
Parts
Inc
(3,060)
(444
)
(0.51)%
Alliant
Energy
Corp
(8,642)
(443
)
(0.51)%
Williams
Cos
Inc/The
(14,717)
(443
)
(0.51)%
Cisco
Systems
Inc
8,909
431
0.50%
Corteva
Inc
(6,921)
(431
)
(0.50)%
Align
Technology
Inc
(1,363)
(422
)
(0.49)%
Caesars
Entertainment
Inc
(8,262)
(419
)
(0.48)%
Tractor
Supply
Co
(1,771)
(413
)
(0.47)%
Aptiv
PLC
(3,529)
(410
)
(0.47)%
Moody's
Corp
(1,413)
(410
)
(0.47)%
MSCI
Inc
(779)
(407
)
(0.47)%
Darden
Restaurants
Inc
(2,810)
(402
)
(0.46)%
NXP
Semiconductors
NV
2,244
401
0.46%
ConocoPhillips
3,841
397
0.46%
Targa
Resources
Corp
(5,356)
(397
)
(0.46)%
STERIS
PLC
(2,102)
(395
)
(0.45)%
Hormel
Foods
Corp
(8,823)
(392
)
(0.45)%
JPMorgan
Chase
&
Co
2,727
391
0.45%
Teradyne
Inc
(3,865)
(391
)
(0.45)%
PTC
Inc
(3,093)
(388
)
(0.45)%
Lam
Research
Corp
797
387
0.44%
Amazon.com
Inc
4,038
381
0.44%
Chevron
Corp
2,366
380
0.44%
PPG
Industries
Inc
(2,877)
(380
)
(0.44)%
Tyler
Technologies
Inc
(1,175)
(377
)
(0.43)%
Raytheon
Technologies
Corp
(3,835)
(376
)
(0.43)%
(a)
Top
Underlying
Securities
GOTEBSUSD
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
136
Short
Sales
Outstanding
COMMON
STOCKS
-
(7.08)%
Shares
Value
(000's)
Advertising
-
(0.03)%
Interpublic
Group
of
Cos
Inc/The
2,588‌
$
92‌
Omnicom
Group
Inc
425‌
38‌
$
130‌
Aerospace
&
Defense
-
(0.15)%
CAE
Inc
4,600‌
104‌
Lockheed
Martin
Corp
51‌
24‌
Northrop
Grumman
Corp
220‌
102‌
Raytheon
Technologies
Corp
4,574‌
449‌
$
679‌
Airlines
-
(0.03)%
Air
Canada
8,200‌
121‌
Automobile
Manufacturers
-
(0.05)%
Renault
SA
1,176‌
53‌
Toyota
Motor
Corp
12,600‌
172‌
$
225‌
Automobile
Parts
&
Equipment
-
(0.04)%
Denso
Corp
2,100‌
112‌
Lear
Corp
253‌
35‌
$
147‌
Banks
-
(0.11)%
Commerzbank
AG
19,437‌
237‌
Commonwealth
Bank
of
Australia
3,014‌
204‌
Credit
Agricole
SA
3,801‌
46‌
M&T
Bank
Corp
100‌
16‌
$
503‌
Beverages
-
(0.06)%
Davide
Campari-Milano
NV
493‌
6‌
Molson
Coors
Beverage
Co
4,186‌
223‌
Remy
Cointreau
SA
184‌
32‌
$
261‌
Biotechnology
-
(0.03)%
Alnylam
Pharmaceuticals
Inc
150‌
29‌
Bachem
Holding
AG
82‌
8‌
Seagen
Inc
557‌
100‌
$
137‌
Building
Materials
-
(0.11)%
CRH
PLC
810‌
38‌
Mohawk
Industries
Inc
1,696‌
174‌
Owens
Corning
449‌
44‌
ROCKWOOL
A/S
156‌
35‌
TOTO
Ltd
4,800‌
160‌
$
451‌
Chemicals
-
(0.23)%
Akzo
Nobel
NV
1,657‌
121‌
Asahi
Kasei
Corp
10,300‌
72‌
Chr
Hansen
Holding
A/S
10‌
1‌
Croda
International
PLC
108‌
9‌
Ecolab
Inc
834‌
133‌
EMS-Chemie
Holding
AG
7‌
5‌
International
Flavors
&
Fragrances
Inc
196‌
18‌
Koninklijke
DSM
NV
1,685‌
208‌
Nippon
Paint
Holdings
Co
Ltd
1,000‌
9‌
Nippon
Sanso
Holdings
Corp
13,600‌
242‌
Novozymes
A/S
1,327‌
64‌
OCI
NV
3,700‌
123‌
$
1,005‌
Commercial
Services
-
(0.19)%
Adecco
Group
AG
1,310‌
47‌
Affirm
Holdings
Inc
576‌
8‌
Clarivate
PLC
70‌
1‌
Dai
Nippon
Printing
Co
Ltd
10,600‌
284‌
Equifax
Inc
300‌
61‌
IDP
Education
Ltd
653‌
13‌
Quanta
Services
Inc
1,368‌
221‌
Ritchie
Bros
Auctioneers
Inc
1,383‌
85‌
S&P
Global
Inc
280‌
96‌
Transurban
Group
4,479‌
43‌
Worldline
SA/France
209‌
9‌
$
868‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Computers
-
(0.30)%
Bechtle
AG
2,064‌
$
87‌
Dell
Technologies
Inc
9,007‌
366‌
Fujitsu
Ltd
1,000‌
128‌
HP
Inc
8,714‌
257‌
International
Business
Machines
Corp
3,275‌
423‌
Leidos
Holdings
Inc
115‌
11‌
Logitech
International
SA
1,078‌
59‌
$
1,331‌
Consumer
Products
-
(0.14)%
Clorox
Co/The
2,609‌
406‌
Kimberly-Clark
Corp
1,598‌
200‌
$
606‌
Cosmetics
&
Personal
Care
-
(0.20)%
Beiersdorf
AG
2,912‌
348‌
Kose
Corp
2,700‌
305‌
Shiseido
Co
Ltd
3,200‌
147‌
Unilever
PLC
2,035‌
101‌
$
901‌
Distribution
&
Wholesale
-
0.00%
D'ieteren
Group
100‌
19‌
Diversified
Financial
Services
-
(0.24)%
Apollo
Global
Management
Inc
1,984‌
141‌
Capital
One
Financial
Corp
213‌
23‌
Invesco
Ltd
15,659‌
277‌
Japan
Exchange
Group
Inc
13,300‌
198‌
Julius
Baer
Group
Ltd
510‌
34‌
LPL
Financial
Holdings
Inc
159‌
40‌
Mitsubishi
HC
Capital
Inc
35,500‌
185‌
Singapore
Exchange
Ltd
1,900‌
12‌
St
James's
Place
PLC
9,885‌
152‌
$
1,062‌
Electric
-
(0.23)%
Elia
Group
SA/NV
1,196‌
158‌
Kansai
Electric
Power
Co
Inc/The
71,900‌
675‌
NextEra
Energy
Inc
999‌
71‌
Origin
Energy
Ltd
2,370‌
13‌
Power
Assets
Holdings
Ltd
11,000‌
59‌
$
976‌
Electronics
-
(0.06)%
Azbil
Corp
6,900‌
179‌
Trimble
Inc
2,042‌
106‌
$
285‌
Energy
-
Alternate
Sources
-
(0.04)%
Vestas
Wind
Systems
A/S
5,723‌
163‌
Engineering
&
Construction
-
(0.13)%
Acciona
SA
162‌
31‌
CK
Infrastructure
Holdings
Ltd
22,500‌
119‌
Keppel
Corp
Ltd
66,900‌
272‌
Shimizu
Corp
24,800‌
134‌
$
556‌
Entertainment
-
(0.02)%
Flutter
Entertainment
PLC
441‌
71‌
Environmental
Control
-
(0.13)%
GFL
Environmental
Inc
5,700‌
173‌
Kurita
Water
Industries
Ltd
8,600‌
389‌
$
562‌
Food
-
(0.09)%
Kerry
Group
PLC
1,997‌
191‌
Kikkoman
Corp
500‌
23‌
Ocado
Group
PLC
6,985‌
46‌
Orkla
ASA
18,279‌
123‌
$
383‌
Forest
Products
&
Paper
-
(0.13)%
Svenska
Cellulosa
AB
SCA
18,921‌
264‌
UPM-Kymmene
Oyj
8,467‌
307‌
$
571‌
Gas
-
(0.07)%
Naturgy
Energy
Group
SA
11,404‌
314‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
137
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Hand
&
Machine
Tools
-
(0.08)%
Makita
Corp
3,700‌
$
90‌
Schindler
Holding
AG
-
PC
1,104‌
248‌
$
338‌
Healthcare
-
Products
-
(0.24)%
Alcon
Inc
3,052‌
208‌
Danaher
Corp
1,093‌
271‌
Demant
A/S
764‌
23‌
DiaSorin
SpA
632‌
76‌
Getinge
AB
3,848‌
83‌
Novocure
Ltd
230‌
18‌
Olympus
Corp
2,000‌
34‌
PerkinElmer
Inc
215‌
27‌
STERIS
PLC
1,329‌
250‌
$
990‌
Healthcare
-
Services
-
(0.12)%
BioMerieux
2,376‌
233‌
Fresenius
Medical
Care
AG
&
Co
KGaA
1,888‌
74‌
Ramsay
Health
Care
Ltd
5,188‌
235‌
$
542‌
Home
Furnishings
-
(0.05)%
Panasonic
Holdings
Corp
6,000‌
52‌
Sharp
Corp/Japan
6,800‌
47‌
Whirlpool
Corp
906‌
125‌
$
224‌
Housewares
-
(0.05)%
Newell
Brands
Inc
14,030‌
206‌
Insurance
-
(0.19)%
Aegon
NV
205‌
1‌
Ageas
SA/NV
2,931‌
132‌
AIA
Group
Ltd
10,200‌
108‌
Aon
PLC
85‌
26‌
Equitable
Holdings
Inc
2,643‌
83‌
Erie
Indemnity
Co
679‌
160‌
Prudential
Financial
Inc
1,045‌
104‌
Prudential
PLC
15,051‌
230‌
$
844‌
Internet
-
(0.06)%
Chewy
Inc
1,998‌
81‌
Roku
Inc
215‌
14‌
Sea
Ltd
ADR
433‌
27‌
Snap
Inc
Class
A
5,161‌
52‌
Zillow
Group
Inc
-
C
Shares
1,692‌
71‌
$
245‌
Investment
Companies
-
(0.35)%
EXOR
NV
3,933‌
325‌
Groupe
Bruxelles
Lambert
NV
1,577‌
132‌
Industrivarden
AB
-
C
Shares
6,242‌
171‌
Investor
AB
-
B
Shares
36,844‌
712‌
Kinnevik
AB
-
B
Shares
4,472‌
66‌
Sofina
SA
473‌
118‌
$
1,524‌
Iron
&
Steel
-
(0.03)%
Cleveland-Cliffs
Inc
1,021‌
22‌
Mineral
Resources
Ltd
1,405‌
78‌
$
100‌
Leisure
Products
&
Services
-
(0.10)%
Carnival
Corp
4,286‌
46‌
Yamaha
Corp
10,300‌
391‌
$
437‌
Lodging
-
(0.02)%
Whitbread
PLC
1,255‌
47‌
Wynn
Resorts
Ltd
403‌
44‌
$
91‌
Machinery
-
Construction
&
Mining
-
(0.15)%
Hitachi
Ltd
10,500‌
531‌
Mitsubishi
Heavy
Industries
Ltd
4,000‌
147‌
$
678‌
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Machinery
-
Diversified
-
(0.18)%
Hexagon
AB
11,196‌
$
124‌
Husqvarna
AB
9,138‌
81‌
Kubota
Corp
37,400‌
564‌
Yaskawa
Electric
Corp
500‌
20‌
$
789‌
Media
-
(0.08)%
Bollore
SE
34,487‌
193‌
DISH
Network
Corp
629‌
7‌
News
Corp
-
A
Shares
546‌
9‌
Warner
Bros
Discovery
Inc
10,397‌
162‌
$
371‌
Metal
Fabrication
&
Hardware
-
(0.03)%
SKF
AB
7,484‌
142‌
Mining
-
(0.29)%
Agnico
Eagle
Mines
Ltd
2,900‌
133‌
Agnico
Eagle
Mines
Ltd
3,980‌
183‌
Cameco
Corp
1,200‌
33‌
First
Quantum
Minerals
Ltd
4,300‌
94‌
Franco-Nevada
Corp
400‌
51‌
Ivanhoe
Mines
Ltd
10,400‌
87‌
Pan
American
Silver
Corp
16,907‌
251‌
Sumitomo
Metal
Mining
Co
Ltd
11,400‌
424‌
$
1,256‌
Miscellaneous
Manufacturers
-
(0.06)%
Alstom
SA
8,256‌
242‌
Teledyne
Technologies
Inc
38‌
16‌
$
258‌
Oil
&
Gas
-
(0.15)%
Baytex
Energy
Corp
30‌
—‌
Devon
Energy
Corp
4,585‌
247‌
Hess
Corp
472‌
64‌
Marathon
Oil
Corp
1,159‌
29‌
Occidental
Petroleum
Corp
681‌
40‌
Santos
Ltd
5,829‌
27‌
Texas
Pacific
Land
Corp
119‌
212‌
$
619‌
Oil
&
Gas
Services
-
(0.03)%
Sembcorp
Marine
Ltd
1,277,790‌
120‌
Packaging
&
Containers
-
(0.03)%
Amcor
PLC
3,588‌
40‌
Ball
Corp
1,092‌
61‌
Crown
Holdings
Inc
602‌
52‌
SIG
Group
AG
705‌
17‌
$
170‌
Pharmaceuticals
-
(0.11)%
AbbVie
Inc
909‌
140‌
Amplifon
SpA
1,473‌
43‌
Cardinal
Health
Inc
719‌
54‌
Orion
Oyj
4,636‌
218‌
Otsuka
Holdings
Co
Ltd
1,200‌
36‌
$
491‌
Pipelines
-
(0.01)%
Enbridge
Inc
1,400‌
53‌
Private
Equity
-
(0.09)%
3i
Group
PLC
5,565‌
109‌
EQT
AB
1,578‌
35‌
KKR
&
Co
Inc
4,038‌
228‌
$
372‌
Real
Estate
-
(0.32)%
CBRE
Group
Inc
3,041‌
259‌
FirstService
Corp
1,400‌
192‌
LEG
Immobilien
SE
462‌
33‌
Mitsubishi
Estate
Co
Ltd
10,300‌
128‌
Nomura
Real
Estate
Holdings
Inc
3,100‌
69‌
REA
Group
Ltd
1,880‌
155‌
Sagax
AB
7,821‌
192‌
Sumitomo
Realty
&
Development
Co
Ltd
2,800‌
66‌
Swiss
Prime
Site
AG
295‌
25‌
UOL
Group
Ltd
13,600‌
69‌
Consolidated
Schedule
of
Investments
Global
Multi-Strategy
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
138
Short
Sales
Outstanding
COMMON
STOCKS
(continued)
Shares
Value
(000’s)
Real
Estate
(continued)
Wharf
Real
Estate
Investment
Co
Ltd
27,000‌
$
148‌
$
1,336‌
Retail
-
(0.21)%
CarMax
Inc
1,787‌
123‌
Dollar
Tree
Inc
2,485‌
361‌
McDonald's
Holdings
Co
Japan
Ltd
1,400‌
55‌
Nitori
Holdings
Co
Ltd
2,000‌
226‌
Pan
Pacific
International
Holdings
Corp
3,000‌
55‌
Reece
Ltd
11,263‌
125‌
Starbucks
Corp
2‌
—‌
$
945‌
Semiconductors
-
(0.36)%
Broadcom
Inc
1,690‌
1,004‌
Intel
Corp
624‌
16‌
Lasertec
Corp
1,000‌
163‌
MaxLinear
Inc
2,230‌
76‌
ON
Semiconductor
Corp
3,626‌
281‌
Teradyne
Inc
558‌
56‌
$
1,596‌
Software
-
(0.27)%
Akamai
Technologies
Inc
4,023‌
292‌
Broadridge
Financial
Solutions
Inc
1,724‌
243‌
Cloudflare
Inc
348‌
21‌
Electronic
Arts
Inc
366‌
41‌
Fidelity
National
Information
Services
Inc
272‌
17‌
Jack
Henry
&
Associates
Inc
662‌
109‌
Koei
Tecmo
Holdings
Co
Ltd
15,000‌
251‌
Take-Two
Interactive
Software
Inc
417‌
46‌
Temenos
AG
596‌
44‌
Tyler
Technologies
Inc
207‌
66‌
$
1,130‌
Telecommunications
-
(0.13)%
Deutsche
Telekom
AG
6,913‌
155‌
Lumen
Technologies
Inc
12,285‌
42‌
T-Mobile
US
Inc
2,485‌
353‌
$
550‌
Toys,
Games
&
Hobbies
-
(0.03)%
Hasbro
Inc
2,425‌
133‌
Transportation
-
(0.43)%
Canadian
Pacific
Railway
Ltd
2,200‌
167‌
CH
Robinson
Worldwide
Inc
3,062‌
306‌
Frontline
PLC
15,508‌
293‌
Keisei
Electric
Railway
Co
Ltd
10,500‌
303‌
Kintetsu
Group
Holdings
Co
Ltd
6,900‌
209‌
MTR
Corp
Ltd
57,633‌
290‌
Old
Dominion
Freight
Line
Inc
211‌
72‌
West
Japan
Railway
Co
4,600‌
179‌
$
1,819‌
Water
-
(0.02)%
United
Utilities
Group
PLC
3,409‌
42‌
Veolia
Environnement
SA
1,839‌
55‌
$
97‌
TOTAL
COMMON
STOCKS
(proceeds
$30,327)
$
30,793‌
PREFERRED
STOCKS
-
0.00%
Consumer
Products
-
0.00%
Henkel
AG
&
Co
KGaA
1.85%
83‌
$
6‌
TOTAL
PREFERRED
STOCKS
(proceeds
$8)
$
6‌
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
$
70‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(proceeds
$75)
$
70‌
TOTAL
SHORT
SALES
(proceeds
$30,410)
$
30,869‌
Schedule
of
Investments
Global
Sustainable
Listed
Infrastructure
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
139
INVESTMENT
COMPANIES
-
4.56%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4.56%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(a),(b)
685,245‌
$
685‌
TOTAL
INVESTMENT
COMPANIES
$
685‌
COMMON
STOCKS
-
95.03%
Shares
Held
Value
(000's)
Commercial
Services
-
5.98%
Atlas
Arteria
Ltd
39,391‌
$
181‌
Transurban
Group
75,338‌
717‌
$
898‌
Electric
-
42.90%
ALLETE
Inc
6,932‌
424‌
American
Electric
Power
Co
Inc
7,749‌
682‌
CenterPoint
Energy
Inc
18,377‌
511‌
CLP
Holdings
Ltd
21,000‌
149‌
CMS
Energy
Corp
6,768‌
399‌
DTE
Energy
Co
3,705‌
406‌
EDP
Renovaveis
SA
3,438‌
70‌
Emera
Inc
11,500‌
456‌
Enel
Chile
SA
ADR
119,431‌
254‌
Enel
SpA
26,844‌
151‌
Entergy
Corp
3,357‌
345‌
National
Grid
PLC
52,020‌
653‌
NextEra
Energy
Inc
11,783‌
837‌
Public
Service
Enterprise
Group
Inc
10,093‌
610‌
Sempra
Energy
3,272‌
491‌
$
6,438‌
Engineering
&
Construction
-
16.63%
Aena
SME
SA
(c),(d)
4,506‌
697‌
Beijing
Capital
International
Airport
Co
Ltd
(c)
414,000‌
303‌
Cellnex
Telecom
SA
-
Rights
(d)
14,266‌
535‌
China
Tower
Corp
Ltd
(d)
3,024,000‌
328‌
Enav
SpA
(d)
62,067‌
275‌
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
12,861‌
123‌
Vinci
SA
2,069‌
235‌
$
2,496‌
Gas
-
2.22%
China
Resources
Gas
Group
Ltd
78,900‌
333‌
Pipelines
-
10.19%
DT
Midstream
Inc
8,346‌
419‌
Gibson
Energy
Inc
23,200‌
390‌
ONEOK
Inc
2,316‌
151‌
Williams
Cos
Inc/The
18,933‌
570‌
$
1,530‌
REITs
-
4.98%
American
Tower
Corp
3,772‌
747‌
Transportation
-
8
.21%
Canadian
National
Railway
Co
4,800‌
547‌
East
Japan
Railway
Co
5,900‌
298‌
Kyushu
Railway
Co
17,700‌
387‌
$
1,232‌
Water
-
3.92%
Aguas
Andinas
SA
1,176,091‌
281‌
Cia
de
Saneamento
do
Parana
22,800‌
74‌
Severn
Trent
PLC
7,065‌
233‌
$
588‌
TOTAL
COMMON
STOCKS
$
14,262‌
Total
Investments
$
14,947‌
Other
Assets
and
Liabilities
-  0.41%
62‌
TOTAL
NET
ASSETS
-
100.00%
$
15,009‌
(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
Act
(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
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,835
or
12.23%
of
net
assets.
Portfolio
Summary
Location
Percent
United
States
48.48‌%
Canada
9.28‌%
Spain
8.67‌%
Australia
5.98‌%
United
Kingdom
5.90‌%
Japan
4.57‌%
China
4.21‌%
Chile
3.56‌%
Hong
Kong
3.21‌%
Italy
2.84‌%
France
1.57‌%
Mexico
0.82‌%
Brazil
0.50‌%
Other
Assets
and
Liabilities
0.41‌%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Global
Sustainable
Listed
Infrastructure
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
140
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
6,303‌
$
5,618‌
$
685‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
—‌
10,091‌
10,091‌
—‌
$
—‌
$
16,394‌
$
15,709‌
$
685‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
7‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
4‌
—‌
—‌
—‌
$
11‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
141
INVESTMENT
COMPANIES
-
3
.72
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
2
.32
%
iShares
MSCI
EAFE
ETF
(a)
338,300‌
$
23,461‌
Money
Market
Funds
-
1
.40
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(b),(c)
7,075,043‌
7,075‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(b),(c),(d)
7,106,108‌
7,106‌
$
14,181‌
TOTAL
INVESTMENT
COMPANIES
$
37,642‌
COMMON
STOCKS
-
96
.63
%
Shares
Held
Value
(000's)
Advertising
-
0
.26
%
Dentsu
Group
Inc
13,500‌
$
433‌
Hakuhodo
DY
Holdings
Inc
15,300‌
171‌
Publicis
Groupe
SA
15,032‌
1,193‌
WPP
PLC
70,469‌
867‌
$
2,664‌
Aerospace
&
Defense
-
1
.46
%
Airbus
SE
38,898‌
5,094‌
BAE
Systems
PLC
203,261‌
2,195‌
Dassault
Aviation
SA
1,648‌
283‌
Elbit
Systems
Ltd
1,751‌
296‌
MTU
Aero
Engines
AG
3,516‌
849‌
Rheinmetall
AG
2,867‌
729‌
Rolls-Royce
Holdings
PLC
(e)
550,594‌
959‌
Safran
SA
22,490‌
3,176‌
Singapore
Technologies
Engineering
Ltd
102,600‌
272‌
Thales
SA
7,021‌
982‌
$
14,835‌
Agriculture
-
0
.86
%
British
American
Tobacco
PLC
139,935‌
5,296‌
Imperial
Brands
PLC
58,915‌
1,419‌
Japan
Tobacco
Inc
78,900‌
1,605‌
Wilmar
International
Ltd
126,300‌
369‌
$
8,689‌
Airlines
-
0
.14
%
ANA
Holdings
Inc
(a),(e)
10,500‌
213‌
Deutsche
Lufthansa
AG
(e)
39,331‌
407‌
Japan
Airlines
Co
Ltd
(e)
9,400‌
177‌
Qantas
Airways
Ltd
(e)
60,810‌
262‌
Singapore
Airlines
Ltd
88,100‌
372‌
$
1,431‌
Apparel
-
2
.43
%
Adidas
AG
10,660‌
1,592‌
Burberry
Group
PLC
25,323‌
752‌
Hermes
International
2,083‌
3,770‌
Kering
SA
4,927‌
2,889‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
18,213‌
15,141‌
Puma
SE
6,947‌
442‌
$
24,586‌
Automobile
Manufacturers
-
3
.01
%
Bayerische
Motoren
Werke
AG
21,785‌
2,248‌
Daimler
Truck
Holding
AG
29,782‌
943‌
Ferrari
NV
8,295‌
2,152‌
Honda
Motor
Co
Ltd
107,200‌
2,788‌
Isuzu
Motors
Ltd
38,300‌
458‌
Mazda
Motor
Corp
37,400‌
335‌
Mercedes-Benz
Group
AG
52,796‌
4,046‌
Nissan
Motor
Co
Ltd
152,600‌
593‌
Renault
SA
12,647‌
566‌
Stellantis
NV
148,008‌
2,589‌
Subaru
Corp
40,400‌
647‌
Suzuki
Motor
Corp
24,200‌
849‌
Toyota
Motor
Corp
697,700‌
9,509‌
Volkswagen
AG
1,942‌
345‌
Volvo
AB
-
A
Shares
(a)
13,175‌
274‌
Volvo
AB
-
B
Shares
99,296‌
1,987‌
Volvo
Car
AB
(a),(e)
39,190‌
185‌
$
30,514‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
-
0
.69
%
Aisin
Corp
9,600‌
$
263‌
Bridgestone
Corp
37,600‌
1,439‌
Cie
Generale
des
Etablissements
Michelin
SCA
44,639‌
1,402‌
Continental
AG
7,237‌
520‌
Denso
Corp
28,500‌
1,515‌
Koito
Manufacturing
Co
Ltd
13,700‌
230‌
NGK
Insulators
Ltd
15,600‌
207‌
Sumitomo
Electric
Industries
Ltd
47,000‌
579‌
Toyota
Industries
Corp
9,600‌
563‌
Valeo
13,618‌
283‌
$
7,001‌
Banks
-
10
.99
%
ABN
AMRO
Bank
NV
(f)
26,575‌
469‌
AIB
Group
PLC
70,364‌
300‌
ANZ
Group
Holdings
Ltd
196,824‌
3,256‌
Banco
Bilbao
Vizcaya
Argentaria
SA
396,788‌
3,084‌
Banco
Santander
SA
1,105,084‌
4,351‌
Bank
Hapoalim
BM
83,566‌
699‌
Bank
Leumi
Le-Israel
BM
101,582‌
790‌
Bank
of
Ireland
Group
PLC
70,427‌
776‌
Banque
Cantonale
Vaudoise
1,982‌
177‌
Barclays
PLC
1,043,280‌
2,189‌
BNP
Paribas
SA
73,097‌
5,110‌
BOC
Hong
Kong
Holdings
Ltd
243,000‌
822‌
CaixaBank
SA
291,718‌
1,253‌
Chiba
Bank
Ltd/The
34,800‌
255‌
Commerzbank
AG
70,044‌
853‌
Commonwealth
Bank
of
Australia
111,502‌
7,533‌
Concordia
Financial
Group
Ltd
71,600‌
308‌
Credit
Agricole
SA
80,081‌
976‌
Credit
Suisse
Group
AG
237,010‌
714‌
Danske
Bank
A/S
(e)
45,385‌
1,054‌
DBS
Group
Holdings
Ltd
119,100‌
3,022‌
Deutsche
Bank
AG
135,994‌
1,695‌
DNB
Bank
ASA
61,208‌
1,221‌
Erste
Group
Bank
AG
22,624‌
888‌
FinecoBank
Banca
Fineco
SpA
40,145‌
694‌
First
International
Bank
Of
Israel
Ltd/The
3,630‌
129‌
Hang
Seng
Bank
Ltd
50,300‌
818‌
HSBC
Holdings
PLC
1,313,927‌
10,065‌
ING
Groep
NV
245,210‌
3,432‌
Intesa
Sanpaolo
SpA
1,062,058‌
2,869‌
Israel
Discount
Bank
Ltd
81,395‌
386‌
Japan
Post
Bank
Co
Ltd
(a)
27,100‌
234‌
KBC
Group
NV
16,457‌
1,229‌
Lloyds
Banking
Group
PLC
4,426,976‌
2,796‌
Macquarie
Group
Ltd
24,158‌
3,068‌
Mediobanca
Banca
di
Credito
Finanziario
SpA
39,070‌
417‌
Mitsubishi
UFJ
Financial
Group
Inc
786,400‌
5,575‌
Mizrahi
Tefahot
Bank
Ltd
10,151‌
302‌
Mizuho
Financial
Group
Inc
158,580‌
2,472‌
National
Australia
Bank
Ltd
207,447‌
4,176‌
NatWest
Group
PLC
349,710‌
1,228‌
Nordea
Bank
Abp
217,691‌
2,759‌
Oversea-Chinese
Banking
Corp
Ltd
222,700‌
2,093‌
Resona
Holdings
Inc
142,100‌
783‌
Shizuoka
Financial
Group
Inc
29,300‌
234‌
Skandinaviska
Enskilda
Banken
AB
106,328‌
1,330‌
Societe
Generale
SA
53,126‌
1,531‌
Standard
Chartered
PLC
161,906‌
1,532‌
Sumitomo
Mitsui
Financial
Group
Inc
85,900‌
3,752‌
Sumitomo
Mitsui
Trust
Holdings
Inc
21,944‌
813‌
Svenska
Handelsbanken
AB
95,975‌
1,018‌
Swedbank
AB
59,588‌
1,217‌
UBS
Group
AG
220,327‌
4,789‌
UniCredit
SpA
126,409‌
2,586‌
United
Overseas
Bank
Ltd
77,600‌
1,720‌
Westpac
Banking
Corp
230,376‌
3,484‌
$
111,326‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
142
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
-
2
.10
%
Anheuser-Busch
InBev
SA/NV
57,153‌
$
3,467‌
Asahi
Group
Holdings
Ltd
30,100‌
1,064‌
Budweiser
Brewing
Co
APAC
Ltd
(f)
113,200‌
339‌
Carlsberg
AS
6,405‌
905‌
Coca-Cola
Europacific
Partners
PLC
13,527‌
744‌
Coca-Cola
HBC
AG
(e)
13,265‌
340‌
Davide
Campari-Milano
NV
34,394‌
385‌
Diageo
PLC
149,594‌
6,348‌
Endeavour
Group
Ltd/Australia
94,278‌
433‌
Heineken
Holding
NV
7,580‌
648‌
Heineken
NV
17,055‌
1,738‌
JDE
Peet's
NV
6,612‌
195‌
Kirin
Holdings
Co
Ltd
54,100‌
810‌
Pernod
Ricard
SA
13,578‌
2,833‌
Remy
Cointreau
SA
1,532‌
269‌
Suntory
Beverage
&
Food
Ltd
9,100‌
319‌
Treasury
Wine
Estates
Ltd
47,497‌
447‌
$
21,284‌
Biotechnology
-
0
.96
%
Argenx
SE
(e)
3,640‌
1,325‌
Bachem
Holding
AG
(a)
2,185‌
218‌
CSL
Ltd
31,729‌
6,313‌
Genmab
A/S
(e)
4,334‌
1,631‌
Swedish
Orphan
Biovitrum
AB
(e)
11,211‌
258‌
$
9,745‌
Building
Materials
-
1
.76
%
AGC
Inc
12,700‌
470‌
Cie
de
Saint-Gobain
32,241‌
1,916‌
CRH
PLC
49,157‌
2,309‌
Daikin
Industries
Ltd
16,400‌
2,804‌
Geberit
AG
2,361‌
1,274‌
HeidelbergCement
AG
9,529‌
654‌
Holcim
AG
(e)
36,475‌
2,251‌
Investment
AB
Latour
9,741‌
202‌
James
Hardie
Industries
PLC
29,323‌
611‌
Kingspan
Group
PLC
10,162‌
665‌
Lixil
Corp
18,800‌
300‌
Nibe
Industrier
AB
99,720‌
1,031‌
ROCKWOOL
A/S
598‌
136‌
Sika
AG
9,610‌
2,695‌
TOTO
Ltd
9,300‌
311‌
Xinyi
Glass
Holdings
Ltd
121,000‌
226‌
$
17,855‌
Chemicals
-
2
.75
%
Air
Liquide
SA
34,439‌
5,471‌
Akzo
Nobel
NV
11,949‌
874‌
Arkema
SA
3,949‌
400‌
Asahi
Kasei
Corp
82,500‌
575‌
BASF
SE
60,435‌
3,094‌
Brenntag
SE
10,165‌
766‌
Chr
Hansen
Holding
A/S
6,889‌
478‌
Clariant
AG
(e)
14,197‌
230‌
Covestro
AG
(f)
12,712‌
559‌
Croda
International
PLC
9,188‌
725‌
EMS-Chemie
Holding
AG
462‌
350‌
Evonik
Industries
AG
13,798‌
295‌
Givaudan
SA
608‌
1,833‌
ICL
Group
Ltd
46,651‌
339‌
Johnson
Matthey
PLC
12,070‌
317‌
Koninklijke
DSM
NV
11,501‌
1,417‌
Mitsubishi
Chemical
Group
Corp
84,200‌
490‌
Mitsui
Chemicals
Inc
12,100‌
292‌
Nippon
Paint
Holdings
Co
Ltd
54,500‌
476‌
Nippon
Sanso
Holdings
Corp
11,300‌
201‌
Nissan
Chemical
Corp
8,300‌
364‌
Nitto
Denko
Corp
9,400‌
566‌
Novozymes
A/S
13,457‌
648‌
OCI
NV
6,929‌
230‌
Shin-Etsu
Chemical
Co
Ltd
24,400‌
3,383‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Solvay
SA
4,876‌
$
557‌
Sumitomo
Chemical
Co
Ltd
98,000‌
343‌
Symrise
AG
8,738‌
893‌
Toray
Industries
Inc
91,200‌
522‌
Tosoh
Corp
17,100‌
233‌
Umicore
SA
13,781‌
459‌
Yara
International
ASA
10,893‌
518‌
$
27,898‌
Commercial
Services
-
2
.51
%
Adecco
Group
AG
10,527‌
375‌
Adyen
NV
(e),(f)
1,427‌
2,023‌
Amadeus
IT
Group
SA
(e)
29,642‌
1,864‌
Ashtead
Group
PLC
28,895‌
1,912‌
Brambles
Ltd
91,373‌
790‌
Bureau
Veritas
SA
19,346‌
553‌
Dai
Nippon
Printing
Co
Ltd
14,600‌
391‌
Edenred
16,422‌
924‌
Experian
PLC
60,616‌
2,044‌
GMO
Payment
Gateway
Inc
2,800‌
230‌
IDP
Education
Ltd
13,735‌
264‌
Intertek
Group
PLC
10,618‌
533‌
Nexi
SpA
(e),(f)
38,837‌
313‌
Nihon
M&A
Center
Holdings
Inc
19,900‌
166‌
Persol
Holdings
Co
Ltd
11,600‌
232‌
Randstad
NV
7,867‌
483‌
Recruit
Holdings
Co
Ltd
94,800‌
2,542‌
RELX
PLC
126,031‌
3,800‌
Rentokil
Initial
PLC
165,820‌
1,020‌
Secom
Co
Ltd
13,800‌
803‌
Securitas
AB
32,376‌
279‌
SGS
SA
420‌
963‌
TOPPAN
INC
17,200‌
311‌
Transurban
Group
202,333‌
1,925‌
Worldline
SA/France
(e),(f)
15,739‌
656‌
$
25,396‌
Computers
-
1
.08
%
BayCurrent
Consulting
Inc
8,600‌
338‌
Bechtle
AG
5,386‌
227‌
Capgemini
SE
10,776‌
2,021‌
Check
Point
Software
Technologies
Ltd
(e)
6,602‌
817‌
Computershare
Ltd
35,753‌
595‌
CyberArk
Software
Ltd
(e)
2,679‌
388‌
Fujitsu
Ltd
13,000‌
1,669‌
Itochu
Techno-Solutions
Corp
6,300‌
140‌
Logitech
International
SA
11,390‌
622‌
NEC
Corp
16,100‌
576‌
Nomura
Research
Institute
Ltd
26,043‌
582‌
NTT
Data
Corp
41,500‌
576‌
Obic
Co
Ltd
4,600‌
674‌
Otsuka
Corp
7,400‌
249‌
Ricoh
Co
Ltd
36,200‌
281‌
SCSK
Corp
10,200‌
148‌
Teleperformance
3,890‌
1,010‌
$
10,913‌
Consumer
Products
-
0
.37
%
Henkel
AG
&
Co
KGaA
6,837‌
473‌
Reckitt
Benckiser
Group
PLC
47,091‌
3,267‌
$
3,740‌
Cosmetics
&
Personal
Care
-
2
.11
%
Beiersdorf
AG
6,633‌
791‌
Essity
AB
40,072‌
1,081‌
Haleon
PLC
(e)
334,202‌
1,293‌
Kao
Corp
30,800‌
1,147‌
Kose
Corp
2,200‌
249‌
L'Oreal
SA
15,891‌
6,281‌
Shiseido
Co
Ltd
26,300‌
1,212‌
Unicharm
Corp
26,500‌
981‌
Unilever
PLC
166,803‌
8,305‌
$
21,340‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
143
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
-
1
.25
%
Bunzl
PLC
22,215‌
$
792‌
D'ieteren
Group
1,638‌
317‌
IMCD
NV
3,750‌
594‌
ITOCHU
Corp
78,100‌
2,334‌
Marubeni
Corp
101,700‌
1,298‌
Mitsubishi
Corp
82,600‌
2,806‌
Mitsui
&
Co
Ltd
94,200‌
2,644‌
Sumitomo
Corp
74,000‌
1,261‌
Toyota
Tsusho
Corp
13,900‌
567‌
$
12,613‌
Diversified
Financial
Services
-
1
.55
%
abrdn
plc
133,459‌
360‌
AerCap
Holdings
NV
(e)
8,898‌
556‌
Amundi
SA
(f)
4,022‌
264‌
ASX
Ltd
12,738‌
582‌
Daiwa
Securities
Group
Inc
87,700‌
419‌
Deutsche
Boerse
AG
12,502‌
2,180‌
Euronext
NV
(f)
5,639‌
411‌
Futu
Holdings
Ltd
ADR
(a),(e)
3,920‌
193‌
Hargreaves
Lansdown
PLC
23,407‌
233‌
Hong
Kong
Exchanges
&
Clearing
Ltd
79,200‌
3,172‌
Japan
Exchange
Group
Inc
33,000‌
492‌
Julius
Baer
Group
Ltd
14,068‌
933‌
London
Stock
Exchange
Group
PLC
21,556‌
1,923‌
Mitsubishi
HC
Capital
Inc
43,400‌
227‌
Nomura
Holdings
Inc
191,400‌
789‌
ORIX
Corp
78,600‌
1,409‌
SBI
Holdings
Inc
16,090‌
347‌
Schroders
PLC
58,341‌
348‌
Singapore
Exchange
Ltd
56,300‌
364‌
St
James's
Place
PLC
35,809‌
551‌
$
15,753‌
Electric
-
2
.58
%
BKW
AG
1,391‌
203‌
Chubu
Electric
Power
Co
Inc
42,300‌
438‌
CLP
Holdings
Ltd
108,000‌
764‌
E.ON
SE
147,730‌
1,612‌
EDP
-
Energias
de
Portugal
SA
182,661‌
920‌
EDP
Renovaveis
SA
18,960‌
388‌
Elia
Group
SA/NV
2,176‌
287‌
Endesa
SA
20,899‌
410‌
Enel
SpA
535,180‌
3,002‌
Engie
SA
120,182‌
1,754‌
Fortum
Oyj
29,519‌
451‌
Iberdrola
SA
404,328‌
4,635‌
Kansai
Electric
Power
Co
Inc/The
46,300‌
435‌
Mercury
NZ
Ltd
45,599‌
177‌
Meridian
Energy
Ltd
84,920‌
279‌
National
Grid
PLC
240,847‌
3,022‌
Origin
Energy
Ltd
113,357‌
608‌
Orsted
AS
(f)
12,448‌
1,083‌
Power
Assets
Holdings
Ltd
91,000‌
487‌
Red
Electrica
Corp
SA
26,701‌
443‌
RWE
AG
42,270‌
1,794‌
SSE
PLC
71,122‌
1,488‌
Terna
-
Rete
Elettrica
Nazionale
92,580‌
696‌
Tokyo
Electric
Power
Co
Holdings
Inc
(e)
100,400‌
333‌
Verbund
AG
4,480‌
387‌
$
26,096‌
Electrical
Components
&
Equipment
-
1
.15
%
ABB
Ltd
103,424‌
3,442‌
Brother
Industries
Ltd
15,400‌
226‌
Legrand
SA
17,556‌
1,622‌
Prysmian
SpA
16,761‌
644‌
Schneider
Electric
SE
35,698‌
5,728‌
$
11,662‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
-
1
.18
%
Assa
Abloy
AB
65,951‌
$
1,605‌
Azbil
Corp
7,500‌
195‌
Halma
PLC
24,980‌
650‌
Hirose
Electric
Co
Ltd
1,999‌
244‌
Hoya
Corp
23,600‌
2,336‌
Ibiden
Co
Ltd
7,400‌
254‌
Kyocera
Corp
21,100‌
1,038‌
MINEBEA
MITSUMI
Inc
23,800‌
413‌
Murata
Manufacturing
Co
Ltd
37,700‌
2,018‌
Nidec
Corp
29,400‌
1,492‌
Shimadzu
Corp
15,500‌
448‌
TDK
Corp
25,500‌
854‌
Venture
Corp
Ltd
18,200‌
232‌
Yokogawa
Electric
Corp
15,000‌
224‌
$
12,003‌
Energy
-
Alternate
Sources
-
0
.20
%
Corp
ACCIONA
Energias
Renovables
SA
4,331‌
168‌
Vestas
Wind
Systems
A/S
66,449‌
1,896‌
$
2,064‌
Engineering
&
Construction
-
1
.22
%
Acciona
SA
1,625‌
306‌
ACS
Actividades
de
Construccion
y
Servicios
SA
14,267‌
433‌
Aena
SME
SA
(e),(f)
4,935‌
764‌
Aeroports
de
Paris
(e)
1,954‌
283‌
Auckland
International
Airport
Ltd
(e)
82,374‌
445‌
Bouygues
SA
14,786‌
500‌
Cellnex
Telecom
SA
-
Rights
(f)
37,188‌
1,395‌
CK
Infrastructure
Holdings
Ltd
41,000‌
216‌
Eiffage
SA
5,481‌
602‌
Ferrovial
SA
32,065‌
890‌
Infrastrutture
Wireless
Italiane
SpA
(f)
22,113‌
243‌
Kajima
Corp
27,800‌
332‌
Keppel
Corp
Ltd
95,800‌
389‌
Lendlease
Corp
Ltd
45,349‌
232‌
Obayashi
Corp
42,700‌
316‌
Shimizu
Corp
36,300‌
196‌
Skanska
AB
22,386‌
407‌
Taisei
Corp
11,900‌
388‌
Vinci
SA
35,412‌
4,027‌
$
12,364‌
Entertainment
-
0
.93
%
Aristocrat
Leisure
Ltd
39,075‌
957‌
Entain
PLC
38,746‌
633‌
Evolution
AB
(f)
12,031‌
1,452‌
Flutter
Entertainment
PLC
(e)
10,995‌
1,765‌
Genting
Singapore
Ltd
397,800‌
301‌
La
Francaise
des
Jeux
SAEM
(f)
6,911‌
273‌
Lottery
Corp
Ltd/The
(e)
146,457‌
510‌
Oriental
Land
Co
Ltd/Japan
13,200‌
2,108‌
Toho
Co
Ltd/Tokyo
7,300‌
254‌
Universal
Music
Group
NV
47,731‌
1,125‌
$
9,378‌
Environmental
Control
-
0
.03
%
Kurita
Water
Industries
Ltd
6,800‌
307‌
Food
-
4
.33
%
Aeon
Co
Ltd
43,000‌
802‌
Ajinomoto
Co
Inc
30,100‌
888‌
Associated
British
Foods
PLC
23,413‌
564‌
Barry
Callebaut
AG
235‌
468‌
Carrefour
SA
39,067‌
772‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
PC
69‌
756‌
Chocoladefabriken
Lindt
&
Spruengli
AG
-
REG
7‌
775‌
CK
Hutchison
Holdings
Ltd
176,132‌
1,052‌
Coles
Group
Ltd
88,067‌
1,076‌
Danone
SA
42,246‌
2,375‌
HelloFresh
SE
(e)
10,748‌
241‌
J
Sainsbury
PLC
115,723‌
373‌
Jeronimo
Martins
SGPS
SA
18,632‌
383‌
Kerry
Group
PLC
10,479‌
1,003‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
144
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Kesko
Oyj
17,971‌
$
390‌
Kikkoman
Corp
9,500‌
444‌
Kobe
Bussan
Co
Ltd
9,800‌
268‌
Koninklijke
Ahold
Delhaize
NV
68,809‌
2,185‌
MEIJI
Holdings
Co
Ltd
7,400‌
339‌
Mowi
ASA
27,220‌
470‌
Nestle
SA
180,951‌
20,388‌
Nisshin
Seifun
Group
Inc
12,995‌
150‌
Nissin
Foods
Holdings
Co
Ltd
4,100‌
342‌
Ocado
Group
PLC
(e)
38,021‌
251‌
Orkla
ASA
49,420‌
333‌
Salmar
ASA
4,297‌
178‌
Seven
&
i
Holdings
Co
Ltd
(a)
49,500‌
2,213‌
Tesco
PLC
487,053‌
1,492‌
WH
Group
Ltd
(f)
548,500‌
319‌
Woolworths
Group
Ltd
80,045‌
1,985‌
Yakult
Honsha
Co
Ltd
8,600‌
586‌
$
43,861‌
Food
Service
-
0
.32
%
Compass
Group
PLC
115,597‌
2,671‌
Sodexo
SA
5,821‌
539‌
$
3,210‌
Forest
Products
&
Paper
-
0
.39
%
Holmen
AB
6,172‌
249‌
Mondi
PLC
31,949‌
537‌
Oji
Holdings
Corp
53,300‌
216‌
Smurfit
Kappa
Group
PLC
16,264‌
607‌
Stora
Enso
Oyj
36,265‌
513‌
Svenska
Cellulosa
AB
SCA
39,866‌
556‌
UPM-Kymmene
Oyj
35,119‌
1,273‌
$
3,951‌
Gas
-
0
.28
%
Enagas
SA
16,376‌
294‌
Hong
Kong
&
China
Gas
Co
Ltd
736,387‌
692‌
Naturgy
Energy
Group
SA
9,569‌
263‌
Osaka
Gas
Co
Ltd
24,600‌
399‌
Snam
SpA
132,688‌
652‌
Tokyo
Gas
Co
Ltd
25,700‌
496‌
$
2,796‌
Hand
&
Machine
Tools
-
0
.31
%
Disco
Corp
1,900‌
596‌
Fuji
Electric
Co
Ltd
8,300‌
320‌
Makita
Corp
14,700‌
359‌
Schindler
Holding
AG
-
PC
2,679‌
603‌
Schindler
Holding
AG
-
REG
1,545‌
333‌
Techtronic
Industries
Co
Ltd
90,500‌
901‌
$
3,112‌
Healthcare
-
Products
-
1
.84
%
Alcon
Inc
32,879‌
2,242‌
Asahi
Intecc
Co
Ltd
14,200‌
242‌
Carl
Zeiss
Meditec
AG
2,648‌
353‌
Cochlear
Ltd
4,328‌
645‌
Coloplast
A/S
7,817‌
903‌
Demant
A/S
(e)
6,060‌
181‌
DiaSorin
SpA
1,657‌
200‌
EBOS
Group
Ltd
10,661‌
293‌
EssilorLuxottica
SA
19,135‌
3,317‌
Fisher
&
Paykel
Healthcare
Corp
Ltd
38,002‌
608‌
Getinge
AB
15,050‌
324‌
Koninklijke
Philips
NV
58,517‌
955‌
Lifco
AB
15,338‌
306‌
Olympus
Corp
80,300‌
1,353‌
QIAGEN
NV
(e)
14,982‌
690‌
Sartorius
Stedim
Biotech
1,819‌
592‌
Siemens
Healthineers
AG
(f)
18,555‌
968‌
Smith
&
Nephew
PLC
57,291‌
817‌
Sonova
Holding
AG
3,422‌
842‌
Straumann
Holding
AG
7,344‌
974‌
Sysmex
Corp
11,100‌
665‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Terumo
Corp
42,400‌
$
1,140‌
$
18,610‌
Healthcare
-
Services
-
0
.66
%
BioMerieux
2,756‌
270‌
Eurofins
Scientific
SE
8,868‌
618‌
Fresenius
Medical
Care
AG
&
Co
KGaA
13,513‌
528‌
Fresenius
SE
&
Co
KGaA
27,795‌
765‌
Lonza
Group
AG
4,900‌
2,919‌
Medibank
Pvt
Ltd
181,214‌
406‌
Ramsay
Health
Care
Ltd
12,048‌
546‌
Sonic
Healthcare
Ltd
30,049‌
650‌
$
6,702‌
Holding
Companies
-
Diversified
-
0
.08
%
Jardine
Matheson
Holdings
Ltd
10,468‌
519‌
Swire
Pacific
Ltd
32,000‌
261‌
$
780‌
Home
Builders
-
0
.30
%
Barratt
Developments
PLC
65,916‌
371‌
Berkeley
Group
Holdings
PLC
7,153‌
360‌
Daiwa
House
Industry
Co
Ltd
39,400‌
909‌
Iida
Group
Holdings
Co
Ltd
9,420‌
157‌
Open
House
Group
Co
Ltd
5,100‌
184‌
Persimmon
PLC
21,011‌
366‌
Sekisui
Chemical
Co
Ltd
24,200‌
324‌
Taylor
Wimpey
PLC
232,406‌
344‌
$
3,015‌
Home
Furnishings
-
0
.90
%
Electrolux
AB
(a)
14,461‌
175‌
Hoshizaki
Corp
7,100‌
252‌
Panasonic
Holdings
Corp
145,200‌
1,268‌
Rational
AG
337‌
223‌
SEB
SA
1,638‌
189‌
Sharp
Corp/Japan
(a)
14,900‌
103‌
Sony
Group
Corp
83,000‌
6,940‌
$
9,150‌
Insurance
-
5
.19
%
Admiral
Group
PLC
11,955‌
316‌
Aegon
NV
117,980‌
614‌
Ageas
SA/NV
10,610‌
479‌
AIA
Group
Ltd
778,200‌
8,271‌
Allianz
SE
26,539‌
6,232‌
Assicurazioni
Generali
SpA
73,089‌
1,446‌
Aviva
PLC
184,445‌
991‌
AXA
SA
123,770‌
3,900‌
Baloise
Holding
AG
3,014‌
502‌
Dai-ichi
Life
Holdings
Inc
64,400‌
1,374‌
Gjensidige
Forsikring
ASA
13,159‌
233‌
Hannover
Rueck
SE
3,967‌
770‌
Insurance
Australia
Group
Ltd
162,205‌
506‌
Japan
Post
Holdings
Co
Ltd
156,300‌
1,389‌
Japan
Post
Insurance
Co
Ltd
13,100‌
227‌
Legal
&
General
Group
PLC
393,021‌
1,210‌
M&G
PLC
146,767‌
378‌
MS&AD
Insurance
Group
Holdings
Inc
28,400‌
929‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
9,219‌
3,176‌
NN
Group
NV
18,357‌
743‌
Phoenix
Group
Holdings
PLC
49,361‌
376‌
Prudential
PLC
180,906‌
2,765‌
QBE
Insurance
Group
Ltd
97,694‌
988‌
Sampo
Oyj
31,567‌
1,537‌
Sompo
Holdings
Inc
20,550‌
882‌
Suncorp
Group
Ltd
83,176‌
718‌
Swiss
Life
Holding
AG
2,028‌
1,220‌
Swiss
Re
AG
19,846‌
2,073‌
T&D
Holdings
Inc
34,800‌
527‌
Tokio
Marine
Holdings
Inc
120,700‌
2,563‌
Tryg
A/S
23,691‌
525‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
145
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Zurich
Insurance
Group
AG
9,900‌
$
4,696‌
$
52,556‌
Internet
-
1
.03
%
Adevinta
ASA
-
B
Shares
(e)
19,166‌
143‌
Auto
Trader
Group
PLC
(f)
61,329‌
439‌
CyberAgent
Inc
28,200‌
241‌
Delivery
Hero
SE
(e),(f)
11,306‌
454‌
Grab
Holdings
Ltd
(e)
85,708‌
275‌
Just
Eat
Takeaway.com
NV
(e),(f)
12,078‌
263‌
M3
Inc
29,000‌
692‌
MonotaRO
Co
Ltd
16,400‌
223‌
Prosus
NV
(e)
52,742‌
3,781‌
Rakuten
Group
Inc
57,400‌
283‌
Scout24
SE
(f)
5,276‌
289‌
Sea
Ltd
ADR
(e)
23,776‌
1,486‌
SEEK
Ltd
22,173‌
359‌
Trend
Micro
Inc/Japan
8,700‌
409‌
United
Internet
AG
6,378‌
139‌
Wix.com
Ltd
(e)
3,766‌
341‌
Z
Holdings
Corp
175,700‌
472‌
ZOZO
Inc
8,100‌
180‌
$
10,469‌
Investment
Companies
-
0
.64
%
Eurazeo
SE
2,866‌
193‌
EXOR
NV
(e)
7,136‌
589‌
Groupe
Bruxelles
Lambert
NV
6,543‌
549‌
Industrivarden
AB
-
A
Shares
8,580‌
236‌
Industrivarden
AB
-
C
Shares
10,132‌
278‌
Investor
AB
-
A
Shares
32,814‌
673‌
Investor
AB
-
B
Shares
119,884‌
2,316‌
Kinnevik
AB
-
B
Shares
(e)
15,967‌
237‌
L
E
Lundbergforetagen
AB
4,998‌
232‌
Melrose
Industries
PLC
266,784‌
480‌
Sofina
SA
1,014‌
252‌
Washington
H
Soul
Pattinson
&
Co
Ltd
14,251‌
279‌
Wendel
SE
1,752‌
199‌
$
6,513‌
Iron
&
Steel
-
0
.54
%
ArcelorMittal
SA
34,655‌
1,040‌
BlueScope
Steel
Ltd
30,532‌
390‌
Fortescue
Metals
Group
Ltd
111,428‌
1,597‌
JFE
Holdings
Inc
32,300‌
401‌
Mineral
Resources
Ltd
11,238‌
621‌
Nippon
Steel
Corp
53,077‌
1,186‌
voestalpine
AG
7,635‌
282‌
$
5,517‌
Leisure
Products
&
Services
-
0
.16
%
Shimano
Inc
4,800‌
746‌
Yamaha
Corp
9,200‌
349‌
Yamaha
Motor
Co
Ltd
19,500‌
499‌
$
1,594‌
Lodging
-
0
.33
%
Accor
SA
(e)
11,249‌
373‌
City
Developments
Ltd
26,900‌
154‌
Galaxy
Entertainment
Group
Ltd
143,000‌
952‌
InterContinental
Hotels
Group
PLC
11,537‌
778‌
Sands
China
Ltd
(e)
159,600‌
554‌
Whitbread
PLC
13,292‌
493‌
$
3,304‌
Machinery
-
Construction
&
Mining
-
1
.06
%
Epiroc
AB
-
A
Shares
43,362‌
833‌
Epiroc
AB
-
B
Shares
25,660‌
422‌
Hitachi
Construction
Machinery
Co
Ltd
7,000‌
157‌
Hitachi
Ltd
63,700‌
3,225‌
Komatsu
Ltd
60,800‌
1,455‌
Metso
Outotec
Oyj
43,636‌
464‌
Mitsubishi
Electric
Corp
127,100‌
1,428‌
Mitsubishi
Heavy
Industries
Ltd
21,000‌
774‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Construction
&
Mining
(continued)
Sandvik
AB
70,158‌
$
1,443‌
Siemens
Energy
AG
(a),(e)
28,687‌
575‌
$
10,776‌
Machinery
-
Diversified
-
2
.05
%
Atlas
Copco
AB
-
A
Shares
176,744‌
2,098‌
Atlas
Copco
AB
-
B
Shares
102,706‌
1,082‌
CNH
Industrial
NV
67,333‌
1,104‌
Daifuku
Co
Ltd
6,600‌
360‌
FANUC
Corp
12,600‌
2,142‌
GEA
Group
AG
9,966‌
438‌
Hexagon
AB
128,075‌
1,419‌
Husqvarna
AB
27,610‌
244‌
Keyence
Corp
12,760‌
5,515‌
Kone
Oyj
22,364‌
1,161‌
Kubota
Corp
66,700‌
1,007‌
Omron
Corp
12,200‌
655‌
SMC
Corp
3,800‌
1,932‌
Spirax-Sarco
Engineering
PLC
4,843‌
680‌
Wartsila
OYJ
Abp
31,148‌
301‌
Yaskawa
Electric
Corp
15,700‌
618‌
$
20,756‌
Media
-
0
.39
%
Bollore
SE
58,241‌
325‌
Informa
PLC
93,777‌
753‌
Pearson
PLC
42,529‌
471‌
Vivendi
SE
47,413‌
488‌
Wolters
Kluwer
NV
16,946‌
1,962‌
$
3,999‌
Metal
Fabrication
&
Hardware
-
0
.19
%
MISUMI
Group
Inc
18,700‌
445‌
SKF
AB
25,224‌
479‌
Tenaris
SA
31,071‌
511‌
VAT
Group
AG
(f)
1,776‌
536‌
$
1,971‌
Mining
-
2
.93
%
Anglo
American
PLC
83,612‌
2,889‌
Antofagasta
PLC
25,947‌
490‌
BHP
Group
Ltd
333,334‌
10,089‌
Boliden
AB
17,996‌
737‌
Glencore
PLC
677,756‌
4,041‌
IGO
Ltd
44,845‌
394‌
Newcrest
Mining
Ltd
58,806‌
900‌
Norsk
Hydro
ASA
88,491‌
644‌
Northern
Star
Resources
Ltd
76,282‌
532‌
Pilbara
Minerals
Ltd
167,677‌
467‌
Rio
Tinto
Ltd
24,425‌
1,909‌
Rio
Tinto
PLC
73,996‌
5,078‌
South32
Ltd
301,834‌
877‌
Sumitomo
Metal
Mining
Co
Ltd
16,200‌
603‌
$
29,650‌
Miscellaneous
Manufacturers
-
1
.13
%
Alfa
Laval
AB
19,062‌
627‌
Alstom
SA
21,041‌
617‌
Indutrade
AB
17,979‌
382‌
JSR
Corp
11,600‌
264‌
Knorr-Bremse
AG
4,772‌
324‌
Orica
Ltd
29,794‌
324‌
Siemens
AG
50,337‌
7,671‌
Smiths
Group
PLC
23,327‌
495‌
Toshiba
Corp
25,600‌
792‌
$
11,496‌
Office
&
Business
Equipment
-
0
.27
%
Canon
Inc
65,700‌
1,414‌
FUJIFILM
Holdings
Corp
23,600‌
1,101‌
Seiko
Epson
Corp
18,400‌
254‌
$
2,769‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
146
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
4
.63
%
Aker
BP
ASA
20,793‌
$
558‌
Ampol
Ltd
15,679‌
346‌
BP
PLC
1,194,107‌
7,847‌
DCC
PLC
6,495‌
361‌
ENEOS
Holdings
Inc
201,830‌
694‌
Eni
SpA
164,503‌
2,323‌
Equinor
ASA
62,683‌
1,919‌
Galp
Energia
SGPS
SA
32,982‌
402‌
Idemitsu
Kosan
Co
Ltd
13,681‌
303‌
Inpex
Corp
68,400‌
717‌
Neste
Oyj
27,837‌
1,343‌
OMV
AG
9,690‌
472‌
Repsol
SA
90,634‌
1,433‌
Santos
Ltd
207,655‌
970‌
Shell
PLC
464,408‌
14,066‌
TotalEnergies
SE
163,723‌
10,102‌
Woodside
Energy
Group
Ltd
124,938‌
3,027‌
$
46,883‌
Oil
&
Gas
Services
-
0
.02
%
Sembcorp
Marine
Ltd
(e)
1,827,870‌
172‌
Packaging
&
Containers
-
0
.05
%
SIG
Group
AG
(e)
20,122‌
487‌
Pharmaceuticals
-
8
.66
%
Amplifon
SpA
8,192‌
237‌
Astellas
Pharma
Inc
120,700‌
1,695‌
AstraZeneca
PLC
101,959‌
13,283‌
Bayer
AG
64,643‌
3,838‌
Chugai
Pharmaceutical
Co
Ltd
44,100‌
1,097‌
Daiichi
Sankyo
Co
Ltd
115,200‌
3,628‌
Eisai
Co
Ltd
16,600‌
897‌
Grifols
SA
(e)
19,627‌
239‌
GSK
PLC
267,637‌
4,585‌
Hikma
Pharmaceuticals
PLC
10,867‌
227‌
Ipsen
SA
2,481‌
283‌
Kobayashi
Pharmaceutical
Co
Ltd
3,500‌
211‌
Kyowa
Kirin
Co
Ltd
17,700‌
379‌
Merck
KGaA
8,505‌
1,612‌
Nippon
Shinyaku
Co
Ltd
3,200‌
143‌
Novartis
AG
142,349‌
11,980‌
Novo
Nordisk
A/S
108,928‌
15,387‌
Ono
Pharmaceutical
Co
Ltd
23,800‌
485‌
Orion
Oyj
7,034‌
331‌
Otsuka
Holdings
Co
Ltd
25,700‌
779‌
Recordati
Industria
Chimica
e
Farmaceutica
SpA
6,879‌
292‌
Roche
Holding
AG
1,756‌
544‌
Roche
Holding
AG
46,228‌
13,329‌
Sanofi
75,061‌
7,018‌
Shionogi
&
Co
Ltd
17,400‌
771‌
Takeda
Pharmaceutical
Co
Ltd
98,800‌
3,045‌
Teva
Pharmaceutical
Industries
Ltd
ADR
(e)
73,080‌
724‌
UCB
SA
8,319‌
715‌
$
87,754‌
Pipelines
-
0
.06
%
APA
Group
77,637‌
559‌
Private
Equity
-
0
.36
%
3i
Group
PLC
64,042‌
1,253‌
Capitaland
Investment
Ltd/Singapore
171,100‌
472‌
EQT
AB
23,392‌
523‌
Partners
Group
Holding
AG
1,493‌
1,414‌
$
3,662‌
Real
Estate
-
1
.18
%
Aroundtown
SA
65,704‌
170‌
Azrieli
Group
Ltd
2,792‌
157‌
CK
Asset
Holdings
Ltd
131,132‌
823‌
Daito
Trust
Construction
Co
Ltd
4,100‌
386‌
ESR
Group
Ltd
(f)
131,200‌
223‌
Fastighets
AB
Balder
(e)
41,518‌
205‌
Hang
Lung
Properties
Ltd
133,000‌
257‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Real
Estate
(continued)
Henderson
Land
Development
Co
Ltd
94,982‌
$
333‌
Hongkong
Land
Holdings
Ltd
73,429‌
336‌
Hulic
Co
Ltd
25,200‌
201‌
LEG
Immobilien
SE
4,875‌
353‌
Mitsubishi
Estate
Co
Ltd
74,200‌
922‌
Mitsui
Fudosan
Co
Ltd
59,600‌
1,136‌
New
World
Development
Co
Ltd
98,750‌
269‌
Nomura
Real
Estate
Holdings
Inc
7,800‌
174‌
REA
Group
Ltd
3,476‌
286‌
Sagax
AB
12,545‌
309‌
Sekisui
House
Ltd
40,500‌
767‌
Sino
Land
Co
Ltd
227,073‌
291‌
Sumitomo
Realty
&
Development
Co
Ltd
20,300‌
479‌
Sun
Hung
Kai
Properties
Ltd
95,000‌
1,298‌
Swire
Properties
Ltd
76,800‌
202‌
Swiss
Prime
Site
AG
5,048‌
425‌
UOL
Group
Ltd
30,500‌
155‌
Vonovia
SE
47,130‌
1,185‌
Wharf
Real
Estate
Investment
Co
Ltd
109,000‌
598‌
$
11,940‌
REITs
-
1
.19
%
British
Land
Co
PLC/The
57,948‌
311‌
CapitaLand
Ascendas
REIT
221,050‌
454‌
CapitaLand
Integrated
Commercial
Trust
349,238‌
502‌
Covivio
SA/France
3,118‌
200‌
Daiwa
House
REIT
Investment
Corp
(e)
145‌
299‌
Dexus
70,772‌
400‌
Gecina
SA
3,025‌
348‌
GLP
J-Reit
(e)
294‌
309‌
Goodman
Group
111,362‌
1,482‌
GPT
Group/The
126,045‌
398‌
Japan
Metropolitan
Fund
Invest
460‌
345‌
Japan
Real
Estate
Investment
Corp
83‌
344‌
Klepierre
SA
(e)
14,156‌
353‌
Land
Securities
Group
PLC
46,355‌
383‌
Link
REIT
138,700‌
913‌
Link
REIT
-
Rights
(e)
27,740‌
26‌
Mapletree
Logistics
Trust
221,400‌
277‌
Mapletree
Pan
Asia
Commercial
Trust
154,900‌
198‌
Mirvac
Group
259,640‌
395‌
Nippon
Building
Fund
Inc
101‌
426‌
Nippon
Prologis
REIT
Inc
(e)
141‌
301‌
Nomura
Real
Estate
Master
Fund
Inc
(e)
280‌
310‌
Scentre
Group
341,530‌
682‌
Segro
PLC
79,575‌
786‌
Stockland
157,077‌
405‌
Unibail-Rodamco-Westfield
(e)
7,760‌
490‌
Vicinity
Ltd
254,611‌
348‌
Warehouses
De
Pauw
CVA
10,736‌
328‌
$
12,013‌
Retail
-
1
.91
%
Cie
Financiere
Richemont
SA
34,347‌
5,190‌
Fast
Retailing
Co
Ltd
11,400‌
2,251‌
H
&
M
Hennes
&
Mauritz
AB
48,056‌
605‌
Industria
de
Diseno
Textil
SA
71,777‌
2,211‌
Jardine
Cycle
&
Carriage
Ltd
6,400‌
141‌
JD
Sports
Fashion
PLC
169,704‌
369‌
Kingfisher
PLC
128,518‌
444‌
MatsukiyoCocokara
&
Co
7,500‌
348‌
McDonald's
Holdings
Co
Japan
Ltd
5,600‌
222‌
Moncler
SpA
13,505‌
823‌
Next
PLC
8,506‌
700‌
Nitori
Holdings
Co
Ltd
5,300‌
599‌
Pan
Pacific
International
Holdings
Corp
25,000‌
457‌
Pandora
A/S
5,970‌
565‌
Reece
Ltd
14,868‌
165‌
Swatch
Group
AG/The
-
BR
1,904‌
663‌
Swatch
Group
AG/The
-
REG
3,460‌
220‌
USS
Co
Ltd
13,500‌
219‌
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
147
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Welcia
Holdings
Co
Ltd
6,200‌
$
136‌
Wesfarmers
Ltd
74,651‌
2,417‌
Zalando
SE
(e),(f)
14,736‌
584‌
$
19,329‌
Semiconductors
-
2
.98
%
Advantest
Corp
12,100‌
959‌
ASM
International
NV
3,084‌
1,051‌
ASML
Holding
NV
26,527‌
16,350‌
Hamamatsu
Photonics
KK
9,200‌
452‌
Infineon
Technologies
AG
85,930‌
3,040‌
Lasertec
Corp
5,000‌
813‌
Renesas
Electronics
Corp
(e)
77,200‌
997‌
Rohm
Co
Ltd
5,800‌
447‌
STMicroelectronics
NV
44,971‌
2,154‌
SUMCO
Corp
23,000‌
317‌
Tokyo
Electron
Ltd
9,800‌
3,363‌
Tower
Semiconductor
Ltd
(e)
7,190‌
294‌
$
30,237‌
Shipbuilding
-
0
.02
%
Kongsberg
Gruppen
ASA
5,831‌
242‌
Software
-
1
.38
%
Capcom
Co
Ltd
11,400‌
359‌
Dassault
Systemes
SE
43,857‌
1,693‌
Embracer
Group
AB
(a),(e)
43,136‌
208‌
Koei
Tecmo
Holdings
Co
Ltd
7,720‌
129‌
Konami
Group
Corp
6,100‌
269‌
Nemetschek
SE
3,799‌
215‌
Nexon
Co
Ltd
31,300‌
679‌
Oracle
Corp
Japan
2,600‌
177‌
Sage
Group
PLC/The
67,093‌
605‌
SAP
SE
68,710‌
7,806‌
Square
Enix
Holdings
Co
Ltd
5,600‌
250‌
Temenos
AG
4,189‌
308‌
TIS
Inc
14,800‌
367‌
WiseTech
Global
Ltd
9,683‌
409‌
Xero
Ltd
(e)
8,892‌
463‌
$
13,937‌
Telecommunications
-
3
.12
%
Bezeq
The
Israeli
Telecommunication
Corp
Ltd
136,407‌
189‌
BT
Group
PLC
457,396‌
767‌
Deutsche
Telekom
AG
213,272‌
4,786‌
Elisa
Oyj
9,358‌
531‌
Hikari
Tsushin
Inc
1,300‌
189‌
HKT
Trust
&
HKT
Ltd
248,980‌
324‌
KDDI
Corp
106,000‌
3,101‌
Koninklijke
KPN
NV
217,361‌
745‌
Nice
Ltd
(e)
4,180‌
869‌
Nippon
Telegraph
&
Telephone
Corp
78,600‌
2,278‌
Nokia
OYJ
356,077‌
1,647‌
Orange
SA
131,274‌
1,499‌
Singapore
Telecommunications
Ltd
543,200‌
954‌
SoftBank
Corp
188,900‌
2,131‌
SoftBank
Group
Corp
79,300‌
3,207‌
Spark
New
Zealand
Ltd
123,254‌
381‌
Swisscom
AG
1,704‌
1,051‌
Tele2
AB
37,351‌
343‌
Telecom
Italia
SpA/Milano
(a),(e)
655,648‌
214‌
Telefonaktiebolaget
LM
Ericsson
192,056‌
1,064‌
Telefonica
Deutschland
Holding
AG
68,503‌
208‌
Telefonica
SA
342,013‌
1,395‌
Telenor
ASA
46,041‌
516‌
Telia
Co
AB
174,915‌
452‌
Telstra
Group
Ltd
266,100‌
744‌
Vodafone
Group
PLC
1,714,912‌
2,053‌
$
31,638‌
Toys,
Games
&
Hobbies
-
0
.35
%
Bandai
Namco
Holdings
Inc
13,200‌
816‌
Nintendo
Co
Ltd
72,600‌
2,718‌
$
3,534‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
1
.59
%
AP
Moller
-
Maersk
A/S
-
A
204‌
$
466‌
AP
Moller
-
Maersk
A/S
-
B
331‌
771‌
Aurizon
Holdings
Ltd
121,119‌
269‌
Central
Japan
Railway
Co
9,600‌
1,078‌
Deutsche
Post
AG
65,224‌
2,758‌
DSV
A/S
12,318‌
2,238‌
East
Japan
Railway
Co
19,800‌
1,000‌
Getlink
SE
28,951‌
486‌
Hankyu
Hanshin
Holdings
Inc
15,000‌
427‌
Keio
Corp
6,700‌
233‌
Keisei
Electric
Railway
Co
Ltd
8,500‌
246‌
Kintetsu
Group
Holdings
Co
Ltd
11,300‌
342‌
Kuehne
+
Nagel
International
AG
3,576‌
916‌
Mitsui
OSK
Lines
Ltd
(a)
22,600‌
590‌
MTR
Corp
Ltd
101,500‌
511‌
Nippon
Express
Holdings
Inc
5,100‌
285‌
Nippon
Yusen
KK
(a)
31,800‌
827‌
Odakyu
Electric
Railway
Co
Ltd
19,300‌
234‌
Poste
Italiane
SpA
(f)
34,376‌
371‌
SG
Holdings
Co
Ltd
18,900‌
273‌
SITC
International
Holdings
Co
Ltd
88,000‌
184‌
Tobu
Railway
Co
Ltd
12,400‌
277‌
Tokyu
Corp
34,900‌
420‌
West
Japan
Railway
Co
14,400‌
559‌
Yamato
Holdings
Co
Ltd
18,700‌
316‌
$
16,077‌
Water
-
0
.24
%
Severn
Trent
PLC
16,551‌
546‌
United
Utilities
Group
PLC
44,868‌
548‌
Veolia
Environnement
SA
43,792‌
1,307‌
$
2,401‌
TOTAL
COMMON
STOCKS
$
978,879‌
PREFERRED
STOCKS
-
0
.50
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.35
%
Bayerische
Motoren
Werke
AG
5.82%
3,909‌
$
370‌
Dr
Ing
hc
F
Porsche
AG
0.00%
(e)
7,493‌
903‌
Porsche
Automobil
Holding
SE
2.56%
10,075‌
572‌
Volkswagen
AG
7.56%
12,211‌
1,662‌
$
3,507‌
Consumer
Products
-
0
.08
%
Henkel
AG
&
Co
KGaA
1.85%
11,722‌
853‌
Electronics
-
0
.07
%
Sartorius
AG
1.44%
1,601‌
680‌
TOTAL
PREFERRED
STOCKS
$
5,040‌
Total
Investments
$
1,021,561‌
Other
Assets
and
Liabilities
-  (0.85)%
(
8,575‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,012,986‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$11,945
or
1.18%
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
$12,365
or
1.22%
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)
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
$14,690
or
1.45%
of
net
assets.
Schedule
of
Investments
International
Equity
Index
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
148
Portfolio
Summary
Location
Percent
Japan
20
.68‌
%
United
Kingdom
14
.20‌
%
France
11
.68‌
%
Switzerland
10
.19‌
%
Germany
8
.15‌
%
Australia
7
.46‌
%
Netherlands
4
.68‌
%
United
States
3
.72‌
%
Sweden
3
.10‌
%
Denmark
2
.86‌
%
Hong
Kong
2
.60‌
%
Spain
2
.59‌
%
Italy
2
.02‌
%
Singapore
1
.45‌
%
Finland
1
.24‌
%
Ireland
1
.08‌
%
Belgium
0
.84‌
%
Israel
0
.67‌
%
Norway
0
.67‌
%
New
Zealand
0
.24‌
%
Luxembourg
0
.23‌
%
Austria
0
.21‌
%
Portugal
0
.17‌
%
Chile
0
.05‌
%
Macao
0
.05‌
%
Jordan
0
.02‌
%
Other
Assets
and
Liabilities
(
0
.85‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
102,020‌
$
94,914‌
$
7,106‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
29,058‌
213,059‌
242,117‌
—‌
$
29,058‌
$
315,079‌
$
337,031‌
$
7,106‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
17‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
14‌
—‌
—‌
—‌
$
31‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
eMini
MSCI
EAFE;
March
2023
Long
19‌
$
1,944‌
$
—‌
Total
$
—‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
149
INVESTMENT
COMPANIES
-
3
.09
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3
.09
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(a),(b)
6,595,649‌
$
6,596‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(a),(b),(c)
15,228,185‌
15,228‌
$
21,824‌
TOTAL
INVESTMENT
COMPANIES
$
21,824‌
COMMON
STOCKS
-
97
.88
%
Shares
Held
Value
(000's)
Advertising
-
0
.34
%
Stroeer
SE
&
Co
KGaA
43,281‌
$
2,425‌
Aerospace
&
Defense
-
2
.43
%
Bombardier
Inc
(d)
87,700‌
4,376‌
IHI
Corp
160,600‌
4,171‌
Rheinmetall
AG
11,633‌
2,957‌
Saab
AB
98,767‌
5,700‌
$
17,204‌
Agriculture
-
0
.39
%
First
Resources
Ltd
2,440,200‌
2,782‌
Airlines
-
0
.13
%
Air
France-KLM
(d)
243,012‌
453‌
JET2
PLC
31,138‌
484‌
$
937‌
Apparel
-
0
.75
%
Gildan
Activewear
Inc
121,800‌
3,870‌
Yue
Yuen
Industrial
Holdings
Ltd
978,000‌
1,447‌
$
5,317‌
Automobile
Manufacturers
-
0
.59
%
Mazda
Motor
Corp
467,600‌
4,184‌
Automobile
Parts
&
Equipment
-
2
.51
%
CIE
Automotive
SA
103,698‌
3,037‌
Faurecia
SE
(d)
186,236‌
4,062‌
Toyoda
Gosei
Co
Ltd
182,100‌
2,967‌
Toyota
Boshoku
Corp
201,600‌
3,136‌
Yokohama
Rubber
Co
Ltd/The
238,300‌
4,522‌
$
17,724‌
Banks
-
5
.22
%
Banca
Mediolanum
SpA
543,209‌
5,263‌
Banco
de
Sabadell
SA
4,864,217‌
6,354‌
Bank
of
Ireland
Group
PLC
437,221‌
4,817‌
BAWAG
Group
AG
(d),(e)
106,061‌
6,602‌
Chiba
Bank
Ltd/The
659,300‌
4,827‌
Concordia
Financial
Group
Ltd
643,300‌
2,764‌
Fukuoka
Financial
Group
Inc
164,100‌
3,663‌
Sydbank
AS
51,637‌
2,628‌
$
36,918‌
Beverages
-
0
.67
%
Royal
Unibrew
A/S
67,959‌
4,726‌
Biotechnology
-
0
.51
%
Bavarian
Nordic
A/S
(d)
64,141‌
1,975‌
Cellectis
SA
ADR
(d)
117,012‌
258‌
Immunocore
Holdings
PLC
ADR
(d)
7,745‌
425‌
Olink
Holding
AB
ADR
(d),(f)
39,719‌
931‌
$
3,589‌
Building
Materials
-
1
.55
%
Ibstock
PLC
(e)
433,713‌
886‌
Stella-Jones
Inc
70,500‌
2,551‌
Sumitomo
Osaka
Cement
Co
Ltd
114,100‌
3,188‌
Wienerberger
AG
140,230‌
4,359‌
$
10,984‌
Chemicals
-
1
.37
%
ADEKA
Corp
129,800‌
2,106‌
Arkema
SA
33,415‌
3,388‌
Fuso
Chemical
Co
Ltd
22,800‌
621‌
NOF
Corp
83,600‌
3,556‌
$
9,671‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
-
2
.62
%
Element
Fleet
Management
Corp
218,900‌
$
3,127‌
Loomis
AB
131,709‌
4,256‌
Persol
Holdings
Co
Ltd
196,300‌
3,931‌
QinetiQ
Group
PLC
615,655‌
2,508‌
Shin
Nippon
Biomedical
Laboratories
Ltd
79,100‌
1,639‌
Sixt
SE
22,425‌
3,032‌
$
18,493‌
Computers
-
4
.69
%
BayCurrent
Consulting
Inc
86,700‌
3,404‌
BIPROGY
Inc
150,700‌
3,339‌
Computacenter
PLC
127,330‌
3,465‌
CyberArk
Software
Ltd
(d)
23,566‌
3,412‌
GB
Group
PLC
608,881‌
2,446‌
Internet
Initiative
Japan
Inc
199,000‌
3,986‌
Keywords
Studios
PLC
134,601‌
4,697‌
Serco
Group
PLC
1,948,853‌
3,650‌
Sopra
Steria
Group
SACA
23,961‌
4,732‌
$
33,131‌
Cosmetics
&
Personal
Care
-
0
.65
%
Pola
Orbis
Holdings
Inc
359,300‌
4,587‌
Distribution
&
Wholesale
-
2
.45
%
Rexel
SA
216,091‌
5,372‌
RS
GROUP
PLC
446,281‌
5,247‌
Seven
Group
Holdings
Ltd
200,533‌
3,292‌
Toromont
Industries
Ltd
40,904‌
3,374‌
$
17,285‌
Diversified
Financial
Services
-
3
.29
%
BFF
Bank
SpA
(e)
295,200‌
2,931‌
Credit
Saison
Co
Ltd
262,600‌
3,579‌
Euronext
NV
(e)
42,146‌
3,074‌
IG
Group
Holdings
PLC
464,703‌
4,486‌
OSB
Group
PLC
510,475‌
3,425‌
SBI
Holdings
Inc
161,600‌
3,483‌
St
James's
Place
PLC
146,922‌
2,262‌
$
23,240‌
Electric
-
2
.95
%
BKW
AG
19,134‌
2,793‌
Boralex
Inc
135,600‌
3,612‌
Capital
Power
Corp
134,400‌
4,183‌
Encavis
AG
111,027‌
2,167‌
Northland
Power
Inc
134,100‌
3,258‌
Sembcorp
Industries
Ltd
1,789,300‌
4,817‌
$
20,830‌
Electrical
Components
&
Equipment
-
1
.16
%
Nexans
SA
29,961‌
2,889‌
Prysmian
SpA
14,290‌
549‌
Signify
NV
(e)
137,089‌
4,750‌
$
8,188‌
Electronics
-
0
.76
%
Comet
Holding
AG
15,721‌
3,471‌
NKT
A/S
(d)
40,272‌
1,868‌
$
5,339‌
Engineering
&
Construction
-
3
.25
%
Alten
SA
26,294‌
4,104‌
Arcadis
NV
76,042‌
3,144‌
Balfour
Beatty
PLC
762,565‌
3,348‌
INFRONEER
Holdings
Inc
387,500‌
2,938‌
SPIE
SA
160,853‌
4,410‌
Stantec
Inc
86,200‌
5,007‌
$
22,951‌
Entertainment
-
1
.07
%
CTS
Eventim
AG
&
Co
KGaA
(d)
61,446‌
4,032‌
Entain
PLC
214,798‌
3,508‌
$
7,540‌
Environmental
Control
-
0
.75
%
Hitachi
Zosen
Corp
561,600‌
3,733‌
TRE
Holdings
Corp
143,300‌
1,596‌
$
5,329‌
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
150
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
-
3
.30
%
AAK
AB
192,098‌
$
3,290‌
Cranswick
PLC
55,194‌
2,083‌
Empire
Co
Ltd
135,400‌
3,591‌
GrainCorp
Ltd
624,425‌
3,293‌
J
Sainsbury
PLC
784,413‌
2,530‌
Sonae
SGPS
SA
2,932,456‌
3,213‌
Toyo
Suisan
Kaisha
Ltd
131,500‌
5,320‌
$
23,320‌
Hand
&
Machine
Tools
-
0
.81
%
Amada
Co
Ltd
627,300‌
5,708‌
Healthcare
-
Products
-
1
.18
%
ConvaTec
Group
PLC
(e)
1,074,451‌
2,900‌
Inmode
Ltd
(d)
14,036‌
496‌
Tecan
Group
AG
12,235‌
4,945‌
$
8,341‌
Insurance
-
2
.74
%
ASR
Nederland
NV
148,248‌
6,747‌
Beazley
PLC
602,405‌
4,953‌
Challenger
Ltd
479,230‌
2,404‌
Definity
Financial
Corp
106,300‌
2,798‌
Steadfast
Group
Ltd
636,275‌
2,491‌
$
19,393‌
Internet
-
1
.03
%
Future
PLC
154,987‌
2,609‌
Scout24
SE
(e)
46,763‌
2,563‌
SMS
Co
Ltd
86,500‌
2,071‌
$
7,243‌
Iron
&
Steel
-
0
.10
%
thyssenkrupp
AG
94,293‌
706‌
Leisure
Products
&
Services
-
0
.61
%
BRP
Inc
50,100‌
4,341‌
Lodging
-
1
.16
%
City
Developments
Ltd
519,600‌
2,972‌
MGM
China
Holdings
Ltd
(d)
1,311,200‌
1,599‌
Whitbread
PLC
97,727‌
3,625‌
$
8,196‌
Machinery
-
Construction
&
Mining
-
0
.61
%
Weir
Group
PLC/The
188,516‌
4,289‌
Machinery
-
Diversified
-
2
.75
%
ANDRITZ
AG
68,315‌
4,216‌
ATS
Corp
(d)
102,100‌
4,119‌
CKD
Corp
173,200‌
2,676‌
IMI
PLC
242,153‌
4,528‌
KION
Group
AG
15,659‌
613‌
Rotork
PLC
847,060‌
3,299‌
$
19,451‌
Media
-
0
.50
%
Nine
Entertainment
Co
Holdings
Ltd
2,730,425‌
3,552‌
Metal
Fabrication
&
Hardware
-
1
.46
%
Hanwa
Co
Ltd
82,800‌
2,409‌
Vallourec
SA
(d)
301,258‌
4,298‌
VAT
Group
AG
(e)
11,985‌
3,618‌
$
10,325‌
Mining
-
4
.02
%
Alamos
Gold
Inc
465,900‌
4,750‌
Allkem
Ltd
(d)
390,474‌
2,968‌
Bellevue
Gold
Ltd
(d)
205,826‌
148‌
Capstone
Copper
Corp
(d)
471,200‌
2,096‌
De
Grey
Mining
Ltd
(d)
2,797,728‌
2,619‌
Deterra
Royalties
Ltd
771,788‌
2,311‌
ERO
Copper
Corp
(d)
159,400‌
2,500‌
Filo
Mining
Corp
(d)
142,400‌
2,244‌
IGO
Ltd
214,913‌
1,889‌
Osisko
Gold
Royalties
Ltd
183,500‌
2,405‌
Sandfire
Resources
Ltd
(d)
88,847‌
350‌
SSR
Mining
Inc
211,534‌
2,894‌
Yamana
Gold
Inc
246,700‌
1,262‌
$
28,436‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
-
1
.69
%
Aalberts
NV
95,783‌
$
4,656‌
Amano
Corp
102,500‌
1,896‌
Trelleborg
AB
209,208‌
5,392‌
$
11,944‌
Office
&
Business
Equipment
-
1
.05
%
Canon
Marketing
Japan
Inc
165,000‌
3,646‌
Konica
Minolta
Inc
859,500‌
3,746‌
$
7,392‌
Oil
&
Gas
-
2
.67
%
Ampol
Ltd
185,979‌
4,100‌
ARC
Resources
Ltd
277,500‌
3,022‌
Crescent
Point
Energy
Corp
593,500‌
4,058‌
Harbour
Energy
PLC
606,272‌
2,116‌
International
Petroleum
Corp
(d)
134,324‌
1,350‌
Whitecap
Resources
Inc
547,100‌
4,194‌
$
18,840‌
Oil
&
Gas
Services
-
0
.39
%
Technip
Energies
NV
140,794‌
2,726‌
Packaging
&
Containers
-
2
.88
%
DS
Smith
PLC
1,633,981‌
6,637‌
Orora
Ltd
1,089,964‌
2,581‌
Rengo
Co
Ltd
703,000‌
4,568‌
SIG
Group
AG
(d)
134,661‌
3,257‌
Verallia
SA
(e)
82,084‌
3,309‌
$
20,352‌
Pharmaceuticals
-
2
.70
%
ALK-Abello
A/S
(d)
199,283‌
2,969‌
CVS
Group
PLC
29,726‌
666‌
Dechra
Pharmaceuticals
PLC
138,498‌
4,549‌
Euroapi
SA
(d)
163,541‌
2,679‌
Indivior
PLC
(d)
169,960‌
3,114‌
Nippon
Shinyaku
Co
Ltd
34,700‌
1,554‌
Suzuken
Co
Ltd/Aichi
Japan
141,000‌
3,561‌
$
19,092‌
Pipelines
-
0
.73
%
Gaztransport
Et
Technigaz
SA
23,035‌
2,405‌
Keyera
Corp
(f)
123,300‌
2,721‌
$
5,126‌
Real
Estate
-
1
.89
%
Castellum
AB
(f)
54,591‌
695‌
Daito
Trust
Construction
Co
Ltd
20,300‌
1,912‌
Hysan
Development
Co
Ltd
468,000‌
1,482‌
PSP
Swiss
Property
AG
42,418‌
4,756‌
Samhallsbyggnadsbolaget
i
Norden
AB
(f)
249,652‌
407‌
Sino
Land
Co
Ltd
1,146,000‌
1,470‌
Tokyu
Fudosan
Holdings
Corp
543,000‌
2,623‌
$
13,345‌
REITs
-
8
.12
%
Aedifica
SA
35,561‌
3,006‌
Canadian
Apartment
Properties
REIT
95,600‌
3,462‌
CapitaLand
Ascendas
REIT
1,173,900‌
2,411‌
Charter
Hall
Group
507,617‌
4,522‌
Derwent
London
PLC
115,688‌
3,616‌
Digital
Core
REIT
Management
Pte
Ltd
1,723,633‌
1,051‌
Granite
Real
Estate
Investment
Trust
61,800‌
3,726‌
HomeCo
Daily
Needs
REIT
2,341,349‌
2,064‌
Japan
Hotel
REIT
Investment
Corp
7,962‌
4,500‌
Japan
Metropolitan
Fund
Invest
4,809‌
3,610‌
Japan
Prime
Realty
Investment
Corp
1,203‌
3,175‌
Klepierre
SA
(d)
131,275‌
3,274‌
Merlin
Properties
Socimi
SA
272,155‌
2,589‌
Mitsui
Fudosan
Logistics
Park
Inc
(d)
1,231‌
4,104‌
Safestore
Holdings
PLC
274,049‌
3,329‌
Supermarket
Income
Reit
PLC
1,521,659‌
1,671‌
Tritax
Big
Box
REIT
PLC
2,118,363‌
3,806‌
Warehouses
De
Pauw
CVA
114,630‌
3,498‌
$
57,414‌
Schedule
of
Investments
International
Small
Company
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
151
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
-
6
.50
%
ABC-Mart
Inc
(f)
70,300‌
$
3,464‌
B&M
European
Value
Retail
SA
533,100‌
3,151‌
Dufry
AG
(d)
14,574‌
649‌
Eagers
Automotive
Ltd
348,535‌
3,198‌
H2O
Retailing
Corp
413,200‌
4,212‌
J
Front
Retailing
Co
Ltd
(f)
474,000‌
4,400‌
JB
Hi-Fi
Ltd
131,775‌
3,699‌
JD
Sports
Fashion
PLC
2,659,135‌
5,789‌
KOMEDA
Holdings
Co
Ltd
155,400‌
2,684‌
Man
Wah
Holdings
Ltd
2,152,000‌
2,203‌
MatsukiyoCocokara
&
Co
78,300‌
3,639‌
Shimamura
Co
Ltd
40,600‌
3,793‌
Super
Retail
Group
Ltd
583,655‌
5,076‌
$
45,957‌
Semiconductors
-
2
.30
%
BE
Semiconductor
Industries
NV
9,755‌
753‌
Japan
Material
Co
Ltd
172,100‌
3,044‌
Nova
Ltd
(d)
46,922‌
4,250‌
SOITEC
(d)
26,250‌
3,906‌
Ulvac
Inc
112,700‌
4,320‌
$
16,273‌
Software
-
3
.19
%
CompuGroup
Medical
SE
&
Co
KgaA
48,649‌
2,311‌
Descartes
Systems
Group
Inc/The
(d)
53,500‌
3,946‌
Pro
Medicus
Ltd
(f)
76,098‌
3,111‌
Sega
Sammy
Holdings
Inc
343,600‌
5,874‌
Sophia
Genetics
SA
(d)
72,908‌
190‌
Square
Enix
Holdings
Co
Ltd
66,700‌
2,973‌
TIS
Inc
168,000‌
4,170‌
$
22,575‌
Telecommunications
-
0
.43
%
Bezeq
The
Israeli
Telecommunication
Corp
Ltd
2,215,691‌
3,067‌
Transportation
-
2
.97
%
ComfortDelGro
Corp
Ltd
2,994,000‌
2,688‌
Kamigumi
Co
Ltd
218,000‌
4,311‌
Nippon
Express
Holdings
Inc
65,800‌
3,671‌
Sankyu
Inc
103,200‌
3,797‌
TFI
International
Inc
35,300‌
4,308‌
TORM
PLC
62,271‌
2,211‌
$
20,986‌
TOTAL
COMMON
STOCKS
$
691,764‌
Total
Investments
$
713,588‌
Other
Assets
and
Liabilities
-  (0.97)%
(
6,863‌
)
TOTAL
NET
ASSETS
-
100.00%
$
706,725‌
(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
$11,526
or
1.63%
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
Act
(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
$30,633
or
4.33%
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
$9,760
or
1.38%
of
net
assets.
Portfolio
Summary
Location
Percent
Japan
26
.51‌
%
United
Kingdom
15
.24‌
%
Canada
13
.34‌
%
Australia
7
.59‌
%
France
7
.40‌
%
United
States
3
.50‌
%
Switzerland
3
.34‌
%
Netherlands
3
.28‌
%
Germany
2
.95‌
%
Sweden
2
.92‌
%
Singapore
2
.36‌
%
Austria
2
.14‌
%
Denmark
2
.01‌
%
Spain
1
.70‌
%
Israel
1
.58‌
%
Ireland
1
.35‌
%
Italy
1
.24‌
%
Hong
Kong
0
.93‌
%
Belgium
0
.91‌
%
Portugal
0
.45‌
%
Macao
0
.23‌
%
Other
Assets
and
Liabilities
(
0
.97‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
65,905‌
$
50,677‌
$
15,228‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
31,174‌
92,626‌
123,800‌
—‌
$
31,174‌
$
158,531‌
$
174,477‌
$
15,228‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
61‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
95‌
—‌
—‌
—‌
$
156‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
152
INVESTMENT
COMPANIES
-
0
.16
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.16
%
iShares
Short-Term
National
Muni
Bond
ETF
1,000‌
$
104‌
JPMorgan
Ultra-Short
Municipal
Income
ETF
6‌
—‌
SPDR
Nuveen
Bloomberg
High
Yield
Municipal
Bond
ETF
1,678‌
42‌
VanEck
High
Yield
Muni
ETF
341‌
17‌
VanEck
Short
High
Yield
Muni
ETF
1,000‌
22‌
$
185‌
TOTAL
INVESTMENT
COMPANIES
$
185‌
MUNICIPAL
BONDS
-
104
.51
%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
3
.68
%
Industrial
Development
Board
of
the
City
of
Mobile
Alabama
2.80%,
04/01/2031
(a)
$
1,000‌
$
1,000‌
Lower
Alabama
Gas
District/The
5.00%,
09/01/2034
1,500‌
1,582‌
Tuscaloosa
County
Industrial
Development
Authority
4.50%,
05/01/2032
(b)
961‌
862‌
5.25%,
05/01/2044
(b)
1,003‌
867‌
$
4,311‌
Arizona
-
4
.46
%
Arizona
Industrial
Development
Authority
7.25%,
01/01/2054
(b)
1,000‌
550‌
Maricopa
County
Industrial
Development
Authority
4.00%,
10/15/2047
(b)
1,000‌
826‌
Navajo
Nation
5.50%,
12/01/2030
(b)
2,500‌
2,596‌
Salt
Verde
Financial
Corp
5.00%,
12/01/2032
1,200‌
1,256‌
$
5,228‌
Arkansas
-
1
.62
%
Arkansas
Development
Finance
Authority
4.75%,
09/01/2049
(b)
1,000‌
921‌
5.45%,
09/01/2052
(b)
1,000‌
981‌
$
1,902‌
California
-
6
.32
%
Alameda
Corridor
Transportation
Authority
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.00%,
10/01/2052
(c)
1,000‌
1,072‌
Bay
Area
Toll
Authority
2.60%,
04/01/2056
420‌
272‌
California
Pollution
Control
Financing
Authority
5.00%,
07/01/2038
(b),(d)
1,115‌
1,148‌
California
Statewide
Communities
Development
Authority
5.25%,
12/01/2048
(b)
1,000‌
945‌
California
Statewide
Financing
Authority
6.00%,
05/01/2043
1,000‌
1,017‌
City
of
Los
Angeles
Department
of
Airports
5.00%,
05/15/2035
(e)
79‌
89‌
5.00%,
05/15/2037
(e)
1,421‌
1,521‌
Golden
State
Tobacco
Securitization
Corp
5.00%,
06/01/2051
1,000‌
1,041‌
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
310‌
311‌
$
7,416‌
Colorado
-
4
.65
%
Creekside
Village
Metropolitan
District
5.00%,
12/01/2039
1,255‌
1,183‌
Eagle
County
Airport
Terminal
Corp
5.00%,
05/01/2037
1,000‌
994‌
Elbert
County
Independence
Water
&
Sanitation
District
7.25%,
12/01/2038
1,000‌
1,003‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Colorado
(continued)
Painted
Prairie
Public
Improvement
Authority
5.00%,
12/01/2049
$
500‌
$
443‌
Pueblo
Urban
Renewal
Authority
4.75%,
12/01/2045
(b)
2,000‌
900‌
Regional
Transportation
District
4.00%,
07/15/2040
1,000‌
928‌
$
5,451‌
Connecticut
-
1
.54
%
Mohegan
Tribal
Finance
Authority
7.00%,
02/01/2045
(b)
1,800‌
1,803‌
District
of
Columbia
-
0
.89
%
District
of
Columbia
5.50%,
02/28/2037
1,000‌
1,049‌
Florida
-
6
.51
%
Florida
Development
Finance
Corp
5.25%,
08/01/2029
(b)
2,500‌
2,335‌
7.38%,
01/01/2049
(b)
1,000‌
903‌
Greater
Orlando
Aviation
Authority
5.00%,
10/01/2047
(e)
3,000‌
3,036‌
Ocean
Highway
&
Port
Authority
5.50%,
12/01/2049
(b)
1,500‌
1,164‌
Orange
County
Housing
Finance
Authority
7.00%,
10/01/2025
195‌
195‌
$
7,633‌
Georgia
-
1
.33
%
George
L
Smith
II
Congress
Center
Authority
5.00%,
01/01/2054
(b)
2,000‌
1,563‌
Illinois
-
11
.33
%
Chicago
O'Hare
International
Airport
5.50%,
01/01/2055
1,000‌
1,061‌
City
of
Chicago
IL
6.00%,
01/01/2038
1,900‌
1,993‌
7.46%,
02/15/2026
1,316‌
1,091‌
City
of
Chicago
IL
Wastewater
Transmission
Revenue
5.00%,
01/01/2031
760‌
771‌
5.00%,
01/01/2039
1,200‌
1,204‌
Illinois
State
Toll
Highway
Authority
5.00%,
01/01/2040
(e)
5,000‌
5,148‌
Metropolitan
Pier
&
Exposition
Authority
5.00%,
06/15/2050
1,000‌
974‌
Metropolitan
Pier
&
Exposition
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
06/15/2029
(c)
1,000‌
1,050‌
$
13,292‌
Indiana
-
0
.26
%
Town
of
Shoals
IN
7.25%,
11/01/2043
300‌
304‌
Iowa
-
0
.85
%
Iowa
Finance
Authority
5.00%,
12/01/2050
(a)
1,000‌
1,002‌
Kentucky
-
1
.15
%
City
of
Henderson
KY
4.45%,
01/01/2042
(b)
1,000‌
950‌
County
of
Meade
KY
3.40%,
08/01/2061
(a)
400‌
400‌
$
1,350‌
Louisiana
-
5
.70
%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
3.50%,
11/01/2032
1,000‌
937‌
4.40%,
11/01/2044
(b)
905‌
841‌
5.50%,
11/01/2039
(b)
700‌
729‌
5.65%,
11/01/2037
(b)
900‌
948‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
153
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority
0.00%,
07/01/2039
(f)
$
278‌
$
—‌
Parish
of
St
James
LA
6.35%,
10/01/2040
(b)
3,000‌
3,232‌
$
6,687‌
Maine
-
1
.93
%
Finance
Authority
of
Maine
5.25%,
01/01/2025
(b)
1,000‌
998‌
8.00%,
12/01/2051
(b)
2,000‌
1,271‌
$
2,269‌
Maryland
-
0
.86
%
City
of
Westminster
MD
6.25%,
07/01/2044
600‌
605‌
Maryland
Stadium
Authority
(credit
support
from
State
Intercept
Program
)
0.00%,
05/01/2051
(c),(f)
1,500‌
402‌
$
1,007‌
Massachusetts
-
2
.17
%
Massachusetts
Development
Finance
Agency
5.00%,
07/15/2040
1,300‌
1,503‌
5.25%,
07/01/2048
1,000‌
1,047‌
$
2,550‌
Michigan
-
2
.35
%
City
of
Detroit
MI
5.00%,
04/01/2046
1,000‌
941‌
Michigan
Strategic
Fund
5.00%,
11/15/2042
1,000‌
953‌
5.00%,
11/15/2049
1,000‌
866‌
$
2,760‌
Mississippi
-
0
.09
%
County
of
Jackson
MS
2.65%,
12/15/2024
(a)
100‌
100‌
Missouri
-
0
.84
%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
5.00%,
02/01/2034
1,000‌
984‌
Montana
-
2
.31
%
City
of
Kalispell
MT
5.25%,
05/15/2037
1,400‌
1,249‌
County
of
Gallatin
MT
4.00%,
10/15/2051
(b)
2,000‌
1,464‌
$
2,713‌
Multi-State
and
Other
-
0
.43
%
JPMorgan
Chase
Putters/Drivers
Trust
3.67%,
03/20/2024
(a),(b)
500‌
500‌
Nevada
-
1
.83
%
Las
Vegas
Convention
&
Visitors
Authority
5.00%,
07/01/2043
(e)
1,400‌
1,447‌
State
of
Nevada
Department
of
Business
&
Industry
5.13%,
12/15/2037
(b)
922‌
705‌
$
2,152‌
New
Hampshire
-
2
.44
%
New
Hampshire
Business
Finance
Authority
2.95%,
04/01/2029
(a),(b)
1,000‌
867‌
4.38%,
09/20/2036
992‌
959‌
New
Hampshire
Health
and
Education
Facilities
Authority
Act
5.00%,
08/01/2059
1,000‌
1,038‌
$
2,864‌
New
Jersey
-
4
.58
%
Casino
Reinvestment
Development
Authority
Inc
5.25%,
11/01/2039
250‌
254‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority
5.00%,
06/15/2047
$
500‌
$
510‌
5.25%,
06/15/2040
55‌
57‌
5.25%,
06/15/2040
945‌
988‌
5.75%,
09/15/2027
500‌
500‌
New
Jersey
Transportation
Trust
Fund
Authority
5.25%,
06/15/2032
2,000‌
2,046‌
South
Jersey
Port
Corp
5.00%,
01/01/2042
1,000‌
1,012‌
$
5,367‌
New
York
-
6
.85
%
New
York
State
Thruway
Authority
5.25%,
01/01/2056
1,000‌
1,025‌
New
York
Transportation
Development
Corp
3.00%,
08/01/2031
1,000‌
891‌
4.00%,
12/01/2041
1,250‌
1,131‌
4.00%,
04/30/2053
1,000‌
818‌
5.00%,
01/01/2034
1,000‌
1,027‌
5.38%,
08/01/2036
1,000‌
1,009‌
Western
Regional
Off-Track
Betting
Corp
3.00%,
12/01/2026
(b)
1,140‌
1,034‌
4.13%,
12/01/2041
(b)
1,500‌
1,103‌
$
8,038‌
Ohio
-
4
.11
%
Buckeye
Tobacco
Settlement
Financing
Authority
5.00%,
06/01/2055
2,020‌
1,834‌
Cleveland-Cuyahoga
County
Port
Authority
4.00%,
12/01/2055
(b)
1,000‌
825‌
4.50%,
12/01/2055
(b)
1,300‌
1,103‌
Ohio
Air
Quality
Development
Authority
4.50%,
01/15/2048
(b)
1,000‌
929‌
Ohio
State
Air
Quality
Development
Authority
Escrow
0.00%,
12/01/2023
(f),(g)
1,000‌
130‌
$
4,821‌
Oklahoma
-
0
.83
%
Tulsa
County
Industrial
Authority
5.25%,
11/15/2045
1,000‌
970‌
Oregon
-
0
.06
%
Oregon
State
Business
Development
Commission
0.00%,
04/01/2031
(b),(f)
1,000‌
73‌
Pennsylvania
-
2
.47
%
Allentown
Neighborhood
Improvement
Zone
Development
Authority
5.00%,
05/01/2042
1,000‌
982‌
Lancaster
County
Hospital
Authority/PA
5.00%,
07/01/2045
1,000‌
915‌
Pennsylvania
Economic
Development
Financing
Authority
5.50%,
11/01/2044
1,000‌
1,004‌
$
2,901‌
Puerto
Rico
-
1
.87
%
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
(a),(f)
488‌
210‌
4.00%,
07/01/2033
1,303‌
1,165‌
4.00%,
07/01/2037
80‌
68‌
4.00%,
07/01/2041
108‌
89‌
4.00%,
07/01/2046
113‌
89‌
5.38%,
07/01/2025
115‌
117‌
5.63%,
07/01/2027
114‌
118‌
5.63%,
07/01/2029
112‌
117‌
5.75%,
07/01/2031
109‌
115‌
$
2,196‌
Schedule
of
Investments
Opportunistic
Municipal
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
154
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
South
Carolina
-
2
.24
%
South
Carolina
Jobs-Economic
Development
Authority
5.25%,
11/15/2052
$
500‌
$
444‌
6.25%,
06/01/2040
(b)
1,000‌
752‌
6.50%,
06/01/2051
(b)
2,000‌
1,432‌
$
2,628‌
South
Dakota
-
0
.41
%
Oglala
Sioux
Tribe
5.75%,
10/01/2025
(b)
500‌
484‌
Tennessee
-
3
.04
%
Chattanooga
Health
Educational
&
Housing
Facility
Board
5.00%,
10/01/2028
1,050‌
1,057‌
5.00%,
10/01/2035
500‌
501‌
Metropolitan
Government
Nashville
&
Davidson
County
Industrial
Development
Board
4.00%,
06/01/2051
(b)
1,600‌
1,246‌
Nashville
Metropolitan
Development
&
Housing
Agency
5.13%,
06/01/2036
(b)
750‌
757‌
$
3,561‌
Texas
-
6
.34
%
City
of
Houston
TX
Airport
System
Revenue
4.00%,
07/15/2041
1,500‌
1,288‌
North
Texas
Tollway
Authority
5.00%,
01/01/2045
615‌
625‌
5.00%,
01/01/2048
500‌
514‌
Port
Beaumont
Navigation
District
3.63%,
01/01/2035
(b)
2,000‌
1,624‌
4.00%,
01/01/2050
(b)
3,000‌
2,205‌
Texas
Municipal
Gas
Acquisition
and
Supply
Corp
I
6.25%,
12/15/2026
835‌
871‌
Texas
Private
Activity
Bond
Surface
Transportation
Corp
7.00%,
12/31/2038
300‌
304‌
$
7,431‌
Utah
-
1
.08
%
Utah
Infrastructure
Agency
5.25%,
10/15/2033
1,250‌
1,270‌
Virgin
Islands
-
0
.84
%
Matching
Fund
Special
Purpose
Securitization
Corp
5.00%,
10/01/2039
1,000‌
982‌
Virginia
-
0
.63
%
Virginia
Small
Business
Financing
Authority
4.00%,
01/01/2039
800‌
739‌
Washington
-
0
.08
%
Washington
State
Housing
Finance
Commission
3.50%,
12/20/2035
97‌
89‌
Wisconsin
-
3
.54
%
Public
Finance
Authority
4.00%,
03/31/2056
1,165‌
899‌
5.00%,
01/01/2024
500‌
502‌
5.00%,
12/01/2025
1,200‌
1,216‌
5.00%,
09/01/2039
(b)
1,000‌
926‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Wisconsin
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority
5.50%,
07/01/2023
$
10‌
$
10‌
6.50%,
07/01/2033
300‌
238‌
7.00%,
07/01/2043
500‌
357‌
$
4,148‌
TOTAL
MUNICIPAL
BONDS
$
122,588‌
Total
Investments
$
122,773‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(6.00)%
Notes
with
interest
rates
of
3.45%
-
3.61%
at
February
28,
2023
and
contractual
maturity
of
collateral
from
2024-2029.
(h)
$
(
7,032‌
)
(
7,032‌
)
Total
Net
Investments
$
115,741‌
Other
Assets
and
Liabilities
-  1.33%
1,558‌
TOTAL
NET
ASSETS
-
100.00%
$
117,299‌
(a)
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.
(b)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$45,362
or
38.67%
of
net
assets.
(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
purchased
on
a
when-issued
basis.
(e)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
(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
February
28,
2023.
Portfolio
Summary
Sector
Percent
Revenue
Bonds
89
.34‌
%
General
Obligation
Unlimited
4
.19‌
%
Tax
Allocation
3
.06‌
%
Prerefunded
2
.19‌
%
Insured
2
.14‌
%
Special
Assessment
1
.06‌
%
General
Obligation
Limited
1
.01‌
%
Certificate
Participation
0
.93‌
%
Special
Tax
0
.41‌
%
Notes
0
.18‌
%
Investment
Companies
0
.16‌
%
Liability
For
Floating
Rate
Notes
Issued
(
6
.00‌
)
%
Other
Assets
and
Liabilities
1
.33‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
155
INVESTMENT
COMPANIES
-
2
.12
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.12
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(a),(b)
60‌
$
—‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(a),(c)
52,534,711‌
52,535‌
$
52,535‌
TOTAL
INVESTMENT
COMPANIES
$
52,535‌
COMMON
STOCKS
-
97
.34
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.62
%
Bharat
Electronics
Ltd
35,054,400‌
$
40,088‌
Agriculture
-
0
.72
%
ITC
Ltd
1,813,000‌
8,257‌
Wens
Foodstuffs
Group
Co
Ltd
3,369,000‌
9,583‌
$
17,840‌
Automobile
Parts
&
Equipment
-
0
.26
%
Hyundai
Mobis
Co
Ltd
41,000‌
6,586‌
Banks
-
21
.77
%
Absa
Group
Ltd
1,750,300‌
18,897‌
Agricultural
Bank
of
China
Ltd
38,328,000‌
13,288‌
Axis
Bank
Ltd
1,202,000‌
12,259‌
Banco
de
Chile
18,845,762‌
1,959‌
Banco
do
Brasil
SA
6,108,000‌
47,098‌
Bangkok
Bank
PCL
2,813,000‌
13,011‌
Bank
Mandiri
Persero
Tbk
PT
26,400,000‌
17,307‌
Bank
of
Chengdu
Co
Ltd
4,978,400‌
10,296‌
Bank
of
China
Ltd
129,567,400‌
47,519‌
Bank
of
Jiangsu
Co
Ltd
10,088,000‌
10,437‌
Bank
Rakyat
Indonesia
Persero
Tbk
PT
77,924,000‌
23,850‌
China
Construction
Bank
Corp
51,184,000‌
31,288‌
China
Merchants
Bank
Co
Ltd
3,389,000‌
18,390‌
CIMB
Group
Holdings
Bhd
7,538,976‌
9,425‌
FirstRand
Ltd
5,770,500‌
20,582‌
Grupo
Financiero
Banorte
SAB
de
CV
4,702,100‌
39,803‌
Hana
Financial
Group
Inc
813,800‌
27,911‌
HDFC
Bank
Ltd
607,000‌
11,740‌
ICICI
Bank
Ltd
3,709,000‌
38,366‌
Industrial
&
Commercial
Bank
of
China
Ltd
23,376,800‌
11,664‌
Nedbank
Group
Ltd
1,004,100‌
12,599‌
Sberbank
of
Russia
PJSC
ADR
(d)
3,419,500‌
—‌
SCB
X
PCL
4,976,000‌
14,571‌
Shinhan
Financial
Group
Co
Ltd
753,500‌
22,127‌
Standard
Bank
Group
Ltd
1,080,000‌
10,788‌
State
Bank
of
India
7,353,000‌
46,451‌
Woori
Financial
Group
Inc
897,500‌
8,274‌
$
539,900‌
Beverages
-
1
.23
%
Ambev
SA
6,907,900‌
17,720‌
Luzhou
Laojiao
Co
Ltd
355,000‌
12,747‌
$
30,467‌
Chemicals
-
3
.62
%
Anhui
Guangxin
Agrochemical
Co
Ltd
4,987,746‌
23,472‌
Coromandel
International
Ltd
1,465,600‌
15,922‌
Indorama
Ventures
PCL
5,598,000‌
5,818‌
SABIC
Agri-Nutrients
Co
312,000‌
11,099‌
Shandong
Hualu
Hengsheng
Chemical
Co
Ltd
5,737,966‌
29,824‌
Tianqi
Lithium
Corp
(d)
316,951‌
3,731‌
$
89,866‌
Coal
-
2
.88
%
Adaro
Energy
Indonesia
Tbk
PT
30,491,000‌
5,974‌
China
Shenhua
Energy
Co
Ltd
10,934,900‌
32,891‌
Shaanxi
Coal
Industry
Co
Ltd
5,393,168‌
15,520‌
Shanxi
Lu'an
Environmental
Energy
Development
Co
Ltd
5,321,940‌
17,085‌
$
71,470‌
Computers
-
2
.27
%
Asia
Vital
Components
Co
Ltd
3,222,000‌
12,629‌
Asia
Vital
Components
Co
Ltd
-
Rights
(d)
205,187‌
164‌
Infosys
Ltd
ADR
2,432,718‌
43,643‌
$
56,436‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
-
5
.38
%
Bajaj
Finance
Ltd
173,000‌
$
12,774‌
Banco
BTG
Pactual
S.A
4,149,000‌
15,969‌
Chailease
Holding
Co
Ltd
4,368,111‌
32,017‌
Fubon
Financial
Holding
Co
Ltd
11,548,227‌
22,582‌
Housing
Development
Finance
Corp
Ltd
1,126,000‌
35,496‌
KB
Financial
Group
Inc
374,700‌
14,512‌
$
133,350‌
Electrical
Components
&
Equipment
-
3
.00
%
Delta
Electronics
Inc
3,502,000‌
32,764‌
Ecopro
BM
Co
Ltd
224,344‌
28,173‌
L&F
Co
Ltd
68,000‌
13,455‌
$
74,392‌
Electronics
-
1
.91
%
China
Zhenhua
Group
Science
&
Technology
Co
Ltd
534,953‌
7,996‌
Gold
Circuit
Electronics
Ltd
3,699,000‌
11,144‌
Lotes
Co
Ltd
1,002,885‌
28,172‌
$
47,312‌
Energy
-
Alternate
Sources
-
0
.77
%
Pylon
Technologies
Co
Ltd
144,000‌
5,556‌
Tongwei
Co
Ltd
2,260,560‌
13,633‌
$
19,189‌
Engineering
&
Construction
-
0
.87
%
Samsung
Engineering
Co
Ltd
(d)
450,000‌
8,922‌
Sichuan
Road
and
Bridge
Group
Co
Ltd
6,879,946‌
12,580‌
$
21,502‌
Entertainment
-
1
.15
%
JYP
Entertainment
Corp
288,000‌
17,106‌
SM
Entertainment
Co
Ltd
120,000‌
11,543‌
$
28,649‌
Food
-
2
.35
%
Bid
Corp
Ltd
503,000‌
11,001‌
BIM
Birlesik
Magazalar
AS
1,808,000‌
13,040‌
Dino
Polska
SA
(d),(e)
411,817‌
34,380‌
$
58,421‌
Forest
Products
&
Paper
-
0
.23
%
Suzano
SA
618,000‌
5,618‌
Gas
-
1
.36
%
ENN
Energy
Holdings
Ltd
1,243,700‌
17,705‌
ENN
Natural
Gas
Co
Ltd
5,792,300‌
16,091‌
$
33,796‌
Healthcare
-
Services
-
0
.28
%
Hygeia
Healthcare
Holdings
Co
Ltd
(d),(e)
964,000‌
7,023‌
Home
Furnishings
-
0
.27
%
Ningbo
Deye
Technology
Co
Ltd
140,572‌
6,684‌
Insurance
-
3
.15
%
BB
Seguridade
Participacoes
SA
3,892,000‌
25,424‌
China
Pacific
Insurance
Group
Co
Ltd
4,767,000‌
12,645‌
People's
Insurance
Co
Group
of
China
Ltd/The
(d)
22,597,000‌
7,144‌
PICC
Property
&
Casualty
Co
Ltd
11,992,000‌
10,533‌
Ping
An
Insurance
Group
Co
of
China
Ltd
3,265,000‌
22,289‌
$
78,035‌
Internet
-
14
.49
%
Alibaba
Group
Holding
Ltd
ADR
(d)
595,400‌
52,270‌
Alibaba
Group
Holding
Ltd
(d)
1,867,000‌
20,521‌
Beijing
United
Information
Technology
Co
Ltd
758,960‌
8,821‌
JD.com
Inc
913,000‌
20,296‌
Meituan
(d),(e)
2,166,228‌
37,595‌
NCSoft
Corp
27,000‌
8,859‌
PDD
Holdings
Inc
ADR
(d)
510,076‌
44,749‌
Tencent
Holdings
Ltd
2,773,282‌
121,826‌
Tencent
Music
Entertainment
Group
ADR
(d)
2,930,000‌
22,092‌
Vipshop
Holdings
Ltd
ADR
(d)
1,503,000‌
22,379‌
$
359,408‌
Iron
&
Steel
-
0
.89
%
Vale
SA
1,347,900‌
22,012‌
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
156
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Leisure
Products
&
Services
-
0
.49
%
AIMA
Technology
Group
Co
Ltd
1,454,000‌
$
12,097‌
Machinery
-
Construction
&
Mining
-
0
.81
%
GoodWe
Technologies
Co
Ltd
361,000‌
20,175‌
Machinery
-
Diversified
-
0
.52
%
WEG
SA
1,726,000‌
12,854‌
Metal
Fabrication
&
Hardware
-
0
.26
%
YongXing
Special
Materials
Technology
Co
Ltd
481,923‌
6,356‌
Mining
-
0
.51
%
Henan
Shenhuo
Coal
&
Power
Co
Ltd
4,669,000‌
12,544‌
MMC
Norilsk
Nickel
PJSC
67,134‌
—‌
$
12,544‌
Oil
&
Gas
-
2
.45
%
Gazprom
PJSC
4,086,000‌
—‌
LUKOIL
PJSC
338,000‌
—‌
Novatek
PJSC
1,026,000‌
—‌
Petro
Rio
SA
(d)
1,333,000‌
8,700‌
PetroChina
Co
Ltd
40,091,200‌
20,452‌
PTT
Exploration
&
Production
PCL
4,798,200‌
20,308‌
Saudi
Arabian
Oil
Co
(e)
1,326,680‌
11,208‌
$
60,668‌
Pharmaceuticals
-
2
.63
%
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co
Ltd
616,362‌
11,251‌
Celltrion
Inc
87,360‌
9,581‌
CSPC
Pharmaceutical
Group
Ltd
23,319,600‌
25,052‌
Lotus
Pharmaceutical
Co
Ltd
(d)
2,116,000‌
19,476‌
$
65,360‌
Real
Estate
-
0
.28
%
China
Resources
Land
Ltd
1,558,000‌
6,923‌
Retail
-
0
.97
%
Arezzo
Industria
e
Comercio
SA
673,000‌
9,596‌
Wal-Mart
de
Mexico
SAB
de
CV
3,659,000‌
14,419‌
$
24,015‌
Semiconductors
-
13
.63
%
Global
Unichip
Corp
1,343,000‌
50,540‌
MediaTek
Inc
558,148‌
13,105‌
Samsung
Electronics
Co
Ltd
1,494,949‌
68,401‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
10,256,756‌
169,687‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
232,717‌
20,262‌
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co
Ltd
1,632,765‌
16,094‌
$
338,089‌
Software
-
3
.83
%
HCL
Technologies
Ltd
4,197,200‌
54,654‌
Kingnet
Network
Co
Ltd
(d)
7,220,000‌
8,816‌
NetEase
Inc
1,638,000‌
25,455‌
TOTVS
SA
1,149,000‌
6,020‌
$
94,945‌
Telecommunications
-
0
.49
%
Accton
Technology
Corp
1,319,000‌
12,080‌
TOTAL
COMMON
STOCKS
$
2,414,150‌
PREFERRED
STOCKS
-
0
.44
%
Shares
Held
Value
(000's)
Banks
-
0
.44
%
Itau
Unibanco
Holding
SA
0.18%
2,229,000‌
$
10,852‌
TOTAL
PREFERRED
STOCKS
$
10,852‌
Total
Investments
$
2,477,537‌
Other
Assets
and
Liabilities
-  0.10%
2,404‌
TOTAL
NET
ASSETS
-
100.00%
$
2,479,941‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$0
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
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.
(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
$90,206
or
3.64%
of
net
assets.
Portfolio
Summary
Location
Percent
China
37
.77‌
%
Taiwan
17
.11‌
%
India
12
.88‌
%
Korea,
Republic
Of
9
.90‌
%
Brazil
7
.35‌
%
South
Africa
2
.98‌
%
Mexico
2
.18‌
%
Thailand
2
.16‌
%
United
States
2
.12‌
%
Indonesia
1
.90‌
%
Poland
1
.39‌
%
Saudi
Arabia
0
.90‌
%
Turkey
0
.52‌
%
Malaysia
0
.38‌
%
Hong
Kong
0
.28‌
%
Chile
0
.08‌
%
Russian
Federation
0
.00‌
%
Other
Assets
and
Liabilities
0
.10‌
%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Origin
Emerging
Markets
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
157
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
322,939‌
$
270,404‌
$
52,535‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
77,330‌
488,140‌
565,470‌
—‌
$
77,330‌
$
811,079‌
$
835,874‌
$
52,535‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
552‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
388‌
—‌
—‌
—‌
$
940‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
158
INVESTMENT
COMPANIES
-
1
.67
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.67
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(a),(b)
54‌
$
—‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(a),(c)
22,047,629‌
22,047‌
$
22,047‌
TOTAL
INVESTMENT
COMPANIES
$
22,047‌
COMMON
STOCKS
-
98
.16
%
Shares
Held
Value
(000's)
Advertising
-
1
.87
%
Interpublic
Group
of
Cos
Inc/The
690,889‌
$
24,554‌
Automobile
Parts
&
Equipment
-
1
.53
%
Linamar
Corp
371,274‌
20,203‌
Banks
-
10
.23
%
Bank
OZK
745,636‌
34,322‌
Cathay
General
Bancorp
463,937‌
19,912‌
Cullen/Frost
Bankers
Inc
163,401‌
21,540‌
East
West
Bancorp
Inc
438,783‌
33,440‌
ServisFirst
Bancshares
Inc
250,633‌
18,534‌
Washington
Trust
Bancorp
Inc
163,414‌
6,863‌
$
134,611‌
Chemicals
-
3
.45
%
HB
Fuller
Co
170,179‌
11,872‌
Huntsman
Corp
570,652‌
16,743‌
RPM
International
Inc
189,535‌
16,798‌
$
45,413‌
Commercial
Services
-
1
.39
%
John
Wiley
&
Sons
Inc
233,676‌
10,396‌
Morningstar
Inc
38,211‌
7,923‌
$
18,319‌
Computers
-
3
.32
%
Amdocs
Ltd
335,703‌
30,754‌
Leidos
Holdings
Inc
133,698‌
12,978‌
$
43,732‌
Consumer
Products
-
2
.20
%
Avery
Dennison
Corp
124,386‌
22,662‌
WD-40
Co
36,318‌
6,298‌
$
28,960‌
Diversified
Financial
Services
-
4
.87
%
Federal
Agricultural
Mortgage
Corp
142,246‌
20,179‌
Hamilton
Lane
Inc
277,220‌
21,568‌
Raymond
James
Financial
Inc
206,368‌
22,382‌
$
64,129‌
Electric
-
2
.70
%
Alliant
Energy
Corp
284,716‌
14,597‌
IDACORP
Inc
202,466‌
20,935‌
$
35,532‌
Electrical
Components
&
Equipment
-
2
.75
%
Energizer
Holdings
Inc
263,546‌
9,548‌
Littelfuse
Inc
103,102‌
26,676‌
$
36,224‌
Electronics
-
4
.24
%
Hubbell
Inc
95,162‌
23,937‌
Mesa
Laboratories
Inc
52,082‌
9,193‌
nVent
Electric
PLC
495,830‌
22,729‌
$
55,859‌
Engineering
&
Construction
-
0
.75
%
Comfort
Systems
USA
Inc
67,600‌
9,832‌
Food
-
1
.86
%
Ingredion
Inc
246,985‌
24,550‌
Gas
-
1
.45
%
NiSource
Inc
698,257‌
19,153‌
Hand
&
Machine
Tools
-
4
.97
%
Lincoln
Electric
Holdings
Inc
157,752‌
26,491‌
MSA
Safety
Inc
130,279‌
17,503‌
Snap-on
Inc
86,277‌
21,456‌
$
65,450‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
4
.78
%
CONMED
Corp
267,018‌
$
25,684‌
DENTSPLY
SIRONA
Inc
420,798‌
16,020‌
STERIS
PLC
112,809‌
21,212‌
$
62,916‌
Healthcare
-
Services
-
1
.57
%
Select
Medical
Holdings
Corp
758,998‌
20,637‌
Home
Builders
-
3
.60
%
LCI
Industries
205,321‌
23,162‌
MDC
Holdings
Inc
654,569‌
24,219‌
$
47,381‌
Insurance
-
4
.78
%
Assured
Guaranty
Ltd
410,164‌
25,598‌
F&G
Annuities
&
Life
Inc
42,825‌
872‌
Fidelity
National
Financial
Inc
662,369‌
26,402‌
Kinsale
Capital
Group
Inc
31,486‌
10,035‌
$
62,907‌
Leisure
Products
&
Services
-
4
.19
%
Acushnet
Holdings
Corp
486,288‌
23,468‌
Brunswick
Corp/DE
362,001‌
31,646‌
$
55,114‌
Machinery
-
Diversified
-
3
.94
%
Albany
International
Corp
186,974‌
18,870‌
Crane
Holdings
Co
105,462‌
12,632‌
Nordson
Corp
92,416‌
20,298‌
$
51,800‌
Media
-
0
.48
%
Cable
One
Inc
9,089‌
6,277‌
Metal
Fabrication
&
Hardware
-
1
.95
%
Timken
Co/The
299,743‌
25,613‌
Miscellaneous
Manufacturers
-
1
.39
%
Donaldson
Co
Inc
189,117‌
11,962‌
EnPro
Industries
Inc
58,589‌
6,298‌
$
18,260‌
Oil
&
Gas
-
2
.85
%
Coterra
Energy
Inc
276,621‌
6,907‌
Diamondback
Energy
Inc
123,957‌
17,426‌
HF
Sinclair
Corp
265,817‌
13,217‌
$
37,550‌
Packaging
&
Containers
-
0
.99
%
Packaging
Corp
of
America
94,903‌
12,975‌
Pharmaceuticals
-
1
.06
%
Organon
&
Co
570,016‌
13,960‌
Pipelines
-
1
.27
%
Targa
Resources
Corp
226,202‌
16,762‌
REITs
-
10
.70
%
Agree
Realty
Corp
328,654‌
23,262‌
Camden
Property
Trust
95,966‌
11,013‌
Cousins
Properties
Inc
559,680‌
13,706‌
EastGroup
Properties
Inc
110,490‌
18,040‌
Essential
Properties
Realty
Trust
Inc
600,532‌
15,470‌
Four
Corners
Property
Trust
Inc
573,325‌
15,566‌
Granite
Real
Estate
Investment
Trust
298,260‌
17,981‌
Medical
Properties
Trust
Inc
1,099,828‌
11,328‌
Terreno
Realty
Corp
231,714‌
14,415‌
$
140,781‌
Retail
-
2
.58
%
Papa
John's
International
Inc
124,140‌
10,421‌
Williams-Sonoma
Inc
187,934‌
23,477‌
$
33,898‌
Semiconductors
-
3
.61
%
MKS
Instruments
Inc
301,610‌
29,235‌
Monolithic
Power
Systems
Inc
37,808‌
18,310‌
$
47,545‌
Schedule
of
Investments
Small-MidCap
Dividend
Income
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
159
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Shipbuilding
-
0
.84
%
Huntington
Ingalls
Industries
Inc
51,407‌
$
11,063‌
TOTAL
COMMON
STOCKS
$
1,291,960‌
Total
Investments
$
1,314,007‌
Other
Assets
and
Liabilities
-  0.17%
2,212‌
TOTAL
NET
ASSETS
-
100.00%
$
1,316,219‌
(a)
Current
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$0
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
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.
Portfolio
Summary
Sector
Percent
Financial
30
.58‌
%
Industrial
21
.82‌
%
Consumer,
Non-cyclical
12
.86‌
%
Consumer,
Cyclical
11
.90‌
%
Technology
6
.93‌
%
Utilities
4
.15‌
%
Energy
4
.12‌
%
Basic
Materials
3
.45‌
%
Communications
2
.35‌
%
Money
Market
Funds
1
.67‌
%
Other
Assets
and
Liabilities
0
.17‌
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
357,849‌
$
335,802‌
$
22,047‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
13,815‌
47,176‌
60,991‌
—‌
$
13,815‌
$
405,025‌
$
396,793‌
$
22,047‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
296‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
123‌
—‌
—‌
—‌
$
419‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Small-MidCap
Growth
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
160
INVESTMENT
COMPANIES
-
4
.32
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4
.32
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(a),(b)
39,300‌
$
39‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(a),(c)
325,487‌
325‌
$
364‌
TOTAL
INVESTMENT
COMPANIES
$
364‌
COMMON
STOCKS
-
95
.28
%
Shares
Held
Value
(000's)
Apparel
-
2
.77
%
Deckers
Outdoor
Corp
(d)
241‌
$
100‌
On
Holding
AG
(d)
6,133‌
134‌
$
234‌
Automobile
Parts
&
Equipment
-
1
.55
%
Visteon
Corp
(d)
787‌
131‌
Banks
-
1
.42
%
SVB
Financial
Group
(d)
277‌
80‌
Wintrust
Financial
Corp
440‌
40‌
$
120‌
Beverages
-
1
.29
%
Celsius
Holdings
Inc
(d)
1,197‌
109‌
Biotechnology
-
4
.43
%
Cytokinetics
Inc
(d)
1,395‌
61‌
Halozyme
Therapeutics
Inc
(d)
2,357‌
113‌
Prothena
Corp
PLC
(d)
916‌
51‌
United
Therapeutics
Corp
(d)
606‌
149‌
$
374‌
Building
Materials
-
1
.91
%
AZEK
Co
Inc/The
(d)
5,003‌
121‌
Trex
Co
Inc
(d)
785‌
40‌
$
161‌
Chemicals
-
1
.05
%
FMC
Corp
690‌
89‌
Commercial
Services
-
13
.68
%
Grand
Canyon
Education
Inc
(d)
1,274‌
144‌
Herc
Holdings
Inc
947‌
136‌
MarketAxess
Holdings
Inc
326‌
111‌
Paylocity
Holding
Corp
(d)
686‌
132‌
Quanta
Services
Inc
1,584‌
256‌
Toast
Inc
(d)
2,720‌
52‌
WEX
Inc
(d)
536‌
103‌
WillScot
Mobile
Mini
Holdings
Corp
(d)
4,274‌
220‌
$
1,154‌
Cosmetics
&
Personal
Care
-
1
.21
%
elf
Beauty
Inc
(d)
1,365‌
102‌
Diversified
Financial
Services
-
2
.18
%
Flywire
Corp
(d)
3,169‌
78‌
PennyMac
Financial
Services
Inc
920‌
56‌
SoFi
Technologies
Inc
(d)
7,526‌
50‌
$
184‌
Electrical
Components
&
Equipment
-
1
.64
%
Belden
Inc
1,110‌
94‌
Universal
Display
Corp
327‌
44‌
$
138‌
Electronics
-
1
.10
%
nVent
Electric
PLC
2,020‌
93‌
Energy
-
Alternate
Sources
-
2
.30
%
First
Solar
Inc
(d)
495‌
84‌
Shoals
Technologies
Group
Inc
(d)
4,491‌
110‌
$
194‌
Engineering
&
Construction
-
3
.09
%
AECOM
1,691‌
146‌
EMCOR
Group
Inc
687‌
115‌
$
261‌
Food
-
2
.05
%
Lamb
Weston
Holdings
Inc
1,717‌
173‌
Hand
&
Machine
Tools
-
1
.64
%
Lincoln
Electric
Holdings
Inc
823‌
138‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
-
7
.65
%
Exact
Sciences
Corp
(d)
3,589‌
$
224‌
Inspire
Medical
Systems
Inc
(d)
875‌
227‌
Natera
Inc
(d)
1,400‌
68‌
Silk
Road
Medical
Inc
(d)
2,376‌
126‌
$
645‌
Healthcare
-
Services
-
1
.70
%
Charles
River
Laboratories
International
Inc
(d)
651‌
143‌
Home
Builders
-
1
.73
%
Meritage
Homes
Corp
1,337‌
146‌
Insurance
-
1
.94
%
Kinsale
Capital
Group
Inc
515‌
164‌
Internet
-
2
.58
%
Chewy
Inc
(d)
1,781‌
72‌
Etsy
Inc
(d)
528‌
64‌
Zillow
Group
Inc
-
A
Shares
(d)
1,985‌
82‌
$
218‌
Lodging
-
2
.88
%
Hyatt
Hotels
Corp
(d)
1,007‌
117‌
Wynn
Resorts
Ltd
(d)
1,163‌
126‌
$
243‌
Machinery
-
Diversified
-
1
.49
%
Applied
Industrial
Technologies
Inc
886‌
126‌
Miscellaneous
Manufacturers
-
1
.33
%
A
O
Smith
Corp
1,706‌
112‌
Oil
&
Gas
-
3
.52
%
Chesapeake
Energy
Corp
992‌
80‌
Matador
Resources
Co
4,041‌
217‌
$
297‌
Oil
&
Gas
Services
-
0
.49
%
ChampionX
Corp
1,336‌
41‌
Retail
-
9
.07
%
Academy
Sports
&
Outdoors
Inc
2,958‌
175‌
Five
Below
Inc
(d)
821‌
168‌
Floor
&
Decor
Holdings
Inc
(d)
820‌
75‌
Foot
Locker
Inc
1,957‌
86‌
Freshpet
Inc
(d)
1,384‌
86‌
Wingstop
Inc
1,029‌
175‌
$
765‌
Semiconductors
-
5
.70
%
Allegro
MicroSystems
Inc
(d)
2,921‌
128‌
Impinj
Inc
(d)
411‌
54‌
Lattice
Semiconductor
Corp
(d)
2,000‌
170‌
MACOM
Technology
Solutions
Holdings
Inc
(d)
1,168‌
80‌
Silicon
Laboratories
Inc
(d)
272‌
49‌
$
481‌
Software
-
11
.25
%
Confluent
Inc
(d)
2,458‌
60‌
DoubleVerify
Holdings
Inc
(d)
5,428‌
143‌
Evolent
Health
Inc
(d)
1,212‌
42‌
Freshworks
Inc
(d)
4,329‌
65‌
HashiCorp
Inc
(d),(e)
1,324‌
39‌
HubSpot
Inc
(d)
469‌
181‌
Manhattan
Associates
Inc
(d)
964‌
138‌
Phreesia
Inc
(d)
1,869‌
69‌
Procore
Technologies
Inc
(d)
3,160‌
212‌
$
949‌
Telecommunications
-
0
.64
%
Credo
Technology
Group
Holding
Ltd
(d)
5,061‌
54‌
TOTAL
COMMON
STOCKS
$
8,039‌
Total
Investments
$
8,403‌
Other
Assets
and
Liabilities
-  0.40%
34‌
TOTAL
NET
ASSETS
-
100.00%
$
8,437‌
Schedule
of
Investments
Small-MidCap
Growth
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
161
(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
$39
or
0.46%
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
Act
(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
$38
or
0.45%
of
net
assets.
Portfolio
Summary
Sector
Percent
Consumer,
Non-cyclical
32
.01‌
%
Consumer,
Cyclical
18
.00‌
%
Technology
16
.95‌
%
Industrial
12
.20‌
%
Energy
6
.31‌
%
Financial
5
.54‌
%
Money
Market
Funds
4
.32‌
%
Communications
3
.22‌
%
Basic
Materials
1
.05‌
%
Other
Assets
and
Liabilities
0
.40‌
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
1,491‌
$
1,166‌
$
325‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
145‌
1,733‌
1,878‌
—‌
$
145‌
$
3,224‌
$
3,044‌
$
325‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
3‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
3‌
—‌
—‌
—‌
$
6‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
162
INVESTMENT
COMPANIES
-
2
.72
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.25
%
Invesco
Preferred
ETF
(a)
1,195,593‌
$
14,598‌
iShares
Preferred
&
Income
Securities
ETF
(a)
6,528‌
214‌
$
14,812‌
Money
Market
Funds
-
2
.47
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(b),(c)
59,389,918‌
59,390‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(b),(c),(d)
89,254,947‌
89,255‌
$
148,645‌
TOTAL
INVESTMENT
COMPANIES
$
163,457‌
CONVERTIBLE
PREFERRED
STOCKS
-
0
.63
%
Shares
Held
Value
(000's)
Banks
-
0
.63
%
Wells
Fargo
&
Co
7.50%
(e)
31,677‌
$
37,788‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
37,788‌
PREFERRED
STOCKS
-
7
.80
%
Shares
Held
Value
(000's)
Banks
-
3
.30
%
Associated
Banc-Corp
5.63%,
09/15/2025
(e)
201,260‌
$
4,621‌
Bank
of
America
Corp
4.38%,
11/03/2025
(a),(e)
317,959‌
6,162‌
Bank
of
Hawaii
Corp
4.38%,
08/01/2026
(a),(e)
16,981‌
325‌
Citigroup
Inc
6.88%,
11/15/2023
(e)
374,723‌
9,424‌
3
Month
USD
LIBOR
+
4.13%
Citizens
Financial
Group
Inc
6.35%,
04/06/2024
(e)
14,679‌
373‌
3
Month
USD
LIBOR
+
3.64%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(e)
382,212‌
7,625‌
First
Republic
Bank/CA
4.00%,
08/30/2026
(a),(e)
136,033‌
2,323‌
Fulton
Financial
Corp
5.13%,
01/15/2026
(e)
528,451‌
11,071‌
Goldman
Sachs
Group
Inc/The
5.50%,
05/10/2023
(e)
481,951‌
12,030‌
3
Month
USD
LIBOR
+
3.64%
JPMorgan
Chase
&
Co
4.75%,
12/01/2024
(e)
277,529‌
5,853‌
JPMorgan
Chase
&
Co
5.75%,
12/01/2023
(a),(e)
82,068‌
2,039‌
KeyCorp
6.13%,
12/15/2026
(e)
739,422‌
18,559‌
3
Month
USD
LIBOR
+
3.89%
KeyCorp
6.20%,
12/15/2027
(e)
247,324‌
6,146‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%
Morgan
Stanley
4.88%,
01/15/2025
(e)
1,000‌
22‌
Morgan
Stanley
5.85%,
04/15/2027
(e)
649,481‌
16,270‌
3
Month
USD
LIBOR
+
3.49%
Morgan
Stanley
6.50%,
10/15/2027
(e)
749,957‌
19,169‌
Regions
Financial
Corp
4.45%,
06/15/2026
(a),(e)
305,618‌
5,883‌
Regions
Financial
Corp
5.70%,
05/15/2029
(e)
328,950‌
8,092‌
3
Month
USD
LIBOR
+
3.15%
State
Street
Corp
5.90%,
03/15/2024
(e)
227,530‌
5,693‌
3
Month
USD
LIBOR
+
3.11%
Synovus
Financial
Corp
5.88%,
07/01/2024
(a),(e)
344,034‌
8,463‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.13%
Truist
Financial
Corp
4.75%,
09/01/2025
(a),(e)
475,202‌
9,898‌
US
Bancorp
3.75%,
01/15/2026
(a),(e)
3,217‌
55‌
US
Bancorp
4.00%,
04/15/2026
(e)
35,656‌
651‌
Valley
National
Bancorp
6.25%,
06/30/2025
(e)
170,096‌
4,298‌
3
Month
USD
LIBOR
+
3.85%
Webster
Financial
Corp
5.25%,
03/31/2023
(a),(e)
194,856‌
4,189‌
Webster
Financial
Corp
6.50%,
03/31/2023
(e)
37,427‌
945‌
Wells
Fargo
&
Co
4.75%,
03/15/2025
(a),(e)
334,126‌
6,703‌
Wells
Fargo
&
Co
5.63%,
06/15/2023
(a),(e)
161,180‌
3,854‌
Wells
Fargo
&
Co
5.85%,
09/15/2023
(e)
52,642‌
1,303‌
3
Month
USD
LIBOR
+
3.09%
Wells
Fargo
&
Co
6.63%,
03/15/2024
(e)
194,121‌
4,904‌
3
Month
USD
LIBOR
+
3.69%
Western
Alliance
Bancorp
4.25%,
09/30/2026
(e)
545,759‌
11,570‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
$
198,513‌
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
-
0
.32
%
Affiliated
Managers
Group
Inc
4.20%,
09/30/2061
160,000‌
$
2,755‌
Affiliated
Managers
Group
Inc
4.75%,
09/30/2060
7,600‌
150‌
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
147,110‌
3,423‌
Capital
One
Financial
Corp
4.80%,
06/01/2025
(e)
167,734‌
3,306‌
Capital
One
Financial
Corp
5.00%,
12/01/2024
(a),(e)
345,769‌
7,244‌
Stifel
Financial
Corp
4.50%,
08/15/2026
(e)
110,647‌
2,087‌
$
18,965‌
Electric
-
0
.91
%
Algonquin
Power
&
Utilities
Corp
6.20%,
07/01/2079
488,498‌
11,314‌
3
Month
USD
LIBOR
+
4.01%
CMS
Energy
Corp
4.20%,
07/15/2026
(e)
17,000‌
329‌
CMS
Energy
Corp
5.88%,
03/01/2079
118,402‌
2,894‌
DTE
Energy
Co
4.38%,
12/01/2081
256,039‌
5,182‌
DTE
Energy
Co
5.25%,
12/01/2077
311,382‌
7,454‌
Duke
Energy
Corp
5.75%,
06/15/2024
(e)
45,234‌
1,137‌
Entergy
Arkansas
LLC
4.88%,
09/01/2066
23,992‌
536‌
Entergy
Louisiana
LLC
4.88%,
09/01/2066
3,135‌
70‌
Entergy
Texas
Inc
5.38%,
10/15/2024
(a),(e)
30,000‌
750‌
Georgia
Power
Co
5.00%,
10/01/2077
(a)
199,784‌
4,615‌
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
(a)
80,326‌
2,023‌
Southern
Co/The
4.95%,
01/30/2080
238,836‌
5,221‌
Southern
Co/The
5.25%,
12/01/2077
552,515‌
13,233‌
$
54,758‌
Food
-
0
.36
%
Dairy
Farmers
of
America
Inc
7.88%,
12/01/2025
(e),(f)
236,300‌
21,858‌
Insurance
-
0
.79
%
Allstate
Corp/The
4.75%,
01/15/2025
(e)
136,077‌
2,991‌
Allstate
Corp/The
7.99%,
01/15/2053
508,518‌
12,916‌
3
Month
USD
LIBOR
+
3.17%
American
Financial
Group
Inc/OH
5.63%,
06/01/2060
(a)
126,116‌
2,970‌
American
Financial
Group
Inc/OH
5.88%,
03/30/2059
98,097‌
2,436‌
Arch
Capital
Group
Ltd
5.45%,
03/31/2023
(e)
51,935‌
1,180‌
Equitable
Holdings
Inc
4.30%,
03/15/2026
(e)
312,446‌
5,952‌
Equitable
Holdings
Inc
5.25%,
12/15/2024
(e)
468,094‌
10,322‌
Prudential
Financial
Inc
5.95%,
09/01/2062
181,800‌
4,581‌
RenaissanceRe
Holdings
Ltd
4.20%,
07/15/2026
(e)
126,330‌
2,179‌
RenaissanceRe
Holdings
Ltd
5.75%,
06/30/2023
(e)
21,127‌
490‌
Voya
Financial
Inc
5.35%,
09/15/2029
(e)
72,909‌
1,754‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
$
47,771‌
REITs
-
1
.35
%
Federal
Realty
Investment
Trust
5.00%,
03/31/2023
(e)
14,868‌
326‌
Hudson
Pacific
Properties
Inc
4.75%,
11/16/2026
(e)
367,577‌
5,197‌
Kimco
Realty
Corp
5.25%,
03/31/2023
(a),(e)
130,059‌
2,844‌
Prologis
Inc
8.54%,
11/13/2026
(e)
153,463‌
8,824‌
Public
Storage
4.00%,
11/19/2026
(e)
381,000‌
6,877‌
Public
Storage
4.00%,
06/16/2026
(e)
797,754‌
14,663‌
Public
Storage
4.13%,
08/14/2025
(e)
396,748‌
7,312‌
Public
Storage
4.63%,
06/17/2025
(e)
286,725‌
5,878‌
Public
Storage
4.70%,
11/15/2024
(e)
200,622‌
4,253‌
Public
Storage
4.75%,
12/20/2024
(a),(e)
186,253‌
3,949‌
Public
Storage
5.05%,
03/31/2023
(e)
173,379‌
4,021‌
Public
Storage
5.60%,
03/11/2024
(e)
295,003‌
7,322‌
Vornado
Realty
Trust
5.25%,
11/24/2025
(e)
204,969‌
3,333‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
163
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Vornado
Realty
Trust
5.25%,
03/31/2023
(e)
382,344‌
$
6,190‌
$
80,989‌
Savings
&
Loans
-
0
.02
%
Washington
Federal
Inc
4.88%,
04/15/2026
(e)
55,040‌
1,081‌
Sovereign
-
0
.08
%
CoBank
ACB
6.20%,
01/01/2025
(e)
45,175‌
4,518‌
3
Month
USD
LIBOR
+
3.74%
Telecommunications
-
0
.67
%
AT&T
Inc
4.75%,
02/18/2025
(e)
1,975,507‌
39,412‌
AT&T
Inc
5.00%,
12/12/2024
(e)
40,144‌
849‌
$
40,261‌
TOTAL
PREFERRED
STOCKS
$
468,714‌
BONDS
-
90
.14
%
Principal
Amount
(000's)
Value
(000's)
Banks
-
56
.97
%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(e),(f),(g),(h)
$
12,200‌
$
12,115‌
USD
Swap
Rate
NY
5
Year
+
5.17%
6.75%,
06/15/2026
(e),(g),(h)
2,700‌
2,681‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(e),(g),(h)
14,200‌
12,751‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
6.50%,
03/05/2025
(e),(g),(h)
57,800‌
54,910‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.19%
Banco
Santander
SA
4.75%,
11/12/2026
(e),(g),(h)
47,800‌
40,611‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
7.50%,
02/08/2024
(e),(g),(h)
60,600‌
59,312‌
USD
Swap
Semi-Annual
5
Year
+
4.99%
Bank
of
America
Corp
4.38%,
01/27/2027
(e),(g)
19,400‌
16,808‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.76%
6.13%,
04/27/2027
(a),(e),(g)
63,500‌
61,900‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
6.25%,
09/05/2024
(e),(g)
26,600‌
26,600‌
3
Month
USD
LIBOR
+
3.71%
6.50%,
10/23/2024
(a),(e),(g)
91,363‌
90,861‌
3
Month
USD
LIBOR
+
4.17%
8.05%,
06/15/2027
6,312‌
6,715‌
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(e),(g)
32,956‌
30,006‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
3.75%,
12/20/2026
(e),(g)
33,250‌
27,764‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
4.63%,
09/20/2026
(a),(e),(g)
4,900‌
4,459‌
3
Month
USD
LIBOR
+
3.13%
Bank
of
Nova
Scotia/The
4.90%,
06/04/2025
(a),(e),(g)
50,100‌
48,056‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.55%
8.63%,
10/27/2082
(g)
10,800‌
11,413‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.39%
Barclays
PLC
4.38%,
03/15/2028
(e),(g),(h)
12,900‌
10,131‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
6.13%,
12/15/2025
(e),(g),(h)
5,900‌
5,558‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Barclays
PLC  
(continued)
7.75%,
09/15/2023
(e),(g),(h)
$
47,300‌
$
46,945‌
USD
Swap
Semi-Annual
5
Year
+
4.84%
8.00%,
06/15/2024
(e),(g),(h)
67,803‌
67,125‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%
8.00%,
03/15/2029
(e),(g),(h)
8,600‌
8,430‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
BNP
Paribas
SA
4.63%,
01/12/2027
(e),(f),(g),(h)
48,300‌
41,055‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
4.63%,
02/25/2031
(e),(f),(g),(h)
9,700‌
7,591‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%
6.63%,
03/25/2024
(e),(f),(g),(h)
41,500‌
40,769‌
USD
Swap
Semi-Annual
5
Year
+
4.15%
6.63%,
03/25/2024
(e),(g),(h)
8,700‌
8,547‌
USD
Swap
Semi-Annual
5
Year
+
4.15%
7.00%,
08/16/2028
(e),(f),(g),(h)
2,500‌
2,414‌
USD
Swap
Semi-Annual
5
Year
+
3.98%
7.38%,
08/19/2025
(e),(f),(g),(h)
100‌
99‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.38%,
08/19/2025
(a),(e),(g),(h)
24,000‌
23,877‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
7.75%,
08/16/2029
(e),(f),(g),(h)
22,000‌
22,412‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.90%
7.75%,
08/16/2029
(e),(g),(h)
10,048‌
10,236‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.90%
9.25%,
11/17/2027
(e),(f),(g),(h)
6,000‌
6,405‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Citigroup
Capital
III
7.63%,
12/01/2036
3,300‌
3,523‌
Citigroup
Inc
3.88%,
02/18/2026
(e),(g)
60,200‌
54,023‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(e),(g)
34,110‌
31,211‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
5.95%,
05/15/2025
(e),(g)
11,168‌
10,913‌
3
Month
USD
LIBOR
+
3.91%
6.25%,
08/15/2026
(e),(g)
71,997‌
71,730‌
3
Month
USD
LIBOR
+
4.52%
7.38%,
05/15/2028
(e),(g),(i)
28,000‌
28,000‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
Citizens
Financial
Group
Inc
4.00%,
10/06/2026
(e),(g)
20,000‌
16,833‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.65%,
10/06/2025
(e),(g)
62,097‌
61,128‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
07/06/2023
(a),(e),(g)
3,390‌
3,279‌
3
Month
USD
LIBOR
+
3.00%
6.38%,
04/06/2024
(a),(e),(g)
10,835‌
10,395‌
3
Month
USD
LIBOR
+
3.16%
Comerica
Inc
5.63%,
07/01/2025
(e),(g)
6,425‌
6,261‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.29%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
164
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Corestates
Capital
III
5.43%,
02/15/2027
(f)
$
18,621‌
$
17,652‌
3
Month
USD
LIBOR
+
0.57%
Credit
Agricole
SA
4.75%,
03/23/2029
(e),(f),(g),(h)
2,100‌
1,727‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
7.88%,
01/23/2024
(e),(f),(g),(h)
34,840‌
34,767‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
7.88%,
01/23/2024
(e),(g),(h)
18,100‌
18,062‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
8.13%,
12/23/2025
(e),(f),(g),(h)
43,268‌
43,742‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
8.13%,
12/23/2025
(e),(g),(h)
15,000‌
15,164‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Credit
Suisse
AG
6.50%,
08/08/2023
(f),(h)
23,254‌
22,717‌
6.50%,
08/08/2023
(h)
6,000‌
5,861‌
Credit
Suisse
Group
AG
5.25%,
02/11/2027
(e),(f),(g),(h)
13,450‌
9,266‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
6.25%,
12/18/2024
(e),(f),(g),(h)
11,000‌
9,020‌
USD
Swap
Semi-Annual
5
Year
+
3.46%
7.50%,
12/11/2023
(e),(f),(g),(h)
70,240‌
63,868‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
9.75%,
06/23/2027
(e),(f),(g),(h)
24,400‌
22,080‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.38%
Danske
Bank
A/S
1.55%,
09/10/2027
(g)
5,000‌
4,347‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.73%
6.13%,
03/28/2024
(e),(g),(h)
5,500‌
5,294‌
USD
Swap
Semi-Annual
7
Year
+
3.90%
7.00%,
06/26/2025
(e),(g),(h)
62,745‌
60,060‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.13%
Fifth
Third
Bancorp
4.50%,
09/30/2025
(e),(g)
13,325‌
12,746‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
First
Maryland
Capital
I
5.83%,
01/15/2027
2,000‌
1,906‌
3
Month
USD
LIBOR
+
1.00%
Goldman
Sachs
Group
Inc/The
3.65%,
08/10/2026
(a),(e),(g)
10,000‌
8,456‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
3.80%,
05/10/2026
(e),(g)
13,500‌
11,586‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
4.13%,
11/10/2026
(e),(g)
11,800‌
10,133‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.95%
4.95%,
02/10/2025
(e),(g)
23,663‌
22,463‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.50%,
08/10/2024
(a),(e),(g)
15,750‌
15,436‌
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)
69,567‌
86,211‌
3
Month
USD
LIBOR
+
4.98%
10.18%,
06/30/2030
(a),(e),(g)
50,708‌
62,840‌
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)
$
15,900‌
$
14,707‌
USD
Swap
Rate
NY
5
Year
+
3.75%
6.37%,
03/30/2025
(e),(g),(h)
14,800‌
14,467‌
USD
Swap
Rate
NY
5
Year
+
4.37%
6.38%,
09/17/2024
(e),(g),(h)
3,300‌
3,221‌
USD
Swap
Rate
NY
5
Year
+
3.71%
6.50%,
03/23/2028
(a),(e),(g),(h)
5,600‌
5,250‌
USD
Swap
Rate
NY
5
Year
+
3.61%
8.00%,
03/07/2028
(e),(g),(h),(i)
1,600‌
1,600‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.86%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(e),(g)
87,459‌
81,188‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(a),(e),(g)
38,673‌
36,694‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
ING
Groep
NV
3.88%,
05/16/2027
(e),(g),(h)
22,300‌
17,117‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%
4.25%,
05/16/2031
(e),(g),(h)
14,500‌
10,362‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%
5.75%,
11/16/2026
(e),(g),(h)
19,275‌
17,863‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
6.50%,
04/16/2025
(e),(g),(h)
46,800‌
44,816‌
USD
Swap
Semi-Annual
5
Year
+
4.45%
6.75%,
04/16/2024
(e),(g),(h)
45,000‌
44,024‌
USD
Swap
Rate
NY
5
Year
+
4.20%
Intesa
Sanpaolo
SpA
7.70%,
09/17/2025
(a),(e),(f),(g),(h)
32,021‌
30,011‌
USD
Swap
Semi-Annual
5
Year
+
5.46%
8.25%,
11/21/2033
(f),(g)
25,319‌
26,650‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
4.40%
JPMorgan
Chase
&
Co
3.65%,
06/01/2026
(e),(g)
137,806‌
119,618‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
6.75%,
02/01/2024
(e),(g)
96,379‌
96,801‌
3
Month
USD
LIBOR
+
3.78%
KeyCorp
5.00%,
09/15/2026
(e),(g)
16,087‌
15,183‌
3
Month
USD
LIBOR
+
3.61%
KeyCorp
Capital
I
5.49%,
07/01/2028
6,825‌
6,314‌
3
Month
USD
LIBOR
+
0.74%
KeyCorp
Capital
III
7.75%,
07/15/2029
3,500‌
3,712‌
Lloyds
Banking
Group
PLC
6.75%,
06/27/2026
(a),(e),(g),(h)
200‌
193‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%
7.50%,
06/27/2024
(e),(g),(h)
53,331‌
52,737‌
USD
Swap
Semi-Annual
5
Year
+
4.76%
7.50%,
09/27/2025
(e),(g),(h)
27,800‌
27,359‌
USD
Swap
Semi-Annual
5
Year
+
4.50%
7.95%,
11/15/2033
(g)
5,000‌
5,475‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.75%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
165
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
M&T
Bank
Corp
3.50%,
09/01/2026
(e),(g)
$
7,620‌
$
6,039‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
5.00%,
08/01/2024
(a),(e),(g)
4,702‌
4,485‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.13%,
11/01/2026
(e),(g)
6,305‌
5,868‌
3
Month
USD
LIBOR
+
3.52%
6.45%,
02/15/2024
(e),(g)
1,000‌
995‌
3
Month
USD
LIBOR
+
3.61%
Macquarie
Bank
Ltd/London
6.13%,
03/08/2027
(e),(f),(g),(h)
21,000‌
19,271‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
6.13%,
03/08/2027
(e),(g),(h)
5,000‌
4,588‌
USD
Swap
Semi-Annual
5
Year
+
3.70%
NatWest
Group
PLC
4.60%,
06/28/2031
(e),(g),(h)
7,685‌
5,636‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
6.00%,
12/29/2025
(e),(g),(h)
55,100‌
51,668‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
8.00%,
08/10/2025
(e),(g),(h)
30,325‌
30,169‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
Nordea
Bank
Abp
6.13%,
09/23/2024
(a),(e),(f),(g),(h)
34,631‌
33,378‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.13%,
09/23/2024
(a),(e),(g),(h)
18,735‌
18,057‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.63%,
03/26/2026
(e),(g),(h)
12,400‌
12,007‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
6.63%,
03/26/2026
(e),(f),(g),(h)
74,562‌
72,197‌
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),(g)
10,500‌
8,677‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
6.00%,
05/15/2027
(e),(g)
3,000‌
2,901‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
6.20%,
09/15/2027
(a),(e),(g)
14,200‌
13,987‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
6.25%,
03/15/2030
(e),(g)
49,820‌
48,201‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.81%
Regions
Financial
Corp
5.75%,
06/15/2025
(a),(e),(g)
16,750‌
16,460‌
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)
32,800‌
30,504‌
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)
6,800‌
6,715‌
USD
Swap
Semi-Annual
5
Year
+
4.30%
7.88%,
12/18/2023
(e),(f),(g),(h)
4,900‌
4,888‌
USD
Swap
Semi-Annual
5
Year
+
4.98%
7.88%,
12/18/2023
(e),(g),(h)
14,000‌
13,965‌
USD
Swap
Semi-Annual
5
Year
+
4.98%
8.00%,
09/29/2025
(a),(e),(f),(g),(h)
38,460‌
38,267‌
USD
Swap
Rate
NY
5
Year
+
5.87%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Societe
Generale
SA  
(continued)
8.00%,
09/29/2025
(e),(g),(h)
$
19,000‌
$
18,904‌
USD
Swap
Semi-Annual
5
Year
+
5.87%
9.38%,
11/22/2027
(e),(f),(g),(h)
3,800‌
4,008‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.39%
Standard
Chartered
PLC
4.30%,
08/19/2028
(e),(f),(g),(h)
13,032‌
10,583‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%
6.00%,
07/26/2025
(e),(g),(h)
8,000‌
7,703‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
6.00%,
07/26/2025
(e),(f),(g),(h)
15,000‌
14,443‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
7.01%,
07/30/2037
(e),(f),(g)
13,500‌
13,765‌
3
Month
USD
LIBOR
+
1.46%
7.75%,
08/15/2027
(a),(e),(f),(g),(h)
45,000‌
45,056‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.98%
SVB
Financial
Group
4.00%,
05/15/2026
(e),(g)
22,100‌
16,225‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
4.25%,
11/15/2026
(e),(g)
26,800‌
18,964‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.07%
Svenska
Handelsbanken
AB
4.38%,
03/01/2027
(e),(g),(h)
5,400‌
4,839‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.94%
6.25%,
03/01/2024
(e),(g),(h)
13,800‌
13,472‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.69%
Toronto-Dominion
Bank/The
8.13%,
10/31/2082
(g)
26,800‌
27,972‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Truist
Financial
Corp
4.80%,
09/01/2024
(e),(g)
80,832‌
76,744‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(e),(g)
20,484‌
20,030‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
5.42%,
03/15/2028
9,022‌
8,504‌
3
Month
USD
LIBOR
+
0.65%
5.53%,
05/15/2027
10,900‌
10,347‌
3
Month
USD
LIBOR
+
0.67%
5.73%,
04/01/2027
7,000‌
6,623‌
3
Month
USD
LIBOR
+
0.98%
UBS
Group
AG
3.88%,
06/02/2026
(e),(f),(g),(h)
20,000‌
16,862‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.38%,
02/10/2031
(e),(f),(g),(h)
7,000‌
5,498‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%
6.88%,
08/07/2025
(e),(g),(h)
16,933‌
16,657‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
7.00%,
01/31/2024
(e),(f),(g),(h)
20,500‌
20,401‌
USD
Swap
Semi-Annual
5
Year
+
4.34%
7.00%,
01/31/2024
(e),(g),(h)
13,900‌
13,833‌
USD
Swap
Semi-Annual
5
Year
+
4.34%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
166
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
UBS
Group
AG  
(continued)
7.00%,
02/19/2025
(e),(g),(h)
$
45,320‌
$
45,037‌
USD
Swap
Semi-Annual
5
Year
+
4.87%
UniCredit
SpA
8.00%,
06/03/2024
(e),(g),(h)
51,950‌
50,495‌
USD
Swap
Semi-Annual
5
Year
+
5.18%
US
Bancorp
3.70%,
01/15/2027
(e),(g)
33,243‌
27,966‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
USB
Realty
Corp
5.98%,
01/15/2027
(e),(f)
1,500‌
1,179‌
3
Month
USD
LIBOR
+
1.15%
Wells
Fargo
&
Co
3.90%,
03/15/2026
(e),(g)
82,943‌
74,182‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
5.29%,
01/15/2027
5,345‌
5,020‌
3
Month
USD
LIBOR
+
0.50%
5.88%,
06/15/2025
(e),(g)
27,547‌
27,327‌
3
Month
USD
LIBOR
+
3.99%
7.95%,
11/15/2029
3,700‌
4,065‌
$
3,422,245‌
Diversified
Financial
Services
-
4
.75
%
Ally
Financial
Inc
4.70%,
05/15/2026
(e),(g)
39,600‌
31,033‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%
4.70%,
05/15/2028
(e),(g)
7,500‌
5,518‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
3.48%
American
Express
Co
3.55%,
09/15/2026
(e),(g)
46,400‌
39,389‌
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)
16,000‌
13,502‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
Charles
Schwab
Corp/The
4.00%,
06/01/2026
(e),(g)
106,900‌
97,270‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.38%,
06/01/2025
(e),(g)
57,571‌
56,707‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Depository
Trust
&
Clearing
Corp/The
3.38%,
06/20/2026
(e),(f),(g)
19,750‌
16,393‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Discover
Financial
Services
6.13%,
06/23/2025
(e),(g)
25,590‌
25,336‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
$
285,148‌
Electric
-
5
.34
%
Algonquin
Power
&
Utilities
Corp
4.75%,
01/18/2082
(g)
58,400‌
48,326‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%
American
Electric
Power
Co
Inc
3.88%,
02/15/2062
(g)
20,000‌
16,679‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Dominion
Energy
Inc
4.65%,
12/15/2024
(e),(g)
$
120,652‌
$
111,301‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
Duke
Energy
Corp
4.88%,
09/16/2024
(e),(g)
96,809‌
93,663‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Emera
Inc
6.75%,
06/15/2076
(g)
32,145‌
30,842‌
3
Month
USD
LIBOR
+
5.44%
Enel
SpA
8.75%,
09/24/2073
(f),(g)
5,403‌
5,432‌
USD
Swap
Semi-Annual
5
Year
+
5.88%
NextEra
Energy
Capital
Holdings
Inc
6.82%,
10/01/2066
17,264‌
14,804‌
3
Month
USD
LIBOR
+
2.07%
$
321,047‌
Food
-
0
.12
%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(e),(f)
8,700‌
7,351‌
Gas
-
1
.10
%
NiSource
Inc
5.65%,
06/15/2023
(e),(g)
68,100‌
66,015‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.84%
Insurance
-
13
.47
%
ACE
Capital
Trust
II
9.70%,
04/01/2030
15,505‌
18,953‌
Allianz
SE
3.20%,
10/30/2027
(e),(f),(g),(h)
5,800‌
4,363‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
3.50%,
11/17/2025
(e),(f),(g),(h)
27,400‌
23,275‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
American
International
Group
Inc
5.75%,
04/01/2048
(g)
4,573‌
4,413‌
3
Month
USD
LIBOR
+
2.87%
Aon
Corp
8.21%,
01/01/2027
4,750‌
5,002‌
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.63%,
08/15/2052
(g)
63,620‌
61,091‌
3
Month
USD
LIBOR
+
3.78%
5.75%,
08/15/2050
(g)
49,800‌
48,135‌
3
Month
USD
LIBOR
+
3.59%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(g)
8,590‌
8,150‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
AXA
SA
5.13%,
01/17/2047
(g)
500‌
483‌
3
Month
USD
LIBOR
+
3.88%
Corebridge
Financial
Inc
6.88%,
12/15/2052
(f),(g)
15,500‌
15,324‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.85%
Everest
Reinsurance
Holdings
Inc
7.25%,
05/01/2067
14,420‌
13,086‌
3
Month
USD
LIBOR
+
2.39%
Liberty
Mutual
Group
Inc
4.13%,
12/15/2051
(f),(g)
19,000‌
15,851‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%
7.80%,
03/07/2087
(f)
76,240‌
82,693‌
3
Month
USD
LIBOR
+
3.58%
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
167
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(f)
$
5,025‌
$
5,643‌
Lincoln
National
Corp
6.85%,
04/20/2067
12,288‌
9,093‌
3
Month
USD
LIBOR
+
2.04%
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(f)
24,540‌
26,395‌
MetLife
Inc
3.85%,
09/15/2025
(e),(g)
25,655‌
24,091‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
6.40%,
12/15/2066
10,650‌
10,689‌
9.25%,
04/08/2068
(f)
53,475‌
64,589‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
50,413‌
68,430‌
3
Month
USD
LIBOR
+
7.55%
Mitsui
Sumitomo
Insurance
Co
Ltd
4.95%,
03/06/2029
(e),(g)
520‌
498‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
4.95%,
03/06/2029
(e),(f),(g)
1,800‌
1,724‌
USD
Swap
Semi-Annual
5
Year
+
3.26%
MMI
Capital
Trust
I
7.63%,
12/15/2027
1,073‌
1,150‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
5.88%,
05/23/2042
(f),(g)
19,800‌
19,899‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
5.88%,
05/23/2042
(g)
4,800‌
4,824‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
Nationwide
Financial
Services
Inc
6.75%,
05/15/2087
73,215‌
72,117‌
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(f),(g)
3,200‌
2,624‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
2.90%,
09/16/2051
(f),(g)
22,900‌
18,745‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
4.70%,
01/20/2046
(f),(g)
5,000‌
4,803‌
USD
Swap
Rate
NY
5
Year
+
3.75%
5.10%,
10/16/2044
(f),(g)
19,700‌
19,267‌
USD
Swap
Semi-Annual
5
Year
+
3.65%
Prudential
Financial
Inc
5.20%,
03/15/2044
(g)
3,870‌
3,793‌
3
Month
USD
LIBOR
+
3.04%
6.00%,
09/01/2052
(a),(g)
35,900‌
34,631‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
Sompo
Japan
Insurance
Inc
5.33%,
03/28/2073
(f),(g)
45,300‌
45,236‌
3
Month
USD
LIBOR
+
4.27%
Sumitomo
Life
Insurance
Co
4.00%,
09/14/2077
(f),(g)
4,700‌
4,404‌
3
Month
USD
LIBOR
+
2.99%
6.50%,
09/20/2073
(a),(f),(g)
13,500‌
13,436‌
3
Month
USD
LIBOR
+
4.44%
Voya
Financial
Inc
4.70%,
01/23/2048
(g)
2,755‌
2,337‌
3
Month
USD
LIBOR
+
2.08%
6.13%,
09/15/2023
(e),(g)
11,706‌
11,529‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(g)
$
49,000‌
$
38,158‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
$
808,924‌
Oil
&
Gas
-
0
.73
%
BP
Capital
Markets
PLC
4.38%,
06/22/2025
(e),(g)
24,400‌
23,263‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%
4.88%,
03/22/2030
(e),(g)
22,562‌
20,674‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
$
43,937‌
Pipelines
-
3
.91
%
Enbridge
Inc
5.75%,
07/15/2080
(g)
65,201‌
61,150‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(a),(g)
46,935‌
44,781‌
3
Month
USD
LIBOR
+
3.89%
6.25%,
03/01/2078
(a),(g)
34,882‌
32,289‌
3
Month
USD
LIBOR
+
3.64%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(g)
44,410‌
39,654‌
3
Month
USD
LIBOR
+
3.03%
Transcanada
Trust
5.50%,
09/15/2079
(g)
41,000‌
36,156‌
Secured
Overnight
Financing
Rate
+
4.42%
5.88%,
08/15/2076
(g)
21,652‌
20,570‌
3
Month
USD
LIBOR
+
4.64%
$
234,600‌
REITs
-
0
.98
%
Scentre
Group
Trust
2
4.75%,
09/24/2080
(f),(g)
10,500‌
9,637‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
4.75%,
09/24/2080
(a),(g)
4,300‌
3,946‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
5.13%,
09/24/2080
(f),(g)
51,600‌
45,150‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
$
58,733‌
Sovereign
-
0
.65
%
CoBank
ACB
4.25%,
01/01/2027
(e),(g)
1,000‌
869‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.05%
6.25%,
10/01/2026
(e),(g)
16,400‌
15,897‌
3
Month
USD
LIBOR
+
4.66%
6.45%,
10/01/2027
(e),(g)
11,400‌
11,428‌
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)
11,800‌
11,033‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.42%
$
39,227‌
Telecommunications
-
1
.37
%
Vodafone
Group
PLC
3.25%,
06/04/2081
(g)
24,000‌
20,937‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
7.00%,
04/04/2079
(g)
62,686‌
61,451‌
USD
Swap
Semi-Annual
5
Year
+
4.87%
$
82,388‌
Schedule
of
Investments
Spectrum
Preferred
and
Capital
Securities
Income
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
168
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
-
0
.75
%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(g)
$
46,556‌
$
45,276‌
3
Month
USD
LIBOR
+
2.35%
TOTAL
BONDS
$
5,414,891‌
Total
Investments
$
6,084,850‌
Other
Assets
and
Liabilities
-  (1.29)%
(
77,361‌
)
TOTAL
NET
ASSETS
-
100.00%
$
6,007,489‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$100,735
or
1.68%
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
$103,820
or
1.73%
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)
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
$1,292,207
or
21.51%
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.
(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
$1,736,068
or
28.90%
of
net
assets.
(i)
Security
purchased
on
a
when-issued
basis.
Portfolio
Summary
Sector
Percent
Financial
82
.58‌
%
Utilities
7
.35‌
%
Energy
4
.64‌
%
Money
Market
Funds
2
.47‌
%
Communications
2
.04‌
%
Industrial
0
.75‌
%
Government
0
.73‌
%
Consumer,
Non-cyclical
0
.48‌
%
Investment
Companies
0
.25‌
%
Other
Assets
and
Liabilities
(
1
.29‌
)
%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
566,266‌
$
477,011‌
$
89,255‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
42,280‌
527,117‌
569,397‌
—‌
$
42,280‌
$
1,093,383‌
$
1,046,408‌
$
89,255‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
520‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
201‌
—‌
—‌
—‌
$
721‌
$
—‌
$
—‌
$
—‌
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)
US
10
Year
Ultra
Note;
June
2023
Short
1,316‌
$
154,219‌
$
(
96‌
)
US
2
Year
Note;
June
2023
Long
3,315‌
675,354‌
(
1,562‌
)
Total
$
(
1,658‌
)
Amounts
in
thousands
except
contracts.
Glossary
to
the
Schedule
of
Investments
February
28,
2023
(unaudited)
See
accompanying
notes.
169
Currency
Abbreviations
ARS
Argentine
Peso
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
Sterling
IDR
Indonesian
Rupiah
ILS
Israeli
New
Shekel
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
RON
Romanian
New
Leu
THB
Thai
Baht
USD/$
United
States
Dollar
ZAR
South
African
Rand
See
accompanying
notes.
171
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
BLUE
CHIP
FUND
Class
A
shares
2023(b)
$
29.35‌
(
$
0.03‌)
(
$
0.51‌)
(
$
0.54‌)
$
–‌
(
$
0.20‌)
(
$
0.20‌)
$
28.61‌
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
2023(b)
27.18‌
(
0.12‌)
(
0.48‌)
(
0.60‌)
–‌
(
0.20‌)
(
0.20‌)
26.38‌
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
2023(b)
29.87‌
(
0.01‌)
(
0.51‌)
(
0.52‌)
–‌
(
0.20‌)
(
0.20‌)
29.15‌
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(i)
20.16‌
(
0.05‌)
5.22‌
5.17‌
–‌
(
0.59‌)
(
0.59‌)
24.74‌
Institutional
shares
2023(b)
30.11‌
0.01‌
(
0.51‌)
(
0.50‌)
–‌
(
0.20‌)
(
0.20‌)
29.41‌
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.
172
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(1.85‌)
%
(c),(d)
$
886,259‌
0.95‌
%
(e),(f)
–‌
%
(0.20‌)
%
(e)
14.0‌
%
(e)
(26
.35‌)
(d)
850,509‌
0.94‌
(f)
–‌
(0.35‌)
24.0‌
30.18‌
(d)
1,123,747‌
0.91‌
(f)
–‌
(0.49‌)
25.6‌
38.51‌
(d)
646,386‌
0.93‌
(f)
–‌
(0.25‌)
30.0‌
12.75‌
(d)
302,904‌
1.00‌
(f)
–‌
(0.06‌)
15.9‌
26.45‌
(d)
164,310‌
1.09‌
(f)
–‌
(0.30‌)
34.0‌
(2.22‌)
(c),(d)
251,925‌
1.68‌
(e),(f)
–‌
(0.95‌)
(e)
14.0‌
(e)
(26.86‌)
(d)
276,796‌
1.66‌
(f)
–‌
(1.08‌)
24.0‌
29.26‌
(d)
411,694‌
1.65‌
(f)
–‌
(1.23‌)
25.6‌
37.43‌
(d)
322,210‌
1.66‌
(f)
–‌
(0.99‌)
30.0‌
11.91‌
(d)
156,734‌
1.73‌
(f)
–‌
(0.80‌)
15.9‌
25.47‌
(d)
91,660‌
1.84‌
(f)
–‌
(1.05‌)
34.0‌
(1.75‌)
(c),(d)
152,950‌
0.79‌
(e),(g)
0.84‌
(e),(h)
(0.05‌)
(e)
14.0‌
(e)
(26.23‌)
(d)
156,338‌
0.77‌
(g)
0.82‌
(h)
(0.18‌)
24.0‌
30.38‌
(d)
221,942‌
0.77‌
(g)
0.83‌
(h)
(0.35‌)
25.6‌
38.58‌
(d)
153,325‌
0.82‌
(g)
0.91‌
(h)
(0.14‌)
30.0‌
12.82‌
(d)
80,050‌
0.96‌
(g)
1.08‌
(h)
(0.06‌)
15.9‌
26.12‌
(c),(d)
59,232‌
1.01‌
(e),(g)
1.04‌
(e),(h)
(0.21‌)
(e)
34.0‌
(e)
(1.70‌)
(c),(j)
2,363,700‌
0.66‌
(e),(f)
–‌
0.08‌
(e)
14.0‌
(e)
(26.13‌)
(j)
2,473,139‌
0.66‌
(f)
–‌
(0.06‌)
24.0‌
30.51‌
3,141,819‌
0.65‌
(f)
–‌
(0.23‌)
25.6‌
38.88‌
2,638,389‌
0
.66‌
(f)
–‌
(0.02‌)
30.0‌
13.09‌
725,718‌
0.67‌
(f)
–‌
0.39‌
15.9‌
26.88‌
175,887‌
0.75‌
(f)
–‌
0.03‌
34.0‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(h)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
(i)
Period
from
September
11,
2017,
date
operations
commenced,
through
August
31,
2018.
(j)
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.
173
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
BLUE
CHIP
FUND
R-3
shares
2023(b)
$
29
.23‌
(
$
0
.06‌
)
(
$
0
.50‌
)
(
$
0
.56‌
)
$
–‌
(
$
0
.20‌
)
(
$
0
.20‌
)
$
28
.47‌
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
2023(b)
29
.57‌
(
0
.03‌
)
(
0
.51‌
)
(
0
.54‌
)
–‌
(
0
.20‌
)
(
0
.20‌
)
28
.83‌
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
2023(b)
29
.84‌
(
0
.01‌
)
(
0
.52‌
)
(
0
.53‌
)
–‌
(
0
.20‌
)
(
0
.20‌
)
29
.11‌
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
2023(b)
30
.24‌
0
.03‌
(
0
.52‌
)
(
0
.49‌
)
–‌
(
0
.20‌
)
(
0
.20‌
)
29
.55‌
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.
174
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(
1
.92‌
)
%
(c)
$
9,632‌
1
.14‌
%
(d)
,(e)
(
0
.40‌
)
%
(d)
14
.0‌
%
(d)
(
26
.50‌
)
11,031‌
1
.13‌
(e)
(
0
.51‌
)
24
.0‌
29
.94‌
11,204‌
1
.12‌
(e)
(
0
.70‌
)
25
.6‌
38
.20‌
8,764‌
1
.12‌
(e)
(
0
.43‌
)
30
.0‌
12
.58‌
5,913‌
1
.15‌
(e)
(
0
.32‌
)
15
.9‌
26
.18‌
8,402‌
1
.24‌
(
0
.45‌
)
34
.0‌
(
1
.83‌
)
(c)
1,980‌
0
.95‌
(d)
,(e)
(
0
.21‌
)
(d)
14
.0‌
(d)
(
26
.35‌
)
2,443‌
0
.94‌
(e)
(
0
.40‌
)
24
.0‌
30
.18‌
5,608‌
0
.93‌
(e)
(
0
.51‌
)
25
.6‌
38
.45‌
5,230‌
0
.93‌
(e)
(
0
.23‌
)
30
.0‌
12
.78‌
3,989‌
0
.96‌
(e)
(
0
.05‌
)
15
.9‌
26
.42‌
1,300‌
1
.05‌
(
0
.27‌
)
34
.0‌
(
1
.78‌
)
(c)
8,859‌
0
.83‌
(d)
,(e)
(
0
.07‌
)
(d)
14
.0‌
(d)
(
26
.25‌
)
7,938‌
0
.82‌
(e)
(
0
.25‌
)
24
.0‌
30
.29‌
12,383‌
0
.81‌
(e)
(
0
.39‌
)
25
.6‌
38
.66‌
12,060‌
0
.81‌
(e)
(
0
.15‌
)
30
.0‌
12
.92‌
6,380‌
0
.84‌
(e)
0
.07‌
15
.9‌
26
.59‌
5,279‌
0
.93‌
(
0
.15‌
)
34
.0‌
(
1
.63‌
)
(c)
4,923,169‌
0
.57‌
(d)
,(e)
0
.18‌
(d)
14
.0‌
(d)
(
26
.08‌
)
(f)
4,932,871‌
0
.56‌
(e)
0
.05‌
24
.0‌
30
.66‌
(f)
6,134,030‌
0
.55‌
(e)
(
0
.14‌
)
25
.6‌
39
.01‌
4,051,190‌
0
.55‌
(e)
0
.15‌
30
.0‌
13
.22‌
3,052,936‌
0
.58‌
(e)
0
.29‌
15
.9‌
26
.93‌
2,709,836‌
0
.67‌
(e)
0
.12‌
34
.0‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
(f)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
See
accompanying
notes.
175
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
BOND
MARKET
INDEX
FUND
Class
J
shares
2023(b)
$
8.56‌
$
0.12‌
(
$
0.33‌)
(
$
0.21‌)
(
$
0.11‌)
$
–‌
(
$
0.11‌)
$
8.24‌
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
2023(b)
8.77‌
0.14‌
(
0.34‌)
(
0.20‌)
(
0.14‌)
–‌
(
0.14‌)
8.43‌
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
2023(b)
8.58‌
0.10‌
(
0.34‌)
(
0.24‌)
(
0.04‌)
–‌
(
0.04‌)
8.30‌
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
2023(b)
8.55‌
0.12‌
(
0.33‌)
(
0.21‌)
(
0.09‌)
–‌
(
0.09‌)
8.25‌
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
2023(b)
8.64‌
0.12‌
(
0.33‌)
(
0.21‌)
(
0.10‌)
–‌
(
0.10‌)
8.33‌
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
2023(b)
8.61‌
0.13‌
(
0.33‌)
(
0.20‌)
(
0.12‌)
–‌
(
0.12‌)
8.29‌
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.
176
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(2.50‌)
%
(c),(d)
$
30,952‌
0.51‌
%
(e),(f)
0.55‌
%
(e),(g)
2.99‌
%
(e)
116.2‌
%
(e)
(11.95‌)
(d)
32,188‌
0.48‌
(f)
0.52‌
(g)
1.61‌
113.4‌
(0.44‌)
(d)
36,254‌
0.48‌
(f)
0.52‌
(g)
1.42‌
161.7‌
5.75‌
(d)
44,200‌
0.57‌
(f)
0.62‌
(g)
1.79‌
94.1‌
9.38‌
(d)
29,025‌
0.71‌
(f)
0.91‌
(g)
2.10‌
107.7‌
(1.79‌)
(d)
27,466‌
0.62‌
(f)
0.75‌
(g)
1.86‌
102.7‌
(2.30‌)
(c)
2,378,690‌
0.14‌
(e),(h)
–‌
3.37‌
(e)
116.2‌
(e)
(11.58‌)
1,858,811‌
0.15‌
(h)
–‌
1.97‌
113.4‌
(0.18‌)
831,018‌
0.14‌
(h)
–‌
1.77‌
161.7‌
6.29‌
2,290,008‌
0.14‌
(h)
–‌
2.25‌
94.1‌
9.92‌
2,056,135‌
0.16‌
(h)
–‌
2.65‌
107.7‌
(1.29‌)
1,472,817‌
0.16‌
(h)
–‌
2.32‌
102.7‌
(2.75‌)
(c)
592‌
1.01‌
(e),(h)
–‌
2.48‌
(e)
116.2‌
(e)
(
12.33‌)
850‌
1.02‌
(h)
–‌
1.07‌
113.4‌
(1.02‌)
1,148‌
1.01‌
(h)
–‌
0.88‌
161.7‌
5.27‌
1,412‌
1.02‌
(h)
–‌
1.36‌
94.1‌
8.99‌
1,169‌
1.04‌
(h)
–‌
1.78‌
107.7‌
(2.10‌)
1,391‌
1.04‌
(h)
–‌
1.44‌
102.7‌
(2.61‌)
(c),(i)
8,420‌
0.70‌
(e),(h)
–‌
2.80‌
(e)
116.2‌
(e)
(11.99‌)
(i)
8,056‌
0.71‌
(h)
–‌
1.38‌
113.4‌
(0.84‌)
11,264‌
0.70‌
(h)
–‌
1.18‌
161.7‌
5.66‌
13,196‌
0.71‌
(h)
–‌
1.67‌
94.1‌
9.41‌
11,337‌
0.73‌
(h)
–‌
2.09‌
107.7‌
(1.87‌)
13,934‌
0.73‌
(h)
–‌
1.75‌
102.7‌
(2.39‌)
(c)
3,262‌
0.51‌
(e),(h)
–‌
3.00‌
(e)
116.2‌
(e)
(11.97‌)
2,611‌
0.52‌
(h)
–‌
1.56‌
113.4‌
(0.51‌)
4,099‌
0.51‌
(h)
–‌
1.39‌
161.7‌
5.84‌
6,523‌
0.52‌
(h)
–‌
1.87‌
94.1‌
9.82‌
5,521‌
0.54‌
(h)
–‌
2.29‌
107.7‌
(1.67‌)
44,422‌
0.54‌
(h)
–‌
1.95‌
102.7‌
(2.38‌)
(c)
9,965‌
0.39‌
(e),(h)
–‌
3.11‌
(e)
116.2‌
(e)
(11.84‌)
10,475‌
0.40‌
(h)
–‌
1.68‌
113.4‌
(0.44‌)
14,572‌
0.39‌
(h)
–‌
1.50‌
161.7‌
6.01‌
18,279‌
0.40‌
(h)
–‌
1.98‌
94.1‌
9.67‌
16,552‌
0.42‌
(h)
–‌
2.40‌
107.7‌
(1.56‌)
18,775‌
0.42‌
(h)
–‌
2.05‌
102.7‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(g)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
(h)
Reflects
Manager's
contractual
expense
limit.
(i)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
See
accompanying
notes.
177
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
DIVERSIFIED
REAL
ASSET
FUND
(b)
Class
A
shares
2023(c)
$
12
.73‌
$
0
.10‌
(
$
0
.52‌
)
(
$
0
.42‌
)
(
$
0
.58‌
)
(
$
0
.69‌
)
(
$
1
.27‌
)
$
11
.04‌
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
2023(c)
12
.73‌
0
.13‌
(
0
.54‌
)
(
0
.41‌
)
(
0
.60‌
)
(
0
.69‌
)
(
1
.29‌
)
11
.03‌
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
2023(c)
12
.65‌
0
.10‌
(
0
.53‌
)
(
0
.43‌
)
(
0
.57‌
)
(
0
.69‌
)
(
1
.26‌
)
10
.96‌
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-6
shares
2023(c)
12
.72‌
0
.13‌
(
0
.53‌
)
(
0
.40‌
)
(
0
.60‌
)
(
0
.69‌
)
(
1
.29‌
)
11
.03‌
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.
178
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(
3
.26‌
)
%
(d)
,(e)
$
104,274‌
1
.20‌
%
(f)
,(g)
1
.81‌
%
(f)
76
.4‌
%
(f)
0
.95‌
(e)
150,176‌
1
.20‌
(g)
2
.34‌
90
.9‌
21
.79‌
(e)
83,941‌
1
.20‌
(g)
1
.74‌
70
.0‌
0
.89‌
(e)
43,485‌
1
.19‌
(g)
1
.57‌
85
.4‌
(
1
.11‌
)
(e)
54,880‌
1
.22‌
(g)
2
.35‌
71
.5‌
3
.36‌
(e)
107,180‌
1
.22‌
(g)
2
.05‌
84
.1‌
(
3
.13‌
)
(d)
2,165,194‌
0
.83‌
(f)
,(g)
2
.23‌
(f)
76
.4‌
(f)
1
.35‌
2,624,597‌
0
.83‌
(g)
2
.61‌
90
.9‌
22
.18‌
2,086,484‌
0
.83‌
(g)
1
.97‌
70
.0‌
1
.36‌
1,960,593‌
0
.84‌
(g)
1
.95‌
85
.4‌
(
0
.83‌
)
2,388,382‌
0
.85‌
(g)
2
.74‌
71
.5‌
3
.72‌
2,518,033‌
0
.85‌
(g)
2
.45‌
84
.1‌
(
3
.32‌
)
(d)
272‌
1
.34‌
(f)
,(g)
1
.73‌
(f)
76
.4‌
(f)
0
.89‌
274‌
1
.33‌
(g)
2
.06‌
90
.9‌
21
.47‌
225‌
1
.34‌
(g)
1
.49‌
70
.0‌
0
.78‌
138‌
1
.36‌
(g)
1
.39‌
85
.4‌
(
1
.27‌
)
113‌
1
.36‌
(g)
2
.22‌
71
.5‌
3
.15‌
81‌
1
.35‌
(g)
1
.99‌
84
.1‌
(
3
.02‌
)
(d)
1,539,170‌
0
.77‌
(f)
,(g)
2
.29‌
(f)
76
.4‌
(f)
1
.45‌
1,853,422‌
0
.77‌
(g)
2
.61‌
90
.9‌
22
.14‌
2,213,151‌
0
.78‌
(g)
2
.22‌
70
.0‌
1
.32‌
1,162,658‌
0
.79‌
(g)
1
.99‌
85
.4‌
(
0
.68‌
)
1,330,773‌
0
.79‌
(g)
2
.82‌
71
.5‌
3
.78‌
1,523,846‌
0
.79‌
(g)
2
.50‌
84
.1‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(c)
Six
months
ended
February
28,
2023.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(f)
Computed
on
an
annualized
basis.
(g)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
179
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
EDGE
MIDCAP
FUND
Class
A
shares
2023(b)
$
11.95‌
$
0.05‌
$
0.66‌
$
0.71‌
(
$
0.31‌)
(
$
1.27‌)
(
$
1.58‌)
$
11.08‌
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(i)
11.98‌
0.06‌
2.35‌
2.41‌
–‌
–‌
–‌
14.39‌
Institutional
shares
2023(b)
12.05‌
0.07‌
0.67‌
0.74‌
(
0.35‌)
(
1.27‌)
(
1.62‌)
11.17‌
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
2023(b)
12.11‌
0.08‌
0.66‌
0.74‌
(
0.36‌)
(
1.27‌)
(
1.63‌)
11.22‌
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.
180
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
6.71‌
%
(c),(d)
$
16,678‌
1.11‌
%
(e),(f),(g)
0.92‌
%
(e)
12.7‌
%
(e)
(13.95‌)
(d)
16,564‌
1.10‌
(f)
0.38‌
16.1‌
32.16‌
(d)
21,225‌
1.10‌
(f)
0.13‌
14.4‌
6.54‌
(d),(h)
12,547‌
1.10‌
(f)
0.46‌
27.9‌
20.20‌
(c),(d),(h)
5,587‌
1.10‌
(e),(f)
0.59‌
(e)
19.8‌
6.87‌
(c)
46,669‌
0.78‌
(e),(f),(g)
1.22‌
(e)
12.7‌
(e)
(13.65‌)
61,125‌
0.77‌
(f)
0.70‌
16.1‌
32.55‌
112,703‌
0.77‌
(f)
0.46‌
14.4‌
6.97‌
82,198‌
0.77‌
(f)
0.79‌
27.9‌
2.47‌
34,358‌
0.82‌
(f)
0.81‌
19.8‌
20.58‌
14,470‌
0.90‌
(f)
1.17‌
17.4‌
6.85‌
(c)
28,208‌
0.68‌
(e),(f),(g)
1.33‌
(e)
12.7‌
(e)
(13.54‌)
33,326‌
0.66‌
(f)
0
.79‌
16.1‌
32.68‌
451,070‌
0.65‌
(f)
0.57‌
14.4‌
7.11‌
758,215‌
0
.66‌
(f)
0.90‌
27.9‌
2.56‌
653,991‌
0.71‌
(f)
0.90‌
19.8‌
20.69‌
657,980‌
0.76‌
(f)
1.15‌
17.4‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Includes
0.01%
of
interest
expense
associated
with
borrowings.
The
expense
is
not
subject
to
the
Manager's
contractual
expense
limit.
(h)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
(i)
Period
from
December
31,
2018,
date
operations
commenced,
through
August
31,
2019.
See
accompanying
notes.
181
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Tax
Return
of
Capital
Distribution
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
GLOBAL
MULTI-STRATEGY
FUND
(b)
Class
A
shares
2023(c)
$
11
.06‌
$
0
.10‌
$
0
.10‌
$
0
.20‌
(
$
0
.55‌
)
(
$
0
.62‌
)
$
–‌
(
$
1
.17‌
)
$
10
.09‌
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
2023(c)
11
.24‌
0
.13‌
0
.11‌
0
.24‌
(
0
.60‌
)
(
0
.62‌
)
–‌
(
1
.22‌
)
10
.26‌
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
2023(c)
11
.25‌
0
.13‌
0
.11‌
0
.24‌
(
0
.60‌
)
(
0
.62‌
)
–‌
(
1
.22‌
)
10
.27‌
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.
182
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Expenses
to
Average
Net
Assets
(Excluding
Dividends
and
Interest
Expense
on
Short
Sales,
Short
Sale
Fees
and
Reverse
Repurchase
Agreement
Expense)
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
2
.06‌
%
(d)
,(e)
$
37,605‌
2
.28‌
%
(f)
,(g)
2
.05‌
%
(f)
,(g)
,(h)
1
.89‌
%
(f)
141
.5‌
%
(f)
(
2
.60‌
)
(e)
38,252‌
2
.41‌
(g)
2
.08‌
(g)
,(h)
0
.47‌
123
.2‌
8
.71‌
(e)
,(i)
39,485‌
2
.60‌
(g)
2
.12‌
(g)
,(h)
0
.30‌
289
.8‌
3
.01‌
(e)
,(i)
27,072‌
3
.68‌
(g)
,(j)
2
.11‌
(g)
,(h)
,(j)
1
.68‌
439
.7‌
1
.82‌
(e)
41,100‌
3
.37‌
(g)
,(j)
2
.02‌
(g)
,(h)
,(j)
1
.72‌
387
.8‌
0
.90‌
(e)
63,860‌
2
.48‌
(g)
1
.95‌
(g)
,(h)
1
.02‌
378
.0‌
2
.35‌
(d)
327,859‌
1
.82‌
(f)
,(g)
1
.59‌
(f)
,(g)
,(h)
2
.36‌
(f)
141
.5‌
(f)
(
2
.19‌
)
364,886‌
1
.96‌
(g)
1
.63‌
(g)
,(h)
0
.92‌
123
.2‌
9
.27‌
(i)
351,188‌
2
.16‌
(g)
1
.63‌
(g)
,(h)
0
.89‌
289
.8‌
3
.44‌
(i)
591,298‌
3
.21‌
(g)
,(j)
1
.64‌
(g)
,(h)
,(j)
1
.98‌
439
.7‌
2
.24‌
453,013‌
2
.99‌
(g)
,(j)
1
.64‌
(g)
,(h)
,(j)
2
.11‌
387
.8‌
1
.29‌
749,738‌
2
.16‌
(g)
1
.63‌
(g)
,(h)
1
.35‌
378
.0‌
2
.36‌
(d)
69,143‌
1
.77‌
(f)
,(g)
1
.54‌
(f)
,(g)
,(h)
2
.41‌
(f)
141
.5‌
(f)
(
2
.10‌
)
76,481‌
1
.91‌
(g)
1
.58‌
(g)
,(h)
0
.88‌
123
.2‌
9
.37‌
173,029‌
2
.08‌
(g)
1
.58‌
(g)
,(h)
0
.89‌
289
.8‌
3
.44‌
166,448‌
3
.15‌
(g)
,(j)
1
.58‌
(g)
,(h)
,(j)
2
.74‌
439
.7‌
2
.28‌
818,258‌
2
.91‌
(g)
,(j)
1
.56‌
(g)
,(h)
,(j)
2
.19‌
387
.8‌
1
.25‌
(i)
1,780,595‌
2
.08‌
(g)
1
.55‌
(g)
,(h)
1
.43‌
378
.0‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Consolidated
financial
statement;
see
"Basis
for
Consolidation"
in
Notes
to
Financial
Statements.
(c)
Six
months
ended
February
28,
2023.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(f)
Computed
on
an
annualized
basis.
(g)
Reflects
Manager's
contractual
expense
limit.
(h)
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.
(i)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
(j)
Includes
0.01%
of
expenses
associated
with
fund
investments.
The
expense
is
not
subject
to
the
Manager's
contractual
expense
limit.
See
accompanying
notes.
183
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
GLOBAL
SUSTAINABLE
LISTED
INFRASTRUCTURE
FUND
Institutional
shares
2023(c)
$
10
.00‌
$
0
.10‌
$
0
.55‌
$
0
.65‌
(
$
0
.08‌
)
(
$
0
.05‌
)
(
$
0
.13‌
)
$
10
.52‌
See
accompanying
notes.
184
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets(b)
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
6
.48‌
%
(d)
$
15,009‌
0
.88‌
%
(b)
,(e)
2
.21‌
%
(e)
50
.0‌
%
(e)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Reflects
Manager's
contractual
expense
limit.
(c)
Period
from
September
22,
2022,
date
operations
commenced,
through
February
28,
2023.
(d)
Total
return
amounts
have
not
been
annualized.
(e)
Computed
on
an
annualized
basis.
See
accompanying
notes.
185
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
INTERNATIONAL
EQUITY
INDEX
FUND
Institutional
shares
2023(b)
$
9
.39‌
$
0
.08‌
$
1
.09‌
$
1
.17‌
(
$
0
.27‌
)
(
$
0
.01‌
)
(
$
0
.28‌
)
$
10
.28‌
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
2023(b)
9
.06‌
0
.04‌
1
.06‌
1
.10‌
(
0
.18‌
)
(
0
.01‌
)
(
0
.19‌
)
9
.97‌
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
2023(b)
9
.18‌
0
.05‌
1
.07‌
1
.12‌
(
0
.20‌
)
(
0
.01‌
)
(
0
.21‌
)
10
.09‌
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
2023(b)
9
.30‌
0
.06‌
1
.08‌
1
.14‌
(
0
.23‌
)
(
0
.01‌
)
(
0
.24‌
)
10
.20‌
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
2023(b)
9
.33‌
0
.07‌
1
.08‌
1
.15‌
(
0
.24‌
)
(
0
.01‌
)
(
0
.25‌
)
10
.23‌
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
2023(b)
9
.40‌
0
.08‌
1
.09‌
1
.17‌
(
0
.27‌
)
(
0
.01‌
)
(
0
.28‌
)
10
.29‌
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.
186
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
12
.59‌
%
(c)
$
49,637‌
0
.33‌
%
(d)
,(e)
,(f)
1
.67‌
%
(d)
38
.5‌
%
(d)
(
20
.27‌
)
41,036‌
0
.32‌
(e)
,(g)
3
.09‌
20
.1‌
26
.03‌
50,246‌
0
.31‌
(e)
2
.38‌
21
.7‌
5
.77‌
35,803‌
0
.31‌
(e)
2
.11‌
31
.1‌
(
3
.33‌
)
50,221‌
0
.31‌
(e)
3
.09‌
23
.4‌
3
.69‌
46,042‌
0
.34‌
(e)
2
.54‌
27
.2‌
12
.25‌
(c)
368‌
1
.21‌
(d)
,(f)
0
.80‌
(d)
38
.5‌
(d)
(
21
.00‌
)
325‌
1
.19‌
(g)
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
12
.37‌
(c)
11,356‌
0
.90‌
(d)
,(f)
1
.14‌
(d)
38
.5‌
(d)
(
20
.75‌
)
10,683‌
0
.88‌
(g)
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
12
.39‌
(c)
9,324‌
0
.71‌
(d)
,(f)
1
.31‌
(d)
38
.5‌
(d)
(
20
.53‌
)
8,359‌
0
.69‌
(g)
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
12
.48‌
(c)
15,989‌
0
.59‌
(d)
,(f)
1
.40‌
(d)
38
.5‌
(d)
(
20
.45‌
)
13,153‌
0
.57‌
(g)
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
12
.58‌
(c)
926,311‌
0
.31‌
(d)
,(e)
,(f)
1
.74‌
(d)
38
.5‌
(d)
(
20
.25‌
)
912,444‌
0
.30‌
(e)
,(g)
3
.10‌
20
.1‌
26
.14‌
1,151,273‌
0
.29‌
(e)
2
.35‌
21
.7‌
5
.66‌
(h)
1,020,094‌
0
.29‌
(e)
2
.25‌
31
.1‌
(
3
.23‌
)
(h)
1,003,550‌
0
.28‌
(e)
3
.04‌
23
.4‌
3
.80‌
997,061‌
0
.27‌
(e)
2
.67‌
27
.2‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
(f)
Includes
0.01%
and
0.01%
of
interest
expense
associated
with
borrowings
and
expenses
associated
with
the
reclaim
of
foreign
taxes
paid,
respectively.
These
expenses
are
not
subject
to
the
Manager's
contractual
expense
limit.
(g)
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.
(h)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
See
accompanying
notes.
187
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
INTERNATIONAL
SMALL
COMPANY
FUND
Institutional
shares
2023(b)
$
8
.88‌
$
0
.04‌
$
0
.68‌
$
0
.72‌
(
$
0
.11‌
)
$
–‌
(
$
0
.11‌
)
$
9
.49‌
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
2023(b)
8
.93‌
0
.04‌
0
.69‌
0
.73‌
(
0
.12‌
)
–‌
(
0
.12‌
)
9
.54‌
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.
188
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
8
.17‌
%
(c)
$
43,039‌
1
.13‌
%
(d)
,(e)
0
.96‌
%
(d)
66
.4‌
%
(d)
(
27
.62‌
)
49,278‌
1
.16‌
(e)
1
.81‌
61
.4‌
28
.27‌
94,066‌
1
.19‌
(e)
0
.96‌
54
.6‌
4
.49‌
72,515‌
1
.20‌
(e)
0
.88‌
44
.1‌
(
7
.31‌
)
34,866‌
1
.20‌
(e)
1
.36‌
46
.8‌
6
.63‌
18,212‌
1
.20‌
(e)
1
.19‌
45
.9‌
8
.23‌
(c)
663,686‌
1
.07‌
(d)
,(e)
0
.97‌
(d)
66
.4‌
(d)
(
27
.61‌
)
655,371‌
1
.08‌
(e)
2
.00‌
61
.4‌
28
.27‌
1,087,460‌
1
.08‌
(e)
1
.11‌
54
.6‌
4
.67‌
966,964‌
1
.08‌
(e)
0
.91‌
44
.1‌
(
7
.20‌
)
855,932‌
1
.07‌
(e)
1
.36‌
46
.8‌
6
.79‌
976,593‌
1
.06‌
(e)
1
.06‌
45
.9‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
189
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
OPPORTUNISTIC
MUNICIPAL
FUND
Class
A
shares
2023(b)
$
9
.80‌
$
0
.20‌
(
$
0
.41‌
)
(
$
0
.21‌
)
(
$
0
.20‌
)
(
$
0
.20‌
)
$
9
.39‌
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
2023(b)
9
.80‌
0
.21‌
(
0
.41‌
)
(
0
.20‌
)
(
0
.21‌
)
(
0
.21‌
)
9
.39‌
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.
190
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Expenses
to
Average
Net
Assets
(Excluding
Interest
Expense
and
Fees)
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(
2
.16‌
)
%
(c)
,(d)
$
42,199‌
1
.04‌
%
(e)
,(f)
0
.84‌
%
(e)
,(f)
,(g)
4
.24‌
%
(e)
32
.7‌
%
(e)
(
13
.42‌
)
(d)
49,013‌
0
.90‌
(f)
0
.84‌
(f)
,(g)
3
.32‌
52
.4‌
10
.43‌
(d)
59,266‌
0
.88‌
(f)
0
.84‌
(f)
,(g)
3
.26‌
48
.0‌
0
.62‌
(d)
50,459‌
0
.91‌
(f)
0
.84‌
(f)
,(g)
3
.35‌
76
.6‌
10
.36‌
(d)
53,756‌
0
.98‌
(f)
0
.86‌
(f)
,(g)
4
.01‌
66
.1‌
3
.37‌
(d)
46,667‌
1
.00‌
(f)
0
.90‌
(f)
,(g)
3
.94‌
76
.0‌
(
2
.03‌
)
(c)
75,100‌
0
.76‌
(e)
,(f)
0
.56‌
(e)
,(f)
,(g)
4
.52‌
(e)
32
.7‌
(e)
(
13
.25‌
)
90,215‌
0
.62‌
(f)
0
.56‌
(f)
,(g)
3
.57‌
52
.4‌
10
.73‌
116,210‌
0
.60‌
(f)
0
.56‌
(f)
,(g)
3
.52‌
48
.0‌
0
.99‌
82,465‌
0
.63‌
(f)
0
.56‌
(f)
,(g)
3
.64‌
76
.6‌
10
.55‌
82,132‌
0
.70‌
(f)
0
.58‌
(f)
,(g)
4
.27‌
66
.1‌
3
.66‌
55,466‌
0
.72‌
(f)
0
.62‌
(f)
,(g)
4
.21‌
76
.0‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
(g)
Excludes
interest
expense
and
fees
paid
through
inverse
floater
agreements.
See
"Operating
Policies"
in
notes
to
financial
statements.
See
accompanying
notes.
191
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
ORIGIN
EMERGING
MARKETS
FUND
Class
A
shares
2023(b)
$
9
.83‌
$
0
.03‌
(
$
0
.27‌
)
(
$
0
.24‌
)
(
$
0
.21‌
)
$
–‌
(
$
0
.21‌
)
$
9
.38‌
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
2023(b)
9
.67‌
0
.05‌
(
0
.25‌
)
(
0
.20‌
)
(
0
.26‌
)
–‌
(
0
.26‌
)
9
.21‌
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
2023(b)
9
.69‌
0
.06‌
(
0
.26‌
)
(
0
.20‌
)
(
0
.27‌
)
–‌
(
0
.27‌
)
9
.22‌
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.
192
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(
2
.32‌
)
%
(c)
,(d)
$
5,010‌
1
.52‌
%
(e)
,(f)
0
.75‌
%
(e)
63
.8‌
%
(e)
(
28
.32‌
)
(d)
5,426‌
1
.57‌
(f)
2
.45‌
48
.7‌
14
.95‌
(d)
9,524‌
1
.60‌
(f)
1
.00‌
71
.9‌
17
.73‌
(d)
4,003‌
1
.60‌
(f)
0
.96‌
72
.9‌
(
4
.94‌
)
(d)
2,455‌
1
.66‌
(f)
1
.08‌
59
.4‌
(
3
.49‌
)
(d)
4,384‌
1
.75‌
(f)
0
.97‌
52
.3‌
(
2
.00‌
)
(c)
88,039‌
1
.17‌
(e)
,(f)
1
.08‌
(e)
63
.8‌
(e)
(
28
.08‌
)
96,342‌
1
.20‌
(f)
2
.97‌
48
.7‌
15
.42‌
124,727‌
1
.20‌
(f)
1
.30‌
71
.9‌
18
.21‌
26,478‌
1
.20‌
(f)
1
.44‌
72
.9‌
(
4
.55‌
)
11,710‌
1
.22‌
(f)
1
.78‌
59
.4‌
(
2
.98‌
)
12,032‌
1
.25‌
(f)
0
.58‌
52
.3‌
(
1
.94‌
)
(c)
2,386,892‌
1
.04‌
(e)
1
.23‌
(e)
63
.8‌
(e)
(
27
.96‌
)
2,180,550‌
1
.05‌
(f)
2
.85‌
48
.7‌
15
.61‌
3,729,485‌
1
.05‌
(f)
1
.56‌
71
.9‌
18
.30‌
1,827,389‌
1
.07‌
(f)
1
.43‌
72
.9‌
(
4
.42‌
)
1,082,059‌
1
.12‌
(f)
2
.40‌
59
.4‌
(
2
.97‌
)
622,846‌
1
.21‌
(f)
1
.21‌
52
.3‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
193
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
SMALL-MIDCAP
DIVIDEND
INCOME
FUND
Class
A
shares
2023(b)
$
15
.94‌
$
0
.12‌
$
0
.90‌
$
1
.02‌
(
$
0
.12‌
)
(
$
0
.79‌
)
(
$
0
.91‌
)
$
16
.05‌
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
2023(b)
15
.74‌
0
.06‌
0
.91‌
0
.97‌
(
0
.06‌
)
(
0
.79‌
)
(
0
.85‌
)
15
.86‌
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
2023(b)
16
.03‌
0
.14‌
0
.91‌
1
.05‌
(
0
.14‌
)
(
0
.79‌
)
(
0
.93‌
)
16
.15‌
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
2023(b)
16
.11‌
0
.14‌
0
.92‌
1
.06‌
(
0
.15‌
)
(
0
.79‌
)
(
0
.94‌
)
16
.23‌
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.
194
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
6
.65‌
%
(c)
,(d)
$
153,723‌
1
.12‌
%
(e)
,(f)
1
.53‌
%
(e)
33
.7‌
%
(e)
(
5
.31‌
)
(d)
145,799‌
1
.12‌
(f)
1
.17‌
22
.1‌
44
.42‌
(d)
148,411‌
1
.12‌
(f)
0
.70‌
74
.6‌
(
12
.55‌
)
(d)
103,382‌
1
.12‌
(f)
1
.20‌
28
.9‌
(
7
.83‌
)
(d)
147,402‌
1
.13‌
(f)
1
.91‌
21
.9‌
13
.93‌
(d)
214,620‌
1
.13‌
(f)
1
.98‌
31
.5‌
6
.34‌
(c)
,(d)
38,352‌
1
.87‌
(e)
,(f)
0
.76‌
(e)
33
.7‌
(e)
(
6
.09‌
)
(d)
45,460‌
1
.87‌
(f)
0
.39‌
22
.1‌
43
.44‌
(d)
69,017‌
1
.87‌
(f)
(
0
.03‌
)
74
.6‌
(
13
.25‌
)
(d)
71,660‌
1
.87‌
(f)
0
.45‌
28
.9‌
(
8
.50‌
)
(d)
118,135‌
1
.88‌
(f)
1
.16‌
21
.9‌
13
.08‌
(d)
170,893‌
1
.88‌
(f)
1
.23‌
31
.5‌
6
.83‌
(c)
731,883‌
0
.85‌
(e)
,(f)
1
.79‌
(e)
33
.7‌
(e)
(
5
.08‌
)
749,448‌
0
.85‌
(f)
1
.44‌
22
.1‌
44
.89‌
833,344‌
0
.85‌
(f)
1
.02‌
74
.6‌
(
12
.36‌
)
1,408,105‌
0
.85‌
(f)
1
.47‌
28
.9‌
(
7
.54‌
)
1,892,406‌
0
.86‌
(f)
2
.19‌
21
.9‌
14
.20‌
2,453,527‌
0
.86‌
(f)
2
.25‌
31
.5‌
6
.83‌
(c)
392,261‌
0
.79‌
(e)
,(f)
1
.77‌
(e)
33
.7‌
(e)
(
5
.05‌
)
120,396‌
0
.80‌
(f)
1
.54‌
22
.1‌
45
.03‌
61,986‌
0
.79‌
(f)
0
.93‌
74
.6‌
(
12
.24‌
)
9,135‌
0
.79‌
(f)
1
.52‌
28
.9‌
(
7
.54‌
)
8,589‌
0
.79‌
(f)
2
.27‌
21
.9‌
14
.39‌
7,737‌
0
.78‌
(f)
2
.28‌
31
.5‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
195
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
SMALL-MIDCAP
GROWTH
FUND
Institutional
shares
2023(b)
$
10
.95‌
(
$
0
.02‌
)
(
$
0
.33‌
)
(
$
0
.35‌
)
$
–‌
$
–‌
$
–‌
$
10
.60‌
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(g)
10
.00‌
(
0
.01‌
)
0
.27‌
0
.26‌
–‌
–‌
–‌
10
.26‌
See
accompanying
notes.
196
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
(
3
.20‌
)
%
(c)
$
8,437‌
0
.83‌
%
(d)
,(e)
(
0
.40‌
)
%
(d)
180
.4‌
%
(d)
(
21
.76‌
)
8,707‌
0
.83‌
(e)
(
0
.60‌
)
161
.6‌
44
.49‌
(f)
11,489‌
0
.83‌
(e)
(
0
.33‌
)
148
.4‌
39
.77‌
(f)
7,626‌
0
.83‌
(e)
(
0
.59‌
)
134
.3‌
2
.60‌
(c)
5,131‌
0
.83‌
(d)
,(e)
(
0
.48‌
)
(d)
175
.8‌
(d)
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
(f)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
(g)
Period
from
June
12,
2019,
date
operations
commenced,
through
August
31,
2019.
See
accompanying
notes.
197
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
SPECTRUM
PREFERRED
AND
CAPITAL
SECURITIES
INCOME
FUND
Class
A
shares
2023(b)
$
9.13‌
$
0.20‌
$
–‌
$
0.20‌
(
$
0.26‌)
$
–‌
(
$
0.26‌)
$
9.07‌
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
2023(b)
9.13‌
0.17‌
(
0.02‌)
0.15‌
(
0.22‌)
–‌
(
0.22‌)
9.06‌
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
2023(b)
8.83‌
0.19‌
–‌
0.19‌
(
0.26‌)
–‌
(
0.26‌)
8.76‌
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
2023(b)
9.05‌
0.21‌
–‌
0.21‌
(
0.27‌)
–‌
(
0.27‌)
8.99‌
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
2023(b)
9.00‌
0.17‌
0.01‌
0.18‌
(
0.24‌)
–‌
(
0.24‌)
8.94‌
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.
198
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
2.27‌
%
(c),(d)
$
753,100‌
1.05‌
%
(e)
–‌
%
4.50‌
%
(e)
11.4‌
%
(e)
(10.28‌)
(d)
808,228‌
1.03‌
–‌
3.78‌
15.4‌
7.32‌
(d)
971,310‌
1.04‌
–‌
3.62‌
21.6‌
4.77‌
(d)
844,525‌
1.05‌
–‌
4.18‌
18.1‌
7.80‌
(d)
732,421‌
1.06‌
–‌
4.96‌
19.8‌
0.32‌
(d)
655,225‌
1.06‌
–‌
4.83‌
12.3‌
1.77‌
(c),(d)
166,977‌
1.81‌
(e)
–‌
3.73‌
(e)
11.4‌
(e)
(10.98‌)
(d)
180,824‌
1.79‌
–‌
3.01‌
15.4‌
6.58‌
(d)
256,799‌
1.79‌
–‌
2.89‌
21.6‌
3.95‌
(d)
365,817‌
1.81‌
–‌
3.44‌
18.1‌
6.97‌
(d)
469,674‌
1.81‌
–‌
4.21‌
19.8‌
(0.44‌)
(d)
631,599‌
1.81‌
–‌
4.08‌
12.3‌
2.25‌
(c),(d)
35,596‌
1.03‌
(e),(f)
1.05‌
(e),(g)
4.51‌
(e)
11.4‌
(e)
(10.38‌)
(d)
36,128‌
1.01‌
(f)
1.03‌
(g)
3.80‌
15.4‌
7.50‌
(d)
42,288‌
1.00‌
(f)
1.02‌
(g)
3.68‌
21.6‌
4.67‌
(d)
42,554‌
1.07‌
(f)
1.10‌
(g)
4.17‌
18.1‌
7.75‌
(d)
45,660‌
1.13‌
(f)
1.16‌
(g)
4.89‌
19.8‌
0.38‌
(d)
45,458‌
1.02‌
(f)
1.05‌
(g)
4.87‌
12.3‌
2.42‌
(c)
3,883,155‌
0.80‌
(e),(h)
–‌
4.74‌
(e)
11.4‌
(e)
(10.14‌)
4,213,593‌
0.79‌
(h)
–‌
4.01‌
15.4‌
7.64‌
5,472,494‌
0.79‌
(h)
–‌
3.87‌
21.6‌
4.96‌
4,746,270‌
0.81‌
(h)
–‌
4.42‌
18.1‌
8.12‌
3,591,388‌
0.81‌
(h)
–‌
5.21‌
19.8‌
0.59‌
3,306,108‌
0.80‌
(h)
–‌
5.09‌
12.3‌
2.04‌
(c)
487‌
1.58‌
(e)
–‌
3.96‌
(e)
11.4‌
(e)
(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)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Total
return
is
calculated
without
the
front-end
sales
charge
or
contingent
deferred
sales
charge,
if
applicable.
(e)
Computed
on
an
annualized
basis.
(f)
Reflects
Manager's
contractual
expense
limit
and/or
Distributor's
voluntary
distribution
fee
limit.
(g)
Excludes
expense
reimbursement
from
Manager
and/or
Distributor.
(h)
Reflects
Manager's
contractual
expense
limit.
See
accompanying
notes.
199
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Distributions
from
Realized
Gains
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
SPECTRUM
PREFERRED
AND
CAPITAL
SECURITIES
INCOME
FUND
R-3
shares
2023(b)
$
8
.98‌
$
0
.19‌
(
$
0
.01‌
)
$
0
.18‌
(
$
0
.25‌
)
$
–‌
(
$
0
.25‌
)
$
8
.91‌
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
2023(b)
8
.95‌
0
.19‌
0
.01‌
0
.20‌
(
0
.26‌
)
–‌
(
0
.26‌
)
8
.89‌
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
2023(b)
9
.01‌
0
.20‌
(
0
.01‌
)
0
.19‌
(
0
.26‌
)
–‌
(
0
.26‌
)
8
.94‌
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
2023(b)
9
.05‌
0
.21‌
(
0
.01‌
)
0
.20‌
(
0
.27‌
)
–‌
(
0
.27‌
)
8
.98‌
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.
200
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
2
.08‌
%
(c)
$
7,115‌
1
.27‌
%
(d)
4
.27‌
%
(d)
11
.4‌
%
(d)
(
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
2
.30‌
(c)
940‌
1
.08‌
(d)
4
.46‌
(d)
11
.4‌
(d)
(
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
2
.23‌
(c)
2,282‌
0
.96‌
(d)
4
.58‌
(d)
11
.4‌
(d)
(
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
2
.36‌
(c)
1,157,838‌
0
.70‌
(d)
4
.84‌
(d)
11
.4‌
(d)
(
9
.97‌
)
1,228,160‌
0
.70‌
4
.11‌
15
.4‌
7
.64‌
1,706,467‌
0
.70‌
(e)
3
.97‌
21
.6‌
5
.17‌
(f)
1,518,101‌
0
.71‌
(e)
4
.52‌
18
.1‌
8
.12‌
(f)
910,863‌
0
.71‌
(e)
5
.32‌
19
.8‌
0
.69‌
1,010,227‌
0
.71‌
(e)
5
.21‌
12
.3‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
(f)
Total
return
is
calculated
using
the
traded
net
asset
value
which
may
differ
from
the
reported
net
asset
value.
The
traded
net
asset
value
is
the
net
asset
value
which
a
shareholder
would
have
paid
or
received
from
a
subscription
or
redemption.
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
201
As
a
shareholder
of
Principal
Funds,
Inc.,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
on
purchase
payments
and
contingent
deferred
sales
charges;
and
(2)
ongoing
costs,
including
management
fees;
distribution
fees;
and
other
fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
Principal
Funds,
Inc.
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(
September
1,
2022
to
February
28,
2023
),
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
September
1,
2022
Ending
Account
Value
February
28,
2023
Expenses
Paid
During Period
September
1,
2022 to
February
28,
2023
(a)
Beginning
Account
Value
September
1,
2022
Ending
Account
Value
February
28,
2023 
Expenses
Paid
During Period
September
1,
2022 to
February
28,
2023
(a)
Annualized
Expense
Ratio
Blue
Chip
Fund
Class
A
$
1,000.00‌
$
981.51‌
$
4.67
$
1,000.00
$
1,020.08‌
$
4.76‌
0.95‌
%
Class
C
1,000.00‌
977.82‌
8.24
1,000.00
1,016.46‌
8.40‌
1.68‌
Class
J
1,000.00‌
982.51‌
3.88
1,000.00
1,020.88‌
3.96‌
0.79‌
Institutional
1,000.00‌
982.99‌
3.25
1,000.00
1,021.52‌
3.31‌
0.66‌
R-3
1,000.00‌
980.75‌
5.60
1,000.00
1,019.14‌
5.71‌
1.14‌
R-4
1,000.00‌
981.65‌
4.67
1,000.00
1,020.08‌
4.76‌
0.95‌
R-5
1,000.00‌
982.16‌
4.08
1,000.00
1,020.68‌
4.16‌
0.83‌
R-6
1,000.00‌
983.72‌
2.80
1,000.00
1,021.97‌
2.86‌
0.57‌
Bond
Market
Index
Fund
Class
J
1,000.00‌
975.05‌
2.50
1,000.00
1,022.27‌
2.56‌
0.51‌
Institutional
1,000.00‌
976.97‌
0.69
1,000.00
1,024.10‌
0.70‌
0.14‌
R-1
1,000.00‌
972.47‌
4.94
1,000.00
1,019.79‌
5.06‌
1.01‌
R-3
1,000.00‌
973.86‌
3.43
1,000.00
1,021.32‌
3.51‌
0.70‌
R-4
1,000.00‌
976.13‌
2.50
1,000.00
1,022.27‌
2.56‌
0.51‌
R-5
1,000.00‌
976.16‌
1.91
1,000.00
1,022.86‌
1.96‌
0.39‌
Diversified
Real
Asset
Fund
Class
A
1,000.00‌
967.41‌
5.85
1,000.00
1,018.84‌
6.01‌
1.20‌
Institutional
1,000.00‌
968.68‌
4.05
1,000.00
1,020.68‌
4.16‌
0.83‌
R-3
1,000.00‌
966.77‌
6.53
1,000.00
1,018.15‌
6.71‌
1.34‌
R-6
1,000.00‌
969.85‌
3.76
1,000.00
1,020.98‌
3.86‌
0.77‌
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
202
Actual
Hypothetical
Beginning
Account
Value
September
1,
2022
Ending
Account
Value
February
28,
2023
Expenses
Paid
During Period
September
1,
2022 to
February
28,
2023
(a)
Beginning
Account
Value
September
1,
2022
Ending
Account
Value
February
28,
2023 
Expenses
Paid
During Period
September
1,
2022 to
February
28,
2023
(a)
Annualized
Expense
Ratio
Edge
MidCap
Fund
Class
A
$
1,000.00‌
$
1,067.08‌
$
5.69
$
1,000.00
$
1,019.29‌
$
5.56‌
1.11‌
%
Institutional
1,000.00‌
1,068.68‌
4.00
1,000.00
1,020.93‌
3.91‌
0.78‌
R-6
1,000.00‌
1,068.49‌
3.49
1,000.00
1,021.42‌
3.41‌
0.68‌
Global
Multi-Strategy
Fund
Class
A
1,000.00‌
1,020.60‌
11.42
1,000.00
1,013.49‌
11.38‌
2.28‌
Institutional
1,000.00‌
1,023.53‌
9.13
1,000.00
1,015.77‌
9.10‌
1.82‌
R-6
1,000.00‌
1,023.57‌
8.88
1,000.00
1,016.02‌
8.85‌
1.77‌
Global
Multi-Strategy
Fund
(Excluding
Dividend
and
Interest
Expense
on
Shorts)
Class
A
1,000.00‌
1,020.60‌
10.27‌
 1,000.00
1,014.63‌
10.24‌
2.05‌
Institutional
1,000.00‌
1,023.53‌
7.98‌
 1,000.00
1,016.91‌
7.95‌
1.59‌
R-6
1,000.00‌
1,023.57‌
7.73‌
 1,000.00
1,017.16‌
7.70‌
1.54‌
Global
Sustainable
Listed
Infrastructure
Fund
Institutional
1,000.00‌
1,064.79‌
3.96
(b)
1,000.00
1,020.43‌
4.41‌
0.88‌
International
Equity
Index
Fund
Institutional
1,000.00‌
1,125.94‌
1.74
1,000.00
1,023.16‌
1.66‌
0.33‌
R-1
1,000.00‌
1,122.50‌
6.37
1,000.00
1,018.79‌
6.06‌
1.21‌
R-3
1,000.00‌
1,123.74‌
4.74
1,000.00
1,020.33‌
4.51‌
0.90‌
R-4
1,000.00‌
1,123.90‌
3.74
1,000.00
1,021.27‌
3.56‌
0.71‌
R-5
1,000.00‌
1,124.85‌
3.11
1,000.00
1,021.87‌
2.96‌
0.59‌
R-6
1,000.00‌
1,125.83‌
1.63
1,000.00
1,023.26‌
1.56‌
0.31‌
International
Small
Company
Fund
Institutional
1,000.00‌
1,081.70‌
5.83
1,000.00
1,019.19‌
5.66‌
1.13‌
R-6
1,000.00‌
1,082.26‌
5.52
1,000.00
1,019.49‌
5.36‌
1.07‌
Opportunistic
Municipal
Fund
Class
A
1,000.00‌
978.37‌
5.10
1,000.00
1,019.64‌
5.21‌
1.04‌
Institutional
1,000.00‌
979.72‌
3.73
1,000.00
1,021.03‌
3.81‌
0.76‌
Opportunistic
Municipal
Fund
(Excluding
Interest
Expense
and
Fees)
Class
A
1,000.00‌
978.37‌
4.12‌
 1,000.00
1,020.63‌
4.21‌
0.84‌
Institutional
1,000.00‌
979.72‌
2.75‌
 1,000.00
1,022.02‌
2.81‌
0.56‌
Origin
Emerging
Markets
Fund
Class
A
1,000.00‌
976.83‌
7.45
1,000.00
1,017.26‌
7.60‌
1.52‌
Institutional
1,000.00‌
979.96‌
5.74
1,000.00
1,018.99‌
5.86‌
1.17‌
R-6
1,000.00‌
980.59‌
5.11
1,000.00
1,019.64‌
5.21‌
1.04‌
Small-MidCap
Dividend
Income
Fund
Class
A
1,000.00‌
1,066.54‌
5.74
1,000.00
1,019.24‌
5.61‌
1.12‌
Class
C
1,000.00‌
1,063.43‌
9.57
1,000.00
1,015.52‌
9.35‌
1.87‌
Institutional
1,000.00‌
1,068.34‌
4.36
1,000.00
1,020.58‌
4.26‌
0.85‌
R-6
1,000.00‌
1,068.25‌
4.05
1,000.00
1,020.88‌
3.96‌
0.79‌
Small-MidCap
Growth
Fund
Institutional
1,000.00‌
968.04‌
4.05
1,000.00
1,020.68‌
4.16‌
0.83‌
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
203
Actual
Hypothetical
Beginning
Account
Value
September
1,
2022
Ending
Account
Value
February
28,
2023
Expenses
Paid
During Period
September
1,
2022 to
February
28,
2023
(a)
Beginning
Account
Value
September
1,
2022
Ending
Account
Value
February
28,
2023 
Expenses
Paid
During Period
September
1,
2022 to
February
28,
2023
(a)
Annualized
Expense
Ratio
Spectrum
Preferred
and
Capital
Securities
Income
Fund
Class
A
$
1,000.00‌
$
1,022.72‌
$
5.27
$
1,000.00
$
1,019.59‌
$
5.26‌
1.05‌
%
Class
C
1,000.00‌
1,017.70‌
9.06
1,000.00
1,015.82‌
9.05‌
1.81‌
Class
J
1,000.00‌
1,022.47‌
5.17
1,000.00
1,019.69‌
5.16‌
1.03‌
Institutional
1,000.00‌
1,024.15‌
4.02
1,000.00
1,020.83‌
4.01‌
0.80‌
R-1
1,000.00‌
1,020.36‌
7.91
1,000.00
1,016.96‌
7.90‌
1.58‌
R-3
1,000.00‌
1,020.81‌
6.36
1,000.00
1,018.50‌
6.36‌
1.27‌
R-4
1,000.00‌
1,023.02‌
5.42
1,000.00
1,019.44‌
5.41‌
1.08‌
R-5
1,000.00‌
1,022.32‌
4.81
1,000.00
1,020.03‌
4.81‌
0.96‌
R-6
1,000.00‌
1,023.56‌
3.51
1,000.00
1,021.32‌
3.51‌
0.70‌
(a)
Expenses
are
equal
to
a
fund's
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
(b)
Expenses
are
equal
to
a
fund's
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period
(September
22,
2022,
to
February
28,
2023),
multiplied
by
159/365
(to
reflect
the
period
since
inception).
Principal
Funds,
Inc.
(unaudited)
204
Notification
of
Source
of
Distributions
Pursuant
to
Rule
19a-1
of
the
Investment
Company
Act
of
1940
As
noted
in
the
table
provided
below,
certain
of
the
Principal
Funds
made
distributions
for
the
months
of
December
2022
and
March
2023
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
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.
December
2022
Fund
Net
Income
Realized
Gain
Capital
Sources
Diversified
Real
Asset
Fund
0.00%
11.13%
88.87%
Global
Multi-Strategy
Fund
23.33
0.00
76.67
Global
Sustainable
Listed
Infrastructure
Fund
Institutional
87.07
12.93
0.00
International
Equity
Index
Fund
74.49
0.00
25.51
International
Small
Company
Fund
29.32
0.00
70.68
Origin
Emerging
Markets
Fund
88.79
0.00
11.21
March
2023
Fund
Net
Income
Realized
Gain
Capital
Sources
Diversified
Real
Asset
Fund
0.00%
0.00%
100.00%
205
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
Boards
of
the
following
investment
companies:
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
referred
to
as
“Interested
Board
Members”.
Board
Members
who
are
not
Interested
Board
Members
are
referred
to
as
“Independent
Board
Members”.
Each
Board
Member
generally
serves
until
the
next
annual
meeting
of
shareholders
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.
The
Board
elects
officers
to
supervise
the
day-to-day
operations
of
the
Fund
Complex.
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
132
McClatchy
Newspapers,
Inc.
(2000-
2020);
Frontier
Communications,
Inc.
(2005-2019)
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
(consulting
services)
132
None
Katharin
S.
Dyer
Board
Member
since
2023
Member,
Operations
Committee
1957
Founder
and
Chief
Executive
Officer,
PivotWise
(consulting
services)
Global
Partner,
IBM
(technology
company)
from
2016-2018
132
Liquidity
Services,
Inc.
(2020-present)
Frances
P.
Grieb
Board
Member
since
2023
Member,
Audit
Committee
1960
Retired
132
First
Interstate
BancSystems,
Inc.
(2022-present);
Great
Western
Bancorp,
Inc.
and
Great
Western
Bank
(2014-2022)
Fritz
S.
Hirsch
Board
Member
since
2005
Member,
Nominating
and
Governance
Committee
Member,
15(c)
Committee
1951
Interim
CEO,
MAM
USA
(manufacturer
of
infant
and
juvenile
products)
from
February
2020
to
October
2020
132
MAM
USA
(2011-present)
Victor
Hymes
Board
Member
since
2020
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1957
Founder,
CEO,
CIO,
Legato
Capital
Management,
LLC
(investment
management
company)
132
None
Padelford
L.
Lattimer
Board
Member
since
2020
Chair,
Operations
Committee
Member,
15(c)
Committee
1961
Managing
Partner,
TBA
Management
Consulting
LLC
(management
consulting
and
staffing
company)
132
None
Karen
McMillan
Board
Member
since
2014
Member,
Operations
Committee
Chair,
15(c)
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
(consulting
services)
Managing
Director,
Patomak
Global
Partners,
LLC
(financial
services
consulting)
from
2014-2021
132
None
206
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
132
SpartanNash
(2000-2022)
Mary
M.
VanDeWeghe
Board
Member
since
2018
Member,
Audit
Committee
Member,
15(c)
Committee
1959
CEO
and
President,
Forte
Consulting,
Inc.
(financial
and
management
consulting)
132
Helmerich
&
Payne
(2019-present);
Denbury
Resources
Inc.
(2019-2020)
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
Principal
Global
Investors,
LLC
(“PGI”)
132
None
Chair
and
Board
Member
since
2019
Chair,
Executive
Committee
1957
President
(2018-2021)
Director
(2018-2020)
Principal
Financial
Group,
Inc.
(“PFGI”),
Principal
Financial
Services,
Inc.
(“PFSI”),
and
Principal
Life
Insurance
Company
(“PLIC”)
Division
President
(2020-2021)
President
(2018-2020)
Post
Advisory
Group,
LLC
(“Post”)
Director
(2018-2020)
RobustWealth
Chair
and
Executive
Vice
President
(2018-2021)
Patrick
G.
Halter
PGI
132
None
Board
Member
since
2017
Member,
Executive
Committee
1959
Chair
since
2018
Chief
Executive
Officer
and
President
since
2018
Director
since
2003
PFGI,
PFSI,
and
PLIC
President
and
Chief
Executive
Officer
–
Principal
Asset
Management
(“PAM”)
since
2022
President
–
Principal
Global
Asset
Management
(“PGAM”)
(2020-2022)
Post
Director
since
2017
Chair
(2017-2020)
Principal
Real
Estate
Investors,
LLC
(“PREI”)
President
-
PGAM
since
2022
Director
and
Chair
since
2004
Chief
Executive
Officer
and
President
(2018-2021)
Origin
Asset
Management
LLP
(“Origin”)
Director
(2018-2019)
207
FUND
COMPLEX
OFFICERS
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Kamal
Bhatia
PGI
President
and
Chief
Executive
Officer
Des
Moines,
IA
50392
1972
Director
since
2019
President
–
Principal
Funds
since
2019
Principal
Funds
Distributor,
Inc.
(“PFD”)
Director
since
2019
PFGI,
PFSI,
and
PLIC
Senior
Executive
Director
and
Chief
Operating
Officer
-
PAM
since
2022
Senior
Executive
Director
and
Chief
Operating
Officer
–
PGI
(2020-2022)
President-Principal
Funds
(2019-2020)
Post
Director
since
2020
PREI
Senior
Executive
Director
and
Chief
Operating
Officer
–
PGI
since
2022
Director
since
2020
Principal
Shareholder
Services,
Inc.
(“PSS”)
Executive
Vice
President
since
2019
Director
and
Chair
(2019-2022)
Spectrum
Asset
Management,
Inc.
(“Spectrum”)
Director
since
2021
Origin
Additional
Director
since
2022
Oppenheimer
Funds
Senior
Vice
President
(2011-2019)
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
208
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
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)
Sara
L.
Reece
Vice
President
and
Chief
Operating
Officer
Des
Moines,
IA
50392
1975
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)
Vice
President,
PSS
since
2015
Michael
Scholten
Chief
Financial
Officer
Des
Moines,
IA
50392
1979
Chief
Operations
Officer,
PFD
since
2022
Chief
Financial
Officer
–
PFD
(2016-2022)
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,
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
209
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Clint
L.
Woods
PGI
Counsel,
Vice
President,
and
Assistant
Secretary
Des
Moines,
IA
50392
1961
Vice
President,
Associate
General
Counsel,
and
Assistant
Secretary
since
2021
Vice
President,
Associate
General
Counsel,
and
Secretary
(2020-2021)
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary
(2018-2020)
PFD
Vice
President,
Associate
General
Counsel,
and
Secretary
since
2022
Vice
President,
Associate
General
Counsel,
and
Assistant
Corporate
Secretary
(2019-2022)
PFSI
Vice
President,
Associate
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary
since
2015
PLIC
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary
since
2015
Post
Assistant
Secretary
since
2021
Secretary
(2020-2021)
PREI
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Secretary
since
2020
Vice
President,
Associate
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary
(2020)
PSI
Vice
President,
Associate
General
Counsel,
and
Secretary
(2021-2022)
Vice
President,
Associate
General
Counsel,
and
Assistant
Corporate
Secretary
(2019-2021)
PSS
Vice
President,
Associate
General
Counsel,
and
Secretary
since
2021
Vice
President,
Associate
General
Counsel,
and
Assistant
Corporate
Secretary
(2019-2021)
RobustWealth,
Inc.
Vice
President,
Associate
General
Counsel,
and
Assistant
Corporate
Secretary
since
2019
Spectrum
Assistant
Secretary
since
2021
Secretary
(2020-2021)
Jared
A.
Yepsen
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Counsel,
PGI
(2017-2019)
Counsel,
PLIC
since
2015
210
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
is
responsible
for
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
shareholders
any
action
that
requires
shareholder
approval;
3)
amend
the
bylaws;
or
4)
approve
any
merger
or
share
exchange
that
does
not
require
shareholder
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
be
found
at
https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP.
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
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
review
and
oversee
the
provision
of
administrative
and
distribution
services
to
the
Fund
Complex,
communications
with
the
Fund
Complex’s
shareholders,
and
the
Fund
Complex’s
operations.
Additional
information
about
the
Fund
is
available
in
the
Prospectuses
and
the
Statement
of
Additional
Information
dated
December
31,
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.
211
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.
212
BOARD
CONSIDERATION
OF
INVESTMENT
ADVISORY
CONTRACTS
During
the
period
covered
by
this
report,
the
Board
of
Directors
of
Principal
Funds,
Inc.
(“PFI”)
approved
(1)
an
amended
Management
Agreement
between
PFI
and
Principal
Global
Investors,
LLC
(“PGI”
or
the
“Manager”)
and
a
sub-advisory
agreement
between
PGI
and
Principal
Real
Estate
Investors,
LLC
with
respect
to
the
addition
of
the
Global
Sustainable
Listed
Infrastructure
Fund;
and
(2)
the
annual
review
and
renewal
of
the
Management
Agreement
and
various
sub-advisory
agreements
for
all
Funds.
Approval
of
Management
Agreement
and
Sub-Advisory
Agreement
for
PFI
Global
Sustainable
Listed
Infrastructure
Fund
On
June
13,
2022,
the
Board
met
to
consider
for
the
newly
established
PFI
Global
Sustainable
Listed
Infrastructure
Fund
(the
“Fund”)
the
approval
of
a
management
agreement
(the
“Management
Agreement”)
between
PFI,
on
behalf
of
the
Fund,
and
Principal
Global
Investors,
LLC
(the
“Advisor”)
and
a
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
the
Advisor
and
Principal
Real
Estate
Investors,
LLC
(the
“Sub-Advisor”)
with
respect
to
the
Fund.
The
Management
Agreement
and
the
Sub-Advisory
Agreement
are
together
referred
to
as
the
“Advisory
Agreements.
With
respect
to
the
Management
Agreement,
the
Board
considered,
among
other
factors,
that
the
Advisor
serves
as
the
investment
advisor
to
the
existing
series
of
PFI,
that
the
Advisor
has
had
a
long-term
relationship
with
PFI,
Principal
Variable
Contracts,
Inc.
and
Principal
Exchange-Traded
Funds
(collectively
with
Principal
Diversified
Select
Real
Asset
Fund,
the
“Principal
Funds”),
all
of
which
are
also
overseen
by
the
Directors;
and
that
the
Advisor
has
demonstrated
a
long-term
commitment
to
support
the
Principal
Funds.
The
Board
concluded
that
a
long-term
relationship
with
a
capable
and
conscientious
advisor
is
in
the
best
interests
of
the
Fund.
The
Board
considered
various
factors,
including
the
following,
and
made
certain
findings
and
conclusions
with
regard
thereto,
in
approving
the
Management
Agreement.
Nature,
Quality
and
Extent
of
Services.
The
Board
considered
the
nature,
quality
and
extent
of
the
services
to
be
provided
under
the
Management
Agreement,
including
administrative
services.
The
Board
noted
that,
in
connection
with
the
2021
annual
renewal
of
the
management
agreements
for
the
other
Principal
Funds,
the
Board
had:
(1)
reviewed
the
services
provided
by
the
Advisor
to
the
other
Principal
Funds
under
their
respective
management
agreements;
(2)
considered
the
experience
and
skills
of
senior
management
leading
fund
operations,
the
experience
and
skills
of
the
personnel
performing
the
functions
under
the
management
agreements
and
the
resources
made
available
to
such
personnel,
the
ability
of
the
Advisor
to
attract
and
retain
high-quality
personnel,
and
the
organizational
depth
and
stability
of
the
Advisor
and
concluded
that
appropriate
resources
were
provided
under
the
management
agreements
for
the
other
Principal
Funds;
(3)
noted
that
the
Advisor’s
process
for
the
selection
of
sub-advisors
emphasizes
the
selection
of
Principal-affiliated
sub-advisors
that
are
determined
to
be
qualified
under
the
Advisor’s
due
diligence
process
and
concluded
that
this
due
diligence
process
was
working
well;
and
(4)
considered
the
compliance
program
established
by
the
Advisor
for
the
Principal
Funds
and
their
respective
series,
as
applicable,
the
quality
of
that
program
and
the
level
of
compliance
attained
by
the
Principal
Funds.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
to
be
provided
by
the
Advisor
to
the
Fund
under
the
Management
Agreement
are
expected
to
be
satisfactory.
The
Board
considered
the
nature,
quality
and
extent
of
the
services
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
investment
personnel
of
the
Sub-Advisor
who
would
be
responsible
for
the
day-to-day
management
of
the
Fund,
and
the
resources
made
available
to
such
personnel.
The
Board
noted
that
the
Sub-Advisor
currently
provides
sub-
advisory
services
to
seven
other
series
of
Principal
Funds,
and
that
the
Board
had
reviewed
and
had
approved
for
renewal
the
sub-advisory
agreements
for
six
of
those
series
at
its
September
2021
Board
meeting
and
made
the
initial
approval
of
the
sub-
advisory
agreement
for
the
other
series
at
its
December
2021
Board
meeting.
In
addition,
the
Board
considered
the
Advisor’s
program
for
recommending,
monitoring
and
replacing
sub-advisors
and
that
the
Advisor
recommended
the
Sub-Advisor
based
upon
that
program.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
to
be
provided
by
the
Sub-Advisor
to
the
Fund
under
the
Sub-Advisory
Agreement
are
expected
to
be
satisfactory.
Investment
Performance.
The
Board
reviewed
the
historical
year-to-date,
one
year,
two-year
and
since
inception
(August
2019)
performance
returns
as
of
March
31,
2022,
as
well
as
the
historical
performance
returns
for
calendar
years
2020
and
2021,
in
each
case
gross
and
net
of
proposed
fees,
of
the
Sub-Advisor
in
a
composite
managed
in
the
proposed
investment
strategy
for
the
Fund,
as
compared
to
213
the
historical
performance
returns
of
a
relevant
benchmark
index
for
the
Fund
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
management
and
sub-advisory
fee
rates
for
the
Fund.
With
respect
to
the
proposed
management
fee
rate,
the
Board
considered
that
the
sub-advisory
fee
would
be
paid
to
an
affiliate.
The
Board
also
received
information
from
the
Advisor,
based
upon
data
supplied
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
the
proposed
management
fee
rate
for
the
Fund
to
advisory
fees
of
funds
in
a
peer
group
selected
by
Broadridge.
The
Board
also
considered
whether
there
are
economies
of
scale
with
respect
to
the
services
to
be
provided
to
the
Fund
under
the
Management
Agreement.
The
Board
noted
that
the
proposed
management
fee
schedule
includes
breakpoints
and
concluded
that
the
proposed
management
fee
schedule
reflects
an
appropriate
recognition
of
economies
of
scale
at
currently
anticipated
asset
levels.
With
respect
to
the
sub-advisory
fee
rate
proposed
to
be
paid
to
the
Sub-Advisor,
the
Board
noted
that
the
Advisor
would
compensate
the
Sub-Advisor,
an
affiliated
company,
from
its
own
management
fee
so
that
shareholders
would
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
and
concluded
that
the
proposed
sub-advisory
fee
schedule
reflects
an
appropriate
recognition
of
economies
of
scale
at
currently
anticipated
asset
levels.
The
Board
considered
the
Sub-Advisor’s
representation
that
it
receives
a
lower
sub-
advisory
fee
from
one
client
in
the
same
strategy
that
it
is
proposed
to
manage
for
the
Fund
and
the
Sub-Advisor’s
explanation
for
that
lower
fee
rate,
as
well
as
the
Advisor’s
statement
that
it
found
the
proposed
sub-advisory
fee
schedule
to
be
competitive.
In
addition,
in
evaluating
the
management
and
sub-advisory
fee
rates,
the
Board
considered
the
Advisor’s
statement
regarding
the
expected
asset
level
that
will
be
required
for
the
Fund
to
break
even.
The
Board
also
reviewed
the
anticipated
expense
ratio
of
the
Institutional
Class
shares
of
the
Fund
and
considered
that
the
Advisor
proposed
to
cap
the
total
expense
ratio
for
that
class
at
a
specified
level
until
December
30,
2023.
On
the
basis
of
the
information
provided,
the
Board
concluded
that
the
proposed
management
and
sub-advisory
fee
schedules
were
reasonable.
Other
Benefits.
The
Board
considered
the
character
and
amount
of
other
incidental
benefits
to
be
received
by
the
Advisor
and
the
Sub-Advisor.
The
Board
noted
the
Advisor’s
statement
that
the
Sub-Advisor
intends
to
use
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services
consistent
with
its
use
of
commissions
for
the
other
equity
portfolios
it
currently
manages,
as
well
as
the
Advisor’s
statement
that
there
would
be
no
known
fall-out
benefits
to
the
Advisor
or
the
Sub-Advisor
in
connection
with
the
management
of
the
Fund
outside
the
use
of
soft
dollars.
The
Board
concluded
that,
on
the
basis
of
the
information
provided,
the
incidental
benefits
to
be
received
by
the
Advisor
and
the
Sub-Advisor
were
appropriate.
Overall
Conclusions.
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
each
Advisory
Agreement,
including
the
fee
rates
payable
thereunder,
are
fair
and
reasonable
and
that
approval
of
each
of
the
Advisory
Agreements
is
in
the
best
interests
of
the
Fund.
Annual
Review
and
Renewal
of
Management
Agreement
and
Sub-Advisory
Agreements
At
its
September
13,
2022
meeting,
the
Board
performed
its
annual
review
and
renewal
process
relating
to
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
all
Funds.
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
the
Board,
including
a
majority
of
the
Directors
who
have
no
direct
or
indirect
interest
in
the
investment
advisory
agreements
and
who
are
not
“interested
persons”
of
PFI,
as
defined
in
the
1940
Act
(the
“Board”),
annually
to
review
and
to
consider
the
continuation
of:
(1)
the
Management
Agreement
between
the
Manager
and
PFI,
on
behalf
of
each
of
the
fourteen
(14)
series
of
PFI
(each
series
is
referred
to
as
a
“Fund”)
(2)
the
Sub-Advisory
Agreements
between
the
Manager
and
each
of
BlackRock
Financial
Management,
Inc.;
BlackRock
International
Limited;
ClearBridge
Investments
(North
America)
Pty
Limited;
CoreCommodity
Management,
LLC;
Delaware
Investments
Fund
Advisers;
Gotham
Asset
Management,
LLC;
Graham
Capital
Management,
L.P.;
Impax
Asset
Management
Limited;
Loomis,
Sayles
&
Company,
L.P.;
Los
Angeles
Capital
Management
LLC;
Newton
Investment
Management
North
America
214
LLC;
Nuveen
Asset
Management
LLC;
Origin
Asset
Management
LLP;
Pictet
Asset
Management
SA;
Principal
Real
Estate
Investors,
LLC;
Sound
Point
Capital
Management,
LP;
Spectrum
Asset
Management,
Inc.;
Wellington
Management
Company
LLP;
and
Westchester
Capital
Management,
LLC
(collectively,
the
“Sub-Advisors”).
The
Management
Agreement
and
the
Sub-
Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements.”
The
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
continuation
of
the
Advisory
Agreements.
In
evaluating
the
Advisory
Agreements,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose,
including,
among
other
information,
information
regarding
performance,
advisory
fees,
total
expenses,
profitability
from
the
Advisory
Agreements
to
the
Manager
and
information
about
economies
of
scale.
The
Board
reviewed
the
materials
provided
and
concluded
that
it
was
provided
all
information
reasonably
necessary
to
evaluate
the
Advisory
Agreements.
Management
Agreement
The
Board
considered,
among
other
factors,
that
the
Manager
and
its
affiliates
have
demonstrated
a
long-term
commitment
to
support
the
Funds,
including
undertakings
to
cap
Fund
expenses
and/or
waive
management
fees
for
certain
Funds.
The
Board
concluded
that
a
relationship
with
a
capable
and
conscientious
investment
adviser
is
in
the
best
interests
of
each
Fund.
In
addition,
the
Board
considered
various
factors,
including
the
following
factors
for
each
of
the
Funds.
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
the
Management
Agreement,
including
accounting
and
administrative
services,
as
applicable.
The
Board
considered
the
experience
and
skills
of
senior
management
leading
Fund
operations,
the
experience
and
skills
of
the
personnel
performing
the
functions
under
the
Management
Agreement
and
the
resources
made
available
to
such
personnel,
the
ability
of
the
Manager
to
attract
and
retain
high-quality
personnel
and
the
organizational
depth
and
stability
of
the
Manager.
The
Board
concluded
that
appropriate
resources
were
provided
under
the
Management
Agreement.
The
Board
also
considered
that
for
certain
Funds,
during
the
periods
reviewed,
the
Manager
had
delegated
day-to-day
portfolio
management
responsibility
to
the
Sub-Advisors.
The
Board
noted
that
the
Manager’s
process
for
the
selection
of
sub-advisors
emphasizes
the
selection
of
Principal-affiliated
sub-advisors
that
are
determined
to
be
qualified
under
the
Manager’s
due
diligence
process,
but
that
the
Manager
will
select
an
unaffiliated
sub-advisor
to
manage
all
or
a
portion
of
a
Fund’s
investment
portfolio
when
deemed
necessary
or
appropriate
based
upon
a
consideration
of
the
Fund’s
investment
mandate
and
available
expertise
and
resources
within
the
Principal
organization.
With
respect
to
Funds
with
unaffiliated
sub-advisors,
the
Board
considered
the
due
diligence
process
developed
by
the
Manager
for
purposes
of
selecting
a
qualified
unaffiliated
sub-advisor
for
a
Fund.
The
Board
considered
the
Manager’s
due
diligence
process
for
monitoring
and
replacing
sub-advisors
and
for
monitoring
the
investment
performance
of
the
Manager.
The
Board
also
considered
the
compliance
program
established
by
the
Manager
for
the
Funds,
the
quality
of
that
program
and
the
level
of
compliance
attained
by
the
Funds.
The
Board
noted
that
they
had
previously
reviewed
annual
best
execution
and
soft
dollar
reports
and
information
regarding
the
research
payment
accounts
for
applicable
Funds
and
included
this
information
in
their
consideration
of
the
renewal
of
the
Advisory
Agreements.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Manager
to
the
Funds
under
each
Management
Agreement
were
satisfactory.
Investment
Performance
The
Board
reviewed
each
Fund’s
investment
performance
over
longer-term
periods,
reviewing
both
the
investment
return
during
the
three-year
period
ended
March
31,
2022
and
the
blended
investment
return
(50%/50%)
of
the
three-
and
five-year
periods
ended
March
31,
2022,
and
compared
those
returns
to
various
agreed-upon
performance
measures,
including,
for
all
Funds
peer-
group
data
based
upon
a
broad-based,
industry
category
determined
using
Morningstar
Direct
data
(“Performance
Universe”).
For
Funds
or
Sub-Advisors
that
did
not
have
a
five-year
performance
history,
the
Board
reviewed
performance
for
a
three-year
period
ended
March
31,
2022,
if
available.
For
Funds
or
Sub-Advisors
that
did
not
have
a
three-year
performance
history,
the
Board
reviewed
performance
for
a
one-year
period
ended
March
31,
2022,
if
available.
The
Board
also
compared
each
Fund’s
investment
performance
over
the
one-,
three-
and
five-year
periods
ended
March
31,
2022,
as
available,
to
one
or
more
relevant
benchmark
indices.
The
Board
noted
that
certain
Funds
had
commenced
operations
recently
and,
accordingly,
no
or
limited
performance
information
was
considered.
The
Board
also
considered
whether
investment
results
were
consistent
with
a
Fund’s
investment
objective(s)
and
policies.
For
most
Funds,
the
Board
concluded
that
the
Fund’s
investment
returns
met
acceptable
levels
of
investment
performance.
There
were
certain
Funds,
and
certain
Sub-Advisors
for
multi-manager
Funds,
that
had
not
215
attained
during
the
relevant
period(s)
a
level
of
investment
performance
considered
satisfactory
by
the
Board.
For
such
Funds,
the
Board
also
considered
other
factors,
such
as
the
longer-term
performance
of
each
such
Fund
or
Sub-Advisor,
remedial
efforts
being
undertaken
to
improve
performance
and/or
the
Manager’s
explanation
for
the
performance
of
such
Fund
or
Sub-Advisor.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds
and
all
Sub-Advisors,
for
which
they
receive
regular
reporting,
and
concluded
that
the
Manager
has
in
place
an
effective
due
diligence
process
to
monitor
investment
performance,
to
encourage
remedial
action
and
to
make
changes
in
the
Sub-Advisors
at
the
appropriate
time,
if
necessary.
Investment
Management
Fees
and
Expenses
The
Board
considered
each
Fund’s
contractual
and
effective
management
fee
rates.
For
each
Fund,
other
than
as
noted
below,
the
Board
received
certain
information
from
Broadridge.
For
Funds
the
Board
received
information
comparing
each
Fund’s
(1)
contractual
management
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels,
(2)
effective
net
management
fee
rate
(after
any
fee
waivers)
at
average
fiscal-year
asset
levels,
(3)
actual
non-management
expense
rate
at
average
fiscal-year
asset
levels
and
(4)
total
net
expense
ratio
(including,
as
applicable,
acquired
fund
fees
and
expenses
and
after
any
expense
caps
or
fee
waivers)
at
average
fiscal-year
asset
levels
for
Institutional
Class
shares
for
each
PFI
Fund,
except
Capital
Securities
Fund,
as
described
below,
to
investment
advisory
fee
rates,
non-management
expense
rates
and
expense
ratios
of
funds
in
a
peer
group
selected
by
Broadridge
(“Expense
Group”)
and
a
broad-based,
industry
category
defined
by
Broadridge
(“Expense
Universe”).
With
regard
to
the
Capital
Securities
Fund,
the
Board
considered
that
the
Fund
does
not
pay
a
management
fee
or
any
other
Fund-level
expenses
and
therefore
did
not
consider
comparative
fee
and
expense
information.
In
evaluating
the
contractual
and
effective
management
fee
rates,
the
Board
considered
a
variety
of
factors,
including
the
contractual
and
effective
fee
rates,
breakpoints,
comparisons
to
fee
rates
of
peer
group
funds
and
other
funds
and
non-fund
accounts
managed
by
the
Manager,
sub-advisory
fee
rates
paid,
services
provided,
investment
performance,
total
net
expense
ratios,
profitability,
the
existence
and
sharing
of
economies
of
scale,
fall-out
benefits
and
expense
caps
and
fee
waivers.
The
Board
considered
the
impact
of
changes
in
sub-advisory
fee
rates
put
into
effect
since
September
2021.
The
Board
considered
that
certain
Principal
Variable
Contracts
Funds
and
Principal
Exchange-Traded
Funds
with
similar
investment
strategies
and
policies
have
different
management
fee
schedules
and
noted
the
reasons
cited
by
the
Manager
for
the
differing
fee
rates.
In
reviewing
the
fee
rates
of
other
accounts
managed
by
the
Manager,
the
Board
considered
information
provided
by
the
Manager
regarding
differences
between
the
services
provided
to
the
Funds
and
the
services
provided
to
such
other
accounts.
For
most
Funds,
effective
net
management
fee
rates
were
within
the
third
quartile
or
better
when
compared
to
the
applicable
Expense
Group.
For
some
Funds,
although
effective
net
management
fee
rates
were
higher
than
the
third
quartile,
total
net
expense
ratios
were
within
the
third
quartile
or
better.
Discussion
is
set
forth
below
regarding
specific
factors
relevant
to
the
Board’s
review
of
certain
other
Funds.
With
regard
to
Small-MidCap
Dividend
Income
Fund,
the
Board
noted
that
the
effective
net
management
fee
rate
and
the
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
were
higher
than
third
quartile
(both
were
at
the
92nd
percentile)
in
the
Expense
Group.
The
Board
also
noted
the
Fund’s
performance
in
fourth
quartile
of
its
Performance
Universe
for
the
three-
year
and
blended
three-
and
five-year
periods
ended
March
31,
2022
(both
were
at
the
95th
percentile).
Considering
all
relevant
factors,
including
management’s
discussion
of
the
Fund’s
relative
performance
and
certain
characteristics
of
the
funds
in
the
Expense
Group,
including
that
the
majority
of
the
funds
in
the
Expense
Group
focus
on
large-capitalization
stocks
rather
than
small-
or
mid-capitalization
stocks,
the
Board
concluded
that
the
Management
Agreement
should
be
renewed.
With
regard
to
International
Small
Company
Fund,
the
Board
noted
that
the
effective
net
management
fee
rate
and
the
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
were
higher
than
the
third
quartile
(99th
and
80th
percentiles,
respectively)
in
the
Expense
Group.
The
Board
accepted
the
Manager’s
proposals
to
amend
the
management
fee
schedule
for
the
Fund
to
reduce
the
effective
management
fee
rate
payable
at
all
asset
levels
and
to
lower
the
expense
cap
on
the
Fund’s
Institutional
Class
shares
to
be
effective
from
December
31,
2022
through
December
30,
2023
and
considered
the
pro
forma
effect
of
these
changes
on
the
rankings
of
the
Fund’s
effective
net
management
fee
rate
and
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
in
the
Expense
Group,
noting
that
the
Fund’s
effective
net
management
fee
rate
would
move
to
the
60th
percentile
and
the
Fund’s
total
net
expense
ratio
would
move
to
the
20th
percentile.
Considering
all
relevant
factors,
including
the
Fund’s
performance
in
the
fourth
quartile
of
its
Performance
Universe
for
the
three-year
and
blended
three-
and
five-year
periods
ended
March
31,
2022
(89th
and
84th
percentiles,
respectively)
and
the
Manager’s
explanation
of
the
Fund’s
relative
performance,
the
Board
concluded
that
the
Management
Agreement,
as
amended,
should
be
renewed.
The
Board
also
considered
the
expense
caps
and
fee
waivers
that
would
be
in
place
with
respect
to
certain
Funds
and
share
216
classes.
The
list
of
agreed
upon
expense
caps
and
fee
waivers
is
the
result
of
the
Manager’s
proposals
to
extend
the
expense
caps
and
fee
waivers
for
certain
Funds
and
share
classes
and
to
terminate
the
expense
caps
and
fee
waivers
for
other
Funds
and
share
classes
that
are
projected
to
continue
to
operate
below
current
applicable
expense
caps.
The
list
of
agreed
upon
expense
caps
and
fee
waivers
also
reflects
new
or
revised
expense
caps
for
Institutional
Class
shares
of
Global
Multi-Strategy
Fund
and
Origin
Emerging
Markets
Fund
and
Class
A
shares
of
Origin
Emerging
Markets
Fund
to
be
effective
from
December
31,
2022
through
December
30,
2023.
With
regard
to
each
of
Opportunistic
Municipal
Bond
Fund,
Global
Multi-Strategy
Fund,
Diversified
Real
Asset
Fund,
and
the
Edge
MidCap
Fund,
Origin
Emerging
Markets
Fund,
the
Board
accepted
management’s
proposal
to
amend
the
management
fee
schedule
for
the
Fund
to
reduce
the
effective
management
fee
rate
payable
at
all
asset
levels
for
each
of
the
other
foregoing
Funds
and
considered
this
fee
reduction
in
concluding
that
the
Management
Agreement,
as
amended,
should
be
renewed.
Profitabilit
y
The
Board
reviewed
detailed
information
regarding
revenues
the
Manager
received
under
the
Management
Agreement
and
the
estimated
direct
and
indirect
costs
incurred
in
providing
to
each
Fund
the
services
described
in
the
Management
Agreement
for
the
year
ended
December
31,
2021.
The
Board
also
considered
the
returns
on
revenue
generated
in
connection
with
the
payment
of
sub-advisory
fees
to
affiliated
Sub-Advisors
(Origin
Asset
Management
LLP,
Principal
Real
Estate
Investors
LLC
and
Spectrum
Asset
Management,
Inc.)
and
the
aggregated
return
on
revenue
to
the
Manager
and
its
affiliates
for
the
year
ended
December
31,
2021.
The
Board
noted
that
the
Manager
compensates
each
Sub-Advisor
from
its
own
management
fee
and
considered
the
pro
forma
impact
on
the
Manager's
returns
on
revenue
from
the
reductions
of
certain
Funds'
effective
management
fee
rates
described
above
and
the
reductions
of
certain
Funds'
effective
sub-advisory
fee
rates
described
below.
The
Board
concluded
that,
for
each
Fund,
the
profitability
to
the
Manager
of
the
Management
Agreement
was
not
unreasonable.
Economies
of
Scale
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
management
of
each
Fund
and
whether
the
Funds
benefit
from
any
such
economies
of
scale.
The
Board
considered
the
Manager’s
biennial
breakpoint
study
that
was
received
by
the
Board
in
March
2022
and
the
Manager’s
representation
that
Funds
are
initially
priced
as
though
the
Fund
had
reached
scale,
reflecting
a
sharing
of
economies
of
scale.
The
Board
then
reviewed
the
levels
at
which
breakpoints
occur,
the
incremental
declines
in
management
fee
rates
at
each
breakpoint
and
the
amount
of
fee
reductions
that
had
been
provided
to
shareholders
as
a
result
of
these
breakpoints.
The
Board
considered
cost
saving
passed
along
to
the
Funds
as
a
result
of
certain
expense
caps
and
fee
waivers.
The
Board
considered
whether
the
effective
management
fee
rate
for
each
Fund
under
the
Management
Agreement
is
reasonable
in
relation
to
the
asset
size
of
such
Fund.
The
Board
also
noted
management’s
explanation
of
efficiencies
in
the
Manager’s
cost
structure.
The
Board
concluded
that
the
fee
schedule
for
each
Fund,
taking
into
account
the
proposed
amendments
described
above,
reflects
an
appropriate
level
of
sharing
of
any
economies
of
scale.
The
Board
noted
that
the
Capital
Securities
Fund
does
not
pay
management
fees,
although
shareholders
pay
a
separately
managed
account-level
fee
that
covers,
among
other
things,
the
expenses
of
the
Fund’s
Subadvisor.
The
Board
also
noted
that
the
management
fee
schedules
for
Bond
Market
Index
Fund
and
International
Equity
Index
Fund
do
not
include
breakpoints,
but
that
each
such
Fund
has
a
relatively
low
management
fee
rate
(25
basis
points
or
less)
on
all
Fund
assets.
Considering
all
relevant
factors,
including
each
such
Fund’s
fee
rate
and
current
asset
level,
the
Board
determined
that
no
breakpoints
were
necessary
at
this
time.
Other
Benefits
to
Manager
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
the
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
The
Board
noted
that
the
Manager
uses
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services.
The
Board
concluded
that,
on
the
basis
of
the
information
provided,
the
incidental
benefits
received
by
the
Manager
and
its
affiliates
were
appropriate.
Sub-Advisory
Agreements
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
each
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
217
experience
and
skills
of
investment
personnel
responsible
for
the
day-to-day
management
of
each
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
also
considered
the
Sub-Advisors’
compliance
with
investment
policies
and
general
legal
compliance.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisors
to
the
sub-advised
Funds
under
the
Sub-Advisory
Agreements
are
satisfactory.
Investment
Performance
As
to
each
sub-advised
Fund,
the
Manager
had
advised
the
Board
that
the
investment
services
delivered
by
each
Sub-Advisor
to
the
Fund
were
reasonable.
Based
upon
all
relevant
factors,
the
Board
concluded
that
each
Sub-Advisor
is
qualified
and
that
either:
(1)
the
investment
performance
of
the
Sub-Advisor
met
acceptable
levels
of
investment
performance;
or
(2)
although
the
Fund
experienced
underperformance
from
the
applicable
Sub-Advisor,
based
upon
that
Fund’s
particular
circumstances
or
in
light
of
remedial
efforts
being
taken
to
improve
performance,
as
applicable,
it
was
in
the
best
interests
of
the
Fund
to
continue
to
closely
monitor
performance
and
to
renew
the
Sub-Advisory
Agreement.
In
each
case
involving
underperformance,
the
Board
concluded
that
the
Manager
was
providing
effective
monitoring.
Fees,
Economies
of
Scale
and
Profitability
For
each
sub-advised
Fund,
the
Board
considered
the
sub-advisory
fee
rates,
noting
that
the
Manager
compensates
each
Sub-
Advisor
from
its
own
management
fee,
so
that
shareholders
pay
only
the
management
fee.
For
each
sub-advised
Fund,
the
Board
received
certain
information
from
Broadridge
comparing
each
such
Fund’s
sub-advisory
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels
to
sub-advisory
fee
rates
of
sub-advised
funds
in
the
Expense
Group
and,
if
available,
the
Expense
Universe.
The
Board
considered
that
Capital
Securities
Fund’s
Sub-Advisor
does
not
receive
a
sub-advisory
fee
and
therefore
did
not
consider
comparative
sub-advisory
fee
information.
With
regard
to
Origin
Emerging
Markets
Fund,
the
Board
accepted
management’s
proposal
to
amend
the
Sub-Advisory
Agreement
for
the
Fund
with
Origin
Asset
Management
LLP
to
amend
the
sub-advisory
fee
schedule
for
the
Fund
to
reduce
the
effective
sub-advisory
fee
rate
payable
at
all
asset
levels,
and
the
Board
considered
the
amended
sub-advisory
fee
schedule
and
the
pro
forma
ranking
of
the
reduced
effective
sub-advisory
fee
rate
in
concluding
that
the
Sub-Advisory
Agreement,
as
amended,
should
be
renewed
for
the
Fund.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
provided
to
each
sub-
advised
Fund
and,
if
so,
whether
the
sub-advisory
fees
reflect
such
economies
of
scale
through
breakpoints
in
fee
schedules
or
whether
the
sub-advisory
fee
schedule
is
otherwise
appropriate
at
current
asset
levels.
In
addition,
in
evaluating
the
sub-advisory
fee
rates
and
the
factor
of
profitability,
with
respect
to
unaffiliated
Sub-Advisors,
the
Board
considered
that
the
sub-advisory
fee
rate
was
negotiated
at
arm’s
length
between
the
Manager
and
the
Sub-Advisor.
The
Board
considered
the
profitability
of
the
affiliated
Sub-Advisors
in
conjunction
with
their
review
of
the
profitability
of
the
Manager.
Other
Benefits
to
Sub-Advisors
The
Board
also
considered
the
character
and
amount
of
other
indirect
benefits
received
by
each
Sub-Advisor
when
evaluating
the
sub-advisory
fees.
The
Board
considered
as
a
part
of
this
analysis
each
Sub-Advisor’s
brokerage
practices,
soft
dollar
practices
and
use
of
research
payment
accounts.
The
Board
concluded
that
the
indirect
benefits
received
by
each
Sub-Advisor
were
appropriate.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
each
Advisory
Agreement,
including
the
fee
rate
payable
thereunder,
continue
to
be
fair
and
reasonable
and
that
the
continuation
of
each
Advisory
Agreement,
with
the
actions
proposed
by
the
Manager,
is
in
the
best
interests
of
each
Fund.
Principal
Funds
Distributor,
Inc.
711
High
Street
Des
Moines,
IA
50392-6370
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not
use
this
address
for
business
correspondence
PrincipalAM.com
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involves
risk,
including
possible
loss
of
principal.
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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.
©
2023
Principal
Financial
Services,
Inc.
|
FV941SAR-02
|
04/2023
|
2745910
Principal
Capital
Securities
Fund
Class
S
Shares
Semiannual
Report
February
28,
2023
Rev.
11/2022,
PSI
V.5
FACTS
WHAT
DOES
PRINCIPAL
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
•
Social
Security
number,
credit
history,
credit
scores,
income,
or
payment
history
•
Account
transactions,
account
balances,
and
account
investment
experience
•
Medical
information
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
Principal
chooses
to
share;
and
whether
you
can
limit
this
sharing.
REASONS
WE
CAN
SHARE
YOUR
PERSONAL
INFORMATION
DOES
PRINCIPAL
SHARE?
CAN
YOU
LIMIT
THIS
SHARING?
For
our
everyday
business
purposes
—such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—to
offer
our
products
and
services
to
you
Yes
No
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
affiliates’
everyday
business
purposes
—information
about
your
transactions
and
experiences
Yes
No
For
our
affiliates’
everyday
business
purposes
—information
about
your
creditworthiness
No
We
don’t
share
For
our
affiliates
to
market
to
you
No
We
don’t
share
For
nonaffiliates
to
market
to
you
—
All
entities
other
than
Principal
Securities,
Inc.)
No
We
don’t
share
For
nonaffiliates
to
market
to
you
—
(Applies
only
to
Principal
Securities,
Inc.
(“PSI”),
and
only
if
your
financial
professional
changes
their
affiliation
and
leaves
PSI.)
Yes
Yes
To
limit
our
sharing
To
limit
Principal
Securities,
Inc.’s
sharing
with
nonaffiliates,
call
1-800-986-3343
or
visit
https://
www.principal.com/optout-principalsecurities/
.
Please
note:
If
you
are
a
~
new
customer,
we
can
begin
sharing
your
information
45
days
from
the
date
we
sent
this
notice.
When
you
are
~
no
~
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
1-800-986-3343
or
visit
https://www.principal.com/privacy-policies/
for
additional
information.
Who
we
are
Who
is
providing
this
notice?
The
following
Principal
Financial
Group
companies:
Principal
Life
Insurance
Company;
Principal
National
Life
Insurance
Company;
Principal
Funds,
Inc.;
Principal
Global
Investors,
LLC;
Principal
Real
Estate
Investors,
LLC;
Principal
Securities,
Inc.;
Principal
Advised
Services,
LLC;
Principal
Trust
Company;
Principal
Funds
Distributor,
Inc.;
Spectrum
Asset
Management,
Inc.;
Employers
Dental
Services,
Inc.;
and
Principal
Dental
Services,
Inc.
Additional
entities
to
which
this
notice
applies
are
listed
in
the
“Other
important
information”
section
below.
What
we
do
How
does
Principal
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
and
state
laws.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Principal
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you
•
Open
an
account,
apply
for
insurance,
or
seek
advice
about
your
investments
•
Direct
us
to
buy
securities
or
make
deposits
or
withdrawals
from
your
account
•
File
an
insurance
claim
We
also
collect
your
personal
information
from
others,
such
as
affiliates,
credit
bureaus
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
and
state
laws
give
you
the
right
to
limit
only
•
sharing
for
affiliates’
everyday
business
purposes—information
about
your
creditworthiness
•
affiliates
from
using
your
information
to
market
to
you
•
sharing
for
nonaffiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Our
affiliates
include
companies
of
Principal
Financial
Group
and
other
companies
of
Principal
name.
Nonaffiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
•
Your
financial
professional
and
their
new
financial
institution
if
he/she
changes
his/her
affiliation
and
leaves
Principal
Securities.
Joint
marketing
A
formal
agreement
between
nonaffiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
•
Principal
does
not
jointly
market.
Other
important
information
In
addition
to
the
companies
listed
above,
this
notice
applies
to:
All
funds
or
other
vehicles
advised,
organized,
or
managed
by
Principal
Global
Investors,
LLC,
Principal
Real
Estate
Investors,
LLC,
or
their
affiliates;
Principal
Diversified
Select
Real
Asset
Fund;
Principal
Life
Insurance
Company
Variable
Life
Separate
Account;
Principal
National
Life
Insurance
Company
Variable
Life
Separate
Account;
and
Principal
Life
Insurance
Company
Separate
Account
B.
Nevada
Residents:
You
may
request
to
be
placed
on
our
internal
Do
Not
Call
list.
Send
an
email
with
your
phone
number
to
connect@principal.
com.
You
may
request
a
copy
of
our
telemarketing
practices.
For
more
on
this
Nevada
law,
contact
Bureau
of
Consumer
Protection,
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
St.,
Suite
3900,
Las
Vegas,
NV
89101;
phone
number:
1-702-486-3132;
email:
BCPINFO@ag.state.
nv.us.
For
Vermont
Customers:
We
will
not
disclose
information
about
your
creditworthiness
to
our
affiliates
and
will
not
disclose
your
personal
information,
financial
information,
credit
report,
or
health
information
to
nonaffiliated
third
parties
to
market
to
you,
other
than
as
permitted
by
Vermont
law,
unless
you
authorize
us
to
make
those
disclosures.
California:
Under
California
law,
we
will
not
share
information
we
collect
about
you
with
companies
outside
of
Principal,
unless
the
law
allows.
For
example,
we
may
share
information
with
your
consent,
to
service
your
accounts,
or
to
provide
rewards
or
benefits
you
are
entitled
to.
We
will
limit
sharing
among
our
companies
to
the
extent
required
by
California
law.
For
insurance
customers
in
AZ,
CT,
GA,
IL,
ME,
MA,
MT,
NV,
NJ,
NM,
NC,
ND,
OH,
OR,
and
VA
only:
The
term
“information”
means
information
we
collect
during
an
insurance
transaction.
We
will
not
use
your
medical
information
for
marketing
purposes
without
your
consent.
We
may
share
your
Information
with
others,
including
insurance-support
organizations,
insurance
regulatory
authorities,
law
enforcement,
and
consumer
reporting
agencies,
without
your
prior
authorization
as
permitted
or
required
by
law.
Information
obtained
from
a
report
prepared
by
an
insurance-
support
organization
may
be
retained
by
the
insurance-support
organization
and
disclosed
to
other
persons.
For
MA
Insurance
Customers
only.
You
may
ask,
in
writing,
for
the
specific
reasons
for
an
adverse
underwriting
decision.
An
adverse
underwriting
decision
is
where
we
decline
your
application
for
insurance,
offer
to
insure
you
at
a
higher
than
standard
rate
or
terminate
your
coverage.
For
insurance
customers,
to
request
access
to
or
deletion
of
your
personal
information,
send
a
written
letter
to
Privacy
Officer,
P.O.
Box
14582,
Des
Moines,
IA
50306-3582.
Include
your
name,
address,
and
your
policy,
contract,
or
account
number,
and
describe
the
information
you
wish
to
access
or
delete.
You
may
correct
inaccurate
personal
information
by
sending
a
written
letter
identifying
the
information
to
be
corrected.
We
can’t
change
information
other
companies,
like
credit
agencies,
provide
to
us.
You’ll
need
to
ask
them
to
change
it.
Table
of
Contents
Not
FDIC
or
NCUA
insured
May
lose
value
•
Not
a
deposit
•
No
bank
or
credit
union
guarantee
Not
insured
by
any
Federal
government
agency
Financial
Statements
1
Notes
to
Financial
Statements
4
Schedules
of
Investments
10
Financial
Highlights
(includes
performance
information)
18
Shareholder
Expense
Example
20
Supplemental
Information
21
Statement
of
Assets
and
Liabilities
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
1
See
accompanying
notes.
Amounts
in
thousands,
except
per
share
amounts
Capital
Securities
Fund
Investment
in
securities--at
cost
......................................................................................................................
$
1,208,227‌
Investment
in
affiliated
Funds--at
cost
................................................................................................................
$
11,599‌
Assets
Investment
in
securities--at
value 
......................................................................................................................
$
1,098,613‌
(a)
Investment
in
affiliated
Funds--at
value
.................................................................................................................
11,599‌
Cash
.....................................................................................................................................................
1‌
Receivables:
Dividends
and
interest
.............................................................................................................................
15,846‌
Expense
reimbursement
from
Manager
...........................................................................................................
31‌
Fund
shares
sold
...................................................................................................................................
1,021‌
Interfund
lending
..................................................................................................................................
4,925‌
Total
Assets  
1,132,036‌
Liabilities
Accrued
transfer
agent
fees
.............................................................................................................................
65‌
Accrued
professional
fees
...............................................................................................................................
27‌
Accrued
other
expenses
.................................................................................................................................
14‌
Payables:
Fund
shares
redeemed
.............................................................................................................................
575‌
Investment
securities
purchased
..................................................................................................................
7,000‌
Collateral
obligation
on
securities
loaned,
at
value
.....................................................................................................
17,146‌
Total
Liabilities  
24,827‌
Net
Assets
Applicable
to
Outstanding
Shares
........................................................................................................
$
1,107,209‌
Net
Assets
Consist
of:
Capital
shares
and
additional
paid-in-capital
...........................................................................................................
$
1,251,122‌
Total
distributable
earnings
(accumulated
loss)
.........................................................................................................
(
143,913‌
)
Total
Net
Assets 
$
1,107,209‌
Capital
Stock
(par
value:
$.01
per
share):
Shares
authorized
........................................................................................................................................
500,000‌
Net
Asset
Value
Per
Share:
Class
S
:
Net
Assets
......................................................................................................................................
$
1,107,209‌
Shares
Issued
and
Outstanding
....................................................................................................................
121,509‌
Net
Asset
Value
per
share
.........................................................................................................................
$
9
.11‌
(a)
Includes
fair
market
value
of
securities
loaned,
see
"Securities
Lending"
in
Notes
to
Financial
Statements.
Statement
of
Operations
Principal
Funds,
Inc.
Six
Months
Ended
February
28,
2023
(unaudited)
2
See
accompanying
notes.
Amounts
in
thousands
Capital
Securities
Fund
Net
Investment
Income
(Loss)
Income:
Dividends
from
affiliated
Funds
.......................................................................................................................
$
203‌
Dividends
..............................................................................................................................................
469‌
Interest
.................................................................................................................................................
27,445‌
Securities
lending
-
net
................................................................................................................................
55‌
Total
Income
28,172‌
Expenses:
Registration
fees
-
Class
S
............................................................................................................................
17‌
Shareholder
reports
-
Class
S
.........................................................................................................................
4‌
Transfer agent
fees
-
Class
S
..........................................................................................................................
176‌
Custodian
fees
.........................................................................................................................................
5‌
Directors'
expenses
....................................................................................................................................
12‌
Interest
expense
and
fees
..............................................................................................................................
13‌
Professional fees
......................................................................................................................................
19‌
Other
expenses
........................................................................................................................................
6‌
Total
Gross
Expenses
252‌
Less:
Reimbursement
from
Manager
-
Class
S
.......................................................................................................
239‌
Total
Net
Expenses
13‌
Net
Investment
Income
(Loss)
28,159‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
Net
realized
gain
(loss)
from:
Investment
transactions
...............................................................................................................................
(
14,009‌
)
Net
change
in
unrealized
appreciation/(depreciation)
of:
Investments
............................................................................................................................................
7,777‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
investments
(
6,232‌
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
21,927‌
Statement
of
Changes
in
Net
Assets
Principal
Funds,
Inc.
(unaudited)
3
See
accompanying
notes.
Amounts
in
thousands
Capital
Securities
Fund
Period
Ended
February
28,
2023
Year
Ended
August
31,
2022
Operations
Net
investment
income
(loss)
..........................................................................................................
$
28,159‌
$
53,023‌
Net
realized
gain
(loss)
on
investments
................................................................................................
(14,009‌)
1,168‌
Net
change
in
unrealized
appreciation/(depreciation)
of
investments
.................................................................
7,777‌
(188,068‌)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
21,927‌
(133,877‌)
Dividends
and
Distributions
to
Shareholders
From
net
investment
income
and
net
realized
gain
on
investments
...................................................................
(34,387‌)
(58,505‌)
Total
Dividends
and
Distributions
(34,387‌)
(58,505‌)
Capital
Share
Transactions
Net
increase
(decrease)
in
capital
share
transactions
..................................................................................
(23,978‌
)
168,275‌
Total
Increase
(Decrease)
in
Net
Assets
(36,438‌)
(24,107‌)
Net
Assets
Beginning
of
period
....................................................................................................................
1,143,647‌
1,167,754‌
End
of
period
..........................................................................................................................
$
1,107,209‌
$
1,143,647‌
Class
S
Capital
Share
Transactions:
Period
Ended
February
28,
2023
Dollars:
Sold
..........................................................................................................
$
212,812‌
Reinvested
.....................................................................................................
21,400‌
Redeemed
......................................................................................................
(258,190‌)
Net
Increase
(Decrease)
$
(23,978‌)
Shares:
Sold
..........................................................................................................
23,766‌
Reinvested
.....................................................................................................
2,412‌
Redeemed
......................................................................................................
(29,039‌)
Net
Increase
(Decrease)
(2,861‌)
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
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
4
1.
Organization
Principal
Funds,
Inc.
(the
"Fund")
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
as
an
open-end
management
investment
company
and
operates
as
a
series
fund
in
the
mutual
fund
industry.
The
financial
statements
for
Capital
Securities
Fund
(the
“fund”),
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.
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.
Distributions
received
from
other
series
of
the
Fund
and
other
investment
companies
(collectively,
“Underlying
Funds”)
are
recorded
in
accordance
with
the
character
of
the
distributions
as
designated
by
the
Underlying
Funds.
Distributions
received
from
Real
Estate
Investment
Trusts
(“REITs”)
may
be
characterized
as
ordinary
income,
capital
gain,
or
a
return
of
capital
to
the
Funds.
The
proper
characterization
of
distributions
from
REITs
is
generally
not
known
until
after
the
end
of
each
calendar
year.
As
such,
estimates
are
used
in
reporting
the
character
of
income
and
distributions
for
financial
statement
purposes.
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
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.
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
5
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.
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.
The
fund
recognizes
interest
and
penalties,
if
any,
related
to
unrecognized
tax
positions
as
tax
expense
on
the
statement
of
operations.
During
the
period
ended
February
28,
2023
,
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.
In
December
2022,
the
FASB
issued
ASU
No.
2022-06
Reference
Rate
Reform
(Topic
848):
Deferral
of
the
Sunset
Date
of
Topic
848
which
updates
and
clarifies
ASU
No.
2020-04.
The amendments
in
this ASU
defer
the
sunset
date
of
Topic
848
from
December
31,
2022,
to
December
31,
2024. Management expects
the impact
of
these
ASUs 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.
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.
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.
As
of
February
28,
2023
,
t
he
fund
had
no
borrowing
from
the
Facility
while
having
an
outstanding
loan
of
$4,925,000
to
the
Facility.
During
the
period
ended
February
28,
2023,
the
fund’s
lending
to
the
Facility
was
as
follows
(amounts
in
thousands):
During
the
period
ended
February
28,
2023
,
the
fund’s
borrowing
from
the
Facility
was
as
follows
(amounts
in
thousands): 
Average
Daily
Amount
Loaned
Weighted
Average
Annual
Interest
Rate
Capital
Securities
Fund
$
139
4.90
%
Average
Daily
Amount
Borrowed
Weighted
Average
Annual
Interest
Rate
Capital
Securities
Fund
$
570
4.57
%
2.
Significant
Accounting
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
6
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. The
line
of
credit
is
available
under
a
group
of
revolving
financial
institutions
and
lending
is
carried
out
with
unaffiliated
financial
institutions.
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%.
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
statement
of
operations.
During
the period ended
February
28,
2023,
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.
Cross
Trades. 
The
fund
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
period ended
February
28,
2023,
the
fund
did
not
engage
in
cross
trades.
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
transactions
are
accounted
for
as
secured
borrowings
and
the
remaining
contractual
maturity
is
overnight
and
continuous
for
all
securities.
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.
3.
Operating
Policies
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
7
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
fund.
Unobservable
inputs
are
inputs
that
reflect
the
fund’s
own
estimates
about
the
estimates
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
three-tier
hierarchy
of
inputs
is
summarized
in
the
three
broad
levels
listed
below.
Level
1
–
Quoted
prices
are
available
in
active
markets
for
identical
securities
as
of
the
reporting
date.
Investments
which
are
generally
included
in
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,
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
February
28,
2023
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*
$
—
$
1,079,655
$
—
$
1,079,655
Investment
Companies
22,891
—
—
22,891
Preferred
Stocks
7,666
—
—
7,666
Total
investments
in
securities
$
30,557
$
1,079,655
$
—
$
1,110,212
4.
Fair
Valuation
(continued)
Notes
to
Financial
Statements
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
8
During
the
period
,
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
period
ended
February
28,
2023,
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):
7.
Federal
Tax
Information
Distributions
to
Shareholders.
The
federal
income
tax
character
of
distributions
paid
for
the periods
ended February
28,
2023 and
August
31,
2022 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
$
95,972
$
124,647
Ordinary
Income
2023
2022
Capital
Securities
Fund
$
34,387
$
58,505
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.
February
28,
2023
(unaudited)
9
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
February
28,
2023,
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
$
3,591
$
(128,798)
$
(125,207)
$
1,235,419
7.
Federal
Tax
Information
(continued)
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
10
INVESTMENT
COMPANIES
-
2.07%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.14%
Invesco
Preferred
ETF
(a)
121,647‌
$
1,485‌
Money
Market
Funds
-
1.93%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.42%
(b),(c)
9,806,464‌
9,807‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
(b),(c),(d)
11,599,129‌
11,599‌
$
21,406‌
TOTAL
INVESTMENT
COMPANIES
$
22,891‌
PREFERRED
STOCKS
-
0.69%
Shares
Held
Value
(000's)
Banks
-
0.42%
Cullen/Frost
Bankers
Inc
4.45%,
12/15/2025
(a),(e)
55,739‌
$
1,112‌
First
Republic
Bank/CA
5.13%,
03/31/2023
(e)
8,661‌
183‌
Fulton
Financial
Corp
5.13%,
01/15/2026
(e)
115,292‌
2,416‌
Morgan
Stanley
6.50%,
10/15/2027
(e)
19,609‌
501‌
Valley
National
Bancorp
6.25%,
06/30/2025
(e)
16,801‌
425‌
3
Month
USD
LIBOR
+
3.85%
$
4,637‌
Diversified
Financial
Services
-
0.01%
Affiliated
Managers
Group
Inc
4.20%,
09/30/2061
9,119‌
157‌
Insurance
-
0.06%
Assurant
Inc
5.25%,
01/15/2061
30,074‌
659‌
Pipelines
-
0.11%
Enbridge
Inc
6.38%,
04/15/2078
48,441‌
1,213‌
3
Month
USD
LIBOR
+
3.59%
Sovereign
-
0.09%
CoBank
ACB
6.20%,
01/01/2025
(e)
10,000‌
1,000‌
3
Month
USD
LIBOR
+
3.74%
TOTAL
PREFERRED
STOCKS
$
7,666‌
BONDS
-
97.51%
Principal
Amount
(000's)
Value
(000's)
Banks
-
57.46%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(e),(f),(g),(h)
$
1,900‌
$
1,887‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
6.13%,
11/16/2027
(e),(f),(g)
600‌
539‌
USD
Swap
Semi-Annual
5
Year
+
3.87%
6.50%,
03/05/2025
(e),(f),(g)
9,400‌
8,930‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.19%
Banco
Santander
SA
4.75%,
11/12/2026
(e),(f),(g)
10,000‌
8,496‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
Bank
of
America
Corp
6.13%,
04/27/2027
(a),(e),(f)
13,700‌
13,355‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(e),(f)
25,000‌
22,762‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
3.75%,
12/20/2026
(e),(f)
19,600‌
16,366‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
4.63%,
09/20/2026
(e),(f)
7,300‌
6,643‌
3
Month
USD
LIBOR
+
3.13%
Bank
of
Nova
Scotia/The
3.63%,
10/27/2081
(f)
7,600‌
5,879‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
4.90%,
06/04/2025
(e),(f)
24,000‌
23,021‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.55%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
Nova
Scotia/The  
(continued)
8.63%,
10/27/2082
(f)
$
3,300‌
$
3,487‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.39%
Barclays
PLC
4.38%,
03/15/2028
(e),(f),(g)
8,000‌
6,283‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%
7.75%,
09/15/2023
(e),(f),(g)
10,120‌
10,044‌
USD
Swap
Semi-Annual
5
Year
+
4.84%
8.00%,
06/15/2024
(e),(f),(g)
8,000‌
7,920‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%
8.00%,
03/15/2029
(e),(f),(g)
1,200‌
1,176‌
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
2,771‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
6.63%,
03/25/2024
(e),(f),(g)
800‌
786‌
USD
Swap
Semi-Annual
5
Year
+
4.15%
7.38%,
08/19/2025
(e),(f),(g),(h)
6,103‌
6,072‌
USD
Swap
Semi-Annual
5
Year
+
5.15%
Citigroup
Inc
3.88%,
02/18/2026
(e),(f)
14,500‌
13,012‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.00%,
12/10/2025
(e),(f)
8,000‌
7,320‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
6.25%,
08/15/2026
(e),(f)
1,239‌
1,234‌
3
Month
USD
LIBOR
+
4.52%
7.38%,
05/15/2028
(e),(f),(i)
2,000‌
2,000‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
Citizens
Financial
Group
Inc
4.00%,
10/06/2026
(e),(f)
3,900‌
3,282‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.65%,
10/06/2025
(e),(f)
6,500‌
6,399‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
Comerica
Inc
5.63%,
07/01/2025
(a),(e),(f)
13,000‌
12,669‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.29%
Corestates
Capital
III
5.43%,
02/15/2027
(h)
22,771‌
21,586‌
3
Month
USD
LIBOR
+
0.57%
Credit
Agricole
SA
7.88%,
01/23/2024
(e),(f),(g),(h)
1,383‌
1,380‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
7.88%,
01/23/2024
(e),(f),(g)
2,300‌
2,295‌
USD
Swap
Semi-Annual
5
Year
+
4.90%
8.13%,
12/23/2025
(e),(f),(g),(h)
7,232‌
7,311‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Credit
Suisse
AG
6.50%,
08/08/2023
(g)
600‌
586‌
Credit
Suisse
Group
AG
4.50%,
09/03/2030
(e),(f),(g),(h)
2,500‌
1,456‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.55%
5.25%,
02/11/2027
(e),(f),(g),(h)
500‌
344‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
11
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Credit
Suisse
Group
AG  
(continued)
5.25%,
02/11/2027
(a),(e),(f),(g)
$
5,000‌
$
3,445‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
6.25%,
12/18/2024
(e),(f),(g),(h)
1,790‌
1,468‌
USD
Swap
Semi-Annual
5
Year
+
3.46%
7.50%,
12/11/2023
(e),(f),(g),(h)
6,250‌
5,683‌
USD
Swap
Semi-Annual
5
Year
+
4.60%
9.75%,
06/23/2027
(e),(f),(g),(h)
13,900‌
12,578‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.38%
Danske
Bank
A/S
6.13%,
03/28/2024
(e),(f),(g)
6,600‌
6,353‌
USD
Swap
Semi-Annual
7
Year
+
3.90%
7.00%,
06/26/2025
(e),(f),(g)
4,400‌
4,212‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.13%
Fifth
Third
Bancorp
4.50%,
09/30/2025
(e),(f)
2,200‌
2,104‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.22%
Goldman
Sachs
Group
Inc/The
3.65%,
08/10/2026
(e),(f)
3,100‌
2,621‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
3.80%,
05/10/2026
(e),(f)
3,000‌
2,575‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%
4.95%,
02/10/2025
(e),(f)
1,000‌
949‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.50%,
08/10/2024
(a),(e),(f)
3,500‌
3,430‌
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),(h)
1,700‌
2,107‌
3
Month
USD
LIBOR
+
4.98%
10.18%,
06/30/2030
(e),(f)
7,300‌
9,047‌
3
Month
USD
LIBOR
+
4.98%
HSBC
Holdings
PLC
6.00%,
05/22/2027
(e),(f),(g)
3,000‌
2,775‌
USD
Swap
Rate
NY
5
Year
+
3.75%
6.38%,
09/17/2024
(e),(f),(g)
1,300‌
1,269‌
USD
Swap
Rate
NY
5
Year
+
3.71%
6.50%,
03/23/2028
(a),(e),(f),(g)
500‌
469‌
USD
Swap
Rate
NY
5
Year
+
3.61%
8.00%,
03/07/2028
(e),(f),(g),(i)
5,000‌
5,000‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.86%
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(e),(f)
19,200‌
17,823‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(e),(f)
8,600‌
8,160‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
Huntington
Capital
II
5.39%,
06/15/2028
2,400‌
2,208‌
3
Month
USD
LIBOR
+
0.63%
Huntington
National
Bank/The
5.50%,
05/06/2030
(f)
2,000‌
1,943‌
3
Month
USD
LIBOR
+
5.09%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
ING
Groep
NV
5.75%,
11/16/2026
(e),(f),(g)
$
7,000‌
$
6,487‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
6.50%,
04/16/2025
(e),(f),(g)
500‌
479‌
USD
Swap
Semi-Annual
5
Year
+
4.45%
6.75%,
04/16/2024
(e),(f),(g)
10,000‌
9,783‌
USD
Swap
Rate
NY
5
Year
+
4.20%
Intesa
Sanpaolo
SpA
7.70%,
09/17/2025
(e),(f),(g),(h)
2,000‌
1,874‌
USD
Swap
Semi-Annual
5
Year
+
5.46%
JPMorgan
Chase
&
Co
3.65%,
06/01/2026
(e),(f)
21,993‌
19,090‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
KeyCorp
5.00%,
09/15/2026
(e),(f)
3,775‌
3,563‌
3
Month
USD
LIBOR
+
3.61%
KeyCorp
Capital
I
5.49%,
07/01/2028
1,500‌
1,388‌
3
Month
USD
LIBOR
+
0.74%
KeyCorp
Capital
III
7.75%,
07/15/2029
1,500‌
1,591‌
Lloyds
Banking
Group
PLC
7.50%,
06/27/2024
(e),(f),(g)
4,300‌
4,252‌
USD
Swap
Semi-Annual
5
Year
+
4.76%
7.50%,
09/27/2025
(e),(f),(g)
15,850‌
15,598‌
USD
Swap
Semi-Annual
5
Year
+
4.50%
7.95%,
11/15/2033
(f)
1,800‌
1,971‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.75%
M&T
Bank
Corp
3.50%,
09/01/2026
(e),(f)
8,000‌
6,340‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
5.13%,
11/01/2026
(e),(f)
4,000‌
3,723‌
3
Month
USD
LIBOR
+
3.52%
6.45%,
02/15/2024
(e),(f)
1,300‌
1,293‌
3
Month
USD
LIBOR
+
3.61%
NatWest
Group
PLC
4.60%,
06/28/2031
(e),(f),(g)
10,000‌
7,334‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
6.00%,
12/29/2025
(e),(f),(g)
8,000‌
7,502‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.63%
8.00%,
08/10/2025
(e),(f),(g)
6,000‌
5,969‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
Nordea
Bank
Abp
6.13%,
09/23/2024
(e),(f),(g),(h)
4,300‌
4,144‌
USD
Swap
Semi-Annual
5
Year
+
3.39%
6.63%,
03/26/2026
(e),(f),(g),(h)
15,600‌
15,105‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%
PNC
Capital
Trust
C
5.33%,
06/01/2028
3,000‌
2,814‌
3
Month
USD
LIBOR
+
0.57%
PNC
Financial
Services
Group
Inc/The
3.40%,
09/15/2026
(e),(f)
2,300‌
1,901‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
6.00%,
05/15/2027
(e),(f)
13,600‌
13,151‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
6.20%,
09/15/2027
(a),(e),(f)
2,000‌
1,970‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
12
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
PNC
Financial
Services
Group
Inc/The  
(continued)
6.25%,
03/15/2030
(e),(f)
$
7,500‌
$
7,256‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.81%
Regions
Financial
Corp
5.75%,
06/15/2025
(a),(e),(f)
3,500‌
3,439‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
Skandinaviska
Enskilda
Banken
AB
5.13%,
05/13/2025
(e),(f),(g)
5,000‌
4,650‌
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
5,431‌
USD
Swap
Semi-Annual
5
Year
+
4.30%
7.38%,
10/04/2023
(a),(e),(f),(g)
3,000‌
2,963‌
USD
Swap
Semi-Annual
5
Year
+
4.30%
8.00%,
09/29/2025
(e),(f),(g),(h)
3,500‌
3,482‌
USD
Swap
Rate
NY
5
Year
+
5.87%
Standard
Chartered
PLC
6.00%,
07/26/2025
(e),(f),(g)
1,000‌
963‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%
7.01%,
07/30/2037
(e),(f),(h)
7,800‌
7,953‌
3
Month
USD
LIBOR
+
1.46%
7.01%,
07/30/2037
(e),(f)
3,000‌
3,059‌
3
Month
USD
LIBOR
+
1.46%
7.75%,
04/02/2023
(e),(f),(g),(h)
1,000‌
997‌
USD
Swap
Semi-Annual
5
Year
+
5.72%
SVB
Financial
Group
4.00%,
05/15/2026
(e),(f)
13,000‌
9,544‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
4.25%,
11/15/2026
(e),(f)
2,800‌
1,981‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.07%
Swedbank
AB
5.63%,
09/17/2024
(e),(f),(g)
1,800‌
1,724‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.13%
Toronto-Dominion
Bank/The
8.13%,
10/31/2082
(f)
5,200‌
5,428‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Truist
Financial
Corp
4.80%,
09/01/2024
(e),(f)
22,120‌
21,001‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
4.95%,
09/01/2025
(e),(f)
8,100‌
7,920‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.61%
5.42%,
03/15/2028
2,000‌
1,885‌
3
Month
USD
LIBOR
+
0.65%
5.53%,
05/15/2027
4,500‌
4,272‌
3
Month
USD
LIBOR
+
0.67%
UBS
Group
AG
3.88%,
06/02/2026
(e),(f),(g),(h)
10,000‌
8,431‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.88%,
02/12/2027
(e),(f),(g),(h)
12,000‌
10,512‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.40%
6.88%,
08/07/2025
(e),(f),(g)
9,200‌
9,050‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
UBS
Group
AG  
(continued)
7.00%,
01/31/2024
(e),(f),(g),(h)
$
1,400‌
$
1,393‌
USD
Swap
Semi-Annual
5
Year
+
4.34%
7.00%,
01/31/2024
(e),(f),(g)
5,000‌
4,976‌
USD
Swap
Semi-Annual
5
Year
+
4.34%
UniCredit
SpA
8.00%,
06/03/2024
(e),(f),(g)
10,300‌
10,012‌
USD
Swap
Semi-Annual
5
Year
+
5.18%
US
Bancorp
3.70%,
01/15/2027
(e),(f)
32,500‌
27,341‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
Wells
Fargo
&
Co
3.90%,
03/15/2026
(e),(f)
10,800‌
9,659‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
$
636,154‌
Diversified
Financial
Services
-
7.87%
Ally
Financial
Inc
4.70%,
05/15/2026
(e),(f)
10,500‌
8,228‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%
4.70%,
05/15/2028
(e),(f)
1,200‌
883‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
3.48%
American
Express
Co
3.55%,
09/15/2026
(e),(f)
24,000‌
20,374‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
Capital
One
Financial
Corp
3.95%,
09/01/2026
(a),(e),(f)
10,200‌
8,608‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
Charles
Schwab
Corp/The
4.00%,
06/01/2026
(e),(f)
17,000‌
15,468‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.38%,
06/01/2025
(e),(f)
9,507‌
9,364‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.97%
Depository
Trust
&
Clearing
Corp/The
3.38%,
06/20/2026
(e),(f),(h)
2,500‌
2,075‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
Discover
Financial
Services
6.13%,
06/23/2025
(e),(f)
22,300‌
22,079‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.78%
$
87,079‌
Electric
-
8.89%
Algonquin
Power
&
Utilities
Corp
4.75%,
01/18/2082
(f)
4,500‌
3,724‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%
American
Electric
Power
Co
Inc
3.88%,
02/15/2062
(f)
7,100‌
5,921‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Dominion
Energy
Inc
4.35%,
01/15/2027
(e),(f)
9,900‌
8,586‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%
4.65%,
12/15/2024
(e),(f)
24,300‌
22,417‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%
5.75%,
10/01/2054
(f)
6,625‌
6,372‌
3
Month
USD
LIBOR
+
3.06%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Duke
Energy
Corp
3.25%,
01/15/2082
(f)
$
5,000‌
$
3,948‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%
4.88%,
09/16/2024
(e),(f)
24,960‌
24,149‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Emera
Inc
6.75%,
06/15/2076
(a),(f)
12,500‌
11,993‌
3
Month
USD
LIBOR
+
5.44%
Enel
SpA
8.75%,
09/24/2073
(f),(h)
6,700‌
6,736‌
USD
Swap
Semi-Annual
5
Year
+
5.88%
NextEra
Energy
Capital
Holdings
Inc
3.80%,
03/15/2082
(f)
2,000‌
1,709‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%
6.82%,
10/01/2066
(a)
3,341‌
2,865‌
3
Month
USD
LIBOR
+
2.07%
$
98,420‌
Food
-
0.38%
Dairy
Farmers
of
America
Inc
7.13%,
12/01/2026
(e),(h)
5,000‌
4,225‌
Gas
-
0.85%
NiSource
Inc
5.65%,
06/15/2023
(e),(f)
9,695‌
9,398‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.84%
Hand
&
Machine
Tools
-
0.16%
Stanley
Black
&
Decker
Inc
4.00%,
03/15/2060
(f)
2,100‌
1,809‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%
Insurance
-
12.84%
ACE
Capital
Trust
II
9.70%,
04/01/2030
2,570‌
3,142‌
Allianz
SE
3.20%,
10/30/2027
(e),(f),(g),(h)
5,000‌
3,761‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
Allstate
Corp/The
5.75%,
08/15/2053
(f)
6,900‌
6,762‌
3
Month
USD
LIBOR
+
2.94%
American
International
Group
Inc
5.75%,
04/01/2048
(f)
4,577‌
4,417‌
3
Month
USD
LIBOR
+
2.87%
Aon
Corp
8.21%,
01/01/2027
1,000‌
1,053‌
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.75%,
08/15/2050
(f)
500‌
483‌
3
Month
USD
LIBOR
+
3.59%
Argentum
Netherlands
BV
for
Zurich
Insurance
Co
Ltd
5.13%,
06/01/2048
(f)
2,000‌
1,897‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.27%
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
5.63%,
06/24/2046
(f)
4,900‌
4,808‌
3
Month
USD
LIBOR
+
4.92%
Corebridge
Financial
Inc
6.88%,
12/15/2052
(f),(h)
5,900‌
5,833‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.85%
Equitable
Holdings
Inc
4.95%,
09/15/2025
(e),(f)
1,448‌
1,395‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.74%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Everest
Reinsurance
Holdings
Inc
7.25%,
05/01/2067
$
1,100‌
$
998‌
3
Month
USD
LIBOR
+
2.39%
Liberty
Mutual
Group
Inc
4.13%,
12/15/2051
(f),(h)
6,500‌
5,423‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.32%
7.80%,
03/07/2087
(h)
6,100‌
6,616‌
3
Month
USD
LIBOR
+
3.58%
Liberty
Mutual
Insurance
Co
7.70%,
10/15/2097
(h)
1,100‌
1,235‌
Lincoln
National
Corp
6.85%,
04/20/2067
1,245‌
921‌
3
Month
USD
LIBOR
+
2.04%
MetLife
Capital
Trust
IV
7.88%,
12/15/2067
(h)
1,800‌
1,936‌
MetLife
Inc
3.85%,
09/15/2025
(a),(e),(f)
7,200‌
6,761‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
6.40%,
12/15/2066
700‌
703‌
9.25%,
04/08/2068
(h)
10,372‌
12,528‌
3
Month
USD
LIBOR
+
5.54%
10.75%,
08/01/2069
4,300‌
5,837‌
3
Month
USD
LIBOR
+
7.55%
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
5.88%,
05/23/2042
(f),(h)
3,600‌
3,618‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.98%
Nippon
Life
Insurance
Co
2.75%,
01/21/2051
(f),(h)
4,600‌
3,772‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
2.90%,
09/16/2051
(f),(h)
10,500‌
8,595‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%
5.10%,
10/16/2044
(f)
785‌
768‌
USD
Swap
Semi-Annual
5
Year
+
3.65%
Prudential
Financial
Inc
3.70%,
10/01/2050
(f)
9,500‌
8,010‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
Sumitomo
Life
Insurance
Co
3.38%,
04/15/2081
(f),(h)
5,000‌
4,262‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%
Voya
Financial
Inc
4.70%,
01/23/2048
(f)
10,300‌
8,738‌
3
Month
USD
LIBOR
+
2.08%
6.13%,
09/15/2023
(e),(f)
1,400‌
1,379‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(f)
26,800‌
20,870‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
3.50%,
05/02/2052
(f)
7,200‌
5,685‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.79%
$
142,206‌
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
-
1.14%
BP
Capital
Markets
PLC
4.38%,
06/22/2025
(e),(f)
$
9,500‌
$
9,057‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.04%
4.88%,
03/22/2030
(e),(f)
3,900‌
3,574‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
$
12,631‌
Pipelines
-
4.51%
Enbridge
Inc
5.75%,
07/15/2080
(f)
5,000‌
4,689‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
6.00%,
01/15/2077
(f)
1,500‌
1,431‌
3
Month
USD
LIBOR
+
3.89%
6.25%,
03/01/2078
(f)
11,000‌
10,182‌
3
Month
USD
LIBOR
+
3.64%
7.63%,
01/15/2083
(f)
2,000‌
2,032‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.42%
Enterprise
Products
Operating
LLC
5.25%,
08/16/2077
(f)
9,881‌
8,823‌
3
Month
USD
LIBOR
+
3.03%
5.38%,
02/15/2078
(f)
1,300‌
1,086‌
3
Month
USD
LIBOR
+
2.57%
Transcanada
Trust
5.50%,
09/15/2079
(f)
12,500‌
11,023‌
Secured
Overnight
Financing
Rate
+
4.42%
5.60%,
03/07/2082
(f)
7,300‌
6,348‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.99%
5.63%,
05/20/2075
(f)
600‌
572‌
3
Month
USD
LIBOR
+
3.53%
5.88%,
08/15/2076
(f)
4,000‌
3,800‌
3
Month
USD
LIBOR
+
4.64%
$
49,986‌
REITs
-
0.69%
Scentre
Group
Trust
2
4.75%,
09/24/2080
(f),(h)
4,000‌
3,671‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%
5.13%,
09/24/2080
(f),(h)
4,500‌
3,938‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.69%
$
7,609‌
Sovereign
-
0.86%
CoBank
ACB
4.25%,
01/01/2027
(e),(f)
2,000‌
1,738‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.05%
6.25%,
10/01/2026
(e),(f)
1,000‌
969‌
3
Month
USD
LIBOR
+
4.66%
6.45%,
10/01/2027
(e),(f)
5,000‌
5,012‌
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),(h)
1,900‌
1,777‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.42%
$
9,496‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
-
1.29%
Vodafone
Group
PLC
3.25%,
06/04/2081
(f)
$
8,000‌
$
6,979‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
4.13%,
06/04/2081
(f)
9,250‌
7,342‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
$
14,321‌
Transportation
-
0.57%
BNSF
Funding
Trust
I
6.61%,
12/15/2055
(f)
6,500‌
6,321‌
3
Month
USD
LIBOR
+
2.35%
TOTAL
BONDS
$
1,079,655‌
Total
Investments
$
1,110,212‌
Other
Assets
and
Liabilities
-  (0.27)%
(3,003‌)
TOTAL
NET
ASSETS
-
100.00%
$
1,107,209‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$16,624
or
1.50%
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
$17,146
or
1.55%
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)
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)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(g)
Security
is
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
$258,400
or
23.34%
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
$203,966
or
18.42%
of
net
assets.
(i)
Security
purchased
on
a
when-issued
basis.
Portfolio
Summary
Sector
Percent
Financial
79.35‌%
Utilities
9.74‌%
Energy
5.76‌%
Money
Market
Funds
1.93‌%
Communications
1.29‌%
Government
0.95‌%
Industrial
0.73‌%
Consumer,
Non-cyclical
0.38‌%
Investment
Companies
0.14‌%
Other
Assets
and
Liabilities
(0.27‌)%
TOTAL
NET
ASSETS
100.00%
Schedule
of
Investments
Capital
Securities
Fund
February
28,
2023
(unaudited)
See
accompanying
notes.
15
Affiliated
Securities
August
31,
2022
Purchases
Sales
February
28,
2023
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
—‌
$
119,595‌
$
107,996‌
$
11,599‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
6,388‌
116,134‌
122,522‌
—‌
$
6,388‌
$
235,729‌
$
230,518‌
$
11,599‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.48%
$
145‌
$
—‌
$
—‌
$
—‌
Principal
Government
Money
Market
Fund
-
Institutional
Class
4.43%
58‌
—‌
—‌
—‌
$
203‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Glossary
to
the
Schedule
of
Investments
February
28,
2023
(unaudited)
See
accompanying
notes.
16
Currency
Abbreviations
USD/$
United
States
Dollar
See
accompanying
notes.
18
Financial
Highlights
Principal
Funds,
Inc.
(unaudited)
Selected
data
for
a
share
of
Capital
Stock
outstanding
throughout
each
year
ended
August
31
(except
as
noted):
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Total
From
Investment
Operations
Dividends
from
Net
Investment
Income
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
CAPITAL
SECURITIES
FUND
Class
S
shares
2023(b)
$
9.20‌
$
0.23‌
(
$
0.03‌)
$
0.20‌
(
$
0.29‌)
(
$
0.29‌)
$
9.11‌
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.
19
Financial
Highlights
(Continued)
Principal
Funds,
Inc.
(unaudited)
Total
Return
Net
Assets,
End
of
Period
(in
thousands)
Ratio
of
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income
to
Average
Net
Assets
Portfolio
Turnover
Rate
2.25‌
%
(c)
$
1,107,209‌
0.00‌
%
(d),(e)
5.26‌
%
(d)
18.1‌
%
(d)
(10.24‌)
1,143,647‌
0.00‌
(e)
4.40‌
14.0‌
8.77‌
1,167,754‌
0.00‌
(e)
4.34‌
14.2‌
7.42‌
846,849‌
0.00‌
(e)
4.95‌
14.0‌
8.39‌
648,432‌
0.00‌
(e)
5.89‌
14.7‌
0.87‌
544,446‌
0.00‌
(e)
5.67‌
9.1‌
(a)
Calculated
based
on
average
shares
outstanding
during
the
period.
(b)
Six
months
ended
February
28,
2023.
(c)
Total
return
amounts
have
not
been
annualized.
(d)
Computed
on
an
annualized
basis.
(e)
Reflects
Manager's
contractual
expense
limit.
Shareholder
Expense
Example
Principal
Funds,
Inc.
February
28,
2023
(unaudited)
20
As
a
shareholder
of
Capital
Securities
Fund,
you
may
incur
ongoing
costs,
including
management
fees;
distribution
fees;
and
other
fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
Principal
Funds,
Inc.
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(
September
1,
2022
to
February
28,
2023
),
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
September
1,
2022
Ending
Account
Value
February
28,
2023
Expenses
Paid
During Period
September
1,
2022 to
February
28,
2023
(a)
Beginning
Account
Value
September
1,
2022
Ending
Account
Value
February
28,
2023 
Expenses
Paid
During Period
September
1,
2022 to
February
28,
2023
(a)
Annualized
Expense
Ratio
Capital
Securities
Fund
Class
S
$
1,000.00‌
$
1,022.48‌
$
0.00‌
$
1,000.00‌
$
1,024.79‌
$
0.00‌
0.00‌
%
(a)
Expenses
are
equal
to
a
fund's
annualized
expense
ratio
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
21
FUND
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
Boards
of
the
following
investment
companies:
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
referred
to
as
“Interested
Board
Members”.
Board
Members
who
are
not
Interested
Board
Members
are
referred
to
as
“Independent
Board
Members”.
Each
Board
Member
generally
serves
until
the
next
annual
meeting
of
shareholders
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.
The
Board
elects
officers
to
supervise
the
day-to-day
operations
of
the
Fund
Complex.
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
132
McClatchy
Newspapers,
Inc.
(2000-
2020);
Frontier
Communications,
Inc.
(2005-2019)
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
(consulting
services)
132
None
Katharin
S.
Dyer
Board
Member
since
2023
Member,
Operations
Committee
1957
Founder
and
Chief
Executive
Officer,
PivotWise
(consulting
services)
Global
Partner,
IBM
(technology
company)
from
2016-2018
132
Liquidity
Services,
Inc.
(2020-present)
Frances
P.
Grieb
Board
Member
since
2023
Member,
Audit
Committee
1960
Retired
132
First
Interstate
BancSystems,
Inc.
(2022-present);
Great
Western
Bancorp,
Inc.
and
Great
Western
Bank
(2014-2022)
Fritz
S.
Hirsch
Board
Member
since
2005
Member,
Nominating
and
Governance
Committee
Member,
15(c)
Committee
1951
Interim
CEO,
MAM
USA
(manufacturer
of
infant
and
juvenile
products)
from
February
2020
to
October
2020
132
MAM
USA
(2011-present)
Victor
Hymes
Board
Member
since
2020
Chair,
Audit
Committee
Member,
Nominating
and
Governance
Committee
1957
Founder,
CEO,
CIO,
Legato
Capital
Management,
LLC
(investment
management
company)
132
None
Padelford
L.
Lattimer
Board
Member
since
2020
Chair,
Operations
Committee
Member,
15(c)
Committee
1961
Managing
Partner,
TBA
Management
Consulting
LLC
(management
consulting
and
staffing
company)
132
None
Karen
McMillan
Board
Member
since
2014
Member,
Operations
Committee
Chair,
15(c)
Committee
1961
Founder/Owner,
Tyche
Consulting
LLC
(consulting
services)
Managing
Director,
Patomak
Global
Partners,
LLC
(financial
services
consulting)
from
2014-2021
132
None
22
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
132
SpartanNash
(2000-2022)
Mary
M.
VanDeWeghe
Board
Member
since
2018
Member,
Audit
Committee
Member,
15(c)
Committee
1959
CEO
and
President,
Forte
Consulting,
Inc.
(financial
and
management
consulting)
132
Helmerich
&
Payne
(2019-present);
Denbury
Resources
Inc.
(2019-2020)
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
Principal
Global
Investors,
LLC
(“PGI”)
132
None
Chair
and
Board
Member
since
2019
Chair,
Executive
Committee
1957
President
(2018-2021)
Director
(2018-2020)
Principal
Financial
Group,
Inc.
(“PFGI”),
Principal
Financial
Services,
Inc.
(“PFSI”),
and
Principal
Life
Insurance
Company
(“PLIC”)
Division
President
(2020-2021)
President
(2018-2020)
Post
Advisory
Group,
LLC
(“Post”)
Director
(2018-2020)
RobustWealth
Chair
and
Executive
Vice
President
(2018-2021)
Patrick
G.
Halter
PGI
132
None
Board
Member
since
2017
Member,
Executive
Committee
1959
Chair
since
2018
Chief
Executive
Officer
and
President
since
2018
Director
since
2003
PFGI,
PFSI,
and
PLIC
President
and
Chief
Executive
Officer
–
Principal
Asset
Management
(“PAM”)
since
2022
President
–
Principal
Global
Asset
Management
(“PGAM”)
(2020-2022)
Post
Director
since
2017
Chair
(2017-2020)
Principal
Real
Estate
Investors,
LLC
(“PREI”)
President
-
PGAM
since
2022
Director
and
Chair
since
2004
Chief
Executive
Officer
and
President
(2018-2021)
Origin
Asset
Management
LLP
(“Origin”)
Director
(2018-2019)
23
FUND
COMPLEX
OFFICERS
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Kamal
Bhatia
PGI
President
and
Chief
Executive
Officer
Des
Moines,
IA
50392
1972
Director
since
2019
President
–
Principal
Funds
since
2019
Principal
Funds
Distributor,
Inc.
(“PFD”)
Director
since
2019
PFGI,
PFSI,
and
PLIC
Senior
Executive
Director
and
Chief
Operating
Officer
-
PAM
since
2022
Senior
Executive
Director
and
Chief
Operating
Officer
–
PGI
(2020-2022)
President-Principal
Funds
(2019-2020)
Post
Director
since
2020
PREI
Senior
Executive
Director
and
Chief
Operating
Officer
–
PGI
since
2022
Director
since
2020
Principal
Shareholder
Services,
Inc.
(“PSS”)
Executive
Vice
President
since
2019
Director
and
Chair
(2019-2022)
Spectrum
Asset
Management,
Inc.
(“Spectrum”)
Director
since
2021
Origin
Additional
Director
since
2022
Oppenheimer
Funds
Senior
Vice
President
(2011-2019)
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
24
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
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)
Sara
L.
Reece
Vice
President
and
Chief
Operating
Officer
Des
Moines,
IA
50392
1975
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)
Vice
President,
PSS
since
2015
Michael
Scholten
Chief
Financial
Officer
Des
Moines,
IA
50392
1979
Chief
Operations
Officer,
PFD
since
2022
Chief
Financial
Officer
–
PFD
(2016-2022)
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,
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
25
Name,
Position
Held
with
the
Fund
Complex,
Address,
and
Year
of
Birth
Principal
Occupation(s)
During
past
5
years
Clint
L.
Woods
PGI
Counsel,
Vice
President,
and
Assistant
Secretary
Des
Moines,
IA
50392
1961
Vice
President,
Associate
General
Counsel,
and
Assistant
Secretary
since
2021
Vice
President,
Associate
General
Counsel,
and
Secretary
(2020-2021)
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary
(2018-2020)
PFD
Vice
President,
Associate
General
Counsel,
and
Secretary
since
2022
Vice
President,
Associate
General
Counsel,
and
Assistant
Corporate
Secretary
(2019-2022)
PFSI
Vice
President,
Associate
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary
since
2015
PLIC
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary
since
2015
Post
Assistant
Secretary
since
2021
Secretary
(2020-2021)
PREI
Vice
President,
Associate
General
Counsel,
Governance
Officer,
and
Secretary
since
2020
Vice
President,
Associate
Counsel,
Governance
Officer,
and
Assistant
Corporate
Secretary
(2020)
PSI
Vice
President,
Associate
General
Counsel,
and
Secretary
(2021-2022)
Vice
President,
Associate
General
Counsel,
and
Assistant
Corporate
Secretary
(2019-2021)
PSS
Vice
President,
Associate
General
Counsel,
and
Secretary
since
2021
Vice
President,
Associate
General
Counsel,
and
Assistant
Corporate
Secretary
(2019-2021)
RobustWealth,
Inc.
Vice
President,
Associate
General
Counsel,
and
Assistant
Corporate
Secretary
since
2019
Spectrum
Assistant
Secretary
since
2021
Secretary
(2020-2021)
Jared
A.
Yepsen
Assistant
Tax
Counsel
Des
Moines,
IA
50392
1981
Counsel,
PGI
(2017-2019)
Counsel,
PLIC
since
2015
26
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
is
responsible
for
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
shareholders
any
action
that
requires
shareholder
approval;
3)
amend
the
bylaws;
or
4)
approve
any
merger
or
share
exchange
that
does
not
require
shareholder
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
be
found
at
https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP.
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
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
review
and
oversee
the
provision
of
administrative
and
distribution
services
to
the
Fund
Complex,
communications
with
the
Fund
Complex’s
shareholders,
and
the
Fund
Complex’s
operations.
Additional
information
about
the
Fund
is
available
in
the
Prospectuses
and
the
Statement
of
Additional
Information
dated
December
31,
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.
27
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.
28
BOARD
CONSIDERATION
OF
INVESTMENT
ADVISORY
CONTRACTS
During
the
period
covered
by
this
report,
the
Board
of
Directors
of
Principal
Funds,
Inc.
(“PFI”)
approved
(1)
an
amended
Management
Agreement
between
PFI
and
Principal
Global
Investors,
LLC
(“PGI”
or
the
“Manager”)
and
a
sub-advisory
agreement
between
PGI
and
Principal
Real
Estate
Investors,
LLC
with
respect
to
the
addition
of
the
Global
Sustainable
Listed
Infrastructure
Fund;
and
(2)
the
annual
review
and
renewal
of
the
Management
Agreement
and
various
sub-advisory
agreements
for
all
Funds.
Approval
of
Management
Agreement
and
Sub-Advisory
Agreement
for
PFI
Global
Sustainable
Listed
Infrastructure
Fund
On
June
13,
2022,
the
Board
met
to
consider
for
the
newly
established
PFI
Global
Sustainable
Listed
Infrastructure
Fund
(the
“Fund”)
the
approval
of
a
management
agreement
(the
“Management
Agreement”)
between
PFI,
on
behalf
of
the
Fund,
and
Principal
Global
Investors,
LLC
(the
“Advisor”)
and
a
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
the
Advisor
and
Principal
Real
Estate
Investors,
LLC
(the
“Sub-Advisor”)
with
respect
to
the
Fund.
The
Management
Agreement
and
the
Sub-Advisory
Agreement
are
together
referred
to
as
the
“Advisory
Agreements.
With
respect
to
the
Management
Agreement,
the
Board
considered,
among
other
factors,
that
the
Advisor
serves
as
the
investment
advisor
to
the
existing
series
of
PFI,
that
the
Advisor
has
had
a
long-term
relationship
with
PFI,
Principal
Variable
Contracts,
Inc.
and
Principal
Exchange-Traded
Funds
(collectively
with
Principal
Diversified
Select
Real
Asset
Fund,
the
“Principal
Funds”),
all
of
which
are
also
overseen
by
the
Directors;
and
that
the
Advisor
has
demonstrated
a
long-term
commitment
to
support
the
Principal
Funds.
The
Board
concluded
that
a
long-term
relationship
with
a
capable
and
conscientious
advisor
is
in
the
best
interests
of
the
Fund.
The
Board
considered
various
factors,
including
the
following,
and
made
certain
findings
and
conclusions
with
regard
thereto,
in
approving
the
Management
Agreement.
Nature,
Quality
and
Extent
of
Services.
The
Board
considered
the
nature,
quality
and
extent
of
the
services
to
be
provided
under
the
Management
Agreement,
including
administrative
services.
The
Board
noted
that,
in
connection
with
the
2021
annual
renewal
of
the
management
agreements
for
the
other
Principal
Funds,
the
Board
had:
(1)
reviewed
the
services
provided
by
the
Advisor
to
the
other
Principal
Funds
under
their
respective
management
agreements;
(2)
considered
the
experience
and
skills
of
senior
management
leading
fund
operations,
the
experience
and
skills
of
the
personnel
performing
the
functions
under
the
management
agreements
and
the
resources
made
available
to
such
personnel,
the
ability
of
the
Advisor
to
attract
and
retain
high-quality
personnel,
and
the
organizational
depth
and
stability
of
the
Advisor
and
concluded
that
appropriate
resources
were
provided
under
the
management
agreements
for
the
other
Principal
Funds;
(3)
noted
that
the
Advisor’s
process
for
the
selection
of
sub-advisors
emphasizes
the
selection
of
Principal-affiliated
sub-advisors
that
are
determined
to
be
qualified
under
the
Advisor’s
due
diligence
process
and
concluded
that
this
due
diligence
process
was
working
well;
and
(4)
considered
the
compliance
program
established
by
the
Advisor
for
the
Principal
Funds
and
their
respective
series,
as
applicable,
the
quality
of
that
program
and
the
level
of
compliance
attained
by
the
Principal
Funds.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
to
be
provided
by
the
Advisor
to
the
Fund
under
the
Management
Agreement
are
expected
to
be
satisfactory.
The
Board
considered
the
nature,
quality
and
extent
of
the
services
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
investment
personnel
of
the
Sub-Advisor
who
would
be
responsible
for
the
day-to-day
management
of
the
Fund,
and
the
resources
made
available
to
such
personnel.
The
Board
noted
that
the
Sub-Advisor
currently
provides
sub-
advisory
services
to
seven
other
series
of
Principal
Funds,
and
that
the
Board
had
reviewed
and
had
approved
for
renewal
the
sub-advisory
agreements
for
six
of
those
series
at
its
September
2021
Board
meeting
and
made
the
initial
approval
of
the
sub-
advisory
agreement
for
the
other
series
at
its
December
2021
Board
meeting.
In
addition,
the
Board
considered
the
Advisor’s
program
for
recommending,
monitoring
and
replacing
sub-advisors
and
that
the
Advisor
recommended
the
Sub-Advisor
based
upon
that
program.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
to
be
provided
by
the
Sub-Advisor
to
the
Fund
under
the
Sub-Advisory
Agreement
are
expected
to
be
satisfactory.
Investment
Performance.
The
Board
reviewed
the
historical
year-to-date,
one
year,
two-year
and
since
inception
(August
2019)
performance
returns
as
of
March
31,
2022,
as
well
as
the
historical
performance
returns
for
calendar
years
2020
and
2021,
in
each
case
gross
and
net
of
proposed
fees,
of
the
Sub-Advisor
in
a
composite
managed
in
the
proposed
investment
strategy
for
the
Fund,
as
compared
to
29
the
historical
performance
returns
of
a
relevant
benchmark
index
for
the
Fund
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
management
and
sub-advisory
fee
rates
for
the
Fund.
With
respect
to
the
proposed
management
fee
rate,
the
Board
considered
that
the
sub-advisory
fee
would
be
paid
to
an
affiliate.
The
Board
also
received
information
from
the
Advisor,
based
upon
data
supplied
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
the
proposed
management
fee
rate
for
the
Fund
to
advisory
fees
of
funds
in
a
peer
group
selected
by
Broadridge.
The
Board
also
considered
whether
there
are
economies
of
scale
with
respect
to
the
services
to
be
provided
to
the
Fund
under
the
Management
Agreement.
The
Board
noted
that
the
proposed
management
fee
schedule
includes
breakpoints
and
concluded
that
the
proposed
management
fee
schedule
reflects
an
appropriate
recognition
of
economies
of
scale
at
currently
anticipated
asset
levels.
With
respect
to
the
sub-advisory
fee
rate
proposed
to
be
paid
to
the
Sub-Advisor,
the
Board
noted
that
the
Advisor
would
compensate
the
Sub-Advisor,
an
affiliated
company,
from
its
own
management
fee
so
that
shareholders
would
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
and
concluded
that
the
proposed
sub-advisory
fee
schedule
reflects
an
appropriate
recognition
of
economies
of
scale
at
currently
anticipated
asset
levels.
The
Board
considered
the
Sub-Advisor’s
representation
that
it
receives
a
lower
sub-
advisory
fee
from
one
client
in
the
same
strategy
that
it
is
proposed
to
manage
for
the
Fund
and
the
Sub-Advisor’s
explanation
for
that
lower
fee
rate,
as
well
as
the
Advisor’s
statement
that
it
found
the
proposed
sub-advisory
fee
schedule
to
be
competitive.
In
addition,
in
evaluating
the
management
and
sub-advisory
fee
rates,
the
Board
considered
the
Advisor’s
statement
regarding
the
expected
asset
level
that
will
be
required
for
the
Fund
to
break
even.
The
Board
also
reviewed
the
anticipated
expense
ratio
of
the
Institutional
Class
shares
of
the
Fund
and
considered
that
the
Advisor
proposed
to
cap
the
total
expense
ratio
for
that
class
at
a
specified
level
until
December
30,
2023.
On
the
basis
of
the
information
provided,
the
Board
concluded
that
the
proposed
management
and
sub-advisory
fee
schedules
were
reasonable.
Other
Benefits.
The
Board
considered
the
character
and
amount
of
other
incidental
benefits
to
be
received
by
the
Advisor
and
the
Sub-Advisor.
The
Board
noted
the
Advisor’s
statement
that
the
Sub-Advisor
intends
to
use
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services
consistent
with
its
use
of
commissions
for
the
other
equity
portfolios
it
currently
manages,
as
well
as
the
Advisor’s
statement
that
there
would
be
no
known
fall-out
benefits
to
the
Advisor
or
the
Sub-Advisor
in
connection
with
the
management
of
the
Fund
outside
the
use
of
soft
dollars.
The
Board
concluded
that,
on
the
basis
of
the
information
provided,
the
incidental
benefits
to
be
received
by
the
Advisor
and
the
Sub-Advisor
were
appropriate.
Overall
Conclusions.
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
each
Advisory
Agreement,
including
the
fee
rates
payable
thereunder,
are
fair
and
reasonable
and
that
approval
of
each
of
the
Advisory
Agreements
is
in
the
best
interests
of
the
Fund.
Annual
Review
and
Renewal
of
Management
Agreement
and
Sub-Advisory
Agreements
At
its
September
13,
2022
meeting,
the
Board
performed
its
annual
review
and
renewal
process
relating
to
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
all
Funds.
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”)
requires
the
Board,
including
a
majority
of
the
Directors
who
have
no
direct
or
indirect
interest
in
the
investment
advisory
agreements
and
who
are
not
“interested
persons”
of
PFI,
as
defined
in
the
1940
Act
(the
“Board”),
annually
to
review
and
to
consider
the
continuation
of:
(1)
the
Management
Agreement
between
the
Manager
and
PFI,
on
behalf
of
each
of
the
fourteen
(14)
series
of
PFI
(each
series
is
referred
to
as
a
“Fund”)
(2)
the
Sub-Advisory
Agreements
between
the
Manager
and
each
of
BlackRock
Financial
Management,
Inc.;
BlackRock
International
Limited;
ClearBridge
Investments
(North
America)
Pty
Limited;
CoreCommodity
Management,
LLC;
Delaware
Investments
Fund
Advisers;
Gotham
Asset
Management,
LLC;
Graham
Capital
Management,
L.P.;
Impax
Asset
Management
Limited;
Loomis,
Sayles
&
Company,
L.P.;
Los
Angeles
Capital
Management
LLC;
Newton
Investment
Management
North
America
30
LLC;
Nuveen
Asset
Management
LLC;
Origin
Asset
Management
LLP;
Pictet
Asset
Management
SA;
Principal
Real
Estate
Investors,
LLC;
Sound
Point
Capital
Management,
LP;
Spectrum
Asset
Management,
Inc.;
Wellington
Management
Company
LLP;
and
Westchester
Capital
Management,
LLC
(collectively,
the
“Sub-Advisors”).
The
Management
Agreement
and
the
Sub-
Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements.”
The
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
continuation
of
the
Advisory
Agreements.
In
evaluating
the
Advisory
Agreements,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose,
including,
among
other
information,
information
regarding
performance,
advisory
fees,
total
expenses,
profitability
from
the
Advisory
Agreements
to
the
Manager
and
information
about
economies
of
scale.
The
Board
reviewed
the
materials
provided
and
concluded
that
it
was
provided
all
information
reasonably
necessary
to
evaluate
the
Advisory
Agreements.
Management
Agreement
The
Board
considered,
among
other
factors,
that
the
Manager
and
its
affiliates
have
demonstrated
a
long-term
commitment
to
support
the
Funds,
including
undertakings
to
cap
Fund
expenses
and/or
waive
management
fees
for
certain
Funds.
The
Board
concluded
that
a
relationship
with
a
capable
and
conscientious
investment
adviser
is
in
the
best
interests
of
each
Fund.
In
addition,
the
Board
considered
various
factors,
including
the
following
factors
for
each
of
the
Funds.
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
the
Management
Agreement,
including
accounting
and
administrative
services,
as
applicable.
The
Board
considered
the
experience
and
skills
of
senior
management
leading
Fund
operations,
the
experience
and
skills
of
the
personnel
performing
the
functions
under
the
Management
Agreement
and
the
resources
made
available
to
such
personnel,
the
ability
of
the
Manager
to
attract
and
retain
high-quality
personnel
and
the
organizational
depth
and
stability
of
the
Manager.
The
Board
concluded
that
appropriate
resources
were
provided
under
the
Management
Agreement.
The
Board
also
considered
that
for
certain
Funds,
during
the
periods
reviewed,
the
Manager
had
delegated
day-to-day
portfolio
management
responsibility
to
the
Sub-Advisors.
The
Board
noted
that
the
Manager’s
process
for
the
selection
of
sub-advisors
emphasizes
the
selection
of
Principal-affiliated
sub-advisors
that
are
determined
to
be
qualified
under
the
Manager’s
due
diligence
process,
but
that
the
Manager
will
select
an
unaffiliated
sub-advisor
to
manage
all
or
a
portion
of
a
Fund’s
investment
portfolio
when
deemed
necessary
or
appropriate
based
upon
a
consideration
of
the
Fund’s
investment
mandate
and
available
expertise
and
resources
within
the
Principal
organization.
With
respect
to
Funds
with
unaffiliated
sub-advisors,
the
Board
considered
the
due
diligence
process
developed
by
the
Manager
for
purposes
of
selecting
a
qualified
unaffiliated
sub-advisor
for
a
Fund.
The
Board
considered
the
Manager’s
due
diligence
process
for
monitoring
and
replacing
sub-advisors
and
for
monitoring
the
investment
performance
of
the
Manager.
The
Board
also
considered
the
compliance
program
established
by
the
Manager
for
the
Funds,
the
quality
of
that
program
and
the
level
of
compliance
attained
by
the
Funds.
The
Board
noted
that
they
had
previously
reviewed
annual
best
execution
and
soft
dollar
reports
and
information
regarding
the
research
payment
accounts
for
applicable
Funds
and
included
this
information
in
their
consideration
of
the
renewal
of
the
Advisory
Agreements.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Manager
to
the
Funds
under
each
Management
Agreement
were
satisfactory.
Investment
Performance
The
Board
reviewed
each
Fund’s
investment
performance
over
longer-term
periods,
reviewing
both
the
investment
return
during
the
three-year
period
ended
March
31,
2022
and
the
blended
investment
return
(50%/50%)
of
the
three-
and
five-year
periods
ended
March
31,
2022,
and
compared
those
returns
to
various
agreed-upon
performance
measures,
including,
for
all
Funds
peer-
group
data
based
upon
a
broad-based,
industry
category
determined
using
Morningstar
Direct
data
(“Performance
Universe”).
For
Funds
or
Sub-Advisors
that
did
not
have
a
five-year
performance
history,
the
Board
reviewed
performance
for
a
three-year
period
ended
March
31,
2022,
if
available.
For
Funds
or
Sub-Advisors
that
did
not
have
a
three-year
performance
history,
the
Board
reviewed
performance
for
a
one-year
period
ended
March
31,
2022,
if
available.
The
Board
also
compared
each
Fund’s
investment
performance
over
the
one-,
three-
and
five-year
periods
ended
March
31,
2022,
as
available,
to
one
or
more
relevant
benchmark
indices.
The
Board
noted
that
certain
Funds
had
commenced
operations
recently
and,
accordingly,
no
or
limited
performance
information
was
considered.
The
Board
also
considered
whether
investment
results
were
consistent
with
a
Fund’s
investment
objective(s)
and
policies.
For
most
Funds,
the
Board
concluded
that
the
Fund’s
investment
returns
met
acceptable
levels
of
investment
performance.
There
were
certain
Funds,
and
certain
Sub-Advisors
for
multi-manager
Funds,
that
had
not
31
attained
during
the
relevant
period(s)
a
level
of
investment
performance
considered
satisfactory
by
the
Board.
For
such
Funds,
the
Board
also
considered
other
factors,
such
as
the
longer-term
performance
of
each
such
Fund
or
Sub-Advisor,
remedial
efforts
being
undertaken
to
improve
performance
and/or
the
Manager’s
explanation
for
the
performance
of
such
Fund
or
Sub-Advisor.
The
Board
considered
the
Manager’s
due
diligence
process
for
evaluating
the
performance
of
all
Funds
and
all
Sub-Advisors,
for
which
they
receive
regular
reporting,
and
concluded
that
the
Manager
has
in
place
an
effective
due
diligence
process
to
monitor
investment
performance,
to
encourage
remedial
action
and
to
make
changes
in
the
Sub-Advisors
at
the
appropriate
time,
if
necessary.
Investment
Management
Fees
and
Expenses
The
Board
considered
each
Fund’s
contractual
and
effective
management
fee
rates.
For
each
Fund,
other
than
as
noted
below,
the
Board
received
certain
information
from
Broadridge.
For
Funds
the
Board
received
information
comparing
each
Fund’s
(1)
contractual
management
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels,
(2)
effective
net
management
fee
rate
(after
any
fee
waivers)
at
average
fiscal-year
asset
levels,
(3)
actual
non-management
expense
rate
at
average
fiscal-year
asset
levels
and
(4)
total
net
expense
ratio
(including,
as
applicable,
acquired
fund
fees
and
expenses
and
after
any
expense
caps
or
fee
waivers)
at
average
fiscal-year
asset
levels
for
Institutional
Class
shares
for
each
PFI
Fund,
except
Capital
Securities
Fund,
as
described
below,
to
investment
advisory
fee
rates,
non-management
expense
rates
and
expense
ratios
of
funds
in
a
peer
group
selected
by
Broadridge
(“Expense
Group”)
and
a
broad-based,
industry
category
defined
by
Broadridge
(“Expense
Universe”).
With
regard
to
the
Capital
Securities
Fund,
the
Board
considered
that
the
Fund
does
not
pay
a
management
fee
or
any
other
Fund-level
expenses
and
therefore
did
not
consider
comparative
fee
and
expense
information.
In
evaluating
the
contractual
and
effective
management
fee
rates,
the
Board
considered
a
variety
of
factors,
including
the
contractual
and
effective
fee
rates,
breakpoints,
comparisons
to
fee
rates
of
peer
group
funds
and
other
funds
and
non-fund
accounts
managed
by
the
Manager,
sub-advisory
fee
rates
paid,
services
provided,
investment
performance,
total
net
expense
ratios,
profitability,
the
existence
and
sharing
of
economies
of
scale,
fall-out
benefits
and
expense
caps
and
fee
waivers.
The
Board
considered
the
impact
of
changes
in
sub-advisory
fee
rates
put
into
effect
since
September
2021.
The
Board
considered
that
certain
Principal
Variable
Contracts
Funds
and
Principal
Exchange-Traded
Funds
with
similar
investment
strategies
and
policies
have
different
management
fee
schedules
and
noted
the
reasons
cited
by
the
Manager
for
the
differing
fee
rates.
In
reviewing
the
fee
rates
of
other
accounts
managed
by
the
Manager,
the
Board
considered
information
provided
by
the
Manager
regarding
differences
between
the
services
provided
to
the
Funds
and
the
services
provided
to
such
other
accounts.
For
most
Funds,
effective
net
management
fee
rates
were
within
the
third
quartile
or
better
when
compared
to
the
applicable
Expense
Group.
For
some
Funds,
although
effective
net
management
fee
rates
were
higher
than
the
third
quartile,
total
net
expense
ratios
were
within
the
third
quartile
or
better.
Discussion
is
set
forth
below
regarding
specific
factors
relevant
to
the
Board’s
review
of
certain
other
Funds.
With
regard
to
Small-MidCap
Dividend
Income
Fund,
the
Board
noted
that
the
effective
net
management
fee
rate
and
the
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
were
higher
than
third
quartile
(both
were
at
the
92nd
percentile)
in
the
Expense
Group.
The
Board
also
noted
the
Fund’s
performance
in
fourth
quartile
of
its
Performance
Universe
for
the
three-
year
and
blended
three-
and
five-year
periods
ended
March
31,
2022
(both
were
at
the
95th
percentile).
Considering
all
relevant
factors,
including
management’s
discussion
of
the
Fund’s
relative
performance
and
certain
characteristics
of
the
funds
in
the
Expense
Group,
including
that
the
majority
of
the
funds
in
the
Expense
Group
focus
on
large-capitalization
stocks
rather
than
small-
or
mid-capitalization
stocks,
the
Board
concluded
that
the
Management
Agreement
should
be
renewed.
With
regard
to
International
Small
Company
Fund,
the
Board
noted
that
the
effective
net
management
fee
rate
and
the
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
were
higher
than
the
third
quartile
(99th
and
80th
percentiles,
respectively)
in
the
Expense
Group.
The
Board
accepted
the
Manager’s
proposals
to
amend
the
management
fee
schedule
for
the
Fund
to
reduce
the
effective
management
fee
rate
payable
at
all
asset
levels
and
to
lower
the
expense
cap
on
the
Fund’s
Institutional
Class
shares
to
be
effective
from
December
31,
2022
through
December
30,
2023
and
considered
the
pro
forma
effect
of
these
changes
on
the
rankings
of
the
Fund’s
effective
net
management
fee
rate
and
total
net
expense
ratio
on
the
basis
of
Institutional
Class
shares
in
the
Expense
Group,
noting
that
the
Fund’s
effective
net
management
fee
rate
would
move
to
the
60th
percentile
and
the
Fund’s
total
net
expense
ratio
would
move
to
the
20th
percentile.
Considering
all
relevant
factors,
including
the
Fund’s
performance
in
the
fourth
quartile
of
its
Performance
Universe
for
the
three-year
and
blended
three-
and
five-year
periods
ended
March
31,
2022
(89th
and
84th
percentiles,
respectively)
and
the
Manager’s
explanation
of
the
Fund’s
relative
performance,
the
Board
concluded
that
the
Management
Agreement,
as
amended,
should
be
renewed.
The
Board
also
considered
the
expense
caps
and
fee
waivers
that
would
be
in
place
with
respect
to
certain
Funds
and
share
32
classes.
The
list
of
agreed
upon
expense
caps
and
fee
waivers
is
the
result
of
the
Manager’s
proposals
to
extend
the
expense
caps
and
fee
waivers
for
certain
Funds
and
share
classes
and
to
terminate
the
expense
caps
and
fee
waivers
for
other
Funds
and
share
classes
that
are
projected
to
continue
to
operate
below
current
applicable
expense
caps.
The
list
of
agreed
upon
expense
caps
and
fee
waivers
also
reflects
new
or
revised
expense
caps
for
Institutional
Class
shares
of
Global
Multi-Strategy
Fund
and
Origin
Emerging
Markets
Fund
and
Class
A
shares
of
Origin
Emerging
Markets
Fund
to
be
effective
from
December
31,
2022
through
December
30,
2023.
With
regard
to
each
of
Opportunistic
Municipal
Bond
Fund,
Global
Multi-Strategy
Fund,
Diversified
Real
Asset
Fund,
and
the
Edge
MidCap
Fund,
Origin
Emerging
Markets
Fund,
the
Board
accepted
management’s
proposal
to
amend
the
management
fee
schedule
for
the
Fund
to
reduce
the
effective
management
fee
rate
payable
at
all
asset
levels
for
each
of
the
other
foregoing
Funds
and
considered
this
fee
reduction
in
concluding
that
the
Management
Agreement,
as
amended,
should
be
renewed.
Profitabilit
y
The
Board
reviewed
detailed
information
regarding
revenues
the
Manager
received
under
the
Management
Agreement
and
the
estimated
direct
and
indirect
costs
incurred
in
providing
to
each
Fund
the
services
described
in
the
Management
Agreement
for
the
year
ended
December
31,
2021.
The
Board
also
considered
the
returns
on
revenue
generated
in
connection
with
the
payment
of
sub-advisory
fees
to
affiliated
Sub-Advisors
(Origin
Asset
Management
LLP,
Principal
Real
Estate
Investors
LLC
and
Spectrum
Asset
Management,
Inc.)
and
the
aggregated
return
on
revenue
to
the
Manager
and
its
affiliates
for
the
year
ended
December
31,
2021.
The
Board
noted
that
the
Manager
compensates
each
Sub-Advisor
from
its
own
management
fee
and
considered
the
pro
forma
impact
on
the
Manager's
returns
on
revenue
from
the
reductions
of
certain
Funds'
effective
management
fee
rates
described
above
and
the
reductions
of
certain
Funds'
effective
sub-advisory
fee
rates
described
below.
The
Board
concluded
that,
for
each
Fund,
the
profitability
to
the
Manager
of
the
Management
Agreement
was
not
unreasonable.
Economies
of
Scale
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
management
of
each
Fund
and
whether
the
Funds
benefit
from
any
such
economies
of
scale.
The
Board
considered
the
Manager’s
biennial
breakpoint
study
that
was
received
by
the
Board
in
March
2022
and
the
Manager’s
representation
that
Funds
are
initially
priced
as
though
the
Fund
had
reached
scale,
reflecting
a
sharing
of
economies
of
scale.
The
Board
then
reviewed
the
levels
at
which
breakpoints
occur,
the
incremental
declines
in
management
fee
rates
at
each
breakpoint
and
the
amount
of
fee
reductions
that
had
been
provided
to
shareholders
as
a
result
of
these
breakpoints.
The
Board
considered
cost
saving
passed
along
to
the
Funds
as
a
result
of
certain
expense
caps
and
fee
waivers.
The
Board
considered
whether
the
effective
management
fee
rate
for
each
Fund
under
the
Management
Agreement
is
reasonable
in
relation
to
the
asset
size
of
such
Fund.
The
Board
also
noted
management’s
explanation
of
efficiencies
in
the
Manager’s
cost
structure.
The
Board
concluded
that
the
fee
schedule
for
each
Fund,
taking
into
account
the
proposed
amendments
described
above,
reflects
an
appropriate
level
of
sharing
of
any
economies
of
scale.
The
Board
noted
that
the
Capital
Securities
Fund
does
not
pay
management
fees,
although
shareholders
pay
a
separately
managed
account-level
fee
that
covers,
among
other
things,
the
expenses
of
the
Fund’s
Subadvisor.
The
Board
also
noted
that
the
management
fee
schedules
for
Bond
Market
Index
Fund
and
International
Equity
Index
Fund
do
not
include
breakpoints,
but
that
each
such
Fund
has
a
relatively
low
management
fee
rate
(25
basis
points
or
less)
on
all
Fund
assets.
Considering
all
relevant
factors,
including
each
such
Fund’s
fee
rate
and
current
asset
level,
the
Board
determined
that
no
breakpoints
were
necessary
at
this
time.
Other
Benefits
to
Manager
The
Board
also
considered
the
character
and
amount
of
other
incidental
benefits
received
by
the
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
The
Board
noted
that
the
Manager
uses
Fund
commissions
to
buy
Section
28(e)
eligible
products
and
services.
The
Board
concluded
that,
on
the
basis
of
the
information
provided,
the
incidental
benefits
received
by
the
Manager
and
its
affiliates
were
appropriate.
Sub-Advisory
Agreements
Nature,
Quality
and
Extent
of
Services
The
Board
considered
the
nature,
quality
and
extent
of
the
services
provided
under
each
Sub-Advisory
Agreement.
The
Board
considered
the
reputation,
qualifications
and
background
of
the
Sub-Advisor,
the
investment
approach
of
the
Sub-Advisor,
the
33
experience
and
skills
of
investment
personnel
responsible
for
the
day-to-day
management
of
each
Fund
and
the
resources
made
available
to
such
personnel.
The
Board
also
considered
the
Sub-Advisors’
compliance
with
investment
policies
and
general
legal
compliance.
Based
upon
all
relevant
factors,
the
Board
concluded
that
the
nature,
quality
and
extent
of
the
services
provided
by
the
Sub-Advisors
to
the
sub-advised
Funds
under
the
Sub-Advisory
Agreements
are
satisfactory.
Investment
Performance
As
to
each
sub-advised
Fund,
the
Manager
had
advised
the
Board
that
the
investment
services
delivered
by
each
Sub-Advisor
to
the
Fund
were
reasonable.
Based
upon
all
relevant
factors,
the
Board
concluded
that
each
Sub-Advisor
is
qualified
and
that
either:
(1)
the
investment
performance
of
the
Sub-Advisor
met
acceptable
levels
of
investment
performance;
or
(2)
although
the
Fund
experienced
underperformance
from
the
applicable
Sub-Advisor,
based
upon
that
Fund’s
particular
circumstances
or
in
light
of
remedial
efforts
being
taken
to
improve
performance,
as
applicable,
it
was
in
the
best
interests
of
the
Fund
to
continue
to
closely
monitor
performance
and
to
renew
the
Sub-Advisory
Agreement.
In
each
case
involving
underperformance,
the
Board
concluded
that
the
Manager
was
providing
effective
monitoring.
Fees,
Economies
of
Scale
and
Profitability
For
each
sub-advised
Fund,
the
Board
considered
the
sub-advisory
fee
rates,
noting
that
the
Manager
compensates
each
Sub-
Advisor
from
its
own
management
fee,
so
that
shareholders
pay
only
the
management
fee.
For
each
sub-advised
Fund,
the
Board
received
certain
information
from
Broadridge
comparing
each
such
Fund’s
sub-advisory
fee
rate
at
current
asset
levels
and
at
theoretical
asset
levels
to
sub-advisory
fee
rates
of
sub-advised
funds
in
the
Expense
Group
and,
if
available,
the
Expense
Universe.
The
Board
considered
that
Capital
Securities
Fund’s
Sub-Advisor
does
not
receive
a
sub-advisory
fee
and
therefore
did
not
consider
comparative
sub-advisory
fee
information.
With
regard
to
Origin
Emerging
Markets
Fund,
the
Board
accepted
management’s
proposal
to
amend
the
Sub-Advisory
Agreement
for
the
Fund
with
Origin
Asset
Management
LLP
to
amend
the
sub-advisory
fee
schedule
for
the
Fund
to
reduce
the
effective
sub-advisory
fee
rate
payable
at
all
asset
levels,
and
the
Board
considered
the
amended
sub-advisory
fee
schedule
and
the
pro
forma
ranking
of
the
reduced
effective
sub-advisory
fee
rate
in
concluding
that
the
Sub-Advisory
Agreement,
as
amended,
should
be
renewed
for
the
Fund.
The
Board
considered
whether
there
are
economies
of
scale
with
respect
to
the
sub-advisory
services
provided
to
each
sub-
advised
Fund
and,
if
so,
whether
the
sub-advisory
fees
reflect
such
economies
of
scale
through
breakpoints
in
fee
schedules
or
whether
the
sub-advisory
fee
schedule
is
otherwise
appropriate
at
current
asset
levels.
In
addition,
in
evaluating
the
sub-advisory
fee
rates
and
the
factor
of
profitability,
with
respect
to
unaffiliated
Sub-Advisors,
the
Board
considered
that
the
sub-advisory
fee
rate
was
negotiated
at
arm’s
length
between
the
Manager
and
the
Sub-Advisor.
The
Board
considered
the
profitability
of
the
affiliated
Sub-Advisors
in
conjunction
with
their
review
of
the
profitability
of
the
Manager.
Other
Benefits
to
Sub-Advisors
The
Board
also
considered
the
character
and
amount
of
other
indirect
benefits
received
by
each
Sub-Advisor
when
evaluating
the
sub-advisory
fees.
The
Board
considered
as
a
part
of
this
analysis
each
Sub-Advisor’s
brokerage
practices,
soft
dollar
practices
and
use
of
research
payment
accounts.
The
Board
concluded
that
the
indirect
benefits
received
by
each
Sub-Advisor
were
appropriate.
Overall
Conclusions
Based
upon
all
of
the
information
considered
and
the
conclusions
reached,
the
Board
determined
that
the
terms
of
each
Advisory
Agreement,
including
the
fee
rate
payable
thereunder,
continue
to
be
fair
and
reasonable
and
that
the
continuation
of
each
Advisory
Agreement,
with
the
actions
proposed
by
the
Manager,
is
in
the
best
interests
of
each
Fund.
Principal
Funds
Distributor,
Inc.
711
High
Street
Des
Moines,
IA
50392-6370
Do
not
use
this
address
for
business
correspondence
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
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prospectus
or
summary
prospectus,
please
contact
your
financial
professional
or
call
800-222-5852.
Principal
Funds
are
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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
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and
services
marks
of
Principal
Financial
Services,
Inc.,
in
various
countries
around
the
world.
©
2023
Principal
Financial
Services,
Inc.
|
FV908-08
|
04/2023
|
2745913

ITEM 2 – CODE OF ETHICS

 
Not applicable to semi-annual reports.
 

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

 
Not applicable to semi-annual reports.
 

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

 
Not applicable to semi-annual reports.
 

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

 
Not applicable.
 

ITEM 6 – SCHEDULE OF INVESTMENTS

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

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

 

None.

 

ITEM 11 – CONTROLS AND PROCEDURES

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

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

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

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)
Principal Funds, Inc.
 
 
 
By
/s/ Kamal Bhatia
 
            Kamal Bhatia, President and CEO
 
Date
04/06/2023
 
 
 
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
04/06/2023
 
 
 
By
/s/ Michael Scholten
 
            Michael Scholten, Chief Financial Officer
 
Date
04/06/2023